You are on page 1of 7

2[LGDFLyQGHORViFLGRVJUDVRV\&HWRJpQHVLV


(ODSURYHFKDPLHQWRGHORViFLGRVJUDVRVFRQILQHVHQHUJpWLFRVHVXQPHFDQLVPR
GHPD\RUEHQHILFLRGHVGHHOSXQWRGHYLVWDGHQ~PHURGHPROpFXODVGH$73
&XDQGRODGLVSRQLELOLGDGGHFDUERKLGUDWRVOOHJDDDJRWDUVHVHDFWLYDODOLSyOLVLV
SURYRFDQGR PD\RU GHJUDGDFLyQ GH 7ULJOLFpULGRV FRQ OLEHUDFLyQ GH ·FLGRV *UDVRV /L
EUHVORVFXDOHVSXHGHQOOHJDUDORVWHMLGRVFRPRVXVWUDWRVSDUDSURYHHUHQHUJtD

„ /D EHWDR[LGDFLyQ GH ORV iFLGRV JUDVRV HV XQ SURFHVR PLWRFRQGULDO TXH DSRUWD
$FHWLO&R$ HQ JUDQGHV FDQWLGDGHV DO FLFOR GH .UHEV \ VX PHWDEROLVPR SURYHH
JUDQFDQWLGDGGH$73HQODFDGHQDUHVSLUDWRULD
„ 6LQRKD\FDUERKLGUDWRVGLVSRQLEOHVODβR[LGDFLyQGHORV iFLGRVJUDVRVFRQWL
Q~D$OH[FHGHUVHODFDQWLGDGGH$FHWLO&R$VREUHODFDQWLGDGGH2[DODFHWDWR
OD PLWRFRQGULD KHSiWLFD LQLFLD OD IRUPDFLyQ GH FXHUSRV FHWyQLFRV SRU QR SRGHU
VHJXLUIRUPDQGR&LWUDWR

(OPHWDEROLVPRGHORViFLGRVJUDVRVGHFDGHQDODUJDUHTXLHUHORVVLJXLHQWHVSDVRV
3ULPHUSDVRODDFWLYDFLµQGHO£FLGRJUDVR

/D HQ]LPD $FLO&R$ VLQWHWDVD
WLRFLQDVD  FDWDOL]D OD FRQYHU
VLyQ GHO iFLGR JUDVR HQ VX
IRUPD DFWLYD $FLO&R$ FRQ
VXPLHQGR GRV IRVIDWRV GH DOWD
HQHUJtD
5HTXLHUH HO XVR FRPSOHPHQ
WDULR GH XQD SLURIRVIDWDVD LQ
RUJiQLFDSDUDFRQYHUWLUHO33L
Æ3L
)LJ$FWLYDFLyQGHOiFLGRJUDVR
6HJXQGRSDVRVXWUDVODGRDOLQWHULRUGHODPLWRFRQGULDSRUPHGLRGHOWUDQVSRU
WDGRUGH&DUQLWLQD
EKLGUR[LJWULPHWLO
DPRQLREXWLUDWR 
6LJDODIOHFKDGHORV
FRPSRQHQWHVHQFHUUDGRVHQ
OtQHD URMD  2EVHUYH OD VH
FXHQFLDGHODVIXQFLRQHVGH
ODV HQ]LPDV SDUWLFLSDQWHV
$FLO&R$ VLQWHWDVD Æ
&DUQLWLQD SDOPLWRLO WUDQV
IHUDVD ,Æ &DUQLWLQD DFLO
FDUQLWLQD 7UDQVORFDVD Æ
&DUQLWLQD SDOPLWRLO WUDQV
IHUDVD ,, KDVWD REWHQHU
$FLO&R$  $TXt LQLFLD OD
DFWLYLGDGFtFOLFDVLJXLHQWH
%HWDR[LGDFLµQ5HDFFLµQ
$ SDUWLU GH HVWD
UHDFFLyQ RFXUULUi
XQ SURFHVR FtFOLFR
TXH UHGXFLUi OD
ORQJLWXG GHO iFLGR
JUDVR  /D HQ]LPD
$FLO&R$ 'HV
KLGURJHQDVDSURYRFDODIRUPDFLyQGHHQRLO&R$TXHSRVHHXQGREOHHQODFHHQWUHORV
FDUERQRV  \  OR TXH VH GHPXHVWUD FRQ HO FDPELR GH FRORU GH ORV FDUERQRV YHUGHV D
URMRVHQHVWDVIyUPXODV

2 2

 __  __
5¥&+
 ¥&+¥&a6¥&R$ 5¥&+ &+¥&a6¥&R$
 
(O)$'+SURGXFLGROOHYDKLGUyJHQRVDODFDGHQDUHVSLUDWRULDSURYRFDQGRODJHQHUD
FLyQGHPROpFXODVGH$73/DILJXUDDFRQWLQXDFLyQPXHVWUDHOVLWLRGRQGHVHHQWUH
JDQORVKLGUyJHQRVDODFDGHQDUHVSLUDWRULD HQOD³SXHUWDODWHUDO´ DQLYHOGHOD&RHQ]L

PD4SRUORTXHVyORSXHGHIRUPDU$73SRUFDGDSDUGHKLGUyJHQRV$SURYHFKDQGR
OD ILJXUD WDPELpQ VH REVHUYD HO VLWLR GRQGH VH HQWUHJDQ ORV KLGUyJHQRV HQ OD VHJXQGD
GHVKLGURJHQDFLyQ HQOD³SXHUWDSULQFLSDO´ GHSHQGLHQWHGHO1$'SRUORTXHIRUPD
$73GHVFULWDPiVDGHODQWH(VWDVUHDFFLRQHVHVWiQGHVFULWDVGHQXHYRHQODILJXUD1R
TXHGHVFULEHHQIRUPDHVSLUDOODVHFXHQFLDGHUHDFFLRQHVGHVGHFXDQGRODPROpFXOD
GHiFLGRSDOPtWLFRGHFDUERQRVHVWiFRPSOHWDKDVWDTXHVHFRQYLHUWHDOILQDOGHWR
GRHQPROpFXODVGH$FHWLO&R$



%HWDR[LGDFLµQ5HDFFLµQ

(VWD UHDFFLyQ QR WLHQH
LPSOLFDFLyQ HQ OD IRU
PDFLyQGH$73
(VXQDUHDFFLyQGH
+LGUDWDFLyQ HQ OD TXH
ORV FRPSRQHQWHV GH OD
PROpFXOD GH DJXD VRQ
DSURYHFKDGRV
       2+2
___
5¥&+¥&+¥&a6¥&R$

„ 6HGLVXHOYHHOGREOHHQODFHHQWUHORVFDUERQRV\IRUPDGRHQODUHDFFLyQDQ
WHULRU
„ (O+GHODJXDVHXQHDOFDUERQR
„ (O2+GHODJXDVHXQHDO&DUERQRIRUPDQGRHOJUXSRKLGUR[LGDQGRRUL
JHQDO/  KLGUR[LDFLO&R$

%HWDR[LGDFLµQ5HDFFLµQ

(VWD UHDFFLyQ HV OD
VHJXQGD GHVKLGURJH
QDFLyQ GHO SURFHVR
GHSHQGLHQWHGH1$'



22
__ __
     5¥&¥&+¥&a6¥&R$

„ (O FDUERQR  ž&+ 2+ ž  HV DIHFWDGR SRU OD VHJXQGD GHVKLGURJHQD
FLyQTXHORFRQYLHUWHGHODIRUPDKLGUR[LDFLO&R$DODIRUPDFHWRDFLO
&R$
„ 6HIRUPD1$'++TXHHQODFDGHQDUHVSLUDWRULDSURYRFDODIRUPDFLyQ
GH$73
„ 6HJXQGD GHVKLGURJHQDFLyQ TXH OOHYD HTXLYDOHQWHV UHGXFWRUHV D OD ¦SXHUWD
SULQFLSDO§ GH OD FDGHQD UHVSLUDWRULD YHU ILJXUD GH FDGHQD UHVSLUDWRULD DQWH
ULRU 






%HWDR[LGDFLµQ5HDFFLµQ

2   2
 __   __
5¥&+¥&+¥&a6¥&R$   &+¥&a6¥&R$
+DVWDHVWHSXQWRHOQ~PHURGHFDUERQRVGHODPROpFXODD~QFRQVHUYDHOQ~PHURGH
FDUERQRVLQLFLDO  &RQODDFFLyQGHODHQ]LPD7,2/$6$RFXUUHODVHSDUDFLyQGH
FDUERQRVHQODIRUPDGH$FHWLO&R$&DGDYXHOWDGHOSURFHVRFtFOLFRHQHVWHPRPHQWR
VHUHLQLFLDHQODVLJXLHQWHFXUYDLQWHUQDGHODHVSLUDOGHODILJXUD1R
„ /D&R$6+VHXQHDOTXHHUDFDUERQR\ORVFDUERQRV\VRQVHSDUDGRV
RULJLQDQGRXQDPROpFXODGH$FHWLO&R$
„ /DFDGHQDGHFDUERQRVGHOiFLGRJUDVRTXHGDFRPR$FLO&R$FRQFDUER
QRVPHQRV GHDGHDGHDž 
„ 6HUHLQLFLDHOFLFORGHODVUHDFFLRQHVDKDVWDWHUPLQDUFHUUDQGRODHVSLUDO
FDGDYH]PiV(QOD~OWLPDYXHOWDVHIRUPDQPROpFXODVGH$FHWLO&R$

)LJ%HWDR[LGDFLµQVHGHEHVHJXLUODVHFXHQFLDGHUHDFFLRQHVGHODVHQ]LPDVVLJXLHQ
GRODHVSLUDOGHVGHHO$FLO&R$GHFDUERQRV(QFDGDYXHOWDVHIRUPD$FHWLO&R$ IOH
FKDVD]XOHV 
(QHUJpWLFDGHOD%HWD2[LGDFLyQGHOiFLGR3DOPtWLFR FDUERQRV 

„ 6HFRQVXPHQHQODFHVGHDOWDHQHUJtDHQODDFWLYDFLyQGHOiFLGRJUDVR
„ /DVGHVKLGURJHQDFLRQHVGHSHQGLHQWHVGH)$'SURGXFHQ$73HQOD&DGH
QD5HVSLUDWRULD
„ /DVGHVKLGURJHQDFLRQHVGHSHQGLHQWHVGH1$'SURGXFHQ$73HQOD&DGH
QD5HVSLUDWRULDDFXPXODQGR$73
„ &DGD$FHWLO&R$SURGXFH$73HQHO&LFORGH.UHEV [ $73 
„ /DSURGXFFLyQWRWDOHV\QHWDHV$73


&HWRJpQHVLVIXQFLyQKHSiWLFDPLWRFRQGULDO

„ 6H LQLFLD FXDQGR HQ OD PLWRFRQGULD OD FDQWLGDG GH $FHWLO&R$ H[FHGH D OD GH
2[DODFHWDWR HQODSULPHUDUHDFFLyQGHOFLFORGH.UHEV 
„ &DXVDV IDOWDGHGLVSRQLELOLGDGGHFDUERKLGUDWRV   
  XWLOL]DFLyQGHUHVHUYDVGHJUDVD
„ &RQGLFLRQHVGHWHUPLQDQWHV 
,QDQLFLyQ'LDEHWHVPHOOLWXV&RQVXPRH[FHVLYRGHJUDVDV

)LJ6LHQODPLWRFRQGULDKHSiWLFD\DKD\GHVSURSRUFLyQHQWUHODFDQWLGDGGH$FHWLO&R$\GH2[DODFHWDWRHO
H[FHVRGH$FHWLO&R$HPSLH]DDXVDUVHSRUODHQ]LPD7LRODVDHQVHQWLGRLQYHUVRFRQGHQVDQGRGRVPROpFXODVGH
$FHWLO&R$SDUDIRUPDXQDPROpFXODGH$FHWRDFHWLO&R$\GLULJLUODKDFLDODVtQWHVLVGH+LGUR[LPHWLOJOXWDULO&R$
+0*&R$ $OPLVPRWLHPSRFXDQGRODEHWDR[LGDFLyQGHORViFLGRVJUDVRVOOHJyDOD~OWLPDYXHOWDHOiFLGRJUDVR
GHFDUERQRVTXHLQLFLDHOSURFHVRHVHO$FHWRDFHWLO&R$(QHVWHSXQWR\DQRVLJXHVXFXUVRQRUPDOVLQRTXHVH
GHVYtDWDPELpQKDFLDODIRUPDFLyQGHFXHUSRVFHWyQLFRV

 /DVREUHFDUJDGH$FHWLO&R$TXHHQHOKtJDGRHVGHVYLDGDKDFLDOD&(72*e
1(6,6 UHTXLHUH OD IXQFLyQ VHFXHQFLDO GH ODV HQ]LPDV 7,2/$6$ TXH FRQGHQVD GRV
$FHWLO&R$SDUDIRUPDU$FHWRDFHWLO&R$ +0*&R$6LQWDVD TXHFRQGHQVDXQD$FH
WLO&R$ PiV DO $FHWRDFHWLO&R$ SDUD IRUPDU +LGUR[L0HWLOJOXWDULO&R$  +0*
&R$/LDVD TXHVHSDUDXQDPROpFXODGH$FHWLO&R$\SURGXFH$FHWRDFHWDWRHOSULPH
UR GH ORV FXHUSRV FHWyQLFRV  \ E+LGUR[L%XWLUDWR 'HVKLGURJHQDVD IRUPDGRUD GH E
+LGUR[L%XWLUDWR HO VHJXQGR FXHUSR FHWyQLFR  3RU GHVFDUER[LODFLyQ HVSRQWiQHD GHO
DFHWRDFHWDWR VH IRUPD $FHWRQD HO WHUFHU FXHUSR FHWyQLFR TXH SRU VHU PX\ YROiWLO HV
UHVSRQVDEOHGHODOLHQWRFHWyQLFRHVSHFtILFRGHORVSDFLHQWHVGLDEpWLFRVHQFHWRVLVRFH
WRDFLGRVLV

 $HVWDVDOWXUDVGHOPRPHQWRPHWDEyOLFRODFHWRJpQHVLVIXHLPSXOVDGDSDUDSUR
YHHU PDWHULD SULPD DO PHWDEROLVPR HQHUJpWLFR GH ORV WHMLGRV H[WUDKHSiWLFRV TXH SRU OD
DXVHQFLDGHJOXFRVDUHTXLHUHIXHQWHVGHFDUERQRGLIHUHQWHVSDUDJHQHUDU$73

8WLOL]DFLyQGHORVFXHUSRVFHWyQLFRVHQWHMLGRVH[WUDKHSiWLFRV

/RV FXHUSRV FHWyQLFRV VRQ XWLOL]DGRV SRU ORV WHMLGRV H[WUDKHSiWLFRV SDUD REWHQHU
HQHUJtDHQIRUPDLQPHGLDWDOOHYiQGRORVFRPR$FHWLO&R$DO&LFORGH.UHEV
„ (OEHWDKLGUR[LEXWLUDWR\HODFHWRDFHWDWRGDQRULJHQDPROpFXODVGH$FH
WLO&R$
„ (O DSURYHFKDPLHQWR GH ODV PROpFXODV GH $FHWLO&R$ HQ HO &LFOR GH .UHEV
SURGXFH HTXLYDOHQWHVUHGXFWRUHVTXHJHQHUDQ$73HQODFDGHQDUHVSLUDWR
ULD\JDUDQWL]DTXHODVIXQFLRQHVJHQHUDOHVGHODVFpOXODVVHDQFXPSOLGDVVDWLV
IDFWRULDPHQWH

)LJ   /DV GRV IOHFKD D]XOHV SXHGHQ UHSUHVHQWDU HO SXQWR GH LQLFLR GHO PHWDEROLVPR GH XQD PROpFXOD GH EHWD
KLGUR[LEXWLUDWRR$FHWRDFHWDWR/DSURGXFFLyQGH$73HVPD\RUVLHPSH]DPRVHQEHWDKLGUR[LEXWLUDWRSRUTXHOD
SURGXFFLyQ GH 1$'+  + SXHGH OOHYDU HTXLYDOHQWHV UHGXFWRUHV D OD PLWRFRQGULD  &DGD PROpFXOD GH $FHWLO&R$
SURGXFLUiHTXLYDOHQWHVUHGXFWRUHVSDUDODFDGHQDUHVSLUDWRULD(O&LFORGH.UHEVIXQFLRQDUiYHFHV



„ /D SURGXFFLyQ GH FXHUSRV FHWyQLFRV QR VH SRGUi GHWHQHU PLHQWUDV SHUVLVWD OD
GHVSURSRUFLyQ KGH$FHWLO&R$ÅÆ LGH2[DODFHWDWR/DFDQWLGDGGHPROpFX
ODVGHDFHWRQDDFHWRDFHWDWR\EHWDKLGUR[LEXWLUDWRDXPHQWDUiDFDGDPRPHQWR
\PLHQWUDVODFDSDFLGDGGHXWLOL]DUORVHQORVWHMLGRVH[WUDKHSiWLFRVVHDFRP
SOHWDVHUiQQRWDEOHVORVHIHFWRV%(1e),&26VLQTXHVHGHEDQFRQVLGHUDU
D~QORVHIHFWRVSHUMXGLFLDOHV/DFLIUDHQSODVPDHQTXHVHVXSHUDODFDSD
FLGDGGHXWLOL]DFLyQGHORVFXHUSRVFHWyQLFRVHQORVWHMLGRVHVWiDOUHGHGRUGH
ORVPJGO0LHQWUDVODSURGXFFLyQ D~QWDQH[FHVLYD VHDDSURYHFKDGDHQORV
WHMLGRVH[WUDKHSiWLFRV GHILQLWLYDPHQWHHQXQDJUDQLQWHQVLGDG QRVHUiQRWDEOH
QLQJ~QHIHFWRSHUMXGLFLDO
„ $O H[FHGHUVH OD SURGXFFLyQ OOHYDQGR ODV FLIUDV GH FXHUSRV FHWyQLFRV HQ
SODVPD PX\ SRU HQFLPD GH OD WDVD GH XWLOL]DFLyQ PHWDEyOLFD GH ORV WHMLGRV
H[WUDKHSiWLFRV VH DFXPXODQ HQ HO SODVPD OR TXH FRQOOHYD D OD FRQGLFLyQ GH
&(726,6 FXDQGRODFLIUDGHFXHUSRVFHWyQLFRVHQVDQJUH\RULQDVXSHUDORVYD
ORUHVQRUPDOHVQRPiVGHPJGOHQVDQJUH\GHPJGOHQRULQDGHKRUDV 
„ (O EHWDKLGUR[LEXWLUDWR SUHGRPLQD HQ VX FRQFHQWUDFLyQ HQ  D  DO $FH
WRDFHWDWR3RUVXQDWXUDOH]DGHiFLGRVGRQDGRUHVGH+SURYRFDQTXHJUD
GXDOPHQWHVHYD\DHOHYDQGRODFRQFHQWUDFLyQGH+
„ (ODXPHQWRGHODFRQFHQWUDFLyQGH+RULJLQDGHVFHQVRGHODFLIUDGHS+
„ 6L OD FLIUD GH S+ QRUPDO  D   GHVFLHQGH HVWDPRV HQ FRQGLFLyQ GH
ULHVJR VHUi HO SULQFLSLR GH XQ HVWDGR GH &(72$&,'26,6 DFLGRVLV PHWD
EyOLFD 48('(%(6(575$7$'2'((0(5*(1&,$


1RWD
(VWDOHFWXUDHVXQFRPSOHPHQWRDVXHVWXGLR1RVXVWLWX\HDVXWH[WREiVLFRSDUDODHYD
OXDFLyQGHOWHPD

%LEOLRJUDItD+$53(5%LRTXtPLFDLOXVWUDGD0XUUD\*UDQQHU0D\HV\5RGZHOO
  (GLFLyQ  (GLWRULDO0DQXDO0RGHUQR







You might also like