Está en la página 1de 178

9HUVLyQLPSUHVD,661

9HUVLyQHOHFWUyQLFD,661

3217,),&,$81,9(56,'$'&$72/,&$'(&+,/(
,167,7872'((&2120,$

2ILFLQDGH3XEOLFDFLRQHV
&DVLOOD&RUUHR6DQWLDJR
ZZZHFRQRPLDSXFFO





























0(72'26&8$17,7$7,926'(
862+$%,78$/(1(&2120,$<
(9$/8$&,21'(352<(&726


$UtWLGHV7RUFKH 

7UDEDMR'RFHQWH1

6DQWLDJR(QHUR



 'HVHR DJUDGHFHU ORV LQWHUHVDQWHV \ DFXFLRVRV FRPHQWDULRV GHO SURIHVRU 6HUJLR 5XGROSK\
TXHGHGLFRQXPHURVDVKRUDVDXQDFRPSOHWDOHFWXUDGHOGRFXPHQWR
(PDLODWRUFKH#IDFHDSXFFO








,1',&(





,1752'8&&,21

&$3,78/2$5,70e7,&$

/RVQ~PHURVQDWXUDOHV\HOSURFHVRGHFRQWHR

6XPDGHQDWXUDOHV

1RWDFLyQSRVLFLRQDOGHORVQ~PHURVQDWXUDOHV

0XOWLSOLFDFLyQGHQDWXUDOHV

5HVWDGHQDWXUDOHV

,QWURGXFFLyQGHORVQ~PHURVQHJDWLYRVORVHQWHURV

6XPDGHHQWHUR

0XOWLSOLFDFLyQGHHQWHUR

'LYLVLyQGHQDWXUDOHV

/RVQ~PHURVUDFLRQDOHV

6XPD\UHVWDGHUDFLRQDOHV

0XOWLSOLFDFLyQGHUDFLRQDOHV

'LYLVLyQGHUDFLRQDOHV

([SRQHQFLDFLyQ\UDGLFDFLyQORVQ~PHURVUHDOHV

5DGLFDFLyQ


&$3,78/2'(/$5,70e7,&$$//*(%5$

(FXDFLRQHVGHSULPHUJUDGR

1RFLyQGHSDUiPHWUR

3UREOHPDVTXHXWLOL]DQHFXDFLRQHVGHSULPHUJUDGR

(FXDFLRQHVGHVHJXQGRJUDGR

(MHUFLFLR12SHUDFLRQHVDOJHEUDLFDVIXQGDPHQWDOHV


&$3,78/2(/02'(/2'(/$6(&8$&,21(632/,120,$/(6

(FXDFLRQHVSROLQRPLDOHV

7pFQLFDVSDUDWUDQVIRUPDUHFXDFLRQHVGLYHUVDVHQHFXDFLRQHV

3ROLQRPLDOHV

D  )DFWRUL]DFLyQ

E  6XPDGHIUDFFLRQHV

F  6LPSOLILFDFLRQHV\DPSOLILFDFLRQHV

G  5DFLRQDOL]DFLyQ


'HWHUPLQDFLyQGHODVUDtFHVGHXQSROLQRPLR0pWRGRGH+RUQHU

0pWRGRGH+RUQHU




































&$3,78/2'(/$6(&8$&,21(6$/$6)81&,21(6

0pWRGRJUiILFRSDUDHVWXGLDUHOFRPSRUWDPLHQWRGHXQDIXQFLyQ

5HSUHVHQWDFLyQJUiILFDGHIXQFLRQHVSROLQRPLDOHVGHSULPHU\

'HVHJXQGRJUDGR

5HSUHVHQWDFLyQJUiILFDGHIXQFLRQHVSROLQRPLDOHVGHVHJXQGRJUDGR

5HSUHVHQWDFLyQJUiILFDGHODVUDtFHVGHXQDHFXDFLyQ

6LVWHPDGHIXQFLRQHV

5HVROXFLyQGHVLVWHPDVGHIXQFLRQHVOLQHDOHV

(MHUFLFLR15HVROXFLyQGHHFXDFLRQHV\VLVWHPDVGHHFXDFLRQHV

&$3,78/2'(/$1/,6,6(67$7,&2$/',1$0,&2

/DIXQFLyQH[SRQHQFLDO

/DIXQFLyQORJDUtWPLFD

'HVFULSFLyQGHOFRPSRUWDPLHQWRGLQiPLFRGHYDULDEOHVHFRQyPLFDV


&$3,78/2(/&5(&,0,(172(17(50,126',6&5(726

'HVFULSFLyQHQWpUPLQRVGLVFUHWRVHQXQSURFHVRGHFUHFLPLHQWR

3URSLHGDGHVGHODVSURJUHVLRQHVDULWPpWLFDV\JHRPpWULFDV

0DWHPiWLFDVILQDQFLHUDV

(MHUFLFLR13URJUHVLRQHV\PDWHPiWLFDVILQDQFLHUDV


&$3,78/2'(//*(%5$$/&$/&8/2

'HILQLFLyQGHPi[LPRV\PtQLPRVORFDOHV

'HWHUPLQDFLyQGHPi[LPRV\PtQLPRV


0pWRGRKHXUtVWLFR


1RFLyQGHGHULYDGD

&iOFXORGHGHULYDGDV

$SOLFDFLyQGHODVGHULYDGDV


&$3,78/2237,0,=$&,21/,1($/

3UHFLRVRPEUD\SURJUDPDVGXDOHV

(MHUFLFLR1$SOLFDFLRQHVGHiOJHEUDFiOFXOR\SURJUDPDFLyQOLQHDO


&$3,78/2'(/'(7(50,1,602$/$,1&(57,'80%5(

'HILQLFLyQGH(VWDGtVWLFD

'HVFULSFLyQQXPpULFDGHXQDYDULDEOHHVWDGtVWLFD

6HULHVWHPSRUDOHV


&$3,78/2)250$/,=$&,21'(/$1/,6,6'(,1&(57,'80%5(

(/02'(/2'(352%$%,/,'$'(6

'HILQLFLyQGHSUREDELOLGDG

2SHUDFLRQHVFRQSUREDELOLGDGHV
D  0XOWLSOLFDFLyQGHSUREDELOLGDGHV\GHILQLFLyQGH
,QGHSHQGHQFLDHVWRFiVWLFD
E  ,QGHSHQGHQFLDHVWRFiVWLFD
F  'HILQLFLyQGHHYHQWRVPXWXDPHQWHH[FOX\HQWHV


9DULDEOHDOHDWRULD

(MHUFLFLR13UREDELOLGDGHV\(VWDGtVWLFDV










































&$3,78/26,78$&,21(6'(,1&(57,'80%5((1(9$/8$&,1

'(352<(&726

$QiOLVLVGHVLWXDFLRQHVGHLQFHUWLGXPEUH
$QiOLVLVGHVLWXDFLRQHVGHULHVJR
0HGLFLyQGHOULHVJR
$QiOLVLVGHVHQVLELOLGDG
6LPXODFLyQ


,1',&($1$/,7,&2











,1752'8&&,21

(HPSOHRFDGDYH]PiVJHQHUDOL]DGRHQ&KLOHGHWpFQLFDVGHHYDOXDFLyQHFRQyPLFDGH
SUR\HFWRVFRPRXQSUHUHTXLVLWRKDELWXDOHQODWRPDGHGHFLVLRQHVTXHLQYROXFUDHOXVRGH
UHFXUVRV KD FRQVWLWXtGR XQ SRGHURVR LQFHQWLYR SDUD TXH SHUVRQDV GH ODV PiV GLYHUVDV
GLVFLSOLQDV HVWpQ LQWHUHVDGDV HQ HO HVWXGLR GH GLFKRV SURFHGLPLHQWRV HQ WpUPLQRV
IRUPDOHV 0XFKDV GH HVWDV SHUVRQDV KDQ HIHFWXDGR FXUVRV GH PDWHPiWLFDV HQ OD
8QLYHUVLGDGSHURKDQROYLGDGRJUDQSDUWHGHVXVFRQWHQLGRVRKDQSHUGLGRGHVWUH]DHQHO
PDQHMR GH ODV RSHUDFLRQHVDULWPpWLFDV\DOJHEUDLFDV(VWRVDSXQWHVSUHVHQWDQHQIRUPD
UHVXPLGDXQDVHULHGHFRQFHSWRV\H[SUHVLRQHVIRUPDOHVGHDULWPpWLFDiOJHEUDFiOFXOR\
HVWDGtVWLFD TXH VRQ GH XVR KDELWXDO HQ ORV WUDEDMRV GH HYDOXDFLyQ GH SUR\HFWRV 6X
REMHWLYRFRQVLVWHSUHFLVDPHQWHHQUHIUHVFDUORVFRQRFLPLHQWRVGHSHUVRQDVTXHWXYLHURQ
HVWRVFXUVRVSHURTXHKDQROYLGDGRVXVFRQWHQLGRV

(VWDVQRWDVVRQFODUDPHQWHLQVXILFLHQWHVSDUDDTXHOORVTXHQRKDQWHQLGRXQDIRUPDFLyQ
PtQLPD GH GRV R WUHV VHPHVWUHV HQ PDWHPiWLFDV \ SRU RWUD SDUWH VRQ PDQLILHVWDPHQWH
VXSHUILFLDOHV SDUD DTXHOORV TXH KDQ HVWXGLDGR FDUUHUDV HQ ODV TXH ODV PDWHPiWLFDV
FRQVWLWX\HQXQHOHPHQWRLPSRUWDQWH GHIRUPDFLyQJHQHUDORHVSHFtILFD

6HSDUWHFRQXQUHSDVRGHDULWPpWLFD\iOJHEUDHOHPHQWDOUHIHULGR IXQGDPHQWDOPHQWHD
ORVGLIHUHQWHV FRQMXQWRVQXPpULFRV QDWXUDOHVHQWHURVUDFLRQDOHV\UHDOHV \DODQiOLVLV
GH ODV RSHUDFLRQHV TXH ORV FDUDFWHUL]DQ  6H LOXVWUDQ FRQ HMHPSORV ORV SUREOHPDV WLSR
TXH SXHGHQ VHU UHVXHOWRV FRQ ORV Q~PHURV QDWXUDOHV HQWHURV R UDFLRQDOHV \ VH PXHVWUD
FyPRHOGHVHRGHHVWXGLDUSUREOHPDVPiVFRPSOHMRVJHQHUDODQHFHVLGDGGHDPSOLDUHO
VLVWHPDGHQ~PHURVXWLOL]DGRVKDVWDOOHJDUDORVUHDOHV3RVWHULRUPHQWHVHLQWURGXFHQORV
FRQFHSWRVGHYDULDEOH\GHHFXDFLyQ\VHHVWXGLDQODVFDUDFWHUtVWLFDVGHODVRSHUDFLRQHV
FRQ YDULDEOHV HV GHFLU HO $OJHEUD  (Q HVWH WySLFR VH GD HVSHFLDO LPSRUWDQFLD D ODV
HFXDFLRQHVSROLQRPLDOHV\DORVPpWRGRVSDUDUHVROYHUODV.

$ FRQWLQXDFLyQ VH SUHVHQWD OD QRFLyQ GH IXQFLyQ FRPR UHODFLyQ HQWUH GRV R PiV
YDULDEOHVVHHVWXGLDODIRUPDGHUHSUHVHQWDUJUiILFDPHQWHXQDIXQFLyQ\VHDSOLFDQHVWRV
FRQRFLPLHQWRV D SUREOHPDV GH HFRQRPtD \ HYDOXDFLyQ GH SUR\HFWRV (VWDV WpFQLFDV VH
HPSOHDQHQHOHVWXGLRGHODVIXQFLRQHV ORJDUtWPLFD\H[SRQHQFLDO\GHODVSURJUHVLRQHV



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

DULWPpWLFDV \ JHRPpWULFDV ODV TXH WLHQHQ JUDQ DSOLFDFLyQ HQ PDWHPiWLFDV ILQDQFLHUDV
WySLFRTXHVHSUHVHQWDFRQPD\RUGHWDOOHDFRQWLQXDFLyQ.

/XHJRVHHVWXGLDHOFRPSRUWDPLHQWRORFDO HQODYHFLQGDGGHXQSXQWR GHXQDIXQFLyQ
FRQWLQXD \ VH LQWURGXFH HO FRQFHSWR GH GHULYDGD 6H FDOFXODQ ODV GHULYDGDV GH ODV
IXQFLRQHV PiV XVXDOHV \ VH SUHVHQWDQ GRV DSOLFDFLRQHV GHWHUPLQDFLyQ GH Pi[LPRV \
PtQLPRV\FiOFXORGHHODVWLFLGDGHVGHFXUYDVGHRIHUWD\GHPDQGD

3RU~OWLPRVHHQWUHJDQDOJXQDVQRFLRQHVEiVLFDVGHHVWDGtVWLFD\SUREDELOLGDGHVTXHVH
HPSOHDQ HQ OD HVWLPDFLyQ GH ORV SDUiPHWURV GH ODV HFXDFLRQHV GH UHJUHVLyQ 6H
LQWURGXFHQORVFRQFHSWRVGHULHVJRHLQFHUWLGXPEUH\VHHPSOHDQPRGHORVSUREDELOtVWLFRV
SDUDHYDOXDUORVHIHFWRVGHODYDULDELOLGDGGHORVIOXMRVGHEHQHILFLRV\FRVWRVHQODWRPD
GHGHFLVLRQHV(WHPDULRHVHOVLJXLHQWH

(OHPHQWRVGH$ULWPpWLFD\$OJHEUD
1~PHURV RSHUDFLRQHV SROLQRPLRV H[SRQHQFLDFLyQ UDtFHV HFXDFLRQHV GHVLJXDOGDGHV
5HVROXFLyQGHHFXDFLRQHVGHSULPHU\GHVHJXQGRJUDGR

$OJHEUD\*HRPHWUtD$QDOtWLFD
(FXDFLRQHVSROLQRPLQDOHV&iOFXORGHODVUDtFHVGHXQDHFXDFLyQSROLQRPLDO)XQFLRQHV
*HRPHWUtD DQDOtWLFD UHSUHVHQWDFLyQ JUiILFD DQiOLVLV GH VLVWHPDV GH HFXDFLRQHV JUiILFR
GHOSXQWRGHHTXLOLEULR

0DWHPiWLFDV)LQDQFLHUDV
)XQFLRQHV ORJDUtWPLFDV \ H[SRQHQFLDOHV 3URJUHVLRQHV DUtWPpWLFDV \ JHRPpWULFDV
0DWHPiWLFDV ILQDQFLHUDV LQWHUpV FRPSXHVWR FDSLWDOL]DFLyQ GHVFXHQWR UHQWDV ILQLWDV \
SHUSHWXDV

0pWRGRVGH2SWLPL]DFLyQ
(VWXGLR LQFUHPHQWDO GH IXQFLRQHV FiOFXOR GH GHULYDGD GHWHUPLQDFLyQ GH Pi[LPRV \
PtQLPRVFiOFXORGHHODVWLFLGDGHV3URJUDPDFLyQOLQHDO


75$%$-2'2&(17(1

(VWDGtVWLFD\3UREDELOLGDG
(VWDGtVWLFD GHVFULSWLYD FiOFXOR GH PHGLDV\ GH YDULDQ]DV 1RFLyQ GH SUREDELOLGDG
GHILQLFLyQ\SULQFLSLRVEiVLFRV$QiOLVLVGHUHJUHVLyQ$QiOLVLV GH ,QFHUWLGXPEUH \
5LHVJR$QiOLVLVGHVHQVLELOLGDG\WpFQLFDVGHVLPXODFLyQ



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&$3,78/2,

$5,70(7,&$

/D DULWPpWLFD VH SUHRFXSD GH HVWXGLDU ODV SURSLHGDGHV IRUPDOHV GH ODV RSHUDFLRQHV TXH
SXHGHQUHDOL]DUVHFRQORVQ~PHURVVHDQpVWRVQDWXUDOHVHQWHURVUDFLRQDOHVRUHDOHV

/RVQ~PHURVQDWXUDOHV\HOSURFHVRGHFRQWHR
/RV Q~PHURV QDWXUDOHV TXH VRQ ORV TXH HVWXGLDUHPRV HQ SULPHU OXJDU  VXUJHQ FRPR
DSOLFDFLyQ DGLFLyQ UHLWHUDGDGHXQDXQLGDGHQXQFRQMXQWRGHREMHWRV6HWLHQHHQ
WRQFHV HO OODPDGR SURFHVR GH FRQWHR TXH FRPR VX QRPEUH OR LQGLFD WLHQH SRU REMHWR
GHWHUPLQDUODFDQWLGDGGHHOHPHQWRVGHXQFRQMXQWR(VWDFDQWLGDGVHOODPDFDUGLQDOLGDG
GHOFRQMXQWR\VHUHSUHVHQWDSRUXQQ~PHURQDWXUDO

$Vt SRU HMHPSOR HQ HO &XDGUR 1 VH SXHGHQ REVHUYDU ORV VtPERORV TXH VH HPSOHDQ
SDUDGHVLJQDUORVQRPEUHV-.HQWUHRWURV\ODFDUGLQDOLGDGGHORVFRQMXQWRV  


&8$'521
&RQMXQWR

8QDPDQ]DQD

6tPERORSDUDUHSUHVHQWDUHO
Q~PHURGHREMHWRVGHO
FRQMXQWR FDUGLQDOLGDG 


'RVPDQ]DQDV



7UHVPDQ]DQDV



&XDWURPDQ]DQDV



&LQFRPDQ]DQDV



6HLVPDQ]DQDV



6LHWHPDQ]DQDV



4

2FKRPDQ]DQDV



5

1XHYHPDQ]DQDV




-
.
/
0
1
2
3

2EMHWRVHQHO
FRQMXQWR













 'LH]PDQ]DQDV


/RVHOHPHQWRVGHXQFRQMXQWRVRQREMHWRVGLIHUHQWHV(QHVWHFDVRPDQ]DQDVSHURSXHGHQVHU
PDQ]DQDVSHUDVFDVDVHWF
6

75$%$-2'2&(17(1

&RQ HVWH PLVPR SURFHGLPLHQWR VH SXHGH PHGLU HV GHFLU DSOLFDU UHLWHUDGDPHQWH XQD
XQLGDG GH ORQJLWXG GH SHVR GH VXSHUILFLH HWF D XQ REMHWR 3RU HMHPSOR VHD HO WUD]R
DGMXQWRODXQLGDGGHORQJLWXGODTXHVHDSOLFDDORVODGRVGHXQUHFWiQJXOR
FRPRHOTXHDSDUHFHHQHO&XDGUR1


&8$'521

&


6H SXHGH HVWDEOHFHU TXH ORV ODGRV $% \ %& GHO UHFWiQJXOR PLGHQ  \  XQLGDGHV
UHVSHFWLYDPHQWHSXHVWRTXHODXQLGDGGHORQJLWXGTXHVHKDHOHJLGRFDEHH[DFWDPHQWH
YHFHVHQ$%\HQ%&/DGLDJRQDO$&SRUVXSDUWHPLGHXQLGDGHV

6XPDGHQDWXUDOHV

6L VH FRPELQD HO SURFHVR GH PHGLU R GH FRQWDU FRQ OD LGHD GH XQLyQ GH FRQMXQWRV VH
SXHGHGHILQLUODVXPDGHQ~PHURVQDWXUDOHV$VtSRUHMHPSORHOFRQMXQWR-GHO&XDGUR
1 XQLGR DO FRQMXQWR . WLHQH XQD FDUGLQDOLGDG HTXLYDOHQWH D OD GHO FRQMXQWR /  6H
WLHQHHQWRQFHVTXH




 +D\ TXH GHVWDFDU TXH HQ HVWH FDVR OD XQLGDG HOHJLGD FDEH XQ Q~PHUR HQWHUR GH YHFHV HQ ORV WUD]RV GHO
UHFWiQJXOR R TXH FRQVWLWX\H XQ FDVR HVSHFLDO GH FRQPHQVXUDELOLGDG 3DUD PD\RUHV DQWHFHGHQWHV YpDVH SRU
HMHPSOR1DYDUUR3H]RD6XDUH]0DWHPiWLFDV0HGLR,GHD

6HDQORVFRQMXQWRVVLJXLHQWHV

-

.

-8. /







HQWRQFHV
(VGHFLU

&DUGLQDO-






&DUGLQDO.






&DUGLQDO -8. 



(VWRFRQODFRQGLFLyQTXHORVHOHPHQWRVGH-VHDQGLIHUHQWHVDORVGH.HVGHFLU-\.VHDQGLVMXQWRV (Q
HVWHFDVR8LQGLFDXQLyQ$Vt-8.HVODXQLyQGH-FRQ.



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$



TXHHVHOVtPERORTXHUHSUHVHQWDHOQ~PHURGHPDQ]DQDVGHOFRQMXQWR-
06



TXHHVHOVtPERORTXHUHSUHVHQWDHOQ~PHURGHPDQ]DQDVGHOFRQMXQWR.
(6,*8$/$



TXHHVHOVtPERORSDUDGHVLJQDUHOQ~PHURGHPDQ]DQDVGHOFRQMXQWR/


(QHOFDVRGHOUHFWiQJXORGHO&XDGUR1VHWLHQHTXHODVXPDGHOODGR$%\ODGHOODGR
%&HVGHXQLGDGHVSXHVWRTXHODFDUGLQDOLGDGGHODXQLyQGHDPERVWUD]RVHV3RU
RWUDSDUWHODORQJLWXGGHODVXPDGHODGLDJRQDOFRQHOODGRPD\RUHVGHXQLGDGHV

1RWDFLyQSRVLFLRQDOGHORVQ~PHURVQDWXUDOHV

/RV Q~PHURV TXH UHSUHVHQWDQ OD FDUGLQDOLGDG GH FRQMXQWRV TXH SRVHHQ PiV GH 
HOHPHQWRV VH GHQRWDQ D WUDYpV GH XQ SURFHGLPLHQWR TXH UHFLEH HO QRPEUH GH QRWDFLyQ
SRVLFLRQDOGHORVQDWXUDOHV&RQVLVWH HQ TXH FDGD GtJLWR TXH VH HQFXHQWUD HQ XQD
SRVLFLyQGHWHUPLQDGDHTXLYDOHDXQLGDGHVGHODSRVLFLyQXELFDGDLQPHGLDWDPHQWHDOD
GHUHFKDGHHOOD$VtSRUHMHPSORHOQ~PHURVHGHVFRPSRQHHQYHFHVXQLGDGHV
XQLGDGHVRVHD'83RURWUDSDUWHVHGHVFRPSRQHHQ&'HVGHFLU
 XQLGDG PiV  GHFHQDV PiV  FHQWHQDV &  6L HO FRQMXQWR$WLHQHXQLGDGHV\HO
FRQMXQWy %  XQLGDGHV OD VXPD GH ORV HOHPHQWRV GH DPERV FRQMXQWRV VH REWLHQH
GHVFRPSRQLHQGR$\%HQODIRUPDVLJXLHQWH



&DUGLQDO$ 


&HQWHQDV

'HFHQDV

&


PiV


'



PiV
PiV 

8QLGDGHV




&DUGLQDO% 
&
PiV
'
PiV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


7RWDO
7RWDO


&


PiV

'V

QDGD

PiV


&


PiV



QDGD


PiV








75$%$-2'2&(17(1

(Q HIHFWR VH SDUWH VXPDQGR ODV XQLGDGHV \ VH WLHQH TXH  PiV  XQLGDGHV HV LJXDO D
/RVVHFRORFDQHQODVGHFHQDVFRPR'\ORVVHGHMDQHQODVXQLGDGHV/XHJR
VH VLJXH FRQ ODV GHFHQDV ' PiV ' PiV ' VRQ LJXDOHV D & TXH VH FRORFD HQ ODV
FHQWHQDVPiVQDGDTXHVHGHMDHQODVGHFHQDV)LQDOPHQWH&PiV&PiV&VRQ&
TXHVHFRORFDHQODVFHQWHQDV
6HFUHDXQVtPERORSDUDH[SUHVDUHVHQDGDTXHHVHOFHUR\VHOOHJDILQDOPHQWHDTXH


0iV



&DUGLQDO

&DUGLQDO


$

%


0XOWLSOLFDFLyQGHQDWXUDOHV
6XSRQJDPRV TXH XQD SHUVRQD GHVHD FRPSUDU  PDQ]DQDV TXH WLHQHQ XQ SUHFLR GH 
FDGDXQD(YDORUGHODFRPSUDHVHYLGHQWHPHQWH

PiV
PiV
PiV
PiV








(VWDVH[SUHVLRQHVTXHPXHVWUDQODVXPDGHXQPLVPRQ~PHURTXHVHUHSLWHYDULDVYHFHV
OOHJDQ D VHU PX\ IUHFXHQWHV &RQ HO REMHWR GH DEUHYLDU ODV RSHUDFLRQHV TXH GHEHQ
UHDOL]DUVHYDULDVYHFHVDSDUHFHODPXOWLSOLFDFLyQFX\RREMHWLYRIXQGDPHQWDOHVIDFLOLWDU
ORVFiOFXORVDOUHGXFLUODFDQWLGDGGHRSHUDFLRQHV$VtODVXPDDQWHULRUVHH[SUHVDFRPR
 FLQFRPXOWLSOLFDGRSRU HQTXHHOSULPHUQ~PHURLQGLFDHOQ~PHURGHYHFHVTXH
VHVXPDHOVHJXQGRQ~PHUR$VtLQGLFD


PiV
PiV





HVGHFLUVXPDGRYHFHV






HVGHFLUVXPDGRYHFHV

(QWDQWRTXHLQGLFD


PiV
PiV
PiV

6L VH HIHFW~DQ WRGDV ODV PXOWLSOLFDFLRQHV FRQ ORV SULPHURV  Q~PHURV QDWXUDOHV VH
SXHGH IRUPDU XQ FXDGUR GH GREOH HQWUDGD OODPDGR WDEOD GH PXOWLSOLFDU TXH LQGLFD HQ



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

FROXPQDVHOSULPHUQ~PHUR\HQILODVHOVHJXQGR8QHMHPSORHVHOTXHLQGLFDHO&XDGUR
1

&8$'521


;

OHU1~PHUR
Q~PHUR










BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

















































 
; 




































































 


6LVHFRQRFHHVWDWDEODHVIiFLOGHWHUPLQDUTXHHV(QHIHFWRVLVHXELFDHQOD
ILOD TXH LQGLFD HO SULPHU Q~PHUR HO GtJLWR  \ HQ OD FROXPQD TXH LQGLFD HO VHJXQGR
Q~PHURHOVHREWLHQH PDUFDGRFRQFXDGUDGR (QHOODVHSXHGHDSUHFLDUDGHPiV
TXH    HV  PDUFDGR FRQ XQ WULiQJXOR  (VWR RFXUUH HQ WRGRV ORV FDVRV HQ TXH VH
LQYLHUWHHORUGHQGHORVIDFWRUHV
(VWD SURSLHGDG TXH HV YiOLGD SDUD WRGR SDU GH Q~PHURV UHFLEH HO QRPEUH GH
FRQPXWDWLYLGDGGHODPXOWLSOLFDFLyQ
&RQHOREMHWRGHDGRSWDUODQRPHQFODWXUDDXQVLVWHPDGHHVFULWXUDKRUL]RQWDODSDUHFHHO
VLJQRLJXDO TXHUHHPSOD]DDODUD\DGHEDMRGHXQDVXPD\VHJHQHUDOL]DHOVLJQR  
HQYH]GHODSDODEUDPiV6HWLHQHHQWRQFHVTXHHQYH]GHHVFULELU




)DFWRUHVVRQORVQ~PHURVTXHVHHVWiQPXOWLSOLFDQGR
6HWLHQHHQWRQFHVTXHODFRQPXWDWLYLGDGGHODPXOWLSOLFDFLyQVHHQXQFLDGLFLHQGRTXHHORUGHQGHORVIDFWRUHV
QRDOWHUDHOSURGXFWR

75$%$-2'2&(17(1



PiV
PiV
PiV













VHDGRSWDODQRPHQFODWXUD 

/RV SDUpQWHVLV DSDUHFHQ D FRQWLQXDFLyQ SDUD LQGLFDU HO RUGHQ GH SUHFHQGHQFLD HQ OD
HMHFXFLyQGHODVRSHUDFLRQHV$VtSRUHMHPSOR
   VLJQLILFDV~PHVH\XQDYH]V~PHVH\XQDVHJXQGDYH]\OXHJR
V~PHQVH ORV UHVXOWDGRV DVt REWHQLGRV 3RU RWUD SDUWH       LQGLFD TXH GHEH
VXPDUVHDOUHVXOWDGRGHPiV\DHVWHVXEWRWDOGHEHDJUHJDUVH
/DVXPD\ODPXOWLSOLFDFLyQGHQDWXUDOHVWLHQHQODVVLJXLHQWHVSURSLHGDGHV
D 

VRQFRQPXWDWLYDV(VGHFLU




E 



F 

L 
LL 





 
 

VRQDVRFLDWLYDV(VGHFLU
L 
    
LL 
    

(QJHQHUDODE ED
(QJHQHUDODE ED
(QJHQHUDO DE F D EF 
(QJHQHUDO DE F D EF 

H[LVWHXQQ~PHUROODPDGRHOHPHQWRQHXWURTXH
L 
LL 

SDUDODVXPDHVHOHQTXHD D D


SDUDODPXOWLSOLFDFLyQHVHOHQTXHD D D

5HVWDGH1DWXUDOHV
6XSRQJDPRVHOVLJXLHQWHSUREOHPDVHGLVSRQHGHXQLQJUHVRGH\VHKDJDVWDGR

HQDOLPHQWRV

HQYHVWXDULR

HQDUULHQGR

VL VH SUHJXQWD FXiQWR OHTXHGDUiXQDYH]TXHKD\DUHDOL]DGRWRGRVVXVJDVWRVVHWLHQH
TXH

,QJUHVR


*DVWRV


3DUDHVWDEOHFHUORTXHVREUD HOUHPDQHQWH HVQHFHVDULRLQWURGXFLUXQDQXHYDRSHUDFLyQ
OODPDGDUHVWDTXHVHGHVLJQDFRQHOVtPEROR  6LVHGHQRWDSRUDHVHUHPDQHQWHVH
WLHQHTXH



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

D    (Q~PHURDVHFDOFXODGHWDOPRGRTXH


D   (VGHFLUDHVXQQ~PHURTXHVLVHVXPDDORVJDVWRVGDXQYDORU
LJXDODOLQJUHVR

(Q HVWH FDVR D HV  SXHVWR TXH      6H WLHQH HQWRQFHV TXH  
 

,QWURGXFFLyQGHORVQ~PHURVQHJDWLYRVORVHQWHURV
/DLQWURGXFFLyQGHODUHVWDSHUPLWHUHVROYHUSUREOHPDVHQTXHVHWLHQHQPDJQLWXGHVHQ
DOJ~Q VHQWLGR FRQWUDSXHVWDV LQJUHVRV \ JDVWRV HQWUDGDV \ VDOLGDV DXPHQWRV \
GLVPLQXFLRQHVHWF

$QDOLFHPRVDOJXQRVHMHPSORVGHOXVRGHHVWDRSHUDFLyQ

6XSRQJDPRVWUHVHPSUHVDVFX\RVLQJUHVRV\JDVWRVVHSUHVHQWDQHQHO&XDGUR1

&8$'521
(PSUHVD$
,QJUHVRV
*DVWRV




(PSUHVD%


BBB


,QJUHVRV
*DVWRV



(PSUHVD&


BBB


,QJUHVRV
*DVWRV





BBB
"

(QHOFDVRGHODHPSUHVD$VHWLHQHXQUHPDQHQWHGH(QHOGHODVRFLHGDG%QRVH
WLHQHQDGDORTXHVHVLPEROL]DSRU3HURODVRFLHGDG&KDWHQLGRJDVWRVVXSHULRUHVD
VXV  LQJUHVRV OXHJR HO UHPDQHQWH QR SXHGH VHU LQGLFDGR FRQ ORV Q~PHURV GH TXH
GLVSRQHPRV(VQHFHVDULRFUHDUXQQXHYRFRQMXQWRGHQ~PHURVORVOODPDGRVQ~PHURV
QHJDWLYRV(VWRVQ~PHURVTXHVHVLPEROL]DQSRU     SHUPLWHQ H[SUHVDU HO
YDORU GH PDJQLWXGHV LQIHULRUHV UHVSHFWR GH XQ RULJHQ R VLWXDFLyQ GH EDVH TXH HQ
JHQHUDOVHGHILQHFRQYHQFLRQDOPHQWH\VHGHQRWDSRU
&RQODD\XGDGHHVWRVQ~PHURVQHJDWLYRVVHSXHGHH[SUHVDUHOUHVXOWDGRGHODHPSUHVD&
FRPR
,QJUHVRV
&RVWRV







(VGHFLUXQLQJUHVRQHJDWLYROODPDGRWDPELpQSpUGLGDGH

75$%$-2'2&(17(1



6XPDGH(QWHURV
/DVXPDGHHQWHURVVHGHILQHGHODVLJXLHQWHIRUPD
D 

6LDPERVHQWHURVVRQSRVLWLYRVHOUHVXOWDGRFRUUHVSRQGHDXQDVXPDGHQDWXUDOHV

E 

6LDPERVHQWHURVVRQQHJDWLYRVHOUHVXOWDGRHVXQQ~PHURQHJDWLYRFX\RYDORUHV
ODVXPDFRUUHVSRQGLHQWH$VtSRUHMHPSOR 

F 

6L ORV HQWHURV WLHQHQ GLVWLQWR VLJQR \ HO PD\RU HV SRVLWLYR HO UHVXOWDGR HV XQ
Q~PHURSRVLWLYRFX\RYDORUHVODGLIHUHQFLDFRUUHVSRQGLHQWH$VtSRUHMHPSOR

  

(Q JHQHUDO D E VH HVFULEH FRUULHQWHPHQWH FRPR DE GHMDQGR DO OHFWRU OD
LQWHUSUHWDFLyQ GH VL WUDWD GH XQD UHVWD GH QDWXUDOHV R GH XQD VXPD GH XQ HQWHUR
SRVLWLYR\RWURQHJDWLYR

G 

6L ORV HQWHURV WLHQHQ GLVWLQWR VLJQR \ HO PD\RU HV QHJDWLYR HO UHVXOWDGR HV XQ
Q~PHURQHJDWLYRFX\RYDORUHVODGLIHUHQFLDFRUUHVSRQGLHQWH$VtSRUHMHPSOR
  

3DUDUHVWDUHQWHURVHQWRQFHVVHDSOLFDQHVWDVPLVPDVUHJODV3RUHMHPSOR
  
  

0XOWLSOLFDFLyQGH(QWHURV
6HJ~Q OR GLFKR DQWHULRUPHQWH HV HYLGHQWH TXH VLORVQ~PHURVVRQGHOPLVPRVLJQRHO
UHVXOWDGRHVSRVLWLYR\VLORVIDFWRUHVVRQGHGLVWLQWRVLJQRHOUHVXOWDGRHVQHJDWLYR
3RUHMHPSOR
 
 

'LYLVLyQGH1DWXUDOHV
6LXQNJGHVDOFXHVWDHQWRQFHVDWUDYpVGHODPXOWLSOLFDFLyQHVIiFLOYHULILFDUTXHHO
YDORUGHNJHV YHiVH&XDGUR1 6LQHPEDUJRVLORTXHVHFRQRFHHVHOJDVWRHQ
VDO TXH HV GH  \ OR TXH VH GHVHD VDEHU HV OD FDQWLGDG TXH VH FRPSUy HV QHFHVDULR
GHWHUPLQDUXQQ~PHURDGHNJVGHVDOTXHPXOWLSOLFDGRSRUVXSUHFLRGHVHDLJXDO



'HDTXtHQDGHODQWHVHHPSOHDUiLQGLVWLQWDPHQWHODQRWDFLyQERE



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

DOJDVWRGH(V GHFLU VH GHEH GHWHUPLQDU HO YDORU GH  GLYLGLGR SRU  TXH VH
VLPEROL]D SRU   (VWH YDORU HV  SXHVWR TXH       3RU OR WDQWR VH KDQ
FRPSUDGRNJVGHVDO/DH[SUHVLyQUHFLEHHOQRPEUHGHIUDFFLyQ(OQ~PHURTXH
HVWiVREUHODUD\DVHGHQRPLQDQXPHUDGRU\HOTXHHVWiEDMRHOODGHQRPLQDGRU(Q HVWH
FDVRHVHOQXPHUDGRU\HOGHQRPLQDGRU

/RV1~PHURV5DFLRQDOHV
(HVWXGLRGHODDULWPpWLFDSDUWLyFRQORVQ~PHURVQDWXUDOHV/DLQWURGXFFLyQGHODUHVWD
KL]R QHFHVDULR H[WHQGHU GLFKR FRQMXQWR D ORV HQWHURV SRVLWLYRV \ QHJDWLYRV $KRUD OD
LQWURGXFFLyQGHODVIUDFFLRQHVKDFHQHFHVDULRH[WHQGHUHOFRQMXQWRGHORVHQWHURVDORV
UDFLRQDOHV

6XSyQJDVHTXHODVPDQ]DQDVVHYHQGHQHQFDMDVGHXQLGDGHV6HWLHQHHQWRQFHVTXH
SDUDILQHVGHVXHQWUHJDDORVPLQRULVWDVVHKDEODGHFDMDVGHFDMDVHWF(VGHFLU
OD XQLGDG HV OD FDMD GH PDQ]DQDV 6L VH GHVHD UHODFLRQDU ODPDQ]DQDSURSLDPHQWHWDO
FRQODFDMDGHPDQ]DQDVHVQHFHVDULR FUHDUXQQXHYRFRQMXQWRGHQ~PHURVTXHLQGLTXH
SDUWHV GH OD XQLGDG  (Q HVWH FDVR FDGD PDQ]DQD UHSUHVHQWD OD YLJpVLPD SDUWH GH OD
XQLGDGFDMD\VHGHVLJQDSRU6HWLHQHHQWRQFHVTXHODPDQ]DQDHVGHODFDMD

6XSyQJDVHDKRUDTXHXQDIiEULFDGHURSDGHFDEDOOHURHQWUHJDWHUQRV YHVWyQ\SDQWDOyQ 
HQ ORWHV GH  XQLGDGHV  6H WLHQH DO LJXDO TXH HQ HO FDVR DQWHULRU TXH FDGD WHUQR
UHSUHVHQWDGHODXQLGDGORWH3HURWDPELpQHVSRVLEOHSHQVDUTXHHOORWHWLHQH
SLH]DV GH URSD  YHVWRQHV \  SDQWDORQHV  \ TXH FDGD WHUQR HVWi FRQVWLWXLGR SRU 
SLH]DV  YHVWyQ \  SDQWDOyQ   /XHJR HO WHUQR HV  y  GHO ORWH VHJ~Q OD
GHILQLFLyQTXHVHDGRSWH3XHVWRTXHORVGRVQ~PHURVVHUHILHUHQDOPLVPRREMHWRTXHHV
HOWHUQRVHWLHQHTXH (VWHSURFHVRSXHGHJHQHUDOL]DUVHGHWDOPRGRTXH
    (VWRLQGLFDTXHKD\LQILQLWDVIUDFFLRQHVGLIHUHQWHVSDUD
H[SUHVDU HO PLVPR Q~PHUR UDFLRQDO  3DUD HYLWDU HVWH SUREOHPD UHSUHVHQWDUHPRV XQ
Q~PHURUDFLRQDOSRUXQDIUDFFLyQTXHQRSXHGHVHUVLPSOLILFDGD$VtSRUHMHPSOR
QRHVXQQ~PHURUDFLRQDOSXHVWRTXHSXHGHVLPSOLILFDUVH



(VGHFLUVLVHPXOWLSOLFDHOQXPHUDGRU\HOGHQRPLQDGRUGHXQDIUDFFLyQSRUXQPLVPRQ~PHURVXYDORUQR
FDPELD(VWDRSHUDFLyQVHOODPDDPSOLILFDFLyQ

75$%$-2'2&(17(1




  <  <  < 
=
=
 OXHJRHOUDFLRQDOHV 

     

6LVHFRQVLGHUDTXHVHKDGHILQLGRXQDQXHYDXQLGDGTXHHVGHODFDMDGHPDQ]DQDV
RGHOORWHHQHOFDVRGHOYHVWXDULRVHWLHQHXQSURFHVRGHFUHDFLyQGHQ~PHURVVLPLODUDO
\D HVWDEOHFLGR HQ HO FDVR GH ORV Q~PHURV QDWXUDOHV  ( &XDGUR 1 PXHVWUD ORV
FRQMXQWRVEiVLFRV\ORVVtPERORVHPSOHDGRVSDUDGHVLJQDUGLFKRVQ~PHURV

&8$'521
3$57(6'(/$81,'$'
IUDFFLRQHV 




6XPD\5HVWDGH5DFLRQDOHV
/DVXPDHQHVWHFDVRVHHIHFW~DHQIRUPDHVWULFWDPHQWHDQiORJDDODGHORVHQWHURV\D
TXHHVSRVLEOHGHILQLUXQDQXHYDXQLGDG GHODDQWHULRU$GHPiV





\DVtVXFHVLYDPHQWH
+
=
  

$ FRQWLQXDFLyQ VH HPSOHDUiQ HVWRV FRQFHSWRV SDUD UH VROYHU HO VLJXLHQWH SUREOHPD
VXSyQJDVHTXHHVSRVLEOHFRPSUDUPDQ]DQDVDFDPELRGHODQ]D XQLGDGPRQHWDULD
LGHDGDSDUDHVWHHIHFWR \TXHSHUDVWDPELpQSXHGHQDGTXLULUVHDFDPELRGHODQ]D
&XiOHVHOFRVWRGHFRPSUDUPDQ]DQDV\SHUDV"
6LVHYHQGHQPDQ]DQDVSRUODQ]DHQWRQFHVHOSUHFLRGHFDGDPDQ]DQDVHUiGH
ODQ]D\HOYDORUGHPDQ]DQDVVHUi[ GHODQ]D8QUD]RQDPLHQWRDQiORJR



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

PXHVWUDTXHHOYDORUGHODVSHUDVVHUiGHODQ]D6HWLHQHILQDOPHQWHTXHHOFRVWR
GHODVPDQ]DQDV\SHUDVVHUiGH
3DUD SRGHU VXPDU HVWDV IUDFFLRQHV TXH WLHQH GLVWLQWR GHQRPLQDGRU HV QHFHVDULR
FRQYHUWLUODV D XQR FRP~Q TXH HV   3XHVWR TXH  HV    OD IUDFFLyQ  VH
DPSOLILFDSRU\VHWLHQH
  
< = 
  

3RURWUDSDUWHHVOXHJRODIUDFFLyQGHEHDPSOLILFDUVHSRUREWHQLpQGRVH
  
< = 
  

/XHJR
 +  =  +  
   




(O GHQRPLQDGRU FRP~Q HV HO PtQLPR FRP~Q P~OWLSOR 0&0  GH ORV GHQRPLQDGRUHV
3DUD HQFRQWUDUOR VH HVWXGLDQ ORV IDFWRUHV SULPRV GH FDGD Q~PHUR FRQ HO REMHWR GH
HOLPLQDUWRGRVPHQRVXQRGHORVSULPRVUHSHWLGRVHQHOSULPHU\VHJXQGRQ~PHUR

$VtSRUHMHPSOR


 

 

/XHJRHO0&0  



3DUD FDOFXODU HO YDORU GH OD UHVWD GH   SRU HMHPSOR VH FDOFXOD OD VXPD GH
 
 +   \ VH SURFHGH HQ OD IRUPD \D GHVFULWD HV GHFLU FDOFXODQGR HO 0&0 SDUD
 

GHWHUPLQDUXQGHQRPLQDGRUFRP~QSDUDODVGRVIUDFFLRQHV





(OQ~PHURVHKDGHVFRPSXHVWRHQORVSULPRV\\HOHQ\&RPRHOQ~PHURHVWiUHSHWLGR
VHHOLPLQDXQRGHHOORV(OVHJXQGRQ~PHUR\QRHVWiQUHSHWLGRVHQODRWUDH[SUHVLyQ\VHFRQVHUYDQHO
WDPELpQHVWiUHSHWLGR\VHHOLPLQDXQRGHHOORV)LQDOPHQWHVHWLHQHTXHHO0&0  

75$%$-2'2&(17(1



2EVHUYDFLRQHV
D 

 HVXQQ~PHUR.WDOTXH N


3DUDFDOFXODU.VHSURFHGHSRUDSUR[LPDFLRQHVVXFHVLYDV
L 

VHVHSDUDHQXQLGDGHV\GHFHQDV(VGHFLU

 =  +  

 

3HUR

 

/XHJR

 =  +  



3RUORWDQWR  =  +  +  =  +  +  =  +  

 
 


3HUR

 

/XHJR

 = 


)LQDOPHQWH  =  +  


2VHD

 =  



E 

/DIUDFFLyQ  SRUHMHPSORSXHGHH[SUHVDUVHHQWpUPLQRVGHFLPDOHVHVGHFLU  


HVXQQ~PHUR.WDOTXH .

3DUDFDOFXODU.GHEHSURFHGHUVHFRPRVLJXH

 

3HUR GpFLPDV/XHJR  =  GpFLPDV


 

 

/XHJR  =  +  GpFLPDV



3HURGpFLPDV FHQWpVLPDV

/XHJR  GpFLPDV   FHQWpVLPDV





 



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

/XHJR   


3RUORWDQWR  =  +  GpFLPDVFHQWpVLPDVHVWRVHHVFULEHFRQGHQVDGDPHQWH



6HWLHQHHQWRQFHV  =   


/D H[SUHVLyQ  UHFLEH HO QRPEUH GH H[SUHVLyQ GHFLPDO GH OD IUDFFLyQ  (Q
PXFKRV FDVRV HQ YH] GH H[SUHVDU XQD IUDFFLyQ FRQ UHVSHFWR D OD XQLGDG VH OD
H[SUHVD FRQ UHVSHFWR D  XQLGDGHV \ VH WLHQHQ ORV OODPDGRV SRUFHQWDMHV  $Vt
HTXLYDOHDOTXHVHOHHVHWHQWD\FLQFRSRUFLHQWR

(MHPSORV

 =   =  =  



 =   =  =  






F 

&RPR WRGD IUDFFLyQ UHSUHVHQWD XQD GLYLVLyQ \ QR HV SRVLEOH GLYLGLU SRU  QR
H[LVWHQIUDFFLRQHVGHOWLSR D 



G 


(QJHQHUDOVHWLHQHTXH  =  \   HWF




0XOWLSOLFDFLyQGH5DFLRQDOHV
3DUD PXOWLSOLFDU UDFLRQDOHV EDVWD PXOWLSOLFDU ORV QXPHUDGRUHV HQWUH Vt \ ORV
GHQRPLQDGRUHVHQWUHVt3RUHMHPSOR
L 

 <  =  
  

LL 

<= 
 

LLL 

 <  =  
 



/DVXPD\ODPXOWLSOLFDFLyQGHUDFLRQDOHVWLHQHQODVVLJXLHQWHVSURSLHGDGHV

75$%$-2'2&(17(1

6RQFRQPXWDWLYDV(VGHFLU

L 

 +  =  +
   

LL 

 <  =  < 
   



6RQDVRFLDWLYDV(VGHFLU
L 

 +  +  =  +  +  
 
   

LL 

 <  <  =  <  <  


     


+D\XQQ~PHUROODPDGRHOHPHQWRQHXWURTXH
L 

HVHOSDUDODVXPDWDOTXH  =  
 

LL 

HVHOSDUDODPXOWLSOLFDFLyQWDOTXH  <  =  
 

/DPXOWLSOLFDFLyQHVGLVWULEXWLYDUHVSHFWRGHODVXPD(VGHFLU


 <  +  =  <  +  <  


  
   


'LYLVLyQGH5DFLRQDOHV


'DGRV ORV UDFLRQDOHV  \  OD GLYLVLyQ GH HOORV GHQRWDGD     HV XQD


RSHUDFLyQTXHGDRULJHQDXQUDFLRQDO.WDOTXH .


3DUDGHWHUPLQDUHOYDORUGH.EDVWDPXOWLSOLFDUDPERVPLHPEURVGHODLJXDOGDG

SRUVHWLHQHHQWRQFHV


< =.< < 


 
 

(VGHFLU  <  = . SXHVWR  <  =  =  


 
  

3RUHVWDUD]yQVHGLFHTXHSDUDGLYLGLUUDFLRQDOHVEDVWDPXOWLSOLFDUHOUDFLRQDOGHO

QXPHUDGRUSRUHOUDFLRQDOGHOGHQRPLQDGRULQYHUWLGRDVt


   =  <  =  
     

(QSDUWLFXODU



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

 =  



   =  <  =  



 

(MHPSORV


&DOFXOH HO YDORU GHFLPDO GH     \ H[SUpVHOR HQ WpUPLQRV
SRUFHQWXDOHV6HWLHQH

 RVHD

 RVHD

 RVHD

 RVHD



6H WLHQH XQ FDSLWDO GH  SHVRV FRORFDGRV D XQD WDVD GHO  GH LQWHUpV
PHQVXDO&XiOHVHOPRQWRGHOLQWHUpVDOFDERGHXQPHV"

(OLQWHUpVHV 

 =  




6LXQFDSLWDOGHJHQHUDXQLQWHUpVGHDOFDERGHXQPHVFXiOHVOD
WDVDGHLQWHUpV"

/DWDVDHV L   =   


/XHJR

L 




6H WLHQH XQ FHUWLILFDGR GH GHSyVLWR SRU YDORU GH  D XQD WDVD GHO 
PHQVXDO&XiOHVHOFDSLWDOHLQWHUpV YDORUIXWXUR DOFDERGHXQPHV"

(OYDORUIXWXURHVLQWHUHVHV

  

2VHD

   


([SRQHQFLDFLyQ\5DGLFDFLyQ/RV1~PHURV5HDOHV

6HWLHQHXQSDJDUpDPHVHVFXiOHVVXYDORUIXWXURDOFDERGHORVPHVHVVLODWDVDGH
LQWHUpVHVGHPHQVXDO"

75$%$-2'2&(17(1



&RQHOREMHWRGHUHVSRQGHUHVWDLQWHUURJDQWHVHHPSOHDUiHOGLDJUDPD1
'LDJUDPD1
0

1200

1200(1+8%)

meses
1200(1+8%)(1+8%)
1200(1+8%)(1+8%)(1+8%)
1200(1+8%)(1+8%)(1+8%)(1+8%)


(VGHFLUDOILQDOGHFDGDPHVVHWLHQH
        

/DH[SRQHQFLDFLyQHVXQDRSHUDFLyQHQTXHXQQ~PHUROODPDGREDVHTXHHQHVWHFDVRHV
HO  VHPXOWLSOLFDYDULDVYHFHVSRUVtPLVPR(OQ~PHURGHYHFHVTXHVHHIHFW~D
ODPXOWLSOLFDFLyQ HQHVWHFDVR UHFLEHHOQRPEUHGHH[SRQHQWH\VHHVFULEHHQFLPD\D
ODGHUHFKDGHODEDVH6HWLHQHHQWRQFHVTXH


          


7RGDH[SUHVLyQGHOWLSRDSUHFLEHHOQRPEUHGHSRWHQFLD

/DH[SRQHQFLDFLyQWLHQHODVVLJXLHQWHVSURSLHGDGHV

D 
          (V GHFLU SDUD PXOWLSOLFDU SRWHQFLDV GH LJXDO
EDVHVHHOHYDODEDVHFRP~QDODVXPDGHORVH[SRQHQWHV
E 

         

F 

                  HV GHFLU VLHPSUH HO FXDGUDGR GH XQ


Q~PHURHVXQDFDQWLGDGSRVLWLYD

G 

     ODH[SRQHQFLDFLyQHVDVRFLDWLYDFXDQGRHOH[SRQHQWH
HV~QLFR

H 


  =  



I 

 

J 

 SXHVWRTXH    






K 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

   HVGHFLUXQDEDVHHQHVWHFDVRHOHYDGDDXQH[SRQHQWHQHJDWLYRHV

HTXLYDOHQWHDOYDORUUHFtSURFRGHODEDVH  HOHYDGRDOH[SRQHQWHSRVLWLYR


5DGLFDFLyQ


&RQHVWHQRPEUHVHLQGLFDODRSHUDFLyQTXHFRQVLVWHHQGHWHUPLQDUHOYDORUGHOD

EDVH D TXH HOHYDGD D XQ H[SRQHQWH GHWHUPLQDGR GD XQUHVXOWDGRFRQRFLGR$VtSRU


HMHPSORVLVHVDEHTXHXQDEDVHDHOHYDGDDOFXDGUDGRGDVHWLHQHTXH D =  TXH
VHGHVLJQDUDt]FXDGUDGDGHGRV


3RU GHILQLFLyQ

  HV XQ Q~PHUR TXH S WDO TXH S    (O Q~PHUR S HQ

UHIHUHQFLDVHGHQRWDWDPELpQS $VtWRGDYH]TXHDSDUH]FDXQDSRWHQFLDHOHYDGDD
XQH[SRQHQWHIUDFFLRQDULRVHWUDWDGHXQDUDt]/DQRWDFLyQTXHDFDEDGHHVWDEOHFHUVHVH
SXHGHMXVWLILFDUSXHVWRTXH


   

ORTXHHVWiGHDFXHUGRFRQHOKHFKRGHTXHS 


3RUHMHPSORVLHOQ~PHURFRQRFLGRHV\HOH[SRQHQWHHQWRQFHVHOYDORUGH

ODEDVHDTXHHOHYDGDDODSRWHQFLDGDVHLQGLFD



 

(VLQWHUHVDQWHGHVWDFDUTXH  HVSXHVWRTXH SHURWDPELpQ  HV  

SXHVWRTXHWDPELpQ   =  


9HiPRVDOJXQDVSURSLHGDGHVGHHVWRVHQWHVGHILFFLyQTXHVRQODVUDtFHV

D 

 =  <  

E 


=






2EVHUYDFLRQHV


 

  =
=
=   



(VWHHMHUFLFLRPXHVWUDTXHHOSURGXFWR  GHFDQWLGDGHVPHQRUHVTXHXQRHVPXFKR


PiVSHTXHxRTXHORVIDFWRUHVTXHORRULJLQDQ  \HQJHQHUDOSXHGHVHUGHVSUHFLDGR
3RUHMHPSORVLVHGHVHDFDOFXODUHOYDORUILQDOGHFRORFDGRVGXUDQWHPHVHVDO

75$%$-2'2&(17(1



\DOHQHOHU\PHVUHVSHFWLYDPHQWHVHWLHQH     


    

/XHJREDVWDFRQHPSOHDUFRPRLQWHUpVGHOSHUtRGRODVLPSOHVXPDGHORVYDORUHV\
VLQDJUHJDUVXSURGXFWR  (OFDVRLQYHUVRRFXUUHFRQODVUDtFHV(QHIHFWR
 =




=
= =  

 




&RQ HO REMHWR GH SRGHU HPSOHDU ODV RSHUDFLRQHV GH H[SRQHQFLDFLyQ \ GH

UDGLFDFLyQHVQHFHVDULRDPSOLDUHOFRQMXQWRGHORVUDFLRQDOHVDORVOODPDGRVUHDOHV5TXH
VHUiHOFRQMXQWRGHQ~PHURVPiVFRPSOHWRVTXHDQDOL]DUHPRV



(Q UHVXPHQ VH SDUWLy FRQ ORV QDWXUDOHV \ OD UHVWD KL]R QHFHVDULR DPSOLDU HO

FRQMXQWRDORVHQWHURV/DGLYLVLyQKL]RQHFHVDULDODFUHDFLyQGHORVUDFLRQDOHV\DKRUDOD
H[SRQHQFLDFLyQKDFHQHFHVDULDODFUHDFLyQGHORVUHDOHV$VtORVUHDOHVHVHOFRQMXQWRGH
Q~PHUR HQ TXH VLHPSUH HV SRVLEOH UHDOL]DU ODV VLJXLHQWHV RSHUDFLRQHV VXPDU UHVWDU
PXOWLSOLFDU GLYLGLU \ HOHYDU D SRWHQFLD FXDOTXLHU Q~PHUR GH ORV H[LVWHQWHV HQ GLFKR
FRQMXQWR 'HVJUDFLDGDPHQWH QR VLHPSUH HV SRVLEOH H[WUDHU UDt] GH FXDOTXLHU UHDO  (Q
HIHFWR   QR HV XQ Q~PHUR UHDO SXHVWR TXH QR H[LVWH QLQJ~Q Q~PHUR UHDO S WDOTXH
S  =  

6LQ HPEDUJR OD UDGLFDFLyQ GH Q~PHURV QHJDWLYRV HV XQD RSHUDFLyQ PX\ SRFR

IUHFXHQWHHQHOWUDEDMRFRWLGLDQRGHORVHFRQRPLVWDVDVtTXHQRFRQVWLWX\HXQSUREOHPD
VLJQLILFDWLYRHOWHQHUTXHOLPLWDUVHVyORDODVUDtFHVGHORVQ~PHURVSRVLWLYRV




 (Q HIHFWR HV SRVLEOH GHPRVWUDU TXH


H[SUHVDUFRPRXQDIUDFFLyQST

  SRU HMHPSOR QR HV XQ Q~PHUR UDFLRQDO HV GHFLU QR VH SXHGH



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&$3,78/2

'(/$5,70(7,&$$/$/*(%5$




(O Q~PHUR SHUPLWH FRQWDU PHGLU \ D WUDYpV GH RSHUDFLRQHV FRQ ODV PHGLGDV

HVWDEOHFHU HO YDORU GH XQD PDJQLWXG VREUH OD EDVH GHO YDORU GH VXV HOHPHQWRV
FRQVWLWXWLYRV$VtSRUHMHPSORHOSHUtPHWURGHXQFXDGUDGRHVODVXPDGHVXVODGRVOD
VXSHUILFLHGHXQUHFWiQJXORHVHOSURGXFWRGHODQFKRSRUHOODUJRHWF


&RQ HO iOJHEUD VH LQWURGXFHQ GRV QXHYRV FRQFHSWRV IXQGDPHQWDOHV H

LQWHUUHODFLRQDGRV
 

(OFRQFHSWRGHYDULDEOH

 

(OFRQFHSWRGHHFXDFLyQ




/DVYDULDEOHV\ODVHFXDFLRQHVSHUPLWHQLQYHUWLUHOSURFHVRHQHOVHQWLGRTXHHO

FRQRFLPLHQWRGHORVUHVXOWDGRV\ODVRSHUDFLRQHVTXHORVRULJLQDURQSHUPLWHHVWDEOHFHUHO
YDORUGHORVHOHPHQWRVGHORVFXDOHVVHSDUWLy$VtSRUHMHPSORVXSyQJDVHTXHVHVDEH
TXHHOSHUtPHWURGHXQFXDGUDGRYDOHFPV\VHGHVHDGHWHUPLQDUODPHGLGD ORQJLWXG 
GHO ODGR  (Q HVWH FDVR VH FRQRFHQ ODV RSHUDFLRQHV TXH GHEHQ UHDOL]DUVH FRQ ORV ODGRV
SDUD JHQHUDU HO SHUtPHWUR \ HO YDORU GH pVWH  3DUD GHVLJQDU HO ODGR VH HPSOHDUi OD
YDULDEOH A  SRU HMHPSOR  8QD YDULDEOH HV XQD PDJQLWXG TXH SXHGH WRPDU WRGRV ORV
YDORUHV GH XQ FLHUWR FRQMXQWR GHILQLGR SUHYLDPHQWH  $Vt A  SXHGH FRUUHVSRQGHU D XQ
Q~PHUR QDWXUDO 1   6H GLFH HQWRQFHV TXH A  SHUWHQHFH D 1 \ VH HVFULEH A 1   (VWR
TXLHUH GHFLU TXH A  SXHGH WRPDU HO YDORU  y  y  y RHQJHQHUDOFXDOTXLHUQ~PHUR
QDWXUDO


/DQRWDFLyQ A 5 VLJQLILFDTXHHVXQDYDULDEOHTXHSXHGHWRPDUXQYDORUUHDO

1RVRWURVXVDUHPRVVLHPSUHYDULDEOHVUHDOHVSRUORTXHQRVHUiQHFHVDULRUHSHWLUHQFDGD
RFDVLyQHOGRPLQLRGHODYDULDEOH




 (O FRQMXQWR GH YDORUHV TXH SXHGH WRPDU XQD YDULDEOH UHFLEH HO QRPEUHGHGRPLQLRGHHOOD/RVGRPLQLRV
PiVXVDGRVVRQORVFRQMXQWRVGHORVQDWXUDOHVGHVLJQDGRVSRU1ORVHQWHURVGHVLJQDGRVSRU=ORVUDFLRQDOHV
GHVLJQDGRVSRU4\ORVUHDOHVSRU5

75$%$-2'2&(17(1



6H WLHQH HQWRQFHV TXH A  HV XQ Q~PHUR UHDO TXH UHSUHVHQWD OD ORQJLWXG

GHVFRQRFLGD  GHO ODGR GHO FXDGUDGR  3RU OR WDQWR HO SHUtPHWUR SXHGH VHU H[SUHVDGR
FRPR A  A  A  A \FRPRpVWHHVLJXDODVHWLHQHILQDOPHQWHTXH
 A  A  A  A  


2VHD A  

(VWDHVXQDHFXDFLyQTXHSHUPLWHUHVROYHUHOYDORUGH A 

7RGD HFXDFLyQ VH H[SUHVD D WUDYpV GH XQD LJXDOGDG HV GHFLU XQD UHODFLyQ TXH

WLHQHODVVLJXLHQWHVWUHVSURSLHGDGHV


5HIOH[LYLGDG

D D

6LPHWUtDRVHDVL

D EHQWRQFHVE D

7UDQVLWLYLGDGVL

D E\E FHQWRQFHVD F


$GHPiV OD LJXDOGDG HV FRPSDWLEOH FRQ WRGDV ODV RSHUDFLRQHV TXH YiOLGDPHQWH SXHGDQ
UHDOL]DUVH FRQ OD YDULDEOH HQ HVWXGLR  $Vt VL D  E \  HV XQD PDJQLWXG TXH HVWi
H[SUHVDGDHQODVPLVPDVXQLGDGHVTXHD\EHQWRQFHVD  E \D   E  
$GHPiVVLHVXQQ~PHURQDWXUDOHQWRQFHV D = E \ D = E 

(QHOFDVRGHOSHUtPHWUR\DDQDOL]DGRVHWLHQHTXH A  3DUDGHWHUPLQDUHOYDORUGH
A  HV QHFHVDULR UHVROYHU OD HFXDFLyQ  A    \ SDUD HVWR HV QHFHVDULR VRPHWHU OD
HFXDFLyQDRSHUDFLRQHVOtFLWDVHVGHFLUTXHWHQJDQVHQWLGRHQHOPXQGRTXHRULJLQDOD
YDULDEOH$VtSRUHMHPSORVXPDUXQDPDJQLWXGUHDODDPERVWpUPLQRVGHODHFXDFLyQR
GLYLGLUORVSRUXQPLVPRQ~PHURVRQRSHUDFLRQHVOtFLWDVSXHVWRTXHWLHQHVHQWLGRKDEODU
GHXQODGRTXHHVXQLGDGHVPD\RURTXHHVGHVXORQJLWXGSULPLWLYD

6L A  HQWRQFHVSRUHMHPSOR A  \ A  

3DUD UHVROYHU HVWD HFXDFLyQ VH FRQVLGHUD OD FXDUWD SDUWH GHO YDORU RULJLQDO HV GHFLU VH
HPSOHD OD RSHUDFLyQ OtFLWD GH PXOWLSOLFDU OD HFXDFLyQ SRU  \ VH OOHJD D    A 
    R VHD A    TXH HV HO UHVXOWDGR GH OD HFXDFLyQ  (VWH UHVXOWDGR UHFLEH
WDPELpQHOQRPEUHGHUDt]RVROXFLyQGHODHFXDFLyQ3DUDGHWHUPLQDUFXiOHVRSHUDFLRQHV
VRQ OtFLWDV \ FXiOHV QR HV FRQYHQLHQWH DQDOL]DU ODV FDUDFWHUtVWLFDV GHO SUREOHPD HQ
HVWXGLR FRQ HO REMHWR GH HVWDEOHFHU VL WLHQH VHQWLGR R QR VXPDU UHVWDU PXOWLSOLFDU R



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

GLYLGLUYDORUHVGHODYDULDEOH(QHVWHVHQWLGRHVFRQYHQLHQWHGLVWLQJXLUODVVLJXLHQWHV
HVFDODV

D 

(VFDODQRPLQDO

(QHOODVyORHVSRVLEOHGLVWLQJXLUORTXHHVLJXDOGHORTXHHVGLIHUHQWHSHURQRVH

SXHGHUHDOL]DUQLQJXQDRSHUDFLyQFRQGLFKDVFDWHJRUtDV$VtSRUHMHPSORVLVHHPSOHDQ
ORVQ~PHURVSDUDVLPEROL]DUVROWHURV  FDVDGRV  YLXGRV  GLYRUFLDGRV
  HQWRQFHV OR ~QLFR TXH SXHGH GHFLUVH HV TXH WRGD YH] TXH DSDUHFH XQ  \ XQ  VH
WLHQHQ GRV SHUVRQDV FX\RV HVWDGRV FLYLOHV VRQ GLIHUHQWHV SHUR HO KHFKR TXH HO  VHD
PD\RUTXHHORTXHGLILHUDQHQXQLGDGRTXHHOVHDXQVXSHULRUDOQRSXHGH
LQWHUSUHWDUVHHQWpUPLQRVGHTXHHOYDORUGLYRUFLDGRGHODYDULDEOHHVWDGRFLYLOVHDPD\RU
RTXHVHDXQLGDGPD\RUQLPHQRVTXHVHDXQVXSHULRUTXHHOYDORUYLXGR\SRUOR
WDQWRGLFKDVRSHUDFLRQHVQRVRQOtFLWDV

E 

(VFDODRUGLQDO

(QHVWDHVFDODQRVyORHVSRVLEOHGHWHUPLQDUORTXHHVLJXDO\ORTXHHVGLIHUHQWH

VLQR TXH DGHPiV FRPSDUDU ORV HOHPHQWRV GLIHUHQWHV \ RUGHQDUORV GH PD\RU D PHQRU
$Vt SRU HMHPSOR VHD XQ tQGLFH GH HVWUDWLILFDFLyQ VRFLDO TXH SHUPLWH GLVWLQJXLU HQWUH
HVWUDWR DOWR $  PHGLR 0  \ EDMR %  GHILQLGRV GH WDO IRUPD TXH VL HO SXQWDMH HVWi
FRPSUHQGLGRHQWUHVHWUDWDGHOHVWUDWREDMR % HQWUHGHOHVWUDWRPHGLR 0 
\VLHVWiHQWUHHVGHOHVWUDWRDOWR $ 


(VWDYDULDEOHHVRUGLQDOHQHOVHQWLGRTXHSHUPLWHRUGHQDUODVWUHVFDWHJRUtDV%

0$SHURQRSHUPLWHGHFLUSRUHMHPSORTXHXQDSHUVRQDTXHREWXYRXQYDORUGH
HQ HO tQGLFH HVWi HQ XQ HVWUDWR  SXQWRV VXSHULRUHV D RWUD TXH VyOR DOFDQ]y D ORV 
SXQWRV

F 

(VFDODLQWHUYDO

(QHVWDHVFDODHVSRVLEOHKDFHUWRGRORGHODHVFDODRUGLQDO\DGHPiVVHSXHGH

PHGLUFXiQWRPD\RUHVXQYDORUGHODYDULDEOHTXHRWUR(VGHFLUWLHQHVHQWLGRDWULEXLUD
ODVGLIHUHQFLDVGHYDORUHVGHODYDULDEOHGLIHUHQFLDVHTXLYDOHQWHVHQHOFRQFHSWRTXHVH
PLGH  8QHMHPSORWtSLFRGHYDULDEOHGHILQLGDHQHVWHWLSRGHHVFDODHVODPHGLFLyQGH
WHPSHUDWXUDV SXHVWR TXH SRU HMHPSOR  JUDGRV HV GLIHUHQWH D  JUDGRV DGHPiV HV
PD\RUTXHJUDGRV\ILQDOPHQWHHVJUDGRVPD\RU

75$%$-2'2&(17(1



G 

(VFDODGHUD]yQ

(QHVWDHVFDODHVSRVLEOHUHDOL]DUWRGDVODVRSHUDFLRQHVSHUPLWLGDVHQODHVFDODF 

\DGHPiVWLHQHVHQWLGRFRPSDUDUODVPHGLGDVGHGRVHVWDGRV\HVWDEOHFHUODUD]yQRHO
Q~PHURGHYHFHVTXHXQRUHSUHVHQWDGHORWUR$VtSRUHMHPSORWLHQHVHQWLGRGHFLUTXH
HOSHVRGHHVWDPDOHWDHVHOGREOHGHOGHHVWDRWUDSXHVWRTXHODYDULDEOHSHVRVHGHILQH
HQXQDHVFDODGHUD]yQ

&DUDFWHUL]DFLyQGHOiOJHEUD


(OiOJHEUDTXHHVHOPXQGRGHODVYDULDEOHV\HFXDFLRQHVDPSOtDJUDQGHPHQWHHO

PXQGRGHODDULWPpWLFD(QHOODDSDUHFHQH[SUHVLRQHVGHOWLSRVLJXLHQWH

 

[ 
+ = 



 

[  + [ +  =  

 

[ + [+ [+
+

= 
[  [ +  [ + 

 
 
 

;+ +

;
;+

;  +  =  

; 
 + ;

=

; +  =  




8Q SUREOHPD IXQGDPHQWDO GHO iOJHEUD HV HO HVWXGLR GH PpWRGRV TXH SHUPLWDQ

UHVROYHU HFXDFLRQHV  $ FRQWLQXDFLyQ DQDOL]DUHPRV FRQ FLHUWR GHWDOOH ODV OODPDGDV


HFXDFLRQHVGHSULPHU\VHJXQGRJUDGRTXHFRUUHVSRQGHQDODVH[SUHVLRQHVTXHDSDUHFHQ
FRQ ORV Q~PHURV   \   HQ ORV HMHPSORV SUHFHGHQWHV  (VWDV HFXDFLRQHV TXH
FRQVWLWX\HQWLSRVSDUWLFXODUHVGHODVHFXDFLRQHVSROLQyPLFDVVHSUHVHQWDQFRQPXFKD
IUHFXHQFLDHQSUREOHPDVGHHYDOXDFLyQGHSUR\HFWRV




8QDHFXDFLyQSROLQyPLFDHVXQDLJXDOGDGGHOWLSRDQ[QDQ[QD[D 



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(FXDFLRQHVGHSULPHUJUDGR


5HFLEHQ HO QRPEUH GH HFXDFLyQ GH SULPHU JUDGR WRGDV DTXHOODV H[SUHVLRQHV

FRQVWLWXLGDV SRU WpUPLQRV HQ TXH OD YDULDEOH VyOR DSDUHFHHOHYDGDDOH[SRQHQWH3RU


HMHPSOR


[ 

\[ 

VRQHFXDFLRQHVGHSULPHUJUDGRSHUR[[ QRHVGHSULPHUJUDGRSXHVWRTXH
ODYDULDEOHDSDUHFHHOHYDGDDOH[SRQHQWHHQODH[SUHVLyQ[


8QSUREOHPDLPSRUWDQWHGHODVHFXDFLRQHVHQJHQHUDO\GHODVGHSULPHUJUDGRHQ

SDUWLFXODUHVHOGHVXUHVROXFLyQ6HGLFHTXHVHKDUHVXHOWRXQDHFXDFLyQFXDQGRVHKD
GHWHUPLQDGR XQ YDORU GH OD YDULDEOH WDO TXH DO UHHPSOD]DUOR HQ OD HFXDFLyQ OD KDFH
LGpQWLFDPHQWHQXOD&RPRVHGLMRDQWHULRUPHQWHHVWHYDORUVHOODPDUDt]GHODHFXDFLyQ
$Vt SRU HMHPSOR  HV UDt] GH OD HFXDFLyQ [     SXHVWR TXH      HV
H[DFWDPHQWHFHUR LGpQWLFDPHQWHQXOR 'RVHFXDFLRQHVTXHSRVHHQODVPLVPDVUDtFHVVH
GLFHQHTXLYDOHQWHV


$FRQWLQXDFLyQVHSUHVHQWDXQPpWRGRSDUDUHVROYHUHFXDFLRQHVGHSULPHUJUDGR

TXH FRQVLVWH HQ WUDQVIRUPDUODV HQ RWUDV HTXLYDOHQWHV TXH SHUPLWDQ OOHJDU ILQDOPHQWH D
XQDGHOWLSR[ DHQTXHDHVODUDt]EXVFDGD


3RU HMHPSOR VHD OD HFXDFLyQ [      6L VH VXPD HO Q~PHUR  D DPERV

PLHPEURVVHWLHQHXQDHFXDFLyQHTXLYDOHQWH


[ +  +  =  +  

'HDTXt


[ =  

VLVHPXOWLSOLFDGLFKDHFXDFLyQSRUVHWLHQHILQDOPHQWH


[=





'HGRQGH



(VWDHVXQDRSHUDFLyQOtFLWDSXHVWRTXHFRPRVHKDGLFKRDQWHULRUPHQWH
6LD FHQWRQFHVD F

6HHOLJHHOHQWHURMXVWDPHQWHSRUTXHVXPDGRFRQGDHOHOHPHQWRQHXWURHVGHFLU 

(VWDHVRWUDRSHUDFLyQOtFLWDSXHVWRTXHDOPXOWLSOLFDUXQDLJXDOGDGSRUXQQ~PHURFXDOTXLHUDHQHVWHFDVR





pVWDVHPDQWLHQHLQDOWHUDGD(VGHFLU [ =  HVHTXLYDOHQWHD [ =




75$%$-2'2&(17(1



[ 

3RUORWDQWR[ HVODVROXFLyQGHODHFXDFLyQSURSXHVWD

&RQ HO REMHWR GH WHQHU FHUWH]D TXH  HV XQD UDt] GH OD HFXDFLyQ [   HV

FRQYHQLHQWHYHULILFDUOD3DUDHOORVHUHHPSOD]DHQODHFXDFLyQODYDULDEOH[SRUHOYDORU
6HREWLHQHHQWRQFHV


    

9HiPRVRWURHMHPSOR


6HDODHFXDFLyQ [ [(QJHQHUDOHVPHMRUH[SUHVDUODVHFXDFLRQHVGH

WDO IRUPD TXH WRGRV ORV WpUPLQRV HQ TXH DSDUHFH OD YDULDEOH [ VH HQFXHQWUHQ D XQ VROR
ODGRGHODLJXDOGDG\DORWURODGRVyORDSDUH]FDQORVWpUPLQRVQXPpULFRV3RUHVWDUD]yQ
VH WUDQVIRUPDUi HQ SULPHU WpUPLQR OD HFXDFLyQ HQ HVWXGLR SDUD GHMDUOD HQ OD IRUPD
SUHHVWDEOHFLGD


6HWLHQH

[ [

6LVHVXPD[DDPERVPLHPEURVTXHGDODHFXDFLyQHTXLYDOHQWH

[[ [[

2VHD

[ 

6XPDQGRDKRUD


[ 

(VGHFLU


[ 


$KRUDPXOWLSOLFDQGRSRU 




[ < =  



'HGRQGH


[ HVODVROXFLyQGHODHFXDFLyQ

(VWH SURFHVR VH UHDOL]D PHFiQLFDPHQWH WHQLHQGR FXLGDGR TXH ORV WpUPLQRV TXH

FRQWLHQHQDODYDULDEOH[TXHGHQDXQODGRGHODHFXDFLyQ\ORVGHPiVHQHORWURODGR$O



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

WUDVSDVDU ORV WpUPLQRV GH OD PDQHUD LQGLFDGD GHEH WHQHUVH SUHVHQWH TXH ORV TXH HVWiQ
VXPDQGR DSDUHFHQ UHVWDQGR HQ HO RWUR ODGR \ YLFHYHUVD  )LQDOPHQWH HO IDFWRU GH OD
YDULDEOH[SDVDDORWURODGRFRPRGLYLVRU6LODYDULDEOHWXYLHUDXQGLYLVRUpVWHSDVDUtD
DORWURODGRFRPRIDFWRU


3RUHMHPSORODHFXDFLyQ[ [VHUHVROYHUtDDVt

[ [

6HWUDVSDVDHOWpUPLQR[DORWURODGRFDPELiQGROHHOVLJQR


[[ 

OXHJRVHWUDVSDVDHOQ~PHURDORWURODGR\VXPDQGRVHWLHQH


[ 

6HWUDVSDVDHOIDFWRUFRPRGLYLVRU


[=




\ILQDOPHQWHVHREWLHQH


[ 

/XHJR[ HVODVROXFLyQGHODHFXDFLyQHQHVWXGLR

9HULILFDFLyQ

 

 

 

/RTXHPXHVWUDTXH[ HVXQDUDt]GHODHFXDFLyQLQLFLDO

1RFLyQGHSDUiPHWUR


&XDQGRVHGHVHDHVWDEOHFHUXQHVTXHPDIRUPDOTXHSHUPLWDUHVROYHUXQSUREOHPD

HQ WpUPLQRV JHQHUDOHV HV QHFHVDULR HO HPSOHR GH SDUiPHWURV  /RV SDUiPHWURV VRQ
Q~PHURV TXH SXHGHQ PRGLILFDUVH SDUD DGDSWDUVHDVLWXDFLRQHVGLIHUHQWHVSHURTXHXQD
YH]ILMDGRVSHUPDQHFHQFRQVWDQWHV3RUHMHPSORVLVHGHVHDUHSUHVHQWDUODHFXDFLyQGH
SULPHUJUDGR[ ODHFXDFLyQ[ \WDPELpQ [ HQWRQFHVHVPHMRU
HPSOHDU XQ SDUiPHWUR D SDUD GHQRWDU HO FRHILFLHQWH GH [ \ RWUR E SDUD H[SUHVDU HO
WpUPLQROLEUHGHWDOPRGRTXHD[E SXHGDUHSUHVHQWDUFDGDXQDGHODVHFXDFLRQHV
PHQFLRQDGDVRFXDOTXLHURWUDFRQHOVyORKHFKRGHSUHFLVDUORVYDORUHVGHORVSDUDPpWURV

75$%$-2'2&(17(1



D\E8QDYH]TXHVHKDGHILQLGRODHFXDFLyQGHSULPHUJUDGRHQWpUPLQRVSDUDPpWULFRV
VXVROXFLyQHVWULYLDO(QHIHFWRVHD


D[E ODHFXDFLyQ

6XUHVROXFLyQVHUtD


D[ E

[=

E
D

[=

E
HVODVROXFLyQEXVFDGD
D

D  

/XHJR


3UREOHPDVTXHXWLOL]DQHFXDFLRQHVGHSULPHUJUDGR


$ FRQWLQXDFLyQ VH SUHVHQWDQ DOJXQRV HMHPSORV GH SUREOHPDV TXH SXHGHQ VHU

UHVXHOWRVXWLOL]DQGRHFXDFLRQHVGHSULPHUJUDGR


(OUpJLPHQWULEXWDULRGHXQSDtVLPDJLQDULRSHUPLWHTXHXQWHUFLRGHODVXWLOLGDGHV
DQWHV GH LPSXHVWR VH GHVWLQHQ D FRQVWUXFFLRQHV KDELWDFLRQDOHV HO UHVWR GHEH
WULEXWDUFRQXQDWDVDGHO6LODVXWLOLGDGHVGHVSXpVGHWULEXWDFLyQIXHURQGH
FXiQWRVHGHVWLQyDFRQVWUXFFLRQHVKDELWDFLRQDOHV"3DUDUHVROYHUHVWH
SUREOHPDHVFRQYHQLHQWHFRPHQ]DUGHVLJQDQGRODVYDULDEOHVHQHVWXGLR

6HD [ HO PRQWR GHVWLQDGR D FRQVWUXFFLRQHV KDELWDFLRQDOHV \ VHD 8 OD YDULDEOH


XWLOLGDG DQWHV GH LPSXHVWR  6H WLHQH HQWRQFHV TXH ODV XWLOLGDGHV WRWDOHV 8  VH
SXHGHQ GLYLGLU HQ GRV SDUWHV [ TXH HV HO PRQWR GHVWLQDGR D FRQVWUXFFLRQHV
KDELWDFLRQDOHV\TXHUHSUHVHQWDGHODVXWLOLGDGHV\HOUHVWRTXHHTXLYDOHDORV
UHVWDQWHVHVGHFLU[6HWLHQH





[ GHVWLQDGR D FRQVWUXFFLRQHV KDELWDFLRQDOHV


8=

[ UHVWR

/RV [ VH GLYLGHQ D VX YH] HQ HO SDJR GH LPSXHVWR FRQ XQD EDVH GH  \
XWLOLGDGHVGHVSXpVGHLPSXHVWRV(VGHFLU





[ SDJRGHLPSXHVWRV GH[


[ =
[XWLOLGDGHVGHVSXHVGHLPSXHVWRV

3RUORWDQWR



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

[ 

/XHJR[ HVGHFLUHVWDVXPDIXHODTXHVHGHVWLQyDFRQVWUXFFLRQHV
KDELWDFLRQDOHV




-XDQWHQtDFLHUWDVXPDGHGLQHUR\JDVWyHQOLEURV\GHOUHVWRHQURSD6L
DOILQDOL]DUVXVFRPSUDVOHTXHGDURQFXiQWRWHQtDLQLFLDOPHQWH"

6HD[ODVXPDLQLFLDOGHGLQHUR

[JDVWRHQOLEURVJDVWRHQURSD 

[ 


[  =  


[ 



[ +  =  




[ =  


[ 

(VWRVLJQLILFDTXH-XDQWHQtDLQLFLDOPHQWH


[  +  =  





8QDSHUVRQDJDVWDODPLWDGGHVXVXHOGRPHQVXDOHQDUULHQGR\DOLPHQWDFLyQ\
HQRWURVJDVWRV6LDOFDERGHPHVHVKDDKRUUDGR WRGRVORVPHVHVDKRUUD
ORPLVPR FXiOHVHOVXHOGRPHQVXDO"

6HDVODYDULDEOHTXHGHVLJQDHOVXHOGRPHQVXDOHQWRQFHVV DOTXLOHURWURV
JDVWRVDKRUUR(VGHFLU


V + V +  



V=

)LQDOPHQWH

V 

2VHDHOVXHOGRPHQVXDOHV


(FXDFLRQHVGHVHJXQGRJUDGR


5HFLEHQ HO QRPEUH GH HFXDFLRQHV GH VHJXQGR JUDGR DTXHOODV HFXDFLRQHV

SROLQyPLFDVHQTXHHOPD\RUH[SRQHQWHHVGHRUGHQGRV$Vt

75$%$-2'2&(17(1



[ 

[ 

[ VRQHFXDFLRQHVGHVHJXQGRJUDGR

3DUDHVWXGLDUODHFXDFLyQGHVHJXQGRJUDGRHQWpUPLQRVJHQHUDOHVVHGHILQLUiQORV

SDUiPHWURV D E \ F SDUD UHSUHVHQWDU D ORV FRHILFLHQWHV GH [ GH [ \ DO WpUPLQR
OLEUHUHVSHFWLYDPHQWH6HWLHQHHQWRQFHVODVLJXLHQWHH[SUHVLyQIRUPDO


D[E[F 

$QWHV GH UHVROYHU GLFKD HFXDFLyQ VH HVWXGLDUi HQ SULPHUWpUPLQRDOJXQRVFDVRV

PiVVLPSOHV
6HD
D 

[G  VHWLHQHHQWRQFHV[ G

E 

[G  

OXHJR
[G  


[G 

\ILQDOPHQWH


[ G

[ G

6HDHOFDVRJHQHUDO
D[E[F 

HQ TXH HYLGHQWHPHQWH D   SXHVWR TXH HQ FDVR FRQWUDULR OD HFXDFLyQ VHUtD GH SULPHU
JUDGR



6LVHGLYLGHSRUDTXHHVXQQ~PHURGLVWLQWRGHVHWLHQH

[ +

E
F
[ + = 
D
D
E
F
<VXPDQGR  DDPERVPLHPEURVTXHGD
D
D

E[
E
E
F
[ +
+  =  

D
D
D
D





'HEHGHVWDFDUVHTXHODHFXDFLyQ[


\   

DGPLWHGRVUDtFHVTXHVRQ[ \[ SXHVWRTXH       



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3HURHOWpUPLQRGHODL]TXLHUGDHVHOFXDGUDGRGHXQELQRPLR

3RUORWDQWR

[ +

E 
E
F
=  
D
D
D

2VHD


[+

E
=
D

E  DF

D 


'HGRQGH
E


D
D

E  DF 

[=

(VWDIyUPXODSHUPLWHGHWHUPLQDUHOYDORUGHODVUDtFHV[FRQRFLHQGRORVYDORUHV

) 

GHORVSDUiPHWURVDE\F3XHGHREVHUYDUVHDGHPiVTXHODVUDtFHVVRQGRV


[ =

E

+
D
D

E  DF 

[ =

E


D
D

E  DF 

6DOYRHOFDVRSDUWLFXODUHQTXHE DFHQTXHKD\XQDVRODUDt]

(MHPSOR


6XSyQJDVHTXHXQDSHUVRQDFRORFyXQFDSLWDOGHGXUDQWHGRVPHVHVDXQD

WDVDGHLQWHUpVUOXHJRFRORFyGXUDQWHXQPHVDODPLVPDWDVD\ILQDOPHQWHGHSRVLWy
HQ VX FXHQWD FRUULHQWH   6L HO PRQWR WRWDO TXH REWXYR GH HVWDV RSHUDFLRQHV IXH GH
FXiOHUDODWDVDGHLQWHUpVGHODVFRORFDFLRQHV"6HVDEHTXHXQFDSLWDOGH
FRORFDGRDXQDWDVDGHMDOFDERGHGRVPHVHVVHKDWUDQVIRUPDGRHQ M 3RUOR
WDQWR HO PRQWR WRWDO GH ODV FRORFDFLRQHV DOFDQ]D D  M    M     3RU



6HOODPDELQRPLRXQDH[SUHVLyQGHOWLSRD[EIRUPDGDSRUODVXPD UHVWD GHGRVWpUPLQRV(OFXDGUDGRGH


XQELQRPLRHVSRUGHILQLFLyQ D[E )LQDOPHQWH D[E  D[DE[E
E[
E
E
$Vt [  + +  = [ +  
D
D
D




E  F
E
F E  DF
=
=

D
D
D  D
D 

3XHVWRTXH



=

D 
D

75$%$-2'2&(17(1



~OWLPRVLVHGHVLJQDODH[SUHVLyQ M SRUODYDULDEOH[VHWLHQHTXHODHFXDFLyQTXHQRV


SHUPLWHUHVROYHUHVWHSUREOHPDHV


[[ RVHD

[[ 

3DUD GHWHUPLQDU HO YDORU GH [ TXH UHVXHOYH OD HFXDFLyQ VH GHEHQ HQFRQWUDU ODV

UDtFHVGH


[[ 

(QTXH


D 

E 

F 

'LFKDVUDtFHVHVWiQGDGDVSRUODIyUPXOD


[=




<   <   


< 

[=




<  +    


 

[=

 [ =

 =




<  +  


 




<  =
+  
 


 


/XHJRODVUDtFHVVRQ[ [ 


&RPR[GHEHVHUSRVLWLYRODUDt][ HVOD~QLFDTXHVLUYH/XHJR


[ HVODVROXFLyQSURSXHVWDHVGHFLUM 


(MHPSOR


5HVXHOYDODVLJXLHQWHHFXDFLyQ

 M  M  

3DUDGHWHUPLQDUODVUDtFHVGHHVWDHFXDFLyQGHEHDSOLFDUVHODIyUPXOD)GHOD

SiJLQDDQWHULRUFRQORVVLJXLHQWHVYDORUHVSDUDORVSDUiPHWURV


D 

E 



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

F 

6HWLHQH



<   <

 + M =

 + M =

 + M = 


 

 + M = 



 

 + M =   




  

 +  < <  

 +  

 

/DVUDtFHVGHHVWDHFXDFLyQVRQ


 + M =  \  + M =  


(MHPSOR


6HD[[ 

(QTXH

D 

E 

F 

/XHJR [ =

  <<  
  

[=

[=

3DUDUHVROYHUHVWHSUREOHPDHVQHFHVDULRGHWHUPLQDUXQQ~PHURTXHPXOWLSOLFDGR

 

SRU Vt PLVPR GH    (Q UHDOLGDG QLQJ~Q Q~PHUR UHDO FXPSOH FRQ GLFKD FRQGLFLyQ
SXHVWR TXH VLHPSUH VX FXDGUDGR HV SRVLWLYR  (QWRQFHV SDUD GDU FDUWDGHFLXGDGDQtDD
HVWDV UDtFHV HV QHFHVDULR FUHDU XQ QXHYR FRQMXQWR GH Q~PHURV TXH OODPDUHPRV
LPDJLQDULRV\FX\DXQLGDGVHGHQRWDLWDOTXHSRUGHILQLFLyQ


L  =  VHD L =  

75$%$-2'2&(17(1

6HWLHQHHQWRQFHV



 =  < 

/XHJR

[ =   < 

[ = 

  

[ = 

 L 

/RVLPDJLQDULRVQRVRQHPSOHDGRVHQHYDOXDFLyQGHSUR\HFWRVDVtTXHXQDYH]

SUHVHQWDGRVQRVHLQVLVWLUiHQHOORV




0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(MHUFLFLR1
2SHUDFLRQHV$OJHEUDLFDV)XQGDPHQWDOHV

6XPDV\5HVWDV


(QORVVLJXLHQWHVHMHUFLFLRVHQFRQWUDUODVXPDGH



EFEF 



[\[\[\\ 









 < D E  < F  < D  < E + < F  < F = 














[ \+ ] + \] [ + \ \= 










[   \ + \ +  D E = 









 D E  D  E +  D +  E = 








(IHFWXDUODVXPDGHORVSROLQRPLRVVLJXLHQWHV







DEF
DEF




[\]
[\]








DE
DDE




[[\[\
[[\[\



STUTUV










STUTUV
STUTUV

 D  D  E + E 

DDEE



6XVWUDHUGHOSULPHUSROLQRPLRHOVHJXQGRSROLQRPLRTXHVHLQGLFDHQFDGDFDVR












DEF
DEF




DED
DED




[[\\
[[\\




PQ
PQ

75$%$-2'2&(17(1



0XOWLSOLFDFLRQHV\GLYLVLRQHV


5HVROYHU



  E  



E  E  



  \  \  = 




DDEE  DE  



 DE  DE  



D[  D[


EF



()

( )




D  D F[ 

E
GP


3URGXFWR\FXRFLHQWHGHIUDFFLRQHV


5HVROYHU



 <   D <  E [\ 


  E
[\ 



 +  +  [ \] 
[ \ ]







    D   
 
[
[    [ 

[  
 [  
[  + [ + 



3RWHQFLDV


(IHFWXDUODVRSHUDFLRQHVLQGLFDGDV






E [ < E [  P [ \ < P [ + \ 



D Q E P Q D P Q E P

<
P+Q
PQ



P [ \ Q  ]
S  \


S \ 
P \ [ Q ] 







0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$






P Q S D

<

S T P Q

5DtFHV


(IHFWXDUODVRSHUDFLRQHVLQGLFDGDV








D  E  +  F  +  E  G  G   E 
D  +

E    D   E 






+  +



D  E <

 +   





D+E 
D E

75$%$-2'2&(17(1



&$3,78/2

(/02'(/2'(/$6(&8$&,21(632/,120,$/(6



/DVHFXDFLRQHVSHUPLWHQGHVFULELUUHODFLRQHVHQWUHYDULDEOHV$VXYH]UHODFLRQHV

DSOLFDGDVDPDJQLWXGHVFRQRFLGDVSHUPLWHQGHWHUPLQDUORVYDORUHVQXPpULFRVSUHFLVRVGH
ODVYDULDEOHVHQHVWXGLRFRQWULEX\HQGRDVtDODUHVROXFLyQGHSUREOHPDVGHPX\GLIHUHQWH
QDWXUDOH]D8VXDOPHQWHHOSURFHGLPLHQWRHPSOHDGRFRQVLGHUDORVVLJXLHQWHVSDVRV
D 

,GHQWLILFDUODVYDULDEOHVTXHGHVLJQDQODVPDJQLWXGHVHQHVWXGLR

E 

(VWDEOHFHU ODV UHODFLRQHV HQWUH ODV YDULDEOHV \ FRQVWUXLU ODV HFXDFLRQHV TXH ODV
GHVFULEDQ

F 

5HVROYHUODVHFXDFLRQHVHVGHFLUHQFRQWUDUVXVUDtFHV




6H KD REVHUYDGR TXH QXPHURVRV SUREOHPDV TXH VH SUHVHQWDQ KDELWXDOPHQWH HQ

HFRQRPtD \ HYDOXDFLyQ GH SUR\HFWRV SXHGHQ H[SUHVDUVH HQ WpUPLQRV GH XQ WLSR GH
HFXDFLRQHV TXH VH GHQRPLQD HFXDFLRQHV SROLRQRPLDOHV  (Q HVWH FDStWXOR VH HVWXGLDUi
FyPRLGHQWLILFDUXQDHFXDFLyQSROLQRPLDO\ILQDOPHQWHFyPRUHVROYHUODVHVGHFLUFyPR
HQFRQWUDUVXVUDtFHV

(FXDFLRQHVSROLQRPLDOHV


8QDHFXDFLyQSROLQRPLDOVHGHILQHSRUXQDVXPDRUHVWDGHPRQRPLRVHVWRHVGH

H[SUHVLRQHV DOJHEUDLFDV FRQIRUPDGDV SRU HO SURGXFWR GH XQ UHDO SRU OD R ODV YDULDEOHV
HOHYDGDVDXQH[SRQHQWHQDWXUDO$Vt[[\VRQPRQRPLRVWDPELpQORHV  [\ 

)LQDOPHQWH FXDOTXLHU UHDO SRU HMHPSOR  HV XQ PRQRPLR TXH VH DVLPLOD D
 < [  =  < =  

3ROLPRQLRHVXQDH[SUHVLyQTXHFRQVLVWHHQODVXPDRUHVWDGHPRQRPLRVDVtSRU

HMHPSOR


[[[

[[[\VRQSROLQRPLRV

(QWpUPLQRVJHQHUDOHVXQDH[SUHVLyQFRPR


DQ[QDQ[QDQ[QD 

VHGHQRPLQDHFXDFLyQSROLQRPLDO



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

$Vt

[[ 

[ 

[[ VRQHFXDFLRQHVSROLQRPLDOHV

3RURWUDSDUWH
L 

[ D
 =  QRHVSROLQRPLDOSXHVWRTXHGLFKDHFXDFLyQVHHVFULEH
[ D

[D  [D  HQTXHODYDULDEOH[DSDUHFHHOHYDGDDOH[SRQHQWH  


HQ [D TXHQRHVXQQDWXUDO

LL 

[  =   7DPSRFR HV SROLQRPLDO SXHVWR TXH GLFKD HFXDFLyQ VH HVFULEH


D [
[  < [   \HOH[SRQHQWHQRHVQDWXUDO
D

LLL 

[  =   WDPSRFR HV SROLQRPLDO SXHVWR TXH

[  VH HVFULEH [ \  QR HV

QDWXUDO


(VLQWHUHVDQWHGHVWDFDUTXHODVHFXDFLRQHVSUHVHQWDGDVHQHVWRVHMHPSORVSXHGHQ

WUDQVIRUPDUVHHQRWUDVHTXLYDOHQWHVTXHVtVRQSROLQRPLDOHV

7pFQLFDVSDUDWUDQVIRUPDUHFXDFLRQHVGLYHUVDVHQHFXDFLRQHVSROLQRPLDOHV



$FRQWLQXDFLyQVHGHVFULEHQYDULDVWpFQLFDVTXHSHUPLWHQWUDQVIRUPDUHFXDFLRQHV

GHYDULDGRWLSRHQHFXDFLRQHVSROLQRPLDOHVHTXLYDOHQWHVRTXHVLPSOLILFDQVXH[SUHVLyQ
DOJHEUDLFD(VWDVWpFQLFDVVRQ

D 

)DFWRUL]DFLyQ

/D IDFWRUL]DFLyQ FRQVLVWH HQ GHVFRPSRQHU XQ SROLQRPLR HQ XQ SURGXFWR FX\RV

IDFWRUHVVRQDVXYH]SROLQRPLRV(OREMHWLYRGHHVWDRSHUDFLyQHVHOLPLQDUFXRFLHQWHV\
VLPSOLILFDUODVH[SUHVLRQHV3RUHMHPSOR


[ D
 = 
[ D

SXHGHVLPSOLILFDUVHVLVHVDEHTXH[DDGPLWHODIDFWRUL]DFLyQ [D  [D (QHIHFWR




[ D
 = 
[ D

SXHGHHVFULELUVH

75$%$-2'2&(17(1



[D  

6HWLHQHHQWRQFHVTXHODHFXDFLyQDQWHULRUVHWUDQVIRUPDHQ[D TXHHV

SROLQRPLDO


3DUD DGTXLULU UDSLGH] HQ HO PDQHMR GH HVWD WpFQLFD HV FRQYHQLHQWH PHPRUL]DU OD

IDFWRUL]DFLyQ GH DOJXQRV SURGXFWRV PX\ XVDGRV OODPDGRV WDPELpQ SURGXFWRV QRWDEOHV
31 HQWUHORVTXHFDEHGHVWDFDU
L 

[D  [D [D 

LL 

[D[D  [D 

LLL 

[D  [D  [D[D 

LY 

[D  [D  [D[D 

Y 

[D[D[D  [D 


(MHPSORV
[ 
= 
[



5HVROYHUODHFXDFLyQ

(O31 LLL LQGLFDTXH[  [  [[ 

/XHJR

[ 
= 
[

TXHGDH[SUHVDGRFRPRODHFXDFLyQSROLQRPLDO[[ 

[ +   
 =  
[+



6HD

6HWLHQHTXH

[ +    = [ +   [ +   + [ +  +  SRU31 LLL 

/XHJR
[ +    = [ +  [ +   + [ + 

= [ +  [  + [ +  + [ +  
= [ +  [  + [ + 

)LQDOPHQWHODHFXDFLyQ


[ +   
 =  VHWUDQVIRUPDHQ[[ TXHHVSROLQRPLDO
[+



0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

E 

6XPDGHIUDFFLRQHV

/DVXPDGHIUDFFLRQHVKDFHQHFHVDULRGHWHUPLQDUXQFRP~QGHQRPLQDGRU

3DUD IDFLOLWDU HO FiOFXOR GH GLFKR GHQRPLQDGRU VH HPSOHD HO OODPDGR PtQLPR

FRP~QP~OWLSOR 0&0 TXHFRQVLVWHHQHQFRQWUDUHOPHQRUP~OWLSORGHORVSROLQRPLRV


TXH FRQVWLWX\HQ ORVGHQRPLQDGRUHVGHODVIUDFFLRQHVTXHVHVXPDQ$VtSRUHMHPSOR
VHD


 + [ =  
D [  [ + D

(O0&0HVHOSROLQRPLRPiVSHTXHxR GHPHQRUH[SRQHQWH TXHFRQWLHQHFRPR

IDFWRUHVDORVGHQRPLQDGRUHVD[ [D 




(O0&0HVD[ [D \VHHPSOHDFRPRFRP~QGHQRPLQDGRU6HWLHQH

 [ + D + D[ 
=
D [  [ + D

2VHD 

[DD[ D[D[

)LQDOPHQWH

D[D[[D TXHHVODHFXDFLyQSROLQRPLDO

(QFLHUWRVFDVRVHO0&0QRHVVLPSOHPHQWHHOSURGXFWRGHORVGHQRPLQDGRUHV

VLQRTXHDOJXQDH[SUHVLyQPHQRU6HDSRUHMHPSOR


[

+
= 
[ [ D
[ D

6HVDEHTXH[D  [D [D SRU31 L 

/XHJRHO0&0HV

[D [ [D 

<VHWLHQHTXHODVXPDGHODVIUDFFLRQHVHV
[  + [ + D
= 
[ < [ + D < [ D


/XHJR

[ [D  [ [D 

[[D [D[

ILQDOPHQWH

[[ D [D 




8QFRP~QP~OWLSORHVVLPSOHPHQWHHOSURGXFWRGHORVGHQRPLQDGRUHVHVGHFLU
D[ [D SHURDGHPiV
D[ [D  D[  [D VRQFRPXQHVP~OWLSORVGHD[\GH [D SXHVWRTXHORVFRQWLHQHQFRPRIDFWRUHV
6LQHPEDUJRHOPHQRUHVD[ [D TXHSRUHOORUHFLEHHOQRPEUHGH0&0


75$%$-2'2&(17(1



F 

6LPSOLILFDFLRQHV\DPSOLILFDFLRQHV

(VWDWpFQLFDFRQVLVWHHQPXOWLSOLFDURGLYLGLUHOQXPHUDGRU\GHQRPLQDGRUGHXQD

IUDFFLyQSRUXQDPDJQLWXGGHWHUPLQDGDFRQHOREMHWRGHUHGXFLUODH[SUHVLyQRULJLQDO
[ [ D
= 
[ + D [ D

3RUHMHPSOR

/D VLPSOLILFDFLyQ FRQVLVWH HQ GLYLGLU HO QXPHUDGRU \ HO GHQRPLQDGRU GH OD

H[SUHVLyQGHODL]TXLHUGDGHODHFXDFLyQSRU [D 6HWLHQHHQWRQFHV




2VHD 

[ = 
[+D

[ [D

<ILQDOPHQWH [D 


9HDPRVRWURHMHPSORVHD
D [
[ D += 
+ D
[

(QFDVRVFRPRpVWHHVFRQYHQLHQWHVXPDUSULPHURODVIUDFFLRQHVGHOQXPHUDGRU\

OXHJRODGHOGHQRPLQDGRUXVDQGRODWpFQLFDGHO0tQLPR&RP~Q0~OWLSOR



3DUDHOQXPHUDGRUVHWLHQH


D [ = D [ 
[ D
D[

3DUDHOGHQRPLQDGRU

+ D = [ + D 
[
[

/XHJRODHFXDFLyQVHFRQYLHUWHHQ


D [
D[ +  =  
[+D
[

/XHJRVHDPSOLILFDODIUDFFLyQSRUD[\VHWLHQH

2VHD

D [
D[ < D[ +  =  
[+D
D[
[

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

D [
+ =  
[ + D D

6LQHPEDUJRHOQXPHUDGRUSXHGHVHUIDFWRUL]DGRGHDFXHUGRD31 L \VHREWLHQH


D[
= 
D

2VHD 

D[ D

ILQDOPHQWH

[ DHVODHFXDFLyQSROLQRPLDO


G 

5DFLRQDOL]DFLyQ

(VWD HV XQD WpFQLFD HPSOHDGD SDUD HOLPLQDU UDtFHV GHO GHQRPLQDGRU GH ODV

IUDFFLRQHV(OPpWRGRFRQVLVWHHQDPSOLILFDUODIUDFFLyQSRUXQDH[SUHVLyQFRQYHQLHQWH

(MHPSORV
 = 
[ +




3DUDUDFLRQDOL]DUHVWDH[SUHVLyQVHDPSOLILFDUiODIUDFFLyQSRU [ +  6HWLHQH

HQWRQFHV
 [ +

[ +

[ +

= 

/XHJR


 [ +
= 
[ +

<ILQDOPHQWH


2VHD 

 [ +  =  [ +  
 [ +  = [ +  

'HHVWDIRUPDVHKDHOLPLQDGRODUDt]HQHOGHQRPLQDGRU

/DUDt]HQHOQXPHUDGRUSXHGHVHUHOLPLQDGDDWUDYpVGHXQSURFHVRGHHOHYDFLyQ

DSRWHQFLD(QHIHFWRVLVHHOHYDDOFXDGUDGRVHWLHQH


 [   [ 

2VHD

[ [[

(VGHFLU

[[ 

)LQDOPHQWH

[[ TXHHVXQDHFXDFLyQSROLQRPLDO

75$%$-2'2&(17(1



6HD
  =  
[ +






(QHVWHFDVRSDUDUDFLRQDOL]DUODIUDFFLyQHVFRQYHQLHQWHDPSOLILFDUSRU [  \

XVDU31 L 



6HWLHQHHQWRQFHV
 [ 

=  
[ +  [ 

2VHD


 [ 
= 
[ 

/XHJR



2VHD 

 [  = [  
 [ = [  \ILQDOPHQWHHOHYDQGRDOFXDGUDGRVHWLHQH

[[ 

&RPR VH KD YLVWR HQ ORV HMHPSORV DQWHULRUHV HQ OD PD\RUtD GH ORV FDVRV HV

QHFHVDULR PH]FODU YDULDV WpFQLFDV FRQ HO REMHWR GH WHQHU ILQDOPHQWH XQD HFXDFLyQ
SROLQRPLDO


(V LQWHUHVDQWH GHVWDFDU TXH OD HOHYDFLyQ D SRWHQFLD GH ORV WpUPLQRV GH XQD

HFXDFLyQHQJHQHUDODXPHQWDHOQ~PHURGHUDtFHVGHODHFXDFLyQ\SRUORWDQWRSXHGH
FRQGXFLUDVROXFLRQHVHVS~UHDV



3RUHMHPSORVHDODHFXDFLyQ
  =  
[ +

6HUDFLRQDOL]D\VHWLHQH


 <
[ +

[ +   =  
[ +

 [ +
= 
[ +

 [ +  = [ + 




 6H OODPDQ VROXFLRQHV HVS~UHDV DTXHOODV TXH VL ELHQ VH REWLHQHQ DO UHVROYHU OD HFXDFLyQ WUDQVIRUPDGD QR
VDWLVIDFHQODHFXDFLyQRULJLQDO

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6HHOHYDDOFXDGUDGR


 [  [[

[[ 

(VGHFLU

(VWDHFXDFLyQWLHQHODVVLJXLHQWHVGRVUDtFHV


[ 

[ 

6LQHPEDUJRQRHVXQDUDt]GHODHFXDFLyQRULJLQDOSXHVWRTXH




  HVGLIHUHQWHGHFHUR


3RU HVWD UD]yQ VLHPSUH TXH VH HOHYH DO FXDGUDGR XQD HFXDFLyQ HV FRQYHQLHQWH

YHULILFDU ODV VROXFLRQHV REWHQLGDV HQ OD HFXDFLyQ RULJLQDO SDUD GHWHUPLQDU VL HOODV
HIHFWLYDPHQWHODVDWLVIDFHQ

'HWHUPLQDFLyQGHODVUDtFHVGHXQSROLQRPLR0pWRGRGH+RUQHU


8QD YH] TXH VH KD WUDQVIRUPDGR OD HFXDFLyQ HQ XQ SROLQRPLR HV QHFHVDULR

GHWHUPLQDUVXVUDtFHV


'DGRXQSROLQRPLR

D Q [ Q + D Q  [ Q  +  + D  =  

6HGLFHTXH[ 5HVXQDUDt]GHpOVL


D Q 5 Q + D Q  5 Q  +  + D  =  

$VtSRUHMHPSORHVXQDUDt]GH[[ SXHVWRTXH  <   <   =  (V


GHFLUHVLJXDODFHUR(VWDH[SUHVLyQVHGLFHLGpQWLFDPHQWHQXOD


&RPRVHKDYLVWRDQWHULRUPHQWHODIyUPXOD

[ = E 
D D

E  DF 

3HUPLWHFDOFXODUODVUDtFHVGHODHFXDFLyQSROLQRPLDOGHVHJXQGRJUDGRFRQRFLHQGRORV
YDORUHVGHDE\F

(MHPSOR


6HD[[ HQHVWHFDVRD E F 

6HWLHQHHQWRQFHV

75$%$-2'2&(17(1



 +  <   

=



[ =

/XHJR

[ 

[ =  

(QODHFXDFLyQSROLQRPLQDOGHVHJXQGRJUDGROODPDGDVLPSOHPHQWHHFXDFLyQGH

VHJXQGRJUDGRKD\HQJHQHUDOGRVUDtFHVTXHHQHVWHFDVRVRQ[  [ =  6LHPSUH


TXH VH REWLHQHQ ODV UDtFHV GH XQD HFXDFLyQ HV FRQYHQLHQWH YHULILFDUODV HV GHFLU
UHHPSOD]DUVXVYDORUHVHQODHFXDFLyQ(QHVWHFDVRVHWLHQHSDUD[ TXH 
\SDUD [ =  TXH     ORTXHPXHVWUDTXH\VRQHIHFWLYDPHQWHODV
UDtFHVEXVFDGDV


(VWH PpWRGR GH FDOFXODU UDtFHV HPSOHDQGR ORV FRHILFLHQWHV GH OD HFXDFLyQ

SROLQRPLDO HQ HVWXGLR VH FRPSOLFD PXFKR HQ HO FDVR GH HFXDFLRQHV GH HU JUDGR \ HV
LPSRVLEOH SDUD HFXDFLRQHV GH JUDGR VXSHULRU DO   (Q HVWRV FDVRV HV PHMRU HPSOHDU
SURFHGLPLHQWRVLWHUDWLYRVHQWUHORVTXHFDEHPHQFLRQDUHOOODPDGRPpWRGRGH+RUQHU

0pWRGRGH+RUQHU


3DUDHVWXGLDUHVWHPpWRGRGDUHPRVDOJXQDVGHILQLFLRQHVSUHYLDV


'LYLVLyQGHSROLQRPLRV'DGRVORVSROLQRPLRV


3  D [  + D  [  + D  [ + D 
3  [

VH WLHQH TXH HO FXRFLHQWH GHO SULPHUR SRU HO VHJXQGR GHQRWDGR 33 VHUi WDPELpQ XQ
SROLQRPLRSHURGHXQJUDGRPHQRUTXH3HVGHFLUHQHVWHFDVRGHJUDGR
)RUPDOPHQWH


D [  + D  [  + D  [ + D 
= E [  + E  [ + E + 5  HQ TXH 5 HV XQ Q~PHUR TXH
[
[

LQGLFDHOUHVWRRUHVLGXRTXHTXHGDDOHIHFWXDUODGLYLVLyQ(VWHSURFHVRVHYLVXDOL]DFRQ
PD\RUFODULGDGVLVHPXOWLSOLFDQDPERVPLHPEURVGHODHFXDFLyQSRU [D 


6HWLHQHHQWRQFHV

D [  + D  [  + D  [ + D  = E [  + E  [ + E [ + 5 

6L5HVQXORHQWRQFHVVHGLFHTXH D [  + D  [  + D  [ + D  HVGLYLVLEOHSRU[

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3URSRVLFLyQ


6L HVXQDUDt]GHOSROLQRPLR D [  + D  [  + D  [ + D  HQWRQFHVGLFKRSROLQRPLR

HVGLYLVLEOHSRU[


(QHIHFWRVHVDEHTXHVLHPSUH

D [  + D  [  + D  [ + D  = E [  + E  [ + E [ + 5  SHUR VL VH KDFH [   VH

WLHQH


D  + D   + D  + D  = E  + E  + E + 5 

&RPR  D  + D   + D  + D   SXHVWRTXHHVXQDGHVXVUDtFHVHQWRQFHV5 OR


TXHPXHVWUDTXHHOSROLQRPLRHVGLYLVLEOHSRU[


(O PpWRGR GH +RUQHU HV XQ SURFHGLPLHQWR LWHUDWLYR SDUD OD GHWHUPLQDFLyQ GH

UDtFHVGHXQSROLQRPLR6HEDVDHQODSURSRVLFLyQVREUHGLYLVLELOLGDGHQXQFLDGDHQHO
SiUUDIRDQWHULRU


/DLGHDFRQVLVWHHQXELFDUXQYDORU WDOTXH3  !RWUR I HQTXH3 I 

/XHJRODUDt]GHEHHQFRQWUDUVHHQWUH\3DUDXELFDUODVHSDUWHSRUHMHPSORGH
XQYDORU\VHFDOFXOD


3 [
&RPRVHKDGLFKRHVWDH[SUHVLyQHVLJXDODXQSROLQRPLR4 [ PiVXQ
[ 

UHVWR(QVtPERORV


3 [
= 4 [ + 5 
[ 
[ 

(OSURFHVRWHUPLQDFXDQGRVHWLHQHXQ5 (OSURFHGLPLHQWRSXHGHH[SOLFDUVH

VREUHODEDVHGHOVLJXLHQWHHMHPSOR


6HD 3  D [  + D  [  + D  [ + D  6HSDUWHGHXQYDORUGH[LJXDOD \VHGLYLGH

SRU [ 6HWLHQHHQWRQFHV


 

3 [
= 3 [ + 5 
[ 
[ 

(QTXH3HVXQSROLQRPLRGHOWLSR
E [  + E  [ + E  HQ TXH VLHPSUH 3 HV H[DFWDPHQWH XQ JUDGR PHQRU TXH 3

/XHJR




/DH[SUHVLyQ3 D HVHOYDORUGHOSROLQRPLRVLVHUHHPSOD]D[SRU$VtSRUHMHPSORGDGRHOSROLQRPLR
3 [  [[HQWRQFHV3   

75$%$-2'2&(17(1



 

3 = [  3 + 5 

(O PpWRGR FRQVLVWH HQ FDOFXODU ORV FRHILFLHQWHV E E \ E GH 3 \ FRQ HOORV HO

YDORUGH5(VWRVHUHDOL]DGHODVLJXLHQWHPDQHUDHQSULPHUWpUPLQRVHGHVDUUROODOD
HFXDFLyQ   D [  + D  [  + D  [ + D  = [  E [  + E  [ + E + 5 


/XHJR VH HIHFW~DQ ODV PXOWLSOLFDFLRQHV HQ HO ODGR GHUHFKR GH OD HFXDFLyQ \ VH

REWLHQH
D [  + D  [  + D  [ + D  = E [  + E  E [  + E E  [ E + 5 

ILQDOPHQWHVHLJXDODQORVFRHILFLHQWHVKRPyORJRV\VHWLHQH


D = E 

RVHD E = D 

D  = E  E 

RVHD E  = D  + E 

D  = E E  

RVHD E = D  + E  

D  = 5 E  

RVHD 5 = D  + E 

6L5QRHVQXORVHSUXHEDFRQXQQXHYRYDORUGH  \DVtVXFHVLYDPHQWHKDVWD

TXH5VHFRQVLGHUHVXILFLHQWHPHQWHSUy[LPRDFHURFRPRSDUDGHWHQHUHOSURFHVR

(MHPSOR
6HD

[[ 

3DUDDSOLFDUHOPpWRGRHV~WLOFRQVWUXLUXQFXDGURHQTXHHQODVILODVVHFRORTXHQ

ORVFRHILFLHQWHVGHODHFXDFLyQHQHVWXGLR(QODVFROXPQDVORVYDORUHVGH \HQFDGD
OtQHDGHOFXDGURORVYDORUHVGHORVFRHILFLHQWHVE\SRU~OWLPRHOGH5


&2(),&,(17(6EL
9DORUHVGH




9DORUGH5

D =  

D =  

D =  

E = D 

E  = D  + E 

E = D  + E  

5 = D  + E 

 =  



 + < =  

 + <  =  

 + < =  

 =  



 + < =  

 + <  =  

 + < =  

6HSDUWHFRQXQYDORUIiFLO 1 SRUHMHPSOR\VHREWLHQHXQUHVWRGH6H

FRQWLQ~DFRQXQYDORUVXSHULRUFRQHOREMHWRGHUHGXFLUGLFKRUHVWR



6HVDEHTXH3  !\3 I 6XSyQJDVHTXHI(QWRQFHVVL5 ( ! SRVLWLYR VHHOLJHXQ!


\PHQRUTXHI6L5  VHHOLJH!\PHQRUD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6HD 2 \VHREWLHQHXQUHVWRQXORHVGHFLU 2 HVXQDUDt]GHODHFXDFLyQ

[[ 

(MHUFLFLR


&DOFXOHODUDt]GHODVLJXLHQWHHFXDFLyQ

 

 +  +  +  +  +  +
 + M  + M  + M  + M  + M  + M 

(OYDORUGHMTXHVDWLVIDFHHVWDHFXDFLyQUHFLEHHOQRPEUHGH7,5

/DUHVSXHVWDHVM 

75$%$-2'2&(17(1



&$3,78/2

'(/$6(&8$&,21(6$/$6)81&,21(6



6HKDYLVWRTXHHOSURFHVRGHPHGLFLyQSHUPLWHGHWHUPLQDUHOYDORUGHPDJQLWXGHV

DWUDYpVGHHQWHVOODPDGRVQ~PHURV


)UHQWH D XQD VLWXDFLyQ SUREOHPiWLFD TXH FRQVLVWH HQ HQFRQWUDU XQD R YDULDV

PDJQLWXGHV GHVFRQRFLGDV HV QHFHVDULR HVWDEOHFHU HO SURFHVR SRU HO FXDO VH JHQHUDURQ
GLFKDVPDJQLWXGHV


6HDSRUHMHPSORHOVLJXLHQWHSUREOHPD

(Q XQ FRUUDO KD\ FRQHMRV \ JDOOLQDV  6H KDQ FRQWDGR  SDWDV \  FDEH]DV

FXiOHVHOQ~PHURGHFRQHMRV\GHJDOOLQDV"


(OQ~PHURWRWDOGHSDWDVVHKDJHQHUDGRDWUDYpVGHODVXPDGHORVSURGXFWRV

F\JHQTXHFHVHOQ~PHURGHFRQHMRV\JHVHOQ~PHURGHJDOOLQDV


$VtVHWLHQHODHFXDFLyQ

FJ 

(QODPLVPDIRUPDVHWLHQHTXHHOQ~PHURWRWDOGHFDEH]DVVHJHQHUyDWUDYpVGH

ODVXPDGHOQ~PHURGHFRQHMRV\GHJDOOLQDV


(VGHFLU

FJ 

/DV GRV HFXDFLRQHV LQGLFDGDV SHUPLWHQ HQFRQWUDU ORV Q~PHURV F \ J TXH VH

GHQRPLQDQODVLQFyJQLWDVGHOSUREOHPD


(V LQWHUHVDQWH GHVWDFDU TXH VL VH KXELHUDQ FRQWDGR  SDWDV \  FDEH]DV

HQWRQFHVODVHFXDFLRQHVKDEUtDQVLGR


FJ 

FJ 

\ DVt VXFHVLYDPHQWH SDUD FXDOTXLHU SDU GH YDORUHV FRQVLGHUDGRV  (VWR VLJQLILFD TXH OR
HVHQFLDOQRHVHOQ~PHURGHSDWDV\FDEH]DVFRQWDGDVVLQRHOSURFHVRDWUDYpVGHOFXDOVH
JHQHUDQHVRVYDORUHV(VWDSURSLHGDGHVODTXHSHUPLWHGHILQLUIXQFLRQHV



3DUDREWHQHUORVYDORUHVF\JHVQHFHVDULRUHVROYHUHOVLVWHPDGHHFXDFLRQHV
FJ 
FJ 
(OPpWRGRGHFiOFXORGHODVVROXFLRQHVGHXQVLVWHPDVHUiH[SOLFDGRSRVWHULRUPHQWHHQHVWHFDStWXOR9pDVH
SiJ

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

$VtSRUHMHPSORVLHOSHUtPHWURGHXQFXDGUDGRPLGHFPVHQWRQFHVVHSXHGH

GHWHUPLQDU HO YDORU GHO ODGR UHVROYLHQGR OD HFXDFLyQ TXH OR YLQFXOD DO SHUtPHWUR  (V
GHFLUODHFXDFLyQ A  A  A  A  y A  


/DIXQFLyQSHUPLWHYLQFXODUHOSHUtPHWURVHDFXDOVHDVXYDORUDOHOHPHQWRODGRD

WUDYpVGHODVRSHUDFLRQHVTXHORJHQHUDQ


3DUD FRQVWUXLU XQD IXQFLyQ HV QHFHVDULR GHILQLU HQ SULPHU WpUPLQR ODV YDULDEOHV

TXH HQ HVWH FDVR VHUtDQ 3 \ A   /D SULPHUD SDUD GHVLJQDU HO YDORU GHO SHUtPHWUR \ OD
VHJXQGD SDUD GHQRWDU OD ORQJLWXG GHO ODGRGHOFXDGUDGR/XHJRHVQHFHVDULRH[SUHVDU
IRUPDOPHQWH ODV RSHUDFLRQHV TXH GHEHQ UHDOL]DUVH SDUD JHQHUDU HO SHUtPHWUR HV GHFLU
PXOWLSOLFDU HO ODGR SRU FXDWUR  A  D WUDYpV GH XQD LJXDOGDG  6H WLHQH HQWRQFHV OD
IXQFLyQ


3  A  $ 

1RUPDOPHQWHODYDULDEOH3UHFLEHHOQRPEUHGHYDULDEOHGHSHQGLHQWHSXHVWRTXH

VXYDORUHVWiGHWHUPLQDGRSRUHOGHODYDULDEOH A TXHVHGHVLJQDYDULDEOHLQGHSHQGLHQWH


/DSULQFLSDOYHQWDMDGHODIXQFLyQHVTXHSHUPLWHGHWHUPLQDUHOYDORUGH3SDUD

FXDOTXLHUYDORUGHOODGR A \DGHPiVSHUPLWHHVWXGLDUHOHIHFWRHQ3GHORVFDPELRVTXH
VHHIHFW~HQHQ A 3RUHMHPSORVL A YDOHORTXHVHVLPEROL]D A  ODIXQFLyQ
$  SHUPLWH HVWDEOHFHU TXH HO SHUtPHWUR HV GH  OR TXH VH HVFULEH 3    3RU RWUD
SDUWHVL A DXPHQWDHQXQVHSXHGHHVWDEOHFHUTXHHOSHUtPHWURWDPELpQDXPHQWDHQ
(QHIHFWRHOQXHYRODGRVHUtD A \SRUORWDQWRHOQXHYRSHUtPHWUR


(VGHFLU


3  A 
3  A 

/DHFXDFLyQHVXQFDVRHVSHFLDOGHIXQFLyQTXHVHREWLHQHFXDQGRD3VHOHGDXQ

YDORUSDUWLFXODU(QHIHFWRODIXQFLyQ3  A VHWUDQVIRUPDHQODHFXDFLyQ  A VLD


3VHOHDVLJQDHOYDORU


/DVH[SUHVLRQHV
< = [  + [ 

= = VHQ  W + 
8 = H W + VHQK W
= = \ + \

6RQHMHPSORVGHIXQFLRQHV

75$%$-2'2&(17(1



&XDQGRVHGHVHDH[SUHVDUODH[LVWHQFLDGHXQDIXQFLyQTXHSHUPLWHYLQFXODUGRV

YDULDEOHV[H\VLQGHWDOODUODVRSHUDFLRQHVHVSHFtILFDVTXHODRULJLQDQVHHPSOHDHO
VtPEROR\ I [ HQTXH[LQGLFDODYDULDEOHLQGHSHQGLHQWHHVGHFLUDTXHOODYDULDEOH
TXHSXHGHWRPDUYDORUHVDUELWUDULRVGHXQFRQMXQWRSUHHVWDEOHFLGRHQWDQWRTXH\HVOD
YDULDEOHGHSHQGLHQWHHVGHFLUDTXHOODTXHUHVXOWDDOFRQVLGHUDUXQYDORUHVSHFtILFRSDUD
ODYDULDEOH[

0pWRGRJUiILFRSDUDHVWXGLDUHOFRPSRUWDPLHQWRGHXQDIXQFLyQ


/DLGHDIXQGDPHQWDOFRQVLVWHHQTXHFDGDSXQWRGHOSODQRSXHGHDVLPLODUVHDXQ

YDORU GH ODV YDULDEOHV [ \ SDU RUGHQDGR [ \  GH WDO IRUPD TXH KD\ XQD
FRUUHVSRQGHQFLDSUHFLVDHQWUHXQGLEXMRHQHOSODQR\XQDIXQFLyQ\ I [ 


3DUD UHDOL]DU HVWH SURFHVR VH WRPD XQ SXQWR DUELWUDULR 2 GHO SODQR FRPR

RULJHQ\SRUpOVHWUD]DQGRVHMHVXQRKRUL]RQWDOSDUDGLEXMDUORVYDORUHVGHODYDULDEOH
[TXHVHGHVLJQDHMHGHODV[RHMHGHDEVFLVDV\HORWURYHUWLFDOSDUDGLEXMDUORVYDORUHV
GHODYDULDEOH\TXHVHOODPDHMHGHODV\RHMHGHRUGHQDGDV+DELWXDOPHQWHORVHMHVVH
GLEXMDQSHUSHQGLFXODUHVFRPRVHLQGLFDHQHOJUiILFR1

*UiILFR1
(MHGHODYDULDEOH\

3













6HQWLGRQHJDWLYR



6HQWLGRSRVLWLYR

(MHGHODYDULDEOH[




3DURUGHQDGR [\ HVXQFRQMXQWRGHGRVQ~PHURV[H\WDOTXHHORUGHQHQTXHHVWiQXELFDGRVORVQ~PHURV


HV LPSRUWDQWH  $Vt [\  HV GLIHUHQWH D \[  DXQTXH ORV Q~PHURV VRQ ORV PLVPRV SXHVWR TXH GLILHUHQ HQ HO
RUGHQHQTXHVHKDQHVFULWR

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

/XHJRVHJUDG~DHOSODQR(VGHFLUVHGHWHUPLQDXQVHQWLGRDSDUWLUGHOSXQWR

SDUD XELFDU ORV YDORUHV SRVLWLYRV \ RWUR HQ GLUHFFLyQ FRQWUDULD SDUD ORV QHJDWLYRV \ VH
DSOLFDXQDXQLGDGGHPHGLGDDUELWUDULDHQXQD\RWUDGLUHFFLyQJHQHUDQGRORVYDORUHV
    HWF \    HWF  /XHJR VH GHWHUPLQDQ ORV SXQWRV   HWF \
WDPELpQORVLUUDFLRQDOHV(VGHFLUVHUHSUHVHQWDHQFDGDHMHHOFRQMXQWRGHORVQ~PHURV
UHDOHV


(OSXQWR3TXHDSDUHFHHQHOJUiILFR1VHGHVLJQDSRUHOSDURUGHQDGR  OR

TXH VH GHQRPLQD SDU GH FRRUGHQDGDV GH 3  (Q SDUWLFXODU HO  UHFLEH HO QRPEUH GH
DEVFLVDGH3\HOVHGHQRPLQDODRUGHQDGDGH3


(VWDVFRQYHQFLRQHVSHUPLWHQLQWHUSUHWDUWRGDIXQFLyQFRPRXQDFXUYDHQHOSODQR

$Vt SRU HMHPSOR OD IXQFLyQ \  [   VH UHSUHVHQWDUi SRU HO FRQMXQWR GH WRGRV ORV
SXQWRVGHFRRUGHQDGDV [[ 3DUDHVWXGLDUXQDIXQFLyQFRQYLHQHSDUWLUFRQXQ
FXDGURGHYDORUHVWDOFRPRDSDUHFHHQHOFXDGURDGMXQWR

&XDGURGH9DORUHV
9DULDEOHV
[
LQGHSHQGLHQWH


\ [
GHSHQGLHQWH
























(O FXDGUR GH YDORUHV SHUPLWH GHWHUPLQDU DOJXQRV SDUHV RUGHQDGRV GHO FRQMXQWR

TXH FRQVWLWX\H OD IXQFLyQ \  [    'LFKRV SDUHV RUGHQDGRV SXHGHQ UHSUHVHQWDUVH
FRPRSXQWRVHQXQGLDJUDPD(QJHQHUDOFXDQGRODYDULDEOH[ YDULDEOHLQGHSHQGLHQWH 
WRPD ORV GLIHUHQWHV YDORUHV GHO HMH GH ODV [ VH WLHQH XQ FRQMXQWR LQILQLWR GH SDUHV
RUGHQDGRVTXHGDQRULJHQDXQDFXUYD


75$%$-2'2&(17(1



5HSUHVHQWDFLyQJUiILFDGHIXQFLRQHVSROLQRPLDOHVGHSULPHU\GHVHJXQGRJUDGR
(OJUiILFR1PXHVWUDODUHSUHVHQWDFLyQGHODIXLQFLyQ\ [

*UiILFR1




&RPR SXHGH DSUHFLDUVH HQ HO JUiILFR 1 OD IXQFLyQ \  [   HV XQD UHFWD

6LHPSUHODUHSUHVHQWDFLyQJUiILFDGHXQSROLQRPLRGHSULPHUJUDGRHVXQDUHFWD


$FRQWLQXDFLyQVHSUHVHQWDUiQYDULRVHMHPSORVGHIXQFLRQHVGHSULPHUJUDGR

L 

6HD\ [(OGLDJUDPDGHHVWDIXQFLyQVHSUHVHQWDHQHOJUiILFR1

*UiILFR1

\












 

LL 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6HD\ [(OGLDJUDPDGHHVWDIXQFLyQDSDUHFHHQHOJUiILFR1

*UiILFR1
\















LLL 

6HD \    (VWD IXQFLyQ GH LQWHUSUHWDUVH FRPR HO FRQMXQWR GH WRGRV ORV SDUHV
RUGHQDGRV [\ HQTXH[HVFXDOTXLHUUHDOSHURVLHPSUHODRUGHQDGD\YDOH6X
GLDJUDPDDSDUHFHHQHOJUiILFR1


*UiILFR1
\











         

75$%$-2'2&(17(1

LY 



[ (VWDIXQFLyQHVDQiORJDDOD LLL HQHOVHQWLGRTXHHVHOFRQMXQWRGHWRGRV


ORVSDUHV [\ HQTXH\HVFXDOTXLHUUHDOSHURODDEVFLVDHV[ 6XGLDJUDPD
DSDUHFHHQHOJUiILFR1

*UiILFR1

\






5HSUHVHQWDFLyQJUiILFDGHIXQFLRQHVSROLQRPLDOHVGHVHJXQGRJUDGR


/DVH[SUHVLRQHV

\ [[

\ [[

\ [[RVLPSOHPHQWH

\ [

VRQ WRGDV IXQFLRQHV TXH VH FDUDFWHUL]DQ SRUTXH OD YDULDEOH LQGHSHQGLHQWH [ IRUPD XQ
SROLQRPLR GH VHJXQGR JUDGR  3RU HVWD UD]yQ WRGDV HVWDV H[SUHVLRQHV VH GHQRPLQDQ
IXQFLRQHVGHVHJXQGRJUDGR


/D FXUYD HV GHFLU OD H[SUHVLyQ JUiILFD GH HVWD IXQFLyQ UHFLEH HO QRPEUH GH

SDUiEROD

(MHPSOR


'LEXMHODIXQFLyQ\ [[

3DUDFRPHQ]DUHVFRQYHQLHQWHFRQVWUXLUXQDWDEODGHYDORUHVTXHRULHQWHHOGLEXMR

GHODIXQFLyQ6HD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&XDGURGH9DORUHV

[LQGHSHQGLHQWH









9DULDEOHV

\GHSHQGLHQWH









*UiILFR1
\

/DFXUYDDVRFLDGDDODIXQFLyQ\ [[DSDUHFHHQHOJUiILFR13XHGH

REVHUYDUVHTXHGLFKDIXQFLyQFRUWDDOHMHGHODV[ HMHGHDEVFLVDV HQORVSXQWRV[ [


$GHPiVFRUWDDOHMHGHODV\ HMHGHRUGHQDGDV HQHOSXQWR\ 


(OJUiILFR1PXHVWUDODUHSUHVHQWDFLyQJUiILFDGHODIXQFLyQ\ [[

3XHGHREVHUYDUVHTXHGLFKDIXQFLyQFRUWDHOHMHGHODV[HQXQVRORSXQWR[ ORTXH
UHVXOWDHYLGHQWHVLVHFRQVWDWDTXH[[  [ 


75$%$-2'2&(17(1



*UiILFR1
\

)LQDOPHQWHODIXQFLyQ\ [[VHKDGLEXMDGRHQHOJUiILFR1

*UiILFR1
\






3XHGHREVHUYDUVHTXHGLFKDIXQFLyQQRFRUWDHOHMHGHODVDEVFLVDV HMHGHODV[ 


5HSUHVHQWDFLyQJUiILFDGHODVUDtFHVGHXQDHFXDFLyQ


(VLQWHUHVDQWHGHVWDFDUTXHORVSXQWRVHQTXHODVIXQFLRQHVGHORVJUiILFRV\

FRUWDQDOHMHGHODV[VHFDUDFWHUL]DQSRUTXHODYDULDEOH\HVQXOD(VGHFLUGLFKRV
SXQWRVSXHGHQREWHQHUVHUHVROYLHQGRODVHFXDFLRQHV


[[ [[ UHVSHFWLYDPHQWH6HWLHQHHQWRQFHVTXHODUDt]GH

XQDHFXDFLyQHVXQSXQWRSDUWLFXODUGHODIXQFLyQFRUUHVSRQGLHQWHDDTXHOHQTXHpVWD
FRUWDDOHMHGHODVDEVFLVDV


3DUDFRPSUREDUORDQWHULRUVHUHVROYHUiQDTXHOODVGRVHFXDFLRQHV

L 

[[ 

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6XVUDtFHV[UHVWiQGHWHUPLQDGDVSRUODH[SUHVLyQ

[U =

   < 



[U =

 
= 


[ U =  

[ U  = 

LL 

[[ 

(QHVWHFDVRODVUDtFHVTXHGDQH[SUHVDGDVSRU

[U =

   < 



(VGHFLU

= 


[U =

3HURTXpVXFHGHFRQODIXQFLyQGHOJUiILFRTXHQRFRUWDHOHMHGHODV["(Q

HVWHFDVRODHFXDFLyQ


[[ RQRGHELHUDWHQHUVROXFLyQ

&DOFXOHPRVVXVUDtFHV
 +

 <



 +



[U =

[U =

(VWDVUDtFHVVRQLPDJLQDULDV\VXH[SUHVLyQIRUPDOHVODVLJXLHQWH

[ U =  +   < L 


[ U  =    < L 


6H WLHQH HQWRQFHV TXH HIHFWLYDPHQWH OD HFXDFLyQ [  [     QR WLHQH

VROXFLyQHQHOHMHGHODV[TXHUHSUHVHQWDVyORHOFRQMXQWRGHORVQ~PHURVUHDOHV(VWR
VHH[SUHVDJUiILFDPHQWHSRUHOKHFKRTXHODIXQFLyQ\ [[QRFRUWDGLFKRHMH


75$%$-2'2&(17(1



(MHUFLFLRV








5HSUHVHQWHJUiILFDPHQWHODIXQFLyQ
\ [[
&DOFXOHORVSXQWRVHQTXHFRUWDDOHMHGHODV[
6XSyQJDVHTXH &7 =  T  + T +  UHSUHVHQWDODIXQFLyQGHFRVWRWRWDOGHXQD


UHILQHUtDGHD]~FDU&7HVWiH[SUHVDGRHQFLHQWRVGHSHVRV6LHOSUHFLRSRUWRQHODGDSHV
GHFXiOHVHOYROXPHQGHSURGXFFLyQTXHJHQHUDXQEHQHILFLRGH"


6HVDEHTXHEHQHILFLRV LQJUHVRVFRVWRV


(VGHFLU

% ST&7

/XHJR
 

% = < T  T  + T +  




3DUDGHWHUPLQDUHOYROXPHQGHSURGXFFLyQTXHJHQHUDXQEHQHILFLRGHVH

GHEHUHVROYHUODHFXDFLyQ% 6HWLHQHHQWRQFHV


T  T  T  = 




 T  + T  = 


/DVUDtFHVTUGHHVWDHFXDFLyQVRQ


T U = 
T U  = 

'LFKRVYDORUHVJHQHUDEHQHILFLRVQHWRVGH

6LVWHPDVGHIXQFLRQHV


'DGDVODVIXQFLRQHV\ [\ [XQSUREOHPDLPSRUWDQWHFRQVLVWH

HQGHWHUPLQDUORVYDORUHVGHODVYDULDEOHV[H\TXHVDWLVIDFHQVLPXOWiQHDPHQWHDPEDV




/DHFXDFLyQ  HVWiH[SUHVDGDHQFLHQWRVGHSHVRVSRUHVDUD]yQHOLQJUHVRFX\DH[SUHVLyQHVTVHKD
HVFULWRT

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

IXQFLRQHV6HGLFHTXHHVDVIXQFLRQHVFRQVWLWX\HQXQVLVWHPD\HOSUREOHPDFRQVLVWHHQ
UHVROYHUGLFKRVLVWHPD)RUPDOPHQWHVHH[SUHVDUHVROYHU


\ =  [

\ =  +  [


(Q HVWH FDVR [   \   UHVXHOYH HO VLVWHPD SXHVWR TXH VDWLVIDFH

VLPXOWiQHDPHQWHHVDVIXQFLRQHV


/RVVLVWHPDVGHIXQFLRQHVOODPDGRVWDPELpQSRUXQDEXVRGHOHQJXDMHVLVWHPDV

GHHFXDFLRQHVSHUPLWHQUHVROYHUSUREOHPDVWDOHVFRPRODFDQWLGDGWUDQVDGD\HOSUHFLR
GH YHQWD GH XQR R PXFKRV ELHQHV VLPXOWiQHDPHQWH  (V GHFLU SHUPLWHQ GHWHUPLQDU
HTXLOLEULRVHFRQyPLFRV


8QHMHPSORWtSLFRVREUHHOSDUWLFXODUHVHOHTXLOLEULRGHOPHUFDGRGHXQELHQSRU

HMHPSORSDSDV


(QWHRUtDHFRQyPLFDVHVXSRQHTXHHOSUHFLR\ODFDQWLGDGGHHTXLOLEULRGHGLFKR

PHUFDGRHVHOUHVXOWDGRGHODDFFLyQGHGRVIXHU]DVODGHPDQGD\ODRIHUWD6HD


S = I T 

ODIXQFLyQGHGHPDQGD

S = I  T 

ODIXQFLyQGHRIHUWD

HQTXHIHVLQGHSHQGLHQWHGHIHVGHFLUODXQDQRSXHGHGHGXFLUVHGHODRWUDDWUDYpVGH
RSHUDFLRQHVYiOLGDVHQODVHVFDODVGHPHGLGDGHODVYDULDEOHV(QWRQFHVHOSUHFLR\OD
FDQWLGDGGHHTXLOLEULRVHREWLHQHQUHVROYLHQGRHOVLVWHPD


S = I T
S = I  T


(QSDUWLFXODUVHD


S =  T  ODIXQFLyQGHGHPDQGD

S =  +  T ODIXQFLyQGHRIHUWD


3DUDUHVROYHUHVWHVLVWHPDVHWLHQH


 T =  +  < T 





6HGLFHTXHORVYDORUHV[ \ VDWLVIDFHQODHFXDFLyQ\ [VLDOUHHPSOD]DUHOYDORU[ HQHOOD


VHREWLHQHHOYDORU\  FRPRUHVXOWDGR

75$%$-2'2&(17(1



2VHD 

 =  T 


3RUORWDQWR

S 

T VRQORVYDORUHVGHHTXLOLEULR

(OHTXLOLEULRWDPELpQSXHGHVHUUHSUHVHQWDGRJUiILFDPHQWHSXHVWRTXHORVYDORUHV

GH ODV YDULDEOHV TXH UHVXHOYHQ XQ VLVWHPD GH IXQFLRQHV FRUUHVSRQGHQ D ORV SXQWRV GH
LQWHUVHFFLyQGHODVFXUYDVUHSUHVHQWDWLYDVGHODVIXQFLRQHVTXHGHILQHQGLFKRHTXLOLEULR
(Q HVWH FDVR VH WLHQH TXH ( HV HO SXQWR GH HTXLOLEULR GHILQLGR SRU VXV FRRUGHQDGDV
T S FRPRVHPXHVWUDHQHOJUiILFR1

*UiILFR1
(TXLOLEULRGHRIHUWD\GHPDQGDGHPHUFDGR

3

(








(QODGHVFULSFLyQGHOHTXLOLEULRVHKDHQIDWL]DGRODQHFHVLGDGTXHODVIXQFLRQHV

TXHORVGHILQHQVHDQLQGHSHQGLHQWHV3HURHVFRQYHQLHQWHSUHFLVDUHVWHFRQFHSWR'RV
IXQFLRQHVVRQGHSHQGLHQWHVFXDQGRXQDSXHGHGHGXFLUVHGHODRWUDHQHOVHQWLGRTXHXQD
HVXQP~OWLSORGHODRWUDRVHGLIHUHQFLDGHHOODHQXQYDORUFRQVWDQWH


$VtSRUHMHPSOR

([\ 

([\ 

6RQ GRV IXQFLRQHV GHSHQGLHQWHV SXHVWR TXH (  (   HV GHFLU GLILHUHQ HQ XQD
FRQVWDQWH  8QDUHSUHVHQWDFLyQGHHVWDVIXQFLRQHVDSDUHFHHQHOJUiILFR1

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

*UiILFR1
\

(

(


6HREVHUYDTXHHOODVVRQGRVUHFWDVSDUDOHODV\SRUORWDQWRQRWLHQHQSXQWRGH

LQWHUVHFFLyQ  (V GHFLU QR HV SRVLEOH GHILQLU HTXLOLEULR FRQ GRV IXQFLRQHV TXH DO VHU
PXOWLSOLFDGDVRGLYLGLGDVSRUXQDFRQVWDQWHVRQLJXDOHVRTXHGLILHUHQHQXQYDORUILMR

5HVROXFLyQGHVLVWHPDVGHIXQFLRQHVOLQHDOHV
6LVWHPDVGHHFXDFLRQHVOLQHDOHV 


'HELGR D OD LPSRUWDQFLD TXH WLHQH ORV VLVWHPDV GH IXQFLRQHV OLQHDOHV HQ OD

GHWHUPLQDFLyQ GHO HTXLOLEULR HVWXGLDUHPRV IRUPDV GH UHVROYHUORV HV GHFLU GH FDOFXODU
ORV YDORUHV GH ODV YDULDEOHV TXH VDWLVIDFHQ WRGDV \ FDGD XQD GH ODV IXQFLRQHV
LQYROXFUDGDV


8QR GH ORV PpWRGRV PiV HPSOHDGRV HQ OD UHVROXFLyQ GH VLVWHPD GH IXQFLRQHV

OLQHDOHVHVHOPpWRGRGHVXVWLWXFLyQTXHFRQVLVWHHQHPSOHDUXQDGHODVIXQFLRQHVSDUD
H[SUHVDU XQD YDULDEOH HQ WpUPLQRV GH ODV RWUDV UHHPSOD]DU HVH UHVXOWDGR HQ WRGDV ODV
RWUDVIXQFLRQHV\FRQWLQXDUGHHVWDPDQHUDKDVWDGHWHUPLQDUHOYDORUGHGLFKDYDULDEOH
5HSLWLHQGR HVWH SURFHVR LWHUDWLYDPHQWH VH SXHGH GHWHUPLQDU HO YDORU GH WRGDV ODV RWUDV
YDULDEOHV


$ FRQWLQXDFLyQ VH HPSOHDUi HO PpWRGR GH VXVWLWXFLyQ HQ OD UHVROXFLyQ GHO

VLJXLHQWHVLVWHPDGHIXQFLRQHV
 

E[E\ F

 

D[D\ F




 8Q VLVWHPD GH HFXDFLRQHV VH GLFH OLQHDO VL WRGDV ODV IXQFLRQHV VRQ SROLQRPLRV GH SULPHU JUDGR
*UiILFDPHQWHXQVLVWHPDOLQHDOHVXQFRQMXQWRGH OtQHDV UHFWDV

75$%$-2'2&(17(1



/DHFXDFLyQ  VHHPSOHDSDUDH[SUHVDU[HQIXQFLyQGHODYDULDEOH\6HWLHQH

 

[=

F E \

E

/XHJRHVWHYDORUGH[VHLQWURGXFHHQODHFXDFLyQ  


D <

F  E  \
+ D\ = F 
E

2VHD


D F  E  \ + D  E \ = F E 

/XHJR


D F  D E  \ + D  E \ = F E 

)DFWRUL]DQGR


\ D  E D E  = F E D F  

<ILQDOPHQWH
 

\=

F E D F 

D  E D E 

(VWHYDORUGH\VHLQWURGXFHHQ  \VHREWLHQH
F E

[=

F E D F 
D  E D E 

E

/XHJRVHVXPDQORVQXPHUDGRUHV


F  D  E FEE 
D  E DE 
[=

E

'HVSXpVVHGLYLGHQODVIUDFFLRQHV


[=

E D  F  E  F

E D  E DE 

<ILQDOPHQWHGHVSXpVGHVLPSOLILFDUSRUEVHWLHQH


[=

D  F  E  F

D  E DE 

(MHPSOR


6HDHOVLJXLHQWHVLVWHPDGHHFXDFLRQHV

 

[\ 

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

 

[\ 

/DHFXDFLyQ  VHHPSOHDSDUDH[SUHVDU[HQIXQFLyQGH\

 

[=

 \
=  \ SRUVLPSOLILFDFLyQ


 VHVXVWLWX\HHQ  

 

 \ \ 

5HVROYLHQGRHOSDUpQWHVLVVHWLHQH


\\ 

)LQDOPHQWHVHDJUXSDQWpUPLQRVVHPHMDQWHV

\ 

 

\ =  


5HHPSOD]DQGR  HQ  VHWLHQH




[ +   =  


)LQDOPHQWH

[ 

 

[ =  


'HEH GHVWDFDUVH TXH H[LVWHQ RWURV PpWRGRV SDUD OD UHVROXFLyQ GH VLVWHPDV GH

HFXDFLRQHV WDOHV FRPR HO GH UHGXFFLyQ HO GH YDULDEOHV LQVWUXPHQWDOHV \ HO GHO XVR GH
GHWHUPLQDQWHV \ PDWULFHV  (OORV QR VHUiQ HVWXGLDGRV HQ HVWH YROXPHQ  (O OHFWRU
LQWHUHVDGR HQ SURIXQGL]DU HQ HVWRV WHPDV SXHGH UHPLWLUVH SRU HMHPSOR D %DOGRU
$OJHEUD(GV\'HVW&RGLFH6$0DGULG

$SOLFDFLyQ


8QDDSOLFDFLyQLQWHUHVDQWHGHORVVLVWHPDVGHIXQFLRQHVHVHOOODPDGRJUiILFRGHO

SXQWRGHHTXLOLEULR


6XSyQJDVH XQD ILUPD TXH YHQGH VXV SURGXFWRV D XQ SUHFLR ILMR GH  \ TXH

WLHQHFRVWRVGDGRVSRUODVLJXLHQWHHFXDFLyQ


&7 T

HQTXH&7UHSUHVHQWDFRVWRVWRWDOHV\THOQLYHOGHSURGXFFLyQ'HWHUPLQHHOYROXPHQGH
SURGXFFLyQTXHJHQHUDXQEHQHILFLRQXOR

75$%$-2'2&(17(1



6HWLHQHQODVVLJXLHQWHVHFXDFLRQHV

, TTXHHVODHFXDFLyQGHLQJUHVRV

&7 TTXHHVODHFXDFLyQGHFRVWRV

% ,&7TXHHVODHFXDFLyQGHEHQHILFLR

(OSXQWRGHHTXLOLEULRHVSUHFLVDPHQWHDTXHOYROXPHQGHSURGXFFLyQHQTXHORV

EHQHILFLRVVRQQXORVHVGHFLUTXHVDWLVIDFHHOVLJXLHQWHVLVWHPDGHHFXDFLRQHV
 

, T

 

&7 T

 

 ,&7

3DUDUHVROYHUHVWHVLVWHPDEDVWDVXVWLWXLU  \  HQ  

/XHJR

TT 

2VHD

T 

3RUORWDQWRT HVHOSXQWRGHHTXLOLEULR



(MHUFLFLR1
5HVROXFLyQGH(FXDFLRQHV\6LVWHPDVGH(FXDFLRQHV



5HVROYHUODVVLJXLHQWHVHFXDFLRQHVGHSULPHUJUDGR



 [E  [ E 



 { [ + [  }=  { [ +  } 



[ + D  [ E  = D D + E 



 [ +    [   = [  



[ +   +  [   = [ [ +  +  



[ [  =  [  




 +  +

= 
[  [  [ 



[
[

= [ 
[  + [ +  [   [  [ 



[  =  

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

  [  =   [ 


 D [ +  = D  [ +  < D [ +   



D  [ 



[ +  + [  + [  + [ +  = [ +  



[ +  + [ +  = [ +  

  [ +  + [ +  =

D   [ < D  =  



[ + 




5HVROYHUODVVLJXLHQWHVHFXDFLRQHVGHVHJXQGRJUDGR



[  = D  



[   = [  +  



[  +  =  + [  



[  +  =  [  



[  = D  DE + E  



[  + D[ = E[ 



 [    [  

=  + [ 





D[  =



 + [  [ = < [ 

  [   = [ [  





 EG[DG[DR ER[



[ 

D 

[  [ + 
=
[  [ +  
[  +

 =
[ 

[ +  

[ + [ + 

=


[ [ + 

75$%$-2'2&(17(1



 [   [  [ 

 [ [ 




5HVROYHUODVVLJXLHQWHVGHVLJXDOGDGHV LQHFXDFLRQHV 
(VWRV SUREOHPDV FRQVLVWHQ HQ GHWHUPLQDU HO FRQMXQWR GH YDORUHV GH [ TXH
VDWLVIDFHQ OD GHVLJXDOGDG SURSXHVWD  1R VH KDQ SUHVHQWDGR DQWHULRUPHQWH SHUR
VRQ OR VXILFLHQWHPHQWH IiFLOHV FRPR SDUD UHVROYHUORV FRQ ORV FRQRFLPLHQWRV
SUHYLRVGHOOHFWRU



[!



[!



[ 



[



[



[![



[  > [  





'HPRVWUDUTXHFXDOTXLHUDTXHVHDQD\EVHYHULILFDUiODGHVLJXDOGDG

DE!DE



'HPRVWUDUTXHVLDE\FVRQSRVLWLYRVVLHPSUHVHYHULILFD

DEF!EFFDDE











5HVROYHUVLVWHPDVGHHFXDFLRQHV FRQGRVYDULDEOHV 



[\ 
[\ 







[\ 
[\ 




[\ 
[\ 







[\ 
[\ 

3RULJXDODFLyQ



[\ 
[\ 







[\ 
[\ 




[\ 
[\ 










 









0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3RUUHGXFFLyQ



[\ 
[\ 







[\ 
[\ 

 [\ 



[\ 




 [\ 



[\ 

 [\ 



[\ 




 [\ 



[\ 



 +  = 
[ \



 +  = 
[ \

 +  =  
[ \

  =  
[ \

&DVRVHVSHFLDOHV




5HVROYHUVLVWHPDVGHHFXDFLRQHV FRQWUHVYDULDEOHV 




[\] 
[\] 
[\] 







 +  = 
[ \



 +  =
[ \

 +  =
[ ]

+ =
\ ] 

 +  = 
\ ]

 + =
[ ] 




3ODQWHH\UHVXHOYDORVVLJXLHQWHVSUREOHPDV



8Q REUHUR JDQD GXUDQWH XQD VHPDQD ODV VLJXLHQWHV FDQWLGDGHV  OXQHV
PDUWHVPLpUFROHVMXHYHVYLHUQHV\ViEDGR

D 

+DJDXQDWDEODGHYDORUHV\GLJDSRUTXpHVWDWDEODHVXQDIXQFLyQ

E 

,QGLTXHHOGRPLQLRGHODIXQFLyQ

F 

,QGLTXHHOUDQJR

G 

+DJDHOJUiILFR



'LEXMHHOJUiILFRTXHFRUUHVSRQGHDODIXQFLyQ

[[ \

75$%$-2'2&(17(1





/DIXQFLyQGHFRVWRVWRWDOHVHV & =  4  + 4 +  




6LHOSUHFLRHVGHSRUWRQHODGDGHWHUPLQHJUiILFDPHQWHHOSXQWR
HQ TXH ORV EHQHILFLRV VRQ QXORV SXQWR GH HTXLOLEULR   /D HFXDFLyQ GH
FRVWRWRWDOHVWiPHGLGDHQFLHQWRVGHSHVRV



/DVLPSRUWDFLRQHV\H[SRUWDFLRQHVGHXQSDtVHQORVDxRVTXHVHLQGLFDQ
IXHURQ
$xR










D 

,PSRUWDFLRQHV







([SRUWDFLRQHV







+DFHU XQ JUiILFR SDUD ODV H[SRUWDFLRQHV RWUR SDUD ODV


LPSRUWDFLRQHV \ XQ WHUFHUR SDUD ORV VDOGRV GH %DODQ]D &RPHUFLDO
GLIHUHQFLDHQWUHYDORUGHH[SRUWDFLRQHV\GHLPSRUWDFLRQHV 



6HKDHVWLPDGRTXHODSURGXFFLyQGHODUWtFXOR$SUHVHQWDORVVLJXLHQWHVFRVWRV

L 

&RVWRYDULDEOHSRUXQLGDG

LL 

&RVWRILMR

$

6LVHHVWLPDTXHHOSUHFLRGHYHQWDHVGHGHWHUPLQHHOSXQWRGH




HTXLOLEULR\HOPDUJHQGHXWLOLGDGVLVHGHFLGHSURGXFLUXQLGDGHV


%

6LVHSUR\HFWDFRQWUDWDUXQDFDPSDxDGHSURSDJDQGDSRUFRQHO
REMHWR GH HOHYDU HO Q~PHUR GH XQLGDGHV YHQGLGDV GHWHUPLQH HO
LQFUHPHQWRPtQLPRHQODVYHQWDVTXHMXVWLILFDUtDODGHFLVLyQ

&

6HKDGHWHUPLQDGRTXHSDUDTXHHOSUR\HFWRVHUHDOLFHHVQHFHVDULRXQD
UHQWDELOLGDGFRQUHVSHFWRDODVYHQWDVGH6LODHVWUXFWXUDGHFRVWR
VH PDQWLHQH LQDOWHUDGD FXiO GHEH VHU HO QXHYR SUHFLR GH YHQWDV" 3DUD
XQDFDQWLGDGGHXQLGDGHVFXiOHVODFDQWLGDGYHQGLGDVLHOSUHFLRHV
ILMR"

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&$3,78/2

'(/$1$/,6,6(67$7,&2$/',1$0,&2



$QiOLVLV GLQiPLFR HV HO QRPEUH TXH VH GD DO HVWXGLR GHO FRPSRUWDPLHQWR

LQWHUWHPSRUDO GH ODV PDJQLWXGHV HFRQyPLFDV  $Vt OD GLQiPLFD VH SUHRFXSD GH ODV
YDULDFLRQHVGHOLQJUHVRQDFLRQDOGHODSREODFLyQGHOFRQVXPRRGHODFDQWLGDG\SUHFLR
GHHTXLOLEULRDWUDYpVGHOWLHPSR


(QHODQiOLVLVGLQiPLFRHVIUHFXHQWHHOHVWXGLRGHOFUHFLPLHQWRGHXQDPDJQLWXG

HVGHFLUGHVXYDULDFLyQUHODWLYDDWUDYpVGHOWLHPSR6HSXHGHGHPRVWUDUTXHODIXQFLyQ
H[SRQHQFLDO SHUPLWH GHVFULELU FRQ SUHFLVLyQ SURFHVRV GH FUHFLPLHQWR HQ ORV FXDOHV HO
PRQWRRYDORUDEVROXWRGHODYDULDFLyQGHSHQGHGHODPDJQLWXGLQLFLDO(VWRVIHQyPHQRV
VRQ WtSLFRV SRU HMHPSOR GHO FUHFLPLHQWR GH SREODFLRQHV DQLPDOHV  /D IXQFLyQ
H[SRQHQFLDO VH SUHVHQWD HQ HVWUHFKD UHODFLyQ FRQ  OD IXQFLyQ ORJDUtWPLFD TXH HV VX
LQYHUVD  $PEDV IXQFLRQHV SHUPLWHQ  HO HVWXGLR GH ORV FXDWUR IDFWRUHV EiVLFRV GH WRGR
SURFHVR GH FUHFLPLHQWR  SREODFLyQ LQLFLDO WDVD GH FUHFLPLHQWR ORQJLWXG GHO SHULRGR
DQDOL]DGR\SREODFLyQILQDO

/DIXQFLyQH[SRQHQFLDO


/DIXQFLyQH[SRQHQFLDOWLHQHODVLJXLHQWHH[SUHVLyQIRUPDO\ $H[HQTXHH

HVXQQ~PHURGHILQLGRSRUODIyUPXOD



H =  +  +  +  +
+  
 < <<
<<Q

$XQTXHSXHGDSDUHFHUH[WUDxREXVFDUXQQ~PHURWDQSHFXOLDUSRUGHFLUORPHQRV

SDUDGHILQLUODIXQFLyQH[SRQHQFLDOpVWHWLHQHODVLJXLHQWHSURSLHGDG


6LODYDULDEOH[HVHOWLHPSRHVGHFLU\ $H[HQWRQFHVODWDVDGHFUHFLPLHQWRGH

HVWHSURFHVRGHILQLGDSRU

\ 
 HV
W \




/DWDVDGHFUHFLPLHQWRDGHXQDYDULDEOH\ W HQWUHHOSHUtRGRW\WVHGHILQHFRPRODYDULDFLyQ\ \ W 
\
\FDOFXODGDSRUXQLGDGGHWLHPSR/XHJR
\ W H[SUHVDGDHQWpUPLQRVUHODWLYRVDODPDJQLWXGLQLFLDO
\ W 

\ 
HQTXHW WW
W \ W 

75$%$-2'2&(17(1



(QHIHFWRVLVHGHVHDPHGLUODWDVDGHFUHFLPLHQWRLQVWDQWiQHRGHODYDULDEOH\HQ

HOLQWHUYDORWTXHSDUWHHQW\WHUPLQDHQW W WW GHQRWDQGR\ \ W H\ \ W 


VHWLHQHTXH
L 

\ $H WW 

LL 

\  = $H W  +W 

LLL 

\ = \ \  = $H W  +W $HW  

LY 

\ = $HW  HW  

Y 

\ $HW  HW 
=

\
$HW 

YL 

/DWDVDGHFUHFLPLHQWRUHVXOWDVHULJXDOD

\  HW 
<
=

\  W
W

3XHGHGHPRVWUDUVHTXH

W  W 
HW = + W +
+
+  

<
<<

SXHVWRTXHW  WW 

YLL  6HWLHQHHQWRQFHVTXH




HW 
= + W + W  + 
<
<<
W

6LVHFRQVLGHUDODWDVDGHFUHFLPLHQWRHQXQLQWHUYDOR WPX\SHTXHxRVHWLHQHTXH W


W VRQ PDJQLWXGHV PXFKR PHQRUHV TXH W TXH SDUD WRGRV ORV HIHFWRV SUiFWLFRV VH

SXHGHQFRQVLGHUDUQXODV6HWLHQHHQWRQFHVTXHODWDVDGHFUHFLPLHQWR

\ 
= (VWD
W \

PDJQLWXGUHFLEHHOQRPEUHGHWDVDLQVWDQWiQHDGHFUHFLPLHQWR




(QHIHFWRVHVDEHTXH


XQ
 H X +  + X = X + X +
+  
 <  < < < <Q
3DUDPD\RUHVDQWHFHGHQWHVVREUHHVWHWHPDYpDVH06SLHJHO7HRUtD\3UREOHPDVGH&iOFXOR6XSHULRU6HULH
GHFRPSHQGLRV6FKDXP0DF*UDZ+LOOSiJSUREO

(QHIHFWRWHVFHUFDQRDFHURSXHVWRTXHHOLQWHUYDORWWHVPX\SHTXHxROXHJRFRQPD\RUUD]yQW
W WQ VRQ FHUFDQDV D FHUR WDPELpQ  6L VH HOLJH W VXILFLHQWHPHQWH SHTXHxR VH WLHQH TXH W W WQ
SXHGHKDFHUVHWDQSHTXHxDFRPRVHGHVHHHVGHFLUSUiFWLFDPHQWHQXODV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(VWD SURSLHGDG GH FUHFHU D XQD WDVD FRQVWDQWH TXH GHVFULEH OD IXQFLyQ

H[SRQHQFLDOHVSUHFLVDPHQWHODFDUDFWHUtVWLFDPiVGHFLGRUDGHODVSREODFLRQHVDQLPDOHV
(QHIHFWRVHHVSHUDTXHXQDSREODFLyQGHFRQHMRVJHQHUHXQQ~PHURGHFUtDV
YHFHVVXSHULRUDOGHXQDSREODFLyQGHVyORHQXQGHWHUPLQDGRSHULRGR(VGHFLUHO
FDPELR HQ OD SREODFLyQ RULJLQDO R OR TXH HV OR PLVPR OD WDVD GH FUHFLPLHQWR GHO
SURFHVRHVFRQVWDQWHDWUDYpVGHOWLHPSR


(OJUiILFRGHODIXQFLyQH[SRQHQFLDOHVHOVLJXLHQWH
<


/DIXQFLyQORJDUtWPLFD


6HD\ H[XQDIXQFLyQH[SRQHQFLDOVHWLHQHHQWRQFHVTXHVL[WRPDHOYDORU[HO

YDORU \ GH OD YDULDEOH \ VH GHILQH SRU \  = H [    6L VH FRQRFH HO YDORU \ \ VH GHVHD
GHWHUPLQDU HOYDORU[TXHORJHQHUyHVQHFHVDULRGHILQLUXQDQXHYDIXQFLyQ[ J \ 
(VWD IXQFLyQ TXH HV OD LQYHUVD GH OD H[SRQHQFLDO UHFLEH HO QRPEUH GH IXQFLyQ
ORJDUtWPLFD\VHGHQRWD


[ /\

(OJUiILFRGHODIXQFLyQORJDUtWPLFDHVHOVLJXLHQWH
[




 'HEH GHVWDFDUVH HVR Vt TXH HVWD SURSRVLFLyQ SDUWH GHO VXSXHVWR EiVLFR TXH ODV GHPiV FRQGLFLRQHV TXH
DIHFWDQ D OD UHSURGXFFLyQ GH ORV FRQHMRV SHUPDQHFHQ FRQVWDQWHV  (V GHFLU ODV FRQGLFLRQHV DOLPHQWDULDV QR
YDUtDQORVGHSUHGDGRUHVVRQHTXLYDOHQWHVHQXQR\RWURFDVRHWF
(VWRVVXSXHVWRVVHH[SUHVDQHQOHQJXDMHHFRQyPLFRHQWpUPLQRVGHFRQGLFLRQHVGHWHUPLQDGDVSDUDODRIHUWD
GHUHFXUVRVFRPSOHPHQWDULRV

75$%$-2'2&(17(1



/DIXQFLyQORJDUtWPLFDWLHQHYDULDVSURSLHGDGHVLQWHUHVDQWHVHQWUHODVTXHFDEHGHVWDFDU
L 

/ \ < \  = /\ + /\  

LL 

LLL 

/ Q \ =  /\ 
Q

LY 

/\ U = U / \ 

\
= /\ /\  
\

6HGHPRVWUDUiVyORODSULPHUDSURSLHGDG/DVHJXQGDWHUFHUD\FXDUWDVHGHMDUDQFRPR
HMHUFLFLR
6HD

[ = /\ 

[  = /\  

HQWRQFHV

\ = H [ 

SRUGHILQLFLyQGH/

\ = H[ 

SRUGHILQLFLyQGH/

(QHIHFWR/\HVXQQ~PHUR[WDOTXH H [ = \  
/XHJR \ < \  = H [ < H [  = H [ + [  
(VGHFLU
\ < \  = H [ + [  

$Vt
[ + [  = /\ < \  

)LQDOPHQWH
/\ < \  = /\ + /\  

$GHPiVVHWLHQHTXH
L 

/ SXHVWRTXHH 

LL 

/H SXHVWRTXHH H

LLL 

QRH[LVWHQORJDULWPRVGHQ~PHURVQHJDWLYRV




(VWDV SURSLHGDGHV GH FRQYHUWLU SURGXFWRV \ FXRFLHQWHV HQ VXPDV \ UHVWDV \

H[SRQHQWHV\UDtFHVHQ SURGXFWRV\FXRFLHQWHVUHVSHFWLYDPHQWHVRQODVTXHH[SOLFDQHO
GHVDUUROOR H LPSRUWDQFLD GH HVWD IXQFLyQ HQ OD DQWLJHGDG  (Q HIHFWR XQD H[SUHVLyQ
FRPRODVLJXLHQWH

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

[=

 <  



 < 

SXHGHUHVROYHUVHFRQIDFLOLGDGXVDQGRORJDULWPRVSXHVWRTXHVHUHGXFHDVXPDV\UHVWDV
(QHIHFWRVHWLHQH


/[ = /  +  /  /  /  




6HFRQVWUX\HURQWDEODVTXHFRQWHQtDQORVORJDULWPRVGHJUDQFDQWLGDGGHQ~PHURV

GHWDOPDQHUDTXHIXHVHIiFLOHQFRQWUDUORVYDORUHVGH//HWF$VtVH
SRGtDGHWHUPLQDU/[\SRVWHULRUPHQWHHPSOHDQGRODVPLVPDVWDEODVVHFDOFXODED[


( HMHPSOR DQWHULRU PXHVWUD OD JUDQ LPSRUWDQFLD SUiFWLFD GH HVWD IXQFLyQ WRGD

YH]TXHHOGHVDUUROORGHODDVWURQRPtD\ODItVLFDUHTXHUtDGHFiOFXORVHQTXHLQWHUYHQtDQ
SURGXFWRV\FXRFLHQWHVGHQ~PHURVGHYDULRVGtJLWRV
( DGYHQLPLHQWR GH ODV FDOFXODGRUDV HOHFWUyQLFDV FRQWULEX\y D GHVSOD]DU GLFKRV
SURFHGLPLHQWRVTXHKDQSHUGLGRHQJUDQPHGLGDVXXWLOLGDGRULJLQDULD6LQHPEDUJROD
IXQFLyQ ORJDUtWPLFD VLJXH VLHQGR LPSRUWDQWH HQ OD GHVFULSFLyQ GH IHQyPHQRV GH
FUHFLPLHQWRHFRQyPLFR

'HVFULSFLyQGHOFRPSRUWDPLHQWRGLQiPLFRGHYDULDEOHVHFRQyPLFDV


0XFKRV IHQyPHQRV SURGXFWLYRV FRUUHVSRQGLHQWHV D JUDQGHV DJUHJDGRV SXHGHQ

GHVFULELUVHSRUXQFUHFLPLHQWRH[SRQHQFLDO$VtSRUHMHPSORVLVHVXSRQHTXHORVELHQHV
SURGXFLGRV GHSHQGHQ GH ORV IDFWRUHV HPSOHDGRV \ TXH OD FDQWLGDG GH pVWRV DXPHQWD D
WUDYpV GH XQ SURFHVR GH LQYHUVLyQ TXH HQ RFDVLRQHV HVWi UHODFLRQDGR FRQ HO YROXPHQ
LQLFLDOGHOSURGXFWRHQWRQFHVHOFUHFLPLHQWRGHORVELHQHVSURGXFLGRVSXHGHGHVFULELUVH
SRU XQD IXQFLyQ H[SRQHQFLDO 3RU OR WDQWR VL VH WLHQH TXH OD WDVD LQVWDQWiQHD GH
FUHFLPLHQWR GHO SURGXFWR QDFLRQDO DJUHJDGR GH WRGRV ORV ELHQHV SURGXFLGRV SRU XQD
HFRQRPtD  KD VLGR GH  SRU HMHPSOR HQWRQFHV OD WUD\HFWRULD LQWHUWHPSRUDO GHO
SURGXFWRSXHGHGHVFULELUVHSRUODVLJXLHQWHIXQFLyQ


\ = $HW 

3DUD JHQHUDU XQ SURGXFWR HV QHFHVDULR OD FRQFXUUHQFLD GH FLHUWRV ELHQHV TXH

UHFLEHQHOQRPEUHGHIDFWRUHVGHSURGXFFLyQ(QWUHHOORVHVSRVLEOHGLVWLQJXLUHOFDSLWDO
GHVLJQDGR SRU OD OHWUD . HO WUDEDMR 7 ORV UHFXUVRV QDWXUDOHV 5 \ RWURV 2  6H WLHQH

75$%$-2'2&(17(1



HQWRQFHVTXHHVSRVLEOHFRQFHELUTXHHOSURGXFWR\HVXQDIXQFLyQIGHOQLYHO VWRFN 
GHGLFKRVIDFWRUHV(VGHFLU


\ I &/5 

3DUD TXH FUH]FD HO SURGXFWR HV QHFHVDULR TXH DXPHQWH OD GRWDFLyQ GH UHFXUVRV

(VWHSURFHVRUHFLEHHOQRPEUHGHLQYHUVLyQ$VtVHLQYLHUWHHQFDSLWDORHQWUDEDMRRHQ
UHFXUVRVQDWXUDOHVHVGHFLUVHDXPHQWDHOQLYHO VWRFN GH&R7R5FRQHOREMHWRGH
DXPHQWDUHOSURGXFWRHQORVSUy[LPRVSHUtRGRV(FDPELRHQHOSURGXFWRSRUXQLGDGGH
FDPELRGHOIDFWRU\SRUXQLGDGGHWLHPSRUHFLEHHOQRPEUHGHSURGXFWLYLGDG$VtSRU
HMHPSORVLVXSRQHTXH\ &/5\TXHHOQLYHOLQLFLDOGHUHFXUVRVHV& / 5 
VH WLHQH TXH HO IOXMR GH SURGXFWR TXH VH REWLHQH SHULyGLFDPHQWH DQXDOPHQWH  HV
\ 


6LVHGHFLGHDXPHQWDUHOQLYHOGHFDSLWDO&HQXQHVGHFLUHQXQLGDGHVVH

WLHQH TXH HO QXHYR IOXMR GH SURGXFWRV DQXDO VHUi \O       [  [   
/XHJRODSURGXFWLYLGDGGHOFDSLWDOHQWpUPLQRVDQXDOHVVHUiHOLQFUHPHQWRHQSURGXFFLyQ
\ \O\ GLYLGLGRSRUHODXPHQWRHQHOQLYHOGHFDSLWDO&&2  XQLGDGHV

ItVLFDV HVGHFLU


/DUHQWDELOLGDGGHOFDSLWDOSRUVXSDUWHHVXQDPHGLGDTXHLQGLFDHOFDPELRHQ

SURGXFFLyQH[SUHVDGRHQUHODFLyQFRQHOYDORUGHODXPHQWRHQHOFDSLWDO 3N & & HQ


TXH 3N HVHOSUHFLRSRUXQLGDGGHFDSLWDO (QHVWHFDVRVXSyQJDVHTXHHOLQFUHPHQWRHQ
HO QLYHO GH FDSLWDO GH  D  VH UHDOL]y D WUDYpV GH OD FRPSUD  LQYHUVLyQ  GH GRV
XQLGDGHV TXH WLHQHQ XQ SUHFLR GH  FDGD XQD /XHJR OD UHQWDELOLGDG GH GLFKD
LQYHUVLyQVHUiLJXDODO(QWpUPLQRVIRUPDOHVODUHQWDELOLGDGHV 5 =

\
HQTXH\
9(

GHQRWD HO DXPHQWR GH SURGXFFLyQ \ 9( HO YDORU GH ORV HTXLSRV 8QD UHQWDELOLGDG GHO
FDSLWDOGHLQGLFDTXHXQDXPHQWRGHOQLYHOGHFDSLWDOSRUXQYDORUGHSHUPLWH
XQDXPHQWRGHHQHOIOXMRDQXDOGHSURGXFFLyQLQGHILQLGDPHQWH


(YLGHQWHPHQWHHQHTXLOLEULRODUHQWDELOLGDGGHOFDSLWDOGHEHUiLJXDODUVHDODWDVD

GHLQWHUpVSXHVWRTXHFXDOTXLHUGLIHUHQFLDLPSOLFDUtDSpUGLGDVSDUDXQRGHORVDJHQWHV
LQYHUVLRQLVWDV R DKRUUDQWHV  'LFKDV SpUGLGDV VHUtDQ HOLPLQDGDV SRU XQ SURFHVR GH
DUELWUDMHTXHUHHVWDEOHFHUtDODLJXDOGDGUHQWDELOLGDGWDVDGHLQWHUpV



(QHVWULFWRULJRU&/5FRUUHVSRQGHQDORVVHUYLFLRVGHORVUHFXUVRVSRUXQLGDGGHWLHPSR3DUDIDFLOLWDU
ODH[SRVLFLyQVHKDVXSXHVWRXQDSURSRUFLRQDOLGDGHVWULFWDHQWUHVHUYLFLRV\QLYHOGHUHFXUVRV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6HWLHQHHQWRQFHVTXHODHYROXFLyQWHPSRUDOGHOYDORUGHXQFDSLWDO&FRORFDGRHQ

XQSURFHVRSURGXFWLYRSXHGHVHUGHVFULWRSRUXQDIXQFLyQH[SRQHQFLDOGHOWLSR


F = $H UW 

(QHVWDIXQFLyQOODPDGDGHFDSLWDOL]DFLyQ$HVHOYDORUGHOFDSLWDOHQHOSHUtRGR

LQLFLDO SHUtRGR UHVODWDVDGHUHQWDELOLGDGRGHLQWHUpVLQVWDQWiQHD\WHVHOWLHPSR




( DQiOLVLV GH OD IXQFLyQ H[SRQHQFLDO SHUPLWH UHVROYHU ORV FXDWUR SUREOHPDV

EiVLFRVVLJXLHQWHV

3UREOHPDD


6HGHVHDFRORFDUXQFDSLWDOGHHQXQSUR\HFWRFX\DUHQWDELOLGDGLQVWDQWiQHD

HVGHO&XiOVHUiHOFDSLWDODOFDERGHDxRVGHDxRV\GHDxRV"


(QHVWHFDVRVHFRQRFH$ U \WTXHGHEHWRPDUORVYDORUHV\

6HGHVHDHVWLPDU&3DUDHOOREDVWDUHHPSOD]DUHVWRVYDORUHVHQODIyUPXODGHODIXQFLyQ
GHFDSLWDOL]DFLyQ\VHREWLHQH
& = H <  =  

& =  H <  =  


& = H < =  




( IDFWRU HUW TXH LQGLFD HO YDORU TXH WHQGUi XQ FDSLWDO GH   HQ W DxRV PiV

FRORFDGRHQXQSUR\HFWRTXHWLHQHXQDWDVDGHUHQWDELOLGDGGHUUHFLEHHOQRPEUHGH
IDFWRUGHFDSLWDOL]DFLyQFRQWLQXD\VHGHQRWD)&&

3UREOHPDE


6H GHVHD REWHQHU XQ FDSLWDO GH  DO FDER GH  DxRV FXiO HV HO FDSLWDO TXH

GHEH FRORFDUVH DKRUD HQ XQ SUR\HFWR GH LQYHUVLyQ TXH WLHQH XQD UHQWDELOLGDG WDVD GH
LQWHUpVLQVWDQWiQHD GH"



HUW UHFLEHHOQRPEUHGHIDFWRUGHFDSLWDOL]DFLyQFRQWLQXDSRUTXHLQGLFDHOYDORUGHFRORFDGRDXQDWDVDGH
UHQWDELOLGDG GH U GXUDQWH W DxRV EDMR HO VXSXHVWR TXH HO FDSLWDO HVWi FUHFLHQGR \ FDSLWDOL]iQGRVH
FRQVWDQWHPHQWHDWUDYpVGHOWLHPSR(QRWUDVSDODEUDVODWDVDGHUHQWDELOLGDGUHVXQDWDVDTXHVHUHILHUHDXQ
SHUtRGRPX\FRUWR\SRUHVRVHGHQRPLQDWDVDLQVWDQWiQHD(QHOSUy[LPRFDStWXORVHHVWXGLDUiORTXHRFXUUHVL
ODFDSLWDOL]DFLyQVHHIHFW~DDLQWHUYDORVSHULyGLFRVDQXDOHVRVHPHVWUDOHVSRUHMHPSOR

75$%$-2'2&(17(1



(QHVWHFDVRVHFRQRFH&UW\VHGHEHGHWHUPLQDU$6LVHUHHPSOD]DQORVGDWRV

HQODIyUPXODGHODIXQFLyQGHFDSLWDOL]DFLyQVHWLHQHTXH


 = $ H< 

(VGHFLU


$ = 
=  
H

(OIDFWRU UW LQGLFDHOYDORUDFWXDOGHXQFDSLWDOGHTXHVHGLVSRQGUiHQW


H

DxRVPiVGDGRXQDWDVDGHUHQWDELOLGDGGHU(VWHIDFWRUUHFLEHHOQRPEUHGHIDFWRU
GHGHVFXHQWRFRQWLQXR\VHGHQRWD)'&

3UREOHPDF


&XiQWRWLHPSRGHEHFRORFDUVHXQFDSLWDOGHDXQDWDVDGHLQWHUpVGHGH

GHSDUDREWHQHUXQFDSLWDOGH"


(QHVWHFDVRVHFRQRFH&$\U6HGHVHDGHWHUPLQDUW6HWLHQH

 HW

3DUDUHVROYHUHVWHSUREOHPDVHHPSOHDODIXQFLyQORJDUtWPLFD

(QHIHFWR

/ /W
/  /



/XHJR

W=

W 

HVGHFLU

6HWLHQH
5HQWDELOLGDG
U 
U 
U 

W WLHPSRHQTXHVH
GXSOLFDHOFDSLWDO 





3UREOHPDG


&XiOHVODWDVDGHUHQWDELOLGDGTXHVHH[LJHDXQDLQYHUVLyQSDUDTXHHQDxRV

XQFDSLWDOGHVHWUDQVIRUPHHQXQRGH"

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(QHVWHFDVRVHFRQRFH&$\W\VHSLGHGHWHUPLQDUU6LVHUHHPSOD]DQORVGDWRV

HQODIXQFLyQGHFDSLWDOL]DFLyQVHWLHQHTXH



 =  H U <  


3DUDUHVROYHUHVWHSUREOHPDVHHPSOHDWDPELpQODIXQFLyQORJDUtWPLFD




$Vt

/ /U

/XHJR U =

/  / 



(VGHFLUU HVGHFLU

3DUD UHFDSLWXODU GHEH GHVWDFDUVH TXH HQ OD IXQFLyQ &  $HUW LQWHUYLHQHQ 

PDJQLWXGHV & $ U \ W  /XHJR VL VH GDQ WUHV GH HOODV VH SXHGH REWHQHU OD FXDUWD
HPSOHDQGRODUHODFLyQIXQFLRQDOTXHODVYLQFXOD6LVHGHVHDHVWLPDU$R&VHHPSOHDOD
IXQFLyQH[SRQHQFLDO(QWDQWRTXHVLVHGHVHDHVWLPDUURWVHHPSOHDODIXQFLyQ
ORJDUtWPLFD

75$%$-2'2&(17(1



&$3,78/2

(/&5(&,0,(172(17(50,126',6&5(726



(Q HO FDStWXOR DQWHULRU VH PRVWUy TXH OD DFXPXODFLyQ GH FDSLWDO \ HQ JHQHUDO

PXFKRVIHQyPHQRVGHSURGXFFLyQHQHFRQRPtDSXHGHQDVLPLODUVHDOFUHFLPLHQWRGHXQD
SREODFLyQ DQLPDO HQ  HO VHQWLGR TXH HO PRQWR HQ TXH VH LQFUHPHQWD HO FDSLWDO HV
SURSRUFLRQDODOYROXPHQLQLFLDOGHpVWH\TXHVHSURGXFHFRQWLQXDHLQLQWHUUXPSLGDPHQWH
DWUDYpVGHOWLHPSR

'HVFULSFLyQHQWpUPLQRVGLVFUHWRVGHXQSURFHVRGHFUHFLPLHQWR


(Q HVWH FDStWXOR VH DQDOL]DUi HO FUHFLPLHQWR EDMR HO VXSXHVWR GH TXH HO FDSLWDO

SHUPDQHFH FRQVWDQWH OD PD\RU SDUWH GHO WLHPSR \ VyOR FUHFH DXPHQWD VX YDORU  HQ
FLHUWRVPRPHQWRVTXHFRLQFLGHQFRQHOWpUPLQRGHORVSHUtRGRVHOHJLGRV


$VtSRUHMHPSORVLHOFDSLWDOHVWiFRQVWLWXLGRSRUJDOOLQDVVHGLUiTXHKDFUHFLGR

FXDQGR VH SURGX]FD HO QDFLPLHQWR GH ORV QXHYRV SROOLWRV  $Vt GXUDQWH ORV  GtDV
SUHYLRVDOQDFLPLHQWRGHORVQXHYRVSROORVHOFDSLWDOVHVXSRQHHVFRQVWDQWHHLJXDODVX
YDORULQLFLDO(QRWUDVSDODEUDVHQHVWHFDVRHOFDSLWDOFUHFHHQWpUPLQRVGLVFUHWRVFDGD
GtDV(O*UiILFR1LOXVWUDODHYROXFLyQGHOFDSLWDOHQXQSURFHVRGHFUHFLPLHQWR
GLVFUHWR

*UiILFR1
F

W


 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(VWDVLWXDFLyQHVODTXHVHSUHVHQWDHQHOFDVRGHXQFDSLWDOFRORFDGRDLQWHUpVHQ

XQEDQFRSRUHMHPSORRHOGHOFDSLWDOFRORFDGRHQXQDLQYHUVLyQHQTXHORVSDJRVSRU
VXV UHQWDV VH UHDOL]DQ DO WpUPLQR GH FLHUWR SHUtRGR TXH SXHGH VHU GH XQ PHV GH XQ
VHPHVWUHGHXQDxRHWF


3RUORWDQWRVyORLQWHUHVDUiHOFRPSRUWDPLHQWRGHOFDSLWDODOFDERGHXQSHUtRGR

GRVSHUtRGRVWUHVSHUtRGRVQSHUtRGRVSXHVWRTXHHQHOLQWHUWDQWRpVWHVHUiVLHPSUH
FRQVWDQWH


/DV IXQFLRQHV PDWHPiWLFDV TXH SHUPLWHQ GHVFULELU \ DQDOL]DU HVWRV SURFHVRV GH

FUHFLPLHQWRUHFLEHQHOQRPEUHGHVXFHVLRQHV


8QD VXFHVLyQ HV XQD IXQFLyQ TXH VH FDUDFWHUL]D SRUTXH VLHPSUH HV SRVLEOH

GHWHUPLQDUFXiOHVHOVXFHVRU VLJXLHQWH GHFDGDHOHPHQWR




$VtODIXQFLyQ\ QHVXQDVXFHVLyQSXHVWRTXHHOHOHPHQWRHVHOHV

 HO  HV  \ HQ JHQHUDO VLHPSUH HV SRVLEOH GHWHUPLQDU FRQ SUHFLVLyQ FXiO HV HO
VXFHVRUGHFDGDWpUPLQRGHHOOD


2WURVHMHPSORVGHVXFHVLyQVRQORVVLJXLHQWHV
6             
    
Q

6       

6  D  D   D    D Q   




(QSDUWLFXODUHOFRPSRUWDPLHQWRLQWHUWHPSRUDOGHOFDSLWDOHQUpJLPHQGLVFUHWRGD

RULJHQDXQDVXFHVLyQGHOVLJXLHQWHWLSR


6  &  &  &   & Q 

(QTXH&LHVHOYDORUGHOFDSLWDOHQHOSHUtRGR DxR L




3DUD TXH 6 GHVFULED HO FRPSRUWDPLHQWR GHO FDSLWDO HV QHFHVDULR TXH SRVHD

DOJXQDVSURSLHGDGHV(QHIHFWRVXSyQJDVHSDUDFRPHQ]DUTXH & = & + &  HQTXH&


HV HO FDSLWDO HQ HO SULPHU SHUtRGR  3RU QXHVWUDVKLSyWHVLVEiVLFDVVHWLHQHTXHGLFKR



6HVXSRQHTXHQRH[LVWHQPHUFDGRVVHFXQGDULRVSDUDHVWRVLQVWUXPHQWRV
 (Q WpUPLQRV PiV IRUPDOHV VH GLFH TXH XQD VXFHVLyQ HV XQD IXQFLyQ \  I [  HQ TXH OD YDULDEOH [ HV XQ
Q~PHURQDWXUDO(VGHFLU[1

/DH[SUHVLyQ&VHHPSOHDSDUDGHQRWDUODGLIHUHQFLD&&


75$%$-2'2&(17(1



YDORU HV SURSRUFLRQDO DO YROXPHQ LQLFLDO  (V GHFLU

&
=  OXHJR & = &  R VHD
&

& = & + &  


&
=  + 
&

3RUORWDQWR

(VWHSURFHVRSXHGHUHSHWLUVHSDUDFXDOTXLHUSDUGHYDORUHVFRQVHFXWLYRVGH&

6HWLHQHILQDOPHQWHTXH

/DVVXFHVLRQHVTXHVDWLVIDFHQODSURSLHGDGDQWHULRUHVWRHVTXHHOFXRFLHQWHGH

&Q
= + 
&Q 

GRV WpUPLQRV FRQVHFXWLYRV FXDOTXLHUD HV XQD FRQVWDQWH UHFLEHQ HO QRPEUH GH
SURJUHVLRQHVJHRPpWULFDV


(QPXFKRVFDVRVVHSUHVHQWDODQHFHVLGDGGHUHDOL]DUXQFDSLWDODQWHVGHOILQGHO

SHUtRGRHQTXHVHJHQHUDVXFDPELRGHYDORU3RUHMHPSORGHEHYHQGHUVHXQSLxRGH
YDFXQRV DQWHV TXH QD]FDQ ORV DQLPDOHV R YHQGHUVH DFFLRQHV DQWHV TXH GHQ ORV
GLYLGHQGRV  (V FODUR TXH HO YDORU GH YHQWD GHEHUtD HQ DOJXQD PHGLGD FRQVLGHUDU HVWH
KHFKR3DUDHYDOXDUGLFKRDXPHQWRGHYDORUVHSDUWHGHOVXSXHVWRTXHHOLQFUHPHQWRHQ
HOFDSLWDOHVSURSRUFLRQDODOWLHPSRWUDQVFXUULGR$VtSRUHMHPSORVLHOSHUtRGRHVGH
PHVHVDOILQDOGHOFXDOHOFDSLWDOVHLQFUHPHQWDHQ &HQWRQFHVSRUFDGDPHVTXHSDVH
VHVXSRQHTXHHOFDSLWDOFUHFHHQ&(VGHFLUDOLQWHULRUGHOSHUtRGRGHPDGXUDFLyQ
VHSXHGHGHILQLUXQDVXFHVLyQ &&&&Q TXHUHVXOWDGHGLYLGLUGLFKRSHUtRGRHQ
QSDUWHVLJXDOHV\GHWHUPLQDUHOYDORUGHOFDSLWDOHQFDGDXQRGHGLFKRVVXELQWHUYDORV
(OVXSXHVWRDQWHULRULPSOLFDTXHVLDOILQDOGHOSHUtRGRHOFDSLWDOVHLQFUHPHQWDHQ &
HQWRQFHV HQ FDGD VXESHUtRGR DXPHQWDUi HQ XQ PRQWR &Q  3RU OR WDQWR
&L + &L = &   HV GHFLU OD GLIHUHQFLD HQWUH FDGD WpUPLQR GH HVWD VXFHVLyQ \ HO
Q

SUHFHGHQWH HV FRQVWDQWH  (VWH WLSR GH VXFHVLRQHV UHFLEH HO QRPEUH GH SURJUHVLRQHV
DULWPpWLFDV

3URSLHGDGHVGHODV3URJUHVLRQHVDULWPpWLFDV\JHRPpWULFDV


(VWD VHFFLyQ HVWi GHVWLQDGD D HVWXGLDU ODV SURSLHGDGHV GH ODV SURJUHVLRQHV

DULWPpWLFDV \ JHRPpWULFDV  /DV PiV LPSRUWDQWHV VH UHILHUHQ D OD GHWHUPLQDFLyQ GH XQ
WpUPLQRFXDOTXLHUDGHHOODV\DODGHOYDORUGHVXVXPD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6HD 6       Q    XQD VXFHVLyQ HQWRQFHV OD VXPD GH ORV Q

SULPHURVWpUPLQRVGH6VHHVFULEH


L =+  +  +  +  + Q 
L =

(OVtPERORTXHFRUUHVSRQGHDODOHWUDJULHJDVLJPDPD\~VFXODVHOHHVXPDWRULD

/DOHWUDLVHGHQRPLQDHOtQGLFHGHODVXPD\ORVYDORUHV\QTXHVHHQFXHQWUDQGHEDMR
\HQFLPDGHOVLJQR LQGLFDQHOYDORULQIHULRU\VXSHULRUUHVSHFWLYDPHQWHGHOUHFRUULGR
GHOtQGLFH(QHVWHFDVRHOUHFRUULGRGHLYDGHVGHKDVWDQ(VGHFLUQ

(MHPSORV
D 

6HD 6 =      Q   

(QWRQFHVODVXPDVHHVFULEH

L =

E 

6HD 6 = D  D   D  D   D    

&RQ D =  D  =  D  =  D  =  D  =  
(QWRQFHV


D
L =

=  +  +  +  +  =  

6H YHUiQ DKRUD DOJXQDV IXQFLRQHV GH XVR KDELWXDO FX\DV VXPDV VRQ ODV TXH VH

LQGLFDQ
L 

6L 6 =   

(QWRQFHV

LL 

L =

L =

 = Q < (QJHQHUDO D = Q < D 


Q

L=
L =

LLL 

L =

LY 

L
L =

Q < Q + 



Q < Q +  < Q + 




Q < Q + 
=



75$%$-2'2&(17(1



Y 

6HD 6 = D D  D Q D P  

(QWRQFHVVXVXPDVHHVFULEH D L \VHOHHVXPDGHDLGHVGHXQRKDVWDLQILQLWR

L =


3URJUHVLRQHVDULWPpWLFDV 3$ 5HFLEHHOQRPEUHGH3$WRGDVXFHVLyQHQTXHFDGD
WpUPLQRGLILHUHGHODQWHULRUHQXQYDORUGFRQVWDQWH$VtVL 6 = D  D    D Q HVXQD
SURJUHVLyQDULWPpWLFDHQWRQFHV
D  D = G

D D  = G 
D  D = G

\HQJHQHUDO

D Q D Q  = G 


(MHPSORVGHSURJUHVLRQHVDULWPpWLFDVVRQ


6   

6  Q 




(Q XQD 3$ HV SRVLEOH GHWHUPLQDU HO YDORU GHO WpUPLQR HQpVLPR HQ IXQFLyQ GHO

SULPHUWpUPLQR\GHOYDORUGFRQVWDQWH
(QHIHFWR
D  = D + G

D  = D  + G = D + G 
D  = D  + G = D + G

\DVtVXFHVLYDPHQWHKDVWD

3$ D Q = D + Q  G 


2WUD SURSLHGDG LPSRUWDQWH GH ODV SURJUHVLRQHV DULWPpWLFDV HV OD SRVLELOLGDG GH

FDOFXODUVXVXPD(QHIHFWRVL 6 = D  D    D Q HVXQD3$HQWRQFHVVHWLHQHTXH




D
L =

= D + D + G + D + G +  + D + Q  G 

HVWDVXPDVHSXHGHHVFULELUHQIRUPDHTXLYDOHQWHFRPRVLJXH


D
L =

= D + Q  G + D + Q  G + D + Q  G + D 

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

TXHVHREWLHQHFRORFDQGRODVXPDHQRUGHQLQYHUWLGRHVGHFLUSULPHURHO~OWLPRWpUPLQR
HQVHJXQGROXJDUHOSHQ~OWLPR\DVtVXFHVLYDPHQWH


/XHJRVLVXPDPRVODVGRVH[SUHVLRQHVDQWHULRUHVVHWLHQH
Q

 D L = D + Q  G + D + Q  G +  D + Q  G


L =


= Q D + Q  G


3$


Q

D
L =

= Q < [D + Q  G ] 



(MHPSOR


6HD6   6HV3$OXHJRVXVXPDVHSXHGHFDOFXODUIiFLOPHQWHVL

VHWLHQHHQFXHQWDTXHD G \Q 6XYDORUHV




=   +  < =  


3URJUHVLRQHV JHRPpWULFDV  5HFLEH HO QRPEUH GH SURJUHVLyQ JHRPpWULFD 3*  WRGD
VXFHVLyQHQTXHHOFXRFLHQWHHQWUHFDGDWpUPLQR\HOSUHFHGHQWHHVXQDUD]yQFRQVWDQWH
T$VtVL 6 = D  D    D Q HVXQD3*HQWRQFHV
D  = D + TD = D  + T


3* D  = D  + T
D = D <  + T Q 

Q

L 

D L = D + DT + DT  +  + D T Q  

(VGHFLU
LL 

T D L = DT + DT  +  + D T Q  + DT Q 

TXH VH KD REWHQLGR PXOWLSOLFDQGR SRU T \ FRUULHQGR ORV WpUPLQRV XQ OXJDU KDFLD OD
GHUHFKD/XHJRVLUHVWDPRV LL GH L VHWLHQH


D L T D L = D  D T Q 

 T D L = D  T Q 

75$%$-2'2&(17(1



D  T Q

 T

3*

DL =




(VGHFLUODVXPDHVLJXDODOSURGXFWRGHOSULPHUWpUPLQRSRUODGLIHUHQFLDHQWUH

\ODUD]yQHOHYDGDDOQ~PHURGHWpUPLQRVGLYLGLGRWRGRSRUPHQRVODUD]yQ

(MHPSORVHD


6 = %  %   %   %    
 + U  + U  + U  + U

SDUD GHPRVWUDU TXH 6 HV XQD 3* VH GHEH WHQHU TXH

6Q
VHDFRQVWDQWH1RHVGLItFLO
6Q 

%
6Q

%
 + U Q
 SRUORWDQWR
TXHHVFRQVWDQWH
=
=
YHULILFDUTXH 6Q =
Q
%
 + U
6Q 
 + U
 + U Q 

3DUDFDOFXODUVXVXPD D L = % + %  + %  +  + % Q VHSXHGHHPSOHDUOD


 + U  + U
 + U
 + U
IyUPXOD 3* HQ TXH HO SULPHU WpUPLQR HV %U OD UD]yQ T =   \ HO Q~PHUR GH
+ U
WpUPLQRVHVQ6HWLHQHHQWRQFHV


% <  


 + U 
D L = + U


+ U

% <   Q %  + U Q 

 + U =

D L =
U
 + U Q < U

(MHPSOR
6HD

6 =          
   

(VWDVXFHVLyQHVHIHFWLYDPHQWHXQD3*SXHVWRTXH


D  D 
= 
=  HWF 
D  D  

/DVXPDGHORVQSULPHURVWpUPLQRVYDOH

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

   Q

D L =

 


D L =    Q 



0DWHPiWLFDVILQDQFLHUDV


0DWHPiWLFDVILQDQFLHUDVHVHOQRPEUHTXHVHGDDOHVWXGLRIRUPDOGHOFUHFLPLHQWR

GHO FDSLWDO  &RPR VH GLMR DQWHULRUPHQWH HO FDSLWDO VH FRQVLGHUD XQD PDJQLWXG FX\R
FUHFLPLHQWRHVSURSRUFLRQDODVXYROXPHQLQLFLDO(OSURFHVRDWUDYpVGHOFXDOHOFDSLWDO
PRQHWDULR FUHFH UHFLEH HO QRPEUH GH FDSLWDOL]DFLyQ \ OD UD]yQ FRQVWDQWH R WDVD GH
FUHFLPLHQWRHVOODPDGDWDVDGHLQWHUpVU


/RV IHQyPHQRV GH FDSLWDOL]DFLyQ SXHGHQ VHU WUDWDGRV HQ WpUPLQRV FRQWLQXRV R

GLVFUHWRVVLQHPEDUJRHVFRP~QKDFHUORHQIRUPDGLVFUHWD\VyORHQFDVRVHVSHFLDOHV
XVDUODPHWRGRORJtDGHWLHPSRFRQWLQXR


(QPDWHPiWLFDVILQDQFLHUDVKD\FXDWURSUREOHPDVEiVLFRV

D 

(O SULPHU SUREOHPD FRQVLVWH HQ OD GHWHUPLQDFLyQ GHO YDORU &Q TXH WHQGUi HQ Q

DxRVPiVXQFDSLWDOGH&FRORFDGRHQODDFWXDOLGDGDXQDWDVDGHLQWHUpVGHU(VWH
SUREOHPDUHFLEHHOQRPEUHGHFDSLWDOL]DFLyQ


3DUDDQDOL]DUHVWHSUREOHPDGHEHFRQVLGHUDUVHTXHDOFDERGHXQDxRHOFDSLWDOHV

LJXDODOFDSLWDOLQLFLDO&PiVORVLQWHUHVHVJDQDGRVTXHDOFDQ]DQU&(VGHFLU& &
U&2VHD& & U $OFDERGHGRVDxRVVHWLHQHXQFDSLWDOHTXLYDOHQWHDOYDORU
LQLFLDOGHODxRTXHHV&PiVORVLQWHUHVHVTXHVXPDQ U < &  /XHJR& & U R
VHD
& & U  & U  U 

RVHD& &  U (VWRPXHVWUDTXHHOFDSLWDOVHFRPSRUWDFRPRXQD3*UHVSHFWR
GHOSURFHVRGHFDSLWDOL]DFLyQ6HWLHQHHQWRQFHVTXH


&Q & U Q




(OIDFWRU U QUHFLEHHOQRPEUHGHIDFWRUGHFDSLWDOL]DFLyQGLVFUHWD )&' 




6HOODPD)&'SDUDGLIHUHQFLDUORGHHUQTXHHVHO)&&

75$%$-2'2&(17(1



$Vt SRU HMHPSOR VL VH FRORFD  DO  GH LQWHUpV PHQVXDO DO FDER GH 

PHVHVVHWHQGUi  HVGHFLUXQFDSLWDOGH



E 

(OVHJXQGRSUREOHPDHVHOFiOFXORGHOYDORUDFWXDO&GHXQFDSLWDOGH&QTXHVH

UHFLELUiHQQDxRVPiVFRORFDGRDXQDWDVDGHLQWHUpVGHU(VWHSUREOHPDUHFLEHHO
QRPEUHGHDFWXDOL]DFLyQ3DUDUHVROYHUORGHEHFRQVLGHUDUVHTXHSXHVWRTXHHOFDSLWDOVH
FRPSRUWDFRPRXQD3*VHWLHQHTXH


&Q & U QOXHJR

& = &Q

(OIDFWRU

 
 + U Q
 UHFLEHHOQRPEUHGHIDFWRUGHDFWXDOL]DFLyQGLVFUHWR )$' 
 + U Q


(MHPSOR


6XSyQJDVHTXHVHGHVHHH[DPLQDUHOVLJXLHQWHQHJRFLRFRPSUDUYLQRSRUYDORUGH

 GHMDUOR HQYHMHFHU GXUDQWH  DxRV \ YHQGHUOR HQWRQFHV HQ   &yPR
GHWHUPLQDUODFRQYHQLHQFLDGHHVWHSUR\HFWRVLVHVDEHTXHODWDVDGHLQWHUpVGHOFDSLWDO
HV GH "  3DUD DQDOL]DUOR VH FDOFXODUi HO YDORU DFWXDOGHORVGHOYLQR\HVH
YDORUVHFRPSDUDUiFRQODLQYHUVLyQ&RPRVHVDEHHOYDORUDFWXDOGHORVHV


 +  

& = 

& 

&RPRHOYDORUDFWXDOGHODYHQWDGHOYLQRHVPHQRUTXHODLQYHUVLyQTXHDOFDQ]DD

HOSUR\HFWRQRHVFRQYHQLHQWH


(OSUREOHPDSXGRKDEHUVHUHVXHOWRVXSRQLHQGRTXHHQYH]GHHPSOHDUORV

HQHOSUR\HFWRVHORVFRORFDDLQWHUpVHQHOPHUFDGRGHFDSLWDOHVSRUDxRVREWHQLpQGRVH
HQWRQFHV XQ YDORU FDSLWDOL]DGR GH & U  TXH DOFDQ]D D  TXH HV VXSHULRU DO
YDORUGHTXHHQWRQFHVWHQGUtDHOYLQR

F 

(O WHUFHU SUREOHPD VH UHILHUH D OD IRUPD GH HQWHUDU XQ FDSLWDO HQ FXRWDV LJXDOHV

GXUDQWHQDxRVGDGDXQDWDVDGHLQWHUpVU

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(QIRUPDPiVSUHFLVDVXSyQJDVHXQDPiTXLQDTXHWLHQHXQDYLGD~WLOGHQDxRV\

FX\RYDORUHVGH&6HGHVHDHVWDEOHFHUXQPRQWR$DQXDOTXHFRORFDGRDXQDWDVD
GHLQWHUpVUSHUPLWDUHSRQHUODPDTXLQDULDDOFDERGHORVQDxRVGHVXYLGD~WLO
6H WLHQH HQWRQFHV TXH ORV PRQWRV $ FRQVWLWX\HQ  XQD VXFHVLyQ GH SDJRV TXH

UHFLEHQHOQRPEUHGHDQXDOLGDG\FX\RVYDORUHVFDSLWDOL]DGRVDODxRQVRQ $  + U Q  
SDUDHOSULPHUSDJR $  + U Q  SDUDHOVHJXQGR\DVtVXFHVLYDPHQWHKDVWD$SDUDHO
~OWLPR/XHJR


6 = $  + U Q   $  + U Q   $ 

/D VXPD GH HVWD DQXDOLGDG UHSUHVHQWD HO YDORU HQ HO DxR Q GH WRGRV ORV SDJRV

UHDOL]DGRV\HVLJXDOD
$   + U Q

  + U

D L =

&RPR GLFKD VXPD DL  GHEH VHU LJXDO DO YDORU & GH OD PiTXLQD VH WLHQH

ILQDOPHQWH


$ = & <

U

 + U Q 

(OIDFWRU

 + U Q 
VHOODPDIDFWRUGHLQWHUpVFRPSXHVWRSDUDXQDDQXDOLGDG\VH
U

GHVLJQD
6
Q U




(O IDFWRU

U
 UHFtSURFR GHO DQWHULRU VH OODPD IDFWRU GH DPRUWL]DFLyQ GH
 + U Q 

XQDDQXDOLGDG\VHGHVLJQD  
6
QU

G 

(O FXDUWR SUREOHPD VH UHILHUH D OD IRUPD GH SDJDU XQ FDSLWDO HQ FXRWDV LJXDOHV

GXUDQWH Q DxRV  3DUD SUHFLVDU VXSyQJDVH TXH QRV SUHVWDQ XQ FDSLWDO GH & \ TXH




(QHVWHFDVRVHSDUWHGHOVXSXHVWRTXHORVPRQWRVDQXDOHVVHSDJDQDOILQDOGHFDGDSHUtRGR
3DUDHIHFWXDUODVXPDHVFRQYHQLHQWHFRQVLGHUDUTXHODDQXDOLGDGWLHQHODIRUPDVLJXLHQWH



 6 = $  $  + U  $  + U    $  + U Q 

75$%$-2'2&(17(1



GHEHPRVSDJDUORHQQFXRWDVLJXDOHVGH$DSDUWLUGHODxRVLJXLHQWH/DWDVDGHLQWHUpV
HVGHU


3DUDUHVROYHUHVWHSUREOHPDHVQHFHVDULRTXHHOYDORUDFWXDOL]DGRGHODVQFXRWDV

GH$FDGDXQDVHDH[DFWDPHQWHLJXDOD&TXHHVHOPRQWRGHOSUpVWDPR


6HWLHQHHQWRQFHVXQDVXFHVLyQ

6

 
 + U Q
6XVXPDHV DL =
U

$  $  $ 
 + U  + U 
 + U Q

$ 

&RPRHOYDORUGHHVWDVXPDGHEHVHULJXDOD&VHWLHQHTXH


$ = &


 + U Q


D

(O IDFWRU


 + U Q
 UHFLEH HO QRPEUH GH IDFWRU GH DFWXDOL]DFLyQ \ VH GHQRWD
U

Q U

(O IDFWRU


 + U Q

  TXH HV HO UHFtSURFR GHO DQWHULRU VH OODPD IDFWRU GH

UHFXSHUDFLyQGHOFDSLWDOSXHVWRTXHLQGLFDHOPRQWRGHXQDDQXDOLGDGGHWDOIRUPDGH
WHQHUHQFXHQWDODDPRUWL]DFLyQGHOFDSLWDO\HOLQWHUpVVREUHHOVDOGR(VWHIDFWRUVH
GHVLJQD  
D
QU


&RQHOREMHWRGHDFODUDUODVIyUPXODVVHSUHVHQWDHOVLJXLHQWHFXDGURVLQySWLFR





$OLJXDOTXHHQHOFDVRDQWHULRUVHVXSRQHTXHODVFXRWDVVHSDJDQDOILQDOGHFDGDSHUtRGR
U
U
U
=
+ U (OWpUPLQR
(QHIHFWR
LQGLFDODSDUWHGHXQDDQXDOLGDGTXHGHEH
 + U Q 
 + U Q 
  Q
 + U
GHGLFDUVHDFXEULUODDPRUWL]DFLyQGHOFDSLWDOHQWDQWRTXHHOIDFWRUUVHUHILHUHDODSDUWHGHODDQXDOLGDGTXH
FXEUHHOLQWHUpVGHOFDSLWDOLQYHUWLGR



 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&XDGUR6LQySWLFR





)DFWRUGHFDSLWDOL]DFLyQ
U Q
9DORUFDSLWDOL]DGRGHXQDDQXDOLGDG
6
 + U Q 
QU=

U
)RQGRGHDPRUWL]DFLyQ
 =
U

6
 + U Q 
QU

)DFWRUGHGHVFXHQWR
 
 + U Q
)DFWRUGHFDSLWDOL]DFLyQ
  Q
D
 + U

QU=
U
)DFWRUGHUHFXSHUDFLyQGHOFDSLWDO
 =
U

D

Q U 
 + U Q


&DSLWDOL]DFLyQ




$FWXDOL]DFLyQ




(MHPSORV


6XSyQJDVH TXH VH VROLFLWD XQ HPSUpVWLWR GH 86  DO  DQXDO SDUD
DPRUWL]DUORHQDxRVTXpDQXDOLGDGGHEHSDJDUVH"

$ = 

 

$ 86



6L VH GHVHD FRQVWLWXLU XQ FDSLWDO GH 86  HQ  DxRV D XQD WDVD GH 
DQXDOTXpLPSRVLFLyQVHGHEHUtDKDFHU"




, = 


 

, 86

75$%$-2'2&(17(1



(-(5&,&,21
352*5(6,21(6<0$7(0$7,&$6),1$1&,(5$6



&DOFXODUHOYDORUILQDOGHODVVLJXLHQWHVVXPDWRULDVXVDQGRODWDEODGHYDORUHVTXH
VHLQGLFDHQFDGDFDVR
[ L       



6L

&DOFXODU

[
L =



6L

[ L            




&DOFXODU



6L

[ L            

\L            

&DOFXODU

D=

L =







D  [ L 

E  \L 

L =

L =





F  [ L \L 

G  [ L \L 

L =

L =





H 

L =


L

L


L

L

[ +\

[ +\

I 

[
L =





J 

\
L =






(VWXGLDUODVVLJXLHQWHVSURJUHVLRQHVDULWPpWLFDV



)RUPDUODSURJUHVLyQDULWPpWLFD

L 

D 

G 

Q 

L 

D 

G 

Q 



'HWHUPLQDUODGLIHUHQFLDGHODVSURJUHVLRQHVVLJXLHQWHV

L 

LL  



 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$



&DOFXODUHOWpUPLQRTXHVHLQGLFDHQODVSURJUHVLRQHVVLJXLHQWHV

L 

LL  FDOFXODUHOWpUPLQR






&DOFXODUODVXPDGHORVWpUPLQRVFRUUHVSRQGLHQWHVHQFDGDXQDGHODV3$

L 

D 

DQ 

Q 

L 

D 

DQ 

Q 






(VFULELUOD3$HQODFXDO

L 

D 

D 

L 

D 

D 






/DVXPDGHO\GHOWpUPLQRGHXQD3$HVODGHO\GHOHVGH

FDOFXODUHOWpUPLQR

(QFRQWUDUORVWpUPLQRVGHOD3$





8QD ILUPD SURGXFH DFWXDOPHQWH  XQLGDGHV DO DxR \ GLVPLQX\H VX
SURGXFFLyQHQXQLGDGHVDQXDOPHQWH

2WUD ILUPD HQ HVWH PLVPR DxR SURGXFH  XQLGDGHV \ DXPHQWD VX
SURGXFFLyQHQXQLGDGHVFDGDDxR
D

&XiQGRDPEDVILUPDVSURGXFHQORPLVPR"

E

&XiQGRODVHJXQGDILUPDWULSOLFDUDODSURGXFFLyQGHODSULPHUD"




(VWXGLDUODVVLJXLHQWHVSURJUHVLRQHVJHRPpWULFDV



)RUPDUODSURJUHVLyQJHRPpWULFD

L 

LL  D 



&DOFXODUODUD]yQHQODVSURJUHVLRQHVVLJXLHQWHV

L 



LL 

D  D   D   D   



LLL   [  \  [   [  [   


\ \



&DOFXODUODVXPDHQFDGDXQDGHODVSURJUHVLRQHVVLJXLHQWHV

L 

LL  D 

D 

D 

. 

Q 

. 

Q 

. 

Q 

DQ 

. 

75$%$-2'2&(17(1



DQ 

.   


LLL  D 



/DVXPDGHXQQ~PHURLQILQLWRGHWpUPLQRVHQXQD3*HV\ODVXPDGH




VXVFXDGUDGRVHV(QFRQWUDUODVHULH



5HVXHOYDORVVLJXLHQWHVSUREOHPDVGHPDWHPiWLFDVILQDQFLHUDV



'HWHUPLQHHOFDSLWDOTXHVHIRUPDDOFDERGHPHVHVLPSRQLHQGRDOILQDO
GHFDGDPHVXQDDQXDOLGDGGHDO



&DOFXOH OD FDQWLGDG TXH VH GHEH LPSRQHU PHQVXDOPHQWH SDUD IRUPDU XQ
FDSLWDOGHDOFDERGHPHVHVFRQXQDWDVDGH



(QFXDQWRVHFRQYHUWLUiQDOPHQVXDOGHLQWHUpVFRPSXHVWRHQ
PHVHV"



8QDVXPDGHSUHVWDGDGXUDQWHPHVHVVHKDFRQYHUWLGRHQ
$TXpLQWHUpVPHQVXDOVHSUHVWy"



VHKDQFRQYHUWLGRHQFRORFDGRVDOPHQVXDOFXiQWRV
PHVHVGXUyODLPSRVLFLyQ"



6H DGTXLHUH XQD PiTXLQD SDJDQGR DO FRQWDGR  \  DO
VHPHVWUH GXUDQWH  DxRV  'HWHUPLQH HO SUHFLR D TXH VH GHEHUtD YHQGHU
GLFKD PiTXLQD DO FRQWDGR VXSRQLHQGR TXH HQ FDVR FRQWUDULR HO GLQHUR
SDJDGR SHULyGLFDPHQWH VH KXELHVH FRORFDGR D XQ LQWHUpV GH 
FDSLWDOL]DEOHVHPHVWUDOPHQWH



&DOFXOHHOYDORUSUHVHQWHGHORVVLJXLHQWHVIOXMRVDQXDOHV
\DXQDWDVDGH



&XiO HV HO YDORU FDSLWDOL]DGR HQ VHSWLHPEUH GH   \ 
FRORFDGRVHQHQHURIHEUHUR\PDU]RUHVSHFWLYDPHQWHDXQDWDVDDQXDOGHO
"




5HFLEHHOQRPEUHGHLQWHUpVFRPSXHVWRPHQVXDOHOLQWHUpVFDSLWDOL]DGRPHQVXDOPHQWH

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&$3,78/2

'(/$/*(%5$$/&$/&8/2



(Q HO FDStWXOR  VH PRVWUy TXH HO HTXLOLEULR GH PHUFDGR GH XQ ELHQ SXHGH VHU

FDUDFWHUL]DGRSRUXQVLVWHPDGHGRVIXQFLRQHVLQGHSHQGLHQWHVODIXQFLyQGHRIHUWDI\
ODGHGHPDQGDIGHODVYDULDEOHVSUHFLRS\FDQWLGDGWUDQVDGDT


(VGHFLU

I ST  

I ST  

8QSUREOHPDEiVLFRFRQVLVWHHQGHWHUPLQDUODVUHVWULFFLRQHVTXHLPSRQHODWHRUtD

FRQHOREMHWRGHOOHJDUDXQDIDPLOLDGHIXQFLRQHVTXHVHDFRPSDWLEOHFRQHOOD


8QD IRUPD FRP~QPHQWH HPSOHDGD SDUD HVWDEOHFHU FLHUWDV FDUDFWHUtVWLFDV

WHyULFDV EiVLFDV GH ODV IXQFLRQHV I \ I FRQVLVWH HQ GLVHxDU XQ HVTXHPD GH
FRPSRUWDPLHQWRGHORVDJHQWHVHFRQyPLFRVGHPDQGDQWHV\RIHUHQWHV'LFKRHVTXHPD
LQFOX\HFLHUWDVUHVWULFFLRQHVEiVLFDVDODRSHUDFLyQGHORVDJHQWHVFRPRSRUHMHPSORTXH
ODDSURSLDFLyQGHORVELHQHVHVDWUDYpVGHXQSUHFLRSDJDGR\VyORGHHVDIRUPD\TXH
FDGD SHUVRQD FXHQWD FRQ XQ PRQWR GHILQLGR GH LQJUHVRV TXH SXHGH GHVWLQDU D OD
DGTXLVLFLyQ GH ELHQHV  $GHPiV VH LQFOX\H XQ SULQFLSLR GH DFFLyQ HFRQyPLFD TXH VH
H[SUHVD SRU HO VXSXHVWR GH TXH ORV ELHQHV FRQVXPLGRV SRU ORV GHPDQGDQWHV JHQHUDQ
XWLOLGDG \ pVWRV VH FRPSRUWDQ FRPR VL TXLVLHUDQ PD[LPL]DUOD  &RPR FRURODULR GH HVH
SULQFLSLR UHVXOWD TXH ORV RIHUHQWHV SRU VX SDUWH WUDWDQ GH PD[LPL]DU HO LQJUHVR QHWR
XWLOLGDGPRQHWDULD TXHREWLHQHQGHODSURGXFFLyQ\YHQWDGHORVELHQHVTXHRIUHFHQ


/DDSOLFDFLyQIRUPDOGHHVWHSULQFLSLRGHDFFLyQHFRQyPLFDSODQWHDODQHFHVLGDG

GHGLVSRQHUGHPpWRGRVTXHSHUPLWHQODGHWHUPLQDFLyQGHORVPi[LPRVGHXQDIXQFLyQ

'HILQLFLyQGHPi[LPRV\PtQLPRVORFDOHV


6H GLFH TXH OD IXQFLyQ \  I [  WLHQH XQ Pi[LPR ORFDO HQ HO SXQWR [  [ VL

I [  I [ SDUDWRGR[GHXQDYHFLQGDGGH[

75$%$-2'2&(17(1



$VtODIXQFLyQGHOJUiILFR1WLHQHXQPi[LPRORFDOHQHOSXQWR[ [\RWUR

HQHOSXQWR[ [SXHVWRTXHI [ HVPD\RUTXHI [ SDUDWRGRSXQWR[GHODYHFLQGDG


[ $  [ %  \I [ HVPD\RUTXHFXDOTXLHUYDORUIHQODYHFLQGDG [ $  [ %  

(OPD\RUGHORVPi[LPRVORFDOHVUHFLEHHOQRPEUHGHPi[LPRDEVROXWRRPi[LPR

JOREDO(QHVWHFDVRHOPi[LPRJOREDOHV[SXHVWRTXHI [ !I [ 


6HGLFHTXH[FRQVWLWX\HXQPtQLPRORFDOGHODIXQFLyQ\ I [ VLI [  I [ 

SDUD WRGR SXQWR [ GH XQDYHFLQGDGGH[3RUHMHPSORODIXQFLyQ\ [FX\DFXUYD


DSDUHFH HQ HO JUiILFR 1  WLHQH XQ PtQLPR ORFDO HQ [   SXHVWR TXH VL VH WRPD XQ
SXQWRFXDOTXLHUDKGLVWLQWRGHGHODYHFLQGDG  VHWLHQHTXHK!(VGHFLUI K 
!I  

*UiILFR1
\

I [ 
I [

;$

;

;%

;$

;

;%




3RUGHILQLFLyQGHYHFLQGDG [ $  [ % LQGLFDHOFRQMXQWRGHWRGRVORVSXQWRVRQ~PHURVUHDOHV[PD\RUHVTXH
[$\PHQRUHVTXH[%(VGHFLUHVHOFRQMXQWRGHWRGRVORV[WDOHVTXH[$[[%

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

*UiILFR1
\

\ [







8Q PpWRGR SDUD GHWHUPLQDU ORV ySWLPRV HV HO OODPDGR PpWRGR JUiILFR TXH

FRQVLVWHHQGLEXMDUODIXQFLyQHQXQGLDJUDPD\GHWHUPLQDUYLVXDOPHQWHORVPi[LPRV\
PtQLPRV6LQHPEDUJRHOPpWRGRJUiILFRHVFODUDPHQWHLQVXILFLHQWHSXHVWRTXHVyORHV
~WLOSDUDHOFDVRGHIXQFLRQHVGHGRVYDULDEOHV$GHPiVHQQXPHURVDVRFDVLRQHVORTXH
LPSRUWDVRQODVFDUDFWHUtVWLFDVDQDOtWLFDVGHOPi[LPRPiVTXHVXYDORUQXPpULFR\HOODV
QRSXHGHGHGXFLUVHGHOHVWXGLRJUiILFRGHXQDFXUYD


'HWHUPLQDFLyQGHPi[LPRV\PtQLPRV

0pWRGRKHXUtVWLFR+DFLDILQHVGHOVLJOR;9,\DVHVDEtDTXHVLODIXQFLyQ\ I [ WHQtD
XQ ySWLPR HQ HO SXQWR [ HQWRQFHV OD WDQJHQWH D OD FXUYD HQ HVH SXQWR HUD XQD OtQHD
KRUL]RQWDO 9pDVHJUiILFR1 (QRWUDVSDODEUDVL[HVXQPi[LPR\VHFRQVLGHUDQ
YDORUHVGHODYDULDEOH[HQWRUQRD[TXHGLILHUHQHQXQDXQLGDG[[[[
VHWLHQHTXHODVYDULDFLRQHVGHODYDULDEOH\ I [ VRQFDGDYH]PHQRUHVFRQIRUPHVH
WRPDQSXQWRVPiVFHUFDQRVD[


(QHIHFWR

\ > \ > \ 

75$%$-2'2&(17(1

$GHPiV



\ > \ > \ 

*UiILFR1

' \

' 
\
' 
\

' \

' 
\

' \
\ I [

; 

; 

; 

; 

;

;

;

;

;




(VWDSURSLHGDGSHUPLWHXELFDUDSUR[LPDGDPHQWHORVPi[LPRV\PtQLPRVFRPR

SXHGH YHUVH HQ HO VLJXLHQWH HMHPSOR TXH FRQVLVWH HQ GHWHUPLQDU HO Pi[LPR R PtQLPR
ySWLPR GHODIXQFLyQ\ [


3DUDHOORVHSURFHGHDGHWHUPLQDUHOYDORUGHODIXQFLyQSDUDSXQWRVGHODYDULDEOH

[TXHGLILHUHQHQXQDXQLGDGHQWUHHOORV [  /XHJRVHFDOFXODHOFRPSRUWDPLHQWR
GHORVLQFUHPHQWRV \GHODYDULDEOH\ILQDOPHQWHVHHOLJHDTXHOLQWHUYDORHQTXHHOORV
VHDQORVPiVSHTXHxRV


[











\ [








\








(QHVWHFDVRHVSRVLEOHHVWDEOHFHUTXHHOySWLPR PtQLPR HVWDUtDHQHOLQWHUYDOR

FRPSUHQGLGRHQWUH\



3RUGHILQLFLyQ \ = I [  I [   \ = I [  I [   \ = I [ I [  \DVtVXFHVLYDPHQWH

6HWUDWDGHXQPtQLPRSXHVWRTXHORVYDORUHVTXHWRPDODIXQFLyQ\ [HQHOLQWHUYDOR  VRQLQIHULRUHVD


ORVTXHWRPDSDUDWRGRVORVRWURVYDORUHVGH[WDOFRPRSXHGHDSUHFLDUVHDOREVHUYDUODFROXPQD\ [



 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3DUD SUHFLVDU D~Q PiV GLFKR LQWHUYDOR HV SRVLEOH FRQVLGHUDU LQFUHPHQWRV PiV

SHTXHxRVSDUDODYDULDEOH[GHSRUHMHPSORVyOR6HWLHQHHQWRQFHVTXH





\ [














[














\















(QHVWHFDVRVHSXHGHHVWDEOHFHUTXHHOPtQLPRHVWDUtDHQHOLQWHUYDOR  6L

VHFRQWLQ~DFRQHVWHSURFHGLPLHQWRGHLUFRQVLGHUDQGRLQFUHPHQWRVGHODYDULDEOH[FDGD
YH]PiVSHTXHxRVHVSRVLEOHLUUHGXFLHQGRHOLQWHUYDORHQTXHVHXELFDHOPtQLPR(Q
HIHFWR





,QFUHPHQWRGHODYDULDEOH[
[
,QWHUYDORHQTXHVHHQFXHQWUDHOySWLPR



















 

 


'[


 

(O GLDJUDPD PXHVWUD TXH FXDQGR HO LQFUHPHQWR GH OD YDULDEOH [ VH KDFH PX\

SHTXHxRORTXHVHVLPEROL]DSRUG[HOLQWHUYDORHQTXHVHHQFXHQWUDHOySWLPRVHUHGXFH
DXQSXQWRTXHHQHVWHFDVRHVHO'LFKRYDORUHVSUHFLVDPHQWHHOySWLPREXVFDGR


3RURWUDSDUWHSXHGHREVHUYDUVHTXHDOGLVPLQXLUHOYDORU [ GHORVLQFUHPHQWRV

GHODYDULDEOH [VHWLHQHTXHORVLQFUHPHQWRV \ HQODYDULDEOH\HQHOLQWHUYDORHQTXH


VHXELFDHOySWLPRWDPELpQGLVPLQX\HQ(QHIHFWRVHWLHQHTXH

D ,QFUHPHQWRGHODYDULEOH[
[
E ,QFUHPHQWRGH\HQHOLQWHUYDORHQTXH
VHXELFDHOySWLPR
\


















G[










G\

75$%$-2'2&(17(1



1RFLyQGHGHULYDGD
/DUHODFLyQHQWUHODYDULDFLyQ \GHODYDULDEOH\\ODYDULDFLyQ[GHODYDULDEOH

[ HQ ODV SUR[LPLGDGHV GHO ySWLPR OOHYy D HVWXGLDU HO FXRFLHQWH ' =

\
 SDUD YDORUHV
[

PX\SHTXHxRVGH[/DH[SUHVLyQ'WLHQHXQDLQWHUSUHWDFLyQJHRPpWULFDPX\FODUDTXH
SXHGHDSUHFLDUVHHQHOJUiILFR1

*UiILFR1


f(x 1)

y
f(x 0)

x0 = x0 + x

x0




\
HVODSHQGLHQWHGHODVHFDQWH$%
[

6HWLHQHTXH

6LVHSDUWHGHOSXQWR[\VHFRQVLGHUDQGLIHUHQWHVSXQWRV[LDVRFLDGRVDYDORUHV

GLVWLQWRVGH[VHWLHQHQYDULDVVHFDQWHV(QHIHFWRHQHOJUiILFR1SXHGHREVHUYDUVH
TXHSDUD[VHWLHQHODVHFDQWH$%SDUD[ODVHFDQWH$&\SDUD[ODVHFDQWH$'




'DGDXQDFXUYDVLPSOHUHFLEHHOQRPEUHGHVHFDQWHDHOODXQDUHFWDTXHODFRUWDHQSRUORPHQRVGRVSXQWRV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

*UiILFR1

\
&

%


W
'

 


\\

'


 

$

[




'
\\
 

\\

'

'[
 
'[
[[
 [



 

[[

'




[

[


3HURTXpVXFHGHFRQORVVHFDQWHVFRQIRUPH[VHKDFHPiV\PiVSHTXHxD"$O

GLVPLQXLUHOYDORUGH[FRPRSXHGHDSUHFLDUVHHQHOJUiILFR1VHJHQHUDQGLIHUHQWHV
VHFDQWHVTXHYDQSLYRWHDQGRHQWRUQRDOSXQWR\


*UiILFR1
y

B
C

A
y = f(x)

T
D

x 3
x 4
x0

x 2
x 1


(QHOJUiILFR1VHKDQGLEXMDGRODVVHFDQWHV\$\%\&\'\ILQDOPHQWH

ODUHFWD\7TXHQRHVVHFDQWHSXHVWRTXHWRFDDODFXUYD\ I [ HQXQVRORSXQWRHO\

75$%$-2'2&(17(1



(VWD~OWLPDFXUYDUHFLEHHOQRPEUHGHWDQJHQWHDI [ HQHOSXQWR\6HWLHQHHQWRQFHV
TXH DO FRQVLGHUDU YDORUHV GH [ FDGD YH] PiV SHTXHxRV VH JHQHUD XQ FRQMXQWR GH
VHFDQWHVTXHWLHQGHQDODWDQJHQWH\7


3DUDFDOFXODUODWDQJHQWHGHXQDIXQFLyQ\ [SRUHMHPSORHQHOSXQWR[ VH

VLJXHHOVLJXLHQWHSURFHGLPLHQWR
L 

6H SDUWH GH OD HFXDFLyQ JHQHUDO GH XQDUHFWD\ P[QHQTXHHOYDORUPHVOD


SHQGLHQWHGHODWDQJHQWH

LL 

3DUDFDOFXODUHOPVHSDUWHGHXQDVHFDQWHDODFXUYD\ [TXHSDVHSRUHOSXQWR

[ \VHGHWHUPLQDODSHQGLHQWHGHHOODHVGHFLU

\
6HWLHQHHQWRQFHVGHDFXHUGRDO
[

JUiILFR1TXH

*UiILFR1
y = x2
(3+x ) 2

32= 9
x

3 + x

x0





\ =  + [   

/XHJR \ =  + [ + [   OXHJR


\ = [ + [  




'DGDODFXUYD\ I [ \SXQWR[\ TXHSHUWHQHFHDHOODODWDQJHQWHHQHOSXQWR [\ HVXQDUHFWDTXH


SDVDSRUGLFKRSXQWR\TXHDGHPiVVyORWRFDDODFXUYDI [ HQHVHSXQWR

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

/XHJRVHFDOFXOD

\  [ + [ 
=

[
[

   + [ 


)LQDOPHQWH VH GHWHUPLQD TXp VXFHGH FRQ

\
 VL [ VH KDFH PX\ SHTXHxR HV
[

GHFLU SUiFWLFDPHQWH QXOR  6H WLHQH HQWRQFHV TXH

\
 VH WUDQVIRUPD HQ   /XHJR OD
[

SHQGLHQWHGHODWDQJHQWHHQ[ HV(VGHFLUP 



LLL 

&RPR OD WDQJHQWH GHEH SDVDU SRU HO SXQWR   VX HFXDFLyQ GHEH VDWLVIDFHU ODV

FRRUGHQDGDVGHGLFKRSXQWR(VGHFLU PQSHURFRPRP VHWLHQHILQDOPHQWH


TXHQ 


/DHFXDFLyQGHODWDQJHQWHHV\ [

(QWpUPLQRVJHQpULFRVGDGDODIXQFLyQ\ I [ SDUDFDOFXODUODSHQGLHQWHPGHOD

WDQJHQWHDHOODHQHOSXQWR [\ VHVLJXHQORVVLJXLHQWHSDVRV


L 

VHGHILQH \ = I [ + [ I [ 

LL 

6HFRQVWUX\HODH[SUHVLyQ

LLL 

6HGHWHUPLQDHOYDORU'GH

\ I [ + [ I [
=

[
[
\
FXDQGR [HVPX\SHTXHxR'LFKRYDORU
[

' VL HV TXH H[LVWH HV OD SHQGLHQWH P GH OD WDQJHQWH \  P[  Q D OD
FXUYD\ I [ HQHOSXQWR[


3DUDVLPEROL]DUHOYDORUTXHWRPD

ODQRWDFLyQOtPLWH\VHGLUiTXH OLP

[ 

\
FXDQGR [HVPX\SHTXHxRVHHPSOHDUi
[

\
= P (OOtPLWHGHXQDIXQFLyQ\ I [ SDUD
[

[ [QRHVPiVTXHHOYDORUTXHDOFDQ]DODYDULDEOH\FXDQGRODYDULDEOH[VHDFHUFD
LQGHILQLGDPHQWHD[(QHVWHSURFHVRGHDSUR[LPDFLyQQRHVQHFHVDULRTXH[VHDLJXDO
D[EDVWDFRQTXHSXHGDDFHUFDUVHDpO


$VtSRUHMHPSORVHD[YDOHGHFLUODYDULDEOH[SXHGHWRPDUFXDOTXLHUYDORU

HVWULFWDPHQWHPHQRUTXH3XHGHVHUSHURQXQFD

75$%$-2'2&(17(1



3RU HMHPSOR HO OtPLWH GH   FXDQGR [ WLHQGH D  TXH VH HVFULEH OLP   HV
[  [
[

SUHFLVDPHQWHSXHVWRTXHFXDQGR[VHDFHUFDDDXQTXHQRORDOFDQFHODH[SUHVLyQ
 VHDFHUFDDLQGHILQLGDPHQWH
[


'HILQLFLyQ6HD \

 I [  XQD IXQFLyQ HQWRQFHV HO OtPLWH GHO YDORU

\ I [  + [ I [
\
=
TXHVHHVFULEH OLP
VHGHQRPLQDODGHULYDGDGHI [ HQHO


[
[
[

SXQWR[GHQRWiQGRVH

G I [
G\
RWDPELpQ

G[
G[


&iOFXORGHGHULYDGDV


(QHVWDVHFFLyQVHFDOFXODUiQODVGHULYDGDVGHDOJXQDVIXQFLRQHVHOHPHQWDOHV\VH

GDUiQORVUHVXOWDGRVGHRWUDV


6HDODIXQFLyQ

\ P[Q

\ = P [  + [ + Q P[  + Q 

\ = P[ 

OXHJR

\
= P \SRUORWDQWR
[

RVHD



6HDODIXQFLyQ

\ F

\ FF 

\
= 
[

SRUORWDQWR

OLP

[ 

\
=P 
[

G\
= P 
G[

OLP

[ 

\
= 
[

GF =  
G[




'HDFXHUGRDORHVWDEOHFLGRDQWHULRUPHQWHVHSXHGHHVFULELUWDPELpQ

G P[ + Q
= P 
G[

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$



6HDODIXQFLyQ

\ [

\ = [ + [  [  

\ = [  + [[ + [  [  

\
= [ + [ 
[

OXHJR

G [ 
= [ 
G[



6HD

\ = I [ + I  [ HQTXHI\IVRQGHULYDEOHV

\ = I [ + [ + I  [ + [ I [ + I  [ 

I [ + [ I  [
\ I [ + [ I [
=
+ 

I
[
[

/XHJR

G [I [ + I  [ ] GI [ GI  [

=
+
G[
G[
G[

OLP

[ 

\
= [ 
[




(OFXDGUR1SUHVHQWDXQDOLVWDFRQODVGHULYDGDVGHODVIXQFLRQHVPiVXVDGDV

HQHYDOXDFLyQGHSUR\HFWR

75$%$-2'2&(17(1



&8$'521
'(5,9$'$6'($/*81$6)81&,21(6

)XQFLyQ
'HULYDGDV
\ P[Q
\ F
\ [
\ [Q

\ = I + I  
\ = I < I  
\=

I

I

\ I X 
X J [ 

\ H[


G\
=P 
G[
G\
= 
G[
G\
= [ 
G[
G\
= Q[ Q  SDUD Q 4 
G[
G\ GI GI 
=
+

G[ G[ G[
GI
GI
G\
= I  +  < I 
G[  G[
G[
GI
GI 
G\ I  G[ I G[

=
G[
I  
G\ G\ GX

=
<
G[ GX G[
G\
= H[ 
G[

(MHPSORV

 

6HD

\ [[

G\
= [ +  
G[

 

6HD

\ [

G\   
= [
=  
G[ 
 [

 

6HD

\ [ [ 

G\
= [   + [   [ = [  + [  [ 
G[

 

6HD

\  [  [ 

G\
= [  [ + [   = [  [  
G[

 

6HD

\  [[ 

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

G\
=  [  [  [  
G[

 

6HD

\  [ 

G\
=  [    < [ 
G[


,QWHUSUHWDFLyQ GH OD GHULYDGD/DGHULYDGD

G\
GH \ = I [ HVWDPELpQXQDIXQFLyQ
G[

TXHVHLQWHUSUHWDFRPRHOYDORUGHODSHQGLHQWHGHI [ HQHOSXQWRJHQpULFR[$VtSRU
HMHPSORGDGDODSDUiEROD\ [HQWRQFHV

G\
= [ HVXQDIXQFLyQTXHLQGLFDHOYDORU
G[

GH OD SHQGLHQWH GH OD WDQJHQWH D GLFKD SDUiEROD HQ HO SXQWR [  (Q SDUWLFXODU VL [ 
HQWRQFHV OD SHQGLHQWH GH OD WDQJHQWH D \ [ HQ [  WLHQH XQ YDORU GH  \ DVt
VXFHVLYDPHQWH9pDVHJUiILFR1

*UiILFR1
\

\ [Q
[

[





G
[  =  \
G[
QVHREWLHQHDOHVWDEOHFHUTXHODUHFWD\ [QGHEHSDVDUSRUHOSXQWR  6HWLHQHHQWRQFHVQ  
)LQDOPHQWHODHFXDFLyQGHODWDQJHQWHHV\ [


1yWHVHTXHODWDQJHQWHDODFXUYD\ [HQHOSXQWR  HVXQDUHFWD\ P[QHQTXH P =

75$%$-2'2&(17(1



$SOLFDFLRQHVGHODVGHULYDGDV


D =RQDGHFUHFLPLHQWRRGHFUHFLPLHQWRGHXQDIXQFLyQXQDIXQFLyQ\ I [ VH

GLFH FUHFLHQWH VL D PD\RU YDORU GH OD YDULDEOH [ FRUUHVSRQGH XQ PD\RU YDORU GH OD
YDULDEOHV\$VtSRUHMHPSOR\ [HVFUHFLHQWHSXHVWRTXHDODXPHQWDUODYDULDEOH[
WDPELpQDXPHQWD\(QODVIXQFLRQHVFUHFLHQWHV[\\WLHQHQHOPLVPRVLJQR\SRUOR
WDQWRODGHULYDGDHVSRVLWLYD


(V DVt TXH SDUD GHWHUPLQDU VL XQD IXQFLyQ HV FUHFLHQWH EDVWD GHWHUPLQDU VL VX

GHULYDGDHVSRVLWLYD
(MHPSOR6HDODIXQFLyQ\ [XQDIXQFLyQ6XGHULYDGDHV
WLHQHTXH


G\
= [ /XHJRVL[!VH
G[

G\
>  \SRUORWDQWRODIXQFLyQHVFUHFLHQWH
G[

8QDIXQFLyQHVGHFUHFLHQWHVLDPD\RU[FRUUHVSRQGHPHQRUYDORUGH\6LXQD

IXQFLyQHVGHFUHFLHQWHVXGHULYDGDHVQHJDWLYD

(MHPSOR6HD\ [SDUD[


G\
= [ SHUR[VL[HVQHJDWLYR/XHJR\ [HVGHFUHFLHQWHSDUD[
G[




E 'HWHUPLQDFLyQ GH Pi[LPR \ PtQLPRV  6H REVHUYy HQ OD SiJ  TXH DO

DFHUFDUVHDOySWLPR Pi[LPR\PtQLPR  \WLHQGHDFHUR3RUORWDQWR


QXORHQORVySWLPRV6HWLHQHHQWRQFHVTXH

G\
=  HQORVSXQWRVHQTXH\ I [ WLHQH
G[

XQPi[LPRRXQPtQLPR
(MHPSOR6HD \ D[E[F


G\
= D[ + E 
G[

 D[E

\
WDPELpQHV
[

/XHJR

[ = E SXHGHVHUXQPi[LPRRXQPtQLPR
D

(MHPSOR6HD

\ [[

(QWRQFHV

G\
= [ +  
G[

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

/XHJR


 [
[ SXHGHVHUXQPi[LPRRXQPtQLPR

3DUDGHWHUPLQDUVLXQSXQWR[WDOTXH

G\
=  HVXQPi[LPRRHVXQPtQLPRHV
G[

QHFHVDULRHVWXGLDUHOFRPSRUWDPLHQWRGHODIXQFLyQHQODYHFLQGDGGH[

*UDILFR1
\
G\ !
G[

IXQFLyQ
FUHFLHQWH

G\ 
G[

[


IXQFLyQ
GHFUHFLHQWH

[






3DUD TXH [ VHD XQ Pi[LPR OD IXQFLyQ GHEH VHU FUHFLHQWH SDUD YDORUHV GH OD

YDULDEOH[LQIHULRUHVD[\GHFUHFLHQWHSDUDYDORUHVGHODYDULDEOH[VXSHULRUHVD[FRPR
PXHVWUDHOJUiILFR1


&RPR OD GHULYDGD HV SRVLWLYD VL OD IXQFLyQ HV FUHFLHQWH \ QHJDWLYD VL HV

GHFUHFLHQWH[FRQVWLWX\HXQPi[LPRVL
L 

/DGHULYDGDGHODIXQFLyQHQ[HVQXOD

LL 

/DGHULYDGDFDPELDGHVLJQRHQODVLQPHGLDFLRQHVGH[SDVDQGRGHSRVLWLYDSDUD
YDORUHVLQIHULRUHVD[DQHJDWLYDSDUDYDORUHVVXSHULRUHV

3DUDTXH[VHDXQPtQLPRGHEHGDUVHTXHODIXQFLyQVHDGHFUHFLHQWHSDUDYDORUHV

GH OD YDULDEOH LQIHULRUHV D [ \ TXH VHD GHFUHFLHQWH SDUD YDORUHV VXSHULRUHV D [ FRPR
PXHVWUDHOJUiILFR1

75$%$-2'2&(17(1



*UiILFR1

G\ 
G[

IXQFLyQ
)XQFLyQ
FUHFLHQWH
GHFUHFLHQWH

G\ !
G[

[


IXQFLyQ
)XQFLyQ
GHFUHFLHQWH

FUHFLHQWH

[





&RPR OD GHULYDGD HV QHJDWLYD VL OD IXQFLyQ HV GHFUHFLHQWH \ SRVLWLYD VL HOOD HV

FUHFLHQWH[FRQVWLWXLUiXQPtQLPRVL
L 

/DGHULYDGDGHODIXQFLyQHQ[HVQXOD

LL 

/D GHULYDGD FDPELD GH VLJQR HQ ODV LQPHGLDFLRQHV GH [ SDVDQGR GH QHJDWLYD
SDUDYDORUHVLQIHULRUHVD[DSRVLWLYDSDUDYDORUHVVXSHULRUHV




(V LQWHUHVDQWH GHVWDFDU TXH VL OD GHULYDGD QR FDPELD GH VLJQR HQ ODV

LQPHGLDFLRQHV GH [ HQWRQFHV HVWH SXQWR QR HV Pi[LPR QL PtQLPR DXQTXH VH WHQJD
G\
=  
G[


(MHPSORV
D 

6HD

\ [[HQWRQFHV

G\
= [ +  
G[

OXHJR

[ 

SRUORWDQWR[ 

(OSXQWR[ HVXQPtQLPRSXHVWRTXH

G\
= [ +  < 
G[

VL [ <  

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

G\
= [ +  > 
G[

E 

6HD

\ [[

G\
=  [ 
G[

/XHJR

[ 

3RUORWDQWR [ =  


(OSXQWR [ =  HVXQPi[LPRSXHVWRTXH


G\
=  [ >  VL [ <  
G[


G\
=  [ <  VL [ >  
G[


F 

6HD

\ [

G\
= [  
G[

/XHJR

[ 

3RUORWDQWR[ 

(OSXQWR[ QRHVQLPi[LPRQLPtQLPRSXHVWRTXH

[!VL[

[!VL[!

(V GHFLU

VL [ >  

G\
 QR FDPELD GH VLJQR VLHPSUH HV SRVLWLYD OR TXH LQGLFD TXH OD
G[

IXQFLyQHVFUHFLHQWHHQWRGRHOLQWHUYDOR(OSXQWR[ VHOODPDSXQWRGHLQIOH[LyQGH
OD IXQFLyQ \ VH FDUDFWHUL]D SRUTXH OD WDQJHQWH DWUDYLHVD OD FXUYD WDO FRPR VH SXHGH
DSUHFLDUHQHOJUiILFR1


75$%$-2'2&(17(1



*UiILFR1

[



F 

&iOFXORGHHODVWLFLGDGHV$FRQWLQXDFLyQVHSUHVHQWDUiIRUPDOPHQWHXQFRQFHSWR

TXH HV PX\ LPSRUWDQWH HQ HFRQRPtD  OD HODVWLFLGDG  'DGDV GRV YDULDEOHV SUHFLR \
FDQWLGDGWUDQVDGDGH]DSDWRVSRUHMHPSORUHFLEHHOQRPEUHGHHODVWLFLGDGODYDULDFLyQ
SRUFHQWXDOGHODFDQWLGDGWUDQVDGDSRUXQLGDGGHFDPELRSRUFHQWXDOHQHOSUHFLRGHORV
]DSDWRV  3DUD DFODUDU HVWH FRQFHSWR VXSyQJDVH TXH HO SUHFLR S GH ORV ]DSDWRV KD
DXPHQWDGR GH  D  \ TXH GHELGR D HVWR OD FDQWLGDG GHPDQGDGD T KD
GLVPLQXLGR GH  SDUHV DO DxR D   6H WLHQH HQWRQFHV TXH XQ DO]D HQ HO
SUHFLR GH

 
 
  KD SURGXFLGR XQD UHGXFFLyQ GH
 HQ OD



FDQWLGDGFRQVXPLGDGH]DSDWRVDODxR(VGHFLUGHELGRDXQDO]DGHHQHOSUHFLRGH
ORV]DSDWRVHOFRQVXPRGHHVWRVEDMyHQXQ/DHODVWLFLGDGHV  =  SXHVWR

TXH SRU FDGD  TXH DXPHQWy HO SUHFLR OD FDQWLGDG VH UHGXFH HQ   (Q WpUPLQRV
IRUPDOHVODHODVWLFLGDG(VHH[SUHVDSRUODIyUPXOD


T
T
T S
(=
=

S S T
S

6LVHGHVHDFDOFXODUODHODVWLFLGDGSDUDFDPELRVPX\SHTXHxRVGHODVYDULDEOHVVH

WLHQH

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(=

GT S
 HQ TXH DSDUHFH OD GHULYDGD GH OD IXQFLyQ T  T S   &RPR HMHPSOR
GS T

VXSyQJDVH TXH OD FXUYD GH GHPDQGD SRU FHPHQWR VH SXHGH H[SUHVDU SRU OD IXQFLyQ
T DS
(QWRQFHV

GT
= D  S   
GS

(=

(    HV GHFLU OD HODVWLFLGG HV FRQVWDQWH LJXDO DO H[SRQHQWH GHO

SUHFLR

GT
= D  S  
GS
S GT D  S 

=
T GS
DS 

75$%$-2'2&(17(1



&$3,78/2

237,0,=$&,21/,1($/




(Q HVWH FDStWXOR VH HVWXGLDUi XQ WLSR HVSHFLDO GH RSWLPL]DFLyQ OODPDGD

SURJUDPDFLyQOLQHDOTXHSXHGHHPSOHDUVHFRQp[LWRHQSUREOHPDVGHGHWHUPLQDFLyQGH
HVWUXFWXUDVySWLPDVGHSURGXFFLyQGHDQiOLVLVGHORFDOL]DFLyQGHLQGXVWULDVHWF3RURWUD
SDUWHODPHWRGRORJtDGHSURJUDPDFLyQOLQHDOSURSRUFLRQDXQHVTXHPDGHUHIHUHQFLDSDUD
ODGHWHUPLQDFLyQGHSUHFLRVVRPEUDGHORVIDFWRUHV\HQJHQHUDOGHFXDOTXLHULQVXPR
FRQVLGHUDGRHVFDVR


5HFLEH HO QRPEUH GH SURJUDPDFLyQ OLQHDO HO FRQMXQWR GH WpFQLFDV GHVWLQDGDV D

UHVROYHU \ DQDOL]DU SUREOHPDV GH RSWLPL]DFLyQ FRQ IXQFLRQHV OLQHDOHV  /RV PpWRGRV
PiV XVXDOHV VRQ HO GH UHVROXFLyQ JUiILFD TXH WLHQH XQ FDUiFWHU HVWULFWDPHQWH GRFHQWH
SXHVWRTXHQRSXHGHDSOLFDUVHDSUREOHPDVFRQPiVGHYDULDEOHV\ORVPpWRGRVWLSR
6LPSOH[ TXH VRQ DOJRULWPRV DQDOtWLFRV HV GHFLU UXWLQDV GH FiOFXOR TXH SHUPLWHQ HO
HPSOHR GH FRPSXWDGRUHV \ VRQ DSOLFDEOHV HQ JHQHUDO D FXDOTXLHU SUREOHPD GH
RSWLPL]DFLyQOLQHDO


(OHMHPSORTXHVHSUHVHQWDDFRQWLQXDFLyQWLHQHSRUREMHWRPRVWUDUXQDDSOLFDFLyQ

GHOPpWRGRJUiILFR\HVER]DUODIRUPDGHRSHUDUGHOPpWRGR6LPSOH[FRPRDVLPLVPR
LQWURGXFLU DOJXQRV FRQFHSWRV HFRQyPLFRV TXH DSDUHFHQ DVRFLDGRV D OD UHVROXFLyQ GH
SURJUDPDVOLQHDOHV


8QDHPSUHVDDUPDGRUDGHYHKtFXORVPRWRUL]DGRVTXHHQWUHJDDXWRPyYLOHV\

 FDPLRQHWDV DO PHV GHFLGH IDEULFDU HQ YH]GHFRPSUDUXWLOL]DQGRVXVLQVWDODFLRQHV


XQDSLH]DGHODFDUURFHUtD & GHORVDXWRPyYLOHVTXHHOODDUPD\XQWLSRGHPHFDQLVPR




 8Q SUREOHPD OLQHDO HV XQ VLVWHPD HQ TXH VH RSWLPL]D XQD IXQFLyQ VXMHWR D UHVWULFFLRQHV WDPELpQ OLQHDOHV
$VtSRUHMHPSOR
0D[[\

(VXQSURJUDPDOLQHDO
6XMHWRD
[\ 

[\ 

[ 

\ 


 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

0 TXHXWLOL]DQVXVFDPLRQHWDV'LFKRVDUWtFXORVWLHQHQXQSUHFLREDVWDQWHHOHYDGR\VH
HQFXHQWUDQGLVSRQLEOHVHQHOPHUFDGR


$PEDVSLH]DVVRQIDEULFDGDVPHGLDQWHSURFHVRVTXHFRQVWDQGHGRVHWDSDV/DV

SULPHUDVRSHUDFLRQHVVHHIHFW~DQHQODVHFFLyQ,(OWLHPSRXQLWDULRGHSURGXFFLyQGH
FDUURFHUtDV &  HV GH  KRUD \ HO GH PHFDQLVPRV 0  GH   (O WLHPSR WRWDO TXH HVWD
VHFFLyQSXHGHGHVWLQDUDVXIDEULFDFLyQHVGHKRUDVDOPHV


/DV RSHUDFLRQHV ILQDOHV VH UHDOL]DQ HQ OD VHFFLyQ ,, \ ORV WLHPSRV XQLWDULRV GH

SURGXFFLyQ SDUD & \ 0 VRQ GH  \  KRUDV UHVSHFWLYDPHQWH  (O WRWDO GH KRUDV
DSURYHFKDEOHVSDUDODIDEULFDFLyQGHHVWRVSURGXFWRVHQODVHFFLyQ,,HVGHDOPHV


(VWXGLRV UHDOL]DGRV SRU OD HPSUHVD KDQ SHUPLWLGR FRQFOXLU TXH OD FRQWULEXFLyQ

XQLWDULD GLIHUHQFLDHQWUHSUHFLRGHPHUFDGR\FRVWRVYDULDEOHVGHSURGXFFLyQ GHFDGD


FDUURFHUtDVHUtDGHHQWDQWRTXHODGHFDGDPHFDQLVPRVHUtDGH


6L VH GHVLJQDQ SRU & \ 0 ODV SURGXFFLRQHV PHQVXDOHV GH FDUURFHUtDV \

PHFDQLVPRV UHVSHFWLYDPHQWH HO SUREOHPD VH H[SUHVD IRUPDOPHQWH GH OD PDQHUD
VLJXLHQWH


0i[

&0

L 

&0 6HFFLyQ,

LL 

&0 6HFFLyQ,,

LLL 

& 

LY 

0 

Y 

& 

YL 

0 

$ 




(Q ODV UHVWULFFLRQHV L  \ LL  VH PXHVWUDQ ODV FRQGLFLRQHV WHFQROyJLFDV GH OD

IDEULFDFLyQGHFDUURFHUtDV\PHFDQLVPRV(QODVGRVVLJXLHQWHV LLL \ LY VHSODQWHDHO


KHFKR TXH OD SURGXFFLyQ GH & \ 0 QR SXHGH VREUHSDVDU HO Q~PHUR GH XQLGDGHV GH
FDUURFHUtDV\PHFDQLVPRVTXHODHPSUHVDHVWiGLVSXHVWDDGHPDQGDUPHQVXDOPHQWH


(QUHDOLGDGGLFKDVUHVWULFFLRQHVSODQWHDQXQDUHODFLyQHQWUHODFDQWLGDGRIUHFLGD

\ODFDQWLGDGGHPDQGDGDSRUODHPSUHVDTXHHQHOFDVRSDUWLFXODUGHHVWHSUREOHPDTXH
QRFRQWHPSODYDULDFLRQHVGHVWRFNVHWUDGXFHHQXQDUHVWULFFLyQTXHDVRFLDSURGXFFLyQ\
GHPDQGD

75$%$-2'2&(17(1



/DV GRV ~OWLPDV UHVWULFFLRQHV SODQWHDQ HO KHFKR SRU GHPiV REYLR TXH ODV

FDQWLGDGHVSURGXFLGDVQRSXHGHQVHUQHJDWLYDV


(VWH SUREOHPD VHUi UHVXHOWR JUiILFDPHQWH \ FRQ SRVWHULRULGDG VH HVER]DUi OD

IRUPDGHDSOLFDUHOPpWRGR6LPSOH[


(OPpWRGRJUiILFRFRQVLVWHHQUHSUHVHQWDUHQXQVLVWHPDGHHMHVGHFRRUGHQDGDV

ODV ]RQDV GHO SODQR GHILQLGDV SRU ODV LQHFXDFLRQHV GH UHVWULFFLyQ FRQ HO REMHWR GH
GHWHUPLQDUXQFRQMXQWRGHSXQWRV ILJXUD TXHVDWLVIDJDWRGDV\FDGDXQDGHHOODV


8Q SURFHGLPLHQWR GH WUDVODFLyQ SDUDOHOD GH OD UHFWD GH EHQHILFLR SHUPLWLUi

ILQDOPHQWHXELFDUHOySWLPRHQDOJ~QSXQWRGHDTXHOODILJXUD


/RV JUiILFRV QR SXHGHQ VHU JHQHUDOL]DGRV HQ IRUPD DGHFXDGD SDUD XQ Q~PHUR

DUELWUDULR GH YDULDEOHV GH PDQHUD TXH VX LQWHUpV HQ OD UHVROXFLyQ GH SUREOHPDV
SDUWLFXODUHV HV OLPLWDGR  1R REVWDQWH OR DQWHULRU ORV SULQFLSDOHV FRQFHSWRV\WpUPLQRV
TXH DSDUHFHQ HQ FXDOTXLHU SURJUDPD OLQHDO SXHGHQ VHU UHSUHVHQWDGRV HQ IRUPD PX\
VHQFLOOD H LQWXLWLYD D WUDYpV GHO PpWRGR JUiILFR  (Q HVWH VHQWLGR VX XWLOLGDG HV
IXQGDPHQWDOPHQWH GLGiFWLFD  (O HPSOHR GH HVWH PpWRGR HQ  XQ SUREOHPD FRPR HO
SUHVHQWDGRHQSiUUDIRVDQWHULRUHVFRQWHPSODORVVLJXLHQWHVSDVRV
 

(Q SULPHU WpUPLQR VH UHSUHVHQWD JUiILFDPHQWH ODV HFXDFLRQHV TXH OLPLWDQ ODV

UHVWULFFLRQHV L  LL  LLL  LY  Y \ YL HVGHFLU




8QDH[SUHVLyQGHOWLSRD[E\EUHFLEHHOQRPEUHGHLQHFXDFLyQ/DVLQHFXDFLRQHVVHUHSUHVHQWDQHQXQ
JUiILFRSRUXQVHPLSODQR$VtSRUHMHPSORODLQHFXDFLyQ[\UHSUHVHQWDHOVHPLSODQRTXHVHXELFDD
ODL]TXLHUGDGHODHFXDFLyQ[\ WDOFRPRSXHGHDSUHFLDUVHHQHOJUiILFRDGMXQWR
\

[



(QHIHFWRWRGRSXQWRDODL]TXLHUGDGHODHFXDFLyQ[\ VHFDUDFWHUL]DSRUTXHGDGRXQ[VXRUGHQDGD
WLHQHXQYDORU\WDOTXH[\(QSDUWLFXODUHORULJHQ  HVXQSXQWRGHGLFKRVHPLSODQRSXHVWRTXH
HIHFWLYDPHQWH  

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&0 

&0 

& 

0 

& 

0 

/XHJRVHGHWHUPLQDODILJXUDFX\DVIURQWHUDVHVWiQH[SUHVDGDVSRUODVHFXDFLRQHV

DQWHULRUHV\TXHWLHQHODSURSLHGDGGHVDWLVIDFHUWRGDVODVLQHFXDFLRQHVGHOSURJUDPD
(VWHFRQMXQWRGHVLJQDGR2$%&'(HQHOJUiILFR1UHFLEHHOQRPEUHGH'RPLQLRGH
6ROXFLRQHV5HDOL]DEOHVSXHVWRTXHWRGRVVXVSXQWRVUHSUHVHQWDQQLYHOHVGHSURGXFFLyQ
TXHVDWLVIDFHQODVFRQGLFLRQHV UHVWULFFLRQHV GHOSURJUDPDSODQWHDGR


6H SXHGH GHPRVWUDU TXH HO GRPLQLR GH VROXFLRQHV UHDOL]DEOHV GH XQ SURJUDPD

OLQHDOVHFDUDFWHUL]DVLHPSUHSRUVHUFRQYH[R9pDVHJUiILFR1


)LQDOPHQWHSDUDXELFDUHOySWLPRVHFRQVLGHUDXQYDORUDUELWUDULRSRUHMHPSOR

GH\VHUHSUHVHQWDJUiILFDPHQWHODHFXDFLyQGHFRQWULEXFLyQVLJXLHQWH


&0 

8QSRFRGHUHIOH[LyQ\DOJXQRVHMHPSORVPXHVWUDQTXHODUHFWDDVtREWHQLGDHVHO

OXJDUJHRPpWULFRGHWRGDVODVFRPELQDFLRQHVGHSURGXFFLyQGH&\0TXHJHQHUDQXQD
FRQWULEXFLyQGHHVGHFLUHVODHFXDFLyQGHODIXQFLyQREMHWLYRSDUDHOFDVRGH
XQEHQHILFLRGH6LVHUHSLWHHVWHSURFHVRSDUDYDORUHVGHHWFVH
WLHQHQODVVLJXLHQWHVFXUYDV




&RPRVHPRVWUyHQODQRWDGHODSiJLQDDQWHULRUFDGDLQHFXDFLyQUHSUHVHQWDXQVHPLSODQR\HOFRQMXQWR
GHHOODVGDRULJHQHQJHQHUDODXQDILJXUDTXHHQHVWHFDVRHV2$%&'(GHOJUiILFR1

8QFRQMXQWRVHGLFHFRQYH[RVLHOVHJPHQWRTXHXQHGRVFXDOTXLHUDGHVXVSXQWRVHVWiWRWDOPHQWHFRQWHQLGR
HQ pO  $Vt SRU HMHPSOR OD ILJXUD $%&'(2 TXH VH KD FRSLDGR HQ HO JUiILFR 1  HV XQ FRQMXQWR FRQYH[R
SRUTXHGDGRGRVSXQWRVFXDOHVTXLHUD[\[SHUWHQHFLHQWHVDODILJXUDHOVHJPHQWRTXHORVXQHHVWiWRWDOPHQWH
FRQWHQLGRHQHOOD
8QDILJXUDGHOVLJXLHQWHWLSR

[

[



QRHVFRQYH[DSXHVWRTXHHOVHJPHQWRTXHXQH[\[QRSHUWHQHFHHQVXWRWDOLGDGDODILJXUD

75$%$-2'2&(17(1



&0 

&0 
*UiILFR1

M

(ii)

(iv)
E

D
C

(iii)

B
(i)
0




6L VH REVHUYD HO JUiILFR 1  SXHGH FRQVWDWDUVH TXH OD FRQWULEXFLyQ GH ODV

GLIHUHQWHV IXQFLRQHV REMHWLYRV     FUHFH FRQIRUPH OD UHFWD VH
GHVSOD]DSDUDOHODPHQWHKDFLDODGHUHFKD


(O PpWRGR SDUD XELFDU HO ySWLPR FRQVLVWH HQ GLEXMDU OD IXQFLyQ REMHWLYR TXH

FRUUHVSRQGHDXQDFRQWULEXFLyQGHWHUPLQDGD\GHVSOD]DUODSDUDOHODPHQWHHQODGLUHFFLyQ
HQ TXH DXPHQWH HO YDORU GH VX FRQWULEXFLyQ KDVWD TXH GLFKD IXQFLyQ FRUWH HO ~OWLPR
SXQWR FRQWHQLGR HQ HO GRPLQLR GH VROXFLRQHV UHDOL]DEOHV ILJXUD 2$%&'(   (Q HO
JUiILFR1VHKDGLEXMDGRFRQOtQHDGHWUD]RVODIXQFLyQREMHWLYRFRUUHVSRQGLHQWHDXQD
FRQWULEXFLyQ GH   /D UHFWD DVt REWHQLGD VH KD GHVLJQDGR FRQ OD OHWUD &  3RU
WUDVODFLyQ SDUDOHOD VH KD GHWHUPLQDGR OD UHFWD & TXH RULJLQD OD PD\RU FRQWULEXFLyQ
SRVLEOHGHOGRPLQLRGHVROXFLRQHVUHDOL]DEOHV


(OSXQWRFRP~QGH&\ODILJXUD2$%&'(HVGHFLUHOSXQWR%UHFLEHHOQRPEUH

GHySWLPR\HVWiGHILQLGRSRUVXVFRRUGHQDGDV& \0 6HWLHQHHQWRQFHVTXH


ODSURGXFFLyQySWLPDHV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

& XQLGDGHV

0 XQLGDGHV

<SRUORWDQWRODFRQWULEXFLyQPi[LPDGH&HVGH


 <  +  <  =  


*UiILFR1
M

D x
2

B
x1
A



*UiILFR1

M

.50

$2
0

$2
.00

.00

$1
0

75$%$-2'2&(17(1



*UiILFR1
N

C2

D
C
C1
B

M=14

A=50




(VLPSRUWDQWHGHVWDFDUTXHYDULRVSXQWRVSXHGHQWHQHUODFDWHJRUtDGHySWLPRHQ

HO VHQWLGR GH PD[LPL]DU R PLQLPL]DU OD IXQFLyQ REMHWLYR  (Q HIHFWR VL VH FRQVLGHUD
QXHYDPHQWHHOSUREOHPDSODQWHDGRHQHOJUiILFR1\VHVXSRQHTXHODIXQFLyQREMHWLYR
HVSDUDOHODDODUHFWD LL GHOJUiILFR1VHWLHQHTXHWRGRSXQWRGHOVHJPHQWR%&HVXQ
ySWLPR\HQSDUWLFXODUORVRQVXVYpUWLFHV%\&(QWRGRFDVRSXHGHGHPRVWUDUVHTXH
VLHPSUH H[LVWH XQD VROXFLyQ ySWLPD HQ XQR GH ORV YpUWLFHV GHO GRPLQLR GH VROXFLRQHV
UHDOL]DEOHV


(O KHFKR GH TXH DO PHQRV XQ ySWLPR GHED HQFRQWUDUVH HQWUH ORV YpUWLFHV GHO

GRPLQLRGHVROXFLRQHVUHDOL]DEOHVVHDSURYHFKDSDUDODLGHQWLILFDFLyQGHOySWLPRHQHO
PpWRGR VLPSOH[  (O DOJRULWPR GHO 6LPSOH[ FRQVLVWH HQ UHVXPHQ HQ GHWHUPLQDU ORV
YpUWLFHV GHO GRPLQLR GH VROXFLRQHV UHDOL]DEOHV \ HYDOXDU OD IXQFLyQ REMHWLYR HQ GLFKRV
SXQWRV


6H SDUWH GH XQR GH ORV YpUWLFHV \ VH FDOFXOD HO YDORU GH OD IXQFLyQ REMHWLYR HQ

GLFKRSXQWR/XHJRVHGHWHUPLQDQORVYpUWLFHVDG\DFHQWHVDOHQFRQWUDGR\VHFDOFXODHO
YDORUGHODIXQFLyQREMHWLYRHQFDGDXQRGHHOORVFRQHOREMHWRGHHOHJLUDTXHOHQTXHOD
IXQFLyQWRPDHOPD\RUYDORU'LFKRYpUWLFHVHFRQVLGHUDFRPRHOHPHQWRFHQWUDOGHXQD
QXHYDLWHUDFLyQWHQGLHQWHDXELFDURWURSXQWRHQTXHODIXQFLyQREMHWLYDWRPHXQYDORU
VXSHULRURLJXDODODQWHULRU'HHVWDPDQHUDGHVSXpVGHXQQ~PHURILQLWRGHLWHUDFLRQHV
VHOOHJDDOySWLPREXVFDGR

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3UHFLR6RPEUD\3URJUDPDV'XDOHV


6LVHUHHPSOD]DQORVYDORUHVGHOySWLPR & \%  HQODVUHVWULFFLRQHVGHO

SUREOHPDVHWLHQH
L 

& + 0 =  +  < =  < 

LL 

& + 0 =  <  +  < = 

LLL 

&  

LY 

0 




(V GHFLU ODV FDSDFLGDGHV LQGLFDGDV HQ ODV UHVWULFFLRQHV LL  \ LLL  VH HVWiQ

XWLOL]DQGRWRWDOPHQWHHQWDQWRTXHDTXHOODVH[SUHVDGDVHQODVUHVWULFFLRQHV L \ LY QR


VRQXWLOL]DGDVFRPSOHWDPHQWH(QHVWDVFLUFXQVWDQFLDVVLODHPSUHVDGHVHDUDDXPHQWDU
ODSURGXFFLyQGHORVELHQHV0\&GHEHUtDLQFUHPHQWDUHOQ~PHURGHKRUDVGLVSRQLEOHV
GH OD VHFFLyQ ,, UHVWULFFLyQ LL  R LQFUHPHQWDU HO Q~PHUR PHQVXDO GH DXWRPyYLOHV
DUPDGRVHQODHPSUHVD UHVWULFFLyQLLL 


6XSyQJDVH TXH VH GHVHD LQFUHPHQWDU HQ  HO Q~PHUR GH KRUDV GH OD VHFFLyQ ,,

3DUDGHWHUPLQDUODFRQYHQLHQFLDGHHVWDGHFLVLyQVHGHEHUiFDOFXODUODSURGXFFLyQySWLPD
HQ HVWH FDVR \ HO YDORU GH OD IXQFLyQ GH FRQWULEXFLyQ  (V GHFLU VH GHEHUi UHVROYHU HO
VLJXLHQWHSURJUDPDOLQHDO
0D[ 

&0

L 

& + 0  

LL 

& +  0   +  

LLL 

&  

LY 

0  

Y 

& 

YL 

P 

% 




(VWHSURJUDPDHVVLPLODUDODQWHULRUFRQOD~QLFDGLIHUHQFLDTXHDODUHVWULFFLyQ

LL  VH OH KDQ DJUHJDGR ODV  KRUDV HQ TXH VH GHVHD LQFUHPHQWDU VX GHGLFDFLyQ D OD
SURGXFFLyQGH&\0


(OySWLPRGHHVWHQXHYRSUREOHPDHVHOSXQWR0 \& TXHJHQHUDXQD

FRQWULEXFLyQGH&RPRHQHOSURJUDPDLQLFLDO$VHREWHQtDXQDFRQWULEXFLyQGH

75$%$-2'2&(17(1



DSDUHFHXQLQFUHPHQWRGHODIXQFLyQREMHWLYRGH  TXH


VHKDSURGXFLGRDWUDYpVGHODXPHQWRGHKRUDVHQODVHFFLyQ,,(VGHFLUFDGDKRUDGH
LQFUHPHQWR GH GLFKD VHFFLyQ SURGXFH XQ DXPHQWR GH  HQ HO YDORU GH IXQFLyQ
REMHWLYR(VWDH[SUHVLyQ  TXHLQGLFDXQLQFUHPHQWRGHODIXQFLyQREMHWLYRGHELGR
D XQ LQFUHPHQWR XQLWDULR HQ HO YDORU GH XQD UHVWULFFLyQ R LQYHUVDPHQWH HO FRVWR GH
RSRUWXQLGDG R SpUGLGD GH EHQHILFLR SDUD OD HPSUHVD GH QR LQFUHPHQWDU HO YDORU GH OD
UHVWULFFLyQHVWXGLDGDUHFLEHHOQRPEUHGHSUHFLRVRPEUD(VWHFRQFHSWRMXHJDXQSDSHO
PX\LPSRUWDQWHHQ(FRQRPtD


6HSXHGHGHPRVWUDUTXHGDGRXQSURJUDPDOLQHDOH[LVWHVLHPSUHRWURSURJUDPD

OLQHDOOODPDGR'XDOGHOSULPHURTXHVHOHDVRFLD\TXHSHUPLWHHOFiOFXORGHORVSUHFLRV
VRPEUD$VtSRUHMHPSORHO'XDOGHOSURJUDPDOLQHDO $ TXHDSDUHFHHQODSiJLQD
HVHOVLJXLHQWH
0tQ 

VWXY

V +  W + X  

V +  W + Y  

V 

W 

X 

Y 




6LVHUHVXHOYHHVWHSURJUDPDVHREWLHQHQORVVLJXLHQWHVUHVXOWDGRV

V 

W 

X 

Y 




(OYDORUGHOPtQLPREXVFDGRHV




6LVHFRPSDUDQORVUHVXOWDGRVGH'XDOFRQORVGHOSURJUDPD$OODPDGRWDPELpQ

3ULPDOVHSXHGHQREWHQHUODVVLJXLHQWHVGRVFRQFOXVLRQHV
L 

ODVYDULDEOHVVWXYGHO'XDOUHSUHVHQWDQORVSUHFLRVVRPEUDGHODVUHVWULFFLRQHV
L  LL  LLL H LY GHO3ULPDO SURJUDPD$ UHVSHFWLYDPHQWH'HELGRDTXHODV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

UHVWULFFLRQHV L  H LY  VRQ H[FHGHQWDULDV HV GHFLU H[LVWH FDSDFLGDG RFLRVD HQ


HOODVVHWLHQHTXHORVSUHFLRVVRPEUDDVRFLDGRVVRQQXORV(QFDPELRORVSUHFLRV
VRPEUDGHODVUHVWULFFLRQHVTXHVHHVWiQHPSOHDQGRDVXSOHQDFDSDFLGDGHVGHFLU
LL \ LLL VRQLJXDOHVD/RVYDORUHVGHVWXYGHO'XDOVHLQWHUSUHWDQ
FRPR HO LQFUHPHQWR HQ OD XWLOLGDG GH OD HPSUHVD SRU XQLGDG GH YDULDFLyQ HQ OD
FDSDFLGDG GH GLFKDV UHVWULFFLRQHV  $Vt SRU HMHPSOR HO DXPHQWR GH OD
FRQWULEXFLyQPDUJLQDODOFDQ]DDSRUKRUDGHLQFUHPHQWRHQODFDSDFLGDGGH
SURGXFFLyQ GH OD VHFFLyQ ,, WDO FRPR UHVXOWD HQ HO HMHPSOR SUHVHQWDGR HQ HO
SURJUDPDOLQHDO % 

LL 

(OPi[LPRGHOSURJUDPD$TXHHVGHHVLJXDODOPtQLPRGHOSURJUDPD
& TXHHVVX'XDO

75$%$-2'2&(17(1



(-(5&,&,21

$3/,&$&,21(6'($/*(%5$&$/&8/2<352*5$0$&,21/,1($/




(VWXGLRGHUHFWDV\VHPLSODQRV



'HWHUPLQH OD HFXDFLyQ GH XQD UHFWD TXH SDVD SRU ORV SXQWRV    \
 



'HWHUPLQHORVSXQWRVGHOSODQRTXHVDWLVIDFHQODGHVLJXDOGDG[\



(VWXGLHHOVLVWHPDGHHFXDFLRQHVVLJXLHQWHV
[\ 

[E\  





(VGHFLUGHWHUPLQHFyPRVHPRGLILFDVXVROXFLyQHQIXQFLyQGHORVYDORUHVTXH

WRPHHOSDUiPHWURE



&iOFXORGHGHULYDGDV



\ = [   [ +  



\=



\ =  [  [   




\= [ 
 [



\ = [  <  + [ < [   

 
[ 




$SOLFDFLRQHVGH'HULYDGDV



'DGDODIXQFLyQS [KDJDHOJUiILFRGHODIXQFLyQS[\GHWHUPLQHVX
GHULYDGD



'DGDODVIXQFLRQHVS [\F [[JUDILTXHODIXQFLyQ% S[F


&yPR SRGUtD GHWHUPLQDU HO Pi[LPR GH %"  &DOFXOH OD GHULYDGD GH % \
JUDItTXHOD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$



'DGDODIXQFLyQGHGHPDQGDT SFDOFXOHODHODVWLFLGDGSUHFLRGH
ODGHPDQGDSDUDS &XiOHVODQXHYDFDQWLGDGGHPDQGDGDVLHOSUHFLR
EDMDHQ"



6LODFXUYDGHGHPDQGDHVS [FDOFXOHVXHODVWLFLGDGSUHFLR




'HWHUPLQDFLyQGH0i[LPRV\0tQLPRV



&DOFXOHHOPi[LPRGH\ [ [ 



'HVFRPSRQJD  HQ GRV VXPDQGRV GH WDO PRGR TXH HO SURGXFWR GHO
FXDGUDGRGHOSULPHURSRUHOFXERGHOVHJXQGRVHDPi[LPR
\
\ 




&DOFXOHHOPi[LPRGH 9 = U 



&DOFXOHHOPi[LPRGH\  $H



&DOFXOH HO Pi[LPR GH \  [ \ FRPSDUH FRQ HO YDORU GH OD IXQFLyQ SDUD

[


\KDJDHOJUiILFRGHODFXUYD

[ ([SOLTXH



3UREOHPDVGHSURJUDPDFLyQOLQHDO



0i[

[\
[ + \  
[ + \  






0tQ

XZ
X + Z  
X + Z  




&RPSDUHORVUHVXOWDGRVREWHQLGRVHQDPERVSUREOHPDV

75$%$-2'2&(17(1



&$3,78/2

'(/'(7(50,1,602$/$,1&(57,'80%5(




/DGLILFXOWDGTXHSUHVHQWDHOSURFHVRGHDGTXLULUFRQRFLPLHQWRUHVSHFWRGHOYDORU

H[DFWR GH XQ REMHWR FRPR SRU HMHPSOR VX ORQJLWXG VX SHVR HWF GHELGR D ORV HUURUHV
DVRFLDGRV DO DFWR GH PHGLU VXJLULy OD FRQYHQLHQFLD GH DXPHQWDU HO Q~PHUR GH
PHGLFLRQHV REVHUYDFLRQHV  FRPR XQ FULWHULR GH UHGXFFLyQ GH LQFHUWLGXPEUH  /D LGHD
EiVLFDTXHH[SUHVDTXHDWUDYpVGHODPXOWLSOLFLGDGGHREVHUYDFLRQHVVHSXHGHORJUDUXQD
PHGLGD PiV SUHFLVD TXH DTXHOOD TXH VH REWHQGUtD GH FDGD XQD GH ODV REVHUYDFLRQHV
LQGLYLGXDOPHQWHFRQVLGHUDGDVVHVXVWHQWDHQODVLPSOHQRFLyQGHVHQWLGRFRP~QGHTXH
VL ORV HUURUHV VRQ HO SURGXFWR GH PXFKRV IDFWRUHV GLYHUVRV pVWRV GHEHQ WHQGHU D
FRPSHQVDUVHDOFRQVLGHUDUQXPHURVDVREVHUYDFLRQHVGHWDOIRUPDTXHHOYDORUSURPHGLR
VHUtDPiVFRUUHFWR(QHIHFWRVXSyQJDVHTXHODORQJLWXGH[DFWDGHXQDEDUUDHVGHH
FPV<ODVPHGLGDVREWHQLGDVVRQPPPQ6HWLHQHHQWRQFHVTXHPL H(LHQ
TXH(LHVHOHUURUGHPHGLGDGHODLpVLPDREVHUYDFLyQ(VFODURTXHVLQRKD\QLQJ~Q
VHVJRVLVWHPiWLFRHQWRQFHV


OLP

(


= 

$GHPiVVHWLHQHTXH

P = H + (

L =

<SRUORWDQWR

P=

/XHJR P  TXH HV HO VtPEROR FRQ TXH VH GHVLJQD OD PHGLD DULWPpWLFD GH ODV

PL
(L
=H+

Q
Q

PHGLGDV HV DSUR[LPDGDPHQWH LJXDO D H SXHVWR TXH (L WLHQGH D FHUR6HGLFHTXH
P SUHGLFHHOYDORUGHH&DGDXQRGHORVPLSXHGHSUHGHFLUHOYDORUGHHODYHQWDMDGH
P FRQVLVWH HQ VX PD\RU SUHFLVLyQ  /D PDJQLWXG H UHFLEH HO QRPEUH GH SDUiPHWUR \

FXDOTXLHUH[SUHVLyQTXHSHUPLWDSUHGHFLUHOYDORUGHXQSDUiPHWURVHOODPDHVWLPDGRU



'HEHWHQHUVHSUHVHQWHTXHHHVXQYDORUH[DFWRSHURGHVFRQRFLGR

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(O HVWLPDGRU HQ JHQHUDO VH GHILQH D WUDYpV GH RSHUDFLRQHV UHDOL]DGDV FRQ ODV
REVHUYDFLRQHV  6HD SRU HMHPSOR P OD YDULDEOH TXH LQGLFD HO UHVXOWDGR GH PHGLU XQD
EDUUDGHKLHUURFX\DORQJLWXGVHGHVHDHVWLPDU(YLGHQWHPHQWHPHVXQDYDULDEOHUHDO
P 5   6HD PL HO UHVXOWDGR GH OD LpVLPD REVHUYDFLyQ \ VXSyQJDVH TXH VH KDQ

UHDOL]DGRQREVHUYDFLRQHV6HWLHQHHQWRQFHVTXH
P



0 D[ {P L L Q}



0LQ {P L L Q}



P + P Q





PL
VRQWRGRVHMHPSORVGHHVWLPDGRUHV
Q

&XDQGR VH GLFH TXH HO HVWLPDGRU HV XQD YDULDEOH VH HVWi VXSRQLHQGR

LPSOtFLWDPHQWH TXH ODV Q REVHUYDFLRQHV DOXGLGDV DQWHULRUPHQWH VH UHSLWHQ QXPHURVDV


YHFHV \ TXH HV SRVLEOH FDOFXODU HO YDORU GH ORV HVWLPDGRUHV SDUD FDGD XQD GH GLFKDV
VHULHV GH REVHUYDFLRQHV SRU HMHPSOR VL VH FRQVLGHUDQ V VHULHV GH PHGLFLRQHV SDUD OD
ORQJLWXGGHODEDUUDHQHVWXGLR\ORVYDORUHVVRQ


UDVHULH
P 

GDVHULH
P 




VVHULH
PV 

P 

P  

P V 

P 



PQ 

P  



P Q 

P 



P Q 







(QWRQFHV P  P  PV VRQORVYDORUHVGHOHVWLPDGRUP3RURWUDSDUWHORVVYDORUHV
GHOHVWLPDGRU P VHUiQ
Q




P P
= L


L

= L






P
= L

V
L

&RPRKD\PXFKRVHVWLPDGRUHVGHXQSDUiPHWURHVQHFHVDULRHVWDEOHFHUFULWHULRV

TXHSHUPLWDQGHFLGLUFXiOHVWLPDGRUHVPHMRUTXHRWUR(VWHHVXQSUREOHPDFRPSOHMR
TXHQRSRVHHXQDVROXFLyQ~QLFD%DVWDGHFLUTXHXQFULWHULRSRGUtDVHUHOGHFDOFXODU

75$%$-2'2&(17(1



YDORUHV GHO HVWLPDGRU \ HVWXGLDU FXiQ FHUFD HVWiQ HQ SURPHGLR GLFKRV YDORUHV GHO
SDUiPHWUR  $Vt SRU HMHPSOR VH FDOFXODUiQ PXFKRV YDORUHV SDUD HO HVWLPDGRU P \ VH
HVWXGLDUi OD PDJQLWXG GH OD GLIHUHQFLD PH   &RQ HO REMHWR GH TXH ODV GLIHUHQFLDV
SRVLWLYDV QR VH FDQFHODQ FRQ ODV QHJDWLYDV VH WRPDUi HO FXDGUDGR GH GLFKD H[SUHVLyQ
)LQDOPHQWHVHGLYLGLUiSRUHOQ~PHURGHREVHUYDFLRQHV\VHJHQHUDUiODH[SUHVLyQ
Q

9 P =

P
= L


L

H 

TXH UHFLEH HO QRPEUH GH YDULDQ]D GHO HVWLPDGRU P  ,QWXLWLYDPHQWH XQ HVWLPDGRU HV
PHMRU VL VX YDULDQ]D HV PHQRU SXHVWR TXH HOOR LQGLFD TXH VXV YDORUHV HVWiQ PiV
FRQFHQWUDGRVHQWRUQRGHOYDORUHGHOSDUiPHWUR6HSXHGHGHPRVWUDUTXHODYDULDQ]D
GH OD PHGLD 9 P  HV LJXDO D 9 P =

9 P
 OR TXH LQGLFD TXH P  HV VHJ~Q HVWH
Q

FULWHULRXQPHMRUHVWLPDGRUTXHPSRUTXHVXYDULDQ]DHVPiVSHTXHxD


(VWH HQIRTXH GH UHGXFFLyQ GH OD LQFHUWLGXPEUH VREUH OD EDVH GH DXPHQWDU HO

Q~PHURGHREVHUYDFLRQHVVHKDJHQHUDOL]DGRHQYDULDVGLUHFFLRQHV8QDGHHOODVIXHOD
GHWHUPLQDFLyQGHPDJQLWXGHVPiVHVWDEOHVFRPRSRUHMHPSORODVSURSRUFLRQHVWDVDV\
HQ JHQHUDO ORV FXRFLHQWHV  7RGDV HVWDV UHODFLRQHV SDUWLFLSDQ GH ODV FDUDFWHUtVWLFDV
GHVFULWDV DQWHULRUPHQWH SDUD OD PHGLGD DULWPpWLFD HQ HO VHQWLGR TXH HVWLPDQ ORV
SDUiPHWURV HQ HVWXGLR PHMRU TXH FDGD XQD GH ODV REVHUYDFLRQHV LQGLYLGXDOPHQWH
FRQVLGHUDGDV


8QDVHJXQGDJHQHUDOL]DFLyQVHUHILHUHDODDSOLFDFLyQGHHVWRVPLVPRVSULQFLSLRV

DYDULDEOHVTXHSXHGHQHPSOHDUVHHQHVFDODVFRQGLIHUHQWHVHVWUXFWXUDVQXPpULFDV$Vt
SRU HMHPSOR VH KDQ GHVDUUROODGR HVWLPDGRUHV SDUD HVFDOD QRPLQDO \ RUGLQDO
FRQMXQWDPHQWHFRQDTXHOORVSDUDHVFDODLQWHUYDOTXHVRQORVPiVFRQRFLGRV

'HILQLFLyQGH(VWDGtVWLFD


(VWDGtVWLFDHVHOQRPEUHFRQTXHVHGHVLJQDQODVWpFQLFDVSDUDGHVFULELUFRQMXQWRV

GHGDWRVFDOFXODUHVWLPDGRUHVSDUDORVSDUiPHWURVSHUWLQHQWHV\HVWXGLDUODVSURSLHGDGHV
GHDTXHOORV


8QSUREOHPDEiVLFRGHODHVWDGtVWLFDFRQVLVWHHQODGHVFULSFLyQQXPpULFDGHXQD

VLWXDFLyQGDGD3DUDHVWXGLDUORVPpWRGRVHPSOHDGRVVHSUHVHQWDUiQORVDQWHFHGHQWHVGH
XQDHQFXHVWDKLSRWpWLFD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6XSyQJDVH TXH VH GHVHD HVWXGLDU HO GHVHPSHxR GH ORV DOXPQRV HQ XQ FXUVR GH

HYDOXDFLyQGHSUR\HFWRVGLFWDGRHQ(YDOXDQGLD(OVLVWHPDGHFDOLILFDFLyQHPSOHDGR
IXH GH WLSR UHODWLYR \ DO ILQDO GHO FXUVR VH GHWHUPLQy HO SXHVWR GH FDGD XQR GH ORV
SDUWLFLSDQWHV  /D GLUHFFLyQ HVWDEOHFLy DGHPiV TXH ORV DOXPQRV GH ORV WUHV ~OWLPRV
SXHVWRVGHEtDQUHSUREDUHOFXUVR&RQHOREMHWRGHHVWXGLDUDOJXQRVGHORVIDFWRUHVTXH
FRQGLFLRQDUtDQHOGHVHPSHxRGHORVDOXPQRVVHGHFLGLyVRPHWHUDFDGDXQRGHORV
SDUWLFLSDQWHVDXQFXHVWLRQDULRHQHOFXDOVHOHVKDFtDXQDVHULHGHSUHJXQWDVUHVSHFWRGH
DTXHOORVIDFWRUHVTXHDSULRULVHVXSXVRHVWDUtDQUHODFLRQDGRVFRQVXUHQGLPLHQWRHQHO
FXUVR  &DGD XQR GH HVWRV IDFWRUHV TXH HQ OD QRPHQFODWXUD HVWDGtVWLFD VH GHQRPLQDUi
YDULDEOHVHH[SUHVyDWUDYpVGHXQDSUHJXQWD$VtHOIDFWRUVLWXDFLyQIDPLOLDUVHH[SUHVy
HQWpUPLQRVGHODSUHJXQWDVREUHHOHVWDGRFLYLO(OIDFWRUDSWLWXGDFDGpPLFDVHH[SUHVy
SRUODSUHJXQWDVREUHHOUHVXOWDGRGHXQDSUXHEDGHVHOHFFLyQXQLYHUVLWDULD


(VLQWHUHVDQWHGHVWDFDUTXHGHELGRDTXHFDGDIDFWRUVHH[SUHVDDWUDYpVGHXQD

VRODSUHJXQWDODVYDULDEOHVFRLQFLGHQFRQODVSUHJXQWDV3RUHVWDUD]yQHQYH]GHKDEODU
GHODSUHJXQWDVREUHHVWDGRFLYLORQ~PHURGHKLMRVKDEODUHPRVGHODVYDULDEOHVHVWDGR
FLYLOQ~PHURGHKLMRVHWF


/RVUHVXOWDGRVREWHQLGRVDSDUHFHQHQHO&XDGUR1

&XDGUR1
9DULDEOHVTXHGHVFULEHQORVUHVXOWDGRVGHXQDHQFXHVWDDSHUVRQDV

5HVXOWDGR 1GHKLMRV
,QJUHVR
1RPEUHGH 3XHVWRHQ
(VWDGR
3$$
PHQVXDO
ODSHUVRQD
HOFXUVR
FLYLO
$%

&



-&

&



*0

6



'+

9



50

'



5/

&



//

&



&%

6



-9

&



)2

6










(OVLJQLILFDGRGHODVOHWUDVHVHOVLJXLHQWH& FDVDGR6 VROWHUR9 YLXGR\' GLYRUFLDGR

/D IRUPD PiV VLPSOH GH GHVFULELU ORV GDWRV HV D WUDYpV GH XQ JUiILFR GH ORV

PLVPRV TXH DVRFLH ORV YDORUHV GH OD YDULDEOH FRQ ODV YHFHV TXH VH UHSLWH FDGD XQR GH

75$%$-2'2&(17(1



HOORVHVGHFLUVXIUHFXHQFLD(VWHHVHOOODPDGRJUiILFRGHIUHFXHQFLDVRGLVWULEXFLyQGH
IUHFXHQFLDV


/DIRUPDVGHFRQVWUXLUHOJUiILFRGHIUHFXHQFLDVYDUtDVHJ~QVLODYDULDEOHSXHGH

WRPDU DOJXQRV YDORUHV VHD GLVFUHWD  R SXHGH WRPDU WRGRV ORV YDORUHV GH XQ LQWHUYDOR
QXPpULFR VHDFRQWLQXD (QODHQFXHVWDTXHHVWDPRVHVWXGLDQGRODVYDULDEOHVSXHVWR
HQ HO FXUVR HVWDGR FLYLO \ Q~PHUR GH KLMRV VRQ GLVFUHWDV HQ WDQWR TXH ODV YDULDEOHV
UHVXOWDGR368HLQJUHVRPHQVXDOVRQFRQWLQXDV


(O JUiILFR GH ODV YDULDEOHV GLVFUHWDV VH FRQVWUX\H XELFDQGR ORV YDORUHV GH OD

YDULDEOHHQHOHMHKRUL]RQWDO\OHYDQWDQGRXQDEDUUDGHORQJLWXGLJXDODODIUHFXHQFLDGH
GLFKRYDORUHQFDGDFDVR$VtSRUHMHPSORODGLVWULEXFLyQGHIUHFXHQFLDVGHODVYDULDEOHV
HVWDGRFLYLO\Q~PHURGHKLMRVVHSUHVHQWDHQORVJUiILFRV1\1





*UiILFR1
(VWDGR&LYLO
IUHFXHQFLD

*UiILFR1
1~PHURGHKLMRV
IUHFXHQFLD






&

'

9 YDORUGH
ODYDULDEOH

 1GH
KLMRV




3DUD GLEXMDU HO JUiILFR GH ODV YDULDEOHV FRQWLQXDV HV QHFHVDULR FRQVLGHUDU

LQWHUYDORV GH Q~PHURV \ UHSUHVHQWDU OD IUHFXHQFLD FRPR HO iUHD GH XQ UHFWiQJXOR FX\D
EDVH HV HO LQWHUYDOR TXH VH KD HOHJLGR  3DUD OD GHWHUPLQDFLyQ GH ORV LQWHUYDORV GHEH
FRQVLGHUDUVHHOPD\RU\HOPHQRUYDORUTXHWRPDODYDULDEOH(QHOFDVRGHOUHVXOWDGRGH
OD 368 HOORV VRQ  \  UHVSHFWLYDPHQWH  /XHJR VH FDOFXOD OD GLIHUHQFLD HQWUH
DPERVYDORUHVTXHHQHVWHFDVRHVGH\GLFKDPDJQLWXGVHGLYLGHSRUHOQ~PHURGH
LQWHUYDORV TXH VH GHVHD HVWDEOHFHU  (Q JHQHUDO GLFKR Q~PHUR RVFLOD HQWUH  \ 



 3RU HMHPSOR VH SXHGH WHQHU  KLMR y  KLMRVSHURQRYDORUHVLQWHUPHGLRVSHURVHSXHGHWHQHUXQLQJUHVR


PHQVXDOGHRRHWF

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

6XSRQJDPRVTXHEDVWDFRQSDUDORVILQHVGHHVWHHVWXGLR6HWLHQHHQWRQFHVTXHOD
ORQJLWXGGHFDGDLQWHUYDORHVGHXQLGDGHVSXHVWRTXH[ /RVLQWHUYDORVVH
PXHVWUDQHQHO&XDGUR1
&XDGUR1
'LVWULEXFLyQGHIUHFXHQFLDGHOD368

)UHFXHQFLD
,QWHUYDORV
















(QHOJUiILFR1VHKDGLEXMDGRODGLVWULEXFLyQGHIUHFXHQFLDVGHHVWDYDULDEOH

*UiILFR1
3XQWDMHHQ3UXHEDGH$SWLWXG$FDGpPLFD 3$$ 







3XQWDMH3$$ 
       3XQWDMH368





 &XDQGR VH GHILQHQ ORVLQWHUYDORVHVQHFHVDULRGHWHUPLQDUODXELFDFLyQGHORVH[WUHPRVSRUHMHPSORGHEH


HVWDEOHFHUVHVLHOYDORUSHUWHQHFHDORDOHULQWHUYDOR*HQHUDOPHQWHVHFRQVLGHUDTXHHOOtPLWHVXSHULRU
GHFDGDLQWHUYDORSHUWHQHFHDOHULQWHUYDORDVtSRUHMHPSORHOSHUWHQHFHUtDDOHODOWHUFHUR\DVt
VXFHVLYDPHQWH

(OVLJQR HQ HOJUiILFRLQGLFDTXHHVWiFRUWDGRGHPRGRTXHODGLVWDQFLDHQWUHHORULJHQ\HOYDORUQR
HVWiDHVFDODFRQORVUHVWDQWHVYDORUHV

75$%$-2'2&(17(1



3DUDFRQVWUXLUHVWHWLSRGHJUiILFRGHEHWHQHUVHSUHVHQWHTXHHOiUHDUHSUHVHQWDOD

IUHFXHQFLD SRU OR WDQWR OD DOWXUD GHO SULPHU UHFWiQJXOR HV GH VyOR   SXHVWR TXH

 [  =  TXHHVODIUHFXHQFLDGHOLQWHUYDOR


(OYDORU  UHFLEHHOQRPEUHGHGHQVLGDGGHIUHFXHQFLDHLQGLFDHOQ~PHURGH


YDORUHVGHODYDULDEOHSRUXQLGDGGHLQWHUYDORHQHVWHFDVRSRUXQLGDGGHSXQWDMH(V
GHFLUHVODGHQVLGDGSURPHGLRGHODYDULDEOHHQFDGDLQWHUYDOR


'HVFULSFLyQQXPpULFDGHXQDYDULDEOHHVWDGtVWLFD


/DGLVWULEXFLyQGHIUHFXHQFLD\HOJUiILFRGHXQDYDULDEOHHVWDGtVWLFDHQWUHJDQXQD

LQIRUPDFLyQGHWDOODGDSHURSRFRVLQWpWLFD3DUDWHQHUXQFRQRFLPLHQWRPiVUHVXPLGRGH
OD GLVWULEXFLyQ VH HPSOHDQ ODV OODPDGDV PHGLGDV GH SRVLFLyQ FX\R REMHWLYR HV HO GH
HQWUHJDUXQYDORUGHODYDULDEOHTXHUHSUHVHQWDDWRGDODGLVWULEXFLyQ/DVPHGLGDVGH
SRVLFLyQ VH SUHVHQWDQ D PHQXGR MXQWR D RWUDV OODPDGDV GH GLVSHUVLyQ FX\R REMHWLYR
FRQVLVWHHQPRVWUDUODSUHFLVLyQGHODVSULPHUDV


$FRQWLQXDFLyQVHHVWXGLDUiQYDULDVPHGLGDVGHSRVLFLyQFDGDXQDGHODVFXDOHV

UHVXOWDVHUHVSHFLDOPHQWHFRQYHQLHQWHSDUDXQDHVFDODGHPHGLGDHVSHFtILFD(QHIHFWR
VLVHREVHUYDQODVYDULDEOHVFRQVLGHUDGDVHQHO&XDGUR1SXHGHHVWDEOHFHUVHTXHHOODV
HVWiQGHILQLGDVHQHVFDODVGHPHGLGDGLIHUHQWHV$VtHQHOFDVRGHOHVWDGRFLYLOOD~QLFD
RSHUDFLyQSRVLEOHHVODGHVHSDUDUORLJXDOGHORGLIHUHQWH(VODOODPDGDHVFDODQRPLQDO
/D YDULDEOH SXHVWR HQ HO FXUVR SHUPLWH GLVWLQJXLU OR LJXDO GH OR TXH HV GLIHUHQWH \
DGHPiVRUGHQDUORVYDORUHVHQHOVHQWLGRGHHVWDEOHFHUTXpYDORUSUHFHGHDFXiO(VOD
HVFDOD RUGLQDO  /D YDULDEOH UHVXOWDGR GH OD 368 HVWi GHILQLGD HQ XQD HVFDOD TXH
SHUPLWH UHDOL]DU ODV RSHUDFLRQHV \D HQXPHUDGDV \ DGHPiV SHUPLWH LQWHUSUHWDU ODV
GLIHUHQFLDVQXPpULFDVFRPRGLIHUHQFLDVHQORVYDORUHVGHODYDULDEOH$VtVHSXHGHGHFLU
TXH  HV  SXQWRV PD\RU TXH   (VWD SURSLHGDG SHUPLWH OD UHDOL]DFLyQ GH
RSHUDFLRQHV GH DGLFLyQ \ VXVWUDFFLyQ  (VWD HV OD OODPDGD HVFDOD GH LQWHUYDORV
)LQDOPHQWHHQODVYDULDEOHVQ~PHURGHKLMRVHLQJUHVRPHQVXDOHVSRVLEOHUHDOL]DU
WRGDV ODV RSHUDFLRQHV DQWHULRUHV SHUR FRPR DGHPiV HO  WLHQH VHQWLGR ~QLFR FRPR
PDJQLWXG DEVROXWD \ QR VLPSOHPHQWH FRPR XQ YDORU UHODWLYR TXH VHSDUD ORV Q~PHURV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

SRVLWLYRV GH ORV QHJDWLYRV HV SRVLEOH HIHFWXDU SURGXFWRV \ FXRFLHQWHV  (V GHFLU  VH
SXHGH LQWHUSUHWDU YiOLGDPHQWH FRPR HO GREOH GHO Q~PHUR GH KLMRV TXH  \ DVt
VXFHVLYDPHQWH6HWLHQHODHVFDODGHUD]yQ


/DV PHGLGDV GH SRVLFLyQ GHEHQ DGHFXDUVH D ODV HVFDODV GH PHGLGD GH ODV

YDULDEOHV$VtQRHVSRVLEOHFDOFXODUODPHGLDDULWPpWLFDTXHLPSOLFDVXPDUORVYDORUHV
GH OD YDULDEOH HQ XQ FDVR HQ TXH pVWD VH GHILQD HQ XQD HVFDOD QRPLQDO X RUGLQDO  (V
QHFHVDULR SRU OR WDQWR FRQVLGHUDU YDULDV PHGLGDV GH SRVLFLyQ XQD SDUD FDGD HVFDOD
'HEH WHQHUVH SUHVHQWH TXH ODV PHGLGDV GHILQLGDV SDUD HVFDODV FRQ PHQRU Q~PHUR GH
RSHUDFLRQHVSHUPLWLGDVSXHGHQHPSOHDUVHWDPELpQHQODVHVFDODVPiVH[LJHQWHV


/DPHGLGDGHSRVLFLyQHPSOHDGDHQODHVFDODQRPLQDOHVHOPRGRGHILQLGRFRPR

DTXHO YDORU GH OD YDULDEOH TXH WLHQH OD PD\RU IUHFXHQFLD  $Vt SRU HMHPSOR VL VH
FRQVLGHUDODYDULDEOHHVWDGRFLYLOFX\DGLVWULEXFLyQGHIUHFXHQFLDHVODTXHVHSUHVHQWD
HQHOFXDGUR1VHWLHQHTXHHOPRGRHVHOYDORUGHODYDULDEOHFDVDGR & TXHWLHQH
IUHFXHQFLDGHDSDUHFLPLHQWRV




9DORUYDULDEOH
&
'
6
9


&XDGUR1
(VWDGR&LYLO


)UHFXHQFLD






/D PHGLGD GH SRVLFLyQ HPSOHDGD HQ OD HVFDOD RUGLQDO HV OD PHGLDQD GHILQLGD

FRPRDTXHOYDORUGHODYDULDEOHTXHVXSHUDDQRPiVGHOGHODVREVHUYDFLRQHV\HV
VXSHUDGR SRU HO  UHVWDQWH  6L VH FRQVLGHUD OD YDULDEOH SXHVWR HQ HO FXUVR FX\D
GLVWULEXFLyQGHIUHFXHQFLDDSDUHFHHQHO&XDGUR1VHWLHQHTXH



(QXQDHVFDODLQWHUYDOQRHVSRVLEOHLQWHUSUHWDUYDORUHVQXPpULFRVGHOGREOHRWULSOHGHRWURFRPRYDORUHVGH
OD YDULDEOH GHO GREOH R WULSOH SXHVWR TXH HO FHUR HV HVHQFLDOPHQWH DUELWUDULR HQ HVWH WLSR GH HVFDODV  /RV
HMHPSORV PiV FODURV DSDUHFHQ DO FRQVLGHUDU ODV GRV PHGLGDV GH WHPSHUDWXUD PiV FRQRFLGDV &HOVLXV &  \
)DKUHQKHLW ) (QHIHFWRJUDGRVFHOVLXVHVHTXLYDOHQWHDIDKUHQKHLW\FHOVLXVDIDKUHQKHLWFRPR
VHLQGLFDDFRQWLQXDFLyQ
D  & ) 
 

E 

3XHGHYHUVHTXHGHDFXHUGRDODPHGLGD & ODWHPSHUDWXUDGHE HVHOGREOHGHODGHD SHURVHJ~Q)HVVyOR


75$%$-2'2&(17(1

9DORUGHOD
YDULDEOH














&XDGUR1
3XHVWRHQHOFXUVR

)UHFXHQFLD












)UHFXHQFLD
DFXPXODGD











/DPHGLDQDHVHOYDORUGHODYDULDEOHSXHVWRTXHVXSHUDYDORUHVTXHQRVRQ

PiVTXHHOGHORVHQFXHVWDGRV  \HVVXSHUDGRSRUTXHWDPSRFRVRQPiVTXH
HOGHORVHQFXHVWDGRV


/D PHGLGD GH SRVLFLyQ HPSOHDGD HQ OD HVFDOD LQWHUYDO HV OD PHGLD DULWPpWLFD

GHILQLGDFRPRDTXHOYDORUGHODYDULDEOHTXHVDWLVIDFHODHFXDFLyQ


[=

[ L IL

IL

(QTXHILHVODIUHFXHQFLDGHDSDUHFLPLHQWRGHOYDORU[LGHODYDULDEOH\ I L HVHOWRWDOGH
HQFXHVWDGRV/DPHGLDDULWPpWLFDGHODYDULDEOH[VHGHQRWD [ 

(MHPSOR


/D GLVWULEXFLyQ GH IUHFXHQFLD GH OD YDULDEOHSXQWDMHGH368VHSUHVHQWDHQHO

&XDGUR1











&XDGUR1
3XQWDMHGH368

,QWHUYDORU
0DUFDGHFODVH[L















)UHFXHQFLD IL 






I L = 

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3DUDFDOFXODUODPHGLDHVQHFHVDULRHVWDEOHFHUTXpYDORUGHODYDULDEOHVHDVRFLDD

FDGD LQWHUYDOR  (Q JHQHUDO HVWH YDORU TXH UHFLEH HO QRPEUH GH PDUFD GH FODVH HV HO
SURPHGLRGHORVYDORUHVH[WUHPRVGHFDGDLQWHUYDOR$VtSRUHMHPSORODPDUFDGHFODVH
GHOSULPHULQWHUYDORHVTXHVHFDOFXODFRPR   <   6LVHPXOWLSOLFDFDGD

PDUFDGHFODVHSRUVXIUHFXHQFLDVHVXPDQHVWRVUHVXOWDGRV\VHGLYLGHQSRUODVXPDGH
ODIUHFXHQFLDTXHHVVHREWLHQHODPHGLDDULWPpWLFDFX\RYDORUHV


/DPHGLDDULWPpWLFDWLHQHYDULDVSURSLHGDGHVTXHHVFRQYHQLHQWHGHVWDFDU

6LDHVXQDFRQVWDQWHHQWRQFHV

 

[ D = D [ 

 

D[ = D [ 

 

[ S

L =

< I L HVPtQLPDVL S = [ 

/DVYDULDEOHVGHILQLGDVHQHVFDODVGHUD]yQHPSOHDQWDPELpQODPHGLDDULWPpWLFD

FRPRPHGLGDGHSRVLFLyQEiVLFDSRUORTXHQRVHHVWXGLDUiQPHGLGDVSURSLDVSDUDHOODV


(OVHJXQGRWLSRGHPHGLGDVTXHVHHVWXGLDUiQVRQODVGHGLVSHUVLyQ6XREMHWLYR

HV HO GH SURSRUFLRQDU LQIRUPDFLyQ UHVSHFWR GH OD FRQILDELOLGDG GH ODV PHGLGDV GH
SRVLFLyQ(QJHQHUDOHYDO~DQODDPSOLWXGGHODGLVWULEXFLyQGHIUHFXHQFLDVHQUHODFLyQ
FRQHOYDORUGHODYDULDEOHHOHJLGDFRPRPHGLGDGHSRVLFLyQ


(OORVVRQ

D 

(QHOFDVRGHODHVFDODQRPLQDOODIUHFXHQFLDPRGDOHVGHFLUHOSRUFHQWDMHTXH

UHSUHVHQWDQ ODV REVHUYDFLRQHV TXH WRPDQ HO YDORU PRGDO UHVSHFWR GHO WRWDO GH
HQFXHVWDGRV3DUDHOFDVRGHODYDULDEOHHVWDGRFLYLOGLFKRYDORUHVGH  
E 

(Q OD HVFDOD RUGLQDO XQD PHGLGD GH GLVSHUVLyQ HV HO LQWHUYDOR LQWHUFXDUWtOLFR

GHILQLGRFRPR


44HQTXH4HVHOSULPHUFXDUWLOHVGHFLUHOYDORUGHODYDULDEOHTXHVXSHUD

FRPRPi[LPRDOGHODVREVHUYDFLRQHV\HVVXSHUDGRSRUHOUHVWDQWH\4HO
WHUFHUFXDUWLOTXHHVDTXHOTXHVXSHUDDOGHODVREVHUYDFLRQHV\HVVXSHUDGRFRPR
Pi[LPRSRUHOUHVWDQWH(QHOHMHPSORGHODYDULDEOHSXHVWRHQHOFXUVRTXHVH
SUHVHQWD HQ HO &XDGUR 1  SXHGH REVHUYDUVH TXH 4   \ 4    3RU OR WDQWR HO
LQWHUYDORLQWHUFXDUWtOLFRHV

75$%$-2'2&(17(1

F 



(Q OD HVFDOD LQWHUYDO OD PHGLGD GH GLVSHUVLyQ SRU DQWRQRPDVLD HV OD GHVYLDFLyQ

HVWiQGDUGHILQLGDFRPRODUDt]FXDGUDGDGHODYDULDQ]D$VtODGHVYLDFLyQHVWiQGDU [ 
VHGHILQH
Q

[  I L

[ = + 9 ; HQTXH 9 [ =

6H HPSOHD OD GHVYLDFLyQ HVWiQGDU FRQ HO REMHWR GH WHQHU XQD PHGLGD TXH HVWp

L =

IL

H[SUHVDGD HQ ODV PLVPDV XQLGDGHV TXH OD PHGLD DULWPpWLFD \ SRU OR WDQWR SXHGD VHU
FRPSDUDGD FRQ HOOD  (Q SDUWLFXODU HV SRVLEOH HVWDEOHFHU OD IUHFXHQFLD UHODWLYD HQ
WpUPLQRVSRUFHQWXDOHVGHLQWHUYDORVGHOWLSR [ . [ HQTXH.WRPDORVYDORUHV
y$VtSRUHMHPSORVLVHVDEHTXH [ =  [ =  \ . =  VHSXHGHFDOFXODUTXHHO
LQWHUYDOR  FRQWLHQHSRFRPiVGHOGHOWRWDOGHODVREVHUYDFLRQHV(QRWUDV
SDODEUDV ORV YDORUHV LQIHULRUHV D  R VXSHULRUHV D  WLHQHQ XQD IUHFXHQFLD GH
DSDUHFLPLHQWRPi[LPDGHXQ


$ FRQWLQXDFLyQ HQ HO FXDGUR 1  VH SUHVHQWD XQ HMHPSOR GH FiOFXOR GH OD

GHVYLDFLyQHVWiQGDUVREUHODEDVHGHODGLVWULEXFLyQGHIUHFXHQFLDGHODYDULDEOHSXQWDMHV
HQOD368

0DUFDFODVH
[L








&XDGUR1
&iOFXORGHODYDULDQ]DGHOD3$$

)UHFXHQFLD
[L [ 
[ L [  














[ =  









[ L [  < I L 











[[
.   3DUDPD\RUHV

.
DQWHFHGHQWHV VREUH HVWH WHPD YpDVH 'HVLJXDOGDG GH &KHE\VKHY HQ $ 'UDNH )XQGDPHQWDOV RI $SSOLHG
3UREDELOLW\7KHRU\0F*UDZ+LOOSiJ



(QHIHFWRVHSXHGHGHPRVWUDUTXHSUiFWLFDPHQWHHQFXDOTXLHUFDVR 3

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3DUDFDOFXODUODGHVYLDFLyQHVWiQGDUHVQHFHVDULRHVWDEOHFHUHOYDORUGHODYDULDQ]D

HQSULPHUWpUPLQR8QDIRUPDVHQFLOODGHUHDOL]DUORVFiOFXORVWDOFRPRVHSUHVHQWDHQHO
&XDGUR1FRQVLVWHHQ
L 

&DOFXODUODVGLIHUHQFLDV [ L [ 

LL 

(OHYDUDOFXDGUDGRODVGLIHUHQFLDV(VGHFLU [ L [  

LLL 

0XOWLSOLFDUFDGDFXDGUDGRGHGLIHUHQFLDSRUVXIUHFXHQFLD(VGHFLU [ L [  IL 

LY 

6XPDU ODV H[SUHVLRQHV REWHQLGDV HQ LLL  \ GLYLGLUODV SRU OD VXPD GH OD FROXPQD
IUHFXHQFLD(VGHFLU
[ L [ 

IL

9 [ =

Y 

&DOFXODUODUDt]FXDGUDGDSRVLWLYDGHLY (VGHFLU [ = 9 [ 




2WUD PHGLGD GH GLVSHUVLyQ TXH VXHOH XWLOL]DUVH SULQFLSDOPHQWH HQ YDULDEOHV

GHILQLGDVHQHVFDODGHUD]yQHVHOFRHILFLHQWHGHYDULDELOLGDG &9 TXHVHGHILQHFRPR


HOFXRFLHQWHHQWUHODGHVYLDFLyQHVWiQGDU\ODPHGLDDULWPpWLFD(VGHFLU
[

[

&9 =

(OFRHILFLHQWHGHYDULDELOLGDGHVXQDPHGLGDUHODWLYDGHGLVSHUVLyQTXHHV~WLOSDUD

FRPSDUDU GLIHUHQWHV GLVWULEXFLRQHV FXDQGR ODV YDULDEOHV HVWiQ H[SUHVDGDV HQ XQLGDGHV
GLVWLQWDVSRUHMHPSORODVGLVWULEXFLRQHVGHOLQJUHVRGHGLIHUHQWHVSDtVHV


/D HVWDGtVWLFD VH SUHRFXSD WDPELpQ GH OD GHVFULSFLyQ GH ORV FDPELRV TXH

H[SHULPHQWDQODVYDULDEOHVHQORVVLJXLHQWHVGRVFDVRV
D 

&RQ UHVSHFWR D ORV FDPELRV LQGHSHQGLHQWHV TXH VH SURGXFHQ HQ RWUDV YDULDEOHV

UHODFLRQDGDIXQFLRQDOPHQWHFRQDTXHOODV
E 

(QIRUPDDJUHJDGDFRQUHVSHFWRDOVRORSDVRGHOWLHPSR

(QHVWRVDSXQWHVVyORVHSUHVHQWDUiQDOJXQRVHOHPHQWRVEiVLFRVGHODQiOLVLVGH

VHULHVGHWLHPSR\GHODVWpFQLFDVGHPtQLPRVFXDGUDGRV

6HULHVWHPSRUDOHV


(O DQiOLVLV GH VHULHV GH WLHPSR VH UHILHUH D HVWXGLR GHO FRPSRUWDPLHQWR

LQWHUWHPSRUDOGHXQDYDULDEOHHVWDGtVWLFD(OFRPSRUWDPLHQWRHQHOODUJRSOD]RGHXQD
YDULDEOH UHFLEH HO QRPEUH GH WHQGHQFLD  8Q PpWRGR PX\ XVDGR SDUD HO FiOFXOR GH

75$%$-2'2&(17(1



WHQGHQFLD HV GH ORV PtQLPRV FXDGUDGRV TXH VH SUHVHQWDUi VREUH OD EDVH GHO HMHPSOR
VLJXLHQWH


/DV YHQWDV HQ XQD SHUVSHFWLYD KLVWyULFD GH XQD HPSUHVD TXH SURGXFH

URGDPLHQWRVKDQVLGRODVTXHVHLQGLFDQHQFXDGUR1\JUiILFR1

&XDGUR1
$xRW






1GHXQLGDGHV
YHQGLGDV PLOHV 
XW 







*UiILFR1



$xRV






(OJUiILFR1PXHVWUDHQOtQHDSROLJRQDOORVYDORUHVTXHDSDUHFHQHQHO&XDGUR

1   (VWRV YDORUHV SUHVHQWDQ XQ FRPSRUWDPLHQWR GH WHQGHQFLD TXH HV FUHFLHQWH  (Q
HVWH HMHPSOR VH FRQVLGHUD TXH KD\ EXHQDV UD]RQHV SDUD VXSRQHU TXH GLFKR
FRPSRUWDPLHQWRHVOLQHDO


6HWLHQHHQWRQFHVTXHODWHQGHQFLDVDWLVIDFHXQDHFXDFLyQGHOWLSR

X DWE

HQ TXH W UHSUHVHQWD HO DxR D TXH VH UHILHUHQ ODV FLIUDV \ X HO Q~PHUR GH XQLGDGHV
YHQGLGDVHQGLFKRSHUtRGR


(OPpWRGRTXHVHSUHVHQWDUiDFRQWLQXDFLyQWLHQHSRUREMHWRFDOFXODUHOYDORUGH

ORV SDUiPHWURV D \ E GH PRGR TXH OD UHFWD GH HFXDFLyQ X  DW  E VHD OD TXH VH

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

DGDSWD HQ PHMRU IRUPD D ORV GDWRV GLVSRQLEOHV  'LFKD UHFWD VH KD GLEXMDGR FRQ OtQHD
GHOJDGDHQHOJUiILFR


(O PpWRGR GH FiOFXOR GH ORV SDUiPHWURV UHFLEH HO QRPEUH GH PtQLPRV

FXDGUDGRV \ FRQVLVWH HQ GHWHUPLQDU ORV YDORUHV GH D \ E TXH KDFHQ PtQLPD OD
H[SUHVLyQVLJXLHQWH


{X
W =

DW + E } 


'LFKDIyUPXODQRHVRWUDFRVDTXHODGLIHUHQFLDHQWUHHOYDORUGHODVHULH XW \HO

GH OD WHQGHQFLD DW  E  HOHYDGD DO FXDGUDGR  (O PpWRGR GH ORV PtQLPRV FXDGUDGRV
GHWHUPLQD OD HFXDFLyQ GH OD WHQGHQFLD GH PRGR GH PLQLPL]DU ORV FXDGUDGRV GH OD
GLIHUHQFLDHQWUHORVYDORUHVGHODVHULH\ORVGHODHFXDFLyQDWE


/DVIyUPXODVSDUDHOFiOFXORGHD\GHEVRQODVVLJXLHQWHV

XW < W
Q

D=

W 

W
Q

E=

XW

XW D W


Q
Q

&iOFXORQXPpULFRGHORVSDUiPHWURV
$xR

W

 
 
 
 
 



X W







W < XW 







W







D=

 
 =   =   





E=


   =  



6HJ~QGLFKDHFXDFLyQHQODYHQWDHVSHUDGDGHURGDPLHQWRVDOFDQ]DUtDDODV

XQLGDGHV(VWRVHREWLHQHKDFLHQGRW HQODHFXDFLyQGHODWHQGHQFLD


(OHPSOHRGHDQWHFHGHQWHVKLVWyULFRVSDUDHVWDEOHFHUHOFRPSRUWDPLHQWRIXWXURGH

XQDVHULHFURQROyJLFDGHVFDQVDHQHOVXSXHVWREiVLFRTXHODVYDULDEOHVGHWHUPLQDQWHVGH

75$%$-2'2&(17(1



ODVYHQWDV QLYHOGHDFWLYLGDGHFRQyPLFDSUHFLRVUHODWLYRVHWF WHQGUiQHQHOIXWXURHO


PLVPR FRPSRUWDPLHQWR TXH HQ HO SDVDGR  6L HVWD KLSyWHVLV QR SDUHFLHUD UD]RQDEOH
GHEHUiQHPSOHDUVHRWUDVPHWRGRORJtDVTXHSHUPLWDQDXPHQWDUHOJUDGRGHYDOLGH]GHODV
SUHGLFFLRQHVREWHQLGDV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

&$3,78/2

)250$/,=$&,21'(/$1$/,6,6'(,1&(57,'80%5(
(/02'(/2'(352%$%,/,'$'(6



(Q HO FDStWXOR DQWHULRU VH GLVFXWLy HO KHFKR SRU GHPiV VRUSUHQGHQWH TXH OD

LQFHUWLGXPEUHREVHUYDGDGHORVHUURUHVGHPHGLGDSRGtDVHUUHGXFLGDVLVHLQFUHPHQWDED
HOQ~PHURGHPHGLFLRQHV REVHUYDFLRQHV (VWHUHVXOWDGRQRHVPiVTXHODDSOLFDFLyQGH
XQSULQFLSLRPiVJHQHUDOTXHVHUHODFLRQDFRQODHVWDELOLGDGGHODVIUHFXHQFLDVUHODWLYDV
(QHIHFWRKD\QXPHURVRVIHQyPHQRVTXHVHFDUDFWHUL]DQSRUHOKHFKRTXHDODXPHQWDUHO
Q~PHURGHREVHUYDFLRQHVHVSRVLEOHFRQVWDWDUXQDJUDQHVWDELOLGDGHQODIUHFXHQFLDGH
DSDULFLyQGHORVGLIHUHQWHVUHVXOWDGRVTXHRULJLQDGLFKRIHQyPHQR$VtSRUHMHPSORHO
UHVXOWDGRGHOODQ]DPLHQWRGHXQGDGRSXHGHVHUyVLQHPEDUJRVLVHUHSLWH
HOODQ]DPLHQWRXQQ~PHURPX\JUDQGHGHYHFHVHQDSUR[LPDGDPHQWHODVH[WDSDUWHGH
ORVFDVRVVDOGUiHOHQODVH[WDSDUWHGHORVFDVRVVDOGUiHO\DVtVXFHVLYDPHQWH6H
WUDWDGHXQIHQyPHQRDOHDWRULR&DGDXQRGHORVODQ]DPLHQWRVGHOGDGRUHFLEHHOQRPEUH
GHH[SHULPHQWRDOHDWRULR6HGLFHTXHHOORVVRQIHQyPHQRVDOHDWRULRV(OODQ]DPLHQWR
GH XQD PRQHGD DO DLUH HV WDPELpQ XQ H[SHULPHQWR DOHDWRULR TXH WLHQH GRV UHVXOWDGRV
SRVLEOHV & 6  HO ODQ]DPLHQWR GH XQ GDGR HV XQ H[SHULPHQWR DOHDWRULR TXH WLHQH 
UHVXOWDGRV SRVLEOHV      \    &DGD XQR GH ORV UHVXOWDGRV GH XQ H[SHULPHQWR
DOHDWRULRVHOODPDHYHQWRRVXFHVRDOHDWRULR

'HILQLFLyQGHSUREDELOLGDG


/DIUHFXHQFLDGHFDGDXQRGHORVUHVXOWDGRVSRVLEOHVGHXQH[SHULPHQWRDOHDWRULR

WLHQGHDHVWDELOL]DUVHDOUHGHGRUGHXQQ~PHURILMRFRQIRUPHHOH[SHULPHQWRVHUHSLWHXQ
Q~PHURPD\RUGHYHFHV$VtSRUHMHPSORVLVHODQ]DXQDPRQHGDDODLUH
YHFHV\VHFDOFXODODIUHFXHQFLDGHOUHVXOWDGRFDUDIFHVGHFLUHOQ~PHURGH
YHFHV TXH VDOH FDUD UHVSHFWR GHO WRWDO GH WLUDGDV VH WLHQH XQ GLDJUDPD FRPR HO TXH
DSDUHFHHQHO*UiILFR1TXHLQGLFDTXHODIUHFXHQFLDUHODWLYDWLHQGHDHVWDELOL]DUVHHQ
WRUQR DO Q~PHUR   (VWH YDORU VH GLFH TXH HV OD SUREDELOLGDG GHO VXFHVR FDUD \ VH
GHQRWD 3 F =  


75$%$-2'2&(17(1



*UiILFR1

IF



17LUDGDV




/D SUREDELOLGDG GH REWHQHU FDUD DO ODQ]DU XQD PRQHGD SRU HMHPSOR LQGLFD OD

SRVLELOLGDG HQ WpUPLQRV UHODWLYRV TXH DSDUH]FD HO UHVXOWDGR FDUD  3DUD FDOFXODU GLFKD
SUREDELOLGDGHVQHFHVDULRUHDOL]DUGRVVXSXHVWRVEiVLFRV
D 

/RVUHVXOWDGRVSRVLEOHVGHFXDOTXLHUODQ]DPLHQWRGHXQDPRQHGDVRQGRVFDUDR
VHOOR  6yOR SXHGH DSDUHFHU XQR GH HOORV  (V GHFLU VL DSDUHFH FDUD QR SXHGH
DSDUHFHUVHOOR\YLFHYHUVD

E 

/RVGRVUHVXOWDGRVVRQLJXDOPHQWHSRVLEOHV(VWRVLJQLILFDTXHQRKD\QLQJXQD
UD]yQSDUDVXSRQHUTXHXQUHVXOWDGRVHDPiVIUHFXHQWHTXHHORWUR

6LVHDFHSWDQORVVXSXHVWRVD \E HQWRQFHVODSUREDELOLGDGTXHDSDUH]FDFDUDOD

TXHVHGHQRWDUi3 & VHGHILQHFRPR


1XPHUR FDVRV IDYRUDEOHV

1XPHURFDVRVSRVLEOHV

3 & =

3XHVWRTXHKD\GRVFDVRVSRVLEOHV FDUDRVHOOR \XQRVyORIDYRUDEOH FDUD VH

WLHQHTXH


3 & =  


&RPRDSOLFDFLyQFDOF~OHVHFXiOVHUtDODSUREDELOLGDGGHREWHQHUHORHORHO

DOODQ]DUXQGDGR


6HWLHQHTXHKD\FDVRVSRVLEOHV  GHORVFXDOHVVRQIDYRUDEOHV

 /XHJR



(QRWUDVSDODEUDVORVFRQRFLPLHQWRVGLVSRQLEOHVQRSHUPLWHQVXSRQHUTXHXQHVWDGRGHODQDWXUDOH]DVHDPiV
IUHFXHQWHTXHHORWUR

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

3    =  


(VWH HMHPSOR PXHVWUDTXHODSUREDELOLGDGGHXQFRQMXQWRHVLJXDODODVXPDGH

SUREDELOLGDGHVGHORVHOHPHQWRVTXHODFRQVWLWX\HQVLHPSUHTXHGLFKRVUHVXOWDGRVVHDQ
PXWXDPHQWHH[FOX\HQWHVHVGHFLUTXHQRSXHGDQSUHVHQWDUVHVLPXOWiQHDPHQWH(QHVWH
FDVR3   3  3  3  


(OFRQMXQWRGHWRGRVORVHYHQWRVSRVLEOHVGHXQH[SHULPHQWRDOHDWRULRUHFLEHHO

QRPEUH GH HVSDFLR GH HYHQWRV R HVSDFLR GH VXFHVRV \ VH GHVLJQD SRU (  $Vt SRU
HMHPSOR HQ HO FDVR GHO ODQ]DPLHQWR GH XQ GDGR ( HV HO FRQMXQWR       
2EYLDPHQWH3( 3RUORWDQWRVHWLHQHTXHODSUREDELOLGDG 3 GHFXDOTXLHUHYHQWR
( HVXQQ~PHURSRVLWLYRDORVXPRLJXDOD(VGHFLU3 ( (OVHUHVHUYD
SDUDGHQRWDUODSUREDELOLGDGGHXQHYHQWRLPSRVLEOH

2SHUDFLRQHVFRQ3UREDELOLGDGHV


/DV SUREDELOLGDGHV VRQ Q~PHURV \ SRU OR WDQWR SXHGHQ VXPDUVH UHVWDUVH

PXOWLSOLFDUVH \ GLYLGLUVH  6H WLHQH HQWRQFHV TXH HV SRVLEOH GHILQLU XQ iOJHEUD GH
SUREDELOLGDGHV

D 

0XOWLSOLFDFLyQ GH SUREDELOLGDGHV \ GHILQLFLyQ GH LQGHSHQGHQFLDHVWRFiVWLFD

6XSyQJDVHTXHVHWLHQHXQDXUQDFRQERODVEODQFDV\DPDULOODV6HD(HOHYHQWRTXH
FRQVLVWHHQH[WUDHUXQDERODEODQFD\(HOHYHQWRTXHFRQVLVWHHQH[WUDHUXQDDPDULOOD
(QWRQFHV ( < (   R VLPSOHPHQWH ( ( HV HO HYHQWR TXH FRQVLVWH HQ H[WUDHU XQD EROD
EODQFD\XQDDPDULOOD


3DUD FDOFXODU 3 ( < (   VH SXHGH SURFHGHU GH ODV GRV IRUPDV DOWHUQDWLYDV

VLJXLHQWHV
L 

6XSRQHUTXHVHH[WUDHQODVGRVERODVVLPXOWiQHDPHQWH6HWLHQHHQWRQFHVTXH

ORVFDVRVSRVLEOHVVRQSXHVWRTXHKD\ERODVSRVLEOHVSDUDRFXSDUHOSULPHUSXHVWR\
XQDYH]TXHpVWHKDVLGROOHQDGRFRQXQDERODTXHGDQSDUDOOHQDUHOVHJXQGRSXHVWR
6H WLHQH TXH  <  =   HO Q~PHUR GH SDUHV SRVLEOHV  /RV FDVRV IDYRUDEOHV HVWiQ



 'HEH WHQHUVHSUHVHQWHOD LPSRUWDQFLD TXH WLHQH HO KHFKR TXH ORV UHVXOWDGRV VHDQ PXWXDPHQWH H[FOX\HQWHV
(QHIHFWRVLVHGHVHDFDOFXODUODSUREDELOLGDGGHVDFDU$VHV $ R&RUD]RQHV &5 DOH[WUDHUXQDFDUWDGHXQD
EDUDMDFRP~QHQWRQFHV3 $&5  3 $ 3 &5 SXHVWRTXHKD\XQHOHPHQWRFRP~QD$\D&5TXHHVHO
$VGHFRUD]yQ

75$%$-2'2&(17(1



FRQVWLWXLGRV SRU WRGRV DTXHOORV SDUHV HQ TXH OD SULPHUD EROD HV EODQFD \ OD VHJXQGD
DPDULOODHVGHFLUSXHVWRTXHKD\ERODVSRVLEOHVSDUDOOHQDUHOSULPHUSXHVWR\GRV
SDUDHOVHJXQGR3RUORWDQWR


3 ( < (  =  


LL 

(O VHJXQGR PpWRGR FRQVLVWH HQ VXSRQHU TXH VH H[WUDH SULPHUR OD EROD EODQFD \

OXHJR OD DPDULOOD  (O HYHQWR TXH FRQVLVWH HQ H[WUDHU OD EROD DPDULOOD GDGR R
FRQGLFLRQDGRDOKHFKRGHTXHVHH[WUDMRDQWHULRUPHQWHODERODEODQFDVHGHQRWD (   ( 
/DSUREDELOLGDGGH (   ( VHGHILQHFRPR
3 ( ( 

3 (

3 (   ( =

6HWLHQHHQWRQFHVTXH 3 ( (  = 3 ( 3 (   ( 

&RPRVHVDEH 3 ( =  SXHVWRTXHKD\ERODVGHODVFXDOHVVRQEODQFDV\


3 (  (  =  \DTXHGHVSXpVGHKDEHUH[WUDtGRODERODEODQFDTXHGDVyORERODVGH


ODVFXDOHVVRQDPDULOODV3RUORWDQWR


3 ( (  =  <  \GHVSXpVGHHIHFWXDUODVVLPSOLILFDFLRQHVGHULJRUVHOOHJDD
 

3 ( (  =  


TXH HV HO PLVPR UHVXOWDGR REWHQLGR DQWHULRUPHQWH  /D GHILQLFLyQ GH SUREDELOLGDG
FRQGLFLRQDOVLPSOLILFDQRWDEOHPHQWHORVFiOFXORV\SHUPLWHDVRFLDUODPXOWLSOLFDFLyQGH
SUREDELOLGDGHVDODSUREDELOLGDGGHOHYHQWRLQWHUVHFFLyQ 3 ( (  

E 

,QGHSHQGHQFLDHVWRFiVWLFD/DSUREDELOLGDGFRQGLFLRQDOSHUPLWHDGHPiVGHILQLU

ODLPSRUWDQWHQRFLyQGHLQGHSHQGHQFLDHVWRFiVWLFDRHVWDGtVWLFD(QHIHFWR 3 (  (  
 HQ WDQWR TXH 3 (  =      (VWH KHFKR VH H[SOLFD SRUTXH HO HYHQWR FRQGLFLRQDO
HQWUHJDXQDLQIRUPDFLyQDGLFLRQDOUHVSHFWRGHOHYHQWRVLPSOH'LFKDLQIRUPDFLyQH[WUD
TXHHQHVWHFDVRHVHOFRQRFLPLHQWRGHTXHODSULPHUDERODIXHEODQFDWLHQGHDGLVPLQXLU
HOJUDGRGHLQFHUWLGXPEUH\SRUORWDQWRDPRGLILFDUODSUREDELOLGDGGHOHYHQWRVXMHWRD
OD FRQGLFLyQ HQ UHIHUHQFLD  (O FDVR H[WUHPR HQ TXH OD SUREDELOLGDG GHO HYHQWR QR VH
PRGLILFDSRUHOFRQRFLPLHQWRGHODFRQGLFLyQSUHYLDUHFLEHHOQRPEUHGHLQGHSHQGHQFLD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

HVWDGtVWLFD  6H WLHQH HQWRQFHV TXH ORV HYHQWRV ( \ ( VH GLFHQ PXWXDPHQWH
LQGHSHQGLHQWHVRVLPSOHPHQWHLQGHSHQGLHQWHVVL


3 (   (   3 (  

(Q HO FDVR GH VXFHVRV LQGHSHQGLHQWHV HO FRQRFLPLHQWR GH OD FRQGLFLyQ (  QR

DOWHUDHQDEVROXWRHOJUDGRGHLQFHUWLGXPEUHGHOHYHQWRHQHVWXGLR ( /XHJRGLFKD
LQIRUPDFLyQHVLUUHOHYDQWH


3RUORWDQWRVL(\(VRQGRVVXFHVRVLQGHSHQGLHQWHVHQWRQFHV

3 ( (  = 3 ( < 3 (   TXH HV OD OODPDGD OH\ GH PXOWLSOLFDFLyQ GH ODV

SUREDELOLGDGHV


&RPRHMHPSORVXSyQJDVHODVGRVVLWXDFLRQHVVLJXLHQWHV

L 

6DFDUHOQ~PHURGHXQDXUQDTXHFRQWLHQHILFKDVQXPHUDGDVGHD

3DUDFDOFXODU3  EDVWDDSOLFDUODGHILQLFLyQGHSUREDELOLGDGHQTXHKD\XQVROR

FDVRIDYRUDEOHHOQ~PHUR\FDVRVSRVLEOHV3RUORWDQWR


3  =  


LL 

6DFDUXQSULPHUR\XQGHVSXpVHQXQSURFHVRFRQUHSRVLFLyQGHXQDXUQDTXH

FRQWLHQHILFKDVQXPHUDGDVGHD


3DUDGHWHUPLQDUODSUREDELOLGDGGHREWHQHUHVQHFHVDULRFDOFXODU

3  < 3   

/DSUREDELOLGDGGHREWHQHU3   SXHVWRTXHKD\XQVRORFDVRIDYRUDEOH

HO\SRVLEOHV


3XHVWR TXH HO SURFHVR HV FRQ UHSRVLFLyQ HV GHFLU ODV ILFKDV VRQ GHYXHOWDV D OD

XUQDVHWLHQHTXHODVHJXQGDH[WUDFFLyQHVDEVROXWDPHQWHLQGHSHQGLHQWHGHOUHVXOWDGRGH
ODSULPHUD(VGHFLU3   3   


3RUORWDQWR 3  < 3   = 3  < 3  =  

(VWRVHMHPSORVPXHVWUDQDGHPiVXQLPSRUWDQWHSULQFLSLRGHGHVFRPSRVLFLyQ(Q

HIHFWRVLVHGHVHDREWHQHUODSUREDELOLGDGGHH[WUDHUXQQ~PHURFRPRHQHVWHHMHPSOR
VHSXHGHQHPSOHDUGRVPpWRGRVHOD \HOE TXHVHGLIHUHQFLDQSRUTXHHOE VXSRQHXQD
HVSHFLHGHGHVFRPSRVLFLyQGHOQ~PHURHQVXVGtJLWRVFRQVWLWXWLYRV


(V LQWHUHVDQWH GHVWDFDU ILQDOPHQWH TXH OD QRFLyQ GH SUREDELOLGDG FRQGLFLRQDO

MXHJDXQSDSHOLPSRUWDQWHHQODGHWHUPLQDFLyQGHOJUDGRGHDVRFLDFLyQHQWUHYDULDEOHV
(QHIHFWRVLORVHYHQWRV[H\HVWiQUHODFLRQDGRVHQWRQFHVHVHYLGHQWHTXH

75$%$-2'2&(17(1



3 \[  ! 3 \  SXHVWR TXH HO FRQRFLPLHQWR GHO YDORU WRPDGR SRU OD YDULDEOH [

GLVPLQX\HODLQFHUWLGXPEUHUHVSHFWRDOFRQRFLPLHQWRGHOYDORUTXHWRPDUiODYDULDEOH\
&RPRFDVRH[WUHPRVHWLHQHTXH3 \[  

F 

6XPD GH SUREDELOLGDGHV \ GHILQLFLyQ GH VXFHVRV PXWXDPHQWH H[FOX\HQWHV

6XSyQJDVHTXHVHGLVSRQHGHXQQDLSHLQJOpV\VHD(HOHYHQWRTXHFRQVLVWHHQVDFDUXQ
WUpERO(OHYHQWRTXHFRQVLVWHHQVDFDUXQDVRXQWUpEROUHFLEHHOQRPEUHGHHYHQWR
FRQMXQWR\VHGHVLJQD((


3DUD FDOFXODU VX SUREDELOLGDG HV QHFHVDULR FRQWDU ORV FDVRV SRVLEOHV \ ORV

IDYRUDEOHV/RVFDVRVVRQHOQ~PHURWRWDOGHFDUWDVGHOQDLSH/RVFDVRVIDYRUDEOHV
VRQ(QHIHFWRKD\WUpEROHV\DVHVSHURGHORVTXHFRQVWLWX\HQODVXPDGH
ORVHOHPHQWRVGHDPERVFRQMXQWRVGHEHUHVWDUVHHODVGHWUpEROTXHDSDUHFHHQHOSULPHUR
\VLPXOWiQHDPHQWHHQHOVHJXQGRHYHQWRFRQORTXHTXHGDQILQDOPHQWH


(QWpUPLQRVJUiILFRV





7UpEROHV

$VHV






$VGH7UpERO





3RUORWDQWRODSUREDELOLGDG 3 ( + (  =  


G 

'HILQLFLyQGHHYHQWRVPXWXDPHQWHH[FOX\HQWHV(Q WpUPLQRV IRUPDOHV VH WLHQH

TXH 3 ( + (  = 3 ( + 3 (  3 ((    (YLGHQWHPHQWH VL ORV VXFHVRV VRQ


PXWXDPHQWHH[FOX\HQWHVHVGHFLUVL 3 ( (  =  HQWRQFHV 3 ( + (  = 3 ( + 3 (  

9DULDEOHDOHDWRULD


(QYH]GHWUDEDMDUFRQHYHQWRVHVGHFLUFRQFRQMXQWRVHVSUHIHULEOHWUDEDMDUFRQ

Q~PHURV&RQHVWHREMHWRVHUHDOL]DXQSURFHVRTXHFRQVLVWHHQVLPEROL]DUORVFRQMXQWRV
SRUQ~PHURV\DVRFLDUDFDGDQ~PHURODSUREDELOLGDGGHOFRQMXQWRTXHUHSUHVHQWD(VWD
DVRFLDFLyQUHFLEHHOQRPEUHGHYDULDEOHDOHDWRULD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

/DV YDULDEOHV DOHDWRULDV SXHGHQ VHU GLVFUHWDV R FRQWLQXDV  /DV SULPHUDV VH

FDUDFWHUL]DQ SRU WRPDU VyOR FLHUWRV YDORUHV VXFHVLYRV GH XQ LQWHUYDOR QXPpULFR  /DV
VHJXQGDVSRUWRPDUWRGRVORVYDORUHVGHOLQWHUYDORUHDOHQTXHVHGHILQHQ

D 

'LVWULEXFLRQHVGHSUREDELOLGDGGLVFUHWDV(VWHHVHOQRPEUHFRQTXHVHGHVLJQDOD

UHODFLyQ HQWUH XQD YDULDEOH GLVFUHWD \ OD PHGLGD GH SUREDELOLGDG GH FDGD XQR GH VXV
YDORUHV$VtSRUHMHPSORHQHOFDVRGHOODQ]DPLHQWRGHXQDPRQHGDDODLUHVHSXHGH
DVRFLDU DO HYHQWR FDUD HO Q~PHUR FHUR \ DO HYHQWR VHOOR HO Q~PHUR   (QWRQFHV HO
FXDGURVLJXLHQWHFRQVWLWX\HODGHVFULSFLyQGHXQDYDULDEOHDOHDWRULDGLVFUHWD


[
S [ 



E 









9DORUHVGHODYDULDEOH
3UREDELOLGDGGHFDGDYDORU

'LVWULEXFLRQHVGHSUREDELOLGDGFRQWLQXD/DIRUPDGHGHVFULELUSUREDELOLGDGHVHQ

ODVOODPDGDVYDULDEOHVFRQWLQXDVFRQVLVWHHQXQSURFHGLPLHQWRDQiORJRDOH[SOLFDGRSDUD
HOFDVRGHGLVWULEXFLRQHVGHIUHFXHQFLDVFRQWLQXDV6HGLYLGHHOUHFRUULGRGHODYDULDEOH
HQ XQ JUDQ Q~PHUR HQ UHDOLGDG LQILQLWRV  GH VXELQWHUYDORV PX\ SHTXHxRV TXH VH
GHQRWDQ [  G[  [  + G[   /D SUREDELOLGDG TXH OD YDULDEOH [ WRPH XQ YDORU TXH


SHUWHQH]FD D HVH LQWHUYDOR VH GHQRWD 3 [  G[  [  + G[  \ VH OODPD VLPSOHPHQWH OD


SUREDELOLGDGGHOLQWHUYDOR


3DUD FDOFXODU SUREDELOLGDGHV HQ HO FDVR GH YDULDEOHV DOHDWRULDV FRQWLQXDV VH

GHWHUPLQD XQD HVSHFLH GH GHQVLGDG SURPHGLR GH FDGD LQWHUYDOR SRVWHULRUPHQWH VH
PXOWLSOLFD GLFKD GHQVLGDG SRU OD ORQJLWXG GHO LQWHUYDOR \ VH REWLHQH OD SUREDELOLGDG
GHVHDGD  $Vt SRU HMHPSOR VL OD IXQFLyQ GH GHQVLGDG GH XQD YDULDEOH DOHDWRULD [ VH
GHVFULEHSRUODIXQFLyQI [  H[SDUD[!HQWRQFHV


3 [  G[  [  + G[ = I [ G[ 






(OLQWHUYDOR [G[[G[ HVSRUGHILQLFLyQHOFRQMXQWRGHWRGRVORVYDORUHV[GHODYDULDEOHWDOHVTXH


[ [G[[[G[ 
(QWpUPLQRVJUiILFRVVHWLHQHTXHHOWUD]RDFKXUDGRUHSUHVHQWDHOFRQMXQWRGHYDORUHVGH[TXHGHILQHGLFKR
LQWHUYDOR
x 0-dx/2

x0

x0 +dx/2

75$%$-2'2&(17(1



(VGHFLU


3 [  G[  [  + G[ = H [ < G[ 



/DIXQFLyQGHGHQVLGDGVHSUHVHQWDHQHOJUiILFR1

*UiILFR1
I [

I [


'

$
[ B G[


&

%
[  G[


[

H [
[


3XHGHREVHUYDUVHTXHODSUREDELOLGDGGHOLQWHUYDOR [  G[  [  + G[ HVWiGDGDSRUHO


iUHD EDMR OD FXUYD GH GHQVLGDG 'LFKD iUHD VH KD DFKXUDGR  6L HO LQWHUYDOR HV PX\
SHTXHxR HQWRQFHV HO iUHD HQ UHIHUHQFLD VH DSUR[LPD SRU HO UHFWiQJXOR $%&' FX\D
VXSHUILFLHHVWiGDGDSRU$'$%HQTXH$' I [ \$% G[(VWDHVODUD]yQSRUOD
TXHI [ SXHGHVHULQWHUSUHWDGDFRPRODFDQWLGDGSURPHGLRGHSUREDELOLGDGSRUXQLGDGGH
ORQJLWXGGHOLQWHUYDOR'HDOOtHOQRPEUHGHIXQFLyQGHGHQVLGDGTXHVHOHGDDI [ 


(QSDUWLFXODUVLI [  SDUD[HVXQDIXQFLyQGHGHQVLGDGHQWRQFHV

OD SUREDELOLGDG TXH OD YDULDEOH [ WRPH YDORUHV FRPSUHQGLGRV HQWUH  \  HV LJXDO DO
SURGXFWR GH OD GHQVLGDG GH SUREDELOLGDG TXH HQ HVWH FDVR HV  SRU OD ORQJLWXG GHO
LQWHUYDORTXHHVXQLGDGHV  3RUORWDQWR


3  < [ < =  [  =  



3RU RWUD SDUWH VL I [   [ SDUD   [   HQWRQFHV 3    HV HO iUHD GHO


WULiQJXOR2$%GHOJUiILFR1HVGHFLU


  $ [ $% 


 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

 [  [ 
  



*UiILFR1

I [

%





[





8QD YDULDEOH DOHDWRULD FRQWLQXD PX\ LPSRUWDQWH HV OD OODPDGD YDULDEOH QRUPDO

GHILQLGDSRUODVLJXLHQWHIXQFLyQGHGHQVLGDG
 H


[


) [ =

(VWDYDULDEOHDSDUHFHHQFRQH[LyQFRQHOHVWLPDGRUPHGLDDULWPpWLFDPHQFLRQDGR

SDUD < [ < 

HQHOFDStWXORDQWHULRU(QHIHFWRVLVHH[WUDHXQDPXHVWUDGHQREVHUYDFLRQHVGHXQD
SREODFLyQ FRQ PHGLD  \ GHVYLDFLyQ HVWiQGDU  \ VH FDOFXOD OD PHGLD PXHVWUD [  OD
YDULDEOHDOHDWRULD


==

[


WLHQHXQDGLVWULEXFLyQQRUPDO
(VGHFLUHOHVWLPDGRUPHGLDPXHVWUDOSXHGHVHUFRQVLGHUDGRFRPRXQDYDULDEOHDOHDWRULD
FRQWLQXDTXHWLHQHXQDIXQFLyQGHGHQVLGDGTXHWLHQGHDODQRUPDOFRQPHGLDLJXDODOD
PHGLD GH OD SREODFLyQ \ GHVYLDFLyQ HVWiQGDU GH  Q  FXDQGR Q    (VWD
LPSRUWDQWHSURSRVLFLyQFRQRFLGDFRPRWHRUHPDFHQWUDOGHOOtPLWHSHUPLWHHVWDEOHFHUFRQ
WRGD SUHFLVLyQ HVWLPDFLRQHV SDUD HO YDORU GHVFRQRFLGR GH  D WUDYpV GHO FiOFXOR GH OD
PHGLD [ GHXQDPXHVWUDREWHQLGDGHODSREODFLyQHQHVWXGLR

75$%$-2'2&(17(1



(-(5&,&,21

352%$%,/,'$'(6<(67$',67,&$6



5HSUHVHQWDFLyQJUiILFD\FiOFXORGHPHGLDVGHSRVLFLyQ\GLVSHUVLyQ

 5HSDUWLFLyQ SURSRUFLRQDO GH PXMHUHV VHJ~Q HGDG \ HO Q~PHUR GH KLMRV
QDFLGRVYLYRV &HQVR 

(GDG








&RQMXQWR


































































































'HWHUPLQHODSREODFLyQR8QLYHUVRODRODVYDULDEOHVODVIUHFXHQFLDV\ORV
YDORUHV



6LVHWLHQHODVHULHVLJXLHQWH






,QWHUYDORV









)UHFXHQFLD





'LEXMHHOJUiILFRGHIUHFXHQFLD KLVWRJUDPD GHHVWDGLVWULEXFLyQ


/D FXUYD GH IUHFXHQFLDV DFXPXODGDV DVFHQGHQWHV GH XQD GLVWULEXFLyQ FRQWLQXD
\ Q~PHURGHREVHUYDFLRQHVHQTXHHOYDORUGHOFDUiFWHUHVLQIHULRURLJXDOD[ 
HVWiGDGDSRUODVVLJXLHQWHVH[SUHVLRQHV

L 

\ = [   SDUD [ <  

LL 

\ = 

[  SDUD  [  

D 'LEXMHHOKLVWRJUDPD JUiILFRGHIUHFXHQFLD GHODGLVWULEXFLyQ


E 'LEXMHODFXUYDGHIUHFXHQFLDVDFXPXODGDV
F &RPSDUHDPERVJUiILFRV


 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$



3UpVWDPRVILQLTXLWDGRVPHQVXDOPHQWH

PRQHGDGHODxRPLOORQHVGHGHFDGDDxR 

$xR (QHUR )HEUHUR 0DU]R $EULO 0D\R -XQLR


 

   
 


  

$xR -XOLR $JRVWR 6HSW 2FWXEUH 1RY


 




 





'LF



  +DJDHOJUiILFRUHVSHFWLYR
  &DOFXOHODVPHGLDVPyYLOHVGHSHUtRGRV
  &RQVWUX\DHOJUiILFRGHGLFKDVPHGLDV


 'DGRORVVLJXLHQWHVFXDGURVHVWDGtVWLFRV


D 

&RPSRVLFLyQ GH ORV VHUYLFLRV \ GHXGDV SRU FREUDU HQ ODV $VRFLDFLRQHV GH
$KRUUR\3UpVWDPRVGH6DQWLDJR







$VRFLDFLRQHV
$KRUURPHW
%HUQDUGR2+LJJLQV
&DOLFDQWR
&DVDSURSLD
&DVDV&KLOH
+XHOpQ
/LEHUWDG
5HQRYDFLyQ

E 


&XRWDV\
VHUYLFLRV









,QWHUpVFREUDU

'HXGDV\2WURV



















6XSHUILFLHPHQVXDOGHYLYLHQGDVILQDQFLDGDVHQ
PLOHVGHPHWURVFXDGUDGRV 
PLOHVGHPWVFXDGUDGRV
(QHUR

)HEUHUR

0DU]R

$EULO

0D\R

-XQLR

-XOLR

$JRVWR

6HSWLHPEUH

2FWXEUH

1RYLHPEUH

'LFLHPEUH


75$%$-2'2&(17(1




F 



1XHYRVDKRUUDQWHVLQJUHVDGRVDOVLVWHPDHQ
(QHUR
)HEUHUR
0DU]R
$EULO
0D\R
-XQLR
-XOLR
$JRVWR
6HSWLHPEUH
2FWXEUH
1RYLHPEUH
'LFLHPEUH

L 
















'HWHUPLQH HQ FDGD FDVR XQ JUiILFR FRQ OD LQIRUPDFLyQ GLVSRQLEOH \
HVWDEOH]FDVXUHSUHVHQWDWLYLGDG

LL  (VWXGLHHOFUHFLPLHQWRGHODVFDSWDFLRQHVHQODVLQVWLWXFLRQHVGHDKRUUR
\SUpVWDPR

 (OFXDGURDGMXQWRPXHVWUDORVDKRUURVFDSWDGRVSRUXQLQVWLWXWRGHDKRURSDUDOD
YLYLHQGDHQWUH\
$xRV









$KRUURV
0LOO(GH






(VWLPHHODKRUURTXHFDSWDUtDHO6,1$3HQ\HO


 (QXQDFLXGDGVHSXEOLFDQWUHVSHULyGLFRV$%\&6HHVWLPDDWUDYpVGHXQD
PXHVWUDTXHGHODSREODFLyQDGXOWD












OHH
OHH
OHH

$
%
&





4XpSRUFHQWDMHOHHDOPHQRVXQRGHORVGLDULRV"

OHHQ
OHHQ
OHHQ

$\%
$\&
%\&

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$



&iOFXORGHSUREDELOLGDGHV



8QDXUQDFRQWLHQHILFKDVEODQFDV\QHJUDV&XiOHVODSUREDELOLGDGGH
TXHDOVDFDUXQDDOD]DUVHDEODQFD"



8QD XUQD FRQWLHQH WUHV ILFKDV EODQFDV \ GRV QHJUDV  &XiO HV OD
SUREDELOLGDGGHTXHDOVDFDUGRVILFKDVGHODXUQDDPEDVVHDQQHJUDV"



6H UHSDUWHQ  FDUWDV DO D]DU \ VLQ UHHPSOD]DPLHQWR GH XQ PD]R GH 
'HWHUPLQDUODSUREDELOLGDGGHTXHODVUHVXOWHQHVSDGDV



(Q FDGD XQR GH ORV VLJXLHQWHV FDVRV GHVFULELU XQ HVSDFLR PXHVWUDO
DSURSLDGR\OXHJRKDOODUODVSUREDELOLGDGHVUHTXHULGDV

D 

2EWHQHUH[DFWDPHQWHGRVVHOORVDOODQ]DUWUHVPRQHGDV

E 

'H TXH XQ FDVLOOHUR TXHGH YDFtR DO FRORFDU GRV REMHWRV GLVWLQWRV HQ
GRVFDVLOOHURVQXPHUDGRV

F 

6HHOLJHDODO]DUXQQ~PHURHQWUHORVHQWHURVFRPSUHQGLGRVGHODO
GHWDOPRGRTXHFDGDXQRGHHOORVWHQJDODPLVPDSUREDELOLGDG
GHVHUHOHJLGR&XiOHVODSUREDELOLGDGGHTXHHOQ~PHURVHD

L  XQP~OWLSORGH"

LL  XQP~OWLSORGH"



8QD FRPSDxtD TXH GHVHD DEULU XQ QXHYR VXSHUPHUFDGR GLVSRQH GH GRV
WHUUHQRVHQGLVWLQWDVORFDOLGDGHV(OJHUHQWHKDHVWLPDGRTXHHQODSULPHUD
ORFDOLGDGHOVXSHUPHUFDGRHQWUHJDUtDXQDXWLOLGDGPHQVXDOGHVL
WLHQH p[LWR \ XQD SpUGLGD GH  VL IUDFDVD  (Q OD RWUD ORFDOLGDG OD
XWLOLGDGVHUtDGHHQFDVRGHp[LWR\ODSpUGLGDGHHQFDVR
GH IUDFDVR  6L OD SUREDELOLGDG GH WHQHU p[LWR HV GH  HQ DPEDV
ORFDOLGDGHVGyQGHDFRQVHMDUtD8G4XHGHEHLQVWDODUVHHOVXSHUPHUFDGR"



$FRPLHQ]RGHFDGDVHPDQDXQFRPHUFLDQWHKDFHVWRFNGHXQFLHUWRELHQ
VHVDEHTXHHOQ~PHURGHXQLGDGHVTXHSXHGHQYHQGHUVHSXHGHVHUGHVFULWR
SRUXQDYDULDEOHDOHDWRULDFRQGLVWULEXFLyQXQLIRUPH

I [ =  [ 


'DGR TXH HO SUHFLR GH YHQWD GH HVWH ELHQ HV GH  \ OD SpUGLGD SRU OD
PHUFDGHUtD DOPDFHQDGD TXH QR HV YHQGLGD HQ OD VHPDQD HV GH  SRU
XQLGDG GHWHUPLQH HO VWRFN TXH 8G FRQVLGHUH PiV DGHFXDGR KDFHU DO
FRPLHQ]RGHFDGDVHPDQD

75$%$-2'2&(17(1





6L VH VXSRQH TXH HO  GH ODV SLH]DV IDEULFDGDV SRU XQD PiTXLQD VRQ
GHIHFWXRVDV

D 

&XiOHVODSUREDELOLGDGTXHGHSLH]DVH[WUDtGDVDOD]DUKD\DPHQRVGH
GRVGHIHFWXRVD"

E 

6LODPiTXLQDSURGXFHSLH]DVDOGtDFXiOHVHOQ~PHURPHGLRGH
SLH]DVGHIHFWXRVDVGHXQDMRUQDGD"



(QOD&DVDGH0RQHGDVHVDEHTXHSRUFDGDPRQHGDIDEULFDGDVDSDUHFHXQD
FX\D IDOOD FRQVLVWH HQ WHQHU FDUD SRU DPERV ODGRV  'H XQ ORWH FXDOTXLHUD GH
SURGXFFLyQVHUHWLUDXQDPRQHGDDOD]DUVHODQ]DDODLUHGLH]YHFHVREWHQLpQGRVH
GLH]FDUDV&XiOHVODSUREDELOLGDGTXHODPRQHGDVHOHFFLRQDGDWHQJDFDUDSRU
DPERVODGRV"



8QERPEDUGHUROOHYDERPEDV\VXREMHWLYRHVGHVWUXLUXQDOtQHDGHIHUURFDUULO
6LXQDERPEDLPSDFWDKDVWDPHWURV PHGLGRVSHUSHQGLFXODUPHQWH GHODYtD
FDXVD VXILFLHQWH GDxR FRPR SDUD TXH VH LQWHUUXPSD HO WUiILFR  3DUD HVWH
ERPEDUGHURORVSXQWRVGHLPSDFWRWLHQHQODVLJXLHQWHIXQFLyQGHGHQVLGDG

I [ =

 + [
SDUD[


 =

 [
 [ <  GRQGH[UHSUHVHQWDODGLVWDQFLD HQPHWURV PHGLGD


SHUSHQGLFXODUPHQWHDODOtQHD


6L VH XVDQ ODV WUHV ERPEDV &XiO HV OD SUREDELOLGDG TXH HO WUiILFR TXHGH
LQWHUUXPSLGR"

 $SDUWLUGHODIXQFLyQFRQMXQWDGHGHQVLGDG
 [   \  

I [\ = [ + \

&DOFXODUODFXUYDGHUHJUHVLyQGH<HQ;

 /D GLVWULEXFLyQ GH SUREDELOLGDG GH OD GHPDQGD VHPDQDO GH XQ SURGXFWR HV OD
VLJXLHQWH
3UREDELOLGDG
'HPDQGD
















(OSUHFLRGHYHQWDHVGHSRUXQLGDGHV\HOFRVWRGHDGTXLVLFLyQHVGH

D 

2EWHQJD OD GLVWULEXFLyQ GH SUREDELOLGDG GH OD UHQWD SDUD FDGD QLYHO GH
GHPDQGD

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

E 

&DOFXOH OD GLVWULEXFLyQ GH SUREDELOLGDG GH ORV EHQHILFLRV SDUD FDGD
HVWUDWHJLDGHDFFLyQ

F 

6LVHGHVHDPDQWHQHUXQVWRFNGHXQLGDGHVHQIRUPDUHSHWLGDFXiOHV
VRQORVUHVXOWDGRVTXHHQWUHJDHOPRGHOR"

75$%$-2'2&(17(1



&$3,78/2

6,78$&,21(6'(,1&(57,'80%5((1(9$/8$&,21'(352<(&726




(Q JHQHUDO ORV UHVXOWDGRV H[DFWRV GH ODV DFFLRQHV HFRQyPLFDV QR SXHGHQ

HVWDEOHFHUVH FRQ SUHFLVLyQ FRQ HO VROR FRQRFLPLHQWR GH ODV YDULDEOHV HFRQyPLFDV
XVXDOPHQWHHPSOHDGDV\ODVUHODFLRQHVIXQFLRQDOHVDWUDYpVGHODVFXDOHVVHUHODFLRQDQ
$VtSRUHMHPSORVLVHKDHVWDEOHFLGRTXHODGHPDQGDRIHUWD\HOHTXLOLEULRGHPHUFDGR
GHXQELHQSXHGHQVHUGHVFULWDVSRUODVHFXDFLRQHV


T' S

T S

T' T

6HWLHQHHQWRQFHVTXH
L 

S  

LL 

T  

6LQ HPEDUJR VL VH FRQVLGHUDQ QXPHURVDV VLWXDFLRQHV HVSHFtILFDV HQ ODV TXH

 HVGLItFLOTXHVHREVHUYHTXHS \T H[DFWDPHQWH(QUHDOLGDGVH

SUHVHQWDUiQYDORUHVFRPRORVLQGLFDGRVHQHOFXDGUR1

&XDGUR1




S





T





6H WLHQH HQWRQFHV TXH ODV REVHUYDFLRQHV GHEHQ LQWHUSUHWDUVH PiV ELHQ FRPR

UHVXOWDGRVGHH[SHULPHQWRVDOHDWRULRVTXHFRPRSURFHVRVDEVROXWDPHQWHGHWHUPLQtVWLFRV
GHODVYDULDEOHVH[yJHQDV(QHVWHVHQWLGRHVSRVLEOHGLVWLQJXLUGRVVLWXDFLRQHVVHJ~Q
VH FRQR]FD R QR OD GLVWULEXFLyQ GH SUREDELOLGDGHV GHO H[SHULPHQWR DOHDWRULR  6LQRVH
FRQRFHVHKDEODGHLQFHUWLGXPEUH\VLVHFRQRFHGHULHVJR



9DULDEOHH[yJHQDHVDTXHOODYDULDEOHTXHVHGHWHUPLQDIXHUDGHOPRGHOR(QHVWHFDVR

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

7RGR SUR\HFWR GH LQYHUVLyQ VH GHVDUUROOD DO PHQRV SDUFLDOPHQWH HQ HO IXWXUR \

SRUORWDQWRHVWiDIHFWRDULHVJRRLQFHUWLGXPEUH(OYDORUGHVXVIOXMRVGHEHQHILFLRV\
FRVWRV QR SXHGH VHU FRQRFLGR FRQ DEVROXWD FHUWH]D \ SRU OR WDQWR HV FRQYHQLHQWH
SUHVHQWDUDOJXQRVFULWHULRVTXHSHUPLWDQPHGLUHOQLYHOGHULHVJR\HYDOXDUHOSUR\HFWRHQ
HVWDVFRQGLFLRQHV

$QiOLVLVGHVLWXDFLRQHVGHLQFHUWLGXPEUH


6H KDQ LGHDGR QXPHURVRV PpWRGRV SDUD WRPDU GHFLVLRQHV HQ FRQGLFLRQHV GH

LQFHUWLGXPEUH(QHVWRVDSXQWHVVHSUHVHQWDUiQVyORORVOODPDGRVFULWHULRVGH:DOG\GH
6DYDJH


6XSyQJDVHTXHVHGHVHDLQVWDODUXQSHTXHxRUHVWRUiQHQXQDFRQFXUULGDSOD\DGH

OD95HJLyQ6HKDSHQVDGRHQWUHVSRVLELOLGDGHVGHDFXHUGRDOPDWHULDOHPSOHDGR\DO
WDPDxR GHO ORFDO TXH GHED FRQVWUXLUVH  (VWDV SRVLELOLGDGHV VHUiQ VLPEROL]DGDV SRU ODV
OHWUDV 3 SHTXHxR  0 PHGLDQR  \ * JUDQGH   (O p[LWR GH OD HPSUHVD GHSHQGHUi HQ
JUDQPHGLGDGHOWpUPLQRGHXQDVHULHGHREUDVGHLQIUDHVWUXFWXUDTXHVHSLHQVDUHDOL]DU
HQOD]RQD\TXHLQFOX\HQVXFRQH[LyQSRUXQDUHGYLDOFRQODUXWD(VSUiFWLFDPHQWH
LPSRVLEOH SUHFLVDU VL ODV REUDV HVWDUiQ HQ HVWDGR GH DYDQFH VXILFLHQWH DO FRPHQ]DU OD
WHPSRUDGD GH YHUDQR  3RU OR WDQWR VH KD GHFLGLGR FRQVLGHUDU ODV GRV VLWXDFLRQHV
VLJXLHQWHV
D 

4XHQRHVWpQOLVWDVORTXHVHUiGHQRWDGR1

E 

4XHHVWpQOLVWDVGHQRWDGRSRU/

1\/VRQORVOODPDGRVHVWDGRVGHQDWXUDOH]DSXHVWRTXHPXHVWUDQODVFRQGLFLRQHVGHO
PHGLRSHUWLQHQWHVSDUDHOGHVDUUROORGHQXHVWURSUR\HFWRSHURUHVSHFWRGHODVFXDOHVQR
VHWLHQHFRQWURO


3DUDDQDOL]DUORVUHVXOWDGRVHVFyPRGRFRQVLGHUDUXQFXDGURHQTXHDSDUH]FDQ

HQFROXPQDVORVHVWDGRVGHODQDWXUDOH]DHQILODVODVGHFLVLRQHVRSUR\HFWRVSRVLEOHV\
HQ ORV GLIHUHQWHV FDVLOOHURV ODV XWLOLGDGHV DVRFLDGDV DO HVWDGR GH OD QDWXUDOH]D \ D OD
GHFLVLyQ TXH DSDUHFH HQ OD FROXPQD \ ILOD UHVSHFWLYD PHGLGDV SRU HO 9$1 GH ORV
EHQHILFLRV QHWRV GH FDGD SUR\HFWR   6H WLHQH HQWRQFHV XQD PDWUL] OODPDGD 0DWUL] GH
8WLOLGDGHVTXHWLHQHODVLJXLHQWHIRUPD



(VWDVHFFLyQVHKDWRPDGRGH$7RUFKH(YDOXDFLyQGH3UR\HFWRV7HFQROyJLFRV$VSHFWRV0HWRGROyJLFRV
7UDEDMR'RFHQWH1,QVWLWXWRGH(FRQRPtD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOH

75$%$-2'2&(17(1



&XDGUR1
0$75,='(87,/,'$'(6
HQGHFHQDVGHPLOHVGH 

(VWUDWHJLD
(VWDGRGH1DWXUDOH]D

1
/

0LQ


3







0







*








8Q FULWHULR PX\ XVDGR HV HO GH :DOG TXH FRQVLVWH HQ GHWHUPLQDU HQ SULPHU

WpUPLQRODVXWLOLGDGHVPtQLPDVGHFDGDGHFLVLyQ HQHVWHFDVRORV9$1PiVSHTXHxRV 
HV GHFLU FRORFDUVH HQ OD VLWXDFLyQ PiV GHVYHQWDMRVD  3RVWHULRUPHQWH VH HOLJH DTXHOOD
HVWUDWHJLD TXH SURSRUFLRQD HO PD\RU YDORU GH HQWUH ORV PtQLPRV HQFRQWUDGRV
DQWHULRUPHQWH'HDKtHOQRPEUHGHPD[LPLQFRQTXHVHFRQRFHHVWHPpWRGR


(QHOHMHPSORGHOFXDGUR1ORVPtQLPRVVRQ\SDUDODVHVWUDWHJLDV30

\*UHVSHFWLYDPHQWH(OPi[LPRGHHVWRVPtQLPRVHVGHTXHDSDUHFHHQFHUUDGRHQ
XQFtUFXORHQODPDWUL]GHJDQDQFLDVORTXHLQGLFDTXHODHVWUDWHJLDHOHJLGDGHELHUDVHUHO
SHTXHxRUHVWRUiQ 3 


(OFULWHULRGH:DOGHVSHVLPLVWDHQHOVHQWLGRTXHVXSRQHTXHODQDWXUDOH]DQRHV

QHXWUDOVLQRTXHKRVWLOVLQHPEDUJRHVWDDILUPDFLyQVHUiDQDOL]DGDFRQPD\RUGHWDOOH
SRVWHULRUPHQWH


2WUR FULWHULR TXH VH KD XVDGR FRQ IUHFXHQFLD SDUD OD WRPD GH GHFLVLRQHV HQ

FRQGLFLRQHVGHLQFHUWLGXPEUHHVHOGH6DYDJH(QHVWHFDVRHVQHFHVDULRFRQVWUXLUXQD
PDWUL]GHSpUGLGDV UHJUHW DODTXHVHDSOLFDHOFULWHULRGH:DOG


3DUDFDOFXODUODVSpUGLGDVVHGHWHUPLQDSDUDFDGDHVWDGRGHODQDWXUDOH]DODPHMRU

HVWUDWHJLD TXH JHQHUD XQD PD\RU XWLOLGDG  \ VH UHVWDQ ODV XWLOLGDGHV GH ODV RWUDV
HVWUDWHJLD UHVSHFWR GH DTXHOOD REWHQLpQGRVH XQD HVSHFLH GH FRVWR GH RSRUWXQLGDG
DVRFLDGRDOKHFKRGHQRKDEHUUHDOL]DGRODPHMRUGHFLVLyQHQHVHFDVRHVSHFtILFR$Vt
SRU HMHPSOR SDUD HO HVWDGR GH OD QDWXUDOH]D 1 OD PHMRU HVWUDWHJLD HV 3  /XHJR VX
SpUGLGDHQHVHFDVRHVQXOD6LQHPEDUJRODHVWUDWHJLD0LPSOLFDXQDXWLOLGDGGHVyOR
HQYH]GHORVGHODGHFLVLyQ3SRUORWDQWRUHSUHVHQWDXQDSpUGLGDGH  
\DVtVXFHVLYDPHQWH9pDVH&XDGUR1



/DVSpUGLGDVVHVLPEROL]DQFRQVLJQRVQHJDWLYRV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

'HFLVLRQHV

3

&XDGUR1
0$75,='(&26726

(VWDGRGH1DWXUDOH]D
1
/



0tQLPRV



0







*










&RPR VH KD GLFKR DQWHULRUPHQWH VH DSOLFD HO FULWHULR GH :DOG D OD PDWUL] GH

FRVWRVHVGHFLUVHFDOFXODHOPi[LPRGHORVPtQLPRV\VHREWLHQHTXHODHVWUDWHJLDPiV
FRQYHQLHQWH HV OD 0HGLD  (VWH FULWHULR HV PHQRV FRQVHUYDGRU TXH HO GH :DOG HQ HO
VHQWLGR TXH VXSRQH TXH ORV HVWDGRV GH OD QDWXUDOH]D VHUtDQ HQ DOJ~Q VHQWLGR TXH VH
SUHFLVDUiSRVWHULRUPHQWHPiVQHXWUDOHVUHVSHFWRGHOSUR\HFWR

$QiOLVLVGHVLWXDFLRQHVGHULHVJR


&RPRVHGLMRDQWHULRUPHQWHUHFLEHHOQRPEUHGHVLWXDFLyQGHULHVJRDTXHOODHQ

TXHHVSRVLEOHFRQRFHUODVSUREDELOLGDGHVGHORVGLIHUHQWHVHVWDGRVGHODQDWXUDOH]D


6XSyQJDVHTXHVHHVWXGLDODSRVLELOLGDGGHFRPSUDUXQDFDVDHQJDVWDU

XQRV  HQ DUUHJORV \ YHQGHUOD DO FDER GH XQ DxR  ,QIRUPDFLRQHV GLVSRQLEOHV
SHUPLWHQHVWDEOHFHUTXHKD\XQGHSRVLELOLGDGHVTXHODYLYLHQGDSXHGDVHUYHQGLGD
HQ  XQ  GH YHQGHUOD D  \ XQ  HQ   /RV
DQWHFHGHQWHV DQWHULRUHV VH SXHGHQ SUHVHQWDU HQ HO FXDGUR 1  TXH GHVFULEH OD
GLVWULEXFLyQGHSUREDELOLGDGHVGHOYDORUGHODFDVD

&XDGUR1
'LVWULEXFLyQGH3UREDELOLGDGGHO9DORUGHOD&DVD

YL 
SL 
9DORUGHODFDVD
3UREDELOLGDGHV









75$%$-2'2&(17(1



8Q FULWHULR TXH VH KD DGRSWDGR FRQ IUHFXHQFLD FRQVLVWH HQ UHHPSOD]DU OD

GLVWULEXFLyQGHSUREDELOLGDGDQWHULRUSRUORTXHVHOODPDVXHTXLYDOHQWHFLHUWRTXHHVOD
HVSHUDQ]DPDWHPiWLFDGHHOODGHQRWDGD( 9 


&RPR VH YLR HQ HO FDStWXOR  HVWH FULWHULR VH MXVWLILFD SXHVWR TXH VL XQ

H[SHULPHQWRDOHDWRULRRSUREDELOtVWLFRVHUHSLWHXQJUDQQ~PHURGHYHFHVHQWRQFHVORV
UHVXOWDGRVH[WUHPRVWLHQGHQDFRPSHQVDUVH\WRGRRFXUUHFRPRVLHQFDGDUHSHWLFLyQVH
KXELHVHSUHVHQWDGRHOOODPDGRHTXLYDOHQWHFLHUWR


6H WLHQH TXH ( 9    HV HO HTXLYDOHQWH FLHUWR GH ORV YDORUHV GH OD

GLVWULEXFLyQGHSUREDELOLGDGHVGHORVSUHFLRVGHYHQWDVGHODFDVD


/D DSOLFDFLyQ GHO HTXLYDOHQWH FLHUWR SHUPLWH UHGXFLU HO SHUILO GHO SUR\HFWR HQ

HVWXGLR D XQR TXHWLHQHXQDLQYHUVLyQGHHQHOSHUtRGRLQLFLDO\XQIOXMRGH


HQHOSHUtRGRVLJXLHQWH(VWHSUR\HFWRWLHQHXQD7,5GH\SRUORWDQWR
XQ9$1SRVLWLYRDXQDWDVDGHLQWHUpVLQIHULRUDO


/RV FULWHULRV GH :DOG \ 6DYDJH SXHGHQ DQDOL]DUVH FRQ D\XGD GHO FRQFHSWR GH

HTXLYDOHQWHFLHUWR(QHIHFWRVLVHSDUWHGHODPDWUL]GHJDQDQFLDVTXHVHSUHVHQWDHQHO
FXDGUR1\HQTXHVHDQDOL]DHOHTXLYDOHQWHFLHUWRGHODVWUHVHVWUDWHJLDVGHDFXHUGRD
GLIHUHQWHVYDORUHVGHODVSUREDELOLGDGHVGHDSDULFLyQS\SGHORVHVWDGRVGHQDWXUDOH]D
1\/UHVSHFWLYDPHQWH6HWLHQHTXH


( 3  S

5 

( 0  S

( *  S

&XDGUR1
0DWUL]8WLOLGDG

(VWUDWHJLD
3
0
*

(VWDGR1DWXUDO

1 S 




/ S 




/DUHSUHVHQWDFLyQJUiILFDGHODVUHFWDV5VHHQWUHJDHQHOJUiILFR1



(VLQWHUHVDQWHGHVWDFDUTXHHOFULWHULRGHODHVSHUDQ]DPDWHPiWLFDSLHUGHHQJUDQPHGLGDVXYDORULQWXLWLYRDO
VHUDSOLFDGRDSUREOHPDVQRUHSHWLWLYRV

 &RPR VH VDEH OD 7DVD ,QWHUQD GH 5HWRUQR 7,5  VH GHILQH FRPR HO YDORU  WDO TXH
 +  =  
+

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

*UiILFR1
(



 ( 0



( *




3




(O JUiILFR 1  PXHVWUD TXH VL OD SUREDELOLGDG GH TXH DSDUH]FD HO HVWDGR GH

QDWXUDOH]D 1 HV LQIHULRU D XQ  HQWRQFHV OD HVWUDWHJLD SUHIHULGD HV OD JUDQGH *  VL
HVWi FRPSUHQGLGR HQWUH  \  HV OD PHGLDQD 0  \ VL HV VXSHULRU DO  HV OD
SHTXHxD 3 


(VWRV FiOFXORV PXHVWUDQ TXH HO FULWHULR GH :DOG VXSRQH LPSOtFLWDPHQWH TXH HO

HVWDGRGHQDWXUDOH]DGHVIDYRUDEOHHVHOPiVSUREDEOHHQHVWHFDVRFRQXQDSUREDELOLGDG
VXSHULRU DO  HQ WDQWR TXH HO GH 6DYDJH VXSRQH XQD PD\RU QHXWUDOLGDG GH OD
QDWXUDOH]DFRQYDORUHVGH3HQWRUQRDO(VWRHVSUHFLVDPHQWHHOSUREOHPDGHOD
KRVWLOLGDG GH OD QDWXUDOH]D R GH VX QHXWUDOLGDG D TXH VH KL]R UHIHUHQFLD HQ SiUUDIRV
DQWHULRUHV

0HGLFLyQGHOULHVJR


(O FULWHULR GHO HTXLYDOHQWH FLHUWR SUHVHQWD DOJXQRV SUREOHPDV TXH SXHGHQ

DFODUDUVHVREUHODEDVHGHOVLJXLHQWHHMHPSOR


6XSyQJDVHTXHDXQDSHUVRQDVHOHRIUHFLHUDQODVVLJXLHQWHVGRVSRVLELOLGDGHV

D 

HQWUHJDUOHVHJXUR

E 

XQDORWHUtDHQTXHVHOHHQWUHJDFRQSUREDELOLGDG\HQTXHGHEH

SDJDUFRQSUREDELOLGDG


(QIUHQWDGRVDHVWHWLSRGHGHFLVLRQHVPXFKDVSHUVRQDVSUHILHUHQODVLWXDFLyQ D 

DXQTXHHOHTXLYDOHQWHFLHUWRGHODORWHUtD E VHDVXSHULRU

75$%$-2'2&(17(1



(OHMHPSORDQWHULRULOXVWUDHOKHFKRLPSRUWDQWHTXHHOULHVJRHQVtHVXQIDFWRUTXH

GHEHFRQVLGHUDUVH(QHIHFWRHOFULWHULRGHOHTXLYDOHQWHFLHUWRVXSRQHTXHHOULHVJRQRVH
YDORUDHVGHFLUTXHHOTXHWRPDGHFLVLRQHVQRDVLJQDYDORUGHQLQJ~QWLSRDODVLWXDFLyQ
ULHVJRVDSRUHOKHFKRGHOULHVJRSURSLDPHQWHWDOVLQRTXHVHSUHRFXSDVyORGHOUHVXOWDGR
ILQDO(QODPHGLGDTXHQRKD\DQHXWUDOLGDGIUHQWHDOULHVJRHVGHFLUTXHODSHUVRQDQR
VHDLQGLIHUHQWHHQWUHVLWXDFLRQHVFRQGLIHUHQWHJUDGRGHULHVJRVHKDFHQHFHVDULRPHGLUOR
FRQHOREMHWRGHWHQHUHQFXHQWDH[SOtFLWDPHQWHHVWHIDFWRU


6H KDQ GLVHxDGR YDULRV PpWRGRV SDUD FDOFXODU ULHVJR HQ HVWRV DSXQWHV VH

HVWXGLDUiVyORHOOODPDGRPpWRGRHVWDGtVWLFRTXHFRQVLVWHHQHPSOHDUDOJXQDPHGLGDGH
GLVSHUVLyQ(QHIHFWRHOFULWHULRGHODHTXLYDOHQFLDGHFHUWLGXPEUHVHFRPSOHWDFRQXQD
PHGLGDGHODYDULDELOLGDGGHORVIOXMRVGHVWLQDGDDHYDOXDUHOULHVJRLQYROXFUDGR(VWD
PHGLGDHVODGHVYLDFLyQHVWiQGDU GHODGLVWULEXFLyQGHORV9


(QHOHMHPSORGHODFRPSUD\YHQWDGHODFDVDODGHVYLDFLyQHVWiQGDUDOFDQ]DD

6HWLHQHHQHVHHMHPSORTXH( 9  \ 9  (V


GHFLUHOULHVJRPHGLGRSRUODYDULDELOLGDGGHORVIOXMRVDOFDQ]DDSRFRPiVGHOGHO
SURPHGLR ( 9   /D GHVYLDFLyQ HVWiQGDU 9  GHSHQGH GH ODV XQLGDGHV HQ TXH VH KD
PHGLGRODYDULDEOH(QHIHFWRVL9LVHKXELHVHPHGLGRHQPLOHVGHSHVRVVHWHQGUtDTXH
9  3RUHVWDUD]yQVHHPSOHDXQDPHGLGDGHULHVJRUHODWLYRTXHVHGHQRPLQD

FRHILFLHQWHGHYDULDELOLGDGRFRHILFLHQWHGHYDULDFLyQ &9 \VHGHILQHFRPR / 9 (O


FRHILFLHQWH GH YDULDFLyQ SRU VHU XQD PHGLGD UHODWLYD SHUPLWH FRPSDUDU VLWXDFLRQHV HQ
TXHVHWLHQHQGLIHUHQWHVXQLGDGHVGHPHGLGDFRPRSRUHMHPSORSHVRVGyODUHVIUDQFRV\
RWUDVPRQHGDV


(OFRHILFLHQWHGHYDULDFLyQHQWUHJDXQDPHGLGDGHULHVJRSRUSHVRGHEHQHILFLR\

SRUORWDQWRLQGLFDXQDVLWXDFLyQPiVIDYRUDEOHPLHQWUDVPHQRUVHDHOYDORUTXHUHVXOWH
6LQ HPEDUJR HVWH FULWHULR GHEH VHU FRPSOHPHQWDGR FRQ DOJXQRV DQWHFHGHQWHV PiV
SUHFLVRVUHVSHFWRGHODDFWLWXGIUHQWHDOULHVJRGHORVLQYHUVLRQLVWDV


3DUDDQDOL]DUFRQPD\RUGHWDOOHHOULHVJRGHXQSUR\HFWRHVQHFHVDULRFRQVWUXLU

ODV IXQFLRQHV GH SUREDELOLGDG GH ORV IOXMRV GHO SUR\HFWR OR TXH SXHGH VHU PX\ GLItFLO
3RUORWDQWRVHKDQLGHDGRGRVWpFQLFDVFX\RREMHWLYRHVSUHFLVDPHQWHVLPSOLILFDUGLFKRV
FiOFXORV(OODVVRQHODQiOLVLVGHVHQVLELOLGDG\ODVLPXODFLyQ



&RPRVHYLRHQHOFDStWXORODGHVYLDFLyQHVWiQGDUVHGHILQH =

[9 ( 9 ]

I L HQTXHI  
L

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

$QiOLVLVGHVHQVLELOLGDG


(VWHPpWRGRWLHQHSRUREMHWLYRLQYHUWLUHODQiOLVLVHQHOVHQWLGRGHHVWDEOHFHUFXiO

HV HO PD\RU UDQJR GH YDULDFLyQ TXH SXHGH DFHSWDU XQD YDULDEOH VLQ TXH OD GHFLVLyQ VH
PRGLILTXH  (V GHFLU FXiQ VHQVLEOH HV OD GHFLVLyQ WRPDGD IUHQWH D FDPELRV HQ ORV
YDORUHV GH XQD R YDULDV GH ODV YDULDEOHV SHUWLQHQWHV  (VWD PHWRGRORJtD VHUi H[SXHVWD
VREUHODEDVHGHXQVHQFLOORHMHPSOR6HDXQSUR\HFWRTXHFRQVLVWHHQFRPSUDUXQWRUQR
GHVWLQDGR D SURGXFLU EXMHV  (O YDORU GHO WRUQR LQYHUVLyQ  HV   6XSyQJDVH
DGHPiVTXHVHHVSHUDYHQGHUXQRVEXMHVDODxRDXQSUHFLRGHFDGDXQR/RV
FRVWRVDQXDOHVDOFDQ]DQDHQPDQRGHREUD\HQJDVWRVGHHQHUJtD\
RWURV  6L OD WDVD GH GHVFXHQWR HV GH  HO YDORU DFWXDO QHWR 9$1 GH HVWH SUR\HFWR
FX\DYLGD~WLOHVGHDxRVDOFDQ]DD(QHIHFWRORVEHQHILFLRVQHWRVGH
RSHUDFLyQ VRQ GH  SRU DxR \ UHVXOWDQ GH LQJUHVRV GH RSHUDFLyQ GH 
PHQRVFRVWRVGH6HWLHQHHQWRQFHVTXH


9$1 =  +




+ 
,=,

/XHJR9$1 



6XSyQJDVH TXH KD\ IXHUWHV SRVLELOLGDGHV TXH HO SUHFLR GH YHQWD S GH ORV EXMHV

GLVPLQX\D\VHGHVHDHVWXGLDUFXiOHVHOUDQJRHQTXHSXHGHYDULDUVLQTXHVHDIHFWHOD
GHFLVLyQWRPDGD&RPRHOSUR\HFWRVHUiFRQYHQLHQWHWRGDYH]TXHHO9$1VHDSRVLWLYR
RQXORVHFDOFXODUiHOSUHFLRTXHKDFHHO9$1 \pVWHVHUiHOPHQRUYDORUSDUDGLFKD
YDULDEOH6HWLHQHHQWRQFHVTXH




 =  + [S <  ]


L =



6HVDEHTXH
L =



 +  L


=  
 +  L

/XHJRHOPHQRUYDORUGHSHVWiGDGRSRU


 + 
 
S=



S 

6HWLHQHHQWRQFHVTXHHOSUR\HFWRVHUiUHQWDEOHWRGDYH]TXHHOSUHFLRGHYHQWDVHD

VXSHULRUD

75$%$-2'2&(17(1



Proyecto no
rentable

Proyecto
rentable

229,24





(QWpUPLQRVUHODWLYRVHOSUHFLRSXHGHGLVPLQXLUHQXQVLQTXHODGHFLVLyQVH

DOWHUH  (V FRQYHQLHQWH UHDOL]DU HVWH WLSR GH DQiOLVLV HQ WRGDV DTXHOODV YDULDEOHV TXH
UHSUHVHQWDQXQSRUFHQWDMHLPSRUWDQWHGHORVLQJUHVRVRFRVWRVGHRSHUDFLyQ\TXHVHFUHH
SRVLEOHTXHVXIUDQYDULDFLRQHVHQVXVSUHFLRVGXUDQWHODYLGD~WLOGHOSUR\HFWR7DPELpQ
HV SRVLEOH UHDOL]DUOR UHVSHFWR GH GRV R PiV YDULDEOHV VLPXOWiQHDPHQWH SHUR HQ GLFKR
FDVRHODQiOLVLVVHFRPSOLFDGHVGHHOSXQWRGHYLVWDIRUPDO3RUHMHPSORVXSyQJDVHTXH
VHFUHHTXHORVFRVWRVGHODPDWHULDSULPDSXHGHQDXPHQWDU\ORVSUHFLRVGHYHQWDEDMDU\
VH GHVHD VDEHU FXiO VHUtD OD PDJQLWXG Pi[LPD GH DXPHQWRHQFRVWRV\GLVPLQXFLyQGH
SUHFLRVTXHPDQWHQJDLQDOWHUDGDODGHFLVLyQGHUHDOL]DUHOSUR\HFWR


6LVHGHVLJQDFRQSHOQXHYRSUHFLR\SRU[HOSRUFHQWDMHGHDXPHQWRGHFRVWRVGH

PDWHULDSULPDHQWRQFHVVHWLHQHTXH




9$1 =  + [S   + [ ]


L =



6HVDEHTXH
L =



 +  L


=  
 +  L




3RUORWDQWRODHFXDFLyQ9$1 HVODVLJXLHQWH

S[ 

(VWDIXQFLyQTXHDSDUHFHGLEXMDGDHQHOJUiILFR1LQGLFDHOFRQMXQWRGHYDORUHV

GH S \ [ TXH GHWHUPLQDQ XQ 9$1 QXOR  (O VHPLSODQR TXH TXHGD D OD GHUHFKD GH HOOD
LPSOLFDXQ9$1SRVLWLYR\HOTXHTXHGDDODL]TXLHUGDXQRQHJDWLYR(QHOJUiILFR1
VH SXHGH DSUHFLDU TXH VL HO SUHFLR HV LQIHULRU R LJXDO D  QR HV SRVLEOH DFHSWDU
QLQJ~QFDPELRHQHOFRVWRGHODVPDWHULDVSULPDVORTXHFRQFXHUGDFRQODFRQFOXVLyQ
TXHVHREWXYRDOKDFHUXQDVHQVLELOL]DFLyQVyORUHVSHFWRGHOSUHFLR3RURWUDSDUWHVLHO
SUHFLRHVGHSRUHMHPSORHQWRQFHVVHUtDSRVLEOHDFHSWDUXQDXPHQWRGHFRVWRVGH
PDWHULDSULPDGHKDVWDXQ(OSUHFLRGHEHUtDDOFDQ]DUDXQSRFRPHQRVGH
SDUDFRPSHQVDUXQDXPHQWRHQORVFRVWRVGHPDWHULDSULPDGHXQ


 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

*UiILFR1
$QiOLVLVGH6HQVLELOLGDGGHSUHFLRGHOSURGXFWR\GHORVFRVWRVGHODPDWHULDSULPD







 

[


6LPXODFLyQ


(VWD WpFQLFD FRQVLVWH HQ FRQVWUXLU XQ PRGHOR TXH UHSURGX]FD HO IXQFLRQDPLHQWR

GHO VLVWHPD HQ HVWXGLR FRQ HO REMHWR GH HYDOXDU HO HIHFWR GH FLHUWDV YDULDEOHV
FRQVLGHUDGDV LPSRUWDQWHV \ FX\RV YDORUHV VRQ FRQRFLGRV HQ WpUPLQRV GH VXV
GLVWULEXFLRQHVGHSUREDELOLGDGHV


/D XWLOL]DFLyQ GH HVWD WpFQLFD UHTXLHUH GHO XVR GH FRPSXWDGRUHV TXH SHUPLWDQ

GHVFULELU HQ IRUPD UiSLGD ODV LQWHUGHSHQGHQFLDV TXH VH KDQ REVHUYDGR \ FDOFXODU ODV
GLVWULEXFLRQHVGHSUREDELOLGDGGHDTXHOORVSDUiPHWURVTXHVHFRQVLGHUHSHUWLQHQWHV


3DUDPRVWUDUODIRUPDFRPRRSHUDHVWDWpFQLFDVXSyQJDVHXQSUR\HFWRFRQXQD

LQYHUVLyQ GH   /DV YHQWDV \ ORV FRVWRV SRU VX SDUWH VLJXHQ ODV VLJXLHQWHV
GLVWULEXFLRQHVGHSUREDELOLGDGHVTXHVHSUHVHQWDQHQHOFXDGUR1





9HQWDV
3URE
&RVWRV
3URE

&XDGUR1

 


 
 











(VWHSUR\HFWRWLHQHXQDYLGD~WLOGHWUHVDxRV\ODWDVDGHGHVFXHQWRHVGH

75$%$-2'2&(17(1



/D FODYH WDQWR SDUD FRPSUHQGHU FRPR SDUD UHDOL]DU XQ H[SHULPHQWR GH

VLPXODFLyQUHVLGHHQFDSWDUHOWUDWDPLHQWRGHORVIDFWRUHVDOHDWRULRVEiVLFRVGHOPRGHOR
(VWRV IDFWRUHV FRQ ODV GLVWULEXFLRQHV GH SUREDELOLGDG FRQRFLGDV VRQ ORV TXH ILMDQ ORV
SURFHVRVGHOPRGHORGLQiPLFDPHQWH


'HEH GHVDUUROODUVH HQWRQFHV DOJXQD IRUPD GH REWHQHU REVHUYDFLRQHV DOHDWRULDV

GHHVWDVYDULDEOHVTXHVHDQFRQJUXHQWHVFRQVXVGLVWULEXFLRQHVGHSUREDELOLGDGHV


(O PpWRGR GH JHQHUDU PDJQLWXGHV DOHDWRULDV VHUi H[SOLFDGR VREUH OD EDVH GH OD

GLVWULEXFLyQGHSUREDELOLGDGHVGHODVYHQWDVGHOSUR\HFWRHQHVWXGLR


3DUDFRPHQ]DUVHFDOFXODUiODGLVWULEXFLyQDFXPXODGDGHYHQWDVHVGHFLUDTXHOOD

TXHLQGLFDODVSUREDELOLGDGHVGHWHQHUYDORUHVGHYHQWDVLQIHULRUHVRDORVXPRLJXDOHVD
ORVTXHDSDUHFHQHQHOFXDGUR1





&XDGUR1
3UREDELOLGDGHV
9HQWDVLQIHULRUHVRLJXDOHV
DOYDORULQGLFDGR

















(VGHFLUODSUREDELOLGDGTXHODVYHQWDVVHDQLQIHULRUHVDSRUHMHPSORHVGH

\DVtVXFHVLYDPHQWH


6XSyQJDVH TXH VH GHVHD SUHGHFLU HO PRQWR GH ODV YHQWDV HQ ORV WUHV DxRV

VLJXLHQWHV VREUH OD EDVH GH ORV DQWHFHGHQWHV GLVSRQLEOHV  &RQ HVWH REMHWR VH SXHGH
UHFXUULUDXQDWDEODGHQ~PHURVDOD]DU9pDVHFXDGUR1


&XDGUR1
7DEODGHQ~PHURVDOHDWRULRV

     
     
     

6XSyQJDVH TXH VH FRQVLGHUDQ VHFXHQFLDV GH GRV Q~PHURV HV GHFLU ODV GRV

SULPHUDVFROXPQDVGHVSXpVODVGRVFROXPQDVVLJXLHQWHV\DVtVXFHVLYDPHQWH6HWLHQH
HQWRQFHVTXHVRQORVQ~PHURVDOHDWRULRVTXHFRUUHVSRQGHQDORVWUHVSHUtRGRV



8QDWDEODGHQ~PHURVDOHDWRULRVHVXQDGLVSRVLFLyQGHGtJLWRVREWHQLGRVDWUDYpVGHDOJ~QSURFHGLPLHQWRTXH
DVHJXUH TXH HOORV VRQ DEVROXWDPHQWH DO D]DU  3RU HMHPSOR XQ PHFDQLVPR FRPR HO TXH VH HPSOHD SDUD
GHWHUPLQDUORVSUHPLRVGHXQFRQFXUVRGHORWHUtD/RVQ~PHURVDOHDWRULRVVHFDUDFWHUL]DQSRUTXHVRQHYHQWRV
LQGHSHQGLHQWHVFX\DSUREDELOLGDGGHDSDUHFLPLHQWRGHSHQGH~QLFDPHQWHGHOQ~PHURGHGtJLWRVFRQVLGHUDGRV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

GHODYLGD~WLOGHOHVWXGLR(OVHLQWHUSUHWDUiFRPRHOFRPR\HOFRPR
&DGDXQDGHHVWDVVHFXHQFLDVGHGRVQ~PHURVVRQSRUFRQVWUXFFLyQLJXDOPHQWH
SUREDEOHV  3DUD H[SUHVDU HVWRV Q~PHURV HQ WpUPLQRV GH YDORU GH YHQWDV PHQVXDOHV VH
HPSOHDUi OD LQIRUPDFLyQ FRQWHQLGD HQ HO FXDGUR GH OD GLVWULEXFLyQ DFXPXODGD GH ODV
YHQWDVGHODPDQHUDVLJXLHQWH
D 

(OSULPHUYDORUHVLQIHULRUD\SRUORWDQWRVHOHDVRFLDXQYROXPHQGH
YHQWDVGH

E 

(OVHJXQGRYDORUHVVXSHULRUDHLQIHULRUD\SRUORWDQWRVHOHKDFH
FRUUHVSRQGHUXQYROXPHQGHSRUFRQFHSWRGHYHQWDV

F 

(OWHUFHUYDORUHVWiFRPSUHQGLGRWDPELpQHQWUH\\SRUORWDQWRVHOH
DVRFLDXQYROXPHQGHYHQWDVGH

6HWLHQHHQWRQFHVTXHODVYHQWDVVLPXODGDVHQORVWUHVSHUtRGRVDTXHVHUHILHUHHO

HVWXGLRVHUiQORVTXHVHSUHVHQWDQHQHO&XDGUR1

&XDGUR1
$xRV







1VDOHDWRULRV




9HQWDV




(V LQWHUHVDQWH FRQVWDWDU TXH HVWH VLVWHPD JHQHUD YRO~PHQHV GH YHQWDV TXH

FRLQFLGHQFRQODVSUREDELOLGDGHVGHODWDEODGHEDVH(QHIHFWRDFXDOTXLHUVHFXHQFLDGH
GRVQ~PHURVHQWUH\VHOHDVRFLDUiXQYROXPHQGHYHQWDVGH&RPRWRGDVODV
VHFXHQFLDVVRQLJXDOPHQWHSUREDEOHV\KD\VHFXHQFLDVHQWUH\GHXQWRWDOGH

( )

 FLIUDV GH GRV GtJLWRV VH WLHQH TXH KD\ XQD SUREDELOLGDG GH     GH TXH

DSDUH]FDXQDVHFXHQFLDHQWUH\\SRUORWDQWRODPLVPDSUREDELOLGDGGHTXHVH
REWHQJDHOYDORUGH


$SOLFDQGR HO PLVPR SURFHGLPLHQWR SDUD ORV FRVWRV VH WLHQH XQ FXDGUR FRPR HO

&XDGUR1
&XDGUR1
$xRV




1VDOHDWRULRV




&RVWRV




75$%$-2'2&(17(1



3RUORWDQWRHOYDORUDFWXDOQHWRHVGH


9$1 =   +     =   


 


6LVHUHSLWHHVWHSURFHVRXQQ~PHURVXILFLHQWHGHYHFHVVHSXHGHFRQVWUXLUXQD

FXUYD GH SUREDELOLGDGHV DFXPXODGDV GH ORV 9$1 GH HVWH SUR\HFWR FX\D IRUPD VH
SUHVHQWDHQHOJUiILFR1

*UiILFR1
SUREDELOLGDG
DFXPXODGD

9$1




$GHPiVHVSRVLEOHFDOFXODU

( 9$1  

9$1  

HQ HO VXSXHVWR GH TXH ODV YHQWDV \ ORV FRVWRV VRQ GRV YDULDEOHV HVWDGtVWLFDPHQWH
LQGHSHQGLHQWHV


&RPR SXHGH DSUHFLDUVH HO DQiOLVLV GH VHQVLELOLGDG \ OD VLPXODFLyQ VRQ GRV

WpFQLFDV TXH SHUPLWHQ PDQHMDU VLWXDFLRQHV GH ULHVJR H LQFHUWLGXPEUH HQ FRQGLFLRQHV
EDVWDQWH JHQHUDOHV \ SRU OR WDQWR FRQVWLWX\HQ GRV KHUUDPLHQWDV PX\ ~WLOHV HQ OD
HYDOXDFLyQGHSUR\HFWRV

 

0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

,1',&($1$/,7,&2
















































$EVFLVD
$FWXDOL]DFLyQ
$OJHEUD
$PSOLILFDFLyQ
$QiOLVLV
'LQiPLFR
6HQVLELOLGDG
$ULWPpWLFD
$VRFLDWLYLGDG
%DVH
%LQRPLR
&DSLWDO
&DSLWDOL]DFLyQ
&DUGLQDOLGDG
&HUR
&RHILFLHQWHGHYDULDELOLGDG
&RQMXQWRV
&RQYH[RV
&RQPXWDWLYLGDG
&RQWHR
&RQYH[R
&RRUGHQDGDV
&UHFLPLHQWR
&RQWLQXR
'LVFUHWR
&ULWHULRGH
:DOG
6DYDJH
&XUYD
'HFLPDOHV
'HFLVLRQHV SUR\HFWRV 
'HQVLGDGGHDSDUHFLPLHQWR
'HULYDGD
1HJDWLYD
3RVLWLYD
'HVYLDFLyQHVWiQGDUG
'LVWULEXFLyQGHIUHFXHQFLDGH
3UREDELOLGDGFRQWLQXD
3UREDELOLGDGGLVFUHWD
'LYLVLyQ
(QWHURV
3ROLQRPLRV
5DFLRQDOHV

75$%$-2'2&(17(1



















































'RPLQLR
'HVROXFLRQHVUHDOL]DEOHV
'XDO
(FXDFLRQHV
(TXLYDOHQWHV
3ROLQRPLDOHV
3ULPHUJUDGR
6HJXQGRJUDGR
6LVWHPDV
(ODVWLFLGDG
(OHPHQWRQHXWUR
(TXLOLEULR
(TXLYDOHQWHFLHUWR
(VFDODV
,QWHUQDO
1RPLQDO
2UGLQDO
5D]yQ
(VSDFLRGHHYHQWRV
(VSHUDQ]DPDWHPiWLFD
(VWDGRVGHODQDWXUDOH]D
(VWDGtVWLFD
(VWLPDGRU
(YHQWRV
0XWXDPHQWHH[OX\HQWHV
([SHULPHQWRVDOHDWRULRV
([SRQHQFLDFLyQ
([SRQHQWH
)DFWRUHV
$FWXDOL]DFLyQGHGHVFXHQWRFRQWLQXR
$FWXDOL]DFLyQGHVFXHQWRGLVFUHWR
$PRUWL]DFLyQGHDQXDOLGDG
&DSLWDOL]DFLyQFRQWLQXR
&DSLWDOL]DFLyQGLVFUHWD
,QWHUpVFRPSXHVWRSDUDDQXDOLGDG
3URGXFFLyQ
5HFXSHUDFLyQGHOFDSLWDO
)DFWRUL]DFLyQ
)HQyPHQRVDOHDWRULRV
)UDFFLRQHV
)UHFXHQFLDPRGDO
)XQFLRQHV
&UHFLHQWHV
'HFUHFLHQWHV
'HSHQGLHQWHV
([SRQHQFLDOHV
,QGHSHQGLHQWHV
/RJDUtWPLFD



 



















































0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

2EMHWLYR
+RUQHU PpWRGR 
,JXDOGDG
,QFHUWLGXPEUH
,QFyJQLWDV
,QGHSHQGHQFLDHVWRFiVWLFD
,QHFXDFLyQ
,QWHUYDORLQWHUFXDUWtOLFR
/tPLWH
/RWHUtDV
0DUFDGHFODVH
0DWHPiWLFDVILQDQFLHUDV
0DWUL]
'HFRVWRV
*DQDQFLDVRXWLOLGDGHV
0i[LPRV
$EVROXWRV
/RFDOHV
0HGLD DULWPpWLFD 
0HGLDQD
0HGLU
0HGLGDVGH
'LVSHUVLyQ
3RVLFLyQ
0tQLPRV
$EVROXWRV
&XDGUDGRV
/RFDOHV
0tQLPRFRP~QPXOWLSOR 0&0 
0RGR
0RQRPLR
0XOWLSOLFDFLyQGH
(QWHURV
1DWXUDOHV
3UREDELOLGDGHV
5DFLRQDOHV
1~PHURV
(QWHURV
,PDJLQDULRV
1DWXUDOHV
1HJDWLYRV
5DFLRQDOHV
5HDOHV

75$%$-2'2&(17(1



















































2UGHQDGD
2ULJHQ
3DURUGHQDGR
3DUiEROD
3DUiPHWUR
3DUpQWHVLV
3ROLQRPLR
3RUFHQWDMHV
3RWHQFLD
3UHFLVLyQ
3UHFLRVRPEUD
3ULPDO
3UREDELOLGDG
3URGXFWLYLGDG
3URGXFWRQDFLRQDO
3URGXFWRVQRWDEOHV
3URJUDPDFLyQOLQHDO
3URJUHVLRQHV
$ULWPpWLFDV
*HRPpWULFDV
3UR\HFWRV
3XQWRGHLQIOH[LyQ
5DFLRQDOL]DFLyQ
5DGLFDFLyQ
5DtFHV
'HHFXDFLRQHV
5DQJR
5HFXUVRVQDWXUDOHV
5HIOH[LYLGDG
5HQWDELOLGDG
5HVROXFLyQGHHFXDFLRQHV
'HVLVWHPDV
5HVWDGH
(QWHURV
5DFLRQDOHV
5HSRVLFLyQ
5LHVJR
6HFDQWH
6HPLSODQR
6HULHVFURQROyJLFDV
6LPHWUtD
6LPXODFLyQ
6LVWHPDVGHIXQFLRQHV
6ROXFLRQHVGHHFXDFLRQHV
6XFHVRV
6XPDGH



 




























0(72'26&8$17,7$7,926'(862+$%,78$/(1(&2120,$

(QWHURV
1DWXUDOHV
3UREDELOLGDGHV
5DFLRQDOHV
6XPDWRULDV
7DEODVGHQ~PHURVDOD]DU
7DQJHQWH
7DVD
,QWHUQDGHUHWRUQR 7,5 
'HFUHFLPLHQWR
7HQGHQFLD
7pUPLQROLEUH
7UDQVLWLYLGDG
9DULDEOHV
$OHDWRULDV
&RQWLQXDV
'HSHQGLHQWHV
'LVFUHWDV
(VWDGtVWLFV
,QGHSHQGLHQWHV
9DULDQ]D
9HFLQGDG
9pUWLFH

También podría gustarte