021,725(2'(5(6(5925,26'(/&(1752'(&25'2%$

$5*(17,1$&202%$6(3$5$81$$'(&8$'$*(67,21
$0%,(17$/

0DQFLQL05RGULJXH]&3URVSHUL&)LQROD0

&iWHGUDGH(FRORJtD)DF$JURQRPtD\9HWHULQDULD8QLY1DFLRQDOGH5tR&XDUWR

/DERUDWRULRGH+LGURELRORJtD)DF&V([DFWDV\1DWXUDOHV8QLY1DFLRQDOGH&yUGRED
&iWHGUDGH0LFURELRORJtD)DF&V([DFWDV\1DWXUDOHV8QLY1DFLRQDOGH5tR&XDUWR

$Y9HOH]6iUVILHOG&yUGRED$UJHQWLQD

7HO

)D[

HPDLOFSURVSH#\DKRRFRPDU !

3DODEUDV&ODYH(XWURILFDFLyQ%DFWHULDV)LWRSODQFWRQ

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

5(680(1
/D DFWLYLGDG DJURJDQDGHUD SURGXFH LPSDFWR VREUH OD FDOLGDG GHO DJXD VXSHUILFLDO \ VXEWHUUiQHD \ HV XQD

FDXVD LPSRUWDQWH GH HXWURILFDFLyQ HQ ORV UHVHUYRULRV GH DJXD /RV REMHWLYRV GHO SUHVHQWH WUDEDMR IXHURQ
HYDOXDU ODV IOXFWXDFLRQHV EDFWHULROyJLFDV \ ILWRSODQFWyQLFDV WHPSRUDOHV GH OD FDOLGDG GH DJXD SDUD XVR

UHFUHDFLRQDO\SURWHFFLyQGHODYLGDDFXiWLFDHQORVHPEDOVHV3LHGUDV0RUDV62\/D9LxD

  6   : HQ OD SURYLQFLD GH &yUGRED $UJHQWLQD 6H LQYHVWLJDURQ EDFWHULDV SDWyJHQDV \ GH

ULHVJRSDUDODVDOXGS~EOLFD\DQLPDO6HGHWHUPLQyHO103POGHFROLIRUPHVWRWDOHV\WHUPRWROHUDQWHV
(VFKHULFKLD FROL 6WUHSWRFRFFXV IDHFDOLV 6DOPRQHOOD VSS 3VHXGRPRQDV VSS \ $HURPRQDV VSS \ VH

UHDOL]DURQ HVWXGLRV WD[RQyPLFRV VREUH ODV HVSHFLHV GH DOJDV ILWRSODQFWyQLFDV HVSHFLDOPHQWH ODV
ELRLQGLFDGRUDVGHHXWURILFDFLyQ

6H HYDOXDURQ YDULDEOHV ItVLFRTXtPLFDV \ ELROyJLFDV VHJ~Q PHWRGRORJtD HVWDQGDUL]DGD (O DLVODPLHQWR GH
HVSHFLHV GHO  JUXSR $HURPRQDV PyYLOHV $ K\GURSKLOD $ FDYLDH $ PHGLD 3 DHUXJLQRVD \ ( FROL

UHTXLHUH PRQLWRUHRV SHULyGLFRV GH ORV HPEDOVHV TXH FRQGX]FDQ D SURIXQGL]DU HVWXGLRV HQ YLUWXG GH VX
LQWHUUHODFLyQFRQHODPELHQWHODVDOXGS~EOLFD\DQLPDO

(QHOHPEDOVHGH3LHGUDV0RUDVSXGRREVHUYDUVHTXHODGLVSHUVLyQGHOQLWUyJHQRWRWDOIXHGLIHUHQWHVHJ~QOD

HVWDFLyQ GHO DxR (O IyVIRUR WRWDO HQ SULPDYHUD SUHVHQWy VXV PD\RUHV QLYHOHV HQ ODV HVWDFLRQHV GHO UtR
6RFRQFKR\HO%DOQHDULR

/RV ULHVJRV GH IORUHFLPLHQWRV GH DOJDV GLVPLQXLUtDQ HQ RWRxR HQFXDGUiQGRVH D ORV HPEDOVHV FRPR
HXWUyILFRKLSHUHXWUyILFR +XER WDPELpQ XQD GRPLQDQFLD DOWHUQDGD HQWUH &LDQRItFHDV UHSUHVHQWDGDV
SULQFLSDOPHQWH SRU ORV JpQHURV 0LFURF\VWLV \ $QDEDHQD \ 'LQRItFHDV UHSUHVHQWDGDV SRU &HUDWLXP
KLUXQGLQHOODFRQGLFLRQDGDSRUODVYDULDFLRQHVHQHOHVWDGRWUyILFRGHORVODJRV

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

,1752'8&&,21

/DV DJXDV VDODGDV PDUHV \ RFpDQRV UHSUHVHQWDQ HO  GHO DJXD GLVSRQLEOH VREUH OD WLHUUD /DV DJXDV

GXOFHVFDSDFHVGHVHUIiFLOPHQWHFDSWDGDVHLQPHGLDWDPHQWHGLVSRQLEOHVUHSUHVHQWDQHOGHOWRWDO


/D YLGD GHO KRPEUH GHSHQGH GH ODV IXHQWHV GH DJXD GXOFH \ FHUFD GHO  HVWi FRQWHQLGD HQ ORV ODJRV

(VWRV VRQ FXHUSRV GH DJXD GH HQRUPH LPSRUWDQFLD SDUD HO KRPEUH FRPR UHVHUYRULR GH XQ YLWDO HOHPHQWR
TXHOHSURYHHDJXDSDUDFRQVXPRKXPDQRHLQGXVWULDOSDUDLUULJDFLyQSRGHUKLGURHOpFWULFRSHVFDFRPHUFLDO
\ GHSRUWLYD XVR UHFUHDFLRQDO \ WXULVPR (Q VXPD FRQ OD FRQVWUXFFLyQ GH GLTXHV HO KRPEUH FUHy ODJRV
DUWLILFLDOHVRHPEDOVHVSDUDXWLOL]DUPiVHVWHUHFXUVR 

/D$UJHQWLQDSRVHHXQ YDVWRWHUULWRULR FRQWLQHQWDO  NP  TXH VH H[WLHQGH GHVGH ORV  KDVWD ORV


 GH ODWLWXG 6XU 'LIHUHQFLDV FOLPiWLFDV JHRPRUIROyJLFDV KLGUROyJLFDV \ GHVDUUROOR HFRQyPLFR GDQ XQD

DPSOLDYDULHGDGGHFRQGLFLRQHVDPELHQWDOHV DXQJUDQQ~PHURGH ODJRV \ HPEDOVHVGHO SDtV pVWRVHVWiQ

VLQHPEDUJRH[SXHVWRVDODGHJUDGDFLyQPHGLRDPELHQWDO/DEDMDWDVDGHUHQRYDFLyQGHDOJXQRVODJRV
ORVKDFHYXOQHUDEOHVDODFRQWDPLQDFLyQFRPRUHVXOWDGRGHODVDFWLYLGDGHVGHOKRPEUH

/DOLEHUDFLyQGHGLYHUVRVGHVHFKRV \FRQWDPLQDQWHVHQHODPELHQWHSURYRFDHQPXFKRVFDVRVSUREOHPDV
HQODVDOXGS~EOLFD\DQLPDO\SXHGHQLPSHGLUKDVWDHODSURYHFKDPLHQWRGHWLHUUDV\DFXtIHURV

(V DVt TXH OD FDOLGDG GH ORV UHFXUVRV KtGULFRV SDUD GLYHUVRV XVRV VH YH DIHFWDGD HQ GLIHUHQWH JUDGR HQ
PXFKDVFXHQFDVGHOSDtV/DVFDXVDVGHOGHWHULRURLQFOX\HQHQWUHRWUDVODGHVFDUJDDORVFXUVRVGHDJXDV
VXSHUILFLDOHV GH OtTXLGRV FORDFDOHV \ SOXYLDOHV HO YHUWLGR GH HIOXHQWHV LQGXVWULDOHV FRQ QXOR R HVFDVR

WUDWDPLHQWRHODSRUWHGHODUUDVWUHGHVXHORFRQFRQWHQLGRGHSODJXLFLGDVIHUWLOL]DQWHVGHVHFKRVRUJiQLFRV
SHFXDULRV \ RWUDV VXVWDQFLDV FX\DV DJXDV H[SHULPHQWDQ FDPELRV ItVLFRV \ TXtPLFRV DIHFWDQGR SRU
FRQVLJXLHQWHODVGLVWLQWDVFRPXQLGDGHVTXHHQHOORVYLYHQ

(O HPEDOVH 3LHGUDV 0RUDV WLHQH P~OWLSOHV XVRV DFWXDOHV \ SRWHQFLDOHV UHJXODFLyQ GH GHVFDUJDV GH

RSHUDFLyQKLGURHOpFWULFDDWHQXDFLyQGHFUHFLGDVIXHQWHGHDJXDSRWDEOHJHQHUDFLyQGHHQHUJtDWXULVPR\
HYHQWXDOPHQWH ULHJR 6LQ HPEDUJR VX XWLOL]DFLyQ VH KD YLVWR UHVWULQJLGD SRU SURFHVRV GH HXWURILFDFLyQ

RFDVLRQDOHVFRQIORUDFLRQHVDOJDOHV\DOWRQLYHOGHEDFWHULDVTXHLQFLGHQVREUHODFDOLGDGGHODJXD6HJ~QHO
3URJUDPD 1DFLRQDO GH DJXD SRWDEOH \ DOFDQWDULOODGR FORDFDO  ORV LQFLGHQWHV UHSRUWDGRV VRQ SRFRV \ GH

EDMDUHOHYDQFLDSHURPXHVWUDQXQDOWRSRWHQFLDOWUyILFRGHOHPEDOVHGHULYDGRGHODSRUWHGHQXWULHQWHVHQOD
FXHQFD&DEHVHxDODUTXHDQiOLVLVUHDOL]DGRVSRUOD8QLYHUVLGDG1DFLRQDOGH5tR&XDUWRGXUDQWHDEULOGH

HQGLFKR ODJRGHPRVWUDURQODQHFHVLGDG GHXQ PRQLWRUHR HVWDFLRQDO GH OD FDOLGDG GHO DJXD \D

TXHHQ HVDRSRUWXQLGDGQRVHSXGRHVWDEOHFHUODFDOLGDGGHOUHFXUVRSDUDXVRUHFUHDFLRQDOULHVJRSRWHQFLDO

SDUDODVDOXGS~EOLFD\ODFDOLGDGGHOYHUWLGRGHHIOXHQWHVQRUHVSRQGLyDODVRUGHQDQ]DVYLJHQWHV

5HVSHFWRDOHPEDOVH/D9LxDHOPLVPRVHXWLOL]DSDUDGLYHUVRVILQHVHQWUHORVTXHVHLQFOX\HQODSURYLVLyQ

GHDJXDHOULHJRODJHQHUDFLyQGHHQHUJtDDWHQXDFLyQGHFUHFLHQWHVODUHFUHDFLyQ\ODSHVFDGHOSHMHUUH\
2GRQWHVWKHV ERQDULHQVLV HVSHFLH EODQFR GH OD SHVTXHUtD (Q OD DFWXDOLGDG WDPELpQ VH KDQ UHSRUWDGR

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

PRGLILFDFLRQHVHQODFDOLGDGGHDJXDGHHVWHDPELHQWHGHELGDVDFDXVDVVLPLODUHVDODVHVWDEOHFLGDVHQHO
3LHGUDV0RUDV

/RV REMHWLYRV SULQFLSDOHV GHO SUHVHQWH WUDEDMR IXHURQ HYDOXDU ODV IOXFWXDFLRQHV EDFWHULROyJLFDV \

ILWRSODQFWyQLFDVWHPSRUDOHVGHODFDOLGDGGHDJXDSDUDXVRUHFUHDFLRQDO\SURWHFFLyQGHODYLGDDFXiWLFDHQ

ORVHPEDOVHV3LHGUDV0RUDV\/D9LxDGHODSURYLQFLDGH&yUGRED$UJHQWLQDFRQVLGHUDQGRHVSHFLDOPHQWH
VXSRWHQFLDOXWLOLGDGSDUDXQDDGHFXDGDJHVWLyQGHHVWRVUHFXUVRV

0$7(5,$/(6<0(72'26

$UHDGHHVWXGLR
(OHPEDOVH3LHGUDV0RUDVHVWiXELFDGRHQHOGHSDUWDPHQWR&DODPXFKLWDHQHOFHQWURRHVWHGHODSURYLQFLD
GH&yUGRED(VHO~OWLPRHPEDOVHGHODFXHQFDGHOUtR&DODPXFKLWDRUtR7HUFHUR /DFLXGDGGH$OPDIXHUWH

62PHWURVVREUHHOQLYHOGHOPDUORFDOL]DGDDODYHUDGHOHPEDOVH3LHGUDV0RUDV

62VHXELFDHQXQVHFWRUGHWUDQVLFLyQHQWUHODVVLHUUDV\ODVOODQXUDVRULHQWDOHVSLHGHPRQWH

TXH FRUUHVSRQGH DO GRPLQLR VHPLVHFR FRQ WHQGHQFLD DO VHPLK~PHGR GH ODV SODQLFLHV FRQ SHTXHxD
GHILFLHQFLDGHDJXD\FRQLQYLHUQRWpUPLFR

(O UtR 7HUFHUR HV HO SULQFLSDO FXUVR GH DJXD GH &yUGRED 1DFH GH OD FRQIOXHQFLD GH ORV UtRV /D &UX]

4XLOOLQ]R*UDQGH$PER\\6DQWD5RVD(OUtR7HUFHURHVLUUHJXODUGHWLSRSOXYLDO\WRUUHQFLDOFRQXQDSRUWH

GHDJXDHQSULPDYHUD\YHUDQRGHDSUR[LPDGDPHQWHHOGHOYROXPHQDQXDO(OODJR3LHGUDV0RUDVHV
HO~OWLPRGHXQDVHULHGHFXDWURXELFDGRVVREUHODFXHQFDGHOUtR7HUFHURHOHPEDOVHUtR7HUFHURKD
,QJ&DVVDIIRXVWKKD,QJ5HROLQKD\3LHGUDV0RUDVKD

(OHPEDOVH3LHGUDV0RUDVHVXWLOL]DGRSDUDSURYLVLyQGHDJXDSRWDEOHILQHVUHFUHDFLRQDOHV\GHSRUWLYRV(O
ODJR UHFLEH ORV YHUWLGRV GH GLIHUHQWHV WLSRV GH HIOXHQWHV SODQWD LQGXVWULDO ,$36$ HODERUDFLyQ GH SDVWD

FHOXOyVLFDSDUDFDUWyQ\DOPRPHQWRGHOSUHVHQWHHVWXGLRVLQIXQFLRQDUXQFULDGHURLQWHQVLYRGHFHUGRVTXH
DSRUWDVXVHIOXHQWHV\ILQDOPHQWHUHFLEHOtTXLGRVFORDFDOHVGHODFLXGDGGH$OPDIXHUWHTXHVRQYHUWLGRVVLQ
WUDWDPLHQWRSUHYLR

$VLPLVPRHQODFXHQFDVHDVLHQWDQSURGXFWRUHVDJUtFRODV TXH XWLOL]DQWDQWRSODJXLFLGDVFRPRIHUWLOL]DQWHV

HQ VXV FXOWLYRV LQFRUSRUiQGRVH ORV SURGXFWRV UHVLGXDOHV D ODV DJXDV GHO HPEDOVH FRPR UHVXOWDGR GHO
ODYDGR GH VXHORV (O XVR DJUtFROD FRPSUHQGH XQDV  NP \ FRUUHVSRQGH XQ  D VXSHUILFLH DJUtFROD


JDQDGHUD  ERVTXHV  XUEDQD \ HO UHVWR D RWURV XVRV (O VHFWRU JDQDGHUR QR WLHQH HO VLJQLILFDGR
DOFDQ]DGRSRUODDJULFXOWXUDHQODSURGXFFLyQGHODSURYLQFLD

$ORVILQHVGHHVWHHVWXGLRVHHVWDEOHFLHURQFLQFRHVWDFLRQHVGHPXHVWUHRTXHIXHURQVHOHFFLRQDGDVSRUVX
UHODFLyQ FRQ HO YHUWLGR GH HIOXHQWHV \R SRU HO XVR UHFUHDFLRQDO TXH EULQGDQ QDWDFLyQ VXUILQJ \ SHVFD

GHSRUWLYD6HHYDOXDURQODVYDULDFLRQHVHVWDFLRQDOHVGHODFDOLGDGGHODJXDORVHIHFWRVGHORVYHUWLGRVGH
HIOXHQWHV\ORVSDUiPHWURVWHQGLHQWHVDSURWHJHUODELRWDDFXiWLFDQDWXUDO

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

7DOHVHVWDFLRQHVGHPXHVWUHRHQHOHPEDOVH3LHGUDV0RUDVIXHURQ
(QWUDGDGHOHPEDOVH

=RQDGHDSRUWHGHHIOXHQWHVSRUFLQRV
=RQDGHDSRUWHGHOD3DSHOHUD

'HVHPERFDGXUDGHO5tR6RFRQFKR
%DOQHDULR\SOD\D

(O RWUR HPEDOVH HVWXGLDGR /D 9LxD HVWi XELFDGR HQ HO OtPLWH VXU GHO GHSDUWDPHQWR 6DQ $OEHUWR &yUGRED
6:HQHOFHQWURGHXQDLPSRUWDQWH]RQDWXUtVWLFD&XHQWDFRQXQDVXSHUILFLHGH KD

FRWDGHYHUWHGHURWLHQHXQDDOWXUDGHPHWURVVREUHHOQLYHOGHOPDUXQDSURIXQGLGDGPHGLDGHP\
XQ YROXPHQPi[LPRGHKP 7LHQHFRPRSULQFLSDODSRUWHGHDJXDDOUtRGH/RV6DXFHV(OiUHDGHOD


FXHQFDGHDOLPHQWDFLyQHVGHNP PLHQWUDVTXHODSUHFLSLWDFLyQPHGLDDQXDOHQODFXHQFDOOHJDDXQRV
PP

(Q HVWH FDVR VH FRQVLGHUDURQ WUHV HVWDFLRQHV GH PXHVWUHR ODV TXH IXHURQ VHOHFFLRQDGDV SRU HO XVR
UHFUHDFLRQDOTXHEULQGDQQDWDFLyQGHSRUWHVQiXWLFRV\SHVFDGHSRUWLYD

/DVHVWDFLRQHVGHPXHVWUHRVHOHFFLRQDGDVSDUDHOHPEDOVH/D9LxDIXHURQ
5tRGH/RV6DXFHVVHFWRUFOXE$3$
&HQWURGHOHPEDOVH
6HFWRU&OXE$3$
6HFWRU/D&DQFKD

3UHVDGHOHPEDOVH
'HODVHVWDFLRQHVD VHH[WUDMHURQPXHVWUDVSDUDDQiOLVLVGHODVYDULDEOHVItVLFRTXtPLFDVPLHQWUDVTXH
SDUDDQiOLVLVEDFWHULROyJLFR\GHILWRSODQFWRQVHORKL]RGHODV(VW\

6H UHDOL]DURQ GRV PXHVWUHRV HVWDFLRQDOHV SRU FDGD VLWLR HOHJLGR HQ DPERV ODJRV FDPSDxD  \
SDUDORVHPEDOVHV3LHGUDV0RUDV\ /D9LxDUHVSHFWLYDPHQWH
7RPDGH0XHVWUDV
(QDPERVHPEDOVHVODVPXHVWUDVSDUDEDFWHULRORJtDVHWRPDURQHQHQYDVHVHVWpULOHVGHSOiVWLFRDFP

GHSURIXQGLGDG\VHPDQWXYLHURQUHIULJHUDGDVKDVWDVXSURFHVDPLHQWR3DUDODVPXHVWUDVGHILWRSODQFWRQVH
XWLOL]DURQHQYDVHVGHOLWURHQMXDJDGRVFRQDJXDGHVWLODGD

6H UHDOL]y HO UHFXHQWR GH FROLIRUPHV WRWDOHV \ FROLIRUPHV WHUPRWROHUDQWHV SRU HO 0pWRGR GHO 1~PHUR 0iV

3UREDEOHPRGLILFDGR103PO3DUDODGHWHUPLQDFLyQGHFROLIRUPHVWHUPRWROHUDQWHVD SDUWLU GH

FDGD WXER SRVLWLYR GH FDOGR 0DF &RQNH\  VH VHPEUy FRQ DQVD XQ WXER GH &DOGR /DFWRVDGR %LOLV 9HUGH
%ULOODQWHFRQFDPSDQDGH'XUKDP \ XQ WXER GH DJXD SHSWRQDGD SDUD

,QGRO /RV WXERV  VH LQFXEDURQ D

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

&GXUDQWHK/DLQWHUSUHWDFLyQGHORVUHVXOWDGRVIXHODVLJXLHQWHSRVLWLYRSURGXFFLyQGHJDVH
,QGROSRVLWLYRQHJDWLYRDXVHQFLDGHJDVH,QGROQHJDWLYR

$ORVWXERVSRVLWLYRVGHFDOGR/DFWRVDGR%LOLV9HUGH%ULOODQWHVHORVVHPEUyHQDJDU(RVLQD$]XOGH0HWLOHQR
(0% $ ODV FRORQLDV ODFWRVD SRVLWLYDV FRQ \ VLQ EULOOR PHWiOLFR VH OHV UHDOL]DURQ ODV SUXHEDV SDUD OD
LGHQWLILFDFLyQ GH(VFKHULFKLD FROL ,QGRO 5RMR GH 0HWLOR 9RJHV 3URVNDXHU \ &LWUDWR GH 6LPPRQV &XDQGR
IXHQHFHVDULRVHFRPSOHWyFRQHOVLVWHPDUiSLGRGHLGHQWLILFDFLyQ$3,(

3DUD OD E~VTXHGD GH 6 IDHFDOLV VH UHDOL]y OD VLHPEUD HQ SODFD FRQ DJDU .) SDUD 6WUHSWRFRFFXV  6H

ILOWUDURQ YRO~PHQHV DGHFXDGRV GH OD PXHVWUD D WUDYpV GH XQD PHPEUDQD HVWpULO SDUD REWHQHU  D 
FRORQLDV HQ OD VXSHUILFLH GH OD PHPEUDQD /XHJR HO ILOWUR VH SDVy D XQD SODFD FRQ DJDU .) SDUD
6WUHSWRFRFFXV /DV SODFDV  IXHURQ LQFXEDGDV D  & GXUDQWH  K 3DUD UHDOL]DU HO UHFXHQWR VH WXYR HQ

FXHQWDORVVLJXLHQWHODVFRORQLDVURVDVRURMDVGHHVWUHSWRFRFRVTXHGHVDUUROODQXQSUHFLSLWDGRQHJURRURMR
SDUGRHQODSDUWHLQIHULRUGHOILOWUR(OUHFXHQWRVHUHDOL]yFRQOiPSDUDIOXRUHVFHQWH\ OXSD/D GHQVLGDGVH

FDOFXOyDSDUWLUGHODVFDQWLGDGHVGHPXHVWUDTXHSURGXFHQUHFXHQWRVHQILOWURGHPHPEUDQDGHFRORQLDVGH
HVWUHSWRFRFRVHQPO

6H UHDOL]y HQULTXHFLPLHQWR HQ FDOGR &ULVWDO 9LROHWD XWLOL]DQGR  PO GH OD PXHVWUD GH DJXD \ VH LQFXEy
GXUDQWH  K D  & 6H WUDQVILULy XQ LQyFXOR D DJDU &HWULPLGH SDUD HO DLVODPLHQWR GH3VHXGRPRQDV

VSS $ ODV FRORQLDV VRVSHFKRVDV VH OHV UHDOL]y OD SUXHED GH 2[LGDVD &DWDODVD FUHFLPLHQWR HQ &DOGR
1XWULWLYRD&.LQJ$\.LQJ%

3DUD6DOPRQHOOD VSSVHUHDOL]yHOSUHHQULTXHFLPLHQWRHQFDOGRODFWRVDGR3DUDHOORVHLQRFXODURQPOGH

PXHVWUD HQ  PO GH PHGLR (O HQULTXHFLPLHQWR VHOHFWLYR VH UHDOL]y HQ FDOGR 6HOHQLWR&LVWLQD \ FDOGR

7HWUDWLRQDWR 6H DLVOy HQ DJDU %LVPXWR 6XOILWR \ DJDU 6DOPRQHOOD6KLJHOOD 66 (Q ORV PHGLRV GRQGH VH
REVHUYDURQFRORQLDVVRVSHFKRVDVGHVHU6DOPRQHOODVSSVHSURFHGLyDUHDOL]DUOHVODVSUXHEDVELRTXtPLFDV
GHLGHQWLILFDFLyQ,09,&76,)HQLODODQLQD/,$XWLOL]DFLyQGHPDORQDWR\PRYLOLGDG

3DUDODGHWHUPLQDFLyQGH$HURPRQDVVSSVHUHDOL]yODVLHPEUDGHPOGHFDGDPXHVWUDHQXQYROXPHQ

LJXDOGHDJXDSHSWRQDGDDOFDOLQD\VHLQFXEySRUKD &\&$SDUWLUGHGLFKRPHGLRVH

VHPEUyXQLQyFXORHQ$JDU0DF&RQNH\VHLQFXEyKVD& \DODVFRORQLDVVRVSHFKRVDVVHOHV

UHDOL]y ODV SUXHEDV GH 2[LGDVD &DWDODVD H ,QGRO 6L GLFKDV SUXHEDV HUDQ SRVLWLYDV VH FRPSOHWy OD
LGHQWLILFDFLyQPHGLDQWHHOVLVWHPD$3,(

3DUD HO DLVODPLHQWR H LGHQWLILFDFLyQ GH RWURV PLFURRUJDQLVPRV SDWyJHQRV R GH ULHVJR VH UHDOL]y OD

PHWRGRORJtD DFRQVHMDGD HQ ORV PDQXDOHV GHVWLQDGRV D WDO ILQ XWLOL]DQGR PHGLRV GH FXOWLYR VHOHFWLYRV \
GLIHUHQFLDOHV\ODVUHVSHFWLYDVSUXHEDVELRTXtPLFDVGHLGHQWLILFDFLyQ

6H HYDOXDURQ YDULDEOHV ItVLFRTXtPLFDV \ ELROyJLFDV VHJ~Q PpWRGRV HVWDQGDUL]DGRV ,Q VLWX VH HYDOXDURQ
RORU WXUELGH] FRORU \ WHPSHUDWXUD \ VH DQDOL]DURQ S+ 7HUPRSKPHWUR 73; $OWURQL[ $UJHQWLQD VyOLGRV
VHGLPHQWDEOHV D  PLQ \  K \ R[tJHQR GLVXHOWR 2' 2[tPHWUR /XWURQ '2 'LJLWDO 2[LJHQ 0HWHU

$UJHQWLQD (Q ODERUDWRULR VH DQDOL]DURQ GXUH]D FRQGXFWLYLGDG FORUXURV VXOIDWRV FDUERQDWRV \
ELFDUERQDWRVDOFDOLQLGDGVDOHVWRWDOHVDUVpQLFRIOXRUXUR'%2'421LWUyJHQR.MHOGKDO173DUWH

1RUJ% 0pWRGR 0DFUR .MHOGKDO 1LWULWRVQLWUDWRV 112 12  SDUWH  12 ( D \ F PRGLILFDGR \
IyVIRURWRWDO37332{3DUWH3

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

(O UHFXHQWR GH ODV PXHVWUDV SDUD DQiOLVLV ILFROyJLFR VH UHDOL]y SRU FRQWHR GLUHFWR PHGLDQWH PLFURVFRStD
ySWLFDH[SUHViQGRVHHQQ~PHURGHFpOXODVO3DUDODGHWHUPLQDFLyQGHFORURILODDVHDSOLFDURQPpWRGRV
HVWiQGDUHV/DWUDQVSDUHQFLDIXHHYDOXDGDLQVLWXDWUDYpVGHOGLVFRGH6HFFKL

3DUD OD YDORUDFLyQ GHULHVJRVSRWHQFLDOHV SDUD OD VDOXG KXPDQD \ DQLPDO VH XWLOL]DURQ YDORUHV REOLJDWRULRV
LPSHUDWLYRV R LQGLFDWLYRV JXtDV SDUD DJXDV VXSHUILFLDOHV GHVWLQDGDV D OD SURYLVLyQ GH DJXDV SDUD
FRQVXPR UHFUHDFLyQ \ SREODFLyQ DFXiWLFD HVWDEOHFLGDV SRU OD &RPXQLGDG (FRQyPLFD (XURSHD &(( \ OD
$JHQFLD GH 3URWHFFLyQ SDUD HO 0HGLR $PELHQWH GH (VWDGRV 8QLGRV 86 (3$ WHQLHQGR HQ FXHQWD

SDUiPHWURVItVLFRVTXtPLFRV\EDFWHULROyJLFRV/DFDOLGDGGHODJXDGHOHPEDOVH3LHGUDV0RUDVIXHHYDOXDGD
VHJ~QODV'LUHFWLYDVGHOD&((\ 86 (3$  

     3DUD HO XVR UHFUHDFLRQDO VH FRQVLGHUDURQ SULPHU FRQWDFWR VN\ QDWDFLyQ ZLQVXUI \
VHJXQGRFRQWDFWRXVRHVWpWLFREDUFRVFDQRDVFD]DND\DFEDOVDV

7DPELpQ VH FRQVLGHUDURQ ORV FULWHULRV PLFURELROyJLFRV SURYLVLRQDOHV GH FDOLGDG SDUD HO HPSOHR GH DJXDV
UHVLGXDOHV\H[FUHWDVHQDFXLFXOWXUDODUHVROXFLyQ1VREUHODFDOLGDGGHHIOXHQWHVOtTXLGRV\
ODV QRUPDV SDUD OD SURWHFFLyQ GH ORV UHFXUVRV KtGULFRV VXSHUILFLDOHV \ VXEWHUUiQHRV SDUD OD SURYLQFLD GH
&yUGRED

$QiOLVLVHVWDGtVWLFR
/DVYDULDEOHVEDFWHULROyJLFDVIXHURQORJDULWPL]DGDVVLHQGRHO103POLJXDODOORJ103PO3DUD

DQDOL]DUHOFRPSRUWDPLHQWRGHODVYDULDEOHVHQHVWXGLRVHDSOLFyXQWHVWQRSDUDPpWULFRHTXLYDOHQWHDOWHVW
GH6WXGHQW

5(68/7$'26<',6&86,21
/RVUHVXOWDGRVREWHQLGRVVHSUHVHQWDQHQODV7DEODV\
7DEOD$QiOLVLVEDFWHULROyJLFRHQHOHPEDOVH3LHGUDV0RUDV
3DUiPHWUR
(YDOXDGR

&ROLIRUPHV
WRWDOHV
 &ROLIRUPHV
WRWDOHV
&ROLIRUPHV
WHUPRWROHUDQWHV

(VW

(VW




3ULPDYHUD

9DORUHQFRQWUDGR

(VW

(VW

(VW

(VW

(VW




















9HUDQR
(VW

(VW

(VW









&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH







(FROL

 (FROL







3DUiPHWUR
(YDOXDGR

&ROLIRUPHV
WRWDOHV
&ROLIRUPHV
WHUPRWROHUDQWHV
(FROL

(VW

(VW














2WRxR





9DORUHQFRQWUDGR

(VW

(VW

(VW

(VW

(VW















(VW

(VW

(VW

,QYLHUQR










BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$XVHQFLDHQPO
3UHVHQFLDHQPO

3URPHGLRVGHGRVUHSHWLFLRQHVORJ103PO
 0pWRGR&ROLOHUW
/RV UHVXOWDGRV REWHQLGRV SDUD OD YDULDEOH &7 QR SHUPLWLHURQ GHWHUPLQDU GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ORV
VLWLRV PXHVWUHDGRV GXUDQWH ODV FXDWUR HVWDFLRQHV GHO DxR S! (Q SULPDYHUD HQ OD HVWDFLyQ
FRUUHVSRQGLHQWHDOD3DSHOHUDGHGHPRVWUyODSUHVHQFLDGHODVHVSHFLHV(QWHUREDFWHUFORDFDH\&IUHXQGLL

/DSUHVHQFLDGH3DHUXJLQRVD VHGHPRVWUyHQODV(VW\\GH3VHXGRPRQDVVSSHQODV(VW\
1RVHGHPRVWUyODSUHVHQFLDGH6DOPRQHOOD HQQLQJXQDGHODVHVWDFLRQHVGHPXHVWUHRDQDOL]DGDV

(Q YHUDQR HQ ODV (VW %DOQHDULR \ UtR 6RFRQFKR VH DLVOy OD HVSHFLH&LWUREDFWHU GLYHUVXV \ HQ ODV (VW
%DOQHDULR3DSHOHUD\(IOXHQWHGHFHUGRVODHVSHFLH(FORDFDH6HGHPRVWUyODSUHVHQFLDGH3DHUXJLQRVD

HQODV(VW\\GH3VHXGRPRQDVVSS HQODV(VW\1RVHGHPRVWUyODSUHVHQFLDGH6DOPRQHOODHQ
QLQJXQDGHODVHVWDFLRQHVGHPXHVWUHRHVWXGLDGDV6HDLVOy$HURPRQDVVSSHQOD(VWGHOD(QWUDGD

(QHORWRxRHQHOUtR6RFRQFKRVHHQFRQWUy&GLYHUVXV \VDOYRHQOD(VWHQHOUHVWRGHODVHVWDFLRQHV
VHGHWHUPLQyODSUHVHQFLDGHODHVSHFLH(FORDFDH3DHUXJLQRVDIXHDLVODGDHQWRGDVODVHVWDFLRQHVGH

PXHVWUHR/DHVSHFLH$HURPRQDVYHURQLLIXHDLVODGDHQODV(VW\1RVHGHPRVWUyODSUHVHQFLDGH
6DOPRQHOOD VSSHQODVHVWDFLRQHVGHPXHVWUHRHVWXGLDGDV

(Q LQYLHUQR VH GHPRVWUy OD SUHVHQFLD GH ODV HVSHFLHV( FORDFDH ( $HURJHQHV &LWUREDFWHU VSS \ 3

DHUXJLQRVD HQ WRGDV ODV HVWDFLRQHV GH PXHVWUHR 6H DLVOy $HURPRQDV VSS HQ ODV (VW  \   1R VH
GHPRVWUyODSUHVHQFLDGH6DOPRQHOODVSSHQODVHVWDFLRQHVGHPXHVWUHRHVWXGLDGDV

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

7DEOD$QiOLVLVEDFWHULROyJLFRHQHOHPEDOVH/D9LxD
3DUiPHWUR
HYDOXDGR

&ROLIRUPHV
WRWDOHV
&ROLIRUPHV
WHUPRWROHUDQWHV
(FROL

9DORUHQFRQWUDGR
9HUDQR
(VW

(VW

2WRxR
(VW

(VW

(VW

(VW

(VW

(VW



















,QYLHUQR




BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB










3ULPDYHUD

(VW



(VW

(VW

(VW










DXVHQFLDHQPO

3URPHGLRVGHGRVUHSHWLFLRQHVORJ103PO

(QYHUDQR\GXUDQWHHODxRVHGHPRVWUyODSUHVHQFLDGH3DHUXJLQRVD HQODV(VW&HQWUR\5tRGH

ORV 6DXFHV 1R VH GHPRVWUy OD SUHVHQFLD GH6DOPRQHOOD VSS HQ ODV HVWDFLRQHV GH PXHVWUHR HVWXGLDGDV
$HURPRQDV VSS IXH DLVODGD HQ ODV WUHV HVWDFLRQHV PXHVWUHDGDV  6H DLVODURQ ODV HVSHFLHV( FORDFDH \
6HUUDWLDRGRULIHUD HQODV(VW\UHVSHFWLYDPHQWH(QHODxRVHDLVOy3DHUXJLQRVDHQOD(VW\DO
DxRVLJXLHQWH$HURPRQDVVSS\ 3DHUXJLQRVDHQOD(VW&HQWUR

(Q RWRxR VH GHPRVWUy OD SUHVHQFLD GH3 DHUXJLQRVD HQ OD (VW 5tR GH ORV 6DXFHV 1R VH GHPRVWUy OD
SUHVHQFLDGH6DOPRQHOODVSSHQODVHVWDFLRQHVGHPXHVWUHRHVWXGLDGDV$HURPRQDVVSSIXHDLVODGDHQODV
WUHVHVWDFLRQHVPXHVWUHDGDV(QLQYLHUQRVHGHPRVWUyODSUHVHQFLDGH3DHUXJLQRVD HQOD(VW5tRGHORV

6DXFHV /D HVSHFLH $HURPRQDV FDYLDH IXH DLVODGD HQ ODV HVWDFLRQHV  \  (Q HO DxR  VH DLVOy
$HURPRQDV VSS HQ HO 5tR GH ORV 6DXFHV \ &HQWUR HQ WDQWR TXH HQ HO DxR  VH DLVOy$HURPRQDV

K\GURSKLOD HQHO5tRGHORV6DXFHV1RVHGHPRVWUyODSUHVHQFLDGH6DOPRQHOODVSSHQODVHVWDFLRQHVGH
PXHVWUHRHVWXGLDGDV

(QODSULPDYHUDHQODHVWDFLyQGHPXHVWUHR5tRGHORV6DXFHVVHDLVOy(VFKHULFKLDYXOQHULV6HGHPRVWUyOD
SUHVHQFLDGH3DHUXJLQRVDHQOD(VW\GH$HURPRQDVVSSHQODV(VW\\$HURPRQDVPHGLD HQODV
WUHVHVWDFLRQHVDQDOL]DGDV1RVHDLVOy6DOPRQHOODVSSHQODVHVWDFLRQHVGHPXHVWUHRHVWXGLDGDV

(Q DPERV HPEDOVHV \ HQ WRGDV ODV HVWDFLRQHV GH PXHVWUHR HO UHFXHQWR GH6 IDHFDOLV IXH PHQRU D 
XIFPO

3DUD HO HPEDOVH3LHGUDV 0RUDV \ SDUDQLWUyJHQRWRWDOSXGR REVHUYDUVHTXH ODGLVSHUVLyQ GHO QXWULHQWH IXH
GLIHUHQWH VHJ~Q OD HVWDFLyQ GHO DxR (O IyVIRUR WRWDO HQ SULPDYHUD SUHVHQWy VXV PD\RUHV QLYHOHV HQ ODV

HVWDFLRQHV GHO UtR 6RFRQFKR \ HO %DOQHDULR /RV QLYHOHV GH FORURILODD SHUPLWLHURQ VHxDODU TXH HQ OD

SULPDYHUD VH HQFRQWUDURQ ORV YDORUHV PD\RUHV HQ ODV HVWDFLRQHV GH (IOXHQWHV GH &HUGRV UtR 6RFRQFKR \
%DOQHDULR(OR[tJHQRGLVXHOWRQRSUHVHQWy GLIHUHQFLDVHQVXSDWUyQGHGLVSHUVLyQ\ODWHPSHUDWXUDQRUHYHOy
XQDWHQGHQFLDDQXDOHVSHFtILFD

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH

6HJ~QORVSURPHGLRVREWHQLGRVSDUDWXUELGH]PHGLGDGSRUPHGLRGHGLVFRGH6HFFKL\DORODUJRGHODxR
ODVFDUDFWHUtVWLFDVGHOHPEDOVH3LHGUDV0RUDVFRUUHVSRQGLHURQDOHVWDGRPHVRWUyILFR5HVSHFWRDFORURILODD
GXUDQWHODSULPDYHUD\YHUDQRIXHHXWUyILFRHQWDQWRTXHGXUDQWHHORWRxRHLQYLHUQRIXHPHVRWUyILFR3DUD
37 \ GXUDQWH HO RWRxR HO HPEDOVH VH HQFXDGUy HQ HO HVWDGR HXWUyILFR D GLIHUHQFLD GHO UHVWR GH ODV
HVWDFLRQHVGHODxRHQTXHUHVSRQGLyDOHVWDGRKLSHUHXWUyILFR

(QHVWHHVWXGLRVHREWXYLHURQORVVLJXLHQWHVUHVXOWDGRVGH1737UHODFLyQ13\FORURILODDORVTXH

VHLQGLFDQHQODV7DEODVD 

7DEOD1LYHOHVGH1737UHODFLyQ13\FORURILODD3ULPDYHUD
3DUiPHWUR
GHWHUPLQDGR
'LVFRGH6HFFKL
1LWUyJHQRWRWDO
)yVIRURWRWDO
13
&ORURILODD

8QLGDG

3URPHGLRV

9DORUHQFRQWUDGR
(QWUDGD

P
PJO
PJO
PJO
JO













(IO
&HUGRV






3DSHOHUD

5tR
6RFRQFKR












%DOQHDULR






7DEOD 1LYHOHVGH1737UHODFLyQ13\FORURILODD9HUDQR
3DUiPHWUR
GHWHUPLQDGR
'LVFRGH6HFFKL
1LWUyJHQRWRWDO
)yVIRURWRWDO
13
&ORURILODD

8QLGDG

3URPHGLRV

9DORUHQFRQWUDGR
(QWUDGD

P
PJO
PJO
PJO
JO













(IO
&HUGRV






3DSHOHUD

5tR
6RFRQFKR












%DOQHDULR






7DEOD1LYHOHVGH1737UHODFLyQ13\FORURILODD2WRxR
3DUiPHWUR
GHWHUPLQDGR
'LVFRGH6HFFKL
1LWUyJHQRWRWDO
)yVIRURWRWDO
13
&ORURILODD

8QLGDG

3URPHGLRV

9DORUHQFRQWUDGR
(QWUDGD

P
PJO
PJO
PJO
JO







BBBBBBBBBBBBBBBBBBBB







(IO
&HUGRV






3DSHOHUD






5tR
6RFRQFKR






%DOQHDULR






3URPHGLRVGHGRVUHSHWLFLRQHV
'HVYHVW

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



/RV UHVXOWDGRV REWHQLGRV HQ HO YHUDQR GH  UHYHODURQ ORV VLJXLHQWHV QLYHOHV SURPHGLRV SDUD 17 (VW
(QWUDGD PJO&HQWUR PJO \ 6DOLGD  PJO \ SDUD 37 (VW (QWUDGD  PJO &HQWUR 
PJO\6DOLGDPJO/DUHODFLyQ13IXHODVLJXLHQWH\UHVSHFWLYDPHQWH

(Q OD PLVPD HVWDFLyQ GHO DxR OD GLVWULEXFLyQ DOJDO HVWDFLRQDO SURPHGLR HQ HO 'LTXH 3LHGUDV 0RUDV
H[SUHVDGDHQQFpOPOIXHODVLJXLHQWH(VW(QWUDGD&HUDWLXPKLUXQGLQHOOD 0\FURFLVWLVDHUXJLQRVD 

&HQWUR&HUDWLXPKLUXQGLQHOOD \6DOLGD&HUDWLXPKLUXQGLQHOOD(QRWRxRODGLVWULEXFLyQIXHSDUDOD(VWGH
OD (QWUDGD /\QJE\D DHUXJLQHRFRHUXOHD  &HQWUR 3HULGLQLXP VS  \ 6DOLGD 1DYtFXOD VS  \ /\QJE\D
DHUXJLQHRFRHUXOHD 

&RPSDUDQGR ORV PXHVWUHRV GH ORV DxRV  \  OD GLVWULEXFLyQ DOJDO GLILHUH QRWDEOHPHQWH
REVHUYiQGRVHHOSUHGRPLQLR GH&HUDWLXP KLUXQGLQHOODD OR ODUJRGHODV HVWDFLRQHVPXHVWUHDGDVGXUDQWHHO
YHUDQR

(QHOHPEDOVH/D9LxDODVFRQFHQWUDFLRQHVPHGLDVVXSHULRUHVGH17\37IXHURQGHPJO\
GHPJOSDUDYHUDQR\SULPDYHUDUHVSHFWLYDPHQWH6HREVHUYDURQGLIHUHQFLDVVLJQLILFDWLYDVGH
FORURILODD WHPSHUDWXUD \ WUDQVSDUHQFLD GHO DJXD HQWUH ODV GLIHUHQWHV pSRFDV GHO DxR S  /D PD\RU
FRQFHQWUDFLyQ GH FORURILODD VH UHJLVWUy HQ YHUDQR FRQ XQ YDORU PHGLR GH    XJO (O R[tJHQR

GLVXHOWR GHO DJXD VLHPSUH HVWXYR SRU HQFLPD GH ORV QLYHOHV GH VDWXUDFLyQ WHQLHQGR XQD FRUUHODFLyQ
HVWDGtVWLFDPHQWHVLJQLILFDWLYDFRQODWHPSHUDWXUDUV 

(O FULWHULR VREUH FROLIRUPHV WRWDOHV SDUD DJXDV UHFUHDFLRQDOHV HVWi EDVDGR HQ HVWXGLRV UHDOL]DGRV SRU HO
6HUYLFLRGH6DOXG3~EOLFDGH(VWDGRV8QLGRV(OPLVPRIXHFRQYHUWLGRDFROLIRUPHVIHFDOHVHQ
 \ SRVWHULRUPHQWH OD 86 (3$  UHFRPLHQGD SDUD DJXDV VXSHUILFLDOHV UHFUHDFLRQDOHV SDUD SULPHU
FRQWDFWR(VFKHULFKLDFROLPO\(QWHURFRFFXVPO

3RUODPHWRGRORJtDHVWiQGDUVHGHPRVWUyODSUHVHQFLDGH(FROL HQYHUDQRHQOD(VW3DSHOHUD\HQRWRxR
SDUDODV(VW(QWUDGD\(IOXHQWHGHFHUGRV3RUHOPpWRGR&ROLOHUWVHSXGRDLVODU(FROLHQYHUDQRSDUDODV

(VW(QWUDGD \ (IOXHQWHGHFHUGRV7DEOD 3DUDDPEDVPHWRGRORJtDV VH REWXYLHURQ YDORUHV LQIHULRUHV D

ORVHQXQFLDGRVSRUODOHJLVODFLyQYLJHQWH8QHVWXGLRGH)UDQF\HWDOFRQFOX\HTXHODGLIHUHQFLDHQWUHHO

XVRGH(FROL \&7HHVTXHODSULPHUDSXHGHVHUXVDGDSDUDHVWDEOHFHUOtPLWHVJXtDV\HVWiQGDUHVVREUHOD
EDVH GH XQ QLYHO DFHSWDEOH GH ULHVJR (Q OD DFWXDOLGDG VH XWLOL]D ( FROL HQ OXJDU GH & 7H FROLIRUPHV

WHUPRWROHUDQWHV FRPR SDUiPHWUR LQGLFDGRU VL ELHQ HO HVWiQGDU QXPpULFR KD SHUPDQHFLGR LJXDO 

PO6HJ~QHVWHDXWRUODGLUHFWLYDGHOD&RPLVLyQGHOD&RPXQLGDG(XURSHDKDUHVXOWDGRPiVSHUPLVLYD
TXHODDQWHULRU

/DUHODFLyQHQWUHVXVFRQFHQWUDFLRQHVSXHGHYDULDUPLHQWUDVTXHODOLWHUDWXUDHSLGHPLROyJLFDGHPXHVWUDTXH
ODUHODFLyQHQWUH(FROL \HQIHUPHGDGHVDVRFLDGDVDDJXDVUHFUHDFLRQDOHVEDxRHVDOWD\VHHQFXHQWUDSRU
HQFLPDGHOtPLWHVJHRJUiILFRV

/DLQPHUVLyQHQDJXDVFRQWDPLQDGDVSXHGHUHVXOWDUHQLQIHFFLRQHVGHORVRMRVRtGRVQDUL]\JDUJDQWD/RV

FULWHULRVSDUDDJXDVUHFUHDFLRQDOHVVXSHUILFLDOHV\PDULQDVVHGHVDUUROODURQVHJ~QHVWXGLRVHSLGHPLROyJLFRV
DVRFLDGRV D OD RFXUUHQFLD GH HQIHUPHGDGHV JDVWURLQWHVWLQDOHV FRQ FRQFHQWUDFLRQHV GH FROLIRUPHV 'H ORV
GDWRVEDFWHULROyJLFRVVHHVWLPyTXHFRQFHQWUDFLRQHVGH&)GHPOSRGUtDQFDXVDUHQIHUPRVFDGD
EDxLVWDVHQFRVWDVGHDJXDVVXSHUILFLDOHV\HQIHUPRVFDGDEDxLVWDVHQFRVWDVPDULQDV

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



/RV HVWiQGDUHV SDUD EDFWHULDV GH 5KRGH ,VODQG 86$ SDUD DJXDV VXSHUILFLDOHV FODVH % DJXDV SDUD

FRQVXPRXVRDJUtFRODUHFUHDFLRQDOHVGHSULPHUFRQWDFWR\SLVFtFRODVRQ103PO\QRPiVGH
 103 PO SDUD &7 \ &) UHVSHFWLYDPHQWH  3DUD DJXDV VXSHUILFLDOHV GHVWLQDGDV D XVR

UHFUHDFLRQDO SDUD FRQWDFWR VHFXQGDULR VH UHFRPLHQGD QLYHOHV QR VXSHULRUHV DO ORJ GHO SURPHGLR GH 
FROLIRUPHVIHFDOHVPO

/RV ULHVJRV SDUD OD VDOXG S~EOLFD HVWiQ DVRFLDGRV DO FRQWDFWR GHO DJXD FRQ FRQWDPLQDFLyQ GH RULJHQ
KXPDQRDXQTXHDOJXQRVPLFURRUJDQLVPRVFRPR*LDUGLDODPELD \DPHQXGREDFWHULDVFRPR$HURPRQDV \
9LEULR GHRULJHQDQLPDOFDXVDQRFDVLRQDOPHQWHHQIHUPHGDGHVHQKXPDQRV

/DV SREODFLRQHV GH 3VHXGRPRQDV VS / 3VHXGRPRQDV VS % ( FROL .OHEVLHOOD SQHXPRQLDH

0LFURFRFFXVIODYXV\5KL]RELXPSKDVHROL GHFOLQDQUiSLGDPHQWHHQDJXDGHODJRVVLHQGRODVGRVSULPHUDV
ODVTXHGLVPLQX\HQHQIRUPDUiSLGDQRHQFRQWUiQGRVHFpOXODVYLDEOHVGHVSXpVGHORVGtDV

1RQHFHVDULDPHQWHODSUHVHQFLDGHDOWRVQLYHOHVGHELRLQGLFDGRUHVHQHODJXDLLPSOLFDODDSDULFLyQGHXQD

HQIHUPHGDG\DTXHHVWRGHSHQGHGHORULJHQGHODIXHQWHGHOJUDGRGHFRQWDPLQDFLyQ\GHODVXVFHSWLELOLGDG
GHO KRVSHGDGRU /D PD\RUtD GH ORV LQGLFDGRUHV GH FRQWDPLQDFLyQ SURYLHQHQ GH ODV IHFDV GH DQLPDOHV GH
VDQJUH FDOLHQWH LQFOX\HQGR ORV KXPDQRV SHUR PXFKDV &7 \ DOJXQDV &) VRQ EDFWHULDV TXH QDWXUDOPHQWH

YLYHQHQHOVXHORRHQHODJXD6LODFRQWDPLQDFLyQGHODJXDQRHVKXPDQDKD\XQDEDMDSUREDELOLGDGGH
DSDULFLyQ GH XQD HQIHUPHGDG SRUTXH OD PD\RUtD HV FDXVDGD SRU YLUXV HVSHFtILFRV SDUD FDGD HVSHFLH 6LQ

HPEDUJRVLHOQ~PHURGHOLQGLFDGRUHVWiSRUHQFLPDGHOHVWiQGDU \ODIXHQWHQRHVGHRULJHQKXPDQRHO
ULHVJRGHHQIHUPHGDGSDUDEDxRVHUiPHQRUTXHVLODIXHQWHGHFRQWDPLQDFLyQSURYLHQHGHXQDSODQWDGH
WUDWDPLHQWRGHUHVLGXRVFORDFDOHV

/D FRQWDPLQDFLyQ SRU &) HQ DPELHQWHV DFXiWLFRV HV XVXDOPHQWH PiV DOWD GHVSXpV GH OOXYLDV SRU HVR HO

FRQWDFWRSULPDULRFRQHODJXDEDxRGHEHUtDHYLWDUVHSRUYDULRVGtDVGHVSXpVGHWRUPHQWDVHQODJRVFHUFD

GH ORV WULEXWDULRV  VH KD GHPRVWUDGR TXH OD FRQWDPLQDFLyQ SRU FROLIRUPHV HQ DJXDV SDUD FRQVXPR
HVWXYRHQUHODFLyQDODGXUDFLyQ\SUHFLSLWDFLyQHQORVGtDVTXHSUHFHGLHURQDOPXHVWUHR

+DUGLQJGHPXHVWUDTXHSDUDDJXDVSDUDEDxRHOUHFXHQWRGH&)SHUPDQHFtDHOHYDGRGHVSXpVGHXQD

OOXYLDGHPPRPiVGXUDQWHDGtDV(VWXGLRVUHDOL]DGRVSRU(PLOLDQL\*RQ]iOH]GH3DLUDVHxDODQ

TXHHOSURPHGLRHQFRQWUDGRSDUD&)HQDPELHQWHVSUtVWLQRVUtRV\ODJXQDVUHVXOWDURQLQIHULRUHVD
POORJ 

1LHPL DQG 1LHPL  GHPRVWUDURQ TXH HO Q~PHUR GH LQGLFDGRUHV IHFDOHV HQ DJXDV HQ iUHDV DJUtFRODV D
PHQXGR H[FHGLy HO OtPLWH DFHSWDEOH SDUD DJXDV GH EDxR  EDFWHULD PO OR FXDO LQGLFD TXH ODV

GHVFDUJDVGLIXVDVSXHGHQVHUXQDIXHQWH LPSRUWDQWHGHSROXFLyQIHFDO/RVLQGLFDGRUHVIXHURQ GHWHFWDGRV

HQODPLWDGGHORVPXHVWUHRVHQiUHDVSUtVWLQDVH[FHGLHQGRHQDOJXQRVFDVRVHOOtPLWHGHDJXDVGHEXHQD
FDOLGDGSDUDEDxR&)PO(VWDFRQWDPLQDFLyQIXHSUREDEOHPHQWHFDXVDGDSRUDQLPDOHVVLOYHVWUHV
\IXHPD\RUHQDJXDVOyWLFDVTXHHQOpQWLFDV

&DEHVHxDODUTXHODLQIRUPDFLyQVREUHORVDQWHFHGHQWHVHQODFDOLGDGGHORVHPEDOVHVVREUHEDFWHULRORJtD
HVDLVODGDQRSXGLHQGRVLHPSUHFRQWUDVWDUVHFRQORVGHOSUHVHQWHHVWXGLR

(QHOHPEDOVH3LHGUDV0RUDVORVUHVXOWDGRVREWHQLGRVHQHODxRGHQRWDEDQIDOHQFLDVUHVSHFWRDODV
QRUPDVH[LJLGDVSRU',3$6\ORVSURSXHVWRVSDUDOD&XHQFDGHO3ODWDHQORVSDUiPHWURV&7\&)

(O HVWXGLR KLGURELROyJLFR UHDOL]DGR SRU 0DQFLQL \ 5RGUtJXH]  GXUDQWH HO PHV GH DEULO GHPRVWUy OD

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



SUHVHQFLDHQODHVWDFLyQFRUUHVSRQGLHQWHDOEDOQHDULRGH3DHUXJLQRVD \HQOD3DSHOHUDGH3DHUXJLQRVD \
(FROL/DSULPHUDVHGHWHUPLQyHQRWRxRHQWRGDVODVHVWDFLRQHVGHPXHVWUHRHQWDQWRTXH (FROLHQODV

(VW  \  $ GLIHUHQFLD GH DTXHO HVWXGLR HQ pVWH VH DLVOy HO JpQHUR$HURPRQDV HQ WRGRV ORV VLWLRV GH
PXHVWUHRFRQH[FHSFLyQGHOD(VW3DSHOHUD

/RV JpQHURV(QWHUREDFWHU &LWUREDFWHU \ DOJXQRV RWURV WDOHV FRPR3VHXGRPRQDV HVWiQ GLVWULEXLGRV HQ HO

PHGLRDPELHQWHGRQGHVREUHYLYHQPX\ELHQ(VWXGLRVUHDOL]DGRVSRU$]QDUHWDOGHPRVWUDURQTXH

3VHXGRPRQDV DOFDOLJHQHVIXHSUHGRPLQDQWHHQHOGHPXHVWUDVREWHQLGDVHQ XQ ODJRKLSHUHXWUyILFR
GH (VSDxD HQ WDQWR TXH RWURV JpQHURV FRPR$FLQHWREDFWHU 0RUD[HOOD 9LEULR $HURPRQDV WXYLHURQ XQD

DEXQGDQFLD UHODWLYD 7RGRV ORV JpQHURV H[FHSWR ORV ~OWLPRV PHQFLRQDGRV VRQ FRQVLGHUDGRV FRPR

KDELWDQWHVFRPXQHVGHORVPHGLRVDFXiWLFRVHQWDQWRTXHRFDVLRQDOPHQWHIXHURQDLVODGRVJpQHURVGHOD
IDPLOLD(QWHUREDFWHULDFHDH

3DHUXJLQRVD FRQVWLWX\HXQLPSRUWDQWHSDWyJHQRRSRUWXQLVWDHQODDFWXDOLGDGDPSOLDPHQWHGLVWULEXLGRHQOD

QDWXUDOH]D HV FDSD] GH VREUHYLYLU SRU PXFKR WLHPSR HQ GLIHUHQWHV DPELHQWHV \ GH LQIHFWDU D SODQWDV

DQLPDOHV\DOKRPEUH(VXQPLFURRUJDQLVPRILVLROyJLFDPHQWHYHUViWLO \ GH DOOtVXGLVWULEXFLyQHQHOVXHOR

SODQWDV FRQWHQLGR LQWHVWLQDO GH PDPtIHURV DJXDV VHUYLGDV \ FRQ IUHFXHQFLD HQ HO DJXD GH FRQVXPR
GRPLFLOLDULR (V VXVFHSWLEOH D OD GHVHFDFLyQ SHUR SXHGH VREUHYLYLU PXFKRV PHVHV HQ HO DJXD D OD

WHPSHUDWXUDDPELHQWH(QORVPHGLRVOtTXLGRVODVEDFWHULDVQRVHHQFXHQWUDQIORWDQGROLEUHPHQWHVLQRTXH
VHDGKLHUHQDODVVXSHUILFLHVDJUXSDGDVHQPLFURFRORQLDV

6H KD SRGLGR GHWHUPLQDU TXH OD UHODFLyQ HQWUH OD SREODFLyQ EDFWHULDQD DGKHULGD \ ODV EDFWHULDV TXH VH
HQFXHQWUDQIORWDQGRHQHOPHGLROtTXLGRHVGHD3DHUXJLQRVD YLYHGXUDQWHPXFKRWLHPSRHQSLOHWDV

\ HOHPHQWRV TXH SXHGDQ PDQWHQHU FLHUWD KXPHGDG /RV EURWHV HSLGpPLFRV RFXUUHQ HQ KXpVSHGHV
FRPSURPHWLGRVPLHQWUDVTXHVRQH[FHSFLRQDOHVODVLQIHFFLRQHVHQODVSHUVRQDVVDQDV

5HVSHFWR GH $ K\GURSKLOD OD PLVPD SXHGH FDXVDU LQIHFFLyQ HQ DQLPDOHV GH VDQJUH FDOLHQWH FRPR DVt

WDPELpQ HQ UHSWLOHV UDQDV \ SHFHV (Q HO KRPEUH OD SDWRORJtD FRPSUHQGH LQIHFFLRQHV GH KHULGDV

VHSWLFHPLDGLDUUHDDJXGDRWLWLVPHGLDFUyQLFDDEFHVRVLQIHFFLRQHVGHOWUDFWRUHVSLUDWRULR\XULQDULRGHDOOt
ODLPSRUWDQFLDGHVXE~VTXHGDHQVXVKiELWDWVFRPXQHVFRPRHODJXDGXOFHHVWDQFDGDRFLUFXODQWHDJXDV

VHUYLGDVVXHORVK~PHGRVDUUR\RVSR]RV\JULIRV)UDFFKLDGH6DOYD\GHWHUPLQDXQDUHODFLyQHQWUHOD
DSDULFLyQ GH $ K\GURSKLOD FRQ HO QLYHO GHO ODJR 6DQ 5RTXH WHPSHUDWXUD \ ORV PD\RUHV QLYHOHV GH
SUHFLSLWDFLRQHVHQFRQWUiQGRVHHOPD\RUQ~PHURGHPXHVWUDVGHDJXDFRQ$K\GURSKLOD HQORVEDOQHDULRV
GHOODJRHVGHFLUHQDJXDVQRFLUFXODQWHV

(QSHFHVODVLJQRORJtDFOtQLFD YDUtDVHJ~QODHVSHFLH DIHFWDGD HOFXUVR GH OD HQIHUPHGDG VH H[SUHVD HQ

IRUPDKLSHUDJXGDDJXGDFUyQLFD\XOFHURVDH[LVWHDGHPiVXQDIRUPDHSL]RyWLFD/DVHYHULGDGGHOFXDGUR

VHDVRFLDDOHVWDGRILVLROyJLFRGHORVSHFHVFDUDFWHUtVWLFDVDPELHQWDOHV\YLUXOHQFLDGHODFHSDDLVODGD
([LVWHQ DQWHFHGHQWHV GH DLVODPLHQWRV GH $ K\GURSKLOD HQ 2 ERQDULHQVLV GH HPEDOVHV SUy[LPRV D ORV
HVWXGLDGRVORVFXDOHVHVWXYLHURQDVRFLDGRVDFDPELRVHVWDFLRQDOHVGH FDOLGDGGHDJXD\DODSUHVHQFLD GH

HFWRSDUiVLWRV(QUHODFLyQDODLFWLRIDXQDHOFDUiFWHUGHSDWyJHQRRSRUWXQLVWDGHHVWDEDFWHULDFRQILHUH

XQ PD\RU ULHVJR HQ ORV PHVHV FiOLGRV GHELGR D ODV PRGLILFDFLRQHV GH FDOLGDG GH DJXD GH ORV HPEDOVHV
HVWXGLDGRV

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



/DGHQVLGDGGH$K\GURSKLOD YDUtDGHVGHPHQRVGHXQDFpOXODODDOJXQRVFLHQWRVSRUPOGHDJXDEDMRXQD

DPSOLDYDULHGDGGHFRQGLFLRQHVSULQFLSDOPHQWHWpUPLFDV(QHVWXGLRVOOHYDGRVDFDERSRU$UDXMRHWDO
VHGHPRVWUyTXHHQDJXDVOLEUHVGHFRQWDPLQDFLyQIHFDOQRKXERGLIHUHQFLDVHQWUHHOQ~PHURGH$HURPRQDV

\ FROLIRUPHV IHFDOHV SHUR HQ DJXDV SROXFLRQDGDV KXER XQD IXHUWH FRUUHODFLyQ SRVLWLYD U  HQWUH
$HURPRQDV FROLIRUPHV IHFDOHV \ '%2 (VWD VLWXDFLyQ QR FRLQFLGH FRQ ORV KDOOD]JRV FRUUHVSRQGLHQWHV DO
HPEDOVH/D9LxDGHELGRDODDXVHQFLDGHFROLIRUPHVWRWDOHV\IHFDOHVHQWRGRVORVPXHVWUHRVUHDOL]DGRV

(O XVR GH 6 IDHFDOLV HQ OR TXH UHVSHFWD DO ULHVJR SDUD OD VDOXG KXPDQD SRU FRQWDFWR FRQ DJXDV

FRQWDPLQDGDV GXUDQWH DFWLYLGDGHV UHFUHDWLYDV FRQVWLWX\H XQR GH ORV LQGLFDGRUHV ~WLOHV GH ULHVJR GH
HQIHUPHGDGHV(VLPSRUWDQWHGHVWDFDUHQHVWHVHQWLGRTXHORVQLYHOHVGH6IDHFDOLV HQDPERVHPEDOVHVVH
HQFRQWUDURQSRUGHEDMRGHORVHVWiQGDUHVSURSXHVWRV

5HVSHFWRDOILWRSODQFWRQDXQTXHORVIORUHFLPLHQWRVDOJDOHVXVXDOPHQWHQRSRVHHQXQULHVJRGLUHFWRVREUHOD
VDOXG FLHUWDV HVSHFLHV SURGXFHQ HQGR R H[RWR[LQDV TXH SXHGHQ DFXPXODUVH HQ FUXVWiFHRV \ WDPELpQ

SXHGHQWHQHUHIHFWRVGLUHFWRVVREUHODVDOXG$OJXQDVGHHVWDVWR[LQDVSXHGHQHQWUDxDUSHOLJURSDUDODYLGD
DFXiWLFDDXQTXHODH[SRVLFLyQFUyQLFDDPLFURFLVWLQDVQRKDVLGRELHQHVWXGLDGDVHSXHGHKLSRWHWL]DUTXH

HVWDV H[SRVLFLRQHV HQ SREODFLRQHV QDWXUDOHV GH SHFHV SXHGHQ GHMDU VHYHUDV QHFURVLV GH KHSDWRFLWRV
SpUGLGDGHODIXQFLRQDOLGDGKHSiWLFD\TXL]iVSURPRYHUWXPRUHVKHSiWLFRVRPXHUWH

6LHODJXDFRQWLHQHDOWDVFRQFHQWUDFLRQHV GHWR[LQDVGHFLDQREDFWHULDVRVXVWR[LQDVVRQLQJHULGDVFRQHO
DJXDGHEHELGDRDFFLGHQWDOPHQWHGXUDQWHHOEDxRH[LVWHXQULHVJRSDUDODVDOXGKXPDQD\DQLPDO*DUFLD

GH(PLOLDQL\(PLOLDQLVHxDODQODPRUWDQGDGGHJDQDGRYDFXQR\DYHVVLOYHVWUHVTXHDEUHYDURQHQXQD
ODJXQD SHUPDQHQWH GH OD FXHQFD LQIHULRU GHO UtR 6DODGR HQ GRQGH VH SURGXMR XQD IORUDFLyQ GH $QDEDHQD
VSLURLGHV [ RUJDQLVPRVPO


6LQ HPEDUJR OD UHODFLyQ HQWUH OD SUHVHQFLD GH FLDQRWR[LQDV \ HQIHUPHGDGHV KXPDQDV HV FRQ DOJXQDV
H[FHSFLRQHV D~Q QR FODUD (Q KXPDQRV OD PiV FRP~Q GH ODV PLFURFLVWLQDV PLFURFLVWLQD/5 SURGXFH
JDVWURHQWHULWLV\UHDFFLRQHVDOpUJLFDVRLUULWDFLRQHVDXQTXHHOyUJDQREODQFRHVHOKtJDGR

/RVIORUHFLPLHQWRVLQIRUPDGRVSRU&DOFDJQRHQHOHPEDOVH3LHGUDV0RUDVVRQSRFRV\GHEDMDUHOHYDQFLD
SHURPXHVWUDQHODOWRSRWHQFLDOWUyILFRGHOHPEDOVHGHULYDGRGHODSRUWHGHQXWULHQWHVHQODFXHQFDGHDSRUWH
&DEHVHxDODUTXH HVWHDXWRUUHSRUWD LQIRUPHVVREUHHVWRV IHQyPHQRV HQ MXOLR GH  \ HQ HQHUR GH
(VWH~OWLPRHVSHFLDOPHQWHIXHVLJQLILFDWLYR \D TXH RFDVLRQy OD JHQHUDFLyQ GH WR[LQDV TXH LQFLGLHURQ

VREUH OD YLGD DFXiWLFD SHFHV HVSHFLDOPHQWH DGHPiV GH LQFRQYHQLHQWHV SDLVDMtVWLFRV UHVWULFFLRQHV HQ HO
XVRUHFUHDWLYR\ODSRWDELOLGDGGHODJXD(ORUJDQLVPRLQYROXFUDGRHQHVDRSRUWXQLGDGIXH$QDEDHQD VS\

ODFDXVDSUREDEOHGHHVWHFUHFLPLHQWRDOJDOIXHHO YHUWLGRPDVLYRH LQFRQWURODGR GHQXWULHQWHV SURYHQLHQWH

GHOtTXLGRVFORDFDOHVFRQWDPLQDFLyQGLIXVDORVTXHVLQWUDWDPLHQWRDGHFXDGRGHWHUPLQDQODHXWURILFDFLyQ

GHO VLVWHPD  (O HQULTXHFLPLHQWR GH QXWULHQWHV SXHGH VHU QDWXUDO GHELGR D SURFHVRV JHROyJLFRV \
ELROyJLFRV \ FXOWXUDO SRU ODV DFWLYLGDGHV KXPDQDV GRPpVWLFDV LQGXVWULDOHV R DJUtFRODV 3RU HVWD UD]yQ OD
SURGXFFLyQGHFLDQREDFWHULDVHQH[FHVRSRUHQULTXHFLPLHQWRFXOWXUDOHVXQLQGLFDGRUGHSROXFLyQ

(QHOSUHVHQWHHVWXGLRVHREVHUYyODPD\RUFRQFHQWUDFLyQGH$QDEDHQDVSLURLGHV HQHOYHUDQRHQOD(VW
(QYHUDQR\RWRxR\HQPHQRUJUDGRHQLQYLHUQRODSUHVHQFLDGHRWUDFLDQRItFHD0LFURF\VWLVDHUXJLQRVD IXH
SHUPDQHQWHHQWRGDVODVHVWDFLRQHVHVWXGLDGDV

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



&DEH VHxDODU TXH VH KDQ UHSRUWDGR FDVRV SRU LQJHVWLyQ DFFLGHQWDO GH 0LFURF\VWLV OR TXH LQGLFD XQD
HYLGHQFLDGLUHFWDGHOSHOLJURGHODVDJXDVUHFUHDFLRQDOHVFRQIORUHFLPLHQWRVGHFLDQREDFWHULDV

3DUDPRQLWRUHDUODELRPDVDGHFLDQREDFWHULDV\DOJDVVHGHEHQWHQHUHQFXHQWDORVQLYHOHVGHFORURILODD
3DUDODJRVROLJRWUyILFRVORVYDORUHVVRQDJOHQWDQWRTXHSDUDODJRVHXWUyILFRVSXHGHVHUJO

(Q QXHVWUR SDtV QR VH KDQ HVWDEOHFLGR HVWiQGDUHV R FULWHULRV SDUD FDOLGDG GH DJXD SDUD SREODFLRQHV

DOJDOHVSHURVHGLVSRQHGHORVHVWiQGDUHVSDUDFDOLGDGGHDJXDSDUDFRQVXPRGH$XVWUDOLDORVTXHOLPLWDQ
ODFRQFHQWUDFLyQGHFLDQREDFWHULDVWy[LFDVDXQ Pi[LPRGHFpOPOTXHHTXLYDOHDSUR[LPDGDPHQWHD
JOGHFORURILODD

(Q HVWH HVWXGLR ORV YDORUHV GH FORURILODD VREUHSDVDQ HVWRV QLYHOHV HQ ODV HVWDFLRQHV GH SULPDYHUD \ HQ
PHQRU JUDGR YHUDQR VLQ HPEDUJR HO Pi[LPR Q~PHUR GH FpOXODV SDUD YHUDQR VH GHPRVWUy HQ HO UtR
6RFRQFKR 0LFURF\VWLV DHUXJLQRVD  FpOPO \ 6SLUXOLQD SODWHQVLV  FpOPO \ HQ RWRxR SDUD OD (VW
3DSHOHUD3OHFWRQHPDVSFpOPO

/RV YDORUHV JXtDV SURYLVLRQDOHV GH PLFURFLVWLQD VRQ   JO 3DUD XQ QLYHO GH ULHVJR EDMR VH GHEHQ

FRQVLGHUDU  JO GH FORURILODD \  FpOPO 3DUD FRQVLGHUDU XQ ULHVJR PRGHUDGR VH GHEHQ WHQHU HQ

FXHQWD GRV DVSHFWRV OD WR[LQD FRQWHQLGD HQ HO DJXD UHSUHVHQWDGD SRU HO Q~PHUR GH FpOXODV GLVSHUVDV

GHSHQGLHQGR GH ODV HVSHFLHV GH FLDQREDFWHULDV \ GH OD WR[LFLGDG FHOXODU \ HO VHJXQGR ULHVJR VH GHEH DO
GHVDUUROORGHHVSXPDHQODVXSHUILFLH1LYHOHVPRGHUDGRVWLHQHQXQDGHQVLGDGGHFpOPORJO
GHFORURILODD

'HDFXHUGRDHVWRVQLYHOHVORVHVWXGLRVUHDOL]DGRVHQHOHPEDOVH3LHGUDV0RUDVVHHQFXHQWUDQHQHOUDQJR
GHULHVJREDMRVLHQGRODSULPDYHUDODHVWDFLyQGHODxRGRQGHVHUHJLVWUDURQORVYDORUHVSURPHGLRPiVDOWRV
GHFORURILODDJO(QHVWXGLRVUHDOL]DGRVHQPDU]RSRU&DOFDJQRVHGHPRVWUDURQORVVLJXLHQWHV
QLYHOHVGHFORURILODDUtR6RFRQFKRJO]RQD0HGLDJO\HQOD(QWUDGDDOHPEDOVHJO

(QYHUDQRGHODGLVWULEXFLyQDOJDOHVWDFLRQDOSURPHGLRHQHO'LTXH3LHGUDV0RUDVHQQFpOPOIXHOD

VLJXLHQWH(VW(QWUDGD&HUDWLXPKLUXQGLQHOOD 0\FURFLVWLVDHUXJLQRVD &HQWUR&HUDWLXPKLUXQGLQHOOD \

6DOLGD&HUDWLXPKLUXQGLQHOOD(QRWRxRODGLVWULEXFLyQIXHSDUDOD(VWGHOD(QWUDGD/\QJE\DDHUXJLQHR

FRHUXOHD &HQWUR3HULGLQLXPVS\6DOLGD1DYtFXODVS\/\QJE\DDHUXJLQHRFRHUXOHD &RPSDUDQGR

ORV PXHVWUHRV GH ORV DxRV  \  OD GLVWULEXFLyQ DOJDO GLILHUH QRWDEOHPHQWH REVHUYiQGRVH HO
SUHGRPLQLRGH&HUDWLXPKLUXQGLQHOODDORODUJRGHODVHVWDFLRQHVPXHVWUHDGDVGXUDQWHHOYHUDQR
$OJXQRVGHHVWRVUHVXOWDGRVVHSUHVHQWDQHQOD)LJ

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH












&LDQREDFWHULDFpOPO



0LFURF\VWLVSULP



0LFURF\VWLVYHU



0LFURF\VWLVRWR




0LFURF\VWLVLQY



$QDEDHQDSUL



$QDEDHQDYHU



$QDEDHQDRWR



$QDEDHQDLQY










(QWUDGD

(I&HUGRV

3DSHOHUD

5tR6RFRQFKR

%DOQHDULR




)LJ 0LFURF\VWLV\$QDEDHQD(PEDOVH3LHGUDV0RUDV

(O FRPSRUWDPLHQWR REVHUYDGR HQ HO HPEDOVH 3LHGUDV 0RUDV SDUHFH LQGLFDU TXH OD SULQFLSDO IXHQWH GH
YDULDFLyQHVHOFLFORHVWDFLRQDO1RVHREVHUYyXQDHVWUXFWXUDHVSDFLDOFRQVWDQWHSHURFDEHVHxDODUTXHVL
ODPLVPDH[LVWHGHSHQGHUtDGHODHVWDFLyQGHODxR

/D VLWXDFLyQ GH HPEDOVHV HQ FDVFDGD IDYRUHFH OD VLWXDFLyQ GHO HPEDOVH 3LHGUDV 0RUDV DO LUVH UHWHQLHQGR
QXWULHQWHV\VyOLGRVVXVSHQGLGRVDJXDVDUULEDGHELGRDTXHGLFKRVFXHUSRVGHDJXDDFW~DQFRPRWUDPSDV

GH36LQ HPEDUJRDOVHUHOWLHPSRGH UHVLGHQFLD SHTXHxR HV IDFWLEOH TXH HQ ]RQDV GRQGH H[LVWH EXHQD
FLUFXODFLyQ HO GHVDUUROOR SODQFWyQLFR QR DOFDQFH VX SOHQLWXG SHUR Vt SXHGH RFXUULU HQ PD\RU JUDGR HQ ORV
EUD]RVGHOHPEDOVH

(VGHFLUGDGRTXHHOWLHPSRGHUHVLGHQFLDKLGUiXOLFR7UHQHOHPEDOVH1,QJ5HROtQYROXPHQKP

\KDHVEDMRDSUR[LPDGDPHQWHGtDVHVIDFWLEOHTXHSDUWHGHO3TXHOOHJDDpOSRUHVFRUUHQWtDGHOD
FXHQFD VHD YROFDGR DJXDV DEDMR H LQJUHVH DO HPEDOVH 3LHGUDV 0RUDV FXDGUXSOLFDQGR HVRV YDORUHV 7U

DSUR[LPDGDPHQWH GH  GtDV SRU OR TXH HO FUHFLPLHQWR GHO ILWRSODQFWRQ WHQGUtD HQ HO HPEDOVH 3LHGUDV
0RUDVXQDSRUWHH[WUD(VWDVLWXDFLyQH[SOLFDUtDORVQLYHOHVGH37HQFRQWUDGRVHQHOSUHVHQWHHVWXGLR

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



&21&/86,21(6
3DUDORVHPEDOVHV3LHGUDV0RUDV\/D9LxDORVYDORUHVREVHUYDGRVGHFROLIRUPHVIHFDOHVVLHPSUHIXHURQ
LQIHULRUHVDORVH[LJLGRVSRUODOHJLVODFLyQYLJHQWH

(ODLVODPLHQWRGHHVSHFLHVGHOJUXSR$HURPRQDVPyYLOHV$K\GURSKLOD$FDYLDH$PHGLD3DHUXJLQRVD

\(FROLUHTXLHUHPRQLWRUHRVSHULyGLFRVGHORVHPEDOVHVTXHFRQGX]FDQDSURIXQGL]DUHVWXGLRVHQYLUWXG
GHVXLQWHUUHODFLyQFRQHODPELHQWHODVDOXGS~EOLFD\DQLPDO

/RVSRFRVRQXORVDQWHFHGHQWHVHSLGHPLROyJLFRVGHDPERVOXJDUHVHVWXGLDGRVKDFHTXHFRLQFLGDPRVFRQ
ORVFULWHULRVDGRSWDGRVSRUOD86(3$\ORVHVWiQGDUHVTXHVHEDVDQHQODXWLOL]DFLyQGH(FROL$VLPLVPR

VH GHEH FRQVLGHUDU TXH QR WRGRV ORV DXWRUHV HVWiQ GH DFXHUGR FRQ HVWR ~OWLPR GHELGR D OD LPSRUWDQFLD
VDQLWDULDTXHWLHQHQRWURVLQWHJUDQWHVGHOJUXSRFROLIRUPH

6HJ~Q ORV UHVXOWDGRV ItVLFRTXtPLFRV REWHQLGRV SDUD DPERV HPEDOVHV OD FDOLGDG GHO DJXD VH HQFRQWUy

GHQWUR GH OtPLWHV DGPLVLEOHV /RV ULHVJRV GH IORUHFLPLHQWRV GLVPLQXLUtDQ HQ PHVHV GH PHQRU WHPSHUDWXUD
HQFXDGUiQGRVHORVFRPRHXWUyILFRVKLSHUHXWUyILFRV(VWRVUHVXOWDGRVGLILHUHQGHORVREWHQLGRVSRU&DOFDJQR
 FX\RV HVWXGLRV HQFXDGUDQ DO HPEDOVH 3LHGUDV 0RUDV FRPR PHVRWUyILFRHXWUyILFR OR FXDO LQGLFD XQ

HPSHRUDPLHQWRHQODVFRQGLFLRQHVGHFDOLGDGGHDJXDGHOHPEDOVH\HVFRLQFLGHQWHFRQODSUHGLFFLyQPiV

IUHFXHQWH JHQHUDOPHQWH FRQILUPDGD SRU HVWXGLRV VHJXLGRV VREUH DOJXQRV HPEDOVHV HV HO DXPHQWR GH OD
HXWURILD\GHWHULRURGHODFDOLGDGGHODJXD

(O DQiOLVLV GHO DJXD UHIOHMD ~QLFDPHQWH HO HVWDGR DFWXDO GH HOOD HO FXDO SXHGH YDULDU FRQ PXFKD UDSLGH]

VREUHWRGRVLVHWUDWDGHUtRVGHHVFDVRFDXGDODJXDVFRVWHUDVRDPELHQWHVOpQWLFRV(QORTXHUHVSHFWDDO
HVWXGLRGHODFRQWDPLQDFLyQFDXVDGDSRUODVDJXDVUHVLGXDOHVVHUtDSUHFLVRLQFOXLUWDPELpQHOVHGLPHQWRHQ

HVWXGLRV SRVWHULRUHV (VWR SHUPLWLUtD FRQRFHU HO DOFDQFH GH ODV FRQWDPLQDFLRQHV SUHFHGHQWHV SDUD HPLWLU
MXLFLR VREUH OD YHUGDGHUD FDOLGDG GHO DJXD \ ORV GLQiPLFRV SURFHVRV D ORV TXH HVWiQ VXMHWRV HVWRV
DPELHQWHVFRQWULEX\HQGRDVtDXQDPDQHMRUDFLRQDO\XQDJHVWLyQDGHFXDGDGHODPELHQWH
$*5$'(&,0,(1726
(VWHHVWXGLRIXHVXEVLGLDGRSRUODV6(&\7GHOD8QLYHUVLGDGHV1DFLRQDOHVGH5tR&XDUWR\GH&yUGRED/RV

DXWRUHVH[SUHVDQVXVLQFHURDJUDGHFLPLHQWRDOD&RRSHUDWLYD(OpFWULFD\DOPXQLFLSLRGH$OPDIXHUWHSRUVX
LQWHUpV\FRODERUDFLyQFRQHVWHWUDEDMR

%,%/,2*5$),$
 $3+$  6WDQGDUG 0HWKRGV IRU WKH ([DPLQDWLRQ RI :DWHU DQG :DVWH :DWHU $PHULFDQ 3XEOLF
+HDOWK$VVRFLDWLRQ1HZ<RUNWK(G

 $UDXMR 5 $UULEDV 5 /XFHQD ) 3DUHV 5  5HODWLRQ EHWZHHQ$HURPRQDV DQG IDHFDO FROLIRUPV LQ
IUHVKZDWHUV-RI$SSOLHG%DFWHULRORJ\

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



 $]QDU 5 $PDUR & *DUD\ ( $OFDLGH ( 3K\VLFRFKHPLFDO DQG EDFWHULRORJLFDO SDUDPHWHUV LQ D
K\SHUHXWURSKLFODJRRQ$OEXIHUDODNH9DOHQFLD6SDLQ=HQWUDOEO0LNURELRO

 %HUJH\CV0DQXDORI6\VWHPDWLF%DFWHULRORJ\9RO,\,,(G:LOOLDPV :LONLQV

 %HUJH\CV0DQXDORI'HWHUPLQDWLYH%DFWHULRORJ\1LQWK(GLWLRQ(G:LOOLDPV :LONLQVS

 &DOFDJQR$)LRULWL03HGUR]R)9LJOLDQR3/RSH]+5H\&5D]TXLQ04XLUyV5&DWiORJRGH

ODJRV\HPEDOVHVGHOD$UJHQWLQD&RQYHQLR ,QVW $UJHQWLQRGH5HFXUVRV+tGULFRV,$5+H,QVW1DF

GH&LHQFLD\7pFQLFD+tGULFDV,1&<7+

 &DOFDJQR$3URJUDPD1DFLRQDOGHDJXDSRWDEOH\DOFDQWDULOODGRFORDFDO(YDOXDFLyQGHLPSDFWR

DPELHQWDOS

 &DWDOiQ/DIXHQWH-4XtPLFDGHODJXD/LEUHUtD(GLWRULDO0DGULGS

 '
$TXLQR 0  6LWXDFLyQ VDQLWDULD GH DJXDV QR SRWDEOHV (Q $JXD 3UREOHPiWLFD 5HJLRQDO(G
(XGHED

 'DOVJDDUG , *XGPXQGVGyWWLU %. +HOJDVRQ 6 +RLH 6 7KRUHVHQ 2) :LFKDUGW 93 :LNOXQG 7 
,GHQWLILFDWLRQ RI DW\SLFDO $HURPRQDV VDOPRQLFLGD LQWHUODERUDWRU\ HYDOXDWLRQ DQG KDUPRQL]DWLRQ RI
PHWKRGV7KH6RFLHW\IRU$SSOLHG0LFURELRORJ\-RI$SSOLHG0LFURELRORJ\

 '$6  'LUHFFLyQ GH $JXD \ 6DQHDPLHQWR &yUGRED 1RUPDV SDUD OD SURWHFFLyQ GH ORV UHFXUVRV
KtGULFRVVXSHUILFLDOHV\VXEWHUUiQHRVS

 'LSDV  &ULWHULRV GH FDOLGDG GH HIOXHQWHV OtTXLGRV 'LUHFFLyQ SURYLQFLDO GH $JXD \ 6DQHDPLHQWR 
5HV1&yUGRED

 'LUHFWLYD &(( GHO &RQVHMR  $JXDV VXSHUILFLDOHV GHVWLQDGDV D OD SURYLVLyQ GH DJXD
SRWDEOH[[LLL

 'LUHFWLYD&((GHO&RQVHMR$JXDVGHEDxR[L[

 'LUHFWLYD&((GHO&RQVHMR3HFHVGHDJXDGXOFH[LL

 (PLOLDQL ) *RQ]iOH] GH 3DLUD 6  %DFWHULDV FROLIRUPHV HQ DPELHQWHV SUtVWLQRV GHO UtR 3DUDQi
PHGLR6DQWD)H$UJHQWLQDGLVWULEXFLyQ\FRUUHODFLRQHVFRQYDULDEOHVDPELHQWDOHV)DELFLE9RO


 (PLOLDQL ) /DMPDQRYLFK 5 $FRVWD 0$ %RQHWWR 6  9DULDFLRQHV WHPSRUDOHV \ HVSDFLDOHV GH
FROLIRUPHV GH (VFKHULFKLD FROL HQ DJXDV UHFUHDWLYDV IOXYLDOHV 5tR 6DODGR 6DQWD )H $UJHQWLQD
5HODFLyQFRQORVHVWiQGDUHVGHFDOLGDG5HY$UJHQWLQDGH0LFURELRORJtD

 )LQROD 0 5RGULJXH] & 0DQFLQL 0 %DVXDOGR & /DVDJQR 0 3URVSHUL &  5LVN\ EDFWHULD IRU
KXPDQ DQG DQLPDO KHDOWK LQ GDP RI &HQWUDO :HVW UHJLRQ RI &yUGRED $UJHQWLQD  S 
&RQIHUHQFHRQWKH&RQVHUYDWLRQDQG0DQDJHPHQWRI/DNHV-DSRQ

WK

,QWHUQ

 )UDFFKLD GH 6DOYD\ <  $HURPRQDV K\GURSKLOD HQ DJXDV GHO ODJR 6DQ 5RTXH \ DIOXHQWHV 5HY
$UJHQWLQDGH0LFURELRORJtD9RO

 )UDQF\ ' 0\HUV 1 0HW]NHU .  (VFKHULFKLD FROL DQG IHFDO FROLIRUP EDFWHULD DV LQGLFDWRU RI

UHFUHDWLRQDO ZDWHU TXDOLW\ 86 *HRORJLFDO 6XUYH\ :DWHU5HVRXUFHV ,QYHVWLJDWLRQV 5HSRUW 
&ROXPEXV2KLR

 +DUGLQJ :5  )DHFDO FROLIRUP GHQVLWLHV DQG ZDWHU TXDOLW\  FULWHULD LQ WKUHH FRDVWDO UHFUHDWLRQDO
ODNHVLQWKH6RZ&DSH6RXWK$IULFD:DWHU6$

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH



 /HKUHU$%DFWHULDOPRQLWRULQJRIVXUIDFHZDWHUV'HSRI1DWXUDO5HVRXUFHV6FLHQFH8QLYHUVLW\

RI5KRGH,VODQGS

 0DUD '  &DLUQFURVV 6 'LUHFWULFHV SDUD HO XVR VLQ ULHVJRV GH DJXDV UHVLGXDOHV \ H[FUHWDV HQ
DJULFXOWXUD\DFXLFXOWXUD0HGLGDVGHSURWHFFLyQGHODVDOXGS~EOLFD206S

 0DQFLQL05ROGHODEDFWHULD$HURPRQDVK\GURSKLOD HQLFWLRSDWRORJtD5HY0HGLFLQD9HWHULQDULD



 0DQFLQL05RGUtJXH]&,QIRUPH+LGURELRORJtDGHO'LTXH 3LHGUDV 0RUDV)DF GH $JURQRPtD \

9HWHULQDULD8QLYHUVLGDG1DFLRQDOGH5tR&XDUWRS

 0DQFLQL0/DUULHVWUD$6DQFKH]-(VWXGLRLFWLRSDWROyJLFRHQSREODFLRQHVVLOYHVWUHVGHODUHJLyQ

FHQWURVXUGHODSURYLQFLDGH&yUGRED$UJHQWLQD5HYGH0HGLFLQD9HWHULQDULD

 1LHPL 50 1LHPL -6  %DFWHULDO SROOXWLRQ RI ZDWHUV LQ SULVWLQH DQG DJULFXOWXUDO ODQGV- (QYLURQ
4XDO

 3HUHD 3HUH] (  (QIHUPHGDGHV LQIHFFLRVDV \ PLFURELRORJtD FOtQLFD (G 'R\PD 6$ %DUFHORQD
(VSDxD

 5DVPXVVHQ 7 +ROPEHFN3HOKDP 6 %DHUDQG . /DLGODZ 7  /DNH /DQLHU ZDWHU TXLOLW\ WDUJHWV
:DUQHOO6FKRRORI)RUHVW5HVRXUFHVDQG,QVWLWXWHRI(FRORJ\8QLYHUVLW\RI*HRUJLDS

 5RGULJXH] & %HROHWWR 9 )LQROD 0  %DFWHULRORJ\ RI SRXOWU\ OLWWHU FRPSRVW DQG WKH HDUWKZRUP
(LVHQLDIRHWLGD 2OLJRFKDHWD/XPEULFLGDH0HJDGULORJLFD9RO1

 5RGULJXH]&0DQFLQL0:H\HUV$$OFDQW~*3URVSHUL&$OJDODQGPLFURELDOYDULDWLRQLQODNHV

RI &yUGRED $UJHQWLQD ,QWHUQDWLRQDO &RQIHUHQFH RQ :DWHU 3UREOHPV LQ WKH 0HGLWHUUDQHDQ &RXQWULHV
1LFRVLD1RUWK&\SUXV7XUNH\&DStWXORGHOLEUR(QSUHQVD

 5RGUtJXH]&0DQFLQL0:H\HUV$$OFDQW~*(VWXGLRPLFURELROyJLFR\TXtPLFRGHO(PEDOVHGHO

5tR,,,&yUGRED$UJHQWLQD5HY&LHQFLD9HWHULQDULD&yUGRED1

 6FKHXHUPDQ 3 6FKPLGW - $OH[DQGHU 0  )DFWRUV DIIHFWLQJ WKH VXUYLYDO DQG JURZWK RI EDFWHULD
LQWURGXFHGLQWRODNHZDWHU$UFK0LFURELRO

 6WDPEXOLDQ ' -DVRYLFK $ ,QIHFFLRQHV SRU 3VHXGRPRQDV DHUXJLQRVD 3ULPHUD SDUWH 'SWR GH
,QIHFWRORJtD\0HGLFLQDSUHYHQWLYDGHO6DQDWRULR*HPHV+RVSLWDO3ULYDGR

 6WXNHO7*UHHQEHUJ5%UDGOH\'5HHG)-DFREV1$ORQJLWXGLQDOVWXG\RIUDLQIDOODQGFROLIRUP

FRQWDPLQDWLRQLQVPDOOFRPPXQLW\ZDWHUVXSSOLHV(QYLURQ6FL7HFKQRO

 86(3$+DQGERRNIRUHYDOXDWLQJZDWHUEDFWHULRORJLFDOODERUDWRULHV

 86 (3$  0HWKRGV IRU FKHPLFDO DQDO\VLV RI ZDWHU DQG ZDVWHV (QYLURQPHQWDO PRQLWRULQJ DQG
VXSSRUWODERUDWRU\(3$D&LQFLQDWWL2KLR

 86(3$$PELHQWZDWHUTXDOLW\FULWHULDIRUEDFWHULD86(3$2IILFHRIUHJXODWLRQV

DQGVWDQGDUGV:DVKLQJWRQ'F

&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH