You are on page 1of 5

0HGXOREODVWRPDGHSUHVHQWDFLyQH[WUDD[LDOHQHOiQJXORSRQWRFHUHEHORVR

-/*LO6DO~)5RGUtJXH]3HxD0/ySH](VFREDU\ 0-3DORPR

6HUYLFLRVGH1HXURFLUXJtD\ $QDWRPtD3DWROyJLFD+RVSLWDO8QLYHUVLWDULR3XHUWDGHO0DU&iGL]

5HVXPHQ 6XPPDU\

 'LIHUHQFLDV HQ OD SUHVHQWDFLyQ UDGLROyJLFD GH  'LIIHUHQFHV LQ WKH LPDJLQJ FKDUDFWHULVWLF RI DGXOW
PHGXOREODVWRPDVHQODHGDGDGXOWD\DKDQVLGRSXEOL PHGXOOREODVWRPDV KDYH EHHQ UHSRUWHG LQFOXGLQJ
FDGDV LQFOX\HQGR OD ORFDOL]DFLyQ HQ ORV KHPLVIHULRV LQYROYHPHQW RI ODWHUDO FHUHEHOODU KHPLVSKHUHV ZLWK DQ
FHUHEHORVRV FRQ DSDULHQFLD H[WUDD[LDO 3UHVHQWDPRV H[WUDD[LDODSSHDUDQFH:HSUHVHQWDFDVHUHSRUWRIWKLV
XQFDVRFOtQLFRHQTXHVXORFDOL]DFLyQHVSRFRIUHFXHQWH UDUH FLUFXPVWDQFH D \HDU ROG PDQ SUHVHQWHG ZLWK
YDUyQGHDxRVGHHGDGTXHUH¿HUHHSLVRGLRVGHFHID D ZHHNV KLVWRU\ RI KHDGDFKH PRUQLQJ YRPLWLQJ DQG
OHDV YyPLWRV PDWXWLQRV \ GL¿FXOWDGHV GH DXGLFLyQ HQ OHIW KHDULQJ GLI¿FXOWLHV 0DJQHWLF UHVRQDQFH LPDJLQJ
ODGRL]TXLHUGRGHVHPDQDVGHHYROXFLyQ/D7$&\50 UHYHDOHGDOHIWFHUHEHOORSRQWLQHDQJOH &3$ WXPRUOLNH
FHUHEUDOPRVWUDURQODH[LVWHQFLDGHXQWXPRUHQiQJXOR D ZHOO FLUFXPVFULEHG KRPRJHQHRXVO\ HQKDQFLQJ PDVV
SRQWRFHUHEHORVRL]TXLHUGRGHDSDULHQFLDH[WUDD[LDO\ 7KURXJKDOHIWVXERFFLSLWDOFUDQLHFWRP\WKHWXPRUZDV
TXHVHUHDO]DEDKRPRJpQHDPHQWHFRQHOFRQWUDVWH)XH WRWDOO\UHPRYHG,WSUHVHQWHGDVDFHUHEHOORSRQWLQHDQJOH
LQWHUYHQLGR\HOWXPRUPDFURVFySLFDPHQWHUHVHFDGRHQ WXPRU OLNH D PHQLQJLRPD DQG QRW DV DQ LQWUDD[LDO
VXWRWDOLGDGDWUDYpVGHXQDFUDQLHFWRPtDVXERFFLSLWDO WXPRU +LVWRORJLFDO DQDO\VLV UHYHDOHG WKDW WKH WXPRU
L]TXLHUGD 6X DSDULHQFLD HUD GH WXPRU H[WUDD[LDO ZDV FRPSRVHG RI GHQVHO\ SDFNHG ZLWK KLJKO\ SUROLIH
VHPHMDQGRXQPHQLQJLRPD\VLQDSDUHQWHUHODFLyQFRQ UDWLYHFHOOVWKDWSURGXFHDGHQVHLQWHUFHOOXODUUHWLFXOLQ
HOSDUpQTXLPD/DDQDWRPtDSDWROyJLFDPRVWUyTXHVH ¿EHU QHWZRUN ,QPXQRKLVWRFKHPLFDO DQDO\VLV VKRZHG
WUDWDEDGHXQWXPRUGHHOHYDGDGHQVLGDG\FRPSXHVWR SRVLWLYHH[SUHVVLRQWRV\QDSWRSK\VLQVSHFL¿FQHXURQDO
GHFpOXODVFRQDOWRSRWHQFLDOSUROLIHUDWLYRTXHSUHVHQ HQRODVH DQG FURPRJUDQLQ +LVWRORJLFDO GLDJQRVLV ZDV
WDEDXQDGHQVDPDOODUHWLFXOtQLFDLQWHUFHOXODU(ODQi FUXFLDOWRGH¿QHLWDVDGHVPRSODVWLFPHGXOOREODVWRPD
OLVLV LQPXQRKLVWRTXtPLFR HYLGHQFLy SRVLWLYLGDG HQ OD WKHSUHVHQWFDVHDQGWRSHUIRUPSRVWRSHUDWLYHDGMXYDQW
H[SUHVLyQDVLQDSWR¿VLQDHQRODVDQHXURQDOHVSHFt¿FD\ WKHUDS\ 1HXURVXUJHRQV VKRXOG EH DZDUH RI WKH SRVVL
FURPRJUDQLQD(OGLDJQyVWLFRKLVWRSDWROyJLFRGH¿QLWLYR ELOLW\WKDWD&3$WXPRULVRILQWUDD[LDORULJLQEHFDXVH
IXHGHPHGXOREODVWRPDGHVPRSOiVLFR\HQEDVHDHOORVH WKLVLQFUHDVHWKHYDULDELOLW\RQSDWKRORJLFDOGLDJQRVLV
LQLFLyWHUDSLDFRPSOHPHQWDULD(OSUHVHQWHFDVRFOtQLFR
QRV DGYLHUWH TXH DQWH OD SUHVHQWDFLyQ GH XQ WXPRU GH .(<:25'6 0HGXOOREODVWRPD &HUHEHOORSRQWLQH DQJOH
iQJXORSRQWRFHUHEHORVRHVWHPRVDWHQWRVDODSRVLELOLGDG WXPRUV([RSK\WLFWXPRUV6XUJHU\0HWDVWDVHV
GH TXH H[LVWD XQD UHODFLyQ FRQ HO SDUpQTXLPD YHFLQR
FRPRVLGHXQWXPRUH[RItWLFRVHWUDWDUDORTXHDXPHQWD ,QWURGXFFLyQ
ODYDULDELOLGDGHQHOGLDJQyVWLFRKLVWRSDWROyJLFR
 /D YDULDQWH QRGXODU GH ORV PHGXOREODVWRPDV VXHOH
3$/$%5$6&/$9(0HGXOREODVWRPD7XPRUGHiQJXOR GHQRPLQDUVHGHVPRSOiVLFD\HQHOORVVHHYLGHQFLDQ]RQDV
SRQWRFHUHEHORVR7XPRUH[RItWLFR&LUXJtD0HWiVWDVLV QRGXODUHV OLEUHV GH PDWUL] UHWLFXOtQLFD URGHDGDV SRU XQD
JUDQFDQWLGDGGHFpOXODVHQWUHODVTXHVHSURGXFHXQDGHQVD
0HGXOOREODVWRPDSUHVHQWLQJDVDQH[WUDD[LDOWXPRULQ PDOODGH¿EUDVGHUHWLFXOLQD/RVVXEWLSRVGHVPRSOiVLFRV
WKHFHUHEHOORSRQWLQHDQJOH VHRULJLQDQWtSLFDPHQWHFHUFDGHODVXSHU¿FLHSLDO

$EUHYLDWXUDV $3& iQJXOR SRQWRFHUHEHORVR 3$&) SURWHtQD


iFLGDJOLR¿EULODU
1HXURFLUXJtD5HFLELGR$FHSWDGR


1HXURFLUXJtD
*LO6DO~\FRO  

)LJXUD  3UR\HFFLRQHV D[LDO \ FRURQDO HQ OD 7& FRQ FRQWUDVWH LPiJHQHV VXSHULRUHV L]TXLHUGD \ GHUHFKD  ,PiJHQHV
FRURQDOHVHQ50TXHPXHVWUDQODORFDOL]DFLyQHQ$3&L]TXLHUGR\VXUHODFLyQFRQHOWHQWRULR LPiJHQHVLQIHULRUHVL]TXLHUGD
76(5\GHUHFKD7*G  7&WRPRJUDItDFRPSXWDUL]DGD50UHVRQDQFLDPDJQpWLFD$3&iQJXORSRQWRFHUHEHORVR
*GJDGROLQLR

7UHVDxRVDQWHVDSUR[LPDGDPHQWHKDEtDSUHVHQWDGRFULVLV
 /DV FDUDFWHUtVWLFDV HQ OD QHXURLPDJHQ GH ORV FRQYXOVLYDV WyQLFRFOyQLFDV JHQHUDOL]DGDV TXH VH KDEtDQ
PHGXOREODVWRPDVGHVPRSOiVLFRVVRQYDULDGDVWDQWRHQORV FRQWURODGR FRQ WUDWDPLHQWR DQWLFRPLFLDO \ XQ HVWXGLR GH
TXHVHSUHVHQWDQHQODHGDGDGXOWDFRPRHQODSHGLiWULFD\ 5HVRQDQFLD0DJQpWLFD 50 FHUHEUDOSUDFWLFDGRHQWRQFHV
DXQTXH HV PiV IUHFXHQWH HQ ORV SULPHURV OD ORFDOL]DFLyQ QRPRVWUyKDOOD]JRVSDWROyJLFRV
HQ ORV KHPLVIHULRV FHUHEHORVRV OD DSDULHQFLD H[WUDD[LDO  $OH[DPHQFOtQLFRHOSDFLHQWHVHHQFRQWUDEDFRQVFLHQWH
KDVLGRUDUDYH]GHVFULWD(QHVWRVFDVRVGHEHQGLIHUHQ \ RULHQWDGR GHVWDFDQGR XQD KLSRDFXVLD VHQVRULDO HQ ODGR
FLDUVH IXQGDPHQWDOPHQWH GH ORV PHQLQJLRPDV \ DXQTXH L]TXLHUGRHKLSRHVWHVLDGH9D\9EL]TXLHUGRV$SRUWDEDXQ
VRQWXPRUHVPHQRVYDVFXODUL]DGRVTXHpVWRVFRQIUHFXHQ HVWXGLR QHXURUDGLROyJLFR GH 7RPRJUDItD &RPSXWDUL]DGD
FLDVXVLPLOLWXGUDGLROyJLFDRFDVLRQDHUURUHVGLDJQyVWLFRV 7&  \ 50 FHUHEUDO TXH PRVWUDEDQ XQD OHVLyQ RFXSDQWH
SUHRSHUDWRULRV GHHVSDFLRHQHOiQJXORSRQWRFHUHEHORVR $3& L]TXLHUGR
 3UHVHQWDPRV ORV KDOOD]JRV FOtQLFRV UDGLROyJLFRV GH PiUJHQHV ELHQ GHOLPLWDGRV TXH FRQ XQ WDPDxR GH
TXLU~UJLFRV H KLVWRSDWROyJLFRV HQ XQ SDFLHQWH FRQ XQ  [  FP SDUHFtD LPSODQWDUVH HQ OD FDUD LQWHUQD GHO
PHGXOREODVWRPDGHORFDOL]DFLyQH[WUDD[LDO WHQWRULR \ OD UHJLyQ SHWURVD RFXSDQGR HQ VX WRWDOLGDG OD
FLVWHUQD GHO$3& /D OHVLyQ HUD KLSHUGHQVD \ VH UHDO]DED
&DVRFOtQLFR KRPRJpQHDPHQWH FRQ HO FRQWUDVWH HQ OD7& PRVWUiQGRVH
LVRKLSHULQWHQVD HQ VHFXHQFLDV 7 HQ OD 50 UHDO]iQGRVH
 3DFLHQWH YDUyQ GH  DxRV GH HGDG TXH QRV UHPL WDPELpQ GH IRUPD KRPRJpQHD WUDV OD DGPLQLVWUDFLyQ GH
WHQ GHVGH RWUR FHQWUR DO iUHD GH XUJHQFLDV SRU SUHVHQWDU JDGROLQLR )LJXUD 
FOtQLFD GH FHIDOHDV YyPLWRV PDWXWLQRV \ GL¿FXOWDG HQ OD  /D OHVLyQ IXH H[WLUSDGD D WUDYpV GH XQD FUDQLHFWRPtD
DXGLFLyQ SRU ODGR L]TXLHUGR GH  VHPDQDV GH HYROXFLyQ VXERFFLSLWDO L]TXLHUGD FRQ WpFQLFD PLFURTXLU~UJLFD \


1HXURFLUXJtD
0HGXOREODVWRPDGHSUHVHQWDFLyQH[WUDD[LDOHQHOiQJXORSRQWRFHUHEHORVR  

)LJXUD  +LVWRSDWRORJtD


+HPDWR[LOLQDHRVLQD
WXPRUGHQVDPHQWHFHOXODU
GLVSXHVWR HQ FRUGRQHV
FRPSDFWRV FRQ FpOXODV
FRQ QXFOHRV KLSHUFURPi
WLFRV \ HVFDVR FLWRSODVPD
LPiJHQHV VXSHULRUHV L]
TXLHUGD [  \ GHUHFKD
[   HVWURPD GHVPR
SOiVLFR FRQ GHQVD WUDPD
UHWLFXOtQLFD LPDJHQ LQ
IHULRU GHUHFKD  LQPXQR
KLVWRTXtPLFD SRVLWLYLGDG
D HQRODVD LPDJHQ LQIH
ULRUL]TXLHUGD 

SDUHVFUDQHDOHVGHODYHFLQGDGQLSHQHWUDUHQHOFRQGXFWR
DXGLWLYR LQWHUQR (O H[DPHQ KLVWRSDWROyJLFR UHYHOy TXH
VH WUDWDED GH XQ WXPRU FRQ XQD DOWD GHQVLGDG FHOXODU GH
DOWRSRWHQFLDOSUROLIHUDWLYRTXHSURGXFtDXQDGHQVDPDOOD
GH ¿EUDV GH UHWLFXOLQD VLQ QHFURVLV IRFDO (O H[DPHQ
LQPXQRKLVWRTXtPLFRHYLGHQFLySRVLWLYLGDGHQODH[SUHVLyQ
D VLQDSWR¿VLQD HQRODVD QHXURQDO HVSHFt¿FD \ FURPRJUD
QLQDDVtFRPRGLIHUHQFLDFLyQIRFDOJOLDOFRQSRVLWLYLGDGD
SURWHtQDiFLGDJOLDO¿EULODU 3$*)  )LJXUD 
 (O SDFLHQWH WXYR XQ SRVWRSHUDWRULR VLQ FRPSOLFDFLR
QHV PHMRUy VHQVLEOHPHQWH GH OD FHIDOHD \ QR SUHVHQWy
FULVLV FRQYXOVLYDV 7UDV HO GLDJQyVWLFR KLVWRSDWROyJLFR GH
PHGXOREODVWRPDGHVPRSOiVLFRIXHUHPLWLGRDO6HUYLFLRGH
2QFRORJtD TXLHQHV LQLFLDURQ WUDWDPLHQWR TXLPLRWHUiSLFR
&XDWURPHVHVPiVWDUGHHQXQD50FHUHEUDO\HVSLQDOVH
REVHUYy XQD LQ¿OWUDFLyQ OHSWRPHQtQJHD H LPiJHQHV FRP
SDWLEOHV FRQ PHWiVWDVLV HQ ORV VRPDV YHUWHEUDOHV GH &
)LJXUD&RQWUROSRVWRSHUDWRULRGH50FHUHEUDOVHFXHQ ''''//\/ )LJXUD /DVFLWRORJtDV
FLDV 7  *G LPiJHQHV VXSHULRUHV L]TXLHUGD FRURQDO GH OtTXLGR FHIDORUUDTXtGHR IXHURQ QHJDWLYDV LQLFLiQGRVH
\ GHUHFKD D[LDO  VLQ WXPRU YLVLEOH HVWXGLR GH H[WHQVLyQ WUDWDPLHQWRUDGLRWHUiSLFRFHUHEUDO\HVSLQDO(OHVWXGLRGH
PHGLDQWH 50 HVSLQDO HQ 7 \ 7 VLQ *G TXH HYLGHQFLD H[WHQVLyQSRVWHULRUHYLGHQFLyDGHPiVHQODJDPPDJUDItD
PHWiVWDVLVP~OWLSOHVHQVRPDVYHUWHEUDOHV LPiJHQHVLQIH yVHD¿MDFLyQGHOLVyWRSRHQSDODLOLDFD\OD7&DEGRPLQDO
ULRUHVL]TXLHUGDGRUVROXPEDU\GHUHFKDFHUYLFRGRUVDO  PRVWUy XQD PDVD SpOYLFD$XQTXH HO SDFLHQWH UHFKD]y OD
ELRSVLD GH HVWD ~OWLPD OHVLyQ VH FRPSOHWDURQ  FLFORV GH
VLJXLHQGR XQD YtD H[WUDD[LDO VH FRQVLJXLy XQD UHVHFFLyQ TXLPLRWHUDSLD FRQ FLVSODWLQR HWRSyVLGR \ SDPLGURQDWR
PDFURVFySLFDPHQWH FRPSOHWD 'XUDQWH OD LQWHUYHQFLyQ LQWUDYHQRVR 1XHYH PHVHV WUDV OD FLUXJtD HO SDFLHQWH VH
VH FRPSUREy TXH ORV PiUJHQHV GHO WXPRU VH GHOLPLWDEDQ HQFRQWUDEDHQWUDWDPLHQWRSRUOD8QLGDGGHGRORU\DORV
SHUIHFWDPHQWH \ QR LQ¿OWUDEDQ HO WHMLGR FHUHEHORVR VX PHVHVVHFRQVLGHUDEDVXVLWXDFLyQFRPRWHUPLQDOIDOOH
DVSHFWR HUD HO GH XQ PHQLQJLRPD LPSODQWDGR HQ OD FDUD FLHQGRWUDVVtQGURPHQHXPyQLFR/RVIDPLOLDUHVUHKXVDURQ
LQIHULRU GHO WHQWRULR \ ]RQD SHWURVD VLQ HQJOREDU D ORV ODSUiFWLFDGHHVWXGLRQHFUySVLFR


1HXURFLUXJtD
*LO6DO~\FRO  

'LVFXVLyQ WHULRUTXHVyORXQFDVRVHSUHVHQWyDSDUWLUGHXQDYDULDQWH
GHVPRSOiVLFD 'H PDQHUD PiV GHWDOODGD $KQ DOHUWD DO
 /RV WXPRUHV H[WUDD[LDOHV HQ OD IRVD SRVWHULRU VXHOHQ FOtQLFRVREUHODSRVLELOLGDGGHTXHXQWXPRUGHO$3&VHDGH
GHEXWDUFRQVtQWRPDVGHODHVIHUDDXGLROyJLFD\YHVWLEXODU RULJHQLQWUDD[LDOFXDQGRHQOD50SUHRSHUDWRULDVHREVHUYD
/DPD\RUSDUWHGHHOORVDVLHQWDQHQHO$3&\GHSHQGHQGHO ERUURVLGDGGHOPDUJHQHQWUHHOWXPRU\HOWURQFRHQFpIDORR
9,,,SDUFUDQHDO QHXULQRPDV RGHODVFpOXODVDUDFQRLGHDV FHUHEHORXQFLHUWRJUDGRGHKLSHULQWHQVLGDGSHULWXPRUDOHQ
PHQtQJHDV PHQLQJLRPDV 0XFKRPiVLQIUHFXHQWHHVTXH ODVVHFXHQFLDVSRWHQFLDGDVHQ7GHVSURSRUFLRQDGDSDUDHO
HO WXPRU SURFHGD GHO SURSLR SDUpQTXLPD FHUHEHORVR FUH WDPDxRGHODOHVLyQH[WUDD[LDO\RVLH[LVWHGLODWDFLyQGHO
FLHQGRGHIRUPDH[RItWLFD\SURWUX\HQGRODWHUDOPHQWHDOD UHFHVRODWHUDOGHO,9YHQWUtFXOR(QQXHVWURFDVRODLPDJHQ
FLVWHUQDVLPXODQGRXQDOHVLyQGHO$3&DXQTXHFRQHVWDV HQ 7 HUD tVR \ GLVFUHWDPHQWH KLSHULQWHQVD \ VH UHDO]DED
FDUDFWHUtVWLFDVVHKDQGHVFULWRPHGXOREODVWRPDVSRQWLQRV GHIRUPDKRPRJpQHD\PDUFDGDWUDVODDGPLQLVWUDFLyQGH
DVWURFLWRPDV\HSHQGLPRPDV JDGROLQLR QR RIUHFLHQGR QLQJXQR GH ORV GDWRV VHxDODGRV
 (O PHGXOREODVWRPD GHVPRSOiVLFR VH KD DVRFLDGR D XQ SRU$KQ4XLU~UJLFDPHQWHWDPSRFRVHREMHWLYyUHODFLyQGHO
PHMRUSURQyVWLFRFRPSDUDGRFRQORVVXEWLSRVKLVWROyJLFRV WXPRUFRQODVXSHU¿FLHFHUHEHORVD
FOiVLFRVHQQLxRVVLHQGRODIRUPDGHSUHVHQWDFLyQPiVIUH  /RVKDOOD]JRVKLVWRSDWROyJLFRV\ODH[SUHVLyQLQPXQR
FXHQWHHQDGXOWRVDVtFRPRVXORFDOL]DFLyQKHPLVIpULFD\OD KLVWRTXtPLFD FRQ¿UPDQ OD QDWXUDOH]D WXPRUDO SHUR FRPR
H[LVWHQFLDGHUHFLGLYDVWDUGtDV+LVWROyJLFDPHQWHXQDGHODV D¿UPDQ.OHLKXHV\&DYDQHHODH[SUHVLyQGH3$*)HVWi
KLSyWHVLVPiVYHURVtPLOHVSURSRQHTXHHOPHGXOREODVWRPD UHVWULQJLGDFDVLH[FOXVLYDPHQWHDORVDVWURFLWRVPDGXURV\
FOiVLFR SURFHGH GH FpOXODV GH OD PDWUL] YHQWULFXODU R GHO HQGHVDUUROORHQHOVLVWHPDQHUYLRVRFHQWUDOWDPELpQVHSUH
YHOXPPHGXOODUHPLHQWUDVTXHODYDULDQWHGHVPRSOiVLFDVH VHQWDQFRQFLHUWDDVLGXLGDGHQPHGXOREODVWRPDVFOiVLFRVR
RULJLQDGHVGHODVFpOXODVGHODFDSDJUDQXODUH[WHUQDSRU GHVPRSOiVLFRV\DXQTXHSRGUtDWUDWDUVHGHDVWURFLWRVDWUD
ORTXHVRQOHVLRQHVTXHVHORFDOL]DQFHUFDQDVDODVXSHU¿FLH SDGRVVHUtDFDWHJyULFDVXQDWXUDOH]DQHRSOiVLFDGHHQFRQ
SLDO(VGHVXPDLPSRUWDQFLDSDUDXQFRUUHFWRGLDJQyVWLFR WUDUORVHQODVPHWiVWDVLVGHOPHGXOREODVWRPD$OUHFKD]DU
SUHRSHUDWRULR DQDOL]DU H[KDXVWLYDPHQWH ORV HVWXGLRV GH HO SDFLHQWH OD ELRSVLD GH OD OHVLyQ SpOYLFD GDGR TXH QR
QHXURLPDJHQ LQWHQWDQGR REVHUYDU HVWD LQWHUIDVH HQWUH HO PRGL¿FDUtDODSDXWDGHWUDWDPLHQWRQRSXGLPRVFRQ¿UPDU
SDUpQTXLPD\ORVHVSDFLRVFLVWHUQDOHV HVWH~OWLPRDVSHFWRHQQXHVWURFDVRSRUORTXHVyORSRGH
 (O SURQyVWLFR GH ORV SDFLHQWHV FRQ OD YDULDQWH PRVFRQVLGHUDUODVFRPRSRVLEOHVRDSDUHQWHVPHWiVWDVLVGHO
GHVPRSOiVLFDGH¿QLGRVREUHODEDVHGHODQRGXODULGDGHV PHGXOREODVWRPD
VLJQL¿FDWLYDPHQWHPHMRUHQQLxRVVLHQGRORVUHVXOWDGRV  6H SODQWHD WDPELpQ FRPR KLSyWHVLV HWLROyJLFD HO TXH
HQ DGXOWRV FRQWUDGLFWRULRV (O JUDGR GH UHVHFFLyQ TXL SXGLHUDWUDWDUVHGHXQWXPRUQHXURHQGRFULQRGHRULJHQSpO
U~UJLFDHVXQLPSRUWDQWHIDFWRUSURQyVWLFR1RREVWDQWH YLFRTXHKXELHUDGHEXWDGRFRQXQDPHWiVWDVLVFHUHEUDOHQ
OD HGDG GHO SDFLHQWHOD H[WHQVLyQ GH OD HQIHUPHGDGHQ HO HO$3&SHURODKLVWRULD\HYROXFLyQGHOSURFHVRORGHVFDU
PRPHQWRGHOGLDJQyVWLFR\ODGRVLV\YROXPHQGHODUDGLRWH WDQ(QDOJXQRGHORVFDVRVSXEOLFDGRVFRH[LVWHQODOHVLyQ
UDSLDVHDFHSWDTXHGH¿QHQHOSURQyVWLFRGHORVSDFLHQWHV'H FHUHEUDO \ H[WUDFHUHEUDO HQ HO PRPHQWR GHO GLDJQyVWLFR
HVWDIRUPD\MXQWRDORVDQWHULRUHVIDFWRUHVTXHLQÀX\HQHQ FOtQLFRSXGLHQGRSODQWHDUVHODSRVLELOLGDGDQWHVVHxDODGD
HOSURQyVWLFRODH[WHQVLyQGHODHQIHUPHGDGGH¿QLGDSRU  ([LVWHSRUORWDQWRXQDPiVDPSOLDYDULDELOLGDGHQOD
ODSUHVHQFLDGHODGLVHPLQDFLyQPHWDVWiVLFD *UDGRVGH IRUPDGHSUHVHQWDFLyQUDGLROyJLFDGHORVPHGXOREODVWRPDV
&KDQJ  FDWDORJDQ HO ULHVJR GH ORV SDFLHQWHV HQ HVWiQGDU GHVPRSOiVLFRV FRQ FUHFLPLHQWR H[RItWLFR TXH OD GHVFULWD
RDOWR(QQXHVWURFDVRDOH[LVWLUGLVHPLQDFLyQVLVWpPLFD KDVWD DKRUD 1L OD LPSUHVLyQ LQWUDRSHUDWRULD GH WXPRU
JUDGR0GHO³&KDQJVWDJLQJV\VWHP´ODVXSHUYLYHQFLDD SULPDULR H[WUDD[LDO FRPR XQ PHQLQJLRPD SXHGH VHU
ORV  DxRV D~Q FRQ WUDWDPLHQWRV UDGLR \ TXLPLRWHUiSLFRV FDWHJyULFD DO UHVSHFWR SRU OR TXH VH KDFH QHFHVDULR XQD
FRPSOHPHQWDULRVQRVXSHUDHOGHORVSDFLHQWHV FRQ¿UPDFLyQ KLVWRSDWROyJLFD H LQPXQRKLVWRTXtPLFD TXH
 .RFLGHVFULEHORVKDOOD]JRVHQ50GHSDFLHQWHVFRQ YHUL¿TXHQ HO GLDJQyVWLFR \ SHUPLWDQ LQLFLDU GH IRUPD
PHGXOREODVWRPDV KHPLVIpULFRV FHUHEHORVRV /RV WXPRUHV SUHFR] WUDWDPLHQWRV FRPSOHPHQWDULRV &RPR VH UHFRJH
HUDQWtSLFDPHQWHKLSRLQWHQVRVHQ7SHURWHQtDQXQDPSOLR H[SUHVDPHQWHHQHOFDVRSUHVHQWDGRSRU1DLP8U5DKPDQ
HVSHFWURGHSUHVHQWDFLyQHQODVLPiJHQHVSRQGHUDGDVHQ7 \FROVHQHOQXHVWURQRSXGLPRVDSUHFLDUQLQJXQDFRQWL
(OUDQJRGHFDSWDFLyQWUDVODDGPLQLVWUDFLyQGHJDGROLQLR QXLGDGGHOWXPRUFRQHOSDUpQTXLPDFHUHEHORVRHQHODFWR
YDULDEDGHVGHOHYHDKHWHURJpQHRRPX\PDUFDGR6yORXQ TXLU~UJLFR OR TXH SODQWHD OD SRVLELOLGDG GH TXH H[LVWDQ
WXPRUSHUPDQHFtDLVRLQWHQVRHQ7WUDVODDGPLQLVWUDFLyQ PHGXOREODVWRPDVYHUGDGHUDPHQWHH[WUDD[LDOHV
GHOFRQWUDVWH\HQWUHRWURVKDOOD]JRVVHGHVFULEHHOFUHFL
PLHQWRH[RItWLFRKDFLDHO$3&(QRWUDVVHULHVSXEOLFDGDV (VWH WUDEDMR VH SUHVHQWy HQ HO ,,, &XUVR SDUD 5HVLGHQWHV
VH UHÀHMDQ ORFDOL]DFLRQHV H[WUDD[LDOHV HQ OD FLVWHUQD GHO \ 1HXURFLUXMDQRV MyYHQHV FHOHEUDGR HQ 0LUDÀRUHV GH OD
$3&SHURHOPLVPRDXWRUUHFRQRFHHQRWURDUWtFXORSRV 6LHUUDGHODOGH2FWXEUHGH


1HXURFLUXJtD
0HGXOREODVWRPDGHSUHVHQWDFLyQH[WUDD[LDOHQHOiQJXORSRQWRFHUHEHORVR  

%LEOLRJUDItD RI FODVV ,,, EHWDWXEXOLQ LVRW\SD DQG FDOELQGLQ'N GH¿QHV


GLVWLQFW QHXURQDO W\SHV LQ WKH GHYHORSLQJ KXPDQ FHUHEHOODU
  $KQ 06 -DFNOHU 5. ([RSK\WLF EUDLQ WXPRUV FRUWH[´-1HXURSDWKRO([S1HXURO
PLPLFNLQJ SULPDU\ OHVLRQV RI WKH FHUHEHOORSRQWLQH DQJOH  .OHLKXHV3&DYHQHH:.7XPRXUVRIWKHQHUYRXV
/DU\QJRVFRSH V\VWHP3DWKRORJ\DQGJHQHWLFV/\RQ,$5&3UHVV
  %DUyQ 6DXUD -0 5RGD -0 3pUH] $QWyQ -$   .RFL 70 &KLDQJ ) 0HKULQJHU &0 <XK :7
&DOYR 0 'LpJXH] ( $OEHUW 6ROtV - 7XPRU GHO iQJXOR 0D\U 1$ ,WDEDVKL + 3ULEUDP +) $GXOW FHUHEHOODU
SRQWRFHUHEHORVR\JUDQPDVDPHGLDVWtQLFDSRVWHULRU5HY&OtQ PHGXOOREODVWRPD LPDJLQJ IHDWXUHV ZLWK HPSKDVLV RQ 05
(VS ¿QGLQJV$P-1HXURUDGLRO
 %HFNHU5/%HFNHU$'6REHO')$GXOWPHGXOOR   .XPDU 5$FKDUL * %DQHUMHH ' &KKDEUD '.
EODVWRPDUHYLHZRIFDVHVZLWKHPSKDVLVRQ05,1HXURUD 8QFRPPRQ SUHVHQWDWLRQ RI PHGXOOREODVWRPD &KLOGV 1HUY
GLRORJ\ 6\VW
  %HXWOHU$6 +VLDQJ -. 0RRUKRXVH ') +DQVHQ   .XPDU 5 $FKDUL * 0LVKUD $ &KKDEUD '.
/$ $ONVQH -) 3LORF\WLF DVWURF\WRPD SUHVHQWLQJ DV DQ 0HGXOOREODVWRPDVRIWKHFHUHEHOORSRQWLQHDQJOH1HXURO,QGLD
H[WUDD[LDO WXPRU LQ WKH FHUHEHOORSRQWLQH DQJOH FDVH UHSRUW 
1HXURVXUJHU\   0F/HQGRQ 5( )ULHGPDQ +6 )XFKV +( HW DO
 %XUJHU3&*UDKPDQQ)&%OLHVWOH$HWDO'LIIH 'LDJQRVWLFPDUNHUVLQSDHGLDWULFPHGXOOREODVWRPDD3DHGLDWULF
UHQWLDWLRQLQWKHPHGXOOREODVWRPD$KLVWRORJLFDODQGLQPXQR 2QFRORJ\*URXS6WXG\+LVWRSDWKRORJ\
KLVWRFKHPLFDOVWXG\$FWD1HXURSDWKRO   1DLPXU5DKPDQ -DPMRRP $ DO5D\HVV 0
  %XUJHU 3& 6FKHLWKDXHU %: 9RJHO )6 6XUJLFDO -DPMRRP=$&HUHEHOORSRQWLQHDQJOHPHGXOOREODVWRPD%U
SDWKRORJ\RIWKHQHUYRXVV\VWHPDQGLWVFRYHULQJ1HZ<RUN -1HXURVXUJ
&KXUFKLOO/LYLQJVWRQH   6XUH 8 %HUJKRUQ :- %HUWDODQII\ + HW DO 6WD
  &KDQJ &+ +RXVHSLDQ (0 +HUEHUW & $Q RSH JLQJ VFRULQJ DQG JUDGLQJ RI PHGXOOREODVWRPD$ SRVWRSHUD
UDWLYH VWDJLQJ V\VWHP DQG D PHJDYROWDJH UDGLRWKHUDSHXWLF WLYHSURJQRVLVSUHGLFWLQJV\VWHPEDVHGRQWKHFDVHVRIDVLQJOH
WHFKQLFIRUFHUHEHOODUPHGXOOREODVWRPDV5DGLRORJ\ LQVWLWXWH$FWD1HXURFKLU
  <DPDGD6$LED7+DUD0&HUHEHOORSRQWLQHDQJOH
  *LDQJDVSHUR ) 3HULORQJR * )RQGHOOL 03 HW DO PHGXOOREODVWRPDFDVHUHSRUWDQGOLWHUDWXUHUHYLHZ%U-1HX
0HGXOOREODVWRPD ZLWK H[WHQVLYH QRGXODULW\ D YDULDQW ZLWK URVXUJ
IDYRUDEOHSURJQRVLV-1HXURVXUJ  =HOW]HU30%R\HWW-0)LQOD\$/HWDO0HWDV
 *LRUGDQD07&DYDOOD3&KLR$HWDO3URJQRVWLF WDVLVVWDJHDGMXYDQWWUHDWPHQWDQGUHVLGXDOWUHDWPHQWDUHSURJ
IDFWRUVLQDGXOWPHGXOOREODVWRPD$FOLQLFRSDWKRORJLFVWXG\ QRVLV IDFWRUV IRU PHGXOOREODVWRPDV LQ FKLOGUHQ FRQFOXVLRQV
7XPRUL IURP WKH FKLOGUHQ¶V FDQFHU JURXS  UDQGRPL]HG SKDVH ,,,
  *LRUGDQD 07 6FKLIIHU 3 /DQRWWH 3 (W DO (SL VWXG\-&OLQ2QFRO
GHPLRORJ\RIDGXOWPHGXOOREODVWRPD,QW-&DQFHU
 *LO6DO~-/5RGUtJXH]3HxD)/ySH](VFREDU03DORPR
 +RXVH-/%XUW053ULPDU\&16WXPRUVSUHVHQ 0- 0HGXOREODVWRPD GH SUHVHQWDFLyQ H[WUDD[LDO HQ HO
WLQJDVFHUHEHOORSRQWLQHDQJOHWXPRUV$P-2WRO1RY iQJXORSRQWRFHUHEHORVR1HXURFLUXJtD
VXSSO
  .DWVHWRV &' )UDQNIXUWHU$ &KULVWDNRV 6 0DQ &RUUHVSRQGHQFLDSRVWDO-/*LO6DO~$SGRFRUUHRV
FDOO (/ 9ODFKRV ,1 8ULFK + 'LIIHUHQWLDO ORFDOL]DWLRQ 6DQ)HUQDQGR&DGL](VSDxD



You might also like