You are on page 1of 24

'(50$72/2*,$



'HILQLFLyQ (V HO HVWXGLR GH OD SLHO GHO SHOR GH VXV IXQFLRQHV \ GH ODV
DOWHUDFLRQHVTXHODDIHFWDQ


/D SLHO /D SLHO HV XQD PHPEUDQD IOH[LEOH TXH FXEUH HO FXHUSR GHO DQLPDO
DLVOiQGROR GHO H[WHULRU (V HO PD\RU yUJDQR \D TXH UHSUHVHQWD GHO  DO 
GHOSHVRGHODQLPDOVHJ~QVXHGDG


$QDWRPtD\ILVLRORJtDGHODSLHO$QDWyPLFDPHQWHODSLHOVHFRPSRQHGHWUHV
FDSDV

 (SLGHUPLV &DSD PiV H[WHUQD HQ FRQWDFWR FRQ HO H[WHULRU IRUPDGD
SRUFpOXODVPX\ULFDVHQTXHUDWLQD SURWHtQD 

(VOD]RQDGHODSLHOPHQRVVHQVLEOH\PiVGXUD

(VWD FDSD VH UHQXHYD FDGD  GtDV \ HV SRU OR TXH ODV KHULGDV
VXSHUILFLDOHVFXUDQPiVUiSLGR


 'HUPLV(VODFDSDVLWXDGDLQPHGLDWDPHQWHGHEDMRGHODHSLGHUPLV\
GHXQJURVRUVXSHULRU

(VWi IRUPDGD SRU XQ WHMLGR FRQMXQWLYR R FRQHFWLYR ULFR HQ ILEUDV GH
FROiJHQRTXHOHFRQILHUHQGXUH]D\IOH[LELOLGDG


 48(5$7,1$ 6XVWDQFLD RUJiQLFD TXH IRUPD OD EDVH GH OD HSLGHUPLV XxDV SHOR \ WHMLGRV FyUQHRV



SURWHtQDTXHSRUVXHVWUXFWXUDTXtPLFDHOGHVFRPSRQHUVHGDWLURVLQD\OHXFLQD
(Q HVWD ]RQD HQFRQWUDPRV ORV YDVRV VDQJXtQHRV OLQIiWLFRV
P~VFXORV QHUYLRV JOiQGXODV VHEiFHDV \ VXGRUtSDUDV \ ORV IROtFXORV
ILORVRVRSHORV

 +LSRGHUPLV (V OD FDSD PiV LQWHUQD GH OD SLHO \ HVWi FRPSXHVWD
HVHQFLDOPHQWHSRUWHMLGRJUDVR


/DVIXQFLRQHVGHODSLHO/DSLHOQRVyORVLUYHSDUDDLVODUHOFXHUSRGHODQLPDO
GHOH[WHULRUVLQRTXHWLHQHVXVSURSLDVIXQFLRQHVTXHVRQ

 $FWLYDFLyQ GH OD YLWDPLQD ' /D SURYLWDPLQD ' HV DFWLYDGD HQ OD SLHO
SRU OD DFFLyQ GH ORV UD\RV VRODUHV HV HVHQFLDO SDUD TXH HO FDOFLR VH
DEVRUEDDQLYHOLQWHVWLQDO

 $OPDFpQ(VXQUHVHUYRULRLPSRUWDQWHGHVXVWDQFLDVQHFHVDULDVSDUDHO
RUJDQLVPRFRPRHOHFWUyOLWRVYLWDPLQDVSURWHtQDVJUDVDVFDUERKLGUDWRV
\RWURVPDWHULDOHV(OWHMLGRVXEFXWiQHRHVULFRHQiFLGRVJUDVRV

 %DUUHUD GHIHQVLYD 3URWHJH DO RUJDQLVPR GH ODV DJUHVLRQHV GHO PHGLR
DPELHQWH PLFURELRV\VXVWDQFLDVTXtPLFDV JUDFLDVDODDFXPXODFLyQGH
XQD LPSRUWDQWH FDQWLGDG GH GLIHUHQWHV FpOXODV GH GHIHQVD 7DPELpQ
HMHUFHIXQFLRQHVDQWLEDFWHULDQDV\DQWLI~QJLFDV

 'HSXUDGRUD(OLPLQDWR[LQDVPHGLDQWHHOVXGRU

 (VSHMRGHOFXHUSR(OHVWDGRGHODSLHO\GHOSHORHVHOLQGLFDGRUPiV
ILDEOH GH SRVLEOHV HQIHUPHGDGHV LQWHUQDV GHO DQLPDO \D TXH UHIOHMD ORV
FDPELRVTXHpVWHVXIUH


3529,7$0,1$6XVWDQFLDSUHFXUVRUDGHXQDYLWDPLQD



$17,)1*,&24XHVHRSRQHDOGHVDUUROORGHKRQJRV

 0DQWHQLPLHQWR GH OD LQWHJULGDG GHO RUJDQLVPR eVWD HV OD IXQFLyQ
SULQFLSDO GH OD SLHO \D TXH HYLWD TXH HO FXHUSR SLHUGD DJXD \ RWURV
FRPSRQHQWHV

 0RYLPLHQWR \ IRUPD /D SLHO SURSRUFLRQD IRUPD \ ILJXUD \ SRVLELOLWD HO
PRYLPLHQWR GHELGR D VXV SURSLHGDGHV HOiVWLFDV IOH[LEOHV \ GH
UHVLVWHQFLD

 3HUFHSFLyQ $O VHU OD SLHO XQR GH ORV yUJDQRV GH ORV VHQWLGRV UHFLEH
VHQVDFLRQHVGHSUHVLyQGRORUWDFWRFDORUSUXULWR\IUtR

 7HUPRUUHJXODFLyQ 5HJXOD OD WHPSHUDWXUD GHO RUJDQLVPR JUDFLDV D OD
YDVRGLODWDFLyQ \ YDVRFRQVWULFFLyQ GH VXV YDVRV VDQJXtQHRV &XDQGR HO
SHOR HVWi VXFLR \ HQUHGDGR QR SHUPLWLHQGR XQD EXHQD FLUFXODFLyQ GHO
DLUHGDOXJDUDSUREOHPDVGHWHUPRUUHJXODFLyQ


&DUDFWHUtVWLFDVGHODSLHOFDQLQD
 (SLGHUPLV(VSHVRUHQWUH\HVWUDWRVGHFpOXODV
 (OPDQWRHVWiFRQVWLWXLGRSRUSHORGHVRUGHQDGR
 S+GHGHPHGLD  
 &UHFLPLHQWRFtFOLFRGHOSHOR
 *OiQGXODVVXGRUtSDUDVDSRFULQDV
 (SLGHUPLV5LWPRGHFUHFLPLHQWRGHXQRVGtDV



/HVLRQHVGHODSLHO/DVOHVLRQHVFXWiQHDVSXHGHQFODVLILFDUVHHQSULPDULDV\
VHFXQGDULDV

/HVLRQHV SULPDULDV 6RQ FDXVDGDV GLUHFWDPHQWH SRU HO SURFHVR SDWROyJLFR
TXH DIHFWD DO DQLPDO \ TXH DSRUWDQ XQD LQIRUPDFLyQ PiV ~WLO SDUD OD FXUDFLyQ
GHOPLVPR

 0iFXODV6RQiUHDVFLUFXQVFULWDVGHODSLHOFDUDFWHUL]DGDVSRUXQFDPELR
HQ HO FRORU QRUPDO GH OD PLVPD (VWH FDPELR SXHGH GHEHUVH D XQ
LQFUHPHQWR HQ OD SLJPHQWDFLyQ 0DQFKD URML]D PDUUyQ R S~USXUD PHQRU
GHFP

 0DQFKDV /DV PiFXODV FRQ XQ WDPDxR VXSHULRU D  FP UHFLEHQ HO
QRPEUHGHPDQFKDVRSODFDV

 3iSXODV 6RQ SHTXHxDV ]RQDV GH SLHO HOHYDGDV JUDQRV  D PHQXGR GH
FRORU URML]R R URVDGR GHELGR DO HGHPD R D OD LQILOWUDFLyQ FRQ FpOXODV
LQIODPDWRULDV 6H SUHVHQWDQ D PHQXGR HQ SURFHVRV DOpUJLFRV R
SUXULJLQRVRV

 1yGXORV 6RQ UHJLRQHV VyOLGDV TXH KDFHQ UHOLHYH FDOORV  GH WDPDxR
VXSHULRU D ODV SiSXODV PiV GH XQ FHQWtPHWUR GH GLiPHWUR  TXH
SURIXQGL]DQHQODSLHO\WLHQHQXQRULJHQLQIODPDWRULRQHRSOiVWLFR

 7XPRUHV 6RQ QyGXORV GH WDPDxR VXSHULRU FRPSXHVWRV SRU WHMLGR
QHRSOiVWLFRTXHRFXSDRLQYDGHFXDOTXLHUDGHODVHVWUXFWXUDVFXWiQHDV

 3~VWXODV /HVLRQHV GH UHGXFLGR WDPDxR OOHQDV GH SXV 6H URPSHQ FRQ
IDFLOLGDG GDQGR OXJDU D FROODUHV HSLGpUPLFRV 6H REVHUYDQ HQ ODV
LQIHFFLRQHVFXWiQHDVFRPRIROLFXOLWLVDFQpFDQLQRHWF

 +DERQHV R URQFKDV 6RQ OHVLRQHV SURPLQHQWHV ELHQ GHOLPLWDGDV
JHQHUDOPHQWH SODQDV GH FRORU EODQFRURVDGR UHVXOWDQWHV GH XQ HGHPD
FXWiQHR 6RQ SURGXFLGDV SRU SLFDGXUDV GH LQVHFWRV 6H SUHVHQWDQ HQ
FDVRV GH UHDFFLRQHV XUWLFDULIRUPHV YHUGXJRQHV  SUXHEDV DOpUJLFDV
SRVLWLYDV HWF &XDQGR VH GDQ HQ ]RQDV GLVWHQGLEOHV FRPR ODELRV R
SiUSDGRVVHOHVGHQRPLQDDQJLRHGHPD


('(0$$FXPXODFLyQGHH[XGDGR



1(23/67,&21XHYRFUHFLPLHQWR

 9HVtFXODV7DPELpQVRQOHVLRQHVSURPLQHQWHV\ELHQGHOLPLWDGDVOOHQDV
GH OtTXLGR IOXLGR FODUR FRQ XQ WDPDxR LQIHULRU D  FP 6RQ OHVLRQHV
IUiJLOHV\WUDQVLWRULDVTXHVXUJHQHQHQIHUPHGDGHVYtULFDVRTXHPDGXUDV

 %XOODV 6RQ YHVtFXODV GH WDPDxR VXSHULRU D  FP 6H REVHUYDQ
UDUDPHQWHHQSHUURV\JDWRVGHELGRDVXIUDJLOLGDG

 4XLVWHV&DYLGDGHVGHOLPLWDGDVUHYHVWLGDVSRUXQHSLWHOLRTXHFRQWLHQHQ
OtTXLGRRPDWHULDOVyOLGR

 $ORSHFLD$XVHQFLDGHSHORHQXQDRPiViUHDVGHOFXHUSR3XHGHVHU
XQD OHVLyQ SULPDULD VL HO SHOR FDH R QR FUHFH R VHFXQGDULD FXDQGR HO
SURSLRDQLPDOVHDUUDQFDHOSHOR



/HVLRQHV VHFXQGDULDV 3URYLHQHQ GH ODV SULPDULDV R VRQ SURGXFLGDV SRU
DXWRDJUHVLyQR\DWURJpQLFDPHQWH SURGXFLGDVSRUHOPpGLFR SRUPHGLFDFLyQ

 (VFDPDV 6RQ DF~PXORV GH IUDJPHQWRV GHVFDPDGRV GH OD SLHO
GH GLIHUHQWH FRORU \ FRQVLVWHQFLD SURFHGHQWHV GH XQD
TXHUDWLQL]DFLyQDQRUPDOGHODHSLGHUPLV

6H SURGXFHQ HQ SURFHVRV FUyQLFRV GHUPDWROyJLFRV FRPR HQ OD
VHERUUHD DOHUJLD FUyQLFD D ODV SXOJDV \ VDUQD GHPRGpFWLFD
JHQHUDOL]DGD

 &RVWUDV6RQH[XGDGRVVHFRVIRUPDGRVSRUVDQJUHSXVVXHUR
UHVWRVFHOXODUHVHWF


6DUQDGHPRGpFWLFD3DUiVLWRPLFURVFySLFRFRQIRUPDGHFLJDUUR\SDWDVPX\FRUWDVYLYHHQODSURIXQGLGDGGHORV



IROtFXORVFDSLODUHV\HVGLItFLOGHHUUDGLFDU6HKDDLVODGRHQORVSiUSDGRVGHDQLPDOHV\KRPEUH

([XGDGRVVHFRV/tTXLGRVVHJUHJDGRVSRUORVYDVRVFDSLODUHVSRULQIODPDFLyQGHORVWHMLGRV
 &LFDWULFHV5HVXOWDQGHXQDVXVWLWXFLyQGHXQWHMLGROHVLRQDGRSRU
WHMLGR FRQMXQWLYR GHQVR \ VH SUHVHQWDQ GHVSXpV GH OHVLRQHV TXH
DIHFWDQODGHUPLV

 (URVLRQHV6RQOHVLRQHVFXWiQHDVTXHQRVHH[WLHQGHQPiVDOOi
GHODHSLGHUPLV\TXHSRUORWDQWRFXUDQVLQFLFDWUL]DFLyQ

 OFHUDV6HWUDWDGHXQDIRUPDPiVJUDYHGHHURVLyQHQODTXHVH
SLHUGHODFRQWLQXLGDGQRVyORGHODHSLGHUPLVVLQRWDPELpQGHOD
GHUPLV H KLSRGHUPLV (V XQ SURFHVR SDWROyJLFR JUDYH TXH
VLHPSUHVHFXUDPHGLDQWHODIRUPDFLyQGHXQDFLFDWUL]

 ([FRULDFLyQ (V XQD SpUGLGD SDUFLDO GH OD HSLGHUPLV
JHQHUDOPHQWH GHELGD D XQD DXWRDJUHVLyQ PHGLDQWH UDVFDGR
PRUGLGRRIULFFLyQSURGXFLGRSRUSUXULWR

 /LTXHQLILFDFLyQ (V HO UHVXOWDGR GHO UDVFDGR R IURWDGR GH XQD
SDUWH GH OD SLHO FRPR UHVSXHVWD DO SUXULWR 6H SURGXFH XQ
HQJURVDPLHQWR \ HQGXUHFLPLHQWR GH OD SLHO TXH FRQGXFH D XQD
H[DJHUDFLyQ GH ODV PDUFDV FXWiQHDV /D ]RQD DIHFWDGD HVWi D
PHQXGR KLSHUSLJPHQWDGD DGTXLULHQGR XQD FRORUDFLyQ D]XO
JULViFHD

 +LSHUSLJPHQWDFLyQ5HVXOWDGHXQLQFUHPHQWRHQHOGHSyVLWRGH
PHODQLQD HQ ODV FDSDV SURIXQGDV GH OD HSLGHUPLV \ HQ OD GHUPLV
VXSHUILFLDO 3XHGH SUHVHQWDUVH GHVSXpV GH XQ SURFHVR FUyQLFR R
XQDQHRSODVLD WXPRU 

 +LSRSLJPHQWDFLyQ /D SpUGLGD GH SLJPHQWR D PHQXGR VH
SUHVHQWDHQSURFHVRVLQIODPDWRULRVFUyQLFRV

 +LSHUTXHUDWRVLV 6H WUDWD GH XQ LQFUHPHQWR HQ HO JURVRU GHO
HVWUDWR FyUQHR GH OD HSLGHUPLV IUHFXHQWHPHQWH GHELGR D XQD
SUHVLyQFRQWLQXDGDVREUHODSLHOSRUHMHPSORHQODIRUPDFLyQGH
FDOORVVREUHODVXSHUILFLHGHODVSURPLQHQFLDVyVHDV7DPELpQVH
REVHUYDHQHOSHUURHQDOJXQDVIRUPDVGHPRTXLOORFDQLQR

 &RPHGRQHV 6RQ OHVLRQHV GHELGDV DO DF~PXOR GH XQD FDQWLGDG
H[FHVLYD GH TXHUDWLQD VHER R UHVWRV FHOXODUHV HQ HO LQWHULRU GH
ORV IROtFXORV SLORVRV /RV FRPHGRQHV VRQ IUHFXHQWHV HQ
GHWHUPLQDGDVHQGRFULQRSDWtDVFRPRHQHOVtQGURPHGH&XVKLQJ


(OSHOR(OSHORHVXQVLVWHPDGHDLVODPLHQWRWpUPLFRTXHSURWHJHDODSLHOGH
OHVLRQHVTXtPLFDV\ItVLFDV\SURFHGHGHODHSLGHUPLVTXHUDWLQL]DGD


/DHVWUXFWXUDGHOSHOR

 (O SHOR \ HO IROtFXOR SLORVR (O SHOR HVWi FRPSXHVWR GH XQ GHOJDGR
ILODPHQWRFyUQHRHOiVWLFR\IOH[LEOHFRQVWLWXLGRFDVLHQVXWRWDOLGDGSRUXQD
VXVWDQFLDSURWHLFDOODPDGDTXHUDWLQD

(Q FDGD SHOR HV SRVLEOH LGHQWLILFDU XQD SDUWH OLEUH OODPDGD DVWD \ XQD
SDUWH SUR[LPDO OODPDGD UDt] TXH VH GHVDUUROOD GHQWUR GHO IROtFXOR GHO SHOR
VLWXDGRHQODGHUPLV \WHUPLQDHQXQH[WUHPROODPDGREXOERTXHWLHQHOD
IXQFLyQGHILMDUHOSHORDODFDSDEDVDOGHODSLHO

/RV JUXSRV GH SHOR VDOHQ PiV R PHQRV REOLFXDPHQWH GH XQ ~QLFR
RULILFLR FXDQGR DOFDQ]DQ OD SURIXQGLGDG GH ODV JOiQGXODV VHEiFHDV VH
VHSDUDQSURORQJiQGRVHFDGDXQRHQXQIROtFXORSURSLRHOPiVSURIXQGRGH
HVWRVDOEHUJDUiHOILODPHQWRSULQFLSDO SHORGHJXDUGD 




6tQGURPHGH&XVKLQJ([FHVLYDSURGXFFLyQGHFRUWLFRVWHURLGHVGHOFyUWH[VXSUDUUHQDO

&DGDIROtFXORDVXYH]HVWiSURYLVWRGHXQP~VFXORHUHFWRU FRQRULJHQ
FRP~Q LPSODQWDGRHQODFDSDGHODGHUPLVVLWXDGDLQPHGLDWDPHQWHEDMROD
HSLGHUPLV

&XDQGR ORV P~VFXORV SLORHUHFWRUHV VH FRQWUDHQ WRGR HO FRPSOHMR
IROLFXODU VH OHYDQWD ORV SHORV DGRSWDQ XQD SRVLFLyQ PiV HUHFWD \ HO VHER
SURGXFWRGHODJOiQGXODFRUUHVSRQGLHQWHHVLPSXOVDGRDODSDUWHFRP~QGHO
IROtFXOR

(O VHER TXH FRQILHUH XQD OLJHUD XQWXRVLGDG D OD SLHO \ DO HQWUHSHOR HV
LQGLVSHQVDEOHSDUDODIXQFLyQSURWHFWRUDGHHVWH~OWLPR

(Q FLHUWRV HVWDGLRV IDVHV HQ HO GHVDUUROOR GH XQD HQIHUPHGDG  GH VX
HYROXFLyQHOIROtFXORSLORVRWDPELpQFRPSUHQGH


 *OiQGXODVVHEiFHDVHVGHFLUSURGXFWRUDVGHJUDVDTXHOHGDQ
DO SHODMH HVWDELOLGDG \ OH FRQILHUH XQ DVSHFWR OXVWURVR PXFKDV
RPDOtDVVHGHEHQDXQPDOIXQFLRQDPLHQWRGHHVWDVJOiQGXODV

 *OiQGXODV VXGRUtSDUDV FX\DV VHFUHFLRQHV VRQ LQVXILFLHQWHV
SDUD SURGXFLU VXGRU HQ DEXQGDQFLD H[FHSWR D QLYHO GH ODV
DOPRKDGLOODV GRQGH HVWDV JOiQGXODV WLHQHQ XQD QDWXUDOH]D
SDUWLFXODU


 7LSRVGHSHODMH

/RV SHORV SURWHFWRUHV H[WHUQRV \ PiV ODUJRV FRQ XQD WH[WXUD
EDVWDQWHiVSHUD

/RVSHORVVHFXQGDULRVPiVVXDYHVTXHIRUPDQODFDSDLQWHUQD
VXESHOR 

1R REVWDQWH QR WRGDV ODV UD]DV SRVHHQ DPERV WLSRV GH SHOR HO SHODMH
GHO SHUUR HV XQD LPSRUWDQWH FDUDFWHUtVWLFD GH VX GHVDUUROOR (Q FOLPDV IUtRV
VXHOHQSRVHHUXQSHODMHGHQVR\ORVGHFD]DSHODMHVFRUWRV\OLVRV


 7LSRV GH SHOR (O SHOR GH ORV SHUURV VH FODVLILFDQ DWHQGLHQGR D WUHV
SDUiPHWURVEiVLFDPHQWH

 /RQJLWXGSHORODUJRFRUWRHWF
 7H[WXUDUL]DGRPDGHMDVHWF
 7LSRGHPXGD


(OFLFORGHOSHOR/RVSHORVQRFUHFHQHQIRUPDFRQWLQXDSHURVtHQFLFORVR
SHUtRGRV

 $QDJHQLD 'XUDQWH HO FXDO ORV IROtFXORV HVWiQ HQ SURGXFFLyQ
DFWLYD

 7HORJHQLD&XDQGRHOSHORHVUHWHQLGRHQHOIROtFXORFRPRXQ
SHORPXHUWRTXHOXHJRVHSLHUGH

 &DWDJHQLD /D FRQVWULFFLyQ GHO EXOER HPSXMD HO SHOR KDFLD
IXHUDHQWUHORVGRVHVWDGtRVDQWHULRUHV

(O DVSHFWR GHO SHODMH UHIOHMD HO HVWDGR GH VDOXG GH ORV DQLPDOHV
GRPpVWLFRV QRUPDOPHQWH OD FDtGD GHO SHOR VH GHEH D IDFWRUHV ILVLROyJLFRV \
SDWROyJLFRV


/DDOLPHQWDFLyQ\HOSHOR(QODVpSRFDVGHPXGDFRPSDUDEOHVDHWDSDVGH
PD\RU GHVJDVWH ItVLFR HV PX\ FRQYHQLHQWH FRPSOHPHQWDU OD GLHWD FRQ XQ
DSRUWHYLWDPtQLFRHVSHFtILFDPHQWHLQGLFDGRSDUDHOSHOR

 1R GHEHQ IDOWDU QXQFD ODV YLWDPLQDV GHO FRPSOHMR % HVSHFLDOPHQWH OD
ELRWLQD YLWDPLQDKLGURVROXEOHGHOJUXSR % 7DPSRFRGHEHQIDOWDUORVDSRUWHV
GHiFLGRVJUDVRVHVHQFLDOHV


/DPXGD3URFHVRILVLROyJLFRSRUHOFXDOORVSHUURV\JDWRVFDPELDQVXSHODMH
SDUD DGDSWDUVH D ODV H[LJHQFLDV FOLPDWROyJLFDV \ TXH VXHOH GXUDU HQWUH WUHV
VHPDQDV\XQPHV\PHGLR

 /RV IDFWRUHV H[WHUQRV TXH LQIOX\HQ GLUHFWDPHQWH HQ OD FURQRORJtD GH OD
PXGDVRQ
 /DWHPSHUDWXUD

 (O IRWRSHUtRGR R UHODFLyQ HQWUH ODV KRUDV GH OX] VRODU \ ODV GH
RVFXULGDG

(Q SULPDYHUD HO FDPELR HV UHDOPHQWH QRWDEOH \D TXH WRGR HO DEULJR
DFXPXODGRGXUDQWHHOLQYLHUQRVHSLHUGHVLHQGRVXVWLWXLGRSRUXQSHODMHPXFKR
PHQRVGHQVRTXHSHUPLWHDGDSWDUVHDODHWDSDHVWLYDOTXHVHDYHFLQD

 /D OX] DUWLILFLDO GH ORV KRJDUHV DVt FRPR ORV DSDUDWRV GH FDOHIDFFLyQ \
UHIULJHUDFLyQDOWHUDQHOSURFHVRQDWXUDOGHODPXGD



)DFWRUHV 3DWROyJLFRV /D GHVWUXFFLyQ GH ORV SHORV VH GHEH WDQWR D FDXVDV
H[WHUQDVFRPRLQWHUQDV

 )DFWRUHVSDWROyJLFRVH[WHUQRV

 /DV WLxDV GHELGDV DO GHVDUUROOR GH XQRV KRQJRV VRQ
IOXRUHVFHQWHV  TXH VH DOLPHQWDQ GH ORV IROtFXORV DGLSRVRV \
SURYRFDQ OD UXSWXUD GH ORV SHORV SRU OD EDVH 3URGXFHQ
OHVLRQHVDPHQXGRFLUFXODUHVHQWRGRHOSHODMH
 /RVGHPRGH[SRUVXSDUWHVRQPLQ~VFXORVDUWUySRGRVTXH
VH GHVDUUROODQ HQ HO FDQDO IROLFXODU \ OD JOiQGXOD VHEiFHD
DQH[D(VWRVSDUiVLWRVVRIRFDQHOSHORTXHWHUPLQDSRUFDHU\
VH SXHGH REVHUYDU HO PLVPR WLSR GH OHVLyQ TXH HQ HO FDVR
DQWHULRU

 (ODUDGRUGHODVDUQD iFDURVVDUFRSWHV6 /DVJDUUDSDWDV\
ODVSXOJDVSURGXFHQXQYLROHQWRSUXULWRTXHLQGXFHDODQLPDOD
UDVFDUVHORTXHSURYRFDTXHHOSHORVHURPSD&RPRODFDtGD
GHHVWRV~OWLPRVHVLUUHJXODU SRUPHFKRQHV HOSHODMHWRPDXQ
DVSHFWR DSROLOODGR /D SLHO VH SRQH FDOLHQWH \ URMD DOJXQRV
SURGXFWRVDF~VWLFRVSXHGHQWHQHUORVPLVPRVHIHFWRV


 )DFWRUHVSDWROyJLFRVLQWHUQRV

 /RVGHVyUGHQHVKRUPRQDOHV/DVKRUPRQDVWDPELpQLQFLGHQ
HQHOFUHFLPLHQWRGHOSHORHM8QDXPHQWRHQODFRQFHQWUDFLyQ
GHKRUPRQDVVH[XDOHVDFHOHUDODFDtGDGHOSHORDOLJXDOTXH
XQ DXPHQWR GH FRUWLVRO $O FRQWUDULR XQ LQFUHPHQWR GH OD
KRUPRQDWLURLGHDDXPHQWDHOFUHFLPLHQWRGHOSHOR

/D PD\RUtD GH HVWRV VH FDUDFWHUL]DQ SRU OD FDtGD GHO SHOR
HQIRUPDELODWHUDO\VLPpWULFD1RVXHOHQSUHVHQWDUSUXULWR

 (O KLSRWLURLGLVPR GLVPLQXFLyQ GH OD IXQFLRQDOLGDG GH OD
JOiQGXODWLURLGHV 

 (O VtQGURPH GH &XVKLQJ VRQ DOJXQDV GH ODV
HQIHUPHGDGHVTXHSURGXFHQODFDtGDGHOSHOR



$UWUySRGRV3DUiVLWRVFX\RVPHGLRVGHORFRPRFLyQVRQDUWLFXODGRV


 /D GHVQXWULFLyQ 'HELGR D TXH HO SHOR HV EiVLFDPHQWH XQD
SURWHtQD OD QXWULFLyQ WLHQH XQ HIHFWR SURIXQGR VREUH VX
FDQWLGDG\FDOLGDG

/RV HIHFWRV GH OD GHVQXWULFLyQ VH WUDGXFHQ HQ SHOR VHFR
TXHEUDGL]R \ GHVOXVWUDGR \ FRQ DOWHUDFLRQHV SLJPHQWDGDV
DOJXQDVYHFHV


 )DFWRUHV JHQpWLFRV (O SHOR FUHFH KDVWD XQD ORQJLWXG
SUHRUGHQDGD TXH YDUtD GH DFXHUGR D OD UHJLyQ FRUSRUDO \ TXH
HVWiGHWHUPLQDGDJHQpWLFDPHQWH

 &DGD UHJLyQ GHO FXHUSR SRVHH XQD ORQJLWXG GHO SHOR
GHILQLGD PiV DOOi GH OD FXDO QR VH YHULILFD FUHFLPLHQWR
DGLFLRQDO

 $ YHFHV VH REVHUYD XQD FDtGD EUXWDO VLPXOWiQHD GH JUDQ
SDUWH GHO SHODMH (VWH IHQyPHQR DO TXH VH GD HO QRPEUH GH
HIOXYLR VH SURGXFH HQ HO FXUVR GH HQIHUPHGDGHV IHEULOHV
FRPR FRQVHFXHQFLD GH XQ SDUWR HQ HO PRPHQWR GHO FHOR R
GHVSXpV GH IXHUWHV HPRFLRQHV SRU OR JHQHUDO D XQD FDtGD
EUXWDOGHSHOROHVLJXHHQVHJXLGDODVDOLGDGHSHORQXHYR






(QIHUPHGDGHVGHUPDWROyJLFDV


'HUPDWRVLV

 'HVHTXLOLEULRVKRUPRQDOHV
 +LSHUWLURLGLVPR FUHFLPLHQWR 
 +LSRWLURLGLVPR FDtGD 
 'HVHTXLOLEULRRYiULFRHQODKHPEUD
 7XPRUWHVWLFXODUHQHOPDFKR
 $ORSHFLDHQGRFULQDIHOLQD
 6tQGURPHGH&XVKLQJRKLSHUDGUHQRFRUWLFDOLVPR


 6HERUUHD (V XQD DQRUPDOLGDG GH OD SLHO GHELGR D XQD PDOD
TXHUDWLQL]DFLyQ GH OD PLVPD TXH GD FRPR UHVXOWDGR XQD SURGXFFLyQ
H[FHVLYDGHHVFDPDV3XHGHVHUGHGRVWLSRV

 6HERUUHDK~PHGDFXDQGRODVHVFDPDVVRQGHQDWXUDOH]D
JUDVDXROHRVD

 6HERUUHDVHFDHVFDPDVVHFDV

 +D\ XQD H[FHVLYD SURGXFFLyQ HQ ODV JOiQGXODV VHEiFHDV SRU OR TXH HO
DQLPDOHVWiPiVSUHGLVSXHVWRDFRQWUDHUXQDLQIHFFLyQ


'HUPDWLWLV 6RQ HQIHUPHGDGHV TXH DIHFWDQ WDQWR D OD SLHO FRPR DO SHOR \ DO
HVWDGRJHQHUDOGHODQLPDO3XHGHQVHU

 3DUDVLWDULDVR(FWRSDUDVLWRVLV
 0LFRVLVR'HUPDWLWLVI~QJLFD
 'HUPDWLWLVEDFWHULDQDR3LRGHUPDV
 'HUPDWLWLVYtULFDV
 'HUPDWLWLVDOpUJLFDV


 3DUDVLWDULDVR(FWRSDUDVLWRVLV

/DV3XOJDV3DUiVLWRVTXHSURYRFDQDOUHGHGRUGHOGHORVSUXULWRVFDQLQRV
\IHOLQRV
 
 /RV KXHYRV GH FRORU EODQFR EULOODQWH SXHGHQ VHU GHSRVLWDGRV VREUH HO
KXpVSHG R HQ HO PHGLR DPELHQWH VREUH VXHORV PXHEOHV FDPDV R HQ HO
H[WHULRU HQ DPELHQWH K~PHGR /D SXOJD SXHGH VREUHYLYLU VLQ DOLPHQWR HQ
DPELHQWHK~PHGRKDVWDFXDWURPHVHV

 /RVVtQWRPDVFOtQLFRVGHSHQGHQGHOJUDGRGHLQIHVWDFLyQ\GHODUHDFFLyQ
LQGLYLGXDO $Vt HQ PXFKRV DQLPDOHV OD UHVSXHVWD D OD LQIHFFLyQ HV PtQLPD
FDXVDQGR SUXULWR SRU VLPSOH DFFLyQ PHFiQLFD DO GHVSOD]DUVH VREUH OD SLHO
$GHPiVGHOHIHFWRLUULWDQWHGHVXSLFDGXUDV

 2WURV DQLPDOHV VLQ HPEDUJR PDQLILHVWDQ XQD UHVSXHVWD LUULWDWLYD R
DOpUJLFD DSDUHFLHQGR XQD OHVLyQ LUULWDWLYD FXWiQHD HQ IRUPD GH FRVWUD FRQ
FLHUWDV iUHDV SUHGLOHFWDV iUHD OXPERVDFUD GRUVDO DEGRPHQ YHQWUDO ]RQD
PHGLDGHODVH[WUHPLGDGHVSRVWHULRUHV\FXHOOR

 (O DQLPDO DO UDVFDUVH DFHQW~D ODV OHVLRQHV SURGXFLHQGR DORSHFLDV
GHUPDWLWLV

 (Q ORV FDVRV FUyQLFRV SXHGH DSDUHFHU HQJURVDPLHQWR GH OD SLHO \
SLJPHQWDFLyQHQOD]RQD


/D*DUUDSDWD6HJ~QODFODVLILFDFLyQHVWDEOHFLGDSRUOD%LRORJtDODVJDUUDSDWDV
SHUWHQHFHQ DO 3+</80 GH ORV DUWUySRGRV PLHPEURV DUWLFXODGRV  TXH HV HO
PiVQXPHURVRGHWRGRHOUHLQRDQLPDO\GHQWURGHpVWHDODFODVHDUiFQLGD\DO
RUGHQGHORViFDURV

 /RV PLHPEURV GH OD FODVH DUiFQLGD QR SUHVHQWDQ DQWHQDV QL RMRV
FRPSXHVWRV FRPR Vt WLHQHQ ORV LQVHFWRV (Q FDPELR SUHVHQWDQ FXDWUR SDUHV
GHSDWDVHQODIDVHRHVWDGtRDGXOWD6XDSDUDWREXFDOFRQVWDGHGRVSDUHVGH
DSpQGLFHV TXH VH OODPDQ TXHOtFHURV TXH YLHQHQ D GHVHPSHxDU HO PLVPR
SDSHOTXHODVPDQGtEXODVGHQORVVHUHVKXPDQRV(QODVJDUUDSDWDVDGHPiV
XQ WHUFHU SDU GH DSpQGLFHV VH IXVLRQD IRUPDQGR HO KLSRVWRPD TXH HV XQD
HVSHFLHGHWURPSDRJDUILRTXHXVDQSDUDVXFFLRQDU

 /DV JDUUDSDWDV VH GLYLGHQ HQ GRV IDPLOLDV OD L[RGLGDH \ OD
DUJDVLGDH

 /DV t[RGLGDH VRQ ODV JDUUDSDWDV GXUDV \ ODV DUJDVLGDH VRQ ODV
JDUUDSDWDV EODQGDV (VWD ~OWLPD FXHQWD FRQ XQ Q~PHUR PXFKR PHQRU GH
PLHPEURV OD PD\RUtD GH ORV FXDOHV WLHQHQ SRFD LPSRUWDQFLD SDUDVLWDULD R
IRUPDQSDUWHGHSDtVHVH[yWLFRV

 /DV TXH Vt GHEHQ SUHRFXSDUQRV VRQ DOJXQDV GH ODV PiV GH 
HVSHFLHV SHUWHQHFLHQWHV D ODV JDUUDSDWDV GXUDV TXH VRQ ODV TXH FRQ PD\RU
IUHFXHQFLDSDUDVLWDQDQXHVWURVDQLPDOHV

 (O QRPEUH GH JDUUDSDWD GXUD VH GHEH D OD SUHVHQFLD GH XQ HVFXGR
TXLWLQRVR TXH FXEUH VX FXHUSR GRUVDOPHQWH SURWHJLpQGROD D PRGR GH
DUPDGXUD (Q OD KHPEUD HO HVFXGR VyOR UHYLVWH OD ]RQD SUy[LPD D OD FDEH]D
SXHVWR TXH VRQ ODV KHPEUDV ODV TXH LQJLHUHQ XQD PD\RU FDQWLGDG GH VDQJUH
SDUD OD PDGXUDFLyQ GH ORV RYRFLWRV 0LHQWUDV OR KDFHQ VX FXHUSR VH GLODWD
KDVWD OOHJDU D GREODU VX WDPDxR FRVD TXH QR OH VHUtD SRVLEOH VL VX FXHUSR
HVWXYLHUDFXELHUWRSRUFRPSOHWRGHOHVFXGR

 /DV WUHV JDUUDSDWDV PiV FRPXQHV HQ HO SHUUR WRGDV HOODV
SHUWHQHFLHQWHVDODIDPLOLDL[RGLGDHVRQ

 B,;2'(65,&,186 ODVTXHDWDFDQDORVSHUURV 
 B'(50$&(17255(7,&8/$786
 B5+,3,&(3+$/866$1*8,1(86

 6X FLFOR ELROyJLFR VH GHVDUUROOD GH IRUPD PX\ VLPLODU 6X GXUDFLyQ
SXHGH RVFLODU HQWUH DSHQDV GRV PHVHV \ WUHV R FXDWUR DxRV GHSHQGLHQGR GH
IDFWRUHV WDOHV FRPR OD KXPHGDG \ OD WHPSHUDWXUD 6L ODV FRQGLFLRQHV VRQ
DGYHUVDV OD JDUUDSDWD SXHGH HQWUDU HQ KLEHUQDFLyQ \ UHVLVWLU KDVWD QXHYH
PHVHVVLQDOLPHQWDUVH(OFLFORFRPSUHQGHKDVWDFXDWURIDVHVRHVWDGtRV


+8(92/$59$ SDWDV 1,1)$ SDWDV $'8/72 SDWDV 


 'LFKDV IDVHV SXHGHQ GHVDUUROODUVH VREUH XQR GRV R KDVWD WUHV
KRVSHGDGRUHV GLVWLQWRV XQR SDUD FDGD IDVH GHO FLFOR H[FHSWXDQGR HO KXHYR
8QD YH] UHDOL]DGD OD SXHVWD ORV KXHYRV TXHGDQ DEDQGRQDGRV D VX VXHUWH \
VHJ~QODV FRQGLFLRQHVDPELHQWDOHVDOJXQRVGtDVRPHVHVGHVSXpVDSDUHFHQ
ODVODUYDV

 (VWDV ODUYDV SURQWR EXVFDUiQ DOJ~Q OXJDU HOHYDGR GRQGH
HQFDUDPDUVHFRPRUHVSXHVWDDXQJHRWURSLVPR  'HVGHHVWHREVHUYDWRULR
OD ODUYD HVSHUDUi D TXH SDVH OR VXILFLHQWHPHQWH FHUFD XQ SRVLEOH KRVSHGDGRU
FX\D SUHVHQFLD GHWHFWDUi JUDFLDV D XQ yUJDQR HVSHFLDO TXH FDSWD HO FDORU
GHVSUHQGLGRSRUHOKXpVSHG yUJDQRGH+DOOHU 

 (O WHUPRWURSLVPR   OD HPSXMD D ODQ]DUVH VREUH ORV FXHUSRV
FDOLHQWHV $Vt PLVPR OD ODUYD SXHGH GHWHFWDU PRYLPLHQWRV VRQLGRV \ RWURV
SDUiPHWURVDWUDYpVGHORVGHOLFDGRVyUJDQRVVHQVRULDOHVTXHIRUPDQSDUWHGH
VXDQDWRPtDSXHVXQDYH]LQVWDODGDVREUHHOFDQGLGDWRHVFRJLGRUHDOL]DUiXQD
VRODLQJHVWD WRPD GHVDQJUHFDUDFWHUtVWLFDTXHVHUHSHWLUiHQFDGDHVWDGtRR
IDVH HYROXWLYD (VWH KRVSHGDGRU SXHGH VHU XQ SHUUR TXH HV OR PiV IUHFXHQWH
HQ UKLSLFHSKDOXV VDQJXLQHXV 3HUR WDPELpQ XQ URHGRU XQ UHSWLO R XQ DYH
GHUPDFHXWRU  'H HVWH PRGR VH H[SOLFD TXH DQLPDOHV TXH QXQFD VDOHQ GH
FDVDSXHGDQSDGHFHUXQDLQIHFWDFLyQSRUJDUUDSDWDV

 (Q HO PRPHQWR HQ TXH OD JDUUDSDWD KD VDWLVIHFKR VXV H[LJHQFLDV
QXWULFLRQDOHV FDH DO VXHOR \ HQ HO WUDQVFXUVR GH DOJXQRV GtDV R VHPDQDV
PXGDUi D QLQID OD FXDO UHDOL]DUi D VX YH] XQD ~QLFD LQJHVWD GH VDQJUH \ DO
FDER GH XQ SHUtRGR TXH SXHGH YDULDV HQWUH GRV VHPDQDV \ YDULRV PHVHV
PXGDUiDDGXOWR

 /D KHPEUD DGXOWD VH ILMD HQ DTXHOODV ]RQDV GHO SHUUR HQ ODV TXH OD
SLHOHVPiVILQD\SRUWDQWRORVYDVRVVDQJXtQHRVUHVXOWDQVHUODV]RQDVDODV
TXH HO SHUUR WLHQH GLItFLO DFFHVR 6HUiQ OD SDSDGD OD LQJOH HO EDMR YLHQWUH HO
HVFURWRHODQRODSDUWHLQWHUQDGHODRUHMD\ODSDUWHH[WHUQDDOUHGHGRUGHORV
RMRV

 /RV TXHOLVHURV R PDQGtEXODV SHQHWUDQ OD HSLGHUPLV \ ORV MXJRV
VDOLYDUHVGHODJDUUDSDWDGLJLHUHQORVWHMLGRVOHVLRQDGRV8QDYH]KHFKRHVWRHO
KLSRVWRPDVHKXQGHHQODSLHOHQYXHOWRHQODVVHFUHFLRQHVVDOLYDUHVODVFXDOHV
IRUPDQXQDHVSHFLHGHFHPHQWRTXHSHUPLWHXQDVyOLGDILMDFLyQGHODJDUUDSDWD
VREUHVXKRVSHGDGRU

 /D VXVWDQFLD DQWLFRDJXODQWH TXH FRQWLHQH OD VDOLYD DVHJXUD HO IOXMR
FRQVWDQWHGHVDQJUHGHVGHHOKRVSHGDGRUKDVWDHOSDUiVLWR

 0LHQWUDVWDQWRORVPDFKRVDGXOWRVYDQGHDPEXODQGRSRUHQFLPDGHO
FXHUSR GHO SHUUR KDVWD TXH HQFXHQWUDQ XQD KHPEUD (QWRQFHV VH VLW~DQ
GHEDMRGHHOODSDUDIHFXQGDU(VSRUHVRTXHPXFKDVYHFHVHQFRQWUDPRVXQD
JDUUDSDWDHQRUPHTXHHVFRQGHYDULDVJDUUDSDWDVSHTXHxDVEDMRVXUHFKRQFKR
FXHUSR

 &XDQGRODKHPEUD\DKDVLGRIHFXQGDGDUHDOL]DXQD~OWLPD\PDVLYD
LQJHVWLyQ GH VDQJUH TXH SXHGH GXUDU KDVWD FXDWUR GtDV WUDV OR FXDO VH GHMD
FDHU DO VXHOR \ GXUDQWH FLQFR D YHLQWH GtDV HVWi UHDOL]DQGR OD SXHVWD \
SUHIHUHQWHPHQWH HQ FHUFDV R YDOODV PDWRUUDOHV JULHWDV HQ HO VXHOR    (O
Q~PHURGHKXHYRVTXHSRQHRVFLODHQWUHWUHV\YHLQWHPLODORVTXHHQYROYHUi
FRQXQDHVSHFLHGHFHUDFRQHOILQGHSURWHJHUORVGHXQDSRVLEOHGHVHFDFLyQ


'DxRTXHSURYRFDODJDUUDSDWDDOSHUUR$GHPiVGHOULHVJRGHFRQWDPLQDFLyQ
EDFWHULDQDGHODVKHULGDV\GHOGHVHQFDGHQDPLHQWRGHUHDFFLRQHVDOpUJLFDVHQ
GHWHUPLQDGRV DQLPDOHV OD VDOLYD GH DOJXQDV HVSHFLHV GH JDUUDSDWDV FRQWLHQH
WR[LQDV QHXURWUySLFDV TXH SXHGHQ SURYRFDU SDUiOLVLV DVFHQGHQWH OLJDGDV D
DOWHUDFLRQHVFDUGtDFDV\UHVSLUDWRULDVVREUHWRGRVLODSLFDGXUDHVWiFHUFDGH
DOJ~Q yUJDQR LPSRUWDQWH $GHPiV GH HVWR VL HO Q~PHUR GH JDUUDSDWDV HQ XQ
VROR DQLPDO HV PX\ HOHYDGR OD DFFLyQ KHPDWyIRJD SXHGH VHU OR
VXILFLHQWHPHQWH LPSRUWDQWH SDUD SURYRFDU XQD DQHPLD 3HUR DTXHOOR TXH
FRQILHUHXQDPD\RUSHOLJURVLGDGDODJDUUDSDWDHVVXFDSDFLGDGSDUDWUDQVPLWLU
D WUDYpV GH OD VDOLYD XQD JUDQ YDULHGDG GH JpUPHQHV FDSDFHV GH FDXVDU
JUDYHVHQIHUPHGDGHVDORVSHUURV

 $OJXQDVGHHVWDVHQIHUPHGDGHVVRQGHLJXDOIRUPDSRWHQFLDOPHQWH
SHOLJURVDV SDUD ORV VHUHV KXPDQRV $GHPiV HVWRV PLVPRV JpUPHQHV TXH OD
JDUUDSDWDWUDQVSRUWDSDVDDVXVGHVFHQGLHQWHVSRUYtDWUDQVRYiULFDFRQORTXH
XQVRORLQGLYLGXRLQIHFWDGROLEHUDDOPHGLRDPELHQWHPLOHVGHKXHYRVLQIHFWDGRV
\OLVWRVSDUDWUDQVPLWLUODVHQIHUPHGDGHV

 $ FRQWLQXDFLyQ DOJXQRV JpUPHQHV \ ODV HQIHUPHGDGHV TXH
WUDQVPLWHQ

 %DEHVLD&DQLV%DEHVLRVLVR3LURSODVPRVLV
 (UOLFKLD&DQLV(DUOLFKLRVLV
 )UDQFLVHOOD7XODUHQVLV7XODUHPLD
 %RUUHOLD%RUUHOLRVLV
 +DHPREDUWRQHOOD+HPREDUWRQHORVLV
 +HSDWR]RRQPXULV+HSDWR]RRQRVLV
 $QDSODVPDPDUJLQDOH$QDSODVPRVLV

+HPDWyIDJRKHPDWRIDJLD$OLPHQWDFLyQFRQODVDQJUHGHRWURDQLPDO


3UHYHQFLyQ

x $UUHJODU\FHSLOODUDOSHUURUHJXODUPHQWH
x 8VDUFROODUHVDQWLJDUUDSDWDV PX\HIHFWLYR3UHYHQWLF 
x 1RXVDUFDPDVGHPLPEUH
x 1R VDFDU DO DQLPDO D ODV DP \R D ODV SP HQ TXH KD\ PiV
JDUUDSDWDV


/RV 3LRMRV /D LQIHVWDFLyQ SRU SLRMRV SHGLFXORVLV  QR HV FRP~Q HQ JDWRV \
SHUURV
 
 &XDQGRDSDUHFHVXHOHSURGXFLUXQLQWHQVRSUXULWRHQWRUQRDODFDEH]D\
FXHOORSURGXFLGRSRUXQSLRMRPRUGHGRUGHOJDWR IHOLFRODVXEURVWUDWXV RSRUHO
SLRMRVXFFLRQDGRUHQHOSHUUR OLQRJQDWKXVVHWRVXV 

 (Q LQIHVWDFLRQHV JUDYHV SXHGHQ SURGXFLU SUXULWR LQWHQVR FRVWUDV
GHELOLGDG\DQHPLDGHELGRDXQDSpUGLGDFUyQLFDGHVDQJUH


6DUQDGHPRGpFLFD(VWHWLSRGHVDUQDHVIUHFXHQWHHQHOSHUUR\HVSURGXFLGD
SRUHOSDUiVLWRGHPRGH[FDQLVPLHQWUDVTXHHQHOJDWRHVXQDHQIHUPHGDGPX\
UDUDFDXVDGDSRUODLQIHVWDFLyQGHGHPRGH[FDWL

 6H SUHVHQWD HQ GRV IRUPDV FOtQLFDV GLIHUHQWHV OD VDUQD GHPRGpFLFD
ORFDOL]DGD\ODVDUQDGHPRGpFLFDJHQHUDOL]DGDRGHPRGLFRVLV

 6DUQD ORFDOL]DGD 6H SUHVHQWD HQ OD FDEH]D GH SHUURV MyYHQHV /DV
OHVLRQHVFRQVLVWHQHQiUHDVFLUFXODUHVDORSpFLFDVGHVFDPDWLYDVTXH
FRQIUHFXHQFLDVHVLW~DQHQWRUQRDORVRMRV\PRUUR

 6DUQD JHQHUDOL]DGD 7DPELpQ OODPDGD VDUQD URMD 6H SUHVHQWD HQ
WRGRHOFXHUSRGHODQLPDO/DVOHVLRQHVWtSLFDVVRQDORSHFLDHULWHPD
\ HQ PXFKDV RFDVLRQHV QR SUXUtWLFDV 7DPELpQ SXHGHQ SURGXFLU
KLSHU SLJPHQWDFLyQ HQJURVDPLHQWR GH OD SLHO \ IRUPDFLyQ GH
S~VWXODV(QODVIRUPDVPiVJUDYHVSXHGHDSDUHFHUSUXULWRLQWHQVR
LQIHFFLRQHV EDFWHULDQDV VHFXQGDULDV \ OHVLRQHV JUDYHV SRU DXWR
DJUHVLyQ


6DUQD VDUFySWLFD 3ULQFLSDOPHQWH DIHFWD D ORV SHUURV DXQTXH VH KD YLVWR
DOJ~QFDVRH[FHSFLRQDOHQHOJDWR

 (VWi SURGXFLGD SRU HO iFDUR VDUFRSWHV VFDELHLFDQLV (VWH iFDUR H[FDYD
JDOHUtDV HQ OD FDSD VXSHUILFLDO GH OD HSLGHUPLV \ DOOt GHSRVLWD ORV KXHYRV /D
LQIHVWDFLyQ HV FDXVD GH XQ LQWROHUDEOH SUXULWR GH PXFKD LQWHQVLGDG $IHFWD D
SHUURVGHFXDOTXLHUHGDG

 3XHGH DIHFWD FXDOTXLHU UHJLyQ GHO FXHUSR SHUR ODV RUHMDV ORV FRGRV OD
VXSHUILFLHWLELDO\YHQWUDOVRQORVPiVDIHFWDGRV(QHVSHFLDOODVRUHMDVFDEH]D
\FRGRVSXHGHQUHVXOWDUJUDYHPHQWHPXWLODGRVSRUHOFRQWLQXRUDVFDGRGHODV
SDWDVSRVWHULRUHV

 /D SLHO DIHFWDGD SUHVHQWD SiSXODV W~QHOHV HQURMHFLGRV SRU GHEDMR GH OD
SLHO VXHOH HVWDU FDOLHQWH LQIODPDGD \ SDUFLDOPHQWH DORSpFLFD FRPR
FRQVHFXHQFLDGHOUDVFDGR\GHORVPRUGLVFRV


6DUQD RWRpGULFD (O iFDUR GH ODV RUHMDV RWRGHFWHV F\QRWLV HV OD FDXVD PiV
FRP~Q GH RWLWLV H[WHUQD HQ JDWRV \ HQ PHQRU PHGLGD HQ SHUURV +DELWD
SULQFLSDOPHQWH HQ ODV RUHMDV SURGXFLHQGR XQD VHFUHFLyQ HVSHVD GH FRORU
FDVWDxRURML]RIiFLOPHQWHLGHQWLILFDEOHHQSHUURV\JDWRVFRQRWLWLVSRUiFDURV

 3URGXFH XQD LUULWDFLyQ GHSHQGLHQGR GHO DQLPDO PRGHUDGD R JUDYH TXH
VHPDQLILHVWDSRUVDFXGLGDVGHODFDEH]D\UDVFDGRFRQODVSDWDVSRVWHULRUHV

 (QRFDVLRQHVSXHGHSURGXFLUXQDGHUPDWLWLVSUXUtWLFDHQWRUQRDOSDEHOOyQ
DXULFXODU\HQODSXQWDGHODFROD
6DUQD QRWRpGULFD VDUQD IHOLQD   7tSLFD VDUQD TXH DIHFWD D JDWRV
GRPpVWLFRV3URGXFLGDSRUHOiFDURQRWRHGUHVFDWL/DKHPEUDSRQHVXVKXHYRV
HQW~QHOHVLQWURHSLGpUPLFRV

 &OtQLFDPHQWH ODV OHVLRQHV VH LQLFLDQ HQ ORV ERUGHV GH ODV RUHMDV \
UiSLGDPHQWHVHH[WLHQGHQKDFLDODFDUDFXHOORFRGRSDWDV\JHQLWDOHV/DSLHO
DSDUHFHHQJURVDGD\UHFXELHUWDGHFRVWUDV

 (O SUXULWR LQWHQVR RULJLQD FRQ UDSLGH] DXWROHVLRQHV FRQ DORSHFLD H
LQIHFFLyQVHFXQGDULD

 (Q SHUVRQDV TXH PDQWLHQHQ FRQWDFWR FRQ JDWRV LQIHVWDGRV SXHGHQ
DSDUHFHUSiSXODVVXPDPHQWHSUXULJLQRVDVVREUHEUD]RV\WURQFR


&KH\OHWLHOORVLV 3URGXFLGD SRU XQD LQIHVWDFLyQ FRQ iFDURV GHO JpQHUR
FKH\OHWLHOOD (V IUHFXHQWH HQ SHUURV \ JDWRV SURGXFLHQGR FRPR VtQWRPD
SULQFLSDOXQDLQWHQVDGHVFDPDFLyQ

 (OGHVSOD]DPLHQWRGHORViFDURVSURGXFHXQPRYLPLHQWRGHODVHVFDPDV
FXWiQHDVORTXHKDOOHYDGRDHVWDHQIHUPHGDGDVHUOODPDGDFDVSDPyYLO/D
XELFDFLyQ GH HVWH iFDUR HV VREUH HO GRUVR GHO DQLPDO \ OD UHVSXHVWD D OD
LQIHVWDFLyQ HV YDULDEOH *HQHUDOPHQWH SURGXFH XQ OLJHUR SUXULWR DXQTXH HQ
JDWRVSXHGHGDUOXJDUDSUXULWRLQWHQVRFRQDXWROHVLRQHV

 /DV SHUVRQDV HQ FRQWDFWR FRQ DQLPDOHV LQIHVWDGRV SXHGHQ GHVDUUROODU
XQDHUXSFLyQSUXUtWLFDHQOD]RQDDEGRPLQDOSHFWRUDO\HQODVH[WUHPLGDGHV


 0LFRVLVR'HUPDWLWLVI~QJLFD
 
 ([LVWHQ DOUHGHGRU GH  HVSHFLHV GH KRQJRV SDWyJHQRV SDUD ORV
DQLPDOHV

 /DVHQIHUPHGDGHVFXWiQHDVI~QJLFDVHQSHUUR\JDWRSXHGHQGLYLGLUVHHQ
GHUPDWRPLFRVLV VXSHUILFLDO GHUPDWRILWRVLV  \ GHUPDWRPLFRVLV SURIXQGD R
PLFRVLVVLVWHPiWLFD/DVFXDOHVVRQGRVHQWLGDGHVFOtQLFDVGLIHUHQWHV

 8QD GHUPDWRILWRVLV HV XQD LQIHFFLyQ GH ORV WHMLGRV TXHUDWLQL]DGRV FRPR
XxDV SHORV \ HVWUDWR FyUQHR GH OD SLHO RFDVLRQDGR SRU HVSHFLHV GH
PLFURVSRUXPWULFRSK\WRQ\HSLGHUPRSK\WRQ

 8QD GHUPDWLRPLFRVLV HV XQD LQIHFFLyQ PLFyWLFD GHO SHOR XxDV R SLHO
FDXVDGDSRUXQJpQHURFODVLILFDGRFRPRGHUPDWRILWR



'HUPDWRPLFRVLVVXSHUILFLDO WLxD 3URGXFLGDHQODPD\RUtDGHODVRFDVLRQHV
SRUXQDHVSHFLHGHPLFURVSRUXP P&DQLV WDQWRHQODSLHOGHOJDWRFRPRHQ
HOSHUUR

 (QHOSHUURWDPELpQHVIUHFXHQWHODH[LVWHQFLDGHRWURKRQJR WULFKRSK\WRQ
PHQWDJURSK\WHV  /RV VtQWRPDV FOtQLFRV GHSHQGHQ GH OD VXVFHSWLELOLGDG
LQGLYLGXDO

 (Q JHQHUDO HVWiQ PiV SUHGLVSXHVWRV ORV DQLPDOHV MyYHQHV PDO
DOLPHQWDGRV\FRQEDMDVGHIHQVDV

 /DV OHVLRQHV SXHGHQ VHU ORFDOL]DGDV R JHQHUDOL]DGDV /DV ]RQDV PiV
IUHFXHQWHPHQWHORFDOL]DGDVVRQODFDEH]D\ODVH[WUHPLGDGHV

 /D OHVLyQ FOiVLFD GH WLxD FRQVLVWH HQ XQ FtUFXOR TXH VH GHVDUUROOD FRQ
UDSLGH]GHDORSHFLDWRWDORSDUFLDOURGHDQGRRFRQWHQLHQGRSHORVURWRV

 /D SLHO DSDUHFH VHFD KLSHUSLJPHQWDGD \ JHQHUDOPHQWH FXELHUWD FRQ
HVFDPDVJULViFHDV(OSUXULWRVXHOHVHULQIUHFXHQWH


0LFRVLVVLVWpPLFDV$IHFWDQDyUJDQRVLQWHUQRVDXQTXHSXHGHQH[SHULPHQWDU
GLIXVLyQKHPDWyJHQDKDFLDODSLHO

 /RV DJHQWHV FDXVDQWHV HM &U\WRFRFXV QHRIRUPDQV  DIHFWDQ D LQGLYLGXRV
FRQLQPXQRGHILFLHQFLDV

 /DV OHVLRQHV JHQHUDOPHQWH VH XOFHUDQ VRQ H[XGDWLYDV \ FRQ FRVWUDV 6H
FRQWDJLDQSRUFRQWDFWRGLUHFWRHQWUHDQLPDOHVHQIHUPRV



 'HUPDWLWLVEDFWHULDQDR3LRGHUPDV

  &RPR UHJOD JHQHUDO VH SXHGH DFHSWDU TXH HO HVWDEOHFLPLHQWR GH XQD
LQIHFFLyQHQODSLHOUHTXLHUHDOJ~QWLSRGHSUHGLVSRVLFLyQ

 /RV IDFWRUHV SUHGLVSRQHQWHV SXHGHQ VHU ORFDOHV \ JHQHUDOHV DOJXQRV GH
HOORV VRQ IULFFLyQ WUDXPDV H[FHVR GH KXPHGDG DFXPXODFLyQ GH VXFLHGDG
QXGRV GH SHORV LUULWDQWHV TXtPLFRV FRQJHODFLyQ TXHPDGXUDV LUUDGLDFLRQHV
DQHPLDGHVQXWULFLyQHWF

 /DV LQIHFFLRQHV EDFWHULDQDV SXHGHQ FRPSOLFDU OD GHUPDWRILWRVLV \ ODV
LQIHVWDFLRQHV SRU LQVHFWRV \ SDUiVLWRV (Q DOJXQRV FDVRV OD LQIHFFLyQ
PLFURELDQD HV GH Pi[LPD LPSRUWDQFLD \ HV SUREOHPD SULPDULR HQ RWURV HV
LQFLGHQWDO $Vt ODV LQIHFFLRQHV WHJXPHQWDULDV VH SXHGHQ FODVLILFDU FRPR
SULPDULDVRVHFXQGDULDV


 /DVLQIHFFLRQHVSULPDULDVRFXUUHQHQXQDSLHOVDQD/DPD\RUtDGH
ODV YHFHV VH DtVOD VyOR XQ PLFURRUJDQLVPR (O SURFHVR VH UHVXHOYH
FRQPHGLFDFLyQDQWLEDFWHULDQDRTXLPLRWHUDSLDDGHFXDGD

 /DVLQIHFFLRQHVVHFXQGDULDVRFXUUHQHQODSLHOHQIHUPD6HSXHGH
DLVODU PiV GH XQ PLFURRUJDQLVPR HVWi SUHVHQWH XQ SDWUyQ GH
HQIHUPHGDG PHQRV WtSLFR ODV WHUDSLDV VRQ PHQRV HILFDFHV \ HO
WUDWDPLHQWRGHOFXDGURSULPDULRHVYLWDOSDUDXQUHVXOWDGRSRVLWLYR



'HUPDWLWLVYtULFDV
 
  +D\WUHVYLUXVTXHSXHGHQFDXVDUOHVLRQHVFXWiQHDVLPSRUWDQWHV

 3R[YLUXVGHOJDWR3URGXFHXQDOHVLyQHQIRUPDGHSODFDVQRGXODUHV
FLUFXODUHV\P~OWLSOHV6XHOHQXOFHUDUVH

 0RTXLOOR 6H FDUDFWHUL]D SRU iUHDV FLUFXODUHV GH KLSHUTXHUDWRVLV HQ
ODVDOPRKDGLOODVSODQWDUHV\HQKRFLFR

 3DSLORPDWRVLV(VIUHFXHQWHHQDQLPDOHVMyYHQHV6HSUHVHQWDHQOD
UHJLyQ GH OD PXFRVD RUDO \ OiELFD 6H SURGXFHQ FUHFLPLHQWRV FRQ
DVSHFWRGHFROLIORUEODQFRV\SLJPHQWDGRV


 'HUPDWLWLVDOpUJLFDV

 $OHUJLDDODVSXOJDV
 $OHUJLDRGHUPDWLWLVSRUFRQWDFWR
 $OHUJLDDOLPHQWDULD
 $WLStFD







You might also like