You are on page 1of 8

%,20$7(5,$/(6625%(17(63$5$/$/,03,(=$'('(55$0(6'(+,'52&$5%8526(168(/26<&8(5326'($*8$

5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'( 

Šž•@ÎkŠ@‘kÅÌ ÅžÂNkšÎkÅÌ ­@Â@Ì ‘@Ì ‘Š•­Škä@Ì bkÌ bkÂÂ@•kÅ


bkÌ ‡ŠbžX@ÂNמÅÌ kšÌ Å×k‘žÅÌ àÌ X×k­žÅÌ bkÌ @×@

/žÂNkšÎÌ NŠž•@ÎkŠ@‘ÅÌ xžÂÌ X‘k@šŠšÌ ×­Ì ‡àbžX@ÂNžšÌ Å­Š‘‘ÅÌ žšÌ ŞŠ‘


@šbÌ NžbŠkÅÌ žxÌ Þ@ÎkÂ

Š@š@Ì,@ž‘@Ì$ÂΊäÌžšäA‘kä_¥ Ì@NŠžÌšbÂ@bkÌžšÅkX@_Õ ÌkÂ@ÂbžÌ.žb‹×käÌ"Šœž_Ð Ì׊ÅÌ @‘žÅ


!žšÎkškžÌ.׊ä}

5(680(1
(VWHHVWXGLRHVWiHQFDPLQDGRDLGHQWLILFDU\HYDOXDUPDWHULDOHVRUJiQLFRVQDWXUDOHVTXHSXHGDQVHUXWLOL]DGRVFRPR
VRUEHQWHVHQODVRSHUDFLRQHVGHOLPSLH]DGHGHUUDPHVGHKLGURFDUEXURVWDQWRHQVXHORVFRPRHQFXHUSRVGHDJXD6H
HYDOXyODFDSDFLGDGGHVRUFLyQGHWUHVPDWHULDOHVILEUDGHFDxDILEUDGHFRFR\EXFKyQGHDJXDFRQWUHVKLGURFDUEXURV
\ƒ$3,\GRVWLSRVGHDJXDGHVWLODGD\PDULQDDUWLILFLDODGDSWDQGRODQRUPD$670)\VLJXLHQGROD
PHWRGRORJtDVXJHULGDSRUHOSURWRFRORFDQDGLHQVH´2LO6SLO,6RUEHQWV7HVWLQJ3URWRFRODQG&HUWLILFDWLRQ/LVWLQJ3URJUDPµ
6HHQFRQWUyTXHORVWUHVPDWHULDOHVHYDOXDGRVWLHQHQXQDFDSDFLGDGGHVRUFLyQLJXDORVXSHULRUDXQPDWHULDOFRPHUFLDO
FRQWUDHOFXDOIXHURQFRPSDUDGRV6HREVHUYyTXHORVUHVXOWDGRVGHODFDSDFLGDGGHVRUFLyQGHSHQGtDQGHDOJXQDV
YDULDEOHVFRPRODYLVFRVLGDGGHOKLGURFDUEXURJUDQXORPHWUtD WDPDxRGHSDUWtFXODHQPDOODW\OHU \HVWUXFWXUDGHO
PDWHULDO(QODVRUFLyQGHDJXDODILEUDGHFDxDIXHODTXHPRVWUyODPD\RUKLGURIRELFLGDGDGLIHUHQFLDGHOEXFKyQ
HOFXDOHVEDVWDQWHKLGURItOLFR3RURWURODGRVHGHWHUPLQy\PRGHOyODFLQpWLFDGHVRUFLyQGHORVPDWHULDOHVFRQORVWUHV
KLGURFDUEXURV\ƒ$3,6HHQFRQWUyTXHORVPDWHULDOHVDOFDQ]DQVXVDWXUDFLyQHQPHQRVGHXQPLQXWRORTXH
SHUPLWHWHQHUXQDDOWHUQDWLYDUiSLGDSDUDODOLPSLH]D\FRQWUROGHGHUUDPHVGHKLGURFDUEXURV)LQDOPHQWHVHUHDOL]yXQ
WUDWDPLHQWRWpUPLFRDORVPDWHULDOHVFRQHOILQGHPHMRUDUVXKLGURIRELFLGDG\FRPSRUWDPLHQWRHQGHUUDPHVVREUH
FXHUSRVGHDJXD/DILEUDGHFDxDIXHHOPDWHULDOTXHSUHVHQWyPHMRUHVUHVXOWDGRVFRQHOWUDWDPLHQWRWpUPLFRVHJXLGR
SRUHOEXFKyQGHDJXDODILEUDGHFRFRQRSUHVHQWyXQFDPELRVLJQLILFDWLYRHQVXKLGURIRELFLGDG

3DODEUDVFODYH
DODEUDVFODYHVRUEHQWHVDEVRUEHQWHV\DGVRUEHQWHVGHKLGURFDUEXURVGHUUDPHVGHKLGURFDUEXURVOLPSLH]D
GHGHUUDPHV

$%675$&7
7KLVVWXG\ZDVDLPHGDWLGHQWLI\LQJDQGHYDOXDWLQJQDWXUDORUJDQLFPDWHULDOVZKLFKFRXOGEHXVHGDVVRUEHQWVLQFOHDQXS
RSHUDWLRQVIROORZLQJK\GURFDUERQVVSLOOVRQERWKVRLOVDQGERGLHVRIZDWHU7KHVRUSWLRQFDSDFLW\RIWKUHHPDWHULDOV
VXJDUFDQHILEUHFRFRILEUHDQGZDWHU(LFKRUQLDFUDVVLSLHVZDVHYDOXDWHGZLWKWKUHHK\GURFDUERQV ƒƒDQGƒ$3,
DQGWZRW\SHVRIZDWHU GLVWLOOHGDQGDUWLILFLDOPDULQHZDWHU DGRSWLQJWKH$670)VWDQGDUGDQGIROORZLQJWKHPHWKRGRORJ\
VXJJHVWHGLQWKH´2LOVSLOOVRUEHQWVWHVWLQJSURWRFRODQGFHUWLILFDWLRQOLVWLQJSURJUDPPHµ&DQDGLDQSURWRFRO,WZDVIRXQG
WKDWWKHWKUHHPDWHULDOVEHLQJHYDOXDWHGKDGDVRUSWLRQFDSDFLW\HTXDOWRRUJUHDWHUWKDQWKDWRIWKHFRPPHUFLDOPDWHULDO
WRZKLFKWKH\ZHUHFRPSDUHG,WZDVREVHUYHGWKDWVRUSWLRQFDSDFLW\UHVXOWVGHSHQGHGRQVRPHYDULDEOHVVXFKDVK\GURFDUERQ
YLVFRVLW\JUDQXORPHWU\ SDUWLFOHVL]HLQ7\OHUVLHYH DQGWKHVWUXFWXUHRIWKHPDWHULDO6XJDUFDQHILEUHVRUSWLRQLQZDWHUVKRZHG
WKHJUHDWHVWK\GURSKRELFLW\GLIIHUHQWWR(LFKRUQLDFUDVVLSLHVZKLFKLVH[WUHPHO\K\GURSKLOLF7KHPDWHULDOV·VRUSWLRQNLQHWLFV
ZHUHGHWHUPLQHGDQGPRGHOOHGZLWKWKHWKUHHK\GURFDUERQV ƒƒDQGƒ$3, ,WZDVIRXQGWKDWWKHPDWHULDOVEHFDPH
VDWXUDWHGLQOHVVWKDQDPLQXWHOHDGLQJWRDUDSLGDOWHUQDWLYHIRUFOHDQLQJXSDQGFRQWUROOLQJK\GURFDUERQVSLOOV0DWHULDOV
ZHUHDOVRWKHUPDOO\WUHDWHGIRULPSURYLQJWKHLUK\GURSKRELFLW\DQGEHKDYLRXUGXULQJVSLOOVRQERGLHVRIZDWHU6XJDUFDQH
ILEUHZDVWKHPDWHULDOZKLFKSUHVHQWHGWKHEHVWUHVXOWVZLWKWKHWKHUPDOWUHDWPHQWIROORZHGE\ZDWHU(LFKRUQLDFUDVVLSLHV
&RFRILEUHGLGQRWSUHVHQWDQ\VLJQLILFDQWFKDQJHLQLWVK\GURSKRELFLW\

.H\ZRUGV
.H\ZRUGVVRUEHQWVK\GURFDUERQDEVRUEHQWVDQGDGVRUEHQWHVK\GURFDUERQVSLOOVVSLOOFOHDQXS

5HFLELGRDJRVWRGH
$FHSWDGRGLFLHPEUHGH


,QJHQLHUDTXtPLFD8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi,QYHVWLJDGRUD'HSDUWDPHQWRGH,QJHQLHUtD4XtPLFD8QLYHUVLGDG1DFLRQDOGH
&RORPELD%RJRWiGSRUWL]J#XQDOHGXFR

,QJHQLHURTXtPLFR8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi,QYHVWLJDGRU'HSDUWDPHQWRGH,QJHQLHUtD4XtPLFD8QLYHUVLGDG1DFLRQDOGH&RORP
ELD%RJRWiIDQGUDGHI#XQDOHGXFR

,QJHQLHURTXtPLFR06F'6F3URIHVRUDVLVWHQWH'HSDUWDPHQWRGH,QJHQLHUtD4XtPLFD8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi
JURGULJXH]Q#XQDOHGXFR

%LyORJR06FFDQGLGDWRD'6F3URIHVRUDVLVWHQWH'HSDUWDPHQWRGH%LRORJtD8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWiOFPRQWHQHJURU#XQDOHGXFR

 5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
257,=$1'5$'(52'5Ì*8(=0217(1(*52

,QWURGXFFLyQ (Q HVWD LQYHVWLJDFLyQ VH EXVFD HYDOXDU OD FDSDFLGDG GH


VRUFLyQGHKLGURFDUEXURVSRUSDUWHGHODVILEUDVGHFDxD
/RV DFFLGHQWHV TXH KDQ SURGXFLGR GHUUDPHV GH SHWUy FRFR UHVLGXRVDJURLQGXVWULDOHV \HOEXFKyQGHDJXD PD
OHR \ SURGXFWRV UHILQDGRV DO LJXDO TXH ODV HPLVLRQHV OH]D DFXiWLFD  PDWHULDOHV QDWXUDOHV TXH HVWiQ FDXVDQGR
DWPRVIpULFDV Wy[LFDV FRPR FRQVHFXHQFLD GH H[SORVLRQHV XQDSUREOHPiWLFDDPELHQWDOSRUODGLILFXOWDGHQVXGLVSR
H LQFHQGLRV KDQ FDXVDGR GDxRV DPELHQWDOHV LPSRUWDQ VLFLyQ ILQDO R GHWHULRUR GH ORV HFRVLVWHPDV GRQGH VH SUH
WHV D ORV HFRVLVWHPDV HQ ODV iUHDV GRQGH RFXUUHQ ORV VHQWDFRPRHVHOFDVRGHOEXFKyQGHDJXDHOFXDOSRUVX
LQFLGHQWHV 'LFKDV iUHDV JHQHUDOPHQWH VH HQFXHQWUDQ IDFLOLGDG \ UDSLGH] GH SURSDJDFLyQ OR FRQYLHUWH HQ XQD
FHUFDD]RQDVGHLPSRUWDQFLD\IUDJLOLGDGHFROyJLFDFRPR PDOH]DGLItFLOGHHUUDGLFDU\SURYRFDXQDGLVPLQXFLyQGH
SDUTXHV QDFLRQDOHV UHVHUYDV GH IDXQD FXHQFDV ODFDOLGDGGHODJXDGRQGHFUHFHIRPHQWRHQODSUROLIHUD
KLGURJUiILFDV \ DVHQWDPLHQWRV XUEDQRV 2ULJHO \ 7RUUHV FLyQGHLQVHFWRVUHGXFFLyQHQODVXSHUILFLHGHOHVSHMRGH
  DJXD HQWUH DOJXQRV RWURV LPSDFWRV
6H KDQ SRGLGR GHWHFWDU QXPHURVRV FDVRV GH GHUUDPHV 0HWRGRORJtD
WHUUHVWUHV PDUtWLPRV \ ODFXVWUHV GHELGRV DO PDQHMR LUUH
JXODU GH VLVWHPDV GH ERPEHR WUDQVSRUWH HQ WXEHUtDV DO 0DWHULDOHV\HTXLSRV
PDFHQDPLHQWR HQ WDQTXHV PDQHMR GH SODQWDV WUDQVSRU
WH PDUtWLPR \ WHUUHVWUH 2ULJHO \ 7RUUHV   SpUGLGDV
0DWHULDOHVVRUEHQWHVDHYDOXDU
SRU URWXUDV GH ORV ROHRGXFWRV \D VHDQ DFFLGHQWDO R 6HWUDEDMyFRQWUHVPDWHULDOHVFHOXOyVLFRVUHVLGXDOHVILEUD
LQWHQFLRQDOPHQWH FROLVLRQHV HQFDOODPLHQWRV \ PXFKDV GH FRFR ILEUD GH FDxD \ EXFKyQ GH DJXD ORV FXDOHV VH
FDXVDV PiV ,WRSI   FRPSDUDURQ IUHQWH D XQ  PDWHULDO VRUEHQWH FRPHUFLDO GH
RULJHQ QDWXUDO 6SKDJQXP  UHFRPHQGDGR SDUD DSOLFDFLyQ
'H RWUR ODGR HQ OD SURGXFFLyQ WUDQVSRUWH \ UHILQDFLyQ GH GHUUDPHV WDQWR HQ VXHORV FRPR HQ FXHUSRV GH DJXD
GHOFUXGRDVtFRPRGHVXVGHULYDGRVVHHVWLPDXQDSpUGL
GDGHPLOORQHVGHEDUULOHVDQXDOHVGHUUDPDGRVDWUDYpV +LGURFDUEXURV
GHIXJDVFRQGLYHUVDPDJQLWXGTXHHTXLYDOHQDEEO
)XHURQ VHOHFFLRQDGRV WUHV WLSRV GH KLGURFDUEXURV OLYLDQR
GGHORVFXDOHVODPD\RUtDVHLQFRUSRUDHQIRUPDGLUHFWDDO
ƒ$3,  PHGLR ƒ$3,  \ SHVDGR ƒ$3,  FRQ ODV SUR
PHGLRDPELHQWH (FRSHWURO HVWRSURYRFDFRQWDPL
SLHGDGHV PRVWUDGDV HQ OD 7DEOD 
QDFLyQ GH DJXDV VXSHUILFLDOHV \ VXEWHUUiQHDV OD DOWHUDFLyQ
GH ORV FLFORV GH DJXD \ VXHOR \ OD FRQWDPLQDFLyQ GH OD (TXLSRLQVWUXPHQWDO
DWPyVIHUD D QLYHO ORFDO \ JOREDO ,&3  
%DOD]D DQDOtWLFD WROHUDQFLD  J PHVD GH DJLWDFLyQ
3DUD HO FRQWURO  \ PLWLJDFLyQ GH ORV HIHFWRV FDXVDGRV SRU RUELWDODPSOLWXGGHFP\USPPLFURVFRSLRHOHFWUy
ORV GHUUDPHV R HVFDSHV GH KLGURFDUEXURV QR VH SXHGH QLFR GH DOWR EDUULGR )(, 4XDQWD  (TXLSR 7*$ 
DSOLFDUXQDVROXFLyQXQLYHUVDOORVPpWRGRV\SURFHGLPLHQ GH 7$ ,QVWUXPHQWV
WRV TXH VH VHOHFFLRQHQ GHSHQGHQ GHO VLWLR WRSRJUDItD
DFFHVR FHUFDQtD D FXHQFDV KLGURJUiILFDV HQWUH RWURV  \ 7DEOD3URSLHGDGHVGHORVKLGURFDUEXURVXWLOL]DGRVHQODV
SUXHEDV
ODV FRQGLFLRQHV DPELHQWDOHV WDPELpQ VH GHEHQ WHQHU HQ
FXHQWD HO HVSDUFLPLHQWR \ PRYLPLHQWR GH OD PDQFKD
(FRSHWURO  

/RV SDVRV JHQHUDOHV HQ OD PHWRGRORJtD XWLOL]DGD SDUD OD


PLWLJDFLyQ \ OLPSLH]D GH KLGURFDUEXURV VRQ  &RQWHQ
FLyQ  5HFROHFFLyQ \  /LPSLH]D \ GLVSRVLFLyQ

(Q JHQHUDO ORV VRUEHQWHV GH KLGURFDUEXURV VH XWLOL]DQ HQ


ODVWUHVHWDSDVHQODFRQWHQFLyQVHSXHGHQXWLOL]DUEDUUH
UDV UHOOHQDV GH PDWHULDO VRUEHQWH TXH DO PLVPR WLHPSR
FRQWLHQHQ\UHWLHQHQHOKLGURFDUEXURHQVXHVWUXFWXUDHQ
ODUHFROHFFLyQXVDUGLFKDVEDUUHUDVRDOPRKDGLOODVGHPD
WHULDOVRUEHQWHDOLJXDOTXHHOPDWHULDOVXHOWRWDPELpQHO
3URFHGLPLHQWRH[SHULPHQWDO
XVR GH VRUEHQWHV HV DSURSLDGR HQ ODV HWDSDV ILQDOHV GH
OLPSLH]DRSDUDD\XGDUHQODUHPRFLyQGHSHOtFXODVGHOJD $GHFXDFLyQGHPDWHULDOHV
GDVGHKLGURFDUEXURGHORVVLWLRVLQDFFHVLEOHV (QJLQHHULQJ
2XU )XWXUH   /RV PDWHULDOHV VH VRPHWLHURQ D XQ SURFHVR GH VHFDGR D
ƒ& PHGLDQWH FRUULHQWH GH DLUH FDOLHQWH FRQ IOXMR
(Q iUHDV VXVFHSWLEOHV FRPR SRU HMHPSOR SDQWDQRV ORV WDQJHQFLDO HQ XQ VHFDGRU GH EDQGHMDV GXUDQWH GRV KR
VRUEHQWHVQDWXUDOHVSXHGHQLQPRYLOL]DUHOKLGURFDUEXUR\ UDVKDVWDDOFDQ]DUXQDKXPHGDGFHUFDQDDOOXHJR
GHMDUTXHHVWHVHGHJUDGHQDWXUDOPHQWH (FRSHWURO  ORV PDWHULDOHV VH PROLHURQ \ WDPL]DURQ

5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'( 
%,20$7(5,$/(6625%(17(63$5$/$/,03,(=$'('(55$0(6'(+,'52&$5%8526(168(/26<&8(5326'($*8$

&DUDFWHUL]DFLyQGHORVPDWHULDOHVFHOXOyVLFRV 'RQGH N HV OD FRQVWDQWH HVSHFtILFD GH OD YHORFLGDG GH


VRUFLyQ\QODFRQVWDQWHHVSHFtILFDGHWLHPSR$SDUWLUGH
6H UHDOL]y OD FDUDFWHUL]DFLyQ ItVLFD \ HVWUXFWXUDO GH ORV
HVWD HFXDFLyQ VH GHWHUPLQDQ ORV YDORUHV GH ODV FRQVWDQ
PDWHULDOHV
WHVDOJUDILFDUHOORJDULWPRQDWXUDOGH &W&PD[ HQIXQFLyQ
3URSLHGDGHV ItVLFDV GHOOQWSDUDORFXDOVHHVSHUDXQDUHFWDFRQSHQGLHQWHQ
H LQWHUFHSWR HQ OQN
6H GHWHUPLQDURQ ODV VLJXLHQWHV SURSLHGDGHV ItVLFDV
JUDQXORPHWUtDGHQVLGDGDSDUHQWHIORWDELOLGDGIODPDELOLGDG
\FRPSRUWDPLHQWRWpUPLFR DQiOLVLVWHUPRJUDYLPpWULFR7*$

(VWUXFWXUD

6H DQDOL]DURQ DVSHFWRV DQDWyPLFRV \ HVWUXFWXUDOHV GH ORV


PDWHULDOHV PHGLDQWH PLFURVFRSLD ySWLFD \ HOHFWUyQLFD GH
EDUULGR 6(0 

&DSDFLGDG\FLQpWLFDGHVRUFLyQ
/DFDSDFLGDGGHVRUFLyQ )LJXUD GHORVWUHVKLGURFDUEX
URV   \ ƒ$3,  \ GRV WLSRV GH DJXD GHVWLODGD \
PDULQDDUWLILFLDO QRUPD$670' SDUDFDGDXQRGH
ORVPDWHULDOHVIXHHYDOXDGDDGDSWDQGRODQRUPD$670)
\HOSURWRFRORFDQDGLHQVH´2LO6SLO,6RUEHQWV7HVWLQJ
3URWRFRO DQG &HUWLILFDWLRQ /LVWLQJ 3URJUDPµ HQ OD FXDO VH
GHWHUPLQDODPDVDGHKLGURFDUEXURVRUELGRSRUJUDPRGH
PDWHULDO VRUEHQWH PHGLDQWH OD HFXDFLyQ
)LJXUD0HWRGRORJtDSDUDGHWHUPLQDUODFDSDFLGDGPi[LPD
GHSRUFLyQ
 

&DSDFLGDGGHVRUFLyQ

0DVD GHO PDWHULDO LPSUHJQDGR SHVR GHO VRUEHQWH H


KLGURFDUEXURVRUELGR

0DVD GHO PDWHULDO VRUEHQWH VHFR

/DFDSDFLGDGGHVRUFLyQGHDJXDGHVWLODGD\PDULQDDUWLIL
FLDO VH GHWHUPLQy GH IRUPD HVWiWLFD GHMDQGR HO PDWHULDO
GXUDQWHPLQXWRVVLQSHUWXUEDFLyQQLPRYLPLHQWRHQHO
PHGLR \ GH IRUPD GLQiPLFD GHMDQGR HO PDWHULDO HQ
PRYLPLHQWRHQXQDPHVDDJLWDGDDU[S[PGXUDQWH
PLQXWRVVHJ~QVHH[SOLFDPiVHQGHWDOOHHQHOSURWRFROR
FDQDGLHQVH  \D PHQFLRQDGR

/XHJR VH GHWHUPLQy OD FLQpWLFD GH VRUFLyQ )LJXUD   FRQ


ORV WUHV KLGURFDUEXURV    \ ƒ$3,  6H XWLOL]y HO
PLVPR SURFHGLPLHQWR HPSOHDGR HQ OD FDSDFLGDG GH
VRUFLyQ (Q HVWRV HQVD\RV VH UHJLVWUy OD JDQDQFLD HQ SHVR
GHO PDWHULDO FRQ KLGURFDUEXUR D GLIHUHQWHV WLHPSRV GHV
GHVHJXQGRVGHFRQWDFWRFRQHOKLGURFDUEXURKDVWD )LJXUD0HWRGRORJtDXWLOL]DGDSDUDGHWHUPLQDUODFLQpWLFDGH
VRUFLyQ
KRUDV GHVSXpV  (O PRGHOR GH GHPDQGD GH VRUFLyQ TXH
VH XWLOL]y SDUD GHVFULELU OD FLQpWLFD VH GHVFULEH PHGLDQWH
OD VLJXLHQWH HFXDFLyQ 7UDWDPLHQWRWpUPLFR
)LQDOPHQWH VH UHDOL]y XQ WUDWDPLHQWR WpUPLFR D ORV PD
WHULDOHV SDUD PHMRUDU OD KLGURIRELFLGDG /D WHPSHUDWXUD
  SDUDHVWRVHVHOHFFLRQyVHJ~QHODQiOLVLVWHUPRJUDYLPpWULFR
7*$   /XHJR GHO WUDWDPLHQWR VH UHDOL]DURQ SUXHEDV GH

 5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
257,=$1'5$'(52'5Ì*8(=0217(1(*52

VRUFLyQFRQKLGURFDUEXUROLYLDQRSHVDGR\DJXDGHVWLODGD HOFXDOHVXQWHMLGRVLPLODUDXQDUHGGHPHPEUDQDVTXH
SDUDFRPSDUDUORVUHVXOWDGRVFRQORVREWHQLGRVVLQWUDWD IRUPDQHVSDFLRVOOHQRVGHDLUHTXHOHVRQ~WLOHVSDUDDFX
PLHQWR WpUPLFR PXODU IOXLGR HQ VX LQWHULRU 6LQ HPEDUJR HVWH WHMLGR HV
EDVWDQWH IUiJLO \ EODQGR
5HVXOWDGRV\DQiOLVLV
&DUDFWHUL]DFLyQ

/DVSURSLHGDGHVItVLFDV GHQVLGDGGHHPSDTXHIORWDELOLGDG
\ IODPDELOLGDG  GH ORV PDWHULDOHV FHOXOyVLFRV FRQ ORV GRV
WDPDxRV GH SDUWtFXOD SDUD FDGD XQR VH UHSRUWDQ HQ ODV
WDEODV\
7DEOD'HQVLGDGGHHPSDTXHGHORVPDWHULDOHV

)LJXUD0LFURVFRSLDHOHFWUyQLFD\ySWLFDGHODILEUDGHFDxD

7DEOD)ORWDELOLGDG\IODPDELOLGDGGHORVPDWHULDOHV

)LJXUD0LFURVFRSLDHOHFWUyQLFD\ySWLFDGHODILEUDGHFRFR

/RV PDWHULDOHV HYDOXDGRV WLHQGHQ D IORWDU WDQWR HQ DJXD


SXUDFRPRHQPH]FODVKLGURFDUEXURDJXDORTXHOHVSHU
PLWH PDQWHQHUVH HQ OD VXSHUILFLH DO VHU DSOLFDGRV HQ XQ
GHUUDPHGHKLGURFDUEXURVREUHDJXDORTXHHYLWDHOULHV
JR GH OOHYDU FRQVLJR KLGURFDUEXUR DO VHGLPHQWR DFXiWLFR
)LJXUD0LFURVFRSLDHOHFWUyQLFD\ySWLFDGHOEXFKyQGHDJXD
8Q UHVXOWDGR IDYRUDEOH WDPELpQ VH REWXYR UHVSHFWR D OD
IODPDELOLGDG \D TXH ORV PDWHULDOHV QR DUGHQ FXDQGR VH &DSDFLGDGGHVRUFLyQ
H[SRQHQ D OD OODPD
/DDEUHYLDWXUDTXHVHXWLOL]DHQODVJUiILFDVSDUDFDGDXQR
3RU RWUR ODGR VH REVHUYy OD HVWUXFWXUD GH ORV PDWHULDOHV GH ORV PDWHULDOHV VH GHWDOOD HQ OD 7DEOD 
HQPLFURVFRSLDySWLFD\HOHFWUyQLFD(QODILEUDGHFDxDVH
7DEOD$EUHYLDWXUDVGHORVPDWHULDOHV
DSUHFLDQ HQ OD )LJXUD  ORV KDFHV FRQGXFWRUHV SHTXH
xRV WXERV  TXH VRQ ~WLOHV SDUD HO IOXMR GHO KLGURFDUEXUR
SRUFDSLODULGDGDOLJXDOTXHSDUDUHWHQHUORSRUDGKHVLyQ

/D ILEUD GH FRFR PHVRFDUSLR HVWi FRQVWLWXLGD SRU ILEUDV


JUDQGHVGHOJDGDV\UHVLVWHQWHVFRQIRUPDGDVSRUXQDUHG
GHILEULOODV(OIOXLGRSXHGHSHQHWUDUDHVWRVWXERV\DVHD
SRUODSDUWHVXSHULRURLQIHULRU\HQPHQRUSURSRUFLyQGH
/RV UHVXOWDGRV VH SUHVHQWDQ HQ JUDPRV GH KLGURFDUEXUR
IRUPD WUDQVYHUVDO GHELGR D OD LQVLJQLILFDQWH SUHVHQFLD GH
SRU JUDPR GH PDWHULDO 3DUD OD ILEUD GH FDxD OD ILEUD GH
KDFHVFRQGXFWRUHVTXHDWUDYLHVHQODILEULOODVHVWRVHSXH
FRFR\HOEXFKyQGHDJXDHQODVRUFLyQGHKLGURFDUEXUR
GHREVHUYDUHQOD)LJXUDGRQGHVHDSUHFLDXQDVXSHUIL
OLYLDQR ƒ$3,  *UiILFR UHIOHMDQXQGHVHPSHxRDFHS
FLH H[WHUQD OLVD FRQ SRFDV DEHUWXUDV KD] FRQGXFWRU 
WDEOHSDUDODILEUDGHFDxDFRQJUDQXORPHWUtDILQD PDOOD
/DHVWUXFWXUDGHOEXFKyQGHDJXD )LJXUD HVWiIRUPDGD W\OHU    IUHQWH D XQD FDSDFLGDG GH  YHFHV VX
SULQFLSDOPHQWHSRUDHUpQTXLPD XQWLSRGHSDUpQTXLPD  SHVR JUDPRV GH KLGURFDUEXURJUDPR GH PDWHULDO VHFR

5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'( 
%,20$7(5,$/(6625%(17(63$5$/$/,03,(=$'('(55$0(6'(+,'52&$5%8526(168(/26<&8(5326'($*8$

SDUD HO PDWHULDO FRPHUFLDO (O EXFKyQ GH DJXD SUHVHQWy


XQD FDSDFLGDG GH VRUFLyQ GH  YHFHV VX SHVR \ OD
ILEUD GH FRFR GH  JUDPRV GH KLGURFDUEXURJUDPR GH
PDWHULDO DPERV PDWHULDOHV WLHQHQ XQ FRPSRUWDPLHQWR
VXSHULRU WDQWR FRQ OD JUDQXORPHWUtD ILQD PDOOD W\OHU 
FRPRFRQODJUDQXORPHWUtDJUXHVD PDOODW\OHU UHVSHF
WRDOVRUEHQWHFRPHUFLDOHYDOXDGR(QHOEXFKyQGHDJXD
\HQODILEUDGHFRFRHVPiVDOWDODFDSDFLGDGGHVRUFLyQ
HQ JUDQXORPHWUtD JUXHVD

$O DQDOL]DU OD VRUFLyQ FRQ KLGURFDUEXUR PHGLR ƒ$3, 


FX\RV UHVXOWDGRV VH UHSRUWDQ HQ HO *UiILFR  HO PDWHULDO
TXH SUHVHQWy XQ PD\RU GHVHPSHxR IXH OD ILEUD GH FRFR *UiILFR&DSDFLGDGGHVRUFLyQGH+&SHVDGR ƒ$3, FRQ
JUXHVD FRQ  YHFHV VX SHVR VHJXLGD GHO EXFKyQ GH PDWHULDOHVFHOXOyVLFRV
DJXDJUXHVRFRQ\ODFDxDILQDFRQWRGRVFRQ
XQ GHVHPSHxR VLPLODU R VXSHULRU DO GHO PDWHULDO FRPHU /RV PDWHULDOHV VRUEHQWHV WUDEDMDQ PHGLDQWH GRV SULQFL
FLDO YHFHVVXSHVRFRQHOWDPDxRGHSDUWtFXODPDOOD SLRV OD DGVRUFLyQ GRQGH ODV PROpFXODV GH KLGURFDUEXUR
 JUXHVR  \  SDUD HO WDPDxR PDOOD  ILQR  VH DGKLHUHQ D OD VXSHUILFLH \ OD DEVRUFLyQ TXH SHUPLWH
DFXPXODU \ UHWHQHU KLGURFDUEXUR HQ ORV HVSDFLRV FDSLOD
/RVUHVXOWDGRVHQODVRUFLyQGHKLGURFDUEXURSHVDGR ƒ$3, UHV FDUDFWHUtVWLFRV GH ODV HVWUXFWXUDV GH ORV PDWHULDOHV
*UiILFR IXHURQYHQWDMRVRVSDUDHOEXFKyQGHDJXD\OD
ILEUD GH FRFR FRPSDUDGRV FRQ HO PDWHULDO FRPHUFLDO /D (Q OD VRUFLyQ GHO KLGURFDUEXUR OLYLDQR ƒ$3,  HO IHQy
ILEUD GH FDxD HQ VX JUDQXORPHWUtD ILQD SUHVHQWy XQ YDORU PHQR SUHGRPLQDQWH HV OD DEVRUFLyQ (Q HO KLGURFDUEXUR
PX\FHUFDQRDODVRUFLyQFRQHOPDWHULDOFRPHUFLDO PHGLR ƒ$3,  VH SUHVHQWDQ GRV IHQyPHQRV OD DEVRU
FLyQ\ODDGVRUFLyQSRUORFXDOODFDSDFLGDGGHVRUFLyQGH
(QODVRUFLyQGHKLGURFDUEXURSHVDGRQRVHSUHVHQWyXQD HVWH KLGURFDUEXUR HV PD\RU TXH OD VRUFLyQ GHO KLGURFDU
PDUFDGDLQIOXHQFLDGHOWDPDxRGHSDUWtFXODHQODFDSDFL EXUR OLYLDQR ƒ$3, 
GDGGHVRUFLyQ
(QODVRUFLyQGHOKLGURFDUEXURSHVDGR ƒ$3, HOIHQyPH
QRSUHGRPLQDQWHHVODDGVRUFLyQ\DTXHODYLVFRVLGDGGHO
KLGURFDUEXURIDFLOLWDHOWDSRQDPLHQWRGHODVHVWUXFWXUDVGH
HQWUDGDDORVHVSDFLRVFDSLODUHVLPSLGLHQGRGHHVWDIRUPD
TXH VH SUHVHQWH OD DEVRUFLyQ GH IRUPD VLJQLILFDWLYD

(QODHWDSDLQLFLDOGHVRUFLyQHOKLGURFDUEXURHVVRUELGRSRU
DOJXQDV LQWHUDFFLRQHV \ IXHU]DV GH 9DQ GHU :DDOV HQWUH HO
KLGURFDUEXUR\ODVFHUDVTXHVHHQFXHQWUDQVREUHODVXSHUIL
FLHGHODILEUDHVWRVHGHEHDTXHODFHUD\HOKLGURFDUEXUR
VRQ TXtPLFDPHQWH VLPLODUHV DGHPiV GH DGKHULUVH SRU OD
VXSHUILFLH LUUHJXODU TXH SUHVHQWD HO PDWHULDO 'HO PLVPR
PRGR OD VRUFLyQ GHQWUR GH OD ILEUD RFXUUH SRU GLIXVLyQ D
WUDYpV GH XQ PRYLPLHQWR FDSLODU LQWHUQR )HUUDQWH 
*UiILFR&DSDFLGDGGHVRUFLyQGH+&OLYLDQR ƒ$3,
FRQPDWHULDOHVFHOXOyVLFRV 3RU RWUR ODGR HQ ODV SUXHEDV FRQ DJXD HQ HVWDGR HVWiWL
FRVLQSHUWXUEDFLRQHV *UiILFR ODFDSDFLGDGGHVRUFLyQ
GH DJXD PDULQD DUWLILFLDO \ DJXD GXOFH HV PD\RU SDUD HO
EXFKyQ GH DJXD OR TXH LQGLFD TXH HVWH PDWHULDO WLHQH
XQD VXSHUILFLH KLGURILOLFD GHVIDYRUDEOH SDUD OD DSOLFDFLyQ
GH GHUUDPHV GH KLGURFDUEXURV HQ FXHUSRV GH DJXD SRU
OR WDQWR VX DSOLFDFLyQ HVWi UHVWULQJLGD D GHUUDPHV VREUH
VXHORV/DILEUDGHFDxDSUHVHQWyXQDFDSDFLGDGPX\VL
PLODUDODGHOPDWHULDOFRPHUFLDOORTXHODKDFHIDYRUDEOH
HQODVRUFLyQGHKLGURFDUEXURVHQFXHUSRVGHDJXDDGH
PiV GH VX DSOLFDFLyQ HQ VXHORV

(Q OD FDSDFLGDG GH VRUFLyQ GH DJXD GHVWLODGD \ PDULQD


DUWLILFLDOHQHVWDGRGLQiPLFR *UiILFR ODILEUDGHFDxD
SUHVHQWyODPHQRUFDSDFLGDGGHVRUFLyQHQWUHORVPDWH
*UiILFR&DSDFLGDGGHVRUFLyQGH+&PHGLR ƒ$3, FRQ ULDOHV FRQ ORV GRV WLSRV GH DJXD VLQ HPEDUJR HQ OD
PDWHULDOHVFHOXOyVLFRV

 5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
257,=$1'5$'(52'5Ì*8(=0217(1(*52

JUDQXORPHWUtDILQD PDOOD ODFDSDFLGDGGHVRUFLyQGH UHSUHVHQWH OD FLQpWLFD GH VRUFLyQ GH ORV PDWHULDOHV FRQ
DJXD WDQWR SDUD OD ILEUD GH FDxD FRPR SDUD ORV GHPiV ORV WUHV KLGURFDUEXURV
PDWHULDOHV VRQ PD\RUHV D ODV SUHVHQWDGDV SRU HO PDWH
ULDO FRPHUFLDO &RPR VH DSUHFLD HQ HO *UiILFR  OD PD\RU YHORFLGDG GH
VRUFLyQGHORVKLGURFDUEXURVVHSUHVHQWDHQORVFLQFRSUL
PHURV VHJXQGRV GHVGH ORV FLQFR VHJXQGRV KDVWD DOFDQ
]DUVHJXQGRVGHFRQWDFWRVHHQFXHQWUDHOLQWHUYDORGH
WLHPSR GRQGH HO PDWHULDO DOFDQ]D VX VDWXUDFLyQ FRQ HO
KLGURFDUEXUROLYLDQR

*UiILFR0i[LPDFDSDFLGDGGHVRUFLyQGHORVPDWHULDOHV
HQDJXDGHVWLODGD\PDULQDDUWLILFLDOHQHVWDGRHVWiWLFR

*UiILFR/LQHDOL]DFLyQGHORVGDWRVGHFLQpWLFDGHVRUFLyQ
FRQKLGURFDUEXURSHVDGR ƒ$3,

*UiILFR0i[LPDFDSDFLGDGGHVRUFLyQGHORVPDWHULDOHV
HQDJXDGHVWLODGD\PDULQDDUWLILFLDOHQHVWDGRGLQiPLFR

6HJ~Q %HRP*RR /HH HW DO   XQD LPSRUWDQWH


FDXVDGHODVRUFLyQGHDJXDHVODSUHVHQFLDGHODVPR
OpFXODV GH FHOXORVD HQ ODV ILEUDV ODV FXDOHV WLHQHQ XQD
*UiILFR&LQpWLFDGHVRUFLyQGHORVPDWHULDOHVFHOXOyVLFRVFRQ
KLGURILOLGDG QDWXUDO GHELGR D ORV JUXSRV KLGUR[LOR SUH
KLGURFDUEXURSHVDGR ƒ$3,
VHQWHV HQ HOODV
(Q OD WDEOD VH UHSRUWDQ ORV UHVXOWDGRV GH ODV FRQVWDQWHV
&LQpWLFDGHVRUFLyQ FLQpWLFDV GHWHUPLQDGDV SDUD ORV PDWHULDOHV FRQ FDGD XQR
GH ORV KLGURFDUEXURV
(QODGHWHUPLQDFLyQGHODFLQpWLFDGHVRUFLyQVHHQFRQWUy
TXH ORV PDWHULDOHV FHOXOyVLFRV DOFDQ]DQ VX VDWXUDFLyQ HQ /RVPDWHULDOHVFHOXOyVLFRVSUHVHQWDURQXQFRPSRUWDPLHQWR
PHQRV GH XQ PLQXWR *UiILFR   GHELGR DO WDPDxR \ GL VLPLODU HQ OD FLQpWLFD GH VRUFLyQ FRQ ORV KLGURFDUEXURV
YHUVLGDG GH HVWUXFWXUDV FDSLODUHV SUHVHQWHV TXH IDFLOLWDQ OLYLDQR ƒ$3,  \ PHGLR ƒ$3, 
HO LQJUHVR \ DGKHVLyQ GHO KLGURFDUEXUR D HVWDV
7UDWDPLHQWRWpUPLFR
(O FRPSRUWDPLHQWR FLQpWLFR GH GLFKRV PDWHULDOHV VH UH
SUHVHQWDDGHFXDGDPHQWHFRQHOPRGHORGHGHPDQGDGH 0HGLDQWH HO DQiOLVLV WHUPRJUDYLPpWULFR GH ORV PDWHULDOHV
VRUFLyQ FRPR VH SUHVHQWD HQ HO *UiILFR  GRQGH VH VH VHOHFFLRQy XQ LQWHUYDOR GH WHPSHUDWXUD GH R& D
PXHVWUD OD OLQHDOL]DFLyQ GH ORV GDWRV GH ORV PDWHULDOHV ƒ& HQ HO FXDO VH GHVSUHQGHQ GH OD VXSHUILFLH GH ORV
FHOXOyVLFRV FRQ KLGURFDUEXUR SHVDGR ƒ$3,  ORV FXDOHV PDWHULDOHV FRPSXHVWRV YROiWLOHV KLGURItOLFRV \ D VX YH]
VHDMXVWDQDGHFXDGDPHQWHFRQXQDDFHSWDEOHFRUUHODFLyQ VXFHGHXQDOHYHFDUERQL]DFLyQVXSHUILFLDOORTXHDXPHQWD
TXH SHUPLWH GHWHUPLQDU ODV FRQVWDQWHV GHO PRGHOR TXH ODQDWXUDOH]DKLGURIyELFDGHORVPDWHULDOHVHVSHFLDOPHQ

5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'( 
%,20$7(5,$/(6625%(17(63$5$/$/,03,(=$'('(55$0(6'(+,'52&$5%8526(168(/26<&8(5326'($*8$

WHHQODILEUDGHFDxDGRQGHVHSUHVHQWDXQDSpUGLGDGH ILEUDQRWUDWDGDWpUPLFDPHQWHGHDJGHKLGUR
VXSHVRFHUFDQDDOGHQWURGHOLQWHUYDORGHWHPSHUDWX FDUEXURJGHPDWHULDOHQODVRUFLyQGHKLGURFDUEXUROLYLD
UD GH ƒ& D ƒ& HVWR SHUPLWH UHGXFLU OD FDSDFLGDG QR ƒ$3,  PLHQWUDV TXH VH PDQWLHQH FRQVWDQWH OD
GH VRUFLyQ GH DJXD UHVSHFWR D OD ILEUD QR WUDWDGD VRUFLyQ GH KLGURFDUEXUR SHVDGR ƒ$3,  HQ  J GH KL
WpUPLFDPHQWH /D UHGXFFLyQ HQ OD FDSDFLGDG GH VRUFLyQ GURFDUEXURJ GH PDWHULDO
GH DJXD GHELGR D HVWH WUDWDPLHQWR HV GH  D  J GH
DJXDJ GH PDWHULDO OR TXH HVWi SRU GHEDMR GHO PDWHULDO
FRPHUFLDO  J GH DJXDJ GH PDWHULDO 

7DEOD&RQVWDQWHVGHOPRGHORFLQpWLFRSDUDORVPDWHULDOHVFRQ
ORVWUHVKLGURFDUEXURV \ƒ$3, 7UDWDPLHQWRWpUPLFR

*UiILFR&DSDFLGDGGHVRUFLyQGHDJXDGHVWLODGDSRUSDUWH
GHORVPDWHULDOHVFRQ\VLQWUDWDPLHQWRWpUPLFR

*UiILFR&DSDFLGDGGHVRUFLyQGHKLGURFDUEXUROLYLDQR ƒ$3,
SRUSDUWHGHORVPDWHULDOHVFRQ\VLQWUDWDPLHQWRWpUPLFR

(OEXFKyQSUHVHQWDXQDSpUGLGDHQSHVRVLJQLILFDWLYDGHV
GH ORV ƒ&  KDVWD ORV ƒ& LQWHUYDOR HQ HO FXDO HVWi
SHUGLHQGR VX KXPHGDG LQLFLDO OD FXDO VH HQFXHQWUD FHU
FDQD DO  HQ SHVR /XHJR GH ORV ƒ& VH  PDQWLHQH
FRQVWDQWH OD SHUGLGD HQ SHVR KDVWD ORV ƒ& LQWHUYDOR
HQ HO FXDO VH HVWiQ YRODWLOL]DQGR FRPSXHVWRV KLGURItOLFRV
GH EDMR SHVR VLQ HQWUDU D GDxDU R GHVWUXLU OD HVWUXFWXUD
GHOPDWHULDOHVWRSHUPLWHXQDUHGXFFLyQHQODFDSDFLGDG
GHVRUFLyQGHDJXDGHDJGHDJXDJGHPDWH
ULDOVLQHPEDUJRHVWDFDSDFLGDGGHVRUFLyQGHDJXDHVWi
SRU HQFLPD GHO PDWHULDO FRPHUFLDO
*UiILFR&DSDFLGDGGHVRUFLyQGHKLGURFDUEXURSHVDGR
3DUDODILEUDGHFRFRHOWUDWDPLHQWRWpUPLFRQRUHVXOWyVHU ž$3, SRUSDUWHGHORVPDWHULDOHVFRQ\VLQWUDWDPLHQWRWpUPLFR
HIHFWLYR\DTXHODKLGURILOLGDGGHOPDWHULDOVHGHEHDTXH
HVWDILEUDHVWiFRPSXHVWDSULQFLSDOPHQWHGHFHOXORVDFRQ &RQFOXVLRQHV
SRFRV JUXSRV YROiWLOHV KLGURItOLFRV TXH SXHGDQ HVFDSDU
6HHQFRQWUyTXHORVPDWHULDOHVHYDOXDGRV EXFKyQGHDJXD
GXUDQWH HO WUDWDPLHQWR WpUPLFR 7DPSRFR SUHVHQWy FDP
\ ILEUDV GH FRFR \ FDxD  VRQ HIHFWLYRV SDUD VHU XVDGRV
ELR DOJXQR HQ OD FDSDFLGDG GH VRUFLyQ GH KLGURFDUEXURV
FRPRPDWHULDOHVVRUEHQWHVGHKLGURFDUEXURVHQODPLWLJD
UHVSHFWR D OD ILEUD QR WUDWDGD WpUPLFDPHQWH
FLyQ \ FRQWURO GH GHUUDPHV \ HVFDSHV GH FRPEXVWLEOHV
'HRWURODGRSDUDHOEXFKyQGHDJXDVHREVHUYDXQDX OtTXLGRV FRQ FDSDFLGDGHV GH VRUFLyQ LJXDOHV R VXSHULRUHV
PHQWR HQ OD VRUFLyQ GH KLGURFDUEXUR OLYLDQR ƒ$3,  \ DO PDWHULDO FRPHUFLDO HYDOXDGR
SHVDGR ƒ$3,  UHVSHFWR DO EXFKyQ GH DJXD VLQ WUDWDU (Q JHQHUDO ORV PDWHULDOHV VRUEHQ PiV HILFLHQWHPHQWH HO
WpUPLFDPHQWH JUiILFRV\ 3DUDODILEUDGHFDxDWUDWD KLGURFDUEXUR SHVDGR ƒ$3,  \ PHGLR ƒ$3,  TXH HO
GDWpUPLFDPHQWHVHSUHVHQWyXQDGLVPLQXFLyQIUHQWHDOD KLGURFDUEXUR OLYLDQR ƒ$3, 

 5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
257,=$1'5$'(52'5Ì*8(=0217(1(*52

(O EXFKyQ GH DJXD SUHVHQWy HO PHMRU GHVHPSHxR FRQ HO %HUJXHLUR - 5 &RQWDPLQDFLyQ 4XtPLFD D OD 0DU
KLGURFDUEXUR OLYLDQR ƒ$3,  \ OD ILEUD GH FRFR FRQ HO 8QLYHUVLGDG'HODV,VODV%DOHDUHV(VSDxD)HEUHUR
KLGURFDUEXUR PHGLR ƒ$3,  \ SHVDGR ƒ$3,  6LQ HP %HW]0$6LPSOH:D\WR(OLPLQDWH2LOVIURP:DWHU
EDUJR WRGRV ORV PDWHULDOHV FHOXOyVLFRV SUHVHQWDURQ FDSD 6SLOO6FLHQFH 7HFKQRORJ\%XOOHWLQ9RO1R²
FLGDGHV GH VRUFLyQ LJXDOHV R VXSHULRUHV DO PDWHULDO FR SS²
PHUFLDO (&23(752/ 3ODQ 1DFLRQDO GH &RQWLQJHQFLD 6LVWHPD
QDFLRQDOGHHTXLSRV\H[SHUWRVHQFRQWUROGHGHUUDPHV\HVFDSHV
$GHPiV GH OD VRUFLyQ GH KLGURFDUEXUR RWUDV FDUDFWHUtVWLFDV
GHKLGURFDUEXURV7RPR,'HVFULSFLRQHV%iVLFDV
FRPR OD IORWDELOLGDG IODPDELOLGDG \ EDMD VRUFLyQ GH DJXD
VRQLPSRUWDQWHVDODKRUDGHVHOHFFLRQDUXQPDWHULDOVRUEHQWH (&23(752/ /RV GHUUDPHV GH KLGURFDUEXURV \ VX
PDQHMRXQUHVXPHQ$VXQWRV$PELHQWDOHV9LFHSUHVLGHQFLD
GHKLGURFDUEXURV7RGRVORVPDWHULDOHVHYDOXDGRVSDVDURQOD
GHUHILQDFLyQ\WUDQVSRUWHGLYLVLyQWpFQLFD
SUXHEDGHIORWDELOLGDG\IODPDELOLGDG
(GZDUG+25HVSRQVHVWUDWHJLHVIRU6SLOOVRQODQG6SLOO
(OEXFKyQGHDJXDSUHVHQWyXQDDOWDVRUFLyQGHDJXDGXOFH 6FLHQFH 7HFKQRORJ\9RO1RSS²
\ PDULQD DUWLILFLDO WDQWR HQ HVWDGR HVWiWLFR FRPR GLQiPL (QJLQHHULQJ 2XU )XWXUH 6OLFNEXVWHUV 6XEVWDQFHV
FRORTXHOROLPLWDSDUDHOXVRH[FOXVLYRHQVXHORV/DILEUD 6XUIDFHVDQG6HSDUDWLRQV8QLWSS
GH FRFR VH UHFRPLHQGD SDUD VXHORV \ DJXDV WUDQTXLODV )L )HUUDQWH'6RUSWLRQ3URFHVVHV*URXGZDWHU3ROOXWLRQ
QDOPHQWH OD ILEUD GH FDxD HV UHFRPHQGDGD HQ VXHORV \ 3ULPHU&LYLO(QJLQQHULQJ'HSW9LUJLQLD7HFK
DJXDV WDQWR WUDQTXLODV FRPR WXUEXOHQWDV *KDODPERU $ &RPSRVWLQJ WHFKQRORJ\ IRU SUDFWLFDO
(O FRPSRUWDPLHQWR FLQpWLFR GH ORV PDWHULDOHV HV VLPLODU DQG VDIH UHPHGLDWLRQ RI RLO VSLOO UHVLGXDOV 8QLYHUVLW\ RI
HQWUHVtLQLFLDOPHQWHVHSUHVHQWDXQDHWDSDGHPX\UiSL 6RXWKZHVWHUQ/RXLVLDQD
GDYHORFLGDGGHVRUFLyQODFXDOGLVPLQX\HKDVWDDOFDQ]DU +RUVW 8 2HELXV 3K\VLFDO 3URSHUWLHV DQG 3URFHVVHV
OD VDWXUDFLyQ WKDW ,QIOXHQFH WKH &OHDQ 8S RI 2LO 6SLOOV LQ WKH 0DULQH
(QYLURQPHQW 6SLOO 6FLHQFH  7HFKQRORJ\ %XOOHWLQ 9RO 
0HGLDQWH HO WUDWDPLHQWR WpUPLFR GH ORV PDWHULDOHV VH OR
1RSS
JUyPHMRUDUODKLGURIRELFLGDGGHODILEUDGHFDxD\HOEX
,&3/RVGHUUDPHVGHSHWUyOHRHQHFRVLVWHPDVWURSLFDOHV
FKyQGHDJXDODILEUDGHFRFRQRSUHVHQWyFDPELRVFRQ

HVWH WUDWDPLHQWR
,1$*$.,0LFKLR6RUSWLRQDQGUHFRYHU\RIKHDY\RLOV
(OWUDWDPLHQWRWpUPLFRQRDIHFWDQHJDWLYDPHQWHODVRUFLyQ XVLQJFDUERQL]HGILUILEHUVDQGUHF\FOLQJ(OVHLYHU
GH KLGURFDUEXURV D H[FHSFLyQ GH OD ILEUD GH FDxD FRQ
,723) 7KH ,QWHUQDWLRQDO 7DQNHU 2ZQHUV 3ROOXWLRQ
KLGURFDUEXUR OLYLDQR ƒ$3,  OR TXH KDFH GH HVWH WUDWD )HGHUDWLRQ/WG2LO7DQNHU6,3,6WDWLVWLFV
PLHQWR XQD EXHQD DOWHUQDWLYD SDUD PHMRUDU ODV SURSLHGD
/HH %* +DQ - 6 \ 5RZHOO 5 0 2LO 6RUSWLRQ %\
GHV GH ORV PDWHULDOHV VRUEHQWHV /LJQRFHOOXORVLF)LEHUV&DStWXORSS
$JUDGHFLPLHQWRV 0F .D\ * 8VH RI DGVRUEHQWV IRU WKH UHPRYDO RI
SROOXWDQWV IURP ZDVWHZDWHUV &56 3UHVV 'HSDUWDPHQW RI
$OD'LYLVLyQGH,QYHVWLJDFLyQGHOD8QLYHUVLGDG1DFLRQDO FKHPLFDOHQJLQHHULQJ+RQJ.RQJ8QLYHUVLW\RI6FLHQFHDQG
GH &RORPELD SRU OD ILQDQFLDFLyQ GHO SUR\HFWR ´(VWXGLR \ WHFKQRORJ\.RZORRQ+RQJ.RQJ
GHVDUUROOR GH PDWHULDOHV VRUEHQWHV GH KLGURFDUEXURV SDUD 2ULJHO*XWLpUUH] * \ 7RUUHV5RGUtJXH] 9 0DSD GH
HOFRQWUROGHGHUUDPHVGHFRPEXVWLEOHVµLGHQWLILFDGRFRQ DPHQD]DGHFRQWDPLQDFLyQSRUGHUUDPHVGHKLGURFDUEXURV
HO Q~PHUR  HQ OD )DFXOWDG GH ,QJHQLHUtD GH OD HQXQDUHJLyQWURSLFDOGH0p[LFR8QLGDGGH*HRWHUPLD
8QLYHUVLGDG 1DFLRQDO GH &RORPELD VHGH %RJRWi ,QVWLWXWR GH ,QYHVWLJDFLRQHV (OpFWULFDV ,,(  $3 
&XHUQDYDFD 0RU 0p[LFR 
$ODELyORJD0DUWKD9DOHQFLDGH&KDSDUURSURIHVRUDDVR 7HDV&K.DOOLJHURV6=DQLNRV)6WRXPDV6/RLV(
FLDGDDOGHSDUWDPHQWRGH%LRORJtDGHOD)DFXOWDGGH&LHQ \ $QDVWRSRXORV * ,QYHVWLJDWLRQ RI WKH HIIHFWLYHQHVV RI
FLDVGH8QLYHUVLGDG1DFLRQDOGH&RORPELDVHGH%RJRWi DEVRUEHQW PDWHULDOV LQ RLO VSLOO FOHDQ XS 6SLOO 6FLHQFH
7HFKQRORJ\%XOOHWLQ9ROSS²
%LEOLRJUDItD :HL 4 ) 0DWKHU 5 5 \ )RWKHULQJKDP $ ) 2LO
$KPDG%6H\HG$2LO6SLOO&OHDQXSIURP6HD:DWHU UHPRYDOIURPXVHGVRUEHQWVXVLQJDELRVXUIDFWDQW6RXWKHUQ
E\ 6RUEHQW 0DWHULDO &KHPLFDO (QJLQHHULQJ DQG <DQJW]H8QLYHUVLW\:X[L&KLQD(OVHYLHU/WG)HEUHUR
7HFKQRORJ\ :,/(< ² 9&+ 9HUODJ *PE+  .*D$ 1R :HVWZLFN)DUURZ3W\/WG6SLOO&RQWURO$QGWKH&RUUHFW
SS 6RUEHQW6HOHFWLRQ:KLWHSDSHUV:DVWH6WUHPV

5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'( 

You might also like