/$*(67,216,67(0,&$'(352<(&726'(

75$16)250$&,Ï125*$1,=$7,9$
$UDQJR6HUQD0DUWtQ'DUtR5RGHQHV$GDP0DQXHO

'HSDUWDPHQWRGH2UJDQL]DFLyQGH(PSUHVDV8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDPDUDQJR#RPSXSYHV

'HSDUWDPHQWRGH2UJDQL]DFLyQGH(PSUHVDV8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDPURGHQHV#RPSXSYHV

5(680(1

(VWH WUDEDMR VH HQPDUFD GHQWUR GH XQ SUR\HFWR GH LQYHVWLJDFLyQ VREUH LQQRYDFLyQ GH SURFHVRV
XWLOL]DQGRODGLQiPLFDGHVLVWHPDVFRPRKHUUDPLHQWDPRGHOL]DGRUD\WHQLHQGRSUHVHQWHTXHHQOD
DFWXDOLGDG H[LVWHQ FRUULHQWHV GH WUDEDMR HQ HO iUHD GH JHVWLyQ 6\VWHPV LQ 0DQDJHPHQW TXH VH
FHQWUDQ VREUH HO REMHWLYR GH OD PHMRUD HPSUHVDULDO XWLOL]DQGR SDUD HOOR OD UHLQJHQLHUtD GH
SURFHVRV FDOLGDG WRWDO \ RWUDV WpFQLFDV GH PHMRUD FRQWLQXD (VWDV WpFQLFDV SUHWHQGHQ WHQHU XQD
YLVLyQJOREDOGHORVSUR\HFWRVGHWUDQVIRUPDFLyQRUJDQL]DWLYDSHURDOJXQDVKDFHQSRFRXVRGHOD
UHSUHVHQWDFLyQVLVWpPLFDHQVXSURSXHVWDGHJHVWLyQWRWDO

5HSUHVHQWDU VLVWHPiWLFDPHQWH ORV SUR\HFWRV GH JHVWLyQ DGPLQLVWUDWLYD SHUPLWH XQD PHMRU
FRPXQLFDFLyQHQWUHORVSDUWLFLSDQWHVHQHOHVWXGLR\FRQHOORODPD\RUDSRUWDFLyQGHWRGRVDXQD
YLVLyQPiVFRPSOHWD\FRUUHFWD

(VWDSURSXHVWDVLPSOHPHQWHSURSRQHODXWLOL]DFLyQGHODYLVLyQVLVWpPLFDXVDQGRODGLQiPLFDGH
VLVWHPDVFRPRKHUUDPLHQWDPRGHOL]DGRUDDSRUWDQGRDOJXQRVDUTXHWLSRVEiVLFRVSDUDODJHVWLyQ
GHSUR\HFWRVGHWUDQVIRUPDFLyQRUJDQL]DWLYDRULHQWDGRVDODLQQRYDFLyQGHSURFHVRV/RVPRGHORV
PHQWDOHV PRVWUDGRV \ VX WUDQVIRUPDFLyQ FRQMXQWDPHQWH FRQ ORV GH OD HPSUHVD SXHGHQ VHU
XWLOL]DGRV HQ FXDOTXLHU iPELWR GRQGH VH WUDEDMH FRQ SURFHVRV EDVDGRV HQ ODV WHFQRORJtDV GH OD
LQIRUPDFLyQ

 ,1752'8&&,Ï1

(O SHQVDPLHQWR GH VLVWHPDV DERUGD HO HVWXGLR GH ODV RUJDQL]DFLRQHV HPSUHVDV
LQVWLWXFLRQHV S~EOLFDV RUJDQL]DFLRQHV FRPXQLWDULDV \ GHPiV RUJDQL]DFLRQHV KXPDQDV
FRPRVLVWHPDVFRPSOHMRVGHDFWLYLGDGHVKXPDQDVHQODVFXDOHVDVXYH]VHH[SUHVDOD
SOXUDOLGDGGHLQWHUHVHV\YDORUHVGHVXVPLHPEURV\GHVXHQWRUQR

(Q SDUWLFXODU HO SUREOHPD GH OD JHVWLyQ GH SUR\HFWRV KD VLGR DERUGDGR SRU HO
SHQVDPLHQWR GH VLVWHPDV HQ IRUPD H[WHQVD \ SURIXQGD >@>@>@ SHUR D~Q QR HV XQ
FRPSRQHQWH IXQGDPHQWDO GHO SURFHVR HGXFDWLYR QL GH OD SUiFWLFD HQ OD JHVWLyQ GH
SUR\HFWRV

(OSUHVHQWHDUWtFXORVXUJH GHXQDLQYHVWLJDFLyQPiVDPSOLDGRQGHVHYLHQHGHVDUUROODQGR
XQD SODWDIRUPD PHWRGROyJLFD SDUD HO DQiOLVLV GH SUR\HFWRV GH LQQRYDFLyQ GH SURFHVRV
EDViQGRVH HQ OD GLQiPLFD GHVLVWHPDVFRPRKHUUDPLHQWDPRGHOL]DGRUDGHORVPLVPRV
DSOLFDQGR GH PDQHUD FRKHUHQWH HO SHQVDPLHQWR VLVWpPLFR D OD VROXFLyQ GH SUREOHPDV
RUJDQL]DWLYRVGRQGHVHDSRVLEOHFRQFHSWXDOL]DUHOPRGHORKDVWDOOHJDUDXQDDFFLyQSDUD
PHMRUDUORVSURFHVRVRODVDFWLYLGDGHVSUREOHPiWLFDV
 /$75$16)250$&,Ï125*$1,=$7,9$

/D FRPXQLFDFLyQ FRPR IDFWRU UHOHYDQWH HQ HO GHVDUUROOR GH OD HVWUDWHJLD FRUSRUDWLYD
IDFLOLWD HO EDODQFH HQWUH ODV PHWDV HVWDEOHFLGDV SDUD ODV GLIHUHQWHV iUHDV HPSUHVDULDOHV
WDOHVFRPRILQDQ]DVRSHUDFLRQHV,'\PHUFDGHRFRQORVFOLHQWHV

/R DQWHULRU KDFH TXH ODV SHUVSHFWLYDV LQWHUQDV GH OD RUJDQL]DFLyQ DO LJXDO TXH ODV
SHUVSHFWLYDVGHOFOLHQWH \ ORV SODQWHDPLHQWRV IXWXURV SDUDHOQHJRFLRSHUPLWHQDWUDYpV
GH OD FRPELQDFLyQ GH ODVGLIHUHQWHV PHWDVFRQVWUXLU XQ FRQHFWRU GLQiPLFR\FtFOLFRGH
FDGD XQD GH ODV RSHUDFLRQHV IDFLOLWDQGR FRQRFHU ORV EHQHILFLRV HQ ORV SURFHVRV GH
WUDQVIRUPDFLyQFRQWLQXDGHODRUJDQL]DFLyQDQWHVTXHVHHVWDEOH]FDQGHVDUUROORVItVLFRV
DODUJRSOD]R>@>@

/D YLVLyQ HV OD TXH PRYLOL]D D OD RUJDQL]DFLyQ D TXH UHDOLFH DFFLRQHV \ PRYLPLHQWRV
WDQJLEOHVHLQWDQJLEOHVTXHOHIDFLOLWHQUHHVWUXFWXUDUVH>@>@>@

&DPELDUODHVWUXFWXUDGHXQDFRUSRUDFLyQQRVHSXHGHOLPLWDU~QLFDPHQWHDFDPELDUVX
RUJDQLJUDPDQLDFDPELDU~QLFD\H[FOXVLYDPHQWHODIRUPDGHKDFHUODVFRVDVKD\TXH
GLVHxDUORVSURFHVRVSDUDTXHODHYROXFLyQRUJDQL]DWLYDVHUHDOLFHGHPDQHUDVLVWpPLFD
HVWDQGRGLUHFWDPHQWHUHODFLRQDGDFRQODLQIOXHQFLD\ORVUROHV\ODVUHVSRQVDELOLGDGHVGH
ORVGLUHFWLYRVGHODILUPD(VPX\FRP~QTXHDTXHOORVTXHSRVHHQHOFRQRFLPLHQWRQR
VRQ FRQVXOWDGRV R WHQLGRV HQ FXHQWD OR FXDO FRQOOHYD D LPSUHFLVLRQHV HQ HO GLVHxR \
FRQVWUXFFLyQGHOQXHYRPRGHORFRUSRUDWLYR

/DV RUJDQL]DFLRQHV KDQ GHVDUUROODGR WRGD XQD VHULH GH GLVSRVLWLYRV SDUD HVWDEOHFHU ORV
FRQWDFWRV GH HQODFH HQWUH LQGLYLGXRV GLVSRVLWLYRV TXH SXHGHQ VHU LQFRUS RUDGRV D OD
HVWUXFWXUDIRUPDO&XDQGRVHQHFHVLWDPiVFRRUGLQDFLyQGHODTXHSXHGHQSURSRUFLRQDU
ORVJUXSRVGHHQODFHORVJUXSRVGHWUDEDMR\ORVFRPLWpVSHUPDQHQWHVODRUJDQL]DFLyQ
SXHGHQRPEUDUXQGLUHFWLYRLQWHJUDGRUFUHDQGRXQSXHVWRGHHQODFHGRWDG RGHDXWRULGDG
IRUPDO>@

(O SRGHU IRUPDO GHO GLUHFWLYR LQWHJUDGRU VLHPSUH FRPSUHQGH DOJXQRV DVSHFWRV GH ORV
SURFHVRV GH GHFLVLyQ TXH FRUUHVSRQGHQ D ORV GLVWLQWRV GHSDUWDPHQWRV SHUR SRU
GHILQLFLyQ QXQFD VH H[WLHQGH D OD DXWRULGDG IRUPDO VREUH HO SHUVRQDO GH FDGD
GHSDUWDPHQWR>@

/RVSURFHVRVODWHFQRORJtD\ODRUJDQL]DFLyQVRQHOHPHQWRVTXHVHHQFXHQWUDQOLJDGRV\
GHELGDPHQWHFRRUGLQDGRVSXHGHQSURGXFLUPHMRUHVUHVXOWDGRV

/DLQQRYDFLyQGHSURFHVRVFRPRRWUDVWHRUtDVDGPLQLVWUDWLYDVVHKDRULHQWDGR DJHQHUDU
XQDWUDQVIRUPDFLyQRUJDQL]DWLYDTXHSHUPLWDDXPHQWDUODSURGXFWLYLGDG\ODHIHFWLYLGDG
GLOXLGDHQODEXURFUDFLDH[FHVRGHWUiPLWHV\ODQRHVWDQGDUL]DFLyQGHORVSURFHVRVHQ
OD HPSUHVD GH KR\ (V SRU HOOR TXH OD LQQRYDFLyQ GH SURFHVRV WUDWD DO Pi[LPR GH
PLQLPL]DU OD WUDPLWRPDQtD LQQHFHVDULD HVWDQGDUL]DQGR SURFHVRV FUHDQGR HVWUXFWXUDV
LQWHUIXQFLRQDOHV TXH WLHQHQ FRPR REMHWLYR DXPHQWDU OD HIHFWLYLGDG GH ORV SURFHVRV
FUHDQGR XQ DPELHQWH TXH OH SHUPLWD D OD RUJDQL]DFLyQ DXPHQWDU ORV LQJUHVRV UH DOHV
VDWLVIDFHUDOFOLHQWHUHGXFLUFRVWHVPHMRUDUODRSRUWXQLGDGODFDOLGDG\HOVHUYLFLR>@
 $1È/,6,6'(/5,(6*2(1352<(&726'(75$16)250$&,Ï1
25*$1,=$7,9$

(QORVSUR\HFWRVGHWUDQVIRUPDFLyQRUJDQL]DWLYDODJHVWLyQKDGHPRVWUDGRDWUDYpVGHOD
H[SHULHQFLD TXH D OR ODUJR GH VX FLFOR GH GHVDUUROOR HV QHFHVDULR HVWXGLDU ODV SRVLEOHV
SHUWXUEDFLRQHV\ VXULHVJR\SRGHUDVtSODQLILFDUORVSUR\HFWRV\JHVWLRQDUORVWHQLHQGR
HQFXHQWDGLFKRULHVJR>@>@>@>@

/RV SUR\HFWRV VRQ VLVWHPDV LQWHJUDGRV SRU VXEVLVWHPDV LQWHUUHODFLRQDGRV ORV FXDOHV VH
YHQ DIHFWDGRV SRU ORV QLYHOHV GH OD WRPD GH GHFLVLyQ DGPLQLVWUDWLYD TXH LQFLGHQ
KRUL]RQWDOPHQWH VREUH HO VLVWHPD RUJDQL]DFLRQDO  /RV SUR\HFWRV FRPR VLVWHPDV VRQ
LPSRUWDQWHVSDUDHOFXPSOLPLHQWRGHPHWDV\REMHWLYRVHVSHFtILFRVXWLOL]DQGRGLYHUVRV
UHFXUVRVFRPRHOIDFWRUKXPDQR

3XHVWR TXH PXFKRV SUR\HFWRV WLHQHQ FLFORV GH YLGD GH YDULRV DxRV OD SUREOHPiWLFD GH
GLUHFFLyQ GH HVWRV SUR\HFWRV KD GH WUDWDUVH VHSDUDGDPHQWH GH OD GHOVLVWHPD GH FRQWURO
GHJHVWLyQ/RFXDOSHUPLWHTXHVHDERUGHHOULHVJRGHVGHXQDySWLFDPXOWLIXQFLRQDOTXH
LQYROXFUHGLIHUHQWHVWLSRVGHYDULDEOHVFRPRVRQ7DPDxRGHO3UR\HFWR/D([SHULHQFLD
FRQOD7HFQRORJtD\OD(VWUXFWXUDGHO3UR\HFWR>@>@>@

(O ULHVJR IRUPD SDUWH GH OD YLGD FRWLGLDQD \ VH DVRFLD KDELWXDOPHQWH FRQ HYHQWRV
DGYHUVRV R QRFLYRV IUHQWH D ORV TXH QRVHWLHQHXQJUDGRGHHOHFFLyQVREUHHOQLYHOGH
ULHVJRDOTXHVHTXLHUHHVWDUH[SXHVWR>@>@

/D GLQiPLFD GH VLVWHPDV FRPR KHUUDPLHQWD PRGHOL]DGRUDSHUPLWH D WUDYpVGHO DQiOLVLV

GHORVUHVXOWDGRVGHODVYDULDEOHVWHQLGDVHQFXHQWDHQHODUTXHWLSRSUR\HFWDUORVULHVJRV
SRVLEOHVHQODUHDOL]DFLyQGHXQSUR\HFWR

 0$5&2'(5()(5(1&,$3$5$/$,1129$&,Ï1'(352&(626

(QHVWHDSDUWDGRVHDQDOL]DHOPDUFRGHUHIHUHQFLDVREUHHO FXDOVHSODQWHDUiHOHVTXHPD
PHWRGROyJLFR GH OD LQYHVWLJDFLyQ VREUH LQQRYDFLyQ GH SURFHVRV FRPR HOHPHQWR
FRQVWLWXWLYRGHWUDQVIRUPDFLyQRUJDQL]DWLYD

(V GH DFODUDU TXH HO WpUPLQR ,QQRYDFLyQ GH 3URFHVRV XWLOL]DGR SRU 'DYHQSRUW >@ HV
GHILQLGR SRU RWURV DXWRUHV FRPR UHLQJHQLHUtD GH SURFHVRV GH QHJRFLR HV HO FDVR GH
&KDUOHQH>@&KHU\O>@+DPPHU>@>@>@>@+XQW>@-RKDQVRQ>@0RUULV
>@1D\DW>@0DQJDQHOOL>@\7RPDVNR>@HQWUHRWURV

/D SULPHUD WDUHD \ GH JUDQ LPSRUWDQFLD TXH GHEHQ DIURQWDU ODV RUJDQL]DFLRQHV TXH
LQWHQWHQ UHGLVHxDU VXV SURFHVRV VH UHODFLRQD FRQ XQ FDPELR GH PHQWDOLGDG GH VXV
GLUHFWLYRV 8QD FRQGLFLyQ EiVLFD SDUD SRGHU UHDOL]DU HVWH HVIXHU]R GH UHGLVHxR HV
DERUGDUHOHVWXGLRGHOSURFHVRGHIRUPDLQGXFWLYD\QRGHGXFWLYDPHQWH

(O SULQFLSDO GHIHFWR TXH VH SURGXFH FXDQGR ODV RUJDQL]DFLRQHV DQDOL]DQ \ HVWXGLDQ ODV
WHFQRORJtDV GH OD LQIRUPDFLyQ HV TXH ODV PLUDQ D WUDYpV GHO ILOWUR GH VXV SURFHVRV
DFWXDOPHQWHYLJHQWHV/DLQQRYDFLyQGH3URFHVRVWUDWDGHH[SORWDUODVFDS DFLGDGHVGHOD
WHFQRORJtD GH OD LQIRUPDFLyQ KDVWD VXV ~OWLPDV FRQVHFXHQFLDV SDUD GH HVWD IRUPD
DOFDQ]DUQXHYRVREMHWLYRV\PHWDV(ODXWpQWLFRSRGHUGHODWHFQRORJtDGHODLQIRUPDFLyQ
UHVLGHHQHVWHDVSHFWR
(O FRQFHSWR GH LQQRYDFLyQ GH SURFHVRV HV XQ KHFKR QHFHVDULR H LPSHUDWLYR HQ OD
HPSUHVDTXHGHVHDGLIHUHQFLDUVH\FRPSHWLUFRQFDOLGDG\SUHFLR>@/RVFRQFHSWRVGH
UHLQJHQLHUtDFDOLGDGWRWDOPHMRUDPLHQWRFRQWLQXRVRQFODYHHQODJHVWLyQHPSUHVDULDO\
KDFHQTXHODVHVWUDWHJLDVFRUSRUDWLYDVVHDQDXQ PiVDXGDFHV\DUULHVJDGDVFUHiQGRVHXQ
HQWRUQRFRPSHWLWLYR\PiVFDOLILFDGR>@

0DQXHO &DVWHOO >@ SODQWHD TXH WRGD LQGXVWULD GHEH LQQRYDU \ UHLQJHQLDUVH
FRWLGLDQDPHQWHHQFXDQWR
 /DLQWHUQDFLRQDOL]DFLyQGHORVPHUFDGRV
 /DFXDOLILFDFLyQGHORVFRPSHWLGRUHV
 /DVH[LJHQFLDVGHFDOLGDGSUHFLR\RSRUWXQLGDGGHORVFOLHQWHV
 /DVFULVLVGHOPRGHORGHODJUDQHPSUHVDYHUWLFDO\HOGHVDUUROORGHODVUHGHV
HPSUHVDULDOHV
 &DGD GtD VXUJHQ QXHYDV HPSUHVDV TXH DPHQD]DQ ODV LQGXVWULDV \D
HVWDEOHFLGDVRPiVDQWLJXDV\OHQWDVHQORVSURFHVRVGHLQQRYDFLyQ
6HJ~Q 'DYHQSRUW >@ VH SXHGHQ SODQWHDU ORV VLJXLHQWHV 3XQWRV &ODYH HQ OD
LQQRYDFLyQGHSURFHVRV
 +D\TXHEXVFDUFRQWLQXDPHQWHODHILFLHQFLD\ODHILFDFLD
 %XVFDU PHMRUDV VXVWDQFLDOHV   R PiV HQ QXHVWUD FRPSHWLWLYLGDG
QRVLPSOHPHQWHSHTXHxRVLQFUHPHQWRV
 7UDEDMDU FRQ RWURV PpWRGRV SDUDOHORV 740 0HMRUDPLHQWR &RQWLQXR HWF
SHURGLVWLQWRVTXHDXPHQWDQODSURGXFWLYLGDGSHURTXHQRVHDQPXWXDPHQWH
H[FOX\HQWHVVLQRTXHVHFRPSOHPHQWHQ
 5HDOL]DUVH SUHJXQWDV FODYH SDUD FDGD XQR GH ORV SURFHVRV REMHWRV GH
LQQRYDFLyQ
 +DFHUXQDJHVWLyQFRQVWDQWHDOFDPELRItVLFR\PHQWDO
 (OLPLQDUODVEDUUHUDVUHVLVWHQFLD\HO³VLHPSUHVHKDKHFKRDVt´
 %XVFDUTXHWRGRVORVQLYHOHVGHODHPSUHVDVHLQYROXFUHQHQHOSUR\HFWR
 6HUDOWDPHQWHFUHDWLYRVHLQQRYDGRUHV
 /D UHLQJHQLHUtD HV XQ SURFHVR TXH UHDOPHQWH QR DFDED QXQFD VLHPSUH HV
VXVFHSWLEOHGHPHMRUD
 (O p[LWR GHSHQGH PiV GH ODV DFWLWXGHV TXH GH ORV FRQRFLPLHQWRV DXQTXH
pVWRVVRQPX\LPSRUWDQWHV

 )LMDFLyQGHREMHWLYRV\0HWDV

$QWHVGHSURFHGHUDPHGLUORVUHVXOWDGRVHQODLQQRYDFLyQGHSURFHVRVHVWRVHQ
VXHWDSDGHUHGLVHxRGHELHURQFRQWHQHUXQDVPHWDV\REMHWLYRVDFXPSOLUDILQGHTXHVH
SXHGDGHWHUPLQDUVLHVWiQDUURMDQGRORVEHQHILFLRV\UHVXOWDGRVHVSHUDGRV/RVREMH WLYRV
\PHWDVGHEHQVHUFRPSDUWLGRVSRUXQJUXSRGHSHUVRQDVGHDORVXILFLHQWHPHQWH
QXPHURVRFRPRSDUDWHQHUXQDVPtQLPDVJDUDQWtDVGHp[LWR$FRQWLQXDFLyQVHVHxDODQ
XQDVHULHGHSDVRVTXHVHSXHGHQVHJXLUSDUDDERUGDUODILMDFLyQGHREMHWLYRV\P HWDV
  'HQWUR GH FDGD SURFHVR KDFHU GRV JUXSRV GH DFWLYLGDGHV ODV TXH DxDGHQ
FRVWH\YDORU\ODVTXHVyORDxDGHQFRVWH5HFRUGDUTXHHOWLHPSRHVXQFRVWH
 &ODVLILFDUGLFKDVDFWLYLGDGHVHQSUHVFLQGLEOHVHLPSUHVFLQGLEOHV
 /DV DFWLYLGDGHV LPSUHVFLQGLEOHV TXH DxDGHQ YDORU \ FRVWH VHUiQ REMHWR GH
UHLQJHQLHUtDSDUDRSWLPL]DUODVRKDFHUODVSUHVFLQGLEOHV
 /DVDFWLYLGDGHVLPSUHVFLQGLEOHVTXHVyORDxDGHQFRVWHVHSXHGHQPDQHMDUGH
WUHVIRUPDVEXVFDUODIRUPDGHKDFHUODVSUHVFLQGLEOHVHYLWDUTXHLQWHUILHUDQ
HQ HO IOXMR GH SURGXFFLyQ R PLQLPL]DU HO WLHPSR GH LQWHUIHUHQFLD VL pVWD HV
LQHYLWDEOH
 7RGDVODVDFWLYLGDGHVSUHVFLQGLEOHVSXHGHQHOLPLQDUVH
 'DU XQ YDORU QXPpULFR D ORV REMHWLYRV 3RU HMHPSOR DXPHQWDU OD
SURGXFWLYLGDGHQXQRGREODUODURWDFLyQGHLQYHQWDULRV
 8QD YH]GHILQLGRV \ YDORUDGRV ORVREMHWLYRVKD\TXHHVWDEOHFHUSULRULGDGHV
HQWUHORVPLVPRV
 (YLWDUOD UXWLQD/DV FRQFOXVLRQHVDODVTXHVHOOHJDURQKDFHWLHPSRSXHGHQ
\DQRVHUYiOLGDV
 8QDYH]HVWDEOHFLGRVORVREMHWLYRVHVFRQYHQLHQWHHPSH]DUGHLQPHGLDWR
$ HIHFWRV GH SRGHU PRVWUDU OD LQQRYDFLyQ GH SURFHVRV FRPR PHGLR SDUD PHMRUDU ORV
GLIHUHQWHV DVSHFWRV IXQFLRQDOHV TXH DIHFWDQ D XQD HPSUHVD VH GHWDOOD HQ OD ILJXUD HO
HVTXHPD JOREDO GH DQiOLVLV (Q GLFKR HVTXHPD VH LOXVWUD FRPR GHVSXpV GH HVWDEOHFHU
REMHWLYRV\HVWUDWHJLDVEDVDGDVHQODHYDOXDFLyQGHOHQWRUQRHPSUHVDULDOODRUJDQL]DFLyQ
VH DOLQHD SDUD JHQHUDU EHQHILFLRV EDVDGD HQ OD LQWHUDFFLyQ HQWUH HO WUDEDMR OD FXOWXUD
FRUSRUDWLYDODRUJDQL]DFLyQ\ORVLQGLYLGXRVGHODHPSUHVD

 /DV7HFQRORJtDVGHOD,QIRUPDFLyQDOVHUYLFLRGHOD7UDQVIRUPDFLyQ
RUJDQL]DWLYD

8QSULQFLSLREiVLFRDDGPLWLUGHVGHHOPRGHORGH,QQRYDFLyQGH3URFHVRVHVTXH
XQDFRPSDxtDTXHQRSXHGHFDPELDUHOPRGRHQTXHSLHQVDDFHUFDGHODWHFQRORJtDGHOD
LQIRUPDFLyQ QR SXHGH VHU UHGLVHxDGD /D WHFQRORJtD GH OD LQIRUPDFLyQ GHVHPSHxD XQ
SDSHOFUXFLDOHQWRGRHVIXHU]RGHLQQRYDFLyQDXQTXHHOPLVPRHVPDOLQWHUSUHWDGRHQ
EDVWDQWHVRFDVLRQHV$VtXQXVRLQFRUUHFWRGHODWHFQRORJtDGHODLQIRUPDFLyQOHMRVGH
FRQGXFLU D PHMRUDV HQ HO GHVHPSHxR GH ODV RUJDQL]DFLRQHV OOHYD D XQ EORTXHR GH ORV
HVIXHU]RV GH UHGLVHxR \ DO UHIXHU]R GH SDWURQHV GH FRPSRUWDPLHQWR \ GH SHQVDPLHQWR
DQFODGRV HQ HO SDVDGR /D WHFQRORJtD GH OD LQIRUPDFLyQ GHEH HQWHQGHUVH FRPR XQ
FDSDFLWDGRUHVHQFLDOSXHVSHUPLWHTXHODVFRPSDxtDVSXHGDQDIURQWDUSURGXFWLYDPHQWH
XQHVIXHU]RGHUHGLVHxRGHVXVSURFHVRVGHQHJRFLR>@
/D SULPHUD WDUHD \ GH JUDQ LPSRUWDQFLD TXH GHEHQDIURQWDU ODVRUJDQL]DFLRQHV
TXH LQWHQWHQ UHGLVHxDU VXV SURFHVRV GH QHJRFLR VH UHODFLRQD FRQ XQ FDPELR GH
PHQWDOLGDGGHVXVGLUHFWLYRV8QDFRQGLFLyQEiVLFDSDUDSRGHUUHDOL]DUHVWHHVIXHU]RGH
UHGLVHxRHVDERUGDUHOHVWXGLRGHOSURFHVRGHIRUPDLQGXFWLYD\QRGHGXFWLYDPHQWH>@
/DLQQRYDFLyQGHSURFHVRVWUDWDGHH[SORWDUODVFDSDFLGDGHVGH ODWHFQRORJtDGH
OD LQIRUPDFLyQ KDVWD VXV ~OWLPDV FRQVHFXHQFLDV SDUD GH HVWD IRUPD DOFDQ]DU QXHYRV
REMHWLYRV\PHWDV$VtXQRGHORVSULQFLSDOHVUHWRVGHODWHFQRORJtDGHODLQIRUPDFLyQVH
VLW~DHQODLGHQWLILFDFLyQGHODVFDSDFLGDGHVQXHYDV\QRIDPLOLDUHVGHODWHFQRORJtDGH
OD LQIRUPDFLyQ HQ OXJDU GH ODV IDPLOLDUHV 1R KDFH TXH ORV SURFHVRV WUDGLFLRQDOHV VH
UHDOLFHQPiVUiSLGDPHQWHVLQRTXHFDSDFLWDDODVRUJDQL]DFLRQHVSDUDURPSHUODVYLHMDV
UHJODV\SDUDFUHDUQXHYDVIRUPDVGHWUDEDMR>@
(Q FRQFOXVLyQ FRPR VH KD GLFKR DQWHV HO SURFHVR GH UHLQJHQLHUtD QR WHUPLQD
³QXQFD´VLHPSUHVHSXHGHPHMRUDUDOJR1RVHGHEHFDHUHQHOHUURUGHGDUSRUDJRWDGR
HO SURFHVR GH UHLQJHQLHUtD HQ HO FDPSR LQGXVWULDO XQD YH] GRPLQDGRV ORV WLHPSRV GH
FDPELR\HOLPLQDGDVODVRSHUDFLRQHVTXHQRHUDQLPSUHVFLQGLEOHV+D\TXHPDQWHQHUVH
DOHUWD SDUDQR VyOR PDQWHQHUXQRVUHVXOWDGRVySWLPRVVLQRDGHPiVVHJXLUEXVFDQGROD
PDQHUDGHPHMRUDUORV

 0(72'2/2*Ë$35238(67$

/D SODWDIRUPD PHWRGROyJLFD TXH VH SURSRQH SDUD OD LQQRYDFLyQ GH SURFHVRV FRPR
SRVLELOLWDGRUD GH OD WUDQVIRUPDFLyQ RUJDQL]DWLYD XVDQGROD GLQiPLFD GH VLVWHPDVFRPR
KHUUDPLHQWDPRGHOL]DGRUDLQYROXFUD
x (VWUDWHJLDVFRUSRUDWLYDV\GHSURFHVR
x ([SHFWDWLYDV\SHUFHSFLRQHVGHOFOLHQWH
x $VSHFWRVGHYDORUDxDGLGRGHORVSURFHVRVSULQFLSDOHV
x 3RWHQFLDOGHFDPELRVUDGLFDOHV
x 9LVLyQ GH OR TXH SXHGH VHU VL VH FRQVLJXHQ VDWLVIDFHU ODV H[SHFWDWLYDV GHO
FOLHQWH
x 2SRUWXQLGDGHVGHFRPELQDFLyQHLQWHJUDFLyQGHSURFHVRV
x 8VRGHODWHFQRORJtDSDUDKDFHUSRVLEOHFDPELRVUDGLFDOHV
x 5HHVWUXFWXUDFLyQRUJDQL]DWLYD\GLUHFFLyQGHSURFHVRV
x 3RVLFLRQDPLHQWR\FDSDFLWDFLyQGHUHFXUVRVKXPDQRV
x 6XEYLVLRQHV\DOWHUQDWLYDVGHLPSODQWDFLyQ
/D LQQRYDFLyQ GH SURFHVRVFRQXQHQIRTXHGHVLVWHPDVSURSRUFLRQDXQPHGLRRPRGR
GHSHQVDUHQHVWRVWHPDV\GDU UHVSXHVWDVREUHHOORVWDOHVFRPRGHVFDUWDUOLPLWDFLRQHV
QRLPSRUWDQWHV\HYDOXDURSRUWXQLGDGHVRFyPRYHU\HQWHQGHUYLVLyQODQDWXUDOH]D\
ODVFRQVHFXHQFLDVGHORVFDPELRV

/D PHWRGRORJtD TXH VH VLJXH HQ HVWD LQYHVWLJDFLyQ LQFOX\H ODV HWDSDV FOiVLFDV GH
GLQiPLFD GH VLVWHPDV FRQFHSWXDOL]DFLyQ IRUPDOL]DFLyQ \ DQiOLVLV \ HYDOXDFLyQ GHO
PRGHOR SURSXHVWR SHUR D VX YH] FDGD XQD GH HVWDV VH FUX]D FRQ ODV HWDSDV GH OD
PHWRGRORJtD5DSLG5H>@TXHHVSURSLDSDUDODLQQRYDFLyQGHSURFHVRVYHUWDEOD
&RQFHSWXDOL]DFLyQ

6LPXODFLyQ\0RGHOL]DFLyQFRQ
'LQiPLFDGH6LVWHPDVIUHQWHDORV
)RUPDOL]DFLyQ

(YDOXDFLyQ\

SDVRVGHODPHWRGRORJtDGH
6HJXLPLHQWR

LQQRYDFLyQGHSURFHVRV

35(3$5$&,Ï1 ;
,'(17,),&$&,Ï1 ;
9,6,Ï1 ; ;
62/8&,Ï1
$',6(f27(&1,&2 ; ; ;
%',6(f262&,$/ ; ;
,03/$17$&,Ï1 ; ;
7DEOD6LPXODFLyQ\0RGHOL]DFLyQFRQ'LQiPLFDGH6LVWHPDVIUHQWHDORVSDVRVGHOD
PHWRGRORJtDGHLQQRYDFLyQGHSURFHVRV )XHQWH'LVHxRSURSLR
&RPRVHSXHGHREVHUYDUHQODILJXUDODVHWDSDVQRVRQLQGHSHQGLHQWHVXQDVGHRWUDV
6L DO UHDOL]DU OD VLPXODFLyQ HO PRGHOR QR JHQHUD DGHFXDGDPHQWH XQ GHWHUPLQDGR
FRPSRUWDPLHQWRVHQHFHVLWDUiPHMRUDUODUHSUHVHQWDFLyQUHDOL]DGD$VtHOGHVDUUROORGHOD
PHWRGRORJtD HV XQ SURFHVR LWHUDWLYR /DV IDVHV SUHVHQWDGDV QR VH VLJXHQ HQ XQ RUGHQ
SUHHVWDEOHFLGRVLQRTXHVHUiQHFHVDULRUHDOL]DUFLFORVHQWUHHOODVDQWHVGHHQFRQWUDUXQD
IRUPXODFLyQPDWHPiWLFDVDWLVIDFWRULD>@>@

/D SODWDIRUPD PHWRGROyJLFD VH DSOLFDUi DO LQWHULRU GH XQD HPSUHVD \ VRSRUWDGD HQ HO
VLJXLHQWHPDFURPRGHORFDXVDO9HUILJXUDEDMRXQHQIRTXHGLQiPLFR

 *(5(1&,$
6LVWHPDGH 

 ,QIRUPDFLyQ
3ODQLILFDFLyQ(VWUDWpJLFD 

'HVDUUROOR
2UJDQL]DFLRQDO 6XEVLVWHPD
3URGXFWLYR

6XEVLVWHPD$OWD
'LUHFFLyQ
6XEVLVWHPD
5HFXUVRV+XPDQRV

6XEVLVWHPD
&RPHUFLDO
6XEVLVWHPD
)LQDQFLHUR

)LJXUD0DFURPRGHOR&DXVDO)XHQWH'HVDUUROOR3URSLR
/D ILJXUD DQWHULRU  PXHVWUD FRPR VH YD GHVFHQGLHQGR GH XQ QLYHO VXSHULRU D ORV
QLYHOHV LQIHULRUHV EXVFDQGR LGHQWLILFDU ODV YDULDEOHV TXH FDUDFWHUL]DQ FDGD XQR GH ORV
VXEVLVWHPDV

/DSODWDIRUPDPHWRGROyJLFDSURSXHVWDVHEDVDHQODLQWHJUDFLyQGHORVVXEVLVWHPDVSDUD
GHWHUPLQDUODVUHODFLRQHV\SRGHUYDOLGDUODLQQRYDFLyQGHSURFHVRVHQODHPSUHVD\VXV
SRVLEOHVHIHFWRVUHVSHFWRDORVGHPiVVXEVLVWHPDVTXHLQWHUYLHQHQ(OVLJXLHQWHHVTXHPD
FDXVDOUHIOHMDODLQQRYDFLyQGHSURFHVRVFRPRFRQVHFXHQFLDGHODJHVWLyQHPSUHVDULDO\
ODFDSDFLGDGGHLQYHUVLyQGHODPLVPD)LJXUD

/D SODQLILFDFLyQ HVWUDWpJLFD UHFRQRFH HO SDSHOFHQWUDOGH ORV LQGLYLGXRV \GHODFXOWXUD

RUJDQL]DWLYD FRQVLGHUDQGR ORV YDORUHV FRUSRUDWLYRV ODV FDSDFLGDGHV GLUHFWLYDV GH VXV
HMHFXWLYRV ODV UHVSRQVDELOLGDGHV IXQFLRQDOHV GHO HVTXHPD RUJDQL]DWLYR \ ORV
VXEVLVWHPDV DGPLQLVWUDWLYRV TXH XQHQ OD WRPD GH GHFLVLRQHV HVWUDWpJLFDV FRQ ODV
RSHUDWLYDVDWRGRVORVQLYHOHVMHUiUTXLFRVGHODHPSUHVDXWLOL]DQGRORVFDQDOHVIRUPDOHV
GH ODV OtQHDV GH DXWRULGDG HPSUHVDULDO  (V SRU HOOR TXH FXDQGR OD RUJDQL]DFLyQ VH
LPSUHJQD GH SHQVDPLHQWR VLVWpPLFR \ HVWUDWpJLFR VH PXHYH GH IRUPD DUPyQLFD GDQGR
RSRUWXQLGDG D TXH ORV YDORUHV FRUSRUDWLYRV \ OD FXOWXUD HPSUHVDULDO VHDQ HOHPHQWRV
FDWDOL]DGRUHVGHWRGRHOSURFHVRGHFDPELR>@

(Q OD ILJXUD  VH LGHQWLILFDQ ORV VXEVLVWHPDV LGHQWLILFDGRV \ ORV FXDOHV SHUPLWLUiQ
H[SOLFDU OD UHODFLyQ RUJDQL]DWLYD HQ WpUPLQRV GH OD GLQiPLFD GH VLVWHPDV HO
FRPSRUWDPLHQWRHPSUHVDULDOHQORUHIHUHQWHDODLQQRYDFLyQGHSURFHVRV3DUDHVWHFDVR
VHWUDWDGHIRUPDDPSOLDGDHOVXEVLVWHPDSURGXFWLYR
 *HVWLyQ
(PSUHVDULDO

 


3UR\HFWRV,QQRYDFLyQ

'HVDUUROOR
2UJDQL]DFLRQDO


 3UR\HFWRVQR
 H[LWRVRV

3UR\HFWRVGH,QQRYDFLyQ
([LWRVRV

)LJXUD0RGHORFDXVDOGHODLQQRYDFLyQGHSURFHVRVHQHOFRQWH[WRHPSUHVDULDO)XHQWH'HVDUUROOR3URSLR

$ HIHFWRV GH SRGHU PRVWUDU OD LQQRYDFLyQ GH SURFHVRV FRPR PHGLR SDUD PHMRUDU ORV
GLIHUHQWHV DVSHFWRV IXQFLRQDOHV TXH DIHFWDQ D OD HPSUHVD HVWXGLDGD VH GHWDOOD HQ OD
ILJXUD  HO HVTXHPD JOREDO GH DQiOLVLV (Q GLFKRHVTXHPD VH LOXVWUD FRPR GHVSXpVGH
HVWDEOHFHU REMHWLYRV \ HVWUDWHJLDV EDVDGDV HQ OD HYDOXDFLyQ GHO HQWRUQR HPSUHVDULDO OD
RUJDQL]DFLyQVHDOLQHDSDUDJHQHUDUEHQHILFLRVEDVDGDHQODLQWHUDFFLyQHQWUHHOWUDEDMR
ODFXOWXUDFRUSRUDWLYDODRUJDQL]DFLyQ\ORVLQGLYLGXRVGHODHPSUHVD>@>@

/D LQQRYDFLyQ GH SURFHVRV VH HVIXHU]D SRU RSWLPL]DU HVD LQWHUDFFLyQ HQFRQWUDQGR
UHVXOWDGRVGHDYDQFHHPSUHVDULDODWUDYpVGHOUHGLVHxRUiSLGR\UDGLFDOGHORVSURFHVRV
FUtWLFRV\GHORVVLVWHPDVSROtWLFDV\HVWUXFWXUDVGHRUJDQL]DFLyQTXHORVVRSRUWDQ

 &21&/86,21(6

/RV  VHUiQ UHFRUGDGRV FRPR OD GpFDGD GH OD ,QQRYDFLyQ GH 3URFHVRV GRQGH
PLOHV GH FRPSDxtDV \ RUJDQL]DFLRQHV WDQWR GHO VHFWRU S~EOLFR FRPR SULYDGR KDQ
LPSODQWDGRLQLFLDWLYDVGH WUDQVIRUPDFLyQRUJDQL]DWLYDV
8QDGHODVGLUHFFLRQHVREYLDVGHODLQQRYDFLyQGHSURFHVRVHVODLQWHJUDFLyQFRQ
RWURVHQIRTXHVGHJHVWLyQ
8Q HQIRTXH PiV LQWHJUDGR GH OD JHVWLyQ GH SURFHVRV SRGUtD VHU VDFDU
KHUUDPLHQWDVGHGLIHUHQWHVHQIRTXHVGHFDPELRGHSURFHVRVSDUDFRQVWUXLUPHWRGRORJtDV
KtEULGDV S HM &RPELQDU PHWRGRORJtDV VLVWpPLFDV FRQ WpFQLFDV  SDUD HO DQiOLVLV GH
SURFHVRV DSR\DGRV HQ WHFQRORJtDV GH OD LQIRUPDFLyQ \ XQ GHVSOLHJXH GH IXQFLRQHV GH
FDOLGDG FDGD XQD GH ODV FXiOHV YLHQHQ GH XQD WUDGLFLyQ GLIHUHQWH GH FDPELR GH
SURFHVRV
/RV SUR\HFWRV GH WUDQVIRUPDUFLyQ RUJDQL]DWLYD PHGLDQWH OD JHVWLyQ GH SURFHVRV
LPSOLFD QR VyOR HO UHGLVHxR GH ORV SURFHVRV VLQR WDPELpQ FDPELRV HQ RWUDV iUHDV GH
GLUHFFLyQ SDUD FUHDU XQD RULHQWDFLyQ GH SURFHVR ,QFOX\H PHGLGDV \ VLVWHPDV GH
LQIRUPDFLyQHVWUXFWXUDVGHRUJDQL]DFLyQ\HQIRTXHVGHGLUHFFLyQEDVDGRVHQHOSURFHVR
/D PRGHOL]DFLyQ GH ORV SUR\HFWRV FRQ GLQiPLFD GH VLVWHPDV HV YLDEOH RULHQWDUOD DO
DXWRDSUHQGL]DMH HPSUHVDULDO FRPR HOHPHQWR FXOWXUL]DGRU \ GH WUDQVIRUPDFLyQ
RUJDQL]DWLYD(QVXPDHOPRGHORVHFRQYLHUWHHQXQDSRGHURVDDUPDSDUDODJHVWLyQGHO
SUR\HFWRSRUSDUWHGHORVUHVSRQVDEOHV

 5()(5(1&,$6%,%/,2*5$),&$6

>@ )RZOHU$ODQ³0RGHOOLQJVLPXODWLRQDQGLQQRYDWLYHGHVLJQLQFRPSOH[DGDSWDWLYH
EXVLQHVVPDQDJHPHQWV\VWHPV´&RPSXWLQJ &RQWURO(QJLQHHHULQJ-RXUQDO
9ROXPHQ,VVXH'HF3S
>@ $UDFLO-DYLHU,QWURGXFFLyQDOD'LQiPLFDGH6LVWHPDV$OLDQ]D(GLWRULDO
%DUFHORQD
>@ $UDQJR0'DUtR³8QDDSUR[LPDFLyQ0HWRGROyJLFDSDUDHOPRGHODPLHQWR
RUJDQL]DFLRQDOEDMRXQHQIRTXHGHGLQiPLFDGHVLVWHPDV´5HYLVWD
7HFQRORJtD$GPLQLVWUDWLYD8GH$9RO;,,QURSS
>@ &DVWHOO0DQXHO³/DHUDGHODLQIRUPDFLyQ(FRQRPtD6RFLHGDG\&XOWXUD³
$OLDQ]D(GLWRULDO0DGULG9RO,
>@ &KDUOHQH$GDLUDQG 0XUUD\%UXFH %UHDNWKURXJK3URFHVV5HGHVLJQ$PDFRQ
1HZ<RUN
>@ &KHFNODQG3HWHU3HQVDPLHQWRGH6LVWHPDV3UiFWLFDGH6LVWHPDVD(G
0p[LFR(G0HJDE\WHV
>@ &KHU\O&XUUULG &RPSDQ\&RPSXWLQJ6WUDWHJLHVIRU5HHQJLQHHULQJ<RXU
2UJDQL]DWLRQ3ULPD3XEOLVKLQJ5RFNOLQ&DOLIRUQLD
>@ &R\OH5*6\VWHP'\QDPLFV0RGHOOLQJDSUDFWLFDODSSURDFK/RQGRQ
&KDSPDQ +DOO
>@ 'DYHQSRUW 7+3URFHVV,QQRYDWLRQ5HHQJLQHHULQJZRUNWKURXJK,7+%63UHVV

>@ 'RQRYDQ-RKQ-%XVLQHVVUHHQJLQHHULQJZLWKLQIRUPDWLRQWHFKQRORJ\
(QJOHZRRG&OLIIV1-(VWDGRV8QLGRV3UHQWLFH+DOO
>@ 'UXFNHU3HWHU)©/D6RFLHGDG3RVWFDSLWDOLVWDª*UXSR(GLWRULDO1RUPD%RJRWi
2FWXEUHS
>@ (VSHMR5D~O\+DUQGHQ 5-7KH9LDEOH6\VWHP0RGHO ,QWUHUSUHWDWLRQVDQG
DSSOLFDWLRQVRI%HHU¶V9605HLQR8QLGR:LOH\
>@ +DPPHU0LFKDHO5HGLVHxRGHOWUDEDMRQRDXWRPDWLFHHOLPLQH
+DUYDUG'HXVWR%XVLQHVV5HYLHZ7HUFHU7ULPHVWUHGH
>@ +DPPHU0LFKDHODQG&KDPS\-DPHV©5H,QJHQLHUtDª*UXSR(GLWRULDO1RUPD
(QHURGH
>@ +DPPHU0LFKDHO5HHQJLQHHULQJWKHFRUSRUDWLRQ$PDQLIHVWRIRUEXVLQHVV
UHYROXWLRQ1XHYD<RUN1<(VWDGRV8QLGRV+DUSHU&ROOLQV
>@ +DPPHU0LFKDHO5HLQJHQLHUtDGHOD'LUHFFLyQ0DGULG(GLWRULDO'tD]GH
6DQWRV
>@ +DQVHQ*UHJRU\$XWRPDWL]DFLyQ± 5HLQJHQLHUtDHQORVSURFHVRVGHQHJRFLRVD
WUDYpVGHODVLPXODFLyQ 3UHQWLFH+DOO+LVSDQRDPHULFDQD0p[LFR
>@ +DUULQJWRQ +-DPHV0HMRUDPLHQWRGHORVSURFHVRVGHODHPSUHVD0F*UDZ
+LOO
>@ +XQW'DQLHO95HHQJLQHHULQJ:LJWK3XEOLFDWLRQV,QF(VVH[-XQFWLRQ9W
2OLYHU
>@ -RKDQVRQ+HQU\-HWDO©%XVLQHVV3URFHVV5HHQJLQHHULQJª-RKQ:LOH\ 6RQV
1HZ<RUNS
>@ 0DQJDQHOOL5D\PRQG/ .OHLQ0DUN07KHUHHQJLQHHULQJKDQGERRN$VWHS
E\VWHSJXLGHWREXVLQHVVWUDQVIRUPDWLRQ$0$&20$PHULFDQ
0DQDJHPHQW$VVRFLDWLRQ
>@ 0DUWLQ-DPHV©5H(QJLQHHULQJWKH%XVLQHVVDQG,QIRUPDWLRQ7HFKQRORJ\ª
V Q G U 
 -DPHV0DUWLQ:RUOG6HPLQDU)DOO:LQWHU
>@ 0RUULV'DQLHODQG%UDQGRQ -RHO5HHQJLQHHULQJ<RXU%XVLQHVV0F*UDZKLOO
1HZ<RUN
>@ 0RUULVRQ)RVWHU7KHDUWRIPRGHOLQJG\QDPLFV\VWHPV:LOH\LQWHUVFLHQFH1HZ
<RUN
>@ 1D\DN35DJDQDWKDQG.HHWHULQJKDP-KRQ%UHDNWKURXJKV3IHLIIHU 
&RPSDQ\6DQ'LHJR
>@ 6HQJH3HWHU0/D4XLQWDGLVFLSOLQDHQODSUiFWLFD-XDQ*UDQLFD(VSDxD
>@ 6WDQIRUG /2SWQHU$QiOLVLVGH6LVWHPDVSDUD(PSUHVDV\6ROXFLyQGH3UREOHPDV
,QGXVWULDOHV(G'LDQD6$
>@ 7RPDVNR5REHUW05HWKLQNLQJWKHFRUSRUDWLRQ$PDFRQ1HZ<RUN