Professional Documents
Culture Documents
$UWtFXORGHUHYLVLyQ
+HOLFREDFWHUS\ORULXQPRGHORGHEDFWHULDFDUFLQRJpQLFD
&DUROLQD5RPR*RQ]iOH]
9tFWRU5DIDHO&RULD-LPpQH]
5(680(1
+HOLFREDFWHUS\ORULHVXQPLFURRUJDQLVPRTXHKDELWXDOPHQWHVHHQFXHQWUDHQHOHVWyPDJRKXPDQR6HFRQVLGHUDTXHDSUR[LPD
GDPHQWHGHORVVHUHVKXPDQRVHVWiQFRORQL]DGRVSRUHVWDEDFWHULD/RVSRUFHQWDMHVGHFRORQL]DFLyQYDUtDQGHDFXHUGRFRQ
ODVFRQGLFLRQHVVRFLRHFRQyPLFDVGHORVLQGLYLGXRV\FRQHOGHVDUUROORHFRQyPLFRGHOSDtVSUHVHQWiQGRVHODVWDVDVPiVDOWDVGH
FRORQL]DFLyQHQORVVHFWRUHVVRFLDOPHQWHGHVIDYRUHFLGRVGHORVSDtVHVHQGHVDUUROOR+S\ORULHVUHFRQRFLGRFRPRXQSDWyJHQR
LPSOLFDGRHQHOGHVDUUROORGHJDVWULWLV~OFHUDSpSWLFDFiQFHUJiVWULFR\OLQIRPDWLSR0$/70XFRVD$VVRFLDWHG/\PSKRLG7LVVXH
SDWRORJtDVLQGXFLGDVDODUJRSOD]RSRUODFRORQL]DFLyQGHOHVWyPDJR\XQSURFHVRLQDPDWRULRFUyQLFRDVRFLDGRFRQODSUHVHQFLDGHO
PLFURRUJDQLVPR\FRQODDFWLYLGDGGHVXVIDFWRUHVGHYLUXOHQFLD/RVFRQRFLPLHQWRVGHULYDGRVGHODLQYHVWLJDFLyQVREUHODVLRORJtD
GH+S\ORUL\VXUHODFLyQKXpVSHGSDUiVLWRKDQFDPELDGRORVSDUDGLJPDVHQ0HGLFLQDVREUHHORULJHQWUDWDPLHQWR\SUROD[LVGHODV
HQIHUPHGDGHVDVRFLDGDVFRQODLQIHFFLyQSRU+S\ORUL\VREUHORVHYHQWRVGHFDUFLQRJpQHVLVLQGXFLGDSRUPLFURRUJDQLVPRV
3DODEUDVFODYH+HOLFREDFWHUS\ORULHQIHUPHGDGHVDVRFLDGDVGLDJQyVWLFRWUDWDPLHQWR
$%675$&7
+HOLFREDFWHUS\ORULLVDPLFURRUJDQLVPWKDWLVXVXDOO\IRXQGLQWKHKXPDQVWRPDFK,WLVFRQVLGHUHGWKDWDSSUR[LPDWHO\RIKXPDQ
EHLQJLVFRORQL]HGE\WKLVEDFWHULXP7KHSHUFHQWDJHRIFRORQL]DWLRQYDULHVGHSHQGLQJRQWKHVRFLRHFRQRPLFVWDWXVRIWKHSHRSOHDQG
RQWKHHFRQRPLFGHYHORSPHQWRIWKHFRXQWU\ZLWKKLJKUDWHRIFRORQL]DWLRQVHHQLQWKHPRVWXQSURWHFWHGJURXSVDQGLQGHYHORSLQJ
FRXQWULHV+S\ORULLVUHFRJQL]HGDVDSDWKRJHQLFDJHQWZKLFKLVLQYROYHGLQWKHGHYHORSPHQWRIJDVWULWLVSHSWLFXOFHUVJDVWULFFDUFLQR
PDDQG0$/7O\PSKRPD7KHVHSDWKRORJLHVDUHLQGXFHGE\WKHORQJWHUPFRORQL]DWLRQRIWKHVWRPDFKE\WKHPLFURRUJDQLVPDQGWKH
FKURQLFLQDPPDWRU\SURFHVVLWSURYRNHVDVZHOODVWKHDFWLYLWLHVRILWVYLUXOHQWIDFWRUV7KHNQRZOHGJHGHULYHGIURPUHVHDUFKRQWKH
SK\VLRORJ\RI+S\ORULDQGLWVKRVWSDUDVLWHUHODWLRQVKLSKDYHFKDQJHGPHGLFDOSDUDGLJPVRQWKHHWLRORJ\WUHDWPHQWDQGSURSK\OD[LV
RIGLVHDVHVDVVRFLDWHGZLWKLQIHFWLRQE\+S\ORULDQGRQWKHHYHQWVRIFDUFLQRJHQHVLVLQGXFHGE\WKHPLFURRUJDQLVP
.H\ZRUGV+HOLFREDFWHUS\ORULUHODWHGGLVHDVHVGLDJQRVLVWUHDWPHQW
'
HVGHORVSULQFLSLRVGHODEDFWHULRORJtDPp (QODGpFDGDGH0DUVKDOO\:DUUHQJDVWURHQWH
GLFDDQDOHVGHOVLJOR;,;VHFODVLFDED UyORJRV DXVWUDOLDQRV IXHURQ FDSDFHV GH GHPRVWUDU HQ
DOHVWyPDJRKXPDQRFRPRXQRUJDQLVPR ELRSVLDVREWHQLGDVDSDUWLUGHSDFLHQWHVFRQJDVWULWLV\
HVWpULO\HQODVFRQWDGDVRFDVLRQHVHQTXH ~OFHUDJiVWULFDODSUHVHQFLDGHXQPLFURRUJDQLVPRVH
VHORJUDEDQYLVXDOL]DUPLFURRUJDQLVPRVDVRFLDGRVFRQOD PHMDQWHD&DPS\OREDFWHUPiVD~QHVWRVLQYHVWLJDGRUHV
PXFRVDJiVWULFDVHOHVFRQVLGHUDEDRUDFRQWDPLQDQWH REWXYLHURQFXOWLYRVSXURVGHODEDFWHULD\DSDUWLUGHOD
LQRFXODFLyQHQXQYROXQWDULRHOSURSLR'U0DUVKDOO
GHPRVWUDURQTXH+S\ORULHUDDJHQWHFDXVDOGHJDVWULWLV
/DERUDWRULRGH%DFWHULRORJtD([SHULPHQWDO,QVWLWXWR1DFLRQDO GHPRVWUDURQODLQGXFFLyQGHDQWLFXHUSRVHVSHFtFRVFRQ
GH3HGLDWUtD0p[LFR WUDODEDFWHULDGHVDUUROODURQPpWRGRVSDUDHOGLDJQyVWLFR
&RUUHVSRQGHQFLD'U9tFWRU5DIDHO&RULD-LPpQH]/DERUDWRULR GHODPLVPDGHVFULELHURQIDFWRUHVEDFWHULDQRVDVRFLDGRV
GH%DFWHULRORJtD([SHULPHQWDO,QVWLWXWR1DFLRQDOGH3HGLDWUtD FRQODYLUXOHQFLDGHOPLFURRUJDQLVPRLQWURGXMHURQHO
,QVXUJHQWHV6XU&FRORQLD,QVXUJHQWHV&XLFXLOFR0p[LFR
')&3&RUUHRHOHFWUyQLFRUDIDHOFRULD#\DKRRFRP XVRGHDQWLELyWLFRVSDUDHOWUDWDPLHQWRH[LWRVRGHJDVWULWLV
5HFLELGRMXQLR$FHSWDGRVHSWLHPEUH \~OFHUD\DVRFLDURQODLQGXFFLyQGHOSURFHVRLQDPD
(VWHDUWtFXORGHEHFLWDUVHFRPR5RPR*RQ]iOH]&&RULD-L
WRULRFUyQLFRRULJLQDGRSRUODEDFWHULDFRQHOGHVDUUROOR
PpQH]95+HOLFREDFWHUS\ORULXQPRGHORGHEDFWHULDFDUFLQR SRVWHULRUGHFiQFHUJiVWULFRDEULHQGRQXHYDVIURQWHUDV
JpQLFD5HY(VS0HG4XLU HQOD0HGLFLQDORTXHOHVYDOLyODFRQFHVLyQGHO3UHPLR
1REHOHQHODxR
$OWDSURGXFFLyQGH
iFLGRJiVWULFR
OFHUD
GXRGHQDO
*$675,7,6&51,&$
3UHGRPLQDQWHDQWUR /LQIRPDWLSR
0$/7
*DVWULWLV *$675,7,6
$VLQWRPiWLFR
FUyQLFD &51,&$
0XFRVD QRDWUyFD
JiVWULFD
QRUPDO OFHUD
*DVWULWLV JiVWULFD
DJXGD
*$675,7,6$75),&$
3UHGRPLQDQWHFXHUSR
0(7$3/$6,$
,17(67,1$/
',63/$6,$ &iQFHU
$OWDSURGXFFLyQGH
iFLGRJiVWULFR JiVWULFR
)LJXUD+LVWRULDQDWXUDOGHODLQIHFFLyQSRU+S\ORUL
LQGXFFLyQGHPXWDFLRQHVHQJHQHVVXSUHVRUHVGHWXPRUHV HQWUHORVIDFWRUHVEDFWHULDQRV\HOWLSRGHHQIHUPHGDGTXH
HLQGXFFLyQGHVXVWDQFLDVUHDFWLYDVDOR[tJHQR52,VHQ SUHVHQWDHOKXpVSHGKDQVLGRDPSOLDPHQWHHVWXGLDGDV\
FXDQWRDORVFDPELRVLQGXFLGRVSRUHOSURFHVRLQDPD DOJXQDVGHHOODVVHSUHVHQWDQHQHO&XDGUR
WRULRGHVWDFDQODSURGXFFLyQGHFLWRFLQDV\TXLPLRFLQDV
71)_,)1a,/,/,/HOUHFOXWDPLHQWRGH ',9(56,'$'*(1e7,&$
FpOXODVSURLQDPDWRULDVODOHVLyQDFpOXODVHSLWHOLDOHV
PHGLDGDVSRU52,VORTXHRULJLQDDSRSWRVLVSUROLIH /DV EDFWHULDV TXH WLHQHQ QLFKRV UHVWULQJLGRV FRPR +
UDFLyQFRPSHQVDWRULD\H[SDQVLyQFORQDOGHODVFpOXODV S\ORUL WLHQHQ OD SHFXOLDULGDG GH FRQWHQHU XQ JHQRPD
PXWDGDVSDUWHGHHVWRVPHFDQLVPRVVXVUHODFLRQHV\VXV UHODWLYDPHQWH SHTXHxR \ FRPSDFWR (O JHQRPD GH +
HYLGHQFLDVKLVWROyJLFDVVHSUHVHQWDQHQOD)LJXUD S\ORULHVGHa0EPiVSHTXHxRTXHDOJXQRVRWURV
JHQRPDVVHFXHQFLDGRVGHEDFWHULDVJUDPQHJDWLYDV+
)$&725(6'(9,58/(1&,$ S\ORULIXHODSULPHUDEDFWHULDHQODFXDOGRVFHSDVIXHURQ
VHFXHQFLDGDV \ FRPSDUDGDV /D SULPHUD FHSD VHFXHQ
/RVIDFWRUHVGHYLUXOHQFLDGH+S\ORULSXHGHQFODVLFDU FLDGD IXH OD HQ OD VHJXQGD IXH OD - HQ
VHHQDORVXWLOL]DGRVSDUDLQLFLDUODFRORQL]DFLyQHQHO \XQDWHUFHUDFHSDIXHOD+3$*HQ$UDt]
KXpVSHGEORVLPSOLFDGRVHQODSHUVLVWHQFLDEDFWHULDQD GHODVSULPHUDVGRVVHFXHQFLDFLRQHVVHSXGRFRPSDUDU
DWUDYpVGHODHYDVLyQGHOVLVWHPDLQPXQLWDULR\FORV HO FRQWHQLGR JHQyPLFR GH + S\ORUL PRVWUDQGR TXH
TXHLQWHUYLHQHQGDxDQGRDOWHMLGRGHODPXFRVDJiVWULFD KD\JHQHVSUHVHQWHVHQXQDFHSD\QRHQODRWUDHVWRV
GHOKXpVSHG\VXDVRFLDFLyQFRQHQIHUPHGDGHQHO&XD JHQHVHVSHFtFRVGHFHSDHTXLYDOHQDGHOWRWDOGHO
GURVHPXHVWUDDOJXQRVGHHVWRVIDFWRUHV$OPLVPR JHQRPD GHO PLFURRUJDQLVPR OD PD\RU SDUWH GH HVWRV
WLHPSRVHKDQLGHQWLFDGRPDUFDGRUHVGHSDWRJHQLFLGDG JHQHVHVWiQORFDOL]DGRVHQUHJLRQHVKLSHUYDULDEOHVGHQWUR
GH+S\ORULTXHVHHQFXHQWUDQUHODFLRQDGRVGHPDQHUD GHOJHQRPDOODPDGDV]RQDVGHSODVWLFLGDG=3V8QD
FDUDFWHUtVWLFDFRQGLIHUHQWHVDIHFFLRQHVHVWDVUHODFLRQHV GHHVWDV=3VHVODLVODGHSDWRJHQLFLGDGFDJ3$,+
&XDGUR)DFWRUHVGHYLUXOHQFLDGH+S\ORUL
(WDSD )DFWRUHVGHYLUXOHQFLD
&RORQL]DFLyQ 5HVLVWHQFLDDOiFLGRXUHDVD
$GKHUHQFLDDOHSLWHOLRDGKHVLQDV%DE$6DE$\2LS$
3HUVLVWHQFLD (OPHFDQLVPRSULQFLSDOSDUDSHUPDQHFHUHQODPXFRVDJiVWULFDHVODHYDVLyQGHOVLVWHPD
LQPXQLWDULR
(YLWDVHUGDxDGRSRUHVSHFLHVUHDFWLYDVGHOR[LJHQRPHGLDQWHVXVHQ]LPDVVXSHUy[LGR
GLVPXWDVD6RG%FDWDODVD.DW$
0LPHWLVPRPROHFXODUHQWUHVX/36FRQORVDQWtJHQRV/HZLVGHODVFpOXODVHSLWHOLDOHV
'DxRDODPXFRVDJiVWULFD /DSURWHtQD+31$3SURWHtQDDFWLYDGRUDGHQHXWUyORVGH+S\ORULLQGXFHODDGKHVLyQ
UHFOXWDPLHQWR \ DFWLYDFLyQ GH QHXWUyORV (VWDV FpOXODV OLEHUDQ UDGLFDOHV GH R[tJHQR
SURYRFDQGDxRDOWHMLGRFDXVDQGRODOLEHUDFLyQGHQXWULHQWHVORVFXDOHVSURPXHYHQOD
VXSHUYLYHQFLDGH+S\ORUL
&LWRFLQDV 3URGXFWRV
4XLPLRFLQDV EDFWHULDQRV
$WURD 'DxRDO
$SRSWRVLV
JiVWULFD $'1
1HRSODVLD
)LJXUD0HFDQLVPRVTXHSDUWLFLSDQHQODLQGXFFLyQGHFiQFHUJiVWULFRDGDSWDGDGH%ODVHU\$WKHUWRQ
&XDGUR)DFWRUHVGHYLUXOHQFLDGH+S\ORULDVRFLDGRVFRQODHQIHUPHGDG
SREODFLyQHLQFOXVRHQWUHDLVODPLHQWRVGHOPLVPRLQGLYL FRQRFHUHOFRQWHQLGRJHQpWLFRGHDLVODPLHQWRVPRV
GXRVXJLULHQGRFRQHVWR~OWLPRODSUHVHQFLDGHLQIHFFLyQ WUDQGRTXHH[LVWHQJHQHVSUHVHQWHVHQWRGDVODVFHSDV
PL[WD(VWDGLYHUVLGDGJHQpWLFDHQWUHORVDLVODPLHQWRV FRUHGHJHQHV\JHQHVTXHYDUtDQHQWUHXQDVFHSDV
GH+S\ORUL\ODSRVLELOLGDGGHLQWHUDFFLyQEDFWHULDQD \RWUDVORVJHQHVHVSHFtFRVGHFHSD(VWXGLRVSRVWH
PHGLDQWHHOLQWHUFDPELRGHLQIRUPDFLyQJHQpWLFDSHUPLWH ULRUHVKDQFRPSDUDGRHOFRQWHQLGRJHQyPLFRGHFHSDV
ODJHQHUDFLyQGHFHSDVUHFRPELQDQWHVPHMRUDGDSWDGDV GH XQ PLVPR LQGLYLGXR FHSDV DLVODGDV HQ GLIHUHQWHV
DO KXpVSHG &yPR \ SRU TXp + S\ORUL JHQHUD VX SHULRGRVGHOSURFHVRLQIHFFLRVRFHSDVDQWHV\GHVSXpV
GLYHUVLGDG"/DUHVSXHVWDLQPXQLWDULDLQQDWD\ODDGDS GH GHVDUUROODU LQIHFFLyQ HQ PRGHORV DQLPDOHV UDWyQ
WDWLYD VH FRPELQDQ FRQ IDFWRUHV DPELHQWDOHV SURSLRV PRQR\MHUERFHSDVDWHQXDGDVSRUSDVHVVXFHVLYRV
GHO HVWyPDJR \ SDUHFHQ FRQGXFLU FRQWLQXDPHQWH D XQ HQ DQLPDOHV GH H[SHULPHQWDFLyQ FHSDV GH GLIHUHQWHV
DOWR JUDGR GH YDULDFLyQ JHQpWLFD + S\ORUL XWLOL]D VX UHJLRQHVJHRJUiFDVFHSDVGHQLxRV\DGXOWRV\UHFLHQ
DPSOLDFDSDFLGDGGHYDULDFLyQFRPRXQDHVWUDWHJLDSDUD WHPHQWHFHSDVGHDGXOWRVFRQGLIHUHQWHVHQIHUPHGDGHV
ORJUDUXQDLQIHFFLyQSHUVLVWHQWHDFRUWRSOD]RXWLOL]DOD JDVWURGXRGHQDOHV FRPR JDVWULWLV FUyQLFDQR DWUyFD
UHJXODFLyQGHJHQHVHQUHVSXHVWDDODPELHQWHHQHOTXH ~OFHUD GXRGHQDO \ FiQFHU JiVWULFR /D GLYHUVLGDG
VHHQFXHQWUDJUDFLDVDVLVWHPDVUHJXODGRUHVFRPR)XU JHQpWLFDGH+S\ORULDVtFRPRHOJUDQWLHPSRTXHKD
1LN5\&VU$\DODUJRSOD]RXWLOL]DVXFDSDFLGDGGH SHUPDQHFLGRFRPRXQDEDFWHULDDVRFLDGDDOKXPDQRKD
FRPSHWHQFLD QDWXUDO DOWRV tQGLFHV GH UHFRPELQDFLyQ SHUPLWLGRTXHHVWDEDFWHULDVLUYDFRPRXQLQGLFDGRUGHO
PXWDFLyQHVSRQWiQHD\PHFDQLVPRVFRPRODYDULDFLyQ XMRGHODVPLJUDFLRQHVKXPDQDV'LVWLQWRVJUXSRVGH
GHIDVHORFXDOSURYRFDGLYHUVLGDGJHQyPLFDDGDSWD FLHQWtFRV FRQFOX\HQ TXH OD HYROXFLyQ JHQpWLFD GH OD
FLyQVHOHFFLyQ\SHUVLVWHQFLD/DPDFURGLYHUVLGDG EDFWHULDKDLGRDODSDUFRQODGHOVHUKXPDQRKDVWDOOHJDU
VHUHHUHDODGLYHUVLGDGJHQpWLFDREVHUYDGDJUDFLDVD DOSXQWRHQTXH+S\ORULGHLJXDOIRUPDTXHHOJpQHUR
OD JHQRPRWLSLFDFLyQ HVWR HV OD JHQRWLSLFDFLyQ GH KXPDQRKDPRGLFDGRVXGLYHUVLGDGJHQpWLFDDPHGLGD
SDWyJHQRVPHGLDQWHHOXVRGHPLFURDUUHJORV(OSULPHU TXHVHDOHMDEDJHRJUiFDPHQWHGHOHVWHGHIULFD$Vt
HVWXGLR GH JHQRPRWLSLFDFLyQ GH + S\ORUL SHUPLWLy WDPELpQFXDQGRVHKDQFRPSDUDGRODVFDUDFWHUtVWLFDV
JHQpWLFDVGHFHSDVHXURSHDVDVLiWLFDV\DPHULFDQDVVHKD WULFDWRPDGDSRUHQGRVFRSLDHQWDQWRTXHODVSUXHEDV
SRGLGRHVWDEOHFHUHORULJHQGHODVSREODFLRQHVKXPDQDVD QR LQYDVLYDV QR UHTXLHUHQ HQGRVFRSLD \ VH EDVDQ HQ
SDUWLUGHODVFDUDFWHUtVWLFDVJHQpWLFDVGHVXVSREODFLRQHV HYLGHQFLDUODLQIHFFLyQGHIRUPDLQGLUHFWD(O&XDGUR
RULJLQDOHVGH+S\ORUL PXHVWUDGHPDQHUDJHQHUDOODVSUXHEDVTXHSXHGHQVHU
XWLOL]DGDVSDUDHOGLDJQyVWLFRGH+S\ORUL\ODVHQVLEL
5(638(67$,10812/*,&$'(/+8e63(' OLGDG\HVSHFLFLGDGGHFDGDXQDGHHOODV
$/$,1)(&&,1
75$7$0,(172
/DFRORQL]DFLyQGHODPXFRVDJiVWULFDSRU+S\ORULGHV
HQFDGHQDXQDUHVSXHVWDLQDPDWRULDHQXQSULQFLSLRpVWD 6HKDQSURSXHVWRYDULRVHVTXHPDVGHWUDWDPLHQWRSDUD
HVXQDUHVSXHVWDDJXGD\SRVWHULRUPHQWHGHULYDHQXQDUHV ODHUUDGLFDFLyQGH+S\ORULTXHYDQGHVGHPRQRWHUDSLD
SXHVWDFUyQLFD'XUDQWHHOSURFHVRLQIHFFLRVRVHSUHVHQWD KDVWDODFRPELQDFLyQGHXQDYDULHGDGGHPHGLFDPHQWRV
XQSUHGRPLQLRGHODUHVSXHVWDWLSR7K(QHO&XDGUR GHVGHEORTXHDGRUHVGHODDFLGH]FRPRLQKLELGRUHVGH
VHUHVXPHQDOJXQDVGHODVFDUDFWHUtVWLFDVLPSOLFDGDVHQ ODERPEDGHSURWRQHVRPHSUD]ROODQVRSUD]ROSDQWR
ODUHVSXHVWDDODLQIHFFLyQSRU+S\ORUL(VLPSRUWDQWH SUD]RO\UDEHSUD]RO\DQWLELyWLFRVFRPRDPR[LFLOLQD
GHVWDFDUDOJXQRVGHORVPHFDQLVPRVTXHXWLOL]D+S\ORUL FODULWURPL]LQDRPHWURQLGD]RO6LQHPEDUJRODWHUDSLD
SDUDHYDGLUODUHVSXHVWDLQPXQROyJLFDGHOKXpVSHGHQWUH GHHUUDGLFDFLyQUHFRPHQGDGDHVXQDWHUDSLDWULSOHTXH
HOORVHOPLPHWLVPRPROHFXODUGHORVDQWtJHQRV/HZLV LQWHJUDDXQLQKLELGRUGHODERPEDGHSURWRQHV\GRV
/H[\/H\GHODEDFWHULD\HOKXpVSHG DQWLELyWLFRVFODULWURPLFLQDDPR[LFLOLQDRPHWURQLGD]RO
\HOUpJLPHQSXHGHLUGHXQDDGRVVHPDQDV$SUR[LPD
',$*167,&2'(/$,1)(&&,1 GDPHQWHGHORVSDFLHQWHVQRORJUDODHUUDGLFDFLyQ
HQODSUiFWLFDFOtQLFD8QDGHODVSULQFLSDOHVFDXVDVSRU
/RV PpWRGRV GH GLDJQyVWLFR GH UXWLQD SDUD GHWHFWDU ODVTXHIDOODODHUUDGLFDFLyQGH+S\ORULHVODSUHVHQFLD
ODLQIHFFLyQGH+S\ORULVHGLYLGHQHQLQYDVLYRV\QR GH FHSDV UHVLVWHQWHV D ORV DQWLELyWLFRV XVDGRV FRP~Q
LQYDVLYRV/DVSUXHEDVLQYDVLYDVHPSOHDQELRSVLDJiV PHQWHHQHOWUDWDPLHQWR/DVXVFHSWLELOLGDGGH+S\ORUL
&XDGUR5HVSXHVWDLQPXQROyJLFDHQODLQIHFFLyQSRU+S\ORUL
&DUDFWHUtVWLFD &RPHQWDULR
5HVSXHVWDLQPXQROyJLFDLQQDWD 3DUWLFLSDFLyQGHUHFHSWRUHV7ROOOLNHUHFHSWRUV7/5V(QODPXFRVDJiVWULFDVHH[SUHVDQ7/5
7/5\7/5
5HVSXHVWDLQPXQROyJLFDFHOXODU 5HFOXWDPLHQWR LQLFLDO GH QHXWUyORV \ SRVWHULRUPHQWH GH OLQIRFLWRV HRVLQyORV \ PDFUyIDJRV HQ
UHVSXHVWDDODLQIHFFLyQ
5HVSXHVWD LQPXQROyJLFD KX /RVOLQIRFLWRV%GHOLQOWUDGRLQDPDWRULR\ORVIROtFXORVOLQIRLGHVIRUPDGRVHQUHVSXHVWDDODLQIHFFLyQ
PRUDO SURGXFHQSULQFLSDOPHQWHDQWLFXHUSRVGHOWLSR,J$H,J*
3HUOGHFLWRFLQDV /DVFpOXODVHSLWHOLDOHVSURGXFHQFLWRFLQDVFRPR,/,/,/,)1\71)
3ULQFLSDOPHQWHFLWRFLQDVWLSR7K\FLWRFLQDVSURLQDPDWRULDVSULQFLSDOPHQWH,/
(VFDVDVFLWRFLQDVWLSR7K,/H,/
0RGXODFLyQ GH OD UHVSXHVWD $OJXQDVPROpFXODVGH+S\ORULFRPRHO/36SURPXHYHQXQEDODQFHHQWUHORVGRVSHUOHV7K
7K7K 7KGHSHQGLHQGRGHORVDQWtJHQRVTXHH[SUHVHHO/36LQWHUDFW~DQFRQHOUHFHSWRU'&6,*1'&
VSHFLF,&$0JUDEELQJQRQLQWHJULQGHODVFpOXODVGHQGUtWLFDVFRQEDVHHQHVWRODH[SUHVLyQ
GHFLWRFLQDVSXHGHVHUGHOWLSR7KR7K
/DPRGXODFLyQGHODUHVSXHVWDSRGUtDHVWDULQXLGDRGHWHUPLQDGDSRUXQWLSRGHFHSDTXL]iPiV
YLUXOHQWD
'LIHUHQFLDV HQ OD UHVSXHVWD (OLQOWUDGRHQDGXOWRVJHQHUDOPHQWHFRQVLVWHGHPRQRFLWRV\QHXWUyORV
LQPXQROyJLFDGHQLxRV\DGXOWRV (QORVQLxRVHVWHLQOWUDGRHVSULQFLSDOPHQWHGHFpOXODVPRQRQXFOHDUHV
(YDVLyQGHODUHVSXHVWDLQPX $OJXQDVSURWHtQDVGH+S\ORULFDPELDQVXHVWUXFWXUDRELHQSUHVHQWDQPLPHWLVPRPROHFXODUFRQ
QROyJLFD RWUDVHVWUXFWXUDVFRPRORVDQWtJHQRV/HZLVTXHSHUPLWHQDODEDFWHULDHVFDSDUGHORVPHFDQLVPRV
GHIDJRFLWRVLV
&XDGUR3UXHEDVGHGLDJQyVWLFRSDUDODGHWHFFLyQGH+S\ORUL
DORVGLVWLQWRVDQWLELyWLFRVXWLOL]DGRVYDUtDHQWUHSDtVHV LQFUHPHQWRFRQVWDQWHGHHVWDUHVLVWHQFLDHVGHELGDDOD
H LQFOXVR HQWUH UHJLRQHV HVWD YDULDELOLGDG GHSHQGH SUHVLyQVHOHFWLYDODFXDOGHSHQGHGHOQ~PHURGHDQWLPL
TXL]iGHOXVRTXHVHOHVGDDORVDQWLELyWLFRVGHPDQHUD FURELDQRVXWLOL]DGRVHQXQSDtVGHWHUPLQDGR0pJUDXG
JHQHUDOHQODSUiFWLFD8QRGHORVSULQFLSDOHVSXQWRVD WDPELpQVHxDOyTXHHQ(XURSDKD\XQDUHVLVWHQFLDJOREDO
FRQVLGHUDUSDUDODVHOHFFLyQGHHVTXHPDVIXQFLRQDOHVGH GHDFODULWURPLFLQDHQFHSDVGHDGXOWRVREVHUYiQ
HUUDGLFDFLyQHQXQDSREODFLyQHVFRQRFHUHOSDWUyQGH GRVHFLHUWDVGLIHUHQFLDVHQWUHORVSDtVHVGHO1RUWH\6XU
VXVFHSWLELOLGDGGH+S\ORULSULQFLSDOPHQWHHQ]RQDVGH DGLFLRQDOPHQWHH[LVWHXQDFRUUHODFLyQHQWUHHOFRQVXPR
DOWDSUHYDOHQFLDFRPRORVSDtVHVHQGHVDUUROORGRQGHHO GHPDFUyOLGRVHQXQGHWHUPLQDGRSDtV\ODUHVLVWHQFLDGH
IUDFDVRGHOWUDWDPLHQWR\ODDSDULFLyQGHODUHVLVWHQFLDD +S\ORULDWLSRGHDQWLPLFURELDQRVORTXHLQGLFDTXHHO
ORVDQWLELyWLFRVFRQWLQ~DVLHQGRXQSUREOHPDHQFRP FRQVXPRGHDQWLELyWLFRVHVSHFLDOPHQWHSDUDWUDWDUODV
SDUDFLyQFRQSDtVHVGHVDUUROODGRVGRQGHODLQIHFFLyQVH LQIHFFLRQHVUHVSLUDWRULDVHVXQIDFWRUGHULHVJRLPSRU
HQFXHQWUDGLVPLQX\HQGRGHELGRDOp[LWRGHVXVWHUDSLDV WDQWHSDUDODUHVLVWHQFLD
HQFRPELQDFLyQFRQPHMRUDVHQKLJLHQHFRPXQLWDULDTXH
GHDOJXQDPDQHUDLPSLGHQXQDUHLQIHFFLyQ8QHVWXGLR 3(563(&7,9$6
UHDOL]DGRHQ0p[LFRGRQGHODSUHYDOHQFLDGH+S\ORUL
HVDOWDPXHVWUDORVUHVXOWDGRVGHODVXVFHSWLELOLGDGDQWL /DSUHYDOHQFLDGHSURFHVRVLQIHFFLRVRVSRU+S\ORULVH
PLFURELDQDSUHVHQWHHQFHSDVGHQLxRV\DGXOWRVGXUDQWH HQFXHQWUDGLVPLQX\HQGRHQORVSDtVHVGHVDUUROODGRVD
XQSHULRGRGHWUHVDxRVUHSRUWiQGRVHDOWDUHVLVWHQFLDD FRQVHFXHQFLDGHOLQFUHPHQWRHQVXVHVWiQGDUHVGHYLGD
PHWURQLGD]RO D FODULWURPLFLQD \ D DSDUHQWHPHQWHH[LVWHXQDWHQGHQFLDDTXHHORUJDQLVPR
DPR[LFLOLQDHVWHHVWXGLRVHOOHYyDFDERHQFHSDV HYROXFLRQHGHVGHXQSDWyJHQRKDFLDXQFRPHQVDOHLQ
PH[LFDQDVDLVODGDVHQORVSHULRGRVGHORV FOXVRDXQPXWXDOLVWD6HKDGHPRVWUDGRTXHH[LVWHXQ
DXWRUHVFRPHQWDQTXHODDOWDUHVLVWHQFLDDOPHWURQLGD]RO UHFDPELRGHODVSREODFLRQHVEDFWHULDQDVKDFLDJHQRWLSRV
SXHGHGHEHUVHDTXHHQ0p[LFRHOPHWURQLGD]ROVHKD FDJ3$,WDOYH]PHGLDQWHFRPSHWHQFLD\GHVSOD]DPLHQWR
XVDGRFRP~QPHQWHHQHOWUDWDPLHQWRGHHQIHUPHGDGHV LQWUDHVSHFLH\WDPELpQVHKDGHPRVWUDGRTXHDPHGLGD
GLDUUHLFDV 5HFLHQWHPHQWH 0pJUDXG PHQFLRQy TXH TXHODSUHYDOHQFLDGHODLQIHFFLyQJiVWULFDSRU+S\OR
ODUHVLVWHQFLDDQWLPLFURELDQDHVXQSURFHVRHYROXWLYR ULGLVPLQX\HVHSUHVHQWDXQLQFUHPHQWRGHDIHFFLRQHV
TXHPXFKRGHSHQGHGHORVPHFDQLVPRVGHUHVLVWHQFLD FRPR HO UHXMR JDVWURHVRIiJLFR HO FiQFHU GH HVyIDJR
/RV PHFDQLVPRV GH UHVLVWHQFLD HQ + S\ORUL VH GHEHQ \FDUFLQRPDJiVWULFRSUR[LPDO)LJXUDLQIHFFLRQHV
IXQGDPHQWDOPHQWH D PXWDFLRQHV SXQWXDOHV JHQHUDGDV SRU RWURV SDWyJHQRV LQWHVWLQDOHV DVPD HWF H LQFOXVR
D WUDYpV GH XQ PHFDQLVPR GH WUDVPLVLyQ YHUWLFDO \ HO VH KD SRVWXODGR TXH H[LVWH XQD UHODFLyQ VLJQLFDWLYD
&RORQL]DFLyQ $XVHQFLDGH
SUHVHQWH FRORQL]DFLyQ
OFHUD
5HVSXHVWDFHOXODU
SpSWLFD
HQPXFRVD
JDVWULWLV *(5'
(QIUHXMRJDVWURHVRIiJLFR
&DUFLQRPD
JiVWULFRGLVWDO
$GHQRFDUFLQRPD
GHOHVyIDJR
0$/7
OLQIRPD &DUFLQRPD
JiVWULFRSUR[LPDO
*DVWULWLV
SHUVLVWHQWH
)LJXUD,QWHUDFFLRQHVGH+S\ORULHQHOKXPDQR
FHOOVWR+HOLFREDFWHUS\ORULLQIHFWLRQ31$6 VWUDLQSRSXODWLRQVFRORQL]LQJWKHVWRPDFKDWGLIIHUHQWWLPHV
SRVWLQIHFWLRQ-%DFWHULRO
4XHLUR]'00%LWWHQFRXUW3*XHUUD-%5RFKD$0&HWDO 6DODPD 1 *XLOOHPLQ . 0F'DQLHO 7. 6KHUORFN * HW DO
,/51SRO\PRUSKLVPDQGFDJ$SRVLWLYH+HOLFREDFWHUS\ORUL $ ZKROHJHQRPH PLFURDUUD\ UHYHDOV JHQHWLF GLYHUVLW\
VWUDLQVLQFUHDVHWKHULVNRIGXRGHQDOXOFHULQFKLOGUHQ3HGLDWU DPRQJ+HOLFREDFWHUS\ORULVWUDLQV3URF1DWO$FDG6FL86$
5HV
*UDKDP-(3HHN50.ULVKQD8&RYHU7*OREDODQDO\VLV %HUHVZLOO6*UHLQHU6YDQ9OLHW$+0:DLGQHU%HWDO
RI +HOLFREDFWHU S\ORUL JHQH H[SUHVVLRQ LQ KXPDQ JDVWULF 5HJXODWLRQRIIHUULWLQPHGLDWHGF\WRSODVPLFLURQVWRUDJHE\
PXFRVD*DVWURHQWHURORJ\ WKH)HUULF8SWDNH5HJXODWRUKRPRORJ)XURI+HOLFREDFWHU
1RPXUD$6WHPPHUPDQ*1&K\RX3+.DWR,HWDO+HOLFR S\ORUL-%DFWHULRO
EDFWHUS\ORULLQIHFWLRQDQGJDVWULFFDUFLQRPDDPRQJ-DSDQH *UHVVPDQQ+/LQ]%*KDL53OHLVVQHU.3HWDO*DLQDQG
VH$PHULFDQVLQ+DZDL1(QJO-0HG ORVVRIPXOWLSOHJHQHVGXULQJWKHHYROXWLRQRI+HOLFREDFWHU
3DUVRQHWW-)ULHGPDQ*'9DQGHUVWHHQ'3+HOLFREDFWHU S\ORUL3/R6*HQHWH
S\ORULLQIHFWLRQDQGWKHULVNRIJDVWULFFDUFLQRPD1(QJO- 0RP\QDOLHY.76PLUQRYD29.XGULDYWVHYD/9*RYRUXQ
0HG 90 &RPSDUDWLYH JHQRPH DQDO\VLV RI +HOLFREDFWHU S\ORUL
)RUPDQ'1HZHOO'*)XOOHUWRQ)<DUQHOO-:HWDO$VVR VWUDLQV0RO%LRO0RVN
FLDWLRQEHWZHHQLQIHFWLRQZLWK+HOLFREDFWHUS\ORULDQGULVNRI 5RPR*RQ]iOH]&6DODPD1%XUJXHxR)HUUHLUD-3RQFH
JDVWULFFDQFHUHYLGHQFHIURPDSURVSHFWLYHLQYHVWLJDWLRQ &DVWDxHGD 9 HW DO 'LIIHUHQFHV LQ WKH JHQRPH FRQWHQW
%0- EHWZHHQ+HOLFREDFWHUS\ORULLVRODWHVIURPJDVWULWLVGXRGHQDO
+HOLFREDFWHUDQG&DQFHU&ROODERUDWLYH*URXS*DVWULFFDQ XOFHU RU JDVWULF FDQFHU UHYHDO QRYHO GLVHDVH DVVRFLDWHG
FHUDQG+HOLFREDFWHUS\ORULDFRPELQHGDQDO\VLVRIWZHOYH JHQHV,QIHFW,PPXQ
FDVHFRQWUROVWXGLHVQHVWHGZLWKLQSURVSHFWLYHFRKRUWV*XW 3KLOSRWW '- %HODLG ' 7URXEDGRXU 3 7KLEHUJH -0 HW DO
5HGXFHGDFWLYDWLRQRILQDPPDWRU\UHVSRQVHVLQKRVWFHOOV
,QWHUQDWLRQDO$JHQF\RI5HVHDUFKRQ&DQFHUHGLWRU6FKLV E\PRXVHDGDSWHG+HOLFREDFWHUS\ORULLVRODWHV&HO0LFURELRO
WRVRPHVOLYHUXNHVDQG+HOLFREDFWHUS\ORUL0RQRJUDSKV
RQWKHHYDOXDWLRQRIWKHFDUFLQRJHQLFULVNVWRKXPDQV/\RQ 6ROQLFN-9+DQVHQ/06DODPD15%RRQMDNXDNXO-.6\YD
,QWHUQ$JHQF\5HV&DQFHU QHQ00RGLFDWLRQRI+HOLFREDFWHUS\ORULRXWHUPHPEUDQH
+DWDNH\DPD02QFRJHQLFPHFKDQLVPVRIWKH+HOLFREDF SURWHLQH[SUHVVLRQGXULQJH[SHULPHQWDOLQIHFWLRQRIUKHVXV
WHU S\ORUL &DJ$ SURWHLQ ZZZQDWXUHFRPUHYLHZVFDQFHU PDFDTXHV31$6
2UWL] +HUUHUD 0 &DPRUOLQJD 3RQFH 0 /ySH]&RUHOOD (
7RPE-):KLWH2.HUODYDJH$5&OD\WRQ5$HWDO7KH 5RPHUR2OYHUD-HWDO6LPXOWDQHRXVH[SHULPHQWDOFROR
FRPSOHWHJHQRPHVHTXHQFHRIWKHJDVWULFSDWKRJHQ+HOL QL]DWLRQRI0HULRQHVXQJXLFXODWXV0RQJROLDQJHUELOVZLWK
FREDFWHUS\ORUL1DWXUH 3$, DQG 3$, +HOLFREDFWHU S\ORUL VWUDLQV 0LFURE ,QIHFW
$OP5$/LQJ/60RLU'7.LQJ%/HWDO*HQRPLFVHTXHQFH
FRPSDULVRQRIWZRXQUHODWHGLVRODWHVRIWKHKXPDQJDVWULF 2K-'.OLQJ%DFNKHG+*LDQQDNLV0;X-HWDO7KH
SDWKRJHQ+HOLFREDFWHUS\ORUL1DWXUH FRPSOHWHJHQRPHVHTXHQFHRIDFKURQLFDWURSKLFJDV
0DUDLV$0HQG]*/+D]HOO6/0pJUDXG)0HWDEROLVPDQG WULWLV+HOLFREDFWHUS\ORULVWUDLQHYROXWLRQGXULQJGLVHDVH
JHQHWLFVRI+HOLFREDFWHUS\ORULWKHJHQRPHHUD0LFURELRO SURJUHVVLRQ 3URF 1DWO$FDG 6FL 86$
0RO%LRO5HY
'RLJ3GH-RQJH%/$OP5$%URZQ('HWDO+HOLFREDFWHU )DOXVK':LUWK7/LQ]%3ULWFKDUG-.HWDO7UDFHVRIKX
S\ORULSK\VLRORJ\SUHGLFWHGIURPJHQRPLFFRPSDULVRQRIWZR PDQPLJUDWLRQVLQ+HOLFREDFWHUS\ORULSRSXODWLRQV6FLHQFH
VWUDLQV0LFURELRO0RO%LRO5HY
7D\ORU16)R[-*$NRS\DQWV16%HUJ'(HWDO/RQJWHUP 6XHUEDXP6$FKWPDQ0+HOLFREDFWHUS\ORULUHFRPELQD
FRORQL]DWLRQZLWKVLQJOHDQGPXOWLSOHVWUDLQVRI+HOLFREDFWHU WLRQSRSXODWLRQVWUXFWXUHDQGKXPDQPLJUDWLRQV,QW-0HG
S\ORULDVVHVVHGE\'1$QJHUSULQWLQJ-&OLQ0LFURELRO 0LFURELRO
$WKHUWRQ-&%ODVHU0-&RDGDSWDWLRQRI+HOLFREDFWHUS\ORUL
&DPRUOLQJD3RQFH 0 5RPR & *RQ]DOH]9DOHQFLD * DQG KXPDQV DQFLHQW KLVWRU\ PRGHUQ LPSOLFDWLRQV - &OLQ
0XQR] 2 7RUUHV - 7RSRJUDSKLFDO ORFDOLVDWLRQ RI FDJ$ ,QYHVW
SRVLWLYHDQGFDJ$QHJDWLYH+HOLFREDFWHUS\ORULVWUDLQVLQWKH <DPDRND<+HOLFREDFWHUS\ORULW\SLQJDVDWRROIRUWUDFNLQJ
JDVWULFPXFRVDDQLQVLWXK\EULGLVDWLRQVWXG\-&OLQ3DWKRO KXPDQPLJUDWLRQ&OLQ0LFURELRO,QIHFW
+ROO\06FRWW$OJRRG&RYHU7/+HOLFREDFWHUS\ORULSHUVLV
,VUDHO'$6DODPD1.ULVKQD85LHJHU80HWDO+HOLFR WHQFHDQRYHUYLHZRILQWHUDFWLRQVEHWZHHQ+S\ORULDQGKRVW
EDFWHUS\ORULJHQHWLFGLYHUVLW\ZLWKLQWKHJDVWULFQLFKHRID LPPXQHGHIHQVHV&OLQ0LFURELRO5HY
VLQJOHKXPDQKRVW3URF1DWO$FDG6FL86$ %UXFH(+DUWOH\&%ODVHU0- +HOLFREDF\HU S\ORUL&OLQ
0LFURELRO5HY
6DODPD15*RQ]DOH]9DOHQFLD*'HDWKHUDJH%$YLOHV *RWRK $ .DZD.DPL < $NDKDQH 7 $NDPDWVX 7 HW DO
-LPHQH] ) HW DO *HQHWLF DQDO\VLV RI +HOLFREDFWHU S\ORUL 6XVFHSWLELOLW\RI+HOLFREDFWHUS\ORULLVRODWHVDJDLQVWDJHQWV
FRPPRQO\ DGPLQLVWHUHG IRU HUDGLFDWLRQ WKHUDS\ DQG WKH .RLNH 7 2KDUD 6 6HNLQH + ,LMLPD . HW DO +HOLFREDFWHU
HIFDF\RIFKHPRWKHUDS\0LFURELRO,PPXQRO S\ORUL SUHYHQWV HURVLYH UHX[ RHVRSKDJLWLV E\ GHFUHDVLQJ
7RUUHV-&DPRUOLQJD3RQFH03HUH]3HUH]*0DGUD]RGH JDVWULFDFLGVHFUHWLRQ*XW
OD*DU]D$HWDO,QFUHDVLQJPXOWLGUXJUHVLVWDQFHLQ+HOL 3DSDPLFKDHO .; 3DSDLRDQQRX * .DUJD + 5RXVVRV
FREDFWHUS\ORULVWUDLQVLVRODWHGIURPFKLOGUHQDQGDGXOWVLQ $ 0DQW]DULV *- +HOLFREDFWHU S\ORUL LQIHFWLRQ DQG HQGR
0H[LFR-&OLQ0LFURELRO FULQH GLVRUGHUV ,V WKHUH D OLQN" :RUOG - *DVWURHQWHURO
0pJUDXG)&RUWL55HVLVWHQFLDEDFWHULDQDGHO+HOLFREDF
WHUS\ORULHQHOPXQGRHQHODxR$FWD*DVWURHQWHURO *UDKDP'<7KHRQO\JRRG+HOLFREDFWHUS\ORULLVDGHDG
/DWLQRDP +HOLFREDFWHUS\ORUL/DQFHW
5LFKWHU -( )DON *: 9DH]L 0) +HOLFREDFWHU S\ORUL DQG %ODVHU 0- 1RW DOO +HOLFREDFWHU S\ORUL VWUDLQV DUH FUHDWHG
JDVWURHVRSKDJHDO UHX[ GLVHDVH WKH EXJ PD\ QRW EH DOO HTXDO 6KRXOG DOO EH HOLPLQDWHG /DQFHW
EDG$P-*DVWURHQWHURO