/$662%5(7(16,21(6<(/',0(16,21$0,(172
(/e&75,&2(1/$668%(67$&,21(6
, 1752'8&&,Ï1
/DV VREUHWHQVLRQHV TXH VH SUHVHQWDQ HQ ORV VLVWHPDV
HOpFWULFRV SXHGHQ VHU HQ JHQHUDO GH WUHV WLSRV SRU
GHVFDUJDV DWPRVIpULFDV SRU PDQLREUD GH LQWHUUXSWRUHV \ D
OD IUHFXHQFLD GHO VLVWHPD
'H HVWRV WLSRV OD PiV FRP~Q
\ TXH SURGXFH ORV HIHFWRV PiV VHYHURV HQ OD PD\RUtD GH
ODV LQVWDODFLRQHV HV OD GHELGD D UD\R R GHVFDUJD
DWPRVIpULFD \ HV HVWD OD UD]yQ SRU OD TXH HQ OD
SURWHFFLyQ FRQWUD VREUHWHQVLRQHV HQ ODV VXEHVWDFLRQHV
HOpFWULFDV VH OH GD HVSHFLDO DWHQFLyQ D HVWH FRQFHSWR
([LVWHQ PXFKDV WHRUtDV TXH WUDWDQ GH H[SOLFDU HO IHQyPHQR
GH ODV GHVFDUJDV DWPRVIpULFDV HVWDV WHRUtDV VRQ EDVWDQWH
FRPSOLFDGDV SRU OR TXH SDUD HO LQJHQLHUR HQFDUJDGR GH
GLVHxDU ODV VXEHVWDFLRQHV HOpFWULFDV SUREDEOHPHQWH QR VHD
QHFHVDULR FRQRFHUOD SRU OR TXH VyOR VH KDFH XQD
LQWURGXFFLyQEUHYHHQHVWHFDStWXOR
'HQWUR GH XQD QXEH RFXUUH XQD VHSDUDFLyQ GH FDUJDV
HOHFWURVWiWLFDV ORV H[SHULPHQWRV LQGLFDQ TXH HQ JHQHUDO
OD SRUFLyQ FHQWUDO GH OD QXEH HVWi FDUJDGD HQ IRUPD
QHJDWLYD \ OD SRUFLyQ VXSHULRU HVWi FDUJDGD HQ IRUPD
SRVLWLYD
\
XQD
FDUJD
SRVLWLYD
VH
HQFXHQWUD
IUHFXHQWHPHQWH HQ OD EDVH GH OD QXEH (Q OD VLJXLHQWH
ILJXUD VH PXHVWUD XQD GLVWULEXFLyQ WtSLFD GH FDUJD
GHQWURGHXQDQXEH\DOQLYHOGHOVXHOR
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7,326'('(6&$5*$6$7026)e5,&$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(OIHQyPHQRGHODGHVFDUJDHVXQSURFHVRGHGRVSDVRV
(Q HO SULPHU SDVR HO DLUH TXH FLUFXQGD OD QXEH HV
LRQL]DGR \ SHTXHxDV GHVFDUJDV UHIHULGDV FRPR OtGHUHV
GLVWULEX\HQ R OOHYDQ OD FDUJD DO DLUH (VWDV GHVFDUJDV
OtGHU WLHQHQ EDMRV YDORUHV GH FRUULHQWH UHODWLYDPHQWH \
VH SURSDJDQ DO D]DU \ WLHQHQ XQD ORQJLWXG GH D PHWUR (YHQWXDOPHQWH FRQVWLWX\HQ XQ FDQDO GH GHVFDUJD TXH
VH SXHGH DFHUFDU OR VXILFLHQWH D XQ REMHWR HQ WLHUUD \ OD
GHVFDUJDVHGLULJHDHVWHREMHWR
(O VHJXQGR SDVR HQ HO IHQyPHQR GH OD GHVFDUJD HV OD
GHVFDUJD GH UHWRUQR TXH HV HO UHOiPSDJR TXH YH XQ
REVHUYDGRU SURSDJDUVH GHO REMHWR HQ OD WLHUUD GH UHJUHVR
KDFLD OD QXEH HVWD GHVFDUJD GH UHWRUQR FRQVWLWX\H HO
P~VFXOR UHDO GH OD GHVFDUJD 7LHQH XQD FRUULHQWH TXH YD
GH KDVWD XQRV .$ FRQ XQD GLVWULEXFLyQ
SUREDELOtVWLFD GH PRGR TXH SXHGH WHQHU HQ SURPHGLR XQ
YDORU GH DOUHGHGRU GH N$ 7RGDV ODV GHVFDUJDV
DWPRVIpULFDV VRQ GLVWLQWDV XQDV GH RWUDV VX PDJQLWXG \
IRUPD GH RQGD YDUtD VLQ HPEDUJR ODV LQYHVWLJDFLRQHV TXH
VH KDQ KHFKR LQGLFDQ TXH HV SRVLEOH DSUR[LPDU OD IRUPD
GH RQGD GH OD FRUULHQWH GHO UD\R D XQD GH [ PLFURVHJXQGRV UHODFLyQ WLHPSR GH IUHQWH D WLHPSR GH
FROD HVWD RQGD VH FRQRFH FRPR ³RQGD QRUPDOL]DGD´ \ HV
OD TXH VH XVD SDUD ODV OODPDGDV SUXHEDV GH LPSXOVR SRU
UD\R D ORV HTXLSRV HOpFWULFRV 3RU OR WDQWR D~Q FXDQGR
FDGD UD\R HV GLVWLQWR VH OHV LGHQWLILFD SRU XQD RQGD GH
[ PLFURVHJXQGRV \ VX PDJQLWXG VH SXHGH SURQRVWLFDU
HVWDGtVWLFDPHQWH
/D IUHFXHQFLD GH RFXUUHQFLD GH ODV GHVFDUJDV DWPRVIpULFDV
HQ XQ VLWLR GHWHUPLQDGR VH FRQRFH FRPR HO QLYHO
LVRFHUiXQLFR TXH VH GHILQH FRPR HO Q~PHUR SURPHGLR GH
GtDV DO DxR HQ ORV FXDOHV VH HVFXFKD DO PHQRV XQD YH] HQ
XQ SHULRGR GH KRUDV XQD GHVFDUJD HOpFWULFD &RQ HO
GHVDUUROOR GHO UDGDU 'RSSOHU \ ODV WpFQLFDV PRGHUQDV IXH
SRVLEOH WHQHU PHMRUHV HOHPHQWRV SDUD GHILQLU HO FRQFHSWR
GH QLYHO LVRFHUiXQLFR VREUH OD EDVH PiV SUHFLVD GH
WRUPHQWDKRUD (O Q~PHUR SURPHGLR GH GHVFDUJDV SRU XQLGDG
GH iUHD HQ FXDOTXLHU VLWLR R ORFDOLGDG VH FRQRFH FRPR OD
GHQVLGDG GH UD\RV D WLHUUD '57 \ VH VXSRQH TXH
QRUPDOPHQWH HO YDORU GH OD '57 HV SURSRUFLRQDO DO QLYHO
LVRFHUiXQLFR GHO iUHD /D UHODFLyQ HQWUH HO QLYHO
LVRFHUiXQLFR \ OD GHQVLGDG GH UD\RV D WLHUUD VH SXHGH
H[SUHVDUFRPR 1 = 7
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'RQGH
1
7
1~PHURGHGHVFDUJDVDWLHUUDSRU.P
1LYHOLVRFHUiXQLFRSURPHGLRDQXDO
SRUDxR
7UDWiQGRVH GH VXEHVWDFLRQHV HOpFWULFDV HO iUHD H[SXHVWD
GH OD VXEHVWDFLyQ D ORV UD\RV R GHVFDUJDV DWPRVIpULFDV
VHFDOFXODFRPR
$V Z5 $
'RQGH
55 $
Z
/RQJLWXGGHOWHUUHQRGHODVXEHVWDFLyQ
/
$QFKRGHOWHUUHQRGHODVXEHVWDFLyQ
5$
K
K
$OWXUD GH ORV FDEOHV GH JXDUGD FXDQGR KD\ R
GHODVXEHVWDFLyQ
&XDQGR OD FRUULHQWH GHO UD\R FLUFXOD D WUDYpV GHO EXV GH
OD VXEHVWDFLyQ R GH OD OtQHD GH WUDQVPLVLyQ HQWUDQWH D OD
VXEHVWDFLyQ VH GHVDUUROOD XQD RQGD GH YROWDMH OD
FRUULHQWH GHO UD\R VH GLYLGH HQ GRV SDUWHV LJXDOHV TXH
YLDMDQ HQ GLUHFFLRQHV RSXHVWDV FRPR VH PXHVWUD HQ OD
VLJXLHQWH ILJXUD HVWDV RQGDV SURGXFHQ XQ YROWDMH
SURSRUFLRQDODODLPSHGDQFLDFDUDFWHUtVWLFDGHODOtQHD
, ;
9V = V R
'RQGH
,V
9V
=V
&RUULHQWHGHOUD\RHQDPSHUHV
2QGDGHYROWDMHHQYROWV
,PSHGDQFLDFDUDFWHUtVWLFDGHODOtQHDHQRKPV
/D LPSHGDQFLD FDUDFWHUtVWLFD SDUD ORV FRQGXFWRUHV GH ORV
EXVHV HQ XQD VXEHVWDFLyQ WLHQH XQ YDORU GHO RUGHQ GH RKPV SHUR VH SXHGH FDOFXODU GH DFXHUGR FRQ OD VLJXLHQWH
HFXDFLyQ
=R = lQ
KF
RKPV
UF
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'RQGH
+F DOWXUDGHORVFRQGXFWRUHVGHIDVHHQP
5F UDGLRH[WHUQRGHORVFRQGXFWRUHVGHIDVHHQP
7UDWiQGRVH GH FDEOHV VXEWHUUiQHRV
FDUDFWHUtVWLFDHVWDHQWUH\Ω
OD
LPSHGDQFLD
7 $% /$ 5 (/ $& ,Ï 1 (1 75 ( (/ 1 ,9 (/ , 62 &( 5È 81 ,& 2 'Ë $6 3 52 0( ', 2 &2 1 72 50 (1 7$ $ 18 $/
'( 16 ,' $' ' ( 5$ <2 6 $ 7, (5 5$ 12 '( 5 $< 26 . P 1 ,9 (/
,6 2& (5 È8 1, &2
1 2 '( 5 $< 26 .P 9 $/ 25 0 (' ,2
3É*,1$
1 2 '( 5 $< 26 .P /Ë 0, 7( 6
±
±
±
±
±
±
±
±
±
±
< /$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
$ /*81$6'(),1,&,21(6<&21&(3726
86$'26(1(/(678',2'(
' (),1,&,21(6
$LVODPLHQWR H[WHUQR &RPSUHQGH ODV VXSHUILFLHV DLVODQWHV
H[WHUQDV GH ORV DSDUDWRV HO DLUH DPELHQWH TXH OR URGHD \
ODV GLVWDQFLDV HQ DLUH /D ULJLGH] GLHOpFWULFD GHO
DLVODPLHQWR
H[WHUQR
GHSHQGH
GH
ODV
FRQGLFLRQHV
DWPRVIpULFDV WDOHV FRPR OD FRQWDPLQDFLyQ OD KXPHGDG
HWFpWHUD
$LVODPLHQWR LQWHUQR &RPSUHQGH DLVODPLHQWRV LQWHUQRV
VyOLGRV OtTXLGRV R JDVHRVRV TXH IRUPDQ SDUWH GHO
DLVODPLHQWR GH ORV HTXLSRV TXH HVWiQ SURWHJLGRV GH ORV
HIHFWRV DWPRVIpULFRV WDOHV FRPR FRQWDPLQDFLyQ KXPHGDG
HWFpWHUD\RWUDVFRQGLFLRQHVH[WHUQDV
$LVODPLHQWR H[WHUQR WLSR LQWHULRU (V HO DLVODPLHQWR
H[WHUQR TXH HVWi GLVHxDGR SDUD RSHUDU GHQWUR GH ORV
HGLILFLRV \ FRQVHFXHQWHPHQWH QR HVWi H[SXHVWR D ODV
FRQGLFLRQHVDPELHQWDOHV
$LVODPLHQWR H[WHUQR WLSR H[WHULRU (V HO DLVODPLHQWR
H[WHUQR TXH HVWi GLVHxDGR SDUD RSHUDU IXHUD GH ORV
HGLILFLRV \ FRQVHFXHQWHPHQWH HVWi H[SXHVWR D ODV
FRQGLFLRQHVDPELHQWDOHV
$LVODPLHQWR DXWRUUHFXSHUDEOH (V HO DLVODPLHQWR TXH
UHFXSHUD WRWDOPHQWH VXV SURSLHGDGHV DLVODQWHV GHVSXpV GH
XQD GHVFDUJD GLVUXSWLYD FDXVDGD SRU OD DSOLFDFLyQ GH XQD
WHQVLyQ GH SUXHED XQ DLVODPLHQWR GH HVWH WLSR HV SRU OR
JHQHUDO DXQTXH QR QHFHVDULDPHQWH XQ DLVODPLHQWR
H[WHUQR
$LVODPLHQWR QR DXWRUUHFXSHUDEOH (V HO DLVODPLHQWR TXH
SLHUGH VXV SURSLHGDGHV DLVODQWHV R TXH QR ODV UHFXSHUD
FRPSOHWDPHQWH GHVSXpV GH XQD GHVFDUJD GLVUUXSWLYD FDXVDGD
SRU OD DSOLFDFLyQ GH XQD WHQVLyQ GH SUXHED XQ
DLVODPLHQWR GH HVWH WLSR HV SRU OR JHQHUDO DXQTXH QR
QHFHVDULDPHQWHXQDLVODPLHQWRLQWHUQR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6LVWHPD FRQ QHXWUR DLVODGR (V XQ VLVWHPD FX\R QHXWUR QR
WLHQH QLQJXQD FRQH[LyQ LQWHQFLRQDO D WLHUUD H[FHSWR D
WUDYpV GH DSDUDWRV GH VHxDOL]DFLyQ GH PHGLFLyQ R GH
SURWHFFLyQGHPX\DOWDLPSHGDQFLD
6LVWHPD FRQ QHXWUR FRQHFWDGR D WLHUUD (V XQ VLVWHPD FX\R
QHXWUR HVWi FRQHFWDGR D WLHUUD \D VHD GLUHFWDPHQWH R D
WUDYpV GH XQD UHVLVWHQFLD R XQD UHDFWDQFLD GH XQ YDORU
VXILFLHQWHPHQWH EDMR FRQ HO SURSyVLWR GH UHGXFLU DO
Pi[LPR ODV RVFLODFLRQHV GH XQD SURWHFFLyQ VHOHFWLYD GH
IDOODDWLHUUD
6LVWHPD DWHUUL]DGR UHVRQDQWH 6LVWHPD FRQHFWDGR D WLHUUD
D WUDYpV GH XQD ERELQD GH VXSUHVLyQ GH DUFR (V XQ
VLVWHPD FRQHFWDGR D WLHUUD D WUDYpV GH XQ UHDFWRU FX\D
UHDFWDQFLD HV GH XQ YDORU WDO TXH GXUDQWH XQD IDOOD GH
IDVH D WLHUUD OD FRUULHQWH LQGXFWLYD D OD IUHFXHQFLD GHO
VLVWHPD TXH FLUFXOD D WUDYpV GHO UHDFWRU QHXWUDOL]D
VXVWDQFLDOPHQWH D OD FRPSRQHQWH FDSDFLWLYD D OD
IUHFXHQFLDGHOVLVWHPDGHODFRUULHQWHGHIDOODDWLHUUD
1RWD (Q XQ VLVWHPD DWHUUL]DGR UHVRQDQWH OD FRUULHQWH
UHVLGXDO HQ OD IDOOD VH OLPLWD D WDO JUDGR TXH XQD IDOOD
FRQDUFRHQHODLUHSRUORJHQHUDOVHDXWRH[WLQJXH
)DFWRU GH IDOOD D WLHUUD
))7 (V XQ SXQWR
VHOHFFLRQDGR GH XQ VLVWHPD WULIiVLFR SRU OR JHQHUDO HO
SXQWR GH LQVWDODFLyQ GH XQ HTXLSR \ SDUD XQD
FRQILJXUDFLyQ GDGD GH XQ VLVWHPD FRQ QHXWUR FRQHFWDGR D
WLHUUD HO IDFWRU GH IDOOD D WLHUUD VH GHILQH GH DFXHUGR
D ODVLJXLHQWHH[SUHVLyQ
))7=
1RWDV
9DORU Pi[LPRGH WHQVLyQGH IDVH D WLHUUD
GXUDQWH OD IDOOD IDVHV QR IDOODGDV
9DORU WHQVLyQGH IDVH D WLHUUD
HQ FRQGLFLRQHV QRUPDOHVGH RSHUDFLyQ
9DORUHVHILFDFHVDODIUHFXHQFLDGHOVLVWHPD
D (VWH IDFWRU HV XQD UHODFLyQ PD\RU GH \ HQ WpUPLQRV
JHQHUDOHV FDUDFWHUL]D ODV FRQGLFLRQHV GH FRQH[LyQ D
WLHUUD GH XQ VLVWHPD FRPR HV YLVWR GHVGH HO SXQWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
VHOHFFLRQDGR LQGHSHQGLHQWHPHQWH GHO YDORU GH WHQVLyQ
GHRSHUDFLyQ HQ HVWH SXQWR (O IDFWRU GH IDOOD D WLHUUD
HV HO SURGXFWR GH \ HO ³IDFWRU GH FRQH[LyQ D
WLHUUD´HOFXDOVHKDXVDGRHQHOSDVDGR
E (O IDFWRU GH IDOOD D WLHUUD VH FDOFXOD GH ODV
LPSHGDQFLDV GH VHFXHQFLD GHO VLVWHPD FRPR VH YHQ GHVGH
HO SXQWR VHOHFFLRQDGR \ XVDQGR ODV UHDFWDQFLDV
VXEWUDQVLWRULDVSDUDFXDOTXLHUPiTXLQDURWDWRULD
F 6L SDUD FXDOTXLHU FRQILJXUDFLyQ GH XQ VLVWHPD OD
UHDFWDQFLD GH VHFXHQFLD FHUR HV PHQRU TXH WUHV YHFHV OD
UHDFWDQFLD GH VHFXHQFLD SRVLWLYD \ OD UHDFWDQFLD GH
VHFXHQFLD FHUR QR H[FHGH OD UHDFWDQFLD GH VHFXHQFLD
SRVLWLYD HO IDFWRU GH IDOOD D WLHUUD QR VHUi PD\RU GH
; R ≤ ;
5R ≤ ;
))7≤ 6REUHWHQVLyQ &XDOTXLHU YDORU GH WHQVLyQ HQ IXQFLyQ GHO
WLHPSR HQWUH XQD IDVH \ WLHUUD R HQWUH IDVHV TXH WHQJDQ
XQ YDORU FUHVWD R YDORUHV TXH ORV H[FHGDQ REWHQLGRV GH
ODWHQVLyQPi[LPDGHGLVHxRGHOHTXLSR 9P
9P
6REUHWHQVLyQ GH IDVH D WLHUUD SRU XQLGDG SX (V OD
UHODFLyQ GH ORV YDORUHV FUHVWD GH OD VREUHWHQVLyQ GH IDVH
D WLHUUD \ OD WHQVLyQ GH IDVH D WLHUUD FRUUHVSRQGLHQWH D
OD WHQVLyQ Pi[LPD GH GLVHxR SDUD HO HTXLSR HV GHFLU
9P
WDPELpQVHSXHGHH[SUHVDUGHODVLJXLHQWHIRUPD
6REUHWHQVLyQ GH IDVH D WLHUUD HQ SX =
9DORUFUHVWDGH VREUHWHQVLyQ GH IDVH D WLHUUD
7HQVLyQGH IDVH D WLHUUD FRUUHVSRQGLHQWH
D OD WHQVLyQPi[LPDGH GLVHxR GHO HTXLSR
3É*,1$
9P
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6REUHWHQVLyQ GH IDVH D IDVH SRU XQLGDG SX (V OD
UHODFLyQ GH ORV YDORUHV FUHVWD GH OD VREUHWHQVLyQ GH IDVH
D IDVH \ OD WHQVLyQ GH IDVH D WLHUUD FRUUHVSRQGLHQWH D OD
WHQVLyQPi[LPDGHGLVHxRGHOHTXLSR HVGHFLU
9P
(VWD UHODFLyQ HVWDUi H[SUHVDGD SRU . VLHQGR . OD
UHODFLyQ HQWUH HO YDORU FUHVWD GH OD VREUHWHQVLyQ GH IDVH
D IDVH \ OD WHQVLyQ Pi[LPD GH GLVHxR GHO HTXLSR WDPELpQ
VHSXHGHH[SUHVDUGHODIRUPDVLJXLHQWH
6REUHWHQVLyQ GH IDVH HQ SX =
9DORUFUHVWDGH VREUHWHQVLyQ GH IDVH D IDVH
7HQVLyQGH IDVH D IDVH FRUUHVSRQGLHQWH
D OD WHQVLyQPi[LPDGH GLVHxR GHO HTXLSR
9P
(O YDORU FUHVWD GH OD WHQVLyQ Pi[LPD GH GLVHxR GHO HTXLSR
HV GHFLU HO YDORU PHQRU HQ SRU XQLGDG GH XQD
VREUHWHQVLyQ GH IDVH D IDVH HVWDUi HQWRQFHV H[SUHVDGD HQ
XQYDORUSRUXQLGDGFRPR[ 1RWD /DV VREUHWHQVLRQHV HQ SRU XQLGDG GHILQLGDV HQ
HO SXQWR VREUHWHQVLyQ GH IDVH D WLHUUD SRU XQLGDG
SX \ HQ HO SXQWR VREUHWHQVLyQ GH IDVH D IDVH SRU
XQLGDG SX SDUD ORV SURSyVLWRV GH HVWXGLRV GH
FRRUGLQDFLyQ GH DLVODPLHQWR VH UHILHUH D ORV YDORUHV
FUHVWD GH WHQVLyQ FRUUHVSRQGLHQWH GH IDVH D WLHUUD GH
OD WHQVLyQ Pi[LPD GH GLVHxR GHO HTXLSR WRPDGD FRPR
EDVHGHUHIHUHQFLD
&XDQGR ODV VREUHWHQVLRQHV VH PLGHQ HQ YDULDV FRQGLFLRQHV
GXUDQWH ODV SUXHEDV VREUH XQ VLVWHPD R VREUH XQ PRGHOR
HTXLYDOHQWH SXHGH VHU FRQYHQLHQWH UHIHULU HVWDV
VREUHWHQVLRQHV D OD WHQVLyQ GH IDVH D WLHUUD DQWHV \
GHVSXpV GH OD RSHUDFLyQ GH PDQLREUD GHO LQWHUUXSWRU FRPR
HV DSURSLDGR HQ WDOHV FDVRV HO WpUPLQR GH ³IDFWRUHV GH
VREUHWHQVLyQ´ GHEHUtD VHU XVDGR SDUD OD UHODFLyQ \ FRPR
ODV VREUHWHQVLRQHV QR VRQ SURSRUFLRQDOHV D OD WHQVLyQ GHO
VLVWHPD HV QHFHVDULR HVWDEOHFHU pVWDV ~OWLPDV DVt FRPR
ODVFRQGLFLRQHVGHSUXHED
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6REUHWHQVLRQHV SRU PDQLREUD 3DUD XQD VREUHWHQVLyQ GH
IDVH D WLHUUD R IDVH D IDVH HQ XQ SXQWR GDGR GHO VLVWHPD
GHELGR D XQD RSHUDFLyQ HVSHFtILFD GH PDQLREUD GH
LQWHUUXSWRUHV IDOOD X RWUD FDXVD OD IRUPD FRPR SXHGH
UHIHULUVH SDUD ORV SURSyVLWRV GH FRRUGLQDFLyQ GH
DLVODPLHQWR HV VHPHMDQWH D DTXHOOD GHO LPSXOVR
QRUPDOL]DGR XVDGD SDUD ODV SUXHEDV GH LPSXOVR SRU
PDQLREUD 7DOHV VREUHWHQVLRQHV WLHQHQ SRU OR JHQHUDO XQ
DOWRDPRUWLJXDPLHQWR\FRUWDGXUDFLyQ
1RWD /DRQGDQRUPDOL]DGDHVGHµVHJ
6REUHWHQVLyQ SRU UD\R 3DUD OD VREUHWHQVLyQ GH IDVH D
WLHUUD R GH IDVH D IDVH HQ XQ SXQWR GDGR GHO VLVWHPD
GHELGD D XQD GHVFDUJD DWPRVIpULFD UD\R R DOJXQD RWUD
FDXVD OD IRUPD FRPR SXHGH UHIHULUVH SDUD ORV SURSyVLWRV
GH FRRUGLQDFLyQ GH DLVODPLHQWR HV VHPHMDQWH D DTXHOOD
GHO LPSXOVR QRUPDOL]DGR XVDGR SDUD ODV SUXHEDV GH LPSXOVR
SRU UD\R 7DOHV VREUHWHQVLRQHV VRQ SRU OR JHQHUDO
XQLGLUHFFLRQDOHV\GHPX\FRUWDGXUDFLyQ
1RWD /DRQGDQRUPDOL]DGDHVGHµVHJ
6REUHWHQVLyQ HVWDGtVWLFD SRU PDQLREUD R SRU UD\R (V
XQD VREUHWHQVLyQ SRU PDQLREUD R UD\R DSOLFDGD D XQ
HTXLSR FRPR UHVXOWDGR GH XQ HYHQWR GH WLSR HVSHFtILFR
VREUH HO VLVWHPD
HQHUJL]DFLyQ GH OtQHDV UHFLHUUH
RFXUUHQFLD GH IDOODV GHVFDUJDV DWPRVIpULFDV HWFpWHUD (O YDORU GH FUHVWD GH HVWD VREUHWHQVLyQ WLHQH XQD
SUREDELOLGDG GH VHU H[FHGLGD \ HV LJXDO D XQD UHIHUHQFLD
SUREDELOtVWLFDHVSHFLILFDGD
1RWD
6HJ~Q OD 1RUPD ,(& GH HVWD
UHIHUHQFLD SUREDELOtVWLFD VH SXHGH HVFRJHU FRPR GH
XQDGLVWULEXFLyQQRUPDO
6REUHWHQVLyQ FRQYHQFLRQDO Pi[LPD SRU PDQLREUD R SRU
UD\R (V HO YDORU FUHVWD GH XQD VREUHWHQVLyQ SRU
PDQLREUD R SRU UD\R TXH HVWi FRQVLGHUDGD FRPR OD Pi[LPD
VREUHWHQVLyQ HQ HO SURFHGLPLHQWR FRQYHQFLRQDO GH
FRRUGLQDFLyQGHDLVODPLHQWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6REUHWHQVLyQ WHPSRUDO (V XQD VREUHWHQVLyQ RVFLODWRULD
GH IDVH D WLHUUD R GH IDVH D IDVH HQ XQ SXQWR GDGR GH XQ
VLVWHPD TXH WLHQH XQD GXUDFLyQ UHODWLYDPHQWH JUDQGH OD
FXDO
QR
HVWi
DPRUWLJXDGD
R
WLHQH
XQ
GpELO
DPRUWLJXDPLHQWR
/DV VREUHWHQVLRQHV WHPSRUDOHV SRU OR JHQHUDO HVWiQ
RULJLQDGDV SRU RSHUDFLRQHV GH PDQLREUD R IDOODV UHFKD]R
GH FDUJD IDOODV GH IDVH D WLHUUD \R SRU HIHFWRV GH QR
OLQHDOLGDGHV
FRPR
HIHFWRV
GH
IHUURUHVRQDQFLD
\
DUPyQLFDV (VWDV VREUHWHQVLRQHV VH SXHGHQ FDUDFWHUL]DU
SRU VX DPSOLWXG VX IUHFXHQFLD GH RVFLODFLyQ SRU HO
WLHPSRWRWDOGHGXUDFLyQRSRUVXGHFUHPHQWR
7HQVLyQ UHVLVWHQWH DO LPSXOVR HVWDGtVWLFR SRU PDQLREUD R
SRU UD\R (V HO YDORU FUHVWD GH XQD WHQVLyQ GH SUXHED
DO LPSXOVR SRU PDQLREUD R SRU UD\R SDUD HO FXDO HO
DLVODPLHQWR EDMR FRQGLFLRQHV HVSHFLILFDGDV PXHVWUD XQD
SUREDELOLGDG UHVLVWHQWH LJXDO D XQD SUREDELOLGDG GH
UHIHUHQFLDHVSHFLILFDGD
(VWD SUREDELOLGDG GH UHIHUHQFLD VH VHOHFFLRQD FRPR HO GHXQDGLVWULEXFLyQQRUPDO RGH*DXVV 1RWD (O FRQFHSWR UHVLVWHQWH VH DSOLFD ~QLFDPHQWH D
ORV
DLVODPLHQWRV
DXWRUUHFXSHUDEOHV
7HQVLyQ
UHVLVWHQWH DO LPSXOVR FRQYHQFLRQDO SRU PDQLREUD R
SRU UD\R (V HO YDORU FUHVWD GH XQD WHQVLyQ GH
SUXHED DO LPSXOVR SRU PDQLREUD R
SRU UD\R SDUD HO FXDO XQ DLVODPLHQWR QR GHEH
SUHVHQWDU QLQJXQD GHVFDUJD GLVUXSWLYD FXDQGR VH
VRPHWH D XQ Q~PHUR HVSHFLILFDGR GH HVWRV LPSXOVRV
EDMR FRQGLFLRQHV HVSHFLILFDV (VWH FRQFHSWR VH
DSOLFD HQ SDUWLFXODU D ORV DLVODPLHQWRV QR
DXWRUUHFXSHUDEOHV
7HQVLyQ UHVLVWHQWH DO LPSXOVR QRPLQDO SRU PDQLREUD R SRU
UD\R (V HO YDORU FUHVWD GDGR GH XQD WHQVLyQ UHVLVWHQWH
DO LPSXOVR SRU PDQLREUD R SRU UD\R TXH FDUDFWHUL]D D
ORV DLVODPLHQWRV GH XQ HTXLSR FRQ UHVSHFWR D ODV SUXHEDV
UHVLVWHQWHV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
1RWDV (V XQD VREUHWHQVLyQ SRU PDQLREUD R UD\R
DSOLFDGD D XQ HTXLSR FRPR UHVXOWDGR GH XQ HYHQWR GH
WLSR HVSHFtILFR VREUH HO VLVWHPD HQHUJL]DFLyQ GH
OtQHDV UHFLHUUH RFXUUHQFLD GH IDOODV GHVFDUJDV
DWPRVIpULFDV HWFpWHUD (O YDORU GH FUHVWD GH HVWD
VREUHWHQVLyQ WLHQH XQD SUREDELOLGDG GH VHU H[FHGLGD \
HV
LJXDO
D
XQD
UHIHUHQFLD
SUREDELOtVWLFD
HVSHFLILFDGD
1RWDV
D 'HSHQGLHQGRGHODFODVHGHDLVODPLHQWR\FXPSOLHQGR
FRQ OR HVSHFLILFDGR HQ ODV QRUPDV GH ORV DSDUDWRV
ODVSUXHEDVGLHOpFWULFDVVHUHDOL]DQSDUDYHULILFDU
TXH
Ò /D WHQVLyQ UHVLVWHQWH DJXDQWDEOH GH LPSXOVR
HVWDGtVWLFR SRU PDQLREUD
R SRU UD\R VHD LJXDO
R PD\RU TXH OD WHQVLyQ UHVLVWHQWH GH LPSXOVR
QRPLQDOSRUPDQLREUD RSRUUD\R Ò /D WHQVLyQ UHVLVWHQWH GH LPSXOVR FRQYHQFLRQDO
SRU PDQLREUD R SRU UD\R VHD LJXDO R PD\RU TXH
OD WHQVLyQ UHVLVWHQWH GH LPSXOVR QRPLQDO SRU
PDQLREUD RSRUUD\R E /DV IRUPDV GH RQGD GH LPSXOVR QRUPDOL]DGDV XVDGDV
SDUDODVSUXHEDVGHUHVLVWHQFLD GLHOpFWULFD VREUH
HTXLSR DVt FRPR ORV SURFHGLPLHQWRV GH SUXHED VH
LQGLFDQ HQ HO &DS ,, GH OD 1RUPD ,(& HQ
OD,((($16,+LJK9ROWDJH7HVW7DFKQLTXHV6WDQGDUG
\HQOD1RUPD'*1-
7HQVLyQ UHVLVWHQWH QRPLQDO GH FRUWD GXUDFLyQ D OD
IUHFXHQFLDGHOVLVWHPD +] (V HO YDORU HILFD] GH XQD WHQVLyQ VHQRLGDO D OD
IUHFXHQFLD GHO VLVWHPD TXH HO HTXLSR GHEH VRSRUWDU
SDUD ODV SUXHEDV UHDOL]DGDV EDMR FRQGLFLRQHV
HVSHFLILFDGDV \ SDUD XQ WLHPSR HVSHFLILFDGR TXH
JHQHUDOPHQWHQRH[FHGHDXQPLQXWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
1LYHOGHDLVODPLHQWRQRPLQDO
D 3DUD HTXLSRV FRQ WHQVLyQ Pi[LPD GH GLVHxR LJXDO R
PD\RU D N9 HV OD WHQVLyQ UHVLVWHQWH SRU LPSXOVR
QRPLQDOGHPDQLREUD\SRUUD\R
E 3DUD HTXLSRV FRQ WHQVLyQ Pi[LPD GH GLVHxR PHQRU GH N9 HV OD WHQVLyQ GH LPSXOVR QRPLQDO SRU UD\R \ OD
WHQVLyQ UHVLVWHQWH GH FRUWD GXUDFLyQ D OD IUHFXHQFLD
GHOVLVWHPD
(/
',0(16,21$0,(172</$3527(&&,Ï1'(/
$,6/$0,(172(1/$668%(67$&,21(6
&RPR VH KD PHQFLRQDGR DQWHV HO HTXLSR HOpFWULFR GH ODV
VXEHVWDFLRQHV HOpFWULFDV HVWi VXMHWR D FRQGLFLRQHV
DQRUPDOHV FRPR UHVXOWDGR GH ODV GHVFDUJDV DWPRVIpULFDV
GLUHFWDV ODV RQGDV GH VREUHWHQVLyQ TXH YLDMDQ D WUDYpV
GH ORV FRQGXFWRUHV \ ODV IDOODV HQ HO VLVWHPD HVWDV
FRQGLFLRQHV DQRUPDOHV SURGXFHQ VREUHWHQVLRQHV TXH SXHGHQ
GDU FRPR UHVXOWDGR IODPHRV HQ HO HTXLSR R IDOODV GH
DLVODPLHQWRV 3DUD SUHYHQLU GDxRV HQ HO HTXLSR \R
VDOLGDV GH VHUYLFLR GHELGDV D ODV VREUHWHQVLRQHV VH
GHEHQ GLPHQVLRQDU FRUUHFWDPHQWH ODV VXEHVWDFLRQHV GHVGH
HO SXQWR GH YLVWD HOpFWULFR SURWHJHU FRQWUD ODV
GHVFDUJDV GLUHFWDV \ XVDU GLVSRVLWLYRV GH SURWHFFLyQ SDUD
OLPLWDU ODV VREUHWHQVLRQHV D YDORUHV UD]RQDEOHV /D
DSOLFDFLyQ GH HVWRV GLVSRVLWLYRV HV XVXDOPHQWH XQ
FRPSURPLVR HQWUH ORV FRVWRV GH ORV PLVPRV \ HO JUDGR GH
SURWHFFLyQGHVHDGD
/D SURWHFFLyQ SURSRUFLRQDGD SDUD OD VXEHVWDFLyQ \ HO
HTXLSR GH OD PLVPD VH SXHGH GLYLGLU HQ GRV SDUWHV
SULQFLSDOHV
4
3URWHFFLyQ FRQWUD RQGDV GH VREUHWHQVLyQ XVDGD
SDUD SURWHJHU DO HTXLSR FRQWUD GDxR SRU
VREUHWHQVLRQHV SRU RQGDV GH UD\R RQGDV GH
PDQLREUDGHLQWHUUXSWRUHV\IDOODVHQHOVLVWHPD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
4
3URWHFFLyQ FRQWUD GHVFDUJDV GLUHFWDV XVDGD SDUD
SURWHJHU DO HTXLSR FRQWUD GHVFDUJDV GLUHFWDV GH
UD\R
3URWHFFLyQ FRQWUD RQGDV GH VREUHWHQVLyQ /RV DSDUWDUUD\RV
VH XVDQ SDUD SURWHJHU DO HTXLSR FRQWUD ODV VREUHWHQVLRQHV
FDXVDGDV SRU ODV RQGDV HQWUDQWHV OD IXQFLyQ GH ORV
DSDUWDUUD\RV HV GHVFDUJDU ODV RQGDV GH FRUULHQWH D OD
WLHUUD GHO VLVWHPD \ HQWRQFHV LQWHUUXPSLU OD FRUULHQWH
SDUD SUHYHQLU HO IOXMR GH FRUULHQWH QRUPDO D OD
IUHFXHQFLD GHO VLVWHPD KDFLD WLHUUD 8QD GLVFXVLyQ
GHWDOODGD FRQFHUQLHQWH D OD VHOHFFLyQ \ DSOLFDFLyQ GH ORV
DSDUWDUUD\RVVHGDPiVDGHODQWH
3URWHFFLyQFRQWUDGHVFDUJDVGLUHFWDV
D %OLQGDMHV
'DGR TXH HO HIHFWR GH ODV GHVFDUJDV GLUHFWDV SRU UD\R D
XQD VXEHVWDFLyQ QR EOLQGDGD SXHGH VHU GHYDVWDGRU VH
UHFRPLHQGD DOJXQD IRUPD GH SURWHFFLyQ FRQWUD GHVFDUJDV
GLUHFWDV TXH QRUPDOPHQWH FRQVLVWH GH XQ EOLQGDMH DO
HTXLSR GH OD VXEHVWDFLyQ SRU PHGLR GH ED\RQHWDV FDEOHV
GH JXDUGD \ PiVWLOHV R ELHQ DOJXQD FRPELQDFLyQ GH
pVWRV (O WLSR \ DUUHJOR GH ORV GLVSRVLWLYRV GH
SURWHFFLyQ XVDGRV HVWiQ EDVDGRV HQ HO WDPDxR \
FRQILJXUDFLyQGHOHTXLSRGHODVXEHVWDFLyQ
% $6(63$5$(/',0(16,21$0,(172(/e&75,&2
'( 68%(67$&,21(6$,6/$'$6(1$,5( (O GLPHQVLRQDPLHQWR GH ODV GLVWDQFLDV HQWUH SDUWHV YLYDV
\ GH SDUWHV YLYDV D WLHUUD TXH VH UHILHUH
HQ LQVWDODFLRQHV GH WLSR FRQYHQFLRQDO \D VHD HQ
LQWHULRUHV R LQWHPSHULH QR VH FRQVLGHUD HQ ODV
LQVWDODFLRQHVGHWLSREOLQGDGRRDLVODGDVHQJDV
/D VHSDUDFLyQ HQWUH DSDUDWRV GH XQD LQVWDODFLyQ \ OD
GLVSRVLFLyQ ItVLFD GH ORV PLVPRV VH HIHFW~DQ D SDUWLU GH
XQ GLDJUDPD XQLILODU VHOHFFLRQDQGR OD FDSDFLGDG GH OD
LQVWDODFLyQ \ VX WHQVLyQ QRPLQDO (VWRV IDFWRUHV QR VyOR
DIHFWDQ HO WDPDxR GH ODV FRPSRQHQWHV VLQR WDPELpQ ODV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
GLVWDQFLDV D WLHUUD \ HQWUH IDVHV /D GHWHUPLQDFLyQ GH
HVWDV GLPHQVLRQHV VH HIHFW~D SRU PHGLR GHO FiOFXOR GH ODV
GLVWDQFLDV HOpFWULFDV HQWUH ODV SDUWHV YLYDV GHO HTXLSR
\ HQWUH pVWDV \ ODV HVWUXFWXUDV PXURV UHMDV \ HO
VXHORTXHVRQ
'LVWDQFLDVHQWUHIDVHV(QWUHSDUWHVYLYDVGHIDVHV
GLIHUHQWHV
'LVWDQFLDV
D
WLHUUD
(QWUH
SDUWHV
YLYDV
HQHUJL]DGDV \ HVWUXFWXUDV D WLHUUD PXURV UHMDV
\ WLHUUD
'LVWDQFLDV GH DLVODPLHQWR (QWUH ODV WHUPLQDOHV GH
XQ DLVODGRU R WDPELpQ HQWUH FRQH[LRQHV D ODV
WHUPLQDOHVGHXQLQWHUUXSWRU
'LVWDQFLDV HQWUH VHFFLRQHV (QWUH SDUWHV YLYDV \
ORVOtPLWHVGHODV]RQDVGHPDQWHQLPLHQWR ]RQDVGH
WUDEDMR /RVOtPLWHVGHODV]RQDVGHPDQWHQLPLHQWR
SXHGHQ VHU WLHUUD R XQD SODWDIRUPD VREUH OD FXDO
WUDEDMHQ ORV RSHUDULRV 6L VH FRQVLGHUD TXH HQ XQD
VXEHVWDFLyQ HOpFWULFD ORV KRPEUHV GHEHQ FDPLQDU
OLEUHPHQWHEDMRODV]RQDVFRQHTXLSRHQHUJL]DGRHV
QHFHVDULRGDUXQDGLVWDQFLDDGHFXDGDHQWUHHOSXQWR
PiV EDMR VREUH FDGD DLVODGRU GRQGH VH FRQHFWDQ D
WLHUUD ODV SDUWHV PHWiOLFDV \ WLHUUD SDUD
DVHJXUDUTXHXQDSHUVRQDQRVXIULUiORVHIHFWRVGHO
FDPSR HOpFWULFR (VWD GLVWDQFLD HVWi EDVDGD HQ ODV
GHQRPLQDGDV GLVWDQFLDV GH VHJXULGDG TXH PiV
DGHODQWHVHHVWXGLDUiQ
&RQ H[FHSFLyQ GH ODV GLVWDQFLDV GH VHJXULGDG ODV
GLVWDQFLDV GLHOpFWULFDV HQ XQD VXEHVWDFLyQ HOpFWULFD
HVWiQ GHWHUPLQDGDV SRU ODV Pi[LPDV VREUHWHQVLRQHV D TXH
HVWDUi VRPHWLGR HO HTXLSR \ SRU ORV FRQWRUQRV GH ORV
PLVPRV
( 6)8(5=2648($)(&7$1(/$,6/$0,(172
'XUDQWH OD RSHUDFLyQ GH XQ HTXLSR VH SUHVHQWDQ
GLIHUHQWHV HVIXHU]RV GLHOpFWULFRV D FRQWLQXDFLyQ VH
PHQFLRQDQ ODV FODVHV GH HVIXHU]RV GLHOpFWULFRV TXH
DIHFWDQHODLVODPLHQWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
æ
æ
æ
æ
7HQVLRQHV D OD IUHFXHQFLD GHO VLVWHPD EDMR
FRQGLFLRQHVQRUPDOHVGHRSHUDFLyQHVGHFLUTXHQR
H[FHGDQGHODWHQVLyQPi[LPDGHGLVHxRGHOHTXLSR
6REUHWHQVLRQHVWHPSRUDOHV
6REUHWHQVLRQHVSRUPDQLREUD
6REUHWHQVLRQHVSRUUD\R
3DUD XQ HVIXHU]R GH WHQVLyQ GDGR HO FRPSRUWDPLHQWR GH XQ
DLVODPLHQWR LQWHUQR SXHGH HVWDU DIHFWDGR SRU VX JUDGR GH
YHMH] SRU XQ DLVODPLHQWR H[WHUQR \ SRU VX JUDGR GH
FRQWDPLQDFLyQDWPRVIpULFD
' ,67$1&,$6(/e&75,&$6'(12)/$0(2 (1$,5(
D $LVODPLHQWRGHIDVHDWLHUUD
6H UHILHUH DO DLVODPLHQWR GH XQD IDVH FXDOTXLHUD FRQ
UHODFLyQ D ORV SXQWRV FRQHFWDGRV D WLHUUD (VWi
FDUDFWHUL]DGR SRU XQD WHQVLyQ UHODFLRQDGD FRQ XQD
GLVWDQFLD D WLHUUD TXH VH YHULILFD SRU PHGLR GH
SURFHGLPLHQWRV
FRQYHQFLRQDOHV
\
UHSURGXFLEOHV
HQ
ODERUDWRULRV TXH VH H[SUHVD HQ ODV QRUPDV FRPR GLVWDQFLD
GH DLVODPLHQWR HQ HO DLUH TXH HV QHFHVDULD SDUD GHILQLU
ORVDVSHFWRVGHVHJXULGDG
E $LVODPLHQWRGHIDVHDIDVH
(O
DLVODPLHQWR
HQWUH
IDVHV
GHEH
JDUDQWL]DU
XQ
FRPSRUWDPLHQWR GLHOpFWULFR TXH UHODFLRQH OD WHQVLyQ FRQ
OD GLVWDQFLD HQ DLUH VLQ FRQVLGHUDU QLQJ~Q HOHPHQWR D
WLHUUDHQWUHORVFRQGXFWRUHVGHIDVH
(Q ODV VXEHVWDFLRQHV OD GLVWDQFLD GH DLVODPLHQWR HQWUH
IDVHV UHVXOWD GH ODV FRQGLFLRQHV GH OD LQVWDODFLyQ \
IUHFXHQWHPHQWH VH UHILHUH D ORV HTXLSRV DXQTXH QR
GHSHQGDGHpVWRV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
& 21&(3726%È6,&263$5$(/',6(f2'(/$,6/$0,(172(1$,5(
7HQVLyQ FUtWLFD GH IODPHR 9&) R &)2 /D WHQVLyQ FUtWLFD
GH IODPHR HV HO YDORU GH WHQVLyQ DO FXDO VH WLHQH XQD
SUREDELOLGDG GH IODPHR GHO \ ORV YDORUHV XVDGRV SDUD
GLVHxR FRUUHVSRQGHQ D ORV QLYHOHV EiVLFRV GH DLVODPLHQWR
SRU LPSXOVR GH UD\R R GH PDQLREUD TXH VRQ FDQWLGDGHV
LQIHULRUHV DO 9&) R HO 9&6 \ TXH GDUtDQ SUREDELOLGDGHV
GH IODPHR Pi[LPDV GHO HV GHFLU VH HVSHUD TXH QR VH
SURGX]FDIODPHRSRUORPHQRVHQXQGHODVYHFHV
7HQVLyQ Pi[LPD GH GLVHxR 9G /D WHQVLyQ Pi[LPD GH
GLVHxR GHO HTXLSR HV HO YDORU HILFD] GH WHQVLyQ PiV DOWR
HQWUH IDVHV SDUD HO FXDO HVWi GLVHxDGR HO HTXLSR FRQ
UHVSHFWR D VX DLVODPLHQWR \ D RWUDV FDUDFWHUtVWLFDV
DVRFLDGDV FRQ HVWD WHQVLyQ HQ ODV QRUPDV UHODWLYDV DO
HTXLSR
&RUULHQWH QRPLQDO ,Q &RUULHQWH QRPLQDO HV HO YDORU GH
FRUULHQWH TXH FLUFXOD SRU XQD LQVWDODFLyQ R VLVWHPD
HOpFWULFR HQ FRQGLFLRQHV QRUPDOHV GH RSHUDFLyQ \ FRQ
FDUJDQRPLQDODVXIDFWRUGHSRWHQFLDHVWDEOHFLGR
&RUULHQWH Pi[LPD GH RSHUDFLyQ FRQWLQXD
0&29 /D
FRUULHQWH Pi[LPD GH RSHUDFLyQ FRQWLQXD HV HO YDORU Pi[LPR
DGPLVLEOH GH FRUULHQWH TXH VH SUHYp HQ FRQGLFLRQHV
QRUPDOHV GH RSHUDFLyQ VLQ IDOOD HQ XQD LQVWDODFLyQ R
VLVWHPDHOpFWULFR
1LYHO EiVLFR GH DLVODPLHQWR 1%$ (O QLYHO EiVLFR GH
DLVODPLHQWR R QLYHO GH RQGD FRPSOHWD HV HO QLYHO GH
WHQVLyQ TXH HO DLVODPLHQWR GH XQ HTXLSR HOpFWULFR SXHGH
VRSRUWDU UHSHWLGDPHQWH VLQ TXH VH SUHVHQWH OD GHVFDUJD
GLVUXSWLYD
1LYHO EiVLFR GH DLVODPLHQWR DO LPSXOVR SRU UD\R 1%, (O
QLYHO EiVLFR GH DLVODPLHQWR DO LPSXOVR SRU UD\R HV OD
SRWHQFLD HOpFWULFD GH DLVODPLHQWR H[SUHVDGR HQ WpUPLQRV
GH YDORUHV GH FUHVWD GH XQ YDORU HVWiQGDU GH LPSXOVR DO
UD\R
1LYHO EiVLFR GH DLVODPLHQWR DO LPSXOVR SRU PDQLREUD
1%$ (O QLYHO EiVLFR GH DLVODPLHQWR DO LPSXOVR SRU
PDQLREUD HV OD SRWHQFLD HOpFWULFD GH DLVODPLHQWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
H[SUHVDGR HQ WpUPLQRV GH YDORUHV GH FUHVWD GH XQ YDORU
HVWiQGDUGHLPSXOVRSRUPDQLREUD
& È/&8/2'(/$6',67$1&,$6',(/e&75,&$6(1$,5(
/DV GLVWDQFLDV HQ DLUH GH IDVH D WLHUUD \ GH IDVH D IDVH
GHEHQ JDUDQWL]DU HVWDGtVWLFDPHQWH XQD SUREDELOLGDG GH
IODPHR WDO TXH UHVXOWH WDQ EDMD GHVGH HO SXQWR GH YLVWD
GH ORV FULWHULRV GH GLVHxR DGRSWDGRV (VWR FRQGXFH DO
HVWDEOHFLPLHQWR GH GLVWDQFLDV PtQLPDV GH QR IODPHR HQWUH
IDVH \ WLHUUD R HQWUH IDVHV TXH VH GHWHUPLQD
SULQFLSDOPHQWH SDUD ORV LPSXOVRV SRU UD\R \ SRU PDQLREUD
VHJ~QORVQLYHOHVGHDLVODPLHQWR
(O FRQFHSWR GH GLVWDQFLD GLHOpFWULFD HQ DLUH HV JHQHUDO
\ GHVGH HO SXQWR GH YLVWD GH GLVHxR SDUWH GH OD
UHODFLyQ HQWUH OD WHQVLyQ FUtWLFD GH IODPHR SRU UD\R
9&) R SRU PDQLREUD
9&6 \ HO QLYHO EiVLFR GH
DLVODPLHQWR DO LPSXOVR SRU UD\R 1%, R SRU PDQLREUD
1%6 /D UHODFLyQ HQWUH ORV QLYHOHV EiVLFRV GH
DLVODPLHQWR DO LPSXOVR \ ODV WHQVLRQHV FUtWLFDV GH
IODPHRVHLQGLFDQDFRQWLQXDFLyQ
3RULPSXOVRGHUD\R
1%, 9&) ±σ
'RQGH
σ
(V OD GHVYLDFLyQ HVWiQGDU UHIHULGD DO YDORU GH 9&)
REWHQLGDGHODGLVWULEXFLyQGHJDXVV
6H UHFRPLHQGD SDUD HO FDVR GH LPSXOVR SRU UD\R XVDU
XQYDORUGHσ
&RQ OR TXH VXVWLWX\HQGR HQ OD HFXDFLyQ DQWHULRU VH
WLHQH1%, 9&)
3RULPSXOVRGHPDQLREUD
1%6 9&6 ±σ
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6H UHFRPLHQGD SDUD HO LPSXOVR SRU PDQLREUD XVDU XQ
YDORUGHσ
&RQ OR TXH VH WLHQH VXVWLWX\HQGR HQ OD HFXDFLyQ
DQWHULRU
1%6 9&6
3DUD WHQVLRQHV QRPLQDOHV KDVWD N9 ODV GLVWDQFLDV
GLHOpFWULFDV GH IDVH D WLHUUD KDVWD PVQP \ HQ
FRQGLFLRQHV HVWiQGDU VH FDOFXODQ EiVLFDPHQWH SRU HIHFWR
GH LPSXOVR GH UD\R \ VyOR VH YHULILFDQ SDUD ODV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
VREUHWHQVLRQHV SRU PDQLREUD GH LQWHUUXSWRUHV (Q FLHUWRV
FDVRV OD UHODFLyQ HQWUH OD WHQVLyQ FUtWLFD GH IODPHR \
ODGLVWDQFLDHQDLUHVHREWLHQHGHODHFXDFLyQ
9&6= . G [N9]
'RQGH
G 'LVWDQFLDHQWUHHOHFWURGRVH[SUHVDGDHQP
. )DFWRUGHHOHFWURGRV IDFWRUGH*DS
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
0
6
$
&
,
5
7
&
e
/
(
6
(
1
2
,
&
$
7
6
(
%
8
6
(
'
2
P
2
'
2
5
7
&
(
/
(
2
P
G
$
7
1
8
3
0
\
G
$
7
1
8
3
0
S
I
P
$
7
1
8
3
5
2
7
&
8
'
1
2
&
S
I
0
[
0
2
7
1
(
,
0
[
0
$
1
2
,
0
6
1
(
0
,
'
/
(
0
G
2
0
1
(
$
5
8
7
&
8
5
7
6
(
$
7
1
8
3
P
P
0
6
2
'
$
6
8
0
0
0
[
0
0
2
P
P
0
0
(
%
$
5
7
5
2
7
&
8
'
1
2
&
6
2
'
2
5
7
&
(
/
(
(
'
6
(
1
2
,
&
$
5
8
*
,
)
1
2
&
2
P
0
0
2
P
P
3É*,1$
2
1
$
/
3
$
7
1
8
3
P
G
2
1
$
/
3
5
2
7
&
8
'
1
2
&
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(O IDFWRU GH HOHFWURGRV . VHJ~QODVFRQILJXUDFLRQHV
WRPD ORV VLJXLHQWHV YDORUHV
7$%/$
(/ )$&725'((/(&752'26. 6(*Ò168&21),*85$&,Ï1
)$&725.
&21),*85$&,21(6
3DUDFRQGXFWRU±HVWUXFWXUD
& RQGXFWRUGHIDVHH[WHULRUHQ
OtQHDVGHWUDQVPLVLyQ±HVWUXFWXUD
& RQGXFWRU±HVWUXFWXUDHQOtQHDVGH
WUDQVPLVLyQFRQFDGHQDGH
DLVODGRUHVHQ³9´
& RQGXFWRU±REMHWRDWLHUUD
YHKtFXORVWDEOHURVHWF & RQGXFWRU±FRQGXFWRU
$ QLOOR±HTXLSRWHQFLDO
& RQGXFWRU±YHQWDQDHQOtQHDVGH
WUDQVPLVLyQ
3DUDFRQILJXUDFLyQSXQWDSODQR
'LVWDQFLDGHIDVHDWLHUUD P G=
9&)
.
(Q WHQVLRQHV QRPLQDOHV VXSHULRUHV D N9 ODV
GLVWDQFLDV GLHOpFWULFDV GH IDVH D WLHUUD KDVWD PVQP \ HQ FRQGLFLRQHV HVWiQGDU VH FDOFXODQ
EiVLFDPHQWH SRU HIHFWR GH LPSXOVR GH PDQLREUD GH DFXHUGR
FRQODH[SUHVLyQ
9&6= .
[N9]
'RQGH
.
G
)DFWRUGH*DS
'LVWDQFLDGHIDVHDWLHUUD P 3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7DPELpQVHSXHGHXVDUHQIRUPDDOWHUQDODHFXDFLyQ
9&6=
.
+
G
/RV IDFWRUHV GH *DS UHFRPHQGDGRV SDUD VREUHWHQVLRQHV SRU
PDQLREUD SDUD GLIHUHQWH FRQILJXUDFLyQ VRQ ORV YDORUHV
VLJXLHQWHV
7$%/$
)$&725(6'(*$3. 5(&20(1'$'26
3$5$',)(5(17(6&21),*85$&,21(6'((/(&752'26
)$&725.
. . . . .
&21),*85$&,Ï1
9DULOODYDULOOD
& RQGXFWRUGHIDVHH[WHULRUD
WRUUHV
& RQGXFWRUGHIDVHLQWHULRUDWRUUH
YHQWDQD ) DVH±IDVH
3XQWD±SODQR
/D GHWHUPLQDFLyQ GH GLVWDQFLDV PtQLPDV GH IDVH D IDVH VH
KDFH FRQ XQ SURFHGLPLHQWR VHPHMDQWH DO FiOFXOR GH ODV
GLVWDQFLDV GH IDVHWLHUUD SRU LPSXOVRV GH UD\R \ GH
PDQLREUD (VWDV GLVWDQFLDV VH FDOFXODQ SDUD XQD DOWLWXG
GH KDVWD PVQP GH DFXHUGR FRQ ODV VLJXLHQWHV
H[SUHVLRQHV
D 3RU LPSXOVR GH UD\R SDUD WHQVLRQHV QRPLQDOHV GH KDVWD
N9
9&)= G
'RQGH
9&) 7HQVLyQ FUtWLFD GH IODPHR GH IDVH D IDVH
H[SUHVDGDHQN9
G 'LVWDQFLDHQWUHIDVHVH[SUHVDGDHQP
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6LHQGR
9&)=
1%, IDVH IDVH
E 3RU LPSXOVR GH PDQLREUD SDUD WHQVLRQHV VXSHULRUHV D N9
«« G II = 9&6
«« G I I = 9&6
9&6H[SUHVDGDHQ09
/DV GLVWDQFLDV REWHQLGDV FRQ ODV H[SUHVLRQHV \ VH
SXHGHQ FRQVLGHUDU GH GLVHxR HQ HO FDVR GH VXEHVWDFLRQHV
HOpFWULFDVTXHXVDQEDUUDVUtJLGDV
/D H[SUHVLyQ
VH HPSOHD SDUD FRQILJXUDFLRQHV
VLPpWULFDV HQWUH HOHFWURGRV SRU HMHPSOR FRQGXFWRU D
FRQGXFWRU HQ SDUDOHOR FRQGXFWRU D FRQGXFWRU FUX]DGRV \
SXQWDDSXQWD
/D H[SUHVLyQ
VH HPSOHD SDUD FRQILJXUDFLRQHV
DVLPpWULFDV HQWUH HOHFWURGRV SRU HMHPSOR SXQWD
FRQGXFWRU R ELHQ HQ FRQILJXUDFLRQHV VLPpWULFDV FXDQGR
OD VLPHWUtD VH QHXWUDOL]D SRU HIHFWR GH LUUHJXODULGDG GH
ORV HOHFWURGRV FRPR HV HO FDVR GH ODV EDUUDV VRSRUWDGDV
GHDLVODGRUHVFRQKHUUDMHV
(IHFWRV PHWHRUROyJLFRV SUHVLyQ EDURPpWULFD WHPSHUDWXUD
\ KXPHGDG /RV YDORUHV GH WHQVLyQ DO LPSXOVR TXH
SURGXFHQ GHVFDUJD HQ HO DLUH HQWUH HOHFWURGRV HVWiQ
LQIOXHQFLDGRV SRU ORV YDORUHV GH SUHVLyQ DWPRVIpULFD
WHPSHUDWXUD \ KXPHGDG HVWH FULWHULR HV YiOLGR SDUD WRGRV
ORV DLVODPLHQWRV H[WHUQRV
FDGHQDV GH DLVODGRUHV HQ
OtQHDV GH WUDQVPLVLyQ ERTXLOODV HQ WUDQVIRUPDGRUHV
ERTXLOODV GH LQWHUUXSWRUHV SRUFHODQDV HQ WUDQVIRUPDGRUHV
GH SRWHQFLDO \ FRUULHQWH HWF \D TXH ODV SUXHEDV VH
HIHFW~DQ HQ ODV FRQGLFLRQHV DWPRVIpULFDV QRUPDOL]DGDV GH
& GH WHPSHUDWXUD PLOLEDU GH SUHVLyQ EDURPpWULFD
PP GH PHUFXULR D & \ XQD KXPHGDG DEVROXWD GH JPP 6H SXHGH GHPRVWUDU TXH OD WHQVLyQ GLVUXSWLYD VH
DXPHQWD FRQ OD GHQVLGDG GHO DLUH \ OD KXPHGDG SRU OR TXH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
ORV YDORUHV GH WHQVLRQHV GLVUXSWLYDV GHEHQ VHU FRUUHJLGDV
SRUHVWRVGRVIDFWRUHV
'HO YDORU GH WHQVLyQ GLVUXSWLYD WHQVLyQ FUtWLFD GH
IODPHR 9&) D XQD WHPSHUDWXUD W HQ & \ XQD SUHVLyQ
EDURPpWULFD E VH SXHGH REWHQHU HO YDORU 9Q GH DFXHUGR
FRQODUHODFLyQVLJXLHQWH
9Q = δ 9&)
'RQGH
d HV HO FRHILFLHQWH GH FRUUHFFLyQ TXH HV HQ IXQFLyQ
GH OD GHQVLGDG UHODWLYD GHO DLUH \ OD W D OD
WHPSHUDWXUD\E D ODSUHVLyQ
/D GHQVLGDG UHODWLYD GHO DLUH δ D FXDOTXLHU SUHVLyQ
EDURPpWULFDVHFDOFXODFRQODH[SUHVLyQVLJXLHQWH
δ=
E
+ W
'RQGH
E
HV OD SUHVLyQ EDURPpWULFD GHO OXJDU GH OD
LQVWDODFLyQ
W
HV OD WHPSHUDWXUD DPELHQWH HQ HO OXJDU GH OD
LQVWDODFLyQ
/D SUHVLyQ EDURPpWULFD VH REWLHQH SRU PHGLFLyQ pVWD
SXHGH VHU PHGLGD FRQ XQ EDUyPHWUR GH )RUWLQ TXH HV XQ
WLSR PX\ XVDGR GH WDO IRUPD TXH OD SUHVLyQ EDURPpWULFD D
XQD WHPSHUDWXUD W EW VH SXHGH REWHQHU UHVROYLHQGR OD
VLJXLHQWHH[SUHVLyQ
ER = EW − EW W
'RQGH
E
W
SUHVLyQEDURPpWULFDHQPPGHPHUFXULRD&
SUHVLyQEDURPpWULFDDODWHPSHUDWXUDWHQ&
(Q FXDQWR D OD KXPHGDG VH KDFH XQ UD]RQDPLHQWR GLVWLQWR
SDUD HO REMHWR TXH VH SUXHED HO FRHILFLHQWH TXH OR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
UHODFLRQD GHSHQGH WDPELpQ GH OD IRUPD GH ORV HOHFWURGRV
HV GHFLU VL VH WLHQHQ GRV HOHFWURGRV HQ DLUH VLQ
LQWHUHVDU OD VXSHUILFLH GHO PDWHULDO QR VH GHEH DSOLFDU
IDFWRU GH FRUUHFFLyQ SHUR VL HQ OXJDU GH HVWR OD
GHVFDUJD VH SUHVHQWD D OR ODUJR GH OD VXSHUILFLH VyOLGD
SRU HMHPSOR XQ DLVODGRU GH SRUFHODQD HO YDORU GH OD
WHQVLyQ GH GHVFDUJD GHEH VHU UHSRUWDGD D ODV FRQGLFLRQHV
QRUPDOHV GH KXPHGDG VHJ~Q XQ FRHILFLHQWH GH FRUUHFFLyQ
.KREWHQLGRGHJUiILFDV
(QWRQFHV OD WHQVLyQ GH GHVFDUJD HQ ODV FRQGLFLRQHV GH
SUXHED
HQ ODERUDWRULRV VH GHEH FRUUHJLU D ODV
FRQGLFLRQHV GHO OXJDU GH OD LQVWDODFLyQ SRU SUHVLyQ
EDURPpWULFD KXPHGDG \ WHPSHUDWXUD GH DFXHUGR FRQ OD
UHODFLyQ
9&)QR HVWiQGDU =
δ
9&)HVWiQGDU
.K
'HVSHMDQGR
.K
9&)
9&)QR HVWiQGDU
HVWiQGDU =
δ
[N9]
/RV DLVODPLHQWRV LQWHUQRV QR VH YHQ DIHFWDGRV SRU ODV
FRQGLFLRQHV DPELHQWDOHV \ HQ FRQVHFXHQFLD QR UHTXLHUHQ
GHFRUUHFFLyQDOJXQD
/D WHQVLyQ FUtWLFD GH IODPHR HQ FRQGLFLRQHV HVWiQGDU VH
PRGLILFDGHDFXHUGRFRQODVLJXLHQWHH[SUHVLyQ
9&)QR HVWiQGDU =
δQ
9&)HVWiQGDU
.K
3DUD SUXHEDV HQ ODERUDWRULRV LQVWDODGRV D XQD DOWXUD
VXSHULRUDPVQP
6LHQGR
.K
)DFWRUGHFRUUHFFLyQSRUKXPHGDG
δ
)DFWRUGHFRUUHFFLyQSRUSUHVLyQEDURPpWULFD
1
([SRQHQWH TXH GHSHQGH GH OD FRQILJXUDFLyQ GH ORV
HOHFWURGRV
WHQLHQGRXQYDORUPi[LPRGH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(QFRQGLFLRQHVHVWiQGDU
.K = JPP
6HREWLHQHGHODH[SUHVLyQ
δ=
E
+ W
'RQGH
E
W
SUHVLyQEDURPpWULFDHQPPGHPHUFXULR
WHPSHUDWXUDHQ&
(QFRQGLFLRQHVHVWiQGDU
E PPGHPHUFXULRDPVQP
W &
7RPDQGR FRPR UHIHUHQFLD HO QLYHO GHO PDU \ OD WHPSHUDWXUD
DPELHQWH GH & ORV IDFWRUHV GH FRUUHFFLyQ SDUD
GLIHUHQWHV DOWLWXGHV WRPDGRV SRU UDQJRV VH LQGLFDQ HQ
ODVLJXLHQWHWDEOD
7 $% /$ ) $& 72 5( 6 '( & 25 5( && ,Ï 1 32 5 35 (6 ,Ï 1 %$ 52 0e 75 ,&$
3$ 5$ ' ,) (5 (1 7( 6 $/ 7, 78 '( 6 &2 1 5( 63 (& 72 $ 0 6 1 0 5 $1 *2 6 '( $ /7 85 $
62 %5 ( (/ 1 ,9 (/ ' (/ 0 $5
0
) $& 72 5 '( & 25 5( && ,Ï 1
D
D
D
D
D
D
/RV IDFWRUHV GH FRUUHFFLyQ SRU KXPHGDG VH REWLHQHQ
DSOLFDQGRORVYDORUHVGHGLFKDWDEOD
/D WHQVLyQ FUtWLFD GH IODPHR SDUD GLVWDQFLDV HQ DLUH
XWLOL]DGDV HQ GLVHxR HQ FRQGLFLRQHV GLIHUHQWHV D OD
HVWiQGDUVHFDOFXODGHODVLJXLHQWHPDQHUD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
.
9&)GLVHxR = K 9&)HVWiQGDU
δQ
.
9&6GLVHxR = K 9&6HVWiQGDU
δQ
7 $% /$ ' ,6 7$ 1& ,$ 6 0Ë 1, 0$ 6 '( ) $6 ( $ 7, (5 5$ < ' ( )$ 6( $ )$ 6( ( 1 $, 5(
+ $67$ 0 6 1 0 < (1&21',&,21(6(67È1'$5
7(16,Ï1
120,1$/.9
7(16,Ï1
0È;,0$.9
1%,
.9
1%6
.9
1%,'(
1%6'(
',67$1&,$
',67$1&,$
)$6($
)$6(
)$6($
)$6(
'()$6($
7 , ( 5 5 $ PP
'()$6($
) $ 6 ( PP
3DUDFRQILJXUDFLyQFRQGXFWRUHVWUXFWXUD
3DUDFRQILJXUDFLyQDVLPpWULFD
3UHVLyQEDURPpWULFDGHPPGH+J\WHPSHUDWXUDGH& 3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
35(6,Ï1%$520e75,&$
.
>P@
+
)$&725'(&255(&&,Ï1325$/7,78'³
δ
´
'($&8(5'2&21/$1250$,(&<$16,
+80('$'
.K
D
E
E
D
+80('$ '$ %62/87$>JP@
)$&725'(&255(&&,Ï1.325+80('$ '
K
D7(16,Ï1$/$)5(&8(1&,$'(/6,67(0$
E7(16,Ï1$ /, 038/62
127$ /269$ /25(6'(+80('$ '5(/$7,9$(;35(6$ '$(1 6(5(),(5(&21
5(/$ &, Ï1$ /9$ /25(67È1'$ 5 JP
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
/ 26$,6/$'25(6(1/$668%(67$&,21(6
e
$,6/$'25(63$5$/26$3$5$726<(48,3267,32(;7(5,25
D 7LSRV
/RV DLVODGRUHV SDUD ORV HTXLSRV R DSDUDWRV WLSR
H[WHULRU R LQWHPSHULH VH XVDQ HQ SULPHU WpUPLQR SDUD
VRSRUWDU EXVHV UtJLGRV \ RWURV HTXLSRV HOpFWULFRV TXH
RSHUDQ VREUH HO YDORU GHO SRWHQFLDO GH WLHUUD /RV
DLVODGRUHV SDUD ORV HTXLSRV \ DSDUDWRV VH IDEULFDQ
QRUPDOPHQWH HQ SRUFHODQD \ HYHQWXDOPHQWH HQ YLGULR 6H
HQFXHQWUDQ GLVSRQLEOHV HQ GRV WLSRV SULQFLSDOPHQWH
WLSR DOILOHU \ WLSR SRVWH R VRSRUWH H[LVWHQ RWURV
WLSRVGLVSRQLEOHVSRUSDUWHGHORVIDEULFDQWHV
E $LVODGRUHVWLSRDOILOHUSDUDHTXLSRV\DSDUDWRV
(VWRV DLVODGRUHV VH IDEULFDQ FRQ SRU OR PHQRV GRV
IDOGRQHV GH GLVWLQWR GLiPHWUR FHPHQWDGRV MXQWRV SDUD
VDWLVIDFHU ORV UHTXHULPLHQWRV HOpFWULFRV /D VHSDUDFLyQ
\ FRQILJXUDFLyQ GH ORV IDOGRQHV SUHYLHQHQ SRU OR
JHQHUDO ORV IODPHRV SURYRFDGRV SRU ODV JRWDV GH DJXD
(O HVSDFLR DPSOLR HQWUH IDOGRQHV SHUPLWH OD OLPSLH]D GH
ODV VXSHUILFLHV H[SXHVWDV SDUD PLQLPL]DU OD DFXPXODFLyQ
GHFRQWDPLQDFLyQHQODVXSHUILFLH
/RV IDOGRQHV DQFKRV GH ORV DLVODGRUHV VRQ VXVFHSWLEOHV
GHGDxDUVH SRU ORV IODPHRV \ RWUDV FDXVDV \ HQ DOJXQRV
FDVRV TXHGDU SHUPDQHQWHPHQWH GDxDGRV (VWRV DLVODGRUHV
VH HQFXHQWUDQ GLVSRQLEOHV HQ GRV WLSRV (PSDFDEOHV R QR
HPSDFDEOHV ORV DLVODGRUHV VHQFLOORV QR HPSDFDEOHV R
HQFKXIDEOHV VH XVDQ QRUPDOPHQWH HQ WHQVLRQHV GH
DSOLFDFLyQ SDUD GLVWULEXFLyQ KDVWD N9 SDUD
WHQVLRQHV PD\RUHV N9 VH XVDQ SRU OR JHQHUDO ORV
DLVODGRUHVWLSRHQFKXIDEOH
F $LVODGRUHV WLSR SRVWH R VRSRUWH SDUD DSDUDWRV \
HTXLSRV
/RV DLVODGRUHV WLSR SRVWH R VRSRUWH SDUD DSDUDWRV \
HTXLSRV VRQ HO WLSR TXH VH XVD FRQ PD\RU IUHFXHQFLD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
SDUD OD FRQVWUXFFLyQ GH VXEHVWDFLRQHV QXHYDV VX SHUILO
XQLIRUPH \ PHQRU GLiPHWUR PHMRUDQ OD DSDULHQFLD GHO
DLVODGRU /RV DLVODGRUHV WLSR SRVWH VH IDEULFDQ SRU
OR JHQHUDO GH XQD VROD SLH]D HQ SRUFHODQD SDUD IRUPDU
FRQ XQ FLHUWR Q~PHUR GH GLVFRV OD FDUDFWHUtVWLFD
HOpFWULFDUHTXHULGD
/RV H[WUHPRV R WHUPLQDFLRQHV SDUD PRVWUDU ORV
DLVODGRUHV HVWiQ FHPHQWDGRV D OD SRUFHODQD GDGR TXH
ORV DLVODGRUHV HVWiQ IDEULFDGRV FRQ XQ PtQLPR GH
XQLRQHV VRQ PiV UtJLGRV TXH ORV GH WLSR DOILOHU \ HQ
FRQVHFXHQFLDWLHQHQGHIOH[LRQHVUHGXFLGDV
/RV GLVFRV R IDOGRQHV GH ORV DLVODGRUHV WLSR SRVWH DO
VHUPiV FRUWRV TXH ORV GH WLSR DOILOHU ORV KDFHQ PHQRV
VXVFHSWLEOHV D GDxRV TXH ORV GH WLSR DOILOHU SRU OR
TXH JHQHUDOPHQWH VH PDQWLHQH OD LQWHJULGDG GHO
DLVODPLHQWR GDGR TXH QR VH DIHFWDQ VXV GLVWDQFLDV GH
IODPHR
G 1LYHO EiVLFR GH DLVODPLHQWR DO LPSXOVR
DLVODGRUHVGHHTXLSRV\DSDUDWRV
1%, SDUD
/RV DLVODGRUHV SDUD ORV DSDUDWRV HVWiQ GLVSRQLEOHV FRQ
QLYHOHV EiVLFRV GH DLVODPLHQWR DO LPSXOVR WHQVLyQ GH
DJXDQWH HQ ORV YDORUHV GDGRV HQ OD VLJXLHQWH WDEOD (O
XVR GH ORV 1%, SDUD ORV YROWDMHV QRPLQDOHV GHO VLVWHPD
TXH VH GDQ HQ HVWD WDEOD GHEH SHUPLWLU HQ IRUPD
DGHFXDGD OD FRRUGLQDFLyQ GHO DLVODPLHQWR FRQ HO UHVWR
GHO DLVODPLHQWR GH OD LQVWDODFLyQ \ FRQ ORV
GLVSRVLWLYRV GH SURWHFFLyQ SDUD OD PD\RUtD GH ODV
FRQGLFLRQHV GH RSHUDFLyQ (Q ODV iUHDV FRQ DOWRV
QLYHOHV GH FRQWDPLQDFLyQ SXHGH VHU FRQYHQLHQWH
LQFUHPHQWDU ORV 1%, D ORV DLVODGRUHV D YDORUHV PD\RUHV
TXHORVLQGLFDGRV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ 1 ,9 (/ (6 % È6 ,& 26 ' ( $, 6/ $0 ,( 17 2 $/ , 03 8/ 62 7( 16 ,Ï 1 '( $ *8 $1 7(
3$ 5$ ' ,6 7, 17 26 9 2/ 7$ -( 6 12 0, 1$ /( 6 '( / 6, 67 (0$
9 2/ 7$ -( 1 20 ,1 $/ ' (/
6, 67 (0 $ . 9
1 ,9 (/ % È6 ,& 2 '( $ ,6 /$ 0, (1 72 ' (/
(4 8, 32 7( 16 ,Ï 1 '( $ *8 $1 7(
.9
7 $% /$ ) $& 72 5( 6 '( & 25 5( && ,Ï 1 32 5 $/ 7, 78 ' 3$ 5$ ( 48 ,32 6
$ /7 ,7 8' ( 1 0( 75 26
3, (6
) $& 72 5 '( & 25 5( && ,Ï 1
48 ( 6( $ 3/ ,& $ $/ 1%,
H 'LVWDQFLD GH IXJD SDUD DLVODGRUHV GH DSDUDWRV \ HTXLSRV
WLSRH[WHULRU
/RV DLVODGRUHV WLSR DOILOHU R WLSR SRVWH SDUD DSDUDWRV
GHSHQGHQ GHO FRQWRUQR GHO PDWHULDO DLVODQWH SDUD
VDWLVIDFHU OD GLVWDQFLD GH IXJD UHTXHULGD OD UXSWXUD GH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
XQ IDOGyQ R FDPSDQD HQ XQ DLVODGRU SXHGH UHGXFLU
IXHUWHPHQWH OD GLVWDQFLD GH IXJD \ SRVLEOHPHQWH FDXVDU
IODPHRHQHODLVODGRU
/D UXSWXUD GH XQ IDOGyQ VREUH XQ DLVODGRU WLSR SRVWH
XVXDOPHQWH QR GHEH SURGXFLU IODPHR HQ HO DLVODGRU GDGR
TXH VyOR VH GHVWUX\H XQ SHTXHxR SRUFHQWDMH GH OD
GLVWDQFLD GH IXJD WRWDO FRPSDUDGD FRQ RWURV DLVODGRUHV
FRPR HO WLSR DOILOHU /RV DLVODGRUHV WLSR SRVWH SDUD
DSDUDWRV SRU OR JHQHUDO WLHQHQ GLVWDQFLDV GH IXJD
PD\RUHV TXH RWURV WLSRV HQ HVSHFLDO SDUD ORV 1%, GH EDMR
YDORU (Q iUHDV GH DOWD FRQWDPLQDFLyQ HV GHVHDEOH
XWLOL]DU DLVODGRUHV \D VHD FRQ GLVWDQFLDV GH IXJD
PD\RUHV TXH ODV HVWiQGDU R ELHQ YDORUHV PiV DOWRV GH
1%, SDUD SUHYHQLU OD UXSWXUD GLHOpFWULFD SRU OD
FRQWDPLQDFLyQVXSHUILFLDO
I /D UHVLVWHQFLD PHFiQLFD SDUD DLVODGRUHV GH DSDUDWRV
WLSRH[WHULRU
/D PD\RUtD GH ORV DLVODGRUHV SDUD DSDUDWRV \ HTXLSRV VH
HQFXHQWUDQ GLVSRQLEOHV HQ YDULDV FDSDFLGDGHV GH HVIXHU]R
PHFiQLFR EDVDGDV HQ SULPHU WpUPLQR HQ HO HVIXHU]R HQ
FDQWLOLYHUGHORVDLVODGRUHV
(O GLVHxR \ IDEULFDFLyQ GH ORV DLVODGRUHV WLSR SRVWH SDUD
DSDUDWRV GHEH SHUPLWLU SRU LJXDO ODV SRVLFLRQHV GH
PRQWDMH YHUWLFDO \ VXVSHQGLGR SHUR DTXt HV LPSRUWDQWH
FRQVLGHUDU ODV GLIHUHQFLDV FXDQGR VH XVDQ DLVODGRUHV WLSR
SRVWH\WLSRDOILOHU
3DUD OD PD\RUtD GH ODV DSOLFDFLRQHV HO HVIXHU]R HQ
FDQWLOLYHU HV OD FDUDFWHUtVWLFD PHFiQLFD PiV LPSRUWDQWH
VLQ HPEDUJR GHSHQGLHQGR GH OD DSOLFDFLyQ GHO DLVODGRU
DOJXQDV GH ODV RWUDV FDUDFWHUtVWLFDV SXHGHQ VHU
LPSRUWDQWHV \ GHEHUtDQ VHU WRPDGDV HQ FXHQWD (VWDV
FDUDFWHUtVWLFDV LQFOX\HQ HO HVIXHU]R GH WHQVLyQ OD
UHVLVWHQFLDDODFRPSUHVLyQ\HOHVIXHU]RWHQVLRQDO
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ & $5 $& 7( 5Ë 67 ,& $6 7 Ë3 ,& $6 ' ( $, 6/ $' 25 (6 7 ,3 2 $/) ,/ (5 2 & $& +8 &+ $
1,9(/
(6)8(5=2(1
%È6,&2'(
&$17,/,9(5
$,6/$0,(172 &2020217$17(2
$/,038/62
623257(1(:721
1%, .9
/,%5$6
(6)8(5=2(1
&$17,/,9(5
&2/*$'2
1(:721
/,%5$6
&Ë5&8/2'(/
7251,/2
&(17Ë0(7526
38/*
3É*,1$
$/785$
&(17Ë0(7526
38/*
',67$1&,$'(
)8*$
&(17Ë0(7526
38/*
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ & $5 $& 7( 5Ë 67 ,& $6 7 Ë3 ,& $6 ' ( $, 6/ $' 25 (6 7 ,3 2 $/) ,/ (5 2 & $& +8 &+ $
1,9(/
(6)8(5=2(1
%È6,&2'(
&$17,/,9(5
$,6/$0,(172 &2020217$17(2
$/,038/62
623257(1(:721
.9
/,%5$6
(6)8(5=2(1
&$17,/,9(5
&2/*$'2
1(:721
/,%5$6
&Ë5&8/2'(/
7251,/2
&(17Ë0(7526
38/*
3É*,1$
',67$1&,$'(
$/785$
&(17Ë0(7526
38/*
)8*$
&(17Ë0(7526
38/*
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
$ ,6/$'25(6'(6863(16,Ï1
D 7LSRV
/RV DLVODGRUHV GH VXVSHQVLyQ VH XVDQ FRPR DLVODPLHQWR \
VRSRUWH SDUD ORV EXVHV
EDUUDV IOH[LEOHV HQ ODV
VXEHVWDFLRQHV /RV DLVODGRUHV GH VXVSHQVLyQ VH HQFXHQWUDQ
GLVSRQLEOHV HQ YDULDV IRUPDV SDUD VDWLVIDFHU ORV
UHTXHULPLHQWRV LQGLYLGXDOHV /RV DLVODGRUHV GH UHPDWH
WLSR GLVWULEXFLyQ VH SXHGHQ XVDU HQ ORV YROWDMHV GH
GLVWULEXFLyQ SDUD RV EXVHV WLSR IOH[LEOH /RV DLVODGRUHV
GH VXVSHQVLyQ WLSR FRQYHQFLRQDO VH XVDQ QRUPDOPHQWH SDUD
ORV EXVHV WLSR IOH[LEOH \ VH SXHGHQ VXPLQLVWUDU SDUD VX
ILMDFLyQ PHFiQLFD FRQ FOLPD R EROD ORV PiV FRPXQHV VRQ
ORV GHQRPLQDGRV WLSR HVWiQGDU GH FP SXOJDGDV
GHGLiPHWURSRUFP ôSXOJDGDV GHDOWXUD
E &DUDFWHUtVWLFDV HOpFWULFDV GH ORV DLVODGRUHV WLSR
VXVSHQVLyQ
3DUD VDWLVIDFHU ODV FDUDFWHUtVWLFDV HOpFWULFD QHFHVDULDV
HQ FDGD DSOLFDFLyQ ORV DLVODGRUHV WLSR VXVSHQVLyQ VH
FRQHFWDQ HQ VHULH IRUPDQGR FDGHQDV GH DLVODGRUHV (V
LPSRUWDQWH FRRUGLQDU ODV FDUDFWHUtVWLFDV GH ODV FDGHQDV
GH DLVODGRUHV WLSR VXVSHQVLyQ FRQ HO DLVODPLHQWR GHO
VLVWHPD GH RWURV HTXLSRV GH OD VXEHVWDFLyQ \ ODV
FDUDFWHUtVWLFDV GH ORV GLVSRVLWLYRV GH SURWHFFLyQ
DSDUWDUUD\RV /D FDQWLGDG GH DLVODGRUHV WLSR VXVSHQVLyQ
VHOHFFLRQDGRV SDUD XQD DSOLFDFLyQ HQ SDUWLFXODU GHEH VHU
VXILFLHQWHPHQWH JUDQGH FRPR SDUD SUHYHQLU IODPHRV
LQQHFHVDULRV 6LQ HPEDUJR HO VREUH DLVODPLHQWR SXHGH
FRQGXFLU D TXH ORV IODPHRV RFXUUDQ GH IDVH D IDVH HQ
OXJDU GH TXH VH SUHVHQWHQ GH IDVH D WLHUUD HQ
FRQVHFXHQFLD OD FDQWLGDG GH DLVODGRUHV GHEH VHU
VXILFLHQWHPHQWH SHTXHxD FRPR SDUD TXH ORV IODPHRV RFXUUDQ
D WLHUUD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ 1 Ò0 (5 2 0Ë 1, 02 ' ( $, 6/ $' 25 (6 7 ,3 2 68 63 (1 6, Ï1 )2 50 $1 '2 & $' (1 $6
9 2/ 7$ -( 1 20 ,1 $/ ' (/
6, 67 (0 $ '( ) $6 ( $ )$ 6( . 9
1%,
.9
& $1 7, '$ ' 0Ë 1, 0$ ' (
$, 6/ $' 25 (6 7 ,3 2
68 63 (1 6, Ï1 7LSRHVWiQGDUGHFPGHGLiPHWUR[FPGHDOWXUD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(
%
$
5
7
1
Ï
,
&
$
7
6
(
%
8
6
$
/
$
$
'
,
7
(
0
2
&
$
6
1
2 (
/ 6
(
(
'
5
( 2
/
/ '
$ $
7 /
6
( ,
' $
1
2
,
6
1
(
3
6
8
6
¶
$
$
(
%
$
5
7
(
'
$
1
2
=
6
(
5
2
'
$
0
5
2
)
6
1
$
5
7
1
2
&
1
Ï
,
&
$
7
6
(
%
8
6
$
1
8
(
'
$
7
1
$
/
3
1
(
$
7
6
,
9
2
3
,
7
6
(
5
2
'
$
/
6
,
6
(
/
%
,
;
(
/
)
6
(
6
8
%
1
Ï
,
6
1
(
3
6
8
$ 6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
FP
FP
FP
FP
FP
FP
FP
&$%/($&65
'(0&0
FP
&$/$9(5$2-2
+2548,//$%2/$
<%&
$,6/$'25(6'(
6863(16,Ï1(67È1'$5
*5$3$'(7(16,Ï1
'(9,'5,2&/$6(
'(7$//( 23&,21$/
75$%(
P
$,6/$'25(6'(
6863(16,Ï1
(67È1'$5
&21(&7253$5$/(/2
P
%$-$'$$&8&+,//$6
&$/$9(5$2-2
7,326$
&/(0$'(6863(16,Ï1
<8*27,32<3:
+2548,//$%2/$
&$/$9(5$+2548,//$
(1³<´
$1&/$-
'(7$//('(862'(+(55$-(63$5$$,6/$'25(67,326863(16,Ï1
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
( - ( 0 3/ 2
&DOFXODU OD GLVWDQFLD GH IDVH D WLHUUD \ HO Q~PHUR GH
DLVODGRUHV HVWiQGDU WLSR VXVSHQVLyQ GH [
FP SDUD XQD VXEHVWDFLyQ GH N9
FRQ
1%, N9 LQVWDODGD D PHWURV VREUH HO QLYHO GHO
PDU PVQP 62/8&,Ð1
/DGLVWDQFLDGHIDVHDWLHUUDVHFDOFXODFRPR
G=
9&)
.
G R Q G H . = N9P
/D WHQVLyQ FUtWLFD GH IODPHR
SUREDELOLGDGGHIODPHRHV
9&)=
9&) R GH GH
1%,
=
= N9
/DGLVWDQFLDHQDLUHGHIDVHDWLHUUDHV
G=
= P
'LYLGLHQGR HQWUH OD DOWXUD GH XQ DLVODGRU HVWiQGDU TXH
HV FP \ GDQGR XQ DGLFLRQDO SRU HIHFWR GH
KHUUDMHVDODGLVWDQFLDGHIDVHDWLHUUD
G = [ =
1R DLVODGRUHV =
G
=
$OWXUD SRUDLVODGRU 1R DLVODGRUHV= ≅ DLVODGRUHV
3DUD HO HMHPSOR DQWHULRU VXSRQLHQGR TXH OD VXEHVWDFLyQ
VH LQVWDOD D XQD DOWXUD GH PHWURV VREUH HO QLYHO GHO
PDU FDOFXODU HO Q~PHUR GH DLVODGRUHV UHTXHULGRV SDUD
FRQVHUYDU HO PLVPR QLYHO EiVLFR GH DLVODPLHQWR DO LPSXOVR
1%, 'H OD WDEOD SDUD IDFWRUHV GH FRUUHFFLyQ SRU
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
DOWLWXG SDUD HTXLSRV SDUD XQD DOWXUD GH PVQP
HOIDFWRUHV δ = 3RUORWDQWR
G=
= P
(O Q~PHUR GH DLVODGRUHV VXVSHQVLyQ WLSR HVWiQGDU
VHUtDDKRUD
[ P
1R DLVODGRUHV=
= ≅ DLVODGRUHV
/ 26()(&726$0%,(17$/(6
6H HQWLHQGH SRU HIHFWRV DPELHQWDOHV D ORV SURGXFLGRV SRU
HO HIHFWR GH OD FRQWDPLQDFLyQ DPELHQWDO DpUHD VREUH ORV
DLVODPLHQWRV H[WHUQRV (Q HVWH FDVR VH KDFH XVR GH ODV
UHFRPHQGDFLRQHV
GH
OD
&RPLVLyQ
LQWHUQDFLRQDO
GH
(OHFWURWHFQLD SDUD LGHQWLILFDU ODV FDUDFWHUtVWLFDV
FRQWDPLQDQWHV GH XQD UHJLyQ \ HVWDEOHFHU ODV GLVWDQFLDV
GH IXJD FRUUHVSRQGLHQWHV SDUD ILQHV GH GLVHxR GHO
DLVODPLHQWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ 1 ,9 (/ (6 ' ( &2 17 $0 ,1 $& ,Ï 1 3$ 5$ $ ,6 /$ 0, (1 72 6 (;7 (5 12 6
1,9(/'(
&217$0,1$&,Ï1
(-(03/26'($0%,(17(67Ë3,&26
È ÈUHDVVLQLQGXVWULDV\FRQEDMD
',67$1&,$'()8*$
5(&20(1'$'$FPN9
)$6($1(8752
GHQVLGDGGHFDVDVHTXLSDGDVFRQ
FDOHIDFFLyQ
È ÈUHDVFRQEDMDGHQVLGDGGHLQGXVWULDV
,/,*(5$
R FDVDVSHURVXMHWDVDIUHFXHQWHV
YLHQWRV\ROOXYLD
È ÈUHDVDJUtFRODV $
È ÈUHDVPRQWDxRVDV
7RGDV HVWDV iUHDV GHEHQ HVWDU VLWXDGDV
SRU ORV PHQRV GH D .P GHO PDU \
QR GHEHQ HVWDU H[SXHVWDV D YLHQWRV
GLUHFWDPHQWHGHOPDU È ÈUHDVFRQLQGXVWULDVTXHQRSURGXFHQ
KXPRSDUWLFXODUPHQWHFRQWDPLQDQWH
\RFRQXQDGHQVLGDGSURPHGLRGH
FDVDVHTXLSDGDVFRQFDOHIDFFLyQ
,,0(',$
È ÈUHDVFRQDOWDGHQVLGDGGHFDVDV\R
LQGXVWULDVVXMHWDVDIUHFXHQWHV
YLHQWRV\ROOXYLDV
$
È ÈUHDVH[SXHVWDVDYLHQWRVGHOPDU
SHURQRGHPDGLDGRFHUFDGHODFRVWR
SRUORPHQRVYDULRVNLOyPHWURVGH
GLVWDQFLD È ÈUHDVFRQDOWDGHQVLGDGGHLQGXVWULDV
,,,$/7$
\ VXEXUELRVGHJUDQGHVFLXGDGHVFRQ
DOWDGHQVLGDGGHFDOHIDFWRUHVTXH
SURGXFHQFRQWDPLQDFLyQ
È ÈUHDVFHUFDQDVDOPDURH[SXHVWDVD
$
IXHUWHVYLHQWRVGHOPDU È ÈUHDVGHH[WHQVLyQPRGHUDGDVVXMHWDV
D SROYRVFRQGXFWLYRV\D~QORV
LQGXVWULDOHVTXHSURGXFHQGHSyVLWRV
FRQGXFWLYRV
,908<$/7$
È ÈUHDVGHH[WHQVLyQPRGHUDGDPX\
FHUFDGHODFRVWD\H[SXHVWDVDEULVD
GHOPDURDYLHQWRVIXHUWHV\
FRQWDPLQDQWHVGHOPDU
È ÈUHDVGHVpUWLFDVFDUDFWHUL]DGDVSRU
JUDQGHVSHULRGRVVLQOOXYLDTXH
OOHYDQDUHQD\VDOVXMHWDVD
FRQGHQVDFLyQUHJXODU
3É*,1$
0$<25(6'(
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(O X VR G H IH UW LO L] DQ WH V HQ U RF tR R T XH PD G HU HV LG XR V S XH GH O OH YD U
D HV WD V iU HD V D QL YH OH V GH F RQ WD PL QD FL yQ D OWR V G HE LG R D OD
GL VS HU VL yQ S RU Y LH QW RV /D G LV WD QF LD D O PD U GH SH QG H GH O D WR SR JU DI tD GH O iU HD F RV WH UD \ G H
FR QG LF LR QH V H[ WU HP RV DV G H YL HQ WR ' ,67$1&,$6(/e&75,&$6'(
6H HQWLHQGH FRPR GLVWDQFLD HOpFWULFD GH GLVHxR D ODV
GLVWDQFLDV HQWUH FHQWURV GH IDVHV GH ODV VXEHVWDFLRQHV D
ODV GLVWDQFLDV PtQLPDV GH QR IODPHR GH IDVH D WLHUUD \
ODV GLVWDQFLDV GH VHJXULGDG SDUD FLUFXODFLyQ GH SHUVRQDO
YHKtFXORV\HTXLSRGHQWURGHODVXEHVWDFLyQ
3DUD ODV GLVWDQFLDV PtQLPDV GH IDVH D WLHUUD \ ODV GH
IDVH D IDVH KDVWD PVQP VH FRQVLGHUD SDUD
UiSLGDUHIHUHQFLDFDGDPHQH[FHVR
6H SXHGH
VLJXLHQWH
DSOLFDU
SDUD
K −
G K = G + [
HVWH
FiOFXOR
OD
H[SUHVLyQ
G
'RQGH
'LVWDQFLD GH IDVH D WLHUUD D XQD DOWXUD K
GK
HQPVQP
G 'LVWDQFLD GH IDVH D WLHUUD KDVWD PVQP
REWHQLGDGHWDEODV K DOWXUDGHODLQVWDODFLyQHQPHWURV
/DV GLVWDQFLDV GH DLVODPLHQWR HQWUH IDVHV VH SXHGHQ
FDOFXODU FRQVLGHUDQGR XQ GH ODV GLVWDQFLDV GH IDVH D
WLHUUD KDVWD OD WHQVLyQ GH N9 \ HQ WHQVLRQHV
VXSHULRUHVGHXQDXQFRPRPi[LPR
/DV GLVWDQFLDV GH GLVHxR HQWUH FHQWURV GH IDVHV HQ ODV
VXEHVWDFLRQHV HOpFWULFDV DVt FRPR ODV GLVWDQFLDV GH IDVH
D WLHUUD HQ ODV PLVPDV VH SXHGHQ GHWHUPLQDU GH DFXHUGR
FRQORVLJXLHQWH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
/DV GLVWDQFLDV PtQLPDV GH IDVH D WLHUUD VRQ ODV
LQGLFDGDV HQ OD WDEOD VLJXLHQWH FRUUHJLGDV SDUD ODV
FRQGLFLRQHV DWPRVIpULFDV \ DPELHQWDOHV (VWDV
GLVWDQFLDV VH SXHGHQ DXPHQWDU GH DFXHUGR D ODV
FDUDFWHUtVWLFDVFRQVWUXFWLYDVGHODVXEHVWDFLyQ
/DV GLVWDQFLDV HQWUH FHQWURV GH IDVHV HQ ODV EDUUDV
FROHFWRUDV GH ODV VXEHVWDFLRQHV HOpFWULFDV VH
FDOFXODQSDUDGRVFDVRV
D 6XEHVWDFLRQHVFRQEDUUDV\FRQH[LRQHVUtJLGDV
(Q HVWDV VXEHVWDFLRQHV ODV GLVWDQFLDV HQWUH
FHQWURV GH IDVHV VH REWLHQHQ D SDUWLU GH ODV
GLVWDQFLDV GLHOpFWULFDV GH IDVH D IDVH WRPDQGR HQ
FRQVLGHUDFLyQ HO GLiPHWUR GH ODV EDUUDV R
FRQHFWRUHV DGLFLRQDOPHQWH D ODV GLVWDQFLDV
GLHOpFWULFDV
G
G IW
G
',67$1&,$',(/e&75,&$
GI
',67$1&,$'(',6(f2
G
G IW
',67$1&,$6(175('26&(17526'(&21'8&725(6
'LVWDQFLDVHQWUHFHQWURVGHFRQGXFWRUHV
G
GI
'LVWDQFLDGLHOpFWULFD
'LVWDQFLDGHGLVHxR
3DUD GLVWDQFLDV GH GLVHxR VH FRQVLGHUDQ WDPELpQ
RWURV DVSHFWRV DGLFLRQDOHV FRPR VRQ ORV HIHFWRV
HOHFWURGLQiPLFRV SRU FRUULHQWHV GH FRUWRFLUFXLWR
OD FRQILJXUDFLyQ GH ODV EDUUDV ODV GLVWDQFLDV
PtQLPDV SRU PDQWHQLPLHQWR \ ODV GLPHQVLRQHV
JHQHUDOHVGHORVHTXLSRVFRQVLGHUDQGRORVIDFWRUHV
DQWHULRUHV VH SXHGH HODERUDU XQD WDEOD SDUD HO
FiOFXORGHYDORUHVGHUHIHUHQFLD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ & È/ &8 /2 ' ( 9$ /2 5( 6 '( 5 () (5 (1 &, $ '( ' ,6 7$ 1& ,$6
'( ) $6 ( $ )$ 6( ( 1 68 %( 67 $& ,2 1( 6 &2 1 %$ 55 $6 5Ë *, '$ 6
& /$ 6( ' (
$, 6/ $0 ,( 17 2
. 9 2 0( 12 5
+$ 67 $ .9
. 9
. 9
' ,6 7$ 1& ,$ 6 (1 75 ( &( 17 52 6 '( ) $6 (6
YHFHV OD GLVWDQFLD GH IDVH D WLHUUD D
ODDOWXUDFRUUHVSRQGLHQWH
YHFHV OD GLVWDQFLDV GH IDVH D WLHUUD D
ODDOWXUDFRUUHVSRQGLHQWH
YHFHV OD GLVWDQFLD GH IDVH D WLHUUD D OD
DOWXUDFRUUHVSRQGLHQWH
YHFHV OD GLVWDQFLD GH IDVH D WLHUUD D OD
DOWXUDFRUUHVSRQGLHQWH
E 6XEHVWDFLRQHVFRQEDUUDVFROHFWRUDVIOH[LEOHV
/DV GLVWDQFLDV HQWUH FHQWURV GH IDVHV SDUD ODV
VXEHVWDFLRQHV FRQ FRQGXFWRUHV IOH[LEOHV QR VyOR
GHSHQGHQ GH ORV DVSHFWRV GLHOpFWULFRV VLQR TXH
WDPELpQ GH ORV DUUHJORV DGRSWDGRV SDUD ODV
VXEHVWDFLRQHV GH ORV FODURV HQWUH VRSRUWHV DVt
FRPR GH ODV GLPHQVLRQHV \ GLVSRVLFLyQ GH DOJXQRV
HTXLSRV 'HEHQ VHU FRQVLGHUDGRV WDPELpQ FRPR
HOHPHQWRV GH GLPHQVLRQDPLHQWR ODV FRQGLFLRQHV
DWPRVIpULFDVGHOOXJDUGHODLQVWDODFLyQFRPRVRQ
FDUJDV SRU YLHQWR \ KLHOR WHPSHUDWXUD DPELHQWH \
QLYHO VtVPLFR DVSHFWRV TXH VH HVWXGLDUiQ PiV
DGHODQWHHQHOFiOFXORGHEDUUDV
$ PDQHUD GH UHFRPHQGDFLyQ VH SXHGHQ DGRSWDU FRPR
GLVWDQFLDVGHUHIHUHQFLDSDUDGLVHxRODVLQGLFDGDV
HQ OD WDEOD VLJXLHQWH YiOLGD KDVWD PVQP
HQFRQGLFLRQHVHVWiQGDU
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ & È/ &8 /2 ' ( /$ 6 ', 67 $1 &, $6 ( 17 5( & (1 75 26 ' ( )$6 (6
(1 6 8% (6 7$ &, 21 (6 & 21 & 21 '8 &7 25 (6 ) /( ;, %/ (6 (1 % $5 5$ 6 9$ /2 5( 6 '( 5 () (5 (1 &, $
& /$ 6( ' (
$, 6/ $0 ,( 17 2
$ .9
. 9
. 9
' ,6 7$ 1& ,$ 6 (1 75 ( &( 17 52 6 '( ) $6 (6
DYHFHVODGLVWDQFLDGHIDVH
D WLHUUD
DYHFHVODGLVWDQFLDGHIDVH
D WLHUUD
DYHFHVODGLVWDQFLDGH
IDVHDWLHUUD
& È/&8/2 '( $/785$6 0Ë1,0$6 '( /$6 %$55$6 62%5( (/ 1,9(/ '(/
68(/2
/D DOWXUD PtQLPD GH ORV VLVWHPDV GH EDUUDV FROHFWRUDV HQ
VXEHVWDFLRQHV HOpFWULFDV HQ HO SXQWR PHGLR GHO FODUR VH
FDOFXORSRUPHGLRGHODH[SUHVLyQ
K = + + N9 [PHWURV]
'RQGH
N9 7HQVLyQ Pi[LPD GH GLVHxR HQWUH IDVHV GH OD
LQVWDODFLyQ
/D H[SUHVLyQ DQWHULRU HV DSOLFDEOH HQ WHQVLRQHV GH N9RPD\RUHV\YiOLGDKDVWDXQDDOWXUDGHPVQP
& È/&8/2'($/785$6'(/26(48,326
/D DOWXUD GH RWUDV SDUWHV HQ WHQVLyQ WDOHV FRPR
WUDQVIRUPDGRUHV
GH
SRWHQFLD
LQWHUUXSWRUHV
WUDQVIRUPDGRUHV GH LQVWUXPHQWR FRQH[LRQHV HQWUH HVWRV
DSDUDWRV \ HQ JHQHUDO OD GH ORV HOHPHQWRV EDMR WHQVLyQ
PiV SUy[LPRV D WLHUUD QR GHEH VHU LQIHULRU HQ QLQJ~Q
FDVR D P < VH SXHGH FDOFXODU GH DFXHUGR FRQ OD
H[SUHVLyQ
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
K = + + N9 [PHWURV]
'RQGH
N9 7HQVLyQPi[LPDGHGLVHxR
/D H[SUHVLyQ DQWHULRU HV YiOLGD KDVWD PVQP \
DSOLFDEOHHQLQVWDODFLRQHVGHN9RPD\RUHV
& È/&8/2'(/$$/785$'(/$//(*$'$'(/Ë1($6$68%(67$&,21(6
/D DOWXUD GH ODV OtQHDV GH WUDQVPLVLyQ TXH UHPDWHQ HQ
VXEHVWDFLRQHV HOpFWULFDV GHEHUi WHQHU XQD DOWXUD QR
LQIHULRUDODREWHQLGDSRUODVLJXLHQWHH[SUHVLyQ
K = + + N9 [PHWURV]
'RQGH
N9 7HQVLyQPi[LPDGHGLVHxR
6LQTXHVHDLQIHULRUHQQLQJ~QFDVRDPHWURV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
' ,67$1&,$6'(
/DV QRUPDV QDFLRQDOHV H LQWHUQDFLRQDOHV UHFRPLHQGDQ ODV
GHQRPLQDGDV GLVWDQFLDV GH VHJXULGDG EDViQGRVH HQ ORV
WUDEDMRV UHSRUWDGRV SRU ORV FRPLWpV GH HVWXGLR FRPR HO
1R GH OD ,(& HQ GRQGH VH KDFHQ FRQVLGHUDFLRQHV
UHODFLRQDGDV FRQ OD VHJXULGDG GHO SHUVRQDO SDUD OD
RSHUDFLyQ \ PDQWHQLPLHQWR GH XQD VXEHVWDFLyQ HOpFWULFD
HVSHFLDOPHQWH ODV GH DOWD WHQVLyQ SDUWLHQGR GH OD EDVH
GH TXH ODV GHQRPLQDGDV SDUWHV YLYDV FRQ SRWHQFLDO GHEHQ
TXHGDU VLHPSUH IXHUD GHO DOFDQFH GHO SHUVRQDO SDUD OR
TXH
D /DV SDUWHV YLYDV VH SXHGHQ FRORFDU IXHUD GHO
DOFDQFHGHOSHUVRQDOXVDQGRGLVWDQFLDVGH]RQDVGH
WUDEDMR \ FLUFXODFLyQ VXILFLHQWHPHQWH JUDQGHV SDUD
HYLWDUFRQWDFWRVHOpFWULFRV
E /DV SDUWHV YLYDV VH SXHGHQ KDFHU LQDFFHVLEOHV SRU
PHGLR GHO XVR GH EDUUHUDV R FHUFDV GH DLVODPLHQWR
DOHTXLSRRSDUWHVYLYDVGHODLQVWDODFLyQ
F (O XVR GH HTXLSR HQ HO TXH ODV SDUWHV YLYDV TXHGHQ
HQFHUUDGDV
3DUD FDOFXODU ODV GLVWDQFLDV GH VHJXULGDG VH SDUWH GH OD
EDVHGHTXHpVWDVVHFRQVWLWX\HQHQGRVWpUPLQRV
² 'LVWDQFLD GH IDVH D WLHUUD PtQLPD GH QR IODPHR
FDOFXODGD GH DFXHUGR FRQ ODV IyUPXODV DQWHV
PHQFLRQDGDV
(VWDV
GLVWDQFLDV
GHEHQ
VHU
FRUUHJLGDV SRU DOWLWXG \ WHPSHUDWXUD HQ HO OXJDU
GH OD LQVWDODFLyQ FXDQGR VH WUDWH GH FRQGLFLRQHV
GLVWLQWDVDODVHVWiQGDU
³ (O VHJXQGR WpUPLQR VH REWLHQH VXPDQGR OD
GLVWDQFLD GH IDVH D WLHUUD XQD GLVWDQFLD TXH
GHSHQGH GH DVSHFWRV ILVLROyJLFRV FRPR OD WDOOD GH
ODV SHUVRQDV \ ODV FDUDFWHUtVWLFDV GH ORV WUDEDMRV
GHPDQWHQLPLHQWR\RSHUDFLRQHVDUHDOL]DU
(O &RPLWp GH (VWXGLRV 1R GH OD &RPLVLyQ ,QWHUQDFLRQDO
GH (OHFWURWHFQLFD UHFRPLHQGD FRQVLGHUDU ODV GLPHQVLRQHV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
TXH VH LQGLFDQ D FRQWLQXDFLyQ WDQWR SDUD RSHUDGRUHV FRPR
SDUDPDQLREUDVHQODVVXEHVWDFLRQHVHOpFWULFDV
P
P
P
P
%$55(5$'(3527(&&,Ï1
$,6/$0,(172&21%$55(5$'(3527(&&,Ï1
G
IW
',67$1&,$'()$6($7,(55$
',67$1&,$6'(6(*85,'$'3$5$(/3(5621$/
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
GIW
P
$,6/$0,(172+25,=217$/6,1%$55(5$
GIW
P
',67$1&,$9(57,&$/'(6(*85,'$'
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
GIW
P
=21$'(75$%$-29(57,&$/
%$55(5$'(
3527(&&,Ï1
=21$'(75$%$-2
3$57(
9,9$
GIW
=21$'(75$%$-2&21%$55(5$'(3527(&&,Ï1
3DUD HO HVWDEOHFLPLHQWR GH ODV GLVWDQFLDV GH VHJXULGDG
VHGHEHQFRQVLGHUDUORVVLJXLHQWHVFDVRV
D 0DQLREUDVGHORVRSHUDGRUHVRSHUVRQDOHQFXDOTXLHU
SXQWRGHODLQVWDODFLyQ
E &LUFXODFLyQGHSHUVRQDOHQODVXEHVWDFLyQ
F &LUFXODFLyQGHYHKtFXORVSRUODVXEHVWDFLyQ
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
D 0 $1,2%5$6'(/2623(5$'25(623(5621$/
(1&8$/48,(538172'(/$,167$/$&,Ï1 &XDOTXLHU
PDQLREUD
SDUD
UHDOL]DU
WUDEDMRV
GH
PDQWHQLPLHQWR UHSDUDFLRQHV R PRGLILFDFLRQHV HQ FXDOTXLHU
SXQWR GH XQD VXEHVWDFLyQ HOpFWULFD DLVODGD HQ DLUH VH
GHEH KDFHU KDVWD TXH VH KD\D GHVHQHUJL]DGR HIHFWXDQGR OD
DSHUWXUD GH LQWHUUXSWRUHV \ FXFKLOODV SDUD DVHJXUDU HO
OLEUDPLHQWR GH OD VHFFLyQ GH WUDEDMR FRQVLGHUDQGR TXH
FXDOTXLHU WUDEDMR VH GHEH UHDOL]DU FRQ HO Pi[LPR GH
VHJXULGDG ODV GLVWDQFLDV GH VHJXULGDG HQ ODV ]RQDV GH
WUDEDMR GHEHQ VHU GH PHWURV GHO VXHOR D SDUWH YLYD
FRPRPtQLPR
P
0Ë1,02
P
P
P
',67$1&,$6'(6(*85,'$'(1=21$6'(75$%$-2
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
E & ,5&8/$&,Ï1'(/3(5621$/(1/$68%(67$&,Ï1 (V IUHFXHQWH TXH HQ DOJXQRV GLVHxRV GH VXEHVWDFLRQHV
HOpFWULFRV QR VH XVHQ EDUUHUDV R FHUFDV GH SURWHFFLyQ HQ
HVWRV FDVRV OD DOWXUD PtQLPD VREUH HO QLYHO GHO VXHOR GH
ODV SDUWHV YLYDV GHEH VHU DGHFXDGD FRPR SDUD TXH HO
SHUVRQDO SXHGD FLUFXODU FRQ VHJXULGDG SRU OD VXEHVWDFLyQ
D HVWHUHVSHFWRVHUHFRPLHQGDORVLJXLHQWH
4
4
/D DOWXUD PtQLPD GHEH VHU LJXDO D OD GLVWDQFLD
PtQLPD GH IDVH D WLHUUD TXH HV IXQFLyQ GH OD
FODVH GH DLVODPLHQWR DO LPSXOVR \ DXPHQWDGD HQ
PHWURV TXH HV OD DOWXUD UHFRPHQGDGD SRU HO
&RPLWp 1R GH OD ,(& SDUD XQ RSHUDGRU FRQ ORV
EUD]RV HQ DOWR HVWD DOWXUD PtQLPD QR GHEHUi VHU
PHQRUHQQLQJ~QFDVRDPHWURV
&XDOTXLHU DLVODGRU R SRUFHODQD GH HTXLSR FRPR
DSDUWDUUD\RV
WUDQVIRUPDGRU
GH
FRUULHQWH
R
SRWHQFLD QR GHEHUi WHQHU XQD DOWXUD PtQLPD VREUH
HO QLYHO GHO VXHOR DOWXUD GH OD EDVH HQ ]RQDV QR
SURWHJLGDV SRU EDUUHUDV LQIHULRUHV D P HQ
FDVR GH TXH SRU DOJXQD UD]yQ ODV DOWXUDV GH ORV
HTXLSRV R DLVODGRUHV IXHUDQ PHQRUHV D P VH
GHEHUiQ SRQHU EDUUHUDV GH SURWHFFLyQ \D TXH ORV
DLVODGRUHV R SRUFHODQDV VH FRQVLGHUD TXH HVWiQ
VRPHWLGDVDXQDGLIHUHQFLDGHSRWHQFLDO
&XDQGR VH XVHQ EDUUHUDV R EDUDQGDOHV pVWRV GHEHUiQ WHQHU
P GH DOWXUD PtQLPD \ OD GLVWDQFLD D ODV SDUWHV
HQHUJL]DGDV QR GHEHUi VHU LQIHULRU D OD GLVWDQFLD GH IDVH
D WLHUUD SDUD HO QLYHO GH DLVODPLHQWR FRUUHVSRQGLHQWH
DXPHQWDGDHQFHQWtPHWURV
$OWXUDPtQLPD 'LVWDQFLDIDVHDWLHUUDP
'LVWDQFLDKRUL]RQWDO 'LVWDQFLDIDVHDWLHUUDP
F & ,5&8/$&,Ï1'(9(+ Ë&8/26325/$68%(67$&,Ï1 (Q ODV VXEHVWDFLRQHV HOpFWULFDV JUDQGHV TXH QRUPDOPHQWH
FRUUHVSRQGHQ D ODV GH DOWD WHQVLyQ GHELGR D OD
QHFHVLGDG GH PDQLREUDV GH RSHUDFLyQ \ ODERUHV GH
PDQWHQLPLHQWR H[LVWHQ ]RQDV GH FLUFXODFLyQ GH YHKtFXORV
ORV HVSDFLRV SDUD OD FLUFXODFLyQ GH HVWRV YHKtFXORV VH
FDOFXODQ GH DFXHUGR D ODV GLPHQVLRQHV GH ORV TXH VH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
GHFLGDQ SRGUiQ FLUFXODU GHQWUR GH HVWDV ]RQDV /DV
GLVWDQFLDV KRUL]RQWDOHV SRU UD]RQHV GH VHJXULGDG VH
FRQVLGHUDQFPPD\RUHVTXHODVYHUWLFDOHV
φ
&
$
%
$ ',67$1&,$69(57,&$/(6
%& ',67$1&,$6+25,=217$/(6
',67$1&,$6'(6(*85,'$''(9(+Ë&8/26$3$57(69,9$6
/DV QRUPDV WpFQLFDV SDUD LQVWDODFLRQHV HOpFWULFDV 120
6('( GH 0p[LFR LQGLFDQ ODV VLJXLHQWHV PHGLGDV
PtQLPDVGHVHJXULGDG
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ ' ,6 7$ 1& ,$ 6 0Ë 1, 0$ 6 '( 6 (* 85 ,' $' ' ( $& 8( 5' 2$ 12 06 ('(
7 (1 6, Ï1 ' ( )$ 6( $
)$ 6( .9
$ /7 85 $ 0Ë 1, 0$ ' ( /$ 6
3$ 57 (6 9 ,9 $6 ' (6 &8 %, (5 7$ 6
P
' ,6 7$ 1& ,$ + 25 ,= 21 7$ /
0Ë 1, 0$ $ / $6 3 $5 7( 6 9, 9$ 6
'( 6& 8% ,( 57 $6 P
7 $% /$ ' ,6 7$ 1& ,$ 6 0Ë 1, 0$ 6 '( 6 (3 $5 $& ,Ï 1
7 (1 6, Ï1
0È ;, 0$
.9
1%,
.9
' ,6 7$ 1& ,$ 0 Ë1 ,0 $
$ 7, (5 5$ FP
3É*,1$
1%, 0 ,1 ' ,6 7$ 1&
,$
.9FP
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
= 21$6'(0$17(1,0,(172
8QR GH ORV DVSHFWRV LPSRUWDQWHV GHO DUUHJOR /D\RXW GH
ODV VXEHVWDFLRQHV HOpFWULFDV HV OD GHWHUPLQDFLyQ GH ODV
]RQDV GH PDQWHQLPLHQWR GHO HTXLSR SRU OR TXH HV
QHFHVDULR WHQHU XQD LGHD FODUD GH FyPR ORV GLVWLQWRV
HTXLSRV LQWHJUDQWHV VH DJUXSDQ FRPR VH GHEHQ DLVODU \
VHSDUDU ItVLFDPHQWH GH OD YHFLQGDG GH ORV HTXLSRV R
SDUWHV YLYDV DVt FRPR VH GHEH ORJUDU HO DFFHVR VHJXUR D
HOORV DVt FRPR HO HVWDEOHFLPLHQWR GH ODV ]RQDV GH
PDQWHQLPLHQWR
$OJXQDV GH ODV ]RQDV GH PDQWHQLPLHQWR WDO YH] OD PiV
FRP~Q HV HO iUHD GH LQWHUUXSWRUHV TXH UHTXLHUH
IUHFXHQWHPHQWH PD\RU PDQWHQLPLHQWR TXH RWURV HTXLSRV (V
YLUWXDOPHQWH XQD SUiFWLFD XQLYHUVDO SURYHHU GH XQ PHGLR
GH DLVODPLHQWR VREUH FDGD ODGR GHO LQWHUUXSWRU \ VHSDUDU
D pVWH GH ODV SDUWHV YLYDV DG\DFHQWHV FXDQGR VH HQFXHQWUD
DLVODGR \D VHD SRU GLVWDQFLDV GLHOpFWULFDV GH VHJXULGDG
R ELHQ SRU EDUUHUDV SURWHFWRUDV $OJXQDV RWUDV ]RQDV GH
PDQWHQLPLHQWR
TXH
FRQWLHQHQ
DLVODGRUHV
FXFKLOODV
GHVFRQHFWDGRUDV EDUUDV \ FRQH[LRQHV VH GHILQHQ FRQ
PHQRU FODULGDG \ HQWRQFHV VH SXHGHQ HPSOHDU PpWRGRV
DOWHUQDWLYRV SDUD HO HVWDEOHFLPLHQWR GH HVWDV ]RQDV GH
PDQWHQLPLHQWR
(Q XQ VLVWHPD FRQ DUUHJOR GH EDUUDV VLPSOH VH SXHGHQ
LGHQWLILFDUEiVLFDPHQWHWUHV]RQDVGHPDQWHQLPLHQWR
D /D]RQDGHOLQWHUUXSWRU
E /D ]RQD GH ODV EDUUDV LQFOX\HQGR D ORV DLVODGRUHV
GHVRSRUWH
F /D ]RQD GH DOLPHQWDGRU LQFOX\HQGR ORV DLVODGRUHV
GHO DOLPHQWDGRU \ HO HTXLSR TXH VH HQFXHQWUD GHO
ODGRGHODOLPHQWDGRU
/D GHWHUPLQDFLyQ GH HVWDV ]RQDV VH LQGLFDQ HQ ORV
VLJXLHQWHVGLDJUDPDV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
=21$6'(0$17(1,0,(172
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ ' ,6 7$ 1& ,$ 6 (/ e& 75 ,& $6 ( 1 68 %( 67 $& ,2 1( 6 ,1 7(0 3( 5, ( +$ 67 $ 0 6 1 0 92/7$-(
120,1$/
'()$6(
$)$6(
.9
0È;,02
92/7$-(
'()$6(
$)$6(
.9
',67$1&,$
1%,
.9
0Ë1,0$(175(
&(17526'(
)$6(63$5$
%86(65Ë*,'26
PHWURV SXOJ
',67$1&,$
(175(
&(17526'(
)$6(63$5$
%86(6
5Ë*,'26
PHWURV SXOJ
3É*,1$
',67$1&,$
0Ë1,0$$
7,(55$3$5$
&21'8&725(6
5Ë*,'26
PHWURV SXOJ
',67$1&,$
0Ë1,0$(175(
&21'8&725(6
$e5(26
'(618'26$
7,(55$3$5$
6(*85,'$'
PHWURV
SLHV
',67$1&,$
0Ë1,0$(175(
&21'8&725(6
$e5(26
'(618'26<
&$0,126'(
&,5&8/$&,Ï1(1
/$68%(67$&,Ï1
PHWURV SLHV
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$ 6 (3 $5 $& ,Ï 1 '( ) $6 ( 3$ 5$ & 8& +, // $6 ' (6 &2 1( &7 $'2 5$ 6 (1 $ ,5 ( +$ 67 $ 0 6 1 0 92/7$-(
120,1$/
'()$6(
$)$6(
.9
0È;,02
92/7$-(
'()$6(
$)$6(
.9
1%,
.9
',67$1&,$
0Ë1,0$
0(7$/0(7$/
3$5$
&8&+,//$6
PHWURV SXOJ
&8&+,//$6
'(6&21(&7$'25$6
'($3(5785$
9(57,&$/
&8&+,//$6
'(6&21(&7$'25$6
'($3(785$
/$7(5$/8
+25,=217$/
3$5$72'26/26
&8(5126'(
$548(2'(
&8&+,//$6
3É*,1$