Documentos de Académico
Documentos de Profesional
Documentos de Cultura
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
)$&8/7$''(,1*(1,(5Ë$
48Ë0,&$
48Ë0,&$25*È1,&$
,QJ7HyILOR '21$,5(6)/25(6
3XQR-XQLR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
48Ì0,&$25*É1,&$
(V XQD UDPD GH OD TXtPLFD TXH VH HQFDUJD GH HVWXGLDU OD HVWUXFWXUD SURSLHGDGHV \
FRPELQDFLRQHVGHODVVXVWDQFLDVGHFDUERQR
([FHSWR
%UHYHKLVWRULD
$ SULQFLSLRVGHOVLJOR;,;VHUHFRQRFLyTXHORVFRPSXHVWRVGHOFDUERQRHUDQODEDVH
IXQGDPHQWDO GH ORV IHQyPHQRV YLWDOHV HQ DQLPDOHV \ YHJHWDOHV 6H SHQVDED SRU
HQWRQFHV TXH ORV FRPSXHVWRV TXH IRUPDEDQ ORV VHUHV YLYLHQWHV VyOR VH SRGtDQ
SURGXFLU PHGLDQWH OD DFFLyQ GH XQD IXHU]D YLWDO D GLIHUHQFLD GH ORV FRPSXHVWRV
PLQHUDOHVTXHSRGtDQVHUREWHQLGRVHQODERUDWRULRV
/D SULPHUD GLYLVLyQ GH OD TXtPLFD IXH UHDOL]DGD SRU 1LFROiV /HPHU\ FRQ ILQHV
SHGDJyJLFRV\HQ%HUW]HOLXVVXVWHQWDOD7HRUtD9LWDOtVWDODFXDOIXHGHVFDUWDGD
GHVSXpV GH OD H[SHULHQFLD GH )HGHULFK :K|OHU TXLHQ ORJUD VLQWHWL]DU SRU
SULPHUD YH] HQ HO ODERUDWRULR OD 8UHD FRPSXHVWR RUJiQLFR TXH VH HQFXHQWUD HQ OD
RULQDGHORVDQLPDOHV
&LDQDWRGHDPRQLR→ 8UHD
1+ ² &12→
1+ &21+
→ &21+
(OHPHQWRVFRQVWLWX\HQWHVGHORVFRPSXHVWRVRUJiQLFRV
(OHPHQWRVRUJDQyJHQRV&+21
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
(OHPHQWRVELRJHQpVLFRVKDOyJHQRVPHWDOHVD]XIUHIyVIRURHWF
&$3,78/2,
(/&$5%212
(OHPHQWRQRPHWiOLFRVHHQFXHQWUDXELFDGRHQHOVHJXQGRSHUtRGR\HQHOJUXSR
,9$GHOD7DEODSHULyGLFD
&DUDFWHUtVWLFDV
6tPEROR&
9DOHQFLD= $
&RQILJXUDFLyQV V S
(VWDGR1DWXUDO
(OFDUERQRSXURVHHQFXHQWUDHQODQDWXUDOH]DEDMRGRVIRUPDV
D (VWDGRDORWUySLFR
'LDPDQWH (VHOFDUERQRPiVSXUR\HOPDWHULDOQDWXUDOPDVGXURTXHVHFRQRFH
(V XQFXHUSRFULVWDOLQRLQFRORURTXHFULVWDOL]DHQHOVLVWHPDF~ELFRHQGRQGHORV
iWRPRV GH FDUERQR VH HQFXHQWUDQ XQLGRV SRU HQODFHV FRYDOHQWHV WLHQH XQD
GHQVLGDGHOHYDGDGHJFP \ JUDQtQGLFHGHUHIUDFFLyQGHODOX]PDOFRQGXFWRU
GH ODFRUULHQWHHOpFWULFD\HOFDORU6HORXWLOL]DSDUDIDEULFDUREMHWRVGHVWLQDGRVD
UD\DU\FRUWDUVyOLGRVFULVWDOLQRVFRPRHOYLGULRURFDVHWF\HVPX\DSUHFLDGRHQ
ODMR\HUtD
*UDILWR (VXQVyOLGREODQGRGHFRORUQHJURJULViFHRRSDFRPHQRVGHQVRTXHHO
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
GLDPDQWHHVXQEXHQFRQGXFWRUGHODFRUULHQWHHOpFWULFD\HOFDORU6HXWLOL]DFRPR
OXEULFDQWH\SDUDODIDEULFDFLyQGHOiSLFHVHOHFWURGRV\ODFRQVWUXFFLyQGHFULVROHV
E (VWDGRDPRUIR
(QIRUPDGHPLQHUDOHV
x 7XUED
x $QWUDFLWD
(VWDGR$UWLILFLDO
7HQHPRV
• 1HJURGHKXPR
• QHJURDQLPDO
• KROOtQ
• FDUEyQYHJHWDO
• FDUEyQGHUHWRUWD
• FDUEyQDFWLYDGR\
• FDUEyQFRNH0HWDOXUJLD
3URSLHGDGHV
D 7HWUDYDOHQFLD (V XQD FRQVHFXHQFLD GH OD PRGHUDGD HOHFWURQHJDWLYLGDG \ HO
UHGXFLGR UDGLR DWyPLFR GHO iWRPR GH FDUERQR \D TXH pVWDV FDUDFWHUtVWLFDV
KDFHQTXHORVFXDWURHOHFWURQHVSHULIpULFRVGHOFDUERQRVRQHTXLYDOHQWHV\FDGD
XQRSXHGHIRUPDUXQHQODFHFRYDOHQWH
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• (VWDGRQRUPDREDVDO )RUPDFRPSXHVWRVLQRUJiQLFRV
V V S
• (VWDGRH[FLWDGRRKtEULGR)RUPDFRPSXHVWRVRUJiQLFRV
V V S
E $XWRVDWXUDFLyQ 3URSLHGDG SRU OD FXDO HO iWRPR GH FDUERQR SXHGH IRUPDU
HQODFHVHQWUHVLGHODVVLJXLHQWHVIRUPDV
• (QODFHVLPSOH 6HUHDOL]DSRUPHGLRGHXQHQODFHGHQRPLQDGRσ HOFXDOHVPX\
HVWDEOH\IiFLOGHIRUPDU
& ²& VS VS
• (QODFHWULSOH6HUHDOL]DSRUPHGLRGHXQHQODFHσ \ GRVπ
&≡& VSVS
F )RUPDGRU GH FDGHQDV (V XQD FRQVHFXHQFLD GHODSURSLHGDGDQWHULRU\HVSRU
pVWD SURSLHGDG SRU OD FXDO HO FDUERQR SXHGH IRUPDU XQD JUDQ FDQWLGDG GH
FDGHQDVKLGURFDUEXURV3XHGHQVHU
&DGHQDV/LQHDOHV 3UHVHQWDQH[WUHPRVOLEUHV
&²&²&²&²&²&²
&DGHQDV5DPLILFDGDV
&&
& ²&²&²&²&²&²
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&
&DGHQDV&tFOLFDV &XDQGRVHXQHVXVH[WUHPRV
• +RPRFtFOLFD6yORSRUFDUERQRV
• +HWHURFtFOLFD6LSRVHHRWURVHOHPHQWRV
G 7LSRV GH &DUERQR &XDQGR VH HQOD]DQ HQWUH ORV iWRPRV GH FDUERQR 6RQ ORV
VLJXLHQWHV
&DUERQR3ULPDULR &XDQGRFRPSDUWHQXQHOHFWUyQFRQXQ
FDUERQR
C C C C C
C
H 7LSRVGH)yUPXOD
)yUPXODJOREDORPROHFXODU &+
)yUPXOD6HPLGHVDUUROODGD &+ &+ &+ &+ &+
)yUPXOD'HVDUUROODGD
+++++
+ &²&²&²&²&²+
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
+ ++++
*HRPpWULFD]LJ]DJ
%DVHVGHOD1RPHQFODWXUDGH4XtPLFD2UJiQLFD
6HEDVDQHQSUHILMRV\VXILMRV
D 3UHILMRV'HDFXHUGRDOQ~PHURGHFDUERQRV
E 6XILMRV'HDFXHUGRDODIXQFLyQ(MHPSORDQRHQRLQRRODOHWF
FDUERQRV 3UHILMRV FDUERQ 3UHILMRV
RV
&
0HW &
1RQ
&
(W &
'HF
&
3URS &
8QGHF
&
%XW &
3HQWDGHF
&
3HQW &
(LFRV
&
+H[ &
7ULDQFRQW
&
+HSW &
3HQWDFRQW
&
2FW &
+H[DFRQW
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&$3,78/2,,
+,'52&$5%8526
+&
6RQFRPSXHVWRVRUJiQLFRVPiVVHQFLOORVTXHVHFRQRFHQHVWiQIRUPDGRV
~QLFDPHQWHSRUiWRPRV&DUERQR\iWRPRVGH+LGUyJHQR
&ODVLILFDFLyQGHORV+LGURFDUEXURV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
%DVHVGHOD1RPHQFODWXUDGH+LGURFDUEXURV
• 3DUDQRPEUDUDORV+&VHGHEHXELFDUODFDGHQDFDUERQDGDFRQWLQXDPDVODUJD
R OD TXH IDFLOLWH QRPEUDU DO +& \ pVWD GHEH VHU HQXPHUDGR FRPHQ]DQGR GH
DTXHO H[WUHPR TXH VH HQFXHQWUH PDV FHUFDQR D OD UDPD PDV VLPSOH R PDV
FHUFD GHO GREOH R WULSOH HQODFH UHVSHFWLYDPHQWH /D,83$&FRQVLGHUDHOXVR
GH EDVHV JULHJDV \ ODWLQDV SDUD LQGLFDU HO Q~PHUR GH iWRPRV GH FDUERQR
H[LVWHQWHVHQXQDFDGHQDDVtWHQHPRV
• 3DUD LQGLFDU HO WLSR GH KLGURFDUEXUR TXH HV VH GHEH XWLOL]DU ORV VXILMRV
FRUUHVSRQGLHQWHVDFDGDFDVR\SDUDKLGURFDUEXURVFtFOLFRVVHDQWHSRQGUiHO
SUHILMR&LFORHOFXDOVHDQWHSRQHDOQRPEUHGHOKLGURFDUEXUR
• 3DUDHOFDVRGHUDPLILFDFLRQHVRUDGLFDOHVRUJiQLFRVpVWRVVHUiQQRPEUDGRV
SRUODWHUPLQDFLyQ´,/R,/2µ
3ULQFLSDOHVUHDFFLRQHVRUJiQLFDV
F 5HDFFLRQHVGHFRPEXVWLyQ
• &RPEXVWLyQFRPSOHWD& + 2 → &2 + 2
; <
• &RPEXVWLyQLQFRPSOHWD& + 2 → &2&+ 2
; <
,VRPHUtD
3URSLHGDGFRP~QDODVVXVWDQFLDVTXHWLHQHQLJXDOIyUPXODPROHFXODURJOREDO
,VyPHURV 6RQ DTXHOORV FRPSXHVWRV TXH SUHVHQWDQ OD PLVPD IyUPXOD PROHFXODU R
FRQGHQVDGD SHUR GLIHUHQWH IyUPXOD HVWUXFWXUDO \ GLIHUHQWHV SURSLHGDGHV ItVLFDV \
TXtPLFDV
7LSRVGHLVyPHURV
,VRPHUtDSODQDRHVWUXFWXUDO
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
,H SDUD≤ Q ≤
Q
• ,VRPHUtDGHFDGHQD
• ,VRPHUtDGHSRVLFLyQ
• ,VRPHUtDGHIXQFLyQ
,VRPHUtDHVSDFLDO
• ,VyPHURVJHRPpWULFRV
• ,VyPHURVÐSWLFRV
,R Q
6LVWHPD)XQFLRQDO 6HFDUDFWHUL]DQSRUHPSOHDUSUHILMRVFRPR
• Q 6HHPSOHDFXDQGRODFDGHQDHVOLQHDOQRSUHVHQWDUDPLILFDFLyQ
&+ &+ ² &+ ² &+ ²&+ QSHQWDQR
&+ &+²&+ ²&+ LVRSHQWDQR
&+
&+ ² &²&+ QHRSHQWDQR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&+
• 6(& &XDQGRVHH[WUDHXQiWRPRGHKLGUyJHQRGHXQFDUERQRVHFXQGDULR
&+
&+ ² &+ ² &+²VHFEXWLO
7(5 &XDQGRVHH[WUDHXQiWRPRGHKLGUyJHQRGHXQFDUERQRWHUFLDULR
&+
&+ ² &²&+ WHUEXWLO
(MHPSORV
&+ PHW$12
& + HW$12
& + SURS$12
& + EXW$12
& + SHQW$12
& + KH[$12
5DGLFDOHV
5HVXOWDQGHODVXVWLWXFLyQGHiWRPRVGHKLGUyJHQRGHODONDQRFRUUHVSRQGLHQWH
&+ + → &+
PHW,/
& + + → & + HW,/
1RWDFXDQGRVHVXVWLWX\HQ
D 8QKLGUyJHQR ,/LOR
E 'RVKLGUyJHQRV ,/(1LOHQR
F 7UHVKLGUyJHQRV ,/,1LOLQR
&+ ² &+²&+ &+ PHWLOEXWDQR
&+
&+
&+ ² &+²&+ &+&+ GLPHWLOSHQWDQR
&+
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&+
&+ ² &+²&+ &+&+ &+ PHWLOHWLOKH[DQR
&+
3URSLHGDGHV)tVLFDV
$ PHGLGDTXHVHLQFUHPHQWDHOQ~PHURGHFDUERQRVGHODFDGHQDWDPELpQDXPHQWDVX
SXQWRGHIXVLyQ\GHHEXOOLFLyQ
& D& VRQJDVHV
& D& VRQOtTXLGRV
D SDUWLUGH& VRQVyOLGRV
$ PHGLGDTXHODFDGHQDHVPDVUDPLILFDGDPHQRUVHUiVXSXQWRGHHEXOOLFLyQ
6RQVROXEOHVHQVROYHQWHVRUJiQLFRVDSRODUHVHLQVROXEOHVHQDJXD
3URSLHGDGHVTXtPLFDV
D 5HDFFLyQGH&RPEXVWLyQ
&Q + 2Q+2 2 → &2 + 2
(QSUHVHQFLDGHOFORURVXIUHXQDUHDFFLyQHQFDGHQD
&+ &O → &+ &O +&O
&+ &O &O → &+ &O +&O
5HJODGH0DUNRQLNRY/RVKDOyJHQRVHQWUDQHQORVFDUERQRVFRQPHQRVKLGUyJHQRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
2EWHQFLRQHV
3ULQFLSDOPHQWH VRQ REWHQLGRV GHO SHWUyOHR \ GHO JDV QDWXUDO PHGLDQWH GHVWLODFLyQ
IUDFFLRQDGDVLQHPEDUJRHQHOODERUDWRULRSXHGHQVHUREWHQLGRVSRU
D 5HGXFFLyQFDWDOtWLFDGHXQKLGURFDUEXURQRVDWXUDGR
&+ &+ + ²1L→ &+ ²&+
E 3RUDFFLyQGHODJXDVREUHFXHUSRVRUJDQRPHWiOLFRV
&+ ²=Q²&+ + 2 → =Q2&+
F 6tQWHVLVGH:XUW]
&+ &O1D→ &+ ²&+ 1D&O
G 6tQWHVLVGH*ULJQDUG
&+ ² ;0J→ &O²0J²&+
0HWDQR
/ODPDGRWDPELpQJDVGHORVSDQWDQRVIRUPHQRRJDVJULV~(VXQJDVLQFRORURLQRGRUR
H LQVtSLGR\PHQRVGHQVRTXHHODJXDVHOLF~DD&\VROLGLILFDD&HVSRFR
VROXEOHHQDJXDVROXEOHHQDOFRKROEHQFHQR\pWHU(VHPSOHDGRSULQFLSDOPHQWHFRPR
FRPEXVWLEOH6HREWLHQH
FDOHQWDQGRXQDPH]FODGHDFHWDWRGH6RGLRHQSUHVHQFLDGHFDOVRGDGD
&+ &221D1D2+→ &+ 1D&2
7UDWDQGRFDUEXURGH$OFRQDJXDSRFRDFLGXODGD
& $O + 2 → &+ $O2+
3RUKLGURJHQDFLyQGHO&2\&2 HQSUHVHQFLDGHXQFDWDOL]DGRU
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&2 + → &+ + 2
6RQ+&QRVDWXUDGRVRKLGURFDUEXURVHWLOpQLFRVVHFDUDFWHUL]DQSRUSUHVHQWDUSRUOR
PHQRVXQGREOHHQODFHHQVXHVWUXFWXUDHQODFHTXHHVUtJLGR\QRSHUPLWHODSRVLELOLGDG
GHJLURDODFDGHQD
*UXSR & &VS VS
)yUPXOD
*HQHUDO & Q + 2 Q+ 2−2 G
SDUDXQVRORGREOHHQODFH &Q + 2 Q
& + EXW(12
& + SHQW(12
5DGLFDOHV
/DVPiVLPSRUWDQWHVVRQ
&+ &+ 9LQLO
&+ &+&+ $OLOR
3URSLHGDGHVItVLFDV
3RVHHQSURSLHGDGHVItVLFDVVLPLODUHVDODVGHORVDOFDQRV
& D & VRQJDVHV
& D & VRQOtTXLGRV
D SDUWLUGH& VRQVyOLGRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
/RVSROLHQRVFRQGREOHVHQODFHVFRQMXJDGRVWRPDQXQDFRORUDFLyQPDVURMDDPHGLGD
TXHVHLQFUHPHQWDQORVGREOHVHQODFHV
&+ & &+²&+ EXWDGLHQRYHFLQDOyDOHQR
6RQVROXEOHVHQVROYHQWHVRUJiQLFRVDSRODUHVHLQVROXEOHVHQDJXD
3URSLHGDGHVTXtPLFDV
D$GLFLyQGH+LGUyJHQRUHGXFFLyQ
&+ &+²5+ ²3W→ &+ ²&+ ²5
E$GLFLyQGH+DOyJHQRV
&+ &+²5; → &+ ;²&+;²5
F+LGURKDORJHQDFLyQ
&+ &+²5+;→ &+ ²&+;²5
2EWHQFLRQHV
3ULQFLSDOPHQWHHQODLQGXVWULDVRQREWHQLGRVGHOSHWUyOHR\HQHOODERUDWRULRSXHGHQVHU
REWHQLGRVSRU
D'HVKLGURJHQDFLyQGHDOFDQRVPHGLDQWHHOFUDFNLQJFDWDOtWLFR
&+ ²&+ → &+ &+ +
E'HVKLGUDWDFLyQGHDOFRKROHV
&+ ²&+ 2+²+ 62 → &+ &+ + 2
F'HVKLGURKDORJHQDFLyQGHKDOXJHQXURVGHDOTXLOR
&+ ;²&+ ²5.2+→ &+ &+²5.;+ 2
G'HVKDORJHQDFLyQGHGLKDOXJHQXURVGHDOTXLOR
&+ ;²&+;²&+ 1D2+→ &+ &+²&+ 1D;
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
(WHQR R HWLOHQR (V XQ JDV TXH VH HQFXHQWUD HQ OD GHVWLODFLyQ GH ORV SHWUyOHRV \ HQ
SHTXHxDV FDQWLGDGHVHQODVPLQDVGHFDUEyQ3DUDREWHQHUORVHHPSOHDFXDOTXLHUDGH
ORVPpWRGRVDQWHVPHQFLRQDGRVFRPR
• 3RUGHVKLGUDWDFLyQGHOHWDQROPHGLDQWH+ 62 D PDVGH&
(OHWLOHQRHVXQJDVLQFRORUROLJHUDPHQWHHWpUHRSRFRVROXEOHHQDJXD6HHPSOHDFRPR
PDWHULDSULPDHQODLQGXVWULDTXtPLFDSDUDODIDEULFDFLyQGHSROtPHURVSOiVWLFRVFRPRHO
39& SROLHWLOHQR 7DPELpQ HV XWLOL]DGR FRPR DQHVWpVLFR ORFDO \ DO UHDFFLRQDU FRQ HO
GLFORUXUR GH D]XIUH IRUPD OD +LSHULWD R JDV PRVWD]D %DMR FRQGLFLRQHV HVSHFLDOHV
SURGXFHHOPHWDQDO
6HFDUDFWHUL]DQSRUSUHVHQWDUSRUORPHQRVXQWULSOHHQODFHHQVXHVWUXFWXUDHVHO+&
GHPD\RUJUDGRGHLQVDWXUDFLyQ
*UXSR &≡& VSVS
)yUPXOD
3DUDQRPEUDUORVVHGHEHHQXPHUDUODFDGHQDDSDUWLUGHOH[WUHPRPDVFHUFDQRDOHQODFH
WULSOH
(QHOFDVRGHORVSROLLQRVVHGHEHDxDGLUGLLQRWULLQRGHDFXHUGRDOQ~PHURGHHQODFHV
WULSOHVH[LVWHQWHV
(MHPSOR
& + HW,12
& + SURS,12
& + EXW,12
& + SHQW,12
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
5DGLFDOHV
& + + → & + HW,/,1
3URSLHGDGHVItVLFDV
3RVHHQSURSLHGDGHVItVLFDVVLPLODUHVDODVGHORVDONDQRV
& D & VRQJDVHV
& D & VRQOtTXLGRV
D SDUWLUGH& VRQVyOLGRV
7RGRVORVDOTXLQRVVRQLQFRORURV\GHRORUGHVDJUDGDEOH
6RQVROXEOHVHQVROYHQWHVRUJiQLFRVDSRODUHVHLQVROXEOHVHQDJXD
3URSLHGDGHVTXtPLFDV
D$GLFLyQGH+LGUyJHQRRUHGXFFLyQ
&+≡&²&+ + → &+ &+²&+ + → &+ ²&+ ²&+
E$GLFLyQGH+DOyJHQRV
&+≡&²5; → &+; &;²5
F+LGURKDORJHQDFLyQ
&+ ²&; ²&+ .2+→ &+≡&²&+ + 2 .,
G6XVWLWXFLyQGH+SRU1DSURGXFLHQGRDFHWLOXURV
&+≡&+1D→ &+≡&1D+
2EWHQFLRQHV
D 'HVKDORJHQDFLyQGHGHULYDGRVWHWUDKDOXJHQDGRV
&+; ²&; ²&+ =Q→ &+≡&²&+ =Q;
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
E'HVKDORJHQDFLyQGHGLKDOXJHQXURVGHDOTXLOR
&+ ;²&+;²&+ 1D2+→ &+ &+²&+ 1D;
F0HGLDQWHUHDFFLyQGHDFHWLOXURVGH1DFRQKDORJHQXURVGHDOTXLORSULPDULRV
&+≡&1D&+ ²&+ ²&+ ²;→ &+≡&²&+ ²&+ ²&+ 1D;
(WLQRR$FHWLOHQR
*DVTXHVHHQFXHQWUDHQODGHVWLODFLyQGH+XOOD\SHWUyOHRV6HORREWLHQHSRUODFKLVSD
GH HOHFWURGRV GH FDUEyQ HQ XQD DWPyVIHUD GH + SXUR 0pWRGR GH %HUWKHORW \
GHVFRPSRQLHQGRHO&D& HQDJXD
(O DFHWLOHQR HV XQ JDV LQFRORUR H LQRGRUR FXDQGR HVWi DO HVWDGR SXUR SHUR GH RORU
IXHUWH\GHVDJUDGDEOHFXDQGRHVWiLPSXURGHELGRDODVLPSXUH]DVGHOFDUEXURGHFDOFLR
HVVROXEOHHQDJXD\PX\VROXEOHHQDFHWRQD6HHPSOHDSULQFLSDOPHQWHHQHOVRSOHWH
R[LDFHWLOpQLFR\HQODVROGDGXUDDXWyJHQDTXHVHXWLOL]DSDUDFRUWDU\VROGDUPHWDOHVSRU
TXH VX OODPD DOFDQ]D XQD WHPSHUDWXUD HQWUH D & WDPELpQ FRPR JDV GH
DOXPEUDGR\FRPRPDWHULDSULPDHQODVtQWHVLVGHGLYHUVRVSURGXFWRV
(V XQD PH]FOD OtTXLGD FRPSOHMD GH KLGURFDUEXURV TXH H[LVWH HQ IRUPD QDWXUDO HQ ORV
FDPSRVSHWUROtIHURVLQFOX\HQGRORVJDVHV\VyOLGRV
2ULJHQ GHO 3HWUyOHR 3URYLHQH GH OD GHVFRPSRVLFLyQ GH UHVLGXRV GH RUJDQLVPRV
PDULQRVDQLPDO\YHJHWDOGXUDQWHPLOHVGHDxRV
&RPSRVLFLyQ4XtPLFDGHO3HWUyOHR 9DUtDGHDFXHUGRDODXELFDFLyQGHORVSR]RV
SHWUROtIHURV(OSURGXFWREUXWRHVOtTXLGRROHRVRGHOtTXLGRYDULDEOHTXH
YDGHOiPEDUDOQHJUR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
GHORV-(7\HVGHXVRGRPpVWLFR
G$FHLWH'LHVHO'HQRPLQDGRDFHLWHFRPEXVWLEOHJDVRLORIXHORLOHVWDQIRUPDGRVSRU
& \&
H$FHLWH/XEULFDQWH\FHUD)RUPDGRSRU+&GHHOHYDGDPDVDPROHFXODUVXVFDGHQDV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
WLHQHQ& \&
I 5HVLGXR (V HO DVIDOWR HV XQD PH]FOD GH PLQHUDOHV \ FRPSXHVWRV RUJiQLFRV PX\
FRPSOHMRVGHSHVRPROHFXODUHOHYDGR
&$3,78/2,,,
+,'52&$5%8526&Ì&/,&26
& +
Q 2 Q − 2 G − 4W
6HGHQRPLQDQWDPELpQDOLFtFOLFRVVHFDUDWHUL]DQSRUSUHVHQWDUFDGHQDVFHUUDGDVHQ
VX HVWUXFWXUD
&,&/2$/&$126
&,&/2$/48(126
&,&/2$/48,126
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&$3,78/2,9
+,'52&$5%8526$520É7,&26
6RQWRGRVDTXHOORVKLGURFDUEXURVFtFOLFRVHQFX\DHVWUXFWXUDPROHFXODUFRQWLHQHQSRU
ORPHQRVXQDQLOOREHQFpQLFRUD]yQSRUODFXDOpVWRVFRPSXHVWRVVHDVHPHMDQHQVXV
SURSLHGDGHVHVSHFLDOPHQWHODVSURSLHGDGHVItVLFDV(QWUHODVUHJODVSDUDLQGLFDUVL
XQ FRPSXHVWRHVDURPiWLFRRQRWHQHPRV
• 'HEHWHQHUPtQLPRFDUERQRV
• 'HEHVHUGHFDGHQDFtFOLFDSODQDU
• 'HEHWHQHUHQODFHVGREOHVFRQMXJDGRV
• 'HEHQ FXPSOLU FRQ OD UHJOD GH +FNHO ORV VLVWHPDV RUGLQDULRV PRQRFtFOLFRV VHUiQ
PX\HVWDEOHVFXDQGRWHQJDQQHQODFHVê
/ODPDGRWDPELpQEHQ]RO'HVFXELHUWRSRU)DUDGD\HQ\HVWXGLDGRSRU.HNXOH
TXLHQ HQFXHQWUD TXH HO EHQFHQR SRVHH XQD PROpFXOD SODQD FRQ GREOHV
HQODFHV DOWHUQDGRV $FWXDOPHQWH VH KD DxDGLGR TXH HO EHQFHQR SUHVHQWD OD
SURSLHGDGGHODUHVRQDQFLDHVGHFLUTXHDOGLIHULUODSRVLFLyQGHORVGREOHVHQODFHV
SUHVHQWD GRV HVWUXFWXUDV HTXLYDOHQWHV OR TXH KDFH TXH WRGRV ORV iWRPRV GH VX
HVWUXFWXUDVHDQHTXLYDOHQWHV
(OEHQFHQRHVXQOtTXLGRLQFRORURGHRORUDJUDGDEOHHVLQVROXEOHHQDJXDVROXEOHHQ
VROYHQWHV RUJiQLFRV HV VXPDPHQWH LQIODPDEOH \ YROiWLO HPLWH YDSRUHV YHQHQRVRV
KLHUYH D & VH VROLGLILFD D & VH REWLHQH D SDUWLU GH SURGXFWRV YROiWLOHV GHO
SHWUyOHR \ FDOHQWDQGR HO DFHWLOHQR (O EHQFHQR HV XWLOL]DGR SDUD OD VtQWHVLV GH
GLYHUVRVFRPSXHVWRVDURPiWLFRVFRPRVROYHQWHGHPXFKDVVXVWDQFLDVFRPR,3
JUDVDVUHVLQDVFDXFKRHWF
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
3URSLHGDGHVTXtPLFDVGHO%HQFHQR
4XtPLFDPHQWHHOEHQFHQRHVXQDVXVWDQFLDHVWDEOHTXHVXIUHUHDFFLRQHVGHVXVWLWXFLyQ
+DORJHQDFLyQ &+ &O → &+ &O+&O
1LWUDFLyQ &+ +12 → &+ 12 +2
6XOIRQDFLyQ &+ +62 → &+ +62 +2
$OTXLODFLyQR5[GH)ULHGHO\&UDIW &+ ;5→ &+ 5+;
'HULYDGRVGHOEHQFHQR
3DUD QRPEUDU D ORV GHULYDGRV GHO EHQFHQR VH SURFHGH FRPR HQ HO FDVR GH ORV
KLGURFDUEXURV FtFOLFRV \ HQ PXFKRV FDVRV VH UHVSHWDQ ORV QRPEUHV WULYLDOHV GH
pVWRVGHULYDGRV
&+ ² + → &+
%HQFHQR)HQLO
(MHPSOR
D 'HULYDGRVPRQRVXVWLWXLGRV
&+ 2+ 1+
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&O 12
E 'HULYDGRVGLVXVWLWXLGRV
2UWR 0HWD 3DUD
• • •
•
•
•
&+ &+ &+
&+
&+
&+
2+
2+
2+
F 'HULYDGRV7ULVXVWLWXLGRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• • •
•
• • • •
•
&+
&+ &+ &+
2+
12 2+
2+
7ULQLWURWROXHQR ÉFLGRIWiOLFR $FLGRJiOLFR
717GLQDPLWD
2+ &+ &+
12 12
12
7ULQLWURIHQRO (VWLUHQR 'LIHQLOR
ÉFLGRStFULFR
7ROXHQR&+&+0HWLOEHQFHQR)HQLOPHWDQRHVXQOtTXLGRDURPiWLFRLQFRORURH
LQVROXEOHHQDJXDSDUHFLGRDOGHOEHQFHQRKLHUYHD&\VHVROLGLILFDGHD
& SRU OR TXH VH XVD HQ DOJXQRV WHUPyPHWURV (O WROXHQR VXIUH UHDFFLRQHV GH
VXVWLWXFLyQDVtWHQHPRVTXHFRQDO+12 IRUPDHO7ULQLWUR7ROXHQRR7ULOLWDTXHHVXQ
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
H[SORVLYRSRGHURVRFRQHODPRQLDFRIRUPDDPLQDVOODPDGDV7ROXLGLQDVXWLOL]DGDVSDUD
ODIDEULFDFLyQGHWLQWHV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
GLVSXHVWRVHQiQJXORHVPX\UHDFWLYR\VHHQFXHQWUDHQQXPHURVRVFRPSXHVWRVGH
LPSRUWDQFLD ILVLROyJLFD FRPR OD KRUPRQDV VH[XDOHV DFLGRV YLOLDUHV VXVWDQFLDV
FDQFHUtJHQDVHWF
&$3Ì78/29
/26&2038(6726$520É7,&26<68862
,1'8675,$/
,QWURGXFFLyQ
(Q ORVFRPLHQ]RVGHODTXtPLFDRUJiQLFDDURPiWLFRVHXVDEDSDUDGHVFULELUDOJXQDV
VXVWDQFLDV HQ H[WUHPR IUDJDQWHV FRPR HO EHQ]DOGHKtGR GH FHUH]DV GXUD]QRV \
DOPHQGUDVHOWROXHQRGHOEiOVDPRGH7RO~\HOEHQFHQRGHOGHVWLODGRGHFDUEyQ
6LQHPEDUJRSURQWRVpFRPSUHQGLyTXHODVVXVWDQFLDVDJUXSDGDVHQDTXHOORVJUXSRV
VH FRPSRUWDEDQTXtPLFDPHQWHGLVWLQWRTXHORVGHPiVFRPSXHVWRVRUJiQLFRV
+R\ HO WHUPLQR DURPiWLFR VH RFXSD SDUD UHIHULUVH DO EHQFHQR \ D ORV FRPSXHVWRV
UHODFLRQDGRVHVWUXFWXUDOPHQWHFRQpO(OSUHVHQWHWUDEDMRHVWDGHVWLQDGRDDQDOL]DUGH
IRUPD H[KDXVWLYD ORV FRPSXHVWRV DURPiWLFRV VX XVR LQGXVWULDO \ HO ULHVJR LQKHUHQWH
FRQpO
0XFKRV GH ORV FRPSXHVWRV DLVODGRV GH IXHQWHV QDWXUDOHV VRQ WRWDO R SDUFLDOPHQWH
DURPiWLFRV(QWUHHOORVVHFXHQWDHOEHQFHQREHQ]DOGHKtGRWROXHQR\VXVGHULYDGRV
DGHPiVGHDOJXQRVSURGXFWRVELROyJLFRV\IDUPDFpXWLFRVFRPRODKRUPRQDIHPHQLQD
OODPDGDHVWURQDODPRUILQD\HOGLD]HSDQYDOLXP
6H KDREVHUYDGRTXHODH[SRVLFLyQSURORQJDGDDOEHQFHQRPLVPRUHGXFHODDFWLYLGDG
GH OD PHGXOD yVHD OD GHSULPH \ SURYRFD FRPR FRQVHFXHQFLD OD OHXFRSHQLD
GLVPLQXFLyQ GH ORV JOyEXORV URMRV HQ OD VDQJUH SRU OR FXDO VH GHEH HYLWDU HO
FRQWDFWRGLUHFWR\H[SRVLFLRQHVSURORQJDGDVDOEHQFHQR
/D KLVWRULD GH GHVFXEULPLHQWR GHO EHQFHQR HV LQWHUHVDQWH (Q HQ
/RQGUHV DSDUHFLy SRU SULPHUD YH] HO DOXPEUDGR D EDVH GHJDV(OJDVGHDOXPEUDGR
REWHQLGRGHIXHQWHVQDWXUDOHVGHODJUDVDGHDQLPDOHVPDULQRV9HQLDHQERWHOODVGH
KLHUURHVWDVERWHOODVVHFRORFDEDQSRUORJHQHUDOHQHOVyWDQRGHODVFDVDV(OJDV
SRU PHGLR GH XQRV WXERV VH GLVWULEXtD SRU WRGD OD YLYLHQGD 6H KDEtD QRWDGR TXH
GXUDQWH ORV IUtRV IXHUWHV HO JDV SHUGtD VX FDSDFLGDG GH SURGXFLU OODPD DO DUGHU (Q
ORVSURSLHWDULRVGHODIDEULFDGHJDVVHGLULJLHURQD)DUDGD\SDUDTXHOHVGLHUD
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
XQ FRQVHMR )DUDGD\ GHVFXEULy TXH OD SDUWH FRPSRQHQWH GHO JDV TXH SURGXFH OODPD
YLYDDODUGHUVHDFXPXODDOIUtRHQHOIRQGRHQHOIRQGRGHODVERWHOODVIRUPDQGRXQD
FDSD GH OLTXLGR WUDVSDUHQWH $O H[DPLQDU HVWH OLTXLGR )DUDGD\ GHVFXEULy XQ
KLGURFDUEXURQXHYR(OEHQFHQR
&XUVRGHTXtPLFDRUJiQLFD%3DXORY\$7HEHQWLHYSDJLQDV\
)8(17(6'(+,'52&$5%8526$520É7,&26
/RVKLGURFDUEXURVDURPiWLFRVVLPSOHVVHXVDQFRPRPDWHULDSULPDSDUDODHODERUDFLyQ
GH ORV KLGURFDUEXURV PiV FRPSOHMRV \ VXV GRV IXHQWHV SULQFLSDOHV VRQ HO FDUEyQ R
KXOOD\HOSHWUyOHR(OFDUEyQHVXQDVXVWDQFLDPLQHUDOFRQVWLWXLGDSRUDQLOORVGHOWLSR
EHQFHQRXQLGRVHQWUHVt&XDQGRVHFDOLHQWDD&HQODPROpFXODGH+XOODRFXUUH
GHVLQWHJUDFLyQ WpUPLFD SLUyOLVLV \ GHVWLOD XQD PH]FOD GH KLGURFDUEXURV YROiWLOHV
GHQRPLQDGD DOTXLWUiQ GH KXOOD &XDQGR VH GHVWLOD HVWD PH]FOD VH REWLHQH EHQFHQR
;LOHQR7ROXHQR1DIWDOHQR\XQDYDULHGDGGHFRPSXHVWRVRUJiQLFRV
(O SHWUyOHR FRQVLVWH HQ XQD PH]FOD GH DOFDQRV \ FRQWLHQH SRFRV FRPSXHVWRV
DURPiWLFRV 6LQ HPEDUJR HQ OD UHILQDFLyQ GHO SHWUyOHR VH IRUPDQ FRPSXHVWRV
DURPiWLFRVFXDQGRVHKDFHQSDVDUORVDOFDQRVVREUHXQFDWDOL]DGRUD&DDOWDV
SUHVLRQHV (O KHSWDQR &+ SRU HMHPSOR VH WUDQVIRUPD HQ WROXHQR &+ SRU
GHVKLGURJHQDFLyQ\FLFODFLyQ
120(1&/$785$'(&2038(6726$520É7,&26
/DV VXVWDQFLDV DURPiWLFDV KDQ DGTXLULGR JUDQ QXPHUR GH QRPEUHV FRPXQHV QR
VLVWHPiWLFRV /D ,83$& SHUPLWH PDQWHQHU HO XVR GH DOJXQRV GH HVWRV QRPEUHV
DXQTXH HQ JHQHUDO VH GHVDOLHQWD VX XVR (V DVt FRPR HO PHWLOEHQFHQR HV OODPDGR
WROXHQRHOKLGUR[LEHQFHQRIHQROHODPLQREHQFHQRDQLOLQDHWF
/RVGHULYDGRVGHOEHQFHQRPRQRVXVWLWXLGRVVHQRPEUDQGHODPLVPDIRUPDTXHRWURV
KLGURFDUEXURV XVDQGR OD SDODEUD EHQFHQR FRPR QRPEUHSULQFLSDO$VtHO&+12
HVQLWUREHQFHQR\HO&+%UHVEURPREHQFHQR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
&XDQGR HO EHQFHQR VH HQFXHQWUD XQLGR D XQ DOFDQR GH PiV GH VHLV FDUERQRV HO
FRPSXHVWRVHQRPEUDFRPRXQDOFDQRVXVWLWXLGRSRUXQIHQLORTXHSRUORJHQHUDOVH
DEUHYLDFRQODOHWUDJULHJDPD\~VFXOD)LR3K
$ ORVEHQFHQRVFXDQGRVHHQFXHQWUDQGLVXVWLWXLGRVVHOHVOODPDXVDQGRORVSUHILMRV
RUWR X RGLVXVWLWXLGR FXDQGR WLHQH XQD UHODFLyQ HQ HO DQLOOR HV GHFLU HVWiQ HQ
FDUERQRVYHFLQRVPHWDXPGLVXVWLWXLGRFXDQGRHVWiQHQUHODFLyQHQHODQLOORHV
GHFLUVHSDUDGRVSRUXQWHUFHUFDUERQRSDUDRSGLVXVWLWXLGRFXDQGRVHHQFXHQWUDQ
HQUHODFLyQHVGHFLUHQH[WUHPRVRSXHVWRVGHODPROpFXOD
&XDQGRXQEHQFHQRSRVHHPiVGHGRVVXVWLWX\HQWHVVHGHEHQRPEUDUHQXPHUDQGROD
SRVLFLyQGHFDGDXQRGHHOORVHQHODQLOOR/DQXPHUDFLyQGHEHDVLJQDUVHGHPDQHUD
TXHVHDVLJQHQORVQ~PHURVPiVSHTXHxRVSRVLEOHVSDUWLHQGRSRUHOPiVLPSRUWDQWH
/RVVXVWLWX\HQWHVVHQRPEUDQDOIDEpWLFDPHQWHFXDQGRVHHVWDEOHFHHOQRPEUH
(6758&785$'(/%(1&(12'(.(.8/e
$ PHGLDGRV GHO VLJOR ;,; VH VDEtD TXH HO EHQFHQR HUD LQVDWXUDGR FRQ XQD IRUPXOD
&+ OD FXDO UHTXHUtD FXDWUR GREOHV HQODFHV DQLOORV R XQD FRPELQDFLyQ GH DPEDV
FRVDV$GHPiVVHVDEtDTXHQRH[SHULPHQWDUHDFFLRQHVFDUDFWHUtVWLFDVGHDOTXHQRV
FRPRSRUHMHPSORFXDQGRVHOHKDFHUHDFFLRQDUOHQWDPHQWHFRQEURPRHQSUHVHQFLD
GH KLHUUR VH IRUPDUD XQ SURGXFWR GH VXVWLWXFLyQ &+%U HQ YH] GHO JUXSR
&+%UTXHHVHOGHDGLFLyQ\QRVHSURGXFtDQRWURVLVyPHURVGLVWLQWRV
%DViQGRVH HQ HVWRV UHVXOWDGRV $XJXV .HNXOp SURSXVR HQ TXH HO EHQFHQR
FRQVLVWH HQ XQ DQLOOR GH FDUERQRV \ TXH SXHGH IRUPXODUVH FRPR XQ
FLFORKH[DWULHQR \ HVWR H[SOLFDED OD IRUPDFLyQ GH XQ VROR VXVWLWX\HQWH GHO
PRQREURPDGR
(O SUREOHPD SDUWtD HQ HO GLEURPDGR \D TXH H[LVWtDQ FXDWUR LVyPHURV GRV
GLEURPRFLFORKH[DWULHQR XQR GLEURPRFLFORKH[DWULHQR \ XQR
GLEURPRFLFORKH[DWULHQR (VWR OR H[SOLFy .HNXOp GLFLHQGR TXH ORV GREOHV HQODFHV VH
PXHYHQFRQJUDQUDSLGH]FRQORFXDOORVEURPRVQRSXHGHQVHSDUDUVH
(O PRYLPLHQWRGHORVHQODFHVRFXUUHYHOR]PHQWH
7(25Ì$'(5(621$1&,$
&RPR .HNXOp GLMR HO EHQFHQR SUHVHQWD GRV SRVLEOHV HVWUXFWXUDV HTXLYDOHQWHV HQ OD
FXDOFDGDHQODFHFDUERQRFDUERQRHVHQSURPHGLRHQODFHVHOYDORUPHGLRHQWUH
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
HOGREOH\HOVHQFLOOR
$ FRQWLQXDFLyQVHYHUiORVFXDWURSRVWXODGRVGHODWHRUtDGHUHVRQDQFLDGHOEHQFHQR
\ GHORVKLGURFDUEXURVDURPiWLFRV
/DVHVWUXFWXUDVUHVRQDQWHVVRQLPDJLQDULDVQRUHDOHV/DHVWUXFWXUDGHOEHQFHQR
HV XQ KtEULGR TXH QR FDPELD ~QLFR HQ HO TXH VH FRPELQDQ DPEDV IRUPDV GH
UHVRQDQFLD
/DVHVWUXFWXUDVUHVRQDQWHVGLILHUHQVRORHQODVH[SRVLFLRQHVGHVXVHOHFWURQHV1L
ODSRVLFLyQQLODKLEULGDFLyQGHORViWRPRVFDPELDGHXQDHVWUXFWXUDGHUHVRQDQFLDD
RWUD(QHOEHQFHQRORVVHLVQ~FOHRVGHFDUERQRIRUPDQXQKH[iJRQRUHJXODUPLHQWUDV
TXH ORV HOHFWURQHV 3L VRQ FRPSDUWLGRV SRU LJXDO HQWUH ORV Q~FOHRV YHFLQRV FDGD
HQODFHFDUERQRFDUERQRWLHQHXQSURPHGLRGHHOHFWURQHV\WRGRVORVHQODFHV
VRQHTXLYDOHQWHV
/DV GLVWLQWDV IRUPDV GH UHVRQDQFLD QR WLHQHQ TXH VHU HTXLYDOHQWHV 6LQ HPEDUJR
PLHQWUDVPiVHTXLYDOHQWHVVHDQODVIRUPDVWDQWRPiVHVWDEOHVHUiODPROpFXOD$VtHO
EHQFHQRFRQGRVIRUPDVGHUHVRQDQFLDHTXLYDOHQWHVHVPX\HVWDEOH
7DQWRPiVHVWUXFWXUDVGHUHVRQDQFLDKD\DWDQWRPiVHVWDEOHVHUiODPROpFXOD
4XtPLFD2UJiQLFD0F0XUUD\3DJLQDV
6H SXHGHFRQFOXLUHQWRQFHVTXHODHVWUXFWXUDGHOEHQFHQRHV~QLFD\QRRVFLODHQWUH
GRVHVWUXFWXUDVGH.HNXOpSHURSRUFRQYHQFLyQVHGLFHTXHHOEHQFHQRWRPDXQDGH
ODV HVWUXFWXUDV UHVRQDQWHV SDUD PD\RU IDFLOLGDG GH WUDEDMR FRQ VX HVWUXFWXUD HQ
IRUPD HVFULWD &DEH GHVWDFDU TXH FXDOTXLHUD GH ODV HVWUXFWXUDV GH .HNXOp TXH VH
WRPHQVHUiQHQFRQVHFXHQFLDHTXLYDOHQWHV
(67$%,/,'$''(/%(1&(12
(O EHQFHQR QR UHSUHVHQWD HO FRPSRUWDPLHQWR FDUDFWHUtVWLFR GH ORV DOTXHQRV 3RU
HMHPSOR QR UHDFFLRQD FRQ SHUPDQJDQDWR GH SRWDVLR SDUD IRUPDU SURGXFWRV GH
UXSWXUDQLFRQiFLGRDFXRVRSDUDJHQHUDUDOFRKROHV\WDPSRFRFRQ+&OJDVHRVRSDUD
SURGXFLU KDORJHQXURV GH DOTXLOR $GHPiV QR H[SHULPHQWH UHDFFLRQHV GH DGLFLyQ
HOHFWURItOLFD
6H SXHGH WHQHU XQD LGHD GH OD HVWDELOLGDG GHO EHQFHQR H[DPLQDQGR ORV FDORUHV GH
KLGURJHQDFLyQ (O FLFOR KH[HQR WLHQH XQD YDULDFLyQ GH .FDOPRO HO FLFOR
KH[DGLHQRDOFDQ]DXQDYDULDFLyQGH.FDOPRO6HSXHGHGHVSUHQGHUGHHVWRTXH
HOYDORUSDUDHOVHJXQGRHVSRFRPHQRVGHOGREOHGHOYDORUTXHSDUDHOSULPHUR
&RQWLQXDQGR FRQ OD DQDORJtD VH DGYLHUWH TXH SDUD HO FLFOR KH[DWULHQREHQFHQR
GHELHUDVHUGHWUHVYHFHVHOYDORUGHOFLFORKH[HQRNFDOPRO(OYDORUUHDOSDUDHO
FLFORKH[DWULHQRHVGHNFDOPROFDVL.FDOPROGHHVWDELOLGDGH[WUD
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
2WUD SUXHED GH OD HVWDELOLGDG SRFR XVXDO GHO EHQFHQR VH GHEH D OD ORQJLWXG GH VXV
HQODFHV/RVHQODFHVVHQFLOORVFDUERQRFDUERQRWLHQHQXQDORQJLWXGGH$\
ORVGHORVGREOHVQRUPDOHVHVGH$HQHOEHQFHQRODORQJLWXGGHHQODFHHV
GH $
$URPDWLFLGDG\UHJODQGH+FNHO
6HJ~Q HO FLHQWtILFR $OHPiQ (ULFK +FNHO XQD PROpFXOD VHUi DURPiWLFD VL WLHQH XQ
VLVWHPD PRQRFLFOR SODQDU FRQ XQ RUELWDO 3 HQ FDGD iWRPR \ VROR VL HO VLVWHPD GH
RUELWDOHV 3 FRQWLHQH Q HOHFWURQHV 3L GRQGH Q HV XQ QXPHUR HQWHUR
HV GHFLU ODV PROpFXODV TXH FRQWLHQHQ (OHFWURQHV 3L
SXHGHQVHUDURPiWLFDV/DVPROpFXODVTXHFRQWLHQHQQHOHFWURQHV3L
QRSXHGHQVHUDURPiWLFDVDXQTXHVHDQFtFOLFDV\FRQMXJDGDV
1$)7$/(12<32/,&,&/26$520É7,&26
$XQTXHODUHJODGH+FNHOVHDSOLFDVRORDORVFRPSXHVWRVDURPiWLFRVPRQRFLFORVHO
FRQFHSWR GH DURPDWLFLGDG SXHGH H[WHQGHUVH PiV DOOi IRUPDQGR ORV OODPDGRV
FRPSXHVWRVDURPiWLFRVSROLFtFOLFRV(OPiVVLPSOHGHHVWRVHVHO1DIWDOHQRFRQGRV
DQLOORVEHQFHQRLGHVXQLGRVODGRDODGR3RVHHWUHVHVWUXFWXUDVGH.HNXOpHVGHFLU
WUHV IRUPDV GH UHVRQDQFLD $Vt FRPR HO EHQFHQR HV XQD IRUPD LQWHUPHGLD HQWUH VXV
IDVHV GH UHVRQDQFLD HO QDIWDOHQR \ WRGRV ORV FRPSXHVWRV DURPiWLFRV SROLFtFOLFRV
WDPELpQVRQXQSXQWRLQWHUPHGLRHQWUHVXVIDVHVGHUHVRQDQFLD
(QWUHORVFRPSXHVWRVDURPiWLFRVSROLFtFOLFRVVHHQFXHQWUDQHO1DIWDOHQR$QWUDFHQR
)HQDQWUHQR%HQ]RDSLUHQR&RURQHQRHWF
6867,78&,Ð1(/(&752)Ì/,&$$520É7,&$
/D UHDFFLyQ PiV LPSRUWDQWH GH ORV FRPSXHVWRV DURPiWLFRV HV OD VXVWLWXFLyQ
HOHFWURItOLFDDURPiWLFD(VWRHVXQHOHFWUyILOR(UHDFFLRQDFRQXQDQLOORDURPiWLFR\
VXVWLWX\HXQRGHORVKLGUyJHQRV
0HGLDQWH HVWH WLSR GH UHDFFLyQ HV SRVLEOH DQH[DU GLVWLQWRV VXVWLWX\HQWHV DO DQLOOR
DURPiWLFR6HOHSXHGH+DORJHQDUVXVWLWXLUFRQKDOyJHQR)&O,%U$W1LWUDU
VXVWLWXLUSRUXQJUXSRQLWUR126XOIRQDUVXVWLWXLUSRUXQJUXSRiFLGRVXOIRQLFR
62+$OTXLODUVXVWLWXLUSRUXQJUXSRDOTXLOR5HWF
7RGDV HVWDV UHDFFLRQHV SXHGHQ VHU OOHYDGDV D FDER VHOHFFLRQDQGR ORV UHDFWLYRV \
FRQGLFLRQHVDSURSLDGDV
+DORJHQDFLRQ
D %URPDFLyQ GH DQLOORV DURPiWLFRV 6H KDFHQ UHDFFLRQDU ORV DQLOORVDURPiWLFRVFRQ
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
EURPR FRQ )H%U FRPR FDWDOL]DGRU GDQGR FRPR UHVXOWDGR EURPREHQFHQR FRPR
SURGXFWRGHVXVWLWXFLyQ
E &ORUDFLyQ\<RGDFLyQ(OFORUR\HO\RGRSXHGHQLQWURGXFLUVHHQHODQLOORDURPiWLFR
PHGLDQWH XQD UHDFFLyQ HOHFWURILOLFD HQ ODV FRQGLFLRQHV DSURSLDGDV /RV DQLOORV
DURPiWLFRV UHDFFLRQDQ HQ SUHVHQFLD GH )H&OFRPR FDWDOL]DGRU SDUD SURGXFLU
FORUREHQFHQRV
(O \RGR SRU VL PLVPR QR UHDFFLRQD FRQ ORV DQLOORV DURPiWLFRV \ VH QHFHVLWD XQ
SURPRWRUSDUDTXHHIHFW~HDGHFXDGDPHQWHODUHDFFLyQ/RVPHMRUHVSURPRWRUHVVRQ
ORVR[LGDQWHVFRPRHOSHUy[LGRGHKLGURJHQR+2RVDOHVGHFREUHFRPR&X&O
(VWRVSURPRWRUHVDFW~DQR[LGDQGRHO\RGRFRQYLUWLpQGRODHQXQDHPSUHVDHOHFWUyILOD
PiV SRWHQWHTXHUHDFFLRQDFRPRVLIXHUD,(QWRQFHVHODQLOORDURPiWLFRDWDFDHO,
FRQORTXHIRUPDXQSURGXFWRGHVXVWLWXFLyQQRUPDO
1LWUDFLyQ$URPiWLFD/RVDQLOORVVHSXHGHQQLWUDUFRQXQDPH]FODGHiFLGRQtWULFR\
iFLGRVXOI~ULFRFRQFHQWUDGRV6HSLHQVDTXHHOHOHFWURItORHVHOLRQQLWURQLR12
TXHVHJHQHUDGHOiFLGRQtWULFRSRUSURWRQDFLRQ\SHUGLGDGHDJXD(VWHLRQJHQHUD
XQ FDUERFDWLyQ LQWHUPHGLDULR FXDQGR HVWH SLHUGH XQ SURWyQ VH JHQHUD HO
QLWUREHQFHQRFRPRSURGXFWRGHVXVWLWXFLyQ
(VWH SURFHVR HV UHDOPHQWH LPSRUWDQWH SDUD OD LQGXVWULD GH H[SORVLYRV SLJPHQWRV \
IDUPDFLD
6XOIRQDFLRQDURPiWLFD
/RV DQLOORV DURPiWLFRV SXHGHQ VXOIRQDUVH SRU UHDFFLyQ FRQ iFLGR VXOI~ULFR IXPDQWH
+62 62 (O HOHFWUyILOR UHDFWLYR HV +62 R 62 GHSHQGLHQGR GH ODV
FRQGLFLRQHVGHUHDFFLyQ
(VWH SURFHVRRFXUUHVLPLODUDODEURPDFLyQ\QLWUDFLyQSHURWLHQHODFDUDFWHUtVWLFDGH
TXH HVUHYHUVLEOH
(VWD UHDFFLyQ WLHQH LPSRUWDQFLD HQ OD HODERUDFLyQ GH FRORUDQWHV \ SURGXFWRV
IDUPDFpXWLFRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
$OTXLODFLyQGHDQLOORVDURPiWLFRV
5HDFFLyQ GH )ULHGHO&UDIWV (V XQD VXVWLWXFLyQ HOHFWURILOLFD DURPiWLFD HQ OD FXDO HO
DQLOOR DWDFD XQ FDUERFDWLRQ HOHFWURILOR (VWH FDUERFDWLyQ VH JHQHUD FXDQGR HO
FDWDOL]DGRU$O&OD\XGDDOKDORJHQXURGHDOTXLORDLRQL]DUVH/DUHDFFLyQILQDOL]DFRQOD
SHUGLGDGHXQSURWyQ
(VWDUHDFFLyQSRVHHWUHVOLPLWDFLRQHVIXQGDPHQWDOHV
6RORVHSXHGHQXVDUKDORJHQXURVGHDOTXLOR
/D UHDFFLyQ HV LQHILFD] FXDQGR ORV DQLOORV DURPiWLFRV VH HQFXHQWUDQ XQLGRV D
JUXSRVIXHUWHPHQWHGHVDFWLYDGRUHV
(VGLItFLOFRQWURODUpOQXPHURGHDOTXLODFLRQHVTXHVHGHVHDSURGXFLU
3XHGHQ SURGXFLUVH WUDQVIRUPDFLRQHV H HO HVTXHOHWR GHO JUXSR DOTXLOR SXHGHQ
DQH[DUVHXQQSURSLORXQLSURSLO
)HQROHV\DOFRKROHVDURPiWLFRV
4XLQRQDV /RV IHQROHV VRQ FRPSXHVWRV DURPiWLFRV TXH FRQWLHQHQ XQ JUXSR
KLGUR[LOR XQLGR GLUHFWDPHQWH DO Q~FOHR (O PiV VLPSOH GH ORV IHQROHV HV HO KLGUR[L
GHULYDGRGHOEHQFHQROODPDGRIHQRORiFLGRFDUER[LOLFR
/RVIHQROHVVHVLQWHWL]DQSRUIXVLyQGHVXOIRQDWRVFRQiOFDOLVSRUGHVFRPSRVLFLyQGH
VDOHVGHGLD]RQLRHQFRQGLFLRQHVDGHFXDGDVWUDWDQGRORVGHULYDGRVKDORJHQDGRVGH
ORVKLGURFDUEXURVEHQFHQRLFRVFRQVROXFLRQHVGHiOFDOLVDDOWDVWHPSHUDWXUDV
&UHVROHV 6RQ ORV KRPyORJRV PiV FHUFDQRV DO IHQRO WDPELpQ VH OHV FRQRFH FRPR
KLGUL[LWROXHQRV VH REWLHQHQ GHO DOTXLWUiQ GH KXOOD (O SFUHVRO HV XQR GH ORV
FRPSXHVWRVGHSXWUHIDFFLyQGHODVSURWHtQDV\SRVHHDOLJXDOTXHORVIHQROHVXQJUDQ
SRGHUEDFWHULFLGDSRUORTXHVHOHXVDHQPHGLFLQD\YHWHULQDULD
)HQROHV GLKLGUR[LOLFRV /RV PiV VLPSOHV VRQ ORV GHULYDGRV GHO EHQFHQR \ VH
FRQRFHQ WUHV LVyPHURV GH HVWH SGLKLGUR[LEHQFHQR KLGURTXLQRQD P
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
6H XWLOL]DSDUDODIDEULFDFLyQGHPXFKRVFRORUDQWHV
)HQROHV WULKLGUR[LOLFRV ([LVWHQ WUHV WULKLGUR[LEHQFHQRV SRVLEOHV
WULKLGUR[LEHQFHQRSLURJDOROWULKLGUR[LEHQFHQRIORURJOXFLQD \
WULKLGUR[LEHQFHQR KLGUR[LKLGURTXLQRQD WRGDV VRQ VXVWDQFLDV FULVWDOLQDV (O SLURJDORO
VH REWLHQH FDOHQWDQGR iFLGR JDOLFR \ GHVSUHVLDQGRVH HO GLy[LGR GH FDUERQR \ HO
FRQWHQLGRGHR[LJHQRHQPH]FODVJDVHRVDV
/D IORURJOXFLQD IORURJOXFLQRO VH REWLHQH DO IXQGLU SRWDVD FiXVWLFD FRQ UHVLQDV
YHJHWDOHV
(WHUHVDURPiWLFRV(VWRVVHSXHGHQGLYLGLUHQGRVJUXSRV
D GHOWLSR$UR$U
E (WHUHVGHOWLSR$UR5
(V GHFLUXQRGHVXVUDGLFDOHVSHUWHQHFHDODVHULHDOLIDWLFD\HORWURDODDURPiWLFD\
VH SXHGHQ REWHQHU GH GRV PDQHUDV (O SULPHUR HV WUDWDQGR ORV GHULYDGRV
KDORJHQDGRV GH ORV KLGURFDUEXURV FRQ IHQDWRV (O VHJXQGR HV PiV IiFLO \ PHQRV
FRVWRVRVHORJUDWUDWDQGRHOGLPHWLOVXOIDWRFRQIHQROHVHQXQPHGLRDOFDOLQR
$OGHKtGRVDURPiWLFRV (OPiVVLPSOHHVHOEHQ]DOGHKtGR&+&+26HFRQRFH
WDPELpQ FRPR HVHQFLD GH DOPHQGUDV DPDUJDV SXHV HQ OD QDWXUDOH]D VHHQFXHQWUDHQ
GLFKRVIUXWRV
,QGXVWULDOPHQWH HO EHQ]DOGHKLGR VH REWLHQH D SDUWLU GHO WROXHQR HO FXDO GHEH KDEHU
VLGR FORUDGR FRQ DQWHULRULGDG (O SULPHU SURGXFWR GH OD FORUDFLyQ HV HO FORUXUR GH
EHQFLOR &+&+&O HO TXH HQ OD FORUDFLyQ SRVWHULRU SDVD D FORUXUR GH
EHQFLOLGHQR&+&+&O$OFDOHQWDUORHQDJXDFRQSHTXHxDVFDQWLGDGHVGHKLGUy[LGR
FDOVLFRRiFLGRVXOI~ULFRVHIRUPDEHQ]DOGHKtGR
2WUR PpWRGR GH REWHQFLyQ HV OD R[LGDFLyQ GLUHFWD GH WROXHQR KDFLpQGRVH SDVDU D
DOWDV WHPSHUDWXUDV VXV YDSRUHV PH]FODGRV FRQ DLUH D WUDYpV GH XQ WXER FDWDOL]DGRU
R[LGRIpUULFR
&HWRQDV DURPiWLFDV 3XHGHQ VHU GH GRV IRUPDV GLDULO FHWRQDV R DULO DOTXLO
FHWRQDVHVGHFLUSDUWHGHODFHWRQDSXHGHFRQWHQHUXQUDGLFDODOLIiWLFRRDOTXtOLFR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
3XHGHQ VHU VLQWHWL]DGDV SRU PpWRGR GH )ULHGHO&UDIWV WUDWDQGR FRQ FORUXURV GH
iFLGRVORVKLGURFDUEXURVDURPiWLFRVHQSUHVHQFLDGHFORUXURGHDOXPLQLR
$PLQDV DURPiWLFDV /D PiV VLPSOH HV OD IHQLODPLQD R DPLQREHQFHQR &+1+
OODPDGDDQLOLQD
([LVWHQ PXFKRV GHULYDGRV GH DPLQDV DURPiWLFDV \ VRQ GH JUDQ XVR LQGXVWULDO HQWUH
HOORVWHQHPRVORVWUHVLVyPHURVGHODWROXLGLQDRPS/RVGHODQLWURDQLOLQDR
P SODVDPLQDVVHFXQGDULDVHWF
862,1'8675,$/'(+,'52&$5%8526$520É7,&26
%HQFHQR
'HVFULSFLyQ (O%HQFHQRHVXQOLTXLGRFODURYROiWLOLQFRORURPX\LQIODPDEOHFRQRORU
FDUDFWHUtVWLFR
(O JUDGRFRPHUFLDOPiVFRP~QFRQWLHQHHQWUH\GH%HQFHQR
8VRV
(O %HQFHQRVHXWLOL]DFRPRFRQVWLWX\HQWHGHFRPEXVWLEOHVSDUDPRWRUHVGLVROYHQWHV
GH JUDVDV DFHLWHV SLQWXUDV \ QXHFHV HQ HO JUDEDGR IRWRJUiILFR GH LPSUHVLRQHV
7DPELpQVHXWLOL]DFRPRLQWHUPHGLDULRTXtPLFR
(O %HQFHQRWDPELpQVHXVDHQODPDQXIDFWXUDGHGHWHUJHQWHVH[SORVLYRVSURGXFWRV
IDUPDFpXWLFRV\WLQWXUDV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLRQHVLQFOX\H
%UXxLGRUHV
• )DEULFDQWHVGHiFLGRFDUEyOLFR
• )DEULFDQWHVGHiFLGRPDOHLFR
• )DEULFDQWHVGHDGKHVLYRV
• )DEULFDQWHVGHEDWHUtDVVHFDV
• )DEULFDQWHVGHFDXFKR
• )DEULFDQWHVGHFRORUDQWHV
• )DEULFDQWHVGHGHWHUJHQWHV
• )DEULFDQWHVGHHVWLUHQR
• )DEULFDQWHVGHKH[DFORUXURGHEHQFHQR
• )DEULFDQWHVGHOLQyOHR
• )DEULFDQWHVGHPDVLOOD
• )DEULFDQWHVGHQLWUREHQFHQR
• )DEULFDQWHVGHSHJDPHQWRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• ,PSUHJQDGRUHVGHSURGXFWRVGHDVEHVWRV
• 4XtPLFRV
• 6ROGDGRUHV
• 7HUPLQDGRUHVGHPXHEOHV
• 7UDEDMDGRUHVFRQFORUREHQFHQR
• WUDEDMDGRUHVGHODLQGXVWULDSHWURTXtPLFD
5LHVJRV
9tDV GHHQWUDGD,QKDODFLyQGHYDSRUTXHSXHGHHVWDUFRPSOHPHQWDGDFRQDEVRUFLyQ
FXWiQHDVLELHQHOEHQFHQRQRHVDEVRUELEOHDWUDYpVGHODSLHOVDQD
(IHFWRVQRFLYRV
/RFDOHV /D H[SRVLFLyQ DO OLTXLGR \ DO YDSRU SXHGH SURGXFLU LUULWDFLyQ SULPDULD GH ORV
RMRV OD SLHO \ ODV YtDV UHVSLUDWRULDV VXSHULRUHV 6L HO OLTXLGR OOHJD D ORV SXOPRQHV
SXHGHSURYRFDUHGHPDSXOPRQDU\KHPRUUDJLD&RPRFRQVHFXHQFLDGHODUHPRFLyQGH
JUDVD GH OD SLHO VH SXHGH SURGXFLU HWLUHPD YHVLFXODFLyQ \ GHUPDWLWLV VHFD
HVFDULILFDGD
6LVWHPiWLFRV /D H[SRVLFLyQ DJXGD DO EHQFHQR SURGXFH GHSUHVLyQ GHO VLVWHPD
QHUYLRVR FHQWUDO 7DPELpQ SXHGHQ SURGXFLUVH FHIDOHD PDUHRV QiXVHDV YyPLWRV
FRQYXOVLRQHVFRPD\PXHUWH
6H KD FRPSUREDGR TXH OD H[SRVLFLyQ FUyQLFD DO EHQFHQR FDXVD WUDVWRUQRV HQ OD
VDQJUH(OEHQFHQRHVXQDJHQWHPLHORWy[LFR
3UHFDXFLyQ
/LPLWHV GH H[SRVLFLyQ SHUPLVLEOHV (V SSP SDUD XQ SURPHGLR SRQGHUDGR HQ XQ
WLHPSRGHKRUDVFRQXQSLFRGHSSPSRUHQFLPDGHOPi[LPRDFHSWDEOHSDUDXQD
GXUDFLyQPi[LPDGHPLQXWRV
0HGLGDVGHSURWHFFLyQSHUVRQDO'HEHXVDUVHVLHPSUHYHVWLPHQWDGHSURWHFFLyQ/D
URSD PRMDGD FRQ EHQFHQR GHEH GHVHFKDUVH GHLQPHGLDWR (Q iUHDV HQ ODV FXDOHV OD
H[SRVLFLyQ HV FRQVWDQWH VH GHEH XVDU URSD \ JXDQWHV LPSHUPHDEOHV SDUD FXEULU ODV
]RQDV H[SXHVWDV GHO FXHUSR (Q iUHDV GRQGH SXHGHQ SURGXFLUVH VDOSLFDGXUDV GHEH
XVDUVH PiVFDUD R DQWHRMRV GH SURWHFFLyQ (Q ODV ]RQDV GRQGH KD\ HOHYDGDV
FRQFHQWUDFLRQHV GH YDSRU VH UHTXLHUH HO XVR GH PiVFDUDV FRQ ILOWUR SDUD YDSRU
RUJiQLFRR´OtQHDGHDLUHµRELHQDSDUDWRVGHUHVSLUDFLyQ
'LIHQLOR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
'HVFULSFLyQ (O GLIHQLOR HV XQ VyOLGR DPDULOOHQWR R LQFRORUR FRPR KRMXHODV FRQ XQ
IXHUWHRORUFDUDFWHUtVWLFR
8VRV
([SRVLFLyQRFXSDFLRQDO(OGLIHQLORHVXQIXQJLFLGDGHQDUDQMDVTXHVHDSOLFDGHQWURGH
ODVFDMDVGHHPSDTXH7DPELpQVHXWLOL]DFRPRDJHQWHGHWUDQVIHUHQFLDGHFDORU\HV
LQWHUPHGLDULR HQ OD VtQWHVLV RUJiQLFD 6H SURGXFH SRU OD GHVKLGUDWDFLyQ WpUPLFD GHO
EHQFHQR
8QDOLVWDSDUFLDOGHULHVJRGHH[SRVLFLyQLQFOX\H
(PSDFDGRUHVGHQDUDQMDV
0DQLSXODGRUHVGHIXQJLFLGDV
6LQWHWL]DGRUHVGHVXVWDQFLDVTXtPLFDVRUJiQLFDV
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHOYDSRURGHOSROYR\DEVRUFLyQFXWiQHD
(IHFWRVQRFLYRV
/RFDOHV /D H[SRVLFLyQ UHLWHUDGD DO SROYR SXHGH SURGXFLU LUULWDFLyQ DO WUDFWR
UHVSLUDWRULR (O YDSRU SXHGH FDXVDU LUULWDFLyQ PRGHUDGD GH ORV RMRV (O FRQWDFWR
UHSHWLGRFRQODSLHOSURGXFHGHUPDWLWLVSRUVHQVLELOL]DFLyQ
6LVWpPLFRV (Q OD H[SRVLFLyQ DJXGD HO GLIHQLOR HMHUFH XQD DFFLyQ Wy[LFD VREUH HO
VLVWHPDQHUYLRVRFHQWUDO\HOVLVWHPDQHUYLRVRSHULIpULFRDVtFRPRWDPELpQHOKtJDGR
/RV VtQWRPDV GH LQWR[LFDFLyQ VRQ FHIDOHD GRORU JDVWURLQWHVWLQDO GLIXVR QiXVHDV
LQGLJHVWLyQGRORUGHODVH[WUHPLGDGHV\IDWLJDJHQHUDO
3UHFDXFLyQ
/LPLWHVGHH[SRVLFLyQSHUPLVLEOHV(OHVWiQGDUIHGHUDOHVSSPPJP
0HGLGDVGHSURWHFFLyQSHUVRQDOGHELGRDOEDMDSUHVLyQGHOYDSRU\VXEDMRtQGLFHGH
WR[LFLGDGQRVXHOHSUHVHQWDUPD\RUHVSUREOHPDVHQODLQGXVWULD%DVWDFRQHOXVRGH
FUHPDV SURWHFWRUDV JXDQWHV \ PiVFDUDV FRQ ILOWUR SDUD YDSRUHV RUJiQLFRV HQ ODV
iUHDVGRQGHKD\FRQFHQWUDFLRQHVHOHYDGDVGHYDSRU/DVDOWDVWHPSHUDWXUDVSXHGHQ
DXPHQWDUODQHFHVLGDGGHHPSOHDUPpWRGRVSURWHFWRUHVRYHQWLODFLyQ
1DIWDOHQR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
'HVFULSFLyQ(OQDIWDOHQRHVXQVyOLGREODQFRFULVWDOLQRFRQXQRORUFDUDFWHUtVWLFRD
GHVLQIHFWDQWHGHSROLOODV
8VRV
/LVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHDQKtGULGRIWiOLFR
• )DEULFDQWHVGHEHWDQDIWRO
• )DEULFDQWHVGHFHOXORLGH
• )DEULFDQWHVGHIXQJLFLGDV
• )DEULFDQWHVGHKLGURQDIWDOHQR
• )DEULFDQWHVGHQHJURGHKXPR
• )DEULFDQWHVGHSyOYRUDVLQKXPR
• )DEULFDQWHVGHWH[WLOHVTXtPLFRV
• )DEULFDQWHVGHWLQWXUDVTXtPLFDV
• 0DQLSXODGRUHVGHDOTXLWUiQGHFDUEyQ
• 0DQLSXODGRUHVGHUHSHOHQWHVGHSROLOODV
• 7LQWRUHURV
5LHVJR
9tDGHHQWUDGD,QKDODFLyQGHSROYRRYDSRU
(IHFWRVQRFLYRV
/RFDOHV (O QDIWDOHQR HV XQ LUULWDQWH SULPDULR \ SURGXFH HULWHPD \ GHUPDWLWLV WUDV
FRQWDFWRUHLWHUDGR7DPELpQHVXQDOHUJHQR\SXHGHSURGXFLUGHUPDWLWLVHQLQGLYLGXRV
KLSHUVHQVLEOHV (O FRQWDFWR GLUHFWR GHO SROYR HQ ORV RMRV KD SURYRFDGR LUULWDFLyQ \
FDWDUDWDV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
6LVWHPLFRV/DLQKDODFLyQGHJUDQGHVFDQWLGDGHVGHYDSRUGHQDIWDOHQRRVXLQJHVWLyQ
SXHGH SURGXFLU KHPROLVLV LQWUDYDVFXODU FRQ ODV FRQVHFXHQFLDV FRUUHVSRQGLHQWHV /RV
VtQWRPDV LQLFLDOHV LQFOX\HQ LUULWDFLyQ GH ORV RMRV FHIDOHD FRQIXVLyQ H[FLWDFLyQ
PDOHVWDU VXGRUDFLyQ SURIXVD QiXVHDV YyPLWRV GRORU DEGRPLQDO H LUULWDFLyQ GH OD
YHMLJD
3UHFDXFLyQ
/LPLWHVGHH[SRVLFLyQ(OHVWDQGDUWHIHGHUDOHVSSPPJP
0HGLGDVGHSURWHFFLyQSHUVRQDO(QVXXVRLQGXVWULDOVRQHVFDVDPHQWHQHFHVDULDV(Q
ODV iUHDV GRQGH KD\ SROYR \ DOWD FRQFHQWUDFLyQ GH YDSRU GHEHQ XVDUVH PiVFDUDV
FRQWUDHOSROYRRGHSyVLWRGHYDSRURUJiQLFR/DSLHOGHEHSURWHJHUVHFRQFUHPDV
JXDQWHVRURSDHVSHFLDO
(VWLUHQR(WLOEHQFHQR
'HVFULSFLyQ (O HVWLUHQR HV XQ OtTXLGR ROHRVR DPDULOOHQWR R LQFRORUR PX\
UHIUDFWDULR\GHRORUSHQHWUDQWH
(O (WLOEHQFHQRHVXQOtTXLGRLQFRORURLQIODPDEOHGHRORUDFUH
8VRV
&DOHQWDGR D & HO HVWLUHQR VH SROLPHUL]D SDUD IRUPDU SROLHVWLUHQR XQ SOiVWLFR
7DPELpQ SDUD IRUPDU HODVWyPHURV FRSROtPHURV 6H HPSOHD DGHPiV HQ OD PDQXIDFWXUD
GH UHVLQDVSROLpVWHUHV\DLVODGRUHV
(O HWLOEHQFHQRVHXWLOL]DGHDFHWDWRGHFHOXORVDHVWLUHQR\KXOHVLQWpWLFR
7DPELpQVHHPSOHDFRPRGLVROYHQWHRGLOX\HQWH\FRPRFRPSRQHQWHGHJDVROLQDSDUD
DXWRPyYLOHV\DYLRQHV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHDGKHVLYRV
• )DEULFDQWHVGHDJHQWHVHPXOVLRQDQWHV
• )DEULFDQWHVGHDLVODGRUHV
• )DEULFDQWHVGHEDUQL]
• )DEULFDQWHVGHFDXFKR
• )DEULFDQWHVGHSROLpVWHU
• )DEULFDQWHVGHUHVLQDV
• /DPLQDGRUHVGHUHVLQDVGHSROLpVWHU
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• 0DQLSXODGRUHVGHODFDV
• 0H]FODGRUHVGHFRPEXVWLEOHVSDUDDYLRQHV
• 0ROGHDGRUHVGHILEUDGHYLGULR
• 6LQWHWL]DGRUHVGHTXtPLFDVRUJiQLFDV
• 7UDEDMDGRUHVFRQGLVROYHQWHV
• 7UDEDMDGRUHVGHFRPSXHVWRVGHFHUiPLFD
• 7UDEDMDGRUHVGHUHILQHUtDVGHSHWUyOHR
• 7UDEDMDGRUHVGHUHYHVWLPLHQWRVSURWHFWRUHV
5LHVJR
9tDVGHHQWUDGD,QKDODFLyQGHYDSRU\DEVRUFLyQFXWiQHD
(IHFWRVQRFLYRV
/RFDOHV(OOtTXLGR\HOYDSRUVRQLUULWDQWHVSDUDORVRMRVODQDUL]ODJDUJDQWD\ODSLHO
/RV OtTXLGRV VRQ LUULWDQWHV FXWiQHRV GH EDMR JUDGR \ HO FRQWDFWR UHLWHUDGR SXHGH
SURYRFDUGHUPDWLWLVILVXUDGDVHFD\GHVFDPDWRULD
6LVWpPLFRV/DH[SRVLFLyQDJXGDDDOWDVFRQFHQWUDFLRQHVSXHGHSURGXFLULUULWDFLyQGH
ODV PXFRVDV GH ODV YtDV UHVSLUDWRULDV VXSHULRUHV OD QDUL] \ OD ERFD VHJXLGD GH
VtQWRPDVGHQDUFRVLVFDODPEUHV\PXHUWHDFDXVDGHSDUiOLVLVUHVSLUDWRULD
/RVHIHFWRVDODH[SRVLFLyQDOHVWLUHQRGXUDQWHXQFRUWRWLHPSREDMRFRQGLFLRQHVGH
ODERUDWRULRLQFOX\HQWLHPSRGHUHDFFLyQSURORQJDGR\KDELOLGDGPDQXDOGLVPLQXLGD
3UHFDXFLyQ
/LPLWHV GH H[SRVLFLyQ SHUPLVLEOHV (O HVWiQGDU IHGHUDO SDUD HO HVWLUHQR HV GH
SSPPJPSDUDXQSURPHGLRSRQGHUDGRGHKRUDV/DFRQFHQWUDFLyQPi[LPD
DFHSWDEOH HV GH SSP FRQ XQ Pi[LPR GH SSP GXUDQWH PLQXWRV FDGD
KRUDV(OHVWiQGDUIHGHUDOSDUDHOHWLOEHQFHQRHVSSPPJP
0HGLGDV GH SURWHFFLyQ 0LHQWUDV ODV FRQFHQWUDFLRQHV GH YDSRU QR H[FHGDQ ORV
OtPLWHV DFHSWDEOHV VROR HV QHFHVDULR HO XVR GH FUHPDV URSD GH SURWHFFLyQ \
JXDQWHV'RQGHH[LVWHQFRQFHQWUDFLRQHVGHYDSRUTXHVXSHUDQORVOtPLWHVSHUPLVLEOHV
VHGHEHQHFHVLWDXVDUPiVFDUDVFRQGHSyVLWRGHYDSRURUJiQLFRRUHVSLUDGRUHVFRQ
OtQHD GH DLUH /D URSD VDWXUDGD GH HVWLUHQR R GH HWLOEHQFHQR GHEH GHVHFKDUVH GH
LQPHGLDWR6HUHFRPLHQGDFDPELDUFRQIUHFXHQFLDODURSDGHWUDEDMR
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
7ROXHQR
'HVFULSFLyQ (V WROXHQR HV XQ OtTXLGR QR FRUURVLYR FODUR H LQFRORUR FRQ XQ RORU
VXDYH\SXQ]DQWHVHPHMDQWHDOGHOEHQFHQR
8VRV
(O WROXHQR SXHGH HQFRQWUDUVH HQ OD PDQXIDFWXUD GHO EHQFHQR WDPELpQ VH XVD FRPR
VXVWUDWRTXtPLFRSDUDHOGLVRFLQDWRGHWROXHQRHOIHQROHOEHQFLOR\VXVGHULYDGRVHO
iFLGR EHQ]RLFR ORV VXOIDQDWRV GH WROXHQR ORV QLWURWROXHQRV HO YHQLOWROXHQR \ OD
VDFDULQDDVtFRPRGLVROYHQWHVSDUSLQWXUDV\UHYHVWLPLHQWRVRFRPRFRPSRQHQWHGH
FRPEXVWLEOHVSDUDDXWRPyYLOHV\DYLRQHV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHDGHOJD]DGRUHVGHSLQWXUD
• )DEULFDQWHVGHEHQFHQR
• )DEULFDQWHVGHFHPHQWRVGHKXOH
• )DEULFDQWHVGHGLVRFLDQDWRGHWROXHQR
• )DEULFDQWHVGHSHUIXPHV
• )DEULFDQWHVGHVDFDULQD
• )DEULFDQWHVGHYLQLOWROXHQR
• 0DQLSXODGRUHVGHODFDV
• 0H]FODGRUHVGHFRPEXVWLEOHVSDUDDYLRQHV
• 0H]FODGRUHVGHJDVROLQD
• 7UDEDMDGRUHVFRQGLVROYHQWHV
• 7UDEDMDGRUHVGHKRUQRVGHFRNH
• 7UDEDMDGRUHVGHODLQGXVWULDSHWURTXtPLFD
• 7UDEDMDGRUHVGHODERUDWRULRVTXtPLFRV
5LHVJR
9tDVGHHQWUDGD,QKDODFLyQGHYDSRU\DEVRUFLyQFXWiQHDGHOOtTXLGR
(IHFWRVQRFLYRV
/RFDOHV(OWROXHQRSXHGHFDXVDULUULWDFLyQGHORVRMRVGHOWUDFWRUHVSLUDWRULR\GHOD
SLHO (OFRQWDFWRSURORQJDGRRUHSHWLGRFRQHOOtTXLGRSXHGHSURYRFDUUHPRFLyQGH
ORV OtSLGRV QDWXUDOHV GH OD SLHO \ SURGXFLU GHUPDWLWLV VHFD \ ILVXUDGD (O OtTXLGR
VDOSLFDGRSXHGHFDXVDULUULWDFLyQ\GDxRUHYHUVLEOH
6LVWpPLFRV /D H[SRVLFLyQ DJXGD DO WROXHQR SURGXFH GH PDQHUD SUHGRPLQDQWH
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
GHSUHVLyQ GHO VLVWHPD QHUYLRVR FHQWUDO /RV VtQWRPDV \ VLJQRV LQFOX\HQ FHIDOHD
PDUHR IDWLJD GHELOLGDG PXVFXODU IDOWD GH FRRUGLQDFLyQ VRPQROHQFLD SDUHVWHVLDV
FXWiQHDVFRODSVR\FRPD
3UHFDXFLyQ
/LPLWHV GH H[SRVLFLyQ SHUPLVLEOHV (O HVWiQGDU IHGHUDO HV GH SSP SDUD XQ
SURPHGLR SRQGHUDGR HQ XQ WLHPSR GH KRUDV FRQ XQD FRQFHQWUDFLyQ Pi[LPD
DFHSWDEOHGHSSP6HDFHSWDQSLFRVPi[LPRVSRUHQFLPDGHSSPSDUDXQD
GXUDFLyQGHPLQXWRV
(O 1,26+KDUHFRPHQGDGRXQOtPLWHGHSSPFRQXQPi[LPRGHSSPGXUDQWH
XQ SHUtRGRGHPLQXWRV
0HGLGDV GH SURWHFFLyQ SHUVRQDO 'RQGH H[LVWH XQD FRQFHQWUDFLyQ GH YDSRU SRU
HQFLPD GH ORV OtPLWHV SHUPLVLEOHV ORV HPSOHDGRV GHEHQ XVDU UHVSLUDGRUHVFRQ DLUH
VXSOHPHQWDULRRPiVFDUDVDQWLJDVFRQILOWURSDUDYDSRURUJiQLFRTXHFXEUDQWRGRHO
URVWUR (Q GRQGH OD H[SRVLFLyQ DO WROXHQR HV SHUPDQHQWH OD URSD D XVDU HV
LPSHUPHDEOHJXDQWHV \ RWUR WLSR GH SURWHFFLyQ /D URSD PRMDGD FRQ WROXHQR GHEH
GHVHFKDUVH GH LQPHGLDWR D PHQRV TXH VHD LPSHUPHDEOH \ HV QHFHVDULR FDPELDUVH
SRU OR PHQRV GRV YHFHV SRU VHPDQD OD URSD GH WUDEDMR (Q iUHDV GRQGH KD\
VDOSLFDGXUDVVHXVDUiQDQWHRMRV
;LOHQR
8VRV
6H XVD FRPR GLVROYHQWH (V FRQVWLWX\HQWH GH SLQWXUDV \ GHULYDGRV OtTXLGRV GH
OLPSLH]D \ FRPEXVWLEOHV SDUD DYLRQHV 7DPELpQ VH HPSOHD HQ OD PDQXIDFWXUD GH
RVFLODGRUHV GH FULVWDO GH FXDU]R SHUy[LGR GH KLGUyJHQR SHUIXPHV UHSHOHQWHV GH
LQVHFWRVUHVLQDVH[SRVtGLFDVSURGXFWRVIDUPDFpXWLFRV\HOODLQGXVWULDGHOFXHUR
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• )DEULFDQWHVGHiFLGREHQ]RLFR
• )DEULFDQWHVGHiFLGRWHUHIWiOLFR
• )DEULFDQWHVDQKtGULGRGHIWiOLFR
• )DEULFDQWHVGHEDUQLFHV
• )DEULFDQWHVGHOtTXLGRVOLPSLDGRUHV
• )DEULFDQWHVGHSHOtFXODGHWHUHIWDODWRGHSROLHWLOHQR
• )DEULFDQWHVGHRVFLODGRUHVGHFULVWDOGHFXDU]R
• )DEULFDQWHVGHWH[WLOHVVLQWpWLFRV
• 0DQLSXODGRUHVGHDGKHVLYRV
• 0DQLSXODGRUHVGHGLVROYHQWHV
• 0DQLSXODGRUHVGHODFDV
• 3LQWRUHV
• 7pFQLFRVHQKLVWRORJtD
• 7UDEDMDGRUHVFRQFXHUR
• 7UDEDMDGRUHVFRQJDVROLQDSDUDDYLRQHV
5LHVJR
9tDV GH HQWUDGD ,QKDODFLyQ GHO YDSRU \ HQ PHQRU H[WHQVLyQ DEVRUFLyQ FXWiQHD GHO
OtTXLGR
(IHFWRVQRFLYRV
/RFDOHV (O YDSRU GH [LOHQR SXHGH SURGXFLU LUULWDFLyQ GH ORV RMRV OD QDUL] \ OD
JDUJDQWD (O FRQWDFWR FXWiQHR SURORQJDGR FRQ [LOHQR SURYRFDVHTXHGDG\UHPRFLyQ
GHORVOtSLGRVGHODSLHOORTXHOOHYDDODGHUPDWLWLV
(O [LOHQR OtTXLGR HV LUULWDQWH GH ORV RMRV \ GH ODV PXFRVDV \ OD DVSLUDFLyQ GH XQRV
FXDQWRVPOSURGXFHQHXPRQLWLVTXtPLFDHGHPDSXOPRQDU\KHPRUUDJLD/DH[SRVLFLyQ
UHSHWLGDDDOWDVFRQFHQWUDFLRQHVSXHGHSURYRFDUOHVLyQRFXODUUHYHUVLEOH
6LVWpPLFRV /D H[SRVLFLyQ DJXGD DO YDSRU GH [LOHQR SURGXFH GHSUHVLyQ GHO VLVWHPD
QHUYLRVR FHQWUDO \ HIHFWRV PHQRUHV UHYHUVLEOHV HQ HO KtJDGR \ ORV ULxRQHV (Q DOWDV
FRQFHQWUDFLRQHVSURYRFDPDUHRVWDPEDOHRVRPQROHQFLD\SpUGLGDGHOFRQRFLPLHQWR
$ FRQFHQWUDFLRQHV PX\ DOWDV FDXVD HGHPD SXOPRQDU DQRUH[LD QiXVHDV YyPLWRV \
GRORUDEGRPLQDO
3UHFDXFLyQ
/tPLWHVGHH[SRVLFLyQSHUPLVLEOHV(OHVWiQGDUIHGHUDOHVGHSSPPJP
0HGLGDVGHSURWHFFLyQSHUVRQDO&XDQGRVHH[FHGHQORVOLPLWHVSHUPLVLEOHVVHGHEHQ
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
XVDU PiVFDUDV TXH FXEUDQ WRGR HO URVWUR FRQ ILOWUR SDUD YDSRU RUJiQLFR R
UHVSLUDGRUHVFRQOtQHDGHDLUH/RDHPSOHDGRVH[SXHVWRVDOtTXLGRVGHEHQXVDUURSD
LPSHUPHDEOH \ JXDQWHV /D URSD PRMDGD FRQ [LOHQR GH FDPELDUVH GH LQPHGLDWR (V
QHFHVDULRWHQHUEXHQDKLJLHQH\FDPELDUVHDPHQXGRGHURSDGHWUDEDMR'RQGHKD\
ULHVJRGHVDOSLFDGXUDVVHUHFRPLHQGDXVDUDQWHRMRV/DVFUHPDVSXHGHQVHU~WLOHV
)HQROHV\FRPSXHVWRVIHQyOLFRV
(VWDV VXVWDQFLDV SHQHWUDQ DO RUJDQLVPR SRU LQKDODFLyQ \ DEVRUFLyQ FXWiQHD 6X
WR[LFLGDGSHURSRUDOJXQDVVRQPX\LUULWDQWHVSDUDODSLHOODVPHPEUDQDVPXFRVDVGH
ODVYtDVUHVSLUDWRULDVVXSHULRUHV\ORVRMRV
/DFUHRVRWDSXHGHSURGXFLUFiQFHUGHODSLHOORVHIHFWRVVLVWHPLFRVSRUORJHQHUDO
DIHFWDQ DO VLVWHPD QHUYLRVR FHQWUDO \ HO VLVWHPD FDUGLRYDVFXODU \ SXHGHQ LU
DFRPSDxDGRVGHOHVLRQHVUHQDO\KHSiWLFD
'HEHQ XWLOL]DUVH FRQWUROHV DSURSLDGRV FRQ REMHWR GH SUHYHQLU OD DEVRUFLyQ WDQWR
UHVSLUDWRULDFRPRFXWiQHDWDPELpQVHVXJLHUHXVDUDQWHRMRV
&UHVRO
'HVFULSFLyQ(VXQOtTXLGRURViFHRDPDULOOHQWRPDUUyQRLQFRORURFRQRORUDIHQRO
7DPELpQSXHGHQVHUFRPEXVWLEOHV
8VR
6H XVD FRPR GHVLQIHFWDQWH FRPR DJHQWH GH IORWDFLyQ PLQHUDO \ FRPR LQWHUPHGLDULR
HQODPDQXIDFWXUDGHSURGXFWRVTXtPLFRVFRORUDQWHVSOiVWLFRV\DQWLR[LGDQWHV
8QDOLVWDGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHDJHQWHVGHIORWDFLyQ
• )DEULFDQWHVGHFRORUDQWHV
• )DEULFDQWHVGHSOiVWLFRV
• )DEULFDQWHVGHUHVLQDV
• +LODGRUHVGHODQD
• 0DQLSXODGRUHVGHEUHD
• 0DQLSXODGRUHVGHGHVLQIHFWDQWHVTXtPLFRV
• 0DQLSXODGRUHVGHHVPDOWHVGHDLVODFLyQ
• 0DQLSXODGRUHVGHHVWDxR
• 0DQLSXODGRUHVGHUHPRYHGRUHVGHSLQWXUD
• 7UDEDMDGRUHVGHIXQGLFLRQHV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
5LHVJR
9tDVGHHQWUDGD,QKDODFLyQRDEVRUFLyQFXWiQHDGHOOtTXLGRRYDSRU
(IHFWRV QRFLYRV (V PX\ FRUURVLYR SXHGH SURGXFLU TXHPDGXUDV VL QR VH OLPSLD GH
LQPHGLDWR \ SRU FRPSOHWR \ HQ FDVR GH H[SRVLFLyQ DJXGD VL QR VH UHWLUD
LQPHGLDWDPHQWH SXHGH RFDVLRQDU OD PXHUWH (Q FRQWDFWR FRQ OD SLHO QR SURGXFH
VHQVDFLyQ LQPHGLDWD SHUR DO FRUWR WLHPSR SURGXFH TXHPDGXUD LQWHQVD \ HVFR]RU
VHJXLGRV GH SpUGLGD GH OD VHQVLELOLGDG /D SLHO DIHFWDGD VH DUUXJD \ VH DEODQGD \
PXHVWUD XQD GHFRORUDFLyQ EODQFD 0DV WDUGH VH SXHGH SUHVHQWDU JDQJUHQD 6L HQWUD
HQFRQWDFWRFRQORVRMRVFDXVDOHVLyQLQWHQVD\FHJXHUD&RQFRQFHQWUDFLRQHVEDMDV
\ UHSHWLGD\SURORQJDGDSURGXFHHUXSFLyQFXWiQHD\GHFRORUDFLyQGHODSLHO
6LVWpPLFRV &XDQGR VH DEVRUEH D WUDYpV GH ORV SXOPRQHV OD SLHO ODV PHPEUDQDV
PXFRVDVRSRULQJHVWLyQSXHGHSURGXFLULQWR[LFDFLyQVLVWpPLFDFX\RVVtQWRPDVVRQ
GHELOLGDG PXVFXODU FHIDOHD PDUHRV GLVPLQXFLyQ GH OD YLVLyQ VLOELGRV HQ ORV RtGRV
UHVSLUDFLyQDJLWDGDFRQIXVLyQPHQWDOSHUGLGDGHOFRQRFLPLHQWR\DYHFHVODPXHUWH
/D DEVRUFLyQ UHSHWLGD R SURORQJDGD GH EDMDV FRQFHQWUDFLRQHV WLHQH ORV VLJXLHQWHV
VtQWRPDV YyPLWRV GLILFXOWDG SDUD WUDJDU VDOLYDFLyQ GLDUUHD SpUGLGD GHO DSHWLWR
FHIDOHD GHELOLGDG PDUHRV WUDVWRUQRV PHQWDOHV \ HUXSFLyQ FXWiQHD 6L VH SURGXFH
OHVLyQJUDYHHQHOKtJDGRRORVULxRQHVSXHGHVREUHYHQLUODPXHUWH
0HGLGDV GH SURWHFFLyQ SHUVRQDO 3DUD SUHYHQLU HO FRQWDFWR GLUHFWR GHEHQ XVDUVH
JXDQWHV \ DQWHRMRV (Q GRQGH KD\ FRQFHQWUDFLyQ GH YDSRU VH XVDUD PiVFDUDV FRQ
ILOWURSDUDYDSRURUJiQLFR
&UHRVRWD
'HVFULSFLyQ(VXQOtTXLGRROHRVRLQIODPDEOHSHVDGRFRQXQDWH[WXUDFDUDFWHUtVWLFD
RORU D KXPR \ VDERU FiXVWLFR (Q VX IRUPD SXUD HV LQFRORUD SHUR HO SURGXFWR
LQGXVWULDOHVGHFRORUPDUUyQ6HSURGXFHSRUGHVWLODFLyQGHVWUXFWLYDGHODPDGHUDR
GHODOTXLWUiQGHFDUEyQDWHPSHUDWXUDVSRUHQFLPDGHORV &
8VRV
6H XVDFRPRSUHVHUYDGRUGHODPDGHUDWDPELpQVHXVDFRPRDJHQWHLPSHUPHDEOHDO
DJXD HWF (Q OD LQGXVWULD IDUPDFpXWLFD VH XVD FRPR DQWLVpSWLFR GHVLQIHFWDQWH
DQWLSLUpWLFRDVWULQJHQWHJHUPLFLGD\H[SHFWRUDQWH
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHQHJURGHKXPR
• ,PSHUPHDELOL]DGRUHV
• 0H]FODGRUHVGHDFHLWHGHFRPEXVWLEOHV
• 0DQLSXODGRUHVGHDOTXLWUiQGHFDUEyQ
• 0DQLSXODGRUHVGHEUHD
• 3UHVHUYDGRUHVGHPDGHUD
• 6LQWHWL]DGRUHVGHVXVWDQFLDVTXtPLFDVRUJiQLFDV
5LHVJR
9tDVGHHQWUDGDDEVRUFLyQFXWiQHD
(IHFWRVQRFLYRV
/RFDOHV (O OtTXLGR \ ORV YDSRUHV VRQ LUULWDQWHV IXHUWHV TXH SURGXFHQ HULWHPD ORFDO
TXHPDGXUDV SLFD]yQ SLJPHQWDFLyQ YHVLFXODFLyQ XOFHUDFLyQ JDQJUHQD /D OHVLyQ D
ORV RMRV SURGXFH TXHUDWLWLV FRQMXQWLYLWLV \ HVFDUDV FyUQHDV SHUPDQHQWHV 3XHGH
SURGXFLUVHFiQFHUGHODSLHO
6LVWpPLFRV /RV VtQWRPDV GH OD HQIHUPHGDG VLVWHPLFD VRQ VDOLYDFLyQ YyPLWRV
YpUWLJRFHIDOHDIDOWDGHUHIOHMRVSXSLODUHVKLSRWHUPLDFLDQRVLVFRQYXOVLRQHVSXOVR
GpELOGLILFXOWDGHVUHVSLUDWRULDV\PXHUWH
+LGURTXLQRQD
'HVFULSFLyQ([LVWHEDMRODIRUPDGHSULVPDKH[DJRQDOHVHLQFRORURV
8VRV
6H XVDFRPRUHYHODGRUIRWRJUiILFR\FRPRXQDQWLR[LGDQWH7DPELpQVHFRQVLGHUDXQ
DQWLPLFyWLFRVHLQKLELGRUHVGHWXPRUHV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• &DQWHURV
• )DEULFDQWHVGHDJHQWHVEDFWHULRVWiWLFRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• )DEULFDQWHVGHDQWLR[LGDQWHV
• )DEULFDQWHVGHPHGLFDPHQWRV
• )DEULFDQWHVGHSLQWXUD
• )DEULFDQWHVGHUHYHODGRUHVIRWRJUiILFRV
• 0DQLSXODGRUHVGHHVWDELOL]DGRUHVSOiVWLFRV
• 0DQLSXODGRUHVGHPRQyPHURVGHHVWLUHQR
• 0H]FODGRUHVGHFRPEXVWLEOHVSDUDPRWRUHV
• 3URFHVDGRUHVGHSLHOHV
• 6LQWHWL]DGRUHVGHSURGXFWRVTXtPLFRV
5LHVJR
9tDV GHHQWUDGD,QKDODFLyQGHOSROYR
(IHFWRVQRFLYRV
/RFDOHV (O SROYR HV XQ LUULWDQWH SULPDULR VXDYH &RQ DSOLFDFLRQHV GH SDVWD
KLGURTXLQRQD SURGXFH GHFRORUDFLyQ GH OD SLHO WUDV OD H[SRVLFLyQ SURORQJDGD D
HOHYDGRV QLYHOHV GHO SROYR SXHGHQ DSDUHFHU PDQFKDV FDIpV HQ OD FRQMXQWLYD (VWR
SXHGHFRQGXFLUDODIDOWDGHDJXGH]DYLVXDOODVPDQFKDVSLJPHQWDULDVVRQUHYHUVLEOHV
6LVWpPLFRV /D LQJHVWLyQ GH JUDQGHV FDQWLGDGHV SURYRFD FRQIXVLyQ HQ HO OHQJXDMH
WHPEORUHV VHQVDFLyQ GH VRIRFDFLyQ YyPLWRV FDODPEUHV FHIDOHDV GLVQHD \ FLDQRVLV
DVt FRPR FRPD \ FRODSVR SRU LQVXILFLHQFLD UHVSLUDWRULD /D RULQD SRU OR JHQHUDO VH
WRUQDYHUGHRFDIpYHUGRVD
3UHFDXFLyQ
/LPLWHVGHH[SRVLFLyQSHUPLVLEOHV(OHVWiQGDUIHGHUDOHVGHPJP
0HGLGDV GH SURWHFFLyQ SHUVRQDO /RV GHEHQ SURWHJHUVH FRQ DQWHRMRV R PiVFDUDV
FRQWUD HO SROYR TXH FXEUDQ WRGR HO URVWUR 6H UHFRPLHQGD HO XVR GH YHVWLPHQWD GH
SURWHFFLyQ DVt FRPR EXHQD KLJLHQH SHUVRQDO \ FDPELR GH URSD GHVSXpV GH FDGD
MRUQDGDDGHPiVGHOEDxRDQWHVGHXVDUURSDGHFDOOH/DR[LGDFLyQGHODKLGURTXLQRQD
SXHGHSURGXFLUYDSRUGHTXLQRQDPX\LUULWDQWH
)HQRO
'HVFULSFLyQ & + 2+ HO IHQRO HV XQD VXVWDQFLD EODQFD FULVWDOLQD FRQ XQ RORU
GLVWLQWLYRDFUH\DURPiWLFR
8VRV (O IHQRO VH XVD HQ OD SURGXFFLyQ R PDQXIDFWXUD GH H[SORVLYRV IHUWLOL]DQWHV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
FRNHJDVGHDOXPEUDGRQHJURGHKXPRSLQWXUDVUHPRYHGRUHVGHSLQWXUDFDXFKR
PDWHULDOHV GH DVEHVWR SUHVHUYDGRUHV GH PDGHUD UHVLQDV VLQWpWLFDV WH[WLOHV
PHGLFDPHQWRV SUHSDUDGRV IDUPDFpXWLFRV SHUIXPHV EDTXHOLWDV \ RWURV SOiVWLFRV
UHVLQDV GH IHQROIRUPDOGHKtGR (O IHQRO VH XVD WDPELpQ FRPR GHVLQIHFWDQWH HQ OD
LQGXVWULDGHOSDSHOFXHURMDEyQMXJXHWHV\SURGXFWRVDJUtFRODV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRSDUFLDOLQFOX\H
• )DEULFDQWHVGHGHVLQIHFWDQWHV
• )DEULFDQWHVGHIHUWLOL]DQWHV
• )DEULFDQWHVGHQHJURGHKXPR
• )DEULFDQWHVGHSDSHO
• 0DQLSXODGRUHVGHDOTXLWUiQGHKXOOD
• 0DQLSXODGRUHVGHFRORUDQWHV
• 0DQLSXODGRUHVGHH[SORVLYRV
• 0DQLSXODGRUHVGHKHUELFLGDV
• 0DQLSXODGRUHVGHMDEyQ
• 3UHVHUYDGRUHVGHPDGHUD
• 5HFXSHUDGRUHVGHFDXFKR
• 6LQWHWL]DGRUHVGHVXVWDQFLDVTXtPLFDVRUJiQLFDV
• 7UDEDMDGRUHVFRQSLQWXUD\UHPRYHGRUHVGHSLQWXUD
• 7UDEDMDGRUHVGHFXUWLGXUtDV
• 7UDEDMDGRUHVGHJDVGHDOXPEUDGR
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHQHEOLQDRYDSRUDEVRUFLyQFXWiQHDGHQHEOLQDYDSRUR
OtTXLGR
(IHFWRVQRFLYRV
/RFDOHV(OIHQROWLHQHXQHIHFWRPDUFDGDPHQWHFRUURVLYRHQFXDOTXLHUWHMLGR&XDQGR
HQWUDHQFRQWDFWRFRQORVRMRVSXHGHSURGXFLUOHVLyQJUDYH\FHJXHUD(QFRQWDFWR
FRQ OD SLHO QR FDXVD GRORU SHUR Vt XQD PDQFKD EODQFD HQ OD ]RQD H[SXHVWD 6L HO
SURGXFWR TXtPLFR QR VH OLPSLD UiSLGDPHQWH SXHGH SURYRFDU TXHPDGXUDV JUDYHV R
LQWR[LFDFLyQVLVWpPLFD
6LVWpPLFRV /RV HIHFWRV VLVWpPLFRV SXHGHQ SURGXFLUVH FRPR FRQVHFXHQFLD GH
FXDOTXLHU YtD GH H[SRVLFLyQ (VWRV LQFOX\HQ SDOLGH] GHELOLGDG VXGRUDFLyQ FHIDOHD
VLOELGRHQORVRtGRVFKRTXHFLDQRVLVH[FLWDFLyQHQIULDPLHQWRGHODERFD\ODQDUL]
RULQDGHFRORURVFXUR\PXHUWH6LQRVREUHYLHQHODPXHUWHSXHGHSUHVHQWDUVHOHVLyQ
UHQDO
/DH[SRVLFLyQUHSHWLGDRSURORQJDGDDOIHQROSXHGHFDXVDULQWR[LFDFLyQFUyQLFD(VWR
VH KD LQIRUPDGR FRQ PX\ SRFD IUHFXHQFLD /RV VtQWRPDV GH OD LQWR[LFDFLyQ FUyQLFD
LQFOX\HQ YyPLWRV GLVIDJLD >GLILFXOWDG DO WUDJDU@ GLDUUHD SpUGLGD GHO DSHWLWR FHIDOHD
GHELOLGDG PDUHRV RULQD RVFXUD WUDVWRUQRV PHQWDOHV \ SRVLEOHPHQWH XUWLFDULD
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
FXWiQHD7DPELpQVHSXHGHSURGXFLUOHVLyQUHQDO\GHFRORUDFLyQGHODSLHO
3UHFDXFLyQ(OHVWiQGDUQDFLRQDOHVGHSSPPJP
0HGLGDVGHSURWHFFLyQSHUVRQDO(QiUHDVGRQGHSXHGHQSURGXFLUVHVDOSLFDGXUDVGHOOtTXLGRGHEHQ
XVDUVHDQWHRMRV\URSDGHSURWHFFLyQ(Q]RQDVGRQGHKD\DOWDFRQFHQWUDFLyQGHYDSRUGHEHQ
XWLOL]DUVHPiVFDUDVTXHFXEUDQWRGRHOURVWURFRQWRPDGHDLUHVXSOHPHQWDULRDVtFRPRURSDGH
SURWHFFLyQJXDQWHVERWDVGHJRPD\GHODQWDOGHKXOH
4XLQRQD
'HVFULSFLyQ & + 2 OD TXLQRQD H[LVWH EDMR OD IRUPD GH SULVPDV PRQRFOtQLFRV
JUDQGHV\DPDULOOHQWRV/RVYDSRUHVWLHQHQXQRORUDFUHHLUULWDQWH
8VRV 'HELGR D TXH SXHGH UHDFFLRQDU FRQ FLHUWRV FRPSXHVWRV QLWURJHQDGRV
IRUPDQGR VXVWDQFLDV FRORUHDGDV OD TXLQRQD VH XVD DPSOLDPHQWH HQ OD LQGXVWULD GHO
WHxLGR WH[WLO TXtPLFD \ FRVPpWLFRV 'H XWLOL]D FRPR LQWHUPHGLDULR HQ OD VtQWHVLV
TXtPLFDSDUDODKLGURTXLQRQD\RWURVSURGXFWRVTXtPLFR
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHFRORUDQWHV
• )DEULFDQWHVGHFRVPpWLFRV
• )DEULFDQWHVGHILEUDSURWHLFD
• )DEULFDQWHVGHJHODWLQDV
• )DEULFDQWHVGHSHUy[LGRGHKLGUyJHQR
• 0DQLSXODGRUHVGHFRORUDQWHV
• 5HYHODGRUHVGHSHOtFXODIRWRJUiILFD
• 6LQWHWL]DGRUHVGHVXVWDQFLDVTXtPLFDVRUJiQLFDV
• 7UDEDMDGRUHVGHODERUDWRULRVTXtPLFRV
• 7UDEDMDGRUHVWH[WLOHV
5LHVJRV
9tDGHHQWUDGD,QKDODFLyQGHYDSRU
(IHFWRVQRFLYRV
/RFDOHV/DTXLQRQDVyOLGDHQFRQWDFWRFRQODSLHOODPXFRVDQDVDORIDULQJHDSXHGH
SURGXFLUGHFRORUDFLyQLUULWDFLyQJUDYHKLQFKD]yQ\IRUPDFLyQGHSiSXODV\YHVtFXODV
(O FRQWDFWRSURORQJDGRFRQODSLHOSXHGHSURGXFLUXOFHUDFLyQ(OYDSRUGHTXLQRQDHV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
PX\LUULWDQWHSDUDORVRMRV7UDVXQDH[SRVLFLyQSURORQJDGDDOYDSRUSXHGHDSDUHFHU
SLJPHQWDFLyQ FDIp HQ OD FRQMXQWLYD TXH SXHGH LU VHJXLGD GH RSDFLGDGHV \ FDPELRV
HVWUXFWXUDOHV HQ OD FyUQHD DVt FRPR SpUGLGD GH DJXGH]D YLVXDO /DV PDQFKDV
SLJPHQWDULDV LQFLSLHQWHV VRQ UHYHUVLEOHV HQ WDQWR OD GLVWURILD GH OD FyUQHD WLHQGH D
VHUSURJUHVLYD
6LVWpPLFRV 1R VH KDQ REVHUYDGR HIHFWRV VLVWpPLFRV HQWUH ORV WUDEDMDGRUHV
H[SXHVWRVGXUDQWHYDULRVDxRVDORVYDSRUHVGHTXLQRQD
3UHFDXFLyQ(OHVWiQGDUQDFLRQDOHVGHSSPPJP"""""""""
0HGLGDVGHSURWHFFLyQSHUVRQDO(QiUHDVGRQGHKD\DOWDVFRQFHQWUDFLRQHVGHYDSRU
GHEHSURWHJHUVHHOWUDFWRUHVSLUDWRULR\ORVRMRVPHGLDQWHPiVFDUDVTXHFXEUDQWRGD
ODFDUD\TXHSRVHDQILOWURVSDUDYDSRURUJiQLFRRUHVSLUDGRUHV
7DPELpQVHGHEHXVDUURSDSURWHFWRUDJXDQWHV\ERWDVGHELGRDTXHODSLHOSXHGH
VHU GDxDGD DO SRQHUVH HQ FRQWDFWR FRQ OD TXLQRQD VyOLGD VROXFLRQHV R YDSRUHV
FRQGHQVDGRV/DKLJLHQHSHUVRQDOGHEHVHUFXLGDGRVD\ODURSDGHEHFDPELDUVHVLVH
PRMD FRQ HO OtTXLGR /RV WUDEDMDGRUHV GHEHQ GXFKDUVH DQWHV GH SRQHUVH URSD GH
YHVWLU
&ORUXURGHEHQFLOR
'HVFULSFLyQ&+&+&OHVXQOtTXLGRLQFRORURFRQXQGHVDJUDGDEOHRORULUULWDQWH
8VRV (O FORUXUR GH EHQFLOR VH XVD HQ OD SURGXFFLyQ GH FORUXUR GH EHQ]DO DOFRKRO
EHQFtOLFR \ EHQ]DOGHKtGR 6X XVR LQGXVWULDO LQFOX\H OD PDQXIDFWXUD GH SOiVWLFRV
FRORUDQWHVWDQLQRVLQWpWLFRSHUIXPHVUHVLQDV\SURGXFWRVIDUPDFpXWLFRV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHDGLWLYRVSDUDJDVROLQD
• )DEULFDQWHVGHDJHQWHVKXPHFWDQWHV
• )DEULFDQWHVGHSHUIXPHV
• )DEULFDQWHVGHSOiVWLFRV
• )DEULFDQWHVGHFRORUDQWHV
• )DEULFDQWHVGHJHUPLFLGDV
• )DEULFDQWHVGHKXOH
• )DEULFDQWHVGHPHGLFDPHQWRV
• )DEULFDQWHVGHUHVLQDV
• )DEULFDQWHVGHUHYHODGRUHVIRWRJUiILFRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
• )DEULFDQWHVGHWDQLQR
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHYDSRU
(IHFWRVQRFLYRV
/RFDOHV (O FORUXUR GH EHQFLOR HV XQ IXHUWH LUULWDQWH GH ORV RMRV \ HO WUDFWR
UHVSLUDWRULR$XQDFRQFHQWUDFLyQGHPJPHVXQLUULWDQWHGHORVRMRV\ODQDUL]
(OFRQWDFWRGHOOtTXLGRFRQORVRMRVSURGXFHLUULWDFLyQDJXGD\SXHGHFDXVDUOHVLyQGH
ODFyUQHD(OFRQWDFWRFXWiQHRSXHGHSURGXFLUGHUPDWLWLV
6LVWpPLFRV6HFRQVLGHUDTXHHOFORUXURGHEHQFLORSXHGHFDXVDUHGHPDSXOPRQDU
3UHFDXFLyQ(OHVWiQGDUQDFLRQDOHVGHSSPPJP
0HGLGDVGHSURWHFFLyQSHUVRQDO(OHTXLSRGHSURWHFFLyQSHUVRQDOGHEHLQFOXLUILOWURV
UHVSLUDGRUHVLQGXVWULDOHVFRQDQWHRMRV\URSDGHSURWHFFLyQSDUDODFDUDODVPDQRV\
ORVEUD]RV
'LIHQLORVSROLFORUDGRV\VXVFRPSXHVWRV
'HVFULSFLyQ&+[&O[/RVGLIHQLORVSROLFORUDGRVVRQDQLOORVGHGLIHQLORHQORV
TXHXQRRPiViWRPRVGHKLGUyJHQRVRQUHHPSOD]DGRVSRUXQiWRPRGHFORUR/RV
TXHVHXVDQPiVVRQHOGLIHQLORSROLFORUDGRGHFORURTXHFRQWLHQHWUHViWRPRV
GH FORUR HQ SRVLFLRQHV QR DVLJQDGDV \ HO GLIHQLOR SROLFORUDGR GH FORUR TXH
FRQWLHQH&LQFRiWRPRVGHFORURHQSRVLFLRQHVQRDVLJQDGDV(VWRVFRPSXHVWRVVRQ
OtTXLGRV OLJHURV GH FRORU SDMD FRQ WtSLFR RORU DURPiWLFR D FORUR (O GLIHQLOR
SROLFORUDGRHVXQOtTXLGRPX\IOXLGRHQWDQWRTXHHOGLIHQLORSROLFORUDGRHV
XQ OtTXLGRYLVFRVR
8VRV /RV GLIHQLORV SROLFORUDGRV VH XVDQ VRORV R HQ FRPELQDFLRQHV FRQ QDIWDOHQRV
FORUDGRV6RQHVWDEOHVWHUPRSOiVWLFRV\QRLQIODPDEOHV\VXXVRSULQFLSDOHVWiHQORV
FDEOHV \ DODPEUHV HOpFWULFRV HQ OD SURGXFFLyQ GH FRQGHQVDGRUHV HOpFWULFRV FRPR
DGLWLYRVSDUDOXEULFDQWHVGHSUHVLyQH[WUHPD\FRPRUHYHVWLPLHQWRVHQIXQGLFLRQHV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHFRORUDQWHV
• )DEULFDQWHVGHHTXLSRHOpFWULFR
• )DEULFDQWHVGHODFDV
• )DEULFDQWHVGHSODVWLILFDGRUHV
• )DEULFDQWHVGHUHVLQDV
• )DEULFDQWHVGHWH[WLOHVQRLQIODPDEOHV
• 0DQLSXODGRUHVGHFDXFKR
• 0DQLSXODGRUHVGHKHUYLFLGDV
• 3UHVHUYDGRUHVGHPDGHUD
• 5HFXEULGRUHVGHFDEOH
• 7UDEDMDGRUHVGHWUDQVIRUPDGRUHV
• 7UDWDQWHVGHSDSHO
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHKXPRRYDSRU\DEVRUFLyQFXWiQHDGHOOtTXLGR
(IHFWRVQRFLYRV
/RFDOHV (O FRQWDFWR SURORQJDGR FRQ ORV KXPRV R OD FHUD IUtD SXHGH SURGXFLU OD
IRUPDFLyQGHFRPHGRQHV>JUDQRFRQXQSXQWLWRQHJUR@TXLVWHVVHEiFHRV\S~VWXODV
FRQRFLGDVFRPRFORURDFQp7DPELpQSXHGHSURGXFLUVHLUULWDFLyQGHORVRMRVODQDUL]\
ODJDUJDQWD
6LVWpPLFRV (Q JHQHUDO ORV HIHFWRV Wy[LFRV GHSHQGHQ GHO JUDGR GH FORUDFLyQ
PLHQWUDV PiV DOWR HV HO JUDGR GH VXVWLWXFLyQ PiV DJXGRV VRQ ORV HIHFWRV /D
H[SRVLFLyQ FUyQLFD \ DJXGD SXHGH SURGXFLU OHVLyQ KHSiWLFD /RV VLJQRV \ VtQWRPDV
LQFOX\HQHGHPDLFWHULFLDYyPLWRVDQRUH[LDQiXVHDVGRORUHVDEGRPLQDOHV\IDWLJD
(VWXGLRV UHDOL]DGRV VREUH OD LQJHVWLyQ DFFLGHQWDO GHO SURGXFWR LQGLFDQ TXH ORV
GLIHQLORV SROLFORUDGRV VRQ HPEULRWy[LFRV \ SXHGHQ RFDVLRQDU PXHUWH IHWDO XQD SLHO
PDUUyQ JULViFHD FDUDFWHUtVWLFD \ GHVFDUJD RFXODU DXPHQWDGD HQ QLxRV QDFLGRV GH
PDGUHVH[SXHVWDVGXUDQWHHOHPEDUD]R
3UHFDXFLyQ (O HVWiQGDU QDFLRQDO SHUPLWLGR SDUD HO GLIHQLOR SROLFORUDGR \ HO
GLIHQLORSROLFORUDGRHVPJP\PJPUHVSHFWLYDPHQWH""""""""
0HGLGDV GH SURWHFFLyQ SHUVRQDO 'HEH IRPHQWDUVH OD SURWHFFLyQ D OD SLHO %XHQDV
PHGLGDV GH SURWHFFLyQ VRQ ODV FUHPDV URSD GH SURWHFFLyQ \ OD EXHQD KLJLHQH
SHUVRQDO (Q iUHDV GRQGH KD\ DOWDV FRQFHQWUDFLRQHV GH YDSRU GHEH XVDUVH
UHVSLUDGRU
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
%HQFHQRVFORUDGRV
'HVFULSFLyQ/RVEHQFHQRVFORUDGRVVRQDQLOORVDURPiWLFRVFRQXQRRPiViWRPRVGH
FORURVXVWLWXLGRVSRUXQKLGUyJHQR
8VRV (O EHQFHQR FORUDGR VH XWLOL]D FRPR LQWHUPHGLDULR HQ ODV WLQWXUDV \ FRPR
GLVROYHQWH
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• 'HVLQIHFWDQWHVGHVHPLOODV
• )DEULFDQWHVGHFRORUDQWHV
• )DEULFDQWHVGHGHVLQIHFWDQWHV
• )DEULFDQWHVGHGHVRGRUDQWHV
• )DEULFDQWHVGHUHVLQDV
• )DEULFDQWHV\PDQLSXODGRUHVGHLQVHFWLFLGDV
• )XPLJDGRUHV
• 0DQLSXODGRUHVGHDFHWDWRGHFHOXORVD
• 0DQLSXODGRUHVGHODFDV
• 3LQWRUHV
• 6LQWHWL]DGRUHVGHVXVWDQFLDVTXtPLFDVRUJiQLFDV
• 7LQWRUHURV
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHYDSRUDEVRUFLyQFXWiQHDGHOOtTXLGR
(IHFWRVQRFLYRV
/RFDOHV/RVFORUREHQFHQRVVRQLUULWDQWHVGHODSLHOODFRQMXQWLYD\ODVPHPEUDQDVGH
ODVPXFRVDVGHODVYtDVUHVSLUDWRULDVVXSHULRUHV(OFRQWDFWRSURORQJDGRRUHSHWLGR
GH ORVFORUREHQFHQRVOtTXLGRVSXHGHSURYRFDUTXHPDGXUDVHQODSLHO
6LVWpPLFRV (Q FRQWUDVWH FRQ ORV KLGURFDUEXURV DOLIiWLFRV KDORJHQDGRV OD WR[LFLGDG
GH ORVEHQFHQRVFORUDGRVSRUORJHQHUDOGLVPLQX\HDPHGLGDTXHDXPHQWDHOQ~PHUR
GH iWRPRV GH FORUR VXVWLWX\HQWHV %iVLFDPHQWH OD H[SRVLFLyQ DJXGD D HVWRV
FRPSXHVWRV SXHGH FDXVDU VRPQROHQFLD IDOWD GH FRRUGLQDFLyQ \ SpUGLGD GHO
FRQRFLPLHQWR
/DH[SRVLFLyQFUyQLFDSXHGHSURGXFLUOHVLRQHVKHSiWLFDUHQDO\SXOPRQDUVHJ~QVHKD
GHPRVWUDGRH[SHULPHQWDOPHQWH
3UHFDXFLyQ /D H[SRVLFLyQ Pi[LPD SHUPLVLEOH SDUD HO FORUREHQFHQR HV GH SSP R
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
PJP
0HGLGDV GH SURWHFFLyQ SHUVRQDO %XHQDV PHGLGDV VRQ HO XVR GH FUHPDV URSD
SURWHFWRUD \ XQD EXHQD KLJLHQH SHUVRQDO 6H UHFRPLHQGD HO XVR GH UHVSLUDGRUHV HQ
iUHDVGRQGHKD\DOWDVFRQFHQWUDFLRQHVGHYDSRU
1DIWDOHQRVFORUDGRV
'HVFULSFLyQ & +[ &O ORV QDIWDOHQRV FORUDGRV VRQ QDIWDOHQRV HQ ORVTXHXQRR
PiV iWRPRV GH KLGUyJHQR KDQ VLGR UHHPSOD]DGRV SRU FORUR SDUD IRUPDU VXVWDQFLDV
VHPHMDQWHV D OD FHUD GHVGH HO PRQRFORURQDIWDOHQR KDVWD ORV FRPSXHVWRV
RFWRFORUDGRV 6X UHVLVWHQFLD ItVLFD YDUtD GHVGH OtTXLGRV PyYLOHV KDVWD VyOLGRV
FHURVRVVHJ~QVXJUDGRGHFORUDFLyQ
8VRV5DUDYH]VHHQFXHQWUDH[SRVLFLyQLQGXVWULDODXQQDIWDOHQRFORUDGRDLVODGRVLQR
TXHSRUORJHQHUDOHVWDVHSURGXFHDQWHPH]FODVGHGRVRPiVQDIWDOHQRVFORUDGRV
6H XVDQHQODPDQXIDFWXUDGHFRQGHQVDGRUHVHOpFWULFRVHQODDLVODFLyQGHFDEOHV\
DODPEUHV HOpFWULFRV FRPR DGLWLYRV GH OXEULFDQWHV H[WUHPDGDPHQWH SUHVXUL]DGRV
FRPRVRSRUWHVGHEDWHUtDV\FRPRUHYHVWLGRUHVHQIXQGLFLyQ
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHHTXLSRHOHFWUyQLFR
• )DEULFDQWHVGHSODVWLILFDQWHV
• ,PSUHJQDGRUHVGHFRQGHQVDGRUHV
• 0DQLSXODGRUHVGHFDXFKR
• 0DQLSXODGRUHVGHWUDQVIRUPDGRUHV
• 0DQLSXODGRUHVGHLQVHFWLFLGDV
• 0DQLSXODGRUHVGHVROYHQWHV
• 3UHVHUYDGRUHVGHPDGHUD
• 5HFXEULGRUHVGHDODPEUH
• 5HYHVWLGRUHVGHFDEOHV
• 7UDEDMDGRUHVGHUHILQHUtDVGHSHWUyOHR
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHKXPRV\DEVRUFLyQFXWiQHDGHOOtTXLGR
(IHFWRVQRFLYRV
/RFDOHV /D H[SRVLFLyQ FUyQLFD D ORV QDIWDOHQRV FORUDGRV SXHGH SURGXFLU FORURDFQp
TXHFRQVLVWHHQVLPSOHVHUXSFLRQHVHULWHPDWRVDVFRQS~VWXODVSiSXODV\FRPHGRQHV
3XHGHQGHVDUUROODUVHTXLVWHVGHELGRDODREVWUXFFLyQGHORVRULILFLRVGHODVJOiQGXODV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
VHEiFHDV
6LVWpPLFRV/RVFDVRVGHLQWR[LFDFLyQVLVWpPLFDVRQHVFDVRV\SXHGHQSURGXFLUVHVLQ
HOGHVDUUROORGHOFORURDFQp
6H FUHHTXHHOFORURDFQpVHSURGXFHSRUFRQWDFWRFXWiQHR\ODLQKDODFLyQGHKXPRV
HQ WDQWR TXH ORV HIHFWRV VLWpPLFRV VH GHEHQ VREUH WRGR D OD LQKDODFLyQ GH KXPRV
/RVVtQWRPDVGHLQWR[LFDFLyQSXHGHQLQFOXLUFHIDOHDIDWLJDYpUWLJR\DQRUH[LD7DPELpQ
SXHGH SURGXFLUVH LFWHULFLD FRPR FRQVHFXHQFLD GH OHVLyQ KHSiWLFD /RV QDIWDOHQRV
DOWDPHQWH FORUDGRV SDUHFHQ VHU PiV Wy[LFRV TXH DTXHOORV FRQ EDMR JUDGR GH
VXVWLWXFLyQ
3UHFDXFLyQ/RVHVWiQGDUHVQDFLRQDOHVVRQ""""""""""
0HGLGDVGHSURWHFFLyQSHUVRQDO'HEHHYLWDUVHHOFRQWDFWRFXWiQHR6HUHFRPLHQGD
HOXVRGHFUHPDVURSDSURWHFWRUD\XQDEXHQDKLJLHQHSHUVRQDO(QiUHDVGRQGHKD\
DOWDVFRQFHQWUDFLRQHVGHYDSRUVHUHFRPLHQGDHOXVRGHUHVSLUDGRUHV
DFHWLODPLQRIOXRUHQR
'HVFULSFLyQ &&+&+&+1+&2&+ HO DFHWLODPLQRIOXRUHQR HV XQ VyOLGR
RVFXUR\FULVWDOLQR
8VRV 6H SURGXFH PX\ SRFR DFHWLODPLQRIOXRUHQR 6H XWLOL]D SULQFLSDOPHQWH HQ OD
LQYHVWLJDFLyQ VREUH HO FiQFHU )XH SDWHQWDGR FRPR SODJXLFLGD SHUR QXQFD VHXWLOL]y
FRQ HVH SURSyVLWR 3RU HOOR ODV RFXSDFLRQHV HQ TXH VH SXHGH SURGXFLU H[SRVLFLyQ
VRQODVUHODFLRQDGDVFRQHOiUHDGHODLQYHVWLJDFLyQ
5LHVJRV
9tDVGHHQWUDGD3UREDEOHPHQWHSRULQKDODFLyQ\DEVRUFLyQFXWiQHD
(IHFWRVQRFLYRV
/RFDOHV'HVFRQRFLGRV
6LVWpPLFRV /D DFWLYLGDG FDUFLQyJHQD GHO DFHWLODPLQRIOXRUHQR VH GHVFXEULy SRU
SULPHUDYH]HQUDWDVHQODVTXHSURGXMRKLSHUSODVLDQRGXODU\FiQFHUGHODYHMLJDORV
ULxRQHVODSHOYLVHOKtJDGR\HOSiQFUHDVSRULQJHVWLyQ1RVHKDQLQIRUPDGRFDVRV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
HQVHUHVKXPDQRV
3UHFDXFLyQ /RV OtPLWHV GH H[SRVLFLyQ SHUPLVLEOHV SDUD HO DFHWLODPLQRIOXRUHQR HVWi
LQFOXLGRHQHOHVWiQGDUSDUDORVFDUFLQyJHQRV\WRGRFRQWDFWRFRQpOGHEHHYLWDUVH
0HGLGDV GH SURWHFFLyQ SHUVRQDO /RV PpWRGRV GH SURWHFFLyQ SHUVRQDO GHEHQ
FRPSOHPHQWDUORVFRQWUROHVGHLQJHQLHUtD\D\XGDUDSUHYHQLUWRGDH[SRVLFLyQFXWiQHD
R UHVSLUDWRULD
6H UHTXLHUHYHVWLPHQWDSURWHFWRUDGHWRGRHOFXHUSR\JXDQWHV/DVSHUVRQDVTXHVH
GHGLFDQDRSHUDFLRQHVGHPDQLSXODFLyQGHEHQXVDUUHVSLUDGRUHVGHDLUHVXSOHPHQWDULR
TXHSURWHMDQWRGRHOURVWURRTXHVHDQGHOWLSRGHIOXMRFRQWLQXR$OVDOLUGHXQiUHD
FRQWDPLQDGD HO HPSOHDGR GHEH EDxDUVH \ FDPELDUVH GH URSD \ GHMDU VX HTXLSR D OD
VDOLGD HQ UHFLSLHQWHV LPSHUPHDEOHV SDUD VX GHVFRQWDPLQDFLyQ R GHVHFKR 6H GHEHQ
XWLOL]DUPHGLGDVHIHFWLYDVGHGHVFRQWDPLQDFLyQ\FDPELRGHURSD\JXDQWHV
$PLQRGLIHQLOR
'HVFULSFLyQ&+&+1+ODDPLQRGLIHQLORHVXQFULVWDOFDIpDPDULOOHQWR
8VRV6RORVHXWLOL]DFRQILQHVGHLQYHVWLJDFLyQ$QWHULRUPHQWHODDPLQRGLIHQLORVH
XWLOL]DEDFRPRDQWLR[LGDQWHGHOKXOH\FRPRLQWHUPHGLDULRGHFRORUDQWHV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVHQODVTXHSXHGHKDEHUH[SRVLFLyQLQFOX\H
,QYHVWLJDGRUHV
0DQLSXODGRUHVGHDPLQRGLIHQLOR
5LHJRV
9tDVGHHQWUDGD,QKDODFLyQ\DEVRUFLyQFXWiQHD
(IHFWRVQRFLYRV
/RFDOHV1RVHKDLQIRUPDGRQLQJXQR
6LVWpPLFRV/DDPLQRGLIHQLORHVXQFRQRFLGRFDUFLQyJHQRGHODYHMLJDKXPDQD6HKD
LQIRUPDGR TXH XQD H[SRVLFLyQ GH VROR GtDV SURGXMR XQ WXPRU GH OD YHMLJD (O
SHULRGRGHODWHQFLDHVSRUORJHQHUDOGHDDxRV/DH[SRVLFLyQDJXGDSURGXFH
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
FHIDOHDOHWDUJRFLDQRVLVHVFR]RUDORULQDU\KHPDWXULD
3UHFDXFLyQ /RV OtPLWHV SHUPLVLEOHV HVWiQ LQFOXLGRV HQ ORV HVWiQGDUHV SDUD
FDUFLQyJHQRV\WRGRFRQWDFWRFRQHOORVGHEHHYLWDUVH
0HGLGDV GH SURWHFFLyQ SHUVRQDO (VWiQ GLVHxDGDV SDUD FRPSOHPHQWDU ORV FRQWUROHV
GH LQJHQLHUtD \ SUHYHQLU WRGR FRQWDFWR FXWiQHR\UHVSLUDWRULR'HEHVHUREOLJDWRULR
TXH ORV HPSOHDGRV HQFDUJDGRV GH OD PDQLSXODFLyQ GHO SURGXFWR XVH URSD \ JXDQWHV
SURWHFWRUHV DVt WDPELpQ FRPR UHVSLUDGRUHV GH IOXMR FRQWLQXR R GH SUHVLyQ TXH
FXEUDQ WRGD OD FDUD $O DEDQGRQDU XQ iUHD FRQWDPLQDGD HO WUDEDMDGRU GHEH GHMDU HO
HTXLSRHQUHFLSLHQWHVLPSHUPHDEOHVSDUDVXGHVFRQWDPLQDFLyQRGHVHFKR\DQWHVGH
VDOLU GHO WUDEDMR GHEH GXFKDUVH (V SUHFLVR XWLOL]DU PpWRGRV HIHFWLYRV GH
GHVFRQWDPLQDFLyQGHOHTXLSRGHSURWHFFLyQ
$QLOLQD
'HVFULSFLyQ &+1+ OD DQLOLQD HV XQ OtTXLGR ROHRVR LQFRORUR \ FRQ XQ RORU
FDUDFWHUtVWLFR
8VRV/DDQLOLQDVHXWLOL]DDPSOLDPHQWHFRPRLQWHUPHGLDULRHQODVtQWHVLVGHFRORUDQWHV
7DPELpQ VH XWLOL]D HQ OD PDQXIDFWXUD GH DFHOHUDGRUHV GH FDXFKR DQWLR[LGDQWHV
SURGXFWRVIDUPDFpXWLFRVWLQWDVGHPDUFDUWHWULODJHQWHVEODQTXHDGRUHVHQySWLFD
UHYHODGRUHV IRWRJUiILFRV UHVLQDV EDUQLFHV SHUIXPHV SXOLGRUHV GH FDO]DGR \
QXPHURVRVSURGXFWRVTXtPLFRVRUJiQLFRV
8QDOLVWDSDUFLDOGHRFXSDFLRQHVFRQULHVJRGHH[SRVLFLyQLQFOX\H
• )DEULFDQWHVGHEURPXUR
• )DEULFDQWHVGHFRPEXVWLEOHVSDUDFRKHWHV
• )DEULFDQWHVGHGHVLQIHFWDQWHV
• )DEULFDQWHVGHSHUIXPHV
• )DEULFDQWHVGHVXVWDQFLDVTXtPLFDVSDUDIRWRJUDItD
• )DEULFDQWHVGHWHWULO
• )DEULFDQWHVGHWLQWDV
• /LWyJUDIRV
• 0DQLSXODGRUHVGHDFHWDQLOLGD
• 0DQLSXODGRUHVGHDOTXLWUiQGHKXOOD
• 0DQLSXODGRUHVGHEDUQLFHV
• 0DQLSXODGRUHVGHFDXFKR
• 0DQLSXODGRUHVGHQLWUDQLOLQD
• 0DQLSXODGRUHVGHSOiVWLFRV
• 7LSyJUDIRV
• 7UDEDMDGRUHVGHOFXHUR
• 0DQLSXODGRUHVGHFRORUDQWHV
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
5LHVJRV
9tDVGHHQWUDGD,QKDODFLyQGHOYDSRUDEVRUFLyQFXWiQHDGHOOtTXLGR\YDSRU
(IHFWRVQRFLYRV
/RFDOHV/DDQLOLQDOtTXLGDHVXQLUULWDQWHVXDYHGHORVRMRV\SXHGHSURGXFLUOHVLyQDOD
FyUQHD
6LVWpPLFRV/DDEVRUFLyQGHODDQLOLQD\DVHDSRULQKDODFLyQGHOYDSRURSRUDEVRUFLyQ
FXWiQHD GHO OtTXLGR SURGXFH DQR[LD GHELGR D OD IRUPDFLyQ GH PHWDKHPRJORELQD /D
H[SRVLFLyQPRGHUDGDVRORSXHGHFDXVDUFLDQRVLV$PHGLGDTXHDXPHQWDODGHILFLHQFLD
GH R[tJHQR OD FLDQRVLV SXHGH DVRFLDUVH FRQ FHIDOHD GHELOLGDG LUULWDELOLGDG
VRPQROHQFLD GLVQHD \ SpUGLGD GHO FRQRFLPLHQWR 6L QR VH DGPLQLVWUD WUDWDPLHQWR
LQPHGLDWR SXHGH SURGXFLUVH OD PXHUWH $ SHVDU GH FXLGDGRVRV HVWXGLRV QR VH KD
REVHUYDGR HQ OD SUiFWLFD LQGXVWULDO OD SRVLELOLGDG GH KHPyOLVLV >GHVWUXFFLyQ GH
JOyEXORVURMRV@\DQHPLDGHELGRDPHWDKHPRJORELQDSURGXFLGDSRUODDQLOLQD
3UHFDXFLyQ/RVOtPLWHVGHH[SRVLFLyQSHUPLVLEOHVHVGHSSPPJP"""""""
0HGLGDV GH SURWHFFLyQ SHUVRQDO (Q iUHDV GH DOWDV FRQFHQWUDFLRQHV GHEHQ XVDVH
UHVSLUDGRUHV DGHPiV GH SURWHJHUVH OD SLHO FRQ YHVWLPHQWD HVSHFLDO LQFOXVR VL QR
H[LVWHFRQWDFWRFXWiQHRFRQODDQLOLQDOtTXLGD6HFRQVLGHUDTXHODURSDFRQIHFFLRQDGD
FRQKXOHEXWtOLFRHVODPiVHILFD](QVLWXDFLRQHVGHH[SRVLFLyQDJXGDVHKDXWLOL]DGR
SURWHFFLyQSDUDWRGRHOFXHUSRFRQVLVWHQWHHQWUDMHFRQDLUHDFRQGLFLRQDGR\FDVFR
SURYHHGRU GH DLUH (V HVHQFLDO OD KLJLHQH SHUVRQDO OD UHPRFLyQ LQPHGLDWD GH ORV
HTXLSRV TXH KDQ DEVRUELGR DQLOLQD \ OD GXFKD DQWHV GH VDOLU GHO WUDEDMR DVt FRPR HO
FDPELRGLDULRGHURSDGHWUDEDMR
&21&/86,21(6
/RVKLGURFDUEXURVDURPiWLFRVVRQGHJUDQXVRLQGXVWULDO\SRUORJHQHUDOPX\Wy[LFRV
\ GDxLQRVSDUDODVDOXGSHURDODYH]PX\~WLOHVSDUDODVDFWLYLGDGHVSURGXFWRUDVGH
3HU~\HO0XQGR7yPHVHFRPRHMHPSORHOWROXHQRHOFXDOHVPX\LPSRUWDQWHSDUDODV
DFWLYLGDGHVPLQHUDVFRPREDVHSDUDIRUPDUHO717
8QFRPSXHVWRHVDURPiWLFRFXDQGRFXPSOHODVVLJXLHQWHVFRQGLFLRQHV
/DPROpFXODGHEHVHUFtFOLFD
'HEH FXPSOLU OD UHJOD GH +FNHO HV GHFLU TXH SDUD TXH XQ FRPSXHVWR VHD
DURPiWLFRGHEHWHQHUQRUELWDOHV3L
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
6H VDEH TXH ORV FRPSXHVWRV DURPiWLFRV SRVHHQ XQD JUDQ HVWDELOLGDG QR UHDOL]DQ
UHDFFLyQGHDGLFFLyQHOHFWURILOLFDVtVXVWLWXFLyQHOHFWURILOLFD\HQEDVHDHVWRSXHGHQ
DQH[DUFDGHQDVDOLIiWLFDVIXQFLRQHVRUJiQLFDVIRUPDUDJORPHUDFLRQHV\PXFKDVRWUDV
UHDFFLRQHVTXHVHKDQFRQVHJXLGRFRQHOILQGHDXPHQWDUHOXVRLQGXVWULDOGHHVWRV
SURGXFWRV
/D LQGXVWULD IDUPDFpXWLFD D VLGR IXHUWHPHQWH JROSHDGD SRU HVWRV SURGXFWRV \D TXH
SRVHHQ JUDQGHV FDSDFLGDGHV DFWLYDGRUDV EDVR GLODWDGRUDV DGHPiV GH QDUFyWLFDV
0XFKR GH ODV GURJDV TXH VH WUDILFDQ HQ OD DFWXDOLGDG SURYLHQHQ GH KLGURFDUEXURV
DURPiWLFRVHQWUHHOODVVHWLHQHHO([WDVLVOD0H]FDOLQDHWF
(Q ODLQGXVWULDORVULHVJRVLQKHUHQWHVGHXVRGHHVWRVFRPSXHVWRV\VXVGHULYDGRV
VRQ YDULDGRV \ SXHGHQ SURYRFDU GHVLPSOHVGHUPDWLWLVDXQFiQFHUSXOPRQDURGDxR
FHUHEUDO LUUHYHUVLEOH (Q JHQHUDO ODV PHGLGDV GH VHJXULGDG WLHQGHQ D UHDOL]DU
YHQWLODFLyQ ORFDOL]DGD \ SURWHJHU DO WUDEDMDGRU FRQWUD HO ULHVJR GH LQKDODFLyQ FRQ
UHVSLUDGRUHVGHWLSRDXWyQRPRRPDVFDULOODFRQILOWURTXtPLFRSDUDYDSRUHVRUJiQLFRV
/RVFRQVWDQWHVHVWXGLRVTXHVHUHDOL]DQHQODERUDWRULRVSDUDGHWHUPLQDUORVHIHFWRV
TXH SURGXFHQ DO RUJDQLVPR \ DO PHGLR DPELHQWH HO XVR GH ORV KLGURFDUEXURV
DURPiWLFRVPRGLILFDQFRQVWDQWHPHQWHORVOLPLWHVGHH[SRVLFLyQ\VHFRQRFHQQXHYDV
FRPSOLFDFLRQHV \ SXQWRV D IDYRU GH VX XVR HV DTXt FXDQGR FDEH SUHJXQWDU ¢KDVWD
GRQGHVHTXLHUHOOHJDUFRQODHYROXFLyQTXtPLFD"
%(1&(12
)(12/
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6
%,%/,2*5$)Ì$
48Ì0,&$25*É1,&$,QJ7HyILOR'21$,5(6)/25(6