$&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

6$17,$*23$/0$6'$9,'%/2&.

$&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/26
1Ò0(5261$785$/(681$6(&8(1&,$','È&7,&$
3$5$$'8/726'(%$-$218/$(6&2/$5,'$'

$&&(6672$:5,77(15(35(6(17$7,212)1$785$/180%(56
$','$&7,&6(48(1&()25$'8/76:,7+/,77/(25126&+22/,1*

5(680(1
(VWH WUDEDMR DERUGD OD SUREOHPiWLFD GH OD HQVHxDQ]D GH  3$/$%5$6&/$9(
PDWHPiWLFDV HQ OD HGXFDFLyQ GH DGXOWRV GH EDMD R QXOD  (GXFDFLyQSDUDDGXOWRV
HVFRODULGDG7LHQHFRPRREMHWLYRFRQWULEXLUDOFRQRFLPLHQWR  1XPHUDFLyQ
GHDOWHUQDWLYDVGLGiFWLFDVSDUDODHQVHxDQ]DDDGXOWRVGH  5HJLVWURVVHPLyWLFRV
OD UHSUHVHQWDFLyQ HVFULWD FRQYHQFLRQDO GH ORV Q~PHURV  'LGiFWLFDGHODVPDWHPiWLFDV
QDWXUDOHVFRQEDVHHQODUHFXSHUDFLyQGHVXVFRQRFLPLHQWRV
PDWHPiWLFRV SUHYLRV DGTXLULGRV HQ VX YLGD GLDULD \ HQ VX
WUDEDMR(VWRVFRQRFLPLHQWRVSRUORJHQHUDOQRVHH[SUHVDQ
SRUHVFULWRVLQRRUDOPHQWH(OHVWXGLRLQFOX\HXQDH[SHULHQFLD
GH LQJHQLHUtD GLGiFWLFD OOHYDGD D FDER FRQ XQ DGXOWR QR
DOIDEHWL]DGRGHOPHGLRUXUDO

$%675$&7
7KLVSDSHUSRLQWVRXWWKHGLIILFXOWLHVLQDGXOWVZLWKOLWWOHRU  .(<:25'6
QRVFKRROLQJZKHQWHDFKLQJPDWKHPDWLFV2XUREMHFWLYHLVWR  $GXOWHGXFDWLRQ
FRQWULEXWH WR WKH VSUHDG RI GLGDFWLF DOWHUQDWLYHV IRU DGXOWV  1XPEHULQJ
UHJDUGLQJWKHFRQYHQWLRQDOZULWWHQUHSUHVHQWDWLRQRIQDWXUDO  6HPLRWLFGDWD
QXPEHUVE\UHFRYHULQJWKHLUIRUPHUPDWKHPDWLFDONQRZOHGJH  'LGDFWLFRIPDWKHPDWLFV
IURPWKHLUGDLO\OLYHV7KLVNLQGRINQRZOHGJHLVQRWRIWHQ


 /RVUHVXOWDGRVTXHDTXtVHUHSRUWDQIXHURQSUHVHQWDGRVHQHO;,&RQJUHVR1DFLRQDOGH
,QYHVWLJDFLyQ(GXFDWLYDTXHVHOOHYyDFDERHQQRYLHPEUHGHOHQODFLXGDG
GH0p[LFR3DOPDV %ORFN

5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD 

5HFHSFLyQ0D\R$FHSWDFLyQ6HSWLHPEUH'2,UHOLPH
5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

H[SUHVVHGLQDZULWWHQUHSUHVHQWDWLRQEXWLQDQRUDORQH7KH
VWXG\LQFOXGHVDIRUPDOH[SHULHQFHRIGLGDFWLFHQJLQHHULQJZLWK
DQDGXOWZLWKQRVFKRROLQJDQGIURPDUXUDODUHD

5(6802
(VWHWUDEDOKRDERUGDRVSUREOHPDVGRHQVLQRGHPDWHPiWLFDQD  3$/$95$6&+$9(
HGXFDomRGHDGXOWRVFRPQtYHOGHHVFRODUL]DomRLQIHULRURX  (GXFDomRSDUDDGXOWRV
QXOR2REMHWLYRpFRQWULEXLUDRFRQKHFLPHQWRGDVDOWHUQDWLYDV  1XPHUDomR
GLGiWLFDVTXHH[LVWHPSDUDRHQVLQRGHDGXOWRVGDUHSUHVHQWDomR  5HJLVWURVVHPLyWLFRV
HVFULWDFRQYHQFLRQDOGRVQ~PHURVQDWXUDLVEDVHDQGRVHQD  'LGiWLFDGDPDWHPiWLFD
UHFXSHUDomRGHVHXVFRQKHFLPHQWRVSUpYLRVGDPDWHPiWLFDTXH
IRUDP DGTXLULGRV QR VHX GLD D GLD H QR VHX WUDEDOKR
*HUDOPHQWHHVVHVFRQKHFLPHQWRVQmRVmRH[SUHVVDGRVSRU
HVFULWRPDVVLPRUDOPHQWH2HVWXGRLQFOXLXPDH[SHULrQFLD
GH HQJHQKDULD GLGiWLFD TXH IRL UHDOL]DGD FRP XP DGXOWR
DQDOIDEHWRGDUHJLmRUXUDO

5e680e
&H WUDYDLO SRUWH VXU OD SUREOpPDWLTXH GH O¶HQVHLJQHPHQW GHV  0276&/e6
PDWKpPDWLTXHV GDQV O¶pGXFDWLRQ GHV DGXOWHV SHX RX QRQ  eGXFDWLRQGHVDGXOWHV
VFRODULVpV 6RQ EXW HVW GH FRQWULEXHU DX[ FRQQDLVVDQFHV  1XPpUDWLRQ
G¶DOWHUQDWLYHVGLGDFWLTXHVSRXUO¶HQVHLJQHPHQWGHODGpVLJQDWLRQ  5HJLVWUHVVpPLRWLTXHV
pFULWHFRQYHQWLRQQHOOHGHVQRPEUHVQDWXUHOVVXUODEDVHGHOD  'LGDFWLTXHGHVPDWKpPDWLTXHV
UpFXSpUDWLRQGHOHXUVFRQQDLVVDQFHVDFTXLVHVSUpDODEOHVVXU
OHVXMHWGDQVODYLHTXRWLGLHQQHHWGDQVOHXUVWUDYDX[&HV
FRQQDLVVDQFHVSUpDODEOHVVRQWH[SULPpHVJpQpUDOHPHQWj
O¶RUDOQRQSDUpFULW/¶pWXGHLQFOXWXQHH[SpULHQFHG¶LQJpQLHULH
GLGDFWLTXHDYHFXQDGXOWHQRQDOSKDEpWLVpGXPLOLHXUXUDO

,1752'8&&,Ï1

+R\HQGtDHVWiELHQGRFXPHQWDGRHOKHFKRGHTXHORVDGXOWRVQRHVFRODUL]DGRV
VXHOHQGHVDUUROODUXQDKDELOLGDGVLJQLI LFDWLYDSDUDHOFiOFXORPHQWDOÈYLOD
'HOSUDWR )XHQODEUDGD)HUUHLUR)XHQODEUDGD1HPLURYVN\%ORFN
'iYLOD0DULxR6LQHPEDUJRSUREDEOHPHQWHD~QQRVHVDEHOR
VXILFLHQWHDFHUFDGHFyPRDSURYHFKDUHVWRVFRQRFLPLHQWRVHQODHQVHxDQ]DGH

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

ODDULWPpWLFDTXHVHLPSDUWHDORVDGXOWRVHQORVFXUVRVGHDOIDEHWL]DFLyQ(QODV
PRGDOLGDGHVGHHQVHxDQ]DSDUDHVWHJUXSRGHHGDGWLHQGHDSUHYDOHFHUODRSFLyQ
SRUORVSURFHGLPLHQWRVGHFiOFXORFRQYHQFLRQDOHVVLPLODUHVDODVTXHVHHQVHxDQD
ORVQLxRVHQODHVFXHOD\QRQHFHVDULDPHQWHSRUIDOWDGHDOWHUQDWLYDV²YHUSRU
HMHPSOR0DULxR²VLQRSRUTXHVHFRQVLGHUDTXHGLFKRVSURFHGLPLHQWRV
WLHQHQSDUDORVDGXOWRVHOSOXVGHODYDORUDFLyQVRFLDOÈYLOD'HOSUDWR
.QLMQLN
6LQGHMDUGHUHFRQRFHUODLPSRUWDQFLDGHGLFKDYDORUDFLyQSHQVDPRVTXH
VLQHPEDUJRODSHUWLQHQFLDGHODHQVHxDQ]DGHORVSURFHGLPLHQWRVGHFiOFXOR
FRQYHQFLRQDOHVWLHQGHDSHUGHUIXHU]DGHELGRDODSUHVHQFLDFDVLXQLYHUVDOGH
ODVFDOFXODGRUDV'LFKRLQVWUXPHQWRKDWHQGLGRDFDPELDUODVSULRULGDGHVHQOD
HQVHxDQ]DGHODVRSHUDFLRQHVDULWPpWLFDVLQFOXVRGHQWURGHODPLVPDHVFXHOD
EiVLFDVHGDPD\RUSHVRDOFRQRFLPLHQWRGHORVVLJQLILFDGRVDODFRPSUHQVLyQ
GHODVWpFQLFDV\PHQRVDOGRPLQLRGHGHVWUH]DVGHFiOFXOR%ORFN0RVFRVR
5DPtUH] 6RODUHV(OJUDGRGHGRPLQLRTXHORVDGXOWRVQRDOIDEHWL]DGRV
VXHOHQWHQHUVREUHODQXPHUDFLyQ\HOFiOFXORQRHVFULWR\HQFRQVHFXHQFLDVREUH
ODQRFLyQGHQ~PHURSHUPLWHFRQVLGHUDUTXHHOUHWRSDUDHOORVVHFHQWUDHQHO
WUiQVLWRGHODQXPHUDFLyQRUDODODHVFULWDHOFXDOSXHGHFRQFHELUVHFRPRXQD
FRQYHUVLyQHQWUHGRVUHJLVWURVVHPLyWLFRV'XYDO\SDUDODLQYHVWLJDFLyQ
GLGiFWLFDHOUHWRHVHQFRQWUDUODVIRUPDVPiVHILFLHQWHVGHUHDOL]DUOR
$OJXQRVLQYHVWLJDGRUHVKDQVHxDODGRTXHORVFRQRFLPLHQWRVSUHYLRVGH
ORVDGXOWRVSXHGHQOOHJDUDHULJLUVHHQREVWiFXORVSDUDODDGTXLVLFLyQGHQXHYRV
FRQRFLPLHQWRVPDWHPiWLFRVÈYLOD'HOSUDWR6LQHPEDUJRDOR
TXHHVWRVLQYHVWLJDGRUHVVHUHILHUHQHVSHFtILFDPHQWHHVDODDGTXLVLFLyQGHORV
DOJRULWPRVFRQYHQFLRQDOHVORVFXDOHVJXDUGDQLPSRUWDQWHVGLIHUHQFLDVFRQ
ORVSURFHGLPLHQWRVGHFiOFXORTXHORVDGXOWRVVXHOHQXWLOL]DU(OORDERQDSHQVDPRV
DODQHFHVLGDGGHH[SORUDUYtDVDOWHUQDWLYDVDODGHHQVHxDUGLFKRVDOJRULWPRV
(OWUDEDMRTXHSUHVHQWDPRVDTXtIRUPDSDUWHGHXQHVWXGLR3DOPDV
FX\RSURSyVLWRVHLQVFULEHHQODGLUHFFLyQDUULEDVHxDODGDFRQWULEXLUDOGHVDUUROOR
GH DOWHUQDWLYDV GLGiFWLFDV HQ OD HQVHxDQ]D D DGXOWRV QR DOIDEHWL]DGRV TXH
UHFXSHUHQGHPDQHUDVLJQLILFDWLYDORVFRQRFLPLHQWRVSUHYLDPHQWHFRQVWUXLGRVSRU
HOORVEDMRODKLSyWHVLVGHTXHGHHVWDPDQHUDVHSRGUtDQORJUDUDSUHQGL]DMHVPiV


 1RVRODPHQWHKDGLVPLQXLGRHOHVSDFLRFXUULFXODUSDUDODSUiFWLFDGHORVDOJRULWPRVWDPELpQKDQLGR
FDPELDQGRORVDOJRULWPRVTXHVRQREMHWRGHHQVHxDQ]DHQORVDxRVVHHQIDWL]yODFRPSUHQVLyQ
GHORVDOJRULWPRVFRQYHQFLRQDOHVHQORVDxRVVHGLRPD\RUSHVRDOGHVDUUROORGHSURFHGLPLHQWRV
QRIRUPDOHV\RGLVWLQWRVDORVFRQYHQFLRQDOHVYHUSRUHMHPSORHOFDVRGHODPXOWLSOLFDFLyQ\GHOD
GLYLVLyQHQORVOLEURVGHWH[WR6HFUHWDUtDGH(GXFDFLyQ3~EOLFD>6(3@E

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

VLJQLILFDWLYRVHQSHULRGRVGHWLHPSRPiVEUHYHV(VWDRSFLyQFRPRYHUHPRV
QRH[FOX\HODUHFXSHUDFLyQGHDOJXQDVGHODVVLWXDFLRQHVGLGiFWLFDVXWLOL]DGDV
HQODHVFXHODEiVLFD+HPRVLPSOHPHQWDGRGRVVHQFLOORVGLVSRVLWLYRVTXHEXVFDQ
IDFLOLWDUODFRQYHUVLyQGHQXPHUDOHVRUDOHVHQQXPHUDOHVHVFULWRV\YLFHYHUVD
'DGRHOGRPLQLRGHODQXPHUDFLyQRUDOTXHORVDGXOWRVVXHOHQWHQHUQRVSUHJXQWDPRV
HQTXpPHGLGDORVGLVSRVLWLYRVIDFLOLWDQHODFFHVRDODQXPHUDFLyQHVFULWD7HQHU
XQSULPHUDFHUFDPLHQWRDODYHULILFDFLyQGHHVWDVKLSyWHVLVPHGLDQWHXQHVWXGLR
GHFDVRIXHHOSURSyVLWRGHOHVWXGLRTXHUHSRUWDPRVDFRQWLQXDFLyQ/DVSUHJXQWDVGH
LQYHVWLJDFLyQTXHORRULHQWDQVRQ¢(QTXpPHGLGDODVVLWXDFLRQHVGLGiFWLFDV
IDYRUHFLHURQORVDSUHQGL]DMHVHVSHUDGRV"¢4XpORJURV\TXpGLILFXOWDGHVVH
SXVLHURQGHPDQLILHVWR\TXpGHMDQYHUpVWRVDFHUFDGHODVVLWXDFLRQHVPLVPDV"
<ILQDOPHQWH¢4XpSXHGHGHFLUVHDFHUFDGHODKLSyWHVLVGHOSDSHOGHORV
FRQRFLPLHQWRVGHPDWHPiWLFDVRUDOHVSDUDDFFHGHUDODHVFULWXUDGHORVQ~PHURV"

$&(5&$0,(1727(Ï5,&2<0(72'2/2*Ë$

&RPSDUWLPRVXQDYLVLyQGHODVPDWHPiWLFDVFRPRSURGXFWRVRFLDO\FXOWXUDOGH
ODDFWLYLGDGKXPDQD$VXPLPRVTXHODVSHUVRQDVJHQHUDQHQVXDFWLYLGDGDO
UHVROYHUGHWHUPLQDGRWLSRGHSUREOHPDVGHVXYLGDGLDULDPDWHPiWLFDVDVtVHD
³FRQPPLQ~VFXOD´%LVKRSODVFXDOHVDGRSWDQXQDHQRUPHGLYHUVLGDG
GHPDQLIHVWDFLRQHV/RVFRQRFLPLHQWRVGHFiOFXORRUDOTXHVXHOHQGHVDUUROODU
ORVDGXOWRVQRDOIDEHWL]DGRVFRQVWLWX\HQXQHMHPSORSDOSDEOHGHHOOR$VXPLPRV
TXHQRREVWDQWHORDQWHULRUODDGTXLVLFLyQGHFLHUWRVFRQRFLPLHQWRVSXHGH
UHTXHULUGHXQDHQVHxDQ]DLQWHQFLRQDO(OSUHVHQWHWUDEDMRVHXELFDHQUHODFLyQ
FRQGLFKDQHFHVLGDGVXREMHWRGHHVWXGLRHVHOIXQFLRQDPLHQWRGHXQDVHFXHQFLD
GHVLWXDFLRQHVGLGiFWLFDVGLVHxDGDSDUDDGXOWRVQRDOIDEHWL]DGRVFX\RSURSyVLWR
HVIDYRUHFHUODDGTXLVLFLyQGHODQXPHUDFLyQHVFULWD(OHVWXGLRVHUHDOL]DHQHO
PDUFRGHOD7HRUtDGHODV6LWXDFLRQHV'LGiFWLFDV76'%URXVVHDX
HQODTXHVHDVXPHODKLSyWHVLVFRQVWUXFWLYLVWDIXQGDPHQWDOVHJ~QODFXDO
HO DSUHQGL]DMH GH ORV FRQRFLPLHQWRV PDWHPiWLFRV SDVD SRU VX SURGXFFLyQ
FRPRKHUUDPLHQWDVGHUHVROXFLyQGHSUREOHPDV/DWHRUtDSRVWXODDVLPLVPROD
SRVLELOLGDGGHFDUDFWHUL]DUDORVFRQRFLPLHQWRVPHGLDQWHODVVLWXDFLRQHVHVSHFtILFDV
HQODVTXHpVWRVIXQFLRQDQ


 (VWDFRQFHSFLyQHVFRPSDUWLGDHQVXVWpUPLQRVPiVJHQHUDOHVSRUYDULDVFRUULHQWHVHQHOiPELWR
GHODHGXFDFLyQPDWHPiWLFDOD(WQRPDWHPiWLFD'¶$PEURVLROD7HRUtD$QWURSROyJLFDGHORV
'LGiFWLFR&KHYDOODUGOD6RFLRHSLVWHPRORJtD&DQWRUDO)DUIDQ/H]DPD 0DUWtQH]6LHUUD
SRUFLWDUDOJXQDV

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

 0HWRGRORJtD

6HXWLOL]yODPHWRGRORJtDOODPDGD³LQJHQLHUtDGLGiFWLFD´ODFXDOHVHVSHFtILFD
SDUDHOHVWXGLRH[SHULPHQWDOGHVHFXHQFLDVGHVLWXDFLRQHVGLGiFWLFDV$UWLJXH
/DSULQFLSDOFDUDFWHUtVWLFDGHHVWDPHWRGRORJtDHVODIRUPDGHOOHYDUDFDERHO
DQiOLVLVGHORVUHVXOWDGRV³VHEXVFDSRQGHUDUHQTXpPHGLGDORVSURFHGLPLHQWRVGH
ORV DOXPQRV REVHUYDGRV D OR ODUJR GH OD VHFXHQFLD VH UHODFLRQDQ FRQ ODV
FRQGLFLRQHV LQWHQFLRQDOPHQWH FUHDGDV D WUDYpV GH ODV VLWXDFLRQHV \ VL HQ
GLFKRVSURFHGLPLHQWRVHVSRVLEOHLGHQWLILFDUHOHPHQWRVTXHGHQFXHQWDGHFLHUWRV
DSUHQGL]DMHV´5DPtUH]SS/DYDOLGDFLyQHV³LQWHUQD´HQHOVHQWLGR
GHTXHQRVHUHDOL]DPHGLDQWHODFRPSDUDFLyQFRQXQJUXSRFRQWUROVLQRSRU
FRQWUDVWDFLyQGHORVUHVXOWDGRVREWHQLGRVHQODH[SHULHQFLDFRQHODQiOLVLVSUHYLR
GHODVHFXHQFLDGLGiFWLFD
/DH[SHULHQFLDGLGiFWLFDTXHDTXtVHUHSRUWDVHOOHYyDFDERFRQXQVROR
DGXOWRSRUORTXHHOSUHVHQWHHVWXGLRFRQVWLWX\HXQ³HVWXGLRGHFDVR´GHFRUWH
FXDOLWDWLYRFRQH[SHULHQFLDGHHQVHxDQ]D&RKHQ0DQLRQ 0RUULVRQ
/DLQYHVWLJDFLyQFRQVWyGHYDULDVIDVHVTXHVHGHVFULEHQDFRQWLQXDFLyQ
 6HUHDOL]yXQHVWXGLRSUHOLPLQDUHOFXDOFRQVWyGHDXQDUHYLVLyQ
GHODSUREOHPiWLFDGLGiFWLFDGHODUHSUHVHQWDFLyQGHORVQ~PHURV
QDWXUDOHV E XQD UHYLVLyQ GH DSRUWHV GH OD LQYHVWLJDFLyQ VREUH
FRQRFLPLHQWRVPDWHPiWLFRVGHDGXOWRVQRDOIDEHWL]DGRVDVtFRPR
GHDOJXQDVSURSXHVWDVSDUDODHQVHxDQ]DGHORVQ~PHURVQDWXUDOHV
\FXQVRQGHRGHORVFRQRFLPLHQWRVVREUHODQXPHUDFLyQ\HOFiOFXOR
PHQWDOGHDOJXQRVDGXOWRV
 /DVHFXHQFLDGLGiFWLFDVHGLVHxyDSDUWLUGHOHVWXGLRSUHOLPLQDUDQWHULRU
7RPDQGRFRPRUHIHUHQWHWHyULFROD76'VHEXVFyTXHODVSULQFLSDOHV
VLWXDFLRQHV SURSLFLDUDQ OD SXHVWD HQ MXHJR GHO FRQRFLPLHQWR SRU
DSUHQGHUODHVFULWXUDGHORVQ~PHURVSHURTXHDODYH]pVWDVSXGLHVHQ
VHUDERUGDGDVVLQGLVSRQHUWRGDYtDGHGLFKRFRQRFLPLHQWR6HSURFXUy
WDPELpQTXHFDGDYH]TXHIXHUDSRVLEOHODVLWXDFLyQPLVPDGHYROYLHUDDO
DSUHQGL]UHWURDOLPHQWDFLyQVREUHVXVDFFLRQHVSDUDTXHpOSXGLHUD
HYDOXDUODVSRUVtPLVPRHVGHFLUVHEXVFyTXHDOJXQDVGHODVSULQFLSDOHV
VLWXDFLRQHVWXYLHUDQFDUDFWHUtVWLFDVGHXQDVLWXDFLyQ³DGLGiFWLFD´
%URXVVHDX1RREVWDQWHWDPELpQVHFRQVLGHUDURQVLWXDFLRQHVPiV
WtSLFDPHQWHHVFRODUHVR³GLGiFWLFDV´HQODVTXHHOFRQGXFWRUSODQWHDED
GLUHFWDPHQWHSUHJXQWDVRSHGtDODUHDOL]DFLyQGHGHWHUPLQDGDVDFFLRQHV
SRUHMHPSOR³HVFULEDWDOQ~PHUR´\pOPLVPRSURSRUFLRQDEDD\XGDV\
HYDOXDEDDOILQDO

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

 /DVHFXHQFLDFRQVWyGHGRVSDUWHVXQDFHQWUDGDHQQ~PHURVFKLFRV
\RWUDHQQ~PHURVJUDQGHVGHPDQHUDTXHDODERUGDU
HVWD~OWLPDHODGXOWRWXYLHUDFLHUWDIDPLOLDULGDGFRQODUHSUHVHQWDFLyQ
GHORVSULPHURVQ~PHURV1RKLFLPRVHOFRUWHHQHOFRPRVHVROtD
KDFHUHQODVSURSXHVWDVGHORVDxRVVHWHQWD\DQWHULRUHVGHELGRDTXH
FRQVLGHUDPRVGHVHDEOHTXHORVQXPHUDOHVGHODOIXHUDQYLVWRV
HQXQSULPHUPRPHQWRFRPRVtPERORVDUELWUDULRVDOLJXDOTXHORV
PHQRUHVTXHSRVSRQLHQGRHODQiOLVLVGHVGHHOSXQWRGHYLVWDGHO
VLVWHPDSRVLFLRQDO/HUQHU6DGRYVN\ :ROPDQ
 6LPXOWiQHDPHQWHDOGLVHxRGHODVHFXHQFLDVHUHDOL]yHO³DQiOLVLV
SUHYLR´GHODPLVPDHQHOTXHVHMXVWLILFDURQODVGHFLVLRQHVWRPDGDV\
VHH[SOLFLWDURQORVHIHFWRVHVSHUDGRV
 6H UHDOL]y XQ SLORWHR GH OD VHFXHQFLD FRQ XQR GH ORV DGXOWRV TXH
SDUWLFLSDURQHQHOVRQGHRHOFXDOSHUPLWLyLGHQWLILFDUFRQVLJQDVSRFR
FODUDVWDUHDVGLItFLOHVGHOOHYDUDFDERDVtFRPRRWURVLPSUHYLVWRV
 6HDSOLFyODVHFXHQFLDFRQRWURGHORVDGXOWRVTXHSDUWLFLSDURQHQHO
VRQGHR/DVGRVSDUWHVGHODVHFXHQFLDVHDSOLFDURQHQVLHWHVHVLRQHVGH
HQWUH\PLQXWRVDORODUJRXQSHULRGRGHWUHVPHVHVYHUFXDGUR
7DEOD,/DUHVSRQVDELOLGDGGHODFRQGXFFLyQGHODVVHVLRQHVHVWXYRD
FDUJRGHXQRGHORVLQYHVWLJDGRUHVSDUWLFLSDQWHV&DGDVHVLyQIXH
YLGHRJUDEDGDFRQHODSR\RGHXQFRODERUDGRU/DVVHVLRQHVVHOOHYDURQ
DFDERHQODFDVDGHODGXOWRSDUWLFLSDQWH

7$%/$,

7UDPRGHOD
6HVLyQ &RQWHQLGR
6HFXHQFLD
([SORUDFLyQ
 ([SORUDFLyQGHFRQRFLPLHQWRV
LQLFLDO
,QWURGXFFLyQDOXVRGHODWLUD

QXPpULFD
3DUWH
1~PHURVKDVWD 'HFRGLILFDFLyQ\FRGLILFDFLyQGH
 ORVQXPHUDOHVFRQDSR\RGHODWLUD
QXPpULFD
3DUWH  ,QWURGXFFLyQGHOPDWHULDO³(OYDOH´
1~PHURVPD\RUHV 'HFRGLILFDFLyQ\FRGLILFDFLyQGH
TXH 
Q~PHURVFRQ³(OYDOH´

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

 6HDQDOL]DURQORVUHVXOWDGRVGHODDSOLFDFLyQSDUDFDGDVLWXDFLyQVH
FRQVLGHUDURQORVSURSyVLWRVGLGiFWLFRVGHODPLVPD\VHFRQWUDVWyOR
VXFHGLGRFRQODVSUHYLVLRQHVKHFKDVHQHODQiOLVLVSUHYLR$ODOX]GHO
GHVHPSHxRREVHUYDGRHQHODGXOWRVHDQDOL]DURQQXHYDPHQWHHVWD
YH]SRVWIDFWRODVFDUDFWHUtVWLFDVGHODVLWXDFLyQ8QDSULPHUDYHUVLyQ
GH ORV UHVXOWDGRV GH HVWH DQiOLVLV IXH GLVFXWLGD FRQ GRV HVSHFLDOLVWDV
TXLHQHVQRSDUWLFLSDURQHQODH[SHULHQFLD/RVUHVXOWDGRVREWHQLGRVQR
SUHWHQGHQHYLGHQWHPHQWHVHUJHQHUDOL]DGRV(VSHUDPRVHQFDPELR
TXHDSRUWHQLQIRUPDFLyQYDOLRVDWDQWRGHOIXQFLRQDPLHQWRGHODV
VLWXDFLRQHVFRPRGHORVSURFHVRVSRUORVTXHDWUDYLHVDQORVDGXOWRVQR
HVFRODUL]DGRVHQHOSURFHVRGHDSURSLDFLyQGHODUHSUHVHQWDFLyQHVFULWD
GHORVQ~PHURVQDWXUDOHV

 (ODGXOWRDSUHQGL]VXOXJDUGHRULJHQ\DOJXQRVGHVXVFRQRFLPLHQWRV
VREUHQ~PHUR

&DUPHQ OD PXMHU DGXOWD FRQ TXLHQ VH OOHYy D FDER OD H[SHULHQFLD GLGiFWLFD
HVRULXQGDGHXQDSHTXHxDFRPXQLGDGGHHQWUH\KDELWDQWHVGHO
PXQLFLSLR GH &ROyQ D  NLOyPHWURV GH OD FLXGDG GH 4XHUpWDUR &DUPHQ
WHQtDVHVHQWDDxRV\QRKDEtDDVLVWLGRDODHVFXHOD/HKLFLPRVXQDSHTXHxD
HQWUHYLVWDSDUDVDEHUVLWHQtDRSRUWXQLGDGGHSDUWLFLSDU\VLWHQtDLQWHUpVHQ
DSUHQGHUDHVFULELUQ~PHURV
(Q HO VRQGHR GH FRQRFLPLHQWRV &DUPHQ QR ORJUy GLIHUHQFLDU HQWUH
GLEXMRV Q~PHURV \ OHWUDV SHUR Vt UHFRQRFLy HO YDORU QRPLQDO GH ORV
ELOOHWHV GHO VLVWHPD PRQHWDULR QDFLRQDO \ SXGR UHVROYHU PHQWDOPHQWH
OD PD\RUtD GH ORV SUREOHPDV TXH OH SODQWHDPRV HQ HO FRQWH[WR FRPHUFLDO
TXH LPSOLFDEDQ VXPDV \ UHVWDV FRQ Q~PHURV KDVWD GH WUHV FLIUDV 3DUD
HOOR XWLOL]y SURFHGLPLHQWRV \D GRFXPHQWDGRV ÈYLOD  )HUUHLUR HW DO
WDOHVFRPRODGHVFRPSRVLFLyQGHODVFDQWLGDGHVGHGLQHURHQFHQWHQDV
GHFHQDV \ XQLGDGHV HO XVR GH OD VXPD SDUD FDOFXODU GLIHUHQFLDV HQWUH GRV
FDQWLGDGHV HO FRQWHR GH XQR HQ XQR GH GLH] HQ GLH] R GH FLHQ HQ FLHQ
HQWUHRWUDV

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

35,0(5$3$57('(/$6(&8(1&,$','È&7,&$1Ò0(526+$67$

 /DVVLWXDFLRQHV

/D VHFXHQFLD VH DUWLFXOD HQ WRUQR DO XVR GHO GLVSRVLWLYR ³7LUD QXPpULFD´
6HFUHWDUtDGH(GXFDFLyQ3~EOLFDD HOFXDOEXVFDRIUHFHUDXQDSHUVRQD
TXH\DGRPLQDODVHULHRUDOGHORVSULPHURVQ~PHURVXQDPDQHUDGHHQFRQWUDU
SRUVtPLVPDODUHSUHVHQWDFLyQHVFULWDFRUUHVSRQGLHQWH

                   

)LJXUD7LUDQXPpULFD

&RQVLGHUHPRV TXH HVWH GLVSRVLWLYR RULJLQDOPHQWH GLVHxDGR SDUD

SHTXHxRV DSUHQGLFHV SRGtD WHQHU XQ LPSRUWDQWH SRWHQFLDO SDUD ORV DGXOWRV QR
DOIDEHWL]DGRV HQ ORV SURFHVRV GH DSUHQGL]DMH GH OD UHSUHVHQWDFLyQ VLPEyOLFD
GHORVSULPHURVQ~PHURVGDGRHOGRPLQLRTXHVXHOHQWHQHUGHOFRQWHRRUDO
3ODQWHDPRV GRV WLSRV GH WDUHD TXH GDQ OXJDU DO XVR GH QXPHUDOHV FRPR
PHGLR SDUD FRPXQLFDU FDQWLGDGHV  H[SUHVDU FDQWLGDGHV GH REMHWRV R GH
GLQHURPHGLDQWHQXPHUDOHVHVFULWRVFXDQWLILFDUFRGLILFDU\UHFtSURFDPHQWH
FRQFUHWL]DU FDQWLGDGHV H[SUHVDGDV FRQ QXPHUDOHV GHFRGLILFDU $GHPiV
FRQVLGHUDPRVRWUDVWDUHDVFHQWUDGDVHQODVUHSUHVHQWDFLRQHVPLVPDVHOWUiQVLWR
HQWUHODVUHSUHVHQWDFLRQHVRUDO\HVFULWDODLGHQWLILFDFLyQGHQXPHUDOHVHQ
GLIHUHQWHVWLSRVGHGRFXPHQWRVLPSUHVRVXRWURVSRUWDGRUHVODLQWHUSUHWDFLyQGH
VXIXQFLyQ)HUUHLURHWDO\HODQiOLVLVGHFDUDFWHUtVWLFDVJUiILFDVGHORV
QXPHUDOHVDVtFRPRODHMHUFLWDFLyQGHOWUD]R


 &XDQGRVHHODERUyHOHVWXGLRORVPDWHULDOHVRILFLDOHVSDUDODHVFXHODSULPDULDHUDQORVGHOD
UHIRUPDGH&DEHVHxDODUTXHHVWRVPDWHULDOHVVRQSRUWDGRUHVGHXQDJUDQULTXH]DGHVLWXDFLRQHV
HODERUDGDVPXFKDVGHHOODVGHQWURGHODPLVPDRULHQWDFLyQGLGiFWLFDTXHVHDVXPHHQHVWHHVWXGLR
%ORFNHWDO

 8QDQiOLVLVGHODVVLWXDFLRQHVTXHSRQHQHQMXHJRDOQ~PHURGHGLVWLQWDVPDQHUDVSXHGHYHUVH
HQ%URXVVHDX

 (QYDULRVWH[WRVGH*%URXVVHDXSXHGHHQFRQWUDUVHXQDFDWHJRUL]DFLyQGHVLWXDFLRQHV
TXHSRQHQHQMXHJRQ~PHURVQDWXUDOHV

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

 /DH[SHULHQFLDFRQ&DUPHQ

 7UiQVLWRHQWUHUHSUHVHQWDFLRQHVFRQD\XGDGHODWLUDQXPpULFD

/DLQWURGXFFLyQGHODWLUDQXPpULFDVHKL]RFRQODVLJXLHQWHFRQVLJQD

0DHVWUR 6LTXLHUHHQFRQWUDUXQQ~PHURFRPLHQFHDFRQWDUGHVGHODL]TXLHUGD
GRQGHHVWiHOFRORUURMRFDGDFXDGURORFXHQWD\ORVLJXHFRQHOGHGR
$O~OWLPRQ~PHURTXHGLJDOHFRUUHVSRQGHHOVtPERORTXHVHxDOy

(QVHJXLGDVHSODQWHyXQDSULPHUDDFWLYLGDGTXHLPSOLFDHOWUiQVLWRGHO
UHJLVWURHVFULWRDORUDO

(OPDHVWURHVFULELyXQQXPHUDO>@HQXQSDSHO\OHSUHJXQWyD&DUPHQTXp
Q~PHURHUDXVDQGRODWLUD&DUPHQIXHFRQWDQGRGHL]TXLHUGDDGHUHFKDFDGD
FXDGURVREUHODWLUDQXPpULFDKDFLHQGRXQDUHODFLyQHQWUHORVQ~PHURVTXH
GHFtD\HOFXDGURTXHVHxDODEDSHURQRHQFRQWUyHOQXPHUDO>@

/RVUDVJRVJUiILFRVTXHFDUDFWHUL]DQDFDGDFLIUDVRQGLItFLOHVGHQRWDU
SDUDORVDGXOWRVFRQEDMDHVFRODULGDG&DUPHQGLMRTXHHOFXDWURTXHVHYHtD
HQODWLUDQXPpULFD\HOFXDWURHVFULWRSRUHOPDHVWURQRHUDQHOPLVPRQ~PHUR
SRUTXHXQRHVWDEDPiVSHTXHxR\³QRVHMXQWDEDDUULED´UHILULpQGRVHDODSDUWH
HQGRQGHVHLQWHUVHFWDQODVGRVOtQHDVDUULEDGHOQXPHUDO&XDQGRHOQXPHUDO
TXHVHSHGtDD&DUPHQLQWHUSUHWDUHUDXQRGHORVGHODWLUDODWDUHDUHVXOWDEDPiV
VHQFLOODSRUHMHPSORHQODPLVPDVHVLyQ

6HOHVHxDOyXQQ~PHURVREUHODWLUD>@\VHOHSLGLyGHFLUTXpQ~PHURHUD
&DUPHQFRQWyFDGDFXDGURVREUHODWLUDGHL]TXLHUGDDGHUHFKDPLHQWUDVORV
HQXPHUDEDHQYR]DOWD$OOOHJDUDOVtPERORH[FODPyHVHOFLQFR

9HDPRVDKRUDXQHMHPSORGHOWUiQVLWRGHOUHJLVWURRUDODOHVFULWR6HWUDWD
GHXQDDFWLYLGDGUHDOL]DGDHQODVHVLyQVHSXVRVREUHODPHVDXQFRQMXQWRGH
WDUMHWDV QXPHUDGDV TXH WLHQHQ GLEXMDGD HQ OD SDUWH SRVWHULRU XQD FROHFFLyQ
/DVWDUMHWDVHVWDEDQFRORFDGDVVREUHODPHVDDOLQHDGDVHQRUGHQFUHFLHQWH\
FRQHOQXPHUDOYLVLEOH)LJXUD%DMRXQDGHODVWDUMHWDVHOPDHVWURHVFRQGLy
XQSHGD]RGHKRMDFRQXQGLEXMRDOTXHOODPyHO³WHVRUR´/DDFWLYLGDGFRQVLVWtDHQ
TXHHOPDHVWURGHFtDGHEDMRGHTXpQ~PHURHVWDEDHOWHVRURSDUDTXHFRQHVD
³SLVWD´&DUPHQORHQFRQWUDUD


 7DUMHWDV³1~PHURFROHFFLyQ´HQ6HFUHWDUtDGH(GXFDFLyQ3~EOLFDEUHFRUWDEOH

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.


)LJXUD7DUMHWDVQ~PHURFROHFFLyQ

6HHVFRQGLyHOWHVRURGHEDMRGHOQ~PHUR\VHGLMR³HVWiGHEDMRGHOQ~PHUR
VHLV´6HLQWURGXMRODFRQGLFLyQGHTXHWHQtDTXHKDFHUORHQPHQRVGHWUHVLQWHQWRV
&DUPHQFRQWyHQODWLUDQXPpULFDWRFDQGRORVQXPHUDOHVGHVGHHOFRQODJRPD
GHOOiSL]KDVWDOOHJDUDO%XVFyHQWRQFHVHOVtPERORGHOVHLVHQWUHODVWDUMHWDV
QXPHUDGDVOHYDQWySULPHURHOVtPERORVLPLODUDODOYHUTXHDKtQRHVWDEDHO
WHVRUROHYDQWyHOFRQWLJXR\GLMR±QRHVWiHQHORFKR9ROYLyDXELFDUDOHQ
ODWLUD\OHYDQWyHOHO\ILQDOPHQWHHO
&DUPHQXVyGHHQWUDGDODWLUDSDUDHQFRQWUDUHOQXPHUDOSURSXHVWR$OQRWDU
TXHHOQXPHUDOSDUHFLGRTXHHOODHQFRQWUyQRHUDHOLQGLFDGRSDUHFHKDEHURSWDGR
SRUXQDE~VTXHGDDOD]DUDOPHQRVGXUDQWHXQPRPHQWR&DEHREVHUYDUTXH
\DUHFRQRFLyHOQRPEUHGHOQXPHUDO³´(QODWHUFHUDVHVLyQPDQLIHVWyXQPD\RU
GRPLQLRHQHOXVRGHODWLUDSDUDLQWHUSUHWDUXQQXPHUDOVHOHGLRXQDWDUMHWDFRQHO
QXPHUDO\VHOHSUHJXQWyTXpQ~PHURHUD&DUPHQEXVFyHQODWLUDFRPSDUDQGR
ORVQXPHUDOHVGHpVWDXQRSRUXQRFRQHOGHODWDUMHWDORHQFRQWUyFRQWyORV
QXPHUDOHVHQODWLUDHPSH]DQGRSRUODL]TXLHUGDKDVWDHO\GLMR³pVWHHVHO
FDWRUFH´(VWRVORJURVUHTXLULHURQODIDPLOLDUL]DFLyQGH&DUPHQFRQODVGLIHUHQFLDV
\VLPLOLWXGHVHQWUHJUDItDVDVtFRPRXQDJUDGXDODSURSLDFLyQGHODWLUDQXPpULFD
FRPRKHUUDPLHQWD2WUDGLILFXOWDGTXHWXYRTXHVXSHUDUIXHODGHFRPSUHQGHUTXH
HQFDGDFXDGURGHODWLUDVHUHSUHVHQWDXQVyORQXPHUDODOSULQFLSLRFRQVLGHUyD
ORVQXPHUDOHVGHGRVFLIUDVFRPRGRVQXPHUDOHV3RUHMHPSORLQWHUSUHWyHO³´
FRPR³GLH]\RQFH´

 &XDQWLILFDUHLQWHUSUHWDU/DD\XGDTXHDSRUWDODFROHFFLyQ

(QODVVLWXDFLRQHVHQODVTXHORVQ~PHURVRUDOHV\HVFULWRVIXQJHQFRPRH[SUHVLRQHV
GHOFDUGLQDOGHFROHFFLRQHVVHDJUHJDDORVGRVUHJLVWURVHQMXHJRHORUDO\HO
HVFULWRXQWHUFHUUHIHUHQWHHOGHODFROHFFLyQTXHHVREMHWRGHFXDQWLILFDFLyQ
(OOREULQGDDODGXOWRODSRVLELOLGDGGHXWLOL]DUHOFRQWHRGHORVREMHWRVRLQFOXVROD
HVWLPDFLyQYLVXDOGHODFDQWLGDGSDUDYHULILFDUODVFRUUHVSRQGHQFLDVTXHHVWDEOHFH

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

HQWUHODVQXPHUDFLRQHVRUDO\HVFULWD/DSUHVHQFLDGHODVFROHFFLRQHVSHUPLWH
WDPELpQTXHORVQ~PHURVDVXPDQVXIXQFLyQHVHQFLDOGHH[SUHVDUFDQWLGDGHV
9HDPRVXQDSULPHUDUHVROXFLyQGH&DUPHQ
(QODVHVLyQVHOHGLHURQD&DUPHQWRGDVODVWDUMHWDVQXPHUDGDVYHLQWHHQ
WRWDOUHYXHOWDVFRQORVQXPHUDOHVYLVLEOHV\VHOHSLGLyHQFRQWUDUHOWUHFH
3ULPHUR&DUPHQLGHQWLILFyHOQXPHUDOWUHFHHQODWLUDFRQWDQGRFDGDFXDGUR
VREUHpVWDGHODO'HVSXpVEXVFyHQWUHODVWDUMHWDVILMiQGRVHHQORV
SXQWRVGHWUiVGHFDGDWDUMHWDIXHGHVHFKDQGRDOJXQDVKDVWDTXHHQFRQWUy
ODWDUMHWD

$Vt&DUPHQSUHILULyEXVFDUODFROHFFLyQFRQWDQGRORVSXQWRVORFXDOVDEH
KDFHUHQOXJDUGHLGHQWLILFDUHOQXPHUDOORFXDOHVWiDSUHQGLHQGR\OHFXHVWDWUDEDMR
(QODVRFDVLRQHVVXFHVLYDVHQTXHVHSODQWHyHVWDDFWLYLGDGVHUHVWULQJLyOD
SRVLELOLGDGGHYROWHDUODVWDUMHWDVDQWHVGHHVFRJHU9HDPRVXQHMHPSORWRPDGRGH
ODVHVLyQHQHOTXH&DUPHQORJUDLQWHUSUHWDUHOQXPHUDOFRQDSR\RGHODWLUD\
HQHOTXHXWLOL]DHOFRQWHRGHODFROHFFLyQHVWDYH]FRPRPHGLRGHYHULILFDFLyQ
6HOHGLRODWDUMHWDFRQHOQXPHUDOSRUHOODGRGHOQXPHUDOVLQLQGLFDUOH
TXpQ~PHURHUD\VHOHSLGLyTXHHQWUHJDUDHVDFDQWLGDGGHIULMROHVFRQOD
UHVWULFFLyQGHQRYROWHDUODWDUMHWDSDUDQRYHUORVSXQWRV&DUPHQLGHQWLILFyHO
QXPHUDOHQODWLUDHQVHJXLGDFRQWyHOQ~PHURGHFDVLOOHURVTXHKD\GHVGH
HOH[WUHPRL]TXLHUGRGHODWLUDKDVWDHVHQXPHUDODVtDYHULJXyTXHHOQXPHUDOHQ
FXHVWLyQHUDHOWUHFH(QWRQFHVWRPyWUHFHIULMROHV\VHORVGLRDOPDHVWUR
9ROWHDPRVHQWRQFHVODWDUMHWD\SXVLPRVXQIUtMROHQFLPDGHFDGDSXQWRQR
VREUDURQQLIDOWDURQIULMROHV

'HHVWDPDQHUDHOFRQWHRGHODVFROHFFLRQHVGLEXMDGDVHQODVWDUMHWDV
QXPHUDGDVOHSHUPLWLyYHULILFDUODGHFRGLILFDFLyQGHOQXPHUDO

 (ORUGHQGHORVQ~PHURV\ODVUHODFLRQHV³GHYHFLQGDG´WDPELpQD\XGDQ

&RQVLGHUDPRVTXHWUDEDMDUHQWRUQRDORUGHQGHORVQ~PHURVHQHOUHJLVWURHVFULWR
D\XGDUtDD&DUPHQHQVXSURFHVRGHLGHQWLILFDU\UHWHQHUODVUHODFLRQHVHQWUHOD
H[SUHVLyQRUDOGHORVQ~PHURV\ODVJUDItDV3UHVHQWDUHPRVDTXtXQHMHPSORFRQHO
MXHJRGHO³7HVRUR´TXHVHH[SOLFy\DDQWHV
$OILQDOGHODVHVLyQMXJDQGRDO³WHVRUR´VHOHSLGLyD&DUPHQHVFRQGHUHO
WHVRUR\GDUXQDSLVWDSDUDHQFRQWUDUOR6HOHH[SOLFyTXHODSLVWDQRGHEtDVHU
HOQ~PHURHQHOTXHHVWDEDHO³WHVRUR´VLQRFXDOTXLHURWURQ~PHURDOUHGHGRU
&DUPHQORHVFRQGLyGHEDMRGHO\GLMR³HOWHVRURHVWiGHVSXpVGHOFLQFRR
GHOVHLV´6HOHYDQWyHOVLHWH\QRKDEtDQDGD&DUPHQFRUULJLy\GLMR³OXHJR
HQVHJXLGDGHOVLHWH´

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

/DDFWLYLGDGH[LJHGHFLUHOQRPEUHGHQXPHUDOHVH[SUHVDGRVVLPEyOLFDPHQWH
\WHQHUHQFXHQWDODUHODFLyQGHRUGHQ

 'LVWLQJXLU\UHSURGXFLUORVWUD]RV
/DLGHQWLILFDFLyQ\ODUHSURGXFFLyQGHORVWUD]RVGHJUDItDVQXPpULFDVIXHURQ
GLItFLOHVSDUD&DUPHQ3UHVHQWDUHPRVSULPHURDOJXQRVHMHPSORVGHODVGLILFXOWDGHV
SDUDLGHQWLILFDUORVUDVJRVFDUDFWHUtVWLFRVGHFDGDJUDItD$QWHULRUPHQWHYLPRVHO
FDVRGHXQQXPHUDO³´HVFULWRSRUHOPDHVWURTXH&DUPHQQRUHFRQRFLyFRPR
HTXLYDOHQWHDOGHODWLUDQXPpULFDGHELGRDXQDGLIHUHQFLDHQODOtQHDLQFOLQDGD
(QODPLVPDVHVLyQ&DUPHQSHQVyTXHORVVtPERORVQXPpULFRV³´\³´
FRUUHVSRQGtDQDOPLVPRQ~PHURORFXDOH[SOLFyPRVWUDQGRTXHODSDUWHLQIHULRU
GHDPERVHUDLJXDOHQXQDVHVLyQGHOWUDEDMRFRQQ~PHURVJUDQGHVDQWHOD
SHWLFLyQGHOHHUHOQXPHUDO³´OH\y³XQR´SUREDEOHPHQWHGHELGRDTXHODV
GLIHUHQFLDVJUiILFDVHQWUHORVGRVQXPHUDOHVVRQSRFDVDOILQDOGHOD~OWLPD
VHVLyQKLFLPRVXQDYLVLWDDXQDWLHQGDFHUFDQDREVHUYDPRVSUHFLRV\Q~PHURV
HVFULWRVHQDOJXQRVSURGXFWRVGHODWLHQGD&DUPHQLQWHQWyOHHUXQ³´SHUR
FRPRODWLSRJUDItDHUDFRQXQDQFKRFRQVLGHUDEOH\WHQtDXQDOtQHDKRUL]RQWDOGH
EDVHORFRQIXQGLyFRQHO³´
,GHQWLILFDUTXpHVORTXHHQXQQXPHUDOSXHGHFDPELDU\TXpHVORTXHQR
GHEHFDPELDUSDUDTXHVLJDUHSUHVHQWDQGRDOPLVPRQ~PHURHVSUREOHPiWLFRSDUD
&DUPHQ\SUREDEOHPHQWHSDUDFXDOTXLHUSHUVRQDHQSURFHVRGHDSUHQGHU6H
LQWHQWySDOLDUHVWDGLILFXOWDGFRQDOJXQRVHMHUFLFLRVSRUHMHPSORHQFDGDUHQJOyQ
GHXQDKRMDVHSXVLHURQGLIHUHQWHVWLSRJUDItDVGHXQPLVPRQ~PHUR\VHOHSLGLy
D&DUPHQKDFHUVXSURSLRQXPHUDODXQODGRGHODKRMD\GHFLUHQTXpVHSDUHFtD
\HQTXpQR
(OWUD]RWDPELpQLPSOLFyGLILFXOWDGHVHQODSULPHUDVHVLyQFXDQGR&DUPHQ
LQWHQWySRUSULPHUDYH]HVFULELUXQQXPHUDOHOGHMyYHUHOHQRUPHWUDEDMRTXH
HVWROHLPSOLFDEDSRUXQDIDOWDGHODGHVWUH]DPRWRUDILQDSDUDHVFULELU$XQDGRDHOOR
FLHUWDVFDUDFWHUtVWLFDVGHODVJUDItDVOHFRPSOLFDURQODWDUHDSRUHMHPSORHOTXHORV
QXPHUDOHVHVWXYLHUDQDQRWDGRVFRQFDUDFWHUHVJUXHVRVWLSR³QHJULWD´KL]RTXH
&DUPHQLQWHQWDUDFRSLDUHOQXPHUDOVLJXLHQGRHOERUGHSDUDGHVSXpVUHOOHQDUOR
/DWLSRJUDItDGHORVQ~PHURVXVDGRVHQXQPDWHULDOSDUDDGXOWRVUHTXLHUHGH
XQDQiOLVLVPiVFXLGDGRVRSXHVFRPRVHYHSXHGHGDUOXJDUDGLILFXOWDGHV

 ,QGLFDGRUHVGHODYDQFHORJUDGR
(QHOWUDQVFXUVRGHODVFXDWURVHVLRQHVHQODVTXHVHWUDEDMyODSULPHUDSDUWHGHOD
VHFXHQFLDHOSURJUHVRGH&DUPHQHQVXFDSDFLGDGGHLQWHUSUHWDUQXPHUDOHVR
GHFXDQWLILFDUFRQQXPHUDOHVIXHQRWRULR0RVWUDUHPRVDTXtDOJXQDVGHODV
PDQLIHVWDFLRQHVPiVFODUDVGHHVWHSURJUHVR

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

(QODVHVLyQVHSXVLHURQWRGDVODVWDUMHWDVQXPHUDGDVHQRUGHQFUHFLHQWH
GHODGRGHORVSXQWRVVHOHSLGLyTXHHQFRQWUDUDODWDUMHWDFRQGLH]SXQWRV\TXH
FRQD\XGDGHODWLUDHVFULELHUDHQXQSDSHOHOQ~PHURGHSXQWRV(QVHJXLGD
VHOHLQGLFyTXHSDUDYHULILFDUFRPSDUDUDVXQ~PHURHVFULWRFRQHOGHOUHYHUVR
GHODWDUMHWD
&DUPHQFRPHQ]yFRQXQFRQWHRGHORVSXQWRVGHDOJXQDVWDUMHWDVGHVHFKy
DOJXQDVSRUVLPSOHHVWLPDFLyQYLVXDOWRPDQGRODVWDUMHWDVGHL]TXLHUGDD
GHUHFKD6HGHWXYR\QRVSUHJXQWyVLSRGtDFRQWDUFRQORVGHGRVDVHQWLPRV
\FRQWLQXy8QDYH]TXHWXYRODWDUMHWDFRQSXQWRVSDUDHVFULELUHO
SULPHURORLGHQWLILFyHQODWLUD\OXHJRORFRSLyHQXQDKRMD&RPSDUyHO
QXPHUDOTXHHOODHVFULELy\HOGHOUHYHUVRGHODWDUMHWD\GLMR³VtHV´

2WUDVPDQLIHVWDFLRQHVGHOSURJUHVRORJUDGRSRU&DUPHQIXHURQVROLFLWDUOD
WLUDSRULQLFLDWLYDSURSLDSDUDKDFHUODVWDUHDVTXHVHOHSHGtDQUHFRQRFHUDOJXQRV
QXPHUDOHVVLQODWLUDHO\HO\FRQWDUVREUHODWLUDQRDSDUWLUGHOXQRVLQRGH
XQQXPHUDOTXH\DUHFRQRFtDSDUDORFDOL]DURWURQRFRQRFLGRSRUHMHPSORFXDQGR
VHOHSLGLyHQFRQWUDUHOWHVRURGHEDMRGHO>@&DUPHQGLMRTXH\DQRVHDFRUGDED
GHTXpQ~PHURHUD\RSWySRUQXPHUDURUDOPHQWHODVWDUMHWDVDSDUWLUGHORFKR
KDVWDOOHJDUDORFKRQXHYHGLH]«
1XHVWUDH[SHFWDWLYDIXHTXHFRQIRUPH&DUPHQVHIDPLOLDUL]DUDFRQORV
VtPERORVQXPpULFRVIXHUDSUHVFLQGLHQGRGHODWLUDQXPpULFD1RREVWDQWHHQHO
WLHPSREUHYHTXHGXUyODH[SHULHQFLDHVWRQRRFXUULy

6(*81'$3$57('(/$6(&8(1&,$1Ò0(526*5$1'(6

 /DVVLWXDFLRQHV
(QODHQVHxDQ]DODLQWURGXFFLyQGHODUHSUHVHQWDFLyQHVFULWDGHORVQ~PHURVVHKD
KHFKRDWUDYpVGHXQDGHGRVYtDVODTXHOODPDUHPRVDQDOtWLFDTXHFRQVLVWH
HQIRUPDUORVQXPHUDOHVFRQVLGHUDQGRHOYDORUUHODWLYRGHODVFLIUDVTXHORV
FRPSRQHQXQDFROHFFLyQHVVLVWHPiWLFDPHQWHDJUXSDGDHQGHFHQDVFHQWHQDV
HWF\HOQ~PHURVHIRUPDFRQFLIUDVTXHLQGLFDQVHJ~QVXSRVLFLyQFDQWLGDGHVGH
XQLGDGHVGHFHQDVHWF\ODVLQWpWLFDTXHHQFDPELRFRQVLVWHHQLGHQWLILFDU
SURJUHVLYDPHQWHUHJXODULGDGHVHQODVHULHQXPpULFDVLQDQDOL]DUGHHQWUDGDORV
QXPHUDOHVHQWpUPLQRVGHORTXHUHSUHVHQWDFDGDFLIUDVHREVHUYDTXHODVFLIUDVYDQ
FtFOLFDPHQWHGHFHURDTXHGHVSXpVGHXQQXHYHYXHOYHHOFHURSHURDXPHQWD
XQDXQLGDGODFLIUDGHOODGRL]TXLHUGRHWF(QODHQVHxDQ]DGHODQXPHUDFLyQ
DORVQLxRVKDSUHYDOHFLGRHODFHUFDPLHQWRDQDOtWLFRDOPHQRVGHVGHODVUHIRUPDV
GHORVDxRVVHWHQWDGHOVLJORSDVDGRDXQTXHHQORV~OWLPRVDxRVVHKDWHQGLGR

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

DSRVSRQHUXQSRFRHOPRPHQWRGHLQWURGXFLUGLFKDSHUVSHFWLYDKDELGDFXHQWD
GHODGLILFXOWDGFRQFHSWXDOTXHUHSUHVHQWDQSDUDORVQLxRVODVQRFLRQHVGHEDVH\
SRVLFLyQ%ORFN ÈOYDUH]/HUQHUHWDO
(Q HO iPELWR GH OD HGXFDFLyQ GH DGXOWRV OD SUHJXQWD TXH VH SODQWHD
HQWRQFHVHV¢HQFXiOGHODVGRVYtDVSDUDODLQWURGXFFLyQDOVLVWHPDGHFLPDOGH
QXPHUDFLyQHVFULWDODDQDOtWLFDRODVLQWpWLFDVHPD[LPL]DHODSURYHFKDPLHQWR
GHOFRQRFLPLHQWRTXHHOORV\DWLHQHQVREUHODQXPHUDFLyQRUDO\VREUHHOFiOFXOR"
(QXQHVWXGLRUHFLHQWH%URLWPDQVHH[SORUDGHPDQHUDLQFLSLHQWH 
SHURFRQUHVXOWDGRVPX\SURPHWHGRUHVODSHUVSHFWLYDVLQWpWLFD(QHOSUHVHQWH
HVWXGLRRSWDPRVSRUHVWXGLDUODDOWHUQDWLYDDQDOtWLFDSXHVVLELHQHVODPiV
XVXDOHQODHQVHxDQ]DDORVDGXOWRV'HOSUDWR )XHQODEUDGDQRVSDUHFH
TXHVHKDQH[SORUDGRSRFRORVUHFXUVRVTXHRIUHFHSDUDUHFXSHUDUVXVFRQRFLPLHQWRV
SUHYLRV1RREVWDQWHHVWDPRVFRQYHQFLGRVGHTXHDPEDVYtDVSUHVHQWDQYHQWDMDV\
WDPELpQGHVYHQWDMDVSRUORTXHHVQHFHVDULRVHJXLUFRQVWUX\HQGR\HVWXGLDQGR
DOWHUQDWLYDVTXHDUWLFXOHQORVGRVDFHUFDPLHQWRV
(VWDSDUWHGHODVHFXHQFLDFRQVLVWHHQXQDVHULHGHDFWLYLGDGHVHQWRUQRDXQ
GLVSRVLWLYRTXHOODPDPRV³(OYDOH´6HWUDWDGHXQDWDEODTXHWLHQHFRPRHQFDEH]DGRV
XQELOOHWHGHXQDPRQHGDGH\XQDGH(QHOVHJXQGRUHQJOyQVHDQRWD
ODFDQWLGDGUHTXHULGDGHELOOHWHVRPRQHGDVGHODGHQRPLQDFLyQFRUUHVSRQGLHQWH
FRPRVHPXHVWUDHQOD)LJXUD

)LJXUD5HSUHVHQWDFLyQGHODFDQWLGDG³GRVFLHQWRVWUHVSHVRV´HQHOYDOH

(VWHPDWHULDODOLJXDOTXHHOGH³/DWLUD´TXHVHXVyFRQQ~PHURVKDVWDHO
VHFRQFLELyFRQODLQWHQFLyQGHSHUPLWLUDXQDGXOWRDFFHGHUSRUVtPLVPRDOD


 6HWUDWDGHXQHVWXGLRVREUHORVFRQRFLPLHQWRVGHDGXOWRVQRHVFRODUL]DGRVRVHPLHVFRODUL]DGRV
TXHQRHVGHFDUiFWHUGLGiFWLFRSHURHQODVHQWUHYLVWDVRFXUULHURQLQWHUYHQFLRQHVTXHUHYHODURQXQ
SRWHQFLDOGLGiFWLFRLPSRUWDQWH

 ,QLFLDOPHQWHKDEtDPRVOODPDGRDHVWHGLVSRVLWLYR³(OFKHTXH´SHURHOWpUPLQRUHVXOWyH[WUDxR
SDUDDOJXQRVDGXOWRV

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

UHSUHVHQWDFLyQHVFULWDGHORVQ~PHURVHQHVWHFDVRKDVWDGHWUHVFLIUDVDSDUWLUGH
VXVFRQRFLPLHQWRVVREUHODQXPHUDFLyQRUDOHOFiOFXORPHQWDOFRQWDUHOGLQHUR
GHVFRPSRQHU XQD FDQWLGDG HQ ELOOHWHV \ PRQHGDV GH GLVWLQWD GHQRPLQDFLyQ \
RSHUDUFRQGLQHUR\ODHVFULWXUDGHORVGtJLWRV
6HSODQWHDURQEiVLFDPHQWHGRVWLSRVGHWDUHDVFRGLILFDUDSDUWLUGHXQD
FDQWLGDGGHGLQHURRGHXQQ~PHURRUDOKD\TXHH[SUHVDUFRQFLIUDVHOQ~PHUR
DOSULQFLSLRFRQDSR\RGHODWDEOD\GHFRGLILFDUGDGRXQQ~PHURHVFULWRVH
OHGHEHQRPEUDURSURSRUFLRQDUODFDQWLGDGGHGLQHURTXHLQGLFD(QHVWDV
VLWXDFLRQHVVHFRQVLGHUDURQODVVLJXLHQWHVYDULDEOHVGLGiFWLFDVWLSRGHWDUHD
FRGLILFDU\GHFRGLILFDUWDEODFRQRVLQHQFDEH]DGRSUHVHQFLDRDXVHQFLDGH
ODWDEODFDQWLGDGHVSHTXHxDVGRVFLIUDVRJUDQGHVWUHVFLIUDVFDQWLGDGHVFRQ
\VLQFHURV

 /DH[SHULHQFLDFRQ&DUPHQ

/DVHFXHQFLDDEDUFyWUHVVHVLRQHVGHODFLQFRDODVLHWH(OYDOHVHSUHVHQWyDO
FRPLHQ]RGHODTXLQWDVHVLyQSUHFHGLGRGHXQDDFWLYLGDGEUHYHGHUHFRQRFLPLHQWR
GHELOOHWHV\PRQHGDV&DUPHQUHFRQRFLyELHQODVPRQHGDVSRUVXDVSHFWRYLVXDO
SRUVXWDPDxRFRORUPDVQRSRUORVQXPHUDOHV/DFRQVLJQDSDUDLQWURGXFLUHO
9DOHIXHODVLJXLHQWH

0DHVWUR (VWH PDWHULDO IXQFLRQD SDUD HVFULELU Q~PHUR PD\RUHV TXH YHLQWH «
IXQFLRQDSRQLHQGRHOQ~PHURGHPRQHGDVGHHOQ~PHURGHPRQHGDV
GH\HOQ~PHURGHELOOHWHVGH6HSXVRXQHMHPSORGHHVFULWXUD
FRQGLQHURVHOHGLyXQELOOHWHGHPRQHGDVGH\PRQHGDV
GHHOODFRQWyHOGLQHUR\HOPDHVWURHVFULELyODFDQWLGDGVREUH
HOYDOHGHVWDFDQGRTXHVyORVHHVFULEHHOQ~PHURGHELOOHWHV\QRHOYDORU
GHORVELOOHWHV

/D H[SHULHQFLD GHO SLORWHR QRV SHUPLWLy YHU TXH ODV DFWLYLGDGHV GH
GHFRGLILFDFLyQGDGRXQQXPHUDOHVFULWRHQHOYDOHGHWHUPLQDUDTXpFDQWLGDG
FRUUHVSRQGHVRQPiVDFFHVLEOHVTXHODVGHFRGLILFDFLyQGDGDXQDFDQWLGDGGH
GLQHURH[SUHVDUHOQXPHUDOFRUUHVSRQGLHQWHSRUORFXDOODVSULPHUDVDFWLYLGDGHV
TXHVHWUDEDMDURQFRQ&DUPHQIXHURQGHFRGLILFDFLRQHV


 /DVYDULDEOHVGLGiFWLFDVVRQORVHOHPHQWRVGHXQDVLWXDFLyQTXHSXHGHQVHUPRGLILFDGRVSRUHO
PDHVWUR\TXHDIHFWDQDODMHUDUTXtDGHODVHVWUDWHJLDVGHVROXFLyQTXHSRQHHQIXQFLRQDPLHQWR
HODOXPQR´%URXVVHDX

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

$OSULQFLSLR&DUPHQWXYRGLILFXOWDGHVSDUDXWLOL]DUHOQXHYRGLVSRVLWLYR6X
IRUPDGHSURFHGHUSHUPLWLyLGHQWLILFDUFXHVWLRQHVTXHVHGHMDURQLPSOtFLWDVHQOD
H[SOLFDFLyQ\TXHQRHUDQREYLDVSDUDHOOD$FRQWLQXDFLyQVHGHVWDFDUiQDOJXQDV
GHODVSULQFLSDOHVGLILFXOWDGHVDVtFRPRORVORJURV

 (OSURFHVRGHGHFRGLILFDFLyQ

1RREVWDQWHORVDYDQFHVORJUDGRVHQODSULPHUDSDUWHGHODVHFXHQFLDLGHQWLILFDU
\HVFULELUORVGtJLWRVSUHVHQWyWRGDYtDDOJXQDVGLILFXOWDGHVSDUD&DUPHQ9HDPRV
XQHMHPSORGHODTXLQWDVHVLyQ6HOHSUHVHQWyXQYDOHFRQHOQXPHUDO\VHOH
SLGLyTXHGLHUDHVDFDQWLGDGGHGLQHUR&DUPHQWRPyVXWLUDQXPpULFD\FRPSDUy
ODVFLIUDV
&DUPHQ ¢6HUiQFRPRRFKRFLHQWRV"
0DHVWUR ¢&XiQWRVELOOHWHVGHFLHQOHWLHQHTXHGDUDOPDHVWUR"
&DUPHQ &LHQSHVRV«(QVHJXLGDDJUHJD1R%XVFDHQVXWLUDFRQIXQGHHO
 FRQ HO  \ GLFH D PRGR GH H[SOLFDFLyQ7LHQH OD PLVPD SDUWH GH
DEDMR)LQDOPHQWHLGHQWLILFDDOFLQFRHQODWLUDFXHQWDFLQFRELOOHWHV\
ORVDSDUWD
0DHVWUR ¢&XiQWDVPRQHGDVGHOHSHGLPRV"5HFRQRFHHO³´FRPSDUDQGRHO
Q~PHURGHO9DOHFRQHOGHODWLUDWXYRGLILFXOWDGSRUODVGLIHUHQFLDV
HQWUHODVJUDItDVFRQWyODVPRQHGDV\ODVMXQWyFRQORVELOOHWHV$OILQDO
UHFRQRFLyPX\IiFLOHOHOODPLVPDGLMRTXHpVH\DQRVHOHROYLGD\
FRQWyPRQHGDVGH

(OXVRGHODWLUDQXPpULFDHQODVVLWXDFLRQHV FRQ Q~PHURV JUDQGHV IXH

UHFXUUHQWH/DWLUDIXQFLRQyFRPRDSR\RSDUDFRPSDUDUJUDItDVSDUDUHFRQRFHU
XQGtJLWR\FRPRGLVSRVLWLYRGHFRQWURO)XHXQUHFXUVRTXHSDUHFtDGDUVHJXULGDG
D&DUPHQ
(QHOSURFHVRGHGHFRGLILFDUDSDUHFLHURQRWUDVGLILFXOWDGHVPHQRUHVTXH
&DUPHQVXSHUyUiSLGDPHQWHSRUHMHPSORSHQVDUTXHODFLIUDGHL]TXLHUGD
VLHPSUHUHSUHVHQWDORVELOOHWHVGHFLHQFXDQGRSRGUtDQVHUORVGHRELHQTXH
HOELOOHWHGHFLHQTXHDSDUHFHGLEXMDGRHQHOHQFDEH]DGRGHODWDEODHVSDUWHGHOD
FDQWLGDGUHSUHVHQWDGD
9HDPRVDKRUDFyPRHQODVHVLyQ&DUPHQGHFRGLILFDHOQXPHUDO
DQRWDGRHQXQDWDEODVLQHQFDEH]DGR
0DHVWUR ¢&XiOHV"
&DUPHQ eVWHHVHOXQRpVWHHVHORFKR\HOFXDWURDOSDUHFHUORVGLFHHQHORUGHQ
HQTXHORVUHFRQRFH6HUtDQFXDWURPRQHGDVGHGLH]\RFKRGHSHVR\
OXHJRXQRGHFLHQ

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

0DHVWUR ¢<WRGRMXQWR"
&DUPHQ &DUPHQFXHQWDHQVLOHQFLR&LHQWRWUHLQWD\RFKR
0DHVWUR /HSUHJXQWDFXiQWRHUDSRUODVPRQHGDVGHGLH]&DUPHQFRUULJH

&DUPHQXWLOL]DVXKDELOLGDGGHFiOFXORPHQWDOSDUDHVFULELUXQQXPHUDO
$XQTXHWRGDYtDUHFLEHD\XGDHODYDQFHHVYLVLEOH

 (OSURFHVRGHFRGLILFDU

&RPR\DVHFRPHQWyHVWDVDFWLYLGDGHVIXHURQPiVGLItFLOHV$OSULQFLSLRVHXVDURQ
ELOOHWHV\PRQHGDVSDUDDSR\DUODFRGLILFDFLyQ/DGLILFXOWDGPiVLPSRUWDQWHIXH
FRPSUHQGHUTXHHQODWDEODVHDQRWDODFDQWLGDGGHELOOHWHVRPRQHGDVHVWRHVORV
YDORUHVDEVROXWRV\QRHOYDORUTXHUHSUHVHQWDQORVYDORUHVUHODWLYRV(QODVHVLyQ
FLQFRVHOHGLHURQSHVRVFRQGRVELOOHWHVGH\XQDPRQHGDGH\GRV
GH\VHOHSLGLyHVFULELUHVHQ~PHURHQHOYDOH

&DUPHQ ¢/RVSRQJRGyQGH"(OPDHVWUROHH[SOLFyTXHVyORVHHVFULEHODFDQWLGDG

GHELOOHWHV
&DUPHQ DQRWD>@HQODFDVLOODGHEDMRGHO
0DHVWUR ¢&XiQWDVPRQHGDVGHGLH]KD\"
&DUPHQ 8QD
0DHVWUR ¢(QWRQFHVTXpSRQHPRVDTXt"VHxDODQGRHOUHFXDGURGHEDMRGHODPRQHGD
GH
&DUPHQ 7UHV
0DHVWUR ¢7UHV"¢SRUTXp"
&DUPHQ 'LH](OPDHVWURH[SOLFDTXHHQODFDVLOODVyORVHHVFULEHHOQ~PHUR
GHPRQHGDVQRFXiQWRYDOHHOELOOHWH
&DUPHQ 'RFH«XQDPRQHGD
0DHVWUR (QWRQFHVVHHVFULEHHOXQR
&DUPHQ £$K\RSHQVDEDTXHHUDQpVWDVFRQpVWDVODVGRVGHXQRFRQODGHGLH]

$VtIUHQWHDXQDPRQHGDGHGLH]SHVRV\GRVGHXQSHVR\DQWHODIDOWDGH
FHUWH]DGHTXpHVORTXHVHUHJLVWUD&DUPHQYHWUHVSRVLELOLGDGHV

     ¢PRQHGDV"

      ¢SHVRVHQWRWDO"

     ¢PRQHGDGHGLH]\PRQHGDVGHXQR"

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

&RQODVPRQHGDVGHQRWXYRSUREOHPDDQRWyXQ³´HQHOOXJDUDGHFXDGR
$OSUHJXQWDUOH¢TXpQ~PHURHVWiGHEDMRGHO"HVWDEDHOHOODUHVSRQGLy³HO
GLH]´DXQTXHHQVHJXLGDUHFWLILFy\DILUPyTXHHUDHOXQR$OSHGLUOHTXHGLMHUD
FXiQWRGLQHURKDEtDHQWRWDOFRQWHVWyFRUUHFWDPHQWHGRVFLHQWRVGRFH
(Q QXHVWUR VLVWHPD GH QXPHUDFLyQ D FDGD FLIUD GH XQ QXPHUDO OH
FRUUHVSRQGHQGRVYDORUHVHODEVROXWRSRUHMHPSOR³GRV´TXHUHPLWHDXQ
Q~PHURGHDJUXSDPLHQWRVGH\HOYDORUUHODWLYRTXHUHPLWHDOYDORUWRWDO
UHSUHVHQWDGRGRVFLHQWRV(ODFHUFDPLHQWRDQDOtWLFRDOVLVWHPDGHQXPHUDFLyQ
DOUHTXHULUDQDOL]DUORTXHUHSUHVHQWDFDGDFLIUDH[LJHTXHVHWHQJDQHQFXHQWD
HVWDVGRVYDOHQFLDVGHORVGtJLWRV\HVWRFRQVWLWX\HVXSULQFLSDOGLILFXOWDG1R
REVWDQWHFRPRYHUHPRV&DUPHQORJUyDYDQFHVLPSRUWDQWHV
1RVGHWHQGUHPRVHQXQDGHODVDFWLYLGDGHVGHFRGLILFDFLyQTXHLPSOLFD
WDPELpQVXPDU\TXHSDUHFLyEULQGDUXQDD\XGDLPSRUWDQWH6HWUDWDGHOMXHJR
GH³(OFDMHUR´6HFUHWDUtDGH(GXFDFLyQ3~EOLFDDILFKDDSOLFDGRHQ
ODVH[WDVHVLyQ(QHVWHMXHJRVHXVDQWUHVGDGRVGHGLIHUHQWHFRORUFDGDXQR
FRUUHVSRQGHDORVELOOHWHVPRQHGDV±GH\TXHVHLUiQVXPDQGR6H
LQLFLyFRQXQHMHPSORHQHOYDOHHVWDEDDQRWDGRHOQ~PHURVHODQ]yHOGDGR
FRUUHVSRQGLHQWHDORVELOOHWHVGHVDOLy³´\VHH[SOLFyD&DUPHQTXHKDEtD
TXHVXPDUELOOHWHVGHDORVSHVRVTXH\DHVWDEDQHVFULWRVHQHOYDOH

&DUPHQ &XDWURFLHQWRVVHVHQWD\FXDWURDJUHJDTXHOHIDOWDXQFXDWURHQHOFXDGUR

GHEDMRGHHQHO9DOH

 (QVHJXLGDVHDUURMDHOGDGRGHODVPRQHGDVGH\VDOHHO

0DHVWUR $KRUDWHQHPRVTXHVXPDUXQRGHGLH]D
&DUPHQ VXPDPHQWDOPHQWH&XDWURFLHQWRVVHWHQWD\FXDWUR
0DHVWUR ¢4XpWHQHPRVTXHFDPELDUSDUDTXHHQYH]GHVHD
&DUPHQ (OVHWHQWDVHxDODHOGHORVELOOHWHVGH

 3DUDD\XGDUODOHSHGLPRVTXHHVFULELHUDHQXQDKRMDHQEODQFRFRQHO
YDOHDODYLVWDHO³FXDWURFLHQWRVVHVHQWD\FXDWUR´\HO³FXDWURFLHQWRV
VHWHQWD\FXDWUR´\TXHORVFRPSDUDUD&DUPHQREVHUYyTXHHO~QLFRTXH
FDPELDHVHOVHLV


 6HWUDWDGHRWUDDFWLYLGDGRULJLQDOPHQWHGLVHxDGDSDUDQLxRVTXHUHVXOWDPX\~WLOHQHOWUDEDMRFRQ
DGXOWRVFXDQGRVHWUDWDGHFRPSUHQGHUHOFDUiFWHUSRVLFLRQDOGHQXHVWURVLVWHPDGHQXPHUDFLyQ9HU
SRUHMHPSOR'HOSUDWR(OSURSyVLWRGHODDFWLYLGDGDTXtIXHVHJXLUSURSLFLDQGRXQDQiOLVLVGH
ODHVFULWXUDGHORVQXPHUDOHV

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

/DDFWLYLGDGFRQWLQXyKDEtDTXHVXPDUGHXQSHVRDODFDQWLGDGDQWHULRU
&DUPHQ VXPDPHQWDOPHQWH&XDWURFLHQWRVVHWHQWD\RFKR7HQHPRVTXHFDPELDU
HOSRUHOORHVFULEHVLQXVDUODWLUD
 5HJUHVDPRVDOGDGRGH\VDOH
0DHVWUR ¢XQRGHPiV"
&DUPHQ &DOFXODPHQWDOPHQWH4XLQLHQWRVVHVHQWD\RFKRKD\TXHFDPELDUHO
SRUXQ

&RPRSXHGHYHUVHGDGRVGRVQ~PHURVH[SUHVDGRVRUDOPHQWHFRQXQD
GLIHUHQFLDGH&DUPHQORJUDVDEHUTXHOR~QLFRTXHFDPELDHVODFLIUDGHODV
FHQWHQDVHVGHFLUORJUDLGHQWLILFDUHOFDPELRHQHOUHJLVWURGHORHVFULWRFRQORFXDO
PXHVWUDTXHSXHGHHPSH]DUDWUDGXFLUXQDWUDQVIRUPDFLyQDGLWLYDGHOVLVWHPD
GHQXPHUDFLyQRUDODOUHJLVWURHVFULWR
1RWHPRVVLQHPEDUJRTXH&DUPHQQRRSHUDDOPHQRVQRWRGDYtDHQHO
UHJLVWURHVFULWRQRVXPDGHHQWUDGD³XQR´DODFLIUDTXHLQGLFDODFDQWLGDGGH
ELOOHWHVGHFLHQVLQRTXHVXPDPHQWDOPHQWHPiV\GHVSXpVREVHUYD
TXHKD\TXHFDPELDUHOFXDWURSRUHOFLQFR(VWRFRQILUPDTXHGXUDQWHXQWLHPSR
SDUD&DUPHQVHJXLUiVLHQGRPXFKRPiVFyPRGRUHDOL]DUODVWUDVIRUPDFLRQHVHQ
HOUHJLVWURGHORRUDO\FRQFiOFXORPHQWDO\GHVSXpVFRQYHUWLUDOUHJLVWURHVFULWR
VLQRSHUDUGLUHFWDPHQWHHQpVWH
0RVWUDUHPRVXQHMHPSORGHOGHVHPSHxRORJUDGRSRU&DUPHQ(QODVpSWLPD
VHVLyQFXDQGRVHLQWURGXMRODFDOFXODGRUDVHOHH[SOLFyFRQXQHMHPSORTXH
SDUDLQWURGXFLUXQQ~PHURVHSRQHODFDQWLGDGGHELOOHWHVPRQHGDVGHFDGD
GHQRPLQDFLyQHQRUGHQGHPD\RUDPHQRUWRPDQGRFRPRUHIHUHQFLDHOYDOH
&DUPHQDSUHWyHOGHVSXpVHO\GLMR³VyORQRVIDOWDHOFHUR´/HSUHJXQWDPRV
TXpQ~PHURTXHUtDHVFULELUDORTXHUHVSRQGLy³FLHQWRRFKHQWD\FLQFR´\DJUHJy
³SDUDKD\TXHDSUHWDUHO´$SUHWyHO/HGLMLPRV³HOQ~PHURTXHDSDUHFH
HQODSDQWDOODHVHOFLHQWRRFKHQWD\FLQFR´
(QVHJXLGDOHSHGLPRVTXH³HVFULELHUD´HOWUHVFLHQWRVYHLQWLFXDWUR&DUPHQ
RSWy SULPHUR SRU HVFULELUOR HQ OD WDEOD VLQ HQFDEH]DGR SDUD OXHJR DSUHWDU
FDGDGtJLWRHQODFDOFXODGRUD3RGHPRVYHUHQHVWDGHFLVLyQXQLQGLFLRGHXQD
DSURSLDFLyQGHOYDOHFRPRKHUUDPLHQWD
)LQDOPHQWHVHOHSLGLyHVFULELUHOQ~PHURYHLQWLFLQFRHQXQDKRMDHQEODQFR
\HQODFDOFXODGRUDHOODORHVFULELyFRUUHFWDPHQWHHQXQDKRMDFRSLDQGRVyORHO
GHODWLUDGLFLHQGR³GRVGHGLH]\FLQFRGHDSHVR´(QVHJXLGDORHVFULELyHQ
ODFDOFXODGRUDSULPHURDSUHWyHO\OXHJRHO'HHVWDPDQHUD&DUPHQXVDVX
FRQRFLPLHQWRGHODVXPDGHYHLQWHSHVRVPiVFLQFRSHVRVSDUDFRQD\XGDGHOD
GHVFRPSRVLFLyQSURSLFLDGDSRUHOYDOHHVFULELU³´

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

&21&/86,21(6

5HWRPDUHPRVDTXtODVSUHJXQWDVFHQWUDOHVGHOHVWXGLRSODQWHDGDVHQODLQWURGXFFLyQ
\WDPELpQKDUHPRVXQFRPHQWDULRDFHUFDGHOUHFXUVRDOFRQFHSWRGHUHJLVWUR
VHPLyWLFR)LQDOPHQWHGHVWDFDUHPRVORVDSRUWHVGHOHVWXGLRDOFRQRFLPLHQWRVREUH
ORVSURFHVRVGHHQVHxDQ]D\GHDSUHQGL]DMHGHODQXPHUDFLyQHVFULWDSRUDGXOWRV
QRDOIDEHWL]DGRV

 6REUHODVVLWXDFLRQHVGLGiFWLFDV

'HQRVDEHUGLIHUHQFLDUQ~PHURVGHOHWUDV\GHGLEXMRVDODSRVLELOLGDGGHHVFULELU
HLQWHUSUHWDUD~QFRQGLILFXOWDGQXPHUDOHVGHWUHVFLIUDVHODYDQFHGH&DUPHQD
ORODUJRGHVLHWHVHVLRQHVGHPHQRVGHXQDKRUDIXHQRWRULR(QODVSULPHUDVFXDWUR
VHVLRQHV&DUPHQDFFHGLyDODHVFULWXUDGHORVSULPHURVQXPHUDOHVXWLOL]DQGRVX
FRQRFLPLHQWRSUHYLRGHOFRQWHRGHXQDPDQHUDTXHUHVXOWyWDQVLPSOHFRPRHILFD]
LGHQWLILFDEDHOQXPHUDOTXHQHFHVLWDEDFRQWDQGRVREUHODWLUD(VWRVUHVXOWDGRV
SHUPLWHQFRQMHWXUDUTXHODWLUDQXPpULFDSRGUtDFRQVWLWXLUXQDKHUUDPLHQWD~WLO
HQHOSURFHVRGHDSUHQGHUDHVFULELUORVQ~PHURVKDVWDSRQLHQGRHQMXHJRGH
PDQHUDVLJQLILFDWLYDHOFRQRFLPLHQWRGHOFRQWHRGHORVDGXOWRVQRDOIDEHWL]DGRV
&DEHREVHUYDUDGHPiVTXHHOFRQWHRRUDOSRGUtDKDFHUVHHQFXDOTXLHUOHQJXD\
FRQFXDOTXLHUVLVWHPD1RREVWDQWHHVWRGHEHUiVHUHVWXGLDGR\YHULILFDGR
&RQPiVGLILFXOWDGSHURWDPELpQFRQDOJXQRVUHVXOWDGRVSRVLWLYRVHO
GLVSRVLWLYRGH(OYDOHIXQFLRQyFRPRKHUUDPLHQWDSURYLVLRQDOSDUDFRGLILFDU
\GHFRGLILFDUORVQXPHUDOHVPiVJUDQGHVFRQFLHUWDDXWRQRPtDSRQLHQGRHQMXHJR
FRQRFLPLHQWRVGHFiOFXORPHQWDO/DGLILFXOWDGPiVLPSRUWDQWH²FRPSUHQGHU
TXHXQDFDQWLGDGFRPRGRVFLHQWRVVHSXHGHUHSUHVHQWDUVRODPHQWHFRQHOGtJLWR³´
XELFDGRHQHOFDVLOOHURGHORVELOOHWHVGHFLHQ²HVWULEXWDULDGHODFHUFDPLHQWR
DQDOtWLFRDODQXPHUDFLyQHOFXDOSRQHHQMXHJRODGREOHYDOHQFLDGHODVFLIUDV
TXHFRPSRQHQORVQXPHUDOHVYDORUDEVROXWR\YDORUUHODWLYR(VWDGLILFXOWDG
DXQDGDDOKHFKRGHTXHODPHMRUPDQHUDGHDFFHGHUDODQXPHUDFLyQ\DOFiOFXOR
HVFULWRVSXHGHYDULDUGHXQDGXOWRDRWURGHSHQGLHQGRGHVXVFRQRFLPLHQWRV
SUHYLRV'HOSUDWRMXVWLILFDODQHFHVLGDGGHH[SORUDUPiVDOWHUQDWLYDV
HQSDUWLFXODUFRPRKHPRVGLFKRDOSULQFLSLRGHHVWHWH[WRDOWHUQDWLYDVTXH
DUWLFXOHQHODFHUFDPLHQWRDQDOtWLFRTXHKHPRVH[SORUDGRDTXtFRQXQDFHUFDPLHQWR
VLQWpWLFRTXHSULRULFHODLGHQWLILFDFLyQGHUHJXODULGDGHVGHOVLVWHPDGHQXPHUDFLyQ
HVFULWRVLQGHWHQHUVHDDQDOL]DUVXVFDUDFWHUtVWLFDVGHEDVH\SRVLFLyQHQXQD
VHFXHQFLDGLGiFWLFDI OH[LEOHHQHOVHQWLGRGHDGDSWDEOHHQIXQFLyQGHODV
GLILFXOWDGHVGHFDGDSHUVRQD

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

0HUHFHWDPELpQXQFRPHQWDULRHOXVRGHDOJXQDVVLWXDFLRQHVGLGiFWLFDV
RULJLQDOPHQWHGLULJLGDVDQLxRVFRPRODGHOWHVRURHVFRQGLGRODGHOFDMHURRGH
ODFRPXQLFDFLyQGHFDQWLGDGHVRGHDOJXQRVGLVSRVLWLYRVFRPRODWLUDQXPHUDGD
(QODH[SHULHQFLDFRQ&DUPHQVHFRQILUPDHOKHFKRGHTXHGLFKDVVLWXDFLRQHV
SHUPLWHQDORVDGXOWRVDOLJXDOTXHDORVQLxRVXWLOL]DUVXVFRQRFLPLHQWRVSUHYLRV
HQSDUWLFXODUHOFRQWHRSHURGHXQDPDQHUDGLVWLQWDSXHVHOFRQRFLPLHQWRTXH
ORVDGXOWRVWLHQHQGHODQXPHUDFLyQRUDO\GHOFiOFXORHVPXFKRPD\RUTXHHO
GHORVQLxRVTXHLQLFLDQODSULPDULD(VGHFLUODVLWXDFLyQRHOGLVSRVLWLYRSXHGHQ
VHUORVPLVPRVSHURODUHODFLyQTXHQLxRV\DGXOWRVHVWDEOHFHQFRQHOORVHV
GLIHUHQWH(VQHFHVDULRSUHFLVDUTXHFXDQGRVHFXHVWLRQD³GDUXQWUDWRGHQLxR
DODGXOWR´HQODVSURSXHVWDVGHHQVHxDQ]DHOSUREOHPDQRHVQHFHVDULDPHQWH
DXQTXHVtSXHGHOOHJDUDVHUORHOXVRGHDFWLYLGDGHVTXHHYHQWXDOPHQWHWDPELpQ
KDFHQORVQLxRVVLQRPiVSUHFLVDPHQWHHOTXHODVSURSXHVWDVQRWHQJDQHQFXHQWD
ORVFRQRFLPLHQWRVSUHYLRVGHODGXOWRVXVIRUPDVGHUHODFLRQDUVHFRQXQDVLWXDFLyQ
GDGDORVFXDOHVSXHGHQVHUVHQVLEOHPHQWHGLVWLQWRVDORVGHORVQLxRV

 2WURVDVSHFWRVUHODFLRQDGRVFRQODDGTXLVLFLyQGHODHVFULWXUDGHORVQXPHUDOHV

6HHYLGHQFLyTXHHQHOSURFHVRGHHVWDEOHFHUXQDDVRFLDFLyQHVWDEOHHQWUHQ~PHURV
RUDOHV\JUDItDVHVWiLPSOLFDGDXQDDFFLyQTXHSXHGHSDVDUGHVDSHUFLELGDDTXLHQ
\DGRPLQDXQVLVWHPDGHHVFULWXUDVHGHEHQDSUHQGHUDGLVWLQJXLUODVYDULDFLRQHV
JUiILFDVTXHFRUUHVSRQGHQDOPLVPRQ~PHURGHDTXpOODVTXHQR8QDVHFXHQFLD
GLGiFWLFDGHEHFRQVLGHUDUHVWHDVSHFWRWDQWRHQODHOHFFLyQGHODWLSRJUDItDPiV
FODUDFRPRHQODSURSXHVWDGHDFWLYLGDGHVTXHD\XGHQDVXSHUDUGLILFXOWDGHVSRU
HMHPSORODFODVLILFDFLyQGHQXPHUDOHVTXHFRUUHVSRQGHQDOPLVPRQ~PHURSHUR
KHFKRVFRQWUD]RVGHGLVWLQWRWLSR\WDPELpQHMHUFLFLRVGHWUD]R
3RURWUDSDUWHDORODUJRGHODVHFXHQFLDIXHSRVLEOHFRQRFHUWDPELpQ
DOJXQDV GH ODV KLSyWHVLV VREUH ODV UHJODV GH HVFULWXUD GH ORV Q~PHURV TXH
&DUPHQWHQtDRTXHHODERUDEDVREUHODPDUFKDQ~PHURVGLIHUHQWHVVHHVFULEHQ
FRQJUDItDVGLIHUHQWHVDGRVWUD]RVGLIHUHQWHVOHVFRUUHVSRQGHQQXPHUDOHV
GLIHUHQWHVDFDGDWUD]RJUiILFROHFRUUHVSRQGHXQQ~PHURSRUORWDQWRHQ³´
KD\GRVQ~PHURV(VWDVKLSyWHVLVTXHVHIXHURQSUHFLVDQGR\FRUULJLHQGR
FRPRUHVXOWDGRGHODXWLOL]DFLyQGHODWLUDQXPpULFD


 /RVFRQRFLPLHQWRVTXHJHQHUDQORVDGXOWRVHQVXUHODFLyQLQLFLDOFRQODHVFULWXUDGHORVQXPHUDOHV
HVWiQSRFRGRFXPHQWDGRVYHUSRUHMHPSOR%ORFN\1HPLURYVN\

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

 (OSDSHOGHORVFRQRFLPLHQWRVVREUHODQXPHUDFLyQRUDOHQODDGTXLVLFLyQ
GHODQXPHUDFLyQHVFULWD

&RQVLGHUDQGRHOGHVHPSHxRGH&DUPHQFRQORVGRVGLVSRVLWLYRVXWLOL]DGRV³OD
WLUD QXPpULFD´ \ ³HO YDOH´ SXHGH GHFLUVH TXH HO SULQFLSLR TXHVXE\DFH DO
IXQFLRQDPLHQWRGHDPERVDVDEHUDSR\DUVHHQORVFRQRFLPLHQWRVGHODGXOWRDFHUFD
GHODQXPHUDFLyQRUDOSDUDIDFLOLWDUVXDFFHVRDODQXPHUDFLyQHVFULWDFRQVWLWX\H
XQD FRQMHWXUD YLDEOH TXH PHUHFH VHU HVWXGLDGD FRQ PD\RU DPSOLWXG (VWD
FRQMHWXUDGHYHULILFDUVHOOHYDUtDDPDWL]DUODFRQFOXVLyQDODTXHVHOOHJDHQRWUDV
LQYHVWLJDFLRQHVDFHUFDGHOSDSHOGHREVWiFXORTXHMXHJDQORVFRQRFLPLHQWRVGHO
DGXOWRFRQUHVSHFWRDODDGTXLVLFLyQGHDOJXQRVFRQRFLPLHQWRVPDWHPiWLFRV
FRQYHQFLRQDOHVÈYLOD'HOSUDWR

 1XPHUDFLRQHVRUDO\HVFULWDFRPRUHJLVWURVVHPLyWLFRV

3RU~OWLPRFDEHREVHUYDUTXHODFRQFHSWXDOL]DFLyQGHOWUiQVLWRGHODQXPHUDFLyQ
RUDODODHVFULWDHQWpUPLQRVGHXQWUDEDMRGHFRQYHUVLyQGHUHJLVWURVVHPLyWLFRVIXH
DGHFXDGDSDUDGHVWDFDUHQSULPHUOXJDUTXHHODGXOWRVHDFHUFDDODQXPHUDFLyQ
HVFULWDGHVGHRWUDQXPHUDFLyQFRQRFLGDSRUpOODRUDO&DUPHQIXHDSUHQGLHQGR
DLGHQWLILFDUORVQ~PHURVHVFULWRVTXHFRUUHVSRQGHQDORVRUDOHVSHURHQXQ
SULPHUPRPHQWRRSHUy~QLFDPHQWHHQHOUHJLVWURRUDO3RUHMHPSORSDUDVDEHU
TXpQ~PHURVLJXHGHOVtPERORHVFULWR³´HOODFRQYLUWLyHVHVtPERORHQVX
HTXLYDOHQWHRUDO³RQFH´HQFRQWUyHQHVHUHJLVWURDOVXFHVRU³GRFH´\GHVSXpV
EXVFyHOHTXLYDOHQWHHVFULWRGHHVHQXPHUDO6HHVSHUDUtDTXHPiVDGHODQWHSXHGD
RSHUDUGLUHFWDPHQWHHQHOUHJLVWURHVFULWR

 7UHVDSRUWHVGHOHVWXGLR

3DUDWHUPLQDUQRVSHUPLWLPRVGHVWDFDUWUHVDSRUWHVGHOHVWXGLRHQSULPHU
OXJDUFRQWULEX\HDVXVWHQWDUODYLDELOLGDGGHXQPD\RUDSURYHFKDPLHQWRGHOD
QXPHUDFLyQRUDOHQXQSURFHVRGHDGTXLVLFLyQGHODQXPHUDFLyQHVFULWDDGHPiV
LGHQWLILFD\IXQGDPHQWDXQDGLUHFFLyQHQODTXHSXHGHVHUFRQYHQLHQWHFRQWLQXDU
ODH[SORUDFLyQGHDOWHUQDWLYDVGLGiFWLFDVODFXDOVHFDUDFWHUL]DSRUODLQWHJUDFLyQ
GHORVDFHUFDPLHQWRVTXHKHPRVOODPDGRDQDOtWLFR\VLQWpWLFRFRQODLQFOXVLyQGH
ODFDOFXODGRUD3RURWUDSDUWHHOHVWXGLRFRQWULEX\HDHQULTXHFHUHOPDUFR
LQWHUSUHWDWLYRGHOSURFHVRGHDGTXLVLFLyQGHODUHSUHVHQWDFLyQHVFULWDGHORV
Q~PHURVDODFRPSDxDUORGHXQDQiOLVLVGLGiFWLFRGHODVDOWHUQDWLYDVGHHQVHxDQ]D
GHODQXPHUDFLyQHVFULWD\DOFRQFHELUORHQWpUPLQRVGHXQDFRQYHUVLyQHQWUH
UHJLVWURVVHPLyWLFRV

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

)LQDOPHQWHORVUHVXOWDGRVDUURMDQOX]VREUHXQDVSHFWRDSDUHQWHPHQWHQLPLR
HOFXDOQRREVWDQWHUHVXOWyVHULPSRUWDQWHHQHOSURFHVRGHDSUHQGL]DMHGHOD
QXPHUDFLyQHVFULWDODVGLILFXOWDGHVGHLGHQWLILFDFLyQGHORVFDUDFWHUHVQXPpULFRV
HQIXQFLyQGHVXVFDUDFWHUtVWLFDVWLSRJUiILFDVGHORVQXPHUDOHV

$*5$'(&,0,(1726

$JUDGHFHPRVD0DUJDULWD5DPtUH]%DGLOOR\D/DXUD5HVpQGL]DVtFRPRD
ORViUELWURVODVPLQXFLRVDV\UHLWHUDGDVUHYLVLRQHVTXHKLFLHURQGHHVWHWH[WR
\VXVSHUWLQHQWHVREVHUYDFLRQHV3DUDODHODERUDFLyQGHODWHVLVGHODTXHVH
GHULYDHOSUHVHQWHDUWtFXORVHFRQWyFRQHODSR\RGHXQDEHFDGH&RQVHMR
1DFLRQDOGH&LHQFLD\7HFQRORJtD&21$&<7

5()(5(1&,$6%,%/,2*5È),&$6

$UWLJXH 0  ,QJHQLHUtD GLGiFWLFD (Q 3 *yPH] (G ,QJHQLHUtD GLGiFWLFD HQ HGXFDFLyQ
PDWHPiWLFD8QHVTXHPDSDUDODLQYHVWLJDFLyQ\ODLQQRYDFLyQHQODHQVHxDQ]D\HODSUHQGL]DMH
GHODVPDWHPiWLFDVSS')0p[LFR*UXSR(GLWRULDO,EHURDPpULFD
ÈYLOD$(OVDEHUPDWHPiWLFRGHORVDGXOWRVDQDOIDEHWRV2ULJHQ\GHVDUUROORGHVXV
HVWUDWHJLDVGHFiOFXOR5HYLVWD/DWLQRDPHULFDQDGH(VWXGLRV(GXFDWLYRV;;;9 

ÈYLOD$'HOFiOFXORRUDODOFiOFXORHVFULWR5HFKHUFKHVHQ'LGDFWLTXHGHV0DWKpPDWLTXHV
 
%LVKRS$(QFXOWXUDFLyQPDWHPiWLFD/DHGXFDFLyQPDWHPiWLFDGHVGHXQDSHUVSHFWLYD
FXOWXUDO%DUFHORQD(VSDxD(GLFLRQHV3DLGyV,EpULFD
%ORFN'\ÈOYDUH]$0/RVQ~PHURVHQSULPHUJUDGRFXDWURJHQHUDFLRQHVGHVLWXDFLRQHV
GLGiFWLFDV(GXFDFLyQ0DWHPiWLFD
%ORFN'0RVFRVR$5DPtUH]0 6RODUHV'/DDSURSLDFLyQGHLQQRYDFLRQHVSDUD
ODHQVHxDQ]DGHODVPDWHPiWLFDVSRUPDHVWURVGHHGXFDFLyQSULPDULD5HYLVWD0H[LFDQD
GH,QYHVWLJDFLyQ(GXFDWLYD;,,
%ORFN'\1HPLURYVN\0$OJXQRVSURFHGLPLHQWRV\UHSUHVHQWDFLRQHVPDWHPiWLFDVGH
DGXOWRVQRDOIDEHWL]DGRV(Q)+LWW2)LJXHUDV/5DGIRUG\(%RQLOOD(GV0HPRULDVGHOD
6HJXQGD5HXQLyQ&HQWURDPHULFDQD\GHO&DULEHVREUHIRUPDFLyQGHSURIHVRUHVHLQYHVWLJDFLyQ
HQ0DWHPiWLFD(GXFDWLYDSS*XDWHPDOD*XDWHPDOD5HXQLyQ&HQWURDPHULFDQD\
GHO&DULEHVREUHIRUPDFLyQGHSURIHVRUHVHLQYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
%URLWPDQ&$GXOWRVTXHLQLFLDQODHVFRODULGDGVXVFRQRFLPLHQWRVDULWPpWLFRV\ODUHODFLyQ
TXHHVWDEOHFHQFRQHOVDEHU\FRQODVPDWHPiWLFDV7HVLV'RFWRUDOQRSXEOLFDGD8QLYHUVLGDG
1DFLRQDOGH/D3ODWD%XHQRV$LUHV$UJHQWLQD

5HOLPH9RO-XOLRGH
 6$17,$*23$/0$6'$9,'%/2&.

%URXVVHDX*(GXFDFLyQ\'LGiFWLFDGHODV0DWHPiWLFDV(GXFDFLyQ0DWHPiWLFD

 
%URXVVHDX*,QLFLDFLyQDOHVWXGLRGHODWHRUtDGHODVVLWXDFLRQHVGLGiFWLFDV')UHJRQD
7UDG%XHQRV$LUHV$UJHQWLQD/LEURVGHO=RU]DO
&DQWRUDO5)DUIiQ50/H]DPD-\0DUWtQH]±6LHUUD*6RFLRHSLVWHPRORJtD\
UHSUHVHQWDFLyQ$OJXQRVHMHPSORV5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD
(GXFDWLYD1~PHUR(VSHFLDO±
&RKHQ/0DQLRQ/\0RUULVRQ.5HVHDUFK0HWKRGVLQ(GXFDWLRQ/RQGRQ(QJODQG
5RXWOHGJH)DOPHU(GXFDWLRQ
&KHYDOODUG<$QDO\VHGHVSUDWLTXHVHQVHLJQDQWHVHWGLGDFWLTXHGHVPDWKpPDWLTXHV
O¶DSSURFKHDQWKURSRORJLTXH,Q$FWHVGHO¶8QLYHUVLWpG¶pWpGH'LGDFWLTXHGHOD5RFKHOOH  
SS&OHUPRQW)HUUDQG)UDQFH,5(0GH&OHUPRQW)HUUDQG
'¶$PEURVLR8(WQRPDWHPiWLFD(ORHQWUHDVWUDGLo}HVHDPRGHUQLGDGH%HOR+RUL]RQWH
%UD]LO$XWrQWLFD
'HOSUDWR )  /RV DGXOWRV QR DOIDEHWL]DGRV \ VXV SURFHVRV GH DFFHVR D OD VLPEROL]DFLyQ
PDWHPiWLFD7HVLVGH0DHVWUtDQRSXEOLFDGD&HQWURGH,QYHVWLJDFLyQ\GH(VWXGLRV$YDQ]DGRV
GHO,QVWLWXWR3ROLWpFQLFR1DFLRQDO')0p[LFR
'HOSUDWR)\)XHQODEUDGD,$VtOHKDFHPRVQRVRWURVSUiFWLFDVGHQXPHUDFLyQHVFULWD
HQRUJDQL]DFLRQHVSURGXFWLYDVGHPXMHUHVFRQEDMDHVFRODULGDG&XDGHUQRVGH(GXFDFLyQ
 
'XYDO56HPLRVLV\1RHVLV(Q($6iQFKH]\*=XELHWD(GV\&RPS'LGiFWLFDGH
ODV0DWHPiWLFDV(VFXHOD)UDQFHVDSS')0p[LFR'HSDUWDPHQWRGH0DWHPiWLFD
(GXFDWLYD&LQYHVWDY
)HUUHLUR()XHQODEUDGD,1HPLURYVN\0%ORFN'\'iYLOD0/RVDGXOWRVQR
DOIDEHWL]DGRV\VXVFRQFHSWXDOL]DFLRQHVGHOVLVWHPDGHHVFULWXUD(Q&XDGHUQRVGH,QYHVWLJDFLyQ
(GXFDWLYD1R')0p[LFR'HSDUWDPHQWRGH,QYHVWLJDFLRQHV(GXFDWLYDV&LQYHVWDY
.QLMQLN*/RSRSXODU\OROHJtWLPRHQODHGXFDFLyQPDWHPiWLFDGHMyYHQHV\DGXOWRV
(Q 81(6&26DQWLDJR (G &RQRFLPLHQWR PDWHPiWLFR HQ OD HGXFDFLyQ GH MyYHQHV
DGXOWRV-RUQDGDVGHUHIOH[LyQ\FDSDFLWDFLyQVREUHODPDWHPiWLFDHQODHGXFDFLyQSS
6DQWLDJRGH&KLOH&KLOH81(6&26DQWLDJR
/HUQHU'6DGRYVN\3\:ROPDQ6(OVLVWHPDGHQXPHUDFLyQXQSUREOHPDGLGiFWLFR(Q
&3DUUD\,6DL]&RPS'LGiFWLFDGHODVPDWHPiWLFDV$SRUWHV\UHIOH[LRQHV%XHQRV$LUHV
$UJHQWLQD3DLGyV
0DULxR*/RVVDEHUHVPDWHPiWLFRVSUHYLRVGHMyYHQHV\DGXOWRVDOFDQFHV\GHVDItRV
(Q81(6&26DQWLDJR(G&RQRFLPLHQWRPDWHPiWLFRHQODHGXFDFLyQGHMyYHQHV\
DGXOWRV -RUQDGDV GH UHI OH[LyQ \ FDSDFLWDFLyQ VREUH OD PDWHPiWLFD HQ OD HGXFDFLyQ
SS6DQWLDJRGH&KLOH&KLOH81(6&26DQWLDJR
3DOPDV6'HODUHSUHVHQWDFLyQRUDOGHORVQ~PHURVDODHVFULWD8QHVWXGLRGLGiFWLFR
FRQGRVDGXOWRVGHEDMDRQXODHVFRODULGDG7HVLVGH0DHVWUtDQRSXEOLFDGD&HQWURGH
,QYHVWLJDFLyQ\GH(VWXGLRV$YDQ]DGRVGHO,QVWLWXWR3ROLWpFQLFR1DFLRQDO')0p[LFR
3DOPDV6\%ORFN'$FFHVRDODUHSUHVHQWDFLyQHVFULWDGHORVQ~PHURV8QDVHFXHQFLD
GLGiFWLFDSDUDDGXOWRVGHEDMDRQXODHVFRODULGDG3ULPHUDSDUWHQ~PHURVKDVWD\
6HJXQGDSDUWH1~PHURVPD\RUHVTXH(Q0HPRULD(OHFWUyQLFDGHO;,&RQJUHVR1DFLRQDO
GH,QYHVWLJDFLyQ(GXFDWLYD&LXGDGGH0p[LFR0p[LFR&20,(
5DPtUH]//DHQVHxDQ]DGHORVSULPHURVQ~PHURVHQSUHHVFRODU([SORUDFLyQGHXQD
DOWHUQDWLYDGLGiFWLFD7HVLVGH0DHVWUtDQRSXEOLFDGD&HQWURGH,QYHVWLJDFLyQ\GH(VWXGLRV
$YDQ]DGRVGHO,QVWLWXWR3ROLWpFQLFR1DFLRQDO')0p[LFR

5HOLPH9RO-XOLRGH
 $&&(62$/$5(35(6(17$&,Ï1(6&5,7$'(/261Ò0(5261$785$/(6 

6HFUHWDUtDGH(GXFDFLyQ3~EOLFDD)LFKHUR$FWLYLGDGHVGLGiFWLFDV0DWHPiWLFDV3ULPHU

JUDGR')0p[LFR6(3
6HFUHWDUtDGH(GXFDFLyQ3~EOLFDE0DWHPiWLFDV&XDUWRJUDGR/LEURGHODOXPQR')
0p[LFR6(3
6HFUHWDUtDGH(GXFDFLyQ3~EOLFDD0DWHPiWLFDV3ULPHUJUDGR/LEURGHODOXPQRHUD
5HYHG')0p[LFR6(3
6HFUHWDUtDGH(GXFDFLyQ3~EOLFDE0DWHPiWLFDV3ULPHUJUDGR5(&257$%/(GD
5HYHG')0p[LFR6(3

$XWRUHV

6DQWLDJR3DOPDV&HQWURGH,QYHVWLJDFLyQ\GH(VWXGLRV$YDQ]DGRV0p[LFRVSDOPDV#FLQYHVWDYP[
'DYLG%ORFN&HQWURGH,QYHVWLJDFLyQ\GH(VWXGLRV$YDQ]DGRV0p[LFRGEORFN#FLQYHVWDYP[

5HOLPH9RO-XOLRGH