Está en la página 1de 46

Cmo instalar y

decorar una
oficina en casa
Gua para la decoracin de oficinas pequeas





&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD








7DEODGHFRQWHQLGRV



,QWURGXFFLQ
,QVWDODFLQ\GHFRUDFLQGHRILFLQDVSHTXHDV
'LVHRGHRILFLQDVSHTXHDVSODQLILFDQGRHOHVSDFLR
,QVWDODFLQHOFWULFDEVLFDSDUDXQDRILFLQDSHTXHD
&RPSRQHQWHVHOFWULFRVSULQFLSDOHV
&RPSOHPHQWRVHOFWULFRVSDUDODRILFLQD
'LVSRVLWLYRVHOHFWUQLFRV\UHGHV
7LSRVGHRILFLQDVSHUVRQDOL]DQGRHOHVSDFLRGHWUDEDMR 
'HFRUDFLQGHRILFLQDVHMHFXWLYDV
'HFRUDFLQGHRILFLQDVPRGHUQDV





&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






 ,QWURGXFFLQ

/D SUHVHQWH JXD WUDWD GH GDU UHVSXHVWDV SUFWLFDV D ORV UHWRV TXH SODQWHD HO GLVHR  HO
HTXLSDPLHQWR \ OD GHFRUDFLQ GH RILFLQDV SHTXHDV \GHVSDFKRV HQHOKRJDUXQDVHVWDQFLDVFRQ
XQDV FDUDFWHUVWLFDV PX\ SDUWLFXODUHV TXH GHEHPRV FRQRFHU  \ DSUHQGHU D PDQHMDU DQWHV GH
HPSUHQGHUXQSUR\HFWRGHHVWHWLSR

1R REVWDQWH  VH WUDWD GH SUR\HFWRV  GH UHIRUPD TXH HVWQ DO DOFDQFH GH FXDOTXLHUD LQFOXVR
HPSH]DQGR GHVGH FHUR VLHPSUH TXH VH WHQJDQ HQ FXHQWD DOJXQDV FXHVWLRQHV  IXQGDPHQWDOHV \
RWURV DVSHFWRV EVLFRV GH OD FRQIHFFLQ GH GHVSDFKRV \ RILFLQDV HQ FDVD PXFKRVGHORVFXDOHV
HVWQGHELGDPHQWHUHVHDGRVHQHVWDJXD



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






,QVWDODFLQ \ GHFRUDFLQ
RILFLQDVSHTXHDV

GH


(Q  SULPHU OXJDU QRV  RFXSDUHPRV GH LQGLFDU TX FDUDFWHUVWLFDV SUHVHQWD OD LQVWDODFLQ \ OD
GHFRUDFLQ GH RILFLQDV SHTXHDV HQ HO KRJDU HVSHFLDOPHQWH ODV TXH FRQGLFLRQDUQ HQ PD\RU
PHGLGDHO[LWRRHOIUDFDVRGHQXHVWURSUR\HFWR(QWUHHOODV

/DLOXPLQDFLQ
/DYHQWLODFLQ
/DFDSDFLGDGGHPDQLREUD
(ORUGHQ
/DVFRQH[LRQHV\ODFRQHFWLYLGDG



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






7HQLHQGR HVWR HQ  FXHQWD SRGUHPRV HPSH]DU D GDU IRUPDD QXHVWUR GHVSDFKR X RILFLQD VREUH HO
SDSHO SODQLILFDQGR FRQ GHWDOOH  ORV FDPELRV D UHDOL]DU HQ HO HVSDFLR OD XELFDFLQ GH VXV
FRPSRQHQWHV GHVGHHQFKXIHVKDVWDPXHEOHV \UHDOL]DQGRSDUDOHODPHQWHXQSULPHUSUHVXSXHVWR
GHOSUR\HFWR

(Q ORV FDSWXORV VLJXLHQWHVVHPXHVWUDQORVSDVRV
D VHJXLU SDUD OD HMHFXFLQ \ OD GHFRUDFLQ GH
RILFLQDV SHTXHDV GHVGH OD LQVWDODFLQ HOFWULFD
KDVWD ORV HOHPHQWRV GH  GHFRUDFLQ SDVDQGR
FODUR HVW SRU HO PRELOLDULR EVLFR \ ORV
DFFHVRULRVHPSH]DQGRGHVGHFHURFRQWDQGRFRQ
XQHVSDFLRHQEODQFRDVSWLFRVLQQLQJQWLSR GH
HOHPHQWRQLVXPLQLVWURLQVWDODGRHQO

(PSH]DQGR GHVGH FHUR \ XQD YH] SODQLILFDGR HO HVSDFLR  OD VHFXHQFLD GH ORV SDVRV EVLFRV D
VHJXLU SDUD XQ  SUR\HFWR GH HVWH WLSR TXH HQXQFLDPRV D FRQWLQXDFLQ VH YHUQ UHIOHMDGRV \
GHVDUUROODGRVWUDQVYHUVDOPHQWHDORODUJRGHHVWDJXD

5HDOL]DUXQSUHVXSXHVWRDMXVWDGR
/OHYDUDFDERODLQVWDODFLQHOFWULFD\SXQWRVGHDFFHVRDUHGHV
3UHSDUDU\DFRQGLFLRQDUHOHVSDFLR
8ELFDUORVHTXLSRVHOPRELOLDULR\ORVFRPSOHPHQWRVEVLFRV
'HFRUDUODHVWDQFLD



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






,QVWDODFLQ HOFWULFD HQ SHTXHDV


RILFLQDV\GHVSDFKRV

/D LQVWDODFLQ HOFWULFD HQ HVWDV HVWDQFLDVQRSUHVHQWD JUDQGHV H[FHSFLRQHV D OD PD\RUD GH ODV
LQVWDODFLRQHV HOFWULFDV GRPLFLOLDULDV $ JUDQGHV UDVJRV OD LQVWDODFLQ HQ V PLVPD GHULYDFLRQHV\
FRQH[LRQHV \ORV FRPSRQHQWHV HOFWULFRVDLQVWDODUVRQORV JUDQGHVDVSHFWRVDWHQHUHQFXHQWD
SUHVWDQGRXQDDWHQFLQHVSHFLDODODVFXHVWLRQHVGHVHJXULGDG

&RQ WRGR \ DQWHV GH SRQHUQRV PDQRV D OD REUD GHEHUHPRV GHFLGLU TX WLSR GH LQVWDODFLQ
GHVHDPRVHMHFXWDUHOLJLHQGREVLFDPHQWHHQWUH

,QVWDODFLRQHV HPSRWUDGDV LQVWDODFLRQHV TXH VH
UHDOL]DQ SDVDQGR ORV FDEOHV SRUHO LQWHULRU GH SDUHGHV\
WDELTXHV KDFLHQGR TXH HQFKXIHV FDMDV H LQWHUUXSWRUHV
TXHGHQHQFDVWDGRV\QRVREUHVDOJDQGHODVXSHUILFLH

,QVWDODFLRQHV HQ VXSHUILFLH DO  FRQWUDULR TXH  ODV
DQWHULRUHV GLVFXUUHQ SRUODVXSHUILFLHGHODVSDUHGHV VLQ
WHQHUTXHKDFHUUHJDWDVHQHOODV

$PEDV SUHVHQWDQ YHQWDMDV H LQFRQYHQLHQWHV TXH UHSDVDUHPRV HQ VX GHELGR PRPHQWR FXDQGR
DWHQGDPRV WDPELQ D ORV FRPSRQHQWHV SULQFLSDOHV  GH ORV TXH FRQVWD FXDOTXLHU LQVWDODFLQ
HOFWULFD FDMDV HOFWULFDV FDEOHDGR WRPDV GH FRUULHQWH LOXPLQDFLQ LQWHUUXSWRUHV \
FRQPXWDGRUHV FHQWUDUQ QXHVWUD DWHQFLQ 7UDV HOOR QRV RFXSDUHPRV GH DOJXQRV GH ORV 

&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





FRPSOHPHQWRV \ ORV DFFHVRULRV HOFWULFRVTXH SRGHPRVLQFRUSRUDUDQXHVWURGHVSDFKRXRILFLQD
SDUDPHMRUDUVXVHJXULGDGYHUVDWLOLGDG\FRQIRUW

$ODUPDVWFQLFDV\DYLVDGRUHV
7HPSRUL]DGRUHV
/LPLWDGRUHVGHWHQVLQ
'LVSRVLWLYRV6$,
7RPDVFRPELQDGDV


'LVSRVLWLYRV HOHFWUQLFRV UHGHV \


FRQHFWLYLGDG

(O QPHUR GH GLVSRVLWLYRV HOHFWUQLFRV SRVLEOHV GH LPSOHPHQWDU HQ XQD RILFLQD R GHVSDFKR HV
PX\ DPSOLR DXQTXH VHD XQ HVSDFLR GRPVWLFR 6X YDULHGDG\WLSRORJDGHSHQGHUQDGHPV GHO
WLSR GH  WDUHD HQ FRQFUHWR TXH  VH UHDOLFH HQ HO GHVSDFKR FRQ OR TXHUHVXOWDDOJR GLIFLO GHVFULELU
WRGRVORVFDVRVSRVLEOHVHQXQHVSDFLROLPLWDGRFRPRHVWDJXD
3RU HVWH PRWLYR QRV RFXSDUHPRV GHORV HTXLSRV HOHFWUQLFRV PV EVLFRVTXHGHEHQFRQVWDUHQ
FXDOTXLHU RILFLQD VHD GHO WLSRTXHVHD\FRQLQGHSHQGHQFLDGHO WUDEDMRSDUWLFXODUTXHVHUHDOLFHHQ
HOOD
(TXLSRV LQIRUPWLFRV GLVSRVLWLYRV GH YR] GDWRV \ DFFHVR D  UHGHV \ DODUPDV  MXQWR D RWURV
GLVSRVLWLYRVGHVHJXULGDG FHQWUDUQQXHVWUDDWHQFLQWUDWDQGRHQWUHRWURVGHGLVSRVLWLYRVFRPR
(TXLSRVLQIRUPWLFRVSRUWWLOHV\GHVREUHPHVD
+DUGZDUHDFFHVRULRHVFQHUHVID[HVLPSUHVRUDV


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






7HOIRQRV \DFFHVRULRVFHQWUDOLWDVWHOIRQRV9R,3 
5RXWHUV\FHQWUDOLWDVGHGDWRV
$ODUPDV\VHQVRUHVGHPRYLPLHQWR
6LVWHPDVHOHFWUQLFRVGHVHJXULGDGFHQWUDOL]DGRV


7LSRV GH RILFLQDV GRPVWLFDV


HTXLSDPLHQWR\GHFRUDFLQ

&RPR GHFDPRV H[LVWH XQ DPSOLR DEDQLFR GH WLSRORJDV GH RILFLQD HQ IXQFLQ GHO WUDEDMR TXH VH
GHVHPSHH HQ HOODV 6LQ HPEDUJR DTXODVKHPRVDJUXSDGR\UHVXPLGRHQWUHVHQWHQGLHQGRTXH
UHSUHVHQWDQORVILQHVPVKDELWXDOHVDORVTXHVHGHVWLQDXQGHVSDFKRHQHOKRJDU

/XJDUHVGHHVWXGLR
2ILFLQDVGHWUDEDMR
'HVSDFKRVPL[WRV

6HJQ TX WLSR GH RILFLQD VHD GHEHU FXPSOLU  XQDV X RWUDV FRQGLFLRQHV TXH SHUPLWDQ VDFDU HO
P[LPR SDUWLGRDOHVSDFLR\HOWLHPSRGHWUDEDMR3RUHOORRIUHFHUHPRVDOJXQDVUHFRPHQGDFLRQHV
HQ HVWHVHQWLGRFRQVXJHUHQFLDV\FRQVHMRVSUFWLFRVSDUDORJUDUFRQFOXLUHOSUR\HFWRFXPSOLHQGR
FRQQXHVWUDVH[SHFWDWLYDVLQLFLDOHV
/RV PXHEOHV \ ORV FRPSOHPHQWRV GH GHFRUDFLQ PV DGHFXDGRVSDUDHTXLSDU RILFLQDVHMHFXWLYDV
DEULU HO FDPLQR GHO FLHUUH GH HVWD JXD GDGDV ODV HQRUPHV YHQWDMDV TXH VXSRQH GLVSRQHU GH XQ
HVSDFLR HQ FDVD HQ GHVXVR R FRQSRFD IUHFXHQFLD GH XVR SDUDHTXLSDUOR\DOTXLODUORDWHUFHURV

&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





FRPR RILFLQD &ODUR TXH SDUD HOOR HO GRPLFLOLR GHEHU FXPSOLU XQDV FDUDFWHUVWLFDV HVSHFLDOHV
TXH HQXPHUDUHPRVMXQWRDORVSURV\ORVFRQWUDGHDUUHQGDUXQDRILFLQDHQFDVDIUHQWHDGHFLGLUVH
SRUDOTXLODUHOHVSDFLRSDUDRWURVILQHVGLVWLQWRV KDELWDFLRQHVSDUDHVWXGLDQWHVHWF 
&RQFOXLUHPRV ILQDOPHQWH RIUHFLHQGR DOJXQDVUHFRPHQGDFLRQHVSDUDGHFRUDUGHVSDFKRV\RILFLQDV
SHTXHDV GHO PRGR PV RSRUWXQR HQXPHUDQGR YHQWDMDV H LQFRQYHQLHQWHV GH DOJXQRV WLSRV 
EVLFRV GH GLVHR PDWHULDOHV \ HVWLORV \ DUJXPHQWDQGR SRU TX HQ GHVSDFKRV \  RILFLQDV XQ
HVWLORPRGHUQRSXHGHUHVXOWDUPVFRQYHQLHQWHTXHXQHVWLORFOVLFRRVHRULDO









&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






 ,QVWDODFLQ \ GHFRUDFLQ


GHRILFLQDVSHTXHDV


/D QHFHVLGDGGH GLVSRQHU GH XQ OXJDU DGHFXDGR SDUD WUDEDMDU HVWXGLDU R OOHYDU D FDER WDUHDV GH
RILFLQD HQFDVD QR HV QXHYD HQDEVROXWR6LQHPEDUJRHVFLHUWRTXHFDGDYH]SDUDPVSHUVRQDV
FRQWDU FRQ XQ GHVSDFKR HQ HO SURSLR GRPLFLOLR DXQTXH VHD SHTXHR QR HV QHJRFLDEOH HV PV
GHYLHQH HQ XQD FXHVWLQ GH VXPD LPSRUWDQFLD LQFOXVR D YHFHV YLWDO VX VXVWHQWR SULQFLSDO
GHSHQGHGHHOOR 

< FRPR VXFHGH FRQ FXDOTXLHU HVWDQFLD GHVWLQDGD D UHDOL]DU WDUHDVFRQFUHWDV \ HVSHFLDOL]DGDV OD
LQVWDODFLQ \ OD GHFRUDFLQ GH RILFLQDV SHTXHDV HQ FDVD SUHVHQWD XQDV HVSHFLILFLGDGHV SURSLDV
TXH GHEHPRV WHQHU PX\ HQ FXHQWD SDUD VDFDU HO P[LPR SDUWLGR DO HVSDFLR ORV UHFXUVRV \ ORV
GLVSRVLWLYRVTXHSRGHPRVLPSOHPHQWDUHQO






&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






&DUDFWHUVWLFDVGHODLQVWDODFLQ\
ODGHFRUDFLQGHRILFLQDV
SHTXHDV

3RGUDPRV  SHQVDU TXH VLPSOHPHQWH  FRQ  GLVSRQHU GH XQ HVSDFLR FRQ OX] \ DOJXQD WRPD GH
FRUULHQWH HV VXILFLHQWH SDUD GLVIUXWDU GH XQD RILFLQD HQ FDVD < KDVWD FLHUWR SXQWR HV DV QR HV 
QHFHVDULR FRQWDUFRQXQD JUDQVXSHUILFLHHTXLSDGDFRQORV VLVWHPDVGHLOXPLQDFLQFRPXQLFDFLQ
\  FRQHFWLYLGDG PV QRYHGRVRV SDUD LQVWDODU \ GHFRUDU XQD RILFLQD HQ HO  GRPLFLOLR 1R REVWDQWH 
GHEHPRV WHQHU PX\SUHVHQWH TXH XQD RILFLQD R GHVSDFKRQRHVXQHVSDFLRQHXWURDVSWLFR\VLQ
FDUFWHU VH WUDWD GH XQ OXJDU FRQ XQD IXHUWHSHUVRQDOLGDGSURSLD FRQ XQDVFDUDFWHUVWLFDV\XQDV
QHFHVLGDGHV SDUWLFXODUHV TXH QR SRGHPRV R
QRGHEHUDPRV REYLDU

/DV IXQFLRQHVTXHVHGHVHPSHHQHQOD RILFLQD
R HO GHVSDFKR GHWHUPLQDQ HYLGHQWHPHQWH ODV
QHFHVLGDGHV HVSHFILFDV TXH VH GHEDQFXEULUD
OD KRUD GH GLVHDU  VX LQVWDODFLQ \ VX
GHFRUDFLQ XQ DVXQWR HO GH OD GHFRUDFLQ GH
RILFLQDV SHTXHDV TXH QR HV GH QLQJQ PRGR
PHQRU FRPR YHUHPRV  &RQ WRGR SRGHPRV
HVWDEOHFHU XQDV FDUDFWHUVWLFDV FRPXQHV \
EVLFDVTXHWRGDHVWDQFLDGHVWLQDGDDHVWHXVR
GHEHUD SRVHHU SDUD RSWLPL]DU DO P[LPR ORV 
UHFXUVRVFRQORVTXHVHFXHQWD


,OXPLQDFLQ
&RQWDUFRQXQD EXHQD LOXPLQDFLQ HV EVLFR SDUDWUDEDMDUHQFRQGLFLRQHV DGHFXDGDV1RVHWUDWD
VROR GH FRPRGLGDGVLQR \SULQFLSDOPHQWH GH VDOXEULGDGODVDOXGRFXODUVHSXHGHYHUVHULDPHQWH
DIHFWDGDVLVHWUDEDMDIRU]DQGRODYLVWDHQXQHQWRUQRFRQSRFDLOXPLQDFLQ

$ VHU SRVLEOH VLHPSUH HV PHMRU GLVSRQHU GH OX] QDWXUDO DO PHQRV OD VXILFLHQWH SDUD LOXPLQDU HO
DPELHQWH VH IXHU]D PHQRV OD YLVWD PHMRUD HOUHQGLPLHQWR\HOHVWDGRGHQLPRJHQHUDO\SHUPLWH

&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





DKRUUDU LPSRUWDQWHV VXPDV GH GLQHUR D ILQ GHPHV DO QRWHQHUTXHPDQWHQHUODVOXFHVHQFHQGLGDV
GXUDQWHEXHQDSDUWHGHOGD DOPHQRVODLOXPLQDFLQDPELHQWDO 

$GHPV GH OD OX] DPELHQWDO WDPELQ HV QHFHVDULR GLVSRQHU GH XQD LOXPLQDFLQ IRFDO DGHFXDGD
FRQWDQWDVOPSDUDVRIRFRVFRPRVHDQHFHVDULR


9HQWLODFLQ
0X\ UHODFLRQDGRFRQORDQWHULRU \DTXHDO
GLVSRQHU GH OX] QDWXUDO QRUPDOPHQWH VH
GLVSRQH WDPELQ GH DOJXQD  YHQWDQD X
REHUWXUD DO H[WHULRU  FRQWDU FRQ XQD
VDOLGD GLUHFWD DO H[WHULRU HV DOWDPHQWH
UHFRPHQGDEOH <D VHD PHGLDQWH SXHUWDV
YHQWDQDV R FODUDER\DV HV LPSUHVFLQGLEOH
SRGHU UHQRYDU HO DLUH GH ODV HVWDQFLDV
XVDGDV FRQ JUDQ LQWHQVLGDG \ IUHFXHQFLD
GRUPLWRULRVSULQFLSDOHVVDORQHVFRFLQDV
RGHVSDFKRV \RILFLQDV (ODLUHR[LJHQDGR
UHGXFH HO FDQVDQFLR PHMRUD HO HVWDGR GH
QLPR \ SUHYLHQH GH DIHFFLRQHV IVLFDV \
SVLFROJLFDV GLYHUVDV UHODFLRQDGDV FRQHO
EXHQHVWDGRGHODYHQWLODFLQ

6L QR VH GLVSRQH GH VDOLGDV DO H[WHULRU HV SUHFLVR HQFRQWUDU HO PRGR GH UHQRYDU HO DLUH
DGHFXDGDPHQWH \ D GLDULR PHGLDQWH VLVWHPDV GH YHQWLODFLQ  DUWLILFLDOHV D YHFHV XQ VLPSOH
YHQWLODGRUTXHKDJDFLUFXODUHODLUHSXHGHUHVXOWDUGHJUDQD\XGD 


&DSDFLGDGGHPDQLREUD
8QD FXHVWLQ IXQGDPHQWDOHQ HVSDFLRV OLPLWDGRV FRPRODVRILFLQDVSHTXHDV \ORVGHVSDFKRVHQ
FDVD HV TXH HQHOORVVHSXHGDPDQLREUDUDGHFXDGDPHQWH3RUHVWHPRWLYRODIXQFLRQDOLGDGGHEH
SULPDUHQHOORVSDVDQGRSRUGHODQWHGHFULWHULRVHVWWLFRV\GHFRUDWLYRV
6LQ HPEDUJR YHUHPRV GH TX PRGR DO FXEULU ODV GLVWLQWDV  H[LJHQFLDV GHO HVSDFLR SRGHPRV DO
PLVPR WLHPSR FRQIHULUOH XQ  FDUFWHU  SURSLR SHUVRQDOL]DQGR HOHPHQWRV GLVSRVLWLYRV \
FRPSOHPHQWRVEVLFRVGLYHUVRV


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






2UGHQ
7DPELQ HQ QWLPD UHODFLQ FRQ OR TXH DFDEDPRV GH FRPHQWDU GLVSRQHU  GH ORV HOHPHQWRV
QHFHVDULRV  SDUD  PDQWHQHU HO HVSDFLR HQ RUGHQ QR VROR FRQWULEX\H D PHMRUDU OD OLEHUWDG  GH
PRYLPLHQWRV WDPELQ UHSHUFXWH VREUH HOHVWDGR GH QLPR PHMRUD QRWDEOHPHQWH HOUHQGLPLHQWR\
QRVD\XGDDRSWLPL]DUHOWLHPSRTXHSDVDPRVWUDEDMDQGR

(VSHFLDOPHQWH FXDQGR VH FRPSDUWH GHVSDFKR XRILFLQDFRQRWUDVSHUVRQDVPDQWHQHUHORUGHQHV
FODYH $UFKLYDGRUHV FDUSHWDV DUPDULRV VRQ PXFKRV ORV LQVWUXPHQWRV TXH SRGHPRV HPSOHDU
SDUD PDQWHQHU QXHVWUR OXJDU GH WUDEDMR HQ XQ
FRUUHFWR HVWDGR GH RUGHQ 1R GHEHPRV ROYLGDU
TXH HVSHFLDOPHQWH HQ ORV GHVSDFKRV \ ODV
RILFLQDVODDFXPXODFLQGH SDSHOHVODUHDOL]DFLQ
GH WDUHDV GLVSDUHV GHVGH WUDEDMDU FRQ
RUGHQDGRUHV \  GLVSRVLWLYRV LQIRUPWLFRV KDVWD
OOHYDU D FDER WUDEDMRV PDQXDOHV DXQTXH VHD
HYHQWXDOPHQWH  \ PXFKRV RWURV IDFWRUHV
FRQYHUJHQ SDUD SODQWHDU VHULDV GLILFXOWDGHV DO
PDQWHQLPLHQWR  GHO RUGHQ TXH SRU RWUR ODGR
UHVXOWD WDQ YLWDO \ QHFHVDULR VREUH WRGR HQ
HVWDQFLDVFRPRHVWDV


&RQH[LRQHV\FRQHFWLYLGDG
3RU OWLPR HV LPSUHVFLQGLEOH GLVSRQHU GH ODV FRQH[LRQHV DGHFXDGDV HQ IXQFLQ GH ODV
GLPHQVLRQHVGHOHVSDFLR\GHODVWDUHDVDUHDOL]DUHQO

2EYLDPHQWH XQ GHVSDFKR GHEH FRQWDU FRQ WRPDV GH FRUULHQWH ODV QHFHVDULDV SDUD DOLPHQWDU
HTXLSRV \ GLVSRVLWLYRV HYLWDQGR OD SUHVHQFLD GH FDEOHV DODUJDGRUHV \ RWUDV LQFRQYHQLHQFLDV 
SXQWRVGHFRQH[LQDUHGHVH,QWHUQHW DVHUSRVLEOHWDQWRLQDOPEULFRVFRPRSRUFDEOH 





&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







'LVHRGHRILFLQDV
SHTXHDVSODQLILFDQGRHO
HVSDFLR



/R SULPHUR TXH GHEHPRV KDFHU DQWHV GH HPSH]DU FRQ OD LQVWDODFLQ GH HTXLSRV\ OD GHFRUDFLQ
GH RILFLQDV SHTXHDV HV SODQLILFDU HO HVSDFLR FRQ HO TXH FRQWDPRV (YLGHQWHPHQWH ODV
FDUDFWHUVWLFDV  GH FDGD GRPLFLOLR VRQ GLVWLQWDV \ QR VHU OR PLVPR FRQWDU FRQ XQD HVWDQFLD SDUD 
GHVSDFKR GH UHGXFLGDV GLPHQVLRQHV TXH  FRQ  XQD VXSHUILFLH DPSOLD \ GLIDQD 3RU HOOR OR TXH
FRPHQWDUHPRVDTX GHEH VHU WRPDGR FRPR VXJHUHQFLDV RULHQWDWLYDV WHQLHQGRTXHDGDSWDUHVWDV
UHFRPHQGDFLRQHVDODVFDUDFWHUVWLFDVSDUWLFXODUHVGHQXHVWURGHVSDFKRXRILFLQD


&PR SODQLILFDU HO GHVSDFKR R OD


RILFLQDHQFDVD

1XHVWUR SXQWR GH SDUWLGD VHUXQHVSDFLRHQEODQFR HVGHFLUVLQ
QL VLTXLHUD GLVSRQHU GH OD LQVWDODFLQ HOFWULFD QHFHVDULD 3HVH D 
WRGR QR QRV RFXSDUHPRV DTX GH OD LQVWDODFLQ HOFWULFD JHQHUDO
GH OD YLYLHQGD  GH HOOR VH RFXSD GHWDOODGDPHQWH OD JXD &PR
SODQLILFDU OD LQVWDODFLQ HOFWULFD GH WX YLYLHQGD GLVSRQLEOH
FRPSOHWDPHQWH JUDWLV 7UDWDUHPRV SXHV HQ FDSWXORVVLJXLHQWHV 
OD LQVWDODFLQ HOFWULFD HQ GHVSDFKRV \ RILFLQDV GRPVWLFDV HQ
FRQFUHWR UHPLWLHQGR DO OHFWRU D OD OHFWXUD GH OD JXDDQWHULRUSDUD
OOHYDUDFDERSUR\HFWRVHOFWULFRVGHPD\RUHQYHUJDGXUD




&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





(Q  SULPHU OXJDU HQ HO GLVHR GH  QXHVWUR HVSDFLR GH WUDEDMR GHEHPRV WHQHU HQ FXHQWD WUHV
DVSHFWRVEVLFRV

,QVWDODFLQ HOFWULFD UHG FRPSRQHQWHV EVLFRV\VHFXQGDULRV \FRPSOHPHQWRV(VPX\
UHFRPHQGDEOH HODERUDU XQ HVTXHPD DHVFDOD GHODLQVWDODFLQDLPSOHPHQWDUFRQFUHWDQGR
HQ O ODV WRPDV GH FRUULHQWH QHFHVDULDVORV LQWHUUXSWRUHVSHUWLQHQWHV\ORVSXQWRVGHOX]H
LOXPLQDFLQ FRQ ORV TXH FRQWDU QXHVWUR GHVSDFKR 3RU HOOR SODQLILFDU D FRQFLHQFLD OD
XELFDFLQ GH ORV PXHEOHVORVFRPSOHPHQWRV\ODGHFRUDFLQDVFRPRODGHORVHTXLSRV\
GLVSRVLWLYRV LQIRUPWLFRV  VHU XQ DVXQWR SULRULWDULR TXH FRQGLFLRQDU IXHUWHPHQWH HO
HVTXHPDHOFWULFRGHQXHVWUDRILFLQD

0RELOLDULR EVLFR \ DFFHVRULR D OD KRUD GH GLVHDU\ GLVWULEXLU VREUH HO SDSHO HO HVSDFLR
GH XQ GHVSDFKR GRPLFLOLDULR R GH XQD RILFLQD SHTXHD OD FDQWLGDG GH PXHEOHV \ OD
XELFDFLQ GH ORV PLVPRV VHU GHWHUPLQDQWH SDUD GLVIUXWDU GH XQ HVSDFLR FPRGR \
RUGHQDGR 'HEHPRV GLVWLQJXLU DQWH WRGR TX PRELOLDULR HV IXQGDPHQWDO H LPSUHVFLQGLEOH
HVFULWRULRVLOODVOPSDUDVUHSLVDV\RDUPDULRV \FXOHVVHFXQGDULRRSUHVFLQGLEOH

'HFRUDFLQ \ FRPSOHPHQWRV FRPR GHFDPRV OD GHFRUDFLQ VHU WDPELQ XQ DVSHFWR
FODYH HQ HO GLVHR  GH QXHVWUR GHVSDFKR 8Q UHFLQWR H[FHVLYDPHQWH FDUJDGR R FRQ
FRPSOHPHQWRV TXH QR DSRUWHQ XWLOLGDG \ YDORU SXHGHQ OLPLWDU H LQFOXVR VDWXUDU OD
IXQFLRQDOLGDG \  OD OLEHUWDG GH PRYLPLHQWRV (V DOWDPHQWH UHFRPHQGDEOH SXHV HPSOHDU
HOHPHQWRV GHFRUDWLYRV TXH D OD YH] SRVHDQ DOJXQD XWLOLGDG /D SUHPLVD D VHJXLU VREUH
WRGRHQHVSDFLRVUHGXFLGRVIXQFLRQDOLGDG\SUDJPDWLVPR

7UDV FRQFUHWDU QXHVWUD LGHD VREUH SDSHO \
DQWHV GH SRQHUQRV PDQRV D OD REUD HV
FRQYHQLHQWHSODQLILFDUODVGLVWLQWDVIDVHVGHO
SUR\HFWR \ PDQWHQHU VX RUGHQ HVWULFWR GH
HMHFXFLQ $V HYLWDUHPRV  WHQHU TXH
GHVDQGDU SDVRV UHDOL]DGRV SUHYLDPHQWH R
KDOODU VROXFLRQHV DG KRF TXH UHSHUFXWDQ
VREUHHOUHVXOWDGRILQDOREWHQLGR

$ JUDQGHV UDVJRVHVWHGHEHUDVHUHORUGHQ
HQ TXH OOHYHPRV D FDER  OD HMHFXFLQ GH
QXHVWUR SUR\HFWR WUDV SODQLILFDU HO  HVSDFLR
GHOTXHGLVSRQJDPRV


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






 3UHVXSXHVWDU HO SUR\HFWR GLVSRQLHQGR \D GHO SODQ FRQFUHWDGR \ DQWHV GH HPSH]DU D
FRQGLFLRQDU HO HVSDFLR GHEHPRV  SUHVXSXHVWDU HO SUR\HFWR DGDSWQGROR D QXHVWUDV
SRVLELOLGDGHV 4XHGDUQRV VLQ HO  SUHVXSXHVWR VXILFLHQWH D PHGLR SUR\HFWR SRGUD WHQHU
FRQVHFXHQFLDVGHVDVWURVDVVREUHHOUHVXOWDGRILQDO

 ,QVWDODFLQHOFWULFDSXQWRVGHFRQH[LQD
UHGHV H ,QWHUQHW KDUQ IDOWD ORV PDWHULDOHV \
ODV KHUUDPLHQWDV QHFHVDULDV SDUD OOHYDUOD D
FDER FRQ HILFLHQFLD \ VHJXULGDG GH HOOR QRV
RFXSDUHPRV HQ ORV VLJXLHQWHV FDSWXORV GH
HVWD JXD  7DPELQ SRGHPRV FRQVLGHUDU OD
RSFLQ GH HPSH]DU D LQFRUSRUDU HQ HVWH
SXQWR ORV  SULPHURV HOHPHQWRV GHFRUDWLYRV 
DOJXQDV GH ODV JDPDV GH LQWHUUXSWRUHV
HQFKXIHV \ RWURV FRPSOHPHQWRV GH 6LPRQ
SHUPLWHQ SHUVRQDOL]DU HVWH WLSR GH HOHPHQWRV
FRQ FRORUHV HVWLORV \ OQHDV  GH GLVHR
DGDSWDEOHVDFDGDWLSRGHDPELHQWH 

 3UHSDUDFLQ \ OLPSLH]D  WUDV UHDOL]DU OD LQVWDODFLQ HOFWULFD P[LPH VL QRVKHPRV YLVWR 
REOLJDGRV D UHDOL]DU DOJXQD SHTXHD REUD  GHEHPRV SURFHGHU D WDSDU UHJDWDV JULHWDV  \
SHUIRUDFLRQHV HVSHUDQGR HOWLHPSRDGHFXDGRSDUDTXHVHTXHODSDVWDHPSOHDGDSDUDHOOR
HO \HVR HV LGHDO SDUD WDSDU JUDQGHV REHUWXUDV SDUD RWURV UHPLHQGRV PHQRUHV H[LVWH XQ
EXHQ QPHUR GH FRPSXHVWRV HQ HOPHUFDGR TXH QRV SXHGHQ VHUGHXWLOLGDG(VQHFHVDULR
TXH WUDV WDSDU \ FXEULU OR  QHFHVDULR OLPSLHPRV D FRQFLHQFLD OD HVWDQFLD SDUD HOLPLQDU
UHVLGXRV SROYR \ TXH SURFHGDPRV HQ HVWH SXQWR D SLQWDU SDUHGHV \ WHFKRV VLHPSUH 
DQWHV GH FXEULU ODVFDMDVGHGLVWULEXFLQHOFWULFDORVLQWHUUXSWRUHV\ODVWRPDVGHFRUULHQWH
FRQVXVUHVSHFWLYDVWDSDV

 8ELFDFLQ GH ORV HOHPHQWRV HQ HO HVSDFLRHVWHVHUHOPRPHQWRGHGDUIRUPDDQXHVWUR
GHVSDFKR X RILFLQD HPSH]DQGR SRU ORV HOHPHQWRV EVLFRV PRELOLDULR  LPSUHVFLQGLEOH 
LOXPLQDFLQ HTXLSRV  \WHUPLQDQGR SRU ORV VHFXQGDULRV \ GHFRUDWLYRV 7DPELQ GH WRGR
HOORQRVRFXSDUHPRVFRQGHWDOOHHQORVFDSWXORVTXHVLJXHQ





&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







,QVWDODFLQHOFWULFD
EVLFDSDUDXQDRILFLQD
SHTXHD


$QWHV GH SURFHGHU D LQVWDODU HO WHQGLGR HOFWULFR \ ORV FRPSRQHQWHV GHO PLVPR WHQHPRV TXH 
KDEHU SODQLILFDGR DGHFXDGDPHQWH HO UHFRUULGR GH ORV FDEOHV \ OD XELFDFLQ GH ORV FRPSRQHQWHV
SULQFLSDOHV \ VHFXQGDULRV UHJOHWDVJXDVWRPDVGHFRUULHQWH VHJQQXHVWUDVQHFHVLGDGHV\ODV
FDUDFWHUVWLFDVGHODHVWDQFLD




$ JUDQGHV UDVJRV SRGHPRV HQXQFLDU  DOJXQDV GH ODV FXHVWLRQHV FODYH TXH GHEHUHPRV WHQHU HQ
FXHQWDD OD KRUD GH UHDOL]DU OD LQVWDODFLQ HOFWULFD GH QXHVWUR GHVSDFKR R GH FXDOTXLHU SHTXHD
RILFLQD HQFDVD HQWUHODV FXDOHV GHVWDFD HQ SULPHU OXJDU \ SRU HQFLPD GHO UHVWR OD VHJXULGDG OD
FXHVWLQ EVLFD \ SULPRUGLDO FXDQGR QRV SURSRQHPRV PDQLSXODU LQVWDODFLRQHV \ PDWHULDOHV
HOFWULFRVGHFXDOTXLHUWLSR 


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







$VSHFWRV FODYH SDUD LQVWDODFLQ


HOFWULFDHQXQDRILFLQDSHTXHD

/D LQVWDODFLQ HOFWULFD HQ GHVSDFKRV \ RILFLQDV SURIHVLRQDOHV FRQ HVSDFLRV SDUWLFXODUPHQWH
DPSOLRV \RXELFDGDVHQOXJDUHVHVSHFLDOHV H[WHULRUHVFRQIXHQWHV GHULHVJRFHUFDQDVHWF GHEH
UHDOL]DUVH SUHVWDQGR XQD DWHQFLQ PD\RU D DVSHFWRV UHODFLRQDGRV FRQ ODVHJXULGDG FRPR HO XVR
GH PDWHULDOHV DGHFXDGRV SUHSDUDGRV SDUD VRSRUWDU XQD PD\RU  LQWHQVLGDG GH XVR \ FRQ OD
SURWHFFLQDGHFXDGDDQWHDJHQWHVH[WHUQRV DJXDJROSHVKXPHGDG 

'LVSRQHU GH XQD RILFLQD HQ HO H[WHULRU SRU HMHPSOR SXHGH VHU
XQD JUDQ LGHD SDUD ODV HVWDFLRQHVPV FDOXURVDV GHO DR SHUR
LPSOLFD WHQHU HQ FXHQWD DOJXQRV FRQGLFLRQDQWHV LPSRUWDQWHV /D
FXHVWLQ HVW WUDWDGD FRQ GHWDOOH HQ OD *XD SDUD OD GHFRUDFLQ
GH H[WHULRUHV \ MDUGLQHV  SRU VXSXHVWR WRWDOPHQWH JUDWXLWD D  OD
TXH FRPSOHPHQWD OD LQIRUPDFLQ DSRUWDGD SRU OD RWUD JXD
HVWUHFKDPHQWH UHODFLRQDGD FRQ HO PLVPR DVXQWR &PR
SODQLILFDUODLQVWDODFLQHOFWULFDGHWXYLYLHQGD

'LFKR OR DQWHULRU YHDPRV TX DVSHFWRV HV QHFHVDULR WHQHU HQ
FXHQWD SDUD OOHYDU D FDER  OD LQVWDODFLQ HOFWULFD EVLFD HQ
GHVSDFKRV\RILFLQDVSHTXHDV


6HJXULGDG
3RU PV TXH LQVLVWDPRV HQ ORV  ULHVJRV TXH FRPSRUWD PDQLSXODU XQD LQVWDODFLQ HOFWULFDQXQFD
HV VXILFLHQWH (V H[WUHPDGDPHQWH LPSRUWDQWH TXH VH WHQJDQ HQ FXHQWD ODV UHFRPHQGDFLRQHV
EVLFDV GH VHJXULGDG H[SXHVWDV HQ OD JXD VREUH OD SODQLILFDFLQ GH ODV  LQVWDODFLRQHV HOFWULFDV
GRPLFLOLDULDV TXH DFDEDPRV GH FLWDU  \ TXH MDPV  PDQLSXOHPRV GLUHFWDPHQWH QLQJXQR GH  ORV
FRPSRQHQWHV TXH IRUPDQ  SDUWH GH OD LQVWDODFLQ VLQ DQWHV KDEHU FRUWDGR HO VXPLQLVWUR GH
FRUULHQWH

3RU VXSXHVWR ORV QLRV GHEHQ PDQWHQHUVH DOHMDGRV GH ORV FRPSRQHQWHV HOFWULFRV D PHGLR

&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





LQVWDODU  \ HYLWDU HQ OR SRVLEOH TXH DFFHGDQ D OD HVWDQFLD HQ OD TXH HVWHPRV UHDOL]DQGR OD
LQVWDODFLQ KDVWD TXH HO SUR\HFWR HVW ILQDOL]DGR 6ROR DV SRGHPRV JDUDQWL]DU  VX VHJXULGDG \
PLQLPL]DUORVSHOLJURVH[LVWHQWHVDQLYHOHVPQLPRVGHULHVJR

8VDU XQ FDO]DGR DGHFXDGR HYLWDU TXHORVFRPSRQHQWHVHOFWULFRV HQWUHQHQFRQWDFWRFRQHODJXD
\  SUHVHUYDUORV GHO SROYR \ OD KXPHGDG R FRQWDU FRQ ODV KHUUDPLHQWDV DGHFXDGDV VRQ WDPELQ
UHTXLVLWRVGHVHJXULGDGLQHOXGLEOHV


'HULYDFLRQHV\FDMDHOFWULFD
&RQYLHQH TXH  DQWHV GH FRQFUHWDU HO OXJDU TXH RFXSH OD FDMD HOFWULFD KD\DPRV GHFLGLGR VL  OD
GHULYDFLQ HOFWULFD TXH DOLPHQWH HO GHVSDFKR R OD RILFLQD VHU QLFD  R FRPSDUWLGD FRQ RWUDV
HVWDQFLDV



3DUD XQ  FRUUHFWR GLVHR  HTXLSDPLHQWR \ GHFRUDFLQ GH RILFLQDV SHTXHDV QR HV HVWULFWDPHQWH
QHFHVDULR GLVSRQHU GH XQD GHULYDFLQ HOFWULFD H[FOXVLYD DXQTXH V UHFRPHQGDEOH FXDOTXLHU
LPSUHYLVWR R DFFLGHQWH VXFHGLGRHQ RWUDV HVWDQFLDV FRQ ODV TXHVHFRPSDUWHODPLVPDGHULYDFLQ 
DIHFWDUD WDPELQ D OD DOLPHQWDFLQ HOFWULFD GHO GHVSDFKR R OD RILFLQD LPSLGLHQGR VHJXLU
WUDEDMDQGR HQ HOOD KDVWD VROXFLRQDU HO PRWLYR GH OD LQWHUUXSFLQ DGHPV GHO ULHVJR GH SHUGHU
GRFXPHQWRV H LQIRUPDFLRQHVD FDXVD GHXQDLQWHUUXSFLQVELWDGHODDOLPHQWDFLQGHORVHTXLSRV
LQIRUPWLFRV HQWUH RWURVLQFRQYHQLHQWHV GH SHVR  (Q HO PRPHQWR GHFRQFUHWDUODXELFDFLQGHOD
FDMD  HOFWULFD GHEHPRV SURFXUDU TXH VHD XQ OXJDU DFFHVLEOH \ DO PLVPR WLHPSR SURWHJLGR
DGHPV GH HVWDU ORPV FHUFD SRVLEOH GH OD OQHDHOFWULFDSULQFLSDO HQHOFDVRGHQRGLVSRQHUGH 

&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





XQD GHULYDFLQ HOFWULFD H[FOXVLYD  SDUD  OD HVWDQFLD  (Q FXDOTXLHU FDVR XQ OXJDU JHQHUDOPHQWH
DGHFXDGR SDUD LQVWDODU OD FDMD HOFWULFD HV HQ HO LQWHULRU GH  ODV HVWDQFLDV FHUFD GH OD SXHUWD GH
DFFHVRSULQFLSDO


&DEOHDGR\FRPSRQHQWHV
(OHJLGRHOWLSRGHFDEOHDGRPVDGHFXDGRSDUDQXHVWUDILQDOLGDG ODLQIRUPDFLQUHODWLYDDWLSRVGH
FDEOHV OD HQFRQWUDUHPRV HQ OD JXD VREUH LQVWDODFLRQHV HOFWULFDV GRPLFLOLDULDV TXH KHPRV
PHQFLRQDGR DO SULQFLSLR  \ HQ IXQFLQ GH VL QXHVWUD LQVWDODFLQ VHU HPSRWUDGD R HQ VXSHUILFLH
GHEHUHPRV HOHJLU ORV FRPSRQHQWHV SULQFLSDOHV \ ORV DFFHVRULRV GH OD  LQVWDODFLQ 'H HOOR QRV
RFXSDPRVGHWDOODGDPHQWHHQORVFDSWXORVTXHVLJXHQ





&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







&RPSRQHQWHVHOFWULFRV
SULQFLSDOHV


$QWHV GH HOHJLU ORV FRPSRQHQWHV HOFWULFRV EVLFRV SDUD FRPSOHWDU QXHVWUDLQVWDODFLQGHEHPRV
GHFLGLU VL HVWD VHU HPSRWUDGD R VL OD UHDOL]DUHPRV HQ VXSHUILFLH (V XQ GHWDOOH GH OD P[LPD
LPSRUWDQFLD \D TXH HO WLHPSR HPSOHDGR HQ ILQDOL]DU QXHVWUR SUR\HFWR ODV KHUUDPLHQWDV 
QHFHVDULDV HO  UHVXOWDGR ILQDO  H LQFOXVR ORV  FRVWHV VH SXHGHQ YHU VHULDPHQWH FRQGLFLRQDGRV SRU
QXHVWUDHOHFFLQ

,QVWDODFLRQHVHOFWULFDV
HPSRWUDGDV\HQVXSHUILFLH

$PERV  WLSRV GH  LQVWDODFLQ SUHVHQWDQ YHQWDMDV H LQFRQYHQLHQWHV TXH HV SUHFLVR FRQRFHU SDUD
HOHJLU OD PV DGHFXDGD SDUD FDGDFDVR SDUWLFXODU&ODURHVWTXHODVFDUDFWHUVWLFDVGHOHVSDFLRD
FXEULUFRQODLQVWDODFLQOLPLWDUQRDOPHQRVFRQGLFLRQDUQQXHVWUDFDSDFLGDGGHGHFLVLQHQHVWH
VHQWLGR OD DQFKXUD GH ODV SDUHGHV ODSUHVHQFLDGHLQVWDODFLRQHV SUHYLDV\RGHRWURVVXPLQLVWURV 
R HO SUHVXSXHVWR ODV KHUUDPLHQWDV HO WLHPSR \ ORV FRQRFLPLHQWRV  GH TX GLVSRQJDPRV VRQ
DOJXQRV GH HVWRV FRQGLFLRQDQWHV TXH GHPRV WRPDU HQ FRQVLGHUDFLQ D OD KRUD GH HVFRJHU HO
PRGHORGHLQVWDODFLQDVHJXLU





&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






,QVWDODFLRQHVHPSRWUDGDV
(Q JHQHUDOVRQODVPVDGHFXDGDVSDUDFXDOTXLHUWLSRGHHVWDQFLD0LQLPL]DQORVULHVJRVGHVXIULU
DFFLGHQWHV \ SHUFDQFHV VXHOHQ VHU PV HFRQPLFDV \ RIUHFHQ PHMRUHV UHVXOWDGRV HVWWLFRV TXH
ODVLQVWDODFLRQHVHQVXSHUILFLH

1R REVWDQWH UHTXLHUHQKDFHU UHJDWDV OR TXH LPSOLFDXVDUXQGHWHFWRUGHPHWDOHVSDUDQRKRUDGDU
WXERV\FDEOHVRFXOWRVWUDVODSDUHGHQHOUHFRUULGR TXHVHJXLUQXHVWUDLQVWDODFLQ\SRVHHUFLHUWD
SUFWLFD HQ UHFXEULPLHQWR GH SDUHGHV SDUD TXH HQ HO PRPHQWR GH FXEULU ODV UHJDWDV \ ORV
DJXMHURVHOUHVXOWDGRVHDHOHVSHUDGR VLQGHIRUPLGDGHVHWF 


,QVWDODFLRQHVHQVXSHUILFLH
6RQ USLGDVOLPSLDV \ VHQFLOODV DXQTXH UHTXLHUHQ HO XVR GH JXDV UHJOHWDV \ RWURV PDWHULDOHVGH
FREHUWXUDTXHSXHGHQHQFDUHFHUHOSUR\HFWR

/JLFDPHQWH VRQPV PDQHMDEOHV \ PDQLSXODEOHV D SRVWHULRUL SHURHVWWLFDPHQWHORVUHVXOWDGRV
QR VRQ WDQ OLPSLRV FRPR ORV REWHQLGRV FRQ ODV LQVWDODFLRQHVHPSRWUDGDV7DPELQHVLPSRUWDQWH
WHQHU HQFXHQWD TXH ODV LQVWDODFLRQHVHQ VXSHUILFLHSXHGHQFRQGLFLRQDUODLQVWDODFLQGHPXHEOHV
HTXLSRV \ RWURVFRPSOHPHQWRV SDUD OD RILFLQD DO VREUHVDOLU GHODVXSHUILFLHGHODSDUHGDFWDQGH
WRSH REOLJDQGR D PDQWHQHU ORV PXHEOHV D FLHUWD GLVWDQFLD GH  ODV PLVPDV  XQ SHTXHR HVSDFLR
TXH SXHGH  DOWHUDU HQRUPHPHQWH QXHVWUDSODQLILFDFLQ LQLFLDO DGHPV GH VHUXQD IXHQWH FRQWLQXD
GHSROYR\VXFLHGDGTXHGLILFXOWDUODOLPSLH]DGHOHVSDFLRHQHOIXWXUR







&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







(Q  DPERV FDVRV XQD GH ODV SULQFLSDOHV SUHPLVDV D FRQVLGHUDU HV TXH HO WUD]DGR HOFWULFR GHEH 
VHJXLU HO PQLPR UHFRUULGR SRVLEOH HV GHFLU TXH GHVGH  OD FDMD KDVWD FDGD XQD GH ODV
WHUPLQDFLRQHV LQWHUUXSWRUHV HQFKXIHV IXHQWHV GH  DOLPHQWDFLQ  HO UHFRUULGR GHEH VHU HO PV
GLUHFWRHYLWDQGRGHVYLDFLRQHVLQQHFHVDULDV


3ULQFLSDOHVFRPSRQHQWHVGHODLQVWDODFLQHOFWULFD
/RV FRPSRQHQWHV HOFWULFRV SULQFLSDOHV QR VH GLIHUHQFLDQ VXVWDQFLDOPHQWH GH  ORV UHTXHULGRV HQ
FXDOTXLHULQVWDODFLQHVWQGDU
&DMD HOFWULFD HQ HOOD VH UHDOL]DUQ ODV FRQH[LRQHV EVLFDV TXH SHUPLWLUQGLVWULEXLUODHOHFWULFLGDG
SRU  WRGD OD HVWDQFLD 6H GHEH SUHYHU XQD OQHD HOFWULFD GLVWLQWD SDUD WRPDV GH FRUULHQWH
SULQFLSDOHV HTXLSRV R HOHFWURGRPVWLFRV FRQ XQ PD\RU FRQVXPR HOFWULFR  LOXPLQDFLQ \ WRPDV
GH FRUULHQWH VHFXQGDULDV HQFKXIHV XVDGRV SXQWXDOPHQWH R SDUD DOLPHQWDU GLVSRVLWLYRV
VHFXQGDULRV 
&DEOHDGR ODV QHFHVLGDGHV HOFWULFDVGHXQDSHTXHDRILFLQDQRREOLJDQDXVDUFDEOHVHVSHFLDOHV
&RQ FDEOHV GHO WLSR  10 QR PHWOLFRV  \ XQD FODVLILFDFLQ $:*  GH  PLOPHWURV  GH
GLPHWUR DSWRV SDUD FRUULHQWHV GH KDVWD  $  VXHOH VHU VXILFLHQWH SDUD DEDVWHFHU HVWH WLSR GH
HVWDQFLDV 'HEHPRV UHFRUGDU TXH HV LPSUHVFLQGLEOH PDQWHQHU OD FRKHUHQFLD HQ HO XVR GH ORV
FRORUHV YHUGH SDUD OD WRPD GH WLHUUD \ QHJUR JULV D]XO PDUUQ SDUD HO QHXWUR \ OD IDVH
PDQWHQLHQGR VLHPSUH HOPLVPRFULWHULR XVDGRSDUDHOHJLU XQFRORUSDUDODIDVH\RWURGLVWLQWRFRORU
SDUDHOQHXWUR








&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





7RPDV GH  FRUULHQWH HQ RILFLQDV \ GHVSDFKRV  VH WUDWD EVLFDPHQWH GH HQFKXIHV GH ORV FXDOHV
WHQHPRV XQ EXHQ QPHUR  GH GLVHRV WLSRV \ FRORUHV GH HQFKXIHV GLVSRQLEOHV HQ HO PHUFDGR
3DUD WRPDU LGHD GH ODV SRVLELOLGDGHVTXHVHQRVRIUHFHQSDUDHVWHWLSRGH PHFDQLVPRVHOFWULFRV
HQ HO FDWORJR RQOLQH GH 6LPRQ SRGHPRV HQFRQWUDU XQ DPSOLR DEDQLFR GH RSFLRQHV 'HEHPRV
WHQHU HQFXHQWD HVR V OD FDQWLGDG GH HQFKXIHV QHFHVDULRV\GLVSRQHUORVDGHFXDGDPHQWHHQODV
]RQDV TXH KD\DPRV GHVWLQDGR SDUDFDGDILQXELFDFLQGHHTXLSRVLQIRUPWLFRVLOXPLQDFLQIRFDO
\FRPSOHPHQWDULDHWF

,QWHUUXSWRUHV \FRQPXWDGRUHV QRUPDOPHQWH HQ HVSDFLRV UHGXFLGRV EDVWD FRQ GLVSRQHU XQQLFR
LQWHUUXSWRU HQ OD HQWUDGD GH OD HVWDQFLDMXQWR D OD SXHUWD GH DFFHVR 6L VH GLVSRQH GH GRVRPV
DFFHVRV HVFRQYHQLHQWHVLWXDUXQLQWHUUXSWRUGHOX]DOODGRGHFDGDXQDFRQORVFRUUHVSRQGLHQWHV
FRQPXWDGRUHV SDUD HYLWDU FUXFHV FXDQGR HO HQFHQGLGR \R HO DSDJDGR VH UHDOL]DQ  GHVGH
LQWHUUXSWRUHV GLVWLQWRV 7DPELQ FRPR HQ HO FDVR GH ORV HQFKXIHV HQ OD SJLQD ZHE GH 6LPRQ
WHQHPRVDODOFDQFHXQDPSOLRVXUWLGRGHLQWHUUXSWRUHVFRQGLVWLQWRVGLVHRV\DFDEDGRV

,OXPLQDFLQ SULQFLSDO WDPELQ HQ HVWH FDVR VXHOH EDVWDU XQ QLFR
SXQWR GH OX]JHQHUDOFRPELQDGRFODURHVWFRQLOXPLQDFLQIRFDO
\  VHFXQGDULD SDUD GHVHPSHDU HO WUDEDMR HQ SWLPDV FRQGLFLRQHV
GH LOXPLQDFLQ (OHJLUHPRV HO WLSR GH LOXPLQDFLQ \ODVOPSDUDVR
DSOLTXHV VHJQ QXHVWURV JXVWRV QHFHVLGDGHV  \ SRVLELOLGDGHV
DXQTXH FDEH GHVWDFDU OD FRQYHQLHQFLD GH XVDU VLHPSUH TXH VHD
SRVLEOH ERPELOODV  GH WLSR /(' PHQRU FRQVXPR  PD\RU
GXUDFLQ SDUD HOHJLU  HO WLSR GH LOXPLQDFLQ PV DGHFXDGR OD
*XD SDUD HO XVR \ HO PDQHMR GH ERPELOODV /(' SXHGH UHVXOWDU GH
JUDQD\XGD





&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






&RPSOHPHQWRVHOFWULFRV
SDUDODRILFLQD

8QD RILFLQD R XQ GHVSDFKR SXHGH DOEHUJDU XQD JUDQ FDQWLGDG GH FRPSOHPHQWRV HOFWULFRV WLOHV
SDUD GHVHPSHDU ODV  ODERUHV FRQFUHWDV DVRFLDGDV DO HVSDFLR  6HJQ VX GHVWLQR OWLPR WUDEDMR
DFDGPLFR ODERUHV  DGPLQLVWUDWLYDV GRPVWLFDV WHOHWUDEDMR D MRUQDGD  SDUFLDO R FRPSOHWD  ORV
HOHPHQWRVHOFWULFRVVHFXQGDULRVRGHDSR\RDLPSOHPHQWDUSRGUQVHUGHQGROHPX\GLYHUVD

'HMDUHPRVSDUDPVDGHODQWHODSHUVRQDOL]DFLQGHODVRILFLQDVVHJQHOWLSRGHGHVSDFKRGHOTXH
VH WUDWH DWHQGLHQGR DKRUD D DOJXQRV  GH ORV FRPSOHPHQWRV HOFWULFRV EVLFRV TXH SRGHPRV
LQFRUSRUDU D FXDOTXLHU GHVSDFKR X RILFLQD SDUD FRQYHUWLUOD HQ XQ HVSDFLR PV FPRGR YHUVWLO \
VHJXUR


&RPSOHPHQWRV HOFWULFRV SDUD HO


GHVSDFKR\ODRILFLQD


$ODUPDVWFQLFDV\DYLVDGRUHV
<D DSXQWEDPRV HQ OD JXD VREUH VLVWHPDV HOHFWUQLFRV  GH
VHJXULGDG +RJDUHV  \ QHJRFLRV VHJXURV OD FRQYHQLHQFLD GH XVDU
DODUPDV WFQLFDV \ DYLVDGRUHV HQ HVSDFLRV HVSHFLDOPHQWH
VHQVLEOHV  DO ULHVJR FRPR FRFLQDV EDRV R HVWDQFLDV HQ ODV TXH
ORVFRPSRQHQWHVHOFWULFRVRFXSDQXQOXJDUGHVWDFDGR


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






,QWHJUDU DODUPDV WFQLFDV \ RWUR WLSR GH  DYLVDGRUHV GH HPHUJHQFLD HQ XQ GHVSDFKR X RILFLQD HQ
FDVD HVSHFLDOPHQWHVLVRQHVWDQFLDVIUHFXHQWDGDV \RXVDGDVSRUQLRVPD\RUHVRSHUVRQDVFRQ
PRYLOLGDGUHGXFLGDQRVSHUPLWHDFWXDUFRQPD\RUFHOHULGDGDQWHFXDOTXLHUSHUFDQFH

&RUWRFLUFXLWRV HOHFWURFXFLRQHV LQFHQGLRV EORTXHR LQYROXQWDULR GH SXHUWDV R YHQWDQDV VRQ
PXFKRV ORV ULHVJRV DVRFLDGRV D XQ GHVSDFKR TXH SRGHPRV SUHYHQLU R DIURQWDU PV
DGHFXDGDPHQWHFRQWDQGRFRQGHWHFWRUHVGHKXPRSRUHMHPSORRSXOVDGRUHVGHHPHUJHQFLD


7HPSRUL]DGRUHV
6L DQWHV KDEOEDPRV GH ODV YHQWDMDVTXHRIUHFHQ ODVDODUPDVWFQLFDV\ORVDYLVDGRUHVHQPDWHULD
GHVHJXULGDGORVWHPSRUL]DGRUHVFRQWULEX\HQDKDFHUQRVODYLGDDOJRPVFPRGD

8Q WHPSRUL]DGRU VLHPSUH HV  GH JUDQ D\XGD VL HO  SURFHVR R OD DFWLYLGDG TXH UHJXOD HV PV R
PHQRVUXWLQDULD\SRUORWDQWRH[SXHVWDDROYLGRVUHWUDVRVLQYROXQWDULRV

(Q  XQ GHVSDFKR GRPLFLOLDULR HQWUH RWUDV  DSOLFDFLRQHV
SRGHPRVLQVWDODUWHPSRUL]DGRUHVHQIXHQWHVGHDOLPHQWDFLQ
SDUD HTXLSRV LQIRUPWLFRV SDQWDOODV FDUJDGRUHV \ RWURV
GLVSRVLWLYRVTXHVLJXHQFRQVXPLHQGRHOHFWULFLGDGDXQTXHQR
VHHVWQ XVDQGR HQ HVH PRPHQWR (ODKRUUR GH HQHUJDTXH
VXSRQH FRUWDU OD DOLPHQWDFLQ HOFWULFD D GLVSRVLWLYRV HQ
PRGR VWDQGE\ SXHGH OOHJDU DO   GHO FRQVXPR HOFWULFR
WRWDO GH OD YLYLHQGD SRU OR TXH QR VH WUDWD GH XQ DVXQWR
PHQRU R VLQLPSRUWDQFLD (Q HVWH VHQWLGR UHFRPHQGDPRVOD


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





OHFWXUD GH  OD JXD &PR DKRUUDU HQHUJD HQ FDVD HQ OD TXH VH H[SRQHQ DOJXQRV PWRGRV  \
FRQVHMRVSUFWLFRVSDUDUHGXFLUODIDFWXUDGHHOHFWULFLGDG\RWURVVXPLQLVWURV


/LPLWDGRUHVGHWHQVLQ
/DV FRPSDDV  VXPLQLVWUDGRUDV  GH HOHFWULFLGDG HVWQ REOLJDGDV SRU OH\ D GLVSRQHU ODV
KHUUDPLHQWDV \ ORV VLVWHPDV GH FRQWURO QHFHVDULRV SDUD HYLWDU SLFRV GH WHQVLQ \ JDUDQWL]DU XQD
IUHFXHQFLD GH VHDO \ XQ YROWDMH SWLPRVSDUDHYLWDUDFFLGHQWHV\WRGRWLSRGHSHUFDQFHV VXIULGRV
SULQFLSDOPHQWH SRU ORV HOHFWURGRPVWLFRV \ORVGLVSRVLWLYRVHOFWULFRVHOHFWUQLFRVPVVHQVLEOHV
FXDQGRHVWQFRQHFWDGRVDODUHGHOFWULFD 

1RREVWDQWH ODVWRUPHQWDVHOFWULFDVORVUD\RVRODVGHVFDUJDVHOHFWURVWWLFDVVRQDOJXQRVGHORV
PRWLYRV PV KDELWXDOHV GH DYHUD HQ HTXLSRV LQIRUPWLFRV XQDV DYHUDV QRUPDOPHQWH FDUDV
DOWDPHQWH LQFPRGDV \QRUPDOPHQWHQRFXELHUWDVSRUODVFRPSDDVHOFWULFDVDOQRVHUPRWLYRV
TXHVHSXHGDQDFKDFDUDGHILFLHQFLDVHQHOVHUYLFLRSUHVWDGR

(QWUH XQ  \ XQ   GH ODV DYHUDV GH HTXLSRV HOHFWUQLFRV VH GHEHQ D HVWH WLSR GH
SHUWXUEDFLRQHV TXH QR VROR VH SXHGHQ FLIUDU HQ WUPLQRV HFRQPLFRV VLQR WDPELQ HQ WLHPSR \ 
HQWUDEDMR SUGLGDVGHGDWRVEORTXHRGHSUR\HFWRVHWF 

6REUDQ SRU WRGR HOOR ODV  UD]RQHV TXH DUJXPHQWDQ D IDYRU GH  OD LQWHJUDFLQ GH OLPLWDGRUHV GH
WHQVLQ HQ GHVSDFKRV \ RILFLQDV XQRV GLVSRVLWLYRV TXH PHGLDQ HQWUH OD WRPD GH FRUULHQWH \ HO
HTXLSR DO  TXH DOLPHQWDQ JDUDQWL]DQGR XQ VXPLQLVWUR GH HOHFWULFLGDG UHJXODU  \ HVWDEOH DQWH OD
DFFLQGHDJHQWHVH[WHUQRVQRFLYRV



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






6$,
$ ORV PRWLYRV DQWHULRUHV FDEH VXPDU ORV DSDJRQHV \ ORV FRUWHV LQYROXQWDULRV PXFKDV YHFHV
WDPELQ LQHVSHUDGRV  GHO VXPLQLVWUR GH HOHFWULFLGDG TXH HQ XQ GHVSDFKR SXHGHQ WHQHU  JUDYHV
FRQVHFXHQFLDVVLPLODUHVDODVTXHDFDEDPRVGHDSXQWDU

8Q 6$, 6LVWHPD GH  $OLPHQWDFLQ ,QLQWHUUXPSLGD  LQFRUSRUD EDWHUDV GH  JUDQ  FDSDFLGDG TXH
DOLPHQWDQ D ORV  HTXLSRV \ ORV GLVSRVLWLYRV HOHFWUQLFRV GXUDQWH XQ ODSVR GH WLHPSR GHWHUPLQDGR
WUDV XQ DSDJQ  R FRUWH HQ HO VXPLQLVWUR GH HOHFWULFLGDG IDFLOLWDQGR XQ PDUJHQ GH PDQLREUD 
VXILFLHQWH SDUD WRPDU PHGLGDV TXH HYLWHQ SUGLGDV GH GDWRV DYHUDV HOHFWUQLFDV \ RWURV
FRQWUDWLHPSRVHQRUPHPHQWHLQGHVHDEOHV


7RPDVFRPELQDGDV
6H WUDWD GH FRPSRQHQWHV TXHDQDQ WRPDV GH FRUULHQWH \ SXQWRV GH FRQH[LQ DUHGHV H ,QWHUQHW
SRU  FDEOH WRGR HQ XQ QLFR PHFDQLVPR 8Q EXHQ HMHPSOR VRQ ORV VLVWHPDV GH FRQHFWLYLGDG
6LPRQ  &,0$ TXH JDUDQWL]DQ  XQD DOWD YHORFLGDG GH YR] \ GDWRV \ VH RIUHFHQ HQ NLWV
PRQWDGRVFDEOHDGRV\VHQFLOORVGHLQVWDODU



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






 'LVSRVLWLYRV HOHFWUQLFRV


\UHGHV


/D FDQWLGDG \ OD YDULHGDG GH ORV GLVSRVLWLYRV  HOHFWUQLFRV TXH  SXHGHQ FRQILJXUDU HO SDLVDMH
KDELWXDO GH FXDOTXLHU RILFLQDR GHVSDFKR HV VLPSOHPHQWH LQJHQWH 8QD YH] PV HOOR GHSHQGHU
HQ JUDQ PHGLGD GHO XVR TXH VH KDJD GHO HVSDFLR GHODVIXQFLRQHVDODVTXHVHGHVWLQHHOUHDGH
WUDEDMR\GHOWLSRGHODERUDGHVHPSHDU




3HVH D HOOR SRGHPRV HQXPHUDU DOJXQRV GLVSRVLWLYRV LPSUHVFLQGLEOHV HQ FXDOTXLHU  GHVSDFKR \
RILFLQD PRGHUQRV \ DJUXSDUORV SRU  IXQFLRQHV WLSRV \R XVRV SDUD LQVWDODUORV HQ HO OXJDU PV
FRQYHQLHQWHVHJQHVWRVFULWHULRV


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







'LVSRVLWLYRVHOHFWUQLFRVEVLFRV


(TXLSRVLQIRUPWLFRV
2UGHQDGRUHV GH PHVD SRUWWLOHV SDQWDOODV HVFQHUHV LPSUHVRUDV \ ID[HV VRQ ORV GLVSRVLWLYRV \
ORV DFFHVRULRV LQIRUPWLFRV SRU H[FHOHQFLD 6X XVR HQ GHVSDFKRV \ RILFLQDV VXHOH VHU LQWHQVLYR \
VRVWHQLGR HQ HO WLHPSR SRU OR TXH VH KDOODQ VRPHWLGRV D PD\RUHV ULHVJRV TXH RWUR WLSR GH
FRPSRQHQWHV

'DGD VX LPSRUWDQFLD ORV FXLGDGRV GH ORV TXH GHEHQ VHU REMHWR VXSHUDQ D ORV GH RWURV
FRPSRQHQWHV GH RILFLQD XQRV FXLGDGRV \ XQDV DWHQFLRQHVTXH HPSLH]DQHQ HO PLVPR PRPHQWR
GH VX LQVWDODFLQ 3RU HOOR HV QHFHVDULR TXH ORV HTXLSRV LQIRUPWLFRV VH XELTXHQ HQ OXJDUHV
FPRGRV \ DFFHVLEOHV TXH SHUPLWDQ VX PDQLSXODFLQ VLQ WHQHU TXH DEULU \ FHUUDU SXHUWDV
DJDFKDUVH R HPSOHDU  WDEXUHWHV \ HVFDOHUDV SDUD DFFHGHU D HOORV $O PLVPR WLHPSR \ SRU HVWD
PLVPD \ QHFHVDULD DFFHVLELOLGDG TXH ORV H[SRQHD XQ EXHQ QPHUR GH ULHVJRV  VH GHEHQ WRPDU
ODVPHGLGDVQHFHVDULDVSDUDHYLWDUJROSHV\DFFLGHQWHV

'HVWLQDU XQ OXJDUFRQFUHWR GHO HVFULWRULR D3& GH VREUHPHVD\ SRUWWLOHV SXHGH VHU XQD VROXFLQ
HIHFWLYD VL VH GLVSRQH GH VXILFLHQWH HVSDFLR SDUD HOOR (Q FDVR FRQWUDULR VLHPSUH HV PHMRU
FRQFUHWDUORV HQ XELFDFLRQHV HOHYDGDV TXH D UDV GH VXHOR HPSOHDQGR HVWDQWHUDV R PXHEOHV
DELHUWRV TXH GHEHUHPRV PDQWHQHU OLPSLRVGHSROYR \DVDOYRGHDJHQWHVH[WHUQRVQRFLYRVFRPR
HODJXDRODKXPHGDG

$GHPVFRQYLHQHVLWXDUORVORPVFHUFDSRVLEOHGHWRPDVGHFRUULHQWHSXQWRVGHDFFHVRDUHGHV
\D VHDQ  GRPVWLFDV R H[WHUQDV UHGHV  GH WUDEDMR ,QWHUQHW  \ D KDUGZDUH DFFHVRULR

&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





LPSUHVRUDV HVFQHUHV ID[HV HWF  (VWR SUHYLVWR FRQ OD VXILFLHQWH DQWHODFLQ QRV HYLWDU WHQHU
TXH OLGLDU FRQ FDEOHV DFFHVRULRV \ DODUJDGRUHVGH WRGRWLSRHOHPHQWRVTXHSHVH DVHUPX\WLOHV
HQ GHWHUPLQDGDV VLWXDFLRQHV HQ  XQ GHVSDFKR X RILFLQD FDVL VLHPSUH FRPSRUWDQ ULHVJRV H
LQFRPRGLGDGHVDDGLGDV


5HGHV\GLVSRVLWLYRVGHYR]\GDWRV
6REUH LQVWDODFLRQHV  GH UHGHV GH YR] \ GDWRV  HQ HO
GRPLFLOLR SRGHPRV HQFRQWUDU LQIRUPDFLQ DPSOLD \
GHWDOODGD HQ OD JXD  /D UHG GH GDWRVGRPVWLFD (Q HOOD
XQD JXDFRPSOHWDPHQWHJUDWXLWD WDPELQVHHQXPHUDQ
ORV SULQFLSDOHV FRPSRQHQWHV TXH  FRQIRUPDQ ODV UHGHV
GH GDWRV GRPVWLFDV VH GHWDOODQ VXV IXQFLRQDOLGDGHV \
VH EULQGD LQIRUPDFLQ FRPSOHPHQWDULD VREUH HO  PRGR
PV DGHFXDGR GH LQVWDODUORV HQ IXQFLQ GH ODV
QHFHVLGDGHVDFXEULU

'HHQWUH WRGRV ORVHOHPHQWRV TXH FRQIRUPDQODV UHGHV GH YR]\GDWRV GRPVWLFDVORVVLJXLHQWHV
GHVHPSHDQXQSDSHOFUXFLDOHQFXDOTXLHUGHVSDFKRXRILFLQD

7HOIRQRV  \ DFFHVRULRV GH WHOHIRQD D SDUWH  GHO WHOIRQR ILMR LQGLVSHQVDEOH HQ RILFLQDV
GHFXDOTXLHUWLSRH[LVWH XQJUDQQPHURFRPSOHPHQWRVTXHSXHGHQUHVXOWDUGHD\XGDSDUD
PHMRUDU OD FDOLGDG GHO VHUYLFLR  WHOHIQLFR WDQWR UHFLELGR SRU ORV RSHUDGRUHV GH WHOHIRQD 
FRPR SUHVWDGR D FOLHQWHV XRWURV XVXDULRV FRQ ORV TXH FRQWDFWDPRVFRQIUHFXHQFLD(QWUH
HOORV GHVWDFDPRV ODV FHQWUDOLWDV HQ HO FDVR GH GLVSRQHU GH YDULDV OQHDV WHOHIQLFDV XQ
FDVR SRFR IUHFXHQWH HQ RILFLQDV  SHTXHDV R GRPVWLFDV  ORV GLVSRVLWLYRV GH PHMRUD GH
DXGLRRORVWHOIRQRV,3\ORVDGDSWDGRUHV VLVHGLVSRQHGHVHUYLFLR9R,3 


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






5RXWHUV LQGLVSHQVDEOHV SDUD OD FRQH[LQ D ,QWHUQHW $OJXQRV DFWXDOPHQWH OD PD\RUD 
WDPELQ HPLWHQ  VHDO :L)L \ SHUPLWHQ HQWUH RWUDV IXQFLRQDOLGDGHV FRQILJXUDU XQD UHG
GRPVWLFD GH WUDEDMRFRQHFWDQGRGLVWLQWRVGLVSRVLWLYRVHQWUHVHYLWDQGRWHQHUTXHUHDOL]DU
FRPSOHMDV\FRVWRVDVLQVWDODFLRQHV

6ZLWFKV XQ  VZLWFK HV XQ GLVSRVLWLYR TXH RSHUD GH XQ PRGR VHPHMDQWH D XQ URXWHU FRQ
YDULDV VDOLGDV SDUD FRQHFWDU GLVWLQWRV HTXLSRV\GLVSRVLWLYRVGRWDGRVFRQWDUMHWDVHWKHUQHW
FRQ OD GLIHUHQFLD TXH HO URXWHU RSHUD FRQ GLUHFFLRQHV ,3 PLHQWUDV TXH HO VZLWFK OR KDFH
PHGLDQWHGLUHFFLRQHV0$&8QVZLWFKSHUPLWHFRQHFWDU HTXLSRV\GLVSRVLWLYRVGHXQPRGR
GLUHFWRHVWDQGRHVSHFLDOPHQWHLQGLFDGRVSDUDWHMHUSHTXHDVUHGHVORFDOHVGHGDWRV


$ODUPDV\GLVSRVLWLYRVHOHFWUQLFRVGHVHJXULGDG
(Q  XQ GRPLFLOLR HVWQGDU ORV HOHPHQWRV GH PV YDORU VHKDOODQ QRUPDOPHQWH HQ ORV GHVSDFKRV
1RHQYDQRHVWDVHVWDQFLDVILJXUDQHQWUHORVSULQFLSDOHVREMHWLYRVGHLQWUXVRV\DVDOWDQWHV

(O YDORU GH ORV HTXLSRV \  ORV FRPSOHPHQWRV LQIRUPWLFRV R GH ORV GLVSRVLWLYRV HOHFWUQLFRV TXH
SXHEODQ FXDOTXLHU GHVSDFKR X RILFLQD QR HV QLFDPHQWH PRQHWDULR ORV GDWRV DOPDFHQDGRV  HQ
HOORV SXHGHQ DEULU ODV SXHUWDV DO  DFFHVR GH WHUFHURV D FXHQWDV EDQFDULDV FGLJRV GH DODUPD
KRUDULRV\DJHQGDV

/DV RILFLQDV \ ORV  GHVSDFKRV VRQ SRU  WRGR HOOR HVSDFLRV HVSHFLDOPHQWH VHQVLEOHV D ORV TXH
FRQYLHQH SURWHJHU LQFOXVR PV TXH RWUDVHVWDQFLDVGHOKRJDU3DUDHOORWHQHPRVXQEXHQQPHUR
GH GLVSRVLWLYRV \ VLVWHPDV GH VHJXULGDG GLVSRQLEOHV HQ HO PHUFDGR GHVWDFDQGR HQWUH HOORV ORV
EDVDGRVHQFRPSRQHQWHVHOHFWUQLFRVPXFKRPVILDEOHV\GXUDGHURV


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






/D JXD +RJDUHV \ QHJRFLRV VHJXURV RIUHFH DPSOLD LQIRUPDFLQ DO UHVSHFWR HVSHFLDOPHQWH ORV
FDSWXORV GHGLFDGRV D ODV DODUPDV DQWLLQWUXVLQ ORV VHQVRUHV GH PRYLPLHQWR \ ORV VLVWHPDV 
HOHFWUQLFRVGHVHJXULGDGFHQWUDOL]DGRVFRPRHOVLVWHPD6LPRQ92;%DVLF







&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






7LSRVGHRILFLQDV
SHUVRQDOL]DQGRHOHVSDFLR
GHWUDEDMR


<D DYDQ]EDPRV HQ FDSWXORV DQWHULRUHV GH HVWDV JXD TXH ORV GHVSDFKRV GRPVWLFRV RIUHFHQ 
XQ JUDQ DEDQLFR GH SRVLELOLGDGHV \ FDUDFWHUVWLFDV GHWHUPLQDGDV SULQFLSDOPHQWH  SRU HO XVR DO
TXHVHGHVWLQH\HOWLSRGHWUDEDMRTXHVHGHVHPSHHHQHOODV


1RUPDOPHQWH ODV RILFLQDV GRPVWLFDV VH GHVWLQDQ D XQ XVR SHUVRQDO \ SURIHVLRQDO SRU SDUWH GH
XQR R PV PLHPEURV GHO KRJDU 6LQ HPEDUJR HQ DOJXQRVFDVRVWDPELQVHRIUHFHQDWHUFHURV VL


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





ODV FDUDFWHUVWLFDV GHO GRPLFLOLR OR SHUPLWHQ  DOTXLODQGR R DUUHQGDQGR HO HVSDFLR D SHUVRQDV
H[WHUQDV SDUD TXH GHVDUUROOHQ HQ O VXDFWLYLGDG$HVWHWLSRGHRILFLQDVVHODVGHQRPLQDmRILFLQDV
HMHFXWLYDV}GHODVFXDOHVQRVRFXSDUHPRVPVDGHODQWHHQHVWDPLVPDJXD

9HDPRV DKRUD DOJXQRV GHORVWLSRV EVLFRVGHRILFLQDHQFDVDTXHSRGHPRVWHQHU\GHTXPRGR
SHUVRQDOL]DUODVHQIXQFLQGHVXXVRSULQFLSDOSDUDVDFDUOHVHOP[LPRSDUWLGR


7LSRVGHRILFLQDVGRPVWLFDV


/XJDUHVGHHVWXGLR\WUDEDMRDFDGPLFR
(PSOHDGDV SULQFLSDOPHQWH SRU HVWXGLDQWHV DXQTXH WDPELQ SRU LQYHVWLJDGRUHV\GRFHQWHVHVWDV
RILFLQDV GHEHQ HVWDU HTXLSDGDV FRQ ORV QHFHVDULRV GLVSRVLWLYRV HOHFWUQLFRV \ HTXLSRV
LQIRUPWLFRV SDUD GHVHPSHDU ODV WDUHDV QHFHVDULDV VLQ WHQHU TXH VDOLU  GH OD HVWDQFLD QL HVWDU
VRPHWLGRVDODLQIOXHQFLDGHDJHQWHVH[WHUQRV

0RELOLDULR GH  DUFKLYR ELEOLRWHFDV \ PDWHULDO IXQJLEOH GLYHUVR GHEHQ HVWDU XELFDGRV HQ OD PLVPD
HVWDQFLD SDUD HYLWDU OD GHVFRQFHQWUDFLQ \ OD GHFRUDFLQ GHOHVSDFLR SUHIHULEOHPHQWH WLHQH TXH
VHU DXVWHUD &XDQWRV PHQRV HOHPHQWRV GH GLVWUDFFLQ VH WHQJDQ D PDQR PD\RU UHQGLPLHQWR VH
REWHQGU SRUORTXHLQWHJUDUVHJQTXHOHPHQWRVGHFRUDWLYRVXREMHWRVVLQYQFXORGLUHFWRFRQHO
WUDEDMR UHDOL]DGR QR DFRVWXPEUD D VHU XQD  EXHQD LGHD LQFOX\HQGR  WHUPLQDOHV WHOHIQLFRV
LQQHFHVDULRV DODUPDV HVWULGHQWHV SXHGH VHU GH JUDQ XWLOLGDG LQVWDODU XQD SHTXHD VHDO
OXPLQRVD HQ OD HQWUDGD TXH  LQGLTXH HQ TX PRPHQWR QR GHEH LQWHUUXPSLUVH  OD FRQFHQWUDFLQ
HYLWDQGRHQWUDGDV\VDOLGDVGHODHVWDQFLDTXHQRVHDQHVWULFWDPHQWHQHFHVDULDV



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






'HVSDFKRVGHWUDEDMR
6LPLODU DO FDVR DQWHULRU DXQTXH FRQ DOJXQDV GLIHUHQFLDV QRWDEOHV HQ OR TXH UHVSHFWD DO JUDGR GH
FRQFHQWUDFLQ\ DLVODPLHQWRGHO H[WHULRU6KD\TXHPHQFLRQDUVLQHPEDUJRTXHHVWHDLVODPLHQWR
QLFDPHQWH GHEH URPSHUVHSRUORVFDQDOHVKDELOLWDGRVSDUDHOORGLVSRVLWLYRVFRQHFWDGRVD UHGHV
WHOHIRQD \ TXHFXDOTXLHUGLVWUDFFLQRLUUXSFLQLQQHFHVDULDGHVGHHOH[WHULRU GHEHVHUHYLWDGDR
DOPHQRVDGHFXDGDPHQWHFRQWURODGD

(O DXJHGHOWHOHWUDEDMRH[SHULPHQWDGRHQORVOWLPRVWLHPSRVRIUHFHPVDUJXPHQWRVDIDYRUGHOR
DQWHULRU WUDEDMDU HQ FDVD GHVHPSHDQGR XQD WDUHD SURIHVLRQDO FXDOTXLHUD VHD RQROD SULQFLSDO
IXHQWH GH LQJUHVRV GHO KRJDU HQWUDD ULHVJRV TXH GHEHPRV HYLWDU D WRGD FRVWD XVR DPELJXRGHO
HVSDFLRGHVRUJDQL]DFLQHQORVKRUDULRVPH]FODGHWDUHDVSURIHVLRQDOHV\GRPVWLFDV 




/DV VLJXLHQWHV UHFRPHQGDFLRQHV QRV SXHGHQ  D\XGDU D KDFHU IUHQWH  D ORV UHWRV TXH SODQWHD
WUDEDMDUHQFDVD


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






3ODQLILFDU HO WLHPSR FRQ KRUDULRV GH HVWULFWR FXPSOLPLHQWR  UHDOL]DQGR ODV PQLPDV
H[FHSFLRQHV SRVLEOHV \ FRPXQLFQGROR DO UHVWR GH ORV PLHPEURV GHO KRJDU SDUD TXH VH
FRPSURPHWDQDUHVSHWDUOR

(YLWDU HQ OR SRVLEOH  OD PH]FOD GH IXQFLRQHV HQ OD RILFLQD DV FRPR OD OLEUH HQWUDGD GH
SHUVRQDV DMHQDV DO WUDEDMR GHVHPSHDGR  HQ HOOD (V  XQD EXHQD LGHD FRQWDU WDPELQ FRQ
XQD OQHD WHOHIQLFD LQGHSHQGLHQWH D OD GHO KRJDU GHVWLQDGD QLFDPHQWH D OD DFWLYLGDG
SURIHVLRQDO

7RPDU FRQFLHQFLD GH TXH  HO GHVSDFKR QR SHUWHQHFH DO FRQMXQWR GH OD YLYLHQGD
FXDQGR VH HQWUD HQ O HV SDUD WUDEDMDU \FXDQGRVHDEDQGRQDHOWUDEDMRGHEHTXHGDUWUDV
OD SXHUWD 3DUD HOOR \ VREUH  WRGR HQ HO FDVR GH WHQHU TXH UHFLELU YLVLWDV UHFXUUHQWHV  GH
FOLHQWHV \R  SURYHHGRUHV HV XQD EXHQD LGHD LQVWDODU OD RILFLQD OR PV FHUFDSRVLEOH GH OD 
HQWUDGD GHO GRPLFLOLR R DQ PHMRU TXH GLVSRQJD GH XQ DFFHVR LQGHSHQGLHQWH \ GLUHFWR
GHVGH HO H[WHULRU VL ODV FDUDFWHUVWLFDV GHO GRPLFLOLR OR SHUPLWHQ $ HVWH HIHFWR SXHGHQ
UHVXOWDU RSRUWXQRV ORV JDUDMHV DOPDFHQHV R WUDVWHURV VLGLVSRQHQGH VXILFLHQWH HVSDFLR 
RSRUWXQDPHQWHKDELOLWDGRV\HTXLSDGRV

$LVODU DGHFXDGDPHQWH HO HVSDFLR GHWUDEDMRGHUXLGRVGHOH[WHULRUHVSHFLDOPHQWHVLKD\
QLRV HQ HO GRPLFLOLR 3DUDHOOR H[LVWHQQXPHURVRVPWRGRV\PDWHULDOHVGHLQVRQRUL]DFLQ
DOJXQRV GH ORV FXDOHV  VH HQXPHUDQ \ H[SOLFDQ HQ OD JXDJUDWXLWD 6LVWHPDV GH VRQLGR HQ
FDVDFRQXQFDSWXORH[FOXVLYDPHQWHGHGLFDGRDHVWHDVXQWR




&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD








2ILFLQDVPL[WDV\SROLYDOHQWHV
/D PD\RUD GH ODVSHTXHDV RILFLQDV \ GHVSDFKRV HQ FDVD VH GHVWLQDQ D XQ XVR PL[WR UHSDUWLGR
HQWUH HO HVWXGLR HO WUDEDMR OD JHVWLQ GRPVWLFD H LQFOXVR HO RFLR (Q HVWH FDVR OD HVWDQFLD QR
GHEH FXPSOLU FRQ UHTXLVLWRV WDQ HVWULFWRV FRPR ORV HQXPHUDGRV DQWHULRUPHQWH \  SRU VXSXHVWR
GHEHQVHUHVWDQFLDVDGDSWDGDVDODVQHFHVLGDGHVGHOFRQMXQWRGHORVPLHPEURVGHOKRJDU

(Q HVWH WLSR GH GHVSDFKRV OD GHFRUDFLQGHVHPSHDXQSDSHOPXFKR PVGHVWDFDGRTXHHQORV
FDVRV DQWHULRUHV TXHGDQGR DO PHQRV SDUHMD D OD LPSRUWDQFLD GH OD IXQFLRQDOLGDG 3RU HOOR
GHGLFDPRV ORV OWLPRV FDSWXORV GH HVWD JXD D WUDWDU DOJXQDVGHODV SRVLELOLGDGHV TXH RIUHFHOD
GHFRUDFLQGHRILFLQDVSHTXHDVFRQDOJRPVGHGHWDOOH



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






'HFRUDFLQGHRILFLQDV
HMHFXWLYDV


5HDOTXLODU R DUUHQGDU XQ HVSDFLR GHO KRJDU D WHUFHUDV SHUVRQDV HV XQD  RSFLQ FDGD YH] PV 
UHFXUULGD SRU SDUWH GH IDPLOLDV TXHGHVHDQ RQHFHVLWDQ REWHQHUXQRVLQJUHVRVH[WUDDILQGHPHV
VDFDQGRSDUWLGRDKDELWDFLRQHV\HVWDQFLDVHQGHVXVR

6L ODV FRQGLFLRQHV GHO GRPLFLOLR ORSHUPLWHQ DOTXLODUXQDKDELWDFLQFRPSOHWDPHQWHHTXLSDGDFRQ
WRGR OR QHFHVDULR SDUD GHVHPSHDU ODERUHV SURIHVLRQDOHV OR TXH FRQRFHPRV SRU RILFLQD
HMHFXWLYDSXHGHVHUXQDRSFLQLQFOXVRPVLQWHUHVDQWHTXHRWUDVPVKDELWXDOHV

6X XVR VH OLPLWD DO KRUDULR FRPHUFLDO VH HYLWDQ HQWUDGDV \ VDOLGDV GHO GRPLFLOLR D KRUDV
LQWHPSHVWLYDVSUHVHUYDQGRODLQWLPLGDGGHOKRJDU

6ROR VHDOTXLOD OD HVWDQFLD VL DV VH GHVHDHOSUHFLRGHODOTXLOHUVHOLPLWDDOXVR\GLVIUXWH
GHO GHVSDFKR R OD RILFLQD HMHFXWLYD HYLWDQGR LUUXSFLRQHV HQ RWUDV HVWDQFLDVGHXVRFRPQ
\FRPSDUWLGR FRFLQDVEDRVHWF 

6X SUHFLR HV VXSHULRU HO SUHFLR GH DOTXLOHU GHXQDRILFLQDHMHFXWLYDHQHOPHUFDGRHVSRU
OR JHQHUDO VHQVLEOHPHQWH VXSHULRU SRU HMHPSOR DO GHO DOTXLOHU GH XQD KDELWDFLQ /RV
PRWLYRV VRQ  YDULRV GHVWDFDQGR HO KHFKR TXH OD RILFLQD  HMHFXWLYD VH DOTXLOD SDUD XVR


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





SURIHVLRQDO HV GHFLU FRQ ILQHV ODERUDOHV \R OXFUDWLYRV  PLHQWUDV TXH XQD KDELWDFLQ VH
DUULHQGD SDUD XVRV SHUVRQDOHV 3RU HVWH PRWLYRHO SHUILO GHO DUUHQGDWDULR HV QRWDEOHPHQWH
GLVWLQWR HQ FDGD FDVR GLVWLQWR HMHFXWLYRV SURIHVLRQDOHV DXWQRPRV IUHQWHDHVWXGLDQWHV
QRUPDOPHQWH  VLHQGR JHQHUDOPHQWH HO LQTXLOLQRGH XQD RILFLQDHMHFXWLYDDOJXLHQFRQPD\RU
SRGHUDGTXLVLWLYRIXHQWHVGHLQJUHVRVPVRPHQRVHVWDEOHV\KRUDULRVILMRV




&RQ WRGR SDUD SRGHU DOTXLODU XQD RILFLQD HMHFXWLYD HO GRPLFLOLR GHEH  FXPSOLU SUHIHUHQWHPHQWH
FRQ ODV FRQGLFLRQHV QHFHVDULDV SDUD HOOR 'LVSRQHU GH XQ DFFHVR GLUHFWR D OD RILFLQD GHVGH HO
H[WHULRUVXHOHVHUXQUHTXLVLWRVLQRLQGLVSHQVDEOHVDOWDPHQWHHVWLPDGR

$GHPV HO HTXLSDPLHQWR \  OD GHFRUDFLQ GH XQD RILFLQD HMHFXWLYD VXHOHQ FRUUHU D FDUJR GHO
DUUHQGDGRU SRU OR TXH VL HVWD HV  QXHVWUD  LQWHQFLQ GHEHPRV WHQHU PX\ HQ FXHQWD DOJXQRV
DVSHFWRVEVLFRVHQUHIHUHQFLDDHOOR


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






(TXLSDPLHQWR \ GHFRUDFLQ GH


RILFLQDVHMHFXWLYDV

(O HTXLSDPLHQWR \ ORV HOHPHQWRV GHFRUDWLYRV FRQ ORV TXH FXHQWH XQD RILFLQD HMHFXWLYD YHQGUQ
DOWDPHQWH FRQGLFLRQDGRV SRU HO HVSDFLR GHO TXH VH GLVSRQJD 1R VROR SRU OD VXSHUILFLH WRWDO
PHWURV FXDGUDGRV WLOHV  VLQR WDPELQ SRU OD SRVLELOLGDG GH FRQWDU FRQ FLHUWRV HTXLSDPLHQWRV \
VXPLQLVWURVDOJXQRVGHHOORVLQGLVSHQVDEOHV


'HEHPRV WHQHU HQ FXHQWD TXH HQ ODV RILFLQDVHMHFXWLYDVORVDUUHQGDWDULRVSDVDQXQJUDQQPHUR
GH KRUDV WUDEDMDQGR \ UHDOL]DQGR WDUHDV DVRFLDGDVFRQVXODERU)UHFXHQWHPHQWH QRGLVSRQHQGH
WLHPSR SDUD VDOLU D DOPRU]DU \ VXV GHVFDQVRV VH UHDOL]DQ HQ ODV PLVPDV LQVWDODFLRQHV GRQGH
WUDEDMDQ 3RU HOOR GLVSRQHU GH DO PHQRV XQ VHUYLFLR DXQTXH VHD PRGHVWR HV  IXQGDPHQWDO
7DPELQ HV UHFRPHQGDEOH GLVSRQHU GH XQD SHTXHD VDOLGD GH KXPRV SDUD LQVWDODU HQ HO OXJDU
RSRUWXQR XQ PRGHVWR HVSDFLR GH GHVFDQVR SDUD GHVD\XQDUSUHSDUDU DOJR GHFRPHUXQIRJQ
XQ KRUQR PLFURRQGDV XQD FDIHWHUD R FXDOTXLHU HOHFWURGRPVWLFR TXH FXPSOD FRQ IXQFLRQHV
SDUHFLGDVVLHPSUHHVXQYDORUDDGLGRSDUDFXDOTXLHURILFLQDHMHFXWLYD


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






$ VHU SRVLEOH VLHPSUH HV GHVHDEOH KDELOLWDU XQD SHTXHD  ]RQD GH GHVFDQVR FRQ VRIV R
FPRGDV FLUFXQGDGRV GH HOHPHQWRV GHFRUDWLYRV  TXH SURSLFLHQ OD UHODMDFLQ LPJHQHV  GH
SDLVDMHV DPELHQWDGRUHV FRQ SHUIXPHV IORUDOHV  7RGR HOOR VHOHFFLRQDGR SRQLHQGR OD P[LPD
DWHQFLQ  SDUD  HYLWDU VREUHFDUJDV  GHFRUDWLYDV HVWULGHQFLDV \ FXDOTXLHU RWUR GHVDMXVWH YLVXDO
DXGLWLYRXROIDWLYR

3RU VXSXHVWR XQD RILFLQD HMHFXWLYD WDPELQ GHEH FRQWDU FRQ ORV RSRUWXQRV HTXLSRV \ VLVWHPDV
LQIRUPWLFRV DXQTXH HQ PXFKRV FDVRV ORV RUGHQDGRUHV \ RWURV HTXLSDPLHQWRV LPSUHVFLQGLEOHV
ORV WUDH FRQVLJR HO LQTXLOLQR 1R RFXUUH OR PLVPR FRQ LPSUHVRUDV ID[HV HVFQHUHV ORV FXDOHV
WDPELQ DSRUWDQ XQ JUDQ YDORU D OD  RILFLQD 'LVSRQHU GH KLORV PXVLFDOHV \R HTXLSRV GH
UHSURGXFFLQ GH DXGLR R YGHR  SUR\HFWRUHV  \ SDQWDOODV SOHJDEOHV SDUD UHDOL]DU SUHVHQWDFLRQHV
WDPELQ HV GH JUDQ D\XGDDOD KRUD GH RIUHFHU XQD RILFLQD HMHFXWLYD FRQYDORUHVDDGLGRV VREUH 
WRGR FXDQGR VH DOTXLOD SRU  SDUWH GH GRV R PV SURIHVLRQDOHV R FRQ HO ILQ GH UHFLELU YLVLWDV
UHFXUUHQWHV GH SURYHHGRUHV FOLHQWHV \R LQYHUVRUHV (Q HVWH FDVRWDPELQUHVXOWDLPSUHVFLQGLEOH
FRQWDUFRQXQHVSDFLRKDELOLWDGRSDUDUHXQLRQHV



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD







(Q  OQHDV JHQHUDOHV \ D SDUWH GH  OR DSXQWDGR OD GHFRUDFLQ GH XQD RILFLQD HMHFXWLYD GHEH VHU
SUHIHUHQWHPHQWH QHXWUD \ PLQLPDOLVWD  (Q HVWH VHQWLGR \ FRPRYHUHPRV HQ HO VLJXLHQWH FDSWXOR 
GH HVWD JXD VLHPSUH HV PHMRU DSRVWDUSRU XQDGHFRUDFLQPRGHUQDTXHSRUXQHVWLORFOVLFRQR
VRORHQRILFLQDVHMHFXWLYDVVLQRWDPELQSDUDGHVSDFKRVGHXVRGRPVWLFR






&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






 'HFRUDFLQ GH RILFLQDV


PRGHUQDV


&RPR VXFHGH HQ JHQHUDO HQ FXDOHVTXLHUD HVWDQFLDVHQODVTXHVHGHVHPSHHQWDUHDV LQWHQVLYDV
GXUDQWH ODUJRV HVSDFLRV GH WLHPSR PVDQVLVRQHPSOHDGDVFRQDVLGXLGDGODGHFRUDFLQGHEH
VHU SUHIHUHQWHPHQWH mOLJHUD} FRQ WHQGHQFLD D OD IXQFLRQDOLGDG HYLWDQGR FRPSOHPHQWRV
LQQHFHVDULRVTXHODVFRQYLHUWDQHQHVSDFLRVUHFDUJDGRV\EDUURFRV


3RU HOOR FRPR GHFDPRV HQHOFDSWXORDQWHULRUVLHPSUHHVPVDFRQVHMDEOHDSRVWDUSRUXQHVWLOR
PRGHUQR D OD KRUD GH SHUVRQDOL]DU QXHVWUD RILFLQD TXH SRU HVWLORV FOVLFRV \ WUDGLFLRQDOHV  /RV
PRWLYRV VRQ  YDULRV DXQTXH HV UHODWLYDPHQWH VHQFLOOR HQXPHUDU  DOJXQRV GH ORV SULQFLSDOHV  SDUD 
HQWHQGHUHOSRUTX



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH







&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD






$UJXPHQWRVSDUDODGHFRUDFLQGH
RILFLQDVPRGHUQDV

(VW FLHQWILFDPHQWH GHPRVWUDGR TXHOD OLJHUH]DGHFRUDWLYD \ ORV HVSDFLRV PLQLPDOLVWDVUHGXQGDQ
HQ EHQHILFLR GHXQDPD\RUFRQFHQWUDFLQLQGLVSHQVDEOHHQHVWHWLSRGHHVWDQFLDV/RVPXHEOHV
OD LOXPLQDFLQ \ ORV DFFHVRULRV FRQ OQHDV SRFR UHFDUJDGDV DSRUWDQ LQJUDYLGH] D OD HVWDQFLD DOJR
TXH QR VH FRQVLJXH FRQ PXHEOHV GHOQHDV JUXHVDV \ XQD SUHVHQFLD QREOH $GHPV HOPRELOLDULR
PRGHUQR \ GH FDOLGDG SDUD RILFLQDV H[FHSWXDQGR HO PRELOLDULR GH GLVHR H[FOXVLYR FODUR HVW 
VXHOH VHU  PV EDUDWR TXH ORV PXHEOHV FRQIHFFLRQDGRV FRQ PDWHULDOHV QREOHV FRPR OD PDGHUD
PDFL]D

8QD GHFRUDFLQ PRGHUQD FDQVD PHQRV D OD YLVWD \ DXQTXH SXHGD SDUHFHU PHQRV DFRJHGRU HQ
XQ SULQFLSLR D OD ODUJD ODV YHQWDMDV TXH SUHVHQWD  WDPELQ HQ HVWH VHQWLGR VRQ PD\RUHV TXH OD
GHFRUDFLQ WUDGLFLRQDO PV R PHQRV UHFDUJDGD HO mSHVR} YLVXDO \ SVLFROJLFR GH ORV PDWHULDOHV
PV GLVFUHWRV FRPR HO FULVWDO \ DOJXQRV PHWDOHV HV PX\ LQIHULRU DO GH OD PDGHUD  R LQFOXVR HO
SOVWLFRGHORVTXHQRVFDQVDPRVDQWHVFXDQGRHVWDPRVHQFRQWDFWRFRQHOORVDVLGXDPHQWH 

6L HFKDPRV HQ IDOWD HO mFRQWDFWR FRQ OR QDWXUDO} VLHPSUH  SRGHPRV DDGLU DOJQ HOHPHQWR
FRQIHFFLRQDGR FRQ PDWHULDOHV QDWXUDOHV IURVFRPRODSLHGUDRHOPUPRO/DSLHGUDHVYHUVWLO\
HOHJDQWH HQQREOHFH ODV HVWDQFLDV \ OHV DSRUWD VHULHGDG EUR \ ULJRU KDFLQGROD HQRUPHPHQWH
DSWD SDUD GHVSDFKRV \ RILFLQDV 8QD SHTXHD PHVD XQD UHSLVD RLQFOXVR XQ WDEXUHWH GHSLHGUD
VRODRFRPELQDGDFRQFULVWDOSRUHMHPSORDSRUWDXQWRTXHQLFRGHHOHJDQFLD\PRGHUQLGDG

/D DXVHQFLD GH XQLIRUPLGDG HQ  ODV OQHDV TXH SUHVHQWD OD SLHGUD QDWXUDO LQFOXVR VLQ WUDWDU
GHVFDUJDQGH JUDYHGDGHO HVSDFLR TXH FLUFXQGDQ HMHUFLHQGR XQD SRGHURVD \ SRVLWLYD LQIOXHQFLD


&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH






&yPR
LQVWDODU\
GHFRUDUXQD
RILFLQDHQ
FDVD





VREUH HO HVWDGR GH QLPR  (Q
GHVSDFKRV \ RILFLQDV VRPHWLGRV SRU
VX SURSLD QDWXUDOH]D D OD LQIOXHQFLD
GHO HVWUV UHVXOWD PV DFRQVHMDEOH
DSRVWDU

SRU

HVWLORV

GHFRUDWLYRV

PRGHUQRV \ SRFR UHFDUJDGRV \ SRU


PDWHULDOHV QREOHV \ IURV FRPR OD
SLHGUD $GHPV HV PV VHQFLOOR \
USLGR

DFRQGLFLRQDU

\

OLPSLDU

HVSDFLRV PHQRV UHFDUJDGRV FRQ OR


TXH HO DKRUUR GH WLHPSR \ HVIXHU]R
HV FRQVLGHUDEOH 0DWHULDOHV FRPR HO DFHUR HO KLHUUR IRUMDGR X R[LGDGR HO FULVWDO R OD SLHGUD
UHTXLHUHQ PHQRV PDQWHQLPLHQWR  TXH RWURV FRQ OR TXH WDPELQ HQ HVWH VHQWLGR UHVXOWDQ PV
HFRQPLFRV

3RU OWLPR FDEH GHVWDFDU TXH VREUH JXVWRV QR KD\  QDGD HVFULWR (VWR FODUR  HVW QRV  GHEH
DQLPDU D HOHJLU HO WLSR GH GHFRUDFLQ GH QXHVWUR GHVSDFKR X RILFLQD VHJQ QXHVWURV SURSLRV
JXVWRV \ WHQGHQFLDV SHUR WDPELQ QRV  GHEH KDFHU UHIOH[LRQDU DFHUFD GH OD  FRQYHQLHQFLD GH
GHFRUDU GHVSDFKRV \ RILFLQDV GRPVWLFDV VLQ FRQWDU FRQ OD DSUREDFLQ GH ORV GHPV PLHPEURV
GHO KRJDU HVSHFLDOPHQWH VL HO  XVR GHO HVSDFLR YD D VHU FRPSDUWLGR 0V DQ VL HQ HO GHVSDFKR
YDPRV D UHFLELUYLVLWDVGHSURYHHGRUHVRFOLHQWHVORPVUHFRPHQGDEOHHVDSRVWDUSRUHOHPHQWRV
HVWLORV\FRORUHVQHXWURVTXHVDWLVIDJDQDWRGRHOPXQGRSRULJXDO

(PSH]DQGR SRU  OD SLQWXUD GH  ODV SDUHGHV \ WHUPLQDQGR  SRU ORV PXHEOHV SDVDQGR SRU
LQWHUUXSWRUHV HQFKXIHV SRPRV GH SXHUWDV DUPDULRV HVFULWRULR \ VLOODV OD QHXWUDOLGDG VHU
VLHPSUH XQD EXHQD DOLDGD 8QD QHXWUDOLGDG TXH QR WLHQH SRU TX HVWDU UHLGD FRQODPRGHUQLGDG
ODHOHJDQFLDHLQFOXVRODRULJLQDOLGDG



&RPSDUWHOD*XDHQ)DFHERRN7ZLWWHU/LQNHGLQ*RRJOH


También podría gustarte