You are on page 1of 8

1HXURFLUXJtD

 

0XWLVPR DFLQpWLFR UHODFLRQDGR FRQ KLGURFHIDOLD \ FLUXJtD FHUHEHORVD WUDWDGR FRQ


EURPRFULSWLQD\HIHGULQD5HYLVLyQ¿VLRSDWROyJLFD

20DWHR6LHUUD)$*XWLpUUH]&)HUQiQGH]&DUEDOODO'3LQLOOD%0RVTXHLUD%,]D\5&DUULOOR

6HUYLFLRGH1HXURFLUXJtD+RVSLWDO*HQHUDO8QLYHUVLWDULR*UHJRULR0DUDxyQ0DGULG

5HVXPHQ IDLOXUHV LQ K\GURFHSKDOLF SDWLHQWV ZLWK QR WHQGHQF\


WRZDUGV LPSURYHPHQW HLWKHU VSRQWDQHRXVO\ RU ZLWK
 (OPXWLVPRDFLQpWLFR 0$ HVXQWUDVWRUQRGHOFRP VKXQW UHYLVLRQV +RZHYHU VXFFHVVIXO WUHDWPHQW RI WKLV
SRUWDPLHQWR FDUDFWHUL]DGR SRU OD LQFDSDFLGDG SDUD VHFRQGW\SHRI$0KDVEHHQDFKLHYHGZLWKEURPRFULS
PRYHUVHRKDEODUHQSDFLHQWHVGHVSLHUWRV7tSLFDPHQWH WLQH :H SUHVHQW D SDWLHQW ZKR GHYHORSHG$0 DIWHU D
KDVLGRGHVFULWRFRPRXQDFRPSOLFDFLyQWUDQVLWRULDGH SRVWHULRU IRVVD VXUJHU\ FRPSOLFDWHG E\ YHQWULFXOLWLV
OD FLUXJtD GH WXPRUHV GH IRVD SRVWHULRU 6LQ HPEDUJR DQGPXOWLSOHK\GURFHSKDOLFHYHQWV$0RQO\LPSURYHG
HO 0$ WDPELpQ SXHGH DSDUHFHU WUDV P~OWLSOHV IDOORV ZLWK EURPRFULSWLQH :H UHYLHZ $0 SDWKRSK\VLRORJ\
YDOYXODUHV HQ SDFLHQWHV KLGURFHIiOLFRV (Q HVWRV FDVRV $OWKRXJKQRWZHOONQRZQLWDSSHDUVWREHTXLWHGLIIH
HO 0$ QR PHMRUD HVSRQWiQHDPHQWH QL FRQ UHYLVLRQHV UHQW GHSHQGLQJ RQ LWV FHUHEHOODU RU K\GURFHSKDOLF
YDOYXODUHV SHUR SXHGH UHVSRQGHU DO WUDWDPLHQWR FRQ RULJLQ 'DPDJH WR GHQWDWH QXFOHXV RU LWV HIIHUHQWV
EURPRFULSWLQD 3UHVHQWDPRV XQD SDFLHQWH FRQ 0$ PDLQO\RIJOXWDPDWH VKRXOGSURPRWH$0RIFHUHEHOODU
WUDVXQDFLUXJtDGHIRVDSRVWHULRUFRPSOLFDGDSRUXQD RULJLQZKLOHGDPDJHWRSDUDYHQWULFXODUPRQRDPLQHUJLF
YHQWULFXOLWLV FRQ GLODWDFLRQHV YHQWULFXODUHV UHSHWLGDV SDWKZD\V FRXOG H[SODLQ$0 UHODWHG WR UHSHDWHG VKXQW
TXH VyOR PHMRUy FRQ EURPRFULSWLQD 5HYLVDPRV OD IDLOXUHV ZKLFK KDV VXFFHVVIXO UHVSRQVH WR EURPRFULS
¿VLRSDWRORJtD GHO 0$$XQTXH pVWD QR VHD ELHQ FRQR WLQHWUHDWPHQW+RZHYHUDPRUHFRPSOHWHVWXG\RIWKLV
FLGD SDUHFH TXH OD DIHFWDFLyQ GHO Q~FOHR GHQWDGR \ GLVRUGHULVUHTXLUHGWRDVFHUWDLQLWVDHWLRORJ\
GH VXV HIHUHQFLDV SULQFLSDOPHQWH GH JOXWDPDWR  VHUtD
UHVSRQVDEOHGHO0$GHRULJHQFHUHEHORVRPLHQWUDVTXH .(< :25'6 $NLQHWLF PXWLVP %URPRFULSWLQH 'RSD
OD DIHFWDFLyQ GH ODV YtDV PRQRDPLQpUJLFDV SDUDYHQWUL PLQHDJRQLVW3RVWHULRUIRVVD+\GURFHSKDOXV
FXODUHV H[SOLFDUtD HO 0$ UHODFLRQDGR FRQ GLODWDFLRQHV
YHQWULFXODUHV UHSHWLGDV \ TXH UHVSRQGH DO WUDWDPLHQWR ,QWURGXFFLyQ
FRQEURPRFULSWLQD$XQDVtVHUHTXLHUHXQHVWXGLRPiV
SURIXQGRGHHVWDSDWRORJtDSDUDDFODUDUVXHWLRORJtD  (O PXWLVPR DFLQpWLFR 0$  HV XQ WUDVWRUQR SRFR IUH
FXHQWHGHODPRWLYDFLyQHQHOFXDOHOSDFLHQWHVHHQFXHQWUD
3$/$%5$6&/$9(0XWLVPRDFLQpWLFR%URPRFULSWLQD HQ HVWDGR GH YLJLOLD SHUR QR SUHVHQWD DFWLYLGDG PRWRUD
$JRQLVWDGRSDPLQpUJLFR)RVDSRVWHULRU+LGURFHIDOLD YROXQWDULD QL GHO OHQJXDMH SXGLHQGR FRQVLGHUDUVH HO FDVR
H[WUHPRGHOWUDVWRUQRDE~OLFR
$NLQHWLFPXWLVPUHODWHGWRK\GURFHSKDOXVDQGFHUHEH  (VWHVtQGURPHKDVLGRGHVFULWRHQODOLWHUDWXUDHQFDVRV
OODUVXUJHU\WUHDWHGZLWKEURPRFULSWLQHDQGHSKHGULQH GH KLGURFHIDOLD FRQ P~OWLSOHV UHYLVLRQHV YDOYXODUHV VLQ
$SDWKRSK\VLRORJLFDOUHYLHZ UHODFLyQ FRQ XQD PDOIXQFLyQ YDOYXODU (Q HVWRV FDVR ORV
FDPELRV GH YROXPHQ YHQWULFXODU UHSHWLWLYRV DIHFWDQ D ODV
6XPPDU\ YtDV PRQRDPLQpUJLFDV DVFHQGHQWHV SDUDYHQWULFXODUHV
SXGLHQGRGHVHQFDGHQDUHO0$(VWHPHFDQLVPR
$NLQHWLF PXWLVP $0  LV D EHKDYLRUDO GLVRUGHU FKD ¿VLRSDWROyJLFR H[SOLFDUtD OD EXHQD UHVSXHVWD REWHQLGD HQ
UDFWHUL]HGE\LPSRVVLELOLW\WRPRYHRUVSHDNLQDZDNH DOJXQRV FDVR FRQ HO WUDWDPLHQWR FRQ DQiORJRV PRQRDPL
SDWLHQWV OW KDV EHHQ W\SLFDOO\ GHVFULEHG DV D WUDQVLHQW QpUJLFRVTXHFRQWUDVWDFRQODDXVHQFLDGHPHMRUtDFRQODV
GLVRUGHUIROORZLQJSRVWHULRUIRVVDWXPRXUUHVHFWLRQ
%HVLGHV $0 PD\ DOVR DSSHDU DIWHU UHFXUUHQW VKXQW $EUHYLDWXUDV$0DNLQHWLFPXWLVP0$PXWLVPRDFLQpWLFR%&
EURPRFULSWLQD '83 GHULYDFLyQ YHQWULFXORSHULWRQHDO *&6
5HFLELGR$FHSWDGR *ODVJRZ&RPD6FDOH


1HXURFLUXJtD
0XWLVPRDFLQpWLFRUHODFLRQDGRFRQKLGURFHIDOLD\FLUXJtDFHUHEHORVDWUDWDGRFRQEURPRFULSWLQD\HIHGULQD5HYLVLyQ¿VLRSDWROyJLFD 

$ % &

)LJXUD7&\50FUDQHDOHVLQLFLDOHV)LJD7&FUDQHDOVLPSOHOHVLyQKHPRUUiJLFDFHUHEHORVDSURIXQGDHQUHJLyQSDUD
YHUPLDQDL]TXLHUGD)LJOE7&FUDQHDOFRQFRQWUDVWHFDSWDFLyQGHOFRQWUDVWHHQSHULIHULDGHODOHVLyQGHVFULWD\H[LVWHQFLD
GHXQDQJLRPDYHQRVRFHUFDQR)LJOF50FUDQHDOOHVLyQFRQVLJQRVGHVDQJUDGRVXEDJXGR\FUyQLFRFRPSDWLEOHFRQ
FDYHUQRPDFHUHEHORVR

UHYLVLRQHVYDOYXODUHV SDUDYHUPLDQRL]TXLHUGRTXHKDEtDVDQJUDGR
 3RU RWUD SDUWH HO 0$ WDPELpQ SXHGH DSDUHFHU FRPR  /D FLUXJtD VH UHDOL]y PHGLDQWH XQD FUDQLHFWRPtD
FRPSOLFDFLyQ GH OD FLUXJtD GH IRVD SRVWHULRU SHUR FRQ VXERFFLSLWDOSDUDPHGLDOL]TXLHUGDFRQUHVHFFLyQFRQJXtD
XQD ¿VLRSDWRORJtD TXH SDUHFH VHU GLIHUHQWH (Q HVWHUHRWi[LFDGHOFDYHUQRPD(QHOSRVWRSHUDWRULRLQLFLDO
GLIHUHQWHVVHULHVVHKDGHVFULWRTXHODVOHVLRQHVGHOQ~FOHR OD H[SORUDFLyQ IXH FRPSOHWDPHQWH QRUPDO$ ORV GRV GtDV
GHQWDGRRGHVXVFRQH[LRQHV ODVFXDOHVQRVRQSUHIHUHQWH GHODFLUXJtDDSDUHFLyXQGHWHULRURGHQLYHOGHFRQFLHQFLD
PHQWHPRQRDPLQpUJLFDV SRGUtDQGHVHQFDGHQDUHO0$ SRULQIHFFLyQSURIXQGDGHODKHULGD\PHQLQJLWLVSRU6WD
 3UHVHQWDPRVXQDSDFLHQWHFRQ0$WUDVXQDFLUXJtDGH SK\ORFRFFXV DXUHXV 6H UHDOL]y XQ7& FUDQHDO XUJHQWH HQ
IRVDSRVWHULRUFRPSOLFDGDFRQKLGURFHIDOLDVUHSHWLGDVTXH HOTXHVHLGHQWL¿FDURQUHVHFFLyQGHOFDYHUQRPD\FDPELRV
UHVSRQGLyDOWUDWDPLHQWRFRQEURPRFULSWLQD\HIHGULQD6H SRVWTXLU~UJLFRV VLQ GLODWDFLyQ YHQWULFXODU )LJXUD   6H
GLVFXWHQODVFDXVDVGHOPXWLVPRHQHVWDSDFLHQWH\ODVGLIH LQLFLyWUDWDPLHQWRDQWLELyWLFRLQWHQVLYRDSHVDUGHOFXDOVH
UHQWHVSRVLELOLGDGHVWHUDSpXWLFDVPHGLDQWHXQDUHYLVLyQGH SURGXMRXQDLQWHQVDYHQWULFXOLWLVFRQVLWXDFLyQQHXUROyJLFD
ODOLWHUDWXUD GHFRPDSURIXQGR *&6 (QORV7&FUDQHDOHVHYROXWL
YRVVHREMHWLYDURQVLJQRVGHYHQWULFXOLWLVHKLGURFHIDOLDFRQ
&DVRFOtQLFR WDELFDFLRQHV )LJ  $PEDV UHVSRQGLHURQ D OD LQVHUFLyQ
UHSHWLGDGHGUHQDMHVFRQODYDGR\DQWLELyWLFRV
 0XMHU GH  DxRV TXH LQJUHVy SRU FHIDOHD GH LQLFLR  $OGHVDSDUHFHUODLQIHFFLyQODSDFLHQWHSUHVHQWDEDXQD
V~ELWR DVRFLDGD D XQ VtQGURPH FHUHEHORVR DWD[LD \ GLV H[SORUDFLyQFDUDFWHUtVWLFDGHPXWLVPRDFLQpWLFRFRQDXVHQ
PHWUtD L]TXLHUGD  (Q ORV HVWXGLRV GH LPDJHQ 7& \ 50 FLDGHFRQH[LyQFRQHOPHGLR\DSHUWXUDRFDVLRQDOGHRMRV
FUDQHDO )LJXUD VHHYLGHQFLyXQFDYHUQRPDFHUHEHORVR /DKLGURFHIDOLDWHWUDFDPHUDOSHUVLVWLyHQOD50\VHSUR


1HXURFLUXJtD
0DWHR6LHUUD\FRO  

)LJXUD  7& FUDQHDO SRVWTXLU~UJLFR WUDV


LQLFLRGHLQIHFFLyQSURIXQGDGHODKHULGD
FUDQLHFWRPtD VXERFFLSLWDO SDUDPHGLDQD
L]TXLHUGD FRQ FDPELRV SRVWTXLU~UJLFRV
HQ FHUHEHOR 5HVHFFLyQ GHO FDYHUQRPD
FRQFLVWHUQDVEDVDOHVSUHVHQWHV\GLVFUHWR
QHXPRHQFpIDORVLQGLODWDFLyQYHQWULFXODU

)LJXUD  7& FUDQHDO WUDV DXVHQFLD GH


PHMRUtD FRQ WUDWDPLHQWR DQWLELyWLFR
GLODWDFLyQ YHQWULFXODU KRORFDPHUDO \ GH
FLVWHUQD VXSUDFHUHEHORVD L]TXLHUGD FRQ
VLJQRVGHYHQWULFXOLWLVGLIXVD

)LJXUD7&FUDQHDODORVGRVGtDVGHOD
LQVHUFLyQGHOD'93DXVHQFLDGHKLGURFH
IDOLD\GHVLJQRVDFWLYRVGHLQIHFFLyQ


1HXURFLUXJtD
0XWLVPRDFLQpWLFRUHODFLRQDGRFRQKLGURFHIDOLD\FLUXJtDFHUHEHORVDWUDWDGRFRQEURPRFULSWLQD\HIHGULQD5HYLVLyQ¿VLRSDWROyJLFD 

FHGLyDODLQVHUFLyQGHXQDGHULYDFLyQYHQWULFXORSHULWRQHDO FOtQLFR
'93 $SHVDUGHODFRUUHFFLyQGHOWDPDxRYHQWULFXODUFRQ  (QJHQHUDOVHLQLFLDHQHOSRVWRSHUDWRULRLQPHGLDWRR
pVWDQRVHORJUyQLQJXQDUHVSXHVWDFOtQLFDWUDVGtDVGH HQ ORV SULPHURV GtDV FRQ WHQGHQFLD D OD UHFXSHUDFLyQ
DGHFXDGRIXQFLRQDPLHQWRYDOYXODU )LJXUD  SURJUHVLYD DO FDER GH YDULDV VHPDQDV R PHVHV 7DEOD  
 3RVWHULRUPHQWHVHLQLFLyWUDWDPLHQWRFRQ%URPRFULSWLQD DXQTXH FRQ SHUVLVWHQFLD GH VHFXHODV FHUHEHORVDV /D
%& FRQGRVLVLQLFLDOHVGHPJFDGDKRUDVGXSOL UHFXSHUDFLyQHVSRQWiQHDORODUJRGHOWLHPSRHVODQRUPD\
FDQGRODGRVLVFDGDGRVGtDVFXDQGRODGRVLVDOFDQ]yORV HVXQKHFKRTXHGLIHUHQFLDHVWHWLSRGH0$GHRWURV
 PJGtD IXH HYLGHQWH XQD PHMRUtD FOtQLFD FRQ FRQH[LyQ  ([LVWH FRQWURYHUVLD DFHUFD GH FXiO HV HO Q~FOHR UHV
SHULyGLFDFRQHOPHGLRHPLVLyQGHPRQRVtODERV\DSHUWXUD SRQVDEOHGHODDSDULFLyQGHO0$7DQWRHOQ~FOHRGHQWDGR
RFXODUIUHFXHQWHDOVXELUDPJGtDODSDFLHQWHFRQHFWDED FRPR ORV Q~FOHRV SRQWLQRV HO WiODPR YHQWURODWHUDO \ HO
FDVLSHUPDQHQWHPHQWHFRQHOPHGLRFRPHQ]DEDDVRQUHtU FyUWH[PRWRUVHQVLWLYR\PRWRUVXSOHPHQWDULRHVWiQLPSOL
GHFtD IUDVHV FRUWDV PRYLOL]DED ODV FXDWUR H[WUHPLGDGHV FDGRVHQODDFWLYDFLyQPRWRUD\GHOOHQJXDMH/DPD\RUtD
\ FRQWURODED OD VHGHVWDFLyQ 'DGD OD DXVHQFLD GH HIHFWRV GHORVDXWRUHVFRQVLGHUDTXHHO0$VHUtDVHFXQGDULRDXQD
VHFXQGDULRVVHDXPHQWyODGRVLVKDVWDORVPJGtDGHV GLVIXQFLyQ FHUHEHORVD JOREDO FRQ XQD PD\RU OHVLyQ GHO
FULWRV SRU$QGHUVRQ OOHJiQGRVH D LQLFLDU OD DOLPHQWDFLyQ Q~FOHRGHQWDGRRGHODVFRQH[LRQHVGHOQ~FOHRGHQ
\GHDPEXODFLyQFRQD\XGDDVtFRPRODHPLVLyQGHIUDVHV WDGRFRQHVWUXFWXUDVSRQWLQDVWDOiPLFDV\FRUWLFDOHV
FRPSOHMDV 6LQ HPEDUJR WDPELpQ VH KD GHVFULWR HQ OHVLRQHV DLVODGDV
 3DUDGHVFDUWDUHOHIHFWRSODFHERGHODPHGLFDFLyQROD GHOKD]GHQWRWDOiPLFRRGHODVFRQH[LRQHVH[WUDFHUHEHOR
HYROXFLyQ QDWXUDO GH VX UHFXSHUDFLyQ VH SURFHGLy D GLV VDV
PLQXLU ODV GRVLV GH %& GHVHQFDGHQiQGRVH XQ GHWHULRUR  'DGR TXH ORV SULQFLSDOHV QHXURWUDQVPLVRUHV HPSOHD
FOtQLFR VLJQL¿FDWLYR TXH GHVDSDUHFLy DO UHLQLFLDU OD GRVLV GRV HQ ODV SUR\HFFLRQHV GHQWRWDOiPLFDV FRUWLFDOHV VRQ HO
SUHYLD JOXWDPDWR\HODVSDUWDWRSDUHFHUD]RQDEOHSHQVDUTXHHQ
 7UDV DOFDQ]DU ORV  PJ GLDULRV GH %& VH DVRFLy OD 0$SRUOHVLRQHVSXUDPHQWHFHUHEHORVDVRGHVXYtDHIHUHQWH
(IHGULQDHQGRVLVGHPJG(OHVWDGRQHXUROyJLFRFRQ SULQFLSDO ORV DQiORJRV PRQRDPLQpUJLFRV QR VHUtDQ ~WLOHV
HVWDV GRVLV HUD GH SOHQD FRQFLHQFLD EXHQD FRQH[LyQ FRQ 3RU HO FRQWUDULR OD UHVSXHVWD VLJQL¿FDWLYD D EURPRFULS
HOPHGLRFRQWUROGHHVItQWHUHV\GHDPEXODFLyQPiViJLO WLQD HQ ORV FDVRV GH &DQHU \ (FKHYHUUL SRGUtD GHULYDUVH
6LQHPEDUJRODDSDULFLyQGHWDTXLDUULWPLDVJUDYHVREOLJyD GH OD DVRFLDFLyQ GH OD SDWRORJtD FHUHEHORVD D GLODWDFLyQ
UHWLUDUOD(IHGULQDFRQXQGLVFUHWRGHWHULRURSRVWHULRU YHQWULFXODUROHVLyQGHOWURQFRFHUHEUDO
 $ORVPHVHVGHVHJXLPLHQWRODSDFLHQWHSUHFLVDLJXD  (QODSDFLHQWHDTXtSUHVHQWDGDHODQWHFHGHQWHGHFLUX
OHVGRVLVGHPHGLFDFLyQSDUDPDQWHQHUHVWDEOHVXFRQGLFLyQ JtD GH IRVD SRVWHULRU SDUDPHGLDO SRGUtD VHU HO RULJHQ GHO
QHXUROyJLFD 6LQ HPEDUJR VLJXH SUHVHQWDQGR DXQ LPSRU 0$6LQHPEDUJRQRUH~QHODVFDUDFWHUtVWLFDVWtSLFDV$SD
WDQWHVOLPLWDFLRQHVFRJQLWLYDVUHVLGXDOHV UHFHHQHOžGtDGHSRVWRSHUDWRULRSHURHQHOFRQWH[WRGH
XQGHWHULRURJOREDOQHXUROyJLFRQRFHUHEHORVR1RPHMRUD
'LVFXVLyQ HVSRQWiQHDPHQWH \ SUHFLVD GRVLV PX\ DOWDV \ PDQWHQLGDV
GH EURPRFULSWLQD  PJGtD  HQ FRPSDUDFLyQ FRQ HO
 (O PXWLVPR DFLQpWLFR 0$  HV XQD SDWRORJtD PX\ SDFLHQWHGH&DQHU PJG 3RUHOORQRVSODQWHDPRVRWUR
SRFR IUHFXHQWH FDUDFWHUL]DGD SRU XQ WUDVWRUQR IXQGD PHFDQLVPRFDXVDOHQHVWDSDFLHQWHWRPDQGRHQFRQVLGHUD
PHQWDO GHO OHQJXDMH FRQ DXVHQFLD WRWDO GH HPLVLyQ GHO FLyQODVGLODWDFLRQHVYHQWULFXODUHVUHSHWLGDVGHWHFWDGDV
PLVPRDVRFLDGRDXQHVWDGRDE~OLFRGHGLItFLOWUDWDPLHQWR  (O0$KDVLGRGLDJQRVWLFDGRHQSDFLHQWHVFRQHSLVRGLRV
$FWXDOPHQWH VH KD UHODFLRQDGR FRQ GLYHUVDV SDWRORJtDV UHSHWLGRVGHKLGURFHIDOLD 7DEOD \VHFRQVLGHUDVHFXQGD
QHXUROyJLFDVFRPRVRQODSDWRORJtDGHIRVDSRVWHULRU ULRDODOHVLyQGHODVYtDVPRQRDPLQpUJLFDVSDUDYHQWULFX

ODVKLGURFHIDOLDVUHSHWLGDV\ORVWUDV ODUHVHVSHFLDOPHQWHGRSDPLQpUJLFDV\HQPHQRUPHGLGD
WRUQRV LVTXpPLFRVWXPRUDOHV ELODWHUDOHV SHUR QRUDGUHQpUJLFDV'HKHFKRHVWHPHFDQLVPRVHKD
VX¿VLRSDWRORJtD\WUDWDPLHQWRVRQD~QPDWHULDGHGHEDWH UHSURGXFLGRFRQp[LWRHQDQLPDOHVGHH[SHULPHQWDFLyQ\VH
 (O0$DVRFLDGRDOHVLRQHVGHIRVDSRVWHULRUVHKDUHYL KDFRPSUREDGRVXUHVSXHVWDIDYRUDEOHDDJRQLVWDVGRSDPL
VDGRHQGLIHUHQWHVVHULHVGHVWDFDQGRODVGH,OGDQ\FROV\ QpUJLFRV(VWHHVWXGLRVLUYLyGHEDVHSDUDVXLQWURGXFFLyQ
*HODEHUW\FROVGH\SDFLHQWHVUHVSHFWLYDPHQWH HQODFOtQLFDSRU5RVV\6WHZDUW
$XQTXH DSDUHFH FRQ PD\RU IUHFXHQFLD WUDV FLUXJtD GH  $XQTXHHQDOJXQDVRFDVLRQHVHOPXWLVPRSXHGHUHYHU
WXPRUHV GH OtQHD PHGLD WDPELpQ VH KD GHVFULWR WLUVHLQLFLDOPHQWHFRQODUHYLVLyQGHODGHULYDFLyQHQJHQH
HQ RWURV WLSRV GH SDWRORJtD GH IRVD SRVWHULRU QR TXLU~U UDOHVWHWLSRGH0$QRPHMRUDDSHVDUGHODQRUPDOL]DFLyQ
JLFD FRPR FHUHEHOLWLV \ VtQGURPH KHPROtWLFRXUpPLFR GH ORV YRO~PHQHV YHQWULFXODUHV \ Vt UHVSRQGH D PHGLGDV
HQIHUPHGDGHV QHXUROyJLFDV HVWDGR SRVWWUDXPiWLFR R IDUPDFROyJLFDV
WUDVKHPRUUDJLDHQWURQFRFHUHEUDOFRQXQPLVPRSHU¿O  (O HPSOHR GH EURPRFULSWLQD %&  D GRVLV DOWDV KD


0XWLVPRDFLQpWLFRUHODFLRQDGRFRQKLGURFHIDOLD\FLUXJtDFHUHEHORVDWUDWDGRFRQEURPRFULSWLQD\HIHGULQD5UHYLVLyQ¿VLRSDWROyJLFD

5HYLVLyQGHVHULHVSXEOLFDGDVGHPXWLVPRHQSDFLHQWHVFRQSDWRORJtDGHIRVDSRVWHULRU %&EURPRFULSWLQD
7DEODO
1HXURFLUXJtD
0XWLVPRDFLQpWLFRUHODFLRQDGRFRQKLGURFHIDOLD\FLUXJtDFHUHEHORVDWUDWDGRFRQEURPRFULSWLQD\HIHGULQD5HYLVLyQ¿VLRSDWROyJLFD  

7DEOD
5HYLVLyQGHVHULHVSXEOLFDGDVGHPXWLVPRDFLQpWLFRUHODFLRQDGRFRQKLGURFHIDOLD
363SDUiOLVLVVXSUDQXFOHDUSURJUHVLYD%&EURPRFULSWLQD 

7DEOD
5HYLVLyQGHVHULHVSXEOLFDGDVGHPXWLVPRSRURWUDVFDXVDV
H[FOX\HQGRKLGURFHIDOLDVUHSHWLGDVRSDWRORJtDFHUHEHORVD


1HXURFLUXJtD
0DWHR6LHUUD\FRO  

GHPRVWUDGRVXH¿FDFLDFRQUHVROXFLyQGHO0$HQORVHVFD PXWLVP LQ FKLOGUHQ DQG DGXOWV DOWHU SRVWHULRU IRVVD VXUJHU\
VRV FDVRV SXEOLFDGRV 2WURV PHGLFDPHQWRV TXH KDQ UHSRUW RI WZR DGXOW FDVHV DQG UHYLHZ RI WKH OLWHUDWXUH$FWD
UHVXOWDGR ~WLOHV HQ HVWD SDWRORJtD VRQ OD GRSDPLQD R OD 1HXURFKLU :LHQ 
FRPELQDFLyQGH%&FRQHIHGULQDFRQPHWRSURORO\FRQ   .DZDL + 2KWD ) 0DWVXPRWR < <DPDPRWR <
/GRSD\WULKH[LIHQLGLOR6LQHPEDUJRODSRVLELOLGDGGH $QDGXOWFDVHRIFHUHEHOODUPXWLVPDOWHUUHQRYDORIFHUHEHOODU
HIHFWRV VHFXQGDULRV GHULYDGRV GHO XVR GH DOJXQR GH HVWRV KHPDWRPD1RWR6KLQNHL
IiUPDFRVOLPLWDVXXWLOLGDG  .RK67XUNHO6%%DUDP7=&HUHEHOODUPXWLVP
 (O0$HQQXHVWURFDVRSDUHFHUHODFLRQDUVHPiVHVWUH LQ FKLOGUHQ UHSRUW RI VL[ FDVHV DQG UHYLHZ RI WKH OLWHUDWXUH
FKDPHQWH FRQ OD SDWRORJtD GHULYDGD GH OD YHQWULFXOLWLV H 3HGLDWU1HXURO
KLGURFHIDOLDVUHSHWLGDVTXHFRQODFLUXJtDGHIRVDSRVWHULRU  /LQ./:DQJ+6&KRX0/5XL715ROHRI
/D UHVSXHVWD FOtQLFD REWHQLGD FRQ GRVLV SURJUHVLYDPHQWH FDYXPVHSWXPSHOOXFLGXPLQDNLQHWLFPXWLVPRIK\GURFHSKD
PD\RUHVGH%&DYDODQHVWDWHRUtD/DGHSHQGHQFLDHQFDQWL OLFFKLOGUHQ3HGLDWU1HXURO
GDG\DORODUJRGHOWLHPSRGHGLFKDVGRVLVFRPRHQHOFDVR  0HZDVLQJK/'.DGKLP+&KULVWRSKH&&KLV
SXEOLFDGRSRU$QGHUVRQKDFHPiVSUREDEOHHVWDKLSyWHVLV WLDHQV )- 'DP % 1RQVXUJLFDO FHUHEHOODU PXWLVP DQDU
¿VLRSDWROyJLFD WKULD LQWZRFKLOGUHQ3HGLDWU1HXURO
 0RVHU$)UH\EHUJHU+-%UXFNPDQQ+ .RPSI
%LEOLRJUDItD '$NLQHWLFPXWLVPLQGHFRPSHQVDWHGWULYHQWULFXODUK\GURFH
SKDOXV)RUWVFKU1HXURO3V\FKLDWU
 $LGL 6 (ODODRXL)DULV % %HQRPDU$ &KDRXL 0  1HPHWK*+HJHGXV.0ROQDU/$NLQHWLFPXWLVP
&KNLOL 7 $NLQHWLF PXWLVP DQG SURJUHVVLYH VXSUDQXFOHDU DVVRFLDWHG ZLWK ELFLQJXODU OHVLRQV FOLQLFRSDWKRORJLFDO DQG
SDOV\OLNHV\QGURPHDIWHUWKHVKXQWRIDQREVWUXFWLYHK\GURFH IXQFWLRQDO DQDWRPLFDO FRUUHODWHV (XU $UFK 3V\FKLDWU\
SKDOXV6XFFHVVIXOWUHDWPHQWZLWKEURPRFULSWLQHFDVHV5HY 1HXURO6FL
1HXURO 3DULV   2EHUQGRIHU68UEDQLWV6/DKUPDQQ+.LUVFKQHU
 $OH[DQGHU03&KURQLFDNLQHWLFPXWLVPDIWHUPHVHQ + .XPSDQ : *ULVROG :$NLQHWLF PXWLVP FDXVHG E\ D
FHSKDOLFGLHQFHSKDOLF LQIDUFWLRQ UHPHGLDWHG ZLWK GRSDPL ELODWHUDOLQ¿OWUDWLRQRIWKHIRUQL[LQDSDWLHQWZLWKDVWURF\WRPD
QHUJLF PHGLDFWLRQV 1HXURUHKDELO 1HXUDO 5HSDLU   (XU-1HXURO
   3VDUURV 7 =RXURV $ &RLPEUD & %URPRFULS
 $QGHUVRQ%5HOLHIRIDNLQHWLFPXWLVPIURPREVWUXF WLQHUHVSRQVLYH DNLQHWLF PXWLVP IROORZLQJ HQGRVFRS\ IRU
WLYH K\GURFHSKDOXV XVLQJ EURPRFULSWLQH DQG HSKHGULQH - YHQWULFXODUQHXURF\VWLFHUFRVLV&DVHUHSRUWDQGUHYLHZRIWKH
1HXURVXUJ OLWHUDWXUH-1HXURVXUJ
 %HUJHU/*DXWKLHU6/HEODQF5$NLQHWLFPXWLVP   5RVV (' 6WHZDUW 50 $NLQHWLF PXWLVP IURP
DQGSDUNLQVRQLVPDVVRFLDWHGZLWKREVWUXFWLYHK\GURFHSKDOXV K\SRWKDODPLF GDPDJH VXFFHVVIXO WUHDWPHQW ZLWK GRSDPLQH
&DQ-1HXURO6FL DJRQLVWV1HXURORJ\
 &DQHU+$OWLQRUV1%HQOL6&DOLVDQHOOHU7$OED   5XELQ '/ 6R (/ 5HYHUVLEOH DNLQHWLF PXWLVP
\UDN$$NLQHWLFPXWLVPDIWHUIRXUWKYHQWULFOHFKRURLGSOH[XV SRVVLEO\ LQGXFHG E\ EDFORIHQ 3KDUPDFRWKHUDS\  
SDSLOORPDWUHDWPHQWZLWKDGRSDPLQHDJRQLVW6XUJ1HXURO 
  6KLQRGD07VXJX$2GD6HWDO'HYHORSPHQWRI
  'DLOH\ $7 0F.KDQQ *0QG %HUJHU 06 7KH DNLQHWLFPXWLVPDQGK\SHUSKDJLDDOWHUOHIWWKDODPLFDQGULJKW
SDWKRSK\VLRORJ\RIRUDOSKDU\QJHDODSUD[LDDQGPXWLVPIROOR K\SRWKDODPLFOHVLRQV&KLOGV1HUY6\VW
ZLQJSRVWHULRUIRVVDWXPRUUHVHFWLRQLQFKLOGUHQ-1HXURVXUJ   6LIIHUW - 3RXVVDLQW 7< *RXPQHURYD /& HW DO
 1HXURORJLFDOG\VIXQFWLRQDVVRFLDWHGZLWKSRVWRSHUDWLYHFHUH
  (FKLYHUUL +& 7DWXP :2 0HUHQV 7$ &RNHU EHOODUPXWLVP-1HXURRQFRO
6% $NLQHWLF PXWLVP SKDUPDFRORJLF SUREH RI WKH GRSD   6WHLQERN 3 &RFKUDQH '' 3HUULQ 5 3ULFH $
PLQHUJLF PHVHQFHSKDORIURQWDO DFWLYDWLQJ V\VWHP 3HGLDWU 0XWLVP DIWHU SRVWHULRU IRVVD WXPRXU UHVHFWLRQ LQ FKLOGUHQ
1HXURO LQFRPSOHWHUHFRYHU\RQORQJWHUPIROORZXS3HGLDWU1HXUR
  *HODEHUW*RQ]DOH] 0 )HUQDQGH]9LOOD - 0XWLVP VXUJ
DIWHU SRVWHULRU IRVVD VXUJHU\ 5HYLHZ RI WKH OLWHUDWXUH &OLQ  6WHZDUW-7/HDGRQ0*RQ]iOH]5RWKL/-7UHDW
1HXURO1HXURVXUJ PHQWRIDFDVHRIDNLQHWLFPXWLVPZLWKEURPRFULSWLQH-1HX
 +DLQHV'(0LEDLORII*$%ORHGHO-5&HUHEHOR URSV\FKLDWU\&OLQ1HXURVFL
(Q '(+DLQHV HG  3ULQFLSLRV GH 1HXURFLHQFLD 0DGULG  8UH-)DFFLR(9LGHOD+HWDO$NLQHWLFPXWLVPD
(OVHYLHU6FLHQFH UHSRUWRIWKUHHFDVHV$FWD1HXURO6HDQG
 ,OGDQ)7XQD0(UPDQ7*RFHU$,=HUHQ0   9DQ 'RQJHQ +5 &DWVPDQ%HUUHYRHWV &( YDQ
&HWLQDOS ( 7KH HYDOXDWLRQ DQG FRPSDULVRQ RI FHUHEHOODU 0RXULN 07KH V\QGURPH RI FHUHEHOODU PXWLVP DQG VXEVH


1HXURFLUXJtD
0XWLVPRDFLQpWLFRUHODFLRQDGRFRQKLGURFHIDOLD\FLUXJtDFHUHEHORVDWUDWDGRFRQEURPRFULSWLQD\HIHGULQD5HYLVLyQ¿VLRSDWROyJLFD  

TXHQWG\VDUWKULD1HXURORJ\ 0DWHR6LHUUD 2 *XWLpUUH] )$ )HUQiQGH]&DUED


 :DQJ0&:LQVWRQ.5%UHH]H5(&HUHEHOODU OODO  & 3LQLOOD ' 0RVTXHLUD % ,]D % &DUULOOR )
PXWLVPDVVRFLDWHGZLWKDPLGEUDLQFDYHUQRXVPDOIRUPDWLRQ 0XWLVPR DFLQpWLFR UHODFLRQDGR FRQ KLGURFHIDOLD \ FLUXJtD
&DVHUHSRUWDQGUHYLHZRIWKHOLWHUDWXUH-1HXURVXUJ FHUHEHORVDWUDWDGRFRQEURPRFULSWLQD\HIHGULQD5HYLVLyQ
 ¿VLRSDWROyJLFD1HXURFLUXJtD
 :DWDKLNL<1DULWD6.XUDKDVL.7DQDND70DW
VXQDJD 0$NLQHWLF PXWLVP IURP UHFXUUHQW K\GURFHSKDOXV &RUUHVSRQGHQFLD SRVWDO 2OJD 0DWHR6LHUUD 6HUYLFLR GH
VXFFHVVIXOWUHDWPHQWZLWKOHYRGRSDEURPRFULSWLQHDQGWULKH 1HXURFLUXJtD +RVSLWDO *HQHUDO 8QLYHUVLWDULR *UHJRULR 0DUD
\SKHQLGG\O1R7R6KLQNHL xyQ&'U(VTXHUGR0DGULG

&RPHQWDULR DO WUDEDMR 0XWLVPR DFLQpWLFR UHODFLRQDGR


FRQKLGURFHIDOLD\FLUXJtDFHUHEHORVDWUDWDGRFRQEURPR
FULSWLQD \ HIHGULQD 5HYLVLyQ ¿VLRSDWROyJLFD GH 0DWHR
6LHUUD\FROV

 0DWHR\FROVSUHVHQWDQHOFDVRGHXQDSDFLHQWHDGXOWD ORVSDFLHQWHVUHVSRQGHQIDYRUDEOHPHQWHDOWUDWDPLHQWRFRQ
VRPHWLGD D LQWHUYHQFLyQ TXLU~UJLFD VREUH HO KHPLVIHULR EURPRFULSWLQDGRSDPLQDHIHGULQDHWF
FHUHEHORVRL]TXLHUGRSRUXQFDYHUQRPDTXHDOVHJXQGRGtD  (O FDVR TXH SUHVHQWDQ ORV DXWRUHV HV GLItFLOPHQWH
GHSRVWRSHUDWRULRLQLFLDVLQWRPDWRORJtDGHPHQLQJLWLVYHQ HQFXDGUDEOH HQ XQD GH ODV GRV HQWLGDG SXHVWR TXH HO
WULFXOLWLVFRQGHSUHVLyQGHOQLYHOGHFRQVFLHQFLDKDVWD*&6 FXDGUR FOtQLFR DSDUHFH D ODV  KRUDV GH OD LQWHUYHQFLyQ
 /DV 7& FUDQHDOHV HYROXWLYDV PRVWUDURQ GLODWDFLyQ TXLU~UJLFD GH XQD OHVLyQ FHUHEHORVD L]TXLHUGD HQ HO FRQ
YHQWULFXODU (O FXDGUR FOtQLFR VH UHVROYLy WUDV WUDWDPLHQWR WH[WRGHXQSURFHVRLQIHFFLRVR PHQLQJLWLV\YHQWULFXOLWLV 
DQWLELyWLFR H LQVHUFLyQ GH GUHQDMHV YHQWULFXODUHV VLQ \DQWHVGHSRGHUVHHYLGHQFLDUODSUHVHQFLDGHGLODWDFLRQHV
HPEDUJRODSDFLHQWHSHUPDQHFLyHQVLWXDFLyQGHPXWLVPR YHQWULFXODUHV HQ OD 7& (V SUREDEOH SRU HOOR TXH HO GUD
DFLQpWLFRTXHUHVSRQGLyDOWUDWDPLHQWRFRQEURPRFULSWLQD\ PiWLFR GHWHULRUR GHO QLYHO GH FRQVFLHQFLD GH OD SDFLHQWH
HIHGULQD VHD LQLFLDOPHQWH DWULEXLEOH DO SURFHVR VpSWLFR 6LQ
 /RVDXWRUHVUHDOL]DQXQDUHYLVLyQGHODOLWHUDWXUDH[SR HPEDUJR XQD YH] UHVXHOWD OD LQIHFFLyQ OD SDFLHQWH SHU
QLHQGR ODV SULQFLSDOHV VLWXDFLRQHV UHODFLRQDGDV FRQ OD PDQHFH HQ VLWXDFLyQ GH PXWLVPR DFLQpWLFR TXH UHVSRQGH
SUHVHQWDFLyQ GH HVWH FXDGUR FOtQLFR 5HVXOWD GH HVSHFLDO PX\ IDYRUDEOHPHQWH D GRVLV FUHFLHQWHV GH EURPRFULSWLQD
LQWHUpV OD GLIHUHQFLDFLyQ HQWUH GRV HQWLGDGHV GH SUHVHQ OR TXH DSXQWDUtD KDFLD XQ PXWLVPR SRU DIHFWDFLyQ GH ODV
WDFLyQ FOtQLFD VLPLODU SHUR FRQ EDVH ¿VLRSDWROyJLFD \ YtDV PRQRDPLQpUJLFDV SDUDYHQWULFXODUHV FRPR KLSyWHVLV
SRU HOOR WHUDSpXWLFD SUREDEOHPHQWH GLVWLQWDV (Q SULPHU ¿VLRSDWROyJLFDPiVSUREDEOH
OXJDU HO OODPDGR PXWLVPR FHUHEHORVR TXH DFRQWHFH WUDV
FLUXJtD GH OHVLRQHV GH IRVD SRVWHULRU IXQGDPHQWDOPHQWH %LEOLRJUDItD
YHUPLDQDVRSDUDYHUPLDQDVGHWDPDxRFRQVLGHUDEOH\PiV
IUHFXHQWHPHQWH GHVFULWR HQ SDFLHQWHV HQ HGDG SHGLiWULFD  $EHNXUD0$NLQHWLFPXWLVPDQGPDJQHWLFUHVRQDQFH
TXL]iV SRU OD DOWD SUHYDOHQFLD GH OHVLRQHV WXPRUDOHV GH LPDJLQJLQREVWUXFWLYHK\GURFHSKDOXV&DVHLOOXVWUDWLRQ1HX
HVWD ORFDOL]DFLyQ (Q HVWRV FDVRV OD FDXVD SDUHFH VHU OD URVXUJHU\
OHVLyQGHODVDIHUHQFLDV\HIHUHQFLDVGHOQ~FOHRGHQWDGRDVt   5LYD ' *LRUJL & 7KH FHUHEHOOXP FRQWULEXWHV WR
FRPRIHQyPHQRVGHGLDVTXLVLV DOWHUDFLyQFUX]DGDGHOÀXMR KLJKHUIXQFWLRQVGXULQJGHYHORSPHQW%UDLQ
VDQJXtQHR  /D PD\RUtD GH HVWRV FXDGURV PHMRUDQ HVSRQ 
WiQHDPHQWH HQ VHPDQDV DXQTXH FRQ SHUVLVWHQFLD GH XQD  6DJLXFKL7OVKLL.$XNL<HWDO%LODWHUDOFURVVHG
GLVDUWULDJUDYHHQODPD\RUtDGHORVSDFLHQWHV(QVHJXQGR FHUHEHOORFHUHEUDO GLDVFKLVLV DQG PXWLVP DIWHU VXUJHU\ IRU
OXJDU HO PXWLVPR DFLQpWLFR UHODFLRQDGR FRQ GLODWDFLRQHV FHUHEHOODU PHGXOOREODVWRPD$QQ 1XFO 0HG   
YHQWULFXODUHVGHUHSHWLFLyQHQFDVRVGHKLGURFHIDOLDVFRP 
SOHMDVTXHKDVLGRDWULEXLGRDOHVLyQPHVHQFHIiOLFD\GHODV 0%UHOO
YtDV PRQRDPLQpUJLFDV SDUDYHQWULFXODUHV (Q HVWRV FDVRV %DUFHORQD



You might also like