You are on page 1of 86

6(5,(




 




 UHFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD








/ DEUHFKDGHLQIUDHVWUXFWXUD
HQ$PpULFD/DWLQD\HO&DULEH


'DQLHO(3HUURWWL
5LFDUGR-6iQFKH]






















'LYLVLyQGH5HFXUVRV1DWXUDOHVH,QIUDHVWUXFWXUD

6DQWLDJRGH&KLOHMXOLRGH
(VWHGRFXPHQWRIXHSUHSDUDGRSRU'DQLHO(3HUURWWL2ILFLDOGH$VXQWRV(FRQyPLFRV\5LFDUGR-6iQFKH]
-HIH GH OD 8QLGDG GH 6HUYLFLRV GH ,QIUDHVWUXFWXUD GH OD 'LYLVLyQ GH 5HFXUVRV 1DWXUDOHV H ,QIUDHVWUXFWXUD
GH&(3$/
/RV DXWRUHV GHVHDQ DJUDGHFHU IRUPDOPHQWH ORV DSRUWHV VREUH OD YHUVLyQ SUHOLPLQDU GHO GRFXPHQWR GH +XJR
$OWRPRQWH -XDQ 3DEOR -LPpQH] $QGUp +RIPDQ $QGUHL -RXUDYOHY 2VYDOGR .DFHI 3DWULFLR 5R]DV %HQR
5XFKDQVN\ \ 9DULQLD 7URPEHQ TXLHQHV KLFLHURQ XQ DQiOLVLV GHO PLVPR HQWUHJDQGR LPSRUWDQWHV
UHFRPHQGDFLRQHV
7DPELpQ VH DJUDGHFH OD FRODERUDFLyQ GH 2FWDYLR 'RHUU )HGHULFR 'RUtQ (GXDUGR &KDSDUUR *HRUJLQD
&LSROHWWD 7RPDVVLiQ 0DQOLR &RYLHOOR 6DOYDGRU 0DUFRQL *DEULHO 3pUH] 5HQp 6DOJDGR \ GH 0DXUR
*XWLpUUH]TXLHQKDUHFROHFWDGRODLQIRUPDFLyQUHODWLYDDODVHURJDFLRQHVHQLQIUDHVWUXFWXUDSUHVHQWDGDVHQOD
FXDUWDVHFFLyQGHOGRFXPHQWR
/DVRSLQLRQHVH[SUHVDGDVHQHVWHGRFXPHQWRTXHQRKDVLGRVRPHWLGRDUHYLVLyQHGLWRULDOVRQGHH[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ















3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW‹1DFLRQHV8QLGDVMXOLRGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVH
OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

ËQGLFH

5HVXPHQ
,QWURGXFFLyQ 
, &RQWH[WRJHQHUDO
,, ,QGLFDGRUHVJHQHUDOHVGH$PpULFD/DWLQD\HO&DULEH
,,, 7HQGHQFLDVUHFLHQWHVGHODLQYHUVLyQHQLQIUDHVWUXFWXUD 
$ 7HQGHQFLDJHQHUDO 
% ,QYHUVLyQS~EOLFD
& ,QYHUVLyQSULYDGD 
' ,QYHUVLyQSRUVHFWRUHV 
( ,QYHUVLyQSRUSDtVHV 
,9 /DLQIUDHVWUXFWXUD\VXEUHFKD
$ 'HILQLFLRQHVEiVLFDVGH,QIUDHVWUXFWXUD
% 'HILQLHQGRODEUHFKDGHLQIUDHVWUXFWXUD 
& %UHYHUHYLVLyQGHODOLWHUDWXUDVREUHEUHFKDGHLQIUDHVWUXFWXUD 
9 &RVWRVGHLQIUDHVWUXFWXUDHQODUHJLyQ
$ (QHUJtDHOpFWULFD
% $JXD\VDQHDPLHQWR 
& 7UDQVSRUWHWHUUHVWUH 
' 7HOHFRPXQLFDFLRQHV
( *DVWRVUHODWLYRVDOPDQWHQLPLHQWR 
9, 0LGLHQGRODEUHFKDGHLQIUDHVWUXFWXUD
$ /DGLPHQVLyQYHUWLFDOGHODEUHFKD  
% /DGLPHQVLyQKRUL]RQWDOGHODEUHFKD  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

9,, &RQVLGHUDFLRQHVVREUHHOILQDQFLDPLHQWRGHODEUHFKD
$ 3UHVXSXHVWRS~EOLFR 
% )RPHQWDQGRODLQYHUVLyQSULYDGD 
& 5HFXUVRVFRQFDUJRVDOXVXDULR 
' ,QVWUXPHQWRVHVSHFLDOHVSDUDHOILQDQFLDPLHQWR 
( $VRFLDFLRQHVS~EOLFRSULYDGDV $33 
9,,, &XDQWLILFDQGRODEUHFKDHQODVLQYHUVLRQHVUHFLHQWHV 
&RQFOXVLRQHV
%LEOLRJUDItD 
$QH[RV 
$QH[R ,QGLFDGRUHVJHQHUDOHVDJUXSDPLHQWRV
$QH[R 7HQGHQFLDVGHLQYHUVLyQUHFLHQWHV±IXHQWHVGHLQIRUPDFLyQ
$QH[R 5HYLVLyQGHODOLWHUDWXUDVREUHEUHFKDGHLQIUDHVWUXFWXUD
$QH[R 6XSXHVWRVSDUDODVSUR\HFFLRQHV
$QH[R (YROXFLyQGHOVWRFNGHLQIUDHVWUXFWXUD\YROXPHQGHFRPHUFLRDQLYHOGHSDtVHVVHOHFFLRQDGRV 
$QH[R %UHFKDKRUL]RQWDOFRQRWURVSDtVHVFRPRREMHWLYRV
$QH[R ,QGLFDGRUHVVXEMHWLYRVGHFDOLGDGGHLQIUDHVWUXFWXUD 
$QH[R $EUHYLDWXUDVXWLOL]DGDV 
6HULHUHFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUDQ~PHURVSXEOLFDGRV 

ËQGLFHGHFXDGURV
&XDGUR ,19(56,Ï1(1,1)5$(6758&785$  
&XDGUR 75$16)(5(1&,$1(7$'(5(&856263$Ë6(66(/(&&,21$'26  
&XDGUR ,19(56,Ï1(1,1)5$(6758&785$ 
&XDGUR ,19(56,Ï1(1,1)5$(6758&785$ 
&XDGUR ,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$ 
&XDGUR ,19(56,Ï135,9$'$(1,1)5$(6758&785$ 
&XDGUR 7,326'(,1)5$(6758&785$325)81&,Ï1<&2%(5785$*(2*5È),&$ 
&XDGUR &2%(5785$ 
&XDGUR &8$'52&203$5$7,92'(/,7(5$785$&2168/7$'$ 
&XDGUR &267281,7$5,2'((1(5*Ë$(/e&75,&$ 
&XDGUR &2672'(3529,6,Ï1'($&&(626$$*8$327$%/(<6$1($0,(172
&XDGUR &2672681,7$5,26(175$163257(7(55(675( 
&XDGUR &2672681,7$5,26(17(/(&2081,&$&,21(6 
&XDGUR 0$17(1,0,(172'(/672&.'(,1)5$(6758&785$ 
&XDGUR '(6&5,3&,Ï1'(/$66(5,(687,/,=$'$6 
&XDGUR 02'(/26(67,0$'26
&XDGUR 672&.'(,1)5$(6758&785$(1$0e5,&$/$7,1$ 
&XDGUR $0e5,&$/$7,1$<(/&$5,%(1(&(6,'$'(6'(*$6726(1
,1)5$(6758&785$352<(&7$'263(5Ë2'2 
&XDGUR &20326,&,Ï1'(/672&.'(,1)5$(6758&785$
&XDGUR 672&.'(,1)5$(6758&785$&203$5$'2 
&XDGUR &267263$5$(/&,(55('(%5(&+$&215(63(&72$/(67('($6,$ 
&XDGUR 5(68/7$'26),6&$/(6(,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$
6(&7253Ò%/,&212),1$1&,(52 
&XDGUR ,19(56,Ï1(1,1)5$(6758&785$±%5(&+$9(57,&$/
&XDGUR ,19(56,Ï1(1,1)5$(6758&785$%5(&+$+25,=217$/ 
&XDGUR$ /,67$'2'(3$Ë6(6325$*583$0,(172
&XDGUR$ )8(17(6'(,1)250$&,Ï1'(,19(56,Ï13Ò%/,&$(1
,1)5$(6758&785$ 
&XDGUR$ &5(&,0,(1723%,352<(&7$'2 


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&XDGUR$ &5(&,0,(17232%/$&,Ï1352<(&7$'2 


&XDGUR$ &267263$5$(/&,(55('(%5(&+$&213$Ë6(66(/(&&,21$'26
&XDGUR$ 5$1.,1*62%5(3$Ë6(6 
&XDGUR$ ,1',&$'25(662%5(/$&$/,'$''(/$,1)5$(6758&785$
3$Ë6(6'($0e5,&$/$7,1$<&(1752$0e5,&$6(/(&&,21$'26

ËQGLFHGH*UiILFRV
*UiILFR 32%/$&,Ï1<3,%3(5&È3,7$ 
*UiILFR 7,(55$$5$%/(<683(5),&,( 
*UiILFR *$6726(1,19(67,*$&,Ï1<'(6$552//2 $f2 <7(&12/2*Ë$'(
,1)250$&,Ï1<&2081,&$&,21(6 $f2 
*UiILFR &$/,'$''(/$,1)5$(6758&785$'(/2638(5726<&$5*$(1/26
352&(',0,(1726$'8$1(526 
*UiILFR 75$),&232578$5,2'(&217$,1(56
*UiILFR &$5*$$e5($75$163257$'$<3$57,'$6$(5($6,17(51$&,21$/(6 
*UiILFR 9(+Ë&8/26$02725<(1(5*Ë$&21680,'$3256(&72575$163257(
*UiILFR &20387$'25$63(5621$/(6868$5,26'(,17(51(7<
686&5,3725(6$%$1'$$1&+$),-$
*UiILFR (;3257$&,21(6'($/7$7(&12/2*Ë$
*UiILFR *$6726'(&$3,7$/ 
*UiILFR $0e5,&$/$7,1$<(/&$5,%(,19(56,Ï1(1,1)5$(6758&785$ 
*UiILFR $0e5,&$/$7,1$<(/&$5,%(,19(56,Ï135,9$'$(1,1)5$(6758&785$
*UiILFR $0e5,&$/$7,1$<(/&$5,%(,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$ 
*UiILFR $0e5,&$/$7,1$<(/&$5,%((/$67,&,'$''(/$(1(5*Ë$
(/e&75,&$$/3%,
*UiILFR $0e5,&$/$7,1$<(/&$5,%((92/8&,Ï1'(/Ë1($6'(7(/e)212
),-$6&$'$+$% 
*UiILFR $0e5,&$/$7,1$<(/&$5,%((92/8&,Ï1'(686&5,3725(6$
/$7(/()21Ë$029,/&$'$+$%,7$17(6 
*UiILFR 686&5,3725(6$7(/()21Ë$0Ï9,/&$'$+$%,7$17(63$Ë6(6
6(/(&&,21$'26'(/$2&'( 
*UiILFR $0e5,&$/$7,1$<(/&$5,%((92/8&,Ï1'(686&5,3725(6$
%$1'$$1&+$),-$&$'$+$%
*UiILFR $0e5,&$/$7,1$<(/&$5,%(/21*,78''(9Ë$6)e55($6325.0 
*UiILFR $0e5,&$/$7,1$<(/&$5,%(&$0,1263$9,0(17$'26325.0 
*UiILFR $0e5,&$/$7,1$<(/&$5,%($&&(626$$*8$<6$1($0,(1720(-25$'26
*UiILFR %5(&+$'(,1)5$(6758&785$,1',&('(3$Ë6(66(/(&&,21$'26$ 
*UiILFR &,(55('(%5(&+$'(,1)5$(6758&785$,1',&('(3$Ë6(66(/(&&,21$'26
*UiILFR$ %5(&+$'(,1)5$(6758&785$±$5*(17,1$
*UiILFR$ %5(&+$'(,1)5$(6758&785$±%5$6,/ 
*UiILFR$ %5(&+$'(,1)5$(6758&785$±&+,/(
*UiILFR$ %5(&+$'(,1)5$(6758&785$±&2/20%,$ 
*UiILFR$ %5(&+$'(,1)5$(6758&785$±&267$5,&$ 
*UiILFR$ %5(&+$'(,1)5$(6758&785$±0e;,&2
*UiILFR$ %5(&+$'(,1)5$(6758&785$±3(5Ò 
*UiILFR$ %5(&+$'(,1)5$(6758&785$±9(1(=8(/$

ËQGLFHGH'LDJUDPDV
'LDJUDPD (175(/$,1)5$(6758&785$<(/&5(&,0,(172 

ËQGLFHGH5HFXDGURV
5HFXDGUR ¢$48e7$6$6&5(&(/$7(/()21Ë$0Ï9,/(1/263$Ë6(6'(6$552//$'26" 
5HFXDGUR /262%-(7,926'('(6$552//2'(/0,/(1,2</26$&&(626
$/$*8$<6$1($0,(172 




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

5HVXPHQ

/D LQIUDHVWUXFWXUD HFRQyPLFD FRQVWLWX\H XQ KHUUDPHQWDO GH DOWR LPSDFWR HQ OD
UHGXFFLyQGHODSREUH]D\HOORJURGHOGHVDUUROORHFRQyPLFRVRVWHQLGR(Q$PpULFD
/DWLQD \ HO &DULEH ORV ~OWLPRV DxRV KDQ PRVWUDGR XQD GLVPLQXFLyQ HQ ODV
LQYHUVLRQHV GHVWLQDGDV FRQ HVWH ILQ OR TXH RFDVLRQyXQGLVWDQFLDPLHQWRHQWUHORV
UHTXHULPLHQWRVGHLQIUDHVWUXFWXUD\ODSURYLVLyQHIHFWLYDGHODPLVPD
(QHOSUHVHQWHGRFXPHQWRVHXWLOL]DURQPHWRGRORJtDVDOWHUQDWLYDVSDUD
FXDQWLILFDU HVWD EUHFKD &RPR UHVXOWDGR VH GHWHUPLQy TXH VHUtD QHFHVDULR
LQYHUWLUDQXDOPHQWHHQWRUQRDOGHO3%,UHJLRQDO XQRVPLOORQHV
GHGyODUHVGH SDUDGDUUHVSXHVWDDODVQHFHVLGDGHVTXHVXUJLUiQGHODV
HPSUHVDV\ORVFRQVXPLGRUHVILQDOHVGHODUHJLyQHQWUHORVDxRV\
PLHQWUD TXH VL OR TXHVHTXLHUHHVDOFDQ]DUORVQLYHOHVGHLQIUDHVWUXFWXUDSHU
FiSLWD GH XQ FRQMXQWR GH SDtVHV GHO VXGHVWH DVLiWLFR ODV FLIUDV DQXDOHV
UHTXHULGDV SDUD LJXDO SHUtRGR DVFHQGHUtDQ DO  GHO 3%, XQRV 
PLOORQHV GH GyODUHV GH   7HQLHQGR HQ FXHQWD TXH OD LQYHUVLyQ HQ
LQIUDHVWUXFWXUDREVHUYDGDHQHO~OWLPRSHUtRGRFRQRFLGR  DVFHQGLy
DOGHO3%,HOHVIXHU]RSRUUHDOL]DUVHWRUQDVLJQLILFDWLYR6LQHPEDUJRXQD
DGHFXDGD UHVSXHVWD D HVWRV UHTXHULPLHQWRV VHUi XQ GHWHUPLQDQWH FODYH GHO
PRGRGHLQVHUFLyQGHODUHJLyQHQODHFRQRPtDPXQGLDOHQHOVLJOR;;,\HQOD
FDOLGDGGHYLGDGHVXVKDELWDQWHV




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

,QWURGXFFLyQ

(Q OD DFWXDOLGDG H[LVWH XQ DPSOLR FRQVHQVR VREUH ORV HIHFWRV TXH HMHUFHQ OD
GLVSRQLELOLGDG\FDOLGDGGHODLQIUDHVWUXFWXUDHFRQyPLFD\VXVVHUYLFLRVGHULYDGRV
VREUHHOFUHFLPLHQWRHFRQyPLFR\VXVRVWHQLELOLGDGHQHOWLHPSR'HVGHHOSXQWRGH
YLVWD GH OD HTXLGDG DOJXQRV WUDEDMRV KDQ GHPRVWUDGR TXH OD LQYHUVLyQ HQ
LQIUDHVWUXFWXUDWLHQHXQLPSDFWRGLVWULEXWLYRVLJQLILFDWLYR
'HQWUR GH ORV SULQFLSDOHV GHVDItRV TXH HQIUHQWD OD LQIUDHVWUXFWXUD VH
GHVWDFD HO GH OD DGHFXDGD SURYLVLyQ GH OD PLVPD TXH HQ ORV FDVRV GH XQD
UHVSXHVWDLQFRQYHQLHQWHRULJLQDXQDHVFDVH]FRQRFLGDHQODOLWHUDWXUDFRPROD
EUHFKDGHLQIUDHVWUXFWXUD(QHVWHVHQWLGROD&(3$/KDVHxDODGRTXHFHUUDU
ODEUHFKDFRQVWLWX\HXQRGHORVJUDQGHVUHWRVTXHHQIUHQWDODLQIUDHVWUXFWXUDGH
$PpULFD /DWLQD \ HO &DULEH $VLPLVPR ORV HIHFWRV SRVLWLYRV GH OD DGHFXDGD
SURYLVLyQ\FDOLGDGGHLQIUDHVWUXFWXUDVHPD[LPL]DQFXDQGRVRQDFRPSDxDGRV
GHORVDUUHJORVUHJXODWRULRVRUJDQL]DFLRQDOHVHLQVWLWXFLRQDOHVDGHFXDGRVSDUD
VXGHVHPSHxR
7HQLHQGRHQFXHQWDODLPSRUWDQFLDGHHVWDWHPiWLFDVREUHODUHJLyQOD
HVWLPDFLyQ GH OD EUHFKD GHLQIUDHVWUXFWXUDVHFLHUQHFRPRHOREMHWLYRFHQWUDO
GHO SUHVHQWH GRFXPHQWR \ VX PHGLFLyQ VH DERUGD D SDUWLU GH GLIHUHQWHV
SHUVSHFWLYDVPHWRGROyJLFDVVXUJLGDVHQEDVHDODUHYLVLyQGHODOLWHUDWXUD
$VLPLVPR HO HVWXGLR SUHWHQGH SRQHU HQ HYLGHQFLD TXH OD UHJLyQ
QHFHVLWDUiUHDOL]DUXQHVIXHU]RFRQMXQWR GHORVVHFWRUHVS~EOLFRV\SULYDGRV 
LPSRUWDQWH \ VLJQLILFDWLYR SDUD DIURQWDU ORV UHTXHULPLHQWRV GH SURYLVLyQ GH
LQIUDHVWUXFWXUDTXHVHDYHFLQDQHQORVSUy[LPRVDxRV



 /DLQIUDHVWUXFWXUDDEDUFDXQFRQMXQWRGHHVWUXFWXUDVGHLQJHQLHUtDHTXLSRVHLQVWDODFLRQHVGHODUJDYLGD~WLOTXHFRQVWLWX\HQODEDVH
VREUHODFXDOVHSUHVWDQVHUYLFLRVSDUDORVVHFWRUHVSURGXFWLYRV\ORVKRJDUHV(QXQDGHVXVGHILQLFLRQHVGHDFXHUGRFRQVXIXQFLyQ
VH HQFXHQWUD OD LQIUDHVWUXFWXUD HFRQyPLFD TXH LQFOX\H D ORV VHFWRUHV GHO WUDQVSRUWH OD HQHUJtD \ ODV WHOHFRPXQLFDFLRQHV (Q OD 9
VHFFLyQVHDPSOtDQHVWDVGHILQLFLRQHV

 &DOGHUyQ\6HUYpQ  PXHVWUDQHOLPSDFWRSRVLWLYRGHODSURYLVLyQGHLQIUDHVWUXFWXUDVREUHHOFRHILFLHQWHGH*LQL

 &(3$/D


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

(OWUDEDMRVHKDHVWUXFWXUDGRGHODVLJXLHQWHPDQHUD6HJXLGRGHHVWDLQWURGXFFLyQODVHJXQGDVHFFLyQ
GHVFULEH XQD EUHYH VtQWHVLV GH OD LPSRUWDQFLD GH OD LQIUDHVWUXFWXUD VREUH HO FUHFLPLHQWR HFRQyPLFR \ ORV
GHVDItRV SDUWLFXODUHV TXH HQIUHQWD $PpULFD ODWLQD \ HO &DULEH (Q OD WHUFHUD VHFFLyQ VH H[KLEHQ DOJXQRV
LQGLFDGRUHV JHQHUDOHV GRQGH VH FRPSDUD HO GHVHPSHxR UHJLRQDO FRQ HO GH RWURV DJUXSDPLHQWRV /XHJR OD
FXDUWDVHFFLyQPXHVWUDODV~OWLPDVWHQGHQFLDVGHLQYHUVLyQHQLQIUDHVWUXFWXUDSDUDDOJXQRVSDtVHVGHODUHJLyQ
HQGRQGHORVPRQWRVLQYHUWLGRVVRQSUHVHQWDGRVFRQYDULRVJUDGRVGHGHVDJUHJDFLyQ LQFOX\HQGRODDSHUWXUD
SRUHURJDFLRQHVS~EOLFDV\SULYDGDVSRUVHFWRUHVGHLQIUDHVWUXFWXUD\SRUSDtVHV 
/D TXLQWD VHFFLyQ SUHVHQWD GHILQLFLRQHV EiVLFDV VREUH OD LQIUDHVWUXFWXUD \ VX EUHFKD LQFOX\HQGR XQ
EUHYHUHFRUULGRSRUODOLWHUDWXUDHQODPDWHULD
/RV FRVWRV GH LQIUDHVWUXFWXUD VHFWRULDOHV TXH VLUYHQ SDUD FXDQWLILFDU PRQHWDULDPHQWH ORV IOXMRV GH
LQYHUVLyQGHODVHVWLPDFLRQHVVRQSUHVHQWDGRVHQODVH[WDVHFFLyQ
/D PHGLFLyQ GH OD EUHFKD HV DERUGDGD HQ OD VpSWLPD VHFFLyQ GHVFULELpQGRVH SULPHUDPHQWH ODV
PHWRGRORJtDV XWLOL]DGDV HQ ODV GLIHUHQWHV GLPHQVLRQHV KRUL]RQWDO \ YHUWLFDO  SDUD OXHJR SUHVHQWDU ORV
UHVXOWDGRVDOFDQ]DGRV
$OJXQDVFRQVLGHUDFLRQHVUHODWLYDVDOILQDQFLDPLHQWRGHODEUHFKDVRQSUHVHQWDGDVHQODRFWDYDVHFFLyQ
3RVWHULRUPHQWHODQRYHQDVHFFLyQVHRFXSDGHFRPSDUDUORVPRQWRVGHODVLQYHUVLRQHVHQLQIUDHVWUXFWXUDGH
ORV~OWLPRVDxRVUHVSHFWRDORVUHTXHULPLHQWRVHVWLPDGRV
(OWUDEDMRILQDOL]DSUHVHQWDQGRDOJXQDVFRQFOXVLRQHVHQODGpFLPDVHFFLyQ
(QFXDQWRDORVDQH[RVSUHVHQWDGRVDOILQDOGHOGRFXPHQWRHOSULPHURVHRFXSDGHORVDJUXSDPLHQWRV
FRQVLGHUDGRVHQODVFRPSDUDFLRQHVGHOD,,,VHFFLyQGHOWUDEDMR/DVIXHQWHVGHLQIRUPDFLyQGHODVWHQGHQFLDV
UHFLHQWHV GH LQYHUVLyQ FRUUHVSRQGLHQWHV D OD ,9VHFFLyQVRQVHxDODGDV HQ HO VHJXQGR DQH[R 3RU VX SDUWH HO
WHUFHUDQH[RSUHVHQWDXQUHVXPHQGHORVGRFXPHQWRVGHODOLWHUDWXUDVREUHEUHFKDGHLQIUDHVWUXFWXUD(OFXDUWR
DQH[RVHRFXSDGHORVVXSXHVWRVVREUHORVTXHVHIXQGDPHQWDQODVHVWLPDFLRQHVGHODEUHFKDYHUWLFDOVHJ~QOD
PHWRGRORJtDGH)D\\<HSHV(QHOTXLQWRVHSUHVHQWDQORVUHVXOWDGRVDQLYHOGHORVSDtVHVGHODPHWRGRORJtD
YHUWLFDO DOWHUQDWLYD /XHJR HO VH[WR DQH[R SUHVHQWD ORV UHVXOWDGRV GHO FRVWR GH OD EUHFKD KRUL]RQWDO
FRQVLGHUDQGR RWUDV DOWHUQDWLYDV GLIHUHQWHV DO VXGHVWH DVLiWLFR FRPR REMHWLYR SRU DOFDQ]DU )LQDOPHQWH HQ HO
~OWLPRDQH[RVHH[KLEHQORVUHVXOWDGRVSDUDXQFRQMXQWRGHSDtVHVGHODUHJLyQGHXQDHQFXHVWDVREUHFDOLGDG
GHLQIUDHVWUXFWXUD




 3RU UD]RQHV HGLWRULDOHV \ GH HVSDFLR HVWH DQH[R VRODPHQWH VH HQFXHQWUD GLVSRQLEOH HQ OD SiJLQD ZHE GH OD 'LYLVLyQ GH 5HFXUVRV
1DWXUDOHVH,QIUDHVWUXFWXUDGH&(3$/KWWSZZZHFODFRUJGUQL


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

, &RQWH[WRJHQHUDO

/RV HIHFWRV TXH HMHUFHQ OD LQIUDHVWUXFWXUD \ VXV VHUYLFLRV GHULYDGRV VREUH OD
HFRQRPtD\ODVRFLHGDGVRQVXVWDQWLYRV\UHSHUFXWHQHQODFDOLGDGGHYLGDGLDULDGH
ORVKDELWDQWHV 5R]DV\6iQFKH] 'HVGHODGLVSRQLELOLGDGSDUDUHDOL]DUXQD
OODPDGD WHOHIyQLFD SHUVRQDO PHUDPHQWH UHFUHDWLYD KDVWD GLVSRQHU GHO DFFHVR DO
DJXDSRWDEOHTXHSRVLELOLWHJUDQSDUWHGHOVXVWHQWRELROyJLFRQHFHVDULRSDUDODYLGD
8QDFDUUHWHUDGHILFLHQWHRODIDOWDGHWUD]DGRGHODPLVPDSXHGHQLPSHGLUTXHXQ
SDFLHQWH VHD WUDVODGDGR HQ HO WLHPSR \ OD IRUPD RSRUWXQRV SURYRFDQGR ULHVJRV
HYLWDEOHV /RV HVWXGLDQWHV SXHGHQ YHU GLILFXOWDGR VX SURFHVR GH IRUPDFLyQ GH
FDSLWDOKXPDQRSRUODFDUHQFLDHQODSURYLVLyQGHHQHUJtDHOpFWULFDTXHOHVLPSLGD
H[WHQGHU VXV KRUDULRV GH HVWXGLR R SRU OD IDOWD GH DFFHVR D XQ KHUUDPHQWDO
HGXFDFLRQDO\FRPXQLFDWLYRGHHOHYDGRSRWHQFLDOFRPRHVOD,QWHUQHW
3RU RWUD SDUWH OD HFRQRPtD PXQGLDO VH HQFXHQWUD FDGD YH] PiV
LQWHUUHODFLRQDGD$SHVDUGHODVPXFKDVYHQWDMDVGHULYDGDVGHXQDSURGXFFLyQ
D HVFDOD SODQHWDULD WDPELpQ VH SUHVHQWDQ PD\RUHV H[LJHQFLDV GH
FRPSHWLWLYLGDG TXH UHTXLHUHQFRPRUHVSXHVWDODDPSOLDFLyQ\PRGHUQL]DFLyQ
GH OD LQIUDHVWUXFWXUD EiVLFD RULHQWDGD D DOFDQ]DU ORV HVWiQGDUHV WHFQROyJLFRV
LQWHUQDFLRQDOHV\H[WHQGHUODFREHUWXUDGHORVWHUULWRULRVQDFLRQDOHVDOPLVPR
WLHPSR GH SHUPLWLU VDWLVIDFHU HILFD]PHQWH D ODV QHFHVLGDGHV DVRFLDGDV D OD
SUHVWDFLyQGHORVVHUYLFLRVGHLQIUDHVWUXFWXUD &LSROHWWDHWDO 
(OSDSHOTXHMXHJDHOGHVDUUROORGHODLQIUDHVWUXFWXUDHFRQyPLFDVREUH
HO FUHFLPLHQWR HV VLJQLILFDWLYR (O DUWtFXOR GH 'DYLG $VFKDXHU   IXH
SLRQHUR HQ PRVWUDU VXV HIHFWRV VREUH OD SURGXFWLYLGDG WRWDO GH ORV IDFWRUHV
PLHQWUDV TXH &DOGHUyQ \ 6HUYpQ   FXDQWLILFDQ VX LPSDFWR VREUH ORV
SDtVHVGH$PpULFD/DWLQD\HO&DULEH
(QHVWHVHQWLGRHQ5R]DV\6iQFKH]  VHVHxDODTXH³ODDGHFXDGD
GLVSRQLELOLGDGGHREUDVGHLQIUDHVWUXFWXUDDVtFRPRODSUHVWDFLyQHILFLHQWHGH
VHUYLFLRVFRQH[RVSHUPLWHQDXQSDtVDWHQXDUHOGpILFLWTXHSXGLHUDWHQHUHQOD
GRWDFLyQGHGHWHUPLQDGRVUHFXUVRVQDWXUDOHV´


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

2WUDVYHQWDMDVGHOGHVDUUROORGHODLQIUDHVWUXFWXUDVLJXLHQGRD5R]DV\6iQFKH]  VRQXQPD\RU


JUDGRGHHVSHFLDOL]DFLyQSURGXFWLYDTXHSHUPLWHJHQHUDUHFRQRPtDVGHHVFDOD\DJORPHUDFLyQLQWHJUDFLyQGHO
VLVWHPDHFRQyPLFR\WHUULWRULDOGHXQSDtVRUHJLyQUHGXFFLyQGHFRVWRVDVRFLDGRVDOFRQVXPRGHORVVHUYLFLRV
PHMRUDVHQHODFFHVRDORVPHUFDGRVGHELHQHVHLQVXPRVLQFUHPHQWRHQODFREHUWXUD\FDOLGDGGHORVVHUYLFLRV
SURYLVWRVDODSREODFLyQ\PD\RUELHQHVWDU
(OPHFDQLVPRKDELWXDOGHLPSXOVRSURSDJDFLyQVHHQFXHQWUDGHVFULWRHQ5R]DV  GRQGHVHVHxDOD
TXH ³XQD PD\RU GLVSRQLELOLGDG \ FDOLGDG GH ORV VHUYLFLRV GH LQIUDHVWUXFWXUD PHGLGD HQ WpUPLQRV GH
WHOHFRPXQLFDFLRQHV UHG YLDO \ VHUYLFLRV GH WUDQVSRUWH JHQHUDFLyQ WUDQVPLVLyQ \ GLVWULEXFLyQ GH HQHUJtD \
DEDVWHFLPLHQWR GH DJXD SRWDEOH \ VHUYLFLRV GH VDQHDPLHQWR FRQOOHYD D XQD PD\RU SURGXFWLYLGDG GH ORV
IDFWRUHV\FRVWRVGHSURGXFFLyQPiVEDMRVSDUDORVSURGXFWRUHV/DPD\RUUHQWDELOLGDGLQFHQWLYDODLQYHUVLyQ
\SRUHQGHDXPHQWDHOFUHFLPLHQWRSRWHQFLDOGHOSURGXFWR´$VXYH]XQPD\RUFUHFLPLHQWRHOHYDORVLQJUHVRV
GHODSREODFLyQJHQHUDQGRHIHFWRVIDYRUDEOHVGHVHJXQGDURQGDVREUHODHFRQRPtD
/RDQWHULRUVHSXHGHVLVWHPDWL]DUHQHOVLJXLHQWHGLDJUDPD
',$*5$0$
(175(/$,1)5$(6758&785$<(/&5(&,0,(172


0HMRUDV,QYHUVLRQHVHQLQIUDHVWUXFWXUD
0XOWLSOLFDGRU
 GHOD,QYHUVLyQ

(IHFWRVVREUHORVVHUYLFLRV
 $FFHVLELOLGDGDODUHG


*DQDQFLDVGH %HQHILFLRV3ULPDULRVHQ
 ELHQHVWDU FDOLGDG\FDQWLGDGGHVHUYLFLRV


 ([WHUQDOLGDGHV 5HGLVWULEXFLyQ
 HVSDFLDOGHOD
DFWLYLGDG

([WHUQDOLGDGHV

3HFXQLDUDV DVLJQDWLYDV


$JORPHUDFLyQGHILUPDV
 UHGXFFLyQGHFRVWRVSURGXFFLyQ
5HGXFFLyQHQORV 5HGGH 0HUFDGR FDPELRVHVSDFLDOHV
 SUHFLRVUHODWLYRV VHUYLFLRV WUDEDMR \RUJDQL]DFLRQDOHV


 $XPHQWRVGHSURGXFWLYLGDG\FRPSHWLWLYLGDG


0HUFDGRH[WHUQR
 &UHFLPLHQWR(FRQyPLFR
,PSRUWDFLRQHV\H[SRUWDFLRQHV

)XHQWH-RKQ3UHVWRQFLWDGRHQ5R]DV\6iQFKH]  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

7DPELpQ OD LQIUDHVWUXFWXUD \ VXV VHUYLFLRV DFW~DQ FRPR YHKtFXORV GH FRKHVLyQ WHUULWRULDO HFRQyPLFD \
VRFLDO DO LQWHJUDU \ DUWLFXODU HO WHUULWRULR \ KDFHUOR DFFHVLEOH GHVGH HO H[WHULRU SHUPLWLHQGR D VXV KDELWDQWHV
FRQHFWDUVHFRQHOHQWRUQR &RUUHD\5R]DV 
6XVHIHFWRVSRVLWLYRVVREUHODGLVWULEXFLyQGHOLQJUHVR\ODUHGXFFLyQGHODSREUH]DHQODUHJLyQWDPELpQ
KDQ VLGR HVWXGLDGRV &DOGHUyQ \ 6HUYpQ   /D &(3$/ D  VHxDOD TXH ³OD LQIUDHVWUXFWXUD IDFLOLWD HO
GHVDUUROORVRFLDOHVSHFLDOPHQWHFXDQGRODLQIUDHVWUXFWXUDHVWiLQVHUWDHQSROtWLFDVGHFRQHFWLYLGDGHLQFOXVLyQ
VRFLDORULHQWDGDVDODVUHJLRQHVPiVGHVDPSDUDGDVHFRQyPLFD\VRFLDOPHQWHFRQWULEX\HQGRDODYH]DUHGXFLU
ORVGHVHTXLOLEULRVGLVWULEXWLYRV´
0DQWHQHUHQHOWLHPSRORVQLYHOHVDGHFXDGRVGHLQYHUVLyQHQLQIUDHVWUXFWXUDHFRQyPLFDHVSRUWDQWRXQ
REMHWLYR VRFLDOPHQWH GHVHDEOH \ TXH FRQWULEX\H DO EXHQ GHVHPSHxR HFRQyPLFR \ FRODERUD HQ PHMRUDU ODV
FRQGLFLRQHVGHYLGDHQODUHJLyQ
3RU RWUD SDUWH OD IDOWD GH SURYLVLyQ DGHFXDGD SXHGH SURYRFDU TXH ³ORV SDtVHV GH OD UHJLyQ SXHGDQ
HQFRQWUDU VHULRV REVWiFXORV D VX FUHFLPLHQWR R HQVXGHIHFWRDODGHIHQVDGHODVSRVLFLRQHVDOFDQ]DGDVHQORV
PHUFDGRV LQWHUQDFLRQDOHV VL QR ORJUDQ HVWUXFWXUDU XQ GHVDUUROOR DGHFXDGR GH OD RIHUWD GH VHUYLFLRV GH
LQIUDHVWUXFWXUDTXHFRQWULEX\DDVXVWHQWDUODH[SDQVLyQGHORVGHPiVVHFWRUHVGHODHFRQRPtD\ODFRPSHWLWLYLGDG
VLVWpPLFDH[LJLGD´ 5R]DV 
(Q HVWD GLUHFFLyQ 5R]DV \ 6iQFKH]   DGYLHUWHQ TXH ³ORV HOHYDGRV FRVWRV GH ORV VHUYLFLRV GH
LQIUDHVWUXFWXUD HQ SDtVHV HQ GHVDUUROOR DIHFWDQ QHJDWLYDPHQWH VX LQVHUFLyQ HQ HO FRPHUFLR LQWHUQDFLRQDO
HVWLPiQGRVHTXHVXLPSDFWRHVVLPLODUDOSURYRFDGRSRUODVEDUUHUDV\WDULIDVDUDQFHODULDVRSRUODVGLVWRUVLRQHV
GHO WLSR GH FDPELR´ $GHPiV ³ORV DOWRV FRVWRV GHO WUDQVSRUWH ODV WHOHFRPXQLFDFLRQHV OD HOHFWULFLGDG \ ORV
VHUYLFLRVVDQLWDULRVHQWUHRWURVVHUYLFLRVGHLQIUDHVWUXFWXUD\ODFDOLGDGGHVXSURYLVLyQDIHFWDQQHJDWLYDPHQWHOD
SURGXFWLYLGDGGHORVIDFWRUHVODFRPSHWLWLYLGDGGHODVHPSUHVDV\ODVH[SRUWDFLRQHV´3RUHMHPSORODFDUHQFLDGH
LQIUDHVWUXFWXUDHQWUDQVSRUWHHOHYDQVLJQLILFDWLYDPHQWHORVFRVWRVORJtVWLFRV
'H HVWD PDQHUD ³OD DXVHQFLD GH XQD LQIUDHVWUXFWXUD DGHFXDGD DVt FRPR OD SURYLVLyQ LQHILFLHQWH GH ORV
VHUYLFLRVFRQVWLWX\HQJUDQGHVREVWiFXORVSDUDODLPSOHPHQWDFLyQHILFD]GHSROtWLFDVS~EOLFDVHOSOHQRORJURGH
PHWDVGHGHVDUUROORHFRQyPLFR\VRFLDO\ODFRQFUHFLyQGHORVREMHWLYRVGHLQWHJUDFLyQ´ &LSROHWWDHWDO 
8Q HVWXGLR UHFLHQWH GH OD &(3$/ &(3$/ D  KD VLVWHPDWL]DGR TXH ORV SULQFLSDOHV GHVDItRV TXH
HQIUHQWDODUHJLyQHQPDWHULDGHVHUYLFLRVGHLQIUDHVWUXFWXUDFRQYLVWDVDORJUDUXQGHVDUUROORVRVWHQLGRVRQ
• $OWDGLVSHUVLyQ\PXOWLSOLFLGDGGHYLVLRQHVS~EOLFDVUHVSHFWRDODLQIUDHVWUXFWXUD\ORVVHUYLFLRV\OD
FRQVHFXHQWHIDOWDGHLQWHJUDOLGDGHQHODERUGDMHGHODVSROtWLFDVHQVXVGLIHUHQWHVSURFHVRV FRQFHSFLyQ
GLVHxRLPSOHPHQWDFLyQ\VHJXLPLHQWRILVFDOL]DFLyQ\HYDOXDFLyQ 
• (VWUHFKH]ItVLFDRHVFDVH]HQODSURYLVLyQGHLQIUDHVWUXFWXUD\VHUYLFLRV
• )DOODV X REVWiFXORV LQVWLWXFLRQDOHV \ UHJXODWRULRV WDQWR HQ OD FRQGXFFLyQ GH ODV SROtWLFDVFRPRHQOD
RUJDQL]DFLyQGHORVPHUFDGRV
• 'HELOLGDG\RDXVHQFLDGHFULWHULRVGHVRVWHQLELOLGDGHQODFRQFHSFLyQGHODVSROtWLFDVGHORVVHUYLFLRV
GHLQIUDHVWUXFWXUDHVSHFLDOPHQWHHQHOWUDQVSRUWH
• $VLPLVPRDVSHFWRVWDOHVFRPRORVSUREOHPDVHQODIDFLOLWDFLyQGHOWUDQVSRUWH\HOFRPHUFLR TXHVH
UHODFLRQDQ HQWUH RWURV DVSHFWRV FRQ ODV UHJXODFLRQHV WpFQLFDV \ OD EXURFUDWL]DFLyQ GH ORV SURFHVRV
FRPHUFLDOHV  DVt FRPR HO DFFHVR DO ILQDQFLDPLHQWR OD FDOLGDG \IXQFLRQDPLHQWRGHODVDVRFLDFLRQHV
S~EOLFRSULYDGDVODLQVWLWXFLRQDOLGDG\FRQWDELOLGDGUHJXODWRULD\ODVFRQGLFLRQHVGHIXQFLRQDPLHQWR\
PDGXUDFLyQGHORVPHUFDGRVGHLQIUDHVWUXFWXUDFRPSOHWDQHOHVSHFWURGHFXHVWLRQHVTXHGHEHUiQVHU
UHYLVDGDVSDUDPD[LPL]DUHODSRUWHGHORVVHUYLFLRVGHLQIUDHVWUXFWXUDDOGHVDUUROOR\ODLQWHJUDFLyQ
(QHOSUHVHQWHGRFXPHQWRVHDQDOL]DH[FOXVLYDPHQWHODFXHVWLyQGHODHVWUHFKH]ItVLFDVLQHPEDUJRVHJ~Q
ORVHxDODGRHQHOSiUUDIRDQWHULRUGHEHWHQHUVHDFRQVLGHUDFLyQTXHODEUHFKDHVVRODPHQWHXQRGHORVGHVDItRV
TXHHQIUHQWDODLQIUDHVWUXFWXUDGH$PpULFD/DWLQD\HO&DULEH\ORVHIHFWRVSRVLWLYRVVREUHODFDOLGDGGHYLGDGH
ODVSHUVRQDVGHFRUUHJLUODHVWUHFKH]ItVLFDVRODPHQWHVHPD[LPL]DUiQHQODPHGLGDHQTXHVHDERUGHQUHVSXHVWDV
FRQVLVWHQWHVDWRGDVODVSUREOHPiWLFDVVHxDODGDV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

,, ,QGLFDGRUHVJHQHUDOHVGH
$PpULFD/DWLQD\HO&DULEH

/RV HIHFWRV TXH HMHUFHQ OD GLVSRQLELOLGDG GH DFFHVR D OD LQIUDHVWUXFWXUD \ VXV
VHUYLFLRVHQLQWHUDFFLyQFRQODGRWDFLyQGHUHFXUVRVItVLFRV\QDWXUDOHVORVPDUFRV
SROtWLFRLQVWLWXFLRQDOHV\HOFRQWH[WRKLVWyULFRFRQILJXUDQODVFDUDFWHUtVWLFDVSURSLDV
GHODVHFRQRPtDVTXHVXVWHQWDQ\FRQGLFLRQDQODYLGDGHVXVKDELWDQWHV
(O REMHWLYR GH HVWD VHFFLyQ FRQVLVWH HQ SUHVHQWDU DOJXQRV LQGLFDGRUHV
HFRQyPLFRV JHRJUiILFRV \ VRFLDOHV TXH UHIOHMDQ ODV GLIHUHQFLDV H[LVWHQWHV HQWUH
$PpULFD/DWLQD\HO&DULEHUHVSHFWRDRWUDVUHJLRQHVGHLQWHUpV(OGHWDOOHGHORV
SDtVHVLQWHJUDQWHVGHFDGDJUXSRVHHQFXHQWUDHQHO$QH[R
/RVLQGLFDGRUHVGH$PpULFD/DWLQD\HO&DULEHVHSUHVHQWDQFRQUHODFLyQD
L ODUHJLyQGHORVSDtVHVGHO(VWHGH$VLD\3DFtILFR HQDGHODQWH($3 LL HOJUXSR
GHSDtVHVGHOD2&'(GHLQJUHVRVDOWRV\LLL ORVSURPHGLRPXQGLDOHV
(QSULPHUOXJDUVHREVHUYDXQHOHYDGRFRQWUDVWHGHPRJUiILFR\GHLQJUHVRV
HQWUHORVGLVWLQWRVJUXSRV(QHODxRORVSDtVHVGH$PpULFD/DWLQD\HO&DULEH
FRQWHQtDQDOGHODSREODFLyQPXQGLDOPLHQWUDVTXHORVGHO($3HO\ORVGH
DOWRVLQJUHVRVGHOD2&'(XQ'XUDQWHHOPLVPRDxR$PpULFD/DWLQD\HO
&DULEHUHJLVWUyXQ3%,SHUFiSLWDGyODUHVVXSHULRUDOGH($3 86YV
86   \ VLJQLILFDWLYDPHQWH LQIHULRU DO GH ORV SDtVHV GH DOWRV LQJUHVRV GH OD
2&'( 86FDVL86GHGLIHUHQFLD PLHQWUDVTXHODFRPSDUDFLyQ
FRQ HO DJUHJDGR PXQGLDO DUURMy XQ VDOGR GHVIDYRUDEOH SDUD $PpULFD /DWLQD \ HO
&DULEHFRQXQDGLIHUHQFLDGH86



 (VWHDJUXSDPLHQWRGHSDtVHVGHO($3HVPXFKRPiVDPSOLRTXHHOGHORVSDtVHVGHOVXGHVWHDVLiWLFRFRQVLGHUDGRVHQOD9,,VHFFLyQ

 'HEH WHQHUVH SUHVHQWH TXH ORV YDORUHV GH FDGD JUXSR QR VRQ H[FOX\HQWHV SXHV SRU HMHPSOR KD\ SDtVHV 2&'( TXH WDPELpQ VH
HQFXHQWUDQLQFOXLGRVHQODDJUXSDFLyQ($3


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
32%/$&,Ï1<3,%3(5&È3,7$
$xR 
 


(QGyODUHVFRUULHQWHV

0LOORQHVGHSHUVRQDV


 
 

 

 



 

 

 
 (VWHGH$VLD\ $PpULFD/DWLQD\HO 0XQGLDO 2&'(
3DFtILFR &DULEH

3REODFLyQ 3%,

)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO:',

(Q FXDQWR D ODV GLPHQVLRQHV JHRJUiILFDV $PpULFD /DWLQD \ HO &DULEH SRVHH HO  GH OD VXSHUILFLH
PXQGLDOSRUGHEDMRGHODFXDQWtDGHORVSDtVHVGHDOWRVLQJUHVRV2&'(  DXQTXHOHYHPHQWHSRUHQFLPD
GH OD UHJLyQ ($3   'H HVWRV WHUULWRULRV GXUDQWH  VRODPHQWH HO  GH OD WLHUUD UHVXOWy DUDEOH HQ
$PpULFD/DWLQD\HO&DULEHPLHQWUDVTXHODFLIUDDVFHQGLyDHQODUHJLyQGH($3\DSDUDORVSDtVHV
2&'(FRQXQSURPHGLRPXQGLDOWDPELpQHQWRUQRDO
*5È),&2
7,(55$$5$%/(<683(5),&,(
$xR 
 

 

  

3RUFHQWDMHV

0LOHVGHNP
  

  

  

  

  

  
(VWHGH$VLD\ $ PpULFD/DWLQD\HO 0XQGLDO 2&'(

3DFtILFR &DULEH
 6XSHUILFLH 7LHUUD$UDEOH

)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO:',

/DVHURJDFLRQHVHQ,QYHVWLJDFLyQ\'HVDUUROORUHDOL]DGDVGXUDQWHPXHVWUDQDODUHJLyQFODUDPHQWH
UH]DJDGD LQFOXVRSRUGHEDMRGHOJDVWRSURPHGLRPXQGLDOGRQGHODGLIHUHQFLDDOFDQ]DDFDVLSXQWRVGHO
3%,,JXDOSHUVSHFWLYDVHREVHUYDHQORVJDVWRVHMHFXWDGRVGXUDQWHHQ7HFQRORJtDGHOD,QIRUPDFLyQ\
&RPXQLFDFLRQHVDXQTXHHQHVWHFDVRODVFLIUDVLQYHUWLGDVVRQEDVWDQWHVXSHULRUHVDODVGH,'


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
*$6726(1,19(67,*$&,Ï1<'(6$552//2 $f2 <
7(&12/2*Ë$'(,1)250$&,Ï1<&2081,&$&,21(6 $f2 
&RPRSRUFHQWDMHGHO3%, 

 

 
 









 
(VWHGH$VLD\ $PpULFD/DWLQD\HO 0XQGLDO 2&'(
 3DFtILFR &DULEH
,' 7,&
)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO:',

(Q WUDQVSRUWH PDUtWLPR ORV LQGLFDGRUHV GH OD HILFLHQFLD GH ORV SURFHGLPLHQWRV DGXDQHURV \ GH OD
FDOLGDG GH LQIUDHVWUXFWXUD GH ORV SXHUWRV PXHVWUDQ LJXDOPHQWH UHWUDVRV SDUD OD UHJLyQ VLHQGR ODV PD\RUHV
GLIHUHQFLDVUHJLVWUDGDVFRQORVSDtVHVGHOD2&'(
*5È),&2
&$/,'$''(/$,1)5$(6758&785$'(/2638(5726<
&$5*$(1/26352&(',0,(1726$'8$1(526
$xR H[WUHPDGDPHQWHLQHILFLHQWH
 ELHQGHVDUUROODGR\HILFLHQWH 
 

 



 






 
(VWHGH$VLD\ $PpULFD/DWLQD\HO 0XQGLDO 2&'(

3DFtILFR &DULEH
 &DOLGDGGH,QIUDHVWUXFWXUD &DUJDHQORV3URFHGLPLHQWRV

)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO:',

6LJXLHQGRFRQHOVHFWRUPDUtWLPRODFDUJDPDUtWLPDWUDQVSRUWDGD HQWpUPLQRVGH7(8 DVFHQGLyDO
GHOWRWDOPXQGLDOSDUD$PpULFD/DWLQD\HO&DULEHHQHOSHUtRGRVLJQLILFDWLYDPHQWHSRUGHEDMRGHO
GLQDPLVPRGH($3  \GHORVSDtVHV2&'(  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
75$),&232578$5,2'(&217$,1(56
3URPHGLRDxRVPLOORQHVGH7(8 

 

 

 

 

 

 

 

 

 
(VWHGH$VLD\3DFtILFR $PpULFD/DWLQD\HO&DULEH 2&'(

)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO±:',

(QFXDQWRDOWUDQVSRUWHDpUHR$PpULFD/DWLQD\HO&DULEHSDUWLFLSyHQHOSHUtRGRFRQHOGHO
WRWDOPXQGLDOGHSDUWLGDVDpUHDVLQWHUQDFLRQDOHVPLHQWUDVTXH($3ORKL]RFRQHODPEDVUHJLRQHVPX\SRU
GHEDMRGHORVYDORUHVGHORVSDtVHV2&'(TXHSDUWLFLSDURQFRQHOGHOWRWDOGHSDUWLGDV3RUHOODGRGHODV
FDUJDV DpUHDV WUDQVSRUWDGDV VH REVHUYy XQ FRPSRUWDPLHQWR VLPLODU UHSUHVHQWDQGR $PpULFD /DWLQD \ HO &DULEH
VRODPHQWHHOGHODFDUJDDpUHDWUDQVSRUWDGDDQLYHOLQWHUQDFLRQDOPLHQWUDVTXH($3UHSUHVHQWyHO\OD
2&'(XQ
*5È),&2
&$5*$$e5($75$163257$'$<3$57,'$6$(5($6,17(51$&,21$/(6
3URPHGLRDxRV 
 

 



0LOHVGHSDUWLGDV

0LOORQHVGHWRQHO DGDV




 

 

 



 

 
  
 (VWHGH$VLD\3DFtILFR $PpULFD/DWLQD\HO 2&'(
&DULEH
 &DUJD7UDQVSRUWDGD 3DUWLGDV
)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO±:',

'HOWRWDOGHHQHUJtDFRQVXPLGDSRUHOVHFWRUWUDQVSRUWHGXUDQWHHODxR$PpULFD/DWLQD\HO&DULEH
SUHVHQWy HO PD\RU FRQVXPR UHODWLYR   SRU HQFLPD GH ORV SDtVHV 2&'(   \ GHO SURPHGLR
PXQGLDO  5HVSHFWRDODFDQWLGDGGHYHKtFXORVDPRWRUGHORVREVHUYDGRVDQLYHOPXQGLDOFDGD
PLO KDELWDQWHV $PpULFD /DWLQD \ HO &DULEH PRVWUDED HQ  XQD SDUWLFLSDFLyQ OHYHPHQWH LQIHULRU  
FRQWUDVWDQGRVLJQLILFDWLYDPHQWHFRQORVYDORUHVGHOD2&'(  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
9(+Ë&8/26$02725<(1(5*Ë$&21680,'$3256(&72575$163257(
9HKtFXORVDxR\HQHUJtDDxR 

 

  
3RUFHQWDMHGHOWRWDO

YHKtFXORVFKDE
  

 

 

  

  

  
 $PpULFD/DWLQD\HO&DULEH 0XQGLDO 2&'(
9 HKtFXORV (QHUJtD
)XHQWH/RVDXWRUHVFRQGDWRVGH2/$'(\$JHQFLD,QWHUQDFLRQDOGH(QHUJtD

(Q ORV LQGLFDGRUHV UHODFLRQDGRV FRQ OD LQIRUPiWLFD VH REVHUYD XQD FODUD VXSHULRULGDG GH ORV SDtVHV
2&'(([SUHVDGRHQYDORUHVFDGDFLHQKDELWDQWHVGXUDQWH$PpULFD/DWLQD\HO&DULEHGLVSRQtDGH
FRPSXWDGRUDV SHUVRQDOHV FLIUD VXSHULRU D OD GHO ($3   \ OHYHPHQWH LQIHULRU DO QLYHO PXQGLDO   SHUR
UHJLVWUDQGR XQD VLJQLILFDWLYD GLIHUHQFLD FRQ ORV SDtVHV GH DOWRV LQJUHVRV GH OD 2&'(   (Q  ORV
XVXDULRVGH,QWHUQHWGH$PpULFD/DWLQD\HO&DULEH FRQLQGHSHQGHQFLDGHOWLSRGHFRQH[LyQ UHJLVWUDEDQXQ
SURPHGLR VXSHULRU DO PXQGLDO  XVXDULRV FRQWUD  FLIUD LQFOXVR VXSHULRU D OD GH OD UHJLyQ GHO ($3 
XVXDULRV  SHUR QXHYDPHQWH PX\ SRU GHEDMR GH ORV SDtVHV GH DOWRV LQJUHVRV GH OD 2&'(  XVXDULRV 
&RQVLGHUDQGR H[FOXVLYDPHQWH D ORV VXVFULSWRUHV GH ,QWHUQHW SRU EDQGD DQFKD HO FRPSRUWDPLHQWR UHVXOWy
VLPLODUORVSDtVHVGHOD2&'(H[KLELHURQHOPD\RUGHVDUUROOR FRQVXVFULSWRUHV VHJXLGRVGHOSURPHGLR
PXQGLDO VXVFULSWRUHV \GHORVSDtVHVGH$PpULFD/DWLQD\HO&DULEH\GHO($3 VXVFULSWRUHV 
*5È),&2
&20387$'25$63(5621$/(6868$5,26'(,17(51(7
<686&5,3725(6$%$1'$$1&+$),-$
&RPSXWDGRUDVDxRUHVWR 

 

 


FDGDKDE











 
 (VWHGH$VLD\ $PpULFD/DWLQD\HO 0XQGLDO 2&'(
3DFtILFR &DULEH
 %DQGD$QFKD 8VXDULRV &RPSXWDGRUDV


)XHQWH/RVDXWRUHVFRQGDWRVGHO%DQFR0XQGLDO±:',


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

)LQDOPHQWHODSDUWLFLSDFLyQGHODVH[SRUWDFLRQHVGHDOWDWHFQRORJtDVREUHHOWRWDOGHODVPDQXIDFWXUDV
H[SRUWDGDVPRVWUyGXUDQWHHOSHUtRGRXQJUDQGHVDUUROORHQHO($3 OOHJDQGRDUHSUHVHQWDUHO
GHOWRWDO PLHQWUDVTXHHQ$PpULFD/DWLQD\HO&DULEHODSDUWLFLSDFLyQIXHGHOFLIUDLQFOXVRSRUGHEDMR
GHOSURPHGLRPXQGLDO\GHODGHORVSDtVHV2&'( DPERVFRQ 
*5È),&2
(;3257$&,21(6'($/7$7(&12/2*Ë$
3URPHGLRSRUFHQWDMHGHOWRWDOGHPDQXIDFWXUDVH[SRUWDGDV 

 
 

  

 

 

 

  

 


 (VWHGH$VLD\ $PpULFD/DWLQD\HO 0XQGLDO 2&'(
3DFtILFR &DULEH

)XHQWH/RVDXWRUHVFRQGDWRVGH&(3$/\GHO%DQFR0XQGLDO±:',

7RPDQGRDFRQVLGHUDFLyQORVLQGLFDGRUHVDQWHULRUHVVHGHVWDFDTXH$PpULFD/DWLQD\HO&DULEHPXHVWUD
LPSRUWDQWHV FRQWUDVWHV FRQ ORV RWURV JUXSRV FRQVLGHUDGRV &RQ UHVSHFWR D OD UHJLyQ GHO ($3 VH REVHUYDQ
DOJXQDV FDUDFWHUtVWLFDV IDYRUDEOHV SDUD $PpULFD /DWLQD \ HO &DULEH SULQFLSDOPHQWH ODV FRQWHPSODGDV HQ
WpUPLQRV SHU FiSLWD YLQFXODGDV D OD FRPSXWDFLyQ  DXQTXH RWURV LQGLFDGRUHV HYLGHQFLDQ GHVYHQWDMD
LPSRUWDQWHV 6LQ HPEDUJR HQ FRPSDUDFLyQ FRQ ORV SDtVHV GH DOWRV LQJUHVRV GH OD 2&'( OD GLVWDQFLD HV
VLJQLILFDWLYDHQODWRWDOLGDGGHORVLQGLFDGRUHVSUHVHQWDGRV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

,,, 7HQGHQFLDVUHFLHQWHVGHOD
LQYHUVLyQHQLQIUDHVWUXFWXUD

(Q OD SUHVHQWH VHFFLyQ VH HVWXGLD HO FRPSRUWDPLHQWR GH OD LQYHUVLyQ HQ
LQIUDHVWUXFWXUDGXUDQWHORVDxRV\ORTXHSHUPLWHDFWXDOL]DUHODQiOLVLV
GHVXHYROXFLyQFRQORVSHUtRGRVSUHFHGHQWHVTXHVHGHVSUHQGHQGHORVWUDEDMRVGH
&DOGHUyQ\6HUYpQ D \GH5R]DV  $WDOILQVHSUHVHQWDODHURJDFLyQ
WRWDOHQLQIUDHVWUXFWXUD\VXDSHUWXUDHQWUHLQYHUVLyQS~EOLFD\SULYDGD\SRUUDPD
VHFWRULDO HQHUJtD WHOHFRPXQLFDFLRQHV WUDQVSRUWH \ DJXD \ DOFDQWDULOODGR  (O
FDStWXOR ILQDOL]D FRQ LQIRUPDFLyQ HVSHFtILFD SDUD XQ FRQMXQWR GH SDtVHV
VHOHFFLRQDGRV/DVIXHQWHVGHLQIRUPDFLyQ\ODFREHUWXUDVREUHODVTXHVHVXVWHQWDQ
ORVGDWRVSUHVHQWDGRVDFRQWLQXDFLyQVHHQFXHQWUDQGHWDOODGDVHQHO$QH[R

$ 7HQGHQFLDJHQHUDO
/DLQYHUVLyQHQLQIUDHVWUXFWXUDHFRQyPLFDKDPRVWUDGRXQDLPSRUWDQWHGHFOLQDFLyQ
HQ OD PD\RU SDUWH GH ODV ~OWLPDV WUHV GpFDGDV 'HVGH HO FDVL  GHO 3%, TXH
UHSUHVHQWDED HQ HO SHUtRGR  VH UHGXMR DO  REVHUYDGR HQWUH 
\



 'DGDODIDOWDGHGLVSRQLELOLGDGGHLQIRUPDFLyQUHVSHFWRDODLQYHUVLyQHVSHFtILFDHQLQIUDHVWUXFWXUDGHOVHFWRUS~EOLFRVHXWLOL]DURQ
GDWRV~QLFDPHQWHGH$UJHQWLQD%UDVLO%ROLYLD&KLOH&RORPELD0p[LFR\3HU~

 9HUODVIXHQWHVGHLQIRUPDFLyQXWLOL]DGDVHQHODQH[R


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52
,19(56,Ï1(1,1)5$(6758&785$
&RPRSRUFHQWDMHGHO3%, 

3DtVHV6HOHFFLRQDGRV    


6HFWRU3~EOLFR    
6HFWRU3ULYDGR    
727$/    

)XHQWH/RVDXWRUHVFRQGDWRVSURSLRV\GH&DOGHUyQ\6HUYpQ  \5R]DV  


1RWD/DLQIRUPDFLyQGHOSHUtRGRQRHVSUHVHQWDGDSRUORVDXWRUHVFLWDGRVFRPRIXHQWH\QRKDVLGRSRVLEOH
UHXQLUODDOPRPHQWRGHODSUHVHQWHLQYHVWLJDFLyQ

6LELHQDQLYHODJUHJDGRVHKL]RQRWRULDODGLVPLQXFLyQGHODLQYHUVLyQHQLQIUDHVWUXFWXUDHQWpUPLQRV
GHO 3%, OD DSHUWXUD SRU VHFWRUHV ²S~EOLFR \ SULYDGR² UHYHOD TXH FDGD XQR WXYR XQ FRPSRUWDPLHQWR
SDUWLFXODUGXUDQWHHOSHUtRGR

% ,QYHUVLyQS~EOLFD
/DLQYHUVLyQS~EOLFDPRVWUyXQFRPSRUWDPLHQWRGLIHUHQFLDGRHQODVWUHVGpFDGDV(QODSULPHUDSDUWHGHORV
DxRVRFKHQWDORVJRELHUQRVPDQWXYLHURQQLYHOHVHOHYDGRVGHLQYHUVLyQHQLQIUDHVWUXFWXUDHQWRUQRDOGHO
3%, VLHQGR OD PD\RU PDJQLWXG GHO SHUtRGR FRQVLGHUDGR (VWR RFXUULy D SHVDU GH ORV FRQGLFLRQDPLHQWRV
ILVFDOHVODVGLILFXOWDGHVSDUDHODFFHVRDOILQDQFLDPLHQWRH[WHUQR\ORVSURFHVRVLQIODFLRQDULRVHVSLUDODGRV
'XUDQWH ORV DxRV QRYHQWD HO QXHYR SDSHO DVLJQDGR DO PHUFDGR \ HO FRQVHFXHQWH FDPELR GH URO GHO
(VWDGROOHYDURQDXQDFRQWUDFFLyQGHODLQYHUVLyQS~EOLFDHQJHQHUDOGHODFXDOODGHVWLQDGDDLQIUDHVWUXFWXUD
VHYLRSDUWLFXODUPHQWHDIHFWDGDSDVDQGRDUHSUHVHQWDUHOGHO3%,KDFLDODVHJXQGDPLWDGGHODGpFDGD
&DOGHUyQ \ 6HUYpQ   (Q HVWH SHUtRGR VH REVHUYDURQ JUDQ SDUWH GH ODV SULYDWL]DFLRQHV GH HPSUHVDV
HVWDWDOHV\FUHDFLyQ\RPRGLILFDFLyQHQORVPDUFRVUHJXODWRULRVFRUUHVSRQGLHQWHV
/RV SULPHURV DxRV GHO QXHYR VLJOR FRQWLQXDURQ OD WHQGHQFLD GHVFHQGHQWH FRQ XQD LQYHUVLyQ HQ
LQIUDHVWUXFWXUD GHO  GHO 3%, 5R]DV   VLWXDFLyQ TXH VH UHYLUWLy OHYHPHQWH HQ HO ~OWLPR SHUtRGR
FRQRFLGR  'HQWURGHODVUD]RQHVTXHH[SOLFDQHOLQFUHPHQWRVHGHVWDFDQORVVDQHDPLHQWRVGHODV
FXHQWDVS~EOLFDVTXHFRQMXQWDPHQWHFRQODUHGXFFLyQ\PHMRUDGHOSHUILOGHHQGHXGDPLHQWR\ORVLQFUHPHQWRV
GH ODV UHVHUYDV LQWHUQDFLRQDOHV KDELOLWDURQ D YDULRV GH ORV SDtVHV GH OD UHJLyQ D XQ PD\RU HVSDFLR SDUD OD
DSOLFDFLyQGHSROtWLFDVS~EOLFDV &(3$/D 
/DFULVLVHFRQyPLFDLQWHUQDFLRQDOGHODxREULQGyDORVJRELHUQRVGHODUHJLyQODRSRUWXQLGDGGH
LPSXOVDU SROtWLFDV ILVFDOHV DFWLYDV DO WLHPSR TXH VH RWRUJDED PD\RU SURYLVLyQ GH OLTXLGH] PRQHWDULD \
FDPELDULD\VHHMHFXWDEDQSURJUDPDVGHFRQWHQFLyQHQHOiUHDVRFLDO\ODERUDO &(3$/F 
/D YDULHGDG GH PHGLGDV ILVFDOHV DSOLFDGDV FRQWHPSODURQ GHVGH OD GLVPLQXFLyQ GH LPSXHVWRV
LQFUHPHQWRV HQ ORV VXEVLGLRV \ EHQHILFLRV WULEXWDULRV KDVWD DXPHQWRV R DQWLFLSDFLRQHV HQ OD HMHFXFLyQ GHO
JDVWR S~EOLFR \ PHGLGDV HVSHFtILFDV SDUD GHWHUPLQDGRV VHFWRUHV GH OD DFWLYLGDG HFRQyPLFD 9DULRV GH ORV
SDtVHVTXHDQXQFLDURQLQFUHPHQWRVHQHOJDVWRWDPELpQDQXQFLDURQLQYHUVLRQHVHQLQIUDHVWUXFWXUDFRPRSDUWH
GHODVPHGLGDV &(3$/F 
&RPR UHVXOWDGR ODV HURJDFLRQHV S~EOLFDV GH FDSLWDO UHJLVWUDURQ LQFUHPHQWRV FRQ UHVSHFWR D  DO
PD\RUQLYHOGHDJUHJDFLyQGLVSRQLEOH



 6LHQGR%ROLYLDOD~QLFDH[FHSFLyQGHORVSDtVHVDQDOL]DGRV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
*$6726'(&$3,7$/
YDULDFLyQSRUFHQWDMHDQXDOYV 





 

 





 

 

%UDVLOD
$ UJHQWLQD

%ROLYLDE

&KLOHE

&RORPELD

0p[LFRF

3HU~E


D

D

 $UJHQWLQDD %ROLYLDE %UDVLOD &KLOHE &RORPELDD 0p[LFRF 3HU~E

)XHQWH&(3$/±'LYLVLyQGH(VWDGtVWLFDV\3UR\HFFLRQHV(FRQyPLFDV
D
*RELHUQR&HQWUDOE*RELHUQR*HQHUDOF6HFWRU3~EOLFR1R)LQDQFLHUR

& ,QYHUVLyQSULYDGD
6LELHQHOSULPHULPSXOVRLPSRUWDQWHGHLQYHUVLyQSULYDGDHQLQIUDHVWUXFWXUDVHYHULILFyDILQDOHVGHORVDxRV
RFKHQWDHOVHFWRUWXYRVXSDSHOSURWDJyQLFRHQORVDxRVQRYHQWDHQDPERVFDVRVSULQFLSDOPHQWHDVRFLDGRVD
ODVSULYDWL]DFLRQHV\RWUDVRSHUDFLRQHVGHWRPDGHFRQWURO WDNHRYHU &RPRUHVXOWDGRODLQYHUVLyQSULYDGD
DOFDQ]yHOGHO3%,HQWUHORVDxRV\OXHJRGHUHSUHVHQWDUGHO3%,DFRPLHQ]RVGHOD
GpFDGDSUHYLD
(OSURFHVRLQYHUVRUWUDMRDSDUHMDGRVLPSRUWDQWHVEHQHILFLRV6HJ~Q 5R]DV  ³ODDSHUWXUDGHORV
PHUFDGRV GH VHUYLFLRV GH LQIUDHVWUXFWXUD \ OD YHQWD GH ODV HPSUHVDV HVWDWDOHV DXQTXH QR FRQWULEX\HURQ HQ
GHPDVtD D OD IRUPDFLyQ EUXWD GH FDSLWDO HQ HO VHFWRU SHUPLWLHURQ HOLQJUHVRGHHPSUHVDVH[WUDQMHUDVTXHHQ
PXFKRVFDVRVIXHURQSRUWDGRUDVGHQXHYDVWpFQLFDVGHSURGXFFLyQWHFQRORJtDV\PRGDOLGDGHVGHRUJDQL]DFLyQ
HPSUHVDULDO TXH UHVXOWDURQ GHWHUPLQDQWHV SDUD OD PRGHUQL]DFLyQ GH OD LQIUDHVWUXFWXUD \ GH ORV VHUYLFLRV
SURGXFLGRVORFDOPHQWH´
(QFRQVHFXHQFLDDSHVDUGHVXLPSDFWRSRVLWLYRODVPDJQLWXGHVGHLQYHUVLyQSULYDGDHVWXYLHURQSRU
GHEDMRGHFRPSHQVDUODUHWUDFFLyQUHJLVWUDGDHQHOVHFWRUS~EOLFRHQODPD\RUtDGHORVVHFWRUHVQRREVWDQWH
PRVWUDURQXQGHVHPSHxRVLJQLILFDWLYRHQHOFDVRGHODVWHOHFRPXQLFDFLRQHV\HQPHQRUPHGLGDHQHQHUJtD
5R]DV 
(QWUH  \  OD LQYHUVLyQ SULYDGD UHJLVWUy XQD PHUPD LPSRUWDQWH UHVSHFWR DO SHUtRGR SUHYLR
UHGXFLHQGRVXSDUWLFLSDFLyQHQHO3%,DO/DVLWXDFLyQVHUHYLUWLySDUFLDOPHQWHHQORV~OWLPRVDxRVORV
GDWRV FRUUHVSRQGLHQWHV D  \  KDQ VLGR DOHQWDGRUHV H[KLELHQGR XQD UHODFLyQ GH LQYHUVLyQ SULYDGD D
3%, GH  (Q HVWRV ~OWLPRV DxRV ODV LQYHUVLRQHV GHVWLQDGDV D WUDQVSRUWH UHJLVWUDURQ
XQ LPSRUWDQWH GLQDPLVPR LQFUHPHQWDQGR VX SDUWLFLSDFLyQ HQ HO WRWDO GH LQYHUVLyQ SULYDGD
HQLQIUDHVWUXFWXUD
'HVGHILQHVGHODFULVLVGHVDWDGDHQHOPHUFDGRLQPRELOLDULRQRUWHDPHULFDQR\VXSURSDJDFLyQD
QLYHOLQWHUQDFLRQDOJHQHUDURQXQFDPELRHQODSHUFHSFLyQGHOULHVJRHQORVDJHQWHVSULYDGRVORFXDOSURYRFy
XQDGLVPLQXFLyQHQODLQYHUVLyQH[WUDQMHUDGLUHFWD\XQDFRQWUDFFLyQHQODVWUDQVIHUHQFLDVQHWDVGHOH[WHULRUHQ
YDULRVGHORVSDtVHVGH$PpULFDODWLQD\HO&DULEHGXUDQWH



 6LHQGRODSULQFLSDOH[FHSFLyQHOFDVRGH%UDVLO


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52
75$16)(5(1&,$1(7$'(5(&856263$Ë6(66(/(&&,21$'26
0LOORQHVGHGyODUHV 

   'LIHUHQFLD


$UJHQWLQD   
%ROLYLD (VW3OXU1DFGH    
%UDVLO   
&KLOH   
&RORPELD   
0p[LFR   
3HU~   

)XHQWH&(3$/'LYLVLyQGH(VWDGtVWLFDV\3UR\HFFLRQHV(FRQyPLFDV

/R DQWHULRU KDFH SUHVXPLU TXH OD LQYHUVLyQ SULYDGD HQ LQIUDHVWUXFWXUD UHIOHMDUtD DOJ~Q JUDGR GH
VHQVLELOLGDG D OD FULVLV LQWHUQDFLRQDO \ SRU HQGH H[KLELUtD XQD UHODFLyQ D 3%, PHQRU D OR REVHUYDGR HQ ORV
DxRV\
/D LQYHUVLyQ WRWDO HQ LQIUDHVWUXFWXUD SDUD  WHQGUtD HQWRQFHV GRV YHUWLHQWHV FRQ FRPSRUWDPLHQWRV
RSXHVWRVSRUXQODGRHOVHFWRUS~EOLFRH[KLELUtDXQLQFUHPHQWRHQVXVHURJDFLRQHVGHFDSLWDOPRWLYDGRSRU
ODV SROtWLFDV DQWLFtFOLFDV DGRSWDGDV \HQFRQWUDSDUWHHOVHFWRUSULYDGRPRVWUDUtDUHWUDFFLRQHVSRUFXHVWLRQHV
SUHFDXWRULDVDQWHODPHQRUDFWLYLGDG\ODPD\RUDYHUVLyQDOULHVJR

' ,QYHUVLyQSRUVHFWRUHV
$QDOL]DQGRODDSHUWXUDSRUVHFWRUHVVHREVHUYDTXHORVPD\RUHVPRQWRVGHLQYHUVLyQHQLQIUDHVWUXFWXUD
VHIRFDOL]DURQHQHQHUJtD\WUDQVSRUWHDFRPLHQ]RVGHORVDxRV¶+DFLDHO~OWLPRSHUtRGRGHORVQRYHQWDHO
VHFWRUTXHFRQFHQWUDEDODPD\RULQYHUVLyQ\HO~QLFRTXHSUHVHQWDEDXQDO]DUHVSHFWRDOSULPHUSHUtRGRHUDHO
GHODVWHOHFRPXQLFDFLRQHVGRQGHHOSDSHOGHODLQYHUVLyQSULYDGDPRVWUDEDVXVHIHFWRVSRVLWLYRV(QHIHFWR
VHJ~Q 5R]DV   ³OD YHQWD GH PRQRSROLRV GH WHOHFRPXQLFDFLRQHV SURGXFLGD HQWUH  \  JHQHUy
LQJUHVRVILVFDOHVSRUPLOPLOORQHVGHGyODUHVODPD\RUSDUWHGXUDQWHORVDxRVQRYHQWD PLOPLOORQHV ´
6LQ HPEDUJR HQ HO SHUtRGR  OD LQYHUVLyQ VHFWRULDO GLVPLQX\y HQ OD FDVL WRWDOLGDG GH ORV
VHFWRUHV FRQ OD ~QLFD H[FHSFLyQ GHO WUDQVSRUWH TXH UHJLVWUy XQ OHYH LQFUHPHQWR /RV GDWRV GLVSRQLEOHV GHO
SHUtRGR  PXHVWUDQ XQD UHYHUVLyQ LPSRUWDQWHHQWUDQVSRUWHWHUUHVWUH\XQDFLHUWDHVWDELOLGDGHQORV
GHPiVVHFWRUHV
&8$'52
,19(56,Ï1(1,1)5$(6758&785$
&RPRSRUFHQWDMHGHO3%,HQSDtVHVVHOHFFLRQDGRV 

6HFWRU    

7HOHFRPXQLFDFLRQHV    


(QHUJtD    
7UDQVSRUWH    
727$/    

)XHQWH/RVDXWRUHVFRQGDWRVSURSLRV\GH&DOGHUyQ\6HUYpQ  \5R]DV  



 $VXPLHQGRTXHODPHUPDHQODLQYHUVLyQSULYDGDVHDPD\RUDODFRQWUDFFLyQHQHOQLYHOGHDFWLYLGDG

 2WURIDFWRUDGLFLRQDODWHQHUSUHVHQWHHVTXHODSURSLDFRQWUDFFLyQGHODDFWLYLGDGHFRQyPLFDTXHVHUHJLVWUyHQPXFKRVGHORVSDtVHV
GH$PpULFD/DWLQD\HO&DULEHGXUDQWHLPSOLFDTXHDQWHXQQLYHOGHLQYHUVLyQS~EOLFDRSULYDGDVLPLODUDODSDUWLFLSDFLyQ
D3%,UHVXOWDDPSOLDGD


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

6L D OD DSHUWXUD DQWHULRU VH OH DxDGHQ ORV PRQWRV GH LQYHUVLyQ GHVWLQDGRV D DJXD \ VDQHDPLHQWR VH
GHVWDFD TXH HQ HO SHUtRGR  ODV PD\RUHV HURJDFLRQHV KDQ VLGR GLULJLGDV D 7UDQVSRUWH \ HQ PHQRU
PHGLGD D (QHUJtD \ 7HOHFRPXQLFDFLRQHV PLHQWUDV TXH ODV LQYHUVLRQHV GHVWLQDGDV D DJXD \ VDQHDPLHQWR
DFDSDUDURQODPHQRUFXDQWtDUHODWLYD
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(,19(56,Ï1(1,1)5$(6758&785$
SDUWLFLSDFLyQSRUFHQWDMHVREUHHOWRWDO 

 

  







$JXD\$OFDQWDULOODGR (QHUJtD 7HOHFRPXQLFDFLRQHV 7UDQVSRUWH

)XHQWH(ODERUDFLyQGHORVDXWRUHV

&RQVLGHUDQGR ~QLFDPHQWH D OD LQYHUVLyQ S~EOLFD ODV LQYHUVLRQHV IXHURQ PD\RUPHQWH GLULJLGDV DO
WUDQVSRUWHPLHQWUDVTXHODVWHOHFRPXQLFDFLRQHV\HQHUJtDVHOOHYDURQODPD\RUSDUWLFLSDFLyQGHODVLQYHUVLRQHV
GHOVHFWRUSULYDGR(QHVWHVHQWLGRVHREVHUYDXQDFRPSOHPHQWDULHGDGHQWUHDPERVGRQGHHOVHFWRUS~EOLFRVH
FRQFHQWUDPD\RUPHQWHHQWUDQVSRUWH\VXFRQWUDSDUWHSULYDGDORKDFHHVSHFLDOPHQWHHQWHOHFRPXQLFDFLRQHV\
HQHUJtD
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(,19(56,Ï135,9$'$(1,1)5$(6758&785$
SDUWLFLSDFLyQSRUFHQWDMHVREUHHOWRWDO 

 









 $JXD\$ OFDQWDULOODGR (QHUJtD
7HOHFRPXQLFDFLRQHV 7UDQVSRUWH


)XHQWH(ODERUDFLyQGHORVDXWRUHV



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
$0e5,&$/$7,1$<(/&$5,%(,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$
SDUWLFLSDFLyQSRUFHQWDMHVREUHHOWRWDO 




 








$JXD\$OFDQWDULOODGR (QHUJtD 7HOHFRPXQLFDFLRQHV 7UDQVSRUWH
)XHQWH(ODERUDFLyQGHORVDXWRUHV

( ,QYHUVLyQSRUSDtVHV
$O KDFHU XQ GHVJORVH SRU SDtVHV VH REVHUYD TXH GXUDQWH HO ELHQLR  $UJHQWLQD %UDVLO
&RORPELD \ 3HU~ PXHVWUDQ XQD PD\RU SDUWLFLSDFLyQ D 3%, TXH GXUDQWH HO SHUtRGR SUHYLR  
PLHQWUDVTXHORFRQWUDULRRFXUUHHQORVFDVRVGH%ROLYLD&KLOH\0p[LFRGRQGHVHSHUFLEHQGHVDFHOHUDFLRQHV
GHHQWUH\GHO3%,
&8$'52
,19(56,Ï1(1,1)5$(6758&785$
&RPRSRUFHQWDMHGHO3%, 

6HFWRU    


$UJHQWLQD    
%ROLYLD (VW3OXU1DFGH     
%UDVLO    
&KLOH    
&RORPELD    
0p[LFR    
3HU~    

)XHQWH/RVDXWRUHVFRQGDWRVSURSLRV\GH&DOGHUyQ\6HUYpQ  \5R]DV  



+DFLD FRQIURQWDQGRFRQHOSURPHGLRGHO~OWLPRSHUtRGR VHREVHUYDXQFRPSRUWDPLHQWREDVWDQWH
HVWDEOHHQODSDUWLFLSDFLyQD3%,GHODLQYHUVLyQS~EOLFDHQLQIUDHVWUXFWXUDSDUDORVFDVRVGH$UJHQWLQD%UDVLO
\&KLOHPLHQWUDVTXHVHGHVWDFDQOHYHVUHWUDFFLRQHVHQ%ROLYLD\&RORPELDHLQFUHPHQWRVHQ0p[LFR\3HU~
HVWH~OWLPREDVWDQWHVLJQLILFDWLYR 


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52
,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$
&RPRSRUFHQWDMHGHO3%, 

3URPHGLR
6HFWRU    
6LPSOH
$UJHQWLQD     
%ROLYLD (VW3OXU1DFGH      
%UDVLO     
&KLOH     
&RORPELD     
0p[LFR     
3HU~     

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQEDVHVHVWDGtVWLFDVGHORVSDtVHV YHUDQH[R 

3RUVXSDUWHODLQYHUVLyQSULYDGDHQLQIUDHVWUXFWXUDSUHVHQWDXQFRPSRUWDPLHQWRPiVVHJPHQWDGRFRQ
DOJXQRVSDtVHVFRQSDUWLFLSDFLRQHVGHLQYHUVLyQFUHFLHQWHV %UDVLO\&RORPELD \HOUHVWRH[KLELHQGRPHQRUHV
WDVDVTXHGXUDQWHHOSURPHGLR
&8$'52
,19(56,Ï135,9$'$(1,1)5$(6758&785$
&RPRSRUFHQWDMHGHO3%, 

6HFWRU     3URPHGLR


6LPSOH
$UJHQWLQD     
%ROLYLD (VW3OXU1DFGH      
%UDVLO     
&KLOH     
&RORPELD     
0p[LFR     
3HU~     

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGHO%DQFR0XQGLDO YHUDQH[R 




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

,9/DLQIUDHVWUXFWXUD\VXEUHFKD

(QHVWDVHFFLyQVHSUHVHQWDQGHILQLFLRQHVEiVLFDVVREUHODLQIUDHVWUXFWXUD/XHJRVH
H[SOLFLWDQODVGLIHUHQWHVGLPHQVLRQHVGHODEUHFKDGHLQIUDHVWUXFWXUD\VHWHUPLQDHO
DSDUWDGRFRQXQDEUHYHUHYLVLyQVREUHODOLWHUDWXUDGHODEUHFKD

$ 'HILQLFLRQHVEiVLFDVGH,QIUDHVWUXFWXUD
/D LQIUDHVWUXFWXUD DEDUFD XQ FRQMXQWR GH HVWUXFWXUDV GH LQJHQLHUtD HTXLSRV H
LQVWDODFLRQHVGHODUJDYLGD~WLOTXHFRQVWLWX\HQODEDVHVREUHODFXDOVHSURGXFHOD
SUHVWDFLyQGHVHUYLFLRVSDUDORVVHFWRUHVSURGXFWLYRV\ORVKRJDUHV
$ VX YH] SXHGH FODVLILFDUVH GH DFXHUGR FRQ VX IXQFLyQ GH OD VLJXLHQWH
PDQHUD D  LQIUDHVWUXFWXUD HFRQyPLFD WUDQVSRUWH HQHUJtD \ WHOHFRPXQLFDFLRQHV 
E LQIUDHVWUXFWXUDVRFLDO SUHVDV\FDQDOHVGHLUULJDFLyQVLVWHPDVGHDJXDSRWDEOH\
DOFDQWDULOODGRHGXFDFLyQ\VDOXG F LQIUDHVWUXFWXUDGHPHGLRDPELHQWHUHFUHDFLyQ
\ HVSDUFLPLHQWRH LQIUDHVWUXFWXUDYLQFXODGDDODLQIRUPDFLyQ\HOFRQRFLPLHQWR
$GHPiVSXHGHFODVLILFDUVHGHDFXHUGRDVXFREHUWXUDJHRJUiILFDFRPRGHDOFDQFH
XUEDQRLQWHUXUEDQRHLQWHUQDFLRQDO
(OUHVXPHQGHHVWDVFODVLILFDFLRQHVVHGHWDOODHQHOVLJXLHQWHFXDGUR



 (QHVWDVHFFLyQVHVLJXHQODVGHILQLFLRQHVGHOWUDEDMRGHO%,'  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52
7,326'(,1)5$(6758&785$325)81&,Ï1<&2%(5785$*(2*5È),&$

6HFWRUHV7LSRV 8UEDQD ,QWHUXUEDQD ,QWHUQDFLRQDO

'HVDUUROOR(FRQyPLFR 5HGYLDOXUEDQDOtQHDV &DUUHWHUDVYtDVIpUUHDV 3XHUWRVDHURSXHUWRV


7UDQVSRUWH IHUURYLDULDVGHFHUFDQtDV YtDVQDYHJDEOHV FDUUHWHUDVYtDVQDYHJDEOHV
DHURSXHUWRVSXHUWRV YtDVIpUUHDV

'HVDUUROOR(FRQyPLFR 5HGHVGHGLVWULEXFLyQ 5HGHVGHWUDQVPLVLyQ 5HGHVGHWUDQVPLVLyQ


(QHUJtD HOpFWULFD\GHJDVSODQWDV JDVRGXFWRVROHRGXFWRV JDVRGXFWRVROHRGXFWRV
GHJHQHUDFLyQHVWDFLRQHV SODQWDVFRPSUHVRUDV
WUDQVIRUPDGRUDV FHQWURVGHSURGXFFLyQGH
SHWUyOHR\JDVFHQWUDOHVGH
JHQHUDFLyQHOpFWULFD

'HVDUUROOR(FRQyPLFR 5HGHVGHWHOHIRQtDILMD\ 5HGHVGH)2DQWHQDVGH 6DWpOLWHVFDEOHVVXEPDULQRV


&RPXQLFDFLRQHV FHOXODU\FRQHFWLYLGDGD PLFURRQGDVVDWpOLWHV
LQWHUQHW

'HVDUUROOR(FRQyPLFR 3URYLVLyQGHDJXDSRWDEOHH $FXHGXFWRV (YHQWXDOPHQWHFRLQFLGHQWH


$JXD\6DQHDPLHQWR LQGXVWULDO7UDWDPLHQWR FRQODLQWHUXUEDQD

'HVDUUROOR6RFLDO +RVSLWDOHVHVFXHODV 5HSUHVDV\FDQDOHVGH (YHQWXDOPHQWHFRLQFLGHQWH


SURYLVLyQGRPLFLOLDULDGH LUULJDFLyQUHGHVKLGUiXOLFDV FRQODLQWHUXUEDQD
DJXDV\FORDFDV

0HGLR$PELHQWH 3DUTXHV\UHVHUYDVXUEDQDV 3DUTXHVUHVHUYDVWHUULWRULRV 3DUTXHVUHVHUYDVR


SURWHJLGRVFLUFXLWRVGH FLUFXLWRVGHHFRWXULVPR
HFRWXULVPR FRPSDUWLGRV

,QIRUPDFLyQ\ 5HGHVHGLILFLRV79SRU 6LVWHPDVGHHGXFDFLyQD 5HGHV


&RQRFLPLHQWR FDEOH GLVWDQFLDSRVWDOHV79
DELHUWDVDWpOLWHV

)XHQWH6iQFKH]\:LHOPVPHLHU  DGDSWDGRGH%,'  



6LJXLHQGRDO%,'  ODLQWHUDFFLyQHVSDFLDOGDOXJDUDIOXMRVTXHSRUORJHQHUDOFLUFXODQDWUDYpV
GH UHGHV GH LQIUDHVWUXFWXUD 6LQ HPEDUJR OD H[LVWHQFLD GH ODV UHGHV QR JDUDQWL]D VX HILFLHQFLD /RV PDUFRV
OHJDOHV H LQVWLWXFLRQDOHV TXH UHJXODQ VX XWLOL]DFLyQ DVt FRPR ODV FDUDFWHUtVWLFDV GH OD RSHUDFLyQ GH ORV
VHUYLFLRVFRQVWLWX\HQHOHPHQWRVWDQLPSRUWDQWHVFRPRODLQIUDHVWUXFWXUDItVLFDHQVtPLVPD
7HQLHQGRHQFXHQWDODVGHILQLFLRQHVDQWHULRUHVVHVHxDODTXHODPD\RUSDUWHGHOSUHVHQWHWUDEDMRVHKD
FHQWUDGR HQ DQDOL]DU OD HYROXFLyQ \ ODV QHFHVLGDGHV GH LQYHUVLyQ GH ORV VHFWRUHV FRPSRQHQWHV GH OD
LQIUDHVWUXFWXUD HFRQyPLFD HQHUJtD WUDQVSRUWH \ WHOHFRPXQLFDFLRQHV  \ GH XQD SDUWH GH OD LQIUDHVWUXFWXUD
VRFLDO DJXD\VDQHDPLHQWR 7DOFRPRVXFHGHHQORVWUDEDMRVSUHVHQWDGRVFRPRDQWHFHGHQWHVGHODOLWHUDWXUD
KDQ OLPLWDGR HO DQiOLVLV OD IDOWD GH DFFHVR D VHULHV HFRQyPLFDV UHOHYDQWHV TXH SHUPLWDQ DQDOL]DU WHPSRUDO \
HVSDFLDOPHQWH XQD PD\RU DSHUWXUD GH ORV GLIHUHQWHV WLSRV GH LQIUDHVWUXFWXUD (Q HVWH VHQWLGRODLQIRUPDFLyQ
GLVSRQLEOHSHUPLWLyHVWXGLDUODVLJXLHQWHFRPSRVLFLyQGHLQIUDHVWUXFWXUD
&8$'52
&2%(5785$
7UDQVSRUWH 7UDQVSRUWH7HUUHVWUH
(QHUJtD (QHUJtD(OpFWULFD
7HOHFRPXQLFDFLRQHV 7HOHIRQtD)LMD&HOXODUH,QWHUQHWGHEDQGDDQFKDILMD
$JXD\VDQHDPLHQWR )XHQWHV0HMRUDGDV

)XHQWH(ODERUDFLyQGHORVDXWRUHV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

% 'HILQLHQGRODEUHFKDGHLQIUDHVWUXFWXUD
(Q WpUPLQRV JHQHUDOHV OD EUHFKD GH LQIUDHVWUXFWXUD SXHGH GHILQLUVH DFRUGH D ODV VLJXLHQWHV GLPHQVLRQHV GH
FDUiFWHUQRH[FOX\HQWH
%UHFKD HQ GLPHQVLyQ KRUL]RQWDO HV OD EUHFKD TXH VXUJH FRQ UHODFLyQ D DOJ~Q REMHWLYR GHWHUPLQDGR
(MHPSORVGHpVWDVRQODEUHFKDFRQUHVSHFWRDRWURVSDtVHV LHHOQLYHOGHVWRFNGHLQIUDHVWUXFWXUDDFWXDOHQ
$PpULFD /DWLQD \ HO &DULEH UHVSHFWR DO QLYHO GH XQ GHWHUPLQDGR SDtV R FRQMXQWR GH SDtVHV  EUHFKD FRQ
UHVSHFWR D XQ GHWHUPLQDGR QLYHO GH FREHUWXUD LH XQLYHUVDOL]DFLyQ HQ ODV SUHVWDFLRQHV EiVLFDV GH DJXD \
VDQHDPLHQWRRHOFXPSOLPLHQWRGHORV2EMHWLYRVGHO0LOHQLR 
%UHFKD HQ GLPHQVLyQ YHUWLFDO DTXt ODEUHFKDVHGHILQHFRQUHVSHFWRDIDFWRUHVLQWHUQRVGHOSDtVROD
UHJLyQ EDMR DQiOLVLV 6H WUDWD GH LGHQWLILFDU ODV GLIHUHQFLDV TXH VXUJHQ HQWUH OD HYROXFLyQ GH OD RIHUWD \ OD
GHPDQGDLQWHUQDGHLQIUDHVWUXFWXUD LH¢HOVWRFN\ODVLQYHUVLRQHVGHLQIUDHVWUXFWXUDDFRPSDxDQODGHPDQGD
TXHVXUJHGHODDFWLYLGDGHFRQyPLFD" 

& %UHYHUHYLVLyQGHODOLWHUDWXUDVREUHEUHFKDGHLQIUDHVWUXFWXUD
$FRQWLQXDFLyQVHSUHVHQWDXQDEUHYHUHYLVLyQGHYDULRVWUDEDMRVGHODOLWHUDWXUDVREUHODPHGLFLyQGHODEUHFKD
GH LQIUDHVWUXFWXUD R FXHVWLRQHV LPSRUWDQWHV UHODWLYDV D VX PHGLFLyQ 8QD PD\RU DPSOLDFLyQ GH OD UHYLVLyQ
OLWHUDULDHVSUHVHQWDGDHQHO$QH[R
(OWUDEDMRGH&DQQLQJ  SURSRUFLRQyODSULPHUDEDVHGHGDWRVGHLQIUDHVWUXFWXUDVLVWHPDWL]DGDD
QLYHO PXQGLDO FRQ LQIRUPDFLyQ LQFOXLGD FRUUHVSRQGLHQWH D  SDtVHV SDUD HO SHULRGR 
$GLFLRQDOPHQWHHODXWRUHVWLPyGLIHUHQWHVUHODFLRQHVHFRQRPpWULFDV\HQFRQWUyTXHHQWpUPLQRVJHQHUDOHVHO
VWRFN GH LQIUDHVWUXFWXUD YDUtD SRVLWLYDPHQWHFRQHOWDPDxRGHODSREODFLyQHOQLYHOGHLQJUHVR\GLIHUHQWHV
YDULDEOHVJHRJUiILFDV
&DOGHUyQ \ 6HUYpQ HQ VXWUDEDMRGHVHSODQWHDURQHOSDSHOTXHGHVHPSHxyHOFUHFLPLHQWRGHOD
EUHFKDGHLQIUDHVWUXFWXUDHQODDPSOLDFLyQGHODEUHFKDGHOSURGXFWRHQWUH$PpULFD/DWLQD\HO(VWHGH$VLD
6HJ~QORVDXWRUHVFLWDGRVGXUDQWHHOSHULRGRXQWHUFLRGHODDPSOLDFLyQGHODEUHFKDHQWUHORV3%,
SHUFiSLWDGHDPEDVUHJLRQHVVHSXHGHDWULEXLUDODDPSOLDFLyQGHODEUHFKDGHLQIUDHVWUXFWXUD$GLFLRQDOPHQWH
VHxDODQ TXH FDVL OD PLWDG GHO LPSDFWR OH FRUUHVSRQGH DO GLVtPLO FUHFLPLHQWR GH OD FDSDFLGDG LQVWDODGD GH
HQHUJtDHOpFWULFD
)D\\<HSHV  FRQWLQXDQGRFRQODPHWRGRORJtDGH)D\  HVWLPDURQODLQYHUVLyQQHFHVDULDHQ
LQIUDHVWUXFWXUDSDUDVDWLVIDFHUODGHPDQGDGHORVFRQVXPLGRUHV\ODVHPSUHVDVSDUDXQGHWHUPLQDGRHVFHQDULR
GHFUHFLPLHQWRGHODDFWLYLGDGHFRQyPLFD6XHVWXGLRDEDUFDSUR\HFFLRQHVSDUDHOSHULRGRSDUDXQ
FRQMXQWRGHSDtVHV5HVSHFWRD$PpULFD/DWLQD\HO&DULEHHQFRQWUDURQTXHODUHJLyQUHTXHULUtDGHXQD
LQYHUVLyQGHOGHVXSURGXFWREUXWRLQWHUQRSDUDUHVSRQGHUDODVQHFHVLGDGHVGHLQYHUVLyQGHOSHULRGR
UHODFLyQVXSHULRUDODTXHHVWLPDURQDQLYHOJOREDO$HVWDVFLIUDVOOHJDURQFRQVLGHUDQGRORVVHFWRUHVGH
HQHUJtDWHOHFRPXQLFDFLRQHVWUDQVSRUWH\DJXD\VDQHDPLHQWR$GHPiVVHxDODURQTXHODVPD\RUHVHURJDFLRQHV
HVWDUtDQYLQFXODGDVDHQHUJtD\WHOHFRPXQLFDFLRQHV
(Q HO DxR  &DOGHUyQ \ 6HUYpQ SUHVHQWDURQ GRV WUDEDMRV FRPSOHPHQWDULRV GRQGH HVWXGLDURQ HQ
SURIXQGLGDGODLQIUDHVWUXFWXUDGH$PpULFD/DWLQD\HO&DULEHFRQWHPSODQGRORVVLJXLHQWHVVHFWRUHVWUDQVSRUWH
HQHUJtDWHOHFRPXQLFDFLRQHV\SURYLVLyQGHDJXD\VDQHDPLHQWR8QDLGHDQRYHGRVDIXHHODQiOLVLVFRQMXQWRGH
WRGRV ORV VHFWRUHV \D TXH ORV DXWRUHV DGYLUWLHURQ TXH OD HOHYDGD FRUUHODFLyQ H[LVWHQWH HQWUH ORV GLIHUHQWHV
VHFWRUHVKDFHGLILFXOWRVDODREWHQFLyQGHSDUiPHWURVTXHUHIOHMHQGHPDQHUDFRQILDEOHORVHIHFWRVLQGLYLGXDOHV
GHFDGDVHUYLFLRGHLQIUDHVWUXFWXUD
(Q HVWRV WUDEDMRV DQDOL]DURQ HO LPSDFWR GHO GHVDUUROOR GH OD LQIUDHVWUXFWXUD VREUH HO FUHFLPLHQWR
HFRQyPLFR \ VREUH OD GLVWULEXFLyQ GHO LQJUHVR /D LGHD VXE\DFHQWH HV TXH ³EDMR FLHUWDV FRQGLFLRQHV ORV
GHVDUUROORVHQLQIUDHVWUXFWXUDSXHGHQWHQHUXQLPSDFWRSRVLWLYRHQHOLQJUHVR\ELHQHVWDUGHORVSREUHVSRU
HQFLPD GHO TXH WLHQHQ VREUH ORV HVWUDWRV GH LQJUHVR PHGLR´ /RV DXWRUHV HQFRQWUDURQ TXH HO VWRFN GH
LQIUDHVWUXFWXUD H[KLEH XQ LPSDFWR SRVLWLYR \ HVWDGtVWLFDPHQWH VLJQLILFDWLYR VREUH HO FUHFLPLHQWR D SXQWR WDO


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

TXH HQWUH ORV DxRV  \  XQD FXDUWD SDUWH GHO LQFUHPHQWR GHO 3%, SHU FiSLWD SXHGH VHU DWULEXLGD DO
FUHFLPLHQWRGHODLQIUDHVWUXFWXUD
$GHPiVUHPDUFDURQTXHVLORVSDtVHVGH$PpULFD/DWLQDDOFDQ]DUDQORVQLYHOHVGHLQIUDHVWUXFWXUD WDQWR
HQFDQWLGDGFRPRFDOLGDG GH&RUHDHOHIHFWRVREUHHOSURGXFWRVHUtDGHXQFUHFLPLHQWRDGLFLRQDOGHHQWUH
 SDUDHOFDVRGH&RVWD5LFD KDVWD SDUD1LFDUDJXD 3RURWUDSDUWHKDOODURQTXHODGHVLJXDOGDGHQ
HOLQJUHVRGHFOLQDFRQPD\RUFDQWLGDG\FDOLGDGGHLQIUDHVWUXFWXUD
(QXQRGHORVWUDEDMRVSUHVHQWDURQODVWHQGHQFLDVGHODLQYHUVLyQHQLQIUDHVWUXFWXUDSDUDXQFRQMXQWR
UHGXFLGRGHSDtVHVGH$/HQWUHORVDxRV\GRQGHGHVWDFDURQTXHDSHVDUGHOLPSRUWDQWHLQFUHPHQWR
HQ OD LQYHUVLyQ SULYDGD HQ LQIUDHVWUXFWXUD DFDHFLGR GXUDQWH ORV DxRV QRYHQWD QR VH SXGR FRQWUDUUHVWDU OD
UHWUDFFLyQUHJLVWUDGDSRUODLQYHUVLyQS~EOLFDHQHOPLVPRSHULRGR$PRGRGHUHVXPHQVHxDODURQTXHH[LVWH
XQUHWUDVRGH$PpULFD/DWLQDFRQUHODFLyQDORVSDtVHVGHOHVWHDVLiWLFR \HQPXFKRVFDVRVGHORVSDtVHVGH
LQJUHVRPHGLRHQGHVDUUROOR UHVSHFWRDODFDOLGDG\FDQWLGDGGHLQIUDHVWUXFWXUD

(O %DQFR 0XQGLDO SUHVHQWy VX LQIRUPH VREUH 'HVDItRV GH,QIUDHVWUXFWXUDHQ ODSXEOLFDFLyQ
DFFHGLGDGDWDGH (VWHKDVLGRXQWUDEDMRFHQWUDOHQODPDWHULDSRUODFDQWLGDGGHWHPDVDERUGDGRV
VREUHODLQIUDHVWUXFWXUDGH$PpULFD/DWLQD\HO&DULEHDQDOL]DQGRWDQWRORVDVSHFWRVFXDQWLWDWLYRVFRPR
FXDOLWDWLYRV GH OD LQIUDHVWUXFWXUD ORV RUtJHQHV GHO ILQDQFLDPLHQWR HO SDSHO GHO (VWDGR \ HO
FRPSRUWDPLHQWRGHORVDJHQWHVSULYDGRVHQWUHRWUDVFXHVWLRQHV

/RVPHQVDMHVSULQFLSDOHVGHOWUDEDMRKDQVLGR

• /DUHJLyQGH$PpULFD/DWLQD\HO&DULEHGHEHJDVWDUPiVHQLQIUDHVWUXFWXUDSDUDDOFDQ]DU
DRWURVSDtVHVFRPR&RUHD\&KLQDGHEHSDVDUGHJDVWDUGHPHQRVGHOGHO3%,DHQWUH
\

• /D UHJLyQ GHEH WDPELpQ JDVWDU PHMRU EXVFDU XQ PHMRU HTXLOLEULR HQWUH LQYHUVLyQ \
PDQWHQLPLHQWR PHGLDQWH OD UHDOL]DFLyQ GH LQYHUVLRQHV FRQ PD\RU SURGXFWLYLGDG \
FRPSHWLWLYLGDG VLQ SUHMXLFLR GH ORV REMHWLYRV VRFLDOHV $GHPiV GHEH HYLWDU TXH ORV
JRELHUQRVDVXPDQHOHYDGRVULHVJRV\SDVLYRVFRQWLQJHQWHVPHGLDQWHXQPHMRUGLVHxRGHODV
FRQFHVLRQHV

• (O(VWDGRGHEHRFXSDUXQOXJDUFHQWUDOHQODSUHVWDFLyQGHVHUYLFLRVGHLQIUDHVWUXFWXUDOD
SDUWLFLSDFLyQSULYDGDQRUHGXFHODQHFHVLGDGGHLQWHUYHQFLyQS~EOLFD

• (V LPSUHVFLQGLEOH OD SDUWLFLSDFLyQ GHO VHFWRU SULYDGR SHUR SDUD DWUDHUOR HV SUHFLVR
DSUHQGHUGHOSDVDGRPHMRUDUHOHTXLOLEULRHQWUHHOULHVJR\ODUHQWDELOLGDGSUHYLVWDGHORV
SUR\HFWRV D WUDYpV GH OD UHGXFFLyQ GHO ULHVJR QRUPDWLYR OD PHMRUD GHO PDUFR GLVSRQLEOH
SDUDODSDUWLFLSDFLyQSULYDGDHQODLQIUDHVWUXFWXUD\HOUHIRU]DPLHQWRGHORVPHFDQLVPRVGH
PLWLJDFLyQGHULHVJRV
(Q &DUFLRIL\*D\D  ORVDXWRUHVDQDOL]DURQODHYROXFLyQGHOVWRFNGHFDSLWDOHQLQIUDHVWUXFWXUD
FRQUHODFLyQDVXGHPDQGD&RPRFDUHFLHURQGHLQIRUPDFLyQUHODWLYDDOVWRFNHVWLPDURQHOPLVPRDSDUWLUGH
OD UHODFLyQ LQFUHPHQWDO FDSLWDO SURGXFWR /RV DXWRUHV DVXPLHURQTXHHOVWRFNGHFDSLWDOHQLQIUDHVWUXFWXUDVH
FRPSRUWDHQLJXDOIRUPDTXHHOVWRFNGHFDSLWDOWRWDO\FRQVLGHUDURQDGLFLRQDOPHQWHTXHODLQYHUVLyQUHIOHMD
DGHFXDGDPHQWHODHYROXFLyQGHOVWRFN3RUHOODGRGHODGHPDQGDXWLOL]DURQDODHYROXFLyQItVLFDGHOYROXPHQ
GHFRPHUFLRFRPRYDULDEOHSUR[\GHODPLVPD/RVSDtVHVLQFOXLGRVHQHODQiOLVLVIXHURQ$UJHQWLQD%ROLYLD
%UDVLO&KLOH&RORPELD(FXDGRU3DUDJXD\3HU~8UXJXD\\9HQH]XHOD\HOSHUtRGRDQDOL]DGR

(QFRQWUDURQ TXH HQWUH ORV DxRV  \  HO YROXPHQ ItVLFR GHO LQWHUFDPELR FRPHUFLDO VH
LQFUHPHQWyDUD]yQGHDODxRPLHQWUDVTXHHQLJXDOSHULRGRODLQIUDHVWUXFWXUDVHH[SDQGLyDXQD



 7DPELpQKDFHQXQHMHUFLFLRVLPLODUSDUDDOFDQ]DUORVQLYHOHVGHLQIUDHVWUXFWXUDGH&RVWD5LFD


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

WDVDPHQRUDQXDO(VGHFLUTXHSDUWLHQGRGHXQDUHODFLyQXQLWDULDHQDOILQDOL]DUHOSHULRGR
SURPHGLR ODUHODFLyQVHHQFRQWUDEDHQ
(Q5R]DV  VHEXVFyGHWHUPLQDUKDVWDTXpSXQWRODLQYHUVLyQHQLQIUDHVWUXFWXUDHFRQyPLFDHVWXYR
FRQWULEX\HQGRDOGHVDUUROORGH$PpULFD/DWLQD\HO&DULEHYtDLQFUHPHQWRVGHSURGXFWLYLGDGFRPSHWLWLYLGDG
\FDOLGDGGHYLGD/DUHVSXHVWDREWHQLGDSRUODLQYHVWLJDFLyQTXHDEDUFyDXQJUXSRUHSUHVHQWDWLYRGHSDtVHV
$UJHQWLQD %UDVLO &KLOH &RORPELD 0p[LFR 3HU~ \ %ROLYLD  VHxDOD TXH OD LQYHUVLyQ HQ LQIUDHVWUXFWXUD
PHGLGDFRPRSRUFHQWDMHGHO3%, KDVLGRSURJUHVLYDPHQWHGHFUHFLHQWHGXUDQWHHOSHUtRGRORTXH
SRGUtD WUDQVIRUPDUVH HQ XQD UHVWULFFLyQ VHYHUD DO FUHFLPLHQWR \ HO GHVDUUROOR HQ ORV SULQFLSDOHV SDtVHV GH OD
UHJLyQ
6HJ~QHOWUDEDMR TXHXWLOL]DSDUWHGHODLQIRUPDFLyQGH&DOGHUyQ\6HUYpQ HOSURPHGLRDQXDO
GH LQYHUVLyQ HQ LQIUDHVWUXFWXUD GH ORV SDtVHV EDMR DQiOLVLV WXYR OD VLJXLHQWH HYROXFLyQ  GHO 3%, HQ HO
TXLQTXHQLRHQWUH\HQWUHVLHQGRHVWDXQDWHQGHQFLDREVHUYDEOH
HQODPD\RUtDGHORVSDtVHVLQFOXLGRVHQODPXHVWUDLQYHVWLJDGD\GHODViUHDVGHLQIUDHVWUXFWXUDFRQVLGHUDGDV
VHFWRULDOPHQWH'HQWURGHORVIDFWRUHVTXHFRQWULEX\HURQHQODFRQWUDFFLyQGHODLQYHUVLyQHODXWRUVHxDODDOD
GLVPLQXFLyQGHOJDVWRS~EOLFRODPHQRUFRQWULEXFLyQGHORVRUJDQLVPRVPXOWLODWHUDOHVGHFUpGLWR\DJHQFLDV
ELODWHUDOHV\ODGHFOLQDFLyQGHORVDSRUWHVSULYDGRVFDGDXQRH[SOLFDGRSRUVXVSURSLRVGHWHUPLQDQWHV/XHJR
DQDOL]y OD EUHFKD H[LVWHQWH FRQ ORV SDtVHV GHO VXGHVWH DVLiWLFR GHVGH  KDVWD  HQFRQWUDQGR TXH OD
GLIHUHQFLD HQ OD LQIUDHVWUXFWXUD HQWUH DPEDV ]RQDV JHRJUiILFDV VH DPSOLy VLJQLILFDWLYDPHQWH D OR ODUJR GHO
SHUtRGR DGHPiV GH XQ SURJUHVLYR GHWHULRUR GH OD FDOLGDG GH ORV VHUYLFLRV DVRFLDGRV D OD LQIUDHVWUXFWXUD (O
FDVRPiVQRWDEOHHVHOGHOWUDQVSRUWHWHUUHVWUHTXHLQFOXVRUHYLUWLyODYHQWDMDTXHSUHVHQWDEDQDFRPLHQ]RVGH
ORVDxRVRFKHQWD
(Q&(3$/ D VHHVWLPDODEUHFKDGHLQIUDHVWUXFWXUDHQHOWUDQVSRUWHSDUD$UJHQWLQD%UDVLO&KLOH\
0p[LFR DOHJDQGR TXH HO IXHUWH HVWUpV D OD TXH IXH H[SXHVWD OD LQIUDHVWUXFWXUD HFRQyPLFD \ ORV LQVXILFLHQWHV
PRQWRV GH LQYHUVLyQ GHVWLQDGRVDOPDQWHQLPLHQWRGHULYDURQHQXQFUHFLPLHQWRGHODEUHFKD(QHVWHHVWXGLROD
HVWUDWHJLD GH HVWLPDFLyQ GH OD EUHFKD GH WUDQVSRUWH FRQVLVWLy HQ PHGLU HO VWRFN GLVSRQLEOH RIHUWD  \ HO QLYHO
QHFHVDULR GH LQIUDHVWUXFWXUD SDUD DOFDQ]DU XQ GHWHUPLQDGR REMHWLYR GH FRPHUFLR LQWHUQDFLRQDO GHPDQGD 
PHWRGRORJtDVLPLODUDODHPSOHDGDHQHOWUDEDMRGH&DUFLRIL\*D\i  
/RVUHVXOWDGRVREWHQLGRVSDUDHOFRQMXQWRGHORVSDtVHVHQHOSHUtRGRVHxDODQTXHODHYROXFLyQ
GHOVWRFNHIHFWLYR RIHUWD GHLQIUDHVWUXFWXUDGHWUDQVSRUWHSRUKDELWDQWHDVFHQGLyDDQXDOPLHQWUDVTXHOD
GHPDQGD IXH GH  HQ LJXDO SHUtRGR 'H DKt ORV DXWRUHV UHPDUFDQ TXH HO FUHFLPLHQWR GH OD EUHFKD KD VLGR
LPSRUWDQWH3RURWUDSDUWHGHVWDFDQTXHODEUHFKDDXPHQWyGXUDQWHODIDVHH[SDQVLYDGHOFLFORHFRQyPLFR 
 PLHQWUDVTXHVHUHGXMRHQODIDVHFRQWUDFWLYD  
7DPELpQGXUDQWH&DOGHUyQ\6HUYpQHQXQFDStWXORGHO+DQGERRNRI/DWLQDPHULFDQ(FRQRPLHV
GHO%DQFR0XQGLDOGHVFULELHURQODHYROXFLyQGHODLQIUDHVWUXFWXUDHQ$PpULFD/DWLQDGHVGHXQDSHUVSHFWLYD
PDFURHFRQyPLFD3DUDHOORDQDOL]DURQWUHVDVSHFWRVSULQFLSDOHVD ODVWHQGHQFLDVHQLQIUDHVWUXFWXUDUHIOHMDQGR
VXVDVSHFWRVFXDOLWDWLYRV\FXDQWLWDWLYRV\HVWXGLDQGRODXQLYHUVDOLGDGGHVXDFFHVRE ODFRQWULEXFLyQGHOD
LQIUDHVWUXFWXUDDOFUHFLPLHQWRLQFOX\HQGRXQDQiOLVLVGHOFRVWR HQWpUPLQRVGHFUHFLPLHQWRHFRQyPLFR GHOD
EUHFKDGHLQIUDHVWUXFWXUD\F ORVFDPELRVHQORVUROHVGHORVVHFWRUHVS~EOLFR\SULYDGR
(VWHWUDEDMRFRQVWLWX\HXQDUHYLVLyQGHYDULRVGHORVWHPDVDQDOL]DGRVHQODOLWHUDWXUDSUHYLD\GHVWDFD
TXHVHKDJHQHUDGRXQFRQVHQVRVREUHHOFXDOODLQIUDHVWUXFWXUDWRPDXQSDSHOPX\LPSRUWDQWHDODKRUDGH
SURPRYHUHOFUHFLPLHQWR\ODHTXLGDG\DWUDYpVGHDPERVFDQDOHVD\XGDUDUHGXFLUODSREUH]D/RVDXWRUHV
DJUHJDQTXH$PpULFD/DWLQDKDUHDOL]DGRSURJUHVRVLPSRUWDQWHVODGLVSRQLELOLGDGFDOLGDG\DFFHVLELOLGDGGH
ORVVHUYLFLRVGHLQIUDHVWUXFWXUDKDQPHMRUDGRFRQVLGHUDEOHPHQWHHQHO~OWLPRFXDUWRGHVLJOR$SHVDUGHHOOR
OD UHJLyQ KD TXHGDGR UH]DJDGD HQ FDVL WRGDV ODV GLPHQVLRQHV \ VHFWRUHV UHVSHFWR DO (VWH GH $VLD \ D RWURV
SDtVHVGHLQJUHVRVPHGLRV/RVDXWRUHVH[SOLFDQTXHJUDQSDUWHGHOUH]DJRVHJHQHUyDSDUWLUGHODFRQWUDFFLyQ
GH ORV JDVWRV HQ LQIUDHVWUXFWXUD GHO 6HFWRU 3~EOLFR HQ ORV DxRV RFKHQWD \ D OD GHELOLGDG GH OD SDUWLFLSDFLyQ
SULYDGDGHODFXDOVHHVSHUDEDXQSDSHOSULPRUGLDOHQODSURYLVLyQGHVHUYLFLRVGHLQIUDHVWUXFWXUDTXHQRSXGR
FRQWUDSHVDUODPHUPDHQHOJDVWRS~EOLFRVDOYRHQHOVHFWRUGHODVWHOHFRPXQLFDFLRQHVGRQGHVHREVHUYyXQD
SDUFLDOUHGXFFLyQGHODEUHFKDGHVGHPHGLDGRVGHORVQRYHQWD
&RPR\DVHVHxDOyHO$QH[RSURYHHXQUHVXPHQDPSOLDGRGHORVWUDEDMRVFRPHQWDGRV3DUDILQDOL]DU
\FRPRVLQRSVLVGHODOLWHUDWXUDFRQVXOWDGDVHSUHVHQWDHOVLJXLHQWHFXDGURFRPSDUDWLYR


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52
&8$'52&203$5$7,92'(/,7(5$785$&2168/7$'$

7UDEDMR 3HUtRGR 3DtVHV 6HFWRUHV 0HWRGRORJtD


&RQVLGHUDGR $QDOL]DGRV $QDOL]DGRV 8WLOL]DGD
)D\<HSHV &DGDDxRV ,QJUHVRVEDMRV (OHFWULFLGDG (VWLPDFLyQHFRQRPpWULFDDSDUWLUGHXQ
  HQWUH PHGLRV\DOWRV(Q WHOHIRQtDWUDQVSRUWH PRGHORGHGHPDQGDGHLQIUDHVWUXFWXUD
 WRWDOSDtVHV WHUUHVWUHDJXD\
VDQLGDG
&DUFLRIL*D\i  6XUDPpULFD ,QIUDHVWUXFWXUD (VWLPDFLyQGHEUHFKDHQWUHRIHUWD\
  $UJHQWLQD%ROLYLD YLQFXODGDDODV GHPDQGDGHLQIUDHVWUXFWXUDDSDUWLUGH
%UDVLO&KLOH DFWLYLGDGHVGH UHODFLyQFDSLWDOSURGXFWRSDUDREWHQHU
&RORPELD(FXDGRU FRPHUFLR VWRFNGHLQIUDHVWUXFWXUD\GHHYROXFLyQGH
3DUDJXD\3HU~ YROXPHQGHFRPHUFLRFRPRLQGLFDGRU
8UXJXD\\9HQH]XHOD GHGHPDQGD

&DOGHUyQ6HUYpQ  3DtVHVHQGHVDUUROOR (OHFWULFLGDGWHOHIRQtD (VWLPDFLyQGHEUHFKDHQWUH$PpULFD


  (QWRWDOSDtVHV \WUDQVSRUWHWHUUHVWUH /DWLQD\$VLDGHO(VWHDSDUWLUGH
PRGHOL]DFLyQHFRQRPpWULFDGHIXQFLyQGH
SURGXFFLyQFRQDSHUWXUDSRUFDSLWDO
GHLQIUDHVWUXFWXUD

&DOGHUyQ6HUYpQ &DGDDxRV SDtVHV 7UDQVSRUWH(QHUJtD\ (VWLPDFLyQGHVLVWHPDGHHFXDFLRQHVFRQ


D  HQWUH WHOHFRPXQLFDFLRQHV GRVYHUWLHQWHVXQDFRQYDULDEOH
 (QPHQRUPHGLD GHSHQGLHQWHDOFUHFLPLHQWRGHOSURGXFWR
SURYLVLyQGHDJXD SHUFiSLWD\ODRWUDFRQHOFRHILFLHQWHGH
*LQL(QDPERVFDVRVVHFRQWURODQSRU
GLIHUHQWHVYDULDEOHVDGHPiVGHLQWURGXFLU
LQGLFDGRUHVDJUHJDGRV

&(3$/  $UJHQWLQD%UDVLO 7UDQVSRUWH /DPHWRGRORJtDFRQVLVWHHQXVDUGDWRVGH


  &KLOH\0p[LFR VWRFNGHFDSLWDO JHQHUDO \GHGHPDQGD
GHVWRFNGHFDSLWDO UHSUHVHQWDGDSRUHO
LQWHUFDPELRFRPHUFLDO \OXHJRREWLHQHQOD
EUHFKDHQWUHDPEDV3DUDHOSHUtRGR
\VHXWLOL]DXQDSUR\HFFLyQ
HFRQRPpWULFD

&DOGHUyQ±6HUYpQ  $PpULFD/DWLQD\HO 7UDQVSRUWH(QHUJtD\ 6HUHDOL]DXQDQiOLVLVGHORVVWRFNV\GHOD


E  &DULEHFRPSDUDGR WHOHFRPXQLFDFLRQHV FDOLGDGGHLQIUDHVWUXFWXUD(ODQiOLVLVGHO
FRQSDtVHVGHOHVWH (QPHQRUPHGLD VWRFNLQFOX\HXQSURFHGLPLHQWRDMXVWDGR
DVLiWLFRSDtVHVGH SURYLVLyQGHDJXD SRUFDUDFWHUtVWLFDVHVSHFtILFDVGHORV
LQJUHVRVPHGLRV\ SDtVHV/XHJRVHDQDOL]DODLQYHUVLyQSDUD
SDtVHVGHVDUUROODGRV XQVXEFRQMXQWRGHSDtVHV

5R]DV  $UJHQWLQD%UDVLO 7UDQVSRUWHWHUUHVWUH 6HUHDOL]DXQDDFWXDOL]DFLyQGHOWUDEDMRGH


  &KLOH0p[LFR (QHUJtD\ &DOGHUyQ6HUYpQ E UHVSHFWRDOD
&RORPELD3HU~\ 7HOHFRPXQLFDFLRQHV HYROXFLyQGHODLQYHUVLyQHQ
%ROLYLD LQIUDHVWUXFWXUD$GHPiVVHSUHVHQWDXQD
HYROXFLyQGHODEUHFKDUHVSHFWRDSDtVHV
GHOHVWHDVLiWLFR

)D\±0RUULVRQ  $PpULFD/DWLQD\HO 7UDQVSRUWHWHUUHVWUH 6HXWLOL]DQWUHVGLPHQVLRQHVGHODEUHFKD


  DXQTXH &DULEH (QHUJtD ODVGRVSULPHUDVFRQHVWLPDFLRQHV
GLILHUHVHJ~Q 7HOHFRPXQLFDFLRQHV GLUHFWDV\OD~OWLPDFRQXQDHVWLPDFLyQ
ODVHULH 'LIHUHQWHV HFRQRPpWULFD
FRQVLGHUDGD GLPHQVLRQHVGH • $OFDQ]DUORVQLYHOHVGHFREHUWXUDGH
DQiOLVLV &RUHD
• $OFDQ]DUODFREHUWXUDXQLYHUVDO
• $WHQGHUODGHPDQGDGHVHUYLFLRVGHODV
HPSUHVDV

)XHQWH(ODERUDFLyQGHORVDXWRUHV



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

9 &RVWRVGHLQIUDHVWUXFWXUDHQOD
UHJLyQ

(Q HVWD VHFFLyQ VH SUHVHQWDQ ODV HVWLPDFLRQHV GH ORV FRVWRVGHLQIUDHVWUXFWXUDGH
$PpULFD/DWLQD\HO&DULEHTXHVLUYHQGHVXVWHQWRSDUDODFXDQWLILFDFLyQPRQHWDULD
GHORVIOXMRVGHLQYHUVLRQHVUHTXHULGRVTXHVXUJHQGHODVPHWRGRORJtDVHPSOHDGDV
HQ OD VHFFLyQ VLJXLHQWH $GHPiV VH HVSHFLILFDQ FLHUWRV PRQWRV SRUFHQWXDOHV
GHVWLQDGRVDOPDQWHQLPLHQWRGHORVVWRFNV
(Q ORV HVIXHU]RV SRU FXDQWLILFDU OD EUHFKD GH LQIUDHVWUXFWXUD ²\D VHD
GHVGH OD GLPHQVLyQ KRUL]RQWDO R OD YHUWLFDO² UHVXOWD QHFHVDULR FRQWDU FRQ
LQIRUPDFLyQUHIHUHQWHDORVFRVWRVGHLQIUDHVWUXFWXUDVHFWRULDOHV6XSURFHVRGH
REWHQFLyQHVFRPSOHMRHQODPHGLGDHQTXHLQWHUYLHQHQGLIHUHQWHVIDFWRUHVHQ
VXV FiOFXORV WDOHV FRPR ODV WHFQRORJtDV FRQVLGHUDGDV \ OD HVWUXFWXUD
JHRJUiILFD \ GHPRJUiILFD SRU FLWDU DOJXQRV $ SHVDU GH HOOR OR TXH VH KD
EXVFDGR HVWLPDU DO LJXDO TXH HQ ORV WUDEDMRV GH )D\ \ <HSHV   \ )D\
  VRQ FRVWRV UHSUHVHQWDWLYRV R SURPHGLRV ORV FXDOHV OXHJR VH XWLOL]DQ
FRPRLQVXPRVSDUDFXDQWLILFDUPRQHWDULDPHQWHDORVUHTXHULPLHQWRVGHIOXMRV
GHLQYHUVLyQTXHVXUJHQGHODVPHWRGRORJtDVXWLOL]DGDV
8QDSUHRFXSDFLyQLPSRUWDQWHGHOWUDEDMRKDVLGRDGHFXDUORVFRVWRVGH
OD PDQHUD PiV SUHFLVD SRVLEOHDODVFDUDFWHUtVWLFDVSURSLDVGH ODUHJLyQ&RQ
HVWDILQDOLGDGVHKDQFRQVXOWDGRGLIHUHQWHVIXHQWHVGHLQIRUPDFLyQLQFOX\HQGR
GRFXPHQWDFLyQRILFLDOIXHQWHVSULYDGDV\HVSHFLDOLVWDVVHFWRULDOHV
3RURWUDSDUWH\DORVILQHVFRPSDUDWLYRVORVFRVWRVKDQVLGRYDOXDGRV
DGyODUHVHVWDGRXQLGHQVHVGHODxR


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$ (QHUJtDHOpFWULFD
(Q OD SUR\HFFLyQ GHO FRVWR XQLWDULR GH HQHUJtD HOpFWULFD VH XWLOL]y LQIRUPDFLyQ GH ORV VLJXLHQWHV SDtVHV
$UJHQWLQD%UDVLO&KLOH\0p[LFRTXHGDQFXHQWDGHOGHODFDSDFLGDGPi[LPDGHJHQHUDFLyQGHHQHUJtD
HOpFWULFDGH$PpULFD/DWLQD\HO&DULEHHQHODxR
/RV GDWRV SURYLQLHURQ PD\RUPHQWH GH IXHQWHV RILFLDOHV \ FRQWHPSODQ SURJUDPDV GH SODQLILFDFLyQ
HQHUJpWLFDDPHGLDQRSOD]RTXHLQFOX\HQGLIHUHQWHVWHFQRORJtDVDVRFLDGDVDODJHQHUDFLyQHOpFWULFD
&8$'52
&267281,7$5,2'((1(5*Ë$(/e&75,&$
3DtV &RVWRHQ86 )XHQWHGH,QIRUPDFLyQ
SRUNZDGLFLRQDOD
$UJHQWLQD  (OHPHQWRVSDUDHO'LDJQyVWLFR\'HVDUUROORGHOD3ODQLILFDFLyQ(QHUJpWLFD1DFLRQDO
0LQLVWHULRGH3ODQLILFDFLyQ

%UDVLO  3ODQR1DFLRQDOGH(ILFLHQFLD(QHUJpWLFD0LQLVWHULRGH0LQDV\(QHUJtD

&KLOH  %DODQFHGHOD,QIUDHVWUXFWXUDHQ&KLOH&iPDUD&KLOHQDGHOD&RQVWUXFFLyQ

0p[LFR  3URVSHFWLYDGHO6HFWRU(OpFWULFR6HFUHWDUtDGH(QHUJtDGH0p[LFR

3URPHGLRE  

)XHQWH(ODERUDFLyQGHORVDXWRUHV
D
(OFRVWRHVWiYDOXDGRD86GHHLQFOX\HJDVWRVHQJHQHUDFLyQWUDQVPLVLyQ\GLVWULEXFLyQ
E
3URPHGLRSRQGHUDGRSRUSRWHQFLDPi[LPDGHJHQHUDFLyQGHHQHUJtDHOpFWULFDHQ

% $JXD\VDQHDPLHQWR
/RVFRVWRVGHSURYLVLyQGHDJXD\VDQHDPLHQWRKDQVLGRREWHQLGRVHQEDVHDLQIRUPDFLyQGHO%,'\WRPDQ
HQ FXHQWD ORV FRVWRV GH LQIUDHVWUXFWXUD HQ OD SURYLVLyQ GH DFFHVRV D DJXDV \ VDQHDPLHQWRV PHMRUDGRV /D
LQIRUPDFLyQGLVSRQLEOHHVHVSHFtILFDSDUDFDGDSDtVHLQFOX\HQODDSHUWXUDSRUiUHDJHRJUiILFDXUEDQD\UXUDO
&8$'52
&2672'(3529,6,Ï1'($&&(626$$*8$327$%/(<6$1($0,(172
&RVWRVSHUFiSLWDHQ86D

3DtV $JXD3RWDEOH 6DQHDPLHQWR


 8UEDQR 5XUDO 8UEDQR 5XUDO
$UJHQWLQD    
%DUEDGRV    
%HOL]H    
%ROLYLD (VW3OXU1DFGH     
%UD]LO    
&KLOH    
FRQWLQ~D 



 )XHQWH2/$'(

 (QHOFDVRGH&KLOHVHXWLOL]yLQIRUPDFLyQSURYHQLHQWHGHOD&iPDUDGHOD&RQVWUXFFLyQ  

 ³/DVPHWDVGHOPLOHQLR\ODVQHFHVLGDGHVGHLQYHUVLyQHQ$PpULFD/DWLQD\HO&DULEH´%,'


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&XDGUR FRQWLQXDFLyQ 
3DtV $JXD3RWDEOH 6DQHDPLHQWR
 8UEDQR 5XUDO 8UEDQR 5XUDO
&RORPELD    
&RVWD5LFD    
(FXDGRU    
(O6DOYDGRU    
*XDWHPDOD    
*X\DQD    
+DLWt    
+RQGXUDV    
-DPDLFD    
0p[LFR    
3DQDPi    
3DUDJXD\    
3HU~    
5HS~EOLFD'RPLQLFDQD    
7ULQLGDGDQG7REDJR    
8UXJXD\    
9HQH]XHOD 5HS%ROGH     

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH/DVPHWDVGHOPLOHQLR\ODVQHFHVLGDGHVGHLQYHUVLyQ
HQ$PpULFD/DWLQD\HO&DULEH%DQFR,QWHUDPHULFDQRGH'HVDUUROOR
D
(OFRVWRHVWiYDOXDGRD86GH

& 7UDQVSRUWHWHUUHVWUH
(O FRVWR HQ WUDQVSRUWH VH GLYLGH HQ FDPLQRV SDYLPHQWDGRV \YtDVIpUUHDV(QHOSULPHUFDVRODVHURJDFLRQHV
WLHQHQHQFXHQWDODVQHFHVLGDGHVGHLQYHUVLyQGHODVDXWRSLVWDVGHDOWRHVWiQGDU\GHFDUUHWHUDVVHFXQGDULDV/DV
IXHQWHV GH LQIRUPDFLyQ KDQ VLGR GRFXPHQWRV GH &(3$/ 0LQLVWHULR GH 2EUDV 3~EOLFDV GH &KLOH \
HVSHFLDOLVWDV GHO VHFWRU 3RU VX SDUWH ORV FRVWRV GH XQ NLOyPHWUR GH YtDV IpUUHDV IXHURQ SURYLVWRV SRU
HVSHFLDOLVWDVGHOVHFWRU\WLHQHQHQFXHQWDXQDWRSRJUDItDPHGLDHLQFOX\HQODVHURJDFLRQHVGHORVVLVWHPDVGH
FRQWURO\VHxDOL]DFLyQ
&8$'52
&2672681,7$5,26(175$163257(7(55(675(
&RVWRHQ
 86SRUNPD )XHQWHGH,QIRUPDFLyQ
(OFRVWRGHXQNLOyPHWURGHFDUUHWHUDGHSHQGHDOLJXDOTXHSDUDODVYtDVIpUUHDVGH
OD WRSRJUDItD GH OD UHJLyQ (O YDORU SUHVHQWDGR HV XQD SRQGHUDFLyQ GH FRVWRV
&DPLQRV3DYLPHQWDGRV  SURPHGLRVSDUDFDPLQRVGHDXWRSLVWDGHDOWRHVWiQGDU\GHFDUUHWHUDVVHFXQGDULDV
/DVIXHQWHVGHLQIRUPDFLyQFRUUHVSRQGHQD&(3$/0LQLVWHULRGH2EUDV3~EOLFDVGH
&KLOH\HVSHFLDOLVWDVGHOVHFWRU
(O FRVWR GH XQ NLOyPHWUR GH YtD IpUUHD YDUtD GHSHQGLHQGR GH OD WRSRJUDItD GH OD
UHJLyQ LH JUDGLHQWHV UtRV \ RWURV  \ GH ODV REUDV HVSHFtILFDV D UHDOL]DU HQ ORV
VHFWRUHV XUEDQRV (Q SUR\HFWRV GH SDVDMHURV HVSHFLDOPHQWH VXEXUEDQRV GHEH
9tDV)pUUHDV  FRQVLGHUDUVHWDPELpQODHOHFWULILFDFLyQ\WHQLHQGRHQFXHQWDODGHQVLGDGGHWUiILFR
ORV VLVWHPDV GH VHxDOL]DFLyQ \ FRQWURO (O YDORU SUHVHQWDGR HV UHSUHVHQWDWLYR GH
FDUDFWHUtVWLFDV PHGLDV GH ODV FRQVLGHUDFLRQHV DQWHULRUHV /D LQIRUPDFLyQ KD VLGR
SURYLVWDSRUH[SHUWRVGHOVHFWRUSDUD$PpULFD/DWLQD\HO&DULEH
)XHQWH(ODERUDFLyQGHORVDXWRUHV
D
(OFRVWRHVWiYDOXDGRD86GH



 &LSROHWWD7RPDVVLDQ\6iQFKH]  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

' 7HOHFRPXQLFDFLRQHV
/DHVWUXFWXUDGHFRVWRVHQWHOHFRPXQLFDFLRQHVGHWHOHIRQtDILMD\PyYLOVHREWXYRHQEDVHDWUDEDMRVSUHYLRV
GHO%DQFR0XQGLDOLQIRUPDFLyQGHRUJDQLVPRVS~EOLFRV\SULYDGRV\HVSHFLDOLVWDVGHOVHFWRU3RUVXSDUWHHO
FRVWR GH SURYLVLyQ GH ,QWHUQHW GH EDQGD DQFKD GH DFFHVR ILMRIXHREWHQLGRFRQLQIRUPDFLyQSURYHQLHQWHGHO
0LQLVWHULRGH&RPXQLFDFLRQHVGH%UDVLO\GDWRVGHLQYHUVLRQHVGHHPSUHVDVGHOVHFWRU\FRQWHPSODXQPL[
WHFQROyJLFRTXHLQFOX\HSUHVWDFLRQHVFRQ'6/&DEOH0RGHP\)LEUDÏSWLFDDO+RJDU
&8$'52
&2672681,7$5,26(17(/(&2081,&$&,21(6
&RVWRHQ86 

 &RVWRHQ86D )XHQWHGH,QIRUPDFLyQ
(O FRVWR GH XQD OtQHD ILMD GH WHOpIRQR KD VLGR REWHQLGR HQ EDVH D LQIRUPDFLyQ
SURYHQLHQWH GHO %DQFR 0XQGLDO \ GHRUJDQLVPRVS~EOLFRV\SULYDGRVGH3HU~\
/tQHDV)LMDV 
&KLOH 7LHQH HQ FXHQWD OD SDUWLFLSDFLyQ HQWUH SREODFLyQ XUEDQD \ UXUDO \ VXV
GLIHUHQWHVFRVWRVDVRFLDGRV
(OFRVWRGHXQVXVFULSWRUGHWHOHIRQtDFHOXODUKDVLGRREWHQLGRHQEDVHDIXHQWHV
/tQHDV0yYLOHV 
GHLQIRUPDFLyQGHRUJDQLVPRVS~EOLFRV\SULYDGRVGH3HU~\&KLOH
(OFRVWRGHSURYLVLyQGHVHUYLFLRVGH,QWHUQHWGHEDQGDDQFKDKDVLGRREWHQLGR
,QWHUQHWGH FRQ EDVH D LQIRUPDFLyQ SURYHQLHQWH GHO 0LQLVWHULR GH &RPXQLFDFLRQHV GHO
%DQGD$QFKDGH  *RELHUQR GH %UDVLO \ GH HPSUHVDV GHO VHFWRU \ FRQWHPSOD XQD FDQDVWD
DFFHVRILMR WHFQROyJLFD GH '6/ &DEOH 0RGHP \ )LEUD ySWLFD DO KRJDU /DV SRQGHUDFLRQHV
GHFDGDWHFQRORJtDVHUHDOL]DURQHQEDVHDFRQVXOWDVFRQIXHQWHVGHOVHFWRU

)XHQWH(ODERUDFLyQGHORVDXWRUHV
D
(OFRVWRHVWiYDOXDGRD86GH

( *DVWRVUHODWLYRVDOPDQWHQLPLHQWR
7DPELpQKDQVLGRFRQVLGHUDGDVODVQHFHVLGDGHVGHPDQWHQLPLHQWRGHOVWRFNGHLQIUDHVWUXFWXUD$HVWRVILQHVVH
KDQ XWLOL]DGR ORV SRUFHQWDMHV SURSXHVWRV SRU )D\ \ <HSHV   TXLHQHV VHxDODURQ TXH ORV PLVPRV QR
EXVFDQUHSUHVHQWDUXQPRQWRySWLPRSDUDJDVWRVHQPDQWHQLPLHQWRVLQRXQSURPHGLRPtQLPRGHJDVWRDQXDO
GHEDMRGHOFXDOHOIXQFLRQDPLHQWRQRUPDOGHODVUHGHVUHVXOWDUtDDPHQD]DGR(VWRVYDORUHVVRQORVVLJXLHQWHV
&8$'52
0$17(1,0,(172'(/672&.'(,1)5$(6758&785$
3RUFHQWDMHGHOYDORUGHVWRFN
6HFWRU
DVLJQDGRDPDQWHQLPLHQWR
&DSDFLGDGGH*HQHUDFLyQ(OpFWULFD 
7HOHIRQtD)LMD 
7HOHIRQtD0yYLO 
%DQGD$QFKD 
&DPLQRV3DYLPHQWDGRV 
5XWDV)pUUHDV 
$FFHVRD$JXDV0HMRUDGDV 
$FFHVRD0HMRUDV6DQLWDULDV 

)XHQWH)D\\<HSHV\HVSHFLDOLVWDVGHOVHFWRU



 /DVSURSRUFLRQHVXWLOL]DGDVSDUDHODUPDGRGHOFRVWRKDQVLGR'6/&DEOH0RGHP\)LEUDÏSWLFDDO+RJDU/DV
PLVPDV VH KDQ EDVDGR HQ FRQVXOWDV D HVSHFLDOLVWDV GHO VHFWRU (Q HO FDVR GH OD WHFQRORJtD GH '6/ HO FRVWR GH LQIUDHVWUXFWXUD
FRQWHPSODGRHVHOFRPSOHPHQWDULRGHOFRVWRDVXPLGRHQWHOHIRQtDILMDTXHSRVLELOLWDRIUHFHUHOVHUYLFLRGH,QWHUQHWGHEDQGDDQFKD

 6LHQGR OD H[FHSFLyQ HO SRUFHQWDMH DVLJQDGR D PDQWHQLPLHQWR GH OD EDQGDDQFKDFX\RYDORUIXHREWHQLGRHQEDVHDFRQVXOWDVFRQ
HVSHFLDOLVWDVGHOVHFWRU


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

9,0LGLHQGRODEUHFKDGH
LQIUDHVWUXFWXUD

(QHVWDVHFFLyQVHSURFHGHDODPHGLFLyQHIHFWLYDGHODEUHFKDGHLQIUDHVWUXFWXUD
&DGD HVWLPDFLyQ HV DQWHFHGLGD GH OD GHVFULSFLyQ PHWRGROyJLFD XWLOL]DGD FX\D
VHOHFFLyQ UHVSRQGLy D FULWHULRV TXH VRSHVDURQ HO REMHWLYR SODQWHDGR \ OD
GLVSRQLELOLGDG GH ORV UHTXHULPLHQWRV GH LQIRUPDFLyQ GH ODV GLIHUHQWHV
PHWRGRORJtDV
/D SULPHUD SDUWH GH OD VHFFLyQ HVWXGLD OD GLPHQVLyQ YHUWLFDO GH OD
EUHFKD GRQGH VH SUHVHQWDQ GRV PHWRGRORJtDV DOWHUQDWLYDV )D\<HSHV \
&DUFLRIL*D\i  ODV FXDOHV VRQ DSOLFDGDV DO FRQWH[WR GH $PpULFD /DWLQD \ HO
&DULEH /D VHJXQGD SDUWH HVWLPD ORV UHTXHULPLHQWRV SDUD FHUUDU OD EUHFKD
KRUL]RQWDOGH$PpULFD/DWLQD\HO&DULEHGRQGHHOREMHWLYRWUD]DGRKDVLGRHO
GH DOFDQ]DU ORV QLYHOHV GH LQIUDHVWUXFWXUD SHU FiSLWD GH DOJXQRV SDtVHV GHO
VXGHVWHDVLiWLFR

$ /DGLPHQVLyQYHUWLFDOGHODEUHFKD
'HVGH OD SHUVSHFWLYD GH OD GLPHQVLyQ YHUWLFDO GH OD EUHFKD VH KDQ VHJXLGR GRV
PHWRGRORJtDVDOWHUQDWLYDVODSURSXHVWDSRU)D\\<HSHV  \ODVXJHULGDSRU
&DUFLRIL\*D\i  $FRQWLQXDFLyQVHGHVFULEHQORVDVSHFWRVPiVUHOHYDQWHVGH
ODVPLVPDV



 (QHODQH[RVHSUHVHQWDXQPD\RUGHWDOOHGHODVPHWRGRORJtDVFRQMXQWDPHQWHFRQODUHYLVLyQGHODOLWHUDWXUD


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

0HWRGRORJtDGH)D\\<HSHV
/D PHWRGRORJtD SURSXHVWD SRU )D\ \ <HSHV   SHUVLJXH OD HVWLPDFLyQ GH OD GHPDQGD GH VHUYLFLRV GH
LQIUDHVWUXFWXUD QHFHVDULRV SDUD GDU UHVSXHVWD  DO FUHFLPLHQWR PXQGLDO GH OD HFRQRPtD  (O  WUDEDMR  RULJLQDO
LQFOXtD OD HVWLPDFLyQ GH OD GHPDQGD GH ORV VLJXLHQWHV VHFWRUHV HQHUJtD HOpFWULFD  WHOHIRQtD ILMD \ PyYLO 
WUDQVSRUWHWHUUHVWUH FDUUHWHUDV\YtDVIpUUHDV DJXD\VDQHDPLHQWR
$ORVILQHVGHODHVWLPDFLyQVHFRQVLGHUDQORVQLYHOHVGHLQIUDHVWUXFWXUDGHPDQGDGRVWDQWRFRPRELHQHV
GHFRQVXPRGHORVDJHQWHVHFRQyPLFRVFRPRLQVXPRVGHODIXQFLyQGHSURGXFFLyQ3RUHOODGRGHFRQVXPRVH
SDUWHGHODVGHPDQGDVGHLQIUDHVWUXFWXUD ,M GHORVLQGLYLGXRV³M´ODVFXDOHVVRQIXQFLyQGHOLQJUHVRGHFDGD
LQGLYLGXR <M \GHORVSUHFLRVGHOVHUYLFLR TL 

, FM I < M  T ,   
/XHJR VH DJUHJDQ ODV GHPDQGDV GH FDGD WLSR GH VHUYLFLR GH LQIUDHVWUXFWXUD SDUD WRGD OD SREODFLyQ
H[SUHViQGRODHQWpUPLQRVSHUFiSLWD GRQGH³3´HVODSREODFLyQWRWDOH³<3´HOLQJUHVRSHUFiSLWD 

,F <
)  T ,   
3 3
&RQVLGHUDQGR OD LQIUDHVWUXFWXUD FRPR LQVXPR GHO SURFHVR SURGXFWLYR VH SDUWH GH ODV FRQGLFLRQHVGH
RSWLPL]DFLyQGHSULPHURUGHQGHXQHMHUFLFLRGHPD[LPL]DFLyQGHEHQHILFLRVGRQGHVHDVXPHXQDIXQFLyQGHO
WLSR&REE'RXJODV

T,
. Lα /βL φ, Lφ −   
ZL
'RQGH³.´HVHOFDSLWDOItVLFRH[FOX\HQGRHOGHLQIUDHVWUXFWXUD³/´HVHOWUDEDMRH³,´HVHOIOXMRGH
VHUYLFLRVGHLQIUDHVWUXFWXUDXWLOL]DGRVSRUFDGDILUPDLQGLYLGXDOHQODSURGXFFLyQGHOELHQ³L´
$SDUWLUGHODVFRQGLFLRQHVGHSULPHURUGHQORVDXWRUHVREWLHQHQODGHPDQGDGHULYDGDGHLQIUDHVWUXFWXUD
SDUDODILUPDLQGLYLGXDO\HQXQVHJXQGRSDVRDJUHJDQODVGHPDQGDVSDUDWRGDVODVILUPDVREWHQLHQGRGHHVWH
PRGR OD GHPDQGD GHULYDGD SDUD FDGD VHUYLFLR GH LQIUDHVWUXFWXUD FRPR OD VXPD SRQGHUDGD GH ODV GHPDQGDV
LQGLYLGXDOHVGHODVILUPDV

−φ
ª Z º
, S
¦, L
S
¦L «φ T L . Lα /βL »   
L ¬ , ¼
6LQHPEDUJR)D\\<HSHVVHxDODQTXHDOQRKDEHUGLVSRQLELOLGDGGHLQIRUPDFLyQDQLYHOGHHPSUHVD
XQD VROXFLyQ SRVLEOH HV FRQVLGHUDU FRPR YDULDEOH SUR[\ GH OD GHPDQGD DJUHJDGD GH LQIUDHVWUXFWXUD GH ODV
HPSUHVDVDOSURGXFWRDJUHJDGR3HURDTXtVHxDODQTXHHVSRFRSUREDEOHTXHODHODVWLFLGDGGHODGHPDQGDSDUD
XQVHUYLFLRSDUWLFXODUGHLQIUDHVWUXFWXUD φ VHDODPLVPDHQWRGRVORVVHFWRUHVGHODHFRQRPtDFRQORFXDOHO
SHVR TXH VH OH DWULEX\H D XQD ILUPD GHWHUPLQDGD GHSHQGH GHODFRPSRVLFLyQVHFWRULDOGHODHFRQRPtD6LOD
WHFQRORJtD FDPELD OR PLVPR SXHGH RFXUULU FRQ OD GHPDQGD GH LQIUDHVWUXFWXUD 3RU VX SDUWH HO SURPHGLR
ZL T
SRQGHUDGRGHORVSUHFLRVUHODWLYRV SXHGHVHUDSUR[LPDGRSRUHOSUHFLRUHDOGHOELHQGHLQIUDHVWUXFWXUD , 
T, Z
/RDQWHULRUGHULYDHQODVLJXLHQWHHFXDFLyQ
Z
,S ) <   < $*  <,1'  $   
T,
'RQGH < HV HO SURGXFWR DJUHJDGR <$* HV OD SDUWLFLSDFLyQ GH OD DJULFXOWXUD HQ HO 3%, H <,1' HV OD
SDUWLFLSDFLyQGHODLQGXVWULDHQHO3%,PLHQWUDVTXH³$´UHSUHVHQWDHOQLYHOWHFQROyJLFR



 (VWDPHWRGRORJtDVHEDVWDRULJLQDOPHQWHHQHOGHVDUUROORGH)D\  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

)LQDOPHQWHREWLHQHQODGHPDQGDJOREDOGHLQIUDHVWUXFWXUDDSDUWLUGHODFRPELQDFLyQGHODVHFXDFLRQHV
 \  

, < T
)  ,  < $*  <,1'  $   
3 3 Z
&RQVLGHUDQGRTXHODXWLOL]DFLyQGHORVVHUYLFLRVHVSURSRUFLRQDODOVWRFNItVLFR DXQTXHDGPLWLHQGRTXH
HOQLYHOGHXWLOL]DFLyQSXHGDYDULDU ODHFXDFLyQ  SXGHVHULQWHUSUHWDGDFRPRXQDGHPDQGDGHVWRFNItVLFR
GHLQIUDHVWUXFWXUD
$SDUWLUGHOGHVDUUROORWHyULFRDQWHULRUVHHVWLPDODVLJXLHQWHHFXDFLyQHFRQRPpWULFD

, L MW α   α  , L MW −  α  \ L W  α  $L W  α  0 L W  α  'L  α  '  ε L W  


'RQGHWRGDVODVYDULDEOHVVHH[SUHVDQHQWpUPLQRVGHORJDULWPRVQDWXUDOHVVLHQGR³,´HOVWRFNGHPDQGDGR
GHLQIUDHVWUXFWXUD³\´HO3%,SHUFiSLWD³$´ODSDUWLFLSDFLyQGHODDJULFXOWXUDHQHO3%,\³0´ODSDUWLFLSDFLyQ
GHODVPDQXIDFWXUDVHQHO3%,$OQRWHQHULQIRUPDFLyQGHFDPELRVWHFQROyJLFRVRSUHFLRVUHDOHVGHORVVHUYLFLRV
GHLQIUDHVWUXFWXUDORVDXWRUHVXWLOL]DQYDULDEOHVGXPPLHVWHPSRUDOHV 'W \HIHFWRVHVSHFtILFRVSDUDORVSDtVHV 'L 
/RVHIHFWRVILMRVSHUPLWHQTXHFDGDSDtVSXHGDWHQHUXQLQWHUFHSWRGLIHUHQWHORTXHFRPELQDGRFRQODVGXPPLHV
WHPSRUDOHVDSUR[LPDQDOHIHFWRGHYDULDFLyQGHSUHFLRV
8QSXQWRLPSRUWDQWHTXHORVDXWRUHVGHVWDFDQHVTXHEXVFDQREWHQHUHOPHMRUDMXVWHSRVLEOH\HOPD\RU
SRGHU H[SOLFDWLYR SRU SDUWH GHO PRGHOR SXHVWR TXH VXV ILQHV QR VRQ HVWDEOHFHU UHODFLRQHV HVWUXFWXUDOHV VLQR
SUR\HFFLRQHVWHPSRUDOHV$SDUWLUGHHVWHREMHWLYRHVTXHLQFOX\HQODYDULDEOHGHSHQGLHQWHFRPRUH]DJRHQOD
HFXDFLyQDHVWLPDU

0HWRGRORJtDGH&DUFLRIL\*D\i
(VWD PHWRGRORJtD EXVFD UHVSRQGHU DO LQWHUURJDQWH GH VL OD HYROXFLyQ GHO VWRFN GH LQIUDHVWUXFWXUD
DFRPSDxy ORV UHTXHULPLHQWRV GH OD GHPDQGD $ GLIHUHQFLD GHO WUDEDMR DQWHULRU GRQGH VRODPHQWH VH DQDOL]DQ
DOJXQRVVHFWRUHVHQHVWHFDVRORVDXWRUHVXWLOL]DQODHYROXFLyQGHOVWRFNWRWDOGHFDSLWDOFRPRUHSUHVHQWDWLYR
GHOVWRFNGHLQIUDHVWUXFWXUD
/DIDOWDKDELWXDOGHLQIRUPDFLyQUHODWLYDDOVWRFNGHFDSLWDOHQJHQHUDO\GHLQIUDHVWUXFWXUDHQSDUWLFXODU
KDQVLGRXQDGLILFXOWDGTXHORVDXWRUHVDERUGDURQPHGLDQWHODUHODFLyQLQFUHPHQWDOFDSLWDOSURGXFWR ,&25HQ
LQJOpV GHILQLGDSRU
GN
,&25 Y
G\   
$VXPLHQGRTXHODUHODFLyQPDUJLQDOHVLJXDODODPHGLDHQFDGDPRPHQWRGHOWLHPSRVHWLHQHTXH

GN
GW .
  
G\ <
GW
/XHJR SURSRQLHQGR XQ GHWHUPLQDGR YDORU LQLFLDO SDUD OD ,&25 ORJUDQ REWHQHU XQ YDORU GHO VWRFN GH
FDSLWDO WRWDO XWLOL]DQGR HO QLYHO GHO 3%, 3DUWLHQGR GH HVD FLIUD GH VWRFN GH FDSLWDO LQLFLDO OHV UHVXOWD SRVLEOH
FDOFXODU VX HYROXFLyQ HQ HO WLHPSR D SDUWLU GHO FRPSRUWDPLHQWR GH OD LQYHUVLyQ EUXWD LQWHUQD ILMD SHUtRGR D
SHUtRGR\QHWDGHGHSUHFLDFLyQ3RUVXSDUWHHOVWRFNGHFDSLWDOHQLQIUDHVWUXFWXUDHVDVXPLGRFRPRGHVLPLODU
FRPSRUWDPLHQWR TXH HO VWRFN GH FDSLWDO JHQHUDO 'H HVWD PDQHUD REWLHQHQ XQD HYROXFLyQ GH OD RIHUWD GH
LQIUDHVWUXFWXUD



 (QWpUPLQRVFRQWLQXRV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

3RUVXSDUWHODGHPDQGDGHLQIUDHVWUXFWXUDKDVLGRDSUR[LPDGDPHGLDQWHODHYROXFLyQGHOYROXPHQGH
FRPHUFLR (O FRPSRUWDPLHQWR UHODWLYR GHO VWRFN GH FDSLWDO \ GHO YROXPHQ GH FRPHUFLR GHVFULEHQ ²EDMR
FLHUWRVVXSXHVWRV²ODHYROXFLyQGHODEUHFKDGHLQIUDHVWUXFWXUDGXUDQWHHOSHUtRGREDMRHVWXGLR

 (VWLPDFLyQGHODEUHFKDPHGLDQWHODPHWRGRORJtDGH)D\\
<HSHV
6LJXLHQGR OD PHWRGRORJtD GH )D\ \ <HSHV VH LQFOX\HURQ ORV VLJXLHQWHV VHFWRUHV HQHUJtD HOpFWULFD
WHOHFRPXQLFDFLRQHV WHOHIRQtD ILMD PyYLO \ DFFHVRV ILMRV D ,QWHUQHW GH EDQGD DQFKD  WUDQVSRUWH WHUUHVWUH
FDPLQRV SDYLPHQWDGRV \ YtDV IpUUHDV  \ DJXD \ VDQHDPLHQWR /DV VHULHV XWLOL]DGDV KDQ VLGR ODV TXH VH
GHVFULEHQHQHOFXDGUR
&8$'52
'(6&5,3&,Ï1'(/$66(5,(687,/,=$'$6
6HFWRU ,QGLFDGRUGH6WRFN 8QLGDG )XHQWH
(QHUJtD(OpFWULFD &DSDFLGDGGH*HQHUDFLyQ(OpFWULFD 0Z 2/$'(

7HOHFRPXQLFDFLRQHV /tQHDV)LMDV DERQDGRV :',HQEDVHD,78

/tQHDV0yYLOHV VXVFULSWRUHV :',HQEDVHD,78

,QWHUQHW$FFHVRVILMRVD%DQGD$QFKD VXVFULSWRUHV ,78

7UDQVSRUWH /RQJLWXGGHFDPLQRVSDYLPHQWDGRV NLOyPHWURV :',

/RQJLWXGGHYtDVIpUUHDV NLOyPHWURV :',

$JXD 3REODFLyQFRQDFFHVRDDJXDVPHMRUDGDV SRUFHQWDMHGHODSREODFLyQ :',

6DQHDPLHQWR 3REODFLyQFRQDFFHVRDVDQHDPLHQWR SRUFHQWDMHGHODSREODFLyQ :',


PHMRUDGRV

)XHQWH(ODERUDFLyQGHORVDXWRUHV

/D LQIRUPDFLyQ XWLOL]DGD HQ ODV HVWLPDFLRQHV VH KD RUJDQL]DGR HQ GDWRV GH SDQHO GHVEDODQFHDGRV (O
SHUtRGRPXHVWUDOSDUDORVVHFWRUHVGHHQHUJtDHOpFWULFD\WUDQVSRUWHFRPSUHQGHGDWRVTXLQTXHQDOHVGHVGH
KDVWD7DPELpQVHXWLOL]DLQIRUPDFLyQTXLQTXHQDOHQHOFDVRGHDJXD\VDQHDPLHQWRDXQTXHFRPHQ]DQGR
HQ\ILQDOL]DQGRHQHVWRKDVLGRGHELGRDODGLVSRQLELOLGDGGHLQIRUPDFLyQSDUDHVWRVVHFWRUHV(Q
HO FDVR GH ODV WHOHFRPXQLFDFLRQHV ²VLJXLHQGR ORV OLQHDPLHQWRV GH WUDEDMRV SUHYLRV GH OD OLWHUDWXUD \ D OD
PD\RU GLVSRQLELOLGDG GH LQIRUPDFLyQ GH HVWRV VHFWRUHV² ORV GDWRV XWLOL]DGRV VRQ GH SHULRGLFLGDG DQXDO \
DEDUFDQHOSHUtRGR
(Q WRGRV ORV FDVRV DQDOL]DGRV EDMR HVWD PHWRGRORJtD ORV SDtVHV FRPSUHQGLGRV VRQ $UJHQWLQD
%DUEDGRV%HOL]H%ROLYLD%UDVLO&KLOH&RORPELD&RVWD5LFD5HS~EOLFD'RPLQLFDQD(FXDGRU(O6DOYDGRU
*XDWHPDOD *XD\DQD +DLWt +RQGXUDV -DPDLFD 0p[LFR 3DQDPi 3DUDJXD\ 3HU~ 7ULQLGDG \ 7REDJR
8UXJXD\\9HQH]XHOD

D  (VWUDWHJLDHFRQRPpWULFD
/DHVWUDWHJLDHFRQRPpWULFDFRQVLVWLyHQODHVWLPDFLyQGHPRGHORVGHGDWRVGHSDQHOVHFWRULDOHVVLPLODUHVDOGH
ODHFXDFLyQ  /DVYDULDEOHVKDQVLGRWUDQVIRUPDGDVHQORJDULWPRVFRQHOILQGHOLQHDOL]DUORVPRGHORV\ODV
HVWLPDFLRQHVVHUHDOL]DURQFRQPtQLPRVFXDGUDGRVRUGLQDULRV


 3RUHMHPSORODDXVHQFLDGHFDPELRWHFQROyJLFR

 (ODFFHVRDDJXDPHMRUDGDRSRWDEOHVHGHILQHFRPRHOSRUFHQWDMHGHSREODFLyQFRQDFFHVRUD]RQDEOHDXQDFDQWLGDGDGHFXDGDGH
DJXDSRWDEOHLQFOX\HQGRDODVDJXDVVXSHUILFLDOHVWUDWDGDV\QRWUDWDGDV VLQFRQWDPLQDFLyQ FRPRPDQDQWLDOHVSR]RVVDQLWDULRV\
SR]RVSURWHJLGRV(QODV]RQDVXUEDQDVSXHGHVHUXQDIXHQWHS~EOLFDRWXERYHUWLFDOVLWXDGRDPHQRVGHPHWURVGHODYLYLHQGD
(QODV]RQDVUXUDOHVODGHILQLFLyQLPSOLFDTXHORVPLHPEURVGHOKRJDUQRWLHQHTXHJDVWDUXQDSDUWHGHVSURSRUFLRQDGDGHGtDVHQLUD
EXVFDUHODJXD(OVDQHDPLHQWRHVGHILQLGRFRPRHOSRUFHQWDMHGHODSREODFLyQTXHSUHVHQWHQDOPHQRVVHUYLFLRVDGHFXDGRVGH
HOLPLQDFLyQGHH[FUHWDVTXHSHUPLWDQHYLWDUHILFD]PHQWHHOFRQWDFWRKXPDQRGHDQLPDOHV\GHLQVHFWRVFRQORVH[FUHPHQWRV/DV
LQVWDODFLRQHVDGHFXDGDVYDQGHVGHODVOHWULQDVGHSR]RVHQFLOODVSHURSURWHJLGDVKDVWDLQRGRURVFRQFRQH[LyQDDOFDQWDULOODGR/DV
GHILQLFLRQHVSURYLHQHQGHO%DQFR0XQGLDO

 )D\\<HSHV  <HSHV  \&KDWWHUWRQ\3XHUWR  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

3RU RWUD SDUWH HQ ORV FDVRVGHHQHUJtDHOpFWULFDWHOHIRQtDILMD\PyYLOFDPLQRVSDYLPHQWDGRV\YtDV


IpUUHDVIXHURQXWLOL]DGRVPRGHORVFRQHIHFWRVILMRVPLHQWUDVTXHVHUHFXUULyDOXVRGHHIHFWRVDOHDWRULRVHQODV
HVWLPDFLRQHV GH EDQGD DQFKD \ ORV DFFHVRV D DJXD \ VDQHDPLHQWR /D HOHFFLyQ GH OD HVSHFLILFDFLyQ GH ORV
HIHFWRV ILMRVRDOHDWRULRV VHEDVyHQORVUHVXOWDGRVGHWHVWHFRQRPpWULFRV\HQODVPHWRGRORJtDVXWLOL]DGDVHQ
ODOLWHUDWXUDSUHYLD
&RQODH[FHSFLyQGHODVHVWLPDFLRQHVSDUDDJXD\VDQHDPLHQWRVHKDQLQFOXLGRUH]DJRVGHODYDULDEOH
GHSHQGLHQWH HQ RUGHQ GH LQFUHPHQWDU HO SRGHU H[SOLFDWLYR GH ORV PRGHORV $GHPiV VH WXYLHURQ HQ FXHQWD
FLHUWDVYDULDEOHVGHFRQWUROVXJHULGDVSRUODOLWHUDWXUDGHVWDFDQGRHQWUHHOODVODSURSRUFLyQGHDJULFXOWXUD\
PDQXIDFWXUDHQHO3%,ODGHQVLGDGGHSREODFLyQ\ODWDVDGHXUEDQL]DFLyQ(QHOVHFWRUGHODWHOHIRQtDFHOXODU
VHLQFOX\yXQDYDULDEOHUHODWLYDDODPDGXUH]GHOPHUFDGR
(QODPD\RUtDGHODVHVWLPDFLRQHVVHREWXYLHURQHOHYDGRVQLYHOHVGHERQGDGGHDMXVWHORFXDOHUDHO
REMHWLYRSODQWHDGR/DVH[FHSFLRQHVKDQVLGRDJXD\VDQHDPLHQWRGRQGHVLJXLHQGRORVWUDEDMRVRULJLQDOHVQR
VHKDQXWLOL]DGRYDULDEOHVUH]DJDGDVGHODVVHULHVH[SOLFDWLYDV
/RV SDUiPHWURV HVWLPDGRV HVWDGtVWLFRV GH VLJQLILFDWLYLGDG \ PHGLGDV GH ERQGDG GH DMXVWH GH ORV
PRGHORVVHSUHVHQWDQHQHO&XDGUR



 &RPRIXHPHQFLRQDGRRULJLQDOPHQWHSRU)D\  \OXHJRSRU)D\\<HSHV  GHELGRDTXHORVQLYHOHVGHLQIUDHVWUXFWXUDSHU
FiSLWDQRVRQHVWDFLRQDULRVORVHIHFWRVILMRVGHORVSDtVHVVHXWLOL]DQFRPRSUR[LHVGHODVGLIHUHQFLDVWHFQROyJLFDV\GHSUHFLRVHQWUH
ODVQDFLRQHVORTXHSHUPLWHREWHQHUSDUiPHWURVFRQVLVWHQWHVGHODVHVWLPDFLRQHV




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R
&8$'52
02'(/26(67,0$'26
3DUiPHWURV 

 6HFWRU

 &DSDFLGDGGH 7HOpIRQRV)LMRV 7HOpIRQRV 6XVFULSWRUHVGH &DPLQRV /tQHDV)pUUHDV $FFHVRD$JXDV $FFHVRD


*HQHUDFLyQ 0yYLOHV %DQGD$QFKD 3DYLPHQWDGRV 0HMRUDGDV 6DQHDPLHQWR
OtQHDVFDGD .P 
(OpFWULFD
KDE  OtQHDVFDGD OtQHDVFDGD .P  SRUFHQWDMH SRUFHQWDMH
0Z  KDE  KDE  SREODFLyQ  SREODFLyQ 

9DULDEOH'HSHQGLHQWH        


5H]DJDGD
WVWDWLVWLF        
3%,SHUFiSLWD        
WVWDWLVWLF        
$JULFXOWXUD        
WVWDWLVWLF        
0DQXIDFWXUD        
WVWDWLVWLF        


'HQVLGDGGH3REODFLyQ        


WVWDWLVWLF        
7DVDGH8UEDQL]DFLyQ        

/DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH
WVWDWLVWLF        
$xR        
WVWDWLVWLF        
0DGXUH]GHO0HUFDGR        
WVWDWLVWLF        
&RQVWDQWH        
WVWDWLVWLF        
1~PHURGH        
2EVHUYDFLRQHV
5DMXVWDGR        
7LSRGH0RGHOR (IHFWRV)LMRV (IHFWRV)LMRV (IHFWRV)LMRV (IHFWRV (IHFWRV)LMRV (IHFWRV)LMRV (IHFWRV (IHFWRV
$OHDWRULRV $OHDWRULRV $OHDWRULRV

)XHQWH(ODERUDFLyQGHORVDXWRUHV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

E  5HVXOWDGRVGHODVHVWLPDFLRQHV
/RVUHVXOWDGRVREWHQLGRVTXHSUHVHQWDQORVIOXMRVGHLQIUDHVWUXFWXUDQHFHVDULRVSDUDVDWLVIDFHUODVQHFHVLGDGHV
GH ODV HPSUHVDV \ ORV FRQVXPLGRUHV ILQDOHV VH DSR\DQ HQ ORV SDUiPHWURV H[SXHVWRV HQ HO FXDGUR  \ ORV
VHQGHURV DVXPLGRV SDUD ODV YDULDEOHV H[SOLFDWLYDV GHWDOODGRV HQ HO $QH[R  VLHQGR ORV SULQFLSDOHV ORV
FUHFLPLHQWRV SURPHGLRV DQXDOHV SDUD $PpULFD /DWLQD \ HO &DULEH GHO 3%, \ GH OD SREODFLyQ GH  \ 
UHVSHFWLYDPHQWHDPERVSDUDHOSHUtRGR 
(QHOFDVRGHODHQHUJtDHOpFWULFDORVUHVXOWDGRVLPSOLFDQXQFUHFLPLHQWRGHDQXDOSURPHGLRHQ
OD FDSDFLGDG GH JHQHUDFLyQ SDVDQGR GH  *: HQ  D  *: HQ  (VWRV YDORUHV DVXPHQ XQD
HODVWLFLGDG LPSOtFLWD D 3%, GH  TXH VH SUHVHQWD DOJR FRQVHUYDGRUD DO DQDOL]DUOD GHVGH OD SHUVSHFWLYD
KLVWyULFDGH$PpULFD/DWLQD\HO&DULEH
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(
(/$67,&,'$''(/$(1(5*Ë$(/e&75,&$$/3%,
 

 







 






















H

H

H

 (ODVWLFLGDGD3%, 3URPHGLR 3URPHGLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH2/$'(\HVWLPDFLRQHVSURSLDV

/DV WHOHFRPXQLFDFLRQHV PXHVWUDQ XQ FRPSRUWDPLHQWR ELHQ GLIHUHQFLDGR PLHQWUDV OD WHOHIRQtD ILMD
FUHFHUtD D XQD WDVD VLPLODU D OD GHO ~OWLPR SHUtRGR  SURPHGLR DQXDO HQWUH  \   OD WHOHIRQtD
FHOXODUFRQWLQXDUtDH[KLELHQGRXQDLPSRUWDQWHGLQiPLFDDXQTXHFUHFLHQGRDXQDWDVDXQSRFRPHQRUTXHODGH
ORV~OWLPRVDxRV SURPHGLRDQXDOHQWUH\ 
/D WHOHIRQtD ILMD TXH KDEtD H[KLELGR XQD WHQGHQFLD DVFHQGHQWHGXUDQWHORVDxRVQRYHQWDPRVWUyXQD
LPSRUWDQWH GHVDFHOHUDFLyQ HQ OD ~OWLPD GpFDGD 3DUWLFXODUPHQWH HQWUH  \  HO FUHFLPLHQWR DQXDO
SURPHGLRGHODVOtQHDVGHWHOpIRQRILMDVFDGDKDELWDQWHVHVWXYRHQWRUQRDOEDVWDQWHSRUGHEDMRGHO
REVHUYDGR HQ HO SHUtRGR FRPSOHWR   DQXDO  /DV HVWLPDFLRQHV TXH VXUJHQ GHO PRGHOR
UHIOHMDUtDQXQFRPSRUWDPLHQWRVLPLODUDOGHO~OWLPRSHUtRGR



 6LJXLHQGRD<HSHV  ³ODFDSDFLGDGGHJHQHUDFLyQHOpFWULFDHVXQLQGLFDGRUGHRIHUWD\ODHVWLPDFLyQIXQFLRQDFRQHOVXSXHVWR
GHTXHORVJRELHUQRVUHDOL]DQVXSURYLVLyQHQEDVHDODGHPDQGDSODQLILFDGDSDUDHYLWDULQWHUUXSFLRQHVUHFXUUHQWHV´

 /DHODVWLFLGDGUHSUHVHQWDODYDULDFLyQSRUFHQWXDOTXHH[SHULPHQWDODGHPDQGDGHHQHUJtDHOpFWULFDDOYDULDUHQXQDXQLGDGSRUFHQWXDO
HOFUHFLPLHQWRGHODHFRQRPtD

 /RV GDWRV FRUUHVSRQGLHQWHV D ORV DxRV  D  VRQ YDORUHV REVHUYDGRV (O FUHFLPLHQWR HVSHUDGR HQWUH ORV DxRV  \ 
DVFLHQGHDSDUDWHOHIRQtDILMD\DHQHOFDVRGHODWHOHIRQtDPyYLODPERVSRUFHQWDMHVHQWpUPLQRVGHSURPHGLRDQXDOHV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2
$0e5,&$/$7,1$<(/&$5,%(
(92/8&,Ï1'(/Ë1($6'(7(/e)212),-$6&$'$+$%
&UHFLPLHQWRSRUFHQWDMHDQXDO 

 
 

 









 


















H

H
H

H

H

H
 

 &UHFLPLHQWR$QXDO SURPHGLR
SURPHGLR SURPHGLR H 

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH,78\HVWLPDFLRQHVSURSLDV

2WUDGLQiPLFDGLIHUHQWHVHREVHUYDHQODWHOHIRQtDPyYLO(VWDWHFQRORJtDGHHYROXFLyQPiVUHFLHQWH
FRQWLQ~D RIUHFLHQGR LQQRYDFLRQHV TXH IRUWDOHFHQ \ SRWHQFLDQ VX PHUFDGR /DV WDVDV GH FUHFLPLHQWR GH OD
~OWLPD GpFDGD FDVL QXQFD KDQ VLGR LQIHULRUHV DO  1XHVWUDV HVWLPDFLRQHV DVXPHQ TXH HO PHUFDGR KD
DOFDQ]DGRFLHUWDPDGXUH]TXHLQGXFHQDXQFUHFLPLHQWRDOJRPiVPRGHUDGRWDOFRPRSXHGHREVHUYDUVHHQHO
*UiILFR
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(
(92/8&,Ï1'(686&5,3725(6$/$7(/()21Ë$029,/&$'$+$%,7$17(6
&UHFLPLHQWRSRUFHQWDMHDQXDO 

 




 
 

 



 
 


 

 

 

 

 H

 H






H

 H

 H

H



&UHFLPLHQWR 3URPHGLR SURPHGLR H 

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH,78\HVWLPDFLRQHVSURSLDV



 8QHMHPSORGHHOORKDQVLGRORVWUDVSDVRVDODVWHFQRORJtDV*


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

5(&8$'52
¢$48e7$6$6&5(&(/$7(/()21Ë$0Ï9,/(1/263$Ë6(6'(6$552//$'26"

(QORVSDtVHVGHLQJUHVRVHOHYDGRVGHOD2&'(HOFUHFLPLHQWRHQHOQ~PHURGHVXVFULSWRUHVGHWHOHIRQtDPyYLO
 FDGD PLO KDELWDQWHV DOFDQ]y HO  SURPHGLR DQXDO HQWUH ORV DxRV  \  'HQWUR GH HVWH FRQMXQWR VH
REVHUYyXQDLPSRUWDQWHKHWHURJHQHLGDGGHFRPSRUWDPLHQWRV3RUHMHPSORGHXQDPXHVWUDUHGXFLGDGHORVSDtVHV
 VH GHVWDFD TXH $OHPDQLD 3RUWXJDO \ )LQODQGLD PRVWUDURQ FUHFLPLHQWRV VXSHULRUHV DO SURPHGLR JHQHUDO PLHQWUDV
TXH(VSDxD.RUHD\)UDQFLDORKLFLHURQSRUGHEDMRGHODPHGLDGHOD2&'(
 3RURWUDSDUWHODVWDVDVGHFUHFLPLHQWRUHJLVWUDGDVHQODPXHVWUDUHGXFLGDKDFLDILQDOHVGHOSHUtRGR DxR 
H[KLELHURQYDORUHVFRQPHQRUGLQDPLVPR FRQODVGRV~QLFDVH[FHSFLRQHVGH)LQODQGLD\3RUWXJDO VLHQGRHOFDVR
 PiVVXJHVWLYRHOGH,WDOLDTXHUHJLVWUyXQFUHFLPLHQWRGHVRODPHQWHHQGLFKRDxR6LQHPEDUJRHVWRVYDORUHV
 HVWXYLHURQHYHQWXDOPHQWHDIHFWDGRVSRUHOFRPLHQ]RGHODFULVLVHFRQyPLFD\ILQDQFLHUDLQWHUQDFLRQDOFX\RLQLFLR
GDWDGHO~OWLPRFXDWULPHVWUHGHODxR
*5È),&2
686&5,3725(6$7(/()21Ë$0Ï9,/&$'$+$%,7$17(6
3$Ë6(66(/(&&,21$'26'(/$2&'(
 7DVDVGHFUHFLPLHQWRDQXDOL]DGDV 


 

 



 

 

 
,WDOLD
$XVWUDOLD

&DQDGD

)LQODQGLD

)UDQFLD

$OHPDQLD

.RUHD

(VSDxD

%UHWDxD
3RUWXJDO

((88


*UDQ



 3URPHGLR2&'(

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH,78

(QFXDQWRDORVUHTXHULPLHQWRVGHDFFHVRVD,QWHUQHWGHEDQGDDQFKDILMDSDUD$PpULFD/DWLQD\HO&DULEH
ODVSUHYLVLRQHVTXHVXUJHQGHOPRGHORHVWLPDGRVHxDODQXQFUHFLPLHQWRSURPHGLRDQXDOGHOHQWUHORVDxRV
\ VLVHFRQVLGHUDHOSHUtRGRFRQORVDxRVREVHUYDGRV 
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(
(92/8&,Ï1'(686&5,3725(6$%$1'$$1&+$),-$&$'$+$%
FUHFLPLHQWRSRUFHQWDMHDQXDO 





 
 



 
 

H

H

H

H

H








H

H

H

H

H

H

H



&UHFLPLHQWR$QXDO SURPHGLR SURPHGLR H 
)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH,78\HVWLPDFLRQHVSURSLDV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

(QWUDQVSRUWHWHUUHVWUHODVSUR\HFFLRQHVVREUHODHYROXFLyQGHODVYtDVIpUUHDVH[KLEHQXQDGHFOLQDFLyQ
D UD]yQ GH  SURPHGLR DQXDO HQWUH  \  (VWD FRQWUDFFLyQ HV VLJQLILFDWLYDPHQWH VXSHULRU D OD
REVHUYDGDKLVWyULFDPHQWH SURPHGLRDQXDOHQWUH\ \VHIXQGDPHQWDHQODUHODFLyQQHJDWLYD
TXHHQFXHQWUDODHVWLPDFLyQSDUDPpWULFDHQWUHHOQLYHOGHDFWLYLGDGODWHQGHQFLDWHPSRUDO\ODORQJLWXGGHYtDV
IpUUHDV SRU NP FXDOLWDWLYDPHQWH VLPLODU D OR KDOODGR SRU )D\   'DGR TXH VHJ~Q OD YLVLyQ GH ORV
DXWRUHVSDUDORVSUy[LPRVDxRVQRVHVHJXLUiSUHVHQWDQGRXQDFRQWUDFFLyQHQODFDQWLGDGGHYtDVIpUUHDVSRU
NPVHKDRSWDGRSRUDVXPLUTXHHQWUHORVDxRV\VHPDQWHQGUiHOPLVPRQLYHOGHYtDVIpUUHDVSRU
NPREVHUYDGRHQHVGHFLUTXHODWDVDGHFUHFLPLHQWRVHUtDQXOD
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(
/21*,78''(9Ë$6)e55($6325.0
 9DULDFLyQSRUFHQWDMHDQXDO 




 

 





         H H H


9tDV)pUUHDV 3URPHGLR
)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGHO%DQFR0XQGLDO\HVWLPDFLRQHVSURSLDV

3RUVXSDUWHODVSUR\HFFLRQHVVREUHFDPLQRVSDYLPHQWDGRV LQFUHPHQWRVGHOSURPHGLRDQXDOSRU
NP HQWUH  \   PRVWUDUtDQ XQD HYROXFLyQ DFRUGH DO SURPHGLR GH ORV ~OWLPRV DxRV HO FUHFLPLHQWR
DQXDOPHGLRHQWUH\IXHGH 
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(

&$0,1263$9,0(17$'26325.0 
 YDULDFLyQSRUFHQWDMHDQXDO 



 
 



 
 



         H H H
YDULDFLyQDQXDO 3URPHGLR 
3URPHGLR 3URPHGLR H 

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGHO%DQFR0XQGLDO\HVWLPDFLRQHVSURSLDV



 (Q HO FDVR GHOWUDEDMRGH)D\  ODDXWRUDHOLJLyVRODPHQWHFRQVLGHUDUDTXHOORVSDtVHVGRQGHODVQHFHVLGDGHVGHLQYHUVLyQHQ
YtDVIpUUHDVOHGLHURQUHVXOWDGRVSRVLWLYRVH[WUDSRODQGRVXVWDVDVGHFUHFLPLHQWRKDFLDHOUHVWRGHOFRQMXQWR

 /D GHFLVLyQ GH DSDUWDUVH GH ORV UHVXOWDGRV GHO PRGHOR WDPELpQ VH IXQGDPHQWy HQ FRQVXOWDV D HVSHFLDOLVWDV GHO VHFWRU (O SXQWR
SULQFLSDODGHVWDFDUHVTXHHQJUDQSDUWHGHODUHJLyQHVWDUtDKDELHQGRXQPD\RULQWHUpVHQFRQVLGHUDUDOWUDQVSRUWHIHUURYLDULRFRPR
GHFDUiFWHU³HVWUDWpJLFR´HLQFOXVRSRGUtDHVSHUDUVHXQFUHFLPLHQWRHQODFDQWLGDGGHYtDVIpUUHDVSRUNPSDUDORVSUy[LPRVDxRV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

)LQDOPHQWH ODV SUR\HFFLRQHV GH ORV VHFWRUHV GH DJXD \ VDQHDPLHQWR PXHVWUDQ XQ FUHFLPLHQWR DQXDO
SURPHGLRGHODVSHUVRQDVVHUYLGDVGH\HQ$PpULFD/DWLQD\HO&DULEHHQWUHORVDxRV\
UHVSHFWLYDPHQWHH[KLELHQGRXQFRPSRUWDPLHQWRFHUFDQRDOGHOFUHFLPLHQWRHVWLPDGRSDUDODSREODFLyQ OD
WRWDO \  OD XUEDQD  (VWRV YDORUHV SHUPLWLUtDQ DOFDQ]DU XQD FREHUWXUD GHO  HQ HO FDVR GH DJXD \GHO
SDUDVDQHDPLHQWRKDFLDHODxR
*5È),&2
$0e5,&$/$7,1$<(/&$5,%(
$&&(626$$*8$<6$1($0,(1720(-25$'26
3RUFHQWDMHGHODSREODFLyQFRQDFFHVRV 



 

 





 

 
      H H H

 $JXD 6DQHDPLHQWR
)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVGH&(3$/%DQFR0XQGLDO\HVWLPDFLRQHVSURSLDV

5(&8$'52
/262%-(7,926'('(6$552//2'(/0,/(1,2</26$&&(626$/$*8$<6$1($0,(172
 (QOD'HFODUDFLyQGHO0LOHQLRGHODxRORV(VWDGRV0LHPEURVGHODV1DFLRQHV8QLGDVVHFRPSURPHWLHURQ
D UHGREODU ORV HVIXHU]RV SDUD HUUDGLFDU OD SREUH]D HQ HO PXQGR 6H HVWDEOHFLHURQ DVt ORV 2EMHWLYRV GH 'HVDUUROORGHO
 0LOHQLR 2'0 FX\DVPHWDVGHEHUiQDOFDQ]DUVHHQWRPDQGRFRPRDxREDVH &(3$/G 
 (O VpSWLPR 2EMHWLYR GH 'HVDUUROOR GHO 0LOHQLR EXVFD ³JDUDQWL]DU OD VRVWHQLELOLGDG GHO PHGLR DPELHQWH´ /D
VRVWHQLELOLGDG DPELHQWDO VH UHILHUH DO DVSHFWR DPELHQWDO LQGLVRFLDEOH SHUR GLVWLQJXLEOH GHO GHVDUUROOR VRVWHQLEOH
 UHVSRQGHU D ODV QHFHVLGDGHV KXPDQDV SUHVHQWHV VLQ GHVWUXLU OD FDSDFLGDG GHO PHGLR DPELHQWH GH DWHQGHU HVWDV
QHFHVLGDGHVHQHOODUJRSOD]R3DUWLFXODUPHQWHODPHWDFSURSRQHUHGXFLUDODPLWDGSDUDHODxRHOSRUFHQWDMH
 GHSHUVRQDVVLQDFFHVRVRVWHQLEOHDODJXDSRWDEOH\DORVVHUYLFLRVEiVLFRVGHVDQHDPLHQWR &(3$/G 
 &RQUHODFLyQDODJXDSRWDEOHHOGRFXPHQWRTXHSUHVHQWDORVDYDQFHVGHORV2'0SDUD$PpULFD/DWLQD\HO&DULEH
HODERUDGR SRU OD &(3$/ &(3$/ G  VHxDOD TXH ³OD UHJLyQ KD ORJUDGR XQ JUDQ DYDQFH HQ OD H[SDQVLyQ GH OD
 FREHUWXUDGHORVVHUYLFLRV6LQHPEDUJRHQORVSDtVHVVHREVHUYDQGLIHUHQFLDVHQGLFKRVDYDQFHV\HQORVQLYHOHVGH
FREHUWXUD HQWUH iUHDV UXUDOHV \ XUEDQDV \HQWUHGLVWLQWDVFLXGDGHVSURYLQFLDVHVWDGRVUHJLRQHV\PXQLFLSLRVFRPR
 WDPELpQ HQWUH JUXSRV FRQ GLVWLQWRV QLYHOHV GH LQJUHVR 6LQ HPEDUJR GHEH PHMRUDUVH OD FDOLGDG GHO VHUYLFLR
HVSHFLDOPHQWH HQ FXDQWR D OD FDOLGDG GHO DJXD SRWDEOH VX HIHFWLYD GHVLQIHFFLyQ OD UHGXFFLyQ GH ORV SUREOHPDV GH
 LQWHUPLWHQFLD\HOQLYHOGHSpUGLGDV ´
 (OPLVPRGRFXPHQWRGHVWDFDSDUDORVVHUYLFLRVGHVDQHDPLHQWRTXH ³ODUHJLyQKDDYDQ]DGRHQODH[SDQVLyQGHOD
FREHUWXUDGHORVVHUYLFLRVGHVDQHDPLHQWR6LQHPEDUJRODGLVWULEXFLyQGHORVVHUYLFLRVHVPX\GHVLJXDOHQORVSDtVHV
 \ HQWUH HOORV /RV PD\RUHV DYDQFHV VH KDQ UHJLVWUDGR HQ ODV iUHDV XUEDQDV (V QHFHVDULR XQ HVIXHU]R PD\RU SDUD
DYDQ]DU HQ HO ORJUR GH OD PHWD GH VDQHDPLHQWR HVSHFLDOPHQWH HQ ORV HVSDFLRV UXUDOHV \ HQ HO FDVR GH OD SREODFLyQ
 XUEDQDHQVLWXDFLyQGHSREUH]D(QWpUPLQRVDJUHJDGRVODUHJLyQHVWiFHUFDGHFXPSOLUFRQODPHWDGHDFFHVRDORV
VHUYLFLRV GH VDQHDPLHQWR (Q  OD FREHUWXUD VH KDEtD LQFUHPHQWDGR XQ  \ OD PHWD SDUD  HV GH XQ 
 $VLPLVPRGHEHDYDQ]DUVHHQODFDOLGDGGHOVHUYLFLR\HOWUDWDPLHQWRGHODVDJXDVVHUYLGDVXUEDQDVDVtFRPRDVHJXUDU
ODVRVWHQLELOLGDGGHODSUHVWDFLyQHQXQHVFHQDULRGHFRQWDPLQDFLyQ´

/DVHVWLPDFLRQHVUHDOL]DGDVSDUDHVWRVVHFWRUHVFRQODPHWRGRORJtDGH)D\\<HSHVVXJLHUHQTXHSDUDODV
 PHWDVHVWDUtDQDOFDQ]DGDVDGHFXPSOLUVHODVHURJDFLRQHVGHLQYHUVLRQHVQHFHVDULDVSDUDFXEULUORVUHTXHULPLHQWRVGH
ODGHPDQGD3DUWLFXODUPHQWHODSURSRUFLyQGHODSREODFLyQFRQDFFHVRDIXHQWHVPHMRUDGDVGHDEDVWHFLPLHQWRGHDJXD
 SRWDEOH HVWLPDGD SDUD  DVFHQGHUtD DO  PLHQWUDV TXH HO DFFHVR D VHUYLFLRV GH VDQHDPLHQWR PHMRUDGRV
DOFDQ]DUtDDOGHODSREODFLyQ
D
$QLYHOSURPHGLRUHJLRQDO\DJUHJDGR VLQGLVWLQJXLUHVWUXFWXUDVXUEDQDV\UXUDOHV 


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

(QUHVXPHQHQWUHORVDxRV\ODVWDVDVDQXDOL]DGDVGHFUHFLPLHQWRVVHFWRULDOHVSUR\HFWDGDV
VRQODVVLJXLHQWHV
&8$'52
672&.'(,1)5$(6758&785$(1$0e5,&$/$7,1$
&UHFLPLHQWRDQXDO 

6HFWRU 8QLGDG 


&DSDFLGDGGH*HQHUDFLyQ(OpFWULFD *: 
7HOHIRQtD)LMD OtQHDVFDGDKDE 
7HOHIRQtD0yYLO OtQHDVFDGDKDE 
$FFHVRVD%DQGD$QFKD VXVFULSWRUHVFDGDKDE 
&DPLQRV3DYLPHQWDGRV NPSRUiUHD 
9tDV)pUUHDV NPSRUiUHD 
$FFHVRD$JXDV0HMRUDGDV SHUVRQDVVHUYLGDV 
$FFHVRD0HMRUDV6DQLWDULDV SHUVRQDVVHUYLGDV 

)XHQWH(VWLPDFLRQHVSURSLDVGHORVDXWRUHV

F  (VWLPDFLyQGHODLQYHUVLyQ
$FRQWLQXDFLyQVHHVWDEOHFHQORVPRQWRVGHLQYHUVLyQUHTXHULGRVTXHVXUJHQGHORVIOXMRVGHLQIUDHVWUXFWXUD
HVWDEOHFLGRVHQHODSDUWDGRDQWHULRUTXHSHUPLWLUtDQTXHODRIHUWDVHDFRPRGHDODHYROXFLyQHVWLPDGDGHOD
GHPDQGD (VWRV PRQWRV VH REWLHQHQ ²SDUD FDGD VHFWRU² WHQLHQGR HQ FXHQWD ORV FRVWRV XQLWDULRV GH
LQIUDHVWUXFWXUDSUHVHQWDGRVHQOD9,VHFFLyQ3RUVXSDUWHODVHURJDFLRQHVGHVWLQDGDVDOPDQWHQLPLHQWRGHOD
LQIUDHVWUXFWXUDKDQVLGRHVWLPDGDVHQEDVHDORVSRUFHQWDMHVVHxDODGRVHQHOPLVPRDSDUWDGR/RVPRQWRVVRQ
H[SUHVDGRVDGyODUHVGH
/DVQHFHVLGDGHVGHLQYHUVLyQQHFHVDULDVSDUDDWHQGHUODGHPDQGDGHLQIUDHVWUXFWXUDHQWUHORVDxRV
\DVFHQGHUtDQDXQPRQWRSURPHGLRDQXDOHTXLYDOHQWHDOGHO3%,GH$PpULFD/DWLQD\HO&DULEHOR
FXDOHVWDUtDFRPSXHVWRGHGHVWLQDGRDQXHYDVLQYHUVLRQHV\UHTXHULGRSDUDDIURQWDUORVJDVWRVGH
PDQWHQLPLHQWR
/RV VHFWRUHV TXH SUHVHQWDUtDQ ORV PD\RUHV UHTXHULPLHQWRV GH LQYHUVLyQ VH HQFRQWUDUtDQ HQ
WHOHFRPXQLFDFLRQHV\HQHUJtDHOpFWULFD FRQPRQWRVGHO\SURPHGLRDQXDOHVGHO3%,GH$PpULFD
/DWLQD \ HO &DULEH UHVSHFWLYDPHQWH  PLHQWUDV TXH ODV PHQRUHV HURJDFLRQHV WHQGUtDQ SRU GHVWLQR D DJXD \
VDQHDPLHQWR SURPHGLRDQXDOGHO3%,GH$PpULFD/DWLQD\HO&DULEHHQFRQMXQWR (OGHWDOOHVHSXHGH
REVHUYDUHQHO&XDGUR
&8$'52
$0e5,&$/$7,1$<(/&$5,%(
1(&(6,'$'(6'(*$6726(1,1)5$(6758&785$352<(&7$'263(5Ë2'2
&LIUDVSURPHGLRDQXDOHV 

6HFWRU 0LOORQHVGH86GH 3RUFHQWDMHGHO3,%


,QYHUVLyQ 0DQWHQLPLHQWR 7RWDO ,QYHUVLyQ 0DQWHQLPLHQWR 7RWDO
&DSDFLGDGGH*HQHUDFLyQ      
(OpFWULFD
7HOHIRQtD)LMD      
7HOHIRQtD0yYLO      
$FFHVRVD%DQGD$QFKD      
&DPLQRV3DYLPHQWDGRV      
9tDV)pUUHDV      
$FFHVRD$JXDV0HMRUDGDV      
$FFHVRD0HMRUDV6DQLWDULDV      
727$/      
)XHQWH(VWLPDFLRQHVSURSLDVGHORVDXWRUHV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&RPR UHVXOWDGR GH HVWDV LQYHUVLRQHV OD FRPSRVLFLyQ GHO YDORU GHO VWRFN GH LQIUDHVWUXFWXUD VXIULUtD
PRGLILFDFLRQHV D IDYRU GH OD HQHUJtD HOpFWULFD \ GH ODV WHOHFRPXQLFDFLRQHV PLHQWUDV TXH WUDQVSRUWH SHUGHUtD
SDUWLFLSDFLyQUHODWLYDWDOFRPRVHGHWDOODHQHOFXDGURVLJXLHQWH
&8$'52
&20326,&,Ï1'(/672&.'(,1)5$(6758&785$
3RUFHQWDMHGHO6WRFNWRWDO 
6HFWRU  
(QHUJtD(OpFWULFD  
7HOHFRPXQLFDFLRQHV  
&DPLQRV  
$JXD\6DQHDPLHQWR  

)XHQWH(VWLPDFLRQHVSURSLDVGHORVDXWRUHV

 0HWRGRORJtDGH&DUFLRIL\*D\i
(QHOSUHVHQWHDSDUWDGRVHHVWXGLDODEUHFKDYHUWLFDOVLJXLHQGRODPHWRGRORJtDSURSXHVWDSRU&DUFLRIL\*D\i  
HQODFXDOVHDQDOL]DODHYROXFLyQGHOVWRFNGHLQIUDHVWUXFWXUDUHVSHFWRDODHYROXFLyQGHXQDYDULDEOHUHSUHVHQWDWLYD
GHODGHPDQGD
$QWHODIDOWDKDELWXDOGHLQIRUPDFLyQUHODWLYDDOVWRFNGHFDSLWDOHQJHQHUDO\GHLQIUDHVWUXFWXUDHQSDUWLFXODU
HVWDPHWRGRORJtDVXJLHUHVXHVWLPDFLyQXWLOL]DQGRODUHODFLyQLQFUHPHQWDOFDSLWDOSURGXFWRSDUDOXHJRFRPSDUDUVX
HYROXFLyQFRQODGHDOJ~QLQGLFDGRUGHGHPDQGDGHLQIUDHVWUXFWXUD FRPRHOYROXPHQGHFRPHUFLR \HVWDEOHFHUOD
EUHFKDUHODWLYDHQWUHDPERV
(YLWDQGRHOLQFRQYHQLHQWHGHODPHGLFLyQLQGLUHFWDHQHOSUHVHQWHWUDEDMRVHSXGRFRQWDUFRQLQIRUPDFLyQ
HVSHFtILFDGHOVWRFNGHFDSLWDOSDUDDOJXQRVSDtVHVGH$/$UJHQWLQD%UDVLO&KLOH&RORPELD&RVWD5LFD0p[LFR
3HU~\9HQH]XHOD/DGLVSRQLELOLGDGGHLQIRUPDFLyQKDSHUPLWLGRLQFOXVRREWHQHUXQVWRFNGHFDSLWDODMXVWDGRSDUD
ODLQIUDHVWUXFWXUDFRPSXHVWRGHOVWRFNGHFDSLWDOHQPDTXLQDULD\HTXLSRV\FRQVWUXFFLyQQRUHVLGHQFLDO
6LJXLHQGR HVWD PHWRGRORJtD OD HYROXFLyQ GH OD RIHUWD GH LQIUDHVWUXFWXUD GH ORV SDtVHV VHOHFFLRQDGRV HVWi
UHSUHVHQWDGDSRUODHYROXFLyQGHXQtQGLFHGHOVWRFNGHFDSLWDODVRFLDGRDODLQIUDHVWUXFWXUDPLHQWUDVTXHODGHPDQGD
VHDSUR[LPySRUHOFRPSRUWDPLHQWRGHXQtQGLFHGHYROXPHQGHFRPHUFLR&RQVLGHUDQGRFRPREDVHDODxROD
GLYHUJHQFLD HQWUH DPERV VXSHULRU DO  HQ   UHIOHMDUtD XQD DPSOLDFLyQGHODEUHFKDUHODWLYDVLHQGRHVWRV
UHVXOWDGRVVLPLODUHVDORVREWHQLGRVSRU&DULRIL\*D\i  
*5È),&2
%5(&+$'(,1)5$(6758&785$
D
,1',&('(3$Ë6(66(/(&&,21$'26 
EDVH  
 



 

 
 

 

 


































 9ROXPHQGHFRPHUFLR 6WRFNGHLQIUDHVWUXFWXUD
)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  
D
(OtQGLFHGHVWRFNVHFRQVWUX\yVHJ~QODVSRQGHUDFLRQHVGHFDGDSDtVHQHO3%,DJUHJDGR



 /DVFRPSRVLFLRQHVGHOVWRFNVHREWXYLHURQYDOXDQGRHQDPERVSHUtRGRVDORVVWRFNVVHFWRULDOHVVHJ~QORVFRVWRVXQLWDULRVGHWDOODGRV
HQODVHFFLyQ9,

 /DLQIRUPDFLyQSHUWHQHFHD+RIPDQ  \DFWXDOL]DFLRQHVSURYLVWDVSRUHOPLVPRDXWRU


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

/DJUDQGHELOLGDGTXHSUHVHQWDHVWDPHWRGRORJtDHVTXHQRDVXPHODSRVLELOLGDGGHFDPELRVWpFQLFRVQL
VXVWLWXFLyQ GHO FDSLWDOSRURWURVIDFWRUHVGHSURGXFFLyQTXHKDUtDSRVLEOHVDWLVIDFHUXQDPD\RUGHPDQGDGH
VHUYLFLRVFRQXQPLVPRQLYHOGHRIHUWD'HHVWHPRGRODEUHFKDSXGRKDEHUYDULDGRSRUFXHVWLRQHVYLQFXODGDV
DPHMRUDVWHFQROyJLFDVVLQLPSOLFDUXQLQFUHPHQWRHIHFWLYRGHODPLVPD
2WUR LQFRQYHQLHQWH HV TXH QR VH SXHGH GHWHUPLQDU FRQ H[DFWLWXG TXH HQ HO SXQWR GH SDUWLGD GH OD
FRPSDUDFLyQHQHVWHFDVRODEUHFKDKD\DVLGRQXOD3RUHOFRQWUDULRODHYLGHQFLDHVTXHODPLVPD\DHUD
LPSRUWDQWH (Q HVWH FDVR HVWRV UHVXOWDGRV LQGLFDUtDQ XQD SURIXQGL]DFLyQ GH OD GLVWDQFLD HQWUH RIHUWD \
GHPDQGD
$SHVDUGHODVGHELOLGDGHVGHOHQIRTXHVHUHDOL]yXQHMHUFLFLRFRQSUR\HFFLRQHVKDVWDHODxRTXH
VXSRQHDOYROXPHQGHFRPHUFLRFUHFLHQGRDODWDVDPHGLDGHOSHUtRGR\VHDQDOL]DFXiOGHEHUtDVHU
HOFUHFLPLHQWRGHODRIHUWDSDUDFHUUDUODEUHFKDRULJLQDGDGHVGHKDFLD
(O UHVXOWDGR REWHQLGR LQGLFD TXH HO VWRFN GH LQIUDHVWUXFWXUD GHEHUtD FUHFHU D XQD WDVD DQXDO GHO 
SDUDDOFDQ]DUDOYROXPHQGHFRPHUFLR(VWRLPSOLFDUtDSDUDHOVWRFNXQHVIXHU]RPX\LPSRUWDQWHSXHVWRTXH
GHDFXHUGRDODPHWRGRORJtDDSOLFDGDHQWUH\VXFUHFLPLHQWRDQXDOHVWXYRHQWRUQRDO
(OJUiILFRPXHVWUDODHYROXFLyQHVSHUDGDGHODEUHFKDVLVHDSOLFDQODVWDVDVGHLQYHUVLyQVREUHHO
VWRFNDQWHULRUPHQWHPHQFLRQDGDV
*5È),&2
&,(55('(%5(&+$'(,1)5$(6758&785$
,1',&('(3$Ë6(66(/(&&,21$'26 
EDVH  

 







HVWLPDGR
 




 





 
















H

H

H

H

H

H

H

H



9ROXPHQGHFRPHUFLR 6WRFNGHLQIUDHVWUXFWXUD

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  
1RWD(OtQGLFHGHVWRFNVHFRQVWUX\yVHJ~QODVSRQGHUDFLRQHVGHFDGDSDtVHQHO3%,DJUHJDGR

3DUDREVHUYDUODHYROXFLyQDQLYHOGHORVSDtVHVVHSUHVHQWDQORVUHVXOWDGRVGHODPLVPDPHWRGRORJtD
HQHOHQHODQH[R



 (V SUHFLVR DFODUDU TXH &DUFLRIL \ *D\i QR SURSRQtDQ XVDU HVWD PHWRGRORJtD SDUD FXDQWLILFDU ODV WDVDV GH FUHFLPLHQWR GHO VWRFN
QHFHVDULDVSDUDHOFLHUUHGHODEUHFKDTXHVLJXHDFRQWLQXDFLyQ


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

% /DGLPHQVLyQKRUL]RQWDOGHODEUHFKD
(QHVWDVHFFLyQVHUHDOL]DODPHGLFLyQGHODVLQYHUVLRQHVQHFHVDULDVSDUDDOFDQ]DUORVUDWLRVGHLQIUDHVWUXFWXUD
TXH SUHVHQWDURQ ORV SDtVHV GHO (VWH GH $VLD HQ HO DxR  VLJXLHQGR ORV OLQHDPLHQWRV GH ORV WUDEDMRV GHO
%DQFR0XQGLDO  \5R]DV  
/DPHWRGRORJtDGHPHGLFLyQGHODEUHFKDKRUL]RQWDOFRQVLVWHHQFXDQWLILFDUODVGLIHUHQFLDVTXHVHSDUDQ
ORVLQGLFDGRUHVGHVWRFNGHLQIUDHVWUXFWXUDHQWUHORVSDtVHVGHODUHJLyQ\ORVSDtVHVRUHJLRQHVREMHWLYRV8QD
YH]PHGLGDODGLIHUHQFLDVHDSOLFDQORVFRVWRVGHLQIUDHVWUXFWXUDGHVFULWRVHQODVHFFLyQ9,SDUDOXHJRHVWLPDU
ORVUHTXHULPLHQWRVPRQHWDULRVGHLQYHUVLyQ
(QHOSUHVHQWHGRFXPHQWRODPHGLFLyQKRUL]RQWDOGHODEUHFKDKDWHQLGRFRPRREMHWLYRHODOFDQ]DUORV
QLYHOHV SHU FiSLWD GHO VWRFN GH LQIUDHVWUXFWXUD SURPHGLR GH ORV VLJXLHQWHV SDtVHV GHO (VWH GH $VLD &RUHD
0DODVLD\6LQJDSXU\ODUHJLyQDGPLQLVWUDWLYDGH+RQJ.RQJ
/DVHOHFFLyQGHHVWRVSDtVHVFRPRREMHWLYRDDOFDQ]DUSRU$PpULFD/DWLQD\HO&DULEHVHIXQGDPHQWDHQ
TXHKDQVLGRHMHPSORVGHXQUiSLGRFUHFLPLHQWR\GHVDUUROORHQXQSHUtRGRUHODWLYDPHQWHFRUWRGHWLHPSR(Q
ODPD\RUtDGHHOORVVHFRQMXJyXQSDSHODFWLYRGHO(VWDGRTXHQRGHVFXLGyORVPHFDQLVPRVQHFHVDULRVSDUD
DWUDHUODSDUWLFLSDFLyQGHLQYHUVLyQSULYDGDORFXDOVHFRQRFLyHQODOLWHUDWXUDFRPRSROtWLFDVGHWLSR³PDUNHW
IULHQGO\´(OSDSHOTXHWXYRODDFXPXODFLyQGHOFDSLWDO WDQWRItVLFRFRPRKXPDQR HQHOFUHFLPLHQWRGHHVWRV
WHUULWRULRVKDVLGRDPSOLDPHQWHGRFXPHQWDGR
&RPSDUDQGR HO VWRFN GH LQIUDHVWUXFWXUD SHU FiSLWD GH  ²YHU FXDGUR ² VH REVHUYDQ
LPSRUWDQWHVGLIHUHQFLDVHQWRGRVORVVHFWRUHVH[FHSWRHQHOFDVRGHODVYtDVIpUUHDVGRQGH$PpULFD/DWLQD\HO
&DULEH PXHVWUD XQD PHMRU UHODFLyQ GHELGR D VX ODUJD WUD\HFWRULD HQ HVWHVHFWRU\DSHVDUGHODGLVPLQXFLyQ
SHUVLVWHQWHGHORV~OWLPRVDxRV
&8$'52
672&.'(,1)5$(6758&785$&203$5$'2
$xR 

6HFWRU 8QLGDG $PpULFD/DWLQD (VWHGH$VLD 'LIHUHQFLD


\HO&DULEH
&DSDFLGDGGH*HQHUDFLyQ(OpFWULFD 0ZFDGDKDE   
7HOHIRQtD)LMD OtQHDVFDGDKDE   
7HOHIRQtD0yYLO OtQHDVFDGDKDE   
,QWHUQHW)LMDGH%DQGD$QFKD VXVFULSWRUHVFDGDKDE   
&DPLQRV3DYLPHQWDGRV NPFDGDKDE   
9tDV)pUUHDV NPFDGDKDE   
$FFHVRD$JXDV0HMRUDGDV SRUFHQWDMHGHODSREODFLyQ   
$FFHVRD0HMRUDV6DQLWDULDV SRUFHQWDMHGHODSREODFLyQ   

)XHQWH(ODERUDGRSRUORVDXWRUHVFRQGDWRVGHO%DQFR0XQGLDO:',2/$'(H,78

8WLOL]DQGR ORV FRVWRV XQLWDULRV GH UHIHUHQFLD VHFFLyQ 9,  ORV PRQWRV QHFHVDULRV SDUD HO FLHUUH GH OD
EUHFKD GH LQIUDHVWUXFWXUD KDFLD HO DxR  FRQ ORV SDtVHV VHOHFFLRQDGRV GHO VXGHVWH DVLiWLFR DVFHQGHUtD
²HQSURPHGLR²DOGHO3%,DQXDOGH$PpULFD/DWLQD\HO&DULEH(VWHSRUFHQWDMHWLHQHHQFXHQWDORV
JDVWRVDVRFLDGRVDOPDQWHQLPLHQWRGRQGHVHKDQXWLOL]DGRORVPLVPRVSRUFHQWDMHVGHODEUHFKDYHUWLFDO



 8QDUHIHUHQFLDLPSRUWDQWHVHHQFXHQWUDHQ%DQFR0XQGLDO  

 (QHOWUDEDMRGHO%DQFR0XQGLDOSDUDORVFDPLQRVSDYLPHQWDGRV\ODVYtDVIpUUHDVVHXWLOL]DFRPRGHIODFWRUODVXSHUILFLHGHOSDtV
DTXtVHRSWySRUVHJXLUORVOLQHDPLHQWRVGHOWUDEDMRGH5R]DV  

 (O WUDWDPLHQWR TXH VH KD VHJXLGR SDUD HO VHFWRU IHUURYLDULR FRQVLVWLy HQ DVXPLU TXH VH PDQWLHQH KDVWD  OD UHODFLyQSHUFiSLWD
REVHUYDGDHQ\VRODPHQWHVHUHDOL]DQJDVWRVGHVWLQDGRVDOPDQWHQLPLHQWR,JXDOWUDWDPLHQWRUHFLELHURQDTXHOORVFDVRVHQORV
TXHSDUDDOJ~QSDtVGHWHUPLQDGRGH$PpULFD/DWLQD\HO&DULEHODUHODFLyQSHUFiSLWDGHDOJ~QVHFWRUSDUWLFXODUUHVXOWDEDHQ
PiVHOHYDGDTXHORVSDtVHVGHOVXGHVWHDVLiWLFR


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

'H DFXHUGR D HVWD HVWLPDFLyQ ORV VHFWRUHV TXH UHTXHULUtDQ ORV PD\RUHV PRQWRV GH LQYHUVLyQ VHUtDQ
HQHUJtD \ WUDQVSRUWH PLHQWUDV TXH ORV YLQFXODGRV D DJXD \ VDQHDPLHQWR XWLOL]DUtDQ OD PHQRU SURSRUFLyQ GH
UHFXUVRV
&8$'52
&267263$5$(/&,(55('(%5(&+$&215(63(&72$/(67('($6,$
&RVWRVSURPHGLRDQXDOHV 

6HFWRU 0LOOGH86GH 3RUFHQWDMH3,%


&DSDFLGDGGH*HQHUDFLyQ(OpFWULFD  
7HOHIRQtD)LMD  
7HOHIRQtD0yYLO  
6XVFULSWRUHV%DQGD$QFKD  
&DPLQRV3DYLPHQWDGRVSHUFiSLWD  
9tDV)pUUHDVSHUFiSLWD  
$FFHVRD$JXDV0HMRUDGDV  
$FFHVRD0HMRUDV6DQLWDULDV  
7RWDO  

)XHQWH(VWLPDFLRQHVGHORVDXWRUHV




 3DUD ILQHV FRPSDUDWLYRV HQ HO DQH[R  VH SUHVHQWDQ HVWLPDFLRQHV GH LQYHUVLyQ FRQVLGHUDQGR DOJXQRV SDtVHV GHVDUUROODGRV FRPR
REMHWLYRVDDOFDQ]DU


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

9,,&RQVLGHUDFLRQHVVREUHHO
ILQDQFLDPLHQWRGHODEUHFKD

/DV HVWLPDFLRQHV UHDOL]DGDV VXJLHUHQ TXH ORV SDtVHV GH $PpULFD /DWLQD \ HO
&DULEH GHEHUtDQ LQYHUWLU DQXDOPHQWH HQWUH  \  XQ PRQWR SURPHGLR
HTXLYDOHQWH DO  GH VX 3%, VL EXVFDQ GDU UHVSXHVWD D ODV QHFHVLGDGHV GH
LQYHUVLyQ\PDQWHQLPLHQWRTXHVXUJHQGHODGHPDQGDGHORVSDUWLFXODUHV\ODV
HPSUHVDVRXQDFLIUDD~QPD\RU²²VLORTXHSHUVLJXHQHVDOFDQ]DUORV
QLYHOHV GH LQIUDHVWUXFWXUD SHU FiSLWD GHO VXGHVWH DVLiWLFR &RQYDOLGDU HVWRV
QLYHOHV GHLQYHUVLyQUHTXLHUHGHXQHVIXHU]RLPSRUWDQWHGHWRGRVORVDJHQWHV
HFRQyPLFRV&RQHVWHILQHQHVWDVHFFLyQVHGHVFULEHQDOJXQRVPHFDQLVPRVGH
ILQDQFLDPLHQWRWHQGLHQWHVDPDWHULDOL]DUORVUHTXHULPLHQWRVGHLQYHUVLyQFRPR
XQDSULPHUDDSUR[LPDFLyQVREUHHVWDWHPiWLFD

$ 3UHVXSXHVWRS~EOLFR
'HVGHHOSXQWRGHYLVWDGHOVHFWRUS~EOLFRHQORV~OWLPRVDxRVVHKDREVHUYDGRXQD
LPSRUWDQWH PHMRUD GH ODV FXHQWDV ILVFDOHV UHJLRQDOHV $ HVWH UHVXOWDGR
FRQWULEX\HURQHQWUHRWURVIDFWRUHVODFRQWLQXLGDGHQHOFUHFLPLHQWR  
HOPD\RUFRQVXPR\UHFDXGDFLyQLPSRVLWLYDVDVRFLDGRVDHVWDGLQiPLFDHFRQyPLFD
\ OD LPSRUWDQWH PHMRUD HQ ORV WpUPLQRV GH LQWHUFDPELR GHULYDGD GHO IXHUWH
LQFUHPHQWRHQODGHPDQGDGHELHQHVEiVLFRVFRPRPHWDOHV\PLQHUDOHVSHWUyOHR\
FLHUWRV JUDQRV SRU HMHPSOR OD VRMD  SRU SDUWH GH ORV SDtVHV DVLiWLFRV
SDUWLFXODUPHQWH &KLQD H ,QGLD   &RPR UHVXOWDGR \  FRQWUDVWDQGR  FRQ  OD
HYROXFLyQ  KLVWyULFD GH OD UHJLyQ JUDQ SDUWH GH ORV SDtVHV SUHVHQWDURQ VXSHUiYLW

SULPDULRV\UHGXFFLyQHQORVQLYHOHVGHHQGHXGDPLHQWR



 (VWDVHFFLyQVHEDVDHQ/XFLRQL  \%DQFR0XQGLDO  

 /DLQIRUPDFLyQGLVSRQLEOHGHPXHVWUDUHYHUVLRQHVSDUDDOJXQRVSDtVHV SRUHMHPSOR&RVWD5LFD(FXDGRU0p[LFR1LFDUDJXD
\ 3HU~  UHJLVWUiQGRVH GpILFLW SULPDULRV OXHJR GH YDULRV DxRV GH H[KLELU VXSHUiYLW DTXt GHEH FRQVLGHUDUVH OR DWtSLFR GHO DxR HQ
FXHVWLyQ FULVLVLQWHUQDFLRQDO GRQGHODVFXHQWDVS~EOLFDVWDPELpQUHIOHMDQODEDWHUtDGHODVSROtWLFDVDQWLFtFOLFDVGHVSOHJDGDV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52
5(68/7$'26),6&$/(6(,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$
6(&7253Ò%/,&212),1$1&,(52
3URPHGLRVFLIUDVHQSRUFHQWDMHGHO3%, 

3DtV 5HVXOWDGRSULPDULR 5HVXOWDGRJOREDO ,QYHUVLyQHQLQIUDHVWUXFWXUD


$UJHQWLQD   
%ROLYLD (VW3OXU1DFGH    
%UDVLO   
&KLOH   
&RORPELD   
0p[LFR   
3HU~   

)XHQWH(ODERUDGRSRUORVDXWRUHVFRQGDWRVGH&(3$/
3URPHGLRSRQGHUDGRSRUODSDUWLFLSDFLyQUHODWLYDHQHO3%,GHOSHUtRGR

(VWH FDPELR HQ OD WHQGHQFLD KLVWyULFD GH $PpULFD /DWLQD \ HO &DULEH EULQGD DO VHFWRU S~EOLFR OD
SRVLELOLGDG GH GLVSRQHU GH XQ PD\RU HVSDFLR ILVFDO WHQGLHQWH D FRQFUHWDU SUR\HFWRV GH LQIUDHVWUXFWXUD
HFRQyPLFD \ VRFLDO $O UHVSHFWR /XFLRQL   VHxDOD FXDWUR SULRULGDGHV TXH GHEHUtD PDQWHQHU OD SROtWLFD
SUHVXSXHVWDULDSDUDFRQVROLGDUVXEXHQGHVHPSHxR\SURPRYHUODLQYHUVLyQS~EOLFDHQLQIUDHVWUXFWXUD
• /D SULPHUD VH UHODFLRQD FRQ OD GLVPLQXFLyQ GH ORV ULHVJRV UHODFLRQDGRV D ODV UHVWULFFLRQHV
ILQDQFLHUDV \ OD GHXGD S~EOLFD &RQ HVWR VH EXVFD JHQHUDU XQ PD\RU HVSDFLR ILVFDO TXH SHUPLWD
LQFUHPHQWDUODVHURJDFLRQHVGHFDSLWDO(QHVWHVHQWLGR/XFLRQL  VHxDODTXH³HOHTXLOLEULRR
VXSHUiYLWFRUULHQWHHVXQREMHWLYRDPDQWHQHU\HVHOFULWHULRTXHGHEHUtDSUHYDOHFHUDODKRUDGH
HVWDEOHFHUPHWDVILVFDOHV´
• /DVHJXQGDFXHVWLyQWLHQHTXHYHUFRQODVXVWHQWDELOLGDGGHODGHXGDHQHOODUJRSOD]R'HSHUVLVWLU
GXGDVVREUHODPLVPDHODXWRUPHQFLRQDTXHLQFOXVRODLQYHUVLyQS~EOLFDFRQVLJQLILFDWLYRLPSDFWR
HQHOFUHFLPLHQWRHFRQyPLFRSXHGHVHUQRVXVWHQWDEOH
• (Q WHUFHU OXJDU VH GHVWDFDQ OD LPSRUWDQFLD \ ORV UHTXHULPLHQWRV QHFHVDULRV HQ HO SURFHVR GH
VHOHFFLyQ GH SUR\HFWRV $TXt HO DXWRU DOXGH D TXH ³HV QHFHVDULR EXVFDU SUR\HFWRV GH FDOLGDG
FDSDFHV GH HQWUHJDU UHVXOWDGRV WDQJLEOHV FRQ UHVXOWDGRV HFRQyPLFRV DPELHQWDOHV \ VRFLDOHV
VRVWHQLEOHV (VWRV SUR\HFWRV LPSOLFDQ LQYHUVLRQHV GH PDJQLWXG VLJQLILFDWLYDTXHGHVSOD]DQYDULDV
RWUDVDOWHUQDWLYDV\FRPSURPHWHQUHFXUVRVS~EOLFRV\SULYDGRVSRUYDULRVDxRV´3RURWUDSDUWHOD
FDSDFLGDGWpFQLFDGHOVHFWRUS~EOLFRGHEHHVWDUDFRUGHDORVUHTXHULPLHQWRVGHOSURFHVRLQLFLDOGH
SODQLILFDFLyQSUHSDUDFLyQ\HYDOXDFLyQ
• )LQDOPHQWHHQORVSUR\HFWRVGHLQIUDHVWUXFWXUDUHODFLRQDGRVFRQHOFDSLWDOSULYDGRGRQGHHOVHFWRU
S~EOLFR GHEH DVHJXUDU SDUWH GH ORV ULHVJRV SULYDGRV VH JHQHUDQ SRWHQFLDOHV SDVLYRV GHO VHFWRU
S~EOLFRTXHGHEHQVHUFRQWHPSODGRV6LJXLHQGRDODXWRU³HVWDVFRQWLQJHQFLDVGHEHQVHUUHIOHMDGDV
HQ ODV SUR\HFFLRQHV ILVFDOHV \ GH OD GHXGD S~EOLFD \D TXH SRGUtDQ VHU PiV FRVWRVDV TXH HO
WUDGLFLRQDOILQDQFLDPLHQWRS~EOLFR´

% )RPHQWDQGRODLQYHUVLyQSULYDGD
(O VHJXQGR SXQWR VH UHODFLRQD FRQ ORV LQFHQWLYRV SDUD DWUDHU PD\RUHV PRQWRV GH LQYHUVLyQ SULYDGD (Q HVWH
VHQWLGRHO%DQFR0XQGLDO  GHVWDFDTXH³SDUDDWUDHUDORVLQYHUVLRQLVWDV\RSHUDGRUHVSULYDGRVKDEUiTXH
FDPELDUODVHVWUXFWXUDV\ILQDQFLDPLHQWRGHORVSUR\HFWRVWUDGLFLRQDOHVFRQHOILQGHRIUHFHUPD\RUSURWHFFLyQ
IUHQWH D ORV ULHVJRV´ 3RU RWUD SDUWH ³/D FREHUWXUD GH ULHVJR QHFHVDULD SDUD DWUDHU D ORV LQYHUVLRQLVWDV
LQVWLWXFLRQDOHVGHSHQGHUiGHODVFLUFXQVWDQFLDVGHFDGDSDtV\GHODVFDUDFWHUtVWLFDVGHFDGDSUR\HFWR&XDQWR
PD\RUVHDODLQFHUWLGXPEUHSROtWLFDPiVGpELOVHDODUHJODPHQWDFLyQ\PiVLQHVWDEOHODPRQHGDPD\RUVHUiOD
QHFHVLGDGGHSURWHFFLyQSROtWLFDQRUPDWLYD\FDPELDULDUHVSHFWLYDPHQWH´$XQTXHVHDFODUDTXH³ORVJRELHUQRV
GHEHUtDQDEVWHQHUVHGHFXEULUULHVJRVTXHHVFDSHQGHVXFRQWURO´


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

3DUD HQIUHQWDU ORV ULHVJRV FDPELDULRV DVRFLDGRV D ORV SUR\HFWRV GH LQYHUVLyQ HO %DQFR 0XQGLDO  
SURSRQH HVWDEOHFHU PHUFDGRV GH FDSLWDOHV H LQVWUXPHQWRV GH GHXGD LQWHUQRV (Q ORV SDtVHV HVSHFtILFRV FRQ
FDSDFLGDG GH ILQDQFLDPLHQWR ORFDO LQVXILFLHQWH SODQWHD OD XWLOL]DFLyQ GH LQVWUXPHQWRV TXH SHUPLWDQ PLWLJDU HO
ULHVJRFDPELDULRGHORVILQDQFLDGRUHV\SDWURFLQDGRUHVSULYDGRV
3RU RWUD SDUWH HO PLVPR GRFXPHQWR VHxDOD TXH ³ODV JDUDQWtDV SDUFLDOHV FRQWUD ULHVJRV RIUHFLGDV SRU
LQVWLWXFLRQHV PXOWLODWHUDOHV SXHGHQ SURWHJHU D ORV SUHVWDPLVWDV \ WLWXODUHV GH ERQRV IUHQWH D RWURV ULHVJRV
SHUFLELGRVORTXHUHSUHVHQWDUtDODPHMRUDFUHGLWLFLDTXHODVFRPSDxtDVGHORVSUR\HFWRVQHFHVLWDQSDUDUHFDXGDU
ILQDQFLDPLHQWRVXILFLHQWHORTXHUHGXFHQRWRULDPHQWHHOFRVWRGHODGHXGDGHORVSUR\HFWRVGHLQIUDHVWUXFWXUD\
SHUPLWHSOD]RVPiVODUJRV\DTXHKDFHQSRVLEOHXQDPHMRUDGHODVFDOLILFDFLRQHVFUHGLWLFLDVTXHDVXYH]DEUHQ
ORV PHUFDGRV GH FDSLWDOHV ORFDOHV \ XQD PD\RU GLYHUVLGDG GH LQYHUVLRQLVWDV D ODV FRPSDxtDV TXH UHDOL]DQ
SUR\HFWRVGHLQIUDHVWUXFWXUD´
2WUR SXQWR DGLFLRQDO HV TXH ³ORV JRELHUQRV SXHGHQ IDFLOLWDU HO DFFHVR GH ORV LQYHUVLRQLVWDV SULYDGRV HQ
LQIUDHVWUXFWXUD D ODV JDUDQWtDV SDUFLDOHV IUHQWH D ULHVJRV HVWDEOHFLHQGR VHUYLFLRV HQ JUDQ HVFDOD SDUD HVWRV
LQVWUXPHQWRV´$GHPiV³VLSXHGHQDPSOLDUODJDPDGHRSFLRQHVDWUDFWLYDVGHLQYHUVLyQLQWHUQDORVSUR\HFWRVGH
LQIUDHVWUXFWXUD RIUHFHQ D ORV SDtVHV XQ PHGLR GH UHGXFLU HO DKRUUR H[WUDQMHUR IXJD GH FDSLWDOHV ´ $O PLVPR
WLHPSR³HOHVWDEOHFLPLHQWRGHSURGXFWRVGHULYDGRVFDPELDULRV VZDSV\SURGXFWRVDSOD]R IDFLOLWDUiWDPELpQHO
ILQDQFLDPLHQWRGHVGHHOH[WHULRU´
3RU VX SDUWH SDUD ORJUDU XQD PD\RU HILFDFLD HQ OD JHVWLyQ GH ODV SULYDWL]DFLRQHV \ RWUDV IRUPDV GH
SDUWLFLSDFLyQ SULYDGD HO %DQFR 0XQGLDO   SURSRQH L  HVFDORQDU DGHFXDGDPHQWH ODV UHIRUPDV \ OD
SDUWLFLSDFLyQ SULYDGD SUHSDUDQGR FRQ DQWHULRULGDG ORV PDUFRV MXUtGLFRV H LQVWLWXFLRQDOHV DGHFXDGRV SDUD XQD
SULYDWL]DFLyQLL DGRSWDUQXHYDVIRUPDVGHDVRFLDFLyQHQWUHHOVHFWRUS~EOLFR\SULYDGR YHUPiVDGHODQWH LLL 
PHMRUDUORVGLVHxRVGHODVFRQFHVLRQHV\ORVSURFHVRVGHDGMXGLFDFLyQLY JHVWLRQDU\DVLJQDUPHMRUORVULHVJRV
DVLJQiQGRORVFRQSUXGHQFLDY PHMRUDUODFDSDFLGDGGHORVRUJDQLVPRVUHJXODGRUHV\RWUDVLQVWLWXFLRQHV\YL 
HOHJLUHOUpJLPHQUHJXODGRUDGHFXDGRDFDGDVLWXDFLyQ

& 5HFXUVRVFRQFDUJRVDOXVXDULR
/RV UHFXUVRV FRQ FDUJRV SDUD ORV XVXDULRV VH SXHGHQ GLYLGLU SULQFLSDOPHQWH HQ GRV FODVHV ORV SHDMHV \ GHPiV
WDULIDV\ORVLPSXHVWRV\WDVDV
(QFXDQWRDORVSHDMHVPHFDQLVPRQRUPDOGHUHSDJRGHORVXVXDULRVSRUHOXVRGHODLQIUDHVWUXFWXUDYLDO
/XFLRQL  VHxDODORVVLJXLHQWHVHOHPHQWRVDWHQHUHQFXHQWD
5HTXLHUHDOWRVQLYHOHVGHWUiILFRDTXtVHGHVWDFDHOSUREOHPDGHHYDOXDULQLFLDOPHQWHGHPDQHUDFRUUHFWD
HOYROXPHQGHWUiQVLWR\VXGLQiPLFDIXWXUDSXHVHVWRLQIOXHQFLDUiGLUHFWDPHQWHHQODVHVWLPDFLRQHVGHLQJUHVR
(UURUHVLPSRUWDQWHVHQHVWDVSUHYLVLRQHVSXHGHQJHQHUDUPD\RUHVHURJDFLRQHV HQDOJXQRVFDVRVLPSUHYLVWDV SRU
SDUWHGHO(VWDGR
$FWLWXG GH ORV XVXDULRV HQ HVWH SXQWR HO DXWRU PHQFLRQD OD IDOWD GH FRVWXPEUH TXH VH REVHUYD HQ ORV
SDtVHVGHODUHJLyQGHSDJDUSRUODVFDUUHWHUDVFXDQGRVRQJHVWLRQDGDVSRUHOVHFWRUS~EOLFR\TXHPXFKDVYHFHV
WDPSRFRH[LVWHYROXQWDGGHKDFHUORVSDJRVHQORVFDVRVGHFRQFHVLRQHVDOVHFWRUSULYDGR
&RVWRV DGPLQLVWUDWLYRV GH FREUR HQ HVWH FDVR /XFLRQL   GHVWDFD TXH HQ XQD GH ODV IRUPDV GH
FRPSHQVDU SpUGLGDV GH UHQWDELOLGDG HQ ODV FRQFHVLRQHV SXHGH GHULYDU HQ LQFUHPHQWRV DUWLILFLDOHV GH ORV FRVWRV
DGPLQLVWUDWLYRVDQWHXQGLVHxRGHILFLHQWHGHODFRQFHVLRQHV
&DSDFLGDGGHSDJRDTXtHODXWRUVHxDODTXHGHEHQHYLWDUVHODVUHDFFLRQHVFRQWUDULDVDODVFRQFHVLRQHV
PHGLDQWH HO HVWDEOHFLPLHQWR GHSDJRVUD]RQDEOHVHVWDEOHFLGRVSRUODDXWRULGDGFRQFHGHQWH&RQUHVSHFWRDHVWH
SXQWR SHUR FRQVLGHUDQGR XQ HVSHFWUR DPSOLDGR GH ODV WDULIDV YLQFXODGDV D ORV VHUYLFLRV GH LQIUDHVWUXFWXUD HO
%DQFR 0XQGLDO   VHxDOD TXH VL ELHQ ODV SRVLELOLGDGHV GH UHFXSHUDFLyQ GH FRVWRVYDUtDQVHJ~QHOVHFWRU\
VXEVHFWRU OD DVHTXLELOLGDG QR HV XQ SUREOHPD JUDYH HQ OD PD\RU SDUWH GH ORV SDtVHV GH $PpULFD /DWLQD \ HO
&DULEHORTXHLPSOLFDTXHODVWDULIDVSRGUtDQHOHYDUVHSDUDDOFDQ]DUQLYHOHVTXHSHUPLWDQODUHFXSHUDFLyQGHORV
FRVWRV$GLFLRQDOPHQWHHOLQFUHPHQWRGHODVWDULIDVWHQGUtDXQHIHFWRQRWDEOHHQODLQFLGHQFLDGHODSREUH]DVyOR
HQDOJXQRVSDtVHVGHODUHJLyQ


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

(QODXWLOL]DFLyQGHILQDQFLDPLHQWRSRUPHGLRGHORVLPSXHVWRV\WDVDV/XFLRQL  PHQFLRQDTXH³HO


LPSXHVWRDORVFRPEXVWLEOHVRORVKLGURFDUEXURVHVHOJUDYDPHQGHPD\RUSRWHQFLDOLGDGSDUDHOILQDQFLDPLHQWRGH
OD LQIUDHVWUXFWXUD (V XQ LPSXHVWR IiFLO GH UHFDXGDU \ GRQGH QR KD\ PXFKDV SRVLELOLGDGHV GH HYDVLyQ /D
MXVWLILFDFLyQHFRQyPLFDGHHVWHLPSXHVWRSURYLHQHGHOKHFKRGHTXHHVXQDIRUPDLQGLUHFWDGHTXHORVXVXDULRV
SDJXHQSRUHOXVRGHODVFDUUHWHUDV&RPRHVGLItFLOFREUDUGLUHFWDPHQWHHQFDGDXQDGHODVFDUUHWHUDVVHXWLOL]DHO
FRQVXPRGHFRPEXVWLEOHVFRPRXQLQGLFDGRUGHOXVRJOREDOGHFDUUHWHUDV´

' ,QVWUXPHQWRVHVSHFLDOHVSDUDHOILQDQFLDPLHQWR
'HQWURGHHVWDFDWHJRUtD/XFLRQL  VHxDODORVVLJXLHQWHVLQVWUXPHQWRV FRPSDxtDVFRQSURSyVLWRHVSHFLDO
HVWUXFWXUDV³XQEXQGOHG´ GHVDUUROORGHPHUFDGRVGHFDSLWDOHVORFDOHV IRQGRVILGXFLDULRVQDFLRQDOHV
 /DVHVWUXFWXUDV³XQEXQGOHG´VHEDVDQHQL VHSDUDUODILQDQFLDFLyQGHOSUR\HFWRGHODVDFWLYLGDGHVGH
FRQVWUXFFLyQH[SORWDFLyQ\PDQWHQLPLHQWRLL ODFUHDFLyQGHGLVWLQWDVHQWLGDGHVOHJDOHVDODVTXHVHHQFRPLHQGD
FDGDXQDGHGLFKDVDFWLYLGDGHV\LLL ODFUHDFLyQGHXQDXQLGDGILQDQFLHUDGHFDUiFWHUHVSHFLDOFRQHOREMHWLYR
H[FOXVLYR GH ILQDQFLDU HO SUR\HFWR GH LQIUDHVWUXFWXUD (VWH WLSR GH HVTXHPDV VHJ~Q /XFLRQL   SUHVHQWD
FLHUWDVYHQWDMDVHQSUR\HFWRVGHLQIUDHVWUXFWXUDUHJLRQDOFRPR,,56$
 (QHOILQDQFLDPLHQWRGHSUR\HFWRVGHLQIUDHVWUXFWXUDXQSDSHOFODYHHVGHVHPSHxDGRSRUORVPHUFDGRV
GH FDSLWDOHV (VWRV SHUPLWHQ WHQHU XQ KRUL]RQWH GHILQDQFLDFLyQGHPiVODUJRSOD]RDOLQFUHPHQWDUODRIHUWDGH
UHFXUVRVILQDQFLHURV7DPELpQXQHIHFWRIDYRUDEOHSURYLHQHGHODGLVPLQXFLyQGHOULHVJRFDPELDULRVLVHORJUDQ
HVWDEOHFHUODVIXHQWHVQRPLQiQGRODVHQPRQHGDORFDO
$VLPLVPRWDQWRHO%DQFR0XQGLDO  FRPR/XFLRQL  FRLQFLGHQHQTXHORVIRQGRVSULYDGRVGH
SHQVLyQSXHGHQDSRUWDUXQYROXPHQLPSRUWDQWHGHILQDQFLDPLHQWRDOPHUFDGRGHFDSLWDOHV/XFLRQL  VHxDOD
TXH ³HQ OD PD\RUtD GHORVFDVRVSRUGLVSRVLFLRQHVUHJXODWRULDV~QLFDPHQWHSXHGHQDGTXLULUERQRVSULYDGRV
TXHWHQJDQODFODVLILFDFLyQGH³LQYHVWPHQWJUDGH´$OUHVSHFWRHOUHVSDOGRDHVWDVHPLVLRQHVSRUSDUWHGHORV
RUJDQLVPRVUHJLRQDOHVGHFUpGLWRFRPRHO%,'\OD&$)PHGLDQWHJDUDQWtDVVXSRQGUtDXQQRWDEOHLQFUHPHQWR
GHODEDVHGHSRWHQFLDOHVLQYHUVRUHV\GHOWDPDxRGHODHPLVLyQ´3RUVXSDUWHHO%DQFR0XQGLDO  GHVWDFD
TXHHVWDVIXHQWHVGHILQDQFLDPLHQWRDGTXLHUHQHVSHFLDOLPSRUWDQFLDSDUDORVSUR\HFWRVSHTXHxRVTXHSRFDVYHFHV
PHUHFHQHOLQWHUpVGHFRPSDxtDVPXOWLQDFLRQDOHV
  &RQ UHODFLyQ D ORV )RQGRV )LGXFLDULRV 1DFLRQDOHV /XFLRQL   PHQFLRQD TXH VRQ LQVWLWXFLRQHV
ILQDQFLHUDV HVSHFLDOL]DGDV FUHDGDV SDUD JDUDQWL]DU HO ILQDQFLDPLHQWR GH SURJUDPDV \ SUR\HFWRV (VWH WLSR GH
IRQGRV VH ILQDQFLDQ FRQ UHFXUVRV ILVFDOHV \ SXHGHQ UHFLELU OD WUDQVIHUHQFLD GH ELHQHV PXHEOHV H LQPXHEOHV GHO
(VWDGR IDFWLEOHV GH VHFXULWL]DFLyQ SHUR WDPELpQ SXHGHQ UHFLELU SUpVWDPRV \ JDUDQWtDV GH ORV RUJDQLVPRV
ILQDQFLHURVLQWHUQDFLRQDOHV3RURWUDSDUWHLQFHQWLYDUODVDVRFLDFLRQHVS~EOLFDVSULYDGDVHQLQIUDHVWUXFWXUDHVXQ
REMHWLYR FODUR GH HVWRV IRQGRV TXH DSRUWDQ ILQDQFLDPLHQWR FRPR DFFLRQLVWD R SUHVWDPLVWD R DFWXDQGR FRPR
JDUDQWHGHULHVJRVSROtWLFRVGHLQJUHVRVPtQLPRVRGHIXWXURVSDJRVGHOVHFWRUS~EOLFR

( $VRFLDFLRQHVS~EOLFRSULYDGDV $33 


/XFLRQL   VHxDOD TXH ³OD SULQFLSDO FDUDFWHUtVWLFD GH ODV DVRFLDFLRQHV S~EOLFRSULYDGDV HV TXH HO VHFWRU
SULYDGR SXHGH SURYHHU LQIUDHVWUXFWXUD \ VHUYLFLR HQ iUHDV WUDGLFLRQDOPHQWH DWHQGLGDV SRU ORV JRELHUQRV (Q
HVSHFLDOHQFDUUHWHUDVSXHUWRVDJXD\VDQHDPLHQWRKRVSLWDOHVHVFXHODV\FiUFHOHV%DMRHVWHHVTXHPDHOJRELHUQR
GHILQHHOVHUYLFLRTXHUHTXLHUH\HOVRFLRSULYDGRGLVHxDHOSUR\HFWRFRQVWUX\HILQDQFLD\RSHUDHOVHUYLFLRHQ
RSRVLFLyQDORVHVTXHPDV³GLVHxRFRQVWUXFFLyQ´UHODFLRQDGRVFRQODREUDS~EOLFDWUDGLFLRQDO´$GHPiVHODXWRU
PHQFLRQDTXHHQPXFKDVRSRUWXQLGDGHVHVHOSURSLRJRELHUQRHOTXHVHSUHVHQWDFRPRHO~QLFRGHPDQGDQWHGHO
VHUYLFLRRSHUDGRSRUHOVHFWRUSULYDGR
3RURWUDSDUWHXQDGHODVYHQWDMDVGHHVWHWLSRGHDVRFLDFLRQHVHVTXHOHVSHUPLWHDORVJRELHUQRVSURYHHU
GHQXHYDLQIUDHVWUXFWXUD\VXVVHUYLFLRVDVRFLDGRVVLQLQFUHPHQWDUORVJDVWRVGHFDSLWDOHQHOSUHVXSXHVWRSXHVWR
TXHSDVDQDVHUILQDQFLDGRVSRUHOVHFWRUSULYDGR/XHJRXQDYH]TXHHOSUR\HFWRVHHQFXHQWUDILQDOL]DGR\HQ
RSHUDFLyQ HO VHFWRU SULYDGR UHHPEROVD VX LQYHUVLyQ PHGLDQWH WDULIDV FiQRQHV \ DOTXLOHUHV 2WUDV YHQWDMDVTXH
VHxDOD/XFLRQL  VRQTXH³HVWHPHFDQLVPRQRVRODPHQWHSHUPLWHLQFRUSRUDUFDSLWDOVLQRTXHIDFLOLWDDORV
JRELHUQRV GLVWULEXLU HO FRVWR GH ODV LQYHUVLRQHV HQ HMHUFLFLRV IXWXURV 3RU RWUD SDUWH D WUDYpV GH ODV $33 ORV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

JRELHUQRVQRVyORDVLJQDQDFWLYLGDGHVDOVHFWRUSULYDGRVLQRWDPELpQGHWHUPLQDGRVWLSRVGHULHVJRVDVRFLDGRVD
HVDVDFWLYLGDGHV´
$VLPLVPRHODXWRUGHVWDFDHOFDPELRHQORVUROHVWUDGLFLRQDOHVGH³FOLHQWH±FRQWUDWLVWD´TXHUHTXLHUHOD
DGRSFLyQGHODV$33(QHVWHVHQWLGRHOVHFWRUS~EOLFRDWLHQGHODVWDUHDVGHVXSHUYLVLyQ\UHJXODFLyQGHOVHUYLFLR
\HOHMHUFLFLRGHSUiFWLFDVGHEXHQJRELHUQRPLHQWUDVTXHDOVHFWRUSULYDGROHFRUUHVSRQGHDVXPLUORVULHVJRVHQOD
HMHFXFLyQRSHUDFLyQ\ILQDQFLDPLHQWRGHOSUR\HFWR'HQWURGHORVULHVJRVDVRFLDGRVDHVWHWLSRGHDVRFLDFLRQHV
TXHVRQWUDQVIHULGRVOHJDOPHQWHGHOVHFWRUS~EOLFRDOSULYDGR/XFLRQL  VHxDODORVVLJXLHQWHVFRQVWUXFFLyQ
GHPRUDV\VREUHFRVWRV ILQDQFLHURV WDVDVGHLQWHUpV\WLSRGHFDPELR SURYLVLyQGHOVHUYLFLR SHUIRPDQFHULVN 
GHPDQGULVN\YDORUUHVLGXDOGHODFWLYR
&RQUHVSHFWRDODVLPSOLFDQFLDVILVFDOHVTXHODV$33SXHGHQJHQHUDUHQORVSUHVXSXHVWRV/XFLRQL  
DFHQW~D GRV FXHVWLRQHV ODV REOLJDFLRQHV FRQWUDFWXDOHV \ ODV JDUDQWtDV GH ORV JRELHUQRV /DV REOLJDFLRQHV
FRQWUDFWXDOHV TXH VH UHILHUHQ D ORV SDJRV TXH ORV JRELHUQRV GHEHUiQ UHDOL]DU FXDQGR KD\D XQ FRPSURPLVR GH
FRPSUDGHOVHUYLFLRTXHHOVHFWRUSULYDGRSURYHHHODXWRUVHxDODTXH³HQPXFKRVSDtVHVHVWDVHURJDFLRQHVQRVRQ
FRQWDELOL]DGDV\GHKHFKRWLHQHQLPSOLFDQFLDVILVFDOHV\DTXHFRQVWLWX\HQHURJDFLRQHVIXWXUDV3DUDHO)0,HVWRV
SDJRVDIXWXURRSHUDQFRPRVLORVJRELHUQRVVHKXELHUDQHQGHXGDGRSDUDILQDQFLDUODLQYHUVLyQHMHFXWDUOD\
PDQHMDUOD SRU VL FXHQWD SURSLD´ 5HVSHFWR GH ODV JDUDQWtDV GHEH WHQHUVH SUHVHQWH TXH HO ULHVJR ILVFDO VH
LQFUHPHQWD FRQ HO FRPSURPLVR GH ORV JRELHUQRV GH FRPSDUWLU ORV ULHVJRV GH ORV SUR\HFWRV \D TXH HQ PXFKRV
FDVRV VH EULQGDQ JDUDQWtDV S~EOLFDV TXH UHGXFHQ R HOLPLQDQ ORV ULHVJRV SULYDGRV /XFLRQL   SODQWHD HO
HMHPSOR GH ORV SUpVWDPRV DO VHFWRU SULYDGR JDUDQWL]DGRV SRU ORV JRELHUQRV TXH UHGXFHQ HO ULHVJR ILQDQFLHUR
PLHQWUDV TXHODVJDUDQWtDVGHFRPSUDUHGXFHQHOULHVJRGHGHPDQGD(QHVWHVHQWLGRHODXWRUDGYLHUWHVREUHOD
H[SOLFLWDFLyQGHHVWRVFRVWRVFRQWLQJHQWHVSURSRQLHQGRTXHODVJDUDQWtDVGHEHUtDQLQFOXLUVHHQODVSUR\HFFLRQHV
ILVFDOHV \ GH OD GHXGD S~EOLFD GHELGR DO ULHVJR GH TXH ILQDOPHQWH VHDQ GH XQ PD\RU FRVWR TXH RWUR WLSR GH
ILQDQFLDPLHQWRS~EOLFR
&RQMXQWDPHQWH FRQ ODV IXHQWHV GH ILQDQFLDPLHQWR PHQFLRQDGDV HQ XQD SHUVSHFWLYD GH PHGLDQR \ ODUJR
SOD]R GHEHQ WDPELpQ FRQVLGHUDUVH ORV HIHFWRV SRVLWLYRV VREUH OD UHFDXGDFLyQ TXH SURYHQGUtDQ GHO FDQDO GH
WUDQVPLVLyQGHXQPD\RU3%,\FRQVXPRGHULYDGRVGHODVLQYHUVLRQHVHQLQIUDHVWUXFWXUD




 9pDVHSRUHMHPSOR&DOGHUyQ\6HUYpQ  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

9,,, &XDQWLILFDQGRODEUHFKDHQODV
LQYHUVLRQHVUHFLHQWHV

(Q OD VHFFLyQ ,9 VH GHVFULELy HO FRPSRUWDPLHQWR UHFLHQWH GH OD LQYHUVLyQ HQ
LQIUDHVWUXFWXUD SDUD XQ FRQMXQWR GH SDtVHV SRVWHULRUPHQWH ²VHFFLyQ 9,,² VH
HVWLPDURQORVUHTXHULPLHQWRVQHFHVDULRVGHLQYHUVLRQHVVXUJLGRVGHODVGLPHQVLRQHV
KRUL]RQWDO\YHUWLFDO(VWRV~OWLPRVYDORUHVIXHURQSUHVHQWDGRVDGyODUHVFRQVWDQWHV
GH  \ FRPR PRQWRV SURPHGLR DQXDOHV (Q HVWH DSDUWDGR VH ORV SUHVHQWD D
GyODUHV FRUULHQWHV SDUD HO SURPHGLR GH ORV DxRV  \  FRQ HO ILQ GH
FRPSDUDUORFRQODLQYHUVLyQREVHUYDGDHQLJXDOSHUtRGR
3DUD ORJUDU HVWH FRPHWLGR VH DVXPH TXH ODV HURJDFLRQHV HQ
LQIUDHVWUXFWXUDGHODPXHVWUDGHORVVLHWHSDtVHVVRQIDFWLEOHVGHH[SDQGLUVHDO
UHVWRGHODUHJLyQ
3RUVXSDUWHODVQHFHVLGDGHVGHLQYHUVLyQTXHVXUJHQGHODVGLIHUHQWHV
PHWRGRORJtDV GH HVWLPDFLyQ GH OD EUHFKD ²ODV FXDOHV VH HQFXHQWUDQ
RULJLQDOPHQWHH[SUHVDGDVDGyODUHVFRQVWDQWHVGH²KDQVLGRLQGH[DGDV
XWLOL]DQGR HO GHIODFWRU LPSOtFLWR GH OD )RUPDFLyQ %UXWD GH &DSLWDO )LMR
REWHQLGRGHODVVHULHVGH3%,DGyODUHVFRUULHQWHV\FRQVWDQWHVGHSDUD
$PpULFD/DWLQD\HO&DULEHGH&(3$/
$GLFLRQDOPHQWH ODV QHFHVLGDGHV GH LQYHUVLyQ VH REWXYLHURQ GH ORV
UHVXOWDGRV  GH  ODV  HVWLPDFLRQHV  HVSHFtILFDV SDUD ORV DxRV  \  HV
GHFLUTXH\DQRVHFRUUHVSRQGHQDOSURPHGLRGHWRGRHOSHUtRGRGHHVWLPDFLyQ
WDOFRPRIXHURQSUHVHQWDGRVORVYDORUHVKDVWDHOPRPHQWR



 $UJHQWLQD%UDVLO%ROLYLD&KLOH&RORPELD0p[LFR\3HU~

 &RQXQPDUJHQFRQVLGHUDEOHGHHUURUDXQTXHORVVLHWHSDtVHVUHSUHVHQWDURQHOGHO3%,FRUULHQWHGHOSURPHGLRGHORVDxRV\
GHODUHJLyQ

 &(3$/6WDW

 (QHOFDVRGHODPHWRGRORJtDGH)D\\<HSHVORVPRGHORVSHUPLWHQHVWLPDFLRQHVTXLQTXHQDOHV3RUHOORORTXHVHKL]RHVDQXDOL]DU
PHGLDQWHXQDWHQGHQFLDOLQHDOORVYDORUHVHQWUHORVTXLQTXHQLRVHVWLPDGRVSDUDWHQHUPRQWRVDQXDOHVSXQWXDOHV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

/RVUHVXOWDGRVUHIHUHQWHVDODEUHFKDYHUWLFDO²H[KLELGRVHQHO&XDGUR²LQGLFDQTXHHQWUHORVDxRV
 \  VH KDEUtD SURGXFLGR ²HQ SURPHGLR² XQD GLIHUHQFLD GH  GHO 3%, HQWUH OD LQYHUVLyQ
UHTXHULGD  \ODFRQFUHWDGD  ORFXDOVHWUDGXFHHQXQPRQWRFHUFDQRDORVFLHQPLOPLOORQHVGH
GyODUHVSDUDWRGDODUHJLyQ
&8$'52
,19(56,Ï1(1,1)5$(6758&785$±%5(&+$9(57,&$/
 0LOOGH86 3RUFHQWDMH3%,FRUULHQWH
,QYHUVLyQDQXDOUHTXHULGD   
3URPHGLR  
0RQWRDFWXDOL]DGRVHJ~QHYROXFLyQGHOËQGLFHGH
3UHFLRV,PSOtFLWRVGHOD,QYHUVLyQ  
,QYHUVLyQDQXDOREVHUYDGD   
3URPHGLR  
9DORUHVGH$PpULFD/DWLQD\HO&DULEHH[SDQGLGRVD
SDUWLUGHPXHVWUDGHVLHWHSDtVHV  
%UHFKD    
3URPHGLR  

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVSURSLRV\&(3$/±&(3$/6WDW

/DGLPHQVLyQKRUL]RQWDOSUHVHQWDUtDXQDEUHFKDFHUFDQDDORVFLHQWRFXDUHQWDPLOPLOORQHVGHGyODUHV
SDUDLJXDOSHUtRGRVLHQGRHQHVWHFDVRODGLIHUHQFLDGHGHO3%,UHJLRQDOFRQXQDLQYHUVLyQUHTXHULGDGH
PDQWHQLpQGRVHODHIHFWLYL]DGDHQWDOFRPRVHGHWDOODHQHO&XDGUR
&8$'52
,19(56,Ï1(1,1)5$(6758&785$%5(&+$+25,=217$/
 0LOOGH86 SRUFHQWDMH3%,FRUULHQWH
,QYHUVLyQDQXDOUHTXHULGD   
3URPHGLR  
0RQWRDFWXDOL]DGRVHJ~QHYROXFLyQGHOËQGLFHGH
3UHFLRV,PSOtFLWRVGHOD,QYHUVLyQ  
,QYHUVLyQDQXDOREVHUYDGD   
3URPHGLR  
9DORUHVGH$PpULFD/DWLQD\HO&DULEHH[SDQGLGRVD
SDUWLUGHPXHVWUDGHRFKRSDtVHV  
%UHFKD    
3URPHGLR  

)XHQWH(ODERUDFLyQGHORVDXWRUHVFRQGDWRVSURSLRV\&(3$/±&(3$/6WDW

/DV FLIUDV DQWHULRUHV LQGLFDUtDQ TXH D SHVDU GH KDEHUVH LQFUHPHQWDGR HQ ORV ~OWLPRV DxRV ODV
HURJDFLRQHV GHVWLQDGDV D OD LQIUDHVWUXFWXUD ORV PRQWRV LQYHUWLGRV VHUtDQ LQVXILFLHQWHV SDUD FXEULU ORV
UHTXHULPLHQWRVTXHSHUPLWDQGLVPLQXLUODVEUHFKDVHQVXVGLIHUHQWHVGLPHQVLRQHV



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&RQFOXVLRQHV

(Q ORV ~OWLPRV DxRV HQ $PpULFD /DWLQD \ HO &DULEH ODV LQYHUVLRQHV HQ
LQIUDHVWUXFWXUDHFRQyPLFD\VXVVHUYLFLRVGHULYDGRVKDQVLGRLQVXILFLHQWHV6LELHQ
ORVGHWHUPLQDQWHVTXHJHQHUDURQHVWDVLWXDFLyQKDQVLGRYDULDGRV SRUHMHPSOROD
HOHYDGD YRODWLOLGDG PDFURHFRQyPLFD OD IDOWD GH SROtWLFDV LQWHJUDOHV SUREOHPDV
UHJXODWRULRV \ SUREOHPDV GH ILQDQFLDPLHQWR HQWUH RWURV  HVWD HVWUHFKH] ItVLFDVH
HYLGHQFLy GHVGH GLIHUHQWHV SHUVSHFWLYDV 'HVGH HO SXQWR GH YLVWD LQWHUQR OD
GHPDQGDGHLQIUDHVWUXFWXUD DSUR[LPDGDSRUODVQHFHVLGDGHVGHORVFRQVXPLGRUHV\
ODV HPSUHVDV R SRU OD HYROXFLyQ GHO YROXPHQ GH FRPHUFLR  FDUHFLy GH VHU
SOHQDPHQWHVDWLVIHFKD3RURWUDSDUWHODVPHQRUHVUHVSXHVWDVGHODRIHUWDWDPELpQ
UHSHUFXWLHURQ HQ DPSOLDU OD EUHFKD FRQ UHODFLyQ D RWUDV UHJLRQHV \ SDtVHV
SDUWLFXODUPHQWHORVGHO(VWHGH$VLD
(O REMHWLYR SULQFLSDO GHO WUDEDMR KD VLGR PHGLU OD EUHFKD GH
LQIUDHVWUXFWXUD \ ORV UHTXHULPLHQWRV GH LQYHUVLyQ QHFHVDULRV GHVGH DPEDV
SHUVSHFWLYDV(QHVWHVHQWLGRODVGLIHUHQWHVPHWRGRORJtDVDERUGDGDVWXYLHURQ
XQGHQRPLQDGRUFRP~QSDUDFXDQWLILFDUORVPRQWRVGHLQYHUVLyQUHTXHULGRVOD
XWLOL]DFLyQGHFRVWRVGHLQIUDHVWUXFWXUDDMXVWDGRVD$PpULFD/DWLQD\HO&DULEH
(Q WpUPLQRV GHO SURGXFWR EUXWR GH OD UHJLyQ VH GHWHUPLQy TXH KDEUtD
TXH LQYHUWLU HQ WRUQR DO  DQXDO SDUD DIURQWDU ODV QHFHVLGDGHV TXH
VXUJLUiQ GH ODV HPSUHVDV \ ORV SDUWLFXODUHV HQWUH ORV DxRV  \ 
DVXPLHQGRXQFUHFLPLHQWRHFRQyPLFRPHGLRGHDQXDOHQHOSHUtRGR3RU
RWUDSDUWHVLODLQWHQFLyQIXHUDFHUUDUODEUHFKDFRQXQFRQMXQWRGHSDtVHV
GHO(VWHGH$VLDODVHURJDFLRQHVDVFHQGHUtDQDOGHO3%,DQXDO



 'HVXPDLPSRUWDQFLDHVHOKHFKRGHUHFRQRFHUD$PpULFD/DWLQD\HO&DULEHFRPRXQEORTXHKHWHURJpQHRGHSDtVHVFRQGRWDFLRQHV
GHVWRFNGHLQIUDHVWUXFWXUD\QHFHVLGDGHVGHLQYHUVLyQGLIHUHQWHV/DVHVWLPDFLRQHVSUHVHQWDGDVVRQDQLYHOUHJLRQDO(QSDUWLFXODUOD
PHWRGRORJtD GH )D\ \ <HSHV HV VHJ~Q VXV DXWRUHV XQ HQIRTXH ³PHMRU SDUD SURGXFLU UHVXOWDGRV DJUHJDGRV TXH SDUD SURGXFLU
SUHGLFFLRQHVDQLYHOGHSDtVHV´)D\\<HSHV  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

(QDPERVFDVRVORVPRQWRVGHEHQFRQVLGHUDUVHFRPRXQSLVRGHORVUHTXHULPLHQWRVHIHFWLYRVGHELGRD
TXH SRU FXHVWLRQHV GH GLVSRQLELOLGDG GH LQIRUPDFLyQ FRQWHPSODQ VRODPHQWHXQDSDUWHDXQTXHPD\RULWDULD
GHOWRWDOGHODLQIUDHVWUXFWXUDHFRQyPLFD$VLPLVPR\SRULGpQWLFDVUD]RQHVVHKDQFRQVLGHUDGR~QLFDPHQWH
ORV JDVWRV GHVWLQDGRV D LQYHUVLyQ \ PDQWHQLPLHQWRH[FOX\pQGRVHODVHURJDFLRQHVHQUHKDELOLWDFLyQ\PHMRUD
GHOVWRFNH[LVWHQWH
/DVWHQGHQFLDVGHLQYHUVLyQUHFLHQWHVHQLQIUDHVWUXFWXUDSDUDXQFRQMXQWRDFRWDGRGHSDtVHVPXHVWUDQ
TXH ODV HURJDFLRQHV HIHFWXDGDV HQWUH  \  VH KDEUtDQ LQFUHPHQWDGR FRQ UHODFLyQ DO SHULRGR SUHYLR
SURPHGLRHQWUH DOFDQ]DQGRDOGHO3%,$SHVDUGHHOORVHHQFRQWUDUtDQSRUGHEDMRGH
ORVUHTXHULPLHQWRVDTXtHVWLPDGRV
/DGLIHUHQFLDHQWUHODVQHFHVLGDGHV\HOJDVWRUHDOL]DGRSODQWHDQLQPHGLDWDPHQWHHOLQWHUURJDQWHGHODV
SRVLELOLGDGHV GH ILQDQFLDPLHQWR GH ORV LQFUHPHQWR UHTXHULGRV &RQ HVWH ILQ VH PHQFLRQDURQ DOJXQRV
PHFDQLVPRVGHILQDQFLDPLHQWRWDQWRSDUDHOVHFWRUS~EOLFRFRPRSDUDHOSULYDGR(QHOFDVRGHHVWH~OWLPR
VHLQVLVWHFRQODYLJHQFLDGHODVSURSXHVWDVVHxDODGDVSRUHOLQIRUPHGHO%DQFR0XQGLDO  SRUHMHPSOR
JHQHUDUJDUDQWtDVSDUFLDOHVFRQWUDULHVJRVRIUHFLGDVSRULQVWLWXFLRQHVPXOWLODWHUDOHVTXHSXHGHQSURWHJHUDORV
SUHVWDPLVWDV\WLWXODUHVGHERQRVIUHQWHDRWURVULHVJRVSHUFLELGRVORTXHUHGXFHQRWRULDPHQWHHOFRVWRGHOD
GHXGD GH ORV SUR\HFWRV GH LQIUDHVWUXFWXUD \ SHUPLWH FRQWHPSODU ILQDQFLDPLHQWRV FRQ SOD]RV PiV ODUJRV 3RU
RWUD SDUWH HO DQiOLVLV GH OD REWHQFLyQ GHO ILQDQFLDPLHQWR SDUD OD LQIUDHVWUXFWXUD WDPELpQ VH HQFXHQWUD
FRPSUHQGLGRHQODVSULRULGDGHVGHOD&(3$/GHQWURGHXQFRQFHSWRPiVDPSOLRGHQRPLQDGR³ILQDQFLDPLHQWR
SDUD HO GHVDUUROOR´ HO FXDO FRQVWLWX\H XQR GH ORV SLODUHV GHO SURJUDPD GH WUDEDMR GH OD LQVWLWXFLyQ SDUD HO
ELHQLR
$ PDQHUD GH FLHUUH VH UHFXHUGD TXH OD VROD SXHVWD HQ PDUFKD GH ORV UHTXHULPLHQWRV GH LQYHUVLyQ
HVWLPDGRV QR JDUDQWL]DQ VX SDVDMH D FUHFLPLHQWR VLQR TXH FRPR GHVWDFDQ 5R]DV \ 6iQFKH]   ³ODV
LQYHUVLRQHV HQ LQIUDHVWUXFWXUD VRQ XQD FRQGLFLyQ QHFHVDULD SDUD HO GHVDUUROOR SHUR QR HV XQD FRQGLFLyQ
VXILFLHQWHSHUVHPiVD~QHOLPSDFWRGHODVLQYHUVLRQHVHQLQIUDHVWUXFWXUDVREUHHOFUHFLPLHQWRGHSHQGHUiGH
VXDUWLFXODFLyQFRQRWURVIDFWRUHVWDOHVFRPRHOJUDGRGHGHVDUUROORGHOFDSLWDOKXPDQRODGLVSRQLELOLGDGGH
UHFXUVRV QDWXUDOHV \ HO DFFHVR DO ILQDQFLDPLHQWR \ D OD WHFQRORJtD HQWUH RWURV´ (Q SDUWLFXODU HV
IXQGDPHQWDO DERUGDU ODV SROtWLFDV GH LQIUDHVWUXFWXUD GH IRUPD LQWHJUDO HVFDODU OD LQWHUYHQFLyQ S~EOLFD KDFLD
UHJXODFLRQHV PiV HIHFWLYDV \ HILFLHQWHV SURPRYHU OD VRVWHQLELOLGDG \ HVSHFLDOPHQWH HOHYDU OD FDOLGDG
LQVWLWXFLRQDOHQXQDQXHYDHFXDFLyQGH(VWDGR0HUFDGR\6RFLHGDG/DIRUPDHQTXHVHDIURQWHQWRGDVHVWDV
FXHVWLRQHVVHUiXQGHWHUPLQDQWHFODYHGHOPRGRGHLQVHUFLyQTXHWHQGUi$PpULFD/DWLQD\HO&DULEHHQHOVLJOR
;;,VREUHODHFRQRPtDPXQGLDO\HQODFDOLGDGGHYLGDGHVXVKDELWDQWHV




 (Q HO VHFWRU HQHUJpWLFR VROR FRQWHPSODQ ORV UHTXHULPLHQWRV GH HQHUJtD HOpFWULFD (Q WUDQVSRUWH VRODPHQWH VH LQFOX\HQ HURJDFLRQHV
SDUDWUDQVSRUWHWHUUHVWUH(QDJXD\VDQHDPLHQWRQRVHFRQWHPSODQODVHURJDFLRQHVGHVWLQDGDVDOWUDWDPLHQWRGHHIOXHQWHV7DPSRFR
VHKDQLQFOXLGRHVWLPDFLRQHVHQFXDQWRDODFDOLGDGGHLQIUDHVWUXFWXUD VRODPHQWHVHSUHVHQWDQHQHO$QH[RDOJXQRVUHVXOWDGRVGH
ODHQFXHVWDGHFDOLGDGGHLQIUDHVWUXFWXUDTXHHODERUDHO:RUOG(FRQRPLF)RUXP 6LQHPEDUJRHQHVWH~OWLPRSXQWRVHGHVWDFDTXH
HQHOWUDEDMRGH&DOGHUyQ\6HUYpQ D\E ORVHIHFWRVGHODFDOLGDGGHLQIUDHVWUXFWXUDJXDUGDQUHODFLyQGLUHFWDFRQODFDQWLGDG
VXPLQLVWUDGD

 (QORV~OWLPRVDxRVWDPELpQVHREVHUYyTXHYDULRVSDtVHVGHODUHJLyQH[KLELHURQVXSHUiYLWDOQLYHOGHO631)6LELHQODOLWHUDWXUD
WUDGLFLRQDODVXPHTXHGHEHPDQWHQHUVHODFRQGLFLyQGHWUDQVYHUVDOLGDGILVFDOGHORVJRELHUQRVXWLOL]DUSDUWHGHGLFKRVXSHUiYLWFRQ
GHVWLQR D OD LQYHUVLyQ HQ LQIUDHVWUXFWXUD SRGUtD WUDHU DSDUHMDGRV PD\RUHV EHQHILFLRV HQ HO PHGLDQR SOD]R \ XQD PHMRUD QHWD HQ OD
VRVWHQLELOLGDGILVFDOGHELGRDORVHIHFWRVTXHHMHUFHHVWHWLSRGHLQYHUVLyQVREUHHOQLYHOGHDFWLYLGDGVHJ~QKDVLGRVHxDODGRHQOD
OLWHUDWXUDDXQTXHHVWDVSUHVXQFLRQHVUHTXHULUiQFLHUWDPHQWHGHHVWXGLRVHVSHFtILFRVHQPD\RUSURIXQGLGDG


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

%LEOLRJUDItD

$VFKDXHU '$   ³,V 3XEOLF H[SHQGLWXUH SURGXFWLYH"´ -RXUQDO RI


0RQHWDU\ (FRQRPLFV 1ƒ  )HGHUDO 5HVHUYH %DQN RI &KLFDJR
VHSWLHPEUH&KLFDJR86$
%DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR   ³8Q QXHYR LPSXOVR D OD
LQWHJUDFLyQGHODLQIUDHVWUXFWXUDUHJLRQDOHQ$PpULFDGHO6XU´VHSWLHPEUH
%UDVLOLD%UDVLO
   ³/DV0HWDVGHO0LOHQLR\ODVQHFHVLGDGHVGHLQYHUVLyQHQ$PpULFD
/DWLQD \ HO &DULEH´ SUHVHQWDGR HQ OD ³&RQIHUHQFLD LQWHUQDFLRQDO
)LQDQFLDFLyQ GH ORV VHUYLFLRV GH DJXD \ VDQHDPLHQWR RSFLRQHV \
FRQGLFLRQDQWHV´ HIHFWXDGR HO  \  GH QRYLHPEUH HQ &LXGDG GH
*XDWHPDOD*XDWHPDOD
%DQFR 0XQGLDO   ³7KH (DVW $VLDQ 0LUDFOH (FRQRPLF *URZWK DQG
3XEOLF3ROLF\ERRNUHYLHZV´25%,6
    KWWSZZZZRUOGEDQNRUJ 'DWRV DFFHGLGRV GXUDQWH HO PHV GH
-XQLRGH
&DOGHUyQ & \ 6HUYpQ /   ³7KH RXWSXW FRVW RI /DWLQ $PHULFD¶V
LQIUDVWUXFWXUH JDS´ %DQFR &HQWUDO GH &KLOH :RUNLQJ 3DSHU 1ƒ 
6DQWLDJR&KLOH
&DOGHUyQ&\6HUYpQ/ D ³7KHHIIHFWVRILQWUDVWUXFWXUHGHYHORSPHQW
RQ JURZWK DQG LQFRPH GLVWULEXWLRQ´ %DQFR &HQWUDO GH &KLOH :RUNLQJ
3DSHU1ƒ6DQWLDJR&KLOH
  E  ³7UHQGV LQ LQIUDVWUXFWXUH LQ/DWLQ$PHULFD´%DQFR
&HQWUDOGH&KLOH:RUNLQJ3DSHU1ƒ6DQWLDJR&KLOH
    ³,QIUDVWUXFWXUH LQ /DWLQ $PHULFD´ %DQFR 0XQGLDO 3ROLF\
5HVHDUFK:RUNLQJ3DSHU1ƒPD\R
&iPDUD&KLOHQDGHOD&RQVWUXFFLyQ  ³%DODQFHGHODLQIUDHVWUXFWXUDHQ
&KLOH $QiOLVLV GH OD HYDOXDFLyQ VHFWRULDO \ SUR\HFFLyQ ´
6DQWLDJR&KLOH


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&DPSRV5\*D\i5  ³/DEUHFKDHQHOFUHFLPLHQWRGHODLQIUDHVWUXFWXUD\HOFRPHUFLRGH$PpULFD


/DWLQD(OFDVRGH$UJHQWLQD%UDVLO&KLOH\0p[LFR  ´%ROHWtQ)DO1ƒ&(3$/DJRVWR
6DQWLDJR&KLOH
&DQQLQJ'  ³$'DWDEDVHRI:RUOG,QIUDVWUXFWXUH6WRFNV´%DQFR0XQGLDO3ROLF\5HVHDUFK
:RUNLQJ3DSHU1ƒMXQH
&DUFLRIL 5 \ *D\i 5   ³8QD QRWD DFHUFD GH OD H[SDQVLyQ GHO FRPHUFLR \ ODV QHFHVLGDGHV GH
LQIUDHVWUXFWXUDHQ$PpULFDGHO6XU´&DUWD0HQVXDO,QWDO1ƒRFWXEUH,QVWLWXWRSDUDODLQWHJUDFLyQGH
$PpULFDODWLQD\HO&DULEH%LG,QWDO
&KDWWHUWRQ,\3XHUWR2  ³(VWLPDWLRQRI,QIUDVWUXFWXUH,QYHVWPHQW1HHGVLQWKH6RXWK$VLD5HJLRQ´
%DQFR 0XQGLDO 3iJLQD ZHE KWWSVLWHUHVRXUFHVZRUOGEDQNRUJLQWVDUUHJWRSWUDQVSRUW5HVRXUFHV
,QIB,QYHVWPHQWB1HHGVB,&BYHUVLRQSGI
&(3$/ D  ³$SRUWHV SDUD XQ GLDJQyVWLFR VREUH ODV UHVWULFFLRQHV DO GHVDUUROOR \ D XQD LQWHJUDFLyQ
HFRQyPLFDPiVSURIXQGD´%ROHWtQ)DO1ƒ&(3$/6DQWLDJR&KLOH
  E  ³(VWXGLR (FRQyPLFR GH $PpULFD /DWLQD \ HO &DULEH ´ /&*3  &(3$/
6DQWLDJR&KLOH
  F ³/DUHDFFLyQGHORVJRELHUQRVGHODV$PpULFDVIUHQWHDODFULVLVLQWHUQDFLRQDOXQDSUHVHQWDFLyQ
VLQWpWLFD GH ODV PHGLGDV GH SROtWLFD DQXQFLDGDV KDVWD HO  GH PDU]R GH ´ SUHVHQWDGR HQ OD 4XLQWD
&XPEUHGHODV$PpULFDV&(3$/3XHUWR(VSDxDDGHDEULO
  G  ³2EMHWLYRV GH GHVDUUROOR GHO PLOHQLR DYDQFHV HQ OD VRVWHQLELOLGDG DPELHQWDO GHO GHVDUUROOR HQ
$PpULFD /DWLQD \ HO &DULEH´ FRRUGLQDGR SRU $OLFLD %iUFHQD \ -RVp /XLV 6DPDQLHJR /&*3
&(3$/6DQWLDJR&KLOH
   KWWSZZZ&(3$/RUJ'DWRVDFFHGLGRVGXUDQWHHOVHJXQGRVHPHVWUHGH
&LSROHWWD 7RPDVVLDQ * \ 6iQFKH] 5   ³$QiOLVLV GHO 5pJLPHQ GH &RQFHVLRQHV 9LDOHV HQ $UJHQWLQD
´6HULH'51,1ƒ&(3$/6DQWLDJR&KLOH
&LSROHWWD7RPDVVLDQ*5R]DV%DOERQWtQ36iQFKH]5\7URPEHQ9  ³3ROtWLFDVGH,QIUDHVWUXFWXUD\
7UDQVSRUWHHQ$PpULFD/DWLQD5HVWULFFLRQHVDO'HVDUUROOR\DOD,QWHJUDFLyQ´0XQGR1XHYR
&RUUHD*\5R]DV3  ³'HVDUUROORXUEDQRHLQYHUVLRQHVHQLQIUDHVWUXFWXUDHOHPHQWRVSDUDODWRPDGH
GHFLVLRQHV´6HULH'51,1ƒ&(3$/6DQWLDJR&KLOH
'LDULR )LQDQFLHUR GH &KLOH   ³7HOHIyQLFD GLR D FRQRFHU SODQ GH ILEUD ySWLFD UHVLGHQFLDO´ 6HFFLyQ
(PSUHVD'LDULR)LQDQFLHURGH&KLOHGHOVHSWLHPEUH6DQWLDJR&KLOH
)D\ 0   ³)LQDQFLQJ WKH )XWXUH ,QIUDVWUXFWXUH 1HHGV LQ /DWLQ $PHULFD ´ 3ROLF\ 5HVHDUFK
:RUNLQJ3DSHU1ƒ%DQFR0XQGLDO:DVKLQJWRQ(VWDGRV8QLGRV
)D\ 0 \ <HSHV 7   ³,QYHVWLQJ LQ ,QIUDVWUXFWXUH  :KDW LV 1HHGHG IURP  WR "´ 3ROLF\
5HVHDUFK:RUNLQJ3DSHU1ƒ%DQFR0XQGLDO:DVKLQJWRQ((88
)D\0\0RUULVRQ0  ³,QIUDVWUXFWXUHLQ/DWLQ$PHULFDDQGWKH&DULEEHDQ5HFHQW'HYHORSPHQWVDQG
.H\&KDOOHQJHV´%DQFR0XQGLDO5HSRUW1R/&5:DVKLQJWRQ((88
*UDPOLFK(  ³,QIUDVWUXFWXUH,QYHVWPHQW$5HYLHZ(VVD\´-RXUQDORI(FRQRPLF/LWHUDWXUH9RO
1ƒ(VWDGRV8QLGRV
+RIPDQ$  ³7KH(FRQRPLF'HYHORSPHQWRI/DWLQ$PHULFDLQWKH7ZHQWLHWK&HQWXU\´(GZDUG(OJDU
&KHOWHQKDP(VWDGRV8QLGRV
,QVWLWXWR3HUXDQRGH(FRQRPtD  ³(OUHWRGHOD,QIUDHVWUXFWXUDDO´/LPD3HU~
,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQ 8QLRQ ,78    ³:RUOG 7HOHFRPPXQLFDWLRQV ,QGLFDWRUV ´
*HQHYD6ZLW]HUODQG
/XFLRQL /   ³/D SURYLVLyQ GH LQIUDHVWUXFWXUD HQ $PpULFD /DWLQD WHQGHQFLDV LQYHUVLRQHV \
ILQDQFLDPLHQWR´6HULHPDFURHFRQRPtDGHOGHVDUUROOR1ƒ&(3$/6DQWLDJR&KLOH
0LQLVWHULRGH&RPXQLFDFLRQHVGH%UDVLO  ³8P3ODQR1DFLRQDOSDUD%DQGD/DUJD2%UDVLOHP$OWD
9HORFLGDGH´%UDVLOLD%UDVLO
0LQLVWHULRGH0LQDV\(QHUJtDGH%UDVLO  3ODQR1DFLRQDOGH(ILFLHQFLD(QHUJpWLFD%UDVLOLD%UDVLO
0LQLVWHULR GH 3ODQLILFDFLyQ )HGHUDO ,QYHUVLyQ 3~EOLFD \ 6HUYLFLRV GH $UJHQWLQD *UXSR GH 3ODQHDPLHQWR
(VWUDWpJLFR  (OHPHQWRVSDUDHO'LDJQyVWLFR\'HVDUUROORGHOD3ODQLILFDFLyQ(QHUJpWLFD1DFLRQDO
*UXSRGH3ODQHDPLHQWR(VWUDWpJLFR%XHQRV$LUHV$UJHQWLQD
2UJDQL]DFLyQ/DWLQRDPHULFDQDGH(QHUJtD 2/$'(   KWWSZZZRODGHRUJ'DWRVDFFHGLGRVGXUDQWH
HOPHVGH-XQLRGH
5R]DV3\6iQFKH]5  ³'HVDUUROORGHLQIUDHVWUXFWXUD\FUHFLPLHQWRHFRQyPLFRUHYLVLyQFRQFHSWXDO´
6HULH'51,1ƒ&(3$/6DQWLDJR&KLOH


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

5R]DV3 RULJLQDOSXEOLFDFLyQ ³3UREOHPDV\GHVDItRVHQHOILQDQFLDPLHQWRGHODLQIUDHVWUXFWXUD


HQ$PpULFD/DWLQD´5HYLVWDGHOD&HSDO1ƒ&(3$/6DQWLDJR&KLOH
6iQFKH] 5 \ :LOPVPHLHU *   ³3URYLVLyQ GH LQIUDHVWUXFWXUD GH WUDQVSRUWH HQ $PpULFD /DWLQD
H[SHULHQFLDVUHFLHQWHV\SUREOHPDVREVHUYDGRV´6HULH'51,1ƒ&(3$/6DQWLDJR&KLOH
6HFUHWDUtDGH(QHUJtDGH0p[LFR  3URVSHFWLYDGHO6HFWRU(OpFWULFR0p[LFR')0p[LFR
<HSHV 7   ³([SHQGLWXUH RQ ,QIUDVWUXFWXUH LQ (DVW $VLD 5HJLRQ ´  FRPPLVVLRQHG IRU WKH
$'%-%,&:RUOG %DQN (DVW $VLD 3DFLILF ,QIUDVWUXFWXUH )ODJVKLS 6WXG\ %DQFR 0XQGLDO :DVKLQJWRQ
(VWDGRV8QLGRV
:RUOG(FRQRPLF)RUXP  ³*OREDO&RPSHWLWLYHQHVV5HSRUW´:DVKLQJWRQ(VWDGRV8QLGRV




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[RV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R ,QGLFDGRUHVJHQHUDOHVDJUXSDPLHQWRV
/RVLQWHJUDQWHVGHORVFRQMXQWRVFRPSDUDWLYRVVRQ
&8$'52$
/,67$'2'(3$Ë6(6325$*583$0,(172
(VWHGH$VLD\3DFtILFR $PHULFD/DWLQD &DULEH $OWRV,QJUHVRVGH2&'(
$XVWUDOLD $QWLJXD\%DUEXGD $OHPDQLD
%UXQHL'DUXVVDODP $QWLOODV+RODQGHVDV $XVWUDOLD
&DPER\D $UJHQWLQD $XVWULD
&KLQD %DKDPDV %pOJLFD
&RUHD'HP5HS %DUEDGRV &DQDGi
&RUHD5HS %HOLFH &RUHD5HS
)LML %ROLYLD (VW3OXU1DFGH  'LQDPDUFD
)LOLSLQDV %UDVLO (VSDxD
*XDP &KLOH (VWDGRV8QLGRV
,QGRQHVLD &RORPELD )LQODQGLD
,VODV0DULDQDVGHO1RUWH &RVWD5LFD )UDQFLD
-DSyQ &XED *UHFLD
.LULEDWL 'RPLQLFD +XQJUtD
0DODVLD (FXDGRU ,UODQGD
0LFURQHVLD (O6DOYDGRU ,VODQGLD
0RQJROLD *UDQDGD ,WDOLD
0\DQPDU *XDWHPDOD -DSyQ
1XHYD&DOHGRQLD *X\DQD /X[HPEXUJR
1XHYD=HODQGD +DLWt 1RUXHJD
3DODX +RQGXUDV 1XHYD=HODQGD
3DSXD1XHYD*XLQHD ,VODV9tUJHQHV ((88  3DtVHV%DMRV
3ROLQHVLDIUDQFHVD -DPDLFD 3RORQLD
5'3GH/DR 0p[LFR 3RUWXJDO
6DPRD 1LFDUDJXD 5HLQR8QLGR
6LQJDSXU 3DQDPi 5HS~EOLFD&KHFD
7DLODQGLD 3DUDJXD\ 5HS~EOLFD(VORYDFD
7LPRU/HVWH 3HU~ 6XHFLD
7RQJD 3XHUWR5LFR 6XL]D
9DQXDWX 5HS~EOLFD'RPLQLFDQD 
9LHWQDP 6DQ.LWWV\1HYLV 
+RQJ.RQJ&KLQD 6DQ9LFHQWH 
,VODV0DUVKDOO 6DQWD/XFtD 
,VODV6DORPyQ 6XULQDPH 
0DFDR&KLQD 7ULQLGDG\7REDJR 
6DPRD$PHULFDQD 8UXJXD\ 
 9HQH]XHOD 5HS%ROGH  
 $UXED 
 ,VODV&DLPiQ 

)XHQWH%DQFR0XQGLDO±:',


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R 7HQGHQFLDVGHLQYHUVLyQUHFLHQWHV±IXHQWHVGH
LQIRUPDFLyQ
/DVIXHQWHVGHLQIRUPDFLyQXWLOL]DGDVUHIHUHQWHDODVLQYHUVLRQHVSULYDGDVHQLQIUDHVWUXFWXUDSURYLHQHQ
GHODEDVHGHGDWRVGH3DUWLFLSDFLyQ3ULYDGDHQ,QIUDHVWUXFWXUDGHO%DQFR0XQGLDO
/D LQIRUPDFLyQ S~EOLFD VREUH LQYHUVLyQ HQ LQIUDHVWUXFWXUD VH GHWDOOD HQ ORV FXDGURV VLJXLHQWHV
PD\RUPHQWHVHDFFHGLyDODVIXHQWHVGXUDQWHHOWHUFHUWULPHVWUHGH 





&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R
&8$'52$
)8(17(6'(,1)250$&,Ï1'(,19(56,Ï13Ò%/,&$(1,1)5$(6758&785$

3DtV 1LYHO(VWDGXDOGHODV 0pWRGRGH0HGLFLyQ /LPLWDFLRQHV6HFWRULDOHV )XHQWHGH,QIRUPDFLyQ 2WURV


(URJDFLRQHV,QFOXLGDV
$UJHQWLQD $GPLQLVWUDFLyQ1DFLRQDO 0LOORQHVGHGyODUHV ,QFOX\H,QYHUVLyQUHDOGLUHFWD 3UHVXSXHVWRGHOD KWWSZZZPHFRQJRYDURQS
FRUULHQWHV WUDQVIHUHQFLDGHFDSLWDOH $GPLQLVWUDFLyQ1DFLRQDO± KWPOVHULHV6HULHSGI
LQYHUVLyQILQDQFLHUD/RV 0LQLVWHULRGH(FRQRPtD\
KWWSZZZPHFRQJRYDURQS
VHFWRUHVLQFOXLGRVVRQDJXD 3URGXFFLyQ6HFUHWDULDGH
KWPOVHULHV6HULHSGI
SRWDEOH\DOFDQWDULOODGR +DFLHQGD±2ILFLQD1DFLRQDO
WUDQVSRUWHHQHUJtD GH3UHVXSXHVWR KWWSZZZPHFRQJRYDURQS
FRPEXVWLEOHV\PLQHUtD\ KWPOVHULHVVHULHSGI
FRPXQLFDFLRQHV

%ROLYLD ,QFOX\HWDPELpQHMHFXFLyQ 0LOORQHVGHGyODUHVFRUULHQWHV ,QFOX\H$JXD\VDQHDPLHQWR ,QVWLWXWR1DFLRQDOGH 


(VW3OXU HVWLPDGDGHORV*RELHUQRV (QHUJtD(OpFWULFD7UDQVSRUWH (VWDGtVWLFD
1DFGH  0XQLFLSDOHV 7HOHFRPXQLFDFLRQHV

%UDVLO *RELHUQR)HGHUDO 0LOORQHVGHGyODUHVFRUULHQWHV ,QFOX\H6DQHDPLHQWR 6HFUHWDULDGH7HVRUR KWWSVFRQVXOWDWHVRXURID]HQ
(QHUJtD&RPXQLFDFLRQHV 1DFLRQDO5HFXUVRVDVLJQDGRV GDJRYEUFRILQGRWDFDRBYVBG
5HFXUVRV$XWRUL]DGRV±VH
7UDQVSRUWH SRU*DVWRH,QYHUVLyQ HVSBIXQFDRBFXVWHLRBLQYDVS
H[FOX\HQORVJDVWRVFRQ
7UDQVIHUHQFLDV   


&RQVWLWXFLRQDOHV\OHJDOHV
%HQHILFLRVSHQVLRQDULRV\
RSHUDFLRQHVRILFLDOHVGH
FUpGLWR

/DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&KLOH *DVWR6HFWRULDO 0LOORQHVGHGyODUHVFRUULHQWHV ,QFOX\HORVVHFWRUHVGH$JXD 0LQLVWHULRGH2EUDV3~EOLFDV KWWSGLUSODQPRSFOSUHVXSXH
$EDVWHFLPLHQWRGHDJXD \ ±'LUHFFLyQGH3ODQHDPLHQWR VWR6HULHB+LVWRULFDB,QYHUVLRQ
6DQHDPLHQWR(QHUJtD ±'SWR3UHVXSXHVWR\ HVDVS
&RPEXVWLEOH\HQHUJtD  *HVWLyQ

7UDQVSRUWH

*DVWRVHFWRULDOUHDOL]DGRHQ
(VWXGLRV\2EUDVGH
LQIUDHVWUXFWXUDS~EOLFDGHORV
VHUYLFLRVTXHFRPSRQHQHO
0LQLVWHULRGH2EUDV3XEOLFDV

FRQWLQ~D 




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R
&XDGUR$ FRQWLQXDFLyQ 
3DtV 1LYHO(VWDGXDOGHODV 0pWRGRGH0HGLFLyQ /LPLWDFLRQHV6HFWRULDOHV )XHQWHGH,QIRUPDFLyQ 2WURV
(URJDFLRQHV,QFOXLGDV
&RORPELD 3UHVXSXHVWRGH 0LOORQHVGHGyODUHV ,QFOX\H&RPXQLFDFLyQ ,QWHUVXEVHFWRULDO 'HSDUWDPHQWR1DFLRQDOGH 
,QYHUVLyQGHOD FRUULHQWHV &RPXQLFDFLyQVHUYLFLRVGHYDORUDJUHJDGRGH 3ODQHDFLyQ
1DFLyQ FRPXQLFDFLRQHV 
(QHUJtD ,QWHUVXEVHFWRULDOHQHUJtD*HQHUDFLyQ
HOpFWULFD7UDQVPLVLyQHOpFWULFDGLVWULEXFLyQ
HOpFWULFDUHFXUVRVQDWXUDOHVHQHUJpWLFRVQR
UHQRYDEOHV 7UDQVSRUWH LQWHUVXEVHFWRULDO
WUDQVSRUWHUHGWURQFDOQDFLRQDOUHGVHFXQGDULD
FDPLQRVYHFLQDOHVUHGXUEDQDWUDQVS)pUUHR
WUDQVS)OXYLDOWUDQVSPDUtWLPRWUDQVS$pUHR 
6DQHDPLHQWR ,QWHUVXEVHFWRULDOVDQHDPLHQWR
EiVLFRDFXHGXFWR\DOFDQWDULOODGR 

0p[LFR *DVWRHMHFXWDGR 0LOORQHVGHGyODUHV ,QFOX\H(QHUJtD$JXD&RPXQLFDFLRQHV\ 3UHVXSXHVWRGH(JUHVRVGHOD KWWSZZZDSDUWDGRVKDFLHQG
LQFOX\H*RELHUQR FRUULHQWHV 7UDQVSRUWHV )HGHUDFLyQ DJREP[SUHVXSXHVWRLQGH[K
)HGHUDO(VWDWDO\ WPO
,QYHUVLRQHVUHSRUWDGDVSRU
PXQLFLSDO
VHFWRUGHRULJHQGHOUHFXUVR 
)HGHUDO(VWDWDO0XQLFLSDO
KWWSZZZFRQDJXDJREP[&


,QYHUVLRQHVGHJRELHUQR 21$*8$3XEOLFDFLRQHV3X
IHGHUDO\VXVFRQWUDSDUWHV EOLFDFLRQHV/LEUR$QH[RV<7DEO
HMHFXWDGDVDWUDYpVGHORV DV
SURJUDPDVDFDUJRGH 6LWXDFL&%Q6$3$6SGI
&21$*8$+DVWDVROR

/DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

VHLQFOXtDQHVWRVFRQFHSWRV

3HU~ ,QYHUVLyQ3~EOLFD 0LOORQHVGHGyODUHV ,QFOX\H$JXD\VDQHDPLHQWRHQHUJtDHOpFWULFD 0LQLVWHULRGH(FRQRPtD\ ZZZPHIJRESH
SRUVHFWRU FRUULHQWHV 7UDQVSRUWH7HOHFRPXQLFDFLRQHV )LQDQ]DV

(Q7UDQVSRUWHVHWRPDHOGHYHQJDGR)DVHGHO
FLFORGHOJDVWRGRQGHVHUHJLVWUDODREOLJDFLyQ
GHSDJRFRPRFRQVHFXHQFLDGHOFRPSURPLVR
FRQWUDtGR,QFOX\HWUDQVSRUWH$pUHR7HUUHVWUH
)HUURYLDULR+LGURYLDULR\8UEDQR


)XHQWH(ODERUDFLyQGHORVDXWRUHV


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R 5HYLVLyQGHODOLWHUDWXUDVREUHEUHFKDGH
LQIUDHVWUXFWXUD
3RUUD]RQHVHGLWRULDOHV\GHHVSDFLRHVWHDQH[RVRODPHQWHVHHQFXHQWUDGLVSRQLEOHHQODSiJLQDZHEGH
OD'LYLVLyQGH5HFXUVRV1DWXUDOHVH,QIUDHVWUXFWXUDGH&(3$/KWWSZZZHFODFRUJGUQL



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R 6XSXHVWRVSDUDODVSUR\HFFLRQHV
/DVSUR\HFFLRQHVXWLOL]DGDVVREUHFUHFLPLHQWRGHO3%,\GHODSREODFLyQKDQVLGRODVVLJXLHQWHV
&8$'52$
&5(&,0,(1723%,352<(&7$'2
3RUFHQWDMHV 

9DORUHV$QXDOL]DGRV 

$UJHQWLQD 
%DUEDGRV 
%HOL]H 
%ROLYLD (VW3OXU1DFGH  
%UD]LO 
&KLOH 
&RORPELD 
&RVWD5LFD 
5HS~EOLFD'RPLQLFDQD 
(FXDGRU 
(O6DOYDGRU 
*XDWHPDOD 
*X\DQD 
+DLWt 
+RQGXUDV 
-DPDLFD 
0p[LFR 
3DQDPi 
3DUDJXD\ 
3HU~ 
7ULQLGDG\7REDJR 
8UXJXD\ 
9HQH]XHOD 

5HJLyQ 
2EVHUYDGRKDVWD 

)XHQWH&(3$/


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

&8$'52$
&5(&,0,(17232%/$&,Ï1352<(&7$'2
3RUFHQWDMHV 

9DORUHV$QXDOL]DGRV 

 7RWDO 8UEDQD

$UJHQWLQD  


%DUEDGRV  
%HOL]H  
%ROLYLD (VW3OXU1DFGH   
%UD]LO  
&KLOH  
&RORPELD  
&RVWD5LFD  
5HS~EOLFD'RPLQLFDQD  
(FXDGRU  
(O6DOYDGRU  
*XDWHPDOD  
*X\DQD  
+DLWt  
+RQGXUDV  
-DPDLFD  
0p[LFR  
3DQDPi  
3DUDJXD\  
3HU~  
7ULQLGDG\7REDJR  
8UXJXD\  
9HQH]XHOD  

5HJLyQ  


2EVHUYDGRKDVWD  

)XHQWH&HODGH

(Q HO FDVR GH ODV SDUWLFLSDFLRQHV GH OD LQGXVWULD \ OD DJULFXOWXUD DO 3%, SRU IDOWD GH SUR\HFFLRQHV
GLVSRQLEOHVDHVWHQLYHOGHDSHUWXUDVHKDQPDQWHQLGRFRQVWDQWHVORV~OWLPRVYDORUHVREVHUYDGRV



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R (YROXFLyQGHOVWRFNGHLQIUDHVWUXFWXUD\YROXPHQGH
FRPHUFLRDQLYHOGHSDtVHVVHOHFFLRQDGRV
$FRQWLQXDFLyQVHSUHVHQWDODHYROXFLyQGHOVWRFNGHLQIUDHVWUXFWXUD\GHOYROXPHQGHFRPHUFLRSDUDORVSDtVHV
FRQORVTXHVHKDFRQWDGRLQIRUPDFLyQGHOVWRFN SURYHQLHQWHGH+RIPDQ\DFWXDOL]DFLRQHVSURYLVWDV
SRU+RIPDQ 
*5È),&2$
%5(&+$'(,1)5$(6758&785$±$5*(17,1$
ËQGLFHVEDVH  

 

 





 

 

 
































 6WRFN,QIUDHVWUXFWXUD 9 ROXPHQGH&RPHUFLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  

*5È),&2$
%5(&+$'(,1)5$(6758&785$±%5$6,/
ËQGLFHVEDVH  






 

 

 






































6WRFN,QIUDHVWUXFWXUD 9ROXPHQGH&RPHUFLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2$
%5(&+$'(,1)5$(6758&785$±&+,/(
ËQGLFHVEDVH  

 

 







 

 



































6WRFN,QIUDHVWUXFWXUD 9ROXPHQGH&RPHUFLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  

*5È),&2$
%5(&+$'(,1)5$(6758&785$±&2/20%,$
ËQGLFHVEDVH  

 

 

 

 

 

 

 

 

 

































 6WRFN,QIUDHVWUXFWXUD 9ROXPHQGH&RPHUFLR


)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  



&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2$
%5(&+$'(,1)5$(6758&785$±&267$5,&$
ËQGLFHVEDVH  

 















































 6WRFN,QIUDHVWUXFWXUD 9ROXPHQGH&RPHUFLR
)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\
+RIPDQ  


*5È),&2$
%5(&+$'(,1)5$(6758&785$±0e;,&2
ËQGLFHVEDVH  

 

 





 

 

 

































 6WRFN,QIUDHVWUXFWXUD 9 ROXPHQGH&RPHUFLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\
+RIPDQ  


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

*5È),&2$
%5(&+$'(,1)5$(6758&785$±3(5Ò
ËQGLFHVEDVH  

  

  

  

 

 

  

 
 

 

 

 

 

 

 

 

 

 












 6WRFN,QIUDHVWUXFWXUD 9 ROXPHQGH&RPHUFLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  


*5È),&2$
%5(&+$'(,1)5$(6758&785$±9(1(=8(/$
ËQGLFHVEDVH  

 
 





 
 

 





































6WRFN,QIUDHVWUXFWXUD 9ROXPHQGH&RPHUFLR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHLQIRUPDFLyQGH&(3$/\+RIPDQ  




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R %UHFKDKRUL]RQWDOFRQRWURVSDtVHVFRPRREMHWLYRV
(OFLHUUHGHODEUHFKDGHLQIUDHVWUXFWXUDH[LVWHQWHHQFRQSDtVHVGHVDUUROODGRVFRPR$XVWUDOLD(VWDGRV
8QLGRV \ 1RUXHJD UHTXHULUtD XQ PRQWR GH LQYHUVLyQ DQXDO KDVWD  PX\ VLJQLILFDWLYR WDO FRPR SXHGH
DSUHFLDUVHHQHOVLJXLHQWHFXDGUR
&8$'52$
&267263$5$(/&,(55('(%5(&+$&213$Ë6(66(/(&&,21$'26
&RVWRVDQXDOHVHQSRUFHQWDMHGHO3%, 

6HFWRU $XVWUDOLD (VWDGRV8QLGRV 1RUXHJD

&DSDFLGDGGH*HQHUDFLyQ(OpFWULFD   


7HOHIRQtD)LMD   
7HOHIRQtD0yYLO   
6XVFULSWRUHV%DQGD$QFKD   
&DPLQRV3DYLPHQWDGRVSHUFiSLWD   
9tDV)pUUHDVSHUFiSLWD   
$FFHVRD$JXDV0HMRUDGDV   
$FFHVRD0HMRUDV6DQLWDULDV   
7RWDO   

)XHQWH(VWLPDFLRQHVSURSLDVGHORVDXWRUHV




&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R ,QGLFDGRUHVVXEMHWLYRVGHFDOLGDGGHLQIUDHVWUXFWXUD
$FRQWLQXDFLyQVHSUHVHQWDQDOJXQRVLQGLFDGRUHVGHODFDOLGDGGHLQIUDHVWUXFWXUDGHFDUiFWHUVXEMHWLYRSDUD
XQ FRQMXQWR GH SDtVHV GH OD UHJLyQ HODERUDGRV FRQ LQIRUPDFLyQ GHO *OREDO &RPSHWLWLYHQHVV 5HSRUW
GHO:RUOG(FRQRPLF)RUXP
&8$'52$
5$1.,1*62%5(3$Ë6(6

 &DOLGDGGHOD &DOLGDGGHODV &DOLGDGGHOD &DOLGDGGHOD &DOLGDGGHOD &DOLGDGGHOD /tQHDVGH /tQHDVGH


,QIUDHVWUXFWXUD FDUUHWHUDV LQIUDHVWUXFWXUD LQIUDHVWUXFWXUD LQIUDHVWUXFWXUDRIHUWDHOpFWULFD WHOHIRQtDILMD WHOHIRQtDPyYLO
HQJHQHUDO IHUURYLDULD SRUWXDULD DHURSRUWXDULD

$UJHQWLQD        

%ROLYLD (VW3OXU        
1DFGH 

%UDVLO        

&KLOH        

&RORPELD        

&RVWD5LFD        

*XDWHPDOD        

0p[LFR        

3HU~        

3URPHGLR6LPSOH        

)XHQWH/RVDXWRUHVVREUHODEDVHGH7KH*OREDO&RPSHWLWLYHQHVV5HSRUW

&8$'52$
,1',&$'25(662%5(/$&$/,'$''(/$,1)5$(6758&785$3$Ë6(6'($0e5,&$/$7,1$<
&(1752$0e5,&$6(/(&&,21$'26

 ,QVXILFLHQWH6XILFLHQWH\FRQILDEOH

&DOLGDGGHOD &DOLGDGGHOD &DOLGDGGHOD &DOLGDGGHOD


&DOLGDGGHODV &DOLGDGGHOD
 ,QIUDHVWUXFWXUDHQ LQIUDHVWUXFWXUD LQIUDHVWUXFWXUD LQIUDHVWUXFWXUD
FDUUHWHUDV RIHUWDHOpFWULFD
JHQHUDO IHUURYLDULD SRUWXDULD DHURSRUWXDULD

$UJHQWLQD      

%ROLYLD (VW3OXU      


1DFGH 

%UDVLO      

&KLOH      

&RORPELD      

&RVWD5LFD      

*XDWHPDOD      

0p[LFR      

3HU~      

3URPHGLR6LPSOH      

)XHQWH/RVDXWRUHVVREUHODEDVHGH7KH*OREDO&RPSHWLWLYHQHVV5HSRUW


&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH

$QH[R $EUHYLDWXUDVXWLOL]DGDV
$/&  $0e5,&$/$7,1$<(/&$5,%(
$/  $0e5,&$/$7,1$
&(3$/  &20,6,Ï1(&21Ï0,&$3$5$$0e5,&$/$7,1$<(/&$5,%(
($3  3$Ë6(6'(/(67('($6,$<(/3$&Ë),&2
,78  ,17(51$7,21$/7(/(&20081,&$7,2181,21
2&'(  25*$1,=$&,Ï13$5$/$&223(5$&,Ï1(&21Ï0,&$<(/'(6$552//2
2/$'(  25*$1,=$&,Ï1/$7,12$0(5,&$1$'((1(5*Ë$
:%  %$1&2081',$/
:',  :25/''(9(/230(17,1',&$7256 ,1',&$'25(6'('(6$552//2
'(/%$1&2081',$/ 





&(3$/6HULH5HFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD1R /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH





6HULH
UHFXUVRVQDWXUDOHVHLQIUDHVWUXFWXUD 
1~PHURVSXEOLFDGRV

8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV


 /DEUHFKDGHLQIUDHVWUXFWXUDHQ$PpULFD/DWLQD\HO&DULEH'DQLHO3HUURWWL\5LFDUGR-6iQFKH] /&/ 
 (ILFDFLDLQVWLWXFLRQDOGHORVSURJUDPDVQDFLRQDOHVGHHILFLHQFLDHQHUJpWLFDORVFDVRVGHO%UDVLO&KLOH0p[LFR\HO
8UXJXD\%HQR5XFKDQVN\2GyQGH%XHQ*LOEHUWR-DQX]]L$QGUpV5RPHUR /&/ 
 (O DO]D GHO SUHFLR GHO SHWUyOHR \ VX LPSDFWR HQ ORV IOHWHV PDUtWLPRV GH SURGXFWRV H[SRUWDGRV SRU &KLOH HQ
FRQWHQHGRUHV6HEDVWLiQ)D~QGH]1DQQR0XOGHU*DEULHO3pUH]6DODV\5LFDUGR-6iQFKH] /&/ 
 3ROtWLFDVLQWHJUDGDVGHLQIUDHVWUXFWXUDWUDQVSRUWH\ORJtVWLFDH[SHULHQFLDVLQWHUQDFLRQDOHV\SURSXHVWDVLQLFLDOHV
*HRUJLQD&LSROHWWD7RPDVVLDQ*DEULHO3pUH]6DODV\5LFDUGR-6iQFKH] /&/ 
 /DLQGXVWULDGHOWUDQVSRUWHPDUtWLPR\ODVFULVLVHFRQyPLFDV*HRUJLQD&LSROHWWD7RPDVVLDQ5LFDUGR-6iQFKH]
/&/ 
 3XQWRVGHFRQIOLFWRGHODFRRSHUDFLyQHLQWHJUDFLyQHQHUJpWLFDHQ$PpULFD/DWLQD\HO&DULEH$ULHOD5XL]&DUR
/&/ 
 *HVWLyQ GH OD LQGXVWULD SHWUROHUD HQ SHUtRGR GH DOWRV SUHFLRV GHO SHWUyOHR HQ SDtVHV VHOHFFLRQDGRV GH $PpULFD
/DWLQD+XPEHUWR&DPSRGyQLFR /&/ 
 &RQWDELOLGDG UHJXODWRULD VXVWHQWDELOLGDG ILQDQFLHUD \ JHVWLyQ PDQFRPXQDGD WHPDV UHOHYDQWHV HQ VHUYLFLRV GH
DJXD\VDQHDPLHQWR'LHJR)HUQiQGH]$QGUHL-RXUDYOHY(PLOLR/HQWLQL$QJHO<XUTXLQD /&/ 
 $QiOLVLV GHO UpJLPHQ GH FRQFHVLRQHV YLDOHV HQ $UJHQWLQD  *HRUJLQD &LSROHWWD 7RPDVVLDQ 5LFDUGR -
6iQFKH] /&/ 
 (OSDSHOGHODPXMHUHQODLQGXVWULDPLQHUDGH&HQWURDPpULFD\HO&DULEH(GXDUGR&KDSDUUR /&/ 
 &ULVLVHFRQyPLFD\HQHUJpWLFDHQ$PpULFD/DWLQDVXLPSDFWRHQODVRSHUDGRUDVHVSDxRODV3DWULFLR5R]DV%DOERQWtQ
/&/ 
 /RVGHVDItRVGHOVLVWHPDGHWUDQVSRUWHHQORVSDtVHVVLQOLWRUDOGH$PpULFDGHO6XU*RUGRQ:LOPVPHLHU\5LFDUGR-
6iQFKH] /&/ 
 )RPHQWR GH OD HILFLHQFLD GH ODV HPSUHVDV HVWDWDOHV GH DJXD SRWDEOH \ VDQHDPLHQWR 5DTXHO $OIDUR )HUQDQGRLV
/&/ 


• (OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ


1RPEUH  

$FWLYLGDG  

'LUHFFLyQ  

&yGLJRSRVWDOFLXGDGSDtV 

7HO)D[ (PDLO 



You might also like