( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2

6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

/ 26$63(&726(63(&Ë),&26'(/$&225',1$&,Ï1
'($,6/$0,(172(1/$668%(67$&,21(6

&RPR VH PHQFLRQy DQWHV OD SURWHFFLyQ FRQWUD

VREUHWHQVLRQHV GH ORV DSDUDWRV \ HTXLSRV HQ ODV
VXEHVWDFLRQHV HOpFWULFDV GHEH WRPDU HQ FRQVLGHUDFLyQ ORV
GLVWLQWRV WLSRV GH HVIXHU]RV GLHOpFWULFRV TXH VH
SUHVHQWDQ \D VHD SRU GHVFDUJDV GLUHFWDV R LQGXFLGDV D
WUDYpV GH ODV OtQHDV HQWUDQWHV 3RU HVWD UD]yQ OD
FRRUGLQDFLyQ GH DLVODPLHQWR HQ ODV VXEHVWDFLRQHV
HOpFWULFDVGHEHFRQVLGHUDUORVVLJXLHQWHVDVSHFWRV

 3URWHFFLyQFRQWUDGHVFDUJDVGLUHFWDV

Ø ,QVWDODFLyQGH%D\RQHWDVSDUDEOLQGDMH
Ø 8VR GH KLORV GH JXDUGD HVSHFLDOPHQWH HQ iUHDV
JUDQGHV

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

 6HOHFFLyQGHDSDUWDUUD\RV

Ø 3DUD ODV FRQGLFLRQHV GH Pi[LPD VREUHWHQVLyQ GXUDQWH

IDOOD HQ ORV VLVWHPDV FRQ QHXWUR D WLHUUD VH GHEH
GHWHUPLQDUHOFRHILFLHQWHGHFRQH[LyQDWLHUUD

6REUHWHQVLyQ Pi[ GH OtQHD D WLHUUD

&RHILFLHQWH GH FRQH[LyQ=
7HQVLyQPi[ QRUPDO / − /
D WLHUUD .

Ø &LFOR WpUPLFR GHO DSDUWDUUD\RV SDUD RQGDV SRU UD\R \

SRUPDQLREUD

 &ODVHGHDSDUWDUUD\RV

Ø (O WLSR HVWDFLyQ SURSRUFLRQD PHMRU SURWHFFLyQ HO

WLSR LQWHUPHGLR UHVXOWD PHMRU GHVGH HO SXQWR GH
YLVWDHFRQyPLFR

$ 3$57$55$<26'(Ï;,'2'(=,1&

/RV DSDUWDUUD\RV GH y[LGR PHWiOLFR FRQVWLWXLGRV

EiVLFDPHQWH SRU y[LGR GH ]LQF FRPSDFWDGR HQ IRUPD GH
HOHPHQWRV KDQ FRQVWLWXLGR XQ DYDQFH UHYROXFLRQDULR HQ OD
SURWHFFLyQGHORVVLVWHPDVHOpFWULFRVGHSRWHQFLD

(O FRQFHSWR GH FRRUGLQDFLyQ GH DLVODPLHQWR HQ ODV

VXEHVWDFLRQHV HOpFWULFDV VH KD HVWXGLDGR EiVLFDPHQWH
VREUH OD EDVH GHO HPSOHR GH DSDUWDUUD\RV GHO WLSR
FRQYHQFLRQDO R DXWRYDOYXODUHV TXH XVDQ *DSV TXH VRQ GHO
OODPDGRWLSRYDOYXODUFRQ*DSVRH[SORVRUHVHQVHULH

/DDSOLFDFLyQ GH DSDUWDUUD\RV GH y[LGR GH =LQF RIUHFH ODV

VLJXLHQWHVYHQWDMDVVREUHORVDXWRYDOYXODUHV

8QDUHGXFFLyQFRQVLGHUDEOHHQHOWDPDxR

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

5iSLGD UHVSXHVWD SDUD GHVFDUJD GH FRUULHQWHV FRQ

SHQGLHQWHDOWD
&DUDFWHUtVWLFDV GH SURWHFFLyQ VXSHULRUHV HQ
JHQHUDO
0D\RU GXUDELOLGDG SDUD XQ FLFOR GH WUDEDMR
P~OWLSOH
(Q JHQHUDO ODV SRUFHODQDV HPSOHDGDV FXEUHQ
VDWLVIDFWRULDPHQWH ORV SUREOHPDV SRU OD
FRQWDPLQDFLyQ

(Q DGLFLyQ D OR DQWHULRU VH SXHGH PHQFLRQDU TXH HQ ORV
DSDUWDUUD\RV GH y[LGR GH ]LQF VLQ JDSV H[LVWH XQD
FRUULHQWH GH GLVSHUVLyQ PX\ SHTXHxD TXH IOX\H
FRQWLQXDPHQWH \D TXH FRPR VH VDEH XQ HOHPHQWR GH y[LGR
GH=LQF HV GH UHVLVWHQFLD QHJDWLYD OD HOLPLQDFLyQ GH ORV
JDSV VLJQLILFD TXH QR KD\ QHFHVLGDG GH SRQHU HVSHFLDO
DWHQFLyQ D SUREOHPDV GH LUUHJXODULGDGHV R UHWUDVRV HQ OD
GHVFDUJD FRPR RFXUUH HQ ORV GH WLSR FRQYHQFLRQDO FRQ
VREUHWHQVLRQHV GH PDQLREUD GH EDMD SHQGLHQWH OR TXH OR
KDFHPiVFRQILDEOH

(V LPSRUWDQWH FRQVLGHUDU ODV YHQWDMDV GH HVWH WLSR GH

DSDUWDUUD\RV \D TXH DXQTXH VX FRVWR HV VXSHULRU D ORV GH
WLSR FRQYHQFLRQDO HQ IRUPD OLJHUD GH XQ  D  ODV
SURSLHGDGHV GH SURWHFFLyQ RIUHFLGDV SHUPLWHQ UHGXFLU ORV
QLYHOHV GH DLVODPLHQWR LQWHUQRV GH ORV HTXLSRV \ SRU
HMHPSOR OD UHGXFFLyQ HQ HO QLYHO EiVLFR GH DLVODPLHQWR
GH XQ WUDQVIRUPDGRU HQ XQ SDVR UHSUHVHQWD XQD UHGXFFLyQ
HQVXFRVWRHQWUHXQ\GHVXYDORU

/D WpFQLFD OD VHOHFFLyQ \ FRRUGLQDFLyQ GH DLVODPLHQWR HQ

SULQFLSLR HV OD PLVPD HPSOHDGD FRQ ORV DSDUWDUUD\RV
FRQYHQFLRQDOHV VROR YDUtDQ ODV FDUDFWHUtVWLFDV GHO
DSDUWDUUD\RV TXH QRUPDOPHQWH ODV SURSRUFLRQD HO
IDEULFDQWH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

7HQVLyQ 7HQVLyQ

1RPLQDO 0i[LPD 0i[LPDWHQVLyQGHUHVWDEOHFLPLHQWRFRQRQGDGH

GHO SRUPDQLREUD FRUULHQWHGH[ µVHJ

      

.9506 .9&5 .$ .$ .$ .$ .$ .$ .$

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

      

(/ 35,1&,3,2 '( /$ &225',1$&,Ï1 '(

$,6/$0,(172
(1/$668%(67$&,21(6(/e&75,&$6

(Q ODV VXEHVWDFLRQHV HOpFWULFDV D GLIHUHQFLD GH ODV

OtQHDV GH WUDQVPLVLyQ VH WLHQHQ DLVODPLHQWRV
DXWRUUHFXSHUDEOHV \ DLVODPLHQWRV QR UHFXSHUDEOHV FRPR HO
TXH FRQWLHQHQ HTXLSRV FRQ DLVODPLHQWRV LQWHUQRV FRPR
VRQ ORV WUDQVIRUPDGRUHV GH SRWHQFLD WUDQVIRUPDGRUHV GH
LQVWUXPHQWR EDQFRV GH FDSDFLWRUHV UHDFWRUHV \ DOJXQRV
RWURV HOHPHQWRV TXH GHEHQ VHU SURWHJLGRV FXLGDGRVDPHQWH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

FRQWUD UXSWXUDV GLHOpFWULFDV LQWHUQDV FRQ HO REMHWR GH

PDQWHQHUHQODLQVWDODFLyQXQULHVJRGHIDOODPtQLPR

'HELGR D OR DQWHULRU XQ DVSHFWR LPSRUWDQWH HQ OD

FRRUGLQDFLyQ GH DLVODPLHQWRV HV HO HVWDEOHFLPLHQWR GH ORV
YDORUHV Pi[LPRV GH WHQVLyQ SHUPLVLEOHV HQ ORV HTXLSRV \
DSDUDWRV HO QLYHO EiVLFR GH DLVODPLHQWR SRU LPSXOVR GH
UD\R1%, HO QLYHO EiVLFR GH DLVODPLHQWR SRU LPSXOVR GH
PDQLREUD 1%6 HQ VX FDVR FRQ ORV PiUJHQHV GH SURWHFFLyQ
UHFRPHQGDGRV SRU ODV QRUPDV SDUD ORV HTXLSRV DO
UHVSHFWR VH SXHGH PHQFLRQDU TXH ORV PpWRGRV GH FiOFXOR
XVDGRV VRQ SUREDELOtVWLFRV \  VHPLSUREDEtOLVWLFRV HQ
HVWDSDUWHVyORVHKDUiUHIHUHQFLDDHVWRV~OWLPRV

' ,6326,7,926'(3527(&&,Ï1&2175$62%5(7(16,21(6

&RPR VH PHQFLRQy DQWHULRUPHQWH ORV GLVSRVLWLYRV GH

SURWHFFLyQVHSXHGHQDJUXSDUFRPR

D+LORVGHJXDUGD\ED\RQHWDV
E&XHUQRVGHDUTXHR*DSV
F$SDUWDUUD\RV

D/DIXQFLyQGHORV KLORV GH JXDUGDVHKDHVWXGLDGR HQ OD

SULPHUD SDUWH GH HVWH GRFXPHQWR LQGLFDQGR VX
DSOLFDFLyQ\FULWHULRVGHHYDOXDFLyQGHVXHILFDFLD

E/RV FXHUQRV GH DUTXHR R *DSV WLHQHQ FRPR SURSyVLWR

SULQFLSDO DUTXHDU FXDQGRH[LVWHXQDVREUHWHQVLyQ GH XQD
PDJQLWXG \ HQYLDUOD D WLHUUD SDUD HVWR HV QHFHVDULR
DMXVWDU OD VHSDUDFLyQ HQWUH ORV JDSV GH ORV FXHUQRV GH
DUTXHR GH ERTXLOODVGH WUDQVIRUPDGRUHV FXFKLOODV HWF
D OD VHSDUDFLyQ QHFHVDULD GH DFXHUGR FRQ HO QLYHO GH
WHQVLyQ SDUD SURWHFFLyQ \ FRQVLGHUDU ODV FRQGLFLRQHV
DWPRVIpULFDVTXHORVDIHFWDQ

F$SDUWDUUD\RV (VWH HV HO GLVSRVLWLYR SULPDULR GH

SURWHFFLyQ XVDGR HQ OD FRRUGLQDFLyQ GH DLVODPLHQWR VX
IXQFLyQ HV OLPLWDU OD VREUHWHQVLyQ DSOLFDGD DO HTXLSR

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

SDUD GDU SURWHFFLyQ DO DLVODPLHQWR ODV IXQFLRQHV

HVSHFtILFDVGHODSDUWDUUD\RVVRQ

2SHUDU VLQ VXIULU GDxR SRU WHQVLRQHV HQ HO VLVWHPD \

FRUULHQWHVTXHSRUHOFLUFXOHQ

5HGXFLU ODV VREUHWHQVLRQHV SHOLJURVDV D YDORUHV

TXH QR GDxHQ HO DLVODPLHQWR GHO HTXLSR SRU OR TXH
SDUD FXPSOLU FRQ OR DQWHULRU VH GHEH VHOHFFLRQDU
HODLVODPLHQWRDSURSLDGR

/DV FDUDFWHUtVWLFDV GH SURWHFFLyQ GHO DSDUWDUUD\RV

VHSXHGHQGLYLGLUHQGRVSDUWHV

4 7HQVLyQGHGHVFDUJD
4 &RUULHQWHGHGHVFDUJD

/D WHQVLyQ GH GHVFDUJD R PDJQLWXG GH OD WHQVLyQ D OD

FXDO VH SURGXFH OD FRQGXFFLyQ HQ HO DSDUWDUUD\RV HV
XQD IXQFLyQ GH OD IRUPD GH RQGD \ OD WHQVLyQ
DSOLFDGD

/DWHQVLyQGHGHVFDUJDRWHQVLyQFDXVDGDSRUHOIOXMR
GH FRUULHQWH D WUDYpV GHO DSDUWDUUD\RV VH UHILHUH D
OD FDtGD GH WHQVLyQ , 5 HQ HO DSDUWDUUD\RV HV XQD
IXQFLyQ GH OD IRUPD GH RQGD \ OD PDJQLWXG GH OD
FRUULHQWH

(Q OD VLJXLHQWH ILJXUD VH PXHVWUDQ ORV FRQFHSWRV

UHODFLRQDGRVFRQHODSDUWDUUD\RV

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3DUD XQD RQGD GH WHQVLyQ GH YDORU FUHVWD 9 TXH KD

UHFRUULGR XQD FLHUWD GLVWDQFLD D OR ODUJR GH XQD OtQHD GH
WUDQVPLVLyQ OD WHQVLyQ UHVLGXDO GHVSXpV GHO DUTXHR VH
GHWHUPLQDSDUDORVFDVRV

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

D/tQHD WHUPLQDGD HQ VXEHVWDFLyQ SXQWR GH

ORFDOL]DFLyQGHODSDUWDUUD\RV

E/tQHD FRQWLQXD LQVWDODFLyQ LQWHUPHGLD GHO

DSDUWDUUD\RV

D3DUD XQD OtQHD WHUPLQDGD HQ VXEHVWDFLyQ OD

FRUULHQWH GH GHVFDUJD ,G GHO DSDUWDUUD\RV
FRQVLGHUDGR FRPR ORFDOL]DGR HQ OD VXEHVWDFLyQ
H[WUHPDVHGHWHUPLQDFRPR

 1%, − 9U
,G =
=R

1%, 1LYHOEiVLFRGHDLVODPLHQWRGHODOtQHDHQ.9

9U    7HQVLyQ UHVLGXDO GHO DSDUWDUUD\RV &DtGD GH

WHQVLyQHQN9

=R ,PSHGDQFLDFDUDFWHUtVWLFDGHODOtQHDHQRKPV

E3DUD XQD OtQHD FRQWLQXD HQ OD TXH HO DSDUWDUUD\RV

HVWi ORFDOL]DGR HQ DOJ~Q SXQWR LQWHUPHGLR OD
FRUULHQWHGHGHVFDUJDVHREWLHQHFRPR

1%,− 9U
,G =
=R

3DUD WHQHU XQD LGHD GH OD PDJQLWXG GH ODV FRUULHQWHV
GH GHVFDUJD SDUD XQD OtQHD GH  N9 FRQ XQ 1%, GH
 N9 \ XQD LPSHGDQFLD FDUDFWHUtVWLFD GH  RKPV
VL VH GHVSUHFLD OD UHVLVWHQFLD GHO DSDUWDUUD\RV TXH
GDHOYDORU9UHQORSHRUGHORVFDVRVVHWHQGUtD

 1%,  [ 
,G = =  .$
=R 

< SDUD VLVWHPDV GH PHQRU WHQVLyQ ODV FRUULHQWHV VRQ

PHQRUHV

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

'H UHJLVWURV WRPDGRV HQ HO FDPSR HQ DOJXQRV SDtVHV VH KD
PHGLGR TXH VyOR GHO  DO  GH ODV FRUULHQWHV GH GHVFDUJD
HQDSDUWDUUD\RVH[FHGHQD.$\VREUH
XQVRQPHQRUHVGH.$

% $6(63$5$/$6(/(&&,Ï1'(/$3$57$55$<26

/D VHOHFFLyQ GH XQ DSDUWDUUD\RV SDUD SURWHFFLyQ FRQWUD

VREUHWHQVLRQHV GH RULJHQ DWPRVIpULFR \ SRU PDQLREUD GH
LQWHUUXSWRUHV GHEH HVWDU GH DFXHUGR FRQ HO FULWHULR GH
SURWHFFLyQ HVWDEOHFLGR SDUD XQD LQVWDODFLyQ HQ IXQFLyQ
GHO FULWHULR GH FRRUGLQDFLyQ GH DLVODPLHQWR DGRSWDGR HV
GHFLU VH GHEH YHULILFDU TXH XQ WLSR GH DSDUWDUUD\RV
FXPSOD FRQ ORV UHTXHULPLHQWRV GH OD OtQHD WUDQVIRUPDGRU
DLVODGRUHVHWFpWHUDHQODVXEHVWDFLyQ

/DV FDUDFWHUtVWLFDV LPSRUWDQWHV SDUD OD VHOHFFLyQ GH XQ

DSDUWDUUD\RVVRQ

D 7HQVLyQQRPLQDO
E &RUULHQWHQRPLQDOGHGHVFDUJD

D7 ( 1 6 , Ï1  1 2 0 , 1 $ / '( /  $ 3 $ 5 7 $ 5 5 $< 2 6 

(V HO YDORU HIHFWLYR GH OD WHQVLyQ DOWHUQD GH IUHFXHQFLD
IXQGDPHQWDO  +] D OD FXDO VH HIHFW~D OD SUXHED GH
WUDEDMR \ TXH SXHGH DSDUHFHU HQ IRUPD SHUPDQHQWH HQ HO
DSDUWDUUD\RV VLQ GDxDUOR $ HVWD WHQVLyQ HO DSDUWDUUD\RV
H[WLQJXH OD FRUULHQWH GH IUHFXHQFLD IXQGDPHQWDO SRU OR
TXH VH FRQRFH WDPELpQ FRPR 7HQVLyQ GH H[WLQFLyQ GHO
DSDUWDUUD\RV

/DWHQVLyQ QRPLQDO GHO DSDUWDUUD\RV VH FDOFXOD GH DFXHUGR

FRQODH[SUHVLyQ

9Q= .H 9Pi[

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

'RQGH

9Pi[  7HQVLyQ Pi[LPD GHO VLVWHPD HQWUH IDVHV VH

UHILHUHDOHTXLSR         HQ
.9

 9Q 7HQVLyQQRPLQDOGHODSDUWDUUD\RVHQ.9

 .H )DFWRUGHFRQH[LyQDWLHUUD

(O IDFWRU .H GHSHQGH GH OD IRUPD HQ FRPR HVWi FRQHFWDGR
HO VLVWHPD D WLHUUD FRQVLGHUDQGR OD I DOOD GH OtQHD D
WLHUUD TXH SURGXFH OD VREUHWHQVLyQ HQ ODV IDVHV QR
IDOODGDV 'H DFXHUGR FRQ HVWR OD UHODFLyQ GH UHDFWDQFLDV
VH VHFXHQFLD FHUR D VHFXHQFLD SRVLWLYD ;R;   \ OD
UHODFLyQ5R;  

3É*,1$
( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3É*,1$
( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

6H HQWUD D ODV JUiILFDV FRQ OD UHODFLyQ ;R;  SDUD HO

VLVWHPD DVt FRPR SDUD HO YDORU 5R;   HO SXQWR GH FRUWH
FDH HQ DOJXQD FXUYD HQ GRQGH HO PtQLPR LQGLFDGRU
UHSUHVHQWD OD WHQVLyQ Pi[LPD HQ SRU FLHQWR TXH SXHGH
DSDUHFHU GH OtQHD D WLHUUD HQ ODV IDVHV QR IDOODGDV
'HVGH OXHJR TXH ORV YDORUHV GH ;R;  \ 5R;  GHSHQGHQ
FRPR \D VH PHQFLRQy DQWHV GH OD IRUPD HQ FyPR VH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

HQFXHQWUDQ ORV QHXWURV FRQHFWDGRV D WLHUUD GH PDQHUD TXH

HQODSUiFWLFD

D3DUD VLVWHPDV FRQ QHXWUR VyOLGDPHQWH FRQHFWDGR D

WLHUUD ;R;   ≤  \ 5R;  ≤  \ HVWRV YDORUHV VH
LQWHUFHSWDQ HQ OD FXUYD PDUFDGD FRQ HO  HV GHFLU
.H 

E3DUD VLVWHPDV FRQ QHXWUR IORWDQWH R FRQHFWDGR D

WLHUUD FRQ XQD LPSHGDQFLD GH DOWR YDORU ;R;  
HQWRQFHV ORV YDORUHV VH LQWHUFHSWDQ HQ OD FXUYD GH
\.H 

(V SUiFWLFD FRP~Q GH ORV IDEULFDQWHV GHVLJQDU ORV

DSDUWDUUD\RV FRPR GH   \  HVWRV YDORUHV VH
UHILHUHQ QRUPDOPHQWH D OD WHQVLyQ QRPLQDO GHO VLVWHPD
DVt SRU HMHPSOR XQ DSDUWDUUD\RV GH  WLHQH XQD
WHQVLyQ QRPLQDO TXH HV PD\RU HQ XQ  D OD WHQVLyQ
QRPLQDO GHO VLVWHPD \ VH HPSOHDQ HQ HO FDVR TXH .H  
QHXWUR DLVODGR R SXHVWD D WLHUUD D WUDYpV GH DOWD
LPSHGDQFLD

/RV DSDUWDUUD\RV FRQ SRUFHQWDMHV PHQRUHV GH  VH

DSOLFDQ D VLVWHPDV FRQ QHXWUR FRQHFWDGR D WLHUUD \ VX
YDORU GHSHQGH GH OD IRUPD HQ TXH HVWpQ FRQHFWDGRV DVt
SRU HMHPSOR SDUD VLVWHPDV FRQ QHXWUR VyOLGDPHQWH
FRQHFWDGR D WLHUUD HQ ORV TXH .H   SRU WHQHU UHODFLyQ
;R;  ≤  \             5R;  ≤  VH XVDUiQ DSDUWDUUD\RV
GH  GH DFXHUGR FRQ ORV YDORUHV GH QLYHOHV GH
SURWHFFLyQTXHVHREWHQJDQ

(O YDORU GH WHQVLyQ QRPLQDO GH XQ DSDUWDUUD\RV HV

LPSRUWDQWH HQ OD HFRQRPtD GH OD LQVWDODFLyQ WyPHVH HO
FDVR GH XQ VLVWHPD FRQ QHXWUR VyOLGDPHQWH FRQHFWDGR D
WLHUUD HQ GRQGH VH SRGUtD HPSOHDU DSDUWDUUD\RV GH  R
ELHQ  VH WHQGUtD XQ PD\RU Q~PHUR GH RSHUDFLRQHV \
SRU OR WDQWR PD\RU SUREDELOLGDG GH IDOOD 3RU HO
FRQWUDULR VL VH VHOHFFLRQDUiQ DSDUWDUUD\RV GH  GH OD
WHQVLyQ QRPLQDO GH OD LQVWDODFLyQ VH WHQGUtD XQ PHQRU
Q~PHUR GH RSHUDFLRQHV SHUR HV SUREDEOH TXH OD SURWHFFLyQ
QRVHD DGHFXDGD GHELGR  TXH D PD\RU WHQVLyQ GH RSHUDFLyQ
GHO DSDUWDUUD\RV VL HVWi PiV SUy[LPR D OD WHQVLyQ ILMDGD

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

FRPRQLYHO EiVLFR GH DLVODPLHQWR GHO HTXLSR HO PDUJHQ GH

SURWHFFLyQVHUtDSHTXHxR

3RU OR DQWHULRU VH GHEH FRRUGLQDU OD WHQVLyQ GH

RSHUDFLyQ GHO DSDUWDUUD\RV FRQ ORV QLYHOHV EiVLFRV GH
DLVODPLHQWR GHO HTXLSR 8Q FULWHULR SUiFWLFR \ UiSLGR
FRQVLVWH HQ TXH XQ VLVWHPD HIHFWLYDPHQWH DWHUUL]DGR . H
HOYDORU GH OD WHQVLyQ QRPLQDO VHD XQ  y  PD\RU
TXH HO HQFRQWUDGR \ HQ VLVWHPDV GH QHXWUR DLVODGR R
FRQHFWDGR D WLHUUD D WUDYpV GH DOWD LPSHGDQFLD VH
LQVWDODVHQDSDUWDUUD\RVGHy

'HELGR D TXH ORV DSDUWDUUD\RV WDPELpQ GHEHQ RSHUDU SRU

VREUHWHQVLRQHV GHELGDV D PDQLREUD GH LQWHUUXSWRUHV VH
GHEH GHWHUPLQDU HVWH YDORU DVt SRU HMHPSOR ODV QRUPDV
$16, UHFRPLHQGDQ TXH HO YDORU GH RSHUDFLyQ GHO
DSDUWDUUD\RV SRU VREUHWHQVLyQ GHELGD D PDQLREUD VHD 
1%, GH PDQHUD TXH OD WHQVLyQ GH RSHUDFLyQ GHO
DSDUWDUUD\RV SRU HVWD UD]yQ VHD GHO RUGHQ GH XQ  PHQRU
TXH SRU VREUHWHQVLyQ GH UD\R \ PHQRU TXH HO QLYHO GH
DLVODPLHQWR 1%6 SRU RSHUDFLyQ GH LQWHUUXSWRUHV GHO
HTXLSRSRUSURWHJHU

0 e72'26'(&225',1$&,Ï1'($,6/$0,(172

(Q IRUPD VHPHMDQWH D ODV OtQHDV GH WUDQVPLVLyQ SDUD OD

FRRUGLQDFLyQ GH DLVODPLHQWR HQ VXEHVWDFLRQHV HOpFWULFDV
H[LVWHQEiVLFDPHQWHGRVPpWRGRV

² 6HPLSUREDELOtVWLFRVRFRQYHQFLRQDOHV
³ 3UREDELOtVWLFRV

(Q HVWH FDStWXOR VH GLVFXWLUi HO SULPHU PpWRGR GHELGR D

TXH HO XVR GH PpWRGRV SUREDELOtVWLFRV DO LJXDO TXH HQ ODV
OtQHDV GH WUDQVPLVLyQ UHTXLHUH GH LQIRUPDFLyQ
HVWDGtVWLFD REWHQLGD HQ IRUPD H[SHULPHQWDO TXH SRU HO
PRPHQWR QR VH GLVSRQH SHUR TXH HV QHFHVDULR REWHQHU HQ
XQD LQYHVWLJDFLyQ SDUD KDFHU XVR GH PHMRU LQIRUPDFLyQ GH
GLVHxR

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

 6HOHFFLyQGHODVFDUDFWHUtVWLFDVGHODSDUWDUUD\RV

(VWD VHOHFFLyQ GHEHUtD EDVDUVH HQ ODV FRQGLFLRQHV GH

VREUHWHQVLRQHV Pi[LPDV HVSHUDGDV GH PDQHUD TXH HO
DSDUWDUUD\RV HPSOHDGR GHEH VHU FDSD] GH VRSRUWDU
HVWDV FRQGLFLRQHV FRQ XQ ULHVJR GH IDOOD HQ HO PLVPR
PtQLPR

 6XSRQLHQGR TXH VH HPSOHDQ DSDUWDUUD\RV HQ OD

LQVWDODFLyQ VHOHFFLRQDU ORV QLYHOHV EiVLFRV GH
DLVODPLHQWR SRU UD\R 1%, \ SRU PDQLREUD GH
LQWHUUXSWRUHV1%6

(Q VLVWHPDV GH H[WUD DOWD WHQVLyQ ORV DSDUWDUUD\RV

VH ORFDOL]DQ WDQ FHUFD FRPR VHD SRVLEOH GHO
WUDQVIRUPDGRU /DV FDUDFWHUtVWLFDV GH SURWHFFLyQ GHO
DSDUWDUUD\RV VH XVDQ FRQ XQ PDUJHQ GH SURWHFFLyQ
SDUD GHWHUPLQDU GH HVWD IRUPD ORV QLYHOHV EiVLFRV GH
DLVODPLHQWR SRU LPSXOVR \ SRU PDQLREUD GH LQWHUUXSWRU
SDUD HO WUDQVIRUPDGRU SDUD RWURV HTXLSRV FRPR HO
LQWHUUXSWRU \ FXFKLOODV GHVFRQHFWDGRUDV HVWRV
QLYHOHVVHFDOFXODQHQODPLVPDIRUPD

 3DUD QLYHOHV GH H[WUD DOWD WHQVLyQ \ XOWUD DOWD

WHQVLyQ PiV GH  .9 HQ HO DLVODPLHQWR
DXWRUUHFXSHUDEOHV VH GHWHUPLQDQ ORV QLYHOHV EiVLFRV
GH DLVODPLHQWR SRU PDQLREUD GH LQWHUUXSWRUHV 1%6
VXSRQLHQGR TXH QR KD\ DFFLyQ GHO DSDUWDUUD\RV (Q
HVWRV QLYHOHV GH WHQVLyQ HQ HO VLVWHPD H[LVWH OD
SRVLELOLGDG GH TXH VH SHUPLWDQ YDORUHV LQIHULRUHV GH
1%6 GDGR TXH ODV FDUDFWHUtVWLFDV GH SURWHFFLyQ GHO
DSDUWDUUD\RV SDUD RQGDV GH VZLWFKHR SXHGHQ VHU PD\RUHV
TXH ODV RQGDV SURGXFLGDV SRU ODV PDQLREUDV GH
LQWHUUXSWRUHVHQHOVLVWHPD

 6H GHEH KDFHU XQ DQiOLVLV GH OD GLVWULEXFLyQ GHO
HTXLSR HQ OD VXEHVWDFLyQ \ ODV GLVWDQFLDV FRQ REMHWR
GH GHWHUPLQDU HO Q~PHUR \ ORFDOL]DFLyQ GH ORV
DSDUWDUUD\RV DVt FRPR SRVLEOHV YDULDFLRQHV HQ HO 1%,
\ 1%6

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3DUD XQD GHWHUPLQDFLyQ LQLFLDO GH ORV 1%, \ 1%6 HQ OD

VHOHFFLyQ GHO HTXLSR VH SXHGHQ HPSOHDU ODV VLJXLHQWHV
H[SUHVLRQHV

Ø $ , 6 / $ 0, ( 1 7 2 6 1 2  $ 87 2 5( & 8 3 ( 5 $ % / ( 6  $ , 6 / $ 0 , ( 1 7 2 6  ,1 7 ( 5 1 26  12
$ ) (& 7 $ ' 2 6 3 2 5   &2 1' , & , 2 1 ( 6  $ 0% , ( 1 7 $/( 6 

D2QGDVSRUPDQLREUDGHLQWHUUXSWRUHVVZLWFKHR

1%6=  [ WHQVLyQGH DUTXHR GHO DSDUWDUUD\ RV SRU LPSXOVRGH PDQLREUD

2 WDPELpQ

1%6=  [  YDORU GH OD RQGD Pi[ LPD SRU LPSXOVRGH PDQLREUD

E3RUUD\R

1%,=  [  7HQVLyQ UHVLGXDOGH O D SDUWDUUD\R V SDUD XQD RQGD LPSXOVRGH   

1%,=  [  7HQVLyQGH DUTXHR SDUD XQD RQGD GH   

2 WDPELpQ

1%,=  [  7HQVLyQGH DUTXHR SRU IUHQWH GH RQGD GHO DSDUWDUUD\ RV

(O YDORU GH  HQ HO FiOFXOR GHO 1%6 \ GH  HQ HO
FiOFXOR GHO 1%, VH GHQRPLQDQ UHODFLRQHV GH SURWHFFLyQ \
UHSUHVHQWDQORVPiUJHQHVGHSURWHFFLyQ

(O YDORU GH  VH REWLHQH FRPR HO FRFLHQWH GH

 GRQGH  HV HO YDORU GH OD RQGD FRUWDGD D 
0VHJ GH XQD RQGD GH  HQ SRU XQLGDG GHO 1%, WRPDGR
FRPR

(Q VLVWHPDV GH H[WUD DOWD WHQVLyQ HO FRPLWp GH

WUDQVIRUPDGRUHV GH ,((( UHFRPLHQGD TXH OD UHODFLyQ GH
SURWHFFLyQ DQWHULRU SDUD HO IUHQWH GH RQGD VH UHGX]FD D
SRUXQLGDGHQOXJDUGH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

$ , 6 / $ 0, ( 1 7 2 6 $ 8 7 2  5 ( & 8 3 ( 5 $ % / (6 6 8 - ( 72 6  $  & 2 1 ' , & ,2 1(6  $ 0 % , ( 1 7 $/ ( 6

 ( ; 7 ( 51 2 6 

(Q HVWH FDVR ODV UHODFLRQHV DQWHULRUHV FDPELDQ FRPR

VLJXH

D 3RUPDQLREUDGHLQWHUUXSWRUHV


1%6= [  7HQVLyQGH DUTXHR GHO DSDUWDUUD\ RV SRU LPSXOVRGH PDQLREUD
  δU Q

2 WDPELpQ


1%6=  YDORU GH OD RQGD Pi[ LPD SRU LPSXOVRGH PDQLREUD
[
  δU Q

5HFXpUGHVHTXH Q =  −  G

G = 'LVWDQFLDPtQLPD GH QR DUTXHR HQWUH FRQGXFWRU\ HVWUXFWXUDHQ SLHV

/DV H[SUHVLRQHV DQWHULRUHV \D FRQVLGHUDQ HO 1%6

FRUUHJLGRSRUKXPHGDG

E 3RULPSXOVRGHUD\R

&RPR VH VDEH SRU LPSXOVR GH UD\R HO FRHILFLHQWH GH

GHQVLGDG UHODWLYD GHO DLUH δU HO  H[SRQHQWH Q   \
DGHPiV HO 1%, D~Q FXDQGR HVWi GHWHUPLQDGR SDUD
FRQGLFLRQHV HQ VHFR QR VH YH DOWHUDGR HQ IRUPD
VLJQLILFDWLYDSRUKXPHGDG


1%,= [  7HQVLyQ UHVLGXDOGHO DSDUWDUUD\ RV R WHQVLyQ GH DUTXHR SDUD XQD RQGD GH   
  δU

2 WDPELpQ


1%,= [  7HQVLyQGH DUTXHR SDUD IUHQWH GH RQGD DSDUWDUUD\ RV
  δU

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

&RPR VH KD PHQFLRQDGR DQWHULRUPHQWH OD WHQVLyQ GH

GHVFDUJD GH XQ DSDUWDUUD\RV HV XQD IXQFLyQ GH OD
FRUULHQWH GH GHVFDUJD OD FXDO D VX YH] HV XQD IXQFLyQ GH
OD LPSHGDQFLD FDUDFWHUtVWLFD GH OD OtQHD =R OD WHQVLyQ
FUtWLFD GH IODPHR GH SRODULGDG QHJDWLYD SDUD OD OtQHD \
GH OD FDUDFWHUtVWLFD      WHQVLyQFRUULHQWH SDUD HO
DSDUWDUUD\RV < FRPR VH HVWXGLy DQWHULRUPHQWH OD Pi[LPD
FRUULHQWH GH GHVFDUJD VH SXHGH FDOFXODU HQ IRUPD
FRQVHUYDWLYDFRPR

 1%, − 9U
,G =
=R

$XQTXH GHVGH HO SXQWR GH YLVWD GH ORV IDEULFDQWHV WDPELpQ
VH SXHGH FDOFXODU HQ FRQGLFLRQHV OLJHUDPHQWH PiV VHYHUDV
FRPR

 9&)
 − 9U
,G =
=R + 5$

'RQGH

9&) 7HQVLyQFUtWLFDGHIODPHRSDUDODOtQHDHQ.9
 SRODULGDGQHJDWLYD

 9U 7HQVLyQUHVLGXDOGHODSDUWDUUD\RVHQ.9

 5$ 5HVLVWHQFLDGHODSDUWDUUD\RV

 =R ,PSHGDQFLDFDUDFWHUtVWLFDGHOtQHDHQRKPV

$OJXQRV YDORUHV GH ,G HQ IXQFLyQ GH ODV WHQVLRQHV Pi[LPDV
GHOVLVWHPDVHGDQHQODWDEODVLJXLHQWH
7$%/$
9 $ / 2 5 (6  ' (  &2 5 5 , ( 17 ( 6 ' (  $ 3 $ 5 7 $ 55 $ < 26

7(16,Ï1120,1$/ 7(16,Ï10È;,0$ , ' .$ 9$/25(6'(

.9  . 9 )$%5,&$
   
   
     
    . $ 

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

     

     

(-(03/2

'HWHUPLQDU ORV QLYHOHV EiVLFRV GH DLVODPLHQWR 1%, DO

LPSXOVR GH UD\R \ SRU PDQLREUD GH LQWHUUXSWRUHV 1%6
SDUD HO HTXLSR SULQFLSDO GH XQD VXEHVWDFLyQ HOpFWULFD GH
 N9 QRPLQDOHV LQVWDODGD D  0610 SDUD OD TXH
VH GHWHUPLQy TXH OD Pi[LPD RQGD SRU PDQLREUD GH
LQWHUUXSWRUHV HV GH  SX VL VH VXSRQH TXH VH XVDUiQ
DSDUWDUUD\RV FRQ ODV FDUDFWHUtVWLFDV HOpFWULFDV TXH VH
LQGLFDQ D FRQWLQXDFLyQ \ TXH OD LQVWDODFLyQ HVWi
VyOLGDPHQWHFRQHFWDGDDWLHUUD

& $5 $ & 7( 5Ë 6 7 ,& $6  '( / $ /7 ( 5 1$ 7, 9 $ $ /7 ( 5 1$ 7, 9 $ $ /7 ( 5 1$ 7, 9 $

$3 $5 7$ 5 5 $< 26      
7 HQV LyQ 1 R PLQ DO
N9 UP V    
7 HQV LyQ GH DU TX HR
SRU IUH QWH GH R QGD
.9 \ RQG DG H     
N9 PLF UR VHJ 
7 HQV LyQ Pi [LP D GH
DUTX HR D  F RQ
RQGD GH  [  N9   
FUHV WD
7 HQV LyQ GH DU TX HR
SRU LPS XOV RG H
PDQL REU D  

N9 FUH VWD 
0 i[L PD WHQ VLy Q
UHVL GXD O N9  ,5 
FRQ XQD RQ GD GH
FRUU LHQ WHV GH 
 .$   
. $   
. $   
. $   

62/8&,Ð1

 7HQVLyQ\FRUULHQWHQRPLQDOGHODSDUWDUUD\RV

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3DUD GHWHUPLQDU OD WHQVLyQ QRPLQDO GHO DSDUWDUUD\RV

HQWUH ODV WUHV DOWHUQDWLYDV SRVLEOHV TXH RIUHFH HO
IDEULFDQWHVHSURFHGHFRPRVLJXH

9Q= .H 9Pi[

3DUDXQVLVWHPDHIHFWLYDPHQWHDWHUUL]DGR

5R ; ≤  \ ;R  ; ≤  HO IDFWRU .H = 

< OD WHQVLyQ Pi[LPD SDUD HO HTXLSR VHJ~Q WDEOD HV 
N9SRUORTXH

9Q =  [  =  .9

6XSRQLHQGR XQ 1%,   .9 \ TXH OD OtQHD GH OOHJDGD D
OD VXEHVWDFLyQ WLHQH XQD LPSHGDQFLD FDUDFWHUtVWLFD GH
 RKPV HQ HO FDVR PiV FUtWLFR OD FRUULHQWH GH
GHVFDUJDHV

 1%,  [ 
,G =  ,G = =  .$
=R 

3RU OR TXH VH VHOHFFLRQD OD DOWHUQDWLYD  FRQ

WHQVLyQ QRPLQDO GHO DSDUWDUUD\RV GH  N9 \  .$ OD
Pi[LPD RQGD GH VREUHWHQVLyQ SRU PDQLREUD GH
LQWHUUXSWRUHVFRQXQIDFWRUGHVREUHWHQVLyQGHHV


(Pi[ = [  [  =  .9


 9DORUHVSDUDFRRUGLQDFLyQGHDLVODPLHQWR

&RQ HVWRV YDORUHV VH FDOFXODQ ORV VLJXLHQWHV YDORUHV

GHFRRUGLQDFLyQXVDQGRDSDUWDUUD\RV

D3DUD DLVODPLHQWRV QRDXWRUHFXSHUDEOHV LQWHUQRV

QLYHO EiVLFR SRU PDQLREUD UHTXHULGR
1%6=  [  =  .9 ≅  .9

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

/RV QLYHOHV EiVLFRV GH DLVODPLHQWR DO LPSXOVR UD\R

UHTXHULGRVVRQ

1%,=  [  =  .9

1%,=  [  =  .9

\ GHDFXHUGRFRQ

1%,=  [  =  .9

E3DUD DLVODPLHQWRV DXWRUHFXSHUDEOHV H[WHUQRV QLYHO

EiVLFRSRUPDQLREUDUHTXHULGR


1%6= [  7HQVLyQGH DUTXHR GHO DSDUWDUUD\ RV SRULPSXOVRGH PDQLREUD
  δU Q

D 0610

δγ = 

Q =   GGHQSLHV

$ .9ODGLVWDQFLDPtQLPDGHQRDUTXHRHV

G =  FP =  SLHV

3DUD HVWD WHQVLyQ VH SXHGH WRPDU XQ YDORU GH γ

OLJHUDPHQWHLQIHULRUDOYDORUPi[LPRTXHHVOD XQLGDG
R VHDGHORUGHQGHDSRUORTXHVtVHKDFH

Q =  [  = 


1%6= [  =  .9
  [  

1LYHOEiVLFRSRUUD\R

/RV QLYHOHV EiVLFRV GH DLVODPLHQWR DO LPSXOVR UD\R

UHTXHULGRVVRQ

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

1%,=  [  =  .9

1%,=  [  =  .9

1%,=  [  =  .9

1LYHOEiVLFRSRUUD\R

(Q  .9 VH SXHGH GHVSUHFLDU HO HIHFWR GH KXPHGDG
SRUORTXH


1%,= [  7HQVLyQUHVLGXDOGHO DSDUWDUUD\ RV WHQVLyQGH DUTXHR SDUD XQD RQGD GH   
δU


1%,= [  =  .9


\ WDPELpQ


1%,= [  7HQVLyQGH DUTXHR SRU IUHQWH GH RQGD
δU


1%,= [  =  .9


F6LQ XVDU DSDUWDUUD\RV SDUD DLVODPLHQWRV DXWR

UHFXSHUDEOHVH[WHUQRV

1LYHOEiVLFRSRUPDQLREUDGHLQWHUUXSWRUHV


1%6= [ (PD[
δU


1%6= [  =  .9


/RV UHVXOWDGRV VH SXHGHQ UHVXPLU HQ OD WDEOD

VLJXLHQWH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

1 , 9 ( / (6  ' (  $, 6 / $ 0 ,( 1 72  5 ( 4 8 ( 5 , ' 26  ( 1 / $ 68 % ( 6 7 $ & , Ï 1 ' (  . 9

1%, 9 $/ 2 5 (6
7 ,3 2  '( $ , 6 /$ 0, ( 17 2 5 (4 8 ( 5, '2 1 % 6 5 (4 8( 5 , '2 6( /( && , 2 1$ '2 6
.9 3$ 5$ ( /  (4 8, 3 2
6LQ
&RQDSDUW 1%, 1%6
DSDUW
.9 .9 .9
.9
,QWHUQRQR
DXWRUHFXSHUDEOH
7UDQVIRUPDGRU
3DUWHLQWHULRU\     
ERTXLOODV    
7UDQVI
([WHUQRDXWR
UHFXSHUDEOH
$LVODGRUHVGHEXV    
&XFKLOODV    
GHVFRQHFWDGRUDV    
,QWHUUXSWRU    
%RTXLOODVSDUWH
H[WHUQD    
7UDQVI
%RTXLOODVWUDQVI
,QVWUXPHQWRV

9DORUHVQRHVWDEOHFLGRVHQ1%6HQQRUPDV

1RWD 6L VH HPSOHD XQ DSDUWDUUD\RV VLQ FDUDFWHUtVWLFD GH

SURWHFFLyQ SDUD RQGDV SRU PDQLREUD 1%6 ORV YDORUHV
FDOFXODGRV SDUD ODV 1%6 SDUD DLVODPLHQWRV H[WHUQRV GHEHQ
LQFUHPHQWDUVH OR FXDO VH UHIOHMD FRPR YDORUHV PXFKR
PD\RUHV SDUD HO 1%, \ HQWRQFHV SRU HMHPSOR SDUD ODV
FXFKLOODV GHVFRQHFWDGRUDV HO 1%, VH GHEHUtD LQFUHPHQWDU
TXL]iVD.9

3RU RWUR ODGR OD PDJQLWXG GH ODV RQGDV GH PDQLREUD HQ
LQWHUUXSWRUHV VH SXHGH UHGXFLU XVDQGR UHVLVWHQFLDV GH
SUHLQVHUFLyQHQORVPLVPRV

 0DUJHQGHSURWHFFLyQ

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

&RPR VH HVWXGLy DQWHULRUPHQWH ORV DSDUWDUUD\RV

SURSRUFLRQDQ XQ PDUJHQ GH SURWHFFLyQ GHWHUPLQDGR DO
HTXLSR SRU SURWHJHU HQ HVWH HMHPSOR FRQ SURSyVLWRV
GHLOXVWUDUHOSURFHGLPLHQWRVHFDOFXODUiFRPRVLJXH

6L VH VXSRQH TXH HO 1%, HQ ORV GHYDQDGRV GHO
WUDQVIRUPDGRUHV GH        N9HO1%6
HV

1%6=  [ 1%,=  [  =  .9

/DWHQVLyQPi[LPDSRURSHUDFLyQGHLQWHUUXSWRUHV


(Pi[ = [  [  =  .9


< HO PDUJHQ GH SURWHFFLyQ SDUD VREUHWHQVLRQHV SRU

PDQLREUDHV

 − 
0 DUJ HQ GH SURWHFFLyQ= [  = 


6L VH GHVHD YHULILFDU HO PDUJHQ GH SURWHFFLyQ SDUD

VREUHWHQVLRQHV SRU UD\R HQWRQFHV SDUD OD DOWHUQDWLYD
 VHOHFFLRQDGD OD FDUDFWHUtVWLFD PD\RU GHO
DSDUWDUUD\RV HV OD WHQVLyQ GH DUTXHR GH  .9 SRU OR
TXH

 − 
0 DUJ HQ GH SURWHFFLyQ= [  = 


/ 2&$/,=$&,Ï1'(/26$3$57$55$<26

7DQ LPSRUWDQWH FRPR VHOHFFLRQDU ODV FDUDFWHUtVWLFDV

DGHFXDGDV GH XQ DSDUWDUUD\RV SDUD SURSRUFLRQDU XQD
SURWHFFLyQ HIHFWLYD DO HTXLSR HQ EDVH D XQ HVWXGLR GH
FRRUGLQDFLyQ GH DLVODPLHQWR HV OD ORFDOL]DFLyQ GH ORV
DSDUWDUUD\RV HQ OD VXEHVWDFLyQ \D TXH GHSHQGLHQGR GH
HVWR VH ORJUDUi XQD EXHQD SURWHFFLyQ (Q SULQFLSLR VH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

SXHGH HVWDEOHFHU TXH ORV DSDUWDUUD\RV VH GHEHQ LQVWDODU

WDQ FHUFD GHO HTXLSR SRU SURWHJHU FRPR VHD SRVLEOH SHUR
HVWR SXHGH RFXUULU HQ WUDQVIRUPDGRUHV GH GLVWULEXFLyQ GHO
WLSR QRUPDO PRQWDQGR ORV DSDUWDUUD\RV HQ XQD FUXFHWD TXH
HVWiFHUFD GHO WUDQVIRUPDGRU R GLUHFWDPHQWH HQ HO WDQTXH
HQ HO FDVR GH ORV WUDQVIRUPDGRUHV DXWRSURWHJLGRV GHELGR
D TXH ORV WUDQVIRUPDGRUHV XVDGRV HQ ORV QLYHOHV GH
WHQVLyQ GH GLVWULEXFLyQ WLHQHQ XQD ]RQD GH SURWHFFLyQ PX\
UHGXFLGD HVWH WLSR GH VROXFLyQ HQ VXEHVWDFLRQHV
HOpFWULFDV HQ GRQGH OOHJDQ R VDOHQ OtQHDV GH
VXEWUDQVPLVLyQ R GLVWULEXFLyQ QR VHUtD SRVLEOH SRU
UD]RQHV WpFQLFDV \ HFRQyPLFDV \ HQWRQFHV VH GHEH
GHWHUPLQDU OD ]RQD GH SURWHFFLyQ \ HQ IXQFLyQ GH HVWR
HVWDEOHFHU HO Q~PHUR GH DSDUWDUUD\RV MXHJRV TXH VH
UHTXLHUHQSDUDREWHQHUXQQLYHOGHSURWHFFLyQDGHFXDGR

/DSURWHFFLyQ GH XQ DSDUWDUUD\RV HV Pi[LPD HQ HO OXJDU GH

OD LQVWDODFLyQ \ GLVPLQX\H HQ IRUPD JUDGXDO D PHGLGD TXH
VHDOHMD GHO DSDUWDUUD\RV KDFLD DPERV ODGRV GH WDO IRUPD
TXH KD\ XQD GLVWDQFLD TXH SURSRUFLRQD XQ YDORU GH
SURWHFFLyQ PtQLPR UHTXHULGR \ TXH GHWHUPLQD OD ]RQD GH
SURWHFFLyQ GH PDQHUD TXH SDUD YDORUHV GH GLVWDQFLD
PD\RUHV HO DSDUWDUUD\RV \D QR SURWHJH DO HTXLSR HQ OD
PHGLGDTXHVHUHTXLHUH

(Q OD GHWHUPLQDFLyQ GH OD ]RQD GH SURWHFFLyQ R GLVWDQFLD

HQ TXH HO DSDUWDUUD\RV RIUHFH SURWHFFLyQ DO HTXLSR
LQWHUYLHQHQ YDULRV IDFWRUHV TXH WLHQHQ TXH YHU GHVGH
OXHJR FRQ OD FDUDFWHUtVWLFD GHO DSDUWDUUD\RV UHSUHVHQWDGD
SRU VX WHQVLyQ GH RSHUDFLyQ R FHEDGR FRQ OD RQGD
LQFLGHQWH HQ FXDQWR D OD SHQGLHQWH GHO IUHQWH GH RQGD VH
UHILHUH HQ .9PLFURVHJ \ SRU VXSXHVWR GH OD GLVWDQFLD
GH LQVWDODFLyQ DO HTXLSR SRU SURWHJHU 3DUD LOXVWUDU OR
DQWHULRUFRQVLGpUHVHHOGLDJUDPDVLJXLHQWH

3É*,1$
( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

(QGRQGH

 /  'LVWDQFLD GHO DSDUWDUUD\RV D DPERV ODGRV GHO

SXQWRGHVX
 LQVWDODFLyQ

$S $SDUWDUUD\RV

7 7UDQVIRUPDGRU

9;  (R  7HQVLyQ TXH DSDUHFH HQ FXDOTXLHU SXQWR [

GHODLQVWDODFLyQ
 PHGLGD D SDUWLU GHO SXQWR GH
ORFDOL]DFLyQGHODSDUWDUUD\RV

(Q OD ILJXUD DQWHULRU VH REVHUYD TXH D PHGLGD TXH VH

DOHMD GHO DSDUWDUUD\RV OD WHQVLyQ TXH DSDUHFH HQ OD
LQVWDODFLyQ HV PD\RU ([ \ pVWD VH SXHGH GHWHUPLQDU D
SDUWLUGHODVFRQVLGHUDFLRQHVVLJXLHQWHV

D3DUD XQD RQGD LQFLGHQWH TXH OOHJD D OD VXEHVWDFLyQ

VHVXSRQHTXHWLHQHXQDSHQGLHQWHFRQVWDQWH6

E(O WUDQVIRUPDGRU VH SXHGH UHSUHVHQWDU HQ IRUPD

DSUR[LPDGD FRPR XQ FLUFXLWR DELHUWR GHVSUHFLDQGR
VXVFDSDFLWDQFLDVFRQFHQWUDGDV

F(O DSDUWDUUD\RV SRU WHQHU XQD FDUDFWHUtVWLFD GH

RSHUDFLyQ QR OLQHDO \ XQD LPSHGDQFLD VHQVLWLYD D OD
WHQVLyQ GLVFRQWLQXD VH SXHGH WUDWDU HQ IRUPD
SDUHFLGD D ORV GLDJUDPDV GH FHORVtD ODWWLFH SRU HO
PpWRGRGHUHIOH[LyQGHRQGDV

'H KHFKR ORV JDSV GHO DSDUWDUUD\RV WLSR FRQYHQFLRQDO VH

SXHGHQ UHSUHVHQWDU FRPR XQ GHVFRQHFWDGRU TXH SHUPDQHFH
DELHUWR SDUD XQD WHQVLyQ PHQRU TXH VX YDORU GH WHQVLyQ GH
DUTXHR \ VH FLHUUD FXDQGR VH OOHJD R H[FHGHU D HVWH
YDORU

/D GLVWULEXFLyQ GH RQGDV GH WHQVLyQ SDUD XQ DUUHJOR

/tQHD$SDUWDUUD\RV 6XEHVWDFLyQ FRPR HO SODQWHDGR HQ HO
LQLFLR GH HVWD VHFFLyQ VH SXHGH REWHQHU SRU HO PpWRGR GH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

/DWWLFH GLDJUDPD GH FHORVtD \ VH SXHGH GHPRVWUDU TXH OD

Pi[LPD WHQVLyQ TXH DSDUHFH HQ XQ REMHWR D XQD GLVWDQFLD ;
GHODSDUWDUUD\RV

9 ; = 9S + 67

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

'RQGH

;
 7= HV HO WLHPSR GH UHFRUULGR HQWUH HO
µ
DSDUWDUUD\RV\HOREMHWR
 VLHQGR µ OD YHORFLGDG GH OD OX] HV
GHFLU

 µ =  P  PLFUR− VHJ

6  3HQGLHQWH GHO IUHQWH GH RQGD HQ .9PLFURVHJ

VLQFRQVLGHUDUOD
FUHVWDGHODRQGDLQFLGHQWH

/DWHQVLyQ 9; QR SXHGH H[FHGHU DO YDORU 9S HVWH YDORU

VH REWLHQH SDUD 7 7R GRQGH 7R HV HO WLHPSR DO FXDO
DUTXHD HO DSDUWDUUD\RV FRPR DQWHV VH PHQFLRQy HO YDORU
GH6DOFDQ]D XQ YDORU GH  .9PLFURVHJ SRU FD GD  .9
GH OD WHQVLyQ QRPLQDO GHO DSDUWDUUD\RV \ KDVWD XQ Pi[LPR
GH .9PLFURVHJ (O HIHFWR GH GLVWDQFLD HV
GHVSUHFLDEOH SDUD RQGDV SRU PDQLREUDV GH LQWHUUXSWRUHV
GHELGR D TXH HO IUHQWH GH RQGD WLHQH XQD SHQGLHQWH PX\
EDMD SRU HMHPSOR XQ IUHQWH GH  PLFURVHJ SDUD XQD
RQGDGHWLHQHXQDORQJLWXGGH

P
; =  [  PLFUR− VHJ =  .P
PLFUR− VHJ

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

$3$57$55$<26 $3$57$55$<26

(48,32
(48,32

$
%

()(&72'(/$/21*,78''(/&21'8&72548(&21(&7$
$/$3$57$55$<26&21(/(48,323527(*,'2

(Q OD JUiILFD DQWHULRU VH PXHVWUD OD VREUHWHQVLyQ HQ

IXQFLyQGHODGLVWDQFLD

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3DUD HO FiOFXOR GH OD GLVWDQFLD GH SURWHFFLyQ GHO

DSDUWDUUD\RVVHSDUWHGHODHFXDFLyQ

 9 ; = 9S +  6W  DODSHQGLHQWH6WDPELpQVHOHGHQRPLQD
GH
 6=
GW

< VDELHQGR TXH OD YHORFLGDG GH OD OX] VH SXHGH H[SUHVDU
FRPR

; ; ;
7= =
7 µ 
µ=

(QWRQFHV

6;
9 ; = 9S +

;    'LVWDQFLD  GHO  REMHWR HO DSDUWDUUD\RV VL VH
ILMD OD WHQVLyQ Pi[LPD TXH SXHGH VRSRUWDU XQ
HTXLSR 9; D XQD GLVWDQFLD ; GHO DSDUWDUUD\RV
VHREWLHQHDSDUWLUGH

  9  ; − 9S
;=
6

6L 9; HV OD WHQVLyQ Pi[LPD SHUPLVLEOH HQ HO HTXLSR

SRUSURWHJHUVHSXHGHKDFHU

9 ; = 9Pi[ \ HQWRQFHV

  9Pi[ − 9S
;=
6

6LHQGR ; OD GLVWDQFLD Pi[LPD HQWUH HO HTXLSR \ HO

DSDUWDUUD\RV

(O YDORU GH OD SHQGLHQWH GHO IUHQWH GH RQGD 6 VH

SXHGH FDOFXODU FRPR VH LQGLFy DQWHULRUPHQWH R ELHQ
VHJ~Q OD QRUPD $16, &  SXEOLFDFLyQ 

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

GDQGR XQD LQWHUSUHWDFLyQ DQWHV PHQFLRQDGDV FRQ

UHODFLyQD6FRPR


6= [ 9Q− − − −.9 µVHJ


+DVWD XQD WHQVLyQ QRPLQDO GH  .9 HQ HO VLVWHPD
GRQGH

9Q  7HQVLyQ  QRPLQDO  GHO  DSDUWDUUD\RV \ HO

YDORU GH OD SHQGLHQWH 6 VHJ~Q HVWD QRUPD
VH REWLHQH HQ OD IRUPD LQGLFDGD HQ OD
WDEODVLJXLHQWH

3DUD XQD SURWHFFLyQ PiV HIHFWLYD ORV DSDUWDUUD\RV VH

GHEHQ LQVWDODU WDQ FHUFD FRPR VHD SRVLEOH GHO REMHWR SRU
SURWHJHU HQ OD ILJXUD VH PXHVWUD OD LQVWDODFLyQ GH ORV
DSDUWDUUD\RVVREUHXQDPpQVXODHQHOWUDQVIRUPDGRU

7$%/$
3(1',(17('()5(17('(21'$
3$5$$3$57$55$<26

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

7 (1 6 , Ï1  1 2 0 ,1 $/ ' ( /  6 , 6 7 ( 0$ 3 (1 ' , (1 7(  ' (/  ) 5( 1 7 ( '(  2 1' $

0 HQR UG H N9 . 9P LFU RV HJ XQG R

  . 9P LF UR VHJ 
   .9 SRU FDG DN 9Q RP LQD OG HO
DSDU WDU UD\ RV
0 iV GH  N9  N9 PL FUR V HJ

(-(03/2

'HWHUPLQDU OD SHQGLHQWH R tQGLFH GH FUHFLPLHQWR GH OD

WHQVLyQ GH SUXHED SDUD XQ DSDUWDUUD\RV TXH VH LQVWDODUi
HQ XQD VXEHVWDFLyQ GH  .9 FX\RV HOHPHQWRV VH
FRQVLGHUDQFRQQHXWURVyOLGDPHQWHFRQHFWDGRDWLHUUD

62/8&,Ð1

/DWHQVLyQQRPLQDOGHODSDUWDUUD\RVHV

9Q= .H 9Pi[

3DUD.9VHWLHQHXQDWHQVLyQPi[LPDGH.9

9Q =  [  =  .9

6L VH VHOHFFLRQD XQ DSDUWDUUD\RV FRQ  GH SURWHFFLyQ

ODWHQVLyQQRPLQDOVHUtDGH.9\HQWRQFHV

6 =  [  =  .9 PLFURVHJ



$XQTXH QRUPDOPHQWH SDUD HVWD WHQVLyQ QRPLQDO VH WRPD XQD

SHQGLHQWHGH.9PLFURVHJ

7$%/$

& 25 5 , (1 7( 6  '( ' ( 6& $5 *$ ( 1 ) 8 1& , Ï1 ' (  /$ 6 7( 1 6 , 21 (6 1 2 0 ,1 $ /( 6 '( /  6, 6 7 (0 $

7 (1 6 , Ï1 ' ( / 6 ,6 7 (0 $ & 25 5 , (1 7(  ' ( '( 6 &$ 5* $

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

.9 $ 03 ( 5 (6

 
   
   
   
   
   
   
   
3RU OR JH QH UDO QR WL HQH QX QE OLQ GDM H HIH FWL YR

(Q HO FDVR GH LQVWDODFLRQHV TXH QR HVWpQ EOLQGDGDV HQ

IRUPD HIHFWLYD SRU OR JHQHUDO GH  N9 \ PHQRUHV OD
LQVWDODFLyQ VH SXHGH YHU VRPHWLGD D WHQVLRQHV
H[WUHPDGDPHQWH DOWDV FRQ tQGLFHV GH HOHYDFLyQ
SHQGLHQWHV GHO RUGHQ GH  .9PLFUR VHJ 3RU RWUR
ODGR SDUD GHVFDUJDV FHUFDQDV D ORV DSDUWDUUD\RV VH
SXHGHQWHQHUFRQGLFLRQHVVHYHUDV

3É*,1$
( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

3É*,1$
( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

  6  ' ,6 7$ 1 & , $ $ / 2 %- ( 7 2 35 2 7 (* ,' 2 ( 1  0 

  /  / 21 *, 7 8 '  '( / & 21 ' 8 &7 25  ' ( &2 1 (; , Ï 1 $/ $ 3 $ 57 $ 55 $< 2 6 ( 1
0
 , 17  7 ,3 2 , 1 7 ( 50 (' , 2 
6 7$  7 ,3 2  (6 7$ &, Ï 1 

3É*,1$
( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

  6  ' ,6 7$ 1 & , $ $ / 2 %- ( 7 2 35 2 7 (* ,' 2 ( 1  0 

  /  / 21 *, 7 8 '  '( / & 21 ' 8 &7 25  ' ( &2 1 (; , Ï 1 $/  $ 3 $ 57 $ 55 $< 2 6 ( 1
0
6 7$  7 ,3 2  (6 7$ &, Ï 1 

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

(-(03/2

'HWHUPLQDU ODV FDUDFWHUtVWLFDV GH SURWHFFLyQ GH ORV

DSDUWDUUD\RV \ VX ORFDOL]DFLyQ HQ XQD VXEHVWDFLyQ GH 
N9 HQ HO ODGR GH DOWD WHQVLyQ \  N9 HQ HO ODGR GH
EDMD WHQVLyQ 6H FRQVLGHUD TXH HO VLVWHPD VH HQFXHQWUD
FRQ HO QHXWUR VyOLGDPHQWH FRQHFWDGR D WLHUUD \ ORV
DSDUWDUUD\RVTXHVHXVDUiQVRQGHOWLSRFRQYHQFLRQDO

(O HTXLSR SULQFLSDO GH OD VXEHVWDFLyQ WLHQH ODV

VLJXLHQWHVFDUDFWHUtVWLFDVGLHOpFWULFDVSULQFLSDOHV

7UDQVIRUPDGRU 09$  N9 GHOWDHVWUHOOD FRQ

QHXWURDWLHUUD

1%,LQWHUQRN9
1%,ERTXLOODVN9

/RV DLVODGRUHV FXFKLOODV GHVFRQHFWDGRUDV \ ERTXLOODV GH

ORVLQWHUUXSWRUHVWLHQHQWDPELpQXQ1%,GH.9

/D VXEHVWDFLyQ WHQGUi XQ iUHD DSUR[LPDGD GH  [ 

P

62/8&,Ð1

6L VH VXSRQH TXH HO VLVWHPD WLHQH HO QHXWUR VyOLGDPHQWH
FRQHFWDGR D WLHUUD VH SXHGH HPSOHDU XQ IDFWRU GH
FRQH[LyQ D WLHUUD .H   \ GDGR TXH SDUD  N9 QRPLQDO
OD WHQVLyQ Pi[LPD GH GLVHxR HV GH  N9 HQWRQFHV OD
WHQVLyQQRPLQDOGHODSDUWDUUD\RVVHUiGHORUGHQGH

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

9Q=  .9

3DUD WHQHU XQD LGHD GH OD FRUULHQWH GH GHVFDUJD GHO
DSDUWDUUD\RVVHSXHGHFDOFXODUFRPR
1%,
,G = 
=R

6LHQGR =R OD LPSHGDQFLD FDUDFWHUtVWLFD GH OD OtQHD GH

HQWUDGD D OD VXEHVWDFLyQ HQ HO ODGR GH  N9 TXH VH
SXHGHHVWLPDUFRPRGHRKPVSRUORTXH

 [ 
,G = =  .$


(VWD FDQWLGDG GD XQD LGHD GH RUGHQ SDUD GHWHUPLQDU HO

YDORU GH OD FRUULHQWH GHO DSDUWDUUD\RV HV QHFHVDULR
HVWLPDU VL OD ]RQD GH LQVWDODFLyQ GH OD VXEHVWDFLyQ HV GH
DOWD GHQVLGDG GH GHVFDUJDV DWPRVIpULFDV SDUD SRGHU KDFHU
XQD DQiOLVLV GH OD SUREDELOLGDG GH TXH VH H[FHGH HVWH
YDORU GH FRUULHQWH GH PDQHUD TXH HQ HVWH FDVR VH
VXSRQGUiTXHHOYDORUVHUiGH.$HVGHFLU
,G =  .$

&RQ HVWRV YDORUHV VH HQWUD D ODV WDEODV GH

FDUDFWHUtVWLFDV GH SURWHFFLyQ GH ORV DSDUWDUUD\RV WDEOD
 \ VH VHOHFFLRQDUiQ ODV FDUDFWHUtVWLFDV EiVLFDV GHO
DSDUWDUUD\RV FXDQGR VH GLVSRQHQ HQ WDEODV GH IDEULFDQWHV
VHXVDUiQ pVWDV \ VH REVHUYD TXH SDUD HO YDORU FDOFXODGR
GH  N9 VH SRGUtDQ XVDU GRV DSDUWDUUD\RV FRQ WHQVLRQHV
QRPLQDOHV GH  \  N9 VH KDUi XQ DQiOLVLV GH ODV
FDUDFWHUtVWLFDVGHSURWHFFLyQGHDPERV

$/7(51$7,9$ $/7(51$7,9$

7 HQV LyQ 1 R PLQ DO N9  

&RUU LHQ WH GH GH VFD UJD .$  
,QGL FH GH HOH YD FLy QG H
WHQV LyQ N9 0  VH J  
SHQ GLH QWH 

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

7 HQV LyQ GH GH VF DUJ DF RQ  

RQGD GH LP SXO VR GH   
µ VH J

7 HQV LyQ UH VLG XD O N9 FR Q

ODF RUU LHQ WH GH GH VFD UJD  
HVSH FLI LFD GD

&RQVLGHUDQGR TXH GHEH H[LVWLU XQ PDUJHQ GH SURWHFFLyQ GHO

 PtQLPR SDUD HO HTXLSR SULQFLSDO SRU SURWHJHU
WUDQVIRUPDGRU HO PDUJHQ GH SURWHFFLyQ VH FDOFXOD FRQ
OD WHQVLyQ PiV DOWD TXH VH SUHVHQWD HQ OD RSHUDFLyQ GHO
DSDUWDUUD\RV (Q HVWH FDVR SDUD ODV GRV DOWHUQDWLYDV
UHVXOWD OD WHQVLyQ GH GHVFDUJD FRQ RQGD  PLFUR
VHJXQGRVGHWDOIRUPDTXHHOPDUJHQGHSURWHFFLyQHV

1%, − 9S
0 DUJ HQ GH SURWHFFLyQ = [ 
9S

$OWHUQDWLYD 9S =  .9

 − 
03 = [  = 


$OWHUQDWLYD 9S =  .9

 − 
03 = [  = 


&RPR VH REVHUYD HQ DPERV FDVRV VH H[FHGH FRQ PXFKR HO
PDUJHQ PtQLPR GH SURWHFFLyQ UHFRPHQGDGR TXH HV GHO 
DKRUDVHDQDOL]DUiDODGLVWDQFLDTXHVHSXHGHQLQVWDODU

6L HO HTXLSR SRU SURWHJHU SULQFLSDOPHQWH HV HO

WUDQVIRUPDGRU VH GHEH WHQHU XQ PDUJHQ GH SURWHFFLyQ
PtQLPR GHO  GHEDMR GH VX QLYHO GH DLVODPLHQWR GH
PDQHUD TXH OD WHQVLyQ Pi[LPD SHUPLVLEOH HQ HO
WUDQVIRUPDGRUVHUtD

9Pi[ =  −  [  =  .9

(QWRQFHVODVGLVWDQFLDVPi[LPDVSHUPLVLEOHVVHUtDQ

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

   − 

;= =  PHWURV
 [ 

3DUDODDOWHUQDWLYD9S N96 .90VHJ

   − 

== =  PHWURV
 [ 

3DUDODDOWHUQDWLYD 93=  .9 6=  .9 PLFURVHJXQGR

   − 

(QWRQFHV ; = =  PHWURV
 [ 

3DUD ODV GLPHQVLRQHV GH OD VXEHVWDFLyQ FRQ DPERV

DSDUWDUUD\RV VH UHVXHOYH HO SUREOHPD \D TXH FXEUHQ HO
PDUJHQ GH SURWHFFLyQ VREUDGDPHQWH \ DGHPiV FRQ XQ MXHJR
DO LQJUHVR SURWHJHQ SRU ]RQD WDPELpQ VREUDGDPHQWH QR
VyOR DO WUDQVIRUPDGRU WDPELpQ DO UHVWR GHO HTXLSR SRU
HMHPSOR VXSRQLHQGR TXH HO WUDQVIRUPDGRU VH HQFXHQWUD D
 PHWURV GH FDEOH GHO DSDUWDUUD\RV DO LQJUHVR GH OD
VXEHVWDFLyQODWHQVLyQPi[LPDTXHSDUHFHUtDVHUtD

6;
$OWHUQDWLYD     9 ; = 9S +  

 [  [ 
9 =  + =  .9


 [  [ 
$OWHUQDWLYD 9 =  + =  .9


4XH HQ DPERV FDVRV VRQ LQIHULRUHV D OD Pi[LPD SHUPLVLEOH

GH.9

/D GHFLVLyQ GH TXp DSDUWDUUD\RV VHOHFFLRQDU VHJ~Q ODV

GRV DOWHUQDWLYDV SURSXHVWDV TXH UHVXHOYHQ HO SUREOHPD
VDWLVIDFWRULDPHQWHHQIRUPDWpFQLFDGHEHUiFRQVLGHUDU

3É*,1$
 ( / %/ , 1 '$ -( < / $ & 2 25 ' ,1 $ &, Ð 1 ' ( $, 6/ $0 ,( 1 7 2
6 6 8 %( 6 7$ & ,2 1 (6 ( /e &7 5 ,& $ 6

4XH FRQ HO DSDUWDUUD\RV GH OD DOWHUQDWLYD  VH WLHQH
XQ PD\RU PDUJHQ GH SURWHFFLyQ SHUR HV SUREDEOH TXH
RSHUH FRQ PD\RU IUHFXHQFLD \D TXH VX WHQVLyQ GH
RSHUDFLyQ HV EDMD  N9 UHVSHFWR DO YDORU WpFQLFR
FDOFXODGRGH.9

4XH FRQ HO DSDUWDUUD\RV GH OD DOWHUQDWLYD  VH FXEUH
WDPELpQ HO PDUJHQ GH SURWHFFLyQ YD D RSHUDU FRQ PHQRU
IUHFXHQFLD TXH HO GH OD DOWHUQDWLYD  SHUR
SUREDEOHPHQWHVXFRVWRVHDVXSHULRU

3É*,1$