Professional Documents
Culture Documents
2011 Sobretensiones PDF
2011 Sobretensiones PDF
(/e&75,&2(1/$668%(67$&,21(6
, 1752'8&&,Ï1
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7,326'('(6&$5*$6$7026)e5,&$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(OIHQyPHQRGHODGHVFDUJDHVXQSURFHVRGHGRVSDVRV
(Q HO SULPHU SDVR HO DLUH TXH FLUFXQGD OD QXEH HV
LRQL]DGR \ SHTXHxDV GHVFDUJDV UHIHULGDV FRPR OtGHUHV
GLVWULEX\HQ R OOHYDQ OD FDUJD DO DLUH (VWDV GHVFDUJDV
OtGHU WLHQHQ EDMRV YDORUHV GH FRUULHQWH UHODWLYDPHQWH \
VH SURSDJDQ DO D]DU \ WLHQHQ XQD ORQJLWXG GH D
PHWUR (YHQWXDOPHQWH FRQVWLWX\HQ XQ FDQDO GH GHVFDUJD TXH
VH SXHGH DFHUFDU OR VXILFLHQWH D XQ REMHWR HQ WLHUUD \ OD
GHVFDUJDVHGLULJHDHVWHREMHWR
(O VHJXQGR SDVR HQ HO IHQyPHQR GH OD GHVFDUJD HV OD
GHVFDUJD GH UHWRUQR TXH HV HO UHOiPSDJR TXH YH XQ
REVHUYDGRU SURSDJDUVH GHO REMHWR HQ OD WLHUUD GH UHJUHVR
KDFLD OD QXEH HVWD GHVFDUJD GH UHWRUQR FRQVWLWX\H HO
P~VFXOR UHDO GH OD GHVFDUJD 7LHQH XQD FRUULHQWH TXH YD
GH KDVWD XQRV .$ FRQ XQD GLVWULEXFLyQ
SUREDELOtVWLFD GH PRGR TXH SXHGH WHQHU HQ SURPHGLR XQ
YDORU GH DOUHGHGRU GH N$ 7RGDV ODV GHVFDUJDV
DWPRVIpULFDV VRQ GLVWLQWDV XQDV GH RWUDV VX PDJQLWXG \
IRUPD GH RQGD YDUtD VLQ HPEDUJR ODV LQYHVWLJDFLRQHV TXH
VH KDQ KHFKR LQGLFDQ TXH HV SRVLEOH DSUR[LPDU OD IRUPD
GH RQGD GH OD FRUULHQWH GHO UD\R D XQD GH [
PLFURVHJXQGRV UHODFLyQ WLHPSR GH IUHQWH D WLHPSR GH
FROD HVWD RQGD VH FRQRFH FRPR ³RQGD QRUPDOL]DGD´ \ HV
OD TXH VH XVD SDUD ODV OODPDGDV SUXHEDV GH LPSXOVR SRU
UD\R D ORV HTXLSRV HOpFWULFRV 3RU OR WDQWR D~Q FXDQGR
FDGD UD\R HV GLVWLQWR VH OHV LGHQWLILFD SRU XQD RQGD GH
[ PLFURVHJXQGRV \ VX PDJQLWXG VH SXHGH SURQRVWLFDU
HVWDGtVWLFDPHQWH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'RQGH
1 1~PHURGHGHVFDUJDVDWLHUUDSRU.P SRUDxR
7 1LYHOLVRFHUiXQLFRSURPHGLRDQXDO
'RQGH
Z /RQJLWXGGHOWHUUHQRGHODVXEHVWDFLyQ
/ $QFKRGHOWHUUHQRGHODVXEHVWDFLyQ
5$ K
K $OWXUD GH ORV FDEOHV GH JXDUGD FXDQGR KD\ R
GHODVXEHVWDFLyQ
, ;
9V = V R
'RQGH
,V &RUULHQWHGHOUD\RHQDPSHUHV
9V 2QGDGHYROWDMHHQYROWV
=V ,PSHGDQFLDFDUDFWHUtVWLFDGHODOtQHDHQRKPV
KF
=R = lQ RKPV
UF
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'RQGH
+F DOWXUDGHORVFRQGXFWRUHVGHIDVHHQP
5F UDGLRH[WHUQRGHORVFRQGXFWRUHVGHIDVHHQP
7 $% /$
5 (/ $& ,Ï 1 (1 75 ( (/ 1 ,9 (/ , 62 &( 5È 81 ,& 2 'Ë $6 3 52 0( ', 2 &2 1 72 50 (1 7$ $ 18 $/ < /$
'( 16 ,' $' ' ( 5$ <2 6 $ 7, (5 5$ 12 '( 5 $< 26 . P
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
$ /*81$6'(),1,&,21(6<&21&(3726
86$'26(1(/(678',2'(
' (),1,&,21(6
$LVODPLHQWR H[WHUQR &RPSUHQGH ODV VXSHUILFLHV DLVODQWHV
H[WHUQDV GH ORV DSDUDWRV HO DLUH DPELHQWH TXH OR URGHD \
ODV GLVWDQFLDV HQ DLUH /D ULJLGH] GLHOpFWULFD GHO
DLVODPLHQWR H[WHUQR GHSHQGH GH ODV FRQGLFLRQHV
DWPRVIpULFDV WDOHV FRPR OD FRQWDPLQDFLyQ OD KXPHGDG
HWFpWHUD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
9DORUHVHILFDFHVDODIUHFXHQFLDGHOVLVWHPD
1RWDV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
; R ≤ ;
5R ≤ ;
))7≤
9P
9 P
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(O YDORU FUHVWD GH OD WHQVLyQ Pi[LPD GH GLVHxR GHO HTXLSR
HV GHFLU HO YDORU PHQRU HQ SRU XQLGDG GH XQD
VREUHWHQVLyQ GH IDVH D IDVH HVWDUi HQWRQFHV H[SUHVDGD HQ
XQYDORUSRUXQLGDGFRPR[
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
1RWD /DRQGDQRUPDOL]DGDHVGHµVHJ
1RWD /DRQGDQRUPDOL]DGDHVGHµVHJ
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
1RWDV
D'HSHQGLHQGRGHODFODVHGHDLVODPLHQWR\FXPSOLHQGR
FRQ OR HVSHFLILFDGR HQ ODV QRUPDV GH ORV DSDUDWRV
ODVSUXHEDVGLHOpFWULFDVVHUHDOL]DQSDUDYHULILFDU
TXH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
1LYHOGHDLVODPLHQWRQRPLQDO
E3DUD HTXLSRV FRQ WHQVLyQ Pi[LPD GH GLVHxR PHQRU GH
N9 HV OD WHQVLyQ GH LPSXOVR QRPLQDO SRU UD\R \ OD
WHQVLyQ UHVLVWHQWH GH FRUWD GXUDFLyQ D OD IUHFXHQFLD
GHOVLVWHPD
(/ ',0(16,21$0,(172</$3527(&&,Ï1'(/
$,6/$0,(172(1/$668%(67$&,21(6
&RPR VH KD PHQFLRQDGR DQWHV HO HTXLSR HOpFWULFR GH ODV
VXEHVWDFLRQHV HOpFWULFDV HVWi VXMHWR D FRQGLFLRQHV
DQRUPDOHV FRPR UHVXOWDGR GH ODV GHVFDUJDV DWPRVIpULFDV
GLUHFWDV ODV RQGDV GH VREUHWHQVLyQ TXH YLDMDQ D WUDYpV
GH ORV FRQGXFWRUHV \ ODV IDOODV HQ HO VLVWHPD HVWDV
FRQGLFLRQHV DQRUPDOHV SURGXFHQ VREUHWHQVLRQHV TXH SXHGHQ
GDU FRPR UHVXOWDGR IODPHRV HQ HO HTXLSR R IDOODV GH
DLVODPLHQWRV 3DUD SUHYHQLU GDxRV HQ HO HTXLSR \R
VDOLGDV GH VHUYLFLR GHELGDV D ODV VREUHWHQVLRQHV VH
GHEHQ GLPHQVLRQDU FRUUHFWDPHQWH ODV VXEHVWDFLRQHV GHVGH
HO SXQWR GH YLVWD HOpFWULFR SURWHJHU FRQWUD ODV
GHVFDUJDV GLUHFWDV \ XVDU GLVSRVLWLYRV GH SURWHFFLyQ SDUD
OLPLWDU ODV VREUHWHQVLRQHV D YDORUHV UD]RQDEOHV /D
DSOLFDFLyQ GH HVWRV GLVSRVLWLYRV HV XVXDOPHQWH XQ
FRPSURPLVR HQWUH ORV FRVWRV GH ORV PLVPRV \ HO JUDGR GH
SURWHFFLyQGHVHDGD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3URWHFFLyQFRQWUDGHVFDUJDVGLUHFWDV
D%OLQGDMHV
'DGR TXH HO HIHFWR GH ODV GHVFDUJDV GLUHFWDV SRU UD\R D
XQD VXEHVWDFLyQ QR EOLQGDGD SXHGH VHU GHYDVWDGRU VH
UHFRPLHQGD DOJXQD IRUPD GH SURWHFFLyQ FRQWUD GHVFDUJDV
GLUHFWDV TXH QRUPDOPHQWH FRQVLVWH GH XQ EOLQGDMH DO
HTXLSR GH OD VXEHVWDFLyQ SRU PHGLR GH ED\RQHWDV FDEOHV
GH JXDUGD \ PiVWLOHV R ELHQ DOJXQD FRPELQDFLyQ GH
pVWRV (O WLSR \ DUUHJOR GH ORV GLVSRVLWLYRV GH
SURWHFFLyQ XVDGRV HVWiQ EDVDGRV HQ HO WDPDxR \
FRQILJXUDFLyQGHOHTXLSRGHODVXEHVWDFLyQ
% $6(63$5$(/',0(16,21$0,(172(/e&75,&2
'( 68%(67$&,21(6$,6/$'$6(1$,5(
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'LVWDQFLDVHQWUHIDVHV(QWUHSDUWHVYLYDVGHIDVHV
GLIHUHQWHV
'LVWDQFLDV D WLHUUD (QWUH SDUWHV YLYDV
HQHUJL]DGDV \ HVWUXFWXUDV D WLHUUD PXURV UHMDV
\ WLHUUD
'LVWDQFLDV GH DLVODPLHQWR (QWUH ODV WHUPLQDOHV GH
XQ DLVODGRU R WDPELpQ HQWUH FRQH[LRQHV D ODV
WHUPLQDOHVGHXQLQWHUUXSWRU
'LVWDQFLDV HQWUH VHFFLRQHV (QWUH SDUWHV YLYDV \
ORVOtPLWHVGHODV]RQDVGHPDQWHQLPLHQWR]RQDVGH
WUDEDMR/RVOtPLWHVGHODV]RQDVGHPDQWHQLPLHQWR
SXHGHQ VHU WLHUUD R XQD SODWDIRUPD VREUH OD FXDO
WUDEDMHQ ORV RSHUDULRV 6L VH FRQVLGHUD TXH HQ XQD
VXEHVWDFLyQ HOpFWULFD ORV KRPEUHV GHEHQ FDPLQDU
OLEUHPHQWHEDMRODV]RQDVFRQHTXLSRHQHUJL]DGRHV
QHFHVDULRGDUXQDGLVWDQFLDDGHFXDGDHQWUHHOSXQWR
PiV EDMR VREUH FDGD DLVODGRU GRQGH VH FRQHFWDQ D
WLHUUD ODV SDUWHV PHWiOLFDV \ WLHUUD SDUD
DVHJXUDUTXHXQDSHUVRQDQRVXIULUiORVHIHFWRVGHO
FDPSR HOpFWULFR (VWD GLVWDQFLD HVWi EDVDGD HQ ODV
GHQRPLQDGDV GLVWDQFLDV GH VHJXULGDG TXH PiV
DGHODQWHVHHVWXGLDUiQ
( 6)8(5=2648($)(&7$1(/$,6/$0,(172
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
D $LVODPLHQWRGHIDVHDWLHUUD
E$LVODPLHQWRGHIDVHDIDVH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
& 21&(3726%È6,&263$5$(/',6(f2'(/$,6/$0,(172(1$,5(
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
H[SUHVDGR HQ WpUPLQRV GH YDORUHV GH FUHVWD GH XQ YDORU
HVWiQGDUGHLPSXOVRSRUPDQLREUD
& È/&8/2'(/$6',67$1&,$6',(/e&75,&$6(1$,5(
/DV GLVWDQFLDV HQ DLUH GH IDVH D WLHUUD \ GH IDVH D IDVH
GHEHQ JDUDQWL]DU HVWDGtVWLFDPHQWH XQD SUREDELOLGDG GH
IODPHR WDO TXH UHVXOWH WDQ EDMD GHVGH HO SXQWR GH YLVWD
GH ORV FULWHULRV GH GLVHxR DGRSWDGRV (VWR FRQGXFH DO
HVWDEOHFLPLHQWR GH GLVWDQFLDV PtQLPDV GH QR IODPHR HQWUH
IDVH \ WLHUUD R HQWUH IDVHV TXH VH GHWHUPLQD
SULQFLSDOPHQWH SDUD ORV LPSXOVRV SRU UD\R \ SRU PDQLREUD
VHJ~QORVQLYHOHVGHDLVODPLHQWR
3RULPSXOVRGHUD\R
'RQGH
6H UHFRPLHQGD SDUD HO FDVR GH LPSXOVR SRU UD\R XVDU
XQYDORUGHσ
3RULPSXOVRGHPDQLREUD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
1%6 9&6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'RQGH
G 'LVWDQFLDHQWUHHOHFWURGRVH[SUHVDGDHQP
. )DFWRUGHHOHFWURGRVIDFWRUGH*DS
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
0
0
G
G
6 $
7 $
$ 0 7
1
& 8
1
,
\
3 G 8
5
3
7
& $ 0
2
7 5
e '
/ 2 1 2
( 5 2 8 7
7 3 &
&
6 (
P
8
2
( / '
P (
1 1
P
2
, S 2
I &
&
$
7
6
( S
% I
8 0
6
(
[
'
0
2
7
1
(
, 0
0
$ [
1 0
0
2 $
, 5 (
6 8 %
1 7 $
0
( & 5
8 7
0
,
5 [
'
0
2 7 0 2 0 5
6 2
/ P P
(
7
(
P
P
&
1
$ 8
( 0
7 '
1 1
6 8
0 2
2 3
0
&
' 0
$
6
8
6
2
'
2
5
7
&
(
/
(
(
'
6
2
( 2
P
1 1
2 0 2 P $
, 0
1 /
&
$ 3
$ / G
5 3
5
8 2
* $ 7
, 7
&
) 1 8
1 8 '
2 3
1
& 2 2
P &
P
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7$%/$
(/ )$&725'((/(&752'26. 6(*Ò168&21),*85$&,Ï1
)$&725. &21),*85$&,21(6
3DUDFRQGXFWRU±HVWUXFWXUD
& RQGXFWRUGHIDVHH[WHULRUHQ
OtQHDVGHWUDQVPLVLyQ±HVWUXFWXUD
& RQGXFWRU±HVWUXFWXUDHQOtQHDVGH
WUDQVPLVLyQFRQFDGHQDGH
DLVODGRUHVHQ³9´
& RQGXFWRU±REMHWRDWLHUUD
YHKtFXORVWDEOHURVHWF
& RQGXFWRU±FRQGXFWRU
$ QLOOR±HTXLSRWHQFLDO
& RQGXFWRU±YHQWDQDHQOtQHDVGH
WUDQVPLVLyQ
3DUDFRQILJXUDFLyQSXQWDSODQR
'LVWDQFLDGHIDVHDWLHUUDP
9&)
G=
.
. )DFWRUGH*DS
G 'LVWDQFLDGHIDVHDWLHUUDP
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7DPELpQVHSXHGHXVDUHQIRUPDDOWHUQDODHFXDFLyQ
.
9&6=
+
G
7$%/$
)$&725(6'(*$3. 5(&20(1'$'26
3$5$',)(5(17(6&21),*85$&,21(6'((/(&752'26
)$&725. &21),*85$&,Ï1
. 9DULOODYDULOOD
& RQGXFWRUGHIDVHH[WHULRUD
. WRUUHV
& RQGXFWRUGHIDVHLQWHULRUDWRUUH
. YHQWDQD
. ) DVH±IDVH
. 3XQWD±SODQR
9&)= G
'RQGH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
6LHQGR
««
G II = 9&6
««
G I I = 9&6
9&6H[SUHVDGDHQ09
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
9Q = δ 9&)
'RQGH
E
+ W
δ=
'RQGH
ER = EW − EW W
'RQGH
E SUHVLyQEDURPpWULFDHQPPGHPHUFXULRD&
W SUHVLyQEDURPpWULFDDODWHPSHUDWXUDWHQ&
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'HVSHMDQGR
.K
9&)
HVWiQGDU = 9&)QR HVWiQGDU [N9]
δ
δQ
9&)QR HVWiQGDU = 9&)HVWiQGDU
.K
6LHQGR
.K )DFWRUGHFRUUHFFLyQSRUKXPHGDG
δ )DFWRUGHFRUUHFFLyQSRUSUHVLyQEDURPpWULFD
1 ([SRQHQWH TXH GHSHQGH GH OD FRQILJXUDFLyQ GH ORV
HOHFWURGRV
WHQLHQGRXQYDORUPi[LPRGH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(QFRQGLFLRQHVHVWiQGDU
.K = JPP
6HREWLHQHGHODH[SUHVLyQ
E
+ W
δ=
'RQGH
E SUHVLyQEDURPpWULFDHQPPGHPHUFXULR
W WHPSHUDWXUDHQ&
(QFRQGLFLRQHVHVWiQGDU
E PPGHPHUFXULRDPVQP
W &
7 $% /$
) $& 72 5( 6 '( & 25 5( && ,Ï 1 32 5 35 (6 ,Ï 1 %$ 52 0e 75 ,&$
3$ 5$ ' ,) (5 (1 7( 6 $/ 7, 78 '( 6 &2 1 5( 63 (& 72 $ 0 6 1 0
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
.
9&)GLVHxR = K 9&)HVWiQGDU
δQ
.
9&6GLVHxR = K 9&6HVWiQGDU
δQ
7 $% /$
' ,6 7$ 1& ,$ 6 0Ë 1, 0$ 6 '( ) $6 ( $ 7, (5 5$ < ' ( )$ 6( $ )$ 6( ( 1 $, 5(
+ $67$ 0 6 1 0 < (1&21',&,21(6(67È1'$5
3DUDFRQILJXUDFLyQFRQGXFWRUHVWUXFWXUD
3DUDFRQILJXUDFLyQDVLPpWULFD
3UHVLyQEDURPpWULFDGHPPGH+J\WHPSHUDWXUDGH&
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
35(6,Ï1%$520e75,&$
>P@
)$&725'(&255(&&,Ï1325$/7,78'³ δ ´
'($&8(5'2&21/$1250$,(&<$16,
+80('$'
D
.K
)$&725'(&255(&&,Ï1.325+80('$ '
K
D7(16,Ï1$/$)5(&8(1&,$'(/6,67(0$
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
/ 26$,6/$'25(6(1/$668%(67$&,21(6
e
$,6/$'25(63$5$/26$3$5$726<(48,3267,32(;7(5,25
D7LSRV
E$LVODGRUHVWLSRDOILOHUSDUDHTXLSRV\DSDUDWRV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
1 ,9 (/ (6 % È6 ,& 26 ' ( $, 6/ $0 ,( 17 2 $/ , 03 8/ 62 7( 16 ,Ï 1 '( $ *8 $1 7(
3$ 5$ ' ,6 7, 17 26 9 2/ 7$ -( 6 12 0, 1$ /( 6 '( / 6, 67 (0$
7 $% /$
) $& 72 5( 6 '( & 25 5( && ,Ï 1 32 5 $/ 7, 78 ' 3$ 5$ ( 48 ,32 6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
/D UXSWXUD GH XQ IDOGyQ VREUH XQ DLVODGRU WLSR SRVWH
XVXDOPHQWH QR GHEH SURGXFLU IODPHR HQ HO DLVODGRU GDGR
TXH VyOR VH GHVWUX\H XQ SHTXHxR SRUFHQWDMH GH OD
GLVWDQFLD GH IXJD WRWDO FRPSDUDGD FRQ RWURV DLVODGRUHV
FRPR HO WLSR DOILOHU /RV DLVODGRUHV WLSR SRVWH SDUD
DSDUDWRV SRU OR JHQHUDO WLHQHQ GLVWDQFLDV GH IXJD
PD\RUHV TXH RWURV WLSRV HQ HVSHFLDO SDUD ORV 1%, GH EDMR
YDORU (Q iUHDV GH DOWD FRQWDPLQDFLyQ HV GHVHDEOH
XWLOL]DU DLVODGRUHV \D VHD FRQ GLVWDQFLDV GH IXJD
PD\RUHV TXH ODV HVWiQGDU R ELHQ YDORUHV PiV DOWRV GH
1%, SDUD SUHYHQLU OD UXSWXUD GLHOpFWULFD SRU OD
FRQWDPLQDFLyQVXSHUILFLDO
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
& $5 $& 7( 5Ë 67 ,& $6 7 Ë3 ,& $6 ' ( $, 6/ $' 25 (6 7 ,3 2 $/) ,/ (5 2 & $& +8 &+ $
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
& $5 $& 7( 5Ë 67 ,& $6 7 Ë3 ,& $6 ' ( $, 6/ $' 25 (6 7 ,3 2 $/) ,/ (5 2 & $& +8 &+ $
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
$ ,6/$'25(6'(6863(16,Ï1
D7LSRV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
1 Ò0 (5 2 0Ë 1, 02 ' ( $, 6/ $' 25 (6 7 ,3 2 68 63 (1 6, Ï1 )2 50 $1 '2 & $' (1 $6
& $1 7, '$ ' 0Ë 1, 0$ ' (
9 2/ 7$ -( 1 20 ,1 $/ ' (/ 1%,
$, 6/ $' 25 (6 7 ,3 2
68 63 (1 6, Ï1
6, 67 (0 $ '( ) $6 ( $ )$ 6( . 9 .9
7LSRHVWiQGDUGHFPGHGLiPHWUR[FPGHDOWXUD
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(
%
$
5
7
1
Ï
,
&
$
7
6
(
%
8
6
$
/
$
$
'
,
7
6
( 1
2 (
0 /
1
2 6
(
& ( 2
,
'
$ 5
6 6
( 2
/ 1 (
/ ' (
/
$ $ 3
7 / 6 %
6 ,
( , 8
' $ 6 ;
(
/
)
6
(
6
8
¶
$ $ %
1
(
% 2
$ &
5
7
1
Ï
,
&
$
7
6
(
%
8
6
$
1
8
(
'
$
7
1
$
/
3
1
(
$
7
6
,
6
2 9
( 3
5 ,
7
2
' 6 1
$ ( Ï
,
0 5 6
5 2 1
2 ' (
( $ 3
)
' / 6
6
$ 6
, 8
1
1 $ $ 6
2 5
= 7
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
FP
FP FP
FP
&$%/($&65
'(0&0
FP
&$/$9(5$2-2
+2548,//$%2/$
<%&
$,6/$'25(6'(
6863(16,Ï1(67È1'$5 *5$3$'(7(16,Ï1
'(9,'5,2&/$6(
'(7$//(23&,21$/
75$%( P
$,6/$'25(6'(
6863(16,Ï1
(67È1'$5
&21(&7253$5$/(/2
P
%$-$'$$&8&+,//$6
&$/$9(5$2-2
7,326$
&/(0$'(6863(16,Ï1
<8*27,32<3:
+2548,//$%2/$
&$/$9(5$+2548,//$
(1³<´
$1&/$-
'(7$//('(862'(+(55$-(63$5$$,6/$'25(67,326863(16,Ï1
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
( - ( 0 3/ 2
62/8&,Ð1
/DGLVWDQFLDGHIDVHDWLHUUDVHFDOFXODFRPR
9&)
G= G R Q G H . = N9P
.
1%,
9&)= = N9
=
/DGLVWDQFLDHQDLUHGHIDVHDWLHUUDHV
G= = P
G
1R DLVODGRUHV =
$OWXUD SRUDLVODGRU
=
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
3RUORWDQWR
G= = P
[ P
1R DLVODGRUHV= = ≅ DLVODGRUHV
/ 26()(&726$0%,(17$/(6
6H HQWLHQGH SRU HIHFWRV DPELHQWDOHV D ORV SURGXFLGRV SRU
HO HIHFWR GH OD FRQWDPLQDFLyQ DPELHQWDO DpUHD VREUH ORV
DLVODPLHQWRV H[WHUQRV (Q HVWH FDVR VH KDFH XVR GH ODV
UHFRPHQGDFLRQHV GH OD &RPLVLyQ LQWHUQDFLRQDO GH
(OHFWURWHFQLD SDUD LGHQWLILFDU ODV FDUDFWHUtVWLFDV
FRQWDPLQDQWHV GH XQD UHJLyQ \ HVWDEOHFHU ODV GLVWDQFLDV
GH IXJD FRUUHVSRQGLHQWHV SDUD ILQHV GH GLVHxR GHO
DLVODPLHQWR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
1 ,9 (/ (6 ' ( &2 17 $0 ,1 $& ,Ï 1 3$ 5$ $ ,6 /$ 0, (1 72 6 (;7 (5 12 6
1,9(/'(
',67$1&,$'()8*$
(-(03/26'($0%,(17(67Ë3,&26 5(&20(1'$'$FPN9
&217$0,1$&,Ï1
)$6($1(8752
È ÈUHDVVLQLQGXVWULDV\FRQEDMD
GHQVLGDGGHFDVDVHTXLSDGDVFRQ
FDOHIDFFLyQ
È ÈUHDVFRQEDMDGHQVLGDGGHLQGXVWULDV
R FDVDVSHURVXMHWDVDIUHFXHQWHV
YLHQWRV\ROOXYLD
,/,*(5$ $
È ÈUHDVDJUtFRODV
È ÈUHDVPRQWDxRVDV
7RGDV HVWDV iUHDV GHEHQ HVWDU VLWXDGDV
SRU ORV PHQRV GH D .P GHO PDU \
QR GHEHQ HVWDU H[SXHVWDV D YLHQWRV
GLUHFWDPHQWHGHOPDU
È ÈUHDVFRQLQGXVWULDVTXHQRSURGXFHQ
KXPRSDUWLFXODUPHQWHFRQWDPLQDQWH
\RFRQXQDGHQVLGDGSURPHGLRGH
FDVDVHTXLSDGDVFRQFDOHIDFFLyQ
È ÈUHDVFRQDOWDGHQVLGDGGHFDVDV\R
,,0(',$ LQGXVWULDVVXMHWDVDIUHFXHQWHV $
YLHQWRV\ROOXYLDV
È ÈUHDVH[SXHVWDVDYLHQWRVGHOPDU
SHURQRGHPDGLDGRFHUFDGHODFRVWR
SRUORPHQRVYDULRVNLOyPHWURVGH
GLVWDQFLD
È ÈUHDVFRQDOWDGHQVLGDGGHLQGXVWULDV
\ VXEXUELRVGHJUDQGHVFLXGDGHVFRQ
DOWDGHQVLGDGGHFDOHIDFWRUHVTXH
,,,$/7$ SURGXFHQFRQWDPLQDFLyQ $
È ÈUHDVFHUFDQDVDOPDURH[SXHVWDVD
IXHUWHVYLHQWRVGHOPDU
È ÈUHDVGHH[WHQVLyQPRGHUDGDVVXMHWDV
D SROYRVFRQGXFWLYRV\D~QORV
LQGXVWULDOHVTXHSURGXFHQGHSyVLWRV
FRQGXFWLYRV
È ÈUHDVGHH[WHQVLyQPRGHUDGDPX\
,908<$/7$ FHUFDGHODFRVWD\H[SXHVWDVDEULVD 0$<25(6'(
GHOPDURDYLHQWRVIXHUWHV\
FRQWDPLQDQWHVGHOPDU
È ÈUHDVGHVpUWLFDVFDUDFWHUL]DGDVSRU
JUDQGHVSHULRGRVVLQOOXYLDTXH
OOHYDQDUHQD\VDOVXMHWDVD
FRQGHQVDFLyQUHJXODU
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
(O X VR G H IH UW LO L] DQ WH V HQ U RF tR R T XH PD G HU HV LG XR V S XH GH O OH YD U
D HV WD V iU HD V D QL YH OH V GH F RQ WD PL QD FL yQ D OWR V G HE LG R D OD
GL VS HU VL yQ S RU Y LH QW RV
/D G LV WD QF LD D O PD U GH SH QG H GH O D WR SR JU DI tD GH O iU HD F RV WH UD \ G H
FR QG LF LR QH V H[ WU HP RV DV G H YL HQ WR
' ,67$1&,$6(/e&75,&$6'(
K −
G K = G + [ G
'RQGH
/DV GLVWDQFLDV GH GLVHxR HQWUH FHQWURV GH IDVHV HQ ODV
VXEHVWDFLRQHV HOpFWULFDV DVt FRPR ODV GLVWDQFLDV GH IDVH
D WLHUUD HQ ODV PLVPDV VH SXHGHQ GHWHUPLQDU GH DFXHUGR
FRQORVLJXLHQWH
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
D6XEHVWDFLRQHVFRQEDUUDV\FRQH[LRQHVUtJLGDV
G G
G IW G IW
G ',67$1&,$',(/e&75,&$
GI ',67$1&,$'(',6(f2
',67$1&,$6(175('26&(17526'(&21'8&725(6
'LVWDQFLDVHQWUHFHQWURVGHFRQGXFWRUHV
G 'LVWDQFLDGLHOpFWULFD
GI 'LVWDQFLDGHGLVHxR
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
& È/ &8 /2 ' ( 9$ /2 5( 6 '( 5 () (5 (1 &, $ '( ' ,6 7$ 1& ,$6
'( ) $6 ( $ )$ 6( ( 1 68 %( 67 $& ,2 1( 6 &2 1 %$ 55 $6 5Ë *, '$ 6
& /$ 6( ' (
' ,6 7$ 1& ,$ 6 (1 75 ( &( 17 52 6 '( ) $6 (6
$, 6/ $0 ,( 17 2
YHFHV OD GLVWDQFLD GH IDVH D WLHUUD D
. 9 2 0( 12 5
ODDOWXUDFRUUHVSRQGLHQWH
+$ 67 $ YHFHV OD GLVWDQFLDV GH IDVH D WLHUUD D
.9 ODDOWXUDFRUUHVSRQGLHQWH
YHFHV OD GLVWDQFLD GH IDVH D WLHUUD D OD
. 9
DOWXUDFRUUHVSRQGLHQWH
YHFHV OD GLVWDQFLD GH IDVH D WLHUUD D OD
. 9
DOWXUDFRUUHVSRQGLHQWH
E6XEHVWDFLRQHVFRQEDUUDVFROHFWRUDVIOH[LEOHV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
& È/ &8 /2 ' ( /$ 6 ', 67 $1 &, $6 ( 17 5( & (1 75 26 ' ( )$6 (6
(1 6 8% (6 7$ &, 21 (6 & 21 & 21 '8 &7 25 (6 ) /( ;, %/ (6 (1 % $5 5$ 6 9$ /2 5( 6 '( 5 () (5 (1 &, $
& /$ 6( ' (
' ,6 7$ 1& ,$ 6 (1 75 ( &( 17 52 6 '( ) $6 (6
$, 6/ $0 ,( 17 2
$ DYHFHVODGLVWDQFLDGHIDVH
.9 D WLHUUD
. 9 DYHFHVODGLVWDQFLDGHIDVH
D WLHUUD
. 9 DYHFHVODGLVWDQFLDGH
IDVHDWLHUUD
& È/&8/2 '( $/785$6 0Ë1,0$6 '( /$6 %$55$6 62%5( (/ 1,9(/ '(/
68(/2
'RQGH
& È/&8/2'($/785$6'(/26(48,326
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
'RQGH
N9 7HQVLyQPi[LPDGHGLVHxR
& È/&8/2'(/$$/785$'(/$//(*$'$'(/Ë1($6$68%(67$&,21(6
'RQGH
N9 7HQVLyQPi[LPDGHGLVHxR
6LQTXHVHDLQIHULRUHQQLQJ~QFDVRDPHWURV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
' ,67$1&,$6'(
F(O XVR GH HTXLSR HQ HO TXH ODV SDUWHV YLYDV TXHGHQ
HQFHUUDGDV
(O &RPLWp GH (VWXGLRV 1R GH OD &RPLVLyQ ,QWHUQDFLRQDO
GH (OHFWURWHFQLFD UHFRPLHQGD FRQVLGHUDU ODV GLPHQVLRQHV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
P
P
P
P
%$55(5$'(3527(&&,Ï1
$,6/$0,(172&21%$55(5$'(3527(&&,Ï1
G ',67$1&,$'()$6($7,(55$
IW
',67$1&,$6'(6(*85,'$'3$5$(/3(5621$/
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
GIW P
$,6/$0,(172+25,=217$/6,1%$55(5$
GIW
P
',67$1&,$9(57,&$/'(6(*85,'$'
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
GIW
P
=21$'(75$%$-29(57,&$/
%$55(5$'(
3527(&&,Ï1
=21$'(75$%$-2
3$57(
9,9$
GIW
=21$'(75$%$-2&21%$55(5$'(3527(&&,Ï1
D0DQLREUDVGHORVRSHUDGRUHVRSHUVRQDOHQFXDOTXLHU
SXQWRGHODLQVWDODFLyQ
E&LUFXODFLyQGHSHUVRQDOHQODVXEHVWDFLyQ
F&LUFXODFLyQGHYHKtFXORVSRUODVXEHVWDFLyQ
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
D0 $1,2%5$6'(/2623(5$'25(623(5621$/
(1&8$/48,(538172'(/$,167$/$&,Ï1
P
0Ë1,02
P
P P
',67$1&,$6'(6(*85,'$'(1=21$6'(75$%$-2
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
E& ,5&8/$&,Ï1'(/3(5621$/(1/$68%(67$&,Ï1
(V IUHFXHQWH TXH HQ DOJXQRV GLVHxRV GH VXEHVWDFLRQHV
HOpFWULFRV QR VH XVHQ EDUUHUDV R FHUFDV GH SURWHFFLyQ HQ
HVWRV FDVRV OD DOWXUD PtQLPD VREUH HO QLYHO GHO VXHOR GH
ODV SDUWHV YLYDV GHEH VHU DGHFXDGD FRPR SDUD TXH HO
SHUVRQDO SXHGD FLUFXODU FRQ VHJXULGDG SRU OD VXEHVWDFLyQ
D HVWHUHVSHFWRVHUHFRPLHQGDORVLJXLHQWH
$OWXUDPtQLPD 'LVWDQFLDIDVHDWLHUUDP
'LVWDQFLDKRUL]RQWDO 'LVWDQFLDIDVHDWLHUUDP
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
&
$
$ ',67$1&,$69(57,&$/(6
%& ',67$1&,$6+25,=217$/(6
',67$1&,$6'(6(*85,'$''(9(+Ë&8/26$3$57(69,9$6
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
' ,6 7$ 1& ,$ 6 0Ë 1, 0$ 6 '( 6 (* 85 ,' $' ' ( $& 8( 5' 2$ 12 06 ('(
7 $% /$
' ,6 7$ 1& ,$ 6 0Ë 1, 0$ 6 '( 6 (3 $5 $& ,Ï 1
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
= 21$6'(0$17(1,0,(172
$OJXQDV GH ODV ]RQDV GH PDQWHQLPLHQWR WDO YH] OD PiV
FRP~Q HV HO iUHD GH LQWHUUXSWRUHV TXH UHTXLHUH
IUHFXHQWHPHQWH PD\RU PDQWHQLPLHQWR TXH RWURV HTXLSRV (V
YLUWXDOPHQWH XQD SUiFWLFD XQLYHUVDO SURYHHU GH XQ PHGLR
GH DLVODPLHQWR VREUH FDGD ODGR GHO LQWHUUXSWRU \ VHSDUDU
D pVWH GH ODV SDUWHV YLYDV DG\DFHQWHV FXDQGR VH HQFXHQWUD
DLVODGR \D VHD SRU GLVWDQFLDV GLHOpFWULFDV GH VHJXULGDG
R ELHQ SRU EDUUHUDV SURWHFWRUDV $OJXQDV RWUDV ]RQDV GH
PDQWHQLPLHQWR TXH FRQWLHQHQ DLVODGRUHV FXFKLOODV
GHVFRQHFWDGRUDV EDUUDV \ FRQH[LRQHV VH GHILQHQ FRQ
PHQRU FODULGDG \ HQWRQFHV VH SXHGHQ HPSOHDU PpWRGRV
DOWHUQDWLYRV SDUD HO HVWDEOHFLPLHQWR GH HVWDV ]RQDV GH
PDQWHQLPLHQWR
(Q XQ VLVWHPD FRQ DUUHJOR GH EDUUDV VLPSOH VH SXHGHQ
LGHQWLILFDUEiVLFDPHQWHWUHV]RQDVGHPDQWHQLPLHQWR
D/D]RQDGHOLQWHUUXSWRU
E/D ]RQD GH ODV EDUUDV LQFOX\HQGR D ORV DLVODGRUHV
GHVRSRUWH
F/D ]RQD GH DOLPHQWDGRU LQFOX\HQGR ORV DLVODGRUHV
GHO DOLPHQWDGRU \ HO HTXLSR TXH VH HQFXHQWUD GHO
ODGRGHODOLPHQWDGRU
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
=21$6'(0$17(1,0,(172
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
' ,6 7$ 1& ,$ 6 (/ e& 75 ,& $6 ( 1 68 %( 67 $& ,2 1( 6 ,1 7(0 3( 5, ( +$ 67 $ 0 6 1 0
',67$1&,$ ',67$1&,$
',67$1&,$ ',67$1&,$ ',67$1&,$ 0Ë1,0$(175( 0Ë1,0$(175(
92/7$-( 0È;,02 (175(
0Ë1,0$(175( 0Ë1,0$$ &21'8&725(6 &21'8&725(6
120,1$/ 92/7$-( &(17526'(
&(17526'( 7,(55$3$5$ $e5(26 $e5(26
'()$6( '()$6(
1%, )$6(63$5$
)$6(63$5$ &21'8&725(6 '(618'26$ '(618'26<
.9 %86(6
$)$6( $)$6( %86(65Ë*,'26 5Ë*,'26 7,(55$3$5$ &$0,126'(
.9 .9 PHWURVSXOJ 5Ë*,'26 PHWURVSXOJ 6(*85,'$' &,5&8/$&,Ï1(1
PHWURVSXOJ
PHWURV /$68%(67$&,Ï1
SLHV PHWURVSLHV
3É*,1$
/$662%5(7(16,21(6<(/',0(16,21$0,(172(/e&75,&2(1/$6
7 $% /$
6 (3 $5 $& ,Ï 1 '( ) $6 ( 3$ 5$ & 8& +, // $6 ' (6 &2 1( &7 $'2 5$ 6 (1 $ ,5 ( +$ 67 $ 0 6 1 0
',67$1&,$
92/7$-( 0È;,02 0Ë1,0$ &8&+,//$6 &8&+,//$6 3$5$72'26/26
120,1$/ 92/7$-(
1%, 0(7$/0(7$/ '(6&21(&7$'25$6
'(6&21(&7$'25$6
&8(5126'(
'()$6( '()$6( 3$5$ '($3(785$
.9 '($3(5785$ $548(2'(
$)$6( $)$6( &8&+,//$6 /$7(5$/8
9(57,&$/ &8&+,//$6
.9 .9 PHWURVSXOJ +25,=217$/
3É*,1$