Thrombin beyond clotting

9LWDH
-XOLR6HSWLHPEUH 1ƒ
,661;
Artículos
/D7URPELQDPiVDOOiGHODFRDJXODFLyQ5HYLVLyQ
,QWURGXFFLyQ
(IHFWRV3OHLRWUySLFRVGHOD7URPELQD
7URPELQDH,QIODPDFLyQ
7URPELQD\DWHURVFOHURVLV
7URPELQDSUROLIHUDFLyQFHOXODU\FiQFHU
7URPELQDGRORUQRFLFHSWLYR\QHXURSiWLFR
5HIHUHQFLDV
+HPEHU9LFFL
KYLFFL#XFHGXYH
KHPEHUBYLFFL#\DKRRHV
/LFHQFLDGRHQ%LRDQiOLVLV
&HQWURGH%LRItVLFD\1HXURFLHQFLD
&%1'HSDUWDPHQWR&OtQLFR,QWHJUDO
GH%LRDQiOLVLV)DFXOWDGGH&LHQFLDV
GHOD6DOXGVHGH$UDJXD8QLYHUVLGDG
GH&DUDERER0DUDFD\9HQH]XHOD
0DUtDGHO3LODU1DYDUUR
'UDHQ&LHQFLDVPHQFLyQ%LRTXtPLFD
&HQWURGH%LRItVLFD\1HXURFLHQFLD
&%1'HSDUWDPHQWR&OtQLFR,QWHJUDO
GH%LRDQiOLVLV)DFXOWDGGH&LHQFLDV
GHOD6DOXGVHGH$UDJXD8QLYHUVLGDG
GH&DUDERER0DUDFD\9HQH]XHOD
$QWRQLR(EOHQ=DMMXU
'UHQ&LHQFLDV0pGLFDV
&HQWURGH%LRItVLFD\1HXURFLHQFLD
&%1'HSDUWDPHQWRGH&LHQFLDV
)LVLROyJLFDV)DFXOWDGGH&LHQFLDVGH
OD6DOXG8QLYHUVLGDGGH&DUDERER
9DOHQFLD9HQH]XHOD
+HPDWRORJtD
/D7URPELQDPiVDOOiGHODFRDJXODFLyQ5HYLVLyQ
)HFKDGHUHFHSFLyQ
)HFKDGHDFHSWDFLyQ
/DWURPELQDHVXQDSURWHDVDGHVHULQDTXHUHVXOWDGHODDFWLYDFLyQSURWHROtWLFDGHSURWURPELQD\
FX\DIXQFLyQSULQFLSDOHQODFRDJXODFLyQHVODHVFLVLyQGHOILEULQyJHQRSDUDIRUPDUHOFRiJXORGH
ILEULQD3DUDGyMLFDPHQWHWDPELpQLQWHUYLHQHHQODDFWLYDFLyQGHOLQKLELGRUGHILEULQyOLVLVDFWLYDGR
SRUWURPELQD\OLEHUDFLyQGHDFWLYDGRUHVGHOSODVPLQyJHQRSDUDODJHQHUDFLyQGHSODVPLQDFRQ
FRQVLJXLHQWH GHJUDGDFLyQ GHO FRiJXOR HVWDEOHFLpQGRVH XQ HTXLOLEULR HQWUH DPERV PHFDQLVPRV
(VWXGLRV WDQWR LQ YLYR FRPR LQ YLWUR KDQ GHPRVWUDGR HIHFWRV GH WURPELQD PiV DOOi GHO SURFHVR
GH OD FRDJXODFLyQ HMHUFLHQGR DFFLRQHV VREUH PRQRFLWRV FpOXODV HQGRWHOLDOHV FpOXODV
PXVFXODUHVOLVDVYDVFXODUHVSODTXHWDV\QHXURQDVHQWUHRWUDVTXHDVXYH]LQFLGHQGLUHFWDR
LQGLUHFWDPHQWH VREUH PHFDQLVPRV LQIODPDWRULRV GH SUROLIHUDFLyQ FHOXODU \ QRFLFHSFLyQ (Q HVH
VHQWLGR OD SUHVHQWH UHYLVLyQ GHVFULEH ORV HIHFWRV SOHLRWUySLFRV R QR KHPRVWiWLFRV GH WURPELQD
UHODFLRQDGRV FRQ SDWRORJtDV LQIODPDWRULDV SUROLIHUDWLYDV \ SHUFHSFLyQ GHO GRORU QRFLFHSWLYR \
QHXURSiWLFR
3DODEUDV&ODYHV7URPELQDFRDJXODFLyQLQIODPDFLyQQRFLFHSFLyQHIHFWRVSOHLRWUySLFRV
7LWOH
7KURPELQEH\RQGFORWWLQJ
$EVWUDFW
7KURPELQ LV D VHULQH SURWHDVH ZKLFK UHVXOWV IURP WKH SURWHRO\WLF DFWLYDWLRQ RI SURWKURPELQ DQG
ZKRVH PDLQ IXQFWLRQ LQ WKH SURFHVV RI FORWWLQJ LV WKH FOHDYDJH RI ILEULQRJHQ WR IRUP WKH ILEULQ
FORW 3DUDGR[LFDOO\ LW LV DOVR LQYROYHG LQ WKH DFWLYDWLRQ RI WKH ILEULQRO\VLV LQKLELWRU DFWLYDWHG E\
WKURPELQ DQG WKH UHOHDVH RI SODVPLQRJHQ DFWLYDWRUV WR SODVPLQ JHQHUDWLRQ ZLWK FRQVHTXHQW
GHJUDGDWLRQ RI WKH FORW HVWDEOLVKLQJ D EDODQFH EHWZHHQ WKH WZR PHFKDQLVPV 6WXGLHV ERWK LQ
YLYR DQG LQ YLWUR KDYH VKRZQ HIIHFWV EH\RQG WKH WKURPELQ FORWWLQJ SURFHVV H[HUWLQJ DFWLRQV RQ
PRQRF\WHV HQGRWKHOLDO FHOOV YDVFXODU VPRRWK PXVFOH FHOOV QHXURQV DQG SODWHOHWV DPRQJ
RWKHUV ZKLFK LQ WXUQ DFW GLUHFWO\ RU LQGLUHFWO\ RQ LQIODPPDWRU\ PHFKDQLVPV RI FHOO SUROLIHUDWLRQ
DQG QRFLFHSWLRQ ,Q WKDW VHQVH WKH SUHVHQW UHYLHZ GHVFULEHV WKH SOHLRWURSLF HIIHFWV RU UHODWHG
WKURPELQ KHPRVWDWLF LQIODPPDWRU\ SUROLIHUDWLYH GLVHDVHV DQG SHUFHSWLRQ RI QRFLFHSWLYH DQG
QHXURSDWKLFSDLQ
.H\:RUG
7KURPELQFRDJXODWLRQLQIODPPDWLRQQRFLFHSWLRQSOHLRWURSLFHIIHFWV
,QWURGXFFLyQ
(O VLVWHPD GH OD KHPRVWDVLD LQYROXFUD OD DFWLYDFLyQ UHJXODFLyQ \ FRRUGLQDFLyQ GH QXPHURVDV
SURWHDVDV (Q FRQGLFLRQHV ILVLROyJLFDV OD KHPRVWDVLD VH LQLFLD UHJXOD \ ILQDOL]D GH PDQHUD
QRUPDO VLQ HPEDUJR DOWHUDFLRQHV ILVLROyJLFDV R JHQpWLFDV SXHGHQ FRQOOHYDU D JUDYHV
GLVIXQFLRQHV TXH UHVXOWDQ HQ GHVRUGHQHV KHPRUUiJLFRV HQIHUPHGDGHV WURPERHPEyOLFDV
SUROLIHUDWLYDV \R LQIODPDWRULDV 6H FRQVLGHUD TXH HO SDSHO FHQWUDO HQ OD KHPRVWDVLD OR
UHSUHVHQWD OD WURPELQD XQD SURWHDVD GH VHULQD HVHQFLDO HQ OD FRDJXODFLyQ TXH SUHVHQWD
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
DFWLYLGDGVREUHQXPHURVRVVXVWUDWRV\SRUHQGHGLYHUVDVIXQFLRQHVTXHLQFOX\HQODUHJXODFLyQ
ILVLROyJLFD\ILVLRSDWROyJLFDYDVFXODU (QFRQGLFLRQHVILVLROyJLFDVODJHQHUDFLyQGHWURPELQD
HV QHFHVDULD SDUD SURWHJHU FRQWUD OD WURPERVLV \ PDQWHQHU OD LQWHJULGDG HQGRWHOLDO YDVFXODU
HIHFWRVTXHVRQPHGLDGRVDWUDYpVGHHQ]LPDVDQWLFRDJXODQWHVFRPRODSURWHtQD&3&FX\D
DFWLYDFLyQDSURWHtQD&DFWLYDGDD3&HVIDYRUHFLGDSRUODXQLyQGHWURPELQDDWURPERPRGXOLQD
70 DGHPiVLQWHUYLHQH GLVPLQX\HQGR OD OLEHUDFLyQ GH LQWHUOHXTXLQD ,/ \ UHJXODQGR
OD VHFUHFLyQ GH LQWHUOHXTXLQD ,/ HQ PRQRFLWRV GHPRVWUDQGR DVt DFFLRQHV
LQPXQRVXSUHVRUDV \ DQWLLQIODPDWRULDV $XQDGR D HOOR OD WURPELQD UHJXOD OD DJUHJDFLyQ
SODTXHWDULD DFWLYDFLyQ GH FpOXODV HQGRWHOLDOHV &( \ UHVSXHVWDV LPSRUWDQWHV HQ OD ELRORJtD
YDVFXODUDWUDYpVGHODLQWHUDFFLyQGLUHFWD\DFWLYDFLyQSURWHROtWLFDGHVXVUHFHSWRUHVFRQRFLGRV
FRPR UHFHSWRUHV DFWLYDGRV SRU SURWHDVDV 3$5 SRU VXV VLJODV HQ LQJOpV 3URWHLQDVH $FWLYDWHG
5HFHSWRUSULQFLSDOPHQWH3$5V\ (Q FRQWUDSRVLFLyQ D OR DQWHULRU OD WURPELQD WDPELpQ KD VLGR LPSOLFDGD HQ DOWHUDFLRQHV WDOHV
FRPR GLVIXQFLyQ HQGRWHOLDO HVWUpV R[LGDWLYR UHFOXWDPLHQWR GH OHXFRFLWRV PLJUDFLyQ \
SUROLIHUDFLyQ GH FpOXODV PXVFXODUHV OLVDV YDVFXODUHV &0/9 H LQWHUYLHQH HQ OD UHVSXHVWD
LQPXQH \ HO PHFDQLVPR GH DQJLRJpQHVLV TXHGDQGR HQ HYLGHQFLD VX DVRFLDFLyQ D GLYHUVRV
SURFHVRVLQIODPDWRULRV (VWUXFWXUD\JHQHUDFLyQGH7URPELQD
/D WURPELQD HV XQD SURWHDVD GH VHULQD DOWDPHQWH KRPyORJD D OD TXLPLRWULSVLQD FRQ XQ UHVLGXR
GH VHULQD HQ HO VLWLR DFWLYR GRQGH VH XQH HO VXVWUDWR 6X HVWUXFWXUD SUHVHQWD FDUDFWHUtVWLFDV
LPSRUWDQWHVSDUDODHVSHFLILFLGDGWDOHVFRPROD]RȖOD]R\HOUHVLGXR6HQODKHQGLGXUD
GHO VLWLR DFWLYR (O OD]R HV XQD HVWUXFWXUD KLGUyIRED FX\D ULJLGH] HV SURYLVWD SRU UHVLGXRV
GHSUROLQDFHUFDQRV3E3FTXHLQWHUDFW~DFRQUHVLGXRVKLGUyIRERVXELFDGRVHQHOVLWLRGH
FOLYDMHGHOH[WUHPR1WHUPLQDOGHOVXVWUDWR VLHQGRLPSRUWDQWHHQODDFWLYDFLyQGHpVWH~OWLPR
(OOD]RȖHVPiVPyYLOHKLGURItOLFR\KDFHFRQWDFWRFRQ UHVtGXRV &WHUPLQDO HQ HO VLWLR
GHHVFLVLyQ/DHVWUXFWXUDGHODWURPELQDLQFOX\HORVH[RVLWLRV,\,,(OH[RVLWLR,VHFHQWUDVREUH
UHVLGXRV . + 5 5 < 5D \ . \ HO H[RVLWLR ,, LQFOX\H UHVLGXRV 5
. . 5 \ 5 7DPELpQ SUHVHQWD XQ VLWLR GH XQLyQ SDUD 1D LPSRUWDQWH SDUD OD
UHJXODFLyQ DORVWpULFD /D WURPELQD UHVXOWD GH OD DFWLYDFLyQ SURWHROtWLFD GHO ]LPyJHQR
SURWURPELQD GH .'D VLQWHWL]DGR HQ KtJDGR \ OLEHUDGR D OD FLUFXODFLyQ 'XUDQWH OD
DFWLYDFLyQ SRU HO IDFWRU ;D OD SURWURPELQD HV FOLYDGD HQ 5 SDUD JHQHUDU PHL]RWURPELQD \
OXHJRHQ5SDUDJHQHUDUWURPELQD\HOIUDJPHQWR) HOFXDOFRQWLHQHORVGRPLQLRV*OD
\ NULQJOH TXH SHUPLWHQ D OD SURWURPELQD XQLUVH D ODV VXSHUILFLHV GH PHPEUDQD 8QD YH] TXH OD
SURWURPELQD HV DFWLYDGD OD WURPELQD SXHGH VHSDUDUVH GHO FRPSOHMR \ HV OLEUH GH DFWXDU VREUH
VXVVXVWUDWRV)LEULQyJHQR)J70SODTXHWDV\IDFWRUHV99,,;,;,,,HQWUHRWURV (IHFWRVGHOD7URPELQDVREUHOD+HPRVWDVLD\OD)LEULQyOLVLV
/DIXQFLyQSULQFLSDOGHODWURPELQDHQODFRDJXODFLyQHVODHVFLVLyQGHOILEULQyJHQRVROXEOHSDUD
IRUPDU ILEULQD LQVROXEOH OD EDVH GHO FRiJXOR KHPRVWiWLFR /D HVFLVLyQ GH ILEULQyJHQR HV XQ
SURFHVR TXH FRPSUHQGH GRV SDVRV FRQ OLEHUDFLyQ GH GRV ILEULQRSpSWLGRV $ \ % )3$ \ )3%
3RVWHULRUPHQWHODWURPELQDHVFDSD]GHDFWLYDUDOIDFWRU;,,,XQDWUDQVJOXWDPLQDVDTXHUHWLFXOD
\ HVWDELOL]D HO FRiJXOR PHGLDQWH HQWUHFUX]DPLHQWR FRYDOHQWH HQWUH UHVLGXRV HVSHFtILFRV GH
JOXWDPLQD\OLVLQDORFDOL]DGRVHQPROpFXODVDG\DFHQWHVGHILEULQD 8QD YH] TXH VH LQLFLD OD FRDJXODFLyQ \ VH JHQHUD WURPELQD HVWH PHFDQLVPR HV PDQWHQLGR SRU
ORVHIHFWRVGHUHWURDOLPHQWDFLyQGHODSURWHDVDFRQODDFWLYDFLyQGHORVIDFWRUHV99,,,\;,(O
IDFWRU 9D VH DVRFLD FRQ HO IDFWRU ;D HQ SUHVHQFLD GH &D \ IRVIROtSLGRV GH PHPEUDQD
FRPSOHMRSURWURPELQDVD\HVFLQGHODSURWURPELQDDWURPELQDDGHPiVHOIDFWRU9,,,DVHDVRFLD
FRQ HO IDFWRU ,;D HQ SUHVHQFLD GH &D \ IRVIROtSLGRV GH PHPEUDQD FRPSOHMR WHQDVD
LQGXFLHQGRPD\RUDFWLYDFLyQGHOIDFWRU;D\HOIDFWRU;,DFRQGXFHDODDFWLYDFLyQGHOIDFWRU,;D
LQFUHPHQWDQGR OD JHQHUDFLyQ GH WURPELQD 3DUD FRPSOHPHQWDU VX IXQFLyQ HQ OD IRUPDFLyQ GHO
FRiJXOR GH ILEULQD OD WURPELQD WDPELpQ LQWHUYLHQH HQ OD DFWLYDFLyQ GH XQD FDUER[LSHSWLGDVD
SODVPiWLFD HO LQKLELGRU GH ILEULQyOLVLV DFWLYDGR SRU WURPELQD 7$), IDYRUHFLHQGR OD OLVLV GHO
FRiJXOR 3RU RWUD SDUWH OD WURPELQD DXWRUHJXOD VX JHQHUDFLyQ D WUDYpV GH OD XQLyQ D
70 TXH UHVXOWD HQ OD DFWLYDFLyQ GH 3& HQ D3& LQDFWLYDQGR ORV IDFWRUHV 9 \ 9,,, \ D OD YH]
LQKLEH VX FDSDFLGDG SDUD IRUPDU ILEULQD \ GH DFWLYDU DO IDFWRU ;,,, ODV SODTXHWDV \ SURWHtQDV
HVWLPXODQWHVGHODFRDJXODFLyQ /DWURPELQDWDPELpQWLHQHHIHFWRVLQGLUHFWRVTXHHVWLPXODQ
ODILEULQyOLVLVWDOHVFRPRTXLPLRWD[LVGHQHXWUyILORV\OLEHUDFLyQGHDFWLYDGRUHVGHOSODVPLQyJHQR
D SDUWLU GH FpOXODV HQGRWHOLDOHV SDUD OD JHQHUDFLyQ GH SODVPLQD FRQ FRQVLJXLHQWH GHJUDGDFLyQ
GHO FRiJXOR GH ILEULQD $VLPLVPR DFW~D HQ OD KHPRVWDVLD SULPDULD DFWLYDQGR ODV
SODTXHWDV OR TXH D VX YH] IDYRUHFH OD DFWLYDFLyQ GHO VLVWHPD GH OD IRVIROLSDVD & OD LQKLELFLyQ
GH OD DGHQLODWR FLFODVD OD PRYLOL]DFLyQ GH FDOFLR \ HQ FRQVHFXHQFLD OD DJUHJDFLyQ SODTXHWDULD
3RURWURODGRLQKLEHODDFFLyQGH$'$076GHVLQWHJULQDPHWDORSURWHDVDLPSLGLHQGR
ODGHVHVWDELOL]DFLyQGHOWDSyQSODTXHWDULR KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
(IHFWRV3OHLRWUySLFRVGHOD7URPELQD
/RV HIHFWRV GH WURPELQD VH H[WLHQGHQ PiV DOOi GH OD FRDJXODFLyQ HMHUFLHQGR DFFLRQHV D QLYHO
FHOXODU TXH VRQ PHGLDGDV SRU OD DFWLYDFLyQ GH ORV GHQRPLQDGRV UHFHSWRUHV DFWLYDGRV SRU
SURWHDVDV3$5VORVFXDOHVSHUWHQHFHQDODIDPLOLDGHUHFHSWRUHVWUDQVPHPEUDQDDFRSODGRV D
SURWHtQDV * *&35 FX\R ~QLFR PHFDQLVPR GH DFFLyQ UHTXLHUH OD HVFLVLyQ SURWHROtWLFD GHO
UHVLGXR1WHUPLQDO(VWDHVFLVLyQH[SRQHXQQXHYROLJDQGRDFWLYDGRUTXHWUDQVDFWLYDHOUHFHSWRU
/DIDPLOLD3$5VLQFOX\HPLHPEURV3$53$53$5\3$5GHORVFXDOHV\
VRQDFWLYDGRVSRUWURPELQDSHURVyOR3$5\3$5FRQWLHQHQHOGRPLQLRGHXQLyQDKLUXGLQD
GH PDQHUD TXH 3$5 SRU FDUHFHU GH GLFKR GRPLQLR HV XQ UHFHSWRU GH EDMD DILQLGDG VLHQGR
3$5 HO ~QLFR UHFHSWRU QR DFWLYDGR SRU WURPELQD \ 3$5 HO SULQFLSDO UHFHSWRU DFWLYDGR SRU
WURPELQDHQODPD\RUtDGHODVFpOXODVKXPDQDV&(&0/9SODTXHWDV\PRQRFLWRV (QVD\RVLQYLWURVXJLHUHQTXHODVDFFLRQHVGHWURPELQDVREUH&(VRQPHGLDGDVSULQFLSDOPHQWH
YtD3$5LQGXFLHQGRYDVRUHODMDFLyQRYDVRFRQVWULFFLyQGHSHQGLHQWHGHHQGRWHOLR\FRQWUDFFLyQ
GLUHFWD GHO P~VFXOR OLVR YDVFXODU HQ DUWHULDV GH DQLPDOHV VDQRV GHSHQGLHQGR GHO WLSR GH YDVR
VDQJXtQHR \ GH OD HVSHFLH ,Q YLYR VH KD REVHUYDGR YDVRFRQVWULFFLyQ LQGHSHQGLHQWH GH
HQGRWHOLR HQ KXPDQRV PLHQWUDV TXH HQ DUWHULDV LQWHUOREXODUHV SRUFLQDV OD WURPELQD LQGXFH
XQDUHVSXHVWDELIiVLFDGHOWRQRYDVFXODUFRQYDVRUHODMDFLyQLQLFLDOVHJXLGDGHYDVRFRQVWULFFLyQ
VLHQGR DPEDV GHSHQGLHQWH GH HQGRWHOLR /D YDVRFRQVWULFFLyQ UHVXOWD SULQFLSDOPHQWH GH OD
VHFUHFLyQ GH SURVWDJODQGLQD + 3*+ R WURPER[DQR $ 7;$ PLHQWUDV TXH OD
YDVRUHODMDFLyQ VH SURGXFH SULQFLSDOPHQWH SRU OD VtQWHVLV GH y[LGR QtWULFR 12 D SDUWLU GH OD
HQ]LPDy[LGRQtWULFRVLQWDVDHQGRWHOLDOH126ODFXDOFRPSLWHFRQODDUJLQDVDSRUHOVXVWUDWR/
DUJLQLQD (Q WDO VHQWLGR VH KD VXJHULGR TXH 3$5V SRGUtDQ UHJXODU OD DFWLYLGDG GH H126
IRVIRULODQGR OD HQ]LPD HQ YDULRV VLWLRV 6HU 6HU 6HU\ 7\U LQFUHPHQWDQGR OD
VtQWHVLV GH 12 PLHQWUDV TXH DO IRVIRULODU 7KU OD LQKLEHQ (VWXGLRV VHxDODQ TXH OD
WURPELQD HV FDSD] GH LQGXFLU OD VtQWHVLV GH 12 WDQWR GH PDQHUD GHSHQGLHQWH FRPR WDPELpQ
LQGHSHQGLHQWHGHODFRQFHQWUDFLyQGH&DHQSULPHUOXJDUSRUTXHHVFDSD]GHLQWHUDFWXDUFRQ
GLIHUHQWHV 3$5V y \ OXHJR SRUTXH OD DFWLYDFLyQ GH 3$5 LQGXFH OD VtQWHVLV GH 12 VLQ
HOHYDFLyQGH&DODFXDOVHPDQWLHQHD~QHQSUHVHQFLDGHXQTXHODQWHFRPR%$37$ 2WUR
IDFWRUUHOHYDQWHHVODYtDGHVHxDOL]DFLyQFHOXODUTXHVHDFWLYD\DTXHODIRVIRULODFLyQGHH126
HQ 6HU HQ KXPDQRV IRVIDWLGLOLQRVLWRO TXLQDVD 3,.$NW LQGXFLGD SRU WURPELQD
LQFUHPHQWD OD VtQWHVLV GH 12 LQGHSHQGLHQWHPHQWH GH OD FRQFHQWUDFLyQ GH &D QR
REVWDQWHODIRVIRULODFLyQGHH126HQ6HUYtD5KR$5KRTXLQDVDGLVPLQX\HODVtQWHVLVGH
12 DGHPiV RWUDV HYLGHQFLDV VHxDODQ TXH OD LQFXEDFLyQ SURORQJDGD GH &( FRQ WURPELQD
LQKLEHODVtQWHVLVGHH126 &DEHGHVWDFDUTXHP~OWLSOHVHVWXGLRVLQYLWURVHxDODQ TXH OD
WURPELQDDXPHQWDODDFWLYLGDGGHDUJLQDVDVXSULPLHQGRGHHVHPRGRODVtQWHVLVGH12 $GHPiVODVREUHH[SUHVLyQGHDUJLQDVDSRUODWURPELQDGLVPLQX\HODGLVSRQLELOLGDGGH/DUJLQLQD
UHGXFLHQGRODSURGXFFLyQGH12\DXQDGRDHOORLQGXFHODJHQHUDFLyQGHHVSHFLHVUHDFWLYDVGHO
R[tJHQR 526 SRU GHVDFRSODPLHQWR GH OD H126 TXH HYHQWXDOPHQWH FRPSURPHWH OD IXQFLyQ
HQGRWHOLDO 3RU RWUD SDUWH OD WURPELQD WDPELpQ HVWLPXOD OD H[SUHVLyQ GH HQGRWHOLQD XQ
SRWHQWHYDVRFRQVWULFWRUQDWXUDOIDYRUHFLHQGRODYDVRFRQVWULFFLyQ /D WURPELQD HVWLPXOD OD VHFUHFLyQ GHO IDFWRU GH FUHFLPLHQWR HQGRWHOLDO YDVFXODU 9(*) OD
H[SUHVLyQ GH VXV UHFHSWRUHV \ UHJXOD VX WUDQVFULSFLyQ DO LQGXFLU OD SURGXFFLyQ GH 526 OD
H[SUHVLyQ GH IDFWRU LQGXFLEOH SRU KLSR[LD +,) \ OD VtQWHVLV GH 51$P GH OD LQWHJULQD DOID
9EHWDYLWURQHFWLQD 9(*)HVXQSRWHQWHIDFWRUDQJLRJpQLFR\GHSUROLIHUDFLyQ HQ
&( YtD UHFHSWRU WLURVLQD TXLQDVD VLHQGR OD WURPELQD XQ SRWHQWH HVWtPXOR SDUD VX VHFUHFLyQ D
QLYHO SODTXHWDULR eVWH D VX YH] DFHOHUD OD JHQHUDFLyQ GH WURPELQD VXJLULHQGR TXH
HVWRVGRVIDFWRUHVDFW~DQFRPRSDUWHGHXQFLUFXLWRGHUHWURDOLPHQWDFLyQSRVLWLYDSDUDDFHOHUDU
HOSURFHVRDQJLRJpQLFR (QHVHVHQWLGRHVWXGLRVLQYLWURVHxDODQTXHODWURPELQDPRGXODORVSURFHVRVDQJLRJpQLFRVHQ
WHMLGR DGLSRVR LQGXFLHQGR OD VHFUHFLyQ GH ODV SULQFLSDOHV KRUPRQDV DQJLRJpQLFDV WDOHV FRPR
IDFWRUGHFUHFLPLHQWRGHILEUREODVWRV)*)3'*)\9(*)HQDGLSRFLWRV\GH3'*)\9(*)
HQSUHDGLSRFLWRVVLHQGREORTXHDGRVGLFKRVHIHFWRVSRUOHSLUXGLQDLQKLELGRUVLQWpWLFRGLUHFWRGH
WURPELQD 2WURV HIHFWRV FHOXODUHV GH OD WURPELQD LQFOX\HQ HO LQFUHPHQWR HQ OD H[SUHVLyQ GH PROpFXODV GH
DGKHVLyQ,&$09&$0(VHOHFWLQD3VHOHFWLQDDFWLYDFLyQ\UHFOXWDPLHQWRGHOHXFRFLWRV
LQFUHPHQWR GH ORV QLYHOHV SODVPiWLFRV GH SURWHtQD TXLPLRWiFWLFD GH PRQRFLWRV 0&3 H
LQWHUOHXTXLQD ,/ HQ ILEUREODVWRV &( FpOXODV PRQRQXFOHDUHV \ VtQWHVLV GH
LQWHUOHXTXLQDȕ ,/ȕ ,/ 0&3 \ 71)Į HQ DGLSRFLWRV TXHGDQGR GHPRVWUDGR TXH
LQWHUYLHQHHQHYHQWRVLQIODPDWRULRVWDOHVFRPRODREHVLGDG\DWHURVFOHURVLV 7URPELQDH,QIODPDFLyQ
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
([LVWH HYLGHQFLD GH TXH ORV VLVWHPDV GH LQIODPDFLyQ \ FRDJXODFLyQ LQWHUDFFLRQDQ GRQGH OD
LQIODPDFLyQ SURPXHYH OD DFWLYDFLyQ GH OD FRDJXODFLyQ \ pVWD D VX YH] DIHFWD ORV PHFDQLVPRV
LQIODPDWRULRV (Q HIHFWR DQWH XQD OHVLyQ TXH FRPSURPHWD OD LQWHJULGDG HQGRWHOLDO HO IDFWRU
WLVXODU )7 HQWUD HQ FRQWDFWR FRQ OD VDQJUH \ VH H[SUHVD HQ &( \R FpOXODV VDQJXtQHDV
DFWLYDQGRHOVLVWHPDGHFRDJXODFLyQ 8QDYH]JHQHUDGDODWURPELQDHVFDSD]GHDFWLYDUOD
UHVSXHVWDLQIODPDWRULDPHGLDQWHVXVHIHFWRVFHOXODUHVVREUH&(&0/9PRQRFLWRVHQWUHRWUDV
TXH LQFOX\HQ OD VHFUHFLyQ GH ,/ ,QWHUOHXTXLQD ,/ 0&3 9&$0 H ,&$0
SURPRYLHQGRHOUHFOXWDPLHQWRFHOXODUKDFLDODSDUHGYDVFXODU /D UHVSXHVWD LQIODPDWRULD VH FRPSRQH GH HYHQWRV ORFDOHV \R VLVWpPLFRV /RV HYHQWRV ORFDOHV
UHVXOWDQ HQ OD DFWLYDFLyQ GH FpOXODV LQIODPDWRULDV VHFUHFLyQ GH FLWRTXLQDV PHGLDGRUHV
YDVRDFWLYRV \ DFWLYDFLyQ GHO FRPSOHPHQWR LQGXFLHQGR YDVRGLODWDFLyQ LQFUHPHQWR GH OD
SHUPHDELOLGDG YDVFXODU \ HQ FRQVHFXHQFLD OD DSDULFLyQ GHO HGHPD \ HQURMHFLPLHQWR HQ HO VLWLR
GHOHVLyQ (QFDPELRORVHYHQWRVVLVWpPLFRVVHSURGXFHQHQVLWLRVGLIHUHQWHVDOGHOD
OHVLyQ LQLFLDO IDYRUHFLHQGR HO GHVDUUROOR GH OD UHVSXHVWD GH IDVH DJXGD FDUDFWHUL]DGD SRU
OHXFRFLWRVLV ILHEUH \ VtQWHVLV GH SURWHtQDV GH IDVH DJXGD HQWUH RWUDV 3DUD HMHPSOLILFDU
WDOHVFRQVLGHUDFLRQHVVHKDQHYDOXDGRORVFDPELRVVLVWpPLFRVLQGXFLGRVDSDUWLUGHXQPRGHOR
LQIODPDWRULR SRU LQ\HFFLyQ VXESODQWDU GH FDUUDJHQLQD HQ OD SDWD GH OD UDWD GHPRVWUDQGR TXH VH
SURGXFHQ WDQWR HYHQWRV ORFDOHV HYLGHQFLDGRV SRU OD DSDULFLyQ GH HGHPD HQ HO VLWLR GH OHVLyQ
DVt FRPR WDPELpQ HYHQWRV VLVWpPLFRV FDUDFWHUL]DGRV SRU LQFUHPHQWR GH ORV QLYHOHV
SODVPiWLFRV GH SURWHtQD & UHDFWLYD \ ILEULQyJHQR HGHPD SXOPRQDU GHSRVLFLyQ GH ILEULQD
LQILOWUDFLyQGHOHXFRFLWRV\HOHYDGDH[SUHVLyQGH)7,/,/ȕ\71)ĮHQWHMLGRSXOPRQDU )LVLROyJLFDPHQWH OD XQLyQ GH WURPELQD D 70 SURWHJH FRQWUD OD LQIODPDFLyQ \ OD FRDJXODFLyQ
GDGR TXH IDYRUHFH OD DFWLYDFLyQ GH 3& XQLGD DO UHFHSWRU HQGRWHOLDO GH SURWHtQD & (3&5 HQ OD
VXSHUILFLHHQGRWHOLDOVLQHPEDUJRGLFKRVVLVWHPDVGHSURWHFFLyQIDOODQFXDQGRVRQSHUWXUEDGRV
SRU PHGLDGRUHV LQIODPDWRULRV WDOHV FRPR HO IDFWRU GH QHFURVLV WXPRUDO Į 71)Į H ,/ (Q
FRQGLFLRQHV LQIODPDWRULDV OD VXSUHVLyQ GH OD VtQWHVLV DVt FRPR OD SpUGLGD GH SURWHtQDV
HVFLQGLGDV SRU OD HODVWDVD GH QHXWUyILORV \ RWUDV HQ]LPDV SURWHROtWLFDV GLVPLQX\HQ OD UHVHUYD
YDVFXODU DQWLFRDJXODQWH HYHQWRV TXH KDQ VLGR GHPRVWUDGRV HQ SURFHVRV LQIODPDWRULRV
VLVWpPLFRVVHSVLVRFUyQLFRVDWHURVFOHURVLV )LVLRSDWROyJLFDPHQWHWR[LQDVWDOHVFRPR
/'/ R[LGDGD VXSULPHQ OD H[SUHVLyQ GHO JHQ GH WURPERPRGXOLQD \ OD DFWLYLGDG IXQFLRQDO GH OD
PLVPDDGLFLRQDOPHQWHODUHGXFLGDFDSWXUDGHWURPELQDSRU70MXQWRDODXPHQWRGHJHQHUDFLyQ
GHWURPELQDSXHGHLQFUHPHQWDUODGLVSRQLELOLGDGGHODSURWHDVDSDUDLQWHUDFWXDU\DFWLYDU3$5V
HQ OD VXSHUILFLH GH GLYHUVRV WLSRV FHOXODUHV LQFOX\HQGR &( IDYRUHFLHQGR HO HVWDGR
SURLQIODPDWRULR(OFDPELRGHOHVWDGRILVLROyJLFRDOILVLRSDWROyJLFRVHDVRFLDDXQDPRGLILFDFLyQ
HQODSURGXFFLyQGHOLJDQGRVWURPELQDIUHQWHD3&ODSUHVHQFLDGH3$5VIUHQWHD70(3&5OD
ORFDOL]DFLyQ GHO FRPSOHMR HQ]LPDUHFHSWRU HQ OD VXSHUILFLH FHOXODU \ OD FDVFDGD GH VHxDOL]DFLyQ
UHVXOWDQWH (Q WDO VHQWLGR LQWHUDFFLRQHV HQWUH SURWHDVDV GH OD FRDJXODFLyQ FpOXODV
LQPXQHV\PHGLDGRUHVLPSOLFDQQRVRORODGLVPLQXFLyQHQODUHJXODFLyQGHUHFHSWRUHVFHOXODUHV
GH SURWHFFLyQ WDOHV FRPR 70 \ (3&5 VLQR WDPELpQ HO HQODFH GH HQ]LPDV
SURFRDJXODQWHVFRPRODWURPELQD\3$5VHQFpOXODVYDVFXODUHV $OJXQDV GH ODV SURSLHGDGHV LQIODPDWRULDV GH OD WURPELQD KDQ VLGR GHPRVWUDGDV D SDUWLU GH
PRGHORVGHLQIODPDFLyQLQ YLYR WDOHV FRPR PRGHORV GH SHULWRQLWLV HQ UDWRQHV HQ ORV FXDOHV OD
DGPLQLVWUDFLyQGHKLUXGLQDGLVPLQX\HODDGKHVLyQGHPDFUyIDJRVDFWLYDGRVDQWHODHVWLPXODFLyQ
FRQ OLSRSROLVDFiULGRV /36 (Q HO PLVPR PRGHOR OD LQ\HFFLyQ LQWUDSHULWRQHDO GH WURPELQD
SXULILFDGD HVWLPXOD OD DGKHVLyQ GH PDFUyIDJRV H LQFUHPHQWD OD FRQFHQWUDFLyQ GH ,/ \ 0&3
HQ HO H[XGDGR SHULWRQHDO WUDV OD DFWLYDFLyQ GH 3$5 6REUH HVWH SDUWLFXODU HO LQKLELGRU GH
WURPELQD GDELJDWUiQ KD GHPRVWUDGR LQKLELU OD H[SUHVLyQ GH SURWHtQDV LQIODPDWRULDV WDOHV FRPR
IDFWRU LQGXFLEOH SRU KLSR[LDĮ +,)Į ,/ 0&3 \ PHWDORSURWHLQDVD GH PDWUt] 003
WDQWR HQ WHMLGR FHUHEURYDVFXODU GH UDWRQHV WUDQVJpQLFRV FRQ (QIHUPHGDG GH $O]KHLPHU ($
FRPR WDPELpQ HQ FXOWLYRV GH &( FHUHEUDOHV HQ FRQGLFLRQHV GH KLSR[LD GHPRVWUDQGR TXH OD
WURPELQD HV XQ SRWHQWH PHGLDGRU GH KLSR[LD LQGXFLGD SRU LQIODPDFLyQ \ HVWUpV R[LGDWLYR HQ OD
YDVFXODWXUDFHUHEUDO &DEHGHVWDFDUWDPELpQTXHH[SHULPHQWRVUHDOL]DGRVHQUDWRQHVJHQpWLFDPHQWHREHVRVGEGE
GHPRVWUDURQTXHODWURPELQDLQKLEHODIRVIRULODFLyQ\DFWLYDFLyQGH$NWHVWLPXODGDSRULQVXOLQD\
TXH HQ UDWRQHV WUDWDGRV FRQ DUJDWUREiQ XQ LQKLELGRU VHOHFWLYR GH WURPELQD GLVPLQX\H OD
UHVLVWHQFLD D OD LQVXOLQD \ OD LQILOWUDFLyQ GH PDFUyIDJRV HQ WHMLGR DGLSRVR VXJLULHQGR TXH OD
WURPELQDUHSUHVHQWDXQHQODFHPROHFXODUHQWUHODFRDJXODFLyQREHVLGDGHLQIODPDFLyQ 7URPELQD\DWHURVFOHURVLV
(V RSRUWXQR PHQFLRQDU TXH XQR GH ORV SURFHVRV LQIODPDWRULRV FUyQLFRV YDVFXODUHV HV OD
DWHURVFOHURVLV OD FXDO VH FRQVLGHUD OD EDVH SDWROyJLFD GH ODV HQIHUPHGDGHV GH ODV DUWHULDV
FRURQDULDV LQIDUWR GHO PLRFDUGLR HQIHUPHGDG FHUHEURYDVFXODU \ DUWHULRSDWtD SHULIpULFD /D
DFWLYLGDG GH WURPELQD VH HQFXHQWUD DXPHQWDGD VLJQLILFDWLYDPHQWH HQ OHVLRQHV DWHURVFOHUyWLFDV
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
WHPSUDQDVHQFRPSDUDFLyQFRQODVOHVLRQHVHQHVWDGLRVDYDQ]DGRVDSR\DQGRXQUROLPSRUWDQWH
GH ORV HIHFWRV FHOXODUHV PHGLDGRV SRU OD FRDJXODFLyQ VREUH HO GHVDUUROOR LQLFLDO GH OD
DWHURVFOHURVLV (Q WDO VHQWLGR OD WURPELQD DFWLYD \ UHJXOD SURWHtQDV GH FKRTXH WpUPLFR WDOHV FRPR +VS
+VS\+VSH[SUHVDGDVSULQFLSDOPHQWHHQ&0/9TXHURGHDQHOQ~FOHRQHFUyWLFRGHODSODFD
DWHURVFOHUyWLFD $VLPLVPR HVWLPXOD OD SUROLIHUDFLyQ \ PLJUDFLyQ GH &0/9 PHGLDQWH
UHJXODFLyQ SRVLWLYD GHO IDFWRU GH FUHFLPLHQWR GHULYDGR GH SODTXHWDV 3'*) \ OD VtQWHVLV GH
FROiJHQR IDYRUHFLHQGR OD DFXPXODFLyQ GH PDWUL] H[WUDFHOXODU TXH DXQDGR D OD UHVSXHVWD
LQIODPDWRULD ILEUyWLFD \ TXLPLRWiFWLFD D WURPELQD FRQWULEX\HQ D OD DSDULFLyQ GH OHVLRQHV
YDVFXODUHV REVWUXFWLYDV 3RU RWUD SDUWH GXUDQWH HO SURFHVR GH DSRSWRVLV GH &0/9
SRVWHULRU D XQ GDxR YDVFXODU R HQ UHVSXHVWD D FDPELRV HQ OD PDWUL] H[WUDFHOXODU VH H[SRQH
IRVIDWLGLOVHULQD HQ OD PHPEUDQD FHOXODU IDFLOLWDQGR HO HQVDPEODMH GHO FRPSOHMR SURWURPELQDVD
DFHOHUDQGR OD JHQHUDFLyQ GH WURPELQD FRQVWLWX\HQGR XQ PHFDQLVPR GH
UHWURDOLPHQWDFLyQ SRVLWLYD TXH DFHOHUD HO SURFHVR DWHURJpQLFR \ TXH SXHGH SURSRUFLRQDU XQD
H[SOLFDFLyQSDUDODSUROLIHUDFLyQLQFRQWURODGDGHODV&0/9GHVSXpVGHOHVLRQHVYDVFXODUHV (O SDSHO GH OD WURPELQD HQ ODV OHVLRQHV YDVFXODUHV \ HO SURFHVR DWHURVFOHUyWLFR VH KD DWULEXLGR
QR VyOR D OD IRUPDFLyQ GH WURPERV VLQR WDPELpQ D VX FDSDFLGDG SDUD DFWXDU FRPR XQ SRWHQWH
DFWLYDGRU GH SODTXHWDV (Q KXPDQRV OD DFWLYDFLyQ SODTXHWDULD PHGLDGD SRU WURPELQD VH
OOHYD D FDER H[FOXVLYDPHQWH SRU OD DFWLYDFLyQ GH UHFHSWRUHV 3$5 \ QR REVWDQWH HO URO
SURDWHURJpQLFR GH OD WURPELQD HQ HO GHVDUUROOR WHPSUDQR GH OD SODFD DWHURVFOHUyWLFD QR SDUHFH
GHSHQGHU GH OD DFWLYDFLyQ GH ODV SODTXHWDV YtD 3$5 /D DFWLYDFLyQ GH ODV SODTXHWDV LQ YLYR
UHVXOWD HQ OD H[SUHVLyQ GHO OLJDQGR GH &' &'/ HQ VX VXSHUILFLH FX\R VLVWHPD
SRWHQFLDVHxDOHVDWHURJpQLFDVHQ&(&0/9\PRQRFLWRV/DVHxDOL]DFLyQGH&'HVPHGLDGD
SRU IDFWRUHV DVRFLDGRV DO UHFHSWRU GHO IDFWRU GH QHFURVLV WXPRUDO 71)5 TXH VRQ FDSDFHV GH
UHFOXWDU TXLQDVDV \ RWURV HIHFWRUHV FRQOOHYDQGR D OD DFWLYDFLyQ GHO IDFWRU QXFOHDU .DSSD ‰HWD
1)N‰ \ SRU OR WDQWR D UHJXODFLyQ SRVLWLYD GH PROpFXODV GH DGKHVLyQ PHWDORSURWHDVDV GH
PDWUL]FLWRTXLQDVSURLQIODPDWRULDV\IDFWRUHVGHFUHFLPLHQWR 2WURVPHGLDGRUHVSODTXHWDULRV
LQGXFLGRVSRUWURPELQDWDOHVFRPRIDFWRUSODTXHWDULR)3FLWRFLQD H[SUHVDGD \ VHFUHWDGD
SRUHOOLQIRFLWR7QRUPDOHQIXQFLyQGHVXJUDGRGHDFWLYDFLyQ5$17(6&&/ \ HO SpSWLGR
DFWLYDGRU GH QHXWUyILORV 1$3 VRQ GHSRVLWDGRV SRU ODV SODTXHWDV DFWLYDGDV HQ HO
HQGRWHOLR IDYRUHFLHQGR OD GHWHQFLyQ GH OHXFRFLWRV \ SRVWHULRU WUDQVPLJUDFLyQ 6LJXLHQGR OD
PLVPD OtQHD VH KD GHPRVWUDGR TXH OD WURPELQD UHJXOD SRVLWLYDPHQWH OD H[SUHVLyQ GH 3$5
VHFUHFLyQ GH ,/ H LQWHUIHUyQ Ȗ ,)1Ȗ HQ FpOXODV PRQRFtWLFDV GLIHUHQFLDGDV 8 DVLPLVPR
LQGXFH OD H[SUHVLyQ GH &&/ HQ PRQRFLWRV \ &( \ GD OXJDU D OD WUDQVFULSFLyQ GH JHQHV TXH
FRGLILFDQ SDUD ,/Į ,/ȕ ,/ 71)Į &&/ &&/ &;&/ &;&/ \ )7 HQ PRQRFLWRV
KXPDQRV OR TXH VXJLHUH TXH OD WURPELQD SXHGH FRQWULEXLU DO UHFOXWDPLHQWR GH OHXFRFLWRV \ XQ
DPELHQWHSURLQIODPDWRULRHQOHVLRQHVDWHURVFOHUyWLFDV 2WUDYtDSRUODFXDOODWURPELQDSXHGHLQWHUYHQLUHQODDWHURVFOHURVLVHVWUDYpVGHODHVFLVLyQGH
SURWHtQDV GHO FRPSOHPHQWR & \ &D D VX IRUPD DFWLYD ODV FXDOHV LQGXFHQ LQIODPDFLyQ \
TXLPLRWD[LV GH FpOXODV LQIODPDWRULDV (Q HIHFWR HQ OHVLRQHV DWHURVFOHUyWLFDV FRURQDULDV HQ
KXPDQRV VH VREUHH[SUHVDQ UHFHSWRUHV GH DQDILORWR[LQDV &D5 \ &D5 SULQFLSDOPHQWH HQ
PDFUyIDJRV&(&0/9FpOXODV7\PDVWRFLWRVHQFRPSDUDFLyQFRQ YDVRV VDQJXtQHRV VDQRV
VLHQGR DPEDV DQDILORWR[LQDV MXQWR DO FRPSOHMR GH DWDTXH GH PHPEUDQD UHODFLRQDGRV FRQ HO
SURFHVRDWHURVFOHUyWLFR &RQVLGHUDQGR OR DQWHV SODQWHDGR H[LVWH HYLGHQFLD TXH VXJLHUH OD LQIOXHQFLD GH OD DFWLYLGDG GH
WURPELQD VREUH HO SURFHVR DWHURJpQLFR (Q HQVD\RV UHDOL]DGRV FRQ HO LQKLELGRU GLUHFWR GH OD
WURPELQDPHODJDWUiQVHGHPRVWUyTXHVXDSOLFDFLyQHQPRGHORVPXULQRVOLPLWDODVGLPHQVLRQHV
GH ODV SODFDV DWHURVFOHUyWLFDV \ OD LQHVWDELOLGDG GH ODV OHVLRQHV HQ DYDQ]DGR HVWDGR GH
SURJUHVLyQ HQ UDWRQHV FRQ DWHURVFOHURVLV GHILFLHQWHV GH DSROLSRSURWHtQD ( $VtPLVPR OD
DSOLFDFLyQ GH GDELJDWUiQ PHGLDQWH XQ PRGHOR PXULQR WDPELpQ GLVPLQX\H OD IRUPDFLyQ \ HO
WDPDxRGHODVSODFDVDWHURVFOHUyWLFDV\SUHYLHQHODSURJUHVLyQGHODHQIHUPHGDG\ODHVWHQRVLV
DVRFLDGD $O UHVSHFWR HQVD\RV UHDOL]DGRV HQ UDWRQHV GHILFLHQWHV GH DSROLSRSURWHtQD ( \
PDQLSXODGRV JHQpWLFDPHQWH SDUD SUHVHQWDU QLYHOHV UHGXFLGRV GH WURPELQD KDQ PRVWUDGR
GLVPLQXLUODDWHURVFOHURVLV\HOSHUILOSURLQIODPDWRULRDGHPiVGHLQFUHPHQWDUODHVWDELOLGDGGHOD
SODFDDWHURVFOHUyWLFD 3RU RWUD SDUWH OD VtQWHVLV GH 526 VH UHODFLRQD FRQ P~OWLSOHV HIHFWRV SURDWHURJpQLFRV
LPSOLFDGRVHQPHFDQLVPRVGHVHxDOL]DFLyQFHOXODUWDOHVFRPRH[SUHVLyQJpQLFD SUROLIHUDFLyQ
PLJUDFLyQ R DSRSWRVLV 'LYHUVRV HVWXGLRV LQGLFDQ HO SRWHQWH HIHFWR GH WURPELQD VREUH OD
SURGXFFLyQGH526HQ&0/9KXPDQDV\SODTXHWDV 'LIHUHQWHV VLVWHPDV HQ]LPiWLFRV
WRPDQ SDUWH HQ OD VtQWHVLV GH 526 HQ OD YDVFXODWXUD WDOHV FRPR [DQWLQDR[LGDVD 126 \ OD
R[LGDVD GH QLFRWLQDPLGD DGHQLQD GLQXFOHRWLGR IRVIDWR 1$'3+ VLHQGR pVWD ~OWLPD IXHQWH
LPSRUWDQWH GH VXSHUy[LGR HQ FpOXODV YDVFXODUHV \ PLRFLWRV /DV VHxDOHV PLWRJpQLFDV
LQGXFLGDVSRUWURPELQDHQ&0/9UHTXLHUHQXQDR[LGDVDFX\RVFRPSRQHQWHVSSKR[ \ SSKR[
VRQ QHFHVDULRV SDUD OD JHQHUDFLyQ GH 526 7UDV HVWLPXODFLyQ FRQ WURPELQD SSKR[ HV
IRVIRULODGR \ UHFOXWDGR KDFLD OD PHPEUDQD IDYRUHFLHQGR DVt HO HQVDPEODMH GH OD R[LGDVD
DGHPiV HQ PRGHORV GH OHVLyQ YDVFXODU GH OD FDUyWLGD HQ OD UDWD SSKR[ HV UHJXODGR
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
SRVLWLYDPHQWH VXJLULHQGR TXH DPERV OD R[LGDVD \ SSKR[ VH UHODFLRQDQ FRQ ORV HYHQWRV GH
VHxDOL]DFLyQ TXH FRQGXFHQ D OD IRUPDFLyQ GH OHVLRQHV YDVFXODUHV 3RU RWUR ODGR HV
SRVLEOH TXH ODV VHxDOHV GH WUDQVFULSFLyQ YtD 0$3.-1. LQGXFLGDV SRU WURPELQD VHDQ
GHSHQGLHQWHVGHODJHQHUDFLyQGH526PHGLDGRSRU1$'3+R[LGDVDVXJLULHQGRVXLPSOLFDFLyQ
LQGLUHFWD HQ SURFHVRV GH GLIHUHQFLDFLyQ FHOXODU VXSHUYLYHQFLD FHOXODU \ DSRSWRVLV (Q WDO
VHQWLGRHVWXGLRVKDQGHPRVWUDGRTXHODWURPELQDLQFUHPHQWDODSURGXFFLyQGH526HQFpOXODV
HQGRWHOLDOHV LQ YLWUR PHGLDQWH OD DFWLYDFLyQ GH S 0$3. \ 3,.$NW IDYRUHFLHQGR OD
SUROLIHUDFLyQ FHOXODU $GLFLRQDOPHQWH OD WURPELQD SHU VH LQGXFH OD UHH[SUHVLyQ GH QRYR GH
3$5 D WUDYpV GH XQ PHFDQLVPR GHSHQGLHQWH GH 6UF LQFOX\HQGR SURWHtQDV * 3,. S
0$3.ORTXHVXJLHUHTXHODVYtDVUHGR[WDPELpQVHUHODFLRQDQFRQODH[SUHVLyQ\UHJXODFLyQGH
3$5 2WURV HVWXGLRV VHxDODQ TXH OD WURPELQD LQGXFH PRYLOL]DFLyQ \ PD\RU FDSWDFLyQ GH
&D PLWRFRQGULDO HQ FXOWLYRV FHOXODUHV PXULQRV \ KXPDQRV LQFUHPHQWDQGR OD SURGXFFLyQ GH
VXSHUy[LGR GHULYDGR GH PLWRFRQGULD P526 DFWLYDQGR OD YtD GH VHxDOL]DFLyQ GH 1)N‰
IDYRUHFLHQGRODVREUHH[SUHVLyQGH,&$0\ODDGKHVLyQGHOHXFRFLWRVDOHQGRWHOLRYDVFXODU /D LQIOXHQFLD GH WURPELQD VREUH 526 TXHGD GH PDQLILHVWR HQ HQVD\RV FRQ UDWRQHV
KLSHUFROHVWHUROpPLFRV FRQ DWHURVFOHURVLV GHILFLHQWHV GH $SR( HQ ORV TXH OD DGPLQLVWUDFLyQ RUDO
GH GDELJDWUiQ LQKLELGRU GLUHFWR GH WURPELQD UHGXMR FRQVLGHUDEOHPHQWH HO HVWUpV R[LGDWLYR HQ OD
DRUWD VXJLULHQGR TXH OD LQKLELFLyQ GH WURPELQD UHGXFH OD SURGXFFLyQ GH 526 \ IDYRUHFH OD
IXQFLyQHQGRWHOLDO 7URPELQDSUROLIHUDFLyQFHOXODU\FiQFHU
&RPRFRQVHFXHQFLDGHODVDFFLRQHVFHOXODUHVGHWURPELQDHVWDSURWHDVDLQGXFHODSUROLIHUDFLyQ
\PLJUDFLyQGHFpOXODVWXPRUDOHVDWUDYpVGHGLYHUVRVPHFDQLVPRVHQWUHORVTXHVHGHVWDFDQ
HOLQFUHPHQWRGHODSHUPHDELOLGDGYDVFXODUTXHFRQOOHYDDODSpUGLGDGHSURWHtQDVSODVPiWLFDV\
GHVDUUROOR GH XQD PDWUL] SURDQJLRJpQLFD OD H[SUHVLyQ GH PROpFXODV GH DGKHVLyQ
FHOXODU TXH IDFLOLWD OD XQLyQ HQWUH FpOXODV WXPRUDOHV FRQ OD PDWUL] H[WUDFHOXODU \ OD
DFWLYDFLyQ GH OD HQ]LPD GHJUDGDQWH GH FROiJHQR WLSR ,9 \ OD 003 TXH SURPXHYH OD LQYDVLyQ
FHOXODUDWUDYpVGHODPHPEUDQDEDVDO /DWURPELQDLQGXFHODSURJUHVLyQGHWXPRUHVDFWXDQGRGLUHFWDPHQWHVREUHFpOXODVTXHH[SUHVDQ
3$5V 3$5 HV VREUHH[SUHVDGR HQ PHODQRPD DJUHVLYR FiQFHU GH FRORQ FiQFHU GH
SUyVWDWD FiQFHU GH PDPD LQYDVLYR H KLSHUSODVLD GH FpOXODV HSLWHOLDOHV HQ JOiQGXODV
PDPDULDVXQIHQRWLSRRQFRJpQLFR /DDFWLYLGDGPLWRJpQLFDGHWURPELQDPHGLDGDYtD3$5
HVWi DVRFLDGD FRQ OD DFWLYDFLyQ GH (5. ò SURPRYLHQGR QR VyOR OD SURJUHVLyQ GHO FLFOR
FHOXODU VLQR WDPELpQ OD WUDQVIRUPDFLyQ PLJUDFLyQ \ VXSHUYLYHQFLD FHOXODU 3$5 SURPXHYH OD
PRWLOLGDGFHOXODUDWUDYpVGHXQPHFDQLVPRTXHLPSOLFDODDFWLYDFLyQGHOUHFHSWRUGHOIDFWRUGH
FUHFLPLHQWRHQGRWHOLDO(*)5HQFDUFLQRPDUHQDO $GHPiV 3$5 DFWLYD OD LQWHJULQD ĮYȕ
HQ PHODQRPD SURPRYLHQGR OD PLJUDFLyQ H LQYDVLyQ \ SXHGH FRQWULEXLU D OD VXSHUYLYHQFLD
GH ODV FpOXODV WXPRUDOHV SXHVWR TXH SUHYLHQH OD DSRSWRVLV GH FLHUWRV WLSRV GH FpOXODV
(VWXGLRV UHDOL]DGRV GHPXHVWUDQ TXH ORV HIHFWRV TXLPLRFLQpWLFRV GH WURPELQD VREUH FpOXODV GH
PHODQRPD PHWDVWiVLFR QR VRQ UHSURGXFLGRV DO HVWLPXODU FpOXODV WXPRUDOHV SURVWiWLFDV FRQ
SpSWLGRV DJRQLVWDV GH 3$5 SHUR VL FRQ OD FRPELQDFLyQ GH SpSWLGRV DJRQLVWDV GH 3$5 \
3$5 3XHVWRTXHODPHWiVWDVLVHVLQFUHPHQWDGDSRUODDFWLYDFLyQGH3$5ORVHIHFWRV
SURPHWDVWiVLFRV GH WURPELQD VREUH ODV FpOXODV WXPRUDOHV VXJLHUHQ OD DFWLYDFLyQ FUX]DGD GH
3$5DSDUWLUGHODVHFXHQFLDGHOOLJDQGRDFWLYDGRUGH3$5 7URPELQDGRORUQRFLFHSWLYR\QHXURSiWLFR
/RV 3$5V VH KDQ UHODFLRQDGR FRQ HO GHVDUUROOR \ DOWHUDFLRQHV GHO VLVWHPD QHUYLRVR FHQWUDO
61& TXH LQFOX\HQ OD PHPRULD ODV HQIHUPHGDGHV QHXURGHJHQHUDWLYDV \ GH ODV YtDV
GRSDPLQpUJLFDV 3$5V VRQ H[SUHVDGRV HQ QHUYLRV SHULIpULFRV \ HO GHVDUUROOR GH DJRQLVWDV
VHOHFWLYRV SDUD 3$57)5,)' 3$5 6/,*.9 \ 3$5 $<3*.) KD SHUPLWLGR HYDOXDU ORV
HIHFWRV GH VX DFWLYDFLyQ HQ OD LQIODPDFLyQ QHXURJpQLFD SHUFHSFLyQ GH GRORU VHQVDFLyQ GH
SUXULWR\UHJHQHUDFLyQGHQHUYLRVHQWUHRWURV (QORTXHUHVSHFWDD3$5\ 3$5 VX DFWLYDFLyQ VH KD DVRFLDGR D LQIODPDFLyQ QHXURJpQLFD
HQ VLVWHPD QHUYLRVR SHULIpULFR 613 FDUDFWHUL]DGD SRU YDVRGLODWDFLyQ HGHPD SpUGLGD GH
SURWHtQDV DGKHVLyQ GH OHXFRFLWRV \ UHVSXHVWD DO GRORU 7DQWR 3$5 FRPR 3$5 VRQ
H[SUHVDGRVHQDIHUHQWHVQRFLFHSWLYRVILEUDV&\$į \VXDFWLYDFLyQLQ YLYR FRQOOHYD D
OD OLEHUDFLyQ GH QHXURSpSWLGRV WDOHV FRPR 6XVWDQFLD 3 63 \ SpSWLGR UHODFLRQDGR FRQ HO JHQ
GHFDOFLWRQLQD&*53ORVFXDOHVPHGLDQODDSDULFLyQGHOHGHPD 'LYHUVRVHVWXGLRVVH
KDQ SURSXHVWR GLOXFLGDU HO SDSHO GH 3$5V HQ OD QRFLFHSFLyQ PHFiQLFD \ WpUPLFD HQFRQWUDQGR
TXH OD DFWLYDFLyQ GH 3$5 SRU SpSWLGRV DJRQLVWDV $3 VHOHFWLYRV WLHQH HIHFWR DQDOJpVLFR HQ
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
FRQGLFLRQHV QRUPDOHV R LQIODPDWRULDV SRVWHULRU D OD DSOLFDFLyQ GH LQ\HFFLyQ LQWUDSODQWDU GH
FDUUDJHQLQDHQODSDWDGHODUDWDVLQHPEDUJRDOUHDOL]DUHOHQVD\RFRQWURPELQDVHUHSURGXFH
HO HIHFWR DQDOJpVLFR GH $3 GH 3$5 DQWH HO HVWtPXOR PHFiQLFR SHUR QR DQWH HO HVWtPXOR
WpUPLFR LQGXFLHQGR \ DPSOLILFDQGR OD UHVSXHVWD KLSHUDOJpVLFD (VWD GLVFUHSDQFLD SRGUtD
H[SOLFDUVH SRU HO KHFKR GH TXH OD WURPELQD QR HV XQ DJRQLVWD VHOHFWLYR GH 3$5 VLQR TXH
:LGWK
DFWLYDRWURVUHFHSWRUHVFRPR3$5TXHSXHGHQPRGXODUVXDFWLYLGDGQRFLFHSWLYD\DTXHVH
KD GHPRVWUDGR TXH OD DFWLYDFLyQ GH 3$5 PHGLD ODV UHVSXHVWDV H[FLWDWRULDV HQ QHXURQDV
PLHQWpULFDV 3RU VX SDUWH OD DFWLYDFLyQ GH 3$5 \ 3$5 FRQOOHYD D DQDOJHVLD HQ UHVSXHVWD D OD
HVWLPXODFLyQ WpUPLFD \ PHFiQLFD GH PDQHUD TXH SXGLHUDQ SRWHQFLDU VXV IXQFLRQHV FRQ
GLIHUHQWHDILQLGDGWDO\FRPRVXFHGHFRQODDFWLYDFLyQSODTXHWDULD\HQGRWHOLDODGHPiV3$5
HVDFWLYDGRSRUWULSVLQD\FDWHSVLQD*GHDOOtTXHORVHIHFWRVLQKLELWRULRVGH3$5\R3$5
VREUHODWUDQVPLVLyQGHORVPHQVDMHVQRFLFHSWLYRVSUREDEOHPHQWHGHSHQGDGHOWLSRGHSURWHDVD
OLEHUDGD HQ OD SUR[LPLGDG GH ORV QHUYLRV VHQVRULDOHV $O UHVSHFWR 3$5 HMHUFH VX
HIHFWR LQKLELWRULR GLUHFWDPHQWH VREUH QHXURQDV VHQVRULDOHV SRU HO FRQWUDULR HV SRVLEOH TXH ORV
HIHFWRVLQKLELWRULRVGH3$5HQODQRFLFHSFLyQVHDQPHGLDGRVSRUXQPHFDQLVPRLQGLUHFWRTXH
LPSOLFD QHXURQDV GLVWLQWDV D ODV VHQVRULDOHV PRWLYDGR D TXH OD DFWLYDFLyQ GH 3$5 HQ
QHXURQDV VHQVRULDOHV SURPXHYH OD OLEHUDFLyQ GH QHXURSpSWLGRV SURQRFLFHSWLYRV FRPR &*53 \
63 (VRSRUWXQRPHQFLRQDUTXHHVWXGLRVHQUDWRQHVKDQGHPRVWUDGRTXHODLQ\HFFLyQLQWUDWHFDOGH
WURPELQDLQGXFHGRORUQHXURSiWLFRFDUDFWHUL]DGRSRUKLSHUDOJHVLDWpUPLFD\DORGLQLDWiFWLOVLHQGR
HVWRV HIHFWRV VXSULPLGRV SRU OD DGPLQLVWUDFLyQ LQWUDWHFDO GH KLUXGLQD LQKLELGRU GLUHFWR GH
WURPELQD $GHPiV OD DGPLQLVWUDFLyQ LQWUDWHFDO GH UHFHSWRUHV GH 3'*) GLVPLQX\H OD
KLSHUDOJHVLD \ DORGLQLD SURGXFLGDV SRU WURPELQD HQ UDWRQHV QRUPDOHV \ WDPELpQ FRPR
FRQVHFXHQFLD GH OD OLJDFLyQ GHO QHUYLR FLiWLFR HQ UDWRQHV $GLFLRQDOPHQWH WDQWR 3'*) FRPR
3$5 VH ORFDOL]DQ HQ DVWD GRUVDO PHGXODU $'0 SURSRUFLRQDQGR HYLGHQFLD QRYHO GH TXH
WURPELQD3$5 \ OD YtD GH VHxDOL]DFLyQ PHGLDGD SRU 3'*) HQ OD PpGXOD HVSLQDO HVWiQ
GLUHFWDPHQWHLQYROXFUDGRVHQHOGHVDUUROORGHOGRORUQHXURSiWLFR &RQFOXVLRQHV
/DWURPELQDHVODSULQFLSDOHQ]LPDGLDQDGHODWHUDSLDDQWLFRDJXODQWHSXHVWRTXHVXJHQHUDFLyQ
HVFODYHHQODIRUPDFLyQGHOFRiJXORGHILEULQDGXUDQWHHOSURFHVRGHFRDJXODFLyQQRREVWDQWH
VXV SURSLHGDGHV VH H[WLHQGHQ PiV DOOi GHO SURFHVR GH FRDJXODFLyQ LQFOX\HQGR HIHFWRV
SOHLRWUySLFRV SULQFLSDOPHQWH VREUH ORV PHFDQLVPRV LQIODPDWRULRV HQOD]DQGR GH HVWD PDQHUD
DPERV SURFHVRV 'LFKRV HIHFWRV VRQ PHGLDGRV D WUDYpV GH OD DFWLYDFLyQ GH 3$5V ORV FXDOHV
VRQH[SUHVDGRVHQFpOXODVHQGRWHOLDOHVFpOXODVPXVFXODUHVOLVDVYDVFXODUHVQHXURQDVGHO61&
\ SHULIpULFR EDMR FRQGLFLRQHV ILVLROyJLFDV VLQ HPEDUJR WDPELpQ VH DFWLYDQ HQ FRQGLFLRQHV
SDWROyJLFDV WDOHV FRPR OD IRUPDFLyQ GH WURPERV LQIODPDFLyQ OHVLyQ WLVXODU \ FiQFHU HQWUH
RWUDV /D WURPELQD KD PRVWUDGR LQGXFLU XQD YDULHGDG GH HIHFWRV QR FRDJXODQWHV FRPR OD
H[SUHVLyQGHPROpFXODVGHDGKHVLyQDFWLYDFLyQGHOHXFRFLWRVJHQHUDFLyQGH526LQFUHPHQWR
GH ORV QLYHOHV SODVPiWLFRV GH FLWRTXLQDV 0&3 H ,/ HQ ILEUREODVWRV FpOXODV HQGRWHOLDOHV
FpOXODV PRQRQXFOHDUHV \ DGLSRFLWRV SURPRYLHQGR SURFHVRV DWHURVFOHUyWLFRV 3RU RWUD SDUWH OD
WURPELQD LQGXFH OD DFWLYLGDG PLWRJpQLFD VREUH ODV FpOXODV PXVFXODUHV OLVDV \ HQGRWHOLDOHV OD
OLEHUDFLyQ GH IDFWRUHV GH FUHFLPLHQWR \ TXLPLRFLQDV TXH SURPXHYHQ OD SUROLIHUDFLyQ \ PLJUDFLyQ
GH FpOXODV WXPRUDOHV $GHPiV PHGLDQWH OD DFWLYDFLyQ GH 3$5 \ 3$5 OD WURPELQD PHGLD
HIHFWRV QRFLFHSWLYRV HQ QHXURQDV GHO 61& \ 613 PRGXODQGR OD VHQVDFLyQ GH GRORU 6H
UHTXLHUH DPSOLDU HVWXGLRV TXH HVWDEOH]FDQ ORV HIHFWRV SOHLRWUySLFRV GH RWURV IDFWRUHV GH OD
FRDJXODFLyQ \ VX SDUWLFLSDFLyQ HQ OD SDWRJHQLD GH OD REHVLGDG OD DWHURVFOHURVLV ORV WUDVWRUQRV
SUROLIHUDWLYRV\QHXURJpQLFRV3RURWUDSDUWHHOSRVLEOHXVRWHUDSpXWLFRGH$3RDQWDJRQLVWDVGH
3$5V\GHLQKLELGRUHVGHODFRDJXODFLyQSULQFLSDOPHQWHGHWURPELQDSRGUtDVHUUHOHYDQWHHQHO
WUDWDPLHQWR GH SURFHVRV LQIODPDWRULRV FUyQLFRV \ GH HQIHUPHGDGHV SUROLIHUDWLYDV $GHPiV
SHUPLWLUtDPRGXODUODWUDQVPLVLyQGHVHxDOHVGHGRORU\ODH[SUHVLyQGHIDFWRUHVSURLQIODPDWRULRV
TXHDFRPSDxDQODUHVSXHVWDQHXURJpQLFD
5HIHUHQFLDV
/DQH'$3KLOLSSRX++XQWLQJWRQ-$'LUHFWLQJWKURPELQ%ORRG
+LUDQR . 7KH UROHV RI SURWHLQDVHDFWLYDWHG UHFHSWRUV LQ WKH YDVFXODU SK\VLRORJ\ DQG
SDWKRSK\VLRORJ\$UWHULRVFOHU7KURPE9DVF%LRO
&DUULOOR(VSHU 5 GH OD 7RUUH 7 5RVDOHV $ &RPSOHMR WURPERPRGXOLQD SURWHtQD & UHFHSWRU
HQGRWHOLDOGHSURWHtQD&HQVHSVLV 5HYLVWD GH OD )DFXOWDG GH 0HGLFLQD GH OD 81$0 6SURQN+0%RULVVRII-7HQ&DWH+1HZ,QVLJKWVLQWR0RGXODWLRQRI7KURPELQ)RUPDWLRQ
&XUU$WKHURVFOHU5HS
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
1DOGLQL$$DUGH13XFFL$%HUQLQL&&DUUDUR),QKLELWLRQRILQWHUOHXNLQH[SUHVVLRQE\
DWKURPELQ LQ KXPDQ SHULSKHUDO EORRG PRQRQXFOHDU FHOOV D SRWHQWLDO PHFKDQLVP IRU PRGXODWLQJ
7K7KUHVSRQVHV%U-3KDUPDFRO
1DOGLQL $ %HUQLQL & 3XFFL $ &DUUDUR ) 7KURPELQPHGLDWHG ,/ XSUHJXODWLRQ LQYROYHV
SURWHDVH DFWLYDWHG UHFHSWRU 3$5 H[SUHVVLRQ LQ KXPDQ PRQRQXFOHDU OHXNRF\WHV - /HXNRF
%LRO
&RXJKOLQ 65 7KURPELQ VLJQDOLQJ DQG SURWHDVHDFWLYDWHG UHFHSWRUV 1DWXUH 3DWWHUVRQ & 6WRXIIHU * 0DGDPDQFKL 1 5XQJH 0 1HZ WULFNV IRU ROG GRJV QRQWKURPERWLF
HIIHFWVRIWKURPELQLQYHVVHOZDOOELRORJ\&LUF5HV
6SURQN+0GH-RQJ$0&ULMQV+6FKRWWHQ89DQ*HOGHU,7HQ&DWH+3OHLRWURSLFHIIHFWV
RIIDFWRU;DDQGWKURPELQZKDWWRH[SHFWIURPQRYHODQWLFRDJXODQWV&DUGLRYDVFXODU5HV
%RGH : 7XUN ' .DUVKLNRY $ 7KH UHILQHG $ ; UD\ FU\VWDO VWUXFWXUH RI '3KH3UR
$UJFKORURPHWK\ONHWRQH LQKLELWHG KXPDQ DOSKDWKURPELQ VWUXFWXUH DQDO\VLV RYHUDOO VWUXFWXUH
HOHFWURVWDWLF SURSHUWLHV GHWDLOHG DFWLYHVLWH JHRPHWU\ DQG VWUXFWXUHIXQFWLRQ UHODWLRQVKLSV
3URWHLQ6FL
/H%RQQLHF%)*XLQWR(50DF*LOOLYUD\576WRQH65(VPRQ&77KHUROHRIWKURPELQ¶V
7\U3UR3UR7USPRWLILQWKHLQWHUDFWLRQZLWKILEULQRJHQWKURPERPRGXOLQSURWHLQ&DQWLWKURPELQ
,,,DQGWKH.XQLW]LQKLELWRUV-%LRO&KHP
5H]DLH$55HDFWLYLWLHVRIWKH6DQG6VXEVLWHUHVLGXHVRIWKURPELQZLWKWKHQDWLYHDQG
KHSDULQLQGXFHGFRQIRUPHUVRIDQWLWKURPELQ3URWHLQ6FL
2UFXWW 6- .ULVKQDVZDP\ 6 %LQGLQJ RI VXEVWUDWH LQ WZR FRQIRUPDWLRQV WR KXPDQ
SURWKURPELQDVH GULYHV FRQVHFXWLYH FOHDYDJH DW WZR VLWHV LQ SURWKURPELQ - %LRO &KHP :X 4 3LFDUG 9 $LDFK 0 6DGOHU -( $FWLYDWLRQLQGXFHG H[SRVXUH RI WKH WKURPELQ DQLRQ
ELQGLQJ H[RVLWH ,QWHUDFWLRQV RI UHFRPELQDQW PXWDQW SURWKURPELQV ZLWK WKURPERPRGXOLQ DQG D
WKURPELQH[RVLWHVSHFLILFDQWLERG\-%LRO&KHP
&KHQ5'RROLWWOH5ȖȖFURVVOLQNLQJVLWHVKXPDQDQGERYLQHILEULQ%LRFKHPLVWU\
+RQJEDR0<RXQJ-6KHQ&7KURPELQ-1DW6FL
%UR]H*7KURPELQGHSHQGHQWLQKLELWLRQRIILEULQRO\VLV&XUU2SLQ+HPDWRO
9DQ7LOEXUJ15RVHQGDDO)%HUWLQD5 7KURPELQDFWLYDWDEOHILEULQRO\VLVLQKLELWRUDQGWKHULVNIRUGHHS
YHLQWKURPERVLV%ORRG
(VPRQ&77KHSURWHLQ&SDWKZD\&ULW&DUH0HG6
6RQQH 2 7KHVSHFLILFELQGLQJRIWKURPELQWRKXPDQSRO\PRUSKRQXFOHDUOHXFRF\WHV 6FDQG - &OLQ /DE
,QYHVW
)HQWRQ-2IRVX)%UH]QLDN'+DVVRXQD+7KURPELQDQGDQWLWKURPERWLFV6HPLQ7KURPE
+HPRVW
+D\HV./HRQJ/+HQULNVHQ5%RXFKDUG%2XHOOHWWH/&KXUFK:HWDODOSKDWKURPELQ
LQGXFHGKXPDQSODWHOHWDFWLYDWLRQUHVXOWVVROHO\IURPIRUPDWLRQRIDVSHFLILFHQ]\PHVXEVWUDWH
FRPSOH[-%LRO&KHP
%RULVVRII - 6SURQN + +HHQHPDQ 6 WHQ &DWH + ,V WKURPELQ D NH\ SOD\HU LQ WKH
µFRDJXODWLRQDWKHURJHQHVLV¶PD]H"&DUGLRYDVF5HV
6WUDQGH - 3KLOOLSV 6 7KURPELQ LQFUHDVHV LQIODPPDWRU\ F\WRNLQH DQG DQJLRJHQLF JURZWK
IDFWRUVHFUHWLRQLQKXPDQDGLSRVHFHOOVLQYLWUR-RXUQDO,QIODPP/RQG
*DUFtD36*XODWL$/HY\-+7KHUROHRIWKURPELQDQGSURWHDVHDFWLYDWHGUHFHSWRUVLQSDLQ
PHFKDQLVPV7KURPE+DHPRVW
&DQWR , 6RK 8- 7UHMR - $OORVWHULF 0RGXODWLRQ RI 3URWHDVHDFWLYDWHG 5HFHSWRU 6LJQDOLQJ
0HG&KHP
.X '' =DOHVNL -. 5HFHSWRU PHFKDQLVP RI WKURPELQLQGXFHG HQGRWKHOLXPGHSHQGHQW DQG
HQGRWKHOLXPLQGHSHQGHQWFRURQDU\YDVFXODUHIIHFWVLQGRJV-&DUGLRYDVF3KDUPDFRO
'HUNDFK ' ,KDUD ( +LUDQR . 1LVKLPXUD - 7DNDKDVKL 6 .DQDLGH + 7KURPELQ FDXVHV
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
HQGRWKHOLXPGHSHQGHQWELSKDVLFUHJXODWLRQRIYDVFXODUWRQHLQWKHSRUFLQHUHQDOLQWHUOREDUDUWHU\
%U-3KDUPDFRO
*XGPXQGVGRWWLU , /DQJ 1 %RRQ 1 /XGODP & :HEE ' )R[ . HW DO 5ROH RI WKH
HQGRWKHOLXPLQWKHYDVFXODUHIIHFWVRIWKHWKURPELQUHFHSWRUSURWHDVHDFWLYDWHGUHFHSWRUW\SH
LQKXPDQV-$P&ROO&DUGLRO
:DWWV 9/ 0RWOH\ (' 5ROH RI SURWHDVHDFWLYDWHG UHFHSWRU LQ HQGRWKHOLDO QLWULF R[LGH
V\QWKDVH7KUSKRVSKRU\ODWLRQ([S%LRO0HG0D\ZRRG
0LQJ ;) 9LVZDPEKDUDQ + %DUDQGLHU & 5XIILHX[ - .DLEXFKL . 5XVFRQL 6 HW DO 5KR
*73DVH5KR NLQDVH QHJDWLYHO\ UHJXODWHV HQGRWKHOLDO QLWULF R[LGH V\QWKDVH SKRVSKRU\ODWLRQ
WKURXJK WKH LQKLELWLRQ RI SURWHLQNLQDVH %$NW LQ KXPDQ HQGRWKHOLDO FHOOV 0RO &HOO %LRO (WR 0 %DUDQGLHU & 5DWKJHE / .R]DL 7 -RFK + <DQJ = HW DO 7KURPELQ VXSSUHVVHV
HQGRWKHOLDOQLWULFR[LGHV\QWKDVHDQGXSUHJXODWHVHQGRWKHOLQFRQYHUWLQJHQ]\PHH[SUHVVLRQE\
GLVWLQFWSDWKZD\VUROHRI5KR52&.DQGPLWRJHQDFWLYDWHGSURWHLQNLQDVH&LUF5HV
0LQJ ;) %DUDQGLHU & 9LVZDPEKDUDQ + .ZDN %5 0DFK ) 0D]]RODL / HW DO 7KURPELQ
VWLPXODWHVKXPDQHQGRWKHOLDODUJLQDVHHQ]\PDWLFDFWLYLW\YLD5KR$52&.SDWKZD\LPSOLFDWLRQV
IRUDWKHURVFOHURWLFHQGRWKHOLDOG\VIXQFWLRQ&LUFXODWLRQ
/HZLV & =KX : 3DYNRY 0/ .LQQH\ &0 'LFRUOHWR 3( .DVK\DS 96 $UJLQDVH EORFNDGH
OHVVHQVHQGRWKHOLDOG\VIXQFWLRQDIWHUWKURPERVLV-9DVF6XUJ±
=KDQJ&+HLQ7::DQJ:0LOOHU0:)RVVXP7:0F'RQDOG00HWDO8SUHJXODWLRQ RI
YDVFXODUDUJLQDVHLQK\SHUWHQVLRQGHFUHDVHVQLWULFR[LGHPHGLDWHGGLODWLRQRIFRURQDU\DUWHULROHV
+\SHUWHQVLRQ
7VRSDQRJORX10DUDJRXGDNLV05ROHRIWKURPELQLQDQJLRJHQHVLVDQGWXPRUSURJUHVVLRQ
6HPLQ7KURPE+HPRVW
5XNR\DWNLQD 1 %HJRQMD $ *HLJHU - (LJHQWKDOHU 0 :DOWHU 8 *DPEDU\DQ 6 3KRVSKDWLG\OVHULQH
VXUIDFH H[SUHVVLRQ DQG LQWHJULQ DOSKD ,,E EHWD DFWLYLW\ RQ WKURPELQFRQYXO[LQ VWLPXODWHG
SODWHOHWVSDUWLFOHVRIGLIIHUHQWVL]HV%U-+DHPDWRO
'LHEROG, 3HWU\$'MRUGMHYLF7%HODLED5)LQHPDQ-%ODFN6 HW DO 5HFLSURFDO UHJXODWLRQ RI 5DF
DQG3$.E\+,)DOSKDDSRVLWLYHIHHGEDFNORRSSURPRWLQJSXOPRQDU\YDVFXODUUHPRGHOLQJ
$QWLR[LG5HGR[6LJQDO
6LOOHU - 6FKZDPHLV 0 %ODQQ $ 0DQQKDOWHU & -LOPD % 7KURPELQ DV D PXOWLIXQFWLRQDO
HQ]\PH)RFXVRQLQYLWURDQGLQYLYRHIIHFWV7KURPE+DHPRVW
0RKOH5*UHHQ'0RRUH0$1DFKPDQ5/5DILL6&RQVWLWXWLYHSURGXFWLRQDQGWKURPELQ
LQGXFHG UHOHDVH RI YDVFXODU HQGRWKHOLDO JURZWK IDFWRU E\ KXPDQ PHJDNDU\RF\WHV DQG SODWHOHWV
3URF1DWO$FDG6FL
=XFNHU 6 0LU]D + &RQQHU &( /RUHQ] $) 'UHZV 0+ %DKRX :) HW DO 9DVFXODU
HQGRWKHOLDO JURZWK IDFWRU LQGXFHV WLVVXH IDFWRU DQG PDWUL[ PHWDOORSURWHLQDVH SURGXFWLRQ LQ
HQGRWKHOLDOFHOOVFRQYHUVLRQRISURWKURPELQWRWKURPELQUHVXOWVLQSURJHODWLQDVH$DFWLYDWLRQDQG
FHOOSUROLIHUDWLRQ,QW-&DQFHU
7VRSDQRJORX 1 0DUDJRXGDNLV 0 2Q WKH PHFKDQLVP RI WKURPELQ LQGXFHG DQJLRJHQHVLV
SRWHQWLDWLRQRIYDVFXODUHQGRWKHOLDOJURZWKIDFWRUDFWLYLW\RQHQGRWKHOLDOFHOOVE\XSUHJXODWLRQRI
LWVUHFHSWRUV-%LRO&KHP
0DULQ 9 )DUQDULHU & *UHV 6 .DSODQVNL 6 6X 0 'LQDUHOOR & HW DO 7KH S PLWRJHQ
DFWLYDWHGSURWHLQNLQDVHSDWKZD\SOD\VDFULWLFDOUROHLQWKURPELQLQGXFHGHQGRWKHOLDOFKHPRNLQH
SURGXFWLRQDQGOHXNRF\WHUHFUXLWPHQW%ORRG
/HYL0.HOOHU779DQ*RUS(7HQ&DWH+,QIHFWLRQDQGLQIODPPDWLRQDQGWKHFRDJXODWLRQ
V\VWHP&DUGLRYDVF5HV
/HYL 0 9DQ GHU 3ROO 7 6FKXOW] 0 6\VWHPLF YHUVXV ORFDOL]HG FRDJXODWLRQ DFWLYDWLRQ
FRQWULEXWLQJWRRUJDQIDLOXUHLQFULWLFDOO\LOOSDWLHQWV6HPLQ,PPXQRSDWKRO
)ORUH]-)DUPDFRORJtD+XPDQDWDHG(VSDxD(GLWRULDO0DVVRQ
*ROGVE\ 5 .LQGW 7 2VERUQH % .XE\ - ,QPXQRORJtD WD HG 0p[LFR 0F*UDZ+LOO
,QWHUDPHULFDQD
3DUKDP3,QPXQRORJtDGDHG%XHQRV$LUHV0pGLFD3DQDPHULFDQD
&HFLOOLDQL ) *LRUGDQR $ 6SDJQROR 9 7KH V\VWHPLF UHDFWLRQ GXULQJ LQIODPPDWLRQ 7KH
DFXWHSKDVHSURWHLQV3URWHLQ3HSWOHWW
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
/LFDVWUR)&DQGRUH*/LR'3RUFHOOLQL(&ROVRQQD5RPDQR*)UDQFHVFKL&HWDO,QQDWH
LPPXQLW\ DQG LQIODPPDWLRQ LQ DJHLQJ D NH\ IRU XQGHUVWDQGLQJ DJHUHODWHG GLVHDVHV ,PPXQ
$JHLQJ
9i]TXH] ( 1DYDUUR 0 6DOD]DU < &UHVSR * %UXJHV * 2VRULR & HW DO 6\VWHPLF
FKDQJHV IROORZLQJ FDUUDJHHQDQLQGXFHG SDZ LQIODPPDWLRQ LQ UDWV ,QIODPP 5HV /HYL 0 9DQ GHU 3ROO 7 6FKXOW] 0 1HZ LQVLJKWV LQWR SDWKZD\V WKDW GHWHUPLQH WKH OLQN
EHWZHHQLQIHFWLRQDQGWKURPERVLV1HWK-0HG
5H]DLH $5 7KH RFFXSDQF\ RI HQGRWKHOLDO SURWHLQ & UHFHSWRU E\ LWV OLJDQG PRGXODWHV WKH
3$5GHSHQGHQWVLJQDOLQJVSHFLILFLW\RIFRDJXODWLRQSURWHDVHV,8%0%/LIH
&RQZD\(07KURPERPRGXOLQDQGLWVUROHLQLQIODPPDWLRQ6HPLQ,PPXQRSDWKRO
(VPRQ &7 3URWHLQ & DQWLFRDJXODQW V\VWHP DQWLLQIODPPDWRU\ HIIHFWV 6HPLQ
,PPXQRSDWKRO
%RULVVRII - 6SURQN + WHQ &DWH + 7KH KHPRVWDWLF V\VWHP DV D PRGXODWRU RI
DWKHURVFOHURVLV1(QJO-0HG
6]DED)06PLOH\675ROHVIRUWKURPELQDQGILEULQRJHQLQF\WRNLQHFKHPRNLQHSURGXFWLRQ
DQGPDFURSKDJHDGKHVLRQLQYLYR%ORRG
7ULSDWK\ ' 6DQFKH] $ <LQ ; /XR - 0DUWLQH] - *UDPPDV 3 7KURPELQD PHGLDWRU RI
FHUHEURYDVFXODULQIODPPDWLRQLQ$'DQGK\SR[LD)URQW$JLQJ1HXURVFL
0LKDUD 0 $LKDUD . ,NHGD < <RVKLGD6 .LQRXFKL 0 .XUDKDVKL . HW DO ,QKLELWLRQ RI WKURPELQ
DFWLRQ DPHOLRUDWHV LQVXOLQ UHVLVWDQFH LQ W\SH GLDEHWLF GEGE PLFH (QGRFULQRORJ\ 7HGJXL $ 0DOODW = &\WRNLQHV LQ DWKHURVFOHURVLV SDWKRJHQLF DQG UHJXODWRU\ SDWKZD\V
3K\VLRO5HY
%RULVVRII - +HHQHPDQ + .LOLQF ( .DVVDN 3 9DQ 2HUOH 5 :LQFNHUV . HW DO (DUO\
DWKHURVFOHURVLVH[KLELWVDQHQKDQFHGSURFRDJXODQWVWDWH&LUFXODWLRQ
%RUHQV]WDMQ . 6SHN &$ %ORRG FRDJXODWLRQ IDFWRU ;D DV DQ HPHUJLQJ GUXJ WDUJHW ([SHUW
2SLQ7KHU7DUJHWV
0DGDPDQFKL 15 /L 6 3DWWHUVRQ & 5XQJH 06 7KURPELQ UHJXODWHV YDVFXODU VPRRWK
PXVFOH FHOO JURZWK DQG KHDW VKRFN SURWHLQV YLD WKH -$.67$7 SDWKZD\ - %LRO &KHP +DPLOWRQ -5 &RUQHOLVVHQ , 0RXQWIRUG\ -. &RXJKOLQ 65 $WKHURVFOHURVLV SURFHHGV
LQGHSHQGHQWO\ RI WKURPELQLQGXFHG SODWHOHW DFWLYDWLRQ LQ $SR( PLFH $WKHURVFOHURVLV 3HUOPDQ + 0DLOODUG / .UDVLQVNL . :DOVK . (YLGHQFH IRU WKH UDSLG RQVHW RI DSRSWRVLV LQ
PHGLDOVPRRWKPXVFOHFHOOVDIWHUEDOORRQLQMXU\&LUFXODWLRQ
%DNHU $ =DOWVPDQ $ *HRUJH 6 1HZE\ $ 'LYHUJHQW HIIHFWV RI WLVVXH LQKLELWRU RI
PHWDOORSURWHLQDVH RU RYHUH[SUHVVLRQ RQ UDW YDVFXODU VPRRWK PXVFOH FHOO LQYDVLRQ
SUROLIHUDWLRQDQGGHDWKLQYLWUR7,03SURPRWHVDSRSWRVLV-&OLQ,QYHVW
:DOVK . 6PLWK 5 .LP + 9DVFXODU FHOO DSRSWRVLV LQ UHPRGHOLQJ UHVWHQRVLV DQG SODTXH
UXSWXUH&LUF5HV
/XWJHQV ( /LHYHQV ' %HFNHUV / 'RQQHUV 0 'DHPHQ 0 &' DQG LWV OLJDQG LQ
DWKHURVFOHURVLV7UHQGV&DUGLRYDVF0HG
9RQ+XQGHOVKDXVHQ3:HEHU.+XR<3URXGIRRW$(1HOVRQ3</H\.HWDO5$17(6
GHSRVLWLRQ E\ SODWHOHWV WULJJHUV PRQRF\WH DUUHVW RQ LQIODPHG DQG DWKHURVFOHURWLF HQGRWKHOLXP
&LUFXODWLRQ
3LFFDUGRQL 3 (YDQJHOLVWD 9 3LFFROL $ GH *DHWDQR * :DO] $ &HUOHWWL & 7KURPELQ
DFWLYDWHG KXPDQ SODWHOHWV UHOHDVH WZR 1$3 YDULDQWV WKDW VWLPXODWH SRO\PRUSKRQXFOHDU
OHXNRF\WHV7KURPE+DHPRVW
3LWVLORV 6 +XQW - 0RKOHU ( 3UDEKDNDU $ 3RQF] 0 'DZLFNL - HW DO 3ODWHOHW IDFWRU ORFDOL]DWLRQ LQ FDURWLG DWKHURVFOHURWLF SODTXHV FRUUHODWLRQ ZLWK FOLQLFDO SDUDPHWHUV 7KURPE
+DHPRVW
/RSH] 0/ %UXJHV * &UHVSR * 6DOD]DU 9 'HJOHVQH 3$ 6FKQHLGHU + HW DO 7KURPELQ
VHOHFWLYHO\ LQGXFHV WUDQVFULSWLRQ RI JHQHV LQ KXPDQ PRQRF\WHV LQYROYHG LQ LQIODPPDWLRQ DQG
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
ZRXQGKHDOLQJ7KURPE+DHPRVW
.RFK 0 =HUQHFNH $ 7KH +HPRVWDWLF 6\VWHP DV D 5HJXODWRU RI ,QIODPPDWLRQ LQ
$WKHURVFOHURVLV,8%0%/LIH
$PDUD 8 )OLHUO 0 5LWWLUVFK ' .ORV $ &KHQ + $FNHU % HW DO 0ROHFXODU LQWHUFRPPXQLFDWLRQ
EHWZHHQWKHFRPSOHPHQWDQGFRDJXODWLRQV\VWHPV-,PPXQRO
6SHLGO : .DVWO 6 +XEHU . :RMWD - &RPSOHPHQW LQ DWKHURVFOHURVLV IULHQG RU IRH" -
7KURPE+DHPRVW
%HD ) .UHX]HU - 3UHXVFK 0 6FKDDE 6 ,VHUPDQQ % 5RVHQIHOG 0 HW DO 0HODJDWUDQ
UHGXFHVDGYDQFHGDWKHURVFOHURWLFOHVLRQVL]HDQGPD\SURPRWHSODTXHVWDELOLW\LQDSROLSRSURWHLQ
(GHILFLHQWPLFH$UWHULRVFOHU7KURPE9DVF%LRO
/HH ,2 .UDW] 07 6FKLUPHU 6+ %DXPKDNHO 0 %RKP 0 7KH (IIHFWV RI 'LUHFW 7KURPELQ
,QKLELWLRQ ZLWK 'DELJDWUDQ RQ 3ODTXH )RUPDWLRQ DQG (QGRWKHOLDO )XQFWLRQ LQ $SROLSRSURWHLQ (
'HILFLHQW0LFH-3KDUPDFRO([S7KHU
%RULVVRII - 2WWHQ - +HHQHPDQ 6 /HHQGHUV 3 9DQ 2HUOH 5 6RHKQOHLQ 2 HW DO *HQHWLF
DQG SKDUPDFRORJLFDO PRGLILFDWLRQV RI WKURPELQ IRUPDWLRQ LQ DSROLSRSURWHLQ (GHILFLHQW PLFH
GHWHUPLQH DWKHURVFOHURVLV VHYHULW\ DQG DWKHURWKURPERVLV RQVHW LQ D QHXWURSKLO GHSHQGHQW
PDQQHU3/R621(H
%UDQGHV59LHGW&1JX\HQ.%HHU6.UHX]HU-%XVVH5HWDO7KURPELQLQGXFHG 0&3
H[SUHVVLRQ LQYROYHV DFWLYDWLRQ RI WKH SSKR[ FRQWDLQLQJ 1$'3+ R[LGDVH LQ KXPDQ YDVFXODU
VPRRWKPXVFOHFHOOV7KURPE+DHPRVW
*RUODFK $ 'LHEROG , 6FKLQL 9 %HUFKQHU 8 5RWK 8 %UDQGHV 5 HW DO 7KURPELQ DFWLYDWHV
WKH K\SR[LDLQGXFLEOH IDFWRU VLJQDOLQJ SDWKZD\ LQ YDVFXODU VPRRWK PXVFOH FHOOV 5ROH RI WKH
SSKR[FRQWDLQLQJ1$'3+R[LGDVH&LUF5HV
:DFKRZLF]%2ODV%=ELNRZVND+%XF]\QVNL$*HQHUDWLRQRIUHDFWLYHR[\JHQVSHFLHV
LQEORRGSODWHOHWV3ODWHOHWV
8VKLR0=DIDUL$)XNXL7,VKL]DND1*ULHQGOLQJ.SSKR[LVDFULWLFDOFRPSRQHQWRIWKH
VXSHUR[LGHJHQHUDWLQJ 1$'+1$'3+ R[LGDVH V\VWHP DQG UHJXODWHV DQJLRWHQVLQ ,,LQGXFHG
K\SHUWURSK\LQYDVFXODUVPRRWKPXVFOHFHOOV-%LRO&KHP
6XK<$$UQROG56/DVVHJXH%6KL-;X;6RUHVFX'HWDO&HOOWUDQVIRUPDWLRQE\WKH
VXSHUR[LGHJHQHUDWLQJR[LGDVH0R[1DWXUH
.DQGD<0L]XQR..XURNL<:DWDQDEH<7KURPELQLQGXFHGSPLWRJHQDFWLYDWHGSURWHLQ
NLQDVHDFWLYDWLRQLVPHGLDWHGE\HSLGHUPDOJURZWKIDFWRUUHFHSWRUWUDQVDFWLYDWLRQSDWKZD\%U3KDUPDFRO
'MRUGMHYLF 7 3RJUHEQLDN $ %HODLED 5 %RQHOOR 6 :RW]ODZ & $FNHU + HW DO 7KH
H[SUHVVLRQRIWKH1$'3+R[LGDVHVXEXQLWSSKR[LVUHJXODWHGE\DUHGR[VHQVLWLYHSDWKZD\LQ
HQGRWKHOLDOFHOOV)UHH5DGLF%LRO0HGā
+DZNLQV%6ROW/&KRZGKXU\,.D]L$$ELG0$LUG:HWDO*SURWHLQFRXSOHGUHFHSWRU
&DìOLQNHG PLWRFKRQGULDO UHDFWLYH R[\JHQ VSHFLHV DUH HVVHQWLDO IRU HQGRWKHOLDOOHXNRF\WH
DGKHUHQFH0RO&HOO%LRO
5LFNOHV ) 3DWLHUQR )HUQDQGH] 3 7LVVXH IDFWRU WKURPELQ DQG FDQFHU &KHVW 66
.XPDU 3 6KHQ 4 3LYHWWL &' /HH (6 :X 0+ <XDQ 6< 0ROHFXODU PHFKDQLVPV RI
HQGRWKHOLDOK\SHUSHUPHDELOLW\LPSOLFDWLRQVLQLQIODPPDWLRQ([SHUW5HY0RO0HGH
3HWDMD-,QIODPPDWLRQDQGFRDJXODWLRQ$QRYHUYLHZ7KURPE5HV6
)UDQFKLQL 0 0RQWDJQDQD 0)DYDORUR (- /LSSL * 7KH ELGLUHFWLRQDO UHODWLRQVKLS RI FDQFHU DQG
KHPRVWDVLVDQGWKHSRWHQWLDOUROHRIDQWLFRDJXODQWWKHUDS\LQPRGHUDWLQJWKURPERVLVDQGFDQFHU
VSUHDG6HPLQ7KURPE+HPRVW
6KLUYDLNDU10DUTXH]/$5DWDMF]DN0=-DQRZVND$+\DOXURQLFDFLGDQGWKURPELQXSUHJXODWH
07003 WKURXJK 3,. DQG 5DF VLJQDOLQJ DQG SULPH WKH KRPLQJUHODWHG UHVSRQVHV RI FRUG
EORRGKHPDWRSRLHWLFVWHPSURJHQLWRUFHOOV6WHP&HOOV'HY
7HOOH] & 0F&DUW\ 0 5XL] 0 %DU(OL 0 /RVV RI DFWLYDWRU SURWHLQ D UHVXOWV LQ
RYHUH[SUHVVLRQ RI SURWHDVHDFWLYDWHG UHFHSWRU DQG FRUUHODWHV ZLWK WKH PDOLJQDQW SKHQRW\SH RI
KXPDQPHODQRPD-%LRO&KHP
'DUPRXO'*UDWLR9'HYDXG+/HK\7/DEXUWKH0$EHUUDQWH[SUHVVLRQDQGDFWLYDWLRQRI
WKH WKURPELQ UHFHSWRU SURWHDVHDFWLYDWHG UHFHSWRU LQGXFH FHOO SUROLIHUDWLRQ DQG PRWLOLW\ LQ
KXPDQFRORQFDQFHUFHOOV$P-3DWKRO
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
&KD\ & &RRSHU & *HQGHUQDOLN - 'KDQDVHNDUDQ 6 &KLQQDL\DQ $ 5XELQ 0 HW DO $
IXQFWLRQDO WKURPELQ UHFHSWRU 3$5 LV H[SUHVVHG RQ ERQHGHULYHG SURVWDWH FDQFHU FHOO OLQHV
8URORJ\
(YHQ5DP68]LHO\%&RKHQ3*ULVDUX60DR]0*LQ]EXUJ<HWDO7KURPELQUHFHSWRU
RYHUH[SUHVVLRQLQPDOLJQDQWDQGSK\VLRORJLFDOLQYDVLRQSURFHVVHV1DW0HG
<LQ<6DODK=*ULVDUX6&RKHQ,(YHQ5DP60DR]0HWDO+XPDQSURWHDVHDFWLYDWHG
UHFHSWRU H[SUHVVLRQ LQ PDOLJQDQW HSLWKHOLD D UROH LQ LQYDVLYHQHVV $WHULRVFOHU 7KURPE 9DVF
%LRO
.DKDQ & 6HXZHQ . 0HORFKH 6 3RX\VVHJXU - &RRUGLQDWH ELSKDVLF DFWLYDWLRQ RI S
PLWRJHQDFWLYDWHGSURWHLQNLQDVHDQG6NLQDVHE\JURZWKIDFWRUVLQKDPVWHUILEUREODVWV-%LRO
&KHP
7UHMR - &RQQROO\ $ &RXJKOLQ 6 7KH FORQHG WKURPELQ UHFHSWRU LV QHFHVVDU\ DQG VXIILFLHQW
IRU DFWLYDWLRQ RI PLWRJHQDFWLYDWHG SURWHLQ NLQDVH DQG PLWRJHQHVLV LQ PRXVH OXQJ ILEUREODVWV
/RVVRIUHVSRQVHVLQILEUREODVWVIURPUHFHSWRUNQRFNRXWPLFH-%LRO&KHP
%HUJPDQQ 6 -XQNHU . +HQNOHLQ 3 +ROOHQEHUJ 0 6HWWPDFKHU 8 .DXIPDQQ 5 3$5W\SH
WKURPELQ UHFHSWRUV LQ UHQDO FDUFLQRPD FHOOV 3$5PHGLDWHG (*)5 DFWLYDWLRQ SURPRWHV FHOO
PLJUDWLRQ2QFRO5HS
(YHQ5DP60DR]03RNUR\(5HLFK5.DW]%*XWZHLQ3HWDO 7XPRU FHOO LQYDVLRQ
LV SURPRWHG E\ SURWHDVHDFWLYDWHG UHFHSWRU LQ FRRSHUDWLRQ ZLWK WKH DOSKD Y EHWD LQWHJULQ %LRO&KHP
*XR + /LX ' *HOEDUG + &KHQJ 7 ,QVDODVFR 5 )HUQDQGH] - HW DO $FWLYDWHG SURWHLQ &
SUHYHQWVQHXURQDODSRSWRVLVYLDSURWHDVHDFWLYDWHGUHFHSWRUVDQG1HXURQ
=DQLD 3 .ULWLNRX 6 )ORUGHOOLV & 0DUDJRXGDNLV 0 7VRSDQRJORX 1 %ORFNDGH RI
DQJLRJHQHVLV E\ VPDOO PROHFXOH DQWDJRQLVWV WR SURWHDVH DFWLYDWHG UHFHSWRU DVVRFLDWLRQ ZLWK
HQGRWKHOLDO FHOO JURZWK VXSSUHVVLRQ DQG LQGXFWLRQ RI DSRSWRVLV - 3KDUPDFRO ([S 7KHU $URUD 3 5LFNV 7 7UHMR - 3URWHDVHDFWLYDWHG UHFHSWRU VLJQDOOLQJ HQGRF\WLF VRUWLQJ
DQGG\VUHJXODWLRQLQFDQFHU-&HOO6FL
6KL ; *DQJDGKDUDQ % %UDVV /) 5XI : 0XHOOHU %0 3URWHDVHDFWLYDWHG UHFHSWRU 3$5 DQG 3$5 FRQWULEXWH WR WXPRU FHOO PRWLOLW\ DQG PHWDVWDVLV 0RO &DQFHU 5HV 2¶%ULHQ 3 3UHYRVW 1 0ROLQR 0 +ROOLQJHU 0 :RRONDOLV 0 :RXOIH ' HW DO 7KURPELQ
UHVSRQVHVLQKXPDQHQGRWKHOLDOFHOOV&RQWULEXWLRQVIURPUHFHSWRUVRWKHUWKDQ3$5LQFOXGHWKH
WUDQVDFWLYDWLRQRI3$5E\WKURPELQFOHDYHG3$5-%LRO&KHP
%HOWLQJ0-DVLPXGGLQ$:ROIUDP56LJQDOLQJRIWKH7LVVXH)DFWRU&RDJXODWLRQ3DWKZD\
LQ$QJLRJHQHVLVDQG&DQFHU$UWHULRVFOHU7KURPE9DVF%LRO
5RWKPHLHU $6 5XI : 3URWHDVHDFWLYDWHG UHFHSWRU VLJQDOLQJ LQ LQIODPPDWLRQ 6HPLQ
,PPXQRSDWKRO
1RRUEDNKVK)9HUJQROOH1+ROOHQEHUJ03RZHU&3URWHLQDVHDFWLYDWHGUHFHSWRUVLQWKH
QHUYRXVV\VWHP1DW1HXURVFL
9HUJQROOH 1 :DOODFH - %XQQHWW 1 +ROOHQEHUJ 0 3URWHDVHDFWLYDWHG UHFHSWRUV LQ
LQIODPPDWLRQQHXURQDOVLJQDOLQJDQGSDLQ7UHQGV3KDUPDFRO6FL
2VVRYVND\D 9 %XQQHWW 1 3URWHDVHDFWLYDWHG UHFHSWRUV FRQWULEXWLRQ WR SK\VLRORJ\ DQG
GLVHDVH3K\VLRO5HY
6DLWR 7 %XQQHWW 1: 3URWHDVHDFWLYDWHG UHFHSWRUV UHJXODWLRQ RI QHXURQDO IXQFWLRQ
1HXURPROHFXODU0HG
*UHHQ % %XQQHWW 1 .XONDUQL1DUOD $ 6WHLQKRII 0 %URZQ ' ,QWHVWLQDO W\SH SURWHLQDVH
DFWLYDWHG UHFHSWRUV H[SUHVVLRQ LQ RSLRLGVHQVLWLYH VHFUHWRPRWRU QHXUDO FLUFXLWV WKDW PHGLDWH
HSLWKHOLDOLRQWUDQVSRUW-3KDUPDFRO([S7KHU
'H *DUDYLOOD 9HUJQROOH 1<RXQJ 6+(QQHV +6WHLQKRII 02VVRYVND\D 96 HW DO $JRQLVWV RI
SURWHLQDVHDFWLYDWHG UHFHSWRU LQGXFH SODVPD H[WUDYDVDWLRQ E\ D QHXURJHQLF PHFKDQLVP %U 3KDUPDFRO
$VIDKD 6 %UXVVHH 9 &KDSPDQ . =RFKRGQH ' 9HUJQROOH 1 3URWHLQDVHDFWLYDWHG
UHFHSWRUV DJRQLVWV DWWHQXDWH QRFLFHSWLRQ LQ UHVSRQVH WR QR[LRXV VWLPXOL %U - 3KDUPDFRO
*DR & /LX 6 +X + *DR 1 .LP * ;LD < HW DO 6HULQH SURWHDVHV H[FLWH P\HQWHULF
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY 9LWDH
QHXURQV WKURXJK SURWHDVHDFWLYDWHG UHFHSWRUV LQ JXLQHD SLJ VPDOO LQWHVWLQH *DVWURHQWHURORJ\
.DKQ0/=KHQJ<:+XDQJ&%LJRUQLD9=HQJ'0RII6HWDO$GXDOWKURPELQUHFHSWRU
V\VWHPIRUSODWHOHWDFWLYDWLRQ1DWXUH
.DWDRND + +DPLOWRQ - 0F.HP\ ' &DPHUHU ( =KHQJ < &KHQJ $ HW DO 3URWHDVH
DFWLYDWHG UHFHSWRUV DQG PHGLDWH WKURPELQ VLJQDOLQJ LQ HQGRWKHOLDO FHOOV %ORRG $VIDKD 6 &HQDF 1 +RXOH 6 $OWLHU & 3DSH] 0' 1JX\HQ & HW DO 3URWHDVHDFWLYDWHG
UHFHSWRU D QRYHO PHFKDQLVP RI LQIODPPDWRU\ SDLQ PRGXODWLRQ %U - 3KDUPDFRO 1DULWD08VXL$1DULWD01LLNXUD.1R]DNL+.KRWLE-HWDO3URWHDVHDFWLYDWHGUHFHSWRUDQG
SODWHOHWGHULYHG JURZWK IDFWRU LQ VSLQDO FRUG QHXURQV DUH LPSOLFDWHG LQ QHXURSDWKLF SDLQ DIWHU
QHUYHLQMXU\-1HXURVFL
127$ 7RGDODLQIRUPDFLyQTXHVHEULQGDHQHVWHDUWtFXORHVGHFDUiFWHULQYHVWLJDWLYR\FRQILQHVDFDGpPLFRV\GH
DFWXDOL]DFLyQSDUDHVWXGLDQWHV\SURIHVLRQDOHVGHODVDOXG(QQLQJ~QFDVRHVGHFDUiFWHUJHQHUDOQLVXVWLWX\HHO
DVHVRUDPLHQWRGHXQPpGLFR$QWHFXDOTXLHUGXGDTXHSXHGDWHQHUVREUHVXHVWDGRGHVDOXGFRQVXOWHFRQVXPpGLFRR
HVSHFLDOLVWD
KWWSYLWDHXFYYHLQGH[BSGISKS"PRGXOH DUWLFXORBSGIQ UY