Está en la página 1de 9

%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO

 9RO1R  -XOLR'LFLHPEUH

(;75$&&,1<6(&$'2'()/2&8/$17(6
1$785$/(686$'26(1/$&/$5,),&$&,1
'(-8*26'(&$f$
(;75$&7,21$1''5<,1*2)1$785$/
)/2&&8/$17686(',1&$1(-8,&(
&/$5,),&$7,21
(;75$d2(6(&$*(0'(1$785$/
86$'2)/2&8/$17(6'(&/$5,),&$d2
'268&26'(&$1$
&DUORV$OEHUWR2UWL]*'HLE\-XOLDQ6RODQR&+pFWRU6DPXHO9LOODGD&
6LOYLR$QGUHV0RVTXHUD5HLQDOGR9HODVFR0

5(680(1

/DFODULILFDFLyQHQMXJRVGHFDxDVHUHDOL]DSRUODDGLFLyQGHPXFtODJRVYHJHWDOHV
(OREMHWLYRIXHHYDOXDUODFODULILFDFLyQGHWUHVIORFXODQWHVQDWXUDOHV EDOVRFDGLOOR
\JXiFLPR HQMXJRVGHFDxD6HFDUDFWHUL]yILVLFRTXtPLFDPHQWH\VHHYDOXyOD
UHWHQFLyQGHVyOLGRVLQVROXEOHVYHUVXVXQIORFXODQWHVLQWpWLFR)XHXVDGRXQPRGHOR
HVWDGtVWLFRGHEORTXHVFRPSOHWDPHQWHDOD]DU\ODPXHVWUDFRQWUROIXHHO3URIORF
6HREWXYRXQPXFLODJRGHPD\RUFDOLGDGDOGHVILEUDUHQDJXDGHVWLODGDVHFDU
D&SRUKRUDV\UHGXFLUDXQWDPDxRGHSDUWtFXODGHP/DFODULILFD
FLyQLGHDOIXHDXQDFRQFHQWUDFLyQSY(OFDGLOORIXHHOIORFXODQWHVHFRTXH
SUHVHQWyPD\RUHILFLHQFLDHQODSUHFLSLWDFLyQGHVyOLGRVVROXEOHVFRQXQ

BBBBBBBBBBBB
5HFLELGRSDUDHYDOXDFLyQ$SUREDGRSDUDSXEOLFDFLyQ

 ,QJ$JURLQGXVWULDO)DFXOWDGGH&LHQFLDV$JURSHFXDULDV8QLYHUVLGDGGHO&DXFD3RSD\iQ&DXFD
 ,QJ  $JURLQGXVWULDO 3K' 3URIHVRU 7LWXODU 'HSDUWDPHQWR GH $JURLQGXVWULD )DFXOWDG GH &LHQFLDV
$JURSHFXDULDV8QLYHUVLGDGGHO&DXFD3RSD\iQ&DXFD&RORPELD9,//$'$#XQLFDXFDHGXFR
 ,QJ3URGXFFLyQGH$OLPHQWRV0VF3URIHVRU7LWXODU'HSDUWDPHQWRGH$JURLQGXVWULD)DFXOWDGGH
&LHQFLDV$JURSHFXDULDV8QLYHUVLGDGGHO&DXFD3RSD\iQ&DXFD&RORPELD
 ,QJ4XtPLFR0VF3URIHVRU7LWXODU'HSDUWDPHQWRGH$JURLQGXVWULD)DFXOWDGGH&LHQFLDV
 $JURSHFXDULDV8QLYHUVLGDGGHO&DXFD3RSD\iQ&DXFD&RORPELD

&RUUHVSRQGHQFLDYLOODGD#XQLFDXFDHGXFR
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
9RO1R  -XOLR'LFLHPEUH 

VHJXLGRGHOEDOVRFRQXQ\HOJXiFLPRFRQXQIUHQWHDO
GHODPXHVWUDFRQWURO/RVWUHVIORFXODQWHVPRGLILFDGRVHVWiQFRPSXHVWRV
SULQFLSDOPHQWHGHFDUERKLGUDWRV IUXFWRVDJOXFRVD\PDOWRVD VDSRQLQDV
\IHQROHVDGHPiVGHKLHUURFDOFLR\IRVIDWRV$OFRPSDUDUORVFRQWHQLGRV
GHFDOFLR\ORVIRVIDWRVVHHQFRQWUyTXHORVPD\RUHVYDORUHVFRUUHVSRQGtDQ
DORVIORFXODQWHVPRGLILFDGRVFDGLOOR\EDOVRHVWRVYDORUHVLQIOX\HURQHQVX
PHMRUGHVHPSHxRHQHOSURFHVRGHFODULILFDFLyQGHOMXJRGHFDxD

$%675$7

7KHFODULILFDWLRQRIFDQHMXLFHLVPDGHE\WKHDGGLWLRQRIYHJHWDEOHPXFLODJH
7KHREMHFWLYHZDVWRHYDOXDWHWKHFODULILFDWLRQRIWKUHHQDWXUDOIORFFXODQWV
EDOVRFDGLOORDQGJXDVLPR LQFDQHMXLFH7KHSK\VLFRFKHPLFDOSURSHUWLHV
DQGLQVROXEOHVROLGVUHWHQWLRQZHUHFKDUDFWHUL]HGYHUVXVDV\QWKHWLFIORFFX
ODQW:DVXVHGDVWDWLVWLFDOPRGHOIRUUDQGRPL]HGEORFNDQGFRQWUROVDPSOH
ZDVWKH3URIORF0XFLODJHZDVREWDLQHGE\SXOSLQJWKHKLJKHVWTXDOLW\
GLVWLOOHGZDWHUGULHGDW&IRUKRXUVDQGUHGXFHGWRDSDUWLFOHVL]HRI
P7KHLGHDOFODULILFDWLRQZDVDWDFRQFHQWUDWLRQZY7KHFDGLOOR
ZDVGU\IORFFXODQWVKRZHGJUHDWHUHIILFLHQF\LQWKHSUHFLSLWDWLRQRIVROXEOH
VROLGVWRIROORZHGE\WKHEDOVRZLWKDDQGJXiFLPR
FRPSDUHGWRRIWKHFRQWUROVDPSOH7KHWKUHHPRGLILHGIORFFXODQWV
DUHFRPSRVHGPDLQO\RIFDUERK\GUDWHV IUXFWRVHJOXFRVHDQGPDOWRVH 
VDSRQLQVDQGSKHQROVDQGLURQFDOFLXPDQGSKRVSKDWH%\FRPSDULQJWKH
FRQWHQWVRIFDOFLXPDQGSKRVSKDWHVZDVIRXQGWKDWKLJKHUYDOXHVFRUUHVSRQG
WRWKHWUHDWPHQWVPRGLILHGFDGLOORDQGEDOVRWKHVHYDOXHVLQIOXHQFHGWKHLU
EHVWSHUIRUPDQFHLQWKHSURFHVVRIFODULILFDWLRQRIVXJDUFDQHMXLFH

5(6802

$FODULILFDomRGRFDOGRGDFDQDpUHDOL]DGDSRUPHLRGDDGLomRGHPXFLODJHP
GHSODQWDV2REMHWLYRIRLDYDOLDURHVFODUHFLPHQWRGHWUrVIORFXODQWHVQDWXUDLV 3$/$%5$6&/$9(6
EDOVDEDUGDQDHVDPDQ QRFDOGRVGDFDQD)RLFDUDFWHUL]DGRSK\VLFRFKH
PLFDOO\HDYDOLDGRUHWHQomRLQVRO~YHLVYHUVXVXPIORFXODQWHVLQWpWLFR)RL &DxDGHD]~FDUDJURLQGXVWULD
XWLOL]DGRXPPRGHORHVWDWtVWLFRSDUDEORFRVDRDFDVRHDPRVWUDGHFRWUROR VHGLPHQWDFLyQGHVKLGUDWDFLyQ
IRLR3URIORF0XFLODJHPPDLRUTXDOLGDGHIRLREWLGRSHODGHVSROSDD
iJXDGHVWLODGDVHFDVD&GXUDQWHKRUDVHUHGX]LGRDXQWDPDxRGH
SDUWtFXODGHP2HVFODUHFLPHQWRIRLLGHDOHPXPDFRQFHQWUDomRGH .(<:25'6
ZY$EDUGDQDIRLIORFXODQWHVHFDDSUHVHQWRXPDLRUHILFLrQFLDQD
SUHFLSLWDomRGHVyOLGRVVRO~YHLVFRPVHJXLGRSHODEDOVDFRP 6XJDUFDQHDJURLQGXVWU\
HJXiFLPRFRPFRPSDUDGRDGDDPRVWUDGHFRQWUROR2VWUrV VHGLPHQWDWLRQGHK\GUDWLRQ
IORFXODQWHV PRGLILFDGRV VmR FRPSRVWDV SULQFLSDOPHQWH GH FDUERLGUDWRV
IUXWRVHJOLFRVHHPDOWRVH VDSRQLQDVHIHQyLVHIHUURFiOFLRHIRVIDWR
$RFRPSDUDURVWHRUHVGHFiOFLRHIRVIDWRIRLHQFRQWUDGRTXHYDORUHVPDLV 3$/$95$6&+$9(
DOWRVFRUUHVSRQGHPDRVWUDWDPHQWRVPRGLILFDGRVEDUGDQDHEDOVDHVVHV
YDORUHVLQIOXHQFLDUDPDVXDPHOKRUSHUIRUPDQFHQRSURFHVVRGHFODULILFDomR $o~FDU GH FDQD DJURLQG~VWULD
GRVXFRGHFDQD VHGLPHQWDomRGHVLGUDWDomR
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
 9RO1R  -XOLR'LFLHPEUH

,1752'8&&,1 GHODJOXWLQDQWHGHEDSUHSDUDUVHFRQXQPi[LPRGH
KRUDVSDUDHYLWDUHOGHWHULRURJHQHUDGRSRUHODWDTXH
/D DFWLYLGDG SDQHOHUD HV FRQVLGHUDGD OD VHJXQGD GHPLFURRUJDQLVPRVTXHVHGHVDUUROODQIiFLOPHQWHHQ
DJURLQGXVWULDUXUDOGHVSXpVGHOFDIpSRUHOQ~PHURGH FRQGLFLRQHVGHKXPHGDG\WHPSHUDWXUDDPELHQWH(V
HVWDEOHFLPLHQWRV SURGXFWLYRV WUDSLFKHV SDQHOHURV  SRUHVWRTXHHQORVWUDSLFKHVSDQHOHURVVHWUDWDGHFRQ
YLQFXODGRV\SRUHOiUHDVHPEUDGDTXHJHQHUDPiVGH VHJXLUHQORSRVLEOHODFDQWLGDGGHFRUWH]DQHFHVDULD
WUHVFLHQWRVPLOHPSOHRVGLUHFWRV>@ SDUD OD PROLHQGD OD FXDO HV PH]FODGD FRQ DJXDV QR
WUDWDGDVRFDVLRQDQGRSpUGLGDVVLJQLILFDWLYDVHQHOPD
/DSDQHODHVXQHGXOFRUDQWHGHEDMRFRVWRFRQDSRUWHV QHMRGHOIORFXODQWHGDGDODEDMDHVWDELOLGDGHVWUXFWXUDO
LPSRUWDQWHVGHPLQHUDOHV\WUD]DVGHYLWDPLQDV$OJXQRV GHHVWHGXUDQWHHOWLHPSRGHDOPDFHQDPLHQWR>@(QOD
HVWXGLRVLQGLFDQTXHHOFRQVXPRGHSDQHODHQ&RORPELD DFWXDOLGDGODWHQGHQFLDHQHOXVRGHHVWRVIORFXODQWHV
DOFDQ]DHO HQDOJXQDV]RQDVHVGHO GHOJDVWR VHUHODFLRQDFRQODHODERUDFLyQGHSURGXFWRVDPLJDEOHV
HQODFDQDVWDIDPLOLDUHQVHFWRUHVGHEDMRVLQJUHVRV>@ FRQHOPHGLRDPELHQWHQDWXUDOHVVDQRV\SURGXFLGRV
HFROyJLFDPHQWH DVSHFWRV GLUHFFLRQDGRV SRU ODV H[L
8QIDFWRULPSRUWDQWHSDUDPDQWHQHUHOFRQVXPRGHOD JHQFLDVGHOPHUFDGRORFDOQDFLRQDOHLQWHUQDFLRQDO>@
SDQHODWUDGLFLRQDO\ODVQXHYDVIRUPDVGHSUHVHQWDFLyQ
HVHOGHREWHQHUXQDSDQHODGHH[FHOHQWHFDOLGDGDFRUGH (OREMHWLYRGHHVWHWUDEDMRGHLQYHVWLJDFLyQIXHH[WUDHU
FRQODVH[LJHQFLDVGHOFRQVXPLGRU(VWRVHORJUDFRQ PRGLILFDU\HYDOXDUWUHVIORFXODQWHVQDWXUDOHVDSDUWLU
XQPDQHMRDGHFXDGRGHOFXOWLYR\XQSURFHVRGHHODER EDOVR +HOLRFDUSXVSRSD\DQHVLV FDGLOOR 7ULXPSKHWD
UDFLyQVRVWHQLEOHEDVDGRHQORVSULQFLSLRVGH%XHQDV ODSSXOD \JXiFLPR *XD]XPDXOPLIROLDVH HQODHWD
3UiFWLFDV$JUtFRODV %3$ \%XHQDV3UiFWLFDVGH0DQX SD GH FODULILFDFLyQ GHO MXJR GH FDxD HQ ORV WUDSLFKH
IDFWXUD %30 /DVSULQFLSDOHVRSHUDFLRQHVGHOSURFHVR SDQHOHURV
GHHODERUDFLyQGHODSDQHODVRQFRUWH\WUDQVSRUWHGH
ODFDxDPROLHQGDH[WUDFFLyQSUHOLPSLH]DFODULILFDFLyQ
HYDSRUDFLyQFRQFHQWUDFLyQEDWLGRPROGHDGR\HPSD 0e72'2
TXH6LQHPEDUJRH[LVWHQRWURVSURFHVRVGHHODERUDFLyQ
GHODSDQHODFRPRHOWUDGLFLRQDOTXHHQDOJXQDVGHODV 3UHSDUDFLyQGHODPDWHULDSULPD
HWDSDVGHOSURFHVRGHIDEULFDFLyQFRQWURODQODFDOLGDG
GHHVWD>@VLHQGRODFODULILFDFLyQXQDGHODVHWDSDV 5HFROHFFLyQ(OEDOVRIXHUHFROHFWDGRHQOD9HUHGD/D
TXH UHTXLHUH PD\RU JUDGR GH DWHQFLyQ GDGR TXH HQ <XQJDGHO0XQLFLSLRGH3RSD\iQ\HOFDGLOOR\HOJXi
HOOD VH UHDOL]D HO SURFHVR GH OLPSLH]D \ UHWHQFLyQ GH FLPRHQHO0XQLFLSLRGH(O3DWtDHQHO'HSDUWDPHQWR
VyOLGRVLQVROXEOHVDODGLFLRQDUIORFXODQWHVQDWXUDOHVTXH GHO&DXFD
PHMRUDQHOFRORUGHOMXJRH[WUDtGRORFXDOLQFLGHHQOD
SUHVHQWDFLyQGHOSURGXFWRILQDO>@ ([WUDFFLyQ6HUHDOL]yHQHOODERUDWRULRGHELRWHFQRORJtD
GH OD GH OD )DFXOWDG GH &LHQFLDV $JURSHFXDULDV GH OD
(QODDJURLQGXVWULDSDQHOHUDODFODULILFDFLyQGHORVMXJRV 8QLYHUVLGDG GHO &DXFD HQ 3RSD\iQ &DXFD &RORPELD
GHFDxDHVXQSXQWRFUtWLFR\VHUHDOL]DSRUODDGLFLyQ 3ULPHURVHKL]RXQDDGHFXDFLyQGHODVPDWHULDVSULPDV
GH IORFXODQWHV D SDUWLU GH PXFtODJRV YHJHWDOHV TXH FRQVLVWHQWHHQXQDSUHOLPSLH]D\ODYDGRFRQDJXDSRWDEOH
VRQVXVWDQFLDVREWHQLGDVGHWDOORVKRMDV\RIUXWRVGH DOPDWHULDOYHJHWDO6HSLFyHOPDWHULDOHQWUR]RVGH[
DOJXQDVSODQWDVQDWXUDOHVODVFXDOHVVHPDFHUDQ\VH FPFRQXQFXFKLOORGHDFHURLQR[LGDEOH 0DUFD$UFRLULV 
PH]FODQFRQHODJXDIRUPDQGRXQDVXVWDQFLDPXFLOD 6HUHFROHFWDURQJGHPDWHULDOSLFDGRSRUFDGDHVSHFLH
JLQRVDTXHDODSOLFDUVHDOMXJRGHFDxDFDOLHQWHDWUDSD YHJHWDOTXHVHVRPHWLyDXQGHVILEUDGRHQXQDOLFXDGRUD
ORVVyOLGRVLQVROXEOHVSUHVHQWHVHQHOMXJRIRUPDQGR 0DUFD2VWHU0G FRQP/DJXDGHVWLODGDSRU
IOyFXORVGHPD\RUWDPDxR FDFKD]D TXHSXHGHQUHWL VHJXQGRV6HHQYDVyHOSURGXFWROLFXDGRFRQP/
UDUVHSRUPHGLRVItVLFRVFRQHOSURSyVLWRGHREWHQHU GHDJXDGHVWLODGDHQXQIUDVFRGHYLGULRFRQWDSDSOiVWLFD
XQMXJROLPSLR>@ 6HUHDOL]yXQDDJLWDFLyQPDQXDOSRUHVSDFLRGHPLQXWRV
HQHOIUDVFRSHUPLWLHQGRTXHHOPXFtODJRDEVRUELHUDDJXD
/DGHVYHQWDMDGHHVWHWLSRGHIORFXODQWHVUDGLFDHQVX ORVXILFLHQWH\DGTXLULHUDXQDDOWDYLVFRVLGDGWLHPSRHQ
FRUWDYLGD~WLOSRUORFXDOVHUHFRPLHQGDTXHODVROXFLyQ HOFXDOVHIRUPyHOPXFLODJR
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
9RO1R  -XOLR'LFLHPEUH 

6HSDUDFLyQ6HWDPL]yHOPXFLODJRHQILOWURGHPXVHOLQD\  3UXHEDVyOLGRVLQVROXEOHV6HGHWHUPLQyHOSHVR
VHVHSDUyODVXVWDQFLDDJOXWLQDQWHGHODVWUHVHVSHFLHVSRU GH VyOLGRV LQVROXEOHV SUHVHQWHV HQ XQD PXHVWUD
PHGLRGHOPpWRGRGHODYDGRFRQVROYHQWH (WDQRO  GHSDQHODXVDQGRXQILOWURDOYDFtRFRQSDSHOILOWUR
HQXQDUHODFLyQPXFLODJRHWDQRO  YY VHDJLWyFRQ  6H HODERUDURQ QXHYH SDQHODV SHTXHxDV HQ
XQDYDULOODGHYLGULRVHSUHFLSLWy\VHVHSDUy>@ PROGHVGH[FPFRQXQSHVRDSUR[LPDGR
GHJFDGDXQD
6HFDGR6HUHDOL]yD&SRUKRUDVHQXQDHVWXIDGH
VHFDGR 0DUFD',(60G'9 VHSHVyHQEDODQ]D 3DUD HYDOXDU ODV YDULDEOHV GH UHVSXHVWD IORFXODFLyQ \
DQDOtWLFD 0DUFD6FDOWHF6%$ FRQXQDSUHFLVLyQGH FODULILFDFLyQVHXWLOL]yXQGLVHxRHVWDGtVWLFRGHEORTXHV
JVHJXLGRGHXQSURFHVRGHUHGXFFLyQGHWDPDxR FRPSOHWDPHQWHDOD]DUFRQVLHWHWUDWDPLHQWRVFDGD
HQPRUWHURGHPP 0DUFD$%& \VHGHWHUPLQyHO XQRGHHOORVSRUWULSOLFDGR YHU&XDGUR /DSUXHEDGH
WDPDxR GH SDUWtFXOD XVDQGR XQ WDPL] 0DUFD 7D\OHU FRPSDUDFLyQP~OWLSOHXVDGDSDUDHYDOXDUORVUHVXOWDGRV
6WDQGDUG$670( PDOOD IXH 'XQQHWW SDUD FRPSDUDU ORV WUDWDPLHQWRV IUHQWH DO
WHVWLJR/DSUXHEDUHTXLHUHGHXQVRORYDORUSDUDKDFHU
&DUDFWHUL]DFLyQ ILVLFRTXtPLFD 6H UHDOL]DURQ DQiOLVLV ODVFRPSDUDFLRQHVHQWUHFDGDWUDWDPLHQWR\HOFRQWURO
FXDOLWDWLYRVGHJOXFRVDIUXFWRVDPDOWRVD\VDSRQLQDV (OSURFHGLPLHQWRIXHDSOLFDGRGHIRUPDELODWHUDOSDUD
\FXDQWLWDWLYRVGHIHQROHVIRVIDWRVKLHUURFDOFLR\DJXD SUREDUVLHOIORFXODQWHVLQWpWLFRHUDLJXDORGLIHUHQWHD
HQODHPSUHVD$6GH&DOL ORVPRGLILFDGRVXWLOL]DQGR

6HHYDOXyHOHVWDGRItVLFRHOFRORU\ODDSDULHQFLDPHGLDQWH &DOLGDGGHSDQHODHYDOXDGD3DUDKDFHUHVWDHYDOXD
REVHUYDFLyQODVROXELOLGDGVHUHDOL]yXWLOL]DQGRXQEHDNHU FLyQVHUHPLWLHURQODVPXHVWUDVGHSDQHODDOODERUDWRULR
GHP/GLVROYLHQGRHOPXFLODJRHQP/DJXDGHV $6HQODFLXGDGGH&DOL9DOOH&RORPELD6HUHDOL]DURQ
WLODGDD&SRUPLQXWRV\REVHUYDQGRODVROXELOLGDGHQ SUXHEDVRUJDQROpSWLFDV\ILVLFRTXtPLFDV\VHFRPSD
GLIHUHQWHVSURSRUFLRQHV3HVR9ROXPHQ(OFDOHQWDPLHQWR UDURQ ORV UHVXOWDGRV REWHQLGRV FRQ ORV OLQHDPLHQWRV
GH OD VROXFLyQ VH UHDOL]y HQ XQD SODQFKD FRQ DJLWDFLyQ GHOD5HVROXFLyQGHGHO0LQLVWHULRGHOD
PDJQpWLFD 0DUFD%DUQVWHDG7KHUPRO\QH63  3URWHFFLyQ6RFLDOGHOD5HS~EOLFDGH&RORPELD

&DUDFWHUL]DFLyQPLFURVFySLFD6HXVyXQPLFURVFRSLR 5(68/7$'26
ySWLFRGHDOWDUHVROXFLyQ 1,.210,&523+27-DSyQ 
DGDSWDGR D XQ VRIWZDUH /HLFD 4ZLQ 86$  FRQ XQD /DILJXUDPXHVWUDHOGLDJUDPDGHSURFHVRGHH[WUDF
UHVROXFLyQPi[LPDGH[\PtQLPDGH[HQGRQGH FLyQVHSDUDFLyQ\VHFDGRGHORVWUHVIORFXODQWHVQDWX
ODVPXHVWUDVIXHURQREVHUYDGDVD[ UDOHVVLJXLHQGRUHFRPHQGDFLRQHVSURSXHVWDVHQRWUDV
LQYHVWLJDFLRQHV>@HQODVFXDOHVVHXWLOL]DQWpFQLFDV
)ORFXODFLyQ\FODULILFDFLyQ3DUDGHWHUPLQDUODHILFLHQFLD GHODERUDWRULRDSURSLDGDVTXHPD[LPL]DQHOSURFHVRGH
GHORVIORFXODQWHVHQHOMXJRGHFDxDVHUHDOL]DURQSUXHEDV H[WUDFFLyQGHOIORFXODQWH$GHPiVHVWRVSURFHVRVVH
GH VyOLGRV LQVROXEOHV HQ VLHWH PXHVWUDV VHLV GH HOODV YDOLGDURQ\FRQMXJDURQFRQODVH[SHULHQFLDVSUHYLDVGH
FRQIORFXODQWHVPRGLILFDGRVHQSURSRUFLRQHVGH ORVLQYHVWLJDGRUHVREWHQLHQGRXQVRORSURFHGLPLHQWR
\ SY 6HXWLOL]yFRPRSDWUyQGHFRPSDUDFLyQ FRQHOILQGHGLVPLQXLUHOHUURUH[SHULPHQWDO
XQIORFXODQWHVLQWpWLFR 3URIORF /DVHWDSDVSDUDOD
SUXHEDGHIORFXODFLyQ\FODULILFDFLyQIXHURQ
&XDGUR%ORTXHV\WUDWDPLHQWRV
 /LPSLH]DGHOMXJRGHFDxD6HUHDOL]yFRQXQILOWUR
GH PXVHOLQD D WHPSHUDWXUD DPELHQWH &  \ VH %ORTXHV
7UDWDPLHQWRV
% % %
DGLFLRQy FDUERQDWR GH FDOFLR SDUD DGHFXDU HO S+
%DOVR J 7 7% 7% 7%
HQWUH\ %DOVR J 7 7% 7% 7%
 $GLFLyQGHOIORFXODQWHDOMXJRGHFDxD6HXWLOL]DURQ &DGLOOR J 7 7% 7% 7%
GRVFRQFHQWUDFLRQHVGH\ SY \ &DGLOOR J 7 7% 7% 7%
SY  SDUD HO IORFXODQWH VLQWpWLFR 6H GLVROYLHURQ D *XiFLPR J 7 7% 7% 7%
&HQDJXDGHVWLODGDKDVWDREWHQHUXQDVROXFLyQ *XiFLPR J 7 7% 7% 7%
3URIORF SSP 7 7% 7% 7%
KRPRJpQHDFRQYLVFRVLGDGDGHFXDGD
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
 9RO1R  -XOLR'LFLHPEUH

)LJXUD([WUDFFLyQVHSDUDFLyQ\VHFDGRGHWUHVIORFXODQWHVQDWXUDOHV )LJXUD&XUYDGHVHFDGRGHORVIORFXODQWHV

&DUDFWHUL]DFLyQILVLFRTXtPLFD&RPSDUDQGRHOFDOFLR
\ ORV IRVIDWRV HQ ODV ILFKDV WpFQLFDV YHU &XDGUR  
VH HQFRQWUy TXH ORV PD\RUHV YDORUHV FRUUHVSRQGtDQ
D ORV IORFXODQWHV GH EDOVR \ FDGLOOR PRGLILFDGRV SRU
FRQVLJXLHQWH VH LQILHUH TXH HVWRV YDORUHV LQIOX\HURQ
HQHOPHMRUGHVHPSHxRHQHOSURFHVRGHFODULILFDFLyQ
GHOMXJRGHFDxDORTXHFRLQFLGHFRQORUHSRUWDGR>@
TXHLQGLFDTXHHOp[LWRGHODFRDJXODFLyQGHSHQGHGHOD
SUHFLSLWDFLyQGHOIRVIDWRGHFDOFLR\GHODFRQFHQWUDFLyQ
GHLRQHVFDOFLR\IRVIDWRSUHVHQWHVHQHOMXJR

'HORVUHVXOWDGRVGHODVILFKDWpFQLFDVHSXHGHGHGXFLU
'XUDQWHODHWDSDGHVHFDGRVHHOLPLQDURQORVUHVWRVGH TXHORVWUHVIORFXODQWHVPRGLILFDGRVHVWiQFRPSXHVWRV
VROYHQWHSUHVHQWHVHQHOSUHFLSLWDGR(QODILJXUDVH SULQFLSDOPHQWH GH FDUERKLGUDWRV IUXFWRVD JOXFRVD
REVHUYDQODVFXUYDVGHVHFDGR\GXUDQWHHVWDHWDSDORV \ PDOWRVD  VDSRQLQD IHQROHV DGHPiV GH PLQHUDOHV
SRVLEOHVUHVWRVGHOVROYHQWHVHHYDSRUDQGHELGRDOD FRPR KLHUUR FDOFLR \ IRVIDWR UHVXOWDGRV VLPLODUHV D
GHVKLGUDWDFLyQTXHVXIUHHOPDWHULDOHQORVWUHVIORFXODQ ORVUHSRUWDGRV>@
WHV(QHVWDHWDSDVHGHEHWHQHUFXLGDGRHQQRH[FHGHU
ORV&SDUDHYLWDUODSpUGLGDHQODVSURSLHGDGHVGH &DUDFWHUL]DFLyQPLFURVFySLFD/DILJXUDPXHVWUDODV
IORFXODFLyQGHOSURGXFWRILQDO PLFURIRWRJUDItDVGHORVWUHVIORFXODQWHVPRGLILFDGRVHQ
 HVWDVVHREVHUYyODSRFDXQLIRUPLGDGGHORVJUDQRV
(OUHQGLPLHQWRORJUDGRHQHOSURGXFWRILQDOIXHPD\RU OR TXH H[SOLFD VX HIHFWR HQ OD HWDSD GH FODULILFDFLyQ
FRQHOFDGLOORGDGRTXHGXUDQWHODH[WUDFFLyQVHSDUD GDGR TXH DO HQWUDU HO IORFXODQWH HQ FRQWDFWR FRQ HO
FLyQ\VHFDGRVHORJUyHOVHJXLGRGHOEDOVRFRQ MXJRSHUPLWHQODIRUPDFLyQGHSXHQWHVTXtPLFRVHQWUH
XQ\HOJXiFLPRFRQXQ(VWRVUHVXOWDGRV ODVSDUWtFXODVLQVROXEOHVGHPRGRTXHWRGRVORVVLWLRV
VRQLQpGLWRVDUD]yQGHTXHQRVHKDQUHDOL]DGRWUDEDMRV HVWpQRFXSDGRVORFXDOIRUPDXQDPDOOD FRiJXOR OR
GRQGHLQYROXFUHQH[WUDFFLyQVHSDUDFLyQ\VHFDGRGH VXILFLHQWHPHQWHHVWDEOHFRPRSDUDVRSRUWDUODVIXHU
IORFXODQWHVGHRULJHQYHJHWDO)LQDOPHQWHGHVSXpVGHOD ]DVGHWHQVLyQHMHUFLGDVSRUODVSDUWtFXODVLQVROXEOHV
HWDSDGHVHFDGRVHUHDOL]yXQSURFHVRGHUHGXFFLyQGH SUHVHQWHVHQHOMXJRHIHFWRH[SOLFDGRRWURLQYHVWLJDGRU
SDUWtFXODHQXQPRUWHURFRQHOILQGHREWHQHUXQSROYR >@HOFXDOGHVFULEHHVWHIHQyPHQRSRUODSUHVHQFLD
ILQR\GHIiFLODSOLFDFLyQHQHOMXJRGHFDxD GHSRFRVVLWLRVRFXSDGRVORFXDOJHQHUDHVWUXFWXUDV
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
9RO1R  -XOLR'LFLHPEUH 

&XDGUR)LFKDWpFQLFDGHORVIORFXODQWHVPRGLILFDGRVGHEDOVRFDGLOOR\JXiFLPR

)ORFXODQWH %DOVR &DGLOOR *XiFLPR

,'(17,),&$&,1'(/352'8&72
3ROYRVHFRREWHQLGRGHSLFDU\GHVILEUDUJGHFRUWH]DHQP/GHDJXDGHVWLODGDVHJXLGRGHXQSURFHVRGHDJLWDFLyQ\
VHSDUDFLyQGHODVXVWDQFLDDJOXWLQDQWHSRUPHGLRGHOPpWRGRGHODYDGRFRQVROYHQWH (WDQRODO (OVHFDGRGHOSUHFLSLWDGRVH
UHDOL]DDXQDWHPSHUDWXUDGH&GXUDQWHKRUDV\VHWULWXUDKDVWDREWHQHUXQSROYRILQR3HUWHQHFHDOJUXSRGHKLGURFRORLGHV
FRUUHVSRQGLHQWHVDORVSROtPHURVSDULHWDOHV\VHFDUDFWHUL]DSRUGLVSHUVDUVHHQDJXDGDQGROXJDUDXQDXPHQWRGHODYLVFRVLGDG
\HOHIHFWRJHOLILFDQWH(VXQDGLWLYRIORFXODQWH\FRDJXODQWHXWLOL]DGRHQODFODULILFDFLyQ\ILOWUDFLyQGHMXJRVGHFDxDGHD]~FDU

,QIRUPDFLyQVREUHORVFRPSRQHQWHV
&8$/,7$7,926 $JXDFDUERKLGUDWRVJOXFRVDIUXFWRVDPDOWRVD\VDSRQLQDV
&8$17,7$7,926 
SSP
 )HQROHV SSP SSP
SSP
 )RVIDWRV SSP SSP
  
 +LHUUR SSP SSP
SSP
 &DOFLR SSP SSP
SSP
&DUDFWHUtVWLFDVILVLFRTXtPLFDV
(67$'2)6,&2 6yOLGR 6yOLGR 6yOLGR
$3$5,(1&,$ 3ROYR 3ROYR 3ROYR
62/8%,/,'$'
$&FRQDJLWDFLyQ $&FRQDJLWDFLyQ $&FRQDJLWDFLyQ
HQDJXD
S+
  
VROXFLyQ
'(16,'$'
  
JFF
9,6&26,'$' VROXFLyQ
  
  P3DV
+80('$'
  

&2/25 0DUUyQEXUO\ZRRG 0DUUyQVLHQQD 0DUUyQSHUX

)LJXUD0LFURVFRSLDySWLFDGHORVIORFXODQWHVHQSROYR
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
 9RO1R  -XOLR'LFLHPEUH

GHPDVLDGRGpELOHVFRPRSDUDPDQWHQHUVHHVWDEOHVHQ &XDGUR$129$SDUDODYDULDEOHUHWHQFLyQGHVyOLGRVLQVROXEOHV
ODVROXFLyQGHELGRDXQDDJLWDFLyQEDMD&RPRVHSXGR
REVHUYDUSRUPLFURVFRStDHQHOEDOVR\HOFDGLOORKD\ 6XPDGH ) )
)XHQW */ 9DULDQ]
PD\RUKRPRJHQHLGDGHQWUHVXVSDUWtFXODVSRUORV FXDGUDGR &DOFXODGR 7HyULFR
WDPDxRVGHSDUWtFXODVVLPLODUHV\XQLIRUPHVPLHQWUDV 7UDWD     
%ORT     
TXHHQHOJXiFLPRHVWDVSDUWtFXODVVRQHQVXPD\RUtD
(UURU     
KHWHURJpQHDV 7RWDO     
&RHILFLHQWHYDULDFLyQ 
7DPELpQVHGLIHUHQFLDURQODVIRUPDVGHODVSDUWtFXODVGH 
FDGDXQRGHORVIORFXODQWHVPRGLILFDGRV(QHOEDOVR\ )& 
HOFDGLOORSUHGRPLQDQODVIRUPDVODPLQDUHVORFXDOJHQHUD *UDQPHGLD 
IXHUWHVXQLRQHVFRYDOHQWHVDOLQWHULRUGHODHVWUXFWXUDGHO &XDGUR3UXHEDGH'XQQHWW
IORFXODQWHTXHDOURPSHUVHJHQHUDVLWLRVGHDOWDHQHUJtD
OLEUHVXSHUILFLDODGLIHUHQFLDGHODVGHJXiFLPRTXHVH 3UXHEDGH'XQQHWW
FRQVWLWX\HGHIRUPDVJUDQXODUHVGRQGHODVXQLRQHVFR 5DGLFDQGR 
YDOHQWHVVRQGpELOHVTXHDOURPSHUVHJHQHUDQVLWLRVGH 6G 
' 'XQQHWW 
EDMDHQHUJtDOLEUHVXSHUILFLDOYLpQGRVHUHIOHMDGRHQVXEDMR
SRUFHQWDMHGHUHWHQFLyQGHVyOLGRVLQVROXEOHVWDOFRPR &XDGUR&RPSDUDFLRQHVWHVWLJRYVWUDWDPLHQWR
ORLQGLFDURQRWURVLQYHVWLJDGRUHV>@
7UDWDPLHQWRYV
'LIHUHQFLD 'HFLVLyQ
)ORFXODFLyQ \ FODULILFDFLyQ (O DQiOLVLV HVWDGtVWLFR PXHVWUDWHVWLJR
PRVWUyGLIHUHQFLDVHQWUHORVSURPHGLRVGHFDGDXQRGH 7YV7  LJXDOGDG
ORVWUDWDPLHQWRVVLHQGRPiVHILFLHQWHHOIORFXODQWHTXH 7YV7  LJXDOGDG
7YV7  LJXDOGDG
UHJLVWUyHOPHQRUSHVRHQODSUXHEDGHVyOLGRVLQVROX
7YV7  LJXDOGDG
EOHVORTXHTXLHUHGHFLUTXHUHWLUyPD\RUFDQWLGDGGH 7YV7  LJXDOGDG
VyOLGRVHQODHWDSDGHFODULILFDFLyQSUHVHQWDQGR7HO 7YV7  LJXDOGDG
PD\RUUHVXOWDGRFRQJ\7FRQJGH
VyOLGRVLQVROXEOHV6HSXHGHLQIHULUTXHODVSDUWtFXODV FLHQFLDGHODFODULILFDFLyQ6HJ~QODSUXHEDGH'811(77
WXYLHURQPHQRUFRQWDFWRGHELGRDODSRFDIRUPDFLyQGH ODPXHVWUDWHVWLJR7\ORVWUDWDPLHQWRVSUHVHQWDURQXQ
SXHQWHVTXtPLFRVHQWUHHOODV\SRUORWDQWRODIRUPDFLyQ UHFKD]RGHLJXDOGDGHVGHELGRDTXHHOYDORUHQFRQWUDGR
GHXQDPDOODGpELOGHFRiJXORVTXHQRORJUyDUUDVWUDU G 'XQQHWW HVPHQRUTXH_;L;_WHVWLJR
ORVVyOLGRVLQVROXEOHV&RPSDUDQGR7FRQFDGDXQR
GHORVUHVXOWDGRVREWHQLGRVVHDQDOL]yTXHORVYDORUHV (QFXDQWRDORVEORTXHVUHDOL]DGRVVHDFHSWDODKLSy
PiVFHUFDQRVFRUUHVSRQGHQDORVWUDWDPLHQWRV7\ WHVLVQXODGDGRTXHQRVHSUHVHQWDURQGLIHUHQFLDVLJ
7FRQXQDSUHVHQFLDGHVyOLGRVLQVROXEOHVGH QLILFDWLYDVHQWUHEORTXHV YHU&XDGUR SRUORTXHQR
JU\JUUHVSHFWLYDPHQWH(VWRVUHVXOWDGRVVRQ LQIOX\RVREUHODVSUXHEDVGHFODULILFDFLyQHQGLIHUHQWHV
VLPLODUHVDORUHSRUWDGR>@TXLHQFRPSDUyIORFXODQWHV PRPHQWRV GH H[SHULPHQWDFLyQ HO FRUWH GH FDxD GH
QDWXUDOHV\XQRVLQWpWLFRREWHQLHQGRFRPRUHVXOWDGR D]~FDUQRLQIOX\RHQODFODULILFDFLyQGHOMXJRGDGRTXH
XQDPD\RUHILFLHQFLDHQHOVLQWpWLFR HOJUDGRGHPDGXUH]HOHVWDGRGHOWLHPSR\HOWLSRGH
VXHORQRDIHFWDURQODVYDULDEOHVFRQWHQLGRGHDJXD\
(OFXDGURPXHVWUDORVGDWRVREWHQLGRVGHOHODQiOLVLV VyOLGRVVROXEOHV/RDQWHULRULQGXFHDSHQVDUTXHORV
GHYDULDQ]D $129$  IORFXODQWHVHQHVWXGLRVHSXHGHQXWLOL]DUHQFXDOTXLHU
WHPSRUDGDGHODxRORFXDOFRLQFLGHFRQORVUHVXOWDGRV
&RQODSUXHEDGH'XQQHWWVHGHWHFWDURQGLIHUHQFLDVHQWUH UHSRUWDGRV>@
ORVWUDWDPLHQWRV\HOEODQFR YHU&XDGUR 
/DILJXUDPXHVWUDTXH7SUHVHQWDPHMRUUHVXOWDGR
(OFXDGURPXHVWUDORVUHVXOWDGRVSDUDHOGLVHxRGH HQUHWHQFLyQGHVyOLGRVLQVROXEOHV  VHJXLGRGH
EORTXHVDOHDWRULRV6HUHFKD]DODKLSyWHVLVQXOD\DTXH 777777
DOPHQRVGRVIORFXODQWHVGLILHUHQGHPRVWUiQGRTXHHO
WLSRGHIORFXODQWH\VXFRQFHQWUDFLyQLQIOX\HQHQODHIL /DILJXUDPXHVWUDODLQIOXHQFLDGHODGRVLVHQFDGD
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
9RO1R  -XOLR'LFLHPEUH 

)LJXUD5HWHQFLyQGHVyOLGRVLQVROXEOHV PRGLILFDGRVDSOLFDGRVHQXQDFDQWLGDGGHOSY
SUHVHQWDURQPD\RUGHVHPSHxRIUHQWHDORVDSOLFDGRV
FRQXQDFDQWLGDGGHOSY(OEDOVRSUHVHQWyXQ
PD\RUSRUFHQWDMHGHUHWHQFLyQGHVyOLGRVLQVROXEOHVGH
SDUDGRVLVGHSYHQHOFDGLOORHOSRUFHQWDMH
GH UHWHQFLyQ IXH GHO   \ HQ JXiFLPR GH 
GHPRVWUDQGRDVtTXHODGRVLVDOSYHVySWLPD
SXHVWRTXHDHVWDFRQFHQWUDFLyQORVFRDJXODQWHVSUR
SRUFLRQDQODVFDUJDVSRVLWLYDVQHFHVDULDVSDUDUHGXFLUOD
PDJQLWXGGHOSRWHQFLDO]HWDDXPHQWDQGRODSRVLELOLGDG
GHIRUPDUSXHQWHVTXtPLFRVTXHRULJLQHQXQIOyFXOROR
VXILFLHQWHPHQWHJUDQGHSDUDTXHVHGLPHQWHORVVyOLGRV
LQVROXEOHV3RUHQFLPDGHOSYHOIORFXODQWHRFD
VLRQDSUREOHPDVHQODFODULILFDFLyQVLVHDJUHJDSRFR
IORFXODQWHHQDOJXQRVFDVRVKDEUiHVFDVDIRUPDFLyQ
)LJXUD5HWHQFLyQGHVyOLGRVLQVROXEOHV GHSXHQWHVTXtPLFRV>@SHURHQRWURVQRH[LVWLHURQ
GLIHUHQFLDVVLJQLILFDWLYDVFRQODVGLIHUHQWHVGRVLV>@HQ
IORFXODQWHVQDWXUDOHV EL\X\RFDGLOOR\JXiFLPR HQHO
SURFHVRGHFODULILFDFLyQ

&DOLGDG GH SDQHOD HYDOXDGD (Q HO FXDGUR  VH


PXHVWUDQORVUHVXOWDGRVREWHQLGRVHQODERUDWRULRTXH
VHFRPSDUDURQFRQORVOLQHDPLHQWRVGHOD5HVROXFLyQ
GHGHO0LQLVWHULRGHOD3URWHFFLyQ6RFLDO
GH&RORPELD6HREVHUYyTXHODVSDQHODVKHFKDVDSDUWLU
GHO MXJR FODULILFDGR FRQ ORV WUHV WLSRV GH IORFXODQWHV
PRGLILFDGRVFXPSOtDQFRQORVSDUiPHWURVHVWDEOHFLGRV
H[FHSWRHOYDORUGHODKXPHGDGTXHHVWiSRUGHEDMRGHO
UDQJRGDGRTXHODVSDQHODVVHKLFLHURQ DHVFDODGH
ODERUDWRULRGRQGHHVGLItFLOHQFRQWUDUHOSXQWRILQDOGH
XQR GH ORV IORFXODQWHV PRGLILFDGRV IUHQWH DO SDWUyQ PROGHR$GHPiVFXDQGRVHFDOLHQWDQUiSLGDPHQWHODV
GH FRPSDUDFLyQ HVWH ~OWLPR FRQ XQ SRUFHQWDMH GH PLHOHVVHFDUDPHOL]DQJHQHUDQGRXQPDOVDERUORFXDO
UHWHQFLyQGHO6HREVHUYyTXHORVIORFXODQWHV FRLQFLGHORUHSRUWDGR>@
&XDGUR(YDOXDFLyQRUJDQROpSWLFD\ILVLFRTXtPLFDGHODSDQHODHODERUDGDHQHOODERUDWRULR

3DQHODFODULILFDGD
)ORFXODQWH %DOVR &DGLOOR *XDVLPR
2EVHUYDFLRQHVRUJDQROpSWLFDV
6DERU 3URSLR 3URSLR 3URSLR
2ORU 3URSLR 3URSLR 3URSLR
&RORU 0DUUyQ 0DUUyQ 0DUUyQ
7H[WXUD 'XUD 'XUD 'XUD
)RUPD &XDGUDGD &XDGUDGD &XDGUDGD
(PSDTXH 1RWLHQH 1RWLHQH 1RWLHQH
$QiOLVLVILVLFRTXtPLFR
3DUiPHWUR 'HFUHWR 9DORUREWHQLGR
$]~FDUHV7RWDOHV JOXFRVD 0i[   
3URWHtQDV 1[ 0tQ   
&HQL]DV 0tQ   
+XPHGDG    
&RORUDQWHV 1HJDWLYR 1HJDWLYR 1HJDWLYR 1HJDWLYR
%ODQTXHDGRUHV 1HJDWLYR 1HJDWLYR 1HJDWLYR 1HJDWLYR
%LRWHFQRORJtDHQHO6HFWRU$JURSHFXDULR\$JURLQGXVWULDO
 9RO1R  -XOLR'LFLHPEUH

&21&/86,21(6 >@ /3(=/*21=$/2-2625,2*\'(/*$'2


2$&RQVHUYDFLyQVLHPEUDPDQHMR\XWLOL]DFLyQ
(OFDGLOORSUHVHQWyXQPD\RUUHQGLPLHQWROXHJRGHOD GH ODV HVSHFLHV DJOXWLQDQWHV PiV LPSRUWDQWHV
H[WUDFFLyQ\VHFDGRHQFRPSDUDFLyQFRQHOEDOVR\HO HQ OD DJURLQGXVWULD SDQHOHUD %RJRWi &RORPELD
JXiFLPRHQWDQWRTXHODUHWHQFLyQGHVyOLGRVLQVROXEOHV %ROHWtQ WpFQLFR  &RUSRUDFLyQ &RORPELDQD GH
SUHVHQWHVHQHOMXJRGHFDxDIXHPD\RUFRQHOIORFXODQWH ,QYHVWLJDFLyQ$JURSHFXDULD &2532,&$ 
VLQWpWLFR TXH FRQ ORV IORFXODQWHV QDWXUDOHV DXQTXH >@ 35$'$)/(0HMRUDPLHQWRGHODFDOLGDGGHOD
HVWRV~OWLPRVSUHVHQWDQSDUiPHWURVVLPLODUHVDORV SDQHODDWUDYpVGHOVLVWHPDGHOLPSLH]DGHMXJRV
HVWDEOHFLGRVSRUODQRUPDWpFQLFDQDFLRQDOFRORPELDQD SDUDSHTXHxRV\PHGLDQRVSURGXFWRUHV%DUERVD
'HFUHWR  6DQWDQGHU%ROHWtQWpFQLFR
>@ 6$1&+(=$&)3URGXFWRVQDWXUDOHVFRPRDJHQ
WHVIORFXODQWHVHQODFODULILFDFLyQGHMXJRVGHFDxD
GHD]~FDU>WHVLV4XtPLFR@&DOL9DOOHGHO&DXFD
$*5$'(&,0,(1726
&RORPELD'HSDUWDPHQWRGH4XtPLFD8QLYHUVLGDG
GHO9DOOH
$OD8QLYHUVLGDGGHO&DXFDSRUHODSR\RDOWUDEDMRGH
>@ /81$*'HWHUPLQDFLyQ\DQiOLVLVGHODVYDULDEOHV
LQYHVWLJDFLyQ\SRUIDFLOLWDUODVLQVWDODFLRQHVSDUDDGH
GHSURFHVRTXHDIHFWDQODFDOLGDGGHODSDQHODHQ
ODQWDUODIDVHH[SHULPHQWDOHQOD)DFXOWDGGH&LHQFLDV
HOWUDSLFKH:LOVRQ0RUHQR9HUHGDHO3LWDO&DOGRQR
$JURSHFXDULDV
>WHVLV,QJHQLHUR$JURLQGXVWULDO@3RSD\iQ&DXFD
&RORPELD )DFXOWDG GH &LHQFLDV $JURSHFXDULDV
8QLYHUVLGDGGHO&DXFD
5()(5(1&,$6 >@ 6272 % $ &RDJXODFLyQ \ IORFXODFLyQ 5HYLVWD
&LHQFLD$ELHUWDS
>@ 2625,2 * 0DQXDO WpFQLFR %XHQDV 3UiFWLFDV
$JUtFRODV %3$ \%XHQDV3UiFWLFDVGH0DQXIDF
WXUD %30  HQ OD SURGXFFLyQ GH FDxD \ SDQHOD
&2532,&$*REHUQDFLyQGH$QWLRTXLD2UJDQL]DFLyQ
GH /DV 1DFLRQHV 8QLGDV SDUD OD $JULFXOWXUD \ OD
$OLPHQWDFLyQ)$2'LVSRQLEOHKWWSZZZ
IDRRUJFRPDQXDOSDQHODSGI>FLWDGRGHIHEUHUR
GH@
>@ $5,$6 $ ) 7$0$5$ / 9 \ $5%(/$(= ) (O
VHFWRU SDQHOHUR FRORPELDQR %RJRWi &RORPELD
0LQLVWHULRGH$JULFXOWXUD\'HVDUUROOR5XUDO
)$2   'LVSRQLEOH KWWSZZZIWSIDRRUJ
GRFUHSIDRDVDVSGI>FLWDGR
GHIHEUHURGH@
>@ &$55(5$-(0DQHMR\7UDQVIRUPDFLyQGHMXJRV
GHFDxDSDQHOHUD>WHVLV,QJHQLHUtD$JURLQGXVWULDO@
3RSD\iQ&DXFD&RORPELD8QLYHUVLGDGGHO&DXFD
)DFXOWDGGH&LHQFLDV$JURSHFXDULDV
>@ 6$1'29$/*9$/9(5'(1<$*8,/$5&0D
QHMRGHMXJRVOLPSLH]DFODULILFDFLyQHYDSRUDFLyQ
\ FRQFHQWUDFLyQ  'LVSRQLEOH KWWSZZZ
LQIRDJURQHWVKDUHGGRFVDJWHFQROSGI >&RQ
VXOWDGRGHPDU]RGH@
>@ *$5&,$+50HMRUDPLHQWRGHODFDOLGDGGHOD
PLHO\SDQHODPHGLDQWHODOLPSLH]DGHORVMXJRVGH
FDxD%RJRWi&RORPELD&RUSRUDFLyQ&RORPELDQD
GH,QYHVWLJDFLyQ$JURSHFXDULD &2532,&$ 

También podría gustarte