You are on page 1of 5

(/(&7521,&$'(327(1&,$± 

/$%25$725,27,5,672575,$&


+/HJXL]DPyQ03DFKyQ
)DFXOWDGGH,QJHQLHUtD(OHFWUyQLFD8QLYHUVLGDG6DQWR7RPiV%RJRWi&RORPELD
(OHFWUyQLFDGH3RWHQFLD
%RJRWi



5HVXPHQ±(QHVWHODERUDWRULRVHPXHVWUDODLPSRUWDQFLDGHOXVR ,,, 0$5&27(25,&2
GH ORV WLULVWRUHV 7ULDF HQ OD HOHFWUyQLFD GH SRWHQFLD HQ GRQGH VH

UHDOL]y XQ FLUFXLWR FRQ WLULVWRUHV  7ULDF FRQGHQVDGRUHV \
UHVLVWHQFLDV (O7ULDFHVXQGLVSRVLWLYRVHPLFRQGXFWRUTXHSHUWHQHFHDOD
$EVWUDFW² ,Q WKLV ODERUDWRU\ WKH LPSRUWDQFH RI XVLQJ WULDF IDPLOLDGHORVGLVSRVLWLYRVGHFRQWUROORVWLULVWRUHV
WK\ULVWRU SRZHU HOHFWURQLFV ZKHUH D FLUFXLW WK\ULVWRU 7ULDF (OWULDFHVHQHVHQFLDODFRQH[LyQGHGRVWLULVWRUHVHQSDUDOHOR
FDSDFLWRUVDQGUHVLVWRUVDUHSHUIRUPHGLVVKRZQ SHURFRQHFWDGRVHQVHQWLGRRSXHVWR\FRPSDUWLHQGRODPLVPD
 FRPSXHUWD YHUILJXUD 
ËQGLFHGH7pUPLQRV²7LULVWRU7ULDFFRQPXWDFLyQGULPHU $$QRGR$$QRGR*&RPSXHUWD
 (OWULDFVyORVHXWLOL]DHQFRUULHQWHDOWHUQD\DOLJXDOTXH
HOWLULVWRUVHGLVSDUDSRUODFRPSXHUWD&RPR
, ,1752'8&&,Ï1 HOWULDFIXQFLRQDHQFRUULHQWHDOWHUQDKDEUiXQDSDUWHGHOD
RQGDTXHVHUiSRVLWLYD\RWUDQHJDWLYD
 
(QHVWHLQIRUPHGHODERUDWRULRVHKL]RHOXVRGHWLULVWRUHV
7ULDF UHVLVWHQFLDV FRQGHQVDGRUHV GLPHU SRWHQFLyPHWUR


IXHQWH '& \ $& GRQGH VH PLGLHURQ OD FRUULHQWH GH *DWH
FRUULHQWH GH HQWUDGD YROWDMH HQ OD FDUJD \ YROWDMH GHO 0W
07GHO7ULDFGRQGHVHEXVFDTXHODFDUJDGLVLSH:DWWV
GH SRWHQFLD FRQ HVWR VH UHDOL]y XQ DQiOLVLV HQ '& /XHJR VH
UHDOL]DXQDQiOLVLVHQ$&HQGRQGHVHFDPELDODIXHQWH'&SRU
XQD $& HQ GRQGH VH PLGH FRQ D\XGD GH XQ RVFLORVFRSLR HO
YROWDMHGHO0W07\YROWDMHGHHQWUDGD

,, 2%-(7,926 )LJXUD6tPEROR7ULDF>@
x 2ULHQWDUDORVHVWXGLDQWHVDTXHSURIXQGLFHQPiVHQORV 
)XQFLRQDPLHQWRGHO7ULDF
WLULVWRUHV\VXLPSRUWDQFLDHQODHOHFWUyQLFDGH /DSDUWHSRVLWLYDGHODRQGD VHPLFLFORSRVLWLYR SDVDUiSRU
SRWHQFLD HOWULDFVLHPSUH\FXDQGRKD\DKDELGRXQDVHxDOGHGLVSDURHQ
ODFRPSXHUWDGHHVWDPDQHUDODFRUULHQWHFLUFXODUiGHDUULED
x )RUWDOHFHUODVKDELOLGDGHVGHGLVHxRGHFLUFXLWRVFRQ KDFLDDEDMR SDVDUiSRUHOWLULVWRUTXHDSXQWDKDFLDDEDMR GH
WLULVWRUHV LJXDOPDQHUD
/DSDUWHQHJDWLYDGHODRQGD VHPLFLFORQHJDWLYR SDVDUiSRU
x 6DEHUFDUDFWHUL]DU\FRQPXWDUORVWLULVWRUHV HOWULDFVLHPSUH\FXDQGRKD\DKDELGRXQDVHxDOGHGLVSDURHQ
FRUUHFWDPHQWH ODFRPSXHUWDGHHVWDPDQHUDODFRUULHQWHFLUFXODUiGHDEDMR
KDFLDDUULED SDVDUiSRUHOWLULVWRUTXHDSXQWDKDFLDDUULED 
x 6DEHULPSOHPHQWDU\GLIHUHQFLDUFLUFXLWRVFRQ
WLULVWRUHV
  


(/(&7521,&$'(327(1&,$± 


3DUDDPERVVHPLFLFORVODVHxDOGHGLVSDURVHREWLHQHGHOD
PLVPDSDWLOOD ODSXHUWDRFRPSXHUWD 
/RLQWHUHVDQWHHVTXHVHSXHGHFRQWURODUHOPRPHQWRGH
GLVSDURGHHVWDSDWLOOD\DVtFRQWURODUHOWLHPSRTXH
FDGDWLULVWRUHVWDUiHQFRQGXFFLyQ5HFRUGDUTXH
XQWLULVWRUVyORFRQGXFHFXDQGRKDVLGRGLVSDUDGD DFWLYDGD OD
FRPSXHUWD\HQWUHVXVWHUPLQDOHVKD\XQYROWDMHSRVLWLYRGHXQ 
YDORUPtQLPRSDUDFDGDWLULVWRU  
(QWRQFHVVLVHFRQWURODHOWLHPSRTXHFDGDWLULVWRUHVWiHQ )LJXUD3ODQRGHO&LUFXLWRFRQHQJDQFKHSRUYROWDMH
FRQGXFFLyQVHSXHGHFRQWURODUODFRUULHQWHTXHVHHQWUHJDD 
XQDFDUJD\SRUFRQVLJXLHQWHODSRWHQFLDTXHFRQVXPH &RQHFWDPRVGRVIXHQWHV'&DOFLUFXLWRXQDSDUDODFDUJD\
(MHPSOR8QDDSOLFDFLyQPX\FRP~QHVHODWHQXDGRUOXPLQRVR RWUDSDUDSRGHUHQJDQFKDUDO7ULDFGRQGHHPSH]DPRVDYDULDU
GHOiPSDUDVLQFDQGHVFHQWHV FLUFXLWRGHFRQWUROGHIDVH  ODIXHQWHGHHQJDQFKHHQODFXDOPHGLPRVODFRUULHQWHGH*DWH
 \ ORV YROWDMHV GH OD FDUJD \ GHO iQRGRFiWRGR GHO 7ULDF SDUD
 VDEHUHQTXpQLYHOGHYROWDMH\FRUULHQWHVHHQJDQFKDHO7ULDF
$O UHDOL]DU ODV SUXHEDV DO FLUFXLWR DQWHULRU HQFRQWUDPRV XQ
SUREOHPD FXDQGR HO 7ULDF VH HQJDQFKDED \ VH DSDJDED \ VH
YROYtDDSUHQGHUODIXHQWHSULQFLSDOHO7ULDFVHJXtDHQJDQFKDGR
FXDQGR QR GHEHUtD VXFHGHU SDUD VROXFLRQDU HVWH SUREOHPD
WXYLPRV TXH FRORFDUXQDUHVLVWHQFLDHQWUH*DWH\WLHUUDFRPR
VHPXHVWUDHQODILJXUDDGHPiVWXYLPRVHOSUREOHPDGHTXHHO
FLUFXLWRVHDXWRHQJDQFKDEDVLQODIXHQWHGHHQJDQFKHHVGHFLU
FRQ VROR FRORFDU OD IXHQWH GH FDUJD SDUD VROXFLRQDU GLFKR
SUREOHPDLPSOHPHQWDPRVHOFLUFXLWROODPDGRUHGGH6QXEEHU

)LJXUD(MHPSORXVRGH7ULDF>@


'yQGH
9HQ9ROWDMHDSOLFDGRDOFLUFXLWR $& 
/OiPSDUD
3SRWHQFLyPHWUR 
&FRQGHQVDGRU FDSDFLWRU  )LJXUD  3ODQR GHO &LUFXLWR FRQ HQJDQFKH SRU YROWDMH FRQ
55HVLVWRU SUREOHPDVROXFLRQDGR
77ULDF 
$ÈQRGRGHO7ULDF 8QDYH]VROXFLRQDGRHVWHSUREOHPDVHKLFLHURQPHGLFLRQHV
$ÈQRGRGHO7ULDF HQORVGLIHUHQWHVFXDGUDQWHV
**DWHSXHUWDRFRPSXHUWDGHO7ULDF 
 
(OWULDFFRQWURODHOSDVRGHODFRUULHQWHDOWHUQDDODOiPSDUD
&RUULHQWH
FDUJD SDVDQGRFRQWLQXDPHQWHHQWUHORVHVWDGRVGH

FRQGXFFLyQ FXDQGRODFRUULHQWHFLUFXODSRUHOWULDF \HOGH

FRUWH FXDQGRODFRUULHQWHQRFLUFXOD 
6LVHYDUtDHOSRWHQFLyPHWURVHYDUtDHOWLHPSRGHFDUJDGHXQ ,,,
FDSDFLWRUFDXVDQGRTXHVHLQFUHPHQWHRUHGX]FDODGLIHUHQFLD 
GHIDVHGHODWHQVLyQGHDOLPHQWDFLyQ\ODTXHVHDSOLFDDOD 
FRPSXHUWD 
 9ROWDMH
 
 ,,,,9

,9 352&(',0,(172 
3ULPHURVHUHDOL]yHOPRQWDMHGHOFLUFXLWRFRPRVHPXHVWUD 
HQODVLJXLHQWHILJXUD 
3DUD HO SULPHU FXDGUDQWH VH LPSOHPHQWR HO VLJXLHQWH
FLUFXLWR
(/(&7521,&$'(327(1&,$± 







)LJXUD3ODQRGHO&LUFXLWRFRQYROWDMHSRVLWLYR\FRUULHQWH
SRVLWLYD

(Q HO VHJXQGR FXDGUDQWH VH LPSOHPHQWR HO VLJXLHQWH
FLUFXLWR 
 )LJXUD  3ODQR GHO &LUFXLWR FRQ YROWDMH HQ $& \FRUULHQWH
SRVLWLYD

/XHJRVHFDPELRHOFLUFXLWRGRQGHVHLQYLUWLRODIXHQWH'&
FRPRVHYHHQODILJXUD


)LJXUD3ODQRGHO&LUFXLWRFRQYROWDMHQHJDWLYR\FRUULHQWH
SRVLWLYD

(QHOWHUFHUFXDGUDQWHVHLPSOHPHQWRHOVLJXLHQWHFLUFXLWR
 
)LJXUD3ODQRGHO&LUFXLWRFRQYROWDMHHQ$&\FRUULHQWH
QHJDWLYD

&RQORVFLUFXLWRVDQWHULRUHVVHEXVDFDGLVLSDU:FRQOD
FDUJD HQ HVWH FDVR HO ERPELOOR SDUD FDOFXODU HO YROWDMH FRQ
TXHVHHQJDQFKDHOWULDFVHXWLOL]yODVLJXLHQWHHFXDFLyQ


)LJXUD3ODQRGHO&LUFXLWRFRQYROWDMHQHJDWLYR\FRUULHQWH 
QHJDWLYD
 9 5(68/7$'26
 
(QHOFXDUWRFXDGUDQWHVHLPSOHPHQWRHOVLJXLHQWHFLUFXLWR 
 3ULPHURVHPLGLyODFRUULHQWHGH*DWHHOYROWDMHGHODFDUJD
\HOYROWDMHGHORVGLRGRVGHO7ULDFFRPRVHSXHGHYHUHQODV
VLJXLHQWHVWDEODV
$QiOLVLV'&

3ULPHUFXDGUDQWH
ĐŽƌƌŝĞŶƚĞ ƉŽƚĞŶĐŝĂ
sĨƵĞŶƚĞ ǀĚŝŽĚŽ ǀĐĂƌŐĂ ĐĂƌŐĂ ĐĂƌŐĂ ZĐĂƌŐĂ

)LJXUD3ODQRGHO&LUFXLWRFRQYROWDMHSRVLWLYR\FRUULHQWH ϯϬ ϭ Ϯϴ͕ϴ ϲ͕ϯϬͲϬϭ ϭϴ͕ϭϰϰ ϰϱ͕ϳϭϰϮϴϱϳ
QHJDWLYD ϰϬ ϭ ϯϴ͕ϵ Ϭ͕ϳϯ Ϯϴ͕ϯϵϳ ϱϯ͕ϮϴϳϲϳϭϮ

ϱϬ ϭ ϰϴ͕ϵ Ϭ͕ϴϯ ϰϬ͕ϱϴϳ ϱϴ͕ϵϭϱϲϲϮϳ

$FRQWLQXDFLyQVHKLFLHURQORVDQDOLFLVHQ$&GRQGH ϲϬ ϭ͕ϭ ϱϴ͕ϵ Ϭ͕ϵϭ ϱϯ͕ϱϵϵ ϲϰ͕ϳϮϱϮϳϰϳ
 ϳϬ ϭ͕ϭ ϲϴ͕ϵ Ϭ͕ϵϵ ϲϴ͕Ϯϭϭ ϲϵ͕ϱϵϱϵϱϵϲ
3ULPHUR VH UHDOL]R XQ FLUFXLWR FRQ HQJDQFKH D WUDYHV GH XQD ϴϬ ϭ͕ϭ ϳϵ ϭ͕Ϭϲ ϴϯ͕ϳϰ ϳϰ͕ϱϮϴϯϬϭϵ
IXHQWH'&SRVLWLYDFRPRVHYHHQHOVLJXLHQWHFLUFXLWR
ϵϬ ϭ͕ϭ ϴϴ͕ϵ ϭ͕ϭϯ ϭϬϬ͕ϰϱϳ ϳϴ͕ϲϳϮϱϲϲϰ
(/(&7521,&$'(327(1&,$± 


ϭϬϬ ϭ͕ϭ ϵϴ͕ϵ ϭ͕ϭϵ ϭϭϳ͕ϲϵϭ ϴϯ͕ϭϬϵϮϰϯϳ ϭϭϳ͕ϭ Ͳϭ͕ϭ Ͳϭϭϱ Ͳϭ͕ϯϭ ϭϱϬ͕ϲϱ ϴϳ͕ϳϴϲϮϱϵϱ
ϭϭϬ ϭ͕ϭ ϭϬϴ͕ϴ ϭ͕Ϯϲ ϭϯϳ͕Ϭϴϴ ϴϲ͕ϯϰϵϮϬϲϯ 
ǀŽůƚĂũĞ ǀŽůƚĂũĞ ĐŽƌƌŝĞŶƚĞ
ϭϭϱ ϭ͕ϭ ϭϭϯ͕ϵ ϭ͕Ϯϵ ϭϰϲ͕ϵϯϭ ϴϴ͕Ϯϵϰϱϳϯϲ
ĚŝƐƉ ƌĞƐŝƐƚĞŶĐŝĂ ĚŝƐƉĂƌŽ ƌĚŝƉ
ϭϭϲ͕ϲ ϭ͕ϭ ϭϭϱ͕ϰ ϭ͕ϯ ϭϱϬ͕ϬϮ ϴϴ͕ϳϲϵϮϯϬϴ
ϴ ϲ͕ϭϯϵϱϯϰϴϴϰ Ϭ͕ϬϬϭϴϲϬϰϲϱ ϯϯϬϬ
7DEOD  0HGLFLRQHV GH FRUULHQWH YROWDMH UHVLVWHQFLD \

SRWHQFLD


&XDUWR&XDGUDQWH
ǀŽůƚĂũĞ ǀŽůƚĂũĞ ĐŽƌƌŝĞŶƚĞ

ĚŝƐƉ ƌĞƐŝƐƚĞŶĐŝĂ ĚŝƐƉĂƌŽ ƌĚŝƉ

ϲ ϰ͕ϲϬϰϲϱϭϭϲϯ Ϭ͕ϬϬϭϯϵϱϯϰϵ ϯϯϬϬ 
 
6HJXQGR&XDGUDQWH 
 
ĐŽƌƌŝĞŶƚĞ ƉŽƚĞŶĐŝĂ 
sĨƵĞŶƚĞ ǀĚŝŽĚŽ ǀĐĂƌŐĂ ĐĂƌŐĂ ĐĂƌŐĂ ZĐĂƌŐĂ 
ϯϬ Ϭ͕ϵ Ϯϴ͕ϵ Ϭ͕ϲϰ ϭϴ͕ϰϵϲ ϰϱ͕ϭϱϲϮϱ 
ϰϬ ϭ ϯϴ͕ϲ Ϭ͕ϳϯ Ϯϴ͕ϭϳϴ ϱϮ͕ϴϳϲϳϭϮϯ 

ϱϬ ϭ ϰϴ͕ϯ Ϭ͕ϴϮ ϯϵ͕ϲϬϲ ϱϴ͕ϵϬϮϰϯϵ

ϲϬ ϭ ϱϴ͕ϯ Ϭ͕ϵϭ ϱϯ͕Ϭϱϯ ϲϰ͕Ϭϲϱϵϯϰϭ 
ϳϬ ϭ ϲϳ͕ϴ Ϭ͕ϵϴ ϲϲ͕ϰϰϰ ϲϵ͕ϭϴϯϲϳϯϱ Ž
ϴϬ ϭ ϳϴ ϭ͕Ϭϲ ϴϮ͕ϲϴ ϳϯ͕ϱϴϰϵϬϱϳ  ƌ
Ž W ƌ
ϵϬ ϭ͕ϭ ϴϳ͕ϴ ϭ͕ϭϯ ϵϵ͕Ϯϭϰ ϳϳ͕ϲϵϵϭϭϱ ƌ Ž ŝ
ϭϬϬ ϭ͕ϭ ϵϴ ϭ͕Ϯ ϭϭϳ͕ϲ ϴϭ͕ϲϲϲϲϲϲϳ ƌ ƚ s Ğ
ϭϭϬ ϭ͕ϭ ϭϬϴ ϭ͕Ϯϲ ϭϯϲ͕Ϭϴ ϴϱ͕ϳϭϰϮϴϱϳ ŝ Ğ Ž Ŷ
Ğ Ŷ ů ƚ
ϭϭϱ ϭ͕ϭ ϭϭϮ͕ϱ ϭ͕Ϯϵ ϭϰϱ͕ϭϮϱ ϴϳ͕ϮϬϵϯϬϮϯ
Ŷ Đ ƚ Ğ
ϭϭϲ͕ϲ ϭ͕ϭ ϭϭϰ͕ϭ ϭ͕ϯ ϭϰϴ͕ϯϯ ϴϳ͕ϳϲϵϮϯϬϴ s ƚ ŝ Ă Ě
ϭϭϳ͕ϳ ϭ͕ϭ ϭϭϱ͕ϰ ϭ͕ϯϭ ϭϱϭ͕ϭϳϰ ϴϴ͕ϬϵϭϲϬϯϭ & s s Ğ Ă ũ ŝ Z
 Ƶ Ě  Đ Đ Ğ Ɛ 
 Ğ ŝ Ă Ă Ă Ě Ɖ Z Ă
ǀŽůƚĂũĞ ǀŽůƚĂũĞ ĐŽƌƌŝĞŶƚĞ Ŷ Ž ƌ ƌ ƌ ŝ Ă  ƌ
ĚŝƐƉ ƌĞƐŝƐƚĞŶĐŝĂ ĚŝƐƉĂƌŽ ƌĚŝƉ ƚ Ě Ő Ő Ő Ɛ ƌ / Ő
ϵ ϲ͕ϵϬϲϵϳϲϳϰϰ Ϭ͕ϬϬϮϬϵϯϬϮϯ ϯϯϬϬ Ğ Ž Ă Ă Ă Ɖ Ž Ɖ Ă
 ϭ͕ϳϭͲ
ϯϬ͕ϯ Ϭ͕ϴ Ϯϵ͕ϭ Ϭϭ ϰ͕ϵϳϲϭ ϯ ϯϬƵ ϭϬϬŬ ϭ͕ϳϬнϬϮ
7HUFHUFXDGUDQWH
 ϭ͕ϵϰͲ
ϯϵ͕ϵ Ϭ͕ϴ ϯϵ͕ϭ Ϭϭ ϳ͕ϱϲϱϴϱ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϬϮнϬϮ
ĐŽƌƌŝĞŶƚĞ ƉŽƚĞŶĐŝĂ
Ϯ͕ϮϬͲ
sĨƵĞŶƚĞ ǀĚŝŽĚŽ ǀĐĂƌŐĂ ĐĂƌŐĂ ĐĂƌŐĂ ZĐĂƌŐĂ
ϱϬ͕ϭ Ϭ͕ϴϱ ϰϵ͕Ϯ Ϭϭ ϭϬ͕ϴϮϰ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϮϰнϬϮ
ϯϬ ͲϬ͕ϵ ͲϮϴ͕ϳ ͲϬ͕ϲϭ ϭϳ͕ϱϬϳ ϰϳ͕ϬϰϵϭϴϬϯ Ϯ͕ϰϬͲ
ϰϬ Ͳϭ Ͳϯϴ͕ϳ ͲϬ͕ϳϰ Ϯϴ͕ϲϯϴ ϱϮ͕ϮϵϳϮϵϳϯ ϲϬ Ϭ͕ϴϰ ϱϵ͕ϭ Ϭϭ ϭϰ͕ϭϴϰ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϰϲнϬϮ
ϱϬ Ͳϭ Ͳϰϴ͕ϳ ͲϬ͕ϴϯ ϰϬ͕ϰϮϭ ϱϴ͕ϲϳϰϲϵϴϴ Ϯ͕ϲϬͲ
ϳϬ Ϭ͕ϴϱ ϲϵ͕ϯ Ϭϭ ϭϴ͕Ϭϭϴ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϲϳнϬϮ
ϲϬ Ͳϭ Ͳϱϴ͕Ϯ ͲϬ͕ϵϭ ϱϮ͕ϵϲϮ ϲϯ͕ϵϱϲϬϰϰ
Ϯ͕ϴϬͲ
ϳϬ Ͳϭ Ͳϲϴ ͲϬ͕ϵϵ ϲϳ͕ϯϮ ϲϴ͕ϲϴϲϴϲϴϳ ϴϬ Ϭ͕ϴϯ ϳϵ͕ϲ Ϭϭ ϮϮ͕Ϯϴϴ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϴϰнϬϮ
ϴϬ Ͳϭ Ͳϳϳ͕ϵ Ͳϭ͕Ϭϲ ϴϮ͕ϱϳϰ ϳϯ͕ϰϵϬϱϲϲ ϯ͕ϬϬͲ
ϵϬ Ͳϭ͕ϭ Ͳϴϳ͕ϳ Ͳϭ͕ϭϯ ϵϵ͕ϭϬϭ ϳϳ͕ϲϭϬϲϭϵϱ ϵϬ Ϭ͕ϴϰ ϴϵ͕ϭ Ϭϭ Ϯϲ͕ϳϯ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϵϳнϬϮ
ϯ͕ϭϬͲ
ϭϬϬ Ͳϭ͕ϭ Ͳϵϳ͕ϴ Ͳϭ͕ϭϵ ϭϭϲ͕ϯϴϮ ϴϮ͕ϭϴϰϴϳϯϵ
ϵϱ Ϭ͕ϴϱ ϵϰ͕Ϯ Ϭϭ Ϯϵ͕ϮϬϮ ϯ ϯϬƵ ϭϬϬŬ ϯ͕ϬϰнϬϮ
ϭϭϬ Ͳϭ͕ϭ ͲϭϬϳ͕ϳ Ͳϭ͕Ϯϲ ϭϯϱ͕ϳϬϮ ϴϱ͕ϰϳϲϭϵϬϱ ϯ͕ϮϬͲ
ϭϭϱ Ͳϭ͕ϭ ͲϭϭϮ͕ϱ Ͳϭ͕Ϯϵ ϭϰϱ͕ϭϮϱ ϴϳ͕ϮϬϵϯϬϮϯ ϵϲ Ϭ͕ϴϰ ϵϱ͕ϭ Ϭϭ ϯϬ͕ϰϯϮ ϯ ϯϬƵ ϭϬϬŬ Ϯ͕ϵϳнϬϮ
ϭϭϲ͕ϲ Ͳϭ͕ϭ Ͳϭϭϰ͕ϳ Ͳϭ͕ϯ ϭϰϵ͕ϭϭ ϴϴ͕ϮϯϬϳϲϵϮ 7DEOD  0HGLFLRQHV GH FRUULHQWH YROWDMH UHVLVWHQFLD \
(/(&7521,&$'(327(1&,$± 

SRWHQFLD 
 
 
$ODQDOL]DUODWDEODSRGHPRVYHUTXHDOHVWDUGLVSDUDGRHO
6&5 FRQHFWDGR D XQD IXHQWH GH 9 VHREWLHQHTXHODFDUJD 9, &21&/86,21(6
GLVFLSD:GHSRWHQFLD 
 x (O7ULDFSXHGHVHUGLVSDUDGRHQFXDOTXLHUDGHORV
$OUHDOL]DUHODQiOLVLV$&VHREWXYRTXHODIXHQWHDXWLOL]DU FXDGUDQWHV
SDUD REWHQHU XQD SRWHQFLD GH : HVGH9 UPVHQGRQGH x 3DUDFRQILJXUDUFRUUHFWDPHQWHHOSURFHVRGHHQJDQFKH
PHGLPRV FRQ HO RVFLORVFRSLR HO YROWDMH GH HQWUDGD \ HO GH OD GHO6&5KD\TXHFDOFXODUFRUUHFWDPHQWHOD
FDUJDSHURODPHGLUHVWH~OWLPRQRVHQFRQWUDPRVXQSUREOHPD UHVLVWHQFLDGH*DWH\ODUHVLVWHQFLDDWLHUUD
TXHORPHGLDPRVFRPRVHPLGHFRQYHQFLRQDOPHQWHXQDFDUJD x (VLPSRUWDQWHVDEHUFDOFXODUODVUHVLVWHQFLDVTXH
HVWD KDFLD FRUWR FLUFXLWR SRU OR FXDO WXYLPRV TXH KDOODU HO DFRPSDxDQDO6&5SDUDJDUDQWL]DUODVHJXULGDGGHORV
YROWDMHGHiQRGRGHO6&5SDUDKDOODUODGLIHUHQFLDHQWUHHVWDV FRPSRQHQWHVHOHFWUyQLFRV\GHOXVXDULR\HOFRUUHFWR
GRV\SRGHUYHUHOYROWDMHGHODFDUJD\DVtKDOODUODSRWHQFLD IXQFLRQDPLHQWRGHORVPLVPRV
FRPRVHHYLGHQFLDHQODILJXUD x 8Q6&5SXHGHVHUXVDGRHQFRQWUROGHPRWRUHV\DTXH
 VLUYHFRPRLQWHUUXSWRUHOpFWULFR
x 3DUDSRGHUGLVHxDUXQFLUFXLWRFRQ6&5KD\TXHWHQHU
HQFXHQWDTXHHOYDORUGHODIXHQWHGHEHVHUHQUPV
x 3DUDFRQILJXUDUFRUUHFWDPHQWHHOSURFHVRGHHQJDQFKH
GHO6&5HQ$&KD\TXHFDOFXODUFRUUHFWDPHQWHOD
UHVLVWHQFLDGH*DWH\ODUHVLVWHQFLDFRQHFWDGDHQWUHHO
GLRGRGHSURWHFFLyQ\*DWHDVtSRGUHPRVHOHJLUHO
OLPLWHPtQLPRGHYROWDMHTXHHO6&5SHUPLWHSDUD
HQJDQFKDU

9,, %,%/,2*5$)Ë$
>@KWWSZZZXQLFURPFRP7XWBVFUDVS





)LJXUD6HxDOYROWDMHGHHQWUDGD 
 
 






)LJXUD6HxDOYROWDMHHQODFDUJD


You might also like