el comercio que viene - unsj

(/&20(5&,248(9,(1(
/LF0DUtD$0XUD]]R ,QJ$PpULFR6LUYHQWH
'HSDUWDPHQWRGH,QIRUPiWLFD
)DFXOWDGGH&LHQFLDV([DFWDV)tVLFDV\1DWXUDOHV
8QLYHUVLGDG1DFLRQDOGH6DQ-XDQ
^PDULWHDPHULFR`#LLQIR XQVMHGXDU
5HVXPHQ
(O FUHFLHQWH GHVDUUROOR TXHODVWHFQRORJtDVGH,QWHUQHWKDQ WHQLGRHQ ORV~OWLPRV DxRV KDQ
SURYRFDGR TXH VH FRQYLHUWD HQ XQ PHGLR PDV SDUD UHDOL]DU FRVDV +R\ VH XVD OD UHG SDUD
YLUWXDOL]DU WRGR OR UHDO GHVGH OD HGXFDFLyQ KDVWD ORV QHJRFLRV 3HUR TXL]iV HVWH VHD HO DVSHFWR
PHQRVH[SORWDGRSRUORPHQRVHQ$PpULFD/DWLQD
(QODDFWXDOLGDGODVHPSUHVDVVHHQIUHQWDQFRQXQVHULRGLOHPDVHUSLRQHURVHQXQPHUFDGR
SURPHWHGRU\SODJDGRGHULHVJRVRHVSHUDUDTXHVROLGLILTXHODLQIUDHVWUX FWXUDGHORVQHJRFLRVRQ
OLQH /R FLHUWR HV TXH ODV HPSUHVDV HQ HO IXWXUR QR SRGUiQ LJQRUDUD OD :HE FRPR XQ YHKtFXOR
SRVLELOLWDGRUGHWUDQVDFFLRQHV
1R HV QXHYR TXH ODV HPSUHVDV HVWpQ XWLOL]DQGR PHGLRV HOHFWUyQLFRV SDUD LQWHUFDPELDU
LQIRUPDFLyQ\UHDOL]DU RSHUDFLRQHV(OILQGHHVWHWLSRGHWUDQVDFFLRQHVHVORJUDUFRQWDFWDUVHFRQ
VXVSDUHVGHIRUPDUiSLGDiJLOHFRQyPLFD\HIHFWLYD
'HVGH OD H[SORVLyQ GH ,QWHUQHW HQ VH KD FRQYHUWLGR HQ XQ IHQyPHQR KLVWyULFR VX
YHORFLGDGGHHYROXFLyQ\SURSDJDFLyQ GHVGHORVVHFWRUHVHGXFDWLYRV\PLOLWDUHVKDFLDORViPELWRV
PiV GLYHUVRV QR VH SXHGH FRPSDUDU FRQ QLQJ~Q RWUR KHFKR FLHQWtILFR R WHFQROyJLFR (O
LPSUHVLRQDQWHLQFUHPHQWR GLDULRGHXVXDULRVFRQYLUWLyDODUHGHQXQDYtDPDV TXHSRWDEOHSDUD
GDUVH D FRQRFHU 3DVR D SDVR FHQWtPHWUR D FHQWtPHWUR QRV DFHUFDPRV D OD HUD GHO FRPHUFLR
HOHFWUyQLFR
(O SUHVHQWH WUDEDMR WUDWD GH DQDOL]DU FXDO HV HO LPSDFWR GH ,QWHUQHW HQ ODV WUDQVDFFLRQHV
HPSUHVDULDOHVDVtFRPRORVSUREOHPDV\YHQWDMDVTXHHVWWHFQRORJtDWUDHUiD ODVHPSUHVDV
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
,1752'8&&,21
1R HV QXHYR TXH ODV HPSUHVDV HVWpQ XWLOL]DQGR PHGLRV HOHFWUyQLFRV SDUD LQWHUFDPELDU
LQIRUPDFLyQ\KDVWDUHDOL]DURSHUDFLRQHV(OILQGHHVWHWLSRGHWUDQVDFFLRQHVHVORJUDUFRQWDFWDUVH
FRQVXVSDUHVGHIRUPDUiSLGDiJLOHFRQy PLFD\HIHFWLYD
6LQHPEDUJRQLQJXQRGHHOORVKDORJUDGRLPSDFWDUFRPRHO :HE%XVLQHVVHVWRVHGHEHD
TXH ODV DQWLJXDV IRUPDV GH WUDQVDFFLRQHV HQWUH HPSUHVDV UHTXHUtDQ DOWRV FRVWRV GH
LPSOHPHQWDFLyQ VRIWZDUH \ KDUGZDUH TXH HQ PXFKDV RFDVLRQHV HUDQ LQ~WL OHV SDUD RWUDV
DSOLFDFLRQHVDGHPiVGHOQXPHUROLPLWDGRGHSDUWLFLSDQWHV
,QWHUQHW UHSUHVHQWD WRGRORFRQWUDULRORVSUHFLRVSDUDORJUDUODLPSOHPHQWDFLyQGHXQ6LWH
FRQFDSDFLGDGHVGHFRPHUFLRHOHFWUyQLFRVRQSDUDXQDHPSUHVDUD]RQDEOHVHOVRIWZDUHXWL OL]DGR
HVHOEURZVHUHOKDUGZDUHQHFHVDULRHVFXDOTXLHU3&FRQPyGHP\ORVSDUWLFLSDQWHVVRQWRGRVORV
XVXDULRVGH,QWHUQHW
'HVGH OD H[SORVLyQ GH ,QWHUQHW HQ VH KD FRQYHUWLGR HQ XQ IHQyPHQR KLVWyULFR VX
YHORFLGDGGHHYROXFLyQ\SURSDJDFLyQGHVGH ORVVHFWRUHVHGXFDWLYRV\PLOLWDUHVKDFLDORViPELWRV
PiV GLYHUVRV QR VH SXHGH FRPSDUDU FRQ QLQJ~Q RWUR KHFKR FLHQWtILFR R WHFQROyJLFR (O
LPSUHVLRQDQWHLQFUHPHQWR GLDULRGHXVXDULRVFRQYLUWLyDODUHGHQXQDYtDPDV TXHSRWDEOHSDUD
GDUVHDFRQRFHU
(O:HE%XVLQHVV1HJRFLRV2Q/LQHRH EXVLQHVVLQYROXFUDQXQDVHULHGHDFWLYLGDGHVWDOHV
FRPR &RPHUFLR (OHFWUyQLFR H F 'LQHUR (OHFWUyQLFR H FDVK 7DUMHWDV ,QWHOLJHQWHV VPDUW
FDUG+RPH%DQNLQJ $VtHO:HE%XVLQHVVSHUPLWH
+DFHUPiVVHQFLOODODUHODF LyQGHORVQHJRFLRVFRQVXVFOLHQWHV
¾
3HUPLWLUXQDUHGXFFLyQFRQVLGHUDEOHGHOVWRFN
¾
$FHOHUDUODVRSHUDFLRQHVGHOQHJRFLR
¾
3URYHHUQXHYDVPDQHUDVGHHQFRQWUDUFOLHQWHV
¾
$\XGDU D GLVHxDU XQD HVWUDWHJLD GH UHODFLRQHV FRQ VXV FOLHQWHV \
¾
SURYHHGRUHVHVSHFLDOPHQWHDHVFDODLQWHUQDFLRQDO
6L ELHQ H[LVWHQ RSLQLRQHV FRQWUDSXHVWDV HQ FXDQWR D ODV ERQGDGHV GHODDGRSFLyQGHHVWDV
WHFQRORJtDVORFLHUWRHVTXHHOH[SORVLYRQ~PHURGHXVXDULRVGH,QWHUQHWREOLJDDODVHPSUHVDVD
DGRSWDU VROXFLRQHV GH :HE %XV LQHVV 1R FDEH GXGDV TXH HQ HO IXWXUR ODV HPSUHVDV QR SRGUiQ
VHJXLULJQRUDQGROD:HEWRGDVODVDSOLFDFLRQHVGHEHUiQVHU,QWHUQHW $ZDUHSDUDSRGHUH[LVWLU
(OVHFUHWRGHOp[LWRSDUDFXDOTXLHUHPSUHVDUDGLFDUiHQODXQLYHUVDOLGDGGHVXLQIRUPDFLyQ
\HVWRLPSOLFDODSRVLELOLGDGGHFRQHFWDUDODJHQWHFRQODLQIRUPDFLyQVLQLPSRUWDUODXELFDFLyQ
ItVLFD GH OD JHQWH QL GH OD LQIRUPDFLyQ &RQ HO SDVDU GHO WLHPSR ORV FDVRV H[LWRVRV GH :HE
%XVLQHVV VHJXLUiQ DSDUHFLHQGR ODV KHUUDPLHQWDV VH YROYHUiQ PiV YHUViW LOHV \ SRGHURVDV \ OD
FRQHFWLYLGDG VH YROYHUi XELFXD OOHQDQGR DO PXQGR GH FRQH[LRQHV SRU ODV TXH QR VRODPHQWH
FLUFXODUiQGDWRVVLQROLVD\OODQDPHQWHYDORUGHQHJRFLR
,17(5&21(;,Ï1%$6$'$(1,17(51(7
(OSUREOHPDGHODVHPSUHVDVHQODDFWXDOLGDGKDGHM DGRGHVHUODLQWHUFRQH[LyQGHVLVWHPDV
GLVSDUHVSDUDSDVDUDVHUOD,QWHURSHUDELOLGDGHQDPELHQWHVKHWHURJpQHRVSDUDIDFLOLWDUHOWUDEDMR
FRODERUDWLYRGHQWURGHXQDRUJDQL]DFLyQ
,QWHUQHW HV XQ UHFXUVR H[LVWHQWH TXH SHUPLWH OD LQWHUFRQH[LyQ GH VLVWHPDV K HWHURJpQHRV D
HVFDOD PXQGLDO SRU PHGLR GH XQ SURWRFROR HVWiQGDU LQGHSHQGLHQWHPHQWH GH OD SODWDIRUPD GH
KDUGZDUH \ VRIWZDUH 3RU OR WDQWR VL XQD RUJDQL]DFLyQ WLHQH OD QHFHVLGDG TXH VX SHUVRQDO R
WHUFHURVPDQWHQJDQUHODFLRQHVGHQHJRFLRV\SXHGDQUHDOL]DU WUDEDMRFRODERUDWLYR,QWHUQHWHUDOD
VROXFLyQ
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
3DUDORJUDUHVWRHUDQHFHVDULRTXHODIRUPDGHWUDEDMDUGH,QWHUQHWVHUHIOHMDUDHQODVUHGHV
GH ODV HPSUHVDV FRQ HVWH HVStULWX QDFLHURQ ODV ,QWUDQHW (VWDV VRQ UHGHV SURSLHWDULDV GH XQD
HPSUHVDHQSDUWLFXOD USHURFRQWRGDODWHFQRORJtDGH,QWHUQHW/DVFDUDFWHUtVWLFDVGHXQD,QWUDQHW
HVTXHVHWUDWDGHUHGHVSULYDGDVXWLOL]DQGRWHFQRORJtDGH,QWHUQHWRVHDHPSOHDQHOSURWRFRORGH
,QWHUQHW \ ORV VHUYLFLRV SURSLRV GH ,QWHUQHW OR PiV LQWHUHVDQWH HV TXH XQD ,QWUDQHW QR QHFHVLWD
HVWDUFRQHFWDGDD,QWHUQHW
/DV HPSUHVDV KDQ ORJUDGR GDUVH FXHQWD TXH PHGLDQWH HO XVR GH XQ ,QWUDQHW HV SRVLEOH HO
WUDEDMRHQWUHHPSOHDGRVTXHVHHQFXHQWUDQDOHMDGRVHQWUHVtRWURDVSHFWRTXHVHYHIDYRUHFLGRHV
ODFRPSHWLWLYLGDGSHUV RQDOSRUODGLIXVLyQGHOWUDEDMRSHUVRQDORJUXSDOHVWDFRPSHWLWLYLGDGYDD
UHGXQGDU HQ EHQHILFLR SDUD OD HPSUHVD (O WUDEDMR FRQ XQD ,QWUDQHW QR VRORSHUPLWLUi DJLOL]DUHO
IOXMRGHLQIRUPDFLyQGHQWURGHODHPSUHVDVLQRWDPELpQHOFRQWDFWRGHWHUFHURVFR QODHPSUHVD
(O SUREOHPD TXH VH SUHVHQWD HQ OD DFWXDOLGDG HV TXH HO WUDEDMR HQ JUXSR SXHGH TXH QR VH
UHDOLFH HQ OD HPSUHVD PDV DXQ SXHGH TXH VHUHDOLFH HQWUHGLIHUHQWHV HPSUHVDV TXHSRVHHQFDGD
XQD GH HOODV XQD ,QWUDQHW SURSLD HVWR LPSOLFD TXH HO SUREO HPD UDGLFD HQ OD FRQH[LyQ GH HVWDV
,QWUDQHWSDUDORJUDUWUDEDMRFRODERUDWLYR2WURFDVRTXHSXHGHGDUVHHVODQHFHVLGDGGHFRQH[LyQ
FRQXVXDULRVPyYLOHV
3DUD SHUPLWLU OD LQWHUFRQH[LyQ FRQ WHUFHURV OD VROXFLyQ HUD UHFXUULU DO GLVFDGR UHPRWR HO
FXDO KD VLGR WUDGLFLRQDOPHQWH HO PpWRGR PiV VLPSOH GH LQWHUFRQHFWDU HPSUHVDV XVDQGR OD UHG
WHOHIyQLFD FRQYHQFLRQDO FRPR :$1 GH HQODFH HQWUH XVXDULRV UHPRWRV \ HPSUHVDV 2WUDV
PDQLIHVWDFLRQHVP iVHODERUDGDVGH:$1WDOHVFRPR/tQHDV'HGLFDGDV\5HGHV)UDPH5HOD\HQ
JHQHUDOQRKDQSRGLGRDSOLFDUVHHILFLHQWHPHQWHDXVXDULRVPyYLOHV
8QD SRVLEOH DOWHUQDWLYD D HVWD IRUPD GH WUDEDMR HV LPSOHPHQWDU XQD LQIUDHVWUXFWXUD GH
,QWUDQHW HQ ODVHPSUHVDV \XVDU ,QWHUQHW FRPRQH[R HQWUHHOODVHVWR SHUPLWLUtD TXHORV SDTXHWHV
TXH YLDMDQ SRU ODV UHGHV WHOHIyQLFDV \ RWUR WLSR GH UHGHV SULYDGDV YD\DQ D GHVWLQR HQ IRUPD
HQFULSWDGDDWUDYHVDQGRORVEDFNERQHVGH,QWHUQHWGHMiQGROHHOWUDEDMRGHWUDQVSRUWHDORV,638Q
VLVWHPDDVt SODQWHDGRQRSRVHHUi HOUHQGLPLHQWRGHXQVLVWHPDFRQYH QFLRQDOSHURRIUHFHUiGRV
LPSRUWDQWHVYHQWDMDVHQORTXHVHUHILHUHDO &RVWRGHO6HUYLFLR \DO&RVWRGHOD,QVWDODFLyQ
&RQUHVSHFWRDODSULPHUDVLHOXVXDULRUHPRWRQRHVWiHQODPLVPDFLXGDGRSDtVODOODPDGD
DWUDYpVGH,QWHUQHWWLHQHHOFRVWRORFDO HLQFOXVRHQDOJXQRVSLDVHVKDVWDHVWDVOODPDGDV,QWHUQHW
VRQ DXQ PiV HFRQyPLFDV TXH ODV OODPDGDV ORFDOHV FRUUHVSRQGLHQWHV (O DKRUUR HQ ORV FRVWRV VH
QRWDPDVHQODFRQHFWLYLGDGHQWUH/$1
VUHPRWDVSHUWHQHFLHQWHVDXQDPLVPDHPSUHVD
&RQUHVSHFWRDODV HJXQGDYHQWDMDQRVHUiQHFHVDULR TXHODHPSUHVDFXHQWHFRQKDUGZDUH
HVSHFLILFR SDUD HVWD WDUHD FRPR ORV SRROV GH PyGHP SDUD PDQHMDU P~OWLSOHV OtQHDV WHOHIyQLFDV
VHUYLGRUHVGHDFFHVRUHPRWR\VHUYLGRUHVPXOWLSURWRFROR\RPXOWLSODWDIRUPD
6LELHQHVWDVYHQWDMDVVRQLPSRUWDQWHVHOXVDUXQDUHGSXEOLFDSDUDWUDQVDFFLRQHVSULYDGDV
SRVHHQ HO FRVWR DGLFLRQDO GH OD QHFHVLGDG GH QLYHOHV GH VHJXULGDG PXFKRPDV HOHYDGRV SDUD OR
FXDO VH SRGUtD SHQVDU HQ HQFULSWDU GH DOJXQD IRUPD OD LQIRUPDFLyQ (VWH QXHYR VLVWHPD GH
FRQHFWLYLGDG TXH DSURYHFKDQGR ,QWHUQHW SXHGH FRQVWLWXLU XQ SDVR DGHODQWH HQ OD SURGXFWLYLGDG
FRUSRUDWLYDUHFLEHHOQRPEUHGH 931R5HGHV9LUWXDOHV3ULYDGDV
8QD931SHVHDTXHXVDXQDUHGSXEOLFDFRPR,QWHUQHWVLPXODXQDUHGSULYDGDSXHVWRTXH
QR HVWD D DELHUWD SDUD WRGR HO SXEOLFR DFHUFDQGR ORV SXQWRV TXH VH TXLHUHQ FRPXQLFDU (VWH
FRQFHSWR SXHGH H[WHQGHUVH D FRQHFWLYLGDG HQWUH GLIHUHQWHV HPSUHVDV 'H HVWD IRUPD SRGHPRV
GHFLUTXHXQD931HVWDIRUPDGDSRUFRQH[LRQHVWHPSRUDOHVDWUDY pVGHXQDUHGSXEOLFD'HHVWD
IRUPDP~OWLSOHVXVXDULRVUHPRWRVMXQWRFRQODUHGGHXQDHPSUHVDSXHGHQIRUPDUGLQiPLFDPHQWH
XQDUHGYLUWXDODWUDYpVGHODQWHUQHWJHQHUDOPHQWHEDMRODIRUPDGHW~QHOHVGHXQH[WUHPRDRWUR
FRPSRUWiQGRVHFRPRVLWRGRVHVWXYLHUDQHQXQDPLV PD\ ~QLFD/$1
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
/D PXOWLSOLFLGDG GH VHUYLFLRV TXH UHSUHVHQWD ODV931 KDGDGR OXJDUDQRPEUHVGLIHUHQWHV
FRPR ,QWUDQHW ([WHQGLGD R ([WUDQHW &RQFHSWXDOPHQWH XQD ,QWUDQHW ([WHQGLGD SXHGH YHUVH
FRPR OD UHG IRUPDGD SRU ORV XVXDULRV UHPRWRV\OD,QWUDQHW RULJL QDOGHODHPSUHVD (VWR HVXQD
FRQVHFXHQFLDGHFRQVLGHUDUTXHFRQXQD931OD:HEHVFRPRVLVHHQFRJLHUDGHPRGRWDOTXHHO
SXQWRUHPRWRIXHUDORFDOSDUDOD,QWUDQHWGHXQDHPSUHVD
/D H[SUHVLyQ ([WUDQHW SRU VXSDUWHVHXVD JHQHUDOPHQWH SDUD LQGLFDU931 VTXH LQFOX\HQ
PiV GH XQD ,QWUDQHW SHUWHQHFLHQWHV D P iV GH XQD HPSUHVD 8QD ([WUDQHW SHUPLWH HO WUDEDMR HQ
FRODERUDFLyQ GH HPSUHVDV GLIHUHQWHV SRU HMHPSOR FRQ SURYHHGRUHV \ FOLHQWHV UHVWULQJLHQGR
FRQYHQLHQWHPHQWHHODFFHVRHQFDGDFDVR
6(*85,'$'(1:(%%86,1(66
(VWHHVHOSXQWRPiVGpELO\FUXFLDOGHOQXHYRVLVWHPDGHELGRDODYLVLyQTXHORVXVXDULRV
WLHQHQ GH ,QWHUQHW 7DQWR HV DVt TXH ORV XVXDULRV GH ,QWHUQHW TXH QR UHDOL]DQ FRPSUDV SRU HO
VLVWHPDDGXFHQHQVXPD\RUtD TXHQRORKDFHQSRUWHPRUDORV KDFNHUV\ODSLUDWHUtDHQJHQHUDO
RWURV VRQ UHWLFHQWHV D SURSRUFLRQDULQIRUPDFLyQ SHUVR QDO\ WDPELpQHVWiQ ORV TXH WHPHQTXH VH
SLHUGDQORVHQYtRVGHORFRPSUDGR
7RGRWLSRGHWUDQVDFFLyQHQODTXHLQWHUYHQJDXQDSHUVRQD\DVHDHOSDJRGHXQDFRPSUDR
XQDYLVLWDDOPpGLFRUHTXLHUHOHJDO\IXQFLRQDOPHQWHGHODSUHVHQFLDGHODPLVPDSDUDDSUREDU
OD RSHUDFLyQ (V DTXt GRQGH VXUJH XQD FRQIXVLyQ HQWUH ORV FRQFHSWRV GH DXWHQWLFDFLyQ H
LGHQWLILFDFLyQ (O SULPHU DVSHFWRV VH VROXFLRQD PHGLDQWH DOJR TXH OD SHUV RQD VDEH SDVVZRUG
DOJRTXHODSHUVRQDWLHQHWDUMHWDPDJQpWLFDPLHQWUDVTXHODLGHQWLILFDFLyQUHTXLHUHGHDOJRTXH
ODSHUVRQDHVKXHOODGDFWLODU
&XDQGRDOJXLHQVHSUHVHQWDHQSHUVRQDHQXQQHJRFLR\UHDOL]DXQDFRPSUDSDJDQGRFRQVX
WDUMHWDGHFUpGLWRHOFRPHUFLDQWHUHDOL]DXQDYHULILFDFLyQQRVyRGHODYDOLGH]GHODWDUMHWDVLQR
GH OD LGHQWLGDG GHO SURSLHWDULR ([LVWH HQWRQFHV XQ SRUFHQWDMH GH VHJXULGDG DFHSWDEOH GH TXH OD
LGHQWLILFDFLyQVHDFRUUHFWD\ODSHUVRQDUHVXOWHUHDOPHQWHHOWLWXODUGH ODWDUMHWD
(Q FDPELR FXDQGR OD RSHUDFLyQ VH UHDOL]D HQ IRUPD UHPRWD WHOHPDUNHWLQJR HOHFWUyQLFD
FDMHUR DXWRPiWLFR VH DSHOD D FRPSOHPHQWDU OD SUHVHQFLD GH OD WDUMHWD FRQ DOJ~Q WLSR GH 3,1
3HUVRQDO ,QIRUPDWLRQ 1XPEHU (VWH SXHGH VHU XQ SDVVZRUG T XH VH WLSHD R XQD SUHJXQWD TXH
VyR SXHGH VHU FRQRFLGD SRUHOWLWXODUGHODWDUMHWD3HURQLQJXQDGHHVWDV PHGLGDV DVHJXUDQ HQ
PDQHUD DOJXQD OD SUHVHQFLD GH OD SHUVRQD WLWXODU GH OD WDUMHWD GXUDQWH OD RSHUDFLyQ SRU R TXH
HVWRV PHFDQLVPRV VyR VLUYHQ S DUD DXWHQWLFDU DO TXH WLHQH HQ VX SRGHU OD WDUMHWD \ QR SDUD
LGHQWLILFDUOR(O ~QLFRWLSRGHPHFDQLVPRTXHDVHJXUDUiODLGHQWLILFDFLyQGHOWLWX ODUGXUDQWHXQD
WUDQVDFFLyQVHUtDXQGLVSRVLWLYRGHWLSRELRPyWULFR
( VHJXQGR DVSHFWR GH VHJXULGDG TXH VH SU HVHQWD HQ XQD RSHUDFLyQ UHPRWD HV OD
FRQILGHQFLDOLGDG GH OD WUDQVDFFLyQ R VHD TXH OD PLVPD QR SXHGD VHU FRQRFLGD SRU SHUVRQDV
DMHQDV3RURJHQHUDOODWUDQVPLVLyQGHHVWHWLSRGHLQIRUPDFLyQVHUHDOL]DDWUDYpVGHOtQHDVGH
FRPXQLFDFLyQ LQVHJXUDV SRU OR TXH VH DSHOD D OD SURWHFFLyQ GH OD LQIRUPDFLyQ SRU PHGLR GH
HQFULSWDFLyQ (VWR KDFH TXH DXQTXH OD LQIRUPDFLyQ VHD LQWHUFHSWDGD SRU SHUVRQDV DMHQDV D ODV
SDUWHVTXHLQWHUYLHQHQHQODWUDQVDFFLyQVHFRQYLHUWDHQLPSRVLEOHGHHQWHQGHU
/ODYH
(PLVRU
(QFULSWDU
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
&DQDO
'HFULSWDU
5HFHSWRU
3iJLQD
3DUD DVHJXUDU XQ HF VHJXUR \ FRQILDEOH KD\ XQD FDQWLGDG GH FXHVWLRQHV TXH VH QHFHVLWDQ
SUHYHU(QUHDOLGDGHOHQIRTXHQRHVVyRRUHODFLRQDGRFRQODVHJXULGDGGHODVFRPXQLFDFLRQHV
PLVPDV VLQR FRQ WRGR HO SURFHVR GH ODV WUDQVDFFLRQHV &RQ HVWH FULWHULR SRGHPRV FL WDU ORV
SULQFLSDOHV
&RQILGHQFLDOLGDG GHO0HQVDMH3HUPLWH TXHODLQIRUPDFLyQTXHVHLQWHUFDPELDQRVHDOHtGD
SRU RWUDV SHUVRQDV (VWR VH ORJUD PHGLDQWH VLVWHPDV GH HQFULSWDGR GH LQIRUPDFLyQ ORV FXDOHV
SHUPLWHQ HO HQYtR GH LQI RUPDFLyQ HQ VLVWHPDV GH FRPXQLFDFLyQ SRFR ILDEOHV GH IRUPD WDO TXH
DTXHOORV TXH LQWHUFHSWHQ OD OtQHD QR SXHGDQ GHYHODU OD LQIRUPDFLyQ WUDQVPLWLGD 3DUD HQFULSWDU
H[LVWHQGRVPpWRGRV(QFULSWDGRGH/ODYH8QLFD\(QFULSWDGRGH'REOH/ODYH
$XWHQWLFDFLyQ GH ORV SDUWLFLSDQWHV ,PSOLFD HO XVR GH FODYHV S~EOLFDV LQFOX\HQGR ORV
FHUWLILFDGRV GLJLWDOHV 8Q VLVWHPD FRQ GREOH FODYH YHULILFD OD LGHQWLGDG GH FRQVXPLGRU \
FRPHUFLDQWH
,QWHJULGDGGHOPHQVDMH$VHJXUDTXHORVPHQVDMHVQRVHDQDOWHUDGRVHQVXFRQWHQLG RHVWRHV
LPSRUWDQWHFXDQGRWUDEDMRHQHQWRUQRVGRQGHVHPDQHMDWUDILFRGHFRUUHRHOHFWUyQLFR8QPpWRGR
SDUD ORJUDU OD LQWHJULGDG HV WUDEDMDU FRQ 0$& 0HVVDJH $XWKHQWLFDWLRQ &RGHV DXWHQWLFDQ HO
RULJHQGHOPHQVDMH\DVHJXUDQTXHQRKD\DVLGRDOWHUDGRGXU DQWHODWUDQVPLVLyQ
(67$1'$5(63$5$6(*85,'$'
2EWHQHU XQ PRGHOR GH WUDQVDFFLRQHV VHJXUDV LPSOLFD GRWDU D OD UHG GH XQ HVTXHPD GH
FRQILGHQFLDOLGDG DXWHQWLFDFLyQ H LQWHJULGDG GH OD LQIRUPDFLyQ WUDQVPLWLGD D WUDYpV GH
KHUUDPLHQWDVTXHUHVXHOYDQHVWDVIDOHQ FLDV
&HUWLILFDGRV 'LJLWDOHV /D ,' 'LJLWDO R &HUWLILFDGR 'LJLWDO HV XQD SLH]D HOHFWUyQLFD GH
LQIRUPDFLyQ TXH SUXHED OD LGHQWLGDG GH VX SURSLHWDULR DVt FRPR VX GHUHFKR D DFFHGHU D
LQIRUPDFLyQRVHUYLFLRVHQOtQHD7DPELpQVHSXHGHDSOLFDUDVHUYLGRUHV:HE SDUDRSHUDUHQPRGR
VHJXUR (OHPLVRUGHFHUWLILFDGRVGLJLWDOHVHVOD$XWRULGDGGH&HUWLILFDFLyQHQHVWHPRPHQWR OD
HPSUHVDDXWRUL]DGDSDUDHPLWLU,'GLJLWDOHVHV9HUL6LJQSHURSXHGHKDEHUXQDFDGHQDMHUiUTXLFD
GHFHUWLILFDGRUHVGRQGHFDGDFHUWLILFDGRD XWHQWLFDHOFHUWLILFDGRSUHYLRGHPHQRUMHUDUTXtD
)LUPD'LJLWDO(QIRUPDVLPLODUDXQDILUPDPDQXVFULWDODILUPDGLJLWDOSURYHHODDXWHQWLFDFLyQ
GHLUHPLWHQWHHVGHFLUHVXQFRPSUREDQWHTXHORHVFULWRHQXQPHQVDMHKDVLGRSRUTXLHQGLFHVHU
SRUGHODILUPDTXHVHDGMXQWDDGLFKRPHQVDMH'HHVWDPDQHUDHOUHPLWHQWHQRSRGUiGHFLUTXHVX
ILUPD KD VLGR IDOVLILFDGD $GHPiV DVHJXUD OD LQWHJULGDG GHO PHQVDMH R VHD TXH QR KD\D VLGR
FDPELDGR OXHJR GH VX ILUPD HQ IRUPD DFFLGHQWDO R LQWHQFLRQDO /D ILUPD GLJLWDO KDELOLWD OD
DXWHQWLFDFLyQGHORVPHQVDMHVGLJLWDOHVDVHJXUDQGRODLGHQWLGDGGHOUHPLWHQWH\ODLQWHJULGDGGHO
PHQVDMH
6(7 6HFXUH (OHFWURQLF 7UDQVDFWLRQ(Q VX GHVDUUROOR LQWHUYLQLHURQ 9LVD \ 0DVWHUFDUG /DV
HPSUHVDV GH WDUMHWDV GH FUpGLWR VR Q ODVSULQFLSDOHV LQWHUHVDGDV HQ HVWH WLSR GH SUR\HFWR SXHV \D
WLHQHQ H[SHULHQFLD HQ PDQHMDU WUDQVDFFLRQHV FRPHUFLDOHV VLQ OD SUHVHQFLD ItVLFD GHO GLQHUR (O
SURWRFROR XWLOL]DXQVLVWHPDGHFODYHVFRQ,'FHUWLILFDGDVWDQWRSDUDORVFRQVXPLGRUHVFRPRSDUD
ORV YHQGHGRUHV /XHJR D WUDYpV GH XQ ~QLFR SURFHVR GH HQFULSWDFLyQ GH OD LQIRUPDFLyQ
LQWHUFDPELDGD HQWUH HO FRPSUDGRU \ HO FRPHUFLR RQ OLQH 6(7 DVHJXUD XQ SURFHVR GH SDJR FRQ
FRPSRQHQWHVGHSULYDFLGDG\VHJXULGDG
/D VROXFLyQ TXH SODQWHD 6(7 HV OD WUDQVP LVLyQ GH OD LQIRUPDFLyQ Q~PHUR GH OD WDUMHWD
DVHJXUDGD SRU WpFQLFDV GH HQFULSWDFLyQ (VWD VROXFLyQ VH SXHGH LPSOHPHQWDU FRQ QLYHOHV GH
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
VHJXULGDG DFHSWDEOHV SDUD ORV QLYHOHV GH FRPSUD WUDGLFLRQDOHV (O VHJXQGR GH ORV SUREOHPDV
EiVLFRVTXHSODQWHDODLQVHJ XULGDGGH,QWHUQHWDIHFWDWDQWRDOFRQVXPLGRUFRPRDOFRPHUFLDQWHHV
ODLPSRVLELOLGDGGHVDEHUVLORVTXH LQWHUYLHQHQHQ XQDWUDQVDFFLyQ FRQVXPLGRU\FRPHUFLDQWH
VRQUHDOPHQWHTXLHQHVGLFHQVHU
(OSURWRFROR6(7SODQWHDODVROXFLyQDHVWHSUREOHPDSRU PHGLRGHODV,'\VXFHUWLILFDFLyQ
SRU PHGLR DXWRULGDGHV FHUWLILFDGRUDV 'HVGH HO SXQWR GH YLVWD GH OD VHJXULGDG LQIRUPiWLFD HVWH
SURFHGLPLHQWRWLHQHGRVDVSHFWRVFXHVWLRQDEOHV
¾ (OSULPHURHVTXHVHHVWiUHDOL]DQGRXQDDXWHQWLFDFLyQGHOXVXDULR\QRXQDLG HQWLILFDFLyQ$
SHVDU GH ORV UHFDXGRV GH ODV ,' \ VXV FHUWLILFDFLRQHV OD RSHUDFLyQ SXHGH VHU UHDOL]DGD SRURWUD
SHUVRQD TXH FXHQWH FRQ OD LQIRUPDFLyQ TXH UHTXLHUH HO SURWRFROR GH DXWHQWLFDFLyQ GH OD
WUDQVDFFLyQ\KD\DDFFHGLGRItVLFDPHQWHDODFRPSXWDGRUD GHOWLWXODUGHODWDUMHWD
¾ (O VHJXQGR UDGLFD HQ OD LPSRVLELOLGDG GH LGHQWLILFDU OR TXH MXQWR D OD LQH[LVWHQFLD GH XQ
WHVWLJRItVLFRGHODRSHUDFLyQSXHGHJHQHUDUSUREOHPiWLFDVOHJDOHV
(OFDPLQRGHVROXFLyQDODLGHQWLILFDFLyQVRQORVPHFDQLVPRVGHLGH QWLILFDFLyQELRPyWULFRV
TXH DO UHJLVWUDU XQ SDUiPHWUR GHO FXHUSR UHTXLHUHQ TXH OD PLVPD HVWH SUHVHQWH DO DXWRUL]DU OD
RSHUDFLyQ (VWH WLSR GH PHFDQLVPRV KD EDMDGR FRQVLGHUDEOHPHQWH GH SUHFLR KR\ VH SXHGHQ
FRQVHJXLU WHFODGRV FRQ OHFWRUHV GH KXHOOD GLJLWD O SRU R TXH LPSOLFD TXH HQ SRFR WLHPSR
HVWDWHFQRORJtDSRGUiVHUDGRSWDGDPDVLYDPHQWH
7(1'(1&,$'(/:(%%86,1(66
(QXQSULPHUPRPHQWRVHSHQVyHQOD:HEFRPRHQXQPHGLRSXEOLFLWDULRSHURHOIUDFDVR
IXH LQPHGLDWR 'HELGR D HVWR VH FRPHQ]y D LQFO XLU PDWHULDO SDUD TXH HO LQWHUQDXWD SXHGD
LQWHUDFWXDUFRQHO6LWH'HHVWDPDQHUDTXLHQOOHJDEDDODSDJLQDGHMDEDVXVGDWRVSHUVRQDOHVVX
LPSUHVLyQ VREUH OD SDJLQD VXV FRPHQWDULRV DOJXQD TXHMD SRU QR KDEHU SRGLGR VDWLVIDFHU XQD
QHFHVLGDGRXQDVROLFL WXGHQSDUWLFXODU
(QODDFWXDOLGDGODWHQGHQFLDHVRWUDVHYHDODUHGFRPRXQPHGLRSDUDFRPSUDU\YHQGHU
SURGXFWRV\VHUYLFLRV(OH FFRPRVHORGHQRPLQDDOFRPHUFLRHOHFWUyQLFRHQUHDOLGDGHVPXFKR
PDV TXH FRPSUDV \ YHQWDVSRUPHQRU R SRU GHWDOOH VLQR WUDQVDFFLRQHVGHFRPSUD YHQWDHQWUH
HPSUHVDVODVFXDOHVVHPDQHMDEDQXVDQGR(',
&RQVLGHUDQGRHVWRSRGHPRVDILUPDVTXHHOH FQRHVQXHYROOHYD\DPDVGHYHLQWHDxRVGH
LPSOHPHQWDFLyQ OD GLIHUHQFLD FRQ HO DFWXDO HV TXH KR\ VH XVD D ,QWHUQHW FR PR FDQDO GH
GLVWULEXFLyQ\FRQVXOWDVRVHDTXHVXIRUPDPHWRGRORJtD\WHFQRORJtDHVGLIHUHQWHV
(Q WRGRV ORV DPELHQWHV ORV QXHYRV FDQDOHV GH YHQWD SHUPLWHQ DXPHQWDU ODV YHQWDV \ ODV
XWLOLGDGHV FRUUHVSRQGLHQWHV 3HUR WDPELpQ VH SXHGHQ UHGXFLU ORV FRVWRV DO VLPSOLILFDU HO
SURFHVDPLHQWRGHODVyUGHQHVGHFRPSUDUHGXFLHQGRODPDQRGHREUDLQFOXVRHOVLVWHPDSXHGH
DSRUWDUPHMRUDVHQORVSURFHVRVGHQHJRFLRV\FRPSHWLWLYLGDGDVtFRPRHQHOVHUYLFLRDOFOLHQWH
(OUHVXOWDGRHVTXHHOQXHYRH FUHFLEHXQDYDUL HGDGGHFRQFHSFLRQHVGHVGHWRPDUSHGLGRVFRQ
WDUMHWDV GH FOLHQWHV TXH FRPSUDQ DUWtFXORV SRU PHGLR GH FDWiORJRV HOHFWUyQLFRV KDVWD ODV
WUDQVDFFLRQHVFRPHUFLDOHVFRPRXQDDOWHUQDWLYDDO(',
(Q HVWH FDVR FRPR HYROXFLyQ GH ODV LQVWDODFLRQHV WUDGLFLRQDOHV S URSLDV GH JUDQGHV
HPSUHVDV OD FRQFHSFLyQ GHO QHJRFLR SDVD HVSHFLDOPHQWH SRU XQD PHMRUD HQ ODV UHODFLRQHV FRQ
SURYHHGRUHV \ GLVWULEXLGRUHV DVt FRPR GH FLHQRV FOLHQWHV HQ DOJXQRV FDVRV (Q HVWRV FDVRV OD
LQIUDHVWUXFWXUD TXH VRSRUWD HO VLVWHPD GH H F JHQHUDOPHQWH HV GHO WLSR ([WUDQHW HV GH FLU HO
UHVXOWDGRGHLQWHUFRQHFWDU,QWUDQHWGHYDULDVHPSUHVDVSRUPHGLRGHOD,QWHUQHW
(QUHDOLGDGHVWHDVSHFWRGHOH FHVGHFLUDSOLFDFLRQHVGHQHJRFLRHVHOPiVLPSRUWDQWHDO
PHQRVSRUHOPRPHQWRSXHVWRTXHHQ86$ HOPHUFDGR,QWHUQHWGHYHQWDDFRQVXPLGRUHVHVGH
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
VRR XQ GHO YROXPHQ WRWDO TXH VH PXHYH SRU ,QWHUQHW (VWDV SURSRUFLRQHV VLQ HPEDUJR
SXHGHQ OOHJDU D VHU GLIHUHQWHV HQ ORV SDtVHV HQ GHVDUUROOR SXHVWR TXH QR VRQ WDQ FRPXQHV ODV
WUDQVDFFLRQHVHQWUHHP SUHVDV
(QUHDOLGDGHOHFSDUDFRQVXPRHVWiUHFLpQGHVSXQWDQGR\VLELHQODRIHUWDYLHQHVXELHQGR
VRVWHQLGDPHQWH ORV YDORUHV QHJRFLDGRV QR VLJXHQ HO PLVPR ULWPR SXHVWR TXH PXFKRV
FRQVXPLGRUHVQRFRQItDQHQHOH FSRU,QWHUQHW$GHPiVD~QHQ86$ODVHPSUH VDVTXHXVDQHF
QRDOFDQ]DEDQDOGHOWRWDOHQDXQTXHODSDUWLFLSDFLyQSDUHFHTXHVHGXSOLFDDQXDOPHQWH
(QFXDQWRDRPiVYHQGLGRHOPD\RUSRUFHQWDMHFRUUHVSRQGHDSURGXFWRVGHFRPSXWDFLyQ\GH
FRQVXPRFRQXQWHUFHUSXHVWRPXFKRPiVDEDMRFRPS DUWLGRHQWUHOLEURV\UHYLVWDVFRQHOUXEUR
GHSURGXFWRVGHP~VLFD\HQWUHWHQLPLHQWR
3RU RWUDSDUWH HVSHFLDOPHQWH ODVYHQWDVGHFRQVXPRUHVSRQGHQ DVLVWHPDVGHSRFDRQXOD
LQWHJUDFLyQ FRQ HO DPELHQWH GH YHQWD H[LVWHQWH HQ PXFKDV HPSUHVDV 6H VLJXH PDQHMD QGR FRQ
SDSHOHV 8QD RUGHQ GH FRPSUD VH UHFLEH SRU H PDLO FRPR XQ DUFKLYR TXH HQ OXJDU GH HQWUDU
GLUHFWDPHQWH DO SURFHVDPLHQWR FRUUHVSRQGLHQWH KD\ TXH LPSULPLU \ WLSHDU D PDQR ORV GDWRV
FRUUHVSRQGLHQWHVHQHOSURJUDPDGHIDFWXUDFLQH[LVWHQWH
8QR GH ORV HIHFWRV FRODWHUDOHV GHO H F SDUD FRQVXPR SXHGH VHU OD FULVLV GH OD
LQWHUPHGLDFLyQ FRPR SXHGHQ VHUOR ODV WLHQGDV GH YHQWD SRU PHQRU LQFOX\HQGR VRIWZDUH \
WDPELpQODVSURSLDVDJHQFLDV GHYLDMHHVSHFLDOPHQWH GHPHQRU YROXPHQ &ODURHVWi TXHDOJXQDV
GHHVWDV HPSUHVDVHQWUDUiQGLUHFWDPHQWHDOQHJRFLRGHOH FFRPRFRPSOHPHQWRGHVXVDFWLYLGDGHV
WUDGLFLRQDOHV
(OVRIWZDUHSDUDHVWHWLSRGHRSHUDFLRQHVVHGHQRPLQDVHUYLGRUGHFRPHUFLR(VWHSURGXFWR
WUDEDMDFRQXQDEDVHGHGDWRV\XQDLQWHUID]GHFRPXQLFDFLRQHVF RQODLQVWLWXFLyQHPLVRUDGHOD
WDUMHWD R ELHQ XQ EDQFR /D ED VH GH GDWRV SHUPLWH KDFHU HO VHJXLPLHQWR GH ODV WUDQVDFFLRQHV
FRUUHVSRQGLHQWHV(OVRIWZDUHVHUYLGRUGHEHWHQHUODFDSDFLGDGGHDFHSWDUODVyUGHQHVGHFRPSUD
UHEDMDU HO LQYHQWDULR SURYHHU DO GHVSDFKR GH OD PHUFDGHUtD \ JHQHUDU OD WUDQVDFFLyQ GH GpELWR
FRUUHVSRQGLHQWHDODLQVWLWXFLyQGHSDJR
&XDQGR VH KDEOD GH YHQWDV SRU ,QWHUQHW DOJR TXH HQVHJXLGD VXUJH HV QR VROR OD
LQIUDHVWUXFWXUD QHFHVDULD SDUD DWHQGHU ORV QXHYRV QHJRFLRV VLQR OD GLVSRQ LELOLGDG IXQFLRQDO GHO
VLWLRHQIRUPDSUiFWLFDPHQWHSHUPDQHQWH
3DUDODVJUDQGHVHPSUHVDV\XQDSDUWHGHODVPHGLDQDVpVWHQRHVXQLQFRQYHQLHQWHPD\RU
SXHGHQ LQFRUSRUDU R DOEHUJDU VX SURSLR QHJRFLR HQ OtQHD HQ VX VHUYLGRU :HE FRUULHQGR XQ
VRIWZDUH VHUYLGRU GH HF FRPELQDGR R TXH PDQHMH XQR R PiV VLVWHPDV GH SDJR 3HUR
HVSHFLDOPHQWH ODV HPSUHVDV SHTXHxDV \ PXFKDV PHGLDQDV SXHGHQ YHUVH HQIUHQWDGDV FRQ XQ
GHVDItRTXHVXSHUHQRVRRVXVSURSLDVSRVLELOLGDGHVVLQRODVGHOVHUYLFLRGHOTXHGHSHQGHQHQ
FXDQWRWDQWRDOtQHDV\YHORFLGDGGHFRPXQLFDFLRQHVFRPRGHOSURSLR,63
(OVLVWHPDSXHGHWHQHUVXEDVHHQHOKRVWLQJ\DXVDGRSRUPXFKDVGHHVWDVHPSUHVDVGRQGH
HO,63OHVDOTXLODVXVHUYLGRU:HEYLUWXDO$KRUDKD\TXHFRPSOHPHQWDUORFRQHOVHUYLGRUGHH F\
HOVRIWZDUHGHSDJRV\WDPELpQFRQODIXQFLRQDOLGDGILUHZDOOQHFHVDULDSDUDHYLWDUHOPDOXVRGHO
VXEVLVWHPD'HHVWDPDQHUDHOSURYHHGRUGHVHUYLGRU,QWHUQHWDGTXLHUHXQYDORUDJUHJDGREDMROD
IRUPDGHSURYHHGRUGHVHUYLFLRFRPHUFLDOHQ,QWHUQHW
&20(5&,2(/(&75Ï1,&2(175((035(6$6
(OFRPHUFLRHOHFWUyQLFRPRGLILFDODIRUPDHQTXHODHPSUHVDWUDEDMDORTXHSURYRFDTXHHO
VLVWHPD DGPLQLVWUDWLYR GH VRSRUWH WDPELpQ VHD GLIHUHQWH DO LJXDO TXH HOFRPSRUWDPLHQWR GH ORV
DFWRUHV TXH LQWHUYLHQHQ GHVGH ORV UHFXUV RV KXPDQRV KDVWD ODV SHUVRQDV UHODFLRQDGDV GHVGH HO
H[WHULRUFRPR FOLHQWHV R SURYHHGRUHV (VWRQR LPSOLFDTXH FDGD HPSUHVD TXH YD\D DRSHUDU GH
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
IRUPDYLUWXDOWLUHDODEDVXUDVXVYLHMRVSURFHVRV\VHGHGLTXHVRORDODVWUDQVDFFLRQHVYLUWXDOHV
$PERVVLVWHPDVSXHGHQIXQFLRQDUHQSDUDOHOR\GHDSRFRVHSXHGHQLUYLUWXDOL]DQGR
<DVHKDPHQFLRQDGRTXHODVWUDQVDFFLRQHVYLUWXDOHVVHKDQYHQLGRUHDOL]DQGRGHVGHKDFH
YDULRV DxRV DXQ DQWHV GH OD DSDULFLyQ GH ,QWHUQHW FRPR SODWDIRUPD GH VXVWHQWR (VWR SHUPLWtD
LQWHUFDPELDUJUDQGHV YRO~PHQHVGHLQIRUPDFLyQSRVLELOLWDQGRXQDLQWHJUDFLyQHQWUHHPSUHVDV\
HQWUH OD HPSUHVD \ VXV SURYHHGRUHV R FOLHQWHV PDQHMDQGR ORV SURFHVRV GH FRPSUD GHVGH OD
FRORFDFLyQ GH ODV RUGHQHV GH FRPSUD KDVWD OD IDFWXUDFLyQ ORJUDQGR PHMRU UH VXOWDGRV \
VDWLVIDFFLyQ HQ ODV WUDQVDFFLRQHV FRPHUFLDOHV ([LVWH XQD JUDQ YDULHGDG GH IRUPDV HQ OD
LPSOHPHQWDFLyQGHOH FHQ,QWHUQHWODVFXDOHVODVSRGHPRVGLYLGLUHQ
¾ &RPHUFLRV 7UDGLFLRQDOHV FRQ 3UHVHQFLD 2Q/LQH (Q HVWH FDVR ORV FRPHUFLRV XVDQ D
,QWHUQHWFRPRPHGLRGHFRPXQLFDFLyQ\QRFRPRPHGLRGHYHQWD
¾ &RPHUFLRV\6HUYLFLRVGH,QIRUPDFLyQ2Q/LQH 'HQWURGHHVWDFDWHJRUtDHQFRQWUDPRVORV
QHJRFLRV GH YHQWDV WUDGLFLRQDOHV FRQ YHQWDV HQ ,QWHUQHW /DV WUDQVDFFLRQHV VH UHDOL]DQ EDMR
VHUYLGRUHVVHJXURVD WUDYpVGHXQDHQWLGDGEDQFDULD
¾ &LEHUFRPHUFLRVR&LEHUPDOO (QHVWHFDVR VHWUDWDGHHPSUHVDVFX\DYLDELOLGDGHFRQyPLFD
GHSHQGHH[FOXVLYDPHQWHGHODVYHQWDVRQ OLQH
&,5&8,72'(,03/(0(17$&,Ï1'(/&20(5&,2(/(&7521,&2
&RPHQ]DUFRQXQ 6LWH:HEHVODIRUPDTXHODVHPSUHVDVWLHQHQSDUDDFXPXODUH[SHULHQFLD
\ SRGHU GHILQLU REMHWLYRV PiV FODURV \ GHILQLU TXLHQHV VRQ ORV FOLHQWHV D ORV FXDOHV GLULJLUVH
HOHFWUyQLFDPHQWH$SDUWLUGHHVWDH[SHULHQFLDODVHPSUHVDVTXL]iVOOHJXHQDODFRQFOXVLyQGHTXH
QRHVFRQYHQLHQWHYHQGHUFLHUWRVSURGXFWRVSRU,QWHUQHWRTXHQRKD\XQPHUFDGRYLUWXDOSDUDVXV
SURGXFWRV
8QDYH]VXSHUDGDHVWDHWDSDHOSUy[LPRSDVRHVJDQDUH[SHULHQFLDLQWHUQDDWUDYpVGHOXVR
GHXQD,QWUDQHWHVWRSHUPLWLUiWHQHUXQDLGHDGHODIRUPDGHWUDE DMDUGH,QWHUQHW\FRPRVHUHIOHMD
HQ ODV UHGHV GH ODV HPSUHVDV /DV ,QWUDQHW VRQ UHGHV SURSLHWDULDV GH XQD HPSUHVD HQ SDUWLFXODU
SHUR FRQ WRGD OD WHFQRORJtD GH ,QWHUQHW /DV FDUDFWHUtVWLFDV GH XQD ,QWUDQHW VRQ TXH VRQ UHGHV
SULYDGDV\XWLOL]DQWHFQRORJtD GH,QWHUQHWRVHDHPSOHDQHOSURWRFRORGH,QWHUQHW\ORVVHUYLFLRV
SURSLRVGH,QWHUQHWORPiVLQWHUHVDQWHHVTXHXQD,QWUDQHWQRQHFHVLWDHVWDUFRQHFWDGDD,QWHUQHW
/D WHQGHQFLD DFWXDO DO WHQHU XQD ,QWUDQHW HV YROFDU ODV DSOLFDFLRQHV GH OD HPSUHVD H Q HO
EURZVHUGHIRUPDWDOTXHSDVHDUVH SRU,QWHUQHW RSRUHOVLVWHPDGHSDJRVSURSLRVLJQLILFDUDXQ
PLVPR HVIXHU]R SDUD HO SHUVRQDO DIHFWDGR D OD FRPSDxtD 3RFR D SRFR VH IXHURQ LQFOX\HQGR D
DOJXQRV FOLHQWHV \ SURYHHGRUHV HVSHFLDOHV \ ~OWLPDPHQWH (QWLGD GHV ([WHUQDV SRU OR WDQWR VH
FRPSRUWDQ GHQWUR GH ORV VLVWHPDV GH LQIRUPDFLyQ FRPR VL SHUWHQHFLHUDQ D OD HPSUHVD
LQWHUDFWXDQGRFRQVXVVLVWHPDVGHJHVWLyQGHPDQHUDWUDQVSDUHQWH\FRPRFRQVHFXHQFLDGLUHFWD
HIHFWLYL]DQGRRSHUDFLRQHVGHFRPSUDYHQWDS DJRVRFREUDQ]DV
(VWDV DSOLFDFLRQHV OOHYDQ HO QRPEUH GH ([WUDQHW \ WpFQLFDPHQWH IXQFLRQDQ LJXDO TXH ODV
,QWUDQHW VyR TXH SHUPLWHQ HO LQJUHVR D ORV VLVWHPDV GH SHUVRQDV H[WHUQDV D OD HPSUHVD SHUR
YLQFXODGDVDHOOD4XLHQLPSOHPHQWDOD([WUDQHWHVTXLH QGHFLGHFXDOGHVXVFOLHQWHV\FXiOHVGH
VXV SURYHHGRUHV SRGUiQ DFFHGHU D VXV VLVWHPDV (VWR LPSRVLELOLWD JHQHUDU QXHYRV FOLHQWHV GDGR
TXHQRWHQGUiQSHUPLVRSDUDOOHJDUGHIRUPDYLUWXDODOD([WUDQHW
/DV WHFQRORJtDVGH,QWUDQHW\([WUDQHWSHUPLWHQUH VSHFWLYDPHQWHFRQRFHUODSRWHQFLDOLGDG
GH ORV VLVWHPDV GH FRPXQLFDFLRQHV \ HQWHQGHU HO PDQHMR HOHFWUyQLFR GH WUDQVDFFLRQHV $PEDV
FRQVWLWX\HQ XQD LQWURGXFFLyQ DGHFXDGD DO PXQGR GHO FRPHUFLR HOHFWUyQLFR (O FRPHUFLR
HOHFWUyQLFRVHFRQFHQWUDHQGRVJUDQGHV PRGDOLGDGHV
¾ %XVLQHVV7R&RQVXPHUGHODHPSUHVDDOFRQVXPLGRU
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
¾ %XVLQHVV7R%XVLQHVVGHXQDHPSUHVDDRWUDHPSUHVD
'HEH TXHGDU FODUR TXH HO FLUFXLWR 6LWH :HE ,QWUDQHW ([WUDQHW H F QR HV REOLJDWRULR ODV
HPSUHVDV SXHGHQ GHFLGLU SRU PRQWDU XQD ([W UDQHW VLQ KDEHU SDVDGR SRU ODV LPSOHPHQWDFLRQHV
SUHYLDVHVWHFLUFXLWRPDVTXHXQDUHFHWDGHp[LWRHVORTXHKDFHODPD\RUtDGHODVHPSUHVDVTXH
SRVHHQ FRQH[LyQ D ,QWHUQHW 8QD HPSUHVD TXH SDVH SRU WRGR HO FLUFXLWR SRGUi FRQWDU FRQ
H[SHULHQFLDVSURSLDV\G HVDUUROODUXQVLVWHPDHIHFWLYRSDUDUHGXFLUFRVWRVGHRSHUDUDFLyQ
(67$'2'(/$57('(/&20(5&,2(/(&7521,&2
,QWHUQHWHVXQFRQJORPHUDGRGHXVXDULRVKHWHURJpQHRVFX\RV~QLFRVSXQWRVHQFRP~QVRQ
SRVHHU XQD 3& GHVGH GRQGH DFFHGHU \ VDEHU XWLOL]DUOD SDUD KD FHUOR (O SRWHQFLDO GH YHQWD HV
LQPHQVR /DV HPSUHVDV TXH DFFHGHQ D OD UHG GH UHGHV VRQ WDQ GLVLPLOHV FRPR ORV XVXDULRV
SDUWLFXODUHV 3DUD HO PHUFDGR EXVLQHVV WR FRQVXPHU KD\ UXEURV TXH SXHGHQ FUHFHU VLQ PD\RUHV
FRPSOLFDFLRQHV \ TXH KDQ VLGR SUREDGRV HQ HO PXQGR FRQ UHODWLYRV EXHQRV UHVXOWDGRV OLEURV
GLVFRV FRPSDFWRV HQWUDGDV SDUD HVSHFWiFXORV WXULVPR H LQIRUP iWLFD 2WURV VHJPHQWRV GHO
PHUFDGR FRQVXPHU FRPR DXWRPyYLOHV \ IORUHV VH HVWiQ VXPDQGR DO FRPHUFLR HOHFWUyQLFR D
PHGLGDTXHVHGHVFXEUHODFRQY HQLHQFLDGHODFRPSUDSRUPHGLRGHOD3&
(OEXVLQHVVWREXVLQHVVHQFDPELRFDUHFHGHPRGHORVH[LWRVRVHQORVFXDOHVEDVDUVH&DGD
HPSUHVD TXH LQJUHVD HQ HO PXQGR GHO EXVLQHVV WR EXVLQHVV YLUWXDO HVWi MXJDQGR XQD DSXHVWD
PLHQWUDV TXH QR OR KDFHQYHQ HO ULHVJRDSHUGHUHOWUHQWHFQRyJLFR SRU GHPRUDUVHHQLQJUHVDU
SRUHORWURHOULHVJRDSHUGHUORSRUDSUHVXUDUVH\TXHODVFRPSHWLGRUDVDSURYHFKHQVXVHUURUHV
/RTXHIDOWDSDUDORJUDUVROYHQFLDHQHVWHVHQWLGRHVGLYHUVLGDGGDGRTXHQRH[LVWHODRIHUWD
YLUWXDO EXVLQHVV WR EXVLQHVV 2WUD FDUHQFLD LPSRUWDQWH HV OD GH FRPSUDGRUHV D SHVDU GH ODV
SURPRFLRQDGDV EDUUHUDV GH VHJXULGDG SDUD WUDQVDFFLRQHV HOHFWUyQLFDV ODV HPSUHVDV HVWiQ PX\
WHPHURVDV GH VXIULU XQ IUDXGH SRU XWLOL]DU ,QWHUQHW SDUD VDOLU GH FRPSU DV (, SUREOHPD GH
VHJXULGDGTXHSUHVHQWDHOFRPHUFLRHOHFWUyQLFRDWUDYpVGH,QWHUQHWHVODJHQHUDFLyQGHXQPRGHOR
GHWUDQVDFFLyQYLUWXDODQiORJRDOUHDO\FRQHOPLVPRJUDGRGHVHJXULGDGSDUDWRGDVODVSDUWHV
/D GLILFXOWDG GH REWHQHU XQ PRGHOR GH WUDQ VDFFLRQHV FRPHUFLDOHV VHJXUDV D WUDYpV GH
,QWHUQHW HVWi GDGD SRU QHFHVLGDGHV WpFQLFDV TXH QR SXHGH VROXFLRQDU OD WHFQRORJtD SURSLD GH
,QWHUQHWFRPRHVODDXVHQFLDGHFRQILGHQFLDOLGDGGHODLQIRUPDFLyQWUDQVPLWLGDODLPSRVLELOLGDG
GH FRPSUREDU TXH ORV LQW HUYLQLHQWHV HQ XQD FRPXQLFDFLyQ VRQ UHDOPHQWH TXLHQHVGLFHQVHU \ OD
DXVHQFLD GH XQD FHUWLILFDFLyQ PDWHULDO GH OD RSHUDFLyQ 3RU OR WDQWR OD VROXFLyQ D HVWDV
QHFHVLGDGHVVHSODQWHDFRQODXWLOL]DFLyQGHKHUUDPLHQWDVTXHLQWHQWDQUHVROYHUHVWDVIDOHQFLDV
3526<&2175$6'(/&20(5&,2(/(&7521,&2
/DRSHUDFLyQHQWUHHPSUHVDVEDMRODIRUPDGHH FSRVHHVXVSURV\FRQWUDV(QFXDQWRDORV
SULPHURVSRGHPRVGLIHUHQFLDVWUHV
¾ /D YLQFXODFLyQGHODHPSUHVDFRQRWUDVHQIRUPDHOHFWUyQLFDSHUPLWDTXHVHDFHOHUHOD
HMHFXFLyQGHOSURFHVRGHFRPHUFLDOL]DFLyQHQWUHHOODVORTXHUHVXOWDHQXQDGLVPLQXFLyQ
GHFRVWRV
¾ ([LVWHODSRVLELOLGDGGHXELFDUORVSURGXFWRVPiVUiSLGR\PHMRUHQHOPHUFDGRHOFXDO
HVPXFKRPiVDPSOLR\GDXQDPD\RUSRVLELOLGDGGHH[SDQVLyQ
¾ /D FRQH[LyQ GHO VLVWHPD DGPLQLVWUDWLYR GH OD HPSUHVD FRQ HO GH VXV FOLHQWHV \R
SURYHHGRUHV SHUPLWH TXH HO SURFHVR GH GRFXPHQWDFLyQ VHD PiV HILFLHQWH \ PHQRV
SURSHQVRDHUURUHV
8Q DVSHFWR LPSRUWDQWH \ TXH QR PXFKDV HPSUHVDV WLHQHQ HQ FXHQWD HV TXH HO XVDU OD U HG
FRPR PHGLR GH SXEOLFLGDG YHQWD FRPSUD \ GLVWULEXFLyQ GLVPLQX\H ORV FRVWRV FXDQGR VH OR
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
FRQWUDSRQHFRQODIRUPDPDQXDOWUDGLFLRQDOGHUHDOL]DUHVWDVWDUHDV
,QWHUQHW SHUPLWH GHPRFUDWL]DU HO PDUNHWLQJ GHELGR D TXH VLQ PXFKRV UHFXUVRV XQD
HPSUHVD SRGUi HQFDUDU XQD FDPSDxD PiV HIHFWLYD TXH XVDQGR XQ PHGLR GH FRPXQLFDFLyQ
WUDGLFLRQDO2WURSXQWRLPSRUWDQWHGHHQIDWL]DHVHOKHFKRTXH,QWHUQHWSURYRFDHO PDUNHWLQJGH
ODVtQWHVLVHVWRVHGHEHDTXHQRVHWUDWDGHHQYLDUPXFKDLQIRUPDFLyQWHQGLHQWHDVDWXUDU DORV
SRWHQFLDOHVFOLHQWHVVLQRGHVHOHFFLRQDUODLQIRUPDFLyQPiVDGHFXDGD
(VWRVDVSHFWRVWLHQGHQDGLVPLQXLUORVFRVWRVGHPDUNHWLQJORTXHVHWUDVODGDDOSUHFLRGH
ORVSURGXFWRV\ORVVHUYLFLRV(VWRVHGHEHDTXHVHHOLPLQDQORVLQWHUPHGLDULRVDOO OHJDUHQIRUPD
GLUHFWDDORVFOLHQWHV
(OPD\RUFRQWUDTXHWLHQH,QWHUQHWFRPRDJHQWHPHGLDGRUSDUDHOH FVHORSHUFLEHGHVGHHO
SXQWRGHYLVWDGHOXVXDULR\DVHDXQSDUWLFXODURXQDHPSUHVDHOFXDOSRVHHODFHUWH]DGHTXHOD
UHG HVLQVHJXUDSDUDUHDOL ]DUWUDQVDFFLRQHVFRPHUFLDOHVGHFXDOTXLHUWLSR$GHPiVDXQH[LVWHHO
WHPRU D XQD WHFQRORJtD QXHYD FRQ OD TXH QR VH HVWD IDPLOLDUL]DGD 0XFKDV HPSUHVDV FUHHQ TXH
YLUWXDOL]DUVH HV WLUDU XQD JUDQ LQYHUVLyQ GH GLQHUR \ PLHQWUDV PiV HVWDEOHFLGDV PDV OHV FXHV WD
FDPELDUGHELGRDORVFRPSURPLVRVTXHSRVHHFRQVXVVLVWHPDVGHGLVWULEXFLyQYHQWDVORJtVWLFR\
DGPLQLVWUDWLYR
&21&/86,21(6
(O :HE %XVLQHVV HVWD HQ IUDQFR FUHFLPLHQWR HVWR VH GHEH D GRV DVSHFWRV IXQGDPHQWDOHV
$XPHQWR GH OD HILFLHQFLD \ OD SURGXFWLYL GDG KDFHU OR GH VLHPSUH FRQ PHQRV UHFXUVRV \
$PSOLDFLyQGHDFWLYLGDGHVFRQORVPLVPRVUHFXUVRVKDFHUPiVFRVDV
1R FDEH QLQJXQD GXGD TXH HVWD ILORVRItD GH QHJRFLR YD KD HQWUDU HQ ODV HPSUHVDV HQ QR
PXFKR WLHPSR TXL]iV HO SXQWR TXH OOHYD D TXH HVWR QR VXFHGD D~Q HV OD VHQVDFLyQ GH SRFD
VHJXULGDGGHORVXVXDULRVGHWRGDVIRUPDVUHFRQRFHUORVSUREOHPDV\YLUWXGHVGHORVPpWRGRVGH
VHJXULGDGYDKDSHUPLWLUWUDEDMDUHQIRUPDVHJXUD
7RGDV ODV PRGDOLGDGHV GH :HE %XVLQHVV LPSOLFDQ PDV TXH XQ FDPELR WHFQROyJL FR HO
FDPELR GHEH SURGXFLUVH HQ OD IRUPD GH SHQVDU GH ODV HPSUHVDV \D QR VH SXHGH VHJXLU
GHSHQGLHQGR GH PHGLRV WUDGLFLRQDOHV GH SXEOLFLGDG \ GLVWULEXFLyQ GH ORV SURGXFWRV \ VHUYLFLRV
(QODHUDGH,QWHUQHWTXLHQQRHVWDHQODUHGQRH[LVWHRVt""
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD
%HFHUUD5RGUtJXH]
0XUD]]R5RGUtJXH]
0XUD]]R6LUYHQWH/ySH]
)DUOH\VWHDUQV
%HVDUJD
$GHOJDQL
&DVWLJOLRQH
%,%/,2*5$),$
6HUYLFLRVGH6HJXULGDGSDUD,QWUDQHW\([WUDQHW -8&6(
6JR
GHO(VWHUR
7UDEDMR&RODERUDWLYRHQ,QWHUQHW -8&6(
6JRGHO(VWHUR
1HJRFLRVHQOD5HG ,1)21(7
0HQGR]D
*XLGHWR6HFXULW\DQG'DWD,QWHJULW\ /$17LPH0F*UDZ+LOO
&RQHFWDQGRVX(PSUHVDD,QWHUQHW &RPSXPDJD]LQH03
(GLFLRQHV
6HJXULGDG,QIRUPiWLFD &RPSXPDJD]LQH03(GLFLRQHV
&RQVWUX\HQGR,QWUDQHW &RPSXPDJD]LQH03(GLFLRQHV
/LF0DUtD$0XUD]]R ,QJ)FR$PpULFR6LUYHQWH
3iJLQD