LEY ORGÁNICA

DEL
6LVWHPD
(FRQyPLFR
&RPXQDO
República Bolivariana de Venezuela

Gaceta Oficial Nº 6.011, Extraordinario, 21 de diciembre de 2010

 LEY ORGÁNICA
DEL SISTEMA ECONÓMICO
COMUNAL

0LQLVWHULRGHO3RGHU3RSXODU
SDUDOD&RPXQLFDFLyQ\OD,QIRUPDFLyQ
LEY ORGÁNICA DEL SISTEMA ECONÓMICO COMUNAL
0LQLVWHULRGHO3RGHU3RSXODUSDUDOD&RPXQLFDFLyQ /$$6$0%/($1$&,21$/
\OD,QIRUPDFLyQ$Y8QLYHUVLGDG(VT(O&KRUUR
7RUUH0LQLVWHULDOSLVRV\&DUDFDV9HQH]XHOD '(/$5(3Ò%/,&$%2/,9$5,$1$
ZZZPLQFLJREYHSXEOLFDFLRQHV#PLQFLJREYH
'(9(1(=8(/$

'HFUHWD
ODVLJXLHQWH
',5(&725,2
3UHVLGHQWHGHOD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD
+XJR5DIDHO&KiYH])UtDV
0LQLVWURGHO3RGHU3RSXODUSDUDOD&RPXQLFDFLyQ
\OD,QIRUPDFLyQ
(UQHVWR9LOOHJDV3ROMDN
9LFHPLQLVWURGH(VWUDWHJLD&RPXQLFDFLRQDO
LEY ORGÁNICA DEL SISTEMA
(GJDU3DGUyQ
9LFHPLQLVWUDGH*HVWLyQ&RPXQLFDFLRQDO ECONÓMICO COMUNAL
/tGLFH$OWXYH

&RUUHFFLyQ
,ULV<JOHVLDV
'LDJUDPDFLyQ
6DLUD$ULDV
'LVHxRGH3RUWDGD
$UWXUR&D]DO

'HSyVLWROHJDOOI
,PSUHVRHQOD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD
1RYLHPEUH
 7

Capítulo I
'LVSRVLFLRQHVJHQHUDOHV

2EMHWR
$UWtFXOR  /D SUHVHQWH /H\ WLHQH SRU REMHWR
GHVDUUROODU \ IRUWDOHFHU HO 3RGHU 3RSXODU HV
WDEOHFLHQGR ODV QRUPDV SULQFLSLRV \ SURFHGL
PLHQWRV SDUD OD FUHDFLyQ IXQFLRQDPLHQWR \
GHVDUUROOR GHO VLVWHPD HFRQyPLFR FRPXQDO
LQWHJUDGRSRURUJDQL]DFLRQHVVRFLRSURGXFWLYDV
EDMRUpJLPHQGHSURSLHGDGVRFLDOFRPXQDOLP
SXOVDGDVSRUODVLQVWDQFLDVGHO3RGHU3RSXODU
GHO3RGHU3~EOLFRRSRUDFXHUGRHQWUHDPERV
SDUDODSURGXFFLyQGLVWULEXFLyQLQWHUFDPELR\
FRQVXPRGHELHQHV\VHUYLFLRVDVtFRPRGHVD
EHUHV\FRQRFLPLHQWRVHQSURGHVDWLVIDFHUODV
QHFHVLGDGHVFROHFWLYDV\UHLQYHUWLUVRFLDOPHQWH
HOH[FHGHQWHPHGLDQWHXQDSODQL¿FDFLyQHVWUD
WpJLFDGHPRFUiWLFD\SDUWLFLSDWLYD
8 9
6LVWHPDHFRQyPLFRFRPXQDO
$UWtFXOR(VHOFRQMXQWRGHUHODFLRQHVVRFLD
OHV GH SURGXFFLyQ GLVWULEXFLyQ LQWHUFDPELR
\FRQVXPRGHELHQHV\VHUYLFLRVDVtFRPRGH
VDEHUHV\FRQRFLPLHQWRVGHVDUUROODGDVSRUODV
LQVWDQFLDVGHO3RGHU3RSXODUHO3RGHU3~EOLFR
RSRUDFXHUGRHQWUHDPERVDWUDYpVGHRUJDQL
]DFLRQHVVRFLRSURGXFWLYDVEDMRIRUPDVGHSUR
SLHGDGVRFLDOFRPXQDO
ÈPELWRGHDSOLFDFLyQ
$UWtFXOR  /DV GLVSRVLFLRQHV GH OD SUHVHQWH
/H\VRQDSOLFDEOHVDODVFRPXQLGDGHVRUJDQL
]DGDV FRQVHMRV FRPXQDOHV FRPXQDV \ WRGDV
ODV LQVWDQFLDV \ H[SUHVLRQHV GHO 3RGHU 3RSX
ODUHQHVSHFLDODODVRUJDQL]DFLRQHVVRFLRSUR
GXFWLYDVTXHVHFRQVWLWX\DQGHQWURGHOVLVWHPD
HFRQyPLFR FRPXQDO \ GH LJXDO PDQHUD D ORV
yUJDQRV\HQWHVGHO3RGHU3~EOLFR\ODVRUJDQL
]DFLRQHVGHOVHFWRUSULYDGRHQVXVUHODFLRQHV
FRQODVLQVWDQFLDVGHO3RGHU3RSXODU
)LQDOLGDGHV
$UWtFXOR/DSUHVHQWH/H\WLHQHSRU¿QDOLGDG
 *DUDQWL]DU OD SDUWLFLSDFLyQ SRSXODU HQ HO
SURFHVRHFRQyPLFRSURGXFWLYR
 ,PSXOVDUHOVLVWHPDHFRQyPLFRFRPXQDOD
WUDYpVGHXQPRGHORGHJHVWLyQVXVWHQWDEOH
\VRVWHQLEOHSDUDHOIRUWDOHFLPLHQWRGHOGH
VDUUROORHQGyJHQR
 )RPHQWDU HO VLVWHPD HFRQyPLFR FRPXQDO
HQHOPDUFRGHOPRGHORSURGXFWLYRVRFLD
OLVWDDWUDYpVGHGLYHUVDVIRUPDVGHRUJD
QL]DFLyQ VRFLRSURGXFWLYD FRPXQLWDULD \
FRPXQDOHQWRGRHOWHUULWRULRQDFLRQDO
 'RWDUDODVRFLHGDGGHPHGLRV\IDFWRUHVGH
SURGXFFLyQ TXH JDUDQWLFHQ OD VDWLVIDFFLyQ
GHODVQHFHVLGDGHVKXPDQDVFRQVROLGDUHO
HMHUFLFLRGHODVREHUDQtDQDFLRQDO\FRQWUL
EXLUDOGHVDUUROORKXPDQRLQWHJUDOSDUDDO
FDQ]DUODVXSUHPDIHOLFLGDGVRFLDO
 $VHJXUDUODSURGXFFLyQMXVWDGLVWULEXFLyQ
LQWHUFDPELR\FRQVXPRGHELHQHV\VHUYL
10
FLRVDVtFRPRGHVDEHUHV\FRQRFLPLHQWRV
JHQHUDGRVSRUODVGLIHUHQWHVIRUPDVGHRU
JDQL]DFLyQ VRFLRSURGXFWLYD RULHQWDGRV D
VDWLVIDFHUODVQHFHVLGDGHVFROHFWLYDV
 3URPRYHU XQ VLVWHPD GH ¿QDQFLDPLHQWR
SDUDDSR\DUODVLQLFLDWLYDVGHODVFRPXQLGD
GHV VREUH SUR\HFWRV VRFLRSURGXFWLYRV VXV
WHQWDEOHVFRQFULWHULRVGHHTXLGDG\MXVWLFLD
VRFLDO GRQGH VH UHFRQR]FDQ ORV VDEHUHV
FRQRFLPLHQWRV\ODVSRWHQFLDOLGDGHVORFDOHV
FRPR HOHPHQWRV FRQVWLWXWLYRV GH JDUDQWtD
SDUDODYLDELOLGDG\HOFXPSOLPLHQWR
 3URPRYHUODDUWLFXODFLyQHQUHGHVSRUiUHDV
GHSURGXFFLyQ\VHUYLFLRVGHODVRUJDQL]D
FLRQHVVRFLRSURGXFWLYDVFRPXQLWDULDV\FR
PXQDOHVSDUDDVHJXUDUVXGHVDUUROORFRQ
VROLGDFLyQ\H[SDQVLyQ
 ,QFHQWLYDUHQODVFRPXQLGDGHV\ODVFRPX
QDVORVYDORUHV\SULQFLSLRVVRFLDOLVWDVSDUD
ODHGXFDFLyQHOWUDEDMRODLQYHVWLJDFLyQHO
LQWHUFDPELR GH VDEHUHV \ FRQRFLPLHQWRV
11
DVtFRPRODVROLGDULGDGFRPRPHGLRVSDUD
DOFDQ]DUHOELHQFRP~Q
 3URPRYHU OD IRUPDFLyQ LQWHJUDO GH ODV RU
JDQL]DFLRQHV VRFLRSURGXFWLYDV HQ OD SODQL
¿FDFLyQSURGXFWLYDEDVDGDHQODVXVWHQWDEL
OLGDG \ VRVWHQLELOLGDG OD UHWRUQDELOLGDG GH
ORVUHFXUVRVHOGHEHUVRFLDOODFXOWXUDGHO
DKRUUR\ODUHLQYHUVLyQVRFLDOGHOH[FHGHQWH
*DUDQWL]DUODIRUPDFLyQ\ODDFUHGLWDFLyQGH
VDEHUHV\FRQRFLPLHQWRVHQPDWHULDSROtWL
FDWpFQLFD\SURGXFWLYDGHORVFLXGDGDQRV
\FLXGDGDQDVLQWHJUDQWHVRSRULQWHJUDUGH
ODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDVLPSXO
VDGDVSRUHVWD/H\
3ULQFLSLRV\YDORUHV
$UWtFXOR  (O VLVWHPD HFRQyPLFR FRPXQDO
FRPR KHUUDPLHQWD IXQGDPHQWDO SDUD OD FRQV
WUXFFLyQGHODQXHYDVRFLHGDGVHLQVSLUDHQOD
GRFWULQDGHQXHVWUR/LEHUWDGRU6LPyQ%ROtYDU
\VHULJHSRUORVSULQFLSLRV\YDORUHVVRFLDOLV
12
WDVGHGHPRFUDFLDSDUWLFLSDWLYD\SURWDJyQLFD
LQWHUpV FROHFWLYR SURSLHGDG VRFLDO HTXLGDG
MXVWLFLD LJXDOGDG VRFLDO FRPSOHPHQWDULHGDG
SULPDFtD GH ORV LQWHUHVHV FROHFWLYRV GLYHUVL
GDG FXOWXUDO GHIHQVD GH ORV GHUHFKRV KXPD
QRV FRUUHVSRQVDELOLGDG FRJHVWLyQ DXWRJHV
WLyQ FRRSHUDFLyQ VROLGDULGDG WUDQVSDUHQFLD
KRQHVWLGDG H¿FDFLD H¿FLHQFLD HIHFWLYLGDG
XQLYHUVDOLGDG UHVSRQVDELOLGDG GHEHU VRFLDO
UHQGLFLyQ GH FXHQWDV FRQWURO VRFLDO OLEUH GH
EDWH GH LGHDV YROXQWDULHGDG VXVWHQWDELOLGDG
GHIHQVD\SURWHFFLyQDPELHQWDOJDUDQWtDGHORV
GHUHFKRVGHODPXMHUGHORVQLxRVQLxDV\DGR
OHVFHQWHV\WRGDSHUVRQDHQVLWXDFLyQGHYXOQH
UDELOLGDG\GHIHQVDGHODLQWHJULGDGWHUULWRULDO
\GHODVREHUDQtDQDFLRQDO
'H¿QLFLRQHV
$UWtFXOR$ORVHIHFWRVGHODSUHVHQWH/H\VH
HQWLHQGHSRU XQ HQIRTXH VRFLDO SROtWLFR HFRQyPLFR \
13
 &HUWL¿FDFLyQ GH VDEHUHV \ FRQRFLPLHQ
WRV5HFRQRFLPLHQWRS~EOLFR\IRUPDOGHO
GRPLQLR GH SUiFWLFDV FXOWXUDOHV WUDGLFLR
QDOHV R DQFHVWUDOHV R GHO FRQRFLPLHQWR R
FDSDFLGDG GHPRVWUDGD SRU XQD SHUVRQD
SDUDGHVHPSHxDUH¿FLHQWHPHQWHXQDGHWHU
PLQDGDDFWLYLGDGODERUDODFUHGLWDGDSRUHO
yUJDQRFRRUGLQDGRU\ODVLQVWLWXFLRQHVDX
WRUL]DGDVSRUpVWH
 %DQFR GH OD FRPXQD 2UJDQL]DFLyQ HFR
QyPLFR¿QDQFLHUD GH FDUiFWHU VRFLDO TXH
JHVWLRQD DGPLQLVWUD WUDQV¿HUH ¿QDQFLD
IDFLOLWD FDSWD \ FRQWUROD GH DFXHUGR FRQ
ORVOLQHDPLHQWRVHVWDEOHFLGRVHQHO3ODQGH
'HVDUUROOR&RPXQDOORVUHFXUVRV¿QDQFLH
URV\QR¿QDQFLHURVGHiPELWRFRPXQDOUH
WRUQDEOHV\QRUHWRUQDEOHVLPSXOVDQGRODV
SROtWLFDV HFRQyPLFDV FRQ OD SDUWLFLSDFLyQ
GHPRFUiWLFD\SURWDJyQLFDGHOSXHEOREDMR
FXOWXUDO SDUD OD FRQVWUXFFLyQ GHO PRGHOR
SURGXFWLYRVRFLDOLVWD
14
 &LFOR SURGXFWLYR FRPXQDO 6LVWHPD GH
SURGXFFLyQ WUDQVIRUPDFLyQ GLVWULEXFLyQ
LQWHUFDPELR \ FRQVXPR VRFLDOPHQWH MXVWR
GHELHQHV\VHUYLFLRVGHODVGLVWLQWDVIRUPDV
GHRUJDQL]DFLyQVRFLRSURGXFWLYDVVXUJLGDV
HQ HO VHQR GH OD FRPXQLGDG FRPR FRQVH
FXHQFLDGHODVQHFHVLGDGHVKXPDQDV
 &RPHUFLDOL]DFLyQ &RPSUHQGH XQD VHULH
GHDFWLYLGDGHVLQWHUFRQHFWDGDVTXHYDQGHV
GHODSODQL¿FDFLyQGHODSURGXFFLyQHPED
ODMH WUDQVSRUWH DOPDFHQDPLHQWR KDVWD OD
GLVWULEXFLyQ\YHQWD
 &RPLWpGH(FRQRPtD&RPXQDO(VODLQV
WDQFLDHQFDUJDGDGHODSODQL¿FDFLyQ\FRRUGL
QDFLyQGHODDFWLYLGDGHFRQyPLFDGHOFRQVHMR
FRPXQDO6HFRQVWLWX\HDWUDYpVGHODYLQFX
ODFLyQ\DUWLFXODFLyQHQWUHODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV \ OD FRPXQLGDG SDUD ORV
SODQHV\SUR\HFWRVVRFLRSURGXFWLYRV
 &RQVHMR GH (FRQRPtD &RPXQDO (V OD
LQVWDQFLD HQFDUJDGD GH OD SURPRFLyQ GHO
15
GHVDUUROOR HFRQyPLFR GH OD FRPXQD \ OD
DUWLFXODFLyQ GH ORV FRPLWpV GH HFRQRPtD
FRPXQDO
 &RQVXPR0RPHQWRHQTXHHOELHQRVHU
YLFLRFXPSOHFRQODVDWLVIDFFLyQGHFRQVX
PLGRURFRQVXPLGRUDGHOXVXDULRRXVXDULD
 'LVWULEXFLyQ0HGLRRPHGLRVQHFHVDULRV
SDUD KDFHU OOHJDU ItVLFDPHQWH HO SURGXFWR
ELHQRVHUYLFLR DORVFRQVXPLGRUHV\FRQ
VXPLGRUDV
 *HVWLyQ HFRQyPLFD FRPXQDO &RQMXQWR
GH DFFLRQHV TXH VH SODQL¿FDQ RUJDQL]DQ
GLULJHQ HMHFXWDQ \ FRQWURODQ GH PDQHUD
SDUWLFLSDWLYD\SURWDJyQLFDHQIXQFLyQGH
FRDG\XYDU HQ OD JHQHUDFLyQ GH QXHYDV UH
ODFLRQHVVRFLDOHVGHSURGXFFLyQTXHVDWLV
IDJDQODVQHFHVLGDGHVFROHFWLYDVGHODVFR
PXQLGDGHV\ODVFRPXQDVSDUDFRQWULEXLU
DOGHVDUUROORLQWHJUDOGHOSDtV
,QVWDQFLDV GH 3RGHU 3RSXODU &RQVWLWXL
GDVSRUORVGLIHUHQWHVVLVWHPDVGHDJUHJD
16
FLyQ FRPXQDO FRQVHMRV FRPXQDOHV FR
PXQDV FLXGDGHV FRPXQDOHV IHGHUDFLRQHV
FRPXQDOHV FRQIHGHUDFLRQHV FRPXQDOHV \
ORV TXH GH FRQIRUPLGDG FRQ OD &RQVWLWX
FLyQGHOD5HS~EOLFD\ODOH\VXUMDQGHOD
LQLFLDWLYDSRSXODU
0HUFDGRV GH WUXHTXH FRPXQLWDULR 6RQ
HVSDFLRVItVLFRVGHVWLQDGRVSHULyGLFDPHQWH
DOLQWHUFDPELRMXVWR\VROLGDULRGHELHQHV
VHUYLFLRVVDEHUHV\FRQRFLPLHQWRVFRQHO
XVRGHPRQHGDVFRPXQDOHV
0RGHOR SURGXFWLYR VRFLDOLVWD 0RGHOR
GHSURGXFFLyQEDVDGRHQODSURSLHGDGVR
FLDO RULHQWDGR KDFLD OD HOLPLQDFLyQ GH OD
GLYLVLyQVRFLDOGHOWUDEDMRSURSLRGHOPR
GHORFDSLWDOLVWD(OPRGHORGHSURGXFFLyQ
VRFLDOLVWDHVWiGLULJLGRDODVDWLVIDFFLyQGH
QHFHVLGDGHV FUHFLHQWHV GH OD SREODFLyQ D
WUDYpV GH QXHYDV IRUPDV GH JHQHUDFLyQ \
DSURSLDFLyQDVtFRPRGHODUHLQYHUVLyQVR
FLDOGHOH[FHGHQWH
17
3URGXFFLyQ&RQMXQWRGHIXHU]DVSURGXF
WLYDV \ UHODFLRQHV TXH ORV SURGXFWRUHV \
SURGXFWRUDVHVWDEOHFHQHQWUHVtSDUDSURGX
FLUORVELHQHVQHFHVDULRVSDUDVXGHVDUUROOR
3URGXFWRUHV\SURGXFWRUDV,QWHJUDQWHVGH
ODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDVTXHFRQ
IRUPDQHOVLVWHPDHFRQyPLFRFRPXQDOTXH
HMHUFHQHOFRQWUROVRFLDOGHODSURGXFFLyQGH
PDQHUDGLUHFWDRHQFRQMXQWRFRQODUHSUHVHQ
WDFLyQGHO3RGHU3~EOLFRVHJ~QODRUJDQL]D
FLyQVHDGHSURSLHGDGGLUHFWDFRPXQDORGH
SURSLHGDG LQGLUHFWD FRPXQDO \ FX\DV UHOD
FLRQHVGHWUDEDMRVHEDVDQHQODLJXDOGDGGH
GHUHFKRV\GHEHUHVVLQQLQJ~QWLSRGHGLVFUL
PLQDFLyQQLGHSRVLFLyQMHUiUTXLFD
3URSLHGDGVRFLDO(OGHUHFKRTXHWLHQHOD
VRFLHGDG GH SRVHHU PHGLRV \ IDFWRUHV GH
SURGXFFLyQ R HQWLGDGHV FRQ SRVLELOLGDGHV
GH FRQYHUWLUVH HQ WDOHV HVHQFLDOHV SDUD HO
GHVDUUROORGHXQYLGDSOHQDRODSURGXFFLyQ
GHREUDVELHQHVRVHUYLFLRVTXHSRUFRQ
18
GLFLyQ\QDWXUDOH]DSURSLDVRQGHOGRPLQLR
GHO(VWDGRELHQVHDSRUVXFRQGLFLyQHVWUD
WpJLFDSDUDODVREHUDQtD\HOGHVDUUROORKX
PDQRLQWHJUDOQDFLRQDORSRUTXHVXDSUR
YHFKDPLHQWRJDUDQWL]DHOELHQHVWDUJHQHUDO
ODVDWLVIDFFLyQGHODVQHFHVLGDGHVKXPDQDV
HOGHVDUUROORKXPDQRLQWHJUDO\HOORJURGH
ODVXSUHPDIHOLFLGDGVRFLDO
3URVXPLGRUHV \ SURVXPLGRUDV 3HUVR
QDVTXHSURGXFHQGLVWULEX\HQ\FRQVXPHQ
ELHQHVVHUYLFLRVVDEHUHV\FRQRFLPLHQWRV
PHGLDQWHODSDUWLFLSDFLyQYROXQWDULDHQORV
VLVWHPDV DOWHUQDWLYRV GH LQWHUFDPELR VROL
GDULRSDUDVDWLVIDFHUVXVQHFHVLGDGHV\ODV
GHRWUDVSHUVRQDVGHVXFRPXQLGDG
3UR\HFWRVVRFLRSURGXFWLYRV&RQMXQWRGH
DFWLYLGDGHV FRQFUHWDV RULHQWDGDV D ORJUDU
XQRRYDULRVREMHWLYRVSDUDGDUUHVSXHVWDD
ODVQHFHVLGDGHVDVSLUDFLRQHV\SRWHQFLDOL
GDGHVGHODFRPXQLGDGRODFRPXQDIRUPX
ODGRFRQEDVHDORVSULQFLSLRVGHOVLVWHPD
19
HFRQyPLFR FRPXQDO HQ FRUUHVSRQGHQFLD
FRQHO3ODQGH'HVDUUROOR(FRQyPLFR\6R
FLDO GH OD 1DFLyQ \ HO 3ODQ GH 'HVDUUROOR
&RPXQDO
5HGHV VRFLRSURGXFWLYDV $UWLFXODFLyQ H
LQWHJUDFLyQGHORVSURFHVRVSURGXFWLYRVGH
ODV RUJDQL]DFLRQHV VRFLRSURGXFWLYDV SRU
iUHDV GH SURGXFFLyQ \ VHUYLFLRV IXQGDGD
HQORVSULQFLSLRVGHFRRSHUDFLyQVROLGDUL
GDG\FRPSOHPHQWDULHGDG
5HLQYHUVLyQ VRFLDO GHO H[FHGHQWH (V HO
XVRGHORVUHFXUVRVUHPDQHQWHVSURYHQLHQ
WHV GH OD DFWLYLGDG HFRQyPLFD GH ODV RU
JDQL]DFLRQHV VRFLRSURGXFWLYDV HQ SUR GH
VDWLVIDFHU ODV QHFHVLGDGHV FROHFWLYDV GH OD
FRPXQLGDGRODFRPXQD\FRQWULEXLUDOGH
VDUUROORVRFLDOLQWHJUDOGHOSDtV
6LVWHPD GH GLVWULEXFLyQ GH WUXHTXH FR
PXQLWDULR 6LVWHPD GHVWLQDGR SHULyGLFD
PHQWH DO LQWHUFDPELR MXVWR \ VROLGDULR GH
ELHQHVVHUYLFLRVVDEHUHV\FRQRFLPLHQWRV
20
7UDEDMR FROHFWLYR $FWLYLGDG RUJDQL]DGD
SODQL¿FDGD\GHVDUUROODGDSRUORVLQWHJUDQ
WHVGHODVGLVWLQWDVIRUPDVRUJDQL]DWLYDVGH
SURGXFFLyQGHSURSLHGDGVRFLDOEDVDGDHQ
XQD UHODFLyQ GH SURGXFFLyQ QR DOLHQDGD
SURSLD\DXWpQWLFDGHPDQHUDSDUWLFLSDWLYD
\SURWDJyQLFD
7UXHTXHFRPXQLWDULRGLUHFWR0RGDOLGDG
GHLQWHUFDPELRGHELHQHVVHUYLFLRVVDEHUHV
\ FRQRFLPLHQWRV FRQ YDORUHV PXWXDPHQWH
HTXLYDOHQWHV VLQ QHFHVLGDG GH XQ VLVWHPD
GHFRPSHQVDFLyQRPHGLDFLyQ
7UXHTXHFRPXQLWDULRLQGLUHFWR0RGDOL
GDGGHLQWHUFDPELRGHELHQHVVHUYLFLRVVD
EHUHV\FRQRFLPLHQWRVFRQYDORUHVGLVWLQ
WRV TXH QR VRQ PXWXDPHQWH HTXLYDOHQWHV
GRQGH VH UHTXLHUH GH XQ VLVWHPD GH FRP
SHQVDFLyQRPHGLDFLyQSDUDHVWDEOHFHUGH
PDQHUDH[SOtFLWDUHODFLRQHVGHHTXLYDOHQ
FLDHQWUHGLFKRVYDORUHV
21
Capítulo II
'HOyUJDQRFRRUGLQDGRU
ÏUJDQRFRRUGLQDGRU
$UWtFXOR(O(MHFXWLYR1DFLRQDODWUDYpVGHO
0LQLVWHULRGHO3RGHU3RSXODUFRQFRPSHWHQFLD
HQODPDWHULDREMHWRGHHVWD/H\HVHOyUJDQR
FRRUGLQDGRU GH ODV SROtWLFDV S~EOLFDV UHODFLR
QDGDV FRQ OD SURPRFLyQ IRUPDFLyQ DFRPSD
xDPLHQWRLQWHJUDO\¿QDQFLDPLHQWRGHORVSUR
\HFWRV VRFLRSURGXFWLYRV RULJLQDGRV GHO VHQR
GHODVFRPXQLGDGHVODVFRPXQDVRFRQVWLWXL
GRVSRUHQWHVGHO3RGHU3~EOLFRFRQIRUPHDOR
HVWDEOHFLGRHQHO3ODQGH'HVDUUROOR(FRQyPL
FR\6RFLDOGHOD1DFLyQODVGLVSRVLFLRQHVGH
HVWD/H\VX5HJODPHQWR\GHPiVQRUPDWLYDV
DSOLFDEOHV
&RPSHWHQFLDV
$UWtFXOR  6RQ FRPSHWHQFLDV GHO yUJDQR
FRRUGLQDGRU
22
 2WRUJDUODSHUVRQDOLGDGMXUtGLFDDODVRUJD
QL]DFLRQHVVRFLRSURGXFWLYDV
 'LFWDUODVSROtWLFDV\OLQHDPLHQWRVHQPD
WHULDGHHFRQRPtDFRPXQDOSUR\HFWRVVR
FLRSURGXFWLYRV IRUPDFLyQ ¿QDQFLDPLHQ
WRLQWHUFDPELRVROLGDULR\GLVWULEXFLyQTXH
LPSXOVHQHOGHVDUUROORFRQVROLGDFLyQ\H[
SDQVLyQGHOVLVWHPDHFRQyPLFRFRPXQDO
 $VLJQDUUHFXUVRV¿QDQFLHURV\QR¿QDQFLH
URV UHWRUQDEOHV \ QR UHWRUQDEOHV SDUD HO
GHVDUUROORGHODVRUJDQL]DFLRQHVVRFLRSUR
GXFWLYDVTXHVHFRQVWLWX\DQHQHOPDUFRGH
ODVGLVSRVLFLRQHVGHODSUHVHQWH/H\
 9HODUSRUTXHORVSODQHV\SUR\HFWRVGHOVLV
WHPD HFRQyPLFR FRPXQDO VH IRUPXOHQ HQ
FRUUHVSRQGHQFLDFRQHO3ODQGH'HVDUUROOR
(FRQyPLFR\6RFLDOGHOD1DFLyQDGHFXD
GRVDODVQHFHVLGDGHV\SRWHQFLDOLGDGHVGH
ODVFRPXQLGDGHVGHODVFRPXQDVRGHOiP
ELWRJHRJUi¿FRGHORVVLVWHPDVGHDJUHJD
FLyQTXHVXUMDQHQWUHpVWDV
23
 'LVHxDUHLPSOHPHQWDUSURJUDPDVSRUVtR
HQ DUWLFXODFLyQ FRQ RWURV yUJDQRV \ HQWHV
S~EOLFRVDVtFRPRGHOVHFWRUSULYDGRSDUD
OD IRUPDFLyQ DVLVWHQFLD WpFQLFD \ DFWXDOL
]DFLyQ WHFQROyJLFD GH ODV RUJDQL]DFLRQHV
VRFLRSURGXFWLYDV
 &RDG\XYDUDODFRQVROLGDFLyQGHODVEDVHV
GHO PRGHOR SURGXFWLYR VRFLDOLVWD FRPR
LQVWUXPHQWRSDUDDOFDQ]DUHOGHVDUUROORKX
PDQRLQWHJUDOVRVWHQLEOH\VXVWHQWDEOH
 'LFWDUQRUPDVHQPDWHULDGHUHFXSHUDFLyQ
\ UHHVWUXFWXUDFLyQ GH ODV RUJDQL]DFLRQHV
VRFLRSURGXFWLYDV SUHYLVWDV HQ OD SUHVHQWH
/H\
 &RQWULEXLUDODFRQVHFXFLyQGHODMXVWDGLV
WULEXFLyQGHODULTXH]DPHGLDQWHHOGLVHxR
SODQL¿FDFLyQ \ HMHFXFLyQ GH SODQHV SUR
JUDPDV\SUR\HFWRVWHQGHQWHVDOGHVDUUROOR
GHOVLVWHPDHFRQyPLFRFRPXQDOFRPRLQV
WUXPHQWR SDUD OD FRQVWUXFFLyQ GHO PRGHOR
SURGXFWLYR VRFLDOLVWD HQ FRUUHVSRQGHQFLD
24
FRQ ORV OLQHDPLHQWRV GHO VLVWHPD QDFLRQDO
GHSODQL¿FDFLyQ
 'LVHxDUHQDUWLFXODFLyQFRQORVyUJDQRV\
HQWHV FRQ FRPSHWHQFLD HQ PDWHULD HGXFD
WLYD \ WHFQROyJLFD SURJUDPDV SDUD OD IRU
PDFLyQ \ FDSDFLWDFLyQ GH ORV LQWHJUDQWHV
R DVSLUDQWHV D LQWHJUDU ODV RUJDQL]DFLRQHV
VRFLRSURGXFWLYDVDVtFRPRSDUDODFHUWL¿
FDFLyQ GH VDEHUHV \ FRQRFLPLHQWRV GH ORV
FLXGDGDQRV\FLXGDGDQDVGHODVFRPXQLGD
GHVTXHIRUPHQSDUWHGHOVLVWHPDHFRQyPL
FRFRPXQDO
+DFHU VHJXLPLHQWR HYDOXDFLyQ  \ FRQWURO
GH ODV RUJDQL]DFLRQHV VRFLRSURGXFWLYDV
FRQ HO ¿Q GH DVHJXUDU TXH ODV DFWLYLGDGHV
GHODVPLVPDVVHFRUUHVSRQGDQFRQORVUHV
SHFWLYRVSODQHVSUR\HFWRV\SURJUDPDVGH
FXDOTXLHUD GH ORV VLVWHPDV GH DJUHJDFLyQ
FRPXQDO
)RUPXODU\SURPRYHUSROtWLFDVGHLQFHQWLYR
\DFRPSDxDPLHQWRLQWHJUDODODVRUJDQL]D
25
FLRQHVVRFLRSURGXFWLYDVTXHVHFRQVWLWX\DQ
HQFXDOTXLHUDGHORVVLVWHPDVGHDJUHJDFLyQ
FRPXQDO
(VWDEOHFHU ODV PHGLGDV QHFHVDULDV SDUD
SURPRYHU HO DFFHVR GH ODV RUJDQL]DFLRQHV
VRFLRSURGXFWLYDV D ORV GLVWLQWRV SURFHVRV
GH LQWHUFDPELR VRFLRSURGXFWLYR QDFLRQD
OHVHLQWHUQDFLRQDOHVSUHIHUHQWHPHQWHFRQ
SDtVHVODWLQRDPHULFDQRV\GHO&DULEHHQHO
iPELWRGHODLQWHJUDFLyQFRPXQLWDULDEROL
YDULDQD\FDULEHxDSDUDSRWHQFLDUHOKXPD
QLVPR\ODKHUPDQGDGHQWUHORVSXHEORV
&XDOTXLHURWUDTXHVHOHDWULEX\DHQODSUH
VHQWH/H\
26
Capítulo III
'HODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
6HFFLyQSULPHUD'LVSRVLFLRQHVJHQHUDOHV
2UJDQL]DFLRQHVVRFLRSURGXFWLYDV
$UWtFXOR  /DV RUJDQL]DFLRQHV VRFLRSURGXF
WLYDVVRQXQLGDGHVGHSURGXFFLyQFRQVWLWXLGDV
SRUODVLQVWDQFLDVGHO3RGHU3RSXODUHO3RGHU
3~EOLFRRSRUDFXHUGRHQWUHDPERVFRQREMH
WLYRV H LQWHUHVHV FRPXQHV RULHQWDGDV D OD VD
WLVIDFFLyQGHQHFHVLGDGHVFROHFWLYDVPHGLDQWH
XQDHFRQRPtDEDVDGDHQODSURGXFFLyQWUDQV
IRUPDFLyQGLVWULEXFLyQLQWHUFDPELR\FRQVX
PRGHELHQHV\VHUYLFLRVDVtFRPRGHVDEHUHV
\FRQRFLPLHQWRVHQODVFXDOHVHOWUDEDMRWLHQH
VLJQL¿FDGR SURSLR DXWpQWLFR VLQ QLQJ~Q WLSR
GHGLVFULPLQDFLyQ
27
)RUPDVGHRUJDQL]DFLyQVRFLRSURGXFWLYDV
$UWtFXOR $ ORV HIHFWRV GH OD SUHVHQWH /H\
VRQIRUPDVGHRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
 (PSUHVDGHSURSLHGDGVRFLDOGLUHFWDFR
PXQDO8QLGDGVRFLRSURGXFWLYDFRQVWLWXL
GD SRU ODV LQVWDQFLDV GH 3RGHU 3RSXODU HQ
VXVUHVSHFWLYRViPELWRVJHRJUi¿FRVGHVWL
QDGDDOEHQH¿FLRGHORVSURGXFWRUHV\SUR
GXFWRUDVTXHODLQWHJUDQGHODFROHFWLYLGDG
DODVTXHFRUUHVSRQGHQ\DOGHVDUUROORVR
FLDOLQWHJUDOGHOSDtVDWUDYpVGHODUHLQYHU
VLyQ VRFLDO GH VXV H[FHGHQWHV /D JHVWLyQ
\ DGPLQLVWUDFLyQ GH ODV HPSUHVDV GH SUR
SLHGDG VRFLDO FRPXQDO GLUHFWD HV HMHUFLGD
SRU OD LQVWDQFLD GHO 3RGHU 3RSXODU TXH OD
FRQVWLWX\D
 (PSUHVD GH SURSLHGDG VRFLDO LQGLUHFWD
FRPXQDO 8QLGDG VRFLRSURGXFWLYD FRQVWL
WXLGDSRUHO3RGHU3~EOLFRHQHOiPELWRWH
UULWRULDOGHXQDLQVWDQFLDGHO3RGHU3RSXODU
GHVWLQDGDDOEHQH¿FLRGHVXVSURGXFWRUHV\
28 29

SURGXFWRUDVGHODFROHFWLYLGDGGHOiPELWR  *UXSRV GH LQWHUFDPELR VROLGDULR &RQ

JHRJUi¿FR UHVSHFWLYR \ GHO GHVDUUROOR VR MXQWRGHSURVXPLGRUHV\SURVXPLGRUDVRU
FLDOLQWHJUDOGHOSDtVDWUDYpVGHODUHLQYHU JDQL]DGRVYROXQWDULDPHQWHFRQOD¿QDOLGDG
VLyQ VRFLDO GH VXV H[FHGHQWHV /D JHVWLyQ GHSDUWLFLSDUHQDOJXQDGHODVPRGDOLGDGHV
\ DGPLQLVWUDFLyQ GH ODV HPSUHVDV GH SUR GHORVVLVWHPDVDOWHUQDWLYRVGHLQWHUFDPELR
SLHGDGVRFLDOLQGLUHFWDFRUUHVSRQGHDOHQWH VROLGDULR
XyUJDQRGHO3RGHU3~EOLFRTXHODVFRQVWL
WX\DQVLQTXHHOORREVWHSDUDTXHSURJUH ÈPELWRJHRJUi¿FR
VLYDPHQWH OD JHVWLyQ \ DGPLQLVWUDFLyQ GH
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
HVWDVHPSUHVDVVHDWUDQVIHULGDDODVLQVWDQ
WLYDV GHEHUiQ HVWDEOHFHU VX GRPLFLOLR GHQWUR
FLDVGHO3RGHU3RSXODUFRQVWLWX\pQGRVHDVt
GHOHVSDFLRJHRJUi¿FRGHOSDtV
HQ HPSUHVDV GH SURSLHGDG VRFLDO FRPXQDO
GLUHFWD (QHOFDVRGHORVJUXSRVGHLQWHUFDPELRVR
OLGDULRWHQGUiQVXGRPLFLOLRHQHOOXJDUGRQGH
 8QLGDG SURGXFWLYD IDPLOLDU (V XQD RU
GHVDUUROOHQ ODV DFWLYLGDGHV VRFLRSURGXFWLYDV
JDQL]DFLyQFX\RVLQWHJUDQWHVSHUWHQHFHQD
WHQGHQWHVDRIUHFHU\UHFLELUELHQHVVHUYLFLRV
XQ Q~FOHR IDPLOLDU TXH GHVDUUROOD SUR\HF
VDEHUHV\FRQRFLPLHQWRV
WRVVRFLRSURGXFWLYRVGLULJLGRVDVDWLVIDFHU
VXV QHFHVLGDGHV \ ODV GH OD FRPXQLGDG \
GRQGHVXVLQWHJUDQWHVEDMRHOSULQFLSLRGH
MXVWLFLDVRFLDOWLHQHQLJXDOGDGGHGHUHFKRV
\GHEHUHV
30
6HFFLyQVHJXQGD'HODFRQVWLWXFLyQ
LQVFULSFLyQ\UHJLVWURGHUHFKRV\REOLJDFLRQHV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
(PSUHVDGHSURSLHGDGVRFLDO
GLUHFWDFRPXQDO
$UWtFXOR  /D HPSUHVD GH SURSLHGDG VRFLDO
GLUHFWDFRPXQDOVHUiFRQVWLWXLGDPHGLDQWHGR
FXPHQWRFRQVWLWXWLYRHVWDWXWDULRDFRPSDxDGR
GHO UHVSHFWLYR SUR\HFWR VRFLRSURGXFWLYR KD
FLHQGR HVWH ~OWLPR ODV YHFHV GH FDSLWDO VRFLDO
GHODHPSUHVDHOFXDOVHUiHODERUDGRFRQEDVH
HQODVQHFHVLGDGHV\SRWHQFLDOLGDGHVGHODVFR
PXQLGDGHVGHODLQVWDQFLDGHO3RGHU3RSXODUDO
TXHFRUUHVSRQGD\GHDFXHUGRDOSODQGHGHVD
UUROOR GHO FRUUHVSRQGLHQWH VLVWHPD GH DJUHJD
FLyQFRPXQDO

(PSUHVDGHSURSLHGDGVRFLDO
LQGLUHFWDFRPXQDO
$UWtFXOR  /D HPSUHVD GH SURSLHGDG VRFLDO
LQGLUHFWD FRPXQDO VHUi FRQVWLWXLGD PHGLDQWH
31
GRFXPHQWRFRQVWLWXWLYRHVWDWXWDULRGHDFXHUGR
DODVQRUPDWLYDVTXHULMDQDOyUJDQRRHQWHS~
EOLFRHQFDUJDGRGHVXFRQVWLWXFLyQ
8QLGDGSURGXFWLYDIDPLOLDU
$UWtFXOR  /D XQLGDG SURGXFWLYD IDPLOLDU
VHUiFRQVWLWXLGDSRUXQJUXSRIDPLOLDULQWHJUDGR
SRUSHUVRQDVUHODFLRQDGDVKDVWDHOFXDUWRJUD
GR GH FRQVDQJXLQLGDG \ VHJXQGR GH D¿QLGDG
PHGLDQWHGRFXPHQWRFRQVWLWXWLYRHVWDWXWDULR\
XQSUR\HFWRVRFLRSURGXFWLYRVXVWHQWDGRHQORV
VDEHUHV\HOFRQRFLPLHQWRSURSLRVGHOJUXSRID
PLOLDU GHVWLQDGR DO EHQH¿FLR GH VXV LQWHJUDQ
WHV\DVDWLVIDFHUQHFHVLGDGHVGHODFRPXQLGDG
GRQGHHOJUXSRIDPLOLDUWHQJDVXGRPLFLOLR
*UXSRVGHLQWHUFDPELRVROLGDULR
$UWtFXOR  /RV JUXSRV GH LQWHUFDPELR VR
OLGDULR VHUiQ FRQVWLWXLGRV PHGLDQWH DFWD GH
DVDPEOHDGHSURVXPLGRUHV\SURVXPLGRUDVHQ
OD FXDO WRGD SHUVRQD QDWXUDO R MXUtGLFD SRGUi
32
SHUWHQHFHU D XQ GHWHUPLQDGR JUXSR GH LQWHU
FDPELRVROLGDULRSDUDRIUHFHU\UHFLELUVDEHUHV
FRQRFLPLHQWRV ELHQHV \ VHUYLFLRV VLHPSUH \
FXDQGRFXPSODFRQORHVWDEOHFLGRHQODSUHVHQ
WH/H\\VX5HJODPHQWR
3HUVRQDOLGDGMXUtGLFD
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
WLYDV FRQWHPSODGDV HQ OD SUHVHQWH /H\ DGTXL
ULUiQSHUVRQDOLGDGMXUtGLFDXQDYH]IRUPDOL]D
GRVXUHJLVWURSRUDQWHHOyUJDQRFRRUGLQDGRU
DWHQGLHQGRORVVLJXLHQWHVSURFHGLPLHQWRV ODIDOWDVHSURFHGHUiDOUHJLVWUR
(Q ORV FDVRV GH RUJDQL]DFLRQHV VRFLRSUR
GXFWLYDVGHSURSLHGDGVRFLDOFRPXQDOGLUHFWD HOODSVRLQGLFDGRHOyUJDQRFRRUGLQDGRUVH
 /RVUHVSRQVDEOHVGHVLJQDGRVSRUODLQVWDQ
FLDGHDJUHJDFLyQFRPXQDOFRUUHVSRQGLHQWH
SUHVHQWDUiQSRUDQWHHOyUJDQRFRRUGLQDGRU
OD VROLFLWXG GH UHJLVWUR DFRPSDxDGD GHO
DFWDFRQVWLWXWLYDGHODRUJDQL]DFLyQDFWDGH
ODDVDPEOHDGHSURGXFWRUHV\SURGXFWRUDV
DVtFRPRHOSUR\HFWRVRFLRSURGXFWLYR
33
 (O VHUYLGRU S~EOLFR R VHUYLGRUD S~EOLFD
UHVSRQVDEOH UHFLELUi ORV GRFXPHQWRV TXH
OHKD\DQVLGRSUHVHQWDGRVFRQODVROLFLWXG
\HQXQODSVRQRPD\RUDTXLQFHGtDVVH
HIHFWXDUiHOUHJLVWURRWRUJiQGROHSHUVRQD
OLGDGMXUtGLFDDWRGRVORVHIHFWRVOHJDOHV
 6L VH HQFRQWUDUH DOJXQD GH¿FLHQFLD HQ OD
GRFXPHQWDFLyQSUHVHQWDGDHOVHUYLGRUS~
EOLFR R VHUYLGRUD S~EOLFD OR FRPXQLFDUi D
ORV VROLFLWDQWHV TXLHQHV WHQGUiQ XQ ODSVR
GH WUHLQWD GtDV SDUD FRUUHJLUOD 6XEVDQDGD
 6LORVLQWHUHVDGRVQRVXEVDQDQODIDOWDHQ
DEVWHQGUiGHUHJLVWUDUGLFKDRUJDQL]DFLyQ
&RQWUDHVWDGHFLVLyQSRGUiLQWHUSRQHUVHHO
UHFXUVRMHUiUTXLFRFRUUHVSRQGLHQWHGHFRQ
IRUPLGDGFRQORSUHYLVWRHQOD/H\2UJi
QLFD GH 3URFHGLPLHQWRV $GPLQLVWUDWLYRV
FRQORFXDOTXHGDDJRWDGDODYtDDGPLQLV
WUDWLYD/RVDFWRVDGPLQLVWUDWLYRVGLFWDGRV
34
SRUHOyUJDQRFRRUGLQDGRUSRGUiQVHUUHFX
UULGRVSRUDQWHODMXULVGLFFLyQFRQWHQFLRVR
DGPLQLVWUDWLYD
&XDQGR VH WUDWH GH HPSUHVDV GH SURSLHGDG
VRFLDOFRPXQDOLQGLUHFWDHOIXQFLRQDULRDXWRUL
]DGRRIXQFLRQDULDDXWRUL]DGDGHEHUiSUHVHQWDU
DQWHHOyUJDQRFRRUGLQDGRUDFWDFRQVWLWXWLYDDVt
FRPRORVHVWDWXWRVGHODRUJDQL]DFLyQVLHQGR
DSOLFDEOHVORVQXPHUDOHV\GHOSUHVHQWH
DUWtFXOR
2EOLJDFLyQGHLGHQWL¿FDFLyQGHOFDUiFWHU
GHSURSLHGDGVRFLDO
$UWtFXOR(QODGHQRPLQDFLyQGHWRGDHP
SUHVDGHSURSLHGDGVRFLDOFRPXQDOGHEHUiLQ
GLFDUVH WDO FDUiFWHU ELHQ VHD FRQ OD PHQFLyQ
H[SUHVD GH ³(PSUHVD GH 3URSLHGDG 6RFLDO´ R
DEUHYLDFLyQPHGLDQWHODVVLJODV³(36´
35
$EVWHQFLyQGHUHJLVWUR
$UWtFXOR(OyUJDQRFRRUGLQDGRUVyORSRGUi
DEVWHQHUVHGHUHJLVWUDUXQDRUJDQL]DFLyQVRFLR
SURGXFWLYDHQORVVLJXLHQWHVFDVRV
 &XDQGRHOSUR\HFWRVRFLRSURGXFWLYRGHOD
RUJDQL]DFLyQ WHQJD SRU REMHWR ¿QDOLGDGHV
GLVWLQWDVDODVSUHYLVWDVSRUHVWD/H\
 6LQRVHDFRPSDxDQORVGRFXPHQWRVH[LJL
GRVHQODSUHVHQWH/H\RVLHVWRVSUHVHQWDQ
DOJXQDGH¿FLHQFLDXRPLVLyQ
'HSHQGHQFLDIXQFLRQDOGHYHUL¿FDFLyQ
LQVFULSFLyQ\UHJLVWUR
$UWtFXOR  (O yUJDQR FRRUGLQDGRU FRQWDUi
FRQXQDGHSHQGHQFLDIXQFLRQDOGHYHUL¿FDFLyQ
LQVFULSFLyQ \ UHJLVWUR FRQ HO ¿Q GH PDQWHQHU
HOVHJXLPLHQWR\FRQWUROGHODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV \ GH ORV HVSDFLRV GH LQWHU
FDPELRVROLGDULRGHOSDtV
36
'HUHFKRVGHODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
WLYDVJR]DUiQGHORVVLJXLHQWHVGHUHFKRV WLYDVSUHYLVWDVHQODSUHVHQWH/H\HVWDUiQH[HQ
 )RUPDFLyQ \ FDSDFLWDFLyQ LQWHJUDO SDUD HO
WUDEDMRSURGXFWLYR\WpFQLFRHQODIRUPX
ODFLyQGHVDUUROOR\¿QDQFLDPLHQWRGHSUR
\HFWRV VRFLRSURGXFWLYRV VXVWHQWDEOHV SRU
SDUWHGHORVyUJDQRV\HQWHVGHO3RGHU3~
EOLFRFRQFRPSHWHQFLDHQODPDWHULD
 $FRPSDxDPLHQWR LQWHJUDO PHGLDQWH HO
RWRUJDPLHQWRGHUHFXUVRV¿QDQFLHURV\QR
¿QDQFLHURV UHWRUQDEOHV \ QR UHWRUQDEOHV
SRUSDUWHGHORVyUJDQRV\HQWHVGHO3RGHU
3~EOLFR
 /D WUDQVIHUHQFLD GH VHUYLFLRV DFWLYLGDGHV
\ UHFXUVRV HQ HO iUHD GH VXV RSHUDFLRQHV
GHDFXHUGRFRQORHVWDEOHFLGRHQHODUWtFXOR
\GHOD&RQVWLWXFLyQGHOD5HS~EOL
FDHQFRQFRUGDQFLDFRQODVGHFLVLRQHVGHO
&RQVHMR)HGHUDOGH*RELHUQR
37
([HQFLRQHVDODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
WDVGHOSDJRGHWRGRWLSRGHWULEXWRVQDFLRQDOHV
\GHUHFKRVGHUHJLVWUR
/RVHVWDGRV\ORVPXQLFLSLRVPHGLDQWHOH
\HV HVWDGDOHV \ RUGHQDQ]DV UHVSHFWLYDPHQWH
SRGUiQ HVWDEOHFHU LJXDOPHQWH ODV H[HQFLRQHV
FRQWHPSODGDVHQHVWHDUWtFXORSDUDODVRUJDQL
]DFLRQHVVRFLRSURGXFWLYDV
3URFHVRVGHFRQWUDWDFLRQHVS~EOLFDV
$UWtFXOR/RVyUJDQRV\HQWHVGHO3RGHU3~
EOLFRHQVXVGLIHUHQWHVQLYHOHVSROtWLFRWHUULWR
ULDOHVHVWDEOHFHUiQHQODVFRQGLFLRQHVSDUDORV
SURFHVRVGHFRQWUDWDFLyQGHREUDVDGTXLVLFLyQ
GH ELHQHV \ SUHVWDFLyQ GH VHUYLFLRV PHGLGDV
TXH IDYRUH]FDQ \ RWRUJXHQ SULRULGDG \ SUHIH
UHQFLD D ODV RUJDQL]DFLRQHV VRFLRSURGXFWLYDV
HVWDEOHFLGDVHQODSUHVHQWH/H\
38
3URJUDPDVGHUHFXSHUDFLyQ
$UWtFXOR  (O (MHFXWLYR 1DFLRQDO D WUDYpV
GHO 0LQLVWHULR FRQ FRPSHWHQFLD HQ PDWHULD
GHHFRQRPtDFRPXQDOHQFDVRGHVLWXDFLRQHV
VREUHYHQLGDVQRLPSXWDEOHVDODRUJDQL]DFLyQ
VRFLRSURGXFWLYDTXHDIHFWHVXIXQFLRQDPLHQWR
RFDSDFLGDGGHSDJRSRGUiDSUREDU\DSOLFDU
SURJUDPDVGHUHFXSHUDFLyQRUHHVWUXFWXUDFLyQ
2EOLJDFLRQHV
$UWtFXOR6RQREOLJDFLRQHVGHODVRUJDQL]D
FLRQHVVRFLRSURGXFWLYDV PXQDOGHOVLVWHPDGHDJUHJDFLyQVHJ~QVHD
 'LVHxDU\HMHFXWDUSODQHVSURJUDPDV\SUR
\HFWRV VRFLRSURGXFWLYRV HQ FRRUGLQDFLyQ
FRQ HO &RPLWp GH (FRQRPtD &RPXQDO HO
&RQVHMRGH(FRQRPtD&RPXQDORODLQVWDQ
FLDGHDUWLFXODFLyQHQPDWHULDGHHFRQRPtD
FRPXQDOGHOVLVWHPDGHDJUHJDFLyQVHJ~Q
VHDHOFDVRGLULJLGRVDFRQVROLGDUHOGHVD
UUROORLQWHJUDOGHODFRPXQLGDGRODVFRPX
39
QLGDGHVGHOiPELWRWHUULWRULDOGHODLQVWDQ
FLDGHO3RGHU3RSXODUDOTXHFRUUHVSRQGD
 3URPRYHU\SUDFWLFDUODGHPRFUDFLDSDUWLFL
SDWLYD\SURWDJyQLFDEDVDGDHQORVSULQFL
SLRVGHODpWLFDVRFLDOLVWD\HOGHVDUUROORGH
DFWLYLGDGHV VRFLRSURGXFWLYDV VXUJLGDV GHO
VHQRGHODFRPXQLGDGRODVFRPXQLGDGHV
 &XPSOLU \ KDFHU FXPSOLU ODV GHFLVLRQHV
HPDQDGDV GHO &RPLWp GH (FRQRPtD &R
PXQDOHO&RQVHMRGH(FRQRPtD&RPXQDO
RODLQVWDQFLDHQPDWHULDGHHFRQRPtDFR
HOFDVRHQIXQFLyQGHDUWLFXODUORVSODQHV
\ SUR\HFWRV VRFLRSURGXFWLYRV D ORV OLQHD
PLHQWRV GH SODQL¿FDFLyQ GH OD LQVWDQFLD
UHVSHFWLYD
 )RPHQWDUSURPRYHUHLPSOHPHQWDUHOGH
VDUUROOR GH DFWLYLGDGHV VRFLRSURGXFWLYDV
SROtWLFDVFXOWXUDOHVHFROyJLFDVGHGHIHQVD
GHORVGHUHFKRVKXPDQRV\GHODVSHUVRQDV
HQVLWXDFLyQGHYXOQHUDELOLGDGGHDFXHUGR
40
D ORV SULQFLSLRV \ YDORUHV FRQWHQLGRV HQ
HVWD/H\
 5HQGLU FXHQWDV \ HMHUFHU OD FRQWUDORUtD VR
FLDOFRPRDFWLYLGDGSHUPDQHQWHHQHOGHVD
UUROORGHODJHVWLyQFRPXQLWDULDRFRPXQDO
 3UHYHU PHGLGDV DGHFXDGDV SDUD SURPRYHU
ODGHIHQVDSURWHFFLyQ\DVHJXUDPLHQWRGHO
DPELHQWH HQ FRQGLFLRQHV ySWLPDV SDUD OD
UHDOL]DFLyQ GH VXV DFWLYLGDGHV D ORV ¿QHV
GH PLQLPL]DU HO LPSDFWR DPELHQWDO GH ODV
RSHUDFLRQHVTXHUHDOLFHQ
 5HLQYHUWLUVRFLDOPHQWHORVH[FHGHQWHVSDUD
HOGHVDUUROORGHODVFRPXQLGDGHV\FRQWUL
EXLUDOGHVDUUROORVRFLDOGHOSDtVGHDFXHU
GR D OR HVWDEOHFLGR HQ HO 5HJODPHQWR GH
HVWD/H\\DODSODQL¿FDFLyQGHODLQVWDQFLD
FRUUHVSRQGLHQWH
 'DUSULRULGDGDODVSHUVRQDV\DOWUDEDMR
FRPR KHFKR VRFLDO VREUH HO FDSLWDO FRQ
HO¿QGHJDUDQWL]DUHOGHVDUUROORKXPDQR
LQWHJUDO
41
 *DUDQWL]DUODLJXDOGDGGHGHUHFKRV\REOL
JDFLRQHVSDUDORVLQWHJUDQWHVGHODVRUJDQL
]DFLRQHVVRFLRSURGXFWLYDV
'HVDUUROODUDFFLRQHVHVWUDWpJLFDVGHHQODFH
\FRRUGLQDFLyQSDUDDUWLFXODUVHHQUHGFRQ
RWUDV RUJDQL]DFLRQHV VRFLRSURGXFWLYDV D
ORV¿QHVGHJDUDQWL]DUHOGHVDUUROOR\FRQ
VROLGDFLyQ GHO VLVWHPD HFRQyPLFR FRPX
QDOSDUDHOHYDUORVQLYHOHVGHH¿FLHQFLDHQ
ODSURGXFWLYLGDG\ODFREHUWXUDGHELHQHV\
VHUYLFLRVHQEHQH¿FLRGHODFROHFWLYLGDG\
HOGHVDUUROORVRFLDOLQWHJUDOGHOSDtV
,QFHQWLYDU OD LQVHUFLyQ VRFLRSURGXFWLYD
FRPRHOHPHQWRIXQGDPHQWDOGHOGHVDUUROOR
VRFLDOLPSXOVDQGRHOHVStULWXHPSUHQGHGRU
VROLGDULR\ODFXOWXUDGHOWUDEDMRFROHFWLYR
*DUDQWL]DU XQ PRGHOR GH JHVWLyQ EDVDGR
HQHODSUHQGL]DMHSHUPDQHQWH\UHJLGRSRU
ORV SULQFLSLRV SURSLRV GH OD GHPRFUDFLD
UHYROXFLRQDULD
42
+DFHUWUDQVSDUHQWHODVHVWUXFWXUDVGHFRVWRV
\ SUHFLRV DVt FRPR SDUWLFLSDU HQ OD FUHD
FLyQGHQXHYDVIRUPDVGHHVSDFLRVGHLQWH
JUDFLyQPHGLDQWHHOLQWHUFDPELRGLUHFWRGH
ELHQHV\VHUYLFLRVHQWUHODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV\ODVFRPXQLGDGHV
/DVGHPiVTXHOHVVHDQHVWDEOHFLGDVHQHO
DFWDFRQVWLWXWLYD\HVWDWXWRVGHFRQIRUPL
GDGFRQORHVWDEOHFLGRHQODSUHVHQWH/H\\
VX5HJODPHQWR
6HFFLyQWHUFHUD(VWUXFWXUDRUJDQL]DWLYD
\IXQFLRQDOGHODRUJDQL]DFLyQVRFLRSURGXFWLYD
8QLGDGHVGHODRUJDQL]DFLyQVRFLRSURGXFWLYD
$UWtFXOR/DRUJDQL]DFLyQVRFLRSURGXFWLYD
HVWDUiFRQIRUPDGDSRUODVVLJXLHQWHVXQLGDGHV GHVLJQDGRVRGHVLJQDGDVGHODVLJXLHQWHPDQHUD
 8QLGDGGH$GPLQLVWUDFLyQ&RQIRUPDGD
SRUWUHVYRFHURVRYRFHUDV
 8QLGDG GH *HVWLyQ 3URGXFWLYD &RQIRU
PDGDSRUWUHVYRFHURVRYRFHUDV
43
 8QLGDG GH )RUPDFLyQ &RQIRUPDGD SRU
WUHVYRFHURVRYRFHUDV
 8QLGDG GH &RQWUDORUtD 6RFLDO &RQIRU
PDGDSRUWUHVYRFHURVRYRFHUDV
'HVLJQDFLyQ
$UWtFXOR  &XDQGR OD RUJDQL]DFLyQ VRFLR
SURGXFWLYD VHD GH SURSLHGDG VRFLDO FRPXQDO
GLUHFWD WRGRV ORV LQWHJUDQWHV GH ODV XQLGDGHV
GHRUJDQL]DFLyQVHUiQGHVLJQDGRVRGHVLJQDGDV
SRUODLQVWDQFLDGHO3RGHU3RSXODUDODTXHFR
UUHVSRQGDODRUJDQL]DFLyQVRFLRSURGXFWLYDHQ
FRQVXOWDFRQVXVLQWHJUDQWHV
&XDQGRODRUJDQL]DFLyQVRFLRSURGXFWLYDVHD
GH SURSLHGDG VRFLDO FRPXQDO LQGLUHFWD ORV LQ
WHJUDQWHVGHODXQLGDGGHDGPLQLVWUDFLyQVHUiQ

D 'RV UHSUHVHQWDQWHV GHO yUJDQR R HQWH GHO
3RGHU3~EOLFRTXHFRQVWLWX\yODRUJDQL]D
FLyQ ORV FXDOHV GHEHQ HMHUFHU VXV ODERUHV

HQLJXDOGDGGHFRQGLFLRQHVFRQORVGHPiV
LQWHJUDQWHVGHODRUJDQL]DFLyQ
E 8QYRFHURGHODDVDPEOHDGHSURGXFWRUHV\
SURGXFWRUDVGHODRUJDQL]DFLyQ
/RV LQWHJUDQWHV GH ODV XQLGDGHV GH JHVWLyQ
SURGXFWLYDIRUPDFLyQ\FRQWUDORUtDVRFLDOVH
UiQ GHVLJQDGRV R GHVLJQDGDV SRU OD DVDPEOHD
GHSURGXFWRUHV\SURGXFWRUDV
)XQFLRQHVGHOD8QLGDGGH$GPLQLVWUDFLyQ
$UWtFXOR  6RQ IXQFLRQHV GH OD 8QLGDG GH
$GPLQLVWUDFLyQODVVLJXLHQWHV QHFHVDULR R FRQYHQLHQWH OD RUJDQL]DFLyQ
 (MHUFHUODUHSUHVHQWDFLyQOHJDOGHODRUJDQL
]DFLyQVRFLRSURGXFWLYD
 (MHUFHUODJHVWLyQHQHOiPELWRGHVXFRP
SHWHQFLDGHODVRSHUDFLRQHVSDUDHOySWLPR
IXQFLRQDPLHQWR GH OD RUJDQL]DFLyQ VRFLR
SURGXFWLYD
 $GPLQLVWUDU ORV UHFXUVRV SURGXFWR GH ORV
H[FHGHQWHV TXH VHUiQ GHVWLQDGRV DO IRQGR
GHPDQWHQLPLHQWRSURGXFWLYR
45
 3UHVHQWDUVHPHVWUDOPHQWHDODDVDPEOHDGH
FLXGDGDQRV\FLXGDGDQDVGHODFRPXQLGDGR
DO3DUODPHQWR&RPXQDOVHJ~QFRUUHVSRQ
GDLQIRUPHVREUHODVDFWLYLGDGHVGHVDUUR
OODGDV\HVWDGRGHFXPSOLPLHQWRGHODVPH
WDVGHODRUJDQL]DFLyQVRFLRSURGXFWLYD\DO
FLHUUHGHOHMHUFLFLR¿VFDOEDODQFHJHQHUDO
HVWDGRGHJDQDQFLDV\SpUGLGDVHOÀXMRGH
FDMD \ HO SODQ GH DFWLYLGDGHV GHO HMHUFLFLR
¿VFDOVLJXLHQWHSDUDVXDSUREDFLyQ
 /OHYDUORVOLEURVREOLJDWRULRVTXHHVWDEOHFH
OD/H\DVtFRPRFXDOTXLHURWURTXHHVWLPH
VRFLRSURGXFWLYD
 $GPLQLVWUDUORVUHFXUVRVSURGXFWRVELHQHV
\VHUYLFLRVTXHOHSHUWHQH]FDQDODRUJDQL
]DFLyQVRFLRSURGXFWLYD
 $SUREDUVXVFULELUFRQWUDWRV\FRQYHQLRVGH
GLIHUHQWHtQGROHTXHVHDQQHFHVDULRVSDUD
ODFRQVHFXFLyQGHORV¿QHVGHODRUJDQL]D
FLyQVRFLRSURGXFWLYDGHFRQIRUPLGDGFRQ
46
ORGLVSXHVWRHQODSUHVHQWH/H\\VX5HJOD
PHQWRDVtFRPRHQORVHVWDWXWRVGHODRUJD
QL]DFLyQ VRFLRSURGXFWLYD SUHYLD DXWRUL]D
FLyQGHODLQVWDQFLDGHDJUHJDFLyQFRPXQDO
RHOyUJDQRRHQWHGHO3RGHU3~EOLFRDOTXH
FRUUHVSRQGD
 6XSHUYLVDUODJHVWLyQGHORVLQWHJUDQWHVGH
ODRUJDQL]DFLyQVRFLRSURGXFWLYD
 &RQYRFDU\SUHVLGLUODVDVDPEOHDVRUGLQD
ULDV \ H[WUDRUGLQDULDV GH OD RUJDQL]DFLyQ
VRFLRSURGXFWLYD
'HVLJQDU\UHYRFDUDSRGHUDGRVRDSRGHUD
GDVMXGLFLDOHV\H[WUDMXGLFLDOHV
'DUDSHUWXUD\FODXVXUDUFXHQWDVEDQFDULDV
&RPSUDU R LQFUHPHQWDU ORV ELHQHV PXH
EOHVHLQPXHEOHVGHODRUJDQL]DFLyQVRFLR
SURGXFWLYD SUHYLR LQIRUPH IDYRUDEOH GH
OD8QLGDGGH&RQWUDORUtD6RFLDO\DSURED
FLyQGHODLQVWDQFLDGHDJUHJDFLyQFRPX
QDORHOyUJDQRRHQWHGHO3RGHU3~EOLFRDO
TXHFRUUHVSRQGD
47
9HODUSRUTXHODVDFWLYLGDGHVGHODRUJDQL]D
FLyQVRFLRSURGXFWLYDVHGHVDUUROOHQFRQHV
WULFWRFXPSOLPLHQWRGHODVGLVSRVLFLRQHVGH
HVWD/H\VX5HJODPHQWRORVHVWDWXWRVGHOD
RUJDQL]DFLyQ VRFLRSURGXFWLYD HO UHVSHFWL
YRSODQGHJHVWLyQHQFRUUHVSRQGHQFLDFRQ
HO3ODQGH'HVDUUROOR&RPXQDO
/DVGHPiVTXHVHHVWDEOH]FDQHQHO5HJOD
PHQWRGHHVWD/H\
)XQFLRQHVGHOD8QLGDGGH*HVWLyQ
3URGXFWLYD
$UWtFXOR  6RQ IXQFLRQHV GH OD 8QLGDG GH
*HVWLyQ3URGXFWLYDODVVLJXLHQWHV
 $VHJXUDU TXH HO PDQHMR GH OD RUJDQL]D
FLyQ VRFLRSURGXFWLYD \ VXV EHQH¿FLRV HV
WpQ RULHQWDGRV D OD VDWLVIDFFLyQ GH ODV QH
FHVLGDGHV GH ODV FRPXQLGDGHV D WUDYpV GH
ODSURGXFFLyQGLVWULEXFLyQLQWHUFDPELR\
FRQVXPR GH ELHQHV \ VHUYLFLRV VDEHUHV \
FRQRFLPLHQWRV SXGLHQGR VHU HO LQWHUFDP
ELRGHFDUiFWHUVROLGDULR
48
 *DUDQWL]DUODSODQL¿FDFLyQSURGXFWLYDGHOD
RUJDQL]DFLyQGHDFXHUGRDOUHVSHFWLYRSODQ
GHJHVWLyQ
 (MHFXWDUHOGHVDUUROORGHOFLFORSURGXFWLYR
EDMRORVSULQFLSLRVVRFLDOLVWDVGHHTXLOLEULR
HFROyJLFR
 $VHJXUDUTXHHOPDQHMRGHODRUJDQL]DFLyQ
\VXVEHQH¿FLRVHVWpQHQIXQFLyQGHODVD
WLVIDFFLyQGHODVQHFHVLGDGHVFROHFWLYDV
 $MXVWDUHOSUHFLR¿QDOSDUDORVFRQVXPLGR
UHV FRQVXPLGRUDV XVXDULRV R XVXDULDV GH
ORV ELHQHV R VHUYLFLRV SURYHQLHQWHV GH ODV
DFWLYLGDGHV GHVDUUROODGDV SRU OD RUJDQL]D
FLyQHQFRUUHVSRQGHQFLDFRQORHVWDEOHFL
GRSRUHOyUJDQRRHQWHS~EOLFRFRPSHWHQWH
HQPDWHULDGHFRPHUFLRVROLGDULR
 3URPRYHUIRUPDVGHRUJDQL]DFLyQGHOWUD
EDMRTXHGHVDUUROOHQXQDQXHYDFXOWXUDOD
ERUDOPD[LPL]DQGRODVSRVLELOLGDGHVSDUD
ORJUDU OD WUDQVLFLyQ KDFLD HO PRGHOR SUR
GXFWLYRVRFLDOLVWD
49
 /DVGHPiVTXHVHHVWDEOH]FDQHQHO5HJOD
PHQWRGHHVWD/H\
)XQFLRQHVGHOD8QLGDGGH)RUPDFLyQ
$UWtFXOR  6RQ IXQFLRQHV GH OD 8QLGDG GH
)RUPDFLyQODVVLJXLHQWHV
 (QDUWLFXODFLyQFRQHOyUJDQRFRRUGLQDGRU
GHVDUUROODUSURJUDPDVSDUDODIRUPDFLyQ\
FDSDFLWDFLyQ pWLFRSROtWLFD \ WpFQLFRSUR
GXFWLYD GH ORV LQWHJUDQWHV GH OD RUJDQL]D
FLyQ VRFLRSURGXFWLYD GH OD FRPXQLGDG R
ODVFRPXQLGDGHVDVtFRPRSDUDODDFUHGL
WDFLyQGHVDEHUHV\FRQRFLPLHQWRVHQSUR
GHVXPLQLVWUDUODVKHUUDPLHQWDVQHFHVDULDV
SDUDODFRQVWUXFFLyQGHOPRGHORVRFLDOLVWD
 ,PSOHPHQWDU PHFDQLVPRV GLULJLGRV D
LQWHUFDPELDU WHFQRORJtD FRQRFLPLHQWRV
\ VDEHUHV SDUD REWHQHU PD\RU H¿FDFLD
H¿FLHQFLD \ HIHFWLYLGDG HQ OD SURGXFFLyQ
H LQWHUFDPELR GH ELHQHV DVt FRPR HQ OD
SUHVWDFLyQGHVHUYLFLRV
50
 *HQHUDU SURFHVRV GH DFRPSDxDPLHQWR VR
FLDOLQWHJUDOPHGLDQWHODDVHVRUtDWpFQLFD\
¿QDQFLHUDGHSUR\HFWRVVRFLRSURGXFWLYRV
 $UWLFXODUUHGHVVRFLRSURGXFWLYDVFRPRVLV
WHPDV GH LQWHJUDFLyQ HQWUH ODV FRPXQLGD
GHV\ODRUJDQL]DFLyQVRFLRSURGXFWLYD
)XQFLRQHVGHOD8QLGDGGH&RQWUDORUtD
6RFLDO
$UWtFXOR  6RQ IXQFLRQHV GH OD 8QLGDG GH
&RQWUDORUtD6RFLDOODVVLJXLHQWHV ORHVWLPHSHUWLQHQWHSDUDHOPHMRUFXPSOL
 9LJLODU OD EXHQD PDUFKD GH WRGRV \ FDGD
XQRGHORVSURFHVRVIXQFLRQHV\UHVSRQVD
ELOLGDGHV GH OD RUJDQL]DFLyQ VRFLRSURGXF
WLYD\UHFRPHQGDURSRUWXQDPHQWHDODFR
RUGLQDFLyQGHDGPLQLVWUDFLyQORVDMXVWHV\
FRUUHFWLYRVTXHHVWLPHQHFHVDULRV
 (MHUFHUODVXSHUYLVLyQFRQWUROVHJXLPLHQ
WR YLJLODQFLD \ ¿VFDOL]DFLyQ GH OD HMHFX
FLyQGHORVSODQHV\SUR\HFWRVGHODRUJD
51
QL]DFLyQVRFLRSURGXFWLYDDVtFRPRGHVXV
IRQGRVLQWHUQRV
 5HQGLUFXHQWDS~EOLFDPHGLDQWHODSUHVHQ
WDFLyQGHXQLQIRUPHDOFLHUUHGHFDGDHMHU
FLFLR¿VFDODQWHODDVDPEOHDGHFLXGDGDQRV
\FLXGDGDQDVRHO3DUODPHQWR&RPXQDOVH
J~QFRUUHVSRQGDRHQFXDOTXLHUPRPHQWR
TXHODLQVWDQFLDUHVSHFWLYDORUHTXLHUD
 &RQYRFDUODVDVDPEOHDVH[WUDRUGLQDULDVGH
OD RUJDQL]DFLyQ VRFLRSURGXFWLYD FXDQGR
PLHQWRGHVXVIXQFLRQHV
&XDQGRODVREVHUYDFLRQHV\UHFRPHQGDFLR
QHVGHOD8QLGDGGH&RQWUDORUtD6RFLDOQRVHDQ
WRPDGDVHQFXHQWDSRUODVGHPiVXQLGDGHVGH
RUJDQL]DFLyQ ODV PLVPDV VHUiQ HOHYDGDV D OD
LQVWDQFLDGHDJUHJDFLyQFRPXQDODODTXHFR
UUHVSRQGDDVtFRPRDOyUJDQRFRRUGLQDGRU
52
6HFFLyQFXDUWD,QWHJUDQWHV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
5HTXLVLWRV
$UWtFXOR  3DUD VHU LQWHJUDQWH SURGXFWRU R
SURGXFWRUD GH XQD RUJDQL]DFLyQ VRFLRSURGXF
WLYDVHUHTXLHUH GH&RQWUDORUtD6RFLDOTXHFRQIRUPDQODRU
 6HUYHQH]RODQRRYHQH]RODQDH[WUDQMHURR
H[WUDQMHUDUHVLGHQWHKDELWDQWHGHODFRPX
QLGDGFRQDOPHQRVXQDxRGHUHVLGHQFLDHQ
ODPLVPDVDOYRHQORVFDVRVGHODVFRPXQL
GDGHVUHFLpQFRQVWLWXLGDV
 6HUPD\RUGHTXLQFHDxRV
 (VWDU LQVFULWR R LQVFULWD HQ HO UHJLVWUR
HOHFWRUDOGHODLQVWDQFLDGHODDJUHJDFLyQ
FRPXQDO
 'HUHFRQRFLGDKRQRUDELOLGDG
 7HQHU FDSDFLGDG SDUD HO WUDEDMR FROHFWLYR
FRQ GLVSRVLFLyQ \ WLHPSR SDUD HO WUDEDMR
FRPXQLWDULR
53
 (VStULWXXQLWDULR\FRPSURPLVRFRQORVLQ
WHUHVHVGHODFRPXQLGDG
 1R SRVHHU SDUHQWHVFR KDVWD HO FXDUWR JUD
GR GH FRQVDQJXLQLGDG \ VHJXQGR JUDGR D
D¿QLGDG FRQ ORV GHPiV LQWHJUDQWHV GH OD
8QLGDGGH$GPLQLVWUDFLyQ\GHOD8QLGDG
JDQL]DFLyQ VRFLRSURGXFWLYD VDOYR ODV FR
PXQLGDGHVGHiUHDVUXUDOHV\FRPXQLGDGHV
LQGtJHQDV
 1RRFXSDUFDUJRVGHHOHFFLyQSRSXODU
 1RHVWDUVXMHWRDLQWHUGLFFLyQFLYLORLQKD
ELOLWDFLyQSROtWLFD
1RVHUUHTXHULGRRUHTXHULGDSRULQVWDQFLDV
MXGLFLDOHV
3DUDVHULQWHJUDQWHVGHODVXQLGDGHVGHDG
PLQLVWUDFLyQ\GHFRQWUDORUtDVRFLDOVHUHTXLHUH
VHUPD\RUGHGLHFLRFKRDxRV
54
'HUHFKRVGHORVSURGXFWRUHV\SURGXFWRUDV
$UWtFXOR6RQGHUHFKRVGHORVSURGXFWRUHV
\SURGXFWRUDVGHODVRUJDQL]DFLRQHVVRFLRSUR
GXFWLYDVHVWDEOHFLGDVHQODSUHVHQWH/H\ WUDGLFLRQDO KDFLD HO PRGHOR SURGXFWLYR
 5HFLELUXQDMXVWDUHPXQHUDFLyQSRUHOWUD
EDMR UHDOL]DGR GH DFXHUGR D OD FDOLGDG \
FDQWLGDGGHOPLVPR
 5HFLELU DSR\R HFRQyPLFR GH VX RUJDQL]D
FLyQ VRFLRSURGXFWLYD DQWH VLWXDFLRQHV GH
FRQWLQJHQFLD HPHUJHQFLD R SUREOHPDV GH
VDOXGTXHQRSRVHDQFDSDFLGDGGHFXEULU
 5HFLELU SHUPDQHQWHPHQWH IRUPDFLyQ \
FDSDFLWDFLyQ WpFQLFDSURGXFWLYD \ SROtWL
FRLGHROyJLFD QHFHVDULDV SDUD VX SOHQR
GHVDUUROORGHQWURGHODRUJDQL]DFLyQ\GHO
VLVWHPDHFRQyPLFRFRPXQDO
'HEHUHV
$UWtFXOR6RQGHEHUHVGHORVLQWHJUDQWHVGH
XQDRUJDQL]DFLyQVRFLRSURGXFWLYD FLSDWLYD \ SURWDJyQLFD HQ HO GHVDUUROOR GH
55
 &RDG\XYDU HQ HO GHVDUUROOR GHO VLVWHPD
HFRQyPLFR FRPXQDO SDUD FRQWULEXLU FRQ
OD WUDQVIRUPDFLyQ GHO PRGHOR SURGXFWLYR
VRFLDOLVWD
 ,QFHQWLYDUODSDUWLFLSDFLyQ\D\XGDPXWXDHQ
WUHVXVFRPSDxHURV\FRPSDxHUDVGHWUDEDMR
 3URPRYHUODpWLFD\GLVFLSOLQDUHYROXFLRQDULD
 5HQGLUFXHQWDGHVXJHVWLyQFXDQGROHVHD
UHTXHULGR
 0DQHMDU FRQ H¿FDFLD \ H¿FLHQFLD ORV UH
FXUVRVGHODRUJDQL]DFLyQDVLJQDGRVSRUHO
(VWDGRXREWHQLGRVSRUFXDOTXLHURWUDYtD
 $FWXDU FRQIRUPH D ORV DFXHUGRV DOFDQ]D
GRV HQ DVDPEOHD\D VHD GHO iPELWRGH VX
VLVWHPDGHDJUHJDFLyQFRPXQDORODVRUGL
QDULDV\H[WUDRUGLQDULDVGHODRUJDQL]DFLyQ
SURGXFWLYD
 3URPRYHU\SUDFWLFDUODGHPRFUDFLDSDUWL
ODVDFWLYLGDGHVVRFLRSURGXFWLYDV
56
 3DUWLFLSDUHQHOGLVHxR\HMHFXFLyQGHSOD
QHVSURJUDPDV\SUR\HFWRVVRFLRSURGXFWL
YRVGLULJLGRVDFRQVROLGDUHOGHVDUUROORLQ
WHJUDOGHODFRPXQLGDG
 3URPRYHUODFRQWUDORUtDVRFLDO\HVWDUVXMH
WRDODPLVPD
9HODUSRUHOEXHQXVRGHORVDFWLYRVGHSUR
SLHGDGFROHFWLYD
3pUGLGDGHODFRQGLFLyQGHLQWHJUDQWH
$UWtFXOR6RQFDXVDVSDUDODSpUGLGDGHOD
FRQGLFLyQGHLQWHJUDQWHGHODRUJDQL]DFLyQVR
FLRSURGXFWLYD  &RQWUDYHQLUODVGLVSRVLFLRQHVHVWDEOHFLGDV
 /DUHQXQFLDDVXFRQGLFLyQGHLQWHJUDQWHGH
ODRUJDQL]DFLyQ
 (OFDPELRGHUHVLGHQFLDFRPSUREDGRIXHUD
GHOiPELWRJHRJUi¿FRDOTXHSHUWHQH]FDOD
RUJDQL]DFLyQVRFLRSURGXFWLYD
 (QIHUPHGDG TXH LPSRVLELOLWH HMHUFHU VXV
IXQFLRQHV
57
 (VWDUVXMHWRDVHQWHQFLDGH¿QLWLYDPHQWH¿U
PHGLFWDGDSRUORVyUJDQRVMXULVGLFFLRQDOHV
TXHLPSLGDHOHMHUFLFLRGHVXVIXQFLRQHV
 6HUGHVLJQDGRRGHVLJQDGDHQXQFDUJRS~
EOLFRGHHOHFFLyQSRSXODU
 3RUGLVROXFLyQ\ROLTXLGDFLyQGHODRUJDQL
]DFLyQVRFLRSURGXFWLYD
 3RU YHQFLPLHQWR GHO WpUPLQR GH GXUDFLyQ
GHODRUJDQL]DFLyQVRFLRSURGXFWLYD
 ,QFXUULUHQDOJXQDIDOWDJUDYHRLQIUDFFLyQGH
ODVHVWDEOHFLGDVHQODSUHVHQWH/H\\ODVTXH
QRUPHQODVLQVWDQFLDVGHO3RGHU3RSXODU
HQ OD FDUWD IXQGDFLRQDO GH OD FRPXQD ODV
FDUWDVFRPXQDOHVUHODWLYDVDODVQRUPDVGH
FRQYLYHQFLDRLQFXUULUHQDOJXQDIDOWDFDOL
¿FDGDFRPRJUDYHSRUHVWD/H\
/DPXHUWH
&XDOTXLHUDRWUDTXHHVWDEOH]FDQORVHVWDWX
WRVGHODRUJDQL]DFLyQ
58
)DOWDVJUDYHV
$UWtFXOR  /RV LQWHJUDQWHV GH OD RUJDQL]D
FLyQ VRFLRSURGXFWLYD LQFXUULUiQ HQ IDOWDV JUD
YHVTXHDFDUUHDUiQODSpUGLGDGHVXFRQGLFLyQ
HQORVVLJXLHQWHVFDVRV
 2EVHUYDU PDOD FRQGXFWD R UHDOL]DU DFWRV
TXHVHWUDGX]FDQHQJUDYHSHUMXLFLRPRUDO
R PDWHULDO SDUD OD RUJDQL]DFLyQ VRFLRSUR
GXFWLYD
 (OQRFXPSOLPLHQWRGHORVGHEHUHVHLUUHV
SHWRGHORVSULQFLSLRV\YDORUHVIXQGDPHQ
WDOHV HVWDEOHFLGRV HQ OD SUHVHQWH /H\ \ VX
5HJODPHQWR
 &XDQGRVHGHVYtHHOGHVWLQRGHORVUHFXUVRV
TXHOHKD\DQVLGRHQWUHJDGRVSDUDVXDGPL
QLVWUDFLyQDXQXVRGLVWLQWRDOSODQL¿FDGR\
TXHGpRULJHQDXQKHFKRSUHYLVWRHQODOH\
FRPRSXQLEOH
 &XDQGRORVLQWHJUDQWHVGHODRUJDQL]DFLyQVR
FLRSURGXFWLYD LQFXPSODQ FRQ OD UHLQYHUVLyQ
VRFLDOGHOH[FHGHQWHHQXQSHULRGRGHXQDxR
59
 (QWRGRFDVRODUHLQFRUSRUDFLyQDODRU
JDQL]DFLyQVRFLRSURGXFWLYDVHUiWUDPLWD
GDFRQIRUPHORSUHYHDHO5HJODPHQWRGH
HVWD/H\
6HFFLyQTXLQWD'HODDXWRUtDLQWHOHFWXDO
HQODSURGXFFLyQFRPXQDOVXUHJLVWUR
\DSURYHFKDPLHQWR
/RVVDEHUHV\HOFRQRFLPLHQWR
GHVGHODSUiFWLFDSURGXFWLYDGHOWUDEDMR
$UWtFXOR$ORVHIHFWRVGHOGHVDUUROORHFR
QyPLFR \ VRFLDO VREHUDQR VH UHFRQRFH FRPR
FRQRFLPLHQWRJHQHUDGRGHVGHODSUiFWLFDSUR
GXFWLYD GH OD SURSLHGDG VRFLDO FRPXQDO WRGD
PHMRUDWHFQROyJLFDHQSDUWHVQRUPDV\SURFH
GLPLHQWRVGHORVSURFHVRVSURGXFWLYRV
3URSLHGDGVRFLDO\DXWRUtDLQWHOHFWXDO
$UWtFXOR  (V SURSLHGDG VRFLDO HO FRQRFL
PLHQWR\ORVVDEHUHVJHQHUDGRVGHVGHODSUiFWL
60
FDHQODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDVEDMR
UpJLPHQGHSURSLHGDGVRFLDOFRPXQDOUHFRQR
FLpQGRVHODDXWRUtDLQWHOHFWXDOSHURVXUHJLVWUR
FRPSHWHDO(VWDGR\VXDSOLFDFLyQVLHPSUHVHUi
HQEHQH¿FLRGHOLQWHUpVJHQHUDO
(O(VWDGRJDUDQWL]DUiHOUHFRQRFLPLHQWRGH
ODVREUDVGHLQJHQLRGHFDUiFWHUFUHDGRUHQPD
WHULDGHtQGROHFLHQWt¿FD\WHFQROyJLFDFXDOHV
TXLHUDVHDQVXJpQHURIRUPDGHH[SUHVLyQPp
ULWRGHVWLQRGHDFXHUGRDODOH\HVSHFLDOTXH
UHJXOD OD PDWHULD GH GHUHFKR GH DXWRU GDQGR
HVSHFLDO SUHIHUHQFLD D OD SURWHFFLyQ GHO GHUH
FKRGHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
,QFHQWLYRVDOFRQRFLPLHQWR
$UWtFXOR  (O (VWDGR HVWDEOHFHUi SROtWLFDV
GH LQFHQWLYR D OD JHQHUDFLyQ GH FRQRFLPLHQ
WRVFLHQWt¿FRV\WHFQROyJLFRVGHVGHODSUiFWLFD
SURGXFWLYD GH ODV RUJDQL]DFLRQHV GHO VLVWHPD
HFRQyPLFRFRPXQDO
61
(OFRQRFLPLHQWRJHQHUDGRGHVGHODSUiFWLFD
SURGXFWLYD YLQFXODGR D OD GHIHQVD LQWHJUDO GH
ODQDFLyQTXHGDUHVHUYDGRDOXVRH[FOXVLYRGHO
(VWDGR
6HFFLyQVH[WD'HODDSOLFDFLyQVXSOHWRULD
3URFHGLPLHQWR
$UWtFXOR&XDQGRHQHOGHVDUUROORGHODVDF
WLYLGDGHVGHODVHPSUHVDVGHSURSLHGDGVRFLDO
KXELHUHTXHDSOLFDUVXSOHWRULDPHQWHFXDOTXLHU
GLVSRVLFLyQ FRQWHQLGD HQ QRUPD GLVWLQWD D OD
SUHVHQWH/H\VHSURFHGHUiFRQDUUHJORDORVVL
JXLHQWHVSULQFLSLRV
 /DVSHUVRQDVQDWXUDOHV\VXMHWRVS~EOLFRVR
SULYDGRVTXHIRUPHQSDUWHGHHPSUHVDVGH
SURSLHGDG VRFLDO FRPXQDO QR WLHQHQ GHUH
FKRRSDUWLFLSDFLyQVREUHHOSDWULPRQLRGH
ODVPLVPDV\HOUHSDUWRGHH[FHGHQWHVHFR
QyPLFRVVLORVKXELHUHVHKDUiGHFRQIRU
PLGDGFRQORHVWDEOHFLGRHQODSUHVHQWH/H\
62
 /DV HPSUHVDV GH SURSLHGDG VRFLDO FRPX
QDO SRGUiQ UHDOL]DU FXDOHVTXLHUD DFWRV GH
FRPHUFLRSHURWDOHVDFWRVQRSRGUiQFRQV
WLWXLU VX ~QLFR R H[FOXVLYR REMHWR HPSUH
VDULDO SRU FXDQWR pVWH GHEH FRPSUHQGHU
DGHPiVGHODVDFWLYLGDGHVTXHUHVXOWHQHQ
XQ EHQH¿FLR SDUD VXV SURGXFWRUHV \ SUR
GXFWRUDVTXHODVFRQIRUPHQODUHLQYHUVLyQ
VRFLDO GHO H[FHGHQWH SDUD HO GHVDUUROOR GH
ODFRPXQLGDG\FRQWULEXFLyQDOGHVDUUROOR
VRFLDOLQWHJUDOGHOSDtV
 /D FRQVWLWXFLyQ RSHUDFLyQ \ DGPLQLVWUD
FLyQ GH ODV HPSUHVDV GH SURSLHGDG VRFLDO
FRPXQDO DWHQGHUi D ORV SULQFLSLRV GH GH
VDUUROOR HQGyJHQR HTXLOLEULR WHUULWRULDO
VREHUDQtDSURGXFWLYDVXVWLWXFLyQVHOHFWLYD
GHLPSRUWDFLRQHV\DXQPRGHORGHJHVWLyQ
TXH FRQVROLGH OD UHODFLyQ GH SURGXFFLyQ
VRFLDOLVWDGHWHUPLQiQGRVHSUHYLDPHQWHODV
QHFHVLGDGHVGHODSREODFLyQGRQGHVHSUR
\HFWHVXFRQVWLWXFLyQFRQEDVHDOSRWHQFLDO
ORFDOFXOWXUDDXWyFWRQD\QHFHVLGDGHVFR
63
OHFWLYDVORFXDOGHWHUPLQDUiHOWLSRGHELH
QHVDSURGXFLURORVVHUYLFLRVDSUHVWDUGH
DFXHUGRDORHVWDEOHFLGRHQHO3ODQGH'H
VDUUROOR(FRQyPLFR\6RFLDOGHOD1DFLyQ
DVtFRPRDORVOLQHDPLHQWRVGHO(MHFXWLYR
1DFLRQDOSRULQWHUPHGLRGHO0LQLVWHULRGHO
3RGHU3RSXODUFRQFRPSHWHQFLDHQPDWHULD
GHHFRQRPtDFRPXQDO
 (QFDVRGHFRQFOXVLyQGLVROXFLyQROLTXL
GDFLyQ GH HPSUHVDV GH SURSLHGDG VRFLDO
FRPXQDOORVELHQHVUHVXOWDQWHVGHODOLTXL
GDFLyQVLORVKXELHUHQRSRGUiQVHUDSUR
SLDGRVSRUQLQJXQDGHODVSHUVRQDVQDWXUD
OHVRMXUtGLFDVTXHFRQIRUPHQODHPSUHVD
VLQRTXHORVPLVPRVFRQVHUYDUiQODFRQGL
FLyQGHELHQHVGHSURSLHGDGVRFLDOFRPXQDO
GLUHFWDRLQGLUHFWDVHJ~QFRUUHVSRQGDDOD
FODVL¿FDFLyQ TXH VH OHV KXELHUH RWRUJDGR
SDUD HO PRPHQWR GH OD FRQVWLWXFLyQ GH OD
HPSUHVD
 (QFDVRGHOLTXLGDFLyQGHHPSUHVDVGHSUR
SLHGDGVRFLDOFRPXQDOLQGLUHFWDORVELHQHV
64
UHVXOWDQWHVGHODOLTXLGDFLyQVHUiQUHYHUWL
GRVDOD5HS~EOLFDRWUDQVIHULGRVDRWUDHP
SUHVDGHSURSLHGDGVRFLDOFRPXQDOLQGLUHF
WDVHJ~QVHLQGLTXHHQHOGHFUHWRPHGLDQWH
HOFXDOVHHVWDEOH]FDODOLTXLGDFLyQ
 (O 3UHVLGHQWH R 3UHVLGHQWD GH OD 5HS~EOL
FD HQ &RQVHMR GH 0LQLVWURV SRGUi UHJOD
PHQWDUORVDVSHFWRVHQXPHUDGRVHQHOSUH
VHQWH DUWtFXOR DVt FRPR RWURV TXH FRQ OD
¿QDOLGDG GH UHJXODU HO IXQFLRQDPLHQWR GH
ODVHPSUHVDVGHSURSLHGDGVRFLDOFRPXQDO
DPHULWHQGHQRUPDWLYDDGPLQLVWUDWLYD
65
Capítulo IV
'HOVLVWHPDDOWHUQDWLYRGHLQWHUFDPELR
VROLGDULR
6HFFLyQSULPHUD'LVSRVLFLRQHVJHQHUDOHV
'H¿QLFLyQ
$UWtFXOR  (O VLVWHPD DOWHUQDWLYR GH LQWHU
FDPELRVROLGDULRHVHOFRQMXQWRGHDFWLYLGDGHV
SURSLDVTXHUHDOL]DQORVSURVXPLGRUHV\SUR
VXPLGRUDV GHQWUR \ IXHUD GH VX FRPXQLGDG
SRUXQSHUtRGRGHWHUPLQDGRDQWHVGXUDQWH\
GHVSXpV GHO LQWHUFDPELR FRQ HO SURSyVLWR GH
VDWLVIDFHUVXVQHFHVLGDGHV\ODVGHODVFRPXQL
GDGHVRUJDQL]DGDVGHVDEHUHVFRQRFLPLHQWRV
ELHQHV\VHUYLFLRVPHGLDQWHXQDPRQHGDFR
PXQDODOWHUQDWLYD\FRQSURKLELFLyQGHSUiF
WLFDVGHFDUiFWHU¿QDQFLHURFRPRHOFREURGH
LQWHUpVRFRPLVLRQHV
66
2EMHWLYR
$UWtFXOR  (O VLVWHPD DOWHUQDWLYR GH LQWHU
FDPELRVROLGDULRWLHQHFRPRREMHWLYRSULPRU
GLDO IDFLOLWDU HO HQFXHQWUR GH SURVXPLGRUHV \
SURVXPLGRUDVGHORVJUXSRVTXHORFRQIRUPDQ
SDUDGHVDUUROODUODVDFWLYLGDGHVSURSLDVGHOVLV
WHPD RUJDQL]DGR HQ OD IRUPD SUHVFULWD HQ OD
SUHVHQWH/H\\VX5HJODPHQWRFRQOD¿QDOLGDG
GH VDWLVIDFHU VXV QHFHVLGDGHV \ GH ODV FRPX
QLGDGHVRUJDQL]DGDVSURSHQGLHQGRDOPHMRUD
PLHQWRGHODFDOLGDGGHYLGDGHOFROHFWLYR
3ULQFLSLRV\YDORUHV
$UWtFXOR  (O VLVWHPD DOWHUQDWLYR GH LQWHU
FDPELRVROLGDULRVHEDVDHQORVVLJXLHQWHVSULQ
FLSLRV\YDORUHV
 /DEXHQDIHFRPREDVHGHODVRSHUDFLRQHV
GHLQWHUFDPELR
 (O UHVSHWR GH ODV WUDGLFLRQHV VRFLDOHV \
FXOWXUDOHV
67
 /D UHVSRQVDELOLGDG HQ OD HODERUDFLyQ GH
ELHQHV\SUHVWDFLyQGHVHUYLFLRV
 /DQRGLVFULPLQDFLyQ
 /DFRRUGLQDFLyQGHQHJRFLDFLyQDUPyQLFD
SDUDHOLQWHUFDPELR
 (OLPSXOVRGHOVLVWHPDHFRQyPLFRFRPXQDO
 /DVDWLVIDFFLyQGHQHFHVLGDGHVGHOFROHFWLYR
 (OLQWHUFDPELRGHVDEHUHVFRQRFLPLHQWRV
ELHQHV\VHUYLFLRVGHFDOLGDG
 /DUHGXFFLyQGHORVFRVWRVGHODVWUDQVDF
FLRQHVDVRFLDGDVDORVSDUWLFLSDQWHV
(OUHVFDWHGHODPHPRULDKLVWyULFDORFDO
2WURVTXHFRQWULEX\DQDOGHVDUUROOR\FRQ
VROLGDFLyQ GH UHODFLRQHV VRFLDOHV EDVDGDV
HQODVROLGDULGDGODFRRSHUDFLyQ\ODFRP
SOHPHQWDULHGDG
0RGDOLGDGHVGHOVLVWHPD
$UWtFXOR6RQPRGDOLGDGHVGHOVLVWHPDDOWHU
QDWLYRGHLQWHUFDPELRVROLGDULRODVVLJXLHQWHV
68
 (O WUXHTXH FRPXQLWDULR GLUHFWR HQ ODV
PRGDOLGDGHVGHLQWHUFDPELRGHVDEHUHVFR
QRFLPLHQWRVELHQHV\VHUYLFLRVFRQYDORUHV
PXWXDPHQWHHTXLYDOHQWHVVLQQHFHVLGDGGH
XQVLVWHPDGHFRPSHQVDFLyQRPHGLDFLyQ
 (O WUXHTXH FRPXQLWDULR LQGLUHFWR HQ OD
PRGDOLGDG GH LQWHUFDPELR GH VDEHUHV FR
QRFLPLHQWRV ELHQHV \ VHUYLFLRV FRQ YDOR
UHVGLVWLQWRVTXHQRVRQPXWXDPHQWHHTXL
YDOHQWHV \ TXH UHTXLHUHQ GH XQ VLVWHPD GH
FRPSHQVDFLyQRPHGLDFLyQD¿QGHHVWDEOH
FHUGHPDQHUDH[SOtFLWDUHODFLRQHVGHHTXL
YDOHQFLDVHQWUHGLFKRVYDORUHVGLIHUHQWHV
6HFFLyQVHJXQGD'HODFRQVWLWXFLyQ
\IXQFLRQDPLHQWRGHORVJUXSRV
GHLQWHUFDPELRVROLGDULR
$FXHUGRGHFRQVWLWXFLyQGHJUXSRV
GHLQWHUFDPELR
$UWtFXOR(ODFXHUGRSDUDFRQVWLWXLUXQJUX
SRGHLQWHUFDPELRVROLGDULRVHOOHYDUiDFDERD
69
WUDYpV GH XQD DVDPEOHD FRQVWLWXWLYD GH SURVX
PLGRUHV\SURVXPLGRUDVHQODTXHVHSURSRQ
GUi OD GHQRPLQDFLyQ GHO JUXSR GH OD PRQHGD
FRPXQDO TXH VH XWLOL]DUi DVt FRPR OD HVSHFL
¿FDFLyQ\RUJDQL]DFLyQGHOVLVWHPDDOWHUQDWLYR
GHLQWHUFDPELRVROLGDULRHOFXDOVHUHJLUiSRUOR
GLVSXHVWRHQODSUHVHQWH/H\\VX5HJODPHQWR
)XQFLRQDPLHQWR
$UWtFXOR/DVQRUPDVGHIXQFLRQDPLHQWRGH
ORVJUXSRVGHLQWHUFDPELRVROLGDULRVHUiQHVWDEOH
FLGDVHQHO5HJODPHQWRGHODSUHVHQWH/H\\SRU
ODVQRUPDWLYDVTXHPHGLDQWHUHVROXFLRQHVGLFWHHO
yUJDQRFRRUGLQDGRU(VWDVQRUPDVGHEHUiQDGDS
WDUVHDORVYDORUHVFXOWXUDOHV\DODVQHFHVLGDGHV
GHODVFRPXQLGDGHVSURSLFLDQGRUHODFLRQHVSHU
PDQHQWHV\FROHFWLYDVHQWUHODVPLVPDV
)XQFLRQHV
$UWtFXOR/RVJUXSRVGHLQWHUFDPELRVROL
GDULRWLHQHQFRPRIXQFLyQSULPRUGLDOIDFLOLWDU
70
ODVUHODFLRQHVGHLQWHUFDPELRHQWUHORVSURVX
PLGRUHV\SURVXPLGRUDVSDUDORFXDOGHEHUiQ $UWtFXOR  /D $VDPEOHD GH SURVXPLGRUHV
 (VWLPXODU\IRUWDOHFHUHOLQWHUFDPELRMXVWR
GHVDEHUHVFRQRFLPLHQWRVELHQHV\VHUYL
FLRVHQFXDOTXLHUDGHORVHVSDFLRVGHLQWHU
FDPELRVROLGDULR
 3URPRYHU OD DXWRJHVWLyQ FRPXQLWDULD LQ
FHQWLYDQGRODFUHDFLyQ\HOGHVDUUROORLQWH
JUDOGHORVSURVXPLGRUHV\SURVXPLGRUDV
 )RPHQWDUHOGHVDUUROORHQGyJHQRVXVWHQWDEOH
 )RUWDOHFHUODLGHQWLGDGFRPXQDO\ODVUHOD
FLRQHVFRPXQLWDULDV
 (VWDEOHFHUUHODFLRQHVFRQORVyUJDQRVFRP
SHWHQWHVSDUDHOGHVDUUROORGHODSURGXFFLyQ
GHVDEHUHVFRQRFLPLHQWRVELHQHV\VHUYL
FLRVFRPRXQPHGLRSDUDDOFDQ]DUODVREH
UDQtDDOLPHQWDULD
 (MHFXWDU WRGDV DTXHOODV DFWLYLGDGHV TXH HQ HO
PDUFRGHOD&RQVWLWXFLyQGHOD5HS~EOLFD\HORU
GHQDPLHQWROHJDOYLJHQWHGHWHUPLQHQORVSURVX
PLGRUHV\SURVXPLGRUDVUHXQLGRVHQDVDPEOHD
71
$VDPEOHDGHSURVXPLGRUHV\SURVXPLGRUDV
\ SURVXPLGRUDV HVWDUi LQWHJUDGD SRU TXLHQHV
YROXQWDULDPHQWHGHFLGDQFRQIRUPDUHOUHVSHF
WLYRJUXSRGHLQWHUFDPELRVROLGDULRFRQODVVL
JXLHQWHVDWULEXFLRQHV
 'LVHxDUGHQRPLQDUYDORUDUDGPLQLVWUDU\
GHFLGLUVREUHFXDOTXLHUDVSHFWRUHODWLYRDOD
PRQHGDFRPXQDOFRQDXWRUL]DFLyQGHOyU
JDQRFRRUGLQDGRU\FRQIRUPHDODVUHVROX
FLRQHVTXHGLFWHDOHIHFWRHO%DQFR&HQWUDO
GH9HQH]XHOD
 &RRUGLQDU ODV DFWLYLGDGHV GH RUJDQL]DFLyQ
\ IXQFLRQDPLHQWR GH ORV GLIHUHQWHV HVSD
FLRVGHOLQWHUFDPELRVROLGDULR
 /DV TXH VH HVWDEOH]FDQ HQ HO 5HJODPHQWR
GHODSUHVHQWH/H\
72
6HFFLyQWHUFHUD'HORVGHUHFKRV\GHEHUHV
GHORVSURVXPLGRUHV\SURVXPLGRUDV
'HUHFKRV
$UWtFXOR6RQGHUHFKRVGHORVSURVXPLGR
UHV\SURVXPLGRUDVORVVLJXLHQWHV
 5HFLELU GHO 0LQLVWHULR GHO 3RGHU 3RSXODU
FRQ FRPSHWHQFLD HQ PDWHULD GH HFRQRPtD
FRPXQDO LQIRUPDFLyQ IRUPDFLyQ FDSDFL
WDFLyQ\DFRPSDxDPLHQWRLQWHJUDOSDUDVX
HIHFWLYDSDUWLFLSDFLyQHQHOVLVWHPDDOWHUQD
WLYRGHLQWHUFDPELRVROLGDULR
 3DUWLFLSDU HQ OD FRQVWLWXFLyQ JHVWLyQ \
WRPDGHGHFLVLRQHVGHQWURGHOJUXSRGHLQ
WHUFDPELRVROLGDULRDOFXDOSHUWHQH]FDQ
 5HFLELULQIRUPDFLyQRSRUWXQDHLQFXHVWLR
QDEOHVREUHORVOLQHDPLHQWRVGHOJUXSRGH
LQWHUFDPELRVROLGDULRHQHOTXHSDUWLFLSDQ
 (OHJLU\VHUHOHJLGRVRHOHJLGDVSDUDODFRQ
IRUPDFLyQGHODVYRFHUtDVGHORVFRPLWpVGH
WUDEDMRGHOJUXSRGHLQWHUFDPELRVROLGDULR
73
 6XSXEOLFDFLyQHQHOGLUHFWRULRTXHDWDOHV
HIHFWRVOOHYDUiHO0LQLVWHULRGHO3RGHU3R
SXODUFRQFRPSHWHQFLDHQPDWHULDGHHFR
QRPtD FRPXQDO SDUD OD LGHQWL¿FDFLyQ GH
ORVJUXSRVGHOVLVWHPDDOWHUQDWLYRGHLQWHU
FDPELRVROLGDULRMXQWRFRQVXVRIHUWDVGH
VDEHUHVFRQRFLPLHQWRVELHQHV\VHUYLFLRV
 /RV TXH VH UHFRQR]FDQ SRU GHFLVLyQ GH OD
DVDPEOHDGHSURVXPLGRUHV\SURVXPLGRUDV
GH FRQIRUPLGDG FRQ OD &RQVWLWXFLyQ GH OD
5HS~EOLFD\ODVOH\HV
 /RV TXH VH HVWDEOH]FDQ HQ HO 5HJODPHQWR
GHODSUHVHQWH/H\
'HEHUHV
$UWtFXOR6RQGHEHUHVGHORVSURVXPLGRUHV
\SURVXPLGRUDVORVVLJXLHQWHV
 3URGXFLUELHQHVRSUHVWDUVHUYLFLRVVDEHUHV
\ FRQRFLPLHQWRV SDUD ORV JUXSRV GH LQWHU
FDPELR VROLGDULR DVt FRPR FRQVXPLU DG
TXLULUELHQHV\VHUYLFLRVGHORVRWURVSURVX
PLGRUHV\SURVXPLGRUDV
74
 ,QVFULELUVHDQWHODXQLGDGGHYHUL¿FDFLyQLQV
FULSFLyQ\UHJLVWURGHOyUJDQRFRRUGLQDGRU
 &XPSOLUFRQODVREOLJDFLRQHV\UHVSRQVDEL
OLGDGHVDVXPLGDVHQVXJUXSRGHLQWHUFDP
ELRVROLGDULR
 &XPSOLU \ KDFHU FXPSOLU ODV GHFLVLRQHV
HPDQDGDV GH OD DVDPEOHD GH VX JUXSR GH
LQWHUFDPELRVROLGDULR
 3HUWHQHFHUDXQFRPLWpGHWUDEDMR\FXPSOLU
ODVWDUHDVTXHOHVHDQDVLJQDGDV
 /RV TXH VH HVWDEOH]FDQ HQ HO 5HJODPHQWR
GHODSUHVHQWH/H\
6HFFLyQFXDUWD'HORVHVSDFLRVGHOVLVWHPD
DOWHUQDWLYRGHLQWHUFDPELRVROLGDULR
(VSDFLRV
$UWtFXOR  (O VLVWHPD DOWHUQDWLYR GH LQWHU
FDPELRVROLGDULRSRGUiVHUGHVDUUROODGRHQ
75
 6LVWHPDGHSURGXFFLyQ\VXPLQLVWURSDUDHO
WUXHTXHFRPXQLWDULR
 &HQWURVGHDFRSLRWLHQGDVFRPXQLWDULDV\
SURYHHGXUtDV
 &XDOTXLHU OXJDU TXH GHWHUPLQHQ ORV SUR
VXPLGRUHV\SURVXPLGRUDVHQHOPRPHQWR
UHTXHULGR R HQ VX GHIHFWR HO OXJDU DFRU
GDGR SRU OD DVDPEOHD GH SURVXPLGRUHV \
SURVXPLGRUDV
 7RGRVDTXHOORVTXHDWDOHV¿QHV¿MHHO(MH
FXWLYR1DFLRQDODWUDYpVGHO0LQLVWHULRGHO
3RGHU3RSXODUFRQFRPSHWHQFLDHQPDWHULD
GHHFRQRPtDFRPXQDO
6DQFLyQ
$UWtFXOR4XLHQLQIULQMDHOQRUPDOIXQFLR
QDPLHQWRGHORVJUXSRVGHLQWHUFDPELRVROLGD
ULR LQFXPSOD VXV GHEHUHV R UHDOLFH DFFLRQHV
TXHDOWHUHQRSHUMXGLTXHQHOVLVWHPDGHLQWHU
FDPELRVROLGDULRHQGHWULPHQWRGHORVLQWHUHVHV
GHODFRPXQLGDGVHUiGHVLQFRUSRUDGRGHOJUX
76
SRGHLQWHUFDPELRVROLGDULRTXHGDQGRLQKDEL
OLWDGRSDUDSDUWLFLSDUHQRWURVJUXSRVGHLQWHU
FDPELRSRUHOODSVRGHXQDxRVLQSHUMXLFLRGH
ODUHVSRQVDELOLGDGFLYLOSHQDO\DGPLQLVWUDWLYD
DTXHKXELHUHOXJDU
6HFFLyQTXLQWD'HODPRQHGDFRPXQDO
)XQFLyQ
$UWtFXOR/DPRQHGDFRPXQDOFRPRLQV
WUXPHQWRDOWHUQDWLYRDODPRQHGDGHFXUVROH
JDOHQHOHVSDFLRJHRJUi¿FRGHOD5HS~EOLFD
SHUPLWH \ IDFLOLWD HO LQWHUFDPELR GH VDEHUHV
FRQRFLPLHQWRV ELHQHV \ VHUYLFLRV HQ ORV HV
SDFLRV GHO VLVWHPD GH LQWHUFDPELR VROLGDULR
PHGLDQWH OD FRRSHUDFLyQ OD VROLGDULGDG \ OD
FRPSOHPHQWDULHGDG HQ FRQWUDSRVLFLyQ D OD
DFXPXODFLyQLQGLYLGXDO
77
&RPSHWHQFLDGHO%DQFR&HQWUDO
GH9HQH]XHOD
$UWtFXOR  (O %DQFR &HQWUDO GH 9HQH]XHOD
UHJXODUiWRGRORUHODWLYRDODPRQHGDFRPXQDO
GHQWURGHOiPELWRGHVXFRPSHWHQFLD
&UHDFLyQ
$UWtFXOR&DGDJUXSRGHLQWHUFDPELRVROL
GDULRHVFRJHUiODGHQRPLQDFLyQGHVXPRQHGD
FRPXQDOODFXDOUHVSRQGHUiDXQDFDUDFWHUtVWL
FDDQFHVWUDOKLVWyULFDFXOWXUDOVRFLDOJHRJUi
¿FDDPELHQWDOSDWULPRQLDOXRWUDTXHUHVDOWH
ORVYDORUHVODPHPRULDHLGHQWLGDGGHOSXHEOR
/DPRQHGDFRPXQDOVHUiDGPLQLVWUDGDSRU
ORV JUXSRV GH LQWHUFDPELR VROLGDULR GHELGD
PHQWHUHJLVWUDGD\GLVWULEXLGDHTXLWDWLYDPHQWH
HQWUHORVSURVXPLGRUHV\SURVXPLGRUDV\VyOR
WHQGUiYDORUGHQWURGHOiPELWRWHUULWRULDOGHVX
ORFDOLGDGHQFRQVHFXHQFLDQRWHQGUiFXUVROH
JDOQLFLUFXODUiIXHUDGHOiPELWRJHRJUi¿FRGHO
JUXSRGHLQWHUFDPELRVROLGDULR
78 79

9DORU Capítulo V
$UWtFXOR(OYDORUGHODPRQHGDFRPXQDO 'HODJHVWLyQSURGXFWLYD
VHUiGHWHUPLQDGRSRUHTXLYDOHQFLDFRQODPR \DGPLQLVWUDFLyQGHORVUHFXUVRV
QHGDGHFXUVROHJDOHQHOHVSDFLRJHRJUi¿FR GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
GH OD 5HS~EOLFD D WUDYpV GH OD DVDPEOHD GH
SURVXPLGRUHV \ SURVXPLGRUDV SUHYLD DXWRUL 6HFFLyQSULPHUD*HVWLyQSURGXFWLYDFRPR
]DFLyQGHOyUJDQRFRRUGLQDGRUGHFRQIRUPL SURFHVRGHSDUWLFLSDFLyQSRSXODU
GDG FRQ OR SUHYLVWR HQ OD SUHVHQWH /H\ \ ODV
UHVROXFLRQHV TXH D WDO HIHFWR GLFWH HO %DQFR
&HQWUDOGH9HQH]XHOD *HVWLyQSURGXFWLYD
$UWtFXOR/DJHVWLyQSURGXFWLYDHQHOPDU
FRGHODVDFWXDFLRQHVGHODVRUJDQL]DFLRQHVVR
FLRSURGXFWLYDVHVXQSURFHVRSDUDKDFHUHIHF
WLYDODSDUWLFLSDFLyQSRSXODU\ODSODQL¿FDFLyQ
SDUWLFLSDWLYD TXH UHVSRQGD D ODV QHFHVLGDGHV
FROHFWLYDV\FRQWULEX\DDOGHVDUUROORGHODVSR
WHQFLDOLGDGHV\FDSDFLGDGHVGHODVFRPXQLGD
GHV6HFRQFUHWDFRPRXQDH[SUHVLyQGHOFLFOR
FRPXQDOGLULJLGDDODIRUPXODFLyQHMHFXFLyQ
\FRQWUROGHOSODQGHGHVDUUROORGHODLQVWDQFLD
GHDJUHJDFLyQFRPXQDODTXHFRUUHVSRQGD
80
)DVHVGHOFLFORFRPXQDOSURGXFWLYR
$UWtFXOR/DJHVWLyQSURGXFWLYDGHVDUUROOD
GD D WUDYpV GHO FLFOR FRPXQDO SURGXFWLYR VH
FRQIRUPD SRU FLQFR IDVHV ODV FXDOHV VH FRP
SOHPHQWDQHLQWHUUHODFLRQDQHQWUHVt FLyQGHODVSROtWLFDVSURJUDPDV\SUR\HF
 'LDJQyVWLFR(VWDIDVHFDUDFWHUL]DLQWHJUDO
PHQWHDODVFRPXQLGDGHVLGHQWL¿FDQGRODV
QHFHVLGDGHVODVDVSLUDFLRQHVORVUHFXUVRV
ODV SRWHQFLDOLGDGHV \ ODV UHODFLRQHV VRFLD
OHVSURSLDVGHODORFDOLGDG
 3ODQ'HWHUPLQDODVDFFLRQHVSURJUDPDV\
SUR\HFWRVVRFLRSURGXFWLYRVTXHDWHQGLHQ
GRDOGLDJQyVWLFRWLHQHQFRPR¿QDOLGDGHO
GHVDUUROORGHOELHQHVWDULQWHJUDOGHORVKD
ELWDQWHVGHOiPELWRJHRJUi¿FRGHODLQVWDQ
FLDFRUUHVSRQGLHQWHGHO3RGHU3RSXODU
 3UHVXSXHVWR &RPSUHQGH OD GHWHUPLQD
FLyQ GH ORV FRVWRV \ UHFXUVRV ¿QDQFLHURV
\QR¿QDQFLHURVFRQORVTXHFXHQWDQ\UH
TXLHUHQ ODV FRPXQLGDGHV GHVWLQDGRV D OD
HMHFXFLyQGHODVSROtWLFDVSURJUDPDV\SUR
81
\HFWRVHVWDEOHFLGRVHQHOSODQGHGHVDUUROOR
FRUUHVSRQGLHQWH GH OD LQVWDQFLD GHO 3RGHU
3RSXODU
 (MHFXFLyQ )DVH TXH JDUDQWL]D OD FRQFUH
WRVHQHVSDFLR\WLHPSRHVWDEOHFLGRVHQHO
FRUUHVSRQGLHQWHSODQGHGHVDUUROORJDUDQ
WL]DQGR OD SDUWLFLSDFLyQ DFWLYD FRQVFLHQWH
\VROLGDULDGHODVFRPXQLGDGHV
 &RQWUDORUtD VRFLDO (V OD DFFLyQ SHUPD
QHQWH GH SUHYHQFLyQ YLJLODQFLD VXSHUYL
VLyQVHJXLPLHQWRFRQWURO\HYDOXDFLyQGH
ODVIDVHVGHOFLFORSURGXFWLYRSDUDODFRQ
FUHFLyQGHOSODQGHGHVDUUROORLQWHJUDOGHO
iPELWRJHRJUi¿FRGHODUHVSHFWLYDLQVWDQ
FLDGHO3RGHU3RSXODU
/DVIDVHVGHOFLFORFRPXQDOSURGXFWLYRGH
EHUiQHVWDUDYDODGDV\SUHYLDPHQWHDSUREDGDV
SRUODUHVSHFWLYDLQVWDQFLDGHO3RGHU3RSXODU
HQDUWLFXODFLyQFRQORVLQWHJUDQWHVGHODRUJD
QL]DFLyQVRFLRSURGXFWLYD
82
6HFFLyQVHJXQGD'HORVUHFXUVRV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
'HORVUHFXUVRV¿QDQFLHURV\QR¿QDQFLHURV
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
WLYDVSRGUiQUHFLELUGHPDQHUDGLUHFWDHLQGL
UHFWD ORV VLJXLHQWHV UHFXUVRV ¿QDQFLHURV \ QR
¿QDQFLHURV VDUUROOR'LFKRVUHFXUVRVVHFODVL¿FDQHQ
 /RVTXHVHDQWUDQVIHULGRVSRUOD5HS~EOLFD
ORVHVWDGRV\ORVPXQLFLSLRVFRQIRUPHDOR
HVWDEOHFLGRHQORVDUWtFXORV\
GHOD&RQVWLWXFLyQGHOD5HS~EOLFD
 /RVJHQHUDGRVHQHOGHVDUUROORGHVXDFWLYL
GDGSURGXFWLYD
 /RVSURYHQLHQWHVGHGRQDFLRQHVGHDFXHU
GR FRQ OR HVWDEOHFLGR HQ HO RUGHQDPLHQWR
MXUtGLFR
 &XDOTXLHURWURJHQHUDGRSRUODDFWLYLGDG¿
QDQFLHUDTXHSHUPLWDOD&RQVWLWXFLyQGHOD
5HS~EOLFD\OD/H\
83
5HFXUVRV¿QDQFLHURV
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
WLYDV PDQHMDUiQ UHFXUVRV ¿QDQFLHURV TXH VRQ
H[SUHVDGRVHQXQLGDGHVPRQHWDULDVSURSLRVR
DVLJQDGRV RULHQWDGRV D GHVDUUROODU ODV SROtWL
FDV SURJUDPDV \ SUR\HFWRV VRFLRSURGXFWLYRV
HVWDEOHFLGRVHQHOFRUUHVSRQGLHQWHSODQGHGH

 5HFXUVRV UHWRUQDEOHV 6RQ ORV UHFXUVRV
TXH HVWiQ GHVWLQDGRV D HMHFXWDU SROtWLFDV
SURJUDPDV \ SUR\HFWRV GH FDUiFWHU VRFLR
SURGXFWLYRV FRQ DOFDQFH GH GHVDUUROOR
FRPXQLWDULR\FRPXQDOTXHGHEHQVHUUH
LQWHJUDGRV DO yUJDQR R HQWH TXH OR KD\D
RWRUJDGRVHJ~QDFXHUGRHQWUHODVSDUWHV
 5HFXUVRV QR UHWRUQDEOHV 6RQ ORV UHFXU
VRV¿QDQFLHURVSDUDHMHFXWDUSROtWLFDVSUR
JUDPDV \ SUR\HFWRV FRQ DOFDQFH GH GHVD
UUROOR FRPXQLWDULR \ FRPXQDO WDOHV FRPR
ODGRQDFLyQDVLJQDFLyQWUDQVIHUHQFLDDG
MXGLFDFLyQ\FXDOTXLHURWURTXHSRUVXQD
84
WXUDOH]DQRVHDQUHWRUQDEOHV\SRUORWDQWR
QRVHUiQUHLQWHJUDGRVDOyUJDQRRHQWHTXH
ORVKD\DDVLJQDGR
5HFXUVRVQR¿QDQFLHURV
$UWtFXOR6HGH¿QHQFRPRSURJUDPDVSUR
\HFWRVLQVWUXPHQWRV\DFFLRQHVSDUDHODGLHV
WUDPLHQWRFDSDFLWDFLyQDVLVWHQFLDWHFQROyJLFD
SURGXFWLYD\RWURVSUHVWDGRVSRUORVyUJDQRV\
HQWHV GHO 3RGHU 3~EOLFR D ODV RUJDQL]DFLRQHV
VRFLRSURGXFWLYDVQHFHVDULRVSDUDFRQFUHWDUOD
HMHFXFLyQ GH ODV SROtWLFDV SODQHV \ SUR\HFWRV
TXHLPSXOVHQDOVLVWHPDHFRQyPLFRFRPXQDO
/DV RUJDQL]DFLRQHV GHO VHFWRU SULYDGR SR
GUiQDSR\DUFRQUHFXUVRVQR¿QDQFLHURVDODV
RUJDQL]DFLRQHV GHO VLVWHPD HFRQyPLFR FRPX
QDO GH DFXHUGR D ORV OLQHDPLHQWRV TXH DO UHV
SHFWRHVWDEOH]FDHO(MHFXWLYR1DFLRQDO
85
(MHFXFLyQGHORVUHFXUVRV
$UWtFXOR/RVUHFXUVRVDSUREDGRV\WUDQV
IHULGRV D ODV RUJDQL]DFLRQHV VRFLRSURGXFWLYDV
VHUiQ GHVWLQDGRV D OD HMHFXFLyQ GH SROtWLFDV
SURJUDPDV\SUR\HFWRVVRFLRSURGXFWLYRVFRQ
WHPSODGRV HQ HO FRUUHVSRQGLHQWH SODQ GH GH
VDUUROOR \ GHEHUiQ VHU PDQHMDGRV GH PDQHUD
H¿FLHQWH\H¿FD]SDUDDOFDQ]DUORV¿QHVGHOVLV
WHPD HFRQyPLFR FRPXQDO GH VDWLVIDFFLyQ GH
QHFHVLGDGHVFROHFWLYDVXQDYLGDGLJQDSDUDORV
KDELWDQWHVGHOiPELWRJHRJUi¿FRDOTXHFRUUHV
SRQGD\FRQWULEXLUDODFRQVWUXFFLyQGHOPRGH
ORSURGXFWLYRVRFLDOLVWD
/RVUHFXUVRVGHVWLQDGRVDODHMHFXFLyQGHOD
DFWLYLGDGVRFLRSURGXFWLYDSRUSDUWHGHODVRU
JDQL]DFLRQHV HVWDEOHFLGDV HQ OD SUHVHQWH /H\
QRSRGUiQVHUXWLOL]DGRVSDUD¿QHVGLVWLQWRVD
ORVGHVWLQDGRVLQLFLDOPHQWHVDOYRTXHVHDGH
ELGDPHQWHDSUREDGRSRUHOyUJDQRRHQWHTXH
ORV KD\D RWRUJDGR SUHYLD DXWRUL]DFLyQ GH OD
FRUUHVSRQGLHQWHLQVWDQFLDGHO3RGHU3RSXODU
86
6HFFLyQWHUFHUD'HORVIRQGRV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
)RQGRVLQWHUQRVGHODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV
$UWtFXOR/DVRUJDQL]DFLRQHVVRFLRSURGXF
WLYDV SDUD IDFLOLWDU HO GHVDUUROOR DUPyQLFR \
H¿FLHQWH GH VXV DFWLYLGDGHV \ IXQFLRQHV GH
EHUiQFRQVWLWXLUWUHVIRQGRVLQWHUQRVIRQGRGH
PDQWHQLPLHQWRSURGXFWLYRIRQGRGHDWHQFLyQ
D ORV SURGXFWRUHV SURGXFWRUDV SURVXPLGRUHV
\ SURVXPLGRUDV \ IRQGR FRPXQLWDULR SDUD OD
UHLQYHUVLyQVRFLDO
)RQGRGHPDQWHQLPLHQWRSURGXFWLYR
$UWtFXOR(OIRQGRGHPDQWHQLPLHQWRSUR
GXFWLYR HVWD GHVWLQDGR D JDUDQWL]DU HO FLFOR
SURGXFWLYR \ EULQGDU XQD UHVSXHVWD H¿FD] D
ODVFRQWLQJHQFLDVVXUJLGDVHQHOHMHUFLFLRGHOD
DFWLYLGDGSURGXFWLYD6HUiDGPLQLVWUDGRSRUOD
8QLGDGGH$GPLQLVWUDFLyQ
87
)RQGRGHDWHQFLyQDORVSURGXFWRUHV
SURGXFWRUDVSURVXPLGRUHV\SURVXPLGRUDV
$UWtFXOR  (O IRQGR GH DWHQFLyQ D ORV SUR
GXFWRUHV SURGXFWRUDV SURVXPLGRUHV \ SURVX
PLGRUDVHVWiGHVWLQDGRDFXEULUODVQHFHVLGDGHV
LPSUHYLVWDVGHORVLQWHJUDQWHVGHODRUJDQL]D
FLyQ VRFLRSURGXFWLYD WDOHV FRPR VLWXDFLRQHV
GH FRQWLQJHQFLD HPHUJHQFLD R SUREOHPDV GH
VDOXGTXHQRSXHGDQVHUFXELHUWDVSRUORVDIHF
WDGRV GHELGR D VX VLWXDFLyQ VRFLRHFRQyPLFD
(VWHIRQGRVHUiDGPLQLVWUDGRSRUOD8QLGDGGH
$GPLQLVWUDFLyQ
)RQGRFRPXQLWDULR
SDUDODUHLQYHUVLyQVRFLDO
$UWtFXOR  (O IRQGR FRPXQLWDULR SDUD OD
UHLQYHUVLyQVRFLDOHVWiGHVWLQDGRDOGHVDUUROOR
VRFLDOFRPXQLWDULRFRPXQDO\QDFLRQDOFRQV
WLWXLGRSRUUHFXUVRV¿QDQFLHURVH[FHGHQWHVGHO
SURFHVR VRFLRSURGXFWLYR TXH VHUiQ WUDQVIHUL
GRVSRUODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDVD
88
ODLQVWDQFLDGHO3RGHU3RSXODUTXHFRUUHVSRQ
GDDVtFRPRDO(MHFXWLYR1DFLRQDO/DDGPL
QLVWUDFLyQ\GLVWULEXFLyQGHODLQYHUVLyQGHORV
UHFXUVRVGHHVWHIRQGRFRUUHVSRQGHUiDODUHV
SHFWLYD LQVWDQFLD GHO 3RGHU 3RSXODU PLHQWUDV
TXHORUHODWLYRDODSRUWHSDUDODUHLQYHUVLyQVR
FLDOQDFLRQDOVHUiHVWDEOHFLGRPHGLDQWHGHFUHWR
GHO3UHVLGHQWHR3UHVLGHQWDGHOD5HS~EOLFD
(VFDODVREUHHODSRUWH
SDUDODUHLQYHUVLyQVRFLDO
$UWtFXOR(OyUJDQRFRRUGLQDGRUDWHQGLHQ
GRDORVGLIHUHQWHVQLYHOHVGHGHVDUUROORGHODV
RUJDQL]DFLRQHV VRFLRSURGXFWLYDV HVWDEOHFHUi
XQDHVFDODGHORVSRUFHQWDMHVPtQLPRVFRUUHV
SRQGLHQWHVDODSRUWHGHVWLQDGRDODUHLQYHUVLyQ
VRFLDO$VLPLVPRKDVWDWDQWRVHFRQVROLGHQODV
RUJDQL]DFLRQHVVRFLRSURGXFWLYDVRDWHQGLHQGR
DVLWXDFLRQHVHVSHFLDOHVSRGUiH[FHSWXDUODVGH
HIHFWXDUHODSRUWHUHODWLYRDODUHLQYHUVLyQVR
FLDOQDFLRQDO
89
Capítulo VI
'HORVJUXSRVYXOQHUDEOHV\GHORVSXHEORV
\FRPXQLGDGHVLQGtJHQDV
3DUWLFLSDFLyQ\RUJDQL]DFLyQ
$UWtFXOR/DVLQVWDQFLDVGHO3RGHU3RSXODU
\GHO3RGHU3~EOLFRHQHOGHVDUUROORGHOVLVWH
PDHFRQyPLFRFRPXQDOHVWLPXODUiQ\DSR\D
UiQODSDUWLFLSDFLyQGHODVSHUVRQDVFRQGLVFD
SDFLGDG PXMHUHV HQ VLWXDFLyQ GH UHVSRQVDEOH
~QLFDGHOKRJDUDGXOWRV\DGXOWDVPD\RUHVHQ
HO GLVHxR SODQL¿FDFLyQ \ HMHFXFLyQ GH SOD
QHVSURJUDPDV\SUR\HFWRVVRFLRSURGXFWLYRV
DGDSWDGRV D ODV QHFHVLGDGHV GH OD FRPXQLGDG
GRQGHKDELWHQ
'HORVSXHEORV\FRPXQLGDGHVLQGtJHQDV
$UWtFXOR  /RV SXHEORV \ FRPXQLGDGHV LQ
GtJHQDV DWHQGLHQGR D VXV FXOWXUDV SUiFWLFDV
WUDGLFLRQDOHV\QHFHVLGDGHVFROHFWLYDVSRGUiQ
90
FRQVWLWXLU RUJDQL]DFLRQHV VRFLRSURGXFWLYDV
FRQIRUPHDODVSUHYLVLRQHVGHODSUHVHQWH/H\
Capítulo VII
'HODUHGGHFRPHUFLRMXVWR
\VXPLQLVWURVRFLDOLVWD
&UHDFLyQ
$UWtFXOR6HFUHDODUHGGHFRPHUFLRMXVWR\
VXPLQLVWURVRFLDOLVWDLQWHJUDGDSRUODVXQLGD
GHVGHVXPLQLVWURVRFLDOLVWD\GHPiVPHGLRVGH
GLVWULEXFLyQ \ DEDVWHFLPLHQWR FRQ TXH FXHQWD
HO(VWDGRSDUDWDO¿Q
3URPRFLyQGHOLQWHUFDPELRFRPHUFLDOQDFLRQDO
$UWtFXOR(O3RGHU(MHFXWLYR1DFLRQDODWUD
YpVGHO0LQLVWHULRGHO3RGHU3RSXODUFRQFRP
SHWHQFLD HQ PDWHULD GH FRPHUFLR SURPRYHUi
IRPHQWDUi \ HVWLPXODUi HO LQWHUFDPELR FRPHU
FLDOGHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV\OD
UHGGHFRPHUFLRMXVWR\VXPLQLVWURVRFLDOLVWD
91
$FFHVRDODUHGGHFRPHUFLRMXVWR
\VXPLQLVWURVRFLDOLVWD
$UWtFXOR(O3RGHU(MHFXWLYR1DFLRQDOSRU
LQWHUPHGLR GHO 0LQLVWHULR GHO 3RGHU 3RSXODU
FRQFRPSHWHQFLDHQPDWHULDGHFRPHUFLRLP
SOHPHQWDUiODVPHGLGDVQHFHVDULDVSDUDJDUDQ
WL]DUHODFFHVRGHODVRUJDQL]DFLRQHVVRFLRSUR
GXFWLYDVGHOVLVWHPDGHHFRQRPtDFRPXQDODOD
UHGGHFRPHUFLRMXVWR\VXPLQLVWURVRFLDOLVWD
3URPRFLyQ
$UWtFXOR(OyUJDQRFRRUGLQDGRUHQDUWLFX
ODFLyQ FRQ ORV 0LQLVWHULRV GHO 3RGHU 3RSXODU
FRQFRPSHWHQFLDHQPDWHULDGHFRPXQLFDFLyQ
H LQIRUPDFLyQ \ GH FRPHUFLR GLVSRQGUi ORV
PHGLRV QHFHVDULRV SDUD OD SURPRFLyQ \ GLIX
VLyQ GH ODV YHQWDMDV EHQH¿FLRV \ YLUWXGHV GH
ORVELHQHV\VHUYLFLRVRULJLQDGRVHQHOVLVWHPD
HFRQyPLFRFRPXQDO
92
Capítulo VIII
'HOLQWHUFDPELRFRPHUFLDOLQWHUQDFLRQDO
3URPRFLyQLQWHUQDFLRQDO
$UWtFXOR  (O (MHFXWLYR 1DFLRQDO HVWDEOH
FHUiODVPHGLGDVQHFHVDULDVSDUDSURPRYHUHO
DFFHVRGHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
GHO VLVWHPD HFRQyPLFR FRPXQDO D ORV GLVWLQ
WRVSURFHVRVGHLQWHUFDPELRVRFLRSURGXFWLYRV
QDFLRQDOHV H LQWHUQDFLRQDOHV SUHIHUHQWHPHQWH
FRQORVSDtVHVODWLQRDPHULFDQRV\GHO&DULEH
\PX\HVSHFLDOPHQWHFRQORVSDtVHVPLHPEURV
GHOD$OLDQ]D%ROLYDULDQDSDUDORV3XHEORVGH
1XHVWUD$PpULFD $/%$7&3 SDUDSRWHQFLDU
HOKXPDQLVPRHOLQWHUQDFLRQDOLVPR\ODXQLyQ
GHORVSXHEORVEDMRORVSULQFLSLRVGHODVROLGD
ULGDGODFRPSOHPHQWDULHGDG\HOUHVSHWRDOD
VREHUDQtDQDFLRQDO
93
,QFHQWLYRFDPELDULR
$UWtFXOR&RQHOREMHWRGHSURPRYHUODLQ
WHJUDFLyQ\HOLQWHUFDPELRFRPHUFLDOVRFLRSUR
GXFWLYR FRPXQLWDULR HO (VWDGR JDUDQWL]DUi OD
REWHQFLyQ GH GLYLVDV D ODV RUJDQL]DFLRQHV VR
FLRSURGXFWLYDVGHELGDPHQWHFRQVWLWXLGDV\UH
JLVWUDGDVGHFRQIRUPLGDGFRQODSUHVHQWH/H\
CAPÍTULO IX
'HORVGHOLWRV\VDQFLRQHV
$FFLRQHVFRQWUDULDVDOQRUPDO
GHVHQYROYLPLHQWRGHOVLVWHPD
HFRQyPLFRFRPXQDO
$UWtFXOR/DVSHUVRQDVQDWXUDOHVRODVUHV
SRQVDEOHVGHSHUVRQDVMXUtGLFDVTXHFRQMXQWD
R VHSDUDGDPHQWH FRQWUDYHQJDQ ODV PHGLGDV
FRQGLFLRQHV\FRQWUROHVSUHYLVWRVHQODSUHVHQ
WHOH\SDUDORJUDUHOQRUPDO\DGHFXDGRGHVHQ
YROYLPLHQWR GHO VLVWHPD HFRQyPLFR FRPXQDO
\D VHD DOPDFHQDQGR GLVWULEX\HQGR FRPHU
94
FLDOL]DQGRXVDQGRRVXPLQLVWUDQGRELHQHVGH
FRQVXPRVHUYLFLRV\VDEHUHVGHOVLVWHPDHFR
QyPLFRFRPXQDOVHUiQSHQDGRVFRQSULVLyQGH
FXDWURDVHLVDxRV
/DV SHUVRQDV QDWXUDOHV R ODV UHVSRQVDEOHV
GHSHUVRQDVMXUtGLFDVTXHFRQMXQWDRVHSDUDGD
PHQWHSDUDIRUPDUSDUWHGHOVLVWHPDHFRQyPL
FRFRPXQDORYLQFXODUVHFRQVXVDFWLYLGDGHVGH
FRQIRUPLGDGFRQODSUHVHQWH/H\LQFXUUDQHQHO
VXSXHVWRSUHYLVWRHQHVWHDUWtFXORVHUiQSHQD
GRVRSHQDGDVFRQSULVLyQGHVHLVDRFKRDxRV
5HVWULFFLRQHVXREVWiFXORVDODFDGHQD
GHSURGXFFLyQGLVWULEXFLyQ\DFFHVR
GHELHQHV\VHUYLFLRV
$UWtFXOR/DVSHUVRQDVQDWXUDOHVRODVUHV
SRQVDEOHVGHSHUVRQDVMXUtGLFDVTXHFRQMXQWD
RVHSDUDGDPHQWHLPSLGDQREVWDFXOLFHQRUHV
WULQMDQ HO QRUPDO IXQFLRQDPLHQWR \ UHVJXDU
GR GH OD SURGXFFLyQ GLVWULEXFLyQ WUDQVSRUWH
FRPHUFLDOL]DFLyQVXPLQLVWURGHORVELHQHVGH
95
FRQVXPRVHUYLFLRV\VDEHUHVGHOVLVWHPDHFR
QyPLFRFRPXQDOVHUiQSHQDGRVRSHQDGDVFRQ
SULVLyQGHGRVDFXDWURDxRV
,JXDOPHQWHLQFXUULUiQHQODSHQDSUHYLVWD
HQ HVWH DUWtFXOR ODV SHUVRQDV QDWXUDOHV R ODV
UHVSRQVDEOHV GH SHUVRQDV MXUtGLFDV TXH FRQ
MXQWD R VHSDUDGDPHQWH LPSLGDQ HO DFFHVR D
GLFKRVELHQHVSRUSDUWHGHORVFRQVXPLGRUHV\
FRQVXPLGRUDV
'LIXVLyQGHSURSDJDQGDRSXEOLFLGDG
VXEOLPLQDOIDOVDRHQJDxRVD
$UWtFXOR/DVSHUVRQDVQDWXUDOHVRODVUHV
SRQVDEOHVGHSHUVRQDVMXUtGLFDVTXHFRQMXQWD
RVHSDUDGDPHQWHUHDOLFHQSURSDJDQGDRSXEOL
FLGDG VXEOLPLQDO IDOVD R HQJDxRVD VREUH ORV
ELHQHV VHUYLFLRV \ VDEHUHV GHO 6LVWHPD (FR
QyPLFR&RPXQDO\VXVPHGLRVGHSURGXFFLyQ
LQWHUFDPELR GLVWULEXFLyQ FRPHUFLDOL]DFLyQ \
VXPLQLVWURVHUiQSHQDGRVFRQSULVLyQGHGRVD
FXDWURDxRV
96 97

DISPOSICIONES TRANSITORIAS PLHQWR GH ODV RUJDQL]DFLRQHV VRFLRSURGXFWL

YDVFRQIRUPHDODVGLVSRVLFLRQHVGHHVWD/H\
3ULPHUD/RVyUJDQRV\HQWHVGHOD$GPLQLV
WUDFLyQ 3~EOLFD FRQ FRPSHWHQFLD R UHODFLyQ DISPOSICIÓN DEROGATORIA
FRQODPDWHULDREMHWRGHODSUHVHQWH/H\GHEH
UiQDGDSWDUVHDVXVGLVSRVLFLRQHV
ÒQLFD4XHGDGHURJDGRHO'HFUHWR1ž 
6HJXQGD$SDUWLUGHODYLJHQFLDGHODSUHVHQWH
FRQ5DQJR9DORU\)XHU]DGH/H\SDUDHO)R
/H\ ODV RUJDQL]DFLRQHV VRFLRSURGXFWLYDV FR
PHQWR \ 'HVDUUROOR GH OD (FRQRPtD 3RSXODU
PXQLWDULDV SUHH[LVWHQWHV TXH DVSLUHQ LQWHJUDU
SXEOLFDGRHQOD*DFHWD2¿FLDOGHOD5HS~EOLFD
HO VLVWHPD HFRQyPLFR FRPXQDO GHEHUiQ DGH
%ROLYDULDQDGH9HQH]XHOD1ƒ([WUDRUGL
FXDUVHDVXVGLVSRVLFLRQHVHQXQODSVRQRPD
QDULRGHIHFKDGHMXOLRGHDVtFRPR
\RUDFLHQWRRFKHQWDGtDV
FXDOTXLHURWUDGLVSRVLFLyQTXHFRQWUDYHQJDHO
7HUFHUD(O(MHFXWLYR1DFLRQDOGHQWURGHORV FRQWHQLGRGHODSUHVHQWH/H\
FLHQWRRFKHQWDGtDVVLJXLHQWHVDODSXEOLFDFLyQ
GHODSUHVHQWH/H\GLFWDUiVX5HJODPHQWR
&XDUWD+DVWDWDQWRVHGLFWHHO5HJODPHQWRGH DISPOSICIÓN FINAL
ODSUHVHQWH/H\HOyUJDQRFRRUGLQDGRUGLFWDUi
ORV OLQHDPLHQWRV \ HODERUDUi ORV LQVWUXFWLYRV ÒQLFD/DSUHVHQWH/H\HQWUDUiHQYLJHQFLDD
TXHVHUHTXLHUDQSDUDKDFHUHIHFWLYDODDGHFXD SDUWLUGHVXSXEOLFDFLyQHQOD*DFHWD2¿FLDOGH
FLyQ LQVFULSFLyQ \ UHJLVWUR SDUD HO IXQFLRQD OD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD
98 99

'DGD¿UPDGD\VHOODGDHQHO3DODFLR)HGHUDO 3DODFLRGH0LUDÀRUHVHQ&DUDFDVDORVYHLQ
/HJLVODWLYRVHGHGHOD$VDPEOHD1DFLRQDOHQ WL~QGtDVGHOPHVGHGLFLHPEUHGHGRVPLOGLH]
&DUDFDVDORVFDWRUFHGtDVGHOPHVGHGLFLHP $xRVƒGHOD,QGHSHQGHQFLDƒGHOD)H
EUHGHGRVPLOGLH]$xRžGHOD,QGHSHQ GHUDFLyQ\ƒGHOD5HYROXFLyQ%ROLYDULDQD
GHQFLD\žGHOD)HGHUDFLyQ
&~PSODVH
&,/,$)/25(6 /6
3UHVLGHQWDGHOD$VDPEOHD1DFLRQDO
'$5Ë29,9$69(/$6&2
+8*2&+È9(=)5Ë$6
3ULPHU9LFHSUHVLGHQWH
0$5(/,63e5(=0$5&$12
6HJXQGD9LFHSUHVLGHQWD
,9È1=(53$*8(55(52 (O9LFHSUHVLGHQWH(MHFXWLYR
6HFUHWDULR 5$0Ï1$/21=2&$55,=$/(65(1*,)2
9Ë&725&/$5.%26&È1
6XEVHFUHWDULR (O0LQLVWURGHO3RGHU3RSXODUGHO'HVSDFKR
GHOD3UHVLGHQFLD
/8,65$0Ï15(<(65(<(6
3URPXOJDFLyQGHOD/H\2UJiQLFDGHO6LVWHPD
(FRQyQRPLFR &RPXQDO GH FRQIRUPLGDG FRQ (O0LQLVWURGHO3RGHU3RSXODUSDUD5HODFLRQHV
OR SUHYLVWR HQ HO DUWtFXOR  GH OD &RQVWLWX ,QWHULRUHV\-XVWLFLD
FLyQGHOD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD 7$5(&.(/$,66$0,
(O0LQLVWURGHO3RGHU3RSXODUSDUD5HODFLRQHV([WHULRUHV (O0LQLVWURGHO3RGHU3RSXODUSDUDOD(GXFDFLyQ6XSHULRU
1,&2/È60$'85202526 /8,6$&8f$&('(f2

(O0LQLVWURGHO3RGHU3RSXODUSDUD(FRQRPtD\)LQDQ]DV (O0LQLVWURGHO3RGHU3RSXODUSDUDOD(GXFDFLyQ
$/Ë52'5Ë*8(=$5$48( +e&7251$9$552

(O(QFDUJDGRGHO0LQLVWHULRGHO3RGHU3RSXODU (O0LQLVWURGHO3RGHU3RSXODUSDUDOD6DOXG
SDUDOD'HIHQVD &$5/2652721'$52&29$
5$0Ï1$/21=2&$55,=$/(65(1*,)2
/D0LQLVWUDGHO3RGHU3RSXODUSDUDHO7UDEDMR
(O0LQLVWURGHO3RGHU3RSXODUSDUDHO&RPHUFLR \6HJXULGDG6RFLDO
('8$5'26$0È1 0$5,$&5,67,1$,*/(6,$6

(O0LQLVWURGHO3RGHU3RSXODUSDUDODV,QGXVWULDV%iVLFDV (O0LQLVWURGHO3RGHU3RSXODUSDUDODV2EUDV3~EOLFDV
\0LQHUtD \9LYLHQGD
52'2/)2('8$5'26$1= ',26'$'2&$%(//2521'Ï1

(O0LQLVWURGHO3RGHU3RSXODUSDUDHO7XULVPR (O0LQLVWURGHO3RGHU3RSXODUSDUDOD(QHUJtD\3HWUyOHR
3('52025(-Ï1&$55,//2 5$)$(/'$5Ë25$0Ë5(=&$55(f2

(O0LQLVWURGHO3RGHU3RSXODUSDUDOD$JULFXOWXUD /D0LQLVWUDGHO3RGHU3RSXODUSDUDHO$PELHQWH
\7LHUUDV <89,5,257(*$/29(5$
(/,$6-$8$0,/$12
(O0LQLVWURGHO3RGHU3RSXODUSDUDOD3ODQL¿FDFLyQ /D0LQLVWUDGHO3RGHU3RSXODUSDUDORV3XHEORV,QGtJHQDV
\'HVDUUROOR 1,&,$0$/'21$'20$/'21$'2
-25*(*,25'$1,
/D0LQLVWUDGHO3RGHU3RSXODUSDUDOD0XMHU
(O0LQLVWURGHO3RGHU3RSXODUSDUD&LHQFLD7HFQRORJtD \OD,JXDOGDGGH*pQHUR
H,QGXVWULDV,QWHUPHGLDV 0$5Ë$/(Ï1
5,&$5'2-26e0(1e1'(=35,(72
(O0LQLVWURGHO3RGHU3RSXODUSDUD(QHUJtD(OpFWULFD
/D0LQLVWUDGHO3RGHU3RSXODUSDUDOD&RPXQLFDFLyQ È1*(//8,652'5Ë*8(=*$0%2$
\OD,QIRUPDFLyQ
%/$1&$((.+287 (O0LQLVWURGH(VWDGR
EUGENIO VÁSQUEZ ORELLANA
/D0LQLVWUDGHO3RGHU3RSXODUSDUDODV&RPXQDV
\3URWHFFLyQ6RFLDO
(5,.$'(/9$//()$5Ë$63(f$

(O0LQLVWURGHO3RGHU3RSXODUSDUDOD$OLPHQWDFLyQ
)e/,;5$0Ï12625,2*8=0È1

(O0LQLVWURGHO3RGHU3RSXODUSDUDOD&XOWXUD
+e&725(15,48(6272&$67(//$126

/D0LQLVWUDGHO3RGHU3RSXODUSDUDHO'HSRUWH
9,&725,$0(5&('(60$7$*$5&Ë$
 ÍNDICE

&DStWXOR,'LVSRVLFLRQHVJHQHUDOHV
&DStWXOR,,'HOyUJDQRFRRUGLQDGRU
&DStWXOR,,,'HODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV
6HFFLyQSULPHUD'LVSRVLFLRQHVJHQHUDOHV
6HFFLyQVHJXQGD'HODFRQVWLWXFLyQLQVFULSFLyQ
\UHJLVWURGHUHFKRV\REOLJDFLRQHV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
6HFFLyQWHUFHUD(VWUXFWXUDRUJDQL]DWLYD
\IXQFLRQDOGHODRUJDQL]DFLyQVRFLRSURGXFWLYD
6HFFLyQFXDUWD,QWHJUDQWHVGHODVRUJDQL]DFLRQHV
VRFLRSURGXFWLYDV
6HFFLyQTXLQWD'HODDXWRUtDLQWHOHFWXDO
HQODSURGXFFLyQFRPXQDOVXUHJLVWUR
\DSURYHFKDPLHQWR
6HFFLyQVH[WD'HODDSOLFDFLyQVXSOHWRULD
&DStWXOR,9'HOVLVWHPDDOWHUQDWLYRGHLQWHUFDPELR
VROLGDULR
 6HFFLyQSULPHUD'LVSRVLFLRQHVJHQHUDOHV &DStWXOR9,,'HODUHGGHFRPHUFLRMXVWR
6HFFLyQVHJXQGD'HODFRQVWLWXFLyQ \VXPLQLVWURVRFLDOLVWD
\IXQFLRQDPLHQWRGHORVJUXSRVGHLQWHUFDPELR &DStWXOR9,,,'HOLQWHUFDPELRFRPHUFLDO
VROLGDULR LQWHUQDFLRQDO
6HFFLyQWHUFHUD'HORVGHUHFKRV\GHEHUHV &DStWXOR,;'HORVGHOLWRV\VDQFLRQHV
GHORVSURVXPLGRUHV\SURVXPLGRUDV
6HFFLyQFXDUWD'HORVHVSDFLRVGHOVLVWHPD '6,326,&,21(675$16,725,$6
DOWHUQDWLYRGHLQWHUFDPELRVROLGDULR
6HFFLyQTXLQWD'HODPRQHGDFRPXQDO ',6326,&,Ï1'(52*$725,$
&DStWXOR9'HODJHVWLyQSURGXFWLYDDGPLQLVWUDFLyQ
GHORVUHFXUVRVGHODVRUJDQL]DFLRQHV ',6326,&,Ï1),1$/
VRFLRSURGXFWLYDV
6HFFLyQSULPHUD*HVWLyQSURGXFWLYD
FRPRSURFHVRGHSDUWLFLSDFLyQSRSXODU
6HFFLyQVHJXQGD'HORVUHFXUVRV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
6HFFLyQWHUFHUD'HORVIRQGRV
GHODVRUJDQL]DFLRQHVVRFLRSURGXFWLYDV
&DStWXOR9,'HORVJUXSRVYXOQHUDEOHV
\GHORVSXHEORV\FRPXQLGDGHVLQGtJHQDV
;M \MZUQV~ LM QUXZQUQZ MV VW^QMUJZM
LM  MV TW[ \ITTMZM[ LM TI 1UXZMV\I
6IKQWVITa/IKM\I7ÅKQIT4I0WaILI
+IZIKI[  >MVMb]MTI -T \QZIRM N]M LM
MRMUXTIZM[