Adaptacion de La Agricultura Al Cambio Climatico

E

I

R

E

S

VHPLQDULRV\FRQIHUHQFLDV

$ JULFXOWXUD\FDPELRFOLPiWLFR
LQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ

0HPRULDGHOVHPLQDULRLQWHUQDFLRQDOUHDOL]DGRHQ
6DQWLDJRORVGtDV\GHQRYLHPEUHGH

6DQWLDJRMXOLRGH

/RVDUWtFXORVUHXQLGRVHQHVWHYROXPHQVHEDVDQHQODVSRQHQFLDVSUHVHQWDGDVSRUORVH[SHUWRVTXHSDUWLFLSDURQHQ
HOVHPLQDULRUHJLRQDO³$JULFXOWXUD\FDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ´UHDOL]DGRHQODVHGH
GHOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/HQ6DQWLDJRORVGtDV\GHQRYLHPEUH
GH
(O VHPLQDULR IXH RUJDQL]DGR SRU OD 8QLGDG GH 'HVDUUROOR $JUtFROD GH OD 'LYLVLyQ GH 'HVDUUROOR 3URGXFWLYR \
(PSUHVDULDOGHOD&(3$/HO*UXSRGH&DPELR&OLPiWLFR\6RVWHQLELOLGDG$PELHQWDOGHOD2ILFLQD5HJLRQDOSDUD
$PpULFD /DWLQD GH OD 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD $JULFXOWXUD \ OD $OLPHQWDFLyQ )$2 \ HO
,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDFLyQSDUDOD$JULFXOWXUD,,&$FRPRSDUWHGHVXVDFWLYLGDGHVFRQMXQWDVGH
FRRSHUDFLyQWpFQLFDSDUDHOVHFWRUDJURSHFXDULR&RQWyFRQHODSR\RGHO*RELHUQRGH)UDQFLDSRUPHGLRGHVX
'HOHJDFLyQ5HJLRQDOGH&RRSHUDFLyQSDUDHO&RQR6XU\HO%UDVLO\FRQODFRODERUDFLyQGHOD8QLGDG$JUtFROD
GHODVHGH6XEUHJLRQDOGHOD&(3$/HQ0p[LFR
(O UHVXPHQ OD FRPSLODFLyQ \ HQ DOJXQRV FDVRV OD LQWHJUDFLyQ GH ORV FRQWHQLGRV GH ODV GLIHUHQWHV SRQHQFLDV
HVWXYLHURQ D FDUJR GH XQ FRPLWp GH UHGDFFLyQ FRPSXHVWR SRU $GULiQ 5RGUtJXH] $OEHUWR 6DXFHGR \ 2FWDYLR
6RWRPD\RUGHOD&(3$/\-DQ9DQ:DPEHNH\/DXUD0H]DGHOD)$2/DHGLFLyQHVWXYRDFDUJRGH1HOVRQ
*RQ]iOH]FRQVXOWRUHQFRPXQLFDFLyQ
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHODVRUJDQL]DFLRQHV

3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW1DFLRQHV8QLGDVMXOLRGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH
/RV (VWDGRV PLHPEURV \ VXV LQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVH
OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/±6HULHVHPLQDULRV\FRQIHUHQFLDV1 $JULFXOWXUD\FDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
ËQGLFH
3UHVHQWDFLyQ
,QWURGXFFLyQ
, &RQRFLPLHQWRVREUHODDGDSWDFLyQHLPSDFWRGHOFDPELR
FOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
/DDJULFXOWXUD\HOFOLPD
/DDJULFXOWXUD\VXUHODFLyQFRQRWURVVHFWRUHV
3HUVSHFWLYDVSDUDHODQiOLVLVGHLPSDFWRV
(QIRTXHVPHWRGROyJLFRVSDUDODGHWHUPLQDFLyQ
GHLPSDFWRV
/DLQYHVWLJDFLyQVREUHLPSDFWRVGHOFDPELRFOLPiWLFR
HQODDJULFXOWXUDHQ$PpULFD/DWLQD\HO&DULEH
% &LHQFLD\SROtWLFDSDUDHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
HOFDVRGHO,QVWLWXWR,QWHUDPHULFDQRSDUDOD,QYHVWLJDFLyQGHO
&DPELR*OREDO,$,
,QYHVWLJDFLyQSDUDHOFDPELRJOREDO
,QIRUPDFLyQ~WLOSDUDODWRPDGHGHFLVLRQHV
/RVGHVDItRV
& ,QYHVWLJDFLyQ\GLiORJRGHSROtWLFDVVREUHDGDSWDFLyQDO
FDPELRFOLPiWLFRHQODDJULFXOWXUDHQ$XVWUDOLD
(MHVFHQWUDOHVGHODDGDSWDFLyQDOFDPELRFOLPiWLFR
HQODDJULFXOWXUD
0HQVDMHVFODYHGHODH[SHULHQFLDDXVWUDOLDQD
' (IHFWRVGHOFDPELRFOLPiWLFRVREUHODDJULFXOWXUDHQ
&HQWURDPpULFD
(OVHFWRUDJURSHFXDULRFHQWURDPHULFDQRDSRUWHV
VHUYLFLRVDPELHQWDOHV\FDPELRFOLPiWLFR

0HWRGRORJtDVXWLOL]DGDVSDUDHVWLPDUORVHIHFWRVGHOFDPELRFOLPiWLFRHQOD
DJULFXOWXUD
,PSDFWRGHOFDPELRFOLPiWLFRHQODSURGXFFLyQDJURSHFXDULD\HIHFWRVREUH
HOLQJUHVRGHULYDGRGHODWLHUUD
/RVHVFHQDULRVIXWXURVORVLPSDFWRVGHOFDPELRFOLPiWLFRVREUHHOVHFWRU
DJURSHFXDULR
&RQFOXVLRQHV
,, (OFDPELRFOLPiWLFRHQORVSURJUDPDV\DJHQGDVGHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFROD
GHODUHJLyQ
$ 0DUFRGHUHIHUHQFLD
% &LQFRPHQVDMHVVREUHLQYHVWLJDFLyQHQFDPELRFOLPiWLFR\DJULFXOWXUD
& ,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV)RUHVWDOHV$JUtFRODV\3HFXDULDVGH0p[LFR
' (PSUHVD%UDVLOHxDGH,QYHVWLJDFLyQ$JUtFROD
3URJUDPDGHLQYHVWLJDFLyQVREUHDJULFXOWXUDWURSLFDO\FDPELRFOLPiWLFR
=RQHDPLHQWRGHULHVJRVFOLPiWLFRVDJUtFRODV
,QYHVWLJDFLyQVREUHDGDSWDFLyQ\PLWLJDFLyQ
1XHYRVSUR\HFWRV
( ,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV$JURSHFXDULDV&KLOH
$QWHFHGHQWHV
(O,1,$\ODLQYHVWLJDFLyQYLQFXODGDDOFDPELRFOLPiWLFR
3DUWLFLSDFLyQHQUHGHV
&RPHQWDULRILQDO
,,, (OFDPELRFOLPiWLFRHQODVDJHQGDVGHSROtWLFDVGHRUJDQLVPRVUHJLRQDOHVGHOVHFWRU
DJURSHFXDULR
$,QWURGXFFLyQ
% (OFDPELRFOLPiWLFRHQODDJHQGDGHO&RQVHMR$JURSHFXDULR&HQWURDPHULFDQR
(O6LVWHPDGHOD,QWHJUDFLyQ&HQWURDPpULFD6,&$
3ROtWLFDV\HVWUDWHJLDVGHOVHFWRUDJUtFROD
&DPELRFOLPiWLFRHQORVDFXHUGRVGHO&RQVHMRGH0LQLVWURV
&RPHQWDULRVILQDOHV
& (OFDPELRFOLPiWLFRHQODDJHQGDGHO&RQVHMR$JURSHFXDULRGHO6XU
$QWHFHGHQWHV
&UHDFLyQGHO*UXSRGH7UDEDMRVREUH3ROtWLFDVHQ&DPELR&OLPiWLFRGHO&$6
3ULQFLSDOHVSROtWLFDVLPSOHPHQWDGDVSDUDGLVPLQXLUODYXOQHUDELOLGDGIUHQWHDOD
YDULDELOLGDGFOLPiWLFD
' &RRSHUDFLyQWpFQLFDHQODDJULFXOWXUDGHODV$PpULFDVDQWHHOFDPELRFOLPiWLFR
,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDFLyQSDUDOD$JULFXOWXUD,,&$
0DUFRGHUHIHUHQFLD
&DPELRFOLPiWLFR\DJULFXOWXUD
/DDJHQGDGHO,,&$HQPDWHULDGHDJULFXOWXUD\FDPELRFOLPiWLFR
( (OFDPELRFOLPiWLFRHQODDJHQGDGHOD)$2HQ$PpULFD/DWLQD\HO&DULEH
(OFDPELRFOLPiWLFR\ODVGLPHQVLRQHVGHODVHJXULGDGDOLPHQWDULD
0HFDQLVPRVGHLPSOHPHQWDFLyQ
(QIRTXHSDUDODDGDSWDFLyQ
(QIRTXHSDUDODPLWLJDFLyQ
'HILQLFLyQGHSULRULGDGHVDQLYHOUHJLRQDO
$FFLRQHVHQFXUVRHQODUHJLyQ
,9 ([SHULHQFLDVQDFLRQDOHVHQIRUPXODFLyQHLPSOHPHQWDFLyQGHSROtWLFDV\GHVDUUROORGH
LQVWLWXFLRQDOLGDGSDUDHQIUHQWDUHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
,PSDFWRVGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD

,PSDFWRVHVSHUDGRVVREUHORVUHQGLPLHQWRVGHFXOWLYRVLPSRUWDQWHV
SDUD$PpULFD/DWLQD
&RQWH[WRSROtWLFR
0HGLGDVVHFWRULDOHVDGRSWDGDVHQODUHJLyQ
% (OFDVRGH3HU~
,QVWLWXFLRQHV\SROtWLFDVQDFLRQDOHV
3URJUDPDV\SUR\HFWRVGHVDUUROODGRVHQ3HU~SDUDODOXFKD
FRQWUDHOFDPELRFOLPiWLFR
& (OFDVRGH&RORPELD
1RUPDWLYLGDGDPELHQWDO
1RUPDWLYLGDGVREUHFDPELRFOLPiWLFR
$FFLRQHVVREUHFDPELRFOLPiWLFR\DJULFXOWXUD
' (OFDVRGH&KLOH
(OGHVDItRGHODPLWLJDFLyQ
(OGHVDItRGHODDGDSWDFLyQ
( (OFDVRGH&RVWD5LFD
9 ([SHULHQFLDVSULYDGDV\ORFDOHVGHDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
% ,QWHJUDFLyQGHHFRVLVWHPDV\DGDSWDFLyQDOFDPELRFOLPiWLFRHQHO0DFL]R&RORPELDQR
0DUFRFRQFHSWXDOGHO3URJUDPD
0HWRGRORJtDGHHYDOXDFLyQGHYXOQHUDELOLGDG\GLVHxRGHPHGLGDV
5HVXOWDGRVGHO3URJUDPD
& (VWUDWHJLDVGHUHGXFFLyQGHOULHVJR\VXYtQFXORFRQODDGDSWDFLyQDOFDPELRFOLPiWLFR
ORVFDVRVGH%ROLYLD\3HU~
9, 2SRUWXQLGDGHVSDUDODPLWLJDFLyQGHOFDPELRFOLPiWLFRHQDJULFXOWXUD
$ /DHPLVLyQGHJDVHVGHHIHFWRLQYHUQDGHUR\HOSRWHQFLDOGHPLWLJDFLyQGHOD
DJULFXOWXUD\ODDFWLYLGDGIRUHVWDO
% 6LQHUJLDV\FRPSHQVDFLRQHVHQWUHODVHJXULGDGDOLPHQWDULD\ODVPHWDVGHPLWLJDFLyQ
GHOFDPELRFOLPiWLFR
& 5(''\ORVHQODFHVHQWUHDJULFXOWXUD\GHIRUHVWDFLyQ
' 0HFDQLVPRVGHDSR\RILQDQFLHURSDUDXQDDJULFXOWXUDLQWHOLJHQWHDGDSWDGDDO
FDPELRFOLPiWLFR
( (VWUDWHJLDGH)$2SDUDODPLWLJDFLyQ
9,, &RQFOXVLRQHV
$ 8QWHPDFRPSOHMRFRQFDUHQFLDVGHLQIRUPDFLyQHLQFHUWLGXPEUH
% +D\DYDQFHV
& 3HURIDOWDPXFKRFDPLQRSRUUHFRUUHU
' $OJXQRVHOHPHQWRVQHFHVDULRVSDUDDYDQ]DU
(QHOiPELWRLQVWLWXFLRQDO
(QHOiPELWRGHODLQYHVWLJDFLyQ
(QHOiPELWRGHODLQIRUPDFLyQ\ODFRPXQLFDFLyQ
%LEOLRJUDItD
$QH[RV
$QH[R 3URJUDPDGHOVHPLQDULRUHJLRQDO³$JULFXOWXUD\FDPELRFOLPiWLFRLQQRYDFLyQ
SROtWLFDVHLQVWLWXFLRQDOLGDG´GHQRYLHPEUH6DQWLDJR&KLOH
$QH[R /LVWDGHSDUWLFLSDQWHV

6HULHVHPLQDULRV\FRQIHUHQFLDVQ~PHURVSXEOLFDGRV

ËQGLFHGHFXDGURV
&8$'52,,03$&72'(/&$0%,2&/,0È7,&262%5(5(1',0,(1726'(0$Ë=
)5,-2/<$552=
&8$'52,,03$&72'(/&$0%,2&/,0È7,&23253$Ë6$3$57,5'(02'(/26
5,&$5',$126
&8$'52,,,&216(-2$*523(&8$5,2'(/68535,1&,3$/(632/Ë7,&$6
,03/(0(17$'$63$5$',60,18,5/$98/1(5$%,/,'$')5(17(
$/$9$5,$%,/,'$'&/,0È7,&$
&8$'52,,,(-(03/26'(/48(+$&(5'(/$)$2(1&$0%,2&/,0È7,&2(1$0e5,&$
/$7,1$<(/&$5,%(
&8$'52,9$/*8126,03$&726'(/&$0%,2&/,0È7,&2(1/$$*5,&8/785$(1
$0e5,&$/$7,1$<(/&$5,%(
&8$'529 352<(&72&$0%,2&/,0È7,&2(1(/0$&,=2&2/20%,$12
&5,7(5,26'((9$/8$&,Ï13$5$35,25,=$5<6(/(&&,21$523&,21(6
'($'$37$&,Ï1
&8$'529,(-(03/26'(6,1(5*,$6<&203(16$&,21(6327(1&,$/(6
&8$'529,/$(&2120Ë$'(0,7,*$&,Ï1(1$*5,&8/785$(1È)5,&$
68%6$+$5,$1$
ËQGLFHGHILJXUDV
),*85$,,17(*5$&,Ï13$5$/$,19(67,*$&,Ï1(1&$0%,2&/,0È7,&2
),*85$,(1)248('(75$%$-2,17(*5$'2(175(&,(1&,$32/Ë7,&$<$&&,21(6
(1&$0323$5$/$$'$37$&,Ï1'(/260(',26'(9,'$585$/(6
),*85$,(6758&785$'(/*2%,(512)('(5$/$8675$/,$12(1(/',6(f2'(
352*5$0$6'($'$37$&,Ï1$/&$0%,2&/,0È7,&2
),*85$,',60,18&,Ï1'(/$*$0$'(23&,21(6$*521Ï0,&$6(1',67,1726
(6&(1$5,26'(&$0%,2
),*85$,(648(0$'(352*5(62'(/$$'$37$&,Ï1,1&5(0(17$/6,67e0,&$
<'(75$16)250$&,Ï1
),*85$,$8675$/,$0$3$62%5(&$3$&,'$''($'$37$&,Ï1
),*85$,,352*5$0$'(75$%$-2'((0%5$3$(1&$0%,2&/,0È7,&2
),*85$,,,(-(65(&725(6'(/$&223(5$&,Ï17e&1,&$'(/,,&$
),*85$,,,352*5$0$75$169(56$/'(0$1(-2'(5(&856261$785$/(6
<&$0%,2&/,0È7,&2
),*85$,,,)81&,21(6'(/26352*5$0$6'(&225',1$&,Ï175$169(56$/
),*85$,,,/Ë1($6'($&&,Ï1'(/352*5$0$'(&223(5$&,Ï175$169(56$/
$*5,&8/785$0$1(-2'(5(&856261$785$/(6<&$0%,2&/,0È7,&2
),*85$,,,(/&$0%,2&/,0È7,&25(72'(/$$*5,&8/785$/$6,/9,&8/785$
/$3(6&$</$6(*85,'$'$/,0(17$5,$
),*85$,,,35,1&,3$/(60(&$1,6026'(,03/(0(17$&,Ï1'(/75$%$-2'(
/$)$2
),*85$9352<(&72&$0%,2&/,0È7,&2(1(/0$&,=2&2/20%,$129$5,$%/(6
$75,%8726<',0(16,21(63$5$(/$1È/,6,6'(98/1(5$%,/,'$'
),*85$9,&20326,&,Ï1'(/$6(0,6,21(6*(,3256(&725
),*85$9,(/327(1&,$/'(0,7,*$&,Ï1'(',)(5(17(635È&7,&$6$*5Ë&2/$6
),*85$9,352<(&726$)2/8&/$6,),&$'263257,32<(648(0$'(&5e',72
),*85$9,352<(&726$)2/8&/$6,),&$'263255(*,Ï1<7,32

3UHVHQWDFLyQ
'HVGH VXV LQLFLRV FRPR DFWLYLGDG GHWHUPLQDQWH SDUD HO SURJUHVR GH OD
KXPDQLGDG HO GHVDUUROOR GH OD DJULFXOWXUD KD VLGR XQ SURFHVR GH
DGDSWDFLyQ DO FOLPD (O GHVDUUROOR GH OD LUULJDFLyQ \ GH WpFQLFDV SDUD
PDQHMDUODVLUUHJXODULGDGHVHQODGLVSRQLELOLGDGGHDJXDHQODVFXOWXUDVGH
0HVRSRWDPLD\GHOD$PpULFDSUHFRORPELQDVHFXHQWDQHQWUHORVHMHPSORV
FRQRFLGRVPiVDQWLJXRVGHDGDSWDFLyQGHODDJULFXOWXUDDORVFDPELRVHQ
HOFOLPD
(O FDPELR FOLPiWLFR GH RULJHQ DQWURSRJpQLFR VLQ HPEDUJR
SUHVHQWD JUDQGHV UHWRV SDUD HO GHVDUUROOR GH OD DJULFXOWXUD WDO FRPR OD
FRQRFHPRVHQODDFWXDOLGDG<DQRVHWUDWDGHDGDSWDUVHDODYDULDELOLGDG
RULJLQDGDHQSURFHVRVQDWXUDOHVLQWHUQRVDOVLVWHPDFOLPiWLFRYDULDELOLGDG
LQWHUQD TXH JHQHUDOPHQWH VH GD GHQWUR GH UDQJRV PDQHMDEOHV VH
PDQLILHVWDGHIRUPDSDXODWLQD\HVSUHGHFLEOHFRQDOJ~QJUDGRGHFHUWH]D
$KRUD VH WUDWD GH FDPELRV TXH SXHGHQ LQWHQVLILFDU QR VROR ODV
FRQGLFLRQHV FOLPiWLFDV PHGLDV QRUPDOHV GHQWUR GH ODV TXH
KLVWyULFDPHQWHVHKDGDGRHOGHVDUUROORGHODDJULFXOWXUDVLQRWDPELpQOD
IUHFXHQFLD \ OD PDJQLWXG GH ODV YDULDFLRQHV H[WUHPDV OLPLWDQGR ODV
SRVLELOLGDGHVGHDGDSWDFLyQ
0iV D~Q /RV HIHFWRV QHJDWLYRV GHO FDPELR FOLPiWLFR VHUiQ
SDGHFLGRV PD\RULWDULDPHQWH SRU SDtVHV XELFDGRV HQ ]RQDV WURSLFDOHV \
VXEWURSLFDOHV DOWDPHQWH YXOQHUDEOHV IUHQWH D IHQyPHQRV PHWHRUROyJLFRV
WDOHV FRPR KXUDFDQHV LQXQGDFLRQHV \ VHTXtDV \ HQ GRQGH JHQHUDOPHQWH
ORVQLYHOHVGHSREUH]D\GHLQVHJXULGDGDOLPHQWDULDVRQHOHYDGRV7DOHVHO
FDVRGHODVUHJLRQHVPHVRDPHULFDQDVDQGLQDV\GHO&DULEH

1R REVWDQWH HO WHPD GHO FDPELR FOLPiWLFR KD UHFLELGR SRFD DWHQFLyQ HQ OD DJHQGD GH SROtWLFDV
S~EOLFDV GHO VHFWRU DJURSHFXDULR &RQ SRFDV H[FHSFLRQHV HQ OD PD\RUtD GH ORV SDtVHV GH OD UHJLyQ HO
WHPD HVWi UDGLFDGR HQ ORV 0LQLVWHULRV GH 0HGLR $PELHQWH R HQ FRPLVLRQHV LQWHUPLQLVWHULDOHV
FRRUGLQDGDV SRU pVWRV 3HUR OD VLWXDFLyQ HVWi FDPELDQGR $Vt OR HYLGHQFLD HQ HO iPELWR SROtWLFR OD
SULRULGDG TXH KD WHQLGR HO WHPD HQ UHXQLRQHV GH PLQLVWURVGH DJULFXOWXUD GH OD UHJLyQ < HQ HO iPELWR
WpFQLFR OD FUHDFLyQ GH JUXSRV GH WUDEDMR XQLGDGHV GH FDPELR FOLPiWLFR \ DUUHJORV VLPLODUHV HQ
0LQLVWHULRVGH$JULFXOWXUD\RUJDQLVPRVUHJLRQDOHVGHOVHFWRU
&RQHOSURSyVLWRGHFRQWULEXLUDSRVLFLRQDUHVWDSUREOHPiWLFDHQODDJHQGDGHSROtWLFDVGHOVHFWRU
DJURSHFXDULR HQ OD UHJLyQ OD &RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD \ HO &DULEH &(3$/ OD
2ILFLQD 5HJLRQDO SDUD $PpULFD /DWLQD \ HO &DULEHGHOD2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD
$JULFXOWXUD\ OD$OLPHQWDFLyQ )$2\HO,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDFLyQSDUDOD$JULFXOWXUD
,,&$ XQLPRV HVIXHU]RV SDUD OD UHDOL]DFLyQ GHO 6HPLQDULR 5HJLRQDO ³$JULFXOWXUD \ FDPELR FOLPiWLFR
SROtWLFDVLQVWLWXFLRQDOLGDGHLQQRYDFLyQ´
(VWHGRFXPHQWRSUHVHQWDXQUHVXPHQGHODPD\RUtDGHODVSRQHQFLDVSUHVHQWDGDVHQHOVHPLQDULR
RUJDQL]DGDV SRU WHPDV (O GRFXPHQWR UHSUHVHQWD HO FRPSURPLVR GH ODV WUHV LQVWLWXFLRQHV GH VHJXLU
FRODERUDQGRFRQHOVHFWRUDJURSHFXDULRGHODUHJLyQPHGLDQWHODSURPRFLyQGHOGLiORJR\HOLQWHUFDPELR
GHH[SHULHQFLDV

,QWURGXFFLyQ
(O FDPELR FOLPiWLFR QR VHUi ±QR HV \D± QHXWUDO HQ FXDQWR D VXV HIHFWRV
(OOR HV SDUWLFXODUPHQWH FLHUWR HQ HO FDVR GH OD DJULFXOWXUD /D HYLGHQFLD
FLHQWtILFD DSXQWD D TXH ODV ]RQDV PiV DIHFWDGDV VH ORFDOL]DQ HQ UHJLRQHV
WURSLFDOHV \ VXEWURSLFDOHV HQ GRQGH VH XELFD OD PD\RUtD GH SDtVHV HQ
GHVDUUROOR\FX\DVHFRQRPtDVVRQPiVGHSHQGLHQWHVGHODDJULFXOWXUD\GH
RWUDV DFWLYLGDGHV SULPDULDV $GHPiV DOOt UHVLGH OD PD\RU SDUWH GH OD
SREODFLyQPXQGLDOTXHYLYHHQFRQGLFLRQHVGHSREUH]DVXIUHHOIODJHORGH
OD LQVHJXULGDG DOLPHQWDULD \ SUHVHQWD XQD PD\RU YXOQHUDELOLGDG D
IHQyPHQRVQDWXUDOHVFX\DIUHFXHQFLDHLQWHQVLGDGVHLQFUHPHQWDUiQFRQHO
FDPELRFOLPiWLFR
/D SREUH]D \ OD SREUH]D H[WUHPD HQ $PpULFD /DWLQD VRQ WDPELpQ
VLJQLILFDWLYDPHQWHPD\RUHVHQ]RQDVUXUDOHVPiVGHOGHODSREODFLyQ
UXUDOGHODUHJLyQHVSREUH\FDVLXQWHUFLRYLYHHQFRQGLFLRQHVGHSREUH]D
H[WUHPD &(3$/ $GHPiV HQ HO iPELWR UXUDO OD SREUH]D HV
VLJQLILFDWLYDPHQWH PD\RU HQWUH ORV KRJDUHV TXH GHSHQGHQ GH OD
DJULFXOWXUD SRU HQFLPD GHO HQ SDtVHV FRPR *XDWHPDOD %ROLYLD \
+RQGXUDV5RGUtJXH]\0HQHVHV7RGRVHVRVSDtVHVVHHQFXHQWUDQ
HQ UHJLRQHV DOWDPHQWH YXOQHUDEOHV IUHQWH D IHQyPHQRV PHWHRUROyJLFRV
WDOHV FRPR KXUDFDQHV LQXQGDFLRQHV VHTXtDV \ KHODGDV ORV FXDOHV WLHQHQ
JUDQLPSDFWRVREUHODDJULFXOWXUD\ODSREODFLyQUXUDO
/D LPSRUWDQFLD GH DERUGDU HO WHPD KD VLGR UHVDOWDGD HQ IRURV
PLQLVWHULDOHV UHJLRQDOHV &RQVHMR $JURSHFXDULR GHO 6XU %ROLYLD DJRVWR
DVt FRPR HQ ODV GRV UHXQLRQHV PiV UHFLHQWHV GH PLQLVWURV GH
DJULFXOWXUD GH OD UHJLyQ HQ 0RQWHJR %D\ -DPDLFD 4XLQWD 5HXQLyQ
0LQLVWHULDO GH $JULFXOWXUD \ 9LGD 5XUDO HQ ODV $PpULFDV RFWXEUH \
&LXGDGGH3DQDPi3DQDPi&RQIHUHQFLD5HJLRQDOGHOD)$2DEULO

(Q OD UHXQLyQ GH 0LQLVWURV GHO &RQVHMR $JURSHFXDULR GHO 6XU GH DJRVWR VH ILUPy XQD
'HFODUDFLyQVREUHDJULFXOWXUDYDULDELOLGDG\FDPELRFOLPiWLFRHQODTXHVHVROLFLWDD³ORVRUJDQLVPRV
LQWHUQDFLRQDOHV )$2 &(3$/ H ,,&$ TXH FRRUGLQHQ VX WUDEDMR FRQ ODV QHFHVLGDGHV TXH HQ HVWDV
PDWHULDVH[SUHVHQORVSDtVHV´3RURWUDSDUWHHQHO$FXHUGRGHOD5HXQLyQGH0RQWHJR%D\VHOODPDD
³IRUWDOHFHUODFDSDFLGDGGHOVHFWRUDJUtFRODSDUDPLWLJDU\DGDSWDUVHDOFDPELRFOLPiWLFRPHGLDQWHHO
GHVDUUROORHLPSOHPHQWDFLyQGHHVWUDWHJLDVTXHFRQWHPSOHQODFRRUGLQDFLyQHQWUHSROtWLFDVDPELHQWDOHV
\ GH VHJXULGDG DOLPHQWDULD HO GHVDUUROOR GH LQFHQWLYRV SDUD TXLHQHV SURWHJHQ HO DPELHQWH OD
JHQHUDFLyQ\HOXVRGHWHFQRORJtDV\SUiFWLFDVDPELHQWDOPHQWHVRVWHQLEOHVXQDPD\RULQYHUVLyQGHORV
VHFWRUHV S~EOLFR \ SULYDGR HYDOXDFLRQHV GHO LPSDFWR GHO FDPELR FOLPiWLFR \ HO LQWHUFDPELR GH
LQIRUPDFLyQ´ $VLPLVPR OD &RQIHUHQFLD 5HJLRQDO GH OD )$2 ³UHFRQRFLy OD H[LVWHQFLD GH HYLGHQFLDV
VREUH OD JUDYHGDG GHO FDPELR FOLPiWLFR DVt FRPR HO IXHUWH LPSDFWR GH VXV HIHFWRV VREUH HO VHFWRU
DJURSHFXDULR \ OD HOHYDGD YXOQHUDELOLGDG GH ORVSDtVHVPiVSREUHV´ \ VHxDOy TXH ³OD HVWUDWHJLD SDUD
HQIUHQWDUORVHIHFWRVGHOFDPELRFOLPiWLFRGHEHEDVDUVHHQORVSULQFLSLRVGHUHVSRQVDELOLGDGHVFRPXQHV
SHURGLIHUHQFLDGDV\ODVUHVSHFWLYDVFDSDFLGDGHVGHORVSDtVHV´,JXDOPHQWHHQIDWL]y³ODQHFHVLGDGGH
SULRUL]DUODVDFWLYLGDGHVGHDGDSWDFLyQDOFDPELRFOLPiWLFRHLQWHQVLILFDUODVSUiFWLFDVTXHIDYRUHFHQOD
PLWLJDFLyQ´\GHVWDFy³ODVUHVSRQVDELOLGDGHVKLVWyULFDVGHORVSDtVHVGHVDUUROODGRVHQHOSUREOHPDGHO
FDPELR FOLPiWLFR \ OD QHFHVLGDG GH UHVSHWDU SULQFLSLRV GH HTXLGDG \ GH VHJXULGDG DOLPHQWDULD \
QXWULFLRQDOHQORVSDtVHVHQGHVDUUROOR´
(QPDWHULDGHLQVWLWXFLRQDOLGDG\SROtWLFDVHQHOiPELWRVXEUHJLRQDOGHVWDFDODFRQVWLWXFLyQGHXQ
JUXSRGHWUDEDMRVREUHFDPELRFOLPiWLFRGHQWURGHOD5HGGH3ROtWLFDVGHO&RQVHMR$JURSHFXDULRGHO6XU
&$6\ HO GHVDUUROOR GHXQD(VWUDWHJLD5HJLRQDO $JURDPELHQWDO\ GH6DOXG (5$6DSR\DGDSRUODV
VHFUHWDUtDVGHORV&RQVHMRVGH0LQLVWURVGH$JULFXOWXUD$PELHQWH\6DOXGGH&HQWURDPpULFD$GHPiV
DOJXQRVSDtVHVKDQHPSH]DGRDFRQVWLWXLUFRPLVLRQHVVHFWRULDOHVGHQWURGHODLQVWLWXFLRQDOLGDGGHOVHFWRU
DJUtFRODSHM&KLOHFRQHOREMHWLYRGHDERUGDUHVWHWHPDPLHQWUDVTXHHQRWURVSDtVHVKDQLQFOXLGRHO
FDPELRFOLPiWLFRFRPRSULRULWDULRHQODVGLVFXVLRQHVHQFXUVRGHODSROtWLFDDJUtFRODSHM&RVWD5LFD
PLHQWUDV TXH RWURV KDQ FUHDGR RILFLQDV GH FDPELR FOLPiWLFR FRPR SDUWH GH OD HVWUXFWXUD GHO VHFWRU
DJURSHFXDULRSHM8UXJXD\
(Q HO SODQR WpFQLFR GHVWDFDQ OD HODERUDFLyQ GH GLDJQyVWLFRV GH LPSDFWR \ GLVHxR GH HVFHQDULRV
UHJLRQDOHV SUR\HFWRV GH LQYHVWLJDFLyQ HQ JHQpWLFD SUR\HFWRV GH LQYHUVLyQ SURGXFWLYD YLQFXODFLyQ GHO
ILQDQFLDPLHQWR DJUtFROD DO ]RQHDPLHQWR DJURHFROyJLFR PHGLFLRQHV GH KXHOOD GH FDUERQR H LQLFLDWLYDV
SDUDGHVDUUROODULQGLFDGRUHVDJURDPELHQWDOHV
'H HVWD PDQHUD HO VHPLQDULR UHJLRQDO VREUH ³$JULFXOWXUD \ FDPELR FOLPiWLFR LQVWLWXFLRQHV
SROtWLFDVHLQQRYDFLyQ´VHGLRHQXQFRQWH[WRGHFUHFLHQWHFRQFLHQFLDVREUHODLPSRUWDQFLDTXHWLHQHQORV
WHPDVGHFDPELRFOLPiWLFR\YDULDELOLGDGFOLPiWLFDSDUDHOVHFWRUDJURSHFXDULRFRQHOREMHWLYRSULQFLSDO
GH FRQWULEXLU D SRVLFLRQDU HVWD SUREOHPiWLFD HQ OD DJHQGD GH SROtWLFDV GHO VHFWRU DJURSHFXDULR HQ OD
UHJLyQ (Q HVWH VHQWLGR OD UHDOL]DFLyQ GHO VHPLQDULR FRQVWLWX\y XQD UHVSXHVWD D ODV UHFRPHQGDFLRQHV
H[SUHVDGDVSRUORVPLQLVWURVGHDJULFXOWXUDGHODUHJLyQHQIRURVPLQLVWHULDOHVUHFLHQWHV
/RVREMHWLYRVGHOVHPLQDULRIXHURQ
&RPSDUWLU LQIRUPDFLyQ UHFLHQWH VREUH ORV LPSDFWRV GHO FDPELR FOLPiWLFR \ FRQRFLPLHQWR \
H[SHULHQFLDVVREUHODDGDSWDFLyQ\PLWLJDFLyQGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD\HOPHGLR
UXUDOHQODUHJLyQ
(YDOXDUHOHVWDGRGHODLQFRUSRUDFLyQGHOFDPELRFOLPiWLFRHQODVDJHQGDVGHORVRUJDQLVPRV
GHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFRODHQODUHJLyQ
&RQRFHU HO HVWDGR GH OD LQFRUSRUDFLyQ GHO FDPELR FOLPiWLFR HQ ODV DJHQGDV GH SROtWLFDV
DJUtFRODVHQODUHJLyQ\HOGHVDUUROORGHPHFDQLVPRVLQVWLWXFLRQDOHVSDUDHOOR
3UHVHQWDU DOJXQRV GH ORV PHFDQLVPRV GH ILQDQFLDPLHQWR SDUD SURJUDPDV \ SUR\HFWRV
UHODFLRQDGRVFRQODPLWLJDFLyQ\DGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD

3URPRYHUODIRUPDFLyQGHXQDUHGGHFRRSHUDFLyQVREUHDJULFXOWXUD\FDPELRFOLPiWLFRHQ
ODUHJLyQ
(O VHPLQDULR HVWXYR GLULJLGR D IXQFLRQDULRV GH DOWR UDQJR WpFQLFR \ SROtWLFR HQ PLQLVWHULRV \
VHFUHWDUtDVGHDJULFXOWXUDLQVWLWXFLRQHVGHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFROD\RUJDQLVPRVUHJLRQDOHV
GHOVHFWRUDJURSHFXDULR\DHQFDUJDGRVGHOWHPDFDPELRFOLPiWLFRDQLYHOQDFLRQDO
/DUHDOL]DFLyQGHOVHPLQDULRVHEDVyHQYDULDVSUHPLVDV/DSULPHUDHVTXHHOFDPELRFOLPiWLFRHV
XQWHPDFODYHSDUDODDJULFXOWXUDGHODUHJLyQ\SRUWDQWRUHTXLHUHXQDPD\RUDWHQFLyQHQODDJHQGDGH
SROtWLFDVGHOVHFWRU(QHVHVHQWLGRHOVHPLQDULREXVFySURPRYHUHOGLiORJRHQWUHGLVWLQWRVHVWDPHQWRVGH
SROtWLFDV GHO VHFWRU DJURSHFXDULR HQ ORV QLYHOHV QDFLRQDO \ UHJLRQDO VREUH WHPDV UHODFLRQDGRV FRQ HO
GHVDUUROORGHSROtWLFDVSDUDODDGDSWDFLyQDOFDPELRFOLPiWLFR\VXVVLQHUJLDVFRQODPLWLJDFLyQ
8QD VHJXQGD SUHPLVD HV TXH ODV SROtWLFDV SDUD OD DGDSWDFLyQ GH OD DJULFXOWXUD DO FDPELR
FOLPiWLFR\ODSURPRFLyQGHVLQHUJLDVFRQODPLWLJDFLyQGHEHQHVWDUJXLDGDVSRUEXHQDFLHQFLD(VWHHV
XQ WHPD GH SDUWLFXODU UHOHYDQFLD FXDQGR KDEODPRV GH DJULFXOWXUD \ FDPELR FOLPiWLFR GDGD OD
LQFHUWLGXPEUHTXHSODQWHDQORVHVFHQDULRVGHPiVODUJRSOD]R\GDGDVODVHVSHFLILFLGDGHVORFDOHVWDQ
UHOHYDQWHV HQ HO VHFWRU TXH H[SUHVDQ LQWHUDFFLRQHV FRPSOHMDV HQWUH YDULDEOHV FOLPiWLFDV UHOHYDQWHV
SDUDODDJULFXOWXUDFRPRVRQODSUHFLSLWDFLyQODKXPHGDGODUDGLDFLyQVRODUODWHPSHUDWXUDPHGLD\
ORV UDQJRV HQWUH WHPSHUDWXUDV Pi[LPDV \ PtQLPDV /D SRVLELOLGDG GH GHVDUUROODU EXHQDV SROtWLFDV
IUHQWH DO FDPELR FOLPiWLFR HQ OD DJULFXOWXUD GHPDQGD SRU OR WDQWR XQ GLiORJR VLJQLILFDWLYR HQWUH OD
FLHQFLD \ OD SROtWLFD (V SRU HOOR TXH HO VHPLQDULR VH LQLFLy FRQ XQD SUHVHQWDFLyQ VREUH OD
FRPXQLFDFLyQ GHO FRQRFLPLHQWR FLHQWtILFR VREUH FDPELR FOLPiWLFR GLULJLGD D ORV IRUPXODGRUHV GH
SROtWLFDV\WRPDGRUHVGHGHFLVLRQHVHQHOVHFWRUDJURSHFXDULR
8QDWHUFHUDSUHPLVDHVTXHODDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUDWLHQHFDUDFWHUtVWLFDV
GHELHQS~EOLFRSRUORTXHDPHULWDODSDUWLFLSDFLyQGHO(VWDGRDSR\DQGR\RULHQWDQGRODVDFFLRQHVTXH
GHVDUUROODQORVSURGXFWRUHVVHDQHVWRVJUDQGHVRSHTXHxRVSXHVHQHOORVUHFDHHQ~OWLPDLQVWDQFLDOD
LPSOHPHQWDFLyQGHODVDFFLRQHVGHDGDSWDFLyQRPLWLJDFLyQ0iVD~QODSDUWLFLSDFLyQGHO(VWDGRIDFLOLWD
ODFRRUGLQDFLyQGHSROtWLFDVHQHOiPELWRVXSUDQDFLRQDOHVSHFLDOPHQWHHQORVQLYHOHVVXEUHJLRQDOHV'H
DOOt TXHHO VHPLQDULR LQFOX\HUDVHVLRQHV GHGLFDGDV DO WHPDGHODV SROtWLFDV \GHODLQVWLWXFLRQDOLGDGGHO
VHFWRUHQORViPELWRVQDFLRQDO\VXEUHJLRQDO
8QDFXDUWDSUHPLVDVHUHILHUHDTXHFXDQGRKDEODPRVGHDGDSWDFLyQGHODDJULFXOWXUDDOFDPELR
FOLPiWLFR HVWDPRV KDEODQGR HQ OR IXQGDPHQWDO DFHUFD GH FyPR GHVDUUROODU VLVWHPDV DJUtFRODV PiV
UHVLOLHQWHVIUHQWHDODVYDULDFLRQHVHQODGLVWULEXFLyQGHODVYDULDEOHVFOLPiWLFDVUHOHYDQWHVWDOHVFRPROD
WHPSHUDWXUD \ OD SUHFLSLWDFLyQ (V GHFLU VLVWHPDV SURGXFWLYRV \ WHFQRORJtDV DJUtFRODV FRQ PD\RU
UHVLOLHQFLDFOLPiWLFD<HVWHHVHVHQFLDOPHQWHXQWHPDGHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFROD8QiPELWR
HQ HO FXDO OD SROtWLFD S~EOLFD WDPELpQ HV IXQGDPHQWDO 0iV D~Q OD LQYHVWLJDFLyQ H LQQRYDFLyQ HQ HO
VHFWRU HVSHFLDOPHQWH HQ OR UHIHUHQWH DO PD\RU FRQRFLPLHQWR GH ORV LPSDFWRV TXH \D VH KDQ GDGR \ VH
HVWiQ GDQGR \ HQ OD UHVLOLHQFLD GH GLIHUHQWHV VLVWHPDV SURGXFWLYRV HV IXQGDPHQWDO SDUD LPSXOVDU XQD
SHUVSHFWLYD GH SROtWLFDV EDVDGD HQ ORV EHQHILFLRV GH DFWXDU DKRUD YLVDYLV HQIRTXHV EDVDGRV HQ
VLWXDFLRQHVIXWXUDVSUREDEOHVTXHHQIDWL]DQORVHYHQWXDOHVFRVWRVIXWXURVHQFDVRGHQRDFWXDU$QWOH
&DSDOER'DGDVXLPSRUWDQFLDIUHQWHDOFDPELRFOLPiWLFRODLQYHVWLJDFLyQHLQQRYDFLyQIXHXQR
GHORVWHPDVFHQWUDOHVDERUGDGRVHQHOVHPLQDULR
(O HQFXHQWURVHFRPSOHWyFRQVHVLRQHVHQODVTXHVHSUHVHQWDURQ H[SHULHQFLDVFRQFUHWDVGHOR
TXH VH HVWi KDFLHQGR HQ PDWHULD GH DGDSWDFLyQ \ PLWLJDFLyQ HQ ORV SDtVHV FRQ HO DSR\R GH OD
FRRSHUDFLyQLQWHUQDFLRQDO
(QODSODQLILFDFLyQGHOVHPLQDULRWDPELpQVHDVXPLyGHPDQHUDLPSOtFLWDTXHSDUDODPD\RUtDGH
VLVWHPDV DJUtFRODV ODWLQRDPHULFDQRV OD SULRULGDG IUHQWH DO FDPELR FOLPiWLFRHV ODDGDSWDFLyQ \ TXHODV
PHGLGDVGHPLWLJDFLyQGHEHQVHUVXEVLGLDUDVDOREMHWLYRGHODDGDSWDFLyQ(VWRLPSOLFDSRUHMHPSORTXH
HQWUHGRVPHGLGDVGHDGDSWDFLyQVHGHEHUiHVFRJHUDTXHOODTXHWDPELpQFRQWULEX\HDODPLWLJDFLyQROR
KDJDHQPD\RUPHGLGD

, &RQRFLPLHQWRVREUHOD
DGDSWDFLyQHLPSDFWRGHOFDPELR
$ ,QWURGXFFLyQ
/DDJULFXOWXUD\HOFOLPD
(O FOLPD VLQ GXGD HV OD SULQFLSDO IXHQWH GH ULHVJR TXH KLVWyULFDPHQWH KD
GHELGR PDQHMDUVH HQ OD DJULFXOWXUD GHVGH VXV LQLFLRV FRPR DFWLYLGDG
KXPDQD (Q HVHQFLD HO GHVDUUROOR GH OD DJULFXOWXUD KD VLGR XQ SURFHVR GH
DGDSWDFLyQDOFOLPD(OGHVDUUROORGHODLUULJDFLyQ\GHWpFQLFDVSDUDPDQHMDU
ODV LUUHJXODULGDGHV HQ OD GLVSRQLELOLGDG GH DJXD HQ ODV FXOWXUDV
PHVRSRWiPLFDV\SUHFRORPELQDVGHORV$QGHVVHFXHQWDQHQWUHORVHMHPSORV
PiVDQWLJXRVGHDGDSWDFLyQGHODDJULFXOWXUDDORVFDPELRVHQHOFOLPD
+LVWyULFDPHQWH HO RULJHQ GH HVH ULHVJR KD VLGR OD YDULDELOLGDG
RULJLQDGDHQSURFHVRVQDWXUDOHVLQWHUQRVDOVLVWHPDFOLPiWLFRYDULDELOLGDG
LQWHUQD/DVVRFLHGDGHVKXPDQDVHQJHQHUDOIXHURQFDSDFHVGHDGDSWDUVH
FRQ p[LWR D HVWH WLSR GH YDULDELOLGDG FOLPiWLFD TXH JHQHUDOPHQWH VH KD
GDGRGHQWURGHUDQJRVPDQHMDEOHVVHKDPDQLIHVWDGRGHPDQHUDSDXODWLQD
\KDVLGRSUHGHFLEOHFRQDOJ~QJUDGRGHFHUWH]D

/D LUULJDFLyQ HO PHMRUDPLHQWR GH ODV YDULHGDGHV D SDUWLU GH FRQRFLPLHQWRV WUDGLFLRQDOHV OD
LGHQWLILFDFLyQ GH YDULHGDGHV TXH ULQGHQ PHMRU DQWH GLVWLQWDV FRQGLFLRQHV FOLPiWLFDV OD URWDFLyQ \
FRPELQDFLyQ GH FXOWLYRV HO GHMDU ODV WLHUUDV GHVFDQVDU SRU DOJ~Q SHUtRGR GH WLHPSR VRQ HMHPSORV GH
DGDSWDFLRQHVDODYDULDELOLGDGFOLPiWLFDTXHKDQVLGRSDUWHGHOGHVDUUROORKLVWyULFRGHODDJULFXOWXUD
/DDJULFXOWXUD\VXUHODFLyQFRQRWURVVHFWRUHV
/DDJULFXOWXUDHVXQVHFWRUHVWUHFKDPHQWHYLQFXODGRFRQODEDVHGHUHFXUVRVQDWXUDOHVHVSHFLDOPHQWHGH
ORV UHFXUVRV DJXD VXHOR \ ELRGLYHUVLGDG GH ORV FXDOHV GHSHQGH SDUD VX GHVDUUROOR DVt FRPR FRQ ORV
VHFWRUHVVRFLRHFRQyPLFRVORVFXDOHVGHPDQGDQVXVSURGXFWRVSDUDXVRVFUHFLHQWHPHQWHGLYHUVLILFDGRV
FRPRORHYLGHQFLDODGLVFXVLyQVREUHORVELRFRPEXVWLEOHV
3RU OR WDQWR ORV FDPELRV IXWXURV HQ HVRV VHFWRUHV YLQFXODGRV R QR DO FDPELR FOLPiWLFR
WDPELpQ VHUiQ IXQGDPHQWDOHV SDUD HO GHVDUUROOR GH OD DJULFXOWXUD \ OD GHILQLFLyQ GH VX URO HQ ODV
VRFLHGDGHV 3RU HMHPSOR SURFHVRV VRFLRHFRQyPLFRV WDOHV FRPR FDPELRV HQ SDWURQHV GH FRQVXPR H
LQFUHPHQWRV HQ OD FDSDFLGDG GH FRPSUD HQ SDtVHV HQ GHVDUUROOR WHQGUiQ XQD JUDQ LQIOXHQFLD HQ OD
GHILQLFLyQGHTXp\FXiQWRVHFRQVXPHDVtFRPRGHTXp\GyQGHVHSURGXFHTXHVHDJUHJDUtDQDORV
LPSDFWRV SUHYLVWRV GHO FDPELR FOLPiWLFR 'H OD PLVPD PDQHUD FDPELRV HQ OD FRPSRVLFLyQ GH OD
PDWUL] HQHUJpWLFD \ HQ SDWURQHV GH XVR GH HQHUJtD HJ QXHYDV IXHQWHV GH HQHUJtD HILFLHQFLD
HQHUJpWLFD DVt FRPR GHVDUUROORV HQ HO iPELWR GH OD FLHQFLD \ OD WHFQRORJtD HVSHFLDOPHQWH HQ HO
FDPSRGHODELRWHFQRORJtDWHQGUiQJUDQLQIOXHQFLDHQGHILQLUFyPRGyQGH\SDUDTXpVHSURGXFH\
HQUHGHILQLUHOUROGHODDJULFXOWXUDHQODVVRFLHGDGHV
0XFKRVGHHVRVFDPELRVVHUiQH[yJHQRVDOGHVDUUROORGHODDJULFXOWXUD2WURVVHUiQLQGXFLGRV
SRUHOPLVPRFDPELRFOLPiWLFR\RWURVPiVSRUSROtWLFDVS~EOLFDVGHQWUR\IXHUDGHODDJULFXOWXUD(V
SRU HOOR TXH ORV UHSRUWHV GHO ,3&& UHFRQRFHQ TXH YLQFXODU ORV LPSDFWRV GHO FDPELR FOLPiWLFR FRQ
VHFWRUHV FRPR OD DJULFXOWXUD \ OD IRUHVWDUtD D~Q UHTXLHUHQ GH PD\RU HYLGHQFLD SDUD GHPRVWUDU
UHODFLRQHVGHFDXVD±HIHFWR
3HUVSHFWLYDVSDUDHODQiOLVLVGHLPSDFWRV
$PpULFD/DWLQDHVXQDUHJLyQGLYHUVD\HQSRFRVVHFWRUHVHOORHVWDQHYLGHQWHFRPRHQHOFDVRGHOD
DJULFXOWXUD/DGLYHUVLGDGHVWiDVRFLDGDWDQWRDODYDULHGDGGH]RQDVFOLPiWLFDVHQTXHVHGHVDUUROODOD
DJULFXOWXUD FRPR DO WLSR GH DJULFXOWXUD TXH VH SUDFWLFD OD FXDO DEDUFD GHVGH DFWLYLGDGHV GH
VXEVLVWHQFLD KDVWD OD DJULFXOWXUD FRPHUFLDO RULHQWDGD D OD H[SRUWDFLyQ FRQ JUDQGHVYDULDFLRQHVHQHO
WDPDxRGHODVH[SORWDFLRQHVHQHOWLSRGHWHFQRORJtDDSOLFDGD\HQFDSDFLGDGHVGHDGDSWDFLyQIUHQWH
DOFDPELRFOLPiWLFRWDQWRHQWUHSDtVHVFRPRDOLQWHULRUGHORVPLVPRV7DPELpQVHSUHVHQWDQJUDQGHV
YDULDFLRQHVHQODLPSRUWDQFLDGHODDJULFXOWXUDGHQWURGHODHFRQRPtD\HQJHQHUDOHQODQDWXUDOH]D
GHORVVLVWHPDVDJURDOLPHQWDULRV
3RU OR WDQWR SXHGHQ H[LVWLU GLIHUHQWHV SHUVSHFWLYDV SDUD DQDOL]DU ODV LPSOLFDFLRQHV GHO FDPELR
FOLPiWLFR HQ OD DJULFXOWXUD \ ODV DOWHUQDWLYDV GH DGDSWDFLyQ 3RU HMHPSOR D VLJXLHQGR XQ HQIRTXH SRU
SURGXFWRV \D VHD HQ IXQFLyQ GH OD LPSRUWDQFLD HFRQyPLFD GH ORV GLIHUHQWHV FXOWLYRV R VHJ~Q VX
LPSRUWDQFLD GHQWUR GH OD HVWUXFWXUD GH FRQVXPR GH OD SREODFLyQ E D SDUWLU GH XQD SHUVSHFWLYD GH
VLVWHPDV SURGXFWLYRV DJURSHFXDULRV SRU HMHPSOR VREUH OD DJULFXOWXUD GH VXEVLVWHQFLD OD SHTXHxD
DJULFXOWXUD R OD DJULFXOWXUD FRPHUFLDO \ F VLJXLHQGR XQ HQIRTXH WHUULWRULDO GHVWDFDQGRHO LPSDFWR GHO
FDPELR FOLPiWLFR HQ WHUULWRULRV GHILQLGRV D SDUWLU GH XQR R PiV FULWHULRV FRPR SRGUtDQ VHU DVSHFWRV
VRFLRFXOWXUDOHVHJFRPXQLGDGHVLQGtJHQDV\DPELHQWDOHVHJHFRVLVWHPDV
(QIRTXHVPHWRGROyJLFRVSDUDODGHWHUPLQDFLyQGHLPSDFWRV
/DGHWHUPLQDFLyQGHORVLPSDFWRVGHOFDPELRFOLPiWLFRHVXQWHPDFRPSOHMRQRVyORSRUODLQWHUDFFLyQ
HQODVYDULDEOHVLQYROXFUDGDVHQODSURGXFFLyQDJUtFRODHJDJXDVXHORWHPSHUDWXUDVLQRWDPELpQSRU
ODVGLIHUHQWHVSRVLEOHVHVFDODVGHDQiOLVLVHJJOREDOUHJLRQDOQDFLRQDOORFDOILQFD\ODYDULHGDGGH
HQIRTXHVPHWRGROyJLFRVHPSOHDGRVSDUDGHWHUPLQDULPSDFWRV6LQHPEDUJRHVLPSRUWDQWHUHFRQRFHUORV

QRWDEOHV DYDQFHV TXH VH KDQ GDGR GHVGH OD SULPHUD HYDOXDFLyQ GHO ,3&& HQ HVSHFLDOPHQWH HQ
WpUPLQRV GHO GHVDUUROOR GH PHMRUHV EDVHV GH GDWRV HO GHVDUUROOR GH QXHYRV PpWRGRV \ PRGHORV \ OD
SRVLELOLGDGGHREVHUYDUFDPELRVTXH\DVHKDQGDGRHQHOFOLPD\VXVLPSDFWRV$QWOH &DSDOER
(QWpUPLQRVJHQHUDOHVVHGLVWLQJXHQGRVIDPLOLDVGHHQIRTXHSDUDGHWHUPLQDULPSDFWRVDTXHOORV
XWLOL]DGRV SDUD GHWHUPLQDU LPSDFWRV ItVLFRV \ ORV TXH LQWHQWDQ FXDQWLILFDU HQ WpUPLQRV HFRQyPLFRV ORV
FRVWRVGHORVLPSDFWRV
6LJXLHQGR D %UNODFLFK VH SXHGHQ GLVWLQJXLU GRV JHQHUDFLRQHV HQ ORV HVWXGLRV SDUD OD
GHWHUPLQDFLyQGHLPSDFWRVItVLFRV/DSULPHUDJHQHUDFLyQLQFOX\HPRGHORVHQORVTXHEiVLFDPHQWHKD\
XQD GLUHFFLRQDOLGDG OLQHDO TXH LQFOX\H D HO XVR GH HVFHQDULRV GH FDPELRV PDFURFOLPiWLFRV SDUD
GHWHUPLQDULPSDFWRVGHSULPHURUGHQSRUHMHPSORGHORVHIHFWRVDJURFOLPiWLFRVDQLYHOUHJLRQDOEOD
GHWHUPLQDFLyQ GHLPSDFWRVGHVHJXQGR RUGHQ SRUHMHPSORHQODSURGXFWLYLGDGGHORVFXOWLYRV\HQOD
DSWLWXGGHODVWLHUUDVDJUtFRODV\FLPSDFWRVGHRUGHQVXSHULRUSRUHMHPSORVREUHODSURGXFFLyQDQLYHO
UHJLRQDORGHILQFD
(Q HVWH WLSR GH HVWXGLRV OD EDVH VRQ ORV HVFHQDULRV GH FDPELRV PDFURFOLPiWLFRV JOREDOHV /RV
UHVXOWDGRVGHULYDGRVGHGLFKRVHVFHQDULRVVHFRPELQDQFRQGLIHUHQWHVWLSRVGHPRGHORVHJPRGHORVGH
FXOWLYRVPRGHORVGHXVRGHODWLHUUDSDUDHVWLPDUORVLPSDFWRVGHVHJXQGRRUGHQ\RUGHQVXSHULRU(VWHWLSR
GHHVWXGLRVVHFDUDFWHUL]DSRUTXHJHQHUDOPHQWHVHFRQVLGHUD~QLFDPHQWHXQIDFWRUGHVWUHVVVHDVXPHXQ
FDPELR FOLPiWLFR JUDGXDO H LQFUHPHQWDO VH WUDEDMD FRQ XQD ~QLFD HVFDOD VH HVWLPD TXH HO FDPELR
VRFLRHFRQyPLFRHVOLPLWDGRHJLQQRYDFLyQ\QRVHLQFRUSRUDODYXOQHUDELOLGDG%UNODFLFK
/D VHJXQGD JHQHUDFLyQ GH HVWXGLRV LQFRUSRUD UHVSXHVWDV D ORV FDPELRV FOLPiWLFRV REVHUYDGRV R
SUHYLVWRV WDQWR HQ WpUPLQRV GH DGDSWDFLyQ \ PLWLJDFLyQ FRPR GH ODV FRQVHFXHQFLDV GH OD DXVHQFLDGH
UHVSXHVWD(VWRVHVWXGLRVVHEDVDQHQHOXVRGHPRGHORVGHHYDOXDFLyQLQWHJUDGD,QWHJUDWHG$VVHVVPHQW
0RGHOV TXH FRPELQDQ LQIRUPDFLyQ FOLPDWROyJLFD HJ GDWRV FOLPDWROyJLFRV KLVWyULFRV HVFHQDULRVGH
FDPELRFOLPiWLFRFRQLQIRUPDFLyQGHXVRGHODWLHUUDUHTXHULPLHQWRVHFROyJLFRVGRWDFLyQGHUHFXUVRV
QDWXUDOHV PRGHORV GH FXOWLYR PRGHORV WHFQROyJLFRV \ GH JHVWLyQ DVt FRPR LQIRUPDFLyQ
VRFLRHFRQyPLFD8QHMHPSORQRWDEOHGHHVWHWLSRGHHVWXGLRVHVHOGHVDUUROODGRSRU,$6$\)$2SDUD
GHWHUPLQDUHOLPSDFWRGHOFDPELRFOLPiWLFRVREUHODSURGXFFLyQGHFHUHDOHV)LVKHUHWDO
(Q ORV HVWXGLRV RULHQWDGRV D OD GHWHUPLQDFLyQ GHO FRVWR HFRQyPLFR GH ORV LPSDFWRV R GH ODV
RSFLRQHVGHPLWLJDFLyQDGDSWDFLyQRQRDFFLyQVHLGHQWLILFDQGRVHQIRTXHVPHWRGROyJLFRV(OSULPHUR
HVODHVWLPDFLyQGHUHODFLRQHVHVWDGtVWLFDVRGHIXQFLRQHVGHSURGXFFLyQ\HOVHJXQGRHVHOGHQRPLQDGR
HQIRTXH ULFDUGLDQR $PERV HQIRTXH IXHURQ DSOLFDGRV HQ ORV HVWXGLRV GH OD HFRQRPtD GHO FDPELR
FOLPiWLFR HQ &HQWURDPpULFD SDUD OD GHWHUPLQDFLyQ GH ORVLPSDFWRVHQ OD DJULFXOWXUD &(3$/ D
GHOFXDOVHSUHVHQWDXQUHVXPHQPiVDGHODQWH
/RVHQIRTXHVHVWDGtVWLFRV\GHHVWLPDFLyQGHIXQFLRQHVGHSURGXFFLyQGHVFDQVDQHQODHVWLPDFLyQ
GH UHODFLRQHV HQWUH SURGXFWLYLGDG YDULDEOH GHSHQGLHQWH \ YDULDEOHV FOLPiWLFDV SULQFLSDOPHQWH
SUHFLSLWDFLyQ \ WHPSHUDWXUD YDULDEOHV H[SOLFDWLYDV < SXHGHQ EDVDUVH WDQWR HQ HVWXGLRV WUDQVYHUVDOHV
YDULRV SDtVHV UHJLRQHV ILQFDV HWF HQ XQ PRPHQWR GDGR GHO WLHPSR FRPR GH VHULHV GHWLHPSR /RV
HVWXGLRV FRQ GDWRV WUDQVYHUVDOHV VRQ VXVFHSWLEOHV D VHVJRV SRU OD RPLVLyQ GH YDULDEOHV /RV HVWXGLRV
EDVDGRVHQVHULHVGHWLHPSRWLHQHQODYHQWDMDGHTXHVHSXHGHQDSOLFDUDHVFDODVUHJLRQDOHV\QDFLRQDOHV
\GHTXHODVPHGLGDVGHERQGDGGHDMXVWHGDQFHUWH]DGHTXHORVUHVXOWDGRVFDSWXUDQORVFDPELRVTXHVH
KDQ GDGR HQ HO SDVDGR VLQ HPEDUJR WLHQHQ OD OLPLWDFLyQ GH QR SRGHU LQFRUSRUDU HVWUDWHJLDV GH
DGDSWDFLyQSXHVDVXPHQTXHQRKD\FDPELRVHQORVOXJDUHVHQGRQGHVHGHVDUUROODODSURGXFFLyQ\VH
VLJXHQGHVDUUROODQGRODVPLVPDVDFWLYLGDGHV
/RV PRGHORV ULFDUGLDQRV SRU HO FRQWUDULR UHFRQRFHQ TXH ORV DJULFXOWRUHV SXHGHQ HVFRJHU HQWUH
P~OWLSOHVDFWLYLGDGHVDTXHOODVTXHOHVJHQHUDQORVPD\RUHVEHQHILFLRVHQXQDGHWHUPLQDGDORFDOL]DFLyQ

(O WpUPLQR ³ULFDUGLDQR´ UHPLWH D 'DYLG 5LFDUGR \ VX WHRUtD VREUH HO YDORU GH OD WLHUUD VHJ~Q OD FXDO OD UHQWD GH pVWD YDUtD
GHSHQGLHQGRGHOJUDGRGHIHUWLOLGDGGHORVVXHORV

(O REMHWLYR HV GHWHUPLQDU ORV LPSDFWRV GH WDOHV VHOHFFLRQHV VREUH HO YDORU GH OD WLHUUD QR VREUH ORV
UHQGLPLHQWRV 3DUD HOOR VH HVWLPDQ UHODFLRQHV HQWUH YDULDEOHV HFRQyPLFDV WDOHV FRPR ORV SUHFLRV GH OD
WLHUUD \ OD UHQWDELOLGDG \ YDULDEOHV FOLPiWLFDV 'LFKDV UHODFLRQHV VH FRPELQDQ FRQ LQIRUPDFLyQ
FOLPDWROyJLFD SDUD HVWLPDU ORV LPSDFWRV HFRQyPLFRV GH ORV FDPELRV HQ HO FOLPD $QWOH &DSDOER
6HDVXPHTXHQRKD\FRVWRVGHDMXVWHGHPDQHUDTXHODVUHQWDVGHODWLHUUDUHIOHMDQ³HOYDORUGHO
FOLPD´ HQ XQD ORFDOL]DFLyQ GHWHUPLQDGD < GDGR TXH VH XWLOL]DQ GDWRV WUDQVYHUVDOHV SDUD HVWLPDU
UHODFLRQHV GH ODUJR SOD]R EDMR GLIHUHQWHV HVFHQDULRV GH FDPELR FOLPiWLFR ORV UHVXOWDGRV WDPELpQ VRQ
VXVFHSWLEOHVDVHVJRVGHYDULDEOHVRPLWLGDV+HUWHO 5RVFK(VWHHQIRTXHKDVLGRSURPRYLGRSRU
5REHUW 0HQGHOVRKQ \ VXV DVRFLDGRV HQ GLYHUVRV HVWXGLRV HQ SDtVHV GHVDUUROODGRV \ HQ GHVDUUROOR
LQFOX\HQGRYDULRVHVWXGLRVHQSDtVHVGH$PpULFDGHO6XUHQORVFXDOHVWDPELpQVHXWLOL]DURQHQFXHVWDV
SDUDH[SORUDUFXUVRVGHDFFLyQGHORVDJULFXOWRUHVDQWHGLIHUHQWHVHVFHQDULRVGHFOLPD\SRVLELOLGDGHVGH
FXOWLYR0HQGHOVRKQ6HR
$QWOH &DSDOERSSUHVHxDQXQDVHULHGHOLPLWDFLRQHVTXHKDQVLGRLGHQWLILFDGDV
HQORVPRGHORVHFRQyPLFRVVREUHWRGRHQWpUPLQRVGHVXFDSDFLGDGSDUDUHVSRQGHUSUHJXQWDVUHODWLYDV
SRUHMHPSORDOWLSRGHDGDSWDFLRQHVWHFQROyJLFDVVRFLDOHVHLQVWLWXFLRQDOHVTXHGHEHQSULRUL]DUVHSDUD
HIHFWRVGHLQYHUVLyQS~EOLFDRDOUROGHODLQYHUVLyQS~EOLFDHQ, 'HLQIRUPDFLyQVREUHDGDSWDFLyQYV
DGDSWDFLRQHV DXWyQRPDV D SDUWLU GH LQYHUVLRQHV SULYDGDV 7DOHV OLPLWDFLRQHV LQFOX\HQ D HO XVR GH
WHPSHUDWXUDV SURPHGLR HQ OD DJULFXOWXUD VRQ PiV UHOHYDQWHV ODV WHPSHUDWXUDV H[WUHPDV E HO XVR GH
PRGHORVGHVLPXODFLRQHVELRItVLFRVSDUDUHSUHVHQWDUHIHFWRVGHSURGXFWLYLGDGHJQRLQFOX\HQHIHFWRV
GH SODJDV \ HQIHUPHGDGHV PX\ UHOHYDQWHV HQXQ FRQWH[WR GHFDPELR FOLPiWLFR F HO XVRGH PRGHORV
TXH XWLOL]DQ GDWRV KLVWyULFRV HJ UDQJRV GH YDULDFLyQ GHO FOLPD \ WHQGHQFLDV VRFLRHFRQyPLFDV TXH
SRGUtDQ QR VHU UHOHYDQWHV SDUD HO IXWXUR G DQiOLVLV GH HVWiWLFD FRPSDUDWLYD \ DXVHQFLD GH FRVWRV GH
DMXVWH H OLPLWDGD FDSDFLGDG SDUD LQFRUSRUDU ORV HIHFWRV GH OD IHUWLOL]DFLyQ SRU &2 I LPSDFWRV
ILQDQFLHURV HJ HQWUH ORV KRJDUHV UXUDOHV ORV LQJUHVRV DJUtFRODV WLHQGHQ D SHUGHU LPSRUWDQFLD D~Q HQ
SDtVHV GHVDUUROODGRV HQ OD SHTXHxD DJULFXOWXUD HV FRP~Q OD GLYHUVLILFDFLyQ GH FXOWLYRV \ QR OD
HVSHFLDOL]DFLyQORTXHHQVtFRQVWLWX\HXQDHVWUDWHJLDGHDGDSWDFLyQ\GLVWULEXWLYRVHJHQWUHUHJLRQHV
GLVWLQWRVWLSRVGHH[SORWDFLRQHVDJUtFRODV\JLPSDFWRVVREUHORVVHUYLFLRVHFRVLVWpPLFRV\HODPELHQWH
7DPELpQ VH GHVWDFD OD HVFDVD LQYHVWLJDFLyQ UHODWLYDDORVLPSDFWRVVREUHODVHJXULGDG\ FDOLGDGGHORV
DOLPHQWRVODLQIUDHVWUXFWXUDGHPHUFDGR\HOVLVWHPDGHSURFHVDPLHQWR\GLVWULEXFLyQGHDOLPHQWRV
2WUD IDPLOLD GH PRGHORV HFRQyPLFRV XWLOL]DGRV VRQ ORV GHQRPLQDGRV PRGHORV GH HTXLOLEULR
JHQHUDOFRPSXWDEOH0(*&6HWUDWDGHPRGHORVGHVLPXODFLyQTXHLQWHJUDQXQFRQMXQWRGHHFXDFLRQHV
TXH GHVFULEHQ HO FRPSRUWDPLHQWR GH ORV DJHQWHV HJ SURGXFFLyQ FRQVXPR HQ OD HFRQRPtD
UHVWULFFLRQHV VREUH HO FRPSRUWDPLHQWR GH HVRV DJHQWHV \ FRQGLFLRQHV GH HTXLOLEULR /RV SDUiPHWURV
DVRFLDGRVDOFRPSRUWDPLHQWRGHORVDJHQWHVSXHGHQVHUHVWLPDGRVHFRQRPpWULFDPHQWHRFDOLEUDGRV\OD
VROXFLyQGHOPRGHORGHEHUHSURGXFLUSDUDHOSHUtRGRHQTXHHOPRGHORHVFDOLEUDGRXQDEDVHGHGDWRV
FRQVLVWHQWH FRQ OD HVWUXFWXUD GHO PRGHOR GHQRPLQDGD 0DWUL] GH &RQWDELOLGDG 6RFLDO eVWD UHSUHVHQWD
WRGDV ODV WUDQVDFFLRQHV TXH RFXUUHQ HQWUH ORVDJHQWHV HQ OD HFRQRPtDGXUDQWHXQSHUtRGRGHWHUPLQDGR
HVWR HV XQD FRQWDELOLGDG FRPSOHWD GHO IOXMR GH LQJUHVRV GHQWUR GH OD HFRQRPtD UHSUHVHQWDGD SRU HO
PRGHOR
8QDYH]FDOLEUDGRHO0(*&SXHGHVHUXWLOL]DGRSDUDVLPXODUVKRFNVHQODVYDULDEOHVH[yJHQDV\
HQODVYDULDEOHVGHSROtWLFD(QDSOLFDFLRQHVGHFDPELRFOLPiWLFRVKRFNVHQYDULDEOHVH[yJHQDVSXHGHQ
VHUFDPELRVHQYDULDEOHVFOLPiWLFDVTXHDIHFWDQODSURGXFWLYLGDGRHQFRHILFLHQWHVGHHPLVLRQHVGHXVR
GH HQHUJtD R GH UHFXUVRV QDWXUDOHV HJ WLHUUD DJXD HQ GLIHUHQWHV VHFWRUHV 6KRFNV HQ YDULDEOHV GH
SROtWLFDSXHGHQVHUFDPELRVHQWDVDVGHLPSXHVWRVDODVHPLVLRQHV0XFKRVGHORVPRGHORVGHVDUUROODGRV
SDUDDSOLFDFLRQHVGHFDPELRFOLPiWLFRKDQVLGRH[WHQVLRQHVGHOPRGHORGHVDUUROODGRSRU*7$3*OREDO
7UDGH $QDO\VLV 3URMHFW (QWUH HOODV GHVWDFDQ ODV DSOLFDFLRQHV GHVDUUROODGDV SRU HO HTXLSR GH OD
)XQGDFLyQ(QL(QULFR0DWWHLHQ,WDOLD

/DLQYHVWLJDFLyQVREUHLPSDFWRVGHOFDPELRFOLPiWLFRHQOD
DJULFXOWXUDHQ$PpULFD/DWLQD\HO&DULEH
8QD IXHQWH SRWHQFLDOPHQWH LPSRUWDQWH GH LQIRUPDFLyQ VREUH ORV LPSDFWRV GHO FDPELR FOLPiWLFR HQ OD
DJULFXOWXUDVRQODVFRPXQLFDFLRQHVQDFLRQDOHVDOD&018&&6LQHPEDUJRVXXWLOLGDGHVOLPLWDGDSRU
GLIHUHQFLDVHQODVPHWRGRORJtDVXWLOL]DGDV\HQORVJUDGRVGHFRPSOHMLGDGGHORVDQiOLVLVTXHHYLGHQFLDQ
GLIHUHQFLDV HQ FDSDFLGDGHV QDFLRQDOHV DVSHFWRVTXH KDFHQTXHORVUHVXOWDGRV HQWUH SDtVHVQR VLHPSUH
VHDQFRPSDUDEOHV
(Q ORV SDtVHV FHQWURDPHULFDQRV HO pQIDVLV GH ODV FRPXQLFDFLRQHV QDFLRQDOHV VH KD SXHVWR HQ
JUDQRVTXHVRQLPSRUWDQWHVSDUDODVHJXULGDGDOLPHQWDULDHVSHFLDOPHQWHGHODSREODFLyQPiVSREUH(V
HOFDVRGHOPDt]*XDWHPDOD%HOLFH\(O6DOYDGRUDUUR]\IULMROHV%HOLFH*XDWHPDOD(O6DOYDGRU\
&RVWD 5LFD $GHPiV HQ DOJXQRV SDtVHV VH UHDOL]DURQ HVWLPDFLRQHV GH LPSDFWRV HQ UHQGLPLHQWRV
*XDWHPDOD%HOLFH&RVWD5LFD\(O6DOYDGRU
(QORVSDtVHVDQGLQRVVHSUHVHQWDQPiVGLIHUHQFLDVHQORVHQIRTXHV(Q%ROLYLDVHFXDQWLILFDURQ
LPSDFWRVHQUHQGLPLHQWRVHQPDt]DUUR]SDSD\VR\D\HQ9HQH]XHODHQPDt]IULMROHV\DUUR](Q3HU~
HOpQIDVLVIXHHODQiOLVLVGHORVHIHFWRVGH(O1LxRPLHQWUDVTXHHQ&RORPELDVHUHDOL]yXQDQiOLVLVGH
UDQJRV ELRFOLPiWLFRV SDUD OD SURGXFFLyQ \ GH SRWHQFLDO IXWXUR GH GHVHUWLILFDFLyQ \ HQ (FXDGRU XQ
DQiOLVLVGHEUHFKDVGHSURGXFFLyQFRQVXPRHQORVFXOWLYRVGHDUUR]PDt]SDSD\VR\D
(Q ORV SDtVHV GHO &DULEH ORV DQiOLVLV GH ORV SRVLEOHV LPSDFWRV VRQ GHVFULSWLYRV XVXDOPHQWH
GHVWDFDQGRFXOWLYRVGHLPSRUWDQFLDFRPRHVHOFDVRGHOD]~FDUHQ6DLQW.LWWV\1HYLV\GHOEDQDQRHQ
6DQWD/XFtDÒQLFDPHQWHHQHOFDVRGH*X\DQDVHFXDQWLILFDQLPSDFWRVHQSURGXFWLYLGDGSDUDHODUUR]\
FDxDGHD]~FDU
7DPELpQ KD\ UHVXOWDGRV GH LPSDFWRV FRPR SDUWH GH HVWXGLRV JOREDOHV DVt FRPR HVWXGLRV
HVSHFtILFRV SHUR OD PD\RUtD VH KDQ UHDOL]DGR HQ SDtVHV GH $PpULFD GHO 6XU VREUH WRGR HQ %UDVLO
$UJHQWLQD \ 8UXJXD\ \ HQ FXOWLYRV GH LPSRUWDQFLD FRPHUFLDO HQ HVSHFLDO SDUD OD H[SRUWDFLyQ HJ
PDt] WULJR \ VR\D (Q HOOR VH KDFH HYLGHQWH OD H[LVWHQFLD GH FDSDFLGDGHV QDFLRQDOHV HQ PDWHULD GH
LQYHVWLJDFLyQ DJUtFROD (0%5$3$ HQ %UDVLO H ,17$ HQ $UJHQWLQD DVt FRPR ORV IDFWRUHV TXH
GHWHUPLQDQ ORV FULWHULRV SDUD OD VHOHFFLyQ GH FXOWLYRV /RV HVWXGLRV PiV UHOHYDQWHV HQ HVWH iPELWR VH
UHFRJHQ HQ OD &XDUWD (YDOXDFLyQ GHO ,3&& 0DJULQ HW DO 7DPELpQ KD\ DOJXQRV HVWXGLRV VREUH
DGDSWDFLyQUHDOL]DGRVHQHOPDUFRGHXQFRQYHQLRGHO3URFLVXUFRQHO%DQFR0XQGLDOHQORVFXDOHVVH
DSOLFyHOHQIRTXHULFDUGLDQR0HQGHOVRKQ6HR0iVUHFLHQWHPHQWHOD&(3$/KDUHDOL]DGR
YDULRVHVWXGLRVVREUHODHFRQRPtDGHOFDPELRFOLPiWLFRTXHKDQDEDUFDGRORVSDtVHVFHQWURDPHULFDQRV
&(3$/DDVtFRPRD&KLOH(FXDGRU\8UXJXD\&(3$/E
6HUHTXLHUHPiVLQYHVWLJDFLyQVREUHODDGDSWDFLyQGHODDJULFXOWXUDWURSLFDOTXHHQIDWLFHDVSHFWRV
UHODWLYRV D ODV UHODFLRQHV HQWUH FDPELR FOLPiWLFR YDULDELOLGDG FOLPiWLFD \ HYHQWRV H[WUHPRV VREUH OD
LQFLGHQFLDGHSHVWHV\SDWyJHQRVWDQWRHQFXOWLYRVHQFDPSRFRPRHOSURGXFFLyQDOPDFHQDGDVREUHHO
LPSDFWR GH ODV PD\RUHV FRQFHQWUDFLRQHV GH &2 VREUH RWURV FXOWLYRV LPSRUWDQWHV SDUD OD VHJXULGDG
DOLPHQWDULD HJ \XFDSDSD\ RWUDV UDtFHV \ FHUHDOHV DQGLQRV VREUH ORVLPSDFWRV\ODDGDSWDFLyQGH
SHTXHxRV DJULFXOWRUHV OD DJULFXOWXUD GH VXEVLVWHQFLD \ VLVWHPDV DJUtFRODV WUDGLFLRQDOHV VREUH DVSHFWRV
WHUULWRULDOHVLQFOX\HQGRFRQVLGHUDFLRQHVVRFLRFXOWXUDOHV\HFROyJLFDVVREUHODVOHFFLRQHVGHOSDVDGR\HO
URO GH ORV FRQRFLPLHQWRV WUDGLFLRQDOHV VREUH OD SHUFHSFLyQ GHO ULHVJR HQWUH ORV DJULFXOWRUHV \ VXV
LPSOLFDFLRQHVSDUDODDGDSWDFLyQ\PLWLJDFLyQSRUHMHPSOR

% &LHQFLD\SROtWLFDSDUDHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
HOFDVRGHO,QVWLWXWR,QWHUDPHULFDQRSDUDOD,QYHVWLJDFLyQGHO
&DPELR*OREDO,$,
(O,$,HVXQDRUJDQL]DFLyQLQWHUJXEHUQDPHQWDOLQWHJUDGDSRUSDtVHVGHODV$PpULFDVTXHWLHQHFRPR
PLVLyQGHVDUUROODUODFDSDFLGDGGHFRPSUHQGHUORVLPSDFWRVGHORVFDPELRVJOREDOHVSDVDGRVSUHVHQWHV
\ IXWXURVHQODV $PpULFDV \SURPRYHU ODFRRSHUDFLyQ\ODDFFLyQLQIRUPDGDHQWRGRVORVQLYHOHV/RV
YDORUHV FHQWUDOHV TXH JXtDQ VX DFWXDU VRQ ORV SULQFLSLRV GH H[FHOHQFLD FLHQWtILFD FRRSHUDFLyQ
LQWHUQDFLRQDOHLQWHUFDPELRSOHQR\OLEUHGHLQIRUPDFLyQFLHQWtILFDUHODFLRQDGDFRQHOFDPELRJOREDO
(O ,$, IXH SHQVDGR FRPR XQ LQVWUXPHQWR LQWHUJXEHUQDPHQWDO TXH SHUPLWD D FLHQWtILFRV \
WRPDGRUHV GH GHFLVLRQHV GH ORV SDtVHV GH ODV $PpULFDV DERUGDU GH IRUPD FRQMXQWD FXHVWLRQHV FUtWLFDV
DVRFLDGDVDOFDPELRJOREDOHQODUHJLyQ
(/,$,GHILQHVXVSULRULGDGHVGHLQYHVWLJDFLyQDSDUWLUGHODQHFHVLGDGGHFRQRFLPLHQWRVREUHORV
LPSDFWRV GHO FDPELR JOREDO \ OD DGDSWDFLyQ DO PLVPR /RVVHFWRUHV HQORV FXDOHV FRQFHQWUDVXWUDEDMR
LQFOX\HQODSHVFDORVVXHORVODVDOXGHOVHFWRUXUEDQRHOVHFWRUIRUHVWDOODKLGURORJtDODELRGLYHUVLGDG
\ODHQHUJtD
,QYHVWLJDFLyQSDUDHOFDPELRJOREDO
(QODDJHQGDGHLQYHVWLJDFLyQGHO,$,HOFDPELRFOLPiWLFRHVXQDGLPHQVLyQPiVGHOFDPELRJOREDOTXH
LQFOX\H RWURV SURFHVRV GH FDPELR DPELHQWDO FRPR OD GHIRUHVWDFLyQ \ OD GHVHUWLILFDFLyQ DGHPiV GH
FDPELRVHQHOiPELWRGHODVRFLHGDGFRPRHOXUEDQLVPR\ODJOREDOL]DFLyQ
3RU OR WDQWR HQ XQD DJHQGD GH LQYHVWLJDFLyQ GH WHPDV GH FDPELR JOREDO FRPR HV HO FDPELR
FOLPiWLFR HO DQiOLVLV WUDQVGLVFLSOLQDULR \ WUDQVHFWRULDO GHO FRQRFLPLHQWR H[LVWHQWH \ GH OD LQYHVWLJDFLyQ
IXWXUD HV IXQGDPHQWDO 6REUH WRGR SDUD XELFDU HQ HO FRQWH[WR GH OD VRFLHGDG ORVWHPDV GH PLWLJDFLyQ
DGDSWDFLyQ\ORVSUREOHPDV\RSRUWXQLGDGHVDPELHQWDOHVDVRFLDGRV
%DMR HVWH HQIRTXH OD LQYHVWLJDFLyQ VREUH DJULFXOWXUD \ FDPELR FOLPiWLFR GHEH LQWHJUDU FXDWUR
JUDQGHVSULRULGDGHVDLPSDFWRVHFRQyPLFRVYVFRVWRVGHDGDSWDFLyQEHVFHQDULRVHVFDODGRVSDUDVX
XVR HQ OD WRPD GH GHFLVLRQHV F FRQRFLPLHQWR JHRUHIHUHQFLDGR GH YXOQHUDELOLGDGHV DPELHQWDOHV
HFRQyPLFDV\VRFLDOHV\GYXOQHUDELOLGDGHVDPHQD]DVP~OWLSOHV\UHWURDOLPHQWDFLRQHV
/D LQYHVWLJDFLyQ VHFWRULDO DGHPiV GHEH VHU LQWHJUDGD \ DEDUFDU QR VROR HO VHFWRU DJUtFROD VLQR
WDPELpQORVVHFWRUHVDPELHQWH\VDOXG\ORVVLVWHPDVVRFLDOHV\HFRQyPLFRV$GHPiVGHEHSURFXUDUHO
DQiOLVLVWUDQVYHUVDOHLQWHJUDUWHPDVGHUHVLOLHQFLDGHHFRVLVWHPDV\VLVWHPDVSURGXFWLYRVDJURSHFXDULRV
VHJXULGDGDOLPHQWDULDHKtGULFD\JREHUQDQ]D
(VWR LPSOLFD TXH OD LQYHVWLJDFLyQ VREUH DJULFXOWXUD \ FDPELR FOLPiWLFR WHQJD TXH KDFHUVH
QHFHVDULDPHQWHIXHUDGHORVOtPLWHVGHODVGLVFLSOLQDVWUDGLFLRQDOHV\TXHKD\DTXHLQFOXLUDORVXVXDULRV\
WRPDGRUHV GH GHFLVLRQHV GHVGH HO LQLFLR GH OD LQYHVWLJDFLyQ SDUD ORJUDU XQD FLHQFLD TXH SXHGD GHILQLU
SUiFWLFDVUHFRPHQGDEOHV

5HVXPHQGHODSUHVHQWDFLyQGH+ROP7KLHVVHQ'LUHFWRU,QVWLWXWR,QWHUDPHULFDQRSDUDHO&DPELR$PELHQWDO*OREDO,$,6mR-RVp
GRV&DPSRV63%UDVLO

,QIRUPDFLyQ~WLOSDUDODWRPDGHGHFLVLRQHV
/RVLQYHVWLJDGRUHVGHEHQSURGXFLULQIRUPDFLyQVREUHSUREOHPDVGHOFDPELRFOLPiWLFRTXHD\XGHQDDSR\DU
ODVGHFLVLRQHVGHORVJRELHUQRVHOVHFWRUSULYDGR\ODVRFLHGDGFLYLO6LQHPEDUJRODIDOWDGHDSOLFDFLyQGH
ODFLHQFLDSDUDODWRPDGHGHFLVLRQHVSRQHHQSHOLJURODLQYHUVLyQHQSURJUDPDVGHLQYHVWLJDFLyQ
3DUDDYDQ]DUHQHVWHGLiORJRDSDUWLUGHOORVSUR\HFWRVGHLQYHVWLJDFLyQTXHVRQVRPHWLGRVD
ODFRQVLGHUDFLyQGHO,$,SDUDILQDQFLDPLHQWRGHEHQLQFOXLUXQFRPSRQHQWHGHLQIRUPDFLyQHLQWHUFDPELR
FRQ ORV WRPDGRUHV GH GHFLVLRQHV \ VHFWRUHV TXH SXHGDQ EHQHILFLDUVH FRQ ORV UHVXOWDGRV GH OD
LQYHVWLJDFLyQ$FRQWLQXDFLyQVHSUHVHQWDQDOJXQRVHMHPSORVGHFyPRHVWRVHKDORJUDGRHQSUR\HFWRVGH
LQYHVWLJDFLyQTXHKDQVLGRILQDQFLDGRVSRUHO,$,(VWRVVRQSDUWHGHOSUR\HFWR³/DQGXVHFKDQJHLQWKH
5LR GH OD 3ODWD %DVLQ OLQNLQJ ELRSK\VLFDO DQG KXPDQ IDFWRUV WR SUHGLFW WUHQGV DVVHVV LPSDFWV DQG
VXSSRUWYLDEOHODQGXVHVWUDWHJLHVIRUWKHIXWXUH&51´FRRUGLQDGRSRUOD)DFXOWDGGH$JURQRPtD
GH OD 8QLYHUVLGDG GH %XHQRV $LUHV FRQ OD SDUWLFLSDFLyQ GH FHQWURV GH LQYHVWLJDFLyQ HQ 8UXJXD\
3DUDJXD\ %UDVLO \ (VWDGRV 8QLGRV KWWSSODWDEDVLQXQVOHGXDU /RV REMHWLYRV GHO SUR\HFWR IXHURQ
³FDUDFWHUL]DU SDWURQHV \ IXHU]DV LPSXOVRUDV \ HYDOXDU ODV FRQVHFXHQFLDV GHO FDPELR GH XVR GHO VXHOR
H[SORUDUPHFDQLVPRVGHUHWURDOLPHQWDFLyQ\WUDGHRIIV\GHVDUUROODUKHUUDPLHQWDVSDUDXQDSODQLILFDFLyQ
UDFLRQDOGHXVRGHOVXHOR´
D 'HVDUUROORGHKHUUDPLHQWDVGHFRPXQLFDFLyQSDUDORVWRPDGRUHV
GHGHFLVLRQHV
(OHMHPSORFLWDGRHQHODSDUWDGRDQWHULRULOXVWUDHOGHVDUUROORGHXQDKHUUDPLHQWDGHIiFLOLQWHUSUHWDFLyQ
SDUDH[SOLFDUFRPXQLFDUDORVWRPDGRUHVGHGHFLVLRQHVORVSURFHVRVGHFDPELRGHXVRGHOVXHOR
3DUD HOOR VH XWLOL]y LQIRUPDFLyQ VDWHOLWDO GH FREHUWXUD YHJHWDO UHVXPLGD HQ XQ ËQGLFH GH
9HJHWDFLyQ 1RUPDOL]DGR ,91 TXH HV XQ LQGLFDGRU GH OD SURGXFWLYLGDG SULPDULD GH OD YHJHWDFLyQ D
PD\RUQLYHOGHOtQGLFHPD\RUSURGXFWLYLGDG\SRUORWDQWRPD\RUFREHUWXUDYHJHWDO
(QHODQiOLVLVVHLQFOX\HURQFRPRYDULDEOHVSDUDFDGDDxRHQWUH\ORVYDORUHVPHGLR
Pi[LPR \ PtQLPR GH ,91 \ VX FRHILFLHQWH GH YDULDFLyQ LH HO SURPHGLR GLYLGLGR SRU OD GHVYLDFLyQ
HVWiQGDU 3DUDLGHQWLILFDU ORVFDPELRVVH HVWLPDURQ UHJUHVLRQHV OLQHDOHVVLPSOHVSDUDLGHQWLILFDUVLWLRV
FRQ FDPELRV VLJQLILFDWLYDPHQWH SRVLWLYRV S HM GRQGH KD\ XQ PHMRUDPLHQWR HVWDGtVWLFDPHQWH
VLJQLILFDWLYR HQ OD FREHUWXUD YHJHWDO FRQ FDPELRV VLJQLILFDWLYDPHQWH QHJDWLYRV S HM GRQGH KD\ XQ
SURFHVR HVWDGtVWLFDPHQWH VLJQLILFDWLYR GH GHWHULRUR GH OD FREHUWXUD YHJHWDO R GRQGH QR KD\ FDPELRV
VLJQLILFDWLYRV
&RQODLQIRUPDFLyQVHJHQHUDXQPDSDTXHLOXVWUDORVSDWURQHVGHFDPELRSRVLWLYR\QHJDWLYRHQ
ODFREHUWXUDIRUHVWDO
E ,QYHVWLJDFLyQVREUHULHVJRH[SRVLFLyQ\YXOQHUDELOLGDGDOFDPELRFOLPiWLFR
8WLOL]DQGRXQDPHWRGRORJtDVLPLODUDODGHOHMHPSORDQWHULRUORSULPHURTXHVHKL]RIXHLGHQWLILFDUORV
YDORUHV Pi[LPRV GHO ,19 HQ \ \ FDOFXODU ORV FDPELRV HQ HVRV YDORUHV Pi[LPRV
6LPXOWiQHDPHQWHVHJHQHUDURQGRVPDSDVGHODVLWXDFLyQKtGULFDXQRHQIHEUHURDOLQLFLRGHOYHUDQR\
RWUR HQ PD\R FXDQGR ODV OOXYLDV JHQHUDOPHQWH DOFDQ]DQ VX SXQWR Pi[LPR /D VXSHUSRVLFLyQ GH HVWRV
PDSDVLOXVWUDORVFDPELRVTXHVHGDQHQWUHDPERVSHUtRGRV
/D FRPSDUDFLyQ GHO PDSD GH ORV FDPELRV HQ ORV YDORUHV Pi[LPRV GHO ,19 FRQ ORV PDSDV GH
VLWXDFLyQKtGULFDLOXVWUDTXHODVLQXQGDFLRQHVQRVRORYLHQHQGHORVUtRVVLQRWDPELpQGHODSpUGLGDGH
FREHUWXUD IRUHVWDO OR TXH LPSOLFD TXH WHUULWRULRV FRPSOHWRV VH LQXQGDQ 'HVGH HO SXQWR GH YLVWD GH OD
SROtWLFD HVWR VLJQLILFD TXH HO PDQHMR GH SDLVDMH HV LPSRUWDQWH WDQWR SDUDODSURGXFFLyQ DJUtFRODFRPR
SDUDODSURGXFFLyQGHVHUYLFLRVHFRVLVWpPLFRV

F ,QYHVWLJDFLyQHQDSR\RDODWRPDGHGHFLVLRQHV
(OHMHPSORLOXVWUDXQUHVXOWDGRLQHVSHUDGR¢SRUTXpHQHOQRUWHGH$UJHQWLQDXQDXPHQWRHQODVOOXYLDV
OOHYyDXQDPD\RUGHPDQGDGHULHJR"
$ OD EDVH GH OD H[SOLFDFLyQ HVWiQ FDPELRV DVRFLDGRV DO FDPELR FOLPiWLFR \ OD YDULDELOLGDG
FOLPiWLFDIHQyPHQRVGH(O1LxR\/D1LxD(QHVWD]RQDHOFDPELRFOLPiWLFRREVHUYDGRGXUDQWHODV
~OWLPDVGpFDGDVKDLPSOLFDGRXQLQFUHPHQWRGHODVSUHFLSLWDFLRQHV(VWHLQFUHPHQWRKDFRQWULEXLGRDOD
H[SDQVLyQ GH ODV WLHUUDV DUDEOHV OR TXH IDYRUHFLGR SRU PHMRUHV WHFQRORJtDV OD ODEUDQ]D PtQLPD \ OD
LQWURGXFFLyQGHQXHYDVYDULHGDGHVKDUHVXOWDGRHQUHQGLPLHQWRVPiVDOWRV(QORVDxRVGH(O1LxRPiV
OOXYLD UHVXOWD HQ PD\RUHV UHQGLPLHQWRV VLQ HPEDUJR HQ ORV DxRV GH /D 1LxD ORV UHQGLPLHQWRV VH
UHGXFHQSRUORTXHORVSURGXFWRUHVHVWDELOL]DQHOUHQGLPLHQWRFRQULHJRVXSOHPHQWDULR
3RU OR WDQWR ODV PD\RUHV SUHFLSLWDFLRQHV SURPHGLR SHUPLWLHURQ OD H[SDQVLyQ GH OD IURQWHUD
DJUtFROD D ]RQDV GH PHQRU DSWLWXG DJUtFROD /DV PHMRUHV WHFQROyJLFDV \ ODV PD\RUHV SUHFLSLWDFLRQHV
SURPHGLR KLFLHURQ SRVLEOH REWHQHU DOWRV UHQGLPLHQWRV HQ DxRV QRUPDOHV R HQ DxRV GH (O 1LxR 6LQ
HPEDUJRSDUDHQIUHQWDUORVDxRVGH/D1LxDVHUHTXLHUHGHVDUUROODULQIUDHVWUXFWXUDGHULHJRSXHVGHOR
FRQWUDULR ORV UHQGLPLHQWRV VH UHGXFHQ VLJQLILFDWLYDPHQWH &XDQWR PD\RU HV OD H[SDQVLyQ DJUtFROD
PD\RUHV VRQ ODV QHFHVLGDGHV GH ULHJR \ FXDQWR PiV LQWHQVD HV OD IDVH GH /D 1LxD PD\RUHV VRQ ODV
QHFHVLGDGHVGHDJXDSHURPHQRUVXGLVSRQLELOLGDG
(VWH HMHPSOR LOXVWUD OD LPSRUWDQFLD GH OD LQYHVWLJDFLyQ FLHQWtILFD SDUD HO GHVDUUROOR GH SROtWLFDV
IUHQWH DO FDPELR FOLPiWLFR HQ OD DJULFXOWXUD /D H[SDQVLyQ GH OD IURQWHUD DJUtFROD HQ HVWH FDVR HV XQ
HMHPSOR GH DGDSWDFLyQ HVSRQWiQHD IUHQWH DO FDPELR FOLPiWLFR SRU SDUWH GH ORV DJULFXOWRUHV \ GH ORV
ULHVJRVGHHVWHWLSRGHDGDSWDFLRQHVHQDXVHQFLDGHXQDSROtWLFDS~EOLFD
/RVGHVDItRV
(O YDORU VRFLDO \ SROtWLFR GH OD LQYHVWLJDFLyQ VH GHWHUPLQD FRQ FUHGLELOLGDG VHQWLGR SUiFWLFR XWLOLGDG
DFFHVLELOLGDG \ DFHSWDELOLGDG (VWRV VRQ DWULEXWRV TXH JHQHUDOPHQWH QR VH FRQVLGHUDQ HQ ODV HVFDODV
FRPXQHV GH PpULWR FLHQWtILFR SXHV H[LVWHQ GLIHUHQFLDV HQ FyPR pVWRV VH SHUFLEHQ HQ HO PDUFR GH ORV
GLIHUHQWHVVLVWHPDV
$Vt SDUD OD FLHQFLD OD FUHGLELOLGDG GHSHQGH GH OD UHYLVLyQ SRU SDUHV HQ WDQWR TXH SDUD OD
VRFLHGDG OD FUHGLELOLGDG GHSHQGH GH OD FRQILDQ]D OD FXDO D OD YH] HVWi GHWHUPLQDGD SRU SURFHVRV
SROtWLFRVGHPHQVDMHVFRPSUHQVLEOHVGHODLPSDUFLDOLGDGTXHVHSHUFLEHHQORVHPLVRUHVGHORVPHQVDMHV
\GHVHUFDSD]GH³UHVSRQGHUDQHFHVLGDGHVGHODVRFLHGDG
(QHVWHFRQWH[WRHOGHVDItRSULQFLSDOSDUDORVFLHQWtILFRVHVTXHODUHOHYDQFLDSDUDODVRFLHGDG\OD
SROtWLFD VH DSUHQGH VROR HQ XQ GLiORJR FRQ OD VRFLHGDG \ ORV VHFWRUHV SROtWLFRV $VLPLVPR HO GHVDItR
SULQFLSDO SDUD OD SROtWLFD \ HO GHVDUUROOR HV TXH WRPDU GHFLVLRQHV JXLDGDV SRU OD FLHQFLD UHTXLHUH OD
LQWHJUDFLyQGHODVPRWLYDFLRQHVSROtWLFDVFRQORVFRQRFLPLHQWRVWpFQLFRV\FLHQWtILFRV
$GHPiV GDGD OD QDWXUDOH]D WUDQVQDFLRQDO GH ORV LPSDFWRV GHO FDPELR FOLPiWLFR \ GHO FDPELR
JOREDO HQ JHQHUDO H[LVWH SDUD ORV SDtVHV \ RUJDQL]DFLRQHV HO GHVDItR GH WUDEDMDU MXQWRV GHQWUR GH XQ
PDUFR ~QLFR GH GHVDUUROOR \ FDPELR JOREDO (OOR GHVWDFD OD LPSRUWDQFLD GH FRQIRUPDU HTXLSRV
PXOWLQDFLRQDOHVGHLQYHVWLJDFLyQ\HOGHVDUUROORGHPHFDQLVPRVSDUDFRPSDUWLULQIRUPDFLyQHQWUHSDtVHV
(QHOHVWXGLRGHORVLPSDFWRVGHOFDPELRJOREDO\GHODDGDSWDFLyQDOPLVPRWDPELpQHVQHFHVDULD
XQDPD\RULQWHJUDFLyQHQWUHODVFLHQFLDVH[DFWDV\ODVFLHQFLDVVRFLDOHVDVtFRPRHQWUHORVSURFHVRVGH
SODQHDPLHQWR \ ORV iPELWRV GH OD SROtWLFD OD FXOWXUD \ OD JHVWLyQ GH OD PDQHUD TXH VH LOXVWUD HQ HO OD
)LJXUD,

),*85$,
,17(*5$&,Ï13$5$/$,19(67,*$&,Ï1(1&$0%,2&/,0È7,&2

&$0%,2
&LHQFLDV
3ODQHDPLHQWR
H[DFWDV $0(1$=$ (;326,&,Ï1
&OLPD 8VRGHODWLHUUD

98/1(5$%,/,'$'
,1&(57,'80%5(
3ROtWLFD 62&,$/
&XOWXUD
&LHQFLDV
VRFLDOHV
*HVWLRQ

$'$37$&,Ï1

)XHQWH7LHVVHQDSDUWLUGH0XUJLGD

'HORTXHVHWUDWDHQVtQWHVLVHVGHGHVDUUROODUXQ³FLFORGHFRQRFLPLHQWR\DFFLyQ´XQSURFHVR
GHGREOHGLUHFFLyQHQHOFXDOODLQYHVWLJDFLyQORVGDWRVTXHpVWDJHQHUDORVPRGHORVTXHVHGHVDUUROODQ\
ODLQIRUPDFLyQTXHVHREWLHQHVHVLVWHPDWL]D\JHQHUDFRQRFLPLHQWRTXHHVXWLOL]DGRFRPRLQVXPRSDUD
WRPDUGHFLVLRQHV\GHVDUUROODUDFFLRQHV3RURWURODGRHOPHMRUFRQRFLPLHQWRGHORVHIHFWRVTXHGHULYD
GHORVSURFHVRVGHLQYHVWLJDFLyQ\HOGLiORJRFRQORVWRPDGRUHVGHGHFLVLRQHV\RWURVDFWRUHVLQWHUHVDGRV
VWDNHKROGHUVJHQHUDSURFHVRVGHDSUHQGL]DMHTXHUHWURDOLPHQWDQHOSURFHVRGHLQYHVWLJDFLyQ
& ,QYHVWLJDFLyQ\GLiORJRGHSROtWLFDVVREUHDGDSWDFLyQDO
FDPELRFOLPiWLFRHQODDJULFXOWXUDHQ$XVWUDOLD
/DSUHVHQWDFLyQUHVXPHORVSULQFLSDOHVDSUHQGL]DMHVGHOSURFHVRDXVWUDOLDQRGHPDQHMRGHODYDULDELOLGDG
FOLPiWLFD\DGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD'LFKRSURFHVRVHKDEDVDGRHQHOGHVDUUROOR
GHXQGLiORJRLQWHJUDGRFRQDFWRUHVGHOiPELWRGHODFLHQFLDODSROtWLFD\ORVSURSLRVDJULFXOWRUHV
$FRQWLQXDFLyQVHSUHVHQWDQORVHMHVFHQWUDOHVTXHGHEHQFRQVLGHUDUVHGHQWURGHXQDSHUVSHFWLYD
GHDGDSWDFLyQDOFDPELRFOLPiWLFRVHJ~QODH[SHULHQFLDDXVWUDOLDQD

5HVXPHQ GH OD SUHVHQWDFLyQ GH 0DUN +RZGHQ 7KHPH /HDGHU $GDSWDWLYH 3ULPDU\ ,QGXVWULHV DQG (QWHUSULVHV $XVWUDOLD
V
&RPPRQZHDOWK6FLHQWLILFDQG,QGXVWULDO5HVHDUFK2UJDQLVDWLRQ

(MHVFHQWUDOHVGHODDGDSWDFLyQDOFDPELRFOLPiWLFR
HQODDJULFXOWXUD
D /DYDULDELOLGDGFOLPiWLFDFRPRIDFWRUGHULHVJR
$XVWUDOLDFXHQWDFRQXQRGHORVFOLPDVPiVYDULDEOHVGHOPXQGRGHELGRHQJUDQPHGLGDDOIHQyPHQRGH
(O 1LxR SHUR WDPELpQ GHELGR D RWURV IHQyPHQRV GH FLUFXODFLyQ VLQySWLFD \ VLVWHPDV IURQWDOHV /D
YDULDELOLGDGFOLPiWLFDHVWDOTXHSRUHMHPSORODFDQWLGDGGHODVSUHFLSLWDFLRQHVHQWUHXQDxROOXYLRVR\
XQ DxR VHFR SXHGH YDUtDQ KDVWD FLQFR YHFHV \ ORV FDXGDOHV GH ORV UtRV KDVWD FXDUHQWD YHFHV (Q HVWH
FRQWH[WRFRQVLGHUDUODYDULDELOLGDGFOLPiWLFDFRPRIDFWRUGHULHVJRHVIXQGDPHQWDOSDUDODDGDSWDFLyQGH
ODDJULFXOWXUD\ODVLQGXVWULDVSULPDULDVGHOSDtV
(OSDtVUHJLVWUDXQDODUJDKLVWRULDGHODFLHQFLDDERFDGDDPHMRUDUODJHVWLyQGHOULHVJRFOLPiWLFR
SDUD OD DJULFXOWXUD \ HO PDQHMR GH ORV UHFXUVRV QDWXUDOHV 'LVSRQH GH HVWUXFWXUDV ELHQ HVWDEOHFLGDV
FRPR FHQWURV GH PHWHRURORJtD H LQYHVWLJDFLyQ DSOLFD HQIRTXHV GH SDUWLFLSDFLyQ FLXGDGDQD \ FXHQWD
FRQ PHFDQLVPRV GH HMHFXFLyQ \ HODERUDFLyQ GH SROtWLFDV 1R REVWDQWH HO FDPELR FOLPiWLFR LPSOLFD
QXHYRVUHWRV
E 'HODYDULDELOLGDGFOLPiWLFDDOFDPELRFOLPiWLFR
$XVWUDOLD WLHQH XQD WUD\HFWRULD LPSRUWDQWH HQ FXDQWR D HQIUHQWDU OD YDULDELOLGDG GHO FOLPD /D JHVWLyQ
H[LWRVDGHORVULHVJRVFOLPiWLFRVVHUHFRQRFHFRPRXQDFDUDFWHUtVWLFDGHODH[FHOHQFLDDJUtFRODGHOSDtV
6LQHPEDUJRODJHVWLyQQHFHVLWDPRGLILFDUVHDPHGLGDTXHHOFOLPDFDPELD
'HVGHHOFOLPDGH$XVWUDOLDVHKDYXHOWRPiVFiOLGR6HKDQUHJLVWUDGRUHFRUGKLVWyULFRVGH
WHPSHUDWXUDV FRQ PHQRUHV SUHFLSLWDFLRQHV HQ HO VXU \ HVWH GHO SDtV \ PiV OOXYLDV HQ HO QRURHVWH /RV
LQFHQGLRV IRUHVWDOHV VRQ FDGD YH] PiV GHYDVWDGRUHV 3RU HMHPSOR OD VHYHULGDG GH ORV LQFHQGLRV VH KD
LQFUHPHQWDGR GUDPiWLFDPHQWH HQ ORV ~OWLPRV HYHQWRV DOFDQ]DQGR XQ UHJLVWUR GHO ËQGLFH GH 3HOLJUR GH
,QFHQGLRV)LUH'DQJHU,QGH[VREUHVHJ~QXQDHVFDODTXHIXHGLVHxDGDSDUDXQUHJLVWURPi[LPRGH
HQHOSHRUHVFHQDULRGHVHYHULGDGGHLQFHQGLRVEDVDGRHQUHJLVWURVKLVWyULFRV(QOD~OWLPDGHFDGDVH
WXYR OD SHRU VHTXtD KLVWyULFD UHJLVWUDGD OD FXDO DIHFWy VHYHUDPHQWH OD DFWLYLGDG DJURSHFXDULD \ ORV
PHGLRV GH YLGD UXUDOHV +D\ UHVWULFFLRQHV GH DJXD HQ WRGRV ORV VHFWRUHV \ HQ WRGDV ODV FDSLWDOHV
SULQFLSDOHVH[FHSWR'DUZLQHQHOQRUWH\ORVPHFDQLVPRVSDUDHQIUHQWDUHVWDFDUHQFLDFRPRUHSUHVDV\
SODQWDV GH GHVDOLQL]DFLyQ VRQ FRVWRVRV $GHPiV KD\ HYLGHQFLD GH LPSDFWRV HQ OD ELRGLYHUVLGDG DVt
FRPRGHDXPHQWRGHOQLYHOGHOPDU\GHODWHPSHUDWXUDGHORFpDQR
(V PX\ SUREDEOHTXH$XVWUDOLDVHDWRGDYtDPiV FDOXURVD \ VHFDHQHO IXWXUR 6H SURQRVWLFDXQD
PD\RUIUHFXHQFLDGHGtDV\DxRVH[WUHPDGDPHQWHFiOLGRVPiVOOXYLDVIXHUWHVHQYHUDQR\RWRxRPHQRV
OOXYLD HQ LQYLHUQR \ SULPDYHUD HQ HO VXU PiV VHTXtDV H LQFHQGLRV PiV WRUPHQWDV WURSLFDOHV PHQRV
JUDQL]R HQ HO VXU \ PiV D OR ODUJR GH OD FRVWD HVWH 3HTXHxRV FDPELRV GHO SDWUyQ FOLPiWLFR FRPR OD
XELFDFLyQODWLWXGLQDOGHOVLVWHPDGHDOWDVSUHVLRQHVSXHGHQGHVHQFDGHQDUHYHQWRVFOLPiWLFRVH[WUHPRV
F /DLPSRUWDQFLDGHODVHQVLELOL]DFLyQS~EOLFDDFHUFDGHOFDPELRFOLPiWLFR
(Q $XVWUDOLD VH KD JDQDGR OD EDWDOOD SDUD KDFHU FRQFLHQFLD DFHUFD GH OD LPSRUWDQFLD GHO FDPELR
FOLPiWLFR(Q EDVHDXQDHQFXHVWDUHDOL]DGDVREUHHO WHPDVH GHWHUPLQy TXH HOFDPELRFOLPiWLFRHVHO
VHJXQGR UHWR SULQFLSDO GH $XVWUDOLD GHVSXpV GH OD HFRQRPtD 8Q GH OD SREODFLyQ HQFXHVWDGD
FRQVLGHUyTXHHUDPX\LPSRUWDQWHDERUGDUHOFDPELRFOLPiWLFR
/DDFHSWDFLyQVRFLDOGHOIHQyPHQRHVHOUHVXOWDGRGHXQVLJQLILFDWLYRWUDEDMRGHFRQFLHQWL]DFLyQ
-XQWR FRQ HOOR H[LVWH OD QHFHVLGDG GH SODQWHDU XQ HQIRTXH LQWHJUDGR HQWUH ORV DFWRUHV GHO PXQGR
FLHQWtILFRORVGLVHxDGRUHVGHSROtWLFD\ORVSURSLRVSURGXFWRUHVDJUtFRODVSDUDIRUWDOHFHUODUHVLOLHQFLD\
FDSDFLGDGGHDGDSWDFLyQGHORVPHGLRVUXUDOHV

),*85$,
(1)248('(75$%$-2,17(*5$'2(175(&,(1&,$32/Ë7,&$<$&&,21(6(1&$032
3$5$/$$'$37$&,Ï1'(/260(',26'(9,'$585$/(6

0DQHMRGHUHFXUVRV\SUHGLR

0HGLRVGHYLGD

UXUDOHVPHMRUDGRV

'HVDUUROORGHSROtWLFDELHQ
6LVWHPDFLHQWtILFRLQWHJUDGR
LQIRUPDGR

)XHQWH+RZGHQ

G (OUROGHO*RELHUQR
(O*RELHUQRWLHQHHOUROGHDVHJXUDUTXHVHGLVSRQJDGHLQIRUPDFLyQUDFLRQDO\DSURSLDGDSDUDODWRPDGH
GHFLVLRQHVDVtFRPRHQGHVDUUROODUWHFQRORJtDVDGHFXDGDV\HIHFWLYDVRSFLRQHVGHPDQHMR$GHPiVGHEH
SURFXUDUGHVDUUROODUHQWRUQRVGHGHFLVLyQTXHSURPXHYDQODDFFLyQ\ODFRQVWUXFFLyQGHFDSDFLGDGHVSDUD
OD DGDSWDFLyQ (O (VWDGR WLHQH XQ URO HQ HO HVWDEOHFLPLHQWR GH SROtWLFDV GH DGDSWDFLyQ DO FDPELR
FOLPiWLFRSURPRYHUHOGHEDWHS~EOLFR\JHQHUDUXQDUHVSXHVWDJOREDOHILFD]
/D)LJXUD,QRVPXHVWUDODHYROXFLyQGHODDWHQFLyQTXHVHSUHVWDDOFDPELRFOLPiWLFR$XVWUDOLD
IXHHOSULPHUSDtVTXHHVWDEOHFLyXQGHSDUWDPHQWRGHGLFDGRDOFDPELRFOLPiWLFR$XWUDOLDQ*UHHQ+RXVH
2IILFH(VWDRILFLQDWXYRXQUROWUDQVYHUVDOHQHO*RELHUQR\DFWXyFRPRXQFDQDODWUDYpVGHOFXDOWRGDV
ODV WRPDV GH GHFLVLyQ \ OD LQIRUPDFLyQ IOXtD SDUD HO GHVDUUROOR GH SROtWLFDV H LPSOHPHQWDFLyQ (VWH
HVTXHPDFDPELyHQHODxRFXDQGRIXHUHHPSOD]DGRSRUXQPRGHORGH³WUDQVYHUVDOLGDG´GRQGHHO
FDPELR FOLPiWLFR HV SDUWH GH ODV UHVSRQVDELOLGDGHV GH WRGRV ORV GHSDUWDPHQWRV JXEHUQDPHQWDOHV ORV
FXDOHV SRVHHQ ODV FDSDFLGDGHV \ SHUVRQDO VXILFLHQWH SDUD VXFRQVHFXVLyQ (VWRVGHSDUWDPHQWRVGHILQHQ
ORV SURJUDPDV D GHVDUUROODU HVWDEOHFLHQGR ORV YtQFXORV FRQ ORV DFWRUHV UHOHYDQWHV GH DFXHUGR DO iUHD
WHPiWLFDTXHVHWUDWH

),*85$,
(6758&785$'(/*2%,(512)('(5$/$8675$/,$12(1(/',6(f2'(352*5$0$6
'($'$37$&,Ï1$/&$0%,2&/,0È7,&2

$FWRUHV\GHVDItRV $FWRUHV\GHVDItRV

2ILFLQDDXVWUDOLDQDGHFDOHQWDPLHQWRJOREDO 'HSDUWDPHQWRVGH

&DPELR&OLPiWLFR

'HSDUWDPHQWRV
'HSDUWDPHQWRV

FDGDXQRFRQUHVSRQVDELOLGDGHV\SHUVRQDO

)XHQWH+RZGHQ

H $VHJXUDUTXHODLQIRUPDFLyQGLVSRQLEOHVHD~WLO
8QWHPDSRUUHVROYHUHQ$XVWUDOLDHQUHODFLyQDOFDPELRFOLPiWLFRHVTXHQRUPDOPHQWHKD\IXHQWHVGH
LQIRUPDFLyQHQFRQIOLFWR/DFLHQFLDJHQHUDSDUWHGHHVDLQIRUPDFLyQ(QODFRPXQLGDGFLHQWtILFDH[LVWH
FRP~QPHQWH HO VXSXHVWR GH TXH VLPSOHPHQWH PiV LQIRUPDFLyQ HV PHMRU 6LQ HPEDUJR HVWR QR HV
QHFHVDULDPHQWH FLHUWR (Q WpUPLQRV JHQHUDOHV SXHGH H[LVWLU LQIRUPDFLyQ TXH QR VHD UHOHYDQWH R
DSURSLDGD SDUD WRPDU GHFLVLRQHV /D LQIRUPDFLyQ WDPELpQ SXHGH QR VHU FRQILDEOH R WHQHU XQ RULJHQ
GXGRVR,JXDOPHQWHKD\SUREOHPDVFXDQGRODLQIRUPDFLyQQROOHJDRSRUWXQDPHQWHDVXVGHVWLQDWDULRVR
HV PDO FRPXQLFDGD 6L OD LQIRUPDFLyQ HV DGHFXDGD \ DFWXDOL]DGD VH SUHVHQWD OD GLV\XQWLYD UHIHUHQWH D
FXiO HV OD PHMRU GHFLVLyQ D WRPDU WHQLHQGR HQ FXHQWD ORV YDORUHV GH ORV XVXDULRV \ ORV LQWHUHVHV
LQYROXFUDGRVGHQWURGHOSURFHVR
(Q HO *UXSR GH OD $GDSWDFLyQ &OLPiWLFD &OLPDWH $GDSWDWLYH )ODJVKLS GHO &6,52
&RPPRQZHDOWK6FLHQWLILFDQG,QGXVWULDO5HVHDUFK2UJDQL]DWLRQSHQVDPRVTXHHOHQIRTXHGHEHHVWDU
FHQWUDGR SUHIHUHQWHPHQWH HQ OD GHFLVLyQ D WRPDU \ HQ ORV UHVXOWDGRV HVSHUDGRV HQ YH] GH TXHGDUVH
VLPSOHPHQWHHQORVHVFHQDULRVFOLPiWLFRV/DDWHQFLyQGHEHHVWDUHQODLQIRUPDFLyQTXHHVGHFLVLYDSDUD
ODWRPDGHGHFLVLRQHV\HO³GHOLYHU\´DFRUGHFRQODVQHFHVLGDGHVWHPSRUDOHV\HVSDFLDOHV
I /DVDJHQFLDVGHLQYHVWLJDFLyQ\ODLQGXVWULDGHEHQWUDEDMDUFRQMXQWDPHQWH
6L ELHQ KD\ PXFKDV DGDSWDFLRQHV DSOLFDEOHV D QLYHO GH ILQFD OR UHOHYDQWH HV TXH VH LQWHJUHQ HQ OD
GLQiPLFDGHOVLVWHPDGHSURGXFFLyQ
$GHPiVVHSXHGHQLPSXOVDUODVVLJXLHQWHVOtQHDVGHDFFLyQDFRQVLGHUDUFXOWLYRVDGDSWDGRVSDUD
HOQXHYRFOLPDLPSHUDQWHEPHMRUDUODVUD]DV\HOPDQHMRDQLPDOFDXPHQWDUODHILFLHQFLDHQHOXVRGHO
DJXD G GHVDUUROODU FXOWLYRVTXH SXHGHQ DSURYHFKDU ODV QXHYDVFRQGLFLRQHV GHFOLPDJHQHUDGDV SRU HO
FDPELRFOLPiWLFR\HLQFRUSRUDUWHFQRORJtDVTXHPHMRUHQODFDSDFLGDGGHUHWHQFLyQKtGULFDGHOVXHOR
FRPRHOXVRGHSROtPHURVHQWUHRWUDV

J 'HODQiOLVLVDODDFFLyQ
(QHOSURFHVRGHSDVDUGHODQiOLVLVGHODFLHQFLDGHOFOLPDDODDFFLyQFRQFUHWDODH[SHULHQFLDDXVWUDOLDQD
HQVHxDTXHODVSUHJXQWDVPiVIUHFXHQWHVVRQ
¢&XiOHVHOREMHWLYRGHODDGDSWDFLyQ"
¢4XLpQVHDGDSWD\FyPR"
¢4XpPHGLGDVSXHGHQVHUH[LWRVDV"
/DV RSFLRQHV GH DGDSWDFLyQ UHTXLHUHQ VHU HYDOXDGDV (VWR LPSOLFD TXH VH GHEHQ LPSOHPHQWDU \
YDOLGDU (O REMHWLYR ILQDO HV HQ GHILQLWLYD HQWHQGHU OD YXOQHUDELOLGDG SDUD UHGXFLUOD \ FRQVWUXLU R
IRUWDOHFHUODFDSDFLGDGGHDGDSWDFLyQ
/D DGDSWDFLyQ DO FDPELR FOLPiWLFR GHEH FRQMXJDU XQD VHULH GH DVSHFWRV (Q HVWH VHQWLGR OD
LQYHVWLJDFLyQGHEHRIUHFHURSFLRQHVGHEXHQDVSUiFWLFDVDJUtFRODVHQWHPDVWDOHVFRPRHODEDVWHFLPLHQWR
\ FDOLGDG GH DJXD OD DGHFXDFLyQ D OD VHTXtD OD VHJXULGDG DOLPHQWDULD OD VHJXULGDG HQHUJpWLFD \
UHGXFFLyQ GH *(, HO PDQHMR GH UHFXUVRV QDWXUDOHV \ VHUYLFLRV DPELHQWDOHV \ HO IRUWDOHFLPLHQWR GH
FDSDFLGDGHVSDUDHQIUHQWDUORVQXHYRVHVFHQDULRV
K ,QYHVWLJDFLyQ\GLIXVLyQGHOFRQRFLPLHQWR
(O VHFWRU DJUtFROD HQ UHODFLyQ DO WHPD GLVSRQH GH XQD H[SHULHQFLD VLJQLILFDWLYD HQ FRQRFLPLHQWRV \
KDELOLGDGHVTXHVHSXHGHQLQWHJUDU\UHSOLFDUDWUDYpVGHODLQYHVWLJDFLyQSDUWLFLSDWLYD\HOFRPSURPLVR
GHORVDFWRUHVLQYROXFUDGRV
/DV RSFLRQHV GH PDQHMR DJURQyPLFR VRQ OD YtD D WUDYpV GH OD FXDO ORV DJULFXOWRUHV HQIUHQWDQ
DFWXDOPHQWH OD YDULDELOLGDG FOLPiWLFD \ HVWH FRQRFLPLHQWR WLHQH XQ YDORU TXH GHEH VHU UHVFDWDGR \
FRPSDUWLGR SDUD OLGLDU FRQ ODV SULPHUDV IDVHV GHO FDPELR FOLPiWLFR 6LQ HPEDUJR D PHGLGD TXH HO
FDPELR FOLPiWLFR DJXGLFH OD GLVPLQXFLyQ GH ODV SUHFLSLWDFLRQHV \ HO DXPHQWR GH OD WHPSHUDWXUD ODV
RSFLRQHVGHPDQHMRSURGXFWLYRVHLUiQKDFLHQGRFDGDYH]PiVOLPLWDGDVSDUDHIHFWLYDPHQWHUHVSRQGHUD
WDOHVPRGLILFDFLRQHVGHOFOLPDFRPRLOXVWUDOD)LJXUD,
3RU OR WDQWR VH UHTXHULUi GH XQ HQIRTXH DSURSLDGR GH ODLQYHVWLJDFLyQPXFKRPiVGLQiPLFRH
LQQRYDWLYRTXHDPSOLp\DQWLFLSHODVRSFLRQHVGHDGDSWDFLyQIDFWLEOHVHQORVHVFHQDULRVGHFDPELRWDO
FRPRVHPXHVWUDHQODVLJXLHQWH)LJXUD,
/D SDUWLFLSDFLyQ GH ORV DJULFXOWRUHV HQ OD LQYHVWLJDFLyQ DVRFLDGD D OD YDULDELOLGDG \ HO FDPELR
FOLPiWLFRDOLJXDOTXHHQRWURVWHPDVSHUPLWHIRFDOL]DU\GHILQLUPHMRUODPDWHULDGHHVWXGLR0HGLDQWH
ODFRLQYHVWLJDFLyQVHLQWHJUDQHTXLSRVFRQGLYHUVRVDFWRUHV\ORVSUR\HFWRVGHLQYHVWLJDFLyQVHGLVHxDQ
HQ FRQMXQWR 'H HVWD PDQHUD DGHPiV VH REWLHQH FRPR UHVXOWDGR XQ FRQRFLPLHQWR PiV DPSOLR XQD
VtQWHVLV GHO FRQRFLPLHQWR HPStULFR GH ORV DJULFXOWRUHV \ HO FRQRFLPLHQWR WpFQLFRFLHQWtILFR GH ORV
HVSHFLDOLVWDV \ VH SXHGH LGHQWLILFDU XQD JDPD GH SRVLEOHV VROXFLRQHV 4XH ORV EHQHILFLDULRV VHDQ ORV
SURSLRV JHVWRUHV GH OD LQYHVWLJDFLyQ IDFLOLWD HO SURFHVR GH LPSOHPHQWDFLyQ GH ODV VROXFLRQHV \ KDFH
SRVLEOHTXHODLQYHVWLJDFLyQWHQJDPD\RUSHUWLQHQFLDFUHGLELOLGDGOHJLWLPLGDG\ULJXURVLGDG

),*85$,
',60,18&,Ï1'(/$*$0$'(23&,21(6$*521Ï0,&$6(1',67,1726
(6&(1$5,26'(&$0%,2

)XHQWH+RZGHQ

),*85$,
(648(0$'(352*5(62'(/$$'$37$&,Ï1,1&5(0(17$/6,67e0,&$
<'(75$16)250$&,Ï1

JR

HV
7UDQVIRUPDFLyQ GHXVR GHODWLHUUD RFDPELR GH

UL

V\
GLVWULEXFLyQ

WR
RV
1XHYRV SURGXFWRV FRPR VHUYLFLRV

F
HFRVLVWpPLFRV
DG
%HQHILFLRV GHODDGDSWDFLyQ

MLG
SOH

P
FR
&XOWLYRV SUHSDUDGRV SDUD &DPELR &OLPiWLFR

OD
GH
$JULFXOWXUD GHSUHFLVLyQ FRQVHQVLELOLGDG FOLPiWLFD

WR
HQ
P
*HVWLyQ GH5LHVJR \'LYHUVLILFDFLyQ

$X

9DULHGDGHVpSRFD GHSODQWDFLyQVLHPEUDHVSDFLDPLHQWR

0DQHMR GHUDVWURMRVDJXDQXWULHQWHV \IROODMHHWF

&DPELR &OLPiWLFR

)XHQWH+RZGHQ

K 0HGLFLyQGHODFDSDFLGDGGHDGDSWDFLyQ
8QD DFWLYLGDG UHOHYDQWH HV FRQWUXLU OD FDSDFLGDG GH DGDSWDFLyQ GH DJULFXOWRUHV \ FRPXQLGDGHV
UXUDOHVSDUDHQIUHQWDUHOFDPELRFOLPiWLFR&RPRSDUWHGHHVWHSURFHVRVHUHTXHULHUHFRQRFHUGyQGHOD
FDSDFLGDGGHDGDSWDFLyQHVGpELORIXHUWH\SRUTXpHVWiHQHVHQLYHOGHPRGRGHLPSXOVDUDFFLRQHVTXH
OD FRQVWUX\DQ \R IRUWDOH]FDQ /D HYDOXDFLyQ GH OD FDSDFLGDG GH DGDSWDFLyQ VH UHDOL]D D WUDYpV GH ORV
GLVWLQWRVDFWLYRVItVLFRV ILQDQFLHURVQDWXUDOHVVRFLDOHV\KXPDQRVVXSRVLELOLGDGGHVXVWLWXFLyQ\HO
SRWHQFLDO GH UHVSXHVWD DO FDPELR FOLPiWLFR /D HYDOXDFLyQ VH SXHGH UHDOL]DU PHGLDQWH PpWRGRV GH
DXWRHYDOXDFLyQGHHQIRTXHVJXLDGRVGHSHTXHxRVJUXSRV\GHHQFXHVWDVWHOHIyQLFDVRSRU,QWHUQHWHQWUH
RWURV(VWDEOHFHU ODFDSDFLGDGGHDGDSWDFLyQ SHUPLWH GHILQLU SULRULGDGHV GHSROtWLFDPHGLUSURJUHVRV\
DSXQWDUDORVJUXSRVPiVYXOQHUDEOHV
),*85$,
$8675$/,$0$3$62%5(&$3$&,'$''($'$37$&,Ï1

)XHQWH+RZGHQ
0HQVDMHVFODYHGHODH[SHULHQFLDDXVWUDOLDQD
'HODH[SHULHQFLDGH$XVWUDOLDHQPDWHULDGHDGDSWDFLyQGHODDJULFXOWXUDDOFDPELRFOLPiWLFRVHSXHGHQ
GHULYDUORVVLJXLHQWHVPHQVDMHVFODYH
(O FOLPD HVWi FDPELDQGR \ FRQWLQXDUi FDPELDQGR HQ HO IXWXUR D SHVDU GH ORV HVIXHU]RV SRU
UHGXFLUORV*(,(VQHFHVDULRDQWLFLSDUVHDORVFDPELRVHVWDUSUHSDUDGRVSDUDODLQFHUWLGXPEUH
\GHVDUUROODUHVWUDWHJLDVGHDGDSWDFLyQ
(OFDPELRFOLPiWLFRDIHFWDWRGDODFDGHQDGHYDORUGHODDJULFXOWXUD\ODEDVHGHORVUHFXUVRVQDWXUDOHV
/RVFDPELRVGHOFOLPDSXHGHQVHUVLJQLILFDWLYRVORTXHDXPHQWDUiORVULHVJRV\RSRUWXQLGDGHV
SDUDODDJULFXOWXUD
8QSRVLFLRQDPLHQWRWHPSUDQRSXHGHVHUPX\EHQHILFLRVR0iVTXHSRQHUWRGDODDWHQFLyQHQ
FRQRFHU H[DFWDPHQWH GyQGH \ FXiQGR RFXUULUiQ ORV LPSDFWRV GHULYDGRV GHO FDPELR ORV
HVIXHU]RV GHEHQ RULHQWDUVH D SURSRUFLRQDU D ORV SURGXFWRUHV DOWHUQDWLYDV GH DGDSWDFLyQ SDUD
GLIHUHQWHVHVFHQDULRVGHFDPELRFOLPiWLFR\DJHQHUDUFDSDFLGDGHVSDUDHYDOXDUHLPSOHPHQWDU
ODVRSFLRQHVDPHGLGDTXHVHYD\DQUHTXLULHQGR
8Q QXHYR SDUDGLJPD GH LQYHVWLJDFLyQ SRGUtD VHU QHFHVDULR SDUD DVHJXUDU XQD DGDSWDFLyQ
HIHFWLYDDOFDPELRFOLPiWLFR

(OWUDEDMRFRQMXQWRHQWUHHO*RELHUQRODLQGXVWULD\ORVLQYHVWLJDGRUHVDQLYHOQDFLRQDO\UHJLRQDO
HVFODYHSDUDORJUDUDYDQFHVVLJQLILFDWLYRVHQPDWHULDGHDGDSWDFLyQDOFDPELRFOLPiWLFR
' (IHFWRVGHOFDPELRFOLPiWLFRVREUHODDJULFXOWXUD
HQ&HQWURDPpULFD
(OLVWPRFHQWURDPHULFDQRHQIUHQWDWUHVGHVDItRVVHJXULGDGDOLPHQWDULDHQXQFRQWH[WRGHDO]DGHSUHFLRV
\ PHUFDGRV LQWHUQDFLRQDOHV YROiWLOHV DXPHQWR GH ORV LQJUHVRV GH ORV SREUHV OD PD\RU SDUWH GH VX
SREODFLyQ UXUDO \ ORV LPSDFWRV GHO FDPELR FOLPiWLFR VREUH ODV DFWLYLGDGHV DJURSHFXDULDV (VWH ~OWLPR
GHVDItRHVWiUHODFLRQDGRHVWUHFKDPHQWHFRQORVGRVDQWHULRUHV\HVHOPRWLYRGHODSUHVHQWDFLyQ
/D&(3$/0p[LFRVHSURSXVRH[DPLQDUORVYtQFXORVHQWUHFDPELRFOLPiWLFR\DJULFXOWXUDHQFDGD
SDtVGHOLVWPRFHQWURDPHULFDQR(QXQFRQMXQWRGHRFKRHVWXGLRVVHDQDOL]DURQORVLPSDFWRVSRWHQFLDOHV
GHO FDPELR FOLPiWLFR VREUH OD DJULFXOWXUD GH %HOLFH &RVWD 5LFD (O6DOYDGRU *XDWHPDOD +RQGXUDV
1LFDUDJXD \ 3DQDPi &RQ HOOR VH EXVFy DSRUWDU HOHPHQWRV SDUD OD IRUPXODFLyQ GH SROtWLFDV
DJURSHFXDULDVHQHVSHFLDOGHDGDSWDFLyQGHORVSURGXFWRUHVSREUHV
$Fi VH FRPHQWD DFHUFD GH ORV VLJXLHQWHV WHPDV UHODFLRQDGRV FRQ HO FDPELR FOLPiWLFR HO VHFWRU
DJURSHFXDULR FHQWURDPHULFDQR WHQGHQFLDV \ DSRUWHV ODV PHWRGRORJtDV HPSOHDGDV SDUD HVWLPDU ORV
HIHFWRVHQORVDQiOLVLVHOLPSDFWRVREUHHODJURHQSDUWLFXODUVXHIHFWRHQDOJXQRVSURGXFWRVEiVLFRVORV
HVFHQDULRV IXWXURV GH ORV LPSDFWRV HFRQyPLFRV HQ HO VHFWRU DJURSHFXDULR \ ILQDOPHQWH DOJXQDV
FRQFOXVLRQHVGHODQiOLVLV
(OVHFWRUDJURSHFXDULRFHQWURDPHULFDQRDSRUWHVVHUYLFLRV
DPELHQWDOHV\FDPELRFOLPiWLFR
&HQWURDPpULFD HV DOWDPHQWH YXOQHUDEOH DO FDPELR FOLPiWLFR (YHQWRVFOLPiWLFRV H[WUHPRVKXUDFDQHVH
LQXQGDFLRQHVDIHFWDQHOGHVDUUROOR\HOELHQHVWDUGHVXVKDELWDQWHV8QRGHORVVHFWRUHVHFRQyPLFRVPiV
LPSRUWDQWHVHQODUHJLyQHVODDJULFXOWXUDSRUGHPiVYXOQHUDEOHDGLFKRVHYHQWRV(OiUHDFXOWLYDGDEDMR
ULHJRHVDSHQDVHOGHOWRWDO
&RPR VH GRFXPHQWD HQ /HDU\ .XONDUQL \ 6HLSW \ VH PXHVWUD HQ ODV FRQFOXVLRQHV GH
QXHVWUR HVWXGLR HV PX\ SUREDEOH TXH HO FDPELR FOLPiWLFR LQWHQVLILTXH OD JUDYHGDG GH ORV IHQyPHQRV
H[WUHPRVPiVD~QVLVHWRPDHQFXHQWDTXHODVDFFLRQHVGHORVJRELHUQRV\ODVPHGLGDVSUHYHQWLYDV\GH
DGDSWDFLyQSRUSDUWHGHORVSURGXFWRUHVDJUtFRODVVRQLQFLSLHQWHV
D /DDJULFXOWXUDVXDSRUWH\WHQGHQFLDV
/D DJULFXOWXUD \ OD JDQDGHUtD FRQVWLWX\HQ XQR GH ORV SULQFLSDOHV PRWRUHV GH OD HFRQRPtD GHO LVWPR
FHQWURDPHULFDQR 6L VH LQFOX\H OD DJURLQGXVWULD UHSUHVHQWDQ HO GHO 3,% WRWDO $GHPiV VRQ ORV
SULQFLSDOHV DEDVWHFHGRUHV GH DOLPHQWRV \ SURGXFHQ HO GH ODV H[SRUWDFLRQHV GH ELHQHV (O VHFWRU
DJURSHFXDULR \ HO PHGLR UXUDO EULQGDQ JUDQ SDUWH GHO HPSOHR WRWDO GH ORV SDtVHV \ HO DJUR HV XQ
LPSRUWDQWHJHQHUDGRUGHLQJUHVRVSDUDORVKRJDUHVUXUDOHV6XSREODFLyQPLJUDQWHHQYtDODPD\RUSDUWH
GHOIOXMRGHUHPHVDVPLOORQHVGHGyODUHVTXHDFWXDOPHQWHLQJUHVDQ
/DVYLQFXODFLRQHVGHOVHFWRUFRQHOUHVWRGHODVDFWLYLGDGHVHFRQyPLFDVKDFHQTXHVHDXQDGHODV
SULQFLSDOHV IXHQWHV GH FUHFLPLHQWR GH OD HFRQRPtD (O PHGLR UXUDO SURGXFH YDOLRVRV VHUYLFLRV
DPELHQWDOHVPLWLJDFLyQGHHPLVLRQHVDJXDSDUDULHJRFRQVXPRXUEDQR\JHQHUDFLyQGHHOHFWULFLGDG\
VHUYLFLRVGHHFRWXULVPRHQWUHRWURV

5HVXPHQ GH OD SUHVHQWDFLyQ GH %UDXOLR 6HUQD +LGDOJR -HIH GH OD 8QLGDG $JUtFROD GH OD 2ILFLQD 6XEUHJLRQDO GH OD &(3$/ HQ
0p[LFRSUHSDUDGRSRUHODXWRU

9pDVH&(3$/,VWPR&HQWURDPHULFDQR(IHFWRVGHO&DPELR&OLPiWLFRVREUHOD$JULFXOWXUD/&0(;/5HYHQHURGH

3HUR OD SURGXFFLyQ DJURSHFXDULD FUHFH SRFR \ ORV UHQGLPLHQWRV \ OD FRPSHWLWLYLGDG VRQ EDMRV
'XUDQWH ORV ~OWLPRV VLHWH DxRV HO FUHFLPLHQWR DJURSHFXDULR SRU KDELWDQWH KD VLGR PRGHVWR /D
SURGXFWLYLGDGGHORVSULQFLSDOHVSURGXFWRVGHH[SRUWDFLyQFDIpEDQDQR\FDxDGHD]~FDU\ODGHORVJUDQRV
EiVLFRVPDt]IULMRO\DUUR]KDVLGREDMD/DFRPSHWLWLYLGDGGHODVH[SRUWDFLRQHVGHOLVWPRQRHVHOHYDGD
$OUHGHGRUGHODPLWDGGHORVSURGXFWRVDJURSHFXDULRV\DJURLQGXVWULDOHVTXHVHH[SRUWDQD(VWDGRV8QLGRV
VHHQFXHQWUDQHQPHUFDGRVHVWDQFDGRVRGLQiPLFRVSHURHQORVTXHSLHUGHQSDUWLFLSDFLyQ
/RV UHODWLYDPHQWH EDMRV QLYHOHV GH FUHFLPLHQWR FRPSHWLWLYLGDG \ SURGXFWLYLGDG UHIOHMDQ HQ HO
SHULRGRXQDWDVDUHGXFLGDGHLQYHUVLyQHQODDJULFXOWXUDHVFDVDLQQRYDFLyQ\HQHOPHGLR
UXUDO \ HQ JHQHUDO XQ SURFHVR GH GHVFDSLWDOL]DFLyQ (Q HIHFWR ORV VHFWRUHV DJURSHFXDULRV GHO LVWPR
VXIULHURQSpUGLGDVGHFDSLWDOHVILQDQFLHURVItVLFRVQDWXUDOHV\KXPDQRVHQODVGRV~OWLPDVGpFDGDVFRQ
GLIHUHQFLDVHQWUHSDtVHV\HQWUHDFWLYLGDGHVGLQiPLFDV\UH]DJDGDV(VWDVWHQGHQFLDVHVWiQDVRFLDGDVDOD
EDMD UHQWDELOLGDG GH ORV FXOWLYRV SUHFLRV UHDOHV PHQRUHV \ FRVWRV GH SURGXFFLyQ HQ DVFHQVR D OD
UHGXFFLyQ UHODWLYD GHO ILQDQFLDPLHQWR GHO JDVWR S~EOLFR \ GH OD FRRSHUDFLyQ LQWHUQDFLRQDO D OD
GHVWUXFFLyQGHOFDSLWDOQDWXUDO\ItVLFRSRULQXQGDFLRQHV\VHTXtDV\GHPDQHUDLPSRUWDQWHDOGHVFXLGR
GHOFDSLWDOKXPDQRGHVQXWULFLyQ\EDMDHVFRODULGDG
E /RVVHUYLFLRVDPELHQWDOHVGHODDJULFXOWXUD\GHOPHGLRUXUDO
(QHOLVWPRVHSURGXFHQGLYHUVRVVHUYLFLRVDPELHQWDOHVLQFOX\HQGRORVVLJXLHQWHV
/DPLWLJDFLyQGHODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURPHGLDQWHODILMDFLyQUHGXFFLyQ
\ DOPDFHQDPLHQWR GH &2 8QD FREHUWXUD ERVFRVD GH PLOORQHV GH KHFWiUHDV \ XQ iUHD
FXOWLYDGDGHPLOORQHVUHDOL]DQXQLPSRUWDQWHVHUYLFLRGHFDSWXUDGH&2
/D FRQVHUYDFLyQ GH OD ELRGLYHUVLGDG PHGLDQWH OD SURWHFFLyQ \ XVRVRVWHQLEOH GH HVSHFLHV OD
FRQVHUYDFLyQGHORVHFRVLVWHPDV\ORVSURFHVRVHFROyJLFRV
/DSURWHFFLyQGHUHFXUVRVKtGULFRVHQFDOLGDGGLVWULEXFLyQHQHOWLHPSR\FDQWLGDGSDUDXVR
XUEDQR UXUDO LQGXVWULDO \ HOpFWULFR /D JHQHUDFLyQ KLGURHOpFWULFD UHSUHVHQWD HO GH OD
SURGXFFLyQWRWDOGHHOHFWULFLGDG
/DEHOOH]DHVFpQLFDGHERVTXHVSDLVDMHVQDWXUDOHV\HOHPHQWRVGHODELRGLYHUVLGDGEDVHSDUD
HO GHVDUUROOR GHO HFRWXULVPR WXULVPR UXUDO DUTXHROyJLFR WXULVPR GH SOD\D \ VRO WXULVPR
FLHQWtILFRGHREVHUYDFLyQ\DYHQWXUD
3RU ~OWLPR ORV ERVTXHV KXPHGDOHV DUUHFLIHV \ PDQJODUHV PLWLJDQ ORV LPSDFWRV GH ODV
LQXQGDFLRQHVGHUUXPEHV\VHTXtDV
F /RVHIHFWRVDGYHUVRVGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
'XUDQWHORV~OWLPRVDxRVVHKDQLQWHQVLILFDGRORVHYHQWRVH[WUHPRVFRQFRQVHFXHQFLDVDGYHUVDVSDUD
HO VHFWRU DJURSHFXDULR \ HO PHGLR UXUDO GH &HQWURDPpULFD 8QD HVWLPDFLyQ GH ORV GDxRV \ SpUGLGDV
WRWDOHV GHELGR D ORV SULQFLSDOHV HYHQWRV RFXUULGRV HQWUH DUURMD XQ WRWDO GH FDVL PLO
PLOORQHVGHGyODUHVHTXLYDOHQWHDOGHO3,%FHQWURDPHULFDQRHQ(VWDWHQGHQFLDKDVLGRPiV
DFHQWXDGDHQODGpFDGDDFWXDO
&HUFD GHO GH HVH YDORU OR FRQVWLWX\HURQ ORV HIHFWRV GHO KXUDFiQ 0LWFK HQ
FRQFHQWUDGRVHQ+RQGXUDV(QHOSHUtRGRFRQVLGHUDGRHOVHFWRUDJURSHFXDULRVXIULySpUGLG DV\GDxRV
SRUPLOORQHVGHGyODUHV8QDPX\JUDYHFRQVHFXHQFLDIXHODGHVWUXFFLyQGHFDSLWDOItVLFR
PLOORQHVGHGyODUHV

0HWRGRORJtDVXWLOL]DGDVSDUDHVWLPDUORVHIHFWRVGHOFDPELR
6H XWLOL]y OD IXQFLyQ GH SURGXFFLyQ SDUD PHGLU HIHFWRV HQ OD SURGXFFLyQ VHFWRULDO DJURSHFXDULD HQ WUHV
FXOWLYRVPDt]IULMRO\DUUR](OORSHUPLWLyHVWLPDUXPEUDOHVGHWHPSHUDWXUD\SUHFLSLWDFLyQYDORUHVTXHGDQ
OXJDU DO PD\RU QLYHO GH SURGXFWR 6H UHODFLRQy OD SURGXFFLyQ R UHQGLPLHQWRV FRQ YDULDEOHV HQGyJHQDV
WUDEDMR FDSLWDO H LQVXPRV \ IHUWLOL]DQWHV H[yJHQDV WHPSHUDWXUD \ SUHFLSLWDFLyQ \ YDULDEOHV TXH
UHSUHVHQWDQODKDELOLGDGRFDSDFLGDGHVGHORVDJULFXOWRUHVHVFRODULGDGJpQHURWDPDxRGHORVKRJDUHV
6H XVDURQ PtQLPRVFXDGUDGRVRUGLQDULRV/DIRUPDFXDGUiWLFDGHODIXQFLyQSHUPLWLyLGHQWLILFDU
ORVQLYHOHVGHWHPSHUDWXUDRSUHFLSLWDFLyQFRQHIHFWRVSRVLWLYRV\QHJDWLYRVHQODSURGXFFLyQ
(O PRGHOR ULFDUGLDQR SHUPLWLy HVWLPDU ORVHIHFWRVGHO FOLPD VREUH HO YDORU QHWR GH OD WLHUUD6H
DVXPH TXH ORV SURGXFWRUHV DJUtFRODV PD[LPL]DQ HO LQJUHVR QHWR ʌ GDGR SRU OD VLJXLHQWH HFXDFLyQ
ʌ SL 4L P ] [ Z[ [ 7DPELpQ OD PRGHODFLyQ KDFH SRVLEOH OD GLIHUHQFLDFLyQ GH ORV LPSDFWRV GHO
FDPELRFOLPiWLFRPHGLDQWHGLVWLQWRVSHUILOHVGHSURGXFWRUHV
,PSDFWRGHOFDPELRFOLPiWLFRHQODSURGXFFLyQDJURSHFXDULD\
HIHFWRVREUHHOLQJUHVRGHULYDGRGHODWLHUUD
D (VWLPDFLyQGHOLPSDFWRHQODSURGXFFLyQ
/RV GDWRV FRUUHVSRQGHQ DO SHULRGR XWLOL]DQGR REVHUYDFLRQHV SDUD FDGD YDULDEOH H
LQFOX\HQGRORVVLHWHSDtVHVGHOLVWPRFHQWURDPHULFDQR6HREVHUYDURQSpUGLGDVGHODSURGXFFLyQGHELGR
DOFDPELRFOLPiWLFR
(O VLJQR QHJDWLYR HQ ORV WpUPLQRV FXDGUiWLFRV PRVWUy TXH ODV IXQFLRQHV SUHVHQWDQ UHQGLPLHQWRV
GHFUHFLHQWHV HQ WHPSHUDWXUD \ SUHFLSLWDFLyQ /DV HVWLPDFLRQHV LQGLFDQ TXH HQ WRGRV ORV tQGLFHV GH
SURGXFFLyQ VH VREUHSDVy \D OD WHPSHUDWXUD \ HQ OD PD\RUtD OD SUHFLSLWDFLyQ TXH PD[LPL]D OD
SURGXFFLyQ $Vt OD WHPSHUDWXUD\ ODSUHFLSLWDFLyQ VH HQFXHQWUDQHQODSDUWHGHFUHFLHQWHGHODIXQFLyQ
VXJLULHQGRTXHLQFUHPHQWRVHQDPEDVYDULDEOHVRFDVLRQDUiQSpUGLGDVHQODSURGXFFLyQDJURSHFXDULD(O
FDPELRFOLPiWLFRWLHQHFRQVHFXHQFLDVQHJDWLYDVSDUDODSURGXFFLyQDJURSHFXDULD
(Q HO FDVR GHO LPSDFWR VREUH ORV UHQGLPLHQWRV GH PDt] IULMRO \ DUUR] OD WHPSHUDWXUD \ OD
SUHFLSLWDFLyQ SDUHFHQ WHQHU XQ FRPSRUWDPLHQWR OLJHUDPHQWH FyQFDYR (Q QLYHOHV EDMRV D PHGLGD TXH
DXPHQWDQOD7\OD3WLHQGHQDHVWLPXODUODSURGXFFLyQGHOPDt]KDVWDFLHUWRSXQWRDSDUWLUGHOFXDOVH
FRPLHQ]DDUHGXFLUODSURGXFFLyQ

&8$'52,
,03$&72'(/&$0%,2&/,0È7,&262%5(5(1',0,(1726'(0$Ë=)5,-2/<$552=
Q
0Dt] )ULMRO $UUR]
7HPSHUDWXUD &yQFDYR &yQFDYR &yQFDYR
3UHFLSLWDFLyQ &yQFDYR &yQFDYR &yQFDYR
3REODFLyQ 'LUHFWD 3RVLWLYD 'LUHFWD
,UULJDFLyQ 'LUHFWD 3RVLWLYD 'LUHFWD

)XHQWH6HUQD

E (QIRTXHULFDUGLDQRLPSDFWRVREUHHOYDORUGHODWLHUUD
(VSRVLEOHLQIHULUTXHORVHIHFWRVGHODSUHFLSLWDFLyQDFXPXODGDDQXDO\ODWHPSHUDWXUDPHGLDDQXDOVRQ
QHJDWLYRV \ VLJQLILFDWLYRV SUiFWLFDPHQWH HQ WRGRV ORV FDVRV \ SDUD WRGRV ORV SDtVHV /RV HIHFWRV
PDUJLQDOHVGHODVYDULDEOHVFOLPiWLFDVWHPSHUDWXUD\SUHFLSLWDFLyQLQGLFDQTXHHOLQJUHVRSRUUHQWDGH
ODSURSLHGDGODVJDQDQFLDVDJUtFRODVRHOYDORUFRQWLQJHQWHGHODUHQWDGHODWLHUUDGLVPLQX\HQDQWHXQ
LQFUHPHQWR HQ OD WHPSHUDWXUD PHGLD DQXDO 7DPELpQ LQFUHPHQWRV HQ OD SUHFLSLWDFLyQ DFXPXODGD DQXDO
LPSOLFDQ XQD GLVPLQXFLyQ HQ OD YDULDEOH GHSHQGLHQWH VDOYR HO FDVR GH *XDWHPDOD (V GHFLU H[LVWH
HYLGHQFLDSDUDVHxDODUXQLPSDFWRVLJQLILFDWLYRVREUHHOLQJUHVRGHULYDGRGHODWLHUUDDQWHYDULDFLRQHVHQ
ODWHPSHUDWXUD\HQODSUHFLSLWDFLyQDFXPXODGD
/RVHVFHQDULRVIXWXURVORVLPSDFWRVGHOFDPELRFOLPiWLFR
VREUHHOVHFWRUDJURSHFXDULR
D ,PSDFWRVVREUHODSURGXFFLyQDJURSHFXDULD
3DUD FXDQWLILFDU ORV LPSDFWRV HFRQyPLFRV IXWXURV HQ HO VHFWRU DJURSHFXDULR RFDVLRQDGRV SRU ODV
YDULDFLRQHVHQODSUHFLSLWDFLyQ\ODWHPSHUDWXUDFRPRFRQVHFXHQFLDGHOFDPELRFOLPiWLFRVHXWLOL]DURQ
GLIHUHQWHV HVFHQDULRV \ WDVDV GH GHVFXHQWR /DV VLPXODFLRQHV LQGLFDQ TXH ORV LPSDFWRV QHJDWLYRV
GHULYDGRV GH ODV YDULDFLRQHV HQ WHPSHUDWXUD \ SUHFLSLWDFLyQ HQ HO VHFWRU DJURSHFXDULR GHO LVWPR
FHQWURDPHULFDQRFRQXQDWDVDGHGHVFXHQWRGHOVHUiQGHOGHO3,%SDUDHO\GHOSDUD
HO6LQHPEDUJRDOFRQVLGHUDUXQDWDVDGHOHVWRVPLVPRVLPSDFWRVUHSUHVHQWDQHOGHO
3,%HQ\HOHQ
/DVSUR\HFFLRQHVGHORVSRVLEOHVLPSDFWRVVREUHORVUHQGLPLHQWRVGHPDt]IULMRO\DUUR]PXHVWUDQ
TXHHQHOSULPHUFDVRODSURGXFFLyQWLHQGHDFUHFHUOLJHUDPHQWH\OXHJRGLVPLQX\HSRUORVHIHFWRVGHO
FDPELRFOLPiWLFR/DVSpUGLGDVHQWpUPLQRVGHO3,%VRQHQWUHHO\HO(QHOFDVRGHOIULMROOD
WHPSHUDWXUD SURYRFDUtD GLVPLQXFLRQHV LPSRUWDQWHV HQ UHQGLPLHQWRV /RV LPSDFWRV HFRQyPLFRV VHUtDQ
HQWUHHO\HOGHO3,%GH
/D SUR\HFFLyQ GHO UHQGLPLHQWR HQ DUUR] HQ HO FRUWR SOD]R VH PDQWHQGUtD UHODWLYDPHQWH HVWDEOH
SXGLHQGR LQFOXVR LQFUHPHQWDUVH SRUTXH HO QLYHO GH WHPSHUDWXUD DFWXDO HV FHUFDQR DO TXH SHUPLWH OD
SURGXFFLyQPi[LPD6LQHPEDUJRDODUJRSOD]RODSURGXFFLyQWHQGHUtDDGHVFHQGHU
E 3UR\HFFLRQHVHLPSDFWRVVREUHODUHQWDGHODWLHUUDJDQDQFLDVDJUtFRODV
$OUHDOL]DUODVSUR\HFFLRQHV\HVWLPDUORVHIHFWRVVREUHORVUHQGLPLHQWRVGHOIDFWRUWLHUUDORVLPSDFWRV
VRQVLJQLILFDWLYRV\GLIHUHQFLDGRVHQORVPXQLFLSLRVFRQVLGHUDGRVSDUDFDGDSDtV/RVHIHFWRVPDUJLQDOHV
HVWLPDGRV PXHVWUDQ TXH XQ SHTXHxR FDPELR HQ OD WHPSHUDWXUD PHGLD DQXDO R HQ OD SUHFLSLWDFLyQ
DFXPXODGD DQXDO DIHFWD QHJDWLYDPHQWH ODV GLVWLQWDV YDULDEOHV GHSHQGLHQWHV HPSOHDGDV /RV HIHFWRV
HVWLPDGRV PXHVWUDQ XQ HVFHQDULR GHVDOHQWDGRU SDUD HO LQJUHVR TXH SURYLHQH GH OD UHQWD GH OD WLHUUD HQ
SUiFWLFDPHQWHORVVHLVSDtVHVDQDOL]DGRV/RVLPSDFWRVGHODVSUR\HFFLRQHVIXWXUDVSDUDSUHGLFHQ
HIHFWRV QHJDWLYRV TXH YDQ GHVGH HO HQ HO FDVR GH &RVWD 5LFD KDVWD HO HQ HO GH *XDWHPDOD
&XDGUR,

/RV PRGHORV XWLOL]DGRV IXHURQ (&+0 *HUPDQ +LJK 3HUIRUPDQFH &RPSXWLQJ &HQWUH &OLPDWH DQG (DUWK 6\VWHP 5HVHDUFK *)'/
*HRSK\VLFDO)OXLG'\QDPLFV/DERUDWRU\+$'*(0+DGOH\&HQWUH*OREDO(QYLURQPHQWDO0RGHO

3DUDHOSUHVHQWHDQiOLVLVVHFRQVLGHUDQORVLPSDFWRVFRPRSRUFHQWDMHVGHO3,%GHGHOLVWPRFHQWURDPHULFDQR

&8$'52,
,03$&72'(/&$0%,2&/,0È7,&23253$Ë6$3$57,5'(02'(/265,&$5',$126
&RVWD5LFD (O6DOYDGRU *XDWHPDOD +RQGXUDV 1LFDUDJXD 3DQDPi
,QJUHVRSRU ,QJUHVRSRU 5HQWDGHOD *DQDQFLDV 9DORU 9DORUGHOD

UHQWDGHOD UHQWDGHOD WLHUUDSRU DJUtFRODV FRQWLQJHQWHGH UHQWDGHOD
SURSLHGDG SURSLHGDG KHFWiUHD GyODUHV ODUHQWDGHOD SDUFHOD
GyODUHV GyODUHV GyODUHV PHQVXDOHV WLHUUDGyODUHV GyODUHV
PHQVXDOHV PHQVXDOHV DQXDOHV PHQVXDOHV DQXDOHV
%DVHD

)XHQWH6HUQD

D
6HJ~QHODxRHQTXHVHOOHYyDFDERODHQFXHVWD
&RQFOXVLRQHV
/RVUHVXOWDGRVGHOHVWXGLRSHUPLWHQGHULYDUFXDWURFRQFOXVLRQHVSULQFLSDOHV
/RVPRGHORVGHIXQFLRQHVGHSURGXFFLyQPXHVWUDQTXHHOFDPELRFOLPiWLFRHVWi\DJHQHUDQGR
HIHFWRV QHJDWLYRV VREUH OD SURGXFFLyQ DJURSHFXDULD GHO LVWPR FHQWURDPHULFDQR /D
FRQVHFXHQFLDGLUHFWDGHORVFDPELRVHQWHPSHUDWXUD\SUHFLSLWDFLyQHVHOGHILFLHQWHVXPLQLVWUR
GHDOLPHQWRVHQODUHJLyQDVtFRPRSpUGLGDVHFRQyPLFDV(VWDVSpUGLGDVDOUHSUHVHQWDQ
XQD SRUFHQWDMH GH DOUHGHGRU GHO GHO 3,% GH HQ HO HVFHQDULR $ FRQ XQD WDVD GH
GHVFXHQWR GHO /D SURGXFFLyQ GH IULMRO SUHVHQWDUtD ODV PD\RUHV SpUGLGDV HFRQyPLFDV
VHJXLGDGHODSURGXFFLyQGHDUUR]\ODVPHQRUHVHQPDt]
/RV LPSDFWRV QHJDWLYRV GHO FDPELR FOLPiWLFR VREUH OD HFRQRPtD GH ORV SDtVHV GHO LVWPR
FHQWURDPHULFDQR VRQ \ VHUiQ VLJQLILFDWLYRV /D UHJLyQ FHQWURDPHULFDQD GHSHQGH GH VX
SURGXFFLyQ DJURSHFXDULD QR VROR SDUD VX VHJXULGDG DOLPHQWDULD VLQR WDPELpQ SRUTXH XQ
SRUFHQWDMHLPSRUWDQWHGHVXVH[SRUWDFLRQHVFRUUHVSRQGHQDFXOWLYRVTXHVHYHUiQDIHFWDGRV(O
LPSDFWR SULQFLSDO VHUi VREUH ORV DJULFXOWRUHV GH VXEVLVWHQFLD ORV FXDOHV UHSUHVHQWDQ HQ OD
UHJLyQ FDVL HO GHO WRWDO (VWRV SHTXHxRV SURGXFWRUHV SRVHHQ WDQ VyOR HO GH OD
VXSHUILFLH FXOWLYDGD \HVWDSURSRUFLyQGHWLHUUDHQVXPD\RUtDHVGHEDMRVUHQGLPLHQWRVHQ
PXFKRV FDVRV HQ ODGHUDV FXOWLYDGD FRQ PDt] \ IULMRO (VWRV DJULFXOWRUHV QR FXHQWDQ FRQ
WHFQRORJtDVQLULHJRTXHOHVSHUPLWDQHQIUHQWDUORVHIHFWRVDGYHUVRVGHOFDPELRFOLPiWLFR
/RVHIHFWRVPDUJLQDOHVGHODVYDULDEOHVFOLPiWLFDVWHPSHUDWXUD\SUHFLSLWDFLyQLQGLFDQTXHHO
LQJUHVR SRU UHQWD GH OD SURSLHGDG GLVPLQX\H DQWH XQ LQFUHPHQWR HQ OD WHPSHUDWXUD PHGLD
DQXDO (O FDPELR FOLPiWLFR WHQGUi XQ LPSDFWR VLJQLILFDWLYR VREUH HO LQJUHVR GHULYDGR GH OD
WLHUUDHQWUHVSDtVHVVHUiPD\RUDOGHOLQJUHVR

6HUHTXLHUHDQDOL]DU\SURSRQHUPHGLGDV\DFFLRQHVGHDGDSWDFLyQFRPRODVVLJXLHQWHVHQWUH
RWUDV HO XVR GH YDULHGDGHVHVSHFLHV DGDSWDGDV ORFDOPHQWH PiV DSURSLDGDV DO FOLPD \ D ORV
UHTXHULPLHQWRV GH KLEHUQDFLyQ R UHVLVWHQFLD LQFUHPHQWDGD DO FDORU \ OD VHTXtD HOHYDU HO
LQFUHPHQWRGHOFRQWHQLGRGHPDWHULDRUJiQLFDGHORVVXHORVPHGLDQWHODDSOLFDFLyQGHHVWLpUFRO
DERQRVYHUGHVFXOWLYRVGHFREHUWXUDSDUDPHMRUDUODFDSDFLGDGGHUHWHQFLyQGHKXPHGDGXQ
XVRPiVDPSOLRGHWHFQRORJtDVGH³FRVHFKD´GHDJXD\XQXVRPiVHILFLHQWHGHODJXDGHULHJR
LPSOHPHQWDU HVWUDWHJLDV GH GLYHUVLILFDFLyQ FXOWLYRV LQWHUFDODGRV DJURIRUHVWHUtD H LQWHJUDFLyQ
DQLPDO\XVRGHLQGLFDGRUHVQDWXUDOHVSDUDHOSURQyVWLFRGHOFOLPDDILQGHUHGXFLUULHVJRVHQ
ODSURGXFFLyQ

,, (OFDPELRFOLPiWLFRHQORV
SURJUDPDV\DJHQGDVGH
LQYHVWLJDFLyQHLQQRYDFLyQ
DJUtFRODGHODUHJLyQ
$ 0DUFRGHUHIHUHQFLD
(O FDPELR FOLPiWLFR HQ OD DJULFXOWXUD LQYROXFUD FRPSOHMLGDGHV
VLJQLILFDWLYDV SXHV VXV LPSDFWRV HVWiQ GDGRV SRU OD LQWHUDFFLyQ HQWUH
YDULDEOHV KLGURPHWHRUROyJLFDV S HM WHPSHUDWXUDV PHGLDV
WHPSHUDWXUDV Pi[LPDV WHPSHUDWXUDV PtQLPDV UDQJR GH YDULDFLyQ
HQWUHWHPSHUDWXUDVPi[LPDV\PtQLPDVSUHFLSLWDFLyQUDGLDFLyQVRODU
\ SHGROyJLFDV S HM GLIHUHQFLDV HQ WLSRV GH VXHORV HQ WpUPLQRV GH
SRURVLGDG HWF DVt FRPR GH FDUDFWHUtVWLFDV IHQROyJLFDV GH ORV
FXOWLYRV XWLOL]DGRV HQ OD DFWXDOLGDG S HM IORUDFLyQ DSDULFLyQ GH
IUXWRV PDGXUDFLyQ GRUPDQFLD ORV WLSRV GH VLVWHPDV SURGXFWLYRV S
HM PRQRFXOWLYR H[WHQVLYR YV FRPELQDFLyQ GH FXOWLYRV H[LVWHQFLD R
QR GH ULHJR WLSR GH ODEUDQ]D \ OD H[LVWHQFLD GH VLVWHPDV GH JHVWLyQ
GHULHVJRWDQWRItVLFRVSHMVLVWHPDVGHDOHUWDWHPSUDQDVLVWHPDVGH
SURQyVWLFRFRPRHFRQyPLFRVSHMVHJXURVFOLPiWLFRV

3RU OR WDQWR OD LQYHVWLJDFLyQ SDUD HO GHVDUUROOR GH VLVWHPDV DJUtFRODV \ FXOWLYRV TXH JHQHUDQ
PHQRV HPLVLRQHV GH JDVHV GH HIHFWRV LQYHUQDGHUR \ VREUH WRGR SDUD RULHQWDU OD DGDSWDFLyQ GH OD
DJULFXOWXUD DO FDPELR FOLPiWLFR DEDUFD XQD DPSOLD JDPD GH DOWHUQDWLYDV 'HVGH XQD SHUVSHFWLYD GH
DGDSWDFLyQpVWDVSXHGHQFODVLILFDUVHHQFLQFRJUDQGHViUHDV
/D LQYHVWLJDFLyQ VREUH SRVLELOLGDGHV GH UHORFDOL]DFLyQ GH ORV FXOWLYRV HQ IXQFLyQ GH ORV
FDPELRVSUHYLVWRVHQODVYDULDEOHVKLGURPHWHRUROyJLFDV\GHODSHGRORJtDGHORVVXHORVHQODV
]RQDVDOWHUQDWLYDV
(OPHMRUDPLHQWRJHQpWLFRGHODVYDULHGDGHVDFWXDOHV\HOGHVDUUROORGHQXHYDVYDULHGDGHVSDUD
DGDSWDUVH D ODV QXHYDV FRQGLFLRQHV KLGURPHWHRUROyJLFDV S HM FDORU IUtR SUHFLSLWDFLyQ
VHTXtDDODVQXHYDVFRQGLFLRQHVGHFXOWLYRSHMWLSRGHVXHORVFXDQGRKD\UHORFDOL]DFLyQ
RSDUDPRGLILFDUVXIHQRORJtDSHMIORUDFLyQWDUGtDRWHPSUDQD
(O GHVDUUROOR GH VLVWHPDV SURGXFWLYRV TXH VHDQ PiV UHVLOLHQWHV S HM FRPELQDQGR FXOWLYRV
FDPELDQGRFRPELQDFLRQHVGHLQVXPRV
(O GHVDUUROOR GH LQIUDHVWUXFWXUD SDUD DGDSWDU OD GLVSRQLELOLGDG GH DJXD D ORV
UHTXHULPLHQWRV GH ORV FXOWLYRV S HM ULHJR DYHQDPLHQWR R SDUD FRQWURODU ODV
FRQGLFLRQHVGHFXOWLYRSHMLQYHUQDGHURV
0HGLGDV LQVWLWXFLRQDOHV FRQ FDUDFWHUtVWLFD GH ELHQ S~EOLFR WDOHV FRPR ORV VLVWHPDV GH
SURQyVWLFR VLVWHPDV GH DOHUWD WHPSUDQD PHFDQLVPRV GH VHJXURV \ HQ JHQHUDO PHMRU
LQIRUPDFLyQTXHD\XGHDORVDJULFXOWRUHVDWRPDUGHFLVLRQHVDGHFXDGDV
/D LQYHVWLJDFLyQ HQ DOJXQDV GH HVWDV iUHDV WDPELpQ SXHGH FRQWULEXLU DO GHVDUUROOR GH XQD
DJULFXOWXUD PiV EDMD HQ FDUERQR ORZ FDUERQ DJULFXOWXUH HVSHFLDOPHQWH HQ ORV iPELWRV GHO
PHMRUDPLHQWRJHQpWLFRGHVDUUROORGHQXHYDVYDULHGDGHVUHVLOLHQFLDGHORVVLVWHPDVSURGXFWLYRV\FRQWURO
GHODVFRQGLFLRQHVGHFXOWLYR
/D LQYHVWLJDFLyQ H LQQRYDFLyQ WDQWR HQ HO iPELWR FLHQWtILFR FRPR HQ HO LQVWLWXFLRQDO VRQ VLQ
GXGDORVSLODUHVIXQGDPHQWDOHVHQORVTXHVHGHEHQDSR\DUXQDDGHFXDGDDGDSWDFLyQGHODDJULFXOWXUDDO
FDPELRFOLPiWLFR\HOGHVDUUROORGHXQDDJULFXOWXUDPiVEDMDHQFDUERQR<SDUDHOORORVUHVXOWDGRVGHOD
LQYHVWLJDFLyQ \ ODV LQQRYDFLRQHV GHVDUUROODGDV S HM HQ VLVWHPDV SURGXFWLYRV \ PHFDQLVPRV
LQVWLWXFLRQDOHV GHEHQ VHU SHUWLQHQWHV UHOHYDQWHV FRQILDEOHV \ DFHSWDEOHV (VWRV SURFHVRV VRQ
IXQGDPHQWDOHV SDUD D\XGDU D ORVDJULFXOWRUHV \ RWURVDJHQWHVHQHOVHFWRUDJURSHFXDULRSXHVHVHQVXV
GHFLVLRQHV HQ GRQGH ILQDOPHQWH GHVFDQVD HO TXH WHQJDPRV XQD DJULFXOWXUD PiV DGDSWDGD DO FDPELR
FOLPiWLFR\PiVEDMDHQFDUERQR
% &LQFRPHQVDMHVVREUHLQYHVWLJDFLyQHQFDPELRFOLPiWLFR
\DJULFXOWXUD
3URGXFLU DOLPHQWRV SDUD XQD SREODFLyQ PXQGLDO HQ FUHFLPLHQWR HV XQR GH ORV UHWRV TXH HQIUHQWDPRV
TXLHQHV WUDEDMDPRV HQ HO VHFWRU DJUtFROD $ HVWH GHVDItR VH KD VXPDGR HQ ORV ~OWLPRV DxRV HO UHWR GHO
FDPELRFOLPiWLFR
(O *UXSR &RQVXOWLYR SDUD OD ,QYHVWLJDFLyQ $JUtFROD ,QWHUQDFLRQDO &*,$5 SRU VXV VLJODV HQ
LQJOpVGHOFXDOIRUPDSDUWHHO&,$7QDFLyDILQDOHVGHORVDxRVVHVHQWDSDUDKDFHUOHIUHQWHDOUHWRGHOD
DOLPHQWDFLyQ HQ XQ FRQWH[WR GH JUDQ FUHFLPLHQWR GH OD SREODFLyQ PXQGLDO +R\ IUHQWH DO UHWR GHO
FDPELR FOLPiWLFR HO &*,$5 \ VXV FHQWURV GH LQYHVWLJDFLyQ DVRFLDGRV DOUHGHGRU GHO PXQGR HVWiQ

5HVXPHQGHODSUHVHQWDFLyQGH(OFLR3*XLPDUDHV'LUHFWRUGH,QYHVWLJDFLyQSDUD$PpULFD/DWLQD\HO&DULEH&HQWUR,QWHUQDFLRQDO
GH$JULFXOWXUD7URSLFDO&,$7&DOL&RORPELD

LQPHUVRV HQ XQ SURFHVR GH FDPELRV HQ VX PDQHUD GH WUDEDMDU $Vt D SDUWLU GHO OD PRGDOLGDG GH
RSHUDFLyQGHO&*,$5VHUiSRU3URJUDPDGH,QYHVWLJDFLyQ&53FRQPDQGDWRJOREDO
(O SULPHU &53 DSUREDGR HV SUHFLVDPHQWH HO GH ³&DPELR FOLPiWLFR DJULFXOWXUD \ VHJXULGDG
DOLPHQWDULD´ORTXHHYLGHQFLDODLPSRUWDQFLDTXHHO&*,$5OHHVWiRWRUJDQGRDOWHPD(O&,$7SRUVX
FDSDFLGDG \ OLGHUD]JR WpFQLFR KD VLGR QRPEUDGR FRPR FRRUGLQDGRU GH HVH SURJUDPD JOREDO (Q HVWH
FRQWH[WRVHSUHVHQWDQFLQFRPHQVDMHVFODYHVSDUDODUHIOH[LyQ
(O SULPHU DVSHFWR HVWi UHODFLRQDGR FRQ OD SUHFLVLyQ GH ORV PRGHORV FOLPiWLFRV JOREDOHV *&0
SDUD GHWHUPLQDU HO DOFDQFH GH ORV FDPELRV FOLPiWLFRV $XQTXH pVWRV HVWiQ VXMHWRV D XQD VHULH GH
LQWHUURJDQWHV\OLPLWDFLRQHVWpFQLFDVTXHGHULYDQHQLQFHUWLGXPEUHVVREUHVXVUHVXOWDGRVVLJXHQVLHQGR
SRUHOPRPHQWRODVPHMRUHVKHUUDPLHQWDV\IXHQWHVGHLQIRUPDFLyQTXHWHQHPRVSDUDHQWHQGHUDQDOL]DU
\ WRPDU GHFLVLRQHV VREUH ORV HIHFWRV GH ORV FDPELRV FOLPiWLFRV JOREDOHV ,QGHSHQGLHQWH GHO JUDGR GH
LQFHUWLGXPEUH GH FDGD PRGHOR QR KD\ GXGD GH TXH ODV WHPSHUDWXUDV VH HVWiQ LQFUHPHQWDQGR /RV
GLIHUHQWHV HVFHQDULRV UHODFLRQDGRV FRQ ODV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR WDPELpQ LQGLFDQ
LQFUHPHQWRVHVVXVFRQFHQWUDFLRQHVHQODDWPyVIHUD(OSULPHUPHQVDMHSRUORWDQWRHVHOVLJXLHQWH³6t
KD\ LQFHUWLGXPEUH FLHQWtILFD HQ ORV *&0 XWLOL]DGRV HQ DJULFXOWXUD VLQ HPEDUJR WHQHPRV TXH WRPDU
GHFLVLRQHVGHQWURGHXQFRQWH[WRGHLQFHUWLGXPEUH´
8WLOL]DQGR ORV *&0 \ ORV SDUiPHWURV UHODFLRQDGRV FRQ ODV FDUDFWHUtVWLFDV GH GHVDUUROOR GH
GLIHUHQWHV FXOWLYRV SRGHPRV GHWHUPLQDU FXiOHV VRQ ODV UHJLRQHV GHO PXQGR \ ORV FXOWLYRV TXH VHUiQ
IDYRUHFLGRV SRU ORV FDPELRV FOLPiWLFRV \ FXiOHV VRQ ORV TXH VHUiQ GHVIDYRUHFLGRV HQ ORV GLVWLQWRV
HVFHQDULRV SRU HMHPSOR DO DxR /D SUHFLVLyQ GH OD LQIRUPDFLyQ YD D GHSHQGHU GH OD FDQWLGDG \
FDOLGDGGHORVGDWRVGLVSRQLEOHVSDUDFDGDUHJLyQ/RVDQiOLVLVGHHVDVLQIRUPDFLRQHVSHUPLWHQKDFHUXQD
]RQLILFDFLyQ IXWXUD SDUD DSR\DU SROtWLFDV GH GHVDUUROOR (Q HVWH VHQWLGR HO VHJXQGR PHQVDMH HV ³(O
FDPELRFOLPiWLFR\DHVWiFRQQRVRWURV\YDDVHJXLUDIHFWDQGRORVFXOWLYRV\ODVRVWHQLELOLGDGDJUtFROD
SHURWHQHPRVKHUUDPLHQWDVSDUDWRPDUGHFLVLRQHV´
(O &,$7 KD UHDOL]DGR HVWXGLRV HQ &RORPELD VREUH ORV SULQFLSDOHV FXOWLYRV HQ WRGRV ORV
GHSDUWDPHQWRVGHOSDtV/RVUHVXOWDGRVLQGLFDQTXHDOJXQRVGHHVRVFXOWLYRVVHUiQEHQHILFLDGRVFRQORV
FDPELRVFOLPiWLFRVSHURODPD\RUtDVHUtDQDIHFWDGRVQHJDWLYDPHQWH$QLYHOGHSDUWDPHQWDOIXHSRVLEOH
GHWHUPLQDUFXiOHVGHSDUWDPHQWRVWHQGUtDQJDQDQFLDV\FXiOHVWHQGUtDQSpUGLGDVHQORVFXOWLYRVDQDOL]DGRV
HQHOIXWXURSUy[LPRDxR(ODQiOLVLVGHORVGDWRVSHUPLWLyFRQFOXLUTXHORVFXOWLYRVSHUPDQHQWHV
GHO 3,% HQ VHUtDQ ORV PiV DIHFWDGRV QHJDWLYDPHQWH \ TXH PXFKRV GH ORV FXOWLYRV
DIHFWDGRV VRQ FXOWLYDGRV SRU DJULFXOWRUHV SHTXHxRV H LPSRUWDQWHV SDUD OD VHJXULGDG DOLPHQWDULD
7RPDQGR HQ FXHQWD HVWH WLSR GH UHVXOWDGRV HO WHUFHU PHQVDMH HV ³+D\ UHWRV \ RSRUWXQLGDGHV SRU OR
WDQWRFDGDSDtVGHEHUtDWHQHUXQDHVWUDWHJLDSDUDWUDEDMDUDPERV´
(O~OWLPRPHQVDMHHVWiUHODFLRQDGRFRQHOUROGHODLQYHVWLJDFLyQ(OHMHPSORGHODLQYHVWLJDFLyQ
HQ HO FXOWLYR GHO IULMRO PXHVWUD FyPR OD LQYHVWLJDFLyQ TXH GHVDUUROOD HO &,$7 HVWi FRQWULEX\HQGR D VX
DGDSWDFLyQDOFDPELRFOLPiWLFR$SDUWLUGHOFRQRFLPLHQWRGHODVSULQFLSDOHViUHDVVHPEUDGDVFRQIULMRO
HQ HO PXQGR ORVSDUiPHWURVGH GHVDUUROOR GHOFXOWLYR\ORVPRGHORVJOREDOHVGHFDPELRFOLPiWLFRVH
HVWLPDURQORVHIHFWRVGHOLQFUHPHQWRGHODVWHPSHUDWXUDV\GHODFDQWLGDGGHDJXDHQGLIHUHQWHVUHJLRQHV
GHO PXQGR (O HVWXGLR SHUPLWLy GHFLU TXH HV PiV HILFLHQWH LQYHUWLU HQ SURJUDPDV GH PHMRUDPLHQWR
JHQpWLFR SDUD OD VHTXtD YLVDYLV OD LQXQGDFLyQ \ SDUD HO FDORU YLVDYLV HO IUtR 3RU OR WDQWR HO FXDUWR
PHQVDMHHV³(OFRQRFLPLHQWRFLHQWtILFR\HOXVRGHKHUUDPLHQWDVGHFDPELRFOLPiWLFRHVWiQD\XGDQGRD
GHWHUPLQDVSULRULGDGHVGHLQYHVWLJDFLyQ´
(QUHVXPHQORVFDPELRVFOLPiWLFRV\DHVWiQFDXVDQGRHIHFWRVHQQXHVWURVFXOWLYRVDOUHGHGRUGHO
PXQGR\SRUORWDQWRQHFHVLWDPRVVDEHUTXpKDFHUFyPRKDFHUORFXiQGRKDFHUOR\GyQGHKDFHUOR3DUD
HVR HV QHFHVDULR DQDOL]DU HO SUREOHPD DQDOL]DU ODV RSFLRQHV GH DGDSWDFLyQ \ PLWLJDFLyQ HYDOXDU OD
UHODFLyQ FRVWREHQHILFLR SDUD HO VHFWRU H LPSOHPHQWDU ODV RSFLRQHV VHOHFFLRQDGDV 3HUR HO SXQWR
IXQGDPHQWDO\PHQVDMHILQDOHV³1RHVSHUDUWHQHPRVTXHHQWUDUHQDFFLyQLQPHGLDWDPHQWH´

& ,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV)RUHVWDOHV$JUtFRODV\
3HFXDULDVGH0p[LFR
(O,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV)RUHVWDOHV$JUtFRODV\3HFXDULDV,1,)$3GH0p[LFRHVXQD
LQVWLWXFLyQ IHGHUDO DGVFULWD D OD 6HFUHWDUtD GH $JULFXOWXUD *DQDGHUtD \ 3HVFD \ $FXDFXOWXUD
6$*$53$ 7LHQH FRPR PDQGDWR OD JHQHUDFLyQ GH FRQRFLPLHQWR FLHQWtILFR H LQQRYDFLRQHV
WHFQROyJLFDV DJURSHFXDULDV \ IRUHVWDOHV HQ UHVSXHVWD D ODV GHPDQGDV \ QHFHVLGDGHV GH ODV FDGHQDV
DJURLQGXVWULDOHV \ GH ORV GLIHUHQWHV WLSRV GH SURGXFWRUHV SDUD FRQWULEXLU DO GHVDUUROOR UXUDO VRVWHQLEOH
PHMRUDQGRODFRPSHWLWLYLGDG\PDQWHQLHQGRODEDVHGHUHFXUVRVQDWXUDOHV
(QHO,1,)$3ODLQYHVWLJDFLyQVHDERUGDPHGLDQWHODLPSOHPHQWDFLyQGHUHGHVGHLQYHVWLJDGRUHV
VREUHODVWHPiWLFDVGHPD\RULPSRUWDQFLDSDUDORVVHFWRUHVDJURSHFXDULR\IRUHVWDO8QDGHHVWDVUHGHVHV
OD GH $JURPHWHRURORJtD \ 0RGHODMH OD FXDO WLHQH FRPR PLVLyQ GHVFULELU ODGLVSRQLELOLGDG GH UHFXUVRV
DPELHQWDOHV DFWXDOHV \ IXWXURV SDUD ODSUiFWLFDGHDJULFXOWXUD JDQDGHUtD \ DSURYHFKDPLHQWR IRUHVWDO \
PRGHODU OD UHVSXHVWD GH FXOWLYRV \ RUJDQLVPRV UHODFLRQDGRV FRQ HVWDV DFWLYLGDGHV D OD YDULDFLyQ
DPELHQWDO\GHPDQHMRHQORVVLVWHPDVSURGXFWLYRV
(QHOFRQWH[WRGHOFDPELRFOLPiWLFRHVWDWDUHDVHFRQYLHUWHHQXQYHUGDGHURUHWRTXHKDOOHYDGR
DO GLVHxR GH XQD HVWUDWHJLD GH WUDEDMR SDUD GDUOH PD\RU HILFLHQFLD D ORV HVIXHU]RV GH LQYHVWLJDFLyQ HQ
HVWDV WHPiWLFDV (VD HVWUDWHJLD FRQWHPSOD HO WUDEDMR SDUWLFLSDWLYR H LQWHUDFWLYR GH SUiFWLFDPHQWH ODV
UHGHV GH LQYHVWLJDFLyQ TXH DFWXDOPHQWH LQWHJUDQ HO DSDUDWR GH LQYHVWLJDFLyQ LQVWLWXFLRQDO EDMR OD
FRRUGLQDFLyQ GH OD 5HG GH $JURPHWHRURORJtD \ 0RGHODMH 'LFKD HVWUDWHJLD WLHQH FRPR REMHWLYR
IXQGDPHQWDO FDUDFWHUL]DU OD FOLPDWRORJtD \ DJURFOLPDWRORJtD GH ODV UHJLRQHV KtGULFDV GHO SDtV VHJ~Q
GHILQLFLyQGHO3180$EDMRXQHQIRTXHUHWURVSHFWLYRDFWXDO\SURVSHFWLYRFDPELRFOLPiWLFR
(O HQIRTXH UHWURVSHFWLYR VH UHDOL]D PHGLDQWH OD FRQIRUPDFLyQ GH EDQFRV GH GDWRV
GHQGURFURQROyJLFRV \ GH SUHFLSLWDFLyQ \ OD FDUDFWHUL]DFLyQ GH VHULHV GH WLHPSR GH HVWDFLRQHV
FOLPDWROyJLFDV(OEDQFRGHGDWRVGHQGURFURQROyJLFRVVHKDYHQLGRFRQVWUX\HQGRDSDUWLUGHDQLOORVGH
3VHXGRWVXJDVSS3LQXVDUL]RQLFD3LQXVFHPEURLGHV3LQXVOXPKROW]LL\7D[RGLXPPXFURQDWXP\RWUDV
HVSHFLHV TXH VH KDQ LQFRUSRUDGR PiV UHFLHQWHPHQWH (O HQIRTXH GH FOLPDWRORJtD DFWXDO VH REWLHQH
PHGLDQWH HO DQiOLVLV GH WHQGHQFLD \ SXQWRV GH TXLHEUH GH ODV VHULHV GH GDWRV GH ODV HVWDFLRQHV < HO
HQIRTXH SURVSHFWLYR PHGLDQWH OD LPSOHPHQWDFLyQ GH XQ ³PRGHOR HQVDPEOH´ D SDUWLU GH PRGHORV GH
FLUFXODFLyQJHQHUDODYDODGRVSRUHO,3&&
7RPDQGR HQ FXHQWD HVWDV FDUDFWHUL]DFLRQHV VH HYDO~DQ ORV LPSDFWRV GH ORV FDPELRV FOLPiWLFRV
VREUHORVVLVWHPDVSURGXFWLYRVDJUtFRODVXWLOL]DQGRDGHPiVLQIRUPDFLyQFRPSOHPHQWDULDUHIHUHQWHDOD
HFRORJtDGHFXOWLYRVHFRORJtDGHSUiFWLFDVDJUtFRODV\HFRORJtDGHRUJDQLVPRVGDxLQRV
8QDYH]HYDOXDGRHVWHLPSDFWRVHGLVHxDQPHGLGDVGHDGDSWDFLyQDOFDPELRFOLPiWLFRSDUDODV
FXDOHV HO ,1,)$3 KD GHVDUUROODGR XQD FODVLILFDFLyQ HQ FXDWUR FDWHJRUtDV D FDVRV HQ ORV TXH QR VH
UHTXLHUHQPHGLGDVEFDVRVHQORVVHUHTXLHUHQPHGLGDVHQIRFDGDVDDGHFXDUSUiFWLFDVGHSURGXFFLyQ
FFDVRVHQORVTXHVHUHTXLHUHFDPELDUSUiFWLFDVGHSURGXFFLyQ\HOJHQRWLSRGHVLHPEUD\GFDVRVHQ
ORVTXHVHUHTXLHUHXQDUHFRQYHUVLyQGHOSDWUyQGHFXOWLYRV
/RVUHVXOWDGRVREWHQLGRVGHOPRGHORHQVDPEOHKDVWDODIHFKDVHxDODQTXHHQ0p[LFRHOSDWUyQGH
FDPELRFOLPiWLFRPiVJHQHUDOL]DGRSDUDHOWUDQVFXUVRGHOSUHVHQWHVLJORHVHOTXHGHVFULEHXQHVFHQDULR
GH PD\RU WHPSHUDWXUD \ PHQRU SUHFLSLWDFLyQ VLHQGR OD YDULDFLyQ SOXYLDO PHQRV VLJQLILFDWLYD TXH OD
YDULDFLyQWpUPLFD3DUDODFOLPDWRORJtD\HVFHQDULR$VHHVSHUDXQFDOHQWDPLHQWRGHD
&FRQXQLQWHUYDORSUHGRPLQDQWHGHD&\XQDGLVPLQXFLyQGHODSUHFLSLWDFLyQDQXDOGH
HQWUH\PPFRQXQLQWHUYDORSUHGRPLQDQWHGHDPP

5HVXPHQ GH OD SUHVHQWDFLyQ GH -RVp $ULHO &RUUDO &RRUGLQDGRU 1DFLRQDO GH OD 5HG GH $JURPHWHRURORJtD \ 0RGHODMH ,QVWLWXWR
1DFLRQDOGH,QYHVWLJDFLRQHV)RUHVWDOHV$JUtFRODV\3HFXDULDVGH0p[LFR

(VWRV FDPELRV FOLPiWLFRV UHSUHVHQWDQ XQ LPSDFWR HQ WpUPLQRV GH LQFUHPHQWR GH OD
HYDSRWUDQVSLUDFLyQ SRWHQFLDO (73 LQFUHPHQWR HQODDFXPXODFLyQ GHJUDGRVGtDGHGHVDUUROOR*''
SDUDFXOWLYRV\XQDPHQRUGLVSRQLELOLGDGGHKXPHGDGSDUDORVFXOWLYRVGXUDQWHHOFLFORGHSURGXFFLyQ
(Q iUHDV SURGXFWRUDV GH PDt] \ IULMRO OD (73 VH LQFUHPHQWDUtD GH D PP GXUDQWH HO FLFOR GH
SURGXFFLyQPLHQWUDVTXHHQiUHDVSURGXFWRUDVGHDJXDFDWH\QDUDQMDOD(73VHLQFUHPHQWDUtDGHD
PP GXUDQWH OD WULGpFDGD HVFHQDULR $ /D DFXPXODFLyQ GH *'' HQ iUHDV GH IULMRO \
PDt]VHLQFUHPHQWDUiGHD\GHDUHVSHFWLYDPHQWH0LHQWUDVTXHHQiUHDVGHDJXDFDWH\
QDUDQMDHOLQFUHPHQWRVHUiGHD*''(VWRUHGXFLUiHOFLFORYHJHWDWLYRHQGtDV
\HQIULMROPDt]DJXDFDWH\QDUDQMDUHVSHFWLYDPHQWH
&RQVLGHUDQGR HVWRV FDPELRV ODV PHGLGDV GH DGDSWDFLyQ FRQWHPSODQ IXQGDPHQWDOPHQWH OD
REWHQFLyQGHQXHYDVYDULHGDGHVDSDUWLUGHQXHYDVSREODFLRQHVJHQpWLFDVIRUPDGDVDSDUWLUGHOtQHDVGH
SODQWDV DFWXDOHV \ QXHYDV OtQHDV JHQHUDGDV D SDUWLU GH SDULHQWHV VLOYHVWUHV \ UD]DV GH ODV HVSHFLHV
FXOWLYDGDV3DUDHOORVHWLHQH\DODFDUDFWHUL]DFLyQGHGHVFULSWRUHVHFROyJLFRVGHUD]DVGHPDt]QDWLYDV
GH0p[LFR\HVSHFLHVVLOYHVWUHVGHIULMROSUHVHQWHVHQHOSDtV(QWUHHVWRVWD[DVVHKDQLGHQWLILFDGR\D
PDWHULDOHVJHQpWLFRVTXHGHVDUUROODQEDMRDPELHQWHVTXHHVWDEOHFHQFRQGLFLRQHVGHGLYHUVDLQWHQVLGDGGH
VHTXtDDVtFRPRGHDOWDVWHPSHUDWXUDVHVWDFLRQDOHV
' (PSUHVD%UDVLOHxDGH,QYHVWLJDFLyQ$JUtFROD
/D(PSUHVD%UDVLOHxDGH,QYHVWLJDFLyQ$JUtFROD(0%5$3$GH%UDVLOHVXQDHQWLGDGJXEHUQDPHQWDO
YLQFXODGDDO0LQLVWHULRGH$JULFXOWXUD*DQDGHUtD\$EDVWHFLPLHQWR&UHDGDHQWLHQHFRPRPLVLyQ
YLDELOL]DUVROXFLRQHVGHLQYHVWLJDFLyQGHVDUUROORHLQQRYDFLyQSDUDODVRVWHQLELOLGDGGHODDJULFXOWXUDHQ
EHQHILFLRGHODVRFLHGDGEUDVLOHxD
(0%5$3$ WLHQH XQ iPELWR GH DFWXDFLyQ QDFLRQDO \ DUWLFXOD VX WUDEDMR DOUHGHGRU GH UHGHV
WHPiWLFDV 6XV iUHDV GH LQYHVWLJDFLyQ SULRULWDULDV LQFOX\HQ OD DJULFXOWXUD WURSLFDO OD JDQDGHUtD \ HO
DPELHQWH(VODRUJDQL]DFLyQOtGHUHQSUR\HFWRVGHDOFDQFHQDFLRQDOHQLQYHVWLJDFLyQDJUtFROD
3URJUDPDGHLQYHVWLJDFLyQVREUHDJULFXOWXUDWURSLFDO
\FDPELRFOLPiWLFR
/DVDFWLYLGDGHVGH(0%5$3$HQPDWHULDGHFDPELRFOLPiWLFRVHDUWLFXODQEDMRHOGHQRPLQDGR0DFUR
3URJUDPD³6LPXODFLyQGH(VFHQDULRV$JUtFRODV)XWXURV´6&$)SRUVXVLJODVHQSRUWXJXpVHOFXDO
WLHQHFRPRREMHWLYRHYDOXDU\FXDQWLILFDUORVLPSDFWRVSURYRFDGRVSRUORVFDPELRVFOLPiWLFRVJOREDOHV
VREUH ORV SULQFLSDOHV FXOWLYRV GH %UDVLO SRU PHGLR GH OD VLPXODFLyQ GH HVFHQDULRV DJUtFRODV IXWXURV
EDVDGRV HQ ODV SUR\HFFLRQHV GH HVFHQDULRV FOLPiWLFRV UHJLRQDOL]DGRV &RQ HOOR VH EXVFD DSR\DU HO
GHVDUUROORGHGLUHFWULFHVHVWUDWpJLFDVSDUDRULHQWDUODQXHYDPDWUL]SURGXFWLYDGHOSDtV
(OSURJUDPDLQWHJUDSUR\HFWRVGHFXDWURiUHDVWHPiWLFDVDJURPHWHRURORJtDLQYHQWDULRVGHJDVHV
GH HIHFWR LQYHUQDGHUR VXHORV\DJURHQHUJtD$ILQDOHVGHH[LVWtDQDOUHGHGRUGHSUR\HFWRVGH
LQYHVWLJDFLyQ UHODFLRQDGRV FRQ HO FDPELR FOLPiWLFR HQ ORVTXHSDUWLFLSDQ FHQWURVGH LQYHVWLJDFLyQ
WDQWRGH(0%5$3$FRPRGHXQLYHUVLGDGHV/DGLVWULEXFLyQGHWDOHVSUR\HFWRVHQWUHORVFRPSRQHQWHV
TXHLQWHJUDQHO0DFUR3URJUDPDHVODVLJXLHQWH
SUR\HFWRVGHLQYHVWLJDFLyQHQLQIUDHVWUXFWXUD\UHFROHFFLyQGHLQIRUPDFLyQEDVHVGHGDWRV
\RWURVLQVXPRVFHQWURV
SUR\HFWRVVREUHDQiOLVLVGHWHQGHQFLDV\PRQLWRUHRDPELHQWDOFHQWURV
SUR\HFWRVVREUHPRGHODPLHQWRGHVLVWHPDVDJURIRUHVWDOHVFHQWURV

5HVXPHQGHODSUHVHQWDFLyQGH$U\HYHUWRQ)RUWHVGH2OLYHLUD

SUR\HFWRVVREUHGHILQLFLyQGHHVFHQDULRVDJURIRUHVWDOHVFHQWURV
SUR\HFWRVGHPLWLJDFLyQFHQWURV
SUR\HFWRVGHDGDSWDFLyQFHQWURV
SUR\HFWRVHQDQiOLVLVGHULHVJR\VRVWHQLELOLGDGHFRQyPLFDVRFLDO\DPELHQWDOFHQWURV
SUR\HFWRVVREUHPHUFDGRV GHFDUERQR VHUYLFLRVDPELHQWDOHV WUDQVIHUHQFLD GH WHFQRORJtD \
SROtWLFDVS~EOLFDVFHQWURV

/DVLJXLHQWHILJXUDLOXVWUDFyPRVHDUWLFXODGLFKDSODWDIRUPDGHWUDEDMR

),*85$,,
352*5$0$'(75$%$-2'((0%5$3$(1&$0%,2&/,0È7,&2

&DPELRFOLPiWLFR±(VFHQDULRV,3&&
,QWHUDFFLRQHV
SUR\HFWR )URQWHUDGHDFWXDFLyQ
$QiOLVLVGHWHQGHQFDLV

0RQLWRUHRGHFRQGLFLRQHVDPELHQWDOHV
%DVHGHGDWRV
PHWHUHROyJLFD
)LQDFLDPLHQWRPHUFDGRVGH& VHUYLFLRVDPELHQWDOHV
73HYHQWRVH[WHUQRV HYROXFLyQGHWHQGHQFLDV EDODQFHVKtGULFRVSRUFXHQFD
FDPELRGHXVRGHODWLHUUD VHTXtDVHLQXQGDFLRQHV

7UDQVIHUHQFLDGHWHFQRORJtD\SROtWLFDVS~EOLFV
TXHPDVDJUtFRODV\IRUHVWDOHV GHVHUWLILFDFLyQ

0RGHODPLHQWRVLVWHPDVDJUtFRODV\IRUHVWDOHV

'HIGHHVFHQDULRVDJURIRUHVWDOHV
SDUDPHWUL]DFLyQ\VLPXODFLyQ
$GDSWDWLRQ
0LWLJDFLyQ
DJUtFRODV
QXHYRVVLVWHPDV
*DVHV
FDPELRHQVLVWHPD SURGXFWLYRV
'HVDUUROORGHHVWiQGDUHV
3DUDLQFUHPHQWRGH&2
6LVWHPDV SURGXFWLYR\VXVWLW ELRWHFQRORJtD

3DUDLQFUHPHQWRGH3
3DUDLQFUHPHQWRGH7
3DUDUHGXFFLyQGH3
SURGXFWLYRV FXOWLYRV PHMJHQpWLFRYDU

&XOWLYRVDQLPDOHV
DOPDFpQGH&HQ
UHVLVWHQWHVD7VHTXtDH

%DVHGHGDWRV
SHVWHV 3URGXFWRV\ IORUDVXHORVDJULF LQXQGDFLRQHV

(QIHUPHGDGHV UHGXFFLyQGH JHQtPLFD
GHVXHORV
VLPELyWLFRV
UHVLGXRVGH
GHIRUHVWDFLyQ\TXHPDV QDQRVHFXHQF
SURFHVDPLHQWR HQHUJtDVDOWHUQDWLYDV\ SURVSJHQHV
ELRFRPEXVWLEOHV QXHYDVWHFQRORJtDV
%DODQFHHTXLY QXHYDVSROtWLFDVS~EOLFDV
&&2
VRLO

3ODWDIRUPDDJUR

HQHUJtD

$QiOLVLVGHULHVJR\VRVWHQLELOLGDG±VRFLDOHFRQyPLFD DPELHQWDO

)XHQWH(0%5$3$
=RQHDPLHQWRGHULHVJRVFOLPiWLFRVDJUtFRODV
8QD GH ODV LQLFLDWLYDV SLRQHUDV GH (0%5$3$ UHIHUHQWH DO FDPELR FOLPiWLFR HVWi UHODFLRQDGD FRQ HO
]RQHDPLHQWR GH ORV ULHVJRV FOLPiWLFRV SDUD OD DJULFXOWXUD (O SURJUDPD VH LQWURGXMR HQ FRQ HO
REMHWLYRGHRULHQWDUTXpFXiQGR\GyQGHSODQWDUGHPDQHUDTXHODSUREDELOLGDGGHp[LWRVHDVXSHULRUDO
(OSUR\HFWRHVWiFDUJRGH(0%5$3$,QIRUPiWLFD\GHO&HQWURGH,QYHVWLJDFLRQHV0HWHRUROyJLFDV
\&OLPiWLFDV$SOLFDGDVDOD$JULFXOWXUD&(3$*5,GHOD8QLYHUVLGDGGH&DPSLQKDV+DVWDHOVH
KDEtDQHYDOXDGRFXOWLYRV/RVUHVXOWDGRVVHUHYLVDQFDGDDxR$FWXDOPHQWHHVXQSUR\HFWRGHDSR\RD
ODVSROtWLFDVS~EOLFDVHMHFXWDGRSRUHO0LQLVWHULRGH$JULFXOWXUDHQHOTXHSDUWLFLSDQLQYHVWLJDGRUHV
EHFDULRV\LQVWLWXFLRQHV

3DUD UHDOL]DU HO ]RQHDPLHQWR VH KD GHVDUUROODGR XQD KHUUDPLHQWD GHQRPLQDGD $JULWHPSR
ZZZDJULWHPSRJRYEU PHGLDQWH OD FXDO VH UHDOL]DQ ORV DQiOLVLV \ VLPXODFLRQHV TXH VH REWLHQHQ GH
PRGHORV TXH LQWHJUDQ LQIRUPDFLyQ GH FOLPDWROyJLFD DFWXDO SUHFLSLWDFLyQ WHPSHUDWXUD GHILFLHQFLD GH
DJXDFRQLQIRUPDFLyQKLVWyULFDGHORVFXOWLYRVFLFORV\IDVHVIHQROyJLFDVFRHILFLHQWHVGHFRVHFKDIDVHV
IHQROyJLFDVFUtWLFDVUHWHQFLyQGHDJXDHQHOVXHORUHTXHULPLHQWRVGHDJXD
8QDLPSRUWDQWHOtQHDGHLQYHVWLJDFLyQGHOSUR\HFWRKDVLGRGHWHUPLQDUORVSRVLEOHVLPSDFWRVGHO
FDPELRFOLPiWLFRVREUHHODFWXDO]RQHDPLHQWREUDVLOHxRGHULHVJRVFOLPiWLFRVDJUtFRODV(OREMHWLYRHV
GHWHUPLQDUFyPRVHUtDOD]RQLILFDFLyQGHODVFRQGLFLRQHVGHULHVJRVFOLPiWLFRVEDMRORVHVFHQDULRVGHO
,3&&HQORVDxRV\\FyPRFDPELDUHVSHFWRGHO$ODIHFKDVHKDGHVDUUROODGROD
]RQLILFDFLyQSDUDODFDxDGHD]~FDUODVR\D\HOFDIpDUiELJD
,QYHVWLJDFLyQVREUHDGDSWDFLyQ\PLWLJDFLyQ
(0%5$3$ GHVDUUROOD LQYHVWLJDFLyQ HQ WHPDV GH PLWLJDFLyQ \ DGDSWDFLyQ IRFDOL]DGRV HQ VLVWHPDV GH
FXOWLYR GH ODEUDQ]D PtQLPD QR WLOODJH \ PDQHMR GH VXHORV SURVSHFFLyQ GH JHQHV H LQWURGXFFLyQ GH
JHQHVFRQUHVLVWHQFLDDODVHTXtD
(Q HO iPELWR GH OD DGDSWDFLyQ GHVDUUROOD SUR\HFWRV GH LQYHVWLJDFLyQ HQ QXHYRV VLVWHPDV
SURGXFWLYRVWDQWRHQORUHODWLYRDODLQWURGXFFLyQGHQXHYRVFXOWLYRVFRPRODH[SORUDFLyQGHFXOWLYRVHQ
QXHYDViUHDVPHMRUDPLHQWRJHQpWLFRGHYDULHGDGHVUHVLVWHQWHVDODVDOWDVWHPSHUDWXUDV\GHYDULHGDGHV
UHVLVWHQWHV D OD VHTXtD 3DUD HOOR VH DSR\D HQ QXHYDV WHFQRORJtDV WDOHV FRPR OD JHQyPLFD HO
QDQRVHFXHQFLDPLHQWR\ODSURVSHFFLyQJHQpWLFD
8Q HMHPSOR H[LWRVRGHODLQYHVWLJDFLyQHQPHMRUDPLHQWRJHQpWLFRKDVLGRODLQWURGXFFLyQGHXQ
JHQHWROHUDQWHDODVHTXtDHQXQDYDULHGDG\DH[LVWHQWH%5GDQGROXJDUDXQDQXHYDYDULHGDGFRQ
PD\RUUHVLVWHQFLDDODVHTXtD3
(QHOiUHDGHODPLWLJDFLyQVHWUDEDMDHQODUHGXFFLyQHOLPLQDFLyQGHODTXHPDHQORVVLVWHPDVGH
FXOWLYR OD VXVWLWXFLyQ GH FRPEXVWLEOHV IyVLOHV SRU ELRFRPEXVWLEOHV FDxD GH D]~FDU DFHLWH GH SDOPD \
RWURV DGRSFLyQ GHSUiFWLFDV GHDJULFXOWXUD FRQVHUYDFLRQLVWDOD LQWURGXFFLyQ GH VLVWHPDV HILFLHQWHV GH
DOPDFHQDPLHQWRGHFDUERQRHQHOVXHORODUHIRUHVWDFLyQ\DIRUHVWDFLyQ\HOXVRGHIXHQWHVDOWHUQDWLYDVGH
HQHUJtDHQHOVHFWRU
1XHYRVSUR\HFWRV
(O SURJUDPD GH WUDEDMR GH (0%5$3$ HQ FDPELR FOLPiWLFR VH KD DPSOLDGR FRQ OD FUHDFLyQ GH WUHV
QXHYDV UHGHV XQD UHG GH JUDQRV XQD UHG IRUHVWDO \ XQD UHG GH JDQDGHUtD (VWDV UHGHV IRFDOL]DQ VX
WUDEDMRHQOD$PD]RQtDHO%RVTXH$WOiQWLFR\HQODV]RQDVGHO&HUUDGR&DWLQJD3DQWDQDO\3DPSD/RV
iPELWRV GH WUDEDMR LQFOX\HQ HO PRGHODPLHQWR ELRItVLFR HO PRGHODPLHQWR HFRQyPLFR HO VHQVRUDPLHQWR
UHPRWR\/8/&&\HOGHVDUUROORGHVLVWHPDVGHLQIRUPDFLyQ
' ,QVWLWXWRQDFLRQDOGH,QYHVWLJDFLRQHV$JURSHFXDULDV&KLOH
$QWHFHGHQWHV
(O ,QVWLWXWR 1DFLRQDO GH ,QYHVWLJDFLRQHV $JURSHFXDULDV ,1,$ HV OD SULQFLSDO LQVWLWXFLyQ GH
LQYHVWLJDFLyQDJURSHFXDULDGH&KLOHGHSHQGLHQWHGHO0LQLVWHULRGH$JULFXOWXUD)XHFUHDGRHQ/D
PLVLyQ GHO ,1,$ HV LQQRYDU HQ ODV FDGHQDV DJURSURGXFWLYDV SDUD PHMRUDU OD FRPSHWLWLYLGDG \
VXVWHQWDELOLGDG D WUDYpV GH OD JHQHUDFLyQ \ WUDQVIHUHQFLD RSRUWXQD GH FLHQFLD \ WHFQRORJtD (O ,1,$
IXQFLRQD FRPR XQD FRUSRUDFLyQ GH GHUHFKR SULYDGR VLQ ILQHV GH OXFUR GHSHQGLHQWH GHO 0LQLVWHULR GH

5HVXPHQGHODSUHVHQWDFLyQGH*XLOOHUPR'RQRVR'LUHFWRUGHO,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV$JUDULDV,1,$GH&KLOH

$JULFXOWXUD FRQ ILQDQFLDPLHQWR D WUDYpV GH IRQGRV S~EOLFRV \ SULYDGRV SUR\HFWRV GH LQYHVWLJDFLyQ \
YHQWDGHLQVXPRVWHFQROyJLFRV
'LVSRQHGHXQDFREHUWXUDJHRJUiILFDQDFLRQDOHQWUHOD,9\OD;,,UHJLRQHVDWUDYpVGHFHQWURV
UHJLRQDOHVGHLQYHVWLJDFLyQ&5,GHSDUWDPHQWRVODERUDWRULRVELEOLRWHFDV\XQSHUVRQDOLQWHJUDGRSRU
SURIHVLRQDOHV DOWDPHQWH FDOLILFDGRV OR TXH OH SHUPLWH UHDOL]DU XQD DGHFXDGD ODERU FRPR FHQWUR GH
LQYHVWLJDFLyQDOVHUYLFLRGHOVHFWRUVLOYRDJURSHFXDULR\UHDOL]DUODSUHVWDFLyQGLUHFWDGHVHUYLFLRV
(O,1,$\ODLQYHVWLJDFLyQYLQFXODGDDOFDPELRFOLPiWLFR
(O,1,$GHVDUUROODFXDWURSURFHVRVGHLQYHVWLJDFLyQUHODFLRQDGRVFRQHOFDPELRFOLPiWLFRDJHQyPLFD
ELRLQIRUPiWLFD ILVLRORJtD PROHFXODU H LQJHQLHUtD JHQpWLFD E 47/ JHQHV PDUFDGRUHV PROHFXODUHV
IHQRWLSRVFPHMRUDPLHQWRJHQpWLFR\GFXOWLYRVFRQPD\RUDGDSWDFLyQDOFDPELRFOLPiWLFR
/DPD\RU SDUWHGHODLQYHVWLJDFLyQ VH GHVDUUROOD HQXYDGHPHVDHVWUpVVDOLQR(XFDO\SWXVVSS
HVWUpVKtGULFRDUUR]HVWUpVDWHPSHUDWXUDSDSDVHVWUpVDVHTXtD\HQWULJR\IRUUDMHV7ULIRLXPVSS
/XWXVVSS\%URPXVVSSHVWUpVKtGULFR
&RQ ILQDQFLDPLHQWR GH )21'(&<7 &KLOH 1DWLRQDO 6FLHQFH )RXQGDWLRQ
\ GH )RQWDJUR%,' VH GHVDUUROOD XQ SUR\HFWR VREUH DGDSWDFLyQ GH VLVWHPDV
SURGXFWLYRVGHSDSD\WULJRDOFDPELRFOLPiWLFR(OSUR\HFWRVHGHVDUUROODHQFRODERUDFLyQFRQFHQWURV
GH LQYHVWLJDFLyQ HQ 3HU~ &HQWUR ,QWHUQDFLRQDO GH OD 3DSD \ 8UXJXD\ ,QVWLWXWR 1DFLRQDO GH
,QYHVWLJDFLyQ $JURSHFXDULD (Q VX IDVH DFWXDO HO SUR\HFWR WLHQH FRPR REMHWLYR DXPHQWDU OD
FRPSHWLWLYLGDG GH ORV VLVWHPDV SURGXFWLYRV GH SDSD \ WULJR D WUDYpV GH OD VHOHFFLyQ \ GHVDUUROOR GH
JHQRWLSRVFRQPD\RUWROHUDQFLDDODVHTXtD\DDOWDVWHPSHUDWXUDV7DPELpQHVWiRULHQWDGRDGHWHUPLQDU
HO LPSDFWR SRWHQFLDO GHO FDPELR FOLPiWLFR HQ OD UHJLyQ \ HQ HVWRV FXOWLYRV ,JXDOPHQWH VH SURSRQH
FRORFDUDGLVSRVLFLyQGHSURJUDPDVORFDOHV\GHSURGXFWRUHVORVJHQRWLSRV\JHQHVWROHUDQWHVDODVHTXtD
\ D DOWDV WHPSHUDWXUDV TXH SHUPLWDQ REWHQHU UHQGLPLHQWRV FRPSHWLWLYRV IUHQWH DO QXHYR HVFHQDULR
FDXVDGR SRU HO FDPELR FOLPiWLFR )LQDOPHQWH VH SUR\HFWD FUHDU XQD LQVWDQFLD UHJLRQDO GH WUDEDMR \ GH
GLVFXVLyQHQHOWHPDGHODDGDSWDFLyQGHORVFXOWLYRV\DPHQFLRQDGRVDOFDPELRFOLPiWLFR
$WUDYpVGHVXMRLQWYHQWXUHHO&HQWURGH*HQyPLFD1XWULFLRQDO$JURDFXtFROD&*1$GHVDUUROOD
FLHQFLD \ WHFQRORJtD HQ HO iUHD JHQyPLFD SDUD GHVFLIUDU EDVHV JHQpWLFDV TXH SHUPLWDQ HQIUHQWDU FRQ
PD\RUp[LWRHOFDPELRFOLPiWLFR(QHOiPELWRGHODDGDSWDFLyQDPELHQWDOHO&*1$EXVFDGHVDUUROODU
QXHYRVFXOWLYDUHVFRQPD\RUWROHUDQFLDDOHVWUpVKtGULFRWpUPLFR\UHVLVWHQFLDDSODJDV\HQIHUPHGDGHV
$GHPiV SUHWHQGH GHVDUUROODU FXOWLYDUHV GH FLFOR FRUWR GH DOWD HILFLHQFLD HQHUJpWLFD DOWR UHQGLPLHQWR
EDMDSURGXFFLyQGHUHVLGXRV\PHQRUUHTXHULPLHQWRGHLQVXPRV
(QHOiPELWRGHODFDOLGDGQXWULFLRQDOXQREMHWLYRHVGLVPLQXLUODSUHVHQFLDGHDQWLQXWULFLRQDOHV
ORVFXDOHVDXPHQWDQGHELGRDORVHVWUHVHVSURYRFDGRVSRUHOFDPELRFOLPiWLFR(OORHQDGLFLyQDOWUDEDMR
HQJHQyPLFDQXWULFLRQDOSDUDDXPHQWDUODFDQWLGDG\FDOLGDGGHSURWHtQDViFLGRVJUDVRV\FDUERKLGUDWRV
SRUXQLGDGGHVXSHUILFLH
(O,1,$WDPELpQKDSDUWLFLSDGRHQODHODERUDFLyQGHHVWXGLRVGHKXHOODGHFDUERQRGHSURGXFWRV
DJURSHFXDULRVH[SRUWDEOHVFRPRKDVLGRHOFDVRGHODFDUQHRYLQD\GHOYLQR
3DUWLFLSDFLyQHQUHGHV
(O ,1,$ SDUWLFLSD HQ UHGHV GH LQYHVWLJDFLyQ H LQLFLDWLYDV UHODFLRQDGDV FRQ HO FDPELR FOLPiWLFR (Q HO
iPELWR PXQGLDO SDUWLFLSD HQ HO /LYHVWRFN (PLVVLRQ DQG $EDWHPHQW 5HVHDUFK 1HWZRUN /($5
ZZZOLYHVWRFNHPLVVLRQVQHW *OREDO 5HVHDUFK $OOLHQFH ZZZJUDFRP 3DVWRUDO *UHHQKRXVH *DV
5HVHDUFK &RQVRUWLXP SUR\HFWRV GH ,' LQWHUQDFLRQDOHV S HM )RQWUDJUR \ HQ HVWXGLRV GH KXHOOD GH
FDUERQRHQGLVWLQWRVSDtVHVSHM1XHYD=HODQGD
(Q&KLOHDSR\DODDJHQGDGHFDPELRFOLPiWLFRGHO*RELHUQRQDFLRQDOSDUWLFLSDHQODHODERUDFLyQ
GH LQYHQWDULRV GH *(, HQ HO GHVDUUROOR H LPSOHPHQWDFLyQ GH PHWRGRORJtDV SDUDHPLVLRQHV GH*(, HQ

JUXSRV GH LQYHVWLJDFLyQ FRQ XQLYHUVLGDGHV H LQVWLWXWRV GH LQYHVWLJDFLyQ \ GHVDUUROOD SUR\HFWRV GH
LQYHVWLJDFLyQILQDQFLDGRVFRQUHFXUVRVQDFLRQDOHVSHM)RQGHF\W\H[WHUQRVSHM)RQWDJUR
&RPHQWDULRILQDO
3DUD&KLOHODPLWLJDFLyQGHOFDPELRFOLPiWLFRQRGHEHRFXUULUDH[SHQVDVGHGHVLQFHQWLYDURUHGXFLUOD
SURGXFFLyQGHDOLPHQWRVVLQRTXHGHEHVHUHOUHVXOWDGRGHUHGXFLUODVHPLVLRQHVGH*(,SRUXQLGDGGH
SURGXFWR(VWRDGLIHUHQFLDGHORVSDtVHVHXURSHRVHQGRQGHODPHQRUHPLVLyQDJUtFRODVHKDGDGRSRUOD
UHGXFFLyQ GH ODV SURGXFFLRQHV DQLPDOHV 'H DOOt OD LPSRUWDQFLD TXH VH OH RWRUJD HQ &KLOH D OD
LQYHVWLJDFLyQGHVDUUROORHLQQRYDFLyQHQODDJULFXOWXUD

,,, (OFDPELRFOLPiWLFRHQODV
DJHQGDVGHSROtWLFDVGH
RUJDQLVPRVUHJLRQDOHVGHO
VHFWRUDJURSHFXDULR
$ ,QWURGXFFLyQ
(O FDPELR FOLPiWLFR VH SUHVHQWD FRPR XQD UHDOLGDG HQ XQ SHUtRGR GH
FUHFLHQWH GHPDQGD GH DOLPHQWRV VHPLOODV ILEUD \ FRPEXVWLEOH /D
YDULDELOLGDG FOLPiWLFD DIHFWD GH PDQHUD LPSRUWDQWH OD EDVH GH UHFXUVRV
QDWXUDOHV GH OD TXH GHSHQGH OD DJULFXOWXUD /D UHODFLyQ HQWUH HO FDPELR
FOLPiWLFR \ OD DJULFXOWXUD HV XQ FDPLQR ELGLUHFFLRQDO OD DJULFXOWXUD
FRQWULEX\H DO FDPELR FOLPiWLFR GHYDULDV IRUPDV LPSRUWDQWHV \ pVWH DVX
YH]HQJHQHUDODIHFWDQHJDWLYDPHQWHODDJULFXOWXUD
/DVFRQVHFXHQFLDVGHOFDPELRFOLPiWLFRPXQGLDOHQODDJULFXOWXUD\
ORVHFRVLVWHPDVVRQD~QLQFLHUWDV%DVDGRVHQPRGHORVGHVLPXODFLyQORV
LPSDFWRV PiV SUREDEOHV VRQ HIHFWRV IDYRUDEOHV JHQHUDOHV SDUD ORV
PiUJHQHVPiVIUtRVGHOD]RQDWHPSODGD\FRQVHFXHQFLDVDGYHUVDVSDUDOD
]RQD VHPLiULGD VXEWURSLFDO /RV FDPELRV UHJLRQDOHV HQ HO FOLPD \D KDQ
DIHFWDGR D GLIHUHQWHV VLVWHPDV ItVLFRV \ ELROyJLFRV HQ PXFKDV SDUWHV GHO
PXQGR /RVSHULRGRVGH FUHFLPLHQWRHQWUHODV ODWLWXGHV PHGLDV \ DOWDVVH
KDQDODUJDGR6HKDQREVHUYDGRFDPELRVDOWLWXGLQDOHV\KDFLDORVSRORVHQ
ODGLVWULEXFLyQJHRJUiILFDGHYHJHWDOHV\DQLPDOHV,3&&D

/RV VLVWHPDV QDWXUDOHV EDMR ULHVJR GH VHU DIHFWDGRV SRU HO FDPELR FOLPiWLFR LQFOX\HQ ORV
JODFLDUHVDWRORQHVHFRVLVWHPDVSRODUHV\DOSLQRVSiUDPRVKXPHGDOHVHQODVSUDGHUDV\ORVSDVWL]DOHV
DXWyFWRQRV VXEVLVWHQWHV (QWUH ORV VLVWHPDV KXPDQRV YXOQHUDEOHV VH HQFXHQWUDQ OD DJULFXOWXUD OD
JDQDGHUtD \ OD VLOYLFXOWXUD SULQFLSDOPHQWH OD VHJXULGDG DOLPHQWDULD \ ORV UHFXUVRV QDWXUDOHV HQ ORV
GLVWLQWRV\YDULDGRVHFRVLVWHPDV
(O FDPELR FOLPiWLFR UHSUHVHQWD XQR GH ORV GHVDItRV PiV LPSRUWDQWHV UHODFLRQDGRV FRQ OD
FDSDFLGDG GH DOLPHQWDU D OD SREODFLyQ HQ ODV SUy[LPDV GpFDGDV 6H WLHQH TXH KDFHU OR SRVLEOH SDUD
WUDQVIRUPDU HO VLVWHPD GH SURGXFFLyQ GH DOLPHQWRV \ D\XGDU D FRPEDWLU HO FDOHQWDPLHQWR JOREDO \
ORJUDU DO PLVPR WLHPSR DGDSWDUVH \ DVt SRGHU SURGXFLU ORV DOLPHQWRV HQ FRQGLFLRQHV FOLPiWLFDV
GLIHUHQWHV\PHQRVIDYRUDEOHV
/D DJULFXOWXUD LQWHQVLYD DFWXDO SRU VXSURSLDQDWXUDOH]DFRQWULEX\H VLQ GXGD D OD HPLVLyQ GH ORV
JDVHVFDXVDQWHVGHOHIHFWRLQYHUQDGHUR(QHIHFWRDFWXDOPHQWHHVUHVSRQVDEOHGHOGHODVHPLVLRQHV
GHOELy[LGRGHFDUERQRGHOPXQGRGHOGHODVHPLVLRQHVGHJDVPHWDQR\GHOGHy[LGRQLWURVR
&XDQGRORVERVTXHVWURSLFDOHVVRQWUDQVIRUPDGRVDSDVWL]DOHVODVHPLVLRQHVGHy[LGRQLWURVRDXPHQWDQ
HO WULSOH /RV IHUWLOL]DQWHV QLWURJHQDGRV VRQ RWUD IXHQWH LPSRUWDQWH GH y[LGR QLWURVR $OUHGHGRU GH
PLOORQHVGHWRQHODGDVGHQLWUyJHQRDODxRVRQDSOLFDGDVDORVFXOWLYRV\FRQWULEX\HQFDVLFRQHOGH
ODVPLOORQHVGHWRQHODGDVGHy[LGRQLWURVRTXHVRQHPLWLGDVDQXDOPHQWH
+D\ XQ ULHVJR PX\ IXHUWH GH FRQIOLFWRV IXWXURV SRU WLHUUDV KDELWDEOHV \ UHFXUVRV QDWXUDOHV WDOHV
FRPRHODJXDGXOFH(OFDPELRFOLPiWLFRHVWiDIHFWDQGRODGLVWULEXFLyQGHSODQWDVODVHVSHFLHVLQYDVLYDV
ODV SODJDV \ ORV YHFWRUHV GH HQIHUPHGDGHV \ HV SRVLEOH TXH DXPHQWHQ OD LQFLGHQFLD \ OD ORFDOL]DFLyQ
JHRJUiILFDGHPXFKDVHQIHUPHGDGHVGHOVHUKXPDQRORVDQLPDOHV\ODVSODQWDV
6H SXHGH \ GHEH UHRULHQWDU OD DJULFXOWXUD SDUD TXH VHD QR VRODPHQWH XQ HPLVRU GH *(, PXFKR
PHQRU VLQR WDPELpQ SDUD TXH VH FRQYLHUWD HQ XQ VXPLGHUR GH FDUERQR TXH D\XGH D WRPDU DFFLRQHV
HIHFWLYDV \ EXVFDU UHYHUWLU VX FRQWULEXFLyQ DO FDOHQWDPLHQWR JOREDO \ D OD YH] SHUPLWD D HVWH SURFHVR
GHVHPSHxDUXQDIXQFLyQPiVDFWLYDHQORVLQWHUFDPELRVHQWUHSDtVHVKDFHUOOHJDUORVFRQRFLPLHQWRVDORV
VHFWRUHV FUtWLFRV SHUWLQHQWHV VREUH DGDSWDFLyQ \ PLWLJDFLyQ DO FDPELR FOLPiWLFR \ DSR\DU
GHILQLWLYDPHQWH ODV PHGLGDV HQFDPLQDGDV D KDFHU PiV GLQiPLFD HILFLHQWH \ HPSiWLFD OD DJULFXOWXUD
DQWHODYDULDFLyQGHOFOLPD\DGDUHVWDELOLGDGDODVHJXULGDGDOLPHQWDULD
/DFRQVHUYDFLyQGHORVUHFXUVRVQDWXUDOHVQRVRORQRVHFRQWUDSRQHDOGHVDUUROORVLQRTXHHVSDUWH
IXQGDPHQWDOGHpOFRQYLUWLpQGRORHQGHVDUUROORVXVWHQWDEOHSRUORTXHSURPRYHULPSXOVDU\IRUWDOHFHU
ORV UHFXUVRV QDWXUDOHV HQ ORV GLVWLQWRV HFRVLVWHPDV GHQWUR GH ORV WHUULWRULRV PHGLDQWH DFFLRQHV GH
FRQVHUYDFLyQSURWHFFLyQUHVWDXUDFLyQ\SURGXFFLyQSHUPLWHGDUHVWDELOLGDGDODVHJXULGDGDOLPHQWDULD\
JDUDQWL]DUODVDOXG\HOELHQHVWDUGHODSREODFLyQ
% (OFDPELRFOLPiWLFRHQODDJHQGDGHO&RQVHMR$JURSHFXDULR
&HQWURDPHULFDQR
(O6LVWHPDGHOD,QWHJUDFLyQ&HQWURDPpULFD6,&$

(O 6,&$ VH HVWDEOHFLy HQ FRQ HO REMHWLYR GH SURSLFLDU OD LQWHJUDFLyQ GH &HQWURDPpULFD SDUD
FRQVWLWXLUOD HQ XQD UHJLyQ GH SD] OLEHUWDG GHPRFUDFLD \ GHVDUUROOR (QWUH VXV yUJDQRV ILJXUDQ ORV
&RQVHMRV GH 0LQLVWURV 8QR GH HOORV HV HO &RQVHMR $JURSHFXDULR &HQWURDPHULFDQR &$& FX\RV
PLHPEURV VRQ ORV PLQLVWURV GH DJULFXOWXUD GH %HOLFH &RVWD 5LFD (O 6DOYDGRU *XDWHPDOD +RQGXUDV
1LFDUDJXD3DQDPi\5HS~EOLFD'RPLQLFDQD

5HVXPHQ GH OD SRQHQFLD SUHVHQWDGD SRU 0DQXHO -LPpQH] HVSHFLDOLVWD HQ SROtWLFDV FRPHUFLR \ DJURQHJRFLRV GH OD 6HFUHWDUtD
(MHFXWLYDGHO&RQVHMR$JURSHFXDULR&HQWURDPHULFDQR

/RV SDtVHV PLHPEURV GHO 6,&$ VRQ UHVSRQVDEOHV GH VRODPHQWH HO GHO WRWDO JOREDO GH
HPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR*(,(VXQDFRQWULEXFLyQEDMDDOFDOHQWDPLHQWRJOREDO6LQ
HPEDUJRIRUPDQSDUWHGHXQDGHODViUHDVJHRJUiILFDVPiVYXOQHUDEOHVDOFDPELRFOLPiWLFR\GHKHFKR
ODVYDULDFLRQHVHQHOFOLPD\VXVHIHFWRVVHDGYLHUWHQHQODVDFWLYLGDGHVDJUtFRODV\HQODV]RQDVUXUDOHVGH
&HQWURDPpULFD\5HS~EOLFD'RPLQLFDQD
/DVUHODFLRQHVHQWUHHOFDPELRFOLPiWLFR\DJULFXOWXUD\ODYLGDUXUDOVRQFRPSOHMDV\GHGREOHYtD
SDUWHGHOSUREOHPD\SDUWHGHODVROXFLyQ(OFDPELRFOLPiWLFRPRGLILFDUiODFDSDFLGDGGHSURGXFFLyQ
GHODDJULFXOWXUDVXORFDOL]DFLyQHLQWHQVLGDGWHQGUiFRQVHFXHQFLDVVREUHODVSODJDV\HQIHUPHGDGHVTXH
ODDIHFWDQ\PRGLILFDUiODVFRQGLFLRQHVGHYLGDHQORVWHUULWRULRVUXUDOHV3RURWUDSDUWHODDJULFXOWXUD\
ODDFWLYLGDGKXPDQDHQHOPHGLRUXUDOSXHGHQDFHQWXDURFRQWULEXLUDUHGXFLUODVHPLVLRQHVGH*(,\FRQ
HOORLQFLGLUHQHOFDOHQWDPLHQWRJOREDO
3ROtWLFDV\HVWUDWHJLDVGHOVHFWRUDJUtFROD
(O&RQVHMR$JURSHFXDULR&HQWURDPHULFDQRHQFRQMXQWRFRQRWURVFRQVHMRVPLQLVWHULDOHV\HOUHVSDOGDGR
GHOD&XPEUHGH-HIHVGH*RELHUQR\(VWDGRKDHVWDEOHFLGRXQDDJHQGDFHQWURDPHULFDQD\SODVPDGRVX
YLVLyQGHODDJULFXOWXUD\ODYLGDUXUDOHQSROtWLFDV\HVWUDWHJLDVTXHVHKDQHODERUDGR\DSUREDGRHQOD
VXEUHJLyQ GHVGH HO DxR (Q WRGDV HOODV HO FDPELR FOLPiWLFR \ OD YDULDELOLGDG FOLPiWLFD KDQ VLGR
WHPDVGHLQWHUpV
/D3ROtWLFD$JUtFROD&HQWURDPHULFDQD3$&$QRVRORLQFOX\HODJHVWLyQGHOULHVJRFRPR
XQiUHDSULRULWDULDVLQRTXHWDPELpQFRQVLGHUDFRPRWHPDWUDQVYHUVDOODJHVWLyQDPELHQWDOSDUDODFXDO
SURSRQHFRPRLQVWUXPHQWRFODYHOD(VWUDWHJLD5HJLRQDO$JURDPELHQWDO\GH6DOXG
/D (VWUDWHJLD 5HJLRQDO $JURDPELHQWDO \ GH 6DOXG (5$6 HV XQD LQLFLDWLYD LQWHUVHFWRULDO
VXEUHJLRQDO FRQVHQVXDGD SRU ORV FRQVHMRV GH PLQLVWURV GH DJULFXOWXUD DPELHQWH \ VDOXG GH
&HQWURDPpULFD \ UDWLILFDGD SRU DFXHUGR GH OD &XPEUH GH &DPELR &OLPiWLFR \ 0HGLR $PELHQWH GH
&HQWURDPpULFD \ (O &DULEH GH PD\R /D (5$6 FXHQWD FRQ XQ HMH GH FDPELR FOLPiWLFR \
YDULDELOLGDGFOLPiWLFD\RWURVFXDWURHMHVTXHVHLQWHUUHODFLRQDQFRQpVWHPDQHMRVRVWHQLEOHGHWLHUUDV
ELRGLYHUVLGDG QHJRFLRV DJURDPELHQWDOHV \ HVSDFLRV \ HVWLORV GH YLGD VDOXGDEOHV (VWD HVWUDWHJLD VH
RFXSDGHWHPDVFHQWUDOHVHQPDWHULDGHPLWLJDFLyQ\DGDSWDFLyQDOFDPELRFOLPiWLFRWDOHVFRPRHQHUJtD
UHQRYDEOH ULHJR VRVWHQLEOH UHVWDXUDFLyQ GH WLHUUDV GHJUDGDGDV RUGHQDPLHQWR WHUULWRULDO PDQHMR \ XVR
VRVWHQLEOH GH OD ELRGLYHUVLGDG PDQHMR GH HVFHQDULRV \ SURQyVWLFRV FOLPiWLFRV DSOLFDGRV JHVWLyQ GHO
FRQRFLPLHQWR IRUWDOHFLPLHQWR GH FDSDFLGDGHV HQ PLWLJDFLyQ \ DGDSWDFLyQ PDUFR OHJDO H LQVWLWXFLRQDO
KDELOLWDGRU SDUD QHJRFLRV DJURDPELHQWDOHV VLVWHPDV DJURIRUHVWDOHV SURGXFFLyQ OLPSLD \ SDJR SRU
VHUYLFLRVDPELHQWDOHVHQWUHRWURV
3RURWUDSDUWHOD(VWUDWHJLD&HQWURDPHULFDQDGH'HVDUUROOR5XUDO7HUULWRULDO(&$'(57
DSUREDGDSRUHO&$&\UHVSDOGDGDSRUOD;;;95HXQLyQ2UGLQDULDGH-HIHVGH(VWDGR\GH*RELHUQR
LQWHJUDODDJHQGDWHPiWLFDGHOD(5$6 SDUD OOHYDUODDORVWHUULWRULRV(QWDQWROD3ROtWLFD5HJLRQDOGH
'HVDUUROOR GH OD )UXWLFXOWXUD 325)587$6 DFWXDOPHQWH HQ VX IDVH ILQDO GH IRUPXODFLyQ FRPR
LQVWUXPHQWRVXEVHFWRULDOGHULYDGRGHOD3$&$FXHQWDFRQHMHVGHJHVWLyQGHOULHVJR\JHVWLyQDPELHQWDO
FRQQRWRULDSUHVHQFLDGHOWHPDGHFDPELRFOLPiWLFR
&DPELRFOLPiWLFRHQORVDFXHUGRVGHO&RQVHMRGH0LQLVWURV
$GHPiV GH ORV LQVWUXPHQWRV GH SODQHDFLyQ HVWUDWpJLFD UHIHULGRV ORV 0LQLVWURV GH $JULFXOWXUD
FRQVWLWXLGRV HQ HO &RQVHMR $JURSHFXDULR &HQWURDPHULFDQR KDQ WRPDGR DFXHUGRV HVSHFtILFRV TXH
GHVWDFDQODUHOHYDQFLDGHOFDPELRFOLPiWLFRHQODDJHQGDFHQWURDPHULFDQD3RUHMHPSORHQVXUHXQLyQ
RUGLQDULDGHDJRVWRGHLQVWUX\HURQDORUJDQLVPRVXEUHJLRQDOHQFDUJDGRGHWHFQRORJtDHLQQRYDFLyQ
6,&7$TXHLQFOX\HUDHQODVSULRULGDGHVHQLQYHVWLJDFLyQHLQQRYDFLyQODYXOQHUDELOLGDGDGDSWDFLyQ\
PLWLJDFLyQDOFDPELRFOLPiWLFR

2WUDV SROtWLFDV \ HVWUDWHJLDV UHODFLRQDGDV FRQ DJULFXOWXUD \ FDPELR FOLPiWLFR HVWDEOHFLGDV HQ HO
iPELWR GHO 6,&$ VRQ OD (VWUDWHJLD 5HJLRQDO GH &DPELR &OLPiWLFR (5&& OD (VWUDWHJLD
&HQWURDPHULFDQD SDUD OD *HVWLyQ ,QWHJUDO GH ORV 5HFXUVRV +tGULFRV (&$*,5+ \ OD 3ROtWLFD
&HQWURDPHULFDQDGH*HVWLyQ,QWHJUDOGH5LHVJRGH'HVDVWUHV3&*,5
&RPHQWDULRVILQDOHV
)LQDOPHQWHFDEHSXQWXDOL]DUORVLJXLHQWH
(OVHFWRUDJUtFRODHVSDUWHGHOSUREOHPDHPLVRUGH*(,\DIHFWDGRSRUHOFDPELRFOLPiWLFR\OD
YDULDELOLGDG FOLPiWLFD \ GH OD VROXFLyQ FRQ SRWHQFLDO SDUD FRQWULEXLU HQ OD PLWLJDFLyQ \
RSRUWXQLGDGHVSDUDODDGDSWDFLyQ
(O FDPELR FOLPiWLFR QR HVSHUD \ DOJXQDV GH ODV DPHQD]DV QDWXUDOHV TXH SRWHQFLD VRQ
UHFXUUHQWHVHQODSVRVFRUWRV
/DVFRQVHFXHQFLDVVREUHODDJULFXOWXUD\ODYLGDUXUDOHQPXFKRVFDVRVVRQSUHYLVLEOHV\FDGD
YH] PHMRU FRQRFLGDV 1R REVWDQWH ORV FRQRFLPLHQWRV DFHUFD GHOD PDQHUD HQ TXH HO FDPELR
FOLPiWLFRDIHFWDUiODSURGXFFLyQDJUtFROD\VREUHODVVROXFLRQHVD~QVRQLQVXILFLHQWHV
(OFDPELRFOLPiWLFRDIHFWDUiODSURGXFFLyQORVPHUFDGRV\ORVSUHFLRVDQLYHOGHODVXEUHJLyQ
\HOPXQGR
8QD DGHFXDGD SUHSDUDFLyQ FRQ GLIHUHQWHV KRUL]RQWHV WHPSRUDOHV LQFOXLGD OD WHFQRORJtD \ OD
LQQRYDFLyQHYLWDUiRUHGXFLUiSpUGLGDV\SHUPLWLUiDSURYHFKDURSRUWXQLGDGHV
(VLPSRUWDQWHTXHHOFDPELRFOLPiWLFR\ODJHVWLyQDPELHQWDOILJXUHQFRPRWHPDVWUDQVYHUVDOHV
HQ ORV LQVWUXPHQWRV SROtWLFDV \ HVWUDWHJLDV GHO VHFWRU DVt FRPR HQ ODV DJHQGDV GH ORV
RUJDQLVPRVGHDSR\R
& (OFDPELRFOLPiWLFRHQODDJHQGDGHO&RQVHMR$JURSHFXDULR
GHO6XU
(O&RQVHMR$JURSHFXDULRGHO6XU&$6HVWiFRQIRUPDGRSRUORVPLQLVWURVGHDJULFXOWXUDGH$UJHQWLQD
%ROLYLD%UDVLO&KLOH3DUDJXD\\8UXJXD\(VWHRUJDQLVPRIXQGDGRHQDEULOGHWUDVODILUPDGH
XQ FRQYHQLR FRQVWLWXWLYR WLHQH SRU REMHWLYR OD DUWLFXODFLyQ GHO VLVWHPD DJURSHFXDULR GH OD UHJLyQ \ OD
FRRUGLQDFLyQGHDFFLRQHVHQSROtWLFDVS~EOLFDVSDUDHOVHFWRU
(QORVSDtVHVGHO&$6ODVDFWLYLGDGHVDJURSHFXDULDVVRQFHQWUDOHVSDUDODHFRQRPtDODVRFLHGDG\
HOGHVDUUROORVXVWHQWDEOH3RUORWDQWRODLGHQWLILFDFLyQ\SXHVWDHQSUiFWLFDGHSROtWLFDVSDUDUHGXFLUOD
YXOQHUDELOLGDGDOFDPELRFOLPiWLFR\ODYDULDELOLGDGTXHVHLQWHJUHQDODVSROtWLFDVS~EOLFDVGHGHVDUUROOR
UXUDODGTXLHUHQUHOHYDQFLDHVWUDWpJLFD
$VLPLVPRODPLWLJDFLyQGHOFDPELRFOLPiWLFRDEUHRSRUWXQLGDGHVSDUDHOGHVDUUROORVRVWHQLEOH\
DODYH]JHQHUDDPHQD]DVDOJXQDVGHFDUiFWHUFRPHUFLDOTXHGHEHQVHUDWHQGLGDVGHVGHODVSROtWLFDV\
ODVDFFLRQHVGHORVPLQLVWHULRVGHDJULFXOWXUD
(ODERUGDMHDODSUREOHPiWLFDGHODYDULDELOLGDG\HOFDPELRFOLPiWLFRUHTXLHUHGHDFFLRQHVGHODV
DXWRULGDGHVORFDOHVQDFLRQDOHV\UHJLRQDOHVODVHPSUHVDVORVVLVWHPDVGHLQYHVWLJDFLyQ\GHVDUUROOR\
GHODVRFLHGDGHQVXFRQMXQWR

5HVXPHQGHODSUHVHQWDFLyQGH$OHMDQGUD6DUTXLV6HFUHWDULD(MHFXWLYDGHO&RQVHMR$JURSHFXDULRGHO6XU

'DGD OD LPSRUWDQFLD GH ORV HIHFWRV GH OD YDULDELOLGDG \ HO FDPELR FOLPiWLFR VREUH OD UHJLyQ GHO
&$6\ODGHPDQGDFUHFLHQWHGHDOLPHQWRVVHFRQVLGHUDSULRULWDULRTXHORVSDtVHVDGRSWHQ\RUHIXHUFHQ
ODVPHGLGDVGHDGDSWDFLyQ\PLWLJDFLyQQHFHVDULDVSDUDXQGHVDUUROORVRVWHQLEOH
(V QHFHVDULR HO UHIRU]DPLHQWR GH ORV VLVWHPDV GH LQIRUPDFLyQ ORFDOHV \ UHJLRQDOHV SDUD HO
VHJXLPLHQWR GHO FDPELR FOLPiWLFR \ HQ SDUWLFXODU GH OD YDULDELOLGDG FOLPiWLFD FRQ YLVWDV D SUHYHQLU
LPSDFWRVRGHVDVWUHVSRVLEOHVGHVHUFDXVDGRVSRUHYHQWRVH[WUHPRV
$QWHFHGHQWHV
(QOD;9,5HXQLyQ2UGLQDULDGHO&$652&$6OOHYDGDDFDERORVGtDV\GHDEULOGHHQ
$VXQFLyQ3DUDJXD\ORVPLQLVWURVDERUGDURQHQSURIXQGLGDGHVWHWHPD\UHVROYLHURQ
³6ROLFLWDUDOD5HGGH&RRUGLQDFLyQGH3ROtWLFDV$JURSHFXDULDV5('3$ODIRUPDFLyQGH
XQ *UXSR DG KRF SDUD DQDOL]DU ODV SROtWLFDV S~EOLFDV VREUH HO PDQHMR GHO ULHVJR HQ
DJULFXOWXUDIUHQWHDODVYDULDFLRQHVFOLPiWLFDV´
7HQLHQGRHQFXHQWDHVWHPDQGDWROHIXHVROLFLWDGRDO*UXSRDGKRF$JULFXOWXUD9DULDELOLGDG\
&DPELR&OLPiWLFRODSUHVHQWDFLyQGHLQIRUPHVFRQHOVLJXLHQWHFRQWHQLGR
/DVSROtWLFDVQDFLRQDOHV\DFFLRQHVHVSHFtILFDVVREUHXVR\PDQHMRGHVXHOR\DJXDDSOLFDGRVD
ODDJULFXOWXUD
/RVDYDQFHVUHFLHQWHVHQSROtWLFDVHLQVWLWXFLRQHVTXHWUDWDQHOPDQHMRGHULHVJRVHQDJULFXOWXUD
IUHQWHDODVYDULDFLRQHVFOLPiWLFDV
$YDQFHVHQODLQYHVWLJDFLyQVREUHXVRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVUHQRYDEOHVDQWHOD
YDULDELOLGDGFOLPiWLFDSDUDORFXDOVHSXHGHVROLFLWDUODFRRSHUDFLyQGHO3URJUDPD&RRSHUDWLYR
SDUDHO'HVDUUROOR7HFQROyJLFR$JURDOLPHQWDULR\$JURLQGXVWULDOGHO&RQR6XU352&,685
/RVGtDV\GHMXQLRGHVHUHDOL]yHQ6DQWLDJR&KLOHOD,5HXQLyQGHO*UXSRDGKRF
$JULFXOWXUD9DULDELOLGDG\&DPELR&OLPiWLFRHQODTXHVHSURIXQGL]DURQORVVLJXLHQWHVWHPDV
3ULQFLSDOHVSROtWLFDVQDFLRQDOHV\DFFLRQHVHVSHFtILFDVLPSOHPHQWDGDVVREUHXVR\PDQHMRGH
VXHORV \ DJXD IUHQWH D OD YDULDELOLGDG FOLPiWLFD HVSHFLILFDQGR JUDGR GH LPSOHPHQWDFLyQ \
DYDQFHVFRQFUHWRV
([SHULHQFLDVGHORVRUJDQLVPRVSHUWLQHQWHV\DYDQFHVUHFLHQWHVHQSROtWLFDVHLQVWLWXFLRQHVTXH
WUDWDQHOPDQHMRGHORVULHVJRVFOLPiWLFRVHQODDJULFXOWXUD
$YDQFHVHQODLQYHVWLJDFLyQVREUHXVRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVUHQRYDEOHVDQWHOD
YDULDELOLGDGFOLPiWLFDFRQFRRSHUDFLyQGHO352&,685
6XJHUHQFLDV VREUH DFFLRQHV GH FRRSHUDFLyQ TXH SXHGDQ FRQWULEXLU D DSURYHFKDU ORV
FRQRFLPLHQWRVUHJLRQDOHV
/RVGtDV\GHMXQLRGHVHUHDOL]yHQ%XHQRV$LUHV$UJHQWLQDOD,,5HXQLyQGHO*UXSR
DG KRF $JULFXOWXUD 9DULDELOLGDG \ &DPELR &OLPiWLFR GH 5('3$&$6 HQ OD TXH ORV LQWHJUDQWHV GHO
*UXSR UHDOL]DURQ XQD DFWXDOL]DFLyQ GH ORV WHPDV SUHVHQWDGRV HQ OD , 5HXQLyQ \ VREUH ORV FXDOHV VH
SURIXQGL]D HQ HO GRFXPHQWR 3ULQFLSDOHV 3ROtWLFDV VREUH &DPELR &OLPiWLFR HQ ORV 3DtVHV GHO &$6 ±
2FWXEUHHOPLVPRSXHGHVHUFRQVXOWDGRHQZZZFRQVHMRFDVRUJ
&UHDFLyQGHOJUXSRGHWUDEDMRVREUHSROtWLFDVHQFDPELR
FOLPiWLFRGHO&$6
'XUDQWHOD;,;5HXQLyQ2UGLQDULDGHO&$6UHDOL]DGDHQ&KLOHORVGtDV\GHRFWXEUHGHORV
PLQLVWURVGHDJULFXOWXUDGHFLGLHURQIRUPDOL]DUODFUHDFLyQGHO*UXSR7pFQLFRVREUH3ROtWLFDVHQ&DPELR
&OLPiWLFRDOFXDOVHOHDVLJQDURQORVVLJXLHQWHVREMHWLYRV

2UJDQL]DU \ SRQHU HQ IXQFLRQDPLHQWR XQD UHG UHJLRQDO SHUPDQHQWH GH LQWHUFDPELR GH
LQIRUPDFLyQVREUHFDPELRFOLPiWLFRUHIHULGDHQWUHRWURVDVSHFWRVD
LGHQWLILFDFLyQGHYXOQHUDELOLGDGHV
GLVHxRHLPSOHPHQWDFLyQGHSROtWLFDVGHDGDSWDFLyQ\PLWLJDFLyQ
VXVWHQWDELOLGDG LQFOX\HQGR ORV DVSHFWRV SURGXFWLYRV VRFLRHFRQyPLFRV \ JHVWLyQ GH ORV
UHFXUVRVQDWXUDOHVVXHORVDJXD\ELRGLYHUVLGDG
DFWXDOL]DFLyQGHODVSROtWLFDVLQVWLWXFLRQDOHVHQFDGDSDtV
FRQVWUXFFLyQ GH XQD UHG UHJLRQDO PHWHRUROyJLFD TXH SHUPLWD OD FRQVXOWD SHUPDQHQWH \
SURQyVWLFRGHHVFHQDULRVIXWXURV
3URPRYHUHOLQWHUFDPELRGHH[SHULHQFLDVFRQFUHWDVHODSUHQGL]DMHODFRRSHUDFLyQKRUL]RQWDO
,'L \ HO IRUWDOHFLPLHQWRGH FDSDFLGDGHV LQVWLWXFLRQDOHV SDUDODDGDSWDFLyQ \ODPLWLJDFLyQ
GHOFDPELRFOLPiWLFR
)DFLOLWDU OD GLVFXVLyQ \ HO LQWHUFDPELR GH RSLQLRQHV HQ UHODFLyQ D OD DJHQGD GH QHJRFLDFLyQ
LQWHUQDFLRQDOGHOFDPELRFOLPiWLFR\VXVLPSOLFDQFLDVHQHOVHFWRUDJURSHFXDULR
3URPRYHUDFFLRQHVTXHJHQHUHQSURGXFWRVRVHUYLFLRVFX\RGHVDUUROORVHDYLDELOL]DGRFRQXQ
HQIRTXHFRPSDUWLGRHQORVSDtVHVGHO&$6
,GHQWLILFDU\SURPRYHUSUR\HFWRVUHJLRQDOHVUHODFLRQDGRVFRQODDGDSWDFLyQ\ODPLWLJDFLyQGHO
FDPELRFOLPiWLFRHQHOVHFWRUTXHSXHGDQVHUREMHWRGHFRRSHUDFLyQ
7UDEDMDUHQHVWUHFKRFRQWDFWRFRQORVGHPiV*UXSRVGH7UDEDMRGH5('3$&$6HQHVSHFLDO
FRQ HO *7 0DQHMR GH 5LHVJRV \ 6HJXURV$JURSHFXDULRV D HIHFWRVGHJHQHUDU VLQHUJLDV \
HYLWDUGXSOLFDFLyQGHHVIXHU]RV
(QORUHODWLYRDHVWUDWHJLD\PHWRGRORJtDSDUDVHUHILFDFHV\HILFLHQWHVHQHOORJURGHORVREMHWLYRV
SODQWHDGRVHO*UXSRJHQHUDUi
XQDYLVLyQJHQHUDOGHODVLWXDFLyQDPHGLDQR\ODUJRSOD]R
SURJUDPDV GH WUDEDMR SHULyGLFRV FRQ PHWDV \ DFWLYLGDGHV FODUDV \ UHDOL]DEOHV TXH VLUYDQ GH
JXtDSDUDODDFFLyQ
UHVSXHVWDVDORVPLQLVWURVHQFXDOTXLHUPRPHQWRTXHOHVVHDQUHTXHULGDV
FRQWULEXFLRQHVTXHFRQVROLGHQHOURODFWLYRTXHOHVFRUUHVSRQGHDORVPLQLVWHULRVGHDJULFXOWXUD
HQUHVSXHVWDDODSUREOHPiWLFDGHOFDPELRFOLPiWLFR
3ULQFLSDOHVSROtWLFDVLPSOHPHQWDGDVSDUDGLVPLQXLUOD
YXOQHUDELOLGDGIUHQWHDODYDULDELOLGDGFOLPiWLFD
/D PD\RU SDUWH GH ORV SDtVHV UHJLVWUD DFFLRQHV HQ ODV iUHDV LGHQWLILFDGDV DXQTXH OD QDWXUDOH]D GH VXV
LQLFLDWLYDV\VXHVWDGRGHLPSOHPHQWDFLyQVRQGLYHUVRVFRPRSXHGHREVHUYDUVHHQHO&XDGUR,,,

&8$'52,,,
&216(-2$*523(&8$5,2'(/685
35,1&,3$/(632/Ë7,&$6,03/(0(17$'$63$5$',60,18,5/$98/1(5$%,/,'$')5(17(
$/$9$5,$%,/,'$'&/,0È7,&$
3DUDJXD\
$UJHQWLQD

3OXULQDFLR
8UXJXD\
%ROLYLD
(VWDGR
QDOGH
%UDVLO
&KLOH
0RQLWRUHRFOLPiWLFRORFDO\UHJLRQDO ; ; ; ; ; ;
0RQLWRUHRVRFLRHFRQyPLFR$)&3\0(*( ; ; ; ; ; ;
0RQLWRUHRGHSURGXFFLyQ\GHPHUFDGRV ; ; ; ; ; ;
=RQLILFDFLyQDJUtFROD0DSDGHULHVJRV ; ; ; ; ; ;
6HJXURVDJUtFRODV\PDQHMRGHULHVJRVILQDQFLHURV ; ; ; ; ; ;
0HGLGDVGHDSR\RILQDQFLHUR ; ; ; ; ; ;
*HVWLyQLQWHJUDGDGHORVUHFXUVRVKtGULFRV\GHOVXHOR ; ; ; ; ; ;
,QIRUPDFLyQSDUDODWRPDGHGHFLVLRQHV ; ; ; ; ; ;
)RUWDOHFLPLHQWRGHODLQYHVWLJDFLyQ ; ; ; ; ; ;
&DSDFLWDFLyQ\WUDQVIHUHQFLDWHFQROyJLFD ; ; ; ; ; ;
)RUWDOHFLPLHQWRGHODFDSDFLGDGLQVWLWXFLRQDO ; ; ; ; ; ;
0RQLWRUHRVRFLRHFRQyPLFR$)&3\0(*( ; ; ; ;
)XHQWH3ULQFLSDOHV3ROtWLFDVVREUH&DPELR&OLPiWLFRHQORV3DtVHVGHO&$6±2FWXEUH

/RV SDtVHV GHO &$6 WLHQHQ QXPHURVDV SRVLELOLGDGHV SDUD FRRSHUDU HQ OD DWHQFLyQ GHO FDPELR
FOLPiWLFRKDFLHQGRPiVHILFDFHV\HILFLHQWHVODVUHVSXHVWDVDHVWHGHVDItR
' &RRSHUDFLyQWpFQLFDHQODDJULFXOWXUDGHODV$PpULFDVDQWHHO
FDPELRFOLPiWLFR±,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDFLyQ
SDUDOD$JULFXOWXUD,,&$
0DUFRGHUHIHUHQFLD
D 8QDDJULFXOWXUDFRPSHWLWLYDVXVWHQWDEOHHLQFOX\HQWH
8QD DJULFXOWXUD TXH DGHPiV GH VHU FRPSHWLWLYD VHD VXVWHQWDEOH UHTXLHUH GHO XVR UDFLRQDO \ OD
FRQVHUYDFLyQ GH ORV UHFXUVRV QDWXUDOHV \ OD ELRGLYHUVLGDG (O QXHYR SDUDGLJPD WHFQROyJLFR GHEH
SRWHQFLDU ODV FDSDFLGDGHV GH ORV SDtVHV GH ODV $PpULFDV SDUD KDFHU XQ XVR HILFLHQWH GH OD EDVH GH ORV
UHFXUVRV QDWXUDOHV FRQ HO ILQ GH DXPHQWDU OD SURGXFFLyQ DJURDOLPHQWDULD VLQ GDxDU HO DPELHQWH \
FRORFDUODHQORVPHUFDGRV
(O GHVDUUROOR GH ODV WHFQRORJtDV OLPSLDV \ GH SURGXFWRV PHQRV GDxLQRV SDUD HO DPELHQWH ODV
EXHQDVSUiFWLFDVDJUtFRODV\ODVDJURELRWHFQRORJtDVFRQVWLWX\HQXQDRSRUWXQLGDGSDUDTXHODDJULFXOWXUD
UHJLRQDO HQIUHQWH HQ IRUPD PiV HILFLHQWHORVGHVDItRVGHOIXWXURSUy[LPR6LQHPEDUJRODXUJHQFLDGH
LPSOHPHQWDU WHFQRORJtDV TXH D\XGHQ D HOHYDU ORV UHQGLPLHQWRV GH ORV SURGXFWRV DJURSHFXDULRV \ VX
FDOLGDG QXWULFLRQDO QR GHEHUtD VHU REVWiFXOR SDUD DGRSWDU SUiFWLFDV GH DJULFXOWXUD UHVSRQVDEOH FRQ OD
QDWXUDOH]DWDOHVFRPRODDJULFXOWXUDGHFRQVHUYDFLyQORVVLVWHPDVDJURVLOYRSDVWRULOHVHOXVRGHVLVWHPDV

5HVXPHQ GH OD SRQHQFLD SUHVHQWDGD SRU *XVWDYR (GXDUGR &iUGHQDV %HMDUDQR 3DUD PiV LQIRUPDFLyQ VREUH HO WHPD YpDVH
KWWSZZZLLFDLQWFOLPDWHFKDQJH

GHULHJRHILFLHQWHVODVSUiFWLFDVGHPDQHMRLQWHJUDGRGHSODJDV0,3HOPHMRUDPLHQWRJHQpWLFRDWUDYpV

GHPpWRGRVFRQYHQFLRQDOHV\ELRWHFQROyJLFRV\HOFRQWUROELROyJLFRHQWUHRWURV&RQVLGHUDQGRODFDGD
YH]PD\RUHVFDVH]GHDJXDODSURGXFWLYLGDGGHEHUtDPHGLUVHQRHQWpUPLQRVGHWRQHODGDSRUKHFWiUHD
VLQRGHWRQHODGDSRUPHWURVF~ELFRVGHDJXD
$QWHORVLQPLQHQWHVLPSDFWRVGHOFDPELRFOLPiWLFR\VXVHIHFWRVHQODSURGXFFLyQGHDOLPHQWRV
HOUHWRSDVDSRUFUHDUQXHYDVYDULHGDGHVWROHUDQWHVSRUHMHPSORDOHVWUpVKtGULFRDODVDOLQLGDG\DORV
VXHORV iFLGRV /D LQJHQLHUtD JHQpWLFD SRGUi MXJDU XQ SDSHO PX\ LPSRUWDQWH XQD YH] VH KD\DQ
HVWDEOHFLGRORVPHFDQLVPRVGHELRVHJXULGDGFRUUHVSRQGLHQWHV\VHFXHQWHGHVGHOXHJRFRQHODFFHVR
DODGLYHUVLGDGJHQpWLFD
E 5HODFLRQHVGHODDJULFXOWXUDFRQORVUHFXUVRVQDWXUDOHV\HODPELHQWH
/DV UHODFLRQHV GH OD DJULFXOWXUD FRQ ORV UHFXUVRV QDWXUDOHV \ HO DPELHQWH VRQ GH GREOH YtD \D TXH OD
SULPHUD WLHQH VX EDVH IXQGDPHQWDO HQ HO XVR \ HO DSURYHFKDPLHQWR GH ORV VHJXQGRV SHUR D VX YH] OD
DFWLYLGDG DJUtFROD LPSDFWD HQ ODV FRQGLFLRQHV OD FDOLGDG \ OD GLVSRQLELOLGDG GH ORV UHFXUVRV QDWXUDOHV
3RUHOORFRQWULEXLUDFRQVHUYDUORVUHFXUVRVQDWXUDOHVPHMRUDUODVFRQGLFLRQHVDPELHQWDOHV\PLQLPL]DU
ORVGDxRVFDXVDGRVSRUFRQGLFLRQHVFOLPiWLFDVHVXQRGHORVUHWRVPiVLPSRUWDQWHVTXHGHEHHQIUHQWDUOD
DJULFXOWXUDSDUDORFXDOVHGHEHQFRQVLGHUDUODVQHFHVLGDGHVSURSLDVGHFDGDSDtV
+D\ TXH VXSHUDU ORV PRGHORV SURGXFWLYRV SUHGRPLQDQWHV SDUD HYLWDU TXH GHVGH OD DJULFXOWXUD VH
FRQWLQ~H LPSDFWDQGR QHJDWLYDPHQWH VREUH HO DPELHQWH (OOR LPSOLFD DGTXLULU XQD PD\RU FRQFLHQFLD \
UHVSRQVDELOLGDG SDUD SURGXFLU FRQ WHFQRORJtDV OLPSLDV 3HUR WDPELpQ VH GHEH SUHSDUDU OD DJULFXOWXUD SDUD
HQIUHQWDU ORV LPSDFWRV GHULYDGRV GHO FDPELR FOLPiWLFR QR VROR FRQ LQYHVWLJDFLyQ SDUD DGDSWDU SODQWDV \
HVSHFLHV D ODV YDULDFLRQHV HQ OD WHPSHUDWXUD \ HQ ODV FRQGLFLRQHV GHO HQWRUQR VLQR WDPELpQ FRQ SROtWLFDV
S~EOLFDV TXH SHUPLWDQ DSURYHFKDU HO SRWHQFLDO GH OD GLYHUVLGDG ELROyJLFD ORV UHFXUVRV JHQpWLFRV \ ORV
VHUYLFLRVGHORVERVTXHV\VHOYDVGHPRGRTXHHOORFRQWULEX\DDPLWLJDUORVLPSDFWRVGHOFDPELRFOLPiWLFR
6H FRQVLGHUD TXH ORV LPSDFWRV GHO FDPELR FOLPiWLFR GLILHUHQ VHJ~Q HO WLSR GH FXOWLYR \ VX
ORFDOL]DFLyQ JHRJUiILFD $OJXQRV FXOWLYRV HVSHFLDOPHQWH HQ ORV FOLPDV WHPSODGRV SRGUtDQ PHMRUDU VX
SURGXFWLYLGDG\ DSURYHFKDU HVWDYHQWDQDGHRSRUWXQLGDG3HURHQORVWHUULWRULRVGHFOLPDVWURSLFDOHV\
VXEWURSLFDOHV \ HQ ODV ]RQDV EDMDV VH DQWLFLSD TXH ORV HIHFWRV VREUH ORV UHQGLPLHQWRV \ OD SURGXFFLyQ
VHUtDQQHJDWLYRV
/DGHPDQGDFUHFLHQWHSRUHQHUJtDVHSUHVHQWDFRPRXQDRSRUWXQLGDGSDUDGHVDUUROODUWHFQRORJtDV
DOWHUQDWLYDV FRPR ODV ELRHQHUJtDV DSURYHFKDQGR OD ELRPDVD HQ ODV ILQFDV \ WDPELpQ RWUDV HQHUJtDV
DOWHUQDWLYDVFRPRODVRODUODHyOLFD\ODJHRWpUPLFD\DTXHSRGUiQWHQHULPSDFWRVHQODVFRPXQLGDGHV
UXUDOHV 'H OD PLVPD IRUPD UHVXOWDQ LPSRUWDQWHV ODV LQLFLDWLYDV SDUD VXVWLWXLU HO XVR GH DJURTXtPLFRV
LQFHQWLYDU ODUHGXFFLyQ GHODV GLVWDQFLDV UHFRUULGDV PHMRUDQGR GHSDVRODKXHOODGHFDUERQR\XWLOL]DU
PDWHULDOHVUHFLFODEOHVRWDPELpQJDVPHWDQRHQWUHRWUDVPHGLGDVGHVHDEOHV
F )XHU]DVTXHHVWiQSURPRYLHQGRORVFDPELRVHQUHFXUVRVQDWXUDOHVJHVWLyQ
DPELHQWDO\FDPELRFOLPiWLFRSDUDXQDDJULFXOWXUDVXVWHQWDEOH
(QWUHODVSULQFLSDOHVIXHU]DVLPSXOVRUDSXHGHQLGHQWLILFDUVHODVVLJXLHQWHV
'HVGHHODFXHUGRGH5tRODVDJHQGDVQDFLRQDOHVDPELHQWDOHV\GHUHFXUVRVQDWXUDOHVKDQLGR
HQ DXPHQWR HQ ORV (VWDGRV 0LHPEURV GHO ,,&$ WUDQVIRUPiQGRVH HQ DFXHUGRV PXOWLODWHUDOHV
DPELHQWDOHV &DPELR &OLPiWLFR 'LYHUVLGDG %LROyJLFD 'HVHUWLILFDFLyQ 'HJUDGDFLyQ GH
7LHUUDV \ 6HTXtDV \ 'HVDUUROOR 6XVWHQWDEOH 6RVWHQLEOH \ ILQDOPHQWH FRQYHUWLGDV HQ
FRPSURPLVRVJOREDOHVDPELHQWDOHV
(O DXPHQWR GH QRUPDWLYLGDG \ OHJLVODFLyQ SDUD OD SURWHFFLyQ DPELHQWDO \ GH ORV
UHFXUVRVQDWXUDOHV

8QD RSRUWXQLGDG HO GHVDUUROOR FRQ FDUERQR FHUR FDVR GH &RVWD 5LFD SDtV SLRQHUR HQ OD
PDWHULD\VHUYLFLRVHFRVLVWpPLFRVSHM0p[LFR\&RVWD5LFDLPSOHPHQWDGRV$UJHQWLQD\
3HU~FRQLQWHUpVPDQLILHVWR
(O FDOHQWDPLHQWR JOREDO GHELGR D FDXVDV QDWXUDOHV \ DQWURSRJpQLFDV JHQHUD YDULDELOLGDG
FOLPiWLFDYXOQHUDHLPSDFWDODDJULFXOWXUDFRQWULEX\HDOPLVPR\DODYH]UHVXOWDDIHFWDGD
HVXQDIXHU]DHQVtPLVPR
0DODVSUiFWLFDVDJURSHFXDULDVTXHGHJUDGDQHODPELHQWH\ORVUHFXUVRVQDWXUDOHVVXHORDJXD
DJURELRGLYHUVLGDGERVTXHGHWHULRUDQODVDOXGGHORVHFRVLVWHPDVQDWXUDOHVFRQXVRH[FHVLYR
GH DJURTXtPLFRV HURVLyQ GHO VXHOR XVR LQHILFLHQWH GHO DJXD GHJUDGDFLyQ GH UHFXUVRV
JHQpWLFRV\GHIRUHVWDFLyQGHERVTXHV\VHOYDV/DJOREDOL]DFLyQFRQWULEX\HDTXHODFRPXQLGDG
LQWHUQDFLRQDOFRQR]FD\SXHGDDVXPLUORVSUREOHPDV
/D H[LJHQFLD GH XQ RUGHQDPLHQWR HFROyJLFR WHUULWRULDO TXH VXVWHQWH ORV FDPELRV GH XVR GHO
VXHORFXDQGRVHSUDFWLFDXQXVRDJUtFROD\QRDJUtFRODLQGLVFULPLQDGRHQORVSDtVHV
0RYLPLHQWR FUHFLHQWH DPELHQWDOLVWD H[LJLHQGR HO FXPSOLPLHQWR GH ORV FRPSURPLVRV
DPELHQWDOHVPXOWLODWHUDOHV\YLJLODQWHVGHORVSURFHVRV\DFFLRQHVGHORVJRELHUQRV
G &DPELRVUHOHYDQWHVTXHHVWiQVXFHGLHQGR
(QWUHORVFDPELRVPiVLPSRUWDQWHVSXHGHQGHVWDFDUVH
,QLFLDWLYDV GH SROtWLFDV S~EOLFDV \ OHJLVODFLRQHV VREUH UHFXUVRV QDWXUDOHV \ FDPELR FOLPiWLFR
KDQ LGR DSDUHFLHQGR HQ $PpULFD /DWLQD \ HO &DULEH HQ IRUPD GH SODQHV LQIRUPHV \R
HVWUDWHJLDVQDFLRQDOHV
,QFLSLHQWHSUHVHQFLDGHXQDQXHYDLQVWLWXFLRQDOLGDGDWHQGLHQGRPXOWLVHFWRULDOPHQWHORVWHPDV
DPELHQWDOHV FRPSURPHWLGRV SXQWRV IRFDOHV GH ODV FRQYHQFLRQHV (Q ORV PLQLVWHULRV GH
DJULFXOWXUDDOPHQRVXQDRILFLQDFRPLHQ]DDDWHQGHUODDJHQGDDPELHQWDOGHODDJULFXOWXUD
,QLFLDWLYDV GH GRQDQWHV LQWHUQDFLRQDOHV SDUD OD LQQRYDFLyQ IRPHQWR GH DFFLRQHV HQ FDPELR
FOLPiWLFR HQHUJtDV DOWHUQDWLYDV JHVWLyQ GH DOHUWDV WHPSUDQDV IRUWDOHFLPLHQWR LQVWLWXFLRQDO \
IRUPDFLyQGHFDSDFLGDGHVORFDOHV
'HPDQGDFUHFLHQWHHQFRRSHUDFLyQWpFQLFDHQUHFXUVRVQDWXUDOHVJHVWLyQDPELHQWDO\FDPELR
FOLPiWLFRGHSDUWHGHORVSDtVHVHQ$PpULFD/DWLQD\HO&DULEH
&RPSURPLVR GH LPSOHPHQWDFLyQ GHORV DFXHUGRV PXOWLODWHUDOHV DPELHQWDOHV ILUPDGRV SRU ORV
(VWDGRV0LHPEURV
$SDULFLyQ HQ HO HVFHQDULR LQWHUQDFLRQDO GH QXHYRV PHFDQLVPRV ILQDQFLHURV YLQFXODGRV D OD
&RQYHQFLyQGH&DPELR&OLPiWLFRTXHRIUHFHQVHUPiVHIHFWLYRVTXHORVRULJLQDGRVDSDUWLUGH
ODILUPDGHO3URWRFRORGH.\RWRFRPRHVHOFDVRGH5(''\0HUFDGRV/LEUHVGH&DUERQR
([SHFWDWLYDSDUDORJUDUHQOD&23GH&DQF~Q0p[LFRXQDFXHUGRMXUtGLFDPHQWHYLQFXODQWH
QRORJUDGRHQOD&23GH&RSHQKDJXH
H &DPELRVTXHVHGHEHQSURPRYHU
$OJXQRVGHORVFDPELRVTXHVHGHEHQSURPRYHULQFOX\HQ
&RQRFHUDFFRXQWLQJHQFDGD(VWDGR0LHPEUR³WUDMHDODPHGLGD´HOQLYHOGHFRQWULEXFLyQ
GHODDJULFXOWXUDHQVXVHQWLGRDPSOLDGR303DORVJDVHVHIHFWRGHLQYHUQDGHUR
*(, VXV YXOQHUDELOLGDGHV ODVDFFLRQHV SUHYHQWLYDV \ GHDQWLFLSDFLyQSDUDDGDSWDFLyQ\ODV
DFFLRQHV GH UHPHGLDFLyQ \R FRPSHQVDFLyQ SDUD PLWLJDFLyQ GH ORV LPSDFWRV GHO FDPELR
FOLPiWLFRDWUDYpVGHSROtWLFDVS~EOLFDV\HVWUDWHJLDVQDFLRQDOHV\UHJLRQDOHV
$GDSWDFLyQGHODDJULFXOWXUDDOFDPELRFOLPiWLFR3UHSDUDUDODLQVWLWXFLRQDOLGDGGHORVSDtVHV
SDUDDGDSWDUODDJULFXOWXUDDOFDPELRFOLPiWLFR\PLWLJDUVXVHIHFWRV

$FWLYLGDGDJURSHFXDULDFRQUHVSRQVDELOLGDGDJURQyPLFDDPELHQWDO$SR\DUDORVSDtVHVHQHO
GHVDUUROOR GH XQD DJULFXOWXUD TXH UHGX]FD HOLPLQH \R PLWLJXH ORV LPSDFWRV QHJDWLYRV GH OD
DFWLYLGDGDJURSHFXDULDVREUHHODPELHQWH
*HVWLyQHILFLHQWHHLQWHJUDOGHORVUHFXUVRVQDWXUDOHVVXHORDJXDDJURELRGLYHUVLGDGERVTXH
FRQ HQIRTXH HFRVLVWpPLFR $SR\DU D ORV SDtVHV HQ HO PHMRUDPLHQWR GH OD JHVWLyQ GH ORV
UHFXUVRVQDWXUDOHVDILQGHDVHJXUDUVXGLVSRQLELOLGDGSDUDODVJHQHUDFLRQHVDFWXDOHV\IXWXUDV
&DPELRFOLPiWLFR\DJULFXOWXUD
/D DJULFXOWXUD DIHFWD \ D OD YH] UHVXOWD DIHFWDGD SRU OD YDULDELOLGDG FOLPiWLFD SURGXFWR GHO FDPELR
FOLPiWLFRSRUORTXHVHWUDVWRFDQHLPSDFWDQORVVHUYLFLRV\ELHQHVDPELHQWDOHVHFRVLVWpPLFRVJHQHUDQGR
H[WHUQDOLGDGHV QHJDWLYDV FRPR GHJUDGDFLyQ GHO VXHOR FRQWDPLQDFLyQ \ XVR LQDGHFXDGR GHO DJXD
GHJUDGDFLyQ JHQpWLFD SpUGLGD GH DJURELRGLYHUVLGDG GHIRUHVWDFLyQ 7RGR HOOR REOLJD D LQFUHPHQWDU VX
FDSDFLGDG GH DGDSWDFLyQ LQFUHPHQWDGR \ UHVWDXUDQGR GLFKRV VHUYLFLRV \ ELHQHV DPELHQWDOHV
HFRVLVWpPLFRV \ PLQLPL]DQGR ODV H[WHUQDOLGDGHV QHJDWLYDV FRQ HO ILQ GH DVHJXUDU ODV FRQGLFLRQHV SDUD
XQDDFWLYLGDGDJURSHFXDULD\VLOYtFRODVXVWHQWDEOH
D (OJUDQUHWR
(O JUDQ UHWR HV SRGHU SURSRUFLRQDU DOLPHQWDFLyQ VXILFLHQWH RSRUWXQD DFFHVLEOH FRQ HVWDELOLGDG \ D
SUHFLRV DGHFXDGRV D ODV SUHVHQWHV \ IXWXUDV JHQHUDFLRQHV JDUDQWL]DQGR OD VHJXULGDG DOLPHQWDULD (VWR
VROR VHUi SRVLEOH DVHJXUDQGR OD VDOXG GH ORV HFRVLVWHPDV PDUtWLPRV \ WHUUHVWUHV \ OD FRQVHUYDFLyQ
UHVWDXUDFLyQ SURWHFFLyQ \ XVR \ DSURYHFKDPLHQWR VXVWHQWDEOH GH ORV UHFXUVRV QDWXUDOHV (V HO QXHYR
SDUDGLJPDGHXQDDJULFXOWXUDFRPSHWLWLYD\VXVWHQWDEOHHQGRQGHODDFWLYLGDGDJURSHFXDULD\VLOYtFROD
VHDUHVSRQVDEOHFRQHODPELHQWH\ORVUHFXUVRVQDWXUDOHVQREDVWDFRPRKDTXHGDGRGHPRVWUDGRTXH
VHD ³DPLJDEOH´ FRQ HO DPELHQWH 8QD DJULFXOWXUD WDPELpQ FRQ PiV FDSDFLGDG GH UHGXFLU VX
YXOQHUDELOLGDGDODYDULDELOLGDGFOLPiWLFDPHMRUDQGRVXDGDSWDFLyQ\PLWLJDFLyQDOFDPELRFOLPiWLFR
E &XHVWLRQHVTXHVHGHEHUiQDERUGDUHQODDJULFXOWXUDGHOVLJOR;;,
/DDJULFXOWXUDGHO6LJOR;;,GHEHUiHQIUHQWDUORVVLJXLHQWHVUHWRV
$XPHQWRGHSREODFLyQ\HOGHVSREODPLHQWRUXUDO
(VFDVH]GHDJXD
)XHUWHVRVFLODFLRQHVGHORVSUHFLRVGHORVDOLPHQWRV
(VWDQFDPLHQWRHQHODXPHQWRGHODSURGXFWLYLGDGDJUtFROD
'LVPLQXFLyQGHODVVXSHUILFLHVFXOWLYDEOHV
'HVHUWLILFDFLyQ\GHJUDGDFLyQGHWLHUUDV
&DPELRFOLPiWLFRYDULDELOLGDGFOLPiWLFDGHELGRDOFDOHQWDPLHQWRJOREDO\FRQWDPLQDFLyQGHO
DPELHQWH
3UHVLyQVREUHODELRGLYHUVLGDG\GHVDUUROORVRVWHQLGR
&DPELRGHORVKiELWRVGHFRQVXPR
(FRQRPtDFDGDYH]PiVJOREDOL]DGD
&RQIOLFWRVUHODFLRQDGRVFRQHOKDPEUHJREHUQDELOLGDG
/DDJHQGDGHO,,&$HQPDWHULDGHDJULFXOWXUD\
FDPELRFOLPiWLFR

D (O3ODQGH0HGLDQR3OD]R
(OPDUFRRULHQWDGRUDFWXDOGHODFRRSHUDFLyQWpFQLFDGHO,,&$HVHO3ODQGH0HGLDQR3OD]R
FX\RVHMHVHVWUDWpJLFRV\GLPHQVLRQHVVHLOXVWUDQHQOD)LJXUD,,,
),*85$,,,
(-(65(&725(6'(/$&223(5$&,Ï17e&1,&$'(/,,&$

)XHQWH,,&$
E (OHPHQWRVGHODDJHQGDGHO,,&$HQFDPELRFOLPiWLFR
/DDJHQGDGHO,,&$HQFDPELRFOLPiWLFRLQFOX\H
9LVLyQHVWUDWpJLFDGHODUJRSOD]RHQPDQHMRVXVWHQWDEOHGHORVUHFXUVRVQDWXUDOHVDGDSWDFLyQ
DQWHHOFDPELRFOLPiWLFR\JHVWLyQDPELHQWDODJURQyPLFDPHQWHUHVSRQVDEOH
$FRPSDxDUDORVPLQLVWHULRVGHDJULFXOWXUDHQODIRUPXODFLyQDGLFLyQDGHFXDFLyQGHSROtWLFDV
S~EOLFDVHLQVWUXPHQWRV\DOLQHDFLyQGHHVWUDWHJLDVQDFLRQDOHVGHORV$FXHUGRV0XOWLODWHUDOHV
$PELHQWDOHV$0$
)RUWDOHFLPLHQWR GH FDSDFLGDGHV LQVWLWXFLRQDOHV D QLYHO GHO VHFWRU S~EOLFR \ SULYDGR SDUD HO
PDQHMR VXVWHQWDEOH GH UHFXUVRV QDWXUDOHV GH ORV HFRVLVWHPDV OD JHVWLyQ DPELHQWDO SDUD XQD
DFWLYLGDG DJURSHFXDULD UHVSRQVDEOH DJURQyPLFDPHQWH FRQ HO DPELHQWH \ HO FXPSOLPLHQWR GH
ORV FRPSURPLVRV DPELHQWDOHV PXOWLODWHUDOHV HPDQDGRV GH ORV $0$ YLQFXODGRV D XQD
DJULFXOWXUDVXVWHQWDEOH
)RUPDFLyQGHFDSDFLGDGHVSDUDODLQVWLWXFLRQDOLGDGS~EOLFD\SULYDGDHQORVWHPDVDPELHQWDOHV
*HVWLyQ GHO FRQRFLPLHQWR LQIRUPDFLyQ SURFHVRV SURFHGLPLHQWRV PHWRGRORJtDV
DQiOLVLVSURVSHFWLYRV
3UR\HFWRVHVWUDWpJLFRVEDQFDEOHV
F 3URJUDPDGH&RRUGLQDFLyQ7UDQVYHUVDO$JULFXOWXUD0DQHMRGH5HFXUVRV
1DWXUDOHV\&DPELR&OLPiWLFR051\&&
(O,,&$JHVWLRQDODFRRSHUDFLyQWpFQLFDDWUDYpVGHFXDWUR3URJUDPDVGH&RQFHQWUDFLyQ7pFQLFD\
GRV 3URJUDPD GH &RRUGLQDFLyQ 7UDQVYHUVDO /D )LJXUD ,,, LOXVWUD OD DUWLFXODFLyQ GHO 3URJUDPD GH

&RRUGLQDFLyQ7UDQYHUVDOGH0DQHMRGH5HFXUVRV1DWXUDOHV\&DPELR&OLPiWLFRFRPRSDUWHGHO3ODQGH
0HGLDQR3OD]R

),*85$,,,
352*5$0$75$169(56$/'(0$1(-2'(5(&856261$785$/(6<
&$0%,2&/,0È7,&2

)XHQWH,,&$

(OUROGHORVSURJUDPDVGHFRRUGLQDFLyQWUDQYHUVDOLQFOX\H
3URSRUFLRQDULQIRUPDFLyQ\SURYHHUSULQFLSLRV
,GHQWLILFDU\HYDOXDUSUR\HFWRVHVSHFtILFRVKHPLVIpULFRVUHJLRQDOHV\QDFLRQDOHV
$SR\RDORVPLQLVWHULRVGHDJULFXOWXUDVHJ~QODVPRGDOLGDGHVGHFRRSHUDFLyQDVRFLDGDVDXQD
DJULFXOWXUDVXVWHQWDEOHDOPDQHMRGHUHFXUVRVQDWXUDOHV\DODUHGXFFLyQGHVXYXOQHUDELOLGDGD
WUDYpV GH ORJUDU VX DGDSWDFLyQ DO FDPELR FOLPiWLFR YDULDELOLGDG FOLPiWLFD \ VX HIHFWLYD
FRQWULEXFLyQDODPLWLJDFLyQ
3URYLVLyQGHFRQRFLPLHQWRJOREDOHQHOWHPDSDUDDGHODQWDUVHDOIXWXUR
$UWLFXODFLyQ\JHVWLyQSDUDLQFRUSRUDUORVWHPDVWUDQVYHUVDOHVGHODFRRSHUDFLyQWpFQLFDHQORV
SURJUDPDV\HQORVSDtVHV\HYDOXDFLyQGHJUDGR\FDOLGDGGHVXLQFRUSRUDFLyQ
*HVWLyQGHUHODFLRQHVFRQDFWRUHVJOREDOHV
/D DUWLFXODFLyQ GH ODV IXQFRQHV GH ORV SURJUDPDV GH FRRUGLQDFLyQ WUDQVYHUVDO VH LOXVWUDQ HQ OD
)LJXUD,,,


),*85$,,,
)81&,21(6'(/26352*5$0$6'(&225',1$&,Ï175$169(56$/

$VHJXUDUVHDQLQFRUSRUDGRVDORV

SURJUDPDVWpFQLFRVORVREMHWLYRVHQPDWHULD 3DUWLFLSDUHQHOGHVDUUROORHLPSOHPHQWDFLyQ
GHVHJXULGDGDOLPHQWDULD\GHGHVDUUROOR GHSUR\HFWRVGHFRRSHUDFLyQGHORV
VXVWHQWDEOHODDGDSWDFLyQDOFDPELRFOLPiWLFR SURJUDPDVWpFQLFRV\SDtVHV
\ODDGHFXDGDJHVWLyQGHORVUHFXUVRV
QDWXUDOHV
3URYHHUOLGHUD]JRWpFQLFRKHPLVIpULFR

)DYRUHFHUHOGHVDUUROORGHDOLDQ]DVHVWUDWpJLFDVFRQRUJDQL]DFLRQHVJOREDOHV

*HVWLRQDUHOFRQRFLPLHQWR $UWLFXODUODV³UHGHVWHPiWLFDVLQVWLWXFLRQDOHV´

2ULHQWDU\DSR\DUVXLQFOXVLyQHQODVUHGHV )RPHQWDUODVSDUWLFLSDFLyQGHO,,&$HQUHGHVGH
FRRSHUDFLyQ\FRQRFLPLHQWRHQORViPELWRV
WHPiWLFDVGHORVSURJUDPDVWpFQLFRV PXQGLDO\KHPLVIpULFR
5HDOL]DUDQiOLVLVSURVSHFWLYRV\HVWUDWpJLFRV

$FRPSDxDUDORVSURJUDPDVWpFQLFRVGHO,,&$HQ
$VHJXUDU\HYDOXDUODFRUUHFWDLQFOXVLyQ\ DSR\RDODVSROtWLFDVQDFLRQDOHVORVDFXHUGRV
DSOLFDFLyQGHOHMHUHFWRUHQODJHVWLyQGHOD UHJLRQDOHV\ODVDFFLRQHVKHPLVIpULFDV
FRRSHUDFLyQWpFQLFDGHO,,&$

)XHQWH,,&$

(Q HVH FRQWH[WR HO REMHWLYR GHO 3URJUDPD GH &RRSHUDFLyQ 7UDQYHUVDO $JULFXOWXUD 0DQHMR GH
5HFXUVRV1DWXUDOHV\&DPELR&OLPiWLFRHVDVHJXUDUTXHHOPDQHMRGHORVUHFXUVRVQDWXUDOHVODJHVWLyQ
DPELHQWDO\ODDGDSWDFLyQDQWHHOFDPELRFOLPiWLFRVHDQXQDUHDOLGDGKDFLDXQDDJULFXOWXUDVXVWHQWDEOH\
FRPSHWLWLYDVHQODV$PpULFDV
& /tQHDVGHDFFLyQGHO3URJUDPDGH&RRSHUDFLyQ7UDQVYHUVDO$JULFXOWXUD
0DQHMRGH5HFXUVRV1DWXUDOHV\&DPELR&OLPiWLFR
/DVOtQHDVGHDFFLyQGHOSURJUDPDLQFOX\HQ
/DYDORUL]DFLyQGHORVDFWLYRV\SDVLYRVDPELHQWDOHVFDSLWDOQDWXUDO
/DYDORUL]DFLyQGHODDJULFXOWXUDVRVWHQLEOH
/DFRQVWUXFFLyQGHERVTXHV\VHOYDVQXHYRV
/DYDORUL]DFLyQGHERVTXHV\VHOYDVQDWXUDOHV
/D LQFRUSRUDFLyQ GHO WHPD GH OD YDULDELOLGDG FOLPiWLFD \ HO FDPELR FOLPiWLFR HQ OD
SODQLILFDFLyQGHODVSROtWLFDVS~EOLFDV
(OIRUWDOHFLPLHQWRLQVWLWXFLRQDOS~EOLFR\SULYDGR\ODIRUPDFLyQGHFDSDFLGDGHVORFDOHV
7RGRHOORGHEHUiFRQGXFLUDORJURGHORVREMHWLYRVGHOGHVDUUROORVXVWHQWDEOHVHJ~QVHLOXVWUDHQOD
)LJXUD,,,


),*85$,,,
/Ë1($6'($&&,Ï1'(/352*5$0$'(&223(5$&,Ï175$169(56$/$*5,&8/785$
0$1(-2'(5(&856261$785$/(6<&$0%,2&/,0È7,&2
'(6$552//26867(17$%/(

2%-(7,926
&$0%,2&/,0È7,&2<9$5,$%,/,'$'&/,0È7,&$

9$/25,=$&,21'(%2648(6<6(/9$61$785$/(6

&RQVWUXLUERVTXHV\VHOYDVQXHYDV

9$/25,=$5/$$*5,&8/785$
6867(17$%/(
9DORUL]DUDFWLYRVSDVLYRV
DPELHQWDOHVFDSLWDOQDWXUDO
)XHQWH,,&$
( (OFDPELRFOLPiWLFRHQODDJHQGDGHOD)$2
HQ$PpULFD/DWLQD\HO&DULEH
(OFDPELRFOLPiWLFRDxDGHXQUHWRDGLFLRQDODOVLVWHPDDOLPHQWDULRPXQGLDOFX\RREMHWLYRHVGDUGHFRPHUD
WRGDVODVSHUVRQDV\JDUDQWL]DUDOPLVPRWLHPSRHOPDQHMRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHV(OPDQGDWR
GHOD)$2UHFRJHHVWHJUDQGHVDItRHVSHFLDOPHQWHFXDQGRVHSUR\HFWDXQDSREODFLyQGHPLOORQHVGH
KDELWDQWHVHQ\XQDXPHQWRFRUUHVSRQGLHQWHGHODGHPDQGDPXQGLDOGHDOLPHQWRV
(OFDPELRFOLPiWLFR\ODVGLPHQVLRQHV
GHODVHJXULGDGDOLPHQWDULD
(O FDPELR FOLPiWLFR DIHFWD ODV FXDWUR GLPHQVLRQHV GH OD VHJXULGDG DOLPHQWDULD OD GLVSRQLELOLGDG GH
DOLPHQWRV HO DFFHVR D ORV PLVPRV OD HVWDELOLGDG HQ VX VXPLQLVWUR \ OD FDSDFLGDG SRU SDUWH GH ORV
FRQVXPLGRUHVGHXWLOL]DUORVDOLPHQWRVFRQVLGHUDQGRVXLQRFXLGDG\VXYDORUQXWULWLYR)$2/D
DGDSWDFLyQ \ PLWLJDFLyQ DO FDPELR FOLPiWLFR VH YLQFXOD GLUHFWDPHQWH FRQ HO PDQGDWR GH OD )$2 \ VH
UHIOHMDHQEXHQDSDUWHGHVXWUDEDMR/RVSULQFLSLRVEiVLFRVTXHRULHQWDQHVWHWUDEDMRVRQ
3ODQLILFDFLyQGHODVHJXULGDGDOLPHQWDULD\HOGHVDUUROORDWUDYpVGHWRGRVORVVHFWRUHV\HVFDODV
HVSDFLRWHPSRUDOHV
3URPRYHUODVVLQHUJLDVHQWUHPLWLJDFLyQDGDSWDFLyQ\SURGXFFLyQDOLPHQWDULDVRVWHQLEOH
(QIRTXH SDUWLFLSDWLYR FRQVLGHUDQGR ODV QHFHVLGDGHV HVSHFtILFDV GH JpQHUR DVt FRPR ODV
SULRULGDGHVGHORVSXHEORVLQGtJHQDV\RWUDVFRPXQLGDGHVYXOQHUDEOHV
3URFHVRVGHDSUHQGL]DMHVRFLDOTXHLQWHJUDQHOFRQRFLPLHQWRORFDO\HOFLHQWtILFR

5HVXPHQGHODSUHVHQWDFLyQGH/DXUD0H]DGHOD)$2

$FXHUGRVLQWHUQDFLRQDOHVVREUHFDPELRFOLPiWLFRGHVHUWL]DFLyQELRGLYHUVLGDG\VLOYLFXOWXUD

),*85$,,,
(/&$0%,2&/,0È7,&25(72'(/$$*5,&8/785$/$6,/9,&8/785$/$3(6&$
</$6(*85,'$'$/,0(17$5,$

)XHQWH)$2

0HFDQLVPRVGHLPSOHPHQWDFLyQ
/D )$2 WUDEDMD WUDQVYHUVDOPHQWH HO WHPD GH FDPELR FOLPiWLFR HQ WRGRV ORV QLYHOHV SURGXFLHQGR
FRQRFLPLHQWR SUHVWDQGR DVHVRUtD SROtWLFD \ WpFQLFD \ FUHDQGR FDSDFLGDGHV SDUD DSR\DU ODV PHGLGDV
QHFHVDULDVGHDGDSWDFLyQ\PLWLJDFLyQ(OWUDEDMRGHOD)$2VHLQVHUWDHQXQDJDPDGHSURFHVRVFRPRVH
PXHVWUDHQOD)LJXUD,,,

),*85$,,,
35,1&,3$/(60(&$1,6026'(,03/(0(17$&,Ï1'(/75$%$-2'(/$)$2

)XHQWH)$2

(QIRTXHSDUDODDGDSWDFLyQ
/DDGDSWDFLyQDODYDULDELOLGDG\DOFDPELRFOLPiWLFRUHVXOWDHVHQFLDOSDUDFXDOTXLHUHVIXHU]RGLULJLGRD
SURPRYHUODVHJXULGDGDOLPHQWDULDHODOLYLRGHODSREUH]D\HOPDQHMRVRVWHQLEOH\ODFRQVHUYDFLyQGHORV
UHFXUVRVQDWXUDOHV/DDGDSWDFLyQHVLQKHUHQWHDOWUDEDMRGHOD)$2
/DViUHDVGHDFFLyQSULRULWDULDGHOD)$2SDUDODDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD
VLOYLFXOWXUD\SHVFDVRQ
'DWRV\FRQRFLPLHQWRVSDUDODHYDOXDFLyQGHLPSDFWR\ODDGDSWDFLyQ
*REHUQDQ]DSDUDODDGDSWDFLyQ
5HVLOLHQFLDGHORVPHGLRVGHYLGDDOFDPELRFOLPiWLFR
&RQVHUYDFLyQ\PDQHMRVRVWHQLEOHGHODELRGLYHUVLGDG
7HFQRORJtDVLQQRYDGRUDV
0HMRUJHVWLyQGHOULHVJRGHGHVDVWUHV
(QIRTXHSDUDODPLWLJDFLyQ
1R VHUi SRVLEOH DOFDQ]DU HO REMHWLYR JOREDO GH PLWLJDFLyQ VL ORV VHFWRUHV DJUtFROD IRUHVWDO \
SHVTXHUR UHVSRQVDEOHV GH XQD WHUFHUD SDUWH GH ODV HPLVLRQHV GH *(, QR FRQWULEX\H Q GH IRUPD
VLJQLILFDWLYDDODPLWLJDFLyQ
/D PLWLJDFLyQ GHO FDPELR FOLPiWLFR HV XQ FDPSR UHODWLYDPHQWH QXHYR SHUR HQ JUDQ PHGLGD VH
FRQVWUX\HDSDUWLUGHOWUDEDMRSUHYLRVREUHPDQHMRVRVWHQLEOHGHODWLHUUD\ORVVLVWHPDVDFXiWLFRVHOSDJR
SRU VHUYLFLRV DPELHQWDOHV \ OD RUJDQL]DFLyQ GH OD SREODFLyQ UXUDO (Q HVWH iPELWR ODV iUHDV GH DFFLyQ
SULRULWDULDGHOD)$2VRQODVVLJXLHQWHV
5HIXHU]R GH ORVVHFWRUHV DJUtFROD IRUHVWDO \ RWURVUHODFLRQDGRVFRQHOXVRGHODWLHUUDHQORV
DFXHUGRV\QHJRFLDFLRQHVLQWHUQDFLRQDOHVVREUHFDPELRFOLPiWLFR
'DWRV\FRQRFLPLHQWRVVREUHPLWLJDFLyQ
0pWRGRV\WHFQRORJtDVSDUDODPLWLJDFLyQ
*REHUQDQ]DSDUDODPLWLJDFLyQGHOFDPELRFOLPiWLFR
'HILQLFLyQGHSULRULGDGHVDQLYHOUHJLRQDO
(QODV~OWLPDVFRQIHUHQFLDVUHJLRQDOHVGHOD)$2SDUD$PpULFD/DWLQD\HO&DULEH\HQRWUDVLQVWDQFLDV
UHJLRQDOHV ORV SDtVHV PLHPEURV KDQ LGHQWLILFDGR ODV VLJXLHQWHV SULRULGDGHV HQ PDWHULD GH FDPELR
FOLPiWLFRSDUDHOVHFWRUVLOYRDJURSHFXDULR\SHVFD
'LULJLUODLQYHUVLyQS~EOLFDQDFLRQDOHLQWHUQDFLRQDOSDUDPHMRUDUODFDSDFLGDGGHDGDSWDFLyQ
GHODDJULFXOWXUD
0HMRUD JHQpWLFD GH YDULHGDGHV WUDGLFLRQDOHV \ GHVDUUROOR \ GLIXVLyQ GH QXHYDV YDULHGDGHV
DGDSWDGDVDORVFDPELRVFOLPiWLFRVSUHYLVWRV
(VWDEOHFHULQIUDHVWUXFWXUDSDUDDGPLQLVWUDUODHVFDVH]\ORVH[FHVRVGHDJXD
'HVDUUROORGHVHJXURV\VLVWHPDVGHDOHUWDWHPSUDQDSDUDSURWHJHUDORVSHTXHxRVSURGXFWRUHV
IUHQWHDORVULHVJRVFOLPiWLFRV
,PSXOVDUODDGDSWDFLyQDOFDPELRFOLPiWLFRFRPRHOHPHQWRGHFRPSHWLWLYLGDGDJUtFROD

$SR\DU OD HODERUDFLyQ \ DSOLFDFLyQ GH XQ VLVWHPD \ KHUUDPLHQWDV SDUD JHVWLRQDU ORV ULHVJRV
DVRFLDGRVDODYDULDELOLGDGFOLPiWLFD\VXLPSDFWRHQODDJULFXOWXUD\ODVFRPXQLGDGHVUXUDOHV
'HVDUUROODUDFFLRQHVGHGLIXVLyQGHWHFQRORJtDVSDUDHQIUHQWDUHOFDPELRFOLPiWLFRDWUDYpVGH
PHFDQLVPRVGHH[WHQVLyQFRPXQLFDFLyQ\IRUPDFLyQ
&RODERUDUHQHOGLVHxRGHSROtWLFDV\HVWUDWHJLDVGHPLWLJDFLyQ\DGDSWDFLyQUHODWLYDVDOFDPELR
FOLPiWLFRHQORVVLVWHPDVGHSURGXFFLyQJDQDGHUDPHGLDQWHDFWLYLGDGHVSLORWR
'LVHxDUPHWRGRORJtDVSDUDODPHGLFLyQGHODVHPLVLRQHVGH*DVHVGH(IHFWR,QYHUQDGHURDVt
FRPRODFDSDFLGDGGHFDSWXUDGHORVPLVPRVHQORVVHFWRUHVJDQDGHURIRUHVWDO\SHVFD
$FFLRQHVHQFXUVRHQODUHJLyQ
&RPR VH KD PHQFLRQDGR OD )$2 SURPXHYH XQD DJULFXOWXUD VRVWHQLEOH \ XQ PDQHMR DSURSLDGR GH ORV
UHFXUVRVQDWXUDOHVHQIXQFLyQGHDOFDQ]DUHOREMHWLYRGHODVHJXULGDGDOLPHQWDULD3RUORWDQWRPXFKRVGH
ORVSURJUDPDVGHFRRSHUDFLyQFRQWULEX\HQDODPLWLJDFLyQ\DGDSWDFLyQDOFDPELRFOLPiWLFRDXQFXDQGRHO
REMHWLYRSDUDHOFXDOIXHURQGLVHxDGRVQRQHFHVDULDPHQWHDSXQWDH[SOtFLWDPHQWHDHVWHSURSyVLWR
(O&XDGUR,,,VHSUHVHQWDXQDOLVWDQRH[KDXVWLYDGHDFFLRQHVHLQLFLDWLYDVHQPDWHULDGHFDPELR
FOLPiWLFRGHVDUUROODGDVSRUORVSDtVHVGHODUHJLyQ\TXHFXHQWDQFRQODDVLVWHQFLDGHOD)$2$OJXQDV
FRUUHVSRQGHQ D SUR\HFWRV GH DSR\R D OD SODQLILFDFLyQ VHFWRULDO 2WUDV VH RULHQWDQ D OD SURGXFFLyQ
VRVWHQLEOH \ DO GHVDUUROOR GHXQD DJULFXOWXUD LQWHOLJHQWH HQ FRQWH[WR GHFDPELR/RVHMHPSORVLQFOX\HQ
DVSHFWRVQRUPDWLYRVSUXHEDVSLORWR\SUR\HFWRVDQLYHOGHFDPSR
$FWXDOPHQWHVHGHILQHXQ3URJUDPD0DUFRSDUDOD$GDSWDFLyQ)$2$GDSWTXHDUPRQL]DUiODV
DFFLRQHVGHOD2UJDQL]DFLyQHQVXDSR\RDORVSDtVHVSDUDODDGDSWDFLyQDOFDPELRFOLPiWLFR6HEXVFD
SURSHQGHUDLQWHJUDUHOFDPELRFOLPiWLFRFRPRXQFRPSRQHQWHPiVGHODYDULDELOLGDGWRWDOGHOFOLPD\
SRU OR WDQWR DO IRUWDOHFLPLHQWR GH OD FDSDFLGDG GH UHVSXHVWD \ UHVLOLHQFLD GH ORV SURGXFWRUHV
FRPXQLGDGHVUXUDOHV\GHOVHFWRUDJUtFROD\SHVFDHQJHQHUDO
6LQ SHUMXLFLR GH TXH OD 5HJLyQ GH $PpULFD /DWLQD \ HO &DULEH FRQWULEX\H SURSRUFLRQDOPHQWH
PHQRVDOWRWDOGHHPLVLRQHVGH*(,OD2UJDQL]DFLyQSURPXHYHODE~VTXHGDGHVLQHUJLDVHQWUHDFFLRQHV
GHDGDSWDFLyQ\TXHSXHGDQDOPLVPRWLHPSRFRQWULEXLUDODPLWLJDFLyQ

3DUDPD\RULQIRUPDFLyQYHUKWWSZZZIDRRUJFOLPDWHFKDQJH#HQ

&8$'52,,,
(-(03/26'(/48(+$&(5'(/$)$2(1&$0%,2&/,0È7,&2(1$0e5,&$/$7,1$<(/&$5,%(

$FFLRQHV (MHPSORVGHLQLFLDWLYDVHQFXUVR
(YDOXDFLyQGHLPSDFWRV\ &DVRVGHHVWXGLRGHOLPSDFWRGHOFDPELRFOLPiWLFRHQSHVFD\DFXLFXOWXUD$PD]RQtD
YXOQHUDELOLGDG0RQLWRUHR SHUXDQD*ROIRGH)RQVHFD\]RQDFHQWURVXUGH&KLOH
(YDOXDFLyQGHOLPSDFWRGHOFDPELRFOLPiWLFRHQODGLVWULEXFLyQ\FRPSRUWDPLHQWRGH
HQIHUPHGDGHVDQLPDOHVHQ$PpULFD/DWLQD
$QiOLVLVGHODYXOQHUDELOLGDGGHODVHJXULGDGDOLPHQWDULDEDMRFDPELRFOLPiWLFRSLORWRHQ
1LFDUDJXD
'HVDUUROORGHLQGLFDGRUHVGHYXOQHUDELOLGDGHQSHVFD\DFXLFXOWXUDWUHVFDVRVGHHVWXGLR
HQ$PpULFD/DWLQD\HO&DULEH
&RPLVLyQWpFQLFD\FLHQWtILFDGHLQYHVWLJDFLyQVREUHODSURWHFFLyQYHJHWDO\ODDGDSWDFLyQ
DOFDPELRFOLPiWLFRHQOD]RQDDQGLQD
6LVWHPDGH0RQLWRUHRGHOD6HJXULGDG$OLPHQWDULDTXHLQFOX\HSDUiPHWURVYLQFXODGRVDO
FOLPD*OREDO,QIRUPDWLRQDQG(DUO\:DUQLQJ6\VWHPRQ)RRGDQG$JULFXOWXUH*,(:6
*XtDVPpWRGRV\ 7(&$EDVHGHGDWRVGHWHFQRORJtDVSDUDODDJULFXOWXUD
KHUUDPLHQWDVGH :2&$7EDVHGHGDWRVGHHQIRTXHV\WHFQRORJtDVSDUDODFRQVHUYDFLyQ(MHPSORV
LQIRUPDFLyQ DSOLFDGRVDODJHVWLyQFOLPiWLFD&KLOH3HU~%ROLYLD\&RORPELD
%DVHGHGDWRV$TXDVWDW
/$'$/DQG'HJUDGDWLRQ$VVHVVPHQWLQ'U\ODQGV3URJUDPPH
$TXD&URSVRIWZDUHSDUDHOPRGHODPLHQWRGHSURGXFWLYLGDGFXOWLYRDJXD
'HVDUUROOR\ 3DTXHWHGHFDSDFLWDFLyQHQJHVWLyQGHULHVJRGHGHVDVWUHV
IRUWDOHFLPLHQWRGH &XUVRGHDXWRDSUHQGL]DMHVREUHSODQLILFDFLyQSDUDODDGDSWDFLyQDOFDPELRFOLPiWLFRD
FDSDFLGDGHVSDUDOD QLYHOFRPXQLWDULR
HYDOXDFLyQGHLPSDFWRV\
YXOQHUDELOLGDG &XUVRVGHDXWRDSUHQGL]DMHSDUDODJHVWLyQGHULHVJRFOLPiWLFRHQ&KLOHRULHQWDGRD
H[WHQVLRQLVWDVDJUtFRODV

&RPXQLFDFLyQ\DFFHVRD 'HVDUUROORGHFDSDFLGDGHVSDUDODFRPXQLFDFLyQHQPDQHMRGHUHFXUVRVQDWXUDOHV\
ODLQIRUPDFLyQ DGDSWDFLyQDOFDPELRFOLPiWLFR
&6',&RPXQLFDFLyQSDUDHOGHVDUUROORVRVWHQLEOHHQEDVHDHVWUDWHJLDVORFDOHVSDUDOD
GLVHPLQDFLyQGHQXHYDVWHFQRORJtDVHLQQRYDFLyQ%ROLYLD\SDtVHVGHO&DULEH
3URPRFLyQGHOLQWHUFDPELRGHH[SHULHQFLDVDWUDYpVGHHQFXHQWURVVHPLQDULRVIRURV
YLUWXDOHVHWF
*REHUQDQ]D $FRPSDxDPLHQWRDOGHVDUUROORGHHVWUDWHJLDVUHJLRQDOHVGHFDPELRFOLPiWLFR
$SR\RDFRQVXOWDV\DFFLRQHVGHSROtWLFDSDUDSURPRYHUHOXVRVRVWHQLEOHGHODJXDHQHO
FRQWH[WRGHOFDPELRFOLPiWLFR(M&RQIHUHQFLD(OHFWUyQLFD³&DPELR&OLPiWLFR\0DQHMR
GH&XHQFDV+LGURJUiILFDV´
3URPRFLyQGHODFRRSHUDFLyQ6XU6XUHQPDWHULDVUHODFLRQDGDVFRQFDPELRFOLPiWLFR
3UR\HFWRGHIRUWDOHFLPLHQWRGHODJREHUQDQ]DDPELHQWDOSDUDHQIUHQWDUORVULHVJRV
FOLPiWLFRVHQ*XDWHPDOD
,QFRUSRUDFLyQGHOD 'HVDUUROORGHJXtDVSDUDLQFRUSRUDUWHPDVGHFDPELRFOLPiWLFRHQSURJUDPDVGH
DGDSWDFLyQ\ODPLWLJDFLyQ DJULFXOWXUDPDQHMRIRUHVWDOSHVFD\DFXLFXOWXUD
IUHQWHDOFDPELRFOLPiWLFR 3UR\HFWRVSDUDPHMRUDUODJHVWLyQFOLPiWLFDHQHOVHFWRUDJUtFROD&KLOH3HU~\%ROLYLD
HQODVSROtWLFDV
VHFWRULDOHV 3UR\HFWRGHLQWHJUDFLyQGHPHGLGDVGHDGDSWDFLyQ\PLWLJDFLyQDOFDPELRFOLPiWLFRHQHO
PDQHMRGHUHFXUVRVQDWXUDOHVHQFXDWURFXHQFDVSULRULWDULDVGH3DQDPi

3UR\HFWRVGHSODQLILFDFLyQSDUDODDGDSWDFLyQDOFDPELRFOLPiWLFRGHOVHFWRUDJUtFROD\
SHFXDULR&KLOH3HU~\8UXJXD\
3UR\HFWRGHLQWHJUDFLyQGHODDGDSWDFLyQDOFDPELRFOLPiWLFRHQHO0DFL]R&RORPELDQR
3UHSDUDFLyQGHSODQHVQDFLRQDOHV\VXEQDFLRQDOHVGHDFFLyQHQODJHVWLyQGHOULHVJRGH
GHVDVWUHV\DGDSWDFLyQDOFDPELRFOLPiWLFRHQHO&DULEH

)XHQWH)$2

,9([SHULHQFLDVQDFLRQDOHVHQ
IRUPXODFLyQHLPSOHPHQWDFLyQGH
SROtWLFDV\GHVDUUROORGH
LQVWLWXFLRQDOLGDGSDUDHQIUHQWDU
HOFDPELRFOLPiWLFR
HQODDJULFXOWXUD
$ ,QWURGXFFLyQ
(Q OD UHJLyQ OD DFWLYLGDG DJUtFROD DGHPiV GH SURYHHU DOLPHQWRV H
LQVXPRV LQGXVWULDOHV FRQVWLWX\H XQD IXHQWH GH WUDEDMR H LQJUHVRV
LQGLUHFWRV SDUD XQ DPSOLR VHFWRU GH OD SREODFLyQ HVSHFLDOPHQWH HQ ODV
]RQDV UXUDOHV $VLPLVPR ODV H[SRUWDFLRQHV DJUtFRODV \ DJURLQGXVWULDOHV
VRQ XQD IXHQWH LPSRUWDQWH GH LQJUHVR GH GLYLVDV SDUD PXFKRV SDtVHV
(VWDVHQVLEOHGHSHQGHQFLDGHORDJUtFRODFRPSURPHWHDORVUHVSRQVDEOHV
GH SROtWLFD D WRPDU DFFLRQHV FRQFUHWDV H LQPHGLDWDV SDUD DVHJXUDU ORV
PHGLRV GH VXEVLVWHQFLD GH PLOORQHV GH SHUVRQDV HVSHFLDOPHQWH GH ODV
PiVYXOQHUDEOHV

,PSDFWRVGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
/RV FDPELRV HQ HO FOLPD SXHGHQ DIHFWDU GUiVWLFDPHQWH OD DJULFXOWXUD \ HO PHGLR DPELHQWH 6L OD
WHPSHUDWXUDSURPHGLRDQXDOH[FHGLHUDORV&VHHVSHUDTXHHQWUHXQGHODVHVSHFLHV
DQLPDOHV\YHJHWDOHVVHH[WLQJDQ3RUHMHPSORHO$PD]RQDVVHWUDQVIRUPDUtDJUDGXDOPHQWHHQVDEDQDV\
ODV]RQDViULGDVVXIULUtDQXQSURFHVRGHGHVHUWLILFDFLyQ\VDOLQL]DFLyQGHVXVVXHORV,3&&
([LVWHQ PXFKRV IDFWRUHV TXH LQFLGLUiQHQORVUHVXOWDGRV TXHVHREVHUYHQHQHO VHFWRU DJUtFROD\
TXHVRORSRGHPRVUHVHxDUEUHYHPHQWHHQHVWDVHFFLyQ(OLQFUHPHQWRGHO&2HQODDWPyVIHUDDIHFWDUiHO
FUHFLPLHQWR\SURGXFWLYLGDGGHODVSODQWDVGHSHQGLHQGRGHVXSDWUyQGHIXQFLRQDPLHQWRIRWRVLQWpWLFRGH
VXHVWDGRGHFUHFLPLHQWR\GHORVVLVWHPDVGHJHVWLyQGHODJXD\GHIHUWLOLGDGXWLOL]DGRVSDUDVXFXOWLYR
-DEORQVNLHWDO0LHQWUDVODVSODQWDVWLSR&FRPRHOWULJRHODUUR]ODFHEDGD\HOIULMROVHYHQ
OLPLWDGDVSRUDOWDVFRQFHQWUDFLRQHVGH&2ODVSODQWDV&FRPRODVR\DODFDxDGHD]~FDU\HOPDt]
XVDQHO&2PiVHILFLHQWHPHQWHGDQGREXHQDVUHVSXHVWDVIRWRVLQWpWLFDVFRQDOWRVQLYHOHVGHWHPSHUDWXUD
\UDGLDFLyQ'H/LPDHWDO6LODOX]GHOVROQRHVXQIDFWRUOLPLWDQWHODSURGXFFLyQGHODVSODQWDV
&SXHGHVHUGRVRWUHVYHFHVPD\RUTXHODVSODQWDV&6LQHPEDUJRHVWRVFRPSRUWDPLHQWRVWDPELpQ
GHSHQGHQ GH RWURV IDFWRUHV WDOHV FRPR HO LQFUHPHQWR GH OD WHPSHUDWXUD SURPHGLR OD GLIHUHQFLD HQWUH
WHPSHUDWXUDVPtQLPDV\Pi[LPDVODYDULDFLyQGHODVSUHFLSLWDFLRQHVRHOHIHFWRIHUWLOL]DGRUGHO&2HQ
HOVXHOR7RGRVHVWRVFDPELRVDOWHUDUiQORVQLYHOHVGHPDWHULDRUJiQLFDODUHODFLyQFDUERQRQLWUyJHQRHQ
HO VXHOR HO PHWDEROLVPR GH ORV PLFURRUJDQLVPRV \ PXFKRV RWURV GHOLFDGRV HTXLOLEULRV TXH WLHQHQ
LQFLGHQFLDGLUHFWDVREUHODSURGXFWLYLGDGGHORVFXOWLYRV\ODGLQiPLFDGHODVSODQWDFLRQHVIRUHVWDOHV\ORV
ERVTXHV QDWLYRV $XQTXH SHUVLVWHQ PXFKDV LQFHUWLGXPEUHV SDUD FRQILJXUDU IXWXURV HVFHQDULRV ORV
FDPELRV SUHYLVWRV VRQ GH DPSOLR DOFDQFH $GHPiV GH XQD YDULDFLyQ GH ORV UHQGLPLHQWRV OD DFFLyQ GH
HVWRV P~OWLSOHV IDFWRUHV PRGLILFDUi HO FRPSRUWDPLHQWR GH ORV YHFWRUHV GH SODJDV \ HQIHUPHGDGHV
LQFUHPHQWDUi OD IUHFXHQFLD GH ODV VHTXtDV H LQXQGDFLRQHV \ IDYRUHFHUi ORV LQFHQGLRV IRUHVWDOHV HQWUH
RWURVHIHFWRVHQODDFWLYLGDGDJUtFROD0DJULQ
$FRQWLQXDFLyQVHSUHVHQWDXQDWDEODUHVXPHQVREUHORVSRVLEOHVLPSDFWRVGHOFDPELRFOLPiWLFRHQ
HOVHFWRUDJUtFRODHQ$PpULFD/DWLQDH[WUDtGDGHO&XDUWR,QIRUPHGH(YDOXDFLyQGHO,3&&
,PSDFWRVHVSHUDGRVVREUHORVUHQGLPLHQWRVGHFXOWLYRV
LPSRUWDQWHVSDUD$PpULFD/DWLQD
(O FDPELR FOLPiWLFR QR VROR DIHFWD OD FDQWLGDG SURGXFLGD GH DOLPHQWRV SRU SpUGLGD GH FRVHFKDV VLQR
WDPELpQLQIOX\HHQODSURGXFWLYLGDGGHORVFXOWLYRV/DYDULDFLyQSURJUHVLYDHQHOFOLPDKDFHFDPELDUODV
FRQGLFLRQHV HGDIRFOLPiWLFDV GH ODV JUDQGHV UHJLRQHV SURGXFWRUDV SURYRFDQGR HQ DOJXQRV FDVRV XQ
DXPHQWR HQ ORV UHQGLPLHQWRV DJUtFRODV \ HQ RWURV XQD GUiVWLFD UHGXFFLyQ 3RU HMHPSOR HQ OD ]RQD
SDPSHDQD DUJHQWLQD HV SUREDEOH TXH KD\D XQ LQFUHPHQWR GH OD SURGXFWLYLGDG GH OD VR\D HQWUH \
PLHQWUDV VH HVSHUD TXH OD GHO PDt] GLVPLQX\D KDVWD HQ /D SURGXFWLYLGDG GHO WULJR VLQ
HPEDUJRSRGUtDUHGXFLUVHKDVWDHQRDXPHQWDUKDVWDHQ(Q%UDVLOHOSDQRUDPDSDUDHOWULJR\
PDt]HVPiVSUHRFXSDQWHSXHVVHHVSHUDQUHGXFFLRQHVGHSURGXFWLYLGDGGHKDVWDHQHOSULPHUR\
KDVWDHQHOVHJXQGR/DVR\DVHEHQHILFLDUtDGHLQFUHPHQWRVHQVXVUHQGLPLHQWRVGHKDVWD(Q
OD ]RQD FHQWURDPHULFDQD HO PDt] TXH IRUPD SDUWH LPSRUWDQWH GH VX GLHWD DOLPHQWLFLD SRGUtD VXIULU
LPSRUWDQWHVUHGXFFLRQHVGHVXVUHQGLPLHQWRVTXHYDQGHVGHHQ+RQGXUDVKDVWDHQ*XDWHPDOD
\3DQDPi0iVFUtWLFRD~QHVHOFDVRGHOIUtMROHQ*XDWHPDODFX\RUHQGLPLHQWRSRGUtDUHGXFLUVHKDVWDHQ
$QLYHOUHJLRQDOORVUHQGLPLHQWRVJOREDOHVGHORVFHUHDOHVSRGUtDQFDHUKDVWDKDFLDHO\
KDVWDKDFLDHO

&8$'52,9
$/*8126,03$&726'(/&$0%,2&/,0È7,&2(1/$$*5,&8/785$(1
$0e5,&$/$7,1$<(/&$5,%(
,PSDFWRVHVSHUDGRVVREUHORVUHQGLPLHQWRV
3DtVHV
7ULJR 0Dt] $UUR] 6R\D 2WURV
$UJHQWLQD GHD GHD GHD
3DPSDV
=RQD&HQWUDO GHD

%ROLYLD GHD GHD 3DSDGH
D

%UDVLO
&DIp6DQ3DEORGHDUHGXFFLyQGHORVVXHORVDSWRV
6XGHVWHGH6XGDPpULFD GHD GHD GHD

3DQDPi GHD

3DSDĻ
&RVWD5LFD
&DIpLQFUHPHQWRVGHODWHPSHUDWXUDGHKDVWD &DXPHQWDQORVUHQGLPLHQWRV
+RQGXUDV GHD
*XDWHPDOD GHD GHD )UHMROGH
D
0p[LFR &DIp9HUDFUX]GHDGHUHGXFFLyQHQODSURGXFFLyQ
*X\DQD GHD &DxDGH
D

$PpULFD/DWLQD
&HUHDOHVDOGHD
&HUHDOHVDOGHD

&HUHDOHVDOGHD
)XHQWH&XDUWR,QIRUPHGH(YDOXDFLyQGHO,3&&
&RQWH[WRSROtWLFR
/RV HIHFWRV GHO DXPHQWR GH HVWD YDULDELOLGDG FOLPiWLFD HQ OD HFRQRPtD VRQ PRWLYR GH FUHFLHQWH
SUHRFXSDFLyQHQWUHORVKDFHGRUHVGHSROtWLFDVGHOVHFWRUS~EOLFRTXLHQHVVHHQFXHQWUDQHQODGLV\XQWLYD
GHVDFULILFDUUHFXUVRVHVFDVRVKR\SDUDHYLWDUSpUGLGDVD~QPD\RUHVHQHOIXWXUR6LELHQHOSULQFLSLRGH
UHVSRQVDELOLGDGHV FRPXQHV SHUR GLIHUHQFLDGDV KD VLGR DFHSWDGR SRU ORV VLJQDWDULRV GH OD &RQYHQFLyQ
0DUFR GH ODV 1DFLRQHV 8QLGDV VREUH HO &DPELR &OLPiWLFR &018&& ORV DSRUWHV FRQFUHWRV GH ORV
SDtVHV GHVDUUROODGRV \ HQ GHVDUUROOR HQ WpUPLQRV GH ORV VDFULILFLRV ILVFDOHV TXH DPERV JUXSRV GHEHQ
KDFHUDVtFRPRODFXDQWtDUHODWLYDGHORVPLVPRVVLJXHQVLHQGRPRWLYRGHFRQWURYHUVLDVDWRGRQLYHOHQ
YLVWDGHOFRVWRQRVRORILQDQFLHURVLQRWDPELpQSROtWLFRTXHHOORUHSUHVHQWDSDUDVXVJRELHUQRV(VWRKD
OOHYDGR D TXH HQ ODV URQGDV VXFHVLYDV GH QHJRFLDFLRQHV PXOWLODWHUDOHV D~Q QR VH KD\D DOFDQ]DGR XQ
DFXHUGRSRVW.\RWR
(Q OD ~OWLPD &RQIHUHQFLD GH ODV 3DUWHV &23 D SHVDU GH QR KDEHUVH OOHJDGR D XQ DFXHUGR
YLQFXODQWH TXH REOLJXH D ORV SDtVHV D OD UHGXFFLyQ \ HVWDELOL]DFLyQ GH VXV HPLVLRQHV GH *(, VHJ~Q
6WDYLQVHQHVWDFRQIHUHQFLDVHGLHURQSDVRVHQODGLUHFFLyQFRUUHFWDSDUDFRQILJXUDUXQDFXHUGR
SROtWLFDPHQWHDFHSWDEOH\GHODUJRSOD]R$OUHVSHFWRGHVWDFDHODYDQFHHQVHLViPELWRV
L $SUR[LPDGDPHQWH SDtVHV LQFOXLGDV ODV JUDQGHV HFRQRPtDV FRPR &KLQD (VWDGRV 8QLGRV
8QLyQ (XURSHD ,QGLD \ %UDVLO VH FRPSURPHWLHURQ D WRPDU GLYHUVDV DFFLRQHV SDUD OD UHGXFFLyQ GH
HPLVLRQHVKDFLDHODFRUGDQGRPDQWHQHUHODXPHQWRGHODWHPSHUDWXUDSRUGHEDMRGH&

LL 6H SURIXQGL]y HQ ORV PHFDQLVPRVGH VHJXLPLHQWR \ YHULILFDFLyQ GHHPLVLRQHV VXUJLGRVHQOD

&23GHHVWDPDQHUDORVSDtVHVGHEHUiQUHSRUWDUVXVLQYHQWDULRVGH*(,DXQSDQHOLQGHSHQGLHQWHGH
H[SHUWRVTXHPRQLWRUHDUiQ\YHULILFDUiQORVUHSRUWHVVREUHUHFRUWHGHHPLVLRQHV
LLL 6H FRQIRUPy HO OODPDGR *UHHQ &OLPDWH )XQG SDUD ILQDQFLDU DFFLRQHV GH PLWLJDFLyQ \
DGDSWDFLyQHVWDEOHFLpQGRVHFRPRPHWDODPRYLOL]DFLyQDQXDOGHPLOPLOORQHVGH86'SDUDHO
LY 6H UDWLILFDURQ ODV LQLFLDWLYDV SDUD OD SURWHFFLyQ GH ORV ERVTXHV WURSLFDOHV SRU PHGLR GH OD
UHGXFFLyQ GH VX GHIRUHVWDFLyQ \ GHJUDGDFLyQ SRU VXV VLJODV HQ LQJOHV 5('' GDQGR ORV VLJXLHQWHV
SDVRV SDUD OD FUHDFLyQ GH XQ SURJUDPD HQ HO TXH ORV SDtVHV LQGXVWULDOL]DGRV D\XGHQ D SUHYHQLU OD
GHIRUHVWDFLyQHQSDtVHVHQGHVDUUROORXWLOL]DQGRPHFDQLVPRVGHPHUFDGR
Y 6H FRQILJXUy XQD HVWUXFWXUD SDUD OD HYDOXDFLyQ GH ODV QHFHVLGDGHV \ SROtWLFDV DSURSLDGDV
GLULJLGDDYLDELOL]DUODWUDQVIHUHQFLDGHWHFQRORJtDVGHHQHUJtDVOLPSLDV\DGDSWDFLyQDOFDPELRFOLPiWLFR
DSDtVHVHQGHVDUUROOR
YL(ODFXHUGRUHFRQRFLyHOUROHLPSRUWDQFLDGHO0HFDQLVPRGH'HVDUUROOR/LPSLR0'/\GH
RWURVPHFDQLVPRVGHPHUFDGRLQGLFDQGRTXHORVSUR\HFWRVGHFDSWXUD\DOPDFHQDMHGHFDUERQRGHELHUDQ
VHUHOHJLEOHVSDUDFUpGLWRVGHFDUERQRHQHO0'/
'XUDQWHHO'tDGHOD$JULFXOWXUD\HO'HVDUUROOR5XUDOXQHYHQWRRILFLDOSDUDOHORDOD&23
VH FRQVLGHUy LPSRUWDQWH UHFRQRFHU HO UHWR GH DOFDQ]DU OD VHJXULGDG DOLPHQWDULD PLHQWUDV VH KDFH
IUHQWH DO FDPELR FOLPiWLFR /D DJULFXOWXUD QHFHVLWD DGDSWDUVH DO FDPELR FOLPiWLFR SXHV VL QR OR KDFH
SRQH HQ ULHVJR OD VHJXULGDG DOLPHQWDULD GH PLOORQHV GH SHUVRQDV 3RU RWUD SDUWH HOOD FRQWULEX\H
DSUR[LPDGDPHQWHFRQXQWHUFLRDODVHPLVLRQHVGH*(,(VWROOHYDDODFRQFOXVLyQGHTXHODDJULFXOWXUD\
HOFDPELRFOLPiWLFRVRQFRQFHSWRVFRPSOHPHQWDULRV\GHEHQVHUWUDWDGRVFRPRWDO$OVHUODDJULFXOWXUD
SDUWHGHOSUREOHPDHOODWDPELpQSXHGHFRQYHUWLUVHHQSDUWHGHODVROXFLyQ(VWRKDFHLQGLVSHQVDEOHTXH
HO VHFWRU DJUtFROD VH LQYROXFUH DFWLYDPHQWH HQ ODV SROtWLFDV \ HVWUDWHJLDV GH FDPELR FOLPiWLFR WDQWR D
QLYHOQDFLRQDOFRPRPXQGLDO(OHYHQWRSHUPLWLyHVWDEOHFHUDFFLRQHVSULRULWDULDVSDUDDOFDQ]DUHOWULSOH
GHVDItR GH OD DJULFXOWXUD DGDSWDUVH SURYHHU DOLPHQWRV \ PLWLJDU $ FRQWLQXDFLyQ VH SUHVHQWDQ ODV
UHFRPHQGDFLRQHVVXJHULGDV
$PSOLDU HQ SULPHU OXJDU ORV HVTXHPDV GH DGDSWDFLyQ SDUD ORV VHJPHQWRV PiV YXOQHUDEOHV
DSR\iQGRORVHQODGLYHUVLILFDFLyQGHVXVFXOWLYRV\PHMRUDQGRVXUHVLOLHQFLD
8WLOL]DU HVTXHPDV ILQDQFLHURV SDUD DSR\DU OD JHVWLyQ GH OD WLHUUD \ HO GHVDUUROOR DJUtFROD
FUHDQGRLQFHQWLYRVSDUDORVDJULFXOWRUHVVHJXURVFUpGLWRV\SDJRVGLUHFWRVHLQGLUHFWRV
,QWHQVLILFDFLyQ VRVWHQLEOH GH OD DJULFXOWXUD \ IRUHVWHUtD (VWR GHEH VHU SDUWH GH XQ
FRQMXQWR FRKHUHQWH GH SROtWLFDV TXH VH FHQWUH HQ ODV iUHDV DJUtFRODV DFWXDOHV ODV
VXSHUILFLHV\DGHIRUHVWDGDV\ORVVXHORVGHJUDGDGRVUHIRU]DQGRORVGHUHFKRVGHWHQHQFLD
DXPHQWDQGR OD SURGXFWLYLGDG \ PHMRUDQGR ORV PHGLRV GH YLGD SDUD SUHYHQLU XQ PD\RU
DYDQFHVREUHORVERVTXHV
/DVSROtWLFDVGHELHUDQDVHJXUDUDORVDJULFXOWRUHVLQGLYLGXDOHVP~OWLSOHVEHQHILFLRV\DFFHVRD
PHUFDGRVTXHOHVSHUPLWDQVLPXOWiQHDPHQWHPHMRUDUVXVLQJUHVRV\UHGXFLUODVHPLVLRQHVGH
VX DFWLYLGDG 3DUD ORJUDU HVWH REMHWLYR VH GHEHQ UHIRU]DU ORV PHFDQLVPRV LQVWLWXFLRQDOHV
SROtWLFDVSURJUDPDVLQFHQWLYRVDUPRQL]iQGRORVDWRGRVORVQLYHOHV
2IUHFHU VROXFLRQHV FRQFUHWDV GH PLWLJDFLyQ VHFXHVWUR GH FDUERQR \ DGDSWDFLyQ UHTXLHUH GH
LQYHUVLyQ HQ LQYHVWLJDFLyQ \ GHVDUUROOR SDUD VDOYDU ODV EUHFKDV GH FRQRFLPLHQWR DFWXDOHV \
PHMRUDU OD HILFDFLD \ HILFLHQFLD GH ORV VHUYLFLRV GH H[WHQVLyQ DJUtFROD FRPR FDQDOHV GH
GLIXVLyQ GHO FRQRFLPLHQWR 6H QHFHVLWD SULPHUR FRPSUHQGHU HO LPSDFWR UHDO GHO FDPELR
FOLPiWLFRVREUHHOVHFWRUDJUtFRODH[SORUDUHOSRWHQFLDOGHODDJULFXOWXUDSDUDHOVHFXHVWURGH
FDUERQR\PHMRUDU\DPSOLDUODYDULHGDGGHFXOWLYRVH[LVWHQWHVORFXDODVXYH]UHTXLHUH

D 5HIRU]DU ODV FDSDFLGDGHV GH LQVWLWXFLRQHV QDFLRQDOHV \ UHJLRQDOHV HQ HO GHVDUUROOR GH XQD
DJULFXOWXUDFOLPiWLFDPHQWHLQWHOLJHQWHFOLPDWHVPDUW
E ,QYHUWLU HQ SURJUDPDV LQWHUGLVFLSOLQDULRV GH LQYHVWLJDFLyQ TXH FRPELQHQ OR PHMRU GHO
FRQRFLPLHQWRWUDGLFLRQDOFRQODFLHQFLDSDUDPHMRUDUODVVXVWHQWDELOLGDGGHORVVLVWHPDVDJUtFRODV
\DOLPHQWDULRVDFWXDOHV
F 0HMRUDU ORV VHUYLFLRV GH H[WHQVLyQ SDUD TXH VHDQ PiV HIHFWLYRV HQ FXDQWR D OD GLIXVLyQ GH
QXHYDVSUiFWLFDV\WHFQRORJtDVSDUDDGDSWDFLyQ\PLWLJDFLyQ
6HJ~Q H[SHUWRV GH OD )$2 XQ IDFWRU VXE\DFHQWH D WRGDV ODV GLVFXVLRQHV LQWHUQDFLRQDOHV HV OD
QHFHVLGDGGHDERUGDUODVSROtWLFDVGHFDPELRFOLPiWLFRFRQVLGHUDQGRHOVLVWHPDDJURDOLPHQWDULRHQVX
JOREDOLGDGSXHVHOORPHMRUDUtDVXHILFLHQFLDVLVWpPLFD$GRSWDUXQHQIRTXHGHFLFORGHYLGDD\XGDUtD
D OD LGHQWLILFDFLyQ GH ORV PHGLRV PiV HIHFWLYRV SDUD UHGXFLU ODV HPLVLRQHV QHWDV SRU XQLGDG GH
DOLPHQWRSURGXFLGR
(Q $PpULFD /DWLQD \ HO &DULEH GRQGH HO VHFWRU DJUtFROD HV PX\ KHWHURJpQHR \ ORV UHFXUVRV
ILVFDOHV VRQ OLPLWDGRV VH KDFH QHFHVDULR DXQDU HVIXHU]RV HQ LQYHVWLJDFLyQ \ GHVDUUROOR GH QXHYDV
WHFQRORJtDVYDULHGDGHV\VLVWHPDVGHFXOWLYRVDGDSWDEOHVDODVYDULDGDVFRQGLFLRQHVDJURFOLPiWLFDVGHOD
UHJLyQ PXFKDV GH HOODV FRPSDUWLGDV JHRJUiILFDPHQWH SRU GRV R PiV SDtVHV S HM (O &KDFR HV
FRPSDUWLGR SRU %ROLYLD 3DUDJXD\ \ $UJHQWLQD OD 3DWDJRQLD OD FRPSDUWHQ $UJHQWLQD \ &KLOH HO
$OWLSODQR 3HU~ %ROLYLD \ $UJHQWLQD HWF /DV GLIHUHQWHV WUDGLFLRQHV HQ LQYHVWLJDFLyQ DJUtFROD KDFHQ
TXH SDtVHV FRPR %UDVLO $UJHQWLQD \ &RORPELD WHQJDQ SRU HMHPSOR XQ OLGHUD]JR HQ FXOWLYRVFRPR OD
FDxD GH D]~FDU HO FDIp \ ORV FHUHDOHV DGHPiV GH OD FUtD GH ERYLQRV (VWR FRQILJXUD XQ PDSD GH ORV
JRELHUQRVHLQVWLWXFLRQHVTXHGHELHUDQWRPDUHOOLGHUD]JRHQHVWHSURFHVRKHPLVIpULFRHQXQPDUFRGH
FRRSHUDFLyQ\UHVSHWR
0HGLGDVVHFWRULDOHVDGRSWDGDVHQODUHJLyQ
$PpULFD/DWLQDVXPDXQGHODVHPLVLRQHVPXQGLDOHVGH*(,GHODVFXDOHVXQSURYLHQHQGHOD
GHIRUHVWDFLyQ\GHOFDPELRHQHOXVRGHOVXHOR)XHQ]DOLGD(VWRLPSOLFDTXHODVLQVWLWXFLRQHVGHO
VHFWRUDJURSHFXDULR\IRUHVWDOGHEHUiQLQYROXFUDUVHDFWLYDPHQWHHQODJHVWLyQGHODVSROtWLFDVSURJUDPDV
\DFFLRQHVGHPLWLJDFLyQ\DGDSWDFLyQHQYLVWDGHOGREOHUROGHODDJULFXOWXUDIUHQWHDOFDPELRFOLPiWLFR
XQRFRPRLPSRUWDQWHHPLVRUGH*(,\RWURFRPRJUDQDIHFWDGRSRUODYDULDELOLGDGFOLPiWLFDH[WUHPD
$OJXQRV SDtVHV HVWiQ DYDQ]DQGR D WUDYpV GH OD FUHDFLyQ GH FRPLVLRQHV QDFLRQDOHV GH
FDUiFWHU VHFWRULDO H LQWHUVHFWRULDO HQFDUJDGDV GH UHDOL]DU GLDJQyVWLFRV \ HMHFXWDU HVWUDWHJLDV
VHFWRULDOHV (VWR VXSRQH SRU HMHPSOR HVWDEOHFHU SULRULGDGHV FRPSUHQGHU ODV HVWUDWHJLDV GH ORV
DJULFXOWRUHVDWRGRQLYHOPHMRUDUHOPDQHMRGHORVUHFXUVRVQDWXUDOHVDJXDVXHORVHWFHQWHQGHU
TXH OD PLWLJDFLyQ \ DGDSWDFLyQ DO FDPELR FOLPiWLFR WLHQHQ FDUDFWHUtVWLFDV GH ELHQ S~EOLFR OR TXH
MXVWLILFDODLQWHUYHQFLyQGHORVJRELHUQRV\IRPHQWDUODWRPDGHFRQFLHQFLDSRUSDUWHGHWRGRVORV
VHFWRUHVGHODVRFLHGDG5RGUtJXH]
/DVHVWUDWHJLDVQDFLRQDOHVGHFDPELRFOLPiWLFRFRQVWLWX\HQQXHYRVPDUFRVGHUHIHUHQFLDDSDUWLU
GH ORV FXDOHV GHEHUiQ GHVDUUROODUVH ORV GLVSRVLWLYRV GH SROtWLFD \ DFFLRQHV VHFWRULDOHV (VWR LPSOLFD XQ
LPSRUWDQWH FDPELR FRQFHSWXDO FX\DV FRQVHFXHQFLDV DPHULWDQ PD\RU UHIOH[LyQ :UHIRUG HW DO
VHxDODQTXHH[LVWHQWUHVUROHVTXHGHEHQGHVHPSHxDUODVSROtWLFDVS~EOLFDVSDUDSURPRYHUODDGDSWDFLyQ
HQ HO VHFWRU DJUtFROD D UHGXFLU OD YXOQHUDELOLGDG GH ORV VHFWRUHV TXH WLHQHQ PD\RUHV GLILFXOWDGHV SDUD
DGDSWDUVHESURYHHUGHLQIRUPDFLyQSDUDHVWLPXODUXQDDPSOLDDGRSFLyQGHWpFQLFDV\RSRUWXQLGDGHV\
F PHMRUDU OD SURYLVLyQ GH ELHQHV S~EOLFRV DVRFLDGRV FRQ OD DJULFXOWXUD (Q FXDQWR D OD PLWLJDFLyQ
VHxDODQ TXH ODV RSFLRQHV GH SROtWLFDGHEHQFRPELQDU ODDGRSFLyQ GHPHGLGDVYROXQWDULDVSDUDORFXDO
KD\TXHUHPRYHUODVEDUUHUDVGHLQIRUPDFLyQ\GHFRPSRUWDPLHQWRTXHIUHQDQVXDSOLFDFLyQMXQWRFRQ
HQIRTXHVEDVDGRVHQHOPHUFDGRLQFHQWLYRVDSOLFDGRVDODRIHUWD\DODGHPDQGDGHSURGXFWRVDJUtFRODV
8QD UHYLVLyQ JHQHUDO GH ODV DFFLRQHV IUHQWH DO FDPELR FOLPiWLFR TXH HQ OD UHJLyQ VH HVWiQ
UHDOL]DQGR HQ HO iPELWR DJUtFROD LQGLFD TXH ORV PLQLVWHULRV GH DJULFXOWXUD HVWiQ DSOLFDQGR SROtWLFDV H

LQLFLDWLYDVHVSHFtILFDVTXHVHVXPDQDODVWUDGLFLRQDOHVSROtWLFDVDJUtFRODVLPSOHPHQWDGDVHQORV~OWLPRV
DxRV %DUUHUD +HUQiQGH] 5XL] 0LQLVWHULR GH 3ODQLILFDFLyQ GHO 'HVDUUROOR
0,1$(71HLUD
$ FRQWLQXDFLyQ VH SUHVHQWDQ ODV H[SHULHQFLDV GH 3HU~ &RORPELD &KLOH \ &RVWD 5LFD HQ OD
IRUPXODFLyQ H LPSOHPHQWDFLyQ GH SROtWLFDV \ GHVDUUROOR GH LQVWLWXFLRQDOLGDG SDUD HQIUHQWDU HO FDPELR
% (OFDVRGH3HU~
(Q VH FUHy HQ 3HU~ OD &RPLVLyQ 1DFLRQDO GH &DPELR &OLPiWLFR &1&& LQLFLDOPHQWH SUHVLGLGD
SRU HO 0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV FRQ OD ILQDOLGDG GH GDU FXPSOLPLHQWR D ORV WUDWDGRV
LQWHUQDFLRQDOHV GH ORVTXH 3HU~ HUD VLJQDWDULR HV GHFLU OD &RQYHQFLyQ 0DUFRGHODV 1DFLRQHV 8QLGDV
VREUH &DPELR &OLPiWLFR \ HO 3URWRFROR GH 0RQWUHDO (VWD FRPLVLyQ VH IRUPy FRQ OD SDUWLFLSDFLyQ GHO
&RQVHMR 1DFLRQDO GH &LHQFLD \ 7HFQRORJtD &21<&(7 OD &RQIHGHUDFLyQ 1DFLRQDO GH ,QVWLWXFLRQHV
(PSUHVDULDOHV 3ULYDGDV &21),(3 HO )RQGR 1DFLRQDO GHO $PELHQWH )21$0 OD &DQFLOOHUtD HO
,QVWLWXWR GHO 0DU GHO 3HU~ ,0$53( HO ,QVWLWXWR GH 5HFXUVRV 1DWXUDOHV ,15(1$ HO 0LQLVWHULR GH
(FRQRPtD\)LQDQ]DV0()HO0LQLVWHULRGH7UDQVSRUWHV\&RPXQLFDFLRQHV07&HO0LQLVWHULRGH
(QHUJtDV \ 0LQDV 0,1(0 HO 0LQLVWHULR GH OD 3URGXFFLyQ 352'8&( \ HO 6HUYLFLR 1DFLRQDO GH
0HWHRURORJtDH+LGURORJtD6(1$0+,
(Q VH FUHy HO &RQVHMR 1DFLRQDO GHO $PELHQWH &21$0 íDFWXDOPHQWH 0LQLVWHULR GHO
$PELHQWH0,1$0 \HQVHOHGHOHJyODSUHVLGHQFLDGHOD&1&&(QOD&1&&GLVHxyOD
(VWUDWHJLD1DFLRQDOGH&DPELR&OLPiWLFR(1&&ODTXHSODQWHyODYXOQHUDELOLGDGDOFDPELRFOLPiWLFR
GHO3HU~DWUDYpVGHORVLPSDFWRVGHOIHQyPHQRGH(O1LxRHQORVUHFXUVRVKtGULFRVGHDOWDPRQWDxDHQ
ORVHFRVLVWHPDVPDULQRVHQODVDOXGS~EOLFDHQODDJULFXOWXUD\HQODLQIUDHVWUXFWXUD(VWDHVWUDWHJLDVH
LPSOHPHQWy SRU PHGLR GHO 3URJUDPD 1DFLRQDO SDUD HO &DPELR &OLPiWLFR \ OD &DOLGDG GHO $LUH
352&/,0 \ WXYR GRV FRPSRQHQWHV XQR GH DGDSWDFLyQ \ RWUR GH PLWLJDFLyQ (Q FXDQWR D OD
DGDSWDFLyQ VH HVWDEOHFLHURQ SULRULGDGHV QDFLRQDOHV VREUH OD EDVH GH HVWXGLRV GH YXOQHUDELOLGDG TXH
GHWHUPLQDURQ FRPR SULRULWDULDV VHLV ]RQDV VHQVLEOHV GHO 3HU~ 3LXUD HO YDOOH GHO UtR 0DQWDUR 3XQR
&XVFR\ODVFXHQFDVGHOUtR6DQWD\DOWDGHOUtR0D\R5HVSHFWRDODPLWLJDFLyQVHRUJDQL]DURQSUR\HFWRV
0'/SDUDODHVWDELOL]DFLyQ\UHGXFFLyQGHORV*(,
,QVWLWXFLRQHV\SROtWLFDVQDFLRQDOHV
D &RQJUHVRGHOD5HS~EOLFD
(VWHyUJDQRGHJRELHUQR KDLQVWLWXLGR ORVVLJXLHQWHV PDUFRVGHSROtWLFDSDUDHOWUDWDPLHQWRGHOFDPELR
FOLPiWLFRDQLYHOQDFLRQDO
(VWDEOHFLy OD 3ROtWLFD $PELHQWDO 1DFLRQDO 3$1 TXH FRQVWD GH OLQHDPLHQWRV REMHWLYRV
HVWUDWHJLDVPHWDVSURJUDPDVHLQVWUXPHQWRVS~EOLFRVTXHRULHQWDQODVDFFLRQHVGHOJRELHUQRD
QLYHOQDFLRQDOUHJLRQDO\ORFDODVtFRPRGHOVHFWRUSULYDGR\ODVRFLHGDGFLYLOHQORDPELHQWDO
3URSXVR D WUDYpV GH PRGLILFDFLRQHV DO &yGLJR GHO 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV
SROtWLFDV SUHYHQWLYDV SDUD OD SURWHFFLyQ GHO DPELHQWH SRU PHGLR GH XQD PD\RU SDUWLFLSDFLyQ
FLXGDGDQD OD REOLJDWRULHGDG GH LQIRUPDU VREUH HO HVWDGR GHO PHGLR DPELHQWH LQWURGXMR
HVWXGLRVGHLPSDFWRDPELHQWDOHLQFRUSRUyHOGHUHFKRDODDFFLyQMXGLFLDO
3URPXOJR OD /H\ GHO 6LVWHPD GH *HVWLyQ $PELHQWDO TXH GHVLJQD DO 0,1$0 FRPR OD
LQVWLWXFLyQHQFDUJDGDGHOGLVHxRGHODVHVWUDWHJLDVQDFLRQDOHVGHFDPELRFOLPiWLFRHQHOPDUFR
GH OD &018&& GH OD FRRUGLQDFLyQ SDUD OD HODERUDFLyQ GH ORV LQIRUPHV QDFLRQDOHV VREUH
FDPELRFOLPiWLFR\GHDUWLFXODUODFRPXQLFDFLyQQDFLRQDOVREUHHOWHPD

$VLJQy D ORV JRELHUQRV UHJLRQDOHV HO SDSHO GH IRUPXODU FRRUGLQDU FRQGXFLU \ VXSHUYLVDU
HVWUDWHJLDV UHJLRQDOHV VREUH GLYHUVLGDG ELROyJLFD \ FDPELR FOLPiWLFR HQ HO PDUFR GH ODV
HVWUDWHJLDVQDFLRQDOHVUHVSHFWLYDV
&UHyXQ6LVWHPD1DFLRQDOGH*HVWLyQ$PELHQWDOHQFRQMXQWRFRQODVFRPLVLRQHVDPELHQWDOHV
UHJLRQDOHV\HO0,1$0\SURPXHYHPHFDQLVPRVGHPHUFDGRHQHOPDUFRGHO3URWRFRORGH
.\RWRSDUDODUHGXFFLyQGH*(,
E 3UHVLGHQFLDGHO&RQVHMRGH0LQLVWURV3&0
&UHyHOUHJODPHQWRGHHVWiQGDUHVQDFLRQDOHVGHFDOLGDGDPELHQWDOGHODLUHHOUHJODPHQWRGH]RQLILFDFLyQ
HFROyJLFD HFRQyPLFD OD FRPLVLyQ QDFLRQDO SDUD HO RUGHQDPLHQWR WHUULWRULDO DPELHQWDO HQFDUJDGD GH
SURSRQHU OLQHDPLHQWRVGHSROtWLFDHQHVWHiPELWR \ HODERUy HOUHJODPHQWR GH OD OH\GHFRQVHUYDFLyQ\
DSURYHFKDPLHQWRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD
F 0LQLVWHULRGHO$PELHQWH0,1$0

(V UHVSRQVDEOHGHODLPSOHPHQWDFLyQGHOD(1&&TXHVHHQPDUFDHQOD3ROtWLFD1DFLRQDO$PELHQWDO
(VWH PLQLVWHULR WDPELpQ VH HQFDUJD GH RUJDQL]DU HO SURFHVR GH HODERUDFLyQ \ YDOLGDFLyQ GH ORV SODQHV
QDFLRQDOHVDPELHQWDOHV$FWXDOPHQWHHVWiHQSURFHVRGHUHYLVLyQHO3ODQ1DFLRQDOGH$FFLyQ$PELHQWDO
3/$1$$±HOFXDOHVWiHQPDUFDGRHQOD3ROtWLFD1DFLRQDOGHO$PELHQWH(VWDSROtWLFDWLHQH
SRUREMHWLYRV
/RJUDU OD FRQVHUYDFLyQ \ DSURYHFKDPLHQWR VRVWHQLEOH GHO SDWULPRQLR QDWXUDO GHO SDtV FRQ
HILFLHQFLDHTXLGDG\ELHQHVWDUVRFLDOSULRUL]DQGRODJHVWLyQ
$VHJXUDUXQDFDOLGDGDPELHQWDODGHFXDGDSDUDODVDOXG\HOGHVDUUROORLQWHJUDOGHODVSHUVRQDV
SUHYLQLHQGRODDIHFWDFLyQGHHFRVLVWHPDVUHFXSHUDQGRDPELHQWHVGHJUDGDGRV\SURPRYLHQGR
XQD JHVWLyQ LQWHJUDGD GH ORV ULHVJRV DPELHQWDOHV DVt FRPR XQD SURGXFFLyQ OLPSLD \
HFRHILFLHQWH
&RQVROLGDU OD JREHUQDQ]D DPELHQWDO \ HO 6LVWHPD 1DFLRQDO GH *HVWLyQ $PELHQWDO D QLYHO
QDFLRQDO UHJLRQDO \ ORFDO EDMR OD UHFWRUtD GHO 0LQLVWHULR GHO $PELHQWH DUWLFXODQGR H
LQWHJUDQGRODVDFFLRQHVLQWHUVHFWRULDOHVHQPDWHULDDPELHQWDO
$OFDQ]DUXQDOWRJUDGRGHFRQFLHQFLD\FXOWXUDDPELHQWDOHQHOSDtVFRQODDFWLYDSDUWLFLSDFLyQ
FLXGDGDQD GH PDQHUD LQIRUPDGD \ FRQVFLHQWH HQ ORV SURFHVRV GH WRPD GH GHFLVLRQHV SDUD HO
GHVDUUROORVRVWHQLEOH
/RJUDUHOGHVDUUROORHFRHILFLHQWH\FRPSHWLWLYRGHORVVHFWRUHVS~EOLFR\SULYDGRSURPRYLHQGR
ODVSRWHQFLDOLGDGHV\RSRUWXQLGDGHVHFRQyPLFDV\DPELHQWDOHVQDFLRQDOHVHLQWHUQDFLRQDOHV
/D 3ROtWLFD $PELHQWDO FRQVWD D VX YH] GH FXDWUR HMHV UHFWRUHV TXH FRQVWLWX\HQ XQ PDUFR
UHIHUHQFLDOSDUDHOGHVDUUROORGHODVDFFLRQHVGHO3/$1$$(VWRVVRQ
&RQVHUYDFLyQ \ DSURYHFKDPLHQWR VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV \ GH OD GLYHUVLGDG
ELROyJLFD
*HVWLyQLQWHJUDOGHODFDOLGDGDPELHQWDO
*REHUQDQ]DDPELHQWDO
&RPSURPLVRV\RSRUWXQLGDGHVDPELHQWDOHVLQWHUQDFLRQDOHV

G 0LQLVWHULRGH$JULFXOWXUD0,1$*
(O 0,1$* IRUPy HO *UXSR 7pFQLFR GH 7UDEDMR HQ 6HJXULGDG $OLPHQWDULD \ &DPELR &OLPiWLFR
*776$&& TXH HV SUHVLGLGR SRU HO YLFHPLQLVWUR GH $JULFXOWXUD \ HQ HO TXH SDUWLFLSDQ OD 2ILFLQD
*HQHUDO GH 3ODQLILFDFLyQ $JUDULD OD 'LUHFFLyQ *HQHUDO GH ,QIRUPDFLyQ $JUDULD OD 8QLGDG GH
$JURQHJRFLRV\$FFHVRDO0HUFDGRHO3URJUDPDGH(QFDX]DPLHQWRGH5tRV\3URWHFFLyQGH(VWUXFWXUD
GH&DSWDFLyQOD'LUHFFLyQ*HQHUDOGH3URPRFLyQ$JUDULD\OD8QLGDGGH'HIHQVD1DFLRQDO7LHQHFRPR
REMHWLYR FHQWUDO UHGXFLU OD YXOQHUDELOLGDG GHO VHFWRU DJUtFROD FRQWULEX\HQGR D OD VHJXULGDG
DJURDOLPHQWDULDGHOSDtV(O*776$&&GHEHUHFRPHQGDUOtQHDVGHDFFLyQLQWHUQDV\DUWLFXODULQLFLDWLYDV
LQWHUVHFWRULDOHV$FRQWLQXDFLyQVHGHWDOODQODVDFWLYLGDGHVHVSHFtILFDVTXHOHIXHURQDVLJQDGDV
6LVWHPDWL]DUODLQIRUPDFLyQJHQHUDGDHQHOVHFWRUUHODFLRQDGDFRQHVWXGLRVGHODYXOQHUDELOLGDG
GHO DJUR DQWH OD YDULDELOLGDG FOLPiWLFD \ ODV H[SHULHQFLDV TXH SXGLHUDQ UHSOLFDUVH SDUD OD
DGDSWDFLyQDOFDPELRFOLPiWLFR
3DUWLFLSDU\DSR\DUHOGHVDUUROORGHODVDFFLRQHVGHLPSOHPHQWDFLyQVHFWRULDOUHODFLRQDGDVFRQ
OD6HJXQGD&RPXQLFDFLyQ1DFLRQDOFRQFHUQLHQWHDOFDPELRFOLPiWLFRFRQIRUPHORHVWDEOHFHOD
&RQYHQFLyQ0DUFRGHODV1DFLRQHV8QLGDVVREUHHVWDPDWHULD
3URPRYHU HO GHVDUUROOR \ IRUWDOHFLPLHQWR GH ODV FDSDFLGDGHV GHO VHFWRU SDUD IDFLOLWDU HO
SURFHVR GH LQWHJUDFLyQ GH OD WHPiWLFD GHO FDPELR FOLPiWLFR HQ OD SODQLILFDFLyQ GLVHxR \
HMHFXFLyQGHSUR\HFWRV
(ODERUDU\SURSRQHUOLQHDPLHQWRVGHSROtWLFDVHFWRULDOHVWUDWHJLDVSODQHV\SUR\HFWRVSDUDOD
UHGXFFLyQGHODYXOQHUDELOLGDGGHODJUR\VXDGDSWDFLyQDOFDPELRFOLPiWLFR
'LVHxDU XQ PHFDQLVPR TXH DUPRQLFH ORV HQIRTXHV H LQVWUXPHQWRV H[LVWHQWHV VREUH HO XVR
VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV JHVWLyQ GH ULHVJRV \ DWHQFLyQ GH HPHUJHQFLDV SDUD OD
UHGXFFLyQGHODYXOQHUDELOLGDGGHODJUR\VXDGDSWDFLyQDOFDPELRFOLPiWLFR
&RQWULEXLU HQ OD DUWLFXODFLyQ \ FXPSOLPLHQWR GH ORV LQVWUXPHQWRV GHULYDGRV GH ORV
FRPSURPLVRVLQWHUQDFLRQDOHVDVXPLGRVSRUHO3HU~
,GHQWLILFDU\SURSRQHUORVPHFDQLVPRVGHFRRUGLQDFLyQ\DUWLFXODFLyQPXOWLVHFWRULDOHQORVWUHV
QLYHOHVGH*RELHUQR\DOLDQ]DVFRQHOVHFWRUHPSUHVDULDO\ORVSURGXFWRUHVDJUDULRV
'LVHxDU\SURSRQHUXQDKRMDGHUXWDVHFWRULDOSULRUL]DGDSDUDODUHGXFFLyQGHODYXOQHUDELOLGDG
GHODJUR\VXDGDSWDFLyQDOFDPELRFOLPiWLFR
$WUDYpVGHO*776$&&VHKDQUHDOL]DGRODVVLJXLHQWHVDFFLRQHV
(YDOXDFLyQ GHODYDQFHGHODLPSOHPHQWDFLyQGHOD(VWUDWHJLD1DFLRQDOGH&DPELR&OLPiWLFR
HQHOiPELWRDJUtFROD
(ODERUDFLyQ GHO SHUILO GHO SUR\HFWR ³3ODWDIRUPD QDFLRQDO GH LQIRUPDFLyQ SDUD HYDOXDU HO
LPSDFWRGHODYDULDELOLGDGFOLPiWLFD\FDPELRFOLPiWLFRHQODDFWLYLGDGDJUDULD´
(ODERUDFLyQGHO3ODQ35(9(1GHO0,1$*

$GHPiV GHO *776$&& HO 0,1$* FUHy OD 'LUHFFLyQ *HQHUDO GH $VXQWRV $PELHQWDOHV
'*$$FRQHOSURSyVLWRGHFRRUGLQDUFRQHO0,1$0HODSURYHFKDPLHQWRVRVWHQLEOHGHORVUHFXUVRV
QDWXUDOHV UHQRYDEOHV VXHORV DJXD ERVTXHV HWF HQ HO PDUFR GH OD (1&& %DMR OD '*$$ IXHURQ
FUHDGDV D VX YH] GRV GLUHFFLRQHV OD 'LUHFFLyQ GH (YDOXDFLyQ GH 5HFXUVRV 1DWXUDOHV HQFDUJDGD GH
SURSRQHU SODQHV SURJUDPDV SUR\HFWRV \ QRUPDV SDUD OD UHGXFFLyQ GH OD YXOQHUDELOLGDG GHO VHFWRU

KWWSZZZPLQDJJRESHFDPELRVFOLPDWLFRVJUXSRGHWUDEDMRWHFQLFRGHVHJXULGDGDOLPHQWDULD\FDPELRFOLPDWLFRKWPO

KWWSZZZPLQDJJRESHGLUHFFLRQJHQHUDOGHDVXQWRVDPELHQWDOHVGLUHFFLRQJHQHUDOGHDVXQWRVDPELHQWDOHVKWPO

DJUtFROD \ OD 'LUHFFLyQ GH *HVWLyQ $PELHQWDO $JUDULD 6H FRQVLGHUD VLQ HPEDUJR TXH HO JUDGR GH
DYDQFHGHHVWDVSROtWLFDVVHFWRULDOHVHVLQVXILFLHQWHGHELGRDUHVWULFFLRQHVSUHVXSXHVWDULDVGHO0,1$*
3URJUDPDV\SUR\HFWRVGHVDUUROODGRVHQ3HU~SDUDODOXFKD
FRQWUDHOFDPELRFOLPiWLFR
$ FRQWLQXDFLyQ VH PHQFLRQDQ DOJXQRV GH ORV SURJUDPDV \ SUR\HFWRV UHODFLRQDGRV FRQ HO FDPELR
FOLPiWLFRTXHLQYROXFUDQHOVHFWRUDJUtFROD
D 3UR\HFWRV
(Q HO PDUFR GHO &RQYHQLR GH (MHFXFLyQ GH )RQGRV SRU (QWHQGLPLHQWR HQWUH HO &RQVHMR 1DFLRQDO GHO
$PELHQWH &21$0 \ HO ,QVWLWXWR 1DFLRQDO GH 5HFXUVRV 1DWXUDOHV ,15(1$ VH HMHFXWDURQ ORV
VLJXLHQWHVSUR\HFWRVHQWUH\
³(YDOXDFLyQ GH OD YXOQHUDELOLGDG ItVLFD QDWXUDO HQ OD FXHQFD GHO UtR 3LXUD´ &RPSUHQGLy OD
LGHQWLILFDFLyQ GH iUHDV DPELHQWDOPHQWH FUtWLFDV HQ OD FXHQFD SDUD OR FXDO VH XWLOL]y
LQIRUPDFLyQ FDUWRJUiILFD\ VDWHOLWDO DVt FRPR HYDOXDFLRQHV GHFDPSRFRQVLGHUDQGRHOJUDGR
GH YXOQHUDELOLGDG DFWXDO \ IXWXUR DVRFLDGR D OD RFXUUHQFLD GH XQD HOHYDFLyQ VHYHUD GH OD
WHPSHUDWXUD
³,QYHQWDULRGHJDVHVGHHIHFWRLQYHUQDGHURHQHOVHFWRUDJUtFRODFDPELRGHXVRGHODWLHUUD\
VLOYLFXOWXUD´ 6H REWXYR XQD PHGLFLyQ GH *LJDJUDPRV GH &2 HTXLYDOHQWHV SDUD HO
VHFWRU DJUtFROD \ SDUD HO FDPELR GH XVR GHO VXHOR VH HVWLPy XQ EDODQFH QHWR GH
*LJDJUDPRVGH&27DPELpQVHHVWLPyHQPLOORQHVGHKHFWiUHDVODVXSHUILFLHGHIRUHVWDGD
DFXPXODGDDODxRSDUDOD$PD]RQtDSHUXDQDORTXHUHSUHVHQWDHOGHODVXSHUILFLH
DPD]yQLFDQDFLRQDO\HOGHOWHUULWRULRQDFLRQDO
³6LVWHPDGHLQYHQWDULRVGHOVHFWRUDJUDULRFDPELRGHXVRGHVXHOR\VLOYLFXOWXUD86&866´
³3URSXHVWD GH HVWUDWHJLD SDUD PLWLJDU HPLVLRQHV GH *(,´ HQ ORV VHFWRUHV DJUtFROD \ IRUHVWDO
,GHQWLILFDDQDOL]D\SULRUL]DODVPHMRUHVRSFLRQHVGHPLWLJDFLyQ
3RU VX SDUWH OD $XWRULGDG 1DFLRQDO GHO $JXD $1$ D WUDYpV GH OD 8QLGDG GH *ODFLRORJtD \
5HFXUVRV +tGULFRV YLHQH WUDEDMDQGR HQ OD HODERUDFLyQ GH XQ LQYHQWDULR GH iUHDV JODFLDUHV \ ODJXQDV D
QLYHO QDFLRQDO KDELpQGRVH ILQDOL]DGR XQ LQYHQWDULR DFWXDOL]DGR HQ OD &RUGLOOHUD %ODQFD \ HQ IRUPD
SDUFLDOHQODVFRUGLOOHUDV+XD\KXDVK+XDOODQFD+X\DWDSDOODQD\/D9LXGD$FWXDOPHQWHFRQWLQ~DQORV
LQYHQWDULRV HQ HO UHVWR GH ODV FRUGLOOHUDV /D $1$ FRQ DSR\R GHO %,' WDPELpQ UHDOL]D RWURV
HVWXGLRVHQGLVWLQWDVPLFURFXHQFDV
(QUHODFLyQDORVUHFXUVRVIRUHVWDOHVHO0,1$*DWUDYpVGHXQSUR\HFWR)$2),1WLHQHSUHYLVWR
FRQVROLGDU XQD PHWRGRORJtD \ FUHDU XQD HVWUXFWXUD LQVWLWXFLRQDO SHUPDQHQWH SDUD UHDOL]DU HO LQYHQWDULR
IRUHVWDO QDFLRQDO TXH LQFOXLUi LQIRUPDFLyQ VREUH ELRPDVD \ VWRFN GH FDUERQR HQ ORV ERVTXHV
,JXDOPHQWHWLHQHDVXFDUJRODJHVWLyQGHORVHFRVLVWHPDVIRUHVWDOHV\ODSURPRFLyQGHEXHQDVSUiFWLFDV
SDUDHOPDQHMRIRUHVWDOVRVWHQLEOHDVtFRPRODUHGXFFLyQGHODGHIRUHVWDFLyQ\ODGHJUDGDFLyQIRUHVWDO
E 3URJUDPDV
&RQ DSR\R ILQDQFLHUR GHO %,' HO *RELHUQR KD YHQLGR GHVDUUROODQGR SROtWLFDV \ OLQHDPLHQWRV SDUD OD
JHVWLyQ GHO ULHVJR FOLPiWLFRDWUDYpV GHO 3URJUDPDGH5HGXFFLyQ GH 9XOQHUDELOLGDGHV GHO (VWDGR DQWH
'HVDVWUHV\HO3URJUDPDGH&DPELR&OLPiWLFRHQORVFXDOHVSDUWLFLSDDFWLYDPHQWHHO0,1$*DWUDYpVGH
VXVGHSHQGHQFLDVHVSHFLDOL]DGDV
/D $JHQFLD 6XL]D SDUD HO 'HVDUUROOR \ OD &RRSHUDFLyQ ILQDQFLD XQ 3URJUDPD GH $GDSWDFLyQ DO
&DPELR&OLPiWLFR3$&&HQ&XVFR\$SXUtPDFHMHFXWDGRSRU,QWHUFRRSHUDWLRQ
(O%DQFR0XQGLDO\HO)RQGRGH'HVDUUROOR$JUtFRODILQDQFLDQHO3URJUDPD$JUR5XUDOHOFXDO
YLHQH HMHFXWDQGR SUR\HFWRV GH GHVDUUROOR UXUDO HQ EHQHILFLR GH SREODFLRQHV SREUHV PHMRUDQGR VXV

SDUFHODVDJUtFRODVRJDQDGRVHQVHxDQGRSUiFWLFDVSDUDODHODERUDFLyQGHDERQRRUJiQLFRPHMRUDQGRHO
PDQHMRGHODJXDSURPRYLHQGRODFRQVHUYDFLyQGHVXHORVIRUHVWDFLyQ\PDQHMRGHSUDGHUDVDOWRDQGLQDV
HQWUHRWUDVDFFLRQHV
$SHVDUGHKDEHUVHDYDQ]DGRHQODUHFRSLODFLyQGHLQIRUPDFLyQVREUHYXOQHUDELOLGDGFOLPiWLFDGH
]RQDV VHQVLEOHVPHGLFLyQGHJDVHVGHIRUHVWDFLyQHWFKD\WRGDYtDPXFKRVGHVDItRVSHQGLHQWHVHQODV
GLVWLQWDVUHJLRQHVGHOSDtV6HPHQFLRQDQDFRQWLQXDFLyQ
6LHUUDGHO3HU~
'HWHUPLQDUGHWDOODGDPHQWHFXiOHVFXOWLYRVHVWiQVLHQGRDIHFWDGRVSRUHOLQFUHPHQWRGHWHPSHUDWXUDWDQWR
HQORILVLROyJLFRUHQGLPLHQWRVFRPRHQORILWRVDQLWDULRLQFLGHQFLDGHSODJDV\HQIHUPHGDGHVGHWHUPLQDU
ORV FXOWLYRV PiV DIHFWDGRV SRU ODV KHODGDV JUDQL]DGDV QLHYH \ OOXYLDV LQWHQVDV LQYHQWDULDU ORV FXOWLYRV
QDWLYRV SRU FDGD SLVR DOWLWXGLQDO FRQ XQ UHSRUWH GH VX UHQGLPLHQWR KLVWyULFR LGHQWLILFDU ORV FXOWLYRV
XELFDGRVHQODIUDQMDVXSHULRUGHODQLOORDJUtFRODGHODVLHUUDTXHKDQDPSOLDGRVXVOtPLWHVVXSHULRUHVPHGLU
OD WROHUDQFLD GH ORV FXOWLYRV D WHPSHUDWXUDVH[WUHPDVPi[LPDV\PtQLPDVTXHQRDOFDQ]DQDDIHFWDUVX
ULWPRILVLROyJLFRGHWHUPLQDUORVUHQGLPLHQWRVySWLPRVGHFXOWLYRVSDUDFDGDSLVRDOWLWXGLQDO
6HOYDGHO3HU~
,GHQWLILFDU ODV ]RQDV LQXQGDEOHV VX GXUDELOLGDG SURIXQGLGDG \ IUHFXHQFLD D ILQ GH GHWHUPLQDU TXp
YHJHWDFLyQWROHUDHVWDVFRQGLFLRQHVPHGLUHOJUDGRGHDIHFWDFLyQGHOGHQRPLQDGRIULDMHMXQLRMXOLRGH
ORVFXOWLYRVDOLPHQWLFLRVUHDOL]DUXQFDWDVWURUHJLRQDOGHVXHORVGHOD$PD]RQtDGHWHUPLQDUHOJUDGRGH
HURVLyQKtGULFDHQODFHMDGHVHOYD\VHOYDDOWDHQ]RQDVGHIRUHVWDGDV\]RQDVVLQGHIRUHVWDU
&RVWDGHO3HU~
5HDOL]DU LQYHQWDULRV \ HYDOXDFLRQHV GH WLHUUDV GHVpUWLFDV SDUD RFXSDUODV HQ DJULFXOWXUD EDMR ULHJR FRQ
DJXDGHPDUGHVDOLQL]DGD
& (OFDVRGH&RORPELD
1RUPDWLYLGDGDPELHQWDO
(Q VH FUHy HQ &RORPELDPHGLDQWHOD/H\ HO 0LQLVWHULRGH $PELHQWH 9LYLHQGD \ 'HVDUUROOR
7HUULWRULDO 0$9'7 UHVSRQVDEOH GH OD SROtWLFD \ JHVWLyQ DPELHQWDO 3DUDOHODPHQWH VH RUJDQL]y HO
6LVWHPD 1DFLRQDO $PELHQWDO 6,1$ GHO TXH IRUPDQ SDUWH PLQLVWHULRV RUJDQLVPRV GH FRQWURO H
LQVWDQFLDV HVWDWDOHV YLQFXODGDV GLUHFWD R LQGLUHFWDPHQWH D OD FRQVHUYDFLyQ DPELHQWDO GHO SDtV7DPELpQ
IRUPDQ SDUWH GHO 6,1$ ODV RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV ODV RUJDQL]DFLRQHV FRPXQLWDULDV ODV
XQLYHUVLGDGHVHOVHFWRUSULYDGR\ORVJUHPLRVGHODSURGXFFLyQ
/D /H\ WDPELpQ FUHy FLQFR LQVWLWXWRV GH LQYHVWLJDFLyQ SDUD TXH SURSRUFLRQDUDQ DSR\R
FLHQWtILFR \ WpFQLFR DO 0$9'7 VHQWDQGR ODV EDVHV SDUD OD HVWUXFWXUDFLyQ GHO 6LVWHPD 1DFLRQDO GH
,QIRUPDFLyQ H ,QYHVWLJDFLRQHV $PELHQWDOHV 61,,$ /D IXQFLyQ GHO 61,,$ HV OD GH JHQHUDU \
VXPLQLVWUDU LQIRUPDFLyQ FLHQWtILFD SDUD OD WRPD GH GHFLVLRQHV WDQWR D HQWLGDGHV S~EOLFDV FRPR DO
S~EOLFRHQJHQHUDO
8QRGHORVLQVWLWXWRVFUHDGRVSRUODPHQFLRQDGDOH\HVHO,QVWLWXWRGH+LGURORJtD0HWHRURORJtD\
(VWXGLRV $PELHQWDOHV ,'($0 (O ,'($0 VH HQFDUJD GH UHDOL]DU HO OHYDQWDPLHQWR \ PDQHMR GH
LQIRUPDFLyQWpFQLFRFLHQWtILFDVREUHORVHFRVLVWHPDVFRQVLGHUDGRVHVWUDWpJLFRVHQHOSDtVORTXHSHUPLWH
FRQWDU FRQ EDVHV WpFQLFDV SDUD OD ]RQLILFDFLyQ \ XVR GH VXHORV HQ HO WHUULWRULR QDFLRQDO 2WUD IXQFLyQ
LPSRUWDQWH TXH OH FRPSHWH D HVWH LQVWLWXWR HV OD GH REWHQHU DQDOL]DU HVWXGLDU SURFHVDU \ GLYXOJDU

KWWSZZZFDPELRFOLPDWLFRJRYFRQRUPDWLYLGDGKWPOWRS

LQIRUPDFLyQ EiVLFD VREUH KLGURORJtD KLGURJHRORJtD PHWHRURORJtD JHRJUDItD EiVLFD JHRPRUIRORJtD

VXHORV\FREHUWXUDYHJHWDO7LHQHDVXFDUJRORVFHQWURVPHWHRUROyJLFRVHKLGUROyJLFRVQDFLRQDOHVTXH
SURYHHQLQIRUPDFLyQSUHGLFFLRQHVDYLVRV\VHUYLFLRVGHDVHVRUDPLHQWRHQJHQHUDO(O,'($0HVSLH]D
IXQGDPHQWDOGHO6LVWHPDGH,QIRUPDFLyQ$PELHQWDOGHOSDtV
(O ,'($0 DSR\D DO 0$9'7 HQ HO GHVDUUROOR GH OD SROtWLFD DPELHQWDO FRORPELDQD D QLYHO
LQWHUQDFLRQDO D WUDYpV GH LQIRUPDFLyQ FLHQWtILFD VREUH ORV HIHFWRV GHO FDPELR JOREDO HQ HO WHUULWRULR
FRORPELDQR (VWH LQVWLWXWR HV HO UHVSRQVDEOH GH FRRUGLQDU OD HODERUDFLyQ GH ODV FRPXQLFDFLRQHV
QDFLRQDOHVSDUDOD&RQYHQFLyQ0DUFRGH1DFLRQHV8QLGDVVREUH&DPELR&OLPiWLFR&018&&
1RUPDWLYLGDGVREUHFDPELRFOLPiWLFR
&RORPELDUDWLILFyHQOD&018&&FRQORFXDODVXPLyFRPSURPLVRVLQWHUQDFLRQDOHVGHDFXHUGRDO
SULQFLSLRGHUHVSRQVDELOLGDGHVFRPXQHVSHURGLIHUHQFLDGDVFRQVLGHUDQGRVXVSULRULGDGHVGHGHVDUUROOR
(QHO&RORPELDUDWLILFyHOSURWRFRORGH.\RWR'XUDQWHHVHDxRHO0LQLVWHULRGH$PELHQWH
9LYLHQGD \ 'HVDUUROOR 7HUULWRULDO 0$9'7 FRRUGLQy HVWXGLRV TXH VLUYLHUDQ GH LQVXPR SDUD OD
HODERUDFLyQ GH XQD HVWUDWHJLD QDFLRQDO SDUD OD LPSOHPHQWDFLyQ GHO 0HFDQLVPR GH 'HVDUUROOR /LPSLR
0'/HQ&RORPELD
(Q HO 0$9'7 \ HO 'HSDUWDPHQWR 1DFLRQDO GH 3ODQHDFLyQ '13 HVWDEOHFLHURQ ORV
/LQHDPLHQWRVSDUDXQD3ROtWLFDGH&DPELR&OLPiWLFRTXHSODQWHDEDODVHVWUDWHJLDVQDFLRQDOHVGHPLWLJDFLyQ
\DGDSWDFLyQHQPDUFDGDVHQOD&018&&\HO3URWRFRORGH.\RWR'LFKDSROtWLFDVHSURSXVR³,GHQWLILFDU
ODV HVWUDWHJLDV UHTXHULGDV SDUD FRQVROLGDU OD FDSDFLGDG QDFLRQDO QHFHVDULD TXH SHUPLWD UHVSRQGHU D ODV
SRVLEOHVDPHQD]DVGHOFDPELRFOLPiWLFRUHVSRQGHUDODVGLVSRVLFLRQHVGHOD&RQYHQFLyQ\HO3URWRFRORGH
.LRWRHQWpUPLQRVGHSRWHQFLDUODVRSRUWXQLGDGHVGHULYDGDVGHORVPHFDQLVPRVILQDQFLHURV\FXPSOLUFRQ
ORVFRPSURPLVRVHVWDEOHFLGRV´/DHVWUDWHJLDVHEDVyHQVHLVHMHVUHFWRUHV
0HMRUDUODFDSDFLGDGGHDGDSWDFLyQDORVLPSDFWRVGHOFDPELRFOLPiWLFR
3URPRYHUODUHGXFFLyQGHHPLVLRQHVSRUIXHQWHV\ODDEVRUFLyQPHGLDQWHVXPLGHURVGH*(,
'LVPLQXLU ORV LPSDFWRV GH ODV PHGLGDV GHO SURWRFROR GH .\RWR VREUH ODV H[SRUWDFLRQHV GH
FRPEXVWLEOHVIyVLOHV
3URPRYHUODLQYHVWLJDFLyQ\IRUWDOHFHUHOVLVWHPDGHLQIRUPDFLyQHQFDPELRFOLPiWLFR
3URPRYHUODGLYXOJDFLyQ\FRQFLHQWL]DFLyQS~EOLFD
3URPRYHUPHFDQLVPRVILQDQFLHURVSDUDHOGHVDUUROORGHODVHVWUDWHJLDV\OtQHDVGHDFFLyQGH
ODSROtWLFD
(Q VH HODERUy XQ GRFXPHQWR GHO &RQVHMR 1DFLRQDO GH 3ROtWLFD (FRQyPLFD \ 6RFLDO
&213(6 GHQRPLQDGR ³(VWUDWHJLD QDFLRQDO SDUD OD YHQWD GH VHUYLFLRV DPELHQWDOHV GH PLWLJDFLyQ GH
FDPELRFOLPiWLFR´TXHHVWDEOHFLyORVOLQHDPLHQWRVSDUDHOIXQFLRQDPLHQWRGHSUR\HFWRV0'/
(QVHGHVLJQyDO0$9'7FRPRDXWRULGDGQDFLRQDOHQFDUJDGDGHODJHVWLyQGHO0'/DQWH
OD&018&&(VWHPLQLVWHULRFUHyORVSURFHGLPLHQWRVSDUDODDSUREDFLyQGHSUR\HFWRV0'/\UHJXOyHO
IXQFLRQDPLHQWR GHO &RPLWp 7pFQLFR ,QWHUVHFWRULDO GH 0LWLJDFLyQ GHO &DPELR &OLPiWLFR GHO &RQVHMR
1DFLRQDO$PELHQWDO&1$(QWUHODVIXQFLRQHVGHO&1$VHHQFXHQWUDODGHFRQIRUPDUFRPLWpVWpFQLFRV
LQWHUVHFWRULDOHV HQFDUJDGRV GH UHDOL]DU WDUHDV GH FRRUGLQDFLyQ \ VHJXLPLHQWR $FWXDOPHQWH VH HVWi
IRUPXODQGRXQGRFXPHQWR&213(6VREUHXQD3ROtWLFD1DFLRQDOGH&DPELR&OLPiWLFR
$FFLRQHVVREUHFDPELRFOLPiWLFR\DJULFXOWXUD
(O 0LQLVWHULR GH $JULFXOWXUD \ 'HVDUUROOR 5XUDO 0$'5 YLHQH GHVDUUROODQGR XQD SROtWLFD S~EOLFD
RULHQWDGD D JDUDQWL]DU HO VXPLQLVWUR VXILFLHQWH \ HVWDEOH GH DOLPHQWRV D OD SREODFLyQ \ D JHQHUDU

H[FHGHQWHV D SUHFLRV FRPSHWLWLYRV SDUD OD H[SRUWDFLyQ 3DUD ORJUDU HVWH REMHWLYR VH LGHQWLILFDURQ ODV
VLJXLHQWHVDFFLRQHVSULRULWDULDV
,QWHJUDU LQIRUPDFLyQ DPELHQWDO SURGXFWLYD \ VRFLRHFRQyPLFD UHODFLRQDGD FRQ HO FDPELR
FOLPiWLFR\VXVLJQLILFDGRSDUDHOVHFWRUDJURSHFXDULR
'HVDUUROODUHVFHQDULRVGHLPSDFWRDYDULDVHVFDODVHVSDFLDOHV\WHPSRUDOHV
3UREDU\YDOLGDUWHFQRORJtDVGHDGDSWDFLyQ
)RUWDOHFHUODVFDSDFLGDGHVGHDGDSWDFLyQFRQRFLPLHQWRWUDGLFLRQDOGHODSREODFLyQLQGtJHQD
&RQODILQDOLGDGGHDYDQ]DUHQHVWDVDFFLRQHVHQHO0$'5LQYHUWLUiWUHVPLOPLOORQHVGH
SHVRV FRORPELDQRV DOUHGHGRU GH PLOORQHV GH 86' SDUD LPSXOVDU XQ FRQYHQLR FRQ HO ,QVWLWXWR
*HRJUiILFR $JXVWLQ &RGD]]L ,*$& \ HO ,QVWLWXWR GH +LGURORJtD 0HWHRURORJtD \ (VWXGLRV
$PELHQWDOHV,'($0
$ SDUWLU GH HVWDV SULRULGDGHV VH HVWiQ LPSOHPHQWDQGR HVWUDWHJLDV \ DFFLRQHV GH DGDSWDFLyQ DO
FDPELRFOLPiWLFRHQHOPDUFRGHODVVLJXLHQWHVLQLFLDWLYDV
$JHQGDDPELHQWDOLQWHUPLQLVWHULDO0$9'7±0$'5
3ODQHVWUDWpJLFRDPELHQWDOGHOVHFWRUDJURSHFXDULR
3ODQHVWUDWpJLFRGHODJDQDGHUtDFRORPELDQD
(VWUDWHJLDGHLQYHVWLJDFLyQ
5HGLQWHULQVWLWXFLRQDOGHFDPELRFOLPiWLFR\VHJXULGDGDOLPHQWDULD
(O VHFWRU FXHQWD DGHPiV FRQ XQ 3URJUDPD 1DFLRQDO GH $JULFXOWXUD /LPSLD HQ UHVSXHVWD DO
FUHFLHQWH \ DFHOHUDGR LQWHUpV GHO PHUFDGR QDFLRQDO H LQWHUQDFLRQDO SRU SURGXFWRV REWHQLGRV EDMR
HVTXHPDVGH%XHQDV3UiFWLFDV$JUtFRODV%3$\(FROyJLFDV'HHVWDPDQHUDHOiUHDEDMRVLVWHPDGH
DJULFXOWXUDHFROyJLFDFUHFLyHQHOSDtVGHKHFWiUHDVHQDHQ
(Q HO %,' DSUREy SDUD &RORPELD XQ SUpVWDPR SRU PLOORQHV GH 86' GHVWLQDGR D
GHVDUUROODUXQSURJUDPDGHUHGXFFLyQGHODYXOQHUDELOLGDGGHOSDtVIUHQWHDOFDOHQWDPLHQWRJOREDO(VWH
SURJUDPD D\XGDUi WDPELpQ D LPSOHPHQWDU OD SROtWLFD QDFLRQDO GH FDPELR FOLPiWLFR PHMRUDQGR HO
IXQFLRQDPLHQWRGHODVDJHQFLDVDPELHQWDOHV
' (OFDVRGH&KLOH
&KLOHFXHQWDGHVGHHODxRFRQXQ3ODQ1DFLRQDOGH$FFLyQGH&DPELR&OLPiWLFRFX\RVWUHVHMHV
HVWUDWpJLFRV VRQ D DGDSWDFLyQ DORVLPSDFWRVGHOFDPELRFOLPiWLFREPLWLJDFLyQGHODVHPLVLRQHVGH
JDVHV HIHFWR LQYHUQDGHUR \ F GHVDUUROOR GH FDSDFLGDGHV (Q HVWH SODQ VH HVWDEOHFHQ WDUHDV SDUD ODV
GLVWLQWDVLQVWLWXFLRQHVS~EOLFDV
(Q HVWH PDUFR ORV GLVWLQWRV PLQLVWHULRV KDQ LGR UHDOL]DQGR XQ FRQMXQWR GH HVWXGLRV FRQ HO
SURSyVLWRGHGLVSRQHUGHODLQIRUPDFLyQDGHFXDGDVREUHODYXOQHUDELOLGDG\ORVSRWHQFLDOHVLPSDFWRVGHO
FDPELR FOLPiWLFR HQ ODV DFWLYLGDGHV HFRQyPLFDV UHJLRQHV \ JUXSRV VRFLDOHV \ DVt SRGHU DQDOL]DU ODV
RSFLRQHV GH DGDSWDFLyQ \ PLWLJDFLyQ /RV HVWXGLRV UHDOL]DGRV KDVWD HO PRPHQWR LQGLFDQ TXH HO VHFWRU
VLOYRDJURSHFXDULR FKLOHQR HV YXOQHUDEOH D ORV FDPELRV HQ HO FOLPD \ TXH ORV LPSDFWRV HFRQyPLFRV \
SURGXFWLYRVGHSHQGHQGHORVUXEURVUHJLRQHV\WLSRGHSURGXFWRU
6REUH OD EDVH GH HVWD LQIRUPDFLyQ HO 3ODQ 1DFLRQDO GH $FFLyQ HVWDEOHFH TXH GXUDQWH ORV DxRV
\GHELHUDQHODERUDUVHORV3ODQHV6HFWRULDOHVGH0LWLJDFLyQ\$GDSWDFLyQ
(QHVWHFRQWH[WRHQPD\RGHVHFRQVWLWX\yHO&RQVHMRGH&DPELR&OLPiWLFR\$JULFXOWXUD
LQWHJUDGRSRUUHSUHVHQWDQWHVGHOVHFWRUSULYDGRODSHTXHxDDJULFXOWXUDODVXQLYHUVLGDGHV\HO*RELHUQR

6XSULQFLSDOREMHWLYRKDVLGRJHQHUDUXQDYLVLyQFRP~QHQUHODFLyQDORVLPSDFWRVGHOFDPELRFOLPiWLFR
HQODVGLIHUHQWHVDFWLYLGDGHVVLOYRDJURSHFXDULDV\DSDUWLUGHHOODGHILQLUORVSULQFLSDOHVHMHVGHDFFLyQ
SDUDHQIUHQWDUOR(VWDLQVWDQFLDHVSUHVLGLGDSRUHOPLQLVWURGH$JULFXOWXUD
(O&RQVHMR GH&DPELR &OLPiWLFR\ $JULFXOWXUDKD GHVDUUROODGRXQ WUDEDMR SHUPDQHQWH FRQXQD
DFWLYDSDUWLFLSDFLyQGHWRGRVVXVPLHPEURV'XUDQWHHODxRVHVLRQyPHQVXDOPHQWH\HODxR
FDGD GRV PHVHV /D LQVWDODFLyQ GHO QXHYR JRELHUQR HQ PDU]R GH LQWHUUXPSLy HVWH SURFHVR SRU
DOJXQRVPHVHV(QHOVHJXQGRVHPHVWUHGHHVHDxRODVDXWRULGDGHVGHO0LQLVWHULRGHILQLHURQXQDSRVLFLyQ
IUHQWHDOWHPDGHOFDPELRFOLPiWLFRHQODDJHQGDGHWUDEDMRUHVROYLpQGRVHUHWRPDUVXIXQFLRQDPLHQWRD
SDUWLUGHODxR
(QWUHORVSULQFLSDOHVDYDQFHVTXHVHKDQORJUDGRDWUDYpVGHO&RQVHMRHVWiQODVVLJXLHQWHV
DDSRUWHDOGLVHxRGHO3ODQ1DFLRQDOGH$FFLyQGH&DPELR&OLPiWLFR\VHJXLPLHQWRGHVX
LPSOHPHQWDFLyQ
EDUWLFXODFLyQGHHVWXGLRVHQHOiPELWRGHODKXHOODGHFDUERQRGHORVSULQFLSDOHVSURGXFWRV
VHFWRULDOHV
FSUHSDUDFLyQGHODSRVLFLyQVHFWRULDOFRQYLVWDVDOFRQIHUHQFLDGH&RSHQKDJXHGH
GGHILQLFLyQGHHVWUDWHJLDFRPXQLFDFLRQDOHQUHODFLyQDODPLWLJDFLyQ\ORVHVWXGLRVGHKXHOODGH
FDUERQR
HGHILQLFLyQGHODVOtQHDVHVWUDWpJLFDVSDUDODSUHSDUDFLyQGHORV3ODQHV6HFWRULDOHVGH0LWLJDFLyQ
\$GDSWDFLyQTXHFRQWHPSODHO3ODQGH$FFLyQ1DFLRQDO

(Q &KLOH LQLFLy OD PHGLFLyQ GH OD KXHOOD GH FDUERQR GH VXV SULQFLSDOHV SURGXFWRV GH
H[SRUWDFLyQFRQVLGHUDQGRTXHORVPHUFDGRVPiVH[LJHQWHVHVWiQHPSH]DQGRDGHPDQGDUFUHFLHQWHPHQWH
HO HWLTXHWDGR GH OD KXHOOD GH FDUERQR (VWD iUHD GH WUDEDMR VH HMHFXWy HQ FRQMXQWR FRQ ORV JUHPLRV
H[SRUWDGRUHV\SHUPLWLyREWHQHUUHVXOWDGRVHQIUXWDVVHFWRUIRUHVWDO\YLQRVHQVHSWLHPEUHGH2WUD
WDUHDUHOHYDQWHHQHVWHiPELWRFRQVLVWLyHQODGHILQLFLyQGHXQDHVWUDWHJLDFRPXQLFDFLRQDOFRP~QGHWDO
IRUPD TXH ORV UHVXOWDGRV GH HVWDV PHGLFLRQHV IXHUDQ VLHQGR FRPXQLFDGRV FRQ FLHUWD FDXWHOD \ EDMR
SDWURQHVVLPLODUHVSRUORVGLVWLQWRVDFWRUHV
&RPR FRQVHFXHQFLD GH HVWH WUDEDMR \ SRU VXJHUHQFLD GHO &RQVHMR GH &DPELR &OLPiWLFR \
$JULFXOWXUDHQ2'(3$HVWDEOHFLyXQ&RQYHQLRGH&RRSHUDFLyQFRQHO,QVWLWXWR1DFLRQDOGH
1RUPDOL]DFLyQ ,11 GH WDO IRUPD GH FRQVWLWXLU XQ &RPLWp (VSHMR D SDUWLU GHO FXDO VH SXHGDQ
FRQRFHU RILFLDOPHQWH ORV DYDQFHV TXH ,62 HVWi WHQLHQGR HQ OD HODERUDFLyQ GHO HVWiQGDU
FRUUHVSRQGLHQWH \ DO PLVPR WLHPSR HO ,11 SXHGD SDUWLFLSDU HQ GLFKR SURFHVR FRQ OD RSLQLyQ GH
ORVDFWRUHVQDFLRQDOHVUHOHYDQWHV
&RQ UHVSHFWR D OD DGDSWDFLyQ HQWUH \ VH HVWDEOHFLy OD SODWDIRUPD GH PHMRUDPLHQWR
JHQpWLFR SDUD HO FDPELR FOLPiWLFR HQ HO ,1,$ TXH VHUi OD EDVH D SDUWLU GH OD FXDO VH SUHSDUHQ ODV
YDULHGDGHV GH FXOWLYRV IRUUDMHUDV \ IUXWDOHV TXH VH DGDSWHQ PHMRU D ODV FRQGLFLRQHV JHQHUDGDV SRU ORV
FDPELRVHQHOFOLPD
2WUD iUHD GH WUDEDMR KDQ VLGR ODV QHJRFLDFLRQHV LQWHUQDFLRQDOHV YLQFXODGDV D OD &RQYHQFLyQ GH
&DPELR &OLPiWLFR \ VX 3URWRFROR GH .\RWR &KLOH KD DVXPLGR XQD DFWLWXG QHJRFLDGRUD FRQVWUXFWLYD
UHVSRQVDEOH \ SURDFWLYD GDGR TXH HO SUREOHPD GHO FDPELR FOLPiWLFR HV XQ JUDQ GHVDItR pWLFR GH OD
KXPDQLGDG &RQVLGHUDQGR TXH ODV QHJRFLDFLRQHV GH OD &018&& HQ HO FRQWH[WR GH ODPLWLJDFLyQ GHO
FDPELR FOLPiWLFR LPSOLFDQ TXH ORV SDtVHV HQ GHVDUUROOR GHEHQ HPSUHQGHU DFFLRQHV DGLFLRQDOHV GH
UHGXFFLyQ GH HPLVLRQHV HO 0LQLVWHULR GH $JULFXOWXUD KD UHDILUPDGR OD LPSRUWDQFLD TXH WLHQH HO VHFWRU
IRUHVWDO/8/8&)SDUDFRQWULEXLUDODPLWLJDFLyQGHOFDPELRFOLPiWLFR(O0LQLVWHULRWDPELpQSUHSDUy
XQGRFXPHQWRGHSRVLFLyQSDtVTXHRSWDSRUSRWHQFLDUODFDSWXUDGHFDUERQRPHGLDQWHHOPDQHMRIRUHVWDO
VXVWHQWDEOHGHORVERVTXHVQDWLYRVHQHOPDUFRGH5(''SOXV(Q&RSHQKDJXH&KLOHVHXQLyDOD
$OLDQ]D*OREDOSDUDOD0LWLJDFLyQHQOD$JULFXOWXUD
'DGR TXH ORV SDtVHV GHEHUiQ UHDOL]DU DFFLRQHV GH PLWLJDFLyQ DGHFXDGDV TXH VHDQ PHGLEOHV
UHSRUWDEOHV\YHULILFDEOHVHOGHVDItRSHQGLHQWHHVUHJLVWUDUORVLQVWUXPHQWRVGHIRPHQWRGHO0LQLVWHULRGH

$JULFXOWXUD DVRFLDGRV D 5(''SOXV /H\ GH %RVTXH 1DWLYR D /8/8&) '/ GH IRPHQWR D ODV
SODQWDFLRQHVIRUHVWDOHV\DPLWLJDFLyQHQODDJULFXOWXUD6LVWHPDGH,QFHQWLYRVSDUDOD5HFXSHUDFLyQGH
6XHORV'HJUDGDGRV6,56'FRPRDFFLRQHVGHOVHFWRUVLOYRDJURSHFXDULRUHDOL]DGDVFRQFDSDFLGDGHV\
UHFXUVRV SURSLRVGH &KLOH(VWDV LQLFLDWLYDV FRQVWLWX\HQ XQ HOHPHQWR GH GLIHUHQFLDFLyQ SRVLWLYR SDUDOD
LPDJHQ DPELHQWDO GHO SDtV HQ FXDQWR VRQ DSRUWHV XQLODWHUDOHV SDUD PLWLJDU HO SUREOHPD GHO FDPELR
FOLPiWLFRFRPSDUDEOHVFRQODVPHGLGDVGHRWURVSDtVHVGHOD2&'(
(OGHVDItRGHODPLWLJDFLyQ
(OVHFWRUVLOYRDJURSHFXDULRHQVXFRQMXQWRHVDFWXDOPHQWHXQVHFWRUFDUERQRQHXWUDO(VWRTXLHUHGHFLU
HQSRFDVSDODEUDVTXHODVHPLVLRQHVGH*(,JHQHUDGDVSRUODVDFWLYLGDGHVDJURSHFXDULDVVRQPHQRUHVHQ
WRQHODGDVHTXLYDOHQWHVGHFDUERQRTXHODVWRQHODGDVGHFDSWXUDVJHQHUDGDVFRQODVDFWLYLGDGHVIRUHVWDOHV
(VHVRORTXHLQGLFDQODVFLIUDVGHORVLQYHQWDULRVFRUUHVSRQGLHQWHV
/DFRQGLFLyQ GHDJULFXOWXUDFDUERQR QHXWUDO HVXQDFWLYRQDFLRQDOTXHUHTXLHUHVHUPDQWHQLGR\
FRQVROLGDGR1RHVTXHWDOFRQGLFLyQVHDOFDQFHXQDYH]\GHVSXpVQRVHQHFHVLWHKDFHUQDGD(OVHFWRU
DJURDOLPHQWDULR QHFHVLWD SDUD FRQWLQXDU VLHQGR FRPSHWLWLYR UHGXFLU VX KXHOOD GH FDUERQR GHVGH OD
SHUVSHFWLYDGHFDGDXQDGHODVLQGXVWULDVTXHORFRPSRQHQ\HYLGHQWHPHQWHWDPELpQHQFDGDXQDGHODV
HPSUHVDV
$O HVIXHU]R GH SURGXFLU FRQ FDGD YH] PHQRUHV QLYHOHV GH HPLVLyQ GH *(, XQD WDUHD
LPSUHVFLQGLEOH SDUD PDQWHQHU \FRQVROLGDUODVLWXDFLyQGHVHFWRUVLOYRDJURSHFXDULRFDUERQRQHXWUDOHV
VHJXLU LQFUHPHQWDQGR OD VXSHUILFLH IRUHVWDGD \ UHFXSHUDQGR OD ELRPDVD HQ ORV ERVTXHV QDWLYRV
GHJUDGDGRV (V HQ HVWRV DVSHFWRV TXH DGTXLHUH LPSRUWDQFLD OD LPSOHPHQWDFLyQ GH OD /H\ GH %RVTXH
1DWLYR \ GHO '/ 6H GHEH DYDQ]DU DGHPiV HQ HO IRPHQWR GHO XVR GH OD ELRPDVD HQ ORV GLVWLQWRV
SURFHVRVSURGXFWLYRVGHOVHFWRU&RQHOORVHEXVFDTXHODFRQGLFLyQGHVHFWRUVLOYRDJURSHFXDULRFDUERQR
QHXWUDOVHDSDUWHLQWHJUDQWHGHODLPDJHQSDtV
(OGHVDItRGHODDGDSWDFLyQ
8Q HVWXGLR GH OD)DFXOWDGGH$JURQRPtDGHOD8QLYHUVLGDG&DWyOLFDILQDQFLDGRSRUHO0LQLVWHULRGH
$JULFXOWXUD SHUPLWH FRQFOXLU TXH VL ELHQ GHVGH XQD SHUVSHFWLYD QDFLRQDO ORV LPSDFWRV HFRQyPLFRV
DJUHJDGRV GHO FDPELR FOLPiWLFR VREUH HO VHFWRU VHUiQ PiV ELHQ ³PRGHUDGRV´ HQ DOJXQDV ]RQDV \
UHJLRQHV HVWRV LPSDFWRV SXHGHQ VHU PX\ VLJQLILFDWLYRV 3DUD XQD FREHUWXUD PXFKR PiV DFRWDGD XQ
HVWXGLRGHO,1,$ILQDQFLDGRSRUHO),$OOHJDDFRQFOXVLRQHVVLPLODUHV
6L ELHQ HV FLHUWR TXH HVWXGLRV GH HVWD QDWXUDOH]D GHELHUDQ LU SHUIHFFLRQiQGRVH HQ ORV DxRV TXH
YLHQHQHOORVFRQVWLWX\HQXQDEDVHGHLQIRUPDFLyQSDUDHPSH]DUDGHILQLUORVHMHVHVWUDWpJLFRVGHXQ3ODQ
6HFWRULDOGH$GDSWDFLyQWDUHDTXHHO3ODQ1DFLRQDOGH$FFLyQGH&DPELR&OLPiWLFRGHOHVWDEOHFH
SDUDORVSUy[LPRVDxRV
(VWH3ODQ6HFWRULDOGH$GDSWDFLyQFRQVLGHUDVHLVOtQHDVRSURJUDPDVHVWUDWpJLFRV
DDXPHQWRGHODFDSDFLGDGGHHPEDOVHGHDJXD\PHMRUDPLHQWRGHODHILFLHQFLDGHOULHJR
EFUHDFLyQ\PHMRUDPLHQWRJHQpWLFRGHYDULHGDGHVGHFXOWLYRVIUXWDOHV\IRUUDMHUDV
FHVWXGLRGHORVQXHYRVFRPSRUWDPLHQWRVHSLGHPLROyJLFRVGHSODJDV\HQIHUPHGDGHV\
UHIRU]DPLHQWRGHORVVLVWHPDVGHYLJLODQFLD\FRQWURO

,PSDFWR6RFLRHFRQyPLFRGHO&DPELR&OLPiWLFRHQHO6HFWRU6LOYRDJURSHFXDULR'HSDUWDPHQWRGH(FRQRPtD$JUDULD8QLYHUVLGDG
&DWyOLFDGH&KLOH

,PSDFWR 9XOQHUDELOLGDG \ $GDSWDFLyQ DO &DPELR &OLPiWLFR HQ HO 6HFWRU 6LOYRDJURSHFXDULR ,1,$ \ )DFXOWDG GH $JURQRPtD
8QLYHUVLGDGGH&RQFHSFLyQ

GGHVDUUROORGHLQYHVWLJDFLyQLQQRYDFLyQ\WUDQVIHUHQFLDGHQXHYDVSUiFWLFDVVLOYRDJURSHFXDULDV
HIRUWDOHFLPLHQWRGHORVVLVWHPDVGHJHVWLyQGHULHVJRV
I DPSOLDFLyQGHODVFDSDFLGDGHVGHORVUHFXUVRVKXPDQRVWDQWRGHORVDFWRUHVSURGXFWLYRVFRPR
GHORVWpFQLFRV\SURIHVLRQDOHV
(Q ORVWHPDV UHODFLRQDGRV FRQHOFDPELRFOLPiWLFRORVSURGXFWRUHVVHFWRULDOHVFXHQWDQFRQPX\
SRFDLQIRUPDFLyQHQWUHRWUDVUD]RQHVSRUTXHpVWDVHKDLGRJHQHUDQGRHQORVDxRVUHFLHQWHV(VHYLGHQWH
TXHHVWHGpILFLWGHEHHPSH]DUDUHVROYHUVHFRQSURQWLWXGSXHVHQIUHQWDUHOFDPELRFOLPiWLFRH[LJLUiGH
PXFKDV\FRPSOHMDVGHFLVLRQHVSRUSDUWHGHORVSURGXFWRUHV6HUHTXLHUHTXHORVSURGXFWRUHVGLVSRQJDQ
GH LQIRUPDFLyQ GH FDOLGDG TXH SDUWLFLSHQ DFWLYDPHQWH HQ OD SUHSDUDFLyQ GHO 3ODQ 6HFWRULDO GH
$GDSWDFLyQ \ TXH GLVSRQJDQ GH ORV LQVWUXPHQWRV GH IRPHQWR DGHFXDGRV $WHQFLyQ HVSHFLDO WLHQH TXH
GDUVHDORVSHTXHxRV\PHGLDQRVDJULFXOWRUHVFRQPD\RUHVQLYHOHVGHYXOQHUDELOLGDG
( (OFDVRGH&RVWD5LFD
(Q HO 3ODQ 1DFLRQDO GH 'HVDUUROOR 31' ± HO *RELHUQR GH &RVWD 5LFD DGTXLULy HO
FRPSURPLVRGH HQIUHQWDU ORVLPSDFWRVSRWHQFLDOHV GHO FDPELR FOLPiWLFR (QHVWHGRFXPHQWRHOSDtVVH
SURSRQH WUHV REMHWLYRV L SRVLFLRQDU OD $JHQGD GH &DPELR &OLPiWLFR FRPR SULRULWDULD HQ HO QLYHO
QDFLRQDO H LQWHUQDFLRQDO LL FRQYHUWLU D &RVWD 5LFD HQ XQ VLQyQLPR GH FRPSURPLVR FRQ HO GHVDUUROOR
VRVWHQLEOH\HQXQDQDFLyQOtGHUHQODOXFKDFRQWUDHOFDPELRFOLPiWLFR\ODDGRSFLyQGHSROtWLFDVGHSD]
FRQ OD QDWXUDOH]D LLL HODERUDU \ SRQHU HQ SUiFWLFD XQ 3ODQ 1DFLRQDO GH &DPELR &OLPiWLFR GLULJLGR D
PLWLJDU ORV JDVHV GH HIHFWR LQYHUQDGHUR LY HO GHVDUUROOR GH PHFDQLVPRV ILQDQFLHURV GH PHUFDGR TXH
FRPSHQVHQODGHIRUHVWDFLyQ\ORVVHUYLFLRVDPELHQWDOHVSUHVWDGRVSRUODELRGLYHUVLGDG
&RQHOSURSyVLWRGHFRQYHUWLUD&RVWD5LFDHQOtGHUPXQGLDOHQ&QHXWUDOGXUDQWHODUHXQLyQHQ
.HQLDHQIHEUHURGHOHOJRELHUQRDGTXLULyHOFRPSURPLVRGHORJUDUTXHHOSDtVVHDFDUERQRQHXWUDO
SDUDHODxR/DLQLFLDWLYDFRVWDUULFHQVHVREUHFDPELRFOLPiWLFRKDVLGRLQVSLUDFLyQSDUDTXHRWURV
SDtVHVVHSURSRQJDQHOPLVPRREMHWLYR1RUXHJD\1XHYD=HODQGDKDQGDGRXQSDVRDGHODQWH\VHXQHQ
DOHVIXHU]RFRQODPHWDSODQWHDGDSDUDHODxR
3DUDHQIUHQWDUHVWHGHVDItRVHGLVHxyXQ3ODQ1DFLRQDOGH&DPELR&OLPiWLFRTXHEXVFDPD[LPL]DUOD
FRPSHWLWLYLGDG \ PLQLPL]DU HO ULHVJR SRU ORV HIHFWRV GHO FDPELR FOLPiWLFR HQ ORV GLIHUHQWHV VHFWRUHV
VRFLRHFRQyPLFRV(O3ODQHVWDEOHFHGLYHUVDVWDUHDVSDUDODVGLVWLQWDVLQVWLWXFLRQHVS~EOLFDV\HVSDUWHGHXQD
(VWUDWHJLD1DFLRQDOGH&DPELR&OLPiWLFR(1&&TXHFRQWHPSODFLQFRHMHVSULQFLSDOHVGHDFFLyQ
0pWULFD %XVFD JXLDU ORV HVIXHU]RV UHDOL]DGRV HQ WRGRV ORV GHPiV HMHV SDUD SRGHU GDU
VHJXLPLHQWR D ORV DYDQFHV \ PHGLU OD HIHFWLYLGDG GH ODV DFFLRQHV LPSOHPHQWDGDV (VWH HMH
FRQWLHQHODVVLJXLHQWHViUHDVGHDFFLyQ
D(QHUJtD
E3URFHVRV,QGXVWULDOHV
F$JULFXOWXUD
G&DPELRGH8VRGH6XHOR\
H0DQHMRGH5HVLGXRV
(OREMHWLYRHVOOHJDUDVHUXQSDtVFRQXQVLVWHPDGHPHGLFLyQSUHFLVRFRQILDEOH\YHULILFDEOH

0LWLJDFLyQ%XVFDHODERUDUXQLQYHQWDULRGHODVIXHQWHVGHHPLVLRQHVGHORVJDVHVGHHIHFWR
LQYHUQDGHUR*(,HMHFXWDUSUR\HFWRVSDUDSUHYHQLUPLWLJDURHOLPLQDUHVWDVHPLVLRQHVRELHQ
SUR\HFWRVGHFDSWXUDGHODVHPLVLRQHVTXHQRSXHGHQVHUHYLWDGDVSRUHMHPSORVXPLGHURVGH
FDUERQR(VWHHMHLQFOX\HVLHWHiUHDVGHDFFLyQ

D(QHUJtD
E7UDQVSRUWH
F$JURSHFXDULR
G,QGXVWULD
H5HVLGXRV6yOLGRV
I7XULVPR
J+tGULFR
(OREMHWLYRGHODHVWUDWHJLDGHPLWLJDFLyQHVOOHJDUDVHUXQSDtVQHXWURHQHPLVLRQHVGHFDUERQR
TXHSHUPLWDPHMRUDUVLJQLILFDWLYDPHQWHODSRVLFLyQGH&RVWD5LFDHQHOPXQGRSDUDIRUWDOHFHUODV
SRVLELOLGDGHV GH GHVDUUROOR KXPDQR /D PHWD GH &QHXWUR SDVD SRU DGDSWDFLyQ \ PLWLJDFLyQ HV
GHFLU UHVXOWD GH OD DSOLFDFLyQ GH PHGLGDV LQWHJUDOHV FRQ ODVFXDOHVVHHVSHUDTXHHOEDODQFHVHD
LJXDODFHUR
9XOQHUDELOLGDG\DGDSWDFLyQ,PSXOVDODVDFFLRQHVTXHSHUPLWDQUHGXFLUHOLPSDFWRGHOFDPELR
FOLPiWLFRHQVHFWRUHVFRQVHQVLELOLGDGYDULDEOHHQWUHHVWRV
D+tGULFR
E$JURSHFXDULR
F6DOXG
G,QIUDHVWUXFWXUD
H=RQD&RVWHUD
I%LRGLYHUVLGDG
J3HVFD
(O REMHWLYR GHO HMH GH YXOQHUDELOLGDG \ DGDSWDFLyQ HV OOHJDU D VHU XQ SDtV TXH D WUDYpV GH OD
LGHQWLILFDFLyQULJXURVDGHORVVHFWRUHVYXOQHUDEOHV\ODDSOLFDFLyQGHPHGLGDVGHDGDSWDFLyQORJUH
UHGXFLUORVHIHFWRVDGYHUVRVGHOFDPELR
'HVDUUROOR GH FDSDFLGDGHV 3URFXUD IRUWDOHFHU HQ FDGD iUHD GH DFFLyQ R VHFWRU ORV
FRQRFLPLHQWRV\GHVWUH]DVDGHFXDGRVSDUDHQIUHQWDUGHPHMRUPDQHUDORVFDPELRVFOLPiWLFRV
SUHYLVWRVFRQHOFDOHQWDPLHQWRJOREDO(OREMHWLYRGHODHVWUDWHJLDGHGHVDUUROORGHFDSDFLGDGHV
HV VHU XQ SDtV FRQ FDSDFLGDGHV D QLYHO QDFLRQDO UHJLRQDO \ ORFDO TXH SHUPLWD OD DSOLFDFLyQ
RSHUDWLYDGHODVSROtWLFDVGHPLWLJDFLyQ\DGDSWDFLyQDOFDPELRFOLPiWLFR
6HQVLELOL]DFLyQS~EOLFD\HGXFDFLyQ%XVFDGHVDUUROODUFDPSDxDVGHFRQFLHQWL]DFLyQ\DSR\R
SDUDODDSOLFDFLyQGHPHGLGDVUHODFLRQDGDVDODPLWLJDFLyQODYXOQHUDELOLGDG\ODDGDSWDFLyQD
ORVHIHFWRVGHOFDPELRFOLPiWLFR(OREMHWLYRHVOOHJDUDVHUXQSDtVTXHDWUDYpVGHSURFHVRVGH
VHQVLELOL]DFLyQ S~EOLFD \ HGXFDFLyQ LQYROXFUH D WRGD OD VRFLHGDG HQ HO SURFHVR GH WRPD \
HMHFXFLyQGHGHFLVLRQHVUHODFLRQDGDVFRQHOFDPELRFOLPiWLFR
(VWD HVWUDWHJLD HV FRRUGLQDGD SRU OD 2ILFLQD GH OD (VWUDWHJLD 1DFLRQDO GH &DPELR &OLPiWLFR
ORFDOL]DGD HQ HO 0LQLVWHULR GH $PELHQWH (QHUJtD \ 7HOHFRPXQLFDFLRQHV \ HVWDEOHFH WDUHDV SDUD ODV
GLVWLQWDV LQVWLWXFLRQHV S~EOLFDV &RQVLGHUDQGR TXH OD DJULFXOWXUD \ OD JDQDGHUtD JHQHUDQ HO GH ODV
HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR *(, GH &RVWD 5LFD DVt FRPR HO KHFKR GH TXH HVWDV
DFWLYLGDGHVHVWiQVLHQGRGLUHFWDPHQWHDIHFWDGDVSRUORVFDPELRVFOLPiWLFRVHO0LQLVWHULRGH$JULFXOWXUD
\ *DQDGHUtD HVWi HMHFXWDQGR XQ FRQMXQWR GH LQLFLDWLYDV RULHQWDGDV D DSOLFDU OD HVWUDWHJLD D OD UHDOLGDG
VHFWRULDO

&DEHVHxDODUTXHWRGDVHVWDVLQLFLDWLYDVKDQVLGRLQFRUSRUDGDVFRPRXQRGHORVSLODUHVFHQWUDOHV
GHOD3ROtWLFDGH(VWDGRSDUDHO6HFWRU$JURDOLPHQWDULR\HO'HVDUUROOR5XUDO&RVWDUULFHQVH
SROtWLFD TXH DFWXDOPHQWH HO 0$* HVWi GLVHxDQGR D WUDYpV GH XQ SURFHVR GH FRQVXOWDV DPSOLR FRQ HO
VHFWRU SULYDGR WHQLHQGR FRPR EDVH ODV SULRULGDGHV GHILQLGDV SDUD HO VHFWRU DJUtFROD HQ HO 3ODQ GH
*RELHUQR&RQHOORVHEXVFDSURPRYHUORVHVIXHU]RVLQWHUVHFWRULDOHVSDUDSUHYHQLUPLWLJDU\
DGDSWDUVHDOSURFHVRGHFDPELRFOLPiWLFRDVtFRPRORJUDUXQDJHVWLyQDJURDPELHQWDOGHH[FHOHQFLDTXH
MXQWR FRQ IDYRUHFHU XQD PD\RU VRVWHQLELOLGDG GH ORV SURFHVRV SURGXFWLYRV SHUPLWD XQD PD\RU
GLIHUHQFLDFLyQ GH OD RIHUWD H[SRUWDEOH QDFLRQDO HQ ORV PHUFDGRV PXQGLDOHV /D SROtWLFD GH (VWDGR
FRQVLGHUDODVVLJXLHQWHVLQLFLDWLYDVHQUHODFLyQDOFDPELRFOLPiWLFR
*HVWLyQ LQWHJUDO GHO ULHVJR ,QWHJUDFLyQ SOHQD DO 6LVWHPD 1DFLRQDO GH (PHUJHQFLDV \
3UHYHQFLyQGHO5LHVJR,PSOHPHQWDFLyQGHXQDHVWUDWHJLDVHFWRULDOGHSUHYHQFLyQDWHQFLyQ\
PDQHMRGHGHVDVWUHVSRUIHQyPHQRVQDWXUDOHVH[WUHPRV(VWDiUHDGHWUDEDMRHVLPSOHPHQWDGDD
WUDYpVGHOD&RPLVLyQ6HFWRULDOGH*HVWLyQGH5LHVJRVTXHFXHQWDFRQUHSUHVHQWDFLyQGHWRGDV
ODV LQVWLWXFLRQHV VHFWRULDOHV \ TXH HV FRRUGLQDGD SRU OD 6HFUHWDUtD (MHFXWLYD GH 3ODQLILFDFLyQ
6HFWRULDO$JURSHFXDULD6(36$GHO0$*
$GDSWDFLyQ D ORV HIHFWRV GHO FDPELR FOLPiWLFR &RQVLGHUD XQ SODQ QDFLRQDO DJURDOLPHQWDULR GH
DGDSWDFLyQ DO FDPELR FOLPiWLFR XQ SURJUDPD GH SODQLILFDFLyQ GHO XVR DJURDOLPHQWDULR GHO
WHUULWRULR\XQDHVWUDWHJLDGHDGDSWDFLyQDORVHIHFWRVGHOFDPELRFOLPiWLFRTXHLQFOX\DSUR\HFWRV
GH LQYHVWLJDFLyQ HQ ELRWHFQRORJtD ELRVHJXULGDG SURSLHGDG LQWHOHFWXDO UHFXUVRV ILWRJHQpWLFRV
WHFQRORJtDSDUDHOFRQWUROQDWXUDOGHSODJDVODSROLQL]DFLyQ\ODGLVSHUVLyQGHVHPLOODVHQWUHRWUDV
iUHDVWpFQLFDV7DPELpQFRQWHPSODXQVLVWHPDLQWHJUDOGHSUHYHQFLyQILWR\]RRVDQLWDULD
0LWLJDFLyQDORVHIHFWRVGHOFDPELRFOLPiWLFR&RQVLGHUDXQSODQHVSHFtILFRGHPLWLJDFLyQSDUD
FRQWLQXDUFRQSURFHVRVGHSURGXFFLyQVRVWHQLEOHTXHFRQWULEX\DQDPLWLJDUODHPLVLyQGHORV
JDVHV GH HIHFWR LQYHUQDGHUR *(,GH ODV SUiFWLFDV DJUtFRODV \ OD KXHOOD FDUERQRUXEUR SDUD
DFWLYLGDGHV DJUtFRODV SHFXDULDV SHVTXHUDV \ DFXtFRODV HQ FRRUGLQDFLyQ FRQ HO 0,1$(7
,01 ,17$ LQVWLWXFLRQHV GHO VHFWRU VHFWRU DFDGpPLFR \ DPELHQWDO 'LFKR SODQ FRQVLGHUD
LQFHQWLYRV HFRQyPLFRV SDUD SURPRYHU OD DGRSFLyQ GH WHFQRORJtDV \ SDWURQHV GH SURGXFFLyQ
TXH PLQLPLFHQ HVWH LPSDFWR (VWD iUHD GH WUDEDMR WDPELpQ FRQVLGHUD HO GHVDUUROOR GH XQD
PHWRGRORJtD SDUD OD PHGLFLyQ GH ORV JDVHV GH HIHFWR LQYHUQDGHUR UHODFLRQDGRV FRQ HO VHFWRU
DJUtFRODSULQFLSDOPHQWHHQORVFXOWLYRVGHH[SRUWDFLyQPiVLPSRUWDQWHVGHOSDtV
*HVWLyQ GHO FRQRFLPLHQWR \ IRUWDOHFLPLHQWR GH FDSDFLGDGHV 6H GHVDUUROODUiQ SURJUDPDV GH
FDSDFLWDFLyQ LQIRUPDFLyQ \ FRPXQLFDFLyQ SDUD FRQFLHQWL]DU \ GHVDUUROODU XQD FXOWXUD GH
FDPELR FOLPiWLFR OLJDGR DO VHFWRU DJURDOLPHQWDULR HQ DVSHFWRV FRPR OD QDWXUDOH]D GHO
IHQyPHQR\VXVHIHFWRVORVSUREOHPDVSRUHQIUHQWDU\ODVRSRUWXQLGDGHVSDUDVXSHUDUORV\OD
QRUPDWLYDDPELHQWDOYLJHQWH\YLQFXODQWHDOVHFWRU
&RPSHQVDFLyQ D OD SURGXFFLyQ VRVWHQLEOH FRPR HVWUDWHJLD GH PLWLJDFLyQ \ DGDSWDFLyQ DO
FDPELRFOLPiWLFR6HIRPHQWDUiLQLFLDWLYDVGHSURGXFFLyQVRVWHQLEOHFRQHQIRTXHHFRVLVWpPLFR
VXHORV\ RWURVUHFXUVRV PHGLDQWHHO DSURYHFKDPLHQWR GHORVPHFDQLVPRVGHFRPSHQVDFLyQ
H[LVWHQWHV \ HO GHVDUUROOR GH QXHYRV SRU XVR VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV TXH
FRQWULEX\DQDGLVPLQXLUODHPLVLyQGH*(,GHOVHFWRUDJURSHFXDULR(QWDOGLUHFFLyQVHFUHDUi
XQ PHFDQLVPR GH LQFHQWLYRV SDUD ORJUDU OD QHXWUDOLGDGFDUERQR GHO VHFWRU DJURDOLPHQWDULR
IRPHQWDQGR OD SURGXFFLyQ GH 8QLGDGHV &RVWDUULFHQVHV GH &DUERQR HQ HO 6HFWRU
$JURDOLPHQWDULRSDUDWUDQVDUHQHO0HUFDGR'HOPLVPRPRGRHVWDiUHDGHWUDEDMRFRQWHPSOD
OD FUHDFLyQ GH XQ 6LVWHPD GH &HUWLILFDFLyQ &QHXWUDO TXH SHUPLWD OD GLIHUHQFLDFLyQ GHO ELHQ
DJURDOLPHQWDULRSURGXFLGRPHGLDQWHSURFHVRVGHFHUWLILFDFLyQ&QHXWUDO
7RGDVHVWDVLQLFLDWLYDVHVWiQDUWLFXODGDVDHVWUDWHJLDVPiVDPSOLDVDSOLFDGDVDQLYHOFHQWURDPHULFDQR
WDOHV FRPR OD 3ROtWLFD $JUtFROD &HQWURDPHULFDQD 3$&$ OD (VWUDWHJLD$JURDPELHQWDO\GH6DOXG
(5$6\OD(VWUDWHJLD&HQWURDPHULFDQDGH'HVDUUROOR5XUDO7HUULWRULDO(&$'(57

9 ([SHULHQFLDVSULYDGDV\ORFDOHV
GHDGDSWDFLyQDOFDPELR
$ ,QWURGXFFLyQ
/RVHIHFWRVGHVLJXDOHVGHOFDPELRFOLPiWLFRVHUHIOHMDQHQTXHORVSDtVHV
HQGHVDUUROOR\VXVFLXGDGDQRVPiVSREUHVVRQORVPiVYXOQHUDEOHVDORV
HIHFWRV QHJDWLYRV GHO IHQyPHQR (O &XDUWR ,QIRUPH GH (YDOXDFLyQ GHO
,3&& FRQILUPD TXH OD GLVWULEXFLyQ JHRJUiILFD OD IUHFXHQFLD \ OD
LQWHQVLGDG GH ODV DPHQD]DVFOLPiWLFDV VHTXtDV WRUPHQWDV LQXQGDFLRQHV
\DHVWiQPRVWUDQGRDOWHUDFLRQHVDFDXVDGHO&&\TXHVXVFRQVHFXHQFLDV
VRQLPSUHYLVLEOHV\QROLQHDOHVVREUHODSREUH]D\HOULHVJRGHGHVDVWUHV
/DFRQFHQWUDFLyQGHOULHVJRGHGHVDVWUHVHQODVFRPXQLGDGHVSREUHV
GHORVSDtVHVHQGHVDUUROOR\ODWUDGXFFLyQGHORVLPSDFWRVGHORVGHVDVWUHV
VH GHEHQ D PHGLRV GH YLGD UXUDOHV YXOQHUDEOHV JREHUQDQ]D GHILFLHQWH
HFRVLVWHPDV GHJUDGDGRV \ DXVHQFLD GH SURWHFFLyQ VRFLDO HQWUH RWURV
IDFWRUHV 3RU HMHPSOR OD WDVD GH PRUWDOLGDG UHODWLYD D OD DPHQD]D SRU
H[SRVLFLyQ D ORV FLFORQHV WURSLFDOHV HV YHFHV PD\RU HQ XQ SDtV GH
EDMRVLQJUHVRVFRPSDUDGRFRQXQSDtVGHVDUUROODGRPLHPEURGHOD2&'(
(,5' $Vt HO FDPELR FOLPiWLFR SRGUtD DJXGL]DU GH PDQHUD
GUiVWLFDHOLPSDFWRGHORVGHVDVWUHVHQODVFRPXQLGDGHVPiVYXOQHUDEOHV
LQFUHPHQWDQGRODSREUH]D\ODLQVHJXULGDGDOLPHQWDULD

/D&RQYHQFLyQ0DUFRGH1DFLRQHV8QLGDVVREUH&&GHILQHODDGDSWDFLyQFRPR³XQDMXVWHGHORV
VLVWHPDV KXPDQRV \ QDWXUDOHV HQ UHVSXHVWD D ORV HVWtPXORV FOLPiWLFRV R ORV LPSDFWRV DFWXDOHV R
HVSHUDGRV WHQGLHQWHV DPRGHUDUSRVLEOHVGDxRVRDSURYHFKDURSRUWXQLGDGHVEHQHILFLRVDV´&018&&
/DPD\RUtDGHORVDYDQFHVQDFLRQDOHVHQPDWHULDGHFDPELRFOLPiWLFRGHORVSDtVHVGHODUHJLyQ
ODWLQRDPHULFDQD VH FRQFHQWUDQHQHVWXGLRVGH YXOQHUDELOLGDG \ DGDSWDFLyQ HQ IXQFLyQ GH HVFHQDULRVGH
FDPELRFOLPiWLFR\HYDOXDFLRQHVGHLPSDFWRDXQTXHVLQFRQVWLWXLUWRGDYtDXQDUHVSXHVWDDOGHVDUUROORGH
RSFLRQHV SHUWLQHQWHV GH SROtWLFD 8Q WHPD FODYH HV FyPR GHVDUUROODU HVWUDWHJLDV SDUD OD DGDSWDFLyQ DO
FDPELRFOLPiWLFRLQWHJUDGDVDORVSODQHVGHGHVDUUROORTXHLQFRUSRUHQORVULHVJRVFOLPiWLFRVIXWXURV\
TXHRIUH]FDQVROXFLRQHVDMXVWDGDVDORVFRQWH[WRVORFDOHV
/DDGDSWDFLyQHVLQKHUHQWHDORVVLVWHPDVGHSURGXFFLyQGHDOLPHQWRV\SRUWDQWRVHSXHGHHVSHUDU
TXH RFXUUDQ DMXVWHV QDWXUDOPHQWH VLQ TXH PHGLH XQD DFFLyQ FRQFHUWDGD R SODQLILFDGD GH SRU PHGLR 6LQ
HPEDUJR OD FDUHQFLD GH XQD SODQLILFDFLyQ FRKHUHQWH FRQ HO QLYHO GH YXOQHUDELOLGDG \ ORV FDPELRV
SUR\HFWDGRV SRGUtD GHVHQFDGHQDU SURFHVRV GH PDOD DGDSWDFLyQ YDOH GHFLU GRQGH FLHUWDV DFFLRQHV R
SURFHVRVGHDMXVWHLQFUHPHQWHQODYXOQHUDELOLGDGDORVHIHFWRVQHJDWLYRVGHOFDPELRFOLPiWLFR'HKHFKRODV
DFFLRQHVGHPDODDGDSWDFLyQVXHOHQLQFOXLUSROtWLFDVGHGHVDUUROOR\PHGLGDVSODQLILFDGDVFRQJDQDQFLDVGH
FRUWRSOD]RSHURTXHSXHGHQH[DFHUEDUODYXOQHUDELOLGDGHQHOPHGLDQR\ODUJRSOD]R318'
'HHVWHPRGRODUHVSXHVWDDXQHVFHQDULRGHFDPELRFOLPiWLFRJOREDOVyORSXHGHVHUHIHFWLYDVLVH
LPSOHPHQWDQDSURSLDGDPHQWHPHGLGDVGHDGDSWDFLyQTXHSURPXHYDQXQDDGHFXDGDJHVWLyQGHOULHVJRGH
GHVDVWUHV D HVFDOD ORFDO DWHQGLHQGR ORV ULHVJRV FOLPiWLFRV DFWXDOHV \ IXWXURV \ ODV FDXVDV VXE\DFHQWHV
TXHGHWHUPLQDQODYXOQHUDELOLGDGGHORVPHGLRVGHYLGDUXUDOHV
/D SODQLILFDFLyQ SDUD OD DGDSWDFLyQ UHTXLHUH GDU SULRULGDG H LQLFLDU ORV HVIXHU]RV HQ UHGXFLU ODV
FRQGLFLRQHV GH ULHVJR \ YXOQHUDELOLGDG GH ODV FRPXQLGDGHV UXUDOHV ORV DJULFXOWRUHV \ VXV VLVWHPDV
SURGXFWLYRV GH PRGR GH UHIRU]DU OD UHVLOLHQFLD FOLPiWLFD 3DUD HOOR VH GHEH GHVDUUROODU XQD DGHFXDGD
HYDOXDFLyQGHODVLWXDFLyQGHEDVHTXHSRVWHULRUPHQWHSHUPLWDODGHILQLFLyQGHPHGLGDVFRQODDPSOLD
SDUWLFLSDFLyQ GH ODV LQVWLWXFLRQHV \ DFWRUHV GH XQ WHUULWRULR HQ GLVWLQWDV HVFDODV GH WLHPSR HYDOXDGDV
,JXDOPHQWHHQODVDFFLRQHVGHDGDSWDFLyQGHODDJULFXOWXUDVLOYLFXOWXUD\SHVFDVHUHTXLHUHLQWHJUDUODV
RSRUWXQLGDGHVGHULYDGDVGHORVFDPELRVHQIUHQWDGRV
(VWDVFRQVLGHUDFLRQHVIXHURQSDUWHGHODQiOLVLVUHDOL]DGRSRUHOVHPLQDULR³$JULFXOWXUD\FDPELR
FOLPiWLFR LQVWLWXFLRQHV SROtWLFDV H LQQRYDFLyQ´ (Q HVWH FRQWH[WR IXHURQ SUHVHQWDGDV H[SHULHQFLDV
SULYDGDV\ORFDOHVGHDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUDHQ]RQDVDOWRDQGLQDVGH&RORPELD
%ROLYLD\3HU~$GHPiVGHDOJXQDVVLPLOLWXGHVFOLPiWLFDVORVHMHPSORVGDGRVDFRQRFHUFRLQFLGLHURQHQ
SURSRQHUXQDDGDSWDFLyQDODYDULDELOLGDGFOLPiWLFDFOLPDDFWXDO\DORVHYHQWRVH[WUHPRVDFRUWRSOD]R
FRPR EDVH SDUD UHGXFLU OD YXOQHUDELOLGDG DO FDPELR FOLPiWLFR \ OD DGDSWDFLyQ HQ HO PHGLDQR \ ODUJR
SOD]R (VWR HV SDUWLFXODUPHQWH UHOHYDQWH HQ OD DJULFXOWXUD SXHVWR TXH ORV DJULFXOWRUHV QR EDVDQ VXV
GHFLVLRQHV LQPHGLDWDV HQ SUR\HFFLRQHV GH ODUJR SOD]R VREUH DxRV \ UHVXOWD PiV HIHFWLYR WRPDU
PHGLGDVSDUDKDFHUIUHQWHDODVSUHRFXSDFLRQHVLQPHGLDWDVUHODFLRQDGDVFRQODYDULDELOLGDGFOLPiWLFD
(QHOFDVRGH&RORPELDODH[SHULHQFLDSUHVHQWDGDFRUUHVSRQGHDO3URJUDPD&RQMXQWR,QWHJUDFLyQ
GH (FRVLVWHPDV \ $GDSWDFLyQ DO &DPELR &OLPiWLFR HQ HO 0DFL]R &RORPELDQR (O HQIRTXH GH HVWH
SURJUDPDWLHQHODVVLJXLHQWHVRULHQWDFLRQHVL&RQVLGHUDODDGDSWDFLyQDODYDULDELOLGDGFOLPiWLFDFRPR
EDVH SDUD UHGXFLU OD YXOQHUDELOLGDG DO FDPELR FOLPiWLFR D ODUJR SOD]R LL (YDO~D ODV SROtWLFDV \ ODV
PHGLGDVGHDGDSWDFLyQHQXQFRQWH[WRGHGHVDUUROORLLL2ULHQWDODLQWHJUDFLyQGHODDGDSWDFLyQHQORV
SURFHVRVFODYHVGHSROtWLFDV\SODQLILFDFLyQLY'HILQHODVSULRULGDGHVGHDGDSWDFLyQFRQORVDFWRUHVGH
ORV GLVWLQWRV QLYHOHV WHUULWRULDOHV QDFLRQDOHV \ ORFDOHV Y 2WRUJD HO PLVPR JUDGR GH UHOHYDQFLD D OD
HVWUDWHJLDGHVDUUROODGDFRPRDOSURFHVRPHGLDQWHHOFXDOVHLPSOHPHQWDODDGDSWDFLyQ
/DVH[SHULHQFLDVGH%ROLYLD\3HU~VHUHILHUHQPiVHVSHFtILFDPHQWHDODVHVWUDWHJLDVGHUHGXFFLyQ
GHO ULHVJR HQ ODV ]RQDV DOWRDQGLQDV \ VX YtQFXOR FRQ OD DGDSWDFLyQ DO FDPELR FOLPiWLFR /RV HMHPSORV
SUHVHQWDGRV LOXVWUDQ PHMRUDV HQ ORV VLVWHPDV GH JHVWLyQ GHO ULHVJR FOLPiWLFR HQ FRQWH[WRV GRQGH VRQ
UHFXUUHQWHVODVHPHUJHQFLDVDJUtFRODVFDXVDGDVSRUHYHQWRVFOLPiWLFRVH[WUHPRV/DFRRSHUDFLyQGH)$2
KDDSR\DGRHQHVWDV]RQDVLQLFLDWLYDVSDUDDMXVWDUODVSUiFWLFDVSURGXFWLYDVFRQPLUDVDODFRQVWUXFFLyQ

GH UHVLOHQFLD FOLPiWLFD GH ORV SURGXFWRUHV \ ORV VLVWHPDV SURGXFWLYRV TXH VRQ OD EDVH GH OD VHJXULGDG
DOLPHQWDULDORFDO
/RVHMHPSORVFLWDGRVFRQFXHUGDQHQGHVWDFDUTXHODLQWHJUDFLyQGHODVDFFLRQHVSURSXHVWDVGHEH
VHUGLVHxDGDFRQODVFRPXQLGDGHVLQYROXFUDGDV\IRUPDUSDUWH\HVWDUHQVLQWRQtDFRQODSHUVSHFWLYDGH
GHVDUUROORORFDO,JXDOPHQWHODDUWLFXODFLyQORFDOUHTXLHUHVHUHVFDODGDDQLYHOHVVXSHULRUHVGHPRGRGH
DVHJXUDUHOGHVDUUROORGHSROtWLFDVDFRUGHV
$FRQWLQXDFLyQVHSUHVHQWDQFRQPiVGHWDOOHODVH[SHULHQFLDVUHIHULGDV
% ,QWHJUDFLyQGHHFRVLVWHPDV\DGDSWDFLyQDOFDPELRFOLPiWLFR
HQHO0DFL]R&RORPELDQR
(O 3URJUDPD &RQMXQWR ,QWHJUDFLyQ GH (FRVLVWHPDV \ $GDSWDFLyQ DO &DPELR &OLPiWLFR HQ HO 0DFL]R
&RORPELDQR HV ILQDQFLDGR SRU HO )RQGR SDUD HO /RJUR GH ORV 2EMHWLYRV GH 'HVDUUROOR GHO 0LOHQLR
0'*,) (Q VX HMHFXFLyQ SDUWLFLSDQ FXDWUR DJHQFLDV GH 1DFLRQHV 8QLGDV 318' )$2 81,&() \
236206 HQ DOLDQ]D FRQ HQWLGDGHV QDFLRQDOHV 0LQLVWHULR GH $PELHQWH 9LYLHQGD \ 'HVDUUROOR
7HUULWRULDO 0$9'7 HO ,QVWLWXWR GH +LGURORJtD 0HWHRURORJtD \ (VWXGLRV $PELHQWDOHV GH &RORPELD
,'($0 \ HO 'HSDUWDPHQWR 1DFLRQDO GHO 3ODQHDFLyQ '13 HQ DUWLFXODFLyQ FRQ RUJDQL]DFLRQHV
ORFDOHV FRPR OD &RUSRUDFLyQ $XWyQRPD 5HJLRQDO GHO &DXFD &5& RUJDQL]DFLRQHV LQGtJHQDV \
FDPSHVLQDV GH OD FXHQFD DOWD GHO UtR &DXFD &DELOGRV GH 3DOHWDUD 3XUDFp .RNRQXNR 4XLQWDQD
3REOD]yQ \ OD DVRFLDFLyQ FDPSHVLQD $VRFDPSR PXQLFLSLRV GH 3XUDFp \ 3RSD\iQ *REHUQDFLyQ GHO
&DXFD3DUTXHV1DFLRQDOHV1DWXUDOHV\8QLYHUVLGDGGHO&DXFD
(O3URJUDPDEXVFDORVLJXLHQWH
,QFLGLU HQ OD IRUPXODFLyQ GH SROtWLFDV GH DGDSWDFLyQ DO FDPELR FOLPiWLFR HQ HO PDUFR GH ODV
HVWUDWHJLDVGHUHGXFFLyQGHODSREUH]D\HQODVSROtWLFDVGHFDPELRFOLPiWLFR\GHJHVWLyQLQWHJUDO
GHO UHFXUVR KtGULFR D QLYHO QDFLRQDO GH WDO IRUPD GH FRQWULEXLU DO ORJUR GH ORV 2EMHWLYRV GHO
0LOHQLRLQFRUSRUDQGRODVHVSHFLILFLGDGHVGHJpQHUR\ORVDVSHFWRVpWQLFRFXOWXUDOHV
$SRUWDU DO GHVDUUROOR GH OD FDSDFLGDG QDFLRQDO \ UHJLRQDO HQ PDWHULD GH FRQVHUYDFLyQ \ XVR
VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV \ OD SUHVHUYDFLyQ PDQHMR \ UHVWDXUDFLyQ GH ORV
HFRVLVWHPDVSDUDJDUDQWL]DUHOPDQWHQLPLHQWRGHORVELHQHV\VHUYLFLRVDPELHQWDOHV
5HIRU]DU OD FDSDFLGDG WpFQLFD \ RUJDQL]DWLYD GH LPSOHPHQWDFLyQ FRQMXQWD GH LQLFLDWLYDV GH
DGDSWDFLyQSRUSDUWHGHORVDFWRUHVORFDOHV\UHJLRQDOHV
0DUFRFRQFHSWXDOGHO3URJUDPD
(OFDPELRFOLPiWLFR\ODDXVHQFLDGHSROtWLFDVDPELHQWDOHVDGHFXDGDVSDUDHQIUHQWDUORHQHOFRUWRSOD]R
DJXGL]DUiQ OD SpUGLGD GH ELHQHV \ VHUYLFLRV DPELHQWDOHV \ GH OD EDVH SURGXFWLYD HQ ODV OODPDGDV
HFRUHJLRQHV HVWUDWpJLFDV 3RU HOOR UHVXOWD DSUHPLDQWH TXH HO GLVHxR GH SROtWLFDV \ HVWUDWHJLDV GH
DGDSWDFLyQDOFDPELRFOLPiWLFRHVWpHQPDUFDGRHQODJHVWLyQGHOULHVJRTXHSHUPLWDGDUSULRULGDGDODV
SREODFLRQHV KXPDQDV PiV YXOQHUDEOHV HQ HVSHFLDO ODV PiV SREUHV (VWR LPSOLFD DERUGDU DO PLVPR
WLHPSRODFRQVWUXFFLyQGHUHVLOHQFLDHQPDWHULDFOLPiWLFD\ODUHGXFFLyQGHORVIDFWRUHVGHYXOQHUDELOLGDG
VRFLDOGHODSREODFLyQ
/D IRUPXODFLyQ \ DSOLFDFLyQ GH SROtWLFDV \ DFFLRQHV GH DGDSWDFLyQ GHEHQ WHQHU HQ FXHQWD ORV
GLIHUHQWHVHVFHQDULRVWHPSRUDOHV\ODVFRQGLFLRQHVGHYLGDGHODSREODFLyQXUEDQD\UXUDOGHPDQHUDTXH

5HVXPHQ GH OD SUHVHQWDFLyQ GH $QGUpV *RQ]iOH] &RRUGLQDGRU 1DFLRQDO GHO 3URJUDPD &RQMXQWR ,QWHJUDFLyQ GH (FRVLVWHPDV \
$GDSWDFLyQDO&DPELR&OLPiWLFRHQHO0DFL]R&RORPELDQR

DVHJXUHQ OD VRVWHQLELOLGDG GH ODV FRPXQLGDGHV HQ VXV WHUULWRULRV VHJXULGDG WHUULWRULDO DVXPLHQGR OD
SUHYHQFLyQ\ODPLWLJDFLyQGHORVLPSDFWRVGHOFDPELRFOLPiWLFR
/DGHILQLFLyQGHHVWUDWHJLDVGHDGDSWDFLyQFRPSUHQGHXQDVHULHGHPHGLGDVHQIRFDGDVDOGLVHxR\
SODQHDFLyQ GH DFFLRQHV TXH IRUWDOH]FDQ OD FDSDFLGDG GH ORV JRELHUQRV ORV VHFWRUHV SURGXFWLYRV \ ODV
FRPXQLGDGHV SDUD HQIUHQWDU OD YDULDELOLGDG FOLPiWLFD \ ORV H[WUHPRV FOLPiWLFRV 7DPELpQ LQFOX\H
PHGLGDVGLULJLGDVDOGHVDUUROORGHSURFHVRVSDUDUHGXFLUORVULHVJRVHLQFRUSRUDUKHUUDPLHQWDVDQDOtWLFDV
\PHWRGROyJLFDVPXOWLYDULDEOHSDUDGHWHUPLQDUODYXOQHUDELOLGDGHLGHQWLILFDURSRUWXQLGDGHVGHDFFLyQ
3DUDHODQiOLVLVGHYXOQHUDELOLGDGDFWXDO\IXWXUDFRPREDVHSDUDODGHILQLFLyQGHODVPHGLGDVGH
DGDSWDFLyQHQHOiUHDSLORWRGHO3URJUDPDVHWRPyFRPRUHIHUHQWHHO0DUFRGH3ROtWLFDVGH$GDSWDFLyQ
GHVDUUROODGR SRU HO 6LVWHPD GH 1DFLRQHV 8QLGDV HO FXDO DSRUWD KHUUDPLHQWDV FRQFHSWXDOHV \
PHWRGROyJLFDVSDUDIDFLOLWDUSURFHVRVTXHSHUPLWDQLUHYHUWLUODVWHQGHQFLDVLQDGHFXDGDVTXHHOHYDQORV
ULHVJRV SDUD ODV SREODFLRQHV KXPDQDV \ ORV VLVWHPDV QDWXUDOHV LL DXPHQWDU OD VHQVLELOL]DFLyQ \ OD
SUHSDUDFLyQ GH OD VRFLHGDG DQWH ORV FDPELRV FOLPiWLFRV IXWXURV GHVGH TXLHQHV IRUPXODQ ODV SROtWLFDV
KDVWDODVFRPXQLGDGHVORFDOHVLLLPD\RUFRPSUHQVLyQGHODVRFLHGDGGHODVLPSOLFDFLRQHV\DOWHUQDWLYDV
IUHQWH D ORV LPSDFWRV GHO FDPELR FOLPiWLFR LY XQ HQIRTXH QXHYR DFHUFD GH OD HYDOXDFLyQ GH OD
IOH[LELOLGDG\ODUHVLOLHQFLDGHORVVLVWHPDVVRFLDOHV\QDWXUDOHVPDQHMDGRV
0HWRGRORJtDGHHYDOXDFLyQGHYXOQHUDELOLGDG\GLVHxR
GHPHGLGDV
(O 3URJUDPD UHDOL]y H[SHULHQFLDV SLORWR HQ OD FXHQFD DOWD GHO UtR &DXFDPXQLFLSLRV3XUDFp3RSD\iQ
1DFLPLHQWRGHO&DXFD5tR6DQ$QGUpV5tR6DQ)UDQFLVFR\5tR3LHGUDVHQHO0DFL]R&RORPELDQR(Q
HVWD ]RQD VH UHDOL]DURQ HYDOXDFLRQHV GH YXOQHUDELOLGDG \ GH DFXHUGR D ORV UHVXOWDGRV REWHQLGRV VH
LPSOHPHQWDURQ DFFLRQHV GH DGDSWDFLyQ GH ORV VLVWHPDV GH SURGXFFLyQ DJURSHFXDULD SURWHFFLyQ GH
HFRVLVWHPDV \ SUHYHQFLyQ R FRQWLQJHQFLD GH ULHVJRV /DV H[SHULHQFLDV SHUPLWLHURQ H[WUDHU HOHPHQWRV
LPSRUWDQWHV SDUD HO HQULTXHFLPLHQWR GH ODV SROtWLFDV GH DGDSWDFLyQ DO FDPELR FOLPiWLFR \ YDOLGDU
WHFQRORJtDV \ PHWRGRORJtDV FRQFHUWDGDV HQWUH DFWRUHV VRFLDOHV \ HQWLGDGHV HQ HO FRQWH[WR GH OD
HODERUDFLyQ\SXHVWDHQPDUFKDGHSODQHVGHRUGHQDPLHQWRVGHFXHQFDVKLGURJUiILFDV
(OiUHDSLORWRVHXELFDHQODHFRUHJLyQGHO0DFL]R&RORPELDQR\FRUUHVSRQGHDKHFWiUHDV
GH OD FXHQFD DOWD GHO UtR &DXFD HQ HO VXURFFLGHQWH GHO SDtV 'HSDUWDPHQWR GHO &DXFD PXQLFLSLRV GH
3XUDFp \ 3RSD\iQ 5DQJR DOWLWXGLQDO HQWUH ORV \ ORV PVQP &RPSUHQGH ]RQDV
ILWRJHRJUDItFDVGHVHOYDVXEDQGLQDDQGLQDVXESiUDPRSiUDPR\VXSHUSiUDPR'HHVWDiUHDFHUFDGH
KDVHHQFXHQWUDQHQHO3DUTXH1DFLRQDO1DWXUDO3XUDFpVHFWRUHV3LOLPEDOi\3DOHWDUi\KD
HQODFXHQFDGHO5tR/DV3LHGUDVTXHVXUWHHODFXHGXFWRGHODFLXGDGGH3RSD\iQ
/D SREODFLyQ GHO iUHD HQ HVWXGLR HVWi FRQVWLWXLGD SRU IDPLOLDV DSUR[LPDGDPHQWH
KDELWDQWHVFRPSUHQGHYHUHGDV\DEDUFDFRPXQLGDGHVFDPSHVLQDVGHODDVRFLDFLyQ$VRFDPSR\ORV
WHUULWRULRVLQGtJHQDVGH3DOHWDUi.RNRQXNR3XUDFp3REOD]yQ\4XLQWDQD
/DPHWRGRORJtDVHGHVDUUROOyHQODVVLJXLHQWHVIDVHV6RFLDOL]DFLyQ\FRQFHUWDFLyQFRQDFWRUHV
ORFDOHV \ UHJLRQDOHV (VWUXFWXUDFLyQ GH OD HYDOXDFLyQ GH YXOQHUDELOLGDG GHILQLFLRQHV PDUFRV \
REMHWLYRV (YDOXDFLyQ GH OD VHQVLELOLGDG YXOQHUDELOLGDG DFWXDO GHO VLVWHPD VHOHFFLRQDGR \ JUXSR
YXOQHUDEOH OtPLWHV GH H[SRVLFLyQ \ HYDOXDFLyQ (YDOXDFLyQ GH OD YXOQHUDELOLGDG IXWXUD HVFHQDULRV
SURVSHFWLYRV'HILQLFLyQ\DSOLFDFLyQGHPHGLGDVGHDGDSWDFLyQ(YDOXDFLyQ\UHWURDOLPHQWDFLyQ
/RVREMHWLYRVHVSHFtILFRVGHODQiOLVLVGHYXOQHUDELOLGDGSURSXHVWRVIXHURQ(VWDEOHFHUDSDUWLUGH
OD LGHQWLILFDFLyQ GH ODV DPHQD]DV FOLPiWLFDV ORV QLYHOHV GH YXOQHUDELOLGDG DFWXDO \ IXWXUD DO FDPELR
FOLPiWLFR SDUD SULRUL]DU \ IRFDOL]DU ODV PHGLGDV GH DGDSWDFLyQ HQ HO iUHD SLORWR HQ VX FRQWH[WR
VRFLRDPELHQWDO \ GH GHVDUUROOR 'HVDUUROODU SDUWLFLSDWLYDPHQWH HO DQiOLVLV GH YXOQHUDELOLGDG \ OD
LGHQWLILFDFLyQ H LPSOHPHQWDFLyQ GH ODV PHGLGDV GH DGDSWDFLyQ D SDUWLU GH OD DSURSLDFLyQ FRQFHSWXDO \
PHWRGROyJLFDGHORVDFWRUHVORFDOHV

/RV QLYHOHV GH YXOQHUDELOLGDG VH LGHQWLILFDURQ D SDUWLU GH XQ tQGLFH GH VHQVLELOLGDG \ RWUR GH
FDSDFLGDGGHDGDSWDFLyQHQWHQGLpQGRVHSRUtQGLFHGHVHQVLELOLGDGHOJUDGRGHDIHFWDFLyQGHOWHUULWRULR\
SRU tQGLFH GH FDSDFLGDG GH DGDSWDFLyQ OD KDELOLGDG GH OD SREODFLyQ D UHFRQRFHU \ UHVSRQGHU D ORV
HYHQWRV FOLPiWLFRV D WUDYpV GH OD UHRUJDQL]DFLyQ GH DFWLYLGDGHV LQYHUVLRQHV UHXELFDFLyQ GH UHFXUVRV
HQWUHRWUDVSDUDPLQLPL]DUVXYXOQHUDELOLGDG
/D VHQVLELOLGDG GHSHQGHGHODLQWHUDFFLyQ HQWUHODSREODFLyQ \HO HYHQWR FOLPiWLFR (O tQGLFH GH
VHQVLELOLGDGVHFRQVWUX\HDSDUWLUGHOLPSDFWRTXHORVHYHQWRVFOLPiWLFRVJHQHUDQVREUHODVGLPHQVLRQHV
EDVHQDWXUDO HFRQyPLFR SURGXFWLYDVRFLRFXOWXUDO HLQVWLWXFLRQDO /DFDSDFLGDGGHDGDSWDFLyQGHSHQGH
GHO DFFHVRDUHFXUVRVELHQHV\VHUYLFLRVGHODSREODFLyQODIOH[LELOLGDGRJUDGRGHGLYHUVLGDGGHVXV
DFWLYLGDGHV\UHFXUVRV\ODHVWDELOLGDGWHUULWRULDO\VRFLRHFRQyPLFD
3DUD UHDOL]DU HO DQiOLVLV GH YXOQHUDELOLGDG VH GHILQLHURQ ODV VLJXLHQWHV YDULDEOHV DWULEXWRV \
GLPHQVLRQHV DSDUWLUGHODVFXDOHVVHFRQVWUX\yXQDEDWHUtDGHLQGLFDGRUHVSRUHMHGHLQWHUYHQFLyQGHO
3URJUDPDFRPRVHPXHVWUDDFRQWLQXDFLyQ

),*85$9
352<(&72&$0%,2&/,0È7,&2(1(/0$&,=2&2/20%,$129$5,$%/(6
$75,%8726<',0(16,21(63$5$(/$1È/,6,6'(98/1(5$%,/,'$'

(MHVGHLQWHUYHQFLyQ9DULDEOHVJHQHUDOHV$WULEXWRV'LPHQVLRQHV5XWDPHWRGROyJLFDSDUDHO
/HYDQWDPLHQWRGHODLQIRUPDFLyQ6LVWHPDWL]DFLyQ
6LVWHPDV 6XFHSWLELOL )UHFXHQFLD %DVH
SURGXFWLYRV $PHQD]D GDG H QDWXUDO
SDUD LQWHQVLGDG ËQGLFHV
JDUDQWL]DUOD GH
VHJXULGDG VHQVLEL
DOLPHQWDULD ([SRVLFLyQ (OHPHQWRV (FRQyPLFR OLGDG
H[SXHVWRV SURGXFWLYD
6RFLDO
(FRVLVWHPDV FXOWXUDOH
LQVWLWXFLRQDO (VWDGtV &HQVR
%DVH WLFDVSRU GH
'HILQLFLyQGHPHGLGDVGHDGDSWDFLyQSDUDUHGXFLUHOULHVJR
9XOQHUD QDWXUDO FRQVHQVR KRJD
ELOLGDG UHV
6DOXG\VXV 6HQVLELOLGDG (FRQyPLFR
GHWHUPLQDQWHV ,PSDFWR SURGXFWLYD
6RFLDO
FXOWXUDOH
5LHVJRDFWXDOGHODSREODFLyQ
LQVWLWXFLRQDO ÍQGLFH
*UDGRGHYXOQHUDELOLGDG
%DVH GH
1LYHOHVGHULHVJR
,1',&$'25(6
QDWXUDO FDSDFL
GDGGH
0DQHMR $FFHVRD (FRQyPLFR DGDSWD
LQWHJUDOGH UHFXUVRV SURGXFWLYD FLyQ
UHFXUVRV 6RFLDO
KtGULFRV &DSDFLGDG FXOWXUDOH
GH LQVWLWXFLRQDO
DGDSWDFLyQ %DVH
QDWXUDO

(FRQyPLFR
(VWDELOLGDG SURGXFWLYD
6RFLDO
FXOWXUDOH
LQVWLWXFLRQDO
%DVH
QDWXUDO

)OH[LELOLGDG (FRQyPLFR
SURGXFWLYD
6RFLDO
FXOWXUDOH
LQVWLWXFLRQDO
%DVH
QDWXUDO
)XHQWH(ODERUDFLyQSURSLD

D (YDOXDFLyQGHODVHQVLELOLGDG9XOQHUDELOLGDGDFWXDOGHOVLVWHPD
VHOHFFLRQDGR\JUXSRYXOQHUDEOHOtPLWHVGHH[SRVLFLyQ\HYDOXDFLyQ
(Q HVWD IDVH VH FRQVROLGy OD OtQHD GH EDVH GH YXOQHUDELOLGDG PXOWLGLPHQVLRQDO TXH LQFOX\H OD
LGHQWLILFDFLyQ GH ORVJUDGRV GHODVDPHQD]DVFOLPiWLFDV DFWXDOHV \RIXWXUDV\VXDIHFWDFLyQDJUXSRV
YXOQHUDEOHDSDUWLUGHODFRPSUHQVLyQGHORVLPSDFWRVGHODYDULDELOLGDGFOLPiWLFDVREUHODVFRQGLFLRQHV
VRFLRHFRQyPLFDV\ELRItVLFDVGHOWHUULWRULR
&RQODSDUWLFLSDFLyQGHFRPXQLGDGHVHLQVWLWXFLRQHVVHVHOHFFLRQyXQDEDWHUtDGHLQGLFDGRUHVTXH
SHUPLWLHURQ LQWHUSUHWDU OD YXOQHUDELOLGDG \ OD FDSDFLGDG GH DGDSWDFLyQ GHO WHUULWRULR $ SDUWLU GH HVWD
EDWHUtD VH HVWUXFWXUDURQ HQFXHVWDV YHUHGDOHV \ GH KRJDU SDUD HO OHYDQWDPLHQWR GH OD LQIRUPDFLyQ
VRFLRHFRQyPLFD /D HQFXHVWD YHUHGDO R HVWDGtVWLFD SRU FRQVHQVR FRQVLVWH HQ XQ SURFHVR SURSLR GH ODV
RUJDQL]DFLRQHVLQGtJHQDVHQHOFXDOODDVDPEOHDFRPXQLWDULDVHFRQVWLWX\HHQODSULQFLSDOLQVWDQFLDGH
WRPD GH LQIRUPDFLyQ \ GH GHFLVLRQHV (VWi FRQIRUPDGD SRU ORV FDELOGDQWHV HV GHFLU SRU WRGRV ORV
SREODGRUHVGHORVUHVJXDUGRVLQGtJHQDV\FDPSHVLQRV
3DUDSURIXQGL]DU\FRPSOHPHQWDUODOtQHDGHEDVHVHHIHFWXyXQDFDUDFWHUL]DFLyQGHORVVLVWHPDV
SURGXFWLYRVHMHUFLFLRTXHVHHQPDUFyHQODWLSLILFDFLyQLQVLWXGHVLVWHPDV\IRUPDVGHSURGXFFLyQVHJ~Q
SLVRV ELRFOLPiWLFRV WHQLHQGRHQFRQVLGHUDFLyQ ORVVLJXLHQWHV iPELWRV SDUFHODUHQJORQHVSURGXFWLYRV\
WHUULWRULR 0HGLDQWH ORV LQGLFDGRUHV REWHQLGRV VH GHWHUPLQy OD VXVWHQWDELOLGDG \ YXOQHUDELOLGDG GH ORV
VLVWHPDV SURGXFWLYRV DVt FRPR VXV IRUWDOH]DV \ GHELOLGDGHV D SDUWLU GH ORV FXDOHV VH LGHQWLILFDURQ
HVWUDWHJLDV SDUD HQIUHQWDU HO FDPELR FOLPiWLFR \ PHMRUDU ODVXVWHQWDELOLGDG GH ORVVLVWHPDV SURGXFWLYRV
FRQYLVLyQWHUULWRULDO,JXDOPHQWHVHGHILQLHURQ³UXWDVGHWUDQVLFLyQ´SDUDODDGDSWDFLyQ
(Q HO SURFHVR GH DQiOLVLV GH WRGD OD LQIRUPDFLyQ UHFRJLGD VH DSOLFy OD WpFQLFD GH ORV JUXSRV
IRFDOHVFRQODPRGDOLGDGGHHQWUHYLVWDJUXSDODELHUWD\VHPLHVWUXFWXUDGD'HHVWDPDQHUDXQJUXSRGH
H[SHUWRV \ VDEHGRUHV VHOHFFLRQDGRV SRU ORV UHVSRQVDEOHV GHO 3URJUDPD \ ODV FRPXQLGDGHV UHDOL]y XQ
WUDEDMR FRQ ORV REMHWLYRV GH FRUURERUDU OD LQIRUPDFLyQ REWHQLGD HQ ODV GRV DFWLYLGDGHV GH UHFROHFFLyQ
DQWHULRU HVWDGtVWLFDV SRU FRQVHQVR \ HQFXHVWDV SRU KRJDU \ FRPSOHPHQWDU HO DQiOLVLV FRQ XQD PLUDGD
PiVHVWUDWpJLFD
E (YDOXDFLyQGHODYXOQHUDELOLGDGIXWXUDHVFHQDULRVSURVSHFWLYRV
/RV HVFHQDULRV SURVSHFWLYRV VH GHILQLHURQ D SDUWLU GH ORV JUDGRV GH YXOQHUDELOLGDG DFWXDO IUHQWH D ORV
HVFHQDULRV IXWXURV GH FDPELR FOLPiWLFR ,JXDOPHQWH VH FRQVLGHUDURQ ODV WHQGHQFLDV UHJLRQDOHV \ ODV
H[SHFWDWLYDV GH IXWXUR GH ORV DFWRUHV ORFDOHV \ UHJLRQDOHV HQ OD GHILQLFLyQ GH OD YLVLyQ \ REMHWLYRV
HVWUDWpJLFRVGHODDGDSWDFLyQ
F 'HILQLFLyQ\DSOLFDFLyQGHPHGLGDVGHDGDSWDFLyQ
(ODQiOLVLVGHYXOQHUDELOLGDGDFWXDO\IXWXUDSHUPLWLyGHWHUPLQDUODLQWHQVLGDG\GLUHFFLyQGHORVSRVLEOHV
FDPLQRV SDUD UHGXFLU OD YXOQHUDELOLGDG IUHQWH D ODV DPHQD]DV DVRFLDGDV D OD YDULDELOLGDG \ FDPELR
FOLPiWLFRHLGHQWLILFDUPHGLGDVDXWyQRPDV\RSODQLILFDGDVGHDGDSWDFLyQ
/DDGDSWDFLyQHVXQDHVWUDWHJLDHQIRFDGDDOGLVHxR\SODQHDFLyQGHDFFLRQHVTXHJHQHUHQLPSDFWR
UHJLRQDOEXVFDQGRXQDPD\RUFDSDFLGDGGHDGDSWDFLyQDOFDPELRFOLPiWLFR6XVSULQFLSLRVRULHQWDGRUHV
VRQ ,QWHJUDOLGDG \ FRPSOHPHQWDULHGDG GH ORV HMHV TXH OD FRQIRUPDQ (ILFLHQFLD HQ HO XVR GH
UHFXUVRV ILQDQFLHURV \ KXPDQRV \ OD FRUUHVSRQVDELOLGDG HQ VX HMHFXFLyQ &REHUWXUD VXEUHJLRQDO H
LQWHJUDFLyQGHORVHMHVGHDFFLyQHQSURFHVRVORFDOHVGHGHVDUUROORFRQSURSyVLWRVDILQHV
/DH[LVWHQFLDGHDOJXQRVHOHPHQWRVFODYHHVIXQGDPHQWDOSDUDFXDOTXLHUDGHODVDFFLRQHVSURSXHVWDV
GH DGDSWDFLyQ &DUDFWHUtVWLFDV LPSUHVFLQGLEOHV GHO SHUILO GH ODV PHGLGDV 9LDEOH HFRQyPLFDPHQWH iJLO
HMHFXFLyQDSURYHFKDPLHQWRGHUHFXUVRVORFDOHVWHFQRORJtDVH[LVWHQWHV%HQHILFLRFROHFWLYRHOEHQHILFLR
GH ODV DFFLRQHV GHEH FXEULU OD PD\RU FDQWLGDG GH IDPLOLDV VHJ~Q HO QLYHO GH YXOQHUDELOLGDG \ HO iUHD

5HVXOWDGRVHQZZZFDPELRFOLPDWLFRPDFL]RRUJ

IRFDOL]DGD6RVWHQLELOLGDGDPELHQWDOVRVWHQLELOLGDGHFRQyPLFDTXHQRSURPXHYDGHSHQGHQFLDVWHQJD

YLVLyQGHPHGLR\ODUJRSOD]R6RVWHQLELOLGDGVRFLRFXOWXUDOTXHSHUPLWDDUWLFXODFLyQGHODVHVWUDWHJLDVGH
GHVDUUROORORFDOFRUUHVSRQVDELOLGDGHQVXHMHFXFLyQFRQWHPSOHFRQRFLPLHQWRV\VDEHUHVSURSLRV\WHQJDHQ
FXHQWDHOHQIRTXHGHJpQHUR
(OFRQFHSWRGHDGDSWDFLyQTXHPDQHMDHO3URJUDPDSRQHpQIDVLVHQPHMRUDUODFDSDFLGDGGHORV
JRELHUQRV\ FRPXQLGDGHV SDUD HQIUHQWDU OD YXOQHUDELOLGDG H[LVWHQWHIUHQWHDODYDULDELOLGDGFOLPiWLFD\
ORVH[WUHPRVFOLPiWLFRVSDUDGHWHUPLQDUODYXOQHUDELOLGDGHLGHQWLILFDURSRUWXQLGDGHVGHDFFLyQ
([LVWHQ GLYHUVDV DSUR[LPDFLRQHV DO GHVDUUROOR GH LQGLFDGRUHV H tQGLFHV GH DGDSWDFLyQ (O
3URJUDPD VH SURSXVR DSOLFDU HO ËQGLFH GH 8WLOLGDG GH 3UiFWLFDV GH $GDSWDFLyQ GHVDUUROODGR SRU OD
8QLYHUVLGDGGH&KLOH\OD8QLYHUVLGDG1DFLRQDOGH,QJHQLHUtDGH1LFDUDJXD(VWRVIXHURQGLVFXWLGRV\
FRQVHQVXDGRVFRPRFULWHULRVGHHYDOXDFLyQSDUDODSULRUL]DFLyQ\VHOHFFLyQGHRSFLRQHVGHDGDSWDFLyQ

&8$'529
352<(&72&$0%,2&/,0È7,&2(1(/0$&,=2&2/20%,$12&5,7(5,26'((9$/8$&,Ï1
3$5$35,25,=$5<6(/(&&,21$523&,21(6'($'$37$&,Ï1

&ULWHULRGHHYDOXDFLyQ 'HILQLFLyQ 2WUDVFRQVLGHUDFLRQHV
&RQWULEXFLyQDOORJUR *UDGRGHVROXFLyQGHOSUREOHPD (QIRTXHHQFDOLGDGGHYLGD2'0
GHORVREMHWLYRVGH LGHQWLILFDGRRDSURYHFKDPLHQWRGHODV
%DVDGRHQGLDJQyVWLFRSDUWLFLSDWLYR
DGDSWDFLyQ SRWHQFLDOLGDGHVORFDOHV
GHYXOQHUDELOLGDG
*UDGRHQTXHUHGXFHYXOQHUDELOLGDG
UHGXFHVHQVLELOLGDGRDXPHQWDFDSDFLGDG
GHDGDSWDFLyQ
1LYHOHQHOTXHFRQVHUYDUHVWDXUDR
FRQWULEX\HDDOFDQ]DUQLYHOHVDGHFXDGRV
GHUHVLOLHQFLD
&RVWREHQHILFLRGHOD 9DORUHFRQyPLFRGHWRGRHOSURFHVRHQ 7HQHUHQFXHQWDDSRUWHVORFDOHVHQ
SUiFWLFDGHDGDSWDFLyQ IXQFLyQGHODSREODFLyQREMHWLYR UHFXUVRVKXPDQRVXRWURVUHFXUVRV
9LDELOLGDGHFRQyPLFD
&RQWLQXLGDGGHOD 6RVWHQLELOLGDGGHORVUHVXOWDGRVREWHQLGRV &RQWLQXLGDGVLQHODSR\RGHO
SUiFWLFDGHDGDSWDFLyQ 3URJUDPD
HQHOWLHPSR
7HQHUHQFXHQWDDUUHJORV
LQWHULQVWLWXFLRQDOHVFUHDFLyQGH
UHGHV
$WHQFLyQDORV *UDGRGHHQIRTXHKDFLDORVSULQFLSDOHV 'DUUHVSXHVWDDORVQLYHOHVGH
SUREOHPDVTXH SXQWRVFUtWLFRVGHILQLGRVHQHODQiOLVLVGH YXOQHUDELOLGDGGHODQiOLVLV
JHQHUDQPD\RU YXOQHUDELOLGDG
YXOQHUDELOLGDGHQHO
WHUULWRULR
(IHFWRPXOWLSOLFDGRUD 3RVLELOLGDGGHTXHODFRPXQLGDGGH 3HULRGRGHWLHPSRWUDVOD
QLYHOORFDO PDQHUDDXWyQRPDSXHGDUHSOLFDUODV LPSOHPHQWDFLyQHQHOTXHODSUiFWLFD
DFFLRQHVGHDGDSWDFLyQSDUDORFXDO VHVLJXHGHVDUUROODQGR
GHEHQH[LVWLUOHFFLRQHVDSUHQGLGDVJXtDV
\PHWRGRORJtDV
,PSDFWRHQHOiUHDGHO *UDGRHQTXHODPHGLGDHVUHSOLFDEOHR &DSDFLGDGHVH[LVWHQWHVTXH
3URJUDPD DEDUFDHOiUHDGHO3URJUDPD SHUPLWDQp[LWRGHODDSOLFDFLyQ
PHGLGD
)RUWDOHFLPLHQWRGHODSODQHDFLyQ
$SUHQGL]DMHVRFLDO
,QWHJUDFLyQGH 4XHDWLHQGDQFRVWRVLQFUHPHQWDOHV &RUUHVSRQVDELOLGDG
HVIXHU]RV JHVWLRQHQ\FRILQDQFLHQLQLFLDWLYDV
FRPXQLWDULRVH
LQVWLWXFLRQDOHV
)XHQWH(ODERUDFLyQSURSLD

(QIXQFLyQGHODGLYHUVLGDGGHHVWUDWHJLDV\SUiFWLFDVH[LVWHQWHVGHDGDSWDFLyQDODYDULDELOLGDG\
FDPELR FOLPiWLFR VH UHTXLHUHQ LQVWUXPHQWRV TXH SHUPLWDQ FRPSDUDUODV SDUD SULRUL]DU ODV PiV
FRQYHQLHQWHV\IDFWLEOHV(O&XDGUR9SUHVHQWDORVFULWHULRVGHHYDOXDFLyQTXHVHSXHGHQXWLOL]DUSDUD
OD SULRUL]DFLyQ \ VHOHFFLyQ GH RSFLRQHV GH DGDSWDFLyQ (VWRV FULWHULRV UHFLEHQ YDORUHV \ VLUYHQ SDUD
RUGHQDUODVRSFLRQHVVHJ~QVXIDFWLELOLGDG
5HVXOWDGRVGHO3URJUDPD
$GHPiV GH OD PHWRGRORJtD GH (YDOXDFLyQ GH 9XOQHUDELOLGDG HQ EDVH D LQGLFDGRUHV HO 3URJUDPD KD
GHVDUUROODGRDFFLRQHVUHODWLYDVDODVVLJXLHQWHViUHDVWHPiWLFDV
)RUPXODFLyQ GH SROtWLFDV 'HVDUUROOR GH OLQHDPLHQWRV \ HQIRTXHV SDUD VHU LQFRUSRUDGRV HQ
SROtWLFDVHVWUDWHJLDVHLQVWUXPHQWRVGHSODQHDFLyQQDFLRQDOSDUDIDFLOLWDUHOORJURGHORV2'0
LQFRUSRUDQGRODVHVSHFLILFLGDGHVGHJpQHUR\DVSHFWRVpWQLFRFXOWXUDOHV
)RUWDOHFLPLHQWR GH ODV LQVWLWXFLRQHV \ RUJDQL]DFLRQHV VRFLDOHV FRPSURPHWLGDV HQ OD
IRUPXODFLyQ FRRUGLQDFLyQ H LPSOHPHQWDFLyQ GH HVWUDWHJLDV \ SROtWLFDV UHODFLRQDGDV FRQ HO
PDQHMR LQWHJUDO GH HFRVLVWHPDV UHFXUVR KtGULFR \ DGDSWDFLyQ DO FDPELR FOLPiWLFR HQ OD
HFRUHJLyQGHO0DFL]R&RORPELDQR
)RUWDOHFLPLHQWR GH ODFDSDFLGDGWpFQLFD\ RUJDQL]DWLYDGHORVDFWRUHVORFDOHVTXHOHVSHUPLWD
GHVDUUROODU DFFLRQHV GH DGDSWDFLyQ DO FDPELR FOLPiWLFR \ FRQVWLWXLUVH HQ UHIHUHQWHV SDUD ODV
SROtWLFDVQDFLRQDOHV\UHJLRQDOHVUHODWLYDVDOWHPD
$FRQWLQXDFLyQVHSUHVHQWDQORVSULQFLSDOHVUHVXOWDGRVGHO3URJUDPD
'HVDUUROORGHGLiORJRVQDFLRQDOHVVREUHSREUH]D\&&
&RQIRUPDFLyQGHXQSDQHOGHH[SHUWRVVREUH&&\SREUH]D
'HVDUUROORGHMRUQDGDVGHGLiORJR
'HVDUUROOR GHO 3ULPHU &RQJUHVR 1DFLRQDO GHO &OLPD ,QWHUFDPELR GH H[SHULHQFLDV
SDUWLFLSDWLYDVGHDGDSWDFLyQ
,QWHUFXOWXUDOLGDGSHUFHSFLRQHV\UHVSXHVWDVDQWHHOFDPELRFOLPiWLFR
(VWXGLRVEiVLFRVGHDSR\RDODIRUPXODFLyQGHSROtWLFDV
,QGLFDGRUHVWHQGHQFLDV\HVFHQDULRVKLGUROyJLFRVSDUDHO&&
$SRUWHVGHDGDSWDFLyQDO&&HQODSROtWLFDKtGULFD
ËQGLFHGHYXOQHUDELOLGDGFOLPiWLFDDVRFLDGDDIHQyPHQRVH[WUHPRV
(VWXGLRVGHHQIHUPHGDGHVDVRFLDGDVDO&&
$SRUWHVDORV2'0
/tQHDGHEDVHSDUDHO'HSDUWDPHQWRGH&DXFD
'HEDWHVREUHORV2'0\HQIRTXHGLIHUHQFLDOKDFLDSXHEORVLQGtJHQDV
'LiORJRLQWHUFXOWXUDOVREUHJHVWLyQLQWHJUDOGHOUHFXUVRKtGULFR
6HQVLELOL]DFLyQ\IRUWDOHFLPLHQWRGHLQVWLWXFLRQDOLGDGORFDO
$SURSLDFLyQGHOSURFHVR\FRPSURPLVRSRUSDUWHGHDFWRUHVFRPXQLWDULRVHLQVWLWXFLRQDOHV
YLQFXODGRVDQLYHOORFDO
'HVDUUROOR GH FRQFHSWRV PHWRGRORJtDV \ HVWUDWHJLDV SDUWLFLSDWLYDV LQQRYDGRUDV \
UHSOLFDEOHVGHDGDSWDFLyQDOFDPELRFOLPiWLFR

,QWHUORFXFLyQSROtWLFDGHDFWRUHVORFDOHVFRQVRFLRVHVWUDWpJLFRV
)RUWDOHFLPLHQWRGHODJREHUQDELOLGDGLQGtJHQD
2WURVUHVXOWDGRV
8QD DFFLyQ LQWHUDJHQFLDO PiV FRRUGLQDGD \ FRPSOHPHQWDULD FRQ LPSDFWR GLUHFWR HQ ODV
FRPXQLGDGHVPiVYXOQHUDEOHV
$SURSLDFLyQSRUSDUWHGHOJRELHUQR,'($0GHOSURFHVR\FRPSURPLVRSDUDJHVWLRQDUOD
VRVWHQLELOLGDGGHODVDFFLRQHVHQHOiUHDSLORWR
5HFRQRFLPLHQWRFRPRH[SHULHQFLDVLJQLILFDWLYDGHDGDSWDFLyQDOFDPELRFOLPiWLFRDQLYHO
QDFLRQDO\GHODFRPXQLGDGGHFRRSHUDQWHV
& (VWUDWHJLDVGHUHGXFFLyQGHOULHVJR\VXYtQFXORFRQOD
DGDSWDFLyQDOFDPELRFOLPiWLFRORVFDVRVGH%ROLYLD\3HU~
/DJHVWLyQGHULHVJRKDIRUPDGRSDUWHGHODHYROXFLyQGHODVRFLHGDG/RVJUXSRVKXPDQRVVLHPSUHVH
KDQHVWDGRDGDSWDQGRDORVFDPELRVHQHOPHGLRDPELHQWHRVXPHGLRQDWXUDODWUDYpVGHODKLVWRULD
(VWD DGDSWDFLyQ KD VLGR UHDOL]DGD D WUDYpV GHO UHVFDWH GH H[SHULHQFLDV SDVDGDV DGHFXDQGR PpWR GRV
SUREDGRVUHYDORUDQGRORVUHFXUVRVFRQORVTXHFXHQWDQ\VREUHWRGRLPDJLQDQGR\FUHDQGRQXHYDV
IRUPDVGHDGDSWDUVH
(ODQiOLVLVGHORVULHVJRVGHEHVHUUHDOL]DGRWRPDQGRHQFXHQWDHOQLYHOORFDOGHELGRDTXHHVWHHV
HOSXQWRLQLFLDOEiVLFR'HVGHHVWHHVSDFLRVHGHEHEXVFDUODSHUVSHFWLYDLQWHJUDO\GHULYDUDFFLRQHVKDFLD
iPELWRVPD\RUHV'HVGHHOiPELWRORFDOGHEHQSDUWLUODVSROtWLFDVSDUDLQWHJUDU\DUPRQL]DUORVGLIHUHQWHV
QLYHOHVGHGHFLVLyQSXHVODJHVWLyQVHLPSXOVDPHMRUGHVGHGRQGHVHVLHQWHHOSUREOHPD
/RV SULQFLSDOHV ULHVJRV HQ OD ]RQD DOWRDQGLQD VRQ FDXVDGRV SRU HYHQWRV FOLPiWLFRV TXH VH KDQ
LQWHQVLILFDGRHQORV~OWLPRVDxRVFRPRKHODGDVVHTXtDV\JUDQL]DGDVDFDXVDGHOFDPELRFOLPiWLFR(Q
HVWHFRQWH[WRWDQWRHQ%ROLYLDFRPRHQ3HU~VHHVWiQGHVDUUROODQGRDFFLRQHVRULHQWDGDVDODUHGXFFLyQ
GHO ULHVJR SULQFLSDOPHQWH SURGXFLGR SRU HVWRV HYHQWRV 6H WUDWD GH EXHQDV SUiFWLFDV GLULJLGDV D OD
SUHYHQFLyQUHKDELOLWDFLyQGHPHGLRVGHYLGD\IRUWDOHFLPLHQWRRUJDQL]DFLRQDO
(QHOFDVRGH3HU~IXHGRFXPHQWDGDODSUiFWLFDGHPDQHMRGHVHPLOODGHSDSDHQXQD]RQDGHOVXU
GHO SDtV HQ ODV FRPXQLGDGHV GH &X\XQL \ -XOOLFXQFD WHUULWRULR VREUH ORV PVQP 8QR GH ORV
SULQFLSDOHVSUREOHPDVHUDODEDMDSURGXFFLyQGHVHPLOODVGHSDSDSULQFLSDOFXOWLYRGHOD]RQD(OXVRGH
VHPLOOD YLHMD QR UHQRYDGD QR SHUPLWtD JHQHUDU XQD EXHQD SURGXFFLyQ \ H[FHGHQWHV GH PRGR TXH HO
SREODGRUSXGLHUDWHQHUVHPLOODGHFDOLGDGSDUDUHFXSHUDUVHVLXQHYHQWRH[WUHPRDIHFWDEDVXFRVHFKD(O
3URJUDPD 1DFLRQDO GH 0DQHMR GH &XHQFDV \ &RQVHUYDFLyQ GH 6XHORV 3521$0$&+&6 DKRUD
$JUR5XUDO LQLFLy ORV WUDEDMRV HQ HVWD ]RQD D WUDYpV GH FRPLWpV FRQVHUYDFLRQLVWDV TXH VRQ
RUJDQL]DFLRQHV GH SURGXFWRUHV D QLYHO GH ODV FRPXQLGDGHV $ WUDYpV GH HVWRV FRPLWpV VH LPSXOVy HO
WUDEDMR GH SURGXFFLyQ VHOHFFLyQ \ DOPDFHQDPLHQWR GH VHPLOOD $VLPLVPR VH LPSXOVyXQ VLVWHPD SDUD
TXH ORV SURGXFWRUHV SXGLHUDQ FDSLWDOL]DUVH PHGLDQWH IRQGRV URWDWRULRV FRQ UHJODV LQWHUQDV SURSLDV GH
FDGDRUJDQL]DFLyQ
*UDFLDVDHVWDVDFFLRQHVVHKDORJUDGRLQFUHPHQWDUODSURGXFFLyQGHD70KDHQYDULHGDGHV
PHMRUDGDV\GHD70KDHQYDULHGDGHVQDWLYDV$VLPLVPRVHYLHQHQUHFXSHUDQGRDSUR[LPDGDPHQWH
YDULHGDGHV GH SDSDV QDWLYDV ODV FXDOHV UHTXLHUHQ VHU LPSXOVDGDV D WUDYpV GHFDGHQDVSURGXFWLYDV

5HVXPHQGHODSUHVHQWDFLyQHODERUDGDSRU(LQVWHLQ7HMDGD9pOH]&RRUGLQDGRUGHOD8QLGDGGH(PHUJHQFLDVGH)$2HQ%ROLYLD\
*ULVHOOH9HJD,VXKXD\ODVFRQVXOWRUDHQ*HVWLyQGH5LHVJRGH)$2HQ3HU~

(VWRVHWUDGXFHHQXQLQFUHPHQWRGHOYDORUGHODSURGXFFLyQGHHQSDSDPHMRUDGD\XQLQFUHPHQWR
GHOYDORUGHODSURGXFFLyQGHHQSDSDQDWLYD
(Q ODV FRPXQLGDGHV GH -XOOLFXQFD &DUKXD\R \ &X\XQL XELFDGDV HQ OD 5HJLyQ &XVFR ORV
GHVOL]DPLHQWRVSURYRFDGRV SRU HYHQWRVLQWHQVRV FRPR JUDQL]DGDV\OOXYLDVLQFUHPHQWDQODHURVLyQGH
ORVVXHORVDIHFWDQGRODVFRPXQLGDGHV\VXVPHGLRVGHYLGD/DWRSRJUDItDHVDFFLGHQWDGDFRQSHQGLHQWHV
HQWUH \ \ GH DJULFXOWXUD GH ODGHUD $VLPLVPR SRU ODV FRQGLFLRQHV GH SHQGLHQWH \ VXHOR VH
GLILFXOWDODLQILOWUDFLyQGHODJXDORFXDOUHGXFHORVFDXGDOHVGHORVDIORUDPLHQWRVHQODSDUWHLQWHUPHGLD\
EDMD GH ODV PLFURFXHQFDV /DV SUiFWLFDV GH FRQVHUYDFLyQ GH VXHORV FRPR ODV ]DQMDV GH LQILOWUDFLyQ \
WHUUD]DV GH IRUPDFLyQ OHQWD IDYRUHFHQ OD UHFXSHUDFLyQ GH VXHORV \ OD LQILOWUDFLyQ GH DJXD (O
3521$0$&+&6DWUDYpVGHORVFRPLWpVFRQVHUYDFLRQLVWDVGHHVWDVFRPXQLGDGHVLPSXOVyHVWHWLSRGH
WUDEDMRVGHFRQVHUYDFLyQ
&RPRUHVXOWDGRHQODFRPXQLGDGGH-XOOLFXQFDKD\KDHQSURFHVRGHUHFXSHUDFLyQGHVXHORV
ORTXHHYLWDXQDSpUGLGDFDOFXODGDHQ86'DQXDOHV$VLPLVPRHQODFRPXQLGDGGH&X\XQLFRQ
KDHQSURFHVRGHUHFXSHUDFLyQVHHYLWDXQDSpUGLGDFDOFXODGDHQ86'DQXDOHV)LQDOPHQWH
HQODFRPXQLGDGGH&DUKXD\RKD\KDHQSURFHVRGHUHFXSHUDFLyQGHVXHORVFRQORTXHVHHYLWDXQD
SHUGLGDHVWLPDGDHQ86'DQXDOHV
/DV ]DQMDV GH LQILOWUDFLyQ DFXPXODQ DSUR[LPDGDPHQWH P GH DJXDKD HQ SURPHGLR (Q OD
FRPXQLGDG GH &X\XQL FRQ ]DQMDV GH LQILOWUDFLyQ KD\ XQ SRWHQFLDO GH FDSWDFLyQ GH KDVWD
PDxR\HQODFRPXQLGDGGH-XOOLFXQFDXQSRWHQFLDOGHFDSWDFLyQGHDPDxR&RQHVWDV
SUiFWLFDVVHHVWiQUHFXSHUDQGRLPSRUWDQWHViUHDVGHWHUUHQRVVREUHSDVWRUHDGRV\SODQWDFLRQHVIRUHVWDOHV
(QOD6LHUUDQRUWHGHO3HU~XQRGHORVSULQFLSDOHVSUREOHPDVHVODIDOWDGHDJXD\ODVFRQWLQXDV
VHTXtDV(QOD]RQDGH&RQGHEDPEDHQ&DMDPDUFDODDJULFXOWXUDSUDFWLFDGDHVODSHTXHxDDJULFXOWXUDGH
ODGHUDHQ]RQDVFRQIXHUWHVSHQGLHQWHV/DVROXFLyQDGRSWDGDIXHODFRQVWUXFFLyQGHUHVHUYRULRVGHWLHUUD
FRQ UHYHVWLPLHQWRV GH DUFLOOD (VWRV UHVHUYRULRV VRQ GH IiFLO FRQVWUXFFLyQ VHQFLOORV \ DGDSWDGRV DO
WHUULWRULR GH ORV $QGHV \ D ODV FRQGLFLRQHV VRFLDOHV \ HFRQyPLFDV GH OD ]RQD /D HVWUXFWXUD YD
DFRPSDxDGDGHXQ GHVDUHQDGRU XQ FDQDO GHFRQGXFFLyQKDFLDHOUHVHUYRULR\HQODVDOLGDXQFDQDOGH
GLVWULEXFLyQ\XQVLVWHPDGHULHJRSRUDVSHUVLyQFRQORFXDOVHLQFUHPHQWDODHILFLHQFLDGHULHJR&RPR
UHVXOWDGR ODV IDPLOLDV KDQ GLYHUVLILFDGR VX SURGXFFLyQ H LQFUHPHQWDGR VXV LQJUHVRV $QWHULRUPHQWH
WHQtDQ TXH HVSHUDUXQWXUQRGHULHJRFDGDGtDV ORTXHQROHVSHUPLWtDWHQHUXQDEXHQDSURGXFFLyQ
$FWXDOPHQWHULHJDQFXDQGRORGHVHDQ/DPXQLFLSDOLGDGGH&RQGHEDPEDHVWiLPSXOVDQGR\DSR\DQGROD
FRQVWUXFFLyQGHHVWRVUHVHUYRULRVIDPLOLDUHV
(Q %ROLYLD HQ ]RQDV D PiV GHPVQPPXFKDVIDPLOLDVQRSXHGHQSUDFWLFDUODDJULFXOWXUD
SRUVHULQKyVSLWDVIUtDVVHFDV\iULGDV/DVIDPLOLDVVHGHGLFDQHQFDPELRDODFUtDGHOODPDVSHURQR
WLHQHQ RSFLRQHV SDUD FXOWLYDU IRUUDMHV LQWURGXFLGRV GHELGR D ODV FRQGLFLRQHV FOLPiWLFDV 3RU HQGH OD
VHJXULGDG DOLPHQWDULD IDPLOLDU HV PX\ YXOQHUDEOH )UHQWH D HVWD VLWXDFLyQ VH KDQ LPSOHPHQWDGR FRQ
PXFKRp[LWRORV³ZDOLSLQHV´FRPRXQDDOWHUQDWLYDSUiFWLFDSDUDSURGXFLUIRUUDMH(VWRVVRQLQYHUQDGHURV
VXEWHUUiQHRVDWHPSHUDGRV\KXPHGHFLGRVSRUHOFDORUGHOVXEVXHORORTXHSHUPLWHHOFXOWLYRGHIRUUDMHV
HQHVWDV]RQDVLQKyVSLWDV
2WUD EXHQD SUiFWLFD LPSOHPHQWDGD KD VLGR OD FRQVWUXFFLyQ GH DOEHUJXHV GH PDWHUQLGDG TXH
VLUYHQSDUDSURWHJHUODVOODPDVGHODLQFOHPHQFLDGHODVKHODGDV\JUDQL]DGDV(VWRVDOEHUJXHVHYLWDQ
WDPELpQ HO DWDTXH VH ]RUURV \ RWURV GHSUHGDGRUHV *UDFLDV D HVWD SUiFWLFD VH KD ORJUDGR UHGXFLU OD
PRUWDOLGDGQHRQDWDOGHOODPDVGHDHQPLOKHPEUDVORTXHKDVLGRHYDOXDGRHQ
PLOORQHVGH86'
/DV FDSDFLGDGHV KDQ VLGR IRUWDOHFLGDV FRQ HO GHVDUUROOR GH DOWHUQDWLYDV SURGXFWLYDV EDVDGDV HQ
WHFQRORJtDV DSURSLDGDV FRPR ORV PyGXORV FRPXQDOHV GH GHVKLGUDWDFLyQ VRODU GH FDUQH LQRFXD GH
FDPpOLGRV(VWRVPyGXORVFRQVWLWX\HQXQDUHVHUYDSURWHLFDSDUDODIDPLOLD\WDPELpQXQDRSRUWXQLGDGGH
JHQHUDFLyQGHUHFXUVRV/DVOODPDGDVFKDUTXHUtDVSURGXFHQNJGHFDUQHGHVKLGUDWDGDSRUGtDORTXH
VHWUDGXFHHQXQDJDQDQFLDGH86'GtDSRUPyGXOR

2WURSUREOHPDLPSRUWDQWHTXHHQIUHQWDQODVFRPXQLGDGHVVHUHILHUHDODVGLILFXOWDGHVHQHODFFHVR
DDERQRVIROLDUHVSDUDODDFWLYLGDGDJUtFROD\HOPHMRUDPLHQWRGHORVVHPEUtRVDQWHHOSUREOHPDGHODV
KHODGDV8QDDOWHUQDWLYDKDVLGRODLPSOHPHQWDFLyQGHELRGLJHVWRUHVPHGLDQWHORVFXDOHVVHSURGXFHELRO
\ ELRVRO FRPR IHUWLOL]DQWH SDUD HO FXOWLYR GH SDSD 'H HVWD PDQHUD VH KD ORJUDGR XQD UHGXFFLyQ GH
SpUGLGDV GH ODV FRVHFKDV GH KDVWD XQ /D XWLOL]DFLyQ GH HVWD WHFQRORJtD DSURSLDGD FRQVWLWX\H XQD
UHVSXHVWDDODQHFHVLGDGGHFRQWDUFRQDERQRVPHMRUDGRV
/DV DFWLYLGDGHV GH SRVFRVHFKD FRPR HO EXHQ DOPDFHQDPLHQWR HYLWDQ SpUGLGDV HQ OD SURGXFFLyQ
GHELGRDODWDTXHGHSODJDVURHGRUHVHLQVHFWRV(VSRUHOORTXHVHSODQWHyODFRQVWUXFFLyQGHVLORVPHWiOLFRV
GHGLIHUHQWHVFDSDFLGDGHVYDOLGDGRVSRUOD)$2\FRQVWUXLGRVSRUORVEHQHILFLDULRVFRQHODVHVRUDPLHQWRGH
HVSHFLDOLVWDV&RQHVWDEXHQDSUiFWLFDVHKDSRGLGRHYLWDUKDVWDHOGHSpUGLGDGHODSURGXFFLyQ
(QWUHODVOHFFLRQHVDSUHQGLGDVGHVWDFDQ
6H GHEHQ SURPRYHU H[SHULHQFLDV D QLYHO ORFDO XWLOL]DQGR WHFQRORJtDV VHQFLOODV GH IiFLO
DSOLFDFLyQ
/DVH[SHULHQFLDVGHVDUUROODGDVDQLYHOGHSDUFHODVLUYHQSDUDLPSXOVDUDOWHUQDWLYDVHQHVSDFLRV
WHUULWRULDOHVPiVDPSOLRVFRPRPLFURFXHQFDV\FXHQFDV
(VLPSRUWDQWHSURPRYHUODSDUWLFLSDFLyQGHODVRUJDQL]DFLRQHVHLQVWLWXFLRQHVHQODHYDOXDFLyQ
GHH[SHULHQFLDVSDUDH[WUDHUOHFFLRQHVDSUHQGLGDV\IDYRUHFHUODUHWURDOLPHQWDFLyQ
(VFODYHHOFRPSURPLVR\SDUWLFLSDFLyQGHORVJRELHUQRVORFDOHV\UHJLRQDOHVHQHOGHVDUUROOR
GHDFWLYLGDGHVSDUDODJHVWLyQGHOULHVJR\DGDSWDFLyQDOFDPELRFOLPiWLFR
3RU~OWLPRXQDVSHFWRGHFLVLYRHVHOGHVDUUROORGHFDSDFLGDGHVSURSLDV\HOIRUWDOHFLPLHQWRGH
ODVRUJDQL]DFLRQHV

9,2SRUWXQLGDGHVSDUDOD
PLWLJDFLyQGHOFDPELRFOLPiWLFR
HQDJULFXOWXUD
(O FDPELR FOLPiWLFR FRQVWLWX\H XQ JUDQ UHWR SDUD ORV VLVWHPDV GH
SURGXFFLyQGHDOLPHQWRV0XFKDVUHJLRQHV\DHQIUHQWDQXQVHULRGHWHULRUR
GHORVVLVWHPDVGHSURGXFFLyQ\DFWXDOPHQWHDOUHGHGRUGHPLOPLOORQHVGH
SHUVRQDV SDGHFHQ KDPEUH FUyQLFD )$2 D 6HJ~Q SUHGLFFLRQHV OD
SREODFLyQ PXQGLDO DXPHQWDUi GH FDVL VLHWH PLO PLOORQHV DFWXDOPHQWH D
FHUFDGHQXHYHPLOPLOORQHVHQDXPHQWRTXHVHREVHUYDUiHQPD\RU
SDUWHHQORVSDtVHVHQGHVDUUROOR3RUORWDQWRSDUDVDWLVIDFHUODGHPDQGD
\ QHFHVLGDGHV GH HVWD SREODFLyQ HQ DXPHQWR KDEUi XQD SUHVLyQ HQRUPH
VREUHORVVHFWRUHVDJUtFRODIRUHVWDO\SHVTXHURSDUDVXPLQLVWUDUDOLPHQWRV
SLHQVR \ HQHUJtD $O PLVPR WLHPSR HVWRV VHFWRUHV QHFHVLWDUiQ HQIUHQWDU
ORVUHWRVGHOFDPELRFOLPiWLFR
7RGDVODVUHJLRQHVGHOPXQGRVXIULUiQGHORVLPSDFWRVGHOFDPELR
FOLPiWLFR (Q $PpULFD /DWLQD \ HO &DULEH ODV ]RQDV FRVWHUDV VHUiQ ODV
PiV DIHFWDGDV (Q PXFKRV SDtVHV HVWDV ]RQDV WLHQHQ XQD GHQVLGDG
SREODFLRQDO DOWD \ HQ HOODV VH GHVDUUROODQ LPSRUWDQWHV DFWLYLGDGHV
HFRQyPLFDVDJUtFRODV\SHVTXHUDV$GHPiV$PpULFD/DWLQD\HO&DULEH
HV XQD UHJLyQ FRQ XQD DOWD YXOQHUDELOLGDG DO FDPELR FOLPiWLFR \ OD
RFXUUHQFLDGHHYHQWRVFOLPiWLFRVH[WUHPRV(QHIHFWRODVLQXQGDFLRQHV
VHTXtDV\GHVOL]DPLHQWRVGHWLHUUDKDQDXPHQWDGRSRUXQIDFWRUGHHQ
ORVDxRVUHFLHQWHV,33&D(OLPSDFWRJHQHUDGRSRUHVWRVHYHQWRV
VREUHODDJULFXOWXUDHVFRQVLGHUDEOH

5HVXPHQGHODVSUHVHQWDFLRQHVGH&KULVWLQD6HHEHUJ\-DQ9DQ:DPEHNHFRQDSRUWHVGH-RUJH0H]DGH)$2

(O,QVWLWXWR,QWHUQDFLRQDOGH,QYHVWLJDFLyQGH3ROtWLFDV$OLPHQWLFLDV,)35,HVWLPDTXHHOFDPELR

FOLPiWLFR SRGUtD UHGXFLU ORV UHQGLPLHQWRV GH WULJR \ DUUR] LUULJDGR HQ XQ \ SRU FLHQWR
UHVSHFWLYDPHQWH1HOVRQHWDO3RUORWDQWRODSURGXFFLyQDJUtFRODQHFHVLWDDXPHQWDUFUHFHUSDUD
JDUDQWL]DUODVHJXULGDGDOLPHQWDULDJOREDO\DOPLVPRWLHPSRWLHQHTXHSURFXUDUHOPDQHMRVRVWHQLEOHGH
ORVUHFXUVRVQDWXUDOHVSDUDUHVSRQGHUDORVUHWRVGHOFDPELRFOLPiWLFRDWUDYpVGHPHGLGDVGHDGDSWDFLyQ
\PLWLJDFLyQ
$ /DHPLVLyQGHJDVHVGHHIHFWRLQYHUQDGHUR\HOSRWHQFLDOGH
PLWLJDFLyQGHODDJULFXOWXUD\ODDFWLYLGDGIRUHVWDO
/D DJULFXOWXUD HV PXFKDV YHFHV FRQVLGHUDGD FRPR SDUWH GHO SUREOHPDGHO FDPELR FOLPiWLFR\DTXHHO
GHODVHPLVLRQHVJOREDOHVDQWURSRJpQLFDVGHJDVHVGHHIHFWRLQYHUQDGHUR*(,SURYLHQHQGHHVWH
VHFWRU$QLYHOJOREDOVHSUR\HFWDTXHODVHPLVLRQHVGHOVHFWRUDJUtFROD\IRUHVWDOLUiQDXPHQWDQGR(VWH
LQFUHPHQWR \D VH FRPSUXHED HQ ODV PHGLFLRQHV REVHUYDGDV SDUD /DWLQRDPpULFD UHVSHFWR GH OD EDVH GH
PHGLFLyQGHODxR,3&&E
(O8VRGHOD7LHUUDHO&DPELRGHO8VRGHOD7LHUUD\HO$SURYHFKDPLHQWR)RUHVWDO/8/8&)SRU
VXV VLJODV HQ LQJOpV UHSUHVHQWDQ XQ GH ODV HPLVLRQHV JOREDOHV (Q PXFKRV SDtVHV HQ GHVDUUROOR
HVWDVHPLVLRQHVHVWiQDVRFLDGDVDODVDFWLYLGDGHVDJUtFRODV\VREUHSDVDQODVHPLVLRQHVGHWRGDVODVGHPiV
IXHQWHVGHOVHFWRUDJUtFROD(VLPSRUWDQWHHYDOXDUODVWHQGHQFLDVHQHOFDPELRHQHOXVRGHODWLHUUD\GH
ODGHIRUHVWDFLyQFRQVLGHUDQGRTXHODDJULFXOWXUDHVXQIDFWRULPSRUWDQWHSDUDODFRQYHUVLyQGHOXVRGHOD
WLHUUD'HHVWDPDQHUDVXPDQGRWRGRVORVVHFWRUHVTXHWLHQHQFRPREDVHHOXVRGHOUHFXUVRWLHUUDpVWRV
SXHGHQFRQVLGHUDUVHFRPRUHVSRQVDEOHVGHXQGHODVHPLVLRQHVDQWURSRJpQLFDVGH*(,WRWDOHV
'HODVHPLVLRQHVGH*(,JOREDOHVVRODPHQWHXQVHRULJLQDHQ$PpULFD/DWLQD\HO&DULEH
SHUR OD UHJLyQ HV UHVSRQVDEOH GHO GHO &2 TXH SXHGH DWULEXLUVH DO FDPELR HQ HO XVR GH OD WLHUUD
%DQFR0XQGLDO /DV HPLVLRQHVSRUHODSURYHFKDPLHQWRIRUHVWDO\GHODDJULFXOWXUDUHSUHVHQWDQ
XQD SDUWH LPSRUWDQWH GHO WRWDO GH ODV HPLVLRQHV JOREDOHV GH *(, HQ $PpULFD /DWLQD \ HO &DULEH
DSRUWDQGRHO\GHOODVHPLVLRQHVWRWDOHVGHODUHJLyQUHVSHFWLYDPHQWHFRPSDUDGRDO\GH
ODVHPLVLRQHVDQLYHOPXQGLDO)LJXUD9,
(Q $PpULFD /DWLQD OD FRQWULEXFLyQ GHO FDPELR HQ HO XVR GH OD WLHUUD HQ ODV HPLVLRQHV JOREDOHV
YDUtDFRQVLGHUDEOHPHQWHHQWUHSDtVHV(QDOJXQRVODVHPLVLRQHVGHELGDVDOXVRGHODWLHUUDFRQWULEX\HQ
HQSRUORPHQRVXQDODVHPLVLRQHVGH*(,(VHOFDVRGH%ROLYLD%UDVLO(FXDGRU*XDWHPDOD\
3HU~ (Q FDPELR $UJHQWLQD &KLOH \ 0p[LFR DSRUWDQ PHQRV GHO GH ODV HPLVLRQHV WRWDOHV %DQFR
0XQGLDO
6LQHPEDUJRODDJULFXOWXUD\ODDFWLYLGDGIRUHVWDOWDPELpQRIUHFHQXQSRWHQFLDOSDUDODPLWLJDFLyQ
GHOFDPELRFOLPiWLFR(OSRWHQFLDOGHPLWLJDFLyQJOREDOGHODDJULFXOWXUD\HODSURYHFKDPLHQWRIRUHVWDO
KD VLGR HVWLPDGR HQWUH *W&2HDxR \ *W&2HDxR OR TXH HTXLYDOH DO \
UHVSHFWLYDPHQWH GH ODV HPLVLRQHV GHO VHFWRU $OUHGHGRU GH GHO SRWHQFLDO GH PLWLJDFLyQ SXHGH
UHDOL]DUVHHQSDtVHVHQGHVDUUROOR,33&EORTXHKDFHTXHODVSUiFWLFDVDJUtFRODVGHODSHTXHxD
DJULFXOWXUD HQ HVWRV SDtVHV VHDQ PX\ UHOHYDQWHV /RV PLOORQHV GH ILQFDV GH OD DJULFXOWXUD IDPLOLDU
PHQRUHVGHGRVKHFWiUHDV1DJD\HWVDWUDYpVGHVXVDFWLYLGDGHVGHSURGXFFLyQDJUtFRODHQYDULDV
]RQDV DJURHFROyJLFDV VRQ XQ IDFWRU LPSRUWDQWH D FRQVLGHUDU SDUD DSR\DU HO SRWHQFLDO GH OD DJULFXOWXUD
SDUDTXHpVWDVHDSDUWHGHODUHVSXHVWDDOFDPELRFOLPiWLFR

),*85$9,
&20326,&,Ï1'(/$6(0,6,21(6*(,3256(&725

)XHQWH%DQFR0XQGLDO

'H DFXHUGR DO 3DQHO ,QWHUJXEHUQDPHQWDO GHO &DPELR &OLPiWLFR ,3&& H[LVWHQ WUHV FDWHJRUtDV
SULQFLSDOHVGHPLWLJDFLyQGH*(,GHQWURGHORVVHFWRUHVEDVDGRVHQODWLHUUD
/DV HPLVLRQHV SXHGHQ UHGXFLUVH D WUDYpV OD DGRSFLyQ GH SUiFWLFDV GH PDQHMR PHMRUDGDV \ HO
PDQHMRPiVHILFLHQWHGHORVIOXMRVGHFDUERQR\QLWUyJHQR3RUHMHPSORODHPLVLyQGHPHWDQR
&+SURYHQLHQWHGHODDFWLYLGDGSHFXDULDSXHGHUHGXFLUVHDWUDYpVGHOXVRPiVHILFLHQWHGH
ORV SLHQVRV 3RU RWUR ODGR UHGXFLHQGR HO FDPELR HQ HO XVR GH OD WLHUUD \ ODV DFWLYLGDGHV GH
GHJUDGDFLyQ IRUHVWDO SURPRYLGDV SRU OD H[SDQVLyQ GH OD DJULFXOWXUD VH SXHGHQ UHGXFLU ODV
HPLVLRQHVGH&2
/DVHPLVLRQHVGH*(,SXHGHQHYLWDUVHRVHUUHPRYLGDVPHGLDQWHODPHMRUDGHODHILFLHQFLDHQ
HOXVRGHODHQHUJtDHQHOVHFWRUDJUtFROD
/RV *(, SXHGHQ UHPRYHUVH D WUDYpV GH VXPLGHURV SRU HMHPSOR H[LVWH XQD YDULHGDG GH
SUiFWLFDVGHPDQHMRDJUtFRODSDUDPHMRUDUHOVHFXHVWURGHOFDUERQRGHOVXHOR\GHODELRPDVD
WDOHV FRPR SUiFWLFDV PHMRUDGDV GH PDQHMR GH ODV WLHUUDV SDUD HO FXOWLYR \ HO SDVWRUHR OD
UHKDELOLWDFLyQGHWLHUUDVGHJUDGDGDVDVtFRPRDWUDYpVGHODDJURIRUHVWHUtD
(Q DJULFXOWXUD H[LVWH XQD VHULH GH RSFLRQHV GH PDQHMR TXH UHGXFHQ UHQXHYDQ \ HYLWDQ ODV
HPLVLRQHV/DVFXDWURFDWHJRUtDVPiVLPSRUWDQWHVGHPLWLJDFLyQGHDFXHUGRFRQHO,3&&EVRQ
0DQHMRPHMRUDGRGHOFXOWLYR
3UiFWLFDVDJURQyPLFDVPHMRUDGDV
0DQHMRLQWHJUDGRGHORVQXWULHQWHV
0DQHMRGHVXHOR\UHVLGXRV
0DQHMRGHODJXD
(VSHFLHVSHUHQQHV\DJURIRUHVWHUtD

0DQHMRGHSUDGHUDV\SDVWRUHRPHMRUDGR
0DQHMRPHMRUDGRGHODVSUDGHUDV
0DQHMRPHMRUDGRGHOSDVWRUHR
0DQHMRGHORVVXHORVRUJiQLFRV
5HKDELOLWDFLyQGHVXHORVGHJUDGDGRV

&HUFDGHGHOSRWHQFLDOGHPLWLJDFLyQSXHGHFRQVHJXLUVHSRUHOVHFXHVWURGHFDUERQRDWUDYpV
GH OD DSOLFDFLyQ GH SUiFWLFDV GH PDQHMR GH ORV FXOWLYRV \ GHO SDVWRUHR OD UHKDELOLWDFLyQ GH VXHORV
RUJiQLFRV\GHJUDGDGRV\HOPDQHMRGHODELRHQHUJtD\HODJXD/DPLWLJDFLyQGHO&+SXHGHFRQWULEXLU
FRQXQDGLFLRQDODWUDYpVGHOPHMRUDPLHQWRGHOPDQHMRGHOFXOWLYRGHDUUR]\XQPHMRUPDQHMRHQHO
VHFWRU SHFXDULR HVSHFLDOPHQWH GHO HVWLpUFRO (O UHVWDQWH VH FRQVLJXH SRU OD PLWLJDFLyQ GH ODV
HPLVLRQHVGH12GHORVVXHORVSULQFLSDOPHQWHDWUDYpVGHOPHMRUPDQHMRGHOFXOWLYR,3&&E
),*85$9,
(/327(1&,$/'(0,7,*$&,Ï1'(',)(5(17(635È&7,&$6$*5Ë&2/$6

0W&2HT\U

GR

XD
]
UD
RO
V
R
V
UUR

QD
YR
RV
LD
GD
UF
HU
DJ
HO
HU
D
LH
OWL
DG
WL
JD
VX
GD
H

GH
FX
VW
VW
OD
W LY
H
G
UD
UH
H
H
R
H
R
QW
XO
HJ
GH
R
G
HM
G
HM
QH
F
RI

yQ
G
DQ
UD
R
DQ
RV
JU
SR
DV
HM
HU
P
P
VW
D
LF
RP
DQ
WL
UU
H
iQ
R
W LH
GH

P
XV
F
UJ
H
R
D
R
R
G
HM
Jt
EL
RV
yQ
DQ

U
DP
QH
HO
FL
P
VX
RH
UD
F
H
DX
VR

EL
G
VW
DQ
yQ
UH

VF
FL
GH
UD
DX

Q
H
VW
UUD
UH
&2 &+ 12

W LH

)XHQWH,3&&E
% 6LQHUJLDV\FRPSHQVDFLRQHVHQWUHODVHJXULGDGDOLPHQWDULD\
ODVPHWDVGHPLWLJDFLyQGHOFDPELRFOLPiWLFR
&RQVLGHUDQGRODVGLIHUHQWHVSUiFWLFDVDJUtFRODVHQDSR\RDOFXPSOLPHQWRGHODVPHWDVGHODPLWLJDFLyQ
GHOFDPELRFOLPiWLFRVHGHEHQWRPDUHQFXHQWDODVFRPSHQVDFLRQHV\ODVVLQHUJLDVTXHH[LVWHQHQWUHOD
VHJXULGDG DOLPHQWDULD \ HO SRWHQFLDO GHVHFXHVWUR GHFDUERQR (OSRWHQFLDO GH VLQHUJLDV HV DOWR \D TXH
PXFKDVSUiFWLFDVGHPLWLJDFLyQGHOFDPELRFOLPiWLFRVRQVLQyQLPRVGHOPDQHMRVRVWHQLEOHGHODWLHUUD\

ODDGDSWDFLyQDOFDPELRFOLPiWLFR6LQHPEDUJRODVFRPSHQVDFLRQHVSXHGHQRFXUULUFXDQGRVHFDPELDQ
ODV SUiFWLFDV DPEDV HQ HO FRUWR \ ODUJR SOD]R 3RU HMHPSOR FXDQGR WLHUUDV GH FXOWLYR \ SDVWRUHR VRQ
UHKDELOLWDGDV OD PLWLJDFLyQ \ ORV EHQHILFLRV SDUD OD VHJXULGDG DOLPHQWDULD VRQ DOWRV SHUR HQ HO FRUWR
SOD]R SXHGH KDEHU SpUGLGDV HQ OD SURGXFFLyQ GH DOLPHQWRV (O PDQHMR RUJiQLFR GH ORV VXHORV JHQHUD
EHQHILFLRV GH UHGXFFLyQ GH FDUERQR PX\ DOWRV SHUR D FRVWD GH XQD SURGXFFLyQ GH DOLPHQWRV EDMD \
SRWHQFLDOPHQWHQHJDWLYD)$2E
(VWDVVLQHUJLDV\FRPSHQVDFLRQHVYDUtDQHQWUHUHJLRQHV\GHQWURGHORVSDtVHV(VLPSRUWDQWHWHQHU
SUHVHQWH TXH ORV LPSDFWRV GH GLIHUHQWHV SUiFWLFDV YDUtDQ GH DFXHUGR D ODV ]RQDV DJURFOLPiWLFDV HO XVR
KLVWyULFRGHODWLHUUD\ORVVLVWHPDVGHSURGXFFLyQDFWXDOHV'HHVWDIRUPDVHGHEHGHWHUPLQDUFDVRSRU
FDVRFXiOHVRSFLRQHVGHPDQHMRVRQDGHFXDGDVSDUDXQDUHJLyQGDGD(MHPSORVGHVLQHUJLDVSRWHQFLDOHV
\FRPSHQVDFLRQHVHQWUHODPLWLJDFLyQ\ODVHJXULGDGDOLPHQWDULDVRQSUHVHQWDGRVHQHO&XDGUR9,

&8$'529,
(-(03/26'(6,1(5*,$6<&203(16$&,21(6327(1&,$/(6

3RWHQFLDOGH6HJXULGDG$OLPHQWDULD$OWR 3RWHQFLDOGH6HJXULGDG$OLPHQWDULD$OWR
3RWHQFLDOGH6HFXHVWURGH&DUERQR%DMR 3RWHQFLDOGH6HFXHVWURGH&DUERQR$OWR
([SDQGLUFXOWLYRVHQWLHUUDVPDUJLQDOHV 5HVWDXUDUWLHUUDVGHJUDGDGDV
([SDQGLUHOULHJRGHDOWDLQWHQVLGDGGHXVR ([SDQGLUHOULHJRGHEDMDLQWHQVLGDGGHXVRGH
GHHQHUJtD HQHUJtD
([SDQGLUORVVLVWHPDVPHFDQL]DGRVGHDOWD &DPELDUDXQEDUEHFKRPHMRUDGR
LQWHQVLGDGGHXVRGHHQHUJtD 3URPRYHURSFLRQHVGHDJURIRUHVWHUtDTXH
3RWHQFLDOGHVHJXULGDGDOLPHQWDULD
DXPHQWDQODSURGXFFLyQGHDOLPHQWRVRORV
LQJUHVRV
3URPRYHUODDJULFXOWXUDGHFRQVHUYDFLyQ
OLPLWDGDVFRPSHQVDFLRQHVFRQODJDQDGHUtD
0HMRUDUHOPDQHMRGHORVQXWULHQWHVGHOVXHOR

3RWHQFLDOGH6HJXULGDG$OLPHQWDULD%DMR 3RWHQFLDOGH6HJXULGDG$OLPHQWDULD%DMR
3RWHQFLDOGH6HFXHVWURGH&DUERQR%DMR 3RWHQFLDOGH6HFXHVWURGH&DUERQR$OWR
%DUEHFKRGHVSURWHJLGR 5HIRUHVWDFLyQ$IRUHVWDFLyQ
&XOWLYRFRQWLQXRVLQHOXVRGHIHUWLOL]DQWHV 5HVWDXUDUPDQWHQHUVXHORVRUJiQLFRV
RUJiQLFRVRVLQWpWLFRV ([SDQGLUODSURGXFFLyQGHELRFRPEXVWLEOHV
/DEUDQ]DGHSHQGLHQWH 2SFLRQHVGHDJURIRUHVWHUtDTXHJHQHUDQ
6REUHSDVWRUHR EHQHILFLRVOLPLWDGRVGHSURGXFFLyQGH
DOLPHQWRVRLQJUHVRV
$JULFXOWXUDGH&RQVHUYDFLyQ\PDQHMRGHORV
UHVLGXRVPi[LPDVFRPSHQVDFLRQHVFRQOD
JDQDGHUtD
3RWHQFLDOGH6HFXHVWURGH&DUERQR
)XHQWH)$2E
& 5(''\ORVHQODFHVHQWUHDJULFXOWXUD\GHIRUHVWDFLyQ
(O PHFDQLVPR GH 5HGXFFLyQ GH ODV (PLVLRQHV SRU 'HIRUHVWDFLyQ \ 'HJUDGDFLyQ GH ORV %RVTXHV
5(''TXHLQFOX\HODGHIRUHVWDFLyQHYLWDGDDWUDYpVGHODFRQVHUYDFLyQ\HOPDQHMRVRVWHQLEOHGHORV
ERVTXHV\ODUHFXSHUDFLyQGHERVTXHVGHJUDGDGRVIXHLQFOXLGRHQORV$FXHUGRVGH&DQF~QGHOD&23
GHGLFLHPEUHGH(VWRFRQVWLWX\HHOSULPHUSDVRSDUDTXHIRUPHSDUWHGHOWUDWDGRSRVWGHOD
&RQYHQFLyQ 0DUFR GH ODV 1DFLRQHV 8QLGDV VREUH &DPELR &OLPiWLFR 81)&&& 5('' UHSUHVHQWD
XQDRSRUWXQLGDG~QLFDSDUDGDUXQYDORUPRQHWDULRDOFDUERQRDOPDFHQDGRHQORVERVTXHVHQHOPHUFDGR
LQWHUQDFLRQDOUHVSDOGDGRSRUXQDFXHUGRJOREDOYLQFXODQWH

'HDFXHUGRDOD(YDOXDFLyQGHORV5HFXUVRV)RUHVWDOHV)5$VHHVWLPDTXHHQORVFXDWUR

PLO PLOORQHV GH KHFWiUHDV GH ERVTXHV GHO SODQHWD GH ODVXSHUILFLHWHUUHVWUHH[LVWHQ DOUHGHGRU GH
*WGHFDUERQRSDUWHDpUHD(VWRFRUUHVSRQGHDXQDPHGLDJHQHUDOGHWFDUERQRSRUKHFWiUHD
$GHPiVHO)5$HVWLPyTXHODGHIRUHVWDFLyQHQ$PpULFD/DWLQD\HO&DULEHHVDSUR[LPDGDPHQWH
GHFXDWURPLOORQHVGHKHFWiUHDVDODxRORTXHHTXLYDOHDXQDSpUGLGDDQXDOGH0WGHFDUERQR6LD
HVWHYDORUDSOLFDPRVXQIDFWRUGHFRQYHUVLyQGHWHQGUHPRVTXHHQ$PpULFD/DWLQD\HO&DULEHVH
SLHUGHQDQXDOPHQWHDOUHGHGRUGH0WGHGLy[LGRGHFDUERQRHTXLYDOHQWH6LDHVWHYDORUVHDSOLFD
XQSUHFLRPRGHVWRGH86'ODWRQHODGDVHWLHQHTXHODGHIRUHVWDFLyQHYLWDGDSRGUtDJHQHUDULQJUHVRV
SDUDODUHJLyQGHDOUHGHGRUGHPLOPLOORQHVGH86'DODxR
/RVUHFXUVRVTXHORVSURSLHWDULRVGHORVERVTXHVSXHGDQREWHQHUJUDFLDVDODVHPLVLRQHVHYLWDGDV
GHFDUERQRODFRQVHUYDFLyQIRUHVWDO\HOPDQHMRIRUHVWDOVXVWHQWDEOHSXHGHQVHUXWLOL]DGRVGLUHFWDPHQWH
SDUD PHMRUDU VX FDOLGDG GH YLGD R FRPR UHFXUVRV GH LQYHUVLyQ SDUD PHMRUDU OD SURGXFFLyQ \
SURGXFWLYLGDG GH ODV ]RQDV \D GHGLFDGDV DODDJULFXOWXUD\ DOD DFWLYLGDG SHFXDULD VLQ OD QHFHVLGDG GH
DPSOLDUODIURQWHUDDJUtFROD(VWRHQHOPHGLDQRSOD]RUHGXQGDUiHQXQLQFUHPHQWRGHORVLQJUHVRV
/DV DJULFXOWXUD \ OD GHIRUHVWDFLyQ HVWiQ tQWLPDPHQWH UHODFLRQDGDV \D TXH ODV GHFLVLRQHV GH
SROtWLFDV DJUtFRODV WLHQHQ XQ LPSDFWR PiV DOOi TXH OD SURSLD DJULFXOWXUD HQ VX FRQMXQWR 3DUD GLVHxDU
HVWUDWHJLDVQDFLRQDOHV5(''SROtWLFDVOH\HV\SODQHVGHDFFLyQHVQHFHVDULRFRQVLGHUDUORVREMHWLYRV
GH OD DJULFXOWXUD \ GHO GHVDUUROOR UXUDO \ DSOLFDU XQ HQIRTXH LQWHJUDO GH SDLVDMH PDQHMR GH FXHQFDV
KLGURJUiILFDVPDQHMRHFRVLVWpPLFR\PDQHMRGHORVUHFXUVRVQDWXUDOHVHQVXFRQMXQWR(VWHHQIRTXHGHEH
WRPDUHQFRQVLGHUDFLyQWRGRVORVXVRVGHODWLHUUDGHXQDPDQHUDKROtVWLFD\DVHJXUDUTXHORVREMHWLYRVGH
GHVDUUROOR GHQWUR GH RWURV VHFWRUHV GLIHUHQWHV DO IRUHVWDO QR FRPSLWHQ HQWUH Vt \ SXHGHQ JDUDQWL]DU
VLQHUJLDVHQWUHODPLWLJDFLyQGHOFDPELRFOLPiWLFRODVHJXULGDGDOLPHQWDULD\ODUHGXFFLyQGHODSREUH]D
HQ ODV iUHDV UXUDOHV 1HJUD :ROOHQEHUJ 6L ODV SROtWLFDV SDUDHOFRQWUROGHODGHIRUHVWDFLyQ\
GHJUDGDFLyQ GH ORV ERVTXHV VRQ HODERUDGDV VRODPHQWH D QLYHO GHO VHFWRU IRUHVWDO LJQRUDQGR ORV RWURV
VHFWRUHV\IDFWRUHVTXHFRQGXFHQDODH[SDQVLyQGHODIURQWHUDDJUtFROD\DODUHGXFFLyQGHORVUHFXUVRV
QDWXUDOHVODVSROtWLFDVGH5(''QRVHUiQH[LWRVDV
' 0HFDQLVPRVGHDSR\RILQDQFLHURSDUDXQDDJULFXOWXUD
LQWHOLJHQWHDGDSWDGDDOFDPELRFOLPiWLFR
3DUDORJUDUXQDWUDQVIRUPDFLyQVRVWHQLEOHKDFLDXQDDJULFXOWXUDLQWHOLJHQWHDGDSWDGDDOFDPELRFOLPiWLFR
DOJXQRVPHFDQLVPRVHLQFHQWLYRVVHUiQQHFHVDULRVDVtFRPRWDPELpQLQYHUVLRQHV1HJUD\:ROOHQEHUJ
UHFLHQWHPHQWHDQDOL]DURQODVOHFFLRQHVDSUHQGLGDVGH5(''\FRQFOX\HURQTXHHVLQGLVSHQVDEOH
XQUDQJRPiVDPSOLRGHPHGLGDVILQDQFLHUDVHLQFHQWLYRVTXHHODFWXDO
6HUHTXLHUHFRPRDVSHFWRFODYHHODSR\RGHGRQDQWHVHQODVIDVHVLQLFLDOHVSDUDGHPRVWUDUOD
IDFWLELOLGDG GHO PHFDQLVPR 5('' KD VLGR DSR\DGR IXHUWHPHQWH SRU HO *RELHUQR GH
1RUXHJD VLHQGR GLFKR DSR\R YLWDO SDUD DYDQ]DU HQ ODV SROtWLFDV \ HQ OD GHILQLFLyQ H
LPSOHPHQWDFLyQGHDFFLRQHV5(''HQORVSDtVHVHQGHVDUUROOR
/RVGRQDQWHVHLQYHUVLRQLVWDVQHFHVLWDQFRRUGLQDUVXVHVWUDWHJLDVILQDQFLHUDV
(OILQDQFLDPLHQWRGHEHUtDVHUIRFDOL]DGRHLQWHJUDGRFRQODLQYHUVLyQSDUDHOGHVDUUROORVRVWHQLEOH
6HQHFHVLWDXQDHYDOXDFLyQ\XQGLVHxRFXLGDGRVRGHORVPHFDQLVPRVGHGLVWULEXFLyQGLULJLGR
DORVSURSLHWDULRVGHORVERVTXHVDJULFXOWRUHVORFDOHV\ODVFRPXQLGDGHV
([LVWHQYDULRVPHFDQLVPRVGHILQDQFLDPLHQWRPHUFDGRVGHFDUERQRDVtFRPRIRQGRV\RSFLRQHV
GH ILQDQFLDPLHQWR WUDGLFLRQDO SDUD LQYHUVLRQHV VLVWHPDV GH FUpGLWR DSR\R SDUD OD LQYHVWLJDFLyQ \ OD
H[WHQVLyQ(OILQDQFLDPLHQWRHVHVHQFLDOSDUDSURPRYHUODVSUiFWLFDVPHMRUDGDV
/DVRSFLRQHVGHILQDQFLDPLHQWRGHOFDUERQRLPSOLFDQHOFRPHUFLRGHORVFUpGLWRVGHFDUERQRHQ
ORV PHUFDGRV UHJXODGRV \ YROXQWDULRV 3DUD SUR\HFWRV GH $JULFXOWXUD )RUHVWDOHV \ 2WURV 8VRV GH OD

7LHUUD $)2/8 ORV PHUFDGRV YROXQWDULRV VRQ PiV LQWHUHVDQWHV \D TXH ODV RSFLRQHV GHQWUR GHO
PHUFDGR UHJXODGR FRPR SRU HMHPSOR HO 0HFDQLVPR GH 'HVDUUROOR /LPSLR &'0 HQ VXV VLJODV HQ
LQJOpV KDQ H[FOXLGR ODV DFWLYLGDGHV DJUtFRODV \ VRODPHQWH SHUPLWHQ OD DIRUHVWDFLyQ \ OD UHIRUHVWDFLyQ
6RODPHQWHGHORVSUR\HFWRV&'0UHJLVWUDGRVWLHQHQDOJXQDYLQFXODFLyQFRQHOVHFWRUIRUHVWDO
(Q $PpULFD /DWLQD \ HO &DULEH ORV IRQGRV TXH KDQ VLGR PRYLOL]DGRV SRU HO &'0 KDQ VLGR
PDUJLQDOHV FRPSDUDGRV FRQ ORV UHTXLVLWRV SDUD OD PLWLJDFLyQ GH OD UHJLyQ &(3$/ /D
LPSRUWDQFLDGHOPHFDQLVPRGLVPLQX\yHQODUHJLyQHQFRPSDUDFLyQFRQHOYROXPHQGHODVUHGXFFLRQHV
WUDPLWDGDV HQ $VLD /RV SUR\HFWRV GH DIRUHVWDFLyQ \ OD UHIRUHVWDFLyQ UHSUHVHQWDQ DSHQDV HO GHO
YROXPHQGHODVUHGXFFLRQHVGHODVHPLVLRQHV&(3$/
8QDEDVHGHGDWRVGHSUR\HFWRVGHPLWLJDFLyQ$)2/8KDVLGRHVWDEOHFLGDSRU)$2ETXH
DQDOL]yORVSDGURQHVGHGHVDUUROORGHORVSUR\HFWRV$)2/82QFHHVWiQGDUHVGHFUpGLWR\EDVHVGHGDWRV
KDQ VLGR FRQVLGHUDGRV \ SUR\HFWRV KDQ VLGR FRQVWUXLGRV )LJXUD 9, 3DUD ODV DFWLYLGDGHV GH
PLWLJDFLyQIRUHVWDOYDULRVHVWiQGDUHVKDQVLGRFUHDGRV\pVWRVUHSUHVHQWDQDOUHGHGRUGHXQDFXDUWDSDUWH
GH ORV SUR\HFWRV PLHQWUDV TXH XQ GH ORV SUR\HFWRV VRQ LPSOHPHQWDGRV IXHUD GH XQ HVTXHPD GH
FUpGLWR ,JXDOPHQWH ORV SUR\HFWRV GH FDUERQR GHO VXHOR VRQ GHVDUUROODGRV IXHUD GH ORV PHFDQLVPRV
HVWDQGDUL]DGRVDVtFRPRHQHOHVTXHPDGHO&KLFDJR&OLPDWHH;FKDQJH&&;HQVXVVLJODVHQ
LQJOpVHQORV((88

),*85$9,
352<(&726$)2/8&/$6,),&$'263257,32<(648(0$'(&5e',72

&$5 &DUERQIL[ &&%$ &&;
&'0 3ODQ9LYR 5('' 7,67 9&6 1$

(VWLpUFRO
)RUHVWDO 6XHOR

)XHQWH)$2E

$PpULFD/DWLQDWLHQHODPiVDOWDSURSRUFLyQGHORVSUR\HFWRV$)2/8GHQWURGHHVDEDVH
GH GDWRV )LJXUD 9, $OUHGHGRU GH XQ HVWi UHODFLRQDGR FRQ HO PDQHMR GHO HVWLpUFRO
DSUR[LPDGDPHQWH XQ VRQ SUR\HFWRV UHODFLRQDGRV FRQ HO VHFWRU IRUHVWDO \ QR KD\ SUR\HFWRV GH
FDUERQRDJUtFRODHQ$PpULFD/DWLQD

),*85$9,
352<(&726$)2/8&/$6,),&$'263255(*,Ï1<7,32

$IULFD $VLD 3DFLILFR
(XURSD $VLD&HQWUDO /DWLQRDPpULFD 1RUWHDPpULFD

'HVFRQRFLGR
6HFXHVWUR&2SUDGHUDV 6HFXHVWUR&2VXHORV
&HUGR
$YHV *DQDGR
5(''
5HIRUHVWDFLyQ $IRUHVWDFLyQ

)XHQWH)$2E

(QHOPHUFDGRYROXQWDULRDOUHGHGRUGHGHORVFUpGLWRVJHQHUDGRVVRQDWUDYpVGHSUR\HFWRV
$)2/8(FRV\VWHP0DUNHWSODFHGHORVFXDOHVODPD\RUtDVRQSUR\HFWRVIRUHVWDOHV
'HOYROXPHQWRWDOGHODVWUDQVDFFLRQHVHQHOPHUFDGRYROXQWDULRVHVLW~DQHQ$PpULFD/DWLQD
\ GH pVWDV HO GH ODV HPLVLRQHV UHGXFLGDV YHULILFDGDV 9HULILHG (PLVVLRQV 5HGXFWLRQV 9(5 VRQ
JHQHUDGDVDWUDYpVGHSUR\HFWRVIRUHVWDOHV
+D\PX\SRFRVSUR\HFWRVSLORWRGHUHGXFFLyQGHHPLVLRQHVFRQSHTXHxRVDJULFXOWRUHVGLULJLGRV
DO VHFXHVWUR GHO FDUERQR HQ HO VXHOR SDUD PRYLOL]DU XQ FDSLWDO GH LQYHUVLyQ LPSRUWDQWH 1HJUD \
:ROOHQEHUJ/RVSULPHURVUHVXOWDGRVJHQHUDGRVSRUXQSUR\HFWRGHILQDQFLDPLHQWRGHVHFXHVWUR
GH FDUERQR GHO VXHOR HQ .HQ\D 2FFLGHQWDO GHPRVWUDURQ TXH OD SUR\HFFLyQ GH ORV LQJUHVRV SUHYLVWRV D
SDUWLUGHORVFUpGLWRVGHFDUERQRVHUiUHODWLYDPHQWHEDMDHQFRPSDUDFLyQDOLQFUHPHQWRGHORVLQJUHVRV
JHQHUDGRV SRU HO DXPHQWR GHO UHQGLPLHQWR GHO FXOWLYR (VWR PXHVWUD TXH HV LPSRUWDQWH QR VRODPHQWH
DSXQWDUDORVEHQHILFLRVGHODPLWLJDFLyQHQORVSUR\HFWRVGHFDUERQRDJUtFRODVLQRWDPELpQFRQVLGHUDU
ORVEHQHILFLRVDGLFLRQDOHVGHODDGDSWDFLyQDOFDPELRFOLPiWLFRSDUDHOLQFUHPHQWRGHODUHVLOLHQFLDGHO
VLVWHPDGHSURGXFFLyQDJUtFROD\PHMRUDVHQORVVHUYLFLRVGHDSR\RHQODSURGXFWLYLGDG
&RPRODVRSFLRQHVGHILQDQFLDPLHQWRGHFDUERQRSDUDSHTXHxRVDJULFXOWRUHVWRGDYtDVRQEDVWDQWH
OLPLWDGDV\FRQVLGHUDQGRTXHDFWXDOPHQWHODVSULPHUDVPHWRGRORJtDVHVWiQHQSURFHVRGHYDOLGDFLyQOD
DWHQFLyQ SRGUtD RULHQWDUVH DO DSR\R GHO VHFWRU S~EOLFR \ D ORV HQIRTXHV GH ODV FDGHQDV GH SURGXFFLyQ
FRUSRUDWLYDVSDUDODPLWLJDFLyQHQDJULFXOWXUD1HJUD :ROOHQEHUJ

&8$'529,
/$(&2120Ë$'(0,7,*$&,Ï1(1$*5,&8/785$(1È)5,&$68%6$+$5,$1$

3DTXHWH 3DTXHWH 3DTXHWH 3DTXHWH
6LQLQVXPRV &RQLQVXPRV &RQLQVXPRV $JURIRUHVWHUtD
H[WHUQRV H[WHUQRVPHGLRV H[WHUQRVDOWRV
6HPLOODV 6HPLOODV\
VRODPHQWH IHUWLOL]DQWHV
6HFXHVWURGH&
W&2KDDxR
5HVSXHVWDGHOFXOWLYR
NJKDDxR
3DJR$QXDOGH&DUERQR
86
0HMRUDVDQXDOHVGH
LQJUHVRVGHFRVHFKD
,QJUHVRVDGLFLRQDOHV
DQXDOHV86
,QJUHVRVQHWRV86
)XHQWH7HQQLJNHLWHWDO
( (VWUDWHJLDGH)$2SDUDODPLWLJDFLyQ
/D)$2KDSURPRYLGRXQHQIRTXHLQWHJUDGRGHOSDLVDMHFRPRHVWUDWHJLDGHPLWLJDFLyQFRQVLGHUDQGROD
UHODFLyQHQWUHODSURGXFFLyQDJUtFROD\ODDFWLYLGDGIRUHVWDO(QHVHVHQWLGRDGHPiVGHOSURJUDPD81
5(''VHPHQFLRQDHOSUR\HFWR0,&&$
(O3URJUDPD815(''WLHQHGRVREMHWLYRVSULQFLSDOHV$VLVWLUDORVSDtVHVHQGHVDUUROORHQOD
SUHSDUDFLyQ\ODLPSOHPHQWDFLyQGHODVHVWUDWHJLDV\PHFDQLVPRVQDFLRQDOHVGH5(''\$SR\DUHO
GHVDUUROOR GH VROXFLRQHV QRUPDWLYDV \HQIRTXHVHVWDQGDUGL]DGRVEDVDGRVHQHYLGHQFLDVFLHQWtILFDVSDUD
XQ LQVWUXPHQWR 5(''VyOLGRHQOD]DGRFRQHO81)&&&(O3URJUDPDD\XGDDHPSRGHUDUDORVSDtVHV
SDUDHOPDQHMRGHVXVSURFHVRV5(''\OHVIDFLOLWDHODFFHVRDDVLVWHQFLDILQDQFLHUD\WpFQLFD0DUFRGHO
3URJUDPD815(''
(OREMHWLYR GHOSUR\HFWR)$2GH0LWLJDFLyQGHO&DPELR&OLPiWLFRHQ$JULFXOWXUD0,&&$HQ
VXV VLJODV HQ LQJOpV HV HO GH IDFLOLWDU OD LQWHUQDOL]DFLyQ VRVWHQLEOH GH ODV SUiFWLFDV GH PLWLJDFLyQ GH OD
DJULFXOWXUD HQ ORV VLVWHPDV GH SURGXFFLyQ HQ YDULDV ]RQDV DJURFOLPiWLFDV HQ SDtVHV HQ GHVDUUROOR
RULHQWDGDVSDXODWLQDPHQWHKDFLDXQDDJULFXOWXUDFOLPiWLFDPHQWHLQWHOLJHQWHDGDSWDGD\DOPLVPRWLHPSR
DODXPHQWRGHODUHVLOLHQFLDGHORVVLVWHPDVGHSURGXFFLyQDOFDPELRFOLPiWLFR\HOPHMRUDPLHQWRGHOD
SURGXFWLYLGDGGHODDJULFXOWXUD(OLPSDFWRDQWLFLSDGRDODUJRSOD]RHVODPLWLJDFLyQGHOFDOHQWDPLHQWR
JOREDODWUDYpVGHODXWLOL]DFLyQGHOSRWHQFLDOGHPLWLJDFLyQGHOVHFWRUDJUtFRODSDUDSDtVHVHQGHVDUUROOR
(O SUR\HFWR VH SURSRQH D\XGDU \ IRUWDOHFHU D ORV SDtVHV HQ OD VHOHFFLyQ GH ODV RSFLRQHV SROtWLFDV
WHFQROyJLFDV\GHILQDQFLDPLHQWRUHODFLRQDGDVFRQODPLWLJDFLyQGHOFDPELRFOLPiWLFRHQDJULFXOWXUD(O
SUR\HFWR EXVFD IDYRUHFHU XQD WUDQVIRUPDFLyQ HQHO FRQWH[WR GHOPDQHMR VRVWHQLEOHGHODWLHUUDDJXD\
UHFXUVRVJHQpWLFRVSDUDGDUXQDUHVSXHVWDPiVDFHUWDGDDORVGHVDItRVPHGLRDPELHQWDOHVTXHDIHFWDQOD
DOLPHQWDFLyQODDJULFXOWXUD\ORVPHGLRVGHYLGD
/DDJULFXOWXUDWLHQHXQDUHVSRQVDELOLGDGVLJQLILFDWLYDHQODWDVDGHGHIRUHVWDFLyQHQPXFKDVSDUWHV
GHO PXQGR \ OD LQWHQVLILFDFLyQ GH OD SURGXFFLyQ HQ iUHDV DJUtFRODV \D H[LVWHQWHV SRGUtD VHU QHFHVDULD
FRPR SDUWHGHXQ FRQMXQWR GHPHGLGDVGHPLWLJDFLyQ3RUORWDQWRVHUHTXLHUHXQHQIRTXHLQWHJUDOGH
SDLVDMH SDUD PDQHMDU HO 3URJUDPD 5('' DSRUWDUDXQDDJULFXOWXUDFOLPiWLFDPHQWHLQWHOLJHQWH\ORJUDU
ILQDOPHQWHHOREMHWLYRGHUHGXFLUODVHPLVLRQHV

9,,&RQFOXVLRQHV
$ 8QWHPDFRPSOHMRFRQFDUHQFLDVGH
LQIRUPDFLyQHLQFHUWLGXPEUH
/D SUREOHPiWLFD GHO FDPELR FOLPiWLFR HV VLQ GXGD FRPSOHMD 7LHQH
FDUDFWHUtVWLFDV GHO SUREOHPD GHO GLOHPD GHO SULVLRQHUR SRU OR WDQWR VX
VROXFLyQHPSLH]DSRUUHFRQRFHUHOSUREOHPD\ODQHFHVLGDGGHFRODERUDU
DOJR TXH UHTXLHUH OD JHQHUDFLyQ GH FRQILDQ]D 7DPELpQ WLHQH
FDUDFWHUtVWLFDVGHOIHQyPHQRGHODWUDJHGLDGHORVFRPXQHVSRUORTXHVH
UHTXLHUHQDUUHJORVLQVWLWXFLRQDOHVTXHIXQFLRQHQ\GHUHFKRVGHSURSLHGDG
ELHQ GHILQLGRV OR TXH GHPDQGD LQVWLWXFLRQHV VyOLGDV < ILQDOPHQWH OD
SUREOHPiWLFD GHO FDPELR FOLPiWLFR HQIUHQWD HO SUREOHPD GHO IUHHULGLQJ
SRUORTXHSDUDHQIUHQWDUODVHUHTXLHUHGHFRPSURPLVRGHODVSDUWHVSDUD
DVXPLUREOLJDFLRQHV\FXPSOLUODV
(VDVFRPSOHMLGDGHVH[SOLFDQPXFKDVGHODVGLILFXOWDGHVTXHVHKDQ
HQIUHQWDGR HQ ORV ~OWLPRV DxRV SDUD DOFDQ]DU XQ DFXHUGR FOLPiWLFR TXH
VXVWLWX\D HO 3URWRFROR GH .\RWR (Q HO FDVR GH OD DJULFXOWXUD D HVDV
FRPSOHMLGDGHVVHVXPDQRWUDVSXHVORVLPSDFWRVGHOFDPELRFOLPiWLFRHQ
HOVHFWRUVRQHOUHVXOWDGRGHODLQWHUDFFLyQHQWUHPXFKRVWLSRVGHYDULDEOHV
WDQWRItVLFDVFRPRVRFLRHFRQyPLFDV7DOHVYDULDEOHVLQFOX\HQDOPHQRVODV
VLJXLHQWHV

7pUPLQRXWLOL]DGRHQODWHRUtDGHMXHJRVSDUDFDUDFWHUL]DUXQDVLWXDFLyQHQODFXDOGRVLQGLYLGXRVTXHHVWiQSUHVRVVHSDUDGRV\DQWH
ODVLWXDFLyQGHGHFODUDUVHFXOSDEOHVRLQRFHQWHV$ODFWXDUGHPDQHUDHJRtVWDORVGRVVHGHFODUDQLQRFHQWHV\WHUPLQDQFRQXQDSHQD
PD\RUFRPSDUDGRFRQODVLWXDFLyQHQTXHFRODERUDQFRQODSROLFtD\VHGHFODUDQFXOSDEOHV

9DULRV LQGLYLGXRV PRWLYDGRV VROR SRU HO LQWHUpV SHUVRQDO \ DFWXDQGR LQGHSHQGLHQWH SHUR UDFLRQDOPHQWH WHUPLQDQ SRU GHVWUXLU XQ
UHFXUVRFRPSDUWLGRFRP~QOLPLWDGRD~QFXDQGRFODUDPHQWHQRHVGHLQWHUpVGHHOORVTXHWDOGHVWUXFFLyQVXFHGD

9DULDEOHV KLGURPHWHRUROyJLFDV S HM WHPSHUDWXUDV PHGLDV WHPSHUDWXUDV Pi[LPDV

WHPSHUDWXUDV PtQLPDV UDQJR GH YDULDFLyQ HQWUH WHPSHUDWXUDV Pi[LPDV \ PtQLPDV
SUHFLSLWDFLyQUDGLDFLyQVRODU
&DUDFWHUtVWLFDVGHORVVXHORVSHMGLIHUHQFLDVHQFRPSRVLFLyQTXtPLFDSRURVLGDGHWF
(VWDGRIHQROyJLFRGHORVFXOWLYRVSHMIORUDFLyQDSDULFLyQGHIUXWRVPDGXUDFLyQGRUPDQFLD
7LSRV GH VLVWHPDV SURGXFWLYRV S HM PRQRFXOWLYR H[WHQVLYR YV FRPELQDFLyQ GH FXOWLYRV
H[LVWHQFLDRQRGHULHJRWLSRGHODEUDQ]D
([LVWHQFLD GH VLVWHPDV GH JHVWLyQ GH ULHVJR WDQWR GH ORV ItVLFRV S HM VLVWHPDV GH DOHUWD
WHPSUDQDVLVWHPDVGHSURQyVWLFRFRPRGHORVHFRQyPLFRVSHMVHJXURVFOLPiWLFRV
7DOFRPSOHMLGDGSODQWHDJUDQGHVUHWRVSDUDODJREHUQDQ]DIXWXUDGHOVHFWRUDJURSHFXDULR'HVGHHO
SXQWR GH YLVWD GHO GHVDUUROOR GH HVWUXFWXUDV LQVWLWXFLRQDOHV \ GH OD IRUPXODFLyQ H LPSOHPHQWDFLyQ GH
SROtWLFD S~EOLFDV LPSOLFD OD QHFHVLGDG GH LQWHUDFFLyQ FRQ RWURV VHFWRUHV HVSHFLDOPHQWH DTXHOORV
YLQFXODGRVFRQODVDOXGKXPDQD\DQLPDO\FRQODVDOXGGHOPHGLRDPELHQWH'HVGHHOSXQWRGHYLVWDGH
ODLQYHVWLJDFLyQODFRPSOHMLGDGSODQWHDXQDEDQLFRDPSOLRGHUHWRV\RSRUWXQLGDGHVSDUDHOGHVDUUROORGH
VLVWHPDVDJUtFRODV\FXOWLYRVTXHVHDQPiVUHVLOLHQWHVIUHQWHDODVYDULDFLRQHVHQODVYDULDEOHVFOLPiWLFDV
DGDSWDFLyQ\TXHJHQHUHQHPLVLRQHVGHJDVHVGHHIHFWRVLQYHUQDGHURPLWLJDFLyQ
3URGXFWRGHODFRPSOHMLGDGGHODVYDULDEOHVTXHLQWHUYLHQHQHQODSURGXFFLyQDJUtFRODH[LVWHQSRFRV
HVWXGLRGHLPSDFWR\HQJHQHUDOVHFRQRFHSRFRGHORTXH\DKDRFXUULGR$HOORVHVXPDODLQFHUWLGXPEUH
LQKHUHQWHDOXVRGHHVFHQDULRVGHFDPELRFOLPiWLFRHQGRQGHODYDORUDFLyQGHSRVLELOLGDGHVGHRFXUUHQFLDVH
KDFHDSDUWLUGHRSLQLRQHVGHH[SHUWRV\FX\RVUHVXOWDGRVWLHQGHQDJHQHUDOL]DUVH
3RUORWDQWRODIRUPXODFLyQGHSROtWLFDVSDUDHOFDPELRFOLPiWLFRHQODDJULFXOWXUDFRPRHQSRFRV
VHFWRUHV VH GD HQ XQ FRQWH[WR GH FDUHQFLD GH LQIRUPDFLyQ H LQFHUWLGXPEUH (O VHPLQDULR SHUPLWLy
GHVWDFDUDYDQFHVHQODUHJLyQSDUDVXSHUDUDPERVIDFWRUHV3RUHMHPSORODLPSRUWDQFLDGHLGHQWLILFDUODV
YDULDEOHVFOLPiWLFDVUHOHYDQWHVSDUDFDGDFXOWLYRHQFRQWH[WRVGLIHUHQWHVSHM(0%5$3$%UDVLOOD
HYDOXDFLyQ GH LPSDFWRV \ FXDQWLILFDFLyQ GH OD YXOQHUDELOLGDG S HM 0p[LFR \ OD SULRUL]DFLyQ GH
PHGLGDV TXH UHGX]FDQ LPSDFWRV QHJDWLYRV \ SHUPLWDQ DSURYHFKDU VLWXDFLRQHV IDYRUDEOHV S HM &RVWD
5LFD\8UXJXD\)UHQWHDODLQFHUWLGXPEUHTXHSODQWHDQORVHVFHQDULRV\ODVHVWLPDFLRQHVGHORVFRVWRV
IXWXURV GH QR KDFHUVH QDGD DKRUD PXFKRV SDUWLFLSDQWHV HQ HO VHPLQDULR GHVWDFDURQ OD LPSRUWDQFLD GH
FXDQWLILFDUORVFRVWRVHQTXH\DVHHVWiLQFXUULHQGRSURGXFWRGHFDPELRVFOLPiWLFRVTXHVHHVWiQGDQGR
DVtFRPRORVEHQHILFLRVGHODVPHGLGDVTXHVHSXHGDQWRPDUDKRUD
% +D\DYDQFHV
(OVHPLQDULRSHUPLWLyHVWDEOHFHUTXHKD\XQDLPSRUWDQWHWRPDGHFRQFLHQFLDHQHOVHFWRUDJURSHFXDULR
VREUHODQHFHVLGDGGHDERUGDUHOWHPDGHOFDPELRSROtWLFRHQORVPHFDQLVPRVGHJREHUQDQ]DGHOVHFWRU
WDQWRDQLYHOQDFLRQDOFRPRUHJLRQDO
$SDUWLUGHODVSUHVHQWDFLRQHVHQHOVHPLQDULR\GHXQDUHYLVLyQGHDSR\RVHSXHGHHVWDEOHFHUTXH
(QWRGRVORVSDtVHVGHODUHJLyQHOWHPDGHOFDPELRFOLPiWLFRHVWiUDGLFDGRHQORVPLQLVWHULRV
GHPHGLRDPELHQWHRHQFRPLVLRQHVLQWHUPLQLVWHULDOHVFRRUGLQDGDVSRUpVWRVPXFKRVGHORV
FXDOHVKDQGLVHxDGRHVWUDWHJLDVQDFLRQDOHVGHPLWLJDFLyQ\DGDSWDFLyQ
6ROR HQ DOJXQRV SDtVHV ORV PLQLVWHULRV GH DJULFXOWXUD WLHQHQ LQLFLDWLYDV HVWUXFWXUDGDV R HQ
SURFHVR GH DUWLFXODFLyQ 0p[LFR &KLOH &RORPELD &RVWD 5LFD 8UXJXD\ SDUD SURPRYHU
SROtWLFDVVHFWRULDOHVGLULJLGDVDHQIUHQWDUHOFDPELRFOLPiWLFR2WURVPLQLVWHULRVGHDJULFXOWXUD
FXHQWDQFRQSHTXHxRVHTXLSRVHVSHFLDOL]DGRVHQFDPELRFOLPiWLFRTXHKDFHQGHFRQWUDSDUWH
GH ORV PLQLVWHULRV GH PHGLRDPELHQWH SHUR VROR UH~QHQ LQIRUPDFLyQ (Q RWURV FDVRV H[LVWHQ
HTXLSRV GH FLHQWtILFRV ORFDOL]DGRV HQ ORV LQVWLWXWRV QDFLRQDOHV GH LQYHVWLJDFLyQ TXH HVWiQ

WUDEDMDQGRHQWHPDVYLQFXODGRVDFDPELRFOLPiWLFR\TXHVHHQFXHQWUDQEDVWDQWHFRQVROLGDGRV
%UDVLO$UJHQWLQD0p[LFR([LVWHQILQDOPHQWHPLQLVWHULRVGHDJULFXOWXUDTXHQRFXHQWDQFRQ
HTXLSRVHVSHFLDOL]DGRV%ROLYLD(FXDGRUHQWUHRWURV
,QFOXVR HQ ORV SDtVHV TXH WLHQHQ HVWUXFWXUDV HVSHFLDOL]DGDV ORFDOL]DGDV HQ ORV PLQLVWHULRV GH
DJULFXOWXUD FRPLVLRQHV QDFLRQDOHV UHGHV JUDQGHV SUR\HFWRV HO WHPD GHO FDPELR FOLPiWLFR
QRUPDOPHQWHTXHGDXELFDGRHQXQDSRVLFLyQ³ODWHUDO´GHQWURGHOGLVSRVLWLYRGHSROtWLFDVSXHV
VLHPSUH KD\ RWURV WHPDV TXH WLHQHQ PD\RU SULRULGDG SROtWLFD (Q WRGRV ORV SDtVHV VH DSUHFLD
TXH HO WHPD GHO FDPELR FOLPiWLFR HV WRGDYtD HPHUJHQWH \ QR SHUPHD SRU WDQWR WRGR HO
GLVSRVLWLYRGHSROtWLFDVHFWRULDO
$QLYHOUHJLRQDO\VXEUHJLRQDOH[LVWHQHVSDFLRVLQVWLWXFLRQDOHVTXHSHUPLWHQXQDFRRUGLQDFLyQ
HQWUH ORV PLQLVWHULRV GH DJULFXOWXUD GH ORV SDtVHV SDUD HQIUHQWDU HVWH GHVDItR (V HO FDVR GHO
&RQVHMR $JURSHFXDULR GHO 6XU &$6 \ GHO &RQVHMR $JUtFROD &HQWURDPHULFDQR &$& (Q
HVRV FRQWH[WRV VH KDQ GLVHxDGR HVWUDWHJLDV VXSUDQDFLRQDOHV WDOHV FRPR OD (VWUDWHJLD &HQWUR
$PHULFDQD GH 'HVDUUROOR 7HUULWRULDO 5XUDO (&$'(57 \ OD (VWUDWHJLD 5HJLRQDO
$JURDPELHQWDO \ GH 6DOXG (5$6 HQ &HQWUR $PpULFD < VH KDQ FUHDGR PHFDQLVPRV GH
SROtWLFDV VXSUDQDFLRQDOHV FRPR HV HO FDVR GHO *UXSR GH 7UDEDMR $G +RF VREUH &DPELR
&OLPiWLFR\9DULDELOLGDG&OLPiWLFDFRPRSDUWHGHOD5HGGHO3ROtWLFDVGHO&$67RGRVHVWRV
HVIXHU]RVHVWiQVLHQGRDSR\DGRVSRUORVGLYHUVRVRUJDQLVPRVLQWHUQDFLRQDOHVTXHRSHUDQHQOD
UHJLyQTXHKDQFRORFDGRHOWHPDGHOFDPELRFOLPiWLFRHQHOFHQWURGHVXVDJHQGDVGHWUDEDMR
(QHOSODQRWpFQLFRVHDSUHFLDXQYROXPHQFUHFLHQWHGHHVWUDWHJLDVSURJUDPDVSUR\HFWRVHLQLFLDWLYDV
S~EOLFDV\SULYDGDVTXHFXEUHQGLIHUHQWHViPELWRVWHPiWLFRV(QWUHRWURVVHGHVWDFDQORVVLJXLHQWHV
'LVHxR GH HVFHQDULRV VXEQDFLRQDOHV FRQ XQD LGHQWLILFDFLyQ GH LPSDFWR ULHVJRV JUXSRV
VRFLDOHV YXOQHUDEOHV \ FRVWRV GH XQD HVWUDWHJLD GH DGDSWDFLyQ %UDVLO &KLOH $UJHQWLQD
&RORPELD3HU~0p[LFR%ROLYLD(FXDGRU
'HVDUUROORGHHVWiQGDUHV\PDUFDV&KLOH&RVWD5LFD
,QYHQWDULRGHHPLVLRQHV*(,VHFWRULDOHV&KLOH$UJHQWLQD0p[LFR&RVWD5LFDRWURVJHQHUDOPHQWH
FRPRSDUWHGHODV&RPXQLFDFLRQHV1DFLRQDOHVDOD&RQYHQFLyQGH&DPELR&OLPiWLFR
0HGLFLRQHVGHKXHOODGHFDUERQRSRUVXEVHFWRUHVSURGXFWLYRV&KLOH
*HVWLyQGHEDVHVGHGDWRVFRQLQGLFDGRUHVDJURDPELHQWDOHV&RORPELD&KLOH0p[LFR%UDVLO
&RVWD5LFD
3UR\HFWRVGHLQYHVWLJDFLyQHQJHQpWLFD\ELRWHFQRORJtD%UDVLO$UJHQWLQD&KLOHRWURVSDtVHV
2WURV SUR\HFWRV GH LQQRYDFLyQ \ WUDQVIHUHQFLD WHFQROyJLFD ULHJR FHUR ODEUDQ]D
DJURIRUHVWHUtDPDQHMRJDQDGHURRWURVPXFKRVSDtVHV
6XEVLGLRVGHLQYHUVLyQSURGXFWLYD0p[LFR
/tQHDVHVSHFLDOHVGHILQDQFLDPLHQWR%UDVLO
3UR\HFWRVGHIRUHVWDFLyQTXHFRQVWLWX\HQKHUUDPLHQWDVGHEDMRFRVWRSDUDPLWLJDUORVHIHFWRV
GHOFDPELRFOLPiWLFR&RVWD5LFD&KLOH%ROLYLD3HU~RWURVSDtVHV
&DSDFLWDFLyQ\VHQVLELOL]DFLyQGHODSREODFLyQORFDO%ROLYLD&RVWD5LFD
(Q VXPD HQ OD UHJLyQ VH DSUHFLDQ P~OWLSOHV SROtWLFDV LQLFLDWLYDV \ SUR\HFWRV TXH UHIOHMDQ XQD
FRQFLHQFLD FUHFLHQWH IUHQWH DO KHFKR GH TXH HO FOLPD KD FDPELDGR \ VLJXH FDPELDQGR \ OR TXH HOOR \D
LPSOLFDHQWpUPLQRVGHLPSDFWRVSDUDODDJULFXOWXUD(VWDVLQLFLDWLYDVJHQHUDQODVEDVHVSDUDDQWLFLSDUVHD
HVWRVFDPELRVGHPRGRGHHVWDUSUHSDUDGRVSDUDXQIXWXURLQFLHUWRDWUDYpVGHHVWUDWHJLDVGHDGDSWDFLyQ
GHVDUUROODGDVDSDUWLUGHOSUHVHQWH

& 3HURIDOWDPXFKRFDPLQRSRUUHFRUUHU
1RREVWDQWHWRGDYtDIDOWDPXFKRFDPLQRSRUUHFRUUHUSDUDLQVWDODUHOWHPDGHOFDPELRFOLPiWLFRFRPR
XQ GHVDItR FHQWUDO SDUD ORV SDtVHV GH OD UHJLyQ (VWD VLWXDFLyQ FRQWUDVWD FRQ OR TXH KDQ ORJUDGR RWURV
SDtVHVFRQXQVHFWRUDJUtFRODLPSRUWDQWHTXH\DVHKDYLVWRPX\DIHFWDGRSRUHVWDSUREOHPiWLFDFRPRHV
HOFDVRGH$XVWUDOLD
(VHFDPLQRVHSXHGHHPSH]DUDUHFRUUHUDFWXDQGRVREUHODEDVHGHDTXHOORVHOHPHQWRVVREUHORVTXH
\DH[LVWHFRQVHQVRGHWDOPDQHUDGHSDVDUGHORVGLDJQyVWLFRVDODDFFLyQGHODVHVWUDWHJLDVDODDFFLyQ
7DPELpQ HV LPSRUWDQWH DYDQ]DU PHMRUDQGR OR TXH \D H[LVWH VLQ HVSHUDU HO GHVDUUROOR GH QXHYRV
PDUFRVGHSROtWLFDV\HVWUXFWXUDVLQVWLWXFLRQDOHV3RUHMHPSORHQHOGHVDUUROORGHHVWUDWHJLDVLQWHJUDOHVGH
DFFLyQ S HM VLVWHPDV GH DOHUWD WHPSUDQD VLVWHPDV GH PRQLWRUHR VLVWHPDV GH VHJXURV HVWUDWHJLDV
VXEUHJLRQDOHV TXH VH WUDGX]FDQ HQ DFFLRQHV QDFLRQDOHV S HM FXHQFDV PXOWLQDFLRQDOHV PHMRUDQGR ORV
PHFDQLVPRVSDUDLQYROXFUDUDORVDFWRUHVUHOHYDQWHVHQHOGLVHxRHLPSOHPHQWDFLyQGHHVWUDWHJLDV\HQGHO
GHVDUUROORGHLQGLFDGRUHVFXDQWLILFDEOHVDVSHFWRTXHUHVXOWDHVHQFLDOSDUDORVWRPDGRUHVGHGHFLVLRQHV
' $OJXQRVHOHPHQWRVQHFHVDULRVSDUDDYDQ]DU
/RV SDUWLFLSDQWHV HQIDWL]DURQ OD LPSRUWDQFLD GH SURPRYHU XQD YLVLyQ GHO FDPELR FOLPiWLFR FRPR XQ
IHQyPHQR TXH \D HVWi WHQLHQGR LPSDFWRV VLJQLILFDWLYRV VREUH OD DJULFXOWXUD D WUDYpV GHO LQFUHPHQWR H
LQWHQVLILFDFLyQ GH OD YDULDELOLGDG FOLPiWLFD FRQ FRVWRV VLJQLILFDWLYRV SDUD ODVRFLHGDG TXH MXVWLILFDQOD
DWHQFLyQ HQ ODV GLVFXVLRQHV \ GHFLVLRQHV GH SROtWLFD DJUtFROD DFWXDOHV HVSHFLDOPHQWH VL HOODV WLHQHQ
LPSOLFDFLRQHVGHODUJRDOFDQFH
7DPELpQVHUHFRQRFLyODLPSRUWDQFLDGHOPRGHODPLHQWRGHHVFHQDULRVGHODUJR\PX\ODUJRSOD]R
6LQ HPEDUJR VH SODQWHD OD LPSRUWDQFLD GH XQ HQIRTXH FHQWUDGR HQ ODV GHFLVLRQHV \ QR HQ HO FOLPD
UHFRQRFLHQGR TXH D ODV GHFLVLRQHV DFWXDOHV HVWiQ FRQGLFLRQDGDV SRU OD H[LVWHQFLD GH LQIRUPDFLyQ
DGHFXDGD\ODFDSDFLGDGGHSUHGLFFLyQGHORVPRGHORVETXHHVDFDSDFLGDGGHSUHGLFFLyQHVWiOLPLWDGD
SRU LQFHUWLGXPEUHV LUUHGXFWLEOHV FTXHVHQHFHVLWDWRPDUODVPHMRUHVGHFLVLRQHVDKRUD\GTXHHQ OD
DJULFXOWXUDHOFOLPDHVJHQHUDOPHQWHVyORXQRGHORVIDFWRUHVGHWHUPLQDQWHVGHODDGDSWDFLyQ
/DV UHFRPHQGDFLRQHV GHO VHPLQDULR VH RUJDQL]DQ HQ ORV iPELWRV LQVWLWXFLRQDO LQYHVWLJDFLyQ H
LQIRUPDFLyQ\FRPXQLFDFLyQVHJ~QVHGHWDOODDFRQWLQXDFLyQ
(QHOiPELWRLQVWLWXFLRQDO
(OGHVDUUROORLQVWLWXFLRQDOHVIXQGDPHQWDOSDUDTXHODVUHVSXHVWDVGHORVGLIHUHQWHVIUHQWHDORVLPSDFWRVGHO
FDPELR FOLPiWLFR HQ OD DJULFXOWXUD VHDQ DUWLFXODGDV (Q HVH VHQWLGR ORV SDUWLFLSDQWHV GHVWDFDURQ OD
LPSRUWDQFLDGH
0D\RU LQWHJUDFLyQ H LQWHUDFFLyQ GH ORV HTXLSRV SURIHVLRQDOHV ORFDOL]DGRV HQ ORV RUJDQLVPRV
S~EOLFRV\XQDYLQFXODFLyQPiVGLUHFWDGHpVWRVFRQORVJDELQHWHVPLQLVWHULDOHVGHWDOPDQHUDGH
FRORFDUHOWHPDGHOFDPELRFOLPiWLFRFRPRSDUWHLQWHJUDOGHORVGLVSRVLWLYRVGHSROtWLFDVS~EOLFDV
0D\RU LQWHJUDFLyQ \ HPSRGHUDPLHQWR GH ORV RUJDQLVPRV UHVSRQVDEOHV GHO WHPD HQ OD
DJULFXOWXUD S HM PLQLVWHULRV RUJDQLVPRV GH LQYHVWLJDFLyQ RUJDQLVPRV GH H[WHQVLyQ \
PHMRUD GH PHFDQLVPRV GH WUDEDMR GH pVWRV FRQ RWUDV RUJDQL]DFLRQHV UHOHYDQWHV S HM
PLQLVWHULRV GH DPELHQWH PHWHRURORJtD (VWR UHTXLHUH HO GLVHxR GH DUUHJORV LQVWLWXFLRQDOHV
FRQGXFHQWHVSHM&6,52HQ$XVWUDOLD
(YLWDU OD VXSHUSRVLFLyQ \ UHSHWLFLyQ /D SUREOHPiWLFDGHOFDPELRFOLPiWLFRHVSRUQDWXUDOH]D
LQWHUVHFWRULDO \ HQ ORV VHFWRUHV SURGXFWLYRV \ VXV VLVWHPDV GH , ' H LQQRYDFLyQ UHFDH SDUWH
IXQGDPHQWDOGHODVVROXFLRQHVTXHWHQGUiQTXHGHVDUUROODUVHSDUDDYDQ]DUKDFLDXQDHFRQRPtD
PiV EDMD HQ FDUERQR 3RU HO FRQWUDULRHVFDGDYH]PiVUHOHYDQWHSULYLOHJLDUHOGHVDUUROORGH

SURFHVRV P~OWLSOHV GH GLiORJR HQWUH FLHQFLD \ SROtWLFD HQWUH VHFWRUHV SURGXFWLYRV HQWUH
JRELHUQRV\HQWUHRUJDQLVPRVS~EOLFRV\SULYDGRV
,QFUHPHQWDU FDSDFLGDGHV SDUD XQD PHMRU FRPXQLFDFLyQ GH OD LQYHVWLJDFLyQ D ORV XVXDULRV
S~EOLFRV\SULYDGRV\HVSHFLDOPHQWHDORVSURGXFWRUHV\VXVRUJDQL]DFLRQHV
(YLWDUORVFDPELRVFRQWLQXRVGHORVUHVSRQVDEOHVHLQWHJUDQWHVGHJUXSRVGHWUDEDMR
(QHOiPELWRGHODLQYHVWLJDFLyQ
/DLQYHVWLJDFLyQHVIXQGDPHQWDOHQODE~VTXHGDGHDOWHUQDWLYDVSDUDSDUDODPLWLJDFLyQ\ODDGDSWDFLyQ
GHODDJULFXOWXUDDOFDPELRFOLPiWLFR$SDUWLUGHODH[SHULHQFLDDXVWUDOLDQDVHGHVWDFyODQHFHVLGDGGH
SURPRYHUODSDUWLFLSDFLyQGHWRGRVORVDFWRUHVUHOHYDQWHVWDQWRGHQWURGHOVHFWRUDJUtFRODFRPRHQWUHHO
VHFWRUDJUtFROD\RWURVVHFWRUHVHFRQyPLFRV\VRFLDOHV(QSDUWLFXODUVHSURSRQH
0D\RU DSR\R SDUD FUHDU JUXSRV GH LQYHVWLJDFLyQ VyOLGRV \ HVWDEOHV TXH DVHVRUHQ OD
IRUPXODFLyQGHSROtWLFDVSURJUDPDVHWF
(QWHQGHUPHMRUORVVLVWHPDVDFWXDOHVHQWpUPLQRVGHVXYXOQHUDELOLGDG\UHVLOLHQFLDDVtFRPR
GHORVFDPELRVTXH\DKDQRFXUULGRGHODGLQiPLFDGHORVHYHQWRVH[WUHPRVTXHVRQUHOHYDQWHV
SDUDODDJULFXOWXUD\GHODOFDQFHGHORVFDPELRVJOREDOHVHFRQyPLFRVVHJXULGDGDOLPHQWDULD
HTXLGDGPLJUDFLRQHVRWURVVREUHHOVHFWRU
(VWDEOHFHU VyOLGDV DOLDQ]DV HQWUH ORV RUJDQLVPRV GH LQYHVWLJDFLyQ \ WRGRV ORV DFWRUHV
VHFWRULDOHV S~EOLFRV \ SULYDGRV SXHV pVWRV FXHQWDQ FRQ XQD JUDQ H[SHULHQFLD \ PXFKRV
FRQRFLPLHQWRV \ KDELOLGDGHV 7DO FRPR OR GHPXHVWUD OD H[SHULHQFLD GH $XVWUDOLD HVWR HV
IXQGDPHQWDOSDUDGHILQLUPHMRUODVSUHJXQWDVGHLQYHVWLJDFLyQLQFUHPHQWDUORVUHFXUVRVSDUDOD
LQYHVWLJDFLyQDPSOLDUHOUDQJRGHSRVLEOHVVROXFLRQHVSDUDLQFUHPHQWDUODUHOHYDQFLDVRFLDOGH
ODLQYHVWLJDFLyQDVtFRPRVXFUHGLELOLGDGOHJLWLPLGDG\ULJRU
(QHOiPELWRGHODLQIRUPDFLyQ\ODFRPXQLFDFLyQ
6H GHVWDFy TXH XQD PD\RU GLVSRQLELOLGDG GH LQIRUPDFLyQ QR QHFHVDULDPHQWH FRQGXFH D PHMRUHV
GHFLVLRQHV SXHV H[LVWHQ PXFKRV GDWRV QR UHOHYDQWHV QR FRQILDEOHV FRQ PX\ DOWRV QLYHOHV GH
LQFHUWLGXPEUHRFX\DVIXHQWHVQRHVWiQOHJLWLPDGDVORVFXDOHVQRVLHPSUHVRQDSURSLDGRVSDUDGHFLGLU
7DO FRPR GHVWDFD 0DJULQ HVWD VLWXDFLyQ FRQWUDVWD FRQ OD H[FHVLYD E~VTXHGD GH GHWDOOH \
SHUIHFFLRQLVPRHQDOJXQDViUHDVHOH[FHVRGHH[SHFWDWLYDVHQHODOFDQFHGHORVHVFHQDULRVFOLPiWLFRVOD
IDOWDGHFULWHULRV\DFXHUGRVSDUDILMDUOtQHDVGHEDVH\ODFDUHQFLDGHEDVHVGHGDWRVDGHFXDGDV\VLVWHPDV
GHREVHUYDFLyQPRQLWRUHR0DJULQ
$QWHHVDVLWXDFLyQVHFRQVLGHUDLPSRUWDQWH
0HMRUDUODV³LQWHUIDVHV´SDUDIDFLOLWDUODFRPXQLFDFLyQHQWUHOD&LHQFLDOD3ROtWLFDODVSROtWLFDV
\ORVWRPDGRUHVGHGHFLVLRQHV\HVSHFLDOPHQWHORVSURGXFWRUHV
+DFHU PiV H[SOtFLWD OD LQFHUWLGXPEUH SRU HMHPSOR GHVWDFDQGR UHVXOWDGRV TXH FRLQFLGHQ HQ
GLIHUHQWHVPRGHORV
(QIDWL]DU TXH HO FDPELR FOLPiWLFR HV XQ SUREOHPD GHO SUHVHQWH (VWR HV IXQGDPHQWDO SDUD OD
IRUPXODFLyQ GH SROtWLFDV DFWXDU HQ IXQFLyQ GH XQ SUREOHPD SUHVHQWH YV OD SRVLELOLGDG GH
HIHFWRVHQHOIXWXUR

%LEOLRJUDItD
$QWOH -RKQ &DSDOER 6XVDQ $GDSWDWLRQ RI DJULFXOWXUD DQG IRRG
V\VWHPV WR FOLPDWH FKDQJH DQ HFRQRPLF DQG SROLF\ SHUVSHFWLYH $SSOLHG
(FRQRPLF3HUVSHFWLYHVDQG3ROLF\9RO1RSS
&(3$/D,VWPR&HQWURDPHULFDQRHIHFWRVGHOFDPELRFOLPiWLFRVREUH
OD DJULFXOWXUD /&0(;/5HY 6HGH 6XEUHJLRQDO GH OD &(3$/ HQ
0p[LFR0p[LFR')
&(3$/ E /D HFRQRPtD GHO FDPELR FOLPiWLFR VtQWHVLV
/&*&(3$/6DQWLDJRGH&KLOH
&6,52$GDSWLQJ$JULFXOWXUHWR&OLPDWH&KDQJH3UHSDULQJ$XVWUDOLDQ
$JULFXOWXUH )RUHVWU\ DQG )LVKHULHV IRU WKH )XWXUH 6WRNHV & DQG +RZGHQ
0(G
(&/$&&OLPDWH &KDQJHDQG'HYHORSPHQWLQ/DWLQ$PHULFDDQGWKH
&DULEEHDQ 2YHUYLHZ 6DQWLDJR &KLOH
KWWSZZZHFODFFOSXEOLFDFLRQHV[POBFOLPDWHBFKDQJHBRYHUYL
HZSGI
(FRV\VWHP 0DUNHWSODFH %ORRPEHUJ 1HZ (QHUJ\ )LQDQFH %XLOGLQJ
%ULGJHV 6WDWH RI WKH 9ROXQWDU\ &DUERQ 0DUNHWV %\ +DPLOWRQ .
6MDUGLQ 0 3HWHUV6WDQOH\ 0 0DUFHOOR 7
KWWSPRGHUQFPVHFRV\VWHPPDUNHWSODFHFRPUHSRVLWRU\PRGHUQFPVBGRFX
PHQWVYFDUERQBSGI
)$2&DPELRFOLPiWLFR\VHJXULGDGDOLPHQWDULDXQGRFXPHQWRPDUFR
'LVSRQLEOHHQKWWSZZZIDRRUJGRFUHSLVLVKWP
BBB 3HUILO GH OD )$2 SDUD HO FDPELR FOLPiWLFR 'LVSRQLEOH HQ
KWWSZZZIDRRUJGRFUHSLVLVKWP
BBB D )$2 3URILOH IRU &OLPDWH &KDQJH 5RPH ,WDO\
KWWSZZZIDRRUJGRFUHSLHLHKWP
BBB E Ä)RRG 6HFXULW\ DQG $JULFXOWXUDO 0LWLJDWLRQ LQ 'HYHORSLQJ
&RXQWULHV 2SWLRQV IRU &DSWXULQJ 6\QHUJLHVெ 5RPH ,WDO\
KWWSZZZIDRRUJGRFUHSLHLHSGI

BBB $JULFXOWXUD 6HJXULGDG $OLPHQWDULD \ &DPELR &OLPiWLFR HQ 3URFHVRV 3RVW&RSHQKDJXH ± 8QD
1RWD,QIRUPDWLYDGHOD)$2KWWSZZZIDRRUJIRUHVWU\IRULVGDWDQUF,QIR1RWHB3RVW&23B)$2SGI
)UDPHZRUN3URJUDPPHRQ&OLPDWH&KDQJH$GDSWDWLRQ'UDIW'RFXPHQW
BBBD7KH6WDWHRIWKH)RRG,QVHFXULW\LQWKH:RUOG±$GUHVVLQJIRRGLQVHFXULW\LQSURWUDFWHGFULVLV
5RPH,WDO\KWWSZZZIDRRUJGRFUHSLHLHSGI
BBBE$JULFXOWXUH)RUHVWU\DQG2WKHU/DQG8VH0LWLJDWLRQ3URMHFW'DWDEDVH $QDVVHVVPHQWRIWKH
FXUUHQWVWDWXVRIODQGEDVHGVHFWRUVLQWKHFDUERQPDUNHWVE\09DUPLQJ&6HHEHUJ(OYHUIHOGWDQG0
7DSLR%LVWU|P 0LWLJDWLRQ RI &OLPDWH &KDQJH 3URMHFW )$2 5RPH ,WDO\
KWWSZZZIDRRUJGRFUHSDPHDPHSGI
+HUWHO 7KRPDV 5RVFK 6WHSKDQLH &OLPDWH FKDQJH DJULFXOWXUH DQG SRYHUW\ $SSOLHG (FRQRPLF
3HUVSHFWLYHVDQG3ROLF\9RO12SS
,3&&D&OLPDWH&KDQJH,PSDFWV$GDSWDWLRQDQG9XOQHUDELOLW\&RQWULEXWLRQRI:RUNLQJ*URXS
,,WRWKH)RXUWK$VVHVVPHQW5HSRUWRIWKH,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH&DPEULGJH8QLWHG
.LQJGRPDQG1HZ<RUN1<86$&DPEULGJH8QLYHUVLW\3UHVV
BBB E &OLPDWH &KDQJH 7KH 3K\VLFDO 6FLHQFH %DVLV ± 6XPPDU\ IRU 3ROLF\PDNHUV :RUNLQJ *URXS ,
&RQWULEXWLRQ WR WKH ,QWHUJXEHUQDPHQWDO 3DQHO RQ &OLPDWH &KDQJH )RXUWK $VVHVVPHQW 5HSRUW ,3&&
6HFUHWDULDW*HQHYD6ZLW]HUODQG
BBBE7HFKQLFDO6XPPDU\,Q&OLPDWH&KDQJH0LWLJDWLRQ&RQWULEXWLRQRI:RUNLQJ*URXS,,,
WRWKH)RXUWK$VVHVVPHQW5HSRUWRIWKH,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH&DPEULGJH8QLWHG
BBB F $JULFXOWXUH ,Q &OLPDWH &KDQJH 0LWLJDWLRQ &RQWULEXWLRQ RI :RUNLQJ *URXS ,,, WR WKH
)RXUWK $VVHVVPHQW 5HSRUW RI WKH ,QWHUJRYHUQPHQWDO 3DQHO RQ &OLPDWH &KDQJH &DPEULGJH 8QLWHG
0DJULQ * & *D\ *DUFtD ' &UX] &KRTXH -& *LPpQH] $5 0RUHQR *- 1DJ\ & 1REUH DQG $
9LOODPL]DU /DWLQ $PHULFD&OLPDWH &KDQJH ,PSDFWV $GDSWDWLRQ DQG 9XOQHUDELOLW\
&RQWULEXWLRQ RI :RUNLQJ *URXS ,, WR WKH )RXUWK $VVHVVPHQW 5HSRUW RI WKH ,QWHUJRYHUQPHQWDO 3DQHO RQ
&OLPDWH &KDQJH 0/ 3DUU\ 2) &DQ]LDQL -3 3DOXWLNRI 3- YDQ GHU /LQGHQ DQG &( +DQVRQ (GV
&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH8.
BBB ,PSOLFDQFLD GHO FDPELR FOLPiWLFR HQ ORV 6LVWHPDV GH 3URGXFLRQ $JURSHFXDULD SRVLEOHV
UHDFFLRQHV GHO VHFWRU 3UHVHQWDFLyQ HQ HO 3DQHO $JULFXOWXUD ¢RWUD YtFWLPD GHO FDPELR FOLPiWLFR GHO
6HPLQDULR,QWHUQDFLRQDO&DPELR&OLPiWLFR¢FXiOHVVRQODVFRQVHFXHQFLDVSDUDQXHVWURIXWXUR"RUJDQL]DGR
SRUOD&RRSHUDFLyQ)UDQFHVDOD&(3$/\OD8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOHGH-XQLR
0HQGHOVRKQ 5REHUW ÈYLOD $QWRQLR )ODYLR 'LDV 6HR 6 1LJJRO 3UR\HFWR LQFRUSRUDFLyQ GHO
FDPELR FOLPiWLFR D ODV HVWUDWHJLDV GH GHVDUUROOR UXUDO VtQWHVLV GH ORV UHVXOWDGRV HQ $PpULFD /DWLQD
3URFLVXU0RQWHYLGHR8UXJXD\
1DJD\HWV26PDOOIDUPVFXUUHQWVWDWXVDQGNH\WUHQGV,QIRUPDWLRQEULHI3UHSDUHGIRUWKH)XWXUHRI
6PDOO)DUPV5HVHDUFK:RUNVKRS:\H&ROOHJH-XQH±
1HJUD & DQG :ROOHQEHUJ ( /HVVRQV IURP 5('' IRU $JULFXOWXUH &&$)6 5HSRUW QR 7KH
&*,$5 5HVHDUFK 3URJUDP &OLPDWH &KDQJH $JULFXOWXUH DQG )RRG 6HFXULW\ &&$)6 &RSHQKDJHQ
'HQPDUN
1HOVRQ*5RVHJUDQW0:.RR-5REHUWVRQ56XOVHU7=KX75LQJOHU&0VDQJL63DOD]]R$
%DWND 0 0DJDOKDHV 0 9DOPRQWH6DQWRV5 (ZLQJ 0 /HH ' &OLPDWH FKDQJH LPSDFW RQ
DJULFXOWXUHDQGFRVWVRIDGDSWDWLRQ,)35,ZZZLISULRUJVLWHVGHIDXOWILOHVSXEOLFDWLRQVSUSGI
6HR 1LJRO $ PLFURHFRQRPHWULF DQDO\VLV RI DGDSWLQJ SRUWIROLRV WR FOLPDWH FKDQJH DGRSWLRQ RI
DJULFXOWXUDOV\VWHPVLQ/DLQ$PHULFD$SOLHG(FRQRPLF3HUVSHFWLYHVDQG3ROLF\9ROSS
7HQQLJNHLW 7 .DKUO ) :|OFNH - 1HZFRPEH . $JULFXOWXUDO &DUERQ 6HTXHVWUDWLRQ LQ 6XE
6DKDUDQ$IULFD(FRQRPLFVDQG,QVWLWXWLRQV:DVKLQJWRQ'&:RUOG%DQN
81 &ROODERUDWLYH 3URJUDPPH RQ 5HGXFLQJ (PLVVLRQV IURP 'HIRUHVWDWLRQ DQG )RUHVW 'HJUDGDWLRQ LQ
'HYHORSLQJ&RXQWULHV815('')$281'381(3)UDPHZRUN'RFXPHQW-XQH
86(3$*OREDO$QWKURSRJHQLF1RQ&2*UHHQKRXVH*DV(PLVVLRQV±:DVKLQJWRQ'&
86$KWWSZZZHSDJRYFOLPDWHFKDQJHHFRQRPLFVLQWHUQDWLRQDOKWPO
:RUOG%DQN/RZ&DUERQ'HYHORSPHQW/DWLQ$PHULFDQ5HVSRQVHVWR&OLPDWH&KDQJHE\$XJXVWRGH
OD7RUUH3DEOR)DMQ]\OEHU-RKQ1DVK:DVKLQJWRQ'&86$

$QH[RV

$QH[R
3URJUDPDGHOVHPLQDULRUHJLRQDO³$JULFXOWXUD\FDPELRFOLPiWLFR
LQQRYDFLyQSROtWLFDVHLQVWLWXFLRQDOLGDG´GHQRYLHPEUH
6DQWLDJR&KLOH
'tDKRUD 7HPD ([SRVLWRU
GHQRYLHPEUH
± 5HJLVWUR
± ,QDXJXUDFLyQ 6U$QWRQLR3UDGR6HFUHWDULR(MHFXWLYR$GMXQWR&(3$/

6U $ODQ %RMDQLF 5HSUHVHQWDQWH 5HJLRQDO $GMXQWR SDUD $PpULFD /DWLQD
\HO&DULEH)$2
6U-DPHV)UHQFK'LUHFWRUGH&RRSHUDFLyQ7pFQLFD,,&$
6X([FHOHQFLD0PH0DU\VH%RVVLqUH(PEDMDGRUDGH)UDQFLDHQ&KLOH
± ,QWURGXFFLyQ 6U $GULiQ 5RGUtJXH] 2ILFLDO D &DUJR 8QLGDG GH 'HVDUUROOR $JUtFROD
''3(&(3$/
± 3UHVHQWDFLyQPDJLVWUDO ³/D FRPXQLFDFLyQ GHO FRQRFLPLHQWR FLHQWtILFR VREUH HO FDPELR FOLPiWLFR
D ORV IRUPXODGRUHV GH SROtWLFDV \ WRPDGRUHV GH GHFLVLRQHVHQHOVHFWRU

DJURSHFXDULR´ 'U +ROP 7LHVVHQ 'LUHFWRU GHO ,QVWLWXWR ,QWHUDPHULFDQR
SDUDOD,QYHVWLJDFLyQGHO&DPELR*OREDO6DR-RVHGRV&DPSRV%UDVLO
± &DIp
± &RQRFLPLHQWRVREUHOD /D DJULFXOWXUD HQ HO SURFHVR GH QHJRFLDFLyQ UXPER D OD &23 ±
DGDSWDFLyQHLPSDFWR &DQF~Q0DUMD/LLVD7DSLR%LVWURP55&)$25RPD

GHOFDPELRFOLPiWLFR
(IHFWRV GHO FDPELR FOLPiWLFR VREUH OD DJULFXOWXUD HQ &HQWUR $PpULFD
HQODDJULFXOWXUD
%UDXOLR6HUQD-HIH8QLGDG$JUtFROD&(3$/0p[LFR
0RGHUDGRU$ODQ
(O LPSDFWR GHO FDPELR FOLPiWLFR HQ OD DJULFXOWXUD \ HQ ORV UHFXUVRV
%RMDQLF5HSUHVHQWH
JHQpWLFRV -RVp $ULHO 5XL] &RUUDO &RRUGLQDGRU GH OD 5HG GH 0RGHODMH
5HJLRQDO$GMXQWR
,QVWLWXWR 1DFLRQDO GH ,QYHVWLJDFLRQHV )RUHVWDOHV $JUtFRODV \ 3HFXDULDV
)$2
,1,)$30p[LFR
(OLPSDFWRHFRQyPLFRGHOFDPELRFOLPiWLFRHQODDJULFXOWXUDUHVXOWDGRV
GH ORV HVWXGLRV GH HFRQRPtD GHO FDPELR FOLPiWLFR &DUORV GH
0LJXHO-RVp0LJXHO*DOLQGR&(3$/
± $OPXHU]R
± (OFDPELRFOLPiWLFRHQ (O SURFHVR GH LQWURGXFFLyQ GHO WHPD FDPELR FOLPiWLFR HQ OD DJHQGD
ODVDJHQGDVGH SROtWLFD GHO &RQVHMR $JURSHFXDULR GHO 6XU &$6 $OHMDQGUD 6DUTXLV

SROtWLFDVGH 6HFUHWDULD7pFQLFDGHO&$6
RUJDQLVPRVUHJLRQDOHV
(O FDPELR FOLPiWLFR HQ ODV DJHQGDV GH SROtWLFDV DJUtFRODV GH &HQWUR
GHOVHFWRU
$PpULFD \ HO &DULEH 0DQXHO -LPpQH] &RQVHMR $JURSHFXDULR
DJURSHFXDULR
&HQWURDPHULFDQR
0RGHUDGRU-DPHV
(OFDPELRFOLPiWLFRHQODDJHQGDGHSROtWLFDVDJUtFRODVGHO&DULEH0DUN
)UHQFK'LUHFWRUGH
%\QRH&DULEEHDQ&RPPXQLW\&OLPDWH&KDQJH&HQWHU&&&&&
&RRSHUDFLyQ7pFQLFD
,,&$ (OFDPELRFOLPiWLFRHQODVDJHQGDVGHSROtWLFDVDJUtFRODVGHORVSDtVHV
GH OD &RPXQLGDG $QGLQD GH 1DFLRQHV &$1 0DUtD 7HUHVD %HFHUUD
&RRUGLQDGRUDGHOÈUHD$PELHQWDOGHOD&$1
/DV DFFLRQHV HPSUHQGLGDV SRU OD 8QLGDG 5HJLRQDO GH $VLVWHQFLD
7pFQLFD587$HQDSR\RDOVHFWRUDJURSHFXDULRGH&HQWUR$PpULFDHQ
HOWHPDFDPELRFOLPiWLFR0LJXHO*yPH]'LUHFWRU(MHFXWLYRGH587$
± &DIp
± (OFDPELRFOLPiWLFRHQ (OFDPELRFOLPiWLFRHQOD$JHQGDGHO&HQWUR,QWHUQDFLRQDOGH$JULFXOWXUD
ORVSURJUDPDV\ 7URSLFDO &,$7 (OFLR *XLPDUDHV 'LUHFWRU GH ,QYHVWLJDFLyQ SDUD

DJHQGDVGH $PpULFD/DWLQD\HO&DULEH
LQYHVWLJDFLyQH
,QYHVWLJDFLyQ GHVDUUROOR H LQQRYDFLyQ IUHQWH DO FDPELR FOLPiWLFR HQ OD
LQQRYDFLyQDJUtFRODGH
DJULFXOWXUDHOFDVRGH(0%5$3$$U\HYHUWRQ)RUWHVGH2OLYHLUD
ODUHJLyQ
LQYHVWLJDGRU GH (0%5$3$ %UDVLO 3URJUDPD GH ,QYHVWLJDFLyQ VREUH
0RGHUDGRU5REHUWR
&DPELR&OLPiWLFR(0%5$3$
%LVDQJ&(3$/2ILFLQD
GH$UJHQWLQD

(O FDPELR FOLPiWLFR HQ OD $JHQGD GH ,QVWLWXWR 1DFLRQDO GH
,QYHVWLJDFLRQHV $JURSHFXDULDV ,1,$ GH &KLOH *XLOOHUPR 'RQRVR
'LUHFWRUGHO,1,$
/D LQYHVWLJDFLyQ VREUH DGDSWDFLyQ DO FDPELR FOLPiWLFR HQ OD DJULFXOWXUD
HQ $XVWUDOLD 0DUN +RZGHQ 7KHPH /HDGHU $GDSWDWLYH 3ULPDU\
,QGXVWULHV DQG (QWHUSULVHV $XVWUDOLD
V &RPPRQZHDOWK 6FLHQWLILF DQG
,QGXVWULDO 5HVHDUFK 2UJDQLVDWLRQ &6,52 KUV GHO MXHYHV HQ
6\GQH\±KUV6DQWLDJR
GHQRYLHPEUH
± 3UHVHQWDFLyQPDJLVWUDO $JULFXOWXUHDQG&OLPDWH&KDQJH$YLHZIURPWKH(XURSHDQ8QLRQ3HWHU
\SUHJXQWDV :HKUKHLP +HDG RI 8QLW $ &OLPDWH )LQDQFH DQG 'HIRUHVWDWLRQ
(XURSHDQ&RPPLVVLRQ
0RGHUDGRU$GULiQ
5RGUtJXH]&(3$/
± ([SHULHQFLDV &RVWD 5LFD +DFLD XQD 6RFLHGDG &DUERQR 1HXWUDO HQ HO
QDFLRQDOHVHQ LPSOLFDFLRQHVSDUDHOVHFWRUDJURSHFXDULR7DQLD/ySH]9LFHPLQLVWUDGH

IRUPXODFLyQH $JULFXOWXUD\*DQDGHUtD&RVWD5LFD
LPSOHPHQWDFLyQGH
3ROtWLFDV H LQVWLWXFLRQDOLGDG SDUD HO FDPELR FOLPiWLFR HQ HO VHFWRU
SROtWLFDV\GHVDUUROOR
DJURSHFXDULR HQ 8UXJXD\ \ RWURV SDtVHV GHO &$6 :DOWHU 2\KDQ]DEDO
GHLQVWLWXFLRQDOLGDG
-HIH GH OD 8QLGDGGH &DPELR&OLPiWLFRGHO0LQLVWHULRGH$JULFXOWXUDGH
SDUDHQIUHQWDUHO
8UXJXD\\&RRUGLQDGRUGHO*UXSR$G+RFVREUH$JULFXOWXUDYDULDELOLGDG
FDPELRFOLPiWLFRHQOD
\FDPELRFOLPiWLFRGHO&$6
DJULFXOWXUD
3ROtWLFDV H LQVWLWXFLRQDOLGDG SDUD HO FDPELR FOLPiWLFR HQ HO VHFWRU
0RGHUDGRU/DXUD
DJURSHFXDULR HO FDVR GH $UJHQWLQD &DUOD 3DVFDOH 0LQLVWHULR GH
0H]D)$2
$JULFXOWXUD*DQDGHUtD\3HVFD$UJHQWLQD
± &DIp
± ([SHULHQFLDVSULYDGDV 3UR\HFWR DGDSWDFLyQ GHO PDFL]R FRORPELDQR DO FDPELR FOLPiWLFR
\ORFDOHVGH $QGUpV*RQ]iOH])$281,&()236318'

DGDSWDFLyQDOFDPELR
/D GLPHQVLyQ WHPSRUDO HQ OD DGDSWDFLyQ GH OD DJULFXOWXUD DO FDPELR
FOLPiWLFRHQOD
FOLPiWLFR $ELJDLO )DOORW LQYHVWLJDGRUD DVRFLDGD &,5$'&$7,( HQ HO
DJULFXOWXUD
3URJUDPD&DPELR&OLPiWLFR

(VWUDWHJLDV GH UHGXFFLyQ GHO ULHVJR \ VX YtQFXOR FRQ OD DGDSWDFLyQ DO
0RGHUDGRU$OHMDQGUD FDPELRFOLPiWLFRORVFDVRVGH%ROLYLD\3HU~*ULVHOOH9HJD)$23HU~
6DUTXLV
(OHPHQWRV SDUD OD DGDSWDFLyQ DO FDPELR FOLPiWLFR HO URO GH ODV
5HSUHVHQWDQWH
LQVWLWXFLRQHV D QLYHO QDFLRQDO \ VXEQDFLRQDO 7RPDV /LQGHPDQ
(QFDUJDGDGHOD
)$25RPD
2ILFLQDGHO,,&$HQ
&KLOH
± $OPXHU]R
± 2SRUWXQLGDGHVSDUDOD 2SRUWXQLGDGHVSDUDODPLWLJDFLyQGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
PLWLJDFLyQHQOD &KULVWLQD6HHEHUJ(OYHUIHOGW)$25RPD

DJULFXOWXUD
$YDQFHVGHO5(('HQ3DUDJXD\\%ROLYLD&DUORV&DUQHLUR)$2
0RGHUDGRU2FWDYLR
8VR GHO VXHOR \ FDPELR GH XVR GHO VXHOR HQ OD PLWLJDFLyQ GHO FDPELR
6RWRPD\RU
FOLPiWLFR-DQ9DQ:DPEHNH)$2
8'$'GSHFHSDO
2SRUWXQLGDGSDUDODPLWLJDFLyQGHORVJDVHVGHHIHFWRLQYHUQDGHURGHOD
JDQDGHUtD7LWR'tD])$2
± &DIp
± &RRSHUDFLyQWpFQLFD (O FDPELR FOLPiWLFR HQ OD DJHQGD GH FRRSHUDFLyQ GHO ,,&$ *XVWDYR
SDUDHOFDPELR &iUGHQDV

FOLPiWLFRHQOD
(O HQIRTXH GH OD )$2 HQ FDPELR FOLPiWLFR \ DJULFXOWXUD /DXUD 0H]D
DJULFXOWXUD
)$2
0RGHUDGRU*XLOOHUPR
3UHVHQWDFLyQGH&(3$/$GULiQ5RGUtJXH]&(3$/
'RQRVR'LUHFWRU
,1,$&KLOH\
3UHVLGHQWHGH
352&,685
&yFWHOGHFODXVXUD

$QH[R
/LVWDGHSDUWLFLSDQWHV
120%5( 3$Ë6 ,167,78&,Ï1 (0$,/
5D~O+RSNLQV 3HU~ &RQVXOWRULQGHSHQGLHQWH 5DXOKRSNLQV#JPDLOFRP
0DULFHO9HUD &KLOH 3HULRGLVWDLQGHSHQGLHQWH PDULWDBYHUDF#\DKRRFRP
-DYLHUD6DOLQDV &KLOH 3HULRGLVWDLQGHSHQGLHQWH
&DUORV)XUFKH &KLOH &RQVXOWRULQGHSHQGLHQWH FDUORVIXUFKH#JPDLOFRP
)ORUHQFH3HOLVVRX &KLOH &RQVXOWRULQGHSHQGLHQWH IORUHQFHSHOLVVRX#KRWPDLOIU
0DUFLD0RQWHGRQLFR &KLOH &RQVXOWRULQGHSHQGLHQWH PDUPRQWHGRQLFR#JPDLOFRP
(OLVD6HHJHU &KLOH (VWXGLDQWHGHDJULFXOWXUDHFROyJLFD HOLJORER#JPDLOFRP
,QVWGHO0HGLR$PELHQWH
3DPHOD&RQWUHUDV &KLOH 3URIHVRUDHQDJURHFRORJtD SDPHFDUDXV#JPDLOFRP
+XJR0DUWtQH] &KLOH $JURTXDOLWDV$& KPDUWLQH]#DJURTXDOLWDVFO
0LQD1DPGDU,UDQt &KLOH $JURTXDOLWDV$& PLQD#DJURTXDOLWDVFO
5RGULJR&DVWDxyQ &KLOH $VRFLDFLyQGH3URGXFWRUHVGH UFDVWDQRQ#DSDFO
$YHV$3$\&HUGRV$6352&(5
$QGUpV5HYROOHGR &KLOH %DQFR,QWHUDPHULFDQRGH DUHEROO#LDGERUJ
'HVDUUROOR%,'
0DUN%\QRH %HOLFH &DULEEHDQ&RPPXQLW\&OLPDWH PBE\QRH#\DKRRFRXN
&KDQJH&HQWUH
$ELJDLO)DOORW )UDQFLD &HQWUR,QWHUQDFLRQDOGH IDOORW#FLUDGIU
,QYHVWLJDFLyQ$JURQyPLFDSDUDHO
'HVDUUROOR&&,5$'
$UQDOGR&KLEEDUR 3DQDPi &HQWUR,QWHUQDFLRQDOSDUDHO DUQDOGRFKLEEDUR#KRWPDLOFRP
'HVDUUROOR6XVWHQWDEOH
'DQLHO5H\ &KLOH &HQWUR/DWLQRDPHULFDQRSDUDHO GDQLHOUH\S#JPDLOFRP
'HVDUUROOR5XUDO5,0,63
0DULHOD5DPtUH] &KLOH &HQWUR/DWLQRDPHULFDQRSDUDHO PUDPLUH]#ULPLVSRUJ
'DQLHOD$FXxD &KLOH &HQWUR/DWLQRDPHULFDQRSDUDHO GDFXQD#ULPLVSRUJ
0DUN+RZGHQ $XVWUDOLD &OLPDWH$GDSWDWLRQ1DWLRQDO 0DUN+RZGHQ#FVLURDX
5HVHDUFK)ODJVKLS
&DUORV$OWPDQQ &KLOH &ROHJLRGH,QJHQLHURV$JUyQRPRV WWDOWPDQQ#KRWPDLOFRP
GH&KLOH
5REHUWR%LVDQJ $UJHQWLQD &RPLVLyQ(FRQyPLFDSDUD UREHUWRELVDQJ#FHSDORUJ
$PpULFD/DWLQD\HO&DULEH&(3$/
%UDXOLR6HUQD 0p[LFR &RPLVLyQ(FRQyPLFDSDUD EUDXOLRVHUQD#FHSDORUJ
&pVDU0RUDOHV &KLOH &RPLVLyQ(FRQyPLFDSDUD FHVDUPRUDOHV#FHSDORUJ
3HWHU:HKUKHLP $OHPDQLD &RPLVLyQ(XURSHD SHWHUZHKUKHLP#HFHXURSDHX
1HOVRQ3HUHLUD0XxR] &KLOH &RPLVLyQ1DFLRQDOGH5LHJR&15 QSHUHLUD#FQUJREFO
0DULD7HUHVD%HFHUUD 3HU~ &RPXQLGDG$QGLQD&$1 PEHFHUUD#FRPXQLGDGDQGLQDRUJ
0DQXHO-LPpQH] &RVWD5LFD &RQVHMR$JURSHFXDULR PDQXHOMLPHQH]#LLFDLQW
&HQWURDPHULFDQR&$&
(OFLR*XLPDUDHV &RORPELD &RQVXOWDWLYH*URXSRQ HJXLPDUDHV#FJLDURUJ

,QWHUQDWLRQDO$JULFXOWXUDO5HVHDUFK
&*,$5&,$7

(GXDUGR9LDO5XL] &KLOH &RUSRUDFLyQ1DFLRQDO)RUHVWDO HGXDUGRYLDO#FRQDIFO

7DJOH &21$)
&ODXGLD$QGUHD'tD] &KLOH 'HSDUWDPHQWR$JUtFROD
3LQWR)LJXHURD 0XQLFLSDOLGDGGH0HOLSLOOD
)UDQFLVFR&DQGLD &KLOH 'HSDUWDPHQWR$JUtFROD IUDQFDQODQ#KRWPDLOFRP
/DQGDHWD 0XQLFLSDOLGDGGH0HOLSLOOD
0DUWLQD6DOYR &KLOH 'LDULR(O0HUFXULR PDUWLQDVDOYR#JPDLOFRP
$U\HYHUWRQ)RUWHVGH %UDVLO (PSUHVD%UDVLOHLUDGH3HVTXLVD DU\#FQSWLDHPEUDSDEU
2OLYHLUD $JURSHFXDULD(0%5$3$
*LVHOOD%DUUHUD &KLOH )XQGDFLyQ&KLOH JEDUUHUD#IXQGDFLRQFKLOHFO
6\OYLH$OWPDQ &KLOH )XQGDFLyQ&KLOH VDOWPDQ#IXQGDFLRQFKLOHFO
(QULTXH6iQFKH] &KLOH )XQGDFLyQ&KLOH HVDQFKH]#IXQGDFLRQFKLOHFO
7RPDV*DUFtD &KLOH )XQGDFLyQSDUDOD,QQRYDFLyQ WJK#ILDJREFO
+XLGREUR $JUDULD),$
5DPRQ$UUDX &KLOH ,QVWLWXWRGH'HVDUUROOR UDUUDX#LQGDSFO
$JURSHFXDULR,1'$3
&DUOD0HOLOOR &KLOH ,QVWLWXWRGH'HVDUUROOR FPHOLOOR#LQGDSFO
$JURSHFXDULR,1'$3
*XLOOHUPR'RQRVR &KLOH ,QVWLWXWRGH,QYHVWLJDFLRQHV JXLOOHUPRGRQRVR#LQLDFO
$JURSHFXDULDV,1,$
6HUJLR*RQ]iOH] &KLOH ,QVWLWXWRGH,QYHVWLJDFLRQHV VJRQ]DOH#LQLDFO
0DUWLQHDX[ $JURSHFXDULDV,1,$
+DQV*URVVH:HUQHU &KLOH ,QVWLWXWR)RUHVWDO,1)25 KJURVVH#LQIRUFO
5RGULJR0XMLFD &KLOH ,QVWLWXWR)RUHVWDO,1)25 UPXMLFD#LQIRUFO
*HUDUGR9DOGHEHQLWR &KLOH ,QVWLWXWR)RUHVWDO,1)25 JYDOGHEH#LQIRUFO
<DVQD5RMDV &KLOH ,QVWLWXWR)RUHVWDO,1)25 \URMDV#LQIRUFO
$OHMDQGUD6DUTXLV &KLOH ,QVWLWXWR,QWHUDPHULFDQRGH DVDUTXLV#LLFDFO
&RRSHUDFLyQSDUDOD$JULFXOWXUD
,,&$
+XJR&KDYDUULD &RVWD5LFD ,QVWLWXWR,QWHUDPHULFDQRGH KXJRFKDYDUULD#LLFDLQW
,,&$
-RDTXtQ$ULDV 3HU~ ,QVWLWXWR,QWHUDPHULFDQRGH MRDTXLQDULDV#LLFDLQW
,,&$
-DPHV)UHQFK &RVWD5LFD ,QVWLWXWR,QWHUDPHULFDQRGH MDPHVIUHQFK#LLFDLQW
,,&$
5DIDHO7UHMRV &RVWD5LFD ,QVWLWXWR,QWHUDPHULFDQRGH 5DIDHOWUHMRV#LLFDLQW
,,&$
*XVWDYR&iUGHQDV &RVWD5LFD ,QVWLWXWR,QWHUDPHULFDQRGH JXVWDYRFDUGHQDV#LLFDLQW
,,&$
,YDQ1D]LI &KLOH ,QVWLWXWR,QWHUDPHULFDQRGH LQD]LI#LLFDFO
,,&$
-DLPH7ROD&HEDOORV (FXDGRU ,QVWLWXWR1DFLRQDO$XWyQRPRGH MDLPHWROD#LQLDSJREHF
,QYHVWLJDFLRQHV$JURSHFXDULDVGHO
(FXDGRU
-RVH$ULHO5XL]&RUUDO 0p[LFR ,QVWLWXWR1DFLRQDOGH UXL]DULHO#LQLIDSJREP[
,QYHVWLJDFLRQHV)RUHVWDOHV
$JULFRODV\3HFXDULDV,1,)$3
3DEOR$UDQHGD &KLOH ,QWHQGHQFLD5HJLyQGH9DOSDUDLVR SDEORDUDQHGD#JRUHYDOSDUDLVRJRYFO


+ROP7LHVVHQ %UDVLO ,QWHU$PHULFDQ,QVWLWXWHIRU*OREDO KWLHVVHQ#GLULDLLQW
&KDQJH5HVHDUFK
*RQ]DOR-RUGiQ &KLOH ,QYHUWHF3HVTXHUD0DU&KLORp PDODUFRQ#LQYHUWHFFO
)UDQFLVFR%U]RYLF &KLOH 0HFDQLVPR0XQGLDO81&&' IEU]RYLF#JOREDOPHFKDQLVPRUJ
$QWRQLHWD1ROL 3HU~ 0LQLVWHULRGH$JULFXOWXUD DQROL#PLQDJJRESH
7DQLD/RSH] &RVWD5LFD 0LQLVWHULRGH$JULFXOWXUD\ WORSH]#PDJJRFU
*DQDGHUtD
&DUOD3DVFDOH0HGLQD $UJHQWLQD 0LQLVWHULRGH$JULFXOWXUD FSDVFD#PLQDJULJREDU
*DQDGHUtD\3HVFD
2VFDUÈOYDUH] (FXDGRU 0LQLVWHULRGH$JULFXOWXUD RDOYDUH]#PDJDSJREHF
*DQDGHUtD$FXDFXOWXUD\3HVFD
:DOWHU2\KDQWFDEDO 8UXJXD\ 0LQLVWHULRGH*DQDGHUtD ZR\KD#\DKRRFRP
$JULFXOWXUD\3HVFD
*RQ]DOR$UWXUR/HyQ &KLOH 0LQLVWHULRGH0HGLR$PELHQWH JOHRQ#PPDJREFO
6LOYD
0DULW]D-DGULMHYLF &KLOH 0LQLVWHULRGH0HGLR$PELHQWH PMDGULMHYLF#FRQDPDFO
6X\HQ*DEULHOD3pUH] 1LFDUDJXD 0LQLVWHULRGHO$PELHQWH\ORV VSHUH]#PDUHQDJREQL
$EXUWR 5HFXUVRV1DWXUDOHV0$5(1$
'DQLHO%DUUHUD &KLOH 2ILFLQDGH(VWXGLRV\3ROtWLFDV GEDUUHUD#RGHSDJREFO
$JUDULDV2'(3$
$ODQ%RMDQLF &KLOH 2UJDQL]DFLyQGHODV1DFLRQHV DODQMRUJHERMDQLF#IDRRUJ
8QLGDVSDUDOD$JULFXOWXUD\OD
$OLPHQWDFLyQ)$2
-DQ9DQ:DPEHNH &KLOH 2UJDQL]DFLyQGHODV1DFLRQHV MDQYDQZDPEHNH#IDRRUJ
$OLPHQWDFLyQ)$2
/DXUD0H]D &KLOH 2UJDQL]DFLyQGHODV1DFLRQHV ODXUDPH]D#IDRRUJ
$OLPHQWDFLyQ)$2
&KULVWLQD6HHEHUJ ,WDOLD 2UJDQL]DFLyQGHODV1DFLRQHV &KULVWLQD6HHEHUJ(OYHUIHOGW#IDRRUJ
$OLPHQWDFLyQ)$2
&DUORV&DUQHLUR &KLOH 2UJDQL]DFLyQGHODV1DFLRQHV FDUORVFDUQHLUR#IDRRUJ
$OLPHQWDFLyQ)$2
$QGUHV*RQ]iOH] &RORPELD 2UJDQL]DFLyQGHODV1DFLRQHV DQGUHVJRQ]DOH]#SQXGRUJFR
$OLPHQWDFLyQ)$2
0DUMD/LLVD7DSLR ,WDOLD 2UJDQL]DFLyQGHODV1DFLRQHV 0DUMD/LLVD7DSLR%LVWURP#IDRRUJ
%LVWURP 8QLGDVSDUDOD$JULFXOWXUD\OD
$OLPHQWDFLyQ)$2
*ULVHOOH9HJD 3HU~ 2UJDQL]DFLyQGHODV1DFLRQHV *ULVHOOH9HJD#IDRRUJ
$OLPHQWDFLyQ)$2
0DULDQQH7LQORW ,WDOLD 2UJDQL]DFLyQGHODV1DFLRQHV PDULDQQHWLQORW#IDRRUJ
$OLPHQWDFLyQ)$2
7RPiV/LQGHPDQQ ,WDOLD 2UJDQL]DFLyQGHODV1DFLRQHV WRPDVOLQGHPDQQ#IDRRUJ
$OLPHQWDFLyQ)$2
7LWR'LD] &KLOH 2UJDQL]DFLyQGHODV1DFLRQHV WLWRGLD]#IDRRUJ
$OLPHQWDFLyQ)$2
&DUORV*RGIUH\ &RORPELD 2UJDQL]DFLyQGHODV1DFLRQHV FDUORVJRGIUH\#IDRRUJFR
$OLPHQWDFLyQ)$2


6DUD*UDQDGRV &KLOH 2UJDQL]DFLyQGHODV1DFLRQHV VDUDJUDQDGRV#IDRRUJ
$OLPHQWDFLyQ)$2
-DYLHU$\OZLQ &KLOH 32&+ MDYLHUD\OZLQ#SRFKFO
2VFDU0HOR &KLOH 3RQWLILFLD8QLYHUVLGDG&DWyOLFD RPHOR#SXFFO
6HEDVWLiQ9LFXxD &KLOH 3RQWLILFLD8QLYHUVLGDG&DWyOLFD VYLFXQD#XFFO
)UDQFLVFR0H]D &KLOH 3RQWLILFLD8QLYHUVLGDG&DWyOLFD IPH]D#XFFO
)DXVWR-RUGiQ (FXDGRU 5HG)LQDQFLHUD5XUDO IMRUGDQ#UIURUJHF
&DUORV%HUQHU &KLOH 6DQWLDJR&OLPDWH([FKDQJH
0DUWD9LOOHJDV &RVWD5LFD 6HFUHWDUtD(MHFXWLYDGH PYLOOHJDV#PDJJRFU
3ODQLILFDFLyQ6HFWRULDO
$JURSHFXDULD6(36$
)HUQDQGR%DHULVZ\O &KLOH 6HUYLFLR$JUtFROD\*DQDGHUR IHUQDGREDHULVZ\O#VDJJREFO
6$*
(OLVHR*iOYH] *XDWHPDOD 8QLGDGGH'HVDUUROOR,QWHJUDOGH HOLJDOYH]#\DKRRFRP
&XHQFDV+LGURJUiILFDV
$QWRQLR<DNVLF &KLOH 8QLGDGGH(PHUJHQFLDV$JUtFRODV D\DNVLF#PLQDJULJREFO
(GJDU0D\HUHJJHU 3DUDJXD\ 8QLGDGGH*HVWLyQGH5LHVJR VKDORP#JPDLOFRP
0$*
0LJXHO*yPH] &RVWD5LFD 8QLGDG5HJLRQDOGH$VLVWHQFLD PUJRPH]#UXWDRUJ
7pFQLFD587$
+XJR2UWHJD &KLOH 8QLYHUVLGDG&HQWUDO KRUWHJDW#XFHQWUDOFO
3LODU0RUDJD &KLOH 8QLYHUVLGDGGH&KLOH SPRUDJD#GHUHFKRXFKLOHFO
0DUWLQH'LUYHQ &KLOH 8QLYHUVLGDGGH&KLOH PGLUYHQ#PLFO
$OHMDQGUR/HyQ &KLOH 8QLYHUVLGDGGH&KLOH DOHRQD#XFKLOHFO
-XGLWK*DOYH] &KLOH 8QLYHUVLGDGGH&KLOH MJDOYH]#XFKLOHFO
$OHMDQGUD(QJOHU &KLOH 8QLYHUVLGDGGH7DOFD PHQJOHU#XWDOFDFO
3DOPD
$OHMDQGURGHO3R]R &KLOH 8QLYHUVLGDGGH7DOFD DGHOSR]R#XWDOFDFO
/LUD
/DXUD$EUDKDP $UJHQWLQD 8QLYHUVLGDG1DFLRQDOGH&X\R ODEUDKDP#IFDXQFXHGXDU
)ODYLD9DFFDUH]]D &KLOH 8QLYHUVLGDG6DQWR7RPiV IYDFFDUH]]D#VDQWRWRPDVFO
0LFKHO/HSRUDWL &KLOH 8QLYHUVLGDG6DQWR7RPiV PLFKHOOHSRUDWL#VDQWRWRPDVFO


6HULH

VHPLQDULRV\FRQIHUHQFLDV

1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV
$JULFXOWXUD\FDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ0HPRULDGHOVHPLQDULRLQWHUQDFLRQDOUHDOL]DGRHQ
6DQWLDJRORVGtDV\GHQRYLHPEUHGH'LYLVLyQGH'HVDUUROOR3URGXFWLYR\(PSUHVDULDO/&/
'HWHUPLQDQWHVGHODVWDVDVGHUHHPSOD]RGHSHQVLRQHVGHFDSLWDOL]DFLyQLQGLYLGXDOHVFHQDULRVODWLQRDPHULFDQRV
FRPSDUDGRV'LYLVLyQGH'HVDUUROOR6RFLDO/&/31GHYHQWD6,,*86
(OHPHQWRVSDUDODFRQVROLGDFLyQGHOD5HGQDFLRQDOGHFXLGRGHODVSHUVRQDVDGXOWDVPD\RUHVHQ&RVWD5LFD
'LYLVLyQGH'HVDUUROOR6RFLDO/&/31GHYHQWD6,,*86
7DOOHUVREUHHOIRUWDOHFLPLHQWRGHODVFDSDFLGDGHVQDFLRQDOHVSDUDODJHVWLyQGHODPLJUDFLyQLQWHUQDFLRQDO³QXHYDV
WHQGHQFLDVQXHYRVDVXQWRVQXHYRVHQIRTXHVGHFDUDDOIXWXUR´&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD
&(/$'('LYLVLyQGH3REODFLyQ/&/31GHYHQWD6,,*86
/DVIDPLOLDVODWLQRDPHULFDQDVLQWHUURJDGDV+DFLDODDUWLFXODFLyQGHOGLDJQyVWLFRODOHJLVODFLyQ\ODVSROtWLFDV
/RVFHQVRVGH\ODVFRQGLFLRQHVGHYLGD&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD&(/$'(
'LYLVLyQGH3REODFLyQ/&/31GHYHQWD6,,*86
/RVFHQVRVGH\ODVDOXG&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD&(/$'('LYLVLyQGH
3REODFLyQ/&/1GHYHQWD6,,*86
3ULPHUHQFXHQWURSDUDOD5pSOLFDHQ,QQRYDFLyQ6RFLDO³/DPHGLDFLyQHOVHFUHWRSDUDSUHYHQLUODYLROHQFLDHVFRODU´
&HQVRV\ODLQFOXVLyQGHOHQIRTXHpWQLFRKDFLDXQDFRQVWUXFFLyQSDUWLFLSDWLYDFRQSXHEORVLQGtJHQDV\
DIURGHVFHQGLHQWHVGH$PpULFD/DWLQD&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD&(/$'('LYLVLyQGH
3REODFLyQ/&/31GHYHQWD6,,*86
/DFDUWRJUDItDFHQVDOHQ$PpULFD/DWLQDSDUDODURQGDGHFHQVRV&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH
'HPRJUDItD&(/$'('LYLVLyQGH3REODFLyQ/&/31GHYHQWD6,,*86
+DFLDODXQLYHUVDOLGDGFRQVROLGDULGDG\HILFLHQFLDHOILQDQFLDPLHQWRGHODSURWHFFLyQVRFLDOHQSDtVHVSREUHV\
GHVLJXDOHV$QD6RMRHGLWRUD/&/31GHYHQWD6,,*86
/DVILQDQ]DVS~EOLFDV\HOSDFWRILVFDOHQ$PpULFD/DWLQD'RFXPHQWRV\SRQHQFLDVSUHVHQWDGRVHQHO;;6HPLQDULR
,QWHUQDFLRQDOGH3ROtWLFD)LVFDO6DQWLDJRGH&KLOHDOGHHQHURGH5LFDUGR0DUWQHUHGLWRU/&/3
1GHYHQWD6,,*86

(OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ

1RPEUH

$FWLYLGDG

'LUHFFLyQ

&yGLJRSRVWDOFLXGDGSDtV

7HO)D[(PDLO

Adaptacion de La Agricultura Al Cambio Climatico

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Adaptacion de La Agricultura Al Cambio Climatico

Cargado por

Copyright:

Formatos disponibles

)XHQWH+RZGHQ  

7UDQVIRUPDFLyQ GHXVR GHODWLHUUD RFDPELR GH

1XHYRV SURGXFWRV FRPR VHUYLFLRV

&XOWLYRV SUHSDUDGRV SDUD &DPELR &OLPiWLFR

$JULFXOWXUD GHSUHFLVLyQ FRQVHQVLELOLGDG FOLPiWLFD

*HVWLyQ GH5LHVJR \'LYHUVLILFDFLyQ

0Dt] )ULMRO $UUR]

7HPSHUDWXUD &yQFDYR &yQFDYR &yQFDYR

3UHFLSLWDFLyQ &yQFDYR &yQFDYR &yQFDYR

3REODFLyQ 'LUHFWD 3RVLWLYD 'LUHFWD

,UULJDFLyQ 'LUHFWD 3RVLWLYD 'LUHFWD

,QJUHVRSRU ,QJUHVRSRU 5HQWDGHOD *DQDQFLDV 9DORU 9DORUGHOD

%DVHD      

      

     

      

     

      

     

      

     

      

     

)XHQWH6HUQD  

6LVWHPDV SURGXFWLYR\VXVWLW ELRWHFQRORJtD

SURGXFWLYRV FXOWLYRV PHMJHQpWLFR YDU

SHVWHV 3URGXFWRV\ IORUDVXHORVDJULF LQXQGDFLRQHV

 (O6LVWHPDGHOD,QWHJUDFLyQ&HQWURDPpULFD 6,&$

GHULHJRHILFLHQWHVODVSUiFWLFDVGHPDQHMRLQWHJUDGRGHSODJDV 0,3 HOPHMRUDPLHQWRJHQpWLFRDWUDYpV

LL 6H SURIXQGL]y HQ ORV PHFDQLVPRVGH VHJXLPLHQWR \ YHULILFDFLyQ GHHPLVLRQHV VXUJLGRVHQOD

F 0LQLVWHULRGHO$PELHQWH 0,1$0 

LQIRUPDFLyQ EiVLFD VREUH KLGURORJtD KLGURJHRORJtD PHWHRURORJtD JHRJUDItD EiVLFD JHRPRUIRORJtD

IRFDOL]DGD  6RVWHQLELOLGDGDPELHQWDOVRVWHQLELOLGDGHFRQyPLFD TXHQRSURPXHYDGHSHQGHQFLDVWHQJD

(O,QVWLWXWR,QWHUQDFLRQDOGH,QYHVWLJDFLyQGH3ROtWLFDV$OLPHQWLFLDV ,)35, HVWLPDTXHHOFDPELR

&2 &+ 12

'HDFXHUGRDOD(YDOXDFLyQGHORV5HFXUVRV)RUHVWDOHV )5$ VHHVWLPDTXHHQORVFXDWUR

9DULDEOHV KLGURPHWHRUROyJLFDV S HM WHPSHUDWXUDV PHGLDV WHPSHUDWXUDV Pi[LPDV

± ,QDXJXUDFLyQ 6U$QWRQLR3UDGR6HFUHWDULR(MHFXWLYR$GMXQWR&(3$/

(OFLR*XLPDUDHV &RORPELD &RQVXOWDWLYH*URXSRQ HJXLPDUDHV#FJLDURUJ

(GXDUGR9LDO5XL] &KLOH &RUSRUDFLyQ1DFLRQDO)RUHVWDO HGXDUGRYLDO#FRQDIFO

También podría gustarte

)XHQWH+RZGHQ

%DVHD

)XHQWH6HUQD

6LVWHPDV SURGXFWLYR\VXVWLW ELRWHFQRORJtD

SURGXFWLYRV FXOWLYRV PHMJHQpWLFRYDU

SHVWHV 3URGXFWRV\ IORUDVXHORVDJULF LQXQGDFLRQHV

(O6LVWHPDGHOD,QWHJUDFLyQ&HQWURDPpULFD6,&$

GHULHJRHILFLHQWHVODVSUiFWLFDVGHPDQHMRLQWHJUDGRGHSODJDV0,3HOPHMRUDPLHQWRJHQpWLFRDWUDYpV

F 0LQLVWHULRGHO$PELHQWH0,1$0

LQIRUPDFLyQ EiVLFD VREUH KLGURORJtD KLGURJHRORJtD PHWHRURORJtD JHRJUDItD EiVLFD JHRPRUIRORJtD

IRFDOL]DGD6RVWHQLELOLGDGDPELHQWDOVRVWHQLELOLGDGHFRQyPLFDTXHQRSURPXHYDGHSHQGHQFLDVWHQJD

(O,QVWLWXWR,QWHUQDFLRQDOGH,QYHVWLJDFLyQGH3ROtWLFDV$OLPHQWLFLDV,)35,HVWLPDTXHHOFDPELR

&2 &+ 12

'HDFXHUGRDOD(YDOXDFLyQGHORV5HFXUVRV)RUHVWDOHV)5$VHHVWLPDTXHHQORVFXDWUR

9DULDEOHV KLGURPHWHRUROyJLFDV S HM WHPSHUDWXUDV PHGLDV WHPSHUDWXUDV Pi[LPDV

± ,QDXJXUDFLyQ 6U$QWRQLR3UDGR6HFUHWDULR(MHFXWLYR$GMXQWR&(3$/

(OFLRXLPDUDHV &RORPELD &RQVXOWDWLYHURXSRQ HJXLPDUDHV#FJLDURUJ

(GXDUGR9LDO5XL] &KLOH &RUSRUDFLyQ1DFLRQDO)RUHVWDO HGXDUGRYLDO#FRQDIFO