Está en la página 1de 10

+RUPLJyQ&RPSDFWDGRFRQ5RGLOORGHXVRYLDO

([SHULHQFLDDUJHQWLQD
3RUORV
,QJ-XDQ$*DOL]]L0DULR$XEHUW\&DUORV$5RGy6HUUDQR

5HVXPHQ

(QHOSUHVHQWHWUDEDMRVHSDVDUHYLVWDDODVSULQFLSDOHVFDUDFWHUtVWLFDV
WpFQLFDV\YHQWDMDVHFRQyPLFDVGHO+RUPLJyQ&RPSDFWDGRFRQ
5RGLOOR +&5 HQVXVDSOLFDFLRQHVYLDOHVFRQSDUWLFXODUUHIHUHQFLDDOD
WHFQRORJtD\H[SHULHQFLDDUJHQWLQDVFRQHVWHPDWHULDODFXPXODGDV
GXUDQWHHOGHVDUUROORGHODVHWDSDVGHFDUDFWHUL]DFLyQGHORVPDWHULDOHV
ORFDOHVDHPSOHDUGRVLILFDFLyQHQVD\RVGHODERUDWRULRGLVHxR
HVWUXFWXUDOPpWRGRV\HTXLSRVSDUDFRQVWUXFFLyQFRQWUROGHFDOLGDG
FRVWRV\SRVWHULRUVHJXLPLHQWRGHFRPSRUWDPLHQWRHQORVGLYHUVRV
WUDPRVH[SHULPHQWDOHV\DHMHFXWDGRVDODIHFKDGHHODERUDFLyQGHHVWH
5HVXPHQ\HQRWURVHQSODQGHLQPHGLDWDFRQVWUXFFLyQ
(QWUHORVSULPHURVILJXUDQHOGH511ƒFHUFDQRDODFFHVRD3XHUWR
0DGU\Q3FLDGHO&KXEXWHOEDFKHRGHXQWUDPRGHOD511ƒHQOD
3FLDGH%XHQRV$LUHVHODFFHVRDOD)iEULFDGH&HPHQWR6DQ0DUWtQHQ
3DUDQi3FLDGH(QWUH5tRVHOHOD511ƒHQ&DPSDQ3FLDGH%XHQRV
$LUHVOD$YGD2VFDU2UtDVHQODFLXGDGGH-XMX\\HOGLVWULEXLGRUXUEDQR
GHOZ531ƒHQ0RQWH*UDQGH3FLDGH%XHQRV$LUHV

,QWURGXFFLyQ

(O+RUPLJyQ&RPSDFWDGRFRQ5RGLOOR+&5FRPHQ]yDHVWXGLDUVHHQ
$UJHQWLQDGHPDQHUDPHWyGLFDFDVLVLPXOWiQHDPHQWHHQVXVGRV
IRUPDVPiVLPSRUWDQWHVGHDSOLFDFLyQHQSDYLPHQWRV\HQGLTXHVGH
JUDYHGDG
/DVGLIHUHQFLDVH[LVWHQWHVHQHVWRVGRVWLSRVGHHVWUXFWXUDV
SHUWHQHFLHQWHVDOGRPLQLRGHOD,QJHQLHUtD&LYLOVRQWDQDPSOLDVTXH
OyJLFDPHQWHQHFHVLWDQGHOPDWHULDOHOFXPSOLPLHQWRGHFRQGLFLRQHV
GLVWLQWDVSDUDVDWLVIDFHUDGHFXDGDPHQWHODVH[LJHQFLDVHVSHFtILFDVGH
FDGDXQD
3RUHOOR\DWHQWRVDODHYROXFLyQTXHKDDOFDQ]DGRODLQYHVWLJDFLyQGHO
+&5HQQXHVWURSDtVODVH[SHULHQFLDVUHDOL]DGDV\ODVHQFDPLQDGDVD
HMHFXWDUVHQRVSDUHFHRSRUWXQRGHFLUTXHKDOOHJDGRHOPRPHQWRGH
GLVWLQJXLUFRQVLJODVGLIHUHQFLDOHVDDPERVWLSRVGH+&5GHQRPLQDGR
+&59DOGHXVRYLDO\+&5'DOGHOHPSOHRHQGLTXHVFRQHOREMHWRGH
DSRUWDUPiVFODULGDGHYLWDQGRFRQIXVLyQDTXLHQHVQRHVWpQ
VXILFLHQWHPHQWHDOWDQWRGHHVWRVDQWHFHGHQWHV
&XDQGRHQFRQWUiQGRQRVIUHQWHDXQQXHYRPDWHULDOVHQRVSUHVHQWDOD
SRVLELOLGDGGHHVWXGLDUORJHQHUDOPHQWHWUDWDPRVGHUHODFLRQDUORFRQOR
FRQRFLGRTXHQRVSDUHFHPiVVLPLODUVLHVWRHVSRVLEOH
(QHOFDVRGHO+&59HQFRQWUDPRVDOJXQDVFDUDFWHUtVWLFDVFRPXQHVFRQ
GRVPDWHULDOHVGHJUDQDSOLFDFLyQHQODDFWLYLGDGYLDOFRPRVRQORV
HVWDELOL]DGRUHVJUDQXODUHVFRQFHPHQWRRJUDYDVFHPHQWR\HO
KRUPLJyQGHFHPHQWRSRUWODQGXKRUPLJyQWUDGLFLRQDO
(O+&59HVVLPLODUDXQD*5$9$&(0(172HQVXDVSHFWRH[WHULRUHQ
ODIRUPDGHSURGXFFLyQFRQPiTXLQDPH]FODGRUDQHOWUDQVSRUWH
GLVWULEXFLyQ\FRPSDFWDFLyQHQHOVLVWHPDGHFXUDGRHQODUHODFLyQ
DJXDFHPHQWRTXHRVFLODHQWUH\WDPELpQHQODSRVLELOLGDG
GHVHULQPHGLDWDPHQWHOLEUDGRDOWUiQVLWRXQDYH]ILQDOL]DGDODRSHUDFLyQ
GHOFXUDGR
(VVLPLODUDO+250,*2175$',&,21$/HQVXIRUPDGHSURGXFFLyQFRQ
KRUPLJRQHUDGHSDOHWDVPyYLOHVHQHOFRQWHQLGRGHFHPHQWRTXHRVFLOD
HQWUHHO\HOGHOSHVRWRWDOGHPDWHULDOHVVHFRVLQFOXLGRHO
FHPHQWRHQODUHVSXHVWDWUDGLFLRQDOTXHFRPRFRQVHFXHQFLDSHUPLWHHO
GLVHxRGHODORVDFRQLJXDOPHWRGRORJtD\HPSOHDQGRORViEDFRV\
JUiILFRVGHXVRFRP~QSDUDHOKRUPLJyQWUDGLFLRQDO\HQHOHPSOHR
SRVLEOHGHORVPLVPRVVLVWHPDVGHFXUDGR

7DPELpQSUHVHQWDVLPLOLWXGFRQORV&21&5(726$6)$/7,&26HQHOXVR
GHLJXDOHVHTXLSRVSDUDODHWDSDFRQVWUXFWLYDFRPRODGLVWULEXFLyQFRQ
WHUPLQDGRUD\ODYLEURFRPSDFWDFLyQFRQURGLOORVOLVRV\QHXPiWLFRV
DGHPiVGHODSRVLELOLGDGGHDSHUWXUDLQPHGLDWDDOWUiQVLWR

0DWHULDOHV
(QWRGDVODVH[SHULHQFLDVSURJUDPDGDVVHKDEXVFDGRHOHPSOHR
H[FOXVLYRGHPDWHULDOHVORFDOHVRGHORVPiVSUy[LPRVDOD]RQDGHREUD

$JUHJDGRJUXHVR\ILQR
3XHGHHPSOHDUVHFDQWRURGDGRQDWXUDORSLHGUDWULWXUDGD(OWDPDxR
Pi[LPRHVLPSRUWDQWHSRUORVSUREOHPDVGHVHJUHJDFLyQ\GH
WHUPLQDFLyQVXSHUILFLDODFRQVHMiQGRVHHOXVRGH7Pi[ PP/DV
DUHQDVSXHGHQVHUGHWLSRLQGXVWULDORQDWXUDOVHJ~QODVFRQGLFLRQHV
ORFDOHV
/DH[SHULHQFLDHXURSHDTXHIXHDGRSWDGDHQQXHVWURSDtVFRQ
H[FHOHQWHVUHVXOWDGRVLQGLFDGRVWLSRVGHJUDQXORPHWUtDVGRQGHWDPELpQ
VHLQFOX\HODSUHVHQFLDGHOFHPHQWR

7DPL],5$0  7DPDxRPi[LPR
PPPP
PP
PP±
PP±±
PP±±
PP±±
PP±±
µP±±
µP±

(OSRUFHQWDMHHQTXHLQWHUYHQGUiHODJUHJDGRJUXHVR\HOILQRVH
GHWHUPLQDSRUORVPpWRGRVFRPXQHVGHFRPSRVLFLyQ
JUDQXORPpWULFD 0pWRGR'19GH5RWKIXFKVHWF SDUWLHQGRGHODVFXUYDV
WLSRLQGLFDGDVVHJ~QHOWDPDxRPi[LPRHOHJLGR\KDFLHQGRLQWHUYHQLUDO
FHPHQWRFRPRXQDJUHJDGRPiVSDUWLHQGRGHXQDFRPSRVLFLyQGHHQWUH
HO\HOGHFHPHQWRVREUHHOSHVRWRWDOGHODPH]FOD

&HPHQWRV
3XGLHQGRHPSOHDUVHFHPHQWRVFRPXQHVHVDFRQVHMDEOHHOHPSOHRGH
FHPHQWRVSX]ROiQLFRVRGHHVFRULDJUDQXODGDGHDOWRKRUQRIDEULFDGRV
HQQXHVWURSDtVEDMR,5$0GHPDQHUDGHORJUDUXQWLHPSRGH
FRPLHQ]RGHIUDJHPD\RUORTXHDVHJXUDXQŽWLHPSRGHWUDEDMRŽ
SDUDHO+&59PD\RUTXHHOTXHVHREWLHQHFXDQGRVHHPSOHDQFHPHQWR
QRUPDO
(VWHFRQFHSWRGHŽWLHPSRGHWUDEDMRŽHVLPSRUWDQWHHQODWHFQRORJtD
GHORV+&5\VHGHILQHFRPRHOWLHPSRWUDQVFXUULGRGHVGHHOFRPLHQ]R
GHODSURGXFFLyQHQKRUPLJRQHUDRHQPH]FODGRUDFXDQGRVHLQFRUSRUD
HODJXDDOKRUPLJyQKDVWDHOFRPLHQ]RGHOIUDJXDGRGHOFHPHQWRHQHO
FXDOGHEHUHDOL]DUVHWRWDOPHQWHHOWUDQVSRUWHODSXHVWDHQREUD\OD
FRPSDFWDFLyQKDVWDVXWHUPLQDFLyQ
'HEHFRQRFHUVHHQWRQFHVHOWLHPSRGHFRPLHQ]RGHIUDJHGHOFHPHQWR
TXHVHYDDHPSOHDU\HQEDVHDHVWHGDWR\ODSODQLILFDFLyQGHOWUDEDMR
DHMHFXWDUVHGHWHUPLQDUiODFRQYHQLHQFLDRQRGHDJUHJDUDGLWLYRGHO
WLSRUHWDUGDGRUGHIUDJXDGR

$JXD
(OSRUFHQWDMHySWLPRGHDJXDRVFLODHQWUHHO\HOGHOSHVRVHFRGH
ORVPDWHULDOHV
(QQXHVWUDWHFQRORJtDVHGHWHUPLQDSDUWLHQGRGHOHQVD\R3URFWRUFRQ
SUREHWDVSUHSDUDGDVFRQGLVWLQWRVSRUFHQWDMHVGHKXPHGDGHQWUHHO\
HO FLQFRSXQWRV FRPSDFWDGDVGHDFXHUGRDO(QVD\R91(
 (QVD\R9 ORTXHSHUPLWHGHWHUPLQDUOD+XPHGDGySWLPD\OD
'HQVLGDGPi[LPDGHOPDWHULDOHVWH~OWLPRYDORURVFLODHQODV
H[SHULHQFLDVHQWUH\JFP
(O+&59HVPX\VHQVLEOHDODVYDULDFLRQHVGHOFRQWHQLGRGHDJXDODIDOWD
DXPHQWDHOULHVJRGHVHJUHJDFLyQ\HOH[FHVRGLILFXOWDHO
DSURYHFKDPLHQWRWRWDOGHODHQHUJtDGHFRPSDFWDFLyQ

$GLWLYRV
6HWUDWDUiJHQHUDOPHQWHGHHYLWDUVXXVR~QLFDPHQWHSXHGHUHVXOWDU
LQWHUHVDQWHHOHPSOHRGHUHWDUGDGRUHVGHIUDJXDGRHQFX\RFDVROD
LQFRUSRUDFLyQGHEHUHDOL]DUVHMXQWRFRQHODJXDHQVXLQJUHVRDOD
KRUPLJRQHUDRPH]FODGRUD

&DSDFLGDGHVWUXFWXUDO

3DUWLHQGRGHODGRVLILFDFLyQHVWDEOHFLGD\GHOD+XPHGDGySWLPD
HQFRQWUDGDVVHSURFHGHDIDEULFDUSUREHWDVTXHVHUYLUiQSDUDDODHGDG
GH\GtDVHYDOXDUVXUHVLVWHQFLDHVWUXFWXUDO
/DVSUREHWDVVHSURGXFHQFRQHOPLVPRVLVWHPDGHFRPSDFWDFLyQ
LQGLFDGRTXHGDQGRODVGLPHQVLRQHVDSUR[LPDGDVHQFPGHGLiPHWUR
\FPGHDOWXUD(OFXUDGRHVHOWUDGLFLRQDOSDUDSUREHWDVGH
KRUPLJyQHQFiPDUDK~PHGDDƒ&\GHKXPHGDG
/RVHQVD\RVGHUHVLVWHQFLDVHKDFHQDURWXUDSRUFRPSUHVLyQGLDPHWUDO
VHJ~Q,5$0
/RVYDORUHVTXHVHREWLHQHQDORVGtDVRVFLODQHQWUHORV\
NJFPVLVHKDQVHJXLGRODVUHFRPHQGDFLRQHVLQGLFDGDVFRPRVHKD
FRPSUREDGRHQHVWRVWUDEDMRV
(VLPSRUWDQWHWDPELpQFRQRFHUODŽFDSDFLGDGVRSRUWHLQPHGLDWDŽGHO
PDWHULDOORTXHSRVLELOLWDUiVXFRUUHFWDFRPSDFWDFLyQFRQURGLOORV
YLEUDQWHV3DUDHOORVHVRPHWHQSUREHWDVFRPSDFWDGDVDOGHOD
'HQVLGDGPi[LPDDOHQVD\RGH9DORU6RSRUWHHOTXHGHEHUHVXOWDULJXDO
RPD\RUDO
(VWDFRQGLFLyQHVFXPSOLGDVDWLVIDFWRULDPHQWHFRQIDFLOLGDGSRUODV
SURSLDVFDUDFWHUtVWLFDVGHOPDWHULDO(OHQVD\RGHEHUHDOL]DUVH
LQPHGLDWDPHQWHGHSUHSDUDGDODSUREHWDVLQVREUHFDUJD\VLQ
HPEHELPLHQWRSUHYLR
(VLPSRUWDQWHGHWHUPLQDUODVHQVLELOLGDGGHODPH]FODDODVYDULDFLRQHV
GHODHQHUJtDGHFRPSDFWDFLyQ\HOSRUFHQWDMHGHKXPHGDGSDUDOXHJR
DMXVWDUORVQHFHVDULRVFRQWUROHVHQREUD
/DPHWRGRORJtDDFRQVHMDGDFRQVLVWHHQFRQIHFFLRQDUSUREHWDV
FRPSDFWDQGRFRQGLVWLQWDVHQHUJtDV\JROSHVSRUHMHPSOR
YHULILFDQGRHQFDGDXQDODGHQVLGDGORJUDGD\ODUHVLVWHQFLDDURWXUDSRU
FRPSUHVLyQGLDPHWUDOGHODVPLVPDV
/DVHQVLELOLGDGDODJXDVHSXHGHFRQRFHUSUHSDUDQGRSUREHWDVYDULDQGR
HOSRUFHQWDMHFRUUHVSRQGLHQWHDOD+XPHGDGySWLPDHQ±\±\
FRPSDFWDQGRSDUDGHQVLGDGHVGHO\GHOD'HQVLGDG
Pi[LPDREWHQLGDGHODPDQHUDLQGLFDGD\GHWHUPLQDQGRODHQHUJtDGH
FRPSDFWDFLyQQHFHVDULDSDWDFDGDYDULDFLyQGHODKXPHGDG
3DUDHOGLVHxRHVWUXFWXUDOGHEHHPSOHDUVHHOYDORUUHSUHVHQWDWLYRGHOD
UHVLVWHQFLDDURWXUDSRUFRPSUHVLyQGLDPHWUDOREWHQLGRFRQSUREHWDV
FRPSDFWDGDVDOGHOD'HQVLGDGPi[LPD

'LVHxRHVWUXFWXUDO
&RQRFLGDODFDSDFLGDGHVWUXFWXUDOGHO+&59TXHVHXWLOL]DUiHQREUDHO
GLVHxRGHOHVSHVRUGHODVORVDVVHKDUHDOL]DGRGHDFXHUGRFRQORV
PpWRGRVHPSOHDGRVSDUDGLVHxRHQSDYLPHQWRVWDQWRUXUDOHVFRPR
XUEDQRVGHKRUPLJyQWUDGLFLRQDO
6HGHWHUPLQDUiSRUORVPpWRGRVFRQRFLGRVHO965GHODVXEUDVDQWH\
ODVFDUJDVTXHDFWXDUiQVREUHODHVWUXFWXUDGHOFDPLQRTXHVHREWLHQHQ
JHQHUDOPHQWHGHORVFHQVRVGHFDUJDVGLVSRQLEOHVSUHGLPHQVLRQDQGRD
ODORVGH+&59HPSOHDQGRORVPLVPRVHOHPHQWRVTXHVHXWLOL]DQSDUDODV
ORVDVGHKRUPLJyQWUDGLFLRQDO$OUHVSHFWRGHHVWRVHOHPHQWRVSDUDHO
GLVHxRiEDFRV\JUiILFRVVHHVWLPDTXHDPHGLGDTXHDYDQFHHO
FRQRFLPLHQWRGHOKRUPLJyQVHSRGUiQFRQIHFFLRQDUQXHYRVJUiILFRV
HVSHFLDOPHQWHSUHSDUDGRVSDUDGLVHxDUFRQ+&59
7RGRHVWHPDWHULDOGHWUDEDMRQHFHVDULRSDUDHOFRUUHFWR
GLPHQVLRQDPLHQWRGHORVSDYLPHQWRVUtJLGRVVHHQFXHQWUDHQODV
SXEOLFDFLRQHVFRUUHVSRQGLHQWHVGHO,&3$

)LVXUDFLyQ
/DVILVXUDVSRUFRQWUDFFLyQLQLFLDOVHSURGXFHQQRUPDOPHQWHHQORV+&59
UHVSRQGLHQGRDODVFDXVDVFDUDFWHUtVWLFDVGHORVSDYLPHQWRVUtJLGRV
SHURHQHVWHFDVRSDUWLFXODUDGLVWDQFLDVPD\RUHVTXHHQORVGH
KRUPLJyQWUDGLFLRQDOSRUTXHODUHODFLyQDJXDFHPHQWRHVPHQRUORTXH
VLJQLILFDXQDPHQRUFDQWLGDGGHDJXDVREUDQWHDHOLPLQDU/D
H[SHULHQFLDDUJHQWLQDFRLQFLGHHQHVWHFDVRFRQODHXURSHD\ODVILVXUDV
VHSURGXFHQHQWUHORV\PREVHUYiQGRVHPD\RUUHJXODULGDG\
SHUSHQGLFXODULGDGUHVSHFWRDOHMHORQJLWXGLQDOGHFDO]DGD\HVSHVRUGH
DEHUWXUDPHQRU
1RVHSURGXFHILVXUDFLyQORQJLWXGLQDORGHDUWLFXODFLyQFRQGLFLyQTXHVH
KDFXPSOLGRHQWRGDVODVH[SHULHQFLDVUHDOL]DGDVKDVWDHVWHPRPHQWRHQ
HOSDtV
/DWHQGHQFLDDFWXDOHVSHUPLWLUODOLEUHILVXUDFLyQGHODVORVDV\OXHJR
SURFHGHUDOVHOODGRFRUUHVSRQGLHQWHFXDQGRVHDQHFHVDULR
3HURFXDQGRHO+&59VHHPSOHDFRPRFDSDGHURGDPLHQWRVLQ
UHFXEULPLHQWRHVDFRQVHMDEOHFRQVWUXLUMXQWDVWUDQVYHUVDOHVSRUHO
PpWRGRFOiVLFRGHSURYRFDUODILVXUDGHELOLWDQGRODVHFFLyQGHODORVD
FRQODYHQWDMDDGLFLRQDOTXHHOWLHPSRGHFRPLHQ]RGHODILVXUDFLyQHV
PD\RUTXHHQHOKRUPLJyQFOiVLFRQRDQWHVGHODVVHWHQWD\GRVKRUDV
GHYLGDSRUORTXHLQLFLDUODVRSHUDFLRQHVGHIRUPDFLyQGHMXQWDVQR
UHVXOWDWDQDSUHPLDQWHHQHOWLHPSR

&DOLGDGVXSHUILFLDO
/DVH[LJHQFLDVYDUtDQVHJ~QTXHODORVDGH+&59HVWpGHVWLQDGDDVHU
UHFXELHUWDRQR
/RVFRQWUROHVGHUHJXODULGDGVXSHUILFLDOVRQLJXDOHVDORVTXHVHUHDOL]DQ
VREUHORVDVGHKRUPLJyQFOiVLFRFRQORVHTXLSRVTXHSXHGHQHPSOHDUVH\
ODVH[LJHQFLDVTXHGHEHQFXPSOLUVH
6LHO+&59YDDVHUUHFXELHUWRODVH[LJHQFLDVGLVPLQX\HQ\YDUtDQSDUD
UHFXEULPLHQWRVFRQWUDWDPLHQWRVRFRQFUHWRVDVIiOWLFRV
/RJUDUXQDEXHQDWHUPLQDFLyQVXSHUILFLDOGHDFXHUGRFRQODH[SHULHQFLD
DFXPXODGDWLHQHUHODFLyQFRQODJUDQXORPHWUtDGHORVDJUHJDGRV
FRQYLHQHXQ7Pi[QRPD\RUGHPPFRQHOHTXLSRGHGLVWULEXFLyQ
TXHVHHPSOHH(VDFRQVHMDEOHXQDWHUPLQDGRUDFRQSUHFRPSDFWDFLyQ
GHOPDWHULDOHQOXJDUGHGLVWULEXLUORFRQPRWRQLYHODGRUDVHJXLGRSRUHO
HTXLSRGHFRPSDFWDFLyQURGLOORVOLVRVYLEUDQWHVXVDGRV
FRQYHQLHQWHPHQWH\URGLOORQHXPiWLFRSDUDWHUPLQDFLyQILQDO
/DH[SHULHQFLDUHDOL]DGDHVDOHQWDGRUDHQHVWHVHQWLGRSRUTXHVHKD
SRGLGRGHPRVWUDUHQREUDTXHWRPDGDVODVSUHFDXFLRQHVPHQFLRQDGDV\
DGHFXiQGRODVDODVFRQGLFLRQHVGHREUDVHSXHGHQORJUDUXQD
WHUPLQDFLyQTXHFXPSODFRQODVH[LJHQFLDVGHUHJXODULGDGHVSHFLILFDGDV
HVWDVH[LJHQFLDVHVWiQGHWDOODGDVGHPDQHUDFRPSOHWDHQHOFDStWXOR
FRUUHVSRQGLHQWHGHOD,QVWUXFFLyQGHWUDEDMRPD\RGH3OLHJRGH
(VSHFLILFDFLRQHV7pFQLFDVSDUD7UDPR([SHULPHQWDOGH+RUPLJyQ
&RPSDFWDGRFRQ5RGLOORHGLWDGRSRUHO,&3$

0pWRGRVFRQVWUXFWLYRV
7RGDVODVH[SHULHQFLDVUHDOL]DGDV\ODVDFWXDOPHQWHHQSURJUDPDFLyQVH
KDQRULHQWDGRHQORTXHUHVSHFWDDODFRQVWUXFFLyQGHOSDYLPHQWRHQOD
H[SHULHQFLDHXURSHDSHURDGDSWiQGRODDQXHVWUDPRGDOLGDGGHWUDEDMR
PDWHULDOHV\HTXLSDPLHQWRSDUDDVtORJUDUXQDWHFQRORJtDSURSLD
(VWDIRUPDGHHQFDUDUODHWDSDGHFRQVWUXFFLyQHVVLPLODUDODTXHVH
VLJXLyHQODVHWDSDVGHHOHFFLyQGHPDWHULDOHVGRVLILFDFLyQHYDOXDFLyQ
HVWUXFWXUDO\GLVHxRDQDOL]DGDVSUHFHGHQWHPHQWH
/DVHWDSDVFRQVWUXFWLYDVGHWDOODGDVEUHYHPHQWHVRQ

3URGXFFLyQ
(O+&59VHSXHGHSURGXFLUHQSODQWDPH]FODGRUDGHOWLSRHPSOHDGRSDUD
VXHORFHPHQWRRPH]FODJUDQXODU\WDPELpQHQSODQWDKRUPLJRQHUDGH
SDOHWDVPyYLOHV/DVSULPHUDVGRVLILFDQSRUYROXPHQ\ODVVHJXQGDVSRU
SHVDGDV$PEDVUHVXOWDQHILFLHQWHV\HQQXHVWUDH[SHULHQFLDDFXPXODGD
FRQORVGRVVLVWHPDVVHKDQORJUDGREXHQRVUHVXOWDGRV
6HSURGXFHQHQHOSDtVDPSOLDYDULDFLyQGHPDQHUDTXHVXHPSOHRQR
SUHVHQWDGLILFXOWDG

7UDQVSRUWH
6HUHDOL]DHQFDPLRQHVYROFDGRUHVVLQQLQJ~QGLVSRVLWLYRHVSHFLDO6yOR
GHEHFXLGDUVHHQYHUDQRODSRVLEOHHYDSRUDFLyQGHDJXDSDUDORTXH
SXHGHUHVXOWDUFRQYHQLHQWHFXEULUFRQXQWROGRDGHFXDGRDOPDWHULDO

/DDOWXUDGHFDtGDGHVGHODSODQWDDOFDPLyQGHEHFXLGDUVHTXHUHVXOWHOD
PtQLPDSRVLEOHSDUDHYLWDUSUREOHPDVGHVHJUHJDFLyQ

/DGLVWDQFLDGHWUDQVSRUWHGHEHWDPELpQFRQVLGHUDUVHHQORTXH
UHSUHVHQWDFRPRFRQVXPRGHSDUWHGHO WLHPSRGHWUDEDMR FX\D
LPSRUWDQFLD\DVHKDH[SOLFDGRSUHFHGHQWHPHQWH

'LVWULEXFLyQ
(VWDRSHUDFLyQSXHGHUHDOL]DUVHGHVGHODIRUPDPiVHOHPHQWDOTXH
FRQVLVWHHQHOHPSOHRGHPRWRQLYHODGRUDKDVWDODPiVDYDQ]DGDFRQ
WHUPLQDGRUDSDUDFRQFUHWRDVIiOWLFRTXHGHMDQHOPDWHULDO
SUHFRPSDFWDGR\VHPLWHUPLQDGR&RPRHOHPHQWRLQWHUPHGLRVHSXHGHQ
PHQFLRQDUODVGLVWULEXFLRQHVWLSR FDMyQ TXHVXHOHQHPSOHDUVHHQ
EDVHVHVWDELOL]DGDVJUDQXODUHV

3RUVXSXHVWRTXHVHJ~QODPD\RURPHQRUFDOLGDGGHOHTXLSRGLVWULEXLGRU
VHUiHOUHVXOWDGRTXHVHREWHQJDHQORUHIHUHQWHDXQLIRUPLGDGGH
HVSHVRUHV\WHUPLQDFLyQVXSHUILFLDO

(QHVWDHWDSDHVFRQYHQLHQWHGLVSRQHUGHXQHTXLSRSDUDULHJRFRQDJXD
SRUSXOYHUL]DFLyQSRUVLVHSURGXMHUDHOVHFDPLHQWRGHODVXSHUILFLH
7DPELpQGHEHFRQWURODUVHVLODEDVHGHDVLHQWRHVWiVHFDDQWHVGHOD
GLVWULEXFLyQGHOKRUPLJyQHQFX\RFDVRHVQHFHVDULRXQSUHYLRULHJR
FRQHOHTXLSRGLVSRQLEOHSRUHMHPSORXQFDPLyQUHJDGRU

/DGLVWULEXFLyQVHUHDOL]DSRUFDUULOHVGHDFXHUGRFRQHODQFKRTXH
SHUPLWHDOHTXLSRVLHPSUHVHWUDWDUiGHWHUPLQDUHQXQDOtQHDSDUD
WRGRVORVFDUULOHVDREMHWRGHIRUPDUXQDVRODMXQWDWUDQVYHUVDOGH
FRQVWUXFFLyQ

2WUDYHQWDMDGHHVWHPDWHULDOFRQUHVSHFWRDOKRUPLJyQWUDGLFLRQDOHV
TXHQRSUHFLVDGHPROGHVODWHUDOHVSDUDVXFRQWHQFLyQ\DTXHVXSURSLD
FRQVLVWHQFLDLQLFLDOORPDQWLHQHFRQIRUPDGRDGHFXDGDPHQWH

&RPSDFWDFLyQ
6HHPSOHDQORVPLVPRVHTXLSRVTXHVHXWLOL]DQHQODFRPSDFWDFLyQGHO
FRQFUHWRDVIiOWLFR

(OURGLOOROLVRYLEUDQWHFRQYLHQHTXHWHQJDXQSHVRGHRPiV
NJFPGHJHQHUDWUL]

(OURGLOORQHXPiWLFRSXHGHHPSOHDUVHFRQXQDFDUJDGHNJSRU
UXHGD\SUHVLyQGHLQIODGRPD\RURLJXDODNJFP

6HFRPLHQ]DFRQHOURGLOOROLVRHVWiWLFR\OXHJRVHWUDEDMDYLEUDQGRFRQ
HOQ~PHURGHSDVDGDV WUD\HFWRGHLGD\YXHOWDGHOURGLOOR VXILFLHQWHV
SDUDORJUDUODGHQVLGDGHVSHFLILFDGD

1RKD\XQQ~PHURILMRGHSDVDGDVGHURGLOOROLVRGHEHUHDOL]DUVHXQD
H[SHULHQFLDSUHYLDDODREUDHQXQWUDPRHOHJLGRH[SUHVDPHQWHGRQGH
VHYHULILTXHHOQ~PHURGHSDVDGDVQHFHVDULDVTXHSXHGHYDULDUHQWUH
FXDWUR\GLH]SHURFRPRTXHGDLQGLFDGRWRGRGHSHQGHGHODV
FDUDFWHUtVWLFDVGHODEDVHGHOPDWHULDO\GHOHTXLSRGLVSRQLEOHGHO
HVSHVRU\GHOFOLPD

)LQDOPHQWHVHSDVDHOURGLOORQHXPiWLFRFX\DPLVLyQHVPHMRUDUOD
WHUPLQDFLyQGHODORVDERUUDQGRODVSHTXHxDVGHILFLHQFLDVTXHSXHGHQ
TXHGDUOXHJRGHOSDVRGHOURGLOOROLVR

7DPELpQSDUDHVWDHWDSDHVQHFHVDULRGLVSRQHUGHXQHTXLSRSDUDUHJDU
DJXDSRUDVSHUVLyQSRUVLIXHUDQHFHVDULRHVSHFLDOPHQWHHQGtDVGH
YHUDQR\YHQWRVRV

/DFRPSDFWDFLyQGHORVERUGHVHVXQSXQWRLPSRUWDQWHVLVHWUDEDMDSRU
FDUULOHVKD\TXHGHMDUVLQFRPSDFWDUXQDWLUDORQJLWXGLQDOGH
DSUR[LPDGDPHQWHFPGHDQFKRTXHDFW~DGHFRQWHQFLyQOXHJRDO
FRPSDFWDUHOVHJXQGRFDUULOVHFRPSDFWDUiHVWDWLUD3DUDODFRQWHQFLyQ
ODWHUDOVHWUDEDMDHQLJXDOIRUPDUHDOL]iQGRVHODFRPSDFWDFLyQGHODWLUD
MXQWRFRQHOPDWHULDOGHEDQTXLQDV

(QORVSDYLPHQWRVXUEDQRVODFRQWHQFLyQODWHUDOVHUHDOL]DFRQORV
FRUGRQHVFRORFDGRVSUHYLDPHQWH

&XUDGR
6HUHDOL]DLQPHGLDWDPHQWHGHVSXpVGHWHUPLQDGDODFRPSDFWDFLyQ

6HDFRQVHMDHPSOHDUHPXOVLyQDVIiOWLFDDQLyQLFDGLVWULEXLGDFRQFDPLyQ
UHJDGRU6LVHYDDOLEHUDUDOWUiQVLWRORTXHSXHGHKDFHUVHQRELHQ
URPSDODHPXOVLyQHVXQULHJRFRQDUHQDHQXQHVSHVRUGHPP
DSUR[LPDGDPHQWHSDUDHYLWDUTXHHODVIDOWRVHDOHYDQWDGRSRUODV
UXHGDVGHORVYHKtFXORV

7DPELpQSXHGHFXUDUVHFRQORVVLVWHPDVFOiVLFRVGHFXUDGRGHORV
SDYLPHQWRVGHKRUPLJyQ

-XQWDV
&RPRVHKDH[SUHVDGRQRHVQHFHVDULDODFRQVWUXFFLyQGHMXQWDV
WUDQVYHUVDOHVGHFDGDMRUQDGDGHWUDEDMRTXHGHEHPDWHULDOL]DUVHGH
DFXHUGRFRQORLQGLFDGRWUDWDQGRGHTXHVHD~QLFDSDWDWRGRHODQFKR
GHODFDO]DGD1RUPDOPHQWHVHFRQVWUX\HTXLWDQGRODFXQDFRQVWUXLGD
SDUDHODFFHVRGHORVUHVXOWDGRVDOILQDOGHOGtD\FRUWDQGRYHUWLFDOPHQWH
ODVHFFLyQWUDQVYHUVDOGHODORVD

(OFXLGDGRGHODMXQWDRGHODILVXUDFXDQGRpVWDVHPDQLILHVWDVHOLPLWDD
XQVHOODGRHPSOHDQGRORVPDWHULDOHV\PpWRGRVWUDGLFLRQDOHV

&RQWUROHVGHFDOLGDG
6HORVFODVLILFDHQGRVFDWHJRUtDVVHJ~QGRQGHVHUHDOL]DQ

&RQWUROHVHQSODQWD\HQREUD

&RQWUROHVHQSODQWD
$GHPiVGHOFRUUHFWRFDOLEUDGRGHODSODQWDVHDpVWDSRUSHVDGDRSRU
YROXPHQ\GHORVFRQWUROHVHVSHFtILFRVSDUDFDGDPDWHULDODFRSODGRHV
LPSRUWDQWHHOFRQWUROGHJUDQXORPHWUtDGHODPH]FOD3DUDHOORVHWRPDUi
PDWHULDOPH]FODGRVHFRDQWHVGHOLQJUHVRGHODJXD\VHGHWHUPLQDUiVX
JUDQXORPHWUtDSDUDFRPSDUDUODFRQODPH]FODJUDQXORPpWULFDWLSR
UHDOL]DQGRODVFRUUHFFLRQHVTXHFRUUHVSRQGHQVLIXHUDQHFHVDULR

(OSRUFHQWDMHGHKXPHGDGGHODPH]FODGHEHWDPELpQFRQWURODUVHHQ
SODQWDUHWLUDQGRPDWHULDOGHOFDPLyQFDUJDGRSDUDVXWUDQVSRUWHDREUD

/DSHULRGLFLGDGGHHVWRVGRVFRQWUROHVGHSHQGHGHOULWPRGHDYDQFHGH
ODREUDSHURHQFRQGLFLRQHVQRUPDOHVODJUDQXORPHWUtDGHEHYHULILFDUVH
WUHVYHFHVDOGtDSRUODPDxDQDDOPHGLRGtD\SRUODWDUGH

(QHOFDVRGHOSRUFHQWDMHGHKXPHGDGGDGDODDOWDVHQVLELOLGDGGHO+&5
DODVYDULDFLRQHVGHODJXDHVFRQYHQLHQWHXQFRQWUROHVWULFWR3XHGH
UHDOL]DUVHSRUHMHPSORFDGDKRUDGHWUDEDMRHVWHLQWHUYDORGHWLHPSR
YDULDUiVHJ~QODQRUPDOLGDGTXHVHYHULILTXHHQORVYDORUHVREWHQLGRV
WDPELpQGHEHDWHQGHUVHDODVFRQGLFLRQHVFOLPiWLFDVHQTXHVHHVWi
GHVHQYROYLHQGRODREUD

6HWHQGUiHQFXHQWDTXHGHOPLVPRFDPLyQTXHVHUHWLUyPDWHULDOSDUD
DQDOL]DUVHYROYHUiDUHWLUDUXQDYH]TXHpVWHOOHJXHDODREUDSDUD
GHWHUPLQDUXQQXHYRSRUFHQWDMHGHKXPHGDGTXHSHUPLWLUiYDORUDUODV
SpUGLGDVTXHSXGLHUDQRFXUULUGXUDQWHHOWUD\HFWRGHSODQWDHQREUD

6HPROGHDUiQSUREHWDVFRQPDWHULDOH[WUDtGRHQSODQWDSDUDOXHJRGH
FXUDGDVHQVD\DUODVDURWXUDSRUFRPSUHVLyQGLDPHWUDOORTXHSHUPLWLUi
YHULILFDUODFDOLGDGHVWUXFWXUDOGHODPH]FOD

4XHGDVREUHHQWHQGLGRTXHWRGDVHVWDVRSHUDFLRQHVGHFRQWUROGHEHQ
UHDOL]DUVHHPSOHDQGRODPLVPDPHWRGRORJtDTXHIXHXVDGDHQODHWDSD
LQLFLDOGHHYDOXDFLyQ\GLVHxR

&RQWUROHVHQREUD
(OFRQWUROGHOSRUFHQWDMHGHKXPHGDGGHODPH]FOD&RPRVHH[SUHVDUD
SUHFHGHQWHPHQWHVHKDUiFRQPDWHULDOGHOPLVPRFDPLyQGHGRQGHVH
H[WUDMRSDUDLJXDOFRQWUROHQSODQWD

/DPHGLFLyQGHOHVSHVRUGHODFDSDVHKDFHGHVGHODPLVPDPiTXLQD
GLVWULEXLGRUDDPHGLGDTXHpVWDDYDQ]DGHPDQHUDTXHFXDOTXLHUHUURU
SXHGDFRUUHJLUVHLQPHGLDWDPHQWH

(OFRQWUROGHDYDQFHGHODGHQVLILFDFLyQ\GHOSRUFHQWDMHGHKXPHGDG
GXUDQWHODFRPSDFWDFLyQFRQURGLOORVHUHDOL]DSRULQWHUPHGLRGHQ~FOHR
GHQVtPHWURVLHQGRORVHTXLSRV7UR[OHUORVTXHKDQDOFDQ]DGRPD\RU
GLYXOJDFLyQSHUPLWHQPHGLUGHQVLGDGK~PHGD\VHFDGHOPDWHULDO\HO
SRUFHQWDMHGHKXPHGDGFRQWUROTXHVHSXHGHUHDOL]DUDGLVWLQWDV
SURIXQGLGDGHVGHQWURGHOHVSHVRUGHODFDSD

6HDFRVWXPEUDFRQWURODUWDPELpQODGHQVLGDGSRUHOPpWRGRGHODDUHQD
RGHOYROXPHQyPHWURSDUDHIHFWXDUODVFRPSDUDFLRQHVGHYDORUHV
REWHQLGRVHQXQPLVPROXJDU\IXQGDPHQWDOPHQWHKDVWDTXHHOSHUVRQDO
DFWXDQWHVHIDPLOLDULFHFRQHVWDQXHYDWHFQRORJtD

(OFRQWUROGHFXUDGRFRQHPXOVLyQDVIiOWLFDVHHIHFW~DGHPDQHUDVLPLODU
DOPpWRGRHPSOHDGRSDUDFRQWURODUORVULHJRVDVIiOWLFRVFRPXQHV

(OFRQWUROGHUHJXODULGDGVXSHUILFLDOSXHGHUHDOL]DUVHFRQUHJODGH
PGHDFXHUGRFRQODVH[LJHQFLDVYLJHQWHVHQSOLHJRVSDUDORV
PGHDFXHUGRFRQODVH[LJHQFLDVYLJHQWHVHQSOLHJRVSDU
SDYLPHQWRVFRQKRUPLJyQWUDGLFLRQDO

2EUDVHMHFXWDGDVFRQ+&5GHDSOLFDFLyQYLDO
(O3ODQGH,QYHVWLJDFLyQ\([SHULPHQWDFLyQRUJDQL]DGR\OOHYDGRDOD
SUiFWLFDSRUHO,&3$TXHDEDUFDDWRGRHOSDtVVHSURJUDPyFRQODLGHD
GHGHVDUUROODUHQFDGDOXJDUGRQGHVHHMHFXWDHOWUDEDMRPiV
FRPSOLFDGRSRVLEOHTXHFRPSUHQGHDWRGDVODVHWDSDVGHVGHHOHVWXGLR
GHORVPDWHULDOHVORFDOHVGLVSRQLEOHVKDVWDODHMHFXFLyQ\KDELOLWDFLyQGHO
WUDPRFRQHOVHJXLPLHQWRSRVWHULRUSDUDHYDOXDUUHVXOWDGRV\
FRPSRUWDPLHQWRWUDWDQGRGHKDFHUSDUWLFLSDUDWRGDVOD,QVWLWXFLRQHV

También podría gustarte