Está en la página 1de 26

(YDOXDFLyQ GHO ULHVJR TXtPLFR YDORUHV OtPLWH GH /D HYDOXDFLyQ GHO ULHVJR TXtPLFR FRQVLGHUD ODV SURSLHGDGHV

H[SRVLFLyQ H tQGLFHV GH H[SRVLFLyQ LQWUtQVHFDV GH ORV GLVWLQWRV DJHQWHV \ DQDOL]D ODV FRQGLFLRQHV
GH WUDEDMR
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


(O 5'  VREUH OD SURWHFFLyQ GH OD VDOXG \ OD  &RQGLFLRQHV GH XWLOL]DFLyQ GHO DJHQWH HQ HO SURSLR SURFHVR
VHJXULGDG GH ORV WUDEDMDGRUHV FRQWUD ORV ULHVJRV UHODFLRQDGRV SURGXFWLYR
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
FRQ ORV DJHQWHV TXtPLFRV GXUDQWH HO WUDEDMR HVWDEOHFH HQWUH  &DQWLGDG
RWUDV  *UDGR GH FRQILQDPLHQWR
 ODV GHILQLFLRQHV  7HPSHUDWXUD
 HYDOXDFLyQ GH ORV ULHVJRV  3UHVLyQ
 SULQFLSLRV JHQHUDOHV SDUD OD SUHYHQFLyQ GH ORV  2WURV
ULHVJRV SRU DJHQWHV TXtPLFRV
 &RQGLFLRQHV UHODWLYDV D ODV SRVLEOHV FLUFXQVWDQFLDV HQ ODV
 PHGLGDV HVSHFtILFDV GH SUHYHQFLyQ \ SURWHFFLyQ TXH LQWHUYLHQHQ ORV WUDEDMDGRUHV
 YLJLODQFLD GH OD VDOXG  7LSR GH DFWLYLGDG
 PHGLGDV D DGRSWDU IUHQWH D DFFLGHQWHV LQFLGHQWHV \  &RQWLQXLGDG GH ORV SURFHVRV
HPHUJHQFLDV
 SURKLELFLRQHV

73 74
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

/D HYDOXDFLyQ GHO ULHVJR KLJLpQLFR FXDQGR OD H[SRVLFLyQ VH


SURGXFH SRU LQKDODFLyQ VH EDVD HQ OD PHGLFLyQ GH ODV
FRQFHQWUDFLRQHV DPELHQWDOHV VLHQGR QHFHVDULR LQWURGXFLU XQD
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


VHULH GH QXHYRV FRQFHSWRV
([SRVLFLyQ 'LDULD (' OD FRQFHQWUDFLyQ DPELHQWDO HQ OD ]RQD
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
GH UHVSLUDFLyQ GHO WUDEDMDGRU PHGLGD R FDOFXODGD FRPR WH[S K('&7
PHGLD SRQGHUDGD UHVSHFWR DO WLHPSR SDUD XQD MRUQDGD
QRUPDOL]DGD GH  KRUDV

WH[S !  K (' ! &7

WH[S  K (' &7

75 76
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(Q XQD VHFFLyQ GH XQD IDEULFD GRQGH VH UHDOL]DQ YDULDV (Q OD PLVPD VHFFLyQ VH PLGH OD H[SRVLFLyQ DO PLVPR
RSHUDFLRQHV VXFHVLYDV VH PLGH OD H[SRVLFLyQ D XQD VXVWDQFLD FRQWDPLQDQWH SDUD HO SXHVWR &
FX\R 9/$(' HV GH  SSP HQFRQWUiQGRVH ORV VLJXLHQWHV &  SSP  K  SSP  K  SSP  K  SSP K
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


YDORUHV \ WLHPSRV GH H[SRVLFLyQ SDUD GRV SXHVWRV $ \ %
&DOFXOH OD H[SRVLFLyQ GLDULD D GLFKR FRQWDPLQDQWH
$  SSP  K  SSP  K  SSP  K
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
%  SSP  K  SSP  K  SSP  K  SSP  K
(Q HVWH FDVR OD H[SRVLFLyQ GLDULD HV GH  K D SHVDU GH OR
&DOFXOH OD H[SRVLFLyQ GLDULD D GLFKR FRQWDPLQDQWH FXDO VH VLJXH GLYLGLHQGR SRU 

(Q DPERV FDVRV OD H[SRVLFLyQ GLDULD HV GH  K σ F āW āāāā


3XHVWR & ('  L L   SSP
 
σ F āW āāā
3XHVWR $ ('  L L   SSP
 

σ F āW āāāā
3XHVWR % ('  L L   SSP
 

77 78
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

([SRVLFLyQ GH &RUWD 'XUDFLyQ (& OD FRQFHQWUDFLyQ PHGLD GHO 9DORUHV /tPLWH $PELHQWDOHV YDORUHV OtPLWH GH UHIHUHQFLD SDUD
DJHQWH TXtPLFR HQ OD ]RQD GH UHVSLUDFLyQ GHO WUDEDMDGRU ODV FRQFHQWUDFLRQHV GH ORV DJHQWHV TXtPLFRV HQ OD ]RQD GH
PHGLGD R FDOFXODGD SDUD FXDOTXLHU SHUtRGR GH  PLQXWRV D OR UHVSLUDFLyQ GH XQ WUDEDMDGRU
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


ODUJR GH OD MRUQDGD ODERUDO
6H GLVWLQJXHQ GRV WLSRV GH 9DORUHV /tPLWH $PELHQWDOHV
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
D 9DORU /tPLWH $PELHQWDO SDUD OD ([SRVLFLyQ 'LDULD 9/$
(' \
E 9DORU /tPLWH $PELHQWDO SDUD ([SRVLFLRQHV GH &RUWD
'XUDFLyQ 9/$(&

3DUD ORV DJHQWHV TXtPLFRV TXH WLHQHQ HIHFWRV DJXGRV SHUR


FX\RV SULQFLSDOHV HIHFWRV Wy[LFRV VRQ GH QDWXUDOH]D FUyQLFD
OD PHGLGD GH OD H[SRVLFLyQ GH FRUWD GXUDFLyQ FRQVWLWX\H XQ
FRPSOHPHQWR GH OD H[SRVLFLyQ GLDULD \ OD H[SRVLFLyQ KDEUi GH
YDORUDUVH HQ UHODFLyQ FRQ DPERV OtPLWHV
(Q FDPELR D ORV DJHQWHV TXtPLFRV GH HIHFWRV SULQFLSDOPHQWH
DJXGRV S HM ORV JDVHV LUULWDQWHV  VyOR VH OHV DVLJQD SDUD VX
YDORUDFLyQ OD H[SRVLFLyQ GH FRUWD GXUDFLyQ
79 80
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
/RV 9DORUHV /tPLWH $PELHQWDOHV 9/$ VRQ YDORUHV GH 6L XQ DJHQWH VH SXHGH DEVRUEHU SRU YtD FXWiQHD SRU
UHIHUHQFLD SDUD ODV FRQFHQWUDFLRQHV GH ORV DJHQWHV TXtPLFRV PDQLSXODFLyQ GLUHFWD GHO PLVPR R D WUDYpV GHO FRQWDFWR GH
HQ HO DLUH \ UHSUHVHQWDQ FRQGLFLRQHV D ODV FXDOHV VH FUHH ORV YDSRUHV FRQ ODV SDUWHV GHVSURWHJLGDV GH OD SLHO  \ HVWD
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


EDViQGRVH HQ ORV FRQRFLPLHQWRV DFWXDOHV TXH OD PD\RUtD GH DSRUWDFLyQ SXHGH UHVXOWDU VLJQLILFDWLYD SDUD OD GRVLV
ORV WUDEDMDGRUHV SXHGHQ HVWDU H[SXHVWRV GtD WUDV GtD GXUDQWH DEVRUELGD SRU HO WUDEDMDGRU HO DJHQWH HQ FXHVWLyQ DSDUHFH
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
WRGD VX YLGD ODERUDO  VLQ VXIULU HIHFWRV DGYHUVRV SDUD VX VHxDOL]DGR HQ OD OLVWD FRQ OD QRWDFLyQ YtD GpUPLFD
VDOXG  KRUDV GLDULDV  GtDV D OD VHPDQD (V HVWRV FDVRV OD PHGLFLyQ GH OD FRQFHQWUDFLyQ DPELHQWDO
SXHGH QR VHU VXILFLHQWH SDUD FXDQWLILFDU OD H[SRVLFLyQ JOREDO
(Q (VSDxD HVWRV YDORUHV VH SXEOLFDQ \ DFWXDOL]DQ DQXDOPHQWH \ SRU WDQWR VHUi QHFHVDULR DGRSWDU PHGLGDV SDUD SUHYHQLU OD
SRU HO ,1667 ~OWLPD DFWXDOL]DFLyQ   ³/tPLWHV GH DEVRUFLyQ GpUPLFD
([SRVLFLyQ 3URIHVLRQDO SDUD $JHQWHV 4XtPLFRV HQ (VSDxD´ 2WURV DJHQWHV DSDUHFHQ VHxDODGRV FRPR ³6HQ´ DJHQWHV
TXtPLFRV VHQVLELOL]DQWHV 6RQ VXVWDQFLDV \ SUHSDUDGRV TXH
https://links.uv.es/78v9lTI
SRU LQKDODFLyQ R SHQHWUDFLyQ FXWiQHD SXHGDQ RFDVLRQDU XQD
UHDFFLyQ GH KLSHUVHQVLELOLGDG GH IRUPD TXH XQD H[SRVLFLyQ
SRVWHULRU D HVD VXVWDQFLD R SUHSDUDGR Gp OXJDU D HIHFWRV
QHJDWLYRV FDUDFWHUtVWLFRV 3RU VX PRGR GH DFWXDFLyQ HQ OD
PD\RUtD GH ORV FDVRV PHGLDQWH XQ PHFDQLVPR LQPXQROyJLFR
SODQWHDQ XQ SUREOHPD HVSHFLDO HQ ORV OXJDUHV GH WUDEDMR

81 82
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

1RPEUH 9DORUHV /tPLWH 1RWDV YtD $ SDUWLU GHO YDORU GH (' R (& \ HO GH 9/$(' R 9/$(&  VH
$xR GH LQFRUSRUDFLyQDFWXDOL]DFLyQ GpUPLFD VHQ « FDOFXOD HO ³tQGLFH GH H[SRVLFLyQ´ GHILQLGR FRPR
,GHQWLILFDFLyQ ,QGLFDFLRQHV GH SHOLJUR
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


(' (&
,  , 
9/$í(' 9/$í(&
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
/D YHQWDMD GH XWLOL]DU ORV tQGLFHV GH H[SRVLFLyQ HV TXH
LQGHSHQGLHQWHPHQWH GH FXiO VHD HO YDORU GH 9/$(' R GH
9/$(& SDUD XQD VXVWDQFLD FXDOTXLHU tQGLFH GH H[SRVLFLyQ
PD\RU TXH OD XQLGDG , !  LQGLFD XQD H[SRVLFLyQ GLDULD
VXSHULRU D GLFKR 9/$ 'H HVWD IRUPD VH XQLILFD HO WUDWDPLHQWR
PDWHPiWLFR \ SXHGHQ FRPSDUDUVH H LQFOXVR HQ FLHUWRV FDVRV
VXPDUVH ORV HIHFWRV GH GLVWLQWRV FRQWDPLQDQWHV

6XVWDQFLD FRQ VyOR 9/$(' 6XVWDQFLD FRQ VyOR 9/$(&


6XVWDQFLD FRQ 9/$(' \ 9/$(&
83 84
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(Q QXHVWUR HMHPSOR DQWHULRU WHQHPRV TXH (Q JHQHUDO GLFKR HIHFWR FRPELQDGR VHUi FRQVLGHUDGR FRPR
,3XHVWR $  SSP   SSP  !  H[SRVLFLyQ DGLWLYR VDOYR TXH VH GLVSRQJD GH LQIRUPDFLyQ TXH LQGLTXH OR
LQDFHSWDEOH FRQWUDULR  SRU OR TXH HV OD VXPD GH ORV tQGLFHV GH H[SRVLFLyQ
OD TXH GHEH FRPSDUDUVH FRQ HO YDORU GH 
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


,3XHVWR %  SSP   SSP    H[SRVLFLyQ HQ
SULQFLSLR DFHSWDEOH WRPD GH GHFLVLRQHV PiV FRPSOHMD  ('L
,PH]FOD  ෍
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
,3XHVWR &  SSP   SSP  !  H[SRVLFLyQ LQDFHSWDEOH 9/$L

/RV 9/$ VH HVWDEOHFHQ SDUD DJHQWHV TXtPLFRV HVSHFtILFRV QR 8Q WUDEDMDGRU HVWi H[SXHVWR D YDSRUHV GH PHWDQRO H
SDUD PH]FODV /R KDELWXDO HV TXH HQ HO DPELHQWH GH WUDEDMR LVRSURSDQRO GXUDQWH VX MRUQDGD GH WUDEDMR FRQ YDORUHV GH
H[LVWDQ VLPXOWiQHDPHQWH YDULRV DJHQWHV TXH HMHUFHQ OD H[SRVLFLyQ GLDULD GH  SSP GH PHWDQRO \  SSP GH
PLVPD DFFLyQ VREUH ORV PLVPRV yUJDQRV R VLVWHPDV SRU OR LVRSURSDQRO ¢&XiO HV HO tQGLFH GH H[SRVLFLyQ"
TXH VX HIHFWR FRPELQDGR UHTXHULUi XQD FRQVLGHUDFLyQ 9/$('PHWDQRO  SSP 9/$('LVRSURSDQRO 
SUHIHUHQWH SSP
&RPR VDEHPRV ODV SRVLEOHV RSFLRQHV VRQ LQGHSHQGLHQWHV (Q SULQFLSLR QLQJXQD GH ODV GRV VXVWDQFLDV VXSHUD VX
DGLWLYRV \ DOJXQRV LQGHSHQGLHQWHV \ RWURV DGLWLYRV
FRUUHVSRQGLHQWH YDORU GH 9/$(' ,PHWDQRO  ,LVRSURSDQRO
  3HUR FXDQGR VH HVWi H[SXHVWR D XQD PH]FOD SRU
GHIHFWR VXSRQHPRV HIHFWRV DGLWLYRV \ GHEH HPSOHDUVH OD
IyUPXOD DQWHULRU
85 86
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

(Q FXDOTXLHU RWUR FDVR WRPDU XQD FXDUWD PHGLGD


('L
,PH]FOD  ෍  6L , H , H , H , ”  OD H[SRVLFLyQ HV DFHSWDEOH
9/$L
(O UHVXOWDGR GH OD VXPD HV VXSHULRU D OD XQLGDG \ OD
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


H[SRVLFLyQ HV LQDFHSWDEOH  6L , R , R , R , !  OD H[SRVLFLyQ HV LQDFHSWDEOH
&RUUHJLU OD H[SRVLFLyQ
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
(O SURFHVR GH GHFLVLyQ FRPSOHWR 81((1 $&
(Q FXDOTXLHU RWUR FDVR WRPDU XQD TXLQWD PHGLGD
SDUD GHFLGLU VL OD H[SRVLFLyQ HV DFHSWDEOH R QR LPSOLFD
REWHQHU WUHV YDORUHV GH FRQFHQWUDFLyQ SRQGHUDGD GXUDQWH
WRGD OD MRUQDGD UHIHULGD D XQ SHULRGR GH  KRUDV ('  7UDV 6L , H , H , H , H , ”  OD H[SRVLFLyQ HV DFHSWDEOH
FDOFXODU , , H , HQ WUHV MRUQDGDV ODERUDOHV GLIHUHQWHV GH OD
VXVWDQFLD R PH]FOD D OD TXH HVWi H[SXHVWR HO WUDEDMDGRU  OD 6L , R , R , R , R , !  OD H[SRVLFLyQ HV LQDFHSWDEOH
SULPHUD HWDSD HV &RUUHJLU OD H[SRVLFLyQ
 6L , H , H , ”  OD H[SRVLFLyQ HV DFHSWDEOH
(Q FXDOTXLHU RWUR FDVR WRPDU XQD VH[WD PHGLGD \ DSOLFDU XQ
 6L , R , R , !  OD H[SRVLFLyQ HV LQDFHSWDEOH PpWRGR HVWDGtVWLFR EDVDGR HQ OD SUREDELOLGDG GH VXSHUDU HO
&RUUHJLU OD H[SRVLFLyQ 9/$(' HVWDEOHFLGR

87 88
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(Q QXHVWUR HMHPSOR DQWHULRU ORV SXHVWRV $ \ & SUHVHQWDEDQ
H[SRVLFLyQ LQDFHSWDEOH , !   SHUR QR HO % ,  
ϯŵĞĚŝĚĂƐĚĞůşŶĚŝĐĞĚĞ
3DUD GLVSRQHU GH DO PHQRV  YDORUHV GH tQGLFHV GH
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


ĞdžƉŽƐŝĐŝſŶ;/ϭ͕/Ϯ Ğ/ϯ Ϳ
H[SRVLFLyQ GHEH SURFHGHUVH D REWHQHU GRV YDORUHV PiV GH OD
('
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
EK/^/ME͗
6XSRQJDPRV TXH ORV UHVXOWDGRV SDUD GRV MRUQDGDV
/ϭ Θ/Ϯ Θ/ϯ фϬ͘ϭ͗ /ϭ Ž/Ϯ Ž/ϯ хϭ͗
KE&KZD/ EKKE&KZD/
KďƚĞŶĞƌƵŶ/ϰ
ĂĚŝĐŝŽŶĂů DGLFLRQDOHV VRQ ,  H ,  &RQ HVWRV WUHV
UHVXOWDGRV VH WLHQH TXH
 1LQJXQR HV !  QR VH SXHGH DILUPDU TXH OD H[SRVLFLyQ
EK/^/ME͗ HV LQDFHSWDEOH
/ϭ Θ/Ϯ Θ/ϯ Θ/ϰ фϬ͘ϭϱ͗ /ϭ Ž/Ϯ Ž/ϯ Ž/ϰ хϭ͗
KďƚĞŶĞƌƵŶ/ϱ
KE&KZD/ EKKE&KZD/
ĂĚŝĐŝŽŶĂů  3HUR QR VH FXPSOH TXH , H , H , ”  QR VH SXHGH
FRQILUPDU TXH OD H[SRVLFLyQ HV DFHSWDEOH
 1R HV SRVLEOH DOFDQ]DU XQD FRQFOXVLyQ GHILQLWLYD
/EZd/hDZ͗
/ϭ Θ/Ϯ Θ/ϯ Θ/ϰ Θ/ϱ фϬ͘Ϯ͗ /ϭ Ž/Ϯ Ž/ϯ Ž/ϰ Ž/ϱ хϭ͗ DĄƐŵĞĚŝĚĂƐ;Ăů
KE&KZD/ EKKE&KZD/ ŵĞŶŽƐϲͿнŵĠƚŽĚŽƐ
ĞƐƚĂĚşƐƚŝĐŽƐ
< FRPR KD\ DO PHQRV XQ YDORU PD\RU TXH  HQ UHDOLGDG
WRGRV  WHQGUHPRV TXH OOHJDU D  PHGLGDV \ DSOLFDU XQ
PpWRGR HVWDGtVWLFR

89 90
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

&RPR KHPRV YLVWR \ WDO FRPR HVWDEOHFH HO DUW  GHO 5'
 ³/D HYDOXDFLyQ GH ORV ULHVJRV GHULYDGRV GH OD 6LVWHPDVGHWRPDGHPXHVWUDHQ+LJLHQH,QGXVWULDO
H[SRVLFLyQ SRU LQKDODFLyQ D XQ DJHQWH TXtPLFR SHOLJURVR
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


GHEHUi LQFOXLU OD PHGLFLyQ GH ODV FRQFHQWUDFLRQHV GHO DJHQWH
HQ HO DLUH HQ OD ]RQD GH UHVSLUDFLyQ GHO WUDEDMDGRU \ VX
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
SRVWHULRU FRPSDUDFLyQ FRQ HO YDORU OtPLWH DPELHQWDO TXH
FRUUHVSRQGD´
3HUR HO SURSLR DUW  HVWDEOHFH TXH ³ODV PHGLFLRQHV D ODV
TXH VH UHILHUHQ ORV SiUUDIRV DQWHULRUHV QR VHUiQ VLQ HPEDUJR
QHFHVDULDV FXDQGR HO HPSUHVDULR GHPXHVWUH FODUDPHQWH SRU
RWURV PHGLRV GH HYDOXDFLyQ TXH VH KD ORJUDGR XQD DGHFXDGD
SUHYHQFLyQ \ SURWHFFLyQ «´
/RV PRGHORV GH HYDOXDFLyQ VLQ PHGLFLyQ PRGHORV
VLPSOLILFDGRV GH HYDOXDFLyQ R KLJLHQH LQYHUVD SHUPLWHQ
REWHQHU XQD HVWLPDFLyQ LQLFLDO GHO ULHVJR \ GLVFULPLQDU
VLWXDFLRQHV DFHSWDEOHV GH VLWXDFLRQHV QR DFHSWDEOHV GHVGH HO
SXQWR GH YLVWD KLJLpQLFR DVt FRPR LGHQWLILFDU VLWXDFLRQHV
FODUDV GH ULHVJR SRU OR TXH VH XWLOL]DQ FDGD YH] PiV DQWHV GH
UHFXUULU D OD PHGLFLyQ WXWRUtD 

91 92
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
%RPEDV
/RV PXHVWUHDGRUHV SHUVRQDOHV R ERPEDV GH DVSLUDFLyQ VRQ
ORV LQVWUXPHQWRV HQFDUJDGRV GH KDFHU SDVDU XQ GHWHUPLQDGR
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


soporte de retención
YROXPHQ GH DLUH D WUDYpV GH ORV VRSRUWHV GH UHWHQFLyQ (filtros, sólidos adsorbentes)
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
([LVWHQ GRV WLSRV GH ERPEDV
 7LSR * SDUD HO PXHVWUHR SHUVRQDO GH JDVHV \
YDSRUHV D FDXGDOHV HQWUH  P/PLQ \  P/PLQ
EDMR FDXGDO 
 7LSR 3 3DUD HO PXHVWUHR SHUVRQDO GH PDWHULD tubo flexible de
SDUWLFXODGD D FDXGDOHV HQWUH  /PLQ \  /PLQ DOWR conexión
FDXGDO 
+DQ GH VHU GH WDPDxR \ SHVR UHGXFLGRV PXHVWUHRV
SHUVRQDOHV  FRQ XQD DXWRQRPtD UHFRPHQGDEOH GH  KRUDV \
FDXGDO DMXVWDEOH D YROXQWDG GHQWUR GH ORV OtPLWHV GHO HTXLSR
muestreador
3DUD FRQRFHU HO FDXGDO UHDO GH DLUH TXH DVSLUD OD ERPED GHEH (bomba de succión)
GH XWLOL]DUVH XQ FDXGDOtPHWUR

93 94
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

6RSRUWHV GH UHWHQFLyQ 7DPDxR GH ILOWUR  y  PP GH GLiPHWUR SRUWDILOWUR 


7DPDxR GH SRUR    NjP  NjP HV HO PiV XWLOL]DGR 
/D ILMDFLyQ \ FRQFHQWUDFLyQ GH ORV FRQWDPLQDQWHV VREUH
VRSRUWHV FRQVWLWX\H OD WpFQLFD PiV XWLOL]DGD HQ +LJLHQH 0DWHULDOHV pVWHUHV GH FHOXORVD SDUD DHURVROHV PHWiOLFRV
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


,QGXVWULDO SDUD OD WRPD GH OD PXHVWUD GH FDPSR UHWLHQHQ KXPHGDG SHUR VH GLVXHOYHQ HQ iFLGR  FORUXUR GH
SROLYLQLOR 39& SDUD GHWHUPLQDFLyQ GH PXHVWUD WRWDO
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
/RV SULQFLSDOHV WLSRV GH VRSRUWHV VRQ LQHVSHFtILFD QR UHWLHQHQ KXPHGDG \ SROLWHWUDIOXRUHWLOHQR R
 )LOWURV HQ SRUWDILOWURV R FDVVHWWHV WHIOyQ 37)( GH QDWXUDOH]D KLGURIyELFD PX\ HVWDEOHV \
UHVLVWHQWHV D ORV iFLGRV \ D ORV GLVROYHQWHV RUJiQLFRV 
 6yOLGRV DGVRUEHQWHV HQ WXERV GH YLGULR 3RUWDILOWURV GRQGH ORV ILOWURV YDQ
PRQWDGRV
&RQYHQLR SDUD OD IUDFFLyQ
7RPD GH PXHVWUDV FRQ ILOWURV
LQKDODEOH ,20 4  /PLQ GH
/D WRPD GH PXHVWUDV FRQ ILOWUR HV HO SURFHGLPLHQWR PiV SOiVWLFR DFHUR R PL[WR HV HO TXH
IUHFXHQWH SDUD OD FDSWDFLyQ \ PXHVWUHR GH FRQWDPLQDQWHV HQ PHMRU VH DMXVWD
IRUPD GH DHURVRO SROYRV QLHEODV KXPRV  6RQ IiFLOHV GH &RQYHQLR GH OD IUDFFLyQ
PDQHMDU WUDQVSRUWDU \ FRQVHUYDU UHVSLUDEOH HO FLFOyQ HV XQ VHOHFWRU
/RV ILOWURV VH GLVWLQJXHQ SRU VX GLiPHWUR WDPDxR GH SRUR \ GH SDUWtFXODV SRU WDPDxR \ OD
PDWHULDO VDOLGD GHO FLFOyQ VH DFRSOD D XQ
SRUWDILOWURV DGHFXDGR
95 96
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
7RPD GH PXHVWUDV FRQ VyOLGRV DGVRUEHQWHV 6XVWDQFLDV DGVRUEHQWHV FDUEyQ DFWLYR JHO GH VtOLFH
KRSFDOLWD DO~PLQD \ SROtPHURV SRURVRV ;$' SRURSDN
/RV FRQWDPLQDQWHV HQ IRUPD GH JDVHV R YDSRUHV VH UHWLHQHQ
FKURPRVRUE WHQD[   3XHGHQ HVWDU LPSUHJQDGDV GH
DO KDFHU SDVDU XQ GHWHUPLQDGR YROXPHQ GH DLUH D WUDYpV GH
VXVWDQFLDV TXtPLFDV SDUD PHMRUDU VX FDSDFLGDG GH FDSWDFLyQ
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


XQ WXER GH YLGULR UHOOHQR GH PDWHULDOHV VyOLGRV GH JUDQ
VXSHUILFLH DFWLYD D YHFHV LPSUHJQDGRV FRQ DOJXQD VXVWDQFLD /D FDSDFLGDG GH UHWHQFLyQ GH ORV WXERV DGVRUEHQWHV HV
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
TXtPLFD TXH PHMRUD OD DGVRUFLyQ GH ORV FRQWDPLQDQWHV OLPLWDGD \ SDUD FDGD WLSR HO PpWRGR DQDOtWLFR QRV LQGLFD VX
Pi[LPD FDSDFLGDG GH UHWHQFLyQ R YROXPHQ GH UXSWXUD
/RV WXERV HVWiQGDU GHO
OtPLWH TXH VHxDOD HO LQLFLR GH SDVR GH FRQWDPLQDQWHV GH OD
1,26+ VRQ GH  FP GH
SDUWH IURQWDO D OD SRVWHULRU
ORQJLWXG \  PP \  PP GH
GLiPHWURV LQWHULRU \ H[WHULRU
HVWDQGR DPERV H[WUHPRV 9UXSWXUD
VHOODGRV KDVWD HO PRPHQWR
GH PXHVWUHR /RV PiV 6LVWHPDV SDVLYRV
XWLOL]DGRV VRQ ORV GH  PJ
8Q GLIXVRU SDVLYR HV XQ GLVSRVLWLYR FDSD] GH FDSWDU PXHVWUDV
HQ OD SULPHUD VHFFLyQ
GH FRQWDPLQDQWHV GH JDV R GH YDSRU GH OD DWPyVIHUD FRQ
IURQWDO \  PJ HQ OD
XQD YHORFLGDG FRQWURODGD SRU XQ SURFHVR ItVLFR GLIXVLyQ D
VHJXQGD VHFFLyQ SRVWHULRU 
WUDYpV GH XQD FDSD GH DLUH HVWiWLFR R SHUPHDFLyQ D WUDYpV GH
'HELGR D VX WDPDxR HO YROXPHQ GH PXHVWUD TXH VH KDFH XQD PHPEUDQD OH\ GH )LFN  VLQ OD LQWHUYHQFLyQ GH XQ
SDVDU VXHOH VHU SHTXHxR GHVGH P/ D DOJXQRV /  PRYLPLHQWR DFWLYR GH DLUH D WUDYpV GHO FDSWDGRU
97 98
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

&RQVLVWHQ HQ XQ WXER R GLVFR DELHUWR SRU XQR GH VXV /RV SULQFLSDOHV VHQVRUHV TXH VH XWLOL]DQ VRQ
H[WUHPRV \ FHUUDGR SRU HO RWUR FRQ XQD PHPEUDQD
(OpFWULFRV FXDQGR ORV SDUiPHWURV HOpFWULFRV FDPELDQ
SHUPHDEOH FRORFDGD HQ HO H[WUHPR DELHUWR \ XQ OHFKR
LQGXFLGRV SRU SURSLHGDGHV ItVLFDV R TXtPLFDV GHO
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


DGVRUEHQWH QRUPDOPHQWH FDUEyQ DFWLYR R VyOLGRV
FRQWDPLQDQWH FDPELRV HQ OD FRQGXFWLYLGDG HOHFWUROtWLFRV
LPSUHJQDGRV FRQ XQ UHDFWLYR HVSHFtILFR FDSD] GH FDSWDU DO
YDULDFLRQHV SRWHQFLRPHWULFDV HWF 6RQ ORV PiV XWLOL]DGRV
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
FRQWDPLQDQWH TXH DWUDYLHVH OD PHPEUDQD
7pUPLFRV R GH FRPEXVWLyQ FDWDOtWLFD  GHWHFWD ODV
YDULDFLRQHV HQ ODV SURSLHGDGHV WpUPLFDV GH ORV JDVHV
FRQGXFWLYLGDG \ FRPEXVWLyQ  (V HO SULQFLSLR GH DSOLFDFLyQ HQ
OD FRQVWUXFFLyQ GH H[SORVtPHWURV
(OHFWURPDJQpWLFRV XWLOL]DQ OD HQHUJtD GH UDGLDFLyQ 89 9,6 R
0RQLWRUHV
,5 SDUD GHWHFWDU OD VHxDO HQ EDVH D IHQyPHQRV PROHFXODUHV
,QVWUXPHQWR FRQVWLWXLGR SRU XQ VHQVRU TXH SURGXFH XQD GH LQWHUDFFLyQ PDWHULDHQHUJtD SRU DEVRUFLyQ HPLVLyQ R
VHxDO HOpFWULFD FRQWLQXD R D LQWHUYDORV UHJXODUHV GLVSHUVLyQ GH OD UDGLDFLyQ $XQTXH GH JUDQ XWLOLGDG WLHQHQ
SURSRUFLRQDO D OD FRQFHQWUDFLyQ GHO FRQWDPLQDQWH SUHVHQWH HQ VXV OLPLWDFLRQHV H LQWHUIHUHQFLDV
OD DWPyVIHUD \ YLVXDOL]DGD VREUH XQD SDQWDOOD GLJLWDO
'HWHFWRUHV GH IRWRLRQL]DFLyQ 3,' XVDQ XQD IXHQWH GH OX] 89
3HUPLWHQ OD REWHQFLyQ GH LQIRUPDFLyQ D WLHPSR UHDO DXQTXH
SDUD LRQL]DU ORV FRQWDPLQDQWHV SUHVHQWHV HQ ODV PXHVWUDV GH
QR VLHPSUH VRQ VHOHFWLYRV 6X GLVHxR VH EDVD HQ HO SULQFLSLR
DLUH TXH HQWUDQ HQ HO GHWHFWRU %DVWDQWH VHQVLEOHV VHJ~Q OD
GH GHWHFFLyQ SRU GLYHUVRV SULQFLSLRV ItVLFRV R TXtPLFRV
VXVWDQFLD  SHUR SRFR VHOHFWLYRV
99 100
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(VSHFLILFLGDGHV GH GLVROYHQWHV 5HDFWLYLGDG TXtPLFD
6XVWDQFLD 3YDSPP+J ž& 9/$(' SSP ,
(Q HO FDVR GH ORV GLVROYHQWHV VX SHOLJURVLGDG QR GHSHQGH GLVXOIXUR GH FDUERQR   
VyOR GH VX WR[LFLGDG PHGLGD SRU VX 9/$ VLQR WDPELpQ GH VX
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


EXWLODPLQD   (& 
FDSDFLGDG GH SDVDU DO HVWDGR GH YDSRU SUHVLyQ GH YDSRU 
SXHV HV HVD OD IRUPD HQ OD TXH VHUi DEVRUELGR LQKDODGR SRU QKH[DQR   
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
HO RUJDQLVPR 3RU HOOR FXDQWR PiV Wy[LFR PHQRU 9/$ \ PiV WULFORURHWLOHQR   &% 
YROiWLO PD\RU SUHVLyQ GH YDSRU  PiV SHOLJURVR HO GLVROYHQWH PHWLOQEXWLOFHWRQD   
'H IRUPD PDWHPiWLFD VH FDOFXOD HO tQGLFH GH SHOLJURVLGDG R DFHWRQLWULOR   
ULHVJR GH YDSRU , FRPR OD UHODFLyQ H[LVWHQWH HQWUH OD PHWDQRO   
SUHVLyQ GH YDSRU \ OD WR[LFLGDG SURSLD GHO FRPSXHVWR HQ WROXHQR   
SSP 
PHWLOHWLOFHWRQD 0(.   
, 3YDS 9/$ DFHWRQD   
$ PD\RU , HQ XQLGDGHV KRPRJpQHDV  PD\RU SHOLJURVLGDG PHWLOSHQWDQR   
LVRSURSDQRO   
HWDQRO   (& 
/LVWDGR GH FRPSXHVWRV RUJiQLFRV RUGHQDGRV VHJ~Q VX tQGLFH GH SHOLJURVLGDG
(& FRUWD GXUDFLyQ &% VXVWDQFLD FDUFLQRJpQLFD GH FDWHJRUtD %
101 102
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

2WURV SUREOHPDV QR VLHPSUH WHQLGRV HQ FXHQWD VRQ


 *HQHUDFLyQ GH FRQWDPLQDQWHV SRU OD PDQLSXODFLyQ GH
REMHWRV TXH HQ SULQFLSLR QR OR VRQ VHUUtQ VtOLFH KXPRV GH SALFUMAN ESTABILIZADO
7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH


VROGDGXUD «
 ,QWHUDFFLyQ HQWUH GLIHUHQWHV DJHQWHV TXtPLFRV TXH
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ
PHGLDQWH XQD UHDFFLyQ TXtPLFD SXHGH GDU OXJDU D XQ QXHYR
DJHQWH V  GH WR[LFLGDG GLIHUHQWH \ DOJXQDV YHFHV VXSHULRU D
ORV SURGXFWRV GH SDUWLGD 6L QR VH WLHQHQ HQ FXHQWD HVWDV
SRVLELOLGDGHV ORV ULHVJRV JHQHUDGRV QR HVWDUiQ GHELGDPHQWH
HYDOXDGRV QL FRQWURODGRV

/D VHFFLyQ  GH OD )'6 (VWDELOLGDG \ UHDFWLYLGDG LQFOX\H LEJIA CASABLANCA

GLIHUHQWHV VXEDSDUWDGRV FRPR VRQ ³FRQGLFLRQHV TXH GHEHQ


HYLWDUVH´ ³PDWHULDOHV LQFRPSDWLEOHV´ R ³SURGXFWRV GH
GHVFRPSRVLFLyQ SHOLJURVRV´ TXH GHEHQ GH RULHQWDUQRV DO
UHVSHFWR
(MHPSOR WDQWR HQ HO iPELWR GRPpVWLFR FRPR HQ HO ODERUDO HV
OD PH]FOD GH OHMtD  VDOIXPiQ WDPELpQ OD PH]FOD OHMtD 
DPRQLDFR 
103 104
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
&RQWURO GHO ULHVJR TXtPLFR DFFLRQHV VREUH HO IRFR
VREUH HO PHGLR \ VREUH HO LQGLYLGXR
/DV DFFLRQHV SDUD UHGXFLU HO ULHVJR GHEHQ GH GLULJLUVH KDFLD OD

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


7 5LHVJRTXtPLFR (YDOXDFLyQGHOULHVJRTXtPLFRYDORUHVOtPLWH

VXVWLWXFLyQ GH ODV VXVWDQFLDV SHOLJURVDV \ VL HOOR QR HV

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
SRVLEOH D OD UHGXFFLyQ GH OD FRQFHQWUDFLyQ \R OD GLVPLQXFLyQ
GHH[SRVLFLyQHtQGLFHVGHH[SRVLFLyQ

GHO WLHPSR GH H[SRVLFLyQ 3DUD FRQVHJXLU HVWRV SURSyVLWRV VH


SXHGH DFWXDU VREUH WUHV SXQWRV \ SUHIHULEOHPHQWH SRU HVWH
RUGHQ
 $FFLyQ VREUH HO IRFR
 $FFLyQ VREUH HO PHGLR
 $FFLyQ VREUH HO LQGLYLGXR

$FFLRQHV VREUH HO IRFR HYLWDQ OD GLVSHUVLyQ GHO DJHQWH


TXtPLFR SRU HO OXJDU GH WUDEDMR SRU OR TXH VRQ ODV PiV
HIHFWLYDV \ SULRULWDULDV VXVWLWXFLyQ GH SURGXFWRV
PRGLILFDFLRQHV GHO SURFHVR DLVODPLHQWR PpWRGRV K~PHGRV
PDQWHQLPLHQWR «

105 106
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

$FFLRQHV VREUH HO PHGLR $FFLRQHV VREUH HO LQGLYLGXR


/DV GH PD\RU HILFDFLD VRQ ORV VLVWHPDV GH YHQWLODFLyQ \ GH /D IRUPDFLyQ H LQIRUPDFLyQ VRQ REOLJDWRULDV HO WUDEDMDGRU
H[WUDFFLyQ GHEH HVWDU LQIRUPDGR VREUH HO ULHVJR GH VX SXHVWR GH WUDEDMR
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


7DPELpQ SXHGH VHU FRQYHQLHQWH OD LQVWDODFLyQ GH VLVWHPDV \ ODV PHGLGDV SUHYHQWLYDV D DSOLFDU
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
DXWRPiWLFRV GH GHWHFFLyQ \ DODUPD R VX YDULDQWH GH /D YLJLODQFLD PpGLFD \ VDQLWDULD SHUPLWH GHWHFWDU
VLVWHPDV SHUVRQDOHV GH GHWHFFLyQ WUDEDMDGRUHV VXVFHSWLEOHV D GHWHUPLQDGRV FRQWDPLQDQWHV
'HEH SURJUDPDUVH XQ PDQWHQLPLHQWR SUHYHQWLYR GH TXH SXHGHQ DFRQVHMDU XQ FDPELR GH SXHVWR
LQVWDODFLRQHV HTXLSRV \ PDTXLQDULD /D URWDFLyQ GH SXHVWRV QR HV XQD PHGLGD DFRQVHMDEOH VyOR
(O DOPDFHQDPLHQWR GH VXVWDQFLDV Wy[LFDV \ SHOLJURVDV GHEH SXHGH FRQWHPSODUVH GH IRUPD PX\ SURYLVLRQDO \ FRPR ~OWLPR
UHDOL]DUVH GH IRUPD VHJXUD UHFXUVR KDVWD FRQVHJXLU VROXFLRQDU HO SUREOHPD GHWHFWDGR GH
RWUD IRUPD 
(YLWDU VXSHUILFLHV UXJRVDV HQ SDUHGHV WHFKRV \ VXHORV \
H[WUHPDU OD OLPSLH]D HQ ]RQDV GRQGH VH JHQHUH DHURVRO 3RU ~OWLPR OD XWLOL]DFLyQ GH HTXLSRV GH SURWHFFLyQ LQGLYLGXDO
VyOLGR SROYR GH HOHYDGD WR[LFLGDG \ WDPELpQ GH OD URSD GH (3,V SHUPLWH SURWHJHU GHO ULHVJR DO WUDEDMDGRU SHUR QR OR
WUDEDMR  HYLWD (V OD ~OWLPD DFFLyQ D WRPDU R FRPR FRPSOHPHQWR GH
ODV DQWHULRUHV

107 108
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
0LHQWUDV TXH XQD SURWHFFLyQ FROHFWLYD SURWHJH 3XHGH GHILQLUVH OD YHQWLODFLyQ FRPR DTXHOOD WpFQLFD TXH
VLPXOWiQHDPHQWH D PiV GH XQD SHUVRQD  OD SURWHFFLyQ SHUPLWH VXVWLWXLU HO DLUH DPELHQWH LQWHULRU GH XQ ORFDO
LQGLYLGXDO SURWHJH H[FOXVLYDPHQWH DO WUDEDMDGRU TXH OD FRQVLGHUDGR LQFRQYHQLHQWH SRU VX IDOWD GH SXUH]D R
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


XWLOL]D WHPSHUDWXUD R KXPHGDG LQDGHFXDGD SRU RWUR H[WHULRU GH
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
'H DFXHUGR FRQ OD MHUDUTXtD GH DFFLRQHV FRUUHFWRUDV OD PHMRUHV FDUDFWHUtVWLFDV
SURWHFFLyQ LQGLYLGXDO VyOR VH GHEH XWLOL]DU FXDQGR ORV ULHVJRV /RV PpWRGRV GH YHQWLODFLyQ SXHGHQ FODVLILFDUVH HQ
QR VH SXHGDQ HOLPLQDU R FRQWURODU VXILFLHQWHPHQWH SRU  VLVWHPDV GH YHQWLODFLyQ JHQHUDO DPELHQWDO R SRU
PHGLRV GH SURWHFFLyQ FROHFWLYD R FRQ PpWRGRV R GLOXFLyQ  OD FRQFHQWUDFLyQ GHO FRQWDPLQDQWH HQ OD
SURFHGLPLHQWRV GH WUDEDMR DGHFXDGRV \ ELHQ RUJDQL]DGRV FRUULHQWH GH DLUH H[WUDtGD HV VLPLODU D OD GHO DLUH HQ
'DGR VX LQWHUpV FRPHQWDUHPRV EUHYHPHQWH ODV DFFLRQHV HO LQWHULRU GHO ORFDO \ VH VXHOH FRQVHJXLU PHGLDQWH
VREUH HO PHGLR GH PD\RU HILFDFLD VLVWHPDV GH YHQWLODFLyQ \ H[WUDFWRUHV VLWXDGRV HQ SDUHGHV R WHFKR
GH H[WUDFFLyQ SURWHFFLRQHV FROHFWLYDV   VLVWHPDV SRU H[WUDFFLyQ ORFDOL]DGD OD FRQFHQWUDFLyQ
GHO DLUH H[WUDtGR HV PXFKR PD\RU TXH OD
FRQFHQWUDFLyQ PHGLD GHO ORFDO

109 110
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

/RV UHTXLVLWRV SDUD SRGHU DSOLFDU XQD YHQWLODFLyQ JHQHUDO VRQ (V ~WLO FXDQGR
 /D FDQWLGDG GHO FRQWDPLQDQWH JHQHUDGR QR GHEH VHU  /RV YDSRUHV RUJiQLFRV R VXVWDQFLDV FRQWDPLQDQWHV VHDQ
HOHYDGD GH EDMD WR[LFLGDG JHQHUDOPHQWH XQ 9/$ !  SSP 
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


 /D WR[LFLGDG GHO FRQWDPLQDQWH GHEH VHU EDMD  6H UHTXLHUD GH XQ FRQWURO GHO FRQIRUW DPELHQWDO
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
 /D JHQHUDFLyQ \ FRQ HOOR OD FRQFHQWUDFLyQ DPELHQWDO WHPSHUDWXUD \ KXPHGDG 
GHO FRQWDPLQDQWH GHEH VHU UHODWLYDPHQWH XQLIRUPH  3DUD OD SUHYHQFLyQ GH IXHJRV \ H[SORVLRQHV
\ ORV RSHUDULRV GHEHQ HVWDU DOHMDGRV GH OD ]RQD GH
HPLVLyQ GHO FRQWDPLQDQWH
3RU HVR QR SXHGH HPSOHDUVH HQ FDVRV GH SROYRV \ KXPRV
 /D GLVSHUVLyQ GHO FRQWDPLQDQWH RFXUUH D EDMDV Wy[LFRV GH HOHYDGD WR[LFLGDG R FXDQGR HO FRQWDPLQDQWH VH
FRQFHQWUDFLRQHV JHQHUD HQ GLIHUHQWHV IRFRV

8Q PDO GLVHxR GHO VLVWHPD GH YHQWLODFLyQ JHQHUDO SXHGH


KDFHU TXH HO DLUH LQWURGXFLGR GLVSHUVH HO FRQWDPLQDQWH SRU
WRGR HO ORFDO DQWHV GH VHU FDSWDGR KDFLD OD VDOLGD

111 112
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
/D H[WUDFFLyQ ORFDOL]DGD HV XQ FDVR SDUWLFXODU GH YHQWLODFLyQ
FX\R REMHWLYR HV FUHDU FRUULHQWHV GH DLUH FDSDFHV GH DUUDVWUDU
D ORV JDVHV KXPRV SROYRV YDSRUHV « OR PiV FHUFD SRVLEOH
GH VX SXQWR GH JHQHUDFLyQ \ OOHYDUORV KDFLD ODV FRQGXFFLRQHV
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


GH H[WUDFFLyQ HYLWDQGR VX GLVSHUVLyQ HQ HO DPELHQWH \
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
HOLPLQDQGR HO ULHVJR SRWHQFLDO DO UHVWR GH WUDEDMDGRUHV  3DUD
IRFRV GH FRQWDPLQDFLyQ SHUIHFWDPHQWH LGHQWLILFDGRV HV HO
VLVWHPD PiV HIHFWLYR \ HFRQyPLFR
6H XWLOL]D XQD FDPSDQD TXH DEDUTXH OR PiV HVWUHFKDPHQWH
SRVLEOH HO IRFR GH SROXFLyQ \ TXH OOHYH GLUHFWDPHQWH DO
H[WHULRU DO FRQWDPLQDGR FDSWDGR
(O HMHPSOR PiV FRQRFLGR \ VLPSOH HV OD FDPSDQD H[WUDFWRUD
GH OD FRFLQD VLWXDGD MXVWR SRU HQFLPD GHO IRFR JHQHUDGRU GH
KXPRV GRQGH pVWRV VRQ DUUDVWUDGRV \ VH LPSLGH VX GLIXVLyQ
SRU HO UHVWR GH OD FRFLQD \ GH OD FDVD (O SULQFLSLR HV HO PLVPR
TXH HO TXH VH XWLOL]D HQ OD H[WUDFFLyQ ORFDOL]DGD GH ODV
HPSUHVDV
/D H[WUDFFLyQ ORFDOL]DGD VROR GHEH HPSOHDUVH FXDQGR HO
YHQWLODFLyQJHQHUDO SURFHVR VH GHVDUUROOH HQ OD SUR[LPLGDG LQPHGLDWD GH OD
FDPSDQD GH H[WUDFFLyQ
113 114
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

&XDOTXLHU VLVWHPD GH H[WUDFFLyQ WLHQH FXDWUR FRPSRQHQWHV


SULQFLSDOHV
 FDPSDQD
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


 FRQGXFWRV
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
 ILOWUR R GHSXUDGRU \
 YHQWLODGRU

/D H[WUDFFLyQ ORFDOL]DGD VH UHFRPLHQGD HQ ORV VLJXLHQWHV


FDVRV
 &RQWDPLQDQWHV GH HOHYDGD WR[LFLGDG
 /D JHQHUDFLyQ GH FRQWDPLQDQWH RFXUUH HQ YDULRV
IRFRV
 (O FRQWDPLQDQWH VH JHQHUD D OR ODUJR GH OD MRUQDGD
ODERUDO HQ FRQFHQWUDFLRQHV GLIHUHQWHV
 /D JHQHUDFLyQ RFXUUH VLHPSUH HQ ORV PLVPRV IRFRV
 /RV WUDEDMDGRUHV HVWiQ VLWXDGRV HQ ODV FHUFDQtDV GH
ORV SXQWRV GH HPLVLyQ
115 116
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(TXLSRV GH SURWHFFLyQ LQGLYLGXDO (3,V /RV (3,V VH FODVLILFDQ HQ OD 8( HQ WUHV FDWHJRUtDV
(O 5'  VREUH GLVSRVLFLRQHV PtQLPDV GH VHJXULGDG 5HJODPHQWR 8(   DWHQGLHQGR DO QLYHO GH JUDYHGDG
\ VDOXG UHODWLYDV D OD XWLOL]DFLyQ SRU ORV WUDEDMDGRUHV GH GH ORV ULHVJRV TXH WUDWDQ GH HYLWDU TXH VRQ
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


HTXLSRV GH SURWHFFLyQ LQGLYLGXDO GHILQH DUW    &DWHJRUtD , /D FDWHJRUtD , LQFOX\H H[FOXVLYDPHQWH ORV
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
³(TXLSR GH SURWHFFLyQ LQGLYLGXDO FXDOTXLHU HTXLSR VLJXLHQWHV ULHVJRV PtQLPRV OHVLRQHV PHFiQLFDV
GHVWLQDGR D VHU OOHYDGR R VXMHWDGR SRU HO WUDEDMDGRU SDUD VXSHUILFLDOHV FRQWDFWR FRQ PDWHULDOHV GH OLPSLH]D GH
TXH OH SURWHMD GH XQR R YDULRV ULHVJRV TXH SXHGDQ DFFLyQ GpELO R FRQWDFWR SURORQJDGR FRQ DJXD FRQWDFWR
DPHQD]DU VX VHJXULGDG R VX VDOXG DVt FRPR FXDOTXLHU FRQ VXSHUILFLHV FDOLHQWHV TXH QR H[FHGDQ GH  ƒ&
FRPSOHPHQWR R DFFHVRULR GHVWLQDGR D WDO ILQ´ OHVLRQHV RFXODUHV FDXVDGDV SRU OD OX] VRODU VDOYR GXUDQWH
OD REVHUYDFLyQ GHO VRO  FRQGLFLRQHV DWPRVIpULFDV TXH QR
6HJ~Q HVWD GHILQLFLyQ QR VRQ (3,V HQWUH RWURV OD URSD GH
VHDQ GH QDWXUDOH]D H[WUHPD
WUDEDMR FRUULHQWH \ ORV XQLIRUPHV TXH QR HVWpQ
HVSHFtILFDPHQWH GHVWLQDGRV D SURWHJHU OD VDOXG R OD  &DWHJRUtD ,, LQFOX\H ULHVJRV GLVWLQWRV GH ORV HQXPHUDGRV
LQWHJULGDG ItVLFD GHO WUDEDMDGRU HQ ODV FDWHJRUtDV , \ ,,,
(O (3, DGHFXDGR \ XWLOL]DGR DGHFXDGDPHQWH QR HOLPLQD QL  &DWHJRUtD ,,, LQFOX\H H[FOXVLYDPHQWH ORV ULHVJRV TXH
UHGXFH HO ULHVJR VLQR TXH VLPSOHPHQWH DtVOD DO WUDEDMDGRU GHO SXHGDQ WHQHU FRQVHFXHQFLDV PX\ JUDYHV FRPR OD
PLVPR HO (3, QR DGHFXDGR \R QR XWLOL]DGR DGHFXDGDPHQWH PXHUWH R GDxRV LUUHYHUVLEOHV D OD VDOXG HQ UHODFLyQ FRQ
QL HVR  /RV (3,V QR FRQVWLWX\HQ SURWHFFLyQ FROHFWLYD TXH HV OR VLJXLHQWH VXVWDQFLDV \ PH]FODV SHOLJURVDV SDUD OD
OD TXH GHEH DSOLFDUVH HQ SULPHU OXJDU SRU VHU PiV HILFD] \ VDOXG DWPyVIHUDV FRQ IDOWD GH R[tJHQR DJHQWHV
HFRQyPLFD ELROyJLFRV QRFLYRV «
117 118
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

3DUD SURWHJHUVH IUHQWH D XQ ULHVJR GH RULJHQ TXtPLFR GHEHQ  SURWHFWRUHV GH SLHV \ SLHUQDV FDO]DGR GH VHJXULGDG
GH WHQHUVH HQ FXHQWD HO HVWDGR ItVLFR GHO FRQWDPLQDQWH \ VX GH SURWHFFLyQ R GH WUDEDMR
SRVLEOH YtD GH HQWUDGD 6HJ~Q HVWR ORV (3,V GH LQWHUpV HQ HO  SURWHFWRUHV GH OD SLHO FUHPDV GH SURWHFFLyQ \
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


FDPSR GH OD +LJLHQH ,QGXVWULDO SXHGHQ FODVLILFDUVH $QH[R , SRPDGDV
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
GHO 5'  VHJ~Q OD SDUWH GHO FXHUSR TXH SURWHJHQ
 SURWHFWRUHV GHO WURQFR \ HO DEGRPHQ FKDOHFRV
HQ
FKDTXHWDV \ PDQGLOHV GH SURWHFFLyQ FRQWUD ODV
 SURWHFWRUHV GH OD FDEH]D FDVFRV SDUD XVRV DJUHVLRQHV TXtPLFDV PDQGLOHV GH SURWHFFLyQ FRQWUD
HVSHFLDOHV IXHJR SURGXFWRV TXtPLFRV HWF  ORV UD\RV ;
 SURWHFWRUHV GHO RtGR WLSR WDSRQHV WLSR RUHMHUDV  SURWHFFLyQ WRWDO GHO FXHUSR URSD GH SURWHFFLyQ
 SURWHFWRUHV GH ORV RMRV \ GH OD FDUD JDIDV GH FRQWUD ODV DJUHVLRQHV TXtPLFDV FRQWUD ODV
PRQWXUD XQLYHUVDO GH PRQWXUD LQWHJUDO SDQWDOODV SUR\HFFLRQHV GH PHWDOHV HQ IXVLyQ \ ODV UDGLDFLRQHV
IDFLDOHV LQIUDUURMDV FRQWUD IXHQWHV GH FDORU LQWHQVR R HVWUpV
 SURWHFWRUHV GH ODV YtDV UHVSLUDWRULDV HTXLSRV WpUPLFR FRQWUD EDMDV WHPSHUDWXUDV FRQWUD OD
ILOWUDQWHV GH SDUWtFXODV PROHVWDV QRFLYDV Wy[LFDV R FRQWDPLQDFLyQ UDGLDFWLYD URSD DQWLSROYR URSD
UDGLDFWLYDV  HTXLSRV ILOWUDQWHV IUHQWH D JDVHV \ DQWLJiV URSD \ DFFHVRULRV EUD]DOHWHV JXDQWHV GH
YDSRUHV HTXLSRV ILOWUDQWHV PL[WRV HTXLSRV DLVODQWHV VHxDOL]DFLyQ UHWURUUHIOHFWDQWHV IOXRUHVFHQWHV 
FRQ VXPLQLVWUR GH DLUH
 SURWHFWRUHV GH PDQRV \ EUD]RV JXDQWHV FRQWUD ODV (OPDTXLOODMH \ ODV FUHPDV FRVPpWLFDV IDFLOLWDQ HO SDVR GH FLHUWRV
DJUHVLRQHV TXtPLFDV DJHQWHV TXtPLFRV D WUDYpV GH OD SLHO \ GHEHQ GH HYLWDUVH
119 120
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
3RU VX LPSRUWDQFLD IUHQWH DO ULHVJR TXtPLFR VH GHWDOODUiQ ORV 8Q HTXLSR GHSHQGLHQWH FRQVWD GH GRV SDUWHV
(3,V SURWHFWRUHV GH ODV YtDV UHVSLUDWRULDV TXH VRQ DTXHOORV  HO DGDSWDGRU IDFLDO \
(3,V TXH WUDWDQ GH LPSHGLU OD HQWUDGD GHO FRQWDPLQDQWH D
 HO ILOWUR
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


WUDYpV GH OD UHVSLUDFLyQ 6RQ PiV R PHQRV LQFyPRGRV GH
(O DGDSWDGRU IDFLDO GHEH FUHDU XQ HVSDFLR KHUPpWLFDPHQWH
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
OOHYDU SRU OR TXH UHGXFHQ HO UHQGLPLHQWR GHO WUDEDMDGRU
FHUUDGR DOUHGHGRU GH ODV YtDV UHVSLUDWRULDV GH IRUPD TXH HO
6H FODVLILFDQ HQ
~QLFR DFFHVR GHO DLUH D HOODV VHD D WUDYpV GHO ILOWUR ([LVWHQ
 HTXLSRV GHSHQGLHQWHV SXULILFDGRUHV GH DLUH  \ WUHV WLSRV
 HTXLSRV LQGHSHQGLHQWHV GHO PHGLR DPELHQWH  0iVFDUD FXEUH ERFD QDUL] \ RMRV FRQ OR TXH
DXWyQRPRV \ VHPLDXWyQRPRV  WDPELpQ SHUPLWH XQD EXHQD YLVLELOLGDG \ HYLWD OD
H[SRVLFLyQ GpUPLFD D FRQWDPLQDQWHV LUULWDQWHV
(Q ORV HTXLSRV GHSHQGLHQWHV HO SURSLR DLUH DPELHQWH VH  0DVFDULOOD R VHPLPiVFDUD FXEUH QDUL] ERFD \
SXULILFD \ UHVSLUD UHWHQLHQGR R WUDQVIRUPDQGR HO EDUELOOD \
FRQWDPLQDQWH SDUD TXH HO DLUH VHD UHVSLUDEOH  %RTXLOOD FXEUH OD ERFD H LPSLGH FRQ XQD SLQ]D OD
(Q ORV HTXLSRV LQGHSHQGLHQWHV HO DLUH TXH VH UHVSLUD QR HV HO HQWUDGD GH DLUH SRU OD QDUL] 0X\ LQFyPRGR OLPLWDGR
GHO DPELHQWH GH WUDEDMR SURFHGH GH XQD IXHQWH H[WHUQD D VLWXDFLRQHV GH HPHUJHQFLD

121 122
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

(O ILOWUR V  SXULILFD HO DLUH TXH VH UHVSLUD HOLPLQDQGR R


PLQLPL]DQGR OD FDQWLGDG GH FRQWDPLQDQWHV SUHVHQWHV
([LVWHQ WUHV WLSRV
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


 )LOWURV PHFiQLFRV UHWLHQHQ HO FRQWDPLQDQWH
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
PHGLDQWH XQD EDUUHUD GH WLSR ItVLFR SRU OR TXH VH
XWLOL]DQ SDUD SROYR KXPRV R DHURVROHV
 )LOWURV TXtPLFRV SDUD JDVHV \ YDSRUHV UHWLHQHQ R
WUDQVIRUPDQ DO FRQWDPLQDQWH SRU UHDFFLyQ TXtPLFD R
SRU DGVRUFLyQ ItVLFD FRQ XQD VXVWDQFLD DGHFXDGD
PDVFDULOOD
FRQWHQLGD HQ VX LQWHULRU 6RQ HVSHFtILFRV SDUD XQD
VXVWDQFLD R JUXSR GH VXVWDQFLDV GH SDUHFLGDV
FDUDFWHUtVWLFDV
 )LOWURV FRPELQDGRV R PL[WRV  UHDOL]DQ GH IRUPD
VLPXOWiQHD R FRQVHFXWLYD ODV DFFLRQHV DQWHULRUHV
/RV ILOWURV TXtPLFRV VH FODVLILFDQ HQ JUXSRV QRUPD 81((1
  VHJ~Q HO WLSR R IDPLOLD GH FRPSXHVWRV
PiVFDUD TXtPLFRV IUHQWH D ORV TXH SURWHJHQ \ TXH VH LGHQWLILFDQ SRU
XQ FyGLJR GH FRORU VLHQGR IDFWLEOH OD H[LVWHQFLD GH ILOWURV TXH
ERTXLOOD SHUWHQH]FDQ D GLIHUHQWHV FDWHJRUtDV
123 124
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
125 126
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

2WURV SURWHFWRUHV UHVSLUDWRULRV GHSHQGLHQWHV TXH VH XWLOL]DQ


VRQ ODV PDVFDULOODV DXWRILOWUDQWHV TXH LQWHJUDQ HO DGDSWDGRU
IDFLDO \ HO ILOWUR HQ XQ PLVPR FXHUSR TXH FXEUH QDUL] ERFD \
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


EDUELOOD 6RQ FyPRGDV SRFR SHVR \ SRFD SpUGLGD GH FDUJD \
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
IiFLOHV GH XVDU SHUR VyOR DFW~DQ FRPR ILOWUR PHFiQLFR SROYR
DHURVROHV   QR FRPR ILOWUR TXtPLFR JDVHV R YDSRUHV 

/RV (3,V GHSHQGLHQWHV GHO PHGLR DPELHQWH QR SXHGHQ


XWLOL]DUVH FXDQGR HO DLUH HV GHILFLHQWH R PX\ ULFR HQ R[tJHQR
QLYHOHV IXHUD GHO LQWHUYDOR   R FXDQGR ODV
FRQFHQWUDFLRQHV GH FRQWDPLQDQWHV VRQ PX\ HOHYDGDV (Q
HVWRV FDVRV GHEH UHFXUULUVH D OD XWLOL]DFLyQ GH XQ HTXLSR
LQGHSHQGLHQWH GHO PHGLR DPELHQWH
127 128
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
/RV HTXLSRV LQGHSHQGLHQWHV GHO PHGLR DPELHQWH (TXLSRV DXWyQRPRV HV HO XVXDULR HO TXH WUDQVSRUWD HO
VXPLQLVWUDGRUHV GH DLUH VRQ DTXHOORV HQ ORV TXH HO DLUH TXH VXPLQLVWUDGRU GH DLUH UHFLSLHQWH SRUWiWLO FRQ DLUH D SUHVLyQ 
UHVSLUD HO WUDEDMDGRU QR HV HO GHO DPELHQWH GH WUDEDMR 6H (O DGDSWDGRU IDFLDO WDPELpQ VXHOH VHU WLSR PiVFDUD FRPSOHWD
7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO

7 5LHVJRTXtPLFR &RQWUROGHOULHVJRTXtPLFRDFFLRQHVVREUHHO


XWLOL]DQ FXDQGR QR VRQ DFRQVHMDEOHV ORV HTXLSRV 3HUPLWHQ DXWRQRPtD \ OLEHUWDG GH PRYLPLHQWRV SHUR VRQ
IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR

IRFRVREUHHOPHGLR\VREUHHOLQGLYLGXR
GHSHQGLHQWHV GHO PHGLR DPELHQWH FRQFHQWUDFLRQHV PX\ SHVDGRV \ WLHQHQ XQ WLHPSR GH XWLOL]DFLyQ OLPLWDGR
HOHYDGDV R GHILFLHQWHV GH R[tJHQR R ODV FRQFHQWUDFLRQHV GH
FRQWDPLQDQWHV VXSHUDQ OD FRQFHQWUDFLyQ FRQVLGHUDGD FRPR
SHOLJURVD SDUD OD VDOXG 
6H FODVLILFDQ HQ
 HTXLSRV VHPLDXWyQRPRV \
 HTXLSRV DXWyQRPRV
(TXLSRV VHPLDXWyQRPRV XWLOL]DQ HO DLUH GH XQ DPELHQWH
GLIHUHQWH DO GH WUDEDMR WUDQVSRUWDGR D WUDYpV GH XQD
FDQDOL]DFLyQ R PDQJXHUD GHVGH XQ FRPSUHVRU R GHVGH XQD
ERWHOOD GH DLUH FRPSULPLGR QR SRUWiWLO 6XHOHQ XWLOL]DUVH
DGDSWDGRUHV IDFLDOHV WLSR PiVFDUD $XQTXH SURSRUFLRQDQ
SRFD DXWRQRPtD GH PRYLPLHQWR WUDEDMRV HQ SR]RV X RWURV
HVSDFLRV FRQILQDGRV  HO WLHPSR GH XWLOL]DFLyQ HV HOHYDGR
HTXLSR VHPLDXWyQRPR HTXLSR DXWyQRPR

129 130
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

,QFHQGLRV DWPyVIHUDV H[SORVLYDV \ HVSDFLRV ,1&(1',26


FRQILQDGRV /D FRPEXVWLyQ HV OD UHDFFLyQ H[RWpUPLFD GH XQD VXVWDQFLD
OODPDGD FRPEXVWLEOH FRQ XQ R[LGDQWH OODPDGR FRPEXUHQWH
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
(O IHQyPHQR HV DXWRVRVWHQLGR \ YLHQH DFRPSDxDGR
JHQHUDOPHQWH SRU XQD HPLVLyQ OXPtQLFD HQ IRUPD GH OODPDV R
LQFDQGHVFHQFLD FRQ GHVSUHQGLPLHQWR GH SURGXFWRV YROiWLOHV
\R KXPRV \ TXH SXHGH GHMDU UHVLGXR GH FHQL]DV
/DV PROpFXODV GH FRPEXVWLEOH GHEHQ GH HVWDU HQ HVWDGR
JDVHRVR SDUD SURGXFLU XQD OODPD \ PH]FODUVH FRQ XQD
FDQWLGDG DGHFXDGD GH R[LGDQWH R[tJHQR SDUD TXH OD
UHDFFLyQ VH VRVWHQJD
3DUD TXH VH SURGX]FD XQ LQFHQGLR DGHPiV GHO FRPEXVWLEOH \
HO FRPEXUHQWH HV QHFHVDULD XQD IXHQWH GH LJQLFLyQ FKLVSD R
OODPD  (V OD GHQRPLQDGD WHRUtD GHO 7ULiQJXOR GHO )XHJR
FRQILQDGRV

FRQILQDGRV

131 132
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
6LQ HPEDUJR H[LVWH RWUR IDFWRU OD UHDFFLyQ HQ FDGHQD TXH /D UHDFFLyQ GH FRPEXVWLyQ JHQHUDUi SURGXFWRV KXPRV
LQWHUYLHQH GH PDQHUD GHFLVLYD HQ HO LQFHQGLR \ TXH VL VH JDVHV UHVLGXRV VyOLGRV  \ PXFKR PiV FDORU TXH HO QHFHVDULR
LQWHUUXPSH LPSHGLUi OD FRQWLQXDFLyQ GHO LQFHQGLR 3RU HOOR HO LQLFLDOPHQWH SDUD VX LQLFLR
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
FRQFHSWR GH 7ULiQJXOR GHO )XHJR VH KD DPSOLDGR D RWUR &XDQGR HVWH FDORU VH UHLQYLHUWH HQ SURPRYHU HO GHVDUUROOR GH
VLPLODU FRQ FXDWUR IDFWRUHV HO 7HWUDHGUR GHO IXHJR QXHYDV UHDFFLRQHV TXtPLFDV HQ FDGHQD HO SURFHVR GH
FRPEXVWLyQ VH KDFH LQFRQWURODEOH \ PLHQWUDV QR VH HOLPLQH
DOJXQR GH ORV IDFWRUHV TXH GHWHUPLQDQ OD SRVLELOLGDG GHO
LQFHQGLR pVWH QR VH H[WLQJXH
/D SRVLELOLGDG GH UHDFFLRQHV HQ FDGHQD SHUPLWH HO IHQyPHQR
GH OD SURJUHVLyQ HVSRQWiQHD GHO LQFHQGLR \ VX SURSDJDFLyQ
HQ HO HVSDFLR \ HQ HO WLHPSR

/D SUHYHQFLyQ GH XQ LQFHQGLR FRQVLVWLUi HQ HOLPLQDU DO


PHQRV DOJXQR GH ORV YpUWLFHV GHO WHWUDHGUR FRPEXVWLEOH
FRPEXUHQWH IXHQWH GH LJQLFLyQ OODPD FKLVSD R SXQWR GH
FDORU R UHDFFLyQ HQ FDGHQD
FRQILQDGRV

FRQILQDGRV
133 134
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

/D SHOLJURVLGDG GHO FRPEXVWLEOH GHSHQGH IXQGDPHQWDOPHQWH  /D LQIODPDELOLGDG GH ORV OtTXLGRV VH FDUDFWHUL]D SRU
GH VX HVWDGR ItVLFR VyOLGR OtTXLGR R JDV \ HQ FDGD FDVR GH • OD WHPSHUDWXUD R SXQWR GH LJQLFLyQ IODVK SRLQW 
RWURV DVSHFWRV OLJDGRV D VXV SURSLHGDGHV ItVLFRTXtPLFDV WHPSHUDWXUD PtQLPD D OD FXDO HO FRPEXVWLEOH HPLWH
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
VXILFLHQWHV YDSRUHV TXH HQ SUHVHQFLD GH DLUH X RWUR
 3DUD FRPEXVWLEOHV VyOLGRV HO JUDGR GH IUDJPHQWDFLyQ FRPEXUHQWH VH LQIODPDQ HQ FRQWDFWR FRQ XQD
JUDQXORPHWUtD D PD\RU GLYLVLyQ VH SUHFLVD PHQRU IXHQWH GH LJQLFLyQ SHUR VL VH UHWLUD VH DSDJD
HQHUJtD HQ LQWHQVLGDG \ GXUDFLyQ SDUD LQLFLDU OD • OD WHPSHUDWXUD GH LQIODPDFLyQ R SXQWR GH GHVWHOOR
FRPEXVWLyQ  6H GHILQH WHPSHUDWXUD GH SLUROLVLV FRPR ILUH SRLQW  WHPSHUDWXUD PtQLPD D OD TXH HO
OD WHPSHUDWXUD D OD TXH HO VyOLGR HPSLH]D D FRPEXVWLEOH HPLWH YDSRUHV VXILFLHQWHV SDUD TXH VH
GHVFRPSRQHUVH FUHDQGR XQD DWPyVIHUD LQIODPDEOH \ IRUPH OD PH]FOD LQIODPDEOH \ VLJXH DUGLHQGR
WHPSHUDWXUD GH DXWRLJQLFLyQ D DTXHOOD HQ OD TXH OD DXQTXH VH UHWLUH OD IXHQWH GH LJQLFLyQ FRSD DELHUWD
VXSHUILFLH GHO PDWHULDO FRPLHQ]D D DUGHU \ FRSD FHUUDGD 
• HO SXQWR GH DXWRLQIODPDFLyQ OD WHPSHUDWXUD
PtQLPD D OD TXH DUGH XQ PDWHULDO GH IRUPD
HVSRQWiQHD EDMR OD DFFLyQ GHO FDORU \ VLQ FRQWDFWR
FRQ OODPD HO pWHU HWtOLFR VH LQIODPD
HVSRQWiQHDPHQWH D ORV ž & 
FRQILQDGRV

FRQILQDGRV

135 136
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
/D PDJQLWXG TXH DOFDQFH XQ LQFHQGLR GHSHQGHUi GH ORV /RV IXHJRV VH FODVLILFDQ GH DFXHUGR FRQ OD QDWXUDOH]D GHO
PHGLRV GH GHWHFFLyQ \ DODUPD \ GH OD UDSLGH] GH OD SXHVWD HQ FRPEXVWLEOH QRUPD 81((1 $ 
PDUFKD GH ORV PHGLRV GH OXFKD FRQWUD HO IXHJR /D  &ODVH $ )XHJRV GH PDWHULDOHV FRPEXVWLEOHV VyOLGRV
FRPXQHV TXH GHMDQ EUDVD JHQHUDOPHQWH GH QDWXUDOH]D
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
SUHYHQFLyQ HYLWD HO LQLFLR GHO IXHJR \ OD SURWHFFLyQ OLPLWD OD
SURSDJDFLyQ \ ODV FRQVHFXHQFLDV GHO LQFHQGLR RUJiQLFD WDOHV FRPR PDGHUD SDSHO WH[WLOHV FDXFKRV \
/DV PHGLGDV GH SURWHFFLyQ SXHGHQ VHU SOiVWLFRV WHUPRHVWDEOHV
 3DVLYDV VLQ DFWXDU VREUH HO IXHJR GLILFXOWDQ R  &ODVH % )XHJRV GH OtTXLGRV LQIODPDEOHV R VyOLGRV OLFXDEOHV
LPSRVLELOLWDQ OD SURSDJDFLyQ GHO IXHJR HYLWDQ HO FRPR JDVROLQD SHWUyOHR DFHLWHV SLQWXUDV EDUQLFHV
GHUUXPEH GHO HGLILFLR R IDFLOLWDQ OD HYDFXDFLyQ R DOFRKRO«
H[WLQFLyQ FDUDFWHUtVWLFDV GH ORV FRPEXVWLEOHV  &ODVH & ,QFOX\H D ORV IXHJRV GH JDVHV LQIODPDEOHV FRPR
HOHPHQWRV FRQVWUXFWLYRV H[XWRULRV H[LJHQFLDV GH SURSDQR EXWDQR PHWDQR«
FRPSRUWDPLHQWR GH ORV PDWHULDOHV DQWH HO IXHJR  &ODVH ' )XHJRV GH PHWDOHV FRPEXVWLEOHV WDOHV FRPR
VHxDOL]DFLyQ \ DOXPEUDGR  VRGLR SRWDVLR PDJQHVLR DOXPLQLR FLUFRQLR WLWDQLR HWF
 $FWLYDV R GH OXFKD FRQWUD LQFHQGLRV PHGLRV GH  &ODVH ) )XHJRV GH DFHLWHV \ JUDVDV GH FRFLQD GHULYDGRV
GHWHFFLyQ WUDQVPLVLyQ GH OD DODUPD DGLHVWUDPLHQWR GHO GH OD XWLOL]DFLyQ GH HVWDV PDWHULDV HQ DSDUDWRV GH FRFLQD
SHUVRQDO RUJDQL]DFLyQ PHGLRV GH H[WLQFLyQ YtDV GH HQ 86$ VH OH FRQRFH FRPR FODVH . NLWFKHQ 
HYDFXDFLyQ SODQ GH HPHUJHQFLD PDQWHQLPLHQWR GH ORV
&XDOTXLHU WLSR GH IXHJR SXHGH SURGXFLUVH HQ SUHVHQFLD GH
VLVWHPDV GH GHWHFFLyQ DODUPD \ H[WLQFLyQ 
FRUULHQWH HOpFWULFD 6ROtD XWLOL]DUVH OD GHQRPLQDFLyQ WLSR (
FRQILQDGRV

FRQILQDGRV
HOLPLQDGD 
137 138
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

([LVWHQ VLVWHPDV DSURSLDGRV SDUD FRPEDWLU SHTXHxRV


LQFHQGLRV R DWDFDUOR HQ VXV LQLFLRV TXH VLQ HPEDUJR QR
VLUYHQ SDUD HQIUHQWDUQRV D XQ JUDQ LQFHQGLR $*(17((;7,1725 7,32'()8(*2
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
$6yOLGRV %/tTXLGRV &*DVHV '0HWDOHV )&RFLQDV JUDVDV
\DFHLWHV

([WLQWRUHV GH LQFHQGLR SRUWiWLOHV


$JXD3XOYHUL]DGD ;;; ;
$SDUDWR TXH FRQWLHQH XQ DJHQWH H[WLQWRU TXH SXHGH
$JXDDFKRUUR ;;
SUR\HFWDUVH \ GLULJLUVH VREUH XQ IXHJR SRU OD DFFLyQ GH XQD
SUHVLyQ LQWHUQD (VWD SUHVLyQ SXHGH SURGXFLUVH SRU XQD 3ROYR%&FRQYHQFLRQDO ;;; ;;

FRPSUHVLyQ SUHYLD SHUPDQHQWH R PHGLDQWH OD OLEHUDFLyQ GH 3ROYR$%&SROLYDOHQWH ;; ;; ;;

XQ JDV DX[LOLDU (VWiQ FRQFHELGRV SDUD OOHYDUVH \ XWLOL]DUVH D 3ROYRHVSHFtILFR 1D&O1D&2 $FHWDWRGHSRWDVLR

PDQR \ HQ FRQGLFLRQHV GH IXQFLRQDPLHQWR WLHQHQ XQD PDVD &X


(VSXPDItVLFD ;; ;;
LQIHULRU R LJXDO D  NJ
'Ly[LGRGHFDUERQR ; ;
6RQ IiFLOHV GH PDQHMDU SHUR GHEH KDEHUVH SUDFWLFDGR DQWHV +LGURFDUEXURVKDORJHQDGRV ; ;; ;
FRQ HOORV R SXHGHQ RFXUULU DFFLGHQWHV ;;;0X\DGHFXDGR;;$GHFXDGR;$FHSWDEOH
(QIXHJRVSRFRSURIXQGRV SURIXQGLGDGLQIHULRUDPP SXHGHFRQVLGHUDUVH
(QSUHVHQFLDGHWHQVLyQHOpFWULFDQRVRQDFHSWDEOHVFRPRDJHQWHVH[WLQWRUHVHODJXDDFKRUURQLODHVSXPD(OUHVWR
GHDJHQWHVH[WLQWRUHVSRGUiQXWLOL]DUVHHQDTXHOORVH[WLQWRUHVTXHVXSHUHQHOHQVD\RGLHOpFWULFRQRUPDOL]DGRHQ81(

FRQILQDGRV

FRQILQDGRV

139 140
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
/DV %,(V %RFDV GH ,QFHQGLR (TXLSDGDV VRQ HTXLSRV GH  0DQyPHWUR SDUD PHGLU OD SUHVLyQ \ FRPSUREDU TXH OD
PDWHULDO FRQWUD LQFHQGLR ILMRV DQFODGRV D OD SDUHG \ WRPD GH DJXD IXQFLRQD
FRQHFWDGRV D XQD WRPD GH DJXD  9iOYXOD FRQHFWD HO VLVWHPD FRQWUD LQFHQGLRV FRQ OD WRPD
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
GH DJXD
 0DQJXHUD OD PDQJD SRU OD TXH GHEH SDVDU HO DJXD \
SHUPLWH OOHYDUOD KDVWD GRQGH LQWHUHVH SDUD FRQWURODU HO
LQFHQGLR
 %RTXLOOD WDPELpQ GHQRPLQDGD ODQ]D R ODQ]DGHUD VLWXDGD
HQ HO H[WUHPR GH OD PDQJXHUD HV SRU GyQGH VDOH DO DJXD
SDUD VRIRFDU ORV LQFHQGLRV 6XHOH FRQWDU FRQ YDULDV
45 mm SRVLFLRQHV SDUD ORJUDU XQD VDOLGD GH DJXD GLVWLQWD VHJ~Q
25 mm
LQWHUHVH FKRUUR QLHEOD HWF
(OHPHQWRV GH ODV %,(V 7LSRV GH %,(V
 $UPDULR QRUPDOPHQWH GH FRORU URMR TXH JXDUGD WRGR HO ([LVWHQ  WLSRV GH %,(V PX\ SDUHFLGDV H[WHUQDPHQWH
VLVWHPD GHO %,(  %,( GH  PP GH  PP GH GLiPHWUR FRQ PDQJXHUD GH
 6RSRUWH GH PDQJXHUD GRQGH VH DSR\D OD PDQJXHUD \ VH  PHWURV VHPLUUtJLGD FRQ FDSDFLGDG GH VXPLQLVWUDU XQ
HQUROOD (VWH VRSRUWH GHEH SHUPLWLU GHVHQUROODU OD FDXGDO GH  OLWURV SRU PLQXWR D  EDU GH SUHVLyQ HQ
FRQILQDGRV

FRQILQDGRV
PDQJXHUD GH IRUPD IiFLO \ UiSLGD SXQWD GH ODQ]D 3XHGH XVDUVH VLQ H[WHQGHUOD WRWDOPHQWH

141 142
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

 %,( GH  PP HQ HVWH FDVR HO GLiPHWUR HV GH  PP 0DQWDV DSDJDIXHJRV


FRQ PDQJXHUD IOH[LEOH GH  PHWURV FDSD] GH VXPLQLVWUDU /iPLQDV GH PDWHULDO IOH[LEOH GHVWLQDGDV D H[WLQJXLU SRU
 OLWURV SRU PLQXWR D  EDU GH SUHVLyQ HQ SXQWD GH VRIRFDFLyQ SHTXHxRV IXHJRV FRUWDQGR HO VXPLQLVWUR GH
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
ODQ]D 'HEH H[WHQGHUVH WRWDOPHQWH DQWHV GH VX XVR \ R[tJHQR DO IXHJR  FRPSXHVWR SRU XQ WHMLGR LJQtIXJR ILEUD GH
UHTXLHUH GH GRV SHUVRQDV SDUD VX XVR YLGULR QRPH[  6LUYH SDUD FRPEDWLU FRQDWRV GH LQFHQGLR \ HV
XQ FRPSOHPHQWR D OD XWLOL]DFLyQ GH H[WLQWRUHV (YLWD SRVLEOHV
,QVWDODFLyQ GH %,(V VLHPSUH HQFRQWUDUHPRV HVWDV TXHPDGXUDV GXUDQWH HO SURFHVR GH HYDFXDFLyQ GHO LQFHQGLR
PDQJXHUDV D XQD GLVWDQFLD Pi[LPD GH  PHWURV GH ODV 3XHGH FXEULU D XQD SHUVRQD FX\D URSD HVWp HQ OODPDV \
SXHUWDV GH VDOLGD (QWUH XQD %,( \ RWUD QR SXHGH H[LVWLU XQD DSDJDUODV HO H[WLQWRU QR HVWD UHFRPHQGDGR 
GLVWDQFLD VXSHULRU D ORV  PHWURV /D DOWXUD D OD TXH GHEH (V XQ VLVWHPD GH SURWHFFLyQ DFWLYD FRQWUD LQFHQGLRV GH
HVWDU LQVWDODGD HV VLHPSUH GH  PHWURV $GHPiV HVWDUi FXDOTXLHU WLSR GH IiFLO \ UiSLGD DFWXDFLyQ
VHxDOL]DGD FRQ XQD VHxDO OXPLQLVFHQWH SRU VL HO LQFHQGLR
KXELHVH FRUWDGR OD FRUULHQWH HOpFWULFD
$O LJXDO TXH FRQ ORV H[WLQWRUHV GHEH GH KDEHUVH SUDFWLFDGR
DQWHV VX XWLOL]DFLyQ /DV %,( GH  PP VyOR GHEHUtDQ VHU
XWLOL]DGDV SRU SHUVRQDO GHELGDPHQWH IRUPDGR \ HQ FDVR GH
QR SURIHVLRQDOHV SRU GRV SHUVRQDV
FRQILQDGRV

FRQILQDGRV

143 144
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(;3/26,21(6

8QD H[SORVLyQ HV XQD V~ELWD OLEHUDFLyQ GH JDV D DOWD SUHVLyQ

7 5LHVJRTXtPLFR,QFHQGLRVHVSDFLRVFRQILQDGRV\DWPyVIHUDV
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

HQ HO DPELHQWH

([SORVLRQHV ItVLFDV
(O JDV D DOWD SUHVLyQ VH JHQHUD SRU PHGLRV PHFiQLFRV VLQ
SURGXFLUVH XQ FDPELR IXQGDPHQWDO HQ OD VXVWDQFLD TXtPLFD
(O JDV SXHGH DOFDQ]DU OD DOWD SUHVLyQ GH IRUPD PHFiQLFD
DSRUWDFLyQ GH FDORU DO JDV OtTXLGR R VyOLGR R WDPELpQ VH
SXHGH OLEHUDU XQ OtTXLGR VREUHFDOHQWDGR GH IRUPD V~ELWD SRU
PHGLRV PHFiQLFRV \ JHQHUDU XQD DOWD SUHVLyQ SRU
HYDSRUDFLyQ UHSHQWLQD
/D QRFKH GHO  GH PD\R GH  VH SURGXMR XQ LQFHQGLR HQ HO HGLILFLR GH OD /D PD\RUtD GH ODV H[SORVLRQHV ItVLFDV LQYROXFUDQ XQ
8QLYHUVLGDG HQ OD FDOOH GH OD 1DYH TXH VH LQLFLy HQ HO /DERUDWRULR GH FRQWHQHGRU FDOGHUD FLOLQGUR GH JDV HWF HQ FX\R LQWHULRU VH
4XtPLFD $GHPiV GH HVWH ODERUDWRULR DUGLHURQ WRWDOPHQWH HO 0XVHR GH
JHQHUD XQD DOWD SUHVLyQ PHGLDQWH XQD FRPSUHVLyQ PHFiQLFD
+LVWRULD 1DWXUDO \ HO 2EVHUYDWRULR $VWURQyPLFR
HO FDOHQWDPLHQWR GHO FRQWHQHGRU \ GHO FRQWHQLGR R OD
FRQILQDGRV

H[SORVLYDV
LQWURGXFFLyQ GH XQ JDV D DOWD SUHVLyQ GHVGH RWUR UHFLSLHQWH

145 146
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26


([SORVLRQHV TXtPLFDV 8QD DWPyVIHUD SRWHQFLDOPHQWH H[SORVLYD UHTXLHUH GH OD
$TXHOODV HQ ODV TXH HO JDV D DOWD SUHVLyQ KD VLGR JHQHUDGR FRPELQDFLyQ GH OD PH]FOD GH XQD VXVWDQFLD LQIODPDEOH R
SRU UHDFFLRQHV TXtPLFDV HO SURGXFWR TXH FDXVD OD H[SORVLyQ FRPEXVWLEOH GLVSHUVD HQ HO DPELHQWH HQ GHWHUPLQDGD
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
HV GLIHUHQWH GH OD VXVWDQFLD R VXVWDQFLDV TXH OR KDQ FRQFHQWUDFLyQ FRQ XQ R[LGDQWH D XQD FRQFHQWUDFLyQ
RULJLQDGR /D FRPEXVWLyQ HV OD UHDFFLyQ PiV FRP~Q SUHVHQWH GHWHUPLQDGD \ XQD IXHQWH GH LJQLFLyQ &XDQGR QRV
HQ ODV H[SORVLRQHV SHUR QR OD ~QLFD DXQTXH VHD OD ~QLFD TXH HQFRQWUDPRV HQ XQ HVSDFLR FRQILQDGR HO ULHVJR VH KDFH
YHDPRV  PD\RU \ PiV FRPSOLFDGR
3DUD TXH VH SURGX]FD XQD H[SORVLyQ HV QHFHVDULD OD 1R VROR ORV JDVHV \ YDSRUHV LQIODPDEOHV SRGUiQ JHQHUDU XQD
H[LVWHQFLD GH XQD DWPyVIHUD H[SORVLYD $7(;  DWPyVIHUD H[SORVLYD 0XFKRV DHURVROHV OtTXLGRV R VyOLGRV
QLHEODV SROYR  VL VRQ FRPEXVWLEOHV SXHGHQ WHQHU
(O 5'  VREUH SURWHFFLyQ GH OD VDOXG \ OD VHJXULGDG
SURSLHGDGHV GH H[SORVLYLGDG DXQTXH QR GLVSRQJDQ GH ILFKDV
GH ORV WUDEDMDGRUHV H[SXHVWRV D ORV ULHVJRV GHULYDGRV GH OD
GH GDWRV GH VHJXULGDG 3RU WDQWR HO KHFKR GH QR OOHYDU
IRUPDFLyQ GH DWPyVIHUDV H[SORVLYDV HQ HO OXJDU GH WUDEDMR
SLFWRJUDPD QR H[FOX\H HO ULHVJR GH HVWDV VXVWDQFLDV
GHILQH DWPyVIHUD H[SORVLYD FRPR
³0H]FOD FRQ HO DLUH HQ FRQGLFLRQHV DWPRVIpULFDV
GH VXVWDQFLDV HQ IRUPD GH JDVHV YDSRUHV
QLHEODV R SROYRV HQ OD TXH WUDV XQD LJQLFLyQ OD
FRPEXVWLyQ VH SURSDJD D OD WRWDOLGDG GH OD
PH]FOD QR TXHPDGD´
FRQILQDGRV

FRQILQDGRV

147 148
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
 3DUD OtTXLGRV \ JDVHV LQIODPDEOHV ORV SDUiPHWURV
IXQGDPHQWDOHV VRQ
• /tPLWH LQIHULRU GH LQIODPDELOLGDG R H[SORVLYLGDG /,,
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
/,(  \
• /tPLWH VXSHULRU GH LQIODPDELOLGDG R H[SORVLYLGDG
/6, /6(  TXH LQGLFDQ OD SURSRUFLyQ FRPEXVWLEOH
DLUH TXH KDFH IDOWD SDUD OD LJQLFLyQ
• $PERV GHILQHQ HO UDQJR R FDPSR GH LQIODPDELOLGDG
R H[SORVLYLGDG LQFOXLGD OD FRQFHQWUDFLyQ PiV
IiFLOPHQWH LQIODPDEOH &0), 
• /D HQHUJtD PtQLPD GH LJQLFLyQ R GH LQIODPDFLyQ
(0,  HQHUJtD PtQLPD QHFHVDULD SDUD FRQVHJXLU OD
LQIODPDFLyQ GH OD DWPyVIHUD SDUD XQD
FRQFHQWUDFLyQ GDGD

(Q HO iPELWR LQGXVWULDO GHEH GH FXPSOLUVH HO 5'


 5HJODPHQWR GH VHJXULGDG FRQWUD LQFHQGLRV HQ
FRQILQDGRV

FRQILQDGRV
ORV HVWDEOHFLPLHQWRV LQGXVWULDOHV

149 150
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

&XDQWR PiV DPSOLR VHD HVWH LQWHUYDOR PiV SHOLJURVD HV OD 8Q DPELHQWH FRQWLHQH YDSRUHV GH QKH[DQR (O YDORU GHO /,,
VXVWDQFLD S HM HO KLGUyJHQR FRQ XQ /,(  \ XQ SDUD HO QKH[DQR HV GHO  3DUD SRGHU WUDEDMDU GH IRUPD
/6(  R HO DFHWLOHQR FRQ XQ /,(  \ XQ VHJXUD VH VXHOH H[LJLU QR VXSHUDU HO  GHO /,,
6L VH GLVSRQH GH XQ FRQWHQHGRU ,%& ,QWHUPHGLDWH %XON
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
/6(  IUHQWH DO TXHURVHQR FRQ XQ /,(  \ XQ
/6(   &RQWDLQHU GH  OLWURV DSDUHQWHPHQWH YDFtR ¢FXiQWRV
OLWURV FRPR Pi[LPR GH QKH[DQR SXHGHQ HYDSRUDUVH 137
SDUD PDQWHQHU XQD DWPyVIHUD VHJXUD"
3DUD HO FDVR GH QXEH GH SROYR HO UDQJR GH FRQFHQWUDFLyQ
H[SORVLYD GHSHQGHUi DGHPiV GH OD JUDQXORPHWUtD /DV FRQGLFLRQHV VHJXUDV VH WLHQHQ VLHPSUH TXH HVWHPRV SRU
1RUPDOPHQWH HQ HO OXJDU GH WUDEDMR QR VH SUHVHQWDUi XQD GHEDMR GHO  GHO /,,
PH]FOD KRPRJpQHD GH SROYRDLUH SRU OR TXH ORV YDORUHV GHO &  ā   YY
UDQJR GH FRQFHQWUDFLRQHV OtPLWH H[SORVLYDV SDUD SROYRV 9QKH[DQRJDV  / ā   /JDV 9Pi[ SDUD
GHEHUtDQ XVDUVH VRODPHQWH FRPR UHIHUHQFLD FRQGLFLRQHV VHJXUDV
8VDQGR HO YROXPHQ PRODU Q  /JDV   /PRO 
PROHV
&RQ XQ SHVR PROHFXODU GH  JPRO P  JPRO ā 
PROHV  J
< XQD GHQVLGDG GH  JP/ 9 PG  J   JP/
 P/OtT  /OLT
FRQILQDGRV

FRQILQDGRV

151 152
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(63$&,26 &21),1$'26

6H GHILQH FRPR HVSDFLR FRQILQDGR FXDOTXLHU HVSDFLR FRQ


7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
DEHUWXUDV OLPLWDGDV GH HQWUDGD \ VDOLGD \ YHQWLODFLyQ QDWXUDO
GHVIDYRUDEOH HQ HO FXDO SXHGHQ DFXPXODUVH FRQWDPLQDQWHV
TXtPLFRV Wy[LFRV R LQIODPDEOHV WHQHU XQD DWPyVIHUD FRQ
GHILFLHQFLD GH R[tJHQR R SURGXFLUVH XQD LQXQGDFLyQ
UHSHQWLQD \ TXH QR HVWi GLVHxDGR SDUD XQD RFXSDFLyQ
FRQWLQXDGD SRU SDUWH GHO WUDEDMDGRU
([LVWHQ GRV WLSRV GH HVSDFLRV FRQILQDGRV
 (VSDFLRV FRQILQDGRV DELHUWRV SRU VX SDUWH VXSHULRU \ GH
XQD SURIXQGLGDG WDO TXH GLILFXOWD VX YHQWLODFLyQ QDWXUDO
IRVRV GH HQJUDVH GH YHKtFXORV FXEDV GH GHVHQJUDVDGR
([SORVLyQ HQ OD WHUPLQDO GH JUDQR GH %OD\H )UDQFLD   3RGtD SR]RV GHSyVLWRV DELHUWRV FXEDV
DOPDFHQDU  7P GH JUDQR  HQ ORV VLORV YHUWLFDOHV 
0XULHURQ  SHUVRQDV  (VSDFLRV FRQILQDGRV FHUUDGRV FRQ XQD SHTXHxD DEHUWXUD
GH HQWUDGD \ VDOLGD UHDFWRUHV WDQTXHV GH
DOPDFHQDPLHQWR VDODV VXEWHUUiQHDV W~QHOHV
DOFDQWDULOODV JDOHUtDV GH VHUYLFLRV ERGHJDV GH EDUFRV
FRQILQDGRV

FRQILQDGRV
DUTXHWDV VXEWHUUiQHDV FLVWHUQDV GH WUDQVSRUWH
153 154
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

/DV FDXVDV GH VLQLHVWUDOLGDG HQ WUDEDMRV HQ HVSDFLRV $VIL[LD SRU LQVXILFLHQFLD GH R[tJHQR DQR[LD
FRQILQDGRV VH GLVWULEX\HQ GH OD VLJXLHQWH IRUPD (VWH ULHVJR VH SURGXFH FXDQGR OD FRQFHQWUDFLyQ GH
•  FDXVDV UHODFLRQDGDV FRQ OD DWPyVIHUD GHO R[tJHQR HV LQIHULRU D   GH 2 SRUTXH KD VLGR
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
UHFLQWR FRQVXPLGR R KD VLGR GHVSOD]DGR SRU RWURV JDVHV
•  DWUDSDPLHQWRV /DV FDXVDV SXHGHQ VHU
•  RWUDV  1DWXUDOHV IHUPHQWDFLRQHV RUJiQLFDV GHVFRPSRVLFLyQ GH
PDWHULD RUJiQLFD GHVSUHQGLPLHQWR GH &2 GH DJXDV
/DV FRQVHFXHQFLDV GH ORV DFFLGHQWHV HQ HVSDFLRV FRQILQDGRV
VXEWHUUiQHDV FDUERQDWDGDV «
VRQ VLHPSUH PX\ JUDYHV R PRUWDOHV $GHPiV DIHFWDQ QR
VRODPHQWH D ODV SHUVRQDV TXH HQWUDQ HQ HOORV SDUD UHDOL]DU XQ  'HELGDV DO WUDEDMR UHDOL]DGR UHPRYLGR R SLVDGR GH ORGRV
WUDEDMR WDPELpQ D RWUDV SHUVRQDV TXH DQWH XQD HPHUJHQFLD OLEHUDFLyQ GH FRQGXFWRV REVWUXLGRV SURFHVRV GH FRQVXPR
VH LQWURGXFHQ HQ ORV PLVPRV SDUD LQWHQWDU XQ UHVFDWH VLQ GH R[tJHQR PRWRUHV HPSOHR GH JDVHV LQHUWHV « R
FRQRFHU ORV ULHVJRV TXH H[LVWHQ QL GLVSRQHU GH PHGLRV  3RU LQIOXHQFLD GH RWUDV LQVWDODFLRQHV UHDFFLRQHV TXtPLFDV
DGHFXDGRV SDUD HIHFWXDUOR GH R[LGDFLyQ GHVSOD]DPLHQWR GHO R[tJHQR SRU RWURV JDVHV
'HQWUR GHO HVSDFLR FRQILQDGR H[LVWHQ WDPELpQ ULHVJRV «
FRPXQHV DFFLGHQWHV GH WUiILFR ULHVJRV PHFiQLFRV
HOHFWURFXFLyQ FDtGDV D GLVWLQWR QLYHO « 
3RU VX JUDYHGDG VH GHWDOODQ ORV ULHVJRV HVSHFtILFRV SRU
FRQILQDGRV

FRQILQDGRV

H[SRVLFLyQ D DWPyVIHUDV SHOLJURVDV

155 156
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
,QWR[LFDFLyQ SRU LQKDODFLyQ GH FRQWDPLQDQWHV • 0RQy[LGR GH FDUERQR &2  VH JHQHUD HQ SURFHVRV GH
5LHVJR SUHVHQWH FXDQGR OD FRQFHQWUDFLyQ DPELHQWDO HQ HO FRPEXVWLyQ FRQ XQ VXPLQLVWUR LQVXILFLHQWH GH DLUH R GRQGH
LQWHULRU GHO HVSDFLR FRQILDQGR GH FXDOTXLHU VXVWDQFLD R OD FRPEXVWLyQ HV LQFRPSOHWD S HM PRWRUHV GH

7 5LHVJRTXtPLFR,QFHQGLRVHVSDFLRVFRQILQDGRV\DWPyVIHUDV
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

SURGXFWR Wy[LFR HVWi SRU HQFLPD GH GHWHUPLQDGRV OtPLWHV GH FRPEXVWLyQ 7DPELpQ SRU DXWRR[LGDFLyQ HVSRQWiQHD GH ORV
H[SRVLFLyQ iFLGRV JUDVRV GH OD PDGHUD
6H SXHGHQ SURGXFLU LQWR[LFDFLRQHV DJXGDV R HQIHUPHGDGHV • 6XOIXUR GH KLGUyJHQR +6  RORU D KXHYRV SRGULGRV
ODERUDOHV /DV VXVWDQFLDV Wy[LFDV HQ XQ UHFLQWR FRQILQDGR DXQTXH OD VHQVLELOLGDG DO RORU GHVDSDUHFH UiSLGDPHQWH
SXHGHQ VHU JDVHV YDSRUHV R SROYR ILQR HQ VXVSHQVLyQ HQ HO GHVSXpV GH UHVSLUDUOR  6H JHQHUD HQ SURFHVRV GH
DLUH GHVFRPSRVLFLyQ DQDHUyELFD GH OD PDWHULD RUJiQLFD S HM
DOFDQWDULOODV \ HQ RSHUDFLRQHV SHWURTXtPLFDV (V
/RV RUtJHQHV SXHGHQ VHU GLYHUVRV WDQWR SRU \D H[LVWLU HO
LQIODPDEOH \ H[SORVLYR HQ DOWDV FRQFHQWUDFLRQHV
FRQWDPLQDQWH HQ HO LQWHULRU FRPR SRU JHQHUDUVH pVWH DO
UHDOL]DU HO WUDEDMR HQ HO HVSDFLR FRQILQDGR • 'Ly[LGR GH D]XIUH 62  JDV LUULWDQWH JHQHUDGR HQ OD
FRPEXVWLyQ GH D]XIUH R GH FRPSXHVWRV TXH OR FRQWLHQHQ
/D LQWR[LFDFLyQ HQ HVWD FODVH GH WUDEDMRV VXHOH VHU DJXGD
SXHV UiSLGDPHQWH VH DOFDQ]DQ DOWDV FRQFHQWUDFLRQHV • &ORUR SRU UHDFFLyQ GH XQ iFLGR FRQ HO KLSRFORULWR HPSOHDGR
HQ SURFHVRV GH OLPSLH]D
/RV JDVHV Wy[LFRV PiV FRPXQHV TXH VH SXHGHQ HQFRQWUDU HQ
ORV HVSDFLRV FRQILQDGRV VRQ • 2WURV FRPSXHVWRV RUJiQLFRV PHWDOHV DHURVROHV «
SURFHGHQWHV GH OD DFWLYLGDG UHDOL]DGD VROGDGXUD SLQWXUD
OLPSLH]D FRQ GLVROYHQWH FRUWH R URWXUD GH PDWHULDOHV GH
FRQILQDGRV

H[SORVLYDV
ILEURFHPHQWR FRQ DPLDQWR « 
157 158
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26


,QFHQGLR \ H[SORVLyQ 0HGLGDV SUHYHQWLYDV
(Q XQ UHFLQWR FRQILQDGR VH SXHGH FUHDU XQD DWPyVIHUD  6H LQWHQWDUi UHDOL]DU HO WUDEDMR GHVGH HO H[WHULRU \ VL HOOR QR
LQIODPDEOH SRU FDXVDV HV SRVLEOH VHUi QHFHVDULR XQ SHUPLVR HVFULWR SDUD VX
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
• 1DWXUDOHV GHVFRPSRVLFLyQ GH PDWHULD RUJiQLFD DFFHVR TXH HYLWH OD HQWUDGD GH SHUVRQDV QR DXWRUL]DGDV R
VXVWDQFLDV LQIODPDEOHV FRPR &+ R +6 R HPDQDFLRQHV KDVWD TXH QR VH KD\DQ FRPSUREDGR ODV FRQGLFLRQHV GHO
GH &+ SURFHGHQWHV GHO WHUUHQR R HVSDFLR FRQILQDGR 5'  HYDOXDFLyQ \ SUHYHQFLyQ GH
ORV ULHVJRV UHODWLYRV D OD XWLOL]DFLyQ GH ORV OXJDUHV GH
• 3RU HO WUDEDMR UHDOL]DGR HYDSRUDFLyQ GH GLVROYHQWHV
WUDEDMR DQH[R ,$ ž 
UHVWRV GH OtTXLGRV LQIODPDEOHV UHDFFLRQHV TXtPLFDV
PRYLPLHQWR GH FHUHDOHV R SLHQVRV DWPyVIHUDV  'HVGH XQ SXQWR GH YLVWD RSHUDWLYR KD\ WUHV VXSXHVWRV
VREUHR[LJHQDGDV VROGDGXUD R[LDFHWLOpQLFD  « VLHPSUH 1,26+  (Q IXQFLyQ GH OD FODVH VHUi QHFHVDULD OD
TXH H[LVWD JDV YDSRU R SROYR FRPEXVWLEOH HQ HO DPELHQWH DXWRUL]DFLyQ GH HQWUDGD SRU HVFULWR \ XQ SODQ GH WUDEDMR
\ VX FRQFHQWUDFLyQ HVWp FRPSUHQGLGD HQWUH VXV OtPLWHV GH HVSHFtILFR $  XQ SHUPLVR SDUD HQWUDU VLQ SURWHFFLyQ
LQIODPDELOLGDG UHVSLUDWRULD XQD YH] HIHFWXDGDV ODV PHGLFLRQHV DGHFXDGDV
%  R VH QHFHVLWDUi VHJXULGDG HQ HO PpWRGR GH WUDEDMR
$ HIHFWRV GH VHJXULGDG VH FRQVLGHUD TXH XQ HVSDFLR
SHUR QR SHUPLVR GH HQWUDGD & 
FRQILQDGR HV PX\ SHOLJURVR FXDQGR H[LVWD XQD FRQFHQWUDFLyQ
GH VXVWDQFLD LQIODPDEOH SRU HQFLPD GHO  GH VX OtPLWH
LQIHULRU GH LQIODPDELOLGDG
FRQILQDGRV

FRQILQDGRV

159 160
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
&ODVH$ &ODVH% &ODVH&  9HQWLODFLyQ QDWXUDO GHO UHFLQWR R YHQWLODFLyQ IRU]DGD VL OD
6LWXDFLyQ $XQTXHQRHV (OSHOLJUR QDWXUDO QR HV VDWLVIDFWRULD HO UHVXOWDGR GH OD HYDOXDFLyQ
LQPHGLDWDPHQWH LQPHGLDWDPHQWH SRWHQFLDO DPELHQWDO OR DFRQVHMD R VH UHDOLFHQ WUDEDMRV FRQ HPLVLyQ
SHOLJURVDSDUDODYLGD SHOLJURVRSDUDODVDOXG\ H[LVWHQWHQR
7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV

7 5LHVJRTXtPLFR,QFHQGLRVDWPyVIHUDVH[SORVLYDV\HVSDFLRV
GH FRQWDPLQDQWHV
RODVDOXGGHILFLHQFLD ODYLGDVLQRVHSRQHQ UHTXHULUiQLQJXQD
GHR[tJHQRDWPyVIHUD ODVPHGLGDVSUHYHQWLYDV PRGLILFDFLyQ  9LJLODQFLD \ FRQWURO GHVGH HO H[WHULRU SHUPDQHQWH
FRPEXVWLEOHR DGHFXDGDVH[LVWHOD HVSHFLDOGHO PLHQWUDV KD\D SHUVRQDO HQ HO LQWHULRU (O HTXLSR GH WUDEDMR
H[SORVLYD\R SRVLELOLGDGGHTXHVH SURFHGLPLHQWR GHEHUi HVWDU FRPSXHVWR SRU DO PHQRV GRV SHUVRQDV \
FRQFHQWUDFLyQGH RFDVLRQHQGDxRVR KDELWXDOGH
OD V SHUVRQD V HQ HO H[WHULRU GHEHUiQ GH GLVSRQHU GH
VXVWDQFLDVWy[LFDV DSDUH]FDQ WUDEDMR
HQIHUPHGDGHV IRUPDFLyQ \ PHGLRV SDUD DFRPHWHU XQD RSHUDFLyQ GH
UHVFDWH HQ FRQGLFLRQHV GH VHJXULGDG
 (YDOXDFLyQ GH OD DWPyVIHUD LQWHULRU UHDOL]DQGR PHGLFLRQHV
GH JDVHV \ YDSRUHV LQIODPDEOHV Wy[LFRV H[SORVLYRV R  8WLOL]DFLyQ GH (3,V DGHFXDGRV
IDOWD GH R[tJHQR  GHVGH HO H[WHULRU R GHVGH XQD ]RQD
VHJXUD HQ HO LQWHULRU GHO UHFLQWR DQWHV GH HQWUDU /DV
PHGLFLRQHV FRQWLQXDUiQ KDVWD OD ILQDOL]DFLyQ GH OD WDUHD
 6L VH GHWHFWDQ QLYHOHV SHOLJURVRV DQWHV GH DFFHGHU DO
UHFLQWR VH GHEHUi UHDOL]DU OD YHQWLODFLyQ OLPSLH]D R
SXUJDGR GH OD DWPyVIHUD \ DVHJXUDUVH TXH ODV FRQGLFLRQHV
GH OD PLVPD VRQ FRUUHFWDV DQWHV GH HQWUDU
FRQILQDGRV

FRQILQDGRV
161 162
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

3ODQHV GH HPHUJHQFLD \ GH DXWRSURWHFFLyQ  1R H[LVWH XQ FULWHULR HVSHFtILFR VREUH ORV FRQWHQLGRV GHO 3ODQ
3ODQ GH HPHUJHQFLD 3(  GH (PHUJHQFLD \ (YDFXDFLyQ (O 3ODQ GH (PHUJHQFLD GHO
³0DQXDO GH $XWRSURWHFFLyQ SDUD HO GHVDUUROOR GHO 3ODQ GH
$UW  GH OD /35/ HO HPSUHVDULR WHQLHQGR HQ FXHQWD HO
(PHUJHQFLD FRQWUD ,QFHQGLRV \ GH (YDFXDFLyQ GH ORFDOHV \
WDPDxR \ OD DFWLYLGDG GH OD HPSUHVD DVt FRPR OD SRVLEOH
(GLILFLRV´ 2UGHQ GH  GHURJDGD VH HVWUXFWXUDED
SUHVHQFLD GH SHUVRQDV DMHQDV D OD PLVPD GHEHUi
HQ FXDWUR GRFXPHQWRV FX\D HVWUXFWXUD SXHGH VHJXLU VLHQGR
 $QDOL]DU ODV VLWXDFLRQHV GH HPHUJHQFLD YiOLGD
 $GRSWDU ODV PHGLGDV QHFHVDULDV HQ PDWHULD GH SULPHURV CONTENIDO DEL PLAN DE AUTOPROTECCIÓN
DX[LOLRV OXFKD FRQWUD LQFHQGLRV \ HYDFXDFLyQ GH ORV 4 DOCUMENTOS
WUDEDMDGRUHV
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD
Documento 1: Documento 2: Documento 3: Documento 4:
 'HVLJQDU DO SHUVRQDO HQFDUJDGR GH SRQHU HQ SUiFWLFD Evaluación del riesgo Medios de protección Plan de emergencia Implantación
HVWDV PHGLGDV HO FXDO GHEHUi VHU IRUPDGR VHU VXILFLHQWH Se enunciarán y Se determinarán los Se contemplarán las Contendrá la
HQ Q~PHUR \ GLVSRQHU GHO PDWHULDO DGHFXDGR \ valorarán
condiciones de riesgo
las medios materiales y
humanos disponibles y
diferentes hipótesis que
pueden originar
divulgación de
distintos aspectos que
los

 &RPSUREDU SHULyGLFDPHQWH HO FRUUHFWR IXQFLRQDPLHQWR del edificio o edificios precisos para el centro; emergencias en el contiene el plan, la
realización de la
en los que esté ubicado se definirán los equipos centro, y los planes de
GH GLFKR SODQ el centro, en relación y sus funciones y otros actuación para cada formación especifica
con los medios datos de interés para una de ellas, así como del personal del centro
disponibles garantizar la las condiciones de uso incorporado al mismo,
y mantenimiento de las la ejecución de
3RU WDQWR HV REOLJDWRULR TXH WRGR FHQWUR GH WUDEDMR SUHYHD
prevención de riesgos y
el control inicial de las instalaciones existentes simulacros, así como
ODV PHGLGDV GH HPHUJHQFLD HQ XQ 3ODQ GH (PHUJHQFLD \ emergencias que su revisión para su
ocurran actualización, cuando
(YDFXDFLyQ proceda

163 164
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
3ODQ GH $XWRSURWHFFLyQ 3$8  &DSLWXOR  ,GHQWLILFDFLyQ GH ORV WLWXODUHV \ GHO
5'  1RUPD %iVLFD GH $XWRSURWHFFLyQ HO WLWXODU HPSOD]DPLHQWR
GH XQD DFWLYLGDG HVSHFLILFDGD HQ HO $QH[R , WDQWR SDUD ,QIRUPDFLyQ EiVLFD SDUD LGHQWLILFDU R ORFDOL]DU HO HGLILFLR \ D
DFWLYLGDGHV FRQ UHJODPHQWDFLyQ VHFWRULDO HVSHFtILFD R ORV LQWHUORFXWRUHV YiOLGRV WLWXODUHV \ UHVSRQVDEOHV GHO 3ODQ
DFWLYLGDGHV VLQ UHJODPHQWDFLyQ VHFWRULDO HVSHFtILFD  GHEHUi GH $XWRSURWHFFLyQ 
 HODERUDU HO 3ODQ GH $XWRSURWHFFLyQ GH DFXHUGR FRQ HO &DSLWXOR  'HVFULSFLyQ GHWDOODGD GH OD DFWLYLGDG \ GHO PHGLR
FRQWHQLGR PtQLPR HVSHFLILFDGR HQ HO DQH[R ,, ItVLFR
 GHVDUUROODU ODV DFWXDFLRQHV SDUD OD LPSODQWDFLyQ \ ,QIRUPDFLyQ UHODWLYD D ODV FDUDFWHUtVWLFDV GH VX
PDQWHQLPLHQWR GH OD HILFDFLD GHO 3ODQ H HPSOD]DPLHQWR \ GH VX HQWRUQR PiV LQPHGLDWR
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD
 LQIRUPDU \ IRUPDU DO SHUVRQDO &DSLWXOR  ,QYHQWDULR DQiOLVLV \ HYDOXDFLyQ GH ULHVJRV
$ GLIHUHQFLD GHO SODQ GH HPHUJHQFLD WLHQH XQ FRQWHQLGR 5LHVJRV LQKHUHQWHV DO SURSLR (GLILFLR D OD DFWLYLGDG \ D
GHILQLGR \ GHEH UHJLVWUDUVH DGPLQLVWUDWLYDPHQWH HQ HO ULHVJRV H[WHUQRV &XDQWLILFDFLyQ \ WLSRORJtD GH ODV SHUVRQDV
yUJDQR HVWDEOHFLGR SRU ODV FRPXQLGDGHV DXWyQRPDV SURSLDV \ DMHQDV 7DPELpQ LQFOX\H SODQRV
FRPSHWHQWHV &DSLWXOR  ,QYHQWDULR \ GHVFULSFLyQ GH ODV PHGLGDV \ PHGLRV
8QD YH] HODERUDGR VX FDStWXOR  GHQRPLQDGR ³3ODQ GH GH DXWRSURWHFFLyQ
DFWXDFLyQ DQWH HPHUJHQFLDV´ FXPSOH FRQ ODV PHGLGDV GH 0HGLRV \ UHFXUVRV GH SURWHFFLyQ GLVSRQLEOHV SDUD HO FRQWURO
HPHUJHQFLD VHJ~Q HO DUWtFXOR  GH OD /35/ GH ODV VLWXDFLRQHV GH HPHUJHQFLD TXH SXHGDQ SUHVHQWDUVH
HQ OD &RPXQLWDW 9DOHQFLDQD HVWD UHODFLyQ GH DFWLYLGDGHV VH DPSOtD D WUDYpV GHO 'HFUHWR  GHO &RQVHOO
TXH DSUXHED HO 5HJLVWUR $XWRQyPLFR GH 3$ \ HO &DWDORJR GH $FWLYLGDGHV FRQ 5LHVJR HQ OD &9

165 166
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

&DSLWXOR  3URJUDPD GH PDQWHQLPLHQWR GH LQVWDODFLRQHV • (TXLSR GH 6HJXQGD ,QWHUYHQFLyQ (6,  $FWXDUi FXDQGR
0DQWHQLPLHQWR SUHYHQWLYR GH ODV LQVWDODFLRQHV GH ULHVJR \ GH GDGD VX JUDYHGDG OD HPHUJHQFLD QR SXHGD VHU FRQWURODGD
ODV LQVWDODFLRQHV \ PHGLRV GH SURWHFFLyQ SRU HO (TXLSR GH 3ULPHUD ,QWHUYHQFLyQ \ SUHVWDUi DSR\R D OD
$\XGD ([WHULRU FXDQGR VX DFWXDFLyQ VHD QHFHVDULD
• (TXLSR GH $ODUPD \ (YDFXDFLyQ ($(  6XV FRPSRQHQWHV
&DSLWXOR  3ODQ GH DFWXDFLyQ DQWH HPHUJHQFLDV 3$( 
UHDOL]DQ DFFLRQHV HQFDPLQDGDV D DVHJXUDU XQD HYDFXDFLyQ
,GHQWLILFDFLyQ \ IXQFLRQHV GH ODV SHUVRQDV \ HTXLSRV WRWDO \ RUGHQDGD GH VX VHFWRU
• -HIH GH (PHUJHQFLD -(  FRQWURODUi OD DFWXDFLyQ GH ORV • (TXLSR GH 3ULPHURV $X[LOLRV (3$  3UHVWDUi ORV SULPHURV
GLVWLQWRV HTXLSRV GHVGH HO &HQWUR GH &RQWURO FRQ ODV DX[LOLRV D ORV OHVLRQDGRV SRU OD HPHUJHQFLD
LQIRUPDFLRQHV TXH UHFLED GHO -HIH GH ,QWHUYHQFLyQ \ DYLVDUi
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD
• (TXLSRV GH DSR\R ($  7UDEDMDGRUHV HQFDUJDGRV GH
D OD $\XGD ([WHUQD QHFHVDULD SDUD HO FRQWURO GH OD
SUHVWDU D\XGD D RWURV HTXLSRV GXUDQWH OD HPHUJHQFLD D
HPHUJHQFLD
FULWHULR GHO MHIH GH OD HPHUJHQFLD 1R IRUPDQ SDUWH GH
• -HIH GH ,QWHUYHQFLyQ -,  'LULJLUi ODV RSHUDFLRQHV GH QLQJXQR GH ORV HTXLSRV GH LQWHUYHQFLyQ HVWDEOHFLGRV GH
H[WLQFLyQ HQ HO SXQWR GH OD HPHUJHQFLD H LQIRUPDUi \ DQWHPDQR
HMHFXWDUi ODV yUGHQHV TXH UHFLED GHO -HIH GH (PHUJHQFLD
• (TXLSR GH 3ULPHUD ,QWHUYHQFLyQ (3,  &RPEDWLUi FRQDWRV
GH LQFHQGLR FRQ H[WLQWRUHV SRUWiWLOHV PHGLRV GH SULPHUD
LQWHUYHQFLyQ HQ VX ]RQD GH DFWXDFLyQ SODQWD VHFWRU 

167 168
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(PHUJHQFLD 3DUFLDO /RFDO  QLYHO  HO ULHVJR R DFFLGHQWH
UHTXLHUH OD LQWHUYHQFLyQ GH ORV HTXLSRV GHVLJQDGRV H LQVWUXLGRV
H[SUHVDPHQWH SDUD HOOR $IHFWD D XQD ]RQD GHO HGLILFLR \ SXHGH
VHU QHFHVDULD OD HYDFXDFLyQ SDUFLDO R HO GHVDORMR GH OD ]RQD
DIHFWDGD 1R DIHFWD QL D VHFWRUHV FROLQGDQWHV QL D WHUFHUDV
SHUVRQDV
(PHUJHQFLD *HQHUDO QLYHO  HO ULHVJR R DFFLGHQWH SRQH HQ
SHOLJUR OD VHJXULGDG H LQWHJULGDG ItVLFD GH ODV SHUVRQDV \ HV
QHFHVDULR SURFHGHU DO GHVDORMR R HYDFXDFLyQ 5HTXLHUH OD
LQWHUYHQFLyQ GHO (TXLSR GH $ODUPD \ (YDFXDFLyQ \ GH OD $\XGD
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD
([WHUQD

6H GHILQHQ WUHV QLYHOHV GH HPHUJHQFLD


&RQDWR GH (PHUJHQFLD R 3UHHPHUJHQFLD QLYHO  HO ULHVJR R
DFFLGHQWH SXHGH VHU FRQWURODGR SRU HO SHUVRQDO \ ORV PHGLRV GH
SURWHFFLyQ SUHVHQWHV HQ HO PRPHQWR \ OXJDU GHO LQFLGHQWH

169 170
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

&DSLWXOR  ,QWHJUDFLyQ GHO SODQ GH DXWRSURWHFFLyQ &DSLWXOR  0DQWHQLPLHQWR GH OD HILFDFLD \ DFWXDOL]DFLyQ GHO
3URWRFRORV GH QRWLILFDFLyQ GH OD HPHUJHQFLD FRRUGLQDFLyQ \ 3ODQ GH $XWRSURWHFFLyQ
FRODERUDFLyQ FRQ OD D\XGD H[WHUQD \ FRODERUDFLyQ FRQ ORV 3URJUDPDV GH
SODQHV \ DFWXDFLRQHV GHO VLVWHPD S~EOLFR GH 3URWHFFLyQ &LYLO  UHFLFODMH GH IRUPDFLyQ H LQIRUPDFLyQ SDUD ORV PLHPEURV
GHO HTXLSR GH HPHUJHQFLD
&DSLWXOR  ,PSODQWDFLyQ GHO 3ODQ GH $XWRSURWHFFLyQ  VXVWLWXFLyQ GH PHGLRV \ UHFXUVRV
 ,GHQWLILFDFLyQ GHO UHVSRQVDEOH GH OD LPSODQWDFLyQ
 3URJUDPD GH IRUPDFLyQ \ FDSDFLWDFLyQ SDUD HO SHUVRQDO (ODERUDFLyQ GHO 3$
FRQ SDUWLFLSDFLyQ DFWLYD HQ HO 3ODQ GH $XWRSURWHFFLyQ DO
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD  UHVSRQVDELOLGDG GHO WLWXODU GH OD DFWLYLGDG


PHQRV XQ FXUVR DO DxR
 UHGDFWDGR \ ILUPDGR SRU XQ WpFQLFR FRPSHWHQWH \
 3URJUDPD GH IRUPDFLyQ H LQIRUPDFLyQ GH WRGR HO VXVFULWR SRU HO WLWXODU 
SHUVRQDO DO PHQRV XQD YH] DO DxR 
'RFXPHQWR QHFHVDULR SDUD HO RWRUJDPLHQWR GH OD OLFHQFLD
 3URJUDPD GH LQIRUPDFLyQ JHQHUDO SDUD ORV XVXDULRV SHUPLVR R DXWRUL]DFLyQ SDUD HO FRPLHQ]R GH OD DFWLYLGDG \
WUDEDMDGRUHV HPSOHDGRV GH FRQWUDWDV \ WUDQVSRUWLVWDV  TXH GHEH LQVFULELUVH HQ XQ UHJLVWUR DGPLQLVWUDWLYR FRQ ORV
 6HxDOL]DFLyQ \ QRUPDV GH DFWXDFLyQ GDWRV PtQLPRV HVWDEOHFLGRV HQ HO $QH[R ,9 GH OD 1%$ HQ OD
 3URJUDPD GH GRWDFLyQ \ DGHFXDFLyQ GH PHGLRV &9 UHJLVWUR UHJXODGR SRU HO 'HFUHWR  GHO &RQVHOO 

171 172
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26
(O 3ODQ GH $XWRSURWHFFLyQ VH GHEH HODERUDU HQWUH RWURV HQ  ,7& $34 $OPDFHQDPLHQWR GH OtTXLGRV LQIODPDEOHV \
ORV VLJXLHQWHV FDVRV FRPEXVWLEOHV HQ UHFLSLHQWHV ILMRV GH FDSDFLGDG PD\RU D
/DV DFWLYLGDGHV GH DOPDFHQDPLHQWR GH SURGXFWRV TXtPLFRV  P
DFRJLGDV D ODV ,QVWUXFFLRQHV 7pFQLFDV &RPSOHPHQWDULDV \ HQ  ,7& $34 $OPDFHQDPLHQWR GH y[LGR GH HWLOHQR
ODV FDQWLGDGHV VLJXLHQWHV 5'  \ PRGLILFDFLRQHV FDSDFLGDG !  W 
SRU HO TXH VH DSUXHED HO 5HJODPHQWR GH $OPDFHQDPLHQWR GH  ,7& $34 $OPDFHQDPLHQWR GH &O FDSDFLGDG !  W 
3URGXFWRV 4XtPLFRV \ VXV ,QVWUXFFLRQHV 7pFQLFDV
 ,7& $34 $OPDFHQDPLHQWR GH 1+ DQKLGUR FDSDFLGDG !
&RPSOHPHQWDULDV 0,( $34  D    
 W 
 ,7& $34 $OPDFHQDPLHQWR GH JDVHV HQ UHFLSLHQWHV D
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD
SUHVLyQ PyYLOHV GH FDWHJRUtD  y 
 ,7& $34 $OPDFHQDPLHQWR GH OtTXLGRV FRUURVLYRV HQ
UHFLSLHQWHV ILMRV FDSDFLGDG !  P 
 ,7& $34 $OPDFHQDPLHQWR GH OtTXLGRV Wy[LFRV
FDSDFLGDG !  P 
 ,7& $34 $OPDFHQDPLHQWR GH IHUWLOL]DQWHV D EDVH GH
QLWUDWR DPyQLFR FRQ DOWR FRQWHQLGR HQ QLWUyJHQR ! 
GH 1+1+ \ FDSDFLGDG !  W HQYDVDGR
'HURJDGR SRU 5' 
173 174
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26 *5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

(VWDEOHFLPLHQWRV HQ ORV TXH LQWHUYLHQHQ H[SORVLYRV


>2UGHQ3UH ,7& VREUH SUHYHQFLyQ GH
DFFLGHQWHV JUDYHV GHO 5HJODPHQWR GH ([SORVLYRV GHURJDGD
SRU 5'  @
$FWLYLGDGHV GH *HVWLyQ GH 5HVLGXRV 3HOLJURVRV >/H\ 
GH UHVLGXRV \ VXHORV FRQWDPLQDGRV@
([SORWDFLRQHV H LQGXVWULDV UHODFLRQDGDV FRQ OD PLQHUtD >5'
 5HJODPHQWR *HQHUDO GH 1RUPDV %iVLFDV GH
6HJXULGDG 0LQHUD \ SRU VXV ,7&V@
7 5LHVJRTXtPLFR3ODQHVGHHPHUJHQFLD

$FWLYLGDGHV LQGXVWULDOHV \ GH DOPDFHQDPLHQWR FRQ XQD FDUJD


GH IXHJR SRQGHUDGD \ FRUUHJLGD LJXDO R VXSHULRU D 
0FDOP  0-P  ULHVJR LQWUtQVHFR DOWR  VHJ~Q OD
WDEOD  GHO $QH[R , GHO 5'  
$FWLYLGDGHV LQGXVWULDOHV \ GH DOPDFHQDPLHQWR HQ ODV TXH
HVWpQ SUHVHQWHV VXVWDQFLDV SHOLJURVDV HQ FDQWLGDGHV LJXDOHV
R VXSHULRUHV DO  GH ODV HVSHFLILFDGDV HQ OD FROXPQD  GH
ODV SDUWHV  \  GHO DQH[R  GHO 5' 

175
*5$'2(148Ë0,&$ &$/,'$'<35(9(1&,Ï1'(5,(6*26

También podría gustarte