BioIng ULPGC 2001 PDF

81,9(56,'$''(/$63$/0$6'(*5$1&$1$5,$
'(3$57$0(172'(,1*(1,(5$(/(&751,&$<$87207,&$
$3817(6'(%,2,1*(1,(5$
/LFHQFLDWXUDHQ0HGLFLQD
3ODQGH(VWXGLRVGH
&XUVR
6RQQLD0/ySH]6LOYD
-RVp5DPyQ6HQGUD6HQGUD
$SXQWHVGH%LRLQJHQLHUtD
$3817(6'(%,2,1*(1,(5$/,&(1&,$785$(10(',&,1$&8562
$XWRUHV6RQQLD0/ySH]6LOYD\-RVp5DPyQ6HQGUD6HQGUD
'HSDUWDPHQWRGH,QJHQLHUtD(OHFWUyQLFD\$XWRPiWLFD 8QLYHUVLGDGGH/DV3DOPDVGH*UDQ&DQDULD
,PSUHVRHQ 6HUYLFLRVGH5HSURJUDItD\(QFXDGHUQDFLyQ
8QLYHUVLGDGGH/DV3DOPDVGH*UDQ&DQDULD
&DPSXVGH7DILUD
/DV3DOPDVGH*UDQ&DQDULD(VSDxD
)HFKDGH,PSUHVLyQ0D\RGH
'HSyVLWR/HJDO*&
,6%1
1LQJXQD SDUWH GH HVWD SXEOLFDFLyQ SXHGH VHU UHSURGXFLGD DOPDFHQDGD R WUDQVPLWLGD GH QLQJXQD IRUPD QL SRU
QLQJ~QPHGLRVLQSUHYLDDXWRUL]DFLyQGHORVDXWRUHV
127$'(/26$8725(6
(OSUHVHQWHWH[WRQRFRQVWLWX\HHQPRGRDOJXQRXQOLEURFRPSOHWR\H[KDXVWLYR
VREUH OD ELRLQJHQLHUtD 7DO \ FRPR VX QRPEUH OR LQGLFD VH WUDWD GH XQRV
DSXQWHV GH ELRLQJHQLHUtD FRQIHFFLRQDGRV D SDUWLU GH QXHVWUDV QRWDV SDUD ODV
FODVHVLPSDUWLGDVDDOXPQRVGH/LFHQFLDWXUDHQ0HGLFLQDGHO&HQWURGH&LHQFLDV
GHOD6DOXGGHOD8QLYHUVLGDGGH/DV3DOPDVGH*UDQ&DQDULDGXUDQWHHOFXUVR
+HPRVSUHIHULGRQRREVWDQWHRUJDQL]DUORVORPHMRUSRVLEOHFRQHO
REMHWLYR GH TXH UHVXOWHQ GH XWLOLGDG D DTXHOORV DOXPQRV TXH VH PDWULFXOHQ HQ
HVWD DVLJQDWXUD \ TXH DQLPHQ D PDWULFXODUVH HQ OD PLVPD D DTXHOORV TXH SRU
GHVFRQRFLPLHQWR VH KDOOHQ LQGHFLVRV 3UHWHQGHPRV DPSOLDUORV \ PHMRUDUORV
SDXODWLQDPHQWH\QRGHVFDUWDPRVTXHHVWRVDSXQWHVVHDQODVHPLOODGHXQIXWXUR
OLEUR GH WH[WR DPSOLR H[KDXVWLYR \ DFWXDOL]DGR 6RQ ELHQYHQLGDV ODV
VXJHUHQFLDV FRQVHMRV DSRUWDFLRQHV \ FRODERUDFLRQHV 3RU ~OWLPR GHVHDPRV
DJUDGHFHU OD FRODERUDFLyQ EULQGDGD SRU 1DFKH 0XVD 0DUWtQ \ %RUMD 6DQWDQD
$UEHORDOXPQRVGH/LFHQFLDWXUDHQ0HGLFLQDHQOD8QLYHUVLGDGGH/DV3DOPDV
GH*UDQ&DQDULD
0D\RGH
%LRLQJHQLHUtD
/LFHQFLDWXUDHQ0HGLFLQD
3ODQGH(VWXGLRVGH
'HVFULSWRUHVGHOD$VLJQDWXUD
,QWURGXFFLyQ D OD ELRLQJHQLHUtD DVSHFWRV PpGLFRV \ WpFQLFRV 0pWRGRV HVWDGtVWLFRV H

LQIRUPiWLFRV HQ VDQLGDG ,QVWUXPHQWDFLyQ ELRPpGLFD (TXLSRV WHUDSpXWLFRV ,QJHQLHUtD
KRVSLWDODULD $QiOLVLV \ PRGHODGRV GH VLVWHPDV ELROyJLFRV 2EWHQFLyQ \ SURFHVDGR GH
LPiJHQHVELRPpGLFDV%LRPDWHULDOHV
7HPDULR
,QWURGXFFLyQDODELRLQJHQLHUtDDVSHFWRVPpGLFRV\WpFQLFRV
0pWRGRVHVWDGtVWLFRVHLQIRUPiWLFRVHQVDQLGDG
0pWRGRVHVWDGtVWLFRV
6LVWHPDVLQIRUPiWLFRV
,QVWUXPHQWDFLyQELRPpGLFD
6HQVRUHVELRPpGLFRV
6HQVRUHVItVLFRV
(OHFWURGRVGHELRSRWHQFLDOHV
6HQVRUHVHOHFWURTXtPLFRV
6HQVRUHVySWLFRV
6HQVRUHVELRDQDOtWLFRV
,QVWUXPHQWDFLyQKRVSLWDODULD
$PSOLILFDGRUHVGHELRSRWHQFLDOHV
0HGLFLyQGHODSUHVLyQDUWHULDO
0pWRGRVGHPXHVWUHRDODUJRSOD]R
0pWRGRVGLQiPLFRV
0RQLWRUL]DFLyQGHODUHVSLUDFLyQ
9RO~PHQHVSXOPRQDUHV
3UXHEDVGHIXQFLyQSXOPRQDU
0DUFDSDVRVLPSODQWDEOHV
,QGLFDFLyQGHORVPDUFDSDVRV
&RPSRQHQWHVGHOPDUFDSDVRV
(VWLPXODGRUHVLPSODQWDEOHVSDUDHOFRQWUROQHXURPXVFXODU
6HJXULGDGGHORVHVWLPXODGRUHVLPSODQWDEOHV
8VRFOtQLFRGHHVWLPXODGRUHVLPSODQWDEOHV
(TXLSRVGHODERUDWRULRFOtQLFR
0pWRGRVGHVHSDUDFLyQ\HVSHFWUDOHV
6HSDUDFLyQSRUFHQWULIXJDGR
&URPDWRJUDItDJDVHRVD\OtTXLGD
)XQGDPHQWRVGHORVPpWRGRVHVSHFWUDOHV
)OXRURPHWUtD
)RWRPHWUtDGHOODPD
LL
(VSHFWURVFRStDGHDEVRUFLyQDWyPLFD
7XUELGLPHWUtD\QHIHORPHWUtD
0pWRGRVQRHVSHFWUDOHV\DXWRPDWL]DFLyQ
5HFXHQWRHLGHQWLILFDFLyQGHSDUWtFXODV
0pWRGRVHOHFWURTXtPLFRV
(OHFWURGRVHVSHFtILFRV
0pWRGRVUDGLRDFWLYRV
&RDJXODFLyQ
2VPyPHWURV
$XWRPDWL]DFLyQ
(TXLSRVWHUDSpXWLFRV
$SOLFDFLRQHVWHUDSpXWLFDVGHFDPSRVPDJQpWLFRV\HOpFWULFRVSXOVDGRV\
VLQXVRLGDOHVGHEDMDIUHFXHQFLD
5HSDUDFLyQGHKXHVRV\FDUWtODJRVFRQFDPSRVPDJQpWLFRVSXOVDGRV
5HSDUDFLyQGHWHMLGRVEODQGRV\UHJHQHUDFLyQQHUYLRVD
+LSHUWHUPLDFRQUDGLRIUHFXHQFLDHQODWHUDSLDGHOFiQFHU
0pWRGRVGHFDOHQWDPLHQWRORFDO
0pWRGRVGHFDOHQWDPLHQWRUHJLRQDO
0pWRGRVGHFDOHQWDPLHQWRWRWDO
$QiOLVLV\PRGHODGRGHVLVWHPDVELROyJLFRV
6HxDOHVELRPpGLFDV
2ULJHQ\FDUDFWHUtVWLFDVGLQiPLFDV
7UDWDPLHQWRGHODVVHxDOHVELRPpGLFDV
$GTXLVLFLyQ\GLJLWDOL]DFLyQGHODVELRVHxDOHV
5HSUHVHQWDFLyQ\SURFHVDPLHQWRGHODVELRVHxDOHV
7pFQLFDVGHLQWHOLJHQFLDDUWLILFLDO
2EWHQFLyQ\SURFHVDGRGHLPiJHQHVELRPpGLFDV
5D\RV;
(TXLSDPLHQWR
$QJLRJUDItD
0DPRJUDItD
7RPRJUDItDFRPSXWHUL]DGD&7
5HVRQDQFLDPDJQpWLFD50
7RPRJUDItDGHHPLVLyQGHIRWRQHV63(&7
7RPRJUDItDGHHPLVLyQGHSRVLWURQHV3(7
8OWUDVRQLGRHFRJUDItD
7RPRJUDItDGHLPSHGDQFLDHOpFWULFD
$SOLFDFLRQHVPpGLFDVGHODWHFQRORJtDGHUHDOLGDGYLUWXDO
%LRPDWHULDOHV

%LEOLRJUDItD
(QGHUOH-'%ODQFKDUG60%URQ]LQR-',QWURGXFWLRQWR%LRPHGLFDO(QJLQHHULQJ
$FDGHPLF3UHVV
7KH%LRPHGLFDO(QJLQHHULQJ+DQGERRN(GLWRU-RVHSK'%URQ]LQR&5&3UHVV
6SULQJHU9HUODJQG (GLWLRQ
$QGHUVRQ6&\&RFND\QH64XtPLFDFOtQLFD,QWHUDPHULFDQD0F*UDZ+LOO
LLL
LY
7HPD,QWURGXFFLyQDODELRLQJHQLHUtDDVSHFWRVPpGLFRV\WpFQLFRV
0LHQWUDVXQRVGHILQHQOD ELRLQJHQLHUtDFRPRXQDDFWLYLGDGRULHQWDGDKDFLDXQDLQYHVWLJDFLyQ
EiVLFD tQWLPDPHQWH UHODFLRQDGD FRQ OD ELRWHFQRORJtD \ OD LQJHQLHUtD JHQpWLFD RWURV VXHOHQ
GHILQLUODFRPRXQDPSOLRSDUDJXDVEDMRHOFXDOFDEHWRGRXQH[WHQVRFDPSR(VWHFDPSRVHKD
DPSOLDGRVLJQLILFDWLYDPHQWHGHVGHHOGHVDUUROORGHGLVSRVLWLYRVPpGLFRVHQORVFLQFXHQWD\ORV
VHVHQWDKDVWDDEDUFDUXQFRQMXQWRPXFKRPD\RUGHDFWLYLGDGHVHQHOSUHVHQWH
/DELRLQJHQLHUtDRLQJHQLHUtDELRPpGLFDHVXQDUDPDLQWHUGLVFLSOLQDULDGHODLQJHQLHUtDTXHYD
GHVGH WHPDV WHyULFRV \ QR H[SHULPHQWDOHV KDVWD DSOLFDFLRQHV PX\ DFWXDOHV /D ELRLQJHQLHUtD
SXHGHDEDUFDULQYHVWLJDFLyQGHVDUUROOR LPSOHPHQWDFLyQ \ RSHUDFLyQ (Q FRQVHFXHQFLDWDO\
FRPR RFXUUH HQ OD SUiFWLFD PpGLFD QR HV SRVLEOH TXH XQD VROD SHUVRQD SXHGD DGTXLULU XQD
HVSHFLDOL]DFLyQ TXH DEDUTXH WRGR HO FDPSR 'HELGR D OD QDWXUDOH]D LQWHUGLVFLSOLQDU GH HVWD
DFWLYLGDG H[LVWH XQD JUDQ LQWHUDFFLyQ \ VRODSDPLHQWR GH LQWHUHVHV \ HVIXHU]RV HQWUH
HVSHFLDOLVWDVGHGLIHUHQWHVUDPDV3RUHMHPSORORVLQJHQLHURV ELRPpGLFRVLQYROXFUDGRVHQHO
GHVDUUROORGHELRVHQVRUHVKDQGHLQWHUDFWXDUFRQORVLQWHUHVDGRVHQGLVSRVLWLYRVSURWpVLFRVHQ
ODFUHDFLyQGHODIRUPDGHGHWHFWDU\XWLOL]DUODVPLVPDV VHxDOHVELRHOpFWULFDVHQODDFWLYDFLyQ
GHO GLVSRVLWLYR SURWpVLFR (Q RWURV FDVRV ORV LPSOLFDGRV HQ OD DXWRPDWL]DFLyQ GH XQ
ODERUDWRULRGHTXtPLFDFOtQLFDGHEHQFRODERUDUFRQORVTXHGHVDUUROODQORVVLVWHPDVH[SHUWRV
SDUDODDVLVWHQFLDHQODWRPDGHGHFLVLRQHVPpGLFDV/DFDQWLGDGGHSRVLEOHVHMHPSORVTXHVH
SRGUtDQFLWDUHVSUiFWLFDPHQWHLQILQLWD
/DVGLVFLSOLQDVGHODELRLQJHQLHUtDSXHGHQUHVXPLUVHFRPR
x $QiOLVLVPpGLFR\ELROyJLFR'HWHFFLyQFODVLILFDFLyQ\DQiOLVLVGHODVVHxDOHVELRHOpFWULFDV
x %LRPDWHULDOHV'LVHxR\GHVDUUROORGHPDWHULDOHVELRLPSODQWDEOHV
x %LRPHFiQLFD (VWXGLR GH OD PHFiQLFD HVWiWLFD \ GLQiPLFD DVRFLDGD D ORV VLVWHPDV
ILVLROyJLFRV
x %LRVHQVRUHV'HWHFFLyQGHHYHQWRVELROyJLFRV\VXFRQYHUVLyQDVHxDOHVHOpFWULFDV
x %LRWHFQRORJtD &UHDFLyQ R PRGLILFDFLyQ GH PDWHULDOHV ELROyJLFRV FRQ ILQHV EHQHILFLRVRV
LQFOX\HQGRODLQJHQLHUtDGHWHMLGRV
x 'LVSRVLWLYRV SURWpVLFRV \ yUJDQRV DUWLILFDOHV 'LVHxR \ GHVDUUROOR GH GLVSRVLWLYRV SDUD HO
UHHPSOD]RRODPHMRUDGHODVIXQFLRQHV
x (IHFWRVELROyJLFRVGH ODFDPSRVHOHFWURPDJQpWLFRV(VWXGLRGHORVHIHFWRVGHORVFDPSRV
HOHFWURPDJQpWLFRVVREUHORVWHMLGRVELROyJLFRV
x )HQyPHQRVGHWUDQVSRUWH0RQLWRUL]DFLyQPHGLFLyQ\PRGHODGRGHSURFHVRVELRTXtPLFRV
x ,PiJHQHVPpGLFDV5HSUHVHQWDFLyQJUiILFDGHGHWDOOHVDQDWyPLFRV\ILVLROyJLFRV
x ,QIRUPiWLFDPpGLFD'DWRVGHORVSDFLHQWHVLQWHUSUHWDFLyQGHORVUHVXOWDGRV\DVLVWHQFLDHQ
ODWRPDGHGHFLVLRQHVPpGLFDVLQFOX\pQGRVHORVVLVWHPDVH[SHUWRV\ODVUHGHV QHXURQDOHV
x ,QJHQLHUtDFOtQLFD'LVHxR\GHVDUUROORGHGLVSRVLWLYRVVLVWHPDV\SURFHGLPLHQWRVFOtQLFRV
x ,QJHQLHUtD SDUD OD UHKDELOLWDFLyQ 'LVHxR \ GHVDUUROOR GH GLVSRVLWLYRV \ SURFHGLPLHQWRV
WHUDSpXWLFRV\SDUDODUHKDELOLWDFLyQ
x ,QVWUXPHQWDFLyQELRPpGLFD0RQLWRUL]DFLyQ\PHGLFLyQGHHYHQWRVILVLROyJLFRVLPSOLFDHO
GHVDUUROORGHELRVHQVRUHV
x 0RGHODGR VLPXODFLyQ \ FRQWURO GH OD ILVLRORJtD 8WLOL]DFLyQ GH OD VLPXODFLyQ PHGLDQWH
RUGHQDGRUHVSDUDGHVDUUROODUXQDPHMRUFRPSUHQVLyQGHODVUHODFLRQHVILVLROyJLFDV
7HPD0pWRGRVHVWDGtVWLFRVHLQIRUPiWLFRVHQVDQLGDG
0pWRGRVHVWDGtVWLFRV
/RVWHPDVUHODFLRQDGRVFRQORVPpWRGRVHVWDGtVWLFRVKDQVLGRHVWXGLDGRVHQ %LRHVWDGtVWLFD
DVLJQDWXUDWURQFDOTXHVHLPSDUWHHQHOSULPHUFXUVRGHO3ODQGH(VWXGLRVGH3RUHOORQRV
OLPLWDPRVDUHVXPLUVyORDOJXQRVFRQFHSWRVIXQGDPHQWDOHV
7LSRVGHHUURUHV
(UURU HV OD GLIHUHQFLD HQWUH HO YDORU HVWLPDGR GH XQD FDQWLGDG \ VX YDORU YHUGDGHUR (VWD
GLIHUHQFLDSRVLWLYDRQHJDWLYDSXHGHVHUH[SUHVDGDR HQ ODVXQLGDGHVHQ TXH OD FDQWLGDGHV
PHGLGDRFRPRXQSRUFHQWDMHGHOYDORUUHDO
(UURUDOHDWRULR ($HVXQHUURUTXHSXHGHVHUSRVLWLYRRQHJDWLYRFX\DGLUHFFLyQ\PDJQLWXG
H[DFWDVQRSXHGHQVHUSUHGLFKDV
(UURUVLVWHPiWLFR (6HVXQHUURUTXHRFXUUHVLHPSUHHQXQDGLUHFFLyQ
(UURUSURSRUFLRQDO (3HVXQHUURUTXHRFXUUHVLHPSUHHQXQDGLUHFFLyQ\FX\DPDJQLWXGHV
XQSRUFHQWDMHGHODFRQFHQWUDFLyQGHODVXVWDQFLDTXHHVWiVLHQGRPHGLGD
(UURUFRQVWDQWH (&HVXQHUURUTXHRFXUUHVLHPSUHHQODPLVPDGLUHFFLyQ\PDJQLWXG
(UURUWRWDO (7HVODVXPDGHORVHUURUHVDOHDWRULR\VLVWHPiWLFRSRUORTXH
(7 ($(6
6LHQGR
(6 (3(&
UHVXOWDTXH (7 ($(3(&
3UHFLVLyQHVODFRLQFLGHQFLDHQWUHPHGLFLRQHVUHSHWLGDVUpSOLFDV
([DFWLWXG HV OD FRLQFLGHQFLD HQWUH HO PHMRU YDORU HVWLPDGR GH XQD PDJQLWXG \ VX YDORU
YHUGDGHUR
/D SUHFLVLyQ \ OD H[DFWLWXG QR WLHQHQ YDORU QXPpULFR SRU HVR VH GHEH YHU TXp VRQ OD
LPSUHFLVLyQ\ODLQH[DFWLWXG
,PSUHFLVLyQGHVYLDFLyQHVWiQGDURFRHILFLHQWHGHYDULDFLyQGHORVUHVXOWDGRVGHXQJUXSRGH
PHGLFLRQHVUHSHWLGDVUpSOLFDV(OYDORUPHGLR\HOQ~PHURGHUpSOLFDVGHEHQVHUHVWDEOHFLGRV
\ HO GLVHxR XVDGR GHEH VHU GHVFULWR GH WDO IRUPD TXH RWURV SXHGDQ UHSHWLUOR (VWR HV
SDUWLFXODUPHQWH LPSRUWDQWH FXDQGR XQ WpUPLQR HVSHFtILFR HV XVDGR SDUD GHQRPLQDU XQ WLSR
SDUWLFXODUGHLPSUHFLVLyQFRPRHQWUHODERUDWRULRVHQXQGtDRHQWUHGtDV
,QH[DFWLWXGGLIHUHQFLDQXPpULFDHQWUHODPHGLDGHXQMXHJRGHPHGLFLRQHVUHSHWLGDVUpSOLFDV
\HOYDORUYHUGDGHUR(VWDGLIHUHQFLDSRVLWLYDRQHJDWLYDSXHGHVHUH[SUHVDGDHQODVXQLGDGHV
HQODVTXHODPDJQLWXGHVPHGLGDRFRPRXQSRUFHQWDMHGHOYDORUYHUGDGHUR

9DULDEOHVHVWDGtVWLFDV
8QDYDULDEOHHVWDGtVWLFDHVVLPSOHPHQWHXQQ~PHURTXHGHVFULEHXQDVHULHGHRWURVQ~PHURVD
SDUWLUGHORVFXDOHVpVWDKDVLGRFDOFXODGD
/RVGDWRVTXHVHREWLHQHQDOUHDOL]DUXQFRQMXQWRGHPHGLFLRQHVSUHVHQWDQXQDGLVWULEXFLyQR
GLVSHUVLyQ GH YDORUHV GHWHUPLQDGD &XDQGR DO UHSUHVHQWDU ORV UHVXOWDGRV HQ XQD JUiILFD GH
IUHFXHQFLDYDORUHVREWHQLGRVHQHOHMH [Q~PHURGHYHFHVRIUHFXHQFLDHQHOHMH \ORVGDWRV
SXQWXDOHV TXH VH HQFXHQWUDQ D OD GHUHFKD GHO Pi[LPR GLUHFFLyQ SRVLWLYD VRQ
DSUR[LPDGDPHQWH LJXDOHV D ORV GDWRV SXQWXDOHV GH OD L]TXLHUGD GHO Pi[LPR GLUHFFLyQ
QHJDWLYDVHGLFHTXHGLFKRVGDWRVWLHQHQGLVWULEXFLyQQRUPDOHQWRUQRDOSXQWRGHWHQGHQFLD
FHQWUDO/DFXUYDTXHVHIRUPDFRQGDWRVTXHWLHQHQODGLVWULEXFLyQQRUPDOHVVLPpWULFD\WLHQH
IRUPD GH FDPSDQD 0HGLDQWH HO DQiOLVLV PDWHPiWLFR GH OD FXUYD VH REWLHQHQ ORV SDUiPHWURV
HVWDGtVWLFRVTXHODFDUDFWHUL]DQ
0HGLD R YDORU PHGLR HV HO SURPHGLR GH ORV GDWRV SXQWXDOHV R YDORUHV 6H FDOFXOD FRPR OD
VXPDGHWRGRVORVYDORUHV[LHQWUHODFDQWLGDGGHYDORUHVQ
[P 6 [L Q
0HGLDQD HV HO GDWR SXQWXDO TXH VH REVHUYD WUDV RUGHQDU ORV GDWRV SRU RUGHQ GHVFHQGHQWH R
DVFHQGHQWH 6H GHWHUPLQD KDFLHQGR XQD OLVWD GH ORV GDWRV SXQWXDOHV SRU RUGHQ QXPpULFR
LQFOX\HQGRORVGDWRVSXQWXDOHVTXHVHUHSLWHQ\HOLJLHQGRHOYDORULQWHPHGLR
0RGDHVHOYDORUTXHRFXUUHFRQPD\RUIUHFXHQFLD
&XDQGR ORV GDWRV WLHQHQ GLVWULEXFLyQ QRUPDO OD PHGLD OD PHGLDQD \ OD PRGD VRQ
DSUR[LPDGDPHQWHLJXDOHV(QRWUDVSDODEUDVODWHQGHQFLDFHQWUDOHQWRUQRDODFXDOVHDJUXSDQ
ORV GDWRV QR VyOR HV HO YDORU TXH VH UHSLWH FRQ PD\RU IUHFXHQFLD VLQR WDPELpQ HO YDORU
LQWHUPHGLRGHOFRQMXQWRGHGDWRV\HOSURPHGLRGHWRGRVORVYDORUHV
/RVSDUiPHWURVHVWDGtVWLFRVTXHGDQXQFRQFHSWRPDWHPiWLFRGHODGLVSHUVLyQGHORVGDWRVHQ
WRUQRDODPHGLGDVRQ
5DQJRHVODGLIHUHQFLDHQWUHHOYDORUVXSHULRURPi[LPR\HOYDORUPiVEDMRRPtQLPRGHXQ
FRQMXQWRGHGDWRV
9DULDQ]D PLGH OD GLVWDQFLD DO FXDGUDGR SURPHGLR GH ORV GDWRV SXQWXDOHV FRQ UHVSHFWR D OD
PHGLD6HFDOFXODFRPR
6 6 [L [P Q
'HVYLDFLyQHVWiQGDU '(HVODUDt]FXDGUDGDGHODYDULDQ]D
'( >6 [L [P Q@
,QWHUYDORVGHFRQILDQ]DVRQORVOtPLWHVGHQWURGHORVFXDOHVVHHVSHUDTXHHVWpXQDSURSRUFLyQ
HVSHFtILFD GH XQD SREODFLyQ (Q HO DQiOLVLV HVWDGtVWLFR GH PHGLGDV UHSHWLGDV TXH VLJXHQ XQD
GLVWULEXFLyQ QRUPDO ORV OtPLWHV GH FRQILDQ]D VH UHILHUHQ DO SRUFHQWDMH GH GDWRV TXH VH
HQFXHQWUD GHQWUR GH LQWHUYDORV TXH LQFOX\HQ D OD PHGLD \ ODV XQLGDGHV HVSHFtILFDV GH
GHVYLDFLyQHVWiQGDUHQWRUQRDODPHGLD
&RHILFLHQWH GH YDULDFLyQ &9 HV OD GHVYLDFLyQ HVWiQGDU H[SUHVDGD FRPR SRUFHQWDMH GH OD
PHGLD6HFDOFXODGLYLGLHQGRODGHVYLDFLyQHVWiQGDUHQWUHODPHGLD\PXOWLSOLFDQGRSRU
&9 '([P

(YDOXDFLyQGHHTXLSRV\PpWRGRV
'XUDQWHODHYDOXDFLyQGHXQHTXLSRRPpWRGRHOREMHWLYRGHEHVHUHVWLPDUORVHUURUHVDSDUWLU
GHORVUHVXOWDGRVGHORVH[SHULPHQWRVGHHYDOXDFLyQ/DVYDULDEOHVHVWDGtVWLFDVGHEHQSURYHHU
LQIRUPDFLyQ VREUH HO WLSR \ PDJQLWXG GH ORV HUURUHV 8QD VHFXHQFLD DGHFXDGD SDUD OD
HYDOXDFLyQGHXQLQVWUXPHQWRRXQPpWRGRHVHYDOXDUSULPHUDPHQWHVXSUHFLVLyQ\H[DFWLWXGD
FRQWLQXDFLyQ VX OLQHDOLGDG \ SRVWHULRUPHQWH UHDOL]DU XQD FRPSDUDFLyQ FRQ RWUR PpWRGR R
HTXLSRUHFRQRFLGR
8QSURFHGLPLHQWRSDUDODHYDOXDFLyQGHODSUHFLVLyQ\ODH[DFWLWXGSXHGHVHUODUHDOL]DFLyQGH
GHWHUPLQDFLRQHV HQ FDGD XQR GH QLYHOHV GLIHUHQWHV PLGLHQGR DOHDWRULDPHQWH ODV
PXHVWUDV \ ORV SDWURQHV FRQ UpSOLFDV (V UHFRPHQGDEOH TXH ORV QLYHOHV HVFRJLGRV YDUtHQ
DPSOLDPHQWHGHVGHODVPiVEDMDVDODVPiVDOWDVFRQFHQWUDFLRQHV$SDUWLUGHORVUHVXOWDGRV
REWHQLGRVVHFDOFXODQHOYDORUPHGLRODGHVYLDFLyQHVWiQGDU\HOFRHILFLHQWHGHYDULDFLyQSDUD
FDGDQLYHO
3DUDHYDOXDUODOLQHDOLGDGVHUHDOL]DXQDQiOLVLVGHUHJUHVLyQOLQHDOSRUPtQLPRVFXDGUDGRVFRQ
ORV YDORUHV PHGLRV REWHQLGRV SDUD FDGD QLYHO /D UHJUHVLyQ OLQHDO SRU HO PpWRGR GH ORV
PtQLPRVFXDGUDGRVXVDGDFRUUHFWDPHQWHUHYHOD\FXDQWLILFDORVHUURUHVDOHDWRULRVFRQVWDQWHV
\SURSRUFLRQDOHV
4XHORVUHVXOWDGRVGHODFRPSDUDFLyQLQGLTXHQTXHORVLQVWUXPHQWRVRPpWRGRVGHUHIHUHQFLD\
HYDOXDGR VRQ YLUWXDOPHQWH LGpQWLFRV QR VLJQLILFD TXH HO PpWRGR R LQVWUXPHQWR HYDOXDGR HV
EXHQR R PDOR (VWR VyOR VLJQLILFD TXH HO LQVWUXPHQWR R PpWRGR HYDOXDGR SURGXFH R QR
UHVXOWDGRVVLPLODUHVDORVGHOPpWRGRGHUHIHUHQFLD
7DEOD6HQVLELOLGDGGHYDULDEOHVHVWDGtVWLFDVDGLIHUHQWHVWLSRVGHHUURUHV

3DUiPHWUR
7LSRGHHUURU
$OHDWRULR
&RQVWDQWH
3URSRUFLRQDO

0tQLPRVFXDGUDGRV
3HQGLHQWHE
12
12
6
,QWHUFHSWRHQ\D
12
6
12
(UURUHVWiQGDU'6\[
6
12
12
7HVWW
%LDV
12
6
6
'HVYLDFLyQHVWiQGDU
6
12
6
&RHILFLHQWHGHFRUUHODFLyQU
6
12
12
/RV VLVWHPDV LQIRUPiWLFRV GH ORV KRVSLWDOHV LQFRUSRUDQ LQIRUPDFLyQ GH GLIHUHQWHV
GHSDUWDPHQWRV GHO KRVSLWDO FRPR SXHGHQ VHU HO ODERUDWRULR FOtQLFR R ORV VHUYLFLRV GH
UDGLRORJtD SHUR DGHPiV QHFHVLWDQ LQIRUPDFLyQ FOtQLFD EULQGDGD SRU ORV VLVWHPDV
FRUUHVSRQGLHQWHV SDUD VX FRPSOHWD IXQFLRQDOLGDG (MHPSORV GH VLVWHPDV GH LQIRUPDFLyQ
FOtQLFDVRQORVVLVWHPDVGHDWHQFLyQUHVSLUDWRULDRORVGHHQIHUPHUtD/DXWLOL]DFLyQGHEDVHVGH

GDWRVLQWHJUDGDVDVtFRPRODLPSOHPHQWDFLyQGHEDVHVGHFRQRFLPLHQWRVPpGLFRVHQWUHRWURV
GHEHQ IDFLOLWDU \ RSWLPL]DU HO PDQHMR GH OD LQIRUPDFLyQ SURFHGHQWH GH FDGD XQR GH ORV
GHSDUWDPHQWRV\IXHQWHVGHGDWRV\HQGHILQLWLYDODDWHQFLyQDOSDFLHQWH
(VWUDWHJLDVHQODVEDVHVGHGDWRVGHSDFLHQWHVHQORVVLVWHPDVLQIRUPiWLFRVGHKRVSLWDOHV
/DVEDVHVGHGDWRVGHORVSULPHURVVLVWHPDVLQIRUPiWLFRVGHKRVSLWDOHVHVWDEDQGLVHxDGDVSDUD
PDQHMDUGDWRVILQDQFLHURV\PpGLFRVUHODWLYRVDXQD~QLFDYLVLWDDOKRVSLWDOGHXQSDFLHQWH
&RQ HVWH VLVWHPD ORV PpGLFRV QR SRGtDQ YHU HO SURJUHVR GH ORV SDFLHQWHV D OR ODUJR GH XQ
FRQMXQWRGHHQFXHQWURV/RVVLVWHPDVLQIRUPiWLFRVGHKRVSLWDOHVDFWXDOHVQRVRQVLPSOHPHQWH
VLVWHPDV GH EDVHV GH GDWRV \ FRPXQLFDFLyQ VLQR TXH EULQGDQ DVLVWHQFLD HQ OD JHVWLyQ GHO
SDFLHQWH (VWRV VLVWHPDV SRVHHQ EDVHV GH FRQRFLPLHQWRV FOtQLFRV FRQ UHJODV \R HVWDGtVWLFDV
FRQODVTXHSXHGHQSURSRUFLRQDUDOHUWDVUHFRUGDWRULRVRLPSOHPHQWDUSURWRFRORVFOtQLFRV
$GTXLVLFLyQGHORVGDWRV
/D DGTXLVLFLyQ GH ORV GDWRV FOtQLFRV HV IXQGDPHQWDO SDUD RWUDV IXQFLRQHV GH ORV VLVWHPDV
LQIRUPiWLFRV GH ORV KRVSLWDOHV 3DUD SRGHU VRSRUWDU XQ VHUYLFLR LQWHJUDO DO SDFLHQWH HV
QHFHVDULR SRGHU DGTXLULU ORV GDWRV FOtQLFRV GLUHFWDPHQWH GHVGH XQD YDULHGDG GH IXHQWHV
'HSHQGLHQGRGHOVLVWHPDODHQWUDGDGHGDWRVSXHGHHIHFWXDUVHVRODPHQWHGHVGH XQ WHFODGR R
GHVGHRWURWLSRGHGLVSRVLWLYRVRLQWHUIDFHVLQFOXLGRVORVWHFODGRV
$GPLVLyQGHOSDFLHQWH
/DV WUHV IXQFLRQHV GH OD DGPLVLyQ GH XQ SDFLHQWH VRQ REWHQHU OD LQIRUPDFLyQ UHODWLYD D OD
VLWXDFLyQSHUVRQDOGHOSDFLHQWHGHPRJUiILFDVHJXURVILQDQFLHUDFRPXQLFDUHVWDVLWXDFLyQD
ODUHGGHOKRVSLWDO\REWHQHULQIRUPDFLyQVREUHORVUHVXOWDGRVGHDVLVWHQFLDPpGLFDRGROHQFLDV
DQWHULRUHV/RVSURJUDPDVGHDGPLVLyQVLHPSUHSHUPLWHQFUHDURDOPDFHQDULQIRUPDFLyQSHUR
QRVLHPSUHSHUPLWHQHODFFHVRDODLQIRUPDFLyQSUHYLDH[LVWHQWH
(YDOXDFLyQGHOSDFLHQWH
/D HYDOXDFLyQ GHO HVWDGR GHO SDFLHQWH HV HO VHJXQGR GH ORV REMHWLYRV HQ HO GHVDUUROOR GH
DSOLFDFLRQHVSDUDORVVLVWHPDVLQIRUPiWLFRVKRVSLWDODULRV(OSURSyVLWRGHHVWRVSURJUDPDVHV
SURSRUFLRQDU DO PpGLFR LQIRUPDFLyQ DFHUFD GHO SDFLHQWH TXH D\XGH HQ HO SURFHVR GH
HYDOXDFLyQGHVXHVWDGRGHVDOXG6HJ~QVHDHOQLYHOGHLQWHJUDFLyQGHORVGDWRVHQHOVLVWHPD
LQIRUPiWLFRODLQIRUPDFLyQSURSRUFLRQDGDVHUiPX\UXGLPHQWDULDRDOWDPHQWHFRPSOHMD(QOD
IRUPD PiV VLPSOH HVWDV DSOLFDFLRQHV WLHQHQ XQD RULHQWDFLyQ GHSDUWDPHQWDO SRU OR TXH HO
PpGLFR SXHGH DFFHGHU D WUDYpV GH ODV WHUPLQDOHV GHO KRVSLWDO D ORV UHSRUWHV GH ORV
GHSDUWDPHQWRV ([LVWHQ RWURV VLVWHPDV LQWHJUDGRV TXH SURSRUFLRQDQ UHSRUWHV HQ ORV TXH VH
UHVXPHQ WRGRV ORV GDWRV FOtQLFRV GHO SDFLHQWH (VWRV UHSRUWHV QR VyOR UHGXFHQ HO WLHPSR
QHFHVDULR SDUD TXH HO PpGLFR ORFDOLFH WRGD OD LQIRUPDFLyQ VLQR TXH GHELGR DO IRUPDWR
HPSOHDGRORVUHVXOWDGRVVRQSUHVHQWDGRVHQIRUPDVPiVLQWXLWLYDV\FOtQLFDPHQWH~WLOHV
*HVWLyQGHOSDFLHQWH
8QD YH] TXH HO PpGLFR KD HYDOXDGR HO HVWDGR GHO SDFLHQWH HO VLJXLHQWH SDVR HV LQLFLDU OD
WHUDSLD TXH SHUPLWD XQD UHFXSHUDFLyQ ySWLPD GHO SDFLHQWH (O REMHWLYR GH ORV VLVWHPDV
LQIRUPiWLFRVDYDQ]DGRVHVTXHHOPpGLFRVHD UHVSRQVDEOH HQ WRGR PRPHQWR GH OD JHVWLyQ \
DWHQFLyQGHOSDFLHQWH
7HPD,QVWUXPHQWDFLyQELRPpGLFD
6HQVRUHVELRPpGLFRV
/RVVHQVRUHVFRQYLHUWHQODVVHxDOHVGHXQWLSRFRPRODSUHVLyQKLGURVWiWLFDGHXQIOXLGRHQ
XQDVHxDOHTXLYDOHQWHGHRWURWLSRSRUHMHPSORXQDVHxDOHOpFWULFD/RVVHQVRUHV ELRPpGLFRV
WRPDQVHxDOHVTXHUHSUHVHQWDQYDULDEOHVELRPpGLFDV\ODVFRQYLHUWHQHQORTXHXVXDOPHQWHVRQ
VHxDOHV HOpFWULFDV /RV VHQVRUHV ELRPpGLFRV VLUYHQ FRPR XQD LQWHUID] HQWUH ORV VLVWHPDV
ELROyJLFR \ HOHFWUyQLFR \ GHEHQ IXQFLRQDU GH PDQHUD WDO TXH QR DIHFWHQ DGYHUVDPHQWH D
QLQJXQRGHHVWRVVLVWHPDV$OFRQVLGHUDUORVVHQVRUHV ELRPpGLFRVHVQHFHVDULRFRQVLGHUDUODV
GRV SDUWHV GH OD LQWHUID] OD ELROyJLFD \ OD HOHFWUyQLFD GHELGR D TXH DPERV IDFWRUHV HO
ELROyJLFR\HOHOHFWUyQLFRMXHJDQXQLPSRUWDQWHSDSHOHQHOIXQFLRQDPLHQWRGHOVHQVRU
'LIHUHQWHV WLSRV GH VHQVRUHV SXHGHQ VHU XVDGRV HQ DSOLFDFLRQHV ELRPpGLFDV /D WDEOD
EULQGD XQD FODVLILFDFLyQ JHQHUDO GH HVWRV VHQVRUHV (V SRVLEOH FODVLILFDU WRGRV ORV VHQVRUHV
FRPRItVLFRVRTXtPLFRV(QHOFDVRGHORVVHQVRUHVItVLFRVVRQPHGLGDVYDULDEOHVWDOHVFRPR
ODV JHRPpWULFDV WpUPLFDV H KLGUiXOLFDV (Q DSOLFDFLRQHV ELRPpGLFDV pVWDV SXHGHQ LQFOXLU HO
GHVSOD]DPLHQWR GH XQ P~VFXOR OD SUHVLyQ VDQJXtQHD WHPSHUDWXUD FRUSRUDO IOXMR VDQJXtQHR
SUHVLyQGHOIOXLGRFHUHEURHVSLQDORFUHFLPLHQWRGHXQKXHVR'RVWLSRVGHVHQVRUHVPHUHFHQ
HVSHFLDODWHQFLyQFRQUHVSHFWRDVXVDSOLFDFLRQHVELRPpGLFDV
x /RVVHQVRUHVGHIHQyPHQRVHOpFWULFRVHQHOFXHUSRXVXDOPHQWHFRQRFLGRVFRPRHOHFWURGRV
ORV TXH MXHJDQ XQ SDSHO HVSHFLDO FRPR UHVXOWDGR GH VXV DSOLFDFLRQHV WHUDSpXWLFDV \ GH
GLDJQyVWLFR/RVPiVIDPLOLDUHVGHHVWRVVHQVRUHVVRQORVTXHVHHPSOHDQSDUDREWHQHUORV
HOHFWURFDUGLRJUDPDVXQDVHxDOHOpFWULFDTXHVHSURGXFHHQHOFRUD]yQ
x /RV VHQVRUHV ySWLFRV VRQ HO RWUR WLSR GH VHQVRU TXH HQFXHQWUD PXFKDV DSOLFDFLRQHV HQ
ELRORJtD\PHGLFLQD(VWRVVHQVRUHVSXHGHQXVDUODOX]SDUDUHFROHFWDULQIRUPDFLyQ\HQHO
FDVRGHORVVHQVRUHVGHILEUDySWLFDODOX]HVHOPHGLRGHWUDQVPLVLyQGHODVHxDO
(OVHJXQGRJUXSRHQODFODVLILFDFLyQGHORVGLVSRVLWLYRVVHQVRUHVVRQORVVHQVRUHVTXtPLFRV
(QHVWHFDVRORVVHQVRUHVPLGHQFDQWLGDGHVTXtPLFDVLGHQWLILFDQGRSRUHMHPSORODSUHVHQFLD
GH GHWHUPLQDGRV FRPSXHVWRV TXtPLFRV GHWHFWDQGR OD FRQFHQWUDFLyQ GH YDULDV HVSHFLHV
TXtPLFDV \ PRQLWRUL]DQGR OD DFWLYLGDG TXtPLFD HQ HO FXHUSR SRU PRWLYRV WHUDSpXWLFRV R GH
GLDJQyVWLFR8QDGHODVSRVLEOHVFODVLILFDFLRQHVHV PRVWUDGD HQ OD WDEOD \ VH EDVD HQ ORV
PpWRGRVXWLOL]DGRVSDUDGHWHFWDUORVFRPSXHVWRVTXtPLFRVTXHVRQPHGLGRV/DFRPSRVLFLyQ
TXtPLFD GH XQD IDVH JDVHRVD SXHGH VHU PHGLGD XVDQGR YDULDV WpFQLFDV \ HVWRV PpWRGRV VRQ
HVSHFLDOPHQWH ~WLOHV HQ ODV PHGLFLRQHV ELRPpGLFDV DVRFLDGDV DO VLVWHPD SXOPRQDU /RV
VHQVRUHV HOHFWURTXtPLFRV PLGHQ FRQFHQWUDFLRQHV TXtPLFDV R PiV SUHFLVDPHQWH DFWLYLGDGHV
EDVDGDV HQ UHDFFLRQHV TXtPLFDV TXH LQWHUDFW~DQ FRQ VLVWHPDV HOpFWULFRV /RV VHQVRUHV
TXtPLFRV IRWRPpWULFRV VRQ GLVSRVLWLYRV ySWLFRV TXH GHWHFWDQ FRQFHQWUDFLRQHV TXtPLFDV
EDViQGRVHHQORVFDPELRVHQODWUDQVPLVLyQUHIOH[LyQRFRORUGHODOX]2WURWLSRGHVHQVRUHV
TXtPLFRItVLFRVFRPRORVHVSHFWUyPHWURVGHPDVDXVDQYDULRVPpWRGRVItVLFRVSDUDGHWHFWDU\
FXDQWLILFDUVXVWDQFLDVELRTXtPLFDV
7DPELpQ VH SXHGH PLUDU D ORV VHQVRUHV GHVGH HO SXQWR GH YLVWD GH FyPR VRQ DSOLFDGRV DO
SDFLHQWH R VXMHWR LQYHVWLJDGR /D WDEOD PXHVWUD DSUR[LPDFLRQHV JHQHUDOHV VREUH FyPR
FRORFDU HO VHQVRU ELRPpGLFR (Q SULPHU OXJDU DSDUHFH HO PpWRGR TXH LPSOLFD OD PHQRU
LQWHUDFFLyQFRQHOREMHWRELROyJLFRHVWXGLDGRPLHQWUDVTXHHO~OWLPRGHORVFXDWURLPSOLFDOD
PD\RULQWHUDFFLyQ
7DEOD&ODVLILFDFLyQGHORVVHQVRUHVELRPpGLFRV
6HQVRUHVItVLFRV
6HQVRUHVTXtPLFRV
*HRPpWULFRV
0HFiQLFRV
7pUPLFRV
+LGUiXOLFRV
(OpFWULFRV
SWLFRV
*DVHRVRV
(OHFWURTXtPLFRV
)RWRPpWULFRV
2WURVPpWRGRVTXtPLFRItVLFRV
7DEOD7LSRVGHVHQVRUHVVHJ~QODLQWHUFRQH[LyQVHQVRUVXMHWR
1RLQYDVLYRVVLQFRQWDFWRFRQODVXSHUILFLHGHODSLHO
1RLQYDVLYRVHQFRQWDFWRFRQODVXSHUILFLHGHODSLHO
0tQLPDPHQWHLQYDVLYRV
,PSODQWDEOHVLQYDVLYRV
6HQVRUHVItVLFRV
/DVYDULDEOHVItVLFDVDVRFLDGDVDORVVLVWHPDVELROyJLFRVVRQPHGLGDVSRUXQJUXSRGHVHQVRUHV
FRQRFLGRVFRPRVHQVRUHVItVLFRV $XQTXH VRQ PXFKDVODVYDULDEOHVTXH SXHGHQVHUPHGLGDV
HQXQVLVWHPDELRPpGLFRHVWDVSXHGHQVHUFODVLILFDGDVFRPRVHPXHVWUDHQODWDEOD
7DEOD6HQVRUHVItVLFRV
0DJQLWXGItVLFD
*HRPpWULFD
&LQHPiWLFD
)XHU]DWRUTXH
)OXMR
7pUPLFD
6HQVRU
,QGLFDGRUGHHVWLUDPLHQWR
/9'7
7LHPSRGHWUiQVLWRXOWUDVyQLFR
9HORFtPHWUR
$FHOHUyPHWUR
&pOXODGHFDUJD
7UDQVGXFWRUGHSUHVLyQ
0HGLGRUGHIOXMR
7HUPyPHWUR
6HQVRUGHIOXMRWpUPLFR
9DULDEOH
(VWLUDPLHQWR
'HVSOD]DPLHQWR
'HVSOD]DPLHQWR
9HORFLGDG
$FHOHUDFLyQ
)XHU]DDSOLFDGD
3UHVLyQ
)OXMR
7HPSHUDWXUD
)OXMRFDORUtILFR
(QODWDEODVHUHVXPHQDOJXQRVHMHPSORVGHDSOLFDFLyQELRPpGLFDGHORVVHQVRUHVItVLFRV

7DEOD(MHPSORVGHDSOLFDFLyQELRPpGLFDGHORVVHQVRUHVItVLFRV
6HQVRU
,QGLFDGRUGH HVWLUDPLHQWRGHPHWDO
OtTXLGR
6HQVRUPDJQpWLFRGH
GHVSOD]DPLHQWR
/9'7
&pOXODGHFDUJD
$FHOHUyPHWUR
6HQVRUGHSUHVLyQPLQLDWXUD
6HQVRUHOHFWURPDJQpWLFRGHIOXMR
$SOLFDFLyQ
0RYLPLHQWRUHVSLUDWRULR
3OHWLVPRJUDItD
0RYLPLHQWRUHVSLUDWRULR
&RQWUDFFLyQPXVFXODU
6HQVRUGHFRQWUDFFLyQXWHULQD
(VFDODHOHFWUyQLFD
$FWLYLGDGGHOVXMHWR
3UHVLyQLQWUDDUWHULDO
3UHVLyQGHODYHMLJD
3UHVLyQLQWUDXWHULQD
*DVWRFDUGtDFR
)OXMRVDQJXtQHRGHXQyUJDQR
5DQJRGHODVHxDO

PP
PP
PP
OEVNJ
PV
3DPP+J
3DPP+J
3DPP+J
POPLQ
POPLQ
/RV VLVWHPDV ELROyJLFRV IUHFXHQWHPHQWH WLHQHQ DFWLYLGDG HOpFWULFD DVRFLDGD D HOORV (VWD
DFWLYLGDGSXHGHVHUXQFDPSRHOpFWULFRFRQVWDQWHXQIOXMRFRQVWDQWHGHSDUWtFXODVSRUWDGRUDV
GHFDUJDRFRUULHQWHRXQFDPSRHOpFWULFRRXQDFRUULHQWHYDULDEOHVHQHOWLHPSRUHODFLRQDGRV
FRQ GHWHUPLQDGR IHQyPHQR ELROyJLFR R ELRTXtPLFR GHSHQGLHQWH GHO WLHPSR /RV IHQyPHQRV
ELRHOpFWULFRV HVWiQ DVRFLDGRV D OD GLVWULEXFLyQ GH ORV LRQHV R PROpFXODV FDUJDGDV HQ XQD
HVWUXFWXUDELROyJLFD\ORVFDPELRVHQODGLVWULEXFLyQFRPRUHVXOWDGRGHSURFHVRVHVSHFtILFRV
(VWRV FDPELRV SXHGHQ RFXUULU FRPR FRQVHFXHQFLD GH XQD UHDFFLyQ ELRTXtPLFD R SXHGHQ
HPDQDU GH IHQyPHQRV TXH DOWHUDQ OD DQDWRPtD ORFDO ([LVWHQ WRGD XQD VHULH GH VHxDOHV GH
HVSHFLDO LPSRUWDQFLD SDUD HO GLDJQyVWLFR \ FRPSUHQVLyQ GH ORV VLVWHPDV ELROyJLFRV (VWDV
VHxDOHVMXQWRDVXVDEUHYLDWXUDVPiVFRQRFLGDV\ORVVLVWHPDVTXHFDUDFWHUL]DQDSDUHFHQHQOD
WDEOD
7DEOD6HxDOHVELRHOpFWULFDVGHWHFWDGDVSRUORVHOHFWURGRVGHELRSRWHQFLDOHV
6HxDOELRHOpFWULFD
(OHFWURFDUGLRJUDPD
(OHFWURJUDPDFDUGtDFR
(OHFWURPLRJUDPD
(OHFWURHQFHIDORJUDPD
(OHFWURSWLJUDPD
(OHFWURUHWLQRJUDPD
3RWHQFLDOGHDFFLyQ
(OHFWURJDVWURJUDPD
5HIOHMRJDOYiQLFRHQODSLHO
$EUHYLDWXUD
(&*

(0*
((*
(2*
(5*

(**
*65
)XHQWHELROyJLFD
&RUD]yQGHVGHODVXSHUILFLHGHOFXHUSR
&RUD]yQGHVGHGHQWUR
0~VFXOR
&HUHEUR
&DPSRGLSRODUGHORMR
5HWLQDGHORMR
1HUYLRRP~VFXOR
(VWyPDJR
3LHO
(OPHFDQLVPRGHODFRQGXFWLYLGDGHOpFWULFDHQHOFXHUSRWLHQHHQORVLRQHVDVXVSRUWDGRUHVGH
FDUJD /D GHWHFFLyQ GH ODV VHxDOHV ELRHOpFWULFDV LPSOLFD LQWHUDFWXDU FRQ HVWRV SRUWDGRUHV GH
FDUJD LyQLFRV \ FRQYHUWLU ODV FRUULHQWHV LyQLFDV HQ ODV FRUULHQWHV HOpFWULFDV UHTXHULGDV SRU OD
LQVWUXPHQWDFLyQHOHFWUyQLFD(VWDIXQFLyQGHFRQYHUVLyQHVOOHYDGDDFDERSRUORVHOHFWURGRV
/RV HOHFWURGRV FRQVLVWHQ GH FRQGXFWRUHV HOpFWULFRV HQ FRQWDFWR FRQ ODV VROXFLRQHV DFXRVDV
LyQLFDVGHOFXHUSR /DV LQWHUDFFLRQHV HQWUH ORV HOHFWURQHV HQ ORV HOHFWURGRV \ ORV LRQHV HQ HO
FXHUSR SXHGHQ DIHFWDU HQ JUDQ PHGLGD HO IXQFLRQDPLHQWR GH HVWRV VHQVRUHV \ UHTXLHUHQ GH
FRQVLGHUDFLRQHVHVSHFtILFDVSDUDVXDSOLFDFLyQ
/RV HOHFWURGRV GH ELRSRWHQFLDOHV VRQ XQRV GH ORV VHQVRUHV ELRPpGLFRV PiV XWLOL]DGRV HQ
PHGLFLQDFOtQLFD$XQTXHVXSULQFLSLREiVLFRGHRSHUDFLyQHVHOPLVPRSDUDODPD\RUtDGHODV
DSOLFDFLRQHV WLHQHQ PXFKDV IRUPDV \ VRQ XVDGRV HQ ODV PHGLFLRQHV GH PXFKRV WLSRV GH
IHQyPHQRVELRHOpFWULFRV
/D PiV SRSXODU GH ODV DSOLFDFLRQHV GH ORV HOHFWURGRV GH ELRSRWHQFLDOHV HV OD REWHQFLyQ GH
HOHFWURFDUGLRJUDPDV SDUD HO GLDJQyVWLFR \ ODV DSOLFDFLRQHV GH PRQLWRUL]DFLyQ GH SDFLHQWHV
2WURV HOHFWURGRV SDUDPHGLUSRWHQFLDOHV ELRHOpFWULFRV SDUD DSOLFDFLyQ HQ GLDJQyVWLFR PpGLFR
DSDUHFHQHQODWDEOD
7DEOD(MHPSORVGHDSOLFDFLRQHVGHHOHFWURGRVGHELRSRWHQFLDOHV
$SOLFDFLyQ
0RQLWRUL]DFLyQFDUGtDFD
%LRSRWHQFLDO
(&*
7LSRGHHOHFWURGR
$J$J&OFRQHVSRQMD
$J$J&OFRQKLGURJHO
0RQLWRUL]DFLyQFDUGLRSXOPRQDU ,PSHGDQFLDGH(&* $J$J&OFRQHVSRQMD
GHQLxRV
$J$J&OFRQKLGURJHO
3HOtFXODGHOJDGD
(QFHIDORJUDItD
((*
$J$J&O
(OHFWURGRVDFWLYRV
'LDJQyVWLFRGHODDFWLYLGDG
(0*
$JXMD
PXVFXODU
(OHFWURJUDPDVFDUGtDFRV
(OHFWURJUDPD
6RQGDLQWUDFDUGtDFD
7HOHPHWUtDLPSODQWDGD
(&*
3UHVLOODGHGHDFHURLQR[LGDEOH
%LRSRWHQFLDOHV
(0*
'LVFRVGHSODWLQR
0RYLPLHQWRGHORVRMRV
(2*
$J$J&OFRQKLGURJHO
/RVVHQVRUHVHOHFWURTXtPLFRVVRQXWLOL]DGRVDPSOLDPHQWHHQPXFKDVDSOLFDFLRQHV ELRPpGLFDV
LQFOX\HQGR ORV VHQVRUHV GH TXtPLFD FOtQLFD ORV HOHFWURGRV GH 32 &2 \ S+ 0XFKRV
VHQVRUHVHQ]LPiWLFRVLQFOX\HQGRORVVHQVRUHVGHJOXFRVD\ODFWRVDWDPELpQHPSOHDQVHQVRUHV
HOHFWURTXtPLFRV/RVVHQVRUHVELRPpGLFRVHOHFWURTXtPLFRVKDQHQFRQWUDGRDSOLFDFLRQHVWDQWR
LQYLWUR FRPRLQYLYR
/RV VHQVRUHV HOHFWURTXtPLFRV VRQ HVHQFLDOPHQWH FpOXODV HOHFWURTXtPLFDV TXH HPSOHDQ GRV R
WUHV HOHFWURGRV /DV PHGLFLRQHV VH SXHGHQ UHDOL]DU WDQWR HQ FRQGLFLRQHV HVWiWLFDV FRPR GH
WUDQVLHQWH(O SRWHQFLDOR OD FRUULHQWH DSOLFDGRV SXHGH YDULDU VHJ~Q HO PRGR GH RSHUDFLyQ \

FRQODVHOHFFLyQGHOPRGRGHRSHUDFLyQVHEXVFDDPSOLDUODVHQVLELOLGDG\VHOHFWLYLGDGGHXQ
VHQVRUHQSDUWLFXODU0XFKRVGHORVPpWRGRVHOHFWURDQDOtWLFRVH[LVWHQWHVQRVRQDSOLFDEOHVDOD
GHWHFFLyQELRPpGLFDGHELGRDVXVOLPLWDFLRQHVSDUDODDSOLFDFLyQLQYLYR
6HSXHGHQGLIHUHQFLDVVHQVRUHVHOHFWURTXtPLFRVGHORVVLJXLHQWHVWLSRV
x &RQGXFWLYLGDGFDSDFLWDQFLD
x 3RWHQFLRPpWULFRV
x 9ROWDPSHULPpWULFRV
6HQVRUHVySWLFRV
/RV VHQVRUHV ySWLFRV VH EDVDQ XVXDOPHQWH HQ ILEUDV ySWLFDV R JXtDV GH RQGD SODQDV
*HQHUDOPHQWH KD\ WUHV PpWRGRV GLVWLQWLYRV SDUD OD GHWHFFLyQ ySWLFD FXDQWLWDWLYD HQ ODV
VXSHUILFLHV
(ODQDOLWRDIHFWDGLUHFWDPHQWHODVSURSLHGDGHVySWLFDVGHODJXtD GHRQGDWDOHVFRPRODV
RQGDVHYDQHVFHQWHVRQGDVHOHFWURPDJQpWLFDVJHQHUDGDV HQ XQ PHGLRIXHUD GH OD JXtD GH
RQGD ySWLFD GHVGH GRQGH OD OX] HV UHIOHMDGD R HO SODVPyQ VXSHUILFLDO UHVRQDQFLDV
LQGXFLGDV SRU XQD RQGD HYDQHVFHQWH HQ XQD FDSD GHOJDGD GHSRVLWDGD HQ OD VXSHUILFLH GH
XQDJXtDGHRQGD
8QDILEUDySWLFDHVXVDGDFRPR WUDQVGXFWRUSDUDJXLDUODOX]KDVWDXQDPXHVWUDUHPRWD\
SHUPLWLUHOUHWRUQRGHODOX]GHVGHODPXHVWUDDOVLVWHPDGHGHWHFFLyQ/RVFDPELRVHQODV
SURSLHGDGHVySWLFDVLQWUtQVHFDVGHOPHGLRVRQPHGLGRVSRUXQHVSHFWURIRWyPHWURH[WHUQR
8QLQGLFDGRURXQUHDFWLYRTXtPLFRXELFDGRGHQWURRVREUHXQVRSRUWH SROLPpULFRFHUFD
GHODSXQWDGHODILEUDySWLFDHVXVDGRFRPRXQPHGLDGRUSDUDSURGXFLUXQDVHxDOySWLFD
REVHUYDEOH 7pFQLFDV FRQYHQFLRQDOHV FRPR OD HVSHFWURVFRStD GH DEVRUFLyQ R OD
IOXRURPHWUtDVRQHPSOHDGDVSDUDPHGLUORVFDPELRVHQODVHxDOySWLFD
/DV ILEUDV ySWLFDV VH EDVDQ HQ HO SULQFLSLR GH OD UHIOH[LyQ WRWDO LQWHUQD /D OX] LQFLGHQWH HV
WUDQVPLWLGDDWUDYpVGHODILEUDVLLQFLGHVREUHODHQYROWXUDDXQiQJXORPD\RUTXHHOOODPDGR
iQJXOR FUtWLFR VLHQGR WRWDOPHQWH UHIOHMDGD HQ OD LQWHUID] Q~FOHRHQYROWXUD 8Q LQVWUXPHQWR
WtSLFRSDUDVHQVDUFRQILEUDySWLFDFRQVLVWHGHXQDIXHQWHGHOX]GLVSRVLWLYRVGHDFRSODPLHQWR
ySWLFRODJXtDGHOX]GHILEUDySWLFDFRQRVLQORVPHGLRVGH VHQVDGRQHFHVDULRVLQFRUSRUDGRV
HQODSXQWD\XQGHWHFWRUGHOX]
8QD JUDQ YDULHGDG GH ILEUDV ySWLFDV GH DOWD FDOLGDG HVWi GLVSRQLEOH FRPHUFLDOPHQWH SDUD
DSOLFDFLRQHVHQVHQVRUHVELRPpGLFRVGHSHQGLHQGRGHODORQJLWXGGHRQGDGHDQiOLVLVGHVHDGD
([LVWHQILEUDVGHSOiVWLFRYLGULR\FXDU]RTXHFXEUHQHOHVSHFWURySWLFRGHVGHHOXOWUDYLROHWD
89 KDVWD OD UHJLyQ GHO LQIUDUURMR ,5 FHUFDQR SDVDQGR SRU HO YLVLEOH 3RU XQD SDUWH ODV
ILEUDVySWLFDVGHSOiVWLFRWLHQHQXQDJUDQDSHUWXUD\VRQIXHUWHVEDUDWDVIOH[LEOHV\IiFLOHVGH
PDQLSXODUSHURWLHQHQ SRFD WUDQVPLVLyQ SRU GHEDMR GH QP 3RURWUDSDUWH ODV ILEUDV GH
YLGULR \ FXDU]R WLHQHQ EDMD DWHQXDFLyQ \ PHMRU WUDQVPLVLyQ HQ HO 89 SHUR WLHQHQ DSHUWXUDV
SHTXHxDVVRQIUiJLOHV\SUHVHQWDQULHVJRVSRWHQFLDOHVHQODVDSOLFDFLRQHV LQYLYR
([LVWHQ PXFKDV IRUPDV GH LPSOHPHQWDU ORV VHQVRUHV FRQ ILEUD ySWLFD /D PD\RUtD GH ORV
VHQVRUHV HPSOHD ELHQ XQD FRQILJXUDFLyQ GH ILEUD ~QLFD GRQGH OD OX] YLDMD KDVWD \ GHVGH HO
H[WUHPR VHQVRU HQ XQD VROD ILEUD R ELHQ XQD FRQILJXUDFLyQ GH GREOH ILEUD GRQGH ILEUDV
LQGHSHQGLHQWHV VRQ XWLOL]DGDV SDUD LOXPLQDFLyQ \ GHWHFFLyQ /D FRQILJXUDFLyQ GH ILEUD ~QLFD
RIUHFHODLPSOHPHQWDFLyQPiVFRPSDFWD\SRWHQFLDOPHQWHPHQRVFRVWRVD6LQHPEDUJRRWUDV

H[LJHQFLDVGHODLQVWUXPHQWDFLyQLPSOLFDQODVHSDUDFLyQGHODVHxDOGHLOXPLQDFLyQGHODVHxDO
TXHUHWRUQDGHOPHGLRSDUDVXSURFHVDPLHQWR
(OGLVHxRGHORVFDWpWHUHVLQWUDYDVFXODUHVUHTXLHUHFRQVLGHUDFLRQHVHVSHFLDOHVFRQUHVSHFWRDOD
HVWHULOL]DFLyQ \ ELRFRPSDWLELOLGDG GHO VHQVRU 3RU HMHPSOR ORV VHQVRUHV GH ILEUD ySWLFD
LQWUDYDVFXODUHVGHEHQVHUHVWHUHOL]DEOHV\VXPDWHULDOGHEHVHUQR WURPERJpQLFR\UHVLVWHQWHD
OD GHSRVLFLyQ GH SODTXHWDV \ SURWHtQDV (Q FRQVHFXHQFLD HVWRV FDWpWHUHV VRQ KHFKRV GH
PDWHULDOHV FXELHUWRV FRQ KHSDULQD R DJHQWHV DQWLSODTXHWDV 1RUPDOPHQWH HO FDWpWHU HV
LQWURGXFLGRHQODYHQD\XJXODUDWUDYpVGHXQFRUWHSHULIpULFR\XQSHTXHxRIOXMRGH KHSDULQD
HVPDQWHQLGRKDVWDTXHHOFDWpWHUHVUHWLUDGRGHOWRUUHQWHVDQJXtQHR
(QWUHODVYHQWDMDVGHORVVHQVRUHVGHILEUDySWLFDVHLQFOX\HQVXVSHTXHxDVGLPHQVLRQHV\EDMR
FRVWH'HELGRDODQDWXUDOH]DySWLFDGHODVHxDOQRKD\ULHVJRHOpFWULFRSDUDHOSDFLHQWH\QR
H[LVWHQLQWHUIHUHQFLDVGLUHFWDVGHFDPSRVHOpFWULFRVR PDJQpWLFRV (O DQiOLVLV TXtPLFR SXHGH
UHDOL]DUVH HQ WLHPSR UHDO FRQ XQD UHVSXHVWD FDVL LQVWDQWiQHD $GHPiV SXHGHQ GHVDUUROODUVH
VHQVRUHVYHUViWLOHVTXHUHVSRQGDQDP~OWLSOHV DQDOLWRVUHDOL]DQGRPHGLGDVDYDULDVORQJLWXGHV
GH RQGD /RV VHQVRUHV GH ILEUD ySWLFD SUHVHQWDQ YDULDV GHVYHQWDMDV /RV VHQVRUHV FRQ
FRORUDQWHV H LQGLFDGRUHV LQPRYLOL]DGRV WLHQHQ XQD HVWDELOLGDG D ODUJR SOD]R OLPLWDGD \ VH
GHJUDGDQFRQ HO SDVR GHO WLHPSR $GHPiV OD OX] DPELHQWH SXHGH LQWHUIHULU FRQ ODV PHGLGDV
ySWLFDV D PHQRV TXH VH UHDOLFH XQD SURWHFFLyQ ySWLFD R VH HPSOHHQ PpWRGRV HVSHFLDOHV GH
GHWHFFLyQWHPSRUDOVLQFURQL]DGD
'HELGRDTXHORVVHQVRUHVJHQHUDQXQDSURSLHGDGFRQPHQVXUDEOHHOORVSHUWHQHFHQDXQJUXSR
GH GLVSRVLWLYRV WUDQVGXFWRUHV /RV VHQVRUHV HVSHFtILFDPHQWH FRQWLHQHQ XQ SURFHVR GH
UHFRQRFLPLHQWR FDUDFWHUtVWLFR GH XQD PXHVWUD D QLYHO TXtPLFRPROHFXODU \ XQ VHQVRU
LQFRUSRUD XQ SURFHVR GH WUDQVGXFFLyQ SDVR SDUD FUHDU XQD VHxDO ~WLO /RV VHQVRUHV
ELRPpGLFRVLQFOX\HQXQJUDQUDQJRGHGLVSRVLWLYRVTXHSXHGHQVHUVHQVRUHVTXtPLFRVItVLFRV
\GHWHUPLQDGRWLSRGHVHQVRUPL[WR
/RV VHQVRUHV TXtPLFRV XVDQ ORV SURFHVRV TXtPLFRV HQ ORV SDVRV GH UHFRQRFLPLHQWR \
WUDQVGXFFLyQ /RV ELRVHQVRUHV VRQ WDPELpQ VHQVRUHV TXtPLFRV SHUR HOORV XWLOL]DQ FODVHV
SDUWLFXODUHVGHSURFHVRVELROyJLFRVGHUHFRQRFLPLHQWRWUDQVGXFFLyQ7RGRVHOORVFXDQGRVRQ
XVDGRV HQ XQ VLVWHPD ELROyJLFR SXHGHQ VHU FRQVLGHUDGRV VHQVRUHV ELRDQDOtWLFRV VLQ KDFHU
DOXVLyQ D VXV GLVWLQFLRQHV TXtPLFDV ELRTXtPLFDV R ItVLFDV (OORV JDUDQWL]DQ XQD VHxDO
DQDOtWLFDGHOVLVWHPDELROyJLFRSDUDXQXVRSRVWHULRU
/DVELRVHxDOHVVRQUHJLVWUDGDVFRPRSRWHQFLDOHVWHQVLRQHV\FDPSRVHOpFWULFRVJHQHUDGRVSRU
QHUYLRV \ P~VFXORV /DV PHGLFLRQHV FRQWHPSODQ WHQVLRQHV GH QLYHOHV PX\ SHTXHxRV
WtSLFDPHQWH HQWUH P9 \ P9 FRQ DOWD LPSHGDQFLD \ DOWRV QLYHOHV GH VHxDOHV GH
LQWHUIHUHQFLD \ UXLGR VXSHUSXHVWDV /DV VHxDOHV QHFHVLWDQ VHU DPSOLILFDGDV SDUD KDFHUODV
FRPSDWLEOHV FRQ GLVSRVLWLYRV WDOHV FRPR PRQLWRUHV UHJLVWUDGRUHV R FRQYHUWLGRUHV $' SDUD

HTXLSDPLHQWR FRPSXWDUL]DGR /RV DPSOLILFDGRUHV DGHFXDGRV SDUD PHGLU HVWH WLSR GH VHxDOHV
GHEHQ VDWLVIDFHU UHTXLVLWRV PX\ HVSHFtILFRV eVWRV GHEHQ SURSRUFLRQDU XQD DPSOLILFDFLyQ
VHOHFWLYDGHODVHxDOILVLROyJLFDUHFKD]DUODVVHxDOHVGHLQWHUIHUHQFLD\UXLGR\JDUDQWL]DUXQD
SURWHFFLyQ FRQWUD GDxRV SURFHGHQWHV GH ODV IXHQWHV GH FRUULHQWH \ WHQVLyQ WDQWR SDUD ORV
SDFLHQWHVFRPRSDUDHOSURSLRHTXLSDPLHQWRHOHFWUyQLFR/RVDPSOLILFDGRUHVTXHSRVHHQWDOHV
FDUDFWHUtVWLFDVVRQFRQRFLGRVFRPRDPSOLILFDGRUHVGHELRSRWHQFLDOHV
/RVUHTXLVLWRVEiVLFRVTXHGHEHVDWLVIDFHUXQDPSOLILFDGRUGHELRSRWHQFLDOVRQ
x (OSURFHVRILVLROyJLFRDPRQLWRUL]DUQRSXHGHHVWDULQIOXHQFLDGRSRUHODPSOLILFDGRU
x /DVHxDOPHGLGDQRSXHGHVHUGLVWRUVLRQDGD
x (ODPSOLILFDGRUGHEHJDUDQWL]DUODPHMRUVHSDUDFLyQSRVLEOHGHODVHxDO\ODVLQWHUIHUHQFLDV
x (ODPSOLILFDGRUGHEHSURSRUFLRQDUSURWHFFLyQDOSDFLHQWHFRQWUDFXDOTXLHUSHOLJURRGDxR
HOpFWULFR
x (O DPSOLILFDGRU GHEH HVWDU SURWHJLGR FRQWUD FXDOTXLHU GDxR TXH SXGLHUD UHVXOWDU GH DOWDV
WHQVLRQHV GH HQWUDGD FRPR RFXUUH HQ HO FDVR GH OD DSOLFDFLyQ GH GHVILEULODGRUHV R
LQVWUXPHQWDFLyQHOHFWURTXLU~UJLFD
8QD FRQILJXUDFLyQ WtSLFD SDUDOD PHGLFLyQ GH ELRSRWHQFLDOHV FRPSUHQGH WUHV HOHFWURGRV GRV
GH HOORV WRPDQGR OD VHxDO ELROyJLFD \ XQ WHUFHUR SURSRUFLRQDQGR HO SRWHQFLDO GH UHIHUHQFLD
TXHFRQHFWDQHOVXMHWRDODPSOLILFDGRU/DVHxDOGHHQWUDGDDODPSOLILFDGRUFRQVLVWHGHFLQFR
FRPSRQHQWHV
(OELRSRWHQFLDOGHVHDGR
%LRSRWHQFLDOHVQRGHVHDGRV
8QD VHxDO GH LQWHUIHUHQFLD GH OD OtQHD GH SRWHQFLD y +] VHJ~Q HO SDtV \ VXV
DUPyQLFRV
6HxDOHVGHLQWHUIHUHQFLDJHQHUDGDVSRUODLQWHUID]WHMLGRHOHFWURGR
5XLGR
8Q GLVHxR DSURSLDGR GHO DPSOLILFDGRU SHUPLWH HO UHFKD]R GH XQD JUDQ SURSRUFLyQ GH ODV
VHxDOHV GH LQWHUIHUHQFLD /D SULQFLSDO WDUHD GH XQ DPSOLILFDGRU GLIHUHQFLDO HV UHFKD]DU OD
LQWHUIHUHQFLDGHODIUHFXHQFLDGHODOtQHDDFRSODGDHOHFWURVWiWLFDRPDJQpWLFDPHQWHDOVXMHWR
(OELRSRWHQFLDOGHVHDGRDSDUHFHFRPRXQDWHQVLyQHQWUHORVGRVWHUPLQDOHVGHHQWUDGDGHXQ
DPSOLILFDGRU GH SRWHQFLDO \ VH GHQRPLQD VHxDO GLIHUHQFLDO /D LQWHUIHUHQFLD GH OD OtQHD GH
IUHFXHQFLDPXHVWUDVyORPX\SHTXHxDVGLIHUHQFLDVHQDPSOLWXG\IDVHHQWUHORVGRVHOHFWURGRV
GH PHGLGD RFDVLRQDQGR DSUR[LPDGDPHQWH HO PLVPR SRWHQFLDO HQ DPEDV HQWUDGDV \ VyOR
DSDUHFHHQWUHODVHQWUDGDV\ODWLHUUD\VHGHQRPLQDVHxDOGHPRGRFRP~Q8QEXHQUHFKD]R
GH OD VHxDO GH PRGR FRP~Q HV XQD GH ODV FDUDFWHUtVWLFDV PiV LPSRUWDQWHV GH XQ EXHQ
DPSOLILFDGRUGHELRSRWHQFLDO
8QGLVHxRWtSLFRGHODVHWDSDVGHXQDPSOLILFDGRUGHELRSRWHQFLDOFRQWHPSOD
x /RVHOHFWURGRVSURSRUFLRQDQODWUDQVLFLyQHQWUHHOIOXMRGHFRUULHQWHV LyQLFDV\HOIOXMRGH
FRUULHQWH HOHFWUyQLFD HQ HO DPSOLILFDGRU (VWRV HOHFWURGRV FRQVWLWX\HQ XQ VLVWHPD
HOHFWURTXtPLFR FRPSOHMR \ GHWHUPLQDQ HQ EXHQD PHGLGD OD FRPSRVLFLyQ GH OD VHxDO D
PHGLGD
x 3UHDPSOLILFDGRUFRQJDQDQFLDUHSUHVHQWDOD SDUWH PiVFULWLFD GHODPSOLILFDGRU HQ
VL GHELGR D TXH ILMD ODV FRQGLFLRQHV SDUD OD FDOLGDG GH OD ELRVHxDO &RQ XQ GLVHxR
DSURSLDGR HO SUHDPSOLFDGRU SXHGH HOLPLQDU R DO PHQRV PLQLPL]DU OD PD\RUtD GH ODV
VHxDOHVTXHLQWHUILHUHQHQODPHGLFLyQGHORVELRSRWHQFLDOHV
x )LOWURVGHSDVRDOWR\SDVREDMRSDUDHOLPLQDUODVVHxDOHVGHLQWHUIHUHQFLDGHORVHOHFWURGRV

\ HO SUHDPSOLILFDGRU \ HO UXLGR 'HELGR D TXH OD ELRVHxDO QR GHEH VHU GLVWRUVLRQDGD R
DWHQXDGD GHEHQ VHU XWLOL]DGRV ILOWURV DSURSLDGRV /D VHSDUDFLyQ GH OD ELRVHxDO \ OD
LQWHUIHUHQFLD HV HQ OD PD\RUtD GH ORV FDVRV LQFRPSOHWD GHELGR DO HQWUHFUX]DGR GH VXV
HVSHFWURV
$PSOLILFDGRU GH DLVODPLHQWR FRQ JDQDQFLD OD HWDSD GH DLVODPLHQWR VLUYH SDUD HO
GHVDFRSORJDOYiQLFRGHOSDFLHQWH\HOHTXLSDPLHQWRGHPHGLFLyQ\SURWHJHGHORVSHOLJURV
HOpFWULFRV (VWD HWDSD SUHYLHQH DGHPiV GHO GHWHULRUR GH OD UHODFLyQ VHxDOUXLGR SRU ODV
FRUULHQWHVJDOYiQLFDV
(OSXQWRPiVFUtWLFRHQODPHGLFLyQGH ELRSRWHQFLDOHVHVHOFRQWDFWRHQWUHORVHOHFWURGRV\HO
WHMLGR ELROyJLFR 7DQWR HO SRWHQFLDO GHO HOHFWURGR IUHQWH D OD UHIHUHQFLD FRPR OD LPSHGDQFLD
HOHFWURGRWHMLGRHVWiQVXMHWRVDFDPELRVGHELGRDORVPRYLPLHQWRVUHODWLYRVGHOHOHFWURGR\HO
WHMLGR /RV DUWHIDFWRV GHELGRV DO PRYLPLHQWR ODV LQWHUIHUHQFLDV GH ORV FDPSRV PDJQpWLFRV
H[WHUQRV \ HO UXLGR SXHGHQ VHU JHQHUDGRV WDPELpQ HQ ORV FDEOHV TXH FRQHFWDQ HOHFWURGRV \
DPSOLILFDGRU
(O UHJLVWUR GH ORV ELRSRWHQFLDOHV HV UHDOL]DGR IUHFXHQWHPHQWH HQ XQ DPELHQWH HTXLSDGR FRQ
PXFKRVVLVWHPDVHOpFWULFRVTXHSURGXFHQIXHUWHVFDPSRVPDJQpWLFRV\HOpFWULFRV$GHPiVGH
ORV +] GH IUHFXHQFLD GH ODV OtQHDV GH SRWHQFLD \ DOJXQRV DUPyQLFRV IXHUWHV WDPELpQ VH
HQFXHQWUDQFDPSRVHOHFWURPDJQpWLFRVGHDOWDIUHFXHQFLD3DUDPLQLPL]DUODVLQWHUIHUHQFLDVHV
QHFHVDULR LQFUHPHQWDU OD GLVWDQFLD HQWUH ODV OtQHDV GH SRWHQFLD \ HO FXHUSR XWLOL]DU
DPSOLILFDGRUHVGHDLVODPLHQWRFRQH[LyQGHOFXHUSRDWLHUUDHQXQOXJDUORPiVDOHMDGRSRVLEOH
GHORVHOHFWURGRVGHPHGLGD\ODXWLOL]DFLyQGHFDEOHVDSDQWDOODGRVHQORVHOHFWURGRV
&RQ HO ILQ GH JDUDQWL]DU OD ySWLPD FDOLGDG GH OD VHxDO ORV DPSOLILFDGRUHV GH ELRSRWHQFLDOHV
GHEHQ VHU DGDSWDGRV D OD DSOLFDFLyQ HVSHFtILFD 6HJ~Q VHDQ ORV SDUiPHWURV GH OD VHxDO VRQ
HVFRJLGRV HO IDFWRU GH JDQDQFLD \ HO DQFKR GH EDQGD DSURSLDGRV 2WUR UHTXLVLWR GH ORV
DPSOLILFDGRUHVGHELRSRWHQFLDOHVHVODQHFHVLGDGGHFDOLEUDFLyQ
(Q UHVXPHQ ORV DPSOLILFDGRUHV GH ELRSRWHQFLDOHV VRQ XQ FRPSRQHQWH FUXFLDO HQ PXFKDV
PHGLFLRQHV PpGLFDV \ ELROyJLFDV \ HQ EXHQD PHGLGD GHWHUPLQDQ OD FDOLGDG \ FRQWHQLGR GH
LQIRUPDFLyQ GH OD VHxDO PHGLGD (O H[WUHPDGDPHQWH DPSOLR UDQJR GH HVSHFLILFDFLRQHV
QHFHVDULDVFRQUHVSHFWRDODQFKRGHEDQGDVHQVLELOLGDGUDQJRGLQiPLFRJDQDQFLD\VHJXULGDG
GHO SDFLHQWH HQWUH RWUDV GHMD SRFR PDUJHQ SDUD OD DSOLFDFLyQ GH DPSOLILFDGRUHV GH
ELRSRWHQFLDOHVGH SURSyVLWR JHQHUDO \ HQ OD PD\RUSDUWH GH ORV FDVRV HV QHFHVDULR HO XVR GH
DPSOLILFDGRUHVGHSURSyVLWRHVSHFLDO
6H SXHGHQ GHILQLU GRV WLSRV GH PpWRGRV QR LQYDVLYRV GH PHGLFLyQ GH OD SUHVLyQ DUWHULDO
DTXHOORVTXHVHDFWLYDQSHULyGLFDPHQWH\ORVTXHWRPDQFRQWLQXDPHQWHODIRUPDRQGXODWRULD
GHOSXOVR/RV PpWRGRVGHPXHVWUHRWtSLFDPHQWHSURYHHQODSUHVLyQ VLVWyOLFD\ GLDVWyOLFD\D
YHFHVODSUHVLyQPHGLD(VWRVYDORUHVVRQUHFRJLGRVGHGLVWLQWRVODWLGRVFDUGtDFRVHQHOFXUVR
GH XQ PLQXWR /RV PpWRGRV GH UHJLVWUR FRQWLQXDGR DQDOL]DQ OD PHGLGD ODWLGR D ODWLGR \ D
PHQXGRODRQGDFRPSOHWD$OJXQRVPpWRGRVGHUHJLVWURFRQWLQXDGRVyORDQDOL]DQODIRUPD\
GXUDFLyQGHODRQGDGHSUHVLyQGHOSXOVR
(O FRQRFLPLHQWR GH OD SUHVLyQ VLVWyOLFD \ GLDVWyOLFD HV IXQGDPHQWDO SDUD OD HYDOXDFLyQ GH OD

IXQFLyQFDUGLRYDVFXODUEiVLFDHLGHQWLILFDUHQIHUPHGDGHV/DHOHFFLyQGHOPpWRGRGHSHQGHGHO
WLSR GH HVWXGLR 3RU HMHPSOR OD SUHVLyQ VDQJXtQHD HOHYDGD HV XQ FRQRFLGR LQGLFDGRU GH
PXFKRVWLSRVGHIRUPDVGHHQIHUPHGDGHV FDUGLRYDVFXODUHV8QPpWRGRQRLQYDVLYRTXHPLGH
ODSUHVLyQVDQJXtQHDGXUDQWHXQSHUtRGRGHPHVHVHVIUHFXHQWHPHQWHHPSOHDGRSDUDHOHVWXGLR
GHODSURJUHVLyQGHODKLSHUWHQVLyQ(O HVILQJRPDQyPHWUREDVDGRHQHVWHPpWRGRFDHGHQWUR
GHHVWDFDWHJRUtD(VWRVPpWRGRVKDQVLGRDXWRPDWL]DGRVFRQGLVHxRVLQVWUXPHQWDOHVSDUDXVR
DPEXODWRULRV/RVPRQLWRUHVDPEXODWRULRVGHDKRUDVVHKDQDSOLFDGRSDUD PRQLWRUL]DU
ODV YDULDFLRQHV GLXUQDV GH OD SUHVLyQ VDQJXtQHDV GHO SDFLHQWH (VWH WLSR GH PRQLWRUL]DFLyQ
SXHGH UHPHGLDU OD KLSHUWHQVLyQ GHELGD DO HIHFWR GH OD EDWD EODQFD (Q ~OWLPR WpUPLQR OD
LQIRUPDFLyQ KHPRGLQiPLFD REWHQLGD GH OD SUHVLyQ DUWHULDO QR LQYDVLYD HV YLUWXDOPHQWH XQ
FDPSRLQH[SORUDGR0LHQWUDVVHKDFRQVHJXLGRXQYDVWRFRQRFLPLHQWRVREUHODILVLRORJtDGHOD
SUHVLyQDUWHULDOKDKDELGRXQDIDOWDGHDSOLFDFLyQSRUTXHQRKDVLGRSRVLEOHUHDOL]DUPRQLWRUHV
FRQWLQXRVGHOSXOVRRQGXODWRULR
6H SXHGHQ HQFRQWUDU DOJXQDV DSOLFDFLRQHV SDUD OD PRQLWRUL]DFLyQ GHO SXOVR 5HJLVWUDQGR
ODSVRVPHQRUHVGHXQPLQXWRGRPLQDODLPSRUWDQFLDGHOD SUHVLyQ GH OD RQGDDVt FRPR ODV
YDULDFLRQHV ODWLGR D ODWLGR (VWH WLSR GH PRQLWRUL]DFLyQ HV FUtWLFD HQ VLWXDFLRQHV GRQGH OD
SUHVLyQVDQJXtQHDSXHGHDOWHUDUVHUiSLGDPHQWHFRPRODVSURGXFLGDVSRUWUDXPDVRDQHVWHVLD
2WUDV DSOLFDFLRQHV SDUD OD PRQLWRUL]DFLyQ HVWiQ HQ OD LQYHVWLJDFLyQ DHURHVSDFLDO
ELRUHDOLPHQWDFLyQ\ORVGHWHFWRUHVGHPHQWLUDV
6HKDYXHOWRFDGDYH]PiVSRSXODUFRQVHJXLUUHJLVWURVVLPXOWiQHRVGHYDULDEOHVFRPRSUHVLyQ
VDQJXtQHD QR LQYDVLYD VDWXUDFLyQ GH R[tJHQR YtD R[LPHWUtD GH SXOVR WHPSHUDWXUD FRUSRUDO
WRGR HQ XQ LQVWUXPHQWR VHQFLOOR 3DUHFH VHU TXH ORV DYDQFHV HQ WHFQRORJtD FRPSXWHUL]DGD
LQFLGHQHQHVWDSUiFWLFDKDFLpQGRODXQDFODUDWHQGHQFLD
3ULQFLSLRGHGHVFDUJDYDVFXODU
(V HO SULQFLSLR IXQGDPHQWDO SDUD WRGRV ORV PpWRGRV GH GHWHUPLQDFLyQ GH OD SUHVLyQ DUWHULDO
VDQJXtQHDEDVDGRHQORVPDQJXLWRVRFOXVLYRV6HUHDOL]DDSOLFDQGRDXQPLHPEURXQDSUHVLyQ
R IXHU]D GH FRPSUHVLyQ H[WHUQD WDO TXH VH WUDQVPLWD D ORV YDVRV VXE\DFHQWHV &XDQGR OD
SUHVLyQ DSOLFDGD LJXDOD \ VXSHUD OD SUHVLyQ LQWUDOXPLQDO GHO YDVR VH SURYRFD OD RFOXVLyQ GH
pVWH
0HFDQLVPRVGHRFOXVLyQ
/DYHUVLyQDFWXDOGHOPDQJXLWRHVWiGLVHxDGDSDUDURGHDUHOEUD]RGHXQSDFLHQWH(OPDQJXLWR
FRQVLVWH HQ XQD VXHUWH GH EUD]DOHWH IRUPDGD SRU XQD FiPDUD GH DLUH FHUUDGR D SUHVLyQ TXH
WUDQVPLWHGHIRUPDVROLGDULDODSUHVLyQGHVHDGD6HSUHVHQWDHQGLVWLQWRVWDPDxRVWHQLHQGRHQ
FXHQWD TXH OR LGHDO HV TXH FXEUD GRV WHUFLRV GH OD ORQJLWXG GHO EUD]R DGDSWiQGRVH GH HVWD
PDQHUD D ODV FDUDFWHUtVWLFDV GHO XVXDULR QLxR R DGXOWR $GHPiV FRPSRQHQ HO HTXLSR XQD
SHULOOD TXH DFWXDUtD FRPR HOHPHQWR JHQHUDGRU GH OD SUHVLyQ TXH PDQHMD HO SURIHVLRQDO
VDQLWDULR\HOPDQyPHWURPHGLDQWHHOTXHVHPLGHODSUHVLyQGHVHDGD
0pWRGRGH.RURWNRII

(VWHPpWRGR DXVFXODWRULRIXHGHVDUUROODGRSRUHOPpGLFRPLOLWDU UXVR 1 .RURWNRII HQ
TXLHQHQVXVH[SHULPHQWRVGHVFXEULyHOVRQLGRHPLWLGR GLVWDOPHQWHSRUXQVHJPHQWR RFOXtGR
GHXQDH[WUHPLGDG(OPpWRGRLPSOLFDODXWLOL]DFLyQGHXQ IRQHQGRVFRSLRTXHVHDSOLFDVREUH
ODIRVDDQWHFXELWDOSDUDSHUPLWLUDVtODGHWHFFLyQGHOSXOVRGHODDUWHULDEUDTXLDO(OPDQJXLWR
HVLQIODGRKDVWDPPGHPHUFXULRVREUHODSUHVLyQVLVWyOLFD\SRVWHULRUPHQWHHVGHVLQIODGRD
XQ UDQJR TXH RVFLOD HQWUH GRV R WUHV PP GH +J SRU VHJXQGR (O VRQLGR LQLFLDO WDPELpQ
GHQRPLQDGR IDVH .RURWNRII KDFH UHIHUHQFLD D OD SUHVLyQ VLVWyOLFD /RV VRQLGRV VH
LQFUHPHQWDQ GXUDQWH OD IDVH /D Pi[LPD LQWHQVLGDG DFDHFH HQ OD IDVH GRQGH HO VRQLGR
SXHGHVHUVHJXLGRGHVGHXQPXUPXOORKDVWDXQDWXUEXOHQFLD)LQDOPHQWHODIDVHGHOVRQLGR
GH .RURWNRII VH LGHQWLILFD FRPR XQ GpELO VRQLGR \ HQ OD IDVH HO VRQLGR GHVDSDUHFH SRU
FRPSOHWR(VHQODIDVHFXDQGRVHGHWHUPLQDODSUHVLyQDUWHULDOGLDVWyOLFD
(OPpWRGRGH .RURWNRII SXHGH VHUDSOLFDGR HQ RWURV YDVRV DGHPiV GH OD DUWHULD EUDTXLDOGHO
EUD]R3RUHMHPSORODDUWHULDWHPSRUDOKDVLGRHPSOHDGDSDUDODGHWHUPLQDFLyQGHODSUHVLyQ
HQ OD WHFQRORJtD DHURHVSDFLDO GRQGH OD SUHVLyQ YDVFXODU FHUHEUDO GH ORV SLORWRV GHFDH HQ ODV
PDQLREUDV GH DFHOHUDFLyQ GH WDO VXHUWH TXH OD SUHVLyQ GH OD DUWHULD WHPSRUDO DFWXDUtD FRPR
LQGLFDGRUGHVXVLWXDFLyQ
2VFLORPHWUtD
/DPHGLFLyQGHODSUHVLyQVDQJXtQHDSRURVFLORPHWUtDSUHFHGHHOPpWRGRGH.RURWNRII0DUH\
XQ PpGLFR IUDQFpV FRORFy VX EUD]R GHQWUR GH XQD FiPDUD GH FRPSUHVLyQ \ REVHUYy TXH OD
SUHVLyQ GH OD FiPDUD IOXFWXDED FRQ HO SXOVR 7DPELpQ REVHUYy TXH OD DPSOLWXG GHO SXOVR
YDULDED FRQ OD SUHVLyQ GH OD FiPDUD 6H FUHH TXH HVWR VH GHEH D ORV PHFDQLVPRV GH
SLQ]DPLHQWRGHODDUWHULDEUDTXLDO$FWXDOPHQWHODRVFLORPHWUtDVHUHDOL]DXVDQGRXQPDQJXLWR
EUDTXLDOHVWiQGDUMXQWRDXQVHQVRUGHSUHVLyQLQWHUQR'HELGRDORVUHTXHULPLHQWRVGHOVHQVRU
OD RVFLORPHWUtD GHEHUtD UHDOL]DUVH FRQ XQ LQVWUXPHQWR DXWRPiWLFR /D SUHVLyQ GHO PDQJXLWR
UHJLVWUDGD HV ILOWUDGD VREUH XQ KHUW]LR SDUD REVHUYDU ODV RVFLODFLRQHV SXOViWLOHV PLHQWUDV HO
PDQJXLWR VH GHVLQIOD OHQWDPHQWH 6H KD GHWHUPLQDGR DFWXDOPHQWH TXH ODV Pi[LPDV
RVFLODFLRQHVFRUUHVSRQGHQFRQODSUHVLyQGHOPDQJXLWRLJXDODOSUHVLyQDUWHULDOPHGLD
2VFLORPHWUtDGHULYDWLYD
&RQVLVWHHQODREWHQFLyQGHXQDVHULHGHUDQJRVDSDUWLUGHGDWRVHVWDGtVWLFRVSURFHGHQWHVGH
GLYHUVRVVHFWRUHVGHODSREODFLyQ(QWUHHVWRVGDWRVVHLQFOX\HQODPHGLGDGHGLVWLQWRVYDORUHV
GHSUHVLyQWDOHVFRPRODPi[LPDRVFLODFLyQGHULYDGDGHODSUHVLyQGHRFOXVLyQRODDSDULFLyQ
GHO VRQLGR GH .RURWNRII (O KHFKR HV FRQWUDVWDGR SRU HO PpGLFR FRQ OD GHWHUPLQDFLyQ GH OD
SUHVLyQGHODDUWHULDFRODSVDGD
0pWRGRVGLQiPLFRV
7pFQLFDGHLQWHUYDORGHWLHPSRGHODRQGD5
8QDGHODVFDUDFWHUtVWLFDVEiVLFDVGHODSUHVLyQ\HOIOXMREDMRXQPDQJXLWRRFOXVLYRHVTXHHO
SXOVRDSDUHQWHPHQWHVHUHWUDVDFRQHOLQFUHPHQWRGHODSUHVLyQGHOPDQJXLWR/DRQGD5GHO
(.*VHHPSOHDDPHQXGRFRPRXQDUHIHUHQFLDGHWLHPSR

7pFQLFDGHLQWHUYDORGHWLHPSRGHODRQGD5
8QDGHODVFDUDFWHUtVWLFDVEiVLFDVGHODSUHVLyQ\HOIOXMREDMRXQPDQJXLWRRFOXVLYRHVTXHHO
SXOVRDSDUHQWHPHQWHVHUHWUDVDFRQHOLQFUHPHQWRGHODSUHVLyQGHOPDQJXLWR/DRQGD5GHO
(.*VHHPSOHDDPHQXGRFRPRXQDUHIHUHQFLDGHWLHPSR
'HVFDUJDYDVFXODUFRQWLQXD
3HQD] UD]RQy HQ TXH VL OD SUHVLyQ GHO PDQJXLWR HVWDED FRQWLQXDPHQWH LJXDODGD D OD
SUHVLyQ DUWHULDO ORV YDVRV HVWDUtDQ HQ XQ HVWDGR FRQVWDQWH GH GHVFDUJD YDVFXODU (PSOHy XQD
UHDOLPHQWDFLyQ PHFiQLFD SDUD DMXVWDU FRQWLQXDPHQWH OD SUHVLyQ HQ XQD FiPDUD GH GHGR SDUD
DSOLFDUHVWHFRQFHSWR(OYROXPHQYDVFXODUVHPHGtDPHGLDQWH IRWRSOHWLVPRJUDItD&XDQGROD
UHDOLPHQWDFLyQ VH DSOLFDED GH PDQHUD WDO TXH HO YROXPHQ VH PDQWHQtD FRQVWDQWH \ FRQ HO
Pi[LPR QLYHO SXOViWLO VH DVXPtD TXH OD SUHVLyQ GH OD FiPDUD HUD LJXDO D OD SUHVLyQ DUWHULDO
(VWD WpFQLFD SRGUtD YHUVH DIHFWDGD SRU OD WHPSHUDWXUD GH OD SLHO GURJDV YDVRDFWLYDV \
DQHVWpVLFRV /R TXH HV PiV SXHGH KDEHU GLIHUHQFLDV HQ OD SUHVLyQ PHGLD HQWUH HO SXOVR GHO
GHGR\ODSUHVLyQFHQWUDODyUWLFD
6HQVRUHVGHSXOVR
(VWRV VHQVRUHV LQWHQWDQ PHGLU OD RQGD GHO SXOVR WDQWR GH OD GHVYLDFLyQ GH OD SDUHG DUWHULDO
FRPR OD WHQVLyQ GH OD VXSHUILFLH GH OD SLHOVREUHXQ YDVR SDOSDEOH (VWH WLSR GH VHQVRUHV QR
PLGHQODSUHVLyQHQEUXWRVLQRODSURSRUFLyQHQWUHODVWHQVLRQHV$SHVDUGHTXHKD\PXFKRV
GLVHxRVSDUDHVWHWLSRGHVHQVRUHVWRGRVHOORVFDHQJHQHUDOPHQWHHQGRVFDWHJRUtDV/DSULPHUD
FDWHJRUtDHVODGHVHQVRUHVGHYROXPHQ/DVHJXQGDFDWHJRUtDHVODGHVHQVRUHVGHODSUHVLyQ
GHOSXOVR
7RQRPHWUtDDUWHULDO
(VXQPpWRGRGHPHGLGDTXHSXHGHUHJLVWUDUGHPDQHUDQR LQYDVLYDODSUHVLyQHQODVDUWHULDV
VXSHUILFLDOHV FRQ VXILFLHQWH VRSRUWH yVHR 3ULPHUDPHQWH LQIRUPD GH OD SUHVLyQ EDVDO GH OD
DUWHULDHQFXHVWLyQDSDUWLUGHODGHIRUPDFLyQTXHVXIUHODVXSHUILFLHGHOVHQVRU3RVWHULRUPHQWH
ODSUHVLyQLQWHUQDGHOVHQVRUDXPHQWDKDVWDFRODSVDUODDUWHULD
7RQRPHWUtDGHGLDIUDJPDIOH[LEOH
&RQVWLWX\HQ XQD DOWHUQDWLYD D ORV WRQyPHWURV GH DOWD UHVROXFLyQ WRGDYtD HQ GHVDUUROOR /DV
YHQWDMDVTXHQRVRIUHFHQFRQVLVWLUtDQHQHOFRVWHIiFLOFRORFDFLyQODFRPRGLGDGGHOSDFLHQWH
/DWHFQRORJtDVHKDGHVDUUROODGRSDUDDGDSWDUVHDODVLUUHJXODULGDGHVGHODVXSHUILFLHFXWiQHD\
GHRWUDVORFDOL]DFLRQHVGRWDGDVGHVLVWHPDYDVFXODU
9RO~PHQHVSXOPRQDUHV
/D FDQWLGDG GH DLUH LQVXIODGR D ORV SXOPRQHV FRQ FDGD UHVSLUDFLyQ HV OODPDGR YROXPHQ
FRUULHQWH9&(QXQDGXOWRPHGLRHVWDFDQWLGDGVHHQFRQWUDUtDDOUHGHGRUGHOPHGLROLWURHQ

FDGDUHVSLUDFLyQHQUHSRVR3HURHQUHDOLGDGHOVLVWHPDUHVSLUDWRULRHVFDSD]GHDOEHUJDUPD\RU
FDQWLGDG GH DLUH TXH OD TXH VXSRQH HVWH YROXPHQ (V OR TXH VH GHQRPLQD FDSDFLGDG
LQVSLUDWRULD,&FLIUDGDHQVLHWHYHFHVHOYROXPHQFLUFXODQWH3RUHOFRQWUDULRVHFRQRFHFRPR
YROXPHQGHUHVHUYDHVSLUDWRULDDODLUHTXHVHSXHGHH[KDODUWUDVXQDLQVSLUDFLyQQRUPDO\TXH
HTXLYDOHDGRVYHFHVHOYROXPHQFRUULHQWH(QFDGDHVSLUDFLyQTXHGDXQUHPDQHQWHGHDLUHTXH
QRHVSRVLEOHHYDFXDUORTXHVHGHQRPLQDYROXPHQUHVLGXDO/DVXPDGHOYROXPHQGHUHVHUYD
UHVSLUDWRULD\HOYROXPHQUHVLGXDOHVORTXHVHGHILQHFRPRFDSDFLGDGIXQFLRQDOUHVLGXDO (O
YROXPHQGHDLUHH[KDODGRGHVGH XQD LQVSLUDFLyQ Pi[LPD KDVWD XQD HVSLUDFLyQ Pi[LPD HV OD
FDSDFLGDG YLWDO /D FDSDFLGDG SXOPRQDU HV HO YROXPHQ WRWDO GH DLUH FDSD] GH DOEHUJDU ORV
SXOPRQHV
$GHPiV GH ORV YRO~PHQHV SXOPRQDUHV HVWiWLFRV \D HQXQFLDGRV H[LVWHQ PXFKRV RWURV
SDUiPHWURV DVRFLDGRV D OD UHVSLUDFLyQ TXH VH SXHGHQ GHWHUPLQDU (O YROXPHQ PLQXWR HV HO
YROXPHQGHDLUHSRUUHVSLUDFLyQPXOWLSOLFDGRSRUHOULWPRUHVSLUDWRULR
3UXHEDVGLQiPLFDV
'HWHUPLQDQ DOJXQRV YRO~PHQHV UHVSLUDWRULRV TXH GHVFULEHQ OD FDSDFLGDG GHO VLVWHPD
UHVSLUDWRULRGHPRYHUDLUH(VWDVFDQWLGDGHVVRQREWHQLGDVPHGLDQWHHVSLUyPHWURVVLQYiOYXODV
\DEVRUFLyQGHGLy[LGRGHFDUERQRRFRQXQQHXPRWDFyJUDIRDFRSODGRDXQLQWHJUDGRU
&DSDFLGDGYLWDOIRU]DGDUHSUHVHQWDHOPi[LPRYROXPHQTXHHVFDSD]GHLQVSLUDUXQVXMHWR
HQLQVSLUDFLyQUiSLGD\VHULDGD
9ROXPHQ HVSLUDWRULR IRU]DGR IRUFHG H[SLUDWRU\ YROXPH )(9 YROXPHQ HVSLUDGR HQ W
VHJXQGRV
9HQWLODFLyQ YROXQWDULD Pi[LPD Pi[LPD YHQWLODFLyQ YROXQWDULD REWHQLGD D SDUWLU GH
PRYLOL]DUHODLUHGXUDQWHXQPLQXWRGHODIRUPDPiVUiSLGD\SURIXQGDSRVLEOH
3LFR GH IOXMR FXUYD TXH UHSUHVHQWD OD VDOLGD GHO YROXPHQ GH DLUH HQ XQD VROD HVSLUDFLyQ
REWHQLGDDSDUWLUGHXQD)(9
(VSLUyPHWURK~PHGR
+DVLGRHOPpWRGRFOiVLFRGHGHWHUPLQDFLyQGHOYROXPHQGHDLUHPRYLGRFRQODUHVSLUDFLyQ
6X SUHVHQWDFLyQ FRQVLVWH HQ XQ FRPSOHMR IRUPDGR SRU XQ FLOLQGUR FX\RV H[WUHPRV GLVWDOHV
FXOPLQDQ HQ HO LQWHULRU GH XQD FDPSDQD DFRSODGD D XQ VLVWHPD GH UHJXODFLyQ TXH HPSOHD HO
DJXDFRPRQLYHODGRU/DGHWHUPLQDFLyQGHORVQLYHOHVGHR[tJHQRHVXQDDSOLFDFLyQPiVHQHO
XVRGHODHVSLURPHWUtDK~PHGD
(VSLURPHWUtDHQVHFR
(O XVR GH OD HVSLURPHWUtD K~PHGD FOiVLFD VH KD LGR DEDQGRQDQGR SDXODWLQDPHQWH D
FRQVHFXHQFLD GH ORV LQFRQYHQLHQWHV TXH HVWD VXSRQH FRPR OD FRUURVLyQ GH ORV PHWDOHV
$GHPiVHOPDQWHQLPLHQWRUHTXLHUHFRQVHUYDUODLQVWUXPHQWDFLyQHQXQOXJDUVHJXURGXUDQWH
ODUJRVSHULRGRVGHWLHPSR'HORVVHFRV HO PiVFRP~Q HPSOHD XQ VLVWHPD FX\R SULQFLSLR VH
EDVDHQHOFRODSVRGHXQLQJHQLRGHJRPD

1HXPRWDFyJUDIR
6H WUDWD GH XQ DUWLOXJLR FDSD] GH GHWHUPLQDU OD YHORFLGDG GHO IOXMR GH DLUH (O YROXPHQ DVt
REWHQLGR UHVXOWD GH OD LQWHJUDFLyQ GH ORV YDORUHV REWHQLGRV GH OD UHODFLyQ YHORFLGDGWLHPSR
$XQTXHHOYROXPHQWRWDOVHDTXL]iVPiVIiFLOPHQWHUHJLVWUDGRFRQHOHVSLUyPHWURODGLQiPLFD
GHODUHVSLUDFLyQHVPHMRUUHJLVWUDGDSRUHO QHXPRWDFyJUDIRTXH RIUHFHPHQRU UHVLVWHQFLD DO
IOXMRDpUHR\H[KLEHXQDPHMRUFDSDFLGDGGHUHJLVWURGHORVSDUiPHWURVFRQUHVSHFWRDOWLHPSR
GHODPLVPDPDQHUDTXHODPD\RUtDGHORVLQVWUXPHQWRVTXHUHJLVWUDQHOLPSXOVRFDUGLDFR
/DUHVLVWHQFLDUHVSRQVDEOHGHOUHJLVWURGHODVFDUDFWHUtVWLFDVGHOIOXMRVHVLW~DHQHOLQWHULRUGHO
WXERGHWHUPLQDQGRODWXUEXOHQFLDGHOIOXMR(VWHVLVWHPDGHUHVLVWHQFLDSXHGHFRQVLVWLUHQXQD
SDQWDOODDQFKDRXQDVHULHGHWXERVSRUFDSLODULGDG/DGHWHFFLyQ\HOUHJLVWURGHHVWDSUHVLyQ
GLIHUHQFLDO FRQVWLWX\HQ XQ QHXPRWDFRJUDPD (Q WRGR QHXPRWDFRJUDPD SXHGHQ REVHUYDUVH
SHTXHxRVDUWHIDFWRVTXHVHFRUUHVSRQGHQFRQHOLPSXOVRFDUGLDFR
'HWHUPLQDFLyQGHODFDSDFLGDGUHVLGXDOIXQFLRQDOPHGLDQWHQLWUyJHQR
/D PHGLFLyQ GH OD FDSDFLGDG IXQFLRQDO UHVLGXDO IXQFWLRQDO UHVLGXDO FDSDFLW\ )5& \ HO
YROXPHQ UHVLGXDO 59 UHTXLHUHQ GHO XVR GH XQ DQDOL]DGRU GH QLWUyJHQR \ OD DSOLFDFLyQ GHO
PpWRGRGHGLOXFLyQ(VWHPpWRGRHVWDPELpQOODPDGRGHODYDGRPHGLDQWHQLWUyJHQR3DUDOD
GHWHUPLQDFLyQ GH OD )5& VH HPSOHD XQ VLVWHPD UHJXODGR PHGLDQWH YiOYXODV ,QLFLDOPHQWH DO
HQFRQWUDUVHHOVLVWHPDQRRSHUDWLYRHOVXMHWRSXHGHUHVSLUDUHODLUHGHODPELHQWHKDVWDTXHQR
GDFRPLHQ]R OD SUXHED$ FRQWLQXDFLyQ DO RSHUDUVH VREUHXQD GH ODVYiOYXODV VH OH SHUPLWH
LQVSLUDUDOLQGLYLGXRR[tJHQRDOSURFHGHQWHGHXQGHSyVLWRSHURHVWHLQVWDQWHQROOHJD
KDVWDHOFRPLHQ]RGHXQDQXHYDUHVSLUDFLyQ$OHVSLUDUHOLQGLYLGXR\JUDFLDVDXQ WUDQVGXFWRU
FRQ QLWUyJHQR H[KDOD XQD PH]FOD GH R[tJHQR \ QLWUyJHQR TXH SDVDUtD D XQ FROHFWRU KDVWD
UHJLVWUDUXQGHWHUPLQDGRYROXPHQTXHOODPDUHPRV9 ('HHVWDVXHUWHODGHWHUPLQDFLyQGHOD
FDSDFLGDGUHVLGXDOIXQFLRQDOUHVSRQGHDODVLJXLHQWHIyUPXOD
)5& )1 9(
(VSDFLRILVLROyJLFRPXHUWR
(O HVSDFLR ILVLROyJLFRPXHUWR HV HO YROXPHQ GH YHQWLODFLyQ SXOPRQDU TXH QR SDUWLFLSD HQ HO
LQWHUFDPELR GH JDVHV ILVLROyJLFRV (V REYLR TXH HO HVSDFLR PXHUWR ILVLROyJLFR LQFOX\H HO
HVSDFLRPXHUWRDQDWyPLFRDGHPiVGHOYROXPHQGHDTXHOORV DOYHRORVTXHQRVRQSHUIXQGLGRV
(Q HO SXOPyQ H[LVWHQ WHyULFDPHQWH FXDWUR WLSRV GH DOYHRORV DTXHOORV TXH VRQ YHQWLODGRV \
SHUIXQGLGRV ORV YHQWLODGRV SHUR QR SHUIXQGLGRV ORV SHUIXQGLGRV SHUR QR YHQWLODGRV \ ORV
SREUHPHQWHSHUIXQGLGRV\SREUHPHQWHYHQWLODGRV
/D PHGLGD GHO HVSDFLR PXHUWR ILVLROyJLFR HVWi EDVDGD HQ OD SUHVXQFLyQ GH TXH H[LVWH XQ
FRPSOHWRHTXLOLEULRHQWUHHOGLy[LGRGHFDUERQRDOYHRODU\ODVDQJUHFDSLODUSXOPRQDU(QXQ
WHVWWtSLFRHOVXMHWRUHVSLUDUtD\H[KDODUtDDXQGHSyVLWRGHDOPDFHQDMH(OWHVWVHSURORQJDSRU
HVSDFLRGHWUHVPLQXWRVRPiV\HOQ~PHURGHUHVSLUDFLRQHVHVFRQWDELOL]DGRHQFDGDSHULRGR
8QD PXHVWUD GH VDQJUH DUWHULDO HV UHFRJLGD GXUDQWH HO SURFHVR GH DOPDFHQDMH /D SUHVLyQ
SDUFLDOGHGLy[LGRGHFDUERQRHVGHWHUPLQDGDHQHOJDVH[SLUDGR\OXHJRHOYROXPHQGHOJDV
HVGHWHUPLQDGRDWUDYpVGHXQHVSLUyPHWUR

(OHPSOHRFOtQLFRGHGLVSRVLWLYRV LPSODQWDEOHVSRUWDGRUHVGHXQHVWtPXORHOpFWULFRUtWPLFR\
FRQWURODGRSDUDPDQWHQHUHOODWLGRGHOFRUD]yQKDWHQLGROXJDUHQORV~OWLPRVDxRV$XQTXH
HVWRVGLVSRVLWLYRVVHKDQYXHOWRFDGDYH]PiVSHTXHxRVGHVGHJUDPRVHQKDVWD
JUDPRVDFWXDOPHQWHVXHYROXFLyQWHFQROyJLFDKDVLGRPiVDOOiGHVXVGLPHQVLRQHV
/RV VLVWHPDV PRGHUQRV FRQVWDQ GH WUHV FRPSRQHQWHV JHQHUDGRU GH SXOVRV JXtD \
SURJUDPDGRU (O JHQHUDGRU GH SXOVRV FRQWLHQH OD EDWHUtD \ ORV FLUFXLWRV TXH JHQHUDQ ORV
HVWtPXORV\GHWHFWDQODDFWLYLGDGHOpFWULFD/DJXtDHVXQFDEOHDLVODGRTXHOOHYDORVHVWtPXORV
GHVGHHOJHQHUDGRUKDVWDHOFRUD]yQ\ODVVHxDOHVFDUGtDFDVLQWUtQVHFDVKDVWDHOJHQHUDGRU(O
SURJUDPDGRUHVXQGLVSRVLWLYR WHOHPpWULFRXWLOL]DGRSDUDJDUDQWL]DUODFRPXQLFDFLyQHQWUHHO
JHQHUDGRU \ HO PpGLFR eVWH SXHGH DOWHUDU OD WHUDSLD FRQGXFLGD SRU HO PDUFDSDVRV \ EULQGDU
GDWRV GLDJQyVWLFRV TXH VRQ HVHQFLDOHV SDUD OD WHUDSLD (O p[LWR GH OD WHUDSLD UHVLGH HQ OD
GHFLVLyQ GHO PpGLFR UHVSHFWR D OD XWLOL]DFLyQ GH XQ VLVWHPD DSURSLDGR WpFQLFDV GH
LPSODQWDFLyQ\ODSURJUDPDFLyQ
/DV FRPLVLRQHV GH $PHULFDQ &ROOHJH RI &DUGLRORJ\ \ $PHULFDQ +HDUW $VVRFLDWLRQ
HVWDEOHFLHURQFXDWURFDWHJRUtDVSDUDODLPSODQWDFLyQGHXQPDUFDSDVRV
D %ORTXHRFDUGtDFR
E 6tQGURPHGHOVHQRHQIHUPR
F ,QIDUWRGHPLRFDUGLR
G 6tQGURPHGHOVHQRFDURWtGHRKLSHUWHQVLYR
'HQWUR GH ODV FDWHJRUtDV DQWHULRUHV H[LVWH DGHPiV XQD FODVLILFDFLyQ VHJ~Q OD QHFHVLGDG GHO
PDUFDSDVRV eVWD VH GLYLGH HQ JUXSR , HO PDUFDSDVRV VH FRQVLGHUD QHFHVDULR JUXSR ,, HO
PDUFDSDVRV SXHGH VHU QHFHVDULR R PiV ELHQ ~WLO R JUXSR ,,, HO XVR GHO PDUFDSDVRV VH
FRQVLGHUD LQDSURSLDGR (Q OtQHDV JHQHUDOHV ORV PDUFDSDVRV HVWiQ LQGLFDGRV HQ ORV IDOORV
JUDYHV GH OD IUHFXHQFLD FDUGtDFD R ELHQ HQ ORV FDVRV HQ ORV TXH H[LVWD XQ IDOOR GH OD
FRPXQLFDFLyQ HQWUH OD DXUtFXOD \ ORV YHQWUtFXORV 6H FRQWLQ~D LQYHVWLJDQGR RWUDV GROHQFLDV
GRQGHHOHPSOHRGHOPDUFDSDVRVSXHGDVHU~WLO
*HQHUDGRUGHSXOVR
(O JHQHUDGRU GH SXOVR FRQWLHQH XQD IXHQWH GH SRWHQFLD FLUFXLWR GH VDOLGD FLUFXLWR VHQVRU \
FLUFXLWR WHPSRUL]DGRU8Q DQLOOR GH WHOHPHWUtD HV XWLOL]DGR SDUD HQYLDU \ UHFLELU LQIRUPDFLyQ
HQWUH HO JHQHUDGRU \ HO SURJUDPDGRU $OJXQRV JHQHUDGRUHV GH SXOVR LQFOX\HQ FRPSRQHQWHV
VHQVRUHVMXQWRFRQHOFLUFXLWRSDUDSURFHVDUODLQIRUPDFLyQPHGLGDSRUHOVHQVRU
/RV PDUFDSDVRV PRGHUQRV HPSOHDQ FLUFXLWRV GH WHFQRORJtD &026 'H XQR D NLORELWHV GH
PHPRULD WLSR 520 UHDGRQO\ PHPRU\ VRQ XWLOL]DGRV SDUD GLULJLU ORV FLUFXLWRV GH VDOLGD \
GHWHFFLyQ \ E\WHV GH PHPRULD WLSR 5$0 UDQGRPDFFHVV PHPRU\VRQ XVDGRV SDUD

DOPDFHQDUORVGDWRVGHGLDJQyVWLFR$OJXQRVIDEULFDQWHVRIUHFHQJHQHUDGRUHVGHSXOVREDVDGRV
FRPSOHWDPHQWH HQ 5$0 SURSRUFLRQDQGR PD\RU FDSDFLGDG GH DOPDFHQDPLHQWR GH GDWRV \
IOH[LELOLGDGSDUDFDPELDUVXVFDUDFWHUtVWLFDVGHVSXpVGHLPSODQWDGRV
7RGRV ORV FRPSRQHQWHV GHO JHQHUDGRU GH SXOVR VH DORMDQ HQ XQ FRQWHQHGRU GH WLWDQLR
KHUPpWLFDPHQWH VHOODGR FRQ XQ EORTXH FRQHFWRU TXH UHFLEH ODV JXtDV 'DGR TXH H[LVWHQ
P~OWLSOHVWLSRVGHJXtDVTXHYDUtDQHQVXSRUFLyQGHXQLyQDO FRQHFWRU\HQVXFRQILJXUDFLyQ
H[LVWHQGLVWLQWRVWLSRVGHFRQHFWRUHV(OH[WHULRUGHOHVWXFKHGHOPDUFDSDVRVHVWiJUDYDGRFRQ
OiVHU\VHLQGLFDHOIDEULFDQWHQRPEUHWLSRQ~PHURGHPRGHORQ~PHURGHVHULH\HOGLDJUDPD
GH FRQH[LyQ GH OD JXtD 8QD YH] LPSODQWDGR SXHGH UHVXOWDU QHFHVDULR XVDU UD\RV ; SDUD
FRQRFHUODLGHQWLGDGGHOJHQHUDGRU3DUDWDOILQDOJXQRVIDEULFDQWHVXVDQVtPERORV UDGLRSDFRV
\FyGLJRVGH,'PLHQWUDVTXHRWURVKDFHQHOPDUFDSDVRVFRQXQDIRUPDGHWHUPLQDGD
*XtD
/DV JXtDV GH ORV PDUFDSDVRV GHEHQ GLVHxDUVH QR VyOR SDUD VHU UHVLVWHQWH GHQWUR GHO PHGLR
KRVWLO GHO RUJDQLVPR VLQR WDPELpQ SDUD VHU PDQHMDEOH HQ OD LQWHUYHQFLyQ GH LPSODQWH &DGD
JXtDFRQVWDGHFXDWURSDUWHVIXQGDPHQWDOHVHOHOHFWURGRHOFRQGXFWRUSURSLDPHQWHGLFKRHO
DLVODPLHQWR\ODFODYLMDGHFRQH[LyQ(OHOHFWURGRVHORFDOL]DHQODSXQWDGHODJXtD\HVWiQHQ
FRQWDFWR GLUHFWR FRQ HO PLRFDUGLR /DV JXtDV ELSRODUHV WLHQHQ XQ HOHFWURGR HQ OD SXQWD \ XQ
HOHFWURGR DQXODU ORFDOL]DGR D XQRV FP GH OD SXQWD /DV JXtD XQLSRODUHV WLHQHQ VyOR
HOHFWURGRV HQ VX SXQWD 8Q HOHFWURGR GH SHTXHxR UDGLR SURYHH XQD PD\RU GHQVLGDG GH
FRUULHQWHORTXHUHVXOWDHQXQ PHQRUXPEUDOGHHVWLPXODFLyQ(OHOHFWURGRWDPELpQDXPHQWDOD
UHVLVWHQFLD HQ OD LQWHUID] HOHFWURGRPLRFDUGLR GLVPLQX\HQGR DVt OD SpUGLGD GH FRUULHQWH \
PHMRUDQGRODYLGD~WLOGHODEDWHUtD(OUDGLRGHODPD\RUtDGHORVHOHFWURGRVHVGHPP
SHURKD\HQVD\RVFOtQLFRVHQORVTXHVHHVWXGLDQJXtDVGHDOWDLPSHGDQFLDTXHXVDQHOHFWURGRV
GHPP6LQHPEDUJRORVHOHFWURGRVSHTXHxRVVHDVRFLDQFRQXQDPHQRUFDSDFLGDGGHORV
VHQVRUHVDXQTXHVHHVWiWUDEDMDQGRHQGLVWLQWRVWLSRVGHJXtDVSRUHMHPSORFRQSRURVRELHQ
GHGLVWLQWRVPDWHULDOHVSDUDSRGHUVROXFLRQDUHVWHSUREOHPD
2WURSUREOHPDHVHOGHOUHFKD]RGHORUJDQLVPRKDFLDODJXtDQRVHGHEHROYLGDUTXHVHWUDWDGH
XQ FXHUSR H[WUDxR ([LVWH XQ WLSR GH HOHFWURGR TXH WLHQH DSUR[LPDGDPHQWH PJ GH
FRWLFRVWHURLGH GH[DPHWDVRQD VRGLR IRVIDWR FRQWHQLGR HQ XQD FDSD GH VLOLFRQD TXH URGHD DO
HOHFWURGR(VWRUHGXFHODLQIODPDFLyQ\ODIRUPDFLyQGHODILEURVLVDOUHGHGRUGHODJXtD
/DIRUPDGHVXMHFLyQGHOHOHFWURGRSXHGHVHUSDVLYDRDFWLYD/DSDVLYDFRQVLVWHHQGHMDUTXH
ODSXQWDGHOHOHFWURGRVHFODYHHQHOHQWUDPDGR WUDEHFXODUPLRFiUGLFR0LHQWUDVTXHODDFWLYD
FRQVLVWHHQHOXVRGHWRUQLOORV\GHRWURVPpWRGRVSDUDVXMHWDUODJXtD(OPpWRGRDFWLYRWLHQH
FRPRYHQWDMDHOSRGHUH[WLUSDUVHFRQPD\RUIDFLOLGDGHQFDVRGHVHUQHFHVDULR
(O FRQGXFWRU WUDQVSRUWD ODV VHxDOHV HOpFWULFDV DO JHQHUDGRU GH SXOVR \ OOHYD ORV SXOVRV GH
PDUFDSDVRVDO FRUD]yQ 'HEH VHU IXHUWH \ IOH[LEOH SDUDVRSRUWDUHO HVWUpVGH IOH[LyQ UHSHWLGR
TXH VH SURGXFH FRQ HO ODWLGR FDUGtDFR (O PDWHULDO GHO FRQGXFWRU HV XQD DOHDFLyQ GH QtTXHO
OODPDGD 031 'HELGR D OD QHFHVLGDG GH GRV FRQGXFWRUHV ODV JXtDV ELSRODUHV VXHOHQ VHU
PD\RUHVHQGLiPHWURTXHODVXQLSRODUHV/DVJXtDVELSRODUHVDFWXDOHVWLHQHQXQGLVHxRFRD[LDO
TXHKDUHGXFLGRHQJUDQPDQHUDVXGLiPHWUR(OPDWHULDOGHDLVODPLHQWRVXHOHVHUVLOLFRQDR
SROLXUHWDQR /D VLOLFRQD WLHQH FRPR GHVYHQWDMDV IUHQWH DO SROLXUHWDQR HO VHU PiV GpELO \ HO
SURGXFLUPD\RUUHDFWLYLGDGFRQODVDQJUH

([LVWH XQD JUDQ GLYHUVLGDG GH FRQHFWRUHV HQWUH OD JXtD \ HO JHQHUDGRU \ SDUD UHVROYHU ODV
LQFRPSDWLELOLGDGHV TXH HVWR SXHGH RFDVLRQDU VH KD GHVDUUROODGR XQ VLVWHPD QRUPDOL]DGR
LQWHUQDFLRQDO,6/DVJXtDVSXHGHQFRORFDUVHGHGRVPDQHUDVHQGRFiUGLFDVRSHULFiUGLFDV
3URJUDPDGRUHV
/DDOWHUDFLyQ UHYHUVLEOH QR LQYDVLYD GH ORV SDUiPHWURV IXQFLRQDOHVGHOPDUFDSDVRV HV FULWLFR
SDUD OOHYDU D FDER HO PDQHMR FOtQLFR 3DUD TXH XQ VLVWHPD GH FRQWURO GHO ULWPR SHUPDQH]FD
HIHFWLYRDORODUJRGHVXSHULRGRGHYLGDIXQFLRQDOGHEHSRGHUVHDMXVWDUDORVFDPELRVGHODV
QHFHVLGDGHV GH ORV SDFLHQWHV /D SURJUDPDFLyQ HV OD KHUUDPLHQWD FOtQLFD SULQFLSDO SDUD HO
FDPELRGHORVSDUiPHWURVODUHFXSHUDFLyQGHORVGDWRVGLDJQyVWLFRV\ORVWHVWVQR LQYDVLYRVGH
ODFRQGXFFLyQ
/D IUHFXHQFLD GHO PDUFDSDVRV SURJUDPDEOH HQ ORV DxRV VH DMXVWDED FRQ XQD DJXMD
PDQLSXODGDSHUFXWiQHDPHQWHHQXQPDQGRVLWXDGRHQXQODGRGHOPDUFDSDVRVGHIRUPDTXH
URWDQGRODDJXMDVHSRGtDFDPELDUODYHORFLGDGGHOPDUFDSDVRV(QORVDxRV\HOXVRGH
LQWHUUXSWRUHVFRQWURODGRVPDJQpWLFDPHQWHKL]RSRVLEOHFDPELDUGHIRUPDQR LQYDVLYDFLHUWRV
SDUiPHWURV FRPR YHORFLGDG VDOLGD VHQVLELOLGDG \ SRODUL]DFLyQ /D DSOLFDFLyQ GH XQ LPiQ
SRGtDDOWHUDUORVSDUiPHWURVTXHHUDQOLPLWDGRVDXQDGHGRVRSFLRQHV1RIXHKDVWDILQDOHVGH
ORV DxRV FXDQGR OD HQHUJtD SRU UDGLRIUHFXHQFLD VH LQFRUSRUy FRPR HO WUDQVPLVRU GH
LQIRUPDFLyQTXHODSURJUDPDFLyQFRPHQ]yDUHDOL]DUVXSOHQRSRWHQFLDO/DWUDQVPLVLyQSRU
UDGLRIUHFXHQFLDHVPiVUiSLGDSURSRUFLRQDWHOHPHWUtDELGLUHFFLRQDO\GLVPLQX\HODSRVLELOLGDG
GHXQDSURJUDPDFLyQQRLQWHQFLRQDGDGHVGHIXHQWHVLQDSURSLDGDV
$FWXDOPHQWH OD PD\RUtD GH ORV IDEULFDQWHV VH HVWiQ DSDUWDQGR GH XQ LQVWUXPHQWR GH GLVHxR
UtJLGR KDFLD XQ GLVHxR EDVDGR HQ ODV FRPSXWDGRUDV SHUVRQDOHV /RV QXHYRV GLVHxRV VRQ
JHQHUDOPHQWHPiVIOH[LEOHVPiVLQWXLWLYRVDOVHUXVDGRV\PiVIiFLOHVGHDFWXDOL]DUFXDQGRVH
GHVDUUROODQFDPELRVRPHMRUDVHQORVHTXLSRV
2SHUDFLyQGHOVLVWHPD
/RVPDUFDSDVRVVHKDQYXHOWRFDGDYH]PiVSRWHQWHVHQODV~OWLPDVWUHVGpFDGDVSHURDFRVWD
GH DGTXLULU PD\RU FRPSOHMLGDG /RV IDEULFDQWHV FRPLHQ]DQ D QRWDU HO UHWR TXH VXSRQH HVWR
SDUDHOSHUVRQDOFOtQLFR\KDQUHVSRQGLGRFRQD\XGDVSDUDODLQWHUSUHWDFLyQ*UDQSDUWHGHOD
DSDUHQWH FRPSOHMLGDG GH ODV UHJODV GH WHPSRUL]DFLyQ TXH GHWHUPLQDQ OD RSHUDFLyQ GHO
PDUFDSDVRV HV GHELGD D OD PHWD GH HPXODU OR Pi[LPR SRVLEOH HO ULWPR FDUGtDFR QRUPDO VLQ
LQWHUIHULUHQpO8QHMHPSORHVHOPRGHORGH&iPDUD'XDOTXHSURSRUFLRQDXQDHVWLPXODFLyQ
VHFXHQFLDOGHODDXUtFXODDQWHVTXHODGHOYHQWUtFXOR
2WUR HMHPSOR HV OD UHVSXHVWD D OD YHORFLGDG GLVHxDGR SDUD SDFLHQWHV FRQ SpUGLGD GH OD
FDSDFLGDG QRUPDO SDUD DXPHQWDU OD IUHFXHQFLD FDUGtDFD HQ UHVSXHVWD D YDULDV FRQGLFLRQHV
ItVLFDV SRU HMHPSOR HO HMHUFLFLR /RV VLVWHPDV TXH UHVSRQGHQ D OD WDVD XVDQ XQD FODVH GH
VHQVRUSDUDPHGLUHOFDPELRHQXQDYDULDEOHItVLFDFRUUHODFLRQDGDDOULWPRFDUGtDFR/DVHxDO
GHO VHQVRU HV SURFHVDGD \ XVDGD SRU HO FLUFXLWR GH VDOLGD SDUD HVSHFLILFDU HO ULWPR FDUGtDFR
HOHJLGR(OPpGLFRFRQWURODODDJUHVLYLGDGGHOLQFUHPHQWRGHOULWPRDWUDYpVGHXQDVHULHGH
SDUiPHWURV ORV GLDJQyVWLFRV PHGLDQWH PDUFDSDVRV SURSRUFLRQDQ XQRV GDWRV ~WLOHV HQ OD
YDORUDFLyQGHODWHUDSLDGHUHVSXHVWDGHULWPR
(O VHQVRU PiV FRP~Q HV HO VHQVRU GH DFWLYLGDG TXH XVD PDWHULDOHV SLH]RHOpFWULFRV SDUD

GHWHFWDU YLEUDFLRQHV FDXVDGDV SRU HO PRYLPLHQWR GHO FXHUSR 7DPELpQ VH SXHGHQ DGTXLULU
FRPHUFLDOPHQWHVLVWHPDVTXHXVDQXQDLPSHGDQFLD WUDQVWRUiFLFDV SDUD HVWLPDUOD YHQWLODFLyQ
PLQXWR SXOPRQDU6HHVWXGLDQRWURVVHQVRUHVSRUHMHPSORYROXPHQPLQXWRWHPSHUDWXUDR S+
VDQJXtQHR SUHVLyQ GHO YHQWUtFXOR GHUHFKR HWF $OJXQRV GH HOORV VRQ GXDOHV HV GHFLU
FRPELQDQGRVWLSRVGHVHQVRUHV
3DUD UHDOL]DU XQD FODVLILFDFLyQ PDQHMDEOH GH ORV GLVWLQWRV WLSRV GH PDUFDSDVRV 1RUWK
$PHULFDQ 6RFLHW\ RI 3DFLQJ DQG (OHFWURSK\VLRORJ\ \ %ULWLVK 3DFLQJ DQG (OHFWURSK\VLRORJ\
*URXSGHVDUUROODURQXQFyGLJRGHFLQFROHWUDV/DSULPHUDLQGLFDODFiPDUDRFiPDUDVHQOD
TXHVHHQFXHQWUD/DVHJXQGDOHWUDUHYHODDTXHOORVFDPELRVHQORVFXDOHVORVVHQVRUHVWRPDQ
OXJDU OD WHUFHUD GHVFULEH FyPR UHVSRQGH HO PDUFDSDVRV DO IHQyPHQR VHQVDGR DVt HO
PDUFDSDVRVSXHGHLQKLELUODVDOLGDGHOULWPRFXDQGRVHPLGHXQDDFWLYLGDGLQWUtQVHFDRELHQ
SXHGH GLVSDUDUVH EDViQGRVH HQ DOJR PHGLGR /D FXDUWD OHWUD GHO FyGLJR LQWHQWD UHIOHMDU HO
JUDGRGHSURJUDPDELOLGDGGHOPDUFDSDVRVSHURVHVXHOHXVDUSDUDLQGLFDUTXHHOHTXLSRSXHGH
SURSRUFLRQDOXQDUHVSXHVWDDOULWPR/DTXLQWDOHWUDVHUHVHUYDHVSHFtILFDPHQWHSDUDIXQFLRQHV
DQWLWDTXLFiUGLFDV
&RQVWLWX\HQ OD YHUVLyQ PiV DYDQ]DGD WHFQROyJLFDPHQWH GH ORV HVWLPXODGRUHV HOpFWULFRV
IXQFLRQDOHV 6X IXQFLyQ HV OD GH JHQHUDU OD FRQWUDFFLyQ GH ORV P~VFXORV FXDQGR QR SXHGH
FRQWURODUVHDFDXVDGHOGDxRGHODUDt]QHUYLRVDFRUUHVSRQGLHQWHROHVLyQ DQLYHOFHQWUDO
/D YLGD HVWLPDGD SDUD ORV HVWLPXODGRUHV QHXURPXVFXODUHV LPSODQWDEOHV HV OD YLGD GH VXV
XVXDULRVODFXDOVHPLGHHQGHFHQDVGHDxRV(VWDYLGD~WLOGHEHDVHJXUDUVHPHGLDQWHSURFHVRV
\ FRQWUROHV GH FDOLGDG HQ OD IDEULFDFLyQ \ KDQ GH VHOHFFLRQDUVH PDWHULDOHV DSURSLDGRV TXH
VRSRUWHQODVFRQGLFLRQHVGH WUDEDMR (Q HO GLVHxR GHEH LQFRUSRUDUVH SURWHFFLyQ FRQWUDGDxRV
PHFiQLFRV \ HOpFWULFRV TXH SXHGDQ HQFRQWUDUVH GXUDQWH OD YLGD GHO HTXLSR 6H VLJXHQ YDULRV
SURFHGLPLHQWRV \ VH GHEHQ OOHYDU D FDER ULJXURVRV FRQWUROHV GXUDQWH \ GHVSXpV GH OD
IDEULFDFLyQSDUDDVHJXUDUODFDOLGDG\YDOLGH]GHOHTXLSR
)DEULFDFLyQ\FRQWURO
/DSURGXFFLyQGHFLUFXLWRVHOHFWUyQLFRV LPSODQWDEOHV\ VX HQFDSVXODGR HQ PXFKDVRFDVLRQHV

UHFDH EDMR SDUiPHWURV SUHHVWDEOHFLGRV 3DUDPLQLPL]DUOD SRVLELOLGDG GH IDOOR OD SURGXFFLyQ
GHHVWRVLQJHQLRVVHUHDOL]DHQDPELHQWHVKHUPpWLFDPHQWHDLVODGRVFRQWURODQGRHVWULFWDPHQWH
OD FDOLGDG GH ORV PDWHULDOHV HPSOHDGRV )LQDOPHQWH HO SURGXFWR REWHQLGR HV VRPHWLGR D
ULJXURVRVFRQWUROHVGHFDOLGDG
%LRFRPSDWLELOLGDG
'HVGH TXH ORV HVWLPXODGRUHV LPSODQWDEOHV RSHUDQ HQ ORV WHMLGRV YLYRV GHVSXpV GH VX
LPSODQWDFLyQTXLU~UJLFDXQDLPSRUWDQWHSDUWHGHORVWHPDVGHVXGLVHxRVHKDGHGLFDGRHQOD
ELRFRPSDWLELOLGDG /D ELRFRPSDWLELOLGDG HV OD FDSDFLGDG GHO HVWLPXODGRU SDUD DFRSODUVH DO
WHMLGRYLYRVLQDOWHUDUODVIXQFLRQHVRFUHDUUHDFFLRQHVDGYHUVDVHQHVWRVWHMLGRVDVtFRPRVLQ
PRGLILFDU VXV SURSLHGDGHV GHELGR D ODV FRQGLFLRQHV GHO WHMLGR HQ TXH VH HQFXHQWUD LQPHUVR

/RVHOHPHQWRVGHELRFRPSDWLELOLGDGLQFOX\HQUHDFFLyQGHORVWHMLGRVDORVPDWHULDOHVIRUPDV\
WDPDxRV DVt FRPR UHDFFLRQHV HOHFWURTXtPLFDV HQ ORV HOHFWURGRV (QWUH ORV PDWHULDOHV
XWLOL]DGRVVHHQFXHQWUDQHODFHURLQR[LGDEOHWLWDQLR WiQWDORPHWDOHVQREOHVFRPRHOSODWLQR\
HOLULGLRDVtFRPRPDWHULDOHVEDVDGRVHQVLOLFRQD\HSR[LV
6XVFHSWLELOLGDGDLQWHUIHUHQFLDVHOHFWURPDJQpWLFDV\DODVGHVFDUJDVHOHFWURVWiWLFDV
/RVFDPSRVHOHFWURPDJQpWLFRVSXHGHQDOWHUDUHOIXQFLRQDPLHQWRGHORVFLUFXLWRVHOHFWUyQLFRV
OOHJDQGRDVHUOHWDOHVHQVLWXDFLRQHVGHVLVWHPDVGHVRSRUWHVYLWDOHVSHURSXHGHQVXSRQHUXQ
SHOLJUR SDUD ORV XVXDULRV GH ORV HVWLPXODGRUHV QHXURPXVFXODUHV /DV HPLVLRQHV GH
LQWHUIHUHQFLDVHOHFWURPDJQpWLFDVHOHFWURPDJQHWLFLQWHUHIHUHQFH(0,SXHGHQSURFHGHUGHXQD
IXHQWHH[WHUQDWHQLHQGRHQFXHQWDTXHODXQLGDGGHFRQWUROHVWDPELpQXQDIXHQWHGHUDGLDFLyQ
HOHFWURPDJQpWLFD (O SHOLJUR GH GHVFDUJD HOHFWURVWiWLFD HOHFWURVWDWLF GHVFKDUJH (6' QR HV
H[WUDxRGXUDQWHODVHVWDFLRQHVVHFDV(VWDVGHVFDUJDVHOHFWURPDJQpWLFDVSXHGHQDOFDQ]DUKDVWD
N9 R PiV /RV FRPSRQHQWHV HOHFWUyQLFRV VHQVLEOHV SXHGHQ VHU GDxDGRV IiFLOPHQWH D
PHQRVTXH VH HPSOHHQ GLVHxRV FRQ SURWHFFLRQHV *HQHUDOPHQWH ORV FLUFXLWRV HOHFWUyQLFRV GH
ORV HVWLPXODGRUHV LPSODQWDEOHV VH HQFXHQWUDQ SURWHJLGRV SRU XQD FDUFDVD PHWiOLFD SHUR
SXHGHQ VHU VXVFHSWLEOHV GH GDxRV HQ FXDOTXLHU SURFHVR TXLU~UJLFR HQ HO TXH VH HPSOHHQ
HOHFWURFDXWHUL]DFLyQODTXHHVXWLOL]DGDPX\IUHFXHQWHPHQWH(OGDxRSRU(6'SXHGHH[LVWLU
LQFOXVLYHGHVSXpVGHODLPSODQWDFLyQFXDQGRVHXWLOL]DQFDEOHVPX\ODUJRV1RH[LVWHQQRUPDV
HVSHFLDOHVFRQUHVSHFWRDORVGLVSRVLWLYRVLPSODQWDEOHV6HWRPDQHQFRQVLGHUDFLyQODVQRUPDV
JHQHUDOHV GH OD ,QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPLVVLRQ SDUD HTXLSDPLHQWR HOHFWURPpGLFR
/DV HVSHFLILFDFLRQHV H[LJHQ OD VXSHUYLYHQFLD GHVSXpV GH GHVFDUJDV HQ WRGDV ODV SDUWHV
FRQGXFWLYDV\QRFRQGXFWLYDVDFFHVLEOHVGHN9\N9UHVSHFWLYDPHQWH
(VWLPXODGRUHVQHUYLRVRVSHULIpULFRV

0DQLSXODFLyQPHGLDQWHHOGHVDUUROORGHP~OWLSOHVFDQDOHVGHHVWLPXODFLyQSXHVWRTXHDVt
OR UHTXLHUH HO FRQWURO GH IXQFLRQHV FRPSOHMDV GH PRYLPLHQWR (Q FRQFUHWR HO VLVWHPD
9$0&HPSOHDRFKRFDQDOHVGHHVWLPXODFLyQLQFOXLGRVHQXQDFDUFDVDGHWLWDQLR
/RFRPRFLyQ HO SULPHU HVWLPXODGRU LPSODQWDEOH VH HPSOHy HQ HO SLH GH XQ SDFLHQWH
KHPLSOpMLFR (V HO VLVWHPD 10$ DFRSODGR D OD URGLOOD \ FDSD] GH SURGXFLU XQD
HVWLPXODFLyQ GH OD PXVFXODWXUD GHO PLHPEUR DO DFWXDU VREUH HO QHUYLR SHURQHDO (VWH
PLVPR LPSODQWH KD VLGR HPSOHDGR HQ OD PDQR GH WDO VXHUWH TXH HO VLVWHPD &:58
XWLOL]DGRSRUWHWUDSOpMLFRVFXEUHODVFXDWURH[WUHPLGDGHV
5HVSLUDFLyQ ORV VLVWHPDVGH FRQWURO UHVSLUDWRULR FRPSUHQGHQ GRV FDQDOHV FRQ HOHFWURGRV
DSOLFDEOHV ELODWHUDOPHQWH DO QHUYLR SHULIpULFR $SUR[LPDGDPHQWH GH HVWRV
HVWLPXODGRUHV UHVSLUDWRULRV VH KDQ HPSOHDGR HQ SDFLHQWHV FRQ GHVyUGHQHV GH HVWD
QDWXUDOH]D FRPR HQ FDVRV GH WHWUDSOHMLDV SRU OHVLRQHV GH DOWR QLYHO /D DFWLYDFLyQ GHO
QHUYLR IUpQLFR GD FRPR UHVXOWDGR OD FRQWUDFFLyQ GHO KHPLGLDIUDJPD FRUUHVSRQGLHQWH HQ
UHVSXHVWD DO HVWtPXOR HOpFWULFR &RQ HO REMHWLYR GH PLQLPL]DU HO GDxR DO GLDIUDJPD
GHULYDGR GH VX XVR FUyQLFR VH SURFXUD HO HPSOHR GH XQ KHPLGLDIUDJPD VHJXLGR GHO
DQWHULRUGXUDQWHXQSDUGHKRUDV
&RQWURO XULQDULR ORV VLVWHPDV GH FRQWURO XULQDULR KDQ VLGR GLVHxDGRV SDUD SHUVRQDV FRQ
OHVLRQHVHQ OD HVSLQD GRUVDO (O PiVH[LWRVR GH HVWRV VLVWHPDVLQFOX\HWUHV HVWLPXODGRUHV
VHSDUDGRV FRQ VX SURSLR FLUFXLWR HQFDSVXODGRV HQ XQD FXELHUWD FRP~Q (O VLVWHPD DFW~D
VREUHODVUDtFHVVDFUDV66\6(OFHVHGHODHVWLPXODFLyQVREUHODVPLVPDVUHVXOWD

GHXQDUHODMDFLyQUiSLGDGHODPXVFXODWXUD\HVItQWHUHVUHJXODGRVSRUHVWDUHJLyQQHUYLRVD
FRQHOFRQVLJXLHQWHEHQHILFLRSDUDHOSDFLHQWH
7UDWDPLHQWRGHODHVFROLRVLVODHOHFWURHVWLPXODFLyQVHKDHPSOHDGRPX\UHFLHQWHPHQWHHQ
ODV FROXPQDV HVFROLyWLFDV GH ORV DGROHVFHQWHV FRQ OD LQWHQFLyQ GH IUHQDU HO SURJUHVLYR
GHVDUUROORGHHVWDFXUYDWXUDSDWROyJLFD(OWUDWDPLHQWRVHUHDOL]DPHGLDQWHDOHVWLPXODFLyQ
GHODGRKDFLDHOTXHHVWiGLULJLGDODFRQFDYLGDG
(VWLPXODGRUHVGHOVLVWHPDQHUYLRVRFHQWUDO
$OJXQRVVLVWHPDVGHHVWLPXODFLyQVXSRQHQODLPSODQWDFLyQ GH HOHFWURGRV HQ OD VXSHUILFLH GH

QHUYLRVGHOVLVWHPDFHQWUDORGHiUHDSURIXQGDVGHOPLVPRORTXHFRQRFHPRVFRPRQ~FOHRV
GHODEDVH
(VWLPXODFLyQFHUHEHUDO)XQGDPHQWDOPHQWHHPSOHDGDHQHOPDQHMRGHODSDUiOLVLVFHUHEUDO
LQIDQWLO/RVHOHFWURGRVVRQFRORFDGRVHQODVXSHUILFLH FHUHEHUDOSHQHWUDQGRHOFUiQHR\OD
GXUDPDGUH
(VWLPXODFLyQ YDJDO /D HVWLPXODFLyQ LQWHUPLWHQWH GHO QHUYLR YDJR GXUDQWH VHJXQGRV
FDGDPLQXWRVKDSHUPLWLGRUHGXFLUODIUHFXHQFLDGHDWDTXHHSLOpSWLFRV
(VWLPXODFLyQGHQ~FOHRVGHODEDVH6XSULQFLSDODSOLFDFLyQVHHQFXHQWUDHQODUHGXFFLyQ
GHOWHPEORUHQORVSDFLHQWHVDIHFWRVGHODHQIHUPHGDGGH 3DUNLQVRQ7RGRHOORPHGLDQWHOD
DSOLFDFLyQGHXQHOHFWURGRORFDOL]DGR HVWHUHRWDFWLFDPHQWHHQHOQ~FOHRYHQWUDOLQWHUPHGLR
GHODUHJLyQWDOiPLFD/DDSOLFDFLyQGHHVWLPXODFLyQGHDOWDIUHFXHQFLD +]D
PLFURVHJXQGRVD9SXHGHVXSULPLULQPHGLDWDPHQWHHOWHPEORUGHOSDFLHQWH
(O REMHWLYR GH XQ ODERUDWRULR FOtQLFR HV DQDOL]DU ODV VXVWDQFLDV GH LQWHUpV HQ ORV IOXLGRV \
WHMLGRVFRUSRUDOHV\UHSRUWDUORVUHVXOWDGRVHQXQDIRUPDTXHUHVXOWHGHYDORUSDUDORVPpGLFRV
HQHOGLDJQyVWLFR\WUDWDPLHQWRGHODVHQIHUPHGDGHV8QDJUDQFDQWLGDGGHSUXHEDV KDQVLGR
GHVDUUROODGDV SDUD FRQVHJXLU HVWH SURSyVLWR &XDWUR WpUPLQRV FRP~QPHQWH XWLOL]DGRV SDUD
GHVFULELUODVSUXHEDVVRQH[DFWLWXGSUHFLVLyQVHQVLELOLGDG \HVSHFLILFLGDG8QDSUXHEDH[DFWD
EULQGD FRPR PHGLD YDORUHV YHUGDGHURV /D SUHFLVLyQ HV OD FDSDFLGDG GH XQD SUXHED SDUD
EULQGDU UHVXOWDGRV VLPLODUHV HQ HQVD\RV UHSHWLGRV /D VHQVLELOLGDG HV XQD PHGLGD GH FXDQ
SHTXHxDV FDQWLGDGHV GH OD VXVWDQFLD SXHGHQ VHU PHGLGDV /D HVSHFLILFLGDG HV HO JUDGR HQ HO
TXHXQDSUXHEDPLGHODVXVWDQFLDGHLQWHUpVVLQVHUDIHFWDGDSRURWUDVVXVWDQFLDVTXHSXHGDQ
HVWDUSUHVHQWHVHQJUDQGHVFDQWLGDGHV
(O SULPHU SDVR HQ PXFKDV SUXHEDV GH ODERUDWRULR HV VHSDUDU HO PDWHULDO GH LQWHUpV GH RWUDV
VXVWDQFLDV(VWRSXHGHVHUUHDOL]DGRPHGLDQWHH[WUDFFLyQILOWUDGR\FHQWULIXJDFLyQ2WURSDVR
HV DTXpO HQ HO TXH OD VXVWDQFLD GH LQWHUpV HV DOWHUDGD TXtPLFDPHQWH PHGLDQWH UHDFWLYRV SDUD
FRQYHUWLUODHQXQDVXVWDQFLDIiFLOGHPHGLU
/DVFHQWUtIXJDVVHXVDQSDUDVHSDUDUPDWHULDOHVVHJ~QVXGHQVLGDGUHODWLYD(OXVRPiVFRP~Q

HQ HO ODERUDWRULR FOtQLFRHV OD VHSDUDFLyQ GH ODV FpOXODV \ SODTXHWDV GH OD SDUWH OtTXLGD GH OD
VDQJUH (VWR UHTXLHUH GH XQD IXHU]D FHQWULIXJD UHODWLYD GH J YHFHV OD IXHU]D GH
JUDYHGDGGXUDQWHXQSHUtRGRGHPLQXWRV/DIXHU]DFHQWUtIXJDUHODWLYDHVXQDIXQFLyQGHOD
YHORFLGDG GH URWDFLyQ \ OD GLVWDQFLD GH OD PXHVWUD GHVGH HO FHQWUR GH URWDFLyQ $OJXQDV
PH]FODV QHFHVLWDQ XQD PD\RU FDUJD SDUD ORJUDU OD VHSDUDFLyQ HQ XQ SHUtRGR UD]RQDEOH GH
WLHPSR 5RWRUHV HVSHFLDOHV FRQWLHQHQ ORV WXERV GH ODV PXHVWUDV GHQWUR GH XQ FRQWHQHGRU OR
FXDOPLQLPL]DODUHVLVWHQFLDGHODLUH\SHUPLWHPD\RUHVYHORFLGDGHVGHURWDFLyQ8QLGDGHVGH
UHIULJHUDFLyQPDQWLHQHQODVPXHVWUDVDEDMDVWHPSHUDWXUDV\DTXHODIULFFLyQGHODLUHGXUDQWH
ODURWDFLyQODVSXHGHFDOHQWDU/DV XOWUDFHQWUtIXJDVRSHUDQDYHORFLGDGHVGHORUGHQGH
USPUHYROXFLRQHVSRUPLQXWRFRQIXHU]DVGHKDVWDJeVWDVJHQHUDOPHQWHQHFHVLWDQ
GH ERPEDV GH YDFtR SDUD H[WUDHU HO DLUH TXH GH OR FRQWUDULR SRGUtD UHWDUGDU OD URWDFLyQ \
FDOHQWDUHOURWRU
/DVHSDUDFLyQ FURPDWRJUiILFDGHSHQGHGHODVYHORFLGDGHVDODVTXHGLIHUHQWHVVXVWDQFLDVTXH
VH PXHYHQ HQ XQD FRUULHQWH IDVH PyYLO VRQ UHWDUGDGDV SRU XQ PDWHULDO HVWDFLRQDULR IDVH
HVWDFLRQDULD FXDQGR SDVDQ D WUDYpV GH pVWD ~OWLPD /D IDVH PyYLO SXHGH VHU XQD PXHVWUD
YRODWLOL]DGD WUDQVSRUWDGD SRU XQ JDV LQHUWH FRPR HO KHOLR R XQ OtTXLGR WUDQVSRUWDGR SRU XQ
VROYHQWHRUJiQLFRFRPRODDFHWRQD/DVIDVHVHVWDFLRQDULDVVRQEDVWDQWHGLYHUVDVGHSHQGLHQGR
GH OD VHSDUDFLyQ UHDOL]DGD SHUR OD PD\RUtD VH PDQWLHQHQ GHQWUR GH XQ ODUJR \ GHOJDGR WXER
OODPDGR FROXPQD &XDQGR XQD PXHVWUD HV LQWURGXFLGD HQ XQD FROXPQD FURPDWRJUiILFD HV
OOHYDGD D WUDYpV GH pVWD SRU OD IDVH PyYLO $ PHGLGD TXH SDVDQ D WUDYpV GH OD FROXPQD ODV
VXVWDQFLDV TXH WLHQHQ PD\RU DILQLGDG SRU OD IDVH HVWDFLRQDULD TXHGDQ GHWUiV GH DTXHOODV FRQ
PHQRUDILQLGDG/DVVXVWDQFLDVVHSDUDGDVSXHGHQVHUGHWHFWDGDVFRPRSLFRVLQGLYLGXDOHVSRU
XQGHWHFWRUDSURSLDGRFRORFDGRDOILQDOGHODFROXPQDFURPDWRJUiILFD
(O PpWRGRLQVWUXPHQWDO FURPDWRJUiILFR PiVFRP~QPHQWH XWLOL]DGRHQ XQ ODERUDWRULR FOtQLFR

HV OD FURPDWRJUDItD OtTXLGRJDVHRVD (Q HVWH VLVWHPD OD IDVH PyYLO HV XQ JDV \ OD IDVH
HVWDFLRQDULDHVXQOtTXLGRFXELHUWRVREUHXQPDWHULDOGHVRSRUWHLQHUWHHQHOFDVRGHFROXPQDV
HPSDTXHWDGDVRHQODVSDUHGHVLQWHULRUHVGHXQWXERPX\GHOJDGRHQHOFDVRGHXQDFROXPQD
FDSLODU/RVFXDWURPpWRGRVGHGHWHFFLyQPiVXWLOL]DGRVFRQOD FURPDWRJUDItDJDVHRVDVRQOD
FRQGXFWLYLGDGWpUPLFDLRQL]DFLyQGHOODPDGHWHFWRUGHQLWUyJHQRIyVIRUR\ HVSHFWURPHWUtDGH
PDVD
(QODFURPDWRJUDItDOtTXLGDODIDVHPyYLOHVOtTXLGD/DFURPDWRJUDItDOtTXLGDFRQRFLGDFRPR
+3/&+LJK3HUIRUPDQFH /LTXLG&KURPDWRJUDSK\HV XQ VLVWHPD FRQ HO TXH VH REWLHQH XQD
H[FHOHQWHUHVROXFLyQHQXQWLHPSRUD]RQDEOHIRU]DQGRDODIDVHPyYLODDOWDVSUHVLRQHVDWUDYpV
GH XQD ODUJD \ GHOJDGD FROXPQD 8Q HVSHFWURIRWyPHWUR 89YLVLEOH VXHOH XWLOL]DUVH FRPR
GHWHFWRU 8QD OiPSDUD GH PHUFXULR FRQ OD HPLVLyQ GH QP DLVODGD HV PX\ ~WLO SDUD OD
GHWHFFLyQ GH FRPSXHVWRV DURPiWLFRV PLHQWUDV TXH XQD PDWUL] GH GHWHFWRUHV SHUPLWH XQ
HVSHFWUR FRPSOHWR GHVGH KDVWD QP HQ PLOLVHJXQGRV 7DPELpQ VRQ XWLOL]DGRV
GHWHFWRUHVGHIOXRUHVFHQFLDHOHFWURTXtPLFRV\HVSHFWUyPHWURVGHPDVD
/RVPpWRGRVHVSHFWUDOHVGHVFDQVDQHQODDEVRUFLyQRHPLVLyQGHODUDGLDFLyQHOHFWURPDJQpWLFD

SRUSDUWHGHODPXHVWUDGHLQWHUpV/DUDGLDFLyQHOHFWURPDJQpWLFDHVGHVFULWDJHQHUDOPHQWHHQ
WpUPLQRVGHIUHFXHQFLDRORQJLWXGGHRQGD/DUHODFLyQHQWUHODIUHFXHQFLD X\ODORQJLWXGGH
RQGDOHV
O FX
X
GRQGHFHVODYHORFLGDGGHODOX]HQHOYDFtR[ PV
/DVORQJLWXGHVGHRQGDGHLQWHUpVHQODPD\RUtDGHORVODERUDWRULRVFOtQLFRVHVWiQHQODV]RQDV
GHOXOWUDYLROHWDQP\YLVLEOHQPGHOHVSHFWURySWLFR
/D HVSHFWURPHWUtD GH DEVRUFLyQ HQ ODV UHJLRQHV XOWUDYLROHWD \ YLVLEOH GHO HVSHFWUR
HOHFWURPDJQpWLFRRHVSHFWURIRWRPHWUtDHVWiEDVDGDHQHOSULQFLSLRGHTXHFDGDVXVWDQFLDWLHQH
SURSLHGDGHVFDUDFWHUtVWLFDVTXHGHWHUPLQDQODVORQJLWXGHVGHRQGDGHODUDGLDFLyQTXHpVWDYD
DEVRUEHU (VWR VLJQLILFD TXH FDGD HVWUXFWXUD DWyPLFD R PROHFXODU GLIHUHQWH GH XQD VXVWDQFLD
TXtPLFDWLHQHIUHFXHQFLDVRQLYHOHVHQHUJpWLFRVGHUHVRQDQFLD~QLFRV&XDQGRODIUHFXHQFLDGH
XQD UDGLDFLyQ SDUWLFXODU GLULJLGD KDFLD XQD VXVWDQFLD FRLQFLGH FRQ OD IUHFXHQFLD R QLYHOHV
HQHUJpWLFRVUHVRQDQWHVHVWDHQHUJtDUDGLDQWHHVFHGLGDDODVXVWDQFLDFRQFLHUWDSUREDELOLGDG
(VWHIHQyPHQRHVFRQRFLGRFRPRDEVRUFLyQ
&XDQGRXQKD]GHHQHUJtDUDGLDQWH,R LQFLGHVREUHXQDVXVWDQFLDODHQHUJtDGHOUD\RSXHGHVHU
DOWHUDGD SRU UHIOH[LyQ UHIUDFFLyQ GLIUDFFLyQ R DEVRUFLyQ \ OD HQHUJtD VREUDQWH SXHGH VHU
WUDQVPLWLGDDWUDYpVGHODVXVWDQFLD+D\GRVOH\HVIXQGDPHQWDOHVTXHGHVFULEHQHOSURFHVRGH
DWHQXDFLyQ GH OD UDGLDFLyQ DO DWUDYHVDU XQD VXVWDQFLD (Q HOODV VH EDVD OD SUiFWLFD GH OD
IRWRPHWUtD OD OH\ GH %RXJXHU R GH /DPEHUW \ OD OH\ GH %HHU /D OH\ GH %RXJXHU R GH
/DPEHUWHVWDEOHFHTXHFXDQGRXQKD]SDUDOHORLQFLGHSHUSHQGLFXODUPHQWHHQODVFDUDVSODQDV
\ SDUDOHODV GH XQ PHGLR DEVRUEHQWH FDGD FDSD LQILQLWHVLPDOPHQWH SHTXHxD GHO PHGLR
GLVPLQX\HODLQWHQVLGDGGHOKD]HQWUDQWHHQODFDSDHQXQDIUDFFLyQFRQVWDQWH$Vt
G,, NGE
GRQGH N HV XQD FRQVWDQWH GHSHQGLHQWH GH OD ORQJLWXG GH RQGD OD QDWXUDOH]D GHO PHGLR \ OD
FRQFHQWUDFLyQVLHOPHGLRHVXQDVROXFLyQ,QWHJUDQGR\FDPELDQGRDORJDULWPRGHEDVH
DOFDPELDUGHN D. VHREWLHQHVXH[SUHVLyQXVXDO
ORJ,R, .E
GRQGH . HV XQD FRQVWDQWH GHSHQGLHQWH GH OD ORQJLWXG GH RQGD OD QDWXUDOH]D GHO PHGLR \ OD
FRQFHQWUDFLyQ\EHVHOHVSHVRUGHODFDSDDEVRUEHQWHHQFHQWtPHWURV(QRWUDVSDODEUDVODOH\
GH %RXJXHU R GH /DPEHUW LQGLFD TXH OD LQWHQVLGDG GH XQ KD] GH UDGLDFLyQ PRQRFURPiWLFD
GLVPLQX\HH[SRQHQFLDOPHQWHFRQHODXPHQWRGHOHVSHVRUEGHXQPHGLRDEVRUEHQWH
/D OH\ GH %HHU HVWDEOHFH TXH OD LQWHQVLGDG GH XQ KD] SDUDOHOR GH UDGLDFLyQ PRQRFURPiWLFD
GHFUHFHH[SRQHQFLDOPHQWHFRQHODXPHQWRGHODFRQFHQWUDFLyQF GHOPDWHULDODEVRUEHQWH
ORJ,R, .F
GRQGH. HVXQDFRQVWDQWHGHSHQGLHQWHGHODORQJLWXGGHRQGDGHODUDGLDFLyQODQDWXUDOH]DGHO
PHGLR\HOHVSHVRU
/DVGRVOH\HVSXHGHQVHUFRPELQDGDV\REWHQHPRVODFRQRFLGDOH\GH %RXJXHU/DPEHUW%HHU
ORJ,R, DEF
GRQGHD HVODDEVRUWLYLGDGSDUDXQDORQJLWXGGHRQGDGHWHUPLQGD
&XDQGR VH DQDOL]D XQD VROXFLyQ TXH VH KDOOD FRQWHQLGD HQ XQD FXEHWD OD WUDQVPLVLyQ GH OD
VROXFLyQ\ODFXEHWDHVFRPSDUDGDFRQODWUDQVPLVLyQGHRWUDFXEHWDLGpQWLFDTXHFRQWLHQHVyOR
HOVROYHQWH/DWUDQVPLVLyQGHODVROXFLyQVHUi

R
WUDQVPLVLyQGHODFXEHWD\ODVROXFLyQWUDQVPLVLyQGHODFXEHWD\HOVROYHQWH
SDUD,R LJXDOHVREWHQHPRV
/DDEVRUFLyQGHODVROXFLyQVHUi
7 ,W ,R ,L ,R

7 ,W ,L
$ ORJ7 ORJ,L,W
$SOLFDQGRHVWDUHODFLyQDODVROXFLyQ\VROYHQWHFRQWHQLGRVHQODFXEHWDODDEVRUFLyQVHUi
$ ORJ,L,W DEF
/DFRQFHQWUDFLyQVHUiLJXDOD
F $DE
7HQLHQGRHQFXHQWDHOIDFWRUGHGLOXFLyQGHODGLVROXFLyQ) \TXHODDEVRUWLYLGDGHVHOFRFLHQWH
GHODDEVRUWLYLGDGPRODUD0 HQWUHODPDVDPROHFXODU0 GHODVXVWDQFLD
D D0 0
ODFRQFHQWUDFLyQVHKDOODFRPR
F $0)D0 E
6L XQD VROXFLyQ FRQWLHQH Q VXVWDQFLDV GLVXHOWDV FRQ XQD FRQVLGHUDEOH GLIHUHQFLD HQWUHV VXV
HVSHFWURV GH DEVRUFLyQ HVWH VLVWHPD GH Q FRPSRQHQWHV SXHGH VHU DQDOL]DGR PLGLHQGR D DO
PHQRVQ ORQJLWXGHVGHRQGDGLIHUHQWHV(VWDVPHGLFLRQHVRULJLQDQQ HFXDFLRQHVGHOWLSR
$O DO EF DO EF DOQ EFQ
GRQGH$O HVODDEVRUFLyQDODORQJLWXGGHRQGDODOQ HVODDEVRUWLYLGDGGHOFRPSRQHQWHQ DOD
ORQJLWXG GH RQGD O \ FQ HV DO FRQFHQWUDFLyQ GHO FRPSRQHQWH Q /RV YDORUHV GH F F
FQ
SXHGHQVHUFDOFXODGRVUHVROYLHQGRHOVLVWHPDGHHFXDFLRQHVDVXPLHQGRTXHORVYDORUHVGH D \
E VRQFRQRFLGRV
/RVHTXLSRVTXHVHXWLOL]DQSDUDUHDOL]DUHVWHWLSRGHGHWHUPLQDFLyQVRQORV FRORUtPHWURVORV
IRWyPHWURV \ ORV HVSHFWURIRWyPHWURV /RV FRORUtPHWURV R FRPSDUDGRUHV GH FRORU VRQ
LQVWUXPHQWRV TXH FRPSDUDQ OD OX] WUDQVPLWLGD SRU XQD VROXFLyQ FRQ OD WUDQVPLWLGD SRU XQD
VROXFLyQ HVWiQGDU /RV FRORUtPHWURV IRWRHOpFWULFRV R IRWyPHWURV VRQ LQVWUXPHQWRV TXH PLGHQ
GLUHFWDPHQWH OD FDQWLGDG GH HQHUJtD UDGLDQWH WUDQVPLWLGD R DEVRUELGD SRU XQD VROXFLyQ /RV
LQVWUXPHQWRV GH PHGLFLyQIRWRHOpFWULFRV IRWyPHWURV \ HVSHFWURIRWyPHWURV VRQ FRQMXQWRV GH
GLVSRVLWLYRV ySWLFRV HOHFWUyQLFRV \ HOHFWURPHFiQLFRV TXH VH HPSOHDQ SDUD WUDQVIRUPDU OD
HQHUJtDOXPLQRVDHQHOpFWULFDHQXQLQWHUYDORGHWHUPLQDGRGHORQJLWXGHVGHRQGD
/RVFRPSRQHQWHVEiVLFRVGHORVIRWyPHWURV\ HVSHFWURIRWyPHWURVVRQODIXHQWHGHUDGLDFLyQ
XQVLVWHPDSDUDDLVODUODORQJLWXGGHRQGDREDQGDHVSHFWUDOGHVHDGDXQDFXEHWDGHVWLQDGDD
FRQWHQHU OD PXHVWUD \ XQ VLVWHPD SDUD PHGLU OD HQHUJtD UDGLDQWH DVt FRPR RWURV HOHPHQWRV
ySWLFRV SDUD WUDQVIRUPDU OD UDGLDFLyQ SURFHGHQWH GH OD IXHQWH GH PRGR TXH ORV UD\RV TXH
LQFLGDQ VREUH HO VHOHFWRU GH ORQJLWXG GH RQGD \ OD FXEHWD VHDQ FROLPDGRV SDUDOHORV \ TXH
SHUPLWDQHQIRFDUODUDGLDFLyQWUDQVPLWLGDGHIRUPDTXHLQFLGDVREUHHOGHWHFWRU/DVIXHQWHVGH
UDGLDFLyQSXHGHQVHUOiPSDUDVGHHVSHFWUR FRQWtQXRRGHHVSHFWURGLVFUHWRGHOtQHDV(QWUH
ODVPiVXVDGDVHVWiQODVGHWXQJVWHQRYDSRUHVPHWiOLFRV\ GHXWHULR/RVGHWHFWRUHVSXHGHQVHU
IRWRPXOWLSOLFDGRUHV IRWRFHOGDV IRWRGLRGRV \ IRWRWUDQVLVWRUHV /DV FXEHWDV VH GLIHUHQFLDQ
VHJ~Q VX PDWHULDO FXDU]R YLGULR SROLDFUtOLFR HWF JHRPHWUtD UHFWDQJXODU R FLOtQGULFD

YROXPHQPtQLPR\SDVRGHOX]
/DGLIHUHQFLDIXQGDPHQWDOHQWUHORVIRWyPHWURV\ORVHVSHFWURIRWyPHWURVHVWULEDHQVXPRGRGH
DLVODU R VHOHFFLRQDU OD ORQJLWXG GH RQGD R EDQGD HVSHFWUDO GH WUDEDMR (Q ORV
HVSHFWURIRWyPHWURV VH XWLOL]DQ PRQRFURPDGRUHV GH SULVPD R GH UHG GH GLIUDFFLyQ FRPR
HOHPHQWR GLVSHUVDQWHV GH OD UDGLDFLyQ HQ XQ HVSHFWUR GHO FXDO VH DtVOD OD ORQJLWXG GH RQGD
GHVHDGD (Q ORV IRWyPHWURV VH XWLOL]DQ ILOWURV SRU HVR HQ RFDVLRQHV VH OHV VXHOH GHQRPLQDU
HVSHFWURIRWyPHWURV GH ILOWUR /RV ILOWURV SXHGHQ VHU GH JHODWLQD YLGULR FRORUHDGR R
LQWHUIHUHQFLDOHV (Q ORV ~OWLPRV DxRV JUDFLDV DO GHVDUUROOR GH OD RSWRHOHFWUyQLFD VH XWLOL]DQ
IXHQWHVGHUDGLDFLyQTXHVLQRVRQPRQRFURPiWLFDVDOPHQRVSRVHHQXQHVSHFWURGHHPLVLyQ
EDVWDQWHHVWUHFKRFRPRRFXUUHFRQORVGLRGRVHPLVRUHVGHOX]/('(VWRSHUPLWHHQDOJXQRV
HTXLSRVSUHVFLQGLUGHORVILOWURV
(Q GHSHQGHQFLD IXQGDPHQWDOPHQWH GHO WLSR GH IXHQWH GH UDGLDFLyQ HOHPHQWR VHOHFWRU GH
ORQJLWXG GH RQGD \ GHWHFWRU XWLOL]DGRV YDULDUi HO UDQJR HVSHFWUDO GH WUDEDMR /RV
HVSHFWURIRWyPHWURV VH FODVLILFDQ DGHPiV VHJ~Q VX FRQILJXUDFLyQ ySWLFD HQ VLPSOH R GREOH
KD] (Q ORV GH XQ VROR KD] OD PXHVWUD \ OD UHIHUHQFLD VRQ PHGLGDV FRQVHFXWLYDPHQWH HQ HO
PLVPR KD] (Q ORV GH GREOH KD] OD PXHVWUD \ OD UHIHUHQFLD VRQ PHGLGDV HQ GRV KDFHV GH
ORQJLWXGHV GH RQGD LJXDOHV R GLIHUHQWHV 2WUDV FDUDFWHUtVWLFDV TXH GLIHUHQFLDQ D ORV
HVSHFWURIRWyPHWURV VRQ VHOHFFLyQ GH OD ORQJLWXG GH RQGD GH WUDEDMR VHPLDQFKR GH EDQGD
HQHUJtD UDGLDQWH IDOVD WLSR GH FRPSDUWLPLHQWR SDUD ODV FXEHWDV H[DFWLWXG UHSHWLELOLGDG
HVWDELOLGDG WLHPSR GH FDOHQWDPLHQWR WHQVLyQ IUHFXHQFLD FRQVXPR GLPHQVLRQHV SHVR /RV
UHVXOWDGRV GH ODV PHGLFLRQHV SXHGHQ DSDUHFHU FRPR WUDQVPLVLyQ \R DEVRUFLyQ (Q DOJXQRV
FDVRV ORV UHVXOWDGRV DSDUHFHQ GLUHFWDPHQWH HQ XQLGDGHV GH FRQFHQWUDFLyQ SDUD OR FXDO HO
HTXLSRGHEHKDEHUVLGRFDOLEUDGRSUHYLDPHQWHSRUSDUWHGHOXVXDULRRSRUSDUWHGHOIDEULFDQWH
)OXRURPHWUtD
$OJXQDVPROpFXODVDEVRUEHQXQIRWyQGHHQHUJtD\OXHJRHPLWHQXQIRWyQFRQPHQRUHQHUJtD
&XDQGR OD UHHPLVLyQ RFXUUH HQ PHQRV GH HO SURFHVR HV FRQRFLGR FRPR IOXRUHVFHQFLD
(VWHSURFHVRItVLFRSURYHHORVPHGLRVSDUDXQDQiOLVLVTXHHVYHFHVPiVVHQVLEOHTXH
DTXHOORVEDVDGRVHQPHGLGDVGHDEVRUFLyQ(VWHDXPHQWRHQVHQVLELOLGDGHVPD\RUSRUTXHOD
OX]PHGLGDHVWRGDSURYHQLHQWHGHODPXHVWUDGHLQWHUpV 8QD OX] FRQIXVD HQ VHQVLELOLGDGHV
IiFLOPHQWHPHGLGDFRQWUDXQIRQGRQHJURFXDQGRpVWDSRGUtDSHUGHUVHVLHVPHGLGDFRQWUDXQ
IRQGREULOODQWH
/RVIOXRUyPHWURV\HVSHFWURIOXRUyPHWURVVRQVLPLODUHVDORVIRWyPHWURV\ HVSHFWURIRWyPHWURV
SHUR FRQ GRV GLIHUHQFLDV IXQGDPHQWDOHV /RV IOXRUyPHWURV \ HVSHFWURIOXRUyPHWURV XVDQ GRV
PRQRFURPDGRUHVXQRSDUDODOX]GHH[FLWDFLyQ\RWURSDUDODOX]HPLWLGDSRUODPXHVWUH&RQ
XQD DGHFXDGD VHOHFFLyQ GH ODV EDQGDV GH SDVR GH OD OX] WRGD OD OX] HPSOHDGD SDUD OD
H[FLWDFLyQ GH OD PXHVWUD SXHGH VHU EORTXHDGD VLQ TXH OOHJXH DO GHWHFWR DVHJXUDQGR TXH HO
GHWHFWRUVyORYHODIOXRUHVFHQFLD/DRWUDGLIHUHQFLDHVTXHHOGHWHFWRUVHHQFXHQWUDD R FRQ
UHVSHFWR D OD IXHQWH GH H[FLWDFLyQ $ HVWH iQJXOR OD GLVSHUVLyQ HV PtQLPD OR TXH D\XGD D
DVHJXUDU XQ IRQGR QHJUR SDUD PHGLU OD IOXRUHVFHQFLD $OJXQRV HVSHFWURIOXRUyPHWURV XVDQ
ILOWURVGHSRODUL]DFLyQWDQWRHQORVUD\RVGHHQWUDGDFRPRGHVDOLGDORTXHSHUPLWHHVWXGLRVGH
OD SRODUL]DFLyQ GH OD IOXRUHVFHQFLD (V UHFRPHQGDEOH HPSOHDU XQD IXHQWH GH OX] HQ HO UDQJR
YLVLEOH89)XHQWHVQRUPDOPHQWHXVDGDVVRQODVOiPSDUDVGH[HQyQRGHDUFRGHPHUFXULR

)RWRPHWUtDGHOODPD
/D IRWRPHWUtD GH OODPD R IODPD VH XWLOL]D SDUD PHGLU VRGLR SRWDVLR \ OLWLR HQ ORV IOXLGRV
FRUSRUDOHV&XDQGRHVWRVHOHPHQWRVVRQFDOHQWDGRVHQXQDOODPDHPLWHQOX]GHORQJLWXGHVGH
RQGDFDUDFWHUtVWLFDV/DVSULQFLSDOHVOtQHDVGHHPLVLyQVRQ QPSDUDHOVRGLRQPSDUD
HOSRWDVLR\QPSDUDHOOLWLR8QDWRPL]DGRULQWURGXFHXQDILQDQLHEODGHODPXHVWUDHQOD
OODPD 3DUD XVR GH UXWLQD HQ ORV ODERUDWRULRV XQD OODPD GH SURSDQR \ DLUH FRPSULPLGR HV
DGHFXDGD )LOWURV LQWHUIHUHQFLDOHV GH DOWD FDOLGDG FRQ EDQGDV GH SDVR PX\ HVWUHFKDV VXHOHQ
XWLOL]DUVHSDUDDLVODUODVSULQFLSDOHVOtQHDVGHHPLVLyQ/DVEDQGDVGHSDVRPX\HVWUHFKDVVRQ
PX\QHFHVDULDVSDUDPD[LPL]DUODUHODFLyQ VHxDOUXLGR'HELGRDTXHHVLPSRVLEOHPDQWHQHU
HVWDEOH OD DVSLUDFLyQ DWRPL]DFLyQ \ FDUDFWHUtVWLFDV GH OD OODPD HV QHFHVDULR XWLOL]DU XQ
HVWiQGDU LQWHUQR GH FRQFHQWUDFLyQ FRQRFLGD PLHQWUDV VH KDFHQ PHGLFLRQHV GH PXHVWUDV
GHVFRQRFLGDV 'H HVWD IRUPD HO FRFLHQWH GH OD HPLVLyQ GH OD PXHVWUD GHVFRQRFLGD HQWUH OD
HPLVLyQGHOHVWiQGDULQWHUQRHVHVWDEOHD~QFXDQGRODVHxDOWRWDOIOXFW~H$xDGLHQGRXQDDOWD
FRQFHQWUDFLyQGHHVWHHOHPHQWRDODPXHVWUDVXFRQFHQWUDFLyQSXHGHVHUFRQRFLGDFRQXQ DOWR
JUDGRGHH[DFWLWXG/LWLRSRWDVLR\FHVLRSXHGHQVHUXVDGRVFRPRHVWiQGDULQWHUQRVVHJ~QVHD
HODQiOLVLVTXHVHUHDOLFH
/DHVSHFWURVFRStDGHDEVRUFLyQDWyPLFDVHEDVDHQHOKHFKRGHTXHWDO\FRPRORVHOHPHQWRV
PHWiOLFRV WLHQHQ OtQHDV GH HPLVLyQ ~QLFDV WLHQHQ LGpQWLFDV OtQHDV FXDQGR HVWiQ HQ HVWDGR
JDVHRVR R GLVRFLDGR /RV HVSHFWUyPHWURV GH DEVRUFLyQ DWyPLFD DSURYHFKDQ HVWDV
FDUDFWHUtVWLFDVItVLFDVGHXQDPDQHUDKiELOSURGXFLHQGRXQLQVWUXPHQWRFRQDSUR[LPDGDPHQWH
YHFHVPiVVHQVLELOLGDGTXHORVIRWyPHWURVGHOODPDGHORVPLVPRVHOHPHQWRV/DPXHVWUD
HVDVSLUDGDHQXQDOODPDGRQGHODPD\RUtDGHORViWRPRVGHOHOHPHQWRTXHHVWiVLHQGRPHGLGR
VHPDQWLHQHQHQVXHVWDGREDVDOGRQGHVRQFDSDFHVGHDEVRUEHUOX]GHVXVORQJLWXGHVGHRQGD
FDUDFWHUtVWLFDV8QDIXHQWHPX\LQWHQVDGHH[DFWDPHQWHHVWDVORQJLWXGHVGHRQGDHVSURGXFLGD
SRUXQDOiPSDUDGHFiWRGRKXHFR(VWDVOiPSDUDVVRQFRQVWUXLGDVGHPDQHUDTXHHOFiWRGRHV
GHOHOHPHQWRTXHVHYDDPHGLU\ODVOiPSDUDVHVWiQOOHQDVFRQXQDSHTXHxDSUHVLyQGHJDV
DUJyQ R QHyQ &XDQGR XQD FRUULHQWH SDVD D WUDYpV GH OD OiPSDUD ORV iWRPRV GH PHWDO VRQ
H[SXOVDGRVGHOFiWRGR\FKRFDQFRQHODUJyQRHOQHyQHQHOWXERSURGXFLHQGRXQDHPLVLyQGH
ODVORQJLWXGHVGHRQGDFDUDFWHUtVWLFDV8QPRQRFURPDGRU\XQGHWHFWRUFRPSOHWDQHOVLVWHPD
/DOX]TXHOOHJDDOGHWHFWRUHVXQDFRPELQDFLyQGHODHPLWLGDSRUODPXHVWUDQRGHVHDEOH\
GHODOX]GHODOiPSDUDTXHQRIXHDEVRUELGDSRUODPXHVWUDHQODOODPDGHVHDGD3XOVDQGROD
OX] GH OD OiPSDUD \ XWLOL]DQGR XQ GHWHFWRU VHQVLEOH D ODV VHxDOHV DF H LQVHQVLEOH D ODV GF OD
HPLVLyQQRGHVHDGDHVHOLPLQDGD&DGDHOHPHQWRTXHYDVHUPHGLGRUHTXLHUHGHXQDOiPSDUD
FRQ HVH HOHPHQWR SUHVHQWH HQ VX FiWRGR /iPSDUDV FRQ P~OWLSOHV HOHPHQWRV KDQ VLGR
GHVDUUROODGDV SDUD PLQLPL]DU HO Q~PHUR GH OiPSDUDV UHTXHULGDV /D HVSHFWURVFRStD GH
DEVRUFLyQDWyPLFDSXHGHVHUGHXQVRORUD\RRGHGREOHUD\R/RVLQVWUXPHQWRVGHGREOHUD\R
WLHQHQPD\RUHVWDELOLGDG
/D GLVSHUVLyQ GH OD OX] SRU SDUWtFXODV HQ VROXFLyQ HV GLUHFWDPHQWH SURSRUFLRQDO D OD

FRQFHQWUDFLyQ \ SHVR PROHFXODU GH ODV SDUWtFXODV 3DUD PROpFXODV SHTXHxDV OD GLVSHUVLyQ HV
LQVLJQLILFDQWH SHUR SDUD ODV SURWHtQDV LQPXQRJOREXOLQDV FRPSOHMRV LQPXQHV \ RWUDV
SDUWtFXODV JUDQGHV OD GLVSHUVLyQ GH OD OX] SXHGH VHU XQ PpWRGR HIHFWLYR SDU OD GHWHFFLyQ \
PHGLFLyQGHODFRQFHQWUDFLyQGHSDUWtFXODV3DUDXQDORQJLWXGGHRQGD OGDGD\XQDSDUWtFXOD
GH WDPDxR G OD GLVSHUVLyQ SXHGH VHU GH 5D\OHLJK GO 5D\OHLJK'HED\ G | O R 0LH
G!O3DUDSDUWtFXODVTXHVRQSHTXHxDVFRPSDUDGDVFRQODORQJLWXGGHRQGDODGLVSHUVLyQ
HVLJXDOHQWRGDVGLUHFFLRQHV6LODVGLPHQVLRQHVGHODSDUWtFXODVRQPD\RUHVTXHODORQJLWXG
GHRQGDODGLVSHUVLyQHVSUHIHUHQWHPHQWHKDFLDDGHODQWH/DVWpFQLFDVGHGLVSHUVLyQGHOX]VRQ
DPSOLDPHQWH XWLOL]DGD SDUD GHWHFWDU OD IRUPDFLyQ GH FRPSOHMRV DQWtJHQRDQWLFXHUSR HQ
LQPXQRDQiOLVLV
&XDQGRODGLVSHUVLyQGHODOX]HVPHGLGDPHGLDQWHODDWHQXDFLyQGHXQUD\RGHOX]DWUDYpVGH
XQDVROXFLyQVHGHQRPLQDWXUELGLPHWUtD(VWRHVHVHQFLDOPHQWHORPLVPRTXHODVPHGLGDVGH
DEVRUFLyQ FRQ XQ IRWyPHWUR H[FHSWR TXH VH DFHSWD XQD EDQGD GH SDVR PD\RU &XDQGR VH
UHTXLHUHODPi[LPDVHQVLELOLGDGVHXWLOL]DXQPpWRGRGLIHUHQWHODPHGLFLyQGLUHFWDGHODOX]
GLVSHUVDGD FRQ XQ GHWHFWRU FRORFDGR D GHWHUPLQDGR iQJXOR GHO UD\RFHQWUDO (VWH PpWRGR VH
GHQRPLQDQHIHORPHWUtD8QQHIHOyPHWURWtSLFRWLHQHXQDIXHQWHGHOX]ILOWURFXEHWD\GHWHFWRU
FRORFDGRDFLHUWRiQJXORFRQUHVSHFWRDOUD\RLQFLGHQWH
(O SULQFLSLR GH &RXOWHU IXH HO DYDQFH PiV LPSRUWDQWHV HQ HO UHFXHQWR DXWRPiWLFR GH FpOXODV
VDQJXtQHDV/DVFpOXODVTXHYDQDVHUFRQWDGDVVRQH[WUDtGDVDWUDYpVGHXQDSHTXHxD DEHUWXUD
HQWUHGRVFRPSDUWLPHQWRVGHXQIOXLGR\ODLPSHGDQFLDHOpFWULFDHQWUHORVGRVFRPSDUWLPHQWRV
HV PHGLGD $ PHGLGD TXH ODV FpOXODV SDVDQ SRU OD DEHUWXUD OD LPSHGDQFLD DXPHQWD HQ
SURSRUFLyQDOYROXPHQGHFpOXODVSHUPLWLHQGRTXHXQJUDQQ~PHURGHFpOXODV VHDQFRQWDGDV\
PHGLGDVUiSLGDPHQWH/DVFpOXODVURMDVVRQFRQWDGDVLQWURGXFLHQGRVDQJUHGLOXLGDDWUDYpVGH
OD DEHUWXUD &RPR OD FDQWLGDG GH FpOXODV URMDV VXSHUD DPSOLDPHQWH HQ Q~PHUR D ODV FpOXODV
EODQFDV OD FRQWULEXFLyQ GH HVWDV FpOXODV DO UHFXHQWR GH ODV URMDV HV GHVSUHFLDGD XVXDOPHQWH
/DVFpOXODVEODQFDVVRQFRQWDGDVGHVWUX\HQGRSULPHURDODVURMDV\XWLOL]DQGRXQDPXHVWUDPiV
FRQFHQWUDGD
/RVFRQWDGRUHVGHFpOXODVPRGHUQRVTXHXWLOL]DQHOSULQFLSLRGH &RXOWHUIUHFXHQWHPHQWHXVDQ
XQPpWRGRGHHQIRTXH KLGURGLQiPLFRSDUDPHMRUDUODVSUHVWDFLRQHVGHOLQVWUXPHQWR8QIOXLGR
FREHUWRUHV LQWURGXFLGR \ IOX\H DOR ODUJR GH OD SDUWH H[WHULRU GHOFDQDO FRQ HO WRUUHQWH GH OD
PXHVWUDGHQWURGHVt0DQWHQLHQGRODVFRQGLFLRQHVGHIOXMRODPLQDU\HVWUHFKDQGRHOFDQDOHO
WRUUHQWHGHODPXHVWUDHVHQIRFDGRHQXQDFROXPQDPX\GHOJDGDFRQODVFpOXODVHQXQDVROD
ILOD(VWRHOLPLQDHOSUREOHPDGHODVFpOXODVDORVODGRVRFKRFDQGRFRQOD DEHUWXUD \PLQLPL]D
ORVSUREOHPDVDOWHQHUPiVGHXQDFpOXODDOPLVPRWLHPSRHQODDEHUWXUD
/D FLWRPHWUtD GH IOXMR HV XQ PpWRGR SDUD FDUDFWHUL]DU FRQWDU \ VHSDUDU FpOXODV TXH HVWiQ
VXVSHQGLGDV HQ XQ IOXLGR (O FLWyPHWUR GH IOXMR EiVLFR XVD HO HQIRTXH KLGURGLQiPLFR SDUD
SURGXFLUXQWRUUHQWHPX\GHOJDGRGHIOXLGRFRQFpOXODVPRYLpQGRVHHQXQDVRODILODDWUDYpV
GH XQD FiPDUD GH IOXMR GH FXDU]R (VWDV FpOXODV VRQ FDUDFWHUL]DGDV VREUH OD EDVH GH VXV
SURSLHGDGHV GH GLVSHUVLyQ \ IOXRUHVFHQFLD (VWD PHGLFLyQ VLPXOWiQHD GH GLVSHUVLyQ \
IOXRUHVFHQFLD HV JDUDQWL]DGD SRU XQ VRILVWLFDGRVLVWHPD ySWLFR TXH GHWHFWD OX] GH OD PXHVWUD

WDQWRDODORQJLWXGGHRQGDGHODIXHQWHGHH[FLWDFLyQGLVSHUVLyQFRPRDORQJLWXGHVGHRQGD
PD\RUHV IOXRUHVFHQFLD D PiV GH XQ iQJXOR (O DQiOLVLV GH HVWDV PHGLFLRQHV EULQGD
SDUiPHWURVUHODFLRQDGRVFRQODVGLPHQVLRQHVGHODFpOXOD\VXIOXRUHVFHQFLDQDWXUDO/iPSDUDV
GHPHUFXULRGHDOWDSUHVLyQ\OiPSDUDVGH[HQyQSXHGHQVHUXVDGDVFRPRIXHQWHGHOX]SHUR
HOOiVHUGHDUJyQQPHVODIXHQWHPiVFRP~QHQORVLQVWUXPHQWRVGHDOWDVSUHVWDFLRQHV
8QD GH ODV FDUDFWHUtVWLFDV SDUWLFXODUHV GH HVWD WHFQRORJtD HV TXH SXHGHQ VHU VHOHFFLRQDGDV
FpOXODV HVSHFtILFDV \ UHFROHFWDGDV FDQWLGDGHV GH XQ WLSR SDUWLFXODU GH FpOXODV TXH UHVXOWHQ
DGHFXDGDV SDUD RWUDV SUXHEDV TXtPLFDV (VWR VH UHDOL]D IUDFFLRQDQGR HO WRUUHQWH PHGLDQWH
YLEUDFLyQSLH]RHOpFWULFD
(O GHVDUUROOR GH DQWLFXHUSRV PRQRFORQDOHV DFRSODGR D OD FLWRPHWUtD GH IOXMR SHUPLWH OD
FXDQWLILFDFLyQ GH FpOXODV 7 \ % SDUD DQDOL]DU HO HVWDGR GHO VLVWHPD LQPXQROyJLFR DVt FRPR
SDUDODFDUDFWHUL]DFLyQGHOHXFHPLDVOLQIRPDVHWF
/RVPpWRGRVHOHFWURTXtPLFRVVRQPX\SRSXODUHVHQORVODERUDWRULRVFOtQLFRVSDUDPHGLFLRQHV
QRVyORGHHOHFWUROLWRVJDVHVGHODVDQJUH\ S+VLQRWDPELpQGHFRPSXHVWRVVLPSOHVFRPROD
JOXFRVD /D SRWHQFLRPHWUtD HV XQ PpWRGR HQ HO FXDO XQD WHQVLyQ DSDUHFH HQWUH FHOGDV
HOHFWURTXtPLFDV(VWDWHQVLyQHVPHGLGDFRQXQDFRUULHQWHPX\SHTXHxDRVLQHOOD
,GHDOPHQWHVHGHVHDUtDPHGLUORVSRWHQFLDOHVHQWUHODVROXFLyQGHUHIHUHQFLD\ODVROXFLyQGH
SUXHED SHUR QR KD\ PDQHUD GH KDFHU HVWR DVt /RV SRWHQFLDOHV DSDUHFHQ HQWUH FXDOTXLHU
IURQWHUD PHWDOOtTXLGR HQWUH XQLRQHV GH OtTXLGRV \ HQ OD PHPEUDQD VHOHFWLYD D XQ LRQ LRQ
VHOHFWLYH /D FODYH SDUD SRGHU UHDOL]DU PHGLFLRQHV SRWHQFLRPpWULFDV HV DVHJXUDUVH GH TXH
WRGRV ORV SRWHQFLDOHV VRQ FRQVWDQWHV \ TXH QR YDUtDQ FRQ OD FRPSRVLFLyQ GH OD VROXFLyQ GH
SUXHED H[FHSWR HO SRWHQFLDO GH LQWHUpV HQ OD PHPEUDQD LRQVHOHFWLYD 0DQWHQLHQGR OD
VROXFLyQGHQWURGHORVHOHFWURGRVFRQVWDQWHHOSRWHQFLDOHQWUHpVWDVVROXFLRQHV\ORVHOHFWURGRV
LQPHUVRV HQ HOODV HV FRQVWDQWH /DV XQLRQHV GH OtTXLGRV HV XQD HVWUXFWXUD TXH OLPLWD
VHYHUDPHQWHHOIOXMRGHODVROXFLyQSHURSHUPLWHHOSDVRGHORVLRQHVHQWUHODVVROXFLRQHV(O
HOHFWURGRGHUHIHUHQFLDFRP~QPHQWHVHOOHQDFRQ.&OHOFXDOSURGXFHXQSRWHQFLDOSHTXHxR\
FRQVWDQWH HQ OD XQLyQ GH ORV OtTXLGRV $Vt FXDOTXLHU FDPELR HQ OD WHQVLyQ PHGLGD 9 HV
GHELGR D XQ FDPELR HQ OD FRQFHQWUDFLyQ GH LRQHV HQ OD VROXFLyQ GH SUXHED SDUD OD FXDO OD
PHPEUDQDHVVHOHFWLYD
(O SRWHQFLDO TXH VH GHVDUUROOD HQ XQD PHPEUDQD LRQVHOHFWLYD HVWi GDGR SRU OD HFXDFLyQ GH
1HUQVW
9 57])OQDD
GRQGH 7 HV OD WHPSHUDWXUD HQ . ) HV OD FRQVWDQWH GH )DUDGD\ [ F0RO 5 HV OD
FRQVWDQWHGHOJDV-.PRO] HVHOQ~PHURGHLRQL]DFLyQ\DQ HVODDFWLYLGDGGHOLRQHQ
ODVROXFLyQQ
&XDQGRXQDGHODVVROXFLRQHVHVXQDVROXFLyQGHUHIHUHQFLDHVWDHFXDFLyQSXHGHVHUH[SUHVDGD
FRPR
9 9R 1]ORJD
GRQGH9R HVXQDWHQVLyQFRQVWDQWHGHELGDDODVROXFLyQGHUHIHUHQFLD\ 1 HVODSHQGLHQWHGH
1HUQVWDSUR[P9GpFDGDDWHPSHUDWXUDDPELHQWH(OYHUGDGHURYDORUGHODSHQGLHQWHGH

1HUQVWHVOLJHUDPHQWHPHQRUTXHHOYDORUWHyULFR3RUHOORHOPHGLGRUGH S+WtSLFRWLHQHGRV
FRQWUROHVGH FDOLEUDFLyQ 8QR DMXVWD HO RIIVHWGHELGR DO YDORU GH 9R \ HO RWUR DMXVWD HO UDQJR
SDUDFRPSHQVDUORVHIHFWRVGHODWHPSHUDWXUD\GHVYLDFLyQGHODSHQGLHQWHGH 1HUQVW
/RVHOHFWURGRVVHOHFWLYRVXWLOL]DQPHPEUDQDVTXHVRQSHUPHDEOHVVyORDOLRQTXHVHUiPHGLGR
(VWDWpFQLFDHVHPSOHDGDHQDOJXQRVDQDOL]DGRUHVFRPHUFLDOHV8QOLVWDGRSDUFLDOGHORVLRQHV
TXH SXHGHQVHUPHGLGRV FRQ HVWDVPHPEUDQDV LQFOX\H + S+ 1D . /L &D &O )
1+\&2
1+ \ &2 VRQ PHGLGRV FRQ XQ HOHFWURGR LRQVHOHFWLYR PRGLILFDGR 6H XVD XQ HOHFWURGRGH
S+ FRQ XQD GHOJDGD FDSD GH XQD VROXFLyQ ELFDUERQDWR VyGLFR SDUD HO &2 \ FORUXUR GH
DPRQLRSDUDHO1+FX\RVS+YDUtDQGHSHQGLHQGRGHODFRQFHQWUDFLyQGHLRQHVGHDPRQLRR
GH&2 FRQODVTXHVHHTXLOLEUD8QDGHOJDGDPHPEUDQDPDQWLHQHODVROXFLyQHQHOHOHFWURGR
GHS+\HTXLOLEUDODVROXFLyQGHODPXHVWUD
/RV HOHFWURGRV GH &ODUN PLGHQ S2 PLGLHQGR OD FRUULHQWH GHVDUUROODGD SRU XQ HOHFWURGR FRQ
XQDWHQVLyQDSOLFDGDHQOXJDUGHPHGLUXQDWHQVLyQ(VWHHVXQHMHPSORGH DPSHURPHWUtD(Q
HVWHHOHFWURGRXQDWHQVLyQGHDSUR[LPDGDPHQWH9HVDSOLFDGDDXQHOHFWURGRGHSODWLQR
FRQUHVSHFWRDXQHOHFWURGRGH$J$J&OHQXQDVROXFLyQGHHOHFWUROLWR/DUHDFFLyQ
2 + H o +2
RFXUUH D XQD YHORFLGDG SURSRUFLRQDO D OD SUHVLyQ SDUFLDO GH R[tJHQR HQ OD VROXFLyQ /RV
HOHFWURQHV LPSOLFDGRV HQ HVWD UHDFFLyQ IRUPDQ XQD FRUULHQWH TXH HV SURSRUFLRQDO D OD
YHORFLGDGGHODUHDFFLyQ\SRUHQGHDOS2 GHODVROXFLyQ
0pWRGRVUDGLRDFWLYRV
/RV LVyWRSRV VRQ iWRPRV TXH WLHQHQ LGpQWLFR Q~PHUR DWyPLFR Q~PHUR GH SURWRQHV SHUR
GLIHUHQWHV Q~PHURV GH PDVD DWyPLFD SURWRQHV QHXWURQHV 'HELGR D TXH WLHQHQ HO PLVPR
Q~PHUR GH HOHFWURQHV HQ VX iWRPR QHXWUDO WLHQHQ SURSLHGDGHV TXtPLFDV LGpQWLFDV (VWR
SURSRUFLRQDXQPpWRGRLGHDOSDUDPDUFDU PROpFXODVHQXQDIRUPDTXHSHUPLWHODGHWHFFLyQGH
FRQFHQWUDFLRQHV H[WUHPDGDPHQWH EDMDV (O PDUFDGR FRQ LVyWRSRV UDGLDRDFWLYRV HV XWLOL]DGR
H[WHQVDPHQWH HQ UDGLRLQPXQRDQiOLVLV GRQGH HV PHGLGD OD FDQWLGDG GH DQWtJHQR HQOD]DGR D
DQWLFXHUSRV HVSHFtILFRV /RV GHWDOOHV GHO SURFHVR UDGLRDFWLYR VRQ FRPSOHMRV SHUR VH SXHGH
FRQVLGHUDU TXH KD\ WUHV WLSRV GH HPLVLyQ GH ORV Q~FOHRV UDGLDFLyQ DOID EHWD \ JDPPD /DV
SDUWtFXODV DOID HVWiQ IRUPDGDV SRU GRV QHXWURQHV \ GRV SURWRQHV Q~FOHR GH KHOLR /RV
HPLVRUHV GH DOID VRQ UDUDPHQWH XWLOL]DGRV HQ HO ODERUDWRULR FOtQLFR /DV HPLVLRQHV EHWD
FRQVLVWHQGHHOHFWURQHVRSRVLWURQHVHPLWLGRVGHVGHHOQ~FOHReVWRVWLHQHQXQUDQJRFRQWLQXR
GHHQHUJtDVKDVWDXQYDORUPi[LPRFDUDFWHUtVWLFRGHOLVyWRSR/DUDGLDFLyQEHWDHVDOWDPHQWH
LQWHUDFWLYD FRQ OD PDWHULD \ QR SXHGH SHQHWUDU PX\ SURIXQGDPHQWH HQ OD PD\RUtD GH ORV
PDWHULDOHV/DUDGLDFLyQJDPPDHVXQDIRUPDGHODUDGLDFLyQHOHFWURPDJQpWLFDGHDOWDHQHUJtD
(VWHWLSRGHUDGLDFLyQSXHGHVHUFRQWLQXRGLVFUHWRRXQDPH]FODGHpVWDVGHSHQGLHQGRGHORV
GHWDOOHVGHVXSURFHVRGHGHVLQWHJUDFLyQ(VWDUDGLDFLyQWLHQHXQSRGHUGHSHQHWUDFLyQPD\RU
TXHHOGHODUDGLDFLyQEHWD
/DHQHUJtDGHXQLVyWRSRHVPHGLGDFRP~QPHQWHHQHOHFWUyQYROWLRVH98QHOHFWUyQYROWLR

HVODHQHUJtDDGTXLULGDSRUXQHOHFWUyQHQXQSRWHQFLDOGHYROWLR/RVLVyWRSRVFRP~QPHQWH
XWLOL]DGRVHQORVODERUDWRULRVFOtQLFRVWLHQHQHVSHFWURVGHHQHUJtDTXHYDQGHVGH NH9KDVWD
0H9
/D DFWLYLGDG GH XQD FDQWLGDG GH LVyWRSRV UDGLRDFWLYRV HV GHILQLGD FRPR OD FDQWLGDG GH
GHVLQWHJUDFLRQHV SRU VHJXQGR GSV TXH RFXUUHQ /DV XQLGDGHV XVXDOHV VRQ HO FXULH &L HO
FXDOHVWiGHILQLGRFRPR[ GSV\HOEHFTXHUHO%TGHILQLGRFRPRGSV/DDFWLYLGDG
HVSHFtILFDGHXQLVyWRSRGDGRHVGHILQLGDFRPRODDFWLYLGDGSRUXQLGDGGHPDVDGHOLVyWRSR
/DWDVDGHFDtGDGHXQLVyWRSRUDGLRDFWLYRHVWiFDUDFWHUL]DGDSRUODFRQVWDQWH O(VWDWDVDHVOD
SURSRUFLyQ GH LVyWRSR TXH GHFDH R VH GHVLQWHJUD HQ OD XQLGDG GH WLHPSR $Vt OD WDVD GH
SpUGLGDGHXQUDGLRLVyWRSRUDGLRDFWLYRHVGHVFULWDSRUODHFXDFLyQ
G1GW O
O1
GRQGH1 HVODFDQWLGDGGHLVyWRSRUDGLRDFWLYRSUHVHQWHHQHOLQVWDQWHGHWLHPSR W/DVROXFLyQ
DHVWDHFXDFLyQGLIHUHQFLDOHV
1 1R HOOW
(VIiFLOPHQWHGHPRVWUDEOHTXHODFDQWLGDGGHLVyWRSRUDGLRDFWLYRSUHVHQWHVHUiUHGXFLGRDOD
PLWDGGHVSXpVGHWUDQVFXUULGRXQLQWHUYDORGHWLHPSRLJXDOD
7 O
O
/DYLGDPHGLDGHOLVyWRSRSXHGHYDULDUDPSOLDPHQWHVLHQGRSRUHMHPSORSDUDHOFDUERQR
GHDxRV\HO\RGRGHGtDV
(O PpWRGR PiV FRP~Q SDUD OD GHWHFFLyQ GH OD UDGLDFLyQ HQ HO ODERUDWRULR FOtQLFR HV HO
FHQWHOOHR eVWH FRQVLVWH HQ OD FRQYHUVLyQ GH OD HQHUJtD GH HVWD UDGLDFLyQ HQ IRWRQHV GH ORV
UDQJRV YLVLEOHV \ XOWUDYLROHWD FHUFDQR ORV TXH VRQ GHWHFWDGRV FRQ WXERV IRWRPXOWLSOLFDGRUHV
307
3DUDODUDGLDFLyQJDPPDORVFULVWDOHVGHFHQWHOOHRHVWiQ KHFKRV GH \RGXUR GH VRGLR GRSDGR

FRQDSUR[LPDGDPHQWHXQGHWDOLRSURGXFLHQGRGHDDIRWRQHVSRUFDGD HOHFWUyQ
YROWLRGHHQHUJtDDEVRUELGR(O307\HOFLUFXLWRGHDPSOLILFDFLyQSURGXFHSXOVHVGHWHQVLyQ
SURSRUFLRQDOHV GH OD HQHUJtD GH OD UDGLDFLyQ DEVRUELGD (VWRV SXOVRV GH WHQVLyQ VRQ SDVDGRV
XVXDOPHQWHDWUDYpVGHXQDQDOL]DGRUTXHHOLPLQDDTXHOORVSXOVRVTXHVHHQFXHQWUDQIXHUDGH
GHWHUPLQDGRUDQJRGHHQHUJtDV/RVDQDOL]DGRUHV PXOWLFDQDOHVSXHGHQGLVFULPLQDUHQWUHGRVR
PiV LVyWRSRV VL WLHQHQ Pi[LPRV GH HQHUJtD ELHQ GLIHUHQFLDGRV /RV FRQWDGRUHV TXH XWLOL]DQ
FULVWDOHVGHFHQWHOOHRGH\RGXURGHVRGLRVHFRQRFHQFRPR FRQWDGRUHVJDPPD RVLPSOHPHQWH
FRQWDGRUHV
/DPHQRUHQHUJtD\PHQRUFDSDFLGDGGHSHQHWUDFLyQGHODVSDUWtFXODVEHWDUHTXLHUHXQGHWHFWRU
GHFHQWHOOHRHQFRQWDFWRGLUHFWRFRQHOLVyWRSR(VWRVHJDUDQWL]DGLVROYLHQGRRVXVSHQGLHQGR
OD PXHVWUD HQ IOXRU OtTXLGR /RV FRQWDGRUHV TXH XWLOL]DQ HVWD WpFQLFD VH FRQRFHQ FRPR
FRQWDGRUHV EHWD R FRQWDGRUHV GH FHQWHOOHR OtTXLGRV (VWRV FRQWDGRUHV HPSOHDQ GRV WXERV
IRWRPXOWLSOLFDGRUHVFRQXQFLUFXLWRSDUDSUHYHQLUHOUHFXHQWRGHHYHQWRVGHWHFWDGRV SRU VROR
XQR GH ORV 307 'H HVWD IRUPD VRQ UHGXFLGRV ORV UHFXHQWRV IDOVRV GHELGRV D
TXLPLROXPLQLVFHQFLD\UXLGR

&XDJXODFLyQ
(OHVWXGLR\GLDJQyVWLFRGHORVGHVyUGHQHVGHOD FXDJXODFLyQYDDFRPSDxDGRGHODQiOLVLVTXH
GHWHUPLQDFXDQWRWLHPSROOHYDHOTXHODVDQJUH FXDJXOH([LVWHXQDYDULHGDGGHLQVWUXPHQWRV
SDUDDXWRPDWL]DUHVWHSURFHGLPLHQWR$GHPiVGHLQFUHPHQWDUODYHORFLGDGHVWRVLQVWUXPHQWR
WDPELpQ PHMRUDQ OD UHSURGXFLELOLGDG GH HVWDV SUXHEDV 7RGRV ORV LQVWUXPHQWRV JDUDQWL]DQ OD
LQWURGXFFLyQ SUHFLVD GH UHDFWLYRV FLUFXLWRV WHPSRUDOHV H[DFWRV \ FRQWURO GH OD WHPSHUDWXUD
(VWRVLQVWUXPHQWRVVHGLIHUHQFLDQHQHOPpWRGRGHGHWHFFLyQGHOFXiJXOR
2VPyPHWURV
/DV YLVFRVLGDGGH XQD VROXFLyQ HV XQD IXQFLyQ GHO Q~PHUR GH SDUWtFXODVGH VROXWR SUHVHQWHV
SRU XQLGDG GH YROXPHQ SHUR QR GHO WLSR GH PDWHULDO (O LQFUHPHQWR GH OD FRQFHQWUDFLyQ GH
VROXWRFDXVDXQLQFUHPHQWRHQODSUHVLyQRVPyWLFD\HOSXQWRGHHEXOOLFLyQ\XQGHVFHQVRHQOD
SUHVLyQ GH YDSRU \ HO SXQWR GH FRQJHODFLyQ /D PHGLFLyQ GH HVWRV FDPELRV SURSRUFLRQD
LQIRUPDFLyQ VREUH OD FRQFHQWUDFLyQ WRWDO GH VROXWR LQGHSHQGLHQWHPHQWH GHO WLSR (O PpWRGR
PiV SRSXODU \ H[DFWR XWLOL]DGR HQ ORV ODERUDWRULRV FOtQLFRV HV OD PHGLFLyQ GHO SXQWR GH
FRQJHODFLyQ&RQHVWHPpWRGRODPXHVWUDHVHQIULDGDKDVWDXQRVSRFRVJUDGRVSRUGHEDMRGH
R& PLHQWUDVHV DJLWDGD/D FRQJHODFLyQ VH LQLFLD FRQ XQD DJLWDFLyQ YLJRURVD(O FDORU GH OD
IXVLyQUiSLGDPHQWHOOHYDDODVROXFLyQDXQHVWDGRGRQGHH[LVWHXQHTXLOLEULRHQWUHHOKLHOR\HO
OtTXLGRDVHJXUDQGRTXHODWHPSHUDWXUDHVWiHQHOSXQWRGH FRQJHODFLyQ (VWD WHPSHUDWXUD HV
PHGLGD 8QD FRQFHQWUDFLyQ GH VROXWR GH RVPRONJ SURGXFH XQ SXQWR GH FRQJHODFLyQ GH
& /D WHPSHUDWXUD GH GHSUHVLyQ PHGLGD VH SXHGH FDOLEUDU IiFLOPHQWH HQ XQLGDGHV GH
PLOLRVPRONJGHDJXD
(OPpWRGRGHODSUHVLyQGHYDSRUWLHQHODYHQWDMDGHUHTXHULUGHXQDPXHVWUDPiVSHTXHxD6LQ
HPEDUJRQRHVWDQSUHFLVRFRPRHOPpWRGRGHOSXQWRGHFRQJHODFLyQ\QRVHSXHGHPHGLUOD
FRQWULEXFLyQ GH VROXWRV WDQ YROiWLOHV FRPR HO HWDQRO (VWH PpWRGR QR HV XVDGR WDQ
DPSOLDPHQWHHQORVODERUDWRULRVFOtQLFRV
/DRVPRODULGDGGHODVDQJUHHVGHELGDIXQGDPHQWDOPHQWHDHOHFWUROLWRVFRPR 1D \&O/DV

SURWHtQDV FRQ SHVRV PROHFXODUHV GH R PiV XQLGDGHV GH PDVD PROHFXODU DPX
FRQWULEX\HQ PX\ SRFR D OD RVPRODULGDG WRWDO GHELGR D VX PHQRU Q~PHUR XQ LyQ GH 1D
FRQWULEX\H WDQWR FRPR XQD PROpFXOD GH SURWHtQD JUDQGH 6LQ HPEDUJR OD FRQWULEXFLyQ D OD
RVPRODULGDG KHFKD SRU ODV SURWHtQDV HV GH JUDQ LPSRUWDQFLD FXDQGR VH PRQLWRUL]DQ ODV
FRQGLFLRQHVTXHOOHYDQDXQHGHPDSXOPRQDU(VWHYDORUHVFRQRFLGRFRPRSUHVLyQRVPyWLFD
FRORLGDO\HVXQDPHGLGDGHODSHUPHDELOLGDGGHODPHPEUDQDDODJXD\DWRGDVODVPROpFXODV
PHQRUHVTXHDPX&RORFDQGRXQDVROXFLyQVDOLQDHQXQODGR\ODPXHVWUDGHVFRQRFLGD
HQ HO RWUR VH GHVDUUROOD XQD SUHVLyQ RVPyWLFD DOUHGHGRU GH OD PHPEUDQD (VWD SUHVLyQ HV
PHGLGDFRQXQWUDQVGXFWRUGHSUHVLyQ\SXHGHVHUUHODFLRQDGDFRQODSUHVLyQRVPyWLFDFRORLGDO
DWUDYpVGHXQSURFHGLPLHQWRGHFDOLEUDFLyQHPSOHDQGRSDWURQHVFRQRFLGRV
$XWRPDWL]DFLyQ
/RV DYDQFHVHQODWHFQRORJtDMXQWRFRQXQDDPSOLDGHPDQGD GH SUXHEDVGH ODERUDWRULR \ ODV

SUHVLRQHV SDUD UHGXFLU ORV FRVWHV KDQ SURYRFDGR XQ UiSLGR GHVDUUROOR GH LQVWUXPHQWRV GH
ODERUDWRULR DOWDPHQWH DXWRPDWL]DGRV /RV LQVWUXPHQWRV DXWRPDWL]DGRV WtSLFRV FRQWLHQHQ

PHFDQLVPRV SDUD PHGLU PH]FODU \ WUDQVSRUWDU ODV PXHVWUDV \ ORV UHDFWLYRV VLVWHPDV GH
PHGLGDV\XQRRPiVPLFURSURFHVDGRUHVSDUDFRQWURODUWRGRHOVLVWHPD$GHPiVGHOVLVWHPD
GH FRQWURO ORV VLVWHPDV GH FRPSXWDFLyQ DOPDFHQDQ ODV FXUYDV GH FDOLEUDFLyQ DVLJQDQ ORV
UHVXOWDGRVGHODSUXHEDDODPXHVWUDFRUUHVSRQGLHQWH\JHQHUDQORVUHSRUWHV/RVLQVWUXPHQWRV
DXWRPiWLFRV HVWiQ GHGLFDGRV DO UHFXHQWR HVWXGLRV GH FXDJXODFLyQ DQiOLVLV PLFURELROyJLFRV
LQPXQRTXtPLFD DVt FRPR DO DQiOLVLV GH JUDQGHV YRO~PHQHV GH PXHVWUDV HQ ODERUDWRULRV GH
TXtPLFDFOtQLFD
([LVWH XQD JUDQ FDQWLGDG GH LQQRYDFLRQHV WHFQROyJLFDV HQ PXFKRV GH ORV LQVWUXPHQWRV
DXWRPDWL]DGRV8QDLPSRUWDQWHLQQRYDFLyQHVHOXVRGHILEUDySWLFD SDUDJXLDU OD HQHUJtD GH
H[FLWDFLyQKDVWDODPXHVWUDDVtFRPRODOX]WUDQVPLWLGDUHIOHMDGDRHPLWLGDGHVGHODPXHVWUD
KDVWDHOGHWHFWRU(VWRSURSRUFLRQDXQDOWRJUDGRGHIOH[LELOLGDGHQHOLQVWUXPHQWR(ODQiOLVLV
D P~OWLSOHV ORQJLWXGHV GH RQGD HPSOHDQGR ILOWURV R PDWULFHV GH IRWRGHWHFWRUHV VH XWLOL]DQ
FRP~QPHQWH/RV RUGHQDGRUHVDVRFLDGRVDHVWRVLQVWUXPHQWRVSHUPLWHQLQQRYDGRUDVPHMRUDV
HQ ORV DQiOLVLV 'H KHFKR FXDQGR PXFKRV DQDOLWRV VRQ DQDOL]DGRV HQ XQD VROD PXHVWUD ORV
HIHFWRVGHLQWHUIHUHQFLDGHXQ DQDOLWRHQODPHGLFLyQGHRWURSXHGHQVHUHVWLPDGRVDSULRUL\
FRUUHJLGRVDQWHVGHLPSULPLUHOUHSRUWHILQDO

7HPD(TXLSRVWHUDSpXWLFRV
$SOLFDFLRQHVWHUDSpXWLFDVGHFDPSRVPDJQpWLFRV\HOpFWULFRVSXOVDGRV\ VLQXVRLGDOHV
GHEDMDIUHFXHQFLD
6HFRQRFHGHVGHKDFHPiVGHWUHLQWDDxRVTXHHQORVKXHVRVVRPHWLGRVDWHQVLRQHVPHFiQLFDV
DSDUHFH XQD GLIHUHQFLD GH SRWHQFLDO HOpFWULFR $ SULQFLSLRV GH ORV VHVHQWD DOJXQRV
LQYHVWLJDGRUHV REVHUYDURQ TXH ODV VHxDOHV HOpFWULFDV JHQHUDGDV SRU WHQVLRQHV HQ ORV KXHVRV
GLVPLQXtDQ PX\ OHQWDPHQWH HQ FRPSDUDFLyQ FRQ VHxDOHV SURYRFDGDV HQ FULVWDOHV
SLH]RHOpFWULFRV GH LGpQWLFD PDQHUD \ FRQFOX\HURQ TXH DXQTXH SUREDEOHPHQWH HO IHQyPHQR
SLH]RHOpFWULFRHVWDEDSUHVHQWHpVWHQRHUDOD~QLFDFDXVDGHHVWRVSRWHQFLDOHV([SHULPHQWRV\
DQiOLVLV SRVWHULRUHV HVWDEOHFLHURQ TXH ODV VHxDOHV REVHUYDGDV VH GHEtDQ SULQFLSDOPHQWH D XQ
GHVSOD]DPLHQWR GH LRQHV GHQWUR GH ODV UHJLRQHV SRURVDV \ ORV FDQDOHV OOHQRV GH P~OWLSOHV
IOXLGRVSUHVHQWHVHQWRGRKXHVR
8QDYH]GHPRVWUDGRTXHODDSOLFDFLyQGHXQFDPSRHOpFWULFRFRQWLQXRGFDFpOXODVWLVXODUHV
SXHGH SURGXFLU HIHFWRV VLPLODUHV D DTXHOORV VXVFLWDGRV SRU WHQVLRQHV PHFiQLFDV VH
FRPSUHQGLy TXH OD H[SORWDFLyQ FOtQLFD GH HVWH IHQyPHQR UHTXHULUtD GH OD LPSODQWDFLyQ
TXLU~UJLFD GH HOHFWURGRV FRQ HO FRQVLJXLHQWH SHOLJUR GH LQIHFFLyQ 6H SURFHGLy HQWRQFHV D
H[SORUDUVLHODFRSODPLHQWRLQGXFWLYRQRLQYDVLYRFRQIRUPDGHRQGDVLPLODUDODSURGXFLGDGH
IRUPD HQGyJHQD PHGLDQWH WHQVLRQHV PHFiQLFDV SRGtD FRQOOHYDU D XQ EXHQ GHVDUUROOR GHO
KXHVRREWHQLpQGRVHUHVXOWDGRVIDYRUDEOHVFRQFDPSRVHOHFWURPDJQpWLFRVSXOVDGRV HQ SHUURV
HQODGpFDGDGHORVVHWHQWD/DVVHxDOHVGHHVWHWLSRKDQVLGRLGHQWLILFDGDVJHQHUDOPHQWHFRPR
&DPSRV(OpFWULFRV\0DJQpWLFRV3XOVDGRV3XOVHG(OHFWULFDQG0DJQHWLF)LHOGV3(0)HQOD
FRPXQLGDG GH HVWLPXODFLyQ RUWRSpGLFRHOpFWULFD HQ ORV ~OWLPRV YHLQWH DxRV \ KDQ VLGR
DSOLFDGDV H[LWRVDPHQWH HQ XQD JUDQ FDQWLGDG GH FDVRV SDUD OD UHSDUDFLyQ GH IUDFWXUDV $
SULQFLSLRV GH OD GpFDGD GH ORV QRYHQWD VH HQFRQWUy TXH OD DSOLFDFLyQ VLPXOWiQHD GH FDPSRV
PDJQpWLFRV GF \ FRQ YDULDFLyQ WHPSRUDO VLQXVRLGDO GH IUHFXHQFLD H[WUHPDGDPHQWH EDMD FRQ
LQWHQVLGDGHVSRUGHEDMRGHORVP7WDPELpQSXHGHVHUHPSOHDGDSDUDHVWHSURSyVLWR
$XQTXHHOWUDWDPLHQWRQR LQYDVLYRFRQFDPSRVPDJQpWLFRVYDULDEOHVGHODVIUDFWXUDVTXHQR
ORJUDEDQVDQDUVHFRQYLUWLyHQODDSOLFDFLyQFOtQLFDPiVDPSOLDPHQWHXWLOL]DGDGHORVFDPSRV
GHVXEUDGLRIUHFXHQFLDVDOJXQRVLQYHVWLJDGRUHVEXVFDURQODDSOLFDFLyQGHFDPSRVHOpFWULFRVD
WUDYpVGHHOHFWURGRVLPSODQWDGRV\ODDSOLFDFLyQGHFRUULHQWHVGHIUHFXHQFLDVXSHULRUDWUDYpV
GH HOHFWURGRV FRORFDGRV HQ OD VXSHUILFLH GH OD SLHO SDUD PHMRUDU OD UHSDUDFLyQ GHO KXHVR $O
PLVPR WLHPSR ODV LQYHVWLJDFLRQHV GH ODERUDWRULR LQ YLWUR \ HQ DQLPDOHV H[SORUDURQ OD
DSOLFDFLyQ GH ODV WUHV PRGDOLGDGHV 3(0) HOHFWURGRV GF LPSODQWDGRV \ HOHFWURGRV GH
IUHFXHQFLDVPiVDOWDVDFRSODGRVDWUDYpVGHODSLHOSDUDSURYRFDUODUHJHQHUDFLyQGHORVYDVRV
VDQJXtQHRVDQJLRJpQHVLVFXUDFLyQGHORV WHMLGRV EODQGRV UHSDUDFLyQ R UHJHQHUDFLyQ GH ORV
QHUYLRV \ UHJUHVLyQ GH ORV WXPRUHV 7DPELpQ VH KD H[SORUDGR OD XWLOL]DFLyQ GH ORV FDPSRV
PDJQpWLFRVYDULDEOHVSDUDHOWUDWDPLHQWRGHODDUWULWLV
5HSDUDFLyQGHKXHVRV\FDUWtODJRVFRQFDPSRVHOHFWURPDJQpWLFRVSXOVDGRV
(Q ORV (VWDGRV 8QLGRV GH $PpULFD ORV GLVSRVLWLYRV PpGLFRV VRQ DSUREDGRV SDUD VX XVR
PpGLFRVyORGHVSXpVTXHKDVLGRGHPRVWUDGRDOD)'$)RRGDQG'UXJ$GPLQLVWUDWLRQTXH

VRQVHJXURV\HIHFWLYRV(QODWDEODDSDUHFHXQOLVWDGRGHORVGLVSRVLWLYRVDSUREDGRVKDVWD
0DU]R GH SDUD XQD GH ODV WUHV VLJXLHQWHV DSOLFDFLRQHV WUDWDPLHQWR GH IUDFWXUDV TXH QR
KDQVDQDGRGHVSXpVGHOWUDWDPLHQWRKDELWXDO VHXGRDUWURVLVFRQJpQLWD\ODHVWLPXODFLyQGHOD
IXVLyQHVSLQDO
&ODVLILFDGRVSRUVXVFDUDFWHUtVWLFDVHOpFWULFDV\PHFiQLFDVORVGLVSRVLWLYRVGHODWDEODVRQ
x 1RLQYDVLYRV
*HQHUDQGR FDPSRV PDJQpWLFRV YDULDEOHV DSOLFDGRV PHGLDQWH ERELQDV D OD SDUWH GHO
FXHUSRDIHFWDGD,\ORVGLVSRVLWLYRVGHWLSR3(0)$%&\'
*HQHUDQGR FDPSRV HOpFWULFRV YDULDEOHV DSOLFDGRV D WUDYpV GH HOHFWURGRV HQ OD
VXSHUILFLHGHODSLHODFRSODPLHQWRFDSDFLWLYR(
x ,QYDVLYRVRVHPLLQYDVLYRVGFDSOLFDGRGHVGHXQDEDWHUtDLPSODQWDGDLQYDVLYRV)*R
GFDSOLFDGRFRQSLQHVSHUFXWiQHRVVHPLLQYDVLYR
7DEOD(VWLPXODGRUHVHOpFWULFRVSDUDFUHFLPLHQWRGHKXHVRVDSUREDGRVSRUOD)'$
5HI 'LVSRVLWLYR
$ (%,%RQH+HDOLQJ6\VWHP
%
&
3K\VLR6WLP
$SUREDGDSDUD
)UDFWXUDVSVHXGRDUWURVLV
FRQJpQLWDIXVLRQHVIDOOLGDV
7HFQRORJtD
3(0)QRLQYDVLYR
'
6SLQDO6WLP
2UWKRORJLF
3URPRYHU OD IXVLyQ HVSLQDO 3(0)QRLQYDVLYR

FRPRFRPSOHPHQWRDODFLUXJtD
2UWKRSDN%*66\VWHP
2UWKRJHQ2VWHRJHQ
6S),PSODQWDEOH%*6
=LPPHU GLUHFW FXUUHQW ERQH )UDFWXUDV

JURZWKVWLPXODWRU'&*%6
)UDFWXUDV H[FOXLGDV YpUWHEUDV \ 3(0)QRLQYDVLYR

KXHVRVSODQRV
)UDFWXUDV H[FOXLGDV YpUWHEUDV \ &DPSRVPDJQpWLFRV

KXHVRVSODQRV
GFVLQXVRLGDOHV
QRLQYDVLYRV
)UDFWXUDV H[FOXLGDV YpUWHEUDV \ $FRSORFDSDFLWLYR
KXHVRVSODQRV
QRLQYDVLYR
)UDFWXUDVGHKXHVRVODUJRV
GFLPSODQWDEOH
&RPSOHPHQWR GH OD IXVLyQ GFLPSODQWDEOH

HVSLQDO
GF VHPLLQYDVLYR FRQ

SLQHVSHUFXWiQHRV
/DV VHxDOHV 3(0) HPSOHDGDV SRU GLIHUHQWHV IDEULFDQWHV HQ (VWDGRV 8QLGRV \ (XURSD SXHGH
WHQHU SXOVRV FRQ GLIHUHQWHV IRUPDV WLHPSRV GH VXELGD \ EDMDGD DQFKR GH ORV SXOVRV
IUHFXHQFLD GH UHSHWLFLyQ GH ORV SXOVRV \ DPSOLWXGHV 'HELGR D TXH KD VLGR GHPRVWUDGR TXH
WRGDVHVWDVYDULDEOHVSXHGHQWHQHUXQSURIXQGRHIHFWRHQODDFFLyQELROyJLFDGHXQDVHxDOHQ
SDUWLFXODU HV HVHQFLDO TXH ORV UHSRUWHV VREUH OD HIHFWLYLGDG R QR GH ODV 3(0) EULQGHQ XQD

GHVFULSFLyQ H[DFWD GH OD VHxDO TXH VH XWLOL]y /D OLWHUDWXUD PpGLFD SDUHFH HVWDU UHSOHWD GH
HMHPSORVGHHMHPSORVHQORVTXHOD LQIRUPDFLyQHVLQFRPSOHWDRQRH[LVWH(VSDUWLFXODUPHQWH
LPSRUWDQWHTXHXQDVHxDO3(0)QRVHDGHVFULWDVLPSOHPHQWHSRUVXIUHFXHQFLDFXDQGRHVWR
VLJQLILFDIUHFXHQFLDGHUHSHWLFLyQGHOSXOVR
/RVGHWDOOHVVREUHODIRUPDRULHQWDFLyQ\ORFDOL]DFLyQGHODERELQDRODVERELQDVWDPELpQHV
GH LPSRUWDQFLD GHELGR D TXH HVWRV SDUiPHWURV MXQWR FRQ OD DPSOLWXG \ IRUPD GHO SXOVR
GHWHUPLQDQODQDWXUDOH]DGHORVFDPSRVPDJQpWLFRV\HOpFWULFRVHQORVWHMLGRV
/RV SXOVRV GH FRUULHQWH GH ORV GLVSRVLWLYRV 3(0) VRQ SURGXFLGRV XVXDOPHQWH PHGLDQWH OD
GHVFDUJD GH EDQFRV GH FRQGHQVDGRUHV FRQWURODGRV SRU XQD UHG WHPSRUDO /D ERELQD GH
DSOLFDFLyQQRSXHGHVHULQWHUFDPELDGDHQWUHGLIHUHQWHVGLVSRVLWLYRVSRUTXHVX LQGXFWDQFLD\VX
UHVLVWHQFLD VRQ XQD SDUWH GH OD UHG GH GHVFDUJD /D PD\RUtD GH ODV XQLGDGHV FRPHUFLDOHV VH
DOLPHQWDQFRQEDWHUtDVUHFDUJDEOHV\ODVFDMDVGHFRQWUROVXHOHQLQFOXLUXQUHORMSDUDPHGLUHO
WLHPSRWRWDOGHHVWLPXODFLyQGHODIUDFWXUDEDMRWUDWDPLHQWR8QWLHPSRGHWUDWDPLHQWRWtSLFR
FRQGLVSRVLWLYRV3(0)SXHGHHVWDUHQWUH\KRUDVSRUGtDGXUDQWHXQSHUtRGRGHPHVHV
\PLQXWRVSRUGtDFRQDOJXQRGHORVVLVWHPDVPiVQRYHGRVRV,HQODWDEOD
(O OODPDGR GLVSRVLWLYR GH DFRSOR FDSDFLWLYR ( HQ OD WDEOD JHQHUD XQD RQGD VLQXVRLGDO
FRQWLQXD FRQ XQD IUHFXHQFLD GH +] /D FRUULHQWH WRWDO D WUDYpV GH OD SLHO FRQWLHQH XQ
FRPSRQHQWHFRQGXFWLYRQRGHVSUHFLDEOHGHELGRDTXHHOFRQWDFWRFRQGXFWLYRVHKDFHHQWUHHO
HOHFWURGR GH DSOLFDFLyQ \ OD SLHO OR TXH UHSUHVHQWD XQ FRQGHQVDGRU FRQ PXFKDV IXJDV /RV
FDPSRVHOpFWULFRVSURGXFLGRVSRUHVWHGLVSRVLWLYRDQLYHOWLVXODUHVWiQHQWUH\9P(VWRV
QLYHOHVVRQPXFKRPD\RUHVTXHODDPSOLWXGPHGLDGHORVFDPSRVHOpFWULFRVSURGXFLGRVHQORV
WHMLGRV SRU ORV GLVSRVLWLYRV 3(0) \ WDPELpQ PiV DOWRV TXH ORV YDORUHV LQVWDQWiQHRV GH ORV
SLFRVSURGXFLGRVSRUDOJXQRVGHORVVLVWHPDV3(0)
8QGLVSRVLWLYRGFLQYDVLYRLPSODQWDEOHWtSLFR)*HQODWDEODFRQVLVWHGHXQDSHTXHxD
FDUFDVD DSUR[LPDGDPHQWH [ [ FP GH WLWDQLR \ GRV R FXDWUR DODPEUHV WDPELpQ GH
WLWDQLR(VWRVDODPEUHVDFW~DQFRPRFiWRGR\ODFDUFDVDTXHFRQWLHQHODEDWHUtDFRQHFWDGDD
pVWRV IRUPD HO iQRGR /D DPSOLWXG GH OD FRUULHQWH FRQWLQXD HVWi HQWUH P$ SDUD DOJXQDV
DSOLFDFLRQHVGHIXVLyQ\P$SDUDIUDFWXUDVGHKXHVRVODUJRV/RVFiWRGRVVRQFRORFDGRV
HQ HO OXJDU HQ HO TXH HO FUHFLPLHQWR GHO KXHVR VHUi HVWLPXODGR HQ OD YpUWHEUD TXH KD VLGR
WUDWDGD TXLU~UJLFDPHQWHHWF PLHQWUDVTXH OD FDUFDVD HV FRORFDGD FRQYHQLHQWHPHQWH D FLHUWD
GLVWDQFLDGHOKXHVR
$FWXDOPHQWHQRH[LVWHQVLVWHPDVHOpFWULFRVRPDJQpWLFRVDSUREDGRVSRUOD)'$SDUDWHUDSLD
QRH[SHULPHQWDOFRQHOILQGHD\XGDUHQODUHJHQHUDFLyQGHORVQHUYLRV6LQHPEDUJRODJUDQ
FDQWLGDG GH H[SHULPHQWRV UHDOL]DGRV FRQ DQLPDOHV H LQ YLWUR HQ GLIHUHQWHV SDtVHV VXJLHUH OD
XWLOLGDG GH ODV FRUULHQWHV HOpFWULFDV SDUD OD UHSDUDFLyQ GH WHMLGRV EODQGRV \ OD SRVLELOLGDG GH
H[WHQGHUOR D OD UHSDUDFLyQ GH ILEUDV QHUYLRVDV 'HELGR D TXH H[LVWH XQD JUDQ YDULHGDG GH
SDWRORJtDVHQORVWHMLGRVEODQGRVTXHSRGUtDQUHVSRQGHUDORVFDPSRVHOpFWULFRVRPDJQpWLFRV
HOYROXPHQGHDSOLFDFLyQHQHVWDiUHDSXHGHUHVXOWDUHQHOIXWXURPD\RUTXHHQRUWRSHGLDXQD
YH]TXHODVLQWHUDFFLRQHVFDPSRWHMLGR\FDPSRFpOXODVHFRPSUHQGDQPHMRU\VHHVWDEOH]FDQ
ORVEHQHILFLRVFOtQLFRVHQHOWUDWDPLHQWRGHHQIHUPHGDGHV\OHVLRQHV

(V FRQRFLGR TXH VRQ ORV SRWHQFLDOHV HOHFWURFLQpWLFRV PiV TXH OD SLH]RHOHFWULFLGDG ORV TXH
KDFHQODSULQFLSDOFRQWULEXFLyQDORVSRWHQFLDOHVHOpFWULFRVJHQHUDGRVSRUXQKXHVRVRPHWLGRD
WHQVLyQPHFiQLFD(VWRVSRWHQFLDOHVSDUHFHQMXJDUXQLPSRUWDQWHSDSHOHQHOGHVDUUROORGHORV
KXHVRVFDUWtODJRV\WHMLGRVEODQGRV
/D KLSHUWHUPLD GHO FiQFHU HV XQ WUDWDPLHQWR SDUD DXPHQWDU OD WHPSHUDWXUD GH ORV WHMLGRV
ORFDOPHQWH R HQ WRGR HO FXHUSR KDVWD QLYHOHV WHUDSpXWLFRV SDUD HUUDGLFDU ORV WXPRUHV /D
KLSHUWHUPLD KD VLGR XWLOL]DGD HQ FRPELQDFLyQ FRQ OD TXLPLRWHUDSLD SRUTXH HO FDOHQWDPLHQWR
DXPHQWDODSHUPHDELOLGDGGHODPHPEUDQD\ODSRWHQFLDGHDOJXQRVPHGLFDPHQWRV
1XPHURVRVIDFWRUHVSXHGHQDIHFWDUORVUHVXOWDGRVGHODKLSHUWHUPLD(OSUREOHPDSULQFLSDOHQ
OD KLSHUWHUPLD HV OD JHQHUDFLyQ \ HO FRQWURO GHO FDORU HQ ORV WXPRUHV /RV PpWRGRV GH
FDOHQWDPLHQWR KDELWXDOHV LQFOX\HQ HO FDOHQWDPLHQWR GH WRGR HO FXHUSR XVDQGR FHUD FDOLHQWH
DLUH FDOLHQWH DJXD FDOLHQWH R UDGLDFLyQ LQIUDUURMD \ HO FDOHQWDPLHQWR SDUFLDO GHO FXHUSR
XWLOL]DQGR XOWUDVRQLGR VDQJUH FDOHQWDGD FDPSRV GH UDGLR IUHFXHQFLD 5) R PLFURRQGDV (O
UDQJR GH WHPSHUDWXUDV HIHFWLYR SDUD OD KLSHUWHUPLD HV PX\ SHTXHxR GH D & $
WHPSHUDWXUDVPiVEDMDVHOHIHFWR HV PtQLPR$ WHPSHUDWXUDVSRU HQFLPD GH & ODVFpOXODV
QRUPDOHVVRQGDxDGDV'HELGRDHVWHUDQJRGHWHPSHUDWXUDVWDQHVWUHFKRHOJUDGRGHUHVSXHVWD
GHOWXPRUHVDOWDPHQWHGHSHQGLHQWHGHFXDQWRHVpVWHFDOHQWDGRKDVWDXQQLYHOWHUDSpXWLFR(O
XVRFOtQLFRGHODKLSHUWHUPLDKDVLGRDIHFWDGR SRU OD DXVHQFLD GH XQ HTXLSDPLHQWR DGHFXDGR
SDUDKDFHUOOHJDUHIHFWLYDPHQWHHOFDORUKDVWDODVOHVLRQHVVXSHUILFLDOHVRSURIXQGDV\SRUOD
DXVHQFLDGHWpFQLFDVWHUPRPpWULFDVTXHEULQGHQXQDLQIRUPDFLyQILDEOH VREUHOD GLVWULEXFLyQ
GHO FDORU HQ ORV WHMLGRV (Q OD KLSHUWHUPLD 5) OD WHPSHUDWXUD ILQDO GHO WXPRU GHSHQGH
IXQGDPHQWDOPHQWHGHODGHSRVLFLyQGHHQHUJtD&XDQGRVHXWLOL]DQPpWRGRVGHFDOHQWDPLHQWR
HOHFWURPDJQpWLFR (0 OD GHSRVLFLyQ GH HQHUJtD HV XQD FRPSOHMD IXQFLyQ GH OD IUHFXHQFLD
LQWHQVLGDG \ SRODUL]DFLyQ GH ORV FDPSRV DSOLFDGRV ODV GLPHQVLRQHV \ JHRPHWUtD GHO
GLVSRVLWLYR GH DSOLFDFLyQ DVt FRPR HO WDPDxR SURIXQGLGDG JHRPHWUtD \ SURSLHGDGHV
GLHOpFWULFDVGHOWXPRU
/DHQHUJtD(0XVDGDHQKLSHUWHUPLDHVFODVLILFDGDXVXDOPHQWHSRUODIUHFXHQFLDFRPRHQHUJtD
GHPLFURRQGDVRFRPRGH5)/DV PLFURRQGDVRFXSDQHOUDQJRGHIUHFXHQFLD(0HQWUH
0+]\*+](VWULFWDPHQWH5)HVWiHQWUH 0+]\*+]SHURSDUDKLSHUWHUPLD5)
VH UHILHUH D IUHFXHQFLDV SRU GHEDMR GHO UDQJR GH ODV PLFURRQGDV /DV IUHFXHQFLDV GH
PLFURRQGDVPiVFRP~QPHQWHXVDGDVHQKLSHUWHUPLDVRQ\ 0+]ODVIUHFXHQFLDV
,60 LQGXVWULDO VFLHQWLILF PHGLFDO GHVLJQDGDV SDUD DSOLFDFLRQHV LQGXVWULDOHV FLHQWtILFDV \
PpGLFDVHQ(VWDGRV8QLGRV\(XURSD)UHFXHQFLDV5)FRPXQHVVRQ\ 0+]/DV
IUHFXHQFLDVVXSHULRUHVD0+]QRWLHQHQYDORUSUiFWLFRGHELGRDVXOLPLWDGDSHQHWUDFLyQ
$ IUHFXHQFLDV PiV EDMDV OD SHQHWUDFLyQ GHO FDPSR HV PiV SURIXQGD SHUR HO GLVSRVLWLYR GH
DSOLFDFLyQ GHEH VHU PD\RU \ VH GLILFXOWD HQIRFDU $ SHVDU GH HVWDV OLPLWDFLRQHV KDQ VLGR
GHVDUUROODGRV PpWRGRV GH FDOHQWDPLHQWR (0 SDUD KLSHUWHUPLD ORFDO UHJLRQDO \ GH WRGR HO
FXHUSR

([WHUQR
(O PHFDQLVPR GH HQIULDPLHQWR VXSHUILFLDO GH OD SLHO GLILFXOWD HO FDOHQWDPLHQWR SURIXQGR
PHGLDQWH PpWRGRV FRQGXFWLYRV 'RV PpWRGRV GH 5) KDQ VLGR XVDGRV SDUD SURSRUFLRQDU HO
FDOHQWDPLHQWR VXEFXWiQHR (Q HO SULPHU PpWRGR ORV WHMLGRV VH FRORFDQ HQWUH GRV SODFDV GH
FRQGHQVDGRUHV\VHFDOLHQWDQFRQFRUULHQWHVGHGHVSOD]DPLHQWR(VWHPpWRGRHVVLPSOHSHURHO
VREUHFDOHQWDPLHQWR GH ODV JUDVDV FDXVDGR SRU HO FDPSR HOpFWULFR SHUSHQGLFXODU HV HO PD\RU
SUREOHPDSDUDORVSDFLHQWHVREHVRV(QPRGHORVGHWHMLGRVSODQDOHVHOJUDGRGHDXPHQWRGHOD
WHPSHUDWXUD HV XQDV YHFHV PD\RU HQ ORV WHMLGRV JUDVRV TXH HQ ORV P~VFXORV GHELGR D ODV
JUDQGHV GLIHUHQFLDV HQ VXV SURSLHGDGHV GLHOpFWULFDV \ FDORUHV HVSHFtILFRV $GHPiV HO IOXMR
VDQJXtQHRHQODVJUDVDVHVVLJQLILFDWLYDPHQWHPHQRUTXHHQORVP~VFXORV(QFRQVHFXHQFLDOD
WHPSHUDWXUDILQDOGHORVWHMLGRVJUDVRVHVPXFKRPiVDOWDTXHODGHORVP~VFXORV
(OVHJXQGRPpWRGRGH5)XWLOL]DVROHQRLGHVRERELQDVSDUDJHQHUDUXQFDPSRPDJQpWLFR(VWH
FDPSRSURGXFHFDORUHQORVWHMLGRVSRULQGXFFLyQGHFRUULHQWHVGHUHPROLQR'HELGRDTXHORV
FDPSRVHOpFWULFRVLQGXFLGRVVRQSDUDOHORVDODLQWHUID] WLVXODUHOFDOHQWDPLHQWRVH PD[LPL]D
HQORVP~VFXORVHQOXJDUGHHQODVJUDVDV6LQHPEDUJRHOSDWUyQGHFDOHQWDPLHQWRHV WRURLGDO
VLHQGRFHURHQHOFHQWURGHODERELQD
,QWUDFDYLWDULR
'HWHUPLQDGRV WXPRUHV TXH VH VLW~DQ HQ YtVFHUDV KXHFDV R HQ FDYLGDGHV SXHGHQ VHU WUDWDGRV
FRQ WpFQLFDV GHQWUR GH ODV FDYLGDGHV /DV YHQWDMDV GH HVWDV WpFQLFDV FRQ UHVSHFWR D OD
KLSHUWHUPLDH[WHUQDLQFOX\HQXQDPHMRUGLVWULEXFLyQGHOFDORU GHELGR D OD SUR[LPLGDG GH ORV
GLVSRVLWLYRV GH DSOLFDFLyQ D ORV WXPRUHV \ OD UHGXFFLyQ GH OD H[SRVLFLyQ GH ORV WHMLGRV
QRUPDOHV6HKDQUHDOL]DGRHVWXGLRVFOtQLFRV\GHLQYHVWLJDFLyQVREUHKLSHUWHUPLD\UDGLDFLyQ
RTXLPLRWHUDSLDGHFiQFHUGHHVyIDJRUHFWRFHUYL[SUyVWDWD\YHMLJD
(QHUJtDVGH5)\GHPLFURRQGDVKDQVLGRXWLOL]DGDVSDUDHVWHWLSRGHKLSHUWHUPLD(OSULQFLSDO
SUREOHPD HV TXH OD WHPSHUDWXUD GHO WXPRU VH GHVFRQRFH /D PD\RUtD GH ODV WHPSHUDWXUDV VH
KDQPHGLGRHQODVXSHUILFLHGHOGLVSRVLWLYRGHDSOLFDFLyQSXGLHQGRVHUPX\GLIHUHQWHVGHODV
GHOWXPRU$GHPiVPXFKRVLQYHVWLJDGRUHVKDQXWLOL]DGR WHUPRSDUHVRWHUPLVWRUHVSDUDPHGLU
ODVWHPSHUDWXUDVVLQVDEHUORVSUREOHPDVGHSHUWXUEDFLyQFDXVDGRVSRUORVVHQVRUHVPHWiOLFRV
8QD VROXFLyQ D HVWH SUREOHPD HV PHGLU OD WHPSHUDWXUD GH ORV WHMLGRV HQ DQLPDOHV \ OXHJR
H[WUDSRODU D ORV KXPDQRV 5HFLHQWHPHQWH KD VLGR GHVDUUROODGD OD WHUPRJUDItD GH UHVRQDQFLD
PDJQpWLFDSDUDODPRQLWRUL]DFLyQQRLQYDVLYDGHODVGLVWULEXFLRQHVGHWHPSHUDWXUDHQWXPRUHV
SURIXQGRV
,QWHUVWLFLDO
/DV WpFQLFDV LQWHUVWLFLDOHVSDUDLPSODQWDFLyQ GH UDGLDFLyQ KDQ VLGR SUDFWLFDGDV FRQ p[LWR SRU
ORVRQFyORJRVGXUDQWHPXFKRVDxRV/DVYHQWDMDVGHHVWDWpFQLFDFRQUHVSHFWRDODKLSHUWHUPLD
H[WHUQD LQFOX\HQ HO FRQILQDPLHQWR GHO YROXPHQ WUDWDGR PHQRU DIHFWDFLyQ GHO WHMLGR QRUPDO
DFFHVLELOLGDG D WXPRUHV PiV SURIXQGRV GLVWULEXFLyQ PiV KRPRJpQHD GH OD WHPSHUDWXUD
WHUDSpXWLFD \ PHMRU FRQWURO \ HYDOXDFLyQ GH ORV SDUiPHWURV WpUPLFRV 0pWRGRV FRPR HO
FDOHQWDPLHQWRUHVLVWLYRODVWpFQLFDVGHPLFURRQGDVRLPSODQWHV IHUURPDJQpWLFRVSXHGHQVHU
XVDGRVSDUDODKLSHUWHUPLDLQWHUVWLFLDO

&DPSRHOpFWULFR
(O FDOHQWDPLHQWR GH WXPRUHV VLWXDGRV SURIXQGDPHQWH SUHVHQWD GLILFXOWDGHV /D HQHUJtD 5)
SXHGH VHU VLWXDGD HQ HO FHQWUR GHO FXHUSR SHUR XQD JUDQ UHJLyQ HV DIHFWDGD (O DXPHQWR
GLIHUHQFLDO GHO IOXMR VDQJXtQHR HQ ORV WHMLGRV QRUPDOHV \ GH WXPRUHV SXHGH SURYRFDU
WHPSHUDWXUDV PiV HOHYDGDV HQ HO WXPRU TXH HQ ORV yUJDQRV QRUPDOHV 6LQ HPEDUJR HVWD
GLIHUHQFLD GH WHPSHUDWXUDV QR SXHGH VHU JDUDQWL]DGD 2WURV VLVWHPDV GH FDOHQWDPLHQWR FRQ
FDPSRV HOpFWULFRV JHQHUDQ FDPSRV SDUDOHORV D OD VXSHUILFLH GHO FXHUSR (Q JHQHUDO HO
FDOHQWDPLHQWR VXSHUILFLDO \ ORV SXQWRV FDOLHQWHV HQ ORV WHMLGRV QRUPDOHV VRQ IDFWRUHV TXH
OLPLWDQ OD HIHFWLYLGDG GHO WUDWDPLHQWR FRQ ORV VLVWHPDV H[LVWHQWHV /DV WpFQLFDV LQYDVLYDV
XWLOL]DQGR KLSHUWHUPLD LQWHUVWLFLDO KDQ GHPRVWUDGR UHVROYHU DOJXQRV GH ORV SUREOHPDV
H[LVWHQWHVHQHOFDOHQWDPLHQWRSURIXQGR
&DPSRPDJQpWLFR
/RV FDPSRV PDJQpWLFRV FDOLHQWDQ ORV WHMLGRV PHGLDQWH FRUULHQWHV GH UHPROLQR LQGXFLGDV 6X
XWLOL]DFLyQQRHVWiH[WHQGLGD\KDVLGRSURKLELGRHOHPSOHRGHGHWHUPLQDGRVVLVWHPDV
'XUDQWH ORV ~OWLPRV YHLQWH DxRV OD KLSHUWHUPLD KD VLGR XWLOL]DGD IXQGDPHQWDOPHQWH SDUD HO
WUDWDPLHQWR GH WXPRUHV ORFDOL]DGRV 6LQ HPEDUJR ORV WXPRUHV UHVLVWHQWHV D OD WHUDSLD
FRQYHQFLRQDO WLHQGHQ D SURYRFDU PHWiVWDVLV 3DUD HVWRV SDFLHQWHV OD KLSHUWHUPLD ORFDO \ OD
UHJLRQDOSXHGHQVHUVyORSDOLDWLYRV3DUDHQIHUPHGDGHVGLVHPLQDGDVODKLSHUWHUPLDGHWRGRHO
FXHUSRHQFRPELQDFLyQFRQODTXLPLRWHUDSLD\UDGLDFLyQKDVLGRHVWXGLDGDSRUPXFKRVJUXSRV
/RVHVWXGLRVSUHFOtQLFRVVRQFRQVLVWHQWHVFRQHOFRQFHSWRGHTXHD &ODKLSHUWHUPLDWRWDO
SXHGH DXPHQWDU HO tQGLFH WHUDSpXWLFR GH OD LUUDGLDFLyQ \ GH DJHQWHV GH TXLPLRWHUDSLD
HVSHFtILFRVVLQXQDXPHQWRDSUHFLDEOHGHODWR[LFLGDGHQORVWHMLGRVQRUPDOHV
(VWRVPpWRGRVLQFOX\HQFHUDFDOLHQWHDJXDFDOLHQWHRUDGLDFLyQLQIUDUURMD\HOFDOHQWDPLHQWR
H[WUDFRUSyUHRGHODVDQJUH(VLPSRVLEOHFDOHQWDUXQLIRUPHPHQWHWRGRHOFXHUSRFRQHQHUJtD
(0 DXQTXH HV SRVLEOH FDOHQWDU HO FXHUSR UHJLRQDOPHQWH GH PDQHUD TXH HO IOXMR VDQJXtQHR
UHGLVWULEX\DHOFDORUDWRGRHOFXHUSR

7HPD$QiOLVLV\PRGHODGRGHVLVWHPDVELROyJLFRV
6HxDOHVELRPpGLFDV
/DVVHxDOHVELRPpGLFDVVRQUHJLVWURVHVSDFLDOHVWHPSRUDOHVR HVSDFLRWHPSRUDOHVGHHYHQWRV
WDOHV FRPR HO ODWLGR GHO FRUD]yQ R OD FRQWUDFFLyQ GH XQ P~VFXOR /D DFWLYLGDG HOpFWULFD
TXtPLFD R PHFiQLFD TXH RFXUUH GXUDQWH HVWRV HYHQWRV ELROyJLFRV IUHFXHQWHPHQWH SURGXFH
VHxDOHV TXH SXHGHQ VHU PHGLGDV \ DQDOL]DGDV (Q FRQVHFXHQFLD ODV VHxDOHV ELRPpGLFDV R
ELRVHxDOHV FRQWLHQHQ LQIRUPDFLyQ TXH SXHGH VHU XWLOL]DGD SDUD H[SOLFDU ORV PHFDQLVPRV
ILVLROyJLFRVVXE\DFHQWHVHQXQHYHQWRRXQVLVWHPDELROyJLFRHVSHFtILFR
/DV ELRVHxDOHV SXHGHQ VHU FODVLILFDGDV GH PXFKDV PDQHUDV $OJXQDV GH ODV IRUPDV PiV
LPSRUWDQWHVGHFODVLILFDUODVVRQVHJ~Q
/D IXHQWH ODV ELRVHxDOHV SXHGHQ VHU FODVLILFDGDV VHJ~Q OD IXHQWH R QDWXUDOH]D ItVLFD (VWD
FODVLILFDFLyQ SXHGH VHU XVDGD FXDQGR ODV FDUDFWHUtVWLFDV ItVLFDV EiVLFDV GH ORV SURFHVRV
VXE\DFHQWHVVRQGHLQWHUpVFRPRRFXUUHFXDQGRVHGHVHDXQPRGHORSDUDODVHxDO
/D DSOLFDFLyQ ELRPpGLFD OD VHxDO ELRPpGLFD HV DGTXLULGD \ SURFHVDGD FRQ SURSyVLWRV GH
GLDJQyVWLFR PRQLWRUL]DFLyQ R GH RWUR WLSR /D FODVLILFDFLyQ SXHGH VHU FRQFHELGD GH DFXHUGR
FRQHOFDPSRGHDSOLFDFLyQSRUHMHPSORFDUGLRORJtDRQHXURORJtD7DOFODVLILFDFLyQSXHGHVHU
GHLQWHUpVFXDQGRHOSURSyVLWRHVSRUHMHPSORHOHVWXGLRGHOVLVWHPDILVLROyJLFR
/DV FDUDFWHUtVWLFDV GH OD VHxDO GHVGH HO SXQWR GH YLVWD GHO DQiOLVLV GH OD VHxDO pVWH HV HO
PpWRGRGHFODVLILFDFLyQPiVUHOHYDQWH&XDQGRHOSURSyVLWRIXQGDPHQWDOHVHOSURFHVDPLHQWR
QRHVUHOHYDQWHFXDOHVODIXHQWHGHODVHxDORDTXpVLVWHPD ELRPpGLFRpVWDSHUWHQHFHORTXH
HVSULPRUGLDOVRQODVFDUDFWHUtVWLFDVGHODVHxDO
6HxDOHVELRHOpFWULFDV
/DVFpOXODVGHORVP~VFXORV\ORVQHUYLRVJHQHUDQVHxDOHV ELRHOpFWULFDVTXHVRQUHVXOWDGRGH
FDPELRV HOHFWURTXtPLFRV LQWUD H LQWHUFHOXODUHV 6L XQD FpOXOD GH XQ P~VFXOR R XQ QHUYLR HV
HVWLPXODGD OR VXILFLHQWHPHQWH IXHUWH FRPR SDUD DOFDQ]DU GHWHUPLQDGR XPEUDO OD FpOXOD
JHQHUDUiXQSRWHQFLDOGHDFFLyQ(OSRWHQFLDOGHDFFLyQFRPSOHWRUHSUHVHQWDXQIOXMRGHLRQHV
DWUDYpVGHODPHPEUDQDGHODFpOXOD\SXHGHVHUPHGLGRXWLOL]DQGRHOHFWURGRV LQWUDFHOXODUHV
(O SRWHQFLDO GH DFFLyQ JHQHUDGR SRU XQD FpOXOD H[FLWDGD SXHGH VHU WUDQVPLWLGR GHVGH XQD
FpOXOD D RWUDV DG\DFHQWHV &XDQGR PXFKDV FpOXODV UHVXOWDQ H[FLWDGDV XQ FDPSR HOpFWULFR HV
JHQHUDGR\VHSURSDJDDWUDYpVGHOPHGLRELROyJLFR/RVFDPELRVHQHOSRWHQFLDO H[WUDFHOXODU
SXHGHQ VHU PHGLGRV VREUH OD VXSHUILFLH GH XQ yUJDQR X RUJDQLVPR XWLOL]DQGR HOHFWURGRV
VXSHUILFLDOHV /RV HOHFWURFDUGLRJUDPDV (&* HOHFWURHQFHIDORJUDPDV ((* \
HOHFWURPLRJUDPDV(0*VRQHMHPSORVGHHVWHIHQyPHQR

6HxDOHVELRPDJQpWLFDV
'LIHUHQWHVyUJDQRVLQFOXLGRHOFRUD]yQFHUHEUR\SXOPRQHVJHQHUDQFDPSRVPDJQpWLFRVTXH
VRQ GpELOHV HQ FRPSDUDFLyQ FRQ RWURV HYHQWRV FRPR ORV FDPELRV HOpFWULFRV TXH RFXUUHQ HQ
HOORV (O ELRPDJQHWLVPR HV OD PHGLFLyQ GH ODV VHxDOHV PDJQpWLFDV DVRFLDGDV D DFWLYLGDGHV
ILVLROyJLFDVHVSHFtILFDV(QFRQVHFXHQFLDODVVHxDOHV ELRPDJQpWLFDVSXHGHQSURSRUFLRQDUXQD
YDOLRVDLQIRUPDFLyQDGLFLRQDOTXHQRHVWiFRQWHQLGD XVXDOPHQWH HQ ODV VHxDOHV ELRHOpFWULFDV
$GHPiV SXHGHQ VHU XWLOL]DGDV SDUD REWHQHU LQIRUPDFLyQ DGLFLRQDO VREUH OD DFWLYLGDG
LQWUDFHOXODU
6HxDOHVELRTXtPLFDV
/DV VHxDOHV ELRTXtPLFDV FRQWLHQHQ LQIRUPDFLyQ DFHUFD GH ORV QLYHOHV \ FDPELRV GH YDULDV
VXVWDQFLDVTXtPLFDVHQHOFXHUSR3RUHMHPSORODVFRQFHQWUDFLRQHVGHYDULRVLRQHVWDOHVFRPR
FDOFLR \ SRWDVLR HQ ODV FpOXODV SXHGHQ VHU PHGLGDV \ UHJLVWUDGDV FRPR SXHGHQ VHUOR ORV
FDPELRVHQODSUHVLyQSDUFLDOGHR[tJHQRS2 \GHGLy[LGRGHFDUERQRS&2 7RGDVpVWDV
VRQVHxDOHVELRTXtPLFDV(VWDVVHxDOHVELRTXtPLFDVSXHGHQVHUXWLOL]DGDVSDUDXQDYDULHGDGGH
SURSyVLWRV WDOHV FRPR GHWHUPLQDU HO QLYHO GH JOXFRVD ODFWRVD \ PHWDEROLWRV \ SURYHHU
LQIRUPDFLyQVREUHODIXQFLyQGHYDULRVVLVWHPDVILVLROyJLFRV
6HxDOHVELRPHFiQLFDV
/DV IXQFLRQHV PHFiQLFDV GH ORV VLVWHPDV ELROyJLFRV ODV FXDOHV LQFOX\HQ PRYLPLHQWR
GHVSOD]DPLHQWR WHQVLyQ IXHU]D SUHVLyQ \ IOXMR WDPELpQ SURGXFHQ ELRVHxDOHV /D SUHVLyQ
VDQJXtQHDSRUHMHPSORHVXQDPHGLGDGHODIXHU]DTXHODVDQJUHHMHUFHVREUHODVSDUHGHVGH
ORVYDVRVVDQJXtQHRV/RV FDPELRVHQODSUHVLyQVDQJXtQHDSXHGHQVHUUHJLVWUDGRVFRPRXQD
RQGD /RV DVFHQVRV HQ OD RQGD UHSUHVHQWDQ OD FRQWUDFFLyQ GH ORV YHQWUtFXORV GHO FRUD]yQ
FXDQGRODVDQJUHHVLQ\HFWDGDGHVGHHOFRUD]yQKDFLDHOFXHUSR\ODSUHVLyQDXPHQWDKDVWDOD
SUHVLyQ VLVWyOLFD OD Pi[LPD SUHVLyQ VDQJXtQHD /D SRUFLyQ LQIHULRU GH OD RQGD UHSUHVHQWD OD
UHODMDFLyQ YHQWULFXODU FXDQGR OD SUHVLyQ VDQJXtQHD FDH KDVWD VX YDORU PtQLPR GHQRPLQDGR
SUHVLyQGLDVWyOLFD
6HxDOHVELRDF~VWLFDV
/DV VHxDOHV ELRDF~VWLFDV VRQ XQ VXEFRQMXQWR HVSHFLDO GH VHxDOHV ELRPHFiQLFDV TXH LPSOLFDQ
YLEUDFLyQPRYLPLHQWR0XFKRVHYHQWRVELROyJLFRVSURGXFHQUXLGRDF~VWLFR3RUHMHPSORHO
IOXMRGHVDQJUHDWUDYpVGHODVYiOYXODVGHOFRUD]yQWLHQHXQVRQLGRGLVWLQWLYR/DVPHGLFLRQHV
GH ODV VHxDOHV ELRDF~VWLFDV GH OD YiOYXOD GHO FRUD]yQ SXHGHQ VHU XWLOL]DGDV SDUD D\XGDU D
GHWHUPLQDU VL pVWH HVWi IXQFLRQDQGR DGHFXDGDPHQWH R QR (O VLVWHPD UHVSLUDWRULR ODV
DUWLFXODFLRQHV\ORVP~VFXORVWDPELpQJHQHUDQVHxDOHV ELRDF~VWLFDVTXHVHSURSDJDQDWUDYpV
GHOPHGLRELROyJLFR\IUHFXHQWHPHQWHSXHGHQVHUPHGLGDVHQODVXSHUILFLHGHODSLHOXWLOL]DQGR
WUDQVGXFWRUHVDF~VWLFRVFRPRPLFUyIRQRV\DFHOHUyPHWURV
6HxDOHVELRySWLFDV
/DVVHxDOHVELRySWLFDVVRQJHQHUDGDVSRUORVDWULEXWRVySWLFRVGHORVVLVWHPDVELROyJLFRV/DV
VHxDOHV ELRySWLFDV SXHGHQ RFXUULU QDWXUDOPHQWH R HQ DOJXQRV FDVRV SXHGHQ VHU LQGXFLGDV
XWLOL]DQGRXQDWpFQLFD ELRPpGLFD3RUHMHPSOR OD LQIRUPDFLyQ DFHUFD GH OD VDOXG GH XQ IHWR
SXHGH VHU REWHQLGD PLGLHQGR ODV FDUDFWHUtVWLFDV GH IOXRUHVFHQFLD GHO IOXLGR DPQLyWLFR /D

HVWLPDFLyQ GH JDVWR FDUGLDFR SXHGH VHU UHDOL]DGD PHGLDQWH HO PpWRGR GH OD GLVROXFLyQ GHO
FRORUDQWH TXH LPSOLFD OD PHGLFLyQ GH OD FRQFHQWUDFLyQ GHO FRORUDQWH PLHQWUDV pVWH FLUFXOD D
WUDYpVGHOWRUUHQWHVDQJXtQHR
&DUDFWHUtVWLFDVGHODVVHxDOHVELRPpGLFDV
+D\ GRV PDQHUDV GH FODVLILFDU HQ JHQHUDO ODV ELRVHxDOHV FRQWLQXDV \ GLVFUHWDV /DV VHxDOHV
FRQWLQXDV HVWiQ GHILQLGDV D OR ODUJR GH XQ LQWHUYDOR FRQWLQXR GH WLHPSR R GH HVSDFLR \ VRQ
GHVFULWDV SRU IXQFLRQHV YDULDEOHV FRQWLQXDV /DV VHxDOHV GLVFUHWDV HVWiQ GHILQLGDV VyOR HQ
SXQWRVGLVFUHWRVGHOWLHPSRRGHOHVSDFLR\ VRQ UHSUHVHQWDGDV FRPR VHFXHQFLDVGH Q~PHURV
/DVVHxDOHVSURGXFLGDVSRUVLVWHPDVELROyJLFRVVRQFDVLVLHPSUHVHxDOHVFRQWLQXDV
/DV ELRVHxDOHVWDPELpQ SXHGHQ VHUFODVLILFDGDVFRPR GHWHUPLQtVWLFDV R FRPR DOHDWRULDV /DV

VHxDOHV GHWHUPLQtVWLFDV SXHGHQ VHU GHVFULWDV PHGLDQWH IXQFLRQHV PDWHPiWLFDV R UHJODV /DV
VHxDOHV SHULyGLFDV \ ODV VHxDOHV GH WUDQVLHQWHV VRQ GHWHUPLQLVWLFDV /DV VHxDOHV SHULyGLFDV
XVXDOPHQWH HVWiQ FRPSXHVWDV SRU OD VXPD GH GLIHUHQWHV RQGDV VLQXVRLGDOHV R FRPSRQHQWHV
VLQXVRLGDOHVTXHSXHGHQVHUH[SUHVDGRVFRPR
[Q [QD7
GRQGH [Q HV OD VHxDO D HV XQ HQWHUR \ 7 HV HO SHUtRGR /DV VHxDOHV SHULyGLFDV WLHQHQ
EiVLFDPHQWH IRUPD GH RQGD FRQ XQD GXUDFLyQ 7 /DV VHxDOHV GH WUDQVLHQWH VRQ GLIHUHQWH GH
FHUR R VX YDULDFLyQ WLHQH XQD GXUDFLyQ ILQLWD \ OXHJR FDHQ KDVWD XQ YDORU FRQVWDQWH (O
SURGXFWRGHXQDH[SRQHQFLDOTXHGLVPLQX\H\XQDRQGDVLQXVRLGDOHVXQDVHxDOGHWUDQVLHQWH
/DVELRVHxDOHVUHDOHVFDVLVLHPSUHWLHQHQXQUXLGRLPSUHGHFLEOHRFDPELRVHQSDUiPHWURVTXH
SRU HQGH VRQ GHWHUPLQtVWLFRV (O (&* GHO ODWLGR GH XQ FRUD]yQ QRUPDO HQ UHSRVR HV XQ
HMHPSOR GH VHxDO TXH SDUHFH VHU FDVL SHULyGLFD /D RQGD EiVLFD FRQVLVWH GH OD RQGD 3 HO
FRPSOHMR456\ODRQGD7\VHUHSLWH6LQHPEDUJRODVIRUPDVH[DFWDVGHODVRQGDV3ORV
FRPSOHMRV 456 \ ODV RQGDV 7 YDUtDQ FRQ HO WLHPSR /D ORQJLWXG GHO WLHPSR HQWUH ORV
FRPSOHMRV 456 TXH VH FRQRFH FRPR LQWHUYDOR 55 WDPELpQ FDPELD FRQ HO WLHPSR FRPR
UHVXOWDGRV GH OD YDULDELOLGDG GHO ULWPR FDUGtDFR KHDUW UDWH YDULDELOLW\ +59 /D +59 HV
XWLOL]DGDFRPRXQPpWRGRGHGLDJQyVWLFRSDUDFRQRFHUODVDOXGGHXQFRUD]yQTXHKDVXIULGR
XQDWDTXH
/DVVHxDOHVDOHDWRULDVWDPELpQOODPDGDVVHxDOHV HVWRFiVWLFDVVRQDOWDPHQWHFRUUHODWLYDVVyOR
HQODIDVHFHUR/DVIXQFLRQHVPDWHPiWLFDVQRSXHGHQVHUXVDGDVSDUDGHVFULELUSUHFLVDPHQWH
ODV VHxDOHV DOHDWRULDV /DV VHxDOHV DOHDWRULDV IUHFXHQWHPHQWH H[KLEHQ GLVWULEXFLRQHV
SUREDELOtVWLFDV \ SXHGHQ VHU H[SUHVDGDV HQ WpUPLQRV GH SURSLHGDGHV HVWDGtVWLFDV (Q
FRQVHFXHQFLDODVWpFQLFDVHVWDGtVWLFDVVRQXWLOL]DGDVIUHFXHQWHPHQWHSDUDHODQiOLVLVGHVHxDOHV
DOHDWRULDV /D (0* XQ UHJLVWUR HOpFWULFR GH OD DFWLYLGDG HOpFWULFD HQ ORV P~VFXORV GHO
HVTXHOHWR TXH VH XWLOL]D SDUD HO GLDJQyVWLFR GH GHVyUGHQHV QHXURPXVFXODUHV HV XQD VHxDO
DOHDWRULD /DV VHxDOHV DOHDWRULDV HVWDFLRQDULDV VRQ VHxDOHV SDUD ODV TXH ODV SURSLHGDGHV
HVWDGtVWLFDVRHOHVSHFWURGHIUHFXHQFLDVVHPDQWLHQHLJXDODORODUJRGHOWLHPSR$OFRQWUDULR
ODVVHxDOHVDOHDWRULDVQRHVWDFLRQDULDVVRQVHxDOHVSDUDODVTXHODVSURSLHGDGHVHVWDGtVWLFDVRHO
HVSHFWUR GH IUHFXHQFLDV YDUtD D OR ODUJR GHO WLHPSR /D LGHQWLILFDFLyQ GH VHJPHQWRV
HVWDFLRQDULRV GH VHxDOHV DOHDWRULDV HV LPSRUWDQWH SDUD HO SURFHVDPLHQWR GH ODV VHxDOHV \ HO
DQiOLVLVGHSDWURQHV

7UDWDPLHQWRGHODVVHxDOHV ELRPpGLFDV
$GTXLVLFLyQ\GLJLWDOL]DFLyQGHODV ELRVHxDOHV
/DV ELRVHxDOHV VXHOHQ VHU PX\ SHTXHxDV FRQWLHQHQ UXLGR LQQHFHVDULR \ SXHGHQ HVWDU
HQPDVFDUDGDV SRU RWUDV ELRVHxDOHV GH GLIHUHQWHV IHQyPHQRV ELROyJLFRV &RQ HO REMHWLYR GH
H[WUDHU OD LQIRUPDFLyQ GH XQD ELRVHxDO OR TXH SXHGH VHU FUXFLDO SDUD HQWHQGHU XQ VLVWHPD R
HYHQWR ELROyJLFR SDUWLFXODU FRP~QPHQWH VRQ XWLOL]DGRV VRILVWLFDGRV HTXLSRV \ WpFQLFDV GH
DGTXLVLFLyQGHGDWRV
(V LPSRUWDQWH SUHVHUYDU OD LQIRUPDFLyQ GH OD ELRVHxDO RULJLQDO D OR ODUJR GH WRGR HO
SURFHGLPLHQWRGHDGTXLVLFLyQGHORVGDWRV'HELGRDTXHHVWDVVHxDOHVVXHOHQVHUXVDGDVSDUD
IDFLOLWDU HO GLDJQyVWLFR GH GHVyUGHQHV SDWROyJLFRV ORV SURFHGLPLHQWRV GH DPSOLILFDFLyQ
ILOWUDGR DQDOyJLFR R FRQYHUVLyQ DQDOyJLFRDGLJLWDO $' QR GHEHQ FDXVDU FRQIXVLyQ R XQD
GLVWRUVLyQLPSHUFHSWLEOHHQOD ELRVHxDO/DVGLVWRUVLRQHVHQOD ELRVHxDOSXHGHQSURYRFDUDXQ
GLDJQyVWLFRLQFRUUHFWR
/DVVHxDOHVSULPHUDPHQWHVRQGHWHFWDGDVHQXQPHGLRELROyJLFRFRPRSXHGHVHUXQDFpOXODR
OD VXSHUILFLH GH OD SLHO XWLOL]DQGR XQ VHQVRU (O VHQVRU FRQYLHUWH OD PHGLFLyQ ItVLFD HQ XQD
VDOLGD HOpFWULFD \ RIUHFHXQD LQWHUID]HQWUH HO VLVWHPD ELROyJLFR \ XQ LQVWUXPHQWR GH UHJLVWUR
HOpFWULFR /RV (&*V SRU HMHPSOR VRQ GHWHFWDGRV SRU HOHFWURGRV TXH WLHQHQ XQD LQWHUID] GH
SODWDFORUXURGHSODWDTXHFRQYLHUWHODVHxDORULJLQDOFUHDGDSRUHOPRYLPLHQWRGHORVLRQHV
HQ XQD VHxDO HOpFWULFD /D SUHVLyQ GH OD VDQJUH DUWHULDO HV PHGLGD SRU XQ VHQVRU TXH GHWHFWD
FDPELRV HQ OD SUHVLyQ (V PX\ LPSRUWDQWH TXH HO VHQVRU XWLOL]DGR SDUD GHWHFWDU ODV VHxDOHV
ELROyJLFDVQRDIHFWHODVSURSLHGDGHV\FDUDFWHUtVWLFDVGHODVHxDOTXHHVWiPLGLHQGR
'HVSXpVTXHODELRVHxDOKDVLGRGHWHFWDGDXWLOL]DQGRXQVHQVRUXVXDOPHQWHHVDPSOLILFDGD\
ILOWUDGD /RV DPSOLILFDGRUHV RSHUDFLRQDOHV VRQ FLUFXLWRV HOHFWUyQLFRV TXH XVXDOPHQWH VRQ
XWLOL]DGRV SDUD LQFUHPHQWDU OD DPSOLWXG GH ODV ELRVHxDOHV 8Q ILOWUR DQDOyJLFR SXHGH VHU
HQWRQFHV XWLOL]DGR SDUD HOLPLQDU HO UXLGR R SDUD FRPSHQVDU ODV GLVWRUVLRQHV FDXVDGDV SRU HO
VHQVRU /D DPSOLILFDFLyQ \ HO ILOWUDGR GH OD ELRVHxDO SXHGHQ VHU WDPELpQ QHFHVDULRV SDUD
DMXVWDUOD D ODV HVSHFLILFDFLRQHV GHO KDUGZDUH GHO VLVWHPD GH DGTXLVLFLyQ GH ORV GDWRV /DV
VHxDOHVFRQWLQXDVGHEHQVHUOLPLWDGDVFLHUWDEDQGDGHIUHFXHQFLDVDQWHVGHTXHODVHxDOSXHGD
VHUGLJLWDOL]DGDXWLOL]DQGRODFRQYHUVLyQ$'
3DUDFDPELDUODIRUPDGHOD ELRVHxDOGHRQGDDQDOyJLFDFRQWLQXDDVHxDOGLJLWDOVHXWLOL]DXQ
FRQYHUWLGRU$'8QFRQYHUWLGRU$'HVXQYROWtPHWURFRQWURODGRSRUXQRUGHQDGRUTXHPLGH
XQDVHxDOGHHQWUDGDDQDOyJLFD\EULQGDXQDUHSUHVHQWDFLyQQXPpULFDGHODVHxDOHQVXVDOLGD
/D RQGD DQDOyJLFD RULJLQDOPHQWH GHWHFWDGD SRU HO VHQVRU \ SRVWHULRUPHQWH DPSOLILFDGD \
ILOWUDGDHVXQDVHxDOFRQWLQXD(OFRQYHUWLGRU$'WUDQVIRUPDODVHxDODQDOyJLFDFRQWLQXDHQ
XQDVHxDOGLJLWDOGLVFUHWD/DVHxDOGLVFUHWDFRQVLVWHGHXQDVHFXHQFLDGHQ~PHURVTXHSXHGH
VHU IiFLOPHQWH DOPDFHQDGD \ SURFHVDGD HQ XQ RUGHQDGRU /D FRQYHUVLyQ $' HV
SDUWLFXODUPHQWHLPSRUWDQWHSRUTXHGHELGRDORVDYDQFHVGHODWHFQRORJtDGHORVRUGHQDGRUHV
VHLQFUHPHQWDHODOPDFHQDPLHQWR\DQiOLVLVGHODVELRVHxDOHVEDVDGRVHQORVRUGHQDGRUHV
/D FRQYHUVLyQ GLJLWDO GH OD ELRVHxDO DQDOyJLFD QR SURGXFH XQD FRSLD H[DFWD GH OD VHxDO
RULJLQDO /D VHxDO GLJLWDO GLVFUHWD HV XQD DSUR[LPDFLyQ GLJLWDO GH OD VHxDO DQDOyJLFD RULJLQDO
TXHHVJHQHUDGDPHGLDQWHHOPXHVWUHRUHSHWLGRGHOQLYHOGHODDPSOLWXGGHODVHxDORULJLQDOHQ
LQWHUYDORV GH WLHPSR ILMDGRV &RPR UHVXOWDGR GH WRGR HVWR OD VHxDO RULJLQDO HV UHSUHVHQWDGD

FRPRXQDVHFXHQFLDGHQ~PHURVODVHxDOGLJLWDO
/RV FRQYHUWLGRUHV $' VH FDUDFWHUL]DQ SRU HO Q~PHUR GH ELWV TXH XVDQ SDUD JHQHUDU ORV
Q~PHURV HQ OD VHxDO GLJLWDO \ VX UHVROXFLyQ DXPHQWD DO DXPHQWDU HO Q~PHUR GH ELWV 8Q
FRQYHUWLGRU $' GH ELWV WHQGUi PHMRU UHVROXFLyQ TXH XQ FRQYHUWLGRU GH ELWV /D
UHVROXFLyQ GH XQ FRQYHUWLGRU $' HVWi GHWHUPLQDGD SRU HO UDQJR GH WHQVLyQ GH OD VHxDO
DQDOyJLFDGHHQWUDGDGLYLGLGRSRUHOUDQJRQXPpULFRGHOFRQYHUWLGRU$'(OUDQJRQXPpULFR
VHFDOFXODFRPR Q~PHURGHELWV PHQRV
'HELGRDTXHODVPXHVWUDVXVXDOPHQWHVRQDOPDFHQDGDV\DQDOL]DGDVHQORVRUGHQDGRUHVODV
FXDOHVRSHUDQFRQQ~PHURVELQDULRVFDGDPXHVWUDJHQHUDGDHQHOSURFHVR GH PXHVWUHR GHEH
VHU GLJLWDOL]DGD /D GLJLWDOL]DFLyQ HV HO SURFHVR PHGLDQWH HO FXDO XQD VHULH GH PXHVWUDV HV
WUDQVIRUPDGD HQ Q~PHURV ELQDULRV TXH HVWiQ OLPLWDGRV HQ WDPDxR SRU HO Q~PHUR GH ELWV
GLVSRQLEOHV HQ HO FRQYHUWLGRU $' /DV PXHVWUDV GHEHQ VHU DSUR[LPDGDV FRQ HO REMHWLYR GH
DMXVWDUVH D R PiV ELWV GHO FRQYHUWLGRU $' 6L HO Q~PHUR GH ELWV QR HV OR
VXILFLHQWHPHQWH JUDQGH OD DSUR[LPDFLyQ GH OD PXHVWUD SDUD DMXVWDUOD DO Q~PHUR GH ELWV
UHTXHULGRV SXHGH LQWURGXFLU HUURUHV GH FXDQWL]DFLyQ /RV HUURUHV GH FXDQWL]DFLyQ RFXUUHQ
FXDQGRODUHSUHVHQWDFLyQQXPpULFDELQDULDDSUR[LPDGDGHODPXHVWUDGLILHUHGHOYDORURULJLQDO
GHODPXHVWUD
5HSUHVHQWDFLyQ\SURFHVDPLHQWRGHODV ELRVHxDOHV
/DVELRVHxDOHVSXHGHQVHUUHSUHVHQWDGDVWDQWRHQHOGRPLQLRWHPSRUDOFRPRHQHOGRPLQLRGH
ODVIUHFXHQFLDV/DVVHxDOHVPHQFLRQDGDVDQWHULRUPHQWHKDQHVWDGRHQHOGRPLQLRWHPSRUDO/D
WUDQVIRUPDGDGH)RXULHU)RXULHUWUDQVIRUP)7HVXQDRSHUDFLyQEiVLFDTXHHVXWLOL]DGDSDUD
WUDQVIRUPDU VHxDOHV GHVGH HO GRPLQLR WHPSRUDO DO GRPLQLR GH ODV IUHFXHQFLDV /RV
FRPSRQHQWHVGHODIUHFXHQFLDGHXQDVHxDOTXHSXHGHQUHVXOWDUGLItFLOHVGHGLVFHUQLUHQXQD
UHSUHVHQWDFLyQWHPSRUDOSXHGHQVHUVHSDUDGRV\DQDOL]DGRVPiVIiFLOPHQWHHQHOGRPLQLRGH
ODV IUHFXHQFLDV 3DUD PXFKRV PpWRGRV \ DSOLFDFLRQHV GH SURFHVDPLHQWR GH GLIHUHQWHV
ELRVHxDOHV LQFOXLGRV HO ILOWUDGR \ HO DQiOLVLV HVSHFWUDO HV ~WLO WHQHU OD UHSUHVHQWDFLyQ GH ODV
ELRVHxDOHVHQHOGRPLQLRGHODVIUHFXHQFLDV/DVRSHUDFLRQHVGHILOWUDGRSXHGHQVHUDSOLFDGDV
HQ DOJXQRV FDVRV PiV HILFLHQWHPHQWH HQ HO GRPLQLR GH ODV IUHFXHQFLDV \ OD LQIRUPDFLyQ
HVSHFWUDOVREUHODV ELRVHxDOHVSXHGHVHUREWHQLGDGHODVUHSUHVHQWDFLRQHV GH HVWDV ELRVHxDOHV
HQHOGRPLQLRGHODVIUHFXHQFLDV
/D WUDQVIRUPDGD GH )RXULHU TXH FDPELD ODV VHxDOHV FRQWLQXDV GHO GRPLQLR WHPSRUDO DO
GRPLQLRGHODVIUHFXHQFLDVHVWiGDGDSRU
;Z [WHMZW GW
/DV WDEODV GH ODV WUDQVIRUPDGDV GH )RXULHU SDUD PXFKDV VHxDOHV FRPXQHV SXHGHQ VHU
HQFRQWUDGDVHQODPD\RUtDGHORVOLEURVGHWH[WRVREUHSURFHVDPLHQWRGHVHxDOHV
3DUD ODV VHxDOHV GLVFUHWDV OD WUDQVIRUPDGD GH )RXULHU GLVFUHWD GLVFUHWH )RXULHU WUDQVIRUP
')7 \ OD WUDQVIRUPDGD GH )RXULHU GLVFUHWD LQYHUVD VRQ XWLOL]DGDV SDUD PRYHUVH HQWUH ORV
GRPLQLRVWHPSRUDO\GHODVIUHFXHQFLDV
/D )7 HV XQD KHUUDPLHQWD ELHQ FRQRFLGD SDUD HO SURFHVDPLHQWR GH ODV VHxDOHV TXH SHUPLWH
GHVFRPSRQHUXQDVHxDOHQODVRQGDVVLQXVRLGDOHVGHGLIHUHQWHVIUHFXHQFLDVTXHODFRQVWLWX\HQ

3DUDPXFKDVDSOLFDFLRQHVSDUWLFXODUPHQWHDTXHOODVTXHFDPELDQSRFRHQHOWLHPSRSXHGHTXH
WRGRORTXHVHQHFHVLWHVHDFRQRFHUWRGDVODVIUHFXHQFLDVFRQWHQLGDV6LQHPEDUJROD )7 QR
GHOLQHDODQDWXUDOH]DRHOWLHPSRGHORVFDPELRVWUDQVLWRULRV
/D67)76KRUW7LPH)RXULHU7UDQVIRUP\OD:7:DYHOHW7UDQVIRUPVKDQVLGRGLVHxDGDV

SDUDD\XGDUDSUHVHUYDUODLQIRUPDFLyQHQHOGRPLQLRWHPSRUDO/DDSUR[LPDFLyQ67)7UHDOL]D
XQD )7 HQ VROR XQD SHTXHxD VHFFLyQ R YHQWDQD ZLQGRZ GH ORV GDWRV PRVWUDQGR OD VHxDO
FRPR XQD IXQFLyQ ELGLPHQVLRQDO GHO WLHPSR \ OD IUHFXHQFLD (O SULQFLSDO LQFRQYHQLHQWH GH
67)7HVTXHHODQFKRGHODYHQWDQDSHUPDQHFHILMRGXUDQWHHODQiOLVLV (O DQiOLVLV PHGLDQWH
:7GLILHUHGH)7\67)7HQTXHQRHVQHFHVDULRTXHODVVHxDOHVVHDQ VLQXVRLGDOHV\TXHODV
YHQWDQDVWHQJDQXQDORQJLWXGILMD
0XFKDVVHxDOHVELROyJLFDVVRQSHULyGLFDVSRU QDWXUDOH]D/DV VHxDOHV DVRFLDGDV DO ODWLGR GHO

FRUD]yQ SUHVLyQ VDQJXtQHD YHORFLGDG GH OD VDQJUH \ (&* HQWUDQ HQ HVWD FDWHJRUtD 6LQ
HPEDUJRGHELGRDODYDULDELOLGDGLQWUtQVHFDORFXDOHVVDOXGDEOHHOUXLGR\R ODLQIOXHQFLD
GH RWUDV IXQFLRQHV SRU HMHPSOR OD UHVSLUDFLyQ VRQ GH HVSHUDU GLIHUHQFLDV HQWUH ODWLGR \
ODWLGR/DVVHxDOHVGHSUHVLyQVDQJXtQHDFRQWLHQHQPXFKRVGHWDOOHVTXH ORV PpGLFRVXWLOL]DQ
SDUD GHWHUPLQDU HO HVWDGR GHO SDFLHQWH 8QD IRUPD GH GHWHUPLQDU ODV YDULDEOHV GH LQWHUpV HV
FDOFXODU OD YDULDEOH SDUD FDGD ODWLGR HQ XQD VHULH GH ODWLGRV \ OXHJR UHSRUWDU HO YDORU PHGLR
2WUDDSUR[LPDFLyQFRQVLVWHHQKDFHUODPHGLDGHODVHxDOGHPDQHUDTXHVHREWHQJDXQODWLGR
UHSUHVHQWDWLYR (O FDVR DQWHULRU HV XQ HMHPSOR GH SURPHGLDGR GH ODV VHxDOHV HQ HO GRPLQLR
WHPSRUDO3DUDVHxDOHVTXHVRQDOHDWRULDVSRUQDWXUDOH]DHVSUHIHULEOHUHDOL]DUHOSURPHGLDGR
GHODVVHxDOHVHQGRPLQLRGHODVIUHFXHQFLDV
/D LQWHOLJHQFLD DUWLILFLDO DUWLFLDO LQWHOOLJHQFH$,HV XQ WHPD PX\ DPSOLR TXH WLHQH PXFKRV
FDPSRVGLIHUHQWHVLQFOX\pQGRVHODOyJLFDGLIXVDODVUHGHVQHXURQDOHV\ORVVLVWHPDVH[SHUWRV
(OSULQFLSDOREMHWLYRGH$,HVFUHDUPiTXLQDVLQWHOLJHQWHV(OWpUPLQRLQWHOLJHQWHFRQUHVSHFWR
DODVPiTXLQDVLQGLFDVLVWHPDVEDVDGRVHQRUGHQDGRUHVTXHSXHGHQLQWHUDFWXDUFRQVXHQWRUQR
\DGDSWDUVHDORVFDPELRVGHHVWHHQWRUQR(QRWUDVSDODEUDVHOSURSyVLWRIXQGDPHQWDOGHODV
WpFQLFDV$,HVSURGXFLUPiTXLQDVTXHVHDQFDSDFHVGHUD]RQDUGHFLGLU\DGDSWDUVHHQODIRUPD
TXHORKDFHPRVORVKXPDQRV
(O FRHILFLHQWH GH LQWHOLJHQFLD GH OD PiTXLQD PDFKLQH LQWHOOLJHQFH TXRWLHQW 0,4 HV XQD
PHGLGDGHOQLYHOGHLQWHOLJHQFLDGHpVWD0LHQWUDVPiVDOWRHVHO0,4PiVDOWDHVODFDSDFLGDG
GHODPiTXLQDSDUDHOUD]RQDPLHQWRDXWRPiWLFR\ODWRPDGHGHFLVLRQHV(O0,4GHXQDJUDQ
YDULHGDG GH PiTXLQDV KD DXPHQWDGR VLJQLILFDWLYDPHQWH GXUDQWH ORV ~OWLPRV DxRV 0XFKRV
SURGXFWRV GH FRQVXPR EDVDGRV HQ RUGHQDGRUHV PDTXLQDULD LQGXVWULDO \ VLVWHPDV H
LQVWUXPHQWRV ELRPpGLFRV HVWiQ XVDQGR WpFQLFDV GH $, PiV VRILVWLFDGDV /RV DYDQFHV HQ HO
GHVDUUROORGHOyJLFDGLIXVDUHGHVQHXURQDOHV\RWUDVWpFQLFDVGHFRPSXWDFLyQKDQFRQWULEXLGR
VLJQLILFDWLYDPHQWHDODPHMRUDGHO0,4
/DV WpFQLFDVGH FRPSXWDFLyQ VRQ XQD DOLDQ]D GH PpWRGRV GH FRPSXWDFLyQ FRPSOHPHQWDULDV
(VWRV PpWRGRV LQFOX\HQ OD OyJLFD GLIXVD UHGHV QHXURQDOHV UD]RQDPLHQWR SUREDELOtVWLFR \
DOJRULWPRVJHQpWLFRV9DULRVWLSRVGHWpFQLFDVGHFRPSXWDFLyQSXHGHQVHUXVDGRVHQVLQHUJLD
SDUDSURGXFLUVLVWHPDVFRQLQWHOLJHQFLDVXSHULRU(OSURSyVLWRGHODVWpFQLFDVGHFRPSXWDFLyQ
HV WHQHUHQ FXHQWD OD LPSUHFLVLyQ \D TXH PXFKR GH ORV SDUiPHWURV TXH ODV PiTXLQDV KDQ GH

HYDOXDU QR WLHQHQ XQ YDORU QXPpULFR SUHFLVR /RV SDUiPHWURV GH ORV VLVWHPDV ELROyJLFRV
SXHGHQUHVXOWDUHVSHFLDOPHQWHGLItFLOHVGHPHGLU\HYDOXDUSUHFLVDPHQWH
/yJLFDGLIXVD IX]]\ORJLFHVWiEDVDGDHQHOFRQFHSWRGHXVDUSDODEUDVHQOXJDUGHQ~PHURV

SDUDFRPSXWDU\DTXHODVSDODEUDVWLHQGHQDVHUPXFKRPHQRVSUHFLVDVTXHORVQ~PHURV/D
FRPSXWDFLyQ WUDGLFLRQDOPHQWH KD LPSOLFDGR HO XVR GH YDORUHV QXPpULFRV PLHQWUDV TXH HO
UD]RQDPLHQWR KXPDQR HPSOHD YDULDEOHV OLQJtVWLFDV /DV YDULDEOHV OLQJtVWLFDV VRQ SDODEUDV
TXHVHXVDQSDUDGHVFULELUXQSDUiPHWUR3DUDODWHPSHUDWXUDFRUSRUDOODVYDULDEOHVOLQJtVWLFDV
TXH SXHGHQ VHU XVDGDV VRQ ILHEUH DOWD SRU HQFLPD GH OR QRUPDO QRUPDO SRU GHEDMR GH OR
QRUPDO\IUtR/DVYDULDEOHVOLQJtVWLFDVVRQPiVDPELJXDVTXHORVJUDGRV &HOVLXV
R
5HGHVQHXURQDOHVDUWLILFDOHV DUWLILFLDOQHXUDOQHWZRUNV$11HVWiQEDVDGDVWHyULFDPHQWHHQ
ODV UHGHV QHXURQDOHV ELROyJLFDV /DV UHGHV QHXURQDOHV ELROyJLFDV HVWiQ FRPSXHVWDV GH
QHXURQDVELROyJLFDVVRQDOWDPHQWHFRPSOHMDV\SXHGHQFRQVLVWLUGHELOORQHVGHQHXURQDVFDGD
XQD GH HOODV FRQHFWDGD D PLOHV GH RWUDV QHXURQDV (O FHUHEUR KXPDQR HV XQD GH ODV UHGHV
QHXURQDOHVELROyJLFDVPiVFRPSOHMDV/DVUHGHVQHXURQDOHVELROyJLFDVDOWDPHQWHGHVDUUROODGDV
VRQFDSDFHVGHDSUHQGHUGHODVH[SHULHQFLDVUHFRQRFHUSDWURQHV\UHDFFLRQDUDORVFDPELRVHQ
HO HQWRUQR /DV $11V VRQ PiV VLPSOHV TXH ODV UHGHV QHXURQDOHV ELROyJLFDV 8QD $11
VRILVWLFDGDFRQWLHQHVyORXQRVPLOHVGHQHXURQDVFRQDOJXQRVFLHQWRVGHFRQH[LRQHV$XQTXH
PiVVLPSOHVTXHODVELROyJLFDVHOREMHWLYRGHODV$11VHVFRQVWUXLUVLVWHPDVGHFRPSXWDFLyQ
FRQ FDSDFLGDGHV GH DSUHQGL]DMH SURFHVDPLHQWR JHQHUDOL]DGR \ DGDSWDFLyQ VHPHMDQWHV D ODV
TXHVHREVHUYDQHQODVUHGHVQHXURQDOHVELROyJLFDV


2EWHQFLyQ\SURFHVDGRGHLPiJHQHVELRPpGLFDV
(OFDPSRGHODVLPiJHQHVPpGLFDVKDH[SHULPHQWDGRXQFUHFLPLHQWRIHQRPHQDOHQODV~OWLPDV
GpFDGDV 0LHQWUDV TXH ODV LPiJHQHV HUDQ XQD SUHUURJDWLYD GH ODV FLHQFLDV GHO HVSDFLR \ OD
GHIHQVD HQ ORV ~OWLPRV OXVWURV QXHYRV VLVWHPDV GH LPiJHQHV KDQ HQFRQWUDGR VX OXJDU HQ HO
FDPSRPpGLFR(VWRVVLVWHPDVYDQGHVGHDTXHOORVGHGLFDGRVDLPiJHQHVFRPRODVGHUD\RV;
KDVWD WHFQRORJtDV TXH HVWiQ HPHUJLHQGR FRPR ODV GH OD UHDOLGDG YLUWXDO $OJXQRV GH ORV
VLVWHPDV FRPR ORV GH XOWUDVRQLGR HFRJUDItD VRQ UHODWLYDPHQWH EDUDWRV PLHQWUDV TXH RWURV
FRPRODWRPRJUDItDSRUHPLVLyQGHSRVLWURQHV3(7FXHVWDQPLOORQHVGHGyODUHVGHELGRDVX
HTXLSDPLHQWR \ D OD QHFHVLGDG GH HPSOHDU SHUVRQDO FRQ DOWD FDOLILFDFLyQ /RV VLVWHPDV TXH
XWLOL]DQ UD\RV ; KDQ VLGR GHVLJQDGRV SDUD EULQGDU LPiJHQHV GH ODV HVWUXFWXUDV DQDWyPLFDV
PLHQWUDV TXH RWURV TXH KDFHQ XVR GH UDGLRLVyWRSRV RIUHFHQ LQIRUPDFLyQ IXQFLRQDO /RV
FDPSRV TXH VH SXHGHQ DEDUFDU YDQ GHVGH ODV LPiJHQHV GH WRGR HO FXHUSR TXH VH SXHGHQ
REWHQHU PHGLDQWH PpWRGRV GH PHGLFLQD QXFOHDU KDVWD DTXHOODV GH FRPSRQHQWHV FHOXODUHV
REWHQLGDV HPSOHDQGR UHVRQDQFLD PDJQpWLFD PLFURVFySLFD 7DQWR HO GLVHxR GH WUDQVGXFWRUHV
SDUD ORV GLVSRVLWLYRV GH LPiJHQHV FRPR HO SURFHVDPLHQWR GH ORV GDWRV IDFLOLWDQGR OD
LQWHUSUHWDFLyQSRUSDUWHGHOSHUVRQDOPpGLFRGHODVLPiJHQHVVRQDVSHFWRVGHOFDPSRGHORV
GLVSRVLWLYRVGHLPiJHQHVPpGLFDV
$ SHVDU GH ORV VRILVWLFDGRV PHGLRV GLVSRQLEOHV TXHGDQ PXFKRV DVSHFWRV SHQGLHQWHV HQ HO
FDPSRGHODVLPiJHQHVPpGLFDV([LVWHXQJUDQLQWHUpVHQGLVPLQXLUORVFRVWHVGHORVVLVWHPDV
GH LPiJHQHV PpGLFDV UD]yQ SRU OD TXH PXFKRV LQYHVWLJDGRUHV WUDEDMDQ SRU HMHPSOR HQ
HQFRQWUDUDOWHUQDWLYDVDORVLPDQHVVXSHUFRQGXFWRUHVGHORVVLVWHPDVGHUHVRQDQFLDPDJQpWLFD
HVWXGLDQODGHWHFFLyQGHFDPSRVPDJQpWLFRVROD XWLOL]DFLyQ GH IXHQWHV \ GHWHFWRUHVySWLFRV
SDUDWRPRJUDItDySWLFD
5D\RV;
/DV UDGLRJUDItDV FRQYHQFLRQDOHV SURGXFHQ LPiJHQHV GH OD DQDWRPtD TXH VRQ GLDJUDPDV
VRPEUHDGRVEDVDGRVHQODDEVRUFLyQGHORVUD\RV[/RVUD\RV[VRQSURGXFLGRVHQXQDUHJLyQ
TXHHVFDVLXQDIXHQWHSXQWXDO\VRQGLULJLGRVKDFLDODSDUWHGHOFXHUSRGHODFXDOVHQHFHVLWD
REWHQHU XQD LPDJHQ /RV UD\RV [ TXH VDOHQ VRQ GHWHFWDGRV HQ IRUPD GH LPiJHQHV
ELGLPHQVLRQDOHV HQ ODV TXH FDGD SXQWR GH OD LPDJHQ WLHQH XQ EULOOR UHODFLRQDGR FRQ OD
LQWHQVLGDGGHORVUD\RV[HQHVHSXQWR/DREWHQFLyQGHODLPDJHQGHUD\RV[VHEDVDHQHO
KHFKR GH TXH XQ Q~PHUR VLJQLILFDWLYR GH ORV UD\RV SHQHWUD D WUDYpV GHO FXHUSR \ TXH ODV
GLIHUHQWHVSDUWHVTXHODFRPSRQHQDEVRUEHQGLIHUHQWHVFDQWLGDGHVGHUD\RV[(QORVFDVRVHQ
ORV TXH OD ]RQD GH LQWHUpV QR DEVRUEH GH PDQHUD GLIHUHQWH ORV UD\RV [ FRQ UHVSHFWR D ODV
UHJLRQHV TXH OD URGHDQ HO FRQWUDVWH SXHGH VHU LQFUHPHQWDGR PHGLDQWH OD LQWURGXFFLyQ GH
VXVWDQFLDV TXH DEVRUEHQ IXHUWHPHQWH ORV UD\RV [ 3RU HMHPSOR HO EDULR HV XWLOL]DGR
IUHFXHQWHPHQWHSDUDREWHQHULPiJHQHVGHOWUDFWRJDVWURLQWHVWLQDO
/RVUD\RV[VRQRQGDVHOHFWURPDJQpWLFDVFRQHQHUJtDVHQHOUDQJRGHKDVWDYDULDVGHFHQDVGH
NLORHOHFWUyQYROWLRVNH9(QLPiJHQHVGHUD\RV[ODHQHUJtDGHORVUD\RVVXHOHHVWDUHQWUH
\ NH9 DMXVWiQGRVH GLFKD HQHUJtD VHJ~Q HO HVSHVRU GH OD ]RQD DQDWyPLFD \ HO WLSR GH
HVWXGLRTXHVHUHDOLFH&XDQGRORVUD\RV[LQFLGHQVREUHXQREMHWRSXHGHQSDVDUDWUDYpVGH
pVWHVLQVHUDIHFWDGRVRSXHGHQVHUDOWHUDGRV(VWDVDOWHUDFLRQHVXVXDOPHQWHLPSOLFDQRHIHFWR

IRWRHOpFWULFRGRQGHHOUD\R[HVDEVRUELGRRGLVSHUVLyQGRQGHHOUD\R[HVGHVYLDGRFRQOD
SpUGLGDGHFLHUWDHQHUJtD/RVUD\RV[TXH VRQGLVSHUVDGRVSXHGHQVHUGHVYLDGRVHQiQJXORV
SHTXHxRV\D~QDVtDOFDQ]DUHOGHWHFWRUGHLPDJHQ HVHVWRVFDVRVVHUHGXFHHOFRQWUDVWHGHOD
LPDJHQGHJUDGiQGRVHODPLVPD(VWDGHJUDGDFLyQSXHGHUHGXFLUVHPHGLDQWHHOXVRGHUHMLOODV
RODLQWURGXFFLyQGHXQDFDSDGHDLUHHQWUHOD]RQDDQDOL]DGD\HOGHWHFWRU
'HELGRDORVHIHFWRVGHORVUD\RV[VREUHODVDOXGODVGRVLVHQUDGLRJUDItDVHPDQWLHQHQORPiV
EDMDV SRVLEOH 6LQ HPEDUJR HO UXLGR FXiQWLFR GH ORV UD\RV [ DIHFWD PiV FXDQWR PHQRU HV OD
GRVLV
(TXLSDPLHQWR
(O HTXLSDPLHQWR SDUD UDGLRJUDItDV FRQYHQFLRQDOHV GH UD\RV [ FRQVWD GH GLVSRVLWLYRV SDUD OD
FUHDFLyQ GHO KD] GH UD\RV [ \ SDUD OD GHWHFFLyQ GH LPiJHQHV GH DOWD FDOLGDG GH ORV UD\RV
WUDQVPLWLGRV
(OGLVSRVLWLYRKDELWXDOSDUDODSURGXFFLyQGHUD\RV[HVHOWXERGHUD\RV[HOFXDOFRQVWDGHXQ
iQRGRURWDWRULR\XQFiWRGRFRQXQILODPHQWRGLVSXHVWRVHQXQDFiPDUDDOYDFtR/RVUD\RV[
VHSURGXFHQDSDUWLUGHHOHFWURQHVTXHKDQVLGRDFHOHUDGRVHQHOYDFtRGHVGHHOFiWRGRKDVWDHO
iQRGR/RV HOHFWURQHVVRQHPLWLGRVSRUHO ILODPHQWR PRQWDGR GHQWUR GHO FiWRGR /D HPLVLyQ
RFXUUHFXDQGRHOILODPHQWRHVFDOHQWDGRDOSDVDUXQDFRUULHQWHDWUDYpVGHOPLVPR&XDQGRHO
ILODPHQWR HVWi OR VXILFLHQWHPHQWH FDOLHQWH DOJXQRV HOHFWURQHV REWLHQHQ OD HQHUJtD QHFHVDULD
SDUDVXSHUDUODHQHUJtDTXHORVHQOD]DDOPHWDOGHOILODPHQWR8QDYH]TXHORVHOHFWURQHVKDQ
GHMDGR HO ILODPHQWR VRQ DFHOHUDGR SRU OD GLIHUHQFLD GH WHQVLyQ DSOLFDGD HQWUH HO FiWRGR \ HO
iQRGR (VWD WHQVLyQ HV VXPLQLVWUDGD SRU XQ JHQHUDGRU 'HVSXpV TXH ORV HOHFWURQHV KDQ VLGR
DFHOHUDGRV VHUiQ GHWHQLGRV HQ XQD FRUWD GLVWDQFLD /D PD\RU SDUWH GH OD HQHUJtD GH ORV
HOHFWURQHV HV FRQYHUWLGD HQ FDOHQWDPLHQWR GHO iQRGR SHUR XQ SHTXHxR SRUFHQWDMH GH HVWD
HQHUJtDHVFRQYHUWLGRHQUD\RV[PHGLDQWHGRVPpWRGRV
8Q PpWRGR GH SURGXFFLyQ GH UD\RV [ GHVFDQVD HQ HO KHFKR GH TXH OD GHVDFHOHUDFLyQ GH XQD
SDUWtFXODFDUJDGDUHVXOWDHQODHPLVLyQGHGHWHUPLQDGDUDGLDFLyQHOHFWURPDJQpWLFD(VWRVUD\RV
[ WHQGUiQ XQD DPSOLD\ FRQWLQXD GLVWULEXFLyQ GH HQHUJtDV VLHQGRHO Pi[LPR OD HQHUJtD WRWDO
TXHWHQtDHOHOHFWUyQDODOFDQ]DUHOiQRGR(OQ~PHURGHUD\RV[HVUHODWLYDPHQWHSHTXHxRD
DOWDVHQHUJtDV\VHLQFUHPHQWDSDUDHQHUJtDVPiVEDMDV8QVHJXQGRPpWRGRGHSURGXFFLyQGH
UD\RV[RFXUUHFXDQGRXQHOHFWUyQFKRFDFRQXQiWRPRHQHOiQRGR\H[WUDHXQHOHFWUyQGHHVWH
iWRPR (O RUELWDO HOHFWUyQLFR YDFDQWH VHUi OOHQDGR SRU XQ HOHFWUyQ YHFLQR \ XQ UD\R [ TXH
FRUUHVSRQGDDOFDPELRGHHQHUJtDGHOHOHFWUyQVHHPLWLUi(OUHVXOWDGRHVODSURGXFFLyQGHXQ
JUDQ Q~PHUR GH UD\RV [ D DOJXQRV QLYHOHV GLVFUHWRV GH HQHUJtD 'HELGR D TXH OD HQHUJtD GH
HVWRV UD\RV [ GHSHQGH GHO PDWHULDO GH OD VXSHUILFLH GHO iQRGR VH XWLOL]DQ PDWHULDOHV SDUD
SURGXFLUUD\RV[GHODVHQHUJtDVGHVHDGDV3RUHMHPSORHOPROLEGHQRVHXWLOL]DIUHFXHQWHPHQWH
HQORVWXERVGHPDPRJUDItDGHELGRDVXVFDUDFWHUtVWLFRVUD\RV[GHNH9
(OPpWRGRPiVFRP~QPHQWHXWLOL]DGRSDUDGHWHFWDUXQDLPDJHQUDGLRJUiILFDGHUD\RV[XWLOL]D
SHOtFXODV QHJDWLYDV VHQVLEOHV D OD OX] 'HELGR D TXH ODV SHOtFXODV GH DOWD FDOLGDG WLHQHQ XQD
SREUHUHVSXHVWDDORVUD\RV[pVWDVGHEHQVHUXWLOL]DGDVFRQSDQWDOODVVHQVLEOHVDORVUD\RV[
7DOHV SDQWDOODV VH KDFHQ FRQ &D:R R IyVIRUR XWLOL]DQGR HOHPHQWRV GH WLHUUDV UDUDV FRPR
*G26R/D2%U/DSHOtFXODVHPDQWLHQHHQXQFDVVHWWHSURWHJLGRGHODOX]HQFRQWDFWRFRQ
XQDSDQWDOODGHUD\RV[RHQWUHGRVSDQWDOODVGHUD\RV[&XDQGRXQDLPDJHQGHUD\RV[LQFLGH

VREUH HO FDVVHWWH ORV UD\RV [ VRQ DEVRUELGRV SRU ODV SDQWDOODV FRQ XQD DOWD HILFLHQFLD \ VX
HQHUJtDHVFRQYHUWLGDDOX]YLVLEOH/DOX]H[SRQHXQDLPDJHQQHJDWLYDVREUHODSHOtFXODTXHVH
HQFXHQWUDHQtQWLPRFRQWDFWRFRQODSDQWDOOD
$XQTXH HO VLVWHPD GH SHOtFXODSDQWDOOD HV H[FHOHQWH SDUD UDGLRJUDItDV QR HV XWLOL]DEOH SDUD
IOXRURVFRStDGRQGHUD\RV[GHEDMRQLYHOVRQSURGXFLGRVFRQWLQXDPHQWH\PXFKDVLPiJHQHV
GHEHQ VHU SUHVHQWDGDV FDVL LQPHGLDWDPHQWH /DV LPiJHQHV GH IOXRURVFRStD QR VRQ XWLOL]DGDV
SDUD GLDJQyVWLFR VLQR PiV ELHQ SDUD IDFLOLWDU OD FRORFDFLyQ GH FDWpWHUHV HQ ORV YDVRV
VDQJXtQHRVGXUDQWHODDQJLRJUDItD3DUD IOXRURVFRStDVHXWLOL]DQLQWHQVLILFDGRUHVGHLPiJHQHV
MXQWRFRQFiPDUDVGHWHOHYLVLyQ8QLQWHQVLILFDGRUGHLPiJHQHVGHWHFWD ODLPDJHQGHUD\RV[\
ODFRQYLHUWHHQXQDSHTXHxD\EULOODQWHLPDJHQGHOX]YLVLEOH/DLPDJHQYLVLEOHHVWUDQVIHULGD
PHGLDQWHOHQWHVDXQDFiPDUDGHWHOHYLVLyQSDUDPRVWUDUODILQDOPHQWHHQXQPRQLWRU
7DQWR HQ UDGLRJUDItD FRPR HQ IOXRURVFRStD VH DSURYHFKDQ ODV YHQWDMDV GH ODV LPiJHQHV
GLJLWDOHV 8Q PpWRGR FRP~Q SDUD GLJLWDOL]DU LPiJHQHV GH UD\RV [ HV XWLOL]DU OD WHQVLyQ GH
VDOLGD GHO VLVWHPD LQWHQVLILFDGRU GH LPiJHQHV79 (VWD WHQVLyQ SXHGH VHU GLJLWDOL]DGD
PHGLDQWH FRQYHUWLGRUHV DQDOyJLFRGLJLWDOHV D YHORFLGDGHV WDOHV TXH SHUPLWHQ VX XVR WDQWR HQ
IOXRURVFRStDFRPRUDGLRJUDItD2WUDWHFQRORJtDXWLOL]DOD IRWRHVWLPXODFLyQGHOIyVIRUR$TXtHO
UD\R[FKRFDFRQXQDOiPLQDGHIyVIRURTXHDOPDFHQDODHQHUJtDGHOUD\R[/DVXSHUILFLHGH
pVWHIyVIRURHVH[DPLQDGR\EDUULGRSRUXQKD]OXPLQRVRGHGHWHUPLQDGDORQJLWXGGHRQGD\OD
HQHUJtD DOPDFHQDGD HV HPLWLGD HQ IRUPD GH OX] YLVLEOH OD FXDO HV GHWHFWDGD DPSOLILFDGD \
GLJLWDOL]DGD (VWH VLVWHPD WLHQH OD YHQWDMD GH TXH SXHGH VHU XWLOL]DGR FRQ ORV VLVWHPDV
GLVHxDGRVSDUDODGHWHFFLyQGHSHOtFXODV
8Q QXHYR PpWRGR GH GHWHFFLyQ GLJLWDO XWLOL]D PDWULFHV GH WUDQVLVWRUHV VREUH ORV FXDOHV VH
GHSRVLWD XQD PDWUL] GH VHQVRUHV GH VLOLFLR &DGD HOHPHQWR VHQVRU LQFOX\H XQ HOHFWURGR SDUD
DOPDFHQDUODFDUJDTXHHVSURSRUFLRQDODODVHxDOGHUD\RV[&DGDHOHFWURGRHVDFRSODGRDXQ
WUDQVLVWRUTXHRORDtVODGXUDQWHODDGTXLVLFLyQRORFRQHFWDDOFLUFXLWRGHGLJLWDOL]DFLyQGXUDQWH
ODOHFWXUD+D\GRVPpWRGRVSDUDLQWURGXFLUODFDUJDHQFDGDHOHFWURGR(QXQRGHORVPpWRGRV
XQD FDSD GH DEVRUEHQWH GH UD\RV [ WtSLFDPHQWH VHOHQLR HV GHSRVLWDGD VREUH OD PDWUL] GH
VHQVRUHV FXDQGR HVWD FDSD HV SRODUL]DGD \ ORV UD\RV [ VRQ DEVRUELGRV HVD HQHUJtD HV
FRQYHUWLGD D SDUHV HOHFWUyQKXHFR \ OD FDUJD UHVXOWDQWH HV UHFROHFWDGD HQ HO HOHFWURGR (Q HO
VHJXQGRPpWRGRFDGDHOHFWURGRHVSDUWH GH XQ IRWRGLRGR TXH SURGXFH SDUHVGH HOHFWURQHV\
KXHFRVFXDQGRHVH[SXHVWRDODOX]HVWDOX]HVSURGXFLGDDOLQFLGLUORVUD\RV[HQXQDFDSDGH
FULVWDOHVGHFHQWHOOHRWDOHVFRPR&V,TXHHVWiGHSRVLWDGDVREUHODPDWUL]
$QJLRJUDItD
/DDQJLRJUDItDHVXQDPRGDOLGDGGHGLDJQyVWLFRGHHQIHUPHGDGHVGHOVLVWHPDFLUFXODWRULR(Q
HVWHPpWRGRHQHOYDVRGHLQWHUpVHVLQ\HFWDGRXQDJHQWHGHFRQWUDVWH(VQHFHVDULRLQ\HFWDUHO
DJHQWH GH FRQWUDVWH SRUTXH HO FRQWUDVWH UDGLROyJLFR GH OD VDQJUH HV HVHQFLDOPHQWH HO PLVPR
TXHHOGHORVWHMLGRVEODQGRV$FRQWLQXDFLyQVHWRPDQXQDVHULHGHUDGLRJUDItDVGHOPDWHULDO
GHFRQWUDVWHIOX\HQGR D WUDYpVD WUDYpVGHOYDVR /RV FRPSRQHQWHVEiVLFRV GH XQ VLVWHPD GH
LPiJHQHVDQJLRJUiILFDVVRQXQWXERGHUD\RV[\HOJHQHUDGRUXQLQWHQVLILFDGRUGHLPiJHQHV
FiPDUDGHYtGHR\SURFHVDGRUGLJLWDOGHLPiJHQHV
/D PiV LPSRUWDQWH DSOLFDFLyQ GH ODV WpFQLFDV GLJLWDOHV D OD DQJLRJUDItD HV OD DQJLRJUDItD GH
VXVWUDFFLyQGLJLWDO'LJLWDO 6XEVWUDFWLRQ $QJLRJUDSK\3ULPHURHVDGTXLULGDODLPDJHQDQWHV

GH LQ\HFWDU HO DJHQWH GH FRQWUDVWH PiVFDUD D FRQWLQXDFLyQ HV LQ\HFWDGR \ VH DGTXLHUHQ ODV
LPiJHQHV GH ORV YDVRV FRQ HO FRQWUDVWH GHVSXpV GH OR FXDO VH OHV VXVWUDH OD PiVFDUD (O
UHVXOWDGRLGHDOPHQWHHVTXHODDQDWRPtDILMDHVFDQFHODGDSHUPLWLHQGRXQPD\RUFRQWUDVWH\
PD\RUVHQVLELOLGDG
0DPRJUDItD
/D PDPRJUDItD HV XQ SURFHGLPLHQWR GH LPiJHQHV GH UD\RV [ SDUD HO H[DPHQ GH PDPD (V
XWLOL]DGD SULQFLSDOPHQWH SDUD OD GHWHFFLyQ \ HO GLDJQyVWLFR GHO FiQFHU GH PDPD DXQTXH
WDPELpQSDUDODORFDOL]DFLyQSUHTXLU~UJLFDGHODViUHDVVRVSHFKRVDV\SDUDJXLDUODVDJXMDVGH
ODVELRSVLDV
/DPDPRJUDItDHVDFWXDOPHQWHHOPHGLRPiVHIHFWLYRGHGHWHFFLyQGHOFiQFHUGHPDPDHQVXV
SULPHURVHWDSDV6HXWLOL]DWDQWRSDUDLQYHVWLJDUSDFLHQWHVVLQWRPiWLFRVFRPRSDUDHVWXGLRVGH
JUXSRVVHOHFFLRQDGRVGHPXMHUHVDVLQWRPiWLFDV(OFiQFHUGHPDPDHVGHWHFWDGRVREUHODEDVH
GHFXDWURVLJQRVHQHOPDPRJUDPD
/DPRUIRORJtDFDUDFWHUtVWLFDGHXQDPDVDWXPRUDO
/DSUHVHQFLDGHFLHUWRVGHSyVLWRVPLQHUDOHVOODPDGRVPLFURFDOFLILFDFLRQHV
'LVWRUVLyQGHORVSDWURQHVGHORVWHMLGRVQRUPDOHVDFDXVDGHODHQIHUPHGDG
$VLPHWUtDHQWUHODVUHJLRQHVFRUUHVSRQGLHQWHVDOSHFKRL]TXLHUGR\DOGHUHFKR
(OPDPRJUDPDVHIRUPDFXDQGRORVUD\RV[GHXQDIXHQWHVFXDVLSXQWXDOLUUDGLDQODPDPD\
ORVUD\RV[WUDQVPLWLGRVVRQUHFRJLGRVSRUXQUHFHSWRUGHLPDJHQ'HELGRDODGLVSHUVLyQGH
ORV UD\RV [ GHVGH OD IXHQWH ODV HVWUXFWXUDV VRQ DXPHQWDGDV DO VHU SUR\HFWDGDV VREUH HO
UHFHSWRU /D VHxDO HV UHVXOWDGR GH OD DWHQXDFLyQ GLIHUHQFLDO GH ORV UD\RV [ DO DWUDYHVDU OD
HVWUXFWXUDGHODPDPD
(O GHVDUUROOR GH OD WRPRJUDItD FRPSXWHUL]DGD &RPSXWHG 7RPRJUDSK\ D SULQFLSLRV GH ORV
VHWHQWD UHYROXFLRQy OD UDGLRORJtD PpGLFD 3RU SULPHUD YH] ORV PpGLFRV SXGLHURQ REWHQHU
LPiJHQHVWRPRJUiILFDVVHFFLRQHVWUDQVYHUVDOHVGHDOWDFDOLGDGGHODVHVWUXFWXUDVLQWHUQDVGHO
FXHUSR(QORVDxRVVLJXLHQWHVIDEULFDQWHVFRPSLWLHURQSRUHOPHUFDGRPXQGLDOGH&7
/D VRILVWLFDFLyQ WpFQLFD DXPHQWy GUDPiWLFDPHQWH \ D~Q KR\ &7 FRQWLQ~D PDGXUDQGR \
QXHYDVSRVLELOLGDGHVVRQLQYHVWLJDGDV\GHVDUUROODGDV
/DVLPiJHQHVGHWRPRJUDItDFRPSXWHUL]DGDVRQUHFRQVWUXLGDVDSDUWLUGHXQDJUDQFDQWLGDGGH
PHGLFLRQHV GH WUDQVPLVLyQ GH UD\RV [ D WUDYpV GHO SDFLHQWH /DV LPiJHQHV UHVXOWDQWHV VRQ
PDSDVWRPRJUiILFRVGHOFRHILFLHQWHGHDWHQXDFLyQGHORVUD\RV[
(O REMHWLYR IXQGDPHQWDO GH XQ VLVWHPD GH &7 HV KDFHU XQ Q~PHUR H[WUHPDGDPHQWH JUDQGH
DSUR[LPDGDPHQWH GH PHGLFLRQHV DOWDPHQWH H[DFWDVGH OD WUDQVPLVLyQ GH UD\RV [ D
WUDYpV GHO SDFLHQWH FRQ XQD JHRPHWUtD FRQWURODGD SUHFLVDPHQWH 8Q VLVWHPD EiVLFR
JHQHUDOPHQWHFRQVWDGHXQFDxyQODFDPLOODGHOSDFLHQWHODFRQVRODGHFRQWURO\RUGHQDGRU
(OFDxyQFRQWLHQHODIXHQWHGHUD\RV[HOGHWHFWRUGHUD\RV[\HOVLVWHPDGHDGTXLVLFLyQGH
GDWRV

/RV GDWRVSXHGHQVHUDGTXLULGRVXWLOL]DQGRXQDGHODVSRVLEOHV JHRPHWUtDV(VWDV JHRPHWUtDV
HVWiQ EDVDGDV HQ OD FRQILJXUDFLyQ GHO EDUULGR PRYLPLHQWRV GHO EDUULGR \ GLVSRVLFLyQ GH ORV
GHWHFWRUHV/DHYROXFLyQGHHVWDVJHRPHWUtDVHVGHVFULWDHQWpUPLQRVGHJHQHUDFLRQHV
/DV LPiJHQHVGH UHVRQDQFLD PDJQpWLFD 50 HV XQD PRGDOLGDG GH LPiJHQHVGH LPSRUWDQFLD
FOtQLFDGHELGRDVXH[FHSFLRQDOFRQWUDVWHHQORVWHMLGRVEODQGRV(VWDWpFQLFDIXHLQYHQWDGDD
SULQFLSLRV GH ORV VHWHQWD \ XQRV GLH] DxRV PiV WDUGH VXUJLHURQ ORV SULPHURV HVFiQHU
FRPHUFLDOHV /RV HVWXGLRV QRLQYDVLYRV FRQ 50 HVWiQ VXVWLWX\HQGR PXFKRV SURFHGLPLHQWRV
LQYDVLYRVFRQYHQFLRQDOHV8QHVWXGLRGHGHWHUPLQyTXHODVSULQFLSDOHVDSOLFDFLRQHVGHOD
UHVRQDQFLDPDJQpWLFDVRQHOH[DPHQGHODFDEH]DFROXPQDYHUWHEUDOKXHVRV\
DUWLFXODFLRQHV\HOFXHUSR$XQTXHXQHVWXGLRGHLPiJHQHVWtSLFDVFRQVXPHGH
DPLQXWRVODVQXHYDVWpFQLFDVDGTXLHUHQODVLPiJHQHVHQPHQRVGH PV
(O HVFiQHU GH 50 XVD OD WpFQLFD GH OD UHVRQDQFLD PDJQpWLFD QXFOHDU 501 SDUD LQGXFLU \
GHWHFWDU XQD VHxDO GH UDGLR IUHFXHQFLD PX\ GpELO TXH FRQVWLWX\H XQD PDQLIHVWDFLyQ GHO
PDJQHWLVPR QXFOHDU (O WpUPLQR GH PDJQHWLVPR QXFOHDU VH UHILHUH D ODV GpELOHV SURSLHGDGHV
PDJQpWLFDVTXHH[KLEHQDOJXQRVPDWHULDOHVFRPRFRQVHFXHQFLDGHOVSLQQXFOHDUDVRFLDGRD
VXVQ~FOHRVDWyPLFRV(QSDUWLFXODUHOSURWyQTXHHVHOQ~FOHRGHOiWRPRGHKLGUyJHQRSRVHH
XQ VSLQ QXFOHDU GLIHUHQWH GH FHUR \ HV XQD H[FHOHQWH IXHQWH GH VHxDOHV GH UHVRQDQFLD
PDJQpWLFDQXFOHDU(OFXHUSRKXPDQRFRQWLHQHXQDHQRUPHFDQWLGDGGHiWRPRVGHKLGUyJHQR
HVSHFLDOPHQWH HQ ODV PROpFXODV GH DJXD \ GH OtSLGRV $ SHVDU GH TXH ODV VHxDOHV GH 501
SXHGHQ VHU REWHQLGDV GH RWURV HOHPHQWRV TXtPLFRV HQ HO FXHUSR WDOHV FRPR HO IyVIRUR \ HO
VRGLRODPD\RUtDGHORVHVWXGLRVFOtQLFRVPHGLDQWHLPiJHQHVGHUHVRQDQFLDPDJQpWLFDXWLOL]D
ODVVHxDOHVRULJLQDGDVHQSURWRQHVTXHHVWiQHQODVPROpFXODVGHORVOtSLGRV\HODJXDSUHVHQWHV
HQHOFXHUSRGHOSDFLHQWH
(O SDFLHQWH TXH YD D VHU HVWXGLDGR KD GH VHU FRORFDGR HQ XQ DPELHQWH HQ HO TXH GLIHUHQWHV
FDPSRVPDJQpWLFRVSXHGHQVHUDSOLFDGRVVLPXOWiQHDPHQWHR VHFXHQFLDOPHQWHSDUDH[WUDHUOD
VHxDO GH 501 &DGD HVFiQHU HPSOHD XQ FDPSR PDJQpWLFR HVWiWLFR IXHUWH MXQWR FRQ XQ
VRILVWLFDGRFRQMXQWR GH ERELQDV /DV ERELQDV VRQ DFWLYDGDV \ GHVDFWLYDGDV HQ XQD VHFXHQFLD
SUHFLVD R FRQ XQD VHFXHQFLD GH SXOVRV 'LIHUHQWHV VHFXHQFLDV GH SXOVRV VRQ XWLOL]DGDV SDUD
H[WUDHU GLIHUHQWHV WLSRV GH GDWRV GHO SDFLHQWH /DV LPiJHQHV GH 50 VH FDUDFWHUL]DQ SRU HO
H[FHOHQWHFRQWUDVWHHQWUHODVYDULDVIRUPDVGHORVWHMLGRVEODQGRVGHQWURGHOFXHUSR3DUDORV
SDFLHQWHVTXHQRWLHQHQREMHWRVIHUURPDJQpWLFRVHQVXFXHUSRODUHVRQDQFLDPDJQpWLFDSDUHFH
VHU SHUIHFWDPHQWH VHJXUD \ SXHGH VHU UHSHWLGD WDQWDV YHFHV FRPR VHD QHFHVDULR VLQ SHOLJUR
(VWRFRQVWLWX\HXQDGHODVSULQFLSDOHVYHQWDMDVGHODVLPiJHQHVGHUHVRQDQFLDPDJQpWLFDFRQ
UHVSHFWR DO HVFiQHU FRQYHQFLRQDO GH UD\RV ; \ WRPRJUDItD FRPSXWHUL]DGD &7 /D VHxDO GH
501QRHVEORTXHDGDGHOWRGRSRUHODLUHRORVKXHVRVGHQWURGHOFXHUSRORFXDOUHVXOWDVHU
XQD YHQWDMD VLJQLILFDWLYD VREUH ODV LPiJHQHV GH XOWUDVRQLGR $GHPiV D GLIHUHQFLD GH OD
PHGLFLQDQXFOHDUQRHVQHFHVDULRLQWURGXFLUPDWHULDOHVUDGLRDFWLYRVHQHOSDFLHQWH
/D UHVRQDQFLD PDJQpWLFD IXQFLRQDO I05,HV XQD WpFQLFD TXH SHUPLWH REWHQHU ODV LPiJHQHV
GHO FDPELR HQ ODV VHxDOHV FRUUHVSRQGLHQWHV D OD VDQJUH &RPR ORV FDPELRV HQ OD DFWLYLGDG
QHXURQDOVRQDFRPSDxDGRVSRUFDPELRORFDOHVHQHOIOXMRVDQJXtQHRFHUHEUDO&HUHEUDO %ORRG
)ORZ YROXPHQ VDQJXtQHR FHUHEUDO &%9 R[LJHQDFLyQ GH OD VDQJUH \ PHWDEROLVPR HVWRV
FDPELRV ILVLROyJLFRV SXHGHQ VHU XVDGRV SDUD SURGXFLU PDSDV IXQFLRQDOHV GH ODV RSHUDFLRQHV

PHQWDOHV
8QD LPSRUWDQWH DPSOLDFLyQ GH OD UHVRQDQFLD PDJQpWLFD HV OD PLFURVFRStD GH UHVRQDQFLD
PDJQpWLFDTXHSHUPLWHODJHQHUDFLyQGHLPiJHQHVFRQUHVROXFLRQHVHVSDFLDOHVGH PP R
PHMRUHV
/DWRPRJUDItDGHHPLVLyQGHIRWRQHV6LQJOH3KRWRQ(PLVVLRQ&RPSXWHG7RPRJUDSK\HVXQD

PRGDOLGDG GH LPDJHQ PpGLFD TXH FRPELQD ODV WpFQLFDV GH LPiJHQHV GH PHGLFLQD QXFOHDU
FRQYHQFLRQDO\ORVPpWRGRVGH WRPRJUDItDFRPSXWHUL]DGD&7$GLIHUHQFLDGH&7GHUD\RV
[63(&7XWLOL]DUDGLRIiUPDFRVTXHVHGLVWULEX\HQHQGLIHUHQWHWHMLGRV\yUJDQRVLQWHUQRV/D
GLVWULEXFLyQ HVSDFLDO \ DEVRUFLyQ GH ORV UDGLRIiUPDFRV GHSHQGH GH ODV SURSLHGDGHV
ELRFLQpWLFDVGHORVIiUPDFRV\GHOHVWDGRQRUPDORDQRUPDOGHOSDFLHQWH/RVIRWRQHVJDPPD
HPLWLGRV SRU ODV IXHQWHV UDGLRDFWLYDV VRQ GHWHFWDGRV PHGLDQWH GHWHFWRUHV GH UDGLDFLyQ
VLPLODUHVD ORV XVDGRV HQ OD PHGLFLQD QXFOHDU FRQYHQFLRQDO (O PpWRGR &7 UHTXLHUH TXH ORV
GDWRV GH ODV LPiJHQHV VHDQ DGTXLULGRV GHVGH GLIHUHQWHV SXQWRV DOUHGHGRU GHO SDFLHQWH (VWRV
GDWRV GH SUR\HFFLRQHV VRQ UHFRQVWUXLGRV XWLOL]DQGR PpWRGRV GH UHFRQVWUXFFLyQ GH LPiJHQHV
TXH JHQHUDQ ODV LPiJHQHV GH ORV FRUWHV WUDQVYHUVDOHV GH OD GLVWULEXFLyQ LQWHUQD GH ORV
UDGLRIiUPDFRV /DV LPiJHQHV GH 63(&7 EULQGDQ PXFKR PHMRU FRQWUDVWH H LQIRUPDFLyQ
GHWDOODGDVREUHODGLVWULEXFLyQGHORV UDGLRIiUPDFRVHQFRPSDUDFLyQFRQODVLPiJHQHVSODQDV
REWHQLGDVDSDUWLUGHORVPpWRGRVFRQYHQFLRQDOHVGHPHGLFLQDQXFOHDU
63(&7GLILHUHGH 3(7 HQ HO WLSR GH UDGLRLVyWRSRV XWLOL]DGR 3(7 XWLOL]D UDGLRLVyWRSRV WDOHV
FRPR&12\)ORVFXDOHVHPLWHQSRVLWURQHVFRQODSRVWHULRUHPLVLyQGHGRV
IRWRQHVGHDQLTXLODFLyQFRLQFLGHQWHVHQ NH9(VWRVUDGLRLVyWRSRV SHUPLWHQHOHVWXGLRGH
IXQFLRQHVELRILVLROyJLFDVTXHQRSXHGHQVHUREWHQLGDVDWUDYpVGHRWURVPHGLRV6LQHPEDUJR
pVWRV WLHQHQ XQRV WLHPSRV GH YLGD UHTXLULHQGR D PHQXGR XQ FLFORWUyQ HQ HO OXJDU SDUD VX
SURGXFFLyQ $GHPiV OD GHWHFFLyQ GH ORV IRWRQHV GH DQLTXLODFLyQ UHTXLHUH GH FRVWRVRV
VLVWHPDV63(&7XWLOL]DUDGLRLVyWRSRV HVWiQGDUTXHQRUPDOPHQWHVHHQFXHQWUDQHQFOtQLFDVGH
PHGLFLQDQXFOHDU\TXHHPLWHQIRWRQHVGHUD\RVJDPPDFRQHQHUJtDVTXHVRQPXFKRPHQRUHV
TXHNH9(QFRQVHFXHQFLDHOFRVWRGHODLQVWUXPHQWDFLyQGH63(&7HVVXVWDQFLDOPHQWH
PHQRUTXHHOGH3(7
8QVLVWHPDGH63(&7WtSLFRFRQVLVWHGHXQDRP~OWLSOHVXQLGDGHVGHGHWHFWRUHVGHUDGLDFLyQ
GLVWULEXLGRVHQXQDFRQILJXUDFLyQJHRPpWULFDHVSHFtILFD\XQPHFDQLVPRSDUDPRYHU HOORV
GHWHFWRUHVGHUDGLDFLyQRFROLPDGRUHVHVSHFLDOPHQWHGLVHxDGRVSDUDDGTXLULUORVGDWRVGHVGH
GLIHUHQWHVSXQWRVGHSUR\HFFLyQ(QJHQHUDOODLQVWUXPHQWDFLyQGH63(&7SXHGHVHUGLYLGLGD
HQWUHVFDWHJRUtDV
0DWUL]GHP~OWLSOHVGHWHFWRUHVGHFHQWHOOHR
8QDRPiVFiPDUDVGHFHQWHOOHR
'HWHFWRUHVGHFHQWHOOHRKtEULGRVTXHFRPELQDQDPEDVDSUR[LPDFLRQHV
/RV IRWRQHV GH UD\RV JDPPD HPLWLGRV GHVGH ORV UDGLRIiUPDFRV GLVWULEXLGRV LQWHUQDPHQWH
SHQHWUDQDWUDYpVGHOFXHUSRGHOSDFLHQWH\VRQGHWHFWDGRVSRUXQRR XQFRQMXQWRGHGHWHFWRUHV
GH UDGLDFLyQ FROLPDGRV /RV IRWRQHV HPLWLGRV H[SHULPHQWDQ LQWHUDFFLRQHV FRQ ORV WHMLGRV D
WUDYpV GH ODV LQWHUDFFLRQHV EiVLFDV GH OD UDGLDFLyQ FRQ OD PDWHULD (O HIHFWR IRWRHOpFWULFR
DEVRUEH WRGD OD HQHUJtD GH ORV IRWRQHV H LPSLGH VX VDOLGD GHO FXHUSR GHO SDFLHQWH /D RWUD

LQWHUDFFLyQLPSRUWDQWHHVODLQWHUDFFLyQGH &RPSWRQODFXDOWUDQVILHUHSDUWHGHODHQHUJtDGHO
IRWyQDHOHFWURQHVOLEUHV(OIRWyQRULJLQDOHVGLVSHUVDGRHQXQDQXHYDGLUHFFLyQFRQHQHUJtD
UHGXFLGD TXH GHSHQGH GHO iQJXOR GH GLVSHUVLyQ /RV IRWRQHV TXH HVFDSDQ GHO FXHUSR GHO
SDFLHQWH HVWiQ FRPSXHVWRV SRU ORV TXH QR KDQ WHQLGR QLQJXQD LQWHUDFFLyQ \ ORV TXH OD KDQ
WHQLGR
/DPD\RUtDGHORVGHWHFWRUHVGHUDGLDFLyQXWLOL]DGRVHQORVVLVWHPDV63(&7HVWiQEDVDGRVHQ
XQR R P~OWLSOHV GHWHFWRUHV GH FHQWHOOHR GH 1D,7O (O GHVDUUROOR PiV VLJQLILFDWLYR HQ
PHGLFLQDQXFOHDUHVODFiPDUDGHFHQWHOOHReVWDVHEDVDHQFULVWDOHVGH 1D,7OGHiUHDJUDQGH
WtSLFDPHQWHFPGHGLiPHWUR8QDPDWUL]GH IRWRPXOWLSOLFDGRUHV307HVFRORFDGDHQOD
SDUWHSRVWHULRUGHOFULVWDOGHFHQWHOOHR&XDQGRXQIRWyQJROSHDH LQWHUDFW~DFRQHOFULVWDOHO
FHQWHOOHR JHQHUDGR VHUi GHWHFWDGR SRU OD PDWUL] GH 307 8Q FLUFXLWR HOHFWUyQLFR HYDO~D ODV
VHxDOHV GH ORV 307 \ GHWHUPLQD OD ORFDOL]DFLyQ GH OD LQWHUDFFLyQ GHO IRWyQ LQFLGHQWH HQ HO
FULVWDO GH FHQWHOOHR $GHPiV ODV FiPDUDV GH FHQWHOOHR WLHQHQ XQ FLUFXLWR HOHFWUyQLFR GH
GLVFULPLQDFLyQGHHQHUJtDFRQXQDUHVROXFLyQGHHQHUJtDILQLWDTXHSURSRUFLRQDXQDVHOHFFLyQ
GHORVIRWRQHVTXHQRKDQVLGRGLVSHUVDGRVRTXHKDQVLGRGLVSHUVDGRVGHQWURGHXQSHTXHxR
iQJXOR /DV FiPDUDV GH FHQWHOOHR VRQ XWLOL]DGDV FRP~QPHQWH HQ ORV VLVWHPDV 63(&7
FRPHUFLDOHV
'HPDQHUDVLPLODUDODVOHQWHVHQXQVLVWHPDGHLPiJHQHVySWLFDVXQVLVWHPDGHFiPDUDVGH
FHQWHOOHR FRQVWD GH XQ FROLPDGRU FRORFDGR HQ OD SDUWH IURQWDO GHO FULVWDO GH 1D,7O /RV
FROLPDGRUHV FRP~QPHQWH XVDGRV HVWiQ KHFKRV GH XQ JUDQ Q~PHUR GH DJXMHURV SDUDOHORV
VHSDUDGRV SRU PHPEUDQDV /DV GLPHQVLRQHV JHRPpWULFDV GH ODV DSHUWXUDV GHO FROLPDGRU
GHWHUPLQDQODVGLUHFFLRQHVGHORVIRWRQHVTXHVHUiQGHWHFWDGRVSRUORVFULVWDOHVGHFHQWHOOHRR
ODUHVSXHVWDJHRPpWULFDGHOFROLPDGRU
(ODQFKRGHODIXQFLyQGHUHVSXHVWDJHRPpWULFDVHLQFUHPHQWDFRQHODXPHQWRGHODGLVWDQFLD
HQWUHODIXHQWH\HOFROLPDGRU/RVIRWRQHVTXHQRSDVDQDWUDYpVGHORVDJXMHURVGHOFROLPDGRU
SURSLDPHQWHVRQLQWHUFHSWDGRV\DEVRUELGRVSRUODVSDUHGHVGHODVPHPEUDQDVGHO FROLPDGRU
(Q JHQHUDO OD HILFLHQFLD GH OD GHWHFFLyQ HV DSUR[LPDGDPHQWH SURSRUFLRQDO D OD UDt] GH OD
IXQFLyQ GH UHVSXHVWD JHRPpWULFD GHO FROLPDGRU (VWH FRPSURPLVR HQWUH OD HILFLHQFLD GH OD
GHWHFFLyQ\ODUHVROXFLyQHVSDFLDOHVXQDSURSLHGDGIXQGDPHQWDOGHXQVLVWHPD63(&7WtSLFR
FRQFROLPDGRUHVFRQYHQFLRQDOHV
/D FDQWLGDG GH UDGLRDFWLYLGDG TXH HV XWLOL]DGD HQ 63(&7 HVWi UHVWULQJLGD SRU OD GRVLV GH
UDGLDFLyQ SHUPLWLGD DO SDFLHQWH /D FRPELQDFLyQ GH OR DQWHULRU FRQ OD DWHQXDFLyQ GHO IRWyQ
GHQWURGHOSDFLHQWHDVtFRPRHOFRPSURPLVRHQWUHODHILFLHQFLDGHODGHWHFFLyQ\ODUHVROXFLyQ
HVSDFLDOGHOFROLPDGRURULJLQDTXHHOQ~PHURGHIRWRQHVUHFROHFWDGRVSRUXQVLVWHPD63(&7
VHD OLPLWDGR &RPR UHVXOWDGR GH HVWDV OLPLWDFLRQHV ODV LPiJHQHV GH 63(&7 WLHQHQ XQD
UHVROXFLyQ HVSDFLDO UHODWLYDPHQWH SREUH \ DOWDV IOXFWXDFLRQHV GHO UXLGR HQ FRPSDUDFLyQ FRQ
RWUDVPRGDOLGDGHVGHLPiJHQHVPpGLFDV
(Q 63(&7 ORV GDWRV GH SUR\HFFLRQHV VRQ DGTXLULGRV GHVGH GLIHUHQWHV SXQWRV DOUHGHGRU GHO
SDFLHQWH'HPDQHUDVLPLODUD&7GHUD\RV[ORVPpWRGRVGHSURFHVDPLHQWR\UHFRQVWUXFFLyQ
VRQXWLOL]DGRVSDUDREWHQHULPiJHQHV WUDQVD[LDOHVRGHVHFFLRQHVWUDQVYHUVDOHVDSDUWLUGHORV
GDWRV GH SUR\HFFLRQHV (VWRV PpWRGRV FRQVLVWHQ GH SURFHGLPLHQWR GH SUHSURFHVDGR \
FDOLEUDFLyQDQWHVGHOSURFHVDPLHQWRXOWHULRUDOJRULWPRVPDWHPiWLFRVSDUDODUHFRQVWUXFFLyQ\
PpWRGRVGHFRPSHQVDFLyQGH OD GHJUDGDFLyQ GH OD LPDJHQ GHELGR D OD DWHQXDFLyQ GHO IRWyQ
GLVSHUVLyQ\UHVSXHVWDGHOGHWHFWRU

/D ELRFLQpWLFD GH ORV UDGLRIiUPDFRV XWLOL]DGRV OD DQDWRPtD GHO SDFLHQWH OD LQVWUXPHQWDFLyQ
SDUDODDGTXLVLFLyQGHORVGDWRVORVPpWRGRVGH SUHSURFHVDGRODVWpFQLFDVGHUHFRQVWUXFFLyQ
GH LPiJHQHV \ ORV PpWRGRV GH FRPSHQVDFLyQ WLHQHQ LPSRUWDQWHV HIHFWRV HQ OD FDOLGDG \
H[DFWLWXGFXDQWLWDWLYDGHODVLPiJHQHVILQDOHVGH63(&7
$XQTXH OD KLVWRULD GH OD WRPRJUDItD GH HPLVLyQ GH SRVLWURQHV 3RVLWURQ (PLVVLRQ
7RPRJUDSK\FRPLHQ]DDSULQFLSLRVGHORVDxRVFLQFXHQWDHVDPHGLDGRVGHORVDxRVRFKHQWD
TXH 3(7 VH FRQYLHUWH HQ XQ LQVWUXPHQWR SDUD HO GLDJQyVWLFR PpGLFR \ SDUD ORV HVWXGLRV
GLQiPLFRVGHOPHWDEROLVPRKXPDQR
'HELGRDVXVYHQWDMDVHQFXDQWRDVHQVLELOLGDGHQHOHVWXGLRGHOPDUFDGRU\VXHVSHFLILFLGDG
TXtPLFDFRQUHVSHFWRDODVLPiJHQHVGHUHVRQDQFLDPDJQpWLFD50OD WRPRJUDItDGHHPLVLyQ
GHSRVLWURQHV3RVLWURQ(PLVVLRQ7RPRJUDSK\HVXWLOL]DGDSDUDHVWXGLDUORV QHXURUHFHSWRUHV
HQ HO FHUHEUR \ RWURV WHMLGRV FRUSRUDOHV /D UHVRQDQFLD PDJQpWLFD WLHQH XQD H[TXLVLWD
UHVROXFLyQSDUDHVWXGLRVDQDWyPLFRV\GHIOXMRVDVtFRPRDWULEXWRV~QLFRVSDUDODHYDOXDFLyQ
GH OD FRPSRVLFLyQ TXtPLFD GH ORV WHMLGRV SHUR PiV HQ HO UDQJR PLOLPRODU TXH HQ HO UDQJR
QDQRPRODUGHPXFKRVGHORVUHFHSWRUHVGHSURWHtQDVHQHOFXHUSR/RV HVWXGLRVFOtQLFRVFRQ
3(7 LQFOX\HQ WXPRUHV GHO FHUHEUR PDPD SXOPRQHV WUDFWR LQWHVWLQDO \ RWUDV SDUWHV 2WURV
XVRVFOtQLFRVDEDUFDQODVHQIHUPHGDGHVGH $O]KHLPHU\3DUNLQVRQHSLOHSVLD\HQIHUPHGDGHV
GHODDUWHULDFRURQDULDTXHDIHFWDQDOPHWDEROLVPR\IOXMRGHOP~VFXORFDUGtDFR
8QDLPDJHQGH3(7FRPLHQ]DFRQODLQ\HFFLyQGHXQPDUFDGRUPHWDEyOLFDPHQWHDFWLYRXQD
PROpFXODELROyJLFDTXHWUDQVSRUWDXQLVyWRSRTXHHPLWHXQSRVLWUyQ & 1 2R )(Q
XQRVSRFRVPLQXWRVHOLVyWRSRVHDFXPXODHQHOiUHDGHOFXHUSRSRUODFXDOODPROpFXODWLHQH
DILQLGDG $ PDQHUDGH HMHPSOR OD JOXFRVD PDUFDGD FRQ & R XQD JOXFRVD VLPLODU PDUFDGD
FRQ ) VH DFXPXOD HQ HO FHUHEUR R WXPRUHV GRQGH OD JOXFRVD HV XWLOL]DGD FRPR OD IXHQWH
SULQFLSDOGHHQHUJtD/RVQ~FOHRVUDGLRDFWLYRVGLVPLQX\HQSRUODHPLVLyQGHSRVLWURQHV(QOD
HPLVLyQ GH XQ SRVLWUyQ HOHFWUyQ SRVLWLYR XQ SURWyQ QXFOHDU VH FRQYLHUWH HQ XQ HOHFWUyQ
SRVLWLYR\XQQHXWUyQ(OiWRPRPDQWLHQHVXPDVDDWyPLFDSHURVXQ~PHURDWyPLFRGLVPLQX\H
HQ(OSRVLWUyQHPLWLGRFRPELQDFRQXQHOHFWUyQFDVLLQVWDQWiQHDPHQWH\HVWDVGRVSDUWtFXODV
SDVDQSRUHOSURFHVRGHDQLTXLODFLyQ/DHQHUJtDDVRFLDGDFRQODVPDVDVGHXQSRVLWUyQ\XQ
HOHFWUyQHV 0H9HQ FRQFRUGDQFLD FRQ TXH OD HTXLYDOHQFLD GH HQHUJtD ( HQ PDVD P HV
( PFGRQGHF HVODYHORFLGDGGHODOX](VWDHQHUJtDHVGLYLGLGDSRULJXDOHQWUHGRVIRWRQHV
TXHYXHODQDXQiQJXORGH XQRGHORWUR&DGDIRWyQWLHQHXQDHQHUJtDGH NH9(VWRV
UD\RVJDPPDGHDOWDHQHUJtDHPHUJHQGHOFXHUSRHQGLUHFFLRQHVRSXHVWDV\VRQGHWHFWDGRVSRU
XQD PDWUL] GH GHWHFWRUHV TXH URGHD DO SDFLHQWH &XDQGR GRV IRWRQHV VRQ UHJLVWUDGRV
VLPXOWiQHDPHQWH SRU XQ SDU GH GHWHFWRUHV HO HYHQWR GH DQLTXLODFLyQ TXH GLR OXJDU D HOORV
GHELyKDEHURFXUULGRHQDOJ~QOXJDUDORODUJRGHODOtQHDTXHFRQHFWDDHVRVGHWHFWRUHV3RU
VXSXHVWR TXH VL XQR GH ORV IRWRQHV HV GLVSHUVDGR HQWRQFHV OD OtQHD GH FRLQFLGHQFLD VHUi
LQFRUUHFWD'HVSXpVTXHRPiVHYHQWRVGHDQLTXLODFLyQVRQGHWHFWDGRVODGLVWULEXFLyQ
GH ORV PDUFDGRUHV HPLVRUHV GH SRVLWURQHV HV FDOFXODGD PHGLDQWH SURFHGLPLHQWRV GH
UHFRQVWUXFFLyQ WRPRJUiILFD 3(7 UHFRQVWUX\HXQD LPDJHQ ELGLPHQVLRQDO ' D SDUWLU GH ODV
SUR\HFFLRQHV XQLGLPHQVLRQDOHV YLVWDV D GLIHUHQWHV iQJXORV /D UHFRQVWUXFFLyQ WULGLPHQVLRQDO
'WDPELpQSXHGHUHDOL]DUVHXWLOL]DQGRSUR\HFFLRQHV'GHVGHP~OWLSOHViQJXORV

/D HILFLHQWH GHWHFFLyQ GH ORV IRWRQHV GH DQLTXLODFLyQ GH ORV SRVLWURQHV HV JDUDQWL]DGD
XVXDOPHQWHSRUXQDFRPELQDFLyQGHXQFULVWDOGH ELVPXWRJHUPDQLR%*2TXHFRQYLHUWHORV
IRWRQHVGHDOWDHQHUJtDHQIRWRQHVYLVLEOHV\XQWXERIRWRPXOWLSOLFDGRU307TXHSURGXFHXQ
SXOVRDPSOLILFDGRGHFRUULHQWHSURSRUFLRQDODODFDQWLGDGGHIRWRQHVTXHKDQ LQWHUDFWXDGRFRQ
VXIRWRFiWRGR(OKHFKRGHTXHODVHQVLELOLGDGGHOVLVWHPDGHLPiJHQHVVHDSURSRUFLRQDODOD
UDt]GHODHILFLHQFLDGHOGHWHFWRUOOHYDDXQLPSRUWDQWHUHTXLVLWRGHOGHWHFWRUVXHILFLHQFLDKD
GHVHUFHUFDQDDO3RUHVWDUD]yQRWURVVLVWHPDVGHGHWHFFLyQFRQHILFLHQFLDVGHOR
PHQRVJDUDQWL]DQXQDHILFLHQFLDGHFRLQFLGHQFLDGHORPHQRV/DPD\RUtDGHODVFiPDUDV
3(7 VRQ P~OWLSOHV FDSDV GH HQWUH \ QLYHOHV R FDSDV WUDQVD[LDOHV TXH KDQ GH VHU
UHFRQVWUXLGDV /D PDQHUD GH DFRSODU ORV FULVWDOHV GH FHQWHOOHR \ ORV 307 SXHGH YDULDU
GLVWLQJXLpQGRVHHODFRSODPLHQWRLQGLYLGXDO\HOGLVHxRGHEORTXHVGHGHWHFWRUHVFRQGLIHUHQWHV
HVTXHPDV
8Q WUDQVGXFWRU XOWUDVyQLFR JHQHUD RQGDV DF~VWLFDV D WUDYpV GH OD FRQYHUVLyQ GH OD HQHUJtD
PDJQpWLFDWpUPLFD\HOpFWULFDHQHQHUJtDPHFiQLFD/DWpFQLFDPiVHILFLHQWHSDUDXOWUDVRQLGR
PpGLFRXWLOL]DHOHIHFWRSLH]RHOpFWULFRHOFXDOIXHGHPRVWUDGRHQ SRU -DFTXHV\ 3LHUUH
&XULH 8Q WUDQVGXFWRU SLH]RHOpFWULFR FRQYLHUWH XQD VHxDO HOpFWULFD RVFLODQWH HQ XQD RQGD
DF~VWLFD\YLFHYHUVD(VWRVLJQLILFDTXHVLVHDSOLFDXQDSUHVLyQVREUHXQFULVWDOGHFXDU]RHV
SRVLEOHGHWHFWDUXQSRWHQFLDOHOpFWULFRHQWUHFDUDVRSXHVWDVGHOPDWHULDO\TXHVLVHDSOLFDXQ
SRWHQFLDOHOpFWULFRDORODUJRGHOFULVWDOHQWRQFHVVHLQGXFHXQDGHIRUPDFLyQPHFiQLFD
(O WUDQVGXFWRU SLH]RHOpFWULFR HV XQ LPSRUWDQWH FRPSRQHQWH GH XQ VLVWHPD GH LPiJHQHV SRU
XOWUDVRQLGR (O WUDQVGXFWRU VXHOH FRQVLVWLU GH XQD PDWUL] OLQHDO TXH SXHGH HQIRFDU XQ UD\R
DF~VWLFR 'HSHQGLHQGR GH OD FRQILJXUDFLyQ GH ORV HOHPHQWRV GH OD PDWUL] OLQHDO VHFXHQFLDO
FXUYLOtQHD OLQHDO HQ IDVH ' ' OD UHJLyQ EDUULGD SXHGH VHU XQ VHFWRU FXDGUDGR R
ELGLPHQVLRQDORGHIRUPDSLUDPLGDOHQWUHVGLPHQVLRQHV
(OFRPSRUWDPLHQWRGHOWUDQVGXFWRUGHWHUPLQDHQJUDQPHGLGDODUHVROXFLyQ\ODUHODFLyQ VHxDO
UXLGR GH OD LPDJHQ GH XOWUDVRQLGR UHVXOWDQWH (O GLVHxR GH XQD PDWUL] LPSOLFD PXFKRV
FRPSURPLVRVDOHVFRJHUODVIUHFXHQFLDVGHRSHUDFLyQ\ODVGLPHQVLRQHVGHORVHOHPHQWRVGHOD
PDWUL]
/D WRPRJUDItD GH LPSHGDQFLD HOpFWULFD (OHFWULFDO ,PSHGDQFH 7HFKQRORJ\HV XQD WHFQRORJtD
D~QHQGHVDUUROOR(QVXGHVDUUROORGHEHUiQVHUVXSHUDGRVYDULRVSUREOHPDVHQODUHDOL]DFLyQ
GHODVPHGLFLRQHV\HQODUHFRQVWUXFFLyQGHODVLPiJHQHV
/D FRQGXFWDQFLD HVSHFtILFD FRQGXFWLYLGDG GH ORV WHMLGRV KXPDQRV YDUtD GHVGH P6FP
SDUDHOIOXLGRFHUHEURHVSLQDOKDVWDP6FPSDUDHOKXHVR/DGLIHUHQFLDHQHOYDORUGHOD
FRQGXFWLYLGDGHVJUDQGHHQWUHORVGLIHUHQWHVWHMLGRV,PiJHQHVGHODVHFFLyQWUDQVYHUVDOGHOD
GLVWULEXFLyQ GH OD FRQGXFWLYLGDG R DOWHUQDWLYDPHQWH OD UHVLVWHQFLD HVSHFtILFD UHVLVWLYLGDG
GHEHPRVWUDUEXHQFRQWUDVWH(OREMHWLYRGHOD WRPRJUDItDGHLPSHGDQFLDHOpFWULFDHVSURGXFLU
WDOHVLPiJHQHV+DVLGRGHPRVWUDGRTXHSDUDXQDGLVWULEXFLyQ LVRWUySLFDGHODFRQGXFWLYLGDG
HVSRVLEOHHQSULQFLSLRUHFRQVWUXLULPiJHQHVDSDUWLUGHODVPHGLGDVHOpFWULFDVUHDOL]DGDVHQOD

VXSHUILFLH GH XQ REMHWR /D WRPRJUDItD GH LPSHGDQFLD HOpFWULFD HV OD WpFQLFD SDUD SURGXFLU
HVWDV LPiJHQHV 'H KHFKR HO WHMLGR KXPDQR QR HV VLPSOHPHQWH FRQGXFWLYR ([LVWHQ
HYLGHQFLDV GH TXH PXFKRV WHMLGRV WDPELpQ PXHVWUDQ XQ FRPSRQHQWH FDSDFLWLYR GHO IOXMR GH
FRUULHQWH SRU OR TXH HV DSURSLDGR KDEODU GH XQD DGPLWDQFLD HVSHFtILFD DGPLWWLYLW\ R
LPSHGDQFLDHVSHFtILFDLPSHGLYLW\GHORVWHMLGRVHQOXJDUGHFRQGXFWLYLGDGGHDTXtHOXVRGH
ODSDODEUDLPSHGDQFLD HQODWRPRJUDItDGHLPSHGDQFLDHOpFWULFD
/RV WHMLGRV HVWiQ FRPSXHVWRV SRU FpOXODV FRQ FRQWHQLGRV FRQGXFWLYRV URGHDGRV SRU
PHPEUDQDV DLVODQWHV VXPHUJLGD HQ XQ PHGLRFRQGXFWRU'HQWUR\ IXHUD GH ODVSDUHGHVGH OD
FpOXODKD\XQIOXLGRFRQGXFWRU$EDMDVIUHFXHQFLDVODFRUULHQWHQRSXHGHSDVDUDWUDYpVGHODV
PHPEUDQDV \ OD FRQGXFFLyQ HV D WUDYpV GHO HVSDFLR H[WUDFHOXODU $ DOWDV IUHFXHQFLDV OD
FRUULHQWH SXHGH SDVDU D WUDYpV GH ODV PHPEUDQDV ODV FXDOHV DFW~DQ FRPR XQ HOHPHQWR
FDSDFLWLYR
5HDOLGDG YLUWXDO 9LUWXDO 5HDOLW\ HV XQ WpUPLQR FRP~QPHQWH XWLOL]DGR SDUD GHVFULELU XQD
QRYHGRVD \ UDGLFDOPHQWH GLIHUHQWH PRGDOLGDG GH LQWHUDFFLyQ HQWUH HO KRPEUH \ ORV
RUGHQDGRUHV 95 FRQVLVWH GH XQ DPELHQWH PXOWLGLPHQVLRQDO JHQHUDGR SRU HO RUGHQDGRU \
KHUUDPLHQWDVTXHSHUPLWHQDOXVXDULR
6XPHUJLUVHHQHODPELHQWH
1DYHJDUGHQWURGHODPELHQWH
,QWHUDFWXDUFRQREMHWRV\RWURVKDELWDQWHVGHODPELHQWH
'HQWURGHODFRPXQLGDGPpGLFDORVSULPHURVGHVDUUROORVGH95HQWUDQHQVHLVFDWHJRUtDV
(QWUHQDPLHQWRTXLU~UJLFR\SODQLILFDFLyQTXLU~UJLFD
(GXFDFLyQPpGLFDVLPXODFLyQ\HQWUHQDPLHQWRQRTXLU~UJLFR
,PiJHQHVDQDWyPLFDV\IXVLyQGHLPiJHQHVPpGLFDV
(UJRQRPtDUHKDELOLWDFLyQHLQFDSDFLGDGHV
7HOHFLUXJtD\WHOHPHGLFLQD
(YDOXDFLyQFRPSRUWDPHQWDOHLQWHUYHQFLRQHV
/DV SRWHQFLDOLGDGHVGH95WUDYpVGHODHGXFDFLyQ \ OD GLVHPLQDFLyQ GH LQIRUPDFLyQ LQGLFDQ

TXHKDEUiSRFDViUHDVGHODPHGLFLQDTXHQRVHEHQHILFLHQFRQHVWDPRGDOLGDG6LQHPEDUJROD
SRWHQFLDOLGDG ODWHQWH HQ 95 GHVFDQVD HQ OD FDSDFLGDG GH VHU XWLOL]DGD SDUD PDQLSXODU \
FRPELQDU FRQMXQWRV GH GDWRV KHWHURJpQHRV \ PXOWLGLPHQVLRQDOHV SURYHQLHQWHV GH PXFKDV
IXHQWHV SRU HMHPSOR LPiJHQHV GH 50 3(7 \ &7 GH UD\R[ [ (VWH UDVJR HV HO PiV
LPSRUWDQWH\FRQWLQ~DWUDQVIRUPDQGRHODPELHQWHGHODVDSOLFDFLRQHVWUDGLFLRQDOHV

7HPD%LRPDWHULDOHV
/RVELRPDWHULDOHVVRQXWLOL]DGRVSDUDGHVDUUROODUGLVSRVLWLYRVTXHSHUPLWHQVXVWLWXLUGHPDQHUD
VHJXUD HFRQyPLFD \ ILVLROyJLFDPHQWH DFHSWDEOH XQD SDUWH R XQD IXQFLyQ GHO FXHUSR \ TXH
DFW~DQ HQ FRQWDFWR tQWLPR FRQ ORV WHMLGRV YLYRV 8QD JUDQ YDULHGDG GH GLVSRVLWLYRV \
PDWHULDOHVVHHPSOHDQHQHOWUDWDPLHQWRGHHQIHUPHGDGHV\OHVLRQHV(MHPSORVPX\FRQRFLGRV
VRQODVVXWXUDVDJXMDVFDWpWHUHVUHOOHQRVGHQWDOHVHWF
$OJXQDVIRUPDVGHGHILQLUXQELRPDWHULDOVRQ
x 6XVWDQFLDIDUPDFROyJLFDPHQWHLQHUWHGLVHxDGDSDUDVHULPSODQWDGDGHQWURGHVLVWHPDVYLYRV
RLQFRUSRUDGDDORVPLVPRV
x 0DWHULDOHV GH RULJHQ VLQWpWLFR R QDWXUDO HQ FRQWDFWR FRQ HO WHMLGR OD VDQJUH \ IOXLGRV
ELROyJLFRV XWLOL]DGRV SDUD SUyWHVLV GLDJQyVWLFR WHUDSLD \ DOPDFHQDPLHQWR VLQ DIHFWDU
DGYHUVDPHQWHDORUJDQLVPRYLYR\VXVFRPSRQHQWHV
x &XDOTXLHUVXVWDQFLDGLIHUHQWHGHXQPHGLFDPHQWRRFRPELQDFLyQGHVXVWDQFLDVVLQWpWLFDV
RQDWXUDOHVHQRUtJHQHVTXHSXHGDVHUXVDGDGXUDQWHFXDOTXLHUSHUtRGRGHWLHPSRFRPRXQ
VLVWHPDRSDUWHGHOPLVPRSDUDWUDWDUPHMRUDURVXVWLWXLUFXDOTXLHUWHMLGRyUJDQRRIXQFLyQ
GHOFXHUSR
(QFDPELRXQPDWHULDOELROyJLFRHVXQPDWHULDOFRPRODSLHORXQDDUWHULDSURGXFLGRSRUXQ
VLVWHPDELROyJLFR
'H DFXHUGRFRQ ODVGHILQLFLRQHVDQWHULRUHV VH GHEH WHQHU XQ YDVWR FRQRFLPLHQWR R FRODERUDU
FRQ HVSHFLDOLVWDV GH GLIHUHQWHV FDPSRV FRQ HO REMHWLYR GH GHVDUUROODU \ XWLOL]DU ORV
ELRPDWHULDOHVHQPHGLFLQD\HVWRPDWRORJtDFRPRLQGLFDODWDEOD/RVDYDQFHVHQPXFKDV
iUHDV GH OD ELRWHFQRORJtD \ GH OD FLHQFLD KDQ LQIOXLGR FRQVLGHUDEOHPHQWH HQ HO SDSHO GH ORV
ELRPDWHULDOHV
7DEOD&DPSRVGHOFRQRFLPLHQWRLPSOLFDGRVHQHOGHVDUUROORGH ELRPDWHULDOHV
'LVFLSOLQD (MHPSORV
&LHQFLDV H &LHQFLDV GH ORV PDWHULDOHV UHODFLyQ HVWUXFWXUDSURSLHGDGHV GH PDWHULDOHV
,QJHQLHUtD ELROyJLFRV \ VLQWpWLFRV LQFOX\HQGR PHWDOHV FHUiPLFDV SROtPHURV
FRPSRVLWRVWHMLGRVHWF
%LRORJtD \ %LRORJtD FHOXODU \ PROHFXODU DQDWRPtD ILVLRORJtD DQLPDO \ KXPDQD
ILVLRORJtD
KLVWRSDWRORJtDFLUXJtDH[SHULPHQWDOLQPXQRORJtDHWF
&LHQFLDV
FOtQLFDV
7RGDV ODV HVSHFLDOLGDGHV FOtQLFDV HVWRPDWRORJtD PD[LORIDFLDO

QHXURFLUXJtD REVWHWULFLD \ JLQHFRORJtD RIWDOPRORJtD RUWRSHGLD
RWRUULQRODULQJRORJtD FLUXJtD SOiVWLFD \ UHFRQVWUXFWLYD FLUXJtD WRUiFLFD \
FDUGLRYDVFXODUPHGLFLQDYHWHULQDULDHWF
/DXWLOL]DFLyQGHORVELRPDWHULDOHVWDO\FRPRDSDUHFHHQODWDEODLQFOX\HODVXVWLWXFLyQGH
XQD SDUWH GHO FXHUSR TXH KD SHUGLGR VX IXQFLyQ GHELGR D XQD HQIHUPHGDG R D XQ WUDXPD

D\XGDUDVDQDUPHMRUDUODVIXQFLRQHV\FRUUHJLUODVDQRUPDOLGDGHV
7DEOD8WLOL]DFLyQGHORVELRPDWHULDOHV
UHDGHOSUREOHPD
6XVWLWXFLyQGHSDUWHVHQIHUPDVRGDxDGDV
$VLVWHQFLDHQODFXUDFLyQ
0HMRUDGHODVIXQFLRQHV
&RUUHFFLyQGHDQRUPDOLGDGHVIXQFLRQDOHV
&RUUHFFLyQGHSUREOHPDVFRVPpWLFRV
$VLVWHQFLDHQHOGLDJQyVWLFR
$VLVWHQFLDHQHOWUDWDPLHQWR
(MHPSORV
&DGHUDVDUWLILFDOHVVLVWHPDVGHGLiOLVLVGHULxyQ
6XWXUDVSODFDVyVHDV
0DUFDSDVRVFDUGtDFRVOHQWHVLQWUDRFXODUHV
0DUFDSDVRVFDUGtDFRV
6RQGDV\FDWpWHUHV
&DWpWHUHVGUHQDGRUHV
(O FRPSRUWDPLHQWR GH ORV ELRPDWHULDOHV HQ HO FXHUSR SXHGH VHU FODVLILFDGR GH GLIHUHQWHV
PDQHUDV3ULPHUDPHQWHORV ELRPDWHULDOHVSXHGHQVHUFRQVLGHUDGRVGHVGHHOSXQWRGHYLVWDGH
ORVSUREOHPDVTXHYDDUHVROYHUFRPRDSDUHFHHQODWDEOD(QVHJXQGROXJDUVHSXHGHQ
FRQVLGHUDU D QLYHO GHO WHMLGR R GHO yUJDQR WDEOD R GHO VLVWHPD WDEOD DO TXH YD
GHVWLQDGR (Q WHUFHU OXJDU VH SXHGH FRQVLGHUDU OD FODVLILFDFLyQ GH WDOHV PDWHULDOHV FRPR
SROtPHURVPHWDOHVFHUiPLFRV\FRPSXHVWRVVHJ~QVHPXHVWUDHQODWDEOD
7DEOD%LRPDWHULDOHVHQyUJDQRV
UJDQR
&RUD]yQ
3XOPyQ
2MRV
+XHVR
5LxyQ
9HMLJD
(MHPSORV
0DUFDSDVRVYiOYXODVFDUGtDFDVDUWLILFLDOHVFRUD]yQDUWLILFLDO
6LVWHPDVGHR[LJHQDFLyQ
/HQWHVGHFRQWDFWROHQWHVLQWUDRFXODUHV
3ODFDVyVHDV
6LVWHPDVGHGLiOLVLV
&DWpWHUHV
7DEOD%LRPDWHULDOHVHQVLVWHPDVGHORUJDQLVPRKXPDQR
6LVWHPD
(VTXHOHWR
0XVFXODU
&LUFXODWRULR
5HVSLUDWRULR
8ULQDULR
1HUYLRVR
(QGRFULQR
(MHPSORV
3ODFDyVHDVXVWLWXFLyQGHDUWLFXODFLRQHV
6XWXUDVHVWLPXODGRUHVPXVFXODUHV
9iOYXODVFDUGtDFDVDUWLILFLDOHVYDVRVVDQJXtQHRVDUWLILFLDOHV
6LVWHPDVGHR[LJHQDFLyQ
&DWpWHUHVVLVWHPDVGHGLiOLVLVGHORVULxRQHV
'UHQDGRUHVKLGURFHIpOLFRVPDUFDSDVRVFDUGtDFRV HVWLPXODGRUHV
QHUYLRVRV
&pOXODVSDQFUHiWLFDVPLFURHQFDSVXODGDV
(OXVRGHORVELRPDWHULDOHVQRUHVXOWyHILFD]KDVWDODDSDULFLyQGHODWpFQLFDGHFLUXJtDDVpSWLFD
GHVDUUROODGDSRUHO'U- /LVWHUDOUHGHGRUGH/RV SURFHGLPLHQWRVTXLU~UJLFRVLQLFLDOHV

FRQ ELRPDWHULDOHVR VLQ HOORV JHQHUDOPHQWH QR HUDQ H[LWRVRV FRPR UHVXOWDGR GH LQIHFFLRQHV
/RVSUREOHPDVGHLQIHFFLRQHVWHQGtDQDH[DFHUEDUVHHQSUHVHQFLDGHORVELRPDWHULDOHVGHELGRD
TXH ORV LPSODQWHV SURSRUFLRQDEDQ XQD UHJLyQ LQDFFHVLEOH D ODV FpOXODV HQFDUJDGDV GH OD
LQPXQLGDG/RV SULPHURVLPSODQWHVH[LWRVRVVHUHDOL]DURQHQHOHVTXHOHWR(QODWDEODVH
UHODFLRQDQ QRWDEOHV GHVDUUROORV UHODFLRQDGRV FRQ ORV LPSODQWHV (Q ORV ~OWLPRV DxRV VH KDQ
YLVWRPXFKRVDYDQFHVPiV
7DEOD%LRPDWHULDOHVXWLOL]DGRV
0DWHULDOHV
3ROtPHURV
Q\ORQVLOLFRQD
SROLpVWHU
SROLWHWUDIXRUHWLOHQR
HWF
9HQWDMDV
'HIiFLO
IDEULFDFLyQ
0HWDOHV
)XHUWHVGXURV
7L \ VXV DOHDFLRQHV G~FWLOHV
FRPSXHVWR GH &R&U
DFHURVLQR[LGDEOHV
$X$J3WHWF
&HUiPLFDV
0X\
y[LGR GH DOXPLQLR ELRFRPSDWLEOHV
IRVIDWRV GH FDOFLR ,QHUWHVIXHUWHV
LQFOX\HQGROD
KLGUR[LDSDWLWD
'HVYHQWDMDV
(MHPSORV
1R VRQ IXHUWHV VH 6XWXUDV YDVRV VDQJXtQHRV
GHIRUPDQ FRQ HO WHMLGRVEODQGRV
SDVRGHOWLHPSR\VH
SXHGHQGHJUDGDU
3XHGHQ FRUURHUVH 6XVWLWXFLyQGH
VRQ GHQVRV \ GH DUWLFXODFLRQHVKXHVRV
GLItFLOSUHSDUDFLyQ LPSODQWHVGHQWDOHV
DODPEUHVGHVXWXUD
)UiJLOHVGHGLItFLO
SUHSDUDFLyQ
&RPSRVLWRV
)XHUWHVKHFKRVD 'HGLItFLO
FHPHQWRV UHIRU]DGRV PHGLGD
SUHSDUDFLyQ
FRQILEUDV\DODPEUH
5HFXEULPLHQWRGH
LPSODQWHVGHQWDOHV\
RUWRSpGLFRV
9iOYXODVFDUGtDFDV
LPSODQWHGHDUWLFXODFLRQHV
/DHIHFWLYLGDGGHXQ ELRPDWHULDOHQHOFXHUSRGHSHQGHGHIDFWRUHVFRPRODVSURSLHGDGHVGHO
PDWHULDOHOGLVHxR\ODELRFRPSDWLELOLGDG GHOPDWHULDOXVDGRDVtFRPRGHRWURVIDFWRUHVTXH
QRVHKDOODQEDMRHOFRQWUROGHOLQJHQLHURWDOHVFRPRODWpFQLFDHPSOHDGDSRUHOFLUXMDQRROD
VDOXG FRQGLFLRQHV \ DFWLYLGDGHV GHO SDFLHQWH 6L DVLJQDPRV XQ YDORU QXPpULFR I D OD
SUREDELOLGDGGHIDOORGHXQLPSODQWHHQWRQFHVODILDELOLGDGSXHGHVHUH[SUHVDGDFRPR
U I
6LFRPRHVPiVFRP~QH[LVWHQYDULRVFDXVDVGHIDOOROD ILDELOLGDGWRWDOUW YLHQHGDGDSRUHO
SURGXFWRGHODVILDELOLGDGHVLQGLYLGXDOHVU IHWF
UW U U UQ
(QFRQVHFXHQFLDDXQFXDQGRXQWLSRGHIDOORFRPRODIUDFWXUDGHOLPSODQWHVHDFRQWURODGR
SHUIHFWDPHQWH GH PDQHUD TXH VX ILDELOLGDG VHD XQLWDULD RWURV PRGRV GH IDOOR FRPR XQD
LQIHFFLyQ SXHGHQ OLPLWDU VHYHUDPHQWH OD XWLOLGDG UHSUHVHQWDGD SRU OD ILDELOLGDG WRWDO GHO
LPSODQWH

8Q PRGR GH IDOOR TXH SXHGH RFXUULU HQ XQ ELRPDWHULDO SHUR QR HQ PDWHULDOHV XWLOL]DGRV HQ
RWURVFRQWH[WRVHVXQDWDTXHGHOLPSODQWHSRUHOVLVWHPD LQPXQROyJLFRGHOFXHUSR2WURIDOOR
HVXQHIHFWRQRGHVHDGRGHOLPSODQWHVREUHHOFXHUSRSRUHMHPSORODWR[LFLGDGODLQGXFFLyQ
GH UHDFFLRQHV DOpUJLFDV R SURYRFDU FiQFHU (Q FRQVHFXHQFLD OD ELRFRPSDWLELOLGDG HV XQ
UHTXLVLWRGHOPDWHULDODGHPiVGHDTXHOORVUHTXLVLWRVDVRFLDGRVGLUHFWDPHQWHDODIXQFLyQGHO
LPSODQWH
7DEOD'HVDUUROORVQRWDEOHVUHODFLRQDGRVFRQORVLPSODQWHV
$xR
)LQDOHVGH
ORVVLJORV
\

V

V

,QYHVWLJDGRUHV
-/LVWHU
++DQVPDQQ
:$/DQH
:'6KHUPDQ
$$=LHUROG
0=/DQJH
'HVDUUROOR
9DULRV GLVSRVLWLYRV PHWiOLFRV SDUD ILMDU IUDFWXUDV
GHKXHVRVDODPEUHV\SLQHVGH)H$X$J\3W
7pFQLFDVGHFLUXJtDDVpSWLFD
1L
7RUQLOORV\SODFDVGHDFHUR
3ODFDVGHYDQDGLR
,QWURGXMR6WHOOLWHV FRPSXHVWRGH&R&U0R
,QWURGXMR HO DFHUR LQR[LGDEOH0R PHMRU TXH
HODFHURLQR[LGDEOH
(:+H\*URYHV
8WLOL]yXQWRUQLOORGHFDUSLQWHURSDUDXQDIUDFWXUD
016PLWK3HWHUVHQ
3ULPHU GLVSRVLWLYR GH ILMDFLyQ GH IUDFWXUDV KHFKR
GHDFHURLQR[LGDEOH
&69HQDEOH:*6WXFN ,QWURGXMHURQ 9LWDOOLXP DFHUR LQR[LGDEOH
PiV WDUGH FDPELDURQ HO PDWHULDO SRU FRPSXHVWRV
GH&R&U
3:LOHV
3ULPHUDSUyWHVLVWRWDOGHFDGHUD
-&%XUFK+0&DUQH\ ,QWURGXMHURQHO7D
-\5-XGHW
3ULPHUDSUyWHVLVGLVHxDGDSDUDVXVWLWXLUODFDEH]D
GHOIHPRUDO/RVSULPHURVSOiVWLFRV300$VRQ
XVDGRVSDUDODVXVWLWXFLyQGHDUWLFXODFLyQ
0-'RU]HH$
3ULPHUD XWLOL]DFLyQ GHO DFUtOLFR 300$ SDUD
)UDQFHVFKHWWL
VXVWLWXFLyQGHODFyUQHD
-&RWWRQ
,QWURGXMRHO7L\VXVFRPSXHVWRV
$%9RRUKHHV$
3ULPHUDVXVWLWXFLyQH[LWRVDGHXQYDVRVDQJXtQHR
-DUHW]WD$%%ODFNPRUH
6)XUPDQ*5RELQVRQ
3ULPHUDHVWLPXODFLyQFDUGtDFDGLUHFWDH[LWRVD
-&KDUQOH\
$6WDUU0/(GZDUGV
3ULPHUDVYiOYXODVFDUGtDFDVFRPHUFLDOHV
:-.ROII
,QGLFHJHQHUDO
1RWDGHORVDXWRUHV
%LRLQJHQLHUtD'HVFULSWRUHVGHODDVLJQDWXUD7HPDULR
%LEOLRJUDItD
L
LL
LLL
7HPD0pWRGRVHVWDGtVWLFRVHLQIRUPiWLFRVHQVDQLGDG
0pWRGRVHVWDGtVWLFRV

7HPD,QWURGXFFLyQDODELRLQJHQLHUtDDVSHFWRVPpGLFRV\WpFQLFRV
7HPD,QVWUXPHQWDFLyQELRPpGLFD
6HQVRUHVELRPpGLFRV
6HQVRUHVItVLFRV
6HQVRUHVySWLFRV
0pWRGRVGLQiPLFRV
9RO~PHQHVSXOPRQDUHV
)OXRURPHWUtD
)RWRPHWUtDGHOODPD
0pWRGRVUDGLRDFWLYRV
&RDJXODFLyQ

2VPyPHWURV
$XWRPDWL]DFLyQ

7HPD(TXLSRVWHUDSpXWLFRV

$SOLFDFLRQHVWHUDSpXWLFDVGHFDPSRVPDJQpWLFRV\HOpFWULFRVSXOVDGRV\
VLQXVRLGDOHVGHEDMDIUHFXHQFLD

5HSDUDFLyQGHKXHVRV\FDUWtODJRVFRQFDPSRVPDJQpWLFRVSXOVDGRV





7HPD$QiOLVLV\PRGHODGRGHVLVWHPDVELROyJLFRV
6HxDOHVELRPpGLFDV
7UDWDPLHQWRGHODVVHxDOHVELRPpGLFDV
$GTXLVLFLyQ\GLJLWDOL]DFLyQGHODVELRVHxDOHV
5HSUHVHQWDFLyQ\SURFHVDPLHQWRGHODVELRVHxDOHV

7HPD%LRPDWHULDOHV

7HPD2EWHQFLyQ\SURFHVDGRGHLPiJHQHV ELRPpGLFDV
5D\RV;
(TXLSDPLHQWR
$QJLRJUDItD
0DPRJUDItD

BioIng ULPGC 2001 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

BioIng ULPGC 2001 PDF

Uploaded by

Copyright:

Available Formats

81,9(56,'$''(/$63$/0$6'(*5$1&$1$5,$

,QWURGXFFLyQ D OD ELRLQJHQLHUtD DVSHFWRV PpGLFRV \ WpFQLFRV 0pWRGRV HVWDGtVWLFRV H

/DSURGXFFLyQGHFLUFXLWRVHOHFWUyQLFRV LPSODQWDEOHV\ VX HQFDSVXODGR HQ PXFKDVRFDVLRQHV

VREUHODVUDtFHVVDFUDV 66\6 (OFHVHGHODHVWLPXODFLyQVREUHODVPLVPDVUHVXOWD

$OJXQRVVLVWHPDVGHHVWLPXODFLyQVXSRQHQODLPSODQWDFLyQ GH HOHFWURGRV HQ OD VXSHUILFLH GH

(O PpWRGRLQVWUXPHQWDO FURPDWRJUiILFR PiVFRP~QPHQWH XWLOL]DGRHQ XQ ODERUDWRULR FOtQLFR

7 ,W ,R  ,L ,R

$ ORJ7 ORJ ,L,W

3DUDODUDGLDFLyQJDPPDORVFULVWDOHVGHFHQWHOOHRHVWiQ KHFKRV GH \RGXUR GH VRGLR GRSDGR

/DRVPRODULGDGGHODVDQJUHHVGHELGDIXQGDPHQWDOPHQWHDHOHFWUROLWRVFRPR 1D \&O/DV

/RV DYDQFHVHQODWHFQRORJtDMXQWRFRQXQDDPSOLDGHPDQGD GH SUXHEDVGH ODERUDWRULR \ ODV

3URPRYHU OD IXVLyQ HVSLQDO 3(0)QRLQYDVLYR

=LPPHU GLUHFW FXUUHQW ERQH )UDFWXUDV

)UDFWXUDV H[FOXLGDV YpUWHEUDV \ 3(0)QRLQYDVLYR

)UDFWXUDV H[FOXLGDV YpUWHEUDV \ &DPSRVPDJQpWLFRV

&RPSOHPHQWR GH OD IXVLyQ GFLPSODQWDEOH

GF VHPLLQYDVLYR FRQ

/DV ELRVHxDOHVWDPELpQ SXHGHQ VHUFODVLILFDGDVFRPR GHWHUPLQtVWLFDV R FRPR DOHDWRULDV /DV

/D67)7 6KRUW7LPH)RXULHU7UDQVIRUP \OD:7 :DYHOHW7UDQVIRUPV KDQVLGRGLVHxDGDV

0XFKDVVHxDOHVELROyJLFDVVRQSHULyGLFDVSRU QDWXUDOH]D/DV VHxDOHV DVRFLDGDV DO ODWLGR GHO

/yJLFDGLIXVD IX]]\ORJLF HVWiEDVDGDHQHOFRQFHSWRGHXVDUSDODEUDVHQOXJDUGHQ~PHURV

/DWRPRJUDItDGHHPLVLyQGHIRWRQHV 6LQJOH3KRWRQ(PLVVLRQ&RPSXWHG7RPRJUDSK\ HVXQD

/DV SRWHQFLDOLGDGHVGH95WUDYpVGHODHGXFDFLyQ \ OD GLVHPLQDFLyQ GH LQIRUPDFLyQ LQGLFDQ

7RGDV ODV HVSHFLDOLGDGHV FOtQLFDV HVWRPDWRORJtD PD[LORIDFLDO

You might also like

,QWURGXFFLyQ D OD ELRLQJHQLHUtD DVSHFWRV PpGLFRV \ WpFQLFRV 0pWRGRV HVWDGtVWLFRV H

VREUHODVUDtFHVVDFUDV66\6(OFHVHGHODHVWLPXODFLyQVREUHODVPLVPDVUHVXOWD

7 ,W ,R ,L ,R

$ ORJ7 ORJ,L,W

3DUDODUDGLDFLyQJDPPDORVFULVWDOHVGHFHQWHOOHRHVWiQ KHFKRV GH \RGXUR GH VRGLR GRSDGR

/DRVPRODULGDGGHODVDQJUHHVGHELGDIXQGDPHQWDOPHQWHDHOHFWUROLWRVFRPR 1D \&O/DV

=LPPHU GLUHFW FXUUHQW ERQH )UDFWXUDV

GF VHPLLQYDVLYR FRQ

/DV ELRVHxDOHVWDPELpQ SXHGHQ VHUFODVLILFDGDVFRPR GHWHUPLQtVWLFDV R FRPR DOHDWRULDV /DV

/D67)76KRUW7LPH)RXULHU7UDQVIRUP\OD:7:DYHOHW7UDQVIRUPVKDQVLGRGLVHxDGDV

0XFKDVVHxDOHVELROyJLFDVVRQSHULyGLFDVSRU QDWXUDOH]D/DV VHxDOHV DVRFLDGDV DO ODWLGR GHO

/yJLFDGLIXVD IX]]\ORJLFHVWiEDVDGDHQHOFRQFHSWRGHXVDUSDODEUDVHQOXJDUGHQ~PHURV

/DWRPRJUDItDGHHPLVLyQGHIRWRQHV6LQJOH3KRWRQ(PLVVLRQ&RPSXWHG7RPRJUDSK\HVXQD

7RGDV ODV HVSHFLDOLGDGHV FOtQLFDV HVWRPDWRORJtD PD[LORIDFLDO