You are on page 1of 769

,QGLFH

352/2*2

/DRSHUDFLyQGHWDFKRVSXHGHVHUPHMRUDGDHQFDGDLQJHQLRRUHILQHUtDSRUTXHDXQTXHVHSURGXFH
D]~FDUHQPXFKDVIiEULFDVH[LVWHXQDUHFLUFXODFLyQGHSURGXFWRV PLHOHVVLURSHVHWF H[FHVLYR
WUD\HQGRFRPRFRQVHFXHQFLDODGLVPLQXFLyQGHODFDSDFLGDGGLVSRQLEOHDXPHQWDQGRHOWLHPSR\
ORVFRVWRVGHSURGXFFLyQ
(VWHPDQXDOWUDWDGHVHxDODUDOJXQDVPHWDV\EXHQDVSUiFWLFDVHQHOFRFLQDGRGHOD]~FDUDOJXQRV
GH ORV SULQFLSLRV SXQWXDOL]DQ ODV IRUPDV GH DOFDQ]DU GLFKDV PHWDV \ ODV YtDV SDUD XVDU HVRV
SULQFLSLRVSDUDJDQDUEHQHILFLRVLQPHGLDWRVGHVXDSOLFDFLyQ
8QVXMHWRLJXDOPHQWHLPSRUWDQWHHQHOSLVRGHORVWDFKRVHVHOPDQHMRGHODPHODGXUDVLURSHR
VHPLOODVSHURGLFKRWHPDQRHQWUDHQHOSURSyVLWRGHHVWHPDQXDO
&XDQGRVHREWLHQHD]~FDUGHFDOLGDGFRQVLVWHQWHKDEUiWLHPSRVXILFLHQWHSDUDKDFHUPHMRUDVHQOD
RSHUDFLyQ
&DGD WHPSOD FRQ XQ UHQGLPLHQWR DOWR KHFKD HQ XQ WDFKR UHGXFH OD UHFLUFXODFLyQ GH SURGXFWRV
SURSRUFLRQDQGR PiV WLHPSR SDUD UHDOL]DU XQ WUDEDMR PHMRU HQ ORV RWURV WDFKRV (VWR SXHGH
ORJUDUVH DO WUDEDMDU ODV PDVDV FRFLGDV HQ ORV YDORUHV PiV EDMRV \ VHJXURV GH VREUHVDWXUDFLyQ
REWHQLpQGRVH DVt XQD IRUPDFLyQ PHMRU GH JUDQRV 2 UHGXFLU HO YROXPHQ GH VHPLOOD XVDGD SDUD
SURGXFLUXQJUDQRPiVJUDQGH\TXHSXUJXHIiFLOHQORVPDWHULDOHVGHEDMDSXUH]D/DRSHUDFLyQ
GHWDFKRVTXHVHFRQGX]FDERWDQGRPDVDVFRFLGDVGHUHQGLPLHQWRVEDMRVSDUDHYLWDUODOOHQXUDGH
OLFRU PHODGXUD VLURSH R PLHOHV HV WRWDOPHQWH HUUyQHD /DV WHPSODV GH PDVDV FRFLGDV ELHQ
KHFKDVSXUJDQPiVUiSLGR\DXPHQWDQODFDSDFLGDGGHODVFHQWUtIXJDVWDFKRV\VHFDGRUHV&DGD
UHJODGHEXHQDSUiFWLFDHQHOFRFLQDGRGHOD]~FDUDxDGHDOJRDORVUHVXOWDGRVILQDOHV<HVWiPX\
FODUR TXH VLPSOHPHQWH FRQGXFLHQGR OD RSHUDFLyQ GH WDFKRV EDViQGRVH HQ ORV SULQFLSLRV GH OD
FULVWDOL]DFLyQODVHVWDFLRQHVGHWDFKRVKDQUHGXFLGRGUDPiWLFDPHQWHODFDUJDGHFLUFXODFLyQ(Q
JHQHUDOQRVRWURVKHPRVFRPSUREDGRHQODSUiFWLFDTXHORVSXQWLVWDVVRQUHDFLRVHQDFHSWDUORV
FRQWUROHVPRGHUQRVGHVREUHVDWXUDFLyQ3HURQRVRWURVKHPRVFRPSUREDGRFyPRXQDHVWDFLyQGH
WDFKRVTXHHUDHOFXHOORGHERWHOODGHXQDIiEULFDDOLQVWDODUORVFRQWUROHVGHVREUHVDWXUDFLyQ\ORV
EXHQRV KiELWRV GHO FRFLQDGR GH WHPSODV DVt FRPR ORV GH FHQWULIXJDFLyQ OD FDQWLGDG GH VyOLGRV
UHFLUFXODGRVGHVFHQGLyHQXQDVtFRPRGHVFHQGLyODSXUH]DGHODPLHOILQDO\VHLQFUHPHQWy
ODFDOLGDGGHOD]~FDU
/D FULVWDOL]DFLyQ GHO D]~FDU HV XQ SURFHVR GH FULVWDOL]DFLyQ HVSHFLDO 8QD YH] TXH ORV PLWRV \
SUiFWLFDVLQDGHFXDGDVVHDQGHVDFUHGLWDGDVODVPHMRUDVHQHVWHFDPSRVHUiQH[FHOHQWHV
(QHOFRFLQDGRHQORVWDFKRVODPHWDLGHDOHVFRFLQDUFDGDWHPSODHQHOWLHPSRPtQLPRSRVLEOH\
SURGXFLUHOUHQGLPLHQWRPiVDOWRSRVLEOHGHFULVWDOHVWRGRVGHWDPDxRXQLIRUPHSHUIHFWDPHQWH
IRUPDGRVFRPSOHWDPHQWHOLEUHVGHERODV \ JUDQRVFRQJORPHUDGRV7DOPDVDFRFLGDGHEHUtDVHU
IOXLGD D~Q FRQ XQ UHQGLPLHQWR DOWR GH FULVWDOHV TXH SXUJDUD UiSLGDPHQWH \ TXH UHTXLULHUD XQ
ODYDGR PtQLPR ,JXDOPHQWH GHEHUtD VHFDU UiSLGDPHQWH \ DOPDFHQDUVH ELHQ 3HUR
GHVDIRUWXQDGDPHQWHQRVHSXHGHSURGXFLUWDOJUDQRSHUIHFWR
$OJXQRVWDFKRVVRQPHMRUHVTXHRWURVSHURWRGRVHVWiQOHMRVGHODSHUIHFFLyQ(OSURSyVLWRDTXt
HV VHxDODU ORV IDFWRUHV HQYXHOWRV HQ OD RSHUDFLyQ GH WDFKRV SRU LPSHUIHFWD TXH SXHGD VHU TXH
SXHGHQPHMRUDUODFDOLGDGGHOWUDEDMRKHFKRHQHOORV\DSUR[LPDUVHDODRSHUDFLyQWRWDO

(GXDUGR%DWXOH

0LDPL)ORULGD86$
'LFLHPEUH


,QGLFH

&$3,78/2

&5,67$/2*5$),$'(/$6$&$526$

,QWURGXFFLyQ

/DIDEULFDFLyQGHOD]~FDUHVXQSURFHVRGHH[WUDFFLyQ\SXULILFDFLyQGHODVDFDURVDFRQWHQLGDHQ
HOMXJRGHODFDxD(OD]~FDUVHKDFHHQHOFDPSRPHGLDQWHHOSURFHVROODPDGRIRWRVtQWHVLVGHORV
FDUERKLGUDWRVHQODVSODQWDVVHQVLELOL]iQGRVHPHGLDQWHODFORURILOD HO FRQVWLWX\HQWHSULQFLSDOGHO
SLJPHQWRYHUGHGHODVSODQWDV
/D FORURILOD DEVRUEH IXHUWHPHQWH HQWUH ORV  \ $º  VH KD HQFRQWUDGR TXH pVWD UHJLyQ
HVSHFWUDOHVODPiVHIHFWLYDSDUDODUHDFFLyQIRWRVLQWpWLFDTXHSXHGHSUHVHQWDUVHSRUODHFXDFLyQ
VLJXLHQWH
 
Q& Q+ [KY G &+  Q

   Q 

6HUHTXLHUHQYDULRVFXDQWRVGHOX]YLVLEOH(OFDPLQRGHODUHDFFLyQQRVHFRQRFHDSHVDUGHORV


H[FHOHQWHVWUDEDMRVUHDOL]DGRVHQORV~OWLPRVDxRV
(O D]~FDU VH KDOOD HQ ODV QDUDQMDV PDQ]DQDV XYDV SHUDV SOiWDQRV SLxD \ RWUDV IUXWDV \ HQ
FDQWLGDGHV PHQRUHV HQ ODV YHUGXUDV (O YDORU QXWULWLYR GHO D]~FDU TXH FRQWLHQH XQ PHORFRWyQ
PDGXUR HV HO PLVPR TXH HO GHO D]~FDU UHILQDGR TXH VH XVD HQ ORV PHORFRWRQHV FRQVHUYDGRV
(PSHUR \D TXH OD FDxD GH D]~FDU \ OD UHPRODFKD D]XFDUHUD DOPDFHQDQ D]~FDU PiV
DEXQGDQWHPHQWHTXHODVGHPiVSODQWDVKDQOOHJDGRDFRQVWLWXLUODVIXHQWHVSULQFLSDOHVGHODEDVWR
PXQGLDOHQVXIRUPDFULVWDOLQD
/DIXQFLyQGHXQDIiEULFDGHD]~FDUHVHOREWHQHUpVWDFRQHOPD\RUUHQGLPLHQWRSRVLEOH(O
SURSyVLWR GH OD VHJXQGD HWDSD GH FRQFHQWUDFLyQ GHVSXpV TXH OD PHODGXUD KD VDOLGR GH ORV
HYDSRUDGRUHVHVHOSURGXFLUHOD]~FDUFUXGRRFRQSURFHVRVGHSXULILFDFLyQHVSHFLDOHVHOD]~FDU
EODQFRGLUHFWR ,JXDOPHQWHVHSURFHGHHQODLQGXVWULDGHUHILQDFLyQGHOD]~FDUFUXGRFXDQGRHO
OLFRU TXH VDOH GH ORV FRQFHQWUDGRUHV VH SURFHVD HQ ORV WDFKRV SDUD REWHQHU HO D]~FDU UHILQDGD
0HGLDQWHHVWHSURFHVRGHFRQFHQWUDFLyQ\SURGXFFLyQGHJUDQRVRFULVWDOHVHQP~OWLSOHVHWDSDVOD
VDFDURVD FRQWHQLGD HQ OD PHODGXUD R HQ HO OLFRU HV H[WUDtGD FDVL WRWDOPHQWH GHMDQGR TXH ODV
LPSXUH]DV QRD]XFDUHV  VH YD\DQ  D OD PLHO ILQDO OR FXDO HV XQ VXESURGXFWR GHVGH HO FXDO
HFRQyPLFDPHQWHKDEODQGRQRSXHGHFULVWDOL]DUVHPiVVDFDURVD

+LVWRULD

'H DFXHUGR FRQ HO GLFFLRQDULR [IRUG OD SDODEUD FULVWDO VH KD GHULYDGR GH OD SDODEUD JULHJD
.U\VWDOORVODFXDOVLJQLILFDKLHORFODURRFULVWDOGHURFD
3DUDHOUHILQDGRUGHD]~FDUODSDODEUDFULVWDOVLJQLILFDFULVWDOHVRVHDXQDFDOLGDGSDUWLFXODUGHO
D]~FDUUHILQDGRFULVWDOL]DGR
(O D]~FDU UHILQDGR HV XQD GH ODV VXVWDQFLDV RUJiQLFDV PiV SXUDV TXH VH FRQRFHQ &RQWLHQH
DSUR[LPDGDPHQWHHOGHOD]~FDUTXHORVTXtPLFRVOODPDQVDFDURVDSDUDGLVWLQJXLUODGHODV
VXVWDQFLDVDILQHVTXHWDPELpQVHOODPDQD]XFDUHV SRUHMHPSORODPDOWRVDRD]~FDUGHPDOWD\OD
ODFWRVDRD]~FDUGHOHFKH /DHVWUXFWXUDPROHFXODUGHODVDFDURVD& +  SDUHFHLPSOLFDUTXHVH
KDQFRPELQDGRiWRPRVGHFDUERQRFRQPROpFXODVGHDJXDUHODFLyQTXHVXJLULyHOQRPEUH
  

JHQpULFR GH KLGUDWRV GH FDUERQR R FDUERKLGUDWRV TXH VH DSOLFD D pVWD FODVH GH FRPSXHVWRV /D
SULPHUD SUXHED SRVLWLYD TXH VH SRVHH GH OD H[LVWHQFLD GHO D]~FDU HQ IRUPD VyOLGD SURFHGH GH


,QGLFH

3HUVLD \ GDWD GHO DxR  GH QXHVWUD HUD DXQTXH VH FUHH TXH ORV URPDQRV \ JULHJRV \D OD
FRQRFtDQ
(QODPD\RUtDGHORVLGLRPDVH[LVWHQGHULYDGRVGHOYRFDEORViQVFULWR OHQJXDGHORVEUDPDQHVR
UHOLJLRVRV KLQG~HV  6DUNDUD XQR GH ORV FXDOHV HV HO YRFDEOR D]~FDU HQ 3HUVLD OD OODPDEDQ
.DQGLVHILG/RV iUDEHV HVWDEOHFLHURQHO DUWHGHODUHILQDFLyQGHOD]~FDUHQ(JLSWRKDFLD HODxR
(QHODxRVHGHFtDTXHODSURGXFFLyQGHD]~FDUHQ$PpULFDHUDODPD\RUGHOPXQGR
,QJODWHUUDGLRXQSDVRGHDYDQFHKLVWyULFRDOLQWURGXFLUODFRFFLyQDOYDFtR\ODGHFRORUDFLyQSRU
FDUEyQ DQLPDO DOUHGHGRU GH  < HO SUy[LPR SDVR IXH OD LQWURGXFFLyQ GH OD PiTXLQD
FHQWUtIXJDHQ(QODDFWXDOLGDGORVPD\RUHVSURGXFWRUHVGHD]~FDUGHFDxDVRQORVVLJXLHQWHV
SDtVHV,QGLD%UD]LO$XVWUDOLD&XED&RORPELD&KLQD,QGRQHVLD0p[LFR3DNLVWDQ)LOLSLQDV$IULFD
GHO 6XU 7DLODQGLD \ (VWDGRV 8QLGRV GH 1RUWHDPHULFD OD SURGXFFLyQ PXQGLDO DSUR[LPDGD GH
D]~FDUFUXGRGHFDxDHVGHXQRVPLOORQHVGHWRQHODGDV
/DV OH\HV QDWXUDOHV GH OD FULVWDORJUDItD VH DSOLFDQ D VXVWDQFLDV WDQ GLYHUVDV FRPR TXtPLFRV
RUJiQLFRV QRSRODUHV FRPR OD VDFDURVD VDOHV LRQL]DGDV VROXEOHV FRPR HO FORUXUR GH VRGLR VDO
FRP~QRGHPHVD \SUiFWLFDPHQWHVXVWDQFLDVLQVROXEOHVFRPRHOEURPXURGHSODWD

7UDQVIHUHQFLDGHPDVD\FULVWDOL]DFLyQ

/DFULVWDOL]DFLyQGHODVDFDURVDHVXQDRSHUDFLyQde transferencia de masa\DTXHVHWUDQVILHUH
PDWHULDOGHVGHXQDfase homogénea a otra. La fuerza motriz para efectuar la transferencia es
la diferencia o gradiente de concentración, tanto como la diferencia o gradiente de

/D FULVWDOL]DFLyQ HV OD IRUPDFLyQ GH SDUWtFXODV VyOLGDV GHQWUR GH XQD IDVH KRPRJpQHD /D
temperatura para la transferencia de calor.

FULVWDOL]DFLyQSXHGHRFXUULUFRQODIRUPDFLyQGHSDUWtFXODVVyOLGDVHQXQYDSRUFRPRHQODQLHYH
FRPRVROLGLILFDFLyQDSDUWLUGHXQDIXQGLFLyQFRPRXQFRQJHODPLHQWRGHODJXDRKLHORRSRUOD
IRUPDFLyQ GH FULVWDOHV GHVGH VROXFLRQHV OtTXLGDV Esta última situación HV OD TXH VH XVD HQ OD
LQGXVWULD GHO D]~FDU SDUD HO HVWDEOHFLPLHQWR GH JUDQRV R FULVWDOHV GH VDFDURVD REWHQLpQGRVH XQ
FULVWDO IRUPDGR D SDUWLU GH XQD VROXFLyQ LPSXUD /D FULVWDOL]DFLyQ HV XQ PpWRGR SUiFWLFR SDUD
REWHQHUXQDVXVWDQFLDTXtPLFDPHQWHSXUDHQFRQGLFLRQHVVDWLVIDFWRULDVSDUDHODOPDFHQDPLHQWR\
HQYDVH

,QWURGXFFLyQDODFULVWDORJUDItD

8Q FULVWDO HV HO WLSR PiV DOWDPHQWH RUJDQL]DGR GH PDWHULD QR YLYD /RV FRPSXHVWRV TXtPLFRV
SXHGHQ VHU FULVWDOHV R FXHUSRV DPRUIRV 7DQWR ORV FULVWDOHV FRPR ORV FXHUSRV DPRUIRV HVWiQ
FRQVWLWXLGRVSRUSDUWtFXODVPROpFXODViWRPRVRLRQHV/DVSDUWtFXODVFRQVWLWXWLYDVGHXQFULVWDO
HVWiQ RUGHQDGDV \ ODV GH XQ FXHUSR DPRUIR QR (VWD RUGHQDFLyQ LQGLFD TXH HVWiQ RFXSDQGR ORV
YpUWLFHVGHODVFHOGDVGHWUDVODFLyQYHUILJXUDV\
/DV PROpFXODV iWRPRV R LRQHV HVWiQ DUUHJODGRV HQ IRUPD WULGLPHQVLRQDO OODPDGDV celdas
espaciales /DV GLVWDQFLDV HQWUH ODV SDUWtFXODV HQ XQD FHOGD HVSDFLDO SXHGH VHU PHGLGD SRU OD
GLIUDFFLyQ GH ORV UD\RV ; \ HVDV GLVWDQFLDV \ ORV iQJXORV HQWUH ORV SODQRV LPDJLQDULRV
FRQWHQLHQGR ODV SDUWtFXODV KDQ VLGR GHWHUPLQDGRV SDUD OD VDFDURVD \ RWURV PDWHULDOHV FULVWDOLQRV
FRPXQHV





 
,QGLFH

)LJXUD3RUFLyQF~ELFDGHXQVyOLGRIRUPDGRSRUSDUWtFXODVRUGHQDGDVGHXQFULVWDO





















)LJXUD3RUFLyQF~ELFDGHXQVyOLGRIRUPDGRSRUSDUWtFXODVGHVRUGHQDGDV VyOLGRDPRUIR 

























 
,QGLFH

/DVDFDURVDVHSUHVHQWDHQFLHUWRQ~PHURGHIRUPDVVyOLGDVFRPR
 ƒ&ULVWDOL]DGD
 ƒ3XOYHUL]DGD
 ƒ$]~FDU)RQGDQW
 ƒ$]~FDUVHFDSXOYHUL]DGD

(VWD~OWLPDQRWLHQHIRUPDFULVWDOLQD\EDMRHOPLFURVFRSLRODVSDUWtFXODVVHDVHPHMDQDHVIHUDV
GLPLQXWDVDXQTXHDPHQXGRVHGLFHTXHHVXQazúcar amorfoWDPELpQSXHGHFRQVLGHUDUVHFRPR
XQ fluído superenfriado. 7RGDV ODV IRUPDV OLVWDGDV DQWHULRUPHQWH VRQ UHDOPHQWH FULVWDOLQDV OR
FXDOKDVLGRGHPRVWUDGRSRUHODQiOLVLVGHORVUD\RV;

$ 0RUIRORJtDRIRUPDGHORVFULVWDOHV/H\GH+D\

&RPR UHVXOWDGR GHO DUUHJOR GH ODV SDUWtFXODV HQ ODV FHOGDV HVSDFLDOHV FXDQGR VH SHUPLWH D ORV
FULVWDOHVIRUPDUVHVLQLPSHGLPHQWRSRUODSUHVHQFLDGHRWURVFULVWDOHVRVXVWDQFLDVH[WUDxDVHOORV
VH SUHVHQWDQ HQ IRUPD GH poliedros FRQ DULVWDV YLYDV \ ODGRV R FDUDV SODQDV 6LQ HPEDUJR ORV
WDPDxRV UHODWLYRV GH ODV FDUDV \ DULVWDV GH YDULRV FULVWDOHV GHO PLVPR PDWHULDO SXHGHQ VHU
DPSOLDPHQWHGLIHUHQWHVSHURORViQJXORVGHODVFDUDVFRUUHVSRQGLHQWHVGHWRGRVORVFULVWDOHVGHO
PLVPRPDWHULDOVRQLJXDOHV\VRQFDUDFWHUtVWLFRVGHOPDWHULDO
$EEH 5HQH -XVW +D\   PRVWUy TXH VL XQ DGHFXDGR MXHJR GH HMHV XVXDOPHQWH WUHV VH
VHOHFFLRQDQ GHQWUR GHO FULVWDO ORV PLVPRV VH SXHGHQ XVDU FRPR FRRUGHQDGDV SDUD GHILQLU OD
RULHQWDFLyQGHWRGDVODVFDUDV

% 6LVWHPDVFULVWDORJUiILFRV

&RPR WRGRV ORV FULVWDOHV GH XQD VXVWDQFLD GHILQLGD WLHQHQ ORV PLVPRV iQJXORV LQWHUIDFLDOHV D
SHVDUGHODDPSOLDGLIHUHQFLDHQODH[WHQVLyQGHOGHVDUUROORGHODVFDUDVLQGLYLGXDOHVODVIRUPDV
GHOFULVWDOVRQFODVLILFDGDVVREUHODEDVHGHHVRViQJXORV/RVFULVWDOHVSXHGHQSUHVHQWDUsimetría

 ƒ$OUHGHGRUGHXQSODQR
de tres clases:

 ƒ$OUHGHGRUGHXQDOtQHD
 ƒ$OUHGHGRUGHXQSXQWR

$HVWDVVLPHWUtDVVHOHVGDHOQRPEUHGH YHUILJXUD 

 ƒ3ODQRVGHVLPHWUtD
 ƒ(MHGHVLPHWUtD
 ƒ&HQWURGHVLPHWUtD



6LPHWUtD

(VODFRUUHVSRQGHQFLDGHSRVLFLyQIRUPD\PHGLGDFRQUHODFLyQDXQHMHXQSODQRRXQSXQWR
HQWUHORVHOHPHQWRVGHXQFRQMXQWR
&XDQGRXQSODQRGHVLPHWUtDSDVDDWUDYpVGHOFHQWURGHXQFULVWDOJHRPpWULFDPHQWHSHUIHFWROR
GLYLGHHQGRVSDUWHVLJXDOHVHQWDPDxR\IRUPD&XDQGRXQFULVWDOVHURWDDOUHGHGRUGHXQHMHGH

 
,QGLFH



)LJXUD8QFULVWDOVHSXHGHGLYLGLUVHJ~QXQSODQRTXHSRGUtDPRVFRPSDUDUDXQHVSHMRHQ
GRVSDUWHVLGpQWLFDV³(VHOSODQRGHVLPHWUtD´












































 
,QGLFH

)LJXUD&XDGURGHOVLVWHPDFULVWDOLQRGHODVDFDURVD

* 6    6 
5 , &DUDFWHUtVWLFD 1R'RPLQLR 'LYLVLyQHQ , (OHPHQWRV
8 6 6LPpWULFD )XQGDPHQWDO &ODVHVGH 0 GHVLPHWUtD
3 7 VLPHWUtD % GHFDGD
2 ( 2 FODVH
 0 /
$ 2
 
7 0     
5 2   3ULVPiWLFD P ( 3&


, 1   0RQRFOLQLFD  
0 2     
( & ( 23
    
7 /  'RPiWLFD G 3
5 Ë  0RQRFOLQLFD  
, 1    
& ,    
2 &  (VIHQRLGDO V (

 2 0RQRFOLQQLFD 





&RQVWDQWHVFULVWDORJUiILFDV\FUX]D[LDO 3DUDOHSLSHGRIXQGDPHQWDO

 
=
= D
& ƒ
; 

E
ƒ !ƒ
α = °
E 
β > ° 

< <
<


D
γ = °

DEF F
;
α = γ = ° < β  


= 

;

 
,QGLFH

VLPHWUtD SUHVHQWD HO PLVPR DVSHFWR DO REVHUYDGRU HQ GRV WUHV FXDWUR R VHLV RFDVLRQHV
GHSHQGLHQGR GHO JUDGR GH VLPHWUtD PRVWUDGR SRU HO HMH &XDQGR XQ FULVWDO SRVHH XQ FHQWUR GH
VLPHWUtDXQDOtQHDTXHSDVHDWUDYpVGHFXDOTXLHUSXQWRHQSDUWLFXODUVREUHVXVXSHUILFLHSURGXFH
XQDGLVWDQFLDLJXDOVREUHHOODGRRSXHVWRGHOFULVWDOODFXDOSDVDUiDWUDYpVGHXQSXQWRLGpQWLFR
/RVFULVWDOHVSUHVHQWDQIRUPDVGHVLPHWUtDODVFRPELQDFLRQHVGHiQJXORV\ODUJRGHORVHMHV
DJUXSDQHVDVFDWHJRUtDVHQVLHWHVLVWHPDV

Sistema triclínico...............; tres ejes formando cualquier ángulo, unos con otros.
2.- Sistema monoclínico.........; dos ejes perpendiculares en un plano y un tercer eje
formando cualquier ángulo con este plano.
3.-Sistema ortorombico..........; tres ejes rectangulares desiguales
4.-Sistema tetragonal.............; tres ejes en ángulo recto, uno más largo que los otros dos.
5.-Sistema trigonal................; tres ejes iguales e igualmente inclinado.
6.-Sistema hexagonal...........; tres ejes iguales coplanares inclinados a 60° uno del otro, y un
cuarto eje diferente en largo con respecto a los datos y
perpendicular a ellos.
7.-Sistema cúbico..................;tres ejes rectangulares iguales.

/D ILJXUD  PXHVWUD HO VLVWHPD PRQRFOtQLFR DO FXDO SHUWHQHFH OD VDFDURVD \ GHQWUR GH pVWH DO
VLVWHPDHVIHQRLGDO

& 1RWDFLyQGHODVFDUDVGHORVFULVWDOHV
&RQVLGHUHPRVWUHVHMHVHQiQJXORUHFWRXQRFRQRWUR UHSUHVHQWDQGRXQDFDUDGHOFULVWDO HOFXDO
LQWHUFHSWD XQR R PiV GH HVRV HMHV 1RVRWURV GHEHPRV FRQRFHU OD LQFOLQDFLyQ GH HVH SODQR \ VX
RULHQWDFLyQ HQ HO HVSDFLR FXDQGR FRQRFHPRV OD GLVWDQFLD UHODWLYD GHVGH HO RULJHQ HQ HO FXDO VH
LQWHUFHSWD FDGD HMH 7DO GLVWDQFLD HV OODPDGD XQ SDUiPHWUR 3RU FRQVHFXHQFLD VL XQD FDUD GHO
FULVWDOHVWiELHQLQFOLQDGDKDFLDHOHMH=LQWHUFHSWDUiXQDGLVWDQFLDFRUWDGHVGHHORULJHQVLHQGRHO
SDUiPHWUR SHTXHxR PLHQWUDV TXH ORV GH [ H \  VHUiQ JUDQGHV 'H RWUD PDQR XQD FDUD YHUWLFDO
FHUFDQD WHQGUi XQ SDUiPHWUR = HO FXDO HV FDVL LQILQLWR 'H IRUPD TXH SDUD FRQRFHU OD SRVLFLyQ
HVSDFLDO SDUD FXDOTXLHU FDUD HV VXILFLHQWH FRQRFHU VXV SDUiPHWURV FRQ UHVSHFWR D ORV HMHV
FULVWDORJUiILFRV 6LQ HPEDUJR SDUD GHILQLU OD RULHQWDFLyQ HVSDFLDO GH FXDOTXLHU FDUD QR HV
QHFHVDULRTXHVHPLGDQODVGLVWDQFLDVUHDOHVGHVGHHORULJHQ6XSRQJDTXHODFDUDLQWHUFHSWDDOHMH
;DXQDGLVWDQFLD$DOHMH<DXQDGLVWDQFLD%\DOHMH=DXQDGLVWDQFLD&QRVRWURVHQWRQFHV
SRGHPRVLGHQWLILFDUpVWDFDUDSRUODUD]yQGHHVDVWUHVGLVWDQFLDVDEF$HVWRVHOHFRQRFHFRPR
,QGLFHVGH:HLVV3HURORVtQGLFHVPiVXVDGRVVRQORVGH0LOOHUTXHVRQORVUHFtSURFRVGHORV
GH:HLVV6XSyQJDVHTXHD FE FHQWRQFHVORVtQGLFHVGH0LOOHUVRQ

 &FFFFF 

(VWRVHHVFULEHHQIRUPDVLPEyOLFD  8QDFDUDTXHFRUWDFDGDHMHDXQDGLVWDQFLDLJXDOGHVGH


HO RULJHQ WHQGUi ORV tQGLFHV   XQD FDUD TXH FRUWH DO HMH [ \ D XQD GLVWDQFLD LJXDO SHUR HV
SDUDOHORDOHMH=WHQGUiORVtQGLFHV  (VWRHVSRUTXHVXLQWHUFHSWRFRQHOHMH=RFXUULUiHQHO
LQILQLWR\HOUHFtSURFRGHLQILQLWRHVFHUR
2WURV MXHJRV GH tQGLFHV SDUD GLIHUHQWHV FDUDV VH PXHVWUDQ HQ OD ILJXUD  \ VH QRWDUi TXH OD
LQWHUFHSFLyQVREUHXQHMHHQXQDGLUHFFLyQIXHUDGHOREVHUYDGRUVHGDFRQXQtQGLFHQHJDWLYRHQOD
IRUPD(VWRVtQGLFHVQRGDQXQDPHGLFLyQItVLFDGHODSRVLFLyQGHODFDUDVLQRTXHVRODPHQWH

 
,QGLFH

GHILQHVXRULHQWDFLyQHQHOHVSDFLR(VWRVHPXHVWUDHQODILJXUDGRQGHHVREYLRTXHKD\XQ
Q~PHURLQILQLWRGHFDUDVSDUDOHODVWRGDVFRQHOPLVPRtQGLFHGH0LOOHU

' &ULVWDOHVLQYDULDQWHV

&XDQGRXQFULVWDOFUHFHPDQWHQLHQGRXQDVLPLODULGDGJHRPpWULFDEDMRFRQGLFLRQHVLGHDOHVVHGLFH
TXHHOPLVPRHVXQFULVWDOLQYDULDQWHYHUILJXUD

 
,QGLFH


E) Hábito del cristal.

(O KiELWR GH XQ FULVWDO ORV WDPDxRV UHODWLYRV GH VXV FDUDV FDUDFWHUtVWLFDV  VH GHWHUPLQD SRU ODV
UD]RQHVDODVFXDOHVODVGLIHUHQWHVIRUPDVGHODVFDUDVFUHFHQ%DMRFRQGLFLRQHVLGHDOHVFXDQGR
WRGDVODVFDUDVGHXQFULVWDOHVWiQH[SXHVWDVDXQDVROXFLyQFRQXQDFRQFHQWUDFLyQ\WHPSHUDWXUD
XQLIRUPHODVPLVPDVDOFDQ]DQIRUPDVLJXDOHV3HURGHVGHOXHJRODVFDUDVGHIRUPDVGLIHUHQWHV
SXHGHQQRREVWDQWHFUHFHUDUD]RQHVGLIHUHQWHV

&ULVWDORJUDItDGHODVDFDURVD


/RV FULVWDOHV GH VDFDURVD SHUWHQHFHQ DO VLVWHPD PRQRFOtQLFR \ GHQWUR GH pVWH D OD VLPHWUtD
HVIHQRLGDO
(Q HO VLVWHPD PRQRFOtQLFR KD\ WUHV HMHV FULVWDORJUiILFRV GHVLJXDOHV GRV GH ORV FXDOHV HVWiQ HQ
iQJXORUHFWRPLHQWUDVTXHHOWHUFHURHVWiLQFOLQDGR(QODRULHQWDFLyQFRQYHQFLRQDOHQODFXDOHO
REVHUYDGRUVHVXSRQHTXHHVWXGLHHOFULVWDOHOHMHFHVYHUWLFDOHOHMHEHVKRUL]RQWDO\FRUUHGH
L]TXLHUGDDGHUHFKDPLHQWUDVHOHMHDHVWiLQFOLQDGRKDFLDDEDMRGHVGHDWUiVKDFLDDGHODQWH/RV
H[WUHPRVSRVLWLYRV\QHJDWLYRVGHORVHMHVVRQORVPLVPRVFRPRVHLOXVWUDHQODILJXUD
(QHOVLVWHPDHVIHQRLGDOHOVLVWHPDGHVLPHWUtD~QLFRHVXQHMHGHGREOHVLPHWUtD\QRKD\SODQR
RFHQWURGHVLPHWUtD(VWHHMHFRLQFLGHFRQHOHMHE<DKHPRVGLFKRDQWHULRUPHQWHTXHODIRUPD
R DSDULHQFLD GH XQ FULVWDO VH OODPD KiELWR 6LQ HPEDUJR ORV FULVWDOHV GH XQD VXVWDQFLD GDGD
SXHGHQVHUPX\GLIHUHQWHVHQODIRUPDGHVXViQJXORVHQWUHODVFDUDVORVFXDOHVVRQFDUDFWHUtVWLFRV
\ FRQVWDQWHV /D DSDULHQFLD H[WHULRU JHQHUDO GH XQ FULVWDO HV JREHUQDGD SRU ODV FRQGLFLRQHV
H[LVWHQWHVGXUDQWHHOFUHFLPLHQWRORFXDOSXHGHDIHFWDUODVUD]RQHVGHFUHFLPLHQWRUHODWLYDVGHODV
GLIHUHQWHVFDUDVGHOPLVPR9DULRVIDFWRUHVSXHGHQLQIOXHQFLDUHVDVUD]RQHVGHFUHFLPLHQWRORV
FXDOHV LQFOX\HQ OD VREUHVDWXUDFLyQ YDULDFLRQHV GH WHPSHUDWXUD OD FRQFHQWUDFLyQ \ OD
QDWXUDOH]DGHODVLPSXUH]DV/DIRUPDGHXQFULVWDOFUHFLHQGRHQODSUHVHQFLDGHLPSXUH]DVHV
JUDQGHPHQWH FRQWURODGD SRU ODV FDUDV PiV UHWDUGDGDV HQ OD DEVRUFLyQ GH ODV LPSXUH]DV (V
JHQHUDOPHQWH UHFRQRFLGR TXH OD PD\RU \ PiV SURIXQGD LQIOXHQFLD VRQ OD GH ORV WLSRV GH
LPSXUH]DVSUHVHQWHV2WURVIDFWRUHVWHQGUiQFRQVLGHUDEOHPHQWHPHQRVHIHFWRVVREUHODIRUPDGHO
FULVWDO
/RV QRD]XFDUHV FRORLGDOHV VH GLVWULEX\HQ XQLIRUPHPHQWH D WUDYpV GHO FULVWDO SHUR HQ DOJXQRV
FDVRVHOPDWHULDOGLVSHUVDGRVHVLW~DHQHOFHQWURGHOFULVWDO&RPRODVLPSXUH]DVFRORLGDOHVHQHO
D]~FDUHVWiQFDUJDGDVQHJDWLYDPHQWHSRGUtDDVXPLUVHTXHODVXSHUILFLHGHORVFULVWDOHVGHVDFDURVD
HVWi FDUJDGD SRVLWLYDPHQWH &LHUWRV LRQHV SDUHFHQ VHU DEVRUELGRV IXHUWHPHQWH LQWHUQDPHQWH 
FRPRSRUHMHPSORHOFDOFLR\HOVXOILWR/DSUHFLSLWDFLyQGHODVVDOHVGHFDOFLRHVXQIHQyPHQR
QRUPDOHQWRGDVODVFULVWDOL]DFLRQHVWpFQLFDVHQODVIiEULFDVGHD]~FDU(VWDSUHFLSLWDFLyQSXHGH
REVHUYDUVH FRPR XQD QXEORVLGDG ILQD HQ ODV PLHOHV R HQ ODV WHPSODV GH UHILQR /R FXDO VH
GHPXHVWUD SRU XQD DFXPXODFLyQ GH VDOHV GH FDOFLR HQ HO D]~FDU SXUJDGD GRQGH VH HQFXHQWUD
QRUPDOPHQWHXQDOWRGH&DHQODVFHQL]DVGHODVPLHOHV
&XDQGRHO&DHQORVOLFRUHVGHUHILQHUtDVVREUHSDVDODVSSPGH&DSRUPLOOyQGHSDUWHV
GHVDFDURVDFRQXQDFDQWLGDGGHVXOIDWRGHDSUR[LPDGDPHQWHSSPGHSDUWHVGHVDFDURVDVH
HVWDEOHFH TXH XQD SDUWH GHO &D VH SUHFLSLWD GXUDQWH OD FULVWDOL]DFLyQ \ VH UHWLHQH HQ HO D]~FDU
GHVSXpVGHSXUJDGDFRPRLPSXUH]D

$ *UDQRDFLFXODURGHDJXMD


 
,QGLFH

)LJXUD&UHFLPLHQWRGHXQFULVWDOLQYDULDQWH



)LJXUD&ULVWDOGHVDFDURVD




 
,QGLFH










 
,QGLFH

([LVWHXQDGLIHUHQFLDHQWUHORVFULVWDOHVHORQJDGRVFULVWDORJUiILFDPHQWH\ORVFULVWDOHVODUJRV6LVH
XVDQ GRV GLPHQVLRQHV OLQHDOHV HVSHFtILFDV GHO FULVWDO SDUD PHGLU VX IRUPD HQWRQFHV OD IRUPD
QDWXUDOGHXQFULVWDOGHVDFDURVDSXURHVDSUR[LPDGDPHQWHGRVYHFHVPiVODUJRHQODGLUHFFLyQ
E \ TXHHQODF ] /RVFULVWDOHVFRQODUD]yQ\] VRQQRUPDOHVSHURXQFRFLHQWHPHQRULQGLFD
XQD HORQJDFLyQ GHO HMH F \ FRFLHQWHV PD\RUHV TXH  LQGLFD XQD HORQJDFLyQ GHO HMH E /D
H[SHULHQFLD \ ODV LQYHVWLJDFLRQHV KDQ GHPRVWUDGR TXH H[LVWH XQ DPSOLR UDQJR HQ OD IRUPD GHO
FULVWDO GH XQD IiEULFD D RWUD \ VHJXQGR TXH D PHGLGD TXH ORV FRQRFLPLHQWRV SURJUHVDQ \ ORV
QLYHOHVGHLPSXUH]DVVHLQFUHPHQWDQODVIRUPDVGHOFULVWDOVLHPSUHVHKDFHQPiVHORQJDGDV
(VJHQHUDOPHQWHUHFRQRFLGRTXHODPRGLILFDFLyQGHOKiELWRUHWDUGDHOFUHFLPLHQWRHQGLUHFFLRQHV
HVSHFtILFDVFRQGXFLHQGRDXQDUHGXFFLyQHQODUD]yQGHFUHFLPLHQWRWRWDO
(OJUDQRDFLFXODURGHDJXMDFRPRVHPXHVWUDHQODILJXUDSUHVHQWDXQDHORQJDFLyQVREUHHO
HMH E SRU HO SURPLQHQWH GHVDUUROOR GH   \  (O FULVWDO GH OD ILJXUD  HVWi HORQJDGR
VREUHHOHMHFSRUHOSURPLQHQWHGHVDUUROORGH  \  /DILJXUDPXHVWUDXQDIRWRJUDItD
GHOJUDQRGHDJXMD6HJ~QODVLQYHVWLJDFLRQHVUHDOL]DGDVORVFDXVDQWHVGHWDOHORQJDFLyQVRQORV
FRPSXHVWRVROLJRVDFiULGRV\ORVSROLVDFiULGRV GH[WUDQD 

% &ULVWDOWULDQJXODU
/DILJXUDPXHVWUDXQFULVWDOPX\LQXVXDORVHDHOKiELWRWULDQJXODUIRUPDGRSRUODLQIOXHQFLD
GH  /DILJXUDPXHVWUDXQDIRWRJUDItDGHOFULVWDOWULDQJXODURSLUDPLGDOGHVDFDURVD(O
DXWRU D FRPSUREDGR OD H[LVWHQFLD GH pVWH KiELWR FXDQGR OD SUHVHQFLD GH ROLJRVDFiULGRV \
SROLVDFDULGRVHVDOWDSURYHQLHQWHGHFDxDVDWUDVDGDV\TXHPDGDVHQORVD]XFDUHVUHILQRV

& &ULVWDOHVFRQJORPHUDGRV
/D IRUPDFLyQ GH ORV FULVWDOHV FRQJORPHUDGRV HV PX\ GLItFLO GH HYLWDU HQ OD FULVWDOL]DFLyQ HQ OD
LQGXVWULDD]XFDUHUD/RVFRQJORPHUDGRVVRQJUXSRVSHTXHxRVGHFULVWDOHVXQLGRV\pVWHWLSR
GHD]~FDUWLHQHPXFKDLQIOXHQFLDVREUHODSXUH]DGHOD]~FDUSURGXFLGRGHELGRDODUHWHQFLyQGH
OLFRUPDGUHHQWUHORVFRPSRQHQWHVGHORVFULVWDOHV6HKDGHVFXELHUWRTXHODFHQL]DFRQWHQLGDHQ
XQD FDSD ILQD GH OLFRU PDGUH HQ OD VXSHUILFLH GHO FULVWDO HV PXFKR PiV DOWD TXH HQ HO UHVWR GHO
PLVPR \ pVWH DVSHFWR HV PXFKR PiV SURQXQFLDGR HQ ORV FULVWDOHV FRQJORPHUDGRV /RV
FRQJORPHUDGRV GLVPLQX\HQ OD FDSDFLGDG GH FHQWULIXJDFLyQ GHELGR D TXH VH QHFHVLWD PD\RU
WLHPSR GH SXUJD \ VHFDGR ,JXDOPHQWH OD GHQVLGDG GHO D]~FDU D JUDQHO GLVPLQX\H DVt FRPR HO
IOXMROLEUHHOHYiQGRVHORVFRVWRVGHHQYDVH \WUDVODGR(VSRUHVDVFDXVDVTXHODIRUPDFLyQGH
JUDQRVRFULVWDOHVFRQJORPHUDGRVGHEHGLVPLQXLUVHDOPtQLPR
/RV FRQJORPHUDGRV VH IRUPDQ EDMR FRQGLFLRQHV GH VREUHVDWXUDFLyQ DOWDV GRQGH HVWpQ SUHVHQWHV
PXFKRVFULVWDOHVSHTXHxRVSRUHMHPSORMXVWDPHQWHGHVSXpVGHVHPLOODUHQOD]RQDGHKHUYLGXUD
FHUFD GH OD HQWUDGD GH OD DOLPHQWDFLyQ FXDQGR VH XVD XQD DOLPHQWDFLyQ VREUHVDWXUDGD /RV
FRQJORPHUDGRVSXHGHQIRUPDUVHWDPELpQGXUDQWHHOPDQHMRGHORVJUDQRVIXHUDGHOWDFKRVLHO
FRQWHQLGR GH KXPHGDG GH ORV FULVWDOHV HV DOWR /D VXSHUILFLH TXH HQWUD HQ FRQWDFWR FRQ OD
DWPyVIHUD SXHGH VHU SHUMXGLFDGD SRU ODV YDULDFLRQHV GH KXPHGDG \ WHPSHUDWXUD /RV
FRQJORPHUDGRVSXHGHQIRUPDUVHSRUGRVRPiVFULVWDOHVORVFXDOHVVHVHOODQ(VWHVHOORHVFDXVDGR
SRUHOKHFKRGHTXHXQFULVWDOHQFUHFLPLHQWRWLHQHPROpFXODVSDUFLDOPHQWHHQOD]DGDVODVFXDOHV
VH PXHYHQ OLEUHPHQWH VREUH OD VXSHUILFLH GHO FULVWDO KDVWD TXH ODV PLVPDV VH GHSRVLWDQ HQ ODV
FHOGLOODVGHOPLVPR
6LGRVFULVWDOHVVHDFHUFDQHVSRVLEOHTXHHOOLEUHPRYLPLHQWRGHODVPROpFXODVSXHGHGHSRVLWDUVH
HQDPERVFULVWDOHVIRUPiQGRVHXQFRQJORPHUDGR(OJUDQR FRQJORPHUDGRHVPX\FRP~QHQOD
FRFFLyQDSUHVXUDGDHQORVWDFKRVGHD]~FDUUHILQRVLQHPEDUJRHQORVFRFLPLHQWRVGHEDMRJUDGR


 
,QGLFH

)LJXUD0RVWUDQGRXQDIRWRJUDItDGHXQFULVWDOGHDJXMD


)LJXUD0RVWUDQGRODFULVWDORJUDItDGHXQFULVWDOWULDQJXODVGHVDFDURVD




 
,QGLFH

)LJXUD0RVWUDQGRXQDIRWRJUDItDGHFULVWDOHVWULDQJXODUHVGHVDFDURVD



HQODVIiEULFDVGHD]~FDUFUXGRTXHHVXQSURFHVRPiVOHQWRORVFULVWDOHVVRQPXFKRVPHMRUHV
WDQWRGHVGHHOSXQWRGHYLVWDGHFRQJORPHUDFLyQFRPRGHLUUHJXODULGDGHVHQODVXSHUILFLH
7DPELpQVHKDHVSHFXODGRDFHUFDGHRWURPHFDQLVPRVREUHODIRUPDFLyQGHFRQJORPHUDGRV\HV
HOGHODFROLVLyQGHFULVWDOHVVLPSOHVSDUDORFXDOVHHVJULPHODH[LVWHQFLDGHXQUDQJRGHWDPDxR
FUtWLFR HQ HO FXDO VH IRUPDQ SUHIHUHQWHPHQWH ORV FRQJORPHUDGRV FRPR UHVXOWDGR GH GRV HIHFWRV
RSXHVWRV
 (OLQFUHPHQWRGHODSUREDELOLGDGGHXQDFROLVLyQHQWUHORVFULVWDOHVHQFUHFLPLHQWR
 <HOLQFUHPHQWRGHODHQHUJtDFLQpWLFDGHHVRVFULVWDOHV
'HVSXpV TXH XQD FROLVLyQ KD WRPDGR OXJDU HO VHJXQGR IDFWRU IDYRUHFH OD WHQGHQFLD GH ORV
FULVWDOHV D VHSDUDUVH SDUD XQ FLHUWR WDPDxR GH FULVWDO 'H DFXHUGR FRQ 0ROOHU HO ODUJR Pi[LPR
FUtWLFRHVGHPP(QDGLFLyQDHVRVPHFDQLVPRVGHVHOORORVFRQJORPHUDGRVSXHGHQWDPELpQ
IRUPDUVH
 (VSRQWiQHDPHQWH
 2SRUQXFOHDFLyQVXSHUILFLDO
0HFDQLVPRVORVFXDOHVWRGDYtDQRHVWiQELHQHVWDEOHFLGRVHQODOLWHUDWXUDSHURORVFXDOHVSXHGHQ
VHU IDYRUHFLGRV SRU XQD YDULDFLyQ ORFDO HQ OD IRUPDFLyQ GH Q~FOHRV FRPR UHVXOWDGR GH XQD
YDULDFLyQORFDOHQHODJUHJDGRGHODVPROpFXODVGHD]~FDU(ODJUHJDGRGHODVPROpFXODVGHD]~FDU
SXHGH RFXUULU HQ ORV HQODFHV GH KLGUyJHQR HQ ODV YDULDV PROpFXODV GH D]~FDU (VWRV DJUHJDGRV
SXHGHQIRUPDUQ~FOHRV\VLYDULRVQ~FOHRVIXHURQIRUPDGRVXQRFHUFDGHORWURODWXUEXOHQFLDGH
ODVROXFLyQSXHGHQRVHUODVXILFLHQWHSDUDVHSDUDUORVUHVXOWDQGRXQFRQJORPHUDGR
(Q HO FDVR GH OD QXFOHDFLyQ VXSHUILFLDO pVWD WXUEXOHQFLD MXHJD XQ URO LPSRUWDQWH 6L HO FULVWDO
QXHYRQRHVUHPRYLGRGHODVXSHUILFLHGHOFULVWDOSRUODVIXHU]DVGHFRUWH\pVWHQRFUHFHVREUHHO
FULVWDO XQ FRQJORPHUDGR RWUD YH] SXHGH VHU REWHQLGR /D ILJXUD  PXHVWUD FULVWDOHV
FRQJORPHUDGRV



¿ Que podemos hacer en la práctica para disminuir el grano conglomerado?

 
,QGLFH

)LJXUD0RVWUDQGRFULVWDOHVFRQJORPHUDGRV
 7LSRVGHFULVWDOHV D VLPSOH E HVWUHOOD F JHPHORV







8QFULVWDOFRQJORPHUDGRHVGHPiVEDMDFDOLGDGTXHXQFULVWDOVLPSOHOLPSLRSRUYDULDVUD]RQHV
ODVFXDOHVVHUiQVHxDODGDVGHIRUPDTXHHVPX\GHVHDEOHKDFHUFXDOTXLHUFRVDSDUDPLQLPL]DUHO
Q~PHURGHFULVWDOHVFRQJORPHUDGRVSURGXFLGRV
(OLQFUHPHQWRGHFRQJORPHUDGRVHQXQDWHPSODDSURSLDGDPHQWHVHPLOODGDUHGXFHHOQ~PHURGH
FULVWDOHV ILQDOHV R PHMRU GLFKR HO Q~PHUR GH SDUWtFXODV SURGXFLGDV GH PRGR TXH HO WDPDxR
SURPHGLR$0VHLQFUHPHQWD7DPELpQHO&9RFRHILFLHQWHGHYDULDFLyQVHLQFUHPHQWDSRUTXH
ORV JUDQRV FRQJORPHUDGRV VRQ GH PD\RU WDPDxR D H[SHQVDV GHO FULVWDO OLPSLR (QWRQFHV HO
LQFUHPHQWR HQ OD FRQJORPHUDFLyQ GLVPLQX\H HO Q~PHUR GH JUDQRV GH WDPDxR DSURSLDGR H
LQFUHPHQWDHO&9DVtFRPRGLVPLQX\HODFDOLGDGGHSXUJDGHODPDVDFRFLGD&RQDQWHULRULGDG
KHPRV YLVWR ODV GLYHUVDV WHRUtDV VREUH OD IRUPDFLyQ GH FRQJORPHUDGRV pero en realidad no
existe una evidencia cierta que las impurezas que están incluidas entre las caras de los
cristales provoquen la conglomeración, pero ellas también, son de calidad inferior que el

8Q FULVWDO VLPSOH WLHQH iQJXORV JUDQGHV HQWUH ODV FDUDV SHUR XQ FRQJORPHUDGR D PHQXGR WLHQH
grano limpio al purgarse y al secarse.

iQJXORV PiV SHTXHxRV HQ OD XQLyQ GH ORV JUDQRV \ HQ HVDV HVTXLQDV XQ UHOOHQR GH VLURSH VH
PDQWLHQH SRU OD WHQVLyQ VXSHUILFLDO SRU OR TXH VH UHTXLHUH PiV ODYDGR SDUD REWHQHU HO FRORU \
SXUH]DDSURSLDGDGHOD]~FDUJUDQXODGRORFXDOGHVGHOXHJRVLJQLILFDPD\RUFDQWLGDGGHPLHOHVD
VHUFRFLQDGDV,JXDOPHQWHGHVSXpVGHOODYDGRORVUHOOHQRVGHVLURSHODYDGRVDGKHULGRVDOFULVWDO
FRQJORPHUDGRLQFUHPHQWDORVSUREOHPDVGHVHFDGRXQDFDSDGHVLURSHVHFRIRUPD \DWUDSDXQ
SRTXLWRGHKXPHGDGODFXDOHYHQWXDOPHQWHVHGLIXQGHDOH[WHULRUDWUDYpVGHODFDSDVHFD(QHO
DOPDFHQDMH D JUDQHO pVWD KXPHGDG VH OLEHUD \ PLJUD D ODV iUHDV PiV IUtDV FDXVDQGR HO
apelmazamientoGHOD]~FDU FDNLQJ 
.DPRGD\<DPDQHKLFLHURQXQHVWXGLRPHWLFXORVRGHORVIDFWRUHVTXHDIHFWDQODFRQJORPHUDFLyQ
\ VXV UHVXOWDGRV VRQ DPSOLDPHQWH FRQILUPDGRV SRU ODV REVHUYDFLRQHV PLFURVFySLFDV GH ORV
FRFLQDGRVHQORVWDFKRV/DVFRQFOXVLRQHVODVHQXPHUDPRVDTXtEUHYHPHQWH
 /DIRUPDFLyQGHFRQJORPHUDGRVHVGLUHFWDPHQWHSURSRUFLRQDODOƒ66GHOVLURSHTXH
 URGHDDOJUDQR

 
,QGLFH

 /DIRUPDFLyQGHFRQJORPHUDGRVHVLQYHUVDPHQWHSURSRUFLRQDODOHVSDFLRPHGLRHQWUH
 ORVFULVWDOHV
 /DIRUPDFLyQGHFRQJORPHUDGRVHVWiLQYHUVDPHQWHUHODFLRQDGDFRQHOJUDGRGH
 DJLWDFLyQGHOVLURSH\ORVFULVWDOHVQRHQOtQHDUHFWDSHURVHUHGXFHFRQHO 
 LQFUHPHQWRHQODDJLWDFLyQ
 /DIRUPDFLyQGHFRQJORPHUDGRVVHLQFUHPHQWDFRQODSXUH]DGHOVLURSH
 /DIRUPDFLyQGHFRQJORPHUDGRVHVDIHFWDGDSRUHOWDPDxRGHOFULVWDOVHKDYLVWRTXH
  RFXUUHHQXQUDQJRHVWUHFKRGHDSUR[LPDGDPHQWH´ PLFURQHV \FDH
  DEUXSWDPHQWHDPERVODGRVGHHVWHUDQJR

0HFiQLFDPHQWH QR H[LVWH UD]yQ SDUD QR HVWDU GH DFXHUGR FRQ ORV IDFWRUHV DUULED PHQFLRQDGRV
&LHUWDPHQWHGRVFDUDVGHOFULVWDOODVFXDOHVVHXQHQSRGUtDQWHQHUPiVWHQGHQFLDDIXVLRQDUVHD
66 DOWDV (Q ORV VLURSHV GH SXUH]D DOWD VL ORV FULVWDOHV QR VH VHSDUDQ DQWHV SRU OD DJLWDFLyQ
HQWRQFHVWRPDOXJDUODXQLyQGHORVPLVPRV
(Q XQD FULVWDOL]DFLyQ FODUD GRQGH ORV FULVWDOHV HVWiQ HVSDUFLGRV ORV FDPELRV GH GRV FULVWDOHV
HQFXHQWUDQXQDFRQMXQFLyQSURSLDSDUDODFRQJORPHUDFLyQSXGLHQGRVHUSREUH
(OUDQJRGHWDPDxRWDQHVWUHFKRHQHOFXDOODFRQJORPHUDFLyQWRPDOXJDUSRGUtDQRVHUWDQIiFLO
GH SUHGHFLU SHUR QR HV LOyJLFR /D SUREDELOLGDG GH FROLVLyQ SRGUtD FLHUWDPHQWH VHU PD\RU D
PHGLGDTXHHOWDPDxRGHOFULVWDODXPHQWD/DUD]yQSDUDORDQWHULRUHVGHELGRSUREDEOHPHQWHDOD
FRPELQDFLyQGHORVIDFWRUHVDQWHVPHQFLRQDGRV(OiUHDLQFUHPHQWDGDSUHVHQWDGDDODVIXHU]DVGH
DJLWDFLyQ SRGUtDQ VHSDUDU ORV FULVWDOHV DQWHV TXH VH XQLHUDQ (QWRQFHV WDPELpQ ORV FULVWDOHV
SHTXHxRVWLHQHQFDUDVSODQDVSHURLUUHJXODUHVFRQSDWURQHVGHFUHFLPLHQWRTXHORVKDFHUXJRVRVD
PHGLGDTXHLQFUHPHQWDVXWDPDxR'HIRUPDTXHODVSUREDELOLGDGHVGHODVFDUDVDXQLUVHGHEHQ
GHFUHFHUFRQHOWDPDxR
/DFRQJORPHUDFLyQGHEHVHUPLQLPL]DGDSHURHOUHH[iPHQGHORVIDFWRUHVTXHODDIHFWDQUHYHOD
XQ Q~PHUR OLPLWDGR GH SRVLEOH GLUHFFLRQHV D VHJXLU 3RFR SXHGH VHU KHFKR SDUD LQFUHPHQWDU OD
GLVWDQFLDPHGLDHQWUHORVFULVWDOHVHQXQDFULVWDOL]DFLyQH[FHSWRHOLQFUHPHQWDUHOYROXPHQ\HVWR
HVWi DXWRDQXODGR SRUTXH GHMD PHQRV YROXPHQ SDUD OD DOLPHQWDFLyQ GXUDQWH HO SHUtRGR GH
FUHFLPLHQWR\UHGXFHHOWLHPSRGLVSRQLEOHSDUDHOFUHFLPLHQWRGHORVJUDQRV'XSOLFDUODFDUJDGH
FULVWDOL]DUVRODPHQWHUHGXFHODGLVWDQFLDPHGLDSRUODUDt]F~ELFDRXQ\HVWRHVGHVSUHFLDEOH
/D SXUH]D WLHQH DOJXQD SUREDELOLGDG 8QRV FXDQWRV SLHV F~ELFRV GH VLURSH GH EDMD SXUH]D
DOWDPHQWH VREUHVDWXUDGR SRGUtD VHU VHPLOODGR FRQ IRQGDQW \ PDGXUDGR FRQ XQD DJLWDFLyQ
H[FHOHQWHSRUXQWLHPSRUD]RQDEOHGHIRUPDTXHODVHPLOODSRGUtDFUHFHUFRQXQWDPDxRPD\RU
TXHORVFRQJORPHUDGRV (VWDSDVWDVHLQWURGXFH FRPRVHPLOODSDUDXQDWHPSODGHSXUH]DDOWD \
SRGUtD WHQHU XQ HIHFWR GHVSUHFLDEOH VREUH OD SXUH]D WRWDO GH OD WHPSOD SHUR SRGUtD UHGXFLU OD
FRQJORPHUDFLyQ KDVWD HO SXQWR HQ TXH GHVDSDUHFLHUD 6LQ HPEDUJR OD PDQLSXODFLyQ UHTXHULGD
SRGUtD LQGXGDEOHPHQWH FRQYHUWLUVH HQ PX\ FRPSOHMD SDUD HO WUDEDMR GLDULR 'H IRUPD TXH
SUiFWLFDPHQWHODV~QLFDVYDULDEOHVTXHSXHGHQVHUPDQHMDGDVIiFLOPHQWHVRQODDJLWDFLyQ\OD66
&RQ HO LQWHUpV GH UHGXFLU OD FRQJORPHUDFLyQ HV DFRQVHMDEOH PDQWHQHU OD DJLWDFLyQ DO Pi[LPR
FLUFXODFLyQPHFiQLFDUD]yQGHHYDSRUDFLyQPi[LPD KDVWDTXHHOJUDQRKDOODSDVDGRODHWDSD
GHFRQJORPHUDFLyQFUtWLFDSHURHVWRHVPiVRPHQRVFRQWURODGRSRUODVIDFLOLGDGHV\HOHTXLSR
(VR GHMD VRODPHQWH OD YDULDEOH GH 66 TXH SXHGH IiFLOPHQWH VHU PDQLSXODGD 8Q SXQWLVWD FRQ
H[SHULHQFLDSXHGHHVWLPDUOD66SRUHOVHQWLGRGHOWDFWR\ODYLVWDDOQRWDUODYLVFRFLGDGGHOVLURSH
HQHOPRPHQWRGHVHPLOODUSHURFDVLVLHPSUHWLHQGHDYDORUHVGH66DOWRVFRQPLUDGHGLVROYHUHO
JUDQRQXHYRIRUPDGR3HURFRQXQDPHGLFLyQH[DFWDGHOD66ORDQWHULRUQRHVSUREOHPDSDUDHO
VHPLOODPLHQWR \ PDQWHQHU OD 66 HQWUH  SRU XQRV PLQXWRV KDVWD TXH OD HWDSD GH
FRQJORPHUDFLyQVHDSDVDGD\VHSURGX]FDXQDEDVHGHFULVWDOHVOLPSLRVLQGLYLGXDOHVHVIDFWLEOHHQ

 
,QGLFH

ODDFWXDOLGDG&RQXQDEXHQDRSHUDFLyQHQHVWDHWDSDGHOFLFORGHODWHPSODHVSRVLEOHGLVPLQXLU
HQRUPHPHQWHHOJUDQRFRQJORPHUDGRHQHOD]~FDUILQDO
(QHOWLHPSRWRWDOGHODWHPSODYDOHODSHQDHOJDVWDUXQRVPLQXWRVHQXQEXHQHVWDEOHFLPLHQWRGH
JUDQRVOLPSLRVHLQGLYLGXDOHV\GHVSXpVOD66SXHGHLQFUHPHQWDUVHKDFLDHOPi[LPRSHUPLVLEOH
SDUDHOFUHFLPLHQWRUiSLGRGHORVFULVWDOHV\ODREWHQFLyQGHXQD]~FDUGHFDOLGDG(QODSUiFWLFD
HVFRQYHQLHQWHHOSRGHUFRQWURODUODFDQWLGDGGHJUDQRVFRQJORPHUDGRVTXHVHHVWiQSURGXFLHQGR
HQHOD]~FDUSDUDHOORSURSRQHPRVGRVWpFQLFDV

Cuenta de conglomerados.

6H H[DPLQDQ YLVXDOPHQWH ORV FULVWDOHV GHVSXpV GHO DQiOLVLV GH WDPL]DGR \ VH GLYLGHQ HQ GRV
Método 1.

FODVHVFULVWDOHVVLPSOHV\ FRQJORPHUDGRV 'H HVWDIRUPDHOFRQWHQLGRGHFRQJORPHUDGRV FF VH


KDOODDVt
 && FRQJORPHUDGRVWRWDOGHFULVWDOHV[
3DUD GHWHUPLQDU HO &&  VH XVD OD PDOOD  WDPL] 86  7\OHU  6H VHOHFFLRQDQ
DSUR[LPDGDPHQWHFULVWDOHVSDUDODSUXHED6HXVDODPDOODGHELGRDTXHORVFULVWDOHVVRQ
ORVXILFLHQWHPHQWHJUDQGHVORTXHPHMRUDODSUXHED

)LJXUD0RVWUDQGRODFULVWDORJUDItDGHORVFULVWDOHVJHPHORV

 
,QGLFH

)LJXUDE0RVWUDQGRIRWRJUDItDVGHFULVWDOHVJHPHORVHQSURGXFWRVGHEDMRJUDGR  JHPHORV
GHVEDODQFHDGRV   JHPHORV EDODQFHDGRV   YDULRV WLSRV GH JHPHORV \ Q~FOHRV RVFXURV  
JHPHORVFRQiQJXORVGHUHHQWUDGDH[DJHUDGRV









$ 3DVH OD PXHVWUD TXH VH YD D SUREDU D WUDYpV GH XQ VHSDUDGRUPH]FODGRU SDUD KDFHUOD WDQ
Método 2.

UHSUHVHQWDWLYDFRPRVHDSRVLEOH
%7RPHJ\KDJDXQDQiOLVLVGHWDPL]DGR
&3DVHODIUDFFLyQUHWHQLGDHQORVWDPLFHV\ UHSUHVHQWDQHOGHODPXHVWUD DWUDYpV
GHOWDPL]\VREUHXQDSLH]DGH´[´GHFHOORWDSH3RQJDRWUDSLH]DGHFHOORWDSHVREUHORV
FULVWDOHVTXHVLUYDFRPRFRUUHGHUDODFXDOUHWLHQHDSUR[LPDGDPHQWHFULVWDOHV/DFRUUHGHUD
GHFHOORWDSHGLVSRQHORVFULVWDOHVHQIRUPDGHFHORVtDORFXDOIDFLOLWDODHYDOXDFLyQ

 
,QGLFH

' 3RQJD OD FRUUHGHUD GH FHOORWDSH HQ OD SODWLQD GHO PLFURVFRSLR \ VHSDUH XQD VHFFLyQ GH 
FULVWDOHV
(5HSRUWHFRPRGHFRQJORPHUDGRV

' &ULVWDOHVRJUDQRVJHPHORV

2WUDIRUPDRKiELWRGHOFULVWDOGHVDFDURVDVRQORVJUDQRVJHPHORVORVFXDOHVVHSUHVHQWDQHQGRV
IRUPDV los gemelos reales, ORV FXDOHV HVWiQ FRPSXHVWRV GH GRV FULVWDOHV LQGLYLGXDOHV XQR GH
HOORV URWDGR D ƒ DOUHGHGRU GHO HMH GH JHPHODFLyQ y los seudo-gemelos, ORV FXDOHV VRQ XQD
IRUPDHVSHFLDOGHORVFULVWDOHVFRQJORPHUDGRV/DIRUPDFLyQGHORVFULVWDOHVJHPHORVUHDOHVVRQ
IDYRUHFLGDV SRU OD SUHVHQFLD GH LPSXUH]DV /D ILJXUD D UHSUHVHQWD XQ FULVWDO JHPHOR HQ HO
FXDO GRV R PiV FULVWDOHV LQWHUFUHFHQ GH DFXHUGR FRQ ODV OH\HV JHRPpWULFDV GHILQLGDV /D ILJXUD
EPXHVWUDXQDIRWRGHFULVWDOHVJHPHORV
(VHQFLDOPHQWHODJHPHODFLyQGHFULVWDOHVLPSOLFDTXHGRVFULVWDOHVWLHQHQXQDFDUDFRP~Q(VWR
VLJQLILFDTXHODDUPRQtDGHWUDQVLFLyQGHVGHFDGDPROpFXODVREUHVXYHFLQRSXHGHVHUFRQGXFLGD
GHXQDDRWUDVHFFLyQGHOFULVWDOJHPHORDWUDYpVGHVXHQODFHFRP~Q La razón por la cual se


produce la gemelación no es bien entendida todavía.

( 7DPDxRGHJUDQRXQLIRUPH
8QR GH ORV SULPHURV REMHWLYRV GHO WUDEDMR HQ ORV WDFKRV HV HO SURGXFLU JUDQR FRQ OD YDULDFLyQ
PtQLPDGHWDPDxR /RV FULVWDOHVXQLIRUPHVSXUJDQELHQHQODVFHQWUtIXJDVSRUTXHORVSDVDMHV D
WUDYpVGHODFDSDGHD]~FDUWLHQHQXQiUHDPD\RU3HURVLKD\SUHVHQWHVFULVWDOHVSHTXHxRVHOORV
OOHQDUiQORVLQWHUWLFLRV\UHWDUGDUiQHOIOXMRGHVLURSH0LHQWUDVPiVDPSOLDVHDODYDULDFLyQHQHO
WDPDxRGHORVFULVWDOHVPiVSREUHVHUiQODVFDUDFWHUtVWLFDVGHSXUJD

8QD PHGLFLyQ EXHQD GH OD XQLIRUPLGDG GHO JUDQR HO OODPDGR &RHILFLHQWH GH 9DULDFLyQ
&9 8QDRSHUDFLyQFRUUHFWD HQXQWDFKRELHQGLVHxDGRSURGXFLUiXQ&9WDQEDMRFRPR HO
FXDOHVH[FHOHQWH$~QHQWDFKRVGHGLVHxRSREUHVLVHRSHUHQELHQVHSXHGHDOFDQ]DUXQ&9GH
HOFXDOQRHVPDOR8Q&9GHUHSUHVHQWDXQWUDEDMRLQIHULRU\YDORUHVPiVDOWRVLQGLFDQXQ
D]~FDUGHSREUHFDOLGDG

) (VWUXFWXUDLQWHUQDGHOFULVWDOGHVDFDURVD
9DQKRRN \$VVRFLDWHG(OHFWULFDO ,QGXVWULHV5HVHDUFK /DERUDWRULHVKLFLHURQXQHVWXGLRVREUHOD
HVWUXFWXUDLQWHUQDGHOFULVWDOGHVDFDURVDSRUPHGLRGHODPLFURJUDItD \IRWRJUDItD FRQUD\RV;
KDOODQGRTXHDOJXQRVFULVWDOHVPRVWUDEDQXQFUHFLPLHQWRHQIRUPDGHFDSDVYHUILJXUD(QOD
ILJXUDDVHREVHUYDQFDUDFWHUtVWLFDVGHFUiWHUHVOXQDUHV/DILJXUDFUHYHODXQDHVWUXFWXUD
GHOWLSRPRVDLFR/RVFULVWDOHVGHVDFDURVDSXHGHQFRQWHQHUKDVWDXQGHOLFRUHQVXLQWHULRU
/DILJXUDPXHVWUDDOJXQDVGHODVIRUPDVGHODLQFOXVLyQGHOLFRUHQORVFULVWDOHVGHVDFDURVD
'HVSXpVGHODVHJXQGDJXHUUDPXQGLDOHOFDPELRGHWUDQVSRUWH\DOPDFHQDMHGHOD]~FDUHQVDFRV
D JUDQHO GHVDILy D OD LQGXVWULD D]XFDUHUD FRQ YDULRV SUREOHPDV (QWUH HVWRV SUREOHPDV ORV PiV
LPSRUWDQWHV IXHURQ ORV FDXVDGRV SRU HO aplemazamiento o concreting FRPR VH OH OODPDED
DOJXQDV YHFHV 3DUHFtD HYLGHQWH TXH OD FDXVD SULQFLSDO GHO DSHOPD]DPLHQWR GHEHUtD VHU HO
HTXLOLEULR FDPELDQWH HQWUH ORV FULVWDOHV GH D]~FDU \ OD KXPHGDG DWPRVIpULFD (Q ODV
LQYHVWLJDFLRQHV FLHQWtILFDV OOHYDGDV D FDER SURQWR VH SUREy TXH HUD HUUyQHR HO XVR GH IUDVHV
FRPRcristal claroVHHQFRQWUyTXHODPD\RUSDUWHGHORVFULVWDOHVGHD]~FDUFRPHUFLDOFRQWHQtDQ
XQDDPSOLDYDULHGDGGHLQFOXVLRQHVHQWUHODVTXHHVWiQHOaire, sirope, y una gran variedad de

 
,QGLFH

VRQWDQLUUHJXODU
materia sólida (incluyendo microorganismos)/DVXSHUILFLHGHORVPHMRUHVD]XFDUHVUHILQDGRV

)LJXUD(VWUXFWXUDLQWHUQDGHOFULVWDOGHVDFDURVD
D  6XSHUILFLHUDMDGDGHXQFULVWDOGHVDFDURVDVHPHMDQWHDFUDWHUHVOXQDUHV E (VWUXFWXUDGH
FDSDV F (VWUXFWXUDGHPRVDLFR



D




E




 F 


 
,QGLFH



)LJXUD(VWUXFWXUDGHOFULVWDOGHVDFDURVD D 0LFURIRWRJUDItDGHFUHFLPLHQWRGHFDSDVFRQ
LQFOXVLyQ GH OLFRU E  0LFURIRWRJUDItD GH FUHFLPLHQWR GH FDSDV PRVWUDQGR JOyEXORV GH OLFRU
DSDUHQWHPHQWHFRPRVREUHFUHFLGRV F &ULVWDOGHVDFDURVDIRUPDGRDXQD66PX\DOWD


 D   E 




 F 






 
,QGLFH



)LJXUD&ULVWDOGHVDFDURVDREWHQLGRHQHOODERUDWRULRGHOEVGHSHVR








TXHQRVHSXHGHYHUFODUDPHQWHHOLQWHULRUHQXQPLFURVFRSLRVLQHPEDUJRFXDQGRORVFULVWDOHV
VHREWLHQHQDSDUWLUGHVDFDURVDSXUDHVWRVVHYHQDOPLFURVFRSLRPDJQtILFDPHQWHFODURVFRQVXV
VXSHUILFLHVSODQDVH[FHSWRSRUODHOHYDFLyQGHODVFDSDVPHGLDQWHODVFXDOHVODVPROpFXODVGHOD
VROXFLyQ VH FRQYLHUWHQ HQ FULVWDOHV $~Q DVt OD VXSHUILFLH QR HV SHUIHFWDPHQWH SODQD OD ILJXUD
PXHVWUDXQFULVWDOGHVDFDURVDHQHOODERUDWRULRFX\RSHVRHVGHOEV
(VWRQRVGiXQDLGHDGHOFDyWLFRFUHFLPLHQWR\GLVROXFLyQDOWHUQRTXHHVWiQYLQFXODGRVDOPpWRGR
XVXDOGHFRFFLyQHQORVWDFKRV'HKHFKRSDUHFHTXHQRVHSXHGHQYHUFULVWDOHVYHUGDGHUDPHQWH
SHUIHFWRV \D TXH ODV QXHYDV FDSDV GH FUHFLPLHQWR GHSHQGHQ GH OD SUHVHQFLD FRQWLQXDGD GH
GHIHFWRV (VWRV HVWXGLRV SXVLHURQ HQ HYLGHQFLD TXH OD IRUPD GHO FULVWDO HUD FRPHUFLDOPHQWH
LPSRUWDQWH (O JUDQR FRQJORPHUDGR KD GHPRVWUDGR VHU OD IRUPD PiV SHUMXGLFLDO GH WRGDV /D
SURGXFFLyQGHD]~FDU\ODFRFFLyQGHPDWHULDOHVGHEDMDSXUH]DHVXQSURFHVRPiVOHQWR\FRPR
XQD FRQVHFXHQFLD QDWXUDO ORV FULVWDOHV VRQ PXFKR PHMRUHV WDQWR GHVGH HO SXQWR GH YLVWD GH
FRQJORPHUDFLyQFRPRGHLUUHJXODULGDGHVHQODVXSHUILFLH$FRQWLQXDFLyQHVWiODVXSHUILFLHTXH
HQWUD HQ FRQWDFWR FRQ OD DWPyVIHUD TXH SXHGH VHU SHUMXGLFDGD SRU OD YDULDFLyQ GH KXPHGDG \
WHPSHUDWXUD $ DOJXQRV D]XFDUHURV SXHGH UHVXOWDUOHV XQD VRUSUHVD HO GDUVH FXHQWD GH TXH pVWD
VXSHUILFLHFUtWLFDQRHVXQFULVWDOVyOLGRVLQRTXHVLHPSUHHVWiHQHVWDGRGHFDPELRHVWRHVFRQ
LQWHUFDPELRGHPROpFXODVGHDJXDFRQODVXSHUILFLHHQFRQWDFWRFRQODDWPyVIHUD/DDWPyVIHUD
HVWiJHQHUDOPHQWHHQXQHVWDGRGHFDPELRFRQWLQXRSRUHMHPSORORVFDPELRVGHWHPSHUDWXUDGH
GtD\GHQRFKH$GHPiVODFDSDGHPROpFXODVHQFRQWDFWRFRQODVXSHUILFLHUHDOGHOFULVWDOHVWi
IUHFXHQWHPHQWHFDUJDGDGHPROpFXODVGHLPSXUH]DVTXHHVWiQItVLFDPHQWHXQLGDVDODVXSHUILFLH
GHOFULVWDOVyOLGRSRUIXHU]DVGHFRUWRDOFDQFH

 
,QGLFH

(V RSRUWXQR KDFHU XQD UHIHUHQFLD ILQDO DO verdadero azúcar amorfo, esto es, vítreo no
cristalino. (VWH VH REWLHQH PHGLDQWH VHFDGR SRU SXOYHUL]DFLyQ GH VROXFLRQHV GH D]~FDU
LJXDOPHQWH VH REWLHQH VHFDQGR HQ XQD DWPyVIHUD PX\ VHFD FDSDV ILQDV GH VLURSH GHO TXH VH
H[FOX\HQWRGRVORVQ~FOHRVGHD]~FDU
/D H[SOLFDFLyQ GH pVWH IHQyPHQR HQ WpUPLQRV VLPSOHV HV TXH OD IRUPDFLyQ GHO Q~FOHR \ HO
FUHFLPLHQWR GHO FULVWDO OOHYDQ WLHPSR \ VL OD HYDSRUDFLyQ GH ODV PROpFXODV GH DJXD KD VLGR
VXILFLHQWHPHQWHUiSLGDHOVLURSHVHKDFHGHPDVLDGRYLVFRVR\HOPRYLPLHQWRPROHFXODUEDMDWDQWR
TXHHOQ~FOHRQRVHSXHGHIRUPDU5HFtSURFDPHQWHVLXQRRGRVQ~FOHRVHQWUDQRVHIRUPDQOD
YHORFLGDGGHFUHFLPLHQWREDMDFDVLLQILQLWDPHQWHGHWDOPDQHUDTXHSUiFWLFDPHQWHQRWLHQHOXJDU
HOFUHFLPLHQWR(QHOFRUWRSHUtRGRde esta etapa de parálisisKDVLGRSRVLEOHREWHQHUSHOtFXODV
FRQXQRRGRVQ~FOHRVDWHPSHUDWXUDDPELHQWHTXHOOHYDPHVHVKDFHUFUHFHUKDVWDTXHVHDYLVLEOH
D VLPSOH YLVWD (VWH D]~FDU DPRUIR HV H[WUHPDGDPHQWH KLJURVFySLFR \ FXDQGR VH KLFLHURQ
PH]FODVDSDUWLUGHOVLURSHSXURHLPSXURIXHHYLGHQWHTXHQRVHUtDXQPDWHULDOSURPHWHGRUSDUD
HOXVRS~EOLFRDXQTXHODPH]FODLPSXUDIXHHQHVWHVHQWLGROLJHUDPHQWHPHMRU
8QD YH] TXH VH FRPSUHQGD FRPSOHWDPHQWH HVWH IHQyPHQR VHUi HYLGHQWH OD UD]yQ SRU OD TXH HO
D]~FDU JUDQXODGR UHFLHQWHPHQWH SURGXFLGR VH DSHOPD]D D PHQXGR HQ DOPDFHQDMH (O LQWHQVR
SURFHVRGHVHFDGRHQHOJUDQXODGRSURGXFHXQHIHFWRGHcementación SRUORTXHODFDSDH[WHUQD
GHOVLURSHTXHSXHGHVHUGHXQDVSRFDVPROpFXODVVRODPHQWHVHOOHYDDOHVWDGRDPRUIRGHMDQGR
HQ ODV JULHWDV H LUUHJXODULGDGHV GH OD VXSHUILFLH DOJR GH VLURSH SDUFLDOPHQWH VHFR (Q ORV GtDV
VLJXLHQWHVHLQFOXVRVHPDQDVHVWD]RQDLQHVWDEOHDEVRUEHJUDGXDOPHQWHPROpFXODVGHDJXDGHOD
DWPyVIHUD DVt FRPR GHO VLURSH HQFHUUDGR SDUFLDOPHQWH VHFR (VWR KDFH TXH VH UHDQXGH OD
FULVWDOL]DFLyQ\ODPLJUDFLyQGHKXPHGDGRULJLQDHODSHOPD]DPLHQWR(VHYLGHQWHTXHDSHVDUGH
ORILQDTXHHVODFDSDGHODVXSHUILFLHSUHVHQWDSUREOHPDVSDUDHVWXGLRVIXWXURV

* $]~FDUGXUD\D]~FDUVXDYH
$PHQXGRHQODSUiFWLFDD]XFDUHUDRtPRVODVH[SUHVLRQHVD]~FDUGXUD\D]~FDUVXDYHREODQGD
(O XVR GH pVWD WHUPLQRORJtD FDUHFH GH IXQGDPHQWRV FLHQWtILFRV \D TXH D OR TXH HO SXQWLVWD R
WDFKHURVHUHILHUHHVDVHQVDFLyQTXHHOPLVPRH[SHULPHQWDFXDQGRIURWDORVFULVWDOHVHQWUHORV
GHGRV(OORVGLFHQTXHHOFULVWDOHVWiVXDYHREODQGRFXDQGRDOWRPDUORHQWUHORVGHGRVQRVLHQWHQ
ODVHQVDFLyQGHWHQHUHQWUHORVPLVPRVSHTXHxDVSDUWtFXODVGHYLGULR\GLFHQTXHHOFULVWDOHVWi
GXURFXDQGRVLH[SHULPHQWDQGLFKDVHQVDFLyQ
/DVSUXHEDVGHGXUH]DVREUHODVXSHUILFLHGHORVFULVWDOHVGHVDFDURVDKDQLQGLFDGRTXHQRH[LVWHQ
GLIHUHQFLDVVLJQLILFDWLYDVGHHVRVYDORUHVVREUHODVGLVWLQWDVFDUDVGHORVFULVWDOHV

+ ¢3URGXFHQORVFRFLQDGRVDDOWDVWHPSHUDWXUDVXQJUDQRPiVGXUR"
(OGHGRGHOSXQWLVWDSXHGHDOJXQDVYHFHVGHWHFWDUXQDGLIHUHQFLDHQODFDOLGDGGHOD]~FDUHOGLUi
TXHHOJUDQRHVWiPX\EODQGRRPX\GXUR6LQHPEDUJRHOPLFURVFRSLRGHOWDFKRUHYHODTXHHO
JUDQR GXUR GHO SXQWLVWD QR HV PiV TXH JUDQR OLPSLR FRPR RSXHVWR DO JUDQR FRQJORPHUDGR
,JXDOPHQWH ODV WHPSODV GH JUDQR OLPSLR SXHGHQ FRFLQDUVH D FXDOTXLHU WHPSHUDWXUD +D\ XQD
UD]yQSDUDFUHHUTXHODVDOWDVWHPSHUDWXUDVVRQODVSUHIHULGDV/D]RQDPHWDHVWDEOHGH66FXEUHXQ
DPSOLRUDQJRGHFRQFHQWUDFLRQHVDSUHVLRQHVDOWDVGHIRUPDTXHHOSXQWLVWDHQVXLQWHUSUHWDFLyQ
SXHGHSHQVDUTXHpOREWLHQHHOJUDQRPiVGXURDSUHVLRQHVDOWDVTXHHQODVEDMDVORFXDOQRHV
UHDO

, 'LVROXFLyQ\UHFUHFLPLHQWRGHORVFULVWDOHVGHVDFDURVD

 
,QGLFH

(OPHMRUHMHPSORGHGLVROXFLyQGHFULVWDOHVGHVDFDURVDHVHOXVRGHODVHPLOOD&FRPRSLHGH
WHPSOD GH ODV PDVDV FRPHUFLDOHV HQ ODV IiEULFDV GH D]~FDU FUXGR (O D]~FDU & VH PH]FOD FRQ
DJXDMXJRFODULILFDGRRFRQPHODGXUDSDUDIRUPDUXQPDJPDGXUDQWHHVWDRSHUDFLyQVHGLVXHOYH

)LJXUD'HVDUUROORVGHORVFULVWDOHVGHVHPLOOD&HQD]~FDUFRPHUFLDOHQIiEULFDVGHD]~FDU
GHFDxD













 
,QGLFH





DOJXQDSDUWHGHORVFULVWDOHVGHVDFDURVD,JXDOPHQWHFXDQGRHVWDVHPLOODVHWRPDHQORVWDFKRV
SDUDGHVDUUROODUODVHOLPSLDFRQDJXDFDOLHQWHSDUDGLVROYHUORVJUDQRVSHTXHxRV
(QWUH ORV D]XFDUHURV SUiFWLFRV H[LVWH XQD WHRUtD TXH GLFH que los cristales quebrados por su

superficies rotas a mayor velocidad. 3HUR GH DFXHUGR FRQ REVHUYDFLRQHV FXLGDGRVDPHQWH
transporte a través de la bomba magma se renuevan más fácilmente que los sanos en las

KHFKDV VREUH HVWH DVXQWR VH KD FRPSUREDGR TXH WRGR HVR QR HV QDGD PiV TXH XQD ILFFLyQ 1R
H[LVWH LQGLFDFLyQ DOJXQD TXH OD VXSHUILFLH GH XQ FULVWDO SDUFLDOPHQWH URWD R GLVXHOWD FUH]FD PiV
UiSLGDPHQWHTXHODGHXQFULVWDOVDQR
(Q OD FULVWDOL]DFLyQ GH OD VDFDURVD QRVRWURV SRGHPRV REVHUYDU OD RFOXVLyQ GH OLFRU PDGUH R GH
LPSXUH]DVRVFXUDV(VWRVXFHGHFXDQGRVHXVDXQDVHPLOODPDJPDRVFXUD/DIRUPDFLyQGHHVDV
LPSXUH]DVRVFXUDVHQORVFULVWDOHVRFXUUHHVSHFtILFDPHQWHHQODVPDVDVFRFLGDVGHDJRWDPLHQWR\
DSDUHFH HQ HO FULVWDO FRPHUFLDO GRQGH SRGHPRV REVHUYDU PLFURVFySLFDPHQWH ORV FULVWDOHV GH
VHPLOODFRPRXQFHQWURRVFXURHQHOSURGXFWRILQDO&RQXQH[DPHQFXLGDGRVRSXHGHREVHUYDUVH
HQ ORV FULVWDOHV GH D]~FDU FUXGR TXH XQD FDSD FRORUHDGD RVFXUD HVWi SUHVHQWH HQ HO LQWHULRU GHO
FULVWDOGDQGRODLPSUHVLyQTXHXQDFDSDGHOLFRUPDGUHVHKDIRUPDGRDOUHGHGRUGHXQDSDUWHGH
XQFULVWDOGHVDFDURVDHQVXFUHFLPLHQWRFRQODGHSRVLFLyQGHVDFDURVDVREUHODFDSDGHPLHOHV
YHUILJXUD(VWHIHQyPHQRRFXUUHSDUWLFXODUPHQWHFXDQGRVHXVDD]~FDU&FRPRSLHSDUDODV
WHPSODV FRPHUFLDOHV TXH SUHVHQWHQ XQD VXSHUILFLH LPSHUIHFWD FRPR UHVXOWDGR GHO ODYDGR R XQD
FLUFXODFLyQSREUHGDQGRSRUUHVXOWDGRODGLVROXFLyQ\UHFUHFLPLHQWRGHORVFULVWDOHVTXHFLUFXODQ
HQHOWDFKR
6HKDUHFRQRFLGRTXHODLQFOXVLyQGHHVDVLPSXUH]DVRVFXUDVGLVPLQX\HQFXDQGRODFULVWDOL]DFLyQ
VHUHDOL]DHQXQPHGLRGHEDMDSXUH]DFRPRHVODFULVWDOL]DFLyQFRQPLHOHV$RXQDPH]FODGH
PHODGXUD\PLHO$GHELGRDTXHVHREWLHQHQJUDQRVPiVXQLIRUPHV/DVFDYLGDGHV\UDQXUDVHQ
ORV FULVWDOHV GH IRUPD LUUHJXODU FRQWULEX\HQ D OD LQFOXVLyQ GHO OLFRU PDGUH /D LQFOXVLyQ HV
SUREDEOHPHQWHFDXVDGDSRUXQDGLVROXFLyQORFDOGHODVVXSHUILFLHVGHOFULVWDOFRPRUHVXOWDGRGHO
ODYDGR \ VREUHFDOHQWDPLHQWR HQ ORV WDFKRV /D LQFOXVLyQ GH ODV LPSXUH]DV RVFXUDV RFXUUH
SULQFLSDOPHQWHHQOD~OWLPDIDVHGHIDEULFDFLyQGHODVPDVDVFRFLGDV&\HVSHFtILFDPHQWHFXDQGR
OD FLUFXODFLyQ HV PX\ SREUH \ H[LVWH XQD JUDQ GLIHUHQFLD GH WHPSHUDWXUD HQ OD PDVD FRFLGD
FLUFXODQWH FXDQGR VH WLHQH XQD ]RQD QRVDWXUDGD HQ HO OXJDU GH OD WHPSHUDWXUD PiV DOWD
HVSHFtILFDPHQWHFXDQGRODPDVDFRFLGDVHPXHYHOHQWDPHQWHDWUDYpVGHODFDODQGULD

- ¢&UHFHQORVFULVWDOHVPiVUiSLGRDWHPSHUDWXUDVDOWDV"
/RVH[SHULPHQWRVKHFKRVSRU.DPRGD<DPDQH\RWURVLQGLFDQTXHODUD]yQGHFUHFLPLHQWRGH
ORVFULVWDOHVGHD]~FDUVHLQFUHPHQWDDOJXQDVYHFHVDWHPSHUDWXUDVDOWDV/DVSUXHEDVGDGDVSRU
HVWHHVWXGLRQRDSUXHEDRGHVDSUXHEDHVDVREVHUYDFLRQHV
(QXQWDFKRLQGXVWULDOORVHTXLSRVLQVWDODGRVQRSHUPLWHQTXHORVFRFLQDGRVVHSXHGDQUHDOL]DUHQ
XQDPSOLRUDQJRGHSUHVLRQHVDEVROXWDV6REUHHOODGREDMRHVWDPRVOLPLWDGRVSRUODWHPSHUDWXUD
GHODJXD\FDSDFLGDGGHOFRQGHQVDGRU\ODUD]yQGHHYDSRUDFLyQGHOWDFKRGHEHVHUSHQDOL]DGD
'HO ODGR DOWR OD GLIHUHQFLD GH WHPSHUDWXUD GLVSRQLEOH HQWUH HO YDSRU \ OD PDVD FRFLGD R ODV
FRQVLGHUDFLRQHV GH IRUPDFLyQ GH FRORU OLPLWDQ ORV H[SHULPHQWRV (Q JHQHUDO OD YDULDFLyQ
SHUPLVLEOHGHWHPSHUDWXUDHQORVFRFLQDGRVHVEDVWDQWHOLPLWDGDEDMRFXDOTXLHUVLWXDFLyQ$SHVDU
GHORDQWHVGLFKRDOJXLHQSRGUtDGHFLUTXHODSUHJXQWDSXHGHFRQWHVWDUVHDVtLa mayoría de los
procesos de difusión proceden más rápidamente a medida que la temperatura se

 
,QGLFH

incrementa, simplemente porque la fluidez normalmente se incrementa con la temperatura.


Si el mecanismo predominante que gobierna la razón de migración de las moléculas de

probable. 6LQ HPEDUJR GHEH VHxDODUVH TXH OD IOXLGH] GH XQ VLURSH GDGR KLUYLHQGR D ´+J
azúcar hacia las caras del cristal para su crecimiento es la fluidez del sirope, lo cual parece

DEVFHUFDGHOOtPLWHVXSHULRUGHOD]RQDPHWDHVWDEOHWLHQHXQDIOXLGH]VRODPHQWHPD\RUTXH
OD TXH SRGUtD WHQHU EDMR OD PLVPD FRQGLFLyQ D ´+J DEV (VDV SUHVLRQHV UHSUHVHQWDQ FDVL ORV
OtPLWHV H[WHULRUHV XVDGRV HQ OD SUiFWLFD \ GHEH FRQFOXLUVH TXH ODV YDULDFLRQHV WROHUDEOHV HQ
FXDOTXLHU VLWXDFLyQ SXHGH WHQHU VRODPHQWH XQ HIHFWR GHVSUHFLDEOH VREUH OD FULVWDOL]DFLyQ 2 VHD
TXHVHQHFHVLWDRWUDVFRQVLGHUDFLRQHVPiVLPSRUWDQWHVSDUDGDUSRUFLHUWDGLFKDSUHJXQWD

. ¢/DYDHOJUDQRODDOLPHQWDFLyQGHDJXD"
(VWDFRQMHWXUDKDVLGRSURFODPDGDFRQPXFKDIUHFXHQFLDSRUTXHHVXQDVXSRVLFLyQOyJLFDTXHORV
JUDQRVPiVSHTXHxRVGHXQDPDVDFRFLGDSRGUtDQVHUUiSLGDPHQWHGLVXHOWRVSRUFRQWDFWRFRQXQD
FRUULHQWHGHDJXDDOLPHQWDGDDOWDFKRSDUDPDQWHQHUODFRQGLFLyQGHOVLURSHGXUDQWHLQWHUYDORVGH
DOLPHQWDFLyQ LQDGHFXDGD GH VLURSH R FXDQGR VH KDFH QHFHVDULR SDUD TXH ORV FULVWDOHV H[LVWHQWHV
FUH]FDQ
6LHQFXDOTXLHUWLHPSR HOVLURSHHQHOWDFKRFDHSRUDEDMRGHOSXQWRGH VDWXUDFLyQORV JUDQRV
FRPHQ]DUDQDGLVROYHUVH\HVWRVHFRPSUXHEDLQPHGLDWDPHQWHFRQXQPLFURVFRSLRGHWDFKR \D
TXHODVDULVWDVRHVTXLQDVGHORVFULVWDOHVVHWRUQDQUHGRQGDV6LQHPEDUJRODVREVHUYDFLRQHVFRQ
PLFURVFRSLR HQ WDFKRV D ORV FXDOHV VH OH KD DOLPHQWDGR DJXD SRU SHUtRGRV H[WHQVRV QXQFD KD
UHYHODGRTXHXQFULVWDOVLPSOHVXIUDWDOGDxR
$SDUHQWHPHQWH VL HO VLURSH FRQWHQLGR HQ HO WDFKR SHUPDQHFH VREUHVDWXUDGR HO DJXD
VHQFLOODPHQWH QR SXHGH SHQHWUDU OD FDSD YLVFRVD GH VLURSH TXH URGHD DO FULVWDO VLQR TXH OR TXH
KDFH HV PH]FODUVH FRQ HO VLURSH PiV FRQFHQWUDGR 2 VHD TXH OD SUHJXQWD DQWHULRU HV
SUREDEOHPHQWHLQFLHUWD

/ )DOVRJUDQRRJUDQRVHFXQGDULR
8QD YH] TXH OD FDUJD GH FULVWDOL]DU HV VHPLOODGD \ XQ SLH GH JUDQR OLEUH GH FRQJORPHUDGRV VH
HVWDEOHFHVHHVWiVHJXURHQSULPHUDEDVH3HURODIDOWDGHFXLGDGRHQFXDOTXLHUWLHPSRSRVWHULRU
SXHGH FDXVDU GDxRV TXH QR SXHGHQ IiFLOPHQWH VHU UHSDUDGRV VLQ H[FHVLYDV SpUGLGDV HQ OD
SURGXFFLyQ\HFRQRPtDGHOSLVRGHORVWDFKRV/DIRUPDFLyQGHIDOVRJUDQRHQFXDOTXLHUHWDSDGHO
FRFLQDGRGLVPLQX\HODFDOLGDGGHOD]~FDU
&XDQGR VH VHPLOOD HO iUHD GH FULVWDOHV GLVSRQLEOHV SDUD OD GHSRVLFLyQ GH OD VDFDURVD HV
DSUR[LPDGDPHQWHGHSFRPHMRUVRODPHQWHXQDIUDFFLyQGHXQDOEGHVDFDURVDPLQXWRVHHVWi
GHSRVLWDQGRHQORVFULVWDOHV'XUDQWHODFRQFHQWUDFLyQILQDOHOiUHDVHFXHQWDSRUPLOORQHVGHSLHV
FXDGUDGRV \ HO UHQGLPLHQWR HQ D]~FDU GH XQD WHPSOD QRUPDO SXHGH VHU GH XQD WRQPLQ (Q ODV
HWDSDVPiVWHPSUDQDVSUiFWLFDPHQWHWRGRHODJXDTXHVHHYDSRUDHVODTXHYLHQHHQHOVLURSHGH
DOLPHQWDFLyQ SDUD DVt HOHYDU OD FRQFHQWUDFLyQ D ORV QLYHOHV UHTXHULGRV GH 66 $ PHGLGD TXH HO
iUHDGHFULVWDOL]DFLyQVHLQFUHPHQWDODPD\RUSDUWHGHODHYDSRUDFLyQVHXVDSDUDOLEHUDUVDFDURVD
SDUD OD FULVWDOL]DFLyQ \ GXUDQWH OD FRQFHQWUDFLyQ ILQDO VH GLVSRQH GH XQ iUHD GH FULVWDOL]DFLyQ
VXILFLHQWH SDUD DEVRUEHU WRGD HO D]~FDU TXH HVWi VLHQGR OLEHUDGD SDUD HYDSRUDFLyQ GHO DJXD GHO
VLURSHVRODPHQWH

(O IDOVR JUDQR IRUPDGR HQ ODV SULPHUDV HWDSDV GH XQD WHPSOD VLPSOHPHQWH VH FRQJORPHUD SDUD
IRUPDUERODVGHJUDQRVIUiJLOHVFRPR\DKDVLGRGLVFXWLGR$PHQRVTXHpVWRVVHGLVXHOYDQFRQ
DJXD D H[SHQVDV GHO WLHPSR \ YDSRU ORV PLVPRV VHJXLUiQ FUHFLHQGR FRQ HO JUDQR YHUGDGHUR
DIHFWDQGROD$0 \EDMDQGRODFDOLGDGGHOD]~FDUGHYDULDVPDQHUDV)RUPDGRPiVDGHODQWHHQ

 
,QGLFH

XQDWHPSODHOJUDQRQXHYREDMDUiOD$0HLQFUHPHQWDUiHO&9([LVWHHOSHOLJURGHTXHHOIDOVR
JUDQRIRUPDGRHQODHWDSDPHGLDGHXQDWHPSODQRWHQJDWLHPSRGHFUHFHUORVXILFLHQWH\SXHGD
VRODPHQWHDOFDQ]DUHOWDPDxRTXHWXSHHIHFWLYDPHQWHODVPDOODVHQODVFHQWUtIXJDVFDXVDQGRTXH
ODPDVDFRFLGDQRSXUJXH\SRUORWDQWRKDOODTXHGLVROYHUODWHPSOD
(OFRFLQDGRGHXQDWHPSODVHFRQGXFHGHVGHHOVHPLOODPLHQWR\HWDSDVWHPSUDQDVGHOFUHFLPLHQWR
GH OD FULVWDOL]DFLyQ KDVWD OD 66 Pi[LPD TXH SXHGD HPSOHDUVH SDUD DSUHVXUDU HO FUHFLPLHQWR GHO
JUDQR OR FXDO SURGXFH XQ DXPHQWR HQ OD FRQVLVWHQFLD D HVWR VH OH FRQRFH FRPR hacer que la
masa se junte. (Q HVWD HWDSD OD UD]yQ FULVWDOOLFRU VH LQFUHPHQWD KDVWD HO SXQWR TXH OD
YLVFRFLGDGWRWDOHVPD\RUTXHODGHOVLURSHPLVPRGHELGRDODSUHVHQFLD GHXQUHQGLPLHQWRGH
FULVWDOHV GHO 3DUD SUHYHQLU XQ DXPHQWR GHVPHGLGR GH OD FRQVLVWHQFLD OD FXDO SRGUtD
GLVPLQXLU OD FLUFXODFLyQ \ WUDQVIHUHQFLD GH FDORUOD DOLPHQWDFLyQ GH VLURSH VH LQFUHPHQWD SDUD
PDQWHQHUODFRQVLVWHQFLD\66GHOVLURSHHQXQD]RQDVHJXUD&XDQGRHOQLYHOPi[LPRGHODPDVD
FRFLGDVHDOFDQ]D\VHFRUWDODDOLPHQWDFLyQGHVLURSHODFRQVLVWHQFLDFRPLHQ]DDLQFUHPHQWDUVH\
WDPELpQ OD 66 6L pVWD YD PiV DOOi GHO OtPLWH GH VHJXULGDG VH IRUPDUi HO IDOVR JUDQR < HVWR
TXL]iVQRDUUXLQHXQDEXHQDWHPSODRGLVPLQX\DPXFKRODFDOLGDGGHOD]~FDUSHURUHSUHVHQWDXQD
SpUGLGDHFRQyPLFDLQQHFHVDULD
/RVSXQWLVWDVSUHVLRQDGRVSRUHOWLHPSRDPHQXGRDSUHVXUDQHOSDVRGHFRQFHQWUDFLyQILQDOGH
IRUPDTXHXQDPDVDFRFLGDSXHGDVHUERWDGD\RWUDFRPHQ]DGD(VWRHVLQFUHtEOHPHQWHIXQHVWR
(OIDOVRJUDQRIRUPDGRHQORV~OWLPRVPLQXWRVGHOFLFORGHXQDWHPSODEDMRWDOHVFRQGLFLRQHVVH
FXHQWDQ SRU PLOODUHV OR FXDO LQFUHPHQWD OD YLVFRFLGDG GHO VLURSH WDQWR TXH HO UHQGLPLHQWR HQ
FULVWDOHVVHLQFUHPHQWDDOERWDUODWHPSOD3HURpVWHUHQGLPLHQWRHVIDOVRSRUTXHQRHVGHFULVWDOHV
XVDEOHVVLQRVRODPHQWHSROYRILQRHOFXDOSDVDDWUDYpVGHODVPDOODVHQODVFHQWUtIXJDV\UHTXLHUH
GLVROXFLyQ \ UHFULVWDOL]DFLyQ (OORV DXPHQWDUiQ OD YLVFRFLGDG GHO VLURSH \ VH DGKLHUHQ D ORV
FULVWDOHVOLPSLRVLQFUHPHQWDQGRODVGLILFXOWDGHVHQHOVHFDGRGHOD]~FDU\JHQHUDOPHQWHVHFROHFWD
FRPRSROYRHQORVFLFORQHVGHODVUHILQHUtDV
(VPXFKRPHMRUSHUPDQHFHUSRU DEDMRGHOD]RQDGHVHJXULGDGGH66GXUDQWHODFRQFHQWUDFLyQ
ILQDOWRPDQGRXQRVPLQXWRVPiV\SRQHUXQDVWRQHODGDVPiVGHD]~FDUHQORVFULVWDOHVH[LVWHQWHV
\QRGHMDUTXHORVPLVPRVVHDQUHFULVWDOL]DGRVXQD\RWUDYH]HQORVWDFKRV(VEXHQRPDQWHQHUHO
VLURSHHQOD]RQDGH66VHJXUDGLVPLQX\HQGRODSUHVLyQGHYDSRURDxDGLHQGRDJXD

// ¢3XHGHGLVROYHUVHHOIDOVRJUDQRFRQDJXDRVLURSH"
&XDQGR VH WRPD XQD PXHVWUD GH PDVD FRFLGD HQ XQ FULVWDO \ pVWD UHYHOD OD SUHVHQFLD GH IDOVR
JUDQRODPD\RUtDGHORVSXQWLVWDVLQFUHPHQWDQODDOLPHQWDFLyQWHPSRUDOPHQWHRDOLPHQWDQDJXD
SRU XQRV PLQXWRV 8QRV SRFRV PLQXWRV GHVSXpV OD PXHVWUD TXH VH WRPD QXHYDPHQWH SDUHFH
LQGLFDUTXHODGLILFXOWDGKDGHVDSDUHFLGR/DDOLPHQWDFLyQGHDJXDSXHGHEDMDUOD66KDVWDOD]RQD
PHWDHVWDEOHpero si no se lleva a la zona no-saturada el falso grano no se disolverá.
(OPLFURVFRSLRGHOWDFKRUHYHODTXHVXFHGHUHDOPHQWH(OJUDQRQXHYRHQSRFRVPLQXWRVFUHFH
KDVWDHOWDPDxRGRQGHODFRQJORPHUDFLyQVHSUHVHQWD(OORVIRUPDQERODVGHJUDQRV\VHDFHUFDDO
WDPDxR GHO FULVWDO UHJXODU 3DUD GHO SXQWLVWD TXLHQ QR SXHGH DSUHFLDU FRQ VXV RMRV GLFKR
IHQyPHQR SDUHFH TXH pO KD HOLPLQDGR HO IDOVR JUDQR SHUR HQ UHDOLGDG OR TXH KD KHFKR HV
LQFUHPHQWDU HO SUREOHPD \ OD PDVD FRFLGD FRQVLVWLUi GH XQ JUDQ SRUFHQWDMH GH D]~FDU GH EDMD
FDOLGDG
3DUDORJUDUGLVROYHUHOIDOVRJUDQRVHQHFHVLWDXQDJUDQFDQWLGDGGHDJXDSDUDGHVFHQGHUOD66GHO
VLURSHGHDPHQRVGHFHUR3RUHMHPSORHQXQDWHPSODGHUHILQRGHGHSXUH]DKLUYLHQGR
D ´+J DEV VXSRQJD TXH VH H[FHGD HO OtPLWH GH 66 FXDQGR HO YROXPHQ GH VLURSH HV GH
S $SUR[LPDGDPHQWH VH QHFHVLWDUiQ  JDORQHV GH DJXD SDUD UHGXFLU OD 66 D OD ]RQD GH


VDWXUDFLyQ PiV OD FDQWLGDG TXH VH KD HYDSRUDGR GXUDQWH HO WLHPSR QHFHVDULR HQ TXH VH HVWXYR

 
,QGLFH

DOLPHQWDQGRDJXDPiVODFDQWLGDGTXHSRGUtDVHUUHTXHULGDSDUDGLVROYHUORVFULVWDOHVQXHYRV'H
RWUDPDQRVLVHXVDUDOLFRUGHƒ%[ODFDQWLGDGDXVDUVHUtDGHJDORQHVGHDJXD/D~QLFD
IRUPD GH HOLPLQDU HO IDOVR JUDQR XQD YH] IRUPDGR HQ XQD WHPSOD GH PDVD FRFLGD HV DxDGLU
VXILFLHQWH DJXD SDUD OOHYDU OD 66 KDVWD OD ]RQD GH VDWXUDFLyQ EDMDU HO YDFtR \ FDOHQWDU OD PDVD
FRFLGD KDVWD TXH HVWp VXEVDWXUDGD &XDQGR HO IDOVR JUDQR KDOOD GHVDSDUHFLGR \ ORV FULVWDOHV
HVWDEOHFLGRVPXHVWUHQVXVDULVWDVUHGRQGDVHOWDFKRSXHGHDUUDQFDUVHGHQXHYRDVXVFRQGLFLRQHV
QRUPDOHV3HURD~QVLpVWRVHKDFHELHQVHSLHUGHPXFKRWLHPSRGHWUDEDMR~WLO

0 6LQFULVWDOL]DFLyQ
6HOHOODPDVLQFULVWDOL]DFLyQDOIHQyPHQRGHLQFOXVLyQGHLPSXUH]DVHQODVXSHUILFLHGHOFULVWDOGH
VDFDURVD/DQDWXUDOH]DGHpVWHIHQyPHQRQRHVVLPSOH(VWHIHQyPHQRQRGHEHFRQIXQGLUVHFRQ
OD LQFOXVLyQ GH OLFRU PDGUH HQ ODV FDYLGDGHV EROVLOORV SRURV \ HVTXLQDV GH ORV FULVWDOHV GH
VDFDURVD /D VLQFULVWDOL]DFLyQ HV HVSHFtILFDPHQWH OD LQFOXVLyQ GH LPSXUH]DV HQ HO FULVWDO GH
VDFDURVD GH XQ KiELWR QRUPDO H LGHDO FRPR XQLGDGHV VLPSOHV 7DOHV LPSXUH]DV SXHGHQ VHU HO
KLHUURSRWDVLR\VXVWDQFLDVGHSHVRPROHFXODUDOWRFRPRHODOPLGyQHWF

1 7DPDxRGHSDUWtFXODGHOD]~FDU

/D GLVWULEXFLyQ GH WDPDxRV GH ORV JUDQRV R FULVWDOHV GH D]~FDU HV XQD GH ODV YDULDEOHV PiV
LPSRUWDQWHVHQHOD]~FDUFUXGR\HQHOUHILQDGR(QODHODERUDFLyQGHOD]~FDUFUXGRVLHOD]~FDU
VHREWLHQHFRQJUDQRVGHPX\GLVWLQWRVWDPDxRVHVWRHQWRUSHFHODPDUFKDGHODVFHQWUtIXJDV3DUD
HOUHILQDGRUDVXYH]OHUHSUHVHQWDXQPD\RUJDVWRSXHVQHFHVLWDDXPHQWDUODFDQWLGDGGHDJXDHQ
ODDILQDFLyQODFXDODOGLVROYHUPiVJUDQRVRFDVLRQDXQDXPHQWRFRQVLGHUDEOHHQODFDQWLGDGGH
D]~FDUDUHSURFHVDU/DVHULHGHWDPL]DGRUHVQHFHVDULRVSDUDHOD]~FDUFUXGR\UHILQRFRPSUHQGH
ODVPDOODVVLJXLHQWHV GLiPHWURGHOWDPL]DGRU´ 

 86(VWDQGDU   7\OHU$EHUWXUDGHODPDOOD
1R1RPPSXOJDGDV
 
 
 








3DUDHOD]~FDUFUXGRODVPDOODV\7\OHUVRQVXILFLHQWHVFRQVLGHUiQGRVHTXHHOJUDQR
GH D]~FDU FUXGR HV H[FHOHQWH FXDQGR HO WRWDO GH HOORV TXHGD VREUH ODV PDOODV  \ 3DUD HO
D]~FDU UHILQDGR VH XVDQ PDOODV 86  \  FRQVLGHUiQGRVH EXHQR XQ D]~FDU
UHILQRTXHKDOOHODGLVWULEXFLyQGHWDPDxRVLJXLHQWH

 86(VWDQGDUPi[LPR86(VWDQGDUPi[LPR
1R      1R


 
,QGLFH



3ODWR


$ YHFHV HV FRQYHQLHQWH FRQRFHU OD PHGLGD SURPHGLR GH GLFKRV JUDQRV &RPR TXH VDEHPRV OD
DEHUWXUDGHFDGDFHUQLGRURWDPL]\HOGHJUDQRVSDVDGRVSRUpOPXOWLSOLFDQGRHOSURPHGLRGH
DEHUWXUDGHORVFHUQLGRUHVSRUHOGHJUDQRV\GLYLGLHQGRODVXPDGHOWRWDOSRUWHQGUHPRVHO
WDPDxRSURPHGLRGHOJUDQRGHD]~FDU
(MHPSOR6HWLHQHXQD]~FDUUHILQDGRFX\DSUXHEDGHWDPL]DGRHVFRPRVLJXH

        )UDFFLyQ
 6REUHPDOOD86
6REUHPDOOD86
 6REUHPDOOD86
 6REUHPDOOD86
 6REUHPDOOD86
 6REUHPDOOD86
 3ODWR SROYR 
'HDFXHUGRFRQODVDEHUWXUDVHQPPFRUUHVSRQGLHQWHVDGLFKDVPDOODVWHQHPRV

 )UDFFLyQ$EHUWXUDSURPHGLR
0P
6REUHPDOOD[ 
$WUDYpVGH\HQPP[  
³³[ 
 ³³[ 
³³[ 
³³[ 
³³[ 
         
7DPDxRSURPHGLRGHOJUDQR  PP


 7DPL]DGRSRUHOPpWRGRGH$0&9


/DWHUPLQRORJtD$0&9LQGLFDXQPpWRGRFRQFLVRSDUDUHSRUWDUORVUHVXOWDGRVGHXQDSUXHEDGH
FULEDGR VREUH XQ D]~FDU FULVWDOLQR TXH SUHVHQWD XQD LPDJHQ PHQWDO GHO JUDQR \ HOLPLQD OD
QHFHVLGDGGHHVSHFLILFDUODVPDOODVHPSOHDGDV(VWiEDVDGDHQODVXSRVLFLyQGHTXHODPD\RUtDGH
ODV PXHVWUDV GH D]~FDU WLHQHQ XQD GLVWULEXFLyQ QRUPDO GH WDPDxR  OR TXH VH FRQILUPD HQ OD
SUiFWLFD  YHU ILJXUD DGH WDO PRGR TXH VL GHVSXpV GH VDFXGLU VH JUDILFDQ VREUH XQD KRMD GH
SUREDELOLGDGHVDULWPpWLFDVORVSRUFHQWDMHVDFXPXODWLYRVUHWHQLGRVSRUXQDVHULHGHPDOODVFRQWUD
ODDEHUWXUDGHODPDOODVHREWHQGUiXQDOtQHDUHFWD
/DDEHUWXUDGHODPDOODTXHFRUUHVSRQGHDODLQWHUVHFFLyQGHpVWDOtQHDFRQODOtQHDGHOHQOD
JUiILFDVHGHILQHFRPROD$0\XQDFULEDTXHWHQJDXQWDPDxRGHPDOODLJXDODOD$0UHWHQGUiHO
GHODPXHVWUD(O&9VHGHILQHFRPRODGHVYLDFLyQHVWiQGDUH[SUHVDGDFRPRXQSRUFHQWDMH

 
,QGLFH

GHODDEHUWXUDPHGLD(QHOFDVRGHXQDPXHVWUDTXHWHQJDXQDGLVWULEXFLyQQRUPDOODGLIHUHQFLD
HQWUHODVDEHUWXUDVFRUUHVSRQGLHQWHVDODOtQHDGH\DODOtQHDGHOHVLJXDODODGHVYLDFLyQ
HVWiQGDU(QFRQVHFXHQFLD
 &9 > $& DO   $& DO   $0 [  @             GRQGH$& DEHUWXUD
FRUUHVSRQGLHQWH
(MHPSOR
8Q DQiOLVLV JUDQXORPpWULFR OOHYDGR D FDER HQ XQD PXHVWUD GH D]~FDU D WUDYpV GH XQ MXHJR GH
PDOODV7\OHUGDORVUHVXOWDGRVVLJXLHQWHV
 0DOOD7DPDxRDEHUWXUD3HVRDFXPXODWLYRHQJDFXPXODWLYR
 
 
 

7RWDO


6HREWLHQHXQDOtQHDUHFWDFXDQGRORVSRUFHQWDMHVDFXPXODWLYRVVHJUDILFDQFRQWUDODDEHUWXUDGH
ODV PDOODV ILJXUD /D LQWHUVHFFLyQ GH OD OtQHD GHO  FRUUHVSRQGH D PP ´ 
HQWRQFHVVHWLHQH
 &9 >   [ @ 
/DILJXUDPXHVWUDXQDJUDILFDSDUDHOFRQWUROUXWLQDULRGHHVWDSUXHED

3 5HODFLRQHVGHOWDPDxRGHOFULVWDOYROXPHQ\iUHDVXSHUILFLDO

(XJHQH & *LOOHW HIHFWXy FiOFXORV WRPDQGR ORV GDWRV GH 7KLHPH FRPR EDVH \ DVXPLy TXH OD
GLPHQVLyQOLQHDOGHODFDUDGHXQFULVWDOGDGRHVHTXLYDOHQWHDODDEHUWXUDGHODPDOODGHOD
FODVLILFDFLyQHVSHFtILFDGHWDPL]GHOFULVWDO
7KLHPH HQFRQWUy VHJ~Q PHGLFLRQHV GH FLHQWRV GH FULVWDOHV TXH OD UHODFLyQ GHO YROXPHQ GHO
FULVWDOFRQODGLPHQVLyQGHODFDUDIXHGHD D \D SDUDORVWUHVWLSRVTXHFRQ
  

PiV IUHFXHQFLD DSDUHFHQ HQ ORV FULVWDOHV GH D]~FDU GH FDxD (O SURPHGLR GH HVWRV YDORUHV
SXHGHXWLOL]DUVHSDUDFiOFXORVDSUR[LPDGRVGHOYROXPHQGHFULVWDOHVHQIRUPDGH
 9 D  

'HDFXHUGRFRQHOYROXPHQ\FRQRFLHQGRODJUDYHGDGHVSHFtILFDHOSHVR : GHXQFULVWDOSXHGH
FDOFXODUVHHQWpUPLQRVGHGLPHQVLyQOLQHDORWDPDxRGHPDOODFRPRVLJXH

 : [D GRQGH JUDYHGDGHVSHFtILFDGHOFULVWDOGHVDFDURVD



$GHPiV GH DFXHUGR FRQ 7KLHPH OD UHODFLyQ HQWUH HO iUHD VXSHUILFLDO \ HO SHVR GH XQ FULVWDO
GHWHUPLQDGRVHH[SUHVDSRU

 ) [: GRQGHI VXSHUILFLHGHOFULVWDOHQPP \: SHVRGHOFULVWDOHQPJ
 


/D FRQVWDQWH  HV HO SURPHGLR GH ODV GHWHUPLQDFLRQHV LQYHVWLJDWLYDV GH &ODDVHQ 3HOOHW \
.XFKDUHQFR %DVDGDV HQ HVWDV UHODFLRQHV OD WDEOD  PXHVWUD ORV SHVRV FDOFXODGRV iUHD
VXSHUILFLDO \ YRO~PHQHV GH FULVWDOHV FRQ HO UDQJR GH WDPDxR PiV FRP~Q XVDGR HQ OD LQGXVWULD
D]XFDUHUD6LREVHUYDPRVODWDEODYHPRVTXHDPHGLGDTXHHOWDPDxRGHOJUDQRRFULVWDOGH
VDFDURVDVHKDFHPiVSHTXHxRVHLQFUHPHQWDUiSLGDPHQWHHOQ~PHURGHFULVWDOHVDVtFRPRVX

 
,QGLFH

iUHDVXSHUILFLDOSRUPJ(VWRHVPX\LPSRUWDQWHGHELGRDTXHODDEVRUFLyQVREUHODVXSHUILFLHHV
PXFKRPiVUiSLGD/DVXSHUILFLHSRUXQLGDGGHSHVRGHOWDPDxRGHJUDQRHVYHFHVPD\RU
TXHODGHO   YHUWDEOD\ILJXUD 
7DEOD
3HVR FDOFXODGR iUHD VXSHUILFLDO \ YROXPHQ GH ORV FULVWDOHV GH D]~FDU EDVDGRV HQ OD
FODVLILFDFLyQSRUPDOOD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0DOOD$EHUWXUD3HVRGHO1RFULVWDÈUHDVXSHU9ROXPHQGHO$UHDVXSHU
PDOODPPFULVWDOPJOHVPJILFLDOFULVWDOFULVWDOPP ILFLDOPJGHO 

$S D :PP I 9 D I:


  

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB;: BBBBBBBBBBBBBBBBBB 






























Estas relaciones son muy útiles en el trabajo de los tachos ya que ahora conocemos que a
medida que los cristales crecen, su peso y su volumen varían en proporción al cubo de su

(QFRQFOXVLyQSRGHPRVUHVXPLUGLFLHQGRTXH
tamaño.

$/DGLPHQVLyQOLQHDOYDUtDGLUHFWDPHQWHFRQODPDJQLWXGGHOFULVWDO
%/DVXSHUILFLHGHOVyOLGRYDUtDFRQHOFXDGUDGRGHODGLPHQVLyQOLQHDO
&(OYROXPHQ\HOSHVRYDUtDQFRQHOFXERGHODGLPHQVLyQOLQHDO

 
,QGLFH





 
,QGLFH

)LJXUD*UiILFDGHODSUXHEDGH$0&9























 
,QGLFH






























 
,QGLFH


)LJXUD  (O iUHD VXSHUILFLDO VH LQFUHPHQWD D PHGLGD TXH HO WDPDxR GH SDWtFXOD
GLVPLQX\H



(-(03/26

(MHPSOR 6H VHPLOOD XQD WHPSOD GH UHILQR XVDQGR SDUD HOOR  OEV GH VHPLOOD FX\RV FULVWDOHV
PLGHQ PP(O YROXPHQ ILQDO GH OD WHPSOD HV GH S D ƒ%; OEV VyOLGRVS  HO
UHQGLPLHQWRHQFULVWDOHVHVGH¢&DOFXOHHOWDPDxRGHJUDQRGHOD]~FDUJUDQXODGR"
5HVROXFLyQ
[[ 
(OLQFUHPHQWRGHSHVR\YROXPHQHV  

(OLQFUHPHQWRHQODGLPHQVLyQOLQHDOHV  
(OLQFUHPHQWRHQODVXSHUILFLHGHOFULVWDOHV   

(O WDPDxR GHO JUDQR XVDGR FRPR VHPLOOD HV SURSRUFLRQDO DO UHFtSURFR GH OD UDt] F~ELFD GHO
LQFUHPHQWRHQODGLPHQVLyQOLQHDO

 
,QGLFH


  PP
7DPDxRGHOD]~FDUJUDQXODGD 
 PP

(MHPSOR6HFULVWDOL]DSDUD0&&GHSFXXVDQGRXQDSDVWDGHVHPLOODFX\RVFULVWDOHV
PLGHQPPGHWDPDxRXVDQGRSDUDHOOROEVGHODPLVPD/DV0&&VHERWDQDƒ%[
OEVVyOLGRVS \GHUHQGLPLHQWRHQFULVWDOHV¢&XiOVHUiHOWDPDxRGHORVFULVWDOHV
GHOD]~FDU&REWHQLGD"
5HVROXFLyQ
[ [ OEVGHD]~FDU&
 
 

 PP

 PPWDPDxRGHJUDQRGHOD]~FDU&

(MHPSOR3DUWLHQGRGHXQWDPDxRGH JUDQRGHPPHQODVHPLOODPDJPD \VXSRQLHQGR
TXH HO SLH GH WHPSOD GH ORV WDFKRV GH D]~FDU FRPHUFLDO HTXLYDOH D  GH VX YROXPHQ GH
RSHUDFLyQ¢&DOFXOH HO WDPDxR GHO JUDQR GHVDUUROODGR HO GH ORV SLHV GH WHPSODV FRPHUFLDOHV
30&&R \HOWDPDxRGHOJUDQRGHOD]~FDUFRPHUFLDO"
5HVROXFLyQ
 =
7DPDxRGHOJUDQRGHVDUUROODGR PP
  =
7DPDxRGHOJUDQR30&&R PP
  =
7DPDxRGHOJUDQRGHOD]~FDUFRPHUFLDO PP

3XHVWR TXH HO D]~FDU FRPHUFLDO HV GH PP \ HO D]~FDU & HV GH PP HVWR VLJQLILFD TXH
KDEUiXQGHVDUUROORGHSHVRHTXLYDOHQWHDVt

   RVHD
(VWR VLJQLILFD TXH SRU FDGD OLEUD GH VHPLOOD TXH VH XWLOLFH VH SURGXFLUiQ  OEV GH D]~FDU
FRPHUFLDO

4 'HVDUUROORYROXPpWULFRGHOJUDQRFULVWDOL]DGR
6HGDHVWHQRPEUHDODUHODFLyQVLJXLHQWH

9ROXPHQWRWDO0&&GHULYDGDVGHODFULVWDOL]DFLyQYROXPHQGHODFDUJDFULVWDOL]DGD

'HELGR D OD DEXQGDQFLD GH JUDQRV TXH QRUPDOPHQWH VH SURGXFHQ DO JUDQXODU PH]FODV GH EDMD
SXUH]DXQGHVDUUROORYROXPpWULFRGHHVXVXDOPHQWHHOQHFHVDULRSDUDTXHHOJUDQRREWHQLGR
WHQJDVXILFLHQWHWDPDxRDOVHUSXUJDGDVODVWHPSODVTXHGHODFULVWDOL]DFLyQVHGHULYDQ
(QUHILQHUtDVLQHPEDUJRVHFULVWDOL]DSDUDFDGDWHPSODGHUHILQR\HOGHVDUUROORYROXPpWULFRGHO
JUDQRHVDSUR[LPDGDPHQWHGH

5 $QDOL]DGRUHVGHSDUWtFXODV


 
,QGLFH

)LJXUD  $  'LDJUDPD HVTXHPiWLFR GHO DQDOL]DGRU GH WDPDxR GH SDUWtFXODV % 
'HWHFWRUIRWRVHQVLWLYR



)LJXUD'LVWULEXFLyQGHODLQWHQVLGDGGHSDUWtFXODVHVIpULFDV

 
,QGLFH

)LJXUD'LVWULEXFLyQGHODHQHUJtDGHSDUWtFXODVHVIpULFDV


 (TXLSR0DOYHUQ
-6+RJJ6&+0F &DUH\ \ -') :LONLH GH OD %ULWLVK 6XJDU FRQMXQWDPHQWH FRQ '%URZQ \
(-:HDWKHUE\GHODXQLYHUVLGDGGH6KHIILHOGGHVDUUROODURQXQHTXLSRSDUDGHWHUPLQDUHOWDPDxR
GHO FULVWDO GH VDFDURVD GXUDQWH HO FLFOR GH FRFKXUD (O HTXLSR HV XQ DQDOL]DGRU GH SDUWtFXODV
EDVDGRHQODGLIUDFFLyQGHXQUD\ROiVHUHOFXDOHVFRPHUFLDOL]DGRSRU0DOYHUQ,QVWUXPHQWV(O
LQVWUXPHQWRXVDXQUD\RSDUDOHORGHOX]PRQRFURPiWLFDFRKHUHQWHSURGXFLGDDSDUWLUGHXQOiVHU
GH +H1H  P  SDUD LOXPLQDU ODV SDUWtFXODV HQ XQD FHOGD ySWLFD ILJXUD D/DV
SDUWtFXODVSURGXFHQXQDWUD\HFWRULDGHGLIUDFFLyQ)UDXQKRIHUGHDURVORVFXDOHVVHHQIRFDQVREUH
HOIRWRGHWHFWRUSRUXQRVOHQWHVWUDQVIRUPDGRVGH)RXULHU(OGHWHFWRUHVWiFRPSXHVWRGHXQMXHJR
GHGLRGRVFRQFpQWULFRVVHPLFLUFXODUHVVHQVLWLYRVDODOX]UDGLDOPHQWHGHVSOD]DGRVDXQDGLVWDQFLD
6[GHOGLRGRFHQWUDOFRPRVHPXHVWUDHQODILJXUDE/DOX]QRGLIUDFWDGDVHHQIRFDWDPELpQ
VREUHHOGHWHFWRUHOFXDOHVWiVLWXDGRDXQDGLVWDQFLDGHORVOHQWHVHTXLYDOHQWHDOODUJRIRFDO I GH
ORVPLVPRV/DVGLVWULEXFLRQHVGHSHVRUHODWLYD \DEVROXWDGHODVXVSHQVLyQGHSDUWtFXODVSXHGH
KDOODUVHFRPRVLJXH
/D WUD\HFWRULDGHGLIUDFFLyQSDUDHOFDPSRGHODVSDUWtFXODVHVIpULFDVPRQRGLVSHUVDVGH UDGLR
³D´VHPXHVWUDHQODILJXUD/DLQWHQVLGDGGHODOX]HVPi[LPDHQHOFHQWURGHODWUD\HFWRULD
GHGLIUDFFLyQ\RVFLODFRQDPSOLWXGGHFUHFLHQWHDPHGLGDTXHHOUDGLRVHLQFUHPHQWD&RPRHV
GLItFLOLQIHULUODVGLVWULEXFLRQHVGHWDPDxRDSDUWLUGHODVPHGLFLRQHVGHLQWHQVLGDGGHODOX]VH
KDXVDGRSDUDHOGHVDUUROORGHODWHRUtDODGLVWULEXFLyQGHODHQHUJtDGHODOX]/DGLVWULEXFLyQGH
HQHUJtD GH OD OX] FRUUHVSRQGLHQWH SDUD XQ FDPSR GH SDUWtFXODV HVIpULFDV PRQRGLVSHUVDV VH
PXHVWUDHQODILJXUD/DGLVWDQFLDUDGLDOFRUUHVSRQGLHQWHDOSULPHUPi[LPRHVLQYHUVDPHQWH
SURSRUFLRQDODOUDGLRGHODSDUWtFXOD7DPELpQHOUDQJRGHWDPDxRLQGLYLGXDOFXELHUWRSRUFDGD


 
,QGLFH

)LJXUD'LDJUDPDHVTXHPiWLFRGHOOD]RGHPXHVWUHRHQODIiEULFD






 
,QGLFH

)LJXUD)RWRJUDItDGHODQDOL]DGRUGHSDUWtFXODV0DOYHUQLQVWDODGRHQODIiEULFD1HZDUN  
/DVHU  5HFLELGRU  (QWUDGDGHODPXHVWUD  &HOGDGHIOXMR  GHULYDFLyQ  %RPED  
5HWRUQRGHODPXHVWUD






IUDQMD GH OX] VHQVLWLYD \ HQWRQFHV HO UDQJR GH WDPDxR WRWDO FXELHUWR SRU HO GHWHFWRU SXHGH
YDULDUVHVLPSOHPHQWHFDPELDQGRHOODUJRRGLVWDQFLDIRFDOGHORVOHQWHV

/DGLVWULEXFLyQWRWDOGHHQHUJtDGHODOX]SDUDXQDVXVSHQVLyQTXHFRQWHQJDSDUWtFXODVGHWDPDxRV
GLIHUHQWHVSXHGHH[SUHVDUVHHQIRUPDGHODPDWUL]
/ M : L 7 LM HFXDFLyQ
/ M DODHQHUJtDGHODOX]TXHFDHHQXQDURM
: L DODIUDFFLyQGHSHVRHQHOUDQJRGHWDPDxR\
7 LM FRQWLHQHORVFRHILFLHQWHVORVFXDOHVGHILQHQODGLVWULEXFLyQGHHQHUJtDGHODOX]VLPLODU
DODILJXUDSDUDFDGDUDQJRGHWDPDxRGHSDUWtFXODV


 
,QGLFH

/DHFXDFLyQVHUHVXHOYHDVXPLHQGRXQYDORUSDUD: L \FDOFXODQGRXQYDORUWHyULFRSDUD
/ M XVDQGRODPDWUL]DSURSLDGD7 LM SDUDXQMXHJRGDGRGHSDUiPHWURVH[SHULPHQWDOHV(VWH/
M  WHyULFR VH FRPSDUD FRQ HO H[SHULPHQWDOPHQWH PHGLGR /  M  \ OD GLVWULEXFLyQ GH SHVR HV
HQWRQFHV DMXVWDGD LQWHUDFWLYDPHQWH KDVWD TXH OD VXPD GH ORV HUURUHV DO FXDGUDGR HQ / M  SRU
HMHPSOR >/  M : LM @ VHD XQ PtQLPR (QWRQFHV OD GLVWULEXFLyQ GH SHVR UHODWLYD SXHGH
REWHQHUVHDSDUWLUGHODGLVWULEXFLyQGHHQHUJtDGHODOX]0LGLHQGRODHQHUJtDGHODOX]HQIRFDGD
VREUHHOGLRGRFHQWUDODQWHV\GHVSXpVTXHODPXHVWUDVHDSXHVWDHQODFHOGDySWLFDODIUDFFLyQGH
OX] RVFXUHFLGD SRU ODV SDUWtFXODV SXHGH KDOODUVH (VWD RVFXULGDG SXHGH XVDUVH SDUD FDOFXODU OD
GLVWULEXFLyQGHSHVRDEVROXWD\FRQFHQWUDFLyQSRUPHGLRGHODOH\GH/DPEHUW%HHU(ODQDOL]DGRU
GHSDUWtFXODV0DOYHUQSHUPLWHODPHGLFLyQGHOWDPDxRGHSDUWtFXODVDSUR[LPDGDPHQWHFDGDGRV
PLQXWRV GH LQWHUYDOR /D ILJXUD  PXHVWUD XQ GLDJUDPD HVTXHPiWLFR GHO DQDOL]DGRU GH
SDUWtFXODV\ODILJXUDPXHVWUDXQDIRWRJUDItDGHOHTXLSRLQVWDODGRHQODUHILQHUtD1HWZDUN/D
ILJXUDPXHVWUDXQDQiOLVLVGHSDUWtFXODVUHDOL]DGRFRQGLFKRHTXLSR



Observaciones sobre el instrumento Malvern.

&XDQGR HO UD\R /iVHU VH RVFXUHFH PiV GHO  OR FXDO RFXUUH DO FDER GH XQRV  PLQXWRV
DSUR[LPDGDPHQWH ORV GDWRV VH WRUQDQ FRQIXVRV SURGXFLHQGR XQD GLVSHUVLyQ P~OWLSOH SRU
HMHPSORHOUD\RGLIUDFWDGRSRUXQQ~PHURGHSDUWtFXODVDQWHVTXHDOFDQFHHOGHWHFWRURVHDTXH
ORVGDWRVVRQH[DFWRVVRODPHQWHSDUDRVFXULGDGHVSRUDEDMRGH(VWHWLSRHVH[FHOHQWHSDUDOD
GHWHUPLQDFLyQGHODGLVWULEXFLyQGHWDPDxRGHFULVWDOHVGHODVHPLOODGHFULVWDOL]DUWDEODSHUR
VXV OLPLWDFLRQHV HQ OD GHWHFFLyQ GH EDQGDV OLPLWD VX XVR SDUD HO FRQWURO GH WDFKRV SRU HO
PRPHQWR


 7DEOD$QiOLVLVGHWDPDxRSDUDORVFULVWDOHVGHVHPLOOD

 7DPDxRGHEDQGDPGHSHVRHQODEDQGD
 
















 

 
,QGLFH

)LJXUD5HVXOWDGRVFRPSXWDUL]DGRVGHOWDPDxRGHFULVWDOHVHQPLQXWRV








 
,QGLFH

)LJXUD$QDOL]DGRUGHSDUWtFXODV2SWLVL]HU36'$








 
,QGLFH

)LJXUD&XUYDVFRPSDUDWLYDVGHORVUHVXOWDGRVGHO2SWLVL]HU\ORVGHWDPL]DGR




(TXLSR2SWL6L]HU

/D0LFURPHULWLFV,QFRI1RUFURVV*D86$IiEULFDXQHTXLSRSDUDPHGLUHOWDPDxRGHSDUWtFXOD
HQ OD OtQHD YHU ILJXUD  OODPDGR 2SWL6L]HU 36'$(VWH HTXLSR WDPELpQ SXHGH XVDUVH HQ HO
ODERUDWRULR(O2SWL6L]HUXVDODWHFQRORJtDGHLPDJHQGLJLWDOPRQLWRUHDQGRDXWRPiWLFDPHQWHODV
PXHVWUDVHQODOtQHDGHSURGXFFLyQ\DVHDGHXQDIRUPDFRQWLQXDRSRUFDUJDVXPLQLVWUDQGRORV
GDWRVGHOWDPDxRGHSDUWtFXODDORVRSHUDGRUHV\VXSHUYLVRUHVGHSURGXFFLyQVLWXDGRVHQHOFXDUWR
GHFRQWUROOHMRVGHOSXQWRGHPRQLWRUHR(O2SWL6L]DUXVDHOVLVWHPDGHSURWRFROR0RGEXVSDUD
HQYLDUORVGDWRVDOFXDUWRGHFRQWURO(OSURWRFROR0RGEXVHVXQDFRPXQLFDFLyQHVWiQGDUXVDGD
HQHOFRQWUROGHSURFHVR
(O 2SWL6L]HU HV XQ GLVSRVLWLYR DXWRFRQWHQLGR TXH XVD VX SURFHVDGRU LQWHUQR SDUD PHGLU HO
GLiPHWUR GH ODV SDUWtFXODV FRPELQDQGR P~OWLSOHV LPiJHQHV SDUD GHWHUPLQDU OD GLVWULEXFLyQ GHO
GLiPHWUR(OHTXLSRWRPDODPXHVWUDSDUDHODQiOLVLVGHXQDFRUULHQWHGHVFHQGHQWHHQIRUPDILQD
XVDQGR XQ DOLPHQWDGRU YLEUDWRULR GLQiPLFDPHQWH FRQWURODGR /DV PXHVWUDV VRQ DOXPEUDGDV SRU
GHWUiV XVDQGR XQ VLVWHPD HVWURERVFySLFR HVSHFLDO TXH GD XQD LPDJHQ GH FRQWUDVWH DOWR GH OD
SDUWtFXODHQODFRUULHQWHGHPXHVWUD(ODOLPHQWDGRUYLEUDWRULRVHDEDVWHFHGHVGHXQHPEXGRTXH
VHOOHQDXVDQGRXQPXHVWUHDGRUDXWRPiWLFR
(VWD WHFQRORJtD HV FDSD] GH DQDOL]DU XQ DPSOLR UDQJR GH WDPDxRV GH SDUWtFXODV FRQ OLPLWDFLyQ
SUiFWLFDSDUDSDUWtFXODVSHTXHxDVWHQLHQGRODKDELOLGDGSDUDGLVSHUVDUSDUWtFXODVPHQRUHVGH
PLFURQHV XVDQGR HO DOLPHQWDGRU YLEUDWRULR (O UDQJR VXSHULRU HVWi OLPLWDGR VRODPHQWH SRU HO
WDPDxRGHODOLPHQWDGRUYLEUDWRULRUHTXHULGR(OVLVWHPD2SWL6L]HUHVWiQGDUHVWiFRQILJXUDGRSDUD
PDWHULDOHVGHVGHPLFURQHVKDVWDPPGHWDPDxR7DPELpQH[LVWHXQHTXLSR2SWL6L]HUSDUD
XVRGHOODERUDWRULR
/RV UHVXOWDGRV GHO 2SWL6L]HU FRUUHODFLRQDQ ELHQ FRQ ORV UHVXOWDGRV GH ORV DQiOLVLV GH WDPL]DGR
/DV SUXHEDV KDQ PRVWUDGR TXH OD GHVYLDFLyQ HQWUH ORV GRV PpWRGRV HV PiV SHTXHxD TXH OD
GHVYLDFLyQHQWUHORVDQiOLVLVGHWDPL]DGRLQGLYLGXDOHVYHUILJXUD

 
,QGLFH

&$3,78/2
62/8%,/,'$''(/$6$&$526$

,QWURGXFFLyQ
/DVVROXFLRQHVFRQVWLWXLGDVSRUVyOLGRVGLVXHOWRVHQOtTXLGRVSXHGHQVHU
 1RVDWXUDGDV
 6DWXUDGDV
 6REUHVDWXUDGDV

$OVyOLGRVHOHOODPDsoluto \ DO OtTXLGR disolvente.
(OSURFHVRGHcristalización \D VHD SRU HYDSRUDFLyQRSRUHQIULDPLHQWRGHODVDFDURVDGHVFDQVD
HQHOprincipio de la solubilidad de la sacarosa(soluto) en el agua (disolvente).
/DVDFDURVDHVPX\VROXEOHHQHODJXDSRUHMHPSORJGHVDFDURVDVHGLVROYHUiQHQXQJUDPR
GHDJXDDƒ&PLHQWUDVTXHVRODPHQWHJGHFORUXURGHVRGLR VDOFRP~Q VHGLVROYHUiQHQ
XQJUDPRGHDJXDDODPLVPDWHPSHUDWXUD

HQFRQGLFLRQHVGHHTXLOLEULRSe dice que una solución está sobresaturadaFXDQGRFRQWLHQHPiV


Una solución saturadaHVODTXHFRQWLHQHODFDQWLGDGPi[LPDGHVROXWRVROXEOHHQHOGLVROYHQWH

VROXWRTXHHOTXHSRVHHXQDVROXFLyQVDWXUDGDDODPLVPDWHPSHUDWXUD
La saturación es un estado de equilibrio estable HO FXDO QR VH DOFDQ]DUiSLGD\IiFLOPHQWHHQODV
VROXFLRQHVGHD]~FDU
6L XQD VROXFLyQ VH FRQFHQWUD SRU HYDSRUDFLyQ R VL HV HQIULDGD SRU HQFLPD GH VX SXQWR GH
VDWXUDFLyQ ORV FULVWDOHV QR DSDUHFHQ LQPHGLDWDPHQWH HQ HO PDWHULDO (O D]~FDU SHUPDQHFH HQ
VROXFLyQ\VHGLFHTXHHVWiVREUHVDWXUDGD
(QXQDFRFKXUDQRUPDOHQHOWDFKRODPLHOGHODPDVDFRFLGDHVWiVREUHVDWXUDGDGHVDFDURVD(
LJXDOPHQWHHVWiVREUHVDWXUDGDGHVDFDURVDODPLHOGHXQDPDVDFRFLGDVRPHWLGDDHQIULDPLHQWR
HQ XQ FULVWDOL]DGRU /D PHODGXUD R PLHO FRQ TXH VH DOLPHQWD HO WDFKR GXUDQWH OD FRFKXUD VRQ
PDWHULDOHV D~Q QRVDWXUDGRV GH VDFDURVD HVWRV PDWHULDOHV VH FRQYLHUWHQ HQ VREUHVDWXUDGRV DO
HQWUDU HQ HO WDFKR \ SHUGHU XQD SDUWH GH VX FRQWHQLGR GH DJXD FRPR FRQVHFXHQFLD GH OD
HYDSRUDFLyQTXHFRQWLQXDPHQWHUHDOL]DHOWDFKRFXDQGRHVWiHQRSHUDFLyQ
/DVPLHOHVGHODVWHPSODVTXHORVWDFKRVGHVFDUJDQHQORVFULVWDOL]DGRUHVFRQVHUYDQVXHVWDGRGH
VREUHVDWXUDFLyQFRPRFRQVHFXHQFLDGHOHQIULDPLHQWRGHODVPLVPDVTXHSURJUHVLYDPHQWHWLHQH
OXJDU HQ HO FULVWDOL]DGRU /D VDFDURVD QR SUHVHQWD OD PLVPD VROXELOLGDG HQ DJXD SXUD TXH HQ HO
MXJR GH OD FDxD HO FXDO HV XQD VROXFLyQ DFXRVD GH VDFDURVD PiV FLHUWDV LPSXUH]DV (VWDV
LPSXUH]DVLQIOX\HQHQODVROXELOLGDGGHODVDFDURVDGHDFXHUGRFRQVXQDWXUDOH]D\FRQFHQWUDFLyQ

mientras que el azúcar invertido la disminuye. /DWDEODPXHVWUDORVGDWRVGHVROXELOLGDGGHOD


La mayoría de las sales inorgánicas tienden a aumentar la solubilidad de la sacarosa,

VDFDURVDSXUDHQHODJXDHQXQUDQJRGHƒ&1RH[LVWHQGDWRVH[DFWRVGHODVROXELOLGDGGHOD
VDFDURVDSDUDHOMXJRGHODFDxD VROXFLyQLPSXUDGHVDFDURVD GHELGRDODJUDQYDULDFLyQGHORV
GLIHUHQWHVWLSRVGHLPSXUH]DV

1~PHURGHVROXELOLGDG

)UHFXHQWHPHQWH OD VROXELOLGDG GH OD VDFDURVD WDQWR HQ VROXFLRQHV SXUDV FRPR LPSXUDV VH
H[SUHVDQ FRPR SDUWHV GH VDFDURVD SRU  SDUWHV GH DJXD HQ HO SXQWR GH VDWXUDFLyQ D pVWD
H[SUHVLyQVHOHOODPDQ~PHURGHVROXELOLGDG3RU HMHPSORSDUWLHQGRGHORVGDWRVGHODWDEOD


,QGLFH


,QGLFH

)LJXUD*UiILFRGHOFRHILFLHQWHGHVROXELOLGDG



,QGLFH

SDUD ƒ& GH WHPSHUDWXUD HO  GH VDFDURVD SRU SHVR HV GH  ¢ &XiO VHUi VX Q~PHUR GH
VROXELOLGDG 16 "
16 JVDFJDJXD  [ 


&RHILFLHQWHGHVROXELOLGDG
(OXVRGHOFRHILFLHQWHGHVROXELOLGDG &6 SHUPLWHXQDFRPSDUDFLyQGLUHFWDFRQORVGDWRVGHOD
VDFDURVDSXUDVXUHVXOWDGRHVXQQ~PHURTXHTXHGDUHODWLYDPHQWHLQDIHFWDGRSRUODWHPSHUDWXUD
&RQXQDOWRFRQWHQLGRGHD]~FDULQYHUWLGR SRUHMHPSORLQYHUWLGRFHQL]D  HO&6HVPHQRU
TXHODXQLGDGORTXHLQGLFDTXHVHGLVXHOYHPHQRVVDFDURVDTXHODTXHGLVROYHUtDHODJXDSXUD
&RQ XQ EDMR FRQWHQLGR GH D]~FDU LQYHUWLGR  SRU HMHPSOR LQYHUWLGRVFHQL]DV    HO &6 VH
KDFHPD\RUTXHODXQLGDG\ODVROXELOLGDGGHODVDFDURVDDXPHQWD(OFRHILFLHQWHGHVROXELOLGDGVH
H[SUHVDFRPR

&6 VDFDJXDDVDWXUDFLyQS]DUHDO\WHPS7
6DFDJXDDVDWXUDFLyQS]D\WHPS7

3UREOHPD

6H WLHQH XQD VROXFLyQ GH D]~FDU FX\D SXUH]D HV GH  \ VXFRQWHQLGRGHVyOLGRVHVGHOD
ƒ&GHWHPSHUDWXUDGHVDWXUDFLyQ¢&XiOHVVX&6"
 5HVROXFLyQ

6ROXFLyQLPSXUD 6ROXFLyQSXUD
 DJXD  VHEXVFDHQODWDEOD
VDFDURVD [ Dƒ&HOGHVDFDURVDSHVR \HO16 
16 [ [ 
3RUORWDQWRHO&6  
(QODILJXUDVHSUHVHQWDXQJUiILFRTXHPXHVWUDODYDULDFLyQGHO&6FRQODSXUH]DSDUDORV
SURGXFWRVGHODFDxDGHD]~FDU/RVGDWRVGHpVWDJUiILFDVRQDSUR[LPDGRV\VHSUHVHQWDQSDUDGDU
XQDLGHDGHODVUHODFLRQHVH[LVWHQWHV

&ULVWDOL]DFLyQSRUHYDSRUDFLyQ
(QODVIiEULFDVGHD]~FDUODFULVWDOL]DFLyQIXQGDPHQWDOVHORJUDSRUHYDSRUDFLyQHQORVWDFKRV(O
WUDEDMR GH HVWRV HTXLSRV FRQVLVWH SULQFLSDOPHQWH HQ OD UHPRFLyQ GH DJXD SRU HYDSRUDFLyQ \ OD
GHSRVLFLyQ GH D]~FDU GH DFXHUGR FRQ HO DXPHQWR JOREDO GH FRQFHQWUDFLyQ (VWH HV XQ MXHJR GH
SURFHVRVFRQVHFXWLYRVHQORVFXDOHVODUD]yQJOREDOGHODUHDFFLyQHVFRQWURODGDSULPDULDPHQWH
por la etapa más lenta. En los trabajos azucareros, al menos con purezas altas, la etapa más
lenta, usualmente, lo es la razón a la cual la sacarosa puede acomodarse sobre el cristal o
núcleo formado, de forma que la razón de crecimiento se convierte en el factor dominante en

purezas bajas. /RVFRHILFLHQWHVGHWUDQVIHUHQFLDGHFDORUSXHGHQHQWRQFHVVHUFRQVLGHUDEOHPHQWH


el tiempo requerido para hacer la templa. Esta situación puede ser que no prevalezca para

PHQRUHVFRQXQGHVFHQVRUHVXOWDQWHHQODUD]yQGHHYDSRUDFLyQDXQSXQWRGRQGHVHFRQYLHUWD
VLJQLILFDWLYDPHQWH\D~QSUHYDOHFLHQWHHQODUD]yQJOREDOGHFRFFLyQ'HFXDOTXLHUIRUPDHVWD
FRQVLGHUDFLyQ FLQpWLFD VHQFLOOD HQIDWL]D OD LPSRUWDQFLD GH OD UD]yQ GH FULVWDOL]DFLyQ SDUD HO


,QGLFH

HQWHQGLPLHQWRGHODRSHUDFLyQGHFRFLPLHQWRHQORVWDFKRV/RVIDFWRUHVTXHDIHFWDQODUD]yQGH
UHDFFLyQHQVLVWHPDVFRQFHQWUDGRVVRQSULQFLSDOPHQWHGRV7HPSHUDWXUD\&RQFHQWUDFLyQ
(QHOSURFHVRGHFULVWDOL]DFLyQRFXUUHVLPXOWiQHDPHQWHWUDQVIHUHQFLDGHPDVD\FDORUHQWUHWUHV
IDVHVLQWHUDFWXDQWHV$PHQXGRODUD]yQGHHYDSRUDFLyQWLHQHTXHVHUFRQWURODGDSDUDDMXVWDUOD
UD]yQGHFULVWDOL]DFLyQ/DYHORFLGDGFRQTXHFUHFHUiQORVFULVWDOHVHQXQDVROXFLyQVREUHVDWXUDGD
GH VDFDURVD GHSHQGHUi GH ODV YHORFLGDGHV GH GRV SURFHVRV FRQVHFXWLYRV GH ORV FXDOHV HO PiV
OHQWRVHUiHOIDFWRUGHWHUPLQDQWHla difusión de moléculas de sacarosa a través de la capa de
jarabe que rodea al cristal, y la acomodación de las moléculas de sacarosa en la posición

La sobresaturación  FRQVWLWX\H OD IXHU]D PRWUL] GH OD FULVWDOL]DFLyQ (O DXPHQWR GH
debida en la estructura cristalina.

VREUHVDWXUDFLyQ DIHFWDUi OD YHORFLGDG GH FULVWDOL]DFLyQ GH WUHV PDQHUDV Aumentando la
tendencia de las moléculas de sacarosa a fijarse a la estructura cristalina; aumentando el

aumentando la viscosidad y disminuyendo así la velocidad de difusión. (O JUDGR HIHFWLYR GH


gradiente de concentración a través del cual se difunden las moléculas de sacarosa; y

VREUHVDWXUDFLyQHQODVOtQHDVGHFRQWDFWRGHODVSHOtFXODVGHMDUDEHFRQODVFDUDVGHORVFULVWDOHV
VHUi PHQRU TXH HQ HO UHVWR GHO PLVPR GHELGR D OD OLEHUDFLyQ GHO FDORU GH FULVWDOL]DFLyQ \ DO
DJRWDPLHQWRGHODFRQFHQWUDFLyQGHODVROXFLyQHQHVRVSXQWRV3RUORWDQWRODYHORFLGDGQHWDHV
ODUHVXOWDQWHGHODVXPDDOJHEUDLFDGHODIXHU]DPRWUL]EiVLFDKDFLDODFULVWDOL]DFLyQ\ODVIXHU]DV
TXH OD LPSLGHQ \ HV JURVHUDPHQWH SURSRUFLRQDO D OD FDQWLGDG SRU OD FXDO HO FRHILFLHQWH GH
VREUHVDWXUDFLyQVREUHSDVDDODXQLGDG

/DVREUHVDWXUDFLyQFRPRHOHPHQWRGHFRQWUROHQODFULVWDOL]DFLyQ

(QHOSURFHVRGHFULVWDOL]DFLyQGHEHFRQWURODUVHODVREUHVDWXUDFLyQSDUDREWHQHUXQFUHFLPLHQWR\
IRUPDFLyQGHOFULVWDOGHVDFDURVDXQLIRUPH(OFRQRFLPLHQWRGHOJUDGRGHVREUHVDWXUDFLyQGHXQD
VROXFLyQLQGLFDGRSRUHOFRHILFLHQWHGHVREUHVDWXUDFLyQ &66 HVHVHQFLDOSDUDHOEXHQFRQWURO
GHOSURFHVRGHFULVWDOL]DFLyQHQWDFKRV\FULVWDOL]DGRUHV/DIRUPDFLyQGHQ~FOHRVODYHORFLGDGGH
FUHFLPLHQWRODIRUPDFLyQGHFRQJORPHUDGRVJHPHORV\IDOVRJUDQRWLHQHQUHODFLyQFRQHOQLYHO
GHVREUHVDWXUDFLyQ\HQJUDGRFRQVLGHUDEOHVRQFRQWURODGRVSRUHOPLVPR
6LHQORVWDFKRVODPLHOGHODPDVDFRFLGDTXHVHSURFHVDQRHVWXYLHUDVREUHVDWXUDGDORVJUDQRV
GH OD PDVD FRFLGD HPSH]DUtDQ LQPHGLDWDPHQWH D GLVROYHUVH (VWR SXHGH VXFHGHU VL VH DOLPHQWD
PXFKDPHODGXUDOLFRUVLURSHRPLHOIORMD GHSRFDGHQVLGDG DODPDVDFRFLGD
(Q XQD VROXFLyQ VREUHVDWXUDGD H[HQWD GH FULVWDOHV QR VLHPSUH HO H[FHVR GHO FXHUSR GLVXHOWR VH
GHSRVLWD R VHSDUD GH OD VROXFLyQ SHRU VL VH DJUHJD D OD VROXFLyQ XQD SRUFLyQ GH FULVWDOHV GHO
VROXWRHOH[FHVRGHODVXVWDQFLDGLVXHOWDHPSLH]DDGHSRVLWDUVHHVGHFLUDFULVWDOL]DU<FRPROD
DSDULFLyQ \ GHVDUUROOR GH ORV FULVWDOHV TXH VH IRUPDQ VH YHULILFDQ D H[SHQVDV GHO H[FHVR GH
VDFDURVD GLVXHOWD HQ OD VROXFLyQ VREUHVDWXUDGD pVWD VL VH OH GD HO WLHPSR QHFHVDULR WHUPLQDUi
FRQYLUWLpQGRVHHQXQDVROXFLyQVDWXUDGD
Nucleación, granulación, o sencillamente cristalización, HV HO QRPEUH FRQ TXH VH GHVLJQD OD
RSHUDFLyQ TXH VH KDFH HQ HO WDFKR SDUD TXH DSDUH]FDQ ORV FULVWDOHV GH VDFDURVD (VD RSHUDFLyQ
JHQHUDOPHQWHVHUHDOL]DLQWURGXFLHQGRXQDFLHUWDFDQWLGDGGHSROYLOORPX\ILQRGHVDFDURVDHQHO
PDWHULDO  TXH SXHGHVHUPHODGXUDOLFRUVLURSHRPLHO H[HQWRGHJUDQRV\VREUHVDWXUDGRTXH
KLHUYH HQ HO WDFKR 8QD YH] IRUPDGRV ORV FULVWDOHV GH VDFDURVD HQ HO VHQR GH OD VROXFLyQ
VREUHVDWXUDGDVHDGPLWHHQHOWDFKRPiVPDWHULDOGHDOLPHQWDFLyQFRQHOILQGHTXHORVJUDQRV
IRUPDGRVFRQWLQ~HQGHVDUUROOiQGRVHGXUDQWHHOUHVWRGHODFRFKXUDGHODPDVDFRFLGD


,QGLFH

8VXDOPHQWH PHGLDQWH HO FRQWURO R UHJXODFLyQ GH OD FDQWLGDG GH PDWHULDO TXH VH DOLPHQWD \ GHO
ULWPR GH HYDSRUDFLyQ GHO WDFKR VH FRQVLJXH PDQWHQHU HO HVWDGR GH VREUHVDWXUDFLyQ GH OD PLHO
QHFHVDULRSDUDHOGHVDUUROORGHORVJUDQRVREWHQLGRVSRUFULVWDOL]DFLyQ
&XDQGR XQD VROXFLyQ HVWi VREUHVDWXUDGD OD VDFDURVD GLVXHOWD VH LQFRUSRUD D ODV FDUDV GH ORV
FULVWDOHVIRUPDGRV\HQRFDVLRQHVIRUPDRWURVQXHYRV&XDQGRXQDVROXFLyQHVWiVXEVDWXUDGD
WLHQHOXJDUHOIHQyPHQRLQYHUVR6LHQXQDVROXFLyQVDWXUDGDTXHFRQWHQJDFULVWDOHVHQVXVSHQVLyQ
OD WHPSHUDWXUD SHUPDQHFH ILMD VH SURGXFH XQ HVWDGR GH HTXLOLEULR HQWUH OD OODPDGD IDVH VyOLGD
FRQVWLWXLGDSRUORVFULVWDOHV \ODIDVHOtTXLGD ODVROXFLyQ /R DQWHULRUVLJQLILFDTXHVLFLHUWR
Q~PHURGHPROpFXODVGHODVROXFLyQOOHJDVHQDGHSRVLWDUVHVREUHORVFULVWDOHVHOPLVPRQ~PHUR
GH PROpFXODV SDVDUtDQ GH ORV FULVWDOHV D OD VROXFLyQ GH PDQHUD TXH FXDQGR XQD VROXFLyQ HVWi
VDWXUDGD ORV FULVWDOHV TXH FRQWLHQHQ QL JDQDQ QL SLHUGHQ SHVR R OR TXH HV OR PLVPR QR VH
GHVDUUROODQQLVHGLVXHOYHQ

¢&DXVDODHQWUDGDGHDLUHHQXQWDFKRODIRUPDFLyQGHJUDQRDGLFLRQDO"

/DHQWUDGDGHDLUHSXHGHFDXVDUODIRUPDFLyQGHJUDQRDGLFLRQDOHQXQDVROXFLyQVREUHVDWXUDGDVL
VXƒ66VHHQFXHQWUDHQOD]RQDOiELOHQOD]RQDPHWDHVWDEOHQRVXFHGHGLFKRIHQyPHQR(VWRVH
KDFRPSUREDGRLQ\HFWDQGRDLUHFRQHOƒ66HQOD]RQDPHWDHVWDEOH/DVREVHUYDFLRQHVKHFKDVFRQ
XQ PLFURVFRSLR GH WDFKR KDQ UHYHODGR TXH HO DLUH EXUEXMHD D WUDYpV GHO VLURSH SHUR QR KD\
IRUPDFLyQGHJUDQRVQXHYRV

&RHILFLHQWHGHVREUHVDWXUDFLyQ
(OJUDGRRFRHILFLHQWHGHVREUHVDWXUDFLyQVHSXHGHHVSHFLILFDUH[SUHVDQGRVXFRQFHQWUDFLyQFRPR
IXQFLyQGHODFRQFHQWUDFLyQHQHOSXQWRGHVDWXUDFLyQ

ƒ66 JVDFJDJXDGHOPDWHULDOTXHVHLQYHVWLJD
J VDFJDJXDGHXQPDWHULDOVDWXUDGR ƒ66  
GHODPLVPDSXUH]D\WHPSHUDWXUDTXHODGHOPDWHULDO
TXHVHLQYHVWLJD

(O YDORU GHO QXPHUDGRU GHO TXHEUDGR DQWHULRU VH REWLHQH VH REWLHQH PHGLDQWH XQ DQiOLVLV GHO
PDWHULDO HQ HO ODERUDWRULR (O YDORU GHO GHQRPLQDGRU VH EXVFD HQ OD WDEOD GH VROXELOLGDG GH OD
VDFDURVDRVHREWLHQHH[SHULPHQWDOPHQWH

3UREOHPDVVREUHVROXELOLGDG

3UREOHPD
(ODQiOLVLVGHXQOLFRUGHUHILQHUtDGHSXUH]D DUURMDJGHVDFDURVDJGHDJXDGHO
OLFRU\VXWHPSHUDWXUDHVGHƒ&¢&XiOHVVXƒ66"

5HVROXFLyQ

6HJ~QODWDEODXQDVROXFLyQVDWXUDGD\Dƒ&FRQWLHQHJGHVDFDURVDJGHDJXD
SRUORWDQWRHOƒ66GHOLFRUGHOSUREOHPDVHUi &RPRHOUHVXOWDGRHVPHQRU


,QGLFH

TXHGHGXFLPRVTXHHOOLFRUHVWiVXEVDWXUDGR\VLOHDJUHJDPRVJUDQRVGHD]~FDUpVWRVVH
GLVROYHUiQ

3UREOHPD
¢ &XiO VHUiHOƒ66GHHVHPLVPROLFRUVLVXWHPSHUDWXUDEDMDVHDƒ&"

5HVROXFLyQ

6HJ~QODWDEODDƒ&ODVROXFLyQFRQWLHQHJVDFJGHDJXDSRUFRQVLJXLHQWHHO
ƒ66GHOOLFRUVHUiGH 'HPRGRTXHDHVDWHPSHUDWXUDHOOLFRUHVWDUiVDWXUDGR\
VLOHDJUHJDQJUDQRVGHD]~FDUHVWRVQLVHGLVROYHUiQQLVHGHVDUUROODUiQ

3UREOHPD
¢ &XiO VHUiHOƒ66GHHVHPLVPROLFRUVLVXWHPSHUDWXUDEDMDVHKDVWDƒ&"

5HVROXFLyQ
(QWRQFHVVXƒ66VHUiGH %DMRpVWDFRQGLFLyQVLDODVROXFLyQOHDJUHJiUDPRV
JUDQRVGHD]~FDUHVWRVJDQDUtDQHQSHVR

Conclusión: Al bajar la temperatura aumenta el °SS.

3UREOHPD

6LFDOHQWDPRVHOPLVPROLFRUKDVWDƒ&VLQHYDSRUDUQDGDGHDJXD¢4XHƒ66WHQGUiHQWRQFHV
"
 5HVROXFLyQ
6Xƒ66VHUiGH 

Conclusión: Al subir la temperatura el °SS disminuye.

3UREOHPD
6L FDUJDPRV HO WDFKR FRQ HVH PLVPR OLFRU OH HYDSRUDPRV XQ SRFR GH DJXD OR GHVFDUJDPRV
DQRWDPRVVXWHPSHUDWXUDTXHHVGHƒ&\XQDPXHVWUDGHOPLVPRHQYLDGDDOODERUDWRULRDUURMD
JGHVDFDURVDJGHDJXD¢&XiOVHUiVXƒ66"

5HVROXFLyQ

6HJ~Q OD WDEOD  D ƒ& ODV VROXFLRQH VDWXUDGDV FRQWLHQHQ  J VDF  J GH DJXD GH
PDQHUDTXHHOQXHYRƒ66VHUiGH 

3UREOHPD

6LPDQWHQHPRVVXWHPSHUDWXUDHQƒ&SHUROHDJUHJDPRVDJXD\VXDQiOLVLVHQWRQFHVGDJ
VDFJGHDJXD¢&XiOVHUiVXQXHYRƒ66"



,QGLFH

5HVROXFLyQ

(OQXHYRƒ66VHUiGH 

Conclusión: Al concentrarse un material su °SS aumenta, y al diluirse su °SS disminuye, si
su temperatura no cambia.

3UREOHPD
6LXQOLFRUFX\RDQiOLVLVHVGHJGHVDFDURVDJGHDJXDOHDJUHJDPRVFLHUWDFDQWLGDGGH
FULVWDOHVGHD]~FDUPDQWHQHPRVODWHPSHUDWXUDILMDHQƒ&DJLWDPRV\HVSHUDPRVYDULDVKRUDV¢
4XHSURFHVRWHQGUiOXJDU"

5HVROXFLyQ
3ULPHURFRQVXOWDPRVODWDEODSDUDFRQRFHUVLHOOLFRUHVWiVDWXUDGRRQRORHVWi/DWDEODGLFH
TXHDƒ&XQDVROXFLyQVDWXUDGDFRQWLHQHIJGHVDFDURVDJGHDJXD&RPRHOOLFRU
GHOSUREOHPDHVWiPiVFRQFHQWUDGRVXƒ66VHUiPD\RUTXHGHIRUPDTXHDOSURFHVRTXHVH
H[SOLFDHQHOSUREOHPDHOH[FHVRGHVDFDURVDTXHHOOLFRUFRQWLHQHHQVROXFLyQ TXHHVGHJGH
VDFJ GH DJXD  VH GHSRVLWDUi HQ ORV FULVWDOHV SUHVHQWHV DXPHQWDQGR VXV WDPDxRV \ HO OLFRU
SDVDUiDODFRQGLFLyQGHOLFRUVDWXUDGR(VWHSURFHVRUHTXLHUHDOJ~QWLHPSR

3UREOHPD
6LFRQFHQWUDPRVXQOLFRUHQHOWDFKRKDVWDTXHVXDQiOLVLVVHDGHJGHVDFJGHDJXD
GHOOLFRU\VXVWHPSHUDWXUDVVHDGHƒ&¢&XDOVHUiHOƒ66GHVSXpVGHFRQFHQWUDGR"

5HVROXFLyQ
(Oƒ66VHUiGH 

3UREOHPD
6LFKRFDPRVHOOLFRUDVtFRQFHQWUDGR\PDQWHQHPRVODWHPSHUDWXUDGHƒ&\HVSHUDPRVFLHUWR
WLHPSR¢4XHFDQWLGDGGHVDFDURVDGHOOLFRUFULVWDOL]DUi"
 5HVROXFLyQ
(OH[FHVRGHVDFDURVDTXHHOOLFRUPDQWLHQHHQVROXFLyQVHFRQYHUWLUiSRFRDSRFRHQJUDQRVGH
D]~FDU(VWHH[FHVRHVGH JJGHDJXDGHOOLFRU3RURWUDSDUWHOD66GHOOLFRU
LUiEDMDQGRGHVGHKDVWD

&RQFOXVLyQ
Para una misma pureza e igual temperatura, mientras mayor es el °SS de un material
azucarado, mayor será el peso de sacarosa cristalizada que del mismo podrá obtenerse.

3UREOHPD
6LHOVLURSHGHXQDPDVDFRFLGDGHSULPHUDGHUHILQRWLHQHXQƒ66GHFXDQGRHVWiDƒ&¢
&XDOVHUiODWHPSHUDWXUDPi[LPDDTXHSRGUiSXUJDUVHVLQULHVJRGHTXHVXVJUDQRVHPSLHFHQD
GLVROYHUVH"
 5HVROXFLyQ


,QGLFH


,QGLFH

6HJ~QODWDEODDƒ&XQDVROXFLyQVDWXUDGDFRQWLHQHJGHVDFGHDJXDGHPRGR
TXHDƒ66 VXDQiOLVLV RFRQFHQWUDFLyQ VHUiGH[ JGHVDFJGH
DJXD
0HGLDQWHLQVSHFFLyQGHODWDEODVHREVHUYDTXHDƒ&XQDVROXFLyQVDWXUDGDFRQWLHQH
J GH VDFJ GHDJXD\TXHpVWDFRQFHQWUDFLyQFRLQFLGHFRQODGHODWHPSODGHUHILQRSRUOR
WDQWR OD WHPSHUDWXUD Pi[LPD D TXH SRGUi SXUJDUVH OD WHPSOD VLQ TXH VXV JUDQRV HPSLHFHQ D
GLVROYHUVHVHUiGHƒ&TXHHVODWHPSHUDWXUDGHVDWXUDFLyQDHVDFRQFHQWUDFLyQ(VWHSUREOHPD
VLUYHSDUDHQWHQGHUODUD]yQSRUODFXDOHQJHQHUDOQRRFXUUHGLVROXFLyQGHJUDQRVFXDQGRHQORV
LQJHQLRVGHD]~FDUFUXGRVHFDOLHQWDQODVPDVDVFRFLGDVILQDOHVHQHOPH]FODGRUGHODVFHQWUtIXJDV
GXUDQWHODSXUJDGHODVPLVPDV\DTXHGLFKDVWHPSODVWLHQHQVXVPLHOHVD~QVREUHVDWXUDGDV\
SRU FRQVLJXLHQWH SXHGHQ VHU FDOHQWDGDV KDVWD OD WHPSHUDWXUD GH VDWXUDFLyQ VLQ TXH RFXUUD
GLVROXFLyQGHJUDQRV

/DHOHYDFLyQGHOSXQWRGHHEXOOLFLyQ (3( 
&ODVVHQGHPRVWUyTXHODFRQFHQWUDFLyQGHXQDVROXFLyQGHD]~FDUKLUYLHQWHVHUHODFLRQDFRQOD
HOHYDFLyQGHVXSXQWRGHHEXOOLFLyQ
/D(3(HVODGLIHUHQFLDHQWUHODWHPSHUDWXUDGHXQDVROXFLyQKLUYLHQWH\ODGHORVYDSRUHVTXH
VDOHQGHHOOD(OSXQWRGHHEXOOLFLyQGHODJXDGHSHQGHGHODSUHVLyQODWDEODPXHVWUDHOSXQWR
GHHEXOOLFLyQGHODJXDDOYDFtR6LQHPEDUJRHQORVP~OWLSOHVHIHFWRVRHQORVWDFKRVQRHVDJXD
ORTXHKLHUYHVLQRMXJRPHODGXUDOLFRUPLHOHVRVLURSHVSRUHVRHOSXQWRGHHEXOOLFLyQGHXQD
VROXFLyQD]XFDUDGDEDMRFLHUWDSUHVLyQVHLQFUHPHQWDFRQODFRQFHQWUDFLyQGHGLFKDVROXFLyQRVHD
VXJUDGREUL[(OSXQWRGHHEXOOLFLyQGHXQDVROXFLyQD]XFDUDGDYDUtDFRQODSUHVLyQSHURHQXQ
UDQJRHVWUHFKR/D(3(VHFRPSRUWDFRPRVLJXH

$'LVPLQX\HDPHGLGDTXHODWHPSHUDWXUDEDMD
%$XPHQWDDPHGLGDTXHODSXUH]DGLVPLQX\H
& $ GHWHUPLQDGD SXUH]D \ WHPSHUDWXUD HV SURSRUFLRQDO D ORV VyOLGRV GLVXHOWRV SRU  SDUWHV
GHDJXD
3RUORWDQWRVLVHFRQRFHOD(3(HQHOSXQWRGHVDWXUDFLyQHVIiFLOGHWHUPLQDUHOƒ66GHODIRUPD
VLJXLHQWH

(3(REVHUYDGR
 ƒ66 
 (3( HQHOSXQWRGHVDWXUDFLyQ

3UREOHPD

6HYDDFRQIHFFLRQDUXQD0&$GHUHILQRSDUDORFXDOVHFDUJDHOWDFKRFRQOLFRUGHSXUH]D 
(QHOPRPHQWRGHFULVWDOL]DURVHDGHLQWURGXFLUHOSROYRSDUDHIHFWXDUHOVHPLOODPLHQWROD
SUHVLyQDEVROXWDHVGH´+*\HOGHVDFDURVDHVGH ƒ%[UHI ODWHPSHUDWXUDGHODFDUJDHV
GHƒ) ƒ& ¢&XiOHVVXƒ66HQGLFKRPRPHQWR"
 5HVROXFLyQ
&RQODSUHVLyQDEVROXWDGH´+*  ´+JYDFtR EXVFDPRVODWHPSHUDWXUDGHORVYDSRUHV
VDWXUDGRVHQODWDEOD\KDOODPRVTXHHVGHƒ) ƒ& SRUORWDQWR



,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH

(3(REVHUYDGR  


(O (3( HQ HO SXQWR GH VDWXUDFLyQ OR KDOODPRV HQ OD WDEOD  \ QRV GD SDUD  GH VDFDURVD \
WHPSHUDWXUDGHOYDSRUGHƒ&ODFLIUDGHSRUORWDQWR

ƒ66  
/DVWDEODV\PXHVWUDQOD(3(GHODVVROXFLRQHVGHVDFDURVDSXUD

6ROXELOLGDG6REUHVDWXUDFLyQ\(3(GHODVVROXFLRQHVLPSXUDVGHVDFDURVD
/D VREUHVDWXUDFLyQ \ OD (3( GH ORV PDWHULDOHV LPSXURV SURFHGHQWHV GHO MXJR GH OD FDxD \
UHPRODFKDHVWiLQIOXHQFLDGDSRUHOWLSR\FDQWLGDGGHLPSXUH]DVSUHVHQWHV(VWRRFXUUHSRUTXHOD
VROXELOLGDGHQHOSXQWRGHVDWXUDFLyQ\OD(3(DXQDFRQFHQWUDFLyQGDGDHVWiQLQIOXHQFLDGDVSRU
ODVLPSXUH]DVSUHVHQWHV(OHIHFWRGHHVDVLPSXUH]DVSXHGHQXVXDOPHQWHVHUFRPSHQVDGDVHQORV
PDWHULDOHVGHODVUHILQHUtDVGHD]~FDUGHFDxD\DTXHODYDULDFLyQDƒGHSXUH]DHVSHTXHxD\
ODQDWXUDOH]DGHODVLPSXUH]DVHVUHODWLYDPHQWHFRQVWDQWH3HURHQORVPDWHULDOHVGHSXUH]DVEDMDV
FRPR OR VRQ ORV SURFHGHQWHV GH ORV MXJRV GH FDxD \ UHPRODFKD \ ORV OLFRUHV GH D]~FDU GH
UHIXQGLFLyQWDOFRPSHQVDFLyQQRHVVLHPSUHDGHFXDGDSRUORWDQWRHQHVWRVFDVRVGHEHKDFHUVH
ODFRUUHFFLyQSRUSXUH]D
/RVLQYHVWLJDGRUHVVLHPSUHKDQHQFRQWUDGRPXFKDVGLILFXOWDGHVSDUDGHWHUPLQDUODVROXELOLGDG
GH OD VDFDURVD HQ VROXFLRQHV LPSXUDV SHUR QR REVWDQWH HOOR VH KDQ UHDOL]DGR DOJXQDV
LQYHVWLJDFLRQHVDOUHVSHFWR3RUHMHPSORODWDEODIXHKHFKDSRU79DQGHU/LQGHQ)-DFNVRQ\
& *LOOLV SDUD FRPSOHWDU HVWD WDEOD GDPRV OD WDEOD  TXH QRV SURSRUFLRQD OD FRQYHUVLyQ GH
SXUH]DVUHDOHVHQSXUH]DVDSDUHQWHV/DWDEODH[WUDtGDGHORVJUiILFRVGDGRVSRU(&*XLOOHW
QRVGDOD(3(SDUDPDWHULDOHVVDWXUDGRV 66  DGLVWLQWDVSXUH]DV\SUHVLRQHVDEVROXWDV


7DPELpQODSXUH]DUHDOVHSXHGHREWHQHUXVDQGRODIyUPXOD
  [ &OHUJHW
3XUH]DUHDO 
 ƒ%[UHIUDFWRPpW

ƒ%[UHIUDFWRPpW  ƒ%[KLGURPpWULFRVROXFLyQ FHQL]D

0DWHULDVHFD > ƒ%[UHI @


2WUD GHILQLFLyQGHO&66Rƒ66

(OFRHILFLHQWHGHVREUHVDWXUDFLyQRƒ66VHSXHGHH[SUHVDUWDPELpQHQWpUPLQRVGHFRQFHQWUDFLyQ
ƒ%[KLG2ƒ%[UHI GHDFXHUGRFRQODIyUPXOD

&RQFHQWUDFLyQGHOPDWHULDOTXHVHLQYHVWLJD
 ƒ66 
 &RQFHQWUDFLyQGHXQPDWHULDOVDWXUDGR 66  
 'HODPLVPDSXUH]DUHDO\WHPSHUDWXUDGHOPD
 WHULDOTXHVHLQYHVWLJD


,QGLFH

/DWDEODQRVGDODUHODFLyQHQWUHHOƒ%[SXUH]D\WHPSHUDWXUDSDUDODVVROXFLRQHVGHD]~FDU
GHFDxDVDWXUDGD

3UREOHPDV
3UREOHPD
$O GHVFDUJDUVH XQD PDVD FRFLGD GH XQ WDFKR VH WRPD VX WHPSHUDWXUD \ pVWD HV GH ƒ& \ XQD
PXHVWUDGHODPDVDFRFLGDHQYLDGDDOODERUDWRULRDUURMDHOVLJXLHQWHUHVXOWDGRHQFXDQWRDVXPLHO

6yOLGRVSRUGHVHFDFLyQ 
6DFDURVD&OHUJHW 
3XUH]DUHDO   
&DOFXOHFRQHVRVGDWRVHOƒ66GHODPLHOGHODPDVDFRFLGD
 5HVROXFLyQ
(Q OD PLHO  J GH VDFDURVD HVWiQ GLVXHOWRV HQ   J GH DJXD 3RU FDGD JGH
DJXD GH OD PLHO KDEUi GLVXHOWRV  [      J GH VDFDURVD 6HJ~Q OD WDEOD  XQ
PDWHULDOGH3]D5HDO\Dƒ&HVWiVDWXUDGRFXDQGRFRQWLHQHJGHVDFDURVDJGHDJXD
GHOPDWHULDOSRUORWDQWRƒ66GHODPLHO  

3UREOHPD
&DOFXOHHOGHVyOLGRVSRUGHVHFDFLyQGHXQDPLHOILQDOFX\DSXUH]DUHDOHV\TXHVHSXUJy
VDWXUDGDDƒ&
 5HVROXFLyQ
6HJ~QODWDEODXQDPLHOVDWXUDGDDƒ&FRQWLHQHJGHVDFJGHDJXDGHODPLHOFXDQGR
VX SXUH]D UHDO HV GH (VWD SXUH]D VLJQLILFD TXH FDGD J GH VDFDURVD  TXH OD PLHO FRQWLHQH 
HVWiQDFRPSDxDGRVGH JGHLPSXUH]DVVROXEOHVGHPRGRTXHJGHVDFDURVDHVWDUiQ
DFRPSDxDGRVSRU[ JGHLPSXUH]DV+DEUiSRUWDQWRXQWRWDOGH 
JGHVyOLGRVGLVXHOWRVSRUFDGDJGHDJXDHQODPLHOILQDO
6LFDGDJGHDJXDGHODPLHOFRQWLHQHJGHVyOLGRVGLVXHOWRVKDEUiJGHVyOLGRVHQ
  JGHODPLHOILQDO GHODVROXFLyQ\SRUFRQVLJXLHQWHHOGHVyOLGRVGHVHFDGRVGHOD
PLHOILQDOGHOSUREOHPDVHUi[ 

&DEHVHxDODU

4XHXQDSXUH]DUHDOGHHTXLYDOHDXQDSXUH]DDSDUHQWHGH
4XHHO%UL[GHXQDPLHOILQDOHVDSUR[LPDGDPHQWHGHDƒPiVDOWRTXHVXGHPDWHULD
VHFD

3UREOHPD
¢ &XiO VHUi HO ƒ66 GH XQD PLHO ILQDO FX\D SXUH]D UHDO HV GH  FX\R  GH PDWHULD VHFD HV GH
\FX\DWHPSHUDWXUDHVGHƒ&"



,QGLFH


,QGLFH


,QGLFH

5HVROXFLyQ
 GHDJXD
   FRQFHQWUDFLyQ
6HJ~QODWDEODDGHSXUH]DUHDO\Dƒ&HOPDWHULDOFRQWLHQHJVDFJGHDJXD
   JGHLPSXUH]DVVROXEOHV
 JJGHDJXDGHFRQFHQWUDFLyQGHOPDWHULDOVDWXUDGR
ƒ66  

3UREOHPD
¢ &XiO VHUi OD FRQFHQWUDFLyQ GH XQD PLHO GH SXUH]D UHDO  FXDQGR VX ƒ66 VHD GH  \ VX
WHPSHUDWXUDGHƒ&"
 5HVROXFLyQ
6HJ~QODWDEODD3]D5HDO\ƒ&ODPLHOVDWXUDGDFRQWLHQHJVDFJGHDJXD
[ JGHVyOLGRVJGHDJXD
8VDQGRODIyUPXODGHOƒ66HQWpUPLQRVGHFRQFHQWUDFLyQWHQHPRV
 ;GHGRQGH
&RQFHQWUDFLyQGHODPLHO ; [ JGHVyOLGRVJGHDJXD

3UREOHPD
¢ $ TXH YDFtRKHUYLUiXQDVROXFLyQ\FXiOVHUiVX(3(VLWLHQHXQ%UL[GH\XQDWHPSHUDWXUDGH
ƒ&"
 5HVROXFLyQ
(QODILJXUDXQLPRVƒ&FRQƒ%UL[/DOtQHDFRUWDUiODHVFDODLQWHUPHGLDDXQYDFtRGH
´+J\DXQSXQWRGHHEXOOLFLyQGHODJXDGHƒ&/D(3(HVLJXDOD ƒ&

3UREOHPD
¢ $ TXH %UL[HVWDUiVDWXUDGDXQDVROXFLyQFX\DWHPSHUDWXUDHVGHƒ&"
 5HVROXFLyQ
(QODILJXUDXQDGHODHVFDODGHVDWXUDFLyQFRQƒ&GHODHVFDODGHWHPSHUDWXUD(O%UL[
D VDWXUDFLyQHQODHVFDODHVGH"

3UREOHPD

¢ $ TXH WHPSHUDWXUDHVWDUiVDWXUDGDXQDVROXFLyQGHƒ%["
 5HVROXFLyQ
(QODILJXUDXQDGHODHVFDODGHVDWXUDFLyQFRQGHODHVFDODGH%[/DWHPSHUDWXUDGH
VDWXUDFLyQHQODHVFDODGHWHPSHUDWXUDVHUiGHƒ&

3UREOHPD
6XSRQJDTXHXQDPDVDFRFLGDGHUHILQRHVWiDƒ&FRQXQVLURSHDXQƒ66 ¢$FXDQWR
GHEHHOHYDUVHVXWHPSHUDWXUDSDUDOOHYDUODDVXHVWDGRGHVDWXUDFLyQ ƒ66  "
 5HVROXFLyQ
(QODILJXUDXQDƒ&\HQODHVFDODGHVDWXUDFLyQ/DOtQHDFRUWDUiODHVFDODGH%[HQ
(Q OD PLVPD ILJXUD XQD  GH OD HVFDOD GH VDWXUDFLyQ FRQ ƒ%[ /D OtQHD FRUWDUi OD
HVFDODGHWHPSHUDWXUDHQƒ&


,QGLFH

3UREOHPD
8QDPDVDFRFLGDGHUHILQHUtDTXHFRQWLHQHGHFULVWDOHVVHHQIUtDKDVWDƒ&VLHQGRHO%[
GHOVLURSH¢&XiOHVHOƒ66GHOVLURSH\FXDOHOSHVRGHODPDVDFRFLGDSRUSLHF~ELFR"
 5HVROXFLyQ
(QODILJXUDXQDƒ&\ƒ%[/DOtQHDGHVDWXUDFLyQHVFRUWDGDD\ODOtQHDGHOSHVR
HVSHFtILFR D /D WDEOD  GLFH TXH XQ SLH F~ELFR GH FULVWDOHV GH VDFDURVD SHVD OEV GH
IRUPD TXH  GH FULVWDOHV SHVDUiQ  OEV (O DJXD FRQ XQ SHVR HVSHFtILFR GH  SHVD 
OEVS  GH PDQHUD TXH  GH VLURSH FRQ XQ SHVR HVSHFtILFR GH  SHVDUi  [  [


 OEV(OSHVRGHODPDVDFRFLGDVHUi OEVS  


7DEOD;,,
3URSLHGDGHVGHORVFULVWDOHVGHVDFDURVD
 &ULVWDOHVVRODPHQWH3HVR(VSHFtILFR
 &ULVWDOHVVRODPHQWHOEVS 


 &ULVWDOHVDJUDQHOVHFROEVS 


 &ULVWDOHVDJUDQHOK~PHGRVOEVS  

 3XQWRGHIXVLyQƒ&
 ËQGLFHGHUHIUDFFLyQ
 9DORUFDORUtILFRFDORUtDVOE

=RQDVGHVREUHVDWXUDFLyQ
/DILJXUDPXHVWUDODVFXUYDVGHVREUHVDWXUDFLyQSDUDVDFDURVDSXUD3RUDEDMRGHODFXUYDGH
ƒ66   OD VROXFLyQ QR HVWi VDWXUDGD \ VL VH DxDGHQ FULVWDOHV GH VDFDURVD D OD VROXFLyQ ORV
PLVPRVVHGLVROYHUiQ3RUHQFLPDGHODFXUYDGHƒ66 ODVROXFLyQHVWiVREUHVDWXUDGDSHUR
VL QR KD\ FULVWDOHV GH VDFDURVD SUHVHQWHV QR KDEUi SUHFLSLWDFLyQ GH VDFDURVD GHVGH OD VROXFLyQ
KDVWDTXHVHDOFDQFHODFXUYDGHƒ66 
$ OD ]RQD GH ƒ66 HQWUH  VH OH OODPD zona metaestable (Q HVWD UHJLyQ QR VH IRUPDQ
FULVWDOHVQXHYRVVLQRTXHFUHFHUiQORVTXHVHKDOODQLQWURGXFLGRVGHQWURGHOWDFKR
$OD]RQDGHƒ66HQWUHVHOHOODPDzona intermedia(QHVWDUHJLyQXQDFDQWLGDGSHTXHxD
GHFULVWDOHVHQODIRUPDGHD]~FDUHQSROYRVHLQWURGXFHQGHQWURGHOWDFKR\VXSUHVHQFLDSURYRFD
ODIRUPDFLyQGHXQJUDQQ~PHURGHFULVWDOHVGHD]~FDUQXHYRV
$ OD ]RQD SRU HQFLPD GH OD FXUYD GH ƒ66   VH OH OODPD zona lábil $TXt ORV FULVWDOHV GH
VDFDURVDVHIRUPDQVLQUHTXHULUODSUHVHQFLDGHRWURV

¢([LVWHOD]RQDLQWHUPHGLDGH66"

6HJ~Q-RKQ*=LHJOHU 6XJDU-RXUQDOFW1RY WDOHVWDGRGH66HVSRVLEOHTXHSXHGDVHU
SURGXFLGRHQHOODERUDWRULRSHURHQODSUiFWLFDQRKDVLGRSUREDGR6HJ~QGLFKRLQYHVWLJDGRUpO
UHDOL]y SUXHEDV FRQ REVHUYDFLyQ FRQWLQXD HQ XQ PLFURVFRSLR GH WDFKRV YHULILFDQGR TXH OD
QXFOHDFLyQWRPDOXJDUDODPLVPDFRQFHQWUDFLyQKDOODRQRJUDQRVSUHVHQWHV
/DUD]yQSRUODFXDOVHFUHHHQODH[LVWHQFLDGHGLFKD]RQDLQWHUPHGLDHVGHELGRSUREDEOHPHQWHD
OD GLILFXOWDG GH REVHUYDU OD SUHVHQFLD GH JUDQRV QXHYRV 9DULDV IXHQWHV KDQ UHSRUWDGR TXH OD
SDUWtFXODPiVSHTXHxDTXHSXHGHVHUREVHUYDGDSRUHORMRKXPDQRHVWiHQORVPLFURQHV



,QGLFH
















,QGLFH








,QGLFH























,QGLFH

6LVHWRPDXQDPXHVWUDGHVLURSHHQXQYLGULRGHSUXHED\VHPLUDFRQWUDODOX]SXHGHQYHUVH
FULVWDOHVPX\SHTXHxRVGHELGRDODEULOODQWH]GHODFDUDGHOYLGULRXQHVWLPDGREXHQRSRGUtDVHU
GHPLFURQHVR´GHWDPDxR
/DV REVHUYDFLRQHV PHGLDQWH PLFURVFRSLR KDQ UHYHODGR TXH ORV FULVWDOHV FUHFHQ D XQD UD]yQ GH
´KUFXDQGRHOƒ66HVPHQRUGH(VWRHTXLYDOHDXQDYHORFLGDGGHFULVWDOL]DFLyQGH
PLFURQHVKUP $HVWDUD]yQWRPDDSUR[LPDGDPHQWHPLQXWRVSDUDTXHODSDUWtFXODQXHYDSXHGH


YHUVHFRQHORMRKXPDQRSHURFRQXQPLFURVFRSLRGHDPSOLDFLRQHVVHYHHQVHJXQGRV
/RVLQYHVWLJDGRUHV($.QRYO\*50ROOHUKLFLHURQSUXHEDV\OOHJDURQDODPLVPDFRQFOXVLyQ
TXH =LHJOHU /D ILJXUD  PXHVWUD FRPR TXHGDUtDQ ODV ]RQDV GH 66 VL VH HOLPLQD OD ]RQD
LQWHUPHGLD

7pFQLFDVGHFULVWDOL]DFLyQ
([LVWHQFXDWURWpFQLFDVRPpWRGRVSDUDHOHVWDEOHFLPLHQWRGHJUDQRVHQODLQGXVWULDD]XFDUHUD\
HOORVVRQ
$&ULVWDOL]DFLyQHVSRQWiQHD
%6KRFNVHPLOODPLHQWR
&6HPLOODPLHQWRFRPSOHWR
'1XFOHDFLyQSRUXQFDPSRGHVRQLGR

$&ULVWDOL]DFLyQHVSRQWiQHD

3DUDJUDQXODUSRUpVWHPpWRGR TXHWDPELpQUHFLEHHOQRPEUHGHPpWRGRGHHVSHUDGHGHMDUYHQLU
HOJUDQR\HOGHFULVWDOL]DFLyQQDWXUDOHORSHUDULRGHOWDFKRSHUPLWHTXHHOƒ66GHOPDWHULDOTXHYD
D FULVWDOL]DU DYDQFH KDVWD HO SXQWR HQ TXH ORV JUDQRV VHSUHVHQWHQHVSRQWiQHDPHQWH\FXDQGR
SRU REVHUYDFLyQ YLVXDO FRQVLGHUD TXH HO Q~PHUR GH FULVWDOHV IRUPDGRV HV HO
DGHFXDGR GHWHUPLQDFLyQ PX\ GLItFLO GDGD OD H[WUHPD YLVFRVLGDG GHO PDWHULDO \ HO WDPDxR FDVL
PLFURVFySLFRGHORVFULVWDOHV FRQWUDUUHVWDHOQDFLPLHQWRGHPiVJUDQRVSDUWLpQGROHHOSXQWRDO
PDWHULDORSHUDFLyQpVWDTXHFRQVLVWHHQDOLPHQWDU FHEDU HOWDFKRFRQXQDJUDQFDQWLGDGGHDJXD
PHODGXUD R PLHO OD VXILFLHQWH SDUD TXH HO ƒ66 EDMH KDVWD ORV YDORUHV FRUUHVSRQGLHQWHV DO
GHVDUUROOR\QRUHSURGXFFLyQGHJUDQRV ]RQDGHVGHƒ66 
/D FULVWDOL]DFLyQ SRU pVWH PpWRGR VH HIHFW~D HQ OD ]RQD OiELO \ RUGLQDULDPHQWH DQWHV TXH ORV
JUDQRV VH KDJDQ YLVLEOHV OD 66 DGTXLHUH YDORUHV GH  D  R PiV HQ HVRV PRPHQWRV OD
YLVFRVLGDGHVWDQFRQVLGHUDEOHTXHXQDPXHVWUDGHOPDWHULDOWRPDGDFRQORVGHGRVSXOJDUHtQGLFH
SXHGHH[WHQGHUVHIRUPDQGRXQSXHQWHHQWUHGLFKRVGHGRV UDERGHFRFKLQR KDVWDXQDORQJLWXGGH
DSXOJDGDV
3RU pVWH PpWRGR HV GLItFLO HO FRQWURO GHO Q~PHUR GH JUDQRV TXH VH GHVHD REWHQHU \ SRU
FRQVLJXLHQWH HO FRQWURO GHO WDPDxR GHO JUDQR GH ODV WHPSODV TXH GH OD JUDQXODFLyQ KDQ GH
GHULYDUVH&XDQGRVHJUDQXODSRUHVWHPpWRGR

0LHQWUDVPiVDOWRVHFULVWDOL]DPiVJUDQRVHREWLHQH
0LHQWUDVPiVVXEHOD66PiVJUDQRVHREWLHQH
 0LHQWDV PiV WLHPSR VH GHPRUD HQ SDUWLU HO SXQWR XQD YH] TXH ORV JUDQRV VH KDQ IRUPDGR
VHRULJLQDQPiVJUDQRV
 &XDQGR VH LQWHQWD SUDFWLFDU OD FULVWDOL]DFLyQ HVSRQWiQHD HQ PDWHULDOHV GH SXUH]D EDMD
SXUH]DV HQWUH   DGHPiV GH SHUGHUVH PXFKR WLHPSR \ GH SDVDUVH PXFKR WUDEDMR VH



,QGLFH

REWLHQH XQ Q~PHUR LQPHQVDPHQWH JUDQGH GH JUDQRV XQD QXEH GH JUDQRV FRPR FRUULHQWH
PHQWHVHGLFH

%&ULVWDOL]DFLyQSRUVKRFNVHPLOODPLHQWR

&RQpVWHQRPEUH\WDPELpQFRQHOGHVHPLOODPLHQWRSDUFLDOVHGHVLJQDODFULVWDOL]DFLyQPL[WDHQ
ODTXHVHREWLHQHQJUDQRVWDQWRSRUHOHIHFWRVKRFN TXHVHSURGXFHDOLQWURGXFLUHOSROYLOORROD
SDVWD GH FULVWDOHV  FRPR SRU GHVDUUROOR GH ODV SDUWtFXODV GH SROYLOOR LQWURGXFLGDV (Q PXFKRV
LQJHQLRVVHUHDOL]DFRQPXFKRp[LWRpVWHWLSRGHFULVWDOL]DFLyQDOJUDQXODUPDWHULDOHVGHSXUH]D
EDMD
(QpVWDWpFQLFDGHFULVWDOL]DFLyQHOSROYLOORVHLQWURGXFHHQOD]RQDLQWHUPHGLDRVHDHQWUH
ƒ66
(O OHFWRU SRGUi DSUHFLDU TXH pVWH WLSR GH FULVWDOL]DFLyQVHHIHFW~DDXQQLYHOGH66PXFKRPiV
EDMRTXHHQHOGHOPpWRGRDQWHULRUWHQLHQGRODYHQWDMDTXHHOSHOLJURGHODIRUPDFLyQGHOIDOVR
JUDQRWRGDYtDQRHVWiSUHVHQWH
(O VLVWHPD GH VKRFNVHPLOODPLHQWR IXH XVDGR DQWHV TXH VH LQWURGXMHUD ORV LQVWUXPHQWRV SDUD HO
FRQWUROGHOD66(OSURFHGLPLHQWRFRQVLVWtDHQWRPDUXQDPXHVWUDGHODVRQGDGHOWDFKRHQWUHORV
GHGRV\FXDQGRVHIRUPDUDXQDKHEUDRUDERGHFRFKLQRGHDSUR[LPDGDPHQWH´GHODUJR\´
GHHVSHVRUHVHHUDHOPRPHQWRGHLQWURGXFLUHOSROYLOORHQVXVSHQVLyQ
 ¢(VUHDOHOPpWRGRGHVKRFNVHPLOODPLHQWR"
(VWHHVXQWHPDFRQWURYHUVLDO3RUpVWHPpWRGRVHFRQFHQWUDODFDUJDGHFULVWDOL]DU\XQDFDQWLGDG
SHTXHxD GH VHPLOOD VH LQWURGXFH HO FRFLQDGR SURVLJXH KDVWD TXH VH YH TXH H[LVWHQ VXILFLHQWHV
JUDQRVHQHVHPRPHQWRVHSDUWHHOSXQWRFRQXQDFHEDVGHDJXDPHODGXUDOLFRUPLHORVLURSH
RFRQXQDFHEDGHFXDOTXLHUDGHHVRVSURGXFWRVPiVDJXDSDUDSDUDUODIRUPDFLyQGHPiVJUDQRV
6XSXHVWDPHQWH HO D]~FDU SRU VX VLPSOH SUHVHQFLD FKRFD HO VLURSH LQHVWDEOH HQ XQD QXFOHDFLyQ
HVSRQWiQHDSDUDIRUPDUODPD\RUtDGHORVJUDQRVQHFHVLWDGRV
<DDQWHULRUPHQWH VHFFLyQ YLPRVTXHODOODPDGD]RQDLQWHUPHGLDQRH[LVWHRVHDOD]RQD
GRQGHODQXFOHDFLyQWRPDOXJDUVRODPHQWHHQODSUHVHQFLDGHFULVWDOHVH[LVWHQWHV'HIRUPDTXH
QRVSUHJXQWDPRV¢'HGRQGHYLQRODQRFLyQGHVHPLOODPLHQWRSRUFKRTXH")XHXQDFRQFOXVLyQ
UD]RQDEOHEDVDGDHQSUXHEDV\REVHUYDFLRQHVYLVXDOHVVLQHODX[LOLRGHLQVWUXPHQWRVDSURSLDGRV
GHREVHUYDFLyQ3HURHQODDFWXDOLGDGHOXVRGHPLFURVFRSLRVGHWDFKRVXVDGRVSDUDPRQLWRUHDU
ODVPDVDVFRFLGDVKDGHPRVWUDGRTXHWDOPpWRGRHVDSDUHQWH\TXHHQODUHDOLGDGQRVHHIHFW~D
*HQHUDOPHQWHHOSXQWLVWDOOHYDOD66GHOVLURSHDOD]RQDOiELOXVDQGRHOPpWRGRPHQFLRQDGRHO
JUDQRVHIRUPDUiSLGDPHQWHSHURHVPX\SHTXHxRSDUDVHUYLVWR(QXQWLHPSRFRUWRpOYHODV
SDUWtFXODVJUDQGHV\UHJRFLMDSRUTXHMX]JyTXHHOVLURSHIXHFRUUHFWDPHQWHFRQFHQWUDGRRVLQR
ORV FULVWDOHV LQWURGXFLGRV VH KXELHUDQ GLVXHOWRV 8VXDOPHQWH HO SXQWLVWD FRQWLQ~D HOFRFLQDGR\
HOHYDOD66DOOtPLWHGHOD]RQDOiELOIRUPiQGRVHPXFKRVQ~FOHRVYLVLEOHVDOPLFURVFRSLR&RPR
pVWRVVHLQFUHPHQWDQHQWDPDxRWLHQGHQDFRQJORPHUDUVH&XDQGRHVWRRFXUUHHOSXQWLVWDHVTXH
FRPLHQ]D D YHUORV \ FXDQGR MX]JD TXH OD FULVWDOL]DFLyQ HV DGHFXDGD HQWRQFHV SDUWH HO SXQWR
DOLPHQWDQGRDJXDRVLURSHOOHYDQGROD66DOD]RQDPHWDHVWDEOH
7DPELpQ VH KD REVHUYDGR FULVWDOL]DFLRQHV GRQGH HO FKRTXH VH KD KHFKR PX\ WHPSUDQR FRQ HO
VLURSH HQ OD ]RQD PHWDHVWDEOH \ FRPR HO FRFLQDGR SURVLJXLy YLQR RWUD FRVHFKD GH JUDQRV (O
PLWR GHO VHPLOODPLHQWR SRU FKRTXH IXH SHUSHWXDGR SRU ORV LQIRUPHV GH FLHUWRV LQYHVWLJDGRUHV
TXLHQHV KLFLHURQ SUXHEDV GH HOXWULDFLyQ HQ ODV VHPLOODV SDUD ODFULVWDOL]DFLyQSRUVHPLOODPLHQWR
FRPSOHWR(OUHVXOWDGRIXHTXHVHSRGtDWRPDUXQDFDQWLGDGH[FHVLYDGHIRQGDQWSDUDVHPLOODUXQ



,QGLFH

WDFKR SRUTXH ORV DQiOLVLV PRVWUDURQ TXH OD FDQWLGDG TXH VH YHQtD XVDQGR FRQWHQtD VRODPHQWH
DOUHGHGRUGHOGHODFDQWLGDGGHQ~FOHRVUHTXHULGRVRVHDTXHHOUHVWDQWHWHQtDTXHVHU
SURGXFLGRSRUFKRTXH
3RVWHULRUPHQWHH[SHULPHQWRVFXLGDGRVRVLQGLFDURQTXHH[LVWtDDOJRHUUyQHRHQGLFKDVSUXHEDV
/RVWDFKRVIXHURQVHPLOODGRVKDVWDHOOtPLWHGH66FRQXQDFDQWLGDGSHVDGDGHIRQGDQW PROLGR
HQPROLQRVGHPDUWLOOR \VHKLFLHURQFUHFHUKDVWDODPDGXUDFLyQFRQPXFKRFXLGDGRSDUDHYLWDU
RWUDQXFOHDFLyQ
/D$0GHORVFULVWDOHVILQDOHVIXHGHWHUPLQDGD2WUDVWHPSODVVHKLFLHURQFRQHOPLVPRVLURSH\
IXHURQVHPLOODGDVFRQODPLVPDFDQWLGDGGHIRQGDQWSHURPDQWHQLpQGRODVELHQEDMRGHOOtPLWHGH
66 KDVWD TXH HO SHOLJUR GH QXFOHDFLyQ SRVWHULRU GHVDSDUHFLHUD 6RUSUHQGHQWHPHQWH ODV $0
IXHURQHVHQFLDOPHQWHLGpQWLFDVDDTXHOODVGHODWHPSODFKRFDGDDOD66PiVDOWDORVJUDQRVGHEHQ
KDEHU SDVDGR D JHPHORV \D TXH HQ UHDOLGDG IXHURQ XQ  GH ORV LQWURGXFLGRV /D ~QLFD
FRQFOXVLyQSRVLEOHIXHTXHWRGRVORVJUDQRVUHTXHULGRVVHLQWURGXMHURQHQHOIRQGDQW
3DUD GLFKR H[SHULPHQWR HO IRQGDQW IXH DQDOL]DGR SRU XQ ODERUDWRULR XQLYHUVLWDULR (OORV
UHSRUWDURQ OD H[LVWHQFLD GH PXFKDV SDUWtFXODV GH  PLFURQHV GH  PLFURQHV HWF SRU
JUDPR\QRKXERSUREOHPDVDOFDOFXODUHOQ~PHURWRWDOGHQ~FOHRVJUDPR3HURDSDUHQWHPHQWH
VyOR HO PiJLFR  HVWXYR SUHVHQWH HQ OD FDQWLGDG GHIRQGDQWXVDGR¢$GRQGHIXHDSDUDU HO
UHVWDQWH"/DUHVSXHVWDSXHGHVHUTXHFXDOTXLHUSDUWtFXODHVXQQ~FOHRSDUDHOFUHFLPLHQWR
GHXQFULVWDOHQXQDVROXFLyQVREUHVDWXUDGD6XSRQJDPRVTXHDOJXQDVSDUWtFXODVGHSROYRGH
PLFURQHVKDOODQHVWDGRSUHVHQWHVHQHOIRQGDQW\HQODSUXHEDGHHOXWULDFLyQVHKDOODQHVFDSDGR
FRQ OD FRUULHQWH GH DLUH SRU OD FKLPHQHD GHO ODERUDWRULR R KDOODQ VLGR SDVDGDV SRU DOWR \ QR
FRQWDGDVHQODVSULPHUDVSUXHEDV¢&XiQWDVGHHVDVSDUWtFXODVGLPLQXWDVVHHVFDSDURQSDUDTXH
VHSHUGLHUDHOGHORVJUDQRVGHODFULVWDOL]DFLyQ"(QXQDWHPSODGHS FRQFULVWDOHV


FRQ $0 GH ´ PP  DSUR[LPDGDPHQWH  [   JUDQRV SRGUtDQ VHU SURGXFLGRV VL HO


UHQGLPLHQWR GH OD WHPSOD IXHUD GH  GH VyOLGRV HQ OD PDVD FRFLGD $VXPLHQGR TXH ORV
FULVWDOHV IXHUDQ F~ELFRV SDUD VLPSOLILFDU HO FiOFXOR OD FDQWLGDG GH VHPLOOD GH  PLFURQHV
UHTXHULGD SDUD SURGXFLU OD SpUGLGD GHO  GH ORV FULVWDOHV VHUtD VRODPHQWH GH  PJ OD FXDO
SXHGHHVWDUSUHVHQWHHQNJGHVHPLOODIRQGDQWEn conclusión, el semillamiento por choque no


existe.

&&ULVWDOL]DFLyQSRUVHPLOODPLHQWRFRPSOHWR
(VWHPpWRGRIXHGHVDUUROODGRDSDUWLUGHODxR\UHIOHMDHOHVIXHU]RGHORVLQYHVWLJDGRUHVHQ
PXFKDVSDUWHVGHOPXQGR
(Q HODxRGHHOPpWRGRIXHHVWDEOHFLGR\GHVFULWRSRU(XJHQH&*LOOHWHQVXOLEUR/RZ
JUDGHVXJDUFULVWDOOL]DWLRQHQ
(VWHVLVWHPDRIUHFHPXFKDVYHQWDMDVVREUHORVPpWRGRVGHFULVWDOL]DFLyQSRUHVSHUD\HOGHVKRFN
VHPLOODPLHQWR(OJUDQRREWHQLGRSRUVHPLOODPLHQWRFRPSOHWRHVPiVXQLIRUPH\PHMRUIRUPDGR
\ORVUHVXOWDGRVVRQUHSURGXFLEOHV(VWHPpWRGRWDPELpQRIUHFHXQDYtDUiSLGDGHREWHQHUJUDQR
HQORVPDWHULDOHVGHSXUH]DEDMDTXHFRQORVRWURVPpWRGRV
(Q OD WpFQLFD GHO VHPLOODPLHQWR FRPSOHWR OD VROXFLyQ GH D]~FDU VH FRQFHQWUD VRODPHQWH KDVWD
DOFDQ]DUOD]RQDPHWDHVWDEOH\HQWRQFHVVHLQWURGXFHODVHPLOODGHFULVWDOL]DUHQHOWDFKR$TXt
ORV FULVWDOHV LQWURGXFLGRV VHUiQ ORV FULVWDOHV REWHQLGRV HQ OD PDVD FRFLGD ILQDO &RPR QR VH
IRUPDQFULVWDOHVQXHYRVHOFRQWUROVREUHODFDQWLGDG\WDPDxRGHORVFULVWDOHVGHD]~FDUSXHGHQ
VHUFRQWURODGRV



,QGLFH

/DFDQWLGDGGHVHPLOODDVHULQWURGXFLGDSXHGHFDOFXODUVHFRQH[DFWLWXG\ORVUHVXOWDGRVREWHQLGRV
HQ OD SUiFWLFD HVWiQ UHODFLRQDGRV FRQ OD FDQWLGDG GH VHPLOOD UHTXHULGD (V SRVLEOH FRQWURODU OD
FDQWLGDG\WDPDxRGHORVFULVWDOHVGHD]~FDUFRQWURODQGRODFDQWLGDGGHVHPLOODLQWURGXFLGDHQOD
FDUJDGHFULVWDOL]DUEste es el único método que permite tal control&RPRTXHORHVHQFLDOGH
pVWDWpFQLFDFRQVLVWHHQFRQVHJXLUTXHFDGDSDUWtFXODGHVHPLOODRULJLQHXQJUDQRGHD]~FDUKDEUi
TXHSRQHUHVSHFLDOFXLGDGRHQTXH

 1R KDOOD YDULDFLyQ HQ OD SUHVLyQ GHO YDSRU R GHO YDFtR QL DQWHV QL GXUDQWH QL WDPSRFR
GHVSXpVGHLQWURGXFLGDODVHPLOOD
+DOODEXHQDFLUFXODFLyQHQHOWDFKR
(Oƒ66GHODPLHOTXHURGHDDOJUDQRUHFLpQHVWDEOHFLGRQRSDVHGHOD]RQDPHWDHVWDEOH

7RGDVHVWDVSUHFDXFLRQHVWLHQHQSRUREMHWRFRQVHJXLUXQUiSLGRGHVDUUROORGHOJUDQRIRUPDGR\
JDUDQWL]DUVXQRUHSURGXFFLyQ
(OVLVWHPDXVDGRHQFDGDLQJHQLRRUHILQHUtDSDUDIDEULFDUPDVDVFRFLGDVGHEHVHUHVWXGLDGRSDUD
GHWHUPLQDUODFDQWLGDGGHVHPLOODUHTXHULGD

'&ULVWDOL]DFLyQSRUXQFDPSRGHVRQLGR

/RVSULPHURVH[SHULPHQWRVGHVHPLOODPLHQWRKHFKRVSRUXQFDPSRGHVRQLGRVHGHEHQD$VWROIL
HQ(OH[SHULPHQWRIXHFRQWLQXDGRSRU*DONRZVNLHQVXODERUDWRULRGH+RO\&URVV&ROOHJH
3RU PXFKRV DxRV ORV ODERUDWRULRV GH LQYHVWLJDFLRQHV GH VROXFLyQ QDWXUDO GH OD 8QLYHUVLGDG GHO
6XU GH &KLQD KDQ HVWDGR KDFLHQGR QXFOHDFLRQHV R FULVWDOL]DFLRQHV SRU HO PpWRGR GHOFDPSRGH
VRQLGR XWLOL]DQGR XQD RQGD VyQLFD (OORV KDQ KDOODGR OD SRVLELOLGDG GH  IRUPDU Q~FOHRV GH
DFXHUGR FRQ ORV UHTXHULPLHQWRV GH OD LQGXVWULDD]XFDUHUDSRUPHGLRGHXQFDPSRGHVRQLGRGH
DOWDHQHUJtDHQODVROXFLyQGHVDFDURVDGHVREUHVDWXUDFLyQEDMD
(O PHFDQLVPR GH OD QXFOHDFLyQ VyQLFD HQ OD VROXFLyQ GH VDFDURVD VH EDVD HQ OD WHRUtD
WHUPRGLQiPLFD\HQHOSULQFLSLRDF~VWLFRQROLQHDO

 0HFDQLVPR

 (OHYDQGR OD FRPELQDFLyQ RUGHQDGD GH ODV PROpFXODV GH VDFDURVD SRU PHGLR GH RQGDV
VyQLFDV

'HDFXHUGRDODLQIHUHQFLDFDGDSDUWtFXODGHXQQ~FOHRGHVDFDURVDVHFRPSRQHGHPROpFXODV
GH VDFDURVD FRQ XQ UDGLR GH ƒ$ 'HVSXpV TXH VH FRQVROLGDQ HOODV HVWDEOHFHQ XQ Q~FOHR TXH
FRQWLHQHGHPROpFXODVGHVDFDURVDFRQXQUDGLRGHP
(Q ODV VROXFLRQHV GH VDFDURVD H[LVWH XQD IXHU]D SRWHQWH GH HIHFWR PXWXR HQWUH ODV PROpFXODV
6LHQGR XQLGDGHV GH DFFLyQ PXWXD ODV PROpFXODV VH H[SDQGHQ HQ XQ PRYLPLHQWR %URZQLDQR
GHVRUGHQDGDPHQWH\FDGDXQLGDGDFWXDQWHSXHGHDPHQXGRLUGHQWURGHOFDPSRGHIXHU]DGHODV
RWUDVSDUDFRPELQDUVHRVHSDUDUVHUiSLGDPHQWH'XQQLJH[SUHVyODFRPELQDFLyQUHYHUVLEOHGHODV
PROpFXODVFULVWDOL]DEOHVHQODVROXFLyQSRUODIyUPXODVLJXLHQWH
 $ $  $ 
 $ $  $ 
  

 $ $  $ GRQGH
  

Q  Q



,QGLFH



)LJXUD5HODFLyQHQWUHHOFDPELRGHODHQHUJtDOLEUHGHJLEDVHQHOVLVWHPD ¨* \HOUDGLRGHO
Q~FOHRGHODSDUWtFXOD U 






















,QGLFH



$ HVODPROpFXODFULVWDOL]DEOH$ $ $ $ VRQODVXQLGDGHVGHFRPELQDFLyQGHODVPROpFXODV
FULVWDOL]DEOHV
   Q Q

&XDQGR OD XQLGDG GH FRPELQDFLyQ DOFDQ]D XQ FLHUWR YDORU VH IRUPD XQ Q~FOHR GH SDUWtFXOD $


SDUWLUGHODVHFXDFLRQHVGHFRPELQDFLyQUHYHUVLEOHQRVRWURVSRGHPRVYHUTXHODIRUPDFLyQGHORV
Q~FOHRV GH SDUWtFXOD HV HO UHVXOWDGR GH XQD VHULH GH FRPELQDFLRQHV HQ FDGHQD \ HO UHVXOWDGRHV
GHELGRDODFROLVLyQHQWUHODVXQLGDGHVGHFRPELQDFLyQ\ODVPROpFXODVFULVWDOL]DEOHV
&RPR XQD XQLGDG HQ PRYLPLHQWR XQD PROpFXOD GH VDFDURVD VH PXHYH DO D]DU HQ OD VROXFLyQ
3HURHQODSUHVHQFLDGHXQDIXHU]DH[WHULRUWDOFRPRXQFDPSRGHVRQLGRODVPROpFXODVSRGUtDQ
PRYHUVHHQXQEXHQRUGHQ\HOFDPELRGHFROLVLyQFRQODVXQLGDGHVGHFRPELQDFLyQSRGUtDVHU
PD\RU &RQVHFXHQWHPHQWH WRPD OXJDU XQD FRPELQDFLyQ RUGHQDGD /D RQGD VyQLFD KD VLGR
LQYHVWLJDGDGHVGHHOSXQWRGHYLVWDGHVXVHIHFWRVWHUPRGLQiPLFRV\DF~VWLFR/RVQ~FOHRVGH
SDUWtFXODV UHFLpQ IRUPDGRV VRQ PX\ LQHVWDEOHV (OORV SXHGHQ FUHFHU GHQWUR GH XQ Q~FOHR R
GLYLGLUVH HQ XQLGDGHV GH FRPELQDFLyQ R HQ XQLGDGHV VLPSOHV DFWXDQWHV (VWH IHQyPHQR VH KD
LQYHVWLJDGRGHVGHHOSXQWRGHYLVWDWHUPRGLQiPLFR\HOHIHFWRDF~VWLFR
&XDQGRORVQ~FOHRVGHSDUWtFXODVHVIpULFRVDSDUHFHQHQODVROXFLyQGHVDFDURVDHOFDPELRGHOD
HQHUJtD OLEUH GH *LEXV HQ HO VLVWHPD SXHGH VHU FRQVLGHUDGR FRPR TXH HVWi FRPSXHVWR GH GRV
SDUWHV8QDHVHOFDPELRGHYROXPHQGHODHQHUJtDOLEUHFDXVDGRSRUODDSDULFLyQGHQ~FOHRVGH
SDUWtFXODV\ODRWUDHVHOFDPELRGHODHQHUJtDLQWHUIDFLDODFRPSDxDQGRODIRUPDFLyQGHQ~FOHRV
GHSDUWtFXODV/DHFXDFLyQHV
 *(U) = ()(U  )J U U   
  


VI

$VXPLHQGRTXHJVHDODHQHUJtDOLEUHGHODPROpFXODVLPSOHHQXQDVROXFLyQGHVDFDURVD\TXH
JVVHDODHQHUJtDOLEUHGHXQDPROpFXODVLPSOHGHXQQ~FOHRGHSDUWtFXODVHSDUDGRGHODVROXFLyQ
GH VDFDURVD HQWRQFHV OD UHGXFFLyQ GH OD HQHUJtDOLEUHGH*LEXVHQFDPELRGHIDVHFDXVDGDSRU
XQD PROpFXOD VLHPSUH HV J HQWRQFHV J = J   J   HO YROXPHQ PROHFXODU HQ XQ Q~FOHR GH
SDUWtFXODHV ODHQHUJtDLQWHUIDFLDOHQWUHORVQ~FOHRVGHSDUWtFXODV\ODVROXFLyQGHVDFDURVDHVU 
V 

(QWRQFHVHOFDPELRGHODHQHUJtDOLEUHGH*LEXV * FDXVDGDSRUODIRUPDFLyQGHXQQ~FOHRGH


VI

SDUWtFXODHVIpULFRFRQXQUDGLRUHQODVROXFLyQGHVDFDURVDHV*(U)
'HODHFXDFLyQ  SRGHPRVYHUTXHVLODVROXFLyQGHVDFDURVDHVWiVREUHVDWXUDGDHQWRQFHVOD*
HV QHJDWLYD GHELGR D TXH J J  \ HO SULPHU WpUPLQR HO YROXPHQ GH HQHUJtD OLEUH HV QHJDWLYR
WDPELpQ GH RWUD IRUPD HV SRVLWLYR (O VHJXQGR WpUPLQR HV VLHPSUH SRVLWLYR GHELGR D TXH OD
! V

LQWHUIDVH VyOLGROLTXLGR VLHPSUH H[LVWH FRQ OD DSDULFLyQ GH Q~FOHRV GH SDUWtFXODV 7DPELpQ
SRGHPRVYHUTXHHOYROXPHQGHHQHUJtDOLEUHGHFUHFHFRQODWHUFHUDSRWHQFLDGHU\ODHQHUJtD
LQWHUIDFLDOVHLQFUHPHQWDFRQHOFXDGUDGRGHUHQWRQFHVFXDQGRUVHLQFUHPHQWDODGLVPLQXFLyQ
GHOYROXPHQGHHQHUJtDOLEUHHVPiVUiSLGRTXHHOLQFUHPHQWRGHODHQHUJtDLQWHUIDFLDO3HURHQOD
HWDSD LQLFLDO OD HQHUJtD LQWHUIDFLDO HVWi HQ XQD SRVLFLyQ VXSHULRU FXDQGR U VH LQFUHPHQWD DO
WDPDxRFUtWLFRHOYROXPHQGHHQHUJtDOLEUHHVVXSHULRUHQVXUD]yQGHGLVPLQXFLyQ/DUHODFLyQ
HQWUHHOFDPELRGHODHQHUJtDOLEUHGH*LEXVHQHOVLVWHPD*\HOUDGLRGHOQ~FOHRGHSDUWtFXOD U
 SXHGH H[SUHVDUVH FRPR VH PXHVWUD HQ OD ILJXUD $+D\ XQ Pi[LPR HQ OD FXUYD \ HO UDGLR
FUtWLFR FRUUHVSRQGLHQWH HV U &XDQGR UU   OD * VH LQFUHPHQWDUi FRQ HO FUHFLPLHQWR GH ORV
Q~FOHRV GH SDUWtFXODV FRQWUDULR D ODV UHJODV WHUPRGLQiPLFDV (QWRQFHV ORV Q~FOHRV GH ODV



,QGLFH

SDUWtFXODV FRQ XQ UDGLR PiV SHTXHxR TXH U  QR SXHGHQ H[LVWLU HQ XQD VROXFLyQ VXSHUVDWXUDGD
HOORVDSDUHFHQSRUVLPLVPRV




,QGLFH



,QGLFH

&XDQGR U ! U   * VH UHGXFH FRQ HO FUHFLPLHQWR GH ORV Q~FOHRV GH SDUWtFXODV \ HVWRV SXHGHQ
FUHFHUFRQWLQXD\HVWDEOHPHQWH&XDQGRHOORVFUHFHQDXQWDPDxRTXHDVXPDODVFDUDFWHUtVWLFDVGH
XQFULVWDOHOORVFRQVWLWX\HQXQQ~FOHR\SXHGHH[LVWLU\FUHFHUHQOD]RQDPHWDHVWDEOH
$SDUWLUGHODQiOLVLVDQWHULRUSRGHPRVYHUTXHFXDQGRHOUDGLRFUtWLFRVHDOFDQ]DHOLQFUHPHQWRGH
OD HQHUJtD OLEUH DOFDQ]D HO Pi[LPR \ HVWR SULQFLSDOPHQWH HV XVDGR SRU HO LQFUHPHQWR GH OD
HQHUJtD LQWHUIDFLDO 'H IRUPD TXH SDUD IRUPDU SDUWtFXODV HVWDEOHV OD HQHUJtD GHEH DSOLFDUVH DO
VLVWHPD SDUD YHQFHU OD EDUUHUD GH HQHUJtD HQ OD QXFOHDFLyQ SURGXFLGD D SDUWLU GH OD HQHUJtD
LQWHUIDFLDO
'XUDQWHHOSURFHVRGHQXFOHDFLyQHVSRQWiQHDODHQHUJtDOLEUHQHFHVLWDGDSDUDODIRUPDFLyQGHXQ
Q~FOHR GH SDUWtFXOD HVWDEOH SXHGH VHU SURYHtGD VRODPHQWH SRU OD IOXFWXDFLyQ GH HQHUJtD GHO
VLVWHPD (VR VLJQLILFD TXH KDFH IDOWD XQ PHGLR GH VREUHVDWXUDFLyQ DOWR 6L GHVHDPRV WHQHU OD
QXFOHDFLyQSULPDULDpVWDWLHQHOXJDUDXQDVREUHVDWXUDFLyQEDMDHQOD]RQDPHWDHVWDEOH\
GHEH VHU DIHFWDGD GH GRV IRUPDV GLVPLQX\HQGR OD EDUUHUD GH HQHUJtD HQ OD QXFOHDFLyQ \
VXPLQLVWUDQGRHQHUJtDDGLFLRQDOSDUDUHIRU]DUODIOXFWXDFLyQGHHQHUJtDLQWHUQDGHOVLVWHPD(Q
XQDVROXFLyQVREUHVDWXUDGDGHVDFDURVDODQXFOHDFLyQSXHGHVHUSURPRYLGDSRUHVRVGRVHIHFWRV
SRUPHGLRGHXQFDPSRVyQLFR

6ROXFLyQGHVDFDURVDHQHUJL]DGDSRURQGDVGHVRQLGR

/DDFFLyQGHQXFOHDFLyQHQXQDVROXFLyQGHVDFDURVDSRUODRQGDVyQLFDWLHQHOXJDUDWUDYpVGHOD
DSOLFDFLyQGHSUHVLyQSURGXFLGDSRUHOHIHFWRGHFDYLWDFLyQ\QXEHGHEXUEXMDV(OIHQyPHQRGH
FDYLWDFLyQ IRUPDQGRYDFLHGDG\EXUEXMDV SXHGHVHUFDXVDGRSRUODDFFLyQItVLFDGHXQDRQGD
VyQLFD\ORVFDPELRVGHHQHUJtDHQGLFKRVSXQWRVFRQHOVLVWHPDUHVXOWDGHODYLEUDFLyQQROLQHDO
GH ODV EXUEXMDV OLEHUDGDV SRU FDYLWDFLyQ \ OD SUHVLyQ GHVDUUROODGD GHVGH HO URPSLPLHQWR GH ODV
EXUEXMDV&RQVHFXHQWHPHQWHODHQHUJtDLQWHUQDHQHOVLVWHPDIOXFW~DYLROHQWDPHQWH
/DHQHUJtDGHFDGDXQLGDGGHYROXPHQ9RREWHQLGDGHVGHODDFFLyQGHXQDRQGDVyQLFDHQXQD
VROXFLyQGHVDFDURVDSXHGHFDOFXODUVHFRQHOPpWRGRVLJXLHQWH3RUVLPSOLFLGDGVHDVXPHTXHQR
KD\ SpUGLGD GH HQHUJtD HQ HO PHGLR HQ PRYLPLHQWR \ TXH HO PHGLR HV FRQWLQXR 7DPELpQ VH
DVXPHTXHHOWpUPLQRQROLQHDOGHOPHGLRHQPRYLPLHQWRSXHGHGHVSUHFLDUVHHQWRQFHVKDJDPRV

3R SUHVLyQHQHOPHGLRHVWiWLFR
!2 GHQVLGDGGHOPHGLRHVWiWLFR
3RS SUHVLyQEDMRODDFFLyQGHODRQGDVyQLFD
!R + !  GHQVLGDGEDMRODDFFLyQGHODRQGDVyQLFDYR
UD]yQGHYLEUDFLyQ


9R XQLGDGGHYROXPHQGHODPDVDGHOJUXSRGHSDUWtFXODVHQXQHVWDGRVLQ
PRYLPLHQWR P !R9R 

/D UD]yQ GH YLEUDFLyQ GHO JUXSR GH SDUWtFXODV EDMR OD DFFLyQ GH OD RQGD VyQLFD YDUtD GHVGH
Y WR DY W YRGHIRUPDTXHODHQHUJtDGHYLEUDFLyQ( REWHQLGDSDUDHOJUXSRGHSDUWtFXODV
SXHGHH[SUHVDUVHFRPR
.

X W

XX

(N  GZ  PR>GX W GW@


 



,QGLFH


X W 

)LJXUDF/DQXEHGHEXUEXMDVDSDUHFHGHELGRDOHIHFWRGHFDYLWDFLyQFRQODVRQGDVVyQLFDV
HQODVROXFLyQGHVDFDURVD


)LJXUDG$SDUDWRGHODERUDWRULRSDUDODVLQYHVWLJDFLRQHVFRQWLQ~DV












,QGLFH


0iV D~Q OD JUDQ SUHVLyQ
SURGXFLGDSRUHOHIHFWRGHFDYLWDFLyQFDXVDTXHODSUHVLyQVHLQFUHPHQWHGHVGH3RD3RS'H
IRUPDTXHH[LVWHHQHUJtDSRWHQFLDOHQODPLVPD


∆Ε = − ∫ SGY  
3
           




'RQGHHOVLJQRQHJDWLYRPXHVWUDTXHHOFDPELRGHODGLUHFFLyQGHSUHVLyQHVRSXHVWRDOFDPELR
GH YROXPHQ HQ XQLGDG GH YROXPHQ &RPR HO FDPELR GHO YROXPHQ PHGLR SURGXFH XQDUHODFLyQ
FRQODSUHVLyQHOYROXPHQYDULDUiGHVGHYRD9 0RSJDQDQGRXQDHQHUJtDSRWHQFLDO( (VWR
VLJQLILFDTXHODHFXDFLyQGHEHDOWHUDUVH
S

( S = ∫ ∆SGY   
Y


9R

&RPRODPDVDGHODXQLGDGGHYROXPHQHVFRQVWDQWHQDGDVXFHGHSRUFURPSUHVLyQRH[SDQVLyQ
'H IRUPD TXH KD\ XQD UHODFLyQ HQWUH HO FDPELR GH YROXPHQ \ OD GHQVLGDG
G!G!R = −(G99R)
G9  G!!R)9R  

%DMR OD DFFLyQ GH XQD RQGD VyQLFD OD GHQVLGDG \ SUHVLyQ GHO PHGLR SRGUtD FDPELDU &RQ OD
HFXDFLyQ H[SUHVDQGR HO HVWDGR WHUPRGLQiPLFR OD UHODFLyQ HQWUH HOORV SXHGH H[SUHVDUVH FRPR
S = &  ! − !R)  



'RQGH&HVODYHORFLGDGGHSURSDJDFLyQVyQLFD \HVWiUHODFLRQDGDFRQODFRQFHQWUDFLyQGHOD
VROXFLyQGHVDFDURVDYHUILJXUD% 6XVWLWX\HQGRODVHFXDFLRQHV\HQODWHQHPRV

 !
(S =ˆ !GY≈ ˆ & ! − !R)
9

 YR  R
YR!R)GS = (9R!R)&  ! − !R)   
 


/DHQHUJtDGHOD~QLGDGGHYROXPHQREWHQLGDGHVGHODDFFLyQGHODRQGDVyQLFDHV

( ( ( 
( ( (   !RY 9R   9R!R)& ! − !R)   
. S

  


. S

'LVPLQX\HQGRODEDUUHUDGHHQHUJtDHQODQXFOHDFLyQFRQODRQGDVyQLFD

&XDQGRODVEXUEXMDVOLEHUDGDVSRUHOHIHFWRGHFDYLWDFLyQVHURPSHQHQDGLFLyQDODJUDQSUHVLyQ
XQDQXEHGHEXUEXMDVDSDUHFHWDPELpQ YHUILJ& /DDSDULFLyQGHXQDQXEHGHEXUEXMDVD\XGD
DGLVPLQXLUODHQHUJtDLQWHUIDFLDO\DIRUPDUQ~FOHRVIiFLOPHQWH



,QGLFH

)LJXUDH$SDUDWRGHFDUJDSDUDODVLQYHVWLJDFLRQHVLQGXVWULDOHV







,QGLFH


















,QGLFH
















,QGLFH








,QGLFH



















,QGLFH




















,QGLFH


%DVDGR HQ OD WHRUtD GH OD VXSHUILFLH TXtPLFD HO FDPSR GH IXHU]D UHVLGXDO GH OD VXSHUILFLH GH
PROpFXODVVREUHXQQ~FOHRGHSDUWtFXODVSXHGHDWUDHUODVPROpFXODVGHJDVTXHEULQFDQGHQWURGH
ODVXSHUILFLHGHOQ~FOHRGHSDUWtFXODV GHELGRDODVIXHU]DVGH9DQGHU:DDOV FDXVDQGRTXHODV
PROpFXODVGHJDVVHDFXPXOHQVREUHODVXSHUILFLH\SURGX]FDQXQDQXEH WXUELGH] ODFXDOSXHGH
UHGXFLUHOFDPSRGHIXHU]DUHVLGXDO\GLVPLQXLUODHQHUJtDVXSHUILFLDOGHORVQ~FOHRVGHSDUWtFXOD
(QWRQFHVORVQ~FOHRVGHSDUWtFXODVFRQXQDVXSHUILFLHQDFLHQWHVHFRQYLHUWHQHQPiVHVWDEOHV(Q
FRQFOXVLyQ OD HQHUJtD LQWHUIDFLDO HQWUH VyOLGRV \ OtTXLGRV SXHGH WDPELpQ VHU UHGXFLGD
6XPDUL]DQGREUHYHPHQWHSRGHPRVGHFLUTXHHVHOFDPSRVyQLFRTXHVXPLQLVWUDQGRHQHUJtDDOD
VROXFLyQGHVDFDURVDLQWHQVLILFDODIOXFWXDFLyQGHHQHUJtDHQHOVLVWHPD\GLVPLQX\HODEDUUHUDGH
HQHUJtDSRUPHGLRGHXQDQXEHGHEXUEXMDVSURGXFLGDSRUORVHIHFWRVGHFDYLWDFLyQTXHFDXVDOD
QXFOHDFLyQSULPDULDGHODVROXFLyQGHVDFDURVDHQOD]RQDPHWDHVWDEOH
4XL7DLTXLQGHODXQLYHUVLGDGGHOVXUGH&KLQDSDUDVXVH[SHULPHQWRV YHUILJXUDV'\( 
XVy XQ SURGXFWRU GH RQGD VyQLFD GH PXOWLIXQFLyQ FRQ XQD VDOLGD Pi[LPD GH .Z D XQD
IUHFXHQFLDGH.+]DVLFRPRXQWUDQVIRUPDGRUGHHQHUJtDFRQXQDHQWUDGDPi[LPDGH.ZD
XQD IUHFXHQFLD GH .+]   \ XQ DSDUDWR SDUD QXFOHDFLyQ GHO WLSR FRQWLQXR GH  PP GH
GLiPHWUR[PPGHODUJRGHOWLSRGHFDUJDSDUDSUXHEDVLQGXVWULDOHVGH.JGHFDSDFLGDG
'LFKRLQYHVWLJDGRUSUHSDUyXQDVROXFLyQGHVDFDURVDVREUHVDWXUDGD\OHDSOLFyXQDRQGDVyQLFDDO
DSDUDWRSDUDQXFOHDFLyQDMXVWDQGRODSRWHQFLDGHVDOLGDIUHFXHQFLD\WLHPSRGHUHDFFLyQGHVSXpV
WUDQVILULyHOQ~FOHRIRUPDGRHQHODSDUDWRSDUDQXFOHDFLyQDOWDFKR RHVWDELOL]DGRUGHOQ~FOHR 
3DUD KDOODU OD FRUUHODFLyQ HQWUH HO Q~PHUR GH Q~FOHRV \ OD SRWHQFLD HOpFWULFD ORV UHVXOWDGRV
H[SHULPHQWDOHVIXHURQLQYHVWLJDGRVFRQXQDQiOLVLVGHUHJUHVLyQ/DILJ)HVXQGLDJUDPDGH
GLVSHUVLyQGHODSRWHQFLDHOpFWULFD\HOQ~PHURGHQ~FOHRV3XHGHVHUYLVWRGHVGHHOGLDJUDPDTXH
ODUHODFLyQHQWUHODSRWHQFLDHOpFWULFD\HOQ~PHURGHQ~FOHRVHVDSUR[LPDGDPHQWHOLQHDO< D
E[ /D HFXDFLyQ GH UHJUHVLyQ HV <    [ GRQGH <  UDGLR GHO Q~FOHR [ 



,QGLFH

SRWHQFLD HOpFWULFD GH OD RQGD VyQLFD (O FRHILFLHQWH GH FRUUHODFLyQ HV VLJQLILFDWLYR DO  GHO
QLYHO /D WDEOD $ PXHVWUD OD UHODFLyQ HQWUH OD SRWHQFLD GH OD RQGD VyQLFD \ HO Q~PHUR GH
Q~FOHRVIRUPDGRVHQXQDVROXFLyQGHVDFDURVDFX\Rƒ66 \ODIUHFXHQFLDVyQLFDHVGH
+]

/RV H[SHULPHQWRV LQGLFDURQ TXH HO QLYHO GH DWRPL]DFLyQ GH OD VROXFLyQ GH VDFDURVD HVWi
UHODFLRQDGRFRQODSRWHQFLDGHODRQGDVyQLFD\OD66GHODVROXFLyQGHVDFDURVD(QXQDVROXFLyQ
QRVDWXUDGDODPDWHULDQHEOLQRVDIRUPDGDGHVDSDUHFHLQPHGLDWDPHQWHFXDQGRHOHVWtPXORVyQLFR
HVUHPRYLGR3HURHQXQDVROXFLyQVREUHVDWXUDGDODPDWHULDQHEOLQRVDSXHGHKDFHUVHHVSHVDD66
DOWDVFRQHOLQFUHPHQWRGHODSRWHQFLDVyQLFD\VHGHSRVLWDHQHOIRQGRGHOFRQWHQHGRUFDXVDQGR
WXUELGH] ODPDWHULDQHEOLQRVDHVLQGLFDWLYDSHURQRHVXQDHYLGHQFLDFRQFOXVLYDGHODSUHVHQFLD
GHQ~FOHRV 9HUWDEOD%
/DV FRQGLFLRQHV GH OD QXFOHDFLyQ FRQWLQXD SRU RQGD VyQLFD \ ORV UHVXOWDGRV H[SHULPHQWDOHV VH
SUHVHQWDHQODWDEOD&/RVH[SHULPHQWRVLQGLFDURQTXHODQXFOHDFLyQFRQWLQXDSRURQGDVyQLFD
SXHGH HIHFWXDUVH HQ OD ]RQD PHWDHVWDEOH FRQ OD IRUPDFLyQ GH SRFRV IDOVRV JUDQRV \ PHQRV
RSRUWXQLGDG SDUD OD GLVROXFLyQ GH FULVWDOHV (O &9 GH ORV Q~FOHRV IXH SHTXHxR \ OD IRUPD GHO
FULVWDO IXH EXHQD 7DQ SURQWR FRPR HO Q~FOHR IXH IRUPDGR \ HVWXYR HVWDEOH HPSH]y OD
DFXPXODFLyQGHFULVWDOHVFRQWLQXDPHQWHVLQFXDOTXLHUUHFWLILFDFLyQ
'XUDQWHHOSURFHVRGHQXFOHDFLyQQRVHQHFHVLWyKDFHUQDGDPiVGHIRUPDTXHODRSHUDFLyQHV
VLPSOH/DRSHUDFLyQFRQWLQXDSXHGHORJUDUVHIiFLOPHQWH
8QDSUXHEDLQGXVWULDOKLFLHURQORVLQYHVWLJDGRUHVHQXQDUHILQHUtDORVUHVXOWDGRVVHPXHVWUDQHQ
ODWDEOD'7DPELpQVHGDQORVGDWRVQXFOHDQGRFRQFKRTXHGHDLUHFRQVHPLOODPLHQWRSRU
FKRTXH

&RQFOXVLRQHV

(OSURFHVRGHQXFOHDFLyQGHODVVROXFLRQHVGHVDFDURVDSXHGHVHUPDUFDGDPHQWHLQIOXHQFLDGRSRU
HOFDPSRVyQLFR/DQXFOHDFLyQSXHGHKDFHUVHD66EDMDV(Oƒ66SDUDODQXFOHDFLyQVyQLFDIXH
PiVEDMRTXHHOXVDGRSDUDHOVHPLOODPLHQWRSRUFKRTXHRFRQDLUH
/RV FRHILFLHQWHV GH YDULDFLyQ &9 GHO Q~FOHR \ HO SURGXFWR ILQDO IXHURQ EDMRV OR TXH WUDH
FRPRFRQVHFXHQFLDTXHHOWLHPSR\HQHUJtDXWLOL]DGRVSDUDUHFWLILFDUODFULVWDOL]DFLyQSRGUtDVHU
UHGXFLGD&RPRODQXFOHDFLyQVyQLFDFRQWLQXDSXHGHKDFHUVHFRQIDFLOLGDGODUHDOL]DFLyQGHOD
FULVWDOL]DFLyQDXWRPiWLFD\FRQWLQXDSDUHFHSRVLEOH
/DSUXHEDLQGXVWULDOLQGLFyTXHODGHQVLGDGGHOQ~FOHRREWHQLGDFRQODSRWHQFLDHOpFWULFDGH
:DWWVQRVHDMXVWDDORVUHTXHULPLHQWRVLQGXVWULDOHVVLQRTXHpVWDGHEHVHUPiVDOWD<SRGUtDVHU
PHMRUSDUDIRUPDUXQMXHJRFRPSOHWRFRQXQWDFKRFRQWLQXRKDFLHQGRFULVWDOL]DFLRQHVFRQWLQXDV
\ DFXPXODFLyQ FRQWLQXD GH FULVWDOHV (V HYLGHQWH TXH PLHQWUDVPiVDOWDVHDODGHQVLGDGGHORV
Q~FOHRVREWHQLGDFRQXQDHPLVLyQGHSRWHQFLDPRGHUQDHQODFULVWDOL]DFLyQFRQWLQXDVHVHSXHGH
PDQHMDUPXFKRPiVVDFDURVD

)DEULFDFLyQGHPDVDVFRFLGDVILQDOHVSRUP~OWLSOHVHWDSDV

/DIDEULFDFLyQGHPFFKHFKDVSRUHOSURFHVRGHP~OWLSOHVHWDSDVHVODWHQGHQFLDPRGHUQDKDFLDOD
SUHSDUDFLyQ GH JUDQR VXILFLHQWH GH XQD VROD YH] SDUD YDULDV PFF 'HVGH OXHJR SDUD HVWR ORV
LQJHQLRVWLHQHQTXHHVWDUELHQHTXLSDGRVFRQJUDQHURVVXILFLHQWHV



,QGLFH

/RVSULQFLSLRVTXHULJHQODIDEULFDFLyQGHODVPDVDVFRFLGDVILQDOHVSRUP~OWLSOHVHWDSDVVRQ
)LJXUDOO0ROLQRVSDUDSUHSDUDUODVHPLOODGHFULVWDOL]DU














































,QGLFH


$ $OLPHQWDU ORV PDWHULDOHV FRQ TXH VH IDEULFDQ ODV PFF SRU RUGHQ GHFUHFLHQWHV GH VXV
UHVSHFWLYDVSXUH]DV
%,JXDOGDGGHOGHVDUUROORGHOJUDQRFULVWDOL]DGR
&$FRUWDPLHQWRGHORVFLFORVGHFRFKXUDGHODVGLVWLQWDVHWDSDVGHODIDEULFDFLyQGHPFF

(O SULQFLSLR $ VLJQLILFD TXH VL GLFKDV WHPSODV YDQ D IDEULFDUVH XWLOL]DQGR PHODGXUD PLHO $ \
PLHO%SULPHURGHEHDOLPHQWDUVHWRGDODPHODGXUDGHVSXpVWRGDODPLHO$\ILQDOPHQWHWRGDOD
PLHO%+D\GRVUD]RQHVSULQFLSDOHVSDUDFRQGXFLUHOSURFHVRHQODIRUPDLQGLFDGD

 3RUTXH WDQWR OD YHORFLGDG GH FULVWDOL]DFLyQ FRPR OD WUDQVPLVLyQ GHO FDORU YDQ HQ JHQHUDO
GHFUHFLHQGRVLPXOWiQHDPHQWHHQHOWUDQVFXUVRGHODVFRFKXUDV\UHVXOWDPiVIiFLOHOFRQWUROGH
ODVPLVPDVSRUHOSXQWLVWD\HQFRQVHFXHQFLDUHVXOWDPHQRVSUREDEOHODVUHSURGXFFLRQHV
3RUTXHODPLHOGHODPDVDFRFLGDHQHOWUDQVFXUVRGHODVFRFKXUDVYDWDPELpQHQJHQHUDO
GLVPLQX\HQGR\IDFLOLWDHODJRWDPLHQWRGHODPLHOILQDO

(O SULQFLSLR % VLJQLILFD TXH GXUDQWH HO SURFHVR GH ODV FRFKXUDV QR KD\D KDELGR QLQJXQD
GLVROXFLyQGHJUDQRVQLUHSURGXFFLRQHV
(OSULQFLSLR&TXHWLHQHTXHYHUFRQORVWLHPSRVGHFRFKXUDGHODVGLVWLQWDVHWDSDVDXQTXHVRQ
YDULRVORVIDFWRUHVTXHLQIOX\HQHQODUHGXFFLyQGHORVWLHPSRVGHFRFKXUDORPiVLPSRUWDQWHHV
UHGXFLUHOYROXPHQGHODVFRFKXUDVFRUUHVSRQGLHQWHVDOD~OWLPDHWDSD
(QVXWUDEDMRRULJLQDO*LOOHWFULVWDOL]DEDFDGDPFFLQGLYLGXDOPHQWHHLQGLFyTXHSDUDREWHQHU
EXHQRV UHVXOWDGRV la carga de cristalizar no debe ser mayor que el 25% de la mcc.
3RVWHULRUPHQWH*LOOHW\.HQGDH[SHULPHQWDURQFULVWDOL]DQGRSDUDYDULDVPFF6HSXHGHQIDEULFDU
\PFFSRUHWDSDV
(ODXWRUKDHVWDGRHQLQJHQLRVTXHFULVWDOL]DQHQXQWDFKRSHTXHxRGHSFRQXQDFDUJDGH
FULVWDOL]DUGHSWHUPLQDQGRODPFFHQXQWDFKRGHSGHYROXPHQGHRSHUDFLyQ$TXtVH
SURGXFHVXILFLHQWHJUDQRHQHOWDFKRGHSSDUDIDEULFDUPFFGHS S HQWRQFHV
HOGHVDUUROORYROXPpWULFRGHOJUDQRFULVWDOL]DGRHVGH

'9  

/D FDUJD GH FULVWDOL]DU UHSUHVHQWD HO  >  @ GH ODV PDVDV FRFLGDV ILQDOHV
IDEULFDGDV
/DVYHQWDMDVVRQREYLDVVLHOJUDQRVHKDFHVRODPHQWHSDUDWUHVWHPSODV\HOYROXPHQGHODFDUJD
GH FULVWDOL]DU HV  GHO YROXPHQ GH RSHUDFLyQ GHO WDFKR HQWRQFHV OD FDUJD GH FULVWDOL]DU
UHSUHVHQWDHOGHOWRWDOGHPFFSURGXFLGDVEl período crítico en la cristalización, a pesar
del método usado, es el que sigue inmediatamente a la aparición del grano. (O JUDQR HV
GLVSHUVDGR HQ OD VROXFLyQ GH D]~FDU \ GHEH UHFRJHUVH PX\ FXLGDGRVDPHQWH SDUD HYLWDU OD
GLVROXFLyQGHDOJXQRVFULVWDOHV\SUHYHQLUODIRUPDFLyQGHOIDOVRJUDQRRFRQJORPHUDGRV7HQJD
SUHVHQWHTXHHQHVWHPRPHQWRQRH[LVWHVXILFLHQWHVXSHUILFLHGHFULVWDOSDUDDEVRUEHUODVDFDURVD
WDQ SURQWR FRPR OD HYDSRUDFLyQ OD KDFH GLVSRQLEOH SRUTXH ORV FULVWDOHV SHTXHxRV HVWiQ PX\
VHSDUDGRV\H[LVWHXQDVLWXDFLyQPX\FUtWLFD
$PHGLGDTXHORVFULVWDOHVHVWpQPiVFRQFHQWUDGRVHQODVROXFLyQGHD]~FDUPiVIiFLOVHUiUHFRJHU
ODPDVDFRFLGDGHIRUPDTXHODRSHUDFLyQQRUPDOGHOWDFKRSXHGDVHUUHVWDEOHFLGD



,QGLFH

&RPR TXH FDGD SLH F~ELFR GH PFF FRQWLHQH DSUR[LPDGDPHQWH HO PLVPR Q~PHUR GH FULVWDOHV \
FRPRHVRVFULVWDOHVVRQLQWURGXFLGRVHQODIRUPDGHVHPLOODHQODFDUJDGHFULVWDOL]DUHVREYLR
TXHPLHQWUDVHOYROXPHQGHODFDUJDGHFULVWDOL]DUVHDPiVSHTXHxRHQUHODFLyQFRQHOYROXPHQ
GHODPFFPiVFRQFHQWUDGDHVWDUiODVHPLOOD3RUHMHPSORPLHQWUDVPHQRUHVHOYROXPHQGHOD
FDUJDTXHVHFULVWDOL]DPHQRUHVHOWLHPSRTXHVHQHFHVLWDSDUDTXHHOJUDQR recoja el sobrante


de miel y viceversa.

5HJODVSDUDHOEXHQFRFLQDGRHQORVWDFKRV

$¢&XiOHVODFDOLGDGGHVHPLOODTXHVHGHEHXVDUHQODFULVWDOL]DFLyQ"
(OD]~FDUHQSROYRRUGLQDULDGHORVYLEUDGRUHVLQGXVWULDOHVHQODVUHILQHUtDVQRHVVDWLVIDFWRULR\D
TXHSXHGHYDULDUGHGtDDGtD\FDQWLGDGHVH[FHVLYDVSXHGHQVHUUHTXHULGDV
(OD]~FDUIRQGDQWVHFRSUHSDUDGRSRUPROLHQGDUHGXFHODFDQWLGDGSHURODGLVWULEXFLyQGHWDPDxR
HVGLItFLOGHUHSURGXFLU\QRVHFRQVHUYDELHQGHELGRDTXHODVSDUWtFXODVVHSHJDQSRUORVFDPELRV
GH WHPSHUDWXUD \ KXPHGDG $~Q FRQ XQD DJLWDFLyQ YLJRURVD GH OD SDVWD KHFKD FRQ DOFRKRO
LVRSURStOLFR QR VHSDUDUi ORV FULVWDOHV DGKHULGRV \ HO UHVXOWDGR HV TXH VH LQWURGXFLUiQ PXFKRV
JUDQRVFRQJORPHUDGRVHQODFULVWDOL]DFLyQFRQODPLVPDVHPLOOD6HKDUHSRUWDGRTXHWDOHVSDVWDV
VRQ PHMRUDGDV D WDO UHVSHFWR VL VH PDQWLHQH XQD DJLWDFLyQ YLJRURVD HQ XQD EDWLGRUD GH DOWD
YHORFLGDGSHURQRVHGDLQIRUPDFLyQFXDQWLWDWLYDDOUHVSHFWR
(QODSUiFWLFDODWpFQLFDSUHIHULGDHVXVDUXQPROLQRGHODERUDWRULRSDUDSUHSDUDUXQDSDVWDGH
VHPLOODFRQXQDUHODFLyQDOFRKROLVRSURStOLFRD]~FDUJUDQXODGRGH\WUDWDUODSRUKRUDV
/RV Q~FOHRV REWHQLGRV FRQpVWDWpFQLFDGHPROLHQGDHQK~PHGRVHDFHUFDDOWDPDxRDGHFXDGR
0DR 7DLZDQ 6XJDU$JRVWR   FRPSDUD OD SUHSDUDFLyQ GH SDVWD GH VHPLOOD XVDQGR GRV
PROLQRVGLIHUHQWHV

8QPROLQRGHERODVGHDFHURGH´GHGLiPHWURFRQXQFLOLQGURGH´HOFXDOFRQWLHQH
ERODV GH ´ \  ERODV GH ´ GH DFHUR (O PROLQR JLUD D  USP /D SDVWD VH SUHSDUy
PH]FODQGROEVGHD]~FDUFRQOLWURVGHDOFRKROHWtOLFRDO UHODFLyQ URWiQGRODSRU
 KRUDV/RV UHVXOWDGRV REWHQLGRV IXHURQ OD SULQFLSDO SRUFLyQ GH SDUWtFXODV IXHURQ GH 
PLFURQHVSDUWtFXODVJUDQGHVGHPLFURQHV\XQDSRUFLyQSHTXHxDGHPLFURQHV

8QPROLQRGHERODVGHSRUFHODQDFRQFLOLQGURVGHSRUFHODQDGH´GHGLiPHWUR[´
ODUJRFRQWHQLHQGRSLH]DVGH´\SLH]DVGH´GHSRUFHODQD(OPROLQRJLUDDUSP
/DSDVWDVHSUHSDUyPH]FODQGROEVGHD]~FDUFRQOLWURVGHDOFRKROHWtOLFRDO UHODFLyQ
 URWiQGROD SRU  KRUDV /RV UHVXOWDGRV REWHQLGRV IXHURQ OD SULQFLSDO SRUFLyQ GH
SDUWtFXODVIXHURQGHPLFURQHVSDUWtFXODVJUDQGHVGHPLFURQHV\XQDSRUFLyQSHTXHxD
GHPLFURQHV

'LVSRVLWLYRVPiVVRILVWLFDGRVWDOHVFRPRHOPROLQRGHERODVPDUFD'LWPDUDOFDQ]DQORVPLVPRV
UHVXOWDGRVSHURHQPHQRVWLHPSR3RUHMHPSORHOPROLQR'LWPDUWLSR60$&GHVSXpVGHKRUDV
GHIXQFLRQDPLHQWRGLRORVUHVXOWDGRVVLJXLHQWHV

 7DPDxRHQPLFURQHV1RGHOWRWDO
 




,QGLFH


6REUH

'HVSXpVGHKRUDVHOPROLQR'LWPDUWLSR60$&SURGXFHXQGHQ~FOHRVSRUDEDMRGHORV
PLFURQHV
8Q PROLQR VLPLODU DO 'LWPDU HV HO UHSUHVHQWDGR HQ OD ILJXUD // IDEULFDGR SRU 680$
352'8&76HOPLVPRSURGXFHXQDSDVWDFX\RWDPDxRSURPHGLRHVGHPLFURQHVFRQHO
GHORVFULVWDOHVSRUDEDMRGHORVPLFURQHV&DGDPROLQRGHHVWRVSURGXFHFDUJDVGHOLWURV
SRU GtD FRPSXHVWD GH  OEV GH D]~FDU \  OLWURV GH SURSDQRO ,3$  OD YHORFLGDG GH ODV
SDOHWDVHVGHUSPHOPHGLRGHPROLHQGDRERODVWLHQHQPPGHGLiPHWURODVERODVVRQGH
DFHURJUDGR$\SHVDQOEV
0F*LQQLVSUHSDUDXQDSDVWDFRQXQPROLQRGHODERUDWRULRPH]FODQGROEGHD]~FDUHQSROYR
FRQ ó  GH DOFRKRO LVRSURStOLFR \ OR PXHOH SRU  KRUDV (O WDPDxR UHODWLYR GH OD VHPLOOD VH
PXHVWUD HQ OD ILJXUD  \ ORV SHVRV UHODWLYRV GH OD VHPLOOD DO SURGXFWR ILQDO FRQ SREODFLRQHV
VLPLODUHVVHPXHVWUDQHQODILJXUD
/RVWDPDxRVGHVHPLOODSRUHQFLPDGHORVPLFURQHVQHFHVLWDQTXHVHXVHFDQWLGDGHV
GHVHPLOODPD\RUHVTXHFXDQGRHOWDPDxRGHODVHPLOODHVGHPLFURQHV
3DWWHUVRQUHFRPLHQGDSDUDODVWHPSODVGHEDMRJUDGRPROHUGXUDQWHKRUDVXQDPH]FODGHGRV
SDUWHVGHDOFRKROLVRSURStOLFR\XQDSDUWHGHD]~FDUJUDQXODGR&RQHVWDVHPLOODDVtSUHSDUDGDVH
QHFHVLWDQ  OEV GH D]~FDU SRU FDGD S GH JUDQR ILQR REWHQLpQGRVH XQ WDPDxR GH JUDQR GH
PP&RQ HVWD WHPSOD GH JUDQR ILQR VH SXHGHQ IDEULFDU  WHPSODV GH PFF WRWDOL]DQGR
SREWHQLpQGRVHXQWDPDxRGHJUDQRHQHOD]~FDU&GHPP
3DUD ODV WHPSODV GH SULPHUD OD VHPLOOD VH SUHSDUD KDFLHQGR XQD PH]FOD GH J GH D]~FDU
EODQFRFRQJGHXQDPH]FODOtTXLGDTXHFRQVWDGHGHHVStULWXGHPHWLODWR\GH
JOLFHULQDPROLGDGXUDQWHKRUDVDUSP
(Q FXDOTXLHU FDVR ODV SDVWDV VRQ HVWDEOHV SRU SHUtRGRV LQGHILQLGRV \ VL HO SURFHVR GH
PROLHQGDVHWtLSLItFDKDEUiYDULDFLRQHVSHTXHxDVGHWHPSODDWHPSOD
6H XVD DOFRKRO LVRSURStOLFR DOFRKRO HWtOLFRDEVROXWR HODOFRKROHWtOLFRGHƒVHXVDHQHO
WUySLFR GHELGR D VX GLVSRQLELOLGDG SHUR HVPHQRVHVWDEOHFRQUHVSHFWRDOWLHPSRGHELGRDTXH
FRQWLHQH DJXDDO YDULDU OD WHPSHUDWXUD SRGUtD FDXVDU TXH ODV SDUWtFXODV PiV ILQDV VH
GLVXHOYDQ \ VH IRUPHQ RWUDV PD\RUHV  R JDVROLQD SRUTXH HVWRV OtTXLGRV WLHQHQ XQ SXQWR GH
HEXOOLFLyQEDMR\SRUTXHHOD]~FDUHVLQVROXEOHHQHOORVGHPDQHUDTXHWRGRHOSROYLOORTXHVH
SHVD SHUPDQHFH HQ HVWDGR VyOLGR &RPR WLHQHQ XQ SXQWR GH HEXOOLFLyQ EDMR DO HYDSRUDUVH
V~ELWDPHQWHFXDQGRVHLQ\HFWDQDOWDFKRSURGXFHQDOJRVHPHMDQWHDSHTXHxDVH[SORVLRQHVTXH
IDFLOLWDQODGLVHPLQDFLyQGHODVSDUWtFXODVGHOSROYLOORHQHOOtTXLGRGHD]~FDUGHQVR\YLVFRVR
TXH VH YD D JUDQXODU 2WURV YHKtFXORV WDOHV FRPR HO DFHLWH GH OLQD]D \ HO GH DOJRGyQ KDQ VLGR
XVDGRVSDUDVXVSHQGHUODVHPLOOD
6WHYHQVRQ 466&7 SUHSDUDODSDVWDGHVHPLOODPH]FODQGRJGHD]~FDUJUDQXODGRFRQ
 OLWURV GH XQD PH]FOD OtTXLGD TXH FRQVLVWH HQ  GH DOFRKRO GHVQDWXUDOL]DGR \  GH
JOLFHULQD(OPROLQRGHERODVJLUDDUSPSRUKRUDV
6HJ~Q0DGVHQ ,6- SDUDHOVHPLOODPLHQWRGHWDFKRVFRQLQVWUXPHQWRVDXWRPiWLFRVODSDVWD
GHVHPLOODKHFKDFRQDOFRKROLVRSURStOLFRQRHVDGHFXDGDGHELGRDTXHODYLVFRVLGDGGHOPLVPR
HV WDQ EDMD TXH QR HVWDELOL]D OD VDFDURVD HQ XQD VXVSHQVLyQ EXHQD (O KDOOy TXH HO
JOLFROSROLHWLOpQLFR 3(*  R HO JOLFROSROLHWLOpQLFR 3(*  VRQ DGHFXDGRV SDUD WDO



,QGLFH

SURSyVLWR  \  VRQ ORV SHVRV PROHFXODUHV 3DUD XQD VROXFLyQ GH D]~FDU TXH WHQJD XQD
YLVFRFLGDGGHFSVH














,QGLFH



)LJXUD  /RFDOL]DFLyQ \ GHWDOOHV GHO HPEXGR SDUD LQWURGXFLU OD VXVSHQVLyQ GHO SROYLOOR GH
D]~FDUHQORVWDFKRV
(VWH HPEXGR GHEH XVDU SDUD OD DJLWDFLyQ GH OD VXVSHQVLyQ GH VHPLOOD XQ DJLWDGRU GHO WLSR GH
ODERUDWRULRFRQJUDPSDSRUHMHPSORXQ/LJKWLQPRGHOR)GHYHORFLGDGYDULDEOHHQWUH
USPKSHMHGH´FRQXQDSURSHODGHFXFKLOODVGH´(OFRQRGHOHPEXGRQRGHEHVHU
PX\SURQXQFLDGRSDUDHYLWDUODWXSLFLyQFRQD]~FDU
















,QGLFH



UHFRPLHQGD  VH UHFRPLHQGD XQD VXVSHQVLyQ FRQ XQD YLVFRVLGDG EDMD SRU HMHPSOR GH
D]~FDU LFLQJ FRQ 3(*   GH D]~FDU LFLQJ FRQ 3(*  (Q (XURSD ORV
JOLFROSROLHWLOpQLFRV VRQ SHUPLWLGRV FRPR DGLWLYRV SDUD DOLPHQWRV 3DUD ODIDEULFDFLyQGHD]~FDU
EODQFR VH XVD DSUR[LPDGDPHQWH J GH XQD VXVSHQVLyQ DO SRUSGHPDVD/DWDEOD
VLJXLHQWHPXHVWUDODYLVFRVLGDGSDUDODVVXVSHQVLRQHVGHD]~FDULFLQJ

9LVFRVLGDGHQFSDƒ&SDUDODVVXVSHQVLRQHVGHD]~FDULFLQJ

 $]~FDULFLQJDOFRKROJOLFROSROLHWLOpQLFR
 SHVR LVRSURStOLFR

 









/RVYRO~PHQHVGHSDVWDJHQHUDOPHQWHXVDGRVFXDQGRVHHPSOHDQPROLQRVGHERODVRQ

SDUDD]~FDUEODQFRPOVGHSDVWDSGHPF
SDUDD]~FDUHVLQWHUPHGLRVPOVGHSDVWDSGHPF
SDUDD]~FDUFUXGRPOVGHSDVWDSGHPF

8QPpWRGRQXHYRSDUDODSUHSDUDFLyQGHODSDVWDGHVHPLOODIXHUHSRUWDGRSRU*DRHQHOFRQJUHVR
GHOD,66&7HQ
(VWHPpWRGRFRPELQDHOXVRGHXQVROYHQWHRUJiQLFRFRQRQGDVXOWUDVyQLFDV\IXHGHVDUUROODGRHQ
OD 8QLYHUVLGDG 7HFQROyJLFD GHO 6XU GH &KLQD (O VROYHQWH RUJiQLFR FRQVLVWH GH XQD PH]FOD GH
SHVRPROHFXODUEDMRGHVROYHQWHVXUIDFWDQWH\HVWDELOL]DGRUHV
(OSULQFLSLRVHEDVDHQXQDDEVRUEDWLOLGDGHVSHFLDOGHXQDRQGDXOWUDVyQLFDVSRUXQDVROXFLyQ
GHD]~FDUSRUHMHPSORDXQDIUHFXHQFLDGH+]\DXQDSRWHQFLDGH:DWWV&XDQGROD
RQGDXOWUDVyQLFDVHKDFHDFWXDUVREUHODVROXFLyQGHD]~FDUVREUHVDWXUDGDPLHQWUDVVHDxDGHHO
VROYHQWHRUJiQLFRODIXHUWHYLEUDFLyQGHODRQGDXOWUDVyQLFDURPSHORVHQODFHVGHKLGUyJHQRHQWUH
ODVPROpFXODVGHVDFDURVD\DJXD\IXHU]DDODVPROpFXODVGHOVROYHQWHDURGHDUODVPROpFXODVGH
VDFDURVDUiSLGDPHQWHKDFLHQGRTXHODVROXFLyQGHD]~FDUSLHUGDVXHVWDELOLGDG\DVtVHSURGXFH
XQ JUDQ Q~PHUR GH Q~FOHRV VLPXOWiQHDPHQWH 'HVSXpV TXH KD SDVDGR HVD HWDSD OD HQHUJtD
XOWUDVyQLFD DEVRUYLGD SRU OD VROXFLyQ GHWLHQH OD IRUPDFLyQ GH SDUWtFXODV HQ OD SDVWD SRU YDULRV
PLQXWRVYLEUDQGR\GHVDUUROODQGRODVHQQ~FOHRVXQLIRUPHV
6HJ~QKHPRVYLVWRDQWHULRUPHQWHORVPpWRGRVGHPROLHQGDHQK~PHGRWRPDQGHKRUDVVLQ
HPEDUJRpVWHPpWRGRQXHYRQHFHVLWDVRODPHQWHPLQXWRV PLQXWRVSDUDSUHSDUDUHOVLURSH



,QGLFH

VREUHVDWXUDGR \  PLQXWRV SDUD OD QXFOHDFLyQ  6HJ~Q -DPHV &3&KHQ &DQH 6XJDU
+DQGERRNDYDHGLFLyQ HQSUXHEDVKHFKDVHQHQODIiEULFDGHD]~FDU6KXQGHHQ



,QGLFH






,QGLFH

*XDQ]KRX&KLQD ORV UHVXOWDGRV REWHQLGRV FRQ HVWH PpWRGR IXHURQ DOWDPHQWH VDWLVIDFWRULRV HQ
FXDQWRDODXQLIRUPLGDGGHOJUDQRREWHQLGRVHUHILHUH6HUHSRUWDTXHH[LVWHQDSUR[LPDGDPHQWH
XQLGDGHVGHHVWHWLSRLQVWDODGDVHQHOPXQGR/DILJXUD0PXHVWUDXQDPLFURIRWRJUDItDGH
FRFLQDGRVSDUDOHORVGHOPpWRGRXOWUDVyQLFR96VHPLOODPROLGD
/DVWpFQLFDVGHVHPLOODPLHQWRXVDGDVHQ$XVWUDOLDLQWURGXFHQODVHPLOODFXDQGRHOƒ66HVWiHQWUH
GHQWURGHOOtPLWHGHOD]RQDPHWDHVWDEOHGHDFXHUGRFRQODVFXUYDVGHVREUHVDWXUDFLyQ
YHUILJXUD1/RV$XVWUDOLDQRVGLFHQTXHODWHPSHUDWXUDySWLPDSDUDVHPLOODUHVGHXQRVƒ&
\TXHODSDVWDSUHIHULEOHPHQWHGHEHVHUWUDWDGDHQXQPROLQRGHURGLOORVHQOXJDUGHORVGHEROD\D
TXHDVtVHREWLHQHXQJUDQRPiVXQLIRUPH
(Q FRQFOXVLyQ OD FDOLGDG GHO FULVWDO GHO D]~FDU FRPHUFLDO GHSHQGH SULPDULDPHQWH GH OD
FDOLGDGGHODVHPLOODXVDGDSDUDFULVWDOL]DU'HQWURGHFLHUWRVOtPLWHVHOWDPDxRGHOQ~FOHR
GHVHPLOODQRHVFUtWLFRSHURWHQGUiTXHVHUGHWDPDxRUD]RQDEOHPHQWHXQLIRUPH/DILJXUD
PXHVWUDORVGHWDOOHVGHOHPEXGRXVDGRSDUDLQWURGXFLUODVHPLOODGHQWURGHOWDFKR

3URSLHGDGHVGHODSDVWDGHVHPLOOD

3REODFLyQGHFULVWDOHV

3DUDORVWDFKRVGLVFRQWLQXRVHOQ~PHURGHFULVWDOHVHQODWHPSODFXDQGRHVGHVFDUJDGDHVLJXDODO
Q~PHURGHFULVWDOHVHQODSDVWDGHVHPLOODRDOQ~PHURJHQHUDGRSRUQXFOHDFLyQ(QVRODPHQWH
XQRV SRFRV VHJXQGRV GHO WLHPSR WRWDO GH FRFLQDGR OD FRVHFKD GH FULVWDOHV VH HVWDELOL]D /R
SULPRUGLDOHQWRQFHVHVPDQWHQHU\SURWHJHUODSREODFLyQLQLFLDODXQDHVSHFLILFDFLyQGHODFDUJD
GHFULVWDOL]DUGDGDV
(QORVFRFLQDGRVGLVFRQWLQXRVHOQ~PHURGHVHPLOODLQWURGXFLGDGHWHUPLQDUiHOWDPDxRGHFULVWDO
ILQDOHQODWHPSODIDEULFDGD(QODWDEOD*XLOOHWLOXVWUDHOHIHFWRGHODDEHUWXUDPHGLD WDPDxR
GHOFULVWDO FRQUHVSHFWRDOiUHDVXSHUILFLDOUHODWLYDSDUDHOFUHFLPLHQWR\DJRWDPLHQWR\WDPELpQ
DO HIHFWR FRQ UHVSHFWR DO GUHQDMH OLEUH GHO OLFRU PDGUH GHVGH ORV FULVWDOHV HQ ODV FHQWUtIXJDV
GLVFRQWLQXDV /D WDEOD VLJXLHQWH PXHVWUD ODV UHODFLRQHV GH FULVWDOYROXPHQ YHUGDGHUR \
DSDUHQWHDSUR[LPDGRVSDUDPDVDVFRFLGDVGHEDMDSXUH]DFRQJUDQRQRUPDO

5HODFLyQFULVWDOYROXPHQ
 YROXPHQYHUGDGHURFULVWDOHVYROXPHQDSDUHQWHFULVWDOHV
HQODPDVDFRFLGDHQODPDVDFRFLGD

  




  E FLIUDVLGHDOHVG  



'LVWULEXFLyQGHOWDPDxRGHOFULVWDO '7& 




,QGLFH




















,QGLFH

)LJXUD3HVRUHODWLYRGHODVHPLOODSDUDORJUDUXQDSREODFLyQVLPLODUHQODWHPSODGHPDVD
FRFLGD



















,QGLFH



,QGLFH

)LJXUDE&ULVWDORVFRSRGHWDFKR680$9&



/RV SURFHVRV SDUWLFXODGRV KDQ VLGR LQWHQVDPHQWH HVWXGLDGRV \ GHVFULWRV FRQ PRGHORV
PDWHPiWLFRV DGHFXDGRV (QWUH HVRV SURFHVRV OD FULVWDOL]DFLyQ \ PiV HVSHFtILFDPHQWH OD
FULVWDOL]DFLyQGHODVDFDURVDODVIRUPDV\WDPDxRVHVSHFtILFRVSXHGHQWHQHUXQDLQIOXHQFLDVREUH
ORVSURFHVRVGHVGHORVFXDOHVHOORVIXHURQSURGXFLGRV(OWDPDxRSURPHGLR\ODYDULDQFLDHQORV
WDPDxRV SXHGHQ VHU PRGHODGDV SRU XQD GLVWULEXFLyQ GH WDPDxR GH FULVWDO GLPHQVLRQDO \
PXOWLGLPHQVLRQDO (VDV GLVWULEXFLRQHV VH FRQRFHQ FRPR $0&9 \ '7& /D OH\ GH 0F &DEH
HVWDEOHFH TXH WRGRV ORV FULVWDOHV HQ XQ PHGLR DPELHQWH GDGR FUHFHUiQ HQ FDQWLGDGHV LJXDOHV
GHQWURGHOPLVPRLQWHUYDORGHWLHPSR
8QVHPLOODPLHQWRFXLGDGRVDPHQWHKHFKRGDUiXQDFRVHFKDGHFULVWDOHVGHWDPDxRXQLIRUPHSHUR
GHVGH OXHJR PiV JUDQGHV /D '7& R HO &9 DO ILQDO VHUi HO PLVPR TXH HO GH OD VHPLOOD R
OLJHUDPHQWH PD\RU &RPR HO REMHWLYR HV HO FUHFLPLHQWR OD $0 VHUi PXFKR PD\RU YHU ILJXUD
6LQHPEDUJRODVHPLOODLQLFLDOYDUtDDPSOLDPHQWHHQWDPDxR &9DOWR HQWRQFHVVHSXHGH
HVSHUDUXQ&9LJXDOPHQWHDOWRHQHOSURGXFWRILJXUD







,QGLFH












,QGLFH











,QGLFH







,QGLFH

'HVJDVWH\QXFOHDFLyQSRUFROLVLyQ

(V PX\ FRP~Q HQ ODV FULVWDOL]DFLRQHV GH OD LQGXVWULD TXtPLFD TXH OD HVWUXFWXUD GHO FULVWDO HV
EDVWDQWH IUiJLO \ OD YLVFRVLGDG GH OD VROXFLyQ HV EDMD /D DJLWDFLyQ HV QHFHVDULD SDUD OD
XQLIRUPLGDG GH OD QXFOHDFLyQ \ FRQGLFLRQHV GH FUHFLPLHQWR (O LPSDFWR GH ORV FULVWDOHV SRU HO
LPSHOHQWHGHOFLUFXODGRU\HOLPSDFWRGHORVFULVWDOHVFRQWUDODVSDUHGHVGHOWDFKRRFULVWDOL]DGRU
HQ SDUWH GHVFULEH HO GHVJDVWH OD GHJUDGDFLyQ PHFiQLFD GH FULVWDOHV HQ OD PDVD /RV
IUDJPHQWRVFUHFHQFRPRFULVWDOHV\VHDxDGHQDODSREODFLyQGHFULVWDOHV
(QODVVROXFLRQHVGHVDFDURVDFRPRODYLVFRVLGDGHVDOWDHOLPSDFWRHVPHQRVVHYHUR7DPELpQ
ORV WDPDxRV GH FULVWDOHV VRQ UHODWLYDPHQWH SHTXHxRV VLHQGR HO LPSDFWR LQHUFLDO PHQRU &RQ HO
FRFLPLHQWRGLVFRQWLQXRORVVLVWHPDVGHDJLWDGRUHVVHGLVHxDQFRQXQDGLVWDQFLDOLEUHDPSOLD\XQ
IOXMRDHURGLQiPLFRUHODWLYR
&RQHOGHVDUUROORH[LWRVRGHORVGLIHUHQWHVVLVWHPDVSDUDHOFRQWUROGHOD66VHREWLHQHQFRVHFKDV
GHFULVWDOHVUHSURGXFLEOHVLQLFLDGDVDQLYHOHVGH66PiVEDMRV
$]XFDUHVHVSHFLDOHVGHWDPDxRJUDQGHVHKDQSURGXFLGRLQWURGXFLHQGRYDULRVPLOHVGHOLEUDVGH
FULVWDOHV FXLGDGRVDPHQWH WDPL]DGRV HQ XQ WDFKR FRQWHQLHQGR XQ VLURSH PRGHUDGDPHQWH
VREUHVDWXUDGR &DGD FULVWDO LQGLYLGXDO LQWURGXFLGR IXH XQD VHPLOOD ODV FXDOHV LQPHGLDWDPHQWH
FRPHQ]DURQDFUHFHUSDUDWRUQDUVHPiVJUDQGHV
/RV WDPDxRV GH VHPLOOD SRU HQFLPD GH ORV  PLFURQHV UHTXLHUH JUDQGHV FDQWLGDGHV GH
VHPLOOD /RV WDPDxRV GH VHPLOOD SRU DEDMR GH ORV  PLFURQHV UHTXLHUH FDQWLGDGHV PHQRUHV GH
VHPLOOD /DV FDQWLGDGHV GH VHPLOOD GHEHQ DMXVWDUVH SDUD DFRPRGDUODV D ODV YDULDFLRQHV GH OD
FLUFXODFLyQGHFDGDWDFKRIOXMRGHFDORUXQLIRUPLGDGGHOYDFtR\HUURUHVHQODPHGLFLyQGHOD
66 /DV PHGLFLRQHV GH $0&9 GH ODV WHPSODV LQGLYLGXDOHV SHUPLWLUiQ XQ DMXVWH UiSLGR GHO
YROXPHQGHSDVWD

/D ILJXUD  PXHVWUD ORV WDPDxRV UHODWLYRV GH VHPLOOD \ OD ILJXUD  ORV SHVRV UHODWLYRV GH
La inyección de semilla al tacho debe hacerse sin introducir aire simultáneamente.

VHPLOODSDUDDOFDQ]DUXQDSREODFLyQVLPLODUHQODWHPSODILQDO

&ULVWDORVFRSLR
(VWH LQVWUXPHQWR UHVXOWD H[FHOHQWH SDUD REVHUYDU HO FUHFLPLHQWR GHO FULVWDO \ VX XQLIRUPLGDG
GXUDQWHHOSURFHVRGHFRFFLyQGHOD]~FDU/DREVHUYDFLyQDWUDYpVGHXQPLFURVFRSLRPRQWDGRHQ
HOWDFKR\ORVFULVWDOHVSUR\HFWDGRVHQXQDSDQWDOODVHPXHVWUDQHQODILJXUD%/RVUHVXOWDGRV
VHSUHVHQWDQHQODSDQWDOODHQWRQFHVHOWDFKHURWLHQHXQDLQIRUPDFLyQUHDO\SXHGHUiSLGDPHQWH
WRPDUDFFLyQVLVHHVWiQSURGXFLHQGRIDOVRVJUDQRVRFRQJORPHUDGRV

&DQWLGDGGHVHPLOODUHTXHULGDSDUDHOVHPLOODPLHQWRFRPSOHWR

(MHPSOR6HGLVSRQHGHORVGDWRVVLJXLHQWHV

7DPDxROLQHDOGHOFULVWDOGHD]~FDU&GHVHDGRPP
7DPDxROLQHDOGHOFULVWDOGHVHPLOODXWLOL]DGRPP
3XUH]DGHODVHPLOOD
3XUH]DGHOFULVWDOGHD]~FDU&
3XUH]D0&& & 
3XUH]DGHODPLHOILQDO 0 



,QGLFH

%UL[0&&
9ROXPHQ0&&S
$ƒ%[XQSGH0&&SHVDOEVVyOLGRVS
VyOLGRVHQ0&& &0 0
  

/EVVyOLGRVHQS[

/EVVDFDURVDHQ[

/EVHPLOODUHTXHULGD>[    
@

8VDPRVHOIDFWRUGHELGRDTXHFLHUWRVSDUiPHWURVLQIOX\HQHQODH[DFWLWXGGHpVWDIyUPXOD
FRPRVRQ
y/RVVyOLGRVSVRQREWHQLGRVDRƒ&\ODV0&&VHSXUJDQHQWUHƒ&
y(OXVRGHSXUH]DDSDUHQWHVHQOXJDUGHODVYHUGDGHUDV
y/DGLILFXOWDGGHREWHQHUHOWDPDxRGHSDUWtFXODUHDOGHODVHPLOOD
7RGRV HVRV IDFWRUHV HQ FRQMXQWR SXHGHQ GDU XQ HUURU GHO  SDUD ORV WUDEDMRV SUiFWLFRV /D
FDQWLGDGFDOFXODGDGHVHPLOODSXHGHTXHWHQJDTXHVHUDMXVWDGDHQODSUiFWLFDSHURVLODPLVPDVH
SHVD FXLGDGRVDPHQWH FDGD YH] TXH VH SUHSDUH \ OD WpFQLFD VH WLSLILFD HQ WRGRV VXV GHWDOOHV
HQWRQFHVHODMXVWHVHUiPX\SHTXHxR

(MHPSOR7RPDUHPRVORVPLVPRVGDWRVGHOHMHPSOR
3HVRWRWDOGHFULVWDOHV
[[ OEV NJV
GHFULVWDOHV1 : J / FP 
: [J
3HVRGHXQFULVWDO  [ 
 [
1 [[
1 [
:VHP 1[/
 [[ [ 
 [J
 [[  
 OEVS

3UREOHPD
6LVHHVWiFULVWDOL]DQGRFRQOEVGHVHPLOODSDUD0&&\VHKDREWHQLGRXQWDPDxRGHD]~FDU&
GHPP¢4XpFDQWLGDGGHVHPLOODVHGHEHXVDUSDUD0&&"
5HVROXFLyQ
33 ::GRQGH
 :\: SHVRVDFDURVDFULVWDOL]DGD
3\3 SHVRGHVHPLOOD



,QGLFH

VXVWLWX\HQGRWHQHPRV
3 
3 [
3 OEVVHPLOOD
(QHVWHSUREOHPDVHVXSXVRTXH: :\HOWDPDxRGHOJUDQRUHVXOWDQWHGHEHUiVHUHOPLVPRHQ
DPERVFDVRV

3UREOHPD
6HHVWiFULVWDOL]DQGRFRQOEVGHVHPLOOD\HOWDPDxRGHOJUDQRGHD]~FDU&HVGHPP¢&XDO
VHUiHOWDPDxRGHOJUDQRGHOD]~FDU&VLXVDPRVOEVGHVHPLOOD"
     5HVROXFLyQ
33  DD  VXVWLWX\HQGR WHQHPRV   D     GH GRQGH
D [
 
   
 PP
$TXtVHDVXPHTXHHOSHVRGHVDFDURVDFULVWDOL]DGDVHDHOPLVPR

3UREOHPD
¢&XiOVHUiOD(3(\ODWHPSHUDWXUDGHXQDPHODGXUDGHS]DHYDSRUiQGRVHD´+JGHSUHVLyQ
DEVROXWD ´+J GH YDFtR  FXDQGR VX ƒ66 VHD GH  HQ FX\R PRPHQWR VH YD KD LQWURGXFLU OD
VHPLOODGHFULVWDOL]DU"
     5HVROXFLyQ
6HJ~QODWDEODOD(3(SDUD3]D$´+JYDFtRHVƒHQWRQFHVOD(3(Dƒ66HV
GH [ ƒ) /D WHPSHUDWXUD GH ORV YDSRUHV D ´+J  /D WHPSHUDWXUD GHOD
PHODGXUDHQƒ)  Dƒ66

%1LYHODGHFXDGRGHODFDUJDGHFULVWDOL]DU

&XDOTXLHUD TXH VHD HO WLSR GH FULVWDOL]DFLyQ TXH VH SUHWHQGD UHDOL]DU OD SULPHUD RSHUDFLyQ
FRQVLVWHHQFDUJDUHOWDFKRFRQHOPDWHULDOTXHVHYDDJUDQXODU\FRQFHQWUDUORSRUHYDSRUDFLyQ
GHPDQHUDTXHDGTXLHUDFLHUWRƒ66FXDQGRVXYROXPHQVHUHGX]FDDFLHUWDDOWXUD QLYHO GHQWURGHO
WDFKR 2UGLQDULDPHQWH GLFKD DOWXUD HV GH  SLH OLQHDO VREUH OD SODFD WXEXODU VXSHULRU GH OD
FDODQGULD/RDQWHULRUQRHVGHIiFLOUHDOL]DFLyQSRUODGLILFXOWDGTXHKD\GHVDEHUFXDOHVHOQLYHO
UHDOGHOPDWHULDOTXHKLHUYHGHQWURGHOWDFKR+D\GRVIRUPDVGHUHDOL]DUHVWDRSHUDFLyQ
,QWURGXFLUGHXQDYH]WRGRHOYROXPHQQHFHVDULRGHOPDWHULDOTXHVHYDKDFULVWDOL]DU
$GPLWLU VRODPHQWH HO YROXPHQ QHFHVDULR SDUD FXEULU FRPSOHWDPHQWH OD FDODQGULD GHO WDFKR \
DOLPHQWDUGHVSXpVHOPDWHULDOHQIRUPDFRQWLQXDSDUDUHSRQHUHODJXDTXHVHHYDSRUD
(VWH ~OWLPR SURFHGLPLHQWR HV HO PiV YHQWDMRVR \D TXH HO SULPHUR SXHGH FRQGXFLU D HUURUHV
FXDQGRYDUtDODGHQVLGDGGHOPDWHULDO
/DRSHUDFLyQGHFRQFHQWUDFLyQGHEHFRQGXFLUVHGHPDQHUDTXHQRKD\DQHFHVLGDGGHDOLPHQWDUHO
WDFKR GHVSXpV TXH HO PDWHULDO KD\D UHEDVDGR HO SXQWR GH VDWXUDFLyQ 66  \D TXH XQD
DOLPHQWDFLyQQRVXILFLHQWHPHQWHFDOLHQWHKHFKDGHVSXpVTXHHOPDWHULDOHVWi66SXHGHRULJLQDU
JUDQRVSRUVKRFNHQXQPRPHQWRHQTXHQRVHGHVHDODDSDULFLyQGHJUDQRVFRQVWLWX\HQGRHOOR



,QGLFH

XQDVHULDGLILFXOWDGSXHVWRTXHHOREMHWLYRGHWRGDFULVWDOL]DFLyQHVREWHQHUGHXQDVRODYH]WRGD
ODFDQWLGDGGHJUDQRVQHFHVDULD

&3XUH]DGHODFDUJDGHFULVWDOL]DU
/DSXUH]DGHODFDUJDGHFULVWDOL]DUHVPX\LPSRUWDQWHSDUDODREWHQFLyQGHXQEXHQFRQWUROVREUH
HO WDFKR HQ ODV IiEULFDV GH D]~FDU FUXGR  \ SRU HQGH HQ OD REWHQFLyQ GH FULVWDOHV ELHQ
GHVDUUROODGRV\XQLIRUPHV
2ULJLQDOPHQWHWRGDVODVFULVWDOL]DFLRQHVSDUDVHPLOODPLHQWRFRPSOHWRVHKLFLHURQHQPHODGXUDD
XQD SXUH]D GH 6LQ HPEDUJR OD LQWURGXFFLyQ GH LQVWUXPHQWRV SDUD HO FRQWURO GH OD 66 KD
IDFLOLWDGRODFULVWDOL]DFLyQGHPDWHULDOHVGHEDMDSXUH]D/DJUDQGHVYHQWDMDVGHHVRVPDWHULDOHV
GH EDMD SXUH]D SDUD OD FULVWDOL]DFLyQ HV OD UHGXFFLyQ TXH H[SHULPHQWD OD YHORFLGDG GH
FULVWDOL]DFLyQ(VWRVHLOXVWUDFODUDPHQWHHQODILJXUD/DYHORFLGDGGHFULVWDOL]DFLyQDGH
S]D < 66 FRQVWDQWH HV DSUR[LPDGDPHQWH  YHFHV OD YHORFLGDG GH FULVWDOL]DFLyQ D (VWR
WLHQGH D SURORQJDU HO SHUtRGR FUtWLFR HQWUH OD LQWURGXFFLyQ GH OD VHPLOOD GHQWUR GHO WDFKR \ HO
WLHPSRHQTXHORVFULVWDOHVRODPDVDVHUHFRMDSDUDFRQWLQXDUODRSHUDFLyQQRUPDOGHOWDFKR(VWR
WLHQGH D SURORQJDU HO SHUtRGR FUtWLFR HQWUH OD LQWURGXFFLyQ GH OD VHPLOOD GHQWUR GHO WDFKR \ HO
WLHPSRHQTXHORVFULVWDOHVRODPDVDVHUHFRMDSDUDFRQWLQXDUODRSHUDFLyQQRUPDOGHOWDFKRWURV
IDFWRUHV VLQ HPEDUJR FRQWUDEDODQFHDQ HO HIHFWR GH OD EDMD SXUH]D VREUH OD YHORFLGDG GH
FULVWDOL]DFLyQ 6H DFHSWD JHQHUDOPHQWH TXH OD YHORFLGDG GH FULVWDOL]DFLyQ YDUtD FRQ HO
FXDGUDGR GH OD 66$  3]D OD 66 VH OLPLWD D  SHUR FRQ  3]D SXHGH OOHJDUVH D
(QWRQFHVODYHORFLGDGGHFULVWDOL]DFLyQD3]DQRHVWDQEDMDFRPRJHQHUDOPHQWHVHFUHH
3RVWHULRUPHQWH H[LVWHQ FLHUWDV YHQWDMDV SDUD JUDQXODU HQ PDWHULDOHV GH EDMD SXUH]D FRPR HO
VLVWHPDGHWHPSODVORSHUPLWD
/D ILJ PXHVWUD OD YDULDFLyQ HQ ODV FXUYDV GH 66 SDUD ODV YDULDFLRQHV GH SXUH]D (O OtPLWH
VXSHULRUGHOD]RQDPHWDHVWDEOHSDUDVDFDURVDSXUDHVGHDSUR[LPDGDPHQWHSHURSDUD3]D
HVGHDSUR[LPDGDPHQWH
/DILJPXHVWUDFRPROD(3(VHLQFUHPHQWDDPHGLGDTXHODSXUH]DGHVFLHQGH(VWDILJXUD
PXHVWUDFODUDPHQWHTXHD3]DOD]RQDPHWDHVWDEOHWLHQHXQUDQJRPiVDPSOLRTXHFRQPDWHULDO
GH DOWD SXUH]D (V HVWH DPSOLR UDQJR GH OD (3( HQ PDWHULDOHV GH EDMD SXUH]D HO TXH OR KDFH
DWUDFWLYRSDUDODJUDQXODFLyQ
(Q FRQFOXVLyQ D XQ WHPSHUDWXUD FRQVWDQWH GH HEXOOLFLyQ GH ƒ)OD(3(VHLQFUHPHQWDGHVGH
DFRPRODSXUH]DDSDUHQWHFDHGHDSDUDVROXFLRQHVVDWXUDGDV
&RPR OD VXSHUVROXELOLGDG GH OD ]RQD PHWDHVWDEOH WDPELpQ VH LQFUHPHQWD SDUD XQD FDtGD GH
SXUH]DHOUDQJRGHVHJXULGDGGHFRFKXUDHVLQFUHPHQWDGRJUDQGHPHQWHDPHGLGDTXHODSXUH]D
GHVFLHQGH
$3]DOD]RQDGHFRFKXUDVHJXUDVHH[WLHQGHVRODPHQWHGHVGHDGH(3(RVRODPHQWH
ƒGH(3(SHURD3]D\DOPLVPRYDFtROD]RQDGHVHJXULGDGVHH[WLHQGHGHVGHDR
ƒ (3( HQ RWUDV SDODEUDV HO UDQJR GH VHJXULGDG HV  YHFHV PiV VHJXUR D  3]D TXH D
3]D
/DSXUH]DGHODFDUJDGHFULVWDOL]DUDXVDUGHSHQGHGHODVSXUH]DVGHODVPLHOHV%\GHOD\
GHODSXUH]DGHOD0&&TXHVHTXLHUDREWHQHU

' 0DQHUD GH KDFHU OD OLJD GH PHODGXUD \ PLHO $ HQ HO WDQTXH GH PH]FOD SDUD ODV
FULVWDOL]DFLRQHV



,QGLFH

/D PH]FOD GH UHODWLYDPHQWH EDMD SXUH]D TXH VH FULVWDOL]D GHEH WHQHUVH OLVWD FRQ FLHUWD
DQWLFLSDFLyQQRVRODPHQWHSRUTXHWRPDDOJ~QWLHPSRSUHSDUDUODVLQRWDPELpQSRUTXHGHVSXpVGH
HVWDU SUHSDUDGD KD\ TXH WRPDU XQD PXHVWUD GH OD PLVPD \ OOHYDUOD DO ODERUDWRULR SDUD OD
GHWHUPLQDFLyQGHVXSXUH]D
'HDFXHUGRFRQHOUHVXOWDGRGHODQiOLVLVHVTXHVHVHOHFFLRQDQORVIDFWRUHVTXHLQWHUYLHQHQSDUD
KDOODUHOƒ66DGHFXDGR
+D\YDULDVIRUPDVGHKDFHUODPH]FODGHPHODGXUD\PLHOGHSULPHUD
6HDUUHJODXQOLVWyQGHPDGHUDDOTXHVHGDXQDDOWXUDXQSRFRPD\RUTXHODGHOWDQTXHTXHVH
YD D XVDU SDUD KDFHU OD PH]FOD (VWH WDQTXH GHEH WHQHU XQ YROXPHQ WDO TXH VX FRQWHQLGR VHD
VXILFLHQWH RTXHVREUH GHVSXpVGHKDEHUVLGROOHYDGRDSXQWRGHFULVWDOL]DFLyQHQHOWDFKR6LQR
KD\ XQ WDQTXH GH YROXPHQ VXILFLHQWH VH SXHGHQ XVDU YDULRV SHTXHxRV TXH VHDQ H[DFWDPHQWH
LJXDOHV\VHXWLOL]DUiHQHOORV SDUDKDFHUODOLJDGHPDWHULDOHV HOPLVPROLVWyQRUHJODJUDGXDGD
FX\DFRQVWUXFFLyQHVWDPRVH[SOLFDQGR
6HLQWURGXFHHOOLVWyQRUHJODJUDGXDGDHQHOWDQTXHGHODPH]FODYDFtR\VHKDFHXQDPDUFDHQ
HOOLVWyQDODDOWXUDTXHFRUUHVSRQGDDDTXHOODKDVWDODFXDOVHDFRVWXPEUDOOHQDUHOWDQTXH




,QGLFH







,QGLFH

/DGLVWDQFLDTXHKD\HQWUHODPDUFDTXHVHKL]RHQHOOLVWyQ\HORWURH[WUHPRGHOPLVPR TXH
FRUUHVSRQGHDOIRQGRGHOWDQTXH VHGLYLGHHQWUDPRVGHLJXDOORQJLWXGORVFXDOHVVHPDUFDQ
FRQQ~PHURVGHVGH IRQGRGHOWDQTXH KDVWD DOWXUDDTXHVHDFRVWXPEUDOOHQDUHOWDQTXH 
6HWRPDXQDPXHVWUDGHPHODGXUD\RWUDGHPLHO$\VHOOHYDQDOODERUDWRULRSDUDFRQRFHUVXV
UHVSHFWLYDVSXUH]DV
6XSyQJDVHTXHVHTXLHUDKDFHUXQDPH]FODGHSXUH]D\TXHODVSXUH]DVGHORVPDWHULDOHV
TXHVHYDQDPH]FODUVHDQODVVLJXLHQWHV
0HODGXUD 
0LHO$ 
(QWRQFHVHPSOHDQGRODIyUPXODVLJXLHQWHWHQHPRV

<  3]DPHODGXUD3]DPH]FOD 3]D0HODGXUD3]DPLHO$

(QpVWDIyUPXOD<HVHOYROXPHQDSUR[LPDGR H[SUHVDGRHQGpFLPDVSDUWHVGHOWDQTXH TXHHV
QHFHVDULRPH]FODUGHPLHO$FRQXQYROXPHQLJXDOD<GHPHODGXUD WDPELpQH[SUHVDGRHQ
GpFLPDV SDUWHV GHO WDQTXH  SDUD REWHQHU XQ PDWHULDO PH]FODGR GH ODSXUH]DTXHFRUUHVSRQGDDO
FiOFXOR&RPRTXHODUHJODROLVWyQJUDGXDGRHVWiPDUFDGRHQGpFLPDVGHWDQTXHUHVXOWDUiTXH<
LQGLFDUiODPDUFDGHODUHJODKDVWDGRQGHKD\TXHHFKDUODPLHO$HQHOWDQTXH8QDYH]KHFKROR
DQWHULRUHQWRGRVORVFDVRVVHFRPSOHWDFRQPHODGXUDKDVWDODPDUFDGHODUHJOD
&XDQGRODVSXUH]DVRQODVDQWHULRUPHQWHPHQFLRQDGDVKDEUiTXHHFKDUHQHOWDQTXHPLHO$KDVWD
ODPDUFD\FRPSOHWDUFRQPHODGXUDKDVWDODPDUFDSRUTXH

<    

&RQHOILQGHREWHQHUXQDPH]FODKRPRJpQHDGHVSXpVTXHHOWDQTXHFRQWHQJDORVGRVPDWHULDOHV
VH LQ\HFWD DLUH FRPSULPLGR XWLOL]DQGR SDUD HOOR XQ VHUSHQWtQ SHUIRUDGR 'HVSXpV GH YDULRV
PLQXWRVGHDJLWDFLyQVHWRPDODPXHVWUDSDUDHODQiOLVLVGHSXUH]D

(7HPSHUDWXUDGHODFDUJDGHFULVWDOL]DU
/DWHPSHUDWXUDGHODFDUJDGHFULVWDOL]DUHVPX\LPSRUWDQWH/DILJXUDPXHVWUDHOFDPELRHQ
OD(3(SDUDYDULDFLRQHVHQODWHPSHUDWXUDDXQDSXUH]DFRQVWDQWHGH2WUDYH]GHEHQRWDUVH
TXHDPHGLGDTXHODWHPSHUDWXUDVHHOHYDOD]RQDGHVHJXULGDGVHLQFUHPHQWDORDQWHULRUHVGH
YLWDO LPSRUWDQFLD HQ ODV FULVWDOL]DFLRQHV HQ UHILQHUtD GRQGH GHELGR D OD SXUH]D WDQ DOWD GH ORV
PDWHULDOHV VH FULVWDOL]D HQ FDOLHQWH XQDV ´+J GH YDFtR $  S]D VL OD WHPSHUDWXUD VH HOHYD
GHVGHƒ)OD]RQDGHVHJXULGDGVHLQFUHPHQWDGHVGHD
/D YHORFLGDG GH FULVWDOL]DFLyQ WDPELpQ VH LQFUHPHQWD FXDQGR OD WHPSHUDWXUD VH HOHYD (VWD HV
RWUDUD]yQSDUDVHPLOODUDWHPSHUDWXUDVDOWDVSHURpVWDGHEHPDQWHQHUVHVRODPHQWHKDVWDTXHOD
PDVDVHUHFRMD\ODDOLPHQWDFLyQQRUPDOVHDHVWDEOHFLGD

)/DFLUFXODFLyQGHODPDVDFRFLGDGHQWURGHOWDFKR
(VHVHQFLDOTXHXQDFLUFXODFLyQDGHFXDGDVHDPDQWHQLGDWRGRHOWLHPSRSHURHVSHFLDOPHQWHHQHO
SHUtRGRFUtWLFRHQWUHODLQWURGXFFLyQGHODVHPLOOD\HOWLHPSRTXHGHPRUDHQUHFRJHUVHODPDVD
6L WRGRV ORV FULVWDOHV HQ XQ WDFKR HVWXYLHUDQ VXMHWRV D XQ VLURSH FRQ ODV PLVPDV FDUDFWHUtVWLFDV
GXUDQWH HO FXUVR GH XQD WHPSOD HOORV SRGUtDQ FUHFHU FDVL D OD PLVPD UD]yQ \ DOFDQ]DU
DSUR[LPDGDPHQWHHOPLVPRWDPDxR3HURHOSDWUyQGHFLUFXODFLyQHQORVWDFKRVHVWDOTXHORV



,QGLFH

JUDGLHQWHVGH66H[LVWHQ\ORVFULVWDOHVTXHFUHFHQHQ]RQDVGH66EDMDVJDVWDQPiVWLHPSR\QR
FUHFHQ WDQ UiSLGR FRPR DTXHOORV TXH HVWiQ HQ OD ]RQD TXH WLHQHQ XQD IXHU]D GH PRYLPLHQWR
PD\RU(OSDWUyQGHFLUFXODFLyQGHXQWDFKROLPLWDHO&9PtQLPRTXHSXHGHVHUREWHQLGR
(OFXDGURFRQYHQFLRQDOGHFLUFXODFLyQHQORVWDFKRVGHFDODQGULDHVFDOHQWDUODPDVDFRFLGDSDUD
TXHVHHOHYHDODVXSHUILFLHDWUDYpV\KDFLDDEDMRSRUHOWXERFHQWUDOSDUDHOUHFDOHQWDPLHQWR
2EVHUYDFLRQHV FUtWLFDV KDQ UHYHODGR TXH OD HEXOOLFLyQ HVWi PiV D PHQXGR FHUFD GHO FHQWUR GHO
WDFKR \ TXH OD PDVD FRFLGD IOX\H IXHUD GH OD VXSHUILFLH (VWD FRUULHQWH IOX\H KDFLD DEDMR \
HQFXHQWUDPDWHULDOHOHYiQGRVHSRUORVWXERVIRU]iQGRORKDFLDHOFHQWURGRQGHSXHGHIOXLUKDFLD
DEDMRGHOWXERFHQWUDOVLQQXQFDDOFDQ]DUODVXSHUILFLHHYDSRUiQGRVHDEDMRDODSUHVLyQHQHVH
SXQWR
(QWRQFHVODVHFFLyQWUDQVYHUVDOGHIOXMRHVFRPRHOQ~PHUR/DWHPSHUDWXUDPiVEDMDHVWDUiHQ
OD VXSHUILFLH GRQGH OD SUHVLyQ HV PiV EDMD HO PDWHULDO TXH HVWi HQ FRUWR FLUFXLWR KDFLD HO WXER
FHQWUDOHVWDUiWLELR\FRQVHFXHQWHPHQWHDXQD66PiVEDMD
%DVWDQWHDPHQXGRVHREVHUYDXQDWHPSHUDWXUDMXVWDPHQWHHQFLPDGHODFDODQGULDƒ&PD\RU
TXHHQODVXSHUILFLH\HVWRUHSUHVHQWDXQDFDtGDFRQVLGHUDEOHHQOD66\DTXHHOUDQJRGHOD]RQD
PHWDHVWDEOHGHXQVLURSHGHVGHVXVDWXUDFLyQDOOtPLWHVXSHULRUVRODPHQWHUHTXLHUHXQFDPELRGH
ƒ&GHSHQGLHQGRGHODSXUH]D
/RV FLUFXODGRUHV PHFiQLFRV PHMRUDQ  DOJR HO SDWUyQ GH IOXMR SHUR QR GHO WRGR <D TXH OD
FLUFXODFLyQIRU]DGDHVVRODPHQWHHIHFWLYDXQDVSRFDVSXOJDGDVHQFLPDGHODSODFDVXSHULRUGHOD
FDODQGULD (O HIHFWR GH SHUFRODFLyQ GHO FRFLQDGR HV VRODPHQWH OD IXHU]D UHDO GH PH]FODGR SRU
HQFLPDGHODFDODQGULD
'HELGRDODEDMDVYHORFLGDGHVHQYXHOWDVODDGLFLyQGHSHUVLDQDVDXQWDFKRQRPHMRUDHQFDPELDU
ORV SDWURQHV GH FLUFXODFLyQ R HO &97 5RJHUV  &/HZLV KDQ FRQILUPDGR TXH ORV WDFKRV FRQ
HQYROYHQWHVUHFWRVWUDEDMDQPHMRUTXHORVGHFDEH]DEDMD /RZ+HDG SHURHQODSUiFWLFD
HODXWRUKDREVHUYDGRORLQYHUVR
/RV SDWURQHV GH FLUFXODFLyQ SXHGH PHMRUDUVH HQ XQ WDFKR GH FDODQGULD VL OD DOLPHQWDFLyQ GH
VLURSH VH PDQWLHQH D WHPSHUDWXUDV HOHYDGDV H LQWURGXFLGDVDWUDYpVGHGLVWULEXLGRUHVDGHFXDGRV
WRPDQGR DVt YHQWDMD GH OD DXWRHYDSRUDFLyQ UHVXOWDQWH /D GLVWULEXFLyQ GH ODDOLPHQWDFLyQGHEH
KDFHUVHSRUDEDMRGHODFDODQGULDHQYDULRVSXQWRV\FHUFDGHODSHULIHULD/DFLUFXODFLyQDOJXQDV
YHFHV SXHGH PHMRUDUVH KDFLHQGR HO FRFLQDGR D XQD SUHVLyQ DEVROXWD EDMD SDUD LQFUHPHQWDU HO
YROXPHQ GH YDSRU SHUR HO OtPLWH VH DOFDQ]D FXDQGR OD UD]yQ GH FRFLQDGR GHEH UHGXFLUVH SDUD
SHUPDQHFHU GHQWUR GH ORV UDQJRV ILMDGRV SRU OD WHPSHUDWXUD GHO DJXD GHO FRQGHQVDGRU \ OD
KDELOLGDGGHpVWHSDUDPDQHMDUJUDQGHVIOXMRVGHDJXD

*6HOHFFLyQGHOƒ66DGHFXDGRSDUDUHDOL]DUHOVHPLOODPLHQWRFRPSOHWR

(Oƒ66DHVFRJHUSDUDHOVHPLOODPLHQWRFRPSOHWRGHSHQGHGHODSXUH]DGHODFDUJDGHFULVWDOL]DU
TXHVHXVH/DWDEODPXHVWUDODVUHODFLRQHVHQWUHODSXUH]DGHOPDWHULDOWHPSHUDWXUD\HOƒ66
SDUDORVLQVWUXPHQWRVTXHXWLOL]DQOD(3(

+¢4XHVLJQLILFDYHORFLGDGGHFULVWDOL]DFLyQ"

7DQSURQWRFRPRVHIRUPDQORVFULVWDOHVHQXQDVROXFLyQVREUHVDWXUDGDGHVDFDURVD\PLHQWUDV
VXEVLVWDHOHVWDGRGH66ODVPROpFXODVGHVDFDURVD GLVXHOWDVHQODSDUWHOtTXLGD VHGHSRVLWDUiQ
VREUHODVFDUDVGHORVFULVWDOHVIRUPDGRVKDFLpQGRORVDXPHQWDUGHSHVR \SRUFRQVLJXLHQWH



,QGLFH



FUHFHU DXQDYHORFLGDGYDULDEOHTXHSXHGHPHGLUVHHQWpUPLQRVGHJRPJGHVDFDURVDPPLQ
/DYHORFLGDGDVtH[SUHVDGDVHGHQRPLQDYHORFLGDGGHFULVWDOL]DFLyQ\VXYDORUGHSHQGHGHORV
IDFWRUHVVLJXLHQWHV
ƒ66GHODPLHO
3]DGHODPLHO
7HPSHUDWXUDGHODPLHO
0RYLPLHQWRUHODWLYRGHORVFULVWDOHV\ODPLHO
ƒ66GHODPLHO
0LHQWUDVPiVDOWRHVHOƒ66PD\RUHVODYHORFLGDGGHFUHFLPLHQWRGHORVFULVWDOHV/DVPROpFXODV
GH VDFDURVD VLHPSUH VH PXHYHQ KDFLD ODV SDUWHV FRQ PHQRV FRQFHQWUDFLyQ GH VyOLGRV /D
YHORFLGDGGHPRYLPLHQWRGHODVDFDURVDKDFLDHOFULVWDOGHSHQGHGHODGLIHUHQFLDGHFRQFHQWUDFLyQ
GHVyOLGRVRORTXHHVORPLVPRGHODGLIHUHQFLDGH66HQWUHODVGLIHUHQWHVSDUWHVRFDSDVGHOD
VROXFLyQ$OH[FHVRGHVDFDURVDVREUHHOFULVWDOODFDSDTXHHQWUHJyODVDFDURVDVHFRQYLHUWHHQ
XQDVROXFLyQVDWXUDGD



,QGLFH

/DWHQGHQFLDJHQHUDOGHODVVROXFLRQHVHVDXQLIRUPDUVXFRQFHQWUDFLyQGHPRGRTXHGHODVFDSDV
GHODVROXFLyQTXHHVWiQVREUHVDWXUDGDVSDVDVDFDURVDDODVFDSDVHQFRQWDFWRFRQORVFULVWDOHV\
TXHKDQHQWUHJDGRVXH[FHVRGHVDFDURVDDHVWRV
3XUH]DGHODPLHO
0LHQWUDVPD\RUHVODSXUH]DGHODPLHOTXHHVWiHQFRQWDFWRFRQORVFULVWDOHVGHODPDVDFRFLGD
PD\RUQ~PHURGHPROpFXODVGHVDFDURVD\PHQRUQ~PHURGHPROpFXODVGHLPSXUH]DVHVWDUiQDO
DOFDQFH GH ORV FULVWDOHV FRPR OD VDFDURVD HV OD VXVWDQFLD TXH VH LQFRUSRUD DO FULVWDO D PD\RU
SXUH]DFRUUHVSRQGHPD\RULQFRUSRUDFLyQ\SRUFRQVLJXLHQWHPD\RUYHORFLGDGGHFULVWDOL]DFLyQR
FUHFLPLHQWR
/D ILJXUD  PXHVWUD ODV YHORFLGDGHV UHODWLYDV GH FULVWDOL]DFLyQ FRUUHVSRQGLHQWHV D GLVWLQWDV
SXUH]DV /D ILJXUD  PXHVWUD OD YHORFLGDG GH FULVWDOL]DFLyQ H[SUHVDGD HQ PJVDFP PLQD
ƒ&/DWDEODGDORVYDORUHVGHODILJXUD


7DEOD;,9
(IHFWRVGHGLIHUHQWHVSXUH]DVVREUHODYHORFLGDGGHFULVWDOL]DFLyQGHODVDFDURVD
UHPRODFKD 


3]DV*UDGRVREUHVDWXUDFLyQ
9HORFLGDGFULVWDOL]DFLyQHQPJPPLQ$ƒ&
        





7HPSHUDWXUDGHODPLHO
/RV YDORUHV GH OD WDEOD  PXHVWUDQ TXH SHUPDQHFLHQGR FRQVWDQWHV OD 66 DO DXPHQWDU OD
WHPSHUDWXUDGHODPDVDFRFLGDFUHFHODYHORFLGDGGHFULVWDOL]DFLyQGHODPLHO/RVYDORUHVGHOD
WDEODVRQGHLQWHUpVSRUTXHPXHVWUDQTXHSDUDFLHUWD66ySWLPDODYHORFLGDGGHFULVWDOL]DFLyQ
HVYHUGDGHUDPHQWHDSUHFLDEOHD~QDWHPSHUDWXUDVEDMDV
3DUDORVƒ66VXSHULRUHVDHODXPHQWRGHODYLVFRVLGDGVHUiPD\RUTXHHOLQFUHPHQWRGHOD
66\ODYHORFLGDGGHFULVWDOL]DFLyQGHFUHFHUi

0RYLPLHQWRUHODWLYRGHORVJUDQRV\ODPLHO
$PD\RUFLUFXODFLyQGHODPDVDFRFLGDHQHOWDFKRPD\RUVHUiODYHORFLGDGGHFULVWDOL]DFLyQ/DV
FRQGLFLRQHVGHEXHQDFLUFXODFLyQ\DOWRFRHILFLHQWHGHWUDQVPLVLyQGHOFDORUFRUUHQSDUHMDVFRQOD
YHORFLGDGGHFULVWDOL]DFLyQ

,¢6HSURGXFHXQJUDQRPHMRUHQXQDPDVDFRFLGDTXHVHOOHYHELHQUHFRJLGD"

+D\RSLQLRQHVTXHH[SUHVDQTXHFRQXQDPDVDFRFLGDELHQUHFRJLGDVHREWLHQHQFULVWDOHVPHMRUHV
TXHFRQXQDDELHUWD\DTXHORVFULVWDOHVDG\DFHQWHVVHIURWDQXQRVFRQRWURVORTXHPHMRUDVX



,QGLFH

IRUPD\FUHFLPLHQWR/RDQWHULRUQRKDVLGRFRQILUPDGRSRUORVH[SHULPHQWRVVLQHPEDUJRODV
WHPSODVOOHYDGDVDELHUWDVRDPHGLRSXQWRPXHVWUDQPHMRUIRUPDFLyQGHJUDQRVEDMRHO
















,QGLFH



PLFURVFRSLR SRVLEOHPHQWH GHELGR D TXH OD FRQVLVWHQFLD PiV EDMD GH OD PDVD FRFLGD PHMRUD OD
FLUFXODFLyQHQHOWDFKRSURPRYLHQGRXQDYDULDFLyQGHWDPDxRPHQRU
/DFUHHQFLDSUREDEOHPHQWHYLHQHGHTXHORVSXQWLVWDVDWUDYpVGHORVDxRVGHVFXEULHURQTXHODV
SUREDELOLGDGHVGHSURGXFLUXQD]~FDUPHMRUVHFRQVHJXtDQDSUHWDQGRPiVODPDVD(VWRHVOyJLFR
GHELGRDTXHODWUDQVIHUHQFLDGHFDORUPiVEDMDPLQLPL]DORVFDPELRVTXHSXHGHQH[FHGHUOD66
VHJXUD
3HUR H[SHULPHQWRV FRQGXFLGRV HQ WHPSODV VXFHVLYDV DXQTXH QR FRQFOX\HQWHV LQGLFDQ TXH OD
PHMRUIRUPDFLyQGHJUDQRV\XQLIRUPLGDGGHOFULVWDOVHREWLHQHQVLORVUHQGLPLHQWRVHQFULVWDOHV
VH PDQWLHQHQ EDMRV   GXUDQWH HO SHUtRGR GH FUHFLPLHQWR KDVWD OD FRQFHQWUDFLyQ ILQDO \
GHVSXpVUHFRJHUSDUDERWDU

-¢'HEHODPDVDFRFLGDVHUJUDGXDOPHQWHUHFRJLGDDPHGLGDTXHHOQLYHOVHLQFUHPHQWD"

(O WLHPSR UHTXHULGR SDUD FRFLQDU XQD WHPSOD GHVGH HO VHPLOODPLHQWR KDVWD VX GHVFDUJD HVWi
GHWHUPLQDGRSRUHOWLHPSRQHFHVDULRSDUDHYDSRUDUHODJXDRSRUHOWLHPSRQHFHVDULRSDUDKDFHU
FUHFHUORVFULVWDOHVGHOWDPDxRDGHFXDGR
(QWDFKRVFRQSREUHGLVHxRRSRUHOXVRGHVLURSHGH%UL[EDMRVHDKRUUDWLHPSRFRQGXFLHQGROD
WHPSOD FRQ XQD FRQVLVWHQFLD EDMD REWHQLpQGRVH DVt XQD WUDQVIHUHQFLD GH FDORU DOWD  \ XQD
FLUFXODFLyQPHMRU'HRWUDPDQRFXDQGRODWUDQVIHUHQFLDGHFDORUHVEXHQD\ODDOLPHQWDFLyQGH
VLURSHHVGH%UL[DOWR\VHTXLHUHXQJUDQRJUDQGHHVGHVHDEOHPDQWHQHUOD66DOWDSDUDDFHOHUDU
HO FUHFLPLHQWR GH ORV JUDQRV \ SHUPLWLU TXH OD FRQVLVWHQFLD GH OD PDVD FRFLGD VH LQFUHPHQWH D
PHGLGDTXHHOWDFKRVHOOHQDSHQDOL]DQGRDVtODFLUFXODFLyQGHODPDVD2VHDTXHWRGRGHSHQGH
GHODVFRQGLFLRQHVGHRSHUDFLyQ

.$JRWDPLHQWR

/D FUHHQFLD VREUH OD SRVLEOH IRUPDFLyQ GH FRORU SRU OD GHWHULRUDFLyQ GH OD PDVD FRFLGD HQ
DOPDFHQDMHVSURORQJDGRVKDFRQGXFLGRDODGLVPLQXFLyQGHORVYRO~PHQHVGHORVUHFLELGRUHVGH
WHPSODV(VWRSXHGHVHUXQSDVRKDFLDDWUiV8QDPLUDGDIUtDGHVGHHOSXQWRGHYLVWDSUiFWLFR
LQGLFDTXHXQDXPHQWRFRQVLGHUDEOHGHOUHQGLPLHQWRSRGUtDUHDOL]DUVHFRQXQPRGHVWRWLHPSRGH
UHWHQFLyQGHODPDVDFRFLGDDQWHVTXHpVWDVHDSXUJDGD(VWRHVELHQUHFRQRFLGRHQORVWUDEDMRV
FRQ PDVDV FRFLGDV GH DJRWDPLHQWR GRQGH OD FDSDFLGDG HQ WDFKRV HV VLHPSUH LQDGHFXDGD SDUD
PDQWHQHU OD PDVD FRFLGD KDVWD TXH HOODV SXHGDQ DOFDQ]DU HO UHQGLPLHQWR Pi[LPR HV SRU HVR
HQWRQFHVTXHVHXVDQORVFULVWDOL]DGRUHVQRWDQWRFRPRSDUDPDQWHQHUORVQLYHOHVDGHFXDGRVGH
66SRUHQIULDPLHQWRJUDGXDOVLQRSDUDGDUOHWLHPSRDORVFULVWDOHVDTXHFUH]FDQHQORVVLURSHV
GHSXUH]DEDMD
8QD WHPSOD WtSLFD GH D]~FDU EODQFR JHQHUDOPHQWHHVWiDOWDPHQWH66FXDQGRVHGHVFDUJDHQHO
PH]FODGRUDPHQXGRSRUFRUWRWLHPSR
8QD WHPSOD FRQ  GH UHQGLPLHQWR HQ FULVWDOHV FX\R VLURSH WHQJD XQ  GH 66 D~Q HVWi
GHSRVLWDQGRD]~FDUHQORVFULVWDOHV\DOFDQ]DUiXQGHUHQGLPLHQWRFXDQGRHOVLURSHOOHJXHDO
SXQWRGHVDWXUDFLyQHQOXJDUGHRSHUDUODHVWDFLyQGHFHQWUtIXJDVSDUDSURFHVDUXQDWHPSODHQHO
WLHPSR PtQLPR SRVLEOH HV PHMRU WUDEDMDU PiV OHQWR GHMDQGR HQ HO PH]FODGRU HO HVSDFLR
VXILFLHQWHSDUDUHFLELUODSUy[LPDWHPSODFXDQGRHOWDFKRHVWpOLVWRSDUDERWDU



,QGLFH

&RQVLURSHVGHDOWDSXUH]DODUD]yQGHGHSRVLFLyQGHOD]~FDUHVWDOTXHHOVLURSHFDHDOSXQWRGH
VDWXUDFLyQHQDSUR[LPDGDPHQWHPLQXWRVHQORVSULPHURVPLQXWRVVHUHFREUDHOGHO
D]~FDUGLVSRQLEOH\XQDOILQDOGHORVPLQXWRV
8WLOL]DQGRWRGDODFDSDFLGDGGHDOPDFHQDMHSRVLEOHSDUDSURORQJDUHOWLHPSRGHDJRWDPLHQWRHO
UHQGLPLHQWRHQD]~FDUSRUWHPSODSXHGHLQFUHPHQWDUVHJUDQGHPHQWH
$OJXQRVSXQWLVWDVWUDWDQGHDJRWDUPiVHOVLURSHEDMDQGRODWHPSHUDWXUDGHODPDVDFRFLGDHQHO
WDFKRDQWHVRGXUDQWHODFRQFHQWUDFLyQILQDO5HDOPHQWHDOEDMDUODWHPSHUDWXUDGHOVLURSHpVWH
HVWDUiPHQRVFRQFHQWUDGRSHURHVXQSURFHGLPLHQWRPX\SHOLJURVRVLQRVHFRQWURODHOƒ66(QOD
HWDSD ILQDO GH XQD PDVD FRFLGD OD 66 HVWi FDVL HQ HO OtPLWH VXSHULRU \ FXDOTXLHU FDtGD GH OD
WHPSHUDWXUDODSXHGHOOHYDUDOD]RQDOiELOSHUGLpQGRVHPiVD]~FDUFRPRIDOVRJUDQRTXHODTXH
SRGUtDVHUJDQDGDSRUEDMDUODFRQFHQWUDFLyQGHOVLURSH$~QVLHOGHVFHQVRHQODWHPSHUDWXUDHV
KHFKRFRQVHJXULGDGODJDQDQFLDHQHOUHQGLPLHQWRGHD]~FDUHVSHTXHxDFRPSDUDGDFRQDTXHOOD
TXHVHUHFXSHUDH[WHQGLHQGRHOWLHPSRGHDJRWDPLHQWRHQHOPH]FODGRU

/7pFQLFDVRSHUDWLYDVSDUDODFULVWDOL]DFLyQ
(QHOFRFLQDGRGHORVSURGXFWRVGHDOWDSXUH]DHVLPSRVLEOHHOSURGXFLUXQJUDQROLPSLRFRQXQ
PtQLPR GH FRQJORPHUDGRV VLQR H[LVWH XQD FLUFXODFLyQ DGHFXDGD \ FRPR HVWR GHSHQGH
SULPDULDPHQWHGHODUD]yQGHHYDSRUDFLyQODSUHVLyQGHYDSRUGHEHVHUORVXILFLHQWHPHQWHDOWD
SDUD DVHJXUDU XQD FLUFXODFLyQ EXHQD (Q ORV WDFKRV FRQ FLUFXODFLyQ PHFiQLFD VH QHFHVLWD XQD
FDtGDGHWHPSHUDWXUDVREUHODVXSHUILFLHGHFDOHQWDPLHQWRFRPRPtQLPRGHƒ) ƒ& \HQORV
GH FLUFXODFLyQ QDWXUDO GH ƒ) ±ƒ) ƒ&  GH OR FRQWUDULR XQ JUDQ SRU FLHQWR GH
FRQJORPHUDGRVVHREWHQGUiQ
6L QR HV SRVLEOH REWHQHU XQD SUHVLyQ GH YDSRU DGHFXDGD SDUD PDQWHQHU OD FLUFXODFLyQ XQD
DOWHUQDWLYD D WRPDU SRGUtD VHU HO WUDEDMDU FRQ XQ YDFtR DOWR SDUD LQFUHPHQWDU OD GLIHUHQFLD GH
WHPSHUDWXUD SHUR HV XQ HQJDxR SRU GRV UD]RQHV OD UD]yQ GH FUHFLPLHQWR GHO FULVWDO GHFUHFH
FRQ ORV SURGXFWRV GH EDMD SXUH]D FRPR ORV GH ORV LQJHQLRV GH D]~FDU FUXGR GRQGH GHEH
DVHJXUDUVH OD REWHQFLyQ PiV DOWD GH GHSRVLFLyQ GH D]~FDU /D WHPSHUDWXUD ySWLPD SDUD
FXDOTXLHU PDVD FRFLGD GHEH HVWDU HQ HO UDQJR GH ƒ) ƒ&  /D UD]yQ GH
FUHFLPLHQWRVHLQFUHPHQWDD~QDWHPSHUDWXUDVPiVDOWDVSHURSDUDSUHYHQLUODIRUPDFLyQ
GHFRORUXVXDOPHQWHVHPDQWLHQHHQORVƒ)
(OFRFLQDGRDWHPSHUDWXUDVEDMDV SUHVLyQDEVROXWDEDMD UHGXFHODFLUFXODFLyQDSHVDUGH
ODJUDQGLIHUHQFLDGHWHPSHUDWXUD\HOLQFUHPHQWRGHOYROXPHQGHYDSRUSURGXFLGR

/DFULVWDOL]DFLyQHQODVUHILQHUtDV

&DUJXHHOWDFKRGHDFXHUGRDODVUHFRPHQGDFLRQHVGDGDVHQODVHFFLyQE
$EUDODYiOYXODGHYDSRU
&RQWUROHODSUHVLyQDEVROXWDD´+J
 $ PHGLGD TXH HO OLFRU R VLURSH VH FRQFHQWUD HO ƒ66 GHO PDWHULDO VH HOHYD OHQWDPHQWH /D
FRQVLVWHQFLDWDPELpQVHLQFUHPHQWDFRQODYLVFRVLGDGGHOPDWHULDO
&XDQGRHOPDWHULDOKDOODDOFDQ]DGRHOƒ66DGHFXDGRGHQWURGHOD]RQDPHWDHVWDEOH 
ƒ66 HLQGLFDGRSRUHOLQVWUXPHQWRTXHHVWpHQXVRLQWURGX]FDODFDQWLGDGDGHFXDGDGHVHPLOODGD
FDOFXODGDGHDFXHUGRDORVGDWRVGDGRVHQODVHFFLyQ
7UDWHGHPDQWHQHUODFDUJDGHFULVWDOL]DUHQGLFKDUHJLyQGH66SRUPLQXWRVKDVWDTXHORV
FULVWDOHVKD\DQSDVDGRHOUDQJRFUtWLFRGHWDPDxR ´ PP 



,QGLFH

'HVSXpVGHHVWHWLHPSRH[WUDLJDXQDPXHVWUDGHOPDWHULDOSRUODVRQGDGHOWDFKR\REVpUYHOD
FRQXQDOXSDGHDPSOLDFLRQHVSDUDDVHJXUDUVHTXHHOJUDQRHVWiSUHVHQWH\FUHFLHQGRFRQ
HVTXLQDVILORVDV\TXHODFRVHFKDDSDUHFHQRUPDO
'HVSXpVGHORDQWHULRUDMXVWHHOFRQWUROGHFRQVLVWHQFLDDODOHFWXUDH[LVWHQWHGLJDPRVXQ
SDUDFRPHQ]DUODDOLPHQWDFLyQGHOPDWHULDO\PDQWHQHUODPLVPDOHFWXUDGH66
(QDSUR[LPDGDPHQWHPLQXWRVXQDREVHUYDFLyQFRQODOXSDPXHVWUDTXHODPD\RUtDGHORV
JUDQRV HVWiQ HQ HO UDQJR GH ´   PP  GH WDPDxR \ FUHFLHQGR
DGHFXDGDPHQWH
(QWRQFHVLQFUHPHQWHHOFRQWUROGHFRQVLVWHQFLDSDUDFRUWDUODDOLPHQWDFLyQ\SHUPLWLUTXHOD
66VHHOHYHDDSUR[LPDGDPHQWH/DUD]yQGHFUHFLPLHQWRGHOFULVWDOVHLQFUHPHQWDHQHVWD
HWDSDGHODWHPSOD\DTXHORTXHVHEXVFDHVLQFUHPHQWDUHOiUHDGHORVFULVWDOHVWDQUiSLGRFRPR
VHDSRVLEOHVLQIRUPDUXQJUDQRQXHYR
(QXQFRUWRWLHPSR8G1RWDUiTXHHOƒ66HPSLH]DDGHVFHQGHUOHQWDPHQWH(VWRVHGHEHDTXH
ORV FULVWDOHV HVWiQ  WRPDQGR XQD SRUFLyQ GH D]~FDU PD\RU TXH VH KDFH GLVSRQLEOH SRU OD
HYDSRUDFLyQGHODJXD
(QWRQFHVDPHGLGDTXHHOiUHDGHFULVWDOHVVHLQFUHPHQWDODFDQWLGDGGHDJXDLQWURGXFLGDFRQOD
DOLPHQWDFLyQGHEHVHUUHGXFLGDSDUDPDQWHQHUOD66GHOPDWHULDO(VSRUHVWRTXHHOFRQWUROGH
FRQVLVWHQFLD GHEH DMXVWDUVH HQ LQWHUYDORV SHTXHxRV GH LQFUHPHQWRV SDUD PDQWHQHUHOƒ66HQWUH
 ±   $ HVWD IDVH VH OH OODPD UHFRJHU OD PDVD R KDFHU TXH OD PDVD VH MXQWH OR FXDO
VLJQLILFDLQFUHPHQWDUODUD]yQFULVWDOOLFRUSDUDDOFDQ]DUODFRQVLVWHQFLDDGHFXDGD
 'HVSXpV GH  R  DMXVWHV KDFLD DUULED GH OD FRQVLVWHQFLD HO QLYHO GHO WDFKR HVWDUi
DSUR[LPDGDPHQWH DO  GHO QLYHO GH RSHUDFLyQ (QWRQFHV FRPLHQ]D XQD HWDSD HVWDEOH HQ HO
FLFOR GHO WDFKR /D FRQVLVWHQFLD HVWi HQ XQ YDORU DSURSLDGR   UHQGLPLHQWR GH FULVWDOHV 
SDUD XQD FLUFXODFLyQ EXHQD GH OD PDVD FRFLGD \ HO LQFUHPHQWR FRQVWDQWH GHO iUHD GH FULVWDOHV
UHVXOWDUiHQXQGHVFHQVROHQWRGHOD66(OWDFKRHVWiSHUIHFWDPHQWHVHJXUR
&XDQGR HO WDFKR DOFDQ]D HO QLYHO Pi[LPR VH HOHYD HO FRQWURO GH FRQVLVWHQFLD FRUWDQGR OD
DOLPHQWDFLyQ GHO PDWHULDO (Q HVWRV PRPHQWRV OD 66 HVWi HQ HO UDQJR GH  DO FRUWDU OD
DOLPHQWDFLyQOD66VHFRQYLHUWHQXHYDPHQWHHQODYDULDEOHLPSRUWDQWH/DFRQVLVWHQFLDVHHOHYD
WDPELpQ&RPROD66VHHOHYDODGHSRVLFLyQGHD]~FDUVHDFHOHUD\ODHOHYDFLyQGHFRQVLVWHQFLD
UHGXFH OD UD]yQ GH HYDSRUDFLyQ /RV UHVXOWDGRV GH HVRV GRV HIHFWRV HVTXHOD66VHHOHYDPiV
OHQWDPHQWH\FRPLHQ]DDFDHUHQORVPLQXWRVILQDOHVGHODWHPSOD
+D\GRVIRUPDVGHPDQWHQHUOD66SRUDEDMRGHOOtPLWHVXSHULRUGXUDQWHODFRQFHQWUDFLyQILQDO6H
SXHGH GLVPLQXLU OD SUHVLyQ GH YDSRU SDUD UHGXFLU OD HYDSRUDFLyQ SHUR HVWR GLVPLQX\H OD
FLUFXODFLyQGHODPDVDFRFLGDMXVWDPHQWHFXDQGRPiVSREUHV
(VPHMRUDXQTXHPHQRVHFRQyPLFRPDQWHQHUODHYDSRUDFLyQDOPi[LPR\DOLPHQWDUDJXDSDUD
PDQWHQHUODFRQFHQWUDFLyQGHOPDWHULDOHQODUHJLyQVHJXUD
 /D WHPSOD VH GD SRU WHUPLQDGD FXDQGR OD FRQVLVWHQFLD DOFDQ]D /D ILJXUD 
PXHVWUDHOFLFORWtSLFRGHXQDWHPSODGHUHILQR

0DWHULDOGHDOLPHQWDFLyQ OLFRURVLURSH GHEDMR%UL[ ƒ%[ 

(O WLHPSR UHTXHULGR SDUD FRFLQDU XQD WHPSOD GHVGH HO VHPLOODPLHQWR KDVWD VX GHVFDUJD HVWi
GHWHUPLQDGRSRUHOWLHPSRUHTXHULGRSDUDHYDSRUDUHODJXDQHFHVDULDGHOPDWHULDOGHDOLPHQWDFLyQ
R SRU HO WLHPSR QHFHVLWDGR SDUD KDFHU FUHFHU ORV FULVWDOHV DO WDPDxR GHVHDGR &RPR \D VH KD
H[SOLFDGRKD\XQOtPLWHVXSHULRUHQODUD]yQGHGHSRVLFLyQGHOD]~FDUGHIRUPDTXHORVFULVWDOHV



,QGLFH

















,QGLFH

OLPSLRV QR SXHGDQ FUHFHU D XQD YHORFLGDG TXH VHD  PD\RU GH  SXOJVKRUD  D~Q  HQ ORV
PDWHULDOHVSXURV
/RVOLFRUHVRVLURSHVOLJHURVKDFHQPiVIiFLOODRSHUDFLyQGHOWDFKRDXQTXHHOFRQVXPRGHYDSRU
VH LQFUHPHQWD (O FLFOR GH FRFLQDGR VLJXH HO HVTXHPD GH OD ILJXUD  SHUR VH UHTXLHUH XQ
WLHPSRPD\RU
'XUDQWHODVHWDSDVLQLFLDOHVGHVSXpVGHOVHPLOODPLHQWRFRPSOHWRODUD]yQGHDOLPHQWDFLyQHVPiV
EDMD GHELGR DO PD\RU FRQWHQLGR GH DJXD GH IRUPD TXH HO QLYHO GHO WDFKR VH HOHYD PiV
OHQWDPHQWHDXQTXHORVFULVWDOHVFUHFHQDODPLVPDUD]yQGHIRUPDTXHODPDVDFRFLGDVHUHFRJH
D XQ QLYHO PiV EDMR 8QD YH]  TXH OD PDVD FRFLGD HVWi FRQ HO FRQWURO GH FRQVLVWHQFLD HO
LQFUHPHQWRGHOQLYHOPiVEDMRUHTXLHUHPiVWLHPSRSDUDOOHQDUHOWDFKRGHPRGRTXHOD66VHUi
PiV EDMD FXDQGR OD PDVD FRFLGD HVWp D SXQWR /D FRQFHQWUDFLyQ ILQDO VH DOFDQ]D DQWHV TXH HO
OtPLWHGH66VHDDOFDQ]DGR

0DWHULDOGHDOLPHQWDFLyQ OLFRURVLURSH GHDOWR%UL[ ƒ%[ 

6LXQRHVWiIUHQWHDXQWDFKRTXHKLHUYHUiSLGDPHQWHOLFRURVLURSHGHDOWR%UL[RGRQGHVHHVWiQ
KDFLHQGR FULVWDOHV JUDQGHV HO WLHPSR GH HYDSRUDFLyQ VHUi PHQRU TXH HO GH XQ FUHFLPLHQWR
FRPSOHWRGHOJUDQR(OWDFKRSXHGHD~QVHUKHUYLGRFRPRDQWHVSHURHOIOXMRGHDOLPHQWDFLyQ
LQFUHPHQWDGRUHTXHULGRSDUDVHJXLUODWUD\HFWRULDGHOFLFORSXHGHUHVXOWDUHQXQWDFKROOHQRGH
VLURSHROLFRUFHUFDGHOD]RQDGH66VHJXUD\QRD~QUHFRJLGRDXQDUD]yQDSURSLDGDGHFULVWDO
OLFRU
/DPDVDFRFLGDWLHQHHOQ~PHURGHFULVWDOHVFRUUHFWRVSHURHOORVQRWXYLHURQWLHPSRSDUDFUHFHU
KDVWD HO WDPDxR GHVHDGR (O WDFKR HVWi OOHQR GH IRUPD TXH OD DOLPHQWDFLyQ GHEH VXSULPLUVH \
GHEH VHUFRQFHQWUDGRKDVWDTXHODFRQVLVWHQFLDVHDODDSURSLDGDSDUDODGHVFDUJD(VWRVHKDFH
DOLPHQWDQGRDJXDRUHGXFLHQGRHOIOXMRGHYDSRURDPEDVFRVDVSDUDPDQWHQHUOD66MXVWDPHQWH
SRUDEDMRGHOPi[LPRKDVWDTXHODFRQFHQWUDFLyQILQDOVHFRPSOHWH
0iVELHQTXHHVSHUDUKDVWDTXHHOWDFKRVHOOHQHSRGUtDVHUYHQWDMRVRPDQWHQHUORDXQQLYHOEDMR
SDUDWHQHUXQDFLUFXODFLyQPHMRUWDQSURQWRFRPRVHDHYLGHQWHTXHHOWDFKRVHHVWiOOHQDQGRPX\
UiSLGR (Q HO QLYHO PHGLRVHSXHGHLQWURGXFLUDOJRGHDJXDFRQODDOLPHQWDFLyQSDUDUHGXFLUOD
HOHYDFLyQGHQLYHO(VWRSRQHHQFODURTXHSDUDXQWDFKRGDGR\HVSHFLILFDFLyQGHWDPDxR
GH FULVWDO QR VH JDQD QDGD HQ HFRQRPtD GH YDSRU R WLHPSR DOLPHQWDQGR OLFRU R VLURSH D
FRQFHQWUDFLRQHVWDQDOWDV
+D\ HVWUDWHJLDV TXH SXHGHQ VHU XVDGDV SDUD DFHOHUDU OD IRUPDFLyQ GH JUDQRV HQ HO FRFLQDGR GH
OLFRUHVRVLURSHVFRQFHQWUDGRVVLQSHUGHUODHFRQRPtDGHYDSRU\KDFHUVRODPHQWHFRQFHVLRQHV
PHQRUHVSDUDXQDSUiFWLFDEXHQDGHOFRFLQDGR
&XDQGRODVVLWXDFLRQHVHQHOSLVRGHORVWDFKRVVRQWDOHVTXHODPD\RUtDGHODVWHPSODVGHEHQVHU
UHWUD]DGDVGXUDQWHODFRQFHQWUDFLyQILQDOSDUDH[WHQGHUHOWLHPSRSDUDHOFUHFLPLHQWRGHOJUDQR
VH SXHGHQ DKRUUDU XQRV SRFRV PLQXWRV FRPHQ]DQGR D LQFUHPHQWDU OD FRQVLVWHQFLD GH OD PDVD
FRFLGDDQWHVTXHHOWDFKRVHOOHQH(VWRLQFUHPHQWDUiOD66\DXPHQWDUiODVXSHUILFLHGHFULVWDOHV
DQWHVTXHKDOODTXHVXVSHQGHUODDOLPHQWDFLyQ
/DFDOLGDGGHOJUDQR\ODFLUFXODFLyQSXHGHQDIHFWDUVHGXUDQWHHVHSHUtRGRSHURVHUHTXLHUHXQ
PHQRULQFUHPHQWRGHODFRQVLVWHQFLDGXUDQWHODFRQFHQWUDFLyQILQDO\PiViUHDGHFULVWDOHVHVWDUi
GLVSRQLEOHSDUDODGHSRVLFLyQGHOD]~FDUGHIRUPDTXHODQHFHVLGDGGHXVDUDJXDSXHGHREYLDUVH
\XQRVSRFRVPLQXWRVSRUWHPSODSXHGHQVHUDKRUUDGRV3HURHVWRGHEHVHUFRQVLJQDGRFRPRXQD
PHGLGDGHHPHUJHQFLD



,QGLFH
















,QGLFH

$OJXQRV SXQWLVWDV FUHHQ ILUPHPHQWH TXH OD PDVD FRFLGD GHEH VHU SURJUHVLYDPHQWH UHFRJLGD D
PHGLGD TXH OD WHPSOD SURJUHVD SHUR HVWR VLJQLILFD FRUUHU D XQD FRQVLVWHQFLD PHQRU TXH OD
QHFHVDULD HQ ODV IDVHV WHPSUDQDV FXDQGR OD FLUFXODFLyQ HV PHMRU SRU OR TXH pVWD SUiFWLFD GHEH
HYLWDUVH




/DFULVWDOL]DFLyQHQORVLQJHQLRVGHD]~FDUFUXGR

/D FULVWDOL]DFLyQ GH ORV SURGXFWRV GH EDMD SXUH]D   3]D  HQ ORV LQJHQLRV D]XFDUHURV
SUHVHQWD DOJXQRV SUREOHPDV FRPSOHWDPHQWH GLIHUHQWHV GH DTXHOORV GH ORV GH DOWD SXUH]D GH ODV
UHILQHUtDV /D FRQJORPHUDFLyQ HV GH PHQRU LPSRUWDQFLD DXQTXH KD\ TXH SRQHU FXLGDGR GH
PDQWHQHUODGHQWURGHFLHUWRVOtPLWHV/DUD]yQGHFULVWDOL]DFLyQGHODVDFDURVDFDHUiSLGDPHQWH
FRQ HO GHVFHQVR GH SXUH]D /D PDVD FRFLGD GHVFDUJDGD GH ORV WDFKRV GHEH PDQWHQHUVH HQ ORV
FULVWDOL]DGRUHV SDUD GDU WLHPSR D TXH HO FULVWDO FUH]FD \D TXH QR HV HFRQyPLFDPHQWH IDFWLEOH
SURYHHU YROXPHQ \ WLHPSR VXILFLHQWHV HQ ORV WDFKRV SDUD REWHQHU  HO FUHFLPLHQWR QHFHVDULR GHO
FULVWDO
(OPHMRUDPLHQWRHQHODJRWDPLHQWRGHODVPLHOHVSDJDEXHQRVGLYLGHQGRV(OWUDEDMRTXHSXHGH
VHU KHFKR HQ ORV FULVWDOL]DGRUHV HVWi OLPLWDGR SRU HO WLHPSR GH UHWHQFLyQ GLVSRQLEOH \ SRU OD
ERQGDG GH VX PDQLSXODFLyQ 1RVRWURV QR SRGHPRV FDPELDU HO WLHPSR GH UHWHQFLyQ VLQ DxDGLU
PiVFULVWDOL]DGRUHVSHURKD\IRUPDVSDUDDJRWDUPiVHQORVWDFKRV\UHGXFLUFRQHIHFWLYLGDGOD
FDQWLGDGGHWUDEDMRTXHGHEHVHUKHFKRHQORVFULVWDOL]DGRUHV
(OPRYLPLHQWRGHODPDVDFRFLGDHQXQFULVWDOL]DGRUHVFRQVLGHUDGRDSDUHQWHPHQWHLQIHULRUDO
TXHSXHGHVHUDOFDQ]DGRHQXQWDFKRRVHDTXHODUD]yQGHFUHFLPLHQWRGHOFULVWDOHVPHQRU(Q
DGLFLyQOD66FUHDGDHQXQFULVWDOL]DGRUSRUHQIULDPLHQWRJUDGXDOQRHVGHIiFLOPHGLFLyQFRPR
ORHVHQHOWDFKRGRQGHHOPDWHULDOVHHVWiPRYLHQGRHKLUYLHQGR\ODPHGLFLyQFRQWLQXDGHOD66
SXHGHVHUKHFKDFRQIDFLOLGDG
2VHDTXHYHUHPRVFRPRSRGHPRVDJRWDUPiVODPDVDFRFLGDHQORVWDFKRVDQWHVGHGHVFDUJDU
ODVPDVDVFRFLGDVDORVPHQRVHILFLHQWHVFULVWDOL]DGRUHV
(OGHVDUUROORGHOJUDQRLQLFLDO VHPLOOD HQORVSURGXFWRVGHEDMRJUDGRHVEDVWDQWHPiVOHQWRTXH
HQORVPDWHULDOHVSXURV([LVWHXQDWHQGHQFLDJHQHUDODXVDUPXFKDVHPLOODHQORVFRFLQDGRV
GH EDMR JUDGR OR TXH WUDH FRPR FRQVHFXHQFLD TXH HO UDQJR ILQDO VHD PX\ SHTXHxR /DV
PDOODV GH ODV FHQWUtIXJDV FRQWLQXDV WLHQHQ XQD UDQXUD GH DSUR[LPDGDPHQWH ´ GH
DQFKR\ODPD\RUtDGHORVFULVWDOHVPiVSHTXHxRVTXHpVWDDEHUWXUDSDVDQDWUDYpVGHODV
PLVPDV KDFLD ODV PLHOHV LQFUHPHQWDQGR VX SXUH]D 'HVSXpV TXH XQD EXHQD SUiFWLFD GH
FRFLQDGR VHD HVWDEOHFLGD HV FRUUHFWR UHGXFLU OD FDQWLGDG GH VHPLOOD KDVWD TXH WRGR HO
WLHPSRGLVSRQLEOHGHORVWDFKRVVHDQHFHVLWDGRSDUDPDQHMDUODVPLHOHVGLVSRQLEOHV7DFKR
SDUDGRQRKDFHFUHFHUHOJUDQR

7pFQLFDRSHUDWLYDGHODFULVWDOL]DFLyQSRUVHPLOODPLHQWR

&DUJXHHOWDFKRGHDFXHUGRDODVUHFRPHQGDFLRQHVGDGDVHQODVHFFLyQF
$EUDODYiOYXODGHYDSRU
&RQWUROHODSUHVLyQDEVROXWDHQWUH´+J



,QGLFH

















































,QGLFH


 $ PHGLGD TXH OD PHODGXUD R PH]FOD GH PLHO \ PHODGXUD VH FRQFHQWUD  HO YDFtR VXEH
OHQWDPHQWH HOƒ66GHOPDWHULDOVHHOHYDOHQWDPHQWH/DFRQVLVWHQFLDWDPELpQVHLQFUHPHQWDFRQ
ODYLVFRVLGDGGHOPDWHULDO
 &XDQGR HO PDWHULDO KDOOD DOFDQ]DGR HO ƒ66 DGHFXDGR GHQWUR GH OD ]RQD PHWDHVWDEOH HO FXDO
HVWiGHDFXHUGRFRQODSXUH]DGHODFDUJDGHFULVWDOL]DU\ODSUHVLyQDEVROXWDXVDGDYHUWDEODH
LQGLFDGR SRU HO LQVWUXPHQWR TXH HVWi HQ XVR LQWURGX]FD OD FDQWLGDG GH VHPLOOD DGHFXDGD GH
DFXHUGRFRQORVGDWRVGDGRVHQODVHFFLyQ
(OHYH OD SUHVLyQ DEVROXWD D ´+J  R VHD EDMH HO YDFtR GH ´+J   (VWR KDFH TXH OD
WHPSHUDWXUDGHODPDVDFRFLGDVHHOHYH\EDMDUiOD66TXHGDQGRODPLVPDHQOD]RQDPHWDHVWDEOH
$VtVHORJUDUiTXHORVFULVWDOHVFUH]FDQFRQPiVGHOGREOHGHODUDSLGH]DQWHULRUVHGHVPLQXLUiOD
YHORFLGDGGHHYDSRUDFLyQHQXQDWHUFHUDSDUWH\VHHYLWDUiHOSHOLJURLQPHGLDWRGHSDVDUVHGHOD
]RQDVHJXUD
2EVHUYHODFRVHFKDGHFULVWDOHVFRQODOXSD
$OLPpQWHVH DJXD DO WDFKR SDUD PDQWHQHU OD HYDSRUDFLyQ D XQ QLYHO WROHUDEOH VHJ~Q ODV
LQGLFDFLRQHV GH OD 66 $ HVWR VH OODPD DJXD GH PRYLPLHQWR $ PHGLGD TXH DXPHQWH OD
VXSHUILFLH GH FULVWDOHV VH SRGUi LU GLVPLQX\HQGR OD DOLPHQWDFLyQ GH DJXD KDVWD FHUUDUOD
FRPSOHWDPHQWH (VWH SURFHGLPLHQWR SRVHH OD YHQWDMD GH QR DOWHUDU HO YDFtR DEVROXWR (V EXHQR
DFODUDUTXHHQGLFKRPRPHQWRFUtWLFRQRVHGHEHDOLPHQWDUPHODGXUDRPLHO\DTXHDXPHQWDOD



,QGLFH

FDQWLGDGGHOLFRUPDGUHFRQWHQLGRHQHOWDFKR\ODQHFHVLGDGGHFRQFHQWUDUHVHOLFRUUHWDUGDOD
RSHUDFLyQ 'HVSXpV GH XQRV  D  PLQXWRV KD SDVDGR HO PRPHQWR FUtWLFR \ VH KD GHMDGR GH
DOLPHQWDUDJXD
 <D OD PDVD VH KD UHFRJLGR OR VXILFLHQWH SRU HO LQFUHPHQWR GH OD VXSHUILFLH GH FULVWDOHV
(QWRQFHV SRQJD HO WDFKR EDMR HO FRQWURO GH FRQVLVWHQFLD FRPHQ]DQGR FRQ OD OHFWXUD DFWXDO
GLJDPRVXQ\YD\DDXPHQWDQGRHOYDFtRDUD]yQGHSXOJDGDFDGDPLQXWRV(QWRQFHV
VXED HO FRQWURO GH FRQVLVWHQFLD SDXODWLQDPHQWH KDVWD DOFDQ]DU OD FRQFHQWUDFLyQ ILQDO GRQGH VH
FLHUUDODDOLPHQWDFLyQ\VHGDDOWDFKR FRQWUROGHFRQVLVWHQFLDHQWUH± /DILJXUD
PXHVWUDXQFLFORWtSLFRGHXQWDFKRGHEDMDSXUH]D

6LWXDFLRQHVSRFRIUHFXHQWHV

,QDGHFXDGDDOLPHQWDFLyQGHPDWHULDO OLFRUVLURSHPHODGXUDRPLHO 

6L GXUDQWH HO FXUVR GH XQD WHPSOD HO VXPLQLVWUR GH PDWHULDO IDOOD R SDUHFH TXH QR KDEUi OD
FDQWLGDG VXILFLHQWH SDUD FRPSOHWDU OD WHPSOD HVWR  QR HV FDXVD SDUD DODUPDUVH 6LPSOHPHQWH
DxDGDXQSRFRGHDJXD\HOFRQWUROGHFRQVLVWHQFLDUiSLGDPHQWHUHGXFHHOIOXMRGHDOLPHQWDFLyQ
SDUDPDQWHQHUODVFRQGLFLRQHVDSURSLDGDV6LQRKD\PDWHULDODOLPHQWHDJXD\GHMHTXHHOFRQWURO
GHFRQVLVWHQFLDUHJXOH
$XQDFRQVLVWHQFLDILMDOD66FDHUiOHQWDPHQWHKDFLDOD]RQDVHJXUDHOJUDQRFUHFHUiOHQWDPHQWH
\ HO QLYHO GHO WDFKR SHUPDQHFHUi FRQVWDQWH SHUR ORV FULVWDOHV SUHVHQWHV QR VH GDxDUiQ HQ
FRQFOXVLyQHOORVVHOLPSLDUiQDPHGLGDTXHODYHORFLGDGGHFULVWDOL]DFLyQGLVPLQX\H&XDQGRHO
VXPLQLVWUR GHO PDWHULDO VH UHDQXGD TXLWH HO DJXD \ DOLPHQWH FRQ HO PLVPR SDUD FRPSOHWDU OD
WHPSOD

&DtGDGHYDFtR

&XDQGRHQHOFXUVRGHIDEULFDFLyQGHXQDWHPSODHOYDFtRH[SHULPHQWDXQDFDtGDVHGHEHWRPDU
XQDDFFLyQLQPHGLDWD\DTXHODWHPSHUDWXUDGHODPDVDFRFLGDVHHOHYD\VHFRPLHQ]DQDGHUUHWLU
ORVFULVWDOHVSUHVHQWHVFXDQGRHOPDWHULDOFDHSRUDEDMRGHOSXQWRGHVDWXUDFLyQ/DSULPHUFRVD
TXHKD\TXHKDFHUGXUDQWHHVWDHPHUJHQFLDHVFRUWDUODDOLPHQWDFLyQGHYDSRUSDUDHYLWDUTXHOD
WHPSHUDWXUD GH OD PDVD FRFLGD VH HOHYH $ PHQRV TXH OD FDtGD GH YDFtR VHD GH XQD ODUJD
GXUDFLyQ QR KDEUi SHOLJUR GH GLVROXFLyQ GHOJUDQR\DTXHHOPLVPRSHUPDQHFHHQVXVSHQVLyQ
SRUXQDKRUD\D~QSRUPiVWLHPSRVLHOWDFKRWLHQHDJLWDGRU
&XDQGRFHVDODHEXOOLFLyQODLQGLFDFLyQGH66VHSLHUGH\KD\TXHWRPDUFLHUWDVSUHFDXFLRQHVDO
DUUDQFDUGHQXHYR
&XDQGRHOYDFtRVHDUHVWDXUDGRHVDFRQVHMDEOHVXELUXQDSXOJDGDRPiVODSUHVLyQDEVROXWDSRU
HQFLPD TXH OD TXH LQLFLDOPHQWH WHQtD HO WDFKR \ GDUOH DO WDFKR  XQD FHED GH DJXD FRUWD 7DQ
SURQWR FRPR HO YDFtR VH HVWDELOLFH DEUD OD YiOYXOD GH YDSRU JUDGXDOPHQWH SDUD LQLFLDU HO
FRFLQDGR\YROYHUDWHQHUODVHxDOGH66
&RQ HVDV SUHFDXFLRQHV VH GHEH HVWDU HQ HO ODGR EDMR GH IRUPD  TXH OD SUHVLyQ DEVROXWD
SXHGH VHU OOHYDGD GH QXHYR OHQWDPHQWHDOYDORUTXHWHQtDDQWHVTXHVXFHGLHUDODFDtGDGH
YDFtR&XDQGROD66UHWRUQDDVXQLYHOQRUPDOODDOLPHQWDFLyQSXHGHLQLFLDUVH

&DPELRVGHODSXUH]DGHOOLFRUPDGUHHQODIDEULFDFLyQGHWHPSODVILQDOHV



,QGLFH


(OFRQWUROGHORVWDFKRVSRUPHGLRGHODVREUHVDWXUDFLyQUHTXLHUHQHOFRQRFLPLHQWRGHODSXUH]D
GHOOLFRUPDGUH6HJ~QXQHVWXGLRUHDOL]DGRSRU:LOOLDP+HHQOLVLGHGHO$XGXERQ6XJDU,QVWLWXWH
GH/RXVLDQDKDOODURQORVSHUILOHVGHSXUH]DDSDUHQWHGHOLFRUHVPDGUHVWtSLFRVYHUILJXUD
LQGLFDQGR OD WHQGHQFLD GH XQD FDtGD GH SXUH]D UiSLGD GXUDQWH OD SULPHUD KRUD \ XQ GHVFHQVR
PHQRUGXUDQWHHOUHVWRGHOWLHPSR(VWHWLSRGHSHUILOHVFDUDFWHUtVWLFRFXDQGRODSXUH]DGHOSLHHV
PD\RUTXHODSXUH]DGHODDOLPHQWDFLyQ/DILJXUDNGDORVSHUILOHVSDUDPDVDVFRFLGDVORV
FXDOHVPXHVWUDQIOXFWXDFLRQHVPiVSHTXHxDVSHURODVGLIHUHQFLDVGHDSXQWRVHQWUHWHPSODV
VRQQRWDEOHV
/DWHQGHQFLDGHODSXUH]DGHODVPLHOHVHQODVWHPSODVILQDOHVVRQOLQHDOHVFRQHOYROXPHQGHOD
PDVDFRFLGDYHUILJXUD







,QGLFH

&$3,78/2,,,

(48,3263$5$(/&21752/'(/$62%5(6$785$&,Ï1


 ,1752'8&&,Ï1

3UiFWLFDPHQWH KDVWD HO GtD GH KR\ WRGRV ORV WpFQLFRV D]XFDUHURV UHFRQRFHQ TXH SDUD
REWHQHU EXHQRV UHVXOWDGRV HQ HO WUDEDMR GH ORV WDFKRV KD\ TXH WHQHU GLVSRVLWLYRV
SUHFLVRV \FRQILGHQFLDOHVSDUDPHGLU \FRQWURODUODVRSHUDFLRQHVGXUDQWHODVGLIHUHQWHV
HWDSDVGHOSURFHVRGHFRFFLyQ

$ PHGLGDTXHKDQLGRPHMRUDQGRORVHTXLSRVSDUDHOFRQWUROGHODFRFFLyQHQORVWDFKRV
ODVWpFQLFDVGHFULVWDOL]DFLyQKDQPHMRUDGRWDPELpQ
(Q OD DFWXDOLGDG HV JHQHUDOPHQWH DFHSWDGR TXH VH QHFHVLWDQ WUHV FRQWUROHV EiVLFRV
GXUDQWHHOSURFHVRGHFRFFLyQGHXQDPDVDFRFLGD

• &RQWUROGHSUHVLyQDEVROXWD
• &RQWUROGHVREUHVDWXUDFLyQ
• &RQWUROGHODIOXLGH]

/RVGLVSRVLWLYRVGHFRQWURO\WLSRVGHLQVWUXPHQWRVYDUtDQHQODVGLIHUHQWHVLQVWDODFLRQHV
GHWDFKRVGHDFXHUGRDODEDVHGHVXSULQFLSLR\DOIDEULFDQWH6LQHPEDUJRHOORVHVWiQ
WRGRVGLULJLGRVKDFLDHOPLVPRILQRVHDHOGHIDFLOLWDUORVPHGLRVPHGLDQWHORVFXDOHV
SXHGDUHDOL]DUVHHOSURFHVRGHFULVWDOL]DFLyQHQODIRUPDDSURSLDGD

 (48,326 48( 0,'(1 /$ (/(9$&,Ï1 '(/ 38172 '(
(%8//,&,Ï1

$0HGLFLyQGHOD(3(PHGLDQWHODVLQGLFDFLRQHVGHXQWHUPyPHWUR\XQPDQyPHWURGH
SUHVLyQDEVROXWD


3DUDSRGHUHPSOHDUODIyUPXODGHOD(3(\DHVWXGLDGDQHFHVLWDPRVFRQRFHU

• /D WHPSHUDWXUD GHO PDWHULDO GHQWUR GHO WDFKR SDUD OR FXDO VH LQVWDOD XQ
WHUPyPHWUR FRQ EXOER UHPRWR GH +J &RQ HVIHUD GH ´ GH GLiPHWUR FRQ XQD
JDPDGHWHPSHUDWXUDGHƒ)SDUDHYLWDUORVGDxRVGHOWHUPyPHWURSRUODV
HVFREDVGHORVWDFKRV(OEXOERVHLQVWDODHQHOWXERFHQWUDOGHOWDFKRFRPRVH
PXHVWUDHQODILJXUD

• /DWHPSHUDWXUDGHORVYDSRUHVSDUDORFXDOVHLQVWDODXQPDQyPHWURGHSUHVLyQ
DEVROXWD FRQHFWDGR DO GRPR GHO WDFKR \ HO FXDO GHEH WHQHU GRV HVFDODV XQD
JUDGXDGD HQ SXOJDGDV \ GpFLPDV GH SXOJDGD GH +J  TXH LQGLFD HO YDFtR GHO
WDFKR  \ RWUD JUDGXDGD FRQ ODV WHPSHUDWXUDV GHO YDSRU GH DJXD VDWXUDGR TXH
FRUUHVSRQGHQDORVGLVWLQWRVYDFtRV6HXVDXQPDQyPHWURGHSUHVLyQDEVROXWD\
QRXQD FROXPQDGH+J 3RUTXHODVLQGLFDFLRQHV GHOSULPHURQRHVWiQLQIOXLGDV
SRUODVYDULDFLRQHVTXHH[SHULPHQWDODSUHVLyQDWPRVIpULFDYHUILJXUD



,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH

<DVDEHPRVTXH
ƒ66 (3(REVHUYDGD(3(HQHOSXQWRGHVDWXUDFLyQ

3RUORWDQWR

(3(REVHUYDGD WHPSHUDWXUDPDVDFRFLGD±WHPSHUDWXUDYDSRUHV
(3(HQHOSXQWRGHVDWXUDFLyQ VHEXVFDHQODWDEOD

%0HGLFLyQGHOD(3(0HGLDQWHOD,QGLFDFLyQGHXQ7HUPyPHWUR\XQ0DQyPHWURGH
3UHVLyQ$EVROXWD\HO(PSOHRGH1RPRJUDPDV

1RPRJUDPDV5HFWDQJXODUHV

(QHVWHFDVRVHXVDXQDVHULHGHQRPRJUDPDVTXHFRUUHVSRQGHQDODVSXUH]DVDSDUHQWHV
GHODFDUJDGHFULVWDOL]DU(QHVWRVQRPRJUDPDVVHJUDILFDQODWHPSHUDWXUDGHOPDWHULDO
(3(WHPSHUDWXUDGHORVYDSRUHV\HOƒ66SDUDFDGDSXUH]DGHVHDGD

(MHPSOR 7UD]DU XQ QRPRJUDPD UHFWDQJXODU SDUD XQD FDUJD GH FULVWDOL]DU GH SXUH]D
DSDUHQWH

5HVROXFLyQ

• 7RPH XQ SDSHO FXDGULFXODGR \ GLYtGDOR HQ ODV SDUWHV LJXDOHV TXH QHFHVLWH
SDUDUHSUHVHQWDUODVWHPSHUDWXUDVGHOPDWHULDOSRUOtQHDVYHUWLFDOHV\OD(3(
SRUOtQHDVKRUL]RQWDOHV9HUILJXUD

• 6H WLUDQ ODV OtQHD GLDJRQDOHV TXH UHSUHVHQWDQ ODV WHPSHUDWXUDV GHO YDSRU
&RPSUXHEH TXH VLHPSUH TXH FXDOTXLHUD GH HVDV GLDJRQDOHV FRUWH XQD
YHUWLFDO OR KDJD D XQ YDORU GH (3( LJXDO D OD GLIHUHQFLD TXH H[LVWH HQWH HO
YDORUGHODOtQHDYHUWLFDO\HOYDORUGHODOtQHDLQFOLQDGD

• 6H WUD]DQ ODV OtQHDVTXH FRUUHVSRQGHQDORVƒ66 ƒ66  \ƒ66 
3DUDHVWRVHXVDODWDEOD;9,3ULPHURWUDFHODOtQHDGHƒ66 SDUD
ORFXDOWRPHORVYDORUHVGHODV(3(TXHFRUUHVSRQGHQDODWHPSHUDWXUDGHO
PDWHULDO\YD\DPDUFDQGRORVGLIHUHQWHVSXQWRVHQHOQRPRJUDPD\GHVSXpV
ORVXQHPHGLDQWHXQDOtQHD3DUDHOWUD]DGRGHODVOtQHDVGHƒ66 \ƒ66
 VH SURFHGHGHLJXDOIRUPD


1RPRJUDPDV&LUFXODUHV

3RU HVWH VLVWHPD VH SRQHQ HQ OD HVIHUD GHO WHUPyPHWUR OD FDUWD TXH FRUUHVSRQGD D OD
SXUHDGHOPDWHULDOTXHVHYDDFULVWDOL]DU
(QODFDUWDORVUDGLRVUHSUHVHQWDQODWHPSHUDWXUDGHOPDWHULDOORVFLUFXORVOD(3(\ODV
HVSLUDOHVODVWHPSHUDWXUDVGHORVYDSRUHV
&RPR TXH HO SXQWHUR GHO WHUPyPHWUR YD PDUFDQGR OD WHPSHUDWXUD GHO PDWHULDO HQ HO
FDPSR GH OD FDUWD SDUD OHHU HO ƒ66 EDVWD GHWHUPLQDU HQ OD FDUWD HO SXQWR HQ TXH OD
HVSLUDOFRUUHVSRQGLHQWHDODWHPSHUDWXUDGHORVYDSRUHVFRUWDDOSXQWHUR



,QGLFH


,QGLFH


,QGLFH

3DUDVHPLOODUPDWHULDOHVGHSXUH]DEDMDVHGHEHQXVDUFDUWDVFRQ(3(GHVGHƒƒ)
/DILJXUDPXHVWUDXQDFDUWDFLUFXODU


,QVWUXPHQWR)LVKHU 3RUWHU

(Q HVWH LQVWUXPHQWR WDQWR HO SXQWHUR TXH LQGLFD OD WHPSHUDWXUD GHO PDWHULDO FRPR HO
SXQWHUR TXH LQGLFD OD WHPSHUDWXUD GH ORV YDSRUHV PDQyPHWURV GH SUHVLyQ DEVROXWD 
JLUDQVREUHODFDUWDODFXDOWLHQHWUD]DGDVODVFXUYDVGH66TXHLQWHUHVHQ(OIDEULFDQWH
SURYHH ODV FDUWDV HQ EODQFR $O LJXDO TXH HQ ODV FDUWDV UHFWDQJXODUHV R FLUFXODUHV KD\
TXH WUD]DU ODV FXUYDV GH 66 SDUD ODV SXUH]DV GHVHDGDV /D ILJXUD  PXHVWUD XQD GH
GLFKDVFDUWDV
(O SXQWHUR TXH LQGLFD OD WHPSHUDWXUD GHO PDWHULDO HV UHFWR \ OD OHFWXUD VH KDFH HQ OD
HVFDOD TXH HVWi HQ OD SDUWH LQIHULRU GH OD FDUWD (O SXQWHUR GHO PDQyPHWUR GH SUHVLyQ
DEVROXWDHVFXUYR \VXV OHFWXUDVTXHFRUUHVSRQGHQDODWHPSHUDWXUDGHORVYDSRUHVVH
OHHQ HQ OD HVFDOD VXSHULRU /D (3( VRQ DUFRV FRQ OD FRQFDYLGDG KDFLD DEDMR TXH VH
GLULJHQGHL]TXLHUGDDGHUHFKD

/DV FXUYDV GH 66 VH WUD]DQ VLJXLHQGR HO PLVPR SURFHGLPLHQWR TXH HQ ODV FDUWDV
UHFWDQJXODUHV

2EVHUYDFLRQHV6REUHORV6LVWHPDV$QWHULRUHV

(O VLVWHPD GH KDOODU HO ƒ66 SRU PHGLR GH XQ WHUPyPHWUR \ PDQyPHWUR GH SUHVLyQ
DEVROXWDWLHQHHOLQFRQYHQLHQWHGHTXHKD\TXHPDQWHQHUXQYDFtRILMRHQHOWDFKRHO
VHOHFFLRQDGR GH DQWHPDQR TXH VLUYH GH EDVH SDUD ORV FiOFXORV SUHYLRV D OD
FULVWDOL]DFLyQRVHDQRKD\IOH[LELOLGDGHQHOFDVRGHTXHFXDOTXLHUYDULDFLyQVXFHGLHUD

(Q ORV VLVWHPDV TXH XVDQ QRPRJUDPDV pVWRV VRODPHQWH VLUYHQ SDUD LQGLFDUQRV HO
PRPHQWRGHLQWURGXFLUODVHPLOODSDUDFULVWDOL]DU\FXDQGRGHEHKDFHUVHODVRSHUDFLRQHV
SDUDHYLWDUODUHSURGXFFLyQGHODJUDQXODFLyQHVGHFLUEDMDUHOYDFtRGDUFHEDVDJXDGH
PRYLPLHQWRHWF/DVFDUWDVGHMDQGHVHU~WLOHVGHDKtHQDGHODQWHSRUTXHFRPRHOJUDQR
\DKDFULVWDOL]DGRPXFKDVDFDURVDGHOPDWHULDOSULPLWLYRODSXUH]DGHOPDWHULDOEDMD \
GHMDGHFRUUHVSRQGHUFRQDTXHOODHQTXHVHEDVDODFDUWD

&0HGLFLyQGHOD(3(0HGLDQWHHO5HJLVWUDGRUGH66%URZQ +ROYHQ 
+ROYHQ IXH HO SULPHUR TXH ORJUy XQ HTXLSR SUiFWLFR SDUD OD PHGLFLyQ GH OD 66
GLUHFWDPHQWH(OGHULYyXQDUHODFLyQHQWUHOD66\OD(3(ODFXDOHVLQGHSHQGLHQWHGHOD
SUHVLyQDEVROXWD(OHVWDEOHFLyTXHXQSORWHRGHORVSXQWRVGHHEXOOLFLyQGHODJXDDOD
PLVPD SUHVLyQ DEVROXWD GDQ XQD OtQHD UHFWD D WRGDV ODV SUHVLRQHV XVXDOPHQWH
HQFRQWUDGDVHQORVFRFLQDGRVGHD]~FDU(QODILJXUDVHPXHVWUDQODVOtQHDVGH66
FRQVWDQWHVSDUDXQDVROXFLyQGHD]~FDUGHƒSXUH]D+ROYHQPRVWUyTXHODSHQGLHQWH
GH HVDV OtQHDV YDUtDQ VRODPHQWH FRQ OD 66 \ OD SXUH]D GH OD VROXFLyQ GH D]~FDU
0DWHPiWLFDPHQWH OD DQWHULRU UHODFLyQ SXHGH H[SUHVDUVH FRPR VLJXH SDUD XQD SXUH]D
FRQVWDQWH

7D7¶D7V7¶V 7DQ‘ GRQGH

7V \ 7D  3XQWRV GH HEXOOLFLyQ GH OD VROXFLyQ GH D]~FDU \ DJXD D OD PLVPD SUHVLyQ
DEVROXWD


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH

7¶V\7¶D 3XQWRVGHHEXOOLFLyQFRUUHVSRQGLHQWHGHODVROXFLyQGHD]~FDU\DJXDDRWUD
SUHVLyQDEVROXWD

7DQ‘ 3HQGLHQWHGHODOtQHDGH66FRQVWDQWH
/DUHODFLyQSXHGHHVFULELUVHGHDOJXQDIRUPDVLPSOLILFDGDVXVWLWX\HQGRXQDFRQVWDQWH.
SRUODVFDQWLGDGHV7¶V\7¶D/DH[SUHVLyQPRGLILFDGDHVODHFXDFLyQSDUDXQDIDPLOLDGH
OtQHDV UHFWDV GH SHQGLHQWHV YDULDEOHV UHSUHVHQWDWLYD GH OD 66 WRGDV LQWHUFHSWiQGRVH HQ
XQSXQWRFRP~QWHQLHQGRHOPLVPRYDORUQXPpULFRSDUDODVFRRUGHQDGDVNN(VWRQRHV
WDQH[DFWRFRPRODSULPHUDIRUPDGHODUHODFLyQSXHVWRTXHNYDUtDFRQDPERVOD66\
ODSXUH]D6LQHPEDUJRODYDULDFLyQGHNFRQOD66HVGHVSUHFLDEOHSDUDORVSURSyVLWRV
SUiFWLFRV\ODYDULDFLyQFRQODSXUH]DSXHGHFRPSHQVDUVHSRUXQFLUFXLWRGHPHGLFLyQ
/DIRUPDJHQHUDOHQODFXDOODVOtQHDVGH66VHLQWHUFHSWDQHQXQSXQWRNVHPXHVWUDHQ
ODILJXUD

8VDQGR OD UHODFLyQ DQWHULRU +ROYHQ GLVHxR XQ LQVWUXPHQWR TXH XVD XQ FLUFXLWR
UHODWLYDPHQWHVLPSOHHOFXDOOHHGLUHFWDPHQWHORVYDORUHVGH66(VWHLQVWUXPHQWRHQVX
IRUPD RULJLQDO FRQVLVWH HVHQFLDOPHQWH GH GRV SXHQWHV GH :KHDWVWRQH GHVEDODQFHDGRV
FRQHFWDGRV RSXHVWRV D XQ SRWHQFLRPHWUR FRQGXFWRU GH FRUUHGHUD ILJXUD  &DGD
SXHQWHFRQWLHQHXQWHUPyPHWURGHUHVLVWHQFLDXQRGHORVFXDOHVVHLQVWDODHQHOWDFKR\
HO RWUR HQXQWDFKLWRSLORWRTXHFRQWLHQH DJXD D ODPLVPDSUHVLyQTXHSUHYDOHFH HQHO
WDFKRDOYDFtR/DVWHPSHUDWXUDVGHHEXOOLFLyQHQORVGRVWDFKRVFRUUHVSRQGHQD7V\7D
UHVSHFWLYDPHQWH  6H WRPDQ PHGLGDV SDUD FRPSHQVDU SRU OD SXUH]D GHO OLFRU (V
LPSRUWDQWH TXH HO WHUPyPHWUR VHD GH WDO GLVHxR TXH ORV PLVPRV VHDQ DOWDPHQWH
VHQVLWLYRV D ORV FDPELRV GH WHPSHUDWXUDV $O PLVPR WLHPSR HO WHUPyPHWUR GHO WDFKR
GHEHVHUORVXILFLHQWHPHQWHIXHUWHSDUDUHVLVWLUODVURWXUDVSRUHOPRYLPLHQWRYLROHQWRGH
OD PDVD FRFLGDSRUORTXHQRUPDOPHQWHVHORFDOL]DHQHOFHQWURGHOWDFKRMXVWDPHQWH
GHEDMR GHO QLYHO GH OD FDUJD GH FULVWDOL]DU /D ILJXUD  PXHVWUD XQ GLDJUDPD
HVTXHPiWLFRGHODLQVWDODFLyQ

5HJLVWUDGRUGH6REUHVDWXUDFLyQ%URZQ

/D GLYLVLyQ %URZQ GH OD 0LQQHDSROLV+RQH\ZHOO 5HJXODWRU &RPSDQ\ FRPSUy ORV
GHUHFKRV GH SDWHQWH GHO HTXLSR +ROYHQ DGDSWDQGR VXV SULQFLSLRV D XQR GH VXV
LQVWUXPHQWRVYHQGLHQGRVHFRPR³(OUHJLVWUDGRUGH66%URZQ´/DILJXUDPXHVWUD
HOFLUFXLWREiVLFR/DUHODFLyQXVDGDSDUDUHODFLRQDUOD(3(FRQOD66HQHOLQVWUXPHQWR
GH%URZQHV

7 HSH 7V   >[ 6V .V4@±    GyQGH

7 HSH (OHYDFLyQGHOSXQWRGHHEXOOLFLyQ

7V 7HPSHUDWXUDVROXFLyQGHD]~FDU

; 6REUHVDWXUDFLyQ

6V &RQFHQWUDFLyQGHODVROXFLyQVDWXUDGDD7V
4 )DFWRUGHSXUH]D

.V )DFWRUGHFRUUHFFLyQSRUOLQHDOLGDGDODFRQFHQWUDFLyQGHVROXFLyQ



,QGLFH


,QGLFH


,QGLFH

(VWDHFXDFLyQGLILHUHHQIRUPDDODXVDGDSRU+ROYHQHQVXFLUFXLWRSULPDULRHQTXHHO
FLUFXLWRHVGHXQGLVHxRPiVVLPSOHUHIOHMDQGRWDPELpQQXHYRVGDWRVHQHOFiOFXORGHOD
(3(
8VDQGRORVPLVPRVSULQFLSLRVJHQHUDOHVGHODPHGLFLyQGHOD66*HQLHGHVDUUROORXQ
LQVWUXPHQWR PiV VLPSOLILFDGR 8Q SULPHU WLSR IXH FRQVWUXLGR DOUHGHGRU GH XQ SXHQWH
HQHUJL]DGR GH UHVLVWHQFLD DOWD SRU XQD IXHQWH HVWDELOL]DGD GH FG 8Q WLSR PiV UHFLHQWH
XVDXQFLUFXLWRHOpFWULFRFRPSXHVWRGHGRVSXHQWHVHQHUJL]DGRVGHUHVLVWHQFLDEDMD\XQ
LQVWUXPHQWRGHPHGLFLyQGHERELQDVFUX]DGDV

$SOLFDFLyQGHO5HJLVWUDGRUGH66%URZQDOD$XWRPDWL]DFLyQGH7DFKRV

'HELGR D XQ VLVWHPD HOHFWUyQLFR GH PHGLFLyQ pVWH LQVWUXPHQWR WLHQH XQD YHORFLGDG GH
UHDFFLyQLQVWDQWiQHDTXHORKDFHPiVHIHFWLYRTXHORVHTXLSRVHVWXGLDGRVKDVWDDKRUD
$GHPiV QR HV DIHFWDGR SRU ODV YLEUDFLRQHV (O DSDUDWR PLGH OD 66 SRU PHGLR GH GRV
WHPSHUDWXUDV\XQFRPSHQVDGRUGHSXUH]D8QRGHORVEXOERVVHVLW~DHQHOWXERFHQWUDO
GHOWDFKRHQFRQWDFWRFRQHOPDWHULDOTXHKLHUYHHORWURVHORFDOL]DHQXQWDFKLWRSLORWR
TXHQRHVPiVTXHXQFRGRGHWXEHUtDGH´VROGDGRDOGRPRGHOWDFKRSDUDPHGLUOD
WHPSHUDWXUD GH ORV YDSRUHV (O FRPSHQVDGRU GH SXUH]D VH DMXVWD GH DFXHUGR FRQ OD
SXUH]DGHODFDUJDGHFULVWDOL]DU

/RV GRV WHUPyPHWURV VRQ GH UHVLVWHQFLD HOpFWULFD \ VXV VHxDOHV YDQ DO FLUFXLWR GH XQ
SXHQWH GH :KHDWVWRQH GH HTXLOLEULR FRQWLQXR (O LQVWUXPHQWR FRPSXWD HOpFWULFDPHQWH
HVDVWUHVYDULDEOHV\RIUHFHXQDOHFWXUDGLUHFWDGHOƒ66
$GHPiVHVWiSURYLVWRGHXQDVHULHGHLQWHUUXSWRUHVHOpFWULFRVDXWRPiWLFRVTXHHQWUDQHQ
DFFLyQ D GLIHUHQWHV YDORUHV GH 66 SDUD HQFHQGHU R DSDJDU OXFHV VHxDOHV GH DODUPD \
PHFDQLVPRV GH FRQWURO HQ OD GHELGD VHFXHQFLD \ TXH PHFDQL]DQ ODV RSHUDFLRQHV GHO
WDFKR

$GHPiVGHOFRQWUROGH66HOWDFKRSRVHH

 &RQWUROGHYDFtR
 &RQWUROGHFRQVLVWHQFLD

/RVLQWHUUXSWRUHVHOpFWULFRVGHOFRQWUROGH66IXQFLRQDQGHODVLJXLHQWHIRUPD

 6HPLOOD HQFLHQGH OD SULPHUD OX] URMD \ VXHQD XQD DODUPD DYLVDQGR DO
SXQWLVWDTXHDEUDODYiOYXODSDUDLQWURGXFLUODVHPLOOD

 9DFtRHQFLHQGHODOX]YHUGHTXHDYLVDHOPRPHQWRGHEDMDUHOYDFtR´

 $OLPHQWDFLyQHQFLHQGHRWUDOX]URMDTXHOHLQGLFDDOSXQWLVWDTXHVHHVWi
UHDOL]DQGR XQD FHED /DV VLJXLHQWHV FHEDV VH UHDOL]DQ DXWRPiWLFDPHQWH
KDVWD TXH HO SXQWLVWD ODV VXSULPD SRU PHGLR GH XQ LQWHUUXSWRU HOpFWULFR
'HDTXtHQDGHODQWHVHDOLPHQWDFRQWLQXD\DXWRPiWLFDPHQWHHOWDFKRGH
DFXHUGR FRQ OD FRQVLVWHQFLD GH OD PDVD FRFLGD KDVWD OD DOWXUD TXH VH
GHVHH GRQGH VH FRUWD OD DOLPHQWDFLyQ \ VH OH GD D OD WHPSOD HO SXQWR
GHVHDGR

/DILJXUDPXHVWUDGLFKRHTXLSR\ODILJXUDHOFLFORGHFRQWURO


,QGLFH

'0HGLFLyQGHOD(3(PHGLDQWHHOUHJLVWUDGRUGHOD=LHJOHUDQG$VVRFLDWHV

6HJ~QVXVIDEULFDQWHVHOPRQLWRU0VHGLVHxDSDUDLQGLFDUODVREUHVDWXUDFLyQGHORV
VLURSHV GH FDxD GH D]~FDU \ UHPRODFKD HQ ORV WDFKRV HQ ORV UDQJRV GH SXUH]D TXH
QRUPDOPHQWH VH HQFXHQWUD HQ HO WUDEDMR GH ORV PLVPRV \ HV FRPSHQVDGR SRU ODV
YDULDFLRQHVGHSUHVLyQDEVROXWDHQWUH´+JDEV(OUDQJRGHOLQVWUXPHQWRVHH[SUHVD
HQSRUFLHQWRVVLHQGRGH ƒ66 8QDYH]TXHVHKDOODDMXVWDGRODOHFWXUD
VHUiGHTXHHVHOOLPLWHVXSHULRUGHOD]RQDPHWDHVWDEOH

3ULQFLSLRGH2SHUDFLyQ

(O HOHPHQWRGHPHGLFLyQFRQVLVWHGHGRVWHUPyPHWURVGH UHVLVWHQFLDPRQWDGRVHQXQ
HQVDPEODMHFRPSDFWR8QEXOERUHVSRQGHDODWHPSHUDWXUDGHOYDSRUGHOWDFKRODFXDO
GHEHVHUODPLVPDTXHH[LVWHHQODVXSHUILFLHGHODPDVDFRFLGDGHHEXOOLFLyQ3XHGHQ
H[LVWLU JUDGLHQWHV GH WHPSHUDWXUD GHQWUR GHO WDFKR SHUR HQ OD VXSHUILFLH QR KD\ FDUJD
KLGURVWiWLFDGHIRUPDTXHHVODWHPSHUDWXUDPiVEDMD\SRUHQGHOD66PiVDOWDHQHVH
SXQWR(ORWUREXOERPLGHODWHPSHUDWXUDGHODJXDFDOLHQWHHYDSRUiQGRVHDODSUHVLyQGH
YDSRUHQHTXLOLEULRH[LVWHQWH/DVGRVOHFWXUDVGHORVEXOERVVHFRPSXWDQSRUHOFLUFXLWR
GHOPRQLWRUSDUDGDUXQDOHFWXUDGLUHFWDGHOD66GHOVLURSH

(QHVWHHTXLSRQRVHPLGHGLUHFWDPHQWHHQHOWXERFHQWUDOGHOWDFKRODWHPSHUDWXUDGHOD
PDVDFRFLGDVLQRODWHPSHUDWXUDGHORVYDSRUHVTXHVDOHQGHOWDFKR6HJ~QHOIDEULFDQWH
pVWD HV OD WHPSHUDWXUD PHQRU HQ HO WDFKR D SHVDU GHO QLYHO TXH WHQJD OD PDVD FRFLGD
FRPSHQVDQGRWDPELpQHVWHDUUHJORODVGHVYLDFLRQHVHQHOYDFtRVREUHXQUDQJRDPSOLR
VLQUHTXHULUJUiILFRVRFDUWDV
(VWHHTXLSRSXHGHPHGLUOD66GXUDQWHHOFXUVRGHWRGDODWHPSOD

2SHUDFLyQ

 &RQ HO HTXLSR DSDJDGR FRPSUXHEH TXH OHD FHUR VLQR OHH FHUR FDOLEUH FRQ HO
WRUQLOORGHDMXVWHFHUR

 (QFLpQGDOR \ DMXVWHHOIOXMRGHDJXD DOHOHPHQWRGHPHGLFLyQ$MXVWHOD DJXMD
DSUR[LPDGDPHQWHODSXUH]DGHODFDUJDGHFULVWDOL]DU$MXVWHVSXHGHQUHTXHULUVH
DOSULQFLSLRSDUDODHVFDODGHSXUH]D

 +LHUYDODFDUJDGHFULVWDOL]DUPDQXDOPHQWH\REVHUYHODLQGLFDFLyQGHOPRQLWRU
SDUDHVWDUVHJXURTXHHVFRUUHFWD
$QWHVGHDUUDQFDUFRQHOWDFKRFDOLHQWHODOHFWXUDGHEHVHUDOWD&XDQGRHOYDFtR
HVHVWDEOHFLGRODOHFWXUDGHEHFDHUOHQWDPHQWH \VHKDFHPiVUiSLGRFXDQGRVH
DOLPHQWDHOYDSRUGHELGRDOLQFUHPHQWRGHODYHORFLGDGGHOPLVPR
/DOHFWXUDGHEHFDHUSRUGHEDMRGHFHURVLHOVLURSHQRHVWiVDWXUDGR\VHHOHYD
OHQWDPHQWHDPHGLGDTXHHOPLVPRVHFRQFHQWUD


 0DQWHQJD HO YDFtR HQWUH ´ +JDEV 6HPLOOH OD FDUJD GH OD PDQHUD XVXDO \
REVHUYHODOHFWXUDGHOPRQLWRUDPHGLGDTXHHOJUDQRDSDUH]FDVLODOHFWXUDHV
PD\RUGHOREVHUYHHOVLURSHPLFURVFySLFDPHQWHSDUDGHWHUPLQDUODOHFWXUD


,QGLFH

H[DFWDDODFXDOHOJUDQRQXHYRVHIRUPD$OLPHQWHVLURSHRDJXDSDUDUHGXFLUOD
66 'HVSXpV HO PRQLWRU SXHGH DMXVWDUVH D  R VHD HO OtPLWH VXSHULRU GH OD
]RQDPHWDHVWDEOH

 'HVSXpVTXHHOJUDQRKDVLGRHVWDEOHFLGR\VHKDOODUHFRJLGRODPDVD  
FULVWDOHVODDOLPHQWDFLyQGHVLURSHVHDMXVWDUi\ODOHFWXUDGHOPRQLWRUGHVFHQGHUi
D XQRV  KDVWD HO ILQDO GH OD WHPSOD $O ILQDO GH OD WHPSOD OD OHFWXUD VH
HOHYDOLJHUDPHQWHFXDQGRODDOLPHQWDFLyQVHVXSULPH



,QGLFH

,QVWDODFLyQ

6ROGHXQDFRSODPLHQWRRPDQJXLWRGHWXEHUtDGHó´HQHOVHSDUDGRUGHDUUDVWUHRHQOD
OtQHDGHYDSRUGHOWDFKRSDUDLQVWDODUHOHOHPHQWRGHPHGLFLyQ/DLQVWDODFLyQSXHGHVH
KRUL]RQWDO R FRQ XQD SHQGLHQWH KDFLD DUULED SHUR GHEH HYLWDUVH OD LQVWDODFLyQ FRQ
SHQGLHQWHKDFLD DEDMRSDUD HYLWDUTXHODV JRWDV GHDJXDHYDSRUDGDFRUUDQKDFLDDEDMR
KDFLDODSRUFLyQGH´GHOEXOERVHQVLWLYR\ORHQIULp
0LGD OD GLVWDQFLD LQWHUQD SDUD DVHJXUDUVH TXH HO EXOER SDUD YDSRU QR FKRFDUi FRQ
FXDOTXLHU REVWUXFFLyQ TXH SXHGD GDxDUOR (QUyVTXHOR HQ HO HOHPHQWR SRVLFLRQDQGR GH
IRUPDWDOTXH´FXDGUDGDHVWHVREUHHOODGRFRUULHQWHDEDMRHQODUHODFLyQFRQHOIOXMRGH
YDSRUHODJXDHYDSRUDGDHQWRQFHVHVEDUULGDGHVGHHOEXOERGHYDSRU
/DFiPDUDGHHYDSRUDFLyQGHOHOHPHQWRGHPHGLFLyQHQODFXDOHOEXOERGHUHIHUHQFLDVH
ORFDOL]D GHEH VHU FRQWLQXDPHQWH VXPLQLVWUDGD FRQ XQ IOXMR SHTXHxR GH DJXD FDOLHQWH
OLPSLDRFRQGHQVDGDDXQDWHPSHUDWXUDPD\RUTXHODWHPSHUDWXUDPi[LPDGHHTXLOLEULR
GHOYDSRU$~QHQWDFKRVFRQ´+JDEVHODJXDDƒ&HVVDWLVIDFWRULDSHURQRPiV
FDOLHQWH(OIOXMRGHDJXDHVGHDSUR[LPDGDPHQWHXQRVJSP POPLQ SHURIOXMRV
PD\RUHV R PHQRUHV QR DIHFWDQ OD OHFWXUD GHO PRQLWRU VLHPSUH TXH OD PLVPD HVWi OR
VXILFLHQWHPHQWHFDOLHQWHSDUDHYDSRUDUVH\DOFDQ]DUHOHOHPHQWRGHPHGLFLyQ

(OIOXMRGHDJXDQRHVFUtWLFRSHURVLVHLQVWDODXQURWiPHWURRGLVSRVLWLYRVLPLODUSDUDHO
IOXMRGHDJXDDOPRQLWRUSRQJDODYiOYXODGHDJXMDHQODOtQHDGHDJXDGHOODGRGHOWDFKR
SDUDSUHYHQLUODHYDSRUDFLyQHQHOPHGLGRU
8QDWXEHUtDGHFREUHGHó´GHGLiPHWURH[WHULRUHVDGHFXDGDSDUDODLQVWDODFLyQHQWUHOD
YiOYXOD\HOHOHPHQWRGHPHGLFLyQ\VLHODJXDVHHYDSRUDFRUULHQWHGHEDMRGHODYiOYXOD
ORKDFHWDQUiSLGRHQODFiPDUDGHHYDSRUDFLyQTXHUHGXFHHOFDPELRGHHQIULDPLHQWRHQ
HO FDPLQR 8Q IOXMR H[FHVLYR GH DJXD SXHGH FUHDU XQD FDtGD GH SUHVLyQ D WUDYpV GH OD
YHQWDQDLQFUHPHQWDQGRODSUHVLyQHQODFiPDUD\SURGXFLHQGRXQDOHFWXUDEDMDSHURHVWH
FDPELRHVPX\UHPRWRVLVHXVDXQWXERGHó´GHGLiPHWURH[W3DUDHOVXPLQLVWURGH
DJXD

8QDHQWUDGDGHDLUHHQWUHODYiOYXOD\HOHOHPHQWRGHPHGLFLyQSXHGHFDPELDUODSUHVLyQ
SDUFLDO HQ OD FiPDUD GH UHIHUHQFLD UHVXOWDQGR HQ XQD OHFWXUD DOWD $VHJ~UHVH TXH OD
OtQHDDOHOHPHQWRGHPHGLFLyQHVWpKHUPpWLFD

7UHVDODPEUHVFDOLEUHRPD\RUVRQUHTXHULGRVHQWUHHOHOHPHQWRGHPHGLFLyQ\HO
PRQLWRU &RQHFWiQGRORV D ODV WHUPLQDOHV 9:& HQ HO PRQLWRU FRQ VXV SXQWRV
FRUUHVSRQGLHQWHV HQ HO HOHPHQWR GH PHGLFLyQ /D SRWHQFLD GH VXPLQLVWUR HV GH 
96HSURYHHXQDFRQH[LyQDWLHUUD/DSRWHQFLDPi[LPDXVDGDHVGH9$/RV
YROWDMHVGHFGGHOPRQLWRUVRQELHQUHJXODGRV \VXUHQGLPLHQWRQRHVDIHFWDGRSRUODV
YDULDFLRQHVGHYROWDMHGHQWURGHXQ“RIUHFXHQFLDVHQWUH+HUW]
(OPRQLWRU0SXHGHVXPLQLVWUDUXQDVHxDOGHP$GHQWURGHXQDFDUJDPi[LPD
GH  RKP SDUD DFWXDU XQ UHJLVWUDGRU H[WHUQR FRQWURODGRU DODUPD R WUDQVGXFWRU GH
FRUULHQWHDDLUH

/RVLQGLFDGRUHVGHSXUH]DVHFDOLEUDQSDUDVLURSHVGHFDxDRUHPRODFKDWtSLFRVSHURHO
FRQWHQLGRGHLPSXUH]DVSXHGHYDULDUHQDOJXQDV]RQDVUHTXLULHQGRXQDMXVWHDFHUR3RU
HMHPSOR VL HO LQGLFDGRU OHH  GH 66 FXDQGR KD\ IRUPDFLyQ GH JUDQR IDOVR HO FHUR
LQWHUQRGHEHDMXVWDUVHSDUDTXHODOHFWXUDVHDGH
/DILJXUDPXHVWUDXQPRQLWRUPRGHOR0


,QGLFH

(0HGLFLyQGHOD(3(0HGLDQWHXQ0LFURSURFHVDGRU

 (OJUDGRGH66VHSXHGHFRQWURODUPHGLDQWHHOXVRGHXQPLFURSURFHVDGRUFRQ
EDVHHQOD(3(

'DGR TXH OD 66 VH XVD FRQ XQ YDORU UHODWLYR HO HIHFWR GH ORV GLIHUHQWHV GDWRV GH
VROXELOLGDGHVGHSRFDLPSRUWDQFLD

3RUHVWDWpFQLFDVHXVDXQDFXUYDGHDMXVWHSDUDSURGXFLUXQDHFXDFLyQTXHFiOFXODOD66
D SDUWLUGHORVGDWRVVLJXLHQWHV

• 3UHVLyQDEVROXWD
• 7HPSHUDWXUDGHODPDVDFRFLGD
• 3XUH]DGHODPLHOROLFRU

/D SUHVLyQ DEVROXWD \ OD WHPSHUDWXUD GH  OD PDVD FRFLGD VRQ WRPDGDV SRU VHQVRUHV
ORFDOL]DGRVHQHOWDFKR\HQWUDGRVDOSURJUDPD)LJ/DSXUH]DGHODPLHOROLFRUVH
HQWUDDOSURJUDPDPDQXDOPHQWHSRUHORSHUDGRUGHOWDFKRRSXQWLVWD

/DIyUPXODSDUDFDOFXODUOD66VHEDVDHQOD(3(GHODPLHOROLFRUPDGUH\VHFiOFXOD
XVDQGRXQDQiOLVLVGHUHJUHVLyQDSDUWLUGHORVGDWRVGHVROXELOLGDGGH+ROYHQGDGRVSRU



,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH

*XLOOHWSDUDUHODFLRQDUOD66FRQODWHPSHUDWXUDGHODPDVDFRFLGDODSUHVLyQDEVROXWD
\ OD SXUH]DGHODPLHOROLFRU

)yUPXODSDUDFDOFXODUOD(3(HQHOSXQWRGHVDWXUDFLyQ

(3( . [. [. [∆3  . . ∆3. ∆3 )ΤΜ
 


     

'RQGH

. D. FRQVWDQWHV

  

∆3  SXUH]DDSDUHQWHPLHOROLFRU

70  7HPSHUDWXUDPDVDFRFLGDHQƒ)

/D WHPSHUDWXUD D OD FXDO HO DJXD KLHUYH EDMR ODV PLVPDV FRQGLFLRQHV GH SUHVLyQ HQ HO
WDFKRVHFDOFXODFRPRVLJXH

7:  . . >. ORJ . [3 @

$ % & H ' 5

'RQGH

. D.  FRQVWDQWHV

$ '

3 SUHVLyQDEVROXWDHQ³GH+J

5  

7:  7HPSHUDWXUDGHODJXDKLUYLHQGR


3RUORWDQWROD66VHUi

66  707: (3(

/DWDEOD;9,,PXHVWUDDOJXQRVYDORUHVGH66FDOFXODGRVSDUDXQDPLHOGH3]D\XQD
SUHVLyQDEVROXWDGH´+J
3RU HVWH VLVWHPD OD DOLPHQWDFLyQ GHO WDFKR HV FRQWURODGD SRU HO ƒ66 PHGLDQWH HO
PLFURSURFHVDGRUKDVWDHOILQDOGHODWHPSOD
&RPR VH SXHGH YHU OD SXUH]D GHO PDWHULDO TXH VH XVD HQ OD IyUPXOD HV ILMD \ FRPR
VDEHPRVpVWDWLHQGHDVHUPHQRUGXUDQWHHOFRFLQDGRIDFWRUTXHLQWURGXFHXQHUURUHQ
ORVFiOFXORV
/D ILJXUD  PXHVWUD OD WHQGHQFLD GH OD SUHVLyQ DEVROXWD WHPSHUDWXUD GH OD PDVD
FRFLGD\ƒ66FXDQGRODRSHUDFLyQHVFRQWURODGDPDQXDOPHQWH%DMRHVWDVFRQGLFLRQHVOD
66RVFLODGHELGRDODDFFLyQGHOSXQWLVWDRVHDSRUORVIUHFXHQWHVDMXVWHVTXHHOPLVPR
UHDOL]D HQ OD DOLPHQWDFLyQ GHO WDFKR OR TXH WUDH FRPR FRQVHFXHQFLD TXH D YHFHV OD
WHPSODVHDEUDRUHFRMDGHPDVLDGRSURYRFDQGRODIRUPDFLyQGHJUDQRIDOVR

/D ILJXUD  PXHVWUD OD WHQGHQFLD GH HVRV PLVPRV YDORUHV EDMR FRQWURO DXWRPiWLFR
$TXtOD66VHPDQWLHQHHQXQDEDQGDPiVHVWUHFKDFHUFDGHOYDORUGHVHDGR


,QGLFH

(O PLFURSURFHVDGRU UDVWUHD HO SURFHVR FDGD SRFRV VHJXQGRV SDUD GHWHFWDU  FXDOTXLHU
GLIHUHQFLDHQWUHHOYDORUGH66GHVHDGR\HODFWXDO(VWRHYLWDDFFLRQHVGUiVWLFDVHQHO
FLHUUHRDSHUWXUDGHODYiOYXODGHDOLPHQWDFLyQ


7$%/$;9,,

&RPSDUDFLyQGH)yUPXODVGH66

7HPSƒ) $ %
  
  
  
  
  
  
  
  
  
  
  



3XUH]D SUHVLyQDEVROXWD ´+J

$  8QD HFXDFLyQ GH UHJUHVLyQ UHFWD FRUUHODFLRQDGD FRQ ORV GDWRV GDGRV SRU *LOOHWW
(&±
(VDVFRUUHODFLRQHVIXHURQXVDGDVHQORVFiOFXORVEDMRODVFRQGLFLRQHVGHVDWXUDFLyQ

% 8QDFRUUHODFLyQSDUFLDOEDVDGDHQOD(3(HQHOSXQWRGHVDWXUDFLyQFRPRGDGDSRU
*LOOHWW

0LFURSURFHVDGRUGHOD)LVKHU 3RUWHU

(Q OD ILJXUD E SUHVHQWDPRV XQ WDFKR GHELGDPHQWH HTXLSDGR HVSHFLDOPHQWH SDUD
FULVWDOL]DFLRQHV
(Q HO GLEXMR SXHGH YHUVH PDUFDGR FRQ ORV Q~PHURV  \  HO VLVWHPD GH
0LFURSURFHVDGRUFRQVXVGLVWLQWRVHOHPHQWRV
/DPDQHUDHQTXHRSHUDPRVHVFRPRVLJXH
&DUJDPRVHOWDFKRFRQXQDPH]FODGHPHODGXUD\PLHO$GHDGHSXUH]D
+HUYLPRVHVWDPH]FODDSOHQDPDUFKDGHOWDFKRFRQWRGRHOYDFtR\YDSRUSRVLEOHKDVWD
TXH OD FDUJD HVWi SDUFLDOPHQWH FRQFHQWUDGD FHUFD GHO SXQWR GH VREUHVDWXUDFLyQ
GHVHDGR (QWRQFHVUHGXFLPRVODPDUFKDGHOWDFKREDMDQGRHOYDFtRDò´ORTXHD
VXYH]DXPHQWDODWHPSHUDWXUDGHODFDUJDDXQRVƒ&HQHOWXERFHQWUDOGHODFDODQGULD

$ODXPHQWDUODWHPSHUDWXUDFRPRHVQDWXUDOODVREUHVDWXUDFLyQEDMD\DVtORLQGLFDHO
PLFURSURFHVDGRU SHUR HQ VHJXLGD FRPR HO WDFKR DXQTXH PXFKR PiV GHVSDFLR VLJXH
HYDSRUDQGRHOPLFURSURFHVDGRUHPSH]DUiDOHHUPiVVREUHVDWXUDFLyQ



,QGLFH

&XDQGR HO PLFURSURFHVDGRU LQGLTXH  GH VREUHVDWXUDFLyQ LQWURGXFLPRV OD OHFKDGD
GHIRQGDQW OEGH& +)RQGDQWHQóJOQGH$OFRKRO,VLSURSLOLFRSRUFDGD
SLHV F~ELFRV GH PDVDFRFLGD TXH YD\DPRV D KDFHU GH OD FULVWDOL]DFLyQ  1RVRWURV
UHJXODUPHQWHKDFHPRVPDVDGHFDGDFULVWDOL]DFLyQ

7DQ SURQWR LQWURGXFLPRV HO )RQGDQW \ YHPRV DSDUHFHU ORV PLQ~VFXORV FULVWDOLQRV
DOLPHQWDPRVDJXDDXWRPiWLFDPHQWHFRQWURODGRFRQHOPLFURSURFHVDGRUDWUDYpVGHOD
YiOYXOD\PDQWHQHPRVODVREUHVDWXUDFLyQVLQFDPELRGXUDQWHPLQXWRVYHPRV
TXH HO VREUDQWH KD VLGR UHFRJLGR \ TXH ORV Q~FOHRV HVWiQ GHVDUUROOiQGRVH
DGHFXDGDPHQWH(VPX\LPSRUWDQWHTXHKDVWDHVWHPRPHQWRHOYDFtRVHPDQWHQJDHQ
ò´VLQYDULDFLyQDSUHFLDEOH\RODWHPSHUDWXUDHQHOWXERFHQWUDOHQWUHƒ&

(QWRQFHV FDPELDPRV HO FRQWURO GHO VLVWHPD HO 0LFURSURFHVDGRU DO VLVWHPD GH
FRQVLVWHQFLD LQGLFDGR HQ HO GLDJUDPD SRU ORV 1ƒ  \  \ FDPELDPRV OD
DOLPHQWDFLyQDOWDFKRGHDJXDSDUDPLHO
7DQ SURQWR HPSH]DPRV D DOLPHQWDU PLHO HPSH]DPRV D OHYDQWDU SRTXLWR D SRTXLWR HO
YDFtRKDVWDOOHJDU SRFRDSRFR DOYDFtRQRUPDO HQQXHVWURFDVR´ ODWHPSHUDWXUDHQ
HOWXERFHQWUDOHQWRQFHVFDHUiDOUHGHGRUGHƒ)\DVtVHJXLUiHOWDFKRKDVWDOOHQDUVH

(Q OD ILJXUD F SUHVHQWDPRV HO VLVWHPD FRPSOHWR SDUD PDVD FRFLGD ³&´ TXH
DFWXDOPHQWHXVDPRV
(Q PHGLR GHO GLDJUDPD WHQHPRV HO WDFKR TXH OODPDUHPRV ³&HQWHU´ TXH FRUUHVSRQGH
FRQHOTXHDQWHULRUPHQWHGHVFULELPRVHQHOGLEXMRILJE
&RPR\DGLMLPRVXVDPRVOE'HIRQGDQWSLHVF~ELFRVGHFRFLPLHQWR


3$626'(/6,67(0$


• &ULVWDOL]DFLyQHQHOWDFKRFHQWHU

• /OHQDU HO WDFKR DOLPHQWDQGR PLHO SXHGH SRQHUVH XQ SRTXLWR GH PLHO ³$´
SULPHUR GLJDPRV XQRV  SLHV F~ELFRV \ HQWRQFHV HO UHVWR GH PLHO
$

• &XDQGR HO WDFKR HVWp OOHQR VH SDVD OD PLWDG GH OD FDUJD DO WDQTXH GH
DOPDFHQDPLHQWRGHJUDQR1ƒODRWUDPLWDGTXHTXHGDHQHOWDFKRVHYXHOYHD
DOLPHQWDUFRQ0LHO$\VHOOHQDODFDUJDGHOWDFKRHQWRQFHVUHSUHVHQWDSLHV
GHPDVDFRFLGD³&´

• 6HSDVDQGRVSLHVDOWDQTXHGHDOPDFHQDPLHQWRGHJUDQR1ƒ\VHGHMDXQSLHHQ
HOWDFKR&HQWHUTXHVHUiHOSLHGHSULPHUDPDVD³&´GHODVHULH

• /RVWDFKRV(DVW \R:HVWWRPDURQSLHVGHOJUDQHUR1ƒ \VRQGRVPDVDV³&´
PiVGHODVHULH

• &XDQGRVHWHUPLQHFRQORVSLHVGHOJUDQHUR1ƒHOWDFKRFHQWUHQRHO(DVWWRPD
ORTXHDQWHULRUPHQWHVHKDEtDGHSRVLWDGRHQHOJUDQHUR1ƒTXHVHUiQQXHYRV



,QGLFH

SLHVRVHDHOƒƒ \ƒGHODVHULH&XDQGR HOWDFKRTXHFDUJXHGHOJUDQHUR


1ƒVHOOHQHGHSRVLWDGRVSLHVHQHOJUDQHUR\VHTXHGDFRQXQSLH

&RPRHVQDWXUDODQWHVTXHVHDFDEHXQDVHULH\DKDEUiKDELGRTXHFULVWDOL]DUGHQXHYR
SDUDFRPHQ]DURWUDVHULH
(O SHUVRQDOGHWDFKRVHQVHJXLGD HQFXHQWUDODFRPELQDFLyQDGHFXDGD \ HOWLHPSRHQWUH
ORV WDFKRV \ORVJUDQHURVSDUDQXQFDTXHGDUVHVLQJUDQRVSDUDSLHVSHURTXHWDPSRFR
OHVVREUH

(QQXHVWURFDVRFRPRVHLQGLFDHQHOGLDJUDPDILJHOWDFKRZHVWVyORWUDEDMDPDVD
FRFLGD³&´DFFLGHQWDOPHQWH\ODPD\RUSDUWHGHOWLHPSRORTXHWUDEDMDHVPDVDFRFLGD
$\$RGHVDUUROODQGRPDJPDSDUDHVWDV

(O VLVWHPD HOHFWUyQLFR TXH XVDPRV SDUD OD VREUHVDWXUDFLyQ HVWi EDVDGD HQ HO
PLFURSURFHVDGRU%DVHG,QGLFDWLQJ&RQWUROOHU0RGHO0&$;&[VXPLQLVWUDGRU
SRU)LVKHU 3RUWHU
(O VLVWHPD HOpFWULFR TXH XVDPRV SDUD OD FRQVLVWHQFLD HVWi EDVDGR HQ XQ =LHJOHU
&RQVLVWHQF\3UREH0RGHO&VXPLQLVWUDGRSRU7D\ORUR=LHJOHU

(O FRQWURO GH OD VREUHVDWXUDFLyQ GH OD PDVD HQ HO WDFKR GH YDFtR HV HVHQFLDO SDUD OD
REWHQFLyQ GH XQ SURGXFWR XQLIRUPH \ GH FDOLGDG OLEUH GH JUDQRV IDOVRV \
FRQJORPHUDGRV 0DQWHQHU HO YDORU GH OD VREUHVDWXUDFLyQ HQWUH  \  JDUDQWL]DQ
DGHPiV XQD FULVWDOL]DFLyQ GH OD PDVD FRFLGD HQ WLHPSRV PtQLPRV ORJUiQGRVH
VLJQLILFDWLYRVDKRUURVHQWLHPSRGHSURFHVR\HQHUJtD

$SHVDUGHODLPSRUWDQFLDHQHVWHFRQWUROQRVHKDSRGLGRDXWRPDWL]DUHQODPD\RUtDGH
ORV,QJHQLRVGHELGRDODFRPSOHMLGDGGHORVFiOFXORVGHORVYDORUHVGHVREUHVDWXUDFLyQD
SDUWLUGHODVYDULDEOHVPHGLEOHV
/D VREUHVDWXUDFLyQ KD VLGR FRQWURODGD PDQXDOPHQWH 6H XWLOL]D HO PXHVWUHR \ OD
H[SHULHQFLD DFRPSDxDGDV DOJXQDV YHFHV GH LQVWUXPHQWDFLyQ DLVODGD 3DUD D\XGDU HO
FRQWURO PDQXDO WDOHV FRPR PHGLGRUHV GH FRQVLVWHQFLD WHPSHUDWXUD \ SUHVLyQ DEVROXWD
GHODPDVDFRFLGD/DFDOLGDG\XQLIRUPLGDGGHOSURGXFWRFULVWDOL]DGRGHSHQGHHQJUDQ
SDUWHGHOIDFWRUKXPDQR\HVWiQH[SXHVWDVDVXVIDOODVHLQHILFLHQFLDV

6LQ HPEDUJR FRQ ODV QXHYDV WHFQRORJtDV HOHFWUyQLFDV OD JHQHUDFLyQ GH FRQWURODGRUDV
³0LFUR 3URFHVVRU %DVHG´ WLHQHQ FDSDFLGDG GH UHDOL]DU XQ VLQ Q~PHUR GH FiOFXORV
PHGLDQWHXQDSURJUDPDFLyQSUHYLDPHQWHLQWURGXFLGDSDUDFDGDSURFHVRSDUWLFXODU/RV
QXHYRVFRQWURODGRUHVQRHVWiQOLPLWDGRVDXQVLPSOHFRQWURO3,' EDQGDSURSRUFLRQDO
LQWHJUDOGHULYDWLYD  R D ODV RSHUDFLRQHV DGLFLRQDOHV EiVLFDV FRPR ³2YHUULGH´ \
³)HHGIRUZDUG´ VLQR TXH HVWiQ FDSDFLWDGRV PHGLDQWH SURJUDPDFLyQ SDUD UHDOL]DU
FXDOTXLHU WLSR GH RSHUDFLyQ PDWHPiWLFD TXH HO SURFHVR UHTXLHUD &RQVHFXHQWHPHQWH
FRQWUROHVDXWRPiWLFRVGHSURFHVRVFRPSOLFDGRVKDVWDDKRUDQRMXVWLILFDEOHGHELGRDVX
FRPSOHMLGDG \ FRVWR SXHGHQ KR\ GtD OOHYDUVH D FDER PHGLDQWH XQ FRQWURODGRU
SURJUDPDEOHGHEDMRFRVWR\VHQFLOODRSHUDFLyQ

/D OtQHD GH LQVWUXPHQWDFLyQ 0,&52 '&, GH )LVKHU  3RUWHU LQFOX\HQ HO FRQWURODGRU
3URJUDPDEOH ³0LFURSURFHVVRUEDVHG´ PRGHOR 0& FDSD] GH UHDOL]DU WRGDV ODV
WDUHDVUHTXHULGDVSRUFXDOTXLHUSURFHVRPHGLDQWHSUHYLDSURJUDPDFLyQGHVXVIXQFLRQHV
)LVKHU\3RUWHUKDGHVDUUROODGRSDUDHVWH&RQWURODGRUODSURJUDPDFLyQFRUUHVSRQGLHQWHD



,QGLFH

ODDSOLFDFLyQGHOFRQWUROGHVREUHVDWXUDFLyQHQHOWDFKRGHYDFtRSDUDODFULVWDOL]DFLyQ
(OFRQWURODGRU0&FRQHVWDSURJUDPDFLyQKDVLGRXWLOL]DGRFRQp[LWRHQYDULRV
,QJHQLRVGHD]~FDUHQ)ORULGD86$WDOHVFRPR7DOLVPiQ6XJDU&RUSRUDWLRQ


'(6&5,3&,Ï1'(/&21752/

3DUD(/FRQWUROGHODVREUHVDWXUDFLyQHQHOWDFKRGHYDFtRHO&RQWURODGRU0&
ILJXUD G QHFHVLWD UHFLELU LQIRUPDFLyQ GH OD WHPSHUDWXUD \ SUHVLyQ DEVROXWD GH OD
PDVD FRFLGD HQ HO WDFKR 6H XWLOL]D XQ WUDQVPLVRU GH WHPSHUDWXUD )LVKHU &RQWUROV
0RGHOR 30 \ XQ 7UDQVPLVLyQ GH 3UHVLyQ $EVROXWD )LVKHU \ 3RUWHU PRGHOR
'33$PERVSULPDULRVWUDQVPLWHQDO&RQWURODGRUXQDVHxDOHOHFWUyQLFDDQDOyJLFD
P$'&

(OFRQWURODGRUGHEHSULPHURFDOFXODUHO³ERLOLQJSRLQWULVH´GHODPDVDFRFLGDTXHHVHO
LQFUHPHQWR GH VX WHPSHUDWXUD  VREUH OD WHPSHUDWXUD GHO YDSRU VDWXUDGR D OD SUHVLyQ
DEVROXWDGHOWDFKR

2VHD

(3( 70&796

'RQGH

(3( (OHYDFLyQGHOSXQWRGHHEXOOLFLyQGHODPDVDFRFLGD
70& 7HPSHUDWXUDGHODPDVDFRFLGD
796 7HPSHUDWXUDGHOYDSRUVDWXUDGRDODSUHVLyQGHOWDFKR

3DUDHOFiOFXORGHODWHPSHUDWXUDGHOYDSRUVDWXUDGRDODSUHVLyQGHOWDFKRVHXWLOL]DOD
IyUPXODVLJXLHQWH

796 3D


'RQGH

3D3UHVLyQDEVROXWDGHOWDFKR

8QDYH]REWHQLGRHOYDORUGHOD(3(HOFRQWURODGRUFDOFXODGHSHQGLHQGRGHODSXUH]D
DSDUHQWH GHVHDGD SDUD OD PDVD FRFLGD OD (3( SDUD OD PDVD FRFLGD SDUD XQD
REUHVDWXUDFLyQGH

3DUDHVWHFiOFXORVHXWLOL]DODIyUPXODVLJXLHQWH

(3( 66   ±   S]D  S]D    3]D 70& 



'RQGH

(3( 66  (OHYDFLyQGHOSXQWRGHHEXOOLFLyQSDUDXQDVREUHVDWXUDFLyQGH



,QGLFH

3]D  3XUH]DDSDUHQWHGHVHDGD
70&  7HPSHUDWXUDGHODPDVDFRFLGD

)LQDOPHQWHODVREUHVDWXUDFLyQGHODPDVDFRFLGDVHFDOFXODDVt

66 (3((3( 66  

'RQGH

666REUHVDWXUDFLyQGHODPDVDFRFLGD

&RQ HO GDWR GH OD VREUHVDWXUDFLyQ HO &RQWURODGRU OR FRPSDUD FRQ HO SXQWR GH DMXVWH
PHGLDQWH HO FRQWURO 3,' \ DFW~D VREUH OD YiOYXOD GH FRQWURO )LVKHU &RQWUROV PRGHOR
('GH´HQODDOLPHQWDFLyQGHOWDFKRDOYDFtR

'HHVWDPDQHUDVHFLHUUDHOOD]RGHFRQWURO\VHREWLHQHHQHOWDFKRXQDVREUHVDWXUDFLyQ
LJXDODOYDORUHVWDEOHFLGRHQHOSXQWRGHDMXVWHGHOFRQWURODGRU


5$1*2687,/,=$'26


/RVUDQJRVXWLOL]DGRVSDUDODVGLIHUHQWHVYDULDEOHVGHSHQGHQGHFDGD,QJHQLR\GHEHUiQ
GHILQLUVHSDUDODDGHFXDGDFDOLEUDFLyQGHORVLQVWUXPHQWRVSULPDULRVGHPHGLFLyQ
6LQHPEDUJRHQWpUPLQRVJHQHUDOHVORVUDQJRVXWLOL]DGRVSDUDHOSURFHVRGHFRQWUROGH
VREUHVDWXUDFLyQVRQORVVLJXLHQWHV



3UHVLyQDEVROXWD SVLD
7HPSHUDWXUD  ƒ)
3XUH]DDSDUHQWH 
6REUHVDWXUDFLyQ 

(VWRV GDWRV VRQ LQFOXLGRV HQ HO ³'DWD %DVH´ GHO FRQWURODGRU \ SXHGHQ VHU YDULDGRV
PHGLDQWHHOWHFODGRLQWHUQRGHOLQVWUXPHQWR
(O GDWR GH VREUHVDWXUDFLyQ GHVHDGR SDUD OD PDVD FRFLGD HV HO 3XQWR GH DMXVWH GHO
&RQWURODGRU\SXHGHQVHUYDULDGRVPHGLDQWHHOWHFODGRLQWHUQRGHOLQVWUXPHQWR
(O GDWR GH VREUHVDWXUDFLyQ GHVHDGR SDUD OD PDVD FRFLGD HV HO 3XQWR GH DMXVWH GHO
&RQWURODGRU 7DQWR HO 3XQWR GH DMXVWH FRPR HO YDORU UHDO GH OD VREUHVDWXUDFLyQ VH
PXHVWUDQHQGRVGLVSOD\GHEDUUDV/('HQODFDUiWXODGHOFRQWURODGRU(O3XQWRGHDMXVWH
GH OD VREUHVDWXUDFLyQ GHEH XELFDUVH HQWUH  \  YDORUHV LQIHULRUHV D  KDFHQ
GHPDVLDGR OHQWR HO SURFHVR GH FULVWDOL]DFLyQ \ YDORUHV VXSHULRUHV D  SURGXFHQ
JUDQRVIDOVRV\FRQJORPHUDGRV








,QGLFH








,QGLFH































,QGLFH

*5$),&$&,Ï1

8QDYH]FDOFXODGRHOYDORUGHODVREUHVDWXUDFLyQGHODPDVDFRFLGD\DQWHVGHHQWUDUDO
3,'&RQWUROHOFRQWURODGRUHQYtDHOGDWRGHODVREUHVDWXUDFLyQDXQJUDILFDGRU)LVFKHU
3RUWHU0RGHORGHFDUWLOODOLQHDOSDUDVXJUDILFDFLyQ
(OJUDILFDGRULJXDOTXHHOFRQWURODGRUHVSDUDLQVWDODFLyQHQSDQHOFRQFDUiWXODGH´[
´GHSURIXQGLGDG



&21752/'(9$&Ë2

3DUD3RGHUWHQHUXQSURGXFWRXQLIRUPH\GHFDOLGDGFRQHOFRQWUROGHVFULWRHVQHFHVDULR
PDQWHQHUXQYDFtRHVWDEOHRVHDHYLWDUYDULDFLRQHVHQODSUHVLyQDEVROXWDGHOWDFKR$
SHVDUGHTXHHO&RQWURODGRU3URJUDPDEOHSXHGHFDOFXODUODVREUHVDWXUDFLyQ\FRQWURODUOD
SDUDFXDOTXLHUDGHORVYDORUHVGHWHPSHUDWXUD\SUHVLyQGHQWURGHORVUDQJRVQRUPDOHV
GH RSHUDFLyQ GHO WDFKR DO YDFtR FDPELRV DEUXSWRV GH SUHVLyQ GXUDQWH XQD RSHUDFLyQ
SURYRFDQ TXH OD PDVD FRFLGD FDPELH VX WHPSHUDWXUD HO HOHPHQWR PHGLGRU GH
WHPSHUDWXUDWLHQHXQDUHVSXHVWDOHQWDDORVFDPELRVSRUORTXHGXUDQWHXQEUHYHWLHPSR
HOFRQWUROSXHGHSHUGHUH[DFWLWXG&RQVHFXHQWHPHQWHXQFRQWUROGHYDFtRHVDOWDPHQWH
UHFRPHQGDEOHSDUDDVHJXUDUXQDSUHVLyQDEVROXWDHVWDEOHGXUDQWHODRSHUDFLyQ

(O FRQWURO GH YDFtR HV PX\ VHQFLOOR \ VH UHDOL]D FRQWURODQGR HO IOXMR GH DJXD DO
FRQGHQVDGRU GH YDFtR 3DUD HVWH FRQWURO EDVWD XQ FRQWURODGRU LQGLFDGRU QHXPiWLFR
)LVKHU&RQWUROVPRGHORPRQWDGRGLUHFWDPHQWHVREUHXQDYiOYXODWLSRPDULSRVDGH
´´y´VHJ~QHOFDVR(OFRQWURODGRUUHFLEHODVHxDOGHSUHVLyQGHOWDFKR\DFW~D
GLUHFWDPHQWH VREUH OD YiOYXOD TXH UHJXOD HO DJXD PDQWHQLHQGR HVWDEOH HO YDFtR HQ HO
WDFKR9HUILJH

) &RPHQWDULRV 6REUH HO 8VR GHO 0pWRGR GH OD (3( SDUD HO FRQWURO GH OD
6REUHVDWXUDFLyQ

3DUD ORV SURSyVLWRV SUiFWLFRV OD PHGLFLyQ GH OD 66 PHGLDQWH OD (3( HV VHQVLWLYD \
UHSHWLEOH OR FXDO HV XQD JUDQ YHQWDMD SDUD OD REWHQFLyQ GH XQD RSHUDFLyQ WtSLFD 3HUR
GHVGH HO SXQWR GH YLVWDGH ORV YDORUHV DEVROXWRVHO FRQWURO VREUH OD EDVH GH OD (3( HV
PX\LQGHSHQGLHQWHGHORVFDPELRVHQHOYDFtRQLYHO\YLVFRVLGDG/DUHODFLyQHQWUH66
\ (3( QR HVWi ELHQ GHILQLGD SHUR HQWUH RWUDV FRVDV HV GHSHQGLHQWH GHO
VREUHFDOHQWDPLHQWRGHODPDVDFRFLGDFXDQGRSDVDDWUDYpVGHORVWXERVGHODFDODQGULD
(VWH VREUHFDOHQWDPLHQWR GHSHQGH GHO GLVHxR GHO WDFKR YDFtR QLYHO YLVFRVLGDG \ OD
SUHVLyQGHOYDSRU

(VWH PpWRGR EDVDGR HQ OD (3( UHTXLHUH XQD SUHFLVLyQ DOWD HQ OD PHGLFLyQ GH
WHPSHUDWXUDV \ SUHVLRQHV \ HQ OD SUiFWLFD HVWR QR HV IiFLOPHQWH ORJUDEOH /DV UD]RQHV
SDUDHVWRVHPXHVWUDQHQODVILJXUDV\

/D ILJXUD  PXHVWUD OtQHDV GH SUHVLyQ FRQVWDQWH VREUH XQ JUiILFR GH WHPSHUDWXUD
FRQFHQWUDFLyQ6LQRVRWURVFRQVLGHUDPRVODOtQHD+´+JDEVHOOLFRUVHUiHYDSRUDGR
D OR ODUJR GH HVWD OtQHD  KDVWD HO SXQWR GH VHPLOODPLHQWR /D WHPSHUDWXUD VH HOHYD D
PHGLGDTXHDYDQ]DPRVSRUODOtQHDGHSUHVLyQFRQVWDQWHSHURFRPRYHPRVHQHOJUiILFR



,QGLFH

GH OD ILJXUD  OD HOHYDFLyQ GH WHPSHUDWXUD HV EDVWDQWH SHTXHxD 3DUD ƒ E[ 'H
DXPHQWRHQODFRQFHQWUDFLyQODWHPSHUDWXUDVHHOHYDVRODPHQWHƒ)6LREVHUYDPRVODV
OtQHDVGH66HQHOPLVPRJUiILFRYHPRVTXHSDUDXQDGLIHUHQFLDGHƒE[(OFDPELRHQ
HOƒ66SXHGHVHUGHORFXDOHVEDVWDQWHVLJQLILFDWLYR

3DUD REWHQHU XQD SUHFLVLyQ HQ OD 66 GLJDPRV  ±  y ±  GH 66 QHFHVLWDPRV
PHGLUODWHPSHUDWXUDD±ƒ)\ODVSUHVLRQHVD±´+J

8Q VHJXQGRSUREOHPDHVTXHOD FRQFHQWUDFLyQGHOOLFRUQR HVHVWDEOHDORODUJRGHOD
OtQHDGHSUHVLyQFRQVWDQWHGHELGRDODVYDULDFLRQHVGHGHQVLGDGGHOOLFRUTXHVDOHGHORV
HYDSRUDGRUHV8QDXPHQWRGHƒ%[HQODGHQVLGDGGHOOLFRUKDFHTXHVHSURGX]FDDXWR
HYDSRUDFLyQ SRU DEDMR GH OD WHPSHUDWXUD GH DOLPHQWDFLyQ 6LQ HPEDUJR WDQ SURQWR VH
DOLPHQWDYDSRUDODFDODQGULDFXDQGRVHFDUJDHOWDFKRODWHPSHUDWXUDVHHOHYDRWUDYH]
(QWRQFHVODWHPSHUDWXUDGHVFLHQGH \DOFDQ]DXQPtQLPR\VHLQFUHPHQWDRWUDYH]SRU
XQSHUtRGRGHYDULRVPLQXWRVFRPRVHPXHVWUDHQHOJUiILFRGHODILJXUD'HVSXpV
GHXQFRUWRWLHPSRGHODDUUDQFDGDODWHPSHUDWXUDVHHOHYD\DOFDQ]DODWHPSHUDWXUDGH
VHPLOODPLHQWRSODQLILFDGD

&RPRVHSXHGHYHUODWHPSHUDWXUDHQWDOSXQWRQRHVXQDWHPSHUDWXUDGHHTXLOLEULR\
SRUORWDQWRQRHVDFHSWDEOHSDUDUHSUHVHQWDUXQYDORUSUHFLVR

(O WHUFHU SUREOHPD HV OD LQIOXHQFLD GH XQD JUDQ PDVD GH FDOHQWDPLHQWR WDO FRPR XQD
FDODQGULDSXHGHWHQHUVREUHHOOLFRU
(OJUiILFRGHODILJPXHVWUDODGLIHUHQFLDHQWHPSHUDWXUDFHUFDGHODVXSHUILFLH \
SRUHQFLPDGHODFDODQGULDSDUDDJXD

&RQDJXDODWHPSHUDWXUDSRUHQFLPDGHODFDODQGULDSXHGHVHUGHƒ)PiVDOWDTXH
ODFDOFXODGDWHyULFDPHQWHDSDUWLUGHODSUHVLyQ&RQOLFRUHVWDGLIHUHQFLDHVPD\RU

$ SHVDU GH ORV SUREOHPDV DQWHULRUHV HO XVR GHO PpWRGR GH OD (3( GD UHVXOWDGRV
UHSURGXFLEOHV HQ OD SUiFWLFD SULQFLSDOPHQWH SRUTXH ORV HUURUHV VRQ FDXVDGRV SRU
IDFWRUHVGLQiPLFRV\HQODVRSHUDFLRQHVGHUXWLQDHVWRVVRQFDVLVLHPSUHORVPLVPRV

(TXLSRVTXH0LGHQOD7UDQVPLVLyQGHO&DORU

(O FRHILFLHQWH GH WUDQVIHUHQFLD GH FDORU JOREDO HQWUH XQD VXSHUILFLH VyOLGD \ OD PDVD
FRFLGD EDMR SUXHED  HV XQD SURSLHGDG OD FXDO HV UHODWLYDPHQWH IiFLO GH PHGLU \ HV
JUDQGHPHQWHGRPLQDGDSRUODYLVFRVLGDGGHODPDVDFRFLGD\HQGHILQLWLYDSRUHOƒ66

$QWHVTXHH[SORUHPRVODUHODFLyQHQWUHHOƒ66\HOFRHILFLHQWHGHWUDQVIHUHQFLDGHFDORU
DOJXQDV FRQVLGHUDFLRQHV GHEHQ VHU GDGDV SULPHUR VREUH ODV PHGLFLRQHV SUiFWLFDV DO
PHQRVFRQUHODFLyQDOFRHILFLHQWHGHWUDQVIHUHQFLDEDMRFRQGLFLRQHVGHRSHUDFLyQ

(OFRHILFLHQWHGHWUDQVIHUHQFLDGHFDORU K FRPRVHUHFRUGDUiHV

+ $∆7[G4GW  GRQGH

G4GW UD]yQGHIOXMRGHFDORU




,QGLFH

$ ÈUHD

∆7 GLIHUHQFLDGHWHPSHUDWXUD

(QLQVWUXPHQWRVSDUDPHGLURUHJLVWUDUKHOFDORUHVVXPLQLVWUDGR RUHPRYLGRGHVGH 
FXHUSRVVyOLGRVGHGLPHQVLRQHVILMDV\ODGLIHUHQFLDGHWHPSHUDWXUDHQWUHHOVyOLGR\HO
IOXLGRDQRWDGDVSDUDXQDUD]yQILMDGHFDORUGHHQWUDGD
$OWHUQDWLYDPHQWHHOFDORUGHHQWUDGD SRVLWLYRRQHJDWLYR GHEHDMXVWDUVHSDUDGDUXQD
GLIHUHQFLD GH WHPSHUDWXUD SUHGHWHUPLQDGD (Q XQR X RWUR FDVR HO FRHILFLHQWH GH
WUDQVIHUHQFLDGHFDORUSXHGHVHUWRPDGRFRPRSURSRUFLRQDODODUD]yQ

5D]yQGHFDORUGH(QWUDGD∆7HQWUHHOVyOLGR\HOIOXLGR

(Q HO UHJLVWUDGRU GH WUDQVPLVLyQ GH HEXOOLFLyQ GHVFULWR SRU 7URPS XQ YDVR GH FREUH
SHTXHxRDGHFXDGDPHQWHORFDOL]DGRVHFDOLHQWDSRUYDSRUDXQDWHPSHUDWXUDFRQVWDQWH\
ODUD]yQGHIOXMRGHOFDORUDWUDYpVGHODVXSHUILFLHHVSURSRUFLRQDODODUD]yQDODFXDOHO
YDSRU HV FRQGHQVDGR VH H[WUDH SRU PHGLR GH XQD WUDPSD \ VH PLGH (O YROXPHQ
FROHFWDGRSRUXQLGDGGHWLHPSRFRUUHJLGRVLHVQHFHVDULRSRUFXDOTXLHUFDPELRJUDQGH
HQODWHPSHUDWXUDGHODPDVDFRFLGDHVGLUHFWDPHQWHSURSRUFLRQDODOFDORU

(Q XQD PRGLILFDFLyQ GH HVWH LQVWUXPHQWR GHVFULWD SRU 'LWPDU -DQVVH HO YDVR GH
PHGLFLyQ VH HQIUtD SRU XQD FRUULHQWH GH DJXD IUtD OD FXDO HQWUD D XQD WHPSHUDWXUD \
UD]yQ GH IOXMR FRQVWDQWH (Q HVWD RFDVLyQ HO IOXMR GH FDORU GHVGH HO OtTXLGR DO FXHUSR
VyOLGRFDXVDXQDHOHYDFLyQHQODWHPSHUDWXUDGHODJXDFLUFXODQWHDWUDYpVGHOVyOLGR\
SRU OR WDQWR OD UD]yQ GH IOXMR GH DJXD VH PDQWLHQH FRQVWDQWH  \ HV GLUHFWDPHQWH
SURSRUFLRQDODHVDHOHYDFLyQGHWHPSHUDWXUD
(OYDVRGHFREUHVHVLW~DHQHOWXERFHQWUDOGHOWDFKRSRUDEDMRGHOQLYHOGHFDUJD\VH
FRQHFWDFRQWXERVGHFREUHDODVSDUHGHVGHOWDFKR\DOIRQGR
(O YDSRU VH VXPLQLVWUD SRU PHGLR GH XQD YiOYXOD GH DJXMD &XDQGR HO FRHILFLHQWH GH
WUDQVIHUHQFLD GHO FDORU HQ OD VXSHUILFLH GHO YDVR GH FREUH HV DOWR RFXUUH XQD
FRQGHQVDFLyQ UiSLGD HQ HO YDVR \ HO YDSRU QR SXHGH HVFDSDU D WUDYpV GH OD YiOYXOD GH
DJXMDORVXILFLHQWHPHQWHUiSLGRSDUDPDQWHQHUODSUHVLyQ

(VWDSUHVLyQGHVGHOXHJRFDH \HOYDSRUVHFRQGHQVDDXQDWHPSHUDWXUDPiVEDMD8Q
WHUPyPHWURVLWXDGRHQHOFRQGHQVDGR\FRQHFWDGRDXQUHJLVWUDGRUGDXQDOHFWXUDGHHVWD
WHPSHUDWXUD(OUHJLVWUDGRUVLPXOWiQHDPHQWHPDQWLHQHXQUHJLVWURGHOYDFtRHQHOGRPR
GHOWDFKR(VWDSUHVLyQHVGHVGHOXHJRXQDPHGLFLyQLQGLUHFWDGHODWHPSHUDWXUDGHOD
PDVDFRFLGDDOUHGHGRUGHOYDVRGHFREUHSRUORFXDOODWHPSHUDWXUDGHOFRQGHQVDGRHV
XQD PHGLFLyQLQGLUHFWDGHOD UD]yQGHFRQGHQVDGR \ HQWRQFHVGHOD UD]yQGHIOXMRGH
FDORUDODPDVDFRFLGDGHVGHHOYDSRUDODWHPSHUDWXUDGHOFRQGHQVDGR$SDUWLUGHHVWRV
GRVUHJLVWURVHOFRHILFLHQWHGHWUDQVPLVLyQGHOFDORUSXHGHVHUGHULYDGR(OFRHILFLHQWH
GHWUDQVIHUHQFLDGHFDORUHVWiLQIOXHQFLDGRHQDOJXQDH[WHQVLyQSRUODYLVFRVLGDGGHOD
PDVD FRFLGD HQ OD FXDO HO YDVR GH  FRQWURO HVWi VLWXDGR \ HV PXFKR PiV IXHUWHPHQWH
LQIOXHQFLD  SRU OD UD]yQ GH IOXMR VREUH HO YDVR 2WUD YH] OD UD]yQ GH IOXMR GH OD PDVD
FRFLGD VREUH ORV HOHPHQWRV GH FDOHQWDPLHQWR HV IXHUWHPHQWH LQIOXHQFLDGD SRU OD
YLVFRVLGDGGHODPDVDFRFLGDVREUHORVPLVPRV&RQVHFXHQWHPHQWHVHKDKDOODGRTXHOD
OHFWXUDGHOUHJLVWUDGRUGHWUDQVPLVLyQGHOFDORUHVSUHGRPLQDQWHPHQWHLQIOXHQFLDGDSRU
OD YLVFRVLGDG GH OD PDVD FRFLGD HQ ORV HOHPHQWRV GH FDOHQWDPLHQWR \ SRU VXV 66 
WHQLHQGRHQFXHQWDTXHODYHORFLGDGGHIOXMRVREUHHOFRQWURODGRUHV\DODPLVPDFRPR



,QGLFH


























,QGLFH

RWDPELpQGLUHFWDPHQWHSURSRUFLRQDODODUD]yQGHIOXMRVREUHORVHOHPHQWRV3RUHVWD
UD]yQ OD SRVLFLyQ GHO FRQWURODGRU HQ HO WDFKR HV LPSRUWDQWH 'H DFXHUGR FRQ 'LWPDU
-DQVVHHOYDVRGHEHRULHQWDUVHYHUWLFDOPHQWH\SXHVWRHQHOWXERFHQWUDOGHOWDFKROHMRV
GHODVSDUHGHV\WXEHUtDVGHDOLPHQWDFLyQODVFXDOHVSXHGHQFDXVDUGLVWXUELRVORFDOHVHQ
HOSDWUyQGHFLUFXODFLyQ(OYDVRQRGHEHSRQHUVHQXQFDHQODSDUWHPiVEDMDGHOWXER
FHQWUDO

9DULRVIDFWRUHVSXHGHQLQIOXHQFLDUHQHOFRHILFLHQWHGHWUDQVPLVLyQGHFDORUDIHFWDQGR
DGYHUVDPHQWHODSUHFLVLyQGHOJUDGRGH66HVWLPDGR\VRQ

• 8Q DOWR FRQWHQLGR GH FDOFLR SXHGH SURGXFLU XQD YLVFRVLGDG DQRUPDOPHQWH
DOWD HQ OD PLHO HQ HO UDQJR GH  ƒ%[ (VWR EDMD HO FRHILFLHQWH GH
WUDQVIHUHQFLDGHFDORU

• (O UHWRUQR GH SURSRUFLRQHV JUDQGHV GH QRD]~FDUHV HQ ORV D]~FDUHV & PDO
SXUJDGRVSXHGHQWHQHUHOPLVPRHIHFWRTXHHOFRQWHQLGRDQRUPDOGHFDOFLR

• 8QD DWHQFLyQ LPSURSLD HQ FXDQWR D OD OLPSLH]D SURGXFH SROLVDFDULGRV
YLVFRVRVDWUDYpVGHFRQWDPLQDFLRQHVEDFWHULROyJLFDV

• &RQGLFLRQHV GH RSHUDFLyQ QR DGHFXDGDV WDPELpQ FRPR XQD SREUH
FRQVWUXFFLyQ \ 66 DOWD SXHGHQ SURGXFLU XQD UD]yQ GH FLUFXODFLyQ
DQRUPDOPHQWH EDMD HQ HO WDFKR GDQGR XQD OHFWXUD EDMD GHO UHJLVWUDGRU GH
WUDQVPLVLyQGHFDORU

• (VQHFHVDULDODOLPSLH]DGHOYDVRHQVLPLVPR

• (QORVLQVWUXPHQWRVGHWHPSHUDWXUDEDMD ORVDEDVWHFLGRVFRQDJXDIUtD\QR
FRQ YDSRU  HV GHVHDEOH ILOWUDU HO DJXD SDUD HYLWDU ODV LQFUXVWDFLRQHV TXH
FDXVDQUHVLVWHQFLDWpUPLFDVREUHHOODGRGHOYDVR

6RHVPDQ KD FRPSDUDGR HO UHQGLPLHQWR GH FLHUWR Q~PHUR GH LQVWUXPHQWRV SDUD HO
FRQWUROGHWDFKRV HQWUH HOORVHOGHWUDQVPLVLyQGHFDORU \VHxDOyHVWH PpWRGRHV
WHyULFDPHQWH QR SUHIHULEOH DO GH FRQGXFWLYLGDG \D TXH OD UHODFLyQ HQWUH 66 \
WUDQVPLVLyQGHFDORUHVPHQRVGLUHFWDTXHHQWUHFRQGXFWLYLGDG\66 (OVHxDOyTXH
DPERVPpWRGRVSURYHHQXQPpWRGRGHFRQWUROGHOFXDOHVLQGHSHQGLHQWHPHQWHGHOD
YDULDFLyQ GH SUHVLyQ SHUR DQRWy TXH HO HIHFWR GH ORV FDPELRV GH SXUH]D VREUH OD
UHODFLyQHQWUHHOFRQWUROGHSURSLHGDG\HOJUDGRGH66VHUHTXLHUHXQDLQYHVWLJDFLyQ
PiVDPSOLD

 (TXLSRVTXH0LGHQHOËQGLFHGH5HIUDFFLyQ

$5HIUDFFLyQ

$XQTXHODUHIUDFFLyQHVXQDSURSLHGDGQRHVSHFtILFDSRFDVVXVWDQFLDVWLHQHQtQGLFHVGH
UHIUDFFLyQ LGpQWLFRV D XQD WHPSHUDWXUDV \ ORQJLWXGHV GH RQGDV GDGDV (O RULJHQ GH OD
UHIUDFFLyQ HVWi HQ OD WHQGHQFLD D OD GLVWRUVLyQ HQ XQ FDPSR HOpFWULFR HV GHFLU
SRODUL]DELOLGDGGHXQDVXVWDQFLD0LHQWUDVPD\RUHVODSRODUL]DELOLGDGGHXQDPROpFXOD
RORVLRQHVPiVHOHYDGRVHUiHOtQGLFHGHUHIUDFFLyQ



,QGLFH


















,QGLFH



























,QGLFH

3RU OR JHQHUDO OD UHIUDFFLyQ VH PLGH FRPR tQGLFH GH UHIUDFFLyQ Q TXH VH FDOFXOD
PHGLDQWHODH[SUHVLyQ

QQ   VHQLVHQU  



GRQGH

Q  (VHOtQGLFHGHUHIUDFFLyQGHOPHGLRDWUDYpVGHOFXDOODOX]HVLQFLGHQWHD
XQiQJXORL\UHVHOiQJXORGHUHIUDFFLyQHQHOPHGLRSDUDODUDGLDFLyQGHORQJLWXGGH


RQGDλ
&RQ HO SURSyVLWR GH VLPSOLILFDUOR HV FRQYHQLHQWH GHILQLU Q FRPR VL HO PHGLR  IXHUD
DLUH\Q IXHUDH[DFWDPHQWH(QWRQFHVHOtQGLFHGHUHIUDFFLyQFRP~QHVHQUHDOLGDG
XQtQGLFHGHUHIUDFFLyQFRQUHODFLyQDODLUHHQWRQFHVODH[SUHVLyQDQWHULRUTXHGDUtDDVt



Q  VHQLVHQU

%iVLFDPHQWH XQ GHWHUPLQDFLyQ GH Q UHTXLHUH VyOR OD PHGLFLyQ GH iQJXORV SRU HVWD
UD]yQ HO tQGLFH GH UHIUDFFLyQ SXHGH HQFRQWUDUVH FRQ PXFKD SUHFLVLyQ /D IDFLOLGDG \
H[DFWLWXG GH REVHUYDFLyQ VREUHSDVDQ ODV GH ODV GHWHUPLQDFLRQHV GH GHQVLGDG &RQ XQ
UHIUDFWyPHWURGHiQJXORFUtWLFRHVSRVLEOHORJUDUSUHFLVLRQHVGH[  XQLGDGHVGHQ


/RV tQGLFHV GH UHIUDFFLyQ DEVROXWRV R VHD FRQ UHODFLyQ DO YDFtR VH HQFXHQWUDQ
PXOWLSOLFDQGR HO Q UHODWLYR SRU HO tQGLFH GH UHIUDFFLyQ GHO DLUH VHFR D ƒ& \ D XQD
DWPyVIHUDGHSUHVLyQ

Q Q [Q Q [

DEV  UHDO DLUH  UHDO

/DORQJLWXGGHGHVYLDFLyQGHOUD\RHVSURSRUFLRQDODODYHORFLGDGGHODOX]HQORVGRV
PHGLRVODTXHDVXYH]HVIXQFLyQGHODVGHQVLGDGHVySWLFDVGHORVPHGLRV/DILJ
PXHVWUDGRVIHQyPHQRVLQWHUIDFLDOHVH[KLELGRVSRURQGDVHOHFWURPDJQpWLFDV

/DYHORFLGDGGHODOX]HQHOYDFtRHVGH& [ PVHJ


6XYHORFLGDGHQHODLUHHVFHQHODJXDHVGHF FRQOX]GHVRGLRDƒ&
\WRPDQGR1DLUH  \HOYLGULRRUGLQDULRHVDSUR[LPDGDPHQWHFSRUORWDQWRHO
tQGLFHGHUHIUDFFLyQVHSXHGHUHSUHVHQWDUWDPELpQFRPRQ FYGRQGH

F YHORFLGDGGHODOX]HQHOYDFtR
Y YHORFLGDGGHODOX]HQHOPHGLR
 
(O tQGLFH GH UHIUDFFLyQ YDUtD FRQ OD WHPSHUDWXUD OD ORQJLWXG GH RQGD GH OD OX] \ HQ
VROXFLRQHVGHVDFDURVDFRQODFDQWLGDGGHVyOLGRVHQVROXFLyQ3RUHMHPSORHOQGHXQD
VROXFLyQGHVDFDURVDDOHVGHHVHYLGHQWHSXHVTXHHOtQGLFHGHUHIUDFFLyQ
GHXQDVROXFLyQGHVDFDURVDWDPELpQHVtQGLFHGHVXFRQWHQLGRGHVDFDURVD
3RUUD]RQHVGHFRQYHQLHQFLDLQVWUXPHQWDO\GHRSHUDFLyQORVtQGLFHVGHUHIUDFFLyQSDUD
ILQHVDQDOtWLFRVVHREWLHQHQFRP~QPHQWHHQODUHJLyQYLVLEOH$KtODLQVWUXPHQWDFLyQHV
GLUHFWD \ODPD\RUtDGHODVVXVWDQFLDVQRVRQDEVRUEHQWHV(VWR~OWLPRFRQVWLWX\HXQD
YHQWDMD\DTXHXQDSpUGLGDIXHUWHGHLQWHQVLGDGRULJLQDUtDXQSUREOHPDGHGHWHFFLyQ

/D PD\RUtD GH ORV OtTXLGRV PXHVWUDQ XQD GLVPLQXFLyQ HQ HO tQGLFH GH UHIUDFFLyQ GH
DSUR[LPDGDPHQWHXQLGDGHVSRUJUDGRFHQWtJUDGRGHDXPHQWR3DUDXQD



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH



,QGLFH













,QGLFH

REVHUYDFLyQVHJXUDHQODFXDUWDGHFLPDOVHUHTXLHUHODUHJXODFLyQGHODWHPSHUDWXUDGH
ODVPXHVWUDVOtTXLGDVFXDQGRPHQRVD±ƒ&

% $SOLFDFLRQHV

&RPR XQ SDUiPHWUR GH PHGLFLyQ HO tQGLFH GH UHIUDFFLyQ VH XVD SULPDULDPHQWH HQ HO
GLVHxRGHORVHOHPHQWRVySWLPRVSHURXQDDSOLFDFLyQPiVDPSOLDHVODGHXQDEDVHSDUD
ODVPHGLFLRQHVGHFRQFHQWUDFLyQ
6LXQDVROXFLyQHVKHFKDSRUODGLVROXFLyQGHXQDVXVWDQFLDHQRWUDHOtQGLFHUHIUDFFLyQ
GHODVROXFLyQYDULDUiFRQODFRQFHQWUDFLyQHOUHIUDFWyPHWURGDUiXQDPHGLFLyQUiSLGD\
SUHFLVDGHORVVyOLGRVGLVXHOWRVHQODVROXFLyQ/DGHQVLGDG\HOtQGLFHGHUHIUDFFLyQVH
FDOFXODSRUODIyUPXOD

5HIUDFWLYLGDGHVSHFtILFD QG  
GRQGH

Q  DOtQGLFHGHUHIUDFFLyQ
G  DODGHQVLGDGGHODPXHVWUD

/DV HVFDODV UHIUDFWRPpWULFDV SXHGHQ VHU FDOLEUDGDV GLUHFWDPHQWH HQ WpUPLQRV GH
FRQFHQWUDFLyQSDUDDVtFXDOTXLHUVROXFLyQELQDULDVLQHPEDUJRHOFRVWRGHSURYHHUHVWDV
HVFDODV HVSHFLDOHV D YHFHV HV SURKLELWLYR 9DULDV GH ODV VROXFLRQHV PiV DPSOLDPHQWH
XVDGDV WLHQHQ VXV SURSLDV HVFDODV GH FRQFHQWUDFLyQ FRPR OR VRQ ODV VROXFLRQHV GH
D]~FDU

& 5HIUDFWyPHWURVGH7DFKR

(VWH HTXLSR VH H[WHQGLy HQ FLHUWDV iUHDV D]XFDUHUDV SHUR ~OWLPDPHQWH KD FDtGR HQ
GHVXVRGHELGRSULQFLSDOPHQWHDXQDWHPSHUDWXUDGHFRPSHQVDFLyQPX\SREUH
/D ILJXUD \PXHVWUDQGRVWLSRVGHUHIUDFWyPHWURVXVDGRVSDUD HOPRQWDMHHQ
WDFKRV(QORVPLVPRVVHXVDHOVLVWHPDGHiQJXORFUtWLFRXVDQGRXQDUHIOH[LyQLQWHUQD
GHODFDUDGHOSULVPD
(OiQJXORFUtWLFRGHUHIUDFFLyQVHGHILQHFRPRHOiQJXORGHUHIUDFFLyQHQXQPHGLRHQHO
TXHODUDGLDFLyQHVLQFLGHQWHVREUHVXIURQWHUDHLQFLGHQFLDUDVDQWHRDƒ(QHVWHFDVR
ODHFXDFLyQVHVLPSOLILFDD

Q Q   VHQϕ   GRQGH

  F



ϕ HVHOiQJXORFUtWLFRHQODORQJLWXGGHRQGDHPSOHDGD$OKDFHUXQDREVHUYDFLyQHO
PHGLRHVJHQHUDOPHQWHODPXHVWUD\HOPHGLRHVXQSULVPDGHQFRQRFLGRYHUILJ
F



(QORVUHIUDFWyPHWURVPHQFLRQDGRVDQWHULRUPHQWHODOX]SURFHGHQWHGHODIXHQWHLQFLGH
VREUH OD FDUD GHO SULVPD HQ HO FXDO HVWi HO FRQWDFWR FRQ OD PXHVWUD $ iQJXORV GH
LQFLGHQFLDPD\RUHVTXHHOiQJXORFUtWLFRGHWHUPLQDGRSRUHOtQGLFHGHUHIUDFFLyQGHOD
PXHVWUDORVUD\RVVRQ UHIOHMDGRV \ SDVDQDOLQWHULRUGHOLQVWUXPHQWRVLHQGRHQIRFDGRV
VREUHODHVFDOD2WURVUD\RVPHQRUHVTXHORVGHOiQJXORFUtWLFRSDVDQDODPXHVWUD\VH



,QGLFH























,QGLFH



















,QGLFH

SLHUGHQ (O UHVXOWDGR VREUH OD HVFDOD HV XQ FDPSR LOXPLQDGR FRQ XQD VRPEUD ELHQ
GHILQLGD (O SXQWR VREUH OD HVFDOD GRQGH DSDUHFH HO iUHD VRPEUHDGD VH UHODFLRQD
GLUHFWDPHQWH FRQ HO tQGLFH GH UHIUDFFLyQ GH OD PXHVWUD \ SRU OR WDQWR FRQ VX
FRQFHQWUDFLyQRGHQVLGDG

/DHVFDODGHHVWRVLQVWUXPHQWRVHVWiFDOLEUDGDHQWpUPLQRVGHSRUFHQWDMHGHD]~FDUSRU
SHVR FRQ UHIHUHQFLD D OD OtQHD GH VRGLR ' D ƒ& SRU HVR SDUD RWUDV WHPSHUDWXUD HV
QHFHVDULR UHDOL]DU XQD FRPSHQVDFLyQ GH DFXHUGR D OD FRQFHQWUDFLyQ FDGD LQVWUXPHQWR
WUDHXQPDQXDOGRQGHHVSHFtILFDGLFKDFRUUHFFLyQ
(VPX\LPSRUWDQWHHQHVWRVHTXLSRVHOFXLGDUTXHHOSULVPDQRVXIUDFKRTXHVWpUPLFRV
(OSULVPDGHEHHVWDUDODPLVPDWHPSHUDWXUDTXHHOOtTXLGRHVWRVHORJUDSRUPHGLRGH
ODFLUFXODFLyQGHDJXDDWUDYpVGHOPLVPR

' &iOFXORVSDUDGHWHUPLQDUOD6REUHVDWXUDFLyQ

/DV IyUPXODV GH FRQYHUVLyQ GH  GH VyOLGRV GH XQD VROXFLyQ HQ FRQFHQWUDFLyQ GH
VyOLGRV\YLFHYHUVDVRQODVVLJXLHQWHV

&RQFHQWUDFLyQGH6yOLGRV  VyOLGRV ± VyOLGRV 

GHVyOLGRV    FRQFHQWUDFLyQ  FRQFHQWUDFLyQ 

/D IyUPXOD SDUD FDOFXODU OD FRQFHQWUDFLyQ D FXDOTXLHU JUDGR OD VREUHVDWXUDFLyQ HQ
IXQFLyQGHODFRQFHQWUDFLyQD66 HV

&RQFHQWUDFLyQDJUDGRGH66Q  FRQFHQWUDFLyQD66  Q

3UREOHPD
6H UHTXLHUH UHDOL]DU XQD FULVWDOL]DFLyQ XVDQGR XQ UHIUDFWyPHWUR FXDQGR OD WHPSHUDWXUD
GHOPDWHULDOHVGHƒ)
/DSXUH]DGHOPDWHULDOHVGH 3]DUHDO  &DOFXOH

 /DOHFWXUDGHOUHIUDFWyPHWURFXDQGRHOPDWHULDOHVWiVDWXUDGR
 ODOHFWXUDGHOUHIUDFWyPHWURFXDQGRHOƒ66GHOPDWHULDOVHDGH

5HVROXFLyQ

6HJ~Q OD WDEOD ;, XQ PDWHULDO GH SXUH]D UHDO GH  D XQD WHPSHUDWXUD GH ƒ) HVWi
VDWXUDGR 66   FXDQGR VX  GH VyOLGRV HV GH  (VWD HV OD SULPHUD UHVSXHVWD DO
SUREOHPD

&RQFHQWUDFLyQ     
0DWHULDOVDWXUDGR   JJGHDJXD

&RQFHQWUDFLyQPDWHULDO    
$66     JVyOLGRVJGHDJXD

GHVyOLGRVD66     
     



,QGLFH




















,QGLFH

3UREOHPD
6HUHTXLHUHFULVWDOL]DUXQOLFRUGHSXUH]DFXDQGRVXƒ66 ¢$TXHOHFWXUDGHO
UHIUDFWyPHWURGHEHLQWURGXFLUVHODVHPLOODVLVDEHPRVTXHODWHPSHUDWXUDHVGHƒ)


5HVROXFLyQ

6HJ~QHOJUiILFRGHODILJHOUHIUDFWyPHWURGHEHLQGLFDU
127$/DVILJXUDVSURSRUFLRQDQHOGHVyOLGRVGHOPDWHULDODGLVWLQWRVƒ66
WHPSHUDWXUDV\SXUH]DV
/D WDEOD ;9,,, PXHVWUD OD OHFWXUD UHIUDFWyPHWULFD \ HO tQGLFH GH UHIUDFFLyQ GH ODV
VROXFLRQHVGHD]~FDU

( (OUHIUDFWyPHWUR$XWRPiWLFRGH7DFKR

(Q HVWD YHUVLyQ HO WUDQVPLVRU HPSOHD IRWRGHWHFWRUHV GH VLOLFyQ GHQWUR GH XQ FLUFXLWR
HOHFWUyQLFR GH HVWDGR VyOLGR (O VLVWHPD GHO GHWHFWRU FXEUH XQD JDPD PiV DPSOLD GH
FRQFHQWUDFLRQHV TXH ORV PRGHORV DQWHV YLVWRV (O XVR GH FRPSRQHQWHV PiV UHVLVWHQWHV
DVHJXUDTXHHOPLVPRWHQJDXQDHVWDELOLGDGDOWDKDVWDFRQWHPSHUDWXUDVGHSURFHVRGH
ƒ& (O PyGXOR ySWLFR HV UREXVWR \ SURYHH XQD H[KLELFLyQ YLVXDO GH OD IURQWHUD
LQWHUIDVH OLJHUDRVFXUD FRQWUD XQD HVFDOD FDOLEUDGD TXH FXEUH HO UDQJR SOHQR GHO
LQVWUXPHQWR/DH[KLELFLyQySWLFDVHILOWUDSDUDPHMRUDUODUHVROXFLyQ\GHILQLFLyQYLVXDO
SDUDORVSURSyVLWRVIRWRHOpFWULFRV

/D XQLGDG GHO IRWRGHWHFWRU VH PRQWD ODGR D ODGR GH OD HVFDOD YLVXDO WHQLHQGR GRV
PDUFDGRUHV OLPLWHV DGMXQWRV DO GHWHFWRU TXH VRQ YLVLEOHV FRQWUD ODV PDUFDV GH
FDOLEUDFLyQ (VRV PDUFDGRUHV LQGLFDQ OD JDPD GH FRQFHQWUDFLyQ GLVSRQLEOH HQ HO
WUDQVPLVRU

(O FDPELDU D XQ UDQJR GLIHUHQWH HQYXHOYH XQ DMXVWH PHFiQLFR VLPSOH HO FXDO SXHGH
KDFHUVH VLQ TXLWDU HO LQVWUXPHQWR GHO SURFHVR /D ILJ PXHVWUD XQ UHIUDFWyPHWUR
DXWRPiWLFR PRGHOR 5( GH OD %HOOLQJKDP  6WDQOH\ /LPLWHG /D EDVH ~OWLPD HQ OD
FDOLEUDFLyQ GHO WUDQVPLVRU FRQFLHUQH VLPSOHPHQWH D ORV DMXVWHV GH DPSOLWXG JDPD  
FHUR HQ HO PyGXOR HOHFWUyQLFR SDUD REWHQHU OD VDOLGD DQiORJD UHTXHULGD FRPR ORV
FDPELRV HQ OD FRQFHQWUDFLyQ \ HQ OD IURQWHUD VH PXHYDQ HQWUH ORV PDUFDGRUHV OtPLWHV
(VWD WpFQLFD GH FDOLEUDFLyQ HV HQWHUDPHQWH FRQILDEOH \D TXH OD YHULILFDFLyQ GH OD
SUHFLVLyQ GHO FLUFXLWR GH FRQWURO VH UHDOL]D SRU XQD REVHUYDFLyQ YLVXDO GH OD IURQWHUD
FRQWUDODHVFDOD(VWHUDQJRHVPX\DSUHFLDGRSRUORVLQVWUXPHQWLVWDV\VXSHUYLVRUHVGH
SURFHVR(VWHVLVWHPDFDUHFHGHSDUWHVPyYLOHV\QRVHUHTXLHUHDJXDGHHQIULDPLHQWR

.3DWHQWV KD GHVDUUROODGR XQ UHIUDFWyPHWUR GH SURFHVR HO PRGHOR 356 (VWH
UHIUDFWyPHWURFRQVLVWHHQXQVHQVRU \XQWUDQVPLVRUGHLQGLFDFLyQ(OGHWHFWRUySWLFR
WUDQVIRUPDODLPDJHQySWLFDSXQWRSRUSXQWRHQXQDVHxDOHOpFWULFD/DLPDJHQySWLFD
SXHGH VHU YLVWD FRPR XQD KLOHUD GH SXOVRV HQ HO PRVWUDGRU /RV SXOVRV DOWRV
FRUUHVSRQGHQ D ODV IRWRFHOGDV HQ HO iUHD LOXPLQDGD /D SRVLFLyQ H[DFWD GHO iUHD
VRPEUHDGD  VHUi ORFDOL]DGD SRU HO PLFURSURFHVDGRU \ FRQYHUWLGD HQ XQD OHFWXUD GH
XQLGDGHVGHFRQFHQWUDFLyQ(OGHWHFWRUySWLFRFRQVLVWHHQXQDKLOHUDGHIRWRFHOGDV
LQWHJUDGDV SDUD PHGLU OD SRVLFLyQ GHO iUHD VRPEUHDGD /D ILJXUD  PXHVWUD XQ
UHVXPHQGHORVSULQFLSLRVGHPHGLFLyQGHHVWRVUHIUDFWyPHWURV/DILJXUDPXHVWUD



,QGLFH


























,QGLFH



























,QGLFH





XQDIRWRJUDItDHQGHWDOOHGHOUHIUDFWyPHWUR356/DSRVLFLyQHQTXHGHEHLQVWDODUVH
HOUHIUDFWyPHWURHVHQHOIRQGRGHOWDFKR\VHUHFRPLHQGDHOHQIULDPLHQWRSRUDLUHDOD
FDEH]D GHO VHQVRU 7DPELpQ HV SRVLEOH FLUFXODU DJXD SRU PHGLR GH XQ VHUSHQWLQ
DOUHGHGRUGHODFDEH]DGHOVHQVRU

.3DWHQWV \ GH )LQODQGLD IDEULFDQWH GHO UHIUDFWyPHWUR 356 GH 3URFHVR \ OD
&RPSDxtD3URILFRQ,QGXVWULDO&RQWURO/WG'H+XQJUtDKDQFUHDGRHO6HHG0DVWHU
&RQODLQWURGXFFLyQGHO6HHG0DVWHUILQDOPHQWHHVSRVLEOHREWHQHUGDWRVHQODOtQHD
HQHOWLHPSRUHDOEDVDGRHQODVREUHVDWXUDFLyQSDUDLPSOHPHQWDUHOVHPLOODPLHQWRGH
WDFKRV PHGLDQWH XQ LQVWUXPHQWR VLPSOH \ TXH SURSRUFLRQD GDWRV UHSURGXFLEOHV \D
TXHVHREWLHQHHOSDUiPHWURTXHUHDOPHQWHFXHQWDRVHDODVREUHVDWXUDFLyQ

(O 6HHG 0DVWHU HV XQ SURJUDPD LQVWDODGR HQ OD PLFURFRPSXWDGRUD TXH FRQWUROD DO
UHIUDFWyPHWUR \ VH EDVD HQ HO XVR GH XQ MXHJR GH HFXDFLRQHV XQ PRGHOR
PDWHPiWLFR  GHVDUUROODGR SDUD FDOFXODU OD VREUHVDWXUDFLyQ HQ OD OtQHD WRPDQGR HQ
FXHQWD WRGRV ORV SDUiPHWURV (O SURJUDPD XVD ORV YDORUHV GH VROXELOLGDG GH OD
VDFDURVDFROHFWDGRVSRU*UXWR9DYULQHF] DSUREDGRVSRU,&806$ 

/D FRQFHQWUDFLyQ GHO VLURSH \ OD WHPSHUDWXUD VRQ PHGLGRV SRU UHIUDFWyPHWUR .
3DWHQWV GHQWUR GHO WDFKR /D SXUH]D GHO VLURSH GH DOLPHQWDFLyQ OD GHWHUPLQD HO
ODERUDWRULR \ VH HQWUD PDQXDOPHQWH XVDQGR HO WHFODGR GHO WUDQVPLVRU LQGLFDGRU GHO
UHIUDFWyPHWUR/DFDOLGDGGHOVLURSHSXHGHFDUDFWHUL]DUVHXVDQGRHOYDORUGHOD



,QGLFH















,QGLFH
















,QGLFH
















,QGLFH


IXQFLyQ GH VDWXUDFLyQ GH :HFNOXQG9DYULQHF] OD FXDO GHSHQGH GH OD UHODFLyQ QR
D]~FDUDJXD\GHYDULDVFRQVWDQWHV EFP (VDVFRQVWDQWHVGHEHQVHUGHWHUPLQDGDV
SRUHOODERUDWRULRSHURVLQRHVWiQGLVSRQLEOHVSXHGHQHQWUDUVHYDORUHVWtSLFRV
%DVDGRHQGRVGDWRVODIXQFLyQGHVDWXUDFLyQ\VREUHVDWXUDFLyQHVUHFDOFXODGDFDGD
VHJXQGRSRUODPLFURFRPSXWDGRUD/RVUHVXOWDGRVVRQXVDGRV$SDUWHGHFDOFXODUOD
666HHG0DVWHUSURSRUFLRQDODVIXQFLRQHVYLWDOHVVLJXLHQWHV

D /RV GDWRV GH VDWXUDFLyQ VRQ FRQWLQXDPHQWH PRVWUDGRV QXPpULFDPHQWH \ HQ
IRUPDGHGLDJUDPD96WLHPSR

E /RVGDWRVVHXVDQSDUDDFWLYDUDODUPDVFXDQGRVHH[FHGHOD66

F /RVGDWRVVHSXHGHQWUDQVPLWLUGHP$DRWURHTXLSR

G /RV GDWRV VH XVDQ SDUD LPSOHPHQWDU XQ VHPLOODPLHQWR SUHFLVR \ FRQILDEOH
DFFLRQDQGRXQDYiOYXODFXDQGRVHOOHJXHDOD66GHVHDGD(QODILJ$VH
PXHVWUDHOPRVWUDGRUGHGDWRVSULQFLSDOPHQWHFRPROD66SXQWRGHDMXVWHSDUD
HO VHPLOODPLHQWR SXUH]D GHO OLFRU PDGUH \ HO VLURSH FRQFHQWUDFLyQ \
WHPSHUDWXUD/D66967,(032VHJUDILFDHQXQUDQJRGHFDGDy
PLQXWRV/DILJ% \&PXHVWUDODVHxDOL]DFLyQGHDODUPDV \HOHTXLSR
SDUDHOVHPLOODPLHQWRDXWRPiWLFR

/DVHVSHFLILFDFLRQHVWtSLFDVGHOUHIUDFWyPHWURVRQ

0DWHULDOGHOVHQVRU    $,6,
/RQJLWXGGHOVHQVRU    PP



,QGLFH

&RQH[LyQ      %ULGDV
/DYDGRGHOSULVPD    QRORQHFHVLWD

&DOLEUDFLyQ

5DQJRGHFRQFHQWUDFLyQ    
5DQJRGHWHPSHUDWXUD    


1RWDHOVHQVRUGHEHFRORFDUVHVHJ~QVHPXHVWUDHQODILJXUD'

$3  1HLVRO \ $' &KDSPDQ GH OD %ULWLVK &ROXPELD 6XJDU 5HILQLQJ &RPSDQ\
/WG 9DQFRXYHU %& SUHVHQWDURQ XQ WUDEDMR HQ OD DYD &RQIHUHQFLD GH OD 6,7
VREUHHOXVRGHXQUHIUDFWyPHWURDXWRPiWLFRPRGHORXQSRFRPiVDQWLJXRTXHHO
.3DWHQWV356SDUDODFULVWDOL]DFLyQ(OORVHVWiQGHDFXHUGRHQTXHHOSHUtRGR
FUtWLFR HQ ORV FRFLQDGRV GH D]~FDU EODQFR FRPLHQ]D MXVWDPHQWH DQWHV GHO
VHPLOODPLHQWR\FRQWLQ~DSRUORVSUy[LPRVDPLQXWRVGHVSXpVTXHHOPLVPR
VH KD HIHFWXDGR 6HJ~Q GLFKRV LQYHVWLJDGRUHV HO FRQWURO GH OD VREUHVDWXUDFLyQ
GXUDQWH HVH SHUtRGR FUtWLFR GHWHUPLQDUi VL OD FDQWLGDG GH FULVWDOHV LQWURGXFLGRV
DXPHQWDUiQRGLVPLQXLUiQSRUHVRHVWDQLPSRUWDQWHHOFRQWUROSRULQVWUXPHQWRGH
OD66

(Q VXV H[SHULHQFLDV FRQ HO UHIUDFWyPHWUR PRGHOR  HOORV VLJXLHURQ OD WpFQLFD
VLJXLHQWH

• 0DQWHQtDQODSUHVLyQDEVROXWDFRQVWDQWH

• (OUHIUDFWyPHWURFRQWURODOD66UHJXODQGRODDOLPHQWDFLyQGHYDSRUROLFRU
RXQDFRPELQDFLyQGHDPEDV3RUHMHPSORVLODVFRQGLFLRQHVGHOFRFLQDGR
GLFWDQTXHVHGHEHDOLPHQWDUYDSRUSRUWRGRHOWLHPSRHQWRQFHVODUD]yQ
GH HYDSRUDFLyQ GXUDQWH HO SHUtRGR FUtWLFR LQLFLDO H[FHGHUi  OD UD]yQ GH
FULVWDOL]DFLyQ\HOFRQWURODGRUDMXVWDUDDXWRPiWLFDPHQWHODDOLPHQWDFLyQGH
OLFRUSDUDFRQWURODUOD66(VWRXVXDOPHQWHRFXUUHHQODVUHILQHUtDVGRQGH
HOOLFRUWLHQHXQDGHQVLGDGGHDSUR[LPDGDPHQWHƒ%[$KRUDHQODV
UHILQHUtDV GRQGH ORV OLFRUHV WLHQGHQ DSUR[LPDGDPHQWH ƒ%[ /D
DOLPHQWDFLyQ GH YDSRU SXHGH VXSULPLUVH SRU XQRV PLQXWRV GHVSXpV GHO
VHPLOODPLHQWR HQWRQFHV HO FRQWURODGRU VH DMXVWD SDUD UHJXODU OD
DOLPHQWDFLyQ GH YDSRU \ OD DOLPHQWDFLyQ OLFRU QR FDPELD KDVWD TXH HO
SURFHVRGHUHFRJHUODPDVDVHKDOODFRPSOHWDGR
&RPRHOSURFHVRGHFRQWUROGHOD66HVFUtWLFRVRODPHQWHGXUDQWHHOSULPHU
WHUFLRGHOFLFORGHOWDFKRXQFRQWURODGRUSXHGHVHUYLUWUHVWDFKRVHTXLSDGRV
FRQUHIUDFWyPHWURVPRGLILFDGRVDxDGLHQGRVRODPHQWHLQWHUUXSWRUHV

• (OORV VHPLOODEDQ D  ƒ66 D ƒ) H LQPHGLDWDPHQWH DMXVWDEDQ HO
UHIUDFWyPHWUR Dƒ66FRQODPLVPDWHPSHUDWXUDSDUDPDQWHQHUVH HQ
HVD]RQDKDVWDTXHVHUHFRMDODPDVD
/DVWDEODV;,;\;;PXHVWUDQORVGDWRVGHRSHUDFLyQ\ODVILJXUDV
\PXHVWUDQODLQVWUXPHQWDFLyQGHWDFKRVGHGLFKDUHILQHUtD




,QGLFH

• &XDQGRODPDVDVHUHFRJHHQWRQFHVODDOLPHQWDFLyQHVFRQWURODGDSRUXQ
FRQWURO GH PRYLOLGDG \D VHD D SDUWLU GHO PRWRUHGXFWRU GHO DJLWDGRU GHO
WDFKRRSRUXQUHyPHWUR
'XUDQWHOD~OWLPDPLWDGGHOFLFORGHOWDFKRODDOLPHQWDFLyQGHYDSRUHV
UHGXFLGD GLVPLQX\HQGR DVt OD WHPSHUDWXUD GH OD PDVD FRFLGD OD FXDO HV
GHVFDUJDGDDƒ)




























,QGLFH



) &RPHQWDULRV6REUHHO8VRGH5HIUDFWyPHWURSDUDHO&RQWUROGHOD66

(OUHIUDFWyPHWURVRODPHQWHPLGHHO%[GHOOLFRUPDGUHLQGHSHQGLHQWHGHOFRQWHQLGRGH
FULVWDOHV(VWRVLJQLILFDTXHWHyULFDPHQWHGHEHVHUSRVLEOHPDQWHQHUXQD66ySWLPDILMD
GHO OLFRU PDGUH REWHQLpQGRVH UD]RQHV GH FULVWDOL]DFLyQ PiV DOWD 6LQ HPEDUJR HQ OD
SUDFWLFDVHKDFRPSUREDGRTXHHVWRQRHVUHDOGHELGRDODLQIOXHQFLDGHOFRQWHQLGRGH
FULVWDOHV \ D OD YLVFRVLGDG ORV FXDOHV VRQ GH YLWDO LPSRUWDQFLD SDUD OD WUDQVPLVLyQ GH
FDORU\ODFLUFXODFLyQ'HELGRDHVWRHOXVRGHOUHIUDFWyPHWURHVVRODPHQWHDFRQVHMDEOH
SDUDFRQWURODUHOVHPLOODPLHQWRKDVWDTXHODFDUJDGHFULVWDOL]DUVHDUHFRJLGDDVtFRPR
VXXVRHVPX\~WLOHQODVUHILQHUtDVGRQGHORVSURGXFWRVTXHVHPDQHMDQWHQJDQSXUH]DV
PX\DOWDV

3UXHEDVUHDOL]DGDVFRQUHIUDFWyPHWURVGHGLVHxRVGLIHUHQWHVHQUHILQHUtDVKDQUHYHODGR
TXHORVUHIUDFWyPHWURVFRQSULVPDVySWLFRVJUDQGHVVLWXDGRVHQHOSODQRGHODSDUHGGHO
WDFKRQRVHSXHGHQXVDU\DTXHORVPLVPRVWLHQHQXQDUHVSXHVWDEDMD
/DFLUFXODFLyQDWUDYpVGHOSULVPDGHEHVHUPX\EXHQDORFXDOQRVXFHGHDORODUJRGHOD
SDUHGGHOWDFKR(OIOXMRDWUDYpVGHOSULVPDGHEHVHUGHSLHVVHJ\WDOYHORFLGDGHV
SRVLEOHTXHQRVHDDOFDQ]DGDD~QFRQHOXVRGHORVUHYROYHGRUHVGHWDFKR



,QGLFH

6LQ HPEDUJR EXHQRV UHVXOWDGRV KDQ VLGR REWHQLGRV FRQ UHIUDFWyPHWURV WLSR SUREHWDV
% 65( \ .3DWHQWV 356  FRQ XQD SURIXQGLGDG GH SHQHWUDFLyQ GH ´ \ XQ
SULVPDGHPPGHGLiPHWUR

8QDFRPSHQVDFLyQGHWHPSHUDWXUDEXHQDGHODXQLGDGGHPHGLFLyQHVGHLPSRUWDQFLD
(VSRUHVRTXHODPD\RUtDGHORVUHIUDFWyPHWURVXVDQIRWRUHVLVWRUHV
(Q OD SUiFWLFD HVR VLJQLILFD TXH OD VHOHFFLyQ GHO OXJDU GRQGH HO UHIUDFWyPHWUR VH YD D
LQVWDODUGHEHVHUKHFKDFXLGDGRVDPHQWH\ORVUHIUDFWyPHWURVGHEHQXVDUVHVRODPHQWHHQ
FRQH[LyQFRQHOFRQWUROGHYDFtR\VXPLQLVWURGHYDSRUDXWRPiWLFR
/D ILJXUDPXHVWUDTXHHOFRQWUROFRQUHIUDFWyPHWURHQODFRFKXUDGHXQDWHPSOD
IXH EXHQR KDVWD HO SXQWR GH VHPLOODPLHQWR \ VH FRPSUREy TXH IXH UHSHWLEOH HQ YDULD
SUXHEDV SHUR GHVSXpV TXH VH HIHFW~D HO VHPLOODPLHQWR QR KD\ QLQJ~Q FDPELR
DSUHFLDEOHHQHOYDORUGHO%[ORFXDOLQGLFDTXHQRHVSRVLEOHFRQWURODUODDOLPHQWDFLyQ
GHO WDFKR PHGLDQWH HO UHIUDFWyPHWUR GHVSXpV TXH VH KD HIHFWXDGR OD FULVWDOL]DFLyQ \
UHFRJLGRODPDVD

 (TXLSRVTXH0LGHQOD&RQGXFWLYLGDG(OpFWULFD

$&RQGXFWDQFLD

/D HOHFWULFLGDG HV FRQGXFLGD SRU XQD VROXFLyQ HVWR HV SRU XQ FRQGXFWRU HOHFWUROtWLFR
SRUPHGLRGHOPRYLPLHQWRGHLRQHVFDUJDGRVEDMRODLQIOXHQFLDGHXQFDPSRHOpFWULFR
/D FRQGXFWDQFLD VH GHILQH FRPR OD UHFtSURFD GH OD UHVLVWHQFLD GH OD UHVLVWHQFLD GH OD
VROXFLyQ\HVODVXPDGHODVFRQGXFWDQFLDVLQGLYLGXDOHVGHWRGRVORVLRQHVGHHVWD$
FDGDXQDGHODVFRQWULEXFLRQHVVHOHOODPDFRQGXFWDQFLD,yQLFD/DFRQGXFWDQFLDLyQLFD
GHXQLyQGHSHQGHGHVXFDUJD\GHODYHORFLGDGTXHHOLPSDUWHDOFDPSRHOpFWULFR
'HHVWDIRUPDODFRQWULEXFLyQGHXQLyQGLSRVLWLYRDODFRQGXFWDQFLDWRWDOHVHOGREOH
TXHODGHXQRPRQRSRVLWLYRVXSRQLHQGRODPLVPDYHORFLGDGSDUDDPERV/DYHORFLGDG
GHHVWHPRYLPLHQWRRPLJUDFLyQGHSHQGHGH

• /DPDJQLWXGGHOFDPSRHOpFWULFRDSOLFDGR
• /DFDUJD\WDPDxRGHOLyQVROYDWDGR
• /DWHPSHUDWXUD
• /DYLVFRVLGDG\SURSLHGDGHVGLHOpFWULFDVGHOGLVROYHQWH
• /DV IXHU]DV GH DWUDFFLyQ HQWUH HO LyQ FRQVLGHUDGR \ ORV RWURV LRQHV
SUHVHQWHVHQODVROXFLyQ

(QXQDVROXFLyQFRQFHQWUDGDXQLyQHVWiURGHDGRGHRWURVLRQHVKDFLDORVTXHHVDWUDtGR
\TXHUHWDUGDVXPRYLPLHQWRHQGLUHFFLyQDOHOHFWURGRFDUJDGR$OGLOXLUSDXODWLQDPHQWH
OD VROXFLyQ ODV IXHU]DV GH DWUDFFLyQ GLVPLQX\HQ KDVWD TXH GHMDQ GH H[LVWLU D XQD
GLOXFLyQ LQILQLWD SRU FRQVLJXLHQWH OD FRQGXFWDQFLD LRQLFD DXPHQWD FRQ OD GLOXFLyQ \
DOFDQ]DXQPi[LPRFRQGLOXFLyQLQILQLWD*HQHUDOPHQWHVHHVWDEOHFHODDSUR[LPDFLyQGH
TXHHOYDORUGHODFRQGXFWDQFLDLyQLFDDFRQFHQWUDFLRQHVILQLWDVEDMDV LQIHULRUD0 
HVLJXDODODGHXQDVROXFLyQGHGLOXFLyQLQILQLWD

%8QLGDGHVGH&RQGXFWDQFLD






,QGLFH


/DFRQGXFWDQFLDVLHQGRODUHFtSURFDGHODUHVLVWHQFLDVHH[SUHVDHQUHFtSURFRVGHRKP
DEUHYLDQGRPKRXΩ \HVGLUHFWDPHQWHSURSRUFLRQDODOiUHDGHODVHFFLyQWUDQVYHUVDO


DHQFP HLQYHUVDPHQWHSURSRUFLRQDODODORQJLWXGHQFPGHOFRQGXFWRU



&RQGXFWDQFLD   5 .D

/D FRQVWDQWH GH SURSRUFLRQDOLGDG UHSUHVHQWDGD SRU OD OHWUD JULHJD .DSSD . VH OODPD
FRQGXFWDQFLD HVSHFtILFD R HQ HO FDVR GH XQD FRQGXFFLyQ HOHFWUROtWLFD ³FRQGXFWLYLGDG
HOHFWUROtWLFD´\VXVXQLGDGHVVRQPKRVFP

/D FRQGXFWDQFLD HTXLYDOHQWH GH XQ LyQ VH GHVLJQD FRQ OD OHWUD JULHJD ODPEGD λ \ VH
GHILQH FRPR OD FRQGXFWLYLGDG HOHFWUROtWLFD GH XQD VROXFLyQ KLSRWpWLFD TXH FRQWLHQH XQ
HTXLYDOHQWHGHOLyQSRUPOGHVROXFLyQ3XHVWRTXHORVHTXLYDOHQWHVSRUPOVRQLJXDOHV
DORVHTXLYDOHQWHVSRUOLWURGLYLGLGRVSRUHVHYLGHQWHTXH

λ  .& ÷PKRV±FP HTXLYDOHQWH 

GRQGH

&  HV OD FRQFHQWUDFLyQ HQ HTXLYDOHQWH SRU OLWUR \ VH GHILQH HQ HVWH FDVR FRPR OD
PRODULGDGPXOWLSOLFDGDSRUHOYDORUQXPpULFRDEVROXWRGHODFDUJDGHOLyQ
$OUHVROYHUVHODHFXDFLyQDQWHULRUSDUD.\VXVWLWXLUHVWHYDORUHQODSULPHUDHFXDFLyQVH
REWLHQH

&RQGXFWDQFLD  5 Dλ& [ .λ&   GRQGH

/DFRQVWDQWHGHSURSRUFLRQDOLGDG.HVLJXDODD [ 



,QGLFH

&DGDLyQFRQWULEX\HLQGHSHQGLHQWHPHQWHDODFRQGXFWDQFLDGHODVROXFLyQSRUORTXH

&RQGXFWDQFLD  5 . λ & λ &    .∑ λ &



    L L L

$ODFRQGXFWDQFLDHTXLYDOHQWHDODFRQGXFFLyQLQILQLWDVHOHUHSUHVHQWDFRQHOVtPEROR
λƒ




&$SOLFDFLyQGHOD/H\GH2KPDODVVROXFLRQHV

&XDQGR VH DSOLFD XQ YROWDMH GH FG D GRV HOHFWURGRV VXPHUJLGRV HQ XQD VROXFLyQ
HOHFWUROtWLFDHOVLVWHPDQRREHGHFHDODOH\GH2KP
6LODSRODULGDGGHOYROWDMHDSOLFDGRVHFDPELDFRQVWDQWH\UiSLGDPHQWH HVWRHVVLVHXVD
FD  OD VLWXDFLyQ UHVXOWD GLIHUHQWH 3DUD WHQHU XQD LGHD VLPSOLILFDGD GH OR TXH VXFHGH
VXSyQJDVHTXHODSRODULGDGGXUDQWHODSULPHUDPLWDGGHXQFLFORGHWHUPLQDTXHXQRGH
ORVHOHFWURGRVHVHOFiWRGR

/RV FDWLRQHV VHUiQ DWUDtGRV SRU HVWH HOHFWURGR \ ORV DQLRQHV VHUiQ UHSHOLGRV pVWH
PRYLPLHQWR GH LyQHV WUDQVSRUWD OD FRUULHQWH SRU OD VROXFLyQ 6LQ HPEDUJR FXDQGR VH
FRPLHQ]DDYHULILFDUXQDUHODFLyQGHHOHFWURGRVHOOHJDDODVHJXQGDPLWDGGHOFLFOR\OD
SRODULGDGVHLQYLHUWHHVGHFLUHOHOHFWURGRFRQVLGHUDGRSDVDDVHUHOiQRGR%DMRHVWDV
FRQGLFLRQHV ORV FDWLRQHV VRQ UHSHOLGRV \ ORV DQLRQHV DWUDtGRV 'H QXHYR DQWHV TXH OD
UHODFLyQUHVXOWHDSUHFLDEOHODSRODULGDGFDPELD\DVtVXFHVLYDPHQWHSRUFRQVLJXLHQWH
ORV LRQHV WUDQVSRUWDQ OD HOHFWULFLGDG SRU PHGLR GH XQ PRYLPLHQWR DOWHUQR HVWR HV VH
WUDWDGHXQYDLYpQFRQHOFXDOQRVHOOHJDDSUHVHQWDUGHSRVLFLyQHQORVHOHFWURGRV'H
HVWDPDQHUDQRH[LVWH)&(0R62%5(92/7$-(\VHREHGHFHDODOH\GH2KP
/D PHGLFLyQ GH OD UHVLVWHQFLD \ SRU FRQVLJXLHQWH GH OD FRQGXFWDQFLD GH XQD VROXFLyQ
HOHFWUROtWLFDVHOOHYDDFDERFRQHOFLUFXLWRGHXQ38(17('(:+($76721(

'&HOGDVGH&RQGXFWDQFLD

8QD FHOGDGH FRQGXFWDQFLDFRQVLVWHSRUOR JHQHUDOHQXQSDUGH HOHFWURGRVGHSODWLQR
SODWLQL]DGR UtJLGDPHQWH PRQWDGRV HQ XQ UHFLSLHQWH GH YLGULR 3DUD XQD GHWHUPLQDGD
FHOGDORVYDORUHVGHD\VRQILMRV\ODUHODFLyQDVHOODPD³&RQVWDQWHGHODFHOGD
.  ³ $XQTXH  HVWD FRQVWDQWH SXHGH FDOFXODUVH GH OD JHRPHWUtD GH OD FHOGD HV PiV
FRP~Q GHWHUPLQDUOD OOHQDQGR OD FHOGD FRQ XQD VROXFLyQ GH FRQGXFWLYLGDG HOpFWULFD
FHOGD 

FRQRFLGD \ PHGLU OD UHVLVWHQFLD (O YDORU GH . VH FDOFXOD HQWRQFHV D SDUWLU GH OD
UHODFLyQ. . 3XHVWRTXHODFRQGXFWDQFLDYDUtDDSUR[LPDGDPHQWHSRUFDGDƒ&
FHOGD

HV QHFHVDULR UHJXODU OD WHPSHUDWXUD GH OD FHOGD PHGLDQWH XQ EDxR GH WHPSHUDWXUD
FHOGD 5

FRQVWDQWHRSRUPHGLR GHXQDUHVLVWHQFLD FRPSHQVDGRUDGHWHPSHUDWXUDHQ HOFLUFXLWR


SDUD FRUUHJLU ODV YDULDFLRQHV GH WHPSHUDWXUD GH OD VROXFLyQ &RPR OD PHGLFLyQ
UHSUHVHQWDHOWRWDOGHLRQHVSUHVHQWHVHQODVROXFLyQODHVFDODSXHGHVHUFDOLEUDGDHQ
GHFRQFHQWUDFLyQGHOHOHFWUROLWR

&RPRKHPRVYLVWRHQODFRQGXFWDQFLDHOHFWUROtWLFDODHOHFWULFLGDGHVOOHYDGDDWUDYpVGH
XQDVROXFLyQPHGLDQWHXQPRYLPLHQWRGHLRQHVFRPSDUDWLYDPHQWHPDVLYRPiVTXHORV
HOHFWURQHV FRPR VXFHGH HQ XQ PHWDO /D FRQGXFWDQFLD HVSHFtILFD GH XQD VROXFLyQ



,QGLFH

HOHFWUROtWLFDDXPHQWDSRUORWDQWRFRQODFRQFHQWUDFLyQFRQODFDUJD\FRQODYHORFLGDG
GHORVLRQHV
/D PHGLFLyQ GH OD FRQGXFWLYLGDG HV PX\ ~WLO HQ PXFKRV SURFHVRV GH ODERUDWRULR H
LQGXVWULDOHV 7DO PHGLFLyQ SXHGH KDFHUVH VXPHUJLHQGR XQ SDU GH HOHFWURGRV GH iUHD
FRQRFLGDDXQDGLVWDQFLDGHWHUPLQDGD\HQWRQFHVPHGLUODUHVLVWHQFLDHQWUHORVPLVPRV

/D FRQGXFWLYLGDG VH H[SUHVD HQ PKRV HQWUH ORV GRV HOHFWURGRV WHQLHQGR FDGD XQR XQ
iUHDGHFP \DODGLVWDQFLDGHXQFHQWtPHWURODILJPXHVWUDHVWDGLVSRVLFLyQ


&RPR XQ PKR HV LJXDO D  RKP \ UHSUHVHQWD OD KDELOLGDG GH XQD VXVWDQFLD SDUD
PDQWHQHU XQ DPSHUH GH FRUULHQWH D XQ YROW GH SRWHQFLDO /RV HOHFWURGRV GH
FRQGXFWLYLGDGXVDGRVHQODLQGXVWULDDPHQXGRWLHQHQiUHDVPD\RUHVRPHQRUHVTXHXQ
FP \SXHGHVLWXDUVHDXQDGLVWDQFLDPD\RURPHQRUTXHXQFP&RPR\DYLPRVDOD


UHODFLyQGLPHQVLRQDOHQWUHORVHOHFWURGRVDFWXDOHV\ODVFHOGDVGHFRQGXFWLYLGDGWtSLFDVH
OHOODPDQ³FRQVWDQWHGHFHOGD´\SXHGHYDULDUGHVGH

3DUDSURSyVLWRVLQGXVWULDOHVGHPHGLFLyQXQDFHOGDGHFRQGXFWLYLGDGFRQVLVWHGHXQSDU
GH HOHFWURGRV FX\DV iUHDV \ GLVWDQFLD HQWUH ORV PLVPRV VRQ ILMDGDV FRQ SUHFLVLyQ
WDPELpQ VH XVD XQ DLVODPLHQWR DGHFXDGR SDUD FRQILUPDU OD WUD\HFWRULD FRQGXFWLYD \
DFFHVRULRVDGHFXDGRVSDUDVRSRUWDU\SURWHJHUODVFHOGDV

('HWHUPLQDFLyQGHODVREUHVDWXUDFLyQGHODV0DVDV&RFLGDVHQORV7DFKRVSRUHO
0pWRGRGHOD&RQGXFWLYLGDG(OpFWULFD

/D DSOLFDFLyQ SUiFWLFD GH OD GHWHUPLQDFLyQ GH OD GH OD FRQGXFWLYLGDG HOpFWULFD GH ODV
VROXFLRQHVGHD]~FDUFRPRXQFULWHULRSDUDHOIHQyPHQRGHODFULVWDOL]DFLyQVHFRPHQ]y
FRQ XQ HVWXGLR GH ODERUDWRULR HQ OD (VWDFLyQ (PSUHVDULDO GH -DYD SDUD OD LQGXVWULD
D]XFDUHUD(VWHHVWXGLRVHEDVyHQODVFRQVLGHUDFLRQHVVLJXLHQWHV

 /DFULVWDOL]DFLyQGHODVVROXFLRQHVGHD]~FDUVREUHVDWXUDGDVWLHQHTXHYHUFRQ
ODUD]yQGHGLIXVLyQ\HVWDVHUHODFLRQDFRQODYLVFRVLGDG

 (V ELHQ FRQRFLGR TXH OD PRYLOLGDG GH ORV LRQHV HQ ODV VROXFLRQHV GRQGH VH
GHWHUPLQD OD FRQGXFWLYLGDG HOpFWULFD VH UHODFLRQD GLUHFWDPHQWH FRQ OD
YLVFRVLGDG(VWDUHODFLyQIXHHVWXGLDGDSRU:DOGHQHQTXLHQHVWDEOHFLy
TXHHQVROXFLRQHVFRQODPLVPDFRQFHQWUDFLyQHOHFWUROtWLFDODUHODFLyQHQWUH
ODFRQGXFWLYLGDG\ODYLVFRVLGDGSXHGHVHUH[SUHVDGDSRUODHFXDFLyQ
 
&RQGXFWLYLGDG[YLVFRVLGDG  &RQVWDQWH

 (O PpWRGR SUiFWLFR XVDGR SRU ORV SXQWLVWDV SDUD GHWHUPLQDU HO JUDGR GH
VREUHVDWXUDFLyQ GH ODV VROXFLRQHV GH D]~FDU HVWi EDVDGR HQ OD REVHUYDFLyQ
YLVXDO GH OD YLVFRVLGDG SRU OD SUXHED GHO UDER GH FRFKLQR DO H[WUDHU XQD
PXHVWUDSRUODVRQGD
(V ELHQ FRQRFLGR TXH OD FRQGXFWLYLGDG GH ODV VROXFLRQHV FRQFHQWUDGDV GH
D]~FDUGHFUHFHFRQ HOLQFUHPHQWRGHOD FRQFHQWUDFLyQ /DWDEOD;;,VH GDQ
ORVGDWRVTXHPXHVWUDQGLFKDUHODFLyQ


7$%/$;;,



,QGLFH

%UL[GHODVROXFLyQ &RQGXFWLYLGDGGH2KPVUHFtSURFRV
 
 
 
 
 SXQWRVHPLOODPLHQWR
 
   IRUPDFLyQHVSRQWiQHDGH
JUDQRV



/DFRQFHQWUDFLyQGHD]~FDUYDUtDGHVGHDGXUDQWHODFULVWDOL]DFLyQ
(V PX\ LPSRUWDQWH SDUD XQ SURFHVR GH FULVWDOL]DFLyQ ELHQ FRQGXFLGR \
FRQWURODGR TXH HO EUL[ GHO OLFRU PDGUH QR PXHVWUH YDULDFLRQHV PD\RUHV TXH
XQJUDGREUL[


)9LVFRVLGDG\&RQGXFWLYLGDG

 (VUHDOTXHODYLVFRVLGDGVHUHODFLRQDFRQODFRQFHQWUDFLyQGHODVVROXFLRQHV
GHD]~FDU0LHQWUDVPiVFRQFHQWUDGDHVWiXQDVROXFLyQGHD]~FDUPiVYLVFRVLGDGWLHQH
(Q ItVLFDTXtPLFD H[LVWH XQD UHJOD VLPSOH VREUH OD UHODFLyQ HQWH OD YLVFRVLGDG \ OD
FRQGXFWLYLGDG HOpFWULFD TXH VH FRQRFH FRPR OD UHJOD GH :DOGHUQ \ HVWDEOHFH TXH HO
SURGXFWRGHODYLVFRVLGDG\ODFRQGXFWLYLGDGHOpFWULFDSDUDODPLVPDFRQFHQWUDFLyQGHO
HOHFWUROLWRSRUXQLGDGGHYROXPHQHVFRQVWDQWH+RQLJKDFKHTXHDGRHVWDUHJOD\KDOOy
TXHODPLVPDQRHVH[DFWDPHQWHFRUUHFWDSDUDODVVROXFLRQHVFRQFHQWUDGDVGHD]~FDU/D
7DEOD;;,,PXHVWUDXQDLQYHVWLJDFLyQVREUHHVWHDVXQWRREWHQLGDSDUDXQDVROXFLyQGH
D]~FDUUHILQDGRDFRQFHQWUDFLRQHVGLIHUHQWHVFRQXQGH&,.


7$%/$;;,,

%UL[VREUHVDWXUDFLyQ9LVFRVLGDG\FRQGXFWLYLGDG(OpFWULFDSDUD6ROXFLRQHVGH
6DFDURVD&RQWHQLHQGRGH&,.GH6DFDURVDDƒ&

&RQGXFW
)DFW&RUU
9LVFRVLGDG &RQGXFW 5HVLVWΩ &,.J &RRU3DUD
%[ 66 $SOLFDQGR
3RLVHV  [ PO LJXDOFRQF
JPO
&,.
       
       
       
       
       
       
       





,QGLFH











,QGLFH









,QGLFH
































,QGLFH


* &RQGXFWDQFLD(VSHFtILFDGHODV6ROXFLRQHVGH$]~FDU

/DGHWHUPLQDFLyQGHODFRQGXFWLYLGDGHOpFWULFDGHODVVROXFLRQHVGHD]~FDUHVVLPSOH\
UiSLGD (V HVHQFLDO TXH HQ HVWD GHWHUPLQDFLyQ OD WHPSHUDWXUD GH OD VROXFLyQ GH D]~FDU
OpDVH PLHO PDGUH  VH PDQWHQJD FRQVWDQWH /D FRQGXFWLYLGDG VH LQFUHPHQWD FRQ OD
HOHYDFLyQGHWHPSHUDWXUD/DFRQGXFWLYLGDGGHORVPDWHULDOHVFUXGRVXVDGRVHQHOSLVR
GHORVWDFKRVHQORV,QJHQLRVGH$]~FDUGHFDxDSDUDODFULVWDOL]DFLyQGHVGHODPHODGXUD
VDWXUDGDKDVWDODVPLHOHVPDGUHVVREUHVDWXUDGDVYDUtDGHVGHD[ PKR 

RH[SUHVDGRVFRPRUHVLVWHQFLDHVSHFtILFDGHVGHDRKPSRUXQLGDGF~ELFD

/DUHODFLyQHQWUHODYLVFRVLGDG\ODFRQGXFWLYLGDGGHODVVROXFLRQHVGHD]~FDUDOWDPHQWH
FRQFHQWUDGDVSXHGHVHUH[SUHVDGDVSRUODIyUPXOD

&RQGXFWDQFLD[9LVFRVLGDG & Q



,QGLFH

6LHQGR HO H[SRQHQWH Q PHQRU TXH  /D ILJ  QRV GD XQ HMHPSOR GH WDOHV
UHODFLRQHVWDEXODGDVHQODWDEOD;;,,/DUHODFLyQSXHGHVHUH[SUHVDGDSRUODHFXDFLyQ

/RJFRQGXFWLYLGDGHQPKRV[ ORJ9LVFRVLGDGHQSRLVHV &



&RQGXFWDQFLD[9LVFRVLGDG  &



/RVGDWRVXVDGRVHQHVWHJUiILFRIXHURQGHWHUPLQDGRVSUHFLVDPHQWHHQHOODERUDWRULR\
HVPX\~WLOSDUDGHWHUPLQDUODUHODFLyQH[DFWDHQWUHYLVFRVLGDG\FRQGXFWLYLGDGHOpFWULFD
SDUDKDFHUODVFRPSDUDFLRQHVSDUDXQDXQLIRUPHFRQFHQWUDFLyQGHVDOHVSRUXQLGDGGH
YROXPHQ 8VDQGR ORV GDWRV GH OD WDEOD ;;,, SDUD FDOFXODU OD FRQGXFWLYLGDG FRUUHJLGD
SDUD OD PLVPD FRQFHQWUDFLyQ GH &,. ORV YDORUHV EDMRV VH GDQ HQ OD WDEOD ;;,,, (VWD
UHODFLyQ HQWUH YLVFRVLGDG \ FRQGXFWLYLGDG FRUUHJLGD VH SUHVHQWD  HQ OD ILJ  MXQWR
FRQ OD UHODFLyQ HQWUH YLVFRVLGDG \ FRQGXFWDQFLD QR FRUUHJLGD SDUD OD FRQFHQWUDFLyQ GH
VDO )XQGDPHQWDOPHQWH QR KD\ FDPELR HQ HVWD UHODFLyQ &XDQGR OD FRQGXFWLYLGDG VH
FRUULJH SDUDODPLVPDFRQFHQWUDFLyQGHVDOSRU XQLGDGGHYROXPHQHO H[SRQHQWHQVH
DFHUFDDOYDORUGH

+ 6REUHVDWXUDFLyQ9LVFRVLGDG\&RQGXFWLYLGDG

8QJUDQQ~PHURGHGHWHUPLQDFLRQHVKDQVLGRKHFKDVSDUDGHWHUPLQDUODUHODFLyQHQWUH
VREUHVDWXUDFLyQ \ YLVFRVLGDG R VHD UHVSHFWLYDPHQWH OD VREUHVDWXUDFLyQ \ OD
FRQGXFWLYLGDG(QODILJVHGDXQHMHPSORGHHVDVGHWHUPLQDFLRQHVKHFKDVFRQXQD
VROXFLyQ SXUD GH VDFDURVD D OD FXDO VH DxDGLy XQ  GH &,. $ HVDV VROXFLRQHV VH OH
GHWHUPLQyFRQSUHFLVLyQORVYDORUHVGHVDWXUDFLyQDWHPSHUDWXUDVGLIHUHQWHV$SDUWLUGH
HVDVGHWHUPLQDFLRQHVVHKDOOyTXHODUD]yQGHYLVFRVLGDG RUHVLVWHQFLDHOpFWULFDRVHD
FRQGXFWDQFLD GHODVVROXFLRQHVGHD]~FDU \ODVREUHVDWXUDFLyQSXHGHVHUUHSUHVHQWDGD
SRUXQDIyUPXODVLPSOH

6REUHVDWXUDFLyQ R%UL[  Q/RJYLVFRVLGDG

6REUHVDWXUDFLyQ R%UL[  Q/RJUHVLVWHQFLD

8VDQGR FRRUGHQDGDV OLQHDOHV SDUD OD FRQGXFWDQFLD \ OD VREUHVDWXUDFLyQ ORV
LQYHVWLJDGRUHVKDOODURQODVUHODFLRQHVTXHVHGDQHQODILJ3DUDODVVROXFLRQHVGH
VDFDURVD\&,.

3DUDPLHOHVGHEDMDSXUH]D\DODVWHPSHUDWXUDVXVDGDVHQODRSHUDFLyQGHFULVWDOL]DFLyQ
OD UHODFLyQHQWUHYLVFRVLGDG \FRQGXFWDQFLDHOpFWULFDKDVLGRGHWHUPLQDGDHQODPLVPD
IRUPD(VDVPXHVWUDVGHPLHOHVIXHURQGLOXLGDVFRQDJXDKDVWDTXHHVWXYLHURQOLEUHGH
FXDOTXLHU WUD]D GH VDFDURVD FULVWDOL]DGD UHFRQFHQWUDGDV \ GLOXLGDV D GLIHUHQWHV
FRQFHQWUDFLRQHVSDUDODGHWHUPLQDFLyQGHODYLVFRVLGDG \ODFRQGXFWDQFLD /RVYDORUHV
VHPXHVWUDQHQODVWDEODV;;,9\;;9\VRQUHSUHVHQWDGDVHQODILJXUD








,QGLFH

/D &RPSRVLFLyQ GH ODV 0LHOHV XVDGDV HQ ORV([SHULPHQWRV GH ODV 7DEODV ;;,9 \
;;9VRQ



      0LHO   0LHO
%UL[          
3RO          
3XUH]DDSDUHQWH        
6DFDURVD&OHUJHW        
3XUH]D6DFDURVD        
$]XFDUHVUHGXFWRUHV        
&HQL]DVXOIDWDGDQRFRUUHJLGD      
6yOLGRVSRUGHVHFDFLyQ       
3XUH]DUHDO         
5DWLRD]XFDUHVUHGXFWRUHVFHQL]D      

, &RQGXFWDQFLD\&ULVWDOL]DFLyQ7pFQLFDVGHO$]~FDU

&RPRUHJODJHQHUDOHOYDORUUHFtSURFRGHODFRQGXFWDQFLDRGHODUHVLVWHQFLDHOpFWULFDGH
ODVVROXFLRQHVGHD]~FDUFRQFHQWUDGDVYDUtDHQODPLVPDIRUPDTXHODYLVFRVLGDG\HV
SRVLEOH XVDU OD FRQGXFWDQFLD FRPR XQD LQGLFDFLyQ GH OD FRQFHQWUDFLyQ R OR TXH HV OR
PLVPRODVREUHVDWXUDFLyQGHODVVROXFLRQHVGHD]~FDU
'HEH VHU HQWHQGLGR TXH OD UHODFLyQ HQWUH SXUH]D VREUHVDWXUDFLyQ WHPSHUDWXUD \
FRQGXFWDQFLDPDWHPiWLFDVLPSOHSDUDODVUHODFLRQHVHQWUHODVYDULDEOHVTXHHQWUDQHQODV
FRQGLFLRQHV GH RSHUDFLyQ GH OD FULVWDOL]DFLyQ SUiFWLFD \ WpFQLFD 6LQ HPEDUJR  HQ ODV
FRQGLFLRQHV QRUPDOHV GH WUDEDMR HQ ODV IiEULFDV KD\ FLHUWDV OLPLWDFLRQHV HQ ODV
YDULDFLRQHV GH ORV PiV LPSRUWDQWHV FULWHULRV GH RSHUDFLyQ (Q ORV LQJHQLRV GH D]~FDU
FUXGRODSXUH]DGHODVWUHVPDVDVFRFLGDVYDUtDQQRUPDOPHQWHFRPRVHPXHVWUDQHQOD
WDEOD;;9,

2WUD OLPLWDFLyQ HQ OD DSOLFDFLyQ SUiFWLFD GH OD FRQGXFWLYLGDG FRPR FULWHULR SDUD OD
FRQFHQWUDFLyQHVODWHPSHUDWXUDGHOSURFHVRGHFULVWDOL]DFLyQ/DSUDFWLFDFRP~QHVHO
XVRGHXQDWpFQLFDGHFULVWDOL]DFLyQDSOLFDQGRDORVGLIHUHQWHVWLSRVGHPDVDVXQYDFtR
Pi[LPRGH´GHPHUFXULRRVHDXQDSUHVLyQDEVROXWDGHNJFP 3DUD 

ODV SXUH]DV FRPR ODV GDGDV HQ ODV WDEODV ;;,9 \ ;;9 OD HOHYDFLyQ GHO SXQWR GH
HEXOOLFLyQDOSXQWRGHVDWXUDFLyQYDUtDSDUDHVWDSUHVLyQDEVROXWDGHDNJFP  

HQWUH  \  ƒ& /DV HOHYDFLRQHV QRUPDOHV GHO SXQWR GH HEXOOLFLyQ HVWDEOHFLGDV HQ ODV
PDVDV $ % \ & SDUD XQ UDQJR GH YDFtR GH ´ FRQ ODV FRUUHVSRQGLHQWHV
IOXFWXDFLRQHVHQODVREUHVDWXUDFLyQVHGDQHQODWDEOD;;9,

(VWDHOHYDFLyQGHOSXQWRGHHEXOOLFLyQHVHOLQFUHPHQWRHQODWHPSHUDWXUDGHHEXOOLFLyQ
GH ODV VROXFLRQHV WpFQLFDV GH D]~FDU VREUH OD WHPSHUDWXUD GHO DJXD SXUD (O SXQWR GH
HEXOOLFLyQSDUDHODJXDSXUDSDUDXQYDFtRGH´VHGDHQODWDEOD,,,(OYDFtRGH
WUDEDMRQRUPDOSDUDODVPDVDV$\%HVGHDOUHGHGRUGH´\HQODVPDVDV&VHGHEH
WUDEDMDU FRQ HO YDFtR PD\RU SRVLEOH 8QD SXOJDGD GH GLIHUHQFLD HQ HO YDFtR FUHD XQD
GLIHUHQFLDHQHOSXQWRGHHEXOOLFLyQGHƒ& ƒ) DODPLVPDVREUHVDWXUDFLyQ





,QGLFH


7$%/$;;9,

6LVWHPDGH7UHVPDVDVFRFLGDVGH,QJHQLRVGH$]~FDUGH&DxD
9DFtRHQWUH´

(3(
66Pi[LPD
Pi[LPD
%UL[D 7HPSHUDWXUD (3(HQ HQFULVW
0DWHULDO 3XUH]D UHVXOWDQWHGH
VDWXUDFLyQ WDFKRVHQƒ& ƒ& ([FOX\HQGR
DSOLFDUOD66
QXFOHDFLyQ
HQƒ&
0&$\VLURSH      
0&%\PLHOHV$      
0&&\PLHOHV%      
0LHOHV ILQDOHV DO
GHVFDUJDU 0&&      
GHVGHWDFKRV




(O SUREOHPD SUiFWLFR GH OD DSOLFDFLyQ GHO FRQWURO GH FRQGXFWLYLGDG VH UHGXFH GH HVWD
IRUPD DO SUREOHPD GH GHWHUPLQDU ODV IOXFWXDFLRQHV GH OD FRQGXFWDQFLD SDUD XQ FLHUWR
UDQJRGHSXUH]DV\VREUHVDWXUDFLyQ\KDOODUFXDOGHHVDVYDULDFLRQHVHQORVYDORUHVGHOD
FRQGXFWDQFLD GDQ XQD LQGLFDFLyQ DSOLFDEOH SDUD ODV FRQGLFLRQHV GH FULVWDOL]DFLyQ HO
UHVSHFWLYRUDQJRGHFULVWDOL]DFLyQODIRUPDFLyQGHORVQ~FOHRVQXHYRV\GLVROXFLyQGHO
FULVWDOGHVDFDURVDFRPRUHVXOWDGRGHOHVWDGRGHVDWXUDFLyQ
/DUHVSXHVWDHVTXHHVWRSXHGHVHUKHFKR\TXHHOXVRGHOPpWRGRGHODFRQGXFWLYLGDG
HVPXFKRPHMRUJXtDTXHHOXVRGHODYLVFRVLGDGHVWLPDGDSRUHOXVRGHOGHGRtQGLFH\
SXOJDUSRUXQDPXHVWUDWRPDGDHQODVRQGDGHOWDFKR YLVFRVLGDG 

¢&XiOHV VRQ ODV IOXFWXDFLRQHV QRUPDOHV HQ OD FRQGXFWDQFLD GH ORV GLIHUHQWHV WLSRV GH
PDVDVFRFLGDV"
(VDV YDULDFLRQHV HVWiQ GHWHUPLQDGDV SULPDULDPHQWH SRU ODV YDULDFLRQHV HQ OD SXUH]D
FRPELQDGDV FRQ ODV YDULDFLRQHV HQ HO FRQWHQLGR GH FHQL]D GH ORV QRD]~FDUHV 6LHQGR
ORVFRQVWLWX\HQWHVGHODVFHQL]DVORVTXHGHWHUPLQDQSULPDULDPHQWHORVHOHPHQWRVSDUD
ODFRQGXFWLYLGDG,JXDOPHQWHHOYDFtRHVRWURHOHPHQWRLPSRUWDQWH8QDOWRYDFtRFRQHO
PLVPR JUDGR GH VREUHVDWXUDFLyQ GD XQD WHPSHUDWXUD EDMD HQ HO PDVD FRFLGD OR FXDO
FRUUHVSRQGHDXQDFRQGXFWDQFLDEDMD

(OFRQWHQLGRGHFHQL]DGHWHUPLQDODFRQGXFWDQFLDGHODVVROXFLRQHVWpFQLFDVGHD]~FDUD
XQD WHPSHUDWXUD \ %UL[ FRQVWDQWHV \ HVWR YDUtD GH ,QJHQLR D ,QJHQLR SHUR FRPR HV
UHJODODVYDULDFLRQHVGLDULDVHQODVIiEULFDVGHD]~FDUHVWiQGHWHUPLQDGDVSRUODSXUH]D
GHORVSURGXFWRVTXHVHPDQHMDQHQHOSLVRGHORVWDFKRV&RPRH[SUHVLyQQRUPDOGHO
FRQWHQLGRGHFHQL]DVHXVDFHQL]DGHQRD]~FDUHVORFXDOHVFDUDFWHUtVWLFRSDUDXQ
iUHDGHWHUPLQDGD\SHUtRGRGHFRVHFKD
3DUD XQ VLURSH FRQ XQD SXUH]D GH  D XQD WHPSHUDWXUD GH ƒ& OD VROXELOLGDG GH OD
VDFDURVDDOSXQWRGHVDWXUDFLyQHVGHDJXD(OEUL[GHHVWDVROXFLyQHVGH
8QLQFUHPHQWRGHƒ%[FRUUHVSRQGHDXQLQFUHPHQWRHQODVREUHVDWXUDFLyQGH

[±÷ 



,QGLFH



/RFXDOGDXQGHFHVRHQODFRQGXFWDQFLDHOpFWULFDGHDSUR[LPDGDPHQWHD
(QHOUDQJRGHFRQFHQWUDFLyQGHOSURFHVRGHFULVWDOL]DFLyQXQFDPELRGHƒ%[HQOD
VROXFLyQ GH D]~FDU SURGXFH XQ FDPELR HQ OD FRQGXFWLYLGDG HOpFWULFD GH  D   D
WHPSHUDWXUDFRQVWDQWH
8Q FDPELR HQ OD VREUHVDWXUDFLyQ GHVGH  D  UHGXFH OD FRQGXFWDQFLD
DSUR[LPDGDPHQWHDOGHODFRQGXFWDQFLDD66

(QWRQFHV SRGHPRV GHFLU TXH HO FRQWURO GH FRQGXFWLYLGDG HV VRODPHQWH SRVLEOH SDUD
FRQGLFLRQHVGHRSHUDFLyQLGpQWLFDVHQFRFLQDGRVGHODPLVPDSXUH]D\FRPSRVLFLyQGH
QRD]~FDUHV3HURLJXDODUJXPHQWRH[LVWHSDUDORVRWURVVLVWHPDVGHFRQWUROFRPRVRQOD
HOHYDFLyQ GHO SXQWR GH HEXOOLFLyQ  \ HO GHO UHIUDFWyPHWUR ORV FXDOHV QHFHVLWDQ KDFHU
FRPSHQVDFLRQHVSDUDHOQLYHOGHYDFtR\VXVIOXFWXDFLRQHV

/DV GHVYHQWDMDV GHO PpWRGR GH FRQGXFWLYLGDG HOpFWULFD SDUD ODV RSHUDFLRQHV GH
FULVWDOL]DFLyQ HV TXH GHSHQGH XQ FLHUWR JUDGR GHO FRQWHQLGR GH FHQL]D \
FRQVHFXHQWHPHQWH GH OD SXUH]D &RQ ODV YDULDFLRQHV GH SXUH]D QRUPDOHV HVWR HV
VRODPHQWHSDUDODVPDVDVFRQXQDSXUH]DPD\RUGHƒSRUORTXHHOPpWRGRSXHGHVHU
XVDGRVRODPHQWHHQODVIiEULFDVFRQXQHILFLHQWHFRQWUROGHSXUH]D\QRHQUHILQHUtDVFRQ
SODQWDVGHGHVLRQL]DFLyQ

- (TXLSRVGH&RQWUROGHOD&RQGXFWLYLGDG&RPHUFLDO

'HHVWRVHTXLSRVXQRGHORVPiVFRQRFLGRVHVHO&8,720(752HOFXDOFRQVWDGHORV
VLJXLHQWHVHTXLSRVGHFRQWURO

 (O&XLWRPHWUR
 /RV(OHFWURGRV
 (O5HJLVWUDGRU


(/&8,720(752
(VWHHVXQLQGLFDGRURSHUDGRSRU&$FRQXQPHGLGRUGHUDQJRGHP$GHVDOLGDGH
&$/DXQLGDGWLHQHXQHVWDELOL]DGRUGHYROWDMH\XQLQWHUUXSWRUVHOHFWRUGHYROWDMHSDUD
DOWHUDUOD3'DWUDYpVGHOVLVWHPDGHHOHFWURGRVFXDQGRVHVXPHUJHQHQHOVLURSH'RV
YHUVLRQHV GHO LQVWUXPHQWR VRQ GLVSRQLEOHV XQD RSHUDQGR FRQ  FLFORV \ RWUD FRQ 
FLFORVGHIUHFXHQFLD(OHTXLSRWUDEDMDFRQXQDVRODIDVHGHFRUULHQWHORPLVPRSDUD
9TXHSDUD9

/26(/(&752'26

/RVHOHFWURGRVFRQVWDQGHGRVGLVFRVGHDFHURLQR[LGDEOHPRQWDGRVGHIRUPDRSXHVWDHQ
XQDEDVHFRP~Q(VWHGLVHxRKDFHSRVLEOHTXHORVHOHFWURGRVSXHGHQH[WUDHUVHGHOWDFKR
SDUD VX OLPSLH]D \ UHHPSOD]R HQ H[DFWDPHQWH OD PLVPD SRVLFLyQ HQ TXH IXHURQ
PRQWDGRV
/RV HOHFWURGRV SXHGHQ VHU FRQVWUXLGRV HQ HO WDOOHU GHO LQJHQLR \D TXH VRQ GH VLPSOH
FRQVWUXFFLyQ /D FDOLEUDFLyQ SXHGH VHU KHFKD  SRU HO ODERUDWRULR GH OD IiEULFD VL QR



,QGLFH

H[LVWHQ ODV FRQGLFLRQHV HQ HO WDOOHU SXHV HQWRQFHV ORV PLVPRV SXHGHQ RUGHQDUVH D ORV
IDEULFDQWHVGHHTXLSRVGHFRQGXFWLYLGDG


$O FRQVWUXLU H LQVWDODU ORV HOHFWURGRV GHEHQ WHQHUVH HQ FXHQWD ORV IDFWRUHV
VLJXLHQWHV

 'HEHQLQVWDODUVHGHWDOIRUPDTXHODPDVDFRFLGDIOX\DOLEUHPHQWHHQWUHHOORV\D
TXHODPHGLFLyQGHFRQGXFWLYLGDGGHEHVHUUHSUHVHQWDWLYDGHWRGDVODVPDVDVTXH
KD\HQHOWDFKR

 'HEHQ PRQWDUVH GH PDQHUD TXH HO HMH HQWUH HOORV VHD SHUSHQGLFXODU DO IOXMR GH
PDVDFRPRORHVHOIOXMRGHFRUULHQWHHOpFWULFD

 /RVHOHFWURGRVGHEHQDLVODUVHHQODPDVDFRFLGDORVXILFLHQWHPHQWHOHMRVGHODV
VXSHUILFLHV GH PHWDO FRPR SDUHGHV GHO WDFKR VRSRUWHV IOXVHV HWF SDUD
DVHJXUDUVHTXHODFRQGXFWLYLGDGUHJLVWUDGDVHD~QLFDPHQWHGHODPDVDFRFLGD

 /DIRUPD\GLVWDQFLDHQWUHORVHOHFWURGRVHVXQIDFWRUIXQGDPHQWDO

 /RV HOHFWURGRV GHEHQ VHU UHVLVWHQWHV GH IRUPD TXH QR VHDQ GHIRUPDGRV SRU HO
PRYLPLHQWRGHODPDVDRSRUORVFDPELRVGHWHPSHUDWXUD

 /DFDSDFLGDGGHORVHOHFWURGRVGHEHQVHUH[DFWDPHQWHXQDXQLGDGF~ELFD FP  

VLIXHUDQHFHVDULRKD\TXHUHGXFLURLQFUHPHQWDUHOiUHDGHORVPLVPRVSDUDTXH
ORDQWHULRUVHFXPSOD

/DVILJXUDV\PXHVWUDQFHOGDVHOHFWUyGLFDVSDUDPHGLUODFRQGXFWLYLGDG
HQORVWDFKRV\ODUHODFLyQGHVXVGLPHQVLRQHV

(/5(*,675$'25

(OUHJLVWUDGRUHVGHOWLSRGHPRQWDMHGHSDQHO\UHJLVWUDVREUHXQDFDUWDGHWLUDODVHxDO
GHVDOLGDGHOFXLWyPHWURWUDEDMDQGRFRQ&$\HOPHGLGRUGHUDQJRFRQP$/D
FDUWDVHPXHYHSRUXQPRWRUGHUHVRUWHHLQFRUSRUDGRVYHORFLGDGHVGHRSHUDFLyQGHò
D´RDODV´\´SRUKRUDDUD]yQGH/DXQLGDGJHQHUDOPHQWHVHVXPLQLVWUD
FRQ XQ DUUHJOR GH HQJUDQHV GH  \ ´ SRU KRUD 6H SXHGH REWHQHU XQ FDPELR HQ OD
YHORFLGDG VLPSOHPHQWH DOWHUDQGR OD SRVLFLyQ GH OD SDODQFD HQ HO PHFDQLVPR GH
PRYLPLHQWR GH OD FDUWD VLQ SDUDU HO UHJLVWUDGRU (VWR HV XQ DUUHJOR ~WLO SDUD OD
FRQFHQWUDFLyQ LQLFLDO \ HO VHPLOODPLHQWR GRQGH PD\RU VHQVLELOLGDG VH UHTXLHUH FRPR
WDPELpQ SDUD HO SURFHVR VXEVLJXLHQWH GH HVWDEOHFHU HO JUDQR SRU OR FXDO GXUDQWH HVH
WLHPSRODPD\RUYHORFLGDGGHOPRYLPLHQWRGHODFDUWDVHUiODPiV~WLO'HVSXpVTXHHVH
WLHPSRFUtWLFRSDVDHOPRYLPLHQWRGHODFDUWDSXHGHUHGXFLUVHD´SRUKRUDKDVWDTXH
ILQDOL]HODWHPSOD
/DILJXUDPXHVWUDHO&XLWyPHWUR\HO5HJLVWUDGRUGH&RQGXFWLYLGDG

6,67(0$'(&21752/$8720È7,&2





,QGLFH






















,QGLFH



















,QGLFH














,QGLFH

6L VH QHFHVLWD XQ VLVWHPD GH FRQWURO DXWRPiWLFR SDUD HO WUDEDMR GHO WDFKR ORV HTXLSRV
FRQVWDUDQGH

 8QFXLWyPHWURPRGLILFDGR

 8QMXHJRGHHOHFWURGRVFRPR\DVHGHVFULELy

 8Q WUDQVGXFWRU SDUD FRQYHUWLU OD VHxDO GH VDOLGD GHO FXLWyPHWUR D XQD VHxDO
QHXPiWLFD SDUD TXH VHD DFHSWDGD SRU XQ &RQWURODGRU ± 5HJLVWUDGRU HO FXDO GD
XQD VHxDO GH VDOLGD QHXPiWLFD GH  OSFP SDUD HO FRQWURO GH OD YiOYXOD
DXWRPiWLFD

 8QDYiOYXODDXWRPiWLFDQHXPiWLFDPHQWHRSHUDGDSRUODVHxDOGHOSFPGHO
FRQWURODGRU±5HJLVWUDGRUSDUDODDGPLVLyQFRQWLQXDGHOVLURSHGHOWDFKR

3DUDORVSURSyVLWRVGHOFRQWURODXWRPiWLFRHOFXLWyPHWURWLHQHTXHVHUPRGLILFDGRSDUD
TXHGHXQDVHxDOGHVDOLGDGHFGGHP$y9$SDUWHGHHVWRODXQLGDGHV
FRPRODHVWiQGDU
(O&RQWURODGRU±5HJLVWUDGRUSXHGHVHUGHGRVWpUPLQRV SURSRUFLRQDOLQWHJUDO RGH
WUHV WpUPLQRV SURSRUFLRQDOLQWHJUDOGHULYDWLYR 6LXQRGHWUHVWpUPLQRVHVXVDGR
KD\ TXH XWLOL]DU XQ WUDQVGXFWRU SDUD FRQYHUWLU OD VHxDO GH HQWUDGD GHVGH HO FXLWyPHWUR
HOpFWULFD  D QHXPiWLFD SDUD TXH VHD DFHSWDGD SRU HO &RQWURODGRU ± 5HJLVWUDGRU (VWD
~OWLPDXQLGDGGDUiXQDVHxDOGHVDOLGDGHOSFPSDUDODYiOYXODGHFRQWURO(QHVWD
XQLGDGSDUWLFXODUSRVWHULRUPHQWHQRVHSXHGHDxDGLUXQWHUFHUWpUPLQR

,QVWDODFLyQ

/RVHOHFWURGRVVHLQVWDODQHQHOIRQGRGHOWDFKRGHODGRHQXQSXQWRGRQGHH[LVWDXQD
EXHQDFLUFXODFLyQ\QRHVWpHQFRQWDFWRFRQODVEXUEXMDVGHYDSRU/DILJPXHVWUD
ODLQVWDODFLyQ

3XHVWDHQ0DUFKD

<DVHKDHVWDEOHFLGRTXHODVOHFWXUDVGHOLQGLFDGRUGHOFXLWyPHWURVRQVLHPSUHLQYHUVDVD
ODGHQVLGDGGHOOLFRUHQHOWDFKR
(QORVFRPLHQ]RVGHOFRFLPLHQWRODGHQVLGDGGHOVLURSHHVEDMDSXGLHQGRLUODDJXMDGHO
LQGLFDGRUDOGHODHVFDOD$PHGLGDTXHODFRQFHQWUDFLyQSURJUHVDODFRQGXFWLYLGDG
VHLQFUHPHQWDJUDGXDOPHQWHFXDQGRHOSXQWRGHVHPLOODPLHQWRVHDFHUFDHVQHFHVDULR
OOHYDUODDJXMDGHQWURGHOUDQJRGHOHFWXUDGHOLQVWUXPHQWRFRQVLJXLpQGRVHHVWRSRUHO
DMXVWH GH OD SRVLFLyQ GHO ERWyQ GHO UHJXODGRU GH YROWDMH (Q HO FDVR GH SURGXFWRV TXH
FRQWHQJDQDOWDVFDQWLGDGHVGHFHQL]DHOUHJXODGRUGHYROWDMHVHSRQGUiHQORVSXQWRVy
&XDQGRVHFRFLQDQWHPSODVRSURGXFWRVGHPX\DOWDSXUH]DHOERWyQGHEHVHUJLUDGR
KDVWDTXHODDJXMDDOFDQFHXQDSRVLFLyQHQWUH\KDVWDTXHXQDOHFWXUDDOUHGHGRUGH
VHREWHQJDHQHOPHGLGRUHQHOPRPHQWRGHVHPLOODPLHQWR

/DILJPXHVWUDODVFXUYDVGHFRFLPLHQWRSDUDXQDPDVDFRFLGD$ODWDEOD;;9,,
GHODUHODFLyQHQWUHFRQGXFWLYLGDGHVSHFtILFD\ODOHFWXUDGHOFXLWyPHWURHQP$

6LVWHPD$XWRPiWLFRSDUD7DFKRVGHOD'DQLVK6XJDU&RUSRUDWLRQ/WG ''' 



,QGLFH














,QGLFH



,QGLFH



















,QGLFH

&XDQGRVHDHPSOHDODDXWRPDWL]DFLyQGHORVWDFKRVGHEHWHQHUVHHQFXHQWDODWpFQLFDGH
FRFLPLHQWR D HPSOHDU HO FRVWR GH OD PDQR GH REUD \ HO JUDGR GH DXWRPDWL]DFLyQ
UHTXHULGR$FRQWLQXDFLyQVHGDQDOJXQDVUHJODVSDUDODVHOHFFLyQVXJHULGDVSRUOD''6

02'(/2 ,    DXWRPDWL]DFLyQ GH WDFKR SDUD HO FRFLPLHQWR ILQDO GH WHPSODV $ \ %
KHFKDVFRQSLHGHVHPLOODPDJPDSRUHMHPSORFRQWURODXWRPiWLFRGHODWHPSODGHVGHHO
SDVRDOILJ

02'(/2,,DXWRPDWL]DFLyQGHWDFKRSDUDHOFRFLPLHQWRGHWHPSODV$%\&FRQ
FULVWDOL]DFLyQSRUHMHPSORFRQWURODXWRPiWLFRGHODWHPSODGHVGHHOSDVRDOILJ
([FHSWXDQGRHOSDVR/DYiOYXODGHGHVFDUJDDVtFRPRODVGHYDSRUHQHOGLVHxR
WtSLFR VH RSHUDQ PDQXDOPHQWH 6L VH GHVHD VH SXHGH LQVWDODU FRQWURO UHPRWR GHVGH HO
SDQHO7DPELpQVHSXHGHQLQVWDODULQGLFDFLyQUHPRWDSDUDXQFXDUWRGHFRQWURO
/D ILJ  HV XQ GLDJUDPD GH EORTXH TXH PXHVWUD XQ VLPSOH FRQWURODGRU SDUD HVWD
DSOLFDFLyQ (O FRQWURODGRU HV HOpFWULFR ± QHXPiWLFR \ OD RSHUDFLyQ HVWi EDVDGD HQ HO
HOHFWURGR\DMXVWHGHFRUULHQWHHQYLDGDGLUHFWDPHQWHDWUDYpVGHXQSDUGHDODPEUHVHO
ODUJRGHORVFXDOHVGHSHQGHGHODLQWHQVLGDGGHODFRUULHQWH8QVLVWHPDWREHUDFKDSDOHWD
SURGXFH XQD VDOLGD QHXPiWLFD HQ HO UDQJR GH  OSFP \ VH XVD SDUD FRQWURODU OD
YiOYXODGHDOLPHQWDFLyQGHOLFRU

02'(/2,,,$XWRPDWL]DFLyQWRWDOGHOWDFKRSDUDHOFRQRFLPLHQWRGHWHPSODV$%
\&FRQFULVWDOL]DFLyQSRUHMHPSORFRQWURODXWRPiWLFRGHODWHPSODGHVGHHOSDVRDO
 ILJ  /D YiOYXOD GH GHVFDUJD \ OD GH YDSRU VH RSHUDQ DXWRPiWLFDPHQWH (O
SURJUDPDGHFRFLPLHQWRSXHGHLQGLFDUVHUHPRWDPHQWHHQXQFXDUWRGHFRQWURO\VLVH
GHVHDODDXWRPDWL]DFLyQSXHGHFRQHFWDUVHDXQDFRPSXWDGRUD
/DWDEOD;;9,,,HVXQDD\XGDSDUDODVHOHFFLyQGHOPRGHORUHTXHULGR\ODWDEOD;;,;
PXHVWUD ORV GDWRV WpFQLFRV GH ORV PRGHORV , \ ,, \ OD ILJ  OD GHO PRGHOR ,,, /D
ILJPXHVWUDHOSDQHOGHLQVWUXPHQWRV\VXVGHWDOOHVSDUDHOPRGHOR,,,

7DEOD;;9,,/RVFiOFXORVHVWiQEDVDGRVHQHOKHFKRGHTXHODUHVLVWHQFLDLQWHUQDGHO
HTXLSRFRPSOHWRLQFOX\HQGRHOUHJLVWUDGRUHVGHRKPV
(O YROWDMH GH VDOLGD DO WUDQVIRUPDGRU FRUUHVSRQGH D ORV GDWRV HQ OD WDEOD SDUD FDGD
SRVLFLyQGHOUHJXODGRUGHVGHDVLHQGRORVYDORUHV
 \  YROWV 5HVSHFWLYDPHQWH %DMR HVDV FRQGLFLRQHV \ WHQLHQGR HQ PHQWH TXH OD
FRQVWDQWH TXH OD FHOGD GH ORV HOHFWURGRV HV OD XQLGDG OD UHVLVWHQFLD HVSHFtILFD SDUD
FXDOTXLHUDMXVWHHVGDGDSRUODHFXDFLyQ

9DORUGHOYROWDMHHQODSRVLFLyQ[OHFWXUDHQP$ 

1RWD &RQ HO ILQ GH HYLWDU OD LQFUXVWDFLyQ GH ORV HOHFWURGRV VH KD GHVDUUROODGR HQ
$XVWUDOLD XQ VLVWHPD SDUD PHGLU OD FRQGXFWLYLGDG VLQ QHFHVLGDG GH FRQWDFWR (Q HVWH
SURFHGLPLHQWRTXHKDFHPiVXQLIRUPHHOIXQFLRQDPLHQWRGHORVWDFKRVHOHOHFWURGRVH
FRORFD GHQWUR GH XQ DLVODGRU \ QR HVWi HQ FRQWDFWR GLUHFWR FRQ OD PDVD FRFLGD /D
H[SRVLFLyQUD]RQDGDODSURSRUFLRQDODSRVLELOLGDGGHWUDQVIHULUHQHUJtDHOpFWULFDGHXQ
FRQGXFWRU D RWUR SRU DFRSODPLHQWR FDSDFLWLYR 6L OD IUHFXHQFLD GHO JHQHUDGRU HV
VXILFLHQWHPHQWHDOWDVHSXHGHKDFHUSDVDUXQDFRUULHQWHDOWHUQDDGHFXDGDDWUDYpVGHOD
PDVD FRFLGD SDUD HIHFWXDU OD PHGLFLyQ (O DFRSODPLHQWR FDSDFLWLYR VH PXHVWUD HQ OD
ILJXUD$




,QGLFH















,QGLFH


























,QGLFH

















,QGLFH















,QGLFH














,QGLFH

















,QGLFH




















,QGLFH


















,QGLFH

,167580(172648(0,'(1/$5(6,67,9,'$''(/$&$

(Q YH] GH XWLOL]DU OD FRQGXFWLYLGDG SDUD FRQWURODU OD VXSHUVDWXUDFLyQ UHVXOWD PiV
FRQYHQLHQWH PHGLU OD UHVLVWLYLGDG GH OD &$ GHELGR D TXH FRQOOHYD XQD UHODFLyQ FDVL
OLQHDO FRQ HO EUL[ GH OD PDVD FRFLGD \ SRU OR WDQWR WDPELpQ FRQ OD YLVFRVLGDG /RV
UHVXOWDGRVGHPXHVWUDQTXHODHEXOOLFLyQGHEDMRJUDGRVHSXHGHHIHFWXDUFRQWURODQGROD
UHVLVWLYLGDG GH OD &$ \ GH DTXt HO JUDGR GH VXSHUVDWXUDFLyQ D ILQ GH PDQWHQHU
FRQVWDQWHODHYDSRUDFLyQFXDQGRODOHFWXUDGHUHVLVWLYLGDGVHPDQWLHQHGHQWURGHOtPLWHV
ILMRV OR TXH SURGXFH XQ WDPDxR PiV XQLIRUPH GHO JUDQR FRQ XQ FLHUWR WLHPSR GH
HEXOOLFLyQ (V GH HVSHUDU TXH HVWH LQVWUXPHQWR SXHGD VHU LQFRUSRUDGR D XQ VLVWHPD GH
HEXOOLFLyQHQWDFKRVEDVDGRHQXQPLFURSURFHVDGRU9HUILJE


(48,32648(0,'(1/$&2167$17(',(/e&75,&$

$ ,1752'8&&,Ï1

(VWRV PHGLGRUHV VRQ JHQHUDOPHQWH ~WLOHV SDUD XQD FODVH HVSHFtILFD R FRPSRVLFLyQ GH
OtTXLGRV \ YDULDUi JUDQGHPHQWH FRQ ORV FDPELRV HQ OD FRPSRVLFLyQ GH ORV PLVPRV R
FRQ ODV FDQWLGDGHV GH FRQWDPLQDQWHV SUHVHQWHV 6X XVR SULQFLSDO HV OD PHGLFLyQ GH
KLGURFDUERQRV XVDGRV FRPR FRPEXVWLEOH /D GHQVLGDG GH XQ KLGURFDUERQR SXHGH
HPSOHDUVH FRPR XQD PHGLFLyQ LQIHUHQFLDO SDUD FRQRFHU HO FRQWHQLGR FDOyULFR GHO
FRPEXVWLEOH HVWD PHGLFLyQ SXHGH XVDUVH FRQ EDVWDQWH SUHFLVLyQ PHQRV GHO  HUURU 
SDUD GHWHUPLQDU HO FRQWHQLGR FDOyULFR GHO FRPEXVWLEOH 8Q PHGLGRU GH GHQVLGDG TXH
KDFH XVR GH OD ³FRQVWDQWH GLHOpFWULFD´ GHO OtTXLGR VH PXHVWUD HQ OD ILJ  /D
FDSDFLGDGHQWUHORVFRQGXFWRUHVLQWHUQRV\H[WHUQRVGHOVHQVRUVHPLGHQHOpFWULFDPHQWH
GHIRUPDXVXDOSRUXQFLUFXLWRGHSXHQWH

% &RQVWDQWH'LHOpFWULFD

(O DOPDFHQDPLHQWR GH FDUJD GH XQ FDSDFLWRU VH GHWHUPLQD WRWDOPHQWH SRU OD IRUPD
JHRPpWULFD\ODVGLPHQVLRQHVGHVXVSODFDV
/DIyUPXODSDUDODFDSDFLWDQFLDSXHGHQREWHQHUVHSDUDPXFKDVIRUPDVJHRPpWULFDV(O
XVRGHWUR]RVRSLH]DVGLHOpFWULFDV QRFRQGXFWRUHV SDUDHVSDFLDUODVSODFDVHQOXJDUGH
XQPDUFRH[WHUQRLQFUHPHQWDQRWDEOHPHQWHODFDSDFLWDQFLD3XHGHDOPDFHQDUXQDFDUJD
PD\RUHQXQDGLIHUHQFLDGHSRWHQFLDOGDGDGHELGRDTXHHOGLHOpFWULFRHVSRODUL]DEOH$
WUDYpV GHO PRYLPLHQWR GH VXV QXEHV GH HOHFWURQHV Q~FOHRV \ GLSRORV PROHFXODUHV HO
GLHOpFWULFRSXHGHFRPSHQVDUHOpFWULFDPHQWHJUDQSDUWHGHODFDUJDTXHVHDFXPXOD/D
FRUULHQWHGHFDUJDGHEHSRUORWDQWRFRQWLQXDUGXUDQWHXQSHUtRGRSURORQJDGR\VHUPiV
LQWHQVDSDUDDOFDQ]DUODVDWXUDFLyQHQXQDGLIHUHQFLDGHSRWHQFLDOGLVSRQLEOH 9 
3RU GHILQLFLyQ OD SURSRUFLyQ GH OD FDSDFLWDQFLD  &  GH XQ FDSDFLWRU TXH WLHQH XQ
GLHOpFWULFRFRQODGHXQYDFtRHVODFRQVWDQWHGLHOpFWULFD ε GHOGLHOpFWULFR  
ε  &&  /RV 7pUPLQRV ³SHUPLWLYLGDG \ FDSDFLGDG LQGXFWLYD HVSHFtILFD´ VH XVD
WDPELpQRFDVLRQDOPHQWHSDUDGHVFULELUODVPLVPDFDUDFWHUtVWLFD
YDF



(O PHGLGRU GH OD FRQVWDQWH GHLHOpFWULFD SDUD HO FRQWURO GH OD FULVWDOL]DFLyQ HQ ORV


WDFKRVGHOD,QGXVWULD$]XFDUHUD





,QGLFH



































,QGLFH


























,QGLFH




/DLPSODQWDFLyQGHHVWHPpWRGRGHFRQWUROGHODFRFFLyQHQWDFKRVKDVLGRHVWDEOHFLGR
SRUYDULRVLQYHVWLJDGRUHVFRPR5HLFKDUGGH$XVWUDOLDHQSRU0ROOHUGHOD''6
HQ  SRU '- 5DGIRUG \ FROHJDV GH OD 7RQJDDW ± +XOHW 6XJDU /LPLWHG 'XUEDQ
$IULFDGHO6XU
(OPpWRGRHVWiEDVDGRHQODGHWHUPLQDFLyQGHOPRPHQWRGHODFRQVWDQWHGLHOpFWULFDGHOD
PDVDFRFLGD

& 7HRUtD

/D FRQVWDQWH GLHOpFWULFD GH XQD VXVWDQFLD QRUPDOPHQWH VH H[SUHVD FRPR OD FRQVWDQWH
GLHOpFWULFDUHODWLYDε  ε¶-ε´

U

(QODIyUPXODODFDQWLGDGε´HVXQDH[SUHVLyQSDUDODSpUGLGDHOpFWULFDHQODVXVWDQFLD
ε´ σ:ε GRQGH

R

σ  HVODFRQGXFWLYLGDGGHODVXVWDQFLD
:  HVODIUHFXHQFLDDFWXDO
ε HVODFRQVWDQWHGLHOpFWULFDDOYDFtR

R 

1RUPDOPHQWHODSpUGLGDHVGHVFULWDSRUHOiQJXORδWDQδ ε´ε¶

3DUDODPD\RUtDGHODVVXVWDQFLDVε¶ \ε´GHSHQGHQGHODIUHFXHQFLD \ODWHPSHUDWXUD
(VWD GHSHQGHQFLD VLJQLILFD GHVGH OXHJR XQD GLILFXOWDG PD\RU HQ OD PHGLFLyQ GH OD
FRQVWDQWHGLHOpFWULFDGHXQDPH]FODWDOFRPRXQDPDVDFRFLGD



,QGLFH















,QGLFH












,QGLFH

'HDFXHUGRFRQ2QVDJHUODFRQVWDQWHGLHOpFWULFDSDUDXQDVXVWDQFLDTXHHVWDIRUPDGDGH
YDULRVFRQVWLWX\HQWHVSXHGHQFRQFLHUWDDSUR[LPDFLyQVHUGHVFULWDSRUODH[SUHVLyQ

ε  ε [φ ε [φ ε [φ ε [φ GRQGH

U       Q Q 

ε  ε ε VRQH[SUHVLRQHVSDUDODFRQVWDQWHGLHOpFWULFDLQGLYLGXDOGHFDGDXQRGHORV
FRPSRQHQWHV \ φ φ φ H[SUHVD OD FRQFHQWUDFLyQ UHODWLYD SRU YROXPHQ GH HVRV
    Q 

PLVPRVFRPSRQHQWHVGHODVXVWDQFLD(QWRQFHVHQQXHVWURFDVRSRGHPRVHVSHUDUXQD
   Q

FRQVWDQWH GLHOpFWULFD FRPSXHVWD SURFHGHQWH GH ORV FULVWDOHV GH VDFDURVD VDFDURVD
KLGUDWDGDGLVXHOWDDJXD\ODVLPSXUH]DVSUHVHQWHVSRUHMHPSOR

ε ε φ ε [φ ε [φ ε φ GRQGH

U  VF[ VF GV GV Z Z L[ L 

ε φ   FULVWDOGHVDFDURVD
ε [φ  VDFDURVDGLVXHOWD
VF[ VF

ε [φ  DJXD
GV GV

 ,PSXUH]DV
Z Z

ε φ

L[ L 

'HVGHOXHJRVLQRVRWURVREVHUYDPRVODVVROXFLRQHVSXUDVGHVDFDURVDVRODPHQWHFRPR
HV HO FDVRGHODUHILQDFLyQGHD]~FDUODV FXDOHV WLHQHQXQFRQWHQLGRGH FHQL]DEDMRHO
SURGXFWRGHε φ SXHGHGHVSUHFLDUVH
/DH[SUHVLyQDQWHULRUHVYiOLGDVRODPHQWHSDUDVROXFLRQHVODVFXDOHVFXPSODQODOH\GH
L[ L

5DRXOWODFXDOHVWDEOHFHTXHODLQWHUDFFLyQHQWUHODVPROpFXODVGHDJXDDJXDD]~FDU±
DJXD \ D]~FDUD]~FDU WLHQHQ TXH VHU ODV PLVPDV OR FXDO HV XQD FRQGLFLyQ TXH QR VH
HQFXHQWUDHQODVVROFLRQHVGHD]~FDUFRQFHQWUDGDV

$SHVDUGHHVWHIDFWRUORVHQVD\RVRSUXHEDVUHDOL]DGDVKDQHVWDEOHFLGRODGHSHQGHQFLD
GHO SURFHVR GH FULVWDOL]DFLyQ VREUH OD FRQVWDQWH GLHOpFWULFD D SDUWLU GH XQ FiOFXOR
DSUR[LPDGRGHODPLVPD
(QORVFiOFXORVORVVLJXLHQWHVYDORUHVIXHURQXVDGRV

ε aε aε a

VF GV Z


' (TXLSRGH0HGLFLyQ

$SHVDUGHODV FRQGLFLRQHV H[WUHPDV TXH SUHYDOHFHQ  HQ XQ WDFKR FRQ PDVDV FRFLGDV
YLVFRVDVEDMRYDFtRORVLQYHVWLJDGRUHVVHOHFFLRQDURQXQPpWRGRGHPHGLFLyQSRUHOFXDO


XQWUDQVGXFWRUQHFHVLWDXQFRQWDFWRPX\VLPSOHFRQHOLQWHULRUGHOWDFKR(OWUDQVGXFWRU
IXH GLVHxDGR FRPR XQD YDULOOD FLOtQGULFD PX\ VLPSOH OD FXDO HQ OD WHFQRORJtD GH
IUHFXHQFLD DOWD VH OODPD ³DQWHQD GH YDULOOD´ (VWD VH FRQHFWD GLUHFWDPHQWH D XQ
VLQWRQL]DGRU GH LPSHGDQFLD D XQ DFRSODGRU GLUHFFLRQDO \ D XQ GHWHFWRU GH ³5DGLR ±
)UHFXHQFLD´ 5) ´  7RGRV HVWRV HOHPHQWRV VRQ FRQRFLGRV HQ OD WHFQRORJtD GH 5) HO
SULQFLSLRVHPXHVWUDHQODILJXUD$

/DGLVSRVLFLyQGHODPHGLFLyQFRQVWLWX\HXQDPHGLFLyQFRQYHQFLRQDOGHOD³UHIOH[LyQ´
WDO FRPR VH XVD SDUD OD GHWHUPLQDFLyQ GHO DJXD FRQWHQLGD HQ ODV SODFDV IRUPDGDV GH
PDWHULDOHV FRPR OD PDGHUD ORV SDQHOHV HWF (O SULPHU SDVR GHO PpWRGR HV DGDSWDU OD
DQWHQDDOSXQWRGHPHGLFLyQHVWRVHKDFHDMXVWDQGRHOVLQWRQL]DGRU%GHPRGRTXH



,QGLFH











,QGLFH











,QGLFH

GHWHFWH XQ PtQLPR GH OD VHxDO UHIOHMDGD (QWRQFHV OD PXHVWUD VH LQWURGXFH HQWUH OD
DQWHQD \ODSDUHGGHUHIOH[LyQ\HOFDPELRHQHOWDPDxRGHODVHxDOUHIOHMDGDVHUiXQD
PHGLGD GH OD FRQVWDQWH GLHOpFWULFD UHODWLYD GH OD PXHVWUD (O SULQFLSLR SXHGH VHU
IRUPXODGRSRUODH[SUHVLyQ

3U  3 =D±=F  =D=&    GRQGH

3U  HVHOWDPDxRGHODVHxDOUHIOHMDGD
3  HVODSRWHQFLDGHODVHxDOWUDQVPLWLGD
=D  HVODLPSHGDQFLDHOpFWULFDGHODPXHVWUD\ODDQWHQD
=F  HVODLPSHGDQFLDFDUDFWHUtVWLFDGHOVLVWHPDGHPHGLFLyQDFWXDO

'HVGHODH[SUHVLyQDQWHULRUVHQRWDTXHODFDQWLGDG3UYDUtDFRPRXQDIXQFLyQGH=D
PDQWHQLpQGRVHFRQVWDQWHVODVGHPiV
8QDYH]TXHHOVLQWRQL]DGRUKDVLGRELHQDMXVWDGRODFDQWLGDG =D=F SXHGHUHGXFLUVHD
FHURDODFRQVWDQWHGLHOpFWULFDDFWXDO

(QWRQFHVFXDOTXLHUFDPELRSRVWHULRUHQODFRQVWDQWHGLHOpFWULFDFDXVDUiXQFDPELRHQHO
WDPDxR GH OD VHxDO GHWHFWDGD /D ILJXUD E PXHVWUD HO PLVPR DUUHJOR GH PHGLFLyQ
SDUDXQWDFKRDOYDFtR$TXtSRGHPRVYHUTXHODDQWHQDVHPRQWDHQHOIRQGRGHOWDFKR
HQ XQ OXJDU GRQGH SUHYDOH]FD EXHQDV FRQGLFLRQHV GH FLUFXODFLyQ REWHQLHQGR DVt XQD
UHSUHVHQWDFLyQ DFHSWDEOH GH OD PDVD FRFLGD FRQWHQLGD HQ HO PLVPR 'H RWUD SDUWH OD
ORFDOL]DFLyQGHOSXQWRGHPHGLFLyQDVHJXUDTXHODVPHGLFLRQHVVHDQKHFKDVHQXQiUHD
GHPDUFDGDFRQXQDGLPHQVLyQItVLFDFRQVWDQWHOLPLWDGDSRUODVSDUHGHV\ODFDODQGULD

/DXQLGDGGHDQWHQDXWLOL]DGDVHPXHVWUDHQODILJXUDDLQVHUWiQGRVHVRODPHQWHHQ
HO WDFKR OD YDULOOD FLOtQGULFD EODQFD /D SDUWH R VHFFLyQ FXDGUDGD FRQWLHQH DO
VLQWRQL]DGRUGHODDQWHQD%DODFRSODGRUGLUHFFLRQDO&\HOGHWHFWRU'YHUILJE

3RUUD]RQHVSUiFWLFDV\WpFQLFDVODIUHFXHQFLDGHPHGLFLyQVHOHFFLRQDGDGHEHVHUGHXQ
YDORU DOWR SDUD REWHQHU SpUGLGDV SHTXHxDV \ HO ODUJR ItVLFR GH OD DQWHQD GHEH VHU
UD]RQDEOH
/D IUHFXHQFLD GH PHGLFLyQ FRP~Q HV DSUR[LPDGDPHQWH  0+] \ HO ODUJR GH OD
DQWHQD HV GH DSUR[LPDGDPHQWH  PP OR FXDO VLJQLILFD TXH D HVD IUHFXHQFLD \ OD
FRQVWDQWH GLHOpFWULFD DFWXDO HO ODUJR GH OD DQWHQD HVWD HQWUH  D ó GH OD ORQJLWXG GH
RQGD

( 5HVXOWDGRGHODV3UXHEDV

*XQWKHU 5 0ROOHU GH OD ''6 HIHFWXy QXPHURVDV SUXHEDV HQ XQ WDFKR SLORWR /D ILJ
 D PXHVWUDQODVPHGLFLRQHVSDUDODGHWHUPLQDFLyQGHODUHODFLyQHQWUHODVHxDOGH
5) P9 \HOEUL[GHVLURSH$YDORUHVGH%[PiVDOWRVTXHƒODVFXUYDVPXHVWUDQ
XQDUHODFLyQ~QLFDHQWUHODVHxDOGH5)\HO%[3RVWHULRUPHQWHVHFRPSUREyFRPRVH
HVSHUDED TXH OD VHxDO GHSHQGH GH OD WHPSHUDWXUD \ GHO FRQWHQLGR GH FHQL]DV /D ILJ
EPXHVWUDTXHODPHMRUUHODFLyQOLQHDOFRQHO%[VHREWXYRFRQXQVLURSHGHEDMR
FRQWHQLGRGHFHQL]DV

/DILJF\ODILJDPXHVWUDQODVPHGLFLRQHVFRUUHVSRQGLHQWHVFRQXQDIXQFLyQ
GHODWHPSHUDWXUD\HOFRQWHQLGRGHFHQL]DFRQHO%[GHOVLURSHFRPRXQSDUiPHWUR



,QGLFH



,QGLFH

























,QGLFH













,QGLFH


















,QGLFH

/DV FXUYDV PXHVWUDQ XQD VLPSOH \ FDVL OLQHDO UHODFLyQ HQWUH OD VHxDO GH 5) \ OD
WHPSHUDWXUD\HQWUHODVHxDOGH5)\ODFRQGXFWLYLGDG
&yPR OD VHULH LQGLYLGXDO GH FXUYDV PXHVWUDQ OD PLVPD SHQGLHQWH D SHVDU GHO %[ VH
SXHGHLQWURGXFLUXQDFRPSHQVDFLyQSDUDODWHPSHUDWXUD\ODFRQGXFWLYLGDGDSHVDUGHO
%[DFWXDO
7RGDVODVFXUYDVGHODVILJ\DKDQVLGRPHGLGDVGXUDQWHODFRQFHQWUDFLyQGHO
VLURSH VLQ OD SUHVHQFLD GH FULVWDOHV GH D]~FDU FRUUHVSRQGLHQWH DO SHUtRGR GH
³FRQFHQWUDFLyQSDUDVHPLOODPLHQWR´HQODRSHUDFLyQDFWXDOGHOWDFKR

/DVFXUYDVTXHVLJXHQPXHVWUDQODVHxDOGH5)HQSUHVHQFLDGHFULVWDOHV/DVPHGLFLRQHV
IXHURQ KHFKDV D XQD WHPSHUDWXUD FRQVWDQWH GH ƒ& VREUH XQ VLURSH GH FRQGXFWLYLGDG
SREUH (QWRQFHV OD ILJ E PXHVWUD OD VHxDO GH 5) PHGLGD FRPR XQD IXQFLyQ GHO
FRQWHQLGRGHFULVWDOHVPRPHQWiQHRFRQXQ%[FRQVWDQWHGHOOLFRUPDGUHGH(O
UHVXOWDGRHVXQDVRUSUHQGHQWHUHODFLyQVLPSOHHQWUHHOFRQWHQLGRGHFULVWDOHV\HOYDORU
GH5)/DGLVSHUVLyQYLVWDHQODVPHGLFLRQHVFRQXQFRQWHQLGREDMRGHFULVWDOHVSXHGH
SUREDEOHPHQWHDWULEXLUVHDXQDGHWHUPLQDFLyQLPSUHFLVDGHOFRQWHQLGRGHFULVWDOHV

6REUHODEDVHGHHVDVPHGLFLRQHVORVLQYHVWLJDGRUHVWUDWDURQGHFDOFXODUε GHDFXHUGR
FRQ OD IyUPXOD GH 2QVDJHU /RV UHVXOWDGRV GH HVRV FiOFXORV DSDUHFHQ HQ ODV ILJXUDV
U 

F\ILJ/DILJXUDEPXHVWUDODGHSHQGHQFLDGHOYDORU5)PHGLRVREUHOD
FRQVWDQWH GLHOpFWULFD FDOFXODGD ε SDUD XQ FRQWHQLGR GH FULVWDOHV HQWUH  \  
&RUUHVSRQGLHQWH OD ILJXUD  PXHVWUD ODV YDULDFLRQHV GHO YDORU 5) FRQ \ VLQ OD
U 

SUHVHQFLD GH FULVWDOHV SDUD XQ UDQJR GH ε     D  FRUUHVSRQGLHQWH D XQ VLURSH
DOWDPHQWHFRQFHQWUDGRDQWHVGHOVHPLOODPLHQWR\ε DFRUUHVSRQGHDXQDPDVD
U 

FRFLGDFRQXQGHFULVWDOHVGH
U 


$PEDVSDUWHVGHODFXUYDVHYHRWUDYH]XQDFRUUHODFLyQFDVLOLQHDOHQWUHHOYDORUGH
5) \ OD FRQVWDQWH GLHOpFWULFD SHUR FRQ XQD GHIOH[LyQ HQ HO PRPHQWR TXH OD
FULVWDOL]DFLyQFRPLHQ]DHQOD]RQDGHQXFOHDFLyQ(VWHIHQyPHQR\DIXHREVHUYDGRSRU
%RXOGRLUHV HQ OD H[DPLQDFLyQ GH OD FULVWDOL]DFLyQ GH D]~FDU GXUDQWH OD SURGXFFLyQ GH
JDVHRVDV \ FKRFRODWH SHUR ORV LQYHVWLJDGRUHV GH HVWDV SUXHEDV QR SXGLHURQ GDU XQD
UD]yQVDWLVIDFWRULDGHOPLVPRSHURSXGLHURQGDUWUHVSRVLEOHVFDXVDVGHOPLVPR

• /DIyUPXODGH2QVDJHUQRSXHGHXVDUVHVLQHUURUHVGHELGRDTXHODOH\
GH5DRXOWQRVHFRPSOHPHQWDDFRQFHQWUDFLRQHVGHD]~FDUDOWDV

• (OVLVWHPDFDPELDGHXQDDGRVIDVHV

• (QOD]RQDGH66H[LVWHXQDRULHQWDFLyQIXHUWHPXWXDGHODVPROpFXODVOR
FXDO HV HO SULPHU SDVR GH OD QXFOHDFLyQ (VWD RULHQWDFLyQ WLHQHQ XQD
LQIOXHQFLDPDUFDGDVREUHODVHxDOGHUHIOH[LyQ

) 5HVXOWDGRV3UiFWLFRV

'XUDQWH YDULRV DxRV HVWH VLVWHPD KD VLGR XVDGR SDUD HO FRQWURO GH OD FULVWDOL]DFLyQ GH
PDVDVFRFLGDVFRQXQDSXUH]DPD\RUGH/DVHxDOGHPHGLFLyQHVFRQYHUWLGDDSDUWLU
GHXQDVHxDOGHP9\VHH[WLHQGHFRPRXQDVHxDOWLSLILFDGDGHP9DXQDXQLGDGGH
WDFKRFRQRFLGD3DUDODDXWRPDWL]DFLyQGHXQWDFKRORVVLJXLHQWHVSXQWRVGHDMXVWHSDUD
HOFRQWUROGHODFRQFHQWUDFLyQVHQHFHVLWDQYHUILJXUD



,QGLFH











,QGLFH
























,QGLFH

• 9DORUGH6HPLOODPLHQWR DMXVWHGHJUDQHDFLyQ 
• 9DORUGHGLOXFLyQ DMXVWHSULQFLSDO 
• 9DORU)LQDO DMXVWHGHFRQFHQWUDFLyQ 

(QDGLFLyQODVHFXHQFLDGHODFRQFHQWUDFLyQPHWDVHDMXVWDSRUHOFDPELRGHOSXQWRGH
DMXVWH HO FXDO WLHQH HO FRQWURO GHO FUHFLPLHQWR GHO FULVWDO FRQFXUUHQWHPHQWH FRQ HO
LQFUHPHQWRGHQLYHOGHODPDVDFRFLGD
3DUDTXHSXHGDVHUSRVLEOHHOSHUPLWLUPXFKDVVHFXHQFLDVGHFRQFHQWUDFLRQHVHOSXQWR
GHDMXVWHDFWXDOVHKDFHVREUHODEDVHGHODIXQFLyQVLJXLHQWH

$MXVWHDFWXDO 36>[ /.  @ 
\
 GRQGH

36 DMXVWH SULQFLSDO  HV HO YDORU GH DMXVWH LQPHGLDWDPHQWH GHVSXpV GH OD SULPHUD
IRUPDFLyQGHFULVWDOHV\HVWDELOL]DFLyQ

;HVODYDULDEOHGHSURSRUFLRQDOLGDG IDFWRU  ≤[≥ 

.HVXQDFRQVWDQWH

/HVXQDVHxDOODFXDOVHFDPELDHQSURSRUFLyQDOQLYHOGHODPDVDFRFLGDSHURFRQXQ
DMXVWHGHFHUR ≤/≥. 

<HVXQH[SRQHQWHDMXVWDEOHSDUDODIRUPDFLyQGHODIRUPDUHTXHULGDGHODFXUYD
≤[≥ (OUHVXOWDGRGHWDOFRQWUROVHGDSRUODFXUYDGHODILJDPRVWUDQGR
XQDVHULHGHFRQFHQWUDFLRQHVWtSLFDVGHVHFXHQFLD\ORVQLYHOHVFRUUHVSRQGLHQWHVGHQLYHO
UHJLVWUDGRVVREUHXQDPDVDFRFLGD$GHGHSXUH]D/DILJEPXHVWUDODVPLVPDV
FXUYDVSHURUHJLVWUDGDVHQXQDUHILQHUtDGHD]~FDUGHFDxDFRQXQDSXUH]DGH

6HSXHGHYHUTXHDOSULQFLSLRODVFXUYDVVRQLGpQWLFDVDSDUWHGHOODUJRGHWLHPSRVREUH
HOHMHHOFXDOGHSHQGHGHODUD]yQGHFULVWDOL]DFLyQ\ODFXDOGHVGHOXHJRLQIOXHQFLDDOD
DSDULHQFLDGHODVFXUYDV/DVFXUYDVGHFRQFHQWUDFLyQPXHVWUDQODUHJXODULGDGDODFXDO
HO SURFHVR HV FRQWURODGR SRU OR FXDO HO QLYHO GH ODV FXUYDV H[SUHVD OD UD]yQ GH
FULVWDOL]DFLyQ\HOOOHQDGRGHOWDFKR
6REUHODEDVHGHOPpWRGRGHPHGLFLyQ5)VHREWLHQHQEXHQRV\XQLIRUPHVUHVXOWDGRVGH
RSHUDFLyQXQLGRFRQXQDFDOLGDGPX\DOWDGHOD]~FDUREWHQLGR/DILJXUDPXHVWUD
XQ GLDJUDPD GH LQVWDODFLyQ PRGHOR ,9 GH ORV ''6 SDUD OD DXWRPDWL]DFLyQ GH WDFKRV
XVDQGRHOPpWRGR5)SDUDHOFRQWUROGHOD66

* 0HGLFLyQ GH OD 5) SRU HO PpWRGR GH '- 5DGIRUG \ FROHJDV GH OD
7RQJDDW±+XOHWW6XJDU'XUEDQ$IULFDGHO6XU

(VWRV LQYHVWLJDGRUHV KDQ GHVDUUROODGR XQ PpWRGR GH PHGLFLyQ GH OD 5) HO FXDO GD
PHGLFLRQHVVLPXOWiQHDVGHODUHVLVWHQFLDHOpFWULFD\ODFDSDFLWDQFLD\SRUHQGHHO%[GHO
OLFRU\HOFRQWHQLGRGHFULVWDOHVGHODPDVDFRFLGD

(OSULQFLSLRGHRSHUDFLyQGHHVWHPpWRGRVHPXHVWUDHQODILJ
/D PHGLFLyQ GH OD LPSHGDQFLD GH OD PDVD FRFLGD HQ XQ WDFKR SXHGH REWHQHUVH
FRQHFWDQGR XQD UHVLVWHQFLD 5 HQ VHULH FRQ XQD DQWHQD VLPLODU D XQ HOHFWURGR GH
FRQGXFWLYLGDG\FRQHFWDQGRXQVXPLQLVWURGH&$GHYROWDMHFRQVWDQWH9DWUDYpVGH



,QGLFH























,QGLFH




















,QGLFH

HVWDFRPELQDFLyQ/DPDVDFRFLGDSXHGHFRQVLGHUDUVHHTXLYDOHQWHDXQDUHVLVWHQFLD5P
UHSUHVHQWDQGR OD FRQGXFWLYLGDG \ XQ FDSDFLWRU &P HO FXDO HV SURSRUFLRQDO D ORV
FRQVWDQWHGLHOpFWULFDGHODPDVDFRFLGD(OORVVRQOODPDGRVODUHVLVWHQFLD\FDSDFLWDQFLD
SDUDOHOD

$IUHFXHQFLDVPX\EDMDVHOYROWDMH9RPHGLGRDWUDYpVGHODDQWHQDVHUHODFLRQDDOD
FRQGXFWLYLGDG\DTXHODFDSDFLWDQFLDWLHQHXQHIHFWRGHVSUHFLDEOH6LQHPEDUJR5)OD
UHDFWDQFLD GH OD FDSDFLWDQFLD &P VH WRPD PX\ VLJQLILFDQWH \ HO YROWDMH PHGLGR VH
UHODFLRQDFRPRODUHVLVWHQFLDGHODPDVDFRFLGD\UHDFWDQFLDFDSDFLWLYD
/DFRPELQDFLyQGHUHVLVWHQFLDSDUDOHOD\FDSDFLWDQFLD5P\&PSXHGHDXQDIUHFXHQFLD
GH PHGLFLyQ GDGD VHU FRQVLGHUDGD FRPR XQ HTXLYDOHQWH HOpFWULFR SDUD XQD UHVLVWHQFLD
5V\XQFDSDFLWRU&VFRQHFWDGRHQVHULH(OORVVRQOODPDGRVODUHVLVWHQFLD\FDSDFLWDQFLD
HQVHULH5V\&VHVWiQHQIXQFLyQGH5P\&P

5HILULpQGRQRV D OD ILJXUD  VL XQ FLUFXLWR GH VLQWRQL]DFLyQ FRQVLVWLHQGR GH XQ
FRQGXFWRU/\XQFDSDFLWRUYDULDEOH&WVHFRQHFWDHQVHULHFRQHOFLUFXLWRGHODILJXUD
 \ ORV YDORUHV GHO FDSDFLWRU &W VH DMXVWDQ GH IRUPD TXH HO FLUFXLWR HVWp HQ
UHVRQDQFLD OD UHDFWDQFLD FRQGXFWLYD \ FDSDFLWLYD HQ HVWH FLUFXLWR SRGUtD HQWRQFHV VHU
HTXLYDOHQWHDODUHVLVWHQFLDHQVHULH5V(OYROWDMH9RHQWRQFHVVHUSURSRUFLRQDOD5V
&XDOTXLHUHQODFDSDFLWDQFLDHQVHULHGHODPDVDFRFLGD&VSXHGHFRPSHQVDUVHSRUHO
DMXVWHGHOFDSDFLWRUYDULDEOH&WSDUDPDQWHQHUHOFLUFXLWRHQUHVRQDQFLD(VWRVGRVHVWiQ
UHODFLRQDGRVLQYHUVDPHQWH
(OFDSDFLWRUYDULDEOHHVXQGLRGRYDULFDS\HOFLUFXLWRVHPDQWLHQHDXWRPiWLFDPHQWHHQ
UHVRQDQFLDDMXVWDQGRHOYROWDMHGHOGLRGR

/D UHVRQDQFLD VH GHWHFWD PLGLHQGR HO iQJXOR GH IDVH D WUDYpV  GH OD UHVLVWHQFLD 5 \
XVDQGRHVWRSDUDXQFRQWURODXWRPiWLFRGHOYROWDMHHQHOGLRGRYDULFDSSDUDPDQWHQHUHO
iQJXORGHIDVHHQFHUR\SRUHQGHHQUHVRQDQFLD

/DXQLGDGHVWiLQWHJUDGDFRQHOFLUFXLWRGHWHFWRUGHIDVH\UHTXLHUHVRODPHQWH9&'
/D DQWHQD SURYHH GRV VHxDOHV GH VDOLGD GH  P$ UHODFLRQDGDV FRQ OD UHVLVWHQFLD \
FDSDFLWDQFLDHQVHULHV\SXHGHRSHUDUHQXQDPELHQWHKDVWDGHƒ&
(VDVGRVVHxDOHVSXHGHQXVDUVHLQGLYLGXDOPHQWHRHQFRPELQDFLyQSDUDORVSURSyVLWRV
GHFRQWURO

+ 6LVWHPDGH&RQWUROSDUD7DFKRV

'XUDQWHHOFRFLPLHQWRODUHVLVWHQFLD\FDSDFLWDQFLDHQVHULHGHODPDVDFRFLGDFDPELD
8QD PHGLFLyQGH HVRVYDORUHVWRPDGRVGXUDQWHODFRFKXUDGHXQDWHPSODGHUHILQRVH
PXHVWUD HQ OD ILJXUD  OD UHVLVWHQFLD \ FDSDFLWDQFLD SDUDOHOD FDOFXODGDV D SDUWLU GH
HVDVPHGLFLRQHVVHPXHVWUDQHQODILJ
/D VDOLGD GH OD FDSDFLWDQFLD HQ VHULH HV DGHFXDGD SDUD XVDUOD FRPR XQD VHxDO GH
PHGLFLyQ HQ ORV SURGXFWRV FRQ XQ FRQWHQLGR GH FHQL]DV EDMR (VWD VHxDO HVWD PX\
UHODFLRQDGDDODFDSDFLWDQFLDSDUDOHOD \WDPELpQUHVSRQGHDORVFDPELRVHQHOEUL[GHO
OLFRU DO FRPLHQ]R GH OD WHPSOD SHUPLWLHQGR TXH HO SXQWR GH VHPLOODPLHQWR VHD
HVWDEOHFLGR7DPELpQVHFRUUHODFLRQDFRQHOFRQWHQLGRGHFULVWDOHVXQDYH]TXHHVWRVVH
KDQIRUPDGR
(Q ORV SURGXFWRV TXH WLHQHQ XQ FRQWHQLGR GH FHQL]DV DOWRV OD VHxDO GH UHVLVWHQFLD HQ
VHULHVHFRUUHODFLRQDPHMRUFRQHOFRQWHQLGRGHFULVWDOHVTXHODFDSDFLWDQFLDHQVHULH



,QGLFH



,QGLFH

, $XWRPDWL]DFLyQGH7DFKRV

5DGIRUG \ &ROHJDV XVDURQ GRV FRQWURODGRUHV SURJUDPDEOH GH OD]R VLPSOH PDUFD
<RNRJDPD FRQ HOFLUFXLWRGH5)8QRGHORVFRQWURODGRUHV IXHSURJUDPDGRSDUDTXH
DMXVWDUDFRQWLQXDPHQWHODUHVRQDQFLDGHODDQWHQD\GHULYHODVHxDOGHFRQWUROUHTXHULGD
/D DQWHQD IXH PRGLILFDGD SDUD LQFRUSRUDU XQ GHWHFWRU GH IDVH HO FXDO KDFH UHGXQGDQWH
HVWDSDUWHGHOSURJUDPD
(O FRQWURODGRU <RNRZDPD 6/3& WLHQH FLQFR HQWUDGDV DQiORJDV  9  WUHV VDOLGDV
DQiORJDV XQDGHP$\GRVGH9 \VHLVOXPEUHUDVGLJLWDOHVODVFXDOHVSXHGHQ
VHU FRQILJXUDGDV FRPR HQWUDGDV \ VDOLGDV /D XQLGDG HV SURJUDPDGD \ HO SURJUDPD VH
DOPDFHQDHQXQ(3520HOFXDOVHFRQHFWDDOFRQWURODGRU

(QWUDGDV$QiORJDV

 6HxDOGHFDSDFLWDFLyQHQVHULH5)
 6HxDOGHQLYHOGHVGHHOWUDQVPLVRU
 6HxDOGHYDFtR
 6HxDOGHVGHHOSRWHQFLyPHWURXVDGRSDUDDMXVWDUHOIOXMRGHYDSRU
 6HxDOGHVGHXQLQWHUUXSWRUVHOHFFLRQDGRUSDUDDMXVWDUHOQLYHOGHODWHPSOD

6DOLGDV$QiORJDV

 6DOLGDDODYiOYXODGHFRQWUROGHDOLPHQWDFLyQ
 6DOLGDDOFRQWURODGRUGHYDFtR
 6DOLGDDODYiOYXODGHYDSRU


(QWUDGDV\6DOLGDV'LJLWDOHV

 (QWUDGDVGHVGHODHVWDFLyQGHERWRQHVSDUDDUUDQFDUHOWDFKR
 6DOLGDSDUDRSHUDUYiOYXODFRQWUROGHVHPLOOD
 (QWUDGDSDUDPRWRUUHYROYHGRUWDFKR
 6DOLGDSDUDOiPSDUDLQGLFDGRUDGHSHUILOGHODWHPSOD
 6DOLGDSDUDOiPSDUDLQGLFDGRUDGH%UL[
 6DOLGDSDUDOiPSDUDLQGLFDGRUDGHWHPSODWHUPLQDGD

(O RWUR FRQWURODGRU VH XVR SDUD HO FRQWURO GH YDFtR \ D pVWH FRQWURO GH YDFtR \ D HVWH
FRQWURODGRU WDPELpQ VH OH VXPLQLVWUy OD WHPSHUDWXUD GHO DJXD GH UHFKD]R GHO
FRQGHQVDGRUGHOWDFKR
2SHUDFLRQHVGHO7DFKR

6HJ~QODILJXUD

 (O SXQWLVWD FLHUUD OD YiOYXOD GH GHVFDUJD \ DUUDQFD OD ERPED GH YDFtR
PDQXDOPHQWH\HQWRQFHVDSULHWDHOERWyQGHDUUDQFDGD

 (VWRHQYtDXQDVHxDOGHOSXQWRGHDMXVWHDOFRQWURODGRUGHYDFtRHOFXDOKDFHTXH
ODYiOYXODGHDJXDGHLQ\HFFLyQVHDEUD




,QGLFH






















,QGLFH






















,QGLFH


















,QGLFH





















,QGLFH



 8QD YH] TXH VH DOFDQ]D HO YDFtR GHVHDGR VH DEUH OD YiOYXOD GH DOLPHQWDFLyQ
&XDQGR HO OLFRU DOFDQ]D HO QLYHO DGHFXDGR FHUFD GH OD SODFD VXSHULRU GH OD
FDODQGULD ODYiOYXODGHYDSRUVHDEUHDXQIOXMRGHWHUPLQDGR

 &XDQGRHOOLFRUDOFDQ]DHOQLYHOGHFDUJDODYiOYXODGHDOLPHQWDFLyQVHFLHUUD\
ODVHxDOGH5)HVPRQLWRUHDGDSRUHOFRQWURODGRU

 $ FLHUWR YDORU DMXVWDGR GH 5) R HQ HO SXQWR GH VHPLOODPLHQWR OD UD]yQ GH
HYDSRUDFLyQ HV EDMDGD \ OD YiOYXOD GH YDSRU VH FLHUUD FRPR XQD IXQFLyQ
SUHGHWHUPLQDGD

 7DQSURQWRFRPRODOHFWXUDGH5)DOFDQ]DHOSXQWRGHVHPLOODPLHQWRVHDEUHOD
YiOYXODGHVHPLOODSRUFLHUWRWLHPSR

 &XDQGRODVHxDOGH5)DOFDQ]DHOSXQWRGHDEULUODPDVDOD66VHUHGXFHEDMDQGR
HO YDFtR DO SXQWR GH DMXVWH  (Q HVWD HWDSD OD YiOYXOD GH DOLPHQWDFLyQ HV
RSHUDGDGHVGHODVDOLGDGHODIXQFLyQ3,'\XQDVHxDOGHDEULUODPDVDHVGDGD
DOSXQWRGHDMXVWHUHPRWRGHOOD]RGHFRQWUROGHDOLPHQWDFLyQ(OVHJXQGRUHORM
GH WLHPSR HO FXDO GHWHUPLQD HO WLHPSR GH DEULU OD PDVD HQWRQFHV HQWUD HQ
RSHUDFLyQ




,QGLFH

 &XDQGR HO DEULU OD PDVD VH GHWHUPLQD HO SXQWR GH DMXVWH GHO FRQWURODGRU VH
FDPELD SDUD YDULDU GH DFXHUGR DO SHUILO GH VDOLGD GH OD 5) GRQGH HO SXQWR GH
DMXVWHVHUHODFLRQDFRQHOQLYHOGHOWDFKR

 $OPLVPRWLHPSRFRPLHQ]DHOSHUILOGHOFRFLPLHQWRODYiOYXODGHYDSRUVHDEUH
DXQYDORUDMXVWDGR

(OFRQWURODGRUHVWiDKRUDHQSHUILO\FRQWLQ~DHOFRFLPLHQWRKDVWDTXHDOFDQ]DHO
QLYHO GHVHDGR $OFDQ]DQGR HVWH OD YiOYXOD GH DOLPHQWDFLyQ VH FLHUUD \ VH
HQFLHQGHODODPSDUDGH %UL[(OFRUUHJLGRGHOD PDVDFRQWLQ~D \ HOUHYROYHGRU
FDPELD GH XQD YHORFLGDG DOWD D EDMD &XDQGR HO UHYROYHGRU VH GLVSDUD HO
FRQWURODGRU FLHUUD OD YiOYXOD GH YDSRU FDPELD HO FRQGHQVDGRU \ DFWLYD OD
ODPSDUDGHWHPSODGHWHUPLQDGD
(ORSHUDGRUHQWRQFHVURPSHYDFtR\ERWDODWHPSOD

8QDGHODVYHQWDMDVGHHVWHVLVWHPDHVTXHSXHGHIiFLOPHQWHVHULQVWDODGRHQIiEULFDV
TXHQRWHQJDQXQDFRPSXWDGRUDGHSURFHVRFHQWUDO\HOFRVWRHVUHODWLYDPHQWHEDMR
(VWHVLVWHPDVHSUREyHQWHPSODV$GHUHILQHUtDVHOSHUILOGHODVSUXHEDVVHPXHVWUDQHQ
ODVILJXUDVORVUHVXOWDGRVSURPHGLRVVHVXPDUtDQHQODWDEOD;;;
/RVUHVXOWDGRVGHSUXHEDVLQGLFDQ

 8Q VLJQLILFDQWH PHMRUDPLHQWR GH OD FDSDFLGDG \ FRORU FXDQGR VH XVD HO
UHYROYHGRUGHWDFKR

 (OFRFLPLHQWRDXWRPDWL]DGRGDUHVXOWDGRVYDULDEOHVGHSHQGLHQGRGHOSHUILOTXH
VHXVH

 (QODWDEOD;;;SXHGHYHUVHTXHFXDQGRVHXVyHOUHYROYHGRUGHWDFKRKXER
XQ PHMRUDPLHQWR HQ HO UHQGLPLHQWR GHO WDFKR GH XQ   ±   \ XQ
DXPHQWRHQODFDSDFLGDGGH> @
&RQODDXWRPDWL]DFLyQKXERXQPHMRUDPLHQWRHQHOUHQGLPLHQWRGH 
 \XQDXPHQWRHQODFDSDFLGDGGH>  @FXDQGRVHWUDEDMR
HQHOSHUILO%

(O SHUILO $ GLR XQ PHMRUDPLHQWR PD\RU HQ FXDQWR D OD FDSDFLGDG GHO WDFKR SHUR D
H[SHQVDVGHODFDOLGDGGHOD]~FDU\HODJRWDPLHQWR&RQHOSHUILO% VXDYH VHUHGXMROD
IRUPDFLyQGHFRORU

 (48,326 48( 5(*,675$1 /$ 0(',&,Ï1 ,1)(5(1&,$/ '( /$
'(16,'$'325$%625&,Ï1'(/$5$',$&,Ï1

$ ,1752'8&&,Ï1

2WURPpWRGRGHPHGLUGHQVLGDGHQXQDIDPLOLDHVSHFtILFDGHIOXLGRVHVHOGHDEVRUFLyQ
GHODUDGLDFLyQ/DILJGDXQHMHPSORGHHVWHPpWRGR$TXtRWUDYH]ODUDGLDFLyQ
GHODIXHQWHFDPELDFRQHOWLHPSRFRQRFLpQGRVHODYLGDPHGLDSDUDFDGDIXHQWH
(QWRQFHVVHQHFHVLWDXVDUODFRPSHQVDFLyQDPEDVFRPRXQDIXQFLyQGHOWLHPSRRSRU
XQDWUD\HFWRULDSDUDUHODIXHUDGHOIOXLGR




,QGLFH

% (O'HQVLWyPHWURGH5D\RV*DPPD

(OSULQFLSLRGHHVWHHTXLSRHVTXHORVUD\RVJDPPDVRQDEVRUELGRVHQSURSRUFLyQFRQOD
GHQVLGDGGHOPDWHULDOTXHHVWiVLHQGRPHGLGR(OLQVWUXPHQWRWUDQVPLWHXQDOX]GHUD\RV
VREUH YDULDV SXOJDGDV GHO PDWHULDO \ HO Q~PHUR GH FXHQWDV VRQ GHWHFWDGDV  SRU XQ
FRQWURODGRUGHGHVWHOORV/DLQWHQVLGDGGHOKD]GHWHFWDGRHVLQYHUVDPHQWHSURSRUFLRQDOD
OD GHQVLGDG D PHGLGD TXH OD DEVRUFLyQ GH UD\RV JDPPD VH UHGX]FD D GHQVLGDGHV PiV
EDMDV(OYDORUUHSUHVHQWDODGHQVLGDGGHOPDWHULDODODWHPSHUDWXUDGHPHGLFLyQ

1RLPSRUWDTXHHOPDWHULDOTXHHVWiVLHQGRPHGLGRVHDOtTXLGRVyOLGRRXQDPH]FODGH
DPERV FRPR XQD PDVD FRFLGD &RPR OD GHQVLGDG HV XQD IXQFLyQ FRQRFLGD GH OD
WHPSHUDWXUDSDUDORVOLFRUHVGHD]~FDUHVUHODWLYDPHQWHFRUUHFWRKDFHUODVFRUUHFFLRQHVD
ƒ&SDUDSURSyVLWRVGHFRPSDUDFLyQ$XQTXHHOGHQVLWyPHWURGHUD\RVJDPPDSXHGH
IDEULFDUVH FRQ XQ FRPSHQVDGRU GH WHPSHUDWXUD DOJXQRV WHFQyORJRV SUHILHUHQ XVDU OD
GHQVLGDGDODWHPSHUDWXUDGHOPDWHULDO

(OJUiILFRGHODILJXUDPXHVWUDORVUHVXOWDGRVGHSUXHEDVUHDOL]DGDVVREUHOLFRUHV\
PDVDFRFLGDDYDULDVWHPSHUDWXUDV(OJUiILFRPXHVWUDXQDUHODFLyQOLQHDOGHFXHQWDVFRQ
ODGHQVLGDGDFWXDO(OJUiILFRGHODILJXUDPXHVWUDORVGDWRVSDUDOLFRUVRODPHQWH
PDQWHQLpQGRVHODUHODFLyQOLQHDO
/RV GHQVLWyPHWURVGH UD\RV JDPPDPLGHQODGHQVLGDGSRUDWHQXDFLyQGHODUDGLDFLyQ
3DUD KDFHU HVWD PHGLFLyQ VH QHFHVLWD XQD IXHQWH XQ PpWRGR GH GHWHFFLyQ \ XQ
DPSOLILFDGRUWUDQVPLVRU+D\GRVPpWRGRVGHGHWHFFLyQ

 /DFiPDUDGHLRQHV
 (OFRQWDGRUGHGHVWHOORV

(QDPERVPpWRGRVVHSXHGHXVDUHOPLVPRWLSRGHIXHQWH\WUDQVPLVRU
/D IXHQWH XVXDOPHQWH &  ±   HPLWH XQ KD] FROLPDGR GH HQHUJtD GH UD\RV JDPPD
WtSLFDPHQWHDWUDYpVGHXQDWXEHUtD/RVUD\RVJDPPDVRQDEVRUELGRVHQSURSRUFLyQDOD
V

GHQVLGDGGHOPDWHULDO

(VWDHQHUJtDQRDIHFWDHOSURFHVR+DVWDHVWHSXQWRHOSULQFLSLRHVHOPLVPRSDUDDPERV
PpWRGRV6LQHPEDUJRODIRUPDHQTXHFDGDGHWHFWRUPDQHMDODHQHUJtDWUDQVPLWLGDHV
GLIHUHQWH

& 0pWRGRGHOD&iPDUDGH,RQHV

(O GHWHFWRU GH FiPDUD GH LRQ HVWi FRPSXHVWR GH XQD FiPDUD VHOODGD KHUPpWLFDPHQWH
OOHQDGD FRQXQJDVGHSHVRPROHFXODUDOWR /DUDGLDFLyQLRQL]DHOJDV \ ORVHOHFWURGRV
SRODUL]DGRVFROHFWDQORVLRQHVSURGXFLHQGRXQDFRUULHQWHGHVDOLGDSURSRUFLRQDO
(VWD FRUULHQWH HVWi WtSLFDPHQWH HQ HO UDQJR GH XQRV SRFRV SLFRDPSHUHV D XQ QDQR
DPSHUH
3DUD HOLPLQDU ORV SUREOHPDV LQKHUHQWHV HQ HO HQYtR GH XQD VHxDO GH FRUULHQWH EDMD D
WUDYpV GH XQ FDEOH HO GHWHFWRU SRVHH XQ SUHDPSOLILFDGRU VRQ PDQWHQLGRV D XQD
WHPSHUDWXUDFRQVWDQWHPHGLDQWHXQDFDPLVDFRQWURODGDLVRWpUPLFDPHQWH
(VWD VHxDO HV HQWRQFHV HQYLDGD DO WUDQVPLVRU D WUDYpV GH XQ FDEOH GH ORV DODPEUHV
IRUUDGRVSDUDVHUSURFHVDGD\ILOWUDGDSURGXFLHQGRXQDVDOLGDOLQHDOHQHOWLHPSRUHDO




,QGLFH







,QGLFH


TXH UHIOHMD ORV FDPELRV GH GHQVLGDG /DV FiPDUDV GH LRQHV VRQ SUHFLVDV
H[WUHPDGDPHQWHFRQILDEOHV\IXHUWHV


' 0pWRGRGHO&RQWDGRUGH'HVWHOORV

(OGHWHFWRUGHGHVWHOORVRSHUDSRUODHPLVLyQGHSXOVRVFRUWRVGHOX]FXDQGRODUDGLDFLyQ
VHGLULJHDOPDWHULDOGHGHWHFFLyQHVSHFLDO
(VRV SXOVRGHOX]VRQGHWHFWDGRVSRUXQ IRWRPXOWLSOLFDGRUHOFXDOFRQYLHUWHODOX]HQ
SXOVRVHOpFWULFRV/RVSXOVRVVRQHQYLDGRVDOWUDQVPLVRUXVDQGRHOPLVPRFDEOHGHEDMR
FRVWRTXHVHXWLOL]DHQHOPpWRGRGHOGHWHFWRUGHODFiPDUDGHLRQHV

(O WUDQVPLVRU ILOWUD \ SURFHVD OD VHxDO HQ GHQVLGDG \ YDORUHV UHODWLYRV (O GHWHFWRU VH
GLVHxDHVSHFtILFDPHQWHSDUDXQUHQGLPLHQWRDOWRHQVXXVRLQGXVWULDO
/DHVWDELOLGDGGHOGHWHFWRUVHPDQWLHQHSRUXQVLVWHPDGHPLFURSURFHVDGRUXVDQGRXQD
WpFQLFDDSURSLDGD7DPELpQHOGHWHFWRUXVDXQPDWHULDOGHYHORFLGDGGHGHVWHOORVPX\
DOWD \ HOFLUFXLWRGHFRQWURODVRFLDGRHO FXDOKDFHTXH HOVLVWHPDVHDYDULDEOHSDUDOD
PD\RUtDGHODVDSOLFDFLRQHV
/RV VLVWHPDVGHGHVWHOORVVHUHFRPLHQGDQSDUDORVQLYHOHVGHUDGLDFLyQEDMRVWXEHUtDV
GHGLiPHWURVSHTXHxRV\JUDQGHV\EDQGDVHVWUHFKDV


( ,QVWDODFLyQGHO'HQVLWyPHWUR




,QGLFH

(OPHMRUOXJDUSDUDODLQVWDODFLyQGHOGHQVLWyPHWURHVGHEDMRGHODFDODQGULDGHOWDFKR
GRQGHQRH[LVWHODLQIOXHQFLDGHODVEXUEXMDV

) 3UXHEDVGHO'HQVLWyPHWUR

&XDQGR VH XVD XQ GHQVLWyPHWUR HQ XQ WDFKR OD GHQVLGDG SXHGH PHGLUVH FRQ SUHFLVLyQ
FXDQGRHO%UL[DXPHQWDHQWRQFHVFRQRFLHQGRHOEUL[RGHQVLGDGVHSXHGHGHWHUPLQDUHO
ƒ66
3DUDXQSHUtRGRGHWLHPSRFRUWRGHVSXpVGHOVHPLOODPLHQWRORVFULVWDOHVQRKDQFUHFLGR
ORVXILFLHQWHSDUDDIHFWDUODGHQVLGDG\OD66SXHGHVHUPDQWHQLGDHQXQQLYHODSURSLDGR
8QDYH]TXHORVFULVWDOHVFUHFHQHOLQVWUXPHQWRGHWHFWDHOLQFUHPHQWRHQGHQVLGDG\HO
SHUILO GH LQFUHPHQWR HQ GHQVLGDG FRQ HO WLHPSR SXHGH VHOHFFLRQDUVH SDUD DMXVWDU HO
WUDEDMRGHOWDFKR\ODVFDUDFWHUtVWLFDVGHOD]~FDUUHTXHULGR

/DV ILJXUDV  \  PXHVWUDQ ORV UHVXOWDGRV GHO XVR GHO GHQVLWyPHWUR  GXUDQWH HO
FRPLHQ]R GH XQD WHPSOD GH UHILQR (Q OD ILJXUD  OD GHQVLGDG XQ WLHPSR FRUWR
GHVSXpV GH OD FDUJD HV GH  OEV3  HOHYiQGRVH SRU HYDSRUDFLyQ KDVWD HO SXQWR GH


VHPLOODPLHQWRGHOEV3 'HVSXpVGHHVWHSXQWRODGHQVLGDGVHHOHYDDPHGLGDTXH


ORVFULVWDOHVFUHFHQ/DOHFWXUDGHSRWHQFLDGHOUHYROYHGRUHVLQVHQVLWLYDHQHVWDUHJLyQ
PRVWUDQGRXQDHOHYDFLyQOLJHUDHVWDOHFWXUDQRHVVXILFLHQWHRUHSURGXFLEOHSDUDXVDUOD
SDUD FRQWURODUODYiOYXODGHDOLPHQWDFLyQ/DDOLPHQWDFLyQDOWDFKRQRFRPLHQ]DKDVWD
TXHODOHFWXUDGHSRWHQFLDGHOUHYROYHGRUHVGHOHQHVWHSXQWRODFRPSXWDGRUDDEUH
ODYiOYXODGHDOLPHQWDFLyQ\HOQLYHOFRPLHQ]DDVXELU(OGHQVLWyPHWURSRGUtDPRVWUDU
XQ LQFUHPHQWR SRVWHULRU XQLIRUPH D SDUWLU GH HVWH SXQWR SHUR QR IXH UHJLVWUDGR HQ ODV
SUXHEDV

(QODILJHOGHQVLWyPHWURVHKDXVDGRSDUDFRQWURODUODYiOYXODGHDOLPHQWDFLyQ
LQPHGLDWDPHQWHGHVSXpVGHOVHPLOODPLHQWR
(O OLFRU GHVSXpV GH FDUJDU HO WDFKR WHQtD  OEV3 \  OEV3  HQ HO SXQWR GH
 

VHPLOODPLHQWR \ HQWRQFHV VH HOHYD D PHGLGD TXH SURJUHVD HO FRFLQDGR SHUR HQ HVWH
HMHPSORODVVHxDOHVGHOGHQVLWyPHWURYDQDODFRPSXWDGRUDSDUDTXHDEUDODYiOYXODGH
DOLPHQWDFLyQ HVWR VH QRWD SRU HO LQFUHPHQWR GH QLYHO /D YiOYXOD GH DOLPHQWDFLyQ
PDQWLHQHXQLQFUHPHQWRXQLIRUPHGHGHQVLGDG\QLYHO/DSRWHQFLDGHOUHYROYHGRUQRGD
XQD OHFWXUD ~WLO KDVWD HO  SHUR XQD YH] TXH DOFDQ]D HVWH SXQWR WRPD HO FRQWURO OD
YiOYXODGHDOLPHQWDFLyQ\FRQWLQ~DODWHPSOD
/DH[SHULHQFLDKDGHPRVWUDGRTXHHVPHMRUXVDUODVOHFWXUDVGHSRWHQFLDGHOUHYROYHGRU
SDUDWHUPLQDUODWHPSODTXHODVGHGHQVLWyPHWUR\DTXHHVWHLQGLFDVRODPHQWHSHTXHxRV
FDPELRVHQGLFKDHWDSD

* 'HQVLWyPHWURGHOD)LQLVK6XJDU&R/WG

(VWD FRPSDxtDDGHVDUUROODGRXQPpWRGRGHPHGLFLyQGHODGHQVLGDGGHORVSURGXFWRV
D]XFDUHURV XVDQGR XQ GHQVLWyPHWUR 6HJ~Q HOORV FRQ ORV PpWRGRV WUDGLFLRQDOHV (3(
tQGLFHGHUHIUDFFLyQYLVFRVLGDG\FRQGXFWLYLGDG QRVHSXHGHFRQWURODUFRQHIHFWLYLGDG
OD IDEULFDFLyQ GH OD WHPSOD FRPSOHWD HQ ORV WDFKRV GHVGH HO VHPLOODPLHQWR KDVWD HO
PRPHQWRGHGDUOHSXQWR(QVXVHVWXGLRVHOORVKDOODUyQTXHD~QFRPELQDQGRGRVGHORV
PpWRGRVDQWHULRUHV (3(\FRQVLVWHQFLD OD66QRSXHGHGHILQLUVHH[DFWDPHQWHEDMRODV
FRQGLFLRQHV GH HEXOOLFLyQ \D TXH XVXDOPHQWH HO SURFHVR VH IXHU]D D VHJXLU XQ SDWUyQ
GHWHUPLQDGRHOFXDOQRQHFHVDULDPHQWHGHILQHOD66FRUUHFWD



,QGLFH


3RU HVWH PpWRGR VHJ~Q ORV DXWRUHV VH SXHGH GHWHUPLQDU OD 66 H[DFWD GXUDQWH OD
HODERUDFLyQGHODWHPSOD\HOPLVPRSXHGHVHUXVDGRHQORVSURGXFWRVGHUHILQHUtD\HQ
ORVGHIDEULFDFLyQGHFUXGRV8QDFDUDFWHUtVWLFDGHOPpWRGRHVTXHGHWHUPLQDODUD]yQGH
SURJUHVR FRQ OD YHORFLGDG GH FULVWDOL]DFLyQ  D OD 66 GHVHDGD (Q VXV LQYHVWLJDFLRQHV
KDOODURQTXHFRQHOGHQVLWyPHWURVHHVWDEOHFLyXQDFRUUHODFLyQEXHQDHQWUHODVVXVWDQFLDV
VHFDWRWDO\ODGHQVLGDGGHODPDVDFRFLGD

+ &iOFXORGHOD6REUHVDWXUDFLyQ

/D66GHOOLFRUPDGUHSXHGHGHWHUPLQDUVHHQFXDOTXLHUPRPHQWRGHODHODERUDFLyQGHOD
WHPSOD PLGLHQGR OD FRQFHQWUDFLyQ GHO OLFRU PDGUH \ OD PDWHULD VHFD WRWDO GH OD PDVD
FRFLGD(OUHQGLPLHQWRGHFULVWDOHVVHFDOFXODDSDUWLUGHHVRVGRVYDORUHV


5 
  06±&/0  &/0 06  GRQGH

FULVW 

5  5HQGLPLHQWRGHFULVWDOHVGHODPDWHULDVHFD

FULVW

06 SS   0DWHULDVHFDWRWDO



&/1 SS   &RQFHQWUDFLyQGHOOLFRUPDGUH

6LPHGLDQWHORVDQiOLVLVGHODERUDWRULRVHFRQRFHODSXUH]DGHOVLURSHTXHVHDOLPHQWDDO
WDFKRHQWRQFHVODSXUH]DGHOOLFRUPDGUHSXHGHFDOFXODUVHSRUODHFXDFLyQVLJXLHQWH

3]D   3]D ±5  5  
 'RQGH

/0  6$ FULVW FULVW

3]D  3XUH]DGHOOLFRUPDGUHHQSSGHPDWHULDVHFD

/0 

3]D    3XUH]DGHOVLURSHGHDOLPHQWDFLyQHQSSGHPDWHULDVHFD 

6D

6L FRQRFHPRV OD SXUH]D GHO OLFRU PDGUH \ DGHPiV OD WHPSHUDWXUD GH OD PDVD FRFLGD
HQWRQFHVSRGHPRVGHILQLUHOJUDGRGH66GHOOLFRUPDGUHDHVDSXUH]D\WHPSHUDWXUDSRU
ODIXQFLyQ

ƒ6   I 3]D 7    GRQGH

/0 /0 PF

7   7HPSHUDWXUDGHODPDVDFRFLGD

PF

)LQDOPHQWHOD66VHFDOFXODSRUODHFXDFLyQ

ƒ66  &/0 ƒ6 ƒ6  &/0 

/0 /0





,,QVWUXPHQWDFLyQ



,QGLFH
















,QGLFH

(O GLDJUDPD GH OD LQVWUXPHQWDFLyQ GHO WDFKR VH PXHVWUD HQ OD ILJXUD  HO
UHIUDFWyPHWUR \ HO GHQVLWyPHWUR VH LQVWDODQ HQ HO IRQGR GHO WDFKR SDUD HOLPLQDU ODV
SHUWXUEDFLRQHV FDUJDGDV SRU ODV EXUEXMDV GH YDSRU /D WHPSHUDWXUD VH PLGH HQ FXDWUR
SXQWRVGLIHUHQWHVXViQGRVHODVPiVFHUFDQDVDOUHIUDFWyPHWUR\HOGHQVLWyPHWURSDUDHO
FDOFXORGHOD66(OWDFKRWDPELpQVHHTXLSDFRQXQWUDQVPLVRUGHQLYHO\XQPHGLGRUGH
YDFtR

/DVUD]RQHVGHIOXMRGHYDSRU\VLURSHGHDOLPHQWDFLyQDVtFRPRGHYDFtRVHUHJXODQD
WUDYpVGHYiOYXODVGHFRQWURO/DWXEHUtDGHDJXDGHFRPSHQVDFLyQVHHTXLSDFRQYiOYXOD
GH FRQH[LyQ ± GHVFRQH[LyQ \ XQ FRQWDGRU GH SXOVRV ODV WXEHUtDV UHVWDQWHV WLHQHQ
YiOYXODVGHFRQH[LyQ±GHVFRQH[LyQ$OHPEXGRGHODVHPLOODSDUDFULVWDOL]DUWDPELpQVH
OH HTXLSD FRQ XQ DJLWDGRU \ XQ VHQVRU GH QLYHO 7RGDV ODV YiOYXODV H LQVWUXPHQWRV
PDUFDGRVFRQXQVLJQRHQHOGLDJUDPDWLHQHQXQDOX]/('HQHOSDQHOGHLQVWUXPHQWRV
SDUDLQGLFDUVXHVWDGRRSHUDFLRQDO
/DV VHxDOHV GH PHGLFLyQ VRQ WRPDGDV SRU XQ PLFURSURFHVDGRU HO FXDO FDOFXOD OD 66 \
FRQWURODODRSHUDFLyQGHOWDFKR


-2SHUDFLyQ

(OSURJUDPDGHOPLFURSURFHVDGRUVHKDKHFKRHQIRUPDGHVHFXHQFLDDOFRPLHQ]RWRGDV
ODV YiOYXODV GHO WDFKR HVWiQ FHUUDGDV SXGLHQGR HVWDU HO WDFKR EDMR SUHVLyQ R YDFtR
&XDQGR HO RSHUDGRU GD OD RUGHQ SDUD TXH FRPLHQFH OD FULVWDOL]DFLyQ HV QHFHVDULR
FKHTXHDU OD SUHVLyQ \ DSOLFDU YDFtR VL HV QHFHVDULR &XDQGR VH DOFDQ]D HO YDFtR SUH
DMXVWDGRVHDEUHODYiOYXODGHFRQWUROGHDOLPHQWDFLyQ\ODYiOYXODGHGHULYDFLyQ %\
SDVV  &XDQGR VH DOFDQ]D HO QLYHO GH FDUJD DPEDV YiOYXODV VH FLHUUDQ \  HQWRQFHV
FRPLHQ]DDDEULUVHODYiOYXODGHYDSRUOHQWDPHQWH
'XUDQWHODFRQFHQWUDFLyQGHODFDUJDGHOLFRU FDUJDGHFULVWDOL]DU HOQLYHOHVFRQWURODGR
SRU OD YiOYXODGHDOLPHQWDFLyQ(QHVWHSXQWRXQDVHxDOHVGDGD DORSHUDGRUSDUDTXH
OOHQH HO HPEXGR GH OD VHPLOOD GH FULVWDOL]DU /D FRQFHQWUDFLyQ GH OD FDUJD HV PHGLGD
FRQWLQXDPHQWHSRUXQUHIUDFWyPHWUR\GHQVLWyPHWUR\HOPLFURSURFHVDGRUFDOFXODOD66
FRQWLQXDPHQWHSRUPHGLRGHODVHFXDFLRQHVGDGDV

&XDQGROD66HVWiFHUFDGHOSXQWRVHOHFFLRQDGRR]RQDGHVHPLOODPLHQWRODYiOYXODGH
DOLPHQWDFLyQ VH FLHUUD \ OD YiOYXOD GH YDSRU VH DMXVWD SDUD HO VHPLOODPLHQWR $ OD 66
SUHGHWHUPLQDGDODYiOYXODGHIRQGRGHOHPEXGRGHVHPLOODVHDEUH\ODPLVPDSDVDDO
LQWHULRU GHO WDFKR 'HVSXpV GHO VHPLOODPLHQWR HO DMXVWH GH ODV YiOYXODV VH PDQWLHQH
FRQVWDQWHSDUDGDUWLHPSRDTXHORVFULVWDOHVGHVDFDURVDVHWRUQHQYLVLEOHVHQWRQFHVOD
66H[WUDVHGLVPLQX\HSRUPHGLRGHODJXDGHPRYLPLHQWR

/D YiOYXOD GH YDSRU VH DEUH SDUD HO DMXVWH GH FUHFLPLHQWR \ OD 66 VH FRQWUROD FRQ OD
YiOYXOD GH DOLPHQWDFLyQ 7HyULFDPHQWH HQ HVH SXQWR GHO SURFHVR HO YDSRU GHEH VHU
XVDGRFXLGDGRVDPHQWHSDUDGHMDUTXHODVDFDURVDVHGHSRVLWHOHQWDPHQWHHQORVFULVWDOHV
\DTXHHOiUHDVXSHUILFLDOGHORVPLVPRVHVSHTXHxD8QDDJLWDFLyQEXHQDHVYLWDOSDUD
FRQVHJXLUXQDYHORFLGDGGHFULVWDOL]DFLyQySWLPD\HVWRSXHGHVHUFRQVHJXLGRSRUXQD
HEXOOLFLyQHILFLHQWH(QHOFDVRGHODVWHPSODVGHEDMDSXUH]DHODJXDGHPRYLPLHQWR
SXHGH VHU DxDGLGD HQ HVWD VHFXHQFLD SDUD PDQWHQHU OD 66 HQ HO YDORU GHVHDGR \ HYLWDU
TXHHOQLYHOVHHOHYHUiSLGDPHQWH




,QGLFH

&XDQGRODPDVDWRWDOGHFULVWDOHVDOFDQDFLHUWRYDORUODHVWUDWHJLDGHOFRQWUROHVFDPELDU
SDUD PDQWHQHU OD FLUFXODFLyQ GH OD PDVD FRFLGD HQ JUDGR ySWLPR (O FRQWHQLGR GH
FULVWDOHVVHFRQWURODSRUODYiOYXODGHDOLPHQWDFLyQ\OD66SRUODYiOYXODGHYDSRU(VWD
VHFXHQFLDFRQWLQ~DKDVWDTXHODPDVDFRFLGDOOHJDDVXQLYHOGHRSHUDFLyQHQWRQFHVOD
YiOYXODGHDOLPHQWDFLyQVHFLHUUD'XUDQWHHOWLHPSRGHGDUSXQWROD66VHFRQWURODSRU
ODYiOYXODGHYDSRU/DWHPSODVHGHWHUPLQDFXDQGRHOFRQVXPRGHSRWHQFLDGHOPRWRU
GHOUHYROYHGRUDOFDQ]DFLHUWRYDORUGHDMXVWH
/DVYiOYXODVGHYDSRU\YDFtRVHFLHUUDQ\pVWHGHFUHFHKDVWDXQYDORUSUHGHWHUPLQDGR
GHPRGRTXHODYiOYXODGHIRQGRGHOWDFKRSXHGDDEULUVH \GHVFDUJDUHOFRQWHQLGRGHO
PLVPR(OWDFKRHQWRQFHVVHODYDFRQYDSRU\WRGDVODVYiOYXODVSHUPDQHFHQFHUUDGDV
HVSHUDQGR XQD QXHYD RUGHQ FRPHQ]DU HO SUy[LPR FLFOR FRPSOHWR SRU XQD YiOYXOD GH
FRQWUROGHYDFtR

(Q OD ILJ  VH PXHVWUD XQD FDUWD WtSLFD GH UHJLVWUDFLyQ GRQGH VH SUHVHQFLD ODV
PHGLFLRQHV GH FRQFHQWUDFLyQ \ 66 GXUDQWH XQ FULVWDOL]DFLyQ GH XQ PDWHULDO GH SXUH]D
DOWD

1RWD(QHOSULPHUFRQJUHVR1DFLRQDOGH7pFQLFRV$]XFDUHURVGH(O6DOYDGRUFHOHEUDGR
HQ -XOLR GHO  HO DXWRU SUHVHQWR XQ WUDEDMR WLWXODGR &RQWURO $XWRPiWLFR GH OD
&ULVWDOL]DFLyQXVDQGRXQ0LFURSURFHVDGRU'LJLWDO\XQGHQVLWyPHWURQXFOHDUORFXDOIXH
PX\H[LWRVR

.3UHFLVLyQGHODV0HGLFLRQHV

/RVHUURUHVHQODPHGLFLyQGHOD66HVWiQHQXQLGDGHVHQODFRQFHQWUDFLyQGHOOLFRU
PDGUHHQ±SSHQHOGHODPDWHULDVHFDHVPiVSHTXHxRTXH±SS\HOGH
ODWHPSHUDWXUDGHQWURGHO±ƒ&
3DUD ODV PHGLFLRQHV GH ORV VyOLGRV UHIUDFWyPHWULFRV PDWHULD VHFD  ORV LQYHVWLJDGRUHV
XVDURQ XQ QXHYR WLSR GH UHIUDFWyPHWUR \D HVWXGLDGR DQWHULRUPHQWH  TXH HYLWD TXH ORV
FULVWDOHV VH GHSRVLWHQ HQ HO SULVPD \ SRU WDQWR HO XVR GH DJXD GH HQIUDPLHQWR HQ OD
FDEH]DGHPHGLFLyQ
(VWHPpWRGRGHPHGLFLyQDOLJXDOTXHWRGRVORVH[LVWHQWHVVXIUHGHODGHVYHQWDMDTXHOD
66 VRODPHQWH VH PLGH HQ XQ SXQWR \ HV ELHQ FRQRFLGR TXH ORV WDFKRV QR VRQ YDVRV
GRQGH VH HIHFW~D XQD PH]FOD SHUIHFWD \D TXH ODV FRQFHQWUDFLRQHV SXHGHQ YDULDU
FRQVLGHUDEOHPHQWH HQ ODV GLIHUHQWHV SDUWHV GHO PLVPR \ OD VLWXDFLyQ VH HVWDEOHFH
HVSHFLDOPHQWH GLItFLO FXDQGR HO FRQWHQLGR GH FULVWDOHV VH LQFUHPHQWD GHELGR DO
UHFRJLPLHQWRGHODPDVD7DPELpQHVFRQRFLGRTXHFXDQGRHOQLYHOGHODPDVDFRFLGD
HQHOWDFKRVHHOHYDODSUHVLyQKLGURVWiWLFDVHLQFUHPHQWDWDPELpQ\ODWHPSHUDWXUDHQHO
IRQGRGHOWDFKRVHHOHYDVLODFLUFXODFLyQQRHVORVXILFLHQWHPHQWHEXHQDVLJQLILFDQGR
HVWRXQD66PD\RUHQODVXSHUILFLHGHODPDVDFRFLGD

(VWH PpWRGR VXSHUD HVRV SUREOHPDV PLGLHQGR OD WHPSHUDWXUD HQ YDULRV SXQWRV GHO
WDFKR REWHQLHQGR DVt XQD LQIRUPDFLyQ YDOLRVD GH OD FLUFXODFLyQ GHQWUR GHO PLVPR OR
FXDOD\XGDHQODREWHQFLyQGHXQFRQWHQLGRGHFULVWDOHVySWLPRGRQGHODFLUFXODFLyQHV
D~QHILFLHQWH

/DV SURSLHGDGHV GHO PLFURSURFHVDGRU SXHGHQ WDPELpQ VHU H[SORWDGDV FDPELDQGR ORV
YDORUHV DMXVWDGRV GH 66 SDUD WRPDU HQ FXHQWD ODV GLIHUHQFLDV HQ ODV FRQGLFLRQHV GH OD
VXSHUILFLH\HOIRQGRGHOWDFKR



,QGLFH
























,QGLFH


















,QGLFH























,QGLFH






















,QGLFH

/DILJDPXHVWUDODLQVWDODFLyQGHXQGHQVLWyPHWURHQXQWDFKR\ODE\
FXQRGHOD7H[DV1XFOHDU

/6HJXULGDG

(VWDVXQLGDGHVTXHFRQWLHQHQPDWHULDOHVUDGLRDFWLYRVGHEHQHVWDUVXSHUYLVDGDVSRUXQD
SHUVRQDHQWUHQDGDDOHIHFWRDVtPLVPRGHEHQSRQHUVHHQHOVLWLRDGYHUWHQFLDVVREUHHO
PDWHULDOTXHVHHVWiPDQHMDQGR\ORVFXLGDGRVTXHGHEHQREVHUYDUVH

/D UDGLDFLyQVHFXQGDULD QRHVSUREOHPDHQHVWRVHTXLSRV \DTXHHQORV PLVPRVQRVH
IRUPDQRWURVPDWHULDOHVUDGLRDFWLYRV
+D\GRVSHOLJURVSRWHQFLDOHVTXHHOGHQVLWyPHWURGHUD\RVJDPPDGHEHWHQHUHQFXHQWD
HQVXGLVHxR

 /DIXJDSRVLEOHGHPDWHULDOUDGLRDFWLYR
 /DLQWHQVLGDGGHOFDPSRGHUDGLDFLyQIXHUDGHODFiPDUDGHODIXHQWH

/D IXHQWH HVWi FRPSOHWDPHQWH HQFHUUDGD GHQWUR GH XQD FiPDUD D SUXHED GH IXHJR /D
FiPDUDDVHJXUDTXHODSRWHQFLDGHOFDPSRGHUDGLDFLyQHQODVXSHUILFLHGHOGHQVLWyPHWUR
HVWiSRUGHEDMRGHORVOLPLWHVOHJDOHVGHDFXHUGRDOSDLVHQTXHVHXVHWtSLFDPHQWH
PLFUR6LHYHUWKU
8Q REWXUDGRU GH SORPR VH SURYHH FRQ HO HTXLSR SDUD FRQWDU OD SRWHQFLD GHO KD] GH
PHGLFLyQDXQQLYHOVHJXUR

/RV SHOLJURV TXH VH SUHVHQWDQ DO SHUVRQDO GH OD SODQWD SRU XQ FDPSR GH UDGLDFLyQ
H[WHUQRPi[LPRGHPLFUR6Y+UHVHOPLVPRDTXHHVWiQH[SXHVWDVODVSHUVRQDVSRU
RWURVFDPSRVGHUDGLDFLRQHV(QXQYLDMHGHLGD\YXHOWDHQDYLyQ-HWDWUDYpVGH(8$
VHFDOFXODTXHVHUHFLEHXQRVPLFURV6YGHGRVLVGHUD\RVFyVPLFRV
/RVGHQVLWyPHWURVVRQIDEULFDGRVHQORV(8$SRU7H[DV1XFOHDU\%HUWKROG6\VWHP
,QF

0&DUDFWHUL]DFLyQ(VWDQGDUL]DFLyQ\&DOLEUDFLyQGHO6HQVRU1XFOHDUSDUDPHGLU
'HQVLGDGHQORV7DFKRVGHOD717HFKQRORJLHV

&RQVWDQWHVGHO6LVWHPD

)&DOLEUDFLyQSDUDGHQVLGDG
 (QWHU  HQWHU ERUUD OD PHPRULD HQWHUD 'HVSXpV GH HVWR HO VLVWHPD WLHQH TXH VHU
FRPSOHWDPHQWHDMXVWDGRLQFOX\HQGRODHVWDQGDUL]DFLyQFDOLEUDFLyQHWFDPHQRVTXHORV
GDWRVGHOVLVWHPDKD\DQVLGRUHFRSLODGRV 5(&$//('  \UHJLVWUDGRVSDUDYROYHUORVD
HQWUDU

3URFHGLPLHQWR

 SUHVLRQHHQWHUHQWHU

 (MHFXWHHOFRPDQGRGHLQLFLDFLyQSDUDD]~FDUSUHVLRQDQGR/HQWHU/HQWHU




,QGLFH

 &RPR HO PRQWDMH GHO VHQVRU HQ ORV WDFKRV VH KDFH GH IRUPD TXH HO UD\R GH
UDGLDFLyQHVWpHQXQSODQRYHUWLFDOSUHVLRQH)(QWHU

 3UHVLRQH&HQWHU GtJDOHTXHHVXQWDFKR 

 'HQVLGDGPiVDOWD ƒ%[ )HQWHU

 'HQVLGDGPiVEDMD ƒ%[ )HQWHU

 &RQVWDQWHGH7LHPSR- - YDORULQWHJUDGR SUHVLRQH- VHJXQGRV

 3UHVLRQH-  [ VHJXQGRV 

 3UHVLRQH-  [ VHJXQGRVTXHGHPRUDODHVWDQGDUL]DFLyQ 

3UHVLRQH  &   FDQDO  WHPSHUDWXUD  FRPDQGR  UHWRUQD HO PRVWUDGRU D
VXVGDWRVGHFDQDOSULPDULR 

& SXOVRVVHJ

& 

& 

127$HQWHU PLGH%UL[\WHPSHUDWXUD 
 HQWHU PLGHEUL[\SXOVRVVHJ 

&DQDOGHSXOVRVVHJ
3UHVLRQH & 
3UHVLRQH3 
3UHVLRQH ( 
3UHVLRQH ) 
3UHVLRQH HQWHUHQWHU

(VWDQGDUL]DFLyQFRQDJXD
D  VXPLQLVWUHDJXDOLPSLDDOWDFKRKDVWDFXEULUHOVHQVRU$EUDHOREWXUDGRU
6KXWWHUSRVLFLyQ21 

E  3UHVLRQHVHQWHU ODHVWDQGDUL]DFLyQFRPLHQ]D 
/DSDQWDOODLQGLFDUi5();;;;

F  3UHVLRQHV  ) \ UHJLVWUH HO YDORU GDGR SRU HO VLVWHPD QR HQWUH RWUR
YDORU
(MHPSOR 3UHVLRQH )UHQWHU
  3DQWDOOD 3
  3UHVLRQH HQWHU
  3DQWDOOD '(
3UHVLRQH &/($5(17(5
(OYDORUHV [  




,QGLFH




&RUUHFFLyQSRUFDOLEUDFLyQGHSXQWRVP~OWLSOHV

/DFRUUHFFLyQSRUFDOLEUDFLyQVHKDFHXVDQGR&$/'(16,7< ) \HO³)DFWRUGH
FRUUHFFLyQGHSHQGLHQWH´
&DPELDQGRODFDOLEUDFLyQSRUGHQVLGDGVHGHVSOD]DUiODVDOLGDSRUODFDQWLGDGFDPELDGD
(OIDFWRUGHFRUUHFFLyQ ) HOFXDOHVQRUPDOPHQWHFDPELDUiODSHQGLHQWHGHOD
UHVSXHVWD
(O HIHFWR VHUi TXH OD GLIHUHQFLD HQWUH OD GHQVLGDG DFWXDO \ OD GH FDOLEUDFLyQ VH
PXOWLSOLFDUiSRUHOIDFWRUGHFRUUHFFLyQ
(VWHSURFHGLPLHQWRFRQVLVWHHQHOSORWHRGHODVDOLGDGHOVLVWHPDFRQWUDODVGHQVLGDGHV
DFWXDOHV

3URFHGLPLHQWR

HQWHU WRPHODPXHVWUDGHOWDFKR 

&$/;;;

) PXHVWUDGHOWDFKR HQWHU
HQWHUHQWHU

7RPHPXHVWUDVDOVHPLOODU\DYDULRVQLYHOHVHQHOWDFKR

 $OVHPLOODU ƒ%[ OHFWXUDSDQWDOODƒ%[ 
 $OQLYHOƒ%[ OHFWXUDSDQWDOODƒ% 
 $OQLYHOƒ%[ OHFWXUDSDQWDOODƒ%[ 
 $OQLYHOƒ%[ OHFWXUDSDQWDOODƒ%[ 

)DFWRUGH&RUUHFFLyQ

   3UHVLRQH)
   3UHVLRQH)
   3UHVLRQH)
   3UHVLRQH)

(QFDGDRSHUDFLyQSUHVLRQHHQWHUHQWHUSDUDDOPDFHQDUORVGDWRV

 (TXLSRVTXH0LGHQODV3URSLHGDGHV5HROyJLFDV

$ ,QWURGXFFLyQ

(QDxRVUHFLHQWHVVHKDLQWURGXFLGRHQODLQGXVWULDD]XFDUHUDHTXLSRVSDUDHOFRQWUROGH
ODFULVWDOL]DFLyQSRUPRYLOLGDGRYLVFRVLGDG
(VWRVHTXLSRVQHFHVLWDQVHUPX\VHQVLWLYRVSDUDSRGHUPHGLUHOSXQWRGHVHPLOODPLHQWR
HQ ORV PDWHULDOHV TXH VH SURFHVDQ HQ ORV WDFKRV LJXDOPHQWH QHFHVLWDQ PXFKR
PDQWHQLPLHQWRSDUDPDQWHQHUGLFKDVHQVLELOLGDG(VWDPELpQSRVLEOHTXHFRQWHQLGRV



,QGLFH



















,QGLFH

GLIHUHQWHVGHOLFRUPDGUHFULVWDOHVSXHGDQGDUOHFWXUDVVHPHMDQWHVFRQGXFLHQGRHVWRVD
FRQIXVLRQHVHQHOVLVWHPDGHFRQWURO


% 9LVFRVLGDG

(OWpUPLQRYLVFRVLGDGVHKDXWLOL]DGRUHSHWLGDVYHFHVHQODVH[SRVLFLRQHVDQWHULRUHV(V
SUHFLVR GHILQLU HVWD SURSLHGDG \ GDU DOJXQD LQIRUPDFLyQ FRQFUHWD FRQ UHVSHFWR D ORV
PpWRGRVXWLOL]DGRVSDUDPHGLUOD
9LVFRVLGDGHVODUHVLVWHQFLDLQWHUQDRLQWHUPROHFXODUGHORVIOXLGRVDODVIXHU]DVGHFRUWH
(QHOIOXMRSRUWXEHUtDHVWDSURSLHGDGFDXVDXQSHUILOGHYHORFLGDGHOFXDOSXHGHDIHFWDU
HOUHQGLPLHQWRGHORVIOXLGRPHWURV\SRUWDQWRGHODPHGLFLyQ


& 9LVFRVLGDG$EVROXWD

/DILJDPXHVWUDGRVSODFDVSDUDOHODVGHiUHDVLJXDOHVVHSDUDGDVSRUXQDGLVWDQFLD
SHTXHxDFRQIOXLGRHQWUHODVPLVPDV8QDIXHU]DFRQVWDQWHDSOLFDGDDODSODFDVXSHULRU
FDXVDTXHDPEDVSODFDV\HOIOXLGRVHPXHYHQDXQDYHORFLGDGFRQVWDQWH(OIOXLGRHQ
FRQWDFWRFRQODSODFDLQIHULRUILMDQRVHPXHYH/DUHODFLyQHQWUHODIXHU]DDSOLFDGDiUHD
GHODSODFD\GHVSOD]DPLHQWROLQHDOHVGDGDSRUODHFXDFLyQVLJXLHQWH

)   µ  H$ ∆9 ∆<  

3/$&$ ) 3/$&$ 3/$&$

/DFRQVWDQWH µ HHVODYLVFRVLGDGDEVROXWDGHOIOXLGRODFXDOGHSHQGHSULPDULDPHQWH
GHODVLQWHUDFFLRQHVHQWUHODVPROpFXODVGHOIOXLGR
)

3DUDOtTXLGRVWDOHVFRPRODVPLHOHVVXYDORUSXHGHVHUEDVWDQWHDOWR\SDUDJDVHVPX\
EDMRV
/DIXHU]DDSOLFDGDGLYLGLGDSRUHOiUHDGHODSODFDHVODIXHU]DFRQVWDQWH6 3DUDORV
IOXLGRV QHZWRQLDQRV OD UHODFLyQ HQWH OD IXHU]D GH FRUWH \ OD UD]yQ GH GHIRUPDFLyQ HV
6

OLQHDO OD UD]yQ GH ODV GRV OD YLVFRVLGDG DEVROXWD HV FRQVWDQWH ([LVWHQ VLQ HPEDUJR
IOXLGRVTXHVRQQRQHZWRQLDQRV\VXVYLVFRVLGDGHVQRVRQFRQVWDQWHVFRPRVHLOXVWUD
HQODILJE

(O FRPSRUWDPLHQWR UHROyJLFR GH XQ IOXLGR GHWHUPLQD VL VH FODVLILFD FRPR XQ IOXLGR
QHZWRQLDQRRQRQHZWRQLDQR8QIOXLGRQHZWRQLDQRVHGHILQHFRPRXQIOXLGRHOFXDO
FXDQGRXQDIXHU]DGHFRUWHDFW~DVREUHpOHOPLVPRWLHQHXQJUDGLHQWHGHYHORFLGDGTXH
HV~QLFDPHQWHSURSRUFLRQDODODIXHU]DDSOLFDGDVLHQGRODFRQVWDQWHGHSURSRUFLRQDOLGDG
ODYLVFRVLGDGDEVROXWD7RGRVORVJDVHVODPD\RUtDGHORVOtTXLGRV\ODVPH]FODVILQDV
GHSDUWtFXODVHVIpULFDVHQOtTXLGRV\JDVHVVRQIOXLGRVQHZWRQLDQRV

/DV FRUUHFFLRQHV SDUD HO Q~PHUR GH 5H\QROGV VH GHVDUUROODQ SDUD ORV IOXLGRV
QHZWRQLDQRV SDUD ORV FXDOHV OD UD]yQ GH OD IXHU]D GH FRUWH D OD UD]yQ GH FRUWH HV
FRQVWDQWH(VWDUD]yQVHREWLHQHIiFLOPHQWHFRQXQDPHGLFLyQVLPSOHSRUPHGLRGHXQ
YLVFRVtPHWUR3DUDORVIOXLGRVQRQHZWRQLDQRVODUD]yQFDPELDFRQODIXHU]DHVWRHVOD
OODPDGD YLVFRVLGDG DSDUHQWH  /RV IOXLGRV  QRQHZWRQLDQRV VH VXEGLYLGHQ HQ GRV
FODVLILFDFLRQHV SULQFLSDOHV /RV LQGHSHQGLHQWHV GHO WLHPSR \ ORV GHSHQGLHQWHV GHO
WLHPSR




,QGLFH

%DMR OD DFFLyQ GH XQD IXHU]D FRQVWDQWH OD YLVFRVLGDG DSDUHQWH GH XQ IOXLGR
LQGHSHQGLHQWHGHOWLHPSRQRFDPELDUiFRQHOPLVPRSRUORFXDOODYLVFRVLGDGDSDUHQWH
GHXQIOXLGRGHSHQGLHQWHGHOWLHPSRFDPELDUiFRQHOPLVPR
(QWUHORVPiVFRPXQHVIOXLGRVQRQHZWRQLDQRVLQGHSHQGLHQWHVGHOWLHPSRHVWiQ

)OXLGH]GHOIOXMRGHWDSyQ

$ %LQJKDP RFRPR%LQJKDP IOXLGH]

• *UDVDMDERQRVDGHDOXPLQLR Dƒ& 
• $OJXQRVDVIDOWRV
• $OJXQRVELW~PHQHV
• *UDVDMDERQRVDGHFDOFLR Dƒ& 
• &HPHQWRURFRVR VXVSHQVLRQHVDFXRVDVEDMRP 
• &KRFRODWH
• $OJXQDVHPXOVLRQHV
• +LGURFDUERQRJUDVRVRHVSHVR
• &DWVXS
• (VWHDUDWRGHOLWLRJUDVRVR*
• /XWLQJ GLVSHUVLyQGHFHUDVLQWpWLFDHQSROLVREXWDQR 
• 0D\RQHVD
• /RGRGHSHUIRUDFLyQ
• (QJXHQWRV
• 3LQWXUDV
• $OJXQDVFDGHQDVODUJDVGHSROtPHURV FDUER[LOPHWLOHQR 
• 3XOSDGHSDSHO
• 3DVWDGHGLHQWH
• 6XVSHQVLRQHVGHDJXDGHFHQL]DDUFLOODFDUEyQ PLQHUDOHVILQDPHQWHGLYLGLGRV
.DROLQy[LGRVPHWiOLFRVSLQWXUDy[LGRGHWRULRy[LGRGHWLWDQLRFXDU]RORGRV
GHDOEDxDOHV

%6HXGRSODVWLFRV

• 'LVSHUVLRQHVDFXRVDVGHFDUER[LOSROLPHWLOHQR FDUERSRO 
• 0XFKRVELQJKDPFRPRODVVXVSHQVLRQHVGHFRQFHQWUDFLyQLQWHUPHGLD


)OXLGRVGH3RWHQFLD

$6HXGRSOiVWLFRV P 

• $OJLQDWRGHDPLQLR 6ROXFLyQDFXRVD 
• (PXOVLRQHV SRU HMHPSOR HVSHVDGRUHV GH ERPEDV GH IXHJR FRQ MDEyQ GH
DOXPLQLR\PHWDFULODWRGHSROLPHWLOHQR
• (WLOFHOXORVDVROXFLyQDOHQFLFORKH[DQRQD
• $OXPLQLRMDERQRVRDO JHO HQJDVROLQD
• 3ODVPDVDQJXtQHR
• 3ROLWLOHQRIXQGLGR ƒ) 



,QGLFH

• 6XVSHQVLRQHV DFXRVDV  GH DUFLOOD $WWDVRO  IHUURFLOLFyQ JDOHQD OiWH[


PDJQHWLWDWLWDQLD
• $OJXQRV GH HVWRV SXHGH FODVLILFDUVH FRPR GLOHWDQWHV R QHZWRQLDQRV D FLHUWDV
FRQFHQWUDFLRQHV\FRQXQDIXHU]DFRUWDQWHDOWD

% )OXLGRV GLODWDQWHV P  2EVHUYDQGR VRODPHQWH D FLHUWR UDQJR GH
FRQFHQWUDFLRQHVGHVXVSHQVLRQHVGHVyOLGRVGHIRUPDLUUHJXODU

• $OPLGyQGHPDt]HQJOLFROHWLOHQR
• *OLFROHWLOHQRJOLFHULQDFRQSHTXHxDVFDQWLGDGHVGHDJXD
• $OPLGyQGHDJXD
• 7LWDQLDHQVDFDURVDFS
• 2[LGRGHWLWDQLRDOHQDJXD

/RVIOXLGRVQRQHZWRQLDQRVGHSHQGLHQWHVGHOWLHPSRLQFOX\HQ

7L[RWUySLFR

• 6XVSHQVLyQDFXRVDGHDUFLOODEHQWRQLWLFD
• $OJXQRVDFHLWHVFUXGRVDEDMDWHPSHUDWXUD
• (PXOVLRQHVVHXGRSODVWLFDVGHMDEyQ
• 3ROtPHURVDOWDVHQJDVROLQD

5HRSHFWLFRV

• 7LQWDGHLPSUHQWD
• 3ROLpVWHUVDWXUDGR 30  

9LVFRHOiVWLFRV

• 6ROXFLRQHVGHFDUERSRO
• 0DVDGHKDULQD
• $OJXQDVJHODWLQDV
• 1\ORQ
• 6ROXFLRQHV GH 3ROtPHURV &HOXORVD GH FDUER[LPHWLO SROLVREXWLOHQR HQ
GHFDOLQD SROLR[ SROLDFULODPLGD y[LGR GH SROLHWLOHQR FDUER[LO  PHWLO
FHOXORVDVyGLFD

/DVXQLGDGHVGHYLVFRVLGDGDEVROXWDVHGHULYDQGHVGHODHFHQHOVLVWHPDLQJOHVGH
LQJHQLHUtDVHHVWDEOHFHQDPHQXGRGRVMXHJRVGHXQLGDGHVHQWDEODV8QDHVWDEDVDGDHQ
OE \RWUDHQOE /DYLVFRVLGDGDEVROXWDHQXQLGDGHVGHIXHU]DVHGHILQHFRPR

P I

µ  H ) $ ∆<∆9 OE 63 



   

) 3/$&$ 3/$&$ 3/$&$ )

\HQXQLGDGHVGHPDVDFRPR

µP H OE SV         

P



,QGLFH

/D FRQVWDQWHJUDYLWDFLRQDOGLPHQVLRQDOJFFRQYLHUWHODVXQLGDGHVGHIXHU]DDXQLGDGHV
GHPDVD

µP H JF µ H OE 3OE 6 OE SV     

) 0 ) 0

(Q HO VLVWHPD 6, OD XQLGDG GH YLVFRVLGDG DEVROXWD HV HO 3DVFDOV HO FXDO VH GHILQH
GLPHQVLRQDOPHQWHSRU

µSDV ) $ ∆< ∆9  1PP PV  1VP 3DV   
  


3/$&$ 3/$&$ 3/$&$

/D XQLGDG GH YLVFRVLGDG PiV FRP~QPHQWH XVDGD HV HO 3RLVH R HO FHQWLSRLVH  HO FXDO
WLHQHODVXQLGDGHV0S JFPV
/DVHFXDFLRQHV\LQGLFDQTXHQRVHQHFHVLWDFRUUHFFLyQSRUODJUDYHGDGHQHO
VLVWHPD 6, HQWUH ODV XQLGDGHV GH YLVFRVLGDG DEVROXWD GH IXHU]D \ PDVD $XQTXH HQ
DOJXQRVWH[WRVWRGDYtDVHXVDQHOVLVWHPDGHXQLGDGHVLQJOHVDVHO3RLVH RHOFRQWLSRLVH 
HVDFWXDOPHQWHODXQLGDGPiVXVDGD

'9LVFRVLGDG&LQHPiWLFD

/DPDVDVHHOLPLQDGHODXQLGDGGHYLVFRVLGDGVLODYLVFRVLGDGDEVROXWDVHGLYLGHSRUOD
GHQVLGDGGHOIOXLGR(OUHVXOWDGRREWHQLGRVHOODPDYLVFRVLGDGFLQHPiWLFD(OHOVLVWHPD
LQJOpVGHXQLGDGHVODYLVFRVLGDGDEVROXWDGHEHVHUGLYLGLGDSRUODGHQVLGDGHQOEP3
ODYLVFRVLGDGHQSRLVHVGLYLGLGDSRUODGHQVLGDGHQJFP GDODYLVFRVLGDGFLQHPiWLFDHQ


VWRNHV 'HEH QRWDUVH TXH OD GHQVLGDG HQ JFP  HV DSUR[LPDGDPHQWH OD JUDYHGDG


HVSHFtILFDGHOIOXLGR\SRUHVWDUD]yQODXQLGDGGHYLVFRVLGDGFLQHPiWLFDHQHOVLVWHPD
LQJOpVHV

9H  µP HρI  µI ρI 3 V

      

/DXQLGDGGHYLVFRVLGDGFLQHPiWLFDHQHOVLVWHPD6,HVHOVWRNHV

γ6W µSρ  µS) * ≈µ *  FP V 
    

I 3 ) 3 )


(9LVFRFLGDGHQORV0DWHULDOHV$]XFDUHURV

(OFRQRFLPLHQWRVREUHODYLVFRVLGDG\ODPHGLFLyQGHODPLVPDHVPX\LPSRUWDQWHHQHO
SURFHVRGHIDEULFDFLyQGHOD]~FDUSULQFLSDOPHQWHHQODFULVWDOL]DFLyQ
&RPRHQODLQGXVWULDD]XFDUHUDODYHORFLGDGYDUtDH[WHQVLYDPHQWHFRQODFRPSRVLFLyQ
GH ORV FRQVWLWX\HQWHV QRD]XFDUHV VH UHTXLHUHQ SURFHVRV ySWLPRV GH RSHUDFLyQ SDUD
DMXVWDUODVYDULDEOHVSULQFLSDOHVFRPRVRQ
&RQWHQLGR GH VyOLGRV \ WHPSHUDWXUD SDUD DVt DOFDQ]DU ORV UDQJRV GH YLVFRVLGDG
GHVHDGRV
/DV UHODFLRQHV GH YLVFRVLGDG HQ ORV PDWHULDOHV D]XFDUHURV KDQ VLGR HVWXGLDGRV
H[WHQVLYDPHQWH

)5HRORJtDGHODV0LHOHV\ODV0DVDV&RFLGDV





,QGLFH
























,QGLFH

(Q OD ILJ  VH PXHVWUDQ ORV WUHV WLSRV GH IOXMR FRPR VRQ )OXMR 1HZWRQLDQR IOXMR
VHXGRSOiVWLFR\IOXMRSOiVWLFR
$GNLQV HVWDEOHFLy TXH ODV PLHOHV SUHVHQWDQ XQ IOXMR VHXGRSOiVWLFR HQ VRODPHQWH XQ
JUDGR PX\OLJHUR3DUDORVSURSyVLWRVSUiFWLFRVHVVRODPHQWHQHFHVDULRKDFHUXQDVROD
GHWHUPLQDFLyQGHODUD]yQGHIOXMREDMRXQDIXHU]DGDGDSDUDKDOODUODYLVFRVLGDG
/DV PDVDV FRFLGDV PXHVWUDQ XQD PD\RU VHXGRSODVWLFLGDG VLHQGR VXV YDORUHV UHDOHV
REWHQLGRVVRODPHQWHSRUXQDVHULHGHGHWHUPLQDFLRQHVGHUD]RQHVGHIXHU]DODILJ
PXHVWUDTXHODVHXGRSODVWLFLGDGGHODPDVDFRFLGDHVPD\RUDPHGLGDTXHDXPHQWDHO
FRQWHQLGRGHFULVWDOHV


*(IHFWRGHORV&RQVWLWX\HQWHVQRD]~FDUHVVREUHOD9LVFRFLGDG

6LHQGR ODVFRQGLFLRQHVItVLFDVFRQVWDQWHVODYLVFRVLGDGGHODVPLHOHVR PDVDVFRFLGDV
GHSHQGHQ JUDQGHPHQWH  GH OD QDWXUDOH]D \ OD FRQFHQWUDFLyQ GH ODV VXVWDQFLDV QR
D]~FDUHV SUHVHQWHV ([LVWH XQD LQIRUPDFLyQ PX\ SHTXHxD VREUH HO HIHFWR GH YDULDV
VXVWDQFLDV /D YLVFRVLGDG YDUtD DPSOLDPHQWH QR REVWDQWH XQD VHULH GH FDQWLGDGHV GH
DOJXQRV FRPSXHVWRV WLHQH XQ HIHFWR SURQXQFLDGR (VWR HV SDUWLFXODUPHQWH UHDO FRQ
FLHUWRV FRPSXHVWRV RUJiQLFRV WDOHV FRPR ODV JRPDV SHFWLQDV \ RWUDV VXVWDQFLDV
FRORLGDOHV
0XFKDVVDOHVLQRUJiQLFDVWDPELpQLQFUHPHQWDQODYLVFRVLGDG&RPRODFRPSRVLFLyQHV
GHWHUPLQDGDSRUODQDWXUDOH]DGHOMXJRTXHHQWUDHQODIiEULFDQDGDSXHGHKDFHUVHDHVH
UHVSHFWR HQ OD HVWDFLyQ GH FULVWDOL]DFLyQ 3RGUtD VHU GH JUDQ YDORU D SHVDU GH HVRV
FRQRFHU ORV HIHFWRV LQGLYLGXDOHV \ DGLWLYRV GH ORV FRQVWLWX\HQWHV SDUD SUHGHFLU HO
FRPSRUWDPLHQWRGHODYLVFRVLGDG

+(IHFWRGHORV6yOLGRV7RWDOHV6REUHOD9LVFRVLGDGGHODV0LHOHV

/D YLVFRVLGDG GH ODV PLHOHV VH LQFUHPHQWD UiSLGDPHQWH FRQ HO LQFUHPHQWR HQ HO
FRQWHQLGRGHOWRWDOGHVyOLGRV6LQHPEDUJRYDULDVPLHOHVSXHGHQGLIHULUJUDQGHPHQWH
HQVXYLVFRVLGDGSDUDXQPLVPRFRQWHQLGRGHVyOLGRVVLHQGRVLPLODUODUD]yQGHFDPELR
FRQHOFDPELRHQORVVyOLGRV/DILJHPXHVWUDODLQIOXHQFLDGHORVVyOLGRVPHGLGRV
FRQXQUHIUDFWyPHWURHQYDULDVPLHOHVGH+DZDL(OHIHFWRGHODWHPSHUDWXUDVREUHORV
SURPHGLRV GH YLVFRVLGDGVyOLGRV UHIUDFWyPHWULFRV SDUD YDULDV PLHOHV GH +DZDL VH
PXHVWUDQHQODILJXUD

/RVWUDEDMRVGH0F&OHHU\VREUHODUHODFLyQGHVyOLGRVWRWDOHVDYLVFRVLGDGHQHVWXGLRV
GHFULVWDOL]DGRUHVVHLOXVWUDQHOODILJXUD$TXtVHSORWHDQORVYDORUHVGHPDVDV
FRFLGDVGLIHUHQWHVDWUHVWHPSHUDWXUDVƒ&HQHOPRPHQWRGHYRWDUHOWDFKRƒ&OD
WHPSHUDWXUD PtQLPD GH HO FULVWDOL]DGRU ƒ& OD WHPSHUDWXUD GH VDWXUDFLyQ /D
YLVFRVLGDGGHHVDVPLHOHVHVDSUR[LPDGDPHQWHHOGREOHSRUFDGDLQFUHPHQWRGHHQ
ORV VyOLGRV WRWDOHV /D YDULDFLyQ DPSOLD HQ ODV PLHOHV LQGLYLGXDOHV VH LOXVWUD SHUR
WDPELpQ VH PXHVWUD TXH HV XQ KHFKR TXH VL OD YLVFRVLGDG HV DOWD FXDQGR GHMD HO WDFKR
WDPELpQVHUiDOWDHQODRSHUDFLyQGHORVFULVWDOL]DGRUHV

,(IHFWRGHOD7HPSHUDWXUDVREUHOD9LVFRVLGDGGHODV0LHOHV

/DYLVFRVLGDGGHODVPLHOHVGHFUHFHUiSLGDPHQWHFRQHOLQFUHPHQWRHQODWHPSHUDWXUD
(VWRVHPXHVWUDHQODVFXUYDVGHODILJXUD\$SHVDUTXHODSHQGLHQWHGHODV



,QGLFH





























,QGLFH







,QGLFH

FXUYDV±YLVFRVLGDGYDUtDSDUDODVGLIHUHQWHVPLHOHVVHQRWDUiTXHODVFXUYDVVRQVXDYHV
\VLQFDPELRVDEUXSWRVDODSHQGLHQWH
(VWRWDPELpQHVYHUGDGHURD~QHQHOUDQJRGRQGHODVPLHOHVSDVDQGHVGHXQHVWDGRQR
VDWXUDGRDXQRVREUHVDWXUDGR

8QDUHODFLyQPiVVLJQLILFDWLYDHQWUHWHPSHUDWXUD\YLVFRVLGDGFRQVLVWHHQTXHKD\SDUD
XQD PLHO VDWXUDGD D XQD SXUH]D GDGD XVXDOPHQWH XQD WHPSHUDWXUD GH YLVFRVLGDG
PtQLPD(OYDORUSURPHGLRGHHVWHPtQLPRIXHHVWDEOHFLGRSRU0F&OHHU\0LFKHO\\'H
*\XOD\\.HOO\\HVWiFHUFDQRDORVƒ&

(QODILJVHPXHVWUDQFXUYDWtSLFDVGHWHPSHUDWXUDYLVFRFLGDGSDUDPLHOHVGHLJXDO
SXUH]DDYDULRVFRQWHQLGRVGHVyOLGRVWRWDOHV
/DV WUHV OtQHDV GLVFRQWLQXDV UHSUHVHQWDQ XQD VDWXUDFLyQ \ VREUHVDWXUDFLyQ FRQVWDQWH
FRPR VH LQGLFD 1R REVWDQWH ODV YLVFRVLGDGHV GH ODV PLHOHV LQGLYLGXDOHV PXHVWUDQ XQ
DPSOLR UDQJR GH YDORU OD YLVFRVLGDG PtQLPD SURPHGLR RFXUUH HQ HO UDQJR GH
WHPSHUDWXUDPRVWUDGR(VWRDFRQVHMDXQDPD\RUFRQVLGHUDFLyQGHOPDQHMRGHODVPDVDV
FRFLGDVHQORVFULVWDOL]DGRUHV\FHQWUtIXJDV\ODRSHUDFLyQSUiFWLFDGHEHVHUGLULJLGDD
WRPDUYHQWDMDGHHOOR

-5HODFLyQGHOD3XUH]D\9LVFRVLGDGGHODV0LHOHV

/D YLVFRVLGDG HQ VL PLVPD DSDUHQWHPHQWH QR WLHQH HIHFWR VREUH OD SXUH]D PtQLPD
DOFDQ]DEOH HQ ODV PLHOHV (VWR KD VLGR GHPRVWUDGR SRU 9DQ +RRN LQFUHPHQWDQGR OD
YLVFRVLGDGSRUHOXVRGHVXVWDQFLDVWDOHVFRPRODVJRPDVQRDOWHUDQGRODH[DXVWDELOLGDG
GH ODV PLHOHV /D YLVFRVLGDG DIHFWD HO WUDEDMR FRQ ODV PDVDV FRFLGDV GHELGR D OD
LQWHUHODFLyQ HQWUH YLVFRVLGDG VyOLGRV WRWDOHV FRPSRVLFLyQ \ WHPSHUDWXUD H[LVWLHQGR
DTXtXQDFRUUHODFLyQGHILQLGDHQWUHYLVFRVLGDG\SXUH]D
0F&OHHU\GHPRVWUyTXHHVWRHUDPX\LPSRUWDQWHDODWHPSHUDWXUDGHVDWXUDFLyQ/DILJ
DPXHVWUDODVFXUYDVGHYLVFRVLGDGSXUH]DSRUJUDYHGDGSDUDPLHOHVWtSLFDVDYDULDV
WHPSHUDWXUDV GH VDWXUDFLyQ 'HVGH HVDV FXUYDV VH SXHGH DSUHFLDU TXH ODV SXUH]DV PiV
EDMDVVHREWLHQHQHQODVWHPSHUDWXUDVGHVDWXUDFLyQPiVDOWDVKDVWDƒ&FRQODPLVPD
YLVFRVLGDG /D GLVWDQFLD YHUWLFDO HQWUH ODV FXUYDV UHSUHVHQWD ORV FDPELRV GH SXUH]D
HVWDQGRWRGDVDODPLVPDYLVFRVLGDG
.HOO\ HVWDEOHFLy XQD FRUUHODFLyQ VLPLODU SHUR VREUH OD EDVH GH SXUH]D YHUGDGHUD \
%HKQHPRVWUyTXHVLODVFXUYDVGH0F&OHHU\IXHUDQFDPELDGDVDDSUR[LPDGDPHQWHOD
PLVPDEDVHHODFXHUGRHQWUHORVGRVLQYHVWLJDGRUHVSRGUtDVHUH[WUHPDGDPHQWHFHUFDQR
(VWRVHLOXVWUDHQODILJE

/D DSOLFDFLyQ SUiFWLFD GH HVWH SULQFLSLR SXHGH VHU KHFKD HQ OD RSHUDFLyQ GH
FULVWDOL]DGRUHV /DV FRQGLFLRQHV SURPHGLRV ySWLPDV UHTXHULGDV HQ HO PDQHMR GH ODV
PDVDV FRFLGDV VRQ ODV QHFHVDULDV SDUD SURGXFLU PLHOHV FRQ XQD WHPSHUDWXUD GH
VDWXUDFLyQGHDSUR[LPDGDPHQWHƒ&DODYLVFRVLGDGPi[LPDTXHWDOHVPDVDVFRFLGDV
SXHGDQ VHU PDQHMDGDV FRQ HO HTXLSR GH FULVWDOL]DGRUHV 3DUD XQDV PLHOHV GDGDV OD
YLVFRVLGDGPiVDOWDSXHGHVHUDOFDQ]DGD\ODSXUH]DPiVEDMDSXHGHVHUORJUDGD(VWR
VLJQLILFD GHVGH OXHJR TXH ODV PLHOHV PiV YLVFRVDV GDQ ODV SXUH]DV PiV EDMDV TXH ODV
PHQRVYLVFRVDV6LJQLILFDVRODPHQWHTXHHQFDGDFDVRHVYHQWDMRVRGHVGHHOSXQWRGH
YLVWDGHODSXUH]DWUDEDMDUFRQODPD\RUYLVFRVLGDGSRVLEOH

.5HODFLyQGHOD5D]yQ$]~FDUHV5HGXFWRUHV&HQL]DFRQOD9LVFRVLGDG



,QGLFH





















,QGLFH


















,QGLFH

(O HIHFWR GH VDOHV HV LQFUHPHQWDU OD VROXELOLGDG GH OD VDFDURVD \ HO GH ORV D]~FDUHV
UHGXFWRUHV HV GLVPLQXLU OD VROXELOLGDG GH OD VDFDURVD HQ ODV PLHOHV ILQDOHV OR FXDO KD
VLGRILUPHPHQWHHVWDEOHFLGR/DUHODFLyQHQWUHYLVFRVLGDG\SXUH]D\DGLVFXWLGDSRGUtD
LQGLFDU SRU OR WDQWR TXH DKt GHEHUtD H[LVWLU DOJXQD LQWHUGHSHQGHQFLD GH OD YLVFRVLGDG
SXUH]D D]XFDUHV UHGXFWRUHV \ VDOHV 7DO FRVD HV HO FDVR TXH KD VLGR GHPRVWUDGR HQ
+DZDLGRQGHSRUPXFKRVDxRVODVPHGLFLRQHVGHFRQWUROGHIDEULFDFLyQXVDGDVHQHOUH
FREUDGR GH D]~FDU GHVGH ODV PLHOHV HVWiQ EDVDGDV VREUH OD UHODFLyQ GH SXUH]D UD]yQ
D]XFDUHVUHGXFWRUHVFHQL]DV\YLVFRVLGDG$XQDYLVFRVLGDGGHILQLGDODSXUH]DGHFUHFH
DPHGLGDTXHODUHODFLyQD]XFDUHVUHGXFWRUHVFHQL]DVHLQFUHPHQWD

(QODILJDVHPXHVWUDQFXUYDVWtSLFDVGHPLHOHVILQDOHVTXHH[KLEHQGLFKDUHODFLyQ
$ SDUWLU GH DQiOLVLV GH H[DXVWDELOLGDG \ FRPSRVLFLyQ GH PLHOHV GH WRGDV ODV iUHDV
SURGXFWRUDVGH+DZDLVHKDQHVWDEOHFLGRWDEODVFDOFXODGDVHVWDGtVWLFDPHQWHSRUHOXVR
GH ODV FXDOHV HV SRVLEOH HVWLPDU OD SXUH]D GH ODV PLHOHV DJRWDGDV (VDV WDEODV VH
FDOFXODURQDXQDYLVFRVLGDGHVWiQGDUGHSRLVHV\DXQDWHPSHUDWXUDGHVDWXUDFLyQGH
ƒ&

/(O&RQWHQLGRGH&ULVWDOHV\VX5HODFLyQFRQOD9LVFRVLGDG

(Q OD ILJ  G VH PXHVWUD TXH OD YLVFRVLGDG VH LQFUHPHQWD FRQ HO FRQWHQLGR GH
FULVWDOHV $GNLQV REVHUYy TXH SDUD XQ FRQWHQLGR GH FULVWDOHV GH  HO ORJ 'H OD
YLVFRVLGDG VH HVWDEOHFH FRQ XQD OtQHD UHFWD YHD OD ILJ  E ([LVWH XQ PDUFDGR
LQFUHPHQWRGHODYLVFRVLGDGFXDQGRHOFRQWHQLGRGHFULVWDOHVHVPD\RUTXHHOOR
TXH QRUPDOPHQWH UHSUHVHQWD HO OtPLWH VXSHULRU GH WUDEDMR (O FRQWHQLGR GH FULVWDOHV
SHUPLWLGR FRQ XQ PDWHULDO GDGR GHSHQGH GH OD YLVFRVLGDG GH ODV PLHOHV D PHQRU
YLVFRVLGDGPD\RUHVHOFRQWHQLGRGHFULVWDOHV&RPRHVGHVHDEOHWUDEDMDUFRQPLHOHVGH
YLVFRVLGDGDOWDSDUDDOFDQ]DUODSXUH]DPiVEDMDHVQHFHVDULRHVWDEOHFHUXQFRPSURPLVR
SDUDDOFDQ]DUXQFRQWHQLGRGHFULVWDOHVGHWUDEDMRORFXDODPHQXGRHVWiHQHOUDQJRGH


//5HODFLyQHQWUHHO7DPDxRGHO&ULVWDOGH6DFDURVD\OD9LVFRVLGDG

(OHIHFWRGHOWDPDxRGHOFULVWDOVREUHODYLVFRVLGDGQRKDVLGRELHQHVWDEOHFLGR$GNLQV
UHSRUWyXQWUDEDMRKHFKRHQOD8QLYHUVLGDGGH4XHHQVODQGGRQGHVHGLFHTXHQRH[LVWH
HIHFWRGHOWDPDxRGHOFULVWDOVREUHODYLVFRVLGDGGHODVPDVDVFRFLGDVHQHOUDQJRGH
 PP .HOO\ \ 0F$QWHH VLQ HPEDUJR UHSRUWDURQ XQ LQFUHPHQWR VXVWDQFLDO HQ OD
YLVFRVLGDG HQ HVH PLVPR UDQJR 3HUR VXV REHUYDFLRQHV IXHURQ KHFKDV XVDQGR XQ
YLVFRVtPHWURPHQRVDGHFXDGR

06REUHVDWXUDFLyQ\3URSLHGDGHV5HROyJLFDVGXUDQWHOD&ULVWDOL]DFLyQ

/D SUXHED GHO UDER GH FRFKLQR TXH HO SXQWLVWD UHDOL]D SDUD GHWHUPLQDU HO SXQWR GH
VHPLOODPLHQWRHVHVHQFLDOPHQWHXQDPHGLFLyQGHYLVFRVLGDG
'XUDQWHODSULPHUDIDVHGHOFUHFLPLHQWRGHORVFULVWDOHVGHVDFDURVDHOSXQWLVWDFKHTXHD
ODIOXLGH]GHOPDWHULDOTXHKLHUYHHQHOWDFKRPHGLDQWHVXVGHGRVRXQFULVWDOORFXDOHV
RWUDPHGLFLyQGHYLVFRVLGDGFRQODFXDOHODMXVWDODDOLPHQWDFLyQGHOWDFKR






,QGLFH














,QGLFH

'XUDQWH ODVHJXQGDIDVH GHOFUHFLPLHQWRGHORVFULVWDOHVGRQGHORVPLVPRVHVWiQELHQ


GHVDUUROODGRV HO SXQWLVWD REVHUYD HO FRPSRUWDPLHQWR UHROyJLFR XQD SURSLHGDG OD FXDO
UHVXOWDGHODYLVFRVLGDGGHOOLFRUPDGUH\GHOFRQWHQLGRGHFULVWDOHVGHODPDVDFRFLGD
)LQDOPHQWH HO SXQWLVWD QR SXHGH HVWDEOHFHU HO SXQWR ILQDO GH FRFFLyQ GH OD WHPSOD
EDVDGR VRODPHQWH HQ OD 66 VLQR WDPELpQ HQ ODV SURSLHGDGHV UHROyJLFDV (VWR HV
HVSHFLDOPHQWHFLHUWRGXUDQWHHOSHUtRGRGHUHFRJLGDGHODPDVD\VXSXQWRILQDO

$XQTXHODFULVWDOL]DFLyQHVDIHFWDGDSRUXQDYDULHGDGGHIDFWRUHVHVSRVLEOHFRQWURODU
HOFRFLPLHQWRFRQODPHGLFLyQGHXQDVRODYDULDEOH
0LFKHO\ \ 'H *X\OD\ HVWDEOHFLHURQ TXH XQ SDUiPHWUR TXH VH UHODFLRQH GLUHFWDPHQWH
FRQODYLVFRVLGDGSRGUtDXVDUVHFRPRLQGLFDFLyQGHOD66DODWHPSHUDWXUDDSURSLDGD
*HQLHVHxDOyODLPSRUWDQFLDGHODFRQVLVWHQFLDGHODPDVDFRFLGD³ODPDVDFRFLGDGHEH
WHQHUFLHUWDFRQVLVWHQFLDGHIRUPDTXHODPRYLOLGDGGHOFULVWDOQRHVWpOLPLWDGDDTXHVH
XQDQFRQRWURVFRQGXFLHQGRHVWRDXQDUHGXFFLyQGHODVXSHUILFLHGHDEVRUFLyQ´3RUOR
WDQWR XQD FRQVLVWHQFLD ySWLPD VH DSOLFD D FXDOTXLHU WLSR GH PDVD FRFLGD GDQGR XQD
YHORFLGDG GH FULVWDOL]DFLyQ Pi[LPD \ XQD IRUPDFLyQ PtQLPD GH FULVWDOHV ILQRV
FRQJORPHUDGRV\JHPHORV

/DFRQVLVWHQFLDHVXQIDFWRUUHODFLRQDGRFRQODYLVFRVLGDGSXHGHKDOODUVHSRUPHGLRGH
XQYDORUUHRPpWULFR(VWRHVXQDYDULDEOHGHPHGLFLyQ SURSLHGDGHVUHROyJLFDV GHOD
PDVDFRFLGDODFXDOSXHGHVHUGHWHFWDGDLQPHGLDWDPHQWHGHQWURGHXQWDFKRSRUPHGLR
GH XQ UHyPHWUR FRQYHQFLRQDO (O VHQVRU GHO UHyPHWUR DO PRYHUVH GLUHFWDPHQWH HQ XQ
IOXMRODPLQDUJUDQGHGHPDVDFRFLGDGHWHFWDPHFiQLFDPHQWHXQPRPHQWRDSURSLDGRHQ
HOFXDOXQWUDQVPLVRUORFRQYLHUWHHQXQYDORUQHXPiWLFR\HQWRQFHVHVUHJLVWUDGR

3DUiPHWURV

/RVSDUiPHWURVGHLPSRUWDQFLDHQXQFRFLQDGRVRQ

$ 3UHVLyQHQOD&iPDUDGH9DSRU     3 

FY

% 3UHVLyQGHOD&DODQGULD      3 

F

& 7HPSHUDWXUDHQOD&DODQGULD      7 



F

' 7HPSHUDWXUDGHOD0DVD&RFLGD     7  

PF

( (YDSRUDFLyQGH$JXDGHOD0DVD&RFLGD    ( 

PF

) 'HQVLGDGGHO6LURSH VXVWDQFLDVHFD     G 



V

* 3XUH]DGHO6LURSH       3]D 



V

+ 6REUHVDWXUDFLyQGHO6LURSH      66 

V

, 9LVFRVLGDGGHO6LURSH      9 

V

- &RQWHQLGRGH&ULVWDOHVGHODPDVD&RFLGD    & 



0&



,QGLFH

. 3URSLHGDGHV5HROyJLFDVGHOD0DVD&RFLGD 9DORU5HRPpWULFR  9U 



/DV SURSLHGDGHV UHROyJLFDV GH OD PDVD FRFLGD VRQ GHWHFWDGDV HQ WpUPLQRV GHO ³YDORU
UHRPpWULFR´/RVIDFWRUHVDQWHVVHxDODGRVGHEHQVHUFRPELQDGRV\FRQVLGHUDGRVGXUDQWH
HOFRFLPLHQWR
/DVUHODFLRQHVVLJXLHQWHVH[LVWHQHQWUHODVYDULDEOHVLQGLYLGXDOHV

• 0LHQWUDVPiVEDMDHVODSUHVLyQDEVROXWDHQODFiPDUDGHYDSRU YDFtRPiVDOWR 
PiVEDMDHVODWHPSHUDWXUDGHODPDVDFRFLGD

• 0LHQWUDV PiV DOWD HV OD SUHVLyQ GH YDSRU HQ OD FDODQGULD PiV DOWD HV OD
WHPSHUDWXUDGHOYDSRU\HVPD\RUODHYDSRUDFLyQGHDJXD

• 8Q LQFUHPHQWR HQ OD HYDSRUDFLyQ GH DJXD YLVFRVLGDG \ 66 GHO OLFRU PDGUH
VLPXOWiQHDPHQWHHOHYDHOYDORUUHRPpWULFR

• 8Q LQFUHPHQWR HQ OD WHPSHUDWXUD GH OD PDVD FRFLGD FDXVD XQ GHVFHQVR HQ OD
YLVFRVLGDG66\OLFRUPDGUH\HOYDORUUHRPpWULFR

• 8Q LQFUHPHQWR HQ OD GHQVLGDG GHO VLURSH UHVXOWD HQ XQ LQFUHPHQWR GH OD
YLVFRVLGDG66GHOOLFRUPDGUH\HOYDORUUHRPpWULFR

&XDQGR VH FRQVLGHUDQ ORV HIHFWRV GH OD SXUH]D GHO VLURSH DVXPLHQGR TXH OD GHQVLGDG
SHUPDQHFHFRQVWDQWHODVVLJXLHQWHVUHODFLRQHVSXHGHQHVWDEOHFHUVH

• 8QLQFUHPHQWRHQODSXUH]DGHOVLURSHUHVXOWDHQXQGHVFHQVRHQODYLVFRVLGDG\
HOYDORUUHRPpWULFR

'H SULQFLSDOLPSRUWDQFLDHVHOFRQWHQLGRGHFULVWDOHVGHODPDVDFRFLGD HQODSULPHUD
IDVHGHOFRFLPLHQWRQRHVGHWHUPLQDQWHSUHGRPLQDQGRVREUHWRGRVORVRWURVIDFWRUHVHQ
ODVHJXQGDIDVHGHOFRFLPLHQWRHVSHFLDOPHQWHGXUDQWHHOUHFRJLPLHQWR
,QPHGLDWDPHQWH GHVSXpV GHO VHPLOODPLHQWR HO FRQWHQLGR GH OD PDVD FRFLGD HV GH
DSUR[LPDGDPHQWH  GH IRUPD TXH HO VHQVRU GHO UHyPHWUR HV SRFR DIHFWDGR (O
FUHFLPLHQWR GH ORV FULVWDOHV HV DFRPSDxDGR SRU XQ LQFUHPHQWR HQ OD IXHU]D TXH DFW~D
VREUH HO VHQVRUVLQHPEDUJRHVWD HVUHODWLYDPHQWHSHTXHxDKDVWDTXH HO FRQWHQLGRGH
FULVWDOHVDOFDQ]DXQ

&XDQGR HO FRQWHQLGR GH FULVWDOHV HVWi HQWUH  \ HQ HO UHFRJLPLHQWR FXDQGR OD
PDVDVHMXQWD TXHHVGHODPDVDFRFLGDVHWRUQDPiVYLVFRVD\HOVHQVRUHQFXHQWUD
XQDUHVLVWHQFLDPD\RU
/D GHWHFFLyQ GHO YDORU UHRPpWULFR SURYHH XQD PHGLFLyQ DGHFXDGD GHO FDPELR HQ HO
FRPSRUWDPLHQWRUHROyJLFRGHODPDVDFRFLGD

15HODFLyQHQWUHORV3DUiPHWURVGHO3URFHVRGH&ULVWDOL]DFLyQ

(VHQFLDOPHQWHIDFWRUHVDIHFWDQHOSURFHVRGHFULVWDOL]DFLyQDOJXQRVGHHVRVIDFWRUHV
HVWiQGLUHFWDPHQWHUHODFLRQDGRVSRUORWDQWRHO9 HVDIHFWDGRSRUOD9 

U V



,QGLFH

 9  →  9 

V U

RWURJUXSRHVWiIRUPDGRSRU



→
3 → →
7 ( 

F F PF







/DLQWHQVLGDGGHODHYDSRUDFLyQGHODJXD( GHSHQGHGHODWHPSHUDWXUDGHOYDSRU7 OD
FXDO HVWi UHODFLRQDGD FRQ OD SUHVLyQ GH YDSRU 3  SRVWHULRUPHQWH OD WHPSHUDWXUD GH OD
PF F

PDVDFRFLGD7 GHSHQGHGHODSUHVLyQGHYDSRU3 
F


PF F




 3   7 →

F PF


/RVWUHVIDFWRUHVUHVWDQWHVDIHFWDQVRODPHQWHDOSULPHUJUXSR
0LHQWUDVODG \3]D DIHFWDQOD9 

V V V


 G 

V

 
↓


 9 → 9U

V


↓

3]D  

V




(O& DIHFWDGLUHFWDPHQWHDO9 
PF U



,QGLFH




 
&PF

 ↓
 9V o 9U




$JUXSDQGRWHQHPRV
ODVOtQHDVGHSXQWRLQGLFDQODVUHODFLRQHV 





G & 
 V PF

 
 3 o 7  o ( 

F F PF

 9 o 9

V U


3  7  ↑

3]D 
FY PF

 V



(VWD UHSUHVHQWDFLyQ PXHVWUD FODUDPHQWH TXH VLHWH IDFWRUHV GLUHFWD R LQGLUHFWDPHQWH
DIHFWDQOD9 H[FHSWRHO& WRGDVODVYDULDEOHVFRQWULEX\HQVLJQLILFDWLYDPHQWHDOD9V
&yPRHO& HVPX\LPSRUWDQWHQRODYLVFRVLGDGHO9 GHEHVHUYDULDEOHGHPHGLFLyQ
V PF

SDUDFRQWURODUHOSURFHVRGHFULVWDOL]DFLyQGXUDQWHHOFRFLQDGR(O9 FUHFHDPHGLGDTXH
PF U

& DXPHQWD(QODSULPHUDIDVHGHOFRFLQDGRHO9 HVLGpQWLFRFRQOD9 GHELGRDTXH


U

QRH[LVWHQFULVWDOHVHQODVROXFLyQ\pVWDVHFRQVLGHUDFRPRXQIOXLGRQHZWRQLDQR
PF U V

&RPR PXHVWUD OD ILJ  OD YLVFRVLGDG HO SDUiPHWUR HQ HO FXDO HVWi EDVDGR HO 9 
GHSHQGH GH OD 66 (Q XQ FRFLQDGR QRUPDO GH XQD WHPSOD GH PDVD FRFLGD D XQD
U

WHPSHUDWXUDHQWUHƒ&ODGHVYLDFLyQPHGLDGHOD66GHVGHODVROXFLyQLGHDOHVGH
±JVDFGHDJXD/DYLVFRVLGDGHVWDUtDHQWUHFSORFXDOFRUUHVSRQGHD
ƒ66(VWRVLJQLILFDTXHHQODSUDFWtFDODWHPSODSXHGHVHUFRQWURODGDSRUPHGLR
GHXQUHyPHWURVLQWHQHUTXHFRQWURODUHOYDFtRRODWHPSHUDWXUD

2 &RQWURO GH &RQVLVWHQFLD FRQ &LUFXODGRUHV R 5HYROYHGRUHV 0HFiQLFRV
9HORFLGDG&RQVWDQWH 

(Q WDFKRV HTXLSDGRV FRQ DJLWDGRUHV PHFiQLFRV JUDQGHV OD FDUJD GH SRWHQFLD VREUH HO
PRWRUGHOFLUFXODGRUVHXVDSDUDREWHQHUXQDLQGLFDFLyQGHODIOXLGH]RFRQVLVWHQFLDSDUD
HOXVRFRQVXFLUFXODGRUPHFiQLFRTXHUHFLELyPXFKDDFHSWDFLyQ



,QGLFH




























,QGLFH







,QGLFH





















,QGLFH




(VWHGLVSRVLWLYRXWLOL]DXQDPSHUtPHWURFRQHFWDGRDOPRWRUGHODJLWDGRUSDUDUHJLVWUDUOD
IOXLGH] (O DPSHUtPHWUR HVWi HTXLSDGR FRQ XQ UHOp HO FXDO DEUH R FLHUUD OD YiOYXOD GH
DOLPHQWDFLyQ GHO WDFKR SDUD PDQWHQHU XQD IOXLGH] FRQVWDQWH /D ILJ  PXHVWUD OD
LQVWDODFLyQRULJLQDOGHOWDFKR:HEUH

3RVWHULRUPHQWH VH KLFLHURQ PHMRUDV DO DUUHJOR GH :HEUH SRU YDULRV IDEULFDQWHV GH
LQVWUXPHQWRV(QODVLQVWDODFLRQHVPHMRUDGDVVHXVDQZDWtPHWURVSDUDPHGLUODFDUJDGH
SRWHQFLD VREUH HO PRWRU GHO DJLWDGRU (VWR HOLPLQD ORV HUURUHV FDXVDGRV SRU ODV
IOXFWXDFLRQHVGHOYROWDMHHQFRQWUDGDVFRQXQDPSHUtPHWUR
/DFDUJDGHOPRWRUVHUHJLVWUDFRQXQFRQWURODGRUUHJLVWUDGRUWtSLFRHOFXDOSRVHVLRQDOD
YiOYXOD GH DOLPHQWDFLyQ GHO WDFKR SDUD PDQWHQHU XQD IOXLGH] FRQVWDQWH &RPR HVRV
FRQWUROHV SXHGHQ HTXLSDUVH FRQ FRQWUROHV SURSRUFLRQDOHV  UHDMXVWH DXWRPiWLFR 
GHULYDWLYR VH SXHGH XVDU HO VLVWHPD GH HVWUDQJXODFLyQ PiV ELHQ TXH XQ WLSR GH



,QGLFH

FRQH[LyQGHVFRQH[LyQ R HO WLSR GH WUDJRV FRPR HO GH :HEUH  /D ILJ  PXHVWUD
GLFKRVLVWHPD
&RQORVVLVWHPDVDQWHVGHVFULWRVQRVHSXHGHFRQWURODUHOSXQWRGHVHPLOODPLHQWRQLOD
DOLPHQWDFLyQ HQ OD SULPHUD IDVH GHO FRFLQDGR GHELGR D TXH OD OHFWXUD GH SRWHQFLD GHO
UHYROYHGRUHVLQVHQVLWLYDHQGLFKDUHJLyQ(VWDOHFWXUDQRHVVXILFLHQWHRUHSURGXFLEOH
SDUD XVDUOD SDUD FRQWURODU OD YiOYXOD GH DOLPHQWDFLyQ /D DOLPHQWDFLyQ GHO WDFKR QR
FRPLHQ]DKDVWDTXHODOHFWXUDGHSRWHQFLDGHOUHYROYHGRUHVGHO(QODSUiFWLFDQR
HV IiFLO FRQWURODU HO SXQWR GH VHPLOODPLHQWR FRQ HVWRV HTXLSRV GHELGR D TXH HO WXER
FHQWUDO GHOWDFKRQRVHOOHQDVLHQGRODGHPDQGD GHSRWHQFLDPX\EDMDGHELGRDOSRFR
YROXPHQGXUDQWHHOVHPLOODPLHQWR3RUHVWDUD]yQHOFRQVXPRGHSRWHQFLDHQHVWHFDVR
QRGHSHQGHVRODPHQWHGHODYLVFRVLGDGVLQRGHOQLYHOGHOOtTXLGR/DILJPXHVWUD
ODUHODFLyQHQWUHHOFRQVXPRGHSRWHQFLD\HOQLYHOOtTXLGR

3DUDHOWUD]DGRGHODFXUYDGHODILJHOWDFKRIXHJUDGXDOPHQWHOOHQDGRFRQDJXD
PLHQWUDV HO UHYROYHGRU JLUDED D  USP (O JUiILFR PXHVWUD TXH GHVGH $ D $¶ HO
FRQVXPR VH LQFUHPHQWy GHELGR DO LQFUHPHQWR GH QLYHO (Q $¶ OD SURSHOD HVWDED
WRWDOPHQWH FXELHUWD 'HVGH $¶ D % HO FRQVXPR IXH FDVL HVWDEOH (O SXQWR % HV
FDUDFWHUL]DGRSRUHOIDFWRUTXHHODJXDHPSH]yDIOXLUDUULED\DEDMRSRUORVWXERVGHOD
FDODQGULD(VWHOD]RGHIOXMRVHLQWHQVLILFyKDVWDHOQLYHO'(QHOQLYHO(WRGDHODJXD
SDVR D WUDYpV GHO WXER FHQWUDO \ HO FRQR GH VXFFLyQ VH OOHQy &RPR HO FRQVXPR GH
SRWHQFLD QR WXER XQ LQFUHPHQWR SRVWHULRU SRU ORV LQFUHPHQWRV GHO QLYHO GHO DJXD HO
FRQVXPRGHVGHHOQLYHOGHODJXDHOFRQVXPRGHVGHHOQLYHO(KDFLDDUULEDGHSHQGHGHOD
YLVFRVLGDG\ODVUSPVRODPHQWH

30RQLWRUHVGH&RQVLVWHQFLD
0RQLWRU%DLNRZ1LOVVRQ7RUFRQ

(VWH HTXLSR FRQVLVWH GH XQDV SDOHWDV TXH URWDQ VLHQGR PRYLGDV D YHORFLGDG FRQVWDQWH
SRUXQPRWRUVLQFUyQLFR(OPHFDQLVPRPLGHHOWRUTXHSDUDKDFHUJLUDUODVSDOHWDVDXQD
YHORFLGDGFRQVWDQWH6HGLFHTXHHVWHLQVWUXPHQWRLQGLFDFRQSUHFLVLyQODVFRQGLFLRQHV
GHQWURGHOWDFKR\SXHGHVHUXVDGRSDUDFRQWURODUODYiOYXODGHDOLPHQWDFLyQ

0RQLWRUXVDGRHQOD6DYDQQDK6XJDU5HILQHU\

(VWHGLVHxRHPSOHDXQHOHPHQWRPRYLGRSRUXQPRWRUFRPSXHVWRGHYDULRVLPSXOVRUHV
SHTXHxRV GH  DOHWDV PRQWDGRV VREUH XQ HMH /DV DOHWDV DG\DFHQWHV GH ORV LPSXOVRUHV
HVWiQ VLWXDGRV RSXHVWDPHQWH SDUD HYLWDU SUHVLyQ (O PRWRU HV PRQWDGR HQ JRUURQHV GH
IRUPD TXH HO HVWDWRU HVWi OLEUH SDUD URWDU DOUHGHGRU GHO HMH 8Q EUD]R XQLGR DO HVWDWRU
WLHQHQ SLH]DV ODV FXDOHV FRQWUDEDODQFHD HO WRUTXH GHVDUUROODGR SRU ORV LPSXOVRV $
PHGLGDTXHODFRQVLVWHQFLDGHODPDVDFRFLGDVHLQFUHPHQWDHOPRWRUVHVREUHEDODQFHD
GLVSDUDQGRXQDYiOYXODSLORWRGHDLUHSDUDDEULUODYiOYXODGHDOLPHQWDFLyQ/RVSHVRV
VRQILMRV\HOSXQWRGHFRQWUROVHYDUtDFDPELDQGRODYHORFLGDGGHOPRWRU

(V OD PiV UHFLHQWH LQQRYDFLyQ GH HVWH LQVWUXPHQWR HO PHFDQLVPR GH EDODQFH GH
FRQWUDSHVR KD VLGR UHHPSOD]DGR FRQ XQ WUDQVPLVRU QHXPiWLFR GHO WLSR GH EDODQFH GH
IXHU]DWtSLFR(VWRUHVXOWDHQXQDVHxDOFRQWLQXDSURSRUFLRQDOGHODFRQVLVWHQFLDODFXDO
SXHGHVHUXVDGDSRUXQFRQWURODGRUQHXPiWLFRFRPHUFLDO




,QGLFH


























,QGLFH



,QGLFH


























,QGLFH





















,QGLFH



,QGLFH



,QGLFH















,QGLFH

0RQLWRUGH=LHJOHU $VVRFLDWHV0RGHOR&

(O HOHPHQWR GH PHGLFLyQ FRQVLVWH GH XQ HMH HO FXDO SXHGH LQVWDODUVH GHEDMR GH OD
FDODQGULD(OHMHWHUPLQDHQXQDSURSHODSHTXHxDGHOWLSRURWRUPRYLGDSRUXQPRWRUGH
FGYHUILJ$%&\D/RVLQFUHPHQWRVHQODYLVFRVLGDGHOHYDQHO
WRUTXHGHOHOHPHQWRURWDWRULREDMDQGRVXYHORFLGDGORFXDOFDXVDXQLQFUHPHQWRHQOD
FRUULHQWH GH OD DUPDGXUD GHO PRWRU \ HVWR HV PHGLGR SRU HO PRQLWRU &RPR OD
FRQVLVWHQFLD HV SURSRUFLRQDO DO WRUTXHYHORFLGDG HO FDPELR HQ OD VDOLGD HV PD\RU HQ
EDMD VLHQGR XQ UDQJR PiV FUtWLFR TXH HQ DOWD GDQGR YDORUHV FUtWLFRV D XQD HVFDOD
ORJDUtWPLFD
(OPRQLWRUSRVHHXQDHVFDODGHODFXDOSXHGHVHUDMXVWDGDSDUDFXEULUORVUDQJRV
GHYLVFRVLGDGSRUPHGLRGHODMXVWHFHUR\ODDPSOLWXG

3DUDPDWHULDOHVGHD]~FDUFUXGRHOFHURHVQRUPDOPHQWHDMXVWDGRFRQODSURSHODURWDQGR
HQVLURSHGHODFRQFHQWUDFLyQPiVEDMDGLJDPRVƒ%[ FS \ODDPSOLWXGTXHOHD
FRQHOPRWRUSDUDGR YLVFRVLGDGLQILQLWD &XDQGRVHWUDWDGHPDWHULDOHVGHSXUH]D
DOWDFRPRORVGHUHILQHUtDODOHFWXUDVHUiGHDSUR[LPDGDPHQWHFRQODPDVDFRFLGD
UHFRJLGDFRQXQGHFULVWDOHV\VHHOHYDDGXUDQWHODFRQFHQWUDFLyQILQDO
/DHVFDODPHGLDVHUiGHDSUR[LPDGDPHQWHFS

/D VHxDO GH VDOLGD HV GH  P$ SDUD OD RSHUDFLyQ GH UHJLVWUDGRUHV HOHFWUyQLFRV R
WUDQVGXFWRUHVGHFRUULHQWHDLUHSDUDRSHUDUODYiOYXODQHXPiWLFDGHDOLPHQWDFLyQ
/DV SURSHODV \ HO HMH VH IDEULFDQ GH DFHUR LQR[LGDEOH PRQWDGDV HQ URGDPLHQWR \
OXEULFDGDVSRUDJXDSRUPHGLRGHXQDFDPLVDGHWHIOyQ6HUHTXLHUHDSUR[LPDGDPHQWH
JSK GH DJXD FRQ VXILFLHQWH SUHVLyQ DSUR[LPDGDPHQWH  OSFP (O HOHPHQWR
QRUPDOPHQWHVHPRQWDKRUL]RQWDOPHQWHRFRQDOJXQDLQFOLQDFLyQGHKDVWDƒ
/DILJXUDPXHVWUDODVFXUYDVGHFRQVLVWHQFLDGHOPRQLWRU=LHJOHUFRPSDUDGDFRQ
ODGHXQUHYROYHGRUPHFiQLFR

0RQLWRUGHOD)LVFKHU 3RUWHU&R

/D)LVKHU 3RUWHU&RVXPLQLVWUDHOHTXLSRSDUDPHGLU\UHJLVWUDUODFRQVLVWHQFLDGHOD
PDVD FRFLGD HQ HO WDFKR DVt FRPR HO FRQWURO GH OD UD]yQ GH DOLPHQWDFLyQ GH OLFRU R
PLHOHVSDUDPDQWHQHUODFRQVLVWHQFLDVHOHFFLRQDGD
8Q WUDQVPLVRU GH FRQVLVWHQFLD HOHPHQWR VHQVRU  XVXDOPHQWH PRQWDGR HQ HO IRQGR GHO
WDFKR ILJXUD  GHWHFWD OD FRQVLVWHQFLD GH OD PDVD FRFLGD (O WUDQVPLVRU GH
FRQVLVWHQFLD   HV XQ PRGHOR 16 9LV'HQ6HQVLQJ \ HV IDEULFDGR SRU 0L[LQJ
(TXLSPHQWH&R,QF

/DSRWHQFLDFRQVXPLGDSRUHOWUDQVPLVRUHVPHGLGDSRUXQFRQYHUWLGRU/LQFROQ&:
(VWHFRQYHUWLGRUWpUPLQRPLGHHOYROWDMH\ODFRUULHQWHFRQVXPLGD\SURGXFHXQDVHxDO
HQP9TXHHVGLUHFWDPHQWHSURSRUFLRQDODODFRQVLVWHQFLDGHODPDVDFRFLGD
/D VHxDO GH VDOLGD VH GLULJH D XQ FRQWURODGRU ± UHJLVWUDGRU PRGHOR %4 GH OD
)LVKHU \3RUWHUGRQGHVHXVDSDUDSRVLFLRQDUXQDSOXPLOODGHUHJLVWUDFLyQ \ DFWXDUXQ
FRQWURODGRUQHXPiWLFR

(O FRQWURODGRU QHXPiWLFR SURYHH XQD VHxDO GH VDOLGD GH   OSFP TXH VLUYH SDUD
SRVLFLRQDUODYiOYXODGHDOLPHQWDFLyQGHOWDFKR(OSXQWRGHDMXVWHGHOFRQWURODGRU




,QGLFH
























,QGLFH









,QGLFH

QHXPiWLFR VH DMXVWD PDQXDOPHQWH SDUD FXDOTXLHU YDORU GHVHDGR HQ OD HVFDOD GHO
LQVWUXPHQWRGHIRUPDTXHODFRQVLVWHQFLDGHVHDGDSXHGDVHUVHOHFFLRQDGD
/DLQVWDODFLyQJHQHUDOPHQWHVHHIHFW~DFRPRVHPXHVWUDHQODILJ\HOGLDJUDPDGH
DODPEUDGRVHPXHVWUDHQODILJ

/D LQVWDODFLyQGHOWUDQVPLVRUGHFRQVLVWHQFLDGHEHVHUKHFKDVRODPHQWH GHVSXpVGHXQ
FXLGDGRVRHVWXGLRGHOWDFKRHQSDUWLFXODU/DORFDOL]DFLyQGHOPRQWDMHHVHOIDFWRUPiV
LPSRUWDQWH\DTXHHOWUDQVPLVRUGHEHHVWDUHQXQDSRVLFLyQTXHGHWHFWHORVFDPELRVHQ
OD FRQVLVWHQFLD GH OD PDVD FRFLGD (Q ~OWLPR FDVR HO WUDQVPLVRU GHEH PRQWDUVH SRU
GHEDMR GH OD SODFD LQIHULRU GH OD FDODQGULD 6L HV QHFHVDULR LQVWDODUOR SRU DUULED GH OD
SODFD VXSHULRU GH OD FDODQGULD PDQWHQJD OD HOHYDFLyQ D XQ PtQLPR GH IRUPD TXH OD
FRQVLVWHQFLDSXHGDVHUGHWHFWDGDWDQSURQWRFRPRFRPLHQFHODDOLPHQWDFLyQ

(OWUDQVPLVRUUHTXLHUHGRVVXPLQLVWURVGHDJXDXQRHVXQVXPLQLVWURFRQWLQXRGHDJXD
\HORWURHVXQDOtQHDGHOLPSLH]DSRULQXQGDFLyQ
/D DOLPHQWDFLyQ FRQWLQXD GH DJXD UHTXLHUH XQRV  JSP (VWD DJXD VH DSOLFD D ORV
DQLOORVGHFLHUUHKLGUiXOLFRGHOSUHQVDHVWRSD/DFRQH[LyQGHODWXEHUtDGHGUHQDMHGHEH
VHUJUDQGH\DTXHVLHVSHTXHxDSXHGHFUHDUVHXQDFRQWUDSUHVLyQTXHSRGUtDIRU]DUHO
DJXD KDFLD ORV DQLOORV KLGUiXOLFRV GHQWUR GHO WDFKR (O VHJXQGR VXPLQLVWUR GH DJXD
FRQHFWDDODOtQHDGHOLPSLH]D(VWHVXPLQLVWURGHEHSURYHHUVHFRQXQDYiOYXODGHFXxD
(VWD OtQHD GH DJXD OLPSLD OD JDUJDQWD GH SUHQVDHVWRSD DO WHUPLQDU OD WHPSOD R SDUD
VDFDUFXDOTXLHUFULVWDOGHD]~FDUTXHVHKDOODGHSRVLWDGRHQGLFKDiUHD
(OFRQYHUWLGRUWpUPLFR/LQFROQGHEHPRQWDUVHHQXQDSRVLFLyQYHUWLFDO(OYROWDMHTXH
WUDHHQODSODFDGHEHDSOLFDUVHDOFRQYHUWLGRUFRPRPtQLPRXQDKRUDDQWHVSDUDTXHVH
REWHQJDHVWDELOLGDG

5HyPHWURGHOD)LVKHU 3RUWHU&R

6HJ~Q VXV IDEULFDQWHV pVWH UHyPHWUR R PRQLWRU GH FRQVLVWHQFLD RSHUD GH XQD IRUPD
GLIHUHQWHDORVTXHKHPRVHVWXGLDGRDQWHULRUPHQWH
(OYDORUUHRPHWULFRFRPRGHWHFWDGRSRUHOWUDQVPLVRUQRHVDIHFWDGRSRUORVGLVWXUELRV
TXH RFXUUHQ HQ ODV SURSLHGDGHV UHROyJLFDV GH OD PDVD FRFLGD HQWRQFHV HO WRUTXH
UHSUHVHQWDHOYDORUUHRPpWULFDTXHVHGHWHFWD
(OVLVWHPD5KHFU\PDWGHWHFWD\UHJLVWUDHO9 GHDFXHUGRFRQHOQLYHOGHOOtTXLGRHQHO
WDFKRYHUILJ
U


(QJHQHUDOHO5KHFU\PDWVXPLQLVWUDXQDLQIRUPDFLyQFRPSOHWDFRQFHUQLHQWHFRQWRGRV
ORVIDFWRUHVFRPSOHMRVTXHDIHFWDQHOSURFHVRGHFRFLPLHQWR

(OYDORUUHVXOWDQWHEDVDGRHQHOWRUTXHPHFiQLFRVHFRQYLHUWHDXQDVHxDOQHXPiWLFDGH
VDOLGD GH  D  EDU FRUUHVSRQGLHQWH FRQ ODV SURSLHGDGHV UHROyJLFDV  GH OD PDVD
FRFLGD(VWDVDOLGDSXHGHXVDUVHSDUDHOFRQWUROGHODWHPSOD
(OFRQWURODXWRPiWLFRGHWDFKRV5KHFU\PDWQRUHTXLHUHHOFRQWUROGHOIOXMRGHYDSRUQL
HO FRQWURO GH YDFtR SXGLpQGRVH XVDUVH HO VLVWHPD WDQWR HQ OD IDEULFDFLyQ GH D]~FDUHV
FUXGRVFRPRGHD]~FDUHVUHILQRV
'RVSDUiPHWURVHVHQFLDOHVVRQGHWHFWDGRV\SURFHVDGRV

$ (O9 GHODPDVDFRFLGD
% (OQLYHOGHODPDVDFRFLGD
U



,QGLFH


3ULQFLSLRVGHRSHUDFLyQGHO5KHFU\PDW

(OUHyPHWURVHPRQWDHQODSDUHGGHOWDFKRKHUPpWLFDPHQWHVHOODGRFRQWUDODDWPyVIHUD
GHIRUPDTXHQRHQWUHDLUH\DTXHGHELGRDODSUHVLyQGLIHUHQFLDOTXHH[LVWHGXUDQWHHO
SURFHVRGHFRFFLyQSXHGHSHQHWUDUDLUHDOLQWHULRUGHOWDFKRSRUODMXQWD
'HVSXpVGHDFWLYDUXQFRQWDFWRHOpFWULFRODPDTXLQDGHHQJUDQHV ILJXUD VHSRQH
HQ PDUFKD PRYLHQGR HO HMH  PHGLDQWH ODV UXHGDV GHQWDGDV  \  \ OD FDGHQD GH
PHGLFLyQ(OHMHDOJLUDUPXHYHHOVHQVRUD[LDO3RUPHGLRGHXQGLVFRH[FpQWULFR\
PXHYHODEDUUD(OPRQWDMHGHGLDIUDJPDGDDOVHQVRUXQPRYLPLHQWRXQLIRUPH
(OGLVHxRGHOPRQWDMHGHOGLDIUDJPDDVHJXUDTXHORVFULVWDOHV\VXFLHGDGHQWUHODVSDUWHV
ILMDV \ PyYLOHV QR FDXVHQ LQFUXVWDFLRQHV R WXSLFLRQHV TXH SURGX]FDQ HUURUHV GH
PHGLFLyQ
6L HO VHQVRU  QR VH PXHYH HO FXHUSR URWDWRULR QR HQFXHQWUD UHVLVWHQFLD (O EUD]R
GHWHFWRU  GHELGR D VX SHVR SUHVLRQD KDFLD DEDMR HO UDPDO VXSHULRU GH OD FDGHQD GH
PHGLFLyQHVWiIORMDHQWUHODVUXHGDVGHQWDGDV\ DSUR[LPDGDPHQWHPP HOEUD]R
GHWHFWRU  VH PXHYH GHVGH VX SRVLFLyQ PiV DOWD  PP KDFLD DEDMR /D VHFFLyQ PiV
EDMDGHODFDGHQDGHPHGLFLyQHVWiDMXVWDGD\ODGHDEDMRIORMD(VWRRFXUUHDOILQDOGHO
UHFRJLPLHQWRGHODWHPSOD YHUILJXUD FXDQGRHOFRQWHQLGRGHFULVWDOHVGHODPDVD
FRFLGDHVGHDSUR[LPDGDPHQWH\ODFRQVLVWHQFLDHVWiDSXQWR

(O DWLH]DPLHQWR GH OD VHFFLyQ VXSHULRU GH OD FDGHQD GH PHGLFLyQ HV FDXVDGR SRU XQ
PRPHQWRGHLQFUHPHQWRGHODUHVLVWHQFLDTXHVHRSRQHDOVHQVRUHOFXDOVHPXHYHDXQD
YHORFLGDGFRQVWDQWH
0LHQWUDV PiV YLVFRVD HV OD PDVD FRFLGD VH UHTXLHUH XQD PD\RU IXHU]D SDUD PRYHU HO
VHQVRU
(QWRQFHV FXDQGR OD VHFFLyQ VXSHULRU GH OD FDGHQD GH PHGLFLyQ HVWi WHQVD HO EUD]R
GHWHFWRU  VH HOHYD PHGLDQWH VX UXHGD GHQWDGD  $PERV H[WUHPRV SULPHURV OD
IORMHGDG \ GHVSXpV OD WHQVLyQ GH OD VHFFLyQ VXSHULRU GH OD FDGHQD GH PHGLFLyQ
UHSUHVHQWDORV9 PtQLPR\Pi[LPRGHOWUDQVPLVRUGHOSURFHVR

U

/RV9 GXUDQWHHOSURFHVRGHFRFLPLHQWRFDHQGHQWURGHDPERVH[WUHPRV3RUWDQWR9 
IOXFWXDQWHVRQGHWHFWDGRVHQWpUPLQRVGHODWHQVLyQGHODVHFFLyQVXSHULRUGHODFDGHQD
U U

GHPHGLFLyQ

(OJUDGRGHLQFOLQDFLyQGHOEUD]RGHWHFWRUFRUUHVSRQGHDODVWHQVLRQHVYDULDGDV
8Q WUDQVPLVRU QHXPiWLFR GH EDODQFH GH PRYLPLHQWR  FRQYLHUWH ODV GHIOH[LRQHV GHO
EUD]RGHWHFWRUHQXQYDORUQHXPiWLFRSDUDORVSURSyVLWRVGHUHJLVWUR\FRQWURO(OHYDGRV
9 GHIOHFWDHOEUD]RGHWHFWRUKDFLDDUULEDFDXVDQGRTXHODSUHVLyQGHDLUHGHQWURGHO
VLVWHPDQHXPiWLFDVHHOHYH9UEDMRVFDXVDTXHHOEUD]RGHWHFWRUVHPXHYDKDFLDDEDMR
U

\TXHODSUHVLyQGHDLUHGHQWURGHOVLVWHPDQHXPiWLFRGHFUH]FD/DSUHVLyQQHXPiWLFD
GHVDOLGDHQHOUDQJRWtSLFRGHEDUUHSUHVHQWDGLUHFWDPHQWHHO9 FRPRGHWHFWDGR
HQHOYDORUGHSURFHVR
U


(O WUDQVPLVRU GH SURFHVR GHO UHyPHWUR  GHWHFWD GXUDQWH OD PHGLFLyQ XQ iUHD GH
DSUR[LPDGDPHQWH  FP GHQWUR GHO WDFKR GHELGR D VX PRYLPLHQWR WUDQVYHUVDO (O


VHQVRUPRYLEOHGHOUHyPHWURSURSRUFLRQDXQDPHGLFLyQLQWHJUDGD\QRLQGLYLGXDOGHODV
SURSLHGDGHV UHROyJLFDV GHO PDWHULDO D WUDYpV GH XQ iUHD UHODWLYDPHQWH JUDQGH (O
PRYLPLHQWRWUDQVYHUVDOHVWUDQVPLWLGRDOVHQVRUSRUPHGLRGHOGLVFRH[FpQWULFR



,QGLFH


7UDQVPLVRUGH1LYHO

(OWUDQVPLVRUGHQLYHOGHWHFWDHOQLYHOGHQWURGHOWDFKR\WUDQVPLWHXQDVHxDOQHXPiWLFD
GHEDUDOSDQHOGHFRQWURO
(OUDQJRGHOWUDQVPLVRUVHDMXVWDDPP+ 2XQUDQJRGHDMXVWHTXHSHUPLWHORV
FDPELRVFRQUHVSHFWRDQXHYRVYRO~PHQHVGHRSHUDFLyQ/DVXVSHQVLyQFHURSHUPLWHHO


DMXVWH GH XQ QLYHO ILMR GH IRUPD TXH OD VHxDO GH QLYHO GHO PHGLGRU GH FRQWDFWR \ HO
UHJLVWUDGRUVHDMXVWHDXQWDQSURQWRFRPRHOVLURSHDOFDQFHODSODFDVXSHULRUGHOD
FDODQGULD DSUR[LPDGDPHQWHPP 
(O WUDQVPLVRU GH QLYHO HVWi HTXLSDGR FRQ XQD WUDPSD GH DJXD DXWRPiWLFD (O DJXD
FROHFWDGDVHH[SXOVDFXDQGRVHURPSHHOYDFtRYHUILJ

'HVFULSFLyQGHOD2SHUDFLyQGHO6LVWHPD

5HILULpQGRQRVDOD)LJXUDWHQHPRV

/DVHxDOGHVDOLGDGHOUHyPHWURVHWUDQVPLWHDOLQGLFDGRU\GHVSXpVDOFRQWURODGRU
UHJLVWUDGRU(OUHJLVWUDGRUSURSRUFLRQDWRGRVORVYDORUHVKDOODGRVGXUDQWHHOFRFLQDGR
YHUILJXUD

(OFRQWDFWRPtQLPRGHOLQGLFDGRUGHWHUPLQDHOSXQWRGHVHPLOODPLHQWRPLHQWUDVTXH
HO FRQWDFWR Pi[LPR GHWHUPLQD HO SXQWR ILQDO GH OD WHPSOD (O 9U FRUUHVSRQGLHQWH DO
SXQWR GH DMXVWH WHUPLQD HO FLFOR GHVGH HO VHPLOODPLHQWR KDVWD HO OOHQDGR Pi[LPR GHO
WDFKR

(OWUDQVPLVRUGHQLYHOHQYtDXQDVHxDOHQWUHEDUDOLQWHUUXSWRUGHSUHVLyQ\
GHVSXpVDOLQGLFDGRUFRQFRQWDFWRVDOPXOWLSOLFDGRUSURJUDPDGR\DOFRQWURODGRU±
UHJLVWUDGRU

&XDQGR VH FRPLHQ]D D DOLPHQWDU VLURSH VH DOFDQ]D XQ QLYHO SUHDMXVWDGR FXDQGR HO
VLURSH FXEUH OD SODFD VXSHULRU GH OD FDODQGULD HO LQWHUUXSWRU GH SUHVLyQ GRV DUUDQFD HO
PRWRU GHO UHyPHWUR \ DEUH OD YiOYXOD GH PDULSRVD GH YDSRU (O FRQWDFWR PtQLPR GHO
LQGLFDGRUFRQWURODODDOLPHQWDFLyQGHOVLURSH(OFRQWDFWRPi[LPRWHUPLQDHOFRQWURO
GHOSURFHVRFXDQGRVHDOFDQ]DHOQLYHOPi[LPRHLQLFLDODIDVHILQDOGHGDUSXQWR

(O QLYHOGHODPDVDFRFLGDVHFDSWDHQHOUHJLVWUDGRUGXUDQWHHOFRFLQDGRHQWRQFHV
DOLPHQWD DO PXOWLSOLFDGRU SURJUDPDGR  GRQGH VH PXOWLSOLFD SRU XQ IDFWRU
6XEVHFXHQWHPHQWH HO YDORU HV WUDQVPLWLGR SRU XQ FLUFXLWR VHOHFWLYR DO FRQWURODGRU
UHJLVWUDGRUSDUDSULPHURVHUYLUFRPRXQSXQWRGHDMXVWHSURJUDPDEOH
'XUDQWH ODVHJXQGD IDVH GHODFULVWDOL]DFLyQVXIXQFLyQHVGHSXQWRGHDMXVWHYDULDEOH
8QLQFUHPHQWRHQODVHxDOGHSURFHVRUHVXOWDHQXQLQFUHPHQWRHQODVDOLGDGHOFRQWURO
/DVDOLGDVHDOLPHQWDDODYiOYXODGHFRQWUROGHVLURSH\HQWRQFHVHVWUDQVPLWLGDDOD
YiOYXOD GH FRQWURO GH FRQGHQVDGR  SRU YtD GH UHOp  (O UHVXOWDGR HV TXH OD UD]yQ
VLURSHDJXD FRQGHQVDGR SXHGHVHUYDULDGDGHQWURGHXQUDQJRJUDQGH

/D ILJXUD  PXHVWUD HO GLDJUDPD GH XQ WDFKR HTXLSDGR FRQ HO FRQWURO DXWRPiWLFR
5KHFU\PDW (O SULPHU VLVWHPD 5KHFU\PDW IXH LQVWDODGR HQ  HQ OD UHILQHUtD
:FUHOLQJKRYHQGH&RORJQH$OHPDQLD



,QGLFH




















,QGLFH




















,QGLFH




















,QGLFH












,QGLFH

5HODFLRQHV0DWHPiWLFDV\0HFiQLFDVGHO5HyPHWUR5KFU\PDW

'HVGHHOVHPLOODPLHQWRKDVWDHOILQDOGHODWHPSODHO9 GXUDQWHHOFRFLQDGRFDPELDD
XQDUD]yQGH
U


3XQWRGHVHPLOODPLHQWRILQDOGHODWHPSOD≈  

/D UHODFLyQ UHTXLHUH XQ UDQJR GH   FRPR GHPXHVWUD SRVWHULRUPHQWH <D TXH XQ
FDPELRSHTXHxRGHODYDULDEOHFDXVDXQFDPELRJUDQGHHQODLQGLFDFLyQDOFRPLHQ]R\
XQFDPELRJUDQGHGHODYDULDEOHDOILQDOGHODWHPSODFDXVDXQFDPELRSHTXHxRHQOD
LQGLFDFLyQ 3DUD GHWHUPLQDU HO SXQWR GH VHPLOODPLHQWR FRQ OD SUHFLVLyQ UHTXHULGD OD
VHQVLWLYLGDG GHO HTXLSR GH PHGLFLyQ GHEH VHU DOWD HQ VX FRPLHQ]R \ EDMD DO ILQDO /D
VHQVLWLYLGDGDTXtVHGHILQHFRPRHOFRFLHQWHGLIHUHQFLDOGHOYDORULQGLFDGRFRPSDUDGR
FRQHOYDORUDFWXDO

,QGLFDFLyQ .[YDORUDFWXDO     GHGRQGH

6HQVLWLYLGDG UDQJRLQGLFDGRUDQJR  

/RV HTXLSRV GH PHGLFLyQ FRQ XQD IXQFLyQ OLQHDO SRU OR WDQWR SXHGHQ HQFRQWUDU ORV
UHTXHULPLHQWRV DQWHV PHQFLRQDGRV VRODPHQWH SRU XQ UDQJR UHYHUVR LQHYLWDEOHPHQWH
HQYROYLHQGRLQWHUUXSFLyQHQODLQGLFDFLyQ\FDUDFWHUtVWLFDV(VWRSXHGHHYLWDUVHXVDQGR
XQ GLVSRVLWLYR GH PHGLFLyQ HQ HO FXDO OD LQGLFDFLyQ HV GLUHFWDPHQWH SURSRUFLRQDO D OD
YDULDEOHGHSURFHVR

,QGLFDFLyQ .YDULDEOHGHSURFHVR  

&RPRTXLHUDTXHODVHQVLWLYLGDGUHVXOWDGHODSULPHUDGHULYDFLyQGHHVWDIXQFLyQ

6HQVLWLYLGDG .YDULDEOHSURFHVR   



'H OD HFXDFLyQ  YHPRV TXH OD VHQVLWLYLGDG GH WDO VLVWHPD GH PHGLFLyQ HV
LQGLUHFWDPHQWH SURSRUFLRQDO DO FXDGUDGR GH OD YDULDEOH GH SURFHVR SRU HMHPSOR OD
VHQVLWLYLGDGHVPiVDOWDDOFRPLHQ]RGHODPHGLFLyQ\PiVEDMDDOILQDO\SRUORWDQWR
OOHQD WRGRV ORV UHTXHULPLHQWRV (O UHyPHWUR XWLOL]D ODV FDUDFWHUtVWLFDV QDWXUDOHV GH
WUDQVPLVLyQGHODFDGHQDPRYLGD\UHDOL]DODHFXDFLyQ

/DV FRQFOXVLRQHV GDGDV DUULED SXHGHQ DSOLFDUVH DO UHyPHWUR 3DUD GHPRVWUDU HVWR HV
QHFHVDULRGHILQLUGRVUHODFLRQHVPDWHPiWLFDV/DILJ$PXHVWUDHODUUHJORGHUXHGD
GHQWDGDGHOVLVWHPDGHPHGLFLyQ

/DUXHGDPRWUL]FRQWRUTXH0 SURGXFHODIXHU]DGHDFFLyQ=HQODVHFFLyQVXSHULRUGH
OD FDGHQD SRU OD SODFD 9  /D UXHGD PRWUL] MXQWD FRQ HO WRUTXH GH UHWDUGR 00G 
G

FDXVDGR SRU HO VHQVRU SURGXFH OD IXHU]D GH UHDFFLyQ = HQ OD VHFFLyQ VXSHULRU GH OD
 

FDGHQDSRUODSDODQFD9  



 

(VWH LQFUHPHQWR 0  SXHGH PDQWHQHUVH FRQVWDQWH SRU PHGLR GH XQ GLQDPyPHWUR GH
WRUTXH GH HVWD IRUPD HO VLVWHPD FRPSOHWR GH PHGLFLyQ SXHGD VHU FDOLEUDGR (O
G



,QGLFH

GLQDPyPHWUR GH WRUTXH HVWi XQLGR DO HMH GHO GLVFR H[FpQWULFR VLPLODU D XQ IUHQR GH
3URQ\
(QWRQFHV HO VLVWHPD GH PHGLFLyQ GHO UHyPHWUR SXHGH VHU DOLQHDGR FRQ HO SXQWR GH
VHPLOODPLHQWR\RSHUDFLyQILQDOGHODWHPSODSRUPHGLRGHGRVWRUTXHVGHILQLGRV

(Q HO GLDJUDPD GH YHFWRUHV GH OD ILJXUD % HO SXQWR PiVLFR P FRPR SXQWR GH
GHWHFFLyQGHEHEDODQFHDUVHFRQODVWUHVIXHU]DV= = \*ORFXDOHVHOFDVRVLODVXPD
JHRPpWULFDGHHVDVIXHU]DV ILJ& HVFHUR
 


'HVGH HO UHVXOWDGR GH WRUTXHV LJXDOHV GH ODV UXHGDV PRWUL] \ PRYLGD WDQ ELHQ FRPR
GHVGHHODUUHJORVLPpWULFRGHOVLVWHPDGHUXHGDGHQWDGDVHYHTXHODVIXHU]DVGHWHQVLyQ
TXHDFW~DQVREUHODVHFFLyQVXSHULRUGHODFDGHQDGHEHQVHULJXDOHV

(VVRODPHQWHQHFHVDULRFRQVLGHUDUHODUUHJORGHUXHGDGHQWDGDGHXQODGRSRUUD]RQHV
GHVLPSOLFLGDG

(OSODQGHYHFWRUHVILJXUD&LQGLFD

= *VHQ∝>.S@    

-XQWRFRQODIXHU]D=\HOGLiPHWURUGHODUXHGDGHQWDGDHOWRUTXHHV

0G =[U *[U=[VHQ∝>.SP@   

(OVLVWHPDGHPHGLFLyQRSHUDHQHOUDQJRGHLQGLFDFLyQGH∝  « ƒ iQJXORV WDQ
SHTXHxRVHOODUJRGHODUFRHV

DUF∝ VHQ∝    

6LJXLHQGRODGHILQLFLyQHO9 HQWRQFHVHVLJXDODOWRUTXH0G
&XDQGRVHVXVWLWX\H0GSRU9 HQODHFXDFLyQ\HOIDFWRUSURSRUFLRQDOSRU.\VHQ
U

U

∝SRUDUF∝WHQHPRV

9  .[DUF∝>.SP@      

U

3DUDFRPLHQ]RGHODPHGLFLyQHVWDHFXDFLyQUHVXOWD

9 .[DUFƒ .[    

UF 

  .[>.SP@


<SDUDHOILQDOGHODPHGLFLyQ

9   .[ DUFƒ .[    

UI 

  .[>.SP@

/DYDULDEOHGHSURFHVRSRUORWDQWRRVFLODHQWUHORVOLPLWHVGH



,QGLFH


.[≤9U≤.[>.SP@      

(OFRPLHQ]RGHODPHGLFLyQVHGHWHUPLQDSRU

9   .[ . >.SP@     

UF 

'HDFXHUGRDO1XHYRIDFWRUSURSRUFLRQDOHOYDORUSDUDHOILQDOGHODPHGLFLyQHV

9   . [ . [>.SP@    
/RVYDORUHVGHODHFXDFLyQ\UHVXOWDHQORVOtPLWHVGHILQLGRVGHODYDULDEOHGH
UI  

SURFHVR

.   ≤9U≤. [>.SP@     

 

(OYDORUGHOIDFWRUSURSRUFLRQDO. HV



.  .[ *[U[     





  [*[U>.SP@

(ODUFESURSRUFLRQDODODUFRODUJRDUF∝UHJXODHOWUDQVPLVRUGHEDODQFHGHPRYLPLHQWR
/D OLQHDOL]DFLyQ DX[LOLDU GH SDODQFDV GHO WUDQVPLVRU SURSRUFLRQD TXH OD VHxDO GHO
WUDQVPLVRU[SDUDODLQGLFDFLyQVHD

;  DUF∝≈E       

'HODVHFXDFLRQHV\UHVXOWDXQDH[SUHVLyQQXHYDSDUDODLQGLFDFLyQ

;  .[9  .  9      

U  U

  .[9 

U

/DVFDUDFWHUtVWLFDVGHOUHyPHWURVHGHULYDQGHVGHHVWDIXQFLyQ
3RU UD]RQHV SUiFWLFDV HO IDFWRU SURSRUFLRQDO .  VH HOLPLQD GH OD HFXDFLyQ  \
HQWRQFHV



9  . [9 >.SP@      

U  U

3RVWHULRUDVHUFRQVLGHUDGRHVVXSUHVLyQDOFRPLHQ]RGHODPHGLFLyQGRQGH

;D  . [. [9U¶±    

 

   9U 

/DVHxDOWUDQVPLWLGDDFW~DHQVHQWLGRLQYHUVRDOYDORUGHOUHyPHWURSRUORWDQWR

;E   9U       




,QGLFH



























,QGLFH




















,QGLFH












,QGLFH

<HVILQDOPHQWHVHOHFFLRQDGDSDUDH[SUHVDUORVYDORUHVGHLQGLFDFLyQHQ

;H  > 9   @  

U

   9U >@



/DHFXDFLyQUHSUHVHQWDODVFDUDFWHUtVWLFDVGHOUHyPHWUR

(OUHVXOWDGRGHODSULPHUDGLIHUHQFLDFLyQGHODHFXDFLyQHV

G[G9   5 

     
UHSUHVHQWDODVHQVLWLYLGDGGHODPHGLFLyQODFXDOHV
U Y


G[ G9      
    

$ U¶

   

$OFRPLHQ]R\

G[)G9U¶    
    

   

$OILQDO
3DUDORVSURSyVLWRVGHFODULGDGODVHQVLWLYLGDGDOILQDOGHPHGLFLyQVHGHVLJQDFRPR
HQ OD UHSUHVHQWDFLyQ JUiILFD SRU HMHPSOR OD IXQFLyQ  VH PXOWLSOLFy SRU XQ IDFWRU
SURSRUFLRQDO

.          



   

(QWRQFHV

G[G9U¶[.   9U¶  
     



/D ILJXUD  LOXVWUD FODUDPHQWH OD FXUYD GH OD FDUDFWHUtVWLFD GHO UHyPHWUR \ GH OD
VHQVLWLYLGDGGHOWUDQVPLVRUHQSXQWRVTXHHOUHyPHWURUH~QHORVPHMRUHVUHTXHULPLHQWRV

 &RQWURO $XWRPiWLFR GH WDFKRV SRU HO XVR GH XQ UHyPHWUR \ XQ
PLFURSURFHVDGRU

/D YLVFRVLGDG GH XQD VROXFLyQ GH D]~FDU D FXDOTXLHU FRQFHQWUDFLyQ ILMD GHFUHFH
UiSLGDPHQWH FRQ HO LQFUHPHQWR GH OD WHPSHUDWXUD /D YLVFRVLGDG GH XQD VROXFLyQ GH
D]~FDU D XQD WHPSHUDWXUD ILMD VH LQFUHPHQWD UiSLGDPHQWH FRQ HO LQFUHPHQWR GH OD
FRQFHQWUDFLyQSDUWLFXODUPHQWHHQORVUDQJRVGHFRQFHQWUDFLyQPiVDOWRV)LQDOPHQWHD
FXDOTXLHU FRQFHQWUDFLyQ ILMD HO JUDGR GH VREUHVDWXUDFLyQ FDH FRQ HO LQFUHPHQWR GH OD
WHPSHUDWXUDGHELGRDOLQFUHPHQWRHQODVROXELOLGDGFRQHOLQFUHPHQWRHQODWHPSHUDWXUD
&RPR XQ UHVXOWDGR QHWR VL QRVRWURV WRPDPRV XQD VROXFLyQ D XQ QLYHO ILMR GH



,QGLFH

VREUHVDWXUDFLyQ\DOWHUDPRVODWHPSHUDWXUDREWHQHPRVGRVHIHFWRVRSXHVWRV6XSyQJDVH
TXH OD WHPSHUDWXUD VH HOHYD /D YLVFRVLGDG WLHQGH D FDHU SRU OD WHPSHUDWXUD PiV DOWD
&RPRUHVXOWDGRQHWRODYLVFRVLGDGWLHQGHDFDPELDUXQSRFRFRQODWHPSHUDWXUDDXQ
QLYHO ILMRGHVREUHVDWXUDFLyQ0LFKHO\ \GH*\XODXSXEOLFDURQXQDVHULH GHFXUYDVGH
9LVFRVLGDGYU7HPSHUDWXUDDXQDVHULHGHQLYHOHVGHVREUHVDWXUDFLyQILMRV$OJXQRV
GDWRVREWHQLGRVSRUHVDVDXWRULGDGHVVHSUHVHQWDQHQODILJXUD/DVOtQHDVFRQWLQXDV
VHUHILHUHQDODVFRQGLFLRQHVGHFRQFHQWUDFLyQFRQVWDQWHV\ODVGLVFRQWLQXDVVHUHILHUHQ
DODVFRQGLFLRQHVGHVREUHVDWXUDFLyQFRQVWDQWH(OJUiILFRHQODILJXUDDVHUHILHUHD
ORVGDWRVREWHQLGRVDSDUWLUGHVROXFLRQHVGHVDFDURVDSXUD\PXHVWUDTXHODYLVFRVLGDG
DXQDVREUHVDWXUDFLyQFRQVWDQWHGHFUHFHDOJXQDVYHFHVFRQODWHPSHUDWXUDSHURWLHQGHD
VHU XQLIRUPH HQWUH ODV WHPSHUDWXUDV GH ƒ& /RV JUiILFRV UHVWDQWHV VH UHILHUHQ D
PDWHULDOHVGHSXUH]DVGLIHUHQWHVPRVWUDQGRODVFXUYDVGHYLVFRVLGDGYVWHPSHUDWXUDHQ
VXVYDORUHVPtQLPRVGHQWURGHOUDQJRGHWUDEDMRGHWHPSHUDWXUD

(VDV FXUYDV VLJQLILFDQ ItVLFDPHQWH TXH OD PHGLFLyQ GH OD YLVFRVLGDG R GH FXDOTXLHU
RWUDSURSLHGDGGLUHFWDPHQWHUHODFLRQDGDFRQHOODSXHGHVHUWRPDGDFRPRXQDPHGLFLyQ
GHOJUDGRGHVREUHVDWXUDFLyQDFXDOTXLHUWHPSHUDWXUDGHQWURGHOUDQJRSDUDHOFXDOODV
FXUYDVVRQVHQVLEOHPHQWHSDUDOHODVDOHMHGHODVWHPSHUDWXUDV

(OSHUVRQDOWpFQLFR\GHLQYHVWLJDFLRQHVGHOD(QVXLNR6XJDU5HILQLQJ&R/WG\HOGH
OD <RNRZDPD +RNXVKLQ (OHFWULF &RUSRUDWLRQ HVWXGLDURQ HQ FRQMXQWR ODV WpFQLFDV GH
RSHUDFLyQPDQXDOGHORVSXQWLVWDVHKLFLHURQXQDVLPXODFLyQGHGLFKDVRSHUDFLRQHVSRU
PHGLRGHLQVWUXPHQWRV3DUDHOORXWLOL]DURQXQURERWHOFXDOUHSURGXMRODVRSHUDFLRQHV
PHMRUHV H[FOX\HQGR ORV IDFWRUHV GHO HUURU KXPDQR ,QYHVWLJDFLRQHV H[WHQVLYDV GH ODV
RSHUDFLRQHVPDQXDOHVGHFRFLQDGRUHYHODURQTXHORVSXQWLVWDVVRQPX\GHSHQGLHQWHVGH
OD FRQVLVWHQFLD GH OD PDVD FRFLGD SDUD MX]JDU ODV FRQGLFLRQHV GH OD PLVPD \ TXH ORV
PLVPRV HPSOHDQ XQD WpFQLFD LQWHUPLWHQWH GH FRFLQDGR HQ OD FXDO OD VREUHVDWXUDFLyQ
IOXFW~DDOWHUQDWLYDPHQWHHQWUHODV]RQDVPHWDHVWDEOH\OiELO

/D VREUHVDWXUDFLyQ SURPHGLR HQ XQ FRFLQDGR LQWHUPLWHQWH HV PD\RU TXH HQ XQR
FRQWLQXRHQHOFXDOODVREUHVDWXUDFLyQVLHPSUHSHUPDQHFHHQOD]RQDPHWDHVWDEOHVLQ
HPEDUJRODUD]yQGHFULVWDOL]DFLyQHVPiVUiSLGDHQXQFRFLQDGRLQWHUPLWHQWH
%DVDGR HQ HVDV REVHUYDFLRQHV HOORV GHVDUUROODURQ XQ UHyPHWUR \ XQ  FRQWURODGRU GH
VHFXHQFLD FRQ UHOHV GH WLHPSR SUREDQGR KDEHU VLGR HIHFWLYR SHUR VH OHV SUHVHQWy HO
SUREOHPDTXHHUDPX\WHGLRVR\OHVFRQVXPtDPXFKRWLHPSRORVDMXVWHVGOSURJUDPDGH
FRFLQDGR HO FXDO KDEtD TXH YDULDUOR GHSHQGLHQGR GH ORV PDWHULDOHV \ ORV SURGXFWRV
ILQDOHV(VWHSUREOHPDORUHVROYLHURQUHHPSOD]DQGRORVUHOHVFRQPLFURSURFHVDGRUTXH
DOPDFHQDYDULRVSURJUDPDVGHFRFLQDGRHQVXPHPRULD

(O VLVWHPD HPSOHD XQ VHQVRU GH FRQVLVWHQFLD  YLVFRVLGDG R FRQFHQWUDFLyQ  SDUD
GHWHFWDU ODV FRQGLFLRQHV GH OD PDVD FRFLGD \ XQ PLFURSURFHVDGRU SDUD FRQWURODU OD
RSHUDFLyQ/DFDUDFWHUtVWLFDPiVGLVWLQWLYDGHHVWHVLVWHPDHVTXHHOSXQWRGHDMXVWHGHO
FRQWUROGHFRQVLVWHQFLDVHFDPELDSDVRDSDVRDPHGLGDTXHHOSURFHVRGHFRFLQDGRVH
DFHOHUH (VWH PRGR GH FRQWURO LQWHUPLWHQWH VHJ~Q ORV LQYHVWLJDGRUHV HV PXFKR PiV
HIHFWLYRTXHHOFRQWLQXRFRQYHQFLRQDO\DTXHUHGXFHHOFRQVXPRGHYDSRUHQORVWDFKRV
\PHMRUDODFDOLGDGGHORVFULVWDOHVGHVDFDURVD/RVSURJUDPDVGHFRFLQDGRGHEHQGHVHU
DMXVWDGRV HQ YDULRV SDWURQHV GHSHQGLHQGR GH ORV PDWHULDOHV XVDGRV \ ODV
HVSHFLILFDFLRQHV GHO SURGXFWR (VRV SURJUDPDV SXHGHQ VHU FDUJDGRV HQ HO
PLFURSURFHVDGRUDWUDYpVGHXQGLVFR )ORSS\ /DILJ$PXHVWUDXQGLDJUDPD



,QGLFH













,QGLFH



















,QGLFH























,QGLFH

GHO VHQVRU GH FRQVLVWHQFLD \ OD ILJXUD % VX GLDJUDPD HOpFWULFR /D ILJXUD 
PXHVWUDHOGLDJUDPDGHOVLVWHPDGHFRQWUROGHLQVWUXPHQWRVGHWDFKRV

/DV VHxDOHV GH WUDQVPLVLyQ VH HQYtDQ D XQD XQLGDG GH FRQWURO GH FDPSR YtD ORV
DFRQGLFLRQDGRUHV GH VHxDOHV /D XQLGDG GH FRQWURO GH FDPSR FRQWLHQH XQ
PLFURSURFHVDGRUGHELWSDUDSURPRYHUHOPRQLWRUHRHOFRQWUROFRQWLQXR\HOFRQWURO
GH IXQFLyQ GH VHFXHQFLD /D XQLGDG PRVWUDGRUD GH FLUFXLWR PXHVWUD ORV YDORUHV GH
HQWUDGD\VDOLGDSDUDFDGDFLUFXLWRGHFRQWURO\WDPELpQSURYHHXQDRSHUDFLyQPDQXDO
/DFRQVRODGHORSHUDGRUHVWiHQLQWHUIDVHHQWUHHOVLVWHPDGHFRQWURO\HORSHUDGRU(O
RSHUDGRU R SXQWLVWD SXHGH PRQLWRUHDU ODV RSHUDFLRQHV GH FRQWURO VREUH XQ PRVWUDGRU
&57 GH ´ \ VL HV QHFHVDULR SXHGH PRGLILFDU HO SURJUDPD GH FRQWURO  D WUDYpV GHO
WHFODGR 8Q PRVWUDGRU JUiILFR HV FRQYHQLHQWH SDUD FRPSUHQGHU GH XQ YLVWD]R OD
FRQGXFFLyQGHODVRSHUDFLRQHV

(OSURJUDPDGHFRFLQDGRSRUHOFXDOVHFDPELDHOSXQWRGHDMXVWHGHFRQVLVWHQFLDGHEH
FDPELDUVHGHDFXHUGRDOPDWHULDOTXHVHXVH\ODVHVSHFLILFDFLRQHVGHOSURGXFWR9DULRV
SURJUDPDVSXHGHQVHUUiSLGDPHQWHFDUJDGRVGHQWURGHOVLVWHPDGHFRQWUROPHGLDQWHXQ
GLVFR GH ´ )ORSS\  SDUD DMXVWDUVH D ODV GLIHUHQWHV GHPDQGDV 8QD FRQVROD GH
RSHUDFLyQWDPELpQVRQPRVWUDGDVHQXQUHJLVWUDGRUGHFXDWURSOXPLOODVDVtFRPRHQOD
XQLGDGPRVWUDGRUDGHOFLUFXLWR/DVFDUWDVGHUHJLVWUDFLyQVRQPX\~WLOHVSDUDPHMRUDU
ORVSURJUDPDVGHFRFLQDGR

)XQFLRQDPLHQWR

 (OVLVWHPDGHFRQWUROHVWiOLVWRSDUDWUDEDMDUFXDQGRVHLQWURGXFHHOSURJUDPDD
WUDYpVGHOGLVFR

 3UHVLRQDQGR HO ERWyQ GH DUUDQFDGD HO VLVWHPD GH FRQWURO DEUH OD YiOYXOD GHO
VLURSHHQWRQFHVODYiOYXODGHYDSRUVHDEUHSDUDFRPHQ]DUODFRQFHQWUDFLyQGHO
VLURSH

 (OVXPLQLVWURGHVLURSHFRQWLQ~DKDVWDTXHHOUHyPHWURDOFDQ]DHOYDORUGHOSXQWR
SUHDMXVWDGRGHFRPRVHPXHVWUDHQODILJXUD

 &LQFRPLQXWRVDQWHVTXHHOUHyPHWURDOFDQFHHOSXQWRXQDDODUPDDXGLRYLVXDO
DYLVD DO SXQWLVWD GH TXH HO PRPHQWR GH VHPLOODPLHQWR VH DFHUFD (QWRQFHV HO
SXQWLVWDSRQHODVHPLOODHQXQUHFLSLHQWHTXHHVWDFRQHFWDGRDOWDFKR

 &XDQGR HO UHyPHWUR DOFDQ]D HO SXQWR  XQD YiOYXOD VHOHQRLGH VH DEUH SDUD
VXFFLRQDUODVHPLOODGHQWURGHOWDFKR(VWDSDUWHGHODRSHUDFLyQHVPDQXDO\HV
QHFHVDULDSDUDSUHSDUDUODVHPLOODHQWUHORVVHPLOODPLHQWRV

 'HVSXpVGHODRSHUDFLyQGHVHPLOODPLHQWRHOUHVWRGHOSURJUDPDFRQWLQXDHQWUH
ORV SXQWRV  \  SDUD HO UHFRJLPLHQWR GH OD PDVD FRFLGD FRQ DJXD R VLURSH
FDGDYH]TXHHOUHyPHWURDOFDQ]DHOYDORUSUHDMXVWDGRHOFXDOHVWiHQOD]RQD

 &XDQGR HO UHFRJLPLHQWR GH OD PDVD FRFLGD KD VLGR FRPSOHWDGR OD YiOYXOD GHO
IRQGRGHOWDFKRVHDEUHSDUDGHVFDUJDUODPDVDFRFLGD




,QGLFH

(O SURJUDPD GH FRFLPLHQWR PRVWUDGR HQ OD ILJXUD  VLUYH VRODPHQWH FRPR XQ
HMHPSOR (O Q~PHUR GHSXQWR GH FRQWURO \ HO YROXPHQ GH DJXD GH VLURSH LQWURGXFLGR
GHEH VHU DMXVWDGR GH DFXHUGR FRQ ORV PDWHULDOHV GLVSRQLEOHV \ HO SURGXFWR GHVHDGR
$OJXQRVSURJUDPDVGHFRFLPLHQWRQRXVDQDJXDGHPRYLPLHQWRGXUDQWHHOFRFLQDGRGH
OD WHPSOD \D TXH OD VREUHVDWXUDFLyQ GH OD PDVD FRFLGD SXHGH KDFHUVH GHVFHQGHU
FDPELDQGR HO SXQWR GH DMXVWH GHO FRQWURO GH YDFtR 8QD FRPELQDFLyQ GH DJXD GH
PRYLPLHQWR\YDFtRFRPRVLVWHPDGHFRQWUROWDPELpQHVSRVLEOH/RVLQYHVWLJDGRUHV
KDQ GHVDUUROODGR PiV GH  SURJUDPDV GH FRFLQDGR SDUD SURGXFLU ORV PHMRUHV
UHVXOWDGRV SDUD YDULDV FRQGLFLRQHV GH RSHUDFLyQ (VWD DFXPXODFLyQ GH FRQRFLPLHQWRV
RSHUDWLYRVHVXQHOHPHQWRYLWDOGHOVLVWHPDGHFRQWUROTXHHVWDEOHFHXQDKHUUDPLHQWDGH
SUDFWLFDUHDOSDUDORVXVXDULRV

$ SDUWLU GH  PDV GH  GH HVWRV VLVWHPDV KDQ VLGR LQVWDODGRV HQ UHILQHUtDV GH
D]~FDUFRQp[LWRHQ-DSyQ\&RUHD$OJXQRVGHORVGDWRVREWHQLGRVHQODSUDFWLFDVH
PXHVWUDQHQODWDEOD;;;,&RPRVHSXHGHQRWDUHQGLFKDWDEODHOFRQVXPRGHYDSRUVH
ORJUyUHGXFLUHQXQHQXQFDVRODFDOLGDGGHOSURGXFWRIXHPHMRUDGDHQHOFDVR\
HOWLHPSRGHFRFFLyQIXHVLJQLILFDWLYDPHQWHUHGXFLGRHQHOFDVR\/DFDUDFWHUtVWLFD
SULQFLSDO GH HVWH VLVWHPD HV HO DKRUUR GH HQHUJtD SRU OD UHGXFFLyQ HQ HO FRQVXPR GH
YDSRU6LHQXQVLVWHPDGHFRFLQDGRVHHYLWDHOXVRGHODJXDHQWRQFHVVHLQFUHPHQWDUi
HO UHQGLPLHQWR GHO SURGXFWR HFRQRPL]DQGR HQHUJtD SRU YROXPHQ GHO SURGXFWR 6HJ~Q
ORVGLVHxDGRUHVGHHVWHVLVWHPDODUHILQHUtDGHD]~FDU(QVXLNRUHFREUyODLQYHUVLyQGHOD
LQVWUXPHQWDFLyQHQXQVRORDxRGHRSHUDFLyQ(QMDSyQGRQGHHOFRVWRGHODHQHUJtDHV
UHODWLYDPHQWH DOWR RWURV XVXDULRV SRGUtDQ YHU HVWH VLVWHPD FRPR XQD LQYHUVLyQ
DPRUWL]DEOH HQ FRUWR WLHPSR \ FRQ EXHQRV UHVXOWDGRV /D DSOLFDFLyQ GHO VLVWHPD
FRPHQ]y HQ ODV UHILQHUtDV SHUR GHVSXpV VH H[SDQGLy D ODV IDEULFDV GH D]~FDU GH
UHPRODFKD (Q  VH KLFLHURQ DOJXQDV SUXHEDV HQ IDEULFDV GH D]~FDU GH FDxD FRQ
EXHQRVUHVXOWDGRVVLHQGRDGRSWDGRSRUXQDIDEULFDHQ-DSyQ


7$%/$;;;,
'$726'(358(%$'(/6,67(0$'(5(Ï0(752<
0,&52352&(6$'25

&DVR$]~FDUJUDQXODGR FRQDJLWDGRUPHFiQLFR 

23(5$&,Ï1  $8720È7,&$ 0$18$/  ()(&72

7LHPSRFRFFLyQPHGLR KUV¶  KUV¶  
9ROXPHQDJXDPRYLPLHQWR P  

P  
EXHQR 
)OXMRGHYDSRUPHGLR WK  WK  
9ROXPHQGHPDVDFRFLGD P
 
P 
 
  

&DVR$]~FDUJUDQXODGR VLQDJLWDGRUPHFiQLFR 

7LHPSRGHFRFFLyQPHGLR KUV¶  KUV¶ UHGXFLGRDO
$EHUWXUDPHGLD PDOOD      
&RHILFLHQWHGHYDULDFLyQ    FDOLGDGPHMRUDGD
7DPDxRJUDQRPiVRPHQRV   FDOLGDGPHMRUDGD




,QGLFH

&DVR7HPSODVGHDJRWDPLHQWR &RQVLQDJLWDGRUPHFiQLFR 3]D0F 



7LHPSRFRFFLyQPHGLR KUV¶  KUV¶ UHGXFLGRDO
9ROXPHQDJXDPRYLPLHQWR P  

P 
UHGXFLGRDO


)OXMRYDSRUPHGLR WK  WK  



&DVR7HPSODVGHDJRWDPLHQWR &RQVLQDJLWDGRUPHFiQLFR 

7LHPSRFRFFLyQPHGLR KUV  KUV UHGXFLGDDO
3XUH]DPDVDFRFLGD    
3XUH]DPLHOHV     
5D]yQLQYHUWLGR      

0HGLFLyQGHGHQVLGDG\FRQFHQWUDFLyQPHGLDQWHPLFURRQGDVSDUDHOFRQWUROGHO
SURFHVRGHFULVWDOL]DFLyQHQODLQGXVWULDD]XFDUHUD

5HVXPHQ

&RQ HO QXHYR VHQVRU GH LQPHUVLyQ GH PLFURRQGDV HV SRVLEOH FRQWURODU HO SURFHVR GH
FULVWDOL]DFLyQ\GHWHUPLQDUH[DFWDPHQWHODGHQVLGDGGHVROXFLRQHVGHD]~FDU6HSXHGHQ
DSOLFDUORVVHQVRUHVSDUDPHGLFLRQHVWDQWRHQFULVWDOL]DGRUHVFRPRWDPELpQHQWXEHUtDV
&RPSDUDGR FRQ ORV PpWRGRV GH GHWHUPLQDFLyQ WUDGLFLRQDOHV ORV FXDOHV WUDEDMDQ FRQ
UD\RV\ UDGLRPHWUtD UHIUDFWyPHWURVHQOtQHDVRQGDVGHDOWDIUHFXHQFLD\XOWUDVyQLFDV
GHWHFWRUHVGHFRQGXFWLELOLGDG\GHYLVFRVLGDGFRQVLVWHQFLD GHWHFWRUHV9& ODPHGLFLyQ
GH OD GHQVLGDG FRQ HO VHQVRU GH PLFURRQGDV PXHVWUD OD PD\RU FRQIRUPLGDG FRQ ODV
PHGLFLRQHV GH ODERUDWRULR /D WpFQLFD GH PHGLFLyQ SRU PLFURRQGDV LQLFLD XQD QXHYD
JHQHUDFLyQGHGHWHUPLQDFLRQHVFRQWLQXDVGHGHQVLGDG\GHFRQFHQWUDFLyQHQODLQGXVWULD
D]XFDUHUD

,QWURGXFFLyQ

/D HWDSD SULQFLSDO GHO SURFHVR GH SURGXFFLyQ GH D]~FDU HV OD FULVWDOL]DFLyQ (V DTXt
GRQGH VH ILMD OD FDOLGDG WDPDxR KRPRJHQHLGDG  GH ORV FULVWDOHV GH D]~FDU 'H HVWH
PRGRHOFRQWUROH[DFWRGHOSURFHVRHVLPSUHVFLQGLEOH3DUDDOFDQ]DUHVWRSUR0WHFVH
GHGLFD GHVGH  DO GHVDUUROOR GH VLVWHPDV GH GHQVLPHWUtD  HQ SURFHVRV HQWUH RWURV
HVSHFLDOPHQWHSDUDODLQGXVWULDD]XFDUHUD
([SHULHQFLDVDGTXLULGDVGXUDQWHPXFKRVDxRVHQHOVHFWRUGHODWpFQLFDGHGHQVLPHWUtD
VLQFRQWDFWRGHVDUUROODURQVLVWHPiWLFDPHQWHSDUDODLQGXVWULDODLGHDGHODGHQVLPHWUtDHQ
OtQHD \ HO HPSOHR GH OD PHGLFLyQ SRU PLFURRQGDV HVSHFLDOPHQWH SDUD VDWLVIDFHU ODV
H[LJHQFLDV GH OD LQGXVWULD D]XFDUHUD (QWUHWDQWR VH WLHQH XQ VLVWHPD GH PHGLFLyQ
SHUIHFWR FRQ DPSOLDV SUXHEDV HQ FRQGLFLRQHV GH VHUYLFLR \ TXH HVWi HQ DFFLyQ
PXQGLDOPHQWH
'HVGH  \D VH LQVWDODURQ PiV GH  VLVWHPDV GH PHGLFLyQ SDUD GLVWLQWDV
DSOLFDFLRQHV HQ IiEULFDV \ UHILQHUtDV GH D]~FDU 7RGRV HVWRV DSDUDWRV WUDEDMDQ EDMR
FRQGLFLRQHV GH VHUYLFLR \ D SOHQD VDWLVIDFFLyQ GH VXV XVXDULRV &RQ HO VLVWHPD GH
PHGLFLyQ GHVDUUROODGR SRU SUR0WHF SRU SULPHUD YH] VH HPSOHy HQ OD LQGXVWULD
D]XFDUHUDODWpFQLFDGHPHGLFLyQSRUPLFURRQGDV

6HQVRUHVGHLQPHUVLyQGHPLFURRQGDV



,QGLFH

















,QGLFH

ODDOWHUQDWLYDLQWHUHVDQWHSDUDHOFRQWUROGHODGHQVLGDGHQHYDSRFULVWDOL]DGRUHV

/RVVHQVRUHVGHLQPHUVLyQGHPLFURRQGDVIXHURQGHVDUUROODGRVSDUDODGHWHUPLQDFLyQGH
OD GHQVLGDG HQ HYDSRFULVWDOL]DGRUHV FRQWLQXRV \ GLVFRQWLQXRV /D FRQH[LyQ HQWUH
VHQVRUHV\DSDUDWRVVHHIHFW~DFRQEULGDVGHOWDPDxR'1R
/DVEULGDVGHORVVHQVRUHVGHLQPHUVLyQGHPLFURRQGDVVRQFRPSDWLEOHVFRQODVEULGDV
GH GHQVtPHWURV WUDGLFLRQDOHV HVSHFLDOPHQWH GH GHWHFWRUHV 9& \ PHGLFLRQHV
UDGLRPpWULFDV/RVVHQVRUHVVRSRUWDQWHPSHUDWXUDVKDVWDƒ&9HUILJ




0HGLFLRQHVGHFRQFHQWUDFLyQWUDGLFLRQDOHV

/RV VLVWHPDV GH PHGLFLyQ DFWXDOPHQWH GLVSRQLEOHV WUDEDMDQ PHGLDQWH SULQFLSLRV GH
PHGLFLyQ PHFiQLFRV ySWLFRV HOpFWULFRV WpUPLFRV \ UDGLRPpWULFRV DVt FRPR FRQ
XOWUDVRQLGR $ FRQWLQXDFLyQ VH GHVFULEHQ EUHYHPHQWH ODV YHQWDMDV \ GHVYHQWDMDV GH
GLFKRVSULQFLSLRV

$SDUDWRVPHFiQLFRVUHyPHWUR\GHWHFWRU9&

7RGDYtDVHDSOLFDQSULQFLSLRVGHPHGLFLyQPHFiQLFRVPHGLDQWHUHyPHWURVGHWHFWRUHVGH
YLVFRVLGDGFRQVLVWHQFLD\WRPDGHFRUULHQWHGHODJLWDGRUDSHVDUGHTXHORVFRVWRVGH
HQWUHWHQLPLHQWRVRQDOWRV5HyPHWURV\GHWHFWRUHV9&VLUYHQSDUDODGHWHUPLQDFLyQGHO
SXQWRILQDOGHOSURFHVRGHFULVWDOL]DFLyQ±SHUWXUEDFLRQHVGHVHxDOHVVRQSRVLEOHVDTXt
(QODGHWHUPLQDFLyQGHOSXQWRGHJUDQXODFLyQVHSXHGHFRQWDUFRQLQH[DFWLWXGHV\DTXH
HO DXPHQWR GH OD YLVFRVLGDG HQ OD HWDSD GH FRQFHQWUDFLyQ HV PXFKR PHQRU TXH HQ OD
HWDSDGHFULVWDOL]DFLyQ

$SDUDWRVySWLFRVUHIUDFWyPHWUR

$OHPSOHDUUHIUDFWyPHWURVHQOtQHDHQWRGRFDVRWLHQHTXHVXFHGHUXQDFRPSHQVDFLyQ
GH OD WHPSHUDWXUD /D PHGLFLyQ UHIUDFWRPpWULFD HQ OD IDVH OtTXLGD KDVWD HO SXQWR GH
JUDQXODFLyQ HVPX\H[DFWD3RUORTXH HOtQGLFH GHUHIUDFFLyQPHGLGRQRFRUUHODFLRQD
FRQHOFRQWHQLGRGHOFULVWDOTXHDXPHQWDGXUDQWHHOSURFHVRGHHYDSRUDFLyQQRVHSXHGH
OOHYDU D FDER HO FRQWURO GHO FRQWHQLGR GH PDWHULD VHFD GXUDQWH WRGR HO SURFHVR GH
FULVWDOL]DFLyQ /D PHGLFLyQ UHIUDFWRPpWULFD GH OD GHQVLGDG DEDUFD VRODPHQWH XQD
SHTXHxD SDUWH GHO DSDUDWR GH FRFFLyQ \D TXH OD PHGLFLyQ VH OOHYD D FDER
H[FOXVLYDPHQWH VREUH HO SULVPD GHO UHIUDFWyPHWUR (Q HO FDVR GH LQFUXVWDFLRQHV R
HQVXFLDPLHQWRVVREUHHOSULVPDQRHVSRVLEOHREWHQHUUHVXOWDGRVGHPHGLFLyQFRUUHFWRV

6RQGDVXOWUDVyQLFDV

$O PHGLU OD GHQVLGDG PHGLDQWH HO PpWRGR XOWUDVyQLFR HV QHFHVDULR OOHYDU D FDER XQD
FRPSHQVDFLyQ H[DFWD GH OD WHPSHUDWXUD (O FDOLEUDGR GH ODV VRQGDV HV FRPSOLFDGR
3HTXHxDVEXUEXMDVFHUFDGHOFDPSRGHPHGLFLyQGHODVRQGD\DSHUWXUEDQIXHUWHPHQWHOD
VHxDO GH PHGLFLyQ /D PHGLFLyQ XOWUDVyQLFD UHDFFLRQD PX\ VHQVLEOH WDQWR D EXUEXMDV
FRPRWDPELpQDODJHRPHWUtDGHOFULVWDO




,QGLFH

5DGLRPHWUtD

/DPHGLFLyQUDGLRPpWULFDGHODGHQVLGDGSXHGHVHUHPSOHDGDSDUDHOFRQWUROGHOSURFHVR
GHFULVWDOL]DFLyQKDVWDHOSXQWRGHJUDQXODFLyQ/DGHQVLGDGGHSHQGHGHODWHPSHUDWXUD
GH PRGR TXH XQD FRPSHQVDFLyQ GH WHPSHUDWXUD HV LQGLVSHQVDEOH (VWH SULQFLSLR GH
PHGLFLyQHVORVXILFLHQWHPHQWHH[DFWRSDUDGHWHUPLQDUHOSXQWRGHJUDQXODFLyQSDUDOD
GHWHUPLQDFLyQGHOSXQWRILQDOGHODFRFFLyQHQFDPELRQREDVWD
/RV UHJODPHQWRV GH VHJXULGDG SDUD OD PHGLFLyQ UDGLRPpWULFD GH OD GHQVLGDG VRQ
VXPDPHQWHHVWULFWRV \HOS~EOLFRWDPELpQ \HODSDUDWRGHPHGLFLyQWLHQHTXHOOHYDUHO
VtPEROR GH UDGLRDFWLYLGDG /D PHQRU DFHSWDFLyQ GH OD UDGLRPHWUtD SRU HO S~EOLFR
WDPELpQDIHFWDDOSHUVRQDOGHODVIiEULFDVGHD]~FDU3DUDOOHYDUDFDERXQVHUYLFLRFRQ
PHGLFLyQUDGLRPpWULFDGHODGHQVLGDGVHQHFHVLWDXQSHUPLVRHVSHFLDOGHODVDXWRULGDGHV
HO FXDO VRODPHQWH VH REWLHQH HQ HO FDVR TXH OD IiEULFD HPSOHH XQ HVSHFLDOLVWD TXH VH
HQFDUJXHGHODSURWHFFLyQFRQWUDODLUUDGLDFLyQ(OWUDQVSRUWHGHODIXHQWHGHUDGLDFLyQ
KDFLD\GHVGHODIiEULFDWLHQHTXHHIHFWXDUVHFRQWUDQVSRUWHVHVSHFLDOL]DGRVSDUDPHGLRV
SHULFXORVRV(ODORMDPLHQWRGHODIXHQWHGHUDGLDFLyQIXHUDGHOVHFWRUGHPHGLFLyQGHOD
GHQVLGDG SRU HMHPSOR SDUD HO PDQWHQLPLHQWR GH OD LQVWDODFLyQ QR HVWi SHUPLWLGR
$GHPiVKD\TXHLQIRUPDUDQXDOPHQWHDODVDXWRULGDGHVDFHUFDGHOQ~PHURGHIXHQWHV
GHUDGLDFLyQ\VXOXJDUGHLQVWDODFLyQ(QDOJXQRVSDtVHVKDVWDVHSURKLEHHOHPSOHRGH
ODPHGLFLyQUDGLRPpWULFDGHODGHQVLGDGHQIiEULFDVGHD]~FDU


$SDUDWRV HOpFWULFRV VRQGDV GH FRQGXFWLELOLGDG VRQGDV GH DOWD IUHFXHQFLD \
VHQVRUHVGHPLFURRQGDV

(OHOHFWURGRFRP~QSDUDODGHWHUPLQDFLyQGHODFRQGXFWLELOLGDGGHVROXFLRQHVGHD]~FDU
SXHGH VHU HPSOHDGR SDUD VROXFLRQHV GH EDMR JUDGR GH SXUH]D QHFHVDULD WDPELpQ DTXt
XQD FRPSHQVDFLyQ GH OD WHPSHUDWXUD 'LVWLQWDV SXUH]DV DXWRPiWLFDPHQWH FRQGXFHQ D
DOWHUDFLRQHVGHODPHGLFLyQ/DWpFQLFDGHPHGLFLyQPHGLDQWHDOWDIUHFXHQFLDUHJLVWUDGH
PDQHUD PHMRU HO FRQWHQLGR HIHFWLYR GH PDWHULD VHFD TXH OD PHGLFLyQ PHGLDQWH
FRQGXFWLELOLGDG 3HUR WDPELpQ DTXt VH WLHQH SUREOHPD FRQ ODV GLVWLQWDV SXUH]DV GHO
SURGXFWR /RV DSDUDWRV GH PHGLFLyQ GH DOWD IUHFXHQFLD WLHQHQ XQD FRPSHQVDFLyQ GH
WHPSHUDWXUD LQWHUQD  FX\RV FRHILFLHQWHV FDOFXODGRV SUHYLDPHQWH WLHQHQ TXH VHU
SHUIHFWDPHQWHDGDSWDGRVDOSURGXFWRDH[DPLQDUSDUDPHGLFLRQHVHQFULVWDOL]DGRUHVGH
D]~FDU EODQFR HVWR HV LQGLVSHQVDEOH 6H FDOFXOD HO FRQWHQLGR GH PDWHULD VHFD GH XQD
IXQFLyQ GH SROLQRPLR FRPSOLFDGD HQ OD FXDO HVWiQ GLVWLQWDV IUHFXHQFLDV 3DUD FDGD
IUHFXHQFLDGHPHGLFLyQHVQHFHVDULROOHYDUDFDERXQFDOLEUDGRVHSDUDGR
(OPpWRGRPiVQXHYRSDUDODGHWHUPLQDFLyQGHOFRQWHQLGRGHPDWHULDVHFDGHVROXFLRQHV
GH D]~FDU HV OD PHGLFLyQ SRU PLFURRQGDV /D WpFQLFD TXH PLGH FRQ DOWD IUHFXHQFLD
WUDEDMD HQ HO VHFWRU GH 0+] PHGLFLRQHV SRU PLFURRQGDV VH HIHFW~DQ HQ HO VHFWRU  GH
*+]
(Q HO FDVR TXH VH HPSOHH HO VHQVRU GH PLFURRQGDV HQ HO HYDSRFULVWDOL]DGRU QR HV
QHFHVDULRKDFHUXQDFRPSHQVDFLyQGHWHPSHUDWXUD/RVFDPELRVGHSXUH]DGHQWURGHXQ
SURGXFWR WDPELpQ VRQ GHVSUHFLDEOHV 3RU HVWR \ SRU OD IXQFLyQ GHO FDOLEUDGR OLQHDO HV
SRVLEOHOOHYDUDFDERHOFDOLEUDGRGHPDQHUDUiSLGD\IiFLOGHDSOLFDUSDUDHOXVXDULR/D
LQVWDODFLyQ GH VHQVRUHV GH PLFURRQGDV HV FRPSDWLEOH FRQ ORV VLVWHPDV GH GHQVLPHWUtD
WUDGLFLRQDOHV(QFRPSDUDFLyQFRQORVGHPiVWLSRVGHGHQVLPHWUtDPRVWUDURQODVVHULHV
GH PHGLFLRQHV FRQ VHQVRUHV GH PLFURRQGDV OD PHMRU FRUUHODFLyQ FRQ PHGLFLRQHV
HIHFWXDGDVSDUDOHODPHQWHHQHOODERUDWRULR



,QGLFH












,QGLFH
















,QGLFH

/D PHGLFLyQ GH FRQFHQWUDFLyQ PHGLDQWH PLFURRQGDV GH OD FRPSDxtD SUR0WHF SXHGH
DSOLFDUVH HQ WRGRV ORV VHFWRUHV HQ ORV TXH KDVWD HQWRQFHV VH WUDEDMy FRQ PHGLFLRQHV
UDGLRPpWULFDV

3ULQFLSLRGHODPHGLFLyQGHGHQVLGDG\FRQFHQWUDFLyQPHGLDQWHPLFURRQGDV

/D PHGLFLyQ GH OD GHQVLGDG \ GH OD FRQFHQWUDFLyQ SRU PHGLR GH PLFURRQGDV HV XQ
PpWRGR GH PHGLFLyQ LQGLUHFWR VH PLGH HO FDPELR GH OD FRQVWDQWH GLHOpFWULFD GH OD
PH]FOD0LFURRQGDVHPLWLGDVDWUDYpVGHOMXJRFRQFHQWUDGRRODPDVDGHUHOOHQRKDFHQ
RVFLODUODVPROpFXODVGLSRODUHVGHODJXD\GHVSUHQGHQHQHUJtDDODVPROpFXODVGHODJXD
3RU HVWH VXPLQLVWUR GH HQHUJtD VH PRGLILFD OD VHxDO GH WUDQVPLVLyQ GH PDQHUD
SURSRUFLRQDO DO FRQWHQLGR GH DJXD HV GHFLU XQ FRQWHQLGR GH DJXD PD\RU LPSOLFD XQD
PRGLILFDFLyQPD\RUHQODVPLFURRQGDVHPLWLGDV
6XVWDQFLDV RUJiQLFDV WDOHV FRPR DOFRKRO \ D]~FDU VRODPHQWH SXHGHQ VHU GLOXLGDV HQ
DJXDVLVRQFDSDFHVGHXQLUVHFRQORVSXHQWHVGHKLGUyJHQR(VWDFRPELQDFLyQLQIOX\HHO
PRPHQWR GLSRODU \ DVt OD FRQVWDQWH GLHOpFWULFD GHO DJXD (O FDPELR GH OD FRQVWDQWH
GLHOpFWULFD SURGXFH XQD VHxDO TXH HV SURSRUFLRQDO DO FRQWHQLGR GH PDWHULD VHFD GH OD
VROXFLyQGHD]~FDU\SRUORWDQWRHVDSURSLDGRSDUDHOSURFHVRGHFULVWDOL]DFLyQ3RUOD
DOWDIUHFXHQFLDGHODVPLFURRQGDVODGLVWLQWDFRQGXFWLELOLGDGGHGLIHUHQWHVVROXFLRQHVGH
D]~FDUQRLQIOX\HODPHGLFLyQ6HREVHUYyTXHODLQIOXHQFLDGHODWHPSHUDWXUDVREUHOD
FRQVWDQWH GLHOpFWULFD HQWUH  \ ƒ& HV GHVSUHFLDEOH 3RU HVWR OD PHGLFLyQ GH OD
GHQVLGDGHQHYDSRFULVWDOL]DGRUHVQRQHFHVLWDFRPSHQVDFLyQGHODWHPSHUDWXUD\HVIiFLO
GH FDOLEUDU /D ILJ  PXHVWUD HO SULQFLSLR GH OD PHGLFLyQ GH GHQVLGDG \
FRQFHQWUDFLyQPHGLDQWHPLFURRQGDV

2VFLODGRU\VHQVRUHVGHPLFURRQGDV

(O VLVWHPD GH PHGLFLyQ SRU PLFURRQGDV GH OD FRPSDxtD SUR0WHF WLHQH GRV
FRPSRQHQWHV XQ PLFURSURFHVDGRU GH DOWD SRWHQFLD FRPR XQLGDG GH HYDOXDFLyQ
FRORFDGR HQ XQD FDMD PHWiOLFD DVt FRPR ODV VRQGDV FRQHFWDGDV FRQ EULGDV DO
FULVWDOL]DGRURDODWXEHUtD3RUORTXHORVFDEOHVGHFRQH[LyQGHPLFURRQGDVGHEHQVHU
ORPiVFRUWRVSRVLEOHV DP HVFRQYHQLHQWHFRORFDUODXQLGDGGHHYDOXDFLyQORPiV
FHUFDSRVLEOHDOVHFWRUGHPHGLFLyQ

8QLGDGGHHYDOXDFLyQ

6H HQWUHJD OD XQLGDG GH HYDOXDFLyQ FRQ HO VRIWZDUH FRPSOHWDPHQWH LQVWDODGD SDUD
HYDOXDFLyQ \ SDUDPHWUL]DFLyQ /RV SDUiPHWURV QHFHVDULRV VH LQVHUWDQ PHGLDQWH WHFODV
LQGLYLGXDOHVIiFLOGHPDQHMDUSDUDHOXVXDULR8QGLVSOD\DOIDQXPpULFRSHUPLWHOHHUDOOt
PLVPRWDQWRWRGRVORVSDUiPHWURVFRPRWDPELpQWRGRVORVUHVXOWDGRVGHODVPHGLFLRQHV
/DVHxDOGHVDOLGDGHOLQVWUXPHQWRHVWUDQVPLWLGDRSRUXQDVHxDOGHP$RSRUXQ
LQWHUIDFH 56  (Q FDVR GH XQ FRUWH GH FRUULHQWH WRGRV ORV SDUiPHWURV \ GDWRV GHO
FDOLEUDGRVRQDOPDFHQDGRVHQXQDPHPRULD((SURP9HUILJ


/DXQLGDGGHHYDOXDFLyQ
FRQWHFODVLQGLYXGXDOHVIiFLOGHPDQHMDU\FRQGLVSOD\DOIDQXPpULFR





,QGLFH

















,QGLFH

(OFRUD]yQGHODPHGLFLyQGHODGHQVLGDG\GHODFRQFHQWUDFLyQPHGLDQWHPLFURRQGDVHV
HOSURFHVDPLHQWRGHGDWRVGHDOWDSRWHQFLD\HOVRIWZDUHDQDOtWLFR

(VWDV FRPSRQHQWHV HVWiQ DORMDGDV HQ XQD FDMD GH DOXPLQLR UREXVWD FRQ PRGR GH
SURWHFFLyQ,3

6DOLGDGHVHxDOHVWiQGDUP$

6LUYHSDUDWRGRVHFWRUGHPHGLFLyQ

3DUDPHWUL]DFLyQVLPSOH)iFLOGHFDOLEUDUSRUFDOLEUDGRHQOtQHD

/DPHGLFLyQHVWiQGDUHQHYDSRFULVWDOL]DGRUHVQRUHTXLHUHFRPSHQVDFLyQGHWHPSHUDWXUD


6HQVRUHVGHLQPHUVLyQGHPLFURRQGDV

/RV VHQVRUHV GH LQPHUVLyQ GH PLFURRQGDV SXHGHQ VHU LQVWDODGRV HQ WRGR WLSR GH
FULVWDOL]DGRUHV \ WXEHUtDV GH  KDVWD  '1 /RV VHQVRUHV GH LQPHUVLyQ VLUYHQ
SHUIHFWDPHQWH SDUD OD PHGLFLyQ GH OD GHQVLGDG HQ VROXFLRQHV GH D]~FDU \ GHPiV
VROXFLRQHV DFXRVDV \ VRQ VXPLQLVWUDGRV FRQ EULGDV GH   \  '1 (O VHQVRU GH
PLFURRQGDVVWDQGDUGHVXWLOL]DGRHQFULVWDOL]DGRUHVGLVFRQWLQXRVPLHQWUDVTXHHOVHQVRU
FRQGLVSRVLWLYRGHGHVFDUJDGHDJXD &,3 HVHPSOHDGRHQFULVWDOL]DGRUHVFRQWLQXRV(O
VHQVRUGHLQPHUVLyQGHPLFURRQGDVVRODPHQWHFRQVLVWHGHXQHOHPHQWRHPLVRUUHFHSWRU
GH PLFURRQGDV \ QR WLHQH FRPSRQHQWHV HOHFWUyQLFDV R PHFiQLFDV 3XHGH VHU HPSOHDGR
KDVWDWHPSHUDWXUDVGHƒ&

([SHULHQFLDVFRQHOHPSOHRGHORVVHQVRUHVSUR0WHFHQODLQGXVWULDD]XFDUHUD

'HVGHVHHPSOHDQ\DPXQGLDOPHQWHORVVHQVRUHVGHLQPHUVLyQGHPLFURRQGDVGHOD
FRPSDxtDSUR0WHFWDQWRHQIiEULFDVGHD]~FDUGHUHPRODFKDFRPRWDPELpQGHD]~FDU
GH FDxD /RV UHVXOWDGRV PRVWUDURQ TXH PHGLDQWH HVWH WLSR GH PHGLFLyQ HV SRVLEOH
FRQWURODU H[WUDRUGLQDULDPHQWH HO SURFHVR GH FULVWDOL]DFLyQ HQ FULVWDOL]DGRUHV GH D]~FDU
EODQFRGHD]~FDUFUXGR\GHD]~FDUGHWHUFHUSURGXFWR/DH[DFWLWXGGHPHGLFLyQGHORV
DSDUDWRVHQVHUYLFLRHVVREUHVDOLHQWH0HGLFLRQHVHQFULVWDOL]DGRUHV\WXEHUtDVVRODPHQWH
PRVWUDURQXQDGHVYLDFLyQPtQLPDGHPDWHULDVHFD DEV GHPHGLFLRQHVOOHYDGDVD
FDERSDUDOHODPHQWHHQHOODERUDWRULR'HVGHVXSULPHUSXHVWDHQVHUYLFLRHQODFDPSDxD
 FDGD VLVWHPD GH PHGLFLyQ LQVWDODGR HQ ODV VLJXLHQWHV FDPSDxDV SUREy
SHUIHFWDPHQWHVXHILFDFLD9HUILJ\













,QGLFH
















,QGLFH
















,QGLFH

7pFQLFD2SHUDWLYD


/DFRQYHUVDFLyQFRQHOLQVWUXPHQWRVHHIHFW~DFRQERWRQHV )))\) TXHVH
HQFXHQWUDQDODGHUHFKDGHOGLVSOD\

(OERWyQ)VHXWLOL]DSDUDLQWURGXFLUHOPHQ~SULQFLSDOTXHVHOODPD6LVWHPD

























,QGLFH

(OPHQ~WLHQHKDVWDVXEPHQ~V JHUHQFLDGHOVHQVRUHVWDGRGHHUURUFRQILJXUDFLyQ
EiVLFD VHQVRU  VHQVRU  VHQVRU  \ VHQVRU   TXH GHSHQGHQ GH ORV Q~PHURV GH
VHQVRUHVFRQHFWDGRVFRQODXQLGDGGHHYROXFLyQ3DUDHOHJLUXQVXEPHQ~XQRWLHQHTXH
XWLOL]DUORVERWRQHV)\)SDUDGHVILODUDUULED\DEDMRVHJ~QODVIOHFKDVDOODGRGHORV
ERWRQHV FRQ)VHGHVILODDUULEDFRQ)VHGHVILODDEDMR 
3DUD LQVWDODU HO VHQVRU XQR WLHQH TXH GHVILODU OD EDUUD D  OD JHUHQFLD GHO VHQVRU GHO
VXEPHQ~\FRQILUPDUORFRQRN(OERWyQ)

























,QGLFH

(OGLVSOD\GHPXHVWUDDKRUDODDGPLQLVWUDFLyQSDUDORVVHQVRUHVTXHSXHGHQFRQHFWDUVH
FRQODXQLGDGGHHYDOXDFLyQVHGHEHSRQHUDOODGRGHOQ~PHURGHOVHQVRU
6LTXLHUHFRQHFWDUHOPyGXORFRQHOQ~PHURGHVHULHFRPRVHQVRUQ~PHURGHEH
GHVILODUODEDUUDQHJUDHQHOGLVSOD\DOVHQVRUQ~PHUR XVDQGRORVERWRQHV)\) \
SXOVDUHOERWyQ)SDUDFRQILUPDU



























,QGLFH

$KRUDSXHGHLQWURGXFLUHOQ~PHURVHULDO































,QGLFH

'HVSXpV GH KDEHU SXOVDGR HO ERWyQ RN )  HO LQVWUXPHQWR EXVFD DXWRPiWLFDPHQWH DO
PyGXOR 6L HO PyGXOR HV FRQHFWDGR FRQ OD XQLGDG GH HYDOXDFLyQ ORV LQVWUXPHQWRV
PXHVWUDQODVSDODEUDV³VHQVRUHQFRQWUDGR´HQHOGLVSOD\3XOVDQGRHOERWyQRNGHYXHOYH
HQHOPHQ~GHDGPLQLVWUDFLyQ
&HUFD GHO VHQVRU  HQFRQWUDUi HO Q~PHUR GH VHULH GHO PyGXOR GH PLFURRQGDV $KRUD
SXHGHLQVHULUORVQ~PHURVGHVHULHGHORVVHQVRUHVHQODPLVPDPDQHUD



























,QGLFH

&XDQGR WRGRV ORV Q~PHURV GH VHULH GHO PyGXOR HVWiQ UHJLVWUDGRV WLHQH TXH SXOVDU HO
ERWyQ)SDUDGHYROYHUDOPHQ~SULQFLSDOTXHDKRUDPDHVWUDORVVXEPHQ~VJHUHQFLDGHO
VHQVRU HVWDGR GH HUURU FRQILJXUDFLyQ EiVLFD \ HO VHQVRU TXH HVWi FRQHFWDGR DO
LQVWUXPHQWR
6DEH FRPR FRQHFWDU FRQ p[LWR ORV PyGXORV GH PLFURRQGDV DO LQVWUXPHQWR (O SDVR
VLJXLHQWHHVKDFHUODFRQILJXUDFLyQLQGLYLGXDOSDUDFDGDXQVHQVRU



























,QGLFH

&RQILJXUDFLyQGHO6HQVRU

3DUDFRQILJXUDUHOVHQVRUQ~PHURGHEHGHYROYHUDOPHQ~SULQFLSDOOODPDGRVLVWHPD\
HOHJLUHOVXEPHQ~OODPDGRVHQVRU





























,QGLFH

(Q HO VXEPHQ~ FDOLEUDFLyQ SXHGH HQFRQWUDU WRGRV ORV SDUiPHWURV LPSRUWDQWHV SDUD OD
FDOLEUDFLyQGHOLQVWUXPHQWR(QODDSOLFDFLyQHQHOH[WUHPRGHOD]~FDUGHODIiEULFDOD
UHODFLyQHQWUHODOHFWXUDGHOLQVWUXPHQWR\ORVYDORUHVGHOODERUDWRULRVRQOLQHDUHV\SRU
HVRVHUHFRPLHQGDODIXQFLyQGHODRUGHQ2WUDVDSOLFDFLRQHVWUDEDMDQFRQIXQFLRQHVGH
RUGHQPiVDOWDV\SRUHVRHOQXHYRµ,&&RIUHFHODSRVLELOLGDGGHHOHJLUIXQFLRQHV
HQWUHODƒ\ODƒRUGHQ



























,QGLFH

3DUD DSOLFDFLRQHV HVWiQGDU HQ OD ,QGXVWULD D]XFDUHUD HO VLVWHPD WUDEDMD FRQ ORV
FRHILFLHQWHV$\$/DSULPHUDLQVWDODFLyQHQOD$GHEHUtDVHU\$GHEHUtDVHU
±






























,QGLFH

,QWHUIDFHGHFXUULHQWH

(VWHPHQ~VHXWLOL]DSDUDDGDSWDUODVVDOLGDVGHFRUULHQWHGHOLQVWUXPHQWRDOVLVWHPDGH
SURFHVRGHFRQWUROGHODIiEULFD
(OLQVWUXPHQWRSXHGHWUDEDMDUFRQP$VHxDOHVDVtFRPRFRQVHxDOHVP$
3XHGHHOHJLUHVWDVRSFLRQHVGHVILMDQGRODEDUUDDODWDSD3XOVDQGRRNFRQHOERWyQ)
DFWLYDUiHOFXUVRU3XOVDQGRHOERWyQ)XVWHGSXHGHFDPELDUDSDUWLUGHP$DO
P$\YLFHYHUVD

























,QGLFH

'HVSXpV GH KDEHU LQVWDODGR  OD VDOLGD P$ GHEH LQVWDODU HO UDQJR REWHQLGR GH OD VHxDO
P$3DUDDSOLFDFLRQHVHQHYDSRFULVWDOL]DGRUHVXQUDQJRFRQYHQLHQWHSDUDODVHxDO
P$SRGUtDVHU%[






























,QGLFH

(O LQVWUXPHQWR GD OD SRVLELOLGDG GH PDQGDU XQ WHVW GH FRUULHQWH DO VLVWHPD GH FRQWURO
SDUDFRQWURODUODFRPXQLFDFLyQHQWUHHODSDUDWRGHFRQWURO\HODSDUDWRGHLQGLFDFLyQ
7RGDVODVVDOLGDVGHFRUULHQWHHQWUH\P$SXHGHQVHUHOHJLGDV






























,QGLFH

$O LQWURGXFLUHO WHVWGHFRUULHQWH HQHODSDUDWRQRVHDFWLYDODIXQFLyQGHOWHVWGH


FRUULHQWH 6RODPHQWH VL VH HQFLHQGH OD IXQFLyQ GHO WHVW GH FRUULHQWH HO LQVWUXPHQWR
HQYLDUi HO WHVW GH FRUULHQWH DO VLVWHPD GH SURFHVR GH FRQWURO +DVWD TXH HO WHVW GH
FRUULHQWHHVWiDFWLYDGRFHQWHOODUiODOX]YHUGHSDUDHOPRGRGHIXQFLRQDPLHQWR
'HVSXpVGHOFRQWUROGHODVHxDOHVLPSRUWDQWHDSDJDUODIXQFLyQGHOWHVW




























,QGLFH

1RPEUHGHOSURGXFWR

$OHOHJLUHVWHPHQ~SXHGHLQWURGXFLUHOQRPEUHGHOSURGXFWRTXHXVWHGTXLHUHPHGLUFRQ
HOVHQVRUHVSHFtILFR(OQRPEUHGHOSURGXFWRDSDUHFHUiHQHOGLVSOD\FRPRWtWXOR
3DUDLQWURGXFLUHOQRPEUHGHOSURGXFWRGHEHSXOVDUHOERWyQ)
3XOVDQGRHOERWyQ)SXHGHLQWURGXFLUODƒOHWUDGHODSDODEUD&DGDYH]TXHSXOVDHO
ERWyQ)UHFLELUiODSUy[LPDSDODEUDDOIDEpWLFD6LWLHQHSXOVDGRHOERWyQ)ODVSDODEUDV
DOIDEpWLFDVVHGHVILODUiQFRQJUDQYHORFLGDG
3XOVDQGR HO ERWyQ ) HO FXUVRU SDVDUi D OD SUy[LPD SRVLFLyQ \ XVWHG SXHGH DKRUD
LQWURGXFLUDOHWUDVLJXLHQWH























,QGLFH

0HGLGDV)tVLFDV

(OLJLHQGR HVWH PHQ~ SXHGH LQWURGXFLU RWUR QRPEUH SRU HMHPSOR HO QRPEUH GHO
HYDSRFULVWDOL]DGRU(OQRPEUHVHUiYLVXDOL]DGRVREUHHOYDORUPHGLGR
3DUD LQWURGXFLU HO QRPEUH SRU IDYRU VLJD ODV LQVWUXFFLRQHV GDGDV SDUD HO PHQ~
³QRPEUHGHOSURGXFWR´



























,QGLFH

8QLGDG)tVLFD

(VWH PHQ~ QRV GD OD SRVLELOLGDG GH HOHJLU OD XQLGDG ItVLFD YLVXDOL]DGD HQ HO GLVSOD\
3XHGH HOHJLU HQWUH ODV RSFLRQHV VLJXLHQWHV   6' JO %[ JFP  R XVWHG SXHGH


LQWURGXFLURWUDXQLGDG3DUDSRGHUHOHJLUXQDGHODVXQLGDGHVWLHQHTXHHQUROODUODEDUUD
KDVWDODXQLGDGLQGLFDGDGHVHDGD\GHVSXpVGHEHFRQILUPDUHVWRFRQRNHOERWyQ)



























,QGLFH

1~PHURVGHFLPDOHV

$TXtSXHGHHOHJLUHOQ~PHURGHGtJLWRVFLIUDVGHFLPDOHVTXHTXLHUHYHUHQHOGLVSOD\
3XHGHLQWURGXFLUYDORUHVHQWUH\VLKDHOHJLGRODXQLGDGItVLFDHQR%[XQPi[LPR
GHGtJLWRVGHWUiVGHODFRPDVHUHFRPLHQGD
6yORVLSXHGHOHHUODGHQVLGDGHQJORHQJFP XQPi[LPRGHGtJLWRVVHGHEHUtDXVDU





























,QGLFH

'HVSXpVGHKDEHULQVWDODGRHOLQVWUXPHQWRSXHGHYHUODSDQWDOODDUULEDPHQFLRQDGD(Q
ODL]TXLHUGDVXSHULRUXVWHGHQFRQWUDUiHOVHQVRU$EDMRSRGUiYHUHOQRPEUHGHOSURGXFWR
\ HO QRPEUH GHO HYDSRFULVWDOL]DGRU LQWURGXFLGR GXUDQWH OD FRQILJXUDFLyQ /D XQLGDG
ItVLFDHVHO%[6LXVWHGKDFRQHFWDGRHO37SRGUiOHHUODWHPSHUDWXUDGHOSURGXFWR
$ OD GHUHFKD GHO GLVSOD\ SXHGH YHU OD DWHQXDFLyQ \ HO GHVSOD]DPLHQWR GH IDVH (Q OD
HWDSDGHODEDUUDVHLQGLFDHOUDQJRDP$
/DVILJXUDVGHEDMRGHODEDUUDLQGLFDQHOUDQJRGHPHGLFLyQ(OUDQJRGHPHGLFLyQWRWDO
GHSHQGHGHOFRHILFLHQWHGHFDOLEUDFLyQ$KDVWD$

























,QGLFH

















,QGLFH
















,QGLFH











,QGLFH

&$3,78/2,9

/$&5,67$/,=$&,Ï1&217,18$(1/267$&+26


 ,1752'8&&,Ï1

/DLQGXVWULDD]XFDUHUDKDGHVDUUROODGRSURFHVRVGHFULVWDOL]DFLyQFRQWLQXRVGHVGHHODxRGH

'H 9ULHV 6XJDU \ D]~FDU   /XFH ,6-   \ 6LOYHU 6XJDU \ D]~FDU   KDQ
GHVFULWR HO HVWDGR GH GHVDUUROOR GH ORV SURFHVRV GH FULVWDOL]DFLyQ FRQWLQXRV DVt FRPR ORV
SUREOHPDVHQFRQWUDGRV
/RVWDFKRVFRQWLQXRVVRQSDUWLFXODUPHQWHDWUDFWLYRVSDUDORVUHILQDGRUHVGHD]~FDUGHELGRD
VXFHQWUDOL]DFLyQ\JUDQFDSDFLGDGXQLGRDODOWRHVWDGRGHDXWRPDWL]DFLyQTXHORVPLVPRV
FRQOOHYDQ
6H DQXQFLD SRU FLHUWRV IDEULFDQWHV HO ORJUR GH UHQGLPLHQWRV DOWRV SRU XQLGDG GH FDSLWDO \
FRVWRVGHRSHUDFLyQDVtFRPRODSRVLELOLGDGGHORJUDUODFDOLGDGGHOD]~FDUJUDQXODGR
6LQHPEDUJRHVWHVLVWHPDWRGDYtDQRKDPDGXUDGRFRPSOHWDPHQWH\QRVHKDJHQHUDOL]DGR
VXDFHSWDFLyQ

/DVYHQWDMDVQRUPDOHVGHFXDOTXLHUSURFHVRFRQWLQXRFRQWUDHOGHFDUJD HTXLSRVSHTXHxRV\
QXPHURVRVODUHJXODFLyQQRHVHQIXQFLyQGHOWLHPSRHWF HVVRODPHQWHXQRHOWpUPLFR/D
HQWUDGD \ VDOLGDGHYDSRUHVFRQWLQXD \SHUPLWHODUDFLRQDOL]DFLyQGHOEDODQFHWpUPLFR QR
H[LVWLHQGRYDULDFLRQHVEUXVFDV,JXDOPHQWHHOQLYHOGHODPDVDFRFLGDVREUHODFDODQGULDHV
EDMRORFXDOSHUPLWHHOXVRGHYDSRUDEDMDSUHVLyQ SVLJ 
/DFRQWLQXLGDGGHOIOXMRGHYDSRU\VXFDOLGDG SXHVQRKD\DGPLVLyQGHDLUHGHELGRDTXH
QRKD\GHVFDUJDVGHWHPSODVQRH[LVWHQDUUDVWUHVGHD]~FDUDOFRQGHQVDGRUGHELGRDOJUDQ
YROXPHQOLEUHSRUHQFLPDGHODPDVDFRFLGD SHUPLWHODFRPSUHVLyQGHOYDSRU

/DPD\RUGHVYHQWDMDGHORVWDFKRVFRQWLQXRVVRQODVLQFUXVWDFLRQHVSHURHVWDVVRQVHYHUDV
VRODPHQWH HQ ORV WDFKRV FRQWLQXRV TXH SURFHVDQ WHPSODV GH DJRWDPLHQWR 2WUR ULHVJR
HQFRQWUDGR FRQ HO XVR GH ORV WDFKRV FRQWLQXRV HV OD DPSOLD GLVWULEXFLyQ GHO WDPDxR GHO
FULVWDOGHVDFDURVDGHELGRDOFRUWRFLUFXLWRGHODPDVDFRFLGD\DWLHPSRVGHFRFLQDGRVDOWRV
DXQTXHDOJXQRVQRFRQVLGHUDQFUtWLFRVHVWRVSXQWRV

 35,1&,3,26'(/$&5,67$/,=$&,Ï1&217,18$


/DGLVWULEXFLyQGHOWDPDxRGHOFULVWDO '7& GHOD]~FDUJUDQXODGRHQPDJQLWXG\IRUPD SRU


HMHPSORWDPDxRPHGLR\IRUPDGHGLVWULEXFLyQ HVXQIDFWRULPSRUWDQWHHQHOGHVDUUROORGH
ORVSURFHVRVGHFULVWDOL]DFLyQFRQWLQXDGHOD]~FDUFUXGR\HOD]~FDUEODQFR
5DQGROSK \ /DUVRQ HVWXGLDURQ HO SUREOHPD GH OD '7& \ SUHVHQWDURQ XQ DOJRULVPR TXH
UHODFLRQD HO FUHFLPLHQWR GHO FULVWDO \ OD UD]yQ GH QXFOHDFLyQ FRQ OD FRQILJXUDFLyQ GHO
SURFHVR(VWRVDXWRUHVLQGLFDQODLPSRUWDQFLDGHODSREODFLyQH[SRQHQFLDOGHODGHQVLGDG
GHGLVWULEXFLyQQ / 

Q /   %ƒ* H[S /*W GRQGH      
Q GHQVLGDGGHSREODFLyQHQQ~PHURODUJRYROXPHQ



,QGLFH

(O LQWHUFHSWR HQ /   GDGR TXH %ƒ* VH GHILQH FRPR OD GHQVLGDG GH SREODFLyQ GH ORV
WDPDxRVGHFULVWDOHVHPEULRQDULRV/DFDUDFWHUL]DGDGLPHQVLyQGHOFULVWDOVHGDSRUVtPEROR
/\ODUD]yQDODFXDOHVWDGLPHQVLyQFUHFHVHGHQRPLQDUD]yQGHFUHFLPLHQWR*(OWLHPSR
GH UHWHQFLyQ W HV HO YROXPHQ GHO FULVWDOL]DGRU GLYLGLGR SRU HO IOXMR GH VDOLGD GH OD
VXVSHQVLyQRVHDW 94

%ƒ  UD]yQGHQXFOHDFLyQHQQ~PHURVFP PLQ

*  UD]yQGHFUHFLPLHQWROLQHDOGHOFULVWDOHQPLFURQHVPLQ

(VWD IRUPDH[SRQHQFLDOHVODGLVWULEXFLyQHVSHUDGDGHXQDPH]FODHQVXVSHQVLyQFRQWLQXD
HQXQFULVWDOL]DGRUGHUHPRFLyQGHOSURGXFWRPH]FODGR 06&530 
3DUDTXHODHFXDFLyQVHDYiOLGDKD\TXHKDFHUDOJXQDVDVXQFLRQHV

$ (QODOH\GH0F&DEH$/*≠I / 

% /DDOLPHQWDFLyQDOFULVWDOL]DGRUQRFRQWLHQHFULVWDOHV Q  



& /DGHQVLGDGGHSREODFLyQGHOSURGXFWRHQHOFULVWDOL]DGRUHVODPLVPD

' (OYROXPHQGHVXVSHQVLyQSHUPDQHFHFRQVWDQWHFRQHOWLHPSR

/DUD]yQGHQXFOHDFLyQ%ƒVHUHODFLRQDFRQODGHQVLGDGGHOQ~FOHR\ODUD]yQGHFUHFLPLHQWR
SRUODHFXDFLyQVLJXLHQWH

%ƒ Qƒ*      

/DGHQVLGDGGHORVQ~FOHRVSXHGHGHWHUPLQDUVHSRUFRUULGDVH[SHULPHQWDOHVSORWHDQGROQ Q 
96/ \GHWHUPLQDQGRHOLQWHUFHSWRHQ/ (OWDPDxRGHODSREODFLyQFDUDFWHUtVWLFD *W 
SXHGH KDOODUVH GHVGH OD SHQGLHQWH GH OD OtQHD %ƒ VH REWLHQH GHVGH OD HFXDFLyQ  /D
GHQVLGDGGHODSDVWD0WVHKDOODSRUODHFXDFLyQ

0W  N ρQƒ *W  

  

Y

$TXt 0W HV OD FRQFHQWUDFLyQ GH VyOLGRV N  HV HO IDFWRU GH OD IRUPD GHO FULVWDO HO FXDO VH
UHODFLRQD FRQ HO FXER GHO WDPDxR FDUDFWHUtVWLFR GH OD SDUWtFXOD FRQ VX YROXPHQ \ ρ HV OD
Y

GHQVLGDGGHOFULVWDO
/DV HFXDFLRQHV   \  SXHGHQ XVDUVH SDUD DQDOL]DU HO '7& GH XQ FULVWDOL]DGRU
06&5303XHGHQRWDUVHTXHFDGDSDUiPHWURGHODHFXDFLyQSXHGHUHODFLRQDUVHFRQOD
FLQpWLFDGHOVLVWHPD/DUD]yQGHFUHFLPLHQWR*VHGHWHUPLQDSRUODFLQpWLFDGHFUHFLPLHQWR
\SRUWHOFXDOHVFRQRFLGRHQHOVLVWHPD(VDVGRVFDQWLGDGHVVLQHPEDUJRQRSXHGHQVHU
ILMDGDV LQGHSHQGLHQWHPHQWH *HQHUDOPHQWH XQR ILMD ORV IOXMRV GH PDVD \ HQHUJtD \ OD
FLQpWLFD GH FUHFLPLHQWR GH PDVD \ QXFOHDFLyQ LQKHUHQWHV DO VLVWHPD FULVWDOLQR GHWHUPLQD OD
UD]yQGHFUHFLPLHQWRTXHH[LVWH
/RV FRQWUROHV DMXVWDEOHV HQ XQ VLVWHPD GH FULVWDOL]DFLyQ FRQWLQXR VRQ OD FRQFHQWUDFLyQ GHO
VLURSHGHDOLPHQWDFLyQODUD]yQGHHQWUDGDRVDOLGDGHOYDSRU\ODUD]yQGHDOLPHQWDFLyQ







,QGLFH

&LQpWLFDGH1XFOHDFLyQGHO&ULVWDO

(Q HO VLVWHPD D]~FDUDJXDVROYHQWH OD QXFOHDFLyQ VHFXQGDULD HV SUREDEOH GHELGR D ODV
FROLVLRQHVTXHVHSURGXFHQHQWUHORVFULVWDOHV/RVQ~FOHRVUHVXOWDQWHVGHODVFROLVLRQHVGH
ORVFULVWDOHVGHVHPLOODFRQODVXSHUILFLHVyOLGDVHQHOFDVRGHWDFKRVFRQDJLWDGRUHVSXHGHQ
VHURWURVFULVWDOHVLPSHOHQWHVRODVVXSHUILFLHVVyOLGDVGHOWDFKR
'HDFXHUGRFRQ<RXQJTXLVW\5DQGROSKQRH[LVWHXQDWHRUtDIXQGDPHQWDOTXHFRUUHODFLRQH
RSUHGLJDODQXFOHDFLyQVHFXQGDULDH[LVWHQWHODPD\RUtDGHORVGDWRVVHKDQREWHQLGRXVDQGR
FULVWDOL]DGRUHV06&530'LFKRVGDWRVIUHFXHQWHPHQWHVHFRUUHODFLRQDQXVDQGRXQPRGHOR
GHODOH\GHSRWHQFLDGHODIRUPD

%ƒ  . * 0W  L
 -
 

Q


(OPHFDQLVPRGHQXFOHDFLyQVHFXQGDULD RDXWRQXFOHDFLyQ WDPELpQDVLGRHVWXGLDGRSRU
&ORQW]0FFDEH5DQGROSK\&LVH6XVKDOOD]JRVKDQLQGLFDGRTXHODQXFOHDFLyQVHFXQGDULD
SRUFRQWDFWRMXHJDXQUROLPSRUWDQWHHQODRSHUDFLyQGHORVWDFKRV(VWHIHQyPHQRHVPX\
LPSRUWDQWHHQORVVLVWHPDVGHVDFDURVDDJXDRUJiQLFRVGHELGRDODEDMDYLVFRVLGDGGHOD
PDVDFRFLGD

&LQpWLFDGHO&UHFLPLHQWRGHO&ULVWDO

(Q DGLFLyQ D OD FLQpWLFD VHFXQGDULD GH OD IRUPD GH OD HFXDFLyQ  XQD UHODFLyQ GH OD
FLQpWLFD GH OD UD]yQ GH FUHFLPLHQWR VH KDFH QHFHVDULD SDUD OD VLPXODFLyQ FRPSOHWD GH XQ
SURFHVR GH FULVWDOL]DFLyQ /D HFXDFLyQ OLQHDU VLJXLHQWH VH REWXYR XVDQGR ORV GDWRV GH
%HQQHWWHORVFXDOHVREWXYRGHXQVLVWHPDVDFDURVDDJXDXVDQGRHOWDFKRGHFULVWDOL]DFLyQ
FRQWLQXD)LYHV&DLO

6  *      

'RQGH

6  &RHILFLHQWHGHVREUHVDWXUDFLyQ
*  5D]yQGHFUHFLPLHQWRGHPLFURQHVPLQXWR


&RHILFLHQWHGH9DULDFLyQ

8Q tQGLFH GH OD DPSOLWXG GH OD '7& HV HO FRHILFLHQWH GH YDULDFLyQ &  GHILQLGR FRPR OD
GHVYLDFLyQHVWiQGDUGLYLGLGRSRUODPHGLD
Y


& ≈ / ±/ /    

Y   

/D GLVWULEXFLyQ HQ XQ 06&530 HV HQ JHQHUDO PX\ DPSOLD SDUD VHU DFHSWDGD HQ ORV
SURFHVRVGHD]~FDUFUXGR\UHILQR+LOO2UFKDUG\5DQGROSKKDHVWXGLDGRHOFRHILFLHQWHGH
YDULDFLyQTXHSXHGHHVSHUDUVHHQXQSURFHVRFRQWLQXRSRUHWDSDVVHPLOODQGRVRODPHQWHHQ
ODSULPHUDHWDSD\FRQXQDUD]yQGHFUHFLPLHQWR\XQWLHPSRGHUHWHQFLyQLJXDOHVHQWRGDV
ODVHWDSDV(QHVWHFDVR


 
,QGLFH




 
,QGLFH



&Y   N ò   

(VWDHFXDFLyQLQGLFDTXHHOSURFHVRSRUHWDSDVQRHVXQDYtDHILFLHQWHVSDUDDOFDQ]DUXQ& 
HQWUHORFXDOVLVHORJUDHQORVWDFKRVFRQYHQFLRQDOHVFXLGDGRVDPHQWHFRQWURODGRV
Y

(OSUREOHPDGHDOFDQ]DUXQ& EDMRKDVLGRDWDFDGRHQHOSURFHVRGHFULVWDOL]DFLyQFRQWLQXD
GH OD ILYHV/LOLH&DLO FRQ XQ HTXLSR TXH DOFDQ]D HO IOXMR GH WDSyQ OR FXDO HV XQ SURFHVR
Y

DQiORJRDOTXHVHOHSURGXFHHQXQWDFKRFRQYHQFLRQDO(QHOOtPLWHXQQ~PHURLQILQLWRGH
HWDSDVVLQVHPLOODUHTXLYDOHDODFRQILJXUDFLyQLGHDOGHOIOXMRWDSyQ
/DHFXDFLyQLQGLFDODHVWUHFKHVDVLQWyWLFDHVSHUDGDFRQPXFKDVHWDSDVSRUHMHPSORy
SXHGHQRDOFDQ]DUDHOIOXMRWDSyQSHURVLSXHGHSURGXFLUXQ& DFHSWDEOH
%HQQHWWKDLQGLFDGRTXHORVWDFKRVGHFULVWDOL]DFLyQFRQWLQXDGHOD)/&SURGXFHQXQ& PiV
Y

EDMRTXHORVWDFKRVFRQYHQFLRQDOHV
Y


/DWDEOD;;;,,PXHVWUDHO& DOFDQ]DGRHQDOJXQRVVLVWHPDVGHFULVWDOL]DFLyQFRQWLQXD

Y




7DEOD;;;,,

&RHILFLHQWH GH YDULDFLyQ &  \ DEHUWXUD PHGLD $0  GHO D]~FDU JUDQXODGR DOFDQ]DGR SRU
DOJXQRVVLVWHPDVGHFULVWDOL]DFLyQFRQWLQXD0&$5 PDVDFRFLGD$UHILQR0&' PDVD
Y

FRFLGDGHUUHWLGR


 
,QGLFH

7DFKRFRQWLQXR SURGXFWR &Y $0PP


'H9ULHV'LQWHORRG 0&$5  
)LYHV&DLO%DEFRFN 0&$5  
/XFH   
4XHHQVODQG 0&$  
/DQJUHQH\ 0&&  
0RVVPDQ   
7XOO\ 0&&  
5HFHFRXUFH 0&&  
*RGFKDX[+HQGHUVRQ   
$PVWDU   
%0$ 0&'  


2WUR 7pUPLQR UHODFLRQDGR HVWUHFKDPHQWH FRQ HO &  \ GH LJXDO LPSRUWDQFLD HV OD DEHUWXUD
PHGLD GHO WDPDxR GH JUDQR GHO SURGXFWR $0  (O WDPDxR GH SDUWtFXOD HV XQD IXQFLyQ
Y

GLUHFWD GHO Q~PHUR GH Q~FOHRV UHODWLYRV D OD SURGXFFLyQ (Q OD QXFOHDFLyQ GH WDFKRV
FRQYHQFLRQDOHV GHQWUR GH FLHUWRV OtPLWHV VH SXHGHQ PDQLSXODU DPEDV YDULDEOHV SDUD
FDPELDU HO WDPDxR 6LQ HPEDUJR HQ XQ SURFHVR FRQWLQXR FRQ OD DOLPHQWDFLyQ GH VHPLOOD
HVWDEOHHOFRQWUROGHOWDPDxRGHOJUDQRHVPX\GLItFLO
(OWDPDxRGHOFULVWDOHVWDGHWHUPLQDGRSRUODUD]yQGHFUHFLPLHQWR\OD'7&GHODVHPLOOD
/DVILJXUDV\PXHVWUDQOD'7&SRUODDGLFLyQGHXQDSDVWDGHVHPLOODDODSULPHUD
HWDSD GHXQWDFKRFRQWLQXR%0$&RPRVHYHHQODVILJXUDV DOFRPSDUDUOD'7&FRQ OD
REWHQLGDHQXQWDFKRFRQYHQFLRQDOODYDULDFLyQHVPX\DPSOLD

/DV PLVPDV OH\HV GH ODV VROXFLRQHV GH D]~FDU VREUHVDWXUDGDV TXH ULJHQ ORV FRFLQDGRV HQ
WDFKRVFRQYHQFLRQDOHVVRQDSOLFDEOHVDORVSURFHVRVFRQWLQXRV
/RV FRFLQDGRV HQ OD ]RQD PHWDHVWDEOH HQ ORV WDFKRV FRQYHQFLRQDOHV KDQ KHFKR TXH VH
DOFDQFHQ'7&H[FHSFLRQDOPHQWHEDMRV\HVREYLRTXHFXDOTXLHUSURFHVRGHFULVWDOL]DFLyQ
FRQWLQXDGHODVDFDURVDGHEHGHVDUUROODUXQDIXHQWHHVWDEOH\FRQWLQXDGHVHPLOOD(QWRQFHV
HOGHVDUUROORGHXQDIXHQWHFRQWLQXDGHVHPLOODGHDOWDFDOLGDGHVPDQGDWRULR


6(0,//$0,(172'(7$&+26&217,1826

(Q OD DFWXDOLGDG H[LVWHQ GRV VLVWHPDV SDUD HO GHVDUUROOR GH ORV JUDQRV GH VDFDURVD HQ ORV
WDFKRVFRQWLQXRV

D /RVTXHWUDEDMDQFRQSDVWDGHVHPLOOD
E /RVTXHWUDEDMDQFRQSLHGHWHPSOD


D  /RVTXHWUDEDMDQFRQSDVWDGHVHPLOOD

(VWRVVLVWHPDVXVDQXQDSDVWDGHVHPLOODKHFKDGHD]~FDUHQSROYRVXVSHQGLGDHQDOFRKRO
LVRSURStOLFRRPH]FODGDFRQXQDVROXFLyQVDWXUDGDGHVDFDURVD
/D ILJXUD  PXHVWUD XQ FULVWDOL]DGRU GH VHPLOODPLHQWR FRQWLQXR HO FXDO QHFHVLWD XQ
PtQLPR GH FRQWUROHV SDUD XVDUOR HQ WDFKRV FRQWLQXRV (Q GLFKR VLVWHPD 3URSXHVWR SRU
%URDGIRRG \ +XWFKLQVRQ VH QHFHVLWD VRODPHQWH  FRQWUROHV GH OD]R SDUD DXWRPDWL]DU HO
VLVWHPD

 
,QGLFH



























 
,QGLFH







 
,QGLFH






























 
,QGLFH























 
,QGLFH























 
,QGLFH





(QWUHORVVLVWHPDVGHWDFKRVFRQWLQXRVTXHXVDQXQDSDVWDGHVHPLOODSDUDHOGHVDUUROORGHO
JUDQRHVWiQ'H9ULHV'LQWHORRG)LYHV&DLO%DGFRN\*RGFKRR[+HQGHUVRQ

(VEXHQRDFODUDUTXHHQHOWDFKRFRQWLQXRQRVHSURGXFHQXFOHDFLyQVLQRTXHKD\TXH
VXPLQLVWUDUOHORVQ~FOHRV\DIRUPDGRV


E  /RVTXHWUDEDMDQFRQSLHVGHWHPSOD

&XDQGRVHRSHUDXQWDFKRFRQWLQXRFRQXQSLHGHWHPSODOD'7&REWHQLGDHVPXFKRPiV
EDMDTXHFXDQGRVHXWLOL]DODVHPLOODHQIRUPDGHSDVWD/DVILJXUDV\PXHVWUDQOD
'7&REWHQLGDHPSOHDQGRHVWHPpWRGR\DVXYH]FRPSDUDGDFRQXQWDFKRFRQYHQFLRQDO
3DUD SUHSDUDU ORV SLHV GH VHPLOOD VH SXHGH XVDU FXDOTXLHU WDFKR FRQYHQFLRQDO TXH HVWp
DXWRPDWL]DGRFRPRHOTXHVHPXHVWUDHQODILJXUD
(QWUH ORV VLVWHPDV GH WDFKRV FRQWLQXRV TXH XVDQ WDFKRV FRQYHQFLRQDOHV SDUD SUHSDUDU ORV
SLHVGHVHPLOODHVWDHOGHOD%0$


 
,QGLFH





















 
,QGLFH

 
,QGLFH
















 
,QGLFH

 
,QGLFH









 
,QGLFH

2WURWLSRGHWDFKRTXHVHXVDSDUDSUHSDUDUORVSLHVGHVHPLOODHVHOFULVWDOL]DGRU6ZHQVRQ
)&6HJ~QORVHVWXGLRVUHDOL]DGRV 3HWUL\%HQQHWW6,7 HVWHWDFKRHVVXSHULRUDOWLSR
FRQYHQFLRQDO HQ OD SURGXFFLyQ GH FULVWDOHV GH FDOLGDG GHELGR D TXH OD YHORFLGDG GH
FLUFXODFLyQHVGHSLHVVHJXQGRHQOXJDUGHSLHVVHJXQGRHQORVFRQYHQFLRQDOHVFRQ
FLUFXODGRUHVORFXDOSURGXFHXQDVHPLOODFDVLVLQJUDQRVFRQJORPHUDGRV/DVILJXUDV \
PXHVWUDQHOVLVWHPD

F  &DQWLGDGGH6HPLOOD

/D UD]yQ GH LQ\HFFLyQ GH VHPLOOD VH FDOFXOD D SDUWLU GH OD FRPELQDFLyQ GHO WLHPSR GH
UHWHQFLyQ\ODUD]yQGHFUHFLPLHQWR&RPRHOYROXPHQGHODPDVDHVFRQRFLGR\VHPDQWLHQH
FRQVWDQWH \ OD UD]yQ GH GHVFDUJD HQ 3KU HV FRQWURODGD VH SXHGH FDOFXODU HQWRQFHV HO
WLHPSRGHUHWHQFLyQ
6LVHGHVHDGXSOLFDUHOWDPDxRGHOFULVWDOEDVDGRHQHOWLHPSRGHUHWHQFLyQODFDQWLGDGGH
VHPLOODQHFHVLWDGDSRGUtDVHUDODSRWHQFLDGH   y
/DERPEDGHVHPLOODVHFDOLEUDHQJSPGHVHPLOODODFXDOVHLQ\HFWDDƒ)SRUHQFLPDGH
ODPDVDFRFLGDKLUYLHQWHSDUDWRPDUYHQWDMDGHODWHPSHUDWXUDPiVEDMDGHOYDSRUVDWXUDGR
D OD SUHVLyQ H[LVWHQWH HQWRQFHV VH PLQLPL]D OD GLVROXFLyQ GH ORV SHTXHxRV FULVWDOHV GH
VHPLOODDODDOWDWHPSHUDWXUDGHODPDVDFRFLGD

&21752/'(/$385(=$

3DUD XQ FRQWURO HIHFWLYR GH OD SXUH]D GH OD PDVD FRFLGD VH XVD XQ FRQWURO DXWRPiWLFR GH
OD]RYHUILJXUD
/DDOLPHQWDFLyQGHVLURSHVGHSXUH]DVDOWDV\EDMDVHVUHODFLRQDGRSRUYROXPHQSRUPHGLR
GHGRVIOXMyPHWURVPDJQpWLFRVORVFXDOHVHQYtDQXQDVHxDODOFRQWURODGRU'HQWURGHFLHUWRV
OtPLWHVGLFWDGRVSRUODFDQWLGDGS+\WHPSHUDWXUDODSXUH]DHVLQYHUVDPHQWHSURSRUFLRQDO
D OD FRQGXFWLYLGDG SRU HVR XQ FRQGXFWtPHWUR ORFDOL]DGR HQ HO FDEH]DO GH DOLPHQWDFLyQ
HQYtDQWDPELpQXQDVHxDODOFRQWURODGRU/RVSXQWRVGHDMXVWHSDUDODVSXUH]DVGHVHDGDVVH
REWLHQHQ D SDUWLU GH FXUYDV GH FDOLEUDFLyQ GH SXUH]D YV FRQGXFWLYLGDG 8Q PpWRGR
DOWHUQDWLYR SDUD HO FRQWURO GH OD SXUH]D HV HO XVR GHO DQDOL]DGRU GH OD SXUH]D FRQWLQXD
GHVDUUROODGRSRU*UHDW:HVWHU6XJDU&RPSDQ\

6,67(0$6'(&5,67$/,=$&,Ï1&217,1826

(QHOSUHVHQWHORVVLVWHPDVGHWDFKRVFRQWLQXRVPiVXVDGRVVRQ


$ 'H9ULHV'LQWHORRG

(VWH VLVWHPD ILJXUD  EDVDGR HQ ODV LGHDV GH 'H 9ULHV IXH LQVWDODGR HQ OD IiEULFD GH
D]~FDU'LQWHORRGHQ+RODQGD
&RQHVWHVLVWHPDDOOtVHSURGXFHPFDGHUHILQRGHGHSXUH]D

(Q HVWH VLVWHPD VH XVD XQD FRPELQDFLyQ GH SUHHYDSRUDFLyQ GHO OLFRU D WHPSHUDWXUD \
FRQFHQWUDFLRQHVDOWDVVHJXLGRSRUODQXFOHDFLyQHQIULDPLHQWR\JUDGXDODXWRHYDSRUDFLyQD
WHPSHUDWXUDVEDMDVFRQXQIOXMRGHSLVWyQSDUFLDOGHORVFULVWDOHVDWUDYpVGHOVLVWHPD

% )LYHV±&DLO%DGFRFN

 
,QGLFH


(VWH VLVWHPD ILJXUD  FRQVWD GH XQD XQLGDG GH VLHWH HWDSDV OD FXDO VH KD XVDGR SDUD
0&5\HVRSHUDGDFRQSDVWDGHVHPLOOD\OLFRUGHSXUH]DDOWD8QDXQLGDGFRQHWDSDVGH
¶GHGLiPHWURSRU¶GHODUJRVHXVRSDUDPF$\&GHFUXGRVHQ5HXQLyQ(Q
VHLQVWDODURQGRVXQLGDGHVGH\HWDSDVHQ$IULFDGHO6XUFRQFDODQGULDVGHYDSRUGH
GLVHxRVGLIHUHQWHV

'LIHUHQWHVUHSRUWHVPXHVWUDQTXHHOD]~FDUVHREWLHQHFRQXQD$0 PP\XQ&9 
 
'XUDQWHOD]DIUDGHVHLQVWDODURQGRVGHHVWRVWDFKRVFRQWLQXRVHQ$UIULFDGHO6XUGH
 FRPSDUWLPLHQWRV FRQ WLSRV GLIHUHQWHV GH FDODQGULDV GH YDSRU 'HELGR D VX JUDQ
VXSHUILFLHGHFDOHQWDPLHQWRHOORVGDQXQPiVGHSURGXFFLyQ(QHO,QJHQLR$]XFDUHUR
6DQ $QWRQLR HQ 1LFDUDJXD KD\ WUHV GH HVWRV WDFKRV LQVWDODGRV XQR SDUD 0&$ XQR SDUD
0&%\XQRSDUD0&&

(O YHUGDGHUR WDFKR FRQWLQXR H[SORWDGR HQ UHILQHUtD DSDUHFLy HQ  6H WUDWDED GHO
SURWRWLSR)&%LQVWDODGRHQODUHILQHUtDGH1DVVDQGUHVHQ)UDQFLD

'HVSXpVGHHVWDIHFKD)&%KDUHDOL]DGR\SXHVWRHQVHUYLFLRHQHOPXQGRHQWHURWDFKRV
FRQWLQXRVHQWRGRVORVSURGXFWRVGHD]XFDUHUDGHUHPRODFKD\FDxD

'HVGH )&%FRPHUFLDOL]DXQQXHYRWDFKRFRQWLQXRHOWDFKR&&7:TXHUHHPSOD]D D
SDUWLUGHDKRUDHODQWLJXRWDFKR&&75

(VWHQXHYRWDFKRDSRUWDSURJUHVRVPX\QHWRVFRQUHVSHFWRDOSUHFHGHQWH


'(6&5,3&,Ï1'(/267$&+26&217,1826)&%

(ODSDUDWRSDUDFRFHUHQFRQWLQXRFRPSUHQGH ILJXUD$ 

8QD YLUROD FLOtQGULFDKRUL]RQWDOHQDFHUR]XQFKDGDSDUDUHIRU]DUVX UHVLVWHQFLDDOYDFtR \
GHOLPLWDGD HQ VXV H[WUHPLGDGHV SRU GRV IDFKDGDV SODQDV UHIRU]DGDV KDFLHQGR RILFLR GH
VRSRUWHGHODSDUDWR

8Q KD] GH FDOHIDFFLyQ GLVSXHVWR HQ OD SDUWH VXSHULRU GH OD FXED \ FRPSXHVWR GH WXERV
KRUL]RQWDOHV HQ DFHUR LQR[LGDEOH  GLVSXHVWRV HQ ILODV YHUWLFDOHV (QWUH HO KD] \ OD YLUROD
SDVRVODWHUDOHVHLQIHULRUHVDPSOLDPHQWHGLPHQVLRQDGRVSHUPLWHQXQDFyPRGDFLUFXODFLyQ
GHODPDVDFRFLGD
/RV WXERVVHILMDQDODV IDFKDGDVSRUVXVH[WUHPLGDGHVSRUPHGLRGHGLVSRVLWLYRVHVWDQFRV
SDWHQWDGRVTXHSHUPLWHQVXOLEUHGLODWDFLyQ /RVWXERVGHVHPERFDQHQFDGDH[WUHPLGDG HQ
ODVFDMDVGHYDSRUFHUUDGDVFRQSXHUWDVDWRUQLOODGDVSHUPLWLHQGRXQDFFHVRIiFLODODVSODFDV
WXEXODUHV

6H SXHGHQ LPSODQWDU HQ FDGD FRPSDUWLPLHQWR KpOLFHV GH DJLWDFLyQ PHFiQLFD SDUD PHMRUDU
WRGDYtDODVSUHVWDFLRQHVGHODSDUDWR

7DELTXHVHQDFHURXQRORQJLWXGLQDOHQWRGDODORQJLWXGGHODSDUDWR\ORVRWURVWUDQVYHUVDOHV
ILJXUD VHSDUDQGRHOLQWHULRUGHODYLURODHQXQFLHUWRQ~PHURGHFRPSDUWLPLHQWRV(O

 
,QGLFH




 
,QGLFH

 
,QGLFH













 
,QGLFH

Q~PHUR GH  FRPSDUWLPLHQWRV VH SXHGH FRQVLGHUDU FRPR ySWLPR HV VXILFLHQWHPHQWH
HOHYDGR SDUD DVHJXUDU XQD PX\ SHTXHxD GLVSHUVLyQ GH ORV WLHPSRV GH HVWDQFLD SHUR
VXILFLHQWHPHQWHSHTXHxRSDUDODVLPSOLFLGDGGHO DSDUDWR (OSDVRGHODPDVDFRFLGDGH XQ
FRPSDUWLPLHQWRDORWURVHHIHFW~DDWUDYpVGHRULILFLRVVLWXDGRVDOWHUQDWLYDPHQWHEDMRHOKD]
\HQODSDUWHDOWDGHOKD]VLHQGRDVtSRVLEOHHYLWDUGHXQDIRUPDPX\VHQFLOODHOE\SDVV \
]RQDVPXHUWDV(VWRVRULILFLRVGHFRPXQLFDFLyQHVWiQVLHPSUHVXPHUJLGRVHQODPDVDFRFLGD
FRQHOILQGHUHGXFLUHOHIHFWRGHHQVXFLDPLHQWR

8QDOOHJDGDGHPDJPD RSLHGHFRFLGD VHVLW~DHQHOSULPHUFRPSDUWLPLHQWR/DVHQWUDGDV
GHOLFRUVHUHDOL]DQ\DVHDSRULQ\HFWRUHVMXLFLRVDPHQWHVLWXDGRVSRUGHEDMRGHODSDUDWRR
SRUXQDWXEXODGXUDHQOD]RQDGHDVSLUDFLyQGHODVKpOLFHVGHDJLWDFLyQ/DPDVDFRFLGDVH
H[WUDH HO ~OWLPR FRPSDUWLPLHQWR \D VHD SRU GHVERUGDPLHQWR R SRU XQD WXEXODGXUD HQ XQ
SXQWREDMRGHODYLUROD2WUDVWXEXODGXUDVVHUHSDUWHQHQODJHQHUDWUL]LQIHULRUSDUDSHUPLWLU
HOYDFLDGRUiSLGR

8QGRPRGHVDOLGDGHYDSRUHTXLSDGRGHXQDFKDSDGHIOHFWRUDVHLQVWDODHQODSDUWHVXSHULRU
GHODSDUDWR

'LYHUVRV DFFHVRULRV ERFD GH KRPEUH PLUDV UHGRQGDV GH LOXPLQDFLyQ \ GH REVHUYDFLyQ
HTXLSDGDV GH GLVSRVLWLYR GH ODYDGR URPSHYDFtR YiOYXOD DWPRVIpULFD WRPD PXHVWUDV
UHSDUWLGRUHVLQGLFDGRUHV YLVXDOHV GH FDXGDO SDUD ODV HQWUDGDV GH OLFRU \ GLIHUHQWHV DVLHQWRV
SDUDLQVWUXPHQWDFLyQ

/DJDPDGHWDFKRVFRQWLQXRV&&7:VHDUWLFXODHQGLiPHWURV\ORQJLWXGHV


&$3$&,'$'(6120,1$/(6 KO 

/RQJLWXG~WLO P       'LiPHWURGHYLUROD P 


           


   
   
       
         
           
           
          
          
          


(/7$&+2&&7:

(O WDFKR FRQWLQXR &&7: HV XQD HYROXFLyQ GHO WDFKR FRQWLQXR &&75 GH OD TXH SUHWHQGD
FRUUHJLUODVLPSHUIHFFLRQHV\PHMRUDUODVSUHVWDFLRQHV

 
,QGLFH

















 
,QGLFH

(VWH WDFKR KD YXHOWR D SHQVDUVH FRQ XQ SOLHJR GH FRQGLFLRQHV EDVDGR HQ ORV  SXQWRV
VLJXLHQWHV

 3RGHULPSODQWDUXQDDJLWDFLyQPHFiQLFDGHEDMRGHOKD]TXHDXPHQWHODYHORFLGDGGHO
IOXMRGHPDVFRVLGDDWUDYHViQGROR

 5HGXFLUODFDUJDKLGURVWiWLFDHQFLPDGHOKD]\UHGXFLUODGLIHUHQFLDHQWUHODPD\RU\
ODPiVSHTXHxDDOWXUDGHOKD]

 $XPHQWDUODVHFFLyQGHORVSDVRVODWHUDOHVGHUHFLFORGHODPDVDFRFLGD

/DVEDVHVGHODQXHYDFRQFHSFLyQVRQODVVLJXLHQWHV

0DQWHQHPRV HO SULQFLSLR GHO KD] GH WXERV KRUL]RQWDOHV GH YDSRU RUJDQL]DGRV HQ FDSDV
YHUWLFDOHV +HPRV SRGLGR GHPRVWUDU SRU VLPXODFLyQ TXH HVWH WLSR GH KD] RIUHFH HO PHMRU
FRPSURPLVRHQWUHFRHILFLHQWHGHLQWHUFDPELR\SpUGLGDGHFDUJD7DPELpQSRGHPRVVHxDODU
TXH HVWH KD] HV HO ~QLFR D QXHVWUR FRQRFLPLHQWR TXH SXHGH H[SORUDUVH FRQ SXUH]D DOWD
UHILQDGR \ SULPHU SURGXFWR GH OD UHPRODFKD  VLQ HO UHFXUVR GH OD DJLWDFLyQ PHFiQLFD /D
UHODFLyQVXSHUILFLHGHLQWHUFDPELRVVREUHYROXPHQGHPDVDFRFLGDHVGHPP

(Q HO KD])&% HOSDVR GHXQWXERDORWURSHUPLWHXQDUHQRYDFLyQGHODVFDSDVOLPLWHV GH
PDVD FRFLGD GH GRQGH XQ PHMRU LQWHUFDPELR WpUPLFR  OR TXH QR HV SRVLEOH HQ XQ WXER
YHUWLFDOOLVRFRQORVIOXMRVODPLQDUHVKDELWXDOPHQWHHQFRQWUDGRV

6H SXHGH KDFHU XQD FRPSDUDFLyQ GHO FRPSRUWDPLHQWR GH HVWH KD] FRQ UHODFLyQ D XQ KD]
FOiVLFRGHWXERVYHUWLFDOHVGHPDVDFRFLGD&XDQGRXQJUXPRGHPDVDFRFLGDVHEORTXHDHQ
XQWXERYHUWLFDOSRUTXHODPDVDFRFLGDQRSXHGHFLUFXODUDKt(QHOKD])&%ODPDVDFRFLGD
SXHGHFRQWRUQHDUHOREVWiFXORODWHUDOPHQWHRORQJLWXGLQDOPHQWH\HMHUFHXQDDWULFLyQVREUH
HOJUXPR

$ ILQ GH DVHJXUDU XQD FDUJD KLGURVWiWLFD Pi[LPD OR PHQRU SRVLEOH SDUD UHGXFLU OD
KHWHURJHQHLGDGGHOKD]\SRUUD]RQHVGHODDJLWDFLyQPHFiQLFDHOOLPLWHLQIHULRUGHOKD]HV
KRUL]RQWDO

$VHJXUDU XQD DOWXUD GH YHUWLGR GH OD PDVD FRFLGD VHQVLEOHPHQWH HTXLYDOHQWH DO DQFKR GHO
SDVRODWHUDOGHUHFLUFXODFLyQFRQGLFLyQQHFHVDULDSDUDXQHOHYDGRFDXGDOGHUHFLUFXODFLyQ

6HSXHGHVHxDODUTXHFXDQGRHOOLPLWHVXSHULRUGHOKD]HVKRUL]RQWDO\TXHODDOWXUDGHPDVD
FRFLGD SRU HQFLPD GHO KD] HV SHTXHxD SDUD UHGXFLU OD FDUJD KLGURVWiWLFD HVWR FRQGXFH D
SHQDOL]DUODUHFLUFXODFLyQGHPDVDFRFLGDFX\RFDXGDOHVWULEXWDULRGHOXPEUDOGHYHUWLGR

$QFKR GH ORV SDVLOORV ODWHUDOHV GH UHFLUFXODFLyQ WDQ JUDQGH FRPR VHD SRVLEOH 3RGHPRV
VHxDODU D WtWXOR FRPSDUDWLYR TXH HO DQFKR GH ORV SDVLOORV UHSUHVHQWD HO HTXLYDOHQWH DO
GLiPHWURGHODJXMHURFHQWUDOGHXQWDFKRGLVFRQWLQXRLJXDODOGHOGLiPHWURGHODYLUROD
PLHQWUDVTXHORVYDORUHVFRUULHQWHVHQWDFKRGLVFRQWLQXRVRQGHORUGHQGHODO

,QFOLQDUKDFLDHOSDVRODWHUDOHOOtPLWHVXSHULRUGHOKD]FRQREMHWRGHH[SORWDUHOPi[LPRGH
VXSHUILFLHGHLQWHUFDPELRWRGRHOORIDFLOLWDQGRODUHFLUFXODFLyQGHPDVDFRFLGDKDFLDHOSDVR
ODWHUDO(VWDGLVSRVLFLyQSHUPLWHDODYH]UHGXFLUODFDUJDKLGURVWiWLFDVREUHHOKD]

 
,QGLFH







 
,QGLFH













 
,QGLFH

PDQWHQLHQGRXQXPEUDOGHYHUWLGRLPSRUWDQWHVREUHHOSDVRODWHUDOXPEUDOTXHSHUPLWHXQ
LPSRUWDQWHFDXGDOGHUHFLUFXODFLyQ

&RQFHELU HO YROXPHQ LQIHULRU FRQ REMHWR GH SRGHU LPSODQWDU XQD KpOLFH GH DJLWDFLyQ
PHFiQLFD HQ FRQGLFLRQHV ySWLPDV HV GHFLU GHEDMR GHO KD] VHQVLEOHPHQWH HQ HO HMH \
SHUSHQGLFXODUPHQWHDOKD]VLQH[LJHQFLDGHGLPHQVLyQ\SXGLHQGRFDQDOL]DUFRQXQIDOGyQ
HOIOXMRGHODKpOLFHKDFLDHOKD]
6H OOHJD DVt GH HVWD IRUPD D OD FRQFHSFLyQ HVTXHPDWL]DGD GH OD ILJXUD  ' VH LQVFULEH
QDWXUDOPHQWH DOUHGHGRU GHO KD] SURFXUDQGR ODWHUDOPHQWH XQD LPSRUWDQWH VHFFLyQ GH
UHFLUFXODFLyQTXHYDUHGXFLpQGRVHOLJHUDPHQWHKDFLDDEDMR FUHFLPLHQWRGHODFDUJD \TXHVH
HQFLHUUDSURJUHVLYDPHQWHKDFLDHOFHQWURGHEDMRGHOKD]

(VWH WDFKR VH SXHGH DSOLFDU HQ WRGRV ORV SURGXFWRV GH D]~FDU GH FDxD \ GH UHPRODFKD /D
DJLWDFLyQ PHFiQLFD HVWD HVHQFLDOPHQWH GHVWLQDGD D OD DSOLFDFLyQ UHPRODFKD VLQ TXH VHD
REOLJDGR

6LQDJLWDFLyQPHFiQLFDHOWDFKRVHHMHFXWDHQFRPSDUWLPLHQWRVFRPRVHHVTXHPDWL]DHQOD
SiJLQD  F &RQ DJLWDFLyQ PHFiQLFD HO Q~PHUR GH FRPSDUWLPLHQWRV HV GH  ILJXUD
F 

/D DJLWDFLyQ PHFiQLFD HV XQD RSFLyQ IDFXOWDWLYD SHUR TXH SHUPLWH JDQDQFLDV PX\
VXVWDQFLDOHVGHGHOWD±WHQDJRWDPLHQWRFRPRKHPRVSRGLGRYHULILFDUORHQHOWDFKRFRQWLQXR
GHVHJXQGDSURGXFWRGHODD]XFDUHUDIUDQFHVDGH&ROOHYLOOH *-RXUQHW  ILJXUD( 
/DDGLFLyQGHXQDDJLWDFLyQPHFiQLFDSHUPLWHXQDJDQDQFLDGHH[SORWDFLyQGHORUGHQGHD


&RQ DJLWDFLyQ PHFiQLFD HO OLFRU VH LQ\HFWD HQ OD ]RQD GH DVSLUDFLyQ GH OD KpOLFH 6LQ
DJLWDFLyQ PHFiQLFD HO OLFRU VH LQ\HFWD HQ HO IRQGR GHO WDFKR SRU GRV FROHFWRUHV SRU
FRPSDUWLPLHQWR DQiORJRDODGLVWULEXFLyQ&&75 HQHVWHFDVRVXEVLVWHQORVPH]FODGRUHV
OLFRUYDSRU

(QUHVXPHQORVSURJUHVRVGHOWDFKR&&7:FRQUHODFLyQDOWDFKR&&75VRQORVVLJXLHQWHV

 ,PSODQWDFLyQKROJDGDGHXQDDJLWDFLyQPHFiQLFD
 3DVRVGHUHFLUFXODFLyQPiVDPSOLRV FRPRPHGLD 
 &DUJDVKLGURVWiWLFDVPXFKRPHQRUHV
 $OWXUDUHGXFLGDGHPDVDFRFLGD
 +RPRJHQHLGDGPHMRUDGDGHOKD]
 (VSDFLRRFXSDGRUHGXFLGRWDFKRPiVFRUWR\PHQRVDOWRSDUDHOPLVPRYROXPHQ

(VWRVSURJUHVRVSHUPLWHQODVJDQDQFLDVVLJXLHQWHV

 5HGXFFLyQVHQVLEOHGHOGHOWDWVLQDJLWDFLyQPHFiQLFD GHORUGHQGHDƒ& 
 ,PSRUWDQWHUHGXFFLyQGHOGHOWDWFRQDJLWDFLyQPHFiQLFD KDVWDDƒ& 
 0HMRUDGHODJRWDPLHQWR
 0HMRUDGHODFDOLGDGJUDQXORPpWULFD
 6XSUHVLyQWRWDOGHOYDSRUGHDJLWDFLyQFRQDJLWDFLyQPHFiQLFD
 0HQRUVHQVLELOLGDGDOHQVXFLDPLHQWR


 
,QGLFH

 
,QGLFH

 
,QGLFH

35,1&,3,2'()81&,21$0,(172

/RVSULPHURVWDFKRVFRQWLQXRVHUDQ³FRQVLHPEUD´
6H LQWURGXFtD HQ HO SULPHU FRPSDUWLPLHQWR GH XQD VHPLOOD GH JUDQXORPHWUtD PX\ ILQD
FULVWDOHVPROLGRVHQDOFRKRORPDVDFRFLGD /DFULVWDOL]DFLyQVHGHVDUUROODEDDOSDVRGHORV
FRPSDUWLPLHQWRVFRPRHQXQWDFKRGLVFRQWLQXR

(VWRVSULPHURVWDFKRVWHQtDQVLQHPEDUJRGRVLPSRUWDQWHVGHIHFWRV
'DGRTXHHQFDEH]DEDODVXSHUILFLHFULVWDOLQDHUDPX\SHTXHxDVHHQVXFLDEDQHQORVSULPHURV
FRPSDUWLPLHQWRV VREUHVDVDWXUDFLRQHV HOHYDGDV  \ SRU OD PLVPD UD]yQ OD FDOLGDG GH OD
JUDQXORPHWUtDSURGXFLGDHUDPX\PHGLRFUH SUHVHQFLDGHILQRV 

/RV WDFKRV FRQ VLHPEUD IXHURQ UHHPSOD]DGRV SRU WDFKRV ³FRQ PDJPD´ DOLPHQWDGRV FRQ
FULVWDOHVGHWDPDxRPiVJUDQGH !Dµ \HQFDQWLGDGPiVFRQVHFXHQWH(OPDJPDVH
REWLHQH HQ WDFKR GLVFRQWLQXR WDFKR GH SLH  R SRU HPSDVWDGR GHO D]~FDU GH XQ SURGXFWR
LQIHULRU


%$55,'29$325

/DV FDORUtDV QHFHVDULDV SDUD OD HYDSRUDFLyQ VRQ DSRUWDGDV SRU HO YDSRU TXH FLUFXOD SRU HO
LQWHULRUGHORVGHOKD]VLJXLHQGRXQHVTXHPDGHFLUFXODFLyQPHWyGLFDDVHJXUDQGRHOEDUULGR
SHUIHFWRGHORVJDVHVLQFRQGHQVDEOHV\GHODVDJXDVFRQGHQVDGDV ILJXUDI 
/DFLUFXODFLyQVHHIHFW~DHQDSDVRVVHJ~QHOSURGXFWR FDXGDOGHYDSRU 

(Q  SDVRV HO YDSRU SHQHWUD HQ OD SDUWH LQIHULRU GHO KD] YXHOYH D WUDYpV GH XQD PLWDG
VXSHULRU ODWHUDO SDUD WHUPLQDU VX FLUFXODFLyQ HQ OD RWUD PLWDG VXSHULRU ODWHUDO /DV DJXDV
FRQGHQVDGDVVHH[WUDHQGHFDGDFDMDGHYDSRU/RVJDVHVLQFRQGHQVDEOHVH[WUDtGRVGHOWHUFHU
SDVRSXHGHQVHUXWLOL]DGRVFRPRYDSRUGHDJLWDFLyQ

(VWHSURFHGLPLHQWRSHUPLWH

 $VHJXUDU SHUPDQHQWHPHQWH XQD YHORFLGDG GHO YDSRU VXILFLHQWH SDUD H[SXOVDU ORV
FRQGHQVDGRV

 6LWXDU HO YDSRU PiV FDOLHQWH HQ OD SDUWH EDMD GHO KD] DOOt GRQGH OD FDUJD GH PDVD
FRFLGDHVPiVHOHYDGD

 &RQWURODU ULJXURVDPHQWH OD H[WUDFFLyQ GH ORV JDVHV LQFRQGHQVDEOHV FRPR
FRQVHFXHQFLDGHVXSHUIHFWDORFDOL]DFLyQ


&,5&8/$&,Ï10(7Ï',&$'(/$0$6$&2&,'$

(OSULPHUFRPSDUWLPLHQWRVHDOLPHQWDFRQODPDJPD/DFDQWLGDGGHPDJPDLQWURGXFLGDHV
SURSRUFLRQDODOFDXGDOGHPDVDFRFLGDSURGXFLGDSRUHOWDFKR/DUHODFLyQHQWUHHOFDXGDOGH
PDJPD\HOFDXGDOGHPDVDFRFLGDVHOODPD5DWLR0DJPD(O5DWLR0DJPDSXHGHYDULDUGH
HQSULPHUSURGXFWRGHUHPRODFKDKDVWDDHQEDMRSURGXFWR LQFOXVRKHPRV


 
,QGLFH

 
,QGLFH

IXQFLRQDGR GH IRUPD PX\ VDWLVIDFWRULD FRQ XQ UDWLR GHO RUGHQ GHO  FRQ XQ WDFKR GH 
FRPSDUWLPLHQWRV 
/DPDVDFRFLGDSDVDGHXQFRPSDUWLPLHQWRDRWURSRUDEHUWXUDVVLWXDGDVDOWHUQDWLYDPHQWHHQ
SDUWH EDMD \ HQ SDUWH DOWD GH ORV WDELTXHV ILJXUD  *  /RV FRPSDUWLPLHQWRV WLHQHQ
YRO~PHQHVFUHFLHQWHVFRQREMHWRGHHTXLOLEUDUORPHMRUSRVLEOHORVWLHPSRVGHHVWDQFLDHQORV
GLIHUHQWHVFRPSDUWLPLHQWRV\DVtPLQLPL]DUODGLVSHUVLyQJOREDOGHOWLHPSRGHHVWDQFLDHQ
HOFRQMXQWRGHOWDFKR

/D FLUFXODFLyQ HV PHWyGLFD \ DGRSWD OD IRUPD GH XQD 8 HQ HO SODQR KRUL]RQWDO (Q OD
H[WUHPLGDG GHO DSDUDWR OD PDVD FRFLGD VH H[WUDH SRU GHVERUGDPLHQWR R SRU XQD ERPED
YROXPpWULFD GH YHORFLGDG YDULDEOH D ILQ GH FRQWURODU HO QLYHO GH PDVD FRFLGD HQ HO ~OWLPR
FRPSDUWLPLHQWR\SRUWDQWRHQHOFRQMXQWRGHOWDFKR

&DGD FRPSDUWLPLHQWR UHFLEH OLFRU SDUD DOLPHQWDU HO SURFHVR GH FULVWDOL]DFLyQ (O OLFRU VH
GLVWULEX\HHQWUHORVGLIHUHQWHVFRPSDUWLPLHQWRVVHJ~QXQDOH\GHUHSDUWLFLyQGDGD6HEXVFD
SRUPHGLRGHHVWDUHSHWLFLyQREWHQHUXQDSURJUHVLyQUHJXODUGHOEUL[GHODPDVDFRFLGD\GHO
DJRWDPLHQWR SXUH]D GH OD PLHO PDGUH  PDQWHQLHQGR HQ FDGD FRPSDUWLPLHQWR XQ QLYHO GH
VREUHVDWXUDFLyQySWLPR\WDQHVWDEOHFRPRVHDSRVLEOH

/DDJLWDFLyQGHODPDVDFRFLGDVHHIHFW~DSULQFLSDOPHQWHSRUFRQYHFFLyQQDWXUDOGHELGRDOD
HYDSRUDFLyQ/DPDVDDUUDVWUDGDSRUODVEXUEXMDVGHYDSRUVXEHHQWUHODVILODVYHUWLFDOHVGH
WXERV\YXHOYHDGHVFHQGHUHQHOHVSDFLRFRPSUHQGLGRHQWUHHOKD]\ODYLUROD ILJXUD
' /DDJLWDFLyQSXHGHUHIRU]DUVHPXFKRFRQODXWLOL]DFLyQGHDJLWDGRUHVPHFiQLFRV

(48,3263$57,&8/$5(6

8Q GLVSRVLWLYR GH LQ\HFFLyQ GH YDSRU VLWXDGR HQ OD SDUWH LQIHULRU GHO DSDUDWR HQ WRGD VX
ORQJLWXGSHUPLWHXQDVHJXULGDGHQODVSDUDGDV\SXHGHDVHJXUDUXQWUDEDMRFRPSOHPHQWDULR
GH DJLWDFLyQ 6H SXHGHQ XWLOL]DU ORV JDVHV LQFRQGHQVDEOHV GHO KD] SDUD UHDOL]DU HVWD
LQ\HFFLyQ(OYDSRUDVtLQ\HFWDGRVHPH]FODFRQHOOLFRUMXVWRDQWHVGHVXLQWURGXFFLyQHQHO
DSDUDWRFRQREMHWRGHUHDOL]DUXQDHPXOVLyQTXHUHIXHU]DODFDOLGDG\ODUDSLGH]GHODPH]FOD
GHO OLFRU FRQ OD PDVD FRFLGD 7REHUDV HVSHFtILFDPHQWH GHVDUUROODGDV SDUD HVWH WUDEDMR
UHDOL]DQHVWDHPXOVLyQ ILJXUD+ 

2SFLRQDOPHQWHVHSXHGHQLQVWDODUDJLWDGRUHVPHFiQLFRVHQFDGDXQRGHORVFRPSDUWLPLHQWRV
HQHOOXJDU\HQHOVLWLRGHOGLVSRVLWLYRGHYDSRUGHDJLWDFLyQ/DDJLWDFLyQPHFiQLFDSHUPLWH
UHIRU]DU PX\  QHWDPHQWH ORV LQWHUFDPELRV WpUPLFRV \ PDVLFRV OR TXH FRQGXFH D XQD
LPSRUWDQWHUHGXFFLyQGHOGHOWDW\XQDLPSRUWDQWHJDQDQFLDGHDJRWDPLHQWR

(QPHGLD\DOWDSXUH]DXQGLVSRVLWLYRGHSXOYHUL]DFLyQVHFXHQFLDOGHDJXD RGH-$( HQOR
DOWR GH ORV WDELTXHV LQWHULRUHV GHO DSDUDWR SHUPLWH DODUJDU PX\ VHQVLEOHPHQWH HO LQWHUYDOR
HQWUH GRVOLPSLH]DV(VWHGLVSRVLWLYRHVWiVLWXDGRHQODSDUWHDOWDGHODSDUDWR6X FRQVXPR
WRWDOGHDJXDSXHGHFRQVLGHUDUVHGHVSUHFLDEOHIUHQWHDOFDXGDOGHDJXDHYDSRUDGD

8Q WDFKR FRQWLQXR SXHGH SURORQJDUVH GHVGH HO PRPHQWR GH VX LQVWDODFLyQ R GHVSXpV GH
DOJXQRV DxRV FRQ XQ FRPSDUWLPLHQWR GH DJRWDPLHQWR D YDFtR )&% ILJXUD  L  8QD
LQVWDODFLyQGHHVWHWLSRSXHGHWHQHUGRVLQWHUHVHV\DVHDDXPHQWDUODFDSDFLGDGGHXQWDFKR
FRQWLQXRH[LVWHQWH\DVHDUHDOL]DUXQDJDQDQFLDWpUPLFD\GHHQVXFLDPLHQWRHQHOWDFKR


 
,QGLFH


































 
,QGLFH













 
,QGLFH

FRQWLQXR WDFKR H[LVWHQWH \D VHD UHDOL]DU XQD JDQDQFLD WpUPLFD \ GH HQVXFLDPLHQWR HQ HO
WDFKRFRQWLQXR /H/HUUH -RXUQHW 


5(*8/$&,Ï1

35,1&,3,2'(/$5(*8/$&,Ï1

'HVGHHORULJHQGHVXFRQFHSFLyQHOWDFKRFRQWLQXR)&%HVWDGLYLGLGRHQFRPSDUWLPLHQWRV
(Q FDGD FRPSDUWLPLHQWR HV QHFHVDULR PDQWHQHU XQ HVWDGR GH OD PDVD FRFLGD WDO TXH ORV
FULVWDOHVHQJRUGHQHQODVPHMRUHVFRQGLFLRQHVGHVREUHVDWXUDFLyQ QLPX\DOWDSDUDHYLWDUOD
SURGXFFLyQGHILQRV\RXQHQVXFLDPLHQWRUiSLGRQLPX\EDMDSDUDHYLWDUXQDUHIXQFLyQ 

/RVHVWDGRVGHODPDVDFRFLGDVHVXFHGHQGHXQFRPSDUWLPLHQWRKDFLDHOVLJXLHQWHSDUDLU
FRPR HQ XQ WDFKR GLVFRQWLQXR GH XQD PDVD FRFLGD OLTXLGD FRQ SHTXHxRV KDVWD XQD PDVD
FRFLGDILQDODSUHWDGDFRQJUXHVRVFULVWDOHV(QFDGDFRPSDUWLPLHQWRODHYDSRUDFLyQFUHDXQD
DJLWDFLyQTXHPDQWLHQHFDGDFRPSDUWLPLHQWRHQXQHVWDGRKRPRJpQHR

/DRSHUDFLyQGHOWDFKRFRQVLVWHHQPDQWHQHUFDGDFRPSDUWLPLHQWRHQXQHVWDGRFRUUHFWR \
HVWDEOH \ HQ SURJUHVLyQ UHJXODU FRQ UHODFLyQ DO SUHFHGHQWH GH WDO IRUPD TXH HO HVWDGR GHO
~OWLPRFRPSDUWLPLHQWRVHDVLHPSUHFRUUHFWR\FRQVWDQWH


352&(',0,(1726&/È6,&26)(('±%$&. ILJXUD- 

(QORVVLVWHPDVGHUHJXODFLyQVHQFLOORVVHEXVFDPDQWHQHUORVFRPSDUWLPLHQWRVHQXQHVWDGR
FRUUHFWR UHJXODQGR FRQVWDQWH XQD FDUDFWHUtVWLFD PHGLGD HQ OtQHD  GHO HVWDGR GH PDVD
FRFLGD 6H PLGH SXHV HQ GLIHUHQWHV FRPSDUWLPLHQWRV \D VHD OD FRQGXFWLYLGDG R OD
LPSHGDQFLD FRQ VRQGDV GH UDGLRIUHFXHQFLD  R OD WHPSHUDWXUD GH OD PDVD FRFLGD R OD
HYROXFLyQHEXOORPpWULFD \VHPDQGDODDOLPHQWDFLyQGHOOLFRUGHHVWHFRPSDUWLPLHQWR\GHO
GHORV FRPSDUWLPLHQWR V YHFLQR V SDUDPDQWHQHUODPHGLGDHQVXYDORUGHFRQVLJQD

(VWH PpWRGR HV VHQFLOOR \ HVWi GLUHFWDPHQWH LQVSLUDGR HQ OD RSHUDFLyQ GH ORV WDFKRV
GLVFRQWLQXRVSHURSUHVHQWDQRREVWDQWHDOJXQRVLQFRQYHQLHQWHV

 /DVFDUDFWHUtVWLFDVPHGLGDVGHODPDVDFRFLGDQRVRQODVREUHVDWXUDFLyQ

 3DUD XQD WHPSHUDWXUD GDGD  DXQTXH VH PLGD HQ XQD ]RQD VLJQLILFDWLYD OD PDVD
FRFLGD HVWi UHFDOHQWDGD HQ HO KD]  SXHGH H[LVWLU XQD SXUH]D EDMD \ XQD
VREUHVDWXUDFLyQEDMDRXQDSXUH]DDOWD\XQDVREUHVDWXUDFLyQDOWD8QDYDULDFLyQGH
SXUH]DGHODPDVDFRFLGD SRUWDQWRGHODPLHOPDGUH SHUWXUEDODUHJXODFLyQ

 3DUD XQD FRQGXFWLYLGDG GDGD SXHGH H[LVWLU XQD VREUHVDWXUDFLyQ HOHYDGD \ XQ
SRUFHQWDMHGHFULVWDOHVEDMRVRORFRQWUDULR8QDYDULDFLyQGHORVQRD]XFDUHV 16 
SHUWXUEDODUHJXODFLyQ

 <D VHD FRQ WHPSHUDWXUD R FRQ FRQGXFWLYLGDG ODV PHGLGDV GHSHQGHQ VLHPSUH GH OD
QDWXUDOH]DGHORVQRD]XFDUHV(VQHFHVDULRDMXVWDUPiVRPHQRVIUHFXHQWHPHQWHORV


 
,QGLFH

 
,QGLFH













 
,QGLFH













 
,QGLFH

















 
,QGLFH

 SXQWRV GH FRQVLJQD HQ IXQFLyQ GH OD HYROXFLyQ GH ORV SURGXFWRV (VWH SUREOHPD HV
ELHQFRQRFLGRHQWDFKRGLVFRQWLQXR

 /RVVHQVRUHVLQWHULRUHVSDUDXQWDFKRFRQWLQXRVHHQVXFLDQ\QHFHVLWDQSRUWDQWRGH
XQD YLJLODQFLD \ GH LQWHUYHQFLRQHV SHULyGLFDV (VWR HV YHUGDGHUR SDUD ODV
FRQGXFWLYLGDGHV ORV YLVFRVtPHWURV ORV UHIUDFWyPHWURV \ KDFH SRU WDQWR D ORV
VHQVRUHV KDVWD DTXt H[FHOHQWHV HQ WDFKR GLVFRQWLQXR PDO DGDSWDGRV SDUD VX
XWLOL]DFLyQHQWDFKRFRQWLQXR

 5HJXODUODDOLPHQWDFLyQGHYDULRVFRPSDUWLPLHQWRVGHXQVRORRFDVLRQDWLHPSRVGH
UHVSXHVWD 5HVXOWDQ IHQyPHQRV GH ERPEHRV HV GHFLU XQD VXFHVLyQ GH UHJtPHQHV
WUDQVLWRULRV SRU WDQWR SHULyGLFDPHQWH VREUHVDWXUDFLRQHV HOHYDGDV TXH VRQ
JHQHUDGRUDV GH HQVXFLDPLHQWR 3DVDU D XQD PHGLGD SRU FRPSDUWLPLHQWR HGXFH HO
UHWDUGR SHURQRORDQXOD SHURFRPSOLFDODUHJXODFLyQ\VXDMXVWH


 352&(',0,(172 '( 23(5$&,Ï1 (1 &È/&8/2 35(',&7,92 ILJXUD
. 

(VWH SURFHGLPLHQWR FRQVLVWH HQ LQWURGXFLU HQ HO WDFKR FRQ HO OLFRU OD FDQWLGDG GH DJXD D
HYDSRUDU FRUUHVSRQGLHQWH D OD FDQWLGDG GH YDSRU FRQGHQVDGR HQ HO KD] /D PHGLGD GH ODV
DJXDVVHKDFHKDELWXDOPHQWHFRQFDXGDOtPHWURHOHFWURPDJQpWLFR

(O FDXGDO GH ORV FRQGHQVDGRV PDQGD SRU LQWHUPHGLR GH XQ FiOFXOR GH EDODQFH \ GH
RSHUDGRUHVGHUHODFLyQODFRQVLJQDGHORVGLIHUHQWHVOD]RVGHUHJXODFLyQGHOFDXGDOGHOOLFRU
GHDOLPHQWDFLyQ+D\HQJHQHUDOXQOD]RSDUDGRVRWUHVFRPSDUWLPLHQWRV&DGDFDXGDOVH
GLYLGHHQXQUHSDUWLGRUVHQFLOOR
$Vt VH GHVHD DXPHQWDU R GLVPLQXLU HO UpJLPHQ GHO DSDUDWR VH DXPHQWD R VH GLVPLQX\H HO
FDXGDO GH YDSRU \D VHD D WUDYpV GH XQD FRQVLJQD GH SUHVLyQ GHO KD] R GHO FDXGDO GH
FRQGHQVDGRV 'HVGH TXH OD PHGLGD GHO FDXGDO GH FRQGHQVDGRV YDULRV HOOD PDQGD OD
YDULDFLyQFRUUHVSRQGLHQWHGHORVFDXGDOHVGHOLFRU

(ODSULHWHGHODPDVDFRFLGDDODVDOLGDGHOWDFKR GHQVLGDG VHPLGH\ODVWHQGHQFLDVVLUYHQ
DO XWLOL]DGRU SDUD FRUUHJLU JOREDOPHQWH OD HFXDFLyQ GHO EDODQFH SDUD FRPSHQVDU DVt ODV
LPSHUIHFFLRQHV\GHULYDVGHOVLVWHPD PX\SRFRIUHFXHQWHHQPDUFKDQRUPDO 

6LHOEUL[GHOOLFRUGHDOLPHQWDFLyQQRHVFRQVWDQWHVHSXHGHWRPDUHQFXHQWD PHGLGD SDUD
FRUUHJLUHOEDODQFHJOREDO

 9$5,$17(6

/D UHJXODFLyQ GH EDVH SXHGH FRPSOHWDUVH \R PHMRUDUVH HQ HO VHQWLGR GH XQD PHMRUD GH OD
SUHFLVLyQ\RGHOFRQIRUW\RGHODVHJXULGDGGHODRSHUDFLyQ

 9DULRVOLFRUHVSXHGHQXWLOL]DUVHHQXQWDFKR
 (V SRVLEOH WHQHU HQ FXHQWD OD PHGLGD GHO FDXGDO \R GHO EUL[ GHO SLH GH FRFLGD
HVSHFLDOPHQWHFXDQGRHO5DWLR0DJPDOOHJDDVHULPSRUWDQWH !D 



 
,QGLFH

















 
,QGLFH

 /D FRQVLJQD GH DFFLyQ VREUH HO UpJLPHQ GHO WDFKR SXHGH VHU LQGLIHUHQWHPHQWH OD
DEHUWXUD GH OD YiOYXOD GH YDSRU OD SUHVLyQ GHO KD] HO FDXGDO GH FRQGHQVDGRV HO
FDXGDOJOREDOGHOOLFRURHOFDXGDOGHODPDVDFRFLGD


5(68/7$'26

/DFRQFHSFLyQGHOWDFKR)&%SUREDGDSRUDxRVGHH[SHULHQFLDHQWRGRVORVSURGXFWRVGH
D]XFDUHUDGHFDxD\GHUHPRODFKDDXWRUL]DXQDOWRQLYHOGHSUHVWDFLRQHVWDQWRHQHOSODQR
GHO LQWHUFDPELR WpUPLFR HQ HO SODQR GHO DJRWDPLHQWR HQ HO SODQR GH OD FDOLGDG
JUDQXORPpWULFDHQHOSODQRGHOHQVXFLDPLHQWRFRPRHQHOGHODFRPRGLGDGGHH[SORWDFLyQ

$OJXQRV UHVXOWDGRV VLJQLILFDWLYRV GH OD FRQFHSFLyQ SUHFHGHQWHV WDFKR &&75   VH SXHGHQ
GDUDWtWXORLQGLFDWLYR

• 3UHVLyQGHYDSRUGHOKD]GHORUGHQGHDPEDUDEV 9LFVXU$LVQH)UDQFLD
EDMRVSURGXFWRVGHUHPRODFKD 

• 3UHVLyQGHYDSRUGHOKD]GHORUGHQGHDPEDUDEV &ROOHYLOOH)UDQFLD±EDMRV
SURGXFWRVGHUHPRODFKD 

• 'LIHUHQFLD GH WHPSHUDWXUD GH YDSRU \ PDVD FRFLGD GHOWDW ~WLO  GHO RUGHQ GH ƒ&
&ROOHYLOOH)UDQFLD SURGXFWR%GHUHPRODFKD

• /DFXUYDGHODILJXUD/LOXVWUDORVDJRWDPLHQWRV GLIHUHQFLDHQWUHSXUH]DPDVD
FRFLGDHQWUHSXUH]DPDVDFRFLGD\SXUH]DPLHOPDGUH HVWDGtVWLFDPHQWHDOFDQ]DEOHV
HQD]XFDUHUDGHUHPRODFKD

• 7DVD GH HYDSRUDFLyQ !  .JK P 6W *HUPDLQPRQW SURGXFWR $ GH UHPRODFKD
D]~FDUEODQFRFRPHUFLDO 

• &RHILFLHQWHV GH YDULDFLyQ &9  PHGLGRV HQ D]~FDU EODQFR FRPHUFLDO VDOGR WDFKR 
GHORUGHQGHD 6W*HUPDLQPRQW)UDQFLDSURGXFWR$GHUHPRODFKD 

• &RHILFLHQWHGHYDULDFLyQ &9 PHGLGRVHQD]~FDUEODQFRFRPHUFLDO VDOLGDWDFKR GHO
RUGHQD 5LQFRQDGD(VSDxDSURGXFWR$GHUHPRODFKD 

• /D GXUDFLyQ GH PDUFKD HQWUH GRV OLPSLH]DV VH VLW~HQ FRPR PHGLD FRPR VLJXHQ
SLGLHQGRFDGDOLPSLH]DDSUR[LPDGDPHQWHKRUDV

DVHPDQDVFRQD]~FDUEODQFRFRPHUFLDO
DVHPDQDVFRQSURGXFWR%GHUHPRODFKDRSURGXFWR$GHFDxD
DVHPDQDVHQSURGXFWR%GHFDxD
DPHVHVHQEDMRVSURGXFWRVGHUHPRODFKDRGHFDxD




9(17$-$6'(/7$&+2&217,182)&%

 
,QGLFH







 
,QGLFH

















 
,QGLFH



















 
,QGLFH








 
,QGLFH















 
,QGLFH








 
,QGLFH















 
,QGLFH

 
,QGLFH

(&2120Ë$7e50,&$

 9DSRU XWLOL]DGR GH PX\ EDMR QLYHO WpUPLFR GHELGR D OD SHTXHxD FDUJD KLGURVWiWLFD
VREUHHOKD]

 ([WUDFFLyQUHJXODUGHYDSRU

 9DSRUHV GH WDFKRV H[HQWRV GH DLUH \ UHFXSHUDEOHV GLUHFWDPHQWH R GHVSXpV GH
UHFRPSUHQVLyQ

 1DGD GH YDFLDGR ODYDGR FRPR HQ GLVFRQWLQXR RFDVLRQDQGR SpUGLGDV WpUPLFDV
GLOXFLyQ\GLVROXFLyQGHD]~FDU

$*27$0,(172<&$/,'$'

 ([FHOHQWHDJLWDFLyQ\KRPRJHQHL]DFLyQGHODPDVDFRFLGDHYLWDQGRODIRUPDFLyQGH
DJORPHUDGRV\RGHPDFODV

 'pELOFDUJDKLGURVWiWLFDUHGXFLHQGRODFRODERUDFLyQ

 1LQJXQD GLOXFLyQ QL UHIXQGLFLyQ HQ HO ODYDGR SHUPLWLHQGR XQ PHMRU DJRWDPLHQWR
JOREDOHQHOWXUELQDGRGHGRQGHUHGXFFLyQGHOFDXGDO

 1~PHUR\GLPHQVLRQHVySWLPDVGHORVFRPSDUWLPLHQWRV\FLUFXODFLyQPHWyGLFDGHOD
PDVDFRFLGDFRQGXFLHQGRDXQDH[FHOHQWHFDOLGDGJUDQXORPpWULFD


92/80(12&83$'2(,167$/$&,Ï1

 (O YROXPHQ GH XQ WDFKR FRQWLQXR UHSUHVHQWD KDVWD OD PLWDG GHO GH XQ WDFKR
GLVFRQWLQXRGHODPLVPDSURGXFFLyQ

 ([FHOHQWH DFFHVLELOLGDG \ H[FHOHQWH YLVLELOLGDG HQ HO DSDUDWR OR TXH KDFH ODV
FRQGLFLRQHV GH H[SORWDFLyQ PiV FyPRGDV HVSHFLDOPHQWH SRU FRPSDUDFLyQ FRQ XQD
WRUUHGHFULVWDOL]DFLyQ

 5HGXFFLyQGHOYROXPHQGHO GHORV PH]FODGRUHVGHGHVFDUJD


(;3/27$&,Ï10$12'(2%5$<$8720$7,=$&,Ï1

 2SWLPL]DFLyQ\SHUHQQLGDGGHORVUHJODJHV

 *UDQIDFLOLGDGGHRSHUDFLyQ\HVSHFLDOPHQWHGHYDULDFLyQGHUpJLPHQ

 5HTXLVLFLyQGHXQDYLJLODQFLDVHQFLOODSHULyGLFD

 *UDQIDFLOLGDGGHLQWHJUDFLyQHQXQVLVWHPDGHJHVWLyQFHQWUDOL]DGRHLQIRUPDWL]DGR


 
,QGLFH


,19(56,Ï1

• 1~PHURGHDSDUDWRVUHGXFLGR
• 5HGXFFLyQGHOYROXPHQGH GHORV PH]FODGRU HV GHGHVFDUJD KDVWDODPLWDG 
• 5HGXFFLyQGHOFRVWRGHORVHTXLSRV
• &DUJDVUHGXFLGDVGHGRQGHUHGXFFLyQGHOSHVRGHODVHVWUXFWXUDV


0$17(1,0,(172

$XVHQFLD&$6LWRWDOGHODVSDUWHVPHFiQLFDV


&/8&(

(VWHVLVWHPDILJXUDFRQVWDGHXQDVHULHGHFiPDUDVLQWHUFRQHFWDGDVFDGDXQDFRQXQD
VHFFLyQGHFRFFLyQ\WXERFHQWUDO


'/$1*5(1(<

(VWH VLVWHPD GH WDFKR FRQWLQXR ILJXUD  KD VLGR GLVHxDGR SRU )UDQFRLV /DQJUHQH\ \
FRPHUFLDOL]DGR SRU &KDPDUHO (QJLQHHULQJ \ &DPHFR 7UHV WLSRV GH WDFKRV FRQWLQXRV
/DQJUHQH\HVWiQGLVSRQLEOHVFRPHUFLDOPHQWH

(OWLSR/ILJXUDDHVXQYDVRUHFWRFRQXQDFDODQGULD\GRVSDVHVGHPDVDFRFLGD WLSR
/ RGRVFDODQGULDV\FXDWURSDVHVGHPDVDFRFLGD WLSR/ (VWHWLSRGHWDFKRFRQWLQXR
HV SDUWLFXODUPHQWH ~WLO SDUD WRGDV ODV FDSDFLGDGHV \ SXUH]DV GH PDVD FRFLGD SHUR VH
UHFRPLHQGDSDUWLFXODUPHQWHSDUDSXUH]DVEDMDV

(O WLSR &$ ILJXUD  HV XQ YDVR FLUFXODU VLPLODU DO WLSR &1 FRQ OD DGLFLyQ GH XQD
FDODQGULDFHQWUDOHTXLSDGDFRQXQFLUFXODGRUPHFiQLFR(VWHWLSRHVDGHFXDGRSDUDWRGDVODV
DSOLFDFLRQHV LQGXVWULDOHV SHUR VH UHFRPLHQGD SDUWLFXODUPHQWH SDUD DOWDV /D ILJXUD 
SUHVHQWD XQD YLVWD GH OD FLUFXODFLyQ GH OD PDVD FRFLGD GHQWUR GHO WDFKR OD ILJXUD  OD
IRUPDHQTXHVHHIHFW~DODDOLPHQWDFLyQGHOSLHGHWHPSODRPDJPD



7$%/$;;;,,,

'LPHQVLRQHV\&DSDFLGDGHVGHORVWDFKRV/DQJUHQH\WLSR/\/


6XSHUILFLH
9ROXPHQPDVD
7LSR /DUJRSLHV FDOHQWDPLHQWRSLHV
FRFLGDSLHVF~ELFRV
FXDGUDGRV
   
   

 
,QGLFH

   


/   
   
   
   
   
   
   
/   
   
   



(OWDFKRFRQWLQXR/DQJUHQH\WLSR&$WLHQHXQGLiPHWURGH¶\XQDDOWXUDGH¶'HHVWRV
WDFKRV VH KDQ LQVWDODGR  HQ 0DXULFLR \ 5HXQLyQ XQR HQ 0DUOH )UDQFLD \ RWUR HQ
3DQWDOHyQ &$ 'HELGR D OD UHODFLyQ GH OD VXSHUILFLH GH FDOHIDFFLyQ 96 YROXPHQ GH KDVWD
HVWRVWDFKRVSXHGHQRSHUDUDSUHVLRQHVEDMDVSXGLHQGRXVDUYDSRUHVGHXQYDSRUFHOO
\RVHJXQGRVYDVRVGHXQFXiGUXSOH±HIHFWR&XDOTXLHUDTXHVHDHOWLSRGHWDFKR/DQJUHQH\
TXHVHXVHORVVLJXLHQWHVOD]RVGHFRQWUROVHUiQVXPLQLVWUDGRVFRQHOHTXLSRYHUILJXUD

 3UHVLyQDEVROXWDHQHOYDVR
 1LYHOHQHOWDQTXHGHOLFRU
 )OXMRGHOLFRU
 6REUHVDWXUDFLyQGHOLFRUPDGUH
 )OXMRGHYDSRU
 1LYHOGHODPDVDFRFLGD
 0RYLOLGDGGHODPDVDFRFLGD
 )OXMRGHODPDJPD

/RVOD]RVGHFRQWUROVLJXLHQWHVVRQRSFLRQDOHVSDUDDXWRPDWL]DUHOSURFHVRRSDUWHWRWDO

'HQVLGDG\WHPSHUDWXUDGHOOLFRU
1LYHOGHODPDVDFRFLGDHQHOUHFLELGRU
&RQWUROGHODSXUH]D
$UUDQFDGD\RSDUDGD



7UHVWLSRVGHFRQWUROHVSXHGHQVHUXVDGRV

&RQWURODGRUHVDQiORJRVQHXPiWLFRV
&RQWURODGRUHVDQiORJRVHOHFWUyQLFRV
&RQWUROSRUFRPSXWDGRUDV

/DILJXUDPXHVWUDXQGLDJUDPDGHIOXMRGHXQDLQVWDODFLyQWtSLFDGHOWDFKR/DQJUHQH\
/DILJXUD$PXHVWUDXQDIRWRGHOWDFKR/DQJUHQH\

3ULQFLSLRVGHOD2SHUDFLyQGHXQWDFKRFRQWLQXR/DQJUHQH\

 
,QGLFH

 
,QGLFH




















 
,QGLFH

 /DVHPLOODPDJPDVHDOLPHQWDFRQWLQXDPHQWHHQXQH[WUHPRGHOWDFKRDXQDUD]yQ
FRQWURODGDSRUODFDQWLGDGGHODDOLPHQWDFLyQ

 /D HYDSRUDFLyQ HQ ORV WXERV SURGXFH XQD FLUFXODFLyQ ODWHUDO GH OD PDVD FRFLGD
VLPLODUDODTXHWRPDOXJDUHQXQWDFKRFRQYHQFLRQDO

 (OGHVSOD]DPLHQWRUHVXOWDQWHGHOYROXPHQGHODVHPLOODPDJPDLQWURGXFLGDHQXQRGH
ORVH[WUHPRVGHOWDFKR\HOFUHFLPLHQWRGHOFULVWDOWRPDQGROXJDUDWUDYpVGHOWDFKR
VH WUDQVIRUPDQ HQ XQ PRYLPLHQWR ORQJLWXGLQDO GH OD PDVD FRFLGD KDFLD HO ODGR
RSXHVWRDODHQWUDGD
(VWRV PRYLPLHQWRV LQGHSHQGLHQWHV ODWHUDO \ ORQJLWXGLQDO GH OD PDVD FRFLGD GDQ DO
WDFKRVXYHUVDWLOLGDG

       


     

      

( 0RVVPDQ

(VWH VLVWHPDHVGH3GHYROXPHQHQSURFHVRFRQXQDVXSHUILFLHGHFDOHIDFFLyQ GH
 3 &RQVLVWH GH  HWDSDV YHU ILJXUD  TXH SURJUHVLYDPHQWH VH LQFUHPHQWDQ HQ
FDSDFLGDGKDVWDOD~OWLPDHWDSDODVFXDOHVVHVLW~DQDOUHGHGRUGHXQDGLYLVLyQFHQWUDO6HJ~Q
%URDGURRW\:ULJWKWODFDSDFLGDGHYDSRUDWLYDGHHVWHWDFKRFRQFDODQGULDGHWXERVODUJRVHV
PD\RUTXHODGHOWLSR)LYHV&DLOFRQSODFDVGHFDOHQWDPLHQWR

) 7XOO\

(VWHVLVWHPDVHGLVHxRSDUD0&&HQHQ$XVWUDOLD/DXQLGDGILJXUDFRQVWDGH
DHWDSDVVLWXDGDVKRUL]RQWDOPHQWHFRQXQGLVHxRGHFDODQGULDWXEXODUFRQXQDDOWXUDGH
PDVD FRFLGD EDMD OR FXDO UHGXFH HO JUDGLHQWH GH WHPSHUDWXUD FDXVDGR SRU HO HIHFWR
KLGURVWiWLFR\PHMRUDODFLUFXODFLyQ
6X VLQJXODU VHFFLyQ WUDQVYHUVDO SDUD OD LQGXFFLyQ GHO IOXMR HYLWD OD IRUPDFLyQ GH HVSDFLRV
PXHUWRVR]RQDVGHHVWDQFDPLHQWRGHODPDVDFRFLGD(OGLVHxRGHDHWDSDVSURYRFDXQ
YLUWXDOIOXMRSLVWyQGHPDVDFRFLGDDWUDYpVGHOWDFKR/DILJXUDPXHVWUDHOJUiILFRGH
GLVWULEXFLyQ GHO WLHPSR GH UHVLVWHQFLD SDUD PFD PFE 0&& /D ILJXUD  PXHVWUD ORV
WDPDxRV WtSLFRV GH WDFKRV FRQWLQXRV 7XOO\ IDEULFDGRV SRU )OHWFKHU  6WHZDUW /LPLWHG /D
ILJXUD  PXHVWUD XQD IRWRJUDItD GHO WDFKR FRQWLQXR 7XOO\ \ OD ILJXUD  PXHVWUD XQ
GLDJUDPDGHIOXMREiVLFR


* 5DFHFRXUVH

(VWHVLVWHPDWDPELpQVHXVDSDUD0&&/DFDUDFWHUtVWLFDHVSHFLDOGHHVWHWDFKRFRQWLQXRHV
TXHORVLQWHUFDPELDGRUHVGHFDORUQRVRQSODFDVQLWXERVVLQRVHFFLRQHVFXDGUDGDVGH[
[PPGHPGHODUJRVROGDGDVDXQDEDUUDGHDFHURDUULED\DEDMR\HQODVFDUDV
H[WHULRUHVYHUILJXUD


 
,QGLFH























 
,QGLFH




















 
,QGLFH


































 
,QGLFH








 
,QGLFH



















 
,QGLFH

 
,QGLFH













 
,QGLFH

















 
,QGLFH




















 
,QGLFH

+ *RGFKDX[+HQGHUVRQ

(Q HVWH VLVWHPD ORV WDFKRV FRQYHQFLRQDOHV VH KDQ FRQYHUWLGR DO VLVWHPD FRQWLQXR 3DUD
UHDOL]DUODRSHUDFLyQFRQWLQXDVHLQ\HFWDSDVWDGHVHPLOODHQODFDODQGULDGHXQWDFKRHOFXDO
HVWD HTXLSDGR FRQ FLUFXODGRU OD PDVD FRFLGD VH H[WUDH SRU PHGLR GH XQD ERPED PDJPD
1DGOHU  3DUD ERPEHDU OD SDVWD GH VHPLOOD VH XVD XQD ERPED 0R\QR FRQ LPSHOHQWH GH
JRPDQDWXUDOYHUILJXUD

, 3&&(6$PVWDU

/DV VLJODV 3&&(6 VLJQLILFDQ 3URFHVR GH &UVLWDOL]DFLyQ &RQWLQXR (YDSRUDWLYR GH OD
6DFDURVD(OSURFHVRHQYXHOYHHODFRSODPLHQWRGHGRVWDFKRVFRQYHQFLRQDOHVLJXDOHVSRUOD
DGLFLyQ GH XQD WXEHUtD GH FRQH[LyQ (O VHPLOODPLHQWR VH KDFH HQ HO WDFKR  \ OD VHPLOOD
GHVDUUROODGDIOX\HDOWDFKRGRQGHVHUHDOL]DODFULVWDOL]DFLyQILQDOODILJXUDPXHVWUD
XQGLDJUDPDGHIOXMRGHOVLVWHPD




- %0$

(O,QVWLWXWRGH%UDXQVKZHLJ\ODIiEULFDGHD]~FDU/DJHFRRSHUDURQHQHOGLVHxRGHXQWDFKR
FRQWLQXR HQ  FRQ OD SDUWLFLSDFLyQ GH OD (PSUHVD %UDXQVFKZHLJLVFKH
0DVFKLQHQEDXDQVWDOW$*(OVLVWHPDGHRSHUDFLyQVHPXHVWUDHQODILJXUDHQHOFXDOVH
SURFHVD0&GHGHUUHWLGR(OVLVWHPDFRQVWDGHXQWDFKRFRQYHQFLRQDOSDUDSUHSDUDUORVSLHV
GH WHPSOD R PDJPD \  WDFKRV FRQYHQFLRQDOHV FRQHFWDGRV SRU WXEHUtD \ ERPEDV SDUD HO
SURFHVRFRQWLQXR
/DILJXUDPXHVWUDXQDWRUUHGHFULVWDOL]DFLyQFRQWLQXDHYDSRUDWLYDGHVDUUROODGDSRUHO
,QVWLWXWRGH%UDXQVFKZHLJ\FRQVWUXLGDSRU%0$

(VWDWRUUHFRQVLVWHHQFiPDUDVVXSHULPSXHVWDVFRQHFWDGDVMXQWDV&DGDFiPDUDWLHQHXQD
FDODQGULD IORWDQWH FLUFXODFLyQ KDFLD DGHQWUR  /D FLUFXODFLyQ GH OD PDJPD FX\R QLYHO HV
FRQWURODGR HQFDGDFDODQGULDHVDX[LOLDGRSRUXQFLUFXODGRULQVWDODGRHQHOWXERFHQWUDO/D
SULPHUDSUXHEDGHHVWDWRUUHIXHHQSDUDSURFHVDUPFUHQODIiEULFD:DEHUQ(Q
VH LQVWDODURQ  WRUUHV HQ ODV IDEULFDV GH :DEHUQ \ /HKUWH /RV FLUFXODGRUHV GH ODV GRV
FiPDUDV VXSHULRUHV VRQ GH DOWD YHORFLGDG ORV GH ODV GRV FiPDUDV LQIHULRUHV VRQ GH EDMD
YHORFLGDGGHOWLSR.DSODQ

(VWD WRUUHSXHGHVLWXDUVHHQHO H[WHULRUGHOHGLILFLR \VXWDPDxR HV FDVL LGpQWLFRDOGH ORV
FULVWDOL]DGRUHVGHHQIULDPLHQWRYHUWLFDOHV
(OFRQFHSWRGHVDUUROODGRSRUHO,QVWLWXWRGH%UDXQVFKZHLJVHEDVDHQODLGHDGHODOLPSLH]D
GHOHTXLSRSDUDHOLPLQDUODVLQFUXVWDFLRQHVFXDQGRVHFULVWDOL]DQOLFRUHVSDUDD]~FDUEODQFR
3DUD HVWH SURSyVLWR VH XVD HVTXHPD GH OLPSLH]D HO FXDO DVHJXUD XQD GLVSRQLELOLGDG
SHUPDQHQWHGHOWDFKRPRVWUDGRHQODILJXUDHQXQDWRUUHGHFiPDUDV

6LKD\TXHOLPSLDUXQDFiPDUDSRUTXHHVWiVXFLDHOFRQWHQLGRGHODPLVPDVHDOPDFHQDHQHO
UHFLELGRU$\ODFiPDUDVHOLPSLD
'XUDQWHHVWHWLHPSRODFiPDUDTXHVHHVWiOLPSLDQGRVHDtVOD\ODPDJPDGHVGHODFiPDUD
PiVEDMDVHERPEHDDODHWDSDVXSHULRU/DFDSDFLGDGGHODWRUUHHQWRQFHVVHUHGXFHDXQ

 
,QGLFH
























 
,QGLFH





 
,QGLFH








 
,QGLFH

YDORU 1 1GXUDQWHHOWLHPSRGHOLPSLH]DHQHOFDVRPiVGHVIDYRUDEOH6LODSUHVLyQGH


YDSRUSXHGHLQFUHPHQWDUVHHVSRVLEOHRSHUDUODWRUUHDVXFDSDFLGDGQRUPDO
'HVSXpV GH OD OLPSLH]D OD PDJPD GHSRVLWDGD HQ HO UHFLELGRU $ VH UHWRUQD  D VX FiPDUD
RULJLQDO





(/7$&+2&217,182'(%0$±18(926'(6$552//26<
(;3(5,(1&,$6




Fundamentación

/D FULVWDOL]DFLyQ GHO D]~FDU HV OD HWDSD PiV LPSRUWDQWH GHO SURFHVR GH UHFXSHUDFLyQ GH OD
VDFDURVDGLVXHOWDHQHOMXJR&RPRHOJUDGRGHHVDUHFXSHUDFLyQVHHQFXHQWUDOLPLWDGRSRUHO
FRQWHQLGR GH FULVWDOHV HQ OD PDVD FRFLGD VH KDFH QHFHVDULR HO HPSOHR GH YDULDV HWDSDV GH
FULVWDOL]DFLyQ (O UHQGLPLHQWR GH OD SURGXFFLyQ GHO D]~FDU HVWi WDPELpQ GHSHQGLHQWH GH OD
SXUH]DGHODPHOD]DTXHHVYDULDEOHFRQODFDOLGDGGHOSURFHVRGHFULVWDOL]DFLyQ

/DHMHFXFLyQGHODFULVWDOL]DFLyQSHUPLWHXQDH[FHOHQWHVHSDUDFLyQGHORVD]~FDUHVGHORVQR
D]~FDUHV SHUR VH UHTXLHUH OD RSWLPL]DFLyQ GHO SURFHVR FRQ EDMR SRUFHQWDMH GH ILQRV \
DJORPHUDGRV

+DVWD HO SULQFLSLR GH ORV DxRV  OD FULVWDOL]DFLyQ SRU HYDSRUDFLyQ VH KDFtD HQ HO PRGR
GLVFRQWLQXR WDFKRV $OJXQDPHMRUDHQODFDOLGDGGHOD]~FDU\HQHODKRUURGHHQHUJtDYLQR
FRQODDSOLFDFLyQGHORVDJLWDGRUHVPHFiQLFRVPRQWDGRVHQORVWDFKRVGLVFRQWLQXRVSHUROD
YDULDFLyQ HQ OD VXSHUILFLH GH FDOHQWDPLHQWR UHTXHULGD HQ ORV YDULRV PRPHQWRV GH OD
FULVWDOL]DFLyQQRSRGtDVHUDWHQGLGDSXHVORVWDFKRVGLVFRQWLQXRVVRQSUR\HFWDGRVSDUD ODV
FRQGLFLRQHVPHGLDQDVGHRSHUDFLyQ

6LQ HPEDUJR D YHFHV XQ WHFQROyJLFR LPSRUWDQWH HQ OD FULVWDOL]DFLyQ GH OD VDFDURVD IXH OD
LQWURGXFFLyQGHOVLVWHPDGHFRFLPLHQWRFRQWLQXRTXHWUDMRXQQXHYRFRQFHSWRHQHUJpWLFRHQ
ODSURGXFFLyQGHOD]~FDUFRQXQDKRUURFRQVLGHUDEOHGHOFRQVXPRGHHQHUJtDSULPDULD


Referencias

'HVGH  %0$ KD VXPLQLVWUDGR PiV GH  LQVWDODFLRQHV SDUD OD FULVWDOL]DFLyQ FRQWLQXD
SDUDHOD]~FDUGHWRGRVORVJUDGRVGHSXUH]D6HHPSOHDQSRUWRGRHOPXQGRHQD]XFDUHVGH
UHPRODFKDV\FDxDDVtFRPRHQUHILQHUtDV

(QODLQGXVWULDD]XFDUHUDGHFDxDVHSXHGHQUHODFLRQDUODVVLJXLHQWHVLQVWDODFLRQHVGH9.7V
GH%0$

683
$f2 3$,6 352'8&72 1ƒ &$3 WK 
&$/ 0 
 (PLUDWRVÈUDEHV $]~FDUEODQFR UHILQHUtD    

 
,QGLFH

 (PLUDWRVÈUDEHV $]~FDUEODQFR UHILQHUtD    


 (JLSWR $]~FDUEODQFR   
 =LPEDJXH $]~FDUFUXGR   
 (JLSWR $]~FDUFUXGR   
 (JLSWR %DMRJUDGR   
 0DODVLD $]~FDUEODQFR UHILQHUtD    
 &RORPELD %DMRJUDGR   

Concepción

/D LQVWDODFLyQ SXHGH FRQFHELUVH FRPR XQD WRUUH GH FULVWDOL]DFLyQ SRU HYDSRUDFLyQ WRUUH
9.7 RFRPRXQDFDVFDGDGHWDFKRV 9.+ 2WUDSRVLELOLGDGHVODFRPELQDFLyQGHDPERV
VLVWHPDVGHGLVSRVLFLyQORTXHSHUPLWHXQDILMDFLyQGHOQ~PHURGHFiPDUDVTXHFRUUHVSRQGD
DODVH[LJHQFLDVSUDFWLFDVGDGDV$GHPiVH[LVWHODSRVLELOLGDGGHDXPHQWDUODFDSDFLGDGGH
ODLQVWDODFLyQVLPSOHPHQWHSRUODLQVWDODFLyQGHFiPDUDVDGLFLRQDOHV








)LJXUD$&RQFHSWRGHXQDWRUUH9.7










)LJXUD%6LVWHPDGHWDFKRVFRQWLQXRVKRUL]RQWDOHV9.7

 
,QGLFH




 


(QODFRQVWUXFFLyQ\HQHOPRGRGHIXQFLRQDPLHQWRGHXQDWRUUH9.7RGHXQDLQVWDODFLyQ
9.+ GH %0$ VH GHVWDFDQ DOJXQDV FDUDFWHUtVWLFDV SDUWLFXODUHV TXH YLHQHQ D FRQIHULUORV
VXSHULRULGDGHQVXFRQFHSFLyQ

• &iPDUDVFLOtQGULFDV\DDSUREDGDVHQODSUiFWLFDGHOXVRGHORVWDFKRVGLVFRQWLQXRV
• (PSOHRGHDJLWDGRUHVSDUDDVHJXUDUXQDFLUFXODFLyQ\XQPH]FODGRH[FHOHQWHV
• )OXMRGHPDVDFRFLGDGHILQLGRGHFiPDUDDFiPDUD
• (VWDGRGHOSURFHVRUHJXODGRHQFDGDFiPDUD
• 3RVLELOLGDGGHOLPSLDUFiPDUDVLQGLYLGXDOHVGXUDQWHODPDUFKDGHODLQVWDODFLyQ

(VWDVFDUDFWHUtVWLFDVSDUWLFXODUHVWDPELpQDVHJXUDQHOVHUYLFLRHQFDVRGHIDOODVRGXUDQWHXQ
IXQFLRQDPLHQWRFRQFDUJDUHGXFLGD


Calentamiento

3DUD HO FDOHQWDPLHQWR GH OD PDVD HQ XQD WRUUH 9.7 R HQ XQD LQVWDODFLyQ 9.+ VH XWLOL]DQ
VyORYDSRUHVKDVWDODVJDPDVDOWDVGHYDFtRFRQYDORUHVGHSUHVLyQGHEDUHV DEVROXWD 
ORTXHUHTXLHUHDWHQFLyQSDUWLFXODUDOH[WUDHUORVJDVHVGHODVFiPDUDVGHFDOHQWDPLHQWR \D
TXH WDPELpQ KDQ TXH VHU HYDFXDGDV GHWHUPLQDGDV FDQWLGDGHV GHO DLUH (Q FDVR GH TXH ORV
JDVHV QR FRQGHQVDEOHV QR VH HYDFXHQ GH IRUPD VXILFLHQWH VH DFXPXODQ \ SHUMXGLFDQ OD
WUDQVIHUHQFLDGHFDORU7DPELpQHVSRVLEOHODIRUPDFLyQGHYDFtRVTXHDIHFWDUtDQVHULDPHQWH
ODHYDSRUDFLyQORFDO

8QD DOLPHQWDFLyQ SDUDOHOD GH ODV GLIHUHQWHV FiPDUDV GH FDOHQWDPLHQWR FRQ YDSRU GH
FDOHQWDPLHQWR HV HVSHFLDOPHQWH LPSRUWDQWH 6L SRU HO FRQWUDULR HO YDSRU FLUFXOD
VXFHVLYDPHQWHDWUDYpVGHODVFiPDUDV\ORVJDVHVQRFRQGHQVDEOHVVyORVHHYDFXDQDOILQGH
OD FDVFDGD HVWRV JDVHV WLHQHQ TXH SDVDU SRU WRGR HO DSDUDWR \ SHUMXGLFDQ GH IRUPD
LQFRQWURODEOHODWUDQVIHUHQFLDGHOFDORU\SRUFRQVLJXLHQWHODFULVWDOL]DFLyQ


Agitación Mecánica.

 
,QGLFH


6LQ OD DJLWDFLyQ PHFiQLFD OD FLUFXODFLyQ SXHGH LQWHUUXPSLUVH WRWDOPHQWH \ HO FRQWURO GHO
SURFHVR \D QR VHUtD SRVLEOH /D LQ\HFFLyQ GH YDSRU SXHGH VXVWLWXLU OD DJLWDFLyQ PHFiQLFD
VyOR SXQWXDOPHQWH \ SRU FRQVLJXLHQWH SXHGH SURYRFDU PiV ELHQ XQD KHWHURJHQHLGDG PiV
JUDQGH \SRUORWDQWRXQDIRUPDFLyQPiVUiSLGDGHLQFUXVWDFLRQHV$GHPiVVHWUDWDGHXQD
VROXFLyQEDVWDQWHGXGRVDGHVGHODFXHVWLyQHQHUJpWLFD5HQGLPLHQWRVGHFHQWUtIXJDGHKDVWD
XQ  VyOR SXHGH DOFDQ]DUVH FRQ ORV VLVWHPDV FRQ DJLWDGRUHV SRUTXH LQFOXVR FRQ XQD
LQ\HFFLyQDGLFLRQDOGHYDSRUQRHVSRVLEOHORJUDUXQPH]FODGRKRPRJpQHR

Semilla

2WURV DVSHFWRV GHFLVLYRV HQ OD GHWHUPLQDFLyQ GH OD FDOLGDG GHO SURGXFWR ILQDO HQ ODV
LQVWDODFLRQHVFRQWLQXDVVRQODFDOLGDGGHODVHPLOOD\VXFDQWLGDGHQUHODFLyQDOFDXGDOGHO
SURGXFWR 3DUD ODV LQVWDODFLRQHV 9.7 R 9.+ GH %0$ VH SURSRQH OD VHSDUDFLyQ GH OD
IDEULFDFLyQGHVHPLOODGHOSURFHVRGHFRFLPLHQWR\VXHMHFXFLyQHQGRVHWDSD

$MXVWiQGRVHODVFDQWLGDGHVGH³VOXUU\´\GHVHPLOODHOWDPDxRPHGLDQRGHORVFULVWDOHVGH
D]~FDU EODQFR SXHGH YDULDU GH DSUR[LPDGDPHQWH  PP D  PP 3DUD D]~FDU ³%´ HO
WDPDxR PHGLDQR HV XVXDOPHQWH  PP D  PP \ SDUD D]~FDU GH EDMR JUDGR
DSUR[LPDGDPHQWHPPDPP






)LJXUD&,QVWDODFLyQGHSLHGHFRFLGD

/DVYHQWDMDVGHOHPSOHRGHOVLVWHPDGHVHPEUDGXUDGH%0$VHSXHGHDVtUHVXPLUODV

 
,QGLFH


• &RQWURO VHQFLOOR GHO SURFHVR GH FULVWDOL]DFLyQ SRU OLPLWDUOR D ODV HWDSDV GH
FUHFLPLHQWR\DSULHWR

• &DOLGDGH[FHOHQWHGHORVFULVWDOHVFRQEXHQDFDSDFLGDGGHFHQWULIXJDFLyQGHODPDVD
FRFLGD

• 5HGXFLGRFRQVXPRGHODJXDHQODVFHQWUtIXJDV

• )OH[LELOLGDGHQODLQVWDODFLyQ

• 0HMRUDGDSWDFLyQDODVFDUDFWHUtVWLFDVUHTXHULGDVSDUDHOSURGXFWRILQDO




Operación

/DVHPLOODSURGXFLGDHQODVHPEUDGXUDHVLQWURGXFLGDHQODSULPHUDFiPDUDGHFULVWDOL]DFLyQ
(OOLFRUGHDOLPHQWDFLyQHVLQWURGXFLGRFRQWLQXDPHQWHHQWRGDVODVFiPDUDV/DPDWHULDVHFD
DVt FRPR HO FRQWHQLGR GH FULVWDOHV DXPHQWDQ GH XQD FiPDUD D OD RWUD \ WLHQHQ VXV YDORUHV
Pi[LPRVHQODFiPDUDILQDO

&DGDXQDGHODVFiPDUDVSXHGHVHUFRQWURODGDVHSDUDGDPHQWHORTXHDVHJXUDXQDRSHUDFLyQ
FRQWLQXDGD\WUDHODVVLJXLHQWHVYHQWDMDVWHFQROyJLFDV

• 7RPDGDXQLIRUPHGHYDSRUGHFDOHQWDPLHQWRGHORVHYDSRUDGRUHV
• 7RPDGDXQLIRUPHGHOLFRUGHDOLPHQWDFLyQ
• 7RPDGDXQLIRUPHGHYDKRV\FDUJDXQLIRUPHHQORVFRQGHQVDGRUHV
• 'HVFDUJDXQLIRUPHGHPDVDFRFLGD



Control

(O VLVWHPD GH FRQWURO HQ XQ FRFLPLHQWR FRQWLQXR HV PiV VHQFLOOR TXH HO GH ORV WDFKRV
GLVFRQWLQXRV XQD YH] TXH XWLOL]D VyOR ³VHW SRLQWV´ /RV SDUiPHWURV HVFHQFLDOHV TXH VRQ
FRQWURODGRVVRQ

• 3UHVLyQGHOYDSRUGHFDOHQWDPLHQWR
• 3UHVLyQGHORVYDSRUHV
• &RQGLFLyQGHODPDVD FRQWHQLGRGHVyOLGRV 
• &DXGDOGHOOLFRUGHDOLPHQWDFLyQ
• 5HODFLyQOLFRUGHDOLPHQWDFLyQVHPLOOD
• 1LYHOGHODPDVD VyORSDUDD]~FDUEODQFR 


Azúcar Blanco

(QXQDLQVWDODFLyQFRQWLQXDGH%0$SDUDD]~FDUEODQFRODFRQGLFLyQGHODPDVD ODPDWHULD
VHFD  HQ ODV FiPDUDV GH FULVWDOL]DFLyQ HVWi FRQWURODGD SRU OD DOLPHQWDFLyQ GH OLFRU /D
PHGLWDFLyQ HVWi KHFKD FRQ VLVWHPDV PLFURRQGDV 0HGLGRUHV LQGXFWLYRV GHO FDXGDO VLUYHQ

 
,QGLFH

SDUD OD PHGLWDFLyQ GHO IOXMR GH OLFRU GH DOLPHQWDFLyQ DMXVWDGR VHJ~Q HO ³VHW SRLQW´ GHO
SURFHVR

/D VXPD GH ORV FDXGDOHV GH OLFRU GH DOLPHQWDFLyQ HV XWLOL]DGD SDUD HO FRQWURO GHO IOXMR GH
VHPLOODHQXQDFRUUHODFLyQSUHYLDPHQWHGHILQLGD

/DVSUHVLRQHVGHOYDSRUGHOFDOHQWDPLHQWR\GHORVYDSRUHVHVWiQFRQWURODGDVVHSDUDGDPHQWH
HQFDGDXQDGHODVFiPDUDVGHFULVWDOL]DFLyQORTXHSHUPLWHODPHMRURSHUDFLyQGHOVLVWHPD
DVt FRPRODGHVFRQH[LyQGHXQDFiPDUDSDUDOLPSLH]D3DUDHODMXVWHGHODSURGXFFLyQ GHO
WDFKR FRQWLQXR GH %0$ VyOR HV QHFHVDULR HO DMXVWH GH ORV ³VHW SRLQW´ SDUD OD SUHVLyQ GH
YDSRUGHFDOHQWDPLHQWR

(OQLYHOGHPDVDFRFLGDVHPLGHHQFDGDFiPDUD\VHORPDQWLHQHFRQVWDQWHFRQHOFRQWUROGH
ODHYDFXDFLyQGHPDVDDWUDYpVGHODVYiOYXODVHQODWXEHUtDGHWUDVSDVR(QOD~OWLPDFiPDUD
VHFRQWURODODYHORFLGDGGHODERPEDGHPDVDFRFLGD

Azúcar crudo y bajo grado

<D HQ XQD LQVWDODFLyQ FRQWLQXD SDUD D]~FDU GH EDMR JUDGR VH SXHGHQ VXSULPLU ODV
UHJXODFLRQHV GH QLYHO HQ ODV FiPDUDV  JUDFLDV DO HPSOHR GH XQD WXEHUtD H[WHUQD SDUD HO
WUDVSDVRGHPDVDFRFLGD

/D GHWHUPLQDFLyQ GH ODV FRQGLFLRQHV GH OD PDVD FRFLGD HVWi KHFKD FRQ XQ VLVWHPD GH
PHGLFLyQGHODWHPSHUDWXUD



)LJXUD  '
(VTXHPD GH
UHJXODFLyQ ±
9.7 SDUD
D]~FDU EODQFR

 
,QGLFH



)LJXUD  (
(VTXHPD GH UHJXODFLyQ
± 9.7 SDUD SURGXFWR
GH EDMR JUDGR



Limpieza

&RQ HO REMHWRGHLPSHGLUODSURGXFFLyQGHLQFUXVWDFLRQHVODVSDUWHVGHORVDSDUDWRVSDUD HO


WUDWDPLHQWR GH SURGXFWRV GH DOWD SXUH]D VH UHYLVWHQ FRQ PHPEUDQDV GHOJDGDV GH DFHUR
LQR[LGDEOH TXH D FDXVD GH OLJHUD YLEUDFLyQ LQKLEHQ FRQVLGHUDEOHPHQWH OD DGKHUHQFLD GH
FULVWDOHVGHD]~FDU

6LQHPEDUJRGHELGRDODSRVLELOLGDGGHOWUDVSDVRGHXQDFiPDUDHVSRVLEOHGHVFRQHFWDUODGHO
SURFHVR SDUD OLPSLH]D PLHQWUDV ODV RWUDV VLJXHQ HQ VHUYLFLR (O WDFKR FRQWLQXR GH %0$ VH
GLVWLQJXHDVtSRUVXDOWDGLVSRQLELOLGDGGXUDQWHWRGDOD]DIUD


 
,QGLFH



)LJXUD)5HSUHVHQWDFLyQHVTXHPiWLFDGHOSURFHVRGHOLPSLH]D

(QORVWDFKRVSDUDSURGXFWRVGHEDMRJUDGRXQDYiOYXODGHFLHUUHPRQWDGDHQHOWUDVSDVRGHOD
FiPDUD,,DOD,,,SHUPLWHODOLPSLH]DHQGRVHWDSDV

(OSHUtRGRGHPDUFKDFRQWLQXDGHOWDFKRKDVWDTXHVHDQHFHVDULDXQDOLPSLH]DHVHQWUH\
GtDVSDUDHOD]~FDUEODQFR<DSDUDHOFUXGRHVHQWUH\GtDV\SDUDHOSURGXFWRGHEDMR
JUDGRHQWUH\GtDV

Resumen

/DVYHQWDMDVWHFQROyJLFDV\PHFiQLFDVGHOWDFKRFRQWLQXRGH%0$VHSXHGHQUHVXPLUHQ HO
VLJXLHQWH

• $GHFXDFLyQDODFULVWDOL]DFLyQHQIiEULFDVGHOD]~FDUGHUHPRODFKDV\FDxDDVtFRPR
HQODVUHILQHUtDV

• 0HMRU FLUFXODFLyQ GH PDVD JUDFLDV DO HPSOHR GH DJLWDGRUHV PHFiQLFRV HQ WDFKRV
FLOtQGULFRV\YHUWLFDOHVVHJ~QODVPHMRUHVH[SHULHQFLDVFRQWDFKRVGLVFRQWLQXRV

• $KRUURGHHQHUJtDJUDFLDVDODSRVLELOLGDGGHXWLOL]DUYDSRUGHFDOHQWDPLHQWRGHEDMD
SUHVLyQ

• 2SHUDFLyQXQLIRUPHFRQDOLPHQWDFLyQ\UHPRFLyQFRQWLQXDVGHPDVDV

• 0HMRUDGDSWDFLyQGHODVFiPDUDVGHFULVWDOL]DFLyQDODVFRQGLFLRQHVGHOSURFHVR

• 2SHUDFLyQFRQILDEOH\VHQFLOODFRQWURODGDSRU³VHWSRLQWV´DMXVWDEOHV

• $OWRFRQWHQLGRGHFULVWDOHV\FRQVHFXHQWHDOWRUHQGLPLHQWR

• ,QFUXVWDFLyQ PLQLPL]DGD SRU HO SUR\HFWR \ FRQVWUXFFLyQ GH ODV FiPDUDV GH
FULVWDOL]DFLyQ


 
,QGLFH

• 'LVSRQLELOLGDG RSHUDFLRQDO DPSOLDGD D OR ODUJR GH OD ]DIUD JUDFLDV D VX FRQFHSWR
HVSHFLDOGHOLPSLH]D

• 3XHVWDHQPDUFKD\SDUDGDIiFLOHV

• $JLOLGDGHQODUHVSXHVWDDORVFDPELRVHQODVFRQGLFLRQHVHQODIiEULFD

• 3RVLELOLGDGGHOPRQWDMHDXQPRPHQWRXOWHULRUGHRWUD FiPDUDGH FULVWDOL]DFLyQ SDUD
DXPHQWDUODFDSDFLGDGGHSURGXFFLyQ

• (VSDFLR GH LPSODQWDFLyQ UHGXFLGR LQFOXVR HQ HO H[WHULRU VLQ TXH VH UHTXLHUD XQ
HGLILFLR



masa cocida C. 
Evaluación de un tacho continuo BMA vertical (VKT) VS un tacho convencional con


6HJ~QVXVIDEULFDQWHVHO9.7WLHQHODVVLJXLHQWHVYHQWDMDVVREUHRWURVWDFKRVFRQWLQXRV

 &iPDUDVFLOtQGULFDVXELFDGDVFRPRWDFKRVEDWFKHQVHULH
 8VRGHDJLWDGRUHVSDUDXQDPHMRUFLUFXODFLyQ\PH]FOD
 )OXMRGHPDVDFRFLGDGHILQLGRFiPDUDDFiPDUD
 /LPSLH]DLQGLYLGXDOGHFDGDFiPDUDGXUDQWHODSURGXFFLyQ

(OWDFKR9.7HYDOXDGRFRQVWDGHFiPDUDVFLOtQGULFDVFRQXQDFDSDFLGDGGHSURGXFFLyQGH
WRQPHWGHPFFK 3&+ \XQWLHPSRGHUHVLGHQFLDGHK
/DUHODFLyQ69 &DGDFiPDUDWLHQHXQDJLWDGRUJLUDQGRHQWUHUSPTXHDVRFLDGR
FRQODWXUEXOHQFLDJHQHUDGDSRUHOFDOHQWDPLHQWRFRQYDSRUDVHJXUDODKRPRJHQL]DFLyQGHOD
PDVDFRFLGD

/DHYDOXDFLyQGHHVWHWDFKRVHUHDOL]yHQHO&HQWUDO3URYLGHQFLD±&RORPELD ,6-YRO
1ƒ 

³(OFRQWUROGHOFRQWHQLGRGHVyOLGRVVROXEOHV ƒ%[ HQFDGDFiPDUDVHEDVDHQODSUHPLVDGH
TXHSDUDXQYDFtRSUHYLDPHQWHILMDGR\FRQVWDQWHHVSRVLEOHHVWDEOHFHUSDUDXQDPDVDGHXQD
SXUH]D GHWHUPLQDGD XQD UHODFLyQ HQWUH OD WHPSHUDWXUD GH OD PDVD \ HO ƒ%[ \ WHPSHUDWXUD VH
REWXYLHURQGHODLQIRUPDFLyQUHFROHFWDGDHQPHVHV

/DWDEOD;;;,,,$PXHVWUDGHWDOOHVGHOGLVHxRGHOWDFKR9.7\HOEDWFK


7DEOD;;;,,,$'HWDOOHVGHGLVHxRGHORVWDFKRVFRQWLQXRV9.7\PDWFK


3DUiPHWURGLVHxR    9.7     %DWFK

9ROXPHQRSHUDULR   P 3    P 3 
     &iPDUDVPFX
     &iPDUDV\PFX

 
,QGLFH

6XSHUILFLHFDOHQWDPLHQWR  P S 


     PFiPDUD
'LiPHWUR    P ¶ 
$OWXUD     P ¶ 
'LiPHWURLQWHUQR   FiPDUDV\PFX ¶ 
     FiPDUDV\±PFX ¶ 
/RQJLWXGWXERV   P ¶ 
1ƒ7XERV    FiPDUD


Operación.

 6HDOLPHQWDWRGDODVHPLOODHQODFiPDUDHQXQDSURSRUFLyQSUHYLDPHQWHHVWDEOHFLGD
FRQUHVSHFWRDODFDQWLGDGWRWDOGHPLHODDGLFLRQDU/DVHPLOODVHHODERUDHQXQWDFKR
EDWFK DXWRPDWL]DGR FRQFDSDFLGDG GH  P  S  D SDUWLU GHPLHO% \ PLHO $
XWLOL]DQGR FRPR VHPLOOD D]~FDU ILQDPHQWH PROLGD \ VXVSHQGLGD HQ DOFRKRO FRQ XQ
WDPDxRSURPHGLRGHPLFUDV

 /D DOLPHQWDFLyQ GH PLHO % D WRGDV ODV FiPDUDV VH UHJXODQ D WUDYpV GH OD SUHVLyQ GH
YDSRU GH FDOHQWDPLHQWR GH IRUPD WDO TXH HO  VH DGLFLRQH HQ ODV GRV SULPHUDV
FiPDUDV

 (OVLVWHPDGHFRQWUROSHUPLWHPDQHMDUODSUHVLyQJHQHUDO\XQGLIHUHQFLDOUHIHULGRDHVD
SUHVLyQHQFDGDFiPDUD(QFRQGLFLRQHVQRUPDOHV HQODVTXHHOYDFtRQRYDUtDHQPiV
GHXQPEDU  \ODSUHVLyQGHYDSRUHVGHPEDU  ODFDQWLGDGGHDJXDHYDSRUDGDVH
UHSRQHFRQODDOLPHQWDFLyQGHPLHO%SDUDPDQWHQHUOD66GHODPDVDFRQVWDQWH\SRU
ORWDQWRHOƒ%[
(O DUUHJOR GH ODV FiPDUDV SHUPLWH TXH OD PDVD GHVERUGH SRU JUDYHGDG D OD FiPDUD
VLJXLHQWH


Resultados y discusión

/DSURGXFFLyQGHPDVD&GXUDQWHORVWUHVPHVHVGHHYDOXDFLyQGHOWDFKRFRQWLQXRGHELGRD
TXH HQ HVWDV VH DOFDQ]DURQ XQDV FRQGLFLRQHV UHODWLYDPHQWH HVWDEOHV (O DJRWDPLHQWR HQ HO
WDFKRSUHVHQWyYDORUHVVDWLVIDFWRULRVGLIHUHQFLDVGHSXUH]DHQWUHODPDVD\ODPLHO1XWVFKDOD
VDOLGDGHOWDFKRHQWUH\SXQWRV WDEOD;;;,,,% 

7$%/$;;;,,,%

5HVXOWDGRVSURPHGLRVGHODJRWDPLHQWRDOFDQ]DGRHQHOWDFKRFRQWLQXR

6HPDQDV  0DVDV  3XUH]DVPLHOHV FRQWHQLGR 'LIHUHQFLD 
  %UL[ 3XUH]D 1XWVFK  FULVWDO GHSXUH]DV

      
       
       
       
       

 
,QGLFH



/DFDOLGDGGHORVPDWHULDOHVXWLOL]DGRVHQORVFRPSDUDWLYRVHVWXYRGHQWURGHOUDQJRQRUPDO
WDEOD;;;,,,& 

$O FRPSDUDU HO FRPSRUWDPLHQWR GH ORV WDFKRV VH REVHUYD TXH HQ OD FiPDUD   HO WDFKR
FRQWLQXRDOFDQ]DXQDGLIHUHQFLDGHSXUH]DVHQWUHODPDVD\ODPLHO1XWVFKGHSXQWRV
TXHHVVXSHULRUDODDOFDQ]DGDDODVDOLGDGHOWDFKREDWFKGHSXQWRV WDEOD;;;,,,' 

(O FRQWHQLGR GHO FULVWDO DOFDQ]DGR HQ FDGD XQR GH ORV WDFKRV FRUURERUD OD VXSHULRULGDG HQ
DJRWDPLHQWRGHODPLHOGHOWDFKRFRQWLQXR

&RPRUHVXOWDGRGHODSULPHUDVHULHGHHQVD\RVSDUDDMXVWDUODRSHUDFLyQGHOWDFKRFRQWLQXR
HO WDPDxR SURPHGLR GHO FULVWDO REWHQLGR IXH VXSHULRU DO DOFDQ]DGR HQ HO WDFKR EDWFK HVWH
WDFKR WLHQH FRQWURO DXWRPiWLFR \ HVWi SURYLVWR GH DJLWDGRUHV  3RU RWUR ODGR HO &9 GH ORV
FULVWDOHVREWHQLGRVHQHOWDFKREDWFK WDEOD;;;,,,( (VWHFRPSRUWDPLHQWRFRLQFLGHFRQHO
REWHQLGRHQWUDEDMRVSUHYLRV WDEOD;;;,,,( 

/DUHODFLyQHQWUHHOFRQVXPRGHYDSRU\ODFDQWLGDGGHDJXDHYDSRUDGDVHHVWLPyDWUDYpVGH
XQEDODQFHGHPDWHULDOHV\GHVyOLGRVHQDPERVWDFKRVHQHOWDFKRFRQWLQXRODUHODFLyQIXH
GHPLHQWUDVTXHHQHOWDFKREDWFKIXHGHHYLGHQFLDQGRODVYHQWDMDV


7$%/$;;;,,,&

$QiOLVLVItVLFRTXtPLFRVSURPHGLRVGHODVPDWHULDVSULPDVXWLOL]DGDVHQHOFRPSDUDWLYR

$QiOLVLV   6HPLOOD   0LHO%

%UL[        
3XUH]D       


       







7$%/$;;;,,,'

5HVXOWDGRVGHOFRPSDUDWLYRHQWUHHOWDFKRFRQWLQXR 9.7 \HOWDFKREDWFK

6HPDQDV  0DVDV  3XUH]DPLHOHV  FRQWHQLGR  'LIHUHQFLD
  %UL[3XUH]D1XWVFK  FULVWDO  GH3XUH]DV

7DFKRFRQWLQXR 
&iPDUD      

 
,QGLFH

&iPDUD     


&iPDUD      
&iPDUD      
7DFKRGLVFRQWLQXR     



7$%/$;;;,,,(


7DPDxRSURPHGLRGHORVFULVWDOHVREWHQLGRVHQHOFRPSDUDWLYR


7DPDxRFULVWDO PP   &9  )LQRV  

7DFKRFRQWLQXR
&iPDUD         
&iPDUD         
&iPDUD         
&iPDUD         
7DFKRGLVFRQWLQXR        

• &ULVWDOHVGHWDPDxRPHQRUDPP

(QHUJpWLFDVGHHVWHWDFKRSURGXFWRGHODDXWRPDWL]DFLyQGHOSURFHVRDVRFLDGRDODSUHVHQFLD
GHDJLWDGRUHVGHPD\RUFDSDFLGDGDOQRXVRGHDJXD

$XQTXH HO FRPSRUWDPLHQWR GH ODV SpUGLGDV GH VDFDURVD HQ PLHO ILQDO WRQHODGD GH FDxD
GHSHQGH HQWUH RWURV PXFKRV IDFWRUHV GH OD FDOLGDG GH PDWHULD SULPD GH ORV SURFHVRV
UHDOL]DGRVDQWHV\GXUDQWHHOSURFHVRGHFULVWDOL]DFLyQDOFRPSDUDUHVWDVSpUGLGDVHQORVGRV
VLVWHPDVGHSURGXFFLyQGHPDVD&VHSXHGHREVHUYDUODWHQGHQFLDDVXGLVPLQXFLyQDSDUWLU
GHODSXHVWDHQPDUFKDGHOWDFKRFRQWLQXR WDEOD7$%/$;;;,,,( 

Conclusiones

• /DPHWRGRORJtDXVDGDSHUPLWLyHYDOXDUORVGRVWLSRVGHWDFKRV %DWFK\&RQWLQXR 
QR VyOR GHVGH HO SXQWR GH YLVWD GH FDtGD GH SXUH]D HQ HO WDFKR VLQR WDPELpQ SRU
PHGLR GH OD FDOLGDG GH ORV FULVWDOHV IRUPDGRV TXH LQIOX\HQ PDUFDGDPHQWH HQ ORV
LQFUHPHQWRVGHSXUH]DGHODVPLHOHVHQODHWDSDGHFHQWULIXJDFLyQ

• /RVUHVXOWDGRVGHOFRPSDUDWLYRPRVWUDURQTXHSDUDXQDVFRQGLFLRQHVVLPLODUHVDOD
DOLPHQWDFLyQODSXUH]DGHODPLHODODVDOLGDGHOWDFKRIXHGHHQHOWDFKREDWFK
\HQHOFRQWLQXRORTXHGHPXHVWUDHOJUDQWUDEDMRGHDJRWDPLHQWRTXHVHUHDOL]D
HQHVWHWDFKR

• /DLQIRUPDFLyQKLVWyULFDGHOLQJHQLRUHSRUWDTXHHQSURPHGLRODSXUH]DGHODPLHO
ILQDOHUDGHORTXHLQGLFDTXHHQSURPHGLRHQORVFULVWDOL]DGRUHVVHDOFDQ]DED
XQD FDtGD GH SXUH]D GH  SXQWRV FRQ OD SXHVWD HQ PDUFKD GHO WDFKR FRQWLQXR JUDQ
SDUWHGHOWUDEDMRTXHVHUHDOL]DEDHQORVFULVWDOL]DGRUHVVHHVWiKDFLHQGRHQHOSRUOR

 
,QGLFH

TXHKDFHQHFHVDULRUHHYDOXDUHOWUDEDMRHQFULVWDOL]DGRUHVFRQHOILQGHLQFUHPHQWDU
DXQPiVHODJRWDPLHQWR

• 'HVGHHOSXQWRGHYLVWDHQHUJpWLFRHOWDFKRFRQWLQXRFRQVXPHHQWRWDO LQFOX\HQGROD
HQHUJtD SDUD DFFLRQDU GH ORV PRWRUHV GH ORV DJLWDGRUHV UHIHUHQFLD  OE YDSRUNZ
JHQHUDGR XQPHQRVGHHQHUJtDTXHHOWDFKREDWFKSHUPLWLHQGRLQFOXVRHOXVR
GH JDVHV ,, R YDSRUHV YHJHWDOHV FRQ XQD SUHVLyQ GH  PEDU SURYHQLHQWHV GHO
VHJXQGRGHORVHIHFWRVGHOWDQGHPGHHYDSRUDFLyQGHO,QJHQLR

• &RQODUHFXSHUDFLyQDGLFLRQDOGH.JGHVDFDURVDWFFRQVLGHUDQGRXQDPROLHQGD
SURPHGLRGHO,QJHQLRGHWRQHODGDVGHFDxDDxR\XQSUHFLRGHOD]~FDUGH
86WRQODLQYHUVLyQVHUHFXSHUDUtDHQDSUR[LPDGDPHQWHDxRV

7$%/$;;;,,,(

&RPSDUDFLyQ '( OD SXUH]D SURGXFFLyQ \ SpUGLGDV GH VDFDURVD HQ PLHO ILQDO 7DFKR
GLVFRQWLQXRYUV7DFKRFRQWLQXR

     3XUH]DPLHO  .J0LHO  3pUGLGDVDF
     )LQDO  ILQDOWF  FDxD

7DFKRGLVFRQWLQXR        
          
          
          
          
          
          
          
          
          
           
          
          
          

3URPHGLR         
7DFKRFRQWLQXR        
          
          
          
          
3URPHGLR          

9(17$-$6'(/$(%8//,&,Ï1&217,18$

/2635,1&,3$/(6%(1(),&,26621/266,*8,(17(6



 
,QGLFH

















 
,QGLFH


 $XPHQWR GH OD FDSDFLGDG GH KDVWD  R PiV (VWR HVWi EDVDGR HQ XQ FLFOR
SURPHGLRGHOWDFKRGHKPLQGHOFXDOVHUHTXLHUHQPLQSDUDHYDSRUDU
DOFDQ]DUODVREUHVDWXUDFLyQDGHFXDGDVHPEUDU\GHVDUUROODUHOJUDQRDQWHVGHTXH
OD WHPSOD SXHGH HPSH]DU D VHU DOLPHQWDGD (VWD SDUWH GHO FLFOR GHO WDFKR QR HV
SURGXFWLYD

/D DOLPHQWDFLyQ FRQWLQXD GH YDSRU GXUDQWH OD RSHUDFLyQ \ HO XVR SOHQR GHO
YROXPHQGHWUDEDMRLQFUHPHQWDODFDSDFLGDGHQDOJXQDVDSOLFDFLRQHVHVPiVGHO
GREOH

 $KRUURV HQHOYDSRUOLPSLH]DFRQYDSRU UHHYDSRUDFLyQ \ UHFLUFXODFLyQ(O XVR
GHYDSRUGHHVFREDHVHOLPLQDGR

 5HGXFFLyQ GH ODV SpUGLGDV GH D]~FDU \D TXH SUiFWLFDPHQWH QR RFXUUH QLQJ~Q
DUUDVWUH

 (OWDFKRHV IiFLOGHDXWRPDWL]DUSRUORWDQWRXQRSHUDGRUHV FDSD]GHPDQHMDU
PiVGHXQWDFKRHQFXDOTXLHUPRPHQWR


 
,QGLFH

 /RV SDUiPHWURV GH RSHUDFLyQ WDOHV FRPR SUHVLyQ DEVROXWD PRYLOLGDG IOXMR GH
YDSRU WHPSHUDWXUD \ FDUJD GH SRWHQFLD VRQ QRWDEOHPHQWH XQLIRUPHV \ QR
DOFDQ]DUYDORUHVPi[LPRV SLFRV 
(OVLVWHPDGHEHWHQHUWRGDVODVHYDSRUDFLRQHV$%\&&RQHFWDGDVHQXQIOXMR
FRQWLQXR 1R HV PX\ GLIHUHQWH GHO SUHVHQWH VLVWHPD SRU FDUJDV H[FHSWR TXH OD
FULVWDOL]DFLyQWRWDOVHOOHYDDFDERHQWUHVHWDSDVHQOXJDUGHVHLV/RVHVWXGLRVHQ
ODIiEULFDFRQILUPDQTXHODFULVWDOL]DFLyQGHOD]~FDUFUXGRVHSXHGHOOHYDUDFDER
PHMRUHQXQLGDGHVFRQVLVWHQWHVHQFHOGDVELHQPH]FODGDV

 'HELGRDOGLVHxRGHWDFKRVHHOLPLQDODPH]FODGHFULVWDOHVGHWDPDxRVGLIHUHQWHV
PHMRUDQGROD'7&LQFUHPHQWiQGRVHHOUHQGLPLHQWRHQORVWDFKRV\UHGXFLHQGRHO
DJXDGHODYDGRHQODVFHQWUtIXJDV

 /DEDMDFDUJDKLGURVWiWLFDSURPXHYHODFLUFXODFLyQGHODPDVDFRFLGD \HOLPLQD
YLUWXDOPHQWHORVJUDGLHQWHVGHWHPSHUDWXUDGHELGRDODFDUJDKLGURVWiWLFD

 (OXVRGHOFLUFXODGRUPHFiQLFRSHUPLWHUHFRJHUPiVODPDVDFRFLGDPHMRUDQGRHO
UHQGLPLHQWR \ DJRWDELOLGDG GH ODV PDVDV FRFLGDV VLHQGR ORV FLUFXODGRUHV PiV
SHTXHxRV

 'HELGRDODUHODFLyQDOWDGHVXSHUILFLHGHFDOHQWDPLHQWRFRQUHVSHFWRDOYROXPHQ
GHOWDFKRVHSHUPLWHHOXVRHIHFWLYRGHYDSRUHVGHEDMDSUHVLyQ KDVWDGH 

 /DHILFLHQFLDGHODVFDOGHUDVVHPHMRUDGHELGRDODVRSHUDFLRQHVGHHVWDGRHVWDEOH
LOXPLQiQGRVHODVGHPDQGDVEUXVFDVGHYDSRU

 6HUHGXFHHOFRQVXPRGHDJXDGHLQ\HFFLyQDORVFRQGHQVDGRUHV \SRU HQGH HO
FRQVXPRGHSRWHQFLD

 6HHOLPLQDQORVPH]FODGRUHV\JUDQHURVSDUDPDVDVFRFLGDV

 (O&9GHORVFULVWDOHVSURGXFLGRVHVPHMRUTXHHOGHODVHPLOODPDJPD

 6HREWLHQHXQDPLHOILQDOGHDSXQWRVGHSXUH]DPiVEDMD


&5,67$/,=$&,Ï1&217,18$(15(),1(5Ë$

8QD UHILQHUtD WtSLFD KDFH  PDVDV FRFLGDV \ OD TXLQWD HV XQ UHIXQGLGR ORV UHQGLPLHQWRV
GHEHQVHUWDOHVTXHHOVLURSH'GHODUHILQHUtDFRQWHQJDQRPHQRVGHOGHQRD]~FDUHV3RU
FRQVLJXLHQWH HQ HO VLVWHPD FRQWLQXR OD FDQWLGDG GH ³HEXOOLFLyQ LQWHUQD´ GHEH GHWHUPLQDUVH
VREUH OD EDVH GH XQ EDODQFH GH PDWHULDOHV TXH GDUi SRU UHVXOWDGR XQ VLURSH ' GH
DSUR[LPDGDPHQWHSXUH]D

$FRQWLQXDFLyQVHSUHVHQWDXQEDODQFHWtSLFRGHPDWHULDOHV

$ (OIXQGLGRHVGHPLOORQHVGHOEVGtDRVHDOEVK
% (OUHQGLPLHQWRGHVyOLGRVHV
& (OVLURSH'SURGXFLGDWLHQHXQVyOLGR

 
,QGLFH

' /RVWDFKRV$ \%VRQGH3FDGDXQRHOWDFKR&HVGH3\ HO


WDFKRGHVHPLOODGH3
( 7RGRVORVFRQFHSWRVHVWiQH[SUHVDGRVHQVyOLGRVKRUD
) /DVHPLOODHVGHƒ%[
* (OOLFRU\VLURSHVRQGHƒ%[

/DILJXUDHVXQHVTXHPDFRQIOXMRVDSUR[LPDGRV

&iOFXORGHXQWDFKRFRQWLQXR

(O WDPDxR GH OD XQLGDG UHTXHULGD HV XQD IXQFLyQ GHO WDPDxR GHO FULVWDO DVt FRPR GH OD
FDQWLGDGGHPDVDFRFLGDDVHUSURGXFLGD

/DIyUPXODVLJXLHQWHHVXVDGDSDUDDSUR[LPDFLRQHVUiSLGDVFRQXQDSUHFLVLyQDGHFXDGD

9 ^> WFPFWFPDJ WFPF@`)PF[WFULV[I

'RQGH

9 9ROXPHQGHOWDFKRHQ3
WFPF WDPDxRFULVWDOPDVDFRFLGDHQPP
WFPDJ WDPDxRFULVWDOPDJPDHQPP
)PF IOXMRPDVDFRFLGDHQ3K
WFULVW  WLHPSR FULVWDOL]DFLyQ UHTXHULGR SDUD TXH ORV FULVWDOHV FUH]FDQ GHVGH OD ORQJLWXG
WFPDJDODWFPFHQKRUDV

I IDFWRUTXHWRPDHQFXHQWDHOFRQWHQLGRGHFULVWDOHVGHODVHPLOODPDJPDODPDVDFRFLGD
\RWUDVYDULDEOHV6HSXHGHDVXPLUFRPR



 
,QGLFH

&$3,78/29

5(680(1'(/266,67(0$63$5$(/&21752/'(/$
&5,67$/,=$&,21(1/267$&+26

 ,1752'8&&,Ï1

8QWDFKRFRPRFXDOTXLHURWURHTXLSRGHODSODQWDGHEHVHURSHUDGRKDVWDVXQLYHOPiVDOWR
GHHILFLHQFLDFRQUHVSHFWRDORVFRVWRVFDOLGDGGHOSURGXFWR\UHFREUDGRGHOSURGXFWR/D
RSHUDFLyQSXHGHSDUHFHUVXSHUILFLDOPHQWHVLPSOHSHURHVWiOHMRVGHGLFKDFRQGLFLyQ\D~Q
SHUPDQHFHFRPRXQ³DUWH´
(O WDFKRDFW~D FRPRXQHYDSRUDGRU \XQFULVWDOL]DGRUGRQGHHOSURFHVRGHFULVWDOL]DFLyQ
SRUVLPLVPRJHQHUDFDUDFWHUtVWLFDVYDULDEOHVGHOOLFRUPDGUHGRQGHFRQFHQWUDFLRQHVPX\
EDMDVGHLPSXUH]DV DOJXQDVWRGDYtDQRLGHQWLILFDGDV SXHGHQYDULDUHOEDODQFHGHOSURFHVR
\ GRQGH OD PHGLFLyQ GH SDUiPHWURV GH LPSRUWDQFLD VH KDFH GLItFLO GDGD  OD IDOWD GH
KRPRJHQHLGDGGHODPDVDGHFULVWDOHV
/DRSHUDFLyQGHFULVWDOL]DFLyQHVDFHSWDEOHHQDOJXQDVHWDSDVGHOFRFLPLHQWRSHURHQRWUDV
VHVDOHGHEDVHORFXDOUHVXOWDHQXQSURGXFWRLQDFHSWDEOH\HQLQHILFLHQFLDV

 352&(62

(OSURFHVRGHFULVWDOL]DFLyQGHEHVDWLVIDFHUHVWRVFULWHULRV

D (O HVWDEOHFLPLHQWRGHORVFULVWDOHVGHVHPLOODGHXQDIRUPDUHSURGXFLEOH \
FRQVLVWHQWH
E /RV FULVWDOHV GH VHPLOOD GHEHQ HVWDU ELHQ IRUPDGRV \ OLEUHV GH
FRQJORPHUDGRV
F /RVFULVWDOHVGHVHPLOODGHEHQFUHFHUDOWDPDxRUHTXHULGRWDQUiSLGDPHQWH
FRPR VHD SRVLEOH GH DFXHUGR FRQ ORV UHTXHULPLHQWRV GH FDOLGDG VLQ OD
IRUPDFLyQGHFXDOTXLHUFULVWDODGLFLRQDO
G /DFDQWLGDGGHFULVWDOHVSURGXFLGDVVHDODPD\RUSRVLEOHSDUDXQDSXUH]DGH
OLFRURVLURSHGDGD

&DGDXQRGHHVWRVIDFWRUHVGHSHQGHFUtWLFDPHQWHGHODUD]yQGHFUHFLPLHQWRGHOFULVWDOOD
FXDO HV SRU VL PLVPD GHSHQGLHQWH GH OD VREUHVDWXUDFLyQ \ WHPSHUDWXUD (O WLHPSR GH
FRFLPLHQWRWRWDOHVDIHFWDGRDGLFLRQDOPHQWHSRUODUD]yQGHDOLPHQWDFLyQ\ODWUDQVIHUHQFLD
GHFDORU
/D PHGLFLyQ GLUHFWD R LQGLUHFWD \ HO FRQWURO GH HVRV SDUiPHWURV FRQVWLWX\HQ OD FROXPQD
YHUWHEUDOGHODRSHUDFLyQHILFLHQWHGHXQWDFKR


 ,167580(17$&,Ï1

$XQTXHHQHOFDSLWXOR,,,KLFLPRVXQHVWXGLRFRPSOHWRGHODLQVWUXPHQWDFLyQXWLOL]DGDHQ
HO FRQWURO GH ORV WDFKRV DTXt UHFDOFDPRV TXH ORV VLJXLHQWHV HTXLSRV GH PHGLFLyQ VRQ
QHFHVDULRV

D 5HJLVWUDGRUGHSUHVLyQDEVROXWDRYDFtR
E (TXLSR SDUD HO FRQWURO GH OD VREUHVDWXUDFLyQ VHJ~Q QXHVWUD RSLQLyQ HO
HTXLSR DFWXDO PiV HILFLHQWH SDUD HO FRQWURO GH OD VREUHVDWXUDFLyQ HV HO


,QGLFH

GHQVLWyPHWURGHUD\RVJDPPDRVHQVRUQXFOHDU\HOVHQVRUGHGHQVLGDGGH
PLFURRQGDV 

F 0LFURVFRSLRGHWDFKR FRQGHDPSOLILFDFLyQ 

G 3UHVLyQ GH YDSRU HQODFDODQGULD

H 5HJLVWUDGRUGHODFDUJDGHOPRWRUGHOUHYROYHGRUGHOWDFKR

I 5HJLVWUDGRUGHOIOXMRGHYDSRU

J 1LYHO GH ODPDVDFRFLGD

K 7HPSHUDWXUDGHODPDVDFRFLGD

L 7HPSHUDWXUDDJXDUHFKD]RFRQGHQVDGRU

M 7HPSHUDWXUDGHOYDSRU


 &21752/(6<)81&,21(6

/RVFRQWUROHVEiVLFRVVLJXLHQWHVVHUHTXLHUHQ

D &RQWUROSURJUDPDEOHGHYDFtRRGHSUHVLyQDEVROXWD

E &RQWURO GH DOLPHQWDFLyQ GHVGH ODV PHGLFLRQHV GH FRQVLVWHQFLD
FRQGXFWLYLGDGYLVFRVLGDGGHQVLGDGHWF 

F &RQWURO IOXMR YDSRU GHVGH OD VREUHVDWXUDFLyQ R PHGLFLyQ GHO IOXMR GH
YDSRU 6LPSOLFLGDGHVODHVHQFLDGHORVVLVWHPDVGHFRQWUROSDUDORVWDFKRV


 23(5$&,21(6(1/267$&+26

+D\RFKRSDVRVGLIHUHQWHVHQODRSHUDFLyQGHOFLFORGHXQWDFKR

D &DUJD\FRQFHQWUDFLyQ
E ,Q\HFFLyQVHPLOOD
F 'LVPLQXFLyQGHODHYDSRUDFLyQ
G (VWDEOHFLPLHQWRGHOJUDQR FULVWDOL]DFLyQ 
H 5HVWDEOHFLPLHQWRGHODHYDSRUDFLyQ
I 5HFRJHUODPDVD
J 'HVFDUJD
K 3UHSDUDUHOWDFKR

/DRSHUDFLyQGHXQWDFKRUHTXLHUHXQFRQWURODSURSLDGRVREUHFDGDXQRGHHVDVIDVHVGHO
FRFLQDGR/DVVLJXLHQWHVREVHUYDFLRQHVVRQKHFKDV



,QGLFH

 &5,67$/,=$&,Ï1

/DVHOHFFLyQGHODWpFQLFDGHFULVWDOL]DFLyQHVWiHQWUHWUHVDOWHUQDWLYDV

D 7pFQLFD GHFULVWDOL]DFLyQHVSRQWiQHD
E 6KRFNVHPLOODPLHQWR
F 6HPLOODPLHQWRFRPSOHWR

/D WpFQLFD GH VHPLOODPLHQWR FRPSOHWR HV OD DOWHUQDWLYD SUHIHULGD (O YDFtR QHFHVLWD VHU
UHGXFLGR/DFULVWDOL]DFLyQVHHIHFW~DD´+J$XQƒ66GH\HOIOXMRGHYDSRUVHXVD
SDUDEDODQFHDUODUD]yQGHFULVWDOL]DFLyQPDQWHQLHQGROD66GHQWURGHOD]RQDPHWDHVWDEOH
R VHD SRU GHEDMR GH  3DUD ODV FULVWDOL]DFLRQHV HQ ORV LQJHQLRV GH D]~FDU FUXGR OD
WpFQLFDGHVHPLOODPLHQWRFRPSOHWRVHUHDOL]DDXQƒ66GH SDUDORV0&& 
2WUR EHQHILFLR GH OD WpFQLFD GH VHPLOODPLHQWR FRPSOHWR HV TXH QR VH QHFHVLWD DOFDQ]DU
DOWRVYDFtRV\SRUORWDQWRQRVHUHTXLHUHQWHPSHUDWXUDVEDMDVDOFULVWDOL]DU
/DVREUHVDWXUDFLyQHQHOWDFKRVHGHWHFWDSRUPHGLRGHORVHTXLSRV\DPHQFLRQDGRVHQHO
FDSLWXOR,,,
/D VDOLGD GH HVRV VHQVRUHV SXHGH VHU DOLPHQWDGD GLUHFWDPHQWH DO SRVLFLRQDGRU GH OD
YiOYXOD


 5(92/9('25(6'(7$&+26

/RVUHYROYHGRUHVKDQWHQLGRXQPDUFDGRHIHFWRVREUHHOHVWDEOHFLPLHQWRGHJUDQRHQORV
WDFKRVGHUHILQHUtD
(OUHYROYHGRUDOPHMRUDUODFLUFXODFLyQGHODPDVDSHUPLWHXQDPD\RUIOH[LELOLGDG\HYLWD
ODQHFHVLGDGGHTXHHOYDSRUSURPXHYHODFLUFXODFLyQORVUHYROYHGRUHV

$ (OLPLQDJUDQSDUWHGHORVFRQJORPHUDGRV
% 6HREWLHQHPDVDVFRFLGDVPiVXQLIRUPHV
& 0HMRUDODIRUPDGHOFULVWDO
' 3HUPLWHPD\RUIOH[LELOLGDGHQODWpFQLFDGHFULVWDOL]DFLyQ
( < ORV PiV LPSRUWDQWHV SURYHH XQ HOHPHQWR VHQVRU SDUD DXWRPDWL]DU OD
DOLPHQWDFLyQ

$ PHGLGDTXHODFULVWDOL]DFLyQDYDQ]DHOiUHDVXSHUILFLDOGHFULVWDOHV\SRUHQGHODFDQWLGDG
GH VDFDURVD GHSRVLWDGD HQ ORV FULVWDOHV H[LVWHQWHV VH LQFUHPHQWD (VWD HWDSD VH GD SRU
WHUPLQDGD FXDQGR OD UD]yQ GH FULVWDOL]DFLyQ HV WDQ DOWD TXH QR VH GHMDQ TXH RFXUUDQ
VREUHVDWXUDFLRQHV H[FHVLYDV D HVWH SXQWR VH OH OODPD ³ &RQVLVWHQFLD &UtWLFD´ HO FXDO
FRLQFLGHFRQXQDFDtGDGHOJUDGREUL[GHOOLFRUPDGUHGHDSUR[LPDGDPHQWHGRVXQLGDGHV\
XQDHOHYDFLyQGHODFDUJDGHOUHYROYHGRU

6L OD FRQVLVWHQFLD GH OD PDVD FRFLGD VH PDQWLHQH SRU HQFLPD GH HVWH ³YDORU FUtWLFR´
PHGLGDSRUODFDUJDGHOUHYROYHGRUODVREUHVDWXUDFLyQGHOOLFRUPDGUHGHEHPDQWHQHUVHD
XQPtQLPRSDUDHYLWDUODIRUPDFLyQGHOIDOVRJUDQR
(QXQVLVWHPDDXWRPiWLFRHOSXQWRGHFRQVLVWHQFLDFUtWLFDVHUiHOSXQWRGHFDPELRGHVGHHO
FRQWUROGHVREUHVDWXUDFLyQDOFRQWUROGHFRQVLVWHQFLD6LVHWUDEDMDFRQXQPRGRGHFRQWURO
GHIOXMRGHYDSRUpVWHVHDMXVWDUiGHDFXHUGRFRQODFDMDGHOUHYROYHGRU



,QGLFH


,QGLFH

 (678',2'(/$6,08/$&,Ï1'(817$&+2$/9$&Ë2

,1752'8&&,Ï1

/DFULVWDOL]DFLyQGHODVDFDURVDHVXQSURFHVRGLVFRQWLQXR EDWFK TXHVHOOHYDDFDERHQ
XQWDFKRILJHOFXDOQRHVPiVTXHXQHYDSRUDGRUYHUWLFDOGHVLPSOHHWDSDFDOHQWDGR
SRUYDSRUHVORVFXDOHVVHFRQGHQVDQHQODFDODQGULDGHOPLVPR/RVWDFKRVPRGHUQRVHVWiQ
HTXLSDGRVFRQFLUFXODGRUHVSDUDPHMRUDUODPH]FODGHODPDVDFRFLGD\REWHQHUXQDPD\RU
XQLIRUPLGDGGHORVFULVWDOHV /RVYDSRUHVTXHVDOHQGHOWDFKRVHFRQGHQVDQSRUFRQWDFWR
GLUHFWR FRQDJXDIUtDHQXQFRQGHQVDGRUEDURPpWULFR&DGDWDFKRHVWiHTXLSDGRFRQXQD
ERPED GH YDFtR XQ H\HFWRU GH YDSRU R XQ FRQGHQVDGRU 0-6 SDUD H[WUDHU ORV JDVHV
LQFRQGHQVDEOHV

(Q XQD UHILQHUtD GH D]~FDU HO OLFRU GH DOLPHQWDFLyQ FRQVLVWH GH VDFDURVD H LPSXUH]D
GLVXHOWDHQHODJXD/DFRPSRVLFLyQGHOOLFRUSXHGHVHUJURVHUDPHQWHFDUDFWHUL]DGDSRUHO
%UL[ % \ODSXUH]D 3 

% 0DVDWRWDOVyOLGRVGLVXHOWDVPDVDGHODVROXFLyQ  

3 0DVDVDFDURVDGLVXHOWDPDVDWRWDOVyOLGRVGLVXHOWRV 

(OSURSyVLWRGHODRSHUDFLyQGHFRFLQDGRHQORVWDFKRVHVHOFRQYHUWLUHOD]~FDUGLVXHOWDHQ
FULVWDOHVGHOWDPDxR\ODIRUPDGHVHDGD$OILQDOGHXQFLFORGHOWDFKRpVWHHVWDOOHQRFRQ
XQDVXVSHQVLyQGHFULVWDOHVGHD]~FDUHQXQVLURSHHVSHVROODPDGRPDVDFRFLGD
8QFLFORWtSLFRGHXQWDFKRSXHGHVHUGLYLGLGRHQODVHFXHQFLDGHSURFHVRVOLVWDGRVHQOD
WDEOD;;;,9$OILQDOGHOFLFORODPDVDFRFLGDVHGHVFDUJDHQHOUHFLELGRU\HQWRQFHVHV
WUDQVIHULGDDOPH]FODGRUGHODVFHQWUtIXJDV3RVWHULRUPHQWHVHSXUJD\HOD]~FDUVHHQYtDDO
VHFDGRU/DPLHOH[WUDtGDGHODPDVDFRFLGDVHFRPELQDFRQRWUDVWHPSODV\UHSURFHVDGD
HQRWURWDFKRSDUDVHUDJRWDGD
(O HVTXHPD JOREDO GH SURFHGLPLHQWRV GH OD UHILQHUtD FRQVLVWH HQ XQD VHULH GH SDVRV
GLVFRQWLQXRV GH SURFHVDPLHQWRV ORV FXDOHV ULQGHQ PDVD FRFLGDV VXFHVLYDPHQWH PiV
DJRWDGDV

02'(/20$7(0È7,&2 %$/$1&(6'((1(5*Ë$<0$7(5,$ 

3DUDHOGHVDUUROORGHOPRGHORPDWHPiWLFRHOSURFHVRIXHGLYLGLGRHQVXEVLVWHPDVLGHDOHV
FRPRVHPXHVWUDHQODILJHQWRQFHVVHHVFULELHURQORVEDODQFHVGHHQHUJtD\PDWHULD
DSURSLDGRVGHFDGDVLVWHPDREWHQLpQGRVHHOVLJXLHQWHVLVWHPDGHHFXDFLRQHVGLIHUHQFLDOHV
RUGLQDULDV

%DODQFHGH0DVDGH$JXDHQHO/LFRU

GP GW )  % ±-       

Z / / Y$3

%DODQFHGH0DVDGHOD6DFDURVDHQHO/LFRU

G0 GW ) % 3 -       

V / / / &5<6





,QGLFH



























 
,QGLFH

%DODQFHGH0DVDGHODV,PSXUH]DVHQHO/LFRU

G0 GW ) %  3       

, / / /


%DODQFHGH0DVDGHORV&ULVWDOHVGH6DFDURVD

G0 GW -        

& &5<6


%DODQFHGH(QHUJtD7pUPLFDGHOD0DVD&RFLGD

G( GW ) & 7 ) ∆+ - ∆+     

0 / / / V V Y$3 Z


3523,('$'(6,17(16,9$6'(/6,67(0$

/DVSURSLHGDGHVLQWHQVLYDVLPSRUWDQWHVGHOVLVWHPDSXHGHQVHUFDOFXODGDVGHVGHHOMXHJR
GHHVWDGRVLQWHQVLYRVYDULDEOHVTXHDSDUH]FDQHQODVHFXDFLRQHVGLIHUHQFLDOHVSRUHOXVRGH
VXVUHODFLRQHVGHILQLGDV(O%UL[³% ´\ODSXUH]D³3 ´GHOVLURSHHQODPDVDFRFLGDVRQ
GDGRVSRU
0 0


%  0 0  0 0 0      

0 V , V , Z

3  0  0 0       

0 V V ,


/DWHPSHUDWXUD³70´GHODPDVDFRFLGDVHUHODFLRQDFRQODHQHUJtDGHOVLVWHPDSRU

70  ( 0 ∆+ 0 & 0 & 0 & 0 &  

0 & &5<6 : : 6 6 , , & &

/RVYRO~PHQHV9 \9 GHFULVWDOHV\ODVXVSHQVLyQWRWDOGHODPDVDFRFLGDVRQGDGDVSRU



& 6

9   0 3         

& & &

9  0 ρ 0 ρ 0 ρ 0 3     



6 & & 6 6 : : , ,

/RFXDOSHUPLWHTXHODIUDFFLyQGHYROXPHQφGHODPDVDFRFLGDRFXSDGDSRUORVFULVWDOHV
\ODGHQVLGDG3 GHODPDVDFRFLGDVHDFDOFXODSRU

0

φ  9 9         

& 6

ρ   0 0 0 0 9        



0 & , : 6 6

(OQLYHO/ GHODPDVDFRFLGDHQHOWDFKRSXHGHVHUFDOFXODGRGHVGHHOYROXPHQ9 \HO


FRQRFLPLHQWR GH OD JHRPHWUtD GHO WDFKR (Q HVWD VLPXODFLyQ D /  VH OH SHUPLWLy VHU
0 6

DUELWUDULDPHQWHHVSHFLILFDGDLQFUHPHQWDQGRPRQRWyQLFDPHQWHHQIXQFLyQGH9 
0


6




 
,QGLFH

3523,('$'(6'(75$163257(<7(502',1È0,&$6

(O %ƒ  GHO VLURSH FRUUHVSRQGLHQWH D OD WHPSHUDWXUD GH VDWXUDFLyQ GH OD PDVD FRFLGD VH
UHSUHVHQWDSRU
0


(O%ƒ   7       

0 0

/R FXDO HV XQD DSUR[LPDFLyQ OLQHDO GH OD HFXDFLyQ GH +HU]IHOG FRPR SUHVHQWDGD SRU
+RQLJ DSOLFDEOHDODVVROXFLRQHVGHVDFDURVDSXUDHQHOUDQJRGHWHPSHUDWXUDGHƒ)±
ƒ)(Oƒ66VHGHILQHFRPR

ƒ66  FRQFHQWUDFLyQ GH OD FDQWLGDG GH VROXWR SRU OD FDQWLGDG GH VROYHQWH ILMR 
FRQFHQWUDFLyQGHODVROXFLyQVDWXUDGDDODPLVPDWHPSHUDWXUD

/DVREUHVDWXUDFLyQ6 GHOVLURSHGHODPDVDFRFLGDVHFDOFXODGHVGH% \%ƒ SRU

0 0 0

6  %  %ƒ  % %ƒ       



0 0 0 0 0

/RVGDWRVH[SHULPHQWDOHVUHSRUWDGRVSRU+ROYHQ\SUHVHQWDGRVSRU+RQLJGDQGROD(3(GH
ODV VROXFLRQHV GH VDFDURVD SXUD FRPR XQD IXQFLyQ H OD WHPSHUDWXUD GH FRQGHQVDFLyQ GH
YDSRU³7 ´\ODVREUHVDWXUDFLyQ³6 ´VHFDOFXODSRUODVLJXLHQWHH[SUHVLyQHPStULFD

% 0

∆7%5  7 ±  6 ±  7 ±  6 ±   



% 0 % 0

/DYLVFRFLGDGµ GHOVLURSHVHFDOFXODSRU

/

µ H[S^> 7  ±@ % ± `    



/  0 0

/DYLVFRVLGDGµ GHODPDVDFRFLGDVHUHODFLRQDFRQµ φSRU



0 /\

µ   µ  φφ

        

0 /

(VWDHVXQDH[SUHVLyQHPStULFDSDUDODYLVFRVLGDGHIHFWLYDGHXQDVXVSHQVLyQGHXQVyOLGR
HQ XQ OtTXLGR OD FXDO KD VLGR UHSRUWDGD SDUD GHVFULELU GDWRV H[SHULPHQWDOHV SDUD ODV
YLVFRVLGDGHV GH ORGRV HVIpULFRV QR DJUXSDGRV \ GHPXHVWUD HO HIHFWR GH LQFUHPHQWDU OD
YLVFRVLGDG GHO OtTXLGR ³µ ´ H LQFUHPHQWDU OD IUDFFLyQ VyOLGD ³φ´ VREUH OD YLVFRVLGDG
HIHFWLYDGHODPDVDFRFLGD7DPELpQPXHVWUDHOFRPSRUWDPLHQWROLPLWHFRUUHFWRDPHGLGD
/

TXH ³φ´ VH DFHUFD D FHUR \ D OD XQLGDG (VWD H[SUHVLyQ HV WDPELpQ FRQVLVWHQWH FRQ ODV
REVHUYDFLRQHV H[SHULPHQWDOHV GH $GNLQ FRPR SUHVHQWDGD SRU +RQLJ VREUH HO HIHFWR GHO
FRQWHQLGRGHFULVWDOHVVREUHODYLVFRVLGDGGHODVPDVDVFRFLGDV

(&8$&,21(6'(5(/$&,Ï1

3DUD FRPSOHWDU OD IRUPXODFLyQ GHO PRGHOR PDWHPiWLFR GHO SURFHVR VH UHTXLHUHQ ODV
UHODFLRQHVSDUDYDULDVSURSRUFLRQHVGHIOXMR\UD]RQHVGHWUDQVSRUWHORVFXDOHVDSDUHFHQHQ
HOODGRGHUHFKRGHOMXHJRGHODVHFXDFLRQHVGLIHUHQFLDOHV
8Q GHWDOODGR HVWXGLR GH OD OLWHUDWXUD LQGLFD TXH OD UD]yQ GH FULVWDOL]DFLyQ GH OD VDFDURVD
SRGUtD VHU UHSUHVHQWDGD FRPR XQD IXQFLyQ HPStULFD GHO iUHD VXSHUILFLDO GHO FULVWDO ³$ ´
WHPSHUDWXUD ³7 ´ GH OD PDVD FRFLGD VREUHVDWXUDFLyQ ³6 ´ \ OD SXUH]D ³3 ´ SRU OD
&

HFXDFLyQVLJXLHQWH
0 0 0

 
,QGLFH


-   . $ >7 ± 6 ± @ 3     


&5<6 &5<6 & 0 0 0


/R FXDO GD OD UD]yQ -  GH WUDQVIHUHQFLD GH VDFDURVD GHVGH HO VLURSH D ORV FULVWDOHV HQ
OEPLQ.&5<6HVXQDFRQVWDQWHDMXVWDEOHHQHOPRGHORHOFXDOHVQRUPDOPHQWHWRPDGR
&5<6

FRPRODXQLGDG
8QD H[SUHVLyQ SDUD HO iUHD VXSHUILFLDO GH ORV FULVWDOHV GH D]~FDU HQ HO WDFKR VH GHULYD
DVXPLHQGR TXH ORV FULVWDOHV VRQ HVIHUDV GH GLiPHWUR XQLIRUPH /D PDVD ³0 ´ \ HO iUHD
VXSHUILFLDO³$ ´DVRFLDGDVFRQ³1 ´HVIHUDVGHUDGLR³7´\GHQVLGDG³ρ ´VRQ
&


& & F

0&  1FρF π7   


$F  1F π7  


5HVROYLHQGRHQODSULPHUDHFXDFLyQSDUD7\VXVWLWX\HQGRHQODVHJXQGDWHQHPRV

$F  πρ 1F 0F  

 

 
 

F

'RQGHHOiUHDVXSHUILFLDOVHGDHQP ORFXDOHVWiHQXQLGDGHVFRQVLVWHQWHVFRQODHF


SDUD- 

&5<6

/DUD]yQGHHYDSRUDFLyQGHDJXDGHVGHODPDVDFRFLGD HQOEPLQ VHFDOFXODSRU



-   .  7 7 ∆7       

YDS YDS 0 % %5

&XDQGR ODGLIHUHQFLD 7 7 HQWUHODWHPSHUDWXUDGHODPDVDFRFLGD \ODGHOYDSRUHV


LJXDODOD(3(∆7 ODPDVDFRFLGDHVWiDOSXQWRGHHEXOOLFLyQ&XDOTXLHUOLJHURH[FHVR
0 %

HQ7 UHVXOWDUiHQYDSRUL]DFLyQ - SRVLWLYR 


%5


0 YDS

0LHQWUDV FXDOTXLHU OLJHUR H[FHVR HQ 7 UHVXOWDUi HQ OD FRQGHQVDFLyQ GHO YDSRU -YDS
1HJDWLYR (QODSUiFWLFD. VHUiPXFKRPD\RUGHIRUPDTXHHOPRGHORIRU]DUiD
%


YDS

7 ≈7 ∆7 



0 % %5

/DUD]yQGHWUDQVIHUHQFLDGHFDORU³4´ %WXK GHVGHHOYDSRUFRQGHQVDGRHQODFDODQGULD


HVGDGRSRU

4  ) ∆+  8$ 7 7       

6 6 6 0

'RQGH 8$ HV HO SURGXFWR GHO FRHILFLHQWH JOREDO GH WUDQVIHUHQFLD GH FDORU  7  HV OD
WHPSHUDWXUD GH OD PDVD FRFLGD 7  HV OD WHPSHUDWXUD GH FRQGHQVDFLyQ  GHO YDSRU HQ OD
0

FDODQGULD SRU HMHPSOR OD WHPSHUDWXUD GH VDWXUDFLyQ FRUUHVSRQGLHQWH D OD SUHVLyQ HQ OD
6

FDODQGULD ) HVHOIOXMRGHYDSRU\∆+ HVHOFDORUGHFRQGHQVDFLyQGHOYDSRU


(VWD HFXDFLyQ SXHGH VHU DUUHJODGD SDUD REWHQHU OD H[SUHVLyQ VLJXLHQWH SDUD OD UD]yQ GHO
6 6

FRQVXPRGHYDSRU

)  7 ±7 8$∆+       

6 6 0 6

 
,QGLFH































 
,QGLFH

/D SRWHQFLD UHTXHULGD SDUD KDFHU JLUDU HO FLUFXODGRU HQ XQ YDVR DJLWDGR SXHGH HVWLPDUVH
SRU

3  1 USP' ρ 1 (ILFLHQFLD
 
     

0 SR

'RQGH

1 HVXQQ~PHURGHSRWHQFLDDGLPHQVLRQDO

SR

3DUD XQD FRPELQDFLyQ SDUWLFXODU GH LPSHOHQWH \ YDVR VH KD KDOODGR TXH 1SR HV XQD
IXQFLyQ~QLFDGHO1 GHILQLGRFRPR

5(

1 ' 1USP ρ0µ  



      

5(   P

8QMXHJRWtSLFRGHFXUYDVVHPXHVWUDQHQODILJXUD
$YDORUHVEDMRVGH1 KD\XQDSHTXHxDWXUEXOHQFLD\1SRHVSURSRUFLRQDOD 1  $
YDORUHV JUDQGHV GH 1  HO IOXMR HV DOWDPHQWH WXUEXOHQWR \ 1SR HV HVHQFLDOPHQWH
5( 5(

LQGHSHQGLHQWHGHOQ~PHURGH5H\QROG
5( 


/DUHODFLyQHQWUH1SR\HO1 VHKDOODSRU

5(

1SR  1         



5( 

(VWD IXQFLyQ HPStULFD IXH VHOHFFLRQDGD SDUD GDU HO FRPSRUWDPLHQWR OLPLWDQWH FRUUHFWR D
YDORUHVGH1 SHTXHxRV\JUDQGHV/RVGRVSDUiPHWURVQXPpULFRV \ SXHGHQVHU
VHOHFFLRQDGRVSDUDIRU]DUHODFXHUGRFRQORVGDWRVGHRSHUDFLyQGHXQWDFKR
5(


(O PRGHOR GHVDUUROODGR HQWRQFHV HIHFWLYDPHQWH GHVFULEH HO FRPSRUWDPLHQWR GH OD]R ±
DELHUWR GH XQ WDFKR HQ OD DXVHQFLD GH FXDOTXLHU VLVWHPD GH FRQWURO \ SUHGLFH HO
FRPSRUWDPLHQWRUHVXOWDQWHGHOWDFKRDVXPLHQGRTXHWRGDVODVYDULDEOHVPDQLSXODGDV\GH
GLVWXUELRVOLVWDGDVHQODWDEOD;;;9VRQIXQFLRQHVFRQRFLGDVGHWLHPSR8QPRGHORGHO
VLVWHPDGHFRQWUROVHUHTXLHUHSDUDFRPSOHWDUODGHVFULSFLyQGHODRSHUDFLyQGHXQWDFKR


02'(/2'(/6,67(0$'(&21752/ 

8QGLDJUDPDHVTXHPiWLFRGHXQVLVWHPDWtSLFRGHFRQWUROGHWDFKRVHPXHVWUDHQODILJXUD


6HLQVWDODQFRQWURODGRUHVGHUHDOLPHQWDFLyQORFDOSDUDFRQWURODUODSUHVLyQGHYDSRUGH
OD FDODQGULD DFFLRQDQGR OD YiOYXOD GH YDSRU /D SUHVLyQ HQ HO WDFKR HV FRQWURODGD
UHJXODQGRHOIOXMRGHDJXDGHLQ\HFFLyQDOFRQGHQVDGRU(QWRQFHVODVYDULDEOHVVLJXLHQWHV
SXHGHQVHUPDQLSXODGDVSRUHOVLVWHPDGHFRQWURO

$ (OSXQWRGHDMXVWHSDUDHOFRQWURODGRUGHSUHVLyQGHOWDFKR

% (OSXQWRGHDMXVWHSDUDHOFRQWURODGRUGHSUHVLyQGHYDSRUGHODFDODQGULD

& /DUD]yQGHIOXMRGHODDOLPHQWDFLyQGHOLFRUDOSURFHVR

3DUDORVSURSyVLWRVGHVLPXODFLyQHVPiVFRQYHQLHQWHWUDEDMDUFRQODWHPSHUDWXUD7 GH
FRQGHQVDFLyQGHORVYDSRUHVHQHOFRQGHQVDGRUHQHOOXJDUGHODSUHVLyQGHOWDFKR3 \FRQ
%

 
,QGLFH

































 
,QGLFH

OD WHPSHUDWXUD 7  GH FRQGHQVDFLyQ GHO YDSRU HQ OD FDODQGULD HQ OXJDU GH OD SUHVLyQ GHO
YDSRUHQODFDODQGULD
6

&DGDYDULDFLyQGHWHPSHUDWXUDHVHTXLYDOHQWHDVXFRUUHVSRQGLHQWHYDULDFLyQGHSUHVLyQ6L
ODWHPSHUDWXUDHVHVSHFLILFDGDODSUHVLyQHVGHWHUPLQDGDSRUODVFRQGLFLRQHVGHOHTXLOLEULR
WHUPRGLQiPLFD(QODVLPXODFLyQ7 \7 VRQYDULDGDV
/DV YDULDEOHV LPSRUWDQWHV GH SURFHVR ODV FXDOHV VRQ PHGLGDV R LQIHULGDV GHVGH RWUDV
% 6

PHGLFLRQHVVRQ

D 1LYHOGHODPDVDFRFLGDHQHOWDFKR
E 3RWHQFLD UHTXHULGD SRU HO FLUFXODGRU XQD PHGLGD GH OD PRYLOLGDG  GH OD PDVD
FRFLGD
F (OJUDGRGHVREUHVDWXUDFLyQGHODVROXFLyQGHVDFDURVDHQOD VLURSH 

/D VHFXHQFLD GH SDVRV GHO SURFHVR HQ XQ FLFOR WtSLFR GLVFRQWLQXR EDWFK  VH OLVWDQ HQ OD
WDEOD;;;,9(VWHHVWXGLRVHHQIRFDGHVGHORVSDVRVDOGHHVDWDEOD
/RV SDUiPHWURV VLJXLHQWHV GHEHQ VHU GHILQLGRV SDUD FDGD SDVR SDUD HVSHFLILFDU XQ
HVTXHPDGHFRQWUROHQSDUWLFXODU

D (O FULWHULR SDUD OD WHUPLQDFLyQ GHO SDVR \ DYDQFH SDUD HO SUy[LPR GHO FLFOR
GLVFRQWLQXR

E (OFULWHULRSDUDYDULDUODDOLPHQWDFLyQGHOLFRU ) ODWHPSHUDWXUDGHFRQGHQVDFLyQ
GHO YDSRU 7  \ OD WHPSHUDWXUD GH FRQGHQVDFLyQ GH ORV YDSRUHV DO FRQGHQVDGRU
/

7 GXUDQWHHOSDVR
6


%

/DVHOHFFLyQGHHVRVSDUiPHWURVSDUDXQHVTXHPDGHFRQWUROFRQYHQFLRQDOVHPXHVWUDHQOD
WDEOD ;;;9, (Q HVWH HVTXHPD FRPR HQ WRGRV ORV RWURV VLPXODGRV OD WHPSHUDWXUD GH
FRQGHQVDFLyQ GH ORV YDSRUHV 7  VH PDQWXYR FRQVWDQWH 3HUR SXHGH YDULDUVH GH IRUPD
DUELWUDULDKDVWDFLHUWRSXQWR
%

&RPRODUHODFLyQHQWUHODVYDULDEOHVPDQLSXODGD\PHGLGDFDPELDQGHVGHXQSDVRGHXQ
FLFOR DO SUy[LPR XQ PRGHOR PX\ VHQVLEOH GHO VLVWHPD GH FRQWURO VH UHTXLHUH SDUD OD
VLPXODFLyQ6HGHILQHHOHUURUHQQLYHOHV66\SRWHQFLDFRPR

H/  / ± / DMXVWH

0 0

H6  6 ± 6 DMXVWH        



0 0

H3  3±3DMXVWH

/RVFRQWURODGRUHVGHUHDOLPHQWDFLyQVHPRGHODQFRQODVHFXDFLRQHVVLJXLHQWHV

)/  . >D H Γ ∫D H GW@
            
)/  / )/  /

  . >D H Γ ∫D H GW@



)6  V )6  6

  . >D H Γ ∫D H GW@



)3  3 )3  3

  D  ) PD[
&RQ)/UHVWULQJLGDDOUDQJR
 /

 
,QGLFH


≤) ≤ ) PD[          

/ /

7  7 .ΓV>E H Γ ∫E H GW@E > 7 PD[±7 @    



6 0  6 76  6  6 0

&RQ7 UHVWULQJLGDDOUDQJR

6

7 ≤7 ≤ 7 PD[          



0 6 6

/RVSDUiPHWURV. Γ Γ . Γ . Γ 



)/ )/ )3 )3 )6 76 )3

5HSUHVHQWDQHODMXVWHGHOFRQWURODGRUSDUDXQDOH\GHFRQWUROGHUHDOLPHQWDFLyQLQWHJUDO
SURSRUFLRQDO

(QFXDOTXLHUSDVRGHOFLFORGLVFRQWLQXRXQDGHDL L  \XQRGHEL L  FDGD
XQRVHUiDMXVWDGRLJXDODXQR\ORVRWURVVHDMXVWDUiQDFHUR QRJUiILFR +D\WUHVYDULDEOHV
PHGLGDV SHUR VRODPHQWH GRV YDULDEOHV PDQLSXODGDV (QWRQFHV VRODPHQWH GRV GH ODV
YDULDEOHVPHGLGDVSXHGHQVHUUHJXODGDVSRUORV FRQWUROHVGHUHDOLPHQWDFLyQHQFXDOTXLHU
WLHPSR/DYDULDQWHUHPDQHQWHQRVHUHJXOD

'HSHQGLHQGR GHO QRFHUR SDUWLFXODU ³D ´ OD UD]yQ GH DOLPHQWDFLyQ GH OLFRU VLPXODGD
SXHGHSRQHUVHEDMRFRQWUROGHQLYHOSRWHQFLDGH66RDVXYDORUPi[LPR$MXVWDQGRWRGRV


ORV ³D ´ D FHUR OD UD]yQ GH IOXMR GH OLFRU HV FHUR 7DPELpQ GHSHQGLHQGR GHO QRFHUR
SDUWLFXODU ³E ´ OD WHPSHUDWXUD GH FRQGHQVDFLyQ GHO YDSRU HQ OD FDODQGULD SXHGH SRQHUVH


EDMRFRQWUROGH66RSXHGHVHUDMXVWDGDDVXPi[LPRYDORUFRUUHVSRQGLHQWHDODDEHUWXUDGH


ODYiOYXODGHYDSRU

6LE \E HVWiQDMXVWDGRVDFHURODYiOYXODGHYDSRUHVWiFRPSOHWDPHQWHFHUUDGD(QHVWH
FDVRODWHPSHUDWXUDGHFRQGHQVDFLyQGHOYDSRUVHDMXVWDLJXDODODWHPSHUDWXUDGHODPDVD
 

FRFLGDGHIRUPDTXHQRKDOODWUDQVIHUHQFLDGHOFDORUDODPDVDFRFLGD
/DLQFRUSRUDFLyQGHODVHFXDFLRQHVGHVGHODGHVFULELHQGRHOFRPSRUWDPLHQWRGHORV
FRQWURODGRUHVGHUHDOLPHQWDFLyQORFDOHVFRPSOHWDODGHVFULSFLyQPDWHPiWLFDGHOVLVWHPDGH
OD]R FHUUDGR GHO WDFKR (O PRGHOR PDWHPiWLFR IRUPD OD EDVH SDUD ORV HVWXGLRV GH
VLPXODFLyQFRQGXFLGDVSRUXQDFRPSXWDGRUDGLJLWDO


7$%/$;;;,9

6HFXHQFLDGH3DVRVSDUDOD&ULVWDOL]DFLyQGHO$]~FDUHQXQ7DFKR


 &$5*$(OOLFRUVHDOLPHQWDDOWDFKRKDVWDTXHDOFDQ]DXQQLYHOGHXQDV´SRU
HQFLPD GH OD SODFD VXSHULRU GH OD FDODQGULD $QWHV TXH FRPLHQFH OD FDUJD VH
HVWDEOHFHHOYDFtRHQHOWDFKR

 &21&(175$&,Ï1 6H DGPLWH YDSRU HQ OD FDODQGULD VH SRQH HQ PDUFKD HO
DJLWDGRU\VHFRQFHQWUDODFDUJDKDVWDTXHDOFDQ]DHOƒ66GHVHDGR

 6(0,//$0,(1726HLQWURGXFHODVHPLOODHQHOWDFKR

 
,QGLFH


 (67$%/(&,0,(172'(/*5$12/RVPLFURVFySLFRVFULVWDOHVLQWURGXFLGRV
GXUDQWHHOVHPLOODPLHQWRFRPLHQ]DDFUHFHUVDFDQGRVDFDURVDGHODVROXFLyQ

 (9$325$&,Ï1 6H DOLPHQWD OLFRU DGLFLRQDO DO WDFKR \ HO DJXD HV HYDSRUDGD
FRQWLQXDPHQWHGHVGHODPDVDFRFLGDFRQWLQXDQGRHOFUHFLPLHQWRGHORVFULVWDOHVD
H[SHQVDVGHODVDFDURVDGHODVROXFLyQ(OQLYHOHQHOWDFKRVHHOHYDGXUDQWHHVWH
SHUtRGR

 5(&2*(5/$0$6$&XDQGRHOWDFKRHVWiOOHQRVHFLHUUDODYiOYXODGHOLFRU
SHURODFULVWDOL]DFLyQFRQWLQ~D

 '(6&$5*$(OWDFKRVHGHVFDUJDDOUHFLELGRU

 /,03,(=$(OWDFKRVHOLPSLDFRQYDSRU\VHSUHSDUDSDUDRWUREDWFK



7$%/$;;;9

)XQFLRQHV2EOLJDWRULDTXHDIHFWDQDO7DFKR

9DULDEOHVPDQLSXODEOHV

)   UD]yQGHDOLPHQWDFLyQGHOLFRU/EPLQ
3   3UHVLyQHQHOWDFKRSVLD
/

7   7HPSHUDWXUDFRQGYDSRUFRQGHQVDGRUƒ)
%

3  3UHVLyQYDSRUHQODFDODQGULDSVLD
%

7  7HPSHUDWXUDFRQGYDSRUHQODFDODQGULDƒ)
6

1   1~PHURGHFULVWDOHV
6

1USP  9HORFLGDGFLUFXODGRUPLQ
&



9DULDEOHV$OWHUDGDV

%   ƒ%[GHOOLFRUDGLPHQVLRQDO
3  3]DGHOOLFRUDGLPHQVLRQDO
/

7   7HPSHUDWXUDGHOOLFRUƒ)
/

7   7HPSHUDWXUDDJXDLQ\HFFLyQƒ) 
/


:


127$/DVYDULDEOHV7 \7 VRQHTXLYDOHQWHVD3 \3 UHVSHFWLYDPHQWHVRODPHQWHXQD
GHFDGDSDUSXHGHVHUYDULDGDLQGHSHQGLHQWHPHQWH\ODRWUDHVFRQRFLGD(QODVLPXODFLyQ
% 6 % 6

7 \7 VRQYDULDGDV

% 6






 
,QGLFH


7$%/$;;;9,
0pWRGR&RQYHQFLRQDOGH&RQWURODUXQ7DFKR


&ULWHULRSRU
3UHVLyQYDSRU )OXMROLFRU 3UHVLyQHQHO
(WDSDGHO&LFOR DYDQ]DUDOD
&DODQGULD DOLPHQW 7DFKR
SUy[LPDHWDSD
(OQLYHODOFDQ]D
9iOYXODYDSRU 9iOYXODOLFRU
&DUJD YDORUHV $UELWUDULR
FHUUDGD DELHUWD
HVSHFtILFRV
/D66DOFDQ]D (OFRQWUROGHOD
&RQFHQWUDFLyQ 9iOYXODFHUUDGD $UELWUDULR
HOYDORUGHVHDGR 66
/DSRWHQFLD
UHTXHULGDSRUHO (OFRQWUROGHOD
6HPLOODPLHQWR 9iOYXODFHUUDGD $UELWUDULR
DJLWDGRUDOFDQ]D 66
HOYDORUGHVHDGR
(VWDEOHFLPLHQWR (OQLYHODOFDQ]D (QSRWHQFLD
(OFRQWUROGHOD
GHOJUDQR HOOLPLWH FRQWUROGH $UELWUDULR
66
HYDSRUDFLyQ VXSHULRU PRYLOLGDG 
3RWHQFLD
UHTXHULGDSRUHO (OFRQWUROGHOD
5HFRJHUODPDVD 9iOYXODFHUUDGD $UELWUDULR
DJLWDGRUDOFDQ]D 66
YDORUPi[LPR



5(68/7$'26'(/$6,08/$&,Ï1±&$62±%$6(

8QD YH] TXH HO SURJUDPD GH FRPSXWDGRUDV KD VLGR GHVDUUROODGR HO SUy[LPR SDVR HQ HO
HVWXGLRGHVLPXODFLyQHVHOREWHQHUXQDMXVWHGHORVUHVXOWDGRVFRUUHVSRQGLHQWHVDOFDVR±
EDVH
6HDVLJQDQDWRGRVORVSDUiPHWURVGHOPRGHORYDORUHVQRPLQDOHV
(OHVTXHPDGHFRQWUROXVDGRSDUDHOFDVREDVHUHIHULGRFRPRXQ³HVTXHPDFRQYHQFLRQDO´
HVFRPRHOXVDGRHQPXFKDVUHILQHUtDVGHD]~FDU(VWHHVTXHPDSHUPLWHODDOLPHQWDFLyQ
GHOLFRUDOWDFKRGXUDQWHHOSHUtRGRGHFULVWDOL]DFLyQFXDQGRHVVXPLQLVWUDGREDMRHOFRQWURO
GH PRYLOLGDG \ GXUDQWH HO SHUtRGR GH FDUJD LQLFLDO $ WUDYpV GHO FLFOR GH EDWFK VH
VXPLQLVWUD YDSRU D OD FDODQGULD EDMR HO FRQWURO GH 66 GHO WDFKR /RV RWURV GHWDOOHV
LPSRUWDQWHVGHHVWHHVTXHPDVHVXPDUL]DQHQODWDEOD;;9,,,


9$5,$&,Ï1'(/263$5È0(7526'(/02'(/2

3DUDGHWHUPLQDUHOHIHFWRGHFLHUWRVSDUiPHWURVFODYHVHQHOPRGHORXQDVHULHGHFRUULGDV
GH VLPXODFLyQ VRQ KHFKDV HQ OD FXDO ORV SDUiPHWURV VLJXLHQWHV VRQ VLVWHPiWLFDPHQWH
YDULDGDV ORV YDORUHV QRPLQDOHV FRUUHVSRQGLHQWHV DO FDVREDVH VRQ PRVWUDGRV HQWUH
SDUiPHWURV 

.  
FU\V FRHILFLHQWHHPStULFRHQODHFXDFLyQGHODUD]yQGHFULVWDOL]DFLyQ  

 
,QGLFH








 
,QGLFH



















































 
,QGLFH



















































 
,QGLFH



8$  (O SURGXFWR GHO &7&* \ HO iUHD GH WUDQVIHUHQFLD GH FDORU HQ OD FDODQGULD
%WXPLQ±3 ƒ) 




76 PD[  7HPSHUDWXUDPi[LPDGHFRQGHQVDFLyQGHOYDSRUHQODFDODQGULDFRQ
ODYiOYXODGHYDSRUDPSOLDPHQWHDELHUWD ƒ) 

7   7HPSHUDWXUD FRQGHQVDFLyQ GH ORV YDSRUHV DO FRQGHQVDGRU ƒ)
FRUUHVSRQGLHQWHDXQYDFtRGH´+JR´+JDEVROXWRV 6LHODJXDHQHOFRQGHQVDGRU
%

VH DVXPH TXH HVWi ELHQ PH]FODGD HQWRQFHV 7% SRGUtD VHU OD WHPSHUDWXUD GHO DJXD GH
UHFKD]R

3DMXVWH  SXQWRGHDMXVWHGHOFRQWURODGRUTXHLQWHQWDPDQWHQHUHOFRQVXPRGH
SRWHQFLDGHOFLUFXODGRUFRQVWDQWH +3 

3  3]DGHOOLFRU  

/

7  /  7HPSGHOOLFRU ƒ) 

 
,QGLFH


&DUJD  &DQWLGDG GH OLFRU LQLFLDO HQ HO WDFKR SDUD HIHFWXDU OD VLHPEUD GH VHPLOOD
OEV 

'RV FODVHV GH YDULDEOHV VRQ HQFRQWUDGDV /D SULPHUD  LQFOX\H ORV FRHILFLHQWHV GH UD]yQ
ItVLFD HQ HO PRGHOR WDO FRPR .FU\V \ 8$ ORV FXDOHV QR SXHGHQ VHU FDPELDGRV SRU HO
RSHUDGRU GH SURFHVR (VWH WLSR GH YDULDEOH HV GLVSRQLEOH SDUD HO DMXVWH GHO UHQGLPLHQWR
FXDQGRVHGHVHDPRGLILFDUXQDVLPXODFLyQSRUFRPSXWDGRUDSDUDGXSOLFDUHOUHQGLPLHQWR
GHOWDFKR(OVHJXQGRWLSRGHYDULDEOHLQFOX\HODVFRQGLFLRQHVGHRSHUDFLyQWDOHVFRPR7 
7 3 \7 \FDUJDORVFXDOHVHVWiQEDMRHOFRQWUROGHORSHUDGRUGHOWDFKR
6

(OHIHFWRGHYDULDUHOFRHILFLHQWH.FU\VHQUD]yQGHODHFXDFLyQGHFRUUHODFLyQ  SDUDOD
% / /

UD]yQGHFULVWDOL]DFLyQVHPXHVWUDHQODILJXUD/DFRUUHODFLyQIXHHVFULWDHQXQDIRUPD
SDUD KDFHU TXH HO YDORU HVSHUDGR GH .FU\V VHD OD XQLGDG /RV UHVXOWDGRV HQ OD ILJ 
PXHVWUDQTXHWDQWRFRPR.FU\VVHDQPD\RUTXHVHUHTXLHUHXQDPD\RUYDULDFLyQHQ
.FU\VSDUDSURGXFLUXQDYDULDFLyQLPSRUWDQWHHQODUD]yQQHWDGHSURGXFFLyQGHD]~FDU
&XDOTXLHU FRVD TXH LQFUHPHQWH OD UD]yQ JOREDO GH WUDQVIHUHQFLD  GH FDORU WDO FRPR HO
LQFUHPHQWR HQ 8$ LQFUHPHQWDQGR 7  PD[ R GLVPLQX\HQGR 7  FDXVD XQ LQFUHPHQWR
VLJQLILFDWLYR HQ OD SURGXFFLyQ GH D]~FDU QHWD (O HIHFWR GH YDULDU HO SURGXFWR 8$ GHO
6 %

FRHILFLHQWH JOREDO GH WUDQVIHUHQFLD GH FDORU \ OD VXSHUILFLH GH WUDQVIHUHQFLD  GH FDORU VH
PXHVWUDHQODILJ

(OHIHFWRGHYDULDUODWHPSHUDWXUDGHFRQGHQVDFLyQGHOYDSRUHQODFDODQGULDPi[LPD 7 
PD[ VH PXHVWUD HQ OD ILJXUD  (VWR FRUUHVSRQGH D XQD YDULDFLyQ GH OD SUHVLyQ GHO
6

VXPLQLVWURGHYDSRUDODFDODQGULD(OHIHFWRGHYDULDVWHPSHUDWXUDVGHFRQGHQVDFLyQGHORV
YDSRUHV GH FRQGHQVDGRU 7  VH PXHVWUDQ HQ OD ILJXUD  (VWR FRUUHVSRQGH D YDULDU OD
SUHVLyQGHRSHUDFLyQGHOWDFKR
%

(OHIHFWRGHYDULDUODSXUH]D3 GHOOLFRUGHDOLPHQWDFLyQDOWDFKRVHPXHVWUDHQODILJXUD
$OUHGXFLUGHSXUH]DGHOOLFRUVHUHGXFHODUD]yQGHFULVWDOL]DFLyQGHOD]~FDU\FDXVD
/

XQDUHGXFFLyQVLJQLILFDQWHHQODUD]yQJOREDOGHSURGXFFLyQGHD]~FDU
/RVHIHFWRVREVHUYDGRVGHVGHODVHFXHQFLDGHODVLPXODFLyQGHFRUULGDVHQODVFXDOHVORV
SDUiPHWURV GH PRGHOR IXHURQ YDULDGRV FRQGXFLHQGR D OD FRQGHQVDFLyQ SULPDULD TXH OD
VLPXODFLyQVHFRPSRUWDGHXQDPDQHUDODFXDOVHDVHPHMDDXQWDFKR\TXHODVLPXODFLyQ
GHXQWDFKRUHDOSXHGHVHUFRQVHJXLGDFRQFRQILGHQFLD


&203$5$&,Ï1'((648(0$6'(&21752/&219(1&,21$/

/RVUHVXOWDGRVREWHQLGRVGHOHVWXGLRGHYDULDFLyQGHORVSDUiPHWURVJHQHUDOHVLQGLFDQTXH
ORVHVTXHPDVGHFRQWUROORVFXDOHVFRQGXFHQDORVYRO~PHQHVPD\RUHVGHSDVWDSRUEDWFK
JHQHUDOPHQWH FRUUHVSRQGHQ D OD UD]yQ SURPHGLR PiV DOWD GH SURGXFFLyQ GH D]~FDU (VWR
FRQGXFH D OD LGHD TXH ORV HVTXHPDV GH FRQWURO ORV FXDOHV DVHJXUDQ TXH FDGD EDWFK VH
WHUPLQHVRODPHQWHFXDQGRHOWDFKRHVWpOOHQRDVXQLYHOPi[LPRGHEHVHULQYHVWLJDGR/D
RWUD FRQFOXVLyQ JHQHUDO HV TXH HO SURFHVR GH WUDQVIHUHQFLD GH FDORU HV OLPLWDGR (VR HV
FDPELRV ORV FXDOHV FRQGXFHQ D XQ LQFUHPHQWR HQ OD UD]yQ GH WUDQVIHUHQFLD GH FDORU
SURPHGLRJHQHUDOPHQWHFRUUHVSRQGHDPHMRUDPLHQWRVHQHOUHQGLPLHQWRGHOWDFKR

7UHVHVTXHPDVGHFRQWUROFRQYHQFLRQDOGLIHUHQWHV HVTXHPDV$%\& IXHURQHVWXGLDGRV
XVDQGR ORV SDUiPHWURV GH DMXVWH GHO FDVREDVH PRGHOR /D WDEOD ;;;9,,, GHILQH OD
HVWUDWHJLDGHFRQWUROHVSHFtILFRSDUDFDGDHVTXHPD(OHVTXHPD%GLILHUHGHOHVTXHPD$

 
,QGLFH

HQ TXH SHUPLWH OD DGLFLyQ GH DOLPHQWDFLyQ DO WDFKR EDMR HO FRQWURO GH QLYHO GXUDQWH HO
SHULRGRGHFRQFHQWUDFLyQGHODFDUJD(OHVTXHPD&SHUPLWHODDOLPHQWDFLyQDOWDFKREDMR
XQFRQWUROGH66HQODFRQFHQWUDFLyQGHODFDUJD\SHULRGRVGHHVWDEOHFLPLHQWRVGHJUDQRV
GHVSXpVGHOFXDOODDOLPHQWDFLyQVHFDPELRDOFRQWUROGHPRYLOLGDG(QHOHVTXHPD&HO
YDSRUHVPDQWHQLGRDODSUHVLyQPi[LPDHQODFDODQGULDHQOXJDUGHEDMR\FRQWUROGH66
GHOHVTXHPD$
(OFRPSRUWDPLHQWRGLQiPLFRGHOWDFKRFRQORVHVTXHPDVGHFRQWURO%\&VHPXHVWUDQHQ
ODVILJXUDV\GRQGHHOPLVPRDMXVWHGHODVYDULDEOHVGHSURFHVRVHSORWHDQFRQWUD
HOWLHPSRFRPRVHPXHVWUDHQODILJXUDSDUDHOHVTXHPDGHFRQWURO$GHOFDVREDVH
/DVFRQGLFLRQHVWHUPLQDOHVSDUDFDGDHVTXHPDGHFRQWUROVHPXHVWUDQHQODWDEOD;;;9,,
3DUD FDGD XQR GH ORV WUHV HVTXHPDV GH FRQWURO HO SHVR GH ORV FULVWDOHV SURGXFLGRV HV GH
XQRVOEV3RUEDWFKHQXQWDFKRFRQXQFRQVXPRGHSRWHQFLDGH+SFXDQGROD
WHPSODHVWDEDWHUPLQDGD

/DILJXUDPXHVWUDTXHFXDQGRVHVXPLQLVWUDYDSRUDODFDODQGULDEDMRHOFRQWUROGH66
HQ OD FRQFHQWUDFLyQ GH OD FDUJD \ HVWDEOHFLPLHQWR GHO JUDQR RFXUUH XQD UHGXFFLyQ HQ OD
UD]yQ GH DOLPHQWDFLyQ GH YDSRU \ OD FRUUHVSRQGLHQWH YDSRUL]DFLyQ GHO DJXD GXUDQWH HO
HVWDEOHFLPLHQWR GH JUDQRV (Q FRQWUDVWH VL HO VXPLQLVWUR GH YDSRU VH PDQWLHQH EDMR HO
FRQWURO GH SUHVLyQ FRPR VH DVXPH HQ HO HVTXHPD & \ SORWHDQGR HQ OD ILJXUD  OD
DOLPHQWDFLyQGHYDSRU\ODYDSRUL]DFLyQVHHVWDELOL]DYHUILJXUDSURGXFLpQGRVHXQD
UHGXFFLyQ GHO WLHPSR GH FRFLQDGR SRU HO XVR HIHFWLYR GH OD WUDQVIHUHQFLD GH FDORU HQ HO
HVWDEOHFLPLHQWRGHORVJUDQRV(OHVTXHPD$ILJQRWRPDYHQWDMDGHOFDVRDQWHULRU
2WUDFRQVHFXHQFLDGHODYHQWDMDTXHHOHVTXHPD&PXHVWUDVREUHHOHVTXHPD$HVTXHOD
UD]yQ GH FULVWDOL]DFLyQ HV DOWD HQ FRPSDUDFLyQ FRQ OD UD]yQ GH WUDQVIHUHQFLD GH FDORU 6L
HVWH QR IXHUD HO FDVR HO HVTXHPD & HO FXDO HVWi VXMHWR D XQD UD]yQ SURPHGLR GH
WUDQVIHUHQFLD GH FDORU PD\RU SRGUtD PRVWUDU XQ QLYHO JHQHUDO PD\RU GH 66 \ SURGXFLU
PHQRVD]~FDUFULVWDOLQDTXHHOHVTXHPD$
(O FRQWURODGRU GH 66 GHO HVTXHPD & ILJ  KDFH TXH HO WDFKR UHFLED XQ ³WUDJR´ GH
DOLPHQWDFLyQ GXUDQWH HO HVWDEOHFLPLHQWR GH JUDQRV \ XQ LQWHQWR SDUD UHGXFLU HO JUDGR GH
VREUHFRUWHGHOYDORUGH 66FRQHOHVTXHPD&QRLQIOX\HVLJQLILFDWLYDPHQWHHQHOWLHPSR
SURGXFLGRSDUDODWHPSODSRUHOPRGHOR\ODGHFLVLyQGHDGPLWLUXQWUDJRGHDOLPHQWDFLyQ
GXUDQWH HO SHUtRGR GH HVWDEOHFLPLHQWR GHO JUDQR GHEH EDVDUVH VREUH HO HIHFWR GHO FXDO OD
DFFLyQWLHQHVREUHODFDOLGDGGHORVFULVWDOHVSURGXFLGRV

/DDOLPHQWDFLyQHVWXYREDMRHOQLYHOGXUDQWHHOSHUtRGRGHFRQFHQWUDFLyQSDUDHOHVTXHPD
%(VWRDFRUWDHOODUJRGHOSHUtRGRGHFULVWDOL]DFLyQSHURLQFUHPHQWDHOODUJRGHOSHUtRGR
GHFDUJDGHIRUPDTXHVHREVHUYyPHMRUtDVHQHOUHQGLPLHQWR
(OUHQGLPLHQWREDMRHOFRQWUROGHOHVTXHPD%FRPRVHPXHVWUDHQODILJXUDUHIOHMDOD
HVWUDWHJLDHQODFXDOHOYDSRUHVVXPLQLVWUDGRFRQHOFRQWUROGH66DWUDYpVGHODRSHUDFLyQ
\ OD FDtGD HQ YDSRU \ UD]yQ GH YDSRUL]DFLyQ HYLGHQWH SDUD HO HVTXHPD $ HV WDPELpQ
HYLGHQWHSDUDHOHVTXHPD%
(OPDQWHQLPLHQWRGHODWHPSHUDWXUDPi[LPDGHOYDSRUHQODFDODQGULDDWUDYpVGHWRGDVODV
IDVHVGHODRSHUDFLyQGHFULVWDOL]DFLyQWLHQGHDUHGXFLUHOWLHPSRGHFRFLQDGRUHTXHULGR
SDUDSURGXFLUXQDFDOLGDGGDGDGHOSURGXFWR/DPDJQLWXGGHODUHGXFFLyQHQHOSHUtRGRGH
WUDEDMRGHODWHPSODPHGLGDGHVGHHOLQLFLRGHODFRQFHQWUDFLyQKDVWDHOILQDOGHODHWDSD
GHUHFRJLGDGHODPDVDIXHGHSDUDHOWDFKRKLSRWpWLFREDMRUHYLVLyQ

&216,'(5$&,Ï1'(81(648(0$'(&21752/$/7(51$7,92


 
,QGLFH








 
,QGLFH



















































 
,QGLFH

7RGRVORVHVTXHPDVGHFRQWUROFRQYHQFLRQDOHQYXHOYHXQSDVRGHFULVWDOL]DFLyQHQHOFLFOR
GXUDQWH HO FXDO OD DOLPHQWDFLyQ HV DGPLWLGD DO WDFKR EDMR HO FRQWURO  GH PRYLOLGDG
FRQVWDQWH(OSDVRGHFULVWDOL]DFLyQHVVHJXLGRSRUHOSDVRGHUHFRJLPLHQWRGXUDQWHHOFXDO
QR VH DOLPHQWD HO WDFKR \ OD SRWHQFLD GHO FLUFXODGRU VH LQFUHPHQWD D XQ YDORU SUH
GHWHUPLQDGRDOFXDOODWHPSODHVGHWHUPLQDGD\GHVFDUJDGD
(VWH WLSR GH HVTXHPD GH FRQWURO FRQYHQFLRQDO WLHQH GRV YHQWDMDV GHEH KDFHUVH XQD
GHFLVLyQSRUHOSXQWLVWDRSRUHOVLVWHPDGHFRQWURODXWRPiWLFRRFXDQGRFRPLHQ]DODHWDSD
GHUHFRJLGDGHODPDVD6HJXLGDPHQWHFRPRQRVHDGPLWHDOLPHQWDFLyQGXUDQWHODHWDSD
GHUHFRJLGDHOQLYHOGHPDVDFRFLGDFDH\HOWDFKRQRHVWiOOHQRDOILQDOGHOSHUtRGR

(O HVWXGLRGHPRVWUyTXHHVSRVLEOHSURJUDPDUHOSXQWRGHDMXVWHGHSRWHQFLDSDUDYDULDU
FRQ HO QLYHO D WUDYpV GHO SHUtRGR GH FULVWDOL]DFLyQ (O REMHWLYR GH FRQWURO HV REWHQHU XQ
WDFKR OOHQR KDVWD VX QLYHO Pi[LPR GH OD PRYLOLGDG GHVHDGD GHO SURGXFWR DO ILQDO GHO
SHUtRGRGHFULVWDOL]DFLyQ\SDUDHOLPLQDUODUHFRJLGDGHODPDVD/DVLPXODFLyQLQGLFDGD
TXHHOREMHWLYRGHOFRQWUROSXHGHDOFDQ]DUVHSURJUDPDQGRHOSXQWRGHDMXVWHGHSRWHQFLD
SDUD YDULDU FRQ HO QLYHO GHO WDFKR GH XQD IRUPD OLQHDO GH OD SRWHQFLD PRYLOLGDG  VH
SURJUDPD SDUD LQFUHPHQWDUOR FRQWLQXDPHQWH FRQ HO QLYHO GHVGH HO FRPLHQ]R DO ILQDO GHO
SHUtRGR GH FULVWDOL]DFLyQ $O ILQDO GH HVWH SHUtRGR HO SXQWR GH DMXVWH GH OD SRWHQFLD \ HO
QLYHO VLPXOWiQHDPHQWH DOFDQ]D ORV YDORUHV Pi[LPRV \ OD WHPSOD OOHJD D VX SXQWR GH
WHUPLQDFLyQ 3DUD REOLJDU HVWD WUD\HFWRULD GH SXQWR GH DMXVWH GH SRWHQFLD VH DGPLWH OD
DOLPHQWDFLyQ DO WDFKR FRQ XQD DFFLyQ GH FRQWURO SURSRUFLRQDO PiV UHDOLPHQWDFLyQ 
UHDMXVWH

(O HVTXHPD GH FRQWURO QXHYR IXH SUREDGR SRU XQD FRUULGD GH VLPXODFLyQ HQ OD FXDO  HO
SXQWR GH DMXVWH GH SRWHQFLD YDULDED HQ IRUPD OLQHDO FRPR VH PXHVWUD HQ OD ILJXUD 
7RGDV ODV RWUDV YDULDEOHV IXHURQ FRQWURODGDV \ PDQLSXODGDV SRU HO HVTXHPD GH FRQWURO
QXHYRGHODPLVPDIRUPDTXHSDUDHOHVTXHPDGHFRQWURO&
/DVYDULDEOHVGHSURFHVRGHVGHODVLPXODFLyQVRQSORWHDGDVFRQWUDHOWLHPSRILJSDUD
ODFRPSDUDFLyQFRQORVHVTXHPDVPiVFRQYHQFLRQDOHVPRVWUDGRVHQODVILJXUDV\
 /DV FRQGLFLRQHV WHUPLQDOHV HVWiQ LQFOXLGDV HQ OD WDEOD ;;;9,, (O ODUJR WRWDO GHO
FLFOR HV LQFUHPHQWDGR SHUR GHELGR D TXH HO WDFKR HVWDED OOHQR GH FULVWDOHV DO ILQDO GHO
FLFORODUD]yQGHSURGXFFLyQQHWDHVOLJHUDPHQWHPD\RU

8QDYHQWDMDGHHOLPLQDUHOUHFRJLPLHQWRGHODPDVDHVTXHHOSURFHVRGHFULVWDOL]DFLyQDO
YDFtRVHVLPSOLILFD
2WUD FRQVHFXHQFLD GH OD SURJUDPDFLyQ GHO SXQWR GH DMXVWH GH OD SRWHQFLD SDUD TXH YDUtH
FRQ HO QLYHO HV TXH HV SRVLEOH OD SURGXFFLyQ IDYRUDEOH GH ODV YDULDQWHV GH SURFHVR PiV
H[DFWDPHQWH3RUORWDQWRHOPHMRUDPLHQWRGHODXQLIRUPLGDGGHOSURGXFWRHVXQUHVXOWDGR
SRVLEOHGHHVWHSURSyVLWR(O~OWLPRYDORUGHFXDOTXLHUQXHYRHVTXHPDWDOFRPRHVWHGHEH
VHUGHWHUPLQDGRVLQHPEDUJRVREUHODEDVHGHHQVD\RVDHVFDODGHSODQWDFRQXQWDFKR

02',),&$&,21(6'(/02'(/2

6REUH OD EDVH GH OD H[SHULHQFLD JDQDGD FRQ HO XVR GHO PRGHOR GH VLPXODFLyQ  SDUD HO
HVWXGLR GH OD YDULDFLyQ GH ORV SDUiPHWURV \ FRPSDUDFLyQ GH HVTXHPDV DOWHUQDWLYRV IXH
GHFLGLGRTXHSRGUtDPHMRUDUVHHOPRGHORWRPDQGRHQFXHQWDGRVDIHFWRVGHVSUHFLDGRVHQ
HOPRGHORSUHOLPLQDU



 
,QGLFH






 
,QGLFH




 
,QGLFH

 /DLQIOXHQFLDGHOFDPELRGHODYLVFRVLGDGGHODPDVDFRFLGDVREUHHOFRHILFLHQWHGH
WUDQVIHUHQFLDGHFDORUGHOWDFKR

 (OHIHFWRGHLQFUHPHQWDUODFDEH]DKLGURVWiWLFDVREUHHOSXQWRGHHEXOOLFLyQGHOD
PDVDFRFLGDDOQLYHOGHODFDODQGULDHQHOWDFKRDPHGLGDTXHpVWHVHOOHQDFRQOD
PDVD

(QHOPRGHORPHMRUDGRGHOSURFHVRHOSURGXFWRGHOFRHILFLHQWHGHWUDQVIHUHQFLDGHFDORU
JOREDO8\HOiUHDVXSHUILFLDO$SDUDODWUDQVIHUHQFLDGHFDORUVHUHSUHVHQWDSRU

8$  KR$KL$   
     

'RQGH

KR  (VHO&7&H[WHULRUSDUDODFRQGHQVDFLyQGHYDSRUGHODFDODQGULD

KL  (VHO&7&LQWHULRU

$PHGLGDTXHODFULVWDOL]DFLyQSURFHGHKLGLVPLQX\HGHELGRDOLQFUHPHQWRGHYLVFRVLGDG
GH OD PDVD FRFLGD $VXPLHQGR TXH ORV RWURV SDUiPHWURV SRU HMHPSOR YHORFLGDG GHO
FLUFXODGRU\JHRPHWUtD VRQLJXDOHVODUD]yQGH&7&LQWHULRUKLDOWLHPSR W DOYDORUKLDO
WLHPSR 2 SXHGHUHSUHVHQWDUVHSRU

KL W µV W  
Q

KL 2 µV 2           

GRQGH

Q  8QDFRQVWDQWHHPStULFDWRPDGDFRPRHQHVWHWUDEDMR

(OPRGHORLQLFLDOGHWDFKRDVXPHTXHODPDVDFRFLGDSXHGHGHVFULELUVHSRUXQDPHGLFLyQ
VLPSOHGHWHPSHUDWXUDPHGLD7 (QFRQFOXVLyQODWHPSHUDWXUD7 GHODPDVDFRFLGDTXH
KLHUYHDOQLYHOGHODFDODQGULDVHUiPD\RUTXHODWHPSHUDWXUDGHHEXOOLFLyQHQODVXSHUILFLH
0 &

GHODPDVD RVHDHQHOWRSH GHELGRDOHIHFWRGHODFDEH]DKLGURVWiWLFD



/DWHPSHUDWXUD7 DOQLYHOGHODFDODQGULDSXHGHUHODFLRQDUVHFRQODWHPSHUDWXUDPHGLDGH
ODPDVDFRFLGD7 SRU
&


0

7F  7 ∆7          

0 +6

'RQGH

∆7  (VHOLQFUHPHQWRHQWHPSHUDWXUDDOQLYHOGHODFDODQGULD
(QHOPRGHORPHMRUDGRpVWHLQFUPHQWRGHWHPSHUDWXUDHVGDGRDSUR[LPDGDPHQWHSRU
+6


∆7  .  70 ρ  / ±/ 30JJFρ 

   

+6 +6 % 0 & %

'RQGH
/ 0  1LYHOHQODVXSHUILFLHGHODPDVDFRFLGD

 
,QGLFH


/  1LYHODOQLYHOGHODFDODQGULD

&

3   3UHVLyQHQHOWDFKRHVWDEOHFLGDSRUHOFRQGHQVDGRUEDURPpWULFR

%

/DHFHVWiEDVDGDHQXQDIRUPDLQWHJUDGDGHODHFXDFLyQGH&ODXVVLXV&ODSH\URQ
(QHOPRGHORPHMRUDGR7 VHXVRHQOXJDUGH7 HQODHFSDUDFDOFXODUODUD]yQGH
FRQVXPRGHYDSRU\HQODHFSDUDHOPRGHORGHOFRQWURODGRU
& 0

/RV UHVXOWDGRV GH XQD FRUULGD VLPXODGD XVDQGR HO PRGHOR PHMRUDGR FRQ HO HVTXHPD GHO
FRQWURO & VH PXHVWUDQ HQ OD ILJXUD  (VWRV SXHGHQ FRPSDUDUVH FRQ ORV UHVXOWDGRV
PRVWUDGRV HQ OD ILJXUD  (O FDPELR PD\RU HQ ORV UHVXOWDGRV SUHGLFKR SRU HO PRGHOR
PHMRUDGR IXH XQD UHGXFFLyQ HQ OD UD]yQ GH YDSRUL]DFLyQ \ OD UD]yQ JOREDO GH
FULVWDOL]DFLyQHQOD~OWLPDHWDSDGHOFLFOR(VWHHIHFWRHVHOUHVXOWDGRGHXQDGLVPLQXFLyQ
GHODIXHU]DPRWUL]SDUDODWUDQVIHUHQFLDGHFDORUGHELGRDOHIHFWRGHOODFDUJDKLGURVWiWLFD
\DXQ&7&UHGXFLGRGHELGRDOHIHFWRGHODYLVFRVLGDGGHODVXVSHQVLyQ

(O  SHUILO ySWLPR GHSHQGHUi GH OD UHODFLyQ HVSHFtILFD HQWUH OD YLVFRVLGDG \ OD UD]yQ GH
WUDQVIHUHQFLDGHFDORU(OySWLPRSRGUtDVHUGHWHUPLQDGRDSDUWLUGHHVWXGLRVGHVLPXODFLyQ
VL VH GLVSRQH GH GDWRV GH RSHUDFLyQ SDUD GHWHUPLQDU HO &7& FRPR XQD IXQFLyQ GH ORV
SDUiPHWURVGHRSHUDFLyQGHOWDFKR

$OJXQRVHVWXGLRVGHVLPXODFLyQIXHURQWDPELpQOOHYDGRVDFDERSDUDSUREDUHOHVTXHPDGH
FRQWURODOWHUQDWLYR LQFOX\HQGRXQSXQWRGHDMXVWHGHSRWHQFLDSURJUDPDGD FRQHOPRGHOR
PHMRUDGR /RV UHVXOWDGRV GH HVWH WUDEDMR LQGLFDURQ TXH KXER XQD YHQWDMD HQ HO
PDQWHQLPLHQWR GH OD VXVSHQVLyQ WDQ VXHOWD FRPR VHD SRVLEOH D WUDYpV GHO SDVR GH
FULVWDOL]DFLyQ8QDVXVSHQVLyQVXHOWDHVPHQRVYLVFRVD\ODUD]yQGHWUDQVIHUHQFLDGHFDORU
HVPD\RUTXHHQXQDVXVSHQVLyQDSUHWDGD
(VWRVLJXLHUHTXHXQSHUILOQROLQHDOGHOSXQWRGHDMXVWHGHSRWHQFLD96QLYHOHQHOFXDOHO
SXQWR GH DMXVWH GH OD SRWHQFLD VH LQFUHPHQWD PiV UiSLGDPHQWH D PHGLGD TXH HO QLYHO VH
DFHUTXHDVXPi[LPRSRGUtDVHUSUHIHULEOHDXQSHUILOOLQHDO





&21&/86,21(6

(Q DOJXQDV FRUULGDV LQLFLDOHV GH VLPXODFLyQ VH FRPSDUDURQ WUHV HVTXHPDV GH FRQWURO
FRQYHQFLRQDO &DGD XQR GH ORV HVTXHPDV GLHURQ OD PLVPD UD]yQ GH SURGXFFLyQ JOREDO
SHUR ORV UHVXOWDGRV GH VLPXODFLyQ UHYHODURQ GLIHUHQFLDV VLJQLILFDWLYDV HQ HO
FRPSRUWDPLHQWRGLQiPLFRGHOSURFHVRGHFDGDHVTXHPD
(OEHQHILFLRPD\RUGHVGHHVWHHVWXGLRIXHHOPHMRUDPLHQWRHQHOFRQRFLPLHQWRDGTXLULGR
GHO SURFHVR \ XQD PHMRU FRQFHSFLyQ GHO FRPSRUWDPLHQWR GLQiPLFR (VWR VXJLHUH QXHYRV
FRQFHSWRV HQ HO FRQWURO GH ORV WDFKRV HQYROYLHQGR XQ HVTXHPD GH FRQWURO TXH HV
VLJQLILFDWLYDPHQWH GLIHUHQWH GHO GH ODV WpFQLFDV FRQYHQFLRQDOHV (VWH HVTXHPD GH FRQWURO
IXH WDPELpQ HYDOXDGR XVDQGR HO PRGHOR GH VLPXODFLyQ \ VH KDOOy TXH HV DSOLFDEOH  (O
~OWLPR YDORU GH FXDOTXLHU QXHYR HVTXHPD GHEH VHU GHWHUPLQDGR VREUH OD EDVH GH ODV
SUXHEDVDHVFDODGHSODQWD


 
,QGLFH

























 
,QGLFH




























 
,QGLFH



120(1&/$785$

D D D D   &RQVWDQWHV OH\ GH FRQWURO HF   3DUD GHWHUPLQDU OD UD]yQ GH
DOLPHQWDFLyQ GH OLFRU (O YDORU HV GH  D  GHSHQGLHQGR GHO PRGR GH
   

FRQWURO 

$   ÈUHDVXSHUILFLDOSDUDODWUDQVIHUHQFLDGHFDORU3 

$   ÈUHDVXSHUILFLDOGHORVFULVWDOHVGHD]~FDU0 


&

E E   &RQVWDQWHV OH\HV GH FRQWURO HF  SDUD GHWHUPLQDU OD WHPSHUDWXUD
GH FRQGHQVDFLyQ GHO YDSRU HQ OD FDODQGULD /RV YDORUHV VRQ GH  D 
 

GHSHQGLHQGRGHOPRGRGHFRQWURO

%   ƒ%UL[OLFRUDOLPHQWDFLyQDGLPHQVLRQDO

/

%ƒ  ƒ%UL[ VLURSH FRUUHVSRQGLHQWH D OD WHPSHUDWXUD GH VDWXUDFLyQ GH OD


PDVDFRFLGD
0

 
,QGLFH


%  ƒ%UL[GHOVLURSHHQODPDVDFRFLGD

0

% L  9DORULQLFLDOGHOƒ%UL[GHOVLURSHHQODPDVDFRFLGDDOFRPLHQ]RGHO
SHUtRGRGHFRQFHQWUDFLyQ
0


&   &DSDFLGDGGHFDORUGHORVFULVWDOHVGHVDFDURVD%WXOEƒ)

&

&  &DSDFLGDGGHFDORUGHODVLPSXUH]DVGLVXHOWDV%WXOEƒ)

,

&   &DSDFLGDGGHFDORUGHOOLFRUGHDOLPHQWDFLyQ%WXOEƒ)

/

&  &DSDFLGDGGHFDORUGHODVDFDURVDGLVXHOWD%WXOEƒ)

6

&   &DSDFLGDGGHOFDORUGHODJXD%WXOEƒ)

:

&DUJD  0DVD WRWDO GH OLFRU HQ HO WDFKR DO FRPLHQ]R GHO SHUtRGR GH
FRQFHQWUDFLyQ 
'  'LiPHWURGHOFLUFXODGRUSLHV
%


H/  (UURUGHQLYHOSLHV

H6  (UURUGHVREUHVDWXUDFLyQ

H3  (UURUGHSRWHQFLD+3

(II  (ILFLHQFLDGHOVLVWHPDGHDJLWDFLyQDGLPHQVLRQDO

(   HQHUJtDWpUPLFDGHODPDVDFRFLGD%78

0

( L  9DORULQLFLDOGHODHQHUJtDWpUPLFDGHODPDVDFRFLGDHQHOWDFKRDO
FRPLHQ]RGHOSHUtRGRGHFRQFHQWUDFLyQ%78
0


)  5D]yQGHDOLPHQWDFLyQGHOLFRUOEPLQ

/

) PD[  YDORUPi[LPRGHODUD]yQGHDOLPHQWDFLyQGHOLFRUFRQHOFyGLJRGH
YDORUDELHUWROEPLQ
/


)   )OXMRYDSRUDODFDODQGULDOEPLQ

6

J  $FHOHUDFLyQJUDYLWDFLRQDOSVHJ 



JF  &RQVWDQWHJUDYLWDFLRQDOOEP36  


KL  3HOtFXOD LQWHULRU GHO &7& SDUD OD WUDQVIHUHQFLD GH FDORU GHVGH OD
VXSHUILFLHGHODFDODQGULDDODPDVDFRFLGD%WXPLQƒ)3 

KR  3HOtFXOD H[WHULRU GHO &7& SDUD OD FRQGHQVDFLyQ GH YDSRU HQ OD
FDODQGULD%WXPLQƒ)3 


 
,QGLFH


-YDS  5D]yQGHYDSRUL]DFLyQGHDJXDGHVGHODPDVDFRFLGDOEVPLQ

.FU\V  &RQVWDQWHHPStULFDHQODHFXDFLyQGHUD]yQOEPLQPLQ ƒ) 


. . .   *DQDQFLD SURSRUFLRQDO HQ OD  OH\ GH FRQWURO GH UHDOLPHQWDFLyQ
HF SDUDGHWHUPLQDUODUD]yQGHDOLPHQWDFLyQGHOLFRU
)/ )6 (3


.   )DFWRU HPStULFR XVDGR HQ OD HF  SDUD HVWLPDU OD (3( GHELGR DO
HIHFWRGHODFDUJDKLGURVWiWLFD
+6


.   *DQDQFLD SURSRUFLRQDO HQ OD OH\ GH FRQWURO GH UHDOLPHQWDFLyQ HF
  SDUD GHWHUPLQDU OD WHPSHUDWXUD GH FRQGHQVDFLyQ GHO YDSRU HQ OD
76

FDODQGULD

.YDS  &RQVWDQWHHPStULFDHQODHFXDFLyQGHUD]yQOEPLQƒ)

/   $OWXUDGHODFDODQGULD3

&

/PD[  $OWXUDPi[LPDGHODPDVDFRFLGDFXDQGRHOWDFKRHVWDOOHQR3

/   1LYHOGHODVXSHUILFLHGHODPDVDFRFLGD3

0

/ DMXVWH  3XQWRGHDMXVWHSDUDFRQWURODGRUGHQLYHOGHODPDVDFRFLGD3

0

0   0DVDFRFLGDGHFULVWDOHVGHVDFDURVOE

&

0 L  9DORU LQLFLDO GH OD PDVD GH FULVWDOHV HQ HO WDFKR DO FRPLHQ]R GHO
SHUtRGRGHFRQFHQWUDFLyQOE
&


0  0DVDGHODVLPSXUH]DVGLVXHOWDVHQHOOLFRU/E

,

 0 L  9DORU LQLFLDO GH OD PDVD GH LPSXUH]DV GLVXHOWDV HQ HO OLFRU HQ HO
WDFKRDOFRPLHQ]RGHOSHUtRGRGHFRQFHQWUDFLyQOE
,


0 L  9DORULQLFLDOGHODPDVDGHVDFDURVDGLVXHOWDHQHOOLFRUHQHOWDFKRDO
FRPLHQ]RGHOSHULRGRGHFRQFHQWUDFLyQOE
6


0   0DVDGHDJXDHQHOOLFRU

:

0 L  9DORULQLFLDOGHODPDVDGHDJXDHQHOOLFRUHQHOWDFKRDOFRPLHQ]R
GHOSHULRGRGHFRQFHQWUDFLyQOE
:


1   1~PHURGHFULVWDOHV

&

1  9HORFLGDGGHODJLWDGRUPLQ  


530

1  1~PHURGHSRWHQFLDSDUDHOFLUFXODGRU

32

 
,QGLFH

1  1~PHURGH5H\QROGVSDUDHOFLUFXODGRU

5(

3  SRWHQFLDUHTXHULGDSRUHOFLUFXODGRU+3

3   3UHVLyQGHRSHUDFLyQGHOWDFKRSVLD

%

3DMXVWH  3XQWR GH DMXVWH GHO FRQWURODGRU GHO FRQVXPR GH SRWHQFLD GHO
DJLWDGRU+3

3   3XUH]DGHOOLFRUDGLPHQVLRQDO

/

3   3XUH]DVLURSHHQODPDVDFRFLGDDGLPHQVLRQDO

0

3 L  9DORU LQLFLDO GH OD SXUH]D GHO VLURSH HQ HO WDFKR DO FRPLHQ]R GHO
SHULRGRGHFRQFHQWUDFLyQ
0


6  ƒ66GHOVLURSHHQODPDVDFRFLGD

0

6 DMXVWH  3XQWRGHDMXVWHGHOFRQWURODGRUGH66GHOVLURSHHQODPDVDFRFLGD
7   7HPSHUDWXUDGHFRQGHQVDFLyQGHOYDSRUHQHOFRQGHQVDGRUƒ)
0


%

7   7HPSHUDWXUDGHODPDVDFRFLGDDOQLYHOGHODFDODQGULDƒ)

&

7   7HPSHUDWXUDGHOOLFRUƒ)

/

7   7HPSHUDWXUDPHGLDPH]FODGDGHODPDVDFRFLGDƒ)

0

7 L  9DORU LQLFLDO GH OD WHPSHUDWXUD GH OD PDVD FRFLGD HQ HO WDFKR DO
FRPLHQ]RGHOSHULRGRGHFRQFHQWUDFLyQƒ)
0


7  7HPSHUDWXUDGHFRQGHQVDFLyQGHOYDSRUHQODFDODQGULDƒ)

6

7 PD[  9DORU Pi[LPR GH OD WHPSHUDWXUD GH FRQGHQVDFLyQ GHO YDSRU  HQ OD
FDODQGULDFRQODYiOYXODDELHUWDƒ)
6


8  &7& JOREDO HQWUH OD PDVD FRFLGD \ FRQGHQVDFLyQ GHO YDSRU HQ OD
FDODQGULD%WXPLQ±3 ƒ)



9   9ROXPHQGHFULVWDOHV3 


&

9  9ROXPHQWRWDOGHODPDVDFRFLGD3  


6

∆+F  &DORUGHFULVWDOL]DFLyQGHODVDFDURVD%WXOE

∆+Z  &DORUGHYDSRUL]DFLyQGHODJXDHQHOWDFKR%WXOE

∆7  (3(GHELGRDOHIHFWRGHODFDUJDKLGURVWiWLFDƒ)

%5

∆7  +6  (3(DOQLYHOGHODFDODQGULD

 
,QGLFH


φ  )UDFFLyQGHYROXPHQGHODPDVDFRFLGDRFXSDGDSRUFULVWDOHV

µ/  9LVFRVLGDGGHOVLURSHHQODPDVDFRFLGDSRLVHV

µ0  9LVFRVLGDGGHODVXSHUILFLHGHPDVDFRFLGDSRLVHV

ρ  &  'HQVLGDGGHORVFULVWDOHVGHVDFDURVDOE3 

ρ 'HQVLGDGGHODVLPSXUH]DVGLVXHOWDVOE3  


, 

ρ 0  'HQVLGDGGHODPDVDFRFLGDOE3 

ρ  'HQVLGDGGHODVDFDURVDGLVXHOWDOE3  


6

ρ  'HQVLGDGGHODJXDOE3 


:

Γ Γ Γ   7LHPSRGHUHDMXVWHHQODOH\GHFRQWUROGHUHDOLPHQWDFLyQ HF 


SDUDGHWHUPLQDUODUD]yQGHDOLPHQWDFLyQGHOLFRU
/) )6 )3

Γ   WLHPSR GH UHDMXVWH HQ OD OH\  GH FRQWURO GH DOLPHQWDFLyQ  HF  
SDUDGHWHUPLQDUODWHPSHUDWXUDGHFRQGHQVDFLyQGHOYDSRUHQODFDODQGULD
76




7$%/$;;;9,,

5HQGLPLHQWR*OREDOGHO7DFKR6LPXODGR


      (VTXHPDGH&RQWURO
     &DVR%DVH 3WR$MXVWHGHSRWHQFLD
    $  %  & 3URJUDPDGR

7LHPSRFRFLPLHQWRPLQ       
1LYHOILQDOPDVDFRFLGD
)UDFFLyQGHOPi[LPR       
0DVDFULVWDOHVSURGXFLGRVOEV   
5D]yQGHSURGXFFLyQOEPLQ

     

127$/DUD]yQGHSURGXFFLyQHVWiEDVDGDHQHOWLHPSRGHFRFLQDGRPiVPLQSDUD


SHUPLWLUODOLPSLH]D\FDUJDGHOWDFKRHWF
  

7$%/$;;;9,,,
5HVXPHQGH/RVHVTXHPDVGH&RQWURO(PSOHDGRV

(VTXHPD&RQWURO$

&ULWHULR)LQDO    D D  D  D E
 E  1H
 

 
,QGLFH

3HUtRGRFRQFHQW6  6 DMXVWH       
3HUtRGRHVW*UDQR3 3DMXVWH        
0 0


(YDSRUDFLyQ/ /PD[         




5HFRJHUPDVD3 +3         
0



(VTXHPD&RQWURO%

3HUtRGRFRQFHQW6  6 DMXVWH       
3HUtRGRHVW*UDQR3 3DMXVWH        
0 0


(YDSRUDFLyQ/ /PD[         




5HFRJHUPDVD3 +3        
0


(VTXHPD&RQWURO&

3HUtRGRFRQFHQW6  6 DMXVWH       
3HUtRGRHVW*UDQR3 3DMXVWH        
0 0


(YDSRUDFLyQ/ /PD[         




5HFRJHUPDVD3 +3        
0


127$


D   DOLPHQWDFLyQGHOLFRUSRUFRQWUROGHQLYHO

  

D    DOLPHQWDFLyQGHOLFRUSRUFRQWUROGH66 

D   DOLPHQWDFLyQGHOLFRUSRUFRQWUROGHPRYLOLGDG 




D   DOLPHQWDFLyQGHOLFRUSRUYDORUPi[LPR 




E   WHPSHUDWXUDGHOYDSRUSRUFRQWUROGH66 




E   7HPSHUDWXUDGHOYDSRUSRUPi[LPRYDORU 






 9(5,),&$&,Ï1(;3(5,0(17$/'(8102'(/2',1È0,&2'(81
7$&+2$/9$&Ë2

(O PRGHOR VH VLPXOD HQ XQD FRPSXWDGRUD GLJLWDO  SDUD SUHGHFLU ODV FRQGLFLRQHV HQ
FXDOTXLHUWLHPSRHQHOWDFKRDSDUWLUGHXQJUXSRGHFRQGLFLRQHVLQLFLDOHV/RVUHVXOWDGRV
GHO PRGHOR VH FRPSDUDQ FRQ ORV GDWRV H[SHULPHQWDOHV WRPDGRV GXUDQWH XQD FRUULGD GH
SUXHEDHQXQWDFKRUHDO


120(1&/$785$

$  ÈUHD7UDQVIHUHQFLDGHFDORUHQ3 

 
,QGLFH

%I  0DVDIUDFFLyQGHVyOLGRVGHOVLURSHGHDOLPHQWDFLyQ

(3(  (OHYDFLyQGHOSXQWRGHHEXOOLFLyQƒ)

&  0DVDGHFULVWDOHVGHVDFDURVDHQHOWDFKROE

&P  FDSDFLGDGGHFDORUGHODFDODQGULD%WXƒ)

&SW  FDSDFLGDGGHFDORUGHODDOLPHQWDFLyQ%WXƒ)

&SZ  &DSDFLGDGGHFDORUGHODJXD%WXƒ)

&SV  &DSDFLGDGGHFDORUGHODVDFDURVD%WXƒ)

&SL  &DSDFLGDGGHFDORUGHODVLPSXUH]DV%WXƒ)

&SF  &DSDFLGDGGHFDORUGHORVFULVWDOHV%WXƒ)

'P  'HQVLGDGGHODPDVDFRFLGDOE3  


'F  'HQVLGDGGHORVFULVWDOHVOE3 

'V  'HQVLGDGGHODVDFDURVDOE3 

'L  'HQVLGDGGHODVLPSXUH]DVOE3 


'Z  'HQVLGDGGHODJXDOE3 




(  5D]yQGHHYDSRUDFLyQ/EPLQ
(DFW  HQHUJtDGHDFWLYDFLyQGHODUHDFFLyQGHFULVWDOL]DFLyQ.FDOJPRO

(P  (QHUJtDWpUPLFDGHODPDVDFRFLGD%WX

)  5D]yQGHDOLPHQWDFLyQGHVLURSHOEPLQ

)V  )OXMRYDSRUOEPLQ

K  1LYHOGHODPDVDFRFLGDSXOJV

+F  (QWDOSLDGHOFRQGHQVDGRGHMDQGRODFDODQGULD%WXOE

+VV  (QWDOSLDGHOYDSRU%WXOE

,  PDVDGHODVLPSXUH]DV

/  'LiPHWURGHOFULVWDOPLFURQHV

0  0DVDWRWDOHQHOWDFKROE

1F  1~PHURGHFULVWDOHVHQHOWDFKR

 
,QGLFH


66\26  FRHILFLHQWHGHVREUHVDWXUDFLyQGHODVROXFLyQ

3¶  3UHVLyQDEVROXWDVREUHODPDVDFRFLGDSVL

3  3UHVLyQDEVROXWDHQODPLWDGGHODPDVDFRFLGDSVL

3I  3XUH]DVLURSHDOLPHQWDFLyQ IUDFFLyQ 

5  &RQVWDQWHGHOJDV.FDOJPROƒ.

6  0DVDGHVDFDURVDVROXEOHOE

6$7  6ROXELOLGDGGHODVDFDURVDSXUD SRUSHVR 

6$7857 3  7HPSHUDWXUDGHOYDSRUVDWXUDGRDODSUHVLyQ3ƒ)

6&  FRHILFLHQWHGHVROXELOLGDGGHODVROXFLyQ

7  7HPSHUDWXUDGHODPDVDFRFLGDƒ)

7FD  7HPSHUDWXUDGHOYDSRUVDWXUDGRHQODFDODQGULDƒ)
7I  7HPSHUDWXUDGHODDOLPHQWDFLyQƒ)

8  &RHILFLHQWHWUDQVIHUHQFLDGHFDORU%WX3 ƒ)KU



9  9ROXPHQFULVWDOPLFURQ 



:  0DVDGHDJXDHQHOWDFKR

∆+Z  &DORUGHYDSRUL]DFLyQGHODJXDHQHOWDFKR%WXOE

3  'HQVLGDGGHORVFULVWDOHVGHVDFDURVD/EVPLFURQHV  


/RV FRQWHQLGRV GHO WDFKR FRQVLVWHQ GH DJXD LPSXUH]DV GLVXHOWDV VDFDURVD GLVXHOWDV \
FULVWDOHVDORVFXDOHVVHOHVOODPDPDVDFRFLGD/DFRPSRVLFLyQGHOOLFRUPDGUHSXHGHVHU
FDUDFWHUL]DGDSRUHO%UL[³%´\ODSXUH]D³3P´

%  0DVDWRWDOGHVyOLGRVGLVXHOWRVPDVDGHODVROXFLyQ 6,6,:  

3P  0DVDGHODVDFDURVDGLVXHOWDPDVDVyOLGDWRWDOHVGLVXHOWRV 66,  


(&8$&,Ï13$5$(/02'(/2',1È0,&2

3DUD (VWDEOHFHU HO PRGHOR GLQiPLFR HV QHFHVDULR FRQRFHU ODV UHODFLRQHV PDWHPiWLFDV
SULQFLSDOHV ODV FXDOHV JRELHUQHQ HO SURFHVR (OODV VRQ GHULYDGDV GH DOJXQDV UHODFLRQHV
EiVLFDVROH\HVTXHGHVFULEHQHOIHQyPHQRItVLFRGHQWURGHOWDFKR/RVPRGHORVLQFOX\HQ

 
,QGLFH

ODVOH\HVGHFRQVHUYDFLyQGHODPDWHULD \EDODQFHVGHHQHUJtD\ODUD]yQGHFUHFLPLHQWR
GHOFULVWDOFRPRIXQFLyQGHODVREUHVDWXUDFLyQ

7RGRVORVPRGHORVVRQGHULYDGRVEDMRODVDVXQFLRQHVVLJXLHQWHV

$ 8QDEXHQDPH]FODGHODPDVDFRFLGD
% 3pUGLGDGHFDORUGHVSUHFLDEOHV
& 1RVHSURGXFHQLIDOVRJUDQRQLFRQJORPHUDGRV


 %$/$1&(6'(0$7(5,$/(6

%DODQFHV7RWDOGHOD0DVD

0  ,:6&     


%DODQFH6DFDURVD'LVXHOWDHQHO/LFRU0DGUH

GVGW  )%I3I±GFGW     




%DODQFHVGH,PSXUH]DVGLVXHOWDVHQHO/LFRU0DGUH

G,GW  )%I ±3I       


%DODQFHGH$JXDHQHO/LFRU0DGUH

GZGW ) %I ±(       


7KLHPHHVWDEOHFLyTXHODUHODFLyQGHYROXPHQGHOFULVWDOFRQVXGLPHQVLyQGHODGRHVGH
/ / / SDUDORVWUHVWLSRVPiVFRUULHQWHVGHFULVWDOHVGHD]~FDUILJ 
  

(OSURPHGLRGHHOORVSXHGHXVDUFHSDUDFiOFXORVDSUR[LPDGRVGHOYROXPHQGHOFULVWDOHQ
ODIRUPD

9  / 

     

/DPDVDGHOFULVWDOHV

&  ρ1F9      

/DUD]yQGHWUDQVIHUHQFLDGHVDFDURVDGHOVLURSHDOFULVWDOHV

GFGW ρ1F'YGW ρ1FGGW / 


 
,QGLFH

 ρ1F/ G GW

    

/


 %$/$1&(6'((1(5*Ë$

GGW (  )&SI7I4±(∆+       

0 :

(   :&SZ6&SV,FSL&&SF      

0 7


 %$/$1&(6'((17$/3,$(1/$&$/$1'5,$

&  GW GW  )V +VV±+F ±4      

0 &$

4 8$ FD±7         



+F  7FD±         


5(/$&,21(6'((48,/,%5,2'()$6(6   

/DVROXELOLGDGGHODVDFDURVDSXUDHV

6$7 ±[ 7[ 7 ±[ 7   
    

(OFRHILFLHQWHGHVROXELOLGDGGHODVROXFLyQHV

6& >E  7±E E @,:  GRQGH    

  

E ƒ)E  ƒ)E   SDUDFDxDGHD]~FDU 



  

(OFiOFXORGHOD66GHXQDVROXFLyQLPSXUDVHEDVDHQODGHILQLFLyQGHOD,&806$GHODV
VROXFLRQHV VREUHVDWXUDGDV TXH FULVWDOL]DQ D XQD UD]yQ GH LPSXUH]DV ± DJXD ,: 
FRQVWDQWH


  66  ±6$76$76:6&   

  26  66±      


(;35(6,21(63$5$/$5$=Ï1'(&5(&,0,(172'(/&5,67$/

/DH[SUHVLyQSDUDODUD]yQGHFUHFLPLHQWRGHOFULVWDOVHOHFFLRQDGDSRU:ULJKW\:KLWHHV
XQDVLPSOLILFDFLyQGHODH[SUHVLyQGHFUHFLPLHQWRGHULYDGDSRU6LOOLQ

G/GW 3  26±3 H[S>(DFW5 7± @H[S 3 ,:   

  

 
,QGLFH

(Q OD H[SUHVLyQ DQWHULRU OD HQHUJtD GH DFWLYDFLyQ VHOHFFLRQDGD GHULYD GHVGH SUXHEDV GH
ODERUDWRULRKHFKDVHQPDVDVFRFLGDVGHFDxDGHD]~FDU(VWHYDORUFRQWURODODYDULDFLyQGH
UD]yQGHFUHFLPLHQWRFRQODWHPSHUDWXUD

(DFW  ± 7±  ,: .FDOJPRO  

'RQGH3 3 \3 VRQSDUiPHWURVTXHGHEHQVHUGHWHUPLQDGRVH[SHULPHQWDOPHQWH

  


3$5È0(752602'(/26<3523,('$'(6)Ë6,&26

'HQVLGDGGHODPDVDFRFLGD

'0  0 &' 6' ,'L:'      

& 6 :

(OHYDFLyQGHO3XQWRGH(EXOOLFLyQ (3( 

/DUHODFLyQSURSRUFLRQDOGHOD(3(FRQODUD]yQVyOLGRDJXDHVGHSHQGLHQWHGHODFDOLGDG\
WLSRGHLPSXUH]DV8QDUHODFLyQWtSLFDGHULYDGDSRU:ULJKW \:KLWHSDUDFDxDGHD]~FDU
HV

(3( >E  6,: E  ,6, @      

 

'RQGH

E  \E  

 


/DSUHVLyQHQHOWDFKRHV

3 3¶òK'P         


'RQGH3HVODSUHVLyQDEVROXWDHQHOPHGLRGHODPDVDFRFLGD\3¶HVODSUHVLyQDEVROXWD
VREUHODPDVDFRFLGD


7HPSHUDWXUDGHOD0DVD&RFLGD

7  6$7857 3 (3(        



'(7(50,1$&,Ï1'(/263$5È0(752602'(/26<02'(/26'(
9$/,'$&,Ï1

/RV SDUiPHWURV 3  3  \ 3  GH OD HFXDFLyQ GH UD]yQ GH FUHFLPLHQWR WLHQHQ TXH
GHWHUPLQDUVHSDUDKDOODUHOPDWHULDODVHUXVDGR\HOORVVRQ
  

 
,QGLFH

$ /DFRQVWDQWHGHSURSRUFLRQDOLGDGHQODSUHVLyQGHFUHFLPLHQWROLQHDO 3 Dƒ&


ƒ& 



% (OYDORUQXORGH66HQFLPDGHOFXDOODUHODFLyQGHUD]yQGHFUHFLPLHQWROLQHDOD66
DSDUHFH 3 



& (O SDUiPHWUR TXH GHWHUPLQD HO HIHFWR GH UHWDUGDFLyQ GH ODV LPSXUH]DV VREUH OD
UD]yQGHFUHFLPLHQWR 3 /DILJLOXVWUDODGHILQLFLyQGHORVSDUiPHWURV3 \
3 
 




/DV FRUULGDV H[SHULPHQWDOHV VH KLFLHURQ HQ XQ WDFKR GHO $6, $XGRERQ 6XJDU ,QVWLWXWH
%DWRQ 5DXJH /RXVLDQD GRQGHVHGHWHUPLQDQORVSDUiPHWURVPRGHOR \ODYDOLGDFLyQGHO
PRGHOR 3DUD KDFHU HVWR VH PLGLHURQ XQ JUXSR GH GDWRV \ VH UHJLVWUDURQ SHULyGLFDPHQWH
SDUD GHVFULELU ODV FRQGLFLRQHV HQ HO WDFKR GXUDQWH OD IDEULFDFLyQ GH OD WHPSOD /DV
FRQGLFLRQHVLQLFLDOHVIXHURQWDPELpQUHJLVWUDGDV DOFRPLHQ]RGHOH[SHULPHQWR8QDVHULH
GHFRUULGDVVLPXODGDVIXHURQKHFKDVDSDUWLUGHODVFRQGLFLRQHVLQLFLDOHVXVDQGRHOPRGHOR
PDWHPiWLFR HQ HO FXDO ORV SDUiPHWURV PRGHORV VH YDULDURQ VXVWDQFLDOPHQWH /DV
FRQGLFLRQHVFDOFXODGDVIXHURQHQWRQFHVFRPSDUDGDVFRQORVGDWRVUHJLVWUDGRVGHOSURFHVR
UHDO 'H HVWD IRUPD VH GHWHUPLQDUi XQ JUXSR GH YDORUHV ORV FXDOHV UHVXOWDURQ HQ OD
GLIHUHQFLDPiVSHTXHxDHQWUHORVYDORUHVFDOFXODGRV\ORVPHGLGRV
/DVSUXHEDVVHKLFLHURQFRQPDVDFRFLGD$XVDQGRPDJPD(OVLURSHXVDGRWHQtDƒ%[\
3]D


&203$5$&,Ï1 '( /$ 35(',&&,Ï1 '(/ 02'(/2 < 5(68/7$'26
(;3(5,0(17$/(6

/RV SDUiPHWURV ORV FXDOHV PLQLPL]D HO HUURU HQWUH ODV FRQGLFLRQHV FDOFXODV \ ORV GDWRV
H[SHULPHQWDOHVVRQFRPRVLJXH

3  PLFURQHV PLQƒ66 



3  



3  




/RV UHVXOWDGRV GH ORV YDORUHV VHOHFFLRQDGRV GH ORV SDUiPHWURV VRQ PRVWUDGRV HQ OD ILJ
 HQ OD FXDO ODV YDULDEOHV GH SURFHVR SHUWLQHQWHV VH  SORWHDQ FRQWUD HO WLHPSR (VRV
JUiILFRV PXHVWUDQ FRPR VH DMXVWD HO PRGHOR SUHGLFKR XVDQGR  ORV YDORUHV GH HVRV
SDUiPHWURVFRQORVGDWRVUHJLVWUDGRVGHOSURFHVRUHDO

(Q OD VLPXODFLyQ SRU FRPSXWDGRUD GH XQ WDFKR ODV YDULDEOHV GH SURFHVR VRQ PiV
FRQVWDQWHVTXHHQHOWDFKRUHDOGHELGRDTXHOD66\HOFRQWHQLGRGHFULVWDOHVSXHGHQVHU
FRQWURODGRV FRQ PD\RU SUHFLVLyQ HQ VXV SXQWRV GH DMXVWH 7DO FRQWURO WDQ SUHFLVR QR HV
SRVLEOHHQXQWDFKRUHDO
(O HIHFWR GH OD 66 \ OD SXUH]D HQ OD UD]yQ GH FUHFLPLHQWR VH PXHVWUD HQ OD ILJ  /D
FXUYDSDUDHOWDPDxRGHOFULVWDO / HVFDVLXQDOLQHDUHFWDPLHQWUDVTXHOD66HVFDVL


 
,QGLFH

























 
,QGLFH

&RQVWDQWH /D GLVFRQWLQXLGDG HQ WRGDV ODV FXUYDV PDUFDQ HO SXQWR DO FXDO ORV FRUWHV VH
UHDOL]DQ

$ PHGLGDTXHHO JUDQR FUHFHHQWDPDxR HOiUHD VXSHUILFLDOVREUHODFXDO HOFULVWDOSXHGH
FUHFHUVHKDFHPD\RU(VWRGHEHLQFUHPHQWDUODUD]yQGHFUHFLPLHQWRGHOFULVWDO\SHUPLWH
FRFLPLHQWRVPiVDOWRVDVtFRPRUD]RQHVGHDOLPHQWDFLyQ6LQHPEDUJRFRPRVHPXHVWUD
HQ OD ILJXUD  OD FDtGD HQ OD SXUH]D FDXVD TXH HO FUHFLPLHQWR GHO FULVWDO VH KDJD PiV
OHQWRGHIRUPDTXHODUD]yQGHDOLPHQWDFLyQGHVSXpVGHOFRUWHHVPiVEDMDTXHDQWHVGHO
PLVPR

'HORVSDUiPHWURVPRGHORVGHODUD]yQGHFUHFLPLHQWRGHOFULVWDOHOYDORUGHOSDUiPHWUR3 
HVPX\SHTXHxRSDUDWHQHUXQHIHFWRHQODVFRQGLFLRQHVGHOH[SHULPHQWR(OYDORUGH


PLFURQHV PLQƒ66 SDUDHOSDUiPHWUR3 QRHVWiWDQOHMRVGHOYDORUUHSRUWDGRSRU


:ULJKW\:KLWH(OYDORUGH±SDUDHOSDUiPHWURS HVWiWDPELpQFHUFDQRDOYDORUGH±


 UHSRUWDGR SRU :ULJWK \ :KLWH VLQ HPEDUJR FRPR WRGRV ORV H[SHULPHQWRV IXHURQ


FRQGXFLGRV FRQ WHPSODV GH DOWD SXUH]D KHFKDV FRQ VLURSH HVD HV OD GLILFXOWDG SDUD
HVWDEOHFHUFRQILGHQFLDHQHOYDORUGH3 HOFXDOHVHOSDUiPHWURTXHFRQWURODHOHIHFWRGH
UHWDUGDFLyQGHODVLPSXUH]DVVREUHODUD]yQGHFUHFLPLHQWRGHOFULVWDO


(Q FRQFOXVLyQ HV HYLGHQWH TXH ORV UHVXOWDGRV GHO PRGHOR XVDQGR ORV SDUiPHWURV GDGRV
DUULEDFRQFXHUGDQFRQORVREVHUYDGRVHQHOWDFKRUHDO(QWRQFHVHOPRGHORYDOLGDGRSXHGH
VHU XVDGR SDUD  OD HYDOXDFLyQ GH YDULRV VLVWHPDV GH FRQWURO GH WDFKR D WUDYpV GH OD
VLPXODFLyQSRUFRPSXWDGRUD 




$QiOLVLVGH&RFLQDGRHQORVWDFKRV\VXV&RQVHFXHQFLDV7pFQLFDV

6REUHVDWXUDFLyQ&UHFLPLHQWRGHO&ULVWDO\HOSURFHVRGHORVSLHVGHWHPSOD

(OSDWUyQFRQYHQFLRQDOGHODFULVWDOL]DFLyQGHOD]~FDUHQXQWDFKRGHEDWFKVHPXHVWUDHQ
OD ILJXUD  /D VROXFLyQ VXEVDWXUDGD VH OOHYD KDVWD HO QLYHO / FXEULHQGR OD FDODQGULD
(QWRQFHV VH HYDSRUD KDVWD XQ ƒ66 \ GH  GRQGH VH LQ\HFWD OD VHPLOOD (O WDPDxR
PHGLRGHORVFULVWDOHVGHVHPLOODHVGHµP3RUPHGLRGHODHYDSRUDFLyQGHEXUEXMDHQ
ODVXSHUILFLHGHFDOHQWDPLHQWR\ODDOLPHQWDFLyQGHXQDVROXFLyQVXEVDWXUDGDODFDUJDHQHO
WDFKR VH OOHYD KDVWD OD DOWXUD Pi[LPD / PD[ (Q OD ~OWLPD HWDSD GHO SURFHVR R VHD HO
UHFRJLPLHQWRGHODPDVDODPDVDHVDSUHWDGDKDVWDTXHVHDOFDQ]DHOFRQWHQLGRGHFULVWDOHV
GHVHDGR :F (OFULVWDO FUHFHGHVGHHOWDPDxRGHODVHPLOOD  µP KDVWDHOWDPDxRGHO
FULVWDOGHOD]~FDUG¶H PPYHUILJXUD

6H VDEH TXH SRU HO PpWRGR XVXDO GH RSHUDFLyQ OD FDODQGULD HV JUDQGH HQ ORV WDFKRV GH
GLVHxR QRUPDO GXUDQWH OD HWDSD GH FUHFLPLHQWR GHO FULVWDO (VWR VH KDFH FODUR GXUDQWH OD
WUD\HFWRULDGHOD66\'XUDQWHODHWDSDLQLFLDOGHOSURFHVRH[LVWHXQDGLVSDULGDGHQWUHOD
VXSHUILFLH WRWDO GH FULVWDOHV $F  \ OD PDVD GLVSRQLEOH SDUD FULVWDOL]DU ∆PV (VWD HV OD
UD]yQ SRU OD FXDO VH H[FHGH D PHQXGR OD ]RQD PHWDHVWDEOH GXUDQWH OD RSHUDFLyQ
WRW

FRQYHQFLRQDO XVDQGR XQD SDVWD GH VHPLOOD (Q OD ~OWLPD HWDSD GHO SURFHVR HVWD
VLWXDFLyQHVLQYHUVDDKRUDODRSHUDFLyQHVLQVXILFLHQWHSDUDPDQWHQHUHOJUDGLHQWHGH
FRQFHQWUDFLyQGHVHDGRHQODVROXFLyQFRQODJUDQVXSHUILFLHGHFULVWDOHVH[LVWHQWHV
(OFRPLHQ]RGHODHWDSDGRQGHODUD]yQGHSURFHVRQRHVGHWHUPLQDGDSRUODWUDQVIHUHQFLD
GHPDVDVLQRSRUODWUDQVIHUHQFLDGHFDORUPi[LPDVHPXHVWUDHQODFXUYDGH66\GHOD
ILJD

 
,QGLFH


(QODILJXUDEVHPXHVWUDTXHODUHODFLyQσHQWUHOD$F ODPDVDGHVDFDURVD∆PV
GLVSRQLEOHSDUDFULVWDOL]DUDXQDWHPSHUDWXUDGDGDVHDOFDQ]DFXDQGRVHOOHJDDOYDORUGH
WRW

 P NJ DO ILQDO GH OD HWDSD D OD TXH VH OODPD IRUPDFLyQ GHO FULVWDO (O ILQDO GH HVWD


HWDSDVHDOFDQ]DFXDQGRODFXUYDGH66\SDVDDWUDYpVGHXQSXQWRGHLQIOH[LyQ
3DUDFRPSDUDFLyQODUD]yQσGHVSXpVGHLQ\HFWDUODVHPLOODWLHQHVRODPHQWHXQYDORUGH
 P NJ R VHD XQD UHGXFFLyQ GH   DSUR[LPDGDPHQWH (Q SDUWLFXODU HQ OD HWDSD GH
 

FUHFLPLHQWR GHO FULVWDO σ FDPELD FRQVLGHUDEOHPHQWH PiV GH OD PLWDG GH OD GLVWDQFLD GHO
FULVWDOλILJE/DUHODFLyQσLOXVWUDTXHFRQWURODUODSULPHUDHWDSDGHFUHFLPLHQWRGH
ODSDVWDGHVHPLOODHQXQWDFKRFRQYHQFLRQDOSUHVHQWDXQFRQVLGHUDEOHSUREOHPDHQYLVWD
GHODJUDQUD]yQGHHYDSRUDFLyQGDGDSRUODHEXOOLFLyQGHEXUEXMDVORFXDOSURGXFHHIHFWRV
LQGHVHDEOHV FRPR OD GLVROXFLyQ GH FULVWDOHV HQ ]RQDV VXEVDWXUDGDV \ OD IRUPDFLyQ GH
FRQJORPHUDGRVDOPLVPRWLHPSRHQODV]RQDVGHDOWDVREUHVDWXUDFLyQ6REUHHVRVHIHFWRV
VHSXHGHGHFLUTXH(QODVXSHUILFLHLQWHULRUGHORVWXERVVHSUHVHQWDXQSHUILOVLJQLILFDWLYR
GH WHPSHUDWXUD GHELGR D ORV EDMRV FRHILFLHQWHV GH WUDQVPLVLyQ GHO FDORU GHO ODGR GH OD
PDJPD

,JXDOPHQWH PLHQWUDV OD VROXFLyQ DO QLYHO GH OD PDJPD HVWD VREUHVDWXUDGD XQD FDQWLGDG
FRQVLGHUDEOHGHSDUWtFXODVGHODSDVWDGHVHPLOODVHGHUULWHQHQODV]RQDVVXEVDWXUDGDVODV
FXDOHVHVWiQFHUFDQDVDODSDUHG$SDUWHGHHVDV]RQDVVXEVDWXUDGDVKD\WDPELpQUHJLRQHV
GH DOWD VREUHVDWXUDFLyQ LQDFHSWDEOHV SDUWLFXODUPHQWH HQ OD VXSHUILFLH GH OD PDVD FRFLGD
SURGXFLHQGR XQ JUDGLHQWH GH WHPSHUDWXUD 'H RWUR ODGR OD QXFOHDFLyQ VHFXQGDULD \ OD
IRUPDFLyQGHFRQJORPHUDGRVVHSURGXFHHQHVDV]RQDV/RVFULVWDOHVPX\SHTXHxRV GH
µP HVWiQHQYXHOWRVHQODFRQJORPHUDFLyQORFXDODIHFWDDGYHUVDPHQWHODFDOLGDGGHO
FULVWDO (O PHFDQLVPR GH OD IRUPDFLyQ GH FRQJORPHUDGRV QR SXHGH VHU GHILQLGR
FODUDPHQWH (VWH QR GHVHDGR HIHFWR VH SURGXFH SULQFLSDOPHQWH FXDQGR FULVWDOHV
SHTXHxRVFRQXQDUD]yQGHFUHFLPLHQWRDOWD\XQDUUHJORHQHUJpWLFRIDYRUDEOHGHVXV
FDUDV VXSHUILFLDOHV VH FRORFDQ SRU XQ WLHPSR ODUJR D GLVWDQFLDV FRUWDV GHELGR D XQ
JUDGLHQWH GH FRUWH PX\ EDMR $ HVWD FRQFOXVLyQ VH OOHJy GHVSXpV GH HIHFWXDU FLHUWDV
UHODFLRQHV GH PHGLFLyQ (VSHFLDOPHQWH RFXUUHQ EXHQDV FRQGLFLRQHV SDUD OD
FRQJORPHUDFLyQGXUDQWHODHWDSDGHUHFRQVWUXFFLyQSRUHMHPSORFXDQGRORVFULVWDOHV
GDxDGRVHQODSDVWDVRQUHSDUDGRV HQHUJtDVDOWDVHQODVXSHUILFLHGHOFULVWDO\JUDQ
YHORFLGDG GH FUHFLPLHQWR  /D FRQJORPHUDFLyQ FRPELQDGD HQ OD QXFOHDFLyQ
VHFXQGDULDHVWDPELpQFRQFHELEOH(QJHQHUDOVHSXHGHGHFLUTXHODFRQJORPHUDFLyQ
VH SXHGH PRGLILFDU VL OD UD]yQ GH FUHFLPLHQWR GH ORV FULVWDOHV PX\ SHTXHxRV HV
UHGXFLGD\ODUD]yQGHFRUWHHQODVXVSHQVLyQHVLQFUHPHQWDGD

/D ILJXUD  PXHVWUD XQD YDULDFLyQ JHQHUDO GH OD GHSHQGHQFLD GH OD UD]yQ GH
FRQJORPHUDFLyQGQ GWVREUHODUD]yQGHFUHFLPLHQWRG GF GW aGP[GW$F \HO
JUDGLHQWHGHFRUWHGYGV(QWRQFHVODFRQJORPHUDFLyQGLVPLQX\HFRPRVHHVSHUDFRQOD
FRQ

GLVPLQXFLyQGHODUD]yQGHFUHFLPLHQWR\HOLQFUHPHQWRGHOJUDGLHQWHGHFRUWH3DUDHYLWDU
ODFRQJORPHUDFLyQGHODSDVWDGHVHPLOODHVQHFHVDULRWUDEDMDUHQODHVTXLQDGHIRQGRGHO
ODGR L]TXLHUGR GHO GLDJUDPD GH OD ILJ  3RVWHULRUPHQWH OD GLVWDQFLD SURPHGLR OD
PLWDG GHOFULVWDOHVGHLPSRUWDQFLD DTXtλ [ P &RPRQRHVSRVLEOHUHDOL]DUORV


UHTXHULPLHQWRV HVSHFLDOHV HQ OD IRUPDFLyQ GH ODV SDUWtFXODV GH VHPLOOD HQ XQ WDFKR
FRQYHQFLRQDOVHVXJLHUHTXHHVWDVHFFLyQGHOSURFHVRGHEHVHULQFRUSRUDGDHQXQVLVWHPD
FRQYHQLHQWH /D FULVWDOL]DFLyQ SRU HYDSRUDFLyQ HQ WDFKRV FRQYHQFLRQDOHV QR GHEHQ
FRPHQ]DUDQWHVTXHσ P NJYHUILJXUD


 
,QGLFH




























 
,QGLFH





















 
,QGLFH





















 
,QGLFH


























 
,QGLFH

$SDUDWRVSDUDORVSLHV

'HEHVHOHFFLRQDUVHXQDEDMDWHPSHUDWXUDGHWUDEDMRSDUDUHGXFLUODUD]yQGHFUHFLPLHQWRVL
HO ƒ66 HV IiFLOPHQWH PHGLEOH DMXVWiQGROR D \   \ PDQWHQHUOR HQ HVH YDORU (VWR VH
LOXVWUDHQODILJODFXDOPXHVWUDODGHSHQGHQFLDGHODUD]yQGHFUHFLPLHQWRGPGW[
  $F GH OD WHPSHUDWXUD &XDQGR 5'  5     OD UHVLVWHQFLD GH WUDQVSRUWH 5 
GHVDSDUHFH
WRW '

5H ∞ \VRODPHQWHODUHVLVWHQFLDGHUHDFFLyQVXSHUILFLDO5 GHSHQGLHQWHGHOD


WHPSHUDWXUDWLHQHTXHVHUVXSHUDGD/DILJXUDPXHVWUDXQGLDJUDPDGHGLVSHUVLyQHQ
5

IRUPD GH FXxD GH YDORUHV PHGLGRV REWHQLGRV SRU YDULRV DXWRUHV GHO FUHFLPLHQWR GH
FULVWDOHVPX\SHTXHxRV (QODFXUYDGHOtQHDGHWUD]RVGF  P  

6LHOGLDJUDPDGHGLIXVLELOLGDGGHWHUPLQDHOFUHFLPLHQWRGHODVSDUWtFXODVVLQPRYLPLHQWR
VK  \HVWRPDGRFRPRXQDEDVHHQWRQFHVODUD]yQGHFUHFLPLHQWRIXHUDGHOFDPSRGH
GLVSHUVLyQ UHVXOWDQWH GHPXHVWUD TXH H[LVWH XQ FRHILFLHQWH GH WUDQVSRUWH GH PDWHULDO DOWR
. 
/DFXUYDGHOtQHDVGHWUD]R YiOLGDSDUDGF  PVK  HVFHUUDGDDODOtQHD5 5  
'


ODFXDOPXHVWUDODUD]yQPi[LPDGHFUHFLPLHQWRGHSHQGLHQWHVRODPHQWHGHODWHPSHUDWXUD
' WRW

/D UHGXFFLyQ GH OD WHPSHUDWXUD FRPR PHQFLRQDGR DQWHULRUPHQWH HV QHFHVDULD SDUD
GLVPLQXLUODUD]yQGHFUHFLPLHQWRGHODVSDUWtFXODVDXQƒ66FRQVWDQWH \  
'XUDQWH OD FULVWDOL]DFLyQ SRU HQIULDPLHQWR FRPR VXJHULGD SRU HO ,QVWLWXWR GH
%UDXQVFKZHLQJ  OD SDVWD VH DxDGH D OD VROXFLyQ FRQ XQ ƒ66 EDMR \   
6XEVHFXHQWHPHQWHODVXVSHQVLyQHVHQIULDGDDXQDUD]yQGHG GWGHXQRVƒNK/D
ILJXUD  PXHVWUD XQ VLVWHPD TXH HPSOHD HVWH DSDUDWR HO FXDO IXH GHVDUUROODGR
SDUDGLFKRSURSyVLWR/RVFDPELRVGHQLYHOFRQHOWLHPSRHQODVWUHVSDUWHVSULQFLSDOHV
GHOVLVWHPD GHQRWDGRSRU\HQODILJXUD VHPXHVWUDQHQODILJXUD
8QDVROXFLyQGHDOWDSXUH]D PDWHULDVHFD ≤:GV≤ VHVHPLOODFRQXQDSDVWDD
XQƒ66GH\ HQXQYDVRDJLWDGR   GHPDQGDGHSRWHQFLDGLVSDUDGD3VW9≥.Z
 P  /D VROXFLyQ HV HQWRQFHV HQIULDGD D DSUR[LPDGDPHQWH ƒ&  FRQWHQLGR GH FULVWDO


REWHQLEOH:F DSUR[ 
/D SRUFLyQ GH OD VROXFLyQ QHFHVLWDGD SDUD OD FULVWDOL]DFLyQ SRU HQIULDPLHQWR HV H[WUDtGD
GHVGH HO WDFKR TXH KDFH ORV SLHV GH WHPSOD   FXDQGR HO FRQWHQLGR GH VXVWDQFLD VHFD
GHVHDGD ± HVDOFDQ]DGR/DVROXFLyQVHPDQWLHQHWHPSRUDOPHQWHHQHOYDVR

'HVSXpVGHGHVFDUJDUHOYDVRDJLWDGRVREUHHOWDFKRGHSLHGHWHPSODVHOFRQWHQLGR
GHO YDVRVHWUDQVILHUHDOYDVRDJLWDGR'HVSXpVODVROXFLyQVHKDHQIULDGRDOƒ66
GHVHDGRODFULVWDOL]DFLyQSRUHQIULDPLHQWRDQWHVPHQFLRQDGDFRPLHQ]DHQHOYDVR

&XDQGRHVWHSURFHVRKDILQDOL]DGRHOSLHGHWHPSODSURGXFLGRHQHOYDVRVHDxDGHDOD
VROXFLyQ  GH EDMR ƒ66 HQ HO FULVWDOL]DGRU  YHU ILJXUD   (Q HVWH WDFKR HO FXDO HVWi
SURYLVWR WDPELpQ FRQ XQ DJLWDGRU GH FRUWH DOWR ORV FULVWDOHV FUHFHQ GHVGH XQ WDPDxR
SURPHGLRG¶FGHXQRVPPDPP(OFRQWHQLGRGHFULVWDOHV:FDOILQDOGHOSURFHVR
GH HEXOOLFLyQHQHOYDVR HVGHDSUR[LPDGDPHQWH'HVSXpVGHILQDOL]DGRHOEDFKH OD
PDJPD VH GHVFDUJD HQ HO FULVWDOL]DGRU GHVGH HO FXDO HV ERPEHDGD D WUDYpV GH XQ
FRQGXFWRDQXODUSDVDQGRORVFULVWDOL]DGRUHVGHSLHDOFULVWDOL]DGRUFRQFRQWUROGHQLYHO
/DPH]FODGHODVXVSHQVLyQIUtDHQHOWDFKRSDUDSLHVGHWHPSODQRFUHDSUREOHPDVFRPR
VHPXHVWUDHQHOGLDJUDPDGHODILJGHK:GV
&RPHQ]DQGR FRQ HO OLFRU PDGUH GH OD VXVSHQVLyQ REWHQLGD SRU OD FULVWDOL]DFLyQ SRU
HQIULDPLHQWRDXQƒ66EDMR HVWDGR  ƒ& HOSXQWRGHPH]FOD  ƒ& VH

 
,QGLFH

 
,QGLFH























 
,QGLFH

REWLHQHFXDQGRODVXVSHQVLyQVHDxDGHDOFULVWDOL]DGRUGHSLHV VROXFLyQ±HVWDGR±  
ƒ& FRQODUD]yQGHPH]FODXVDGDHQHVWHHMHPSOR
'HELGRDODQDWXUDOH]DFDVLOLQHDOGHODVFXUYDV \HVFRQVWDQWH FDVLWRGRVORVSXQWRVGH
PH]FODFRQFHELEOHVHQHOUDQJRGHLQWHUpVHVWiQHQODPLVPDFXUYDGHVREUHVDWXUDFLyQ(Q
HO HMHPSOR SUHVHQWH HO HTXLOLEULR GH OD VROXFLyQ VH DOFDQ]D ILQDOPHQWH FXDQGR OD
VXVSHQVLyQ PH]FODGD   VH FDOLHQWD DO HVWDGR GH HEXOOLFLyQ   (QWRQFHV HO SURFHVR GH
HEXOOLFLyQGHOSLHGHWHPSODFRPLHQ]DFRQODVROXFLyQVDWXUDGD

&RQHODX[LOLRGHOPpWRGRGHRSHUDFLyQLQWURGXFLGRDTXtVHREWLHQHXQPHMRUDPLHQWRHQOD
FDOLGDGGHOFULVWDOHQODSUDFWLFDGHELGRDORVUHTXHULPLHQWRVHVSHFLDOHVSDUDODIRUPDFLyQ
GHOFULVWDO

7UDQVIHUHQFLDGHFDORUGXUDQWHHOFRFLQDGR

(O SURFHVR GH HEXOOLFLyQ HVWi GHWHUPLQDGR SRU HO WUDQVSRUWH GH OD PDVD GH VDFDURVD
GHVGH OD VROXFLyQ D ODV FHOGDV GHO FULVWDO \ SRU OD WUDQVIHUHQFLD GH FDORU HQ OD
FDODQGULD/RVFULWHULRVSDUDHOFDOFXORGHWUDQVSRUWHGHPDVD\ORVUHVXOWDGRVQXPpULFRV
UHVXOWDQWHV SXHGHQ KDOODUVH HQ ORV WUDEDMRV GH .( $XVWPH\HU HQ OD UHYLVWD =XNHU GH


$TXtYHUHPRVODVFRQFOXVLRQHVGHH[SHULHQFLDVSUiFWLFDVGHODQiOLVLVGHODWUDQVIHUHQFLDGH
FDORUHQODVXSHUILFLHGHFDOHQWDPLHQWR
&RPR VH LOXVWUD HQ OD ILJXUD  HO FDORU HV WUDQVIHULGR D WUDYpV GH OD VXSHUILFLH GH
FDOHQWDPLHQWRHVLQKLELGRSRUWUHVUHVLVWHQFLDVODVFXDOHVVRQUHIOHMDGDVSRUWUHVUDQJRVGHO
JUDGLHQWHGHWHPSHUDWXUD/DWHPSHUDWXUD GHOYDSRUVHUiUHGXFLGDGHQWURGHODSHOtFXOD
GH FRQGHQVDGR HQWRQFHVGHQWURGHODSDUHGGHO WXER \ILQDOPHQWHVREUHHOLQWHULRUGHO
WXER FXELHUWR FRQ VROXFLyQ R PDJPD \ EXUEXMDV GH YDSRU /D UHVLVWHQFLD WRWDO SXHGH
GHWHUPLQDUVHSRUXQDVXPDWRULDHQVHULHGHODVUHVLVWHQFLDVLQGLYLGXDOHV


5  N 5R5WZ5L ∝ ∝L   D 
L V
WRW


WZ


<HOIOXMRGHFDORUHVGDGRSRU
4  4$ $ 5  ∝ ∆ R ∝WZ ∆ WZ ∝L ∆ L E 

WRW WRW

/DVUHODFLRQHVHQWUHODVWUHVUHVLVWHQFLDVDODWUDQVIHUHQFLDGHFDORUSXHGHQVHUYLVWDVHQXQ
WDFKRGHEDWFKGHD]~FDUEODQFRSRUHYDSRUDFLyQGDGRHQODILJXUD
(VHYLGHQWHTXHGXUDQWHHOSURFHVRODUHVLVWHQFLDDODWUDQVIHUHQFLDGHFDORUHQHOLQWHULRU
GHODSDUHGGHOWXERVHKDUiPiV\PiVGRPLQDQWHSRUFRPSDUDFLyQFRQODUHVLVWHQFLDHQOD
SDUHGGHOWXER\ODGHODSHOtFXODGHFRQGHQVDGR

$OILQDOGHOFRFLQDGRFXDQGRODUHVLVWHQFLDGHQWURGHORVWXERVHVGHPiVGHOGHOD
UHVLVWHQFLDWRWDOHOYDORUGHNHVFDVLLJXDODOYDORUGH∝LHQHOODGRGHODPDVD
0LHQWUDVTXHHOFDOFXORGHODWUDQVIHUHQFLDGHFDORUHQODSHOtFXODGHFRQGHQVDGR\HQOD
SDUHGGHOWXERHVFRPSDUDWLYDPHQWHVLPSOHXQDGHVFULSFLyQXQLIRUPHGHOFRHILFLHQWHGH
WUDQVIHUHQFLDGHFDORUHQHOLQWHULRUGHORVWXERVQRHVSRVLEOHGHELGRDORVFDPELRV

 
,QGLFH









 
,QGLFH













 
,QGLFH

FRQVLGHUDEOHV HQ OD PLFURFRQYHFFLyQ TXH VXFHGH HQ OD SDUHG GHO WXER FDXVDGD SRU ODV
EXUEXMDVDVtFRPRSRUODVGLIHUHQFLDVHQHOIOXMRGHPDVDGHQWURGHORVWXERV

(O SDVR GHUHFRJLPLHQWRGHODPDVDHQHOFXDOHVHYLGHQWHXQDHEXOOLFLyQGHEXUEXMDKD
VLGR VRPHWLGR D XQ DQiOLVLV PDWHPiWLFR VREUH OD EDVH GH XQ FULWHULR DGLPHQVLRQDO SRU
%UDYHU &KHP ,QJ 7HFKQ   \ SRU 6WHSKDQ &KHP ,QJ 7HFKQ  
 
&RQ OD D\XGD GH YDULDV HFXDFLRQHV GH FULWHULR UHSUHVHQWDWLYDV SDUD OD HEXOOLFLyQ GH
EXUEXMDV SXHGH GHPRVWUDUVH TXH OD WUDQVIHUHQFLD GH FDORU HQ ORV IOXLGRV ORV FXDOHV
VRQJUDQGHPHQWHVREUHFDOHQWDGRVHQODVXSHUILFLHGHFDOHQWDPLHQWR\HQORVFXDOHVOD
HEXOOLFLyQHVSULQFLSDOPHQWHORFDOSXHGHGHVFULELUVHVRODPHQWHSRU XQDHFXDFLyQ OD
FXDOHVYiOLGDSDUDHOFDPELRWHPSRUDULRGHOWDPDxRGHODEXUEXMDFRPRXQDIXQFLyQ
GHO VREUHFDOHQWDPLHQWR R EDMR HQIULDPLHQWR 7DO HFXDFLyQ KD VLGR GHVDUUROODGD SRU
)RVWHU 7XEHU\HV1µ &UH 3U &   
 


/D ILJXUD  OD FXDO WDPELpQ FRQWLHQH OD GHILQLFLyQ GH ORV Q~PHURV DGLPHQVLRQDOHV 
PXHVWUD XQD LOXVWUDFLyQ GH HFXDFLyQ  FRPR XQD OtQHD GLVFRQWLQXD HQ HO FDPSR
H[SHULPHQWDO HVWXGLDGR SRU $XVWPH\HU SXGLHQGR VHU VHxDODGRV ORV IDFWRUHV VLJXLHQWHV
/DV VROXFLRQHV GH D]~FDU HQ HYDSRUDFLyQ SRU HMHPSOR FXDQGR VH UHFRJHQ VH KD
SUREDGR TXH HO IOXMR GH FDORU WUDQVIHULGR D OD VXSHUILFLH GH FDOHQWDPLHQWR HV
LQGHSHQGLHQWHGHODYHORFLGDGPHGLDGHODVROXFLyQTXHHQWUDDORVWXERVFXDQGRHV
YDULDGDSRUXQFLUFXODGRUVLHOJUDGLHQWHGHWHPSHUDWXUDHVORVXILFHQWHPHQWHDOWR

(VWH UHVXOWDGR OR FXDO VH DSOLFD D OD WUDQVIHUHQFLD GH FDORU GXUDQWH OD HEXOOLFLyQ SRU
EXUEXMDV\ODFXDOQRHVYiOLGDSDUDODWUDQVIHUHQFLDGHFDORUSRUFRQYHFFLyQHQIOXMR\GH
SRFDV EXUEXMDV \ OD FXDO QR HV YiOLGD SDUD OD WUDQVIHUHQFLD GH FDORU SRU FRQYHFFLyQ HQ
IOXMRVGHSRFDVEXUEXMDVROLEUHGHHOODVKDQVLGRH[SXHVWRVHQPXFKDVSXEOLFDFLRQHV
/DLQIOXHQFLDGHODFRQYHFFLyQOLEUHRIRU]DGDSRUORWDQWRHVPiVSHTXHxDTXHORVHIHFWRV
GH PLFURSXOVDFLRQHV FDXVDGDV SRU ODV EXUEXMDV GH YDSRU (VRV UHVXOWDGRV FRQGXFHQ DO
HQXQFLDGR SUDFWLFR VLJXLHQWH GXUDQWH OD SULPHUD HWDSD GH OD HEXOOLFLyQ FXDQGR HO
JUDGLHQWH GH WHPSHUDWXUD HV QRUPDOPHQWH DOWR HO FLUFXODGRU LQVWDODGR GHQWUR GHO
WDFKRQRLQFUHPHQWDODWUDQVIHUHQFLDGHFDORU(QODSULPHUDHWDSDGHORVSURFHVRVOD
IXQFLyQ SULPDULD GHO FLUFXODGRU HV HO GH WUDQVPLWLU IXHU]DV GH FRUWH VREUH OD
VXVSHQVLyQTXHD~QFRQWLHQHSHTXHxRVFULVWDOHV+DVWDDKRUDQRKDVLGRSRVLEOHREWHQHU
XQDQiOLVLVVDWLVIDFWRULRGHODWUDQVIHUHQFLDGHFDORUGHQWURGHODVXVSHQVLyQHQODVHJXQGD
HWDSD GHO SURFHVR HVSHFLDOPHQWH GXUDQWH HO UHFRJLPLHQWR GH OD PDVD /R TXH KD\
GLVSRQLEOHVRQVRODPHQWHGDWRVHPStULFRVFRQFHUQLHQWHVFRQODHILFLHQFLDGHODFLUFXODFLyQ

7LSRVGH$JLWDGRUHV
/DILJXUDPXHVWUDQODFRPELQDFLyQGHFDODQGULDDJLWDGRUFRUULHQWHPHQWHXVDGDHQORV
WDFKRVDOYDFtR6HSXHGHQGLIHUHQFLDUORVWLSRVVLJXLHQWHV
D &LUFXODFLyQKDFLDHOLQWHULRU FLUFXODGRUGHQWURGHODFDODQGULD 

/DVXVSHQVLyQRPDVDHVDVSLUDGDD[LDOPHQWHGHQWURGHOWXERFHQWUDO \HPSXMDGDEDMROD
VXSHUILFLHGHFDOHQWDPLHQWR3DUDPHMRUDUHOIOXMRGHEDMRGHODFDODQGULDSXHGHLQVWDODUVH
XQIRQGRFRQSHUILOFyQLFR

E &LUFXODFLyQKDFLDIXHUD FLUFXODGRUSRUHQFLPDGHODFDODQGULD 


 
,QGLFH
























 
,QGLFH





















 
,QGLFH

/DPDVDHVPRYLGDSRUHQFLPDGHODFDODQGULD\GLULJLGDKDFLDGHQWURGHOWXERDQXODU

F &LUFXODFLyQKDFLDIXHUD FLUFXODGRUSRUGHEDMRGHODFDODQGULD 

/D PDVD HV DVSLUDGD GHVGH HO IRQGR GHO WDFKR \ ERPEHDGD D WUDYpV GH OD FDODQGULD /D
FDODQGULDGHEHVHUGHOWLSRIORWDQWH
(Q ORV WLSRV E \ F HO FLUFXODGRU QR HVWi HTXLSDGR FRQ XQ WXER GH JXtD GLIHUHQWH 6H KD
GHPRVWUDGRTXHODPHMRUFLUFXODFLyQVHFRQVLJXHFRQHOWLSRD

'HPDQGDGH3RWHQFLDGHORV&LUFXODGRUHV

/DGHPDQGDGHSRWHQFLDGHORVFLUFXODGRUHVVHFDOFXODGHDFXHUGRDODFRQRFLGDUHODFLyQ

3VW 1HρQ G VW
 
   

(O YDORU GH SRWHQFLD FDUDFWHUtVWLFR 1H 1ƒ GH 1HZWRQ  SDUD FDGD FLUFXODGRU GHSHQGH
SULQFLSDOPHQWHGHOQ~PHURGH5H\QROGVGHILQLGRFRPR

5H QG VWρQ 

  

(QODILJXUDODGHSHQGHQFLDGH1HVREUH5HVHLOXVWUDFRQHOWLSRGHOFLUFXODGRU.SODQ
GHDVSDVGHSURSHODLQFOLQDGDVDƒ\ƒIDEULFDGDVSRU(NDWR6HSXHGHYHUTXHHQHO
UDQJR WXUEXOHQWR 5H !  1H HV FRQVWDQWH LQGHSHQGLHQWH GH 5H  PLHQWUDV TXH HQ HO


UDQJRGHEDMRPRYLPLHQWRGHVWRNHV 5H HVHYLGHQWHXQDGLIHUHQFLDKLSHUEyOLFD


/DVOtQHDVSDUDHOIOXMRWXUEXOHQWR\HOVWRNHVHVWiQFRQHFWDGDVSRUXQDVHFFLyQFXUYDHQOD
]RQD WUDQVyQLFD (Q HO UDQJR GH VWRNHV ODV IXHU]DV GH YLVFRVLGDG VRQ ODV ~QLFDV
LPSRUWDQWHV

1H FRQVW5H3VW FRQVW ηQ G VW 
 


&RQVHFXHQWHPHQWHHQHOUDQJRVWRNHVODGHQVLGDGGHODVROXFLyQQRHVUHTXHULGDSDUDHO
FiOFXOR GH OD SRWHQFLD GHO FLUFXODGRU HFXDFLyQ   (Q OD ]RQD WXUEXOHQWD VLQ HPEDUJR
VRODPHQWHWLHQHQLPSRUWDQFLDODVIXHU]DVGHLQHUFLDFRPRVHH[SUHVDHQODHFXDFLyQFRQ
ODGHQVLGDGLQFOXLGD

/D ILJXUD  PXHVWUD HO GHVDUUROOR GH OD SRWHQFLD DEVRUELGD SRU HO DJLWDGRU GXUDQWH OD
FRFKXUDGHXQDPDVDPDVDFRFLGDGHUHILQR

(VREYLRTXHXQPRWRUGHNZJLUDQGRHOFLUFXODGRUDUSPVHHVWiFRUULHQGRDEDMD
FDUJDGXUDQWHFDVLWRGRHOSURFHVRPLHQWUDVTXHVRODPHQWHDOILQDOGHOSURFHVRGHFRFKXUD
VH XVD ODSRWHQFLDSOHQD GHOPRWRURDXQGHVREUHFDUJDSRUXQWLHPSRFRUWR6L OD
YHORFLGDGGHURWDFLyQVHUHGXFHGHUSPHQHOSDVRILQDOGHUHFRJHUODPDVDSRUXQ
YDULDGRUGHIUHFXHQFLDODGHPDQGDGHSRWHQFLDUHTXHULGDGHVFLHQGHDNZ
(OSURFHVRGHHEXOOLFLyQSRUORWDQWRSXHGHH[WHQGHUVHSRUXQFRUWRWLHPSR∆W ILJ 
< GHEH VHxDODUVH TXH HO SLFR GH SRWHQFLD HQ OD SULPHUD HWDSD GHO SURFHVR GHSHQGH
VRODPHQWHGHOQLYHOGHODPDVD

%DODQFHGH(QHUJtDHQORV7DFKRV


 
,QGLFH





















 
,QGLFH



















 
,QGLFH











 
,QGLFH























 
,QGLFH


















 
,QGLFH

/DILJXUDPXHVWUDORVIOXMRVGHOEDODQFHGHHQHUJtDSDUDORVWDFKRV
(OEDODQFHGHOODGRGHOYDSRU D VHDSOLFDD

+  + 4      HQWRQHV
0  P       
KVW KVFR


KVW KVFR

3DUDHOEDODQFHGHPDJPD E SXHGHHVFULELUVH

+IV43VW +UD+PD4OR   

&RPR OD GLIHUHQFLD HIHFWLYD GH WHPSHUDWXUD ∆ϑ  HQ OD FDODQGULD QR VH FRQRFH XQD
GLIHUHQFLD GH WHPSHUDWXUD DSDUHQWH   KVW  YD  \ XQ FRHILFLHQWH DSDUHQWH GH
HII

WUDQVIHUHQFLDGHFDORUVHKDLQWURGXFLGR(OIOXMRGHFDORU4WUDQVPLWLGRDODVXSHUILFLHGH
FDOHQWDPLHQWR$KSXHGHFDOFXODUVHDVt

4 .HII$K HII . $K   

3DUDHOYDORUN GHOODGRGHOYDSRU EDODQFH VLJXHTXH

.  0KVFR KKVW±KKVFR $K     

/DWRPDGHPXHVWUDVUHSUHVHQWDWLYDQHFHVDULDGHODPDVDSDUDHOEDODQFHHVPX\GLItFLOGH
WRPDUHVSHFLDOPHQWHFXDQGRODPDVDVHHVWiUHFRJLHQGRGHIRUPDTXHHOEDODQFHGHOODGR
GHOYDSRUGHEHVHUGDGRFRQSUHIHUHQFLD
3DUDPHGLUHOIOXMRGHFRQGHQVDGRVHVLJXLyHODUUHJORPRVWUDGRHQODILJXUD(OIOXMR
GH FRQGHQVDGR VH GHWHFWD SRU XQ IOXLGyPHWUR LQGXFWLYR FX\D H[DFWLWXG SXHGH VHU
FRPSUREDGR SRU HO DX[LOLR GH XQ SHTXHxR WDQTXH FRQ QLYHO (V LPSRUWDQWH TXH D HVWH
UHFLSLHQWHVHOHLQVWDOHXQWXERSDUDEDODQFHDUODSUHVLyQFRQHFWDGRDOVLVWHPDGHYDSRUGH
IRUPDTXHHOPRYLPLHQWRGHODFROXPQDGHFRQGHQVDGRUHVXOWDQWHGHODVIOXFWXDFLRQHVGH
SUHVLyQHQHOVLVWHPDGHFDOHQWDPLHQWRVHDQHYLWDGDV(OQLYHOGHFRQGHQVDGRVHREVHUYD
SRUPHGLRGHOXFHWDV





'HVDUUROORGHO9DORUGH. 

&RPR\DVHKDPHQFLRQDGRODPDJQLWXGGHOYDORUGH.GXUDQWHHOSURFHVRGHFRFLQDGRHV
SDUDFRQGLFLRQHVFRQVWDQWHVGHSUHVLyQGHYDSRUGHHVFDSHSUHVLyQGHYDSRUHV\YHORFLGDG
URWDFLRQDO GHO DJLWDGRU XQD IXQFLyQ GHO SURFHVR GH FDGD HVWDGR HVSHFLDOPHQWH GH ORV
YDORUHVGHSHQGLHQWHGHOWLHPSRFRPRODYLVFRVLGDG\HOQLYHOGHODPDVD/DPDVDFRFLGD
GHELGR D OD YLVFRVLGDG PXHVWUD XQ FRPSRUWDPLHQWR 1HZWRQLDQR \ SRU HVR VH PDQHMD
IiFLOPHQWHGXUDQWHHOSURFHVR


3URFHVRGH&RFLPLHQWRGHODPDVD&RFLGD

/DILJXUDLOXVWUDHOFLFORFDPELDQWHGHXQDPDVDFRFLGDDJLWDGDHQXQWDFKR

 
,QGLFH























 
,QGLFH





















 
,QGLFH





/DVXQLGDGHV \ VRQGHSHQGLHQWHVSULPHURGHOYDORUGHODVREUHVDWXUDFLyQGHODPDVD\
GHVSXpV GHO VHPLOODPLHQWR GH ODV SURSLHGDGHV GH OD PDVD GH FULVWDOHV \ OLFRU PDGUH /D
YLVFRVLGDG GH WDOHV VROXFLRQHV KDQ VLGR PHGLGDV SRU YDULRV DXWRUHV \ VH KDQ H[SUHVDGR
PDWHPiWLFDPHQWH
/D YLVFRVLGDG GH OD PDVD FRQ XQ UDQJR GH FRQWHQLGR GH FULVWDOHV GH  ±  SXHGH
FDOFXODUVHSRUODHFXDFLyQGH*URPNRYVN )XUVRY


 
,QGLFH




+DVWDHOYDORUPiVDOWRGHHVWHUDQJR :F  SRUGHEDMRGHOFXDOVHHQFXHQWUDODPDVD
WRGDVODVVXVSHQVLRQHVVHFRPSRUWDQFRPRIOXLGRV1HZWRQLDQRV
3DUD OD GHQVLGDG GH OD PDVD OD UHODFLyQ VLJXLHQWH SXHGH GHULYDUVH FRQ OD D\XGD GH XQ
EDODQFHGHPDWHULDOHVGHPDWHULDVHFD

ρ  ρVRO:GVVRO:GV0D±:F :GVF±:GVVROρVROρF   

0D

7DPELpQVHKDFHXQEDODQFHGHYROXPHQGHPDWHULDOHV

ρ ρVROρFρF±:F ρFρVRO        

0D 

/RVYDORUHVGHρ\ηVRQXVDGRVSDUDGHWHUPLQDUODSRWHQFLDGHODJLWDGRUGHDFXHUGRFRQ
ODV HFXDFLRQHV  \  /D ILJ  PXHVWUD OD GHSHQGHQFLD GH ORV YDORUHV REVHUYDGRV GH
. REWHQLGRVHQHOWDFKRLOXVWUDGRHQHOODGRGHUHFKRVREUHHOFRQWHQLGRGHPDWHULDVHFD
H[SUHVDGDFRPR%[UHIGHODVROXFLyQDVtFRPRVREUHODYHORFLGDGURWDFLRQDOGHODJLWDGRU
&RPR HVWDPRV FRQYHQFLGRV TXH OD FRQVWUXFFLyQ \ GLVSRVLFLyQ GHO YDVR VRQ PX\
LPSRUWDQWHV HQ OD WUDQVIHUHQFLD GH FDORU ORV GDWRV PHGLGRV HQ HVWH WUDEDMR VH FRPELQDQ
FRQORVGLEXMRVFRUUHVSRQGLHQWHV

/RVH[SHULPHQWRVORVFXDOHVIXHURQODEDVHGHHVWHWUDEDMRVHOOHYDURQDFDERFRQSUHVLRQHV
FRQVWDQWHVGHOYDSRUGHHVFDSH\ORVYDSRUHV\FRQYLUWXDOPHQWHLGpQWLFRVSURFHGLPLHQWRV
GH RSHUDFLyQ 6H YH FODUR TXH HO LQFUHPHQWDU OD YHORFLGDG GH FLUFXODFLyQ PHGLDQWH HO
DJLWDGRUHVWRWLHQHXQLQIOXHQFLDFRQVLGHUDEOHHQODFDSDFLGDGGHHYDSRUDFLyQGHOWDFKR$O
ILQDOGHOSURFHVRGHFRFLQDGRHOYDORU. VHSXHGHLQFUHPHQWDUGHVGHZP ƒ. DJLWDGRU


LQRSHUDWLYR  KDVWD XQRV  ZP ƒ. D Q   USP FXDQGR 3VW ! NZ (Q


LQYHVWLJDFLRQHV SRVWHULRUHV VH KDOOy OD GHSHQGHQFLD EDMR FRQGLFLRQHV HVWDEOHV GHO
FRHILFLHQWH GH WUDQVIHUHQFLD GH FDORU DSDUHQWH N  FRQ HO QLYHO GH OD PDVD FRFLGD 3DUD
DOFDQ]DUXQQLYHOFRQVLVWHQWHHQODHWDSDGHUHFRJHUODPDVDSULPHURFDGDWHPSODVHKL]R
FUHFHU FRQVWDQWHPHQWH HQWRQFHV FXDOTXLHU VREUDQWH VH GHVFDUJR DQWHV TXH OD WHPSOD VH
UHFRJLHUD/DILJXUDPXHVWUDODGHSHQGHQFLDGHORVYDORUHV. GHOQLYHOGHODPDVD
EDMR XQ SUHVLyQ GH YDSRU GH HVFDSH YDULDEOH S   OD SUHVLyQ GH ORV YDSRUHV IXH FDVL
FRQVWDQWHGXUDQWHFDGDH[SHULPHQWRRVHDLJXDODEDU SVLJ(Oƒ%[UHIGHODPDVD
KVW

IXHGH:GV XQGLEXMRGHOWDFKRXVDGRVHPXHVWUDHQODILJXUD

/RV YDORUHV GH .  PXHVWUDQ Pi[LPRV GLIHUHQWHV D /DIF ≈  P (QWRQFHV XQ QLYHO
PtQLPRHVQHFHVDULRSDUDODFLUFXODFLyQGHODPDVDFXDQGRHOQLYHOySWLPRVHSDVDFRPR
HQ OD VHJXQGD HWDSD GH SURFHVDPLHQWR GXUDQWH HO SURFHVR GH FRFLQDGR FRQYHQFLRQDO HO
FRHILFLHQWHGHWUDQVIHUHQFLDGHFDORUDSDUHQWHEDMD3DUDRSHUDUDXQQLYHOySWLPR'XUDQWH
HOSURFHVRGHFRFLQDGRHVQHFHVDULRSDVDUGHXQSURFHVRGLVFRQWLQXRDXQRFRQWLQXR

3URFHVRGH)DEULFDFLyQGH$]~FDU%ODQFR


 
,QGLFH

(OFRPSRUWDPLHQWRGHODGHQVLGDGρODYLVFRVLGDGη\HOFRQWHQLGRGHFULVWDOHV:FGHOD
PDVD SDUDXQDWHPSODWtSLFDGHSULPHUDVHSXHGHYHUHQODILJXUD \FRPSDUDGDFRQ
DQiORJRVGHODILJXUD WHPSODVGHGHUUHWLGR $OILQDOGHOFRFLQDGRKD\XQPDUFDGR\
DEUXSWR LQFUHPHQWR HQ OD YLVFRVLGDG HVWR SXHGH DWULEXLUVH DO DOWR FRQWHQLGR ILQDO GH
FULVWDOHV GH OD PDVD SRU FRPSDUDFLyQ FRQ HVH GHO SURFHVR GH GHUUHWLGR (V WDPELpQ
FRQRFLGR TXH ODV VXVSHQVLRQHV FRQ XQ FRQWHQLGR GH FULVWDOHV DOWR QR PXHVWUDQ XQ
FRPSRUWDPLHQWR 1HZWRQLDQR :F !  (VWR FRUULHQWHPHQWH VH LQYHVWLJD HQ GHWDOOH SRU
ORV HIHFWRV GH OD YLVFRVLGDG HVWUXFWXUDO R UHVEDODPLHQWR TXH VRQ ODV UD]RQHV SDUD HVWH
IHQyPHQR
/D ILJXUD  PXHVWUD OD GHSHQGHQFLD GH XQ YDORU HVSHFLDO ∝ FDOFXODGR SDUD OD DOWXUD
PHGLDGHORVWXERVDTXtOODPDGR α SDUDHOFRFLQDGRGHD]~FDUEODQFR UHSUHVHQWDGRSRU
HOQ~PHURGH3UDQGWO REWHQLGRHQODSUDFWLFDFRQODVFRQGLFLRQHVGHSUHVLyQMXQWRDORV
YDORUHV FDOFXODGRV SDUD GRV FDVRV HVSHFLDOHV ³OD HEXOOLFLyQ GH EXUEXMD VXEHQIULDGD FRQ
UHVSHFWRDODHFXDFLyQ\DPHQFLRQDGDGH)RUVWHU =XEHU\HOIOXMRODPLQDUHQWXEHUtDGH
OD VROXFLyQ R VXVSHQVLyQ FRQ UHVSHFWR D OD HFXDFLyQ GH 6LHGHU  7DWH /D HFXDFLyQ GH
FULWHULRSDUDORVGRVFDVRVHVSHFLDOHVPHQFLRQDGRVHVWiQHVFULWDVHQODILJXUD/DGHILQLFLyQ
PiVFRPSOLFDGDGHORVQ~PHURVDGLPHQVLRQDOHVSDUDODHEXOOLFLyQGHEXUEXMDVXEHQIULDGD
GHDFXHUGRFRQ)RUVWHU 7DWHVHHQFXHQWUDQHQODILJXUD

(VREYLRTXHODVFXUYDVFDOFXODGDVSDUDHOIOXMRODPLQDU \ODYHORFLGDGFRPRSDUiPHWUR
DTXt   \  PVHJ  \  SVHJ  VRQ EDMDV FRPSDUDGDV FRQ ODV GH
FDPSRLQFOX\HQGRORVUHVXOWDGRVH[SHULPHQWDOHV/DVFXUYDVSDUDODHEXOOLFLyQGHEXUEXMD
GHRWUDPDQRQRSXHGHGDUODSHQGLHQWHGHODVFXUYDVH[SHULPHQWDOHVHQOD~OWLPDIDVHGHO
SURFHVR (V VRUSUHQGHQWH TXH ORV YDORUHV PHGLGRV HQ OD ~OWLPD SDUWH GHO SURFHVR VH
LQFUHPHQWD \ SHUPDQHFH SRU HQFLPD GH HVRV FDOFXODGRV GHVGH OD HFXDFLyQ GH )RUVWHU 
=XEHUPLHQWUDVTXHODVLWXDFLyQHVLQYHUVDHQODSULPHUDSDUWHGHOSURFHVR(VWHIHQyPHQR
REVHUYDGRHQODHWDSDILQDOSXHGHH[SOLFDUVHSRUHOHIHFWRDVFHQGHQWHGHODJLWDGRUVREUHOD
FLUFXODFLyQ GH OD PDVD \ SRVWHULRUPHQWH HO FDPELR GH ODV SURSLHGDGHV UHROyJLFDV GH OD
PDVDKDFLDHOSXQWRILQDO

/D SHQGLHQWH SURJUHVLYD GH ODV FXUYDV SDUD IOXMR ODPLQDU UHVXOWD GHO FRPSRUWDPLHQWR
HVWUXFWXUDO(OIOXMRODPLQDUIXHFDOFXODGRFRQXQQ~PHURGH5H\QROGVSDUDHOIOXMRQR
1HZWRQLDQRUHVSHFWRDODOH\GHSRWHQFLDFRQHOH[SRQHQWHPGHULYDGRGHVGHODHFXDFLyQ
GHWHQVLyQGHFRUWH1HZWRQLDQD(QOD~OWLPDIDVHGHSURFHVRGHWUDQVIHUHQFLDGHFDORU
FDOFXODGD SDUD HO IOXMR ODPLQDU VH LQFUHPHQWD SURJUHVLYDPHQWH \ DOFDQ]D OD PLVPD
SHQGLHQWHFRPRHQORVUHVXOWDGRVH[SHULPHQWDOHV
'H RWUD PDQR OD GLVWDQFLD HQWUH HVDV FXUYDV \ HO FDPSR GDGR SRU ORV UHVXOWDGRV
H[SHULPHQWDOHV PXHVWUD TXH HO SUREOHPD HV PiV FRPSOLFDGR \ QR SXHGH VHU GHVFULWR
VRODPHQWHSRUHOIOXMRODPLQDU

3DUD OD WUDQVIHUHQFLD GH FDORU FRQ UHVSHFWR D OD HEXOOLFLyQ GH ODV EXUEXMDV JHQHUDOPHQWH
WLHQHTXHVHUFRQRFLGRTXHHQODSDUWHILQDOGHOSURFHVRHVODFDSDILQDGHODVROXFLyQTXH
FRQWLHQHFULVWDOHVODTXHHVLPSRUWDQWHSDUDODWUDQVIHUHQFLDGHFDORU HQODSDUHG \QRHQ
ODVSURSLHGDGHVUHRORJLFDVGHODPDVDWRWDO
/RVUHVXOWDGRVGHODWUDQVIHUHQFLDGHFDORUHQHOSXQWRILQDOGHOSURFHVRGHHEXOOLFLyQGHO
D]~FDU EODQFR HQ WDFKRV FRQ FLUFXODGRUHV HPStULFDPHQWH REWHQLGD GXUDQWH XQD ]DIUD  VH
PXHVWUDQHQODILJXUD(VDVLQYHVWLJDFLRQHVWDPELpQPXHVWUDQFODUDPHQWHTXHKD\XQ
QLYHOySWLPRSDUDODPDVDSRUHQFLPDGHODFDODQGULDHQHOSXQWRILQDOGHOSURFHVR :F 
 HVWRRVFLODHQHOUDQJRGH±P/DVPHQFLRQDGDVPHGLFLRQHVIXHURQKHFKDV

 
,QGLFH










 
,QGLFH














 
,QGLFH

FRQGRVGLVHxRVGLIHUHQWHVGHWDFKRVFX\DVPHGLFLRQHVVHGDQHQODILJXUD'HVGHHO
SXQWRGHYLVWDGHODHFRQRPtDGHFDORUVRQGHHVSHFLDOLQWHUpVVRQORVYDORUHVGH. ORV
FXDOHV IXHURQ REWHQLGRV D XQD SUHVLyQ GH YDSRU EDMD > EDU  SVLJ  ∆ϑ∞ . @
0RVWUDGRV HQ OD ILJXUD H (O GLDJUDPD PXHVWUD TXH HO YDORU GH .  DOFDQ]DGR SDUD
PDQWHQHUXQQLYHOySWLPR /DIF P SXHGHVHUPiVGHOGREOHTXHDXQQLYHOQRUPDO
/DIF P DOILQDOGHFRFLQDGRHQHOFDVRGHODRSHUDFLyQFRQYHQFLRQDODQ USP
3RVWHULRUPHQWH VH KDFH FODUR TXH VLWXDQGR HO DJLWDGRU GHEDMR GH OD FDODQGULD IORWDQWH HV
YHQWDMRVRSDUDODRSHUDFLyQFRQWLQXD(OFDPELRGHGLUHFFLyQGHODPDVDWRPDOXJDUHQOD
]RQD GHO DJLWDGRU HO DJLWDGRU PXHYH OD PDVD UDGLDOPHQWH KDFLD IXHUD (O PHMRUDPLHQWR
DOFDQ]DGR HQ HO YDORU GH .  D XQ QLYHO GH PDVD EDMR SRU OD RSHUDFLyQ FRQWLQXD HV
FRQVLGHUDEOH (O PDQWHQLPLHQWR GH XQ QLYHO ySWLPR FRQVWDQWH QDWXUDOPHQWH UHTXLHUH XQD
RSHUDFLyQFRQWLQXD

&RQVLGHUDFLRQHVVREUHODHFRQRPtDGHODDJLWDFLyQ

6H KD YLVWR HQ UHFLHQWHV DxRV XQD WHQGHQFLD KDFLD XQD UHGXFFLyQ GH OD YHORFLGDG GH
URWDFLyQ GH ORV DJLWDGRUHV PHFiQLFRV XVDGRV HQ ORV WDFKRV FRQ HO ILQ GH GLVPLQXLU OD
GHPDQGDGHSRWHQFLD
/DILJXUDPXHVWUDTXHVLODLQIOXHQFLDGHFDORUVREUHODWUDQVIHUHQFLDGHFDORU . 
GHO ODGR GH OD PDVD FRFLGD KDFLD HO ILQDO GHO FRFLQDGR HV FRQVLGHUDGD HQWRQFHV OD
LQVWDODFLyQ GH XQ DJLWDGRU HV VRODPHQWH GH YDORU SUDFWLFR VL OD YHORFLGDG PtQLPD Q 
SRWHQFLDUHTXHULGD3VW VHDOFDQ]D$EDMDVYHORFLGDGHVHODJLWDGRUFUHDXQDUHVLVWHQFLD


DO IOXMR OR FXDO GD FRPR UHVXOWDGR TXH HO YDORU GH .  HV PiV EDMR TXH HQ XQ WDFKR VLQ
DJLWDGRU 6LQ HPEDUJR OD LQVWDODFLyQ GH XQ DJLWDGRU FRPLHQ]D D VHU ILQDQFLHUDPHQWH
YDULDEOHVLODYHORFLGDGQ  SRWHQFLDSVW HVSODQHDGDSRUHQFLPDGHODFXDOHODJLWDGRU
DOFDQ]D EHQHILFLRV ILQDQFLHURV OR FXDO MXVWLILFD OD LQYHUVLyQ PDQWHQLPLHQWR \ FRVWRV GH


RSHUDFLyQ3RVWHULRUHVLQFUHPHQWRVGHODYHORFLGDGDXPHQWDODGHPDQGDGHSRWHQFLDFRQHO
FXDGURGHODYHORFLGDG
0HGLDQWHXQDLQYHVWLJDFLyQDGHFXDGDODSRVLFLyQGHXQSXQWRySWLPRSRVLEOH YHORFLGDG
Q SRWHQFLD3VWSDUDXQFDVRSDUWLFXODUSXHGHKDOODUVH




6,0%2/2*Ë$

$F  6XSHUILFLHFULVWDO±P 



$K  VXSHUILFLHFDOHQWDPLHQWRP  


D  P VHJ



&  &RHILFLHQWH

&S  &DSDFLGDGGHFDOHQWDPLHQWRHVSHFLILFREDMRSUHVLyQFRQVWDQWH±- NJƒ. 

G  'LiPHWUR±P

GQ GW  YHORFLGDGGHFRQJORPHUDFLyQVHJ  


FRQ

GF  WDPDxRFULVWDO±P

 
,QGLFH


G¶F  WDPDxRGHOFULVWDOFDUDFWHUtVWLFRGHODGLVWULEXFLyQ556%±P

GYGV  JUDGLHQWHGHFRUWH±VHJ 


(   HQHUJtDGHUHDFFLyQGHDFWLYDFLyQVXSHUILFLDO±.MDPRO

5

J  DFHOHUDFLyQGHELGRDODJUDYHGDG±PVHJ 



+  )OXMRGHHQWDOStD:

K  (QWDOStDHVSHFLILFD±-.J

.  FRHILFLHQWHJOREDOGHWUDQVIHUHQFLDGHFDORU±: P ƒ. 



.   &RHILFLHQWHJOREDOGHWUDQVIHUHQFLDGHFDORUDSDUHQWH±: P ƒ. 



.  &RHILFLHQWHGHYHORFLGDGGHWUDQVSRUWHGHPDWHULDO±PVHJ

'

.   5D]yQGHUHDFFLyQVXSHUILFLDOFRQVWDQWH±PVHJ

5

/  1LYHO±P

O  ORQJLWXGFDUDFWHUtVWLFDFRQWHQLGDHQORVQ~PHURVGHLGHQWLILFDFLyQ±P

P  0DVD±.JWRQ

P  )OXMRPiVLFR±.JVHJ7RQK

1H  1~PHUR1HZWRQ

1X  1~PHUR1XVVHOW

Q  )UHFXHQFLDGHURWDFLyQ±VHJ  


3  3RWHQFLD

3U  1~PHURGH3UDQGWO

3  3UHVLyQ±EDU

4  IOXMRFDORU±:

4  &RQWDELOLGDGGHGLVWULEXFLyQGHPDVD



T  3XUH]DVROXFLyQGHD]~FDU±

T  'HQVLGDGIOXMRGHFDORU±ZP
• 


 
,QGLFH

TV:  5D]yQD]~FDUDJXDGHXQDVROXFLyQ

5 &DQWLGDGUHVLGXDOGHGLVWULEXFLyQ

5 5HVLVWHQFLDDODWUDQVIHUHQFLDGHFDORU±P ƒ.:



5   5HVLVWHQFLDDOWUDQVSRUWHVHJP

'

5   5HVLVWHQFLDDOSURFHVRGHFUHFLPLHQWR±VHJP

WRW

5   5HVLVWHQFLDDODUHDFFLyQVXSHUILFLDO

5

5  &RQVWDQWHXQLYHUVDOGHORVJDVHV±.- PROƒ. 

5H  1~PHURGH5H\QROGV

U  (QWDOStDGHHYDSRUDFLyQ±-.J

V  (VSHVRUGHODSDUHG±P

7  7HPSHUDWXUDDEVROXWDƒ.

W  7LHPSRPLQ

WU  7LHPSRUHVLVWHQFLD±PLQ

WK  (VSHVRUGHODSDUHG±P

9  9ROXPHQ±P  


Y  YHORFLGDGFDUDFWHUtVWLFDFRQWHQLGDHQORVYDORUHVGHLGHQWLILFDFLyQ

:  &RQWHQLGR

[  &RRUGHQDGDD[LDO±P

\  &RHILFLHQWHGHVREUHVDWXUDFLyQ>TVZTVZVDW ϑVRO @

∝  &RHILFLHQWHWUDQVIHUHQFLDGHFDORU±Z P ƒ. 



η  YLVFRVLGDGGLQiPLFD±SDV

ϑ  7HPSHUDWXUDƒ&

∆ϑ  'LIHUHQFLDGHWHPSHUDWXUDƒ.

∆ϑ   *UDGLHQWHDSDUHQWHGHODWHPSHUDWXUDƒ.

∆F  *UDGLHQWHGHFRQFHQWUDFLyQGHFRQGXFFLyQ±.JP  

 
,QGLFH


λ  &RHILFLHQWHGHFRQGXFWLYLGDGWpUPLFD±: Pƒ. 

ρ  'HQVLGDG±NJP  


σ  7HQVLyQVXSHUILFLDO±1P


,1',&(6

DIF  3RUHQFLPDGHODFDODQGULDIORWDQWH

%  %XUEXMDVGHYDSRU

F  &ULVWDO

FI  3LHGHFULVWDOHV

FRI  3HOtFXODFRQGHQVDGR

GV  6XVWDQFLDVHFD

HII  (IHFWLYR

IF  &RPSRQHQWHIUDFFLRQDO

IV  6ROXFLyQGHDOLPHQWDFLyQ

JW  7XERGHJXtD

KV  6XSHUILFLHGHFDOHQWDPLHQWR

KVFR  &RQGHQVDGRYDSRUGHFDOHQWDPLHQWR

KVW  9DSRUFDOHQWDPLHQWR

L  ,QWHULRU

M  3DUiPHWURGHFRUULGD

OR  3pUGLGD

0D  0DJPD

11  )OXLGR1R1HZWRQLDQR

2  ([WHULRU

S  3URGXFWR

 
,QGLFH


6  $]~FDU

V  (VWDGRGHHEXOOLFLyQ

VDW  6DWXUDFLyQ

VRO  6ROXFLyQ

VW  $JLWDGRU

WK  (VSHVRU

WRW  7RWDO

WZ  SDUHGGHOWXER

9D  9DSRUHV

:  DJXD


 




 















 
,QGLFH

&$3,78/29,

/DFULVWDOL]DFLyQGHOD]~FDUHQORVFULVWDOL]DGRUHV

,QWURGXFFLyQ

/DVPLHOHVGHODVPDVDVFRFLGDVILQDOHVGHEDMDSXUH]DQRSXHGHQDJRWDUVHWRWDOPHQWHHQ
ORV WDFKRVGHELGRDODUiSLGDGLVPLQXFLyQGHODYHORFLGDGGHFULVWDOL]DFLyQ \ODVDOWDV
YLVFRVLGDGHVGHODVPLHOHVDODSUR[LPDUVHDOHVWDGRGHDJRWDPLHQWR3RUFRQVHFXHQFLD
GHVSXpV TXH OD PDVD FRFLGD VH KD OOHYDGR KDVWD OD FRQVLVWHQFLD Pi[LPD SRVLEOH HQ HO
WDFKRHVGHVFDUJDGDDOFULVWDOL]DGRUGRQGHSURVLJXHODFULVWDOL]DFLyQFRQDJLWDFLyQKDVWD
TXHODVPLHOHVVHDJRWDQKDVWDXQQLYHODFHSWDEOHHFRQyPLFDPHQWHKDEODQGR

(V EXHQR DFODUDU TXH XQ EXHQ WUDEDMR GH WDFKRV HQ ODV WHPSODV ILQDOHV HV
GHWHUPLQDQWH SDUD DOFDQ]DU XQ EXHQ DJRWDPLHQWR HQ ORV FULVWDOL]DGRUHV HO
DJRWDPLHQWRTXHVHGHMHGHKDFHUHQHOWDFKRQRVHUHFXSHUDHQHOFULVWDOL]DGRU

+DFH PiV GH  DxRV TXH HO VLVWHPD GH FULVWDOL]DFLyQ FRQWLQXD VXVWLWX\y D OD
FULVWDOL]DFLyQSRUFDUJD\HVSRUHVRTXHDTXtQRVUHIHULPRVDOSULPHURVRODPHQWH

/D&ULVWDOL]DFLyQFRQWLQXDSRUHQIULDPLHQWR\FRQDJLWDFLyQ

(QODSUiFWLFDHODJRWDPLHQWRGHODVPLHOHVHQORVFULVWDOL]DGRUHVFRPSUHQGHSDVRV

 (QIULDUODPDVDFRFLGDHQORVFULVWDOL]DGRUHVSDUDTXHFULVWDOLFHODVDFDURVDTXH
SHUPDQHFHHQVROXFLyQ\HVUHFXSHUDEOH

 5HFDOHQWDUODPDVDFRFLGDIUtDKDVWDVXWHPSHUDWXUDGHVDWXUDFLyQSDUDUHGXFLUVX
YLVFRVLGDG\DVtSRGHUUHDOL]DUXQDEXHQDFHQWULIXJDFLyQGHODPLVPD

/D FULVWDOL]DFLyQFRQWLQXDHQPRYLPLHQWRHVXQDRSHUDFLyQHQODFXDOVHDJLWDODPDVD
FRFLGD OHQWDPHQWH D PHGLGD TXH VH HQIUtD /D OHQWD GLVPLQXFLyQ GH OD WHPSHUDWXUD
UHGXFH OD VROXELOLGDG \ KDFH TXH OD FULVWDOL]DFLyQ FRQWLQ~H /D DJLWDFLyQ FRQVWDQWH
GLVPLQX\HODVGLIHUHQFLDVLQWHUQDVGHODWHPSHUDWXUD\ODVREUHVDWXUDFLyQ\DVtUHGXFHHO
SHOLJURGHODIRUPDFLyQGHQXHYRVFULVWDOHV IDOVRJUDQR 

/DVREUHVDWXUDFLyQTXHVHRULJLQDSRUODGLVPLQXFLyQGHODVROXELOLGDGHVODIXHU]D
LPSXOVRUD GH OD FULVWDOL]DFLyQ WDQWR HQ HO WDFKR FRPR HQ HO FULVWDOL]DGRU (Q OD
RSHUDFLyQGHORVWDFKRVODVROXELOLGDGVHUHGXFHSRUHOHQIULDPLHQWRGHODPDVDFRFLGD
/DV FRQGLFLRQHV GH RSHUDFLyQ GH ORV FULVWDOL]DGRUHV FRQWUDVWDQ FRQ HO SURFHVR
LVRWpUPLFR TXH VH HIHFW~D HQ ORV WDFKRV SHUR HO PHFDQLVPR GH OD FULVWDOL]DFLyQ GH OD
VDFDURVDHVHOPLVPR
/D YHORFLGDG GH FULVWDOL]DFLyQ HVWi LQIOXHQFLDGD SRU HO JUDGR GH VREUHVDWXUDFLyQ OD
WHPSHUDWXUD HO iUHD VXSHUILFLDO GH ORV FULVWDOHV \ OD QDWXUDOH]D \ FRQFHQWUDFLyQ GH ODV
LPSXUH]DV /DYLVFRVLGDGWDPELpQVHYH DIHFWDGDSRUORVPLVPRVIDFWRUHV \ HOOLPLWH
KDVWD HO FXDO OD PDVD FRFLGD SXHGH HQIULDUVH GHSHQGH GH OD FDSDFLGDG ItVLFD GHO
FULVWDOL]DGRUSDUDPDQHMDUXQPDWHULDOGHWDQDOWDYLVFRVLGDG3RUORWDQWRODYLVFRVLGDG
HVXQIDFWRUGRPLQDQWHHQODWHFQRORJtDGHOSURFHVR



,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH


,QGLFH

(OSURFHVRGHFULVWDOL]DFLyQSRUHQIULDPLHQWRHVXQDRSHUDFLyQGHWUDQVIHUHQFLDGHPDVD
TXHVHOOHYDDFDERHQGRVIDVHVGLIXVLyQGHODPROpFXODGHVDFDURVDDWUDYpVGHOOtTXLGR
FLUFXQGDQWH HQ UHSRVR DJXDV PDGUHV  H LQFRUSRUDFLyQ GH OD PROpFXOD DO FULVWDO /D
SULPHUDIDVHFRQWURODODYHORFLGDG(QODVHJXQGDODPDVDGHVDFDURVDFULVWDOL]DGDSRU
XQLGDGGHOWLHPSRHVSURSRUFLRQDODOSURGXFWRGHOFRHILFLHQWHGHWUDQVIHUHQFLDGHPDVD
HQODSHOtFXODHOJUDGLHQWHGHFRQFHQWUDFLyQ\HOiUHDVXSHUILFLDOGHOFULVWDO

/D FULVWDOL]DFLyQ GHSHQGH SULQFLSDOPHQWH GHO WLHPSR SHUR KDVWD FLHUWR JUDGR SXHGH
DSUHVXUDUVHFRQODDJLWDFLyQ\HOHQIULDPLHQWRYHUILJ$

'HVSXpVGHTXHODPDVDFRFLGDVHKDUHGXFLGRDODWHPSHUDWXUDPtQLPDySWLPD\ ODV
PLHOHVKDQVLGRSUiFWLFDPHQWHDJRWDGDVODPDVDHVGHPDVLDGRYLVFRVDSDUDORJUDUXQD
VHSDUDFLyQVDWLVIDFWRULDGHORVFULVWDOHVDSDUWLUGHODVPLHOHVSRUFHQWULIXJDFLyQ3XHVWR
TXHHQHVHSXQWRODVDJXDVPDGUHVGHODPDVDFRFLGDVLJXHQHVWDQGRVREUHVDWXUDGDVHV
SRVLEOHUHGXFLUVXYLVFRVLGDGVLQTXHVHSURGX]FDXQDQXHYDGLVROXFLyQGHORVFULVWDOHV
OOHYiQGRODVDXQHVWDGRGHVDWXUDFLyQ\DVHDSRUFDOHQWDPLHQWRVyORRFRPELQDGRFRQ
OD DGLFLyQ GH PLHO ILQDO OR FXDO SHUPLWH XQD PHMRU VHSDUDFLyQ GH ORV FULVWDOHV \ ODV
PLHOHVSRUFHQWULIXJDFLyQ

$JRWDPLHQWRGHOD0LHO)LQDO

8QSHUILOySWLPRGHHQIULDPLHQWRSURGXFHXQEXHQDJRWDPLHQWRGHODPLHOILQDOGHQWUR
GHXQSHUtRGRGHWLHPSRGDGRSDUDHOWDPDxRGHOFULVWDOL]DGRU\ODUD]yQGHSURGXFFLyQ

(QIULDPLHQWRySWLPRYUV(QIULDPLHQWRQRySWLPR

3DUDKDOODUHVWRSDUiPHWURV6DVND\-HDQ3DXOGHO$XGXERQ6XJDU,QVWLWXWHGH/RXVLDQD
6WDWH 8QLYHUVLW\ XVDURQ XQ PRGHOR FRPSXWDUL]DGR EDVDGR HQ XQD HFXDFLyQ HPStULFD
SDUD OD UD]yQ GH FUHFLPLHQWR GH OD VDFDURVD HQ VROXFLRQHV LPSXUDV 'H DFXHUGR FRQ
HVWHPRGHORKD\XQPi[LPRHQODFXUYDGHODUD]yQGHFUHFLPLHQWRYUVWHPSHUDWXUDD
XQD UHODFLyQ GH LPSXUH]DVDJXD ,$  \ VDFDURVDDJXD 6$  ILMD (O Pi[LPR RFXUUH
SRUTXH D EDMDV WHPSHUDWXUDV HO FUHFLPLHQWR GHO FULVWDO HV HQWRUSHFLGR SRU OD DOWD
YLVFRVLGDG GH OD PLHO PLHQWUDV TXH D DOWDV WHPSHUDWXUDV HV GLVPLQXLGR SRU HO
SHTXHxRYDORUGHODVREUHVDWXUDFLyQYHUILJXUD%

$ PHGLGDTXHODVDFDURVDFULVWDOL]DODUHODFLyQ6$GLVPLQX\H\HOFDPELRPi[LPRVH
HIHFW~DKDFLDODVWHPSHUDWXUDVPiVEDMDV(OSHUILOySWLPRGHHQIULDPLHQWR WHPSHUDWXUD
YUVWLHPSR HVDTXHOTXHJDUDQWL]DODUHODFLyQPi[LPDGHFUHFLPLHQWRGHDFXHUGRDODV
UHODFLRQHV,$\6$/DVLPXODFLyQSRUFRPSXWDGRUDPXHVWUDTXHHVWHSHUILOySWLPRHV
XQD IXQFLyQGHFUHFLHQWH FRQYH[DGHOWLHPSRILJ 7DPELpQVHPXHVWUDHQOD ILJXUD
ODGHSHQGHQFLDGHOWLHPSRGHODGLIHUHQFLDHQWUHODVSXUH]DVDFWXDOHV\GHHTXLOLEULR
(VLQWHUHVDQWHQRWDUTXHODVREUHVDWXUDFLyQDOILQDOGHODFRUULGDHVPX\EDMD EDMR GH
IRUPD TXH OD UD]yQ GH FUHFLPLHQWR HV WDPELpQ PX\ EDMD 3DUD LOXVWUDU ORV HIHFWRV GHO
SHUILOGHHQIULDPLHQWRVREUHHODJRWDPLHQWRGHODVPLHOHVVHSORWHyORVUHVXOWDGRVGHOD
FRPSXWDGRUDSDUDSHUILOHVGHWHPSHUDWXUDGHFUHFLHQWHFyQFDYDV\OLQHDOHVHQDGLFLyQD
ODFXUYDySWLPD ILJ\ /DVSXUH]DVGHPLHOHVILQDOHVIXHURQUHVSHFWLYDPHQWH
\  SXQWRVUHODWLYRVPiVDOWRVDOGHOSHUILOySWLPR/DILJPXHVWUDODHYROXFLyQGH
ODVREUHVDWXUDFLyQFRQHOWLHPSRRWUDYH]SDUDFDGDSHUILO



,QGLFH

/DVPDVDVFRFLGDVGHEDMDVSXUH]DVGHVSXpVGHKDEHUVHVRPHWLGRDHYDSRUDFLyQKDVWD
DOFDQ]DU OD Pi[LPD FRQVLVWHQFLD PDQHMDEOH HQ HO WDFKR VH GHVFDUJDQ HQ ORV
FULVWDOL]DGRUHVDXQDWHPSHUDWXUD HQWUH \ ƒ& ƒ)  \ XQDVREUHVDWXUDFLyQ
FHUFDQDD$HVWDWHPSHUDWXUDODPLHOGHODPDVDFRFLGDQRSXHGHVHUDJRWDGDGH
VDFDURVD FULVWDOL]DEOH 3DUD TXH OD FULVWDOL]DFLyQ FRQWLQ~H KDVWD HO OLPLWH GHO
DJRWDPLHQWRHVQHFHVDULRGLVPLQXLUSURJUHVLYDPHQWHODWHPSHUDWXUDGHODPDVDFRFLGD
KDVWD HO SXQWR PtQLPR HQ HO TXH VHD SRVLEOH DJLWDUOD PHFiQLFDPHQWH SRU VXSXHVWR OD
YLVFRVLGDG HV HO IDFWRU OLPLWDQWH /D GLVPLQXFLyQ SURJUHVLYD HQ OD VROXELOLGDG GH OD
VDFDURVD FRPR UHVXOWDGR GH OD GLVPLQXFLyQ GH OD WHPSHUDWXUD PDQWLHQH OD
VREUHVDWXUDFLyQ QHFHVDULD SDUD HO FUHFLPLHQWR GH ORV FULVWDOHV 'HEH SHUPLWLUVH TXH OD
FULVWDOL]DFLyQFRQWLQ~HDODWHPSHUDWXUDPtQLPDKDVWDTXHVHDOFDQFHXQDWHPSHUDWXUDGH
VDWXUDFLyQ DGHFXDGD SDUD OD FHQWULIXJDFLyQ PLVPD TXH HV GH DSUR[LPDGDPHQWH ƒ&
ƒ) /DWHPSHUDWXUDPtQLPDDODTXHHVSRVLEOHOOHYDUODPDVDFRFLGDYDUtDFRQODV
FDUDFWHUtVWLFDVGHHVWD \ODFDSDFLGDGGHOFULVWDOL]DGRU(VXVXDOTXHVHHQFXHQWUHHQWUH
 \ ƒ&  \ƒ) FXDQGRODPDVDFRFLGDHVGHGHQVLGDGDOWD \DUULEDGHƒ&
ƒ) FRQHOFDVRGHPDVDFRFLGDVGHPHQRUGHQVLGDG

/DUDSLGH]GHOHQIULDPLHQWRGHSHQGHGHOFDUiFWHUGHODPDVDFRFLGDODQDWXUDOH]DGHODV
LPSXUH]DV \ HO GLVHxR GHO FULVWDOL]DGRU /D FULVWDOL]DFLyQ GH ORV PDWHULDOHV GH EDMD
SXUH]DYDUtDPXFKR\SRUORWDQWRHOWLHPSRUHTXHULGRSDUDHOHQIULDPLHQWRYDUtDGHOD
PLVPD PDQHUD 3DUD PDQWHQHU OD PD\RU UDSLGH] SRVLEOH GH FULVWDOL]DFLyQ VLQ OD
IRUPDFLyQGHJUDQRIDOVRODVPHMRUHVFRQGLFLRQHVSDUDHOHQIULDPLHQWRSRUORJHQHUDOVH
FXPSOHQ FXDQGR OD UDSLGH] GHO HQIULDPLHQWR HV DSUR[LPDGDPHQWH LJXDO D OD GH
FULVWDOL]DFLyQ (Q HVWDV FRQGLFLRQHV OD VREUHVDWXUDFLyQ QR GHEH FDPELDU GXUDQWH HO
HQIULDPLHQWR SHUR SRU VX SXHVWR GLVPLQX\H SRFR D SRFR GXUDQWH HO SHUtRGR GH
UHWHQFLyQGHVSXpVTXHVHKDDOFDQ]DGRODWHPSHUDWXUDPtQLPD

5DSLGH]GHHQIULDPLHQWR

0F&OHHU\ HVWXGLR HO HQIULDPLHQWR UiSLGR \ OHQWR \ HQFRQWUy XQD FODUD YHQWDMD HQ HO
HQIULDPLHQWR UiSLGR KDVWD XQ SHUtRGR GH FULVWDOL]DFLyQ GH DOUHGHGRU GH  KRUDV
'HVSXpV GH  KRUDV KXER SRFD GLIHUHQFLD FRQ UHVSHFWR D OD SXUH]D \ HO HQIULDPLHQWR
UiSLGR \ OHQWR (Q HVDV FRPSDUDFLRQHV HO WLHPSR UHTXHULGR SDUD DOFDQ]DU  OD
WHPSHUDWXUDPtQLPDGHƒ& ƒ) IXHGHKRUDVSDUDODVHULHGHHQIULDPLHQWRUiSLGR
GH  KRUDV SDUD OD GH HQIULDPLHQWR OHQWR 9HQWRQ UHFRPLHQGD XQD UDSLGH] GH
HQIULDPLHQWRGHƒ& ƒ) SRUKRUDSDUDHOFULVWDOL]DGRU+HULVRQ

&XDQGRHOFRQWHQLGRGHD]~FDULQYHUWLGRHVDOWRHQXQDPDVDFRFLGDGHEDMDSXUH]DVLOD
WHPSODHVHQIULDGDUiSLGDPHQWHQRKD\WLHPSRVXILFLHQWHSDUDTXHODVDFDURVDVHKDJD
SUHFLSLWDUSRUODDGLFLyQGHHOHFWUyOLWRV(QHOFDVRGHPDVDFRFLGDVGHPD\RUSXUH]DFRQ
PHQRV D]~FDU LQYHUWLGR HO HQIULDPLHQWR UiSLGR SXHGH SURYRFDU XQ JUDQ DXPHQWR
LQQHFHVDULRHQODYLVFRVLGDGGHODVDJXDVPDGUH

$OJXQRVHVWXGLRVVREUHODUDSLGH]GHHQIULDPLHQWRHQPLHOHVGHUHILQHUtDLQGLFDQTXHHO
PD\RUUHQGLPLHQWRVHREWXYRFRQHOHQIULDPLHQWRPiVUiSLGR/RVYDORUHVPXHVWUDQTXH
ODFDtGDGHSXUH]DHQOFULVWDOL]DGRUSURPHGLySXQWRVGHORVTXHRFXUULHURQHQ
ODVSULPHUDKRUDV\HQODVHJXQGDKRUDV'HODFDtGDWRWDOVHRULJLQySRU
GHVWUXFFLyQ \ RWUR  VH SHUGLy GXUDQWH OD FHQWULIXJDFLyQ &RQ EDVH HQ XQD VHULH GH
REVHUYDFLRQHVHQFULVWDOL]DGRUHVHQIULDGRSRUDLUH&KDSPDQPHQFLRQDXQDSHUGLGDGH
GHELGRDLQYHUVLyQ\GHDFDXVDGHGHVWUXFFLyQ\FRQFOX\HTXHQRWRGDODFDtGD


,QGLFH

GHSXUH]DSURGXFHXQDXPHQWRSURSRUFLRQDOHQODH[WUDFFLyQ6XJLHUHTXHFRQKRUDV
GHHQIULDPLHQWRSRUDLUHGHODFDtGDGHD]~FDUHVWRWDOHVSXHGHGHEHUVHDODSpUGLGD
TXtPLFDGHVDFDURVDHLQYHUWLGRV

8Q HVWXGLR VREUH UHFXSHUDFLyQ GH PLHOHV HQ 4XHHQVODQG PXHVWUD TXH HO HQIULDPLHQWR
SXHGHVHUPX\UiSLGRVLQSHOLJURGHIRUPDFLyQGHJUDQRIDOVR\DTXHODFULVWDOL]DFLyQ
HQHOPRPHQWRGHGHVFDUJDUHOWDFKRKDFHTXHODWHPSHUDWXUDGHVDWXUDFLyQGLVPLQX\D
GH  D ƒ& ƒ)  SRU KRUD PLHQWUDV TXH HO HQIULDPLHQWR VyOR VH ORJUy D XQD
WHPSHUDWXUD HQWUH  \ ƒ& ƒ)  HQ ODV FRQGLFLRQHV SUHYDOHFLHQWHV /RV DXWRUHV
FRQFOX\HQTXHVLVHSHUPLWHTXHODVPLHOHVDOFDQFHQHOHTXLOLEULRODSXUH]DYHUGDGHUDVH
UHGXFHDOUHGHGRUGHXQDXQLGDGSRUFDGDƒ& ƒ) GHGLVPLQXFLyQHQODWHPSHUDWXUD
KDVWD TXH VH DOFDQFH OD WHPSHUDWXUD GH VDWXUDFLyQ GHVHDGD 1R REVWDQWH OD UDSLGH] GH
HQIULDPLHQWR GHEH VHU OLPLWDGD D XQD UD]yQ GH VREUHVDWXUDFLyQ TXH HYLWH OD IRUPDFLyQ
HVSRQWiQHDGHJUDQR&RQXQHQIULDPLHQWRPiVUiSLGR ƒ&KRPiV VHREWLHQHQPLHOHV
GHPiVEDMDSXUH]D6LQHPEDUJRHOEHQHILFLRHVPtQLPRFXDQGRHOWLHPSRGHUHVLGHQFLD
H[FHGHGHKRUDV

&ULVWDOL]DFLyQ D OD WHPSHUDWXUD PtQLPD 3RU GHILQLFLyQ VH FRQVLGHUD TXH OD
WHPSHUDWXUDPtQLPDHVODWHPSHUDWXUDPiVEDMDDTXHODPDVDFRFLGDSXHGHVHUHQIULDGD
VLQ LPSRQHU XQ HVIXHU]R H[FHVLYR D ORV HOHPHQWRV PyYLOHV GHO FULVWDOL]DGRU 7DQWR OD
WHPSHUDWXUD PtQLPD FRPR OD GH VDWXUDFLyQ GH XQD PDVD FRFLGD GH GHQVLGDG DOWD VRQ
PD\RUHVTXHODVGHXQDEDMDGHQVLGDG8VXDOPHQWHFXDQGRXQDPDVDFRFLGDILQDOVHKD
HYDSRUDGR KDVWD XQD GHQVLGDG UHODWLYDPHQWH DOWD \ VH KD REWHQLGR XQD EXHQD FDtGD GH
SXUH]DHQHOWDFKRODWHPSHUDWXUDPtQLPDDODFXDOSXHGHHQIULDUVHVHHQFXHQWUDHQWUH
\ƒ& ƒ) 
/DVPDVDVFRFLGDVGHPHQRUGHQVLGDGHYDSRUDGDVDWHPSHUDWXUD\FDtGDGHSXUH]DHQHO
WDFKRPHQRUSXHGHQVHUHQIULDGDVKDVWDWHPSHUDWXUDVPtQLPDVFRQVLGHUDEOHPHQWHPiV
EDMDVREWHQLpQGRVHYHQWDMDV

'HVSXpV TXH VH KD DOFDQ]DGR OD WHPSHUDWXUD PtQLPD VH SHUPLWH TXH OD FULVWDOL]DFLyQ
FRQWLQ~H VLQ FDPELR DGLFLRQDO GH WHPSHUDWXUD KDVWD TXH OD FULVWDOL]DFLyQ VH KDFH
GHPDVLDGROHQWDSDUDSURSyVLWRVSUiFWLFRV(QHVWHSXQWRODWHPSHUDWXUDGHVDWXUDFLyQ
ƒ&VHFRQVLGHUDQFHUFDQRVDOySWLPRHQPDVDVFRFLGDVGHDOWDGHQVLGDG GHODVDJXDV
PDGUHVGHEHHVWDUFHUFDQDDODWHPSHUDWXUDGHVHDGDSDUDODSXUJD/DPDVDFRFLGDSXHGH
HQWRQFHV VHU UHFDOHQWDGD KDVWD OD WHPSHUDWXUD GH VDWXUDFLyQ D ILQ GH UHGXFLU OD
YLVFRVLGDGFRQORTXHVHPHMRUDODHILFLHQFLDGHODFHQWULIXJDFLyQ

/D WHPSHUDWXUD PtQLPD GHEH PDQWHQHUVH UD]RQDEOHPHQWH FRQVWDQWH GXUDQWH HO SHUtRGR
GH UHWHQFLyQ HVSHFLDOPHQWH HQ HO FDVR GH PDVDVFRFLGDV GH DOWD GHQVLGDG /R DQWHULRU
SXHGH KDFHUVH SRU HMHPSOR HQ XQ FULVWDOL]DGRU FRQ VHUSHQWtQ FRQ XQD VXSHUILFLH GH
WUDQVIHUHQFLDWpUPLFDGH SLHV SLH  P P GHPDVDFRFLGD \XQDYHORFLGDGHQHO
   

VHUSHQWtQ GH  USP PHGLDQWH OD FLUFXODFLyQ HQ HO VHUSHQWtQ GH DJXD FRQ XQD
WHPSHUDWXUDGHƒ& ƒ) PiVDOWDTXHODWHPSHUDWXUDPtQLPDGHVHDGD

(O WLHPSR QHFHVDULR SDUD FRPSOHWDU OD FULVWDOL]DFLyQ D OD WHPSHUDWXUD PtQLPD YDUtD GH
DFXHUGR FRQ OD QDWXUDOH]D GH ODV LPSXUH]DV ODV FDUDFWHUtVWLFDV GH OD PDVD FRFLGD OD
UDSLGH]GHHQIULDPLHQWR\RWURVIDFWRUHV*HQHUDOPHQWHFXDQGRODPDVDFRFLGDVHHQIUtD
UiSLGDPHQWH OD FULVWDOL]DFLyQ DXPHQWD \ VH UHTXLHUH PHQRV WLHPSR GH UHWHQFLyQ D OD
WHPSHUDWXUDPtQLPDSDUDFRPSOHWDUHODJRWDPLHQWR&RQXQWLHPSRGHHQIULDPLHQWRGH
DKRUDVQRHVUDURXQWLHPSRGHUHWHQFLyQGHDKRUDVSDUDXQDPDVDFRFLGD


,QGLFH

GH DOWD GHQVLGDG HQ XQ FULVWDOL]DGRU FRQ VHUSHQWtQ SRU ORWH (Q RFDVLRQHV VH UHTXLHUHQ
WLHPSRV PD\RUHV 6LQ HPEDUJR 3D\QH FRQFOX\H TXH HQ XQD PDVD FRFLGD WtSLFD PX\
HYDSRUDGD SRFR VH JDQD DO PDQWHQHU OD PDVD FRFLGD GXUDQWH PiV GH  KRUDV HQ HO
FULVWDOL]DGRUHQIULDGRSRUDJXDFRQVHUSHQWtQ(OWLHPSRWRWDOSDUDHOHQIULDPLHQWR\OD
UHWHQFLyQHQXQFULVWDOL]DGRUGHHVWHWLSRSXHGHDFHUFDUVHDK
0LHQWUDVTXHFRQHODJRWDPLHQWRDXQDWHPSHUDWXUDGHFXUDGRILQDOPiVEDMDVHREWLHQH
SXUH]DV GH  PLHOHV PiV EDMDV HVWH TXL]i QR GH EXHQRV UHVXOWDGRV GHELGR DO JUDQ
LQFUHPHQWRGHODYLVFRVLGDGDWHPSHUDWXUDVEDMDV

'LVWULEXFLyQGHOWLHPSRGHUHVLGHQFLD

(ODXWRUKDHQFRQWUDGRTXHHQODSUiFWLFDVHHQFXHQWUDXQUDQJRFRQVLGHUDEOHGLIHUHQWH
FRQ ORV WLHPSRV GH UHWHQFLyQ GH OD PDVD FRFLGD ILQDO HQ ORV FULVWDOL]DGRUHV (VWR
VLJQLILFD TXH FDGD HOHPHQWR GH PDVD FRFLGD VLJXH VX SURSLR SHUILO GH WHPSHUDWXUD
WLHPSR VRODPHQWH VRQ FRPXQHV ODV WHPSHUDWXUDV LQLFLDO \ ILQDO HQ WRGRV ORV
HOHPHQWRV &RPR TXH OD UD]yQ GH FULVWDOL]DFLyQ GLVPLQX\H UiSLGDPHQWH VH JDQD
SRFRUHWHQLHQGRXQDSDUWHGHODPDVDFRFLGDPiVDOWDGHFLHUWRSHUtRGRGHWLHPSR
SRUHMHPSORXQDVKRUDVHVXQWLHPSRGHUHVLGHQFLDDFHSWDEOHGHORFRQWUDULROD
IUDFFLyQ GH PDVD FRFLGD TXH VDOH DQWHV GH HVWH WLHPSR GHO VLVWHPD GH FULVWDOL]DGRUHV
WHQGUiXQDSXUH]DPD\RUTXHODFRUUHVSRQGLHQWHDOWLHPSRGHUHVLGHQFLDGDGR(OHIHFWR
QHWRHVXQLQFUHPHQWRVLJQLILFDWLYRHQODSXUH]DGHODVPLHOHVILQDOHV6HKDGHPRVWUDGR
VLQHPEDUJRTXHXVDQGRWUHVSDWURQHVGHIOXMRGLIHUHQWHV JDXVLDQRFRQSLFRVHVWUHFKRV
JDXVLDQRFRQSLFRDPSOLR\SDWUyQUHDO ODVSHUGLGDVVRQGHVSUHFLDEOHVFRQUHVSHFWRDOD
VLPXODFLyQFRQHOIOXMRWDSyQ(VWRRFXUUHGHELGRDTXHODPD\RUtDGHODJRWDPLHQWRHV
FRPSOHPHQWDGDGHQWURGHODVSULPHUDVSRFDVKRUDV\GHIRUPDTXHODFXUYDGHSXUH]DKD
SHUGLGR FDVL WRGD VX FXUYDWXUD FXDQGR OD SULPHUD IUDFFLyQ GH PDVD FRFLGD GHMD HO
FULVWDOL]DGRU 'HEH QRWDUVH TXH OD YDOLGH] GH HVWD FRQFOXVLyQ GHSHQGH HQ DOJXQD
H[WHQVLyQGHORVYDORUHVQXPpULFRVGHORVSDUiPHWURVGHFUHFLPLHQWRGHODHFXDFLyQGH
ODUD]yQGHFUHFLPLHQWR

6ROXELOLGDGGHODVDFDURVDHQDJXDSXUD

/D VDFDURVD HV PX\ VROXEOH HQ DJXD \ GLFKD VROXELOLGDG DXPHQWD FRQ OD WHPSHUDWXUD
0XFKRV LQYHVWLJDGRUHV KDQ GHWHUPLQDGR ORV YDORUHV GH VROXELOLGDG GH OD VDFDURVD HQ
VROXFLRQHVSXUDVVDWXUDGDV/DVFLIUDVREWHQLGDVSRU+HU]IHOGHQVRQODVPHMRUHV
FRQRFLGDV\ODVPiVXVDGDV+HU]IHOGGHWHUPLQRH[SHULPHQWDOPHQWHODVROXELOLGDGGHOD
VDFDURVDHQDJXDSXUDVDWXUDGDDVHLVWHPSHUDWXUDVGLIHUHQWHV/DVLJXLHQWHHFXDFLyQGH
XQD FXUYDDWHQXDGDVHREWXYRDSDUWLUGHHVRVUHVXOWDGRVH[SHULPHQWDOHV\ H[SUHVDORV
YDORUHVGHVROXELOLGDGGHODWDEODGH+HU]IHOGGHVGHƒ&Dƒ&

&  WW 



'RQGH& GHVDFDURVDHQVROXFLyQVDWXUDGD
W WHPSHUDWXUDHQƒ&

$FWXDOPHQWH ORV UHVXOWDGRV GH +HU]IHO QR VRQ DFHSWDGRV WRWDOPHQWH $OJXQRV
LQYHVWLJDGRUHVKDQLQIRUPDGRVROXELOLGDGHVPD\RUHVTXHODVGH+HU]IHOGSRUDUULEDGH
ORVƒ& ƒ) \PHQRUHVDWHPSHUDWXUDDPELHQWH


 
,QGLFH

(Q  &KDUOHV SXEOLFy VXV PHGLFLRQHV GH OD FRQFHQWUDFLyQ GH VDWXUDFLyQ D 
GLIHUHQWHV WHPSHUDWXUDV GH  D ƒ&  \ GHULYy OD HFXDFLyQ VLJXLHQWH SDUD OD
VROXELOLGDGGHODVDFDURVDGHDƒ&

6  OWW ±[ W 
  


'RQGH6 GHVDFDURVDHQVROXFLyQVDWXUDGD
 W WHPSHUDWXUDƒ&

'HDFXHUGRFRQODVGHWHUPLQDFLRQHVGH&KDUOHV/RVYDORUHVGHVROXELOLGDGGH+HU]IHOG
VRQDOWRVHQWUH\ƒ&\EDMRVDPiVGHƒ&/DGLIHUHQFLDPi[LPDHQHOLQWHUYDORGH
WHPSHUDWXUDPiVEDMRRFXUUHHQWUH\ƒ&GRQGHODVVROXELOLGDGHVGH+HU]IHOGVRQ
DOUHGHGRU GH  PiV DOWDV TXH ODV GHWHUPLQDGDV SRU &KDUOHV (Q HO LQWHUYDOR GH
WHPSHUDWXUDV PiV DOWDV ODV VROXELOLGDGHV GH +HU]IHOG VRQ DOUHGHGRU GH  PHQRUHV
TXH ODV GH &KDUOHV HQWUH  \ ƒ& /RV YDORUHV GHWHUPLQDGRV SRU 9HUQRQ :LVH \
7D\ORUVRQPX\SDUHFLGDVDODVGH&KDUOHV

/D VROXELOLGDG GH OD VDFDURVD SXUD VH H[SUHVD IUHFXHQWHPHQWH FRPR HO SRUFHQWDMH GH
VyOLGRV GLVXHOWRV HQ SHVR SHUR SDUD SURSyVLWRV GH FRPSDUDFLyQ GH OD VROXELOLGDG HV
SUHIHULEOHODUHODFLyQGHVDFDURVDDDJXD(VWDUHODFLyQJHQHUDOPHQWHVLJQLILFDSDUWHVGH
VDFDURVD SRU  SDUWHV GH DJXD \ VH OH FRQRFH FRPR Q~PHUR GH VROXELOLGDG /DV
HFXDFLRQHVVLJXLHQWHVSHUPLWHQWUDQVIRUPDUXQDIRUPDHQRWUDGRQGH

;  VDFDURVDSRUDJXD < SRUFHQWDMHGHVDFDURVDHQSHVR


 ; <
<     ;  
 + ;  − <


6ROXELOLGDGGHVDFDURVDHQFRQGLFLRQHVLPSXUDV&RHILFLHQWHGHVROXELOLGDG

/DVROXELOLGDGGHODVDFDURVDHQVROXFLRQHVLPSXUDVGHSHQGHGHODFODVH\ODFDQWLGDGGH
LPSXUH]DV PLVPDV TXH YDUtDQ SRU ORV IDFWRUHV DJUtFRODV GH OD pSRFD GHO DxR \ GHO
SURFHVR IDEULO $QWHV GH TXH VH GLVFXWDQ ORV HIHFWRV GH ODV LPSXUH]DV HV FRQYHQLHQWH
GHWHUPLQDUODWHUPLQRORJtDDXVDUSDUDH[SUHVDUODVROXELOLGDG

/D VROXELOLGDG GH OD VDFDURVD HQ XQD VROXFLyQ LPSXUD JHQHUDOPHQWH VH H[SUHVD FRPR
SDUWHVGHVDFDURVDSRUSDUWHVGHDJXDHQHOHVWDGRGHVDWXUDFLyQ(VWDUHODFLyQTXH
VH GHQRPLQD Q~PHUR GH VROXELOLGDG HV OD PLVPD TXH VH XVD SDUD H[SUHVDU OD
VROXELOLGDGGHODVDFDURVDSXUD
(O FRHILFLHQWH GH VROXELOLGDG  &6  HV HO Q~PHUR GH VROXELOLGDG GH OD VROXFLyQ LPSXUD
GLYLGLGRHQWUHHOQ~PHURGHVROXELOLGDGGHODVDFDURVDSXUDDODPLVPDWHPSHUDWXUD

VDFDURVD   SDUWHVGHDJXDVDWXUDGD SXUH]D5 WHPSW
&6  
VDFDURVD   SDUWHVGHDJXDVDWXUDGD SXUH]D WHPSW


1RWD (Q OD ELEOLRJUDItD PiV WHPSUDQD VH KDFH UHIHUHQFLD D HVWD UHODFLyQ FRPR
FRHILFLHQWHGHVDWXUDFLyQSHURODSDODEUDVROXELOLGDGHVPiVFRUUHFWD

 
,QGLFH






















 
,QGLFH






















 
,QGLFH





















 
,QGLFH

(OXVRGHOFRHILFLHQWHGHVROXELOLGDGSHUPLWHODFRPSDUDFLyQGLUHFWDFRQODVROXELOLGDG
GH OD VDFDURVD SXUD $Vt PLVPR GLFKR FRHILFLHQWH GD FRPR UHVXOWDGR XQ Q~PHUR TXH
UHODWLYDPHQWHQRHVPX\DIHFWDGRSRUODWHPSHUDWXUD/DVILJXUDVDPXHVWUDQORV
FiOFXORVGHO&6\VXVYDULDFLRQHVWtSLFDV

/D  ILJXUD  XQD JUiILFD FDUDFWHUtVWLFD SDUD ODV LPSXUH]DV GHO D]~FDU GH FDxD
UHSUHVHQWD JUiILFDPHQWH OD UHODFLyQ HQWUH WHPSHUDWXUDV  SXUH]DV \ PDWHULD VHFD /D
JUiILFD IXH KHFKD WRPDQGR PLHOHV GH SXUH]D FRQRFLGD \ KDFLHQGR YDULDV PH]FODV FRQ
FDQWLGDGHV  YDULDEOHV GH VROXFLyQ GH VDFDURVD SXUD SDUD REWHQHU XQD VHULH GH SXUH]DV
FRQRFLGDVOXHJRFRQFHQWUDQGRRGLOX\HQGRFDGDPH]FOD\PLGLHQGRODWHPSHUDWXUDGH
VDWXUDFLyQ\ODPDWHULDVHFD

/D ILJXUDLOXVWUDFRPRODFRQFHQWUDFLyQGHORVVyOLGRVDXPHQWDFRQODWHPSHUDWXUD
SDUD GDU FXUYDV DSUR[LPDGDPHQWHSDUDOHODVDODVGHODVDFDURVDSXUD7DPELpQLQGLFD
FRPRODFRQFHQWUDFLyQGHORVVyOLGRVDXPHQWDFRQODGLVPLQXFLyQGHODSXUH]D

(O FiOFXOR GHO Q~PHUR GH VROXELOLGDG \ GHO FRHILFLHQWH GH VROXELOLGDG SXHGH LOXVWUDUVH
XVDQGR ORV GDWRV GH OD ILJXUD  8QD VROXFLyQ FRQ  GH VyOLGRV \  GH SXUH]D
WLHQH XQDWHPSHUDWXUDGHVDWXUDFLyQGHƒ& SXQWR$ (OFRQWHQLGRGH DJXD HV
 
/DVDFDURVDHV[ (OQ~PHURGHVROXELOLGDGSDUDHOSXQWR$HVHQWRQFHV
 [  $ODPLVPDWHPSHUDWXUDGHƒ&SHURDODSXUH]DGH
SXQWR %  OD VROXFLyQ WLHQH  GH VyOLGRV \ HO Q~PHUR GH VROXELOLGDG HV  [
 (OFRHILFLHQWHGHVROXELOLGDGSDUDHOSXQWR$HV 
/D ILJXUD  PXHVWUD HO FRHILFLHQWH GH VROXELOLGDG SDUD GLIHUHQWHV WHPSHUDWXUDV \
SXUH]DVFDOFXODGDVHQHVWDIRUPDDSDUWLUGHORVGDWRVGHODILJXUD3XHGHYHUVHTXH
SDUDXQDSXUH]DGH\ƒ&ODILJXUDGDFRPRHOFRHILFLHQWHGHVROXELOLGDG
SXQWR& 

(IHFWRGHODVLPSXUH]DVVREUHODVROXELOLGDG

/DV LQIOXHQFLDV GH ODV LPSXUH]DV VREUH OD VROXELOLGDG GH OD VDFDURVD GHSHQGH GH ODV
LPSXUH]DV\FRQFHQWUDFLyQGHODVPLVPDV/DPD\RUtDGHODVVDOHVLQRUJiQLFDVWLHQGHQD
DXPHQWDUODVROXELOLGDGHOD]~FDULQYHUWLGRODUHGXFH\RWURVFRPSRQHQWHVQRD]~FDUHV
SDUHFHTXHWLHQHQSRFDLQIOXHQFLD$FDXVDGHHVWRVHSXHGHVXSRQHUTXHODVROXELOLGDG
GH OD VDFDURVD D FXDOTXLHU WHPSHUDWXUD \ FRQFHQWUDFLyQ GH LPSXUH]DV GDGDV GHSHQGH
SULQFLSDOPHQWH GH OD SURSRUFLyQ UHODWLYD GH D]~FDUHV UHGXFWRUHV \ FRQVWLWX\HQWHV
RUJiQLFRV

/DVILJXUDV\LOXVWUDQFRPRHOFRHILFLHQWHGHVROXELOLGDGYDUtDFRQODWHPSHUDWXUD
\SXUH]DGHDFXHUGRFRQGRVUHODFLRQHVGLIHUHQWHVD]~FDUHVUHGXFWRUHVFHQL]DV $5& 
LQYHUWLGRVFHQL]DV(ODQiOLVLVGHODVPLHOHVTXHVHXVDURQ EDVHVyOLGD SDUDREWHQHU
HVWRVGDWRVIXH

3URSLHGDGHV      )LJXUD )LJXUD

&HQL]DVJUDYLPpWULFDV VXOIDWRV      
,QYHUWLGRV VXVWDQFLDVUHGXFWRUDV      
6DFDURVD        
2UJiQLFRVQRD]~FDUHV      

 
,QGLFH

5HODFLyQLQYHUWLGRVFHQL]DV     



/D ILJXUD  LOXVWUD OD WHQGHQFLD GH OD VROXELOLGDG SDUD XQD PLHO ILQDO WtSLFD ULFD HQ
LQYHUWLGRV /RV FRHILFLHQWHV GH VROXELOLGDG VRQ PHQRUHV GH  OR TXH VLJQLILFD TXH VH
GLVXHOYHPHQRVVDFDURVDTXHHQHOFDVRGHODJXDSXUD/DVFXUYDVGHODILJXUDVRQ
SDUHFLGDV D ODV REWHQLGDV SRU 9DQ GHU /LQGHQ \ -DFNVRQ \ 6LOVEHH /RV D]~FDUHV
LQYHUWLGRVSXHGHGHFLUVHTXHHMHUFHQVREUHODVDFDURVDHQVROXFLyQXQHIHFWRSUHFLSLWDGRU
VLPLODUDOTXHHMHUFHXQDVDOVREUHXQDVROXFLyQDSHVDUGHTXHQRVRQHOHFWUROtWRV HIHFWR
VDOWLQJ±RXW /DILJXUDLOXVWUDORVFRHILFLHQWHVGHVROXELOLGDGGHXQDPLHOGHFDxD
FRQ XQD UHODFLyQ LQYHUWLGRV  FHQL]DV PX\ EDMD /D VROXELOLGDG GH OD VDFDURVD
JHQHUDOPHQWH VH LQFUHPHQWD \ HO FRHILFLHQWH GH VROXELOLGDG HV PD\RU TXH OD XQLGDG D
WHPSHUDWXUDV DOWDV 'H HVWH PRGR HO HIHFWR GH ORV FRQVWLWX\HQWHV LQRUJiQLFRV
JHQHUDOPHQWHHVDXPHQWDUODVROXELOLGDGGHODVDFDURVD$XQTXH.HOO\HQFRQWUyTXHODV
VDOHVTXHIRUPDQKLGUDWRVWLHQHQXQPDUFDGRHIHFWRSUHFLSLWDGRU

(Q OD UHPRODFKD D]XFDUHUD OD PD\RUtD GH ODV LPSXUH]DV FRQVLVWHQ HQ FHQL]DV \ SRFR
D]~FDU LQYHUWLGR (VWR VH UHODFLRQD FRQ HO KHFKR GH TXH ODV PLHOHV GH UHPRODFKD
JHQHUDOPHQWH WLHQHQ PD\RU SXUH]D TXH ODV GH FDxD /DV LPSXUH]DV GH UHPRODFKD
WtSLFDPHQWHSUHVHQWDQOLJHUDVUHGXFFLRQHVHQODVROXELOLGDGDSXUH]DVFHUFDQDVDO\
JUDQGHVDXPHQWRVGHODPLVPDDPHGLGDTXHODSXUH]DGLVPLQX\H

(OHIHFWRGHODWHPSHUDWXUDHQHOFRHILFLHQWHGHVROXELOLGDGDVLPLVPRHVGHLPSRUWDQFLD
3RUORJHQHUDOHOFRHILFLHQWHGHVROXELOLGDGDXPHQWDFRQODWHPSHUDWXUDFRPRVHDSUHFLD
HQ ODV ILJXUDV  \  1R REVWDQWH HO HIHFWR YDUtD FRQ OD FODVH \ FDQWLGDG GH
LPSXUH]DV 3RU HMHPSOR .HOO\ FRPHQWDQGR VREUH OD LQIOXHQFLD GH ORV VROXWRV KDFH
QRWDU TXH ORV FORUXURV WLHQHQ PD\RU LQIOXHQFLD TXH ORV VXOIDWRV VREUH OD WDVD GH
LQFUHPHQWR GHO FRHILFLHQWH GH VROXELOLGDG FRQ OD WHPSHUDWXUD HQ ORV LQWHUYDORV GH
PD\RUHVWHPSHUDWXUDV\PHQRUHVSXUH]DV
7DPELpQ FRPHQWD VREUH HO HIHFWR GH OD UDILQRVD OD TXH SUHVHQWD XQ PD\RU HIHFWR
SUHFLSLWDGRU  HIHFWR VDOWLQJ RXW  VREUH OD VDFDURVD D WHPSHUDWXUDV DOWDV TXH D EDMDV
WHPSHUDWXUDV
/RV FDPELRV GH WHPSHUDWXUD XVXDOHV HQ OD RSHUDFLyQ GH ORV FULVWDOL]DGRUHV QR DIHFWDQ
PXFKRDOFRHILFLHQWHGHVROXELOLGDG/DVILJXUDV\,QGLFDQTXHHOHUURUFRPHWLGR
DOVXSRQHUTXHODWHPSHUDWXUDQRWLHQHLQIOXHQFLDHQHOFRHILFLHQWHGHVROXELOLGDGHVGHO
RUGHQGHFRQXQDUHODFLyQ$5&WtSLFD\GHFRQXQDUHODFLyQ$5&EDMDHQ
ORVLQWHUYDORVGHWHPSHUDWXUDQRUPDOHVHQORVFULVWDOL]DGRUHV

8QDGHODVSULPHUDVLQYHVWLJDFLRQHVFRPSOHWDVVREUHODVROXELOLGDGGHODVVROXFLRQHVGH
SURGXFWRVGHODFDxDIXHKHFKDSRU7KLHPH/DOtQHDSXQWHDGDHQODILJXUDPXHVWUD
ODUHODFLyQHQWUHODSXUH]D\HOFRHILFLHQWHGHVROXELOLGDGTXHHOGHULYySDUDWHPSHUDWXUDV
GHWDFKRGHDƒ&/DFXUYDGH7KLHPHFRQFXHUGDFRQODGHODILJXUDSHURQR
FRQ ODV GH OD ILJXUD  /RV HVWXGLRV GH 7KLHPH KHFKRV HQ -DYD VH EDVDURQ HQ OD
FRPSRVLFLyQ GH ORV D]~FDUHV GH -DYD \ +RQLQJ DGYLHUWH TXH ORV GDWRV GH VROXELOLGDG
VLHPSUHGHEHQFRQVLGHUDUVHFRQUHVSHFWRDXQD]~FDUSDUWtFXODU

/DFRPSRVLFLyQ\ODQDWXUDOH]DYDULDEOHVGHODVLPSXUH]DVTXHLQIOX\HQHQODVROXELOLGDG
GHODVDFDURVDLPSLGHQODHODERUDFLyQGHXQDWDEODFRUUHFWD\DFHSWDEOHHQWRGDVSDUWHV
&DGD IiEULFD \ FDGD iUHD GHEHQ GHWHUPLQDU H[SHULPHQWDOPHQWH ORV YDORUHV SDUD VXV
SURSLDVVROXFLRQHVLPSXUDV$IRUWXQDGDPHQWHORVYDORUHVDEVROXWRVGHVROXELOLGDGQR


 
,QGLFH

























 
,QGLFH

VRQLQGLVSHQVDEOHVSDUDHOFRQWUROWpFQLFRGHOSURFHVRGHFULVWDOL]DFLyQHQWDQWRTXHVH
XVHQVLHPSUHODVPLVPDVWDEODVGHVROXELOLGDG

/DELEOLRJUDItDVREUHVROXELOLGDGGHODVDFDURVDHVELHQGHVFULWDSRUORVFRODERUDGRUHVGH
ODREUDGH+RQLQJ3ULQFLSOHVRI6XJDU7HFKQRORJ\YRO,,
-HVLF DSOLFD OR HQFRQWUDGR SRU :LNOXQG TXH HO FRHILFLHQWH GH VDWXUDFLyQ &6  HVWi
UHODFLRQDGRFRQODUHODFLyQ 1$$ QRD]~FDUHVDJXDHQODUHJLyQGRQGH1$$ 
FRPRORH[SUHVDODHFXDFLyQ


&6  P 1$$ E

'RQGH P \ E VRQ FRQVWDQWHV TXH GHSHQGHQ GH OD QDWXUDOH]D GH ORV QR D]~FDUHV -HVLF
GHWHUPLQD HO &6 HQ PXHVWUDV GH PLHOHV FRQ GLIHUHQWHV YDORUHV GH 1$$ PHGLDQWH HO
VDWXURVFRSLR/RVUHVXOWDGRVPXHVWUDQTXHODFRQFHQWUDFLyQGHQRD]XFDUHVHVOD~QLFD
YDULDEOH TXH DIHFWD DO &6 GH OD PLHOHV ILQDOHV GHO PLVPR RULJHQ /D UHODFLyQ OLQHDO
SHUPLWH GHWHUPLQDU UiSLGDPHQWH HO &6 \ OD VREUHVDWXUDFLyQ HQ FXDOTXLHU QLYHO GH
FRQFHQWUDFLyQGHQRD]~FDUHV

+DVWD HO SUHVHQWH QR H[LVWH XQD WpFQLFD DGHFXDGD SDUD GHWHUPLQDU HO FRHILFLHQWH GH
VROXELOLGDGGHODVPLHOHVHQHOUDQJRGHFRQFHQWUDFLyQGHLPSXUH]DVTXHH[LVWHQHQODV
PDVDV FRFLGDV ILQDOHV SRU HMHPSOR D UD]RQHV GH ,$ GH  D  R PD\RUHV 6LQ
HPEDUJRHOPpWRGRGHHTXLOLEULRKDVLGRXVDGRVLHQGRHOPHMRUGLVSRQLEOH
/D UHODFLyQ ,$ LPSXUH]DV DJXD  GHEH REWHQHUVH GHWHUPLQDQGR OD VDFDURVD UHDO \ OD
PDWHULDVHFD
/DVLQYHVWLJDFLRQHVKDQGHPRVWUDGRTXHHOFVDOFDQ]DXQYDORUPtQLPRHQODUHJLyQ,$
GH  /RV LQFUHPHQWRV GH VROXELOLGDG RFXUUHQ D QLYHOHV DOWRV GH 5& D]XFDUHV
UHGXFWRUHVFHQL]DV  OD VROXELOLGDG HV PiV EDMD D WUDYpV GHO UDQJR WRWDO GH ,$ \ ODV
FRQGLFLRQHV GH VROXELOLGDG PtQLPD RFXUUHQ D YDORUHV PiV DOWRVGH ,$ TXH ORV
REVHUYDGRVSDUDPLHOHVFRQXQQLYHOGH5&PiVEDMR
/DIRUPDJHQHUDOGHODUHODFLyQGHVROXELOLGDGDFWXDOPHQWHXVDGDHV

& & ,$& H  GRQGH
6H´,$


VP VH¶ VH´

&  &RHILFLHQWHGHVROXELOLGDGGHODVDFDURVDHQODPLHO

VP

& &RHILFLHQWHGHVROXELOLGDGGHODHFXDFLyQ W



VH¶

& &RHILFLHQWHGHVROXELOLGDGGHODHFXDFLyQ W5&



VH´

&  &RHILFLHQWHGHVROXELOLGDGGHODHFXDFLyQ W



VH´¶

7 WHPSHUDWXUDHQƒ&

/D ILJXUDPXHVWUDODFRUUHODFLyQGHPHMRUDMXVWHGHODIyUPXODDQWHULRUGHELGDD
9DYULQHH]




 
,QGLFH


&RHILFLHQWHGH6REUHVDWXUDFLyQ

6H GLFH TXH XQD VROXFLyQ HVWi VREUHVDWXUDGD FXDQGR HQ ODV PLVPDV FRQGLFLRQHV VX
FRQFHQWUDFLyQHVPiVDOWDTXHODGHXQDVROXFLyQVDWXUDGD(OJUDGRGHVREUHVDWXUDFLyQ
SXHGH HVSHFLILFDUVH H[SUHVDQGR VX FRQFHQWUDFLyQ HQ IXQFLyQ GH OD FRQFHQWUDFLyQ GH
VDWXUDFLyQ&ODDVVHQGHILQHHOFRHILFLHQWHGHVREUHVDWXUDFLyQ


5HODFLyQGHD]~FDUDDJXD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  

5HODFLyQGHD]~FDUDDJXDDODPLVPDWHPSHUDWXUD
\SXUH]DYHUGDGHUDHQVROXFLyQVDWXUDGD



<   VHDPSOLDSDUDSURSyVLWRVGHLQYHVWLJDFLyQPHGLDQWHHOHVWXGLRDGLFLRQDOGHXQD
IyUPXODTXHGHILQHD66FRPRODPLVPDUHODFLyQSHURDXQDUHODFLyQQRVDFDURVDDJXD
FRQVWDQWH
&RQ FXDOTXLHU GHILQLFLyQ HO SUREOHPD EiVLFR FRQWLQ~D (VWH LQFOX\H OD GLILFXOWDG GH
GHWHUPLQDUODVROXELOLGDGHQVROXFLyQVDWXUDGD\HOHIHFWRGHVXVWDQFLDVHVSHFtILFDVHQOD
VROXELOLGDG
(O FRQRFLPLHQWR GHO JUDGR GH VREUHVDWXUDFLyQ GH XQD VROXFLyQ LQGLFDGR SRU HO
FRHILFLHQWH HV HVHQFLDO SDUD HO EXHQ FRQWURO GHO SURFHVR GH FULVWDOL]DFLyQ WDQWR HQ ORV
WDFKRVFRPRHQORVFULVWDOL]DGRUHV/DIRUPDFLyQGHQ~FOHRVUDSLGH]GHFUHFLPLHQWRGH
FULVWDOHVODFRQJORPHUDFLyQ\ODIRUPDFLyQGHJUDQRIDOVRVRQIDFWRUHVUHODFLRQDGRVFRQ
HOQLYHOGHVREUHVDWXUDFLyQ\HQJUDQPHGLGDFRQWURODGRVSRUpVWH

(VWLPDFLyQGHODVREUHVDWXUDFLyQGHODVPLHOHVDSDUWLUGHODWHPSHUDWXUD

(Q OD SUiFWLFD OD VREUHVDWXUDFLyQ GH ODV PHOD]DV \ RWURV SURGXFWRV GH EDMD SXUH]D VH
REWLHQH JHQHUDOPHQWH FRQ HO VDWXURVFRSLR SDUD PHGLU OD WHPSHUDWXUD GH VDWXUDFLyQ GHO
SURGXFWR 6L VH GD SRU VXSXHVWR TXH HO FRHILFLHQWH GH VROXELOLGDG QR FDPELD FRQ OD
WHPSHUDWXUDODVROXELOLGDGUHODWLYDGHODVDFDURVDDGLIHUHQWHVWHPSHUDWXUDVHVFRQVWDQWH
SDUDVROXFLRQHVGHSXUH]DVGLIHUHQWHV'HHVHPRGRFXDQGRVHFRQRFHODWHPSHUDWXUDGH
VDWXUDFLyQGHXQDVROXFLyQGDGDVXVREUHVDWXUDFLyQSXHGHFDOFXODUVHXVDQGRODUHODFLyQ
VLJXLHQWH


Q~PHURGHVR OXE LOLGDGGHODVDFDURVDSXUDDWHPSHUDWXUDGHVDWXUDFLyQ
6  
Q~PHURGHVR OXE LOLGDGGHODVDFDURVDDODWHPSHUDWXUDDFWXDO


&RPR \D VH GLMR HVWH PpWRGR VLPSOLILFDGR SDUD GHWHUPLQDU OD VREUHVDWXUDFLyQ GH
SURGXFWRVGHEDMDSXUH]DQRHVHVWULFWDPHQWHFRUUHFWRSHURDODVWHPSHUDWXUDVXVXDOHV
HQ ORV FULVWDOL]DGRUHV HV ~WLO SDUD FRQRFHU ORV QLYHOHV GH VREUHVDWXUDFLyQ GXUDQWH HO
HQIULDPLHQWR\HOUHFDOHQWDPLHQWR



 
,QGLFH






















 
,QGLFH


























 
,QGLFH

6yOLGRVWRWDOHV\YLVFRVLGDG

/DYLVFRVLGDGHVXQDIXQFLyQGLUHFWDDXQTXHQROLQHDOGHOFRQWHQLGRGHVyOLGRVDXPHQWD
UiSLGDPHQWHDODXPHQWDUODFRQFHQWUDFLyQGHVyOLGRVWRWDOHV

(O SURFHVR GH OD FULVWDOL]DFLyQ HQ PRYLPLHQWR KD SUREDGR VHU HQ OD SUiFWLFD XQ SDVR
HIHFWLYR \ HVHQFLDO SDUD UHGXFLU OD SHUGLGD GH D]~FDU HQ ODV PHOD]DV 6LQ HPEDUJR HO
JUDGR DO TXH ODV PLHOHV ILQDOHV SXHGHQ VHU DJRWDGDV GHSHQGH QR VyOR GH XQD EXHQD
SUiFWLFD GH DFRQGLFLRQDPLHQWRHQHOGHSDUWDPHQWRGHFULVWDOL]DGRUHVVLQRWDPELpQGHO
FDUiFWHU GH OD PDVD FRFLGD 'HQWUR GH ORV OLPLWHV SHUPLWLGRV GH RSHUDFLyQ D PD\RU
FRQWHQLGR GH VyOLGRV WRWDOHV HQ OD PDVD FRFLGD PHQRU VHUi OD SXUH]D GH ODV PLHOHV
ILQDOHV (Q FRQVHFXHQFLD HO HVIXHU]R GHEH GLULJLUVH KDFLD OD HYDSRUDFLyQ TXH ORJUH OD
PD\RU GHQVLGDG GH OD PDVD FRFLGD GHQWUR GH ORV OLPLWHV LPSXHVWRV SRU OD IDFLOLGDG GH
PDQHMRGHODPDVDFRFLGDHQORVFULVWDOL]DGRUHV\FHQWUtIXJDV

/DH[SHULHQFLDDGHPRVWUDGRTXHVLODYLVFRVLGDGGHODVDJXDVPDGUHVHVUHODWLYDPHQWH
DOWDDOVDOLUGHOWDFKRSRUORJHQHUDOORHVWDPELpQHQORVFULVWDOL]DGRUHV\DVtPLVPRDO
UHFDOHQWDUVH KDVWD DSUR[LPDGDPHQWH OD WHPSHUDWXUD GH VDWXUDFLyQ DQWHV GH SXUJDU ODV
FHQWUtIXJDV$VtDXPHQWDQGRHOFRQWHQLGRGHVyOLGRVWRWDOHVSRUHYDSRUDFLyQLQWHQVDHQ
HOWDFKRODYLVFRVLGDG\ODWHPSHUDWXUDGHVDWXUDFLyQGHODVPLHOHVILQDOHVDXPHQWDQ
&KHQ\FRODERUDGRUHVLQIRUPDQTXHVXVUHVXOWDGRVQRLQGLFDQQLQJ~QHIHFWRLPSRUWDQWH
HQODUHFXSHUDFLyQGHD]~FDUDXQEUL[PD\RUGHHODXWRUFRQVLGHUDTXHHOƒ%[DTXH
VHGHEHQGHVFDUJDUODV0&&QRGHEHQVHUPHQRUGHPLHQWUDVTXHDXQEUL[PHQRU
GHVHSUHVHQWDXQDPDUFDGDGLVPLQXFLyQGHODUHFXSHUDFLyQ/DSXUH]DGHODVPLHOHV
ILQDOHVDXPHQWDXQLGDGHVSRUFDGDJUDGREUL[TXHVHUHGXFH

/D ILJXUD  PXHVWUD TXH OD SXUH]D GH ODV PLHOHV ILQDOHV GLVPLQX\H  D PHGLGD TXH OD
YLVFRVLGDGRWHPSHUDWXUDGHVDWXUDFLyQGHODVPLHOHVRDPERVDXPHQWDQ/DVPHQRUHV
SXUH]DV VH REWLHQHQ D XQD WHPSHUDWXUD GH VDWXUDFLyQ FHUFDQD D ƒ& ƒ)  \ XQD
YLVFRVLGDG GH DSUR[LPDGDPHQWH  D SRLVHV (VWDU UHODFLRQHV VRQ YiOLGDV D ODV
YDULDV UD]RQHV 1$$ GDGDV HQ ODV ILJXUDV  /D GLVPLQXFLyQ HQ OD SXUH]D VLQ
HPEDUJRYDVLHQGRPHQRUDPHGLGDTXHODYLVFRVLGDGVHDSUR[LPDDOPi[LPR

3DUD DSURYHFKDU HVWDV UHODFLRQHV OD PDVD FRFLGD GHEH HYDSRUDUVH KDVWD DOFDQ]DU XQ
FRQWHQLGRGHVyOLGRVTXHSHUPLWDSURGXFLUPLHOHVGHODPDVDOWDYLVFRVLGDGPDQHMDEOH\
FRQXQDWHPSHUDWXUDGHVDWXUDFLyQFHUFDQDDORVƒ&/DFDSDFLGDGGHODVFHQWUtIXJDV
SDUD VHSDUDU GH PDQHUD DGHFXDGD OD PLHO GH ORV FULVWDOHV GHVSXpV GH OD FULVWDOL]DFLyQ
GHWHUPLQDUiODYLVFRVLGDGPi[LPDTXHSXHGHPDQWHQHUVH(QODSUiFWLFDHVWDYLVFRVLGDG
DODWHPSHUDWXUDGHƒ&HVIUHFXHQWHPHQWHGHDSRLVHVDXQTXHFRQHOQ~PHUR
DSURSLDGR GH FHQWUtIXJDV GH DOWD YHORFLGDG HV SRVLEOH VDFDU SURYHFKR GH YLVFRVLGDGHV
PD\RUHV

(IHFWRVGHODWHPSHUDWXUDHQODYLVFRVLGDG

/DWHPSHUDWXUDWLHQHPXFKRHIHFWRHQODYLVFRVLGDGODTXHGLVPLQX\HUiSLGDPHQWHFRQ
HODXPHQWRGHODWHPSHUDWXUD(OHQIULDPLHQWRGHPLHOHVWLELDVDWUDYpVGHXQLQWHUYDOR
GHƒ& ƒ) FDVLGXSOLFDODYLVFRVLGDG

(OHVWXGLRGHODVFRQGLFLRQHVGHWHPSHUDWXUDSXUH]D \FRQFHQWUDFLyQGHODVPLHOHVKD
UHYHODGRTXHPX\IUHFXHQWHPHQWHODVFXUYDVTXHLQGLFDQFDPELRVGHYLVFRVLGDGFRQOD

 
,QGLFH





















 
,QGLFH

WHPSHUDWXUD HQ VROXFLRQHV VDWXUDGDV GH OD PLVPD SXUH]D SUHVHQWDQ XQ PtQLPR ELHQ
GHILQLGR(VWHPtQLPRJHQHUDOPHQWHVHXELFDHQODUHJLyQGHORVDƒ& ƒ) 
0F &OHHU\  0LFKHOL \ 'H*\XOD\ \ .HOO\ KDQ HQFRQWUDGR TXH HO SURPHGLR GH HVWH
PtQLPRHVDOUHGHGRUGHƒ& ƒ) 

5HODFLyQYLVFRVLGDG±SXUH]DDYDULDVWHPSHUDWXUDVGHVDWXUDFLyQ

/RVHVWXGLRVGH0F&OHHU\GHPXHVWUDQTXHFXDQGRPD\RUHVODYLVFRVLGDGRHOFRQWHQLGR
GHVyOLGRVPHQRUHVODSXUH]DGHODVPLHOHVDJRWDGDV7DPELpQDODPLVPDYLVFRVLGDG
HQWUHPD\RUVHDODWHPSHUDWXUDGHVDWXUDFLyQ KDVWDƒ& GHODVPLHOHVILQDOHVPHQRU
VHUiVXSXUH]D
(VWRVGDWRVHVWiQHQIRUPDGHJUiILFDHQODILJXUD(VWDVUHODFLRQHVVRQLPSRUWDQWHV
HQHOWUDEDMRGHDJRWDPLHQWRGHODVPLHOHV\GHEHQDSURYHFKDUVHHQODSUiFWLFD

5HODFLyQGHODSXUH]DGHPHOD]DVFRQODUHODFLyQ$5&DYDULDVYLVFRFLGDGHV

6H VDEH TXH GHVGH KDFH PXFKR WLHPSR OD VROXELOLGDG GH OD VDFDURVD GLVPLQX\H FRQ OD
SUHVHQFLDGHD]~FDUHVUHGXFWRUHV\TXHODPD\RUtDGHODVVDOHVLQRUJiQLFDVODDXPHQWDQ
3RU OR WDQWR VH SRGUtD HVSHUDU TXH OD SXUH]D GH ODV PLHOHV ILQDOHV DJRWDGDV UHVXOWH
DIHFWDGDSRUODVSURSRUFLRQHVUHODWLYDVGHGLFKDVVXVWDQFLDV8QHVWXGLRFRPSOHWRGHOD
UHODFLyQHQWUHYLVFRVLGDGSXUH]D\UHODFLyQ$5& RUHODFLyQLQYHUWLGRV& IXHKHFKRV
SRUORVWpFQLFRVGHOD+DZDL3ODQWHUV([SHULPHQW6WDWLRQ\GHPRVWUyTXHDXQDGHILQLGD
YLVFRVLGDGODSXUH]DGLVPLQX\HFXDQGRODUHODFLyQ$5&DXPHQWD

0HGLDQWHORVGDWRVVREUHODVUHODFLRQHVGHYLVFRVLGDGSXUH]D\SURSRUFLRQHV$5&HO
HIHFWRGHODUHODFLyQ$5&HQHOFRHILFLHQWHGHVROXELOLGDGDXQDYLVFRVLGDGILMDGDHQ
SRLVHV ILJXUD /DJUiILFDLQGLFDTXHODVROXELOLGDGGHODVDFDURVDHQVROXFLRQHV
LPSXUDVDXPHQWDUiSLGDPHQWHFXDQGRODUHODFLyQ$5&GLVPLQX\H(QFRQVHFXHQFLDD
YLVFRVLGDG FRQVWDQWH SXHGH HVSHUDUVH TXH OD SXUH]D GH ODV PLHOHV DXPHQWH FXDQGR OD
UHODFLyQ$5&GLVPLQX\D

(Q OD ILJXUD  VH KD JUDILFDGR OD UHODFLyQ $5& FRQWUD SXUH]D SRU GHQVLGDG D
GLIHUHQWHV YLVFRVLGDGHV SDUD PLHOHV ILQDOHV HQ +DZDL 8QD GLIHUHQFLD GH SXUH]D FDVL
FRQVWDQWH VH UHYHOD HQWUH ODV YLVFRVLGDGHV TXH FDHQ GHQWUR GH OD JDPD XVXDO GH
RSHUDFLyQ \ GH OD PD\RU LPSRUWDQFLD HV HO KHFKR GH TXH D XQD YLVFRVLGDG GDGD ODV
SXUH]DV \ OD UD]yQ $5& WLHQHQ XQD UHDODFLyQ SUiFWLFDPHQWH OtQHDO GH PRGR TXH SRU
FDGD FDPELR GH  HQ OD UD]yQ $5& KD\ XQD GLIHUHQFLD GH  HQ OD SXUH]D SRU
GHQVLGDGDUD]RQHVGHKDVWDDOUHGHGRUGH$YDORUHVPD\RUHVGHODUD]yQ$5&ODV
GLIHUHQFLDVGHSXUH]DVGLVPLQX\HQUiSLGDPHQWH/RVUHVXOWDGRVHQODVIiEULFDVGH+DZDL
FRQILUPDQ HVWRV UHVXOWDGRV )RVWHU \ FRODERUDGRUHV DO HVWXGLDU OD UHFXSHUDFLyQ GH
D]~FDUHV HQ PLHOHV GH 4XHHQVODQG HQFRQWUDURQ XQD FRUUHODFLyQ HQWUH OD SXUH]D GH OD
PLHODXQDYLVFRVLGDGSRLVHV\ODUHODFLyQ$5&

5HODFLyQHQWUHODVSXUH]DVGHODVPLHOHV\ODUD]yQ QRD]~FDUHVDJXD 

3DUD ORJUDU PH]FODV GH EDMD SXUH]D OD PDVD FRFLGD TXH YD D ORV FULVWDOL]DGRUHV GHEH
DMXVWDUVH *UXW PLGLy OD UHODFLyQ QR D]~FDUHVDJXD 1$$  \ HQFRQWUy TXH HO YDORU
ySWLPR VHUtD GH  VL HVWH YDORU VH PDQWLHQH FRQVWDQWH GXUDQWH HO HQIULDPLHQWR GH OD
PDVD FRFLGD HQ ORV FULVWDOL]DGRUHV VH SXHGH DOFDQ]DU OD Pi[LPD YHORFLGDG GH
FULVWDOL]DFLyQSRVLEOH0ROOHUYROYLyDH[DPLQDUPDVDVFRFLGDVGHEDMRJUDGR\HQFRQWUy

 
,QGLFH

























 
,QGLFH

TXHODUHODFLyQySWLPDHVGH3XHVWRTXHODUHODFLyQVHUHILHUHVyORDODIDVHOtTXLGD
HOFRQWHQLGRGHVyOLGRVGHODPDVDFRFLGDGXUDQWHVXSDVRDWUDYpVGHOSURFHVRD~QGHEH
LQYHVWLJDUVH0ROOHUSDUWHGHODHFXDFLyQ1$$HPSOHDQGR1$$ \KDFHGHULYDU
DODHFXDFLyQILQDO


%[ PF [ 4PF − 4PRO
.  
 − 4 PF

'RQGH
.  FDQWLGDGGHD]~FDUFHQWULIXJDGD
%[  EUL[GHODPDVDFRFLGD
4  SXUH]DGHODPDVDFRFLGD
PF

4 SXUH]DGHODVPLOHV 
PF


PRO 

6L XQD PDVD FRFLGD FRQWLHQH GH  D  GH D]~FDU VyOLGR HQ SHVR \ SUHVHQWD XQD
FDOLGDGGHJUDGRUD]RQDEOHVHUiSXUJDGDIiFLOPHQWH
'HVSXpVHOEUL[GHODPDVDFRFLGDSXHGHFDOFXODUVHXVDQGRODHFXDFLyQ

%[   [4 

PF PF

/DILJXUDPXHVWUDODPHMRUFRUUHODFLyQOLQHDOKDOODGDHQHVWXGLRVFRQGXFLGRVVREUH
PXHVWUDV GH PLHOHV ILQDOHV GH /RXLVLDQD 7H[DV \ )ORULGD HQWUH HO FRHILFLHQWH GH
VROXELOLGDG\ODUHODFLyQLPSXUH]DVDJXD ,$ (VWDHFXDFLyQWLHQHXQDFRUUHODFLyQPX\
SREUH \ SXHGH XVDUVH VRODPHQWH SDUD HVWLPDGRV DSUR[LPDGRV GHO FRHILFLHQWH GH
VROXELOLGDG

9LVFRVLGDG

([LVWH XQ YDORU OLPLWH GH YLVFRVLGDG HQ OD 0&& SDUD OD FXDO OD PLVPD SXHGH VHU
PDQHMDGD/DIRUPDXVXDOSDUDHYLWDUSUREOHPDVFRQHOERPEHR\ODFHQWULIXJDFLyQGH
0&& GH DOWD GHQVLGDG WDOHV FRPR OD GLOXFLyQ \ HO UHFDOHQWDPLHQWR WUDH FRPR
FRQVHFXHQFLDXQLQFUHPHQWRGHODSXUH]DGHODVPLHOHVILQDOHV

(O WpUPLQR YLVFRVLGDG VH KD XWLOL]DGR UHSHWLGDV YHFHV HQ HO WUDWDGR DQWHULRU \ HO
FRQRFLPLHQWR VREUH OD YLVFRVLGDG \ OD PHGLFLyQ HV PX\ LPSRUWDQWH HQ HO SURFHVR GH
IDEULFDFLyQGHOD]~FDUSULQFLSDOPHQWHHQHOWUDEDMRGHORVWDFKRV

&RPR HQ OD LQGXVWULD D]XFDUHUD OD YLVFRVLGDG YDUtD H[WHQVLYDPHQWH UHTXLHUH
FRPSRVLFLyQ GH ORV FRQVWLWX\HQWHV QR D]~FDUHV VH UHTXLHUHQ SURFHVRV ySWLPRV GH
RSHUDFLyQ SDUD DMXVWDU ODV YDULDEOHV SULQFLSDOHV FRPR VRQ FRQWHQLGR GH VyOLGRV \
WHPSHUDWXUD SDUD DVt DOFDQ]DU ORV UDQJRV GH YLVFRVLGDG GHVHDGRV /DV UHODFLRQHV GH
YLVFRVLGDGHQORVPDWHULDOHVD]XFDUHURVKDQVLGRHVWXGLDGRVH[WHQVLYDPHQWH

/DYLVFRVLGDGHVXQDSURSLHGDGItVLFDLPSRUWDQWHGHORVIOXLGRV\HVXQDPHGLGDGHVX
UHVLVWHQFLD DO PRYLPLHQWR VX GHWHUPLQDFLyQ \ HO FRQRFLPLHQWR GH ODV SURSLHGDGHV
UHROyJLFDVGHORVPDWHULDOHVMXHJDQXQSDSHOLPSRUWDQWHHQODLQGXVWULDTXtPLFDJHQHUDO




 
,QGLFH

5HODFLRQHVGH9LVFRVLGDG

(O FRQWHQLGR GH VyOLGRV WRWDOHV HQ XQD VROXFLyQ LPSXUD HV PD\RU HQ HO HVWDGR GH
VDWXUDFLyQTXHORVGHXQDVROXFLyQSXUD\VDWXUDGDDODPLVPDWHPSHUDWXUDGHDTXtTXH
OD YLVFRVLGDG GH OD SULPHUD VHD PD\RU /D LQIOXHQFLD GH ODV LPSXUH]DV VREUH OD
YLVFRVLGDG FUHFH UiSLGDPHQWH FRQ HO DXPHQWR GHO FRQWHQLGR GH LPSXUH]DV GH HVWD
PDQHUDODYLVFRVLGDGGHODVPLHOHVILQDOHVHQHOHVWDGRGHVDWXUDFLyQHVPXFKRPD\RU
TXH OD GH ODV VROXFLRQHV SXUDV VDWXUDGDV (VWD GLIHUHQFLD DXPHQWD D~Q PiV FXDQGR OD
VREUHVDWXUDFLyQDXPHQWDWDPELpQ$VtPLVPRODYLVFRVLGDGSXHGHYDULDUDPSOLDPHQWH
HQIXQFLyQGHODQDWXUDOH]D\FDQWLGDGGHORVQRD]XFDUHV

/D YHORFLGDG GH FULVWDOL]DFLyQ DXPHQWD FXDQGR HO JUDGR GH VREUHVDWXUDFLyQ DXPHQWD
3DUD PDQWHQHU XQD VREUHVDWXUDFLyQ DGHFXDGD HQ ODV PDVDV GH EDMD SXUH]D VH UHTXLHUH
XQDFRQFHQWUDFLyQDOWDGHVyOLGRVWRWDOHV/DYLVFRVLGDGFUHFHUiSLGDPHQWHDODXPHQWDU
ODFRQFHQWUDFLyQGHORVVyOLGRV(QODVRSHUDFLRQHVUHODFLRQDGDVFRQHODJRWDPLHQWRGH
ODV PLHOHV \ ORV FULVWDOL]DGRUHV OD FRQFHQWUDFLyQ GH VyOLGRV  \ OD YLVFRVLGDG HVWiQ
OLPLWDGDVSRUODFDSDFLGDGGHFULVWDOL]DGRUHV\FHQWUtIXJDVSRUORWDQWRODYLVFRVLGDGHV
XQDGHODVSURSLHGDGHVPiVLPSRUWDQWHVHQHODJRWDPLHQWRGHODVPLHOHV/DYLVFRVLGDG
SRUVtPLVPDDSDUHQWHPHQWHWLHQHSRFRHIHFWRHQHODJRWDPLHQWRPtQLPRREWHQLEOHSHUR
SXHVWRTXHDIHFWDDOIDFWRUGHPDQHMDELOLGDGGHOPDWHULDOHVSRVLEOHFRUUHODFLRQDUODFRQ
ODSXUH]DGHODVPLHOHVILQDOHV

/D UHODFLyQ GH OD YLVFRVLGDG FRQ WHPSHUDWXUD FRQFHQWUDFLyQ SXUH]D GH PLHOHV \
WHPSHUDWXUD GH VDWXUDFLyQ HV FRPSOHMD (Q VHJXLGD VH KDFH XQ EUHYH UHVXPHQ GH ORV
SULQFLSDOHVIDFWRUHVTXHDIHFWDQODYLVFRVLGDG\ODUHODFLyQGHpVWDFRQODSXUH]DGHODV
PLHOHVILQDOHV

,PSXUH]DV\9LVFRVLGDG

3DUDFXDOTXLHUWLSRSDUWLFXODUGHLPSXUH]DVQDWXUDOHQWUHPD\RUVHDODFRQFHQWUDFLyQGH
LPSXUH]DVQDWXUDOHVGHXQDVROXFLyQVDWXUDGDPD\RUVHUiODYLVFRVLGDG6LQHPEDUJROD
YLVFRVLGDG GH ODV PLHOHV D OD PLVPD WHPSHUDWXUD SXUH]D \ FRQWHQLGR WRWDO GH VyOLGRV
SXHGH YDULDU EDVWDQWH D FDXVD GH OD QDWXUDOH]D \ FRPSRVLFLyQ GH ODV LPSXUH]DV 3RU
HMHPSORODYLVFRVLGDGGHGLIHUHQWHVPLHOHVGH+DZDLYDULyHQWUHDSUR[LPDGDPHQWH
 \  SRLVHV D EUL[ GH  D ƒ& ƒ)  (Q OD SUiFWLFD WDO YDULDFLyQ FUHD
GLILFXOWDGHVSDUDFRQWURODUHOSURFHVRGHDJRWDPLHQWRGHODVPLHOHV3RFRSXHGHKDFHUVH
SDUD FDPELDU OD YDULDFLyQ QDWXUDO HQ HO FRPSRUWDPLHQWR GH ODV FDUDFWHUtVWLFDV GH ORV
VyOLGRVQRVDFDURVDGHPLHOHV/DVEXUEXMDVGHDLUHWDPELpQDIHFWDQODYLVFRVLGDG\ODV
PLHOHV SXHGHQ FRQWHQHU KDVWD  GH EXUEXMDV TXH FDXVDQ XQ  GH DXPHQWR HQ OD
YLVFRVLGDG

5HRORJtDGHODVPLHOHV\PDVDVFRFLGDV

/D UHRORJtD HV OD FLHQFLD TXH HVWXGLD HO FRPSRUWDPLHQWR GH ORV IOXLGRV (O
FRPSRUWDPLHQWR UHROyJLFR GH XQ IOXLGR GHWHUPLQD VL VH FODVLILFD FRPR XQ )OXLGR
1HZWRQLDQRRQR1HZWRQLDQR

8Q IOXLGR 1HZWRQLDQR VH GHILQH FRPR XQ IOXLGR HO FXDO FXDQGR XQD IXHU]D GH FRUWH
DFW~D VREUH pO PLVPR WLHQH XQ JUDGLHQWH GH YHORFLGDG TXH HV SURSRUFLRQDO D OD IXHU]D

 
,QGLFH

DSOLFDGD VLHQGR OD FRQVWDQWH GH SURSRUFLRQDOLGDG OD YLVFRVLGDG DEVROXWD 7RGRV ORV
JDVHVODPD\RUtDGHORVOtTXLGRV\JDVHVVRQIOXLGRV1HZWRQLDQRV
/DH[SUHVLyQTXHGHVFULEHODVUHODFLRQHVDQWHULRUHVSDUDXQIOXLGRQHZWRQLDQRHV

τ  η'U  'RQGH

τ\'UUHSUHVHQWDQODIXHU]D\ODYLVFRVLGDGGHFRUWH FL]DOODPLHQWR UHVSHFWLYDPHQWH\
ηODFRQVWDQWHGHSURSRUFLRQDOLGDGODYLVFRVLGDGDEVROXWD

/DV FRUUHFFLRQHV SDUD HO Q~PHUR GH 5H\QROGV VH GDVDUUROODQ SDUD ORV IOXLGRV
1HZWRQLDQRVSDUDORVFXDOHVODUD]yQGHODIXHU]DGHFRUWHDODUD]yQDODUD]yQGHFRUWH
HVFRQVWDQWH(VWDUD]yQVHREWLHQHIiFLOPHQWHFRQXQDPHGLFLyQVLPSOHSRUPHGLRGHXQ
YLVFRVtPHWUR
3DUD ORV IOXLGRV QR 1HZWRQLDQRV OD UD]yQ FDPELD FRQ OD IXHU]D HVWR HV OD OODPDGD
YLVFRVLGDGDSDUHQWH/RVIOXLGRVQR1HZWRQLDQRVVHVXEGLYLGHQHQGRVFODVLILFDFLRQHV
SULQFLSDOHV/RVLQGHSHQGLHQWHVGHOWLHPSR\GHORVGHSHQGLHQWHVGHOWLHPSR

%DMRODDFFLyQGHXQDIXHU]DFRQVWDQWHODYLVFRVLGDGDSDUHQWHGHXQIOXLGRLQGHSHQGLHQWH
GHO WLHPSRQRFDPELDUiFRQHOPLVPRSRUORFXDOODYLVFRVLGDGDSDUHQWHGHXQIOXLGR
GHSHQGLHQWHGHOWLHPSRFDPELDUiFRQHOPLVPR
&RQUD]RQHVGHFRUWHEDMDVVLHVWDVHLQFUHPHQWDVHLQFUHPHQWDWDPELpQHODJRWDPLHQWR
GH OD PLHO /D LQIOXHQFLD GH OD UD]yQ GH FRUWH HV IXHUWH HQ OD PDVD FRFLGD FRQ XQD
UHODFLyQ,$DOWDRVHDPD\RUGH

(QWUHORVIOXLGRPiVFRPXQHVQRQHZWRQLDQRVLQGHSHQGLHQWHVGHOWLHPSRHVWiQ

)OXLGRGH)OXMR7DSyQ

D )OXLGRV %LQJKDP R FRPR %LQJKDP DOJXQRV DVIDOWRV FKRFRODWH FDWVXS
PD\RQHVDSLQWXUDSXOSDGHSDSHOSDVWDGHGLHQWHVHWF 
E 6HXGRSOiVWLFRV

)OXLGRVGH3RWHQFLD

D 6HXGRSOiVWLFRVP SODVPDVDQJXtQHROiWH[HWF 
E )OXLGRVGLODWDQWHVP! DOPLGyQHQDJXDHWF 

/RVIOXLGRV1HZWRQLDQRVGHSHQGLHQWHVGHOWLHPSRLQFOX\HQ

D WL[RWUySLFRV
E 5HRSpFWLFRV
F 9LVFRHODVWLFRV

7RGDV HVWDV FDUDFWHUtVWLFDV UHROyJLFDV VRQ QHFHVDULDV SDUD HO GLVHxR GH HTXLSRV HO
DQiOLVLVGHORVSURFHVRVGHLQWHUFDPELRGHPDVD\FDORUHOHVWXGLRGHORVIHQyPHQRVGH
VXSHUILFLH\ODFRQVWUXFFLyQGHLQVWDODFLRQHVGHIOXMRHQWUHRWUDV/DLQGXVWULDD]XFDUHUD
QRHVWiH[HQWDGHHVWDVQHFHVLGDGHV\DOFRQRFLPLHQWRGHODUHRORJtDGHVXVVLVWHPDVVH
KDQGHGLFDGRQXPHURVRVHVIXHU]RV/DVRSHUDFLRQHVGHILOWUDFLyQFULVWDOL]DFLyQ\SXUJD
GHOD]~FDUSRUHMHPSORHVWiQHVWUHFKDPHQWHYLQFXODGDVDODVFDUDFWHUtVWLFDVGHORV


 
,QGLFH


















 
,QGLFH

IOXLGRV D]XFDUHURV \ SXHGHQ LQIOXLU GLUHFWDPHQWH HQ OD HILFLHQFLD GHO SURFHVR GH
IDEULFDFLyQ

/DYLVFRVLGDGHVODUHVLVWHQFLDDOIOXMRGHXQOtTXLGRHQPRYLPLHQWRVREUHVtPLVPR/D
XQLGDG GH YLVFRVLGDG HV HO SRLVH 8Q OtTXLGR WLHQH XQD YLVFRVLGDG GH XQ SRLVH VL VH
QHFHVLWDXQDIXHU]DGHXQDGLQDSDUDKDFHUTXHVHGHVOLFHQXQDVREUHRWUDGRVVXSHUILFLHV
SDUDOHODVGHFP GHiUHDDFPGHGLVWDQFLDDXQDYHORFLGDGGHFPVHJWHQLHQGRODV


GLPHQVLRQHVGHGLQD±VHJFP  

3DUDORVOtTXLGRVSHUIHFWRVEDMRODVPLVPDVFRQGLFLRQHVODYLVFRVLGDGHVFRQVWDQWHHVH
HV OD YHORFLGDG HV XQD IXQFLyQ OLQHDO GH OD IXHU]D DSOLFDGD 0XFKRV OLTXLGRV VLQ
HPEDUJRRIUHFHQXQDUHVLVWHQFLDLQLFLDODOIOXMR\SDUDYHQFHUHVWRHVQHFHVDULRHPSOHDU
XQD IXHU]D FRQVLGHUDEOH $ HVWR VH OH OODPD IOXMR SOiVWLFR 8Q WHUFHU WLSR GH OtTXLGR
PXHVWUD XQ FRPSRUWDPLHQWR LQWHUPHGLR OODPDGR IOXMR SVHXGRSOiVWLFR (VWR QR RIUHFH
XQD UHVLVWHQFLD LQLFLDO \ HO IOXMR FRPLHQ]D UiSLGDPHQWH SHUR OD YHORFLGDG HV EDMD DO
SULQFLSLR \ VH LQFUHPHQWD JUDGXDOPHQWH SDUD GDU XQD YLVFRVLGDG FRQVWDQWH /D ILJXUD
PXHVWUDORVGLDJUDPDVSDUDHVRVWUHVWLSRVGHIOXMR

6HJ~Q YDULRV DXWRUHV ODV PLHOHV SUHVHQWDQ XQ IOXMR SVHXGRSOiVWLFR HQ XQ JUDGR PX\
OLJpUR 3DUD SURSyVLWRV SUiFWLFRV SRU OR WDQWR HV QHFHVDULR VRODPHQWH KDFHU XQD
GHWHUPLQDFLyQGHODUD]yQGHIOXMREDMRXQDIXHU]DGDGDSDUDHVWDEOHFHUODYLVFRVLGDG
/DV PDVDV FRFLGDV PXHVWUDQ XQD PD\RU SVHXGRSODVWLFLGDG \ ORV YDORUHV UHDOHV GH
YLVFRVLGDG SXHGHQ REWHQHUVH VRODPHQWH D SDUWLU GH XQD VHULH GH GHWHUPLQDFLRQHV GH
UHODFLRQHVGHIXHU]D /D ILJXUDPXHVWUDTXHODH[WHQVLyQGHODSVHXGRSODVWLFLGDG
H[KLELGDSRUODVPDVDVFRFLGDVVHKDFHQPD\RUDPHGLGDTXHHOFRQWHQLGRGHFULVWDOHV
DXPHQWD
(O IOXMR GH ODV PDVDV FRFLGDV GH WHUFHUD HQ ORV FULVWDOL]DGRUHV FRQWLQXRV VH SXHGH
FODVLILFDUFRPRXQIOXMRWDSyQ

2SHUDFLRQHVDQWHVGHDOFDQ]DUODYLVFRVLGDGOtPLWH

D 3DUD XQD PDVD FRFLGD HQ SDUWLFXODU H[LVWH XQ SHUILO ~QLFR GH HQIULDPLHQWR HO FXDO
Pi[LPDUDHODJRWDPLHQWR
3DUDPDVDVFRFLGDVGH,$EDMR ,$ RPHQRV HOSHUILOGHHQIULDPLHQWRHVGHXQRV
ƒ&KLQPHGLDWDPHQWHGHVSXpVGHERWDUHOWDFKR\GHXQRV&KKDFLDHOILQDOGHOD
FULVWDOL]DFLyQ3DUDPDVDVFRFLGDVFRQDOWRV,$ ,$ RPD\RUHV ODUD]yQySWLPD
GHHQIULDPLHQWRHVPiVEDMD

E3DUDPD[LPL]DUHODJRWDPLHQWRODPDVDFRFLGDGHVFDUJDGDGHOWDFKRGHEHVHUOOHYDGD
WDQSURQWRFRPRVHSXHGDDOSHUILOySWLPRGHHQIULDPLHQWRGHODPLVPD

F/DVPDVDVFRFLGDVFRQDOWR,$VRQIXHUWHPHQWHLQIOXHQFLDGDVSRUODLPSRVLFLyQGH
XQDWHPSHUDWXUDGHGHVFDUJDGHOWDFKRQRySWLPDRXQHQIULDPLHQWRUiSLGRH[FHVLYR(O
HIHFWRVREUHHODJRWDPLHQWRHVWiSUHVHQWHD~QDOILQDOGHKRUDVGHFULVWDOL]DFLyQSRU
HQIULDPLHQWR/DVPDVDVFRFLGDVGHEDMD,$WLHQGHQDVHUPHQRVDIHFWDGDVSRUUD]RQHV
GHHQIULDPLHQWRRWHPSHUDWXUDVGHGHVFDUJDQRySWLPDV

G/DVPDVDVFRFLGDVFRQ,$GHDSUR[LPDGDPHQWHSDUHFHQVHUODVTXHPHMRUHV
FRQGLFLRQHV RIUHFHQ SDUD HO DJRWDPLHQWR FXDQGR VH FRQVLGHUD VRODPHQWH HO WUDEDMR GHO
FULVWDOL]DGRU  6LQ HPEDUJR HO DJRWDPLHQWR D XQD SXUH]D GH PLHO PiV EDMD SRGUtD VHU
DOFDQ]DGDGHVGHHODJRWDPLHQWRDQLYHOHVPiVDOWRVGH,$ VLORVHTXLSRVORSHUPLWHQ 

 
,QGLFH




























 
,QGLFH



























 
,QGLFH

GHELGRDOEHQHILFLRGHODJRWDPLHQWRDGLFLRQDODOFDQ]DGRHQHOWDFKR/DVPDVDVFRFLGDV
GH PiV DOWR ,$ VRQ PiV YLVFRVDV \ HVWH DVSHFWR UHTXLHUH FLHUWD FRQVLGHUDFLyQ HQ OD
VHOHFFLyQDSURSLDGDGHODUD]yQ,$DOGHVFDUJDUHOWDFKR

H 8Q DJRWDPLHQWRPHMRUDGRVHDOFDQ]DSRUHQIULDPLHQWRFXDQGRODVPDVDVFRFLGDVVH
ERWDQGHOWDFKRFRQXQUHQGLPLHQWRGHFULVWDOHVPiVDOWRV

I8QLQFUHPHQWR SHHOGREOH HQODUD]yQGHFRUWHHQORVFULVWDOL]DGRUHVSRUHQFLPDGH
ORV QLYHOHVWtSLFRVGHFRUWHVXPLQLVWUDXQPHMRUDPLHQWRVXVWDQFLDOGHODJRWDPLHQWRGH
ODVPDVDVFRFLGDVFRQ,$DOWRHOEHQHILFLRTXHVHREWLHQHHQHODJRWDPLHQWRHVPD\RUVL
ODUD]yQGHFRUWHHVPD\RU

J /DV PDVDV FRFLGDV TXH FRQWLHQHQ HO WDPDxR PHGLR GH FULVWDOHV PiV SHTXHxRV
DOFDQ]DQXQDJRWDPLHQWRPD\RU

K /D DSOLFDFLyQ GH ODV FRUUHODFLRQHV GH OD YLVFRVLGDG GH ODV PDVDV FRFLGDV \ PLHOHV
LQGLFDQ TXHGXUDQWHODIDVHGHFXUDGRILQDOFXDQGRHOHQIULDPLHQWRGHODVPDVDV
FRFLGDV VH WHUPLQD \ OD WHPSHUDWXUD VH PDQWLHQH FRQVWDQWH OD YLVFRVLGDG GH OD
PDVDFRFLGDVHPDQWLHQHDXQQLYHOFRQVWDQWHROLJHUDPHQWHPiVEDMRDPHGLGDTXH
ODFULVWDOL]DFLyQSURFHGH(VWRGDXQIXHUWHLQFHQWLYRSDUDEXVFDUIRUPDVGHPD[LPL]DU
OD YHORFLGDG GH FUHFLPLHQWR GHO FULVWDO GXUDQWH HO HQIULDPLHQWR FRPR XQD SRVWHULRU
FULVWDOL]DFLyQSRUVLPLVPDTXHQRLQFUHPHQWDUiODYLVFRVLGDGGHODPDVDFRFLGD
8QEXHQDJRWDPLHQWRGHODPLHOUHTXLHUHTXHODPDVDFRFLGDFXDQGRVHERWHGHOWDFKR
HVWp HQ ODV FRQGLFLRQHV GHVHDGDV FRQVLVWHQWH FRQ ODV UHVWULFFLRQHV LPSXHVWDV SRU HO
HTXLSRH[LVWHQWH3DUDGHWHUPLQDUODVFRQGLFLRQHVDSURSLDGDVGHODPDVDFRFLGDDOERWDU
HOWDFKRUHTXLHUHPD[LPL]DUHODJRWDPLHQWRHQODHVWDFLyQFRPELQDGDWDKRFULVWDOL]DGRU
HV SULPHUR QHFHVDULR FRQVLGHUDU ODV UD]RQHV GH FUHFLPLHQWR DSOLFDEOHV SDUD HO UDQJR
FRPSOHWRGHFRQGLFLRQHVHQFRQWUDGDVHQORVFULVWDOL]DGRUHV


5HODFLyQGHOFRQWHQLGRGHFULVWDOHVFRQODYLVFRVLGDG

(QODILJXUDVHKDPRVWUDGRTXHODYLVFRVLGDGVHLQFUHPHQWDDPHGLGDTXHDXPHQWD
HO FRQWHQLGR GH FULVWDOHV $GNLQV REVHUYy TXH KDVWD XQ FRQWHQLGR GH FULVWDOHV GH 
 HO ORJ GH OD YLVFRVLGDG HV XQD IXQFLyQ OLQHDO GHO FRQWHQLGR GH FULVWDOHV YHU ILJ
 6H SURGXFH XQ PDUFDGR LQFUHPHQWR GH OD YLVFRVLGDG FXDQGR HO FRQWHQLGR GH
FULVWDOHVHVPD\RUGHO \HVWDFLIUDUHSUHVHQWDSUiFWLFDPHQWHHOOtPLWHVXSHULRUGH
WUDEDMR(OFRQWHQLGRGHFULVWDOHVTXHHVSHUPLWLGRSDUDXQPDWHULDOGDGRGHSHQGHGHOD
YLVFRVLGDG GH ODV PLHOHV PLHQWUDV PiV EDMD HV PiV DOWR HV HO FRQWHQLGR GH FULVWDOHV 
&RPR HV GHVHDEOH WUDEDMDU FRQ PLHOHV GH DOWD YLVFRVLGDG SDUD REWHQHU ODV PiV EDMDV
SXUH]DVHVQHFHVDULRHVWDEOHFHUXQFRPSURPLVRGHOFRQWHQLGRGHFULVWDOHVGHWUDEDMR(Q
ODSUiFWLFDHVWHHVWiHQWUH

(QODILJXUDVHSORWHDODKLVWRULDGHWUHVPDVDVFRFLGDVFRQXQFRQWHQLGRGHFULVWDOHV
GH\ SS UHVSHFWLYDPHQWH3DUDXQSHUtRGRGHFULVWDOL]DFLyQGHKRUDVOD
SXUH]DGHODVPLHOHVIXHGHPiVEDMDSDUDODPDVDFRFLGDFRQXQGHFRQWHQLGR
FULVWDOHV FRPSDUDGR D OD GHO  /DV YLVFRVLGDGHV GH ODV GRV PDVDV FRFLGDV
UHVSHFWLYDPHQWHIXHURQ\SDV3RVWHULRUUHGXFFLyQHQODSXUH]DSDUDODVPDVDV
FRFLGDV FRQ XQ FRQWHQLGR GH FULVWDOHV EDMR SXHGH REWHQHUVH VL OD FDSDFLGDG GH ORV
FULVWDOL]DGRUHVSHUPLWHODH[WHQVLyQGHOSHUtRGRGHFULVWDOL]DFLyQ

 
,QGLFH





















 
,QGLFH




















 
,QGLFH

0HFDQLVPRGHFUHFLPLHQWRGHORVFULVWDOHV

/DUDSLGH]GHFUHFLPLHQWRGHORVFULVWDOHVHQXQDVROXFLyQVREUHVDWXUDGDGHSHQGHGHGRV
SURFHVRVVXFHVLYRVODGLIXVLyQGHODVPROpFXODVGHVDFDURVDDWUDYpVGHODFDSDGHPLHO
TXH URGHD DOFULVWDO \OD DFRPRGDFLyQGH HVDVPROpFXODVHQODSRVLFLyQDGHFXDGDSDUD
IRUPDU SDUWH GH OD HVWUXFWXUD FULVWDOLQD (O SURFHVR PiV OHQWR HV HO TXH GHWHUPLQD HO
FUHFLPLHQWRGHOFULVWDO
/D VREUHVDWXUDFLyQ HV HO IHQyPHQR TXH SURSRUFLRQD OD IXHU]D LPSXOVRUD GH OD
FULVWDOL]DFLyQ8QDXPHQWRHQODVREUHVDWXUDFLyQDIHFWDODFULVWDOL]DFLyQGHWUHVPDQHUDV
DXPHQWD OD WHQGHQFLD GH ODV PROpFXODV GH VDFDURVD D OD UHG FULVWDOLQD DXPHQWD HO
JUDGLHQWHGHFRQFHQWUDFLyQDWUDYpVGHOFXDOVHGLIXQGHODVPROpFXODVGHVDFDURVD\SRU
~OWLPR DXPHQWD OD YLVFRVLGDG \ GH pVWD PDQHUD GLVPLQX\H OD GLIXVLyQ (O JUDGR GH
VREUHVDWXUDFLyQHIHFWLYDHQODLQWHUIDVHFULVWDO±SHOtFXODGHPLHOVHUiPHQRUTXHHOGHOD
PLHOHQFRQMXQWRGHELGRDODOLEHUDFLyQGHOFDORUGHFULVWDOL]DFLyQ\ODGLVPLQXFLyQGHOD
FRQFHQWUDFLyQGHODVROXFLyQ3RUORWDQWRODWDVDQHWDVHUiODUHVXOWDQWHGHODIXHU]DTXH
LPSXOVD OD FULVWDOL]DFLyQ \ ODV IXHU]DV TXH OD HVWRUED HVWR HV GH PDQHUD DSUR[LPDGD
SURSRUFLRQDO D OD FDQWLGDG HQ OD TXH HO FRHILFLHQWH GH VREUHVDWXUDFLyQ H[FHGH D OD
XQLGDG

/RV DVSHFWRV WHyULFRV \ HO PHFDQLVPR GH FUHFLPLHQWR GH ORV FULVWDOHV GH VDFDURVD GH
VROXFLRQHVSXUDVHLPSXUDVVHKDQGLVFXWLGRH[WHQVDPHQWHHQODELEOLRJUDItD\9DQ+RRN
FRQFOX\y TXH GDWRV SDUFLDOHV VXJLHUHQ TXH HO WUDQVSRUWH PROHFXODU GLIXVLyQ  HV
UHODWLYDPHQWH SRFR LPSRUWDQWH D WHPSHUDWXUDV EDMDV SHUR VXFHGH OR FRQWUDULR D
WHPSHUDWXUDVPD\RUHV$VtPLVPRFRQFOX\HTXHORVSURFHVRVGHDFRPRGDPLHQWR\GH
GLIXVLyQ DSDUHQWHPHQWH SURFHGHQ D OD PLVPD UDSLGH] DOUHGHGRU GH ORV ƒ& ƒ) 
SHUR KDFH QRWDU TXH VRQ QHFHVDULRV GDWRV PiV JHQHUDOHV \ GHWDOODGRV SDUD UHVROYHU OD
FRPSOLFDGDFLQpWLFDGHOSURFHVR

6L OD GLIXVLyQ QR HV HO SURFHVR TXH FRQWUROD HO FUHFLPLHQWR GHO FULVWDO pVWD HV
LQGHSHQGLHQWHGHODYLVFRVLGDG\ODLQWHQVLGDGGHODDJLWDFLyQ6HGHGXFHHQWRQFHVTXH
HOHIHFWRLQKLELGRUGHODVLPSXUH]DVHQODVXSHUILFLHFULVWDOLQDSXHGHVHUPiVLPSRUWDQWH
TXHODYLVFRVLGDGGHXQDPDVDFRFLGDHQFULVWDOL]DFLyQ

/RVLQYHVWLJDGRUHVGHWHUPLQDQODUD]yQGHFUHFLPLHQWRGHOFULVWDOSRUHOLQFUHPHQWRHQ
OD PDVD GHO PLVPR SHVDGR LQGLYLGXDOPHQWH  GXUDQWH HO LQWHUYDOR GH FUHFLPLHQWR /RV
GDWRV GHOFUHFLPLHQWRGHOFULVWDOVHDQDOL]DQHQWpUPLQRVGHUD]yQGHFUHFLPLHQWRWRWDO
GHELGR D ORV GRV PHFDQLVPRV GH GLIXVLyQ H LQFRUSRUDFLyQ VXSHUILFLDO (VWH DQiOLVLV
UHTXLHUHTXHORVYDORUHVHVWLPDGRVSDUDODVREUHVDWXUDFLyQVHDHOOLPLWH HOYDORUGH66
DSRUDEDMRGHOFXDOODUD]yQGHFUHFLPLHQWRGHOFULVWDOHVFDVLFHUR /RVYDORUHVOLPLWHV
GH 66 VH HWHUPLQDQ SDUD GLIHUHQWHV FRQGLFLRQHV GHO SURFHVR FRQ WLHPSRV GH
FULVWDOL]DFLyQGHKRUDV
/DHFXDFLyQSDUDKDOODUODUD]yQGHFUHFLPLHQWRWRWDOVHXVDSDUDSUHGHFLUODPLVPD\VH
FRPSDUDHQODILJXUD$FRQXQDUHDO

&  N&  VV±VH GRQGH

/ PVV

&  UD]yQFUHFLPLHQWROLQHDOGHOFULVWDOHQΦPK
N FRHILFLHQWHWUDQVIHUHQFLDWRWDOHQµPK÷PROH/
/

  N . 
5 '

 
,QGLFH

N   FRHILFLHQWH GH OD UD]yQ GH GH LQFRUSRUDFLyQ D OD VXSHUILFLH GHO FULVWDO HQ µPK
5

÷PROH/
I 7,$ 
N'  FRHILFLHQWH GH WUDQVIHUHQFLD SDUD OD GLIXVLyQ GH ODV PROpFXODV GH VDFDURVD HQ 
µPK÷PROH/
I 7µϒρ 

6OLP VREUHVDWXUDFLyQOLPLWDQWH
,$±W
7 WHPSHUDWXUDDEVROXWDHQƒ.
µ YLVFRVLGDGGLQiPLFD RDEVROXWD HQ3DV
ϒ UD]yQGHFRUWHHQ6 


/DILJXUD%PXHVWUDXQDIDPLOLDGHFXUYDVUHSUHVHQWDQGRODVOtQHDVGHLJXDOUD]yQ
GH FUHFLPLHQWR TXH KDQ VLGR GHULYDGDV GHVGH ODV H[SUHVLRQHV GH FUHFLPLHQWR \ OD
WUD\HFWRULDySWLPDGHHQIULDPLHQWRSDUDPLHOHVFRQODVSURSLHGDGHVVLJXLHQWHV

,$ 
5F 
5D]yQGHFRUWH 6  


(VDVFXUYDVSXHGHQXVDUVHSDUDGHWHUPLQDUODUD]yQGHFUHFLPLHQWRGHHVWDVPLHOHVSDUD
XQDSXUH]D\WHPSHUDWXUDGDGD'HVGHODFRQVLGHUDFLyQGHHVRVFRQWRUQRVGHODUD]yQGH
FUHFLPLHQWRXQQ~PHURGHSXQWRVLPSRUWDQWHVVRQDSDUHQWHV\HOORVLQFOX\HQ

D $XQDSXUH]DHVSHFtILFD\FRQFHQWUDFLyQGHVyOLGRV ,$ILMR KD\VRODPHQWHXQD
WHPSHUDWXUDDODFXDOODUD]yQGHFUHFLPLHQWRHVPi[LPD3RUHMHPSORGDGDVODV
FRQGLFLRQHVDSOLFDEOHVDODILJ%FRQXQDPLHOGHGHSXUH]DODUD]yQ
Pi[LPDGHFUHFLPLHQWRVHDOFDQ]DDXQDWHPSHUDWXUDGHƒ&(QWRQFHVSDUD
PD[LPL]DUHODJRWDPLHQWRSRWHQFLDOODWHPSHUDWXUDGHODPDVDFRFLGDGHEHVHU
FRQWURODGDDOYDORUUHTXHULGRSDUDPD[LPL]DUODUD]yQGHFUHFLPLHQWRSDUDXQD
SXUH]D HQ SDUWLFXODU HO OLFRU PDGUHHQ FDGD HWDSD (VWR DVHJXUD TXH HO
DJRWDPLHQWRLQFUHPHQWDOGHODPDVDFRFLGDHQFXDOTXLHUHWDSDGHOHQIULDPLHQWR
HVPD[LPL]DGD\HQWRQFHVHODJRWDPLHQWRWRWDOHVPD[LPL]DGR

E &RPRFRQVHFXHQFLDGLUHFWDGHDKD\XQDWHPSHUDWXUDHVSHFtILFDGHGHVFDUJDHQ
HOWDFKRODFXDOSDUDXQDVFRQGLFLRQHVGHGHVFDUJDGDGDVGHODSXUH]DGHODPLHO
ILQDOH,$SRGUtDDOFDQ]DUXQDUD]yQPi[LPDGHFUHFLPLHQWRHQODGHVFDUJDGHO
WDFKR \ DO FRPHQ]DU HO HQIULDPLHQWR (VWD WHPSHUDWXUD HV XQD IXQFLyQ GH OD
SXUH]DGHODVPLHOHV\GHODUD]yQ,$GHODPDVDFRFLGDGHVFDUJDGD

F /RVOLPLWHVSUiFWLFRVHQODSXUH]DGHODPLHO\ODWHPSHUDWXUDGHODPDVDFRFLGD
SXHGHGHWHUPLQDUVHHVWLPDQGRHOOLPLWHHFRQyPLFRGHODUD]yQGHFUHFLPLHQWR


,QIOXHQFLDGHOD7HPSHUDWXUD

/D FULVWDOL]DFLyQDXPHQWDUiSLGDPHQWHDODXPHQWDUODWHPSHUDWXUD/DOLWHUDWXUDVHxDOD
YDULRVHVWXGLRVVREUHODFULVWDOL]DFLyQGHVROXFLRQHVSXUDVSHURKD\UHODWLYDPHQWHSRFRV
HVWXGLRVVREUHVROXFLRQHVLPSXUDV)RVWHULQYHVWLJyHOFUHFLPLHQWRGHFULVWDOHVHQPLHOHV

 
,QGLFH

GH4XHHQVODQG(OGHPXHVWUDXQDXPHQWRVRVWHQLGRGHODFULVWDOL]DFLyQDPHGLGDTXH
OD VREUHVDWXUDFLyQ VH LQFUHPHQWDED D FDGD WHPSHUDWXUD \ FRQ HO DXPHQWR GH OD
WHPSHUDWXUD HQ ORV  LQWHUYDORV GH PD\RU VREUHVDWXUDFLyQ OD FULVWDOL]DFLyQ VH KL]R
PiVUiSLGD,QHVSHUDGDPHQWHSDUDXQFRHILFLHQWHGHVREUHVDWXUDFLyQFHUFDQRDOD
FULVWDOL]DFLyQDƒ&HVPXFKRPiVOHQWDTXHODTXHVHOOHYDDFDERDWHPSHUDWXUDVPiV
EDMDV



7LSR\FRQFHQWUDFLyQGHODVLPSXUH]DV

(Q JHQHUDO WRGDV ODV LPSXUH]DV WLHQGHQ D REVWDFXOL]DU OD FULVWDOL]DFLyQ 9DQ +RRN
LQGLFDTXHODVH[FHSFLRQHVSXEOLFDGDVVRQPX\SRFDV\FRUUHVSRQGHQH[FOXVLYDPHQWHD
HOHFWUROtWRV /DV GLIHUHQWHV LPSXUH]DV WLHQHQ HIHFWRV GLIHUHQWHV GH DTXt TXH ODV
VROXFLRQHV LPSXUDV GH RULJHQ GLIHUHQWH D XQD SXUH]D GDGD YDUtDQ HQ FXDQWR D
FULVWDOL]DFLyQ (QWRQFHV OD FULVWDOL]DFLyQ GHSHQGH QR VyOR GH OD FRQFHQWUDFLyQ GH
LPSXUH]DVVLQRWDPELpQGHODFRPSRVLFLyQGHHOODV/DVLPSXUH]DVWLHQHPXFKRPD\RU
HIHFWRHQODFULVWDOL]DFLyQTXHHQODVROXELOLGDG
&RQUHVSHFWRDH[SHULPHQWRVVREUHHQIULDPLHQWRFRQWURODGRVHQIiEULFDVGH4XHHQVODQG
)RVWHUGHWHUPLQyHQIRUPDJHQHUDOODUDSLGH]GHFULVWDOL]DFLyQHQYDULDVPDVDVFRFLGDVD
XQ FRHILFLHQWH GH VREUHVDWXUDFLyQ GH  \ WHPSHUDWXUDV HQWUH ORV ƒ \ ƒ&  \
ƒ) 
)RVWHU SXQWXDOL]D TXH FRQWLQ~D XQD FULVWDOL]DFLyQ DSUHFLDEOH DXQ D PX\ EDMDV
SXUH]DV\VHKDHVWDEOHFLGRTXHHO~QLFRIDFWRUUHDOTXHFRQWURODHODJRWDPLHQWRHQ
OD IiEULFD HQ 4XHHQVODQG HV OD DOWD YLVFRVLGDG GH ODV PLHOHV GH DOWD SXUH]D &RQ
UHIHUHQFLDDODVSUXHEDVFRQXQFULVWDOL]DGRUHQPLQLDWXUD)RVWHULQIRUPDTXHPHQRVGH
 KRUDV GHVSXpV GH WHUPLQDU HO HQIULDPLHQWR ODV PLHOHV HVWDEDQ PX\ FHUFD GH OD
VDWXUDFLyQ

0RYLPLHQWRGHORVFULVWDOHV\FRQFHQWUDFLyQ

&XDQWRPiVFHUFDQRVHVWpQORVFULVWDOHVGHXQDPDVDFRFLGD\PD\RUVHDVXPRYLPLHQWR
UHODWLYR PiV GHOJDGD VHUi OD SHOtFXOD GH OD FDSD GH LQWHUIDVH GH MDUDEH SDUFLDOPHQWH
DJRWDGRDOUHGHGRUGHFDGDFULVWDO7DQSURQWRFRPRODFULVWDOL]DFLyQFDHEDMRHOFRQWURO
GHO SURFHVR GLIXVLRQDO pVWD DXPHQWD SRU HO PRYLPLHQWR UHODWLYR GH ORV FULVWDOHV /D
VHSDUDFLyQHQWUHORVFULVWDOHVHVIXQFLyQGHODUHODFLyQFULVWDOHVDJXDVPDGUHV UHODFLyQ
FULVWDOMDUDEH  (O PRYLPLHQWR UHODWLYR GHSHQGH GH OD LQWHQVLGDG GHO PRYLPLHQWR GH OD
PDVDFRFLGD

5HODFLyQFRQHOiUHDVXSHUILFLDOGHORVFULVWDOHV

7DQWR HO iUHD H[SXHVWD GH OD HVWUXFWXUD FULVWDOLQD FRPR OD GLIXVLyQ HQ VX WRWDOLGDG VRQ
SURSRUFLRQDOHVDOiUHDGHORVFULVWDOHV/DUDSLGH]GHODFULVWDOL]DFLyQHVSURSRUFLRQDOD
ODIRUPDDSUR[LPDGDDOiUHDGHOFULVWDOFXDQGRRWURVIDFWRUHVVRQLJXDOHV$PHGLGDTXH
WUDQVFXUUH OD FULVWDOL]DFLyQ ORV FULVWDOHV FUHFHQ \ HO iUHD WRWDO GHO FULVWDO DXPHQWD HQ
SURSRUFLyQ DOFXDGUDGR GHXQRGH VXVODGRV3DUDXQSHVRGDGRGHD]~FDUHO iUHDGHO
FULVWDOHVLQYHUVDPHQWHSURSRUFLRQDODOPHQFLRQDGRODGR


 
,QGLFH

(O iUHD WRWDO GH FULVWDOHV GH XQD PDVD FRFLGD ILQDO GH EDMD SXUH]D FRQ UHVSHFWR D VX
FRQWHQLGR GH PLHO HV XQD GH ODV SURSLHGDGHV TXH GHWHUPLQDQ HO tQGLFH WRWDO GH
FULVWDOL]DFLyQ\ODFDtGDGHSXUH]DHQHOFULVWDOL]DGRU

&RQWHQLGRGH&ULVWDOHV

8QIDFWRULPSRUWDQWHTXHLQIOX\HHQODWpFQLFDGHORVFULVWDOL]DGRUHVHVODUHODFLyQHQWUH
HO iUHD VXSHUILFLDO GH ORV FULVWDOHV \ HO YROXPHQ GH ODV DJXDV PDGUHV (O WDPDxR \ OD
FRQFHQWUDFLyQ GH ORV FULVWDOHV HQ OD PDVD FRFLGD GHWHUPLQDQ HO iUHD VXSHUILFLDO GH ORV
FULVWDOHV GH pVWD 3DUD XQ WDPDxR GDGR GH FULVWDOHV HO iUHD VXSHUILFLDO FULVWDOLQD GH OD
PDVDFRFLGDHVGLUHFWDPHQWHSURSRUFLRQDODOFRQWHQLGRGHFULVWDOHV(VWHVHFDOFXODFRQ
ODHFXDFLyQ+DZDLDQD

GHFULVWDOHVHQODPDVDFRFLGD

SXUH]DGHODPDVDFRFLGD − SXUH]DGHODPLHO
 ;VyOLGRVSRUUHIUDFWRPHWUtDGHODPDVDFRFLGD
 − SXUH]DGHODPLHO

$SOLFDQGRODHFXDFLyQ6-0

  SXUH]DGHODPDVDFRFLGD − SXUH]DGHODPLHO
; 
SXUH]DGHODPDVDFRFLGD  − SXUH]DGHODPLHO


6XSRQLHQGR XQD FULVWDOL]DFLyQ FRQVWDQWH SRU XQLGDG GH iUHD VXSHUILFLDO VH GHVSUHQGH
TXHODDEVRUFLyQGHVDFDURVDHQORVFULVWDOHVDSDUWLUGHODVDJXDVPDGUHVVHUiWDPELpQ
GLUHFWDPHQWHSURSRUFLRQDODOiUHDVXSHUILFLDOGHORVFULVWDOHV3RUORWDQWRFRQORVGHPiV
IDFWRUHV FRQVWDQWHV D PD\RU VXSHUILFLH GH FULVWDOHV PD\RU VHUi HO DJRWDPLHQWR GH ODV
DJXDV PDGUH SDUD XQ WLHPSR GDGR GH DFRQGLFLRQDPLHQWR PHQRU VHUi OD SXUH]D GH OD
PLHOILQDO3RUHVWDUD]yQHVYHQWDMRVRPDQWHQHUHOFRQWHQLGRGHFULVWDOHVWDQDOWRFRPR
OR SHUPLWDV ORV OLPLWHV GH OD FDSDFLGDG GH PDQHMR HQ FXDQWR YLVFRVLGDG GH OD PDVD
FRFLGD

$GHPiVGHODWHPSHUDWXUDORVGRVIDFWRUHVSULQFLSDOHVTXHGHWHUPLQDQODYLVFRVLGDGGH
XQDPDVDFRFLGDVRQODYLVFRVLGDGGHODVDJXDVPDGUH\HOFRQWHQLGRGHFULVWDOHV(QOD
VHFFLyQ DQWHULRUVHLQGLFyTXHGHEHPDQWHQHUVH XQDDOWDGHQVLGDG \YLVFRVLGDGGHODV
DJXDVPDGUH\DTXHHVWRIDYRUHFHHOEXHQDJRWDPLHQWRGHODPLHO6LQHPEDUJRSXHVWR
TXH WDQWR OD YLVFRVLGDG GH ODV DJXDV PDGUH GLVPLQX\H HQ DOJ~Q JUDGR HO FRQWHQLGR
SHUPLVLEOHGHFULVWDOHV(QODSUiFWLFDHOFRQWHQLGRGHFULVWDOHVGHODPDVDFRFLGDGHEH
VHUHOPiVDOWRSRVLEOHTXHFRQXQDPLHOGHDOWDYLVFRVLGDGGHXQDPDVDFRFLGDFRQOD
Pi[LPDYLVFRVLGDGFRPSDWLEOHFRQODPDQHMDELOLGDG
3RU DUULED GH HVWH QLYHO GH FRQFHQWUDFLyQ GH FULVWDOHV OD PRYLOLGDG GH OD PDVD FRFLGD
GLVPLQXLUi UiSLGDPHQWH H[FHGLHQGR OD FDSDFLGDG PHFiQLFD GHO FULVWDOL]DGRU 6L VH
FRUULJHDxDGLHQGRDJXDDODPDVDFRFLGDODYLVFRVLGDGGHODVDJXDPDGUHGLVPLQXLUi\
DOJRGHD]~FDUFULVWDOLQDGLVROYHUi$PERVHIHFWRVLQFUHPHQWDUiQODSXUH]DGHODVPLHOHV
ILQDOHV OR TXH WLHQGH D DQXODU HO SURSyVLWR GH ORJUDU XQD FRQFHQWUDFLyQ GH FULVWDOHV
HOHYDGD 'H LJXDO PDQHUD VL HO QLYHO GH FRQFHQWUDFLyQ GH FULVWDOHV HV PHQRU TXH HO
ySWLPR HVWDEOHFLGR OD FDtGD GH OD SXUH]D HQ HO FULVWDOL]DGRU VHUi SDUD XQ WLHPSR GH
WUDWDPLHQWRGDGRPHQRU\ODVPLOHVILQDOHVWHQGUiQXQDSXUH]DPD\RU

 
,QGLFH


/DV DQWHULRUHV FRQVLGHUDFLRQHV HVWiQ EDVDGDV HQ OD SURGXFFLyQ GH PLHOHV ILQDOHV  D
YLVFRVLGDG \ WHPSHUDWXUD GH VDWXUDFLyQ QRUPDOHV GHWHUPLQDGD SRU OD FDSDFLGDG
Pi[LPDVGHODVFHQWUtIXJDVSDUDVHSDUDUORVFULVWDOHVGHODVPLHOHV6LODYLVFRVLGDGROD
WHPSHUDWXUD GH VDWXUDFLyQ VH UHGXFH GHEDMR GH HVWH Pi[LPR SXHGH VHSDUDUVH XQ
DXPHQWRGHODVSXUH]DV HQODVPLHOHVILQDOHVFRPRVHPXHVWUDHQODVILJXUDV'H
HVWRVHGHGXFHHQWRQFHVTXHHOFRQWHQLGRGHFULVWDOHVGHODPDVDFRFLGDGHEHPDQWHQHUVH
D XQ QLYHO HQ HO TXH QR VHD QHFHVDULR KDFHU XQD UHGXFFLyQ FRPSHQVDWRULD HQ OD
YLVFRVLGDGGHODVPLOHV

([LVWHXQOLPLWDQWHVXSHULRUGHODFRQFHQWUDFLyQGHFULVWDOHVHQHOTXHODSUHVHQFLDGH
PiV FULVWDOHV GLVPLQX\H FRQVLGHUDEOHPHQWH OD PRYLOLGDG GH OD PDVD FRFLGD KDVWD TXH
FHVDWRWDOPHQWH*LOOHWHVWXGLyHVWRVOLPLWHVVXSHULRUHVHQODVPHOD]DVGH+DZDL\VREUH
XQD EDVH YROXPpWULFD HQFRQWUy XQD UHODFLyQ OLPLWH OtTXLGR VyOLGR D OD WHPSHUDWXUD GH
SXUJDGRGHƒ& ƒ) TXHHVDSUR[LPDGDPHQWHFRPRVLJXH


3RUXQLGDGGHYROXPHQ
GHPDVDFRFLGD  


)DVHVyOLGD YROXPHQUHDOGHFULVWDOHV     
)DVHOtTXLGD SDUDOOHQDUSRURVHQWUHFULVWDOHV    
)DVHOtTXLGD H[FHGHQWHSDUDODIOXLGH]     

/RDQWHULRUHTXLYDOHDXQYROXPHQDSDUHQWHGHFULVWDOHV OHFKRHPSDFDGR GHO(O
SRUFHQWDMHHTXLYDOHQWHGHFULVWDOHVSRUSHVRGHVyOLGRVHQODPDVDFRFLGDVHFDOFXODTXH
HV GH  IyUPXOD 0ROOHU GDGD DQWHULRUPHQWH  /D WDEOD  GHELGD D *LOOHW LQGLFD OD
UHODFLyQ DSUR[LPDGD HQWUH HO YROXPHQ YHUGDGHUR \ DSDUHQWH GH ORV FULVWDOHV /RV
H[SHULPHQWRVFRQPDVDVFRFLGDVGH


7$%/$;;;,;

GHYROXPHQ      GHYROXPHQ
YHUGDGHURGHFULVWDOHV     DSDUHQWHGHFULVWDOHV
HQODPDVDFRFLGD      HQODPDVDFRFLGD

 
  
 
 
 
 
 

UHILQHUtDGHEDMDSXUH]DGHPRVWUDURQTXHHQODVFRQGLFLRQHVSUHYDOHFLHQWHVORVOtPLWHV
ySWLPRVGHYROXPHQDSDUHQWHGHODVPDVDVFRFLGDVHQODVSULQFLSDOHVHWDSDVGHOSURFHVR
IXHURQDSUR[LPDGDPHQWHORVVLJXLHQWHV


 
,QGLFH



















 
,QGLFH

7tSLFRVSDUDEXHQDHYDSRUDFLyQHQODVWDEODV  
0i[LPRDSUR[LPDGRSDUDFULVWDOL]DGRUHV   
0i[LPRDSUR[LPDGRSDUDFHQWUtIXJDV   

/RVYDORUHVPHGLGRVGHFDGDLQWHUYDORVHFRQVLGHUDQORVPiVIDYRUDEOHV


9ROXPHQDSDUHQWHGHORVFULVWDOHV


(VWDV UHODFLRQHV YROXPpWULFDV VH GHWHUPLQDQ IiFLOPHQWH PHGLDQWH XQ DSDUDWR TXH
H[SXOVDGHODPDVDFRFLGDHOH[FHVRGHDJXDVPDGUHVDSOLFDQGRXQDSUHVLyQSRUPHGLR
KLGUiXOLFRV\GHMDVyORODVROXFLyQQHFHVDULDSDUDOOHQDUORVSRURVGHODPDVDFULVWDOLQD
(O SRUFHQWDMH GH UHGXFFLyQ HQ HO YROXPHQ GH OD PDVD  FRFLGD WRWDO TXH UHVXOWD GH OD
HOLPLQDFLyQGHOH[FHVRGHPLHOKDVLGROODPDGRHOIDFWRUGHFRQWUDFFLyQ(OGLVSRVLWLYR
XVDGRSDUDHVWDGHWHUPLQDFLyQVHLOXVWUDHQODILJXUD/DH[SHULHQFLDKDGHPRVWUDGR
TXHHVXQDH[SHULHQFLDYDOLRVDPHGLDQWHODFXDOHOYROXPHQDSDUHQWHGHFULVWDOHVHQOD
PDVD FRFLGD SXHGH FRQRFHUVH UiSLGD \ IiFLOPHQWH HQ FXDOTXLHUD GH ORV SDVRV  GHO
SURFHVRGHVGHHOWDFKRKDVWDODFHQWUtIXJD

(O H[FHVRGHDJXDVPDGUHTXHQRHVWiQFRQWHQLGDVHQHOOHFKRGHFULVWDOHVHPSDFDGRV
WLHQHQ XQD IXQFLyQ OXEULFDQWH \ HVWi GLUHFWDPHQWH UHODFLRQDGR FRQ OD PRYLOLGDG GH OD
PDVDFRFLGD8QDFRUUHODFLyQGHHVWDVYDULDEOHVSXHGHVHUGHD\XGDHQODLQWHUSUHWDFLyQ
\FRQWUROGHOFRPSRUWDPLHQWRGHORVFULVWDOL]DGRUHV

'HELGR D ODV OLPLWDFLRQHV GH FULVWDOL]DGRUHV \ FHQWUtIXJDV SDUD PDQHMDU PDVDV FRFLGDV
PX\YLVFRVDVODVYLVFRVLGDGHVySWLPDVYDUtDQHQODVGLIHUHQWHVIiEULFDV\FRQHOFDUiFWHU
GHO PDWHULDO TXH VH PDQHMD 3RU FRQVLJXLHQWH QR HV SRVLEOH HVWDEOHFHU XQD QRUPD
XQLYHUVDOPHQWHDFHSWDGDSDUDODFRQFHQWUDFLyQGHFULVWDOHV/DFRQFHQWUDFLyQySWLPDGH
FULVWDOHV GHEH GHWHUPLQDUVH VyOR D WUDYpV GHO DQiOLVLV GH ORV IDFWRUHV GRPLQDQWHV TXH
SUHYDOHFHQ ORFDOPHQWH /RV H[SHULPHQWRV D HVWH UHVSHFWR GLILHUHQ DPSOLDPHQWH .HOO\
LQYHVWLJy ODV YLVFRVLGDG Pi[LPD GH ODV PDVDV FRFLGDV \ FRQFOX\y TXH ORV FULVWDOHV QR
WHQGUiQPRYLPLHQWRFXDQGRHOFRQWHQLGRFULVWDOLQRVHDPD\RUGHO\DOODPDVD
FRFLGD SLHUGH FRPSOHWDPHQWH OD IOXLGH] $GNLQV DO HVWXGLDU HO HIHFWR GHO FRQWHQLGR
FULVWDOLQRVREUHODYLVFRVLGDGGHPRVWUyTXHHOORJDULWPRGHODYLVFRVLGDGHVXQDIXQFLyQ
OLQHDOGHOFRQWHQLGRGHFULVWDOHVKDVWDHO\HO/DYLVFRVLGDGFUHFHUiSLGDPHQWH
SRUDUULEDGHXQFRQWHQLGRFULVWDOLQRGH\HVWHSRUFHQWDMHUHSUHVHQWDQRUPDOPHQWH
HOOtPLWHVXSHULRUSDUDHOWUDEDMRDXQTXHVHKDLQIRUPDGRGHOOtPLWHKDVWDGHO(QOD
SUiFWLFD HO FRQWHQLGR FULVWDOLQR GH ODV PDVDV FRFLGDV YDUtDQ GHQWUR GHO OtPLWHV PX\
DPSOLRV6LQHPEDUJRORPiVIUHFXHQWHHVTXHHVWROLPLWHVHVWpQGHQWURGHODO
9HQWRQHQVXVHVWXGLRVFRQPLHOHVGH4XHHQVODQGFRQFOX\HTXHHOFRQWHQLGRFULVWDOLQR
GHXQDPDVDFRFLGDGHEUL[RPiVQRGHEHH[FHGHUGHO

7DPDxRGHOFULVWDO

(O WDPDxR GHO FULVWDO HV LPSRUWDQWH SXHVWR TXH LQIOX\H VREUH OD UDSLGH] \ HO JUDGR GH
DJRWDPLHQWRGHODVPLHOHVODHILFLHQFLDGHODV FHQWUtIXJDV \ODWHQGHQFLDGHODVPDVDV
FRFLGDV D IRUPDU JUDQR HVSRQWiQHR JUDQR IDOVR  GXUDQWH HO HQIULDPLHQWR 7DQWR ORV
FULVWDOHVJUDQGHVFRPRORVSHTXHxRVWLHQHYHQWDMDV\GHVYHQWDMDV(OWDPDxRySWLPRGH
FULVWDOHVHQXQDPDVDFRFLGDHVHQHOPHMRUGHORVFDVRVXQDDYHQHQFLDHQWUHLQIOXHQFLDV

 
,QGLFH

RSXHVWDV'LFKRWDPDxRySWLPRGHSHQGHHQJUDGRFRQVLGHUDEOHGHODYLVFRVLGDGGHODV
DJXDVPDGUHVFXDQGRVRQSXUJDGDV\ODFDSDFLGDGGHODVFHQWUtIXJDVSDUDHIHFWXDUXQD
EXHQDVHSDUDFLyQGHFULVWDOHV\PHOD]DV


(IHFWRGHODJRWDPLHQWRGHODVPLHOHVHQODHILFLHQFLDGHODVFHQWUtIXJDV

&XDQWR PiV SHTXHxRV VHDQ ORV FULVWDOHV PD\RU VHUi HO iUHD VXSHUILFLDO SRU XQLGDG GH
SHVRGLVSRQLEOHSDUDHOGHSyVLWRGHVDFDURVDSURYHQLHQWHGHODVDJXDVPDGUHVGXUDQWHHO
FRFLQDGR\HOHQIULDPLHQWR6LRWURVIDFWRUHVSHUPDQHFHQFRQVWDQWHVODUDSLGH]FRQTXH
ODV DJXDV PDGUHV VRQ DJRWDGDV HQ FXDQWR D VDFDURVD UHFXSHUDEOH HV GLUHFWDPHQWH
SURSRUFLRQDO DO iUHD VXSHUILFLDO GH ORV FULVWDOHV GH OD PDVD FRFLGD 3RU OR WDQWR FRQ
FULVWDOHVPiVSHTXHxRVGHEHVHUSRVLEOHREWHQHUODYHQWDMD \DVHDGHXQDPLHOILQDOGH
PHQRU SXUH]D R ELHQ XQD PLHO GH OD PLVPD SXUH]D HQ PHQRV WLHPSR 3RU RWUR ODGR
FXDQWR PiV SHTXHxRV VHDQ ORV FULVWDOHV PHQRU VHUi OD HILFLHQFLD GH ODV FHQWUtIXJDV \
PD\RU ODFDQWLGDGGHPHOD]DVTXHVHYROYHUiQD HYDSRUDUFRQHOD]~FDUFUXGRGHEDMD
SXUH]D$GHPiVXQDPDVDFRFLGDFRQFULVWDOHVSHTXHxRVWLHQHODGHVYHQWDMDDGLFLRQDOGH
QHFHVLWDUFHQWUtIXJDVGHPD\RUFDSDFLGDGTXHXQDGHFULVWDOHVJUDQGHVDODPLVPDWDVD
GHSURGXFFLyQ(VWRVHGHEHDODEDMDSRURVLGDGGHODSDUHGGHD]~FDUHQODFDQDVWDGH
ODVFHQWUtIXJDV\ODPD\RUiUHDVXSHUILFLDOGHOD]~FDU

$SHVDUGHTXHHOWDPDxRySWLPRGHORVFULVWDOHVGXUDQWHHOSXUJDGRGHPDVDVFRFLGDVGH
EDMDSXUH]DYDUtDFRQVLGHUDEOHPHQWHGHSHQGLHQGRGHODVFRQGLFLRQHVORFDOHVHOWDPDxR
SURPHGLRXVXDOPHQWHHVWiHQWUH\PP/DUHODFLyQFDOFXODGDHQWUHWDPDxRiUHD
VXSHUILFLDO \ iUHD UHODWLYD GH OD VHFFLyQ WUDQVYHUVDO GHO SRUR GH XQ OHFKR GH FULVWDOHV
HPSDFDGRVVHPXHVWUDHQODWDEODSDUDHOLQWHUYDORGHWDPDxRDQWHVPHQFLRQDGR

&OD\WRQHVWXGLyODVUHODFLRQHVGHOWDPDxRGHORVFULVWDOHV\ODYLVFRVLGDGGHODVPLHOHV
FRQ OD HILFLHQFLD  GHO FHQWULIXJDGR \ FRQ EDVH HQ HOOR FRQVWUX\y XQ QRPRJUDPD SDUD
GHWHUPLQDU OD FDSDFLGDG GH XQD FHQWUtIXJD VLPSOH SDUD EDMD SXUH]D \ HQ FRQGLFLRQHV
IDEULOHVHQ4XHHQVODQG%HKQHHQVXWUDEDMRVREUHWUDWDPLHQWRGHPDVDVFRFLGDVGHEDMD
SXUH]DVXVDHVWHQRPRJUDPDSDUDDQDOL]DUORVDVSHFWRVHFRQyPLFRVGHODFDSDFLGDGGHO
GHSDUWDPHQWRGHFHQWUtIXJDVGHEDMDSXUH]D

7$%/$;/

&RUUHODFLyQHQWUHORVFULVWDOHV\ODVPDOODVGHODO

0DOOD  7DPDxR PP  iUHDVXSHUILFLDOGHiUHDVXSHUILFLDOiUHDUHODWLYDGHOD
    'HO PPPJ   UHODWLYD VHFFLyQWUDQVYHUVDO
          
          
          
          
          







 
,QGLFH

)RUPDFLyQHVSRQWiQHDGHFULVWDOHV

6L OD PDVD FRFLGD HV GHILFLHQWH HQ FXDQWR D iUHD VXSHUILFLDO GH ORV FULVWDOHV \ OD
VREUHVDWXUDFLyQHVDOWDHVSUREDEOHTXHODIRUPDFLyQHVSRQWiQHDGHFULVWDOHVVHSUHVHQWH
GXUDQWH HO HQIULDPLHQWR HQ HO FULVWDOL]DGRU 7DOHV FULVWDOHV HVSRQWiQHRV JUDQR IDOVR 
UHDUD YH] FUHFHQ OR VXILFLHQWH SDUD VHU UHWHQLGRV SRU OD PDOOD GH OD FHQWUtIXJD HQ
FRQVHFXHQFLD OD PD\RUtD SDVDQ MXQWR FRQ OD PHOD]D \ HOHYDQ OD SXUH]D GH pVWD /RV
FULVWDOHVTXHVRQUHWHQLGRVSRUODPDOODWLHQGHQDUHGXFLUODHILFLHQFLDGHODSXUJD
(O iUHD VXSHUILFLDO FULVWDOLQD GH OD PDVD FRFLGD HV GHWHUPLQDGD SRU HO FRQWHQLGR \ HO
WDPDxR GH VXV FULVWDOHV .HOO KD GHVDUUROODGR OD IyUPXOD VLJXLHQWH SDUD H[SUHVDU OD
UHODFLyQ HQWUH HO iUHD FULVWDOLQD SRU XQLGDG GH SHVR GH PLHO QHFHVDULD SDUD HYLWDU OD
IRUPDFLyQHVSRQWiQHDGHFULVWDOHV\ODSXUH]DGHODPLHODYDULRVJUDGRVGHVDWXUDFLyQ

63  .



'RQGH

6  iUHDVXSHUILFLDO SLHV OEGHDJXDVPDGUHV 


3  SXUH]DYHUGDGHUDGHODVDJXDVPDGUHV
.  DXQDVREUHVDWXUDFLyQGH
  DXQDVREUHVDWXUDFLyQGH
  DXQDVREUHVDWXUDFLyQGH
  DXQDVREUHVDWXUDFLyQGH

1RREVWDQWHTXHHVSRVLEOHHVSHUDUTXHODUHODFLyQLOXVWUDGDSRUHVWDIyUPXODFDPELHHQ
DOJXQD PHGLGD GHSHQGLHQGR GH ODV FDUDFWHUtVWLFDV GH ORV QR D]~FDUHV HOOR LQGLFD TXH
SXHGHHVSHUDUVHODIRUPDFLyQGHJUDQRIDOVRVLHOiUHDVXSHUILFLDO6FULVWDOLQDHVPHQRU
TXHHOYDORUGDGRSRUODHFXDFLyQ

$SDUWLUGHOWUDEDMRGH'ULQQHQHOYDORUGH6SXHGHHVWLPDUVHFRQODIyUPXODVLJXLHQWH



 ;
6  
/  − ;

'RQGH

;  FRQWHQLGRFULVWDOLQRGHODPDVDFRFLGD
/  /RQJLWXGSURPHGLRGHORVGDWRVGHORVFULVWDOHV PP 

(Q OD SUiFWLFD HO YDORU OLPLWDQWH  GH OD VREUHVDWXUDFLyQ HVWi HQWUH  \ 
6XSRQLHQGRXQDPDVDFRFLGDGHGHSXUH]DFRQXQFRQWHQLGRGHFULVWDOHVGH\
XQDVREUHVDWXUDFLyQGH'ULQQHQFDOFXODTXHODORQJLWXGSURPHGLRGHORVODGRVGH
ORVFULVWDOHV/GHEHVHUGHPPSDUDHYLWDUHOULHVJRGHIRUPDFLyQGHJUDQRIDOVR

8QLIRUPLGDGGHORVFULVWDOHV

(Q OR TXH UHVSHFWD D XQD DPSOLD YDULDFLyQ HQ HO WDPDxR GH ORV FULVWDOHV GH ODV PDVDV
FRFLGDVGHEDMDSXUH]DH[LVWHXQDVHULDREMHFLyQ

 
,QGLFH

&XDQGR H[LVWH XQD PH]FOD GH FULVWDOHV GH YDULRV WDPDxRV HO YROXPHQ GH ORV SRURV GHO
D]~FDUGLVPLQX\H\HOGUHQDMHGHODVPHOD]DVVHKDFHPiVOHQWR\PHQRVFRPSOHWRHQODV
FHQWUtIXJDV
&RQ HO FRQWURO DGHFXDGR WDQWR GH ODV WHPSODV FRPR GH ORV FULVWDOL]DGRUHV HV SRVLEOH
REWHQHU GH PDQHUD FRQVLVWHQWH FULVWDOHV GH XQLIRUPLGDG VXILFLHQWH OR TXH SHUPLWH
REWHQHUXQD]~FDUGHEDMRJUDGR\PD\RUSXUH]D(OJUDQRXQLIRUPHWDPELpQSXHGHGDU
FRPR UHVXOWDGR PDVDV FRFLGDV GH PD\RU GHQVLGDG OR TXH GHEH GDU XQD PHMRU
UHFXSHUDFLyQ$VtPLVPRH[LVWHODSRVLELOLGDGGHGLVPLQXLUHOWDPDxRGHOFULVWDO\HVWR
HV LPSRUWDQWH SRUTXH HO iUHD FULVWDOLQD GH OD PDVD FRFLGD SXHGH DXPHQWDUVH
PDWHULDOPHQWH PHGLDQWH XQD UHGXFFLyQ QRPLQDO HQ HO WDPDxR GHO FULVWDO /R DQWHULRU
VLJQLILFD OD SRVLELOLGDG GH DXPHQWDU OD FDtGD GH SXUH]D \ FRQ HVR UHGXFLU PiV D~Q OD
SXUH]D GHODVPLHOHV%HQHILFLRVSDUHFLGRVVHREWLHQHQDXPHQWDQGRODGHQVLGDGGHODV
DJXDV PDGUHV SXHVWR TXH OD PD\RU VREUHVDWXUDFLyQ TXH UHVXOWD WLHQGH D DJRWDU GH
PDQHUDPiVFRPSOHWDODVPHOD]DV

3XUH]DGHODPDVDFRFLGD

(QODVHFFLyQDQWHULRU\DVHDSXQWyTXHHOFRQWHQLGRFULVWDOLQRGHXQDPDVDFRFLGDILQDO
GHEDMDSXUH]DGHEHVHUWDQDOWRFRPRORSHUPLWDQODYLVFRVLGDGGHODVDJXDVPDGUH\OD
FDSDFLGDGGHORVFULVWDOL]DGRUHVSDUDPDQHMDUOD3XHVWRTXHHOFRQWHQLGRGHFULVWDOHVHV
HQ HIHFWR HO UHQGLPLHQWR HQ FXDQWR D FULVWDOHV YHUGDGHURV GH OD PDVD FRFLGD HVWi
HQWRQFHVFRQWURODGDSRUODSXUH]DGHODPDVDFRFLGD\ODSXUH]DGHODVPLHOHVILQDOHV/D
SXUH]D ySWLPD GH OD PDVD FRFLGD SXHGH FDOFXODUVH IiFLOPHQWH FRQ OD IyUPXOD 6-0
FXDQGRVHFRQRFHODFRQFHQWUDFLyQGHVHDGDGHFULVWDOHV\ODSXUH]DTXHVHGHVHDREWHQHU
HQODVPHOD]DV
6H KD FDOFXODGR TXH XQ HUURU GH ±  HQ OD FRQFHQWUDFLyQ ySWLPD GH FULVWDOHV
WHyULFDPHQWHGHULYDHQXQDSXUH]DHQODVPHOD]DVGH±SXQWRV

5HVXPHQGHODVSURSLHGDGHVySWLPDVHQODVPDVDVFRFLGDV

'H WRGR OR GLFKR DQWHULRUPHQWH HV HYLGHQWH TXH GHQWUR GH ORV OLPLWHV GH OD SUiFWLFD
IDEULOHVLPSRVLEOHREWHQHUODVSURSLHGDGHVySWLPDVGHODVPDVDVFRFLGDVGHEDMDSXUH]D
PHGLDQWH HO DMXVWH DGHFXDGR GH ORV GLYHUVRV IDFWRUHV VXMHWRV D FRQWURO HQ ORV WDFKRV 
(QWRQFHVSDUDFXDOTXLHUVLWXDFLyQSDUWLFXODUJHQHUDOPHQWHHODJRWDPLHQWRGHODVPHOD]DV
HVSRVLEOHPD[LPL]DUORVLVHFXPSOHQODVVLJXLHQWHVFRQGLFLRQHV

 /D PDVD FRFLGD VH HYDSRUD D OD GHQVLGDG Pi[LPD GHQWUR GH ORV
OtPLWHV LPSXHVWRV SRU OD FDSDFLGDG GH ORV FULVWDOL]DGRUHV \ ODV
FHQWUtIXJDV

 /DV DJXDV PDGUHV GH OD PDVD FRFLGD VH FRQFHQWUDQ KDVWD XQD
GHQVLGDG TXH RULJLQH GHVSXpV GHO DFRQGLFLRQDPLHQWR HQ HO
FULVWDOL]DGRUXQDWHPSHUDWXUDGHVDWXUDFLyQHQODVPLHOHVILQDOHV
FHUFDQDDƒ& ƒ) 

 (OiUHDVXSHUILFLDOFULVWDOLQDGHODPDVDFRFLGDFRQUHVSHFWRDODV
DJXDVPDGUHVHVODWDQDOWDFRPRODPDQHMDELOLGDGORSHUPLWD


 
,QGLFH

 (O WDPDxR GH ORV FULVWDOHV VHD OR VXILFLHQWHPHQWH JUDQGH SDUD
SHUPLWLU XQD EXHQD VHSDUDFLyQ GH FULVWDOHV \ PHOD]DV HQ ODV
FHQWUtIXJDV

 /DYLVFRVLGDGGHODVPLHOHVILQDOHVDODWHPSHUDWXUDGHVDWXUDFLyQ
HV WDQ DOWD FRPR OR SHUPLWD OD EXHQD VHSDUDFLyQ GH FULVWDOHV \
PHOD]DVHQODVFHQWUtIXJDVHVGHFLUGHDSRLVHV

 < ILQDOPHQWH OD SXUH]D GH OD PDVD FRFLGD HV OR VXILFLHQWHPHQWH
DOWDSDUDSURSRUFLRQDUHOFRQWHQLGRFULVWDOLQRySWLPR

 7DPELpQ SDUD DOFDQ]DU XQ EXHQ DJRWDPLHQWR GH OD PLHO ILQDO HV
QHFHVDULRWHQHUXQDLQIRUPDFLyQGHWDOODGDGHORVSDVRVQHFHVDULRV
SDUD REWHQHU XQ PHMRU GLVHxR \ GHFLVLRQHV GH UHQGLPLHQWR WDO
LQIRUPDFLyQLQFOX\H

• 0DWHULD VHFD \ SXUH]D ySWLPD GH OD PDVD FRFLGD DO GHVFDUJDU HO
WDFKR

• (OSHUILOGHHQIULDPLHQWRLGHDO HFRQyPLFDPHQWHMXVWLILFDEOH 

• /RV PpWRGRV UHODWLYRV GH OD OXEULFDFLyQ GH PLHOHV  YHUVXV ORV
SURFHGLPLHQWRV GH UHFDOHQWDPLHQWR SDUD DFRQGLFLRQDU OD PDVD
FRFLGDDQWHVGHSXUJDUOD

• /DLQIOXHQFLDGHODUD]yQGHFRUWHVREUHODUD]yQGHFULVWDOL]DFLyQ

• /DVHOHFFLyQGHOFULVWDOL]DGRUDGHFXDGR


1yWHVH TXH GH WRGRV ORV IDFWRUHV OD YHORFLGDG VH FRQYLHUWH HQ XQ IDFWRU OLPLWDQWH TXH
FRQWUROD(OJUDGRGHHVWDOLPLWDFLyQORGHWHUPLQDODVFRQVLGHUDFLRQHVLPSXHVWDVSRUOD
PRYLOLGDG GH OD PDVD FRFLGD FRQ UHVSHFWR DO IOXMR FDSDFLGDG GH DJLWDFLyQ GH
FULVWDOL]DFLyQGXUDQWHHOSURFHVRGHHQIULDPLHQWR\ODFDSDFLGDGGHODVFHQWUtIXJDVSDUD
XQDEXHQDVHSDUDFLyQGHORVFULVWDOHV6LHPSUHVHUHTXLHUHHQFRQWUDUHOSXQWRPHGLRPiV
FRQYHQLHQWHHQWUHHVWDVFRQGLFLRQHV

'HVGHTXHORVDJHQWHVWHQVRDFWLYRVRVXUIDFWDQWHVIXHURQLQWURGXFLGRVHQHOFRFLQDGRGH
WHPSODVHOIDFWRUOLPLWDQWHYLVFRVLGDGSXHGHVHUPRGLILFDGRHQJUDQPHGLGD$XQTXH
HQ FRQGLFLRQHV GHVIDYRUDEOHV GLFKRV DJHQWHV VH DSOLFDQ SRU OR JHQHUDO HQ ORV WDFKRV
SDUDORJUDUYHQWDMDVGHWLSRJHQHUDOWDPELpQSXHGHQDJUHJDUVHDORVFULVWDOL]DGRUHVSDUD
PHMRUDUHODJRWDPLHQWRGHODVDJXDVPDGUHV\ODHILFLHQFLDGHODVFHQWUtIXJDV

/$9,6&26,'$''(/$60,(/(6<()(&726'(/26685)$&7$17(6

,QWURGXFFLyQ

6XUIDFWDQWH HV HO WpUPLQR XVDGR SDUD GHVFULELU D ORV $JHQWHV GH 6XSHUILFLH $FWLYD
GHULYDGR GHO KHFKR TXH HQ OD PD\RUtD GH ODV DSOLFDFLRQHV HVRV TXtPLFRV UHDOL]DQ VX

 
,QGLFH

WUDEDMR HQ OD VXSHUILFLH LQWHUIDFLDO VHSDUDQGR GLIHUHQWHV PHGLRV TXtPLFRV XQR GH ORV
FXDOHVJHQHUDOPHQWHHVHODJXD 
8QVXUIDFWDQWHWtSLFRFRQVWDGHXQDFDGHQDODUJDGHPROpFXODVXQH[WUHPRGHODFXDOHV
DWUDtGD DO DJXD KLGURItOLFD  PLHQWUDV OD RWUD HV UHSHOLGD SRU HO DJXD KLGURIyELFD  \
DWUDtGDDRWUDVVXVWDQFLDV(QORVVLVWHPDVDFXRVRVORVVXUIDFWDQWHVJHQHUDOPHQWHDFW~DQ
FRPRFDGHQDVHQWUHODVPROpFXODVGHDJXD\FXDOTXLHURWUDVSDUWtFXODVTXHSXHGDQHVWDU
SUHVHQWHV D\XGDQGR D PDQWHQHU GLFKDV SDUWtFXODV VXVSHQGLGDV \ GLVSHUVDV (QWRQFHV
YLUWXDOPHQWHFXDOTXLHUSURFHVRHOFXDOHQYXHOYDODVXVSHQVLyQGHDOJXQDVVXVWDQFLDVHQ
DJXDHVLGyQHRSDUDHOXVRGHVXUIDFWDQWHV

&ODVLILFDFLyQ

/RV VXUIDFWDQWHV VH FODVLILFDQ HQ DQLyQLFR   FDWLyQLFRV   QRLRQLFRV   \ RWURV
JHQHUDOPHQWH DQIRWpULFRV  /D FDUJD GHO VXUIDFWDQWH QRV GLFH TXH WLSR GH SDUWLFXODV
DWUDHUi8QVXUIDFWDQWHDQLyQLFRDWUDHUiIXHUWHPHQWHODVVXVWDQFLDVFDWLyQLFDVSHURQRD
ODVDQLyQLFDV&DGDFODVHWLHQHIXQFLRQHVTXtPLFDVGLIHUHQWHVFRQGLIHUHQWHVHIHFWRVHQ
DSOLFDFLRQHVSDUWLFXODUHV SHKXPHGHFLPLHQWRGHWHUJHQWHGLVSHUVDQWH 

0HFDQLVPRGH$FFLyQ

+DVWDODIHFKDQRVHFRQRFHHOPHFDQLVPRGHDFFLyQGHORVVXUIDFWDQWHVHQFXDQWRDOD
UHGXFFLyQGHODYLVFRVLGDGHQODVPDVDVFRFLGDVPLHOHV\OLFRUHV

/RV IDEULFDQWHV GH HVWRV SURGXFWRV DVHJXUDQ TXH ORV PLVPRV UHGXFHQ OD YLVFRVLGDG GH
ODVPDVDVFRFLGDVSRUODUHPRFLyQ\SUHYHQFLyQHQODIRUPDFLyQLQVWDQWiQHDGHEXUEXMDV
GH DLUH ODV FXDOHV HVWiQ QRUPDOPHQWH DWUDSDGDV HQ OD PDVD \ TXH DXPHQWDQ OD
YLVFRVLGDGGHODPLVPD(OVXUIDFWDQWHFDXVDTXHGLFKDVEXUEXMDVVHFRODSVHQ\SUHYLHQH
VXIRUPDFLyQLQFUHPHQWDQGRODPRYLOLGDGGHODPDVD

$ORVVXUIDFWDQWHVQRVyORVHOHDWULEX\HQSURSLHGDGHVSDUDUHGXFFLyQGHODYLVFRVLGDG
VLQR WDPELpQ GH OD WHQVLyQ VXSHUILFLDO ODV VROXFLRQHV DFXRVDV R LQWHUIDFLDO HQWUH GRV
OtTXLGRV&RPRFRQVHFXHQFLDGHORDQWHULRUVHVHxDODTXHORVPLVPRVSURGXFHQHIHFWRV
WDOHVFyPR

• ,QFUHPHQWDQ OD WUDQVIHUHQFLD GH FDORU UHGXFLHQGR HO WLHPSR GH
FRFFLyQGHODVWHPSODV

• 'HELGRDODYLVFRVLGDGPiVEDMDVHSXHGHREWHQHUPD\RUEUL[HQ
ODVPDVDVFRFLGDV\SRUHQGHPD\RUUHFREUDGR

• &yPRODUD]yQGHFULVWDOL]DFLyQHVDIHFWDGDSRUODYLVFRVLGDGGH
ODPLHOPDGUHXQLQFUHPHQWRHQODFDtGDGHSXUH]D DJRWDPLHQWR 
SXHGHDOFDQ]DUVHDWUDYpVGHORVFULVWDOL]DGRUHVLQFUHPHQWDQGRHO
UHFREUDGR

• 6HREWLHQHXQDGLVWULEXFLyQPiVXQLIRUPHGHOWDPDxRGHOJUDQR
GLVPLQX\HQGRORVFRQJORPHUDGRV

• /DSXUJDGHODVFHQWUtIXJDVVHDFHOHUDSRUTXHODSHOtFXODHPLHOVH
PXHYH PiV IiFLOPHQWH GHVGH ORV FULVWDOHV 7DPELpQ VH DXPHQWD

 
,QGLFH

OD FDSDFLGDG HQ OD HVWDFLyQ GH FHQWUtIXJDV \ SXHGH UHGXFLUVH OD
FDQWLGDGGHDJXDGHODYDGRVLQDIHFWDUODFDOLGDGGHOD]~FDU

1DWXUDOH]D4XtPLFD

/D PD\RUtD GH ORV VXUIDFWDQWHV XVDGRV HQ OD LQGXVWULD D]XFDUHUD VH FODVLILFDQ HQ
DQLyQLFDV\QRLyQLFRV

0XFKRVGHORVVXUIDFWDQWHQR±LyQLFRVVRQFRPSXHVWRVVLQWpWLFRVGHULYDGRVGHDFHLWHV
YHJHWDOHV $OJXQRV VXUIDFWDQWHV DQLyQLFRV HVWiQ FRPSXHVWRV GH 6XOIRVXFFLQDWR GLRFWLO
GLVyGLFR HQ XQD VROXFLyQ GH DOFRKRO \ DJXD /D PD\RUtD VRQ GHULYDGRV RUJiQLFRV GH
SHVRPROHFXODUDOWR
/DJUDYHGDGHVSHFtILFDGHORVVXUIDFWDQWHVFRPHUFLDOHVRVFLODHQWUH±


(VWDELOLGDGHQ8VR

/RVVXUIDFWDQWHVVRQHVWDEOHVKDVWDWHPSHUDWXUDGHƒ&\HQVROXFLRQHVGHGHS+

'RVLILFDFLyQ

8VDUODFDQWLGDGFRUUHFWDGHVXUIDFWDQWHHVPX\LPSRUWDQWH6LVHXVDSRFDFDQWLGDGGH
UHPRFLyQGHODVEXUEXMDVGHDLUHQRVHUiFRPSOHWD\VLVHXVDPXFKDFDQWLGDGHQWRQFHV
VH JHQHUDQ PiV EXUEXMDV GH DLUH (V SRU HVR TXH VH GHEH VHJXLU FXLGDGRVDPHQWH ODV
LQVWUXFFLRQHV GHO IDEULFDQWH /D WDEOD  PXHVWUD OD GRVLILFDFLyQ FRUUHFWD \ OD
FODVLILFDFLyQ GH DOJXQRV GH ORV VXUIDFWDQWHV FRPHUFLDOHV PiV XVDGRV /D WDEOD 
PXHVWUDODGRVLILFDFLyQFRUUHFWDGHXQWHQVRDFWLYRGHDFXHUGRDODYLVFRVLGDG


7$%/$;/,

'RVLILFDFLyQ\&ODVLILFDFLyQGH6XUIDFWDQWHV&RPHUFLDOHV

1RPEUH &ODVLILFDFLyQ 'RVLILFDFLyQ
FXDUWRV3
7DORVXUI DQLyQLFR ò0&
)DEFRQ DQLyQLFR 0&
$OFRSRO DQLyQLFR 0&
+RGDJ QRLyQLFR ò0&
0D]X   QRLyQLFR ó0&$<%
  0&&
6XFURIOR 1RLyQLFR ó0&5
  ò0&&
  ò0&&



1RWD0& PDVDFRFLGD5 UHILQR&F FRPHUFLDOHVGHFUXGR



 
,QGLFH

7$%/$;/,,
'RVLILFDFLyQFRUUHFWDGHXQWHQVRDFWLYRVREUH0LHO%Dƒ\%[

&RQFHQWUDFLyQ7HQVRDFWLYRSSP 9LVFRVLGDG&SV
 
 
 
GRVLILFDFLyQFRUUHFWD 
 
 /LPLWH


)RUPDGH$SOLFDFLyQ

(OVXUIDFWDQWHGHEHDGLFLRQDUVHDOWDFKRDxDGLHQGRXQDPLWDGGHODGRVLVDOFRPLHQ]R
GHODWHPSOD\ODRWUDPLWDGFXDQGRHOWDFKRHVWiDôSDUWHVGHVXFDSDFLGDG

/XEULFDFLyQSDUDORVFULVWDOL]DGRUHVGH$JRWDPLHQWR
&RQVXUIDFWDQWH\DJXD

6HSXHGHDxDGLUFXDOTXLHUFODVHGHVXUIDFWDQWHDORVFULVWDOL]DGRUHVFRQWLQXRVRGHFDUJD
FRQXQDGRVLVGHFXDUWRVJDORQHVGHDJXDGHVFDUJDQGRODVROXFLyQHQHOFHQWUR
GHOVLVWHPDHQHOFDVRGHORVFULVWDOL]DGRUHVFRQWLQXRVDXQDUD]yQGHJOV3 GH 

0&&
(QHOFDVRGHORVFULVWDOL]DGRUHVGHFDUJDHOVXUIDFWDQWHVHDxDGHFXDQGRVHQRWDTXHOD
PDVDVHHVWiUHFRJLHQGR



&RQ6XUIDFWDQWH0LHO)LQDO\$JXD

6H KD FRPSUREDGR TXH OD DGLFLyQ GH XQD FDQWLGDG FRQVWDQWH GH PLHO ILQDO GLOXLGD D
ƒ%[PH]FODGDFRQHOVXUIDFWDQWHSXHGHDFHOHUDUODSXUJDHQODVFHQWUtIXJDV

6HSUHSDUDXQDVROXFLyQGHPLHOILQDODƒ%[\VHDxDGHGHOVXUIDFWDQWHJDOV'H
VROXFLyQ (VWD VROXFLyQ GHEH PH]FODUVH ELHQ \D VHD FRQ XQ PH]FODGRU HOpFWULFR R
QHXPiWLFR\GHVFDUJDUODHQHOFHQWURGHODEDWHUtDGHFULVWDOL]DGRUHVFRQWLQXRVDUD]yQ
GHJOV3 


+LVWRULD\'HVDUUROORGHORV6XUIDFWDQWHV

/RV SURGXFWRV TXtPLFRV WHQVRDFWLYRV IXHURQ LQWURGXFLGRV HQ OD LQGXVWULD D]XFDUHUD D
ILQHV GH  .ULWFKHUVN\ H[SOLFD ORV DVSHFWRV WHyULFRV GH ORV HGLWLYRV WHQVRDFWLYRV
UHODFLRQDGRVFRQORVVLVWHPDVGHFULVWDOL]DFLyQHOHIHFWRGHXQDGLWLYR pVWHUαPHWLO
JOXFyVLGR  VREUH OD YLVFRVLGDG \ OD WHQVLyQ VXSHUILFLDO DVt FRPR ORV UHVXOWDGRV GH VX
DSOLFDFLyQHQORVHYDSRUDGRUHV
+DVWD TXH &KHQ SUHVHQWy HQ  ORV UHVXOWDGRV GH SUXHEDV FRPSDUDWLYDV HUD SRFR OR
TXHVHFRQRFtDDFHUFDGHORVDJHQWHVWHQVRDFWLYRV


 
,QGLFH

+DQ]DZD\FRODERUDGRUHVSUREDURQFLQFRDJHQWHVWHQVRDFWLYRVHQXQLQJHQLRGHFDxDGH
D]~FDU\XQDUHILQHUtD\HQFRQWUDURQTXHXQpVWHUGHiFLGRJUDVR\VDFDURVD 6 FRQ
XQ %+/ EDODQFH KLGUyILOROLSyILOR GH  HIHFWXDED XQD QRWDEOH UHGXFFLyQ GH OD
YLVFRVLGDG GH ODV PLHOHV SDUWLFXODUPHQWH D ƒ& &RQ XQD GRVLV GH  D  SSP
UHGXFtD DVt PLVPR ORV WLHPSRV GH HEXOOLFLyQ \ SXUJD OD SpUGLGD GH VDFDURVD \ HO
FRQVXPRGHYDSRU\HOHFWULFLGDGDOPLVPRWLHPSRTXHDXPHQWDEDQODUHFXSHUDFLyQGH
3RO \ OD FDtGD GH SXUH]D HQWUH OD PDVD FRFLGD \ ODV PLHOHV $O UHILQDU HO D]~FDU
SURGXFLGRWRGRHOpVWHUVHHOLPLQDSRUFDUERQDWDFLyQ\GHFRORUDFLyQ

&KHQ \ FRODERUDGRUHV HVWDEOHFLHURQ XQ VLVWHPD GH HEXOOLFLyQ XQLIRUPH SDUD HYDOXDU
DOUHGHGRUGHGLIHUHQWHVDJHQWHVWHQVRDFWLYRVHQODVHEXOOLFLRQHVGHEDMRJUDGR/DV
WpFQLFDVGHHEXOOLFLyQVHDSOLFDURQDXQWDFKRDOYDFtRSLORWRHTXLSDGRFRQXQFRQWUROGH
VXSHUVDWXUDFLyQ \ XQ UHJLVWUR GH FRQVLVWHQFLD 7RGR SDUiPHWUR GH FRQWURO VH PDQWXYR
FRQVWDQWH H[FHSWR HO VXUIDFWDQWH TXH FRQVWLWXtD OD ~QLFD YDULDEOH (QVHJXLGD VH
DSOLFDURQ ODV WpFQLFDV GH HEXOOLFLyQ XQLIRUPH D ODV PLHOHV GH EDMR JUDGR GH FDOLGDG
QRUPDO /RV UHVXOWDGRV GH OD HYDOXDFLyQ LQGLFDQ TXH DOJXQRV DJHQWHV WHQVRDFWLYRV QR
VyORDFRUWDURQHOWLHPSRGHHEXOOLFLyQVLQRTXHDVtPLVPRSURGXMHURQFULVWDOHVGHD]~FDU
GH PHMRU FDOLGDG PiV EDMRV HQ FRORU \ HQ FRQWHQLGR GH FHQL]D $OJXQRV DJHQWHV
WHQVRDFWLYRV SUHVHQWDURQ OD FDUDFWHUtVWLFD GH UHGXFLU FLHUWRV FRPSRQHQWHV GH FHQL]DV
RWURVUHVXOWDURQEXHQRVSDUDUHGXFLUHOFRORU6HGHPRVWUyTXHDXQHQHOFDVRGHPLHOHV
GH FDOLGDGQRUPDOXQEXHQDJHQWHWHQVRDFWLYRHVPX\EHQpILFRHQODVRSHUDFLRQHVGH
EDMRJUDGR

$FRQWLQXDFLyQVHDSOLFDURQODVPLVPDVWpFQLFDVGHHEXOOLFLyQDODFDOLGDGDQRUPDOGH
ODV HEXOOLFLRQHV GH EDMR JUDGR &KHQ \ FRODERUDGRUHV HQFRQWUDURQ TXH DTXHOORV
VXUIUDFWDQWHVTXHHUDQEXHQRVSDUDODVPLHOHVGHFDOLGDGQRUPDOSXHGHQQRVHUORWDQWR
SDUDODVPLHOHVDQRUPDOHVDVtPLVPRREVHUYDURQTXHVLQXQEXHQDJHQWHWHQVRDFWLYROD
IRUPDFLyQ GH JUDQR \ HO FUHFLPLHQWR GH ORV FULVWDOHV HQ PLHOHV GH PDOD FDOLGDG HV
SUiFWLFDPHQWHLPSRVLEOH


'LOXFLyQ\5HFDOHQWDPLHQWR

'HVSXpV GH TXH OD FULVWDOL]DFLyQ VH KD FRPSOHWDGR ODV DJXDV PDGUHV D~Q HVWiQ
VREUHVDWXUDGDV FRQ UHVSHFWR D OD VDFDURVD /D YLVFRVLGDG SXHGH UHGXFLUVH DQWHV GH OD
SXUJD VLQ TXH KD\D XQD DSUHFLDEOH UHGLVROXFLyQ   GH ORV FULVWDOHV \D VHD UHFDOHQWDQGR
KDVWD OD WHPSHUDWXUD GH VDWXUDFLyQ R ELHQ PHGLDQWH XQD FRPELQDFLyQ GH ORV GRV
PpWRGRV (O SURFHGLPLHQWR GHEH HVFRJHUVH EDViQGRVH HQ FRQVLGHUDFLRQHV WHyULFDV \
SUiFWLFDV

/DGLOXFLyQKDVWDODFRQFHQWUDFLyQGHVDWXUDFLyQSXHGHGDUFRPRUHVXOWDGRXQDPHQRU
YLVFRVLGDGTXHODTXHVHREWLHQHUHFDOHQWDQGRKDVWDODWHPSHUDWXUDGHVDWXUDFLyQSHUR
GHVGH XQ SXQWR GH YLVWD SUiFWLFR OD GLOXFLyQ QR HV XQD RSHUDFLyQ VHQFLOODV HQ ODV
IiEULFDV \ HVD FDVL LPSRVLEOH DxDGLU DJXD D ODV PLHOHV GHO FULVWDOL]DGRU VLQ UHGLVROYHU
DOJR GH VDFDURVD (Q OXJDU GH XVDU DJXD ODV PLHOHV WLHQHQ XQ PHMRU VXVWLWXWR \ HV OD
UHFLUFXODFLyQ GH PLHOHV ILQDOHV FDOLHQWHV D ORV FULVWDOL]DGRUHV R GLOXFLyQ FRQ PLHOHV 
SDUDPHMRUDUODIOXLGH]/DSURSRUFLyQGHPLHOHVUHFLUFXODGDVHVDSUR[LPDGDPHQWHGHXQ
GHOSHVRGHODPDVDFRFLGDDSURFHVDU
(ODXWRUDHQFRQWUDGRTXHGLFKDUHFLUFXODFLyQGHEHKDFHUVHHQHOSHQ~OWLPRFULVWDOL]DGRU
GHODVHULHFRQWLQXD \TXHHVWRPHMRUDFRQVLGHUDEOHPHQWHODIOXLGH]GHODPDVD\SRU

 
,QGLFH

HQGH OD FHQWULIXJDFLyQ 7DPELpQ UHFRPLHQGD TXH VH KDJD HQ FRPELQDFLyQ FRQ HO
UHFDOHQWDPLHQWR

5HFDOHQWDPLHQWRGHOD0DVD&RFLGD

(O UHFDOHQWDPLHQWR SXHGH KDFHUVH HQ HO FULVWDOL]DGRU HQWUH pVWH \ ODV FHQWUtIXJDV R HQ
DPERV 7pFQLFDPHQWH HV GHVHDEOH TXH OD WHPSHUDWXUD GH OD PDVD FRFLGD VH DXPHQWH
GHVGHODPtQLPDKDVWDODWHPSHUDWXUDGHVDWXUDFLyQGHODPLHOWDQUiSLGDPHQWHFRPRVHD
SRVLEOH VLQ UHGLVROYHU FULVWDOHV &RQ XQD EXHQD PDVD FRFLGD GH DOWD GHQVLGDG OD
WHPSHUDWXUD GH VDWXUDFLyQ HV PiV DOWD \ OD GLIHUHQFLD HQWUH OD WHPSHUDWXUD PtQLPD
SHUPLVLEOH \ OD GH VDWXUDFLyQ HV PHQRU TXH OD QRUPDO SDUD PDVDV FRFLGDV GH
FRQFHQWUDFLRQHVPHQRUHV3RUHMHPSORXQDPDVDFRFLGDHYDSRUDGDKDVWDXQDGHQVLGDG
OR VXILFLHQWHPHQWH DOWD SDUD SURGXFLU PLHOHV FRPHUFLDOPHQWH DJRWDGDV FRQ XQD
YLVFRVLGDG GH  SRLVHV D OD WHPSHUDWXUD GH VDWXUDFLyQ GH ƒ& ƒ)  SXHGH VHU
HQIULDGDDXQDWHPSHUDWXUDPtQLPDHQWUH\ƒ& ƒ) HQXQFULVWDOL]DGRUGH
VHUSHQWtQPyYLOODYLVFRVLGDGHVHOIDFWRUOLPLWDQWH$VtHOUHFDOHQWDPLHQWRGHHVWHWLSR
GHPDVDFRFLGDUHTXLHUHVLPSOHPHQWHTXHODWHPSHUDWXUDVHDXPHQWHHQWUH\ƒ& D
ƒ) SDUDOOHYDUODDODWHPSHUDWXUDGHVDWXUDFLyQGHVHDGDGHƒ& ƒ) /DVPDVDV
FRFLGDV GH PHMRU GHQVLGDG FRQ WHPSHUDWXUDV GH VDWXUDFLyQ \ PtQLPD PiV EDMDV HQ
FRPSDUDFLyQ VH HQIUtDQ \ FDOLHQWDQ D OR ODUJR GH XQ LQWHUYDOR PD\RU GH PRGR TXH
UHTXLHUHQPD\RUVXSHUILFLHGHFDOHQWDPLHQWRPiVWLHPSRDJXDDPD\RUWHPSHUDWXUDR
XQDFRPELQDFLyQGHHVWRVIDFWRUHV

5HODFLRQHVGHOD&DtGDGH3XUH]D

/DGLVPLQXFLyQWRWDOGHODSXUH]DGHODVDJXDVPDGUHVHQXQDWHPSODGHEDMDSXUH]DHV
XQD LQGLFDFLyQ GH OD HILFLHQFLD GHO SURFHVR GH UHFXSHUDFLyQ /D UHGXFFLyQ Pi[LPD
SRVLEOHGHODSXUH]DHVWDUHSUHVHQWDGDSRUODGLIHUHQFLDHQWUHSXUH]DGHODPDVDFRFLGD\
ODSXUH]DHVSHUDGDTXHHVODSXUH]DGHODVPLHOHVFRPSOHWDPHQWHDJRWDGDV3XHVWRTXH
HQODSUiFWLFDODVSXUH]DVHVSHUDGDVVHREWLHQHQUDUDPHQWHVLHVTXHOOHJDQDREWHQHUVH
ODFDtGDWRWDOGHODSXUH]DDVHJXUDGDHQODVRSHUDFLRQHVIDEULOHVVLHPSUHHVPHQRUTXHOD
Pi[LPDFDtGDSRVLEOH
3DUDSURSyVLWRVGHFRPSDUDFLyQHOSRUFHQWDMHWRWDOGHSXUH]DREWHQLGRWDQWRHQHOWDFKR
FRPR HQ HO FULVWDOL]DGRU \ FRPSDUDGR FRQ OD UHGXFFLyQ WHyULFDPHQWH SRVLEOH \
H[SUHVDGDFRPRSRUFHQWDMHHVHQWRQFHVXQtQGLFHFRPSDUDWLYRGHODHILFLHQFLDWRWDOGHO
SURFHVRGHDJRWDPLHQWR

'H OD GLVPLQXFLyQ WRWDO GH SXUH]D REWHQLGD HQ OD SUiFWLFD QRUPDO DSUR[LPDGDPHQWH
HQWUHHO\HORFXUUHHQHOWDFKR\HOUHVWRHQHOFULVWDOL]DGRU(VWDUHODFLyQHQWUH
FDtGD HQ HO WDFKR \ HQ HO FULVWDOL]DGRU HV LPSRUWDQWH GHELGR D TXH LQIOX\H VREUH OD
GLVPLQXFLyQWRWDO$PHGLGDTXHHOSRUFHQWDMHHQHOWDFKRDXPHQWDHOSRUFHQWDMHHQHO
FULVWDOL]DGRU GLVPLQX\H SHUR HO SRUFHQWDMH WRWDO GH FDtGD GH SXUH]D HV PD\RU \ SRU OR
WDQWRVHDFHUFDPiVDODJRWDPLHQWRFRPSOHWR(VWRSDUHFHVHUFLHUWRSDUDPDVDFRFLGDV
GHSXUH]DVGLIHUHQWHV\UHODFLRQHV$5&GLIHUHQWHVDVtFRPRWDPELpQSDUDYHORFLGDGHV
GH HQIULDPLHQWR \D VHD UiSLGDV R OHQWDV HQ ORV FULVWDOL]DGRUHV 3RU FDGD LQFUHPHQWR GH
GRVSXQWRVHQHOSRUFHQWDMHGHFDtGDGHSXUH]D/DLPSRUWDQFLDGHHVWRHVTXHDPHGLGD
TXHODFDtGDGHSXUH]DHQHOWDFKRVHREWLHQHDOUHGHGRUGHXQRHQHOFULVWDOL]DGRUORTXH
UHVXOWDHQXQLQFUHPHQWRQHWRGHDOUHGHGRUGHSXQWRHQHOSRUFHQWDMHWRWDOGHFDtGDGH
SXUH]DHQHOWDFKRDXPHQWDPHQRVWUDEDMRVHKDFHHQHOFULVWDOL]DGRUQRREVWDQWHHO


 
,QGLFH


























 
,QGLFH

SRUFHQWDMH WRWDO GH FDtGD VH DFHUFD PiV DO  TXH HV OD SXUH]D HVSHUDGD HQ HO
DJRWDPLHQWR

/D GLVPLQXFLyQ GH SXUH]D HQ HO WDFKR \ ORV VyOLGRV WRWDOHV GH OD PDVD FRFLGD HVWiQ
UHODFLRQDGRV$PHGLGDTXHDXPHQWDQORVVyOLGRVGHODPDVDFRFLGDKD\XQDWHQGHQFLD
KDFLDXQPD\RUSRUFHQWDMHHQHOWDFKR\GLIHUHQFLDVPiVSHTXHxDVHQWUHODSXUH]DUHDO\
OD HVSHUDGD GH ODV PLHOHV ILQDOHV (VWR HV DSOLFDEOH D PDVDV FRFLGDV GH GLIHUHQWHV
SXUH]DV

(O DXPHQWR GHO DJRWDPLHQWR HQ HO WDFKR QR VyOR HV HO UHVXOWDGR GHO DXPHQWR HQ OD
GHQVLGDG GH OD PDVD FRFLGD 8QD WpFQLFD DSURSLDGD SDUD GLVPLQXLU OD HYDSRUDFLyQ
GXUDQWH ORV ~OWLPRV  D  PLQXWRV GHO FRFLQDGR PLHQWUDV OD WHPSOD HVWD VLHQGR
HYDSRUDGD SDUD H[WUDHUOD GD FRPR UHVXOWDGR FDtGDV GH SXUH]DV PiV DOWDV HQ HO WDFKR
(VWR UHTXLHUH XQ DXPHQWR JUDGXDO \ FRQWURODGR GH OD GHQVLGDG \ OD VREUHVDWXUDFLyQ DO
PLVPR WLHPSR TXH VH PDQWLHQH XQD EXHQD FLUFXODFLyQ 6LQ EXHQD FLUFXODFLyQ GXUDQWH
HVWH SHUtRGR ODV FDtGDV GH SXUH]D SXHGHQ UHVXOWDU HQ JUDQ SDUWH GH GHVFRPSRVLFLyQ
WpUPLFDHQYH]GHXQDPD\RUUHFXSHUDFLyQ/DFLUFXODFLyQPHFiQLFDRIUHFHODVPHMRUHV
SRVLELOLGDGHVSDUDHOEXHQFRQWUROGHHVWDRSHUDFLyQGHHYDSRUDFLyQ

7HFQRORJtDGHOD&ULVWDOL]DFLyQFRQWLQXDSRUHQIULDPLHQWR

/RVGLVHxRVGHORVFULVWDOL]DGRUHV\VXUHQGLPLHQWRVRQPX\YDULDGRVRVHDGHVGHXQ
VLPSOH WDQTXH HQIULDGR SRU DLUH XQR FRQ FKDTXHWDV GH DJXD RWUR FRQ VHUSHQWLQHV GH
HQIULDPLHQWRILMRV\ORVPRGHORVFRQWHPSRUiQHRVODPD\RUtDGHORVFXDOHVWLHQHQSDUWHV
URWDWLYDV D WUDYpV GH OD FXDO HO DJXD FLUFXOD (MHPSORV GH HVWRV WLSRV OR VRQ ORV
FULVWDOL]DGRUHV /D )HXLOOH %ODQFKDUG :HUNSRRU +RQROXOX ,URQ :RUNV \ ORV
FULVWDOL]DGRUHVYHUWLFDOHVWLSR+RQLURQ%0$)&%HWF

/RVFULVWDOL]DGRUHV\DVHDQDELHUWRVRFHUUDGRVSXHGHQFODVLILFDUVHHQFLQFRFODVHV

D &ULVWDOL]DGRUHVGHHQIULDPLHQWRSRUDLUH
E &ULVWDOL]DGRUHVHQFDPLVDGHDJXD
F &ULVWDOL]DGRUHVFRQVHUSHQWLQHVWXERVRFDMDVGHDJXDILMDV
G &ULVWDOL]DGRUHVFRQHOHPHQWRVGHHQIULDPLHQWRURWDWRULRV
H &ULVWDOL]DGRUHVURWDWRULRVFRQVHUSHQWLQHVSDUDHQIULDPLHQWR
I &ULVWDOL]DGRUHVYHUWLFDOHV


D&ULVWDOL]DGRUHVFRQHQIULDPLHQWRSRUDLUH

(VWRVFULVWDOL]DGRUHVVHFRPHQ]DURQDXVDUHQODLQGXVWULDGHOD]~FDUGHFDxDDOUHGHGRU
GHO DxR  /RV SULPHURV WLSRV FRQVLVWtDQ HQ UHFLSLHQWHV DELHUWRV KRUL]RQWDOHV R
FLOLQGURV FHUUDGRV KRUL]RQWDOHV HQ ORV TXH XQ HMH JLUDED OHQWDPHQWH SDUD TXH OD PDVD
HVWXYLHUDHQPRYLPLHQWROHQWR\FRQWLQXR(VWRVFULVWDOL]DGRUHVGHSHQGtDQHQWHUDPHQWH
GHOHQIULDPLHQWRFRQDLUHSDUDUDGLDFLyQDFWXDOPHQWHHVWiQHQGHVXVRYHUILJXUD

/D YHORFLGDG GH URWDFLyQ UHFRPHQGDGD HUD HQ XQ WRUQLOOR R JXVDQR GH XQD YXHOWD HQ
¶´ 'HHU 7URPSVXJLHUHGHòôUSPHOPHMRUYDORUHVGHòUSP/DSRWHQFLD
GHSHQGH GH OD YHORFLGDG GH URWDFLyQ 'HHU HVWLPD  +3 3  GH PDVD 7URPS


UHFRPLHQGDGH±+3FULVWDOL]DGRUGHDFXHUGRDVXYROXPHQ 3 RGH 

 
,QGLFH






















 
,QGLFH














 
,QGLFH

 S +3 +21,* UHFRPLHQGD TXH OD SRWHQFLD LQVWDODGD GHEH VHU GH 


+33 (Q$XVWUDOLDUHFRPLHQGDQ+33 3DUDXQFULVWDOL]DGRUWtSLFR


 

GH3 \HOHMHJLUDQGRDòUSP+RQLJVXJLHUH+33 
 

$XQTXH HQ JHQHUDO VH DGRSWH OD IRUPD HQ 8 HQ ORV FULVWDOL]DGRUHV FLHUWRV IDEULFDQWHV
SUHILHUHQIDEULFDUORVGHIRUPDFLOtQGULFDFRQXQDDEHUWXUDORQJLWXGLQDOGH´HQHOWRSH

/DFDSDFLGDGHQEDWHUtDGHHVWRVFULVWDOL]DGRUHVHVGH

3DUD0&$ 3 WF0&% 3 WF0&&3 WF
  



E&ULVWDOL]DGRUHVFRQFDPLVDGHDJXD

(O SULPHU DUUHJOR FRQVLVWLy  HQ XQD SDUHG DGLFLRQDO HQ HO H[WHULRU GH XQ FULVWDOL]DGRU
FLOLQGULFR D WUDYpV GH OD TXH VH KDFtD FLUFXODU HO DJXD (VWRV FULVWDOL]DGRUHV \D QR VH
IDEULFDQGHELGRDTXHVXFRVWRHVPD\RUTXHHOGHHQIULDPLHQWRFRQVHUSHQWLQHV

F&ULVWDOL]DGRUHVFRQVHUSHQWLQHVWXERVRFDMDVGHDJXDILMDV

6HUSHQWLQHV
(QHVWDFDWHJRUtDKD\YDULRVGLVHxRVHOPHMRUFRQRFLGRHVHOWLSR.RSNHHQHOTXHORV
VHUSHQWLQHV HVWiQ FRORFDGRV HQ iQJXOR UHFWR DO HMH FRQ XQ HVSDFLR HQWUH FDGD XQR GH
DOUHGHGRUGH´\FRQODVDVSDVJLUDQGRHQWUHORVVHUSHQWLQHVILMRV

7XERV
(QOXJDUGHORVVHUSHQWLQHVVHXVDXQPDUFRGHWXERVDDPERVODGRVGHOHMHFHQWUDOGHO
FULVWDOL]DGRU OD VHSDUDFLyQ HQWUH WXERV HV GH ´ \ OD GH ORV PDUFRV HV GH ´ 8Q
FULVWDOL]DGRUGH3 OOHYDXQRVPDUFRV(OiUHDGHIOXMRHVGHXQRV3 \FDGD
 

SDQHOWLHQHXQRV3 (VWHWLSRGHFULVWDOL]DGRUWLHQHXQDVXSHUILFLHGHHQIULDPLHQWR


GH3 3 GHPDVDFRFLGD/DILJXUDPXHVWUDXQFULVWDOL]DGRUGHHVWHWLSR


 


&DMDV
(VWHWLSRHVVLPLODUDOGHWXERVSHURHQOXJDUGHHVWRVVHFRORFDQFDMDVUHFWDQJXODUHVSRU
ODVTXHFLUFXODHODJXD/DILJPXHVWUDHVWHFULVWDOL]DGRU(QHVWHFULVWDOL]DGRUOD
VXSHUILFLHSRUFDMDHVGHDSUR[LPDGDPHQWH3 3 GHPDVDFRFLGD
 


(Q  WRGRV HVWRV FULVWDOL]DGRUHV OD PDVD HV DJLWDGD FRQ DVSDV TXH VH VLW~DQ HQWUH ORV
HOHPHQWRVILMRV
(OFRHILFLHQWHGHWUDQVPLVLyQGHOFDORUJOREDOTXHVHDOFDQ]DHQORVWLSRVGHWXER\FDMD
SDUD PDVD FRFLGD & HV GH XQRV  %78 3 Kƒ)  /D SRWHQFLD QHFHVDULD HQ HVWRV


FULVWDOL]DGRUHV\ODVUSPVRQVLPLODUHVDORVGHHQIULDPLHQWRSRUDLUH

G&ULVWDOL]DGRUHVFRQHOHPHQWRVGHHQIULDPLHQWRURWDWRULRV

(Q HVWH WLSRORVHOHPHQWRVGHHQIULDPLHQWR \DVHDQVHUSHQWLQHVWXERVGLVFRVHWFVH
ILMDQDXQHMHURWDWRULRKXHFRDWUDYpVGHOFXDOVHKDFHFLUFXODUDJXD'HHVWDIRUPDOD
VXSHUILFLHGHHQIULDPLHQWRVHSRQHHQFRQWDFWRPiVGLUHFWRFRQWRGDODPDVD0XFKRV
GLVHxRV VH KDQ GHVDUUROODGR D WUDYpV GHO WLHPSR FRPR VRQ HO .LOE\ ILJ   HO
6WHDUQV5RJHU ILJ   HO GH OD +RQROXOX ,URQ :RUNV +RQLURQ ILJ   HO
%ODQFKDUG ILJ HOGHGREOHKpOLFH ILJ \HO:HUNSRRU ILJ 

 
,QGLFH

 
,QGLFH




















 
,QGLFH
























 
,QGLFH












 
,QGLFH

.LOE\

(VWHFULVWDOL]DGRUWLHQHXQVHUSHQWtQFLOtQGULFRGLYLGLGRHQGRVSDUWHVVLHQGRGHXQRV
GHO GLiPHWUR GHO FULVWDOL]DGRU 8QD VHFFLyQ HVWi PRQWDGD GH PDQHUD H[FpQWULFD FRQ
UHVSHFWR DO HMH GH PRGR TXH VX ERUGH DO JLUDU OLEUD OD SDUHG GHO FULVWDOL]DGRU OD RWUD
VHFFLyQHVWDPELpQH[FpQWULFDSHURDƒFRQUHVSHFWRDODSULPHUD(VWHFULVWDOL]DGRU
HVUHVLVWHQWH\SXHGHVHUXVDGRFRQPDVDVFRFLGDVPX\YLVFRVDV

6WHDUQV±5RJHU

$TXtORVHOHPHQWRVGHHQIULDPLHQWRWLHQHQIRUPD\DVHDGHKpOLFHVJLUDWRULDVRELHQGH
SDOHWDVKXHFDVPRQWDGDVHQHOHMHDOFXDOHQWUDHODJXD(VWHFULVWDOL]DGRUHVWiGLVHxDGR
SDUDHQIULDPLHQWRUiSLGR/RVHOHPHQWRVGHHQIULDPLHQWRSDUDXQFULVWDOL]DGRUGH
3 WLHQH3 GHVXSHUILFLHHQIULDGRUDRVHD3 3 GHPDVDFRFLGDTXHFRQVLVWH
   

GHSDOHWDVKXHFDVDUUHJODGDVHQVHFFLRQHV&DGDVHFFLyQWLHQHXQDEDVWHFLPLHQWR
GH DJXD SRU VHSDUDGR FRQ OR TXH VH DVHJXUD DVt XQ HQIULDPLHQWR XQLIRUPH HQ WRGD OD
ORQJLWXGGHOHOHPHQWR

+RQROXOX,URQ:RUNV +RQLURQ 

(QHVWHFULVWDOL]DGRUGHVHUSHQWLQHVHODJXDHVDGPLWLGDSRUHOODGRGHODWUDQVPLVLyQD
FRQWUDFRUULHQWH FRQ HO IOXMR GH OD PDVD FRFLGD (O GLVHxR DVHJXUD TXH HO  GH OD
VXSHUILFLHGHLQWHUFDPELRGHFDORUHVWi DFWLYDFXDQGRHODJXDIOX\HSRUORVHOHPHQWRV
/RVVHUSHQWLQHVVRQPRQWDGRVHQIRUPDKHOLFRLGDOHQHOHMHKXHFRGHIRUPDTXHFDGD3  

GHOSURGXFWRHVEDUULGRSRUHOVHUSHQWtQHQFDGDUHYROXFLyQ(OHMHWLHQHHOGREOHGHOD
VXSHUILFLHGHHQIULDPLHQWRTXHHOHMHFRQYHQFLRQDOGHWXEHUtD




%ODQFKDUG

(O FULVWDOL]DGRU %ODQFKDUG DQWLJXR ILJ  $  FRQVWD GH XQ HMH KXHFR SRU HO TXH
FLUFXOD HO DJXD \ DO FXDO VH ILMDQ ORV HOHPHQWRV GH HQIULDPLHQWR TXH QR VRQ PiV TXH
WXERV DSODVWDGRVHQVXSDUWHVXSHULRU \GLVSXHVWRVHQIRUPDKHOLFRLGDOVREUHHOHMH(O
FULVWDOL]DGRU HV GH VLPSOH FRQVWUXFFLyQ \ VX VXSHUILFLH GH HQIULDPLHQWR HV GH XQRV
3 3   8Q FULVWDOL]DGRU %ODQGFKDUG GH HVWH WLSR GH 3  GH FDSDFLGDG QHFHVLWD
  

DVSDVGH´∅\GHORQJLWXG(VWHFULVWDOL]DGRUSXHGHHQIULDUHILFLHQWHPHQWH
HQKRUDV(OFRHILFLHQWHGHWUDQVLFLyQGHOFDORUGHHVWRVFULVWDOL]DGRUHVHVGHXQRV
%783 ƒ)K /D FDQWLGDG GH DJXD UHTXHULGD SRU XQ %ODQFKDUG HV GH 3 3  0& (O
  

FRHILFLHQWHGHWUDQVPLVLyQHVSURSRUFLRQDODODVUSPGHORVHOHPHQWRV/DYHORFLGDGGH
URWDFLyQQXQFDGHEHVHUPD\RUGHXQUSPQRUPDOPHQWHVHXVDòUSP

(QODILJXUD%VHPXHVWUDXQFULVWDOL]DGRU)OHWFKHU%ODQVFKDUGFX\DVXSHUILFLHGH
HQIULDPLHQWRFRQVLVWHGHWXERVHQORVH[WUHPRVFHUUDGRV LJXDOTXHHQHODQWLJXR SHUR
FRQ XQD VHULH GHUHFKD \ RWUD FXUYD GHQWUR \ GHVGH OD FXDO HO DJXD IOX\H GXUDQWH OD
URWDFLyQ/DFDSDFLGDGGHHQIULDPLHQWRHVGH3 3 GHPDVD
 


'REOH+pOLFH


 
,QGLFH






















 
,QGLFH






















 
,QGLFH























 
,QGLFH

















 
,QGLFH














 
,QGLFH

(VWRV FULVWDOL]DGRUHVVRQVHPHMDQWHV DORVFULVWDOL]DGRUHVRUGLQDULRVSHUR ODGLIHUHQFLD


HVWULED HQ TXH WLHQHQ GRV HMHV  DJLWDGRUHV KHOLFRLGDOHV URWDQGR HQ GRV GLUHFFLRQHV
RSXHVWDV PDQGDGRV SRU GRV FDWDOLQDV \ XQ JXVDQR )LJ  /D KpOLFH VXSHULRU VH
SURYHH FRQ XQD WLUD R FLQWD DJLWDGRUD WULSOH \ XQ  GH VX DOWXUD HVWi SRU HQFLPD GHO
QLYHOGHPDVD
(VWH FULVWDOL]DGRU HV PiV HVWUHFKR TXH HO RUGLQDULR FRQ UHODFLyQ D VX YROXPHQ
RIUHFLHQGRXQDVXSHUILFLHGHHQIULDPLHQWRUHODWLYDPHQWHPD\RU/DKpOLFHVXSHULRUSRQH
HQFRQWDFWRFDSDVILQDVGHPDVDFRFLGDFRQHODLUHGDQGRXQHQIULDPLHQWRPiVUiSLGR
6H KD HQFRQWUDGR TXH HVWH PpWRGR GH DJLWDU OD PDVD FRFLGD QR UHSUHVHQWD FXDOTXLHU
GHVYHQWDMD\TXHHOPLVPRSHUPLWHXQWLHPSRGHHQIULDPLHQWRPiVFRUWRRVHDODPLWDG
TXHHOUHTXHULGRSRUXQFULVWDOL]DGRURUGLQDULR
6LQHPEDUJRHVSRVLEOHTXHHQHVWHFULVWDOL]DGRUVHSURGX]FDXQDOLJHUDHPXOVLILFDFLyQ
FRQDLUHDXPHQWDQGRODYLVFRVLGDGGHODPDVDFRFLGD
/DFDSDFLGDGGHHVWHFULVWDOL]DGRUHVGH3 WFKSDUDPFF



:HUNVSRRU

(O FULVWDOL]DGRU :HUNVSRRU ILJXUD  $ WLHQH XQD IRUPD H[WHULRU VLPLODU DO
FULVWDOL]DGRURUGLQDULRHOPLVPRFRQVWDGHXQHMHHQHOFXDOVHFRORFDQGLVFRVILJ
% FRQ XQ FRUWH GH ƒ R XQ VHFWRU GH ƒ ORV FRUWHV VH DOWHUDQ HQ OD VHULH GH GLVFRV
HVSDFLDGRV D ƒ (O HMH \ ORV GLVFRV VRQ KXHFRV \ GLVHxDGRV SDUD SHUPLWLU OD
FLUFXODFLyQGHDJXD/DPDVDFRFLGDVHLQWURGXFHFRQWLQXDPHQWHSRUXQH[WUHPRGHVGH
HO FXDO HO HMH HV PRYLGR \ IOX\H D OR ODUJR GHO FULVWDOL]DGRU  SRU JUDYHGDG SDVDQGR
GHVGHXQHVSDFLRDORWURHQWUHGLVFRVSRUPHGLRGHOVHFWRUDELHUWRGHOGLVFR\GHUUDPD
SRU HO H[WUHPR RSXHVWR (O DJXD GH HQIULDPLHQWR HQWUD SRU HO ODGR TXH VDOH OD PDVD
SDVDQGRDWUDYpVGHORVGLVFRV\UHWRUQDDOHMHKXHFRSDUDVDOLUGRQGHUHWRUQDODPDVDR
VHD OD FLUFXODFLyQ HV HQ FRQWUDFRUULHQWH SUHVHQWDQGR OD YHQWDMD TXH OD PDVD FRFLGD
FDOLHQWHTXHHQWUDVHSRQHHQFRQWDFWRVRODPHQWHFRQDJXDODFXDO\DKDVLGRFDOHQWDGD
\ TXH HQ FXDOTXLHU SXQWR OD WHPSHUDWXUD GHO DJXD GH HQIULDPLHQWR HV SURJUHVLYDPHQWH
PiV EDMD D PHGLGD TXH OD PDVD VH HQIUtD ILJ  (VDV FRQGLFLRQHV SUiFWLFDPHQWH
HOLPLQDHOULHVJRGHODIRUPDFLyQGHJUDQRIDOVR

/D SRWHQFLD UHTXHULGD SRU HO :HUNVSRRU HV OD PLWDG GH OD UHFRPHQGDGD  SDUD HO
FULVWDOL]DGRURUGLQDULR\HVVXVWDQFLDOPHQWHPiVEDMDTXHHQORVHQIULDGRVSRUDJXDFRQ
WXERV R FDMDV (O FRHILFLHQWH GH WUDQVPLVLyQ GHO FDORU  HV GHO RUGHQ GHO  %783  

ƒ)K 3DUD PDVD FRFLGDV & \ SDUD PDVDV FRQ SXUH]DV PD\RUHV D  RVFLOD GH 
%783 ƒ)K


/D WDEOD  PXHVWUD ORV FRHILFLHQWHV GH WUDQVIHUHQFLD GH FDORU TXH UHFRPLHQGDQ ORV
IDEULFDQWHVSDUDODVGLVWLQWDVPDVDVFRFLGDV

7DEOD./,,,&RHILFLHQWHGHWUDQVPLVLyQGHOFDORUDSDUHQWHSDUDORVFULVWDOL]DGRUHV
:HUNVSRRUHQ%783ƒ)K


)DEULFDQWHV   5HFRPHQGDGR

0&$        
0&%        
0&&         


 
,QGLFH

3DUDIDFLOLWDUODFLUFXODFLyQ\FULVWDOL]DFLyQODPDVDFRFLGDGHEHVHUOXEULFDGDXVDQGROD
PLHO FRUUHVSRQGLHQWH  D OD PDVD FRFLGD TXH VH WUDWH (VWR VH KDFH DGPLQLVWUDQGR FDGD
GLVFRPHGLDQWHXQFDEH]DO

/D DOLPHQWDFLyQ GH PDVD FRFLGD VH HIHFW~D GHO ODGR GRQGH ORV GLVFRV GHVFLHQGHQ
GHQWUR GH OD PDVD QR GHO ODGR GRQGH HPHUJH 6L HO FULVWDOL]DGRU VH OOHQD KDVWD HO HMH
GHEHQ FRORFDUVH GLYLVLRQHV  FRPSOHWDV HQ HO HVSDFLR HQWUH OD SDUHG  GHO WDQTXH \ ORV
GLVFRVHQHOSODQRGHORVPLVPRV
/D VXSHUILFLHGHHQIULDPLHQWRGHEHVHUSURSRUFLRQDODODFDSDFLGDGGHOFULVWDOL]DGRUR
PHMRU D OD FDQWLGDG GH PDVD FRFLGD D VHU HQIULDGD SRU KRUD 7DPELpQ GHSHQGH GH OD
WHPSHUDWXUDGHODPDVDFRFLGDDODHQWUDGDODWHPSHUDWXUDGHODJXDGHHQIULDPLHQWRHO
JUDGRGHHQIULDPLHQWRUHTXHULGRHWF/DVWHPSHUDWXUDVySWLPDVVHPXHVWUDQHQODWDEOD
ODVFXDOHVVHXVDURQSDUDKDFHUHOJUiILFRGHODILJXUD

/DVWDEOD\PXHVWUDQORVSDUiPHWURVGHORVFULVWDOL]DGRUHV:HUNVSRRUSDUDPDVDV
$\&

7DEOD;/,9&ULVWDOL]DGRUHVHQIULDGRVSRUDJXDDFRQWUDFRUULHQWHD7HPSHUDWXUD
ySWLPDV

      ƒ)
0DVDFRFLGDHQWUDQGR   
0DVDFRFLGDVDOLHQGR   
$JXDHQWUDQGR    
$JXDVDOLHQGR    

7DEOD;/9'DWRVGHXQFULVWDOL]DGRU:HUNVSRRU

&UVLWDOL]DGRU&RQWLQXR:HUNVSRRUSDUDPDVDFRFLGD

8VR    (QIULDU\DJRWDUOD0&$

1ƒGHXQLGDGHV  



&RQGLFLRQHVGH6HUYLFLR

0DVDFRFLGD   $

&DQWLGDG   3 K



*UDYHGDGHVSHFtILFD  

&DORUHVSHFtILFR  

7HPSHUDWXUDVGH(QWUDGD

0DVDFRFLGD   ƒ)


 
,QGLFH

$JXD    ƒ)

7HPSHUDWXUDVGHVDOLGD

0DVDFRFLGD   ƒ)

$JXD    ƒ)

&DQWLGDG

$JXDGHHQIULDPLHQWR *30

7LHPSR5HWHQFLyQ  +UV

(VSHFLILFDFLRQHV*HQHUDOHV

7LSRFULVWDOL]DGRU  HOHPHQWRGLVFRURWDWRULR

9ROXPHQ1HWR  &X)W

/RQJLWXGHQYROYHQWH  ¶´

$QFKRHQYROYHQWH  ¶´

/RQJLWXG7RWDO  ¶´

$OWXUD7RWDO   ¶´

1ƒGHHOHPHQWRVGH
(QIULDPLHQWR   

1ƒGH'LVFRV   

ÈUHDWRWDOGH
(QIULDPLHQWR   3 



6RSRUWHV   

9HORFLGDG5RWDFLyQ  530

0RWRU    +3

3RVLFLyQ   +RUL]RQWDO

0$7(5,$/(6

(QYROYHQWH   ´

3ODFDVH[WUHPDV  ´


 
,QGLFH

(OHPHQWRV   ´

'LVFRV   ó´

(MH    ´'([´WXEHUtDVVLQFRVWXUD

&RQVWUXFFLyQ   WRGRVROGDGR

3HVR    


7$%/$;/9,'DWRVGHXQFULVWDOL]DGRU:HUNVSRRU

&ULVWDOL]DGRUFRQWLQXRUiSLGR:HUNVSRRU

8VR    HQIULDU\DJRWDUPFF

1ƒGHXQLGDGHV  

&RQGLFLRQHVGH6HULYFLR

0DVDFRFLGD   ³&´ ƒEUL[ 

&DQWLGDG   SK

*UDYHGDGHVSHFtILFD  

&DORUHVSHFtILFR  
7HPSHUDWXUDHQWUDGD 

0DVD&RFLGD   ƒ)

$JXD    ƒ)

7HPSHUDWXUDGHVDOLGD

0DVDFRFLGD   ƒ)

$JXD    ƒ)

&DQWLGDGGHDJXDGH
(QIULDPLHQWR   *30

7LHPSRGH5HWHQFLyQ +UV


(VSHFLILFDFLRQHV*HQHUDOHV

7LSR&ULVWDOL]DGRU  HOHPHQWRVILMRVGLVFRVURWDWRULRV


 
,QGLFH

9ROXPHQ1HWR  3 

/RQJLWXGHQYROYHQWH  ¶´

$QFKRHQYROYHQWH  ¶´

/RQJLWXGWRWDO
(QYROYHQWH   ¶´

$OWXUDWRWDO
(QYROYHQWH   ¶´

1ƒGHHOHPHQWRV
(QIULDPLHQWR   

1ƒGHGLVFRV   

ÈUHDWRWDOGH
(QIULDPLHQWR   3 



6RSRUWHV   

9HORFLGDGHMH   530

0RWRU    +3

3RVLFLyQ   +RUL]RQWDO

(VSHFLILFDFLyQPDWHULDO

(QYROYHQWH   ´

3ODFDVH[WUHPDV  ´

(OHPHQWRV   ´

'LVFRV   ó´

(MH    ´2'[´WXEHUtDVFRVWXUD

&RQVWUXFFLyQ   WRGRVHOODGR

3HVR    OEV


H&ULVWDOL]DGRUURWDWRULRFRQVHUSHQWLQHVSDUDHQIULDPLHQWRILMRV

&ULVWDOL]DGRU/D)HXLOOH 



 
,QGLFH



(VWH FULVWDOL]DGRU ILJ  FRQVWD GH XQ FDVFR URWDWRULR TXH FRQWLHQH WXEHUtDV GH
HQIULDPLHQWRGH´DORODUJRGHWRGDODORQJLWXGGHOFULVWDOL]DGRUHQIRUPDSDUDOHODDO
HMH GH URWDFLyQ /D WXEHUtD HVWi DUUHJODGD SDUD PDQWHQHU XQD WHPSHUDWXUD XQLIRUPH HQ
WRGDODPDVDFRFLGD(OFULVWDOL]DGRUGHEHSDUDUVHGXUDQWHHOOOHQDGR\HOYDFLDGRVHKDFH
PHGLDQWH YiOYXODV DSURSLDGDV GH FRPSXHUWD GH JXLOORWLQD +RQLQJ \ $OHZ\Q
HQFRQWUDURQ TXH GHVSXpV GH XQ HQIULDPLHQWR PX\ UiSLGR HQ HO FULVWDOL]DGRU FRQWLQXDU
DJLWDQGR D OD WHPSHUDWXUD RUGLQDULD GLR PHMRUHV UHVXOWDGRV PD\RU UHQGLPLHQWR GH
FULVWDOHV \ PHQRU SXUH]D GH OD PLHO (Q DOJXQRV FDVRV HVWH SHUtRGR GH PH]FODGR
SRVWHULRUGHDKKL]RTXHVHREWXYLHUDPiVGHOGREOHGHUHQGLPLHQWRHQFULVWDOHVHQ
HOPLVPRFULVWDOL]DGRUSHUR~QLFDPHQWHFRQHQIULDPLHQWR$SDUHQWHPHQWHHQWRQFHVHO
HQIULDPLHQWRHQHOFULVWDOL]DGRU/D)HXLOOHHVGHPDVLDGRUiSLGRSDUDTXHODFULVWDOL]DFLyQ
VHDSDUHMDFRQHODXPHQWRGHODVREUHVDWXUDFLyQ

(VWH DSDUDWR WDPELpQ FRQRFLGR FRPR WDFKR FULVWDOL]DGRU VLUYH WDQWR FRPR WDFKR TXH
FRPRFULVWDOL]DGRU
&RQVLVWHHQXQFLOLQGURODUJRTXHJLUDHQVXHMHVREUHYDOHURVHQORVTXHGHVFDQVDSRU
PHGLRGHORVDQLOORV
(VWi SURYLVWR GH FRQH[LRQHV SDUD YDFtR DOLPHQWDFLyQ GH PDVD FRFLGD PLHOHV DJXD \
YDSRU7RGDVHVWDVFRQH[LRQHVHVWiQKHFKDVDWUDYpVGHOHMH(OYDFtRGHODPDVDFRFLGD
\ODVPLHOHVHQXQRGHVXVH[WUHPRV\HOYDSRUHODJXD\ORVJDVHVLQFRQGHQVDEOHVHQHO
RWUR
'HQWUR GHO DSDUDWR H[LVWH XQ SDTXHWH GH WXERV ORQJLWXGLQDOHV SDUDOHORV DO HMH (VWRV
WXERVSXHGHQHPSOHDUVHSDUDYDSRURSDUDDJXD
(O FULVWDOL]DGRU VH OOHQD VRODPHQWH KDVWD ODV ô SDUWHV GH VX YROXPHQ LQWHULRU (O
PRYLPLHQWRGHURWDFLyQSURGXFHODDJLWDFLyQ\ODPH]FODHIHFWLYDGHODPDVDFRFLGD

(OGLiPHWURHVGHXQRV¶ODORQJLWXGHVYDULDEOH\ODFDSDFLGDGGHDFXHUGRFRQHOOD
YDULDQGRGH±3 /DYHORFLGDGGHURWDFLyQHVEDMDRVHDUSPFXDQGRVH


HPSOHDFRPRWDFKR\GHóUSPFRPRFULVWDOL]DGRU
/DSRWHQFLDQHFHVDULDHVGH+3
(OFRHILFLHQWHGHWUDQVPLVLyQGHFDORUTXHVHDOFDQ]DHVGH%783 ƒ)K


/DVXSHUILFLHGHHQIULDPLHQWRHVGH3 3 
 




 
,QGLFH



















 
,QGLFH

(VWH FULVWDOL]DGRU WLHQH OD YHQWDMD GH HPSOHDU SRFR HVSDFLR \ UHGXFLU OD SUHVLyQ
KLGURVWiWLFD DO PtQLPR SXGLpQGRVH PDQHMDU ƒ%[ DOWDV \ REWHQHU FDtGDV GH SXUH]D GH
PDVDDPLHOGHSXQWRV6LQHPEDUJRHVGLItFLOGHRSHUDUSDUWLFXODUPHQWHFXDQGR
VHXVDFRPRWDFKR

I&ULVWDOL]DGRUHV9HUWLFDOHV

(VWRVFULVWDOL]DGRUHVVHFRPHQ]DURQDXVDUHQODLQGXVWULDGHOD]~FDUGHFDxDHQHODxR
GH8QDGHODVYHQWDMDVGHHVWRVFULVWDOL]DGRUHVHVTXHVRQPHQRVFRVWRVRVHQVX
FRQVWUXFFLyQ\RFXSDQPHQRVVXSHUILFLH
(QWUHORVIDEULFDQWHVGHHVWRVHTXLSRVHVWiQ%0$)&%+RQLURQ''6HWF

&ULVWDOL]DGRUYHUWLFDOGHOD''6

(OFULVWDOL]DGRUYHUWLFDO''6ILJFRQVWDGHXQFLOLQGURYHUWLFDOGH¶GLiPHWUR
[ ¶ DOWR (O YROXPHQ WRWDO GH PDVD FRFLGD HV GH 3  /D VXSHUILFLH GH


HQIULDPLHQWRHVWiFRPSXHVWDSRUWXERVYHUWLFDOHVDUUHJODGRGLDPHWUDOPHQWHRSXHVWRXQD
GHORWURSRUGRVVHFFLRQHVVHSDUDGDVVLHQGRGHGHODUJR\´GHGLiPHWUR

8QD SODFDVXSHULRUHLQIHULRUGHWXERVDXQDGLVWDQFLDGH¶VRQORVOLPLWHVSDUD HO
YROXPHQ GH PDVD FRFLGD (VWH YROXPHQ VH GLYLGH SRU PDVDV GH VRSRUWH \ SODFDV GH
WXERV LQWHUPHGLRV GHQWUR GH FLHUWR Q~PHUR GH VHFFLRQHV /DV SODFDV DVHJXUDQ XQ IOXMR
FRQWURODGRGHPDVDFRFLGDDWUDYpVGHOFULVWDOL]DGRU
3DUDVRSRUWDUORVWXERVXQMXHJRGHSODFDVVHLQVWDODQHQFDGDVHFFLyQ
8Q DJLWDGRU GH DOHWD DFWLYDGR SRU FLOLQGURV KLGUiXOLFRV UREXVWRV PRQWDGRV HQ XQ
EDVWLGRU HQ HO WHFKR GHO FULVWDOL]DGRU RVFLOD XQRV ± ƒ HQ HO FRPSDUWLPLHQWR GH OD
PDVD FRFLGD HQWUH ODV GRV VHFFLRQHV GH HQIULDPLHQWR (O DJLWDGRU HVWi ORFDOL]DGR HQ HO
EDVWLGRU VXSHULRUHQXQDFRPELQDFLyQGH FRMLQHWHGHHPSXMH \UDGLDO \ HVWiVRSRUWDGR
SRUXQFRMLQHWHUDGLDOHQHOIRQGR/DVDOHWDVGHODJLWDGRUVHPXHYHQDWRGRORODUJRGHO
HMH GHO FULVWDOL]DGRU VRODPHQWH KDVWD ODV SODFDV EDIIOH (VWR GD XQ HILFLHQWH HIHFWR GH
DJLWDFLyQ  GHELGR DO GHVSOD]DPLHQWR SRVLWLYR GH OD PDVD FRFLGD D OR ODUJR GH OD
VXSHUILFLHH[WHULRUGHFDGDWXERHQODFDODQGULDSRUODVDOHWDV

3RUGHEDMRGHODSODFDLQIHULRUGHWXERVVHLQVWDODQGRVUHFLSLHQWHVGHGLVWULEXFLyQSDUD
HO DJXD GH HQIULDPLHQWR D ODV GRV VHFFLRQHV GH HQIULDPLHQWR 2WURV UHFLSLHQWHV VH
LQVWDODQ HQ HO WHFKR (O FULVWDOL]DGRU WLHQH XQ VLVWHPD VHSDUDGR GH UHFLGR GHO DJXD H
HQIULDPLHQWRFRQXQIOXMRDSUR[LPDGRGHJSPDWUDYpVGHORVWXERV3DUDPDQWHQHU
ODUHFLUFXODFLyQGHDJXDDODWHPSHUDWXUDDGHFXDGDGHHQWUDGDHOVLVWHPDVHVXPLQLVWUD
FRQDJXDGHUHSRVLFLyQGHVGHXQVLVWHPDFRP~QGHHQIULDPLHQWR\HOH[FHVRGHDJXDVH
H[WUDHGHVGHHOVLVWHPDGHUHFLFODMHDWUDYpVGHXQGHUUDPHGHDOLYLRHQODSDUWHGHDWUD]
GHOWHFKRDOVLVWHPDFRP~Q

(O SHUVRQDOWpFQLFRGHOD''6EDVyHOGLVHxRGHHVWHFULVWDOL]DGRUSUHYLRVHVWXGLRVHQ
TXHHODJRWDPLHQWRPiVHIHFWLYRGHODPDVDFRFLGDVHREWLHQHPHGLDQWHXQHQIULDPLHQWR
Dƒ&&DVLVHREWLHQHQORVPLVPRVUHVXOWDGRVFRQXQDFDtGDH[SRQHQFLDOGHVGHƒ&
Dƒ&VHJXLGDSRUXQDFDtGDOLQHDOKDVWDƒ&/RVHQVD\RVPRVWUDURQTXHHVSRVLEOH
HQIULDUODPDVDFRFLGDDXQDUD]yQGHƒ&KUVLQGHWHULRUDFLyQGHODFDOLGDGGHODPDVD
FRFLGDSRUHMHPSORVLQODIRUPDFLyQGHJUDQRILQR
/RV WpFQLFRV GH OD ''6 WDPELpQ OOHJDURQ D OD FRQFOXVLyQ TXH FRPR HO FDORU HV
WUDQVPLWLGRSRUFRQGXFFLyQHQXQPHGLRGHDOWDYLVFRVLGDG\HQIOXMRODPLQDUHVSRVLEOH

 
,QGLFH






















 
,QGLFH




















 
,QGLFH

FDOHQWDUODPDVDFRFLGDVLQFXDOTXLHUDXPHQWRVXVWDQFLDOGHODSXUH]DGHODPLHOILQDO
XVDQGR FDSDV GH PDVD FRFLGD ILQDV \ XQD VXSHUILFLH GH FDOHQWDPLHQWR UHODWLYDPHQWH
JUDQGHVFRQSHTXHxDVGLIHUHQFLDVGHWHPSHUDWXUDHQWUHHOPHGLRGHFDOHQWDPLHQWR\OD
PDVDFRFLGD/DILJXUDPXHVWUDHOIOXMRGHPDVDHQHOFULVWDOL]DGRU

(O FRHILFLHQWH GH WUDQVIHUHQFLD GH FDORU GHO FULVWDOL]DGRU ''6 HV GH XQRV  ± 
%783 Kƒ)


/RVHVWXGLRVGHOWLHPSRGHUHVLGHQFLDHQHOFULVWDOL]DGRUGHPRVWUDURQTXHHOIOXMRHVGHO
WLSRWDSyQFRQXQWLHPSRGHUHVLGHQFLDGHKUHQWRGRHOVLVWHPD FULVWDOL]DGRU''V
UHVWRFULVWDOL]DGRUHV (OWLHPSRGHUHVLGHQFLDVHPLGLyPHGLDQWHODSUXHEDGHOFORUXUR
GHOLWLR

&ULVWDOL]DGRUYHUWLFDOGHOD%0$

/D%0$FRQVWUX\HGRVWLSRVGHFULVWDOL]DGRUHVYHUWLFDOHV

D (OFULVWDOL]DGRUFRQKDFHVWXEXODUHVILMRV\KRUL]RQWDOHV
E (OFULVWDOL]DGRUFRQKDFHVWXEXODUHVGHHQIULDPLHQWRR[LODQWHV

D&ULVWDOL]DGRUFRQKDFHVWXEXODUHVILMRV\KRUL]RQWDOHV

(VWRV ILJ  WLHQHQ EUD]RV DJLWDGRUHV XELFDGRV PX\ FHUFD GH ORV HOHPHQWRV GH
UHIULJHUDFLyQ\DVHJXUDQGRXQDEXHQDPH]FODDVtFRPRODVXILFLHQWHYHORFLGDGUHODWLYD
FRQWLQXD HQWUH OD PDVD \ OD VXSHUILFLH GH HQIULDPLHQWR 'H WDO PDQHUD IDYRUHFHQ
LQWHQVDPHQWHODWUDQVPLVLyQGHOFDORUGHOODGRGHODPDVD(VWHWLSRGHFULVWDOL]DGRUVH
XVDSDUDFDSDFLGDGHVPHQRUHV

E&ULVWDOL]DGRUFRQKDFHVWXEXODUHVILMRV\KRUL]RQWDOHV

(VWDVILJHVWiQFRPSXHVWDVGHHOHPHQWRVEORTXHGHHQIULDPLHQWRHVWDQGDUL]DGRV
HQ ORV FXDOHV HO DJXD FRUUH HQ FRQWUDFRUULHQWH JXLDGD UHVSHFWR DO IOXMR GH PDVD /RV
EORTXHV GH HQIULDPLHQWR VH DJUXSDQ PLWDG \ PLWDG FDGD JUXSR SXGLHQGR FRQHFWDUVH R
GHVFRQHFWDUVH /D PDVD VH UHSDUWH UHJXODUPHQWH SRU WRGD OD VHFFLyQ PHGLDQWH XQ
UHSDUWLGRUHQURWDFLyQOHQWD(OVLVWHPDGHHQIULDPLHQWRFRPSOHWRUHDOL]DXQDFDUUHUDGH
¶HQVHQWLGRYHUWLFDO(QFRPELQDFLyQFRQODGLVSRVLFLyQVLPpWULFDGHORVWXERVGH
HQIULDPLHQWR HVWR JDUDQWL]D XQD UHSDUWLFLyQ ySWLPD GHO WLHPSR GH SHUPDQHQFLD GH OD
PDVD /D YHORFLGDG GHO PRYLPLHQWR DVFHQGHQWH GH ORV HOHPHQWRV HQIULDGRUHV  SXHGH
YDULDUVHHQGRVHWDSDV
(ODFFLRQDPLHQWRVHUHDOL]DSRUPHGLRGHVXVFLOLQGURVKLGUiXOLFRVGLVSXHVWRVGHPDQHUD
VLPpWULFDSRUODSHULIHULDVXSHULRUGHOFULVWDOL]DGRU

3DUDODWRWDOLGDGGHORVHOHPHQWRVLQWHULRUHVQRVHQHFHVLWDQQLURGDPLHQWRVRFRMLQHWHV
GHIULFFLyQQLSUHQVDHVWRSDVGHOODGRGHODPDVD

8Q FULVWDOL]DGRU WtSLFR GH HVWH WLSR HVWi  HTXLSDGR FRQ  HOHPHQWRV GH HQIULDPLHQWR
HVWDQGDUL]DGRVHQORVFXDOHVHODJXDIOX\HHQFRQWUDFRUULHQWHFRQODPDVDHQFDGDXQR
/RV WXERV GH HQIULDPLHQWR VRQ GHO WLSR GH JDV VROGDGR \ HO JUXSR GH WXERV HVWiQ
GLVWULEXLGRVHQIRUPDH[DJRQDOVLPpWULFDPHQWH\SURYLVWRVFRQEDIOHVH[WHULRUHVKDFLDHO
FLOLQGUR(OFULVWDOL]DGRUHVDFFHVLEOHGHVGHHOWRSHKDVWDHOIRQGRDWUDYpVGHVXFHQWUR


 
,QGLFH























 
,QGLFH

VREUHWLHUUDILUPHVHSXHGHQFRQHFWDURGHVFRQHFWDUVHSDUDGDPHQWHGHDHOHPHQWRV
GHHQIULDPLHQWR
8Q GLVWULEXLGRU GLVWULEX\H OD PDVD D EDMD YHORFLGDG VREUH OD VHFFLyQ FRPSOHWD GH OD
XQLGDG (O VLVWHPD GH HQIULDPLHQWR RVFLOD HQ GLUHFFLyQ YHUWLFDO \ GHELGR D HVWH
PRYLPLHQWR \ HO DUUHJOR VLPpWULFR GH ORV WXERV VH DVHJXUD XQ WLHPSR GH UHWHQFLyQ
ySWLPRGHODPDVDFRFLGD

(O PRYLPLHQWR YHUWLFDO GHO VLVWHPD GH HQIULDPLHQWR SXHGH YDULDUVH HQ GRV SDVRV /D
DFWXDFLyQVHKDFHDWUDYpVGHVHLVFLOLQGURVKLGUiXOLFRVDUUHJODGRVVLPpWULFDPHQWHVREUH
ODFLUFXQIHUHQFLDGHOFULVWDOL]DGRU\XQDXQLGDGKLGUiXOLFDSDUDORVFLOLQGURV/DXQLGDG
KLGUiXOLFDHVWiHTXLSDGDFRQGRVERPEDVGHOPLVPRWDPDxRFRQFRQH[LyQGHVFRQH[LyQ
SDUDORVGRVPRYLPLHQWRV
8QFULVWDOL]DGRUGHHVWHWLSRWtSLFRWLHQHODVFDUDFWHUtVWLFDVVLJXLHQWHV

6XSHUILFLHGHHQIULDPLHQWR    S 


9ROXPHQQHWR     S  WP 




'LiPHWUR     ¶´


$OWXUD      ¶
1LYHOGHOOHQDGR    ¶
3RWHQFLDVLVWHPDKLGUiXOLFR   [+3
3RWHQFLDGLVWULEXLGRUGHPDVD  +3
9ROWDMH     YROWV
)UHFXHQFLD     +]
&DSDFLGDGPDVDFRFLGD   S K


7HPSHUDWXUDGHHQWUDGD   ƒ&
7HPSHUDWXUDGHVDOLGD   ƒ&
7LHPSRUHVLGHQFLD    KUV
'LIHUHQFLD7HPSPHGLRFDOHQWDPLHQWRPDVD ƒ&
5D]yQGHHQIULDPLHQWR   ƒ&K
&DXGDOGHDJXDHQIULDPLHQWRQHFHVDULD  JSP


(VWHFULVWDOL]DGRUQHFHVLWDORVHTXLSRVSHULIpULFRVVLJXLHQWHV

ERPEDURWDWRULDGHS K±USP±SVLJ±+3


 LQWHUFDPELDGRU GH FDORU GH SODFDV SDUD  JSP GH DJXD GHVGH ƒ& OLTXLGR
OLTXLGR DJXDDJXD IUtD D ƒ&  SpUGLGD SUHVLyQ ƒ   ƒ PHGLR  SLHV GH DJXD XQD
ERPEDFHQWUtIXJDSDUDDJXDHQIULDPLHQWRGHJSPDSLHVGHFDUJD
WDQTXHGHH[SDQVLyQGHPHPEUDQDGHOWLSRYHUWLFDOVLPSOH
PLQJOH'1PLHOHVPDVDFRFLGDTXHVHVLW~DDODVDOLGDGHO~OWLPRHQIULDPLHQWR
SRUXQSHUtRGRGHFDOHQWDPLHQWRFRUWR+3 DUSP
LQWHUFDPELDGRUGHFDORUGHSODFDSDUDPLHOHVOLTXLGR±OtTXLGR PLHOHVƒ&DJXD
Dƒ& 
ERPEDSDUDPLHOILQDOGHJSP\SVLJ

(OSULPHURGHORVFULVWDOL]DGRUHVYHUWLFDOHVGLVHxDGRVSRU%0$FRQVLVWtDGHGLVFRVILJ
FRQXQDVHSDUDFLyQGHƒƒFRQVLVWLHQGRGHGRVKRMDVGHPHWDOVHSDUDGDVSRU
FDQDOHV YHUWLFDOHV HQ IRUPD GH FLUFXORV FRQFpQWULFRV FXEULHQGR ORD PD\RU SDUWH GH ORV
UHPDQHQWHVƒ\IRU]DQGRHODJXDDFXEULUSUiFWLFDPHQWHODVXSHUILFLHSOHQDGHO
GLVFR/RVHOHPHQWRVVHFRQHFWDQHQVHULHSRUWXEHUtDVDGHFXDGDV\ORViQJXORVGH

 
,QGLFH












 
,QGLFH




















































 
,QGLFH















 
,QGLFH

ƒVHGHVSOD]DQHQGLVFRVVXFHVLYRVDƒHQODGLUHFFLyQHQFRQWUDGHODPDQHFLOODGHO
UHORM(ODJLWDGRULQPHGLDWDPHQWHSRUDEDMRURWDQGRHQFRQWUDGHOUHORMHQWRQFHVDVLVWHDO
IOXMR GH PDVDDSDVDUD ODHWDSDPiVEDMDSRUODVHSDUDFLyQHQHOGLVFR HQODSRVLFLyQ
RSXHVWDHVRHVHQHOVHQWLGRGHODVDJXMDVGHOUHORM/DUD]yQGHFULVWDOL]DFLyQREWHQLGD
HV GH  PJP PLQ \ XQD UD]yQ GH HQIULDPLHQWR GH ƒFK SDUD XQ WLHPSR GH


UHVLGHQFLDGHKRUDV

&ULVWDOL]DGRU9HUWLFDO)&%

(VWH FULVWDOL]DGRU  ILJ  FRQVLVWH HQ XQ WDQTXH FLOtQGULFR   YHUWLFDO HO FXDO
GHVFDQVDVREUHVXIRQGRSODQR\HVWiHTXLSDGRFRQXQDWDSDSODQDODFXDODORMDODXQLGDG
GHPRYLPLHQWR
8QKD]GHWXERVGHLQWHUFDPELRGHFDORU  GLYLGLGRHQFDSDVVHSDUDGDVGHWXERVILMRV
VHSDUDGRVSRUODSDUHGGHOWDQTXHFRQFRQH[LRQHVH[WHUQDVHQWUHODVFDSDVORFXDODLVOD
FDGDFDSDLQGLYLGXDOPHQWH
8Q HMH YHUWLFDO FHQWUDO   FRQ EDVWLGRUHV DJLWDGRUHV   SDUD OD PDVD FRFLGD HQWUH ODV
FDSDVGHLQWHUFDPELRGHFDORU
8QDXQLGDGGHPRYLPLHQWRODFXDOSXHGHVHUGHGRVWLSRV

D 8QLGDGKLGUiXOLFDODFXDORSHUDGRVFLOLQGURVRSXHVWRVGLUHFWDPHQWH  
E 8QPRWRUGHHQJUDQHVSODQHWDULRV  ILJ%

6LHVQHFHVDULRXQFULVWDOL]DGRUGHJUDQYROXPHQVHSXHGHGLYLGLUHQGRVRWUHVFHOGDVHO
UHVXOWDGRHV

D 8QHQIULDPLHQWRSURJUHVLYR\UHJXODUGHODPDVDFRFLGDFRQXQDJUDQGLIHUHQFLD
GHWHPSHUDWXUD
E /D SRVLELOLGDG GH GLYLGLU XQR GH ORV FULVWDOL]DGRUHV HQ XQD SDUWH SDUD HQIULDU \
RWUDSDUDUHFDOHQWDU

(OHMHHVWiVRSRUWDGRSRUODWDSD\JXLDGRVRODPHQWHDVXH[WUHPRPiVEDMR(VWRHYLWD
ORVSUREOHPDVGHHQGXUHFLPLHQWRGHODPDVDFRFLGDHQORVURGDPLHQWRVLQPHUVRVHQOD
PLVPD
/D FRUURVLyQ HQ XQ FULVWDOL]DGRU WRPD OXJDU HQ ODV VROGDGXUDV VXSHUILFLH GH WHQVLyQ
GRQGH KD\ PH]FOD GH DJXD \ R[LJHQR (O XVR GH ORV HOHPHQWRV OOHQRV FRQ VROGDGXUDV
H[WHUQDVVHGLVHxRSDUDSUHYHQLUHOSHOLJURGHFRUURVLyQGHORVWXERVGHHQIULDPLHQWROR
FXDOUHTXLHUHUHSDUDFLRQHV\SHUGLGDVFRVWRVDV/RVFULVWDOL]DGRUHVKRUL]RQWDOHVVRQPX\
SURSHQVRVDHVWHSUREOHPD
/DVILJXUDV\PXHVWUDQXQDYLVWDGHOVLVWHPDGHDJLWDFLyQ\HQIULDPLHQWR

&ULVWDOL]DGRUYHUWLFDO+RQLURQ

(Q HVWH FULVWDOL]DGRU ILJXUD  HO VLVWHPD GH HQIULDPLHQWR HVWi FRPSXHVWR SRU 
VHUSHQWLQHVTXHHTXLYDOHQD3 GHVXSHUILFLHGHHQIULDPLHQWR(ODOWRGHOFLOLQGUR


HVGH¶YV¶´GLiPHWURSDUDXQDFDSDFLGDGGH3  

(O HMH GH DJLWDFLyQ HV FRQVWUXLGR GH XQ WXER FDWiORJR  GH ´ VREUH HO FXDO HVWiQ
VROGDGRV VRSRUWHV DQJXODUHV SDUD ORV EUD]RV ORV FXDOHV VRQ IDEULFDGRV FRQ WXERV
UHFWDQJXODUHVFRQXQEDUUHGRUVLJXLHQGRHOFRQWRUQRGHODSODFDGHOIRQGR(OHMHKXHFR
TXHIORWDSDUFLDOPHQWHHVPDQWHQLGRSRUXQURGDPLHQWRHVIpULFRDXWRDOLQHDGRUHOFXDO
HVLQWHJUDOFRQHOPRWRU\HVWiLQFOXLGRHQHOSDTXHWHGHPRYLPLHQWR8QDEDUUDSHTXHxD

 
,QGLFH












 
,QGLFH

EDUUHHOIRQGRGHOHMHHQODPDVDFRFLGD(OHMHHVWiKHFKRHQWUHVVHFFLRQHVHPEULGDGDV
\ HPSHUQDGDV (O IRQGR HV HPEULGDGR \ GH FDEH]DO ERPEHDGR SDUD OD LQVWDODFLyQ \
OLTXLGDFLyQIiFLO
(O WRSH HV OLJHUDPHQWH FRQYH[R  SDUD DX[LOLDU HQ HO GUHQDMH  (O WRSH XQD SODFD WLSR
GLDPDQWHFRQUDQXUDVGHGUHQDMH\YLJDVGHUHSXHVWRVREUHODVFXDOHVVHPRQWDHOPRWRU
\GHVGHHOFXDOHOPRYLPLHQWRHVWiVXVSHQGLGR(OPRYLPLHQWRHVGHGRVSLVWRQHVWLSR
WULQTXHWHFRQXQVRODPHQWHGHWLHPSRHQYDFtR/DYHORFLGDGQRPLQDOHVGHòUSP
(O PRWRU GH OD ERPED KLGUiXOLFD HV GH +39 ±  +] VH LQFOX\H XQD
GHVFRQHFFLyQFXDQGREDMDHOQLYHOGHDFHLWHRKD\XQDSUHVLyQH[FHVLYD

/DV WDEODV  \  PXHVWUDQ XQD FRPSDUDFLyQ GH ORV FULVWDOL]DGRUHV YHUWLFDOHV
DQWHVHVWXGLDGRV

7DEOD;/9,,&ULVWDOL]DGRUYHUWLFDO''6

&DSDFLGDGS 


$OWXUDS  
'LiPHWURS  
3&6(    FDPL]D 
5HODFLyQ6(YRO 


7DEOD;/9,,,&ULVWDOL]DGRU9HUWLFDO%0$

&DSDFLGDGS 

        
$OWRS          
'LiPHWURS          
3&6(        
5HODFLyQ6(YRO       
3RWHQFLD +3 DQ USP      
  Q USP       


7DEOD;/,;&ULVWDOL]DGRUYHUWLFDO)&%

&DSDFLGDGS 

       
$OWRS  
'LiPHWURS  
3&6(  
5HODFLyQ6(YRO


7DEOD/&ULVWDOL]DGRU9HUWLFDO+RQLURQ

&DSDFLGDGS 

 
$OWXUDS   
'LiPHWURS   
3&6(    
5HODFLyQ6(YRO  
3RWHQFLD+3DUSP 

 
,QGLFH






















 
,QGLFH























 
,QGLFH























 
,QGLFH



















 
,QGLFH

9HQWDMDVGHORV&ULVWDOL]DGRUHV9HUWLFDOHV

D 8QYROXPHQJUDQGHHQXQHVSDFLRUHGXFLGR
E 3XHGHLQVWDODUVHIXHUDGHOHGLILFLR
F $OWDHILFLHQFLDGHELGRDXQPHMRUFRQWDFWRHQWUHODPDVDFRFLGD \ODVXSHUILFLH
GHLQWHUFDPELRGHFDORU$OWR6(YRO
G )iFLOGHDXWRPDWL]DU
H &DVLQRVHSURGXFHQFRUWRVFLUFXLWRVHQHOIOXMR
I %XHQDHILFLHQFLDWpUPLFDPHMRUDQGRSXUH]DGHODVPLHOHV
J /D HILFLHQFLD GH HVRV FULVWDOL]DGRUHV HV WDO TXH VH SXHGHQ WUDEDMDU FRQ XQD
YLVFRVLGDGGHSRLVHV QRUPDOSRLVHV 
K &RVWRUHGXFLGR S GHPDVD 




&ULVWDOL]DGRUHV&RQWLQXRV

/RV VLVWHPDV GH FULVWDOL]DFLyQ FRQWLQXD SRU HQIULDPLHQWR VRQ DSOLFDEOHV D ODV EDMDV
SXUH]DV \ VRQ HVSHFLDOPHQWH HIHFWLYDV FXDQGR OD PDVD FRFLGD VH SXUJD HQ FHQWUtIXJDV
FRQWLQXDV

3DUD FRQYHUWLU XQD HVWDFLyQ GH FULVWDOL]DGRUHV GLVFRQWLQXRV D RSHUDFLyQ FRQWLQXD
DVXPLHQGRTXHHOORVVRQGHGLPHQVLRQHV\GLVHxRLGpQWLFRORVPLVPRVVHGLVSRQHQGH
IRUPDTXHFDGDPLHPEURGHODVHULHVHD´PiVDOWRTXHHOVLJXLHQWHYHUILJXUD
OD PDVD FRFLGD HQWRQFHV HQWUDUi HQ XQ H[WUHPR GH OD SULPHUD XQLGDG \ DVt
VXFHVLYDPHQWH
(VWH DUUHJOR GHVDIRUWXQDGDPHQWH QR HYLWD HO HVWDEOHFLPLHQWR GH FRUULHQWHV ORFDOHV \
FRQVHFXHQWHHVWDQFDPLHQWRGHODPDVDFRFLGDHQODVHVTXLQDVGHORVWDQTXHV(VWHIDOOR
SXHGH UHPHGLDUVH SDUFLDOPHQWH FHUUDQGR ODV HVTXLQDV PXHUWDV FRQ SODQFKDV VROGDGDV
3RUODPLVPDUD]yQVHLQWHUSRQHXQEDIOHHQWUHODSDUWHVXSHULRUGHFDGDWDQTXHKDVWDHO
SXQWRPHGLRSDUDHYLWDUODVFRUULHQWHVORFDOHV\REOLJDUTXHODPDVDFRFLGDFLUFXOHKDVWD
HO IRQGR GHO WDQTXH /RV DJLWDGRUHV HOtSWLFRV R HVSLUDOHV FRQWULEX\HQ HIHFWLYDPHQWH D
KRPRJHQL]DUODPDVDFRFLGD/DILJXUD$PXHVWUDXQDUUHJORKHFKRHQHO,QJHQLR
0RVVPDQ4XHHQVODQG$XVWUDOLDODILJXUDPXHVWUDHOUHQGLPLHQWRGHORVPLVPRV

2WUR DUUHJOR HV HO KHFKR HQ ORV ,QJHQLRV 0RQ\PXVN \ %UHFKLQ HQ -DPDLFD GRQGH HO
SDVHGHPDVDFRFLGDVHHIHFW~DDWUDYpVGHFDQDOHVGHHQWUDGD \VDOLGDVLWXDGRVHQORV
H[WUHPRV GH FDGD FULVWDOL]DGRU /D ILJ  PXHVWUD HO DUUHJOR GH ORV FULVWDOL]DGRUHV
3DUDSURYHHUXQHQIULDPLHQWRDGLFLRQDOILQDOLQVWDODURQXQFULVWDOL]DGRU:HUNVSRRUFRQ
XQUHFDOHQWDGRU*UHHQ±6PLWK/DWDEODPXHVWUDORVSDUiPHWURVGHWUDEDMRGHGLFKD
LQVWDODFLyQ
7DEOD/,&ULVWDOL]DGRUHV&RQWLQXRV0RQ\PXVN

&ULVWDOL]DGRU7HPSƒ&3]DDSDUHQWH∆3]D9LVFRVLGDG SRLVHV $]~FDU&SRO 
       
       
       
       
       
:HUNVSRRU       
5HFDOHQWDGRU       


 
,QGLFH

























 
,QGLFH

























 
,QGLFH

























 
,QGLFH

(Q FRQFOXVLyQ SDUD FRQYHUWLU XQD HVWDFLyQ GH FULVWDOL]DGRUHV GLVFRQWLQXRV HQ XQR GH
RSHUDFLyQFRQWLQXDVHUHTXLHUHXVXDOPHQWHYROYHUDDMXVWDUHOQLYHOGHOHTXLSRGHPRGR
TXHVHREWHQJDHOGHVQLYHOQHFHVDULRSDUDHOIOXMR

/D UHWHQFLyQ GH OD PDVD FRFLGD HQ XQ VLVWHPD GH FULVWDOL]DFLyQ FRQWLQXR HV GH OD
PD\RU LPSRUWDQFLD6L KD\JUDQGHVGLIHUHQFLDVHQORVWLHPSRVGH UHVLGHQFLDDOJR
GH PDWHULDO SDVDUi D WUDYpV GHO VLVWHPD DQWHV GH TXH HVWp WRWDOPHQWH DJRWDGR
PLHQWUDVTXHRWURPDWHULDOSHUPDQHFHUiHVWiWLFRHQDOJ~QiUHDVLQRWURUHVXOWDGR
TXHUHGXFLUODFDSDFLGDGHIHFWLYDGHOVLVWHPD

(OFULVWDOL]DGRU:HUNVSRRUVHSXHGHXVDUFRPRXQVLVWHPDFRQWLQXR(OWUDQVSRUWHGH
PDVDFRFLGDGHXQFULVWDOL]DGRUDORWURORHIHFW~DXQWUDQVSRUWDGRUKHOLFRLGDO
LQGHSHQGLHQWHGHODVFDYLGDGHVGHHQIULDPLHQWR

/RVFULVWDOL]DGRUHVYHUWLFDOHVVHSXHGHQFRQHFWDUSDUDWUDEDMDUHQIRUPDFRQWLQXDODV
ILJXUDV\PXHVWUDQGLFKRDUUHJOR


(OXVRGHORV&ULVWDOL]DGRUHV:HUNVSRRUSDUDD]~FDUHVEODQFRV

'HVGH -HQNLQVKDFHDOXVLyQDOXVRGHFULVWDOL]DGRUHVFRPRSDUWHGHOHTXLSRSDUD
ODVPDVDVFRFLGDVGHDOWDSXUH]D
6L OD FDSDFLGDG GH ORV WDFKRV HV DPSOLD HO WLHPSR H[WUD JDVWDGR HQ HO WDFKR SDUD
HYDSRUDUKDVWDORJUDUXQFRQWHQLGRFULVWDOLQRPi[LPRHVWDUiELHQLQYHUWLGR3HURVLOD
FDSDFLGDGGHOWDFKRQRHVDGHFXDGDHOHQIULDPLHQWRHQORVFULVWDOL]DGRUHVSXHGHWUDHUHO
WUDEDMRVXSOHPHQWDULR
(OFULVWDOL]DGRU:HUNVSRRUSXHGHXWLOL]DUVHHQXQDIRUPDQXHYDSDUDSURGXFLUD]~FDUHV
EODQFRV /DV PDVDV FRFLGDV GH UHILQHUtD VH PH]FODQ FRQ XQD VROXFLyQ VDWXUDGD GH
VDFDURVD VDWXUDGD D ƒ&   KHFKD GLVROYLHQGR D]~FDU GH VHJXQGD HQ ORV ODYDGRV
SURYHQLHQWHV GH ODV FHQWUtIXJDV GH D]~FDU EODQFR \ OD PH]FOD UHVXOWDQWH VH KDFH SDVDU
SRUHO:HUNVSRRU6HREWLHQHXQDJUDQSURGXFFLyQGHUHILQDGRHVWRTXLHUHGHFLUHO
GH ORV VyOLGRV GH XQD WHPSOD (Q HVWD IRUPD HO WRWDO GH DJXD HYDSRUDGD VH UHGXFH GH
DGHODVDFDURVDTXHHQWUDDODUHILQHUtD\HOPDJPDWRWDOSXUJDGRVHUHGXFH
GHO  DO  GH OD DOLPHQWDFLyQ GH VDFDURVD /DV FDSDFLGDGHV VRQ GHO RUGHQ GH 
WRQHODGDVGHPDVDFRFLGDEODQFDGtDFULVWDOL]DGRU:HUNVSRRUGHS \3&6((O


WLHPSRUHDOGHHQIULDPLHQWRHVGHKRUD

(Q$IULFDGHOVXUKDQREWHQLGRKDVWDWUHVSXQWRVHQODFDtGDGHSXUH]DHODJRWDPLHQWR
GHODPDVDFRFLGD$SXHGHPHMRUDUVHFRQVLGHUDEOHPHQWHFHQWULIXJDQGRXQDSDUWHGHOD
PDVD\UHJUHVDQGRODPLHO$VLQGLOXLUDOFULVWDOL]DGRUMXQWRFRQHOUHVWRGHODWHPSODD
HVWHSURFHGLPLHQWRVHOHOODPDSUHFXUDGR3DUDKDFHUORDQWHULRUODPDVDFRFLGDGHEHU
ERWDUVHDOƒ%[PiVDOWRSRVLEOHVLVHHOLPLQDHOH[FHVRGHOFRQWHQLGRGHFULVWDOHVGHOD
PDVDVHORJUDUiTXHODPDVDPiVFRQFHQWUDGDSXHGDVDOLUGHOWDFKRVLQDIHFWDUGHPDQHUD
DGYHUVD DO FULVWDOL]DGRU \ OD RSHUDFLyQ GH FHQWULIXJDFLyQ (O SURFHVR VH LOXVWUD HQ OD
ILJXUD
/DUHFLUFXODFLyQGHPLHOHVDORVFULVWDOL]DGRUHV RGLOXFLyQFRQPLHOHV SDUDPHMRUDUOD
IOXLGH]QRHVQXHYD3HURVXHPSOHRFRQWpFQLFDVGHRSHUDFLyQQXHYDVVHHPSH]yVyOR
GHVGH+D\GRVIRUPDVGHDSOLFDUODVPLHOHV



 
,QGLFH

























 
,QGLFH

 8QD HV HPSOHDU PLHOHV DJRWDGDV SDUD UHGXFLU OD YLVFRVLGDG GH OD PDVD
FRFLGD
 < OD RWUD HV SUHFHQWULIXJDU XQD SRUFLyQ GH OD PDVD FRFLGD TXH KD VLGR
HQIULDGD GXUDQWH  KRUDV \ UHFLFODU ODV PLHOHV D~Q FDOLHQWHV SDUD
PH]FODUODVFRQODPDVDFRFLGDUHVWDQWH

(VWDVGRVWpFQLFDVVHGHVFULEHQHQODVILJXUDV\
/DGLOXFLyQROXEULFDFLyQGHODPDVDQRGHEHKDFHUVHFXDQGRVHERWDODWHPSODSRUTXHVH
SURGXFLUi XQ DJRWDPLHQWR GHILFLHQWH \D TXH ODV DJXDV PDGUHV HVWiQ D XQD
VREUHVDWXUDFLyQEDMD\DXQDWHPSHUDWXUDDOWD


5HFDOHQWDGRUHVSDUDODPDVDFRFLGD

/D H[SHULHQFLD GHO DXWRU UHFRPLHQGD HO XVR GH ORV LQWHUFDPELDGRUHV GH FDORU GH WXERV
DOHWHDGRV(OSULPHUUHFDOHQWDGRUGHPDVDFRFLGDGHHVWHWLSRORGHVDUUROOyHOJUXSR7DWH
 /\OH HQ  (O FDOHQWDGRU ILJXUD  VH IDEULFD XVXDOPHQWH FRPR XQ WDQTXH
UHFWDQJXODUGHDFHURDOFXDOVHOHLQVWDODQEDQFRVGHWXERVDOHWHDGRV&DGDFDOHQWDGRUVH
GLVHxD SDUD XQ WUDEDMR HQ SDUWLFXODU \D TXH ORV HOHPHQWRV XVDGRV VRQ VLPSOHPHQWH
FRQVWUXLGRVDFLHUWDORQJLWXG\FRQFLHUWRQ~PHURGHEDQFRV&RPRHQHVWHFDOHQWDGRU
QRKD\SDUWHPyYLOHVHOULHVJRQRUPDOGHIXJDVHQORVWXERVHVYLUWXDOPHQWHHOLPLQDGR

/RV HOHPHQWRV VH GLVHxDQ GH IRUPD TXH OD GLVSRVLFLyQ GHO PHWDO HV DGHFXDGD SDUD OD
FRQGXFFLyQHFDORUGHEDMRJUDGR
/DWUD\HFWRULDGHFDORUPi[LPDGHOPHWDODODPDVDFRFLGDHVDSUR[LPDGDPHQWHGHò´D
´6HREWLHQHXQDDOWDUD]yQGHVXSHUILFLHGHFDOHQWDPLHQWRDYROXPHQGHPDVDFRFLGD
VLHQGR HOWLHPSRGHUHVLGHQFLDPtQLPR6XFHVLYRVEDQFRVGHHOHPHQWRVVRQLQVWDODGRV
FXLGDGRVDPHQWH SDUD SURSRUFLRQDU XQ FRQWDFWR LQWLPR HQWUH OD PDVD FRFLGD \ OD
VXSHUILFLHGHFDOHQWDPLHQWRUHVXOWDQGRXQDEDMDUHVLVWHQFLDDOIOXMRGHPDVDFRFLGD(O
IOXMR SRU JUDYHGDG HV DFHSWDEOH SHUR VH XVD FRQ IUHFXHQFLD HO ERPEHR GH OD PDVD DO
FDEH]DOTXHDOLPHQWDDWXVFHQWUtIXJDV
(O DJXD GH FDOHQWDPLHQWR VH ERPEHD D WUDYpV GH ORV HOHPHQWRV HQ FRQWUDFRUULHQWH FRQ
UHVSHFWRDOIOXMRGHPDVDFRFLGD(OFLUFXLWRGHDJXDFDOLHQWHQRUPDOPHQWHHVFHUUDGR
SHUR WDPELpQ VH SXHGH HPSOHDU DJXD GH OD OtQHD GH FRQGHQVDGR FRPR XQD PHGLGD GH
DKRUURGHFDORUHLQVWDODFLyQ&RQHVWHFDOHQWDGRUVHKDKDOODGRTXHHVSRVLEOHFDOHQWDU
ODPDVDFRFLGDXVDQGRDJXDGHƒDƒ&PiVFDOLHQWHTXHODWHPSHUDWXUDUHTXHULGDSRU
ODPDVDFRFLGD8VDQGRHVWDSHTXHxDGLIHUHQFLDWHUPLQDOGHWHPSHUDWXUDODPDVDFRFLGD
SXHGHVHUFDOHQWDGDPX\FHUFDGHVXWHPSHUDWXUDGHVDWXUDFLyQVLQVREUHFDOHQWDPLHQWR
ORFDO \ SRU OR WDQWR VLQ UHGLVROYHU ORV FULVWDOHV GH VDFDURVD OR TXH WUDH FRPR
FRQVHFXHQFLD XQD GLVPLQXFLyQ HQ OD SXUH]D GH OD PLHO ILQDO &RQ ORV FDOHQWDGRUHV GH
VHUSHQWLQHVURWDWLYRVVHQHFHVLWDXQDGLIHUHQFLDWHUPLQDOGHWHPSHUDWXUDGHƒ&\SRU
ORWDQWRHVWRUHGLVXHOYHFULVWDOHV\DXPHQWDODSXUH]DGHODVPLHOHVSRUORPHQRVHQXQ
JUDGR
(OFDOHQWDGRUGHPDVDGHWXERVDOHWHDGRVHVUREXVWRVXFRVWRHVVLPLODUDOFRQYHQFLRQDO
GH VHUSHQWLQHV VLQ HPEDUJR WLHQH XQ UHQGLPLHQWR PD\RU QR XVD SDUWHV PyYLOHV
HOLPLQDQGR ODV IXJDV \ ORV UHTXHULPLHQWRV GH SRWHQFLD MXQWR D XQD QHFHVLGDG GH
PDQWHQLPLHQWR PtQLPD /D ILJXUD  D PXHVWUD XQ FDOHQWDGRU GH PDVD FRFLGD
IDEULFDGRSRU)OHWFKHU6PLWK



 
,QGLFH



















 
,QGLFH














 
,QGLFH
























 
,QGLFH











 
,QGLFH

&DSDFLGDGQHFHVDULDHQ&ULVWDOL]DGRUHV

3DUDFDOFXODUODFDSDFLGDGGHHVWRVHTXLSRVVHQHFHVLWDFRQRFHUSULPHURODSURGXFFLyQ
GH0&&HQS WRQFDxD\DVHDPHGLDQWHXQEDODQFHRWRPDGRGHODSUiFWLFD


/DWDEODQRVGDODVSURGXFFLRQHVGH0&&HQ3 WRQFDxDGHDFXHUGRDODSXUH]DGHOD


PHODGXUD


7DEOD/,,3URGXFFLyQ0&&HQ3WRQFDxDFRUWD


3]DPHODGXUD   3 PFFWRQFDxDFRUWD


      
 
 
 
 
 
 


(MHPSOR

6HTXLHUHVDEHUHOQ~PHURGHFULVWDOL]DGRUHVQHFHVDULRVSDUDXQLQJHQLRFX\DFDSDFLGDG
GHPROLGDHVGHWRQVFDxDFRUWDGtD/DSXUH]DGHODPHODGXUDHV\VHTXLHUH
XQWLHPSRGHUHVLGHQFLDGHK/RVWDFKRVWLHQHQXQDFDSDFLGDGGHS 



&iOFXORV
3DUDS]DPHODGXUD S PFFWRQFDxDFRUWD


[ S PFFKU




 S PFFKU




[ S PFFKU




 FULVWDOL]DGRUHV

&iOFXORGHXQFULVWDOL]DGRUHQIRUPDGH8HQIULDGRSRUDLUH

'DWRV

9 YROXPHQ~WLOGHOFULVWDOL]DGRUHQS  

' GHQVLGDGGHODPDVDFRFLGDHQOES 

& FDORUHVSHFtILFRGHODPDVDFRFLGD F ƒ%[PF 


ρ SHVRGHODPDVDFRFLGDHQHOFULVWDOL]DGRUHQOE
6 6XSHUILFLHGHOHQIULDPLHQWRHQS  

' GLiPHWURGHOFULVWDOL]DGRUHQSLHV
/ ORQJLWXGGHOFULVWDOL]DGRUHQSLHV
W WHPSHUDWXUDDPELHQWHƒ)
WR WHPSHUDWXUDLQLFLDOPF DW   HQƒ)
W WHPSHUDWXUDPFDOWLHPSRW HQƒ)
HQI

W WLHPSRGHHQIULDPLHQWRHQKU
  HQI

N FRHILFLHQWHGHWUDQVIHUHQFLDGHFDORUHQ%78S ƒ)K
HQI


 
,QGLFH























 
,QGLFH

/DVXSHUILFLHGHHQIULDPLHQWRHVLJXDODOiUHDGHODVSDUHGHV H[WUHPRV\ODGRV GHOYDVR


PiVODVXSHUILFLHGHODPDVDFRFLGD(QWRQFHV

6 [π' '  π' / ' /'/R
 

6 '>' π / π @ ' '/ π 


6L/' P/ P'  HQWRQFHV
6 '  π  P 



6LPLODUPHQWH

9  π'  / '  / P'  π 
  


(QWRQFHV69  P P'

/DIyUPXODSDUDHQIULDPLHQWRVLPLODUDODGHFDOHQWDPLHQWRHV

OQ WR±WW W   N63F WHQI  2
W  W WR±W H   SHUR

W .63F




N63F N69GF . P P'GFHQWRQFHV



W  W WR±W H 
± NGF WHQI P P'




5HHPSOD]DQGRODFDVLFRQVWDQWHH[SUHVLRQHVSRUVXVYDORUHVHQWRQFHVWHQHPRV

W  W WR±W H

WHQI ]P P' 

>W  W WR±W H W P P'





$KRUDWRPDQGRORVYDORUHVPHGLRVRPiVFRPXQHVSDUDORVRWURVWpUPLQRVWHQHPRV

W  ƒ) W  H  WHQI


 

W ƒ)

' SLHV

0 

<VHREWLHQHHOJUiILFRGHODILJXUD

&iOFXORGHXQFULVWDOL]DGRUHQIRUPDGH8HQIULDGRSRUFDMDVGHDJXD

'DWRV

3 PFFKU

     
6LVHXVDQFULVWDOL]DGRUHV3 SRUFX   
 9
7HPSHUDWXUDPFFDOERWDUWDFKR    ƒ)
7HPSHUDWXUDPFFHQWUDQGRDOFULVWDOL]DGRU   ƒ) 7R 

 
,QGLFH

7HPSHUDWXUDPFFVDOLHQGRGHOFULVWDOL]DGRU   ƒ) 7 
3HVRHVSHFtILFRGHODPFF     
&DORUHVSHFtILFRGHODPFF%78OEƒ)    F
7HPSHUDWXUDDJXDHQIULDPLHQWRHQWUDGD   ƒ) WR 
7HPSHUDWXUDDJXDHQIULDPLHQWRVDOLGD   ƒ) W 
&RHILFLHQWHWUDQVPLVLyQGHOFDORU%783 Kƒ)

  N 
&DQWLGDGGHFDORUDH[WUDHU 4 9[3H[&H[∆W 9[3H[&H WH±WV 
9 3 K


3H  OE3 




& 
7R ƒ)
7 ƒ)HQWRQFHV

4 [[   %78K
6 4N[∆WORJ VXSHUILFLHGHHQIULDPLHQWR 

3DUD GHWHUPLQDU OD GLIHUHQFLD ORJDUtWPLFD GH WHPSHUDWXUD HQ FRQWUDFRUULHQWH SRGHPRV
XVDU HO SURFHGLPLHQWR SUiFWLFR TXH GD VHQVLEOHPHQWH HO PLVPR UHVXOWDGR TXH OD
GHWHUPLQDFLyQPDWHPiWLFD



0&& 
'/7  

  DJXD/DPHGLDHV ƒ)
 

$VtTXH

6 [ S  


/DVXSHUILFLHGHFDGDHOHPHQWRHVGHS HQWRQFHV



 ∼HOHPHQWRV

&yPRHOYROXPHQGHOFULVWDOL]DGRUHVGHS \VHXVDVyORHODSUR[LPDGDPHQWH


ORTXHGDXQYROXPHQGHRSHUDFLyQGH[ 3 \HOWLHPSRGHUHVLGHQFLD




HVGH

 KUV


&iOFXORVSDUDXQFULVWDOL]DGRU:HUNVSRRU

/DVXSHUILFLHGHHQIULDPLHQWRGHEHVHUSURSRUFLRQDODODFDSDFLGDGGHOFULVWDOL]DGRUR
PiVSUHFLVDPHQWHDODFDQWLGDGGHPDVDFRFLGDDVHUHQIULDGDSRUKRUDORFXDOGHSHQGH
WDPELpQ GH OD WHPSHUDWXUD GH HQWUDGD GH OD PDVD FRFLGD OD WHPSHUDWXUD GHO DJXD GH
HQIULDPLHQWRGLVSRQLEOHHOJUDGRGHHQIULDPLHQWRUHTXHULGRHWF
/DVGLPHQVLRQHVWtSLFDVGHHVWRVFULVWDOL]DGRUHVVRQGH

 
,QGLFH


3DUD0&$' ¶±¶FRQGLVFRVFRQXQGLiPHWURH[WHULRUPHQRUHQ´TXHHO
GLiPHWURLQWHULRUGHOYDVR(OVHFWRUDELHUWRGHOGLVFRHVGHƒƒ\ODVXSHUILFLHGH
ODXQLGDGGHHQIULDPLHQWRHVFDOFXODDVt

D  VHFWRUƒEUD]RVFXDGUDGRV
6  ' '  ' ' GRQGH
 


  

6  VXSHUILFLHGHHQIULDPLHQWRGHXQGLVFRHQS  

'  GLiPHWURH[WHULRUGHXQGLVFRHQSLHV
'  GLiPHWURLQWHULRUGHOYDVRHQSLHV



E VHFWRUƒHMHUHGRQGR

6  '  




/D DOWXUDGHOQLYHOGHODPDVDFRFLGDVREUH HOHMHHVGH±GHO GLiPHWUR6LQ


HPEDUJR OD FDSDFLGDG GHO FULVWDOL]DGRU JHQHUDOPHQWH VH HVWLPD FRPR VL HO WDQTXH QR
WXYLHUDGLVFRVHMHRWXEHUtD\DVXPLHQGRTXHHOQLYHOGHODPDVDFRFLGDHVWiOLPLWDGRDO
HMH VH DVXPHTXHHOYROXPHQGHODPDVDVREUHHOHMHFRPSHQVDHOYROXPHQRFXSDGR
SRUORVGLVFRVHMHWXEHUtDHWF (OYROXPHQGHWUDEDMRGHILQLGRSRUXQLGDGGHORQJLWXG
GHOWDQTXHHV

µ π'  ' 
 


µ YROXPHQWUDEDMRWHyULFRSRUXQLGDGGHORQJLWXGGHOFULVWDOL]DGRUHQS S



' GLiPHWURRDQFKRLQWHULRUGHOWDQTXHHQSLHV

(QORV~OWLPRVPRGHORVGRQGHHOQLYHOGHODPDVDFRFLGDVHPDQWLHQHPiVDOWRVREUHHO
HMH JHQHUDOPHQWHXQRV'SRUHQFLPDGHOHMHHOYROXPHQ~WLOGHODPDVDFRFLGDHV
GH
' /



(OWDQTXHGHOFULVWDOL]DGRUVHSURSRUFLRQDGHIRUPDTXHODORQJLWXGHVGHYHFHVHO
GLiPHWUR(OHVSDFLRHQWUHGLVFRVVHLQFUHPHQWDGHVGHODHQWUDGDDODVDOLGDGHODPDVD
FRFLGD SHUR HO YDORU PHGLR GH HVWH HVSDFLR QR GHEH FDHU SRU GHEDMR GH ´ \ VH
GHWHUPLQDSRUODIyUPXOD

H  / S QS GRQGH

H  HVSDFLRSURPHGLRHQWUHGLVFRVHQSLH
/  ORQJLWXGWRWDOGHOWDQTXHHQSLHV
S  Q~PHURGHURGDPLHQWRVLQWHUPHGLRV ODORQJLWXGHQWUHURGDPLHQWRVGHEH
VHUFRPRPtQLPRDOPHQRV¶\Pi[LPR¶
Q  Q~PHURGLVFRV HOFXDOGHEHVLHPSUHVHUXQQ~PHURHQWHUR 

/DVXSHUILFLHGHHQIULDPLHQWRVHFDOFXODDVt

6  ∝ 9GFN  7R±7  7R±W ± 7±WR OQ 7R±W  7±WR 

 
,QGLFH


'RQGH

6  VXSHUILFLHHQIULDPLHQWRS 


∝  IDFWRUTXHWRPDHQFXHQWDODPLHOGHOXEULFDFLyQDxDGLGD
9  YROXPHQPDVDFRFLGDDQWHVGHODOXEULFDFLyQS K 


G  SHVRHVSHFtILFRPDVDFRFLGDHQOES 

&  FDORUHVSHFLILFR
.  FRHILFLHQWHWUDQVIHUHQFLDGHFDORU%783 Kƒ)


7R  7HPSPFHQWUDGDƒ)
7  WHPSHUDWXUDPFVDOLGDƒ)
7R  WHPSHUDWXUDHQWUDGDDJXDGHHQIULDPLHQWRƒ)
7  WHPSHUDWXUDVDOLGDDJXDGHHQIULDPLHQWRƒ)

/DWDEODGDORVWLHPSRVGHHQIULDPLHQWRJHQHUDOPHQWHSHUPLWLGRVHQORV:HUNVSRRUV


0DWHULDO     7LHPSRHQKU

0&$ PDVDV       
0&$ PDVDV       
0&% PDVDV       
0&&      

/DFDQWLGDGGHDJXDUHTXHULGD Z HV

:  7R±7 F W±WR   OEDJXDOEPDVDFRFLGD

(QODSUiFWLFDVHWLHQH

:  ∝YGF 7R±7  W±WR  GRQGH

:  OEK

∝  GH±

1R HV QHFHVDULR FRQVLGHUDU ODV SpUGLGDV GH FDORU GXUDQWH HO HQIULDPLHQWR \
RSHUDFLyQ\DTXH

D (O FLUFXLWR GH DJXD HVWi FRPSOHWDPHQWH VXPHUJLGR HQ OD PDVD FRFLGD
HQWRQFHVODHILFLHQFLDHVSUiFWLFDPHQWHLJXDODODXQLGDG
E +D\ XQD FRPSHQVDFLyQ DSUR[LPDGD HQWUH ORV GRV IHQyPHQRV WpUPLFRV
DVRFLDGRV ORV FXDOHV VRQ VHFXQGDULRV \ ORV PLVPRV GHEHQ GHSUHFLDUVH SRU
HVWDUD]yQ

 /D PDVD FRFLGD WDPELpQ VH HQIUtD D WUDYpV GH ODV SDUHGHV H[WHULRUHV
GHOFULVWDOL]DGRU\DWUDYpVGHODVXSHUILFLHH[SXHVWDGHDLUH
 'H RWUD PDQR HO DJXD GH HQIULDPLHQWR GHEH DEVRUEHU HQ DGLFLyQ DO
FDORU VHQVLEOH GH OD PDVD FRFLGD HO FDORU GH FULVWDOL]DFLyQ GH OD
VDFDURVD OD FXDO VH GHSRVLWD VREUH ORV FULVWDOHV GXUDQWH HO SURFHVR

 
,QGLFH

(VWH FDORU GH FULVWDOL]DFLyQ JHQHUDOPHQWH UHSUHVHQWD GHO  GHO


FDORU VHQVLEOH HQYXHOWR 6LQ HPEDUJR HO HIHFWR IDYRUDEOH   HV
JHQHUDOPHQWH PD\RU TXH HO HIHFWR GHVIDYRUDEOH  
FRQVHFXHQWHPHQWHODHILFLHQFLDDSDUHQWHHVOLJHUDPHQWHPD\RUTXH
(QODSUiFWLFDVHKDHQFRQWUDGRTXHODFDQWLGDGGHDJXDXVDGDHVGHO
RUGHQGH

:  ±OEOEPDVDFRFLGD
2DSUR[LPDGDPHQWH

:¶  S S GHPDVDFRFLGD
 


(MHPSORVHWLHQHXQLQJHQLRFX\DFDSDFLGDGGHPROLGDHVGHWRQVFDxDKRUD
\ HPSOHD XQ VLVWHPD GH WUHV PDVDV FRFLGDV F GREOH PDJPD \ REWLHQH  S 


0&$WRQFDxD
6HTXLHUHFDOFXODUODVGLPHQVLRQHVGHXQFULVWDOL]DGRU:HUNVSRRUSDUDWUDWDUOD
0&$

&iOFXORV

9  [ S K 


&RQODDGLFLyQGHPLHOHVSDUDOXEULFDFLyQVHLQFUHPHQWDD

9¶ [ S K 


'HDFXHUGRDODWDEODHOWLHPSRGHHQIULDPLHQWRVHUiGHKU(QWRQFHVOD
FDSDFLGDGGHOFULVWDOL]DGRUVHUi

& [ S  


6HOHFFLRQDPRV XQ :HUNVSRRU GH ¶ GH GLiPHWUR HQWRQFHV ORV GLVFRV WHQGUiQ
¶GHGLiPHWUR\HOYROXPHQ~WLOGHOFULVWDOL]DGRUVHUi

D 3RUDEDMRGHOHMHX¶ ' / 

E 3RUHQFLPDGHOHMHX¶ ' / 


(QWRQFHV


9¶   ' / ' /
 


<VHUHTXLHUH

9¶ [ [/ 3 
 


3DUDKDOODUHOYROXPHQ~WLOVHGHGXFHHOYROXPHQSHUGLGRGHELGRD

D (OHMHVLVXGLiPHWURHVGH¶ ´ HQWRQFHV


 
,QGLFH

9¶ [  S S


 


E /RV GLVFRV DVXPLPRV TXH HVWiQ HVSDFLDGRV D LQWHUYDORV GH ´ ¶  HO
YDORU PtQLPR JHQHUDOPHQWH HPSOHDGR \ WLHQHQ XQ HVSHVRU GH ´ (QWRQFHV
KD\ SLH VL OD DEHUWXUD GHO GLVFR HV GH ƒ HO YROXPHQ RFXSDGR SRU ORV
GLVFRVVHUi


9´ [ [ [[ S S

 


(OYROXPHQWRWDOSHUGLGRHQWRQFHVHV

9¶9´  S S 


(OYROXPHQ~WLOHQWRQFHVHV

[ ± / S GHGRQGH
 


/  SLHV

6XSHUILFLHGHHQIULDPLHQWR

'DWRV

7R ƒ)7 ƒ)WR ƒ)W ƒ)N %78S ƒ)KF G 


OES

6  [[ >±   @>OQ   @




    [    [ 


 S 



iUHDVXSHUILFLDOGHXQGLVFR ƒƒ ƒ 

6 [[  S 
 


1~PHURGHGLVFRV

Q  ∼

FKHTXHDQGRHOHVSDFLRPHGLRWHQHPRV

 −   + 
H   SLHV ´ 
 −  − 

3DUD HYLWDU TXH OD VHSDUDFLyQ VHD PHQRU GH ´ HQWRQFHV OH GDPRV PiV ODUJR DO
FULVWDOL]DGRURVHDSLHV


 
,QGLFH



&RQVXPRGHDJXD

: [[[   OEK S K  


JDOyQGHDJXDDƒ)SHVDOEHQWRQFHV
JSPGHDJXDQHFHVDULRV    

&RQ ODV WHPSHUDWXUDV DGRSWDGDV OD FDQWLGDG GH DJXD GH HQIULDPLHQWR QHFHVDULD HV
DSUR[LPDGDPHQWHGHS KSRUFDGDS KGHPDVDFRFLGD   (QRWUDV
 

SDODEUDVHOYROXPHQGHDJXDUHTXHULGDHVJURVHUDPHQWHLJXDODOYROXPHQGHPDVDDVHU
HQIULDGD

&RPSUREDQGRXQ:HUNVSRRU

&XDQGRVHLQVWDODXQZHUNVSRRU\VHGHVHDFRQRFHUTXHWHPSHUDWXUDVHSRGUtDREWHQHU
HQ OD PDVD FRFLGD \ HO DJXD SDUD OD FDQWLGDG GH PDVD D VHU HQIULDGD FRQ HO DJXD GH
HQIULDPLHQWRGLVSRQLEOHWHQHPRV

7±WR7RW H ∝
± NV
 P
9GF  NVZ


W±WR7R ∝9GF: U  HQWRQFHV

7 WRP 7R±W 
W WRU 7R7    UHVROYLHQGRSDUD7\W

7 WR P P7R U PU

W WRU 7R7 VHSXHGHGHFLUTXH

D  VL\ H HQWRQFHV  OQ\ ORJ\


E  ORJH   


F  VLVHKDOODXQORJDULWPRQHJDWLYRSRUHMHPSORORJD 
GHEHPRVHVFULELUORJD   


/DWDEODPXHVWUDORVUHVXOWDGRVREWHQLGRVFRQORV:HUNVSRRUSDUD0&$\0&%


7DEOD/,95HVXOWDGRVREWHQLGRVFRQORV:HUNVSRRU

3DUiPHWURV     0&$   0&%

$OERWDUWDFKRV       
ƒ%[PF        
3]DDSDUPF        
3]DDSDUPLHO       


 
,QGLFH

6DOLHQGRFULVWDOL]DGRU
3]DPLHO VLQODYDGR       
∆3]DWRWDO        
∆3]DPLHO        
ƒ)7HPSPFHQWUDQGR      
ƒ)7HPSPFVDOLHQGR      
ƒ)7HPSDJXDHQWUDQGR      
7LHPSRHQIULDPLHQWR    KPLQ  KPLQ

&iOFXORVSDUDORVFULVWDOL]DGRUHVYHUWLFDOHV

&RQVLGHUDPRVORVUHTXHULPLHQWRVSDUDXQFULVWDOL]DGRUYHUWLFDOSDUDHOHQIULDPLHQWR\HO
FDOHQWDPLHQWRGHPFFODVFRQGLFLRQHVDVXPLGDVVRQ

&DSDFLGDGGHPROLGD WFK
3URGXFFLyQ0&& S WF

$GLFLyQGHPLHOHV 
7R ƒ)
7 ƒ)
7UHFDOHQW ƒ)

9¶ [[ S K 


$XQDUD]yQGHHQIULDPLHQWRGHƒ)KQHFHVLWDPRVXQWLHPSRGHUHVLGHQFLDGH 
  KU(QWRQFHVVHUHTXLHUHXQFULVWDOL]DGRUGH[ S  


6L VHOHFFLRQDPRV XQ FULVWDOL]DGRU  )&% WDEOD   GH  S  VH UHTXLHUHQ  


  ∼  XQLGDGHV GH ¶ GLiPHWUR [ ¶ DOWR GRQGH ORV GRV SULPHURV VH
XVDUiQ SDUD HQIULDU \ GH OD WHUFHUD XQLGDG  SRGUtD XVDUVH SDUD HQIULDU \ ORV 
UHVWDQWHV SDUD UHFDOHQWDU /D EHWHUtD GH  FULVWDOL]DGRUHV SXHGH DUUHJODUVH SDUD HO IOXMR
GHVFHQGHQWH HQ OD SULPHUD \ VHJXQGD XQLGDGHV FRQ XQD ERPED HQWUH HOODV \ GH IOXMR
DVFHQGHQWH HQ OD WHUFHUD XQLGDG OD FXDO VH FRQHFWD DO IRQGR GH OD VHJXQGD SRU XQD
WXEHUtDFRUWD(VWRVFULVWDOL]DGRUHVWLHQHQGHDXQLGDGHVGHWXERVGHLQWHUFDPELR
GH FDORU FRQ  S  GH VXSHUILFLH GH LQWHUFDPELR R XQ WRWDO GH  S 
 

FULVWDOL]DGRU(QHVWHGLVHxRVHLQVWDODDSUR[LPDGDPHQWHS GHVXSHUILFLHS 
 

GH VHFFLyQWUDQVYHUVDOGHHTXLSR(OHVSDFLRHQWUHODVXQLGDGHVGHWXERVHVGH´(O
FRHILFLHQWH GH WUDQVIHUHQFLD GH FDORU RVFLOD HQWUH  %78S ƒ)K SDUD ODV XQLGDGHV


WXEXODUHV\GRVSDUDODVSDUHGHVGHOWDQTXH
&yPRHOiUHDGHODVSDUHGHV\WXERVVHLQFUHPHQWDQOLQHDOPHQWHDORODUJRGHOYLDMHGHOD
PDVD FRFLGD SRGHPRV SDU HO FDVR GHO HQIULDPLHQWR DxDGLU HO HIHFWR GH ORV GRV
FRHILFLHQWHVPLHQWUDVTXHSDUDHOUHFDOHQWDPLHQWRHONGHORVWXERVHVHOUHOHYDQWH

(OOLPLWHVXSHULRUSHUPLVLEOHSDUDODGLIHUHQFLDGHWHPSHUDWXUDHQWUHODPDVDFRFLGD\HO
DJXDHVGHƒ)GHRWUDIRUPDORVFULVWDOHVSXHGHQGHSRVLWDUVHVREUHORVWXERV\FDXVDU
XQDPDUFDGDFDtGDHQODHILFLHQFLDGHODWUDQVIHUHQFLDGHOFDORU$FHSWDQGRHVWDFLIUDHO
GLVHxRVHKDFHSDUDXQDWHPSHUDWXUDGHƒ)SDUDHODJXDGHVDOLGD\GHƒ)SDUDHO
DJXDTXHHQWUD
(O iUHD GH WXERV SDUD HO HQIULDPLHQWR HV  [   HV HO Q~PHUR GH XQLGDGHV
WRPDQGRGHODWHUFHUDSDUDHQIULDU  S \HOiUHDGHODVSDUHGHVHVπ'[


[ S 


 
,QGLFH

/DFDQWLGDGGHFDORU WUDQVIHUHQFLDFDORUWRWDOK HV



[[   %78K

(VWRFRUUHVSRQGHD

D 8QLGDGHVGHWXERV[ƒ[  %78KU
E 3DUHGHV [ƒ [ %78KU


7RWDO    %78KU 


 6H DVXPLy XQD GLIHUHQFLD GH WHPSHUDWXUD GH ƒ) SDUD ODV SDUHGHV WRPDQGR OD
WHPSHUDWXUDPHGLDGHODPDVDFRFLGDFRPR   ƒ)\ODWHPSHUDWXUD
DPELHQWHFRPRƒ)HQWRQFHV± ƒ)

/DFDQWLGDGGHDJXDDVHUXVDGDSRUOEGHPDVDFRFLGDHV

:  ±    OEDJXDOEPF

: [[>   @ OEK  S K  


 JSP

&RQ ODV WHPSHUDWXUDV DGRSWDGDV OD FDQWLGDG GH DJXD GH HQIULDPLHQWR QHFHVDULD HV GH
DSUR[LPDGDPHQWH  S K SRU FDGD S K GH PDVD FRFLGD      (Q RWUDV
 

SDODEUDVHOYROXPHQGHDJXDUHTXHULGDHVJURVHUDPHQWHHOGHOYROXPHQGHPDVDD
VHUHQIULDGD

5HFDOHQWDPLHQWR

6L SDUD UHFDOHQWDU  OD PDVD FRFLGD VH XVD HO DJXD TXH VDOH GHO FULVWDOL]DGRU   OD
FDQWLGDG SRGUtD VHU LQVXILFLHQWH SDUD REWHQHU OD HOHYDFLyQ GH WHPSHUDWXUD UHTXHULGD GH
ƒ)SRUHVRHVQHFHVDULRFDOHQWDUHVWDDJXDHQXQFDOHQWDGRUSHTXHxRSDUDHOHYDUVX
WHPSHUDWXUDDXQRVƒ)\FRPSHQVDUODFDQWLGDGFRQODDOWDWHPSHUDWXUD(ODJXDHQ
FXDOTXLHUFDVRSHUGHUiƒ)

[ƒ) [[ ± 
%78K %78KU

/DFXHVWLyQHVGHKDOODUDTXHWHPSHUDWXUDW¶HVWDDJXDGHEHVHUFDOHQWDGDSDUDREWHQHU
ORV ƒ) GH HOHYDFLyQ UHTXHULGD SRU PHGLR GH  S  GH VXSHUILFLH UHVHUYDGD SDUD HO


FDOHQWDPLHQWR&RPRHON \ODWHPSHUDWXUDPHGLDGHODPDVDFRFLGDHQWUHƒ)\
ƒ)HVƒ)HQWRQFHV

[ W¶±  GHGRQGH
W¶± 
W¶ 
W¶ 
W¶ ƒ) ƒ& 


 
,QGLFH




















 
,QGLFH

/RTXHVHUiVXILFLHQWHSDUDFDOHQWDUHODJXDGHVGHDƒ)SDUDTXHODPDVDFRFLGD
DOFDQFHƒ&/DVVHFFLRQHVGHUHFDOHQWDPLHQWRRVHDODWHUFHUDSDUWHGHOFULVWDOL]DGRU
ILQDOGHEHHVWDUDLVODGD

&LIUDVSUHFLVDV

&XDQGR OD WHPSHUDWXUD GLVWD PXFKR FRQ ODV DVXPLGDV HO FDOFXOR TXH VH KD KHFKR QR
UHVXOWDVDWLVIDFWRULRSRUHVRHVQHFHVDULRHOXVRGHIyUPXODVPiVSUHFLVDV

&DORUWUDQVIHULGRDODPF  0 ∝9GF 7R7 
    6  ∝9GFN > 7R7  7R7 ± 7RWR @ OQ7RW7WR 

$PHQXGRORVFiOFXORVVHKDFHQDVtSDUDREWHQHUODWHPSHUDWXUDPHGLDORJDUtWPLFD∆WP
HQWUHODPFFDOLHQWH\IUtD

∆WP  7RW ± 7WR /Q 7RW  7WR 

6 0N∆WP



(QIULDGRUSDUDPLHOHVILQDOHV

$ FDXVD GH OD IRUPDFLyQ GH &R  SXHGH SUHVHQWDUVH OD IRUPDFLyQ GH HVSXPD HQ ORV
WDQTXHVGHPLHOHVILQDOHVODFXDOVHDWULEX\HDODUHDFFLyQHQWUHORVDPLQRiFLGRV\ORV


D]XFDUHV UHGXFWRUHV +RQLQJ LQIRUPy TXH HQ HO DOPDFHQDPLHQWR GH PLHOHV OD
WHPSHUDWXUD MXHJD XQ JUDQ URO \D TXH D PHGLGD TXH OD PLVPD DXPHQWD DFHOHUD OD
UHDFFLyQGHGHVFRPSRVLFLyQSRUORWDQWRODPLHOILQDOQRVHGHEHDOPDFHQDUDPiVGH
ƒ) ƒ& HQ FDVRTXHODWHPSHUDWXUDVHDPD\RUVHHPSOHDFRQp[LWRHOHQIULDGRU
PRVWUDGRHQODILJXUDFX\RVGDWRVVRQ

     0LHOILQDO   DJXD
     /DGRFDOLHQWH  /DGRIUtR

)OXMROEKU       
JSP       
GHQVLGDG       
FDORUHVSHFtILFR%78OEƒ)     
FRQGXFWLYLGDGWpUPLFD%78SKƒ)    
9LVFRVLGDGHQWUDGDFS     
9LVFRVLGDGVDOLGDFS      
7HPSHUDWXUDHQWUDGDƒ)     
7HPSHUDWXUDVDOLGDƒ)    
∆3SVL        

FDORUFDOHQWDPLHQWR%78K     
∆7PORJƒ)       
FRHI7UDQVIGHFDORU%78S ƒ)K 

  
iUHDWUDQVIHUHQFLDFDORUS  

    


 
,QGLFH


/DGR&DOLHQWH  /DGR)UtR
 
'LD7XERVSXOJV       
ÈUHDVXSHUILFLDO03  
     
/DUJRWXERVSLHV       
ÈUHDVXSHUILFLDOWXERVS  
    
1ƒGHWXERVSDVH       
ÈUHDVXSHUILFLDOGHWXERVSDVHS  

   
ÈUHDVXSHUILFLDOUHTXHULGDS  
    
1ƒGHSDVHV        
1ƒGHWXERVUHTXHULGRV      
ÈUHDIOXMRSDVHS  

     
9HORFLGDGDWUDYpVWXERVSSV     
'LiPHWURHQWUDGDSXOJDGDV      
'LiPHWURVDOLGDSXOJDGDV      
ÈUHDHQWUDGDS 
      
9HORFLGDGSSV       



3pUGLGDGHFDEH]DDWUDYpVGHORV&ULVWDOL]DGRUHV&RQWLQXRV

,QWURGXFFLyQ

/D FRQYHUVLyQ GH XQD HVWDFLyQ GH FULVWDOL]DGRUHV GH FDUJD D XQD RSHUDFLyQ FRQWLQXD
XVXDOPHQWHFRPSUHQGHODPRGLILFDFLyQGHORVQLYHOHVGHOHTXLSRSDUDDOFDQ]DUODFDEH]D
QHFHVDULDSDUDHOIOXMR
(QODSUiFWLFDWHQHPRVFRPSUREDGRTXHHVWDVPRGLILFDFLRQHVVHKDFHQSRUH[SHULHQFLDR
LQWXLFLyQ $TXt GDPRV ODV UHODFLRQHV TXH SXHGHQ VHU XVDGDV SDUD FDOFXODU ODV
FDUDFWHUtVWLFDV GH FDEH]D ± IOXMR SDUD ODV PLHOHV \ PDVDV FRFLGDV D WUDYpV GH GXFWRV
FDQDOHVRULILFLRV\YHUWHGHURV(VWDVUHODFLRQHVVHGDQHQODWDEOD\VRQ~WLOHVSDUDHO
GLVHxRWDPELpQGHWDFKRVFRQWLQXRV\FULVWDOL]DGRUHV

&DQWLGDGHV,QYROXFUDGDV

$TXt QRV LQWHUHVDPRV FRQ OD FDEH]D ∆+ UHTXHULGD SDUD HO IOXMR GH IOXLGRV PX\
YLVFRVRV D XQD YHORFLGDG SURPHGLR 9 D WUDYpV GHO HTXLSR FRQ DOJXQDV GLPHQVLRQHV
FDUDFWHUtVWLFDV'H(OIOXLGRSXHGHVHUFDUDFWHUL]DGRSRUODGHQVLGDGρ\ODYLVFRVLGDG
µ 1RVRWURV GHEHPRV FRQVLGHUDU SRU ~OWLPR FXDO YLVFRVLGDG HV DSURSLDGD \D TXH ODV
PDVDVFRFLGDV\PLHOHVVRQIOXLGRVQR1HZWRQLDQRV
/DVFRUUHODFLRQHVVRQPiVFRQFLVDVVLODFDtGDGHSUHVLyQ∆SVHXVDHQOXJDUGH∆+\
HOODVHVWiQUHODFLRQDGDVSRU

∆3 ρJ∆+

/D YHORFLGDGSURPHGLR 9SXHGHUHODFLRQDUVHD ODUD]yQGHIOXMRPiVLFRP \ FRQHO
iUHDGHODVHFFLyQWUDQVYHUVDOSDUDHOIOXMR$SRU

P ρ9$

 
,QGLFH


&RPR ODV PDVDV FRFLGDV \ PLHOHV ILQDOHV  VLQ GLOXLU VRQ PX\ YLVFRVDV HO IOXMR GH ODV
PLVPDV VH FDWDORJD FRPR WDSyQ R VHD HO IOXMR HVWi FRQWURODGR SRU OD YLVFRVLGDG
%DMR HVDV FRQGLFLRQHV OD SHUGLGD GH OD FDEH]D HV GLUHFWDPHQWH SURSRUFLRQDO D OD
YLVFRVLGDGGHOIOXLGR\DODUD]yQGHIOXMRSDUDiUHDGHIOXMRGDGD(OFULWHULRSDUDVDEHU
VLHOIOXMRHVWDSyQRQRVHFDOFXODSRUHOQ~PHURGH5H\QROGV

5H 9GHµ P'H$µ

(OIOXMRGHODPDVDFRFLGDHQORVFULVWDOL]DGRUHVLQYDULDEOHPHQWHHVXQIOXMRWDSyQFRQ
XQ 5H SDUD RULILFLRV \ YHUWHGHURV \ SDUD GXFWRV \ FDQDOHV 5H (VRV YDORUHV
OLPLWHVVHGDQHQODWDEOD
%DMRODVFRQGLFLRQHVGHIOXMRWDSyQHODQiOLVLVGLPHQVLRQDOFRQGXFHDXQVLPSOHJUXSR
DGLPHQVLRQDO

3DUDRULILFLRV\YHUWHGHURVHVWHHVHOQ~PHURGH/DJUDQJH

/D ∆3'H9µ FRQVWDQWH

7$%/$&RQVROLGDGRGHUHODFLRQHVSDUDHOIOXMRGHPDWHULDOHVYLVFRVRV

*HRPHWUtD  9DORU    UHODFLyQ   OLPLWH

'XFWR  3V ∆3'H 9µ/ 


FLUFXODU '   3V   3V πρ J∆+' Pµ/


 

UHFWDQJXODU %:  3V β βILJ  3V ρ J∆+% : Pµ/ %: 
   

RWURV   3∼   3V ∆ρ$'H ρPµ/ 


&DQDO$ELHUWR        5H 
UHFWDQJXODU +:  3V β  3V ρ J ∆K/ + : Pµ :+
   

IRUPD9 θK   3V   3V ρ J ∆K/ + VLQ θWDQθPµ


  

RWURV   3V∼   3V ρ J ∆K/ $'H Pµ


 


2ULILFLR  /D ∆S'H9µ 
FLUFXODU     /D πρ J∆+' Pµ
 

VHJPHQWDO     /D ρ J∆+$'HPµ




UHFWDQJXODU %:     /D ρ J∆+% : Pµ %: 


  

RWURV      /D ρ J∆+$'HPµ





9HUWHGHURV     5H
UHFWDQJXODU :  /D   /D ρ J+ :Pµ +: 
 

UDQXUD9 θ   /D   /D ρ J+ VLQθWDQθPµ


 

VXPHUJLGR
UHFWDQJXODU + +  /D   /D ρ J∆+ + :Pµ  + : 
− − −
 


RULILFLRREVWUXLGR /D FRQVW  9HUWH[WR 
FULVWDOL]DGRU  /D FRQVW  9HUWH[WR 

SDUDIOXMRSRUJUDYHGDG∆S ρJ∆+  
 


 
,QGLFH

3DUDGXFWRV\&DQDOHVHVWHHVHOQ~PHURGH3RLVHXLOOH

3V ∆S'H 9µ/ FRQVWDQWH



(OYDORUGHODFRQVWDQWHGHSHQGHGHODJHRPHWUtDHQSDUWLFXODU
/DPHGLGDPiVFRQYHQLHQWHGHXQDFDUDFWHUtVWLFDGHORQJLWXGSDUDHOIOXMRHQDSDUDWRVHV
HOGLiPHWURHTXLYDOHQWH'HGDGRSRU

'H $3GRQGH

$ iUHDGHOIOXMRDFWXDO
3 SHUtPHWURPRMDGR

(VWHWpUPLQRHVDPSOLDPHQWHXVDGRSDUDIOXMRWXUEXOHQWRHQWXEHUtDVQRFLUFXODUHVSHUR
VHKDGHPRVWUDGRTXHSXHGHXVDUVHWDPELpQSDUDHOIOXMRWDSyQ/DVUHODFLRQHVGH'H
SDUDYDULDVIRUPDVVHGDQHQODWDEOD
/DV PLHOHV \SDUWLFXODUPHQWHODVPDVDVFRFLGDVSUHVHQWDQXQFRPSRUWDPLHQWRGHIOXMR
QR1HZWRQLDQR WtSLFDPHQWH FRQ OD YLVFRVLGDG DSDUHQWH GLVPLQX\HQGR FRQ HO
LQFUHPHQWRHQODUD]yQGHFRUWHϒ6LQHPEDUJRODVUHODFLRQHVGDGDVHQODWDEODVH
DSOLFDQHVWULFWDPHQWHSDUDIOXLGRVQHZWRQLDQRVSHURSXHGHQDSOLFDUVHFRQDSUR[LPDFLyQ
SDUDPDVDVFRFLGDV \PLHOHVVHOHFFLRQDQGRXQDYLVFRVLGDGDGHFXDGD(VWDYLVFRVLGDG
GHEH VHU HO YDORU GH OD UD]yQ GH FRUWH SURPHGLR SDUD HO IOXMR GDGR /DV UD]RQHV GH
FRUWHSURPHGLRSXHGHQHVWLPDUVHSRU

ϒ 9'H

3DUDGXFWRV\FDQDOHVϒ∼∆S'Hµ/

/RV YDORUHV WtSLFRV HVWiQ HQ HO UDQJR GH   D O6  /RV YLVFRVtPHWURV PiV
 

FRQYHQFLRQDOHV RSHUDQ D UD]RQHV GH FRUWH PiV DOWDV TXH HVDV \ YDORUHV GH UD]RQHV GH
FRUWH EDMRV SXHGHQ WHQHU TXH VHU REWHQLGDV SRU H[WUDSRODFLyQ &RPR HMHPSOR
FRQVLGHUHPRV OD ILJXUD  HVWD PXHVWUD OD YLVFRVLGDG DSDUHQWH GH XQD PDVD FRFLGD
PHGLGD D YDULDV UD]RQHV GH FRUWH FRQ XQ YLVFRVtPHWUR URWDFLRQDO PDUFD &RQWUDYHV
5KHRPDWHQHOUDQJRGH6 6HPXHVWUDQODVH[WUDSRODFLRQHVDYDORUHVPiVEDMRV


(QODWDEODVHGDQODVFRUUHODFLRQHVSDUDYDULDVFODVHVGHJHRPHWUtD(QVXPRPHQWR
FRQVLGHUDUHPRVFDGDXQDFRQXQHMHPSORGHFDOFXOR7RGRVORVFiOFXORVVHUHILHUHQDOD
PDVDFRFLGDFX\DVFDUDFWHUtVWLFDVGHIOXMRVHPXHVWUDQHQODILJXUDWHQLHQGRXQD
GHQVLGDGGHWRQVP 


)OXMRWDSyQSDUDGLIHUHQWHVGLVSRVLWLYRV

'XFWRVFHUUDGRV

(OIOXMRWDSyQHQGXFWRVQRHVPiVTXHHOXVXDOIOXMRODPLQDOSDUDHOFXDOVHDSOLFDOD
ELHQ FRQRFLGD HFXDFLyQ GH 3RLVHXOOL SDUD 5H    /D ORQJLWXG GH HQWUDGD  OD
ORQJLWXGGHWXEHUtDDQWHVTXHHOIOXMRVHHVWDEOH]FDFRPSOHWDPHQWH HVGDGDSRU





 
,QGLFH









7DEOD'LiPHWURVKLGUiXOLFRVSDUDYDULDVIRUPDVGHFXHUSRV




)250$
È5($ 'H



&LUFXOR π'  '





VLQ φ FRV φ
'
φ
π'  φ VLQ φ FRV φ
6HJPHQWR 

 π 
 

π
+ VLQ φ  π
φ


(OLSVH πDE  DE
 a


 D + E  

5HFWDQJXODU %:  %:

% +:

5HFWDQJXODU
DELHUWR  +: +

 + +  :

7ULDQJXODU + WDQθ +VLQθ


DELHUWR 









 
,QGLFH










)LJXUDYLVFRVLGDGDSDUHQWHGHXQDPXHVWUDGHPDVDFRFLGD



ϒUD]yQGHFRUWH±VHJ






/HQWUDGD' 5H
<XVXDOPHQWHHVLQVLJQLILFDQWHPHQWHSHTXHxR
3DUD GXFWRV QR FLUFXODUHV WDEOD  VH REWLHQHQ UHVXOWDGRV IDYRUDEOHV VL HO GLiPHWUR
HTXLYDOHQWH'HVHXVD
(VWHWUDEDMDELHQSDUDGXFWRVHOtSWLFRVVHJPHQWDGRV\UHFWDQJXODUHVHTXLGLPHQVLRQDOHV
3DUDORVGXFWRVHORQJDGRV UHODFLyQGHODGRV! VHGLVSRQHGHGDWRVPiVH[DFWRV\HVWH
HVSORWHDGRFRPRXQDFRUUHFFLyQSRUHOIDFWRUβHQODILJXUD
(MHPSOR
&DOFXOH OD FDEH]DUHTXHULGDSDUDXQ IOXMRGHWRQVK GHODPDVD FRFLGDGHODILJXUD


DWUDYpVGHXQGXFWRGHVHFFLyQWUDQVYHUVDOUHFWDQJXODU P[P 

5HVROXFLyQ


 
,QGLFH

9  Pρ$∴

0  WRQVK NJK
ρ  NJP  

$  [ P  

HQWRQFHV
9   [  [ PV 
 

'H  $3    [  


   P
ϒH a9'H [[ 


   


µ  3DV ILJ 
β   ILJ 


3RUORWDQWR

∆S βµ/9' H N3D



(QWRQFHV

+ ∆SρJ P

3UXHED

5H 9'Hρµ 2N

&DQDOHVDELHUWRV

/RVDUJXPHQWRVGHVLPHWUtDSDUDFDQDOHVHVTXHHOIOXMRXQLIRUPHHQXQFDQDODDELHUWR
LQFOLQDGRSXHGHFRQVLGHUDUVHFRPRODPLWDGGHOIOXMRGHOIRQGRGHXQGXFWRFHUUDGRGH
GRV YHFHV GH DOWXUD (QWRQFHV UHODFLRQHV VLPLODUHV VH DSOLFDQ SDUD HO IOXMR HQ FDQDOHV
WDEOD   FRPR SDUD HO IOXMR HQ GXFWRV /D ILJ  DXQ VH DSOLFD VLQ HPEDUJR HO
FDPELRHQODYDULDEOHHQODHVFDODKRUL]RQWDOGHEHQRWDUVH

(MHPSOR
&DOFXOHHOIOXMRGHODPDVDFRFLGDGHODILJXUDHQXQFDQDOUHFWDQJXODUDELHUWRGH
 P GH DQFKR SRU HO FXDO FRUUH OD PDVD FRFLGD D XQD DOWXUD GH P /D FDEH]D +
PVREUHVXVPGHODUJR

5HVROXFLyQ

∆S ρJ+ [[ N3D
'H $3  [    P
ϒa∆S'Hµ/  GRQGH

µ 3DV

[a6 

ϒa[[ 

 
,QGLFH




9 ∆3' Hβµ/ 

GRQGH β 

9 [ [[ [ [ PV 

  

P ρ9$  [[ [ 




 WRQK 


SUXHED5H 9'Hρµ [[
  RN




E




2ULILFLRV

/RVGDWRVGDGRVHQODWDEODDSOLFDQSDUD5H\HVDSOLFDEOHDRULILFLRVGHWRGDV
ODV IRUPDV \D VHD FLUFXODU UHFWDQJXODU R VHJPHQWDO 8QD H[SUHVLyQ DOWHUQDWLYD GH ORV
UHVXOWDGRV HV HQ WpUPLQRV GHO /DUJR HTXLYDOHQWH GH WXEHUtD 3DUD HO IOXMR WDSyQ XQ
RULILFLR HVHTXLYDOHQWHD ODORQJLWXGGHWXEHUtDGHXQGLiPHWURGHRULILFLR LJXDOD
GLiPHWURVGHRULILFLR

 
,QGLFH


(MHPSOR

&DOFXOHODSHUGLGDGHFDEH]DSDUDXQIOXMRGHWRQVK GHODPDVDFRFLGDGHODILJ


DWUDYpVGHXQEDIOHVHJPHQWDOFRQUDGLRGHP\DOWRGHP




5HVROXFLyQ

%XVFDQGRHQODWDEODKDOODUHPRVTXHSDUDXQEDIOHVHJPHQWDOHOiQJXORPLWDG∅HV

∅  FRV    ƒ


$  π' >∅± VHQ∅FRV∅π @




  [ > VHQFRV @




  > [ @ P  


'H  '>∅± VHQ∅FRV∅π @>∅ VHQ∅π@
  > VHQFRV @> VHQ@
  > [@>  @
  >@>@
  >@>@
  P

9  Pρ$
   [  [ PV 
 


ϒa Y'Ha[ 6  


µ  3DV ILJ 

5H  9'Hρµ [[ 
   2N
∆S  [[
  3D
+  ∆SρJ  [  PP

(QHVWHFDVRODSHUGLGDGHFDEH]DHVGHVSUHFLDEOHSHURODViUHDVGHIOXMRSHTXHxDVFRQ
YLVFRVLGDGHVDOWDVSXHGHQGDUFDEH]DVVLJQLILFDWLYDV

9HUWHGHURV 

/DVUHODFLRQHVGDGDVHQODWDEODVHFRQVLGHUDQHQEDVHDXQ5H/DVUHODFLRQHVVH
EDVDQ HQ XQD FDEH]D + SRU HQFLPD GHO YHUWHGHUR PHGLGD DOJXQD GLVWDQFLD FRUULHQWH
DUULEDSDUDDOFDQ]DUXQGHUUDPHOLEUH6HFDOFXODQODYHORFLGDG\HOGLiPHWURHTXLYDOHQWH
XVDQGRHVWDFDEH]D

(OHIHFWRGHIRUPDVYDULDGDVHVWiRWUDYH]VXVWDQFLDOPHQWHFRUUHODFLRQDGRSRUHOXVRGHO
GLiPHWURHTXLYDOHQWH

 
,QGLFH

'HVGHODWDEODSRGHPRVYHU

4∝+ SDUDYHUWHGHURVUHFWDQJXODUHVDQFKR


4∝+ SDUDYHUWHGHURVWULDQJXODUHV UDQXUDHQ9 




4∝+ SDUDYHUWHGHURVUHFWDQJXODUHVVXPHUJLGRV



3DUDYHUWHGHURVVXPHUJLGRV'H\$VHEDVDQHQ+ODVFDEH]DVSURPHGLRVDJXDVDEDMR\
DUULEDPLHQWUDVTXHODFDEH]DGHIOXMR∆+HVODGLIHUHQFLDHQORVQLYHOHV8QDYH]VH
REWLHQHODVXPHUJHQFLDPRGHUDGDGHOYHUWHGHURODFDEH]DGHIOXMRVHHVWDEOHFHEDVWDQWH
SHTXHxD

(MHPSOR
&DOFXOHODFDEH]DUHTXHULGDSDUDXQIOXMRGHWRQVK GHODPDVDFRFLGDGHODILJ


VREUHXQYHUWHGHURUHFWDQJXODUFRQXQGHUUDPHOLEUHGHPGHORQJLWXG

5HVROXFLyQ 

7HQWDWLYDPHQWHWRPHµ 3DV\+: 
'HVGHODWDEODFRQODVHFXDFLRQHV∆S ρJ∆+\P ρ9$\ODWDEODWHQHPRV

+  µP +: ρ J:
 

+ P
'H [[
 P
ϒa9'H 6  

µ 3DV+:  ILJ 



LWHUDQGR WDEOD 
  
+ P

&KHTXHR
5H 9'Hρµ RN

(MHPSOR
&DOFXOHODFDEH]DUHTXHULGDVREUHXQYHUWHGHURDXQDUDQXUDGHƒ ƒiQJXORPLWDG 
SDUDHOPLVPRIOXMRDQWHULRU

5HVROXFLyQ

7HQWDWLYDPHQWHWLHQHµ 3DV
'HVGHODWDEODWHQHPRV

+  Pµρ JVHQθWDQθ
 
  WDEOD 

+ 

'H P      WDEOD 


 
,QGLFH

9 Pρ+ WDQθ


 P

ϒa9'H 6 



µ 3DV      ILJ 



LQWHUDQGR  WDEOD 

+ 

(MHPSOR

&DOFXOHODFDEH]DUHTXHULGDVREUHXQYHUWHGHURKRUL]RQWDOVXPHUJLGRGHPGHDQFKR
FRQHOQLYHOPHGLRVREUHHOYHUWHGHUR+GHPSDUDHOPLVPRIOXMR

5HVROXFLyQ

9 Pρ+: P6 

'H [[ P


ϒaY'H 6

µ 3DV   ILJXUD 
5H 9'Hρµ RN
∆3 µ9'H NρD WDEOD 




 
,QGLFH

)LJXUD(IHFWRVGHODREVWUXFFLyQVREUHODSHUGLGDGHFDEH]DDWUDYpV
GHXQRULILFLR














 
,QGLFH

2ULILFLR2EVWUXLGR

/DSUHVHQFLDGHXQREMHWRREVWUX\HQGRHOIOXMRFRUULHQWHDUULEDRGHEDMRGHXQRULILFLR
FDXVDXQLQFUHPHQWRHQODFDEH]D
3DUDXQDJHRPHWUtDGDGDODUHODFLyQ WDEOD SRUHMHPSOR/D ∆S'H9µ D~Q
VH DSOLFD FRPR FRQVWDQWH \D TXH VH PDQWLHQH HO IOXMR WDSyQ /D FRQVWDQWH SRGUtD VHU
GHWHUPLQDGD  GHVGH H[SHULPHQWRV SDUD FDGD JHRPHWUtD SHUR SRGUtD VHU FRQYHQLHQWH
SUHGHFLUOD
8Q Q~PHUR OLPLWDGR GH SUXHEDV VH KDQ KHFKR GRQGH VH PDQWLHQH XQD REVWUXFFLyQ  HQ
YDULDVSRVLFLRQHVHQHOIUHQWHGHXQRULILFLRFLUFXODU/RVUHVXOWDGRVVRQGDGRVHOQ~PHUR
DGLPHQVLRQDO  GH /DJUDQJH EDVDGR HQ XQ RULILFLR QR REVWUXLGR  \ VH PXHVWUDQ HQ OD
ILJXUD
3XHGHVHUYLVWRSULPHUDPHQWHTXHODREVWUXFFLyQWLHQHXQHIHFWRGHVSUHFLDEOHVLHVPiV
TXHXQGLiPHWURGHORULILFLR(OHIHFWRGHODREVWUXFFLyQGHOYDVRHQVtPLVPRGHEHVHU
FRPSUREDGR6HFXQGDULDPHQWHORVUHVXOWDGRVFXDQGRODREVWUXFFLyQHVWiUHFWD&RQWUD
HORULILFLRSXHGHSUHGHFLUVHGHVGH/D VLHOiUHD\GLiPHWURHTXLYDOHQWHVHEDVDQHQ
ODIRUPDGHORULILFLRREVWUXLGR(OSURGXFWR$'HHVWiLQYROXFUDGR WDEOD 
6LODREVWUXFFLyQURPSHHOiUHDGHIOXMRKDFLDDUULEDHQYDULDVSRUFLRQHVLQGLYLGXDOHVVH
IRUPHQ SRU HMHPSOR ∑ $'H  (VWR SXHGH VHU XVDGR SDUD  FDOFXODU /D  HO YDORU
FRUUHVSRQGLHQWHGH/DEDVDGRVREUHXQiUHDQRREVWUXLGDSRUODUHODFLyQ
R


/D  $'H∑ $'H 

R

7HUFHUR ORV UHVXOWDGRV PRVWUDGRV HQ OD ILJ  VRQ LQGHSHQGLHQWHV GHO WDPDxR GHO
RULILFLRVXSXHVWRTXHHOPLVPR:'HVWiHQYXHOWR7DPELpQKD\XQSHTXHxRFDPELRVL
ODWXEHUtDGHOPLVPRGLiPHWURFRQVWLWX\HODEDUUD
/RVUHVXOWDGRVGHODILJSXHGHQUHODFLRQDUVHSRU

OQ> /D±  /D  @  :' [' 
ó


R

<HQYLVWDGHODIDOWDGHGDWRVVHUiDVXPLGRTXHHVWRDSOLFDXQLYHUVDOPHQWHSDUDRULILFLRV
GHWRGDVODVIRUPDV\REVWUXFFLRQHVGHWRGDVODVIRUPDV

(MHPSOR
&RQVLGHUHHORULILFLRVHJPHQWDOGHOHMHPSOR\DDQWHVGDGRSHURDKRUDFRQXQVHUSHQWtQ
VLPSOH FRQFpQWULFR GH HQIULDPLHQWR GH  P '( FRQVWUXLGR GH WXEHUtD GH P GH
GLiPHWURDPGHVGHHOEDIIOH

5HVROXFLyQ

+DFLHQGRFiOFXORVJHRPpWULFRVGHWDOODGRVVHSXHGHQKDOODUODVGRVSRUFLRQHVGHORULILFLR
REVWUXLGR \ VRQ GRV iUHDV GH  P  \ P FRQ GLiPHWURV HTXLYDOHQWHV GH  \
 

UHVSHFWLYDPHQWH

∆'H R P 

/D  [ 
/D    
R


(QWRQFHV FRQODPLVPDYHORFLGDG ODSpUGLGDGHFDEH]DVHUiHOGREOHTXHODGHORULILFLR
QRREVWUXLGR

 
,QGLFH


&ULVWDOL]DGRUHV

/D SHUGLGD GH FDEH]D HQ XQ FULVWDOL]DGRU GHSHQGH GHO Q~PHUR WLSR \ DUUHJOR GH ORV
VHUSHQWLQHVEDIIOHV\VDOLGDVHOQLYHOGHODPDVDFRFLGDUHODWLYRDORVVHUSHQWLQHVDVt
FRPR OD UD]yQ GH IOXMR \ YLVFRVLGDG GH OD PDVD FRFLGD /D FDEH]D D WUDYpV GH EDIIOHV
YHUWHGHURVVXPHUJLGRV VRQXVXDOPHQWHSHTXHxRVFRPRVRQFDEH]DVGHVGHXQH[WUHPR
DORWURGHQWURGHOFRPSDUWLPLHQWRSRUHMHPSORDORODUJRGHOVHUSHQWtQGHHQIULDPLHQWR

8VXDOPHQWHODVSHUGLGDVGHFDEH]DVLJQLILFDQWHRFXUUHSRUDEDMRGHORVEDIIOHV\HQHO
YHUWHGHURGHGHVFDUJD
/D VLWXDFLyQHVFRPSOLFDGDSRUOD SUHVHQFLDGHORVHOHPHQWRVGHHQIULDPLHQWR \DTXH
SURYRFDQP~OWLSOHVREVWUXFFLRQHVDOIOXMRDWUDYpVGHRULILFLRVRVREUHORVYHUWHGHURVGH
GHVFDUJD3RVWHULRUPHQWHHVRVVHUSHQWLQHVVHPXHYHQHQPXFKRVFDVRVORFXDOSURYRFD
XQDVXSHUILFLHGHIOXLGRQRKRUL]RQWDO\DPHQXGRSURYRFDQHQFUHVSDGRVVHYHURV

6LQHPEDUJRDXQDVtRFXUUHHOIOXMRWDSyQODUHODFLyQ/D ∆S'H9µ FRQVWDQWHDXQ
VHDSOLFDGHIRUPDTXHODFDEH]DDXQHVSURSRUFLRQDODOIOXMR\YLVFRVLGDGSDUDXQiUHD
GHIOXMRGDGD/DFRQVWDQWHGHSURSRUFLRQDOLGDGVLQHPEDUJRGHSHQGHGHODJHRPHWUtD
HQSDUWLFXODU\SXHGHHQXQDH[WHQVLyQPHQRUGHSHQGHUGHODURWDFLyQGHORVHOHPHQWRV
\GHORVHIHFWRVGHHQFUHVSDPLHQWRGHODPDVDFRFLGD(VRVSXHGHQVLVHUHTXLHUHVHU
FDUDFWHUL]DGRVSRUJUXSRVGLPHQVLyQDOHV
3DUDXQGLVHxRGDGRODFRQVWDQWHSXHGHVHUKDOODGDDSDUWLUGHPHGLFLRQHVGHXQPRGHOR
JHRPpWULFDPHQWH VLPLODU SUREDGR EDMR FRQGLFLRQHV VLPLODUHV $OWHUQDWLYDPHQWH ORV
UHVXOWDGRVSXHGHQFRUUHODFLRQDUVHFRQFULVWDOL]DGRUHVGHGLVHxRVLGpQWLFRVLQVWDODGRV
(QODWDEODVHPXHVWUDQORVUHVXOWDGRVGHSUXHEDVUHDOL]DGDVSRU(7:KLWH\605
0DQGDUERFXVHQ4XHHQVODQGHQXQFULVWDOL]DGRUPRGHORGRQGHVHGHWHUPLQyODSHUGLGD
GH FDEH]D VREUH XQ EDIIOH VHJPHQWDGR /RV UHVXOWDGRV VH H[SUHVDQ HQ WpUPLQRV GHO
Q~PHURGH/DJUDQJHEiVDGRHQHOiUHDGHORULILFLR\HOGLiPHWURHTXLYDOHQWH/DFDEH]D
VH PLGLy FRPR HO SURPHGLR HQWUH HO QLYHO PtQLPR \ Pi[LPR D PHGLGD TXH HO PLVPR
IOXFWXDED /RV UHVXOWDGRV REWHQLGRV VRQ PD\RUPHQWH HQ H[FHVR GH ORV YDORUHV GH XQ
RULILFLRQRREVWUXLGRGHSRUIDFWRUHVGHVGHD(QODWDEODSXHGHYHUVHTXHORV
UHVXOWDGRV VRQ PD\RUPHQWH DIHFWDGRV SRU HO PRYLPLHQWR GH ORV HOHPHQWRV GH
HQIULDPLHQWRIXHUDGHOEDIIOHSHURVRODPHQWHOLJHUDPHQWHUHGXFLGRSRU HOLQFUHPHQWR
GHODYHORFLGDGGHURWDFLyQGHORVHOHPHQWRV

6RUSUHQGHQWHPHQWH QR KD\ XQD JUDQ GLIHUHQFLD HQ OD FRQVWDQWH SDUD ORV GLIHUHQWHV
GLVHxRVGHHOHPHQWRV
(O iUHD GHO EDIIOH WLHQH XQ HIHFWR UHGXFLHQGR HO iUHD VH LQFUHPHQWD OD FDEH]D OD
GLVPLQXFLyQ HQ /D PRVWUDGR HQ OD WDEOD  VH SURGXFH SRU ORV FDPELRV HQ HO iUHD GH
IOXMR VREUH OD FXDO VH EDVD /D $FWXDOPHQWH OD FDEH]D FRQ HO EDIIOH SHTXHxR HV OD
UHGHGRUGHPiVDOWDTXHFRQHOPiVJUDQGH
8Q YDORU PHGLR REWHQLGR GHVGH XQ Q~PHUR GH FULVWDOL]DGRUHV HQ XQ ,QJHQLR HV XQ
DFXHUGRUD]RQDEOHFRQORVYDORUHVGHOPRGHORXVDGR :ULJKW 

(MHPSOR

&DOFXOHODSpUGLGDGHFDEH]DDWUDYpVGHXQEDIIOHVHJPHQWDO GHOiUHDGHOFLUFXOR 
HQ XQ FULVWDOL]DGRU GH  P GH DQFKR FRQ XQ HVSDFLR HVWUHFKR HQWUH ORV HOHPHQWRV  GH

 
,QGLFH

HQIULDPLHQWR GHO WLSR %XUQHWW JLDQGR D  USP \ PDQHMDGR  WRQV K  GH OD PDVD


FRFLGDGHODILJ
5HVROXFLyQ

7RPH/D  WDEOD 
9 Pρ$ >[ [' [ @


  > [ [ @




  >  @


  PV  

9HUQRWD

∅ FRV  U  FRV    ƒ
 

WDEOD'H ' ∅VHQ∅FRV∅π ∅VHQ∅π 


      VHQ  FRV      VHQ
 

'H       
   
   P
ϒ  ∼Y'H [ V  

µ   3DV ILJ 
5H   9'Hρµ [[
   ±RN
∆S    [[  NρD
∆+   ∆SρJ [ P WDEOD 

$HVWRGHEHDxDGLUVHODHOHYDFLyQOLEUHSRUORVFDPELRVGHQLYHOFDXVDGRSRUODURWDFLyQ
GHORVHOHPHQWRVGHHQIULDPLHQWR


1RWD
     



 V UVHQ ∝ 
 K U±UFRV ∝ 

U PW$ πU 


∴$ P 



iUHDGHOVHJPHQWR $¶$¶ GH$
∴$¶ P 

$¶ K K V 
 

 VOODPDPRV ∝  φ




 
,QGLFH

U − U FRV β   > U − U FRV α   +  UVHQ α   @


$¶  
 

 UVHQ α  

U − U FRV α   > U − U FRV α   +  UVHQ α   @
  


 UVHQ α  


'RQGHU PW

5HVROYLHQGRODHFXDFLyQSDUD ∝  ∝  φ ƒ

<K U±UFRV ∝   K FRV    ∴K P





(MHPSOR

¢(Q HO HMHPSOR DQWHULRU FXDO SRGUi VHU OD FDEH]D VL OD YLVFRVLGDG R IOXMR  IXHUDQ HO
GREOH"

5HVROXFLyQ

/D FRQVWDQWHiUHD FRQVWDQWHGHGRQGH

+∝µ R9 HQWRQFHVODFDEH]DVHUtDHOGREOH

(MHPSOR
¢&XDOVHUtDODSHUGLGDGHFDEH]DDWUDYpVGHFXDWURFRPSDUWLPLHQWRVGHXQFULVWDOL]DGRU
FRQHOHPHQWRVURWDWLYRVFRQGRVEDIIOHVVHJPHQWDOHVFRPRHOGHOHMHPSORGDGRDUULED
XQEDIIOHVXPHUJLGRGHGHUUDPHGHP\XQYHUWHGHURGHGHVFDUJDGHPGHDQFKR"

5HVROXFLyQ

3DUDEDIIOHVVHJPHQWDGRV∆+ P [HMDQW 
3DUDEDIIOHGHUUDPH∆+ P
3DUDYHUWHGHURGHVFDUJDVLQ
DIHFWDFLyQSRUORVHOHPHQWRV∆+ P
3HUGLGDWRWDO∆+W P

(VWDHVODSpUGLGDGHFDEH]DSURPHGLR/DFDEH]DFDPELDUiDPHGLGDTXHORVHOHPHQWRV
URWHQ/DHOHYDFLyQOLEUHGHOQLYHOGHPDVDGHEHSHUPLWLUVHSDUDHVDVIOXFWXDFLRQHV







 
,QGLFH



7DEOD1~PHURVGH/DJUDQJHSDUDEDIIOHVVHJPHQWDGRVHQFULVWDOL]DGRUHV



7LSR$PRGHOR %DIIOH 3RVLFLyQHOHPHQWR /D EDVDGRHQRULILFLR 
SUXHED URWDFLyQ USP


%XUQHWW JUDQGH   




HOHPHQWRV GH
JUDQGH   
HVSDFLRDPSOLR 
 JUDQGH   
 JUDQGH ∝  
 JUDQGH ∝∝  
 SHTXHxR   
%XUQHWW JUDQGH   
HOHPHQWRV GH
SHTXHxR   
HVSDFLRUHGXFLGR 
6DUJHDQWV JUDQGH   
7LSR%IiEULFD    
,QJHQLR1WKQ JUDQGH  a USP

1RWDV

%DIIOHVJUDQGHVaGHOiUHDGHOFLUFXOR
EDIIOHVSHTXHxRVaGHOiUHDGHOFLUFXOR



3RVLFLyQGHOHOHPHQWR GLVWDQFLDGHVGHHOEDIIOHDOHOHPHQWRGLiPHWURGHORULILFLR




6tPERORV

D HMHPD\RUHOLSVH WDEOD 
$ iUHDIOXMR
E HMHPHQRUHOLSVH WDEOD 
% DOWXUDGXFWR
' GLiPHWURWXEHUtD
'H GLiPHWURHTXLYDOHQWH
J DFHOHUDFLyQGHODJUDYHGDG
∆K/ JUDGLHQWHSDUDFDQDOHVLQFOLQDGRV
+ FDEH]DSRUHQFLPDGHOQLYHOGHFRPSDUDFLyQ
+ FDEH]DPHGLDVREUHHOYHUWHGHURSDUDYHUWHGHURVVXPHUJLGRV

∆+ FDtGDGHFDEH]D
/ ORQJLWXGGHOGXFWRRFDQDO
/  ORQJLWXGGHHQWUDGDSDUDGXFWRV
/D Q~PHURGH/DJUDQJH
HQWUDGD

P IOXMRPiVLFR
∆S FDtGDSUHVLyQ
3 SHUtPHWURK~PHGR
3V Q~PHUR3RLVHXLOOH

 
,QGLFH

5H Q~PHUR5H\QROGV
9 YHORFLGDGSURPHGLRIOXLGR
: DQFKRYHUWHGHUR
β IDFWRUIRUPD
ϒ UD]yQFRUWH
θiQJXORPLWDGGHYHUWHGHURGHUDQXUDHQ9
µ 9LVFRVLGDG
ρ GHQVLGDG
φ iQJXORPLWDGHQJUDGRVVXEWHQGLGRSDUDRULILFLRVVHJPHQWDGRV


2WURVHVWXGLRVUHROyJLFRVGHPDVDFRFLGDV\PLHOHVFRQGXFLGRVSRU5%URDGIRRW\.)
0LOOHUGH65,$XVWUDOLDGHPRVWUDURQXQDEXHQDFRUUHVSRQGHQFLDFRQHOPRGHORGHOD
OH\GHSRWHQFLDSDUDIOXLGRVQR1HZWRQLDQRV9DORUHVFRQVLVWHQWHVVHKDOODURQFXDQGR
VHXVDQFRQGXFWRVGHEDMDUHODFLyQHQWUHORQJLWXG\GLiPHWUR /' 
/DVPHGLFLRQHVHQPLHOHVGHVJDVLILFDGDVKDQPRVWUDGRXQDVHQVLELOLGDGGHODYLVFRVLGDG
D FDPELRVGHWHPSHUDWXUDHQORVFDVRVGHPLHOHVFRQDOWRVFRQWHQLGRVGHVyOLGRV9HU
WDEOD/DVPDVDVFRFLGDV\PLHOHVVRQIOXLGRVQRGHSHQGLHQWHVGHOWLHPSR

7DEOD  5D]yQ GH OD VXPD GH ∆3  D OD HQWUDGD \ VDOLGD GH XQ WXER D OD ∆3 SDUD HO
FRPSOHWRGHVDUUROORGHOIOXMRODPLQDU

3DUD HO IOXMRODPLQDUGHXQIOXLGRHQWXEROD∆3PHGLGDSXHGHVHUVXEGLYLGLGDHQGRV
FDWHJRUtDV
/D SHUGLGD IULFFLRQDO HQ OD SDUHG SDUD HO GHVDUUROOR GHO IOXMR ODPLQDU FRPSOHWR \ ODV
SHUGLGDVGHSUHVLyQ\HQHUJtDDODHQWUDGD\VDOLGDGHOWXER

∆3P  τ/'. 9 ρ 
GRQGH

FDEH]D

.  .5H ' ' 


 
GRQGH
  
FDEH]D WXER UHF

∆3P  FDtGDSUHVLyQDWUDYpVGHOWXERP

τ  IXHU]DFRUWHHQODSDUHGGHOWXERHQ3D

'  'LiPHWURGHOWXERP

/  ORQJLWXGGHOWXERP

.   1ƒGHFDEH]DVGHYHORFLGDGFRUUHVSRQGLHQWHDODVSHUGLGDVGHSUHVLyQDOD
HQWUDGD\VDOLGDGHOWXERP
FDEH]D


9  9HORFLGDGSURPHGLRHQHOWXERPV

ρ  'HQVLGDGPDWHULDO.JP 


.  &RQVWDQWH GHSHQGLHQWH GHO SHUILO GH HQWUDGD  SHQWUDGDV UHGRQGDV \
SDUDHQWUDGDVFXDGUDGDV 
5H  
WXER 1ƒGH5H\QROGVSDUDHOIOXMRGHQWURGHOWXER

 
,QGLFH


'   'LiPHWURGHUHFLSLHQWH HMFiPDUDDODHQWUDGDGHOWXER P

UHF

/DSHUGLGDGHHQHUJtDFLQpWLFDDODVDOLGDGHOWXERHVLJXDODGRVFDEH]DVYHORFLGDG(Q
ODSUiFWLFDODPDJQLWXGGHODVSpUGLGDVDODHQWUDGDGHOWXERHVYDULDVYHFHVPD\RUTXH
pVWD

(QWRQFHV

. ≈.5H ' ' 
 


FDEH]D WXER UHF

/DUD]yQGHOD∆3 ∆3S .' 9 ρ5H τ/





H[W UHF WXER

3DUDXQIOXLGRGHOD/H\GHSRWHQFLDODIXHU]DGHFRUWHHQODSDUHGτHV

τ   .> Q 9Q'@   GRQGH
Q


τ   IXHU]DFRUWH3D
Q   Q~PHURFDEH]DP

5H   ' 9 ρ>Q Q @  .FDPELDQGRODV~OWLPDVHFXDFLRQHV
Q Q Q Q


WXER

5H τ  9 ρVXVWLWX\HQGRHVWDHQODVUHODFLRQHVGH∆3 ∆3SGD





WXER H[W

∆3 ∆3  .'UHF/

H[W S

/DSUHVHQFLDGHJDVDWUDSDGRFDXVDXQJUDQFDPELRHQODVSURSLHGDGHVGHIOXMRGHODV
PLHOHVSRUHMHPSORXQFRQWHQLGRGHLQFUHPHQWDODFRQVLVWHQFLDHQXQ\KDFH
TXHODPLHOVHDPiVVHXGRSOiVWLFD


&DORUGH6ROXFLyQ\&DORUGH&ULVWDOL]DFLyQ

&XDQGRHOD]~FDUVHGLVXHOYHHQDJXDODVROXFLyQVHSRQHIUtDGHELGRDTXHHOD]~FDU
WRPDFDORUGHODVROXFLyQDOGLVROYHUVH
(VWH FDORU HV FRPR HO FDORU ODWHQWH \ UHDSDUHFH FXDQGR HO D]~FDU FULVWDOL]D IXHUD GH OD
VROXFLyQ
0XFKRGHOYDSRUTXHHVVXPLQLVWUDGRDXQGLVROXWRUGHD]~FDUVHFRQVXPHSDUDSURYHHU
HVWHFDORUDODVROXFLyQ
&XDQGRHOD]~FDUVHFULVWDOL]DHQORVWDFKRVWRGRHOFDORUGHVROXFLyQTXHIXHFRQVXPLGR
HQHOGLVROXWRUDSDUHFHFRPR&DORUGHFULVWDOL]DFLyQ\FDXVDTXHHOFRQVXPRGHYDSRU
HQ ORV WDFKRVVHDPHQRUTXHODFDQWLGDGODFXDO HVQHFHVDULDSDUDHYDSRUDU HODJXDGH
OLFRU /D WDEOD  GD ORV FDORUHV GH VROXFLyQ R FULVWDOL]DFLyQ GH ODV VROXFLRQHV GH
VDFDURVD






 
,QGLFH

7DEOD/9,;&DORUGHVROXFLyQRFULVWDOL]DFLyQGHODVVROXFLRQHVGHVDFDURVD

ƒ%UL[ 8&&SRUOEVDFDURVDDWHPSHUDWXUDV
VROXFLyQ ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&
        
        
        
        

        
        
        
        
8&&SRUOLEUDGHVROXFLyQ
        
        
        
        

        
        
        
        


1RWD8&& XQLGDGHVGHFDORUFHQWtJUDGDV



 
,QGLFH

48Ë0,&$'(/$&5,67$/,=$&,Ï1&$3,78/29,,


 ,QWURGXFFLyQ

/DTXtPLFDGHOSURFHVRGHOFRFLPLHQWRWLHQHPXFKRVDVSHFWRVTXHVHGHEHQGLIHUHQFLDUSDUDXQD
EXHQDFRPSUHQVLyQGHODFULVWDOL]DFLyQWpFQLFDGHODVDFDURVD
/DVFDUDFWHUtVWLFDVSULQFLSDOHVGHHVWHSURFHVRVRQ

D 'HVFRPSRVLFLyQGHODVDFDURVDHVSHFLDOPHQWHODLQYHUVLyQ
E 5HDFFLRQHVGHGHVFRPSRVLFLyQWUDQVIRUPDFLyQ\FRQGHQVDFLyQGHD]XFDUHVUHGXFWRUHV
F 'HVFRPSRVLFLyQ\WUDQVIRUPDFLyQODSUHFLSLWDFLyQ\FRDJXODFLyQGHQRD]XFDUHV
G )HQyPHQRV UHODFLRQDGRV FRQ OD VROXELOLGDG GH GLIHUHQWHV WLSRV GH QR D]XFDUHV
LQRUJiQLFRV
H 1RD]XFDUHVTXHDIHFWDQODFULVWDOL]DFLyQGHODVDFDURVD
I )HQyPHQRVUHODFLRQDGRVFRQODGLVROXFLyQ\FUHFLPLHQWRGHORVFULVWDOHVGHVDFDURVD
J (IHFWRGHQRD]XFDUHVSUHFLSLWDGRVVREUHODSXUH]DGHOD]~FDUFHQWUtIXJDGR

8QDSDUWHGHHVWRVIHQyPHQRVQRSHUWHQHFHKDEODQGRHVWULFWDPHQWHDOFDPSRGHOFRQRFLPLHQWR
TXtPLFR $OJXQRV SHUWHQHFHQ PiV ELHQ D XQ FDPSR HVSHFLDOL]DGR GH OD ItVLFD R GH OD
ILVLRTXtPLFDSRUHMHPSORODLQFOXVLyQGHDJXDPDGUHHQFULVWDOHVGHVDFDURVD/DDFXPXODFLyQ
GHORVQRD]XFDUHVSUHFLSLWDGRVRILQDPHQWHVXVSHQGLGRVHQHODJXDPDUH\ODVHSDUDFLyQGHORV
FULVWDOHVGHVDFDURVDGHODVDJXDVPDGUHVSRUHOSURFHVRGHFHQWULIXJDFLyQSHUWHQHFHQDXQWHPD
GHLQJHQLHUtDTXtPLFDODILOWUDFLyQ

(V QHFHVDULRTXHODVUHDFFLRQHV \REVHUYDFLRQHV KHFKDVHQUHODFLyQFRQODFULVWDOL]DFLyQ GH OD
VDFDURVD VH GLVWLQJDQ HQ SiUUDIRV GLIHUHQWHV REWHQLpQGRVH SRU OR WDQWR XQ FRQRFLPLHQWR
DSURSLDGRGHDTXHOORTXHHVWDWHQLHQGROXJDUHQODFULVWDOL]DFLyQ\UHFXSHUDFLyQGHODVDFDURVD
FRPRSURGXFWRFRPHUFLDO\DVHDHQFDOLGDGEUXWDRUHILQDGD

 'HVFRPSRVLFLyQGHODVDFDURVDGXUDQWHHOSURFHVRGHODFULVWDOL]DFLyQ

/DV FRQGLFLRQHV GH PD\RU LPSRUWDQFLD HQ OD YHORFLGDG GH OD LQYHUVLyQ GH OD VDFDURVD VRQ
SULQFLSDOPHQWH OD WHPSHUDWXUD \ HO S+ GH ODV DJXDV PDGUHV 8QD YH] TXH VH KD REWHQLGR OD
VDFDURVDHQIRUPDFULVWDOLQDODVDFDURVDEDMRODVFRQGLFLRQHVQRUPDOHVGHSURFHVDPLHQWRHQORV
WDFKRV FULVWDOL]DFLyQ VHFDGR \ FULEDGR \ SRVWHULRUPHQWH GXUDQWH HO DOPDFHQDPLHQWR FRPR XQ
SURGXFWRVyOLGRQRPXHVWUDFDPELRVSURQXQFLDGRVHQHOLQWHULRUGHORVFULVWDOHV([SHULPHQWRV
UHDOL]DGRV PDQWHQLHQGR ORV FULVWDOHV GH VDFDURVD D WHPSHUDWXUDV GH ƒ& GXUDQWH WLHPSRV
SURORQJDGRV DPHVHV PRVWUDURQTXHHOLQWHULRUGHORVFULVWDOHVSHUPDQHFtDSUiFWLFDPHQWH
VLQFDPELRVVLQIRUPDFLyQGHPDWHULDOFRORULGR\VLQGHJUDGDFLyQGHODVPROpFXODVGHVDFDURVD
D D]XFDUHVUHGXFWRUHV

8Q FULVWDO GH VDFDURVD XQD YH] TXH VH KD IRUPDGR WLHQH XQD JUDQ HVWDELOLGDG D WHPSHUDWXUDV
LQIHULRUHVDƒ&\QRPXHVWUDFDPELRVQRWDEOHVHQVXFRPSRVLFLyQTXtPLFDRFDUDFWHUtVWLFDV
FULVWDOLQDV 1R VH REVHUYD OD PLVPD HVWDELOLGDG HQ ODV KXHOODV GH ODV DJXDV PDGUHV R GH ODV
VROXFLRQHVTXHURGHDQDORVFULVWDOHV(VWHHVXQPDWHULDOGHPXFKDPHQRUHVWDELOLGDG&XDQGR
XQ SURGXFWR WpFQLFR GH D]~FDU VH PDQWLHQH HQ XQ IUDVFR FHUUDGR D XQD WHPSHUDWXUD GH ƒ&
GXUDQWHYDULRVGtDVRVHPDQDVVHSXHGHREVHUYDUTXHKD\XQDXPHQWRHQHOFRORUGHOD]~FDU
SHURTXHHVWiFRQFHQWUDGRVREUHODSDUWHH[WHULRUGHORVFULVWDOHVGHVDFDURVD



,QGLFH

7DPELpQVHSXHGHREVHUYDUXQDFLHUWDFDQWLGDGGHGHVFRPSRVLFLyQGHORVD]XFDUHVUHGXFWRUHVR
XQDXPHQWRGHORVPLVPRVTXHGHSHQGHQGHOFRQWHQLGRGHKXPHGDGGHODSHOtFXODGHVROXFLyQ
FLUFXQGDQWH
(VWRV FDPELRV HQ OD FRPSRVLFLyQ \ HO DVSHFWR GH ORV D]XFDUHV EODQFRV SXHGHQ XVDUVH SDUD
SUREDUDGLIHUHQWHVWLSRVGHD]XFDUHVUHVSHFWRDVXHVWDELOLGDGGXUDQWHHODOPDFHQDPLHQWR3XHGH
HQFRQWUDUVHXQDFRUUHODFLyQHQWUHORVFDPELRVHQHOD]~FDU DOPDFHQDGRGXUDQWHXQSHUtRGR GH
WLHPSRSURORQJDGR\ORVFDPELRVREVHUYDGRVPDQWHQLHQGRODVPXHVWUDVGHD]~FDUGXUDQWH
\  GtDV HQXQDHVWXIDDƒ&

/DSULPHUDUHJODDOHVWXGLDUODGHVFRPSRVLFLyQ\ORVFDPELRVHQODFRPSRVLFLyQGHODVPDVDV
FRFLGDVGXUDQWHHOSURFHVRGHFULVWDOL]DFLyQHVTXHVHKDGHFRQVLGHUDUGHPDQHUDSULPRUGLDOOD
FRPSRVLFLyQGHODVDJXDVPDGUHV

/DHVWDELOLGDGGHODVDFDURVDHQVROXFLRQHVGHEUL[HQUHODFLyQDOS+\DODWHPSHUDWXUDKD
VLGRLQYHVWLJDGDFXLGDGRVDPHQWH/DLQYHUVLyQGHODVDFDURVDHQVROXFLRQHVWpFQLFDVGHD]~FDU
GHDGHSXUH]D\DXQDWHPSHUDWXUDTXHYDUtDGHƒ&GHSHQGHSULPRUGLDOPHQWHGHO
S+/DWHPSHUDWXUD\HOWLHPSR/DFDQWLGDGGHVDFDURVDGHVWUXLGDSRULQYHUVLyQHVSURSRUFLRQDO
DOWLHPSR/DUHODFLyQGHOS+\GHODWHPSHUDWXUDFRQODYHORFLGDGGHLQYHUVLyQVHKDSUHVHQWDGR
HQ OD 6HULH $]XFDUHUD 1ƒ /D HVWDELOLGDG GH OD VDFDURVD D ODV FRQFHQWUDFLRQHV HQ TXH VH
HQFXHQWUD HQ HO SURFHVR GH FULVWDOL]DFLyQ D XQ QLYHO GH EUL[ GH  D  GHSHQGLHQGR GH OD
SXUH]DDXQUDQJRGHWHPSHUDWXUDHQORVWDFKRVGHƒ&\HQORVFULVWDOL]DGRUHVGHƒ&
KDVLGRHVWXGLDGDHQXQRVSRFRVFDVRVDLVODGRV\QRVLHPSUHEDMRFRQGLFLRQHVELHQFRQWURODGDV
1RVHFRQRFHH[DFWDPHQWHODLQWHUUHODFLyQHQWUHODLQYHUVLyQGHODVDFDURVD\ODWUDQVIRUPDFLyQ
GHORVD]XFDUHVUHGXFWRUHVEDMRODVPLVPDVFRQGLFLRQHV

$OJXQRVH[SHULPHQWRVFRQVROXFLRQHVGHHOHYDGDSXUH]DFRPSUHQGLGDVHQXQLQWHUYDORGHD
 IXHURQ OOHYDGDV D FDER FRPR XQ LQYHVWLJDFLyQ SUHOLPLQDU SRU OD -DYD 6XJDU ([SHULPHQW
6WDWLRQHQWUH\

8QD GH ODV GLILFXOWDGHV GH HVWH HVWXGLR HV OD FRQVLGHUDFLyQ GHO S+ UHDO GH ORV OLFRUHV
FRQFHQWUDGRVGHD]~FDU&XDQGRVHGLOX\HXQDVROXFLyQFRQFHQWUDGDGHD]~FDUKD\XQHIHFWRGH
GLOXFLyQVREUHHOYDORUGHS+PHGLGRGHWHUPLQDGRFRQHOHFWURGRVGHYLGULR\GHTXLQKLGURQD
KLGUyJHQR6HREWLHQHQXQOLJHURDXPHQWRHQHOS+GHODGLOXVLyQGHVROXFLRQHVFRQFHQWUDGDVGH
D]~FDU /D GHWHUPLQDFLyQ GHO S+ D FRQFHQWUDFLRQHV GH   EUL[ GD XQ FLHUWR YDORU GH S+
FDOFXODGR EDMR OD VXSRVLFLyQ GH TXH ODV UHJODV DSOLFDEOHV D ODV VROXFLRQHV GLOXLGDV VRQ YiOLGDV
SDUD ODV VROXFLRQHV FRQFHQWUDGDV (VWR QR HV DEVROXWDPHQWH FLHUWR ORV IHQyPHQRV VRQ PiV
FRPSOLFDGRV HQ ODV VROXFLRQHV FRQFHQWUDGDV +DOODU XQ YDORU FRUUHFWR SDUD HO S+ GH ODV
VROXFLRQHV FRPSUHQGLGDV HQWUH  \  EUL[ HV XQ SUREOHPD ILVLRTXtPLFR FRPSOHMR QR VH D
SRGLGRREWHQHUXQDGHVFULSFLyQFODUDGHORTXHVHKDGHHQWHQGHUSRUHOS+RODFRQFHQWUDFLyQGH
LRQHVGHHVWHWLSRGHVROXFLRQHV
6HSXHGHQHOXGLUHVWDVGLILFXOWDGHVLQWURGXFLHQGRXQDWpFQLFDHVWiQGDUSDUDH[SUHVDUHOS+GHODV
VROXFLRQHV FRQFHQWUDGDV HVWXGLDGDV &RPR XQD VLPSOLILFDFLyQ VH SXHGH XVDU OD GHWHUPLQDFLyQ
GHOS+GHVROXFLRQHVGHD]~FDUGLOXLGDVPHGLGDVDODWHPSHUDWXUDGHOODERUDWRULRRPHGLGDV
FRQ XQ HOHFWURGR GH YLGULR D OD PLVPD WHPSHUDWXUD GH OD UHDFFLyQ GH GHVFRPSRVLFLyQ GH OD
VDFDURVD HQ HVWXGLR (VWD HV OD IRUPD HQ TXH VH UHDOL]y HVWD LQYHVWLJDFLyQ HQ OD -DYD 6XJDU
([SHULPHQW6WDWLRQ
/D GHVFRPSRVLFLyQ GH OD VDFDURVD SRU LQYHUVLyQ GHWHUPLQDGD SRU OD FDQWLGDG GH D]XFDUHV
UHGXFWRUHVIRUPDGRVIXHPiVDOWDHQODVVROXFLRQHVFRQFHQWUDGDVTXHHQODVVROXFLRQHVGLOXLGDV
D  EUL[ (Q FRQFHQWUDFLRQHV HOHYDGDV  EUL[ \ VXSHULRUHV  OD SHUGLGD GH VDFDURVD SRU



,QGLFH

LQYHUVLyQ IXH DSUR[LPDGDPHQWH HO GREOH GH OR TXH VH KDEtD FDOFXODGR FRPR ODV SHUGLGDV SRU
LQYHUVLyQREWHQLGDVPHGLDQWHODDSOLFDFLyQGHODVWDEODVGH6WDGOHU

/D WDEOD  GD XQ FLHUWR Q~PHUR GH GDWRV VREUH OD GHVFRPSRVLFLyQ GH OD VDFDURVD SRU KRUD
GHULYDGRSRUODLQWHUSRODFLyQGHXQQ~PHUROLPLWDGRGHGHWHUPLQDFLRQHV
$FWXDOPHQWHKDVLGRSRVLEOHHVWXGLDUHQGHWDOOHHVWDUHDFFLyQGHLQYHUVLyQHQSURGXFWRVGHEDMD
SXUH]DPHGLDQWHHOGHVDUUROORGHQXHYDVWpFQLFDVDQDOtWLFDVHVSHFLDOPHQWHFRQORVPpWRGRVGH
FURPDWRJUDItD 6H SXHGHQ GHWHUPLQDU ORV SURGXFWRV GH GHVFRPSRVLFLyQ LQGLYLGXDO OHYXORVD \
GH[WURVD\DVtREWHQHUXQFRQRFLPLHQWRPHMRUGHHVWDUHDFFLyQ

/D UHDFFLyQ GH LQYHUVLyQ WLHQH JUDQ VLJQLILFDGR HQ OD IDEULFDFLyQ SUiFWLFD GH D]~FDU (Q ODV
IDEULFDV GH D]~FDU GHGLFDGDV D OD SURGXFFLyQ GH D]XFDUHV EODQFRV HV FRVWXPEUH DSOLFDU OD
VXOILWDFLyQ D ORV MXJRV \ D YHFHV D ODV PHODGXUDV (O VLVWHPD SDUD FRQWURODU OD LQWHQVLGDG GHO
SURFHVRGHODVXOILWDFLyQHVWiEDVDGRHQODWLWXODFLyQFRQ\RGRGHODFDQWLGDGGH62 DxDGLGDR
FRPSUREDUODFRQXQDGHWHUPLQDFLyQGHOS+GHORVMXJRVRPHODGXUDVD]XIUDGDV



&RQHO~OWLPRVLVWHPDGHFRQWUROPHQFLRQDGRGHEHHQWHQGHUVHTXHHOS+GHXQDPHODGXUDQRHV
LGpQWLFRDOS+GHVSXpVTXHHVWiKDVLGRFRQFHQWUDGDHQORVWDFKRDOYDFtRSDUDVXFULVWDOL]DFLyQ
XQD SDUWH GHO 62 HV HOLPLQDGD GH OD PHODGXUD SRU HO YDFtR 6H KDOOD TXH FXDQGR OD
PHODGXUDKDVLGRD]XIUDGDDXQS+EDMRFRPRVXFHGHHQRFDVLRQHVHQODVIiEULFDVGHFDxD
GH D]~FDU TXH SURGXFHQ D]~FDU EODQFR PHGLDQWH VXOILWDFLyQ HO S+ GH OD PHODGXUD
FRQFHQWUDGD HV VXVWDQFLDOPHQWH PiV HOHYDGR TXH HO GH OD PHODGXUD RULJLQDO D]XIUDGD (O
S+GHODVDJXDVPDGUHVGHVSXpVGHGLOXFLyQDOPLVPREUL[TXHODPHODGXUDRULJLQDOSUHVHQWD
XQYDORUPiVHOHYDGRTXHHOPDWHULDORULJLQDO(VWRVFDPELRVHQS+VHGHPXHVWUDQSRUORVGDWRV
GHODWDEOD

(OS+GHODPHODGXUDHVSHFLDOPHQWHFRQODDSOLFDFLyQGHODVXOILWDFLyQQRHVXQtQGLFHGHO
YDORU GHO S+ H[LVWHQWH HQ ORV FRFLPLHQWRV GH PHODGXUD R GH PDVDV FRFLGDV $ 1R HV
SHUPLVLEOHXVDUHOYDORUGHOS+GHODVPHODGXUDVVXOILWDGDVFRPRXQDEDVHSDUDHOFDOFXORGHODV
SpUGLGDV HYHQWXDOHV SRU LQYHUVLyQ /DV SHUGLGDV SRU LQYHUVLyQ HQ ORV SURFHVRV GH
FULVWDOL]DFLyQ GHEHQ HVWDU EDVDGDV HQ HO S+ GH ODV DJXDV PDGUHV GH ODV PDVDV FRFLGDV
FRUUHVSRQGLHQWHVDODVGLIHUHQWHVHWDSDVGHODFULVWDOL]DFLyQ

/DVSUHJXQWDVSUiFWLFDVTXHVHVXVFLWDQUHJXODUPHQWHVRQ¢&XiOHVVRQODVSpUGLGDVUHDOHVGH
VDFDURVD H[SHULPHQWDGDV HQ ORV LQJHQLRV GXUDQWH HO SURFHVR GH FULVWDOL]DFLyQ GHVGH OD
PHODGXUDKDVWDODPLHOILQDO"¢+D\XQIXQGDPHQWRVyOLGRSDUDHVWLPDUTXHHVWDVSpUGLGDV
VHDQPiVRPHQRVLQHYLWDEOHVSRUVHUXQUHVXOWDGRGHFRQGLFLRQHVQRUPDOHVGHRSHUDFLyQ"

3DUDFRQWHVWDUDHVWDVSUHJXQWDVVHGHEHSDUWLUGHOKHFKRGHTXHHOS+GHORVGLIHUHQWHVWLSRVGH
PDVDVFRFLGDVHVGHWHUPLQDGRYtDXQDWpFQLFDGHGLOXFLyQGLILULHQGRGHOYDORUUHDOGHOS+DOD
FRQFHQWUDFLyQGHOSURFHVDPLHQWRSHURTXHGHEHVHUDFHSWDGRPLHQWUDVQRH[LVWDQPHGLRVSDUDOD
GHWHUPLQDFLyQGHOS+UHDO

(O S+ GH ODV PDVDV FRFLGDV GH ORV LQJHQLRV GH FDxD GH D]~FDU SXHGHQ SUHVHQWDU VHJ~Q
H[SHULHQFLD GHO DXWRU YDULDFLRQHV FRQVLGHUDEOHV GHSHQGLHQGR GHO S+ GHO MXJR FODULILFDGR HO
VLVWHPDGHFODULILFDFLyQ HVSHFLDOPHQWHHOHQFDODGR ODVXOILWDFLyQGHOMXJR\ODPHODGXUD\ORV
PpWRGRV GH UHILQDPLHQWR UHVXOWDQGR GLIHUHQWHV QLYHOHV GH S+ HQ ORV OLFRUHV GHVSXpV GH OD
SXULILFDFLyQ




,QGLFH

(OYDORUGHOS+GHODVDJXDVPDGUHVHQORVFRFLPLHQWRV$ SXUH]D GHWHUPLQDGRDOD


GLOXFLyQGH\DQDOL]DGRDODWHPSHUDWXUDGHOODERUDWRULRSXHGHYDULDUGHDHQ
ODVPDVDVFRFLGDV%\HQODVPDVDVFRFLGDV&GHD+D\XQDGLVPLQXFLyQOLJHUDHQHO
YDORUGHOS+GHODVPLHOHVGHWHUPLQDGRVFRPRSURPHGLRVHQUHODFLyQFRQODGLVPLQXFLyQ
HQ HO YDORUGH ODSXUH]D (Q ODSUiFWLFD SXHGHQKDOODUVHYDULDFLRQHV FRQVLGHUDEOHV HQ ODV
WHPSODVGHD]~FDUUHILQDGR/DHVWDELOLGDG\XQLIRUPLGDGPi[LPDHQORVYDORUHVGHS+VH
HQFXHQWUDQHQODVUHILQHUtDVTXHXVDQHOSURFHVRGHFDUEyQDQLPDO'RQHHOS+GHOSULPHU
OLFRUHVWiHQWUH\/DVSULPHUDVWHPSODVGHD]~FDUUHILQDGRWLHQHQJHQHUDOPHQWHXQ
S+GHDSXQWRVLQIHULRUHVDOS+GHOOLFRU3HURODUHILQDFLyQFRQFDUERQHVYHJHWDOHV
FRPELQDGRV FRQ IRVIDWDFLyQ R FRQ RWURV WLSRV GH WpFQLFDV GH SXULILFDFLyQ VH REVHUYD HQ
RFDVLRQHVTXHHOOLFRUGHFRORUDGRTXHHQWUDDOSLVRGHORVWDFKRVWLHQHXQS+TXHIOXFW~D
HQWUH\

$OJXQDV IDEULFDV WLHQHQ OD WHQGHQFLD SUREDEOHPHQWH SRU EXHQDV UD]RQHV GH SXULILFDU \
GHFRORUDUHQHOODGRiFLGR
2WUDV UHILQHUtDV IDYRUHFHQ ODV FRQGLFLRQHV QHXWUDV HQ HO SURFHVDPLHQWR GH OLFRUHV &RQ OLFRUHV
UHILQDGRV FRQ FDUEyQ YHJHWDO OD GLVPLQXFLyQ HQ HO S+ GHVGH HO OLFRU KDVWD OD SULPHUD PDVD
FRFLGDSXHGHVHUWDQDOWDFRPRDXQLGDGHVGHS+

(QODVGLVFXVLRQHVVREUHSpUGLGDVGHVDFDURVDHOIDFWRUSULQFLSDOHQODLQYHUVLyQGHODVDFDURVD
HV HO S+ \ GHVSXpV OD WHPSHUDWXUD GH SURFHVDPLHQWR 3RU HVWD UD]yQ QR HV SRVLEOH GDU FRPR
HQXQFLDGR JHQHUDO XQD H[SUHVLyQ FXDQWLWDWLYD  SDUD ODV SpUGLGDV GH VDFDURVD HQ HO SURFHVR GH
FULVWDOL]DFLyQ

6HFRQVLGHUDTXHORVLQJHQLRVEDMRFRQGLFLRQHVLGHDOHVODVSHUGLGDVGHVDFDURVDGHVGHOD
PHODGXUDKDVWDHOD]~FDUFRPHUFLDO\ODVPLHOHVILQDOHVVRQGHODPDJQLWXGGHOGHOD
VDFDURVD SUHVHQWH HQ OD PHODGXUD (VWD HV XQD SHUGLGD LQHYLWDEOH 1R H[LVWHQ PHGLRV D
GLVSRVLFLyQSDUDUHGXFLUHVWDVSpUGLGDVGHELGRDTXHVRQHOUHVXOWDGRQDWXUDOGHODFRPSRVLFLyQ\
GHORVVLVWHPDVDSOLFDGRVHQODFULVWDOL]DFLyQ

([LVWHQLQGLFDFLRQHVGHTXHEDMRFRQGLFLRQHVH[FHSFLRQDOHVFRQXQEDMRQLYHOGHS+HQORV
FRFLPLHQWRV$%\&FRQYDORUHVGHS+\HQGRGH$D&GHDODSpUGLGDFDOFXODGD
GHVDFDURVDFRPRUHVXOWDGRGHODLQYHUVLyQHVGHXQDPDJQLWXGGHDGHSROHQOD
PHODGXUD

(Q ODV UHILQHUtDVHQODFULVWDOL]DFLyQGHOD]~FDUUHILQDGRGHVGHORVOLFRUHVKDVWDHO~OWLPR SDVR
XWLOL]DGRSDUDUHSURFHVDUVHKDHQFRQWUDGRTXHODSpUGLGDPtQLPDIXHGHXQDPDJQLWXGGH
GHODVDFDURVDGHOSULPHUOLFRU(QDOJXQDVUHILQHUtDVGRQGHHOFRQWUROGHOS+PRVWUyXQS+EDMR
SURPHGLR\IDOWDGHXQLIRUPLGDGHQHOS+GHORVOLFRUHVSURFHVDGRVHVWDSpUGLGDSXGRVHUWDQ
DOWDFRPRHO
3DUD OD UHGXFFLyQ GH ODV SHUGLGDV HQ HO SURFHVR GH FULVWDOL]DFLyQ HO FRQWURO GH S+ HV GH OD
Pi[LPD LPSRUWDQFLD *HQHUDOPHQWH HV SRVLEOH LQWURGXFLHQGR XQ VLVWHPD FXLGDGRVR GH
RSHUDFLyQ UHGXFLU HVWDV SHUGLGDV DO SURPHGLR PtQLPR LQGLFDGR DQWHV VLQ OD LQWURGXFFLyQ GH
FRPSOLFDGRVVLVWHPDVGHFRQWURORGHQXHYRVVLVWHPDVGHDMXVWHVGHS+

(VVLQHPEDUJRGHJUDQLPSRUWDQFLDSDUDODLQGXVWULDD]XFDUHUDGHOPXQGRHQWHURTXHVHKDJD
XQD LQYHVWLJDFLyQ GHWDOODGD VREUH OD YHORFLGDG GH LQYHUVLyQ GH OD VDFDURVD HQ VROXFLRQHV
FRQFHQWUDGDV\GHEDMDSXUH]D\TXHVHGHWHUPLQHODUHODFLyQHQWUHODYHORFLGDGGHLQYHUVLyQORV
GLIHUHQWHVVLVWHPDVGHGHWHUPLQDFLyQGHS+ODWHPSHUDWXUD\ODSXUH]DLQFOX\HQGRHOHIHFWRGH
FLHUWRVWLSRVGHQRD]XFDUHV

 

,QGLFH


&LHUWR Q~PHUR GH REVHUYDFLRQHV GH OD OLWHUDWXUD DQWLJXD VREUH HO HIHFWR GH VDOHV QHXWUDV \
DPLQRiFLGRV VREUH OD YHORFLGDG GH LQYHUVLyQ FRPR SRU HMHPSOR ODV KDOODGDV HQ ODV
SXEOLFDFLRQHVGH3LQVHQ*HHUOLJV1RHO'HHUU1RWLHQHQYDORUKR\SXHVGHVGHTXHVHSXEOLFDURQ
VHKDDGTXLULGRXQFRQRFLPLHQWRPHMRUGHOVLJQLILFDGRGHOS+\VHWLHQHQDGLVSRVLFLyQPpWRGRV
PiV FRQILDEOHV SDUD OD GHWHUPLQDFLyQ GHO S+ (V SULQFLSDOPHQWH HO S+ OR TXH GHWHUPLQD OD
YHORFLGDGGHLQYHUVLyQ/DVREVHUYDFLRQHVUHSRUWDGDVHQHVWDVSXEOLFDFLRQHVDQWLJXDVKDQGHVHU
LQWHUSUHWDGDVFRPRHOHIHFWRGHVDOHVQHXWUDVDxDGLGDVVREUHORVYDORUHVGHOS+UHVXOWDQWHV

1RKD\HIHFWRGHVDOQHXWUDVREUHODYHORFLGDGGHLQYHUVLyQKD\XQHIHFWRGHVDOQHXWUDVREUHHO
S+GHODVROXFLyQWpFQLFDGHD]~FDU
/DGLVFXVLyQVREUHODLQYHUVLyQGHODVDFDURVDSXHGHUHGXFLUVHDORVIDFWRUHVGHS+WHPSHUDWXUD
SXUH]D \ WLHPSR +D\ XQ HIHFWR GH QR D]XFDUHV VREUH HO FDPELR GH S+ GH ODV VROXFLRQHV GH
VDFDURVDDOFRQFHQWUDU\GLOXLU(OFDPELRGHS+DIHFWDGRSRUODSUHVHQFLDGHFLHUWRVWLSRVGHQR
D]XFDUHV HQ OD FRQFHQWUDFLyQ \ GLOXFLyQ HV XQD GH ODV LQYHVWLJDFLRQHV IXQGDPHQWDOHV SDUD XQ
FRQRFLPLHQWRPHMRUGHODFRQFHQWUDFLyQUHDOGHLRQHVGHKLGUyJHQRGHODVVROXFLRQHVGHD]~FDU
HQSURFHVRGHFULVWDOL]DFLyQ

 'HVFRPSRVLFLyQGH$]XFDUHV5HGXFWRUHV

/RV QR D]XFDUHV UHGXFWRUHV SUHVHQWHV HQ HO MXJR PL[WR GH ORV LQJHQLRV GH FDxD GH D]~FDU
FRQVLVWHQSULQFLSDO\SUiFWLFDPHQWHHQOHYXORVD\GH[WURVD/DUD]yQGHHVWRVGRVFRPSRQHQWHV
HQHOMXJRPL[WRQRHVH[DFWDPHQWHFRPRHQHOD]~FDULQYHUWLGRSXURHVSRVLEOHTXHKD\D
XQ H[FHVR GH GH[WURVD VREUH OHYXORVD \ HVWi GHWHUPLQDGD SRU ODV FRQGLFLRQHV ILVLROyJLFDV
H[LVWHQWHVHQODFDxDHQHOWLHPSRGHODFRVHFKDODPDGXUH]\ODHGDGGHODFDxD

+D\LQGLFLRVGHTXHFXDQGRODFDxDVHFRVHFKDLQPDGXUDPHQWHRFXDQGRHOFDPSRGHFDxDHV
KHWHURJpQHRHQFXDQWRDODHGDGGHORVGLIHUHQWHVWLSRVGHWDOORGHFDxD WDOORVSULPDULRVYLHMRV
FRQ XQ JUDQ Q~PHUR GH UHWRxRV MyYHQHV \ WDOORV VHFXQGDULRV GH GLIHUHQWHV HGDGHV HWF  OD
OHYXORVDHVWDHQH[FHVRVREUHODGH[WURVD
&XDQGR OD FDxD VH SDVy GH PDGXUD R HQ MXJRV GH FDxD TXH KD IORUHFLGR OD GH[WURVD HVWi HQ
H[FHVRVREUHODOHYXORVD

(Q OD SXULILFDFLyQ GHO MXJR KD\ FLHUWR Q~PHUR GH WUDQVIRUPDFLyQ HQ ORV D]XFDUHV UHGXFWRUHV
(VWDVWUDQVIRUPDFLRQHVVRQGHQDWXUDOH]DFRPSOLFDGD(OSULPHUUHVXOWDGRHVTXHORVSURGXFWRV
GHWUDQVIRUPDFLyQWLHQHQWRGDYtDFDSDFLGDGSDUDUHGXFLUXQDVROXFLyQDOFDOLQDGHFREUH
(OFDPELRHQODFDSDFLGDGUHGXFWRUDVHPDQLILHVWDHQHOFDPELRGHODSRWHQFLDUHGXFWRUDGHHVWH
JUXSR GH QR D]XFDUHV GHVGH MXJR PL[WR KDVWD MXJR FODULILFDGR FRQ XQ FDPELR HQ OD URWDFLyQ
HVSHFtILFDGHQDWXUDOH]DOHYRGHORVD]XFDUHVUHGXFWRUHV
&XDQGR VH HVWDEOHFH TXH KD\ XQ FDPELR OLPLWDGR HQ HO SRGHU GH UHGXFFLyQ GH ORV D]XFDUHV
UHGXFWRUHVGHVGHHOMXJRPL[WRKDVWDHOMXJRFODULILFDGRHVWHHQXQFLDGRHVYiOLGRVRODPHQWHEDMR
FRQGLFLRQHVQRUPDOHVGHSURFHVDPLHQWR HQFDODGRXQLIRUPHDOFDOLQLGDGHVQRH[FHVLYDVHWF 
&XDQGR KD\ VREUHDOFDOL]DFLyQ S+ VXSHULRU D   OD GLVPLQXFLyQ HQ HO SRGHU UHGXFWRU GH ORV
D]XFDUHVUHGXFWRUHVSXHGHVHUWDQHOHYDGDFRPRKDVWDGHO
(VFRVWXPEUHHQPXFKDVIDEULFDVOOHYDUXQDGHWHUPLQDFLyQGHORVD]XFDUHVUHGXFWRUHVHQHOMXJR
PL[WRHOMXJRFODULILFDGR\ODPHODGXUD\UHSRUWDUODUD]yQHQWUHHOSRGHUUHGXFWRUGHORVMXJRV
H[SUHVDGRVFRPRXQLGDGHVGHD]~FDULQYHUWLGRGHWHUPLQDGDVFRQVROXFLyQF~SULFDGH)HKOLQJ
HQ UHODFLyQ D OD SRODUL]DFLyQ GHO PLVPR PDWHULDO (VWH FRFLHQWH JHQHUDOPHQWH VH OODPD HO
FRFLHQWH JOXFRVD FRFLHQWH GH D]~FDU LQYHUWLGR FRFLHQWHV GH D]XFDUHV UHGXFWRUHV SRO  /D
H[SUHVLyQFRUUHFWDHVHOFRFLHQWHSRGHUUHGXFWRUSROHOYDORUTXHUHDOPHQWHVHGHWHUPLQDHVHO

 

,QGLFH

SRGHU UHGXFWRU GH XQD VROXFLyQ WpFQLFD GH D]~FDU UHDFFLRQDQGR FRQ XQD VROXFLyQ F~SULFD
DOFDOLQD /DV VXVWDQFLDV UHGXFWRUDV QR VRQ JOXFRVD SXUD QL D]~FDU LQYHUWLGR SXUR +D\
SUREDEOHPHQWHGHQWURGHFLHUWRVOLPLWHVRWURVD]XFDUHVUHGXFWRUHV
/RVFDPELRVQRUPDOHVHQHVWHSRGHUUHGXFWRUVRQSRUHMHPSORORVSUHVHQWDGRVHQODWDEOD

/RV FDPELRV DQRUPDOHV REVHUYDGRV HQ ODV IiEULFDV GRQGH H[LVWtD OD LPSUHVLyQ HQ HO FXHUSR
GLUHFWLYRGHTXHHO HQFDODGR \ODFODULILFDFLyQVHHVWDEDQUHDOL]DQGRGHXQDPDQHUDDSURSLDGD
SHUR GRQGH OD YHULILFDFLyQ GH OD XQLIRUPLGDG GHO S+ GHO MXJR HQFDODGR PRVWUy IOXFWXDFLRQHV
FRQVLGHUDEOHV SXHV HO S+ SURPHGLR GHO MXJR HQFDODGR IXH  \ HO GHO MXJR FODULILFDGR  
GLHURQFLIUDVFRPRODVTXHVHUHSUHVHQWDQHQODWDEOD

&XDQGR HVWH VLVWHPD GH FRQWURO GH ³JOXFRVD´ VH FRQWLQ~D GHVGH OD PHODGXUD KDVWD WHPSODV $
³SXUDV´KHFKDVFRQPHODGXUDVHREVHUYDTXHKD\XQDSpUGLGDFRQWLQXDHQHOSRGHUUHGXFWRUGH
ORVQRD]~FDUHV/DUHGXFFLyQGHXQDVROXFLyQGHFREUHSRUXQDFLHUWDFDQWLGDGGHQRD]XFDUHVD
SDUWLUGHOMXJRPL[WRYtDMXJRFODULILFDGR\PHODGXUDKDVWDPDVDFRFLGD$WLHQHODWHQGHQFLDD
GLVPLQXLU&XDQGRVHGHWHUPLQDHOPLVPRSRGHUUHGXFWRUGHORVQRD]XFDUHVHQXQDPDVDFRFLGD
% H[LVWH OD WHQGHQFLD D XQ OLJHUR DXPHQWR LQGLFDQGR XQD SHTXHxD LQYHUVLyQ GH VDFDURVD \
IRUPDFLyQGHD]~FDUHVUHGXFWRUHV&RQODPDVDFRFLGD&KD\XQDXPHQWRHQHOSRGHUUHGXFWRU
GHORVQRD]~FDUHVKDVWDXQDFLHUWDHWDSDHOSURFHVRGHOFRFLPLHQWR

$O ILQDO GHO SURFHVR GHO FRFLPLHQWR \ GXUDQWH HO SURFHVDPLHQWR GH OD PDVD FRFLGD F HQ ORV
FULVWDOL]DGRUHVKD\GHQXHYRXQDGLVPLQXFLyQHQHOSRGHUUHGXFWRUSRUGHQRD]~FDUHV

6HSUHVHQWDQGLYHUVDVUHDFFLRQHVH[WUHPDGDPHQWHFRPSOLFDGDV

D /RV D]~FDUHV UHGXFWRUHV HVWiQ SUHVHQWHV HQ HO MXJR PL[WR GH FDxD FRPR GH[WURVD \
OHYXORVD
E 7UDQVIRUPDFLyQGHHVWDVKH[RVDVGXUDQWHODFODULILFDFLyQ
F 7UDQVIRUPDFLyQ \ FDPELRV HQ OD URWDFLyQ HVSHFtILFD GH OD PH]FOD GH VXVWDQFLDV
UHGXFWRUDVGXUDQWHHOFDOHQWDPLHQWR\FRQFHQWUDFLyQGHORVHYDSRUDGRUHV
(VWH FDPELR HQ OD URWDFLyQ VH OODPD JHQHUDOPHQWH PXWDUURWDFLyQ R UHDFFLRQHV GH
PXWDUURWDFLyQVLJQLILFDQGRHOFDPELRHQODURWDFLyQ

G 8QD OLJHUD LQYHUVLyQ GH OD VDFDURVD HQ ORV WDFKRV FRQ OD IRUPDFLyQ GH D]~FDUHV
UHGXFWRUHV
H /RV D]~FDUHV UHGXFWRUHV WUDQVIRUPDGRV HVSHFLDOPHQWH D ODV FRQFHQWUDFLRQHV VXSHULRUHV
HQORVWDFKRV\GXUDQWHHOSURFHVRGHFULVWDOL]DFLyQUHDFFLRQDQFRQGLIHUHQWHVWLSRVGHQR
D]~FDUHV HVSHFLDOPHQWH ORV DPLQRiFLGRV FRPR SULPHU SDVR HQ OD UHDFFLyQ GH
RVFXUHFLPLHQWRRGH0DLOODG

/DUHDFFLyQ H DGTXLHUHLPSRUWDQFLDHQORVFRFLPLHQWRVGHJUDGREDMRHQODFRQFHQWUDFLyQILQDO
HQORVWDFKRVFRQXQEDMRFRQWHQLGRGHDJXD \WHPSHUDWXUDUHODWLYDPHQWHVXSHULRUGHDOJXQDV
SDUWHVGHOFRQWHQLGRGHOWDFKR(VWDUHDFFLyQWLHQHODWHQGHQFLDDFRQWLQXDUHQORVFULVWDOL]DGRUHV
1RVHGHWLHQHDXQGHVSXpVTXHODVPLHOHVILQDOHVVHHOLPLQDQGHODPDVDFRFLGDFRQWLQXDHQODV
PLHOHV GHSRVLWDGDV HQ ORV WDQTXHV GH DOPDFHQDPLHQWR (VWD ~OWLPD UHDFFLyQ VH FRPELQD
JHQHUDOPHQWHFRQODIRUPDFLyQGH&2 TXHVHHOLPLQDGHODPDVDFRFLGDRVHKDFHYLVLEOHHQODV
PLHOHVDOPDFHQDGDVFRPRHVSXPD


(VWDGHVFRPSRVLFLyQGHORVD]~FDUHVUHGXFWRUHVEDMRODVFRQGLFLRQHVGHODIiEULFDXQDYH]TXH
KDHPSH]DGRHQODFODULILFDFLyQWLHQHODWHQGHQFLDDVHJXLUHQORVHYDSRUDGRUHV\WDFKRV


 

,QGLFH

(VWXGLRV KHFKRV VREUH HO SURFHVDPLHQWR GH MXJRV GH FDxD D DOFDOLQLGDGHV H[WUHPDV FRPR VH
DSOLFDQ HQ HO SURFHVR GH FDUERQDWDFLyQ KDQ GHPRVWUDGR DPSOLDPHQWH TXH D DOFDOLQLGDGHV
VXSHULRUHVORVD]~FDUHVUHGXFWRUHVVRQDWDFDGRV\WUDQVIRUPDGRVHQXQDSRUFLyQPD\RUTXHSRU
HMHPSOR HQ ODV FRQGLFLRQHV LGHDOHV GH XQ VLPSOH R GH XQ GREOH SURFHVR GH HQFDODGR
HVSHFLDOPHQWH VL QR KXER HO PiV PLQXFLRVR FRQWURO GH OD WHPSHUDWXUD GXUDQWH HO SURFHVR GH
FDUERQDWDFLyQ

8QDUHDFFLyQHVSHFLDOTXHWLHQHOXJDUHQODFRQFHQWUDFLyQGHORVMXJRVHVXQFDPELRHQOD
DFWLYLGDGySWLFDHVSHFtILFDGHORVQRD]~FDUHVUHGXFWRUHV3UiFWLFDPHQWHWRGRVORVLQJHQLRV
FXDQGR KDQ LQWURGXFLGR XQ FRQWURO WpFQLFR DSURSLDGR HVWiQ IDPLOLDUL]DGRV FRQ OD
HOHYDFLyQ HQ OD SXUH]D SRU OD VLPSOH FRQFHQWUDFLyQ HQ ORV HYDSRUDGRUHV GHVGH HO MXJR
FODULILFDGRKDVWDODPHODGXUD

(VWH DXPHQWR HQ OD SXUH]D SXHGH VHU D YHFHV H[WUHPDGDPHQWH DOWR /D GLIHUHQFLD HQ OD
SXUH]DHQWUHHOMXJRFODULILFDGR\ODPHODGXUDSXHGHVHUGHXQJUDGRRPiV(VWHDXPHQWR
HQ OD SXUH]D QR SXHGH H[SOLFDUVH SRU OD HOLPLQDFLyQ GH QR D]~FDUHV YROiWLOHV HOLPLQDGRV
SRU FRQFHQWUDFLyQ HQ OD IRUPD &2 DPRQLR \ JOLR[DO TXL]iV DFHWDOGHKtGR \ HQ DOJXQR
SRFRVFDVRVKXHOODVGHDOFRKROPHWtOLFR QRVXPDPiVGHOGHOEUL[

7DPELpQ OD FDQWLGDG GH QR D]~FDUHV LQRUJiQLFRV HOLPLQDGRV GH ORV MXJRV HQ IRUPD GH
LQFUXVWDFLyQHQHOHTXLSRHYDSRUDGRUHVH[WUHPDGDPHQWHSHTXHxDFRPRSRUFHQWDMHGHOD
FDQWLGDGWRWDOGHEUL[SURFHVDGR\EDMRQLQJXQDFRQGLFLyQSXHGHVHUPD\RUGH

(OUHVWRGHODHOHYDFLyQGHODSXUH]DHVHOUHVXOWDGRGHXQFDPELRHQODURWDFLyQySWLFDGH
ORVQRD]~FDUHVUHGXFWRUHV

/RV QR D]~FDUHV UHGXFWRUHV PXHVWUDQ XQD GLVPLQXFLyQ HQ OD OHYRURWDFLyQ GXUDQWH OD
FRQFHQWUDFLyQ(VWHFDPELRHVPD\RUFXDQGRODWHPSHUDWXUDHQORVHYDSRUDGRUHVHVPiVHOHYDGD
\ HO WLHPSR GH SURFHVDPLHQWR HV PD\RU 6H KD HQFRQWUDGR TXH FRQ OD LQVWDODFLyQ GH
SUHHYDSRUDGRUHVHVWHDXPHQWRHQODSXUH]DGHVGHMXJRFODULILFDGRKDVWDPHODGXUDPXHVWUDXQD
WHQGHQFLDDDXPHQWDUFRQODLQWURGXFFLyQGHWHPSHUDWXUDVPiVDOWDVHQORVSUHHYDSRUDGRUHV

$GHPiV VH KD REVHUYDGR HQ H[SHULPHQWRV FRQ HYDSRUDGRUHV WUDEDMDQGR D SUHVLyQ GRQGH ORV
MXJRVVHFRQFHQWUDQGHDEUL[KDVWDXQEUL[GHDDWHPSHUDWXUDVVXSHULRUHVDƒ&
TXH KD\ XQD WHQGHQFLD PiV SURQXQFLDGD GH DXPHQWR HQ OD SXUH]D \ XQD GLVPLQXFLyQ
FRUUHVSRQGLHQWH HQ HO SRGHU UHGXFWRU HVSHFtILFR GH ORV QR D]XFDUHV FRPSDUDGR FRQ XQD
FRQFHQWUDFLyQTXHXVHODVFRQGLFLRQHVWUDGLFLRQDOHVDOYDFtR

+D\GRVIDFWRUHVLQWHUUHODFLRQDGRV

 8QDSpUGLGDHQODOHYRURWDFLyQHVSHFtILFDGHODVVXVWDQFLDVUHGXFWRUDV
 8QD GLVPLQXFLyQ HQ HO SRGHU UHGXFWRU GH ORV QR D]~FDUHV FRPR UHVXOWDGRV GH
WUDQVIRUPDFLRQHV TXtPLFDV (O SULPHUR GD XQ DXPHQWR DSDUHQWH HQ OD SXUH]D GHO
MXJR\DPEDVUHDFFLRQHVSURGXFHQXQDGLVPLQXFLyQGHOFRFLHQWHGHJOXFRVDFXDQGR
HOVLVWHPDGHFRQWUROHVWiEDVDGRHQGHWHUPLQDFLRQHVGHSRO

8QD YHULILFDFLyQ FXLGDGRVD GH HVWRV IHQyPHQRV FRQ GHWHUPLQDFLRQHV GLUHFWDV GH VDFDURVD KD
SUREDGRTXHDPERVIHQyPHQRVGLVPLQXFLyQGHODURWDFLyQySWLFDHVSHFtILFD\GLVPLQXFLyQHQ
HOSRGHUUHGXFWRUGHQRD]~FDUHVUHGXFWRUHVVRQUHDOHV6HKDREVHUYDGRTXHFXDQGRVHHVWXGLDQ
HVWDVWUDQVIRUPDFLRQHVDWUDYpVGHFRFLPLHQWRVILQDOHVDPERVFRQWLQ~DQQRUPDOPHQWHKDVWDOD

 

,QGLFH









 

,QGLFH

PLHO $ (VWDV WUDQVIRUPDFLRQHV GH ORV D]~FDUHV UHGXFWRUHV VH SUHVHQWDQ HQ XQD IRUPD
HVTXHPiWLFDHQODILJ

8Q WHPD LQWHUHVDQWtVLPR HV OD WUDQVIRUPDFLyQ GH ORV QR D]~FDUHV UHGXFWRUHV QR IHUPHQWDEOHV
GXUDQWHHOSURFHVRGHFULVWDOL]DFLyQ(VWDUHDFFLyQVHGHVFULEHHQFLHUWRQ~PHURGHPRQRJUDItDV
SRU HMHPSOR OD GH 6DWWOHU TXLHQ KD HVWXGLDGR OD SUHVHQFLD GH VXVWDQFLDV UHGXFWRUDV QR
IHUPHQWDEOHVFRQJUDQGHWDOOHGHFRODERUDFLyQFRQ=HUEDQ

(O DXWRU KD WHQLGR OD RSRUWXQLGDG GH HVWXGLDU OD IRUPDFLyQ GH HVWDV VXVWDQFLDV UHGXFWRUDV QR
IHUPHQWDEOHVGXUDQWHHOSURFHVRGHODFULVWDOL]DFLyQHQORVLQJHQLRV3DUDREWHQHUXQDLPSUHVLyQ
GH OD SUHVHQFLD \ IRUPDFLyQ GH ODV FDQWLGDGHV GH VXVWDQFLDV UHGXFWRUDV QR IHUPHQWDEOHV HQ OD
PHODGXUD PLHO $ PLHO % \ PLHO ILQDO VH KD SUDFWLFDGR XQ JUDQ Q~PHUR GH DQiOLVLV GH ODV
PXHVWUDVFRUUHVSRQGLHQWHVFRPRORVSUHVHQWDGRVFRPRXQHMHPSORHQODWDEOD

3DUD HVWXGLDU XQ FDPELR HQ ODV VXVWDQFLDV UHGXFWRUDV QR IHUPHQWDEOHV VH KD LQYHVWLJDGR OD
YDULDFLyQGHODFRPSRVLFLyQGHODVVXVWDQFLDVUHGXFWRUDVHQXQFULVWDOL]DGRUGHVGHHOPRPHQWR
TXHKDFDtGRGHOWDFKRKDVWDTXHODPLHOILQDOHVWiVDOLHQGRGHODVFHQWUtIXJDV(VWHHVWXGLRGLR
SRUUHVXOWDGRORVGDWRVGHODWDEOD

3DUWLHQGR GH HVRV GDWRV KD GH FRQFOXLUVH TXH QR KXER DXPHQWR HQ ODV VXVWDQFLDV
UHGXFWRUDV QR IHUPHQWDEOHV  FRPR UHVXOWDGR GHO UHFDOHQWDPLHQWR  HQ ORV FULVWDOL]DGRUHV
+XER XQ DXPHQWR GXUDQWH HO SHUtRGR GH HQIULDPLHQWR (VWR VXFHGH JHQHUDOPHQWH HQ OD
SULPHUDHWDSDGHOHQIULDPLHQWRFXDQGRODPDVDFRFLGDWLHQHXQDWHPSHUDWXUDVXSHULRUD
ƒ&
/D UHDFFLyQ HQWUH DPLQRiFLGRV \ D]XFDUHV UHGXFWRUHV HV LQGXGDEOHPHQWH GH JUDQ
LPSRUWDQFLD SUiFWLFD HQ OD LQGXVWULD D]XFDUHUD (O Q~PHUR GH HVWXGLRV HQ OD OLWHUDWXUD
VREUHHVWHWHPDJHQHUDOPHQWHGHVFULWRFRPRUHDFFLRQHVGHRVFXUHFLPLHQWRRGH0DLOODUG
HV H[WUHPDGDPHQWH JUDQGH (O HVWXGLR GH HVWD UHDFFLyQ \ VX YHORFLGDG GH UHDFFLyQ HVWi
JHQHUDOPHQWH EDVDGR HQ OD IRUPDFLyQ \ GHWHUPLQDFLyQ GH  KLGUR[LPHWLOIXUIXUDO VH
FRUUHODFLRQDFRQODLQWHQVLGDGGHODUHDFFLyQGH0DLOODUG/RVSURGXFWRUHVGHODUHDFFLyQ
GH0DLOODUGVHDFXPXODQHQPLHOGHSXUH]DEDMD\FRQHOPiVEDMRFRQWHQLGRGHDJXD1R
VRQPX\HVWDEOHV\SXHGHQVHUFRQYHUWLGRVDRWURVSURGXFWRVSRUGLOXFLyQ

(V FLHUWR TXH ORV SURGXFWRV D]~FDU DPLQRiFLGRV SXHGHQ VHU GHVKLGUDWDGRV GH GRV PDQHUDV HQ
VROXFLRQHVQHXWUDVRGHQVLGDGHVEDMDVRHQVROXFLRQHViFLGDVGpELOHVVHIRUPDQIXUIXUDOHVSHUR
HQ XQ PHGLR GH EDMR FRQWHQLGR GH KXPHGDG SXHGHQ IRUPDUVH ODV OODPDGDV UHGXFWRQDV XQ
WpUPLQRLQWURGXFLGRSDUDGHQRPLQDUDODVVXVWDQFLDVTXHUHGXFHQDOLQGRIHQRO 

/D FRQGHQVDFLyQ DPLQR D]~FDU HV HO SULPHU SDVR HQ OD WUDQVIRUPDFLyQ GH ORV D]~FDUHV
UHGXFWRUHV VLQ OD FRQGHQVDFLyQ DPLQR D]~FDU  ³DSDUHQWH´ HQ HO SURGXFWR ILQDO 'HVSXpV GH OD
FRQGHQVDFLyQHOJUXSRD]~FDUHVGHVKLGUDWDGR
6HIRUPDQFRPSXHVWRVSROLPHUL]DEOHV\QRVDWXUDGRVHQTXHHO³JUXSR´DPLQRHVOiELO\SXHGH
VHUHOLPLQDGRSDUFLDOPHQWHHOUHVLGXRD]~FDUGHVKLGUDWDGRTXHVHFDUDFWHUL]DSRUVXFRORUFDIp
(VWH JUXSRGHSURGXFWRUHVVHOODPDPHODQRLGLQDVHVXQDPH]FODGHGLIHUHQWHVSROtPHURV \ FR
SROtPHURVQLWURJHQDGRVGHFRORUFDIp

/DFRPELQDFLyQGHODGHVWUXFFLyQ\WUDQVIRUPDFLyQGHORVQRD]~FDUHVUHGXFWRUHV\ODLQYHUVLyQ
GHODVDFDURVDWLHQHQOXJDUVLPXOWiQHDPHQWHGXUDQWHHOSURFHVRGHFULVWDOL]DFLyQ



 

,QGLFH

(OQ~PHURGHHVWXGLRVFXDQWLWDWLYRVVREUHODVYHORFLGDGHVGHUHDFFLyQGHSURGXFWRVWpFQLFRVGH
D]~FDUFRPRVHHQFXHQWUDQHQORVLQJHQLRV\HQODVUHILQHUtDVGHD]~FDUGHFDxD\UHPRODFKDHV
OLPLWDGR8QRGHORVDUWtFXORVTXHGDQXQDGHVFULSFLyQGHHVWDFODVHGHUHDFFLRQHVHQXQDIRUPD
FXDQWLWDWLYDKDVLGRSUHVHQWDGRUHFLHQWHPHQWHSRU7KRPSVRQ*DUGLQHU\'H:KDOOH\

3pUGLGDVGH6DFDURVDHQ2SHUDFLyQGHORV7DFKRV

6HKDQKHFKRDOJXQRVHVWXGLRVVREUHODVSpUGLGDVGHVDFDURVDHQHOWUDEDMRGHOFULVWDOL]DGRUSHUR
OD GHWHUPLQDFLyQ H[DFWD GH ODV SHUGLGDV GH VDFDURVD GXUDQWH OD FULVWDOL]DFLyQ HQ ORV WDFKRV
UHTXLHUHHQSULPHUOXJDUXQDWpFQLFDHVSHFLDOGHODERUDWRULR\HQVHJXQGRWHUPLQRXQWLSRGH
DQiOLVLV HVSHFLDO SDUD WHQHU OD DEVROXWD VHJXULGDG GH TXH ORV FDPELRV REVHUYDGRV HQ OD
FRPSRVLFLyQ GH ODV PDVDV FRFLGDV SXHGDQ HVWDU UHODFLRQDGRV FRQ XQD GHVWUXFFLyQ UHDO GH
VDFDURVD

7KRPSVRQ*DUGLQHU\'H:KDOOH\KLFLHURQXQDLQYHVWLJDFLyQHQGRQGHWRGDVODVSpUGLGDVSRU
DUUDVWUH IXHURQ FRPSOHWDPHQWH HOLPLQDGDV \ HO PDWHULDO TXH VH KDEUtD GH FULVWDOL]DU SXGR VHU
GHWHUPLQDGRFXDQWLWDWLYDPHQWHSRUXQDQiOLVLVFRPSOHWRDQWHV\GHVSXpVGHODFULVWDOL]DFLyQ

(OD]~FDULQYHUWLGRWRWDOVHGHWHUPLQRSRULQYHUVLyQFRQLQYHUWDVD\HOPpWRGRGHWLWXODFLyQGH
/DQH\(\QRQ/RVVyOLGRVHQORVFRFLPLHQWRVVHXWLOL]DURQFRQHOUHIUDFWyPHWURFRUUHJLGRSRU
HOFRQWHQLGRGHFHQL]DV\D]~FDULQYHUWLGR/RVUHVXOWDGRVREWHQLGRVHQHVWHH[SHULPHQWRVHGDQ
HQODWDEOD/DVSHUGLGDVWRWDOHVGHD]~FDUHQODDILQDFLyQGHFRFLPLHQWRVGHPHODGXUD\HQ
ODV FRVHFKDV SULPHUD \ VHJXQGD GH D]~FDUHV IXHURQ   \  UHVSHFWLYDPHQWH /DV
FDQWLGDGHVGHD]~FDUHVUHGXFWRUHVJDQDGDVIXHURQ\UHVSHFWLYDPHQWH

(OUHVXOWDGRHVTXHFRQXQDGLVPLQXFLyQHQODSXUH]DGHODPDVDFRFLGDVHGHVWUX\HXQD
SRUFLyQPiVHOHYDGDGHD]~FDUHVUHGXFWRUHV8QDVXSRVLFLyQUD]RQDEOHHVTXHODGHVWUXFFLyQ
GH OHYXORVD VHUtD PD\RU TXH OD GHVWUXFFLyQ GH GH[WURVD SHUR OD GHWHUPLQDFLyQ GH HVWRV GRV
FRPSRQHQWHV QR HVWi GH DFXHUGR FRQ HVWD VXSRVLFLyQ 8QD SDUWH GH ORV D]XFDUHV UHGXFWRUHV
UHSURGXFLGRV\SHUGLGRVGXUDQWHHOSURFHVRGHHYDSRUDFLyQVHWUDQVIRUPDHQQRD]~FDUHVVLQR
FRQXQUHGXFLGRSRGHUUHGXFWRU

/RVEDODQFHVGHVyOLGRVWRWDOHVPXHVWUDQTXHHVWDVSHUGLGDVVRQFRQVLGHUDEOHPHQWHLQIHULRUHVD
ODVSpUGLGDVGHD]~FDU3DUDHOFRFLPLHQWRFRUUHVSRQGLHQWHDODSULPHUDFRVHFKDIXH\DO
FRFLPLHQWRGHODVHJXQGDFRVHFKDOHFRUUHVSRQGLy
/DVSHUGLGDVGHVyOLGRVVRQDSUR[LPDGDPHQWHóGHODSpUGLGDGHD]~FDUHVWRWDOHV

/D FDQWLGDG GH VDFDURVD SHUGLGD GXUDQWH HO FRFLPLHQWR GH DILQDFLyQ GH OD PHODGXUD \ GH ODV
FRVHFKDV SULPHUD \ VHJXQGD GH D]~FDU IXH GH  D  \ QR IXH PX\ GLIHUHQWH HQ ORV WUHV
PDWHULDOHVLQYHVWLJDGRV
/DFDQWLGDGGHD]~FDUHVUHGXFWRUHVSURGXFLGD\GHVFRPSXHVWDDXPHQWDFRQODGLVPLQXFLyQGHOD
SXUH]DGHODPDVDFRFLGD

/RVLQWHQWRVKHFKRVSDUDPDQHMDULQJHQLRVGXUDQWHEDODQFHVFXDQWLWDWLYRVGHD]~FDUHVUHGXFWRUHV
\VDFDURVDDILQGHGHWHUPLQDUODQDWXUDOH]DGHODVSpUGLGDVRSDUFDOFXODUODVSpUGLGDVTXtPLFDV
\ ODV SpUGLGDV LQGHWHUPLQDGDV UHVXOWDQWHV GH DUUDVWUHV \ GH RWUDV FDXVDV HQ XQD UHILQHUtD R
,QJHQLRSUiFWLFDPHQWHQXQFDKDQGDGRUHVXOWDGRVVDWLVIDFWRULRV6HFRPSUHQGHHVWRSXHVWRTXH
VRQRULJLQDGDVSRUWUDQVIRUPDFLRQHVGLYHUVDV


 

,QGLFH

'HEHFRQVLGHUDUVHTXHORVPpWRGRVDQDOtWLFRVTXHVHDSOLFDQQRGDQUHVXOWDGRVTXHUHSUHVHQWHQ
HQ FLIUDV OD FDQWLGDG H[DFWD GHO FRPSXHVWR SUHVHQWH FX\D PDJQLWXG H[DFWD VH GHVHD FRQRFHU
$XQODGHWHUPLQDFLyQGHVDFDURVDSRUGREOHSRODUL]DFLyQRYtDGHWHUPLQDFLyQGHOSRGHUUHGXFWRU
GHVSXpVGHLQYHUVLyQWLHQHXQHUURUH[SHULPHQWDOLQHYLWDEOHHQORVUHVXOWDGRVFDOFXODGRV3DUDOD
VDFDURVDVHSXHGHVXSRQHUTXHFXDQGRVHKDFHHODQiOLVLVFRQWRGDVODVSUHFDXFLRQHVSRVLEOHV\
DQDOL]DQGR ODV VROXFLRQHV GH D]~FDU D XQD WHPSHUDWXUD FRQVWDQWH HVWDQGDUL]DGD TXH HV XQD
FRQGLFLyQ H[LVWHQWH VRODPHQWH HQ XQRV SRFRV ODERUDWRULRV GH LQJHQLRV  OD SUHFLVLyQ HV OD
VLJXLHQWH

3ROGHMXJRPL[WR   ±
3ROGHODVPLHOHVILQDOHV  ±
6DFDURVDGHOMXJRPL[WR  ±
6DFDURVDGHODVPLHOHVILQDOHV ±
%UL[GHOMXJRPL[WR   ±
%UL[GHODVPLHOHVILQDOHV  ±

7HQLHQGRSUHVHQWHHVWDVSUHFLVLRQHV\DOPLVPRWLHPSRFRQVLGHUDQGRORVHUURUHVLQHYLWDEOHVHQ
ODVSHVDGDVGHOMXJRD]~FDU\PLHOHVXQEDODQFHGHVDFDURVDQXQFDSXHGHWHQHUXQDSUHFLVLyQ
PD\RUTXH±GHOFRQWHQLGRGHVDFDURVDFDOFXODGR
(Q HO EDODQFH GH D]~FDUHV UHGXFWRUHV EDVDGD HQ HO SRGHU UHGXFWRU GHELGR D ORV GLIHUHQWHV
FDPELRV TXH WLHQHQ OXJDU HQ ORV D]~FDUHV UHGXFWRUHV FRPR UHVXOWDGR GH WUDQVIRUPDFLRQHV
FRPELQDFLRQHV \ GHVFRPSRVLFLRQHV &XDQGR XQD IDEULFD UHSRUWD TXH VH KDQ SHUGLGR HQ HO
SURFHVDPLHQWRGHODOGHORVD]XFDUHVUHGXFWRUHVHQHOMXJRPL[WRHVHLQIRUPHVLJQLILFD
TXHORVD]~FDUHVUHGXFWRUHVRULJLQDOHVVHKDQWUDQVIRUPDGRGHPDQHUDTXHGHODOGHVX
SRGHU UHGXFWRU RULJLQDO VH GHVWUX\y HQ DOJXQD X RWUD IRUPD (V PiV FRUUHFWR XVDU HO WpUPLQR
VXVWDQFLDV UHGXFWRUDV FRQVLGHUDQGR GH HVWD PDQHUD D ORV QR D]~FDUHV TXH UHGXFHQ OD VROXFLyQ
F~SULFD DOFDOLQD /D PHMRU H[SUHVLyQ HV OD FDSDFLGDG UHGXFWRUD GH SURGXFWRV  GH D]~FDU
UHSUHVHQWDGDHQHTXLYDOHQWHVGHD]~FDULQYHUWLGR
3RUPHGLRGHXQFRQWUROVLVWHPiWLFRUHSHWLGRVHSXHGHREWHQHUXQDLPSUHVLyQGHODQDWXUDOH]DGH
ODVGLIHUHQWHVWUDQVIRUPDFLRQHV\GHODVSRVLEOHVSHUGLGDV
'HVSXpV GH XQ DQiOLVLV FXLGDGRVR GH FXDQGR PHQRV  SHUtRGRV GH RSHUDFLyQ VH WLHQH XQD
MXVWLILFDFLyQSDUDKDFHUXQDSUHVHQWDFLyQGHILQLGDGHORVFDPELRVSUREDEOHVTXHRFXUUHQHQODV
SHUGLGDVTXHWLHQHQOXJDUHQODVDFDURVD\HQORVQRD]~FDUHVSURFHVDGRV

(V FLHUWR TXH KDEODQGR FXDQWLWDWLYDPHQWH OD WUDQVIRUPDFLyQ GH ORV D]~FDUHV UHGXFWRUHV HQ
VXVWDQFLDVUHGXFWRUDVQRIHUPHQWDEOHVVXFHGHHVSHFLDOPHQWHHQORV~OWLPRVFRFLPLHQWRV\GHXQ
PRGRHVSHFLDOHQODIDVHILQDOGHOSURFHVDPLHQWRODWHPSHUDWXUD\ODFRQFHQWUDFLyQHQUHODFLyQ
FRQHOFRQWHQLGRGHDJXDHQHVWD~OWLPDIDVHGHODFULVWDOL]DFLyQVRQORVIDFWRUHVSULQFLSDOHVTXH
GHWHUPLQDQODIRUPDFLyQGHHVWHWLSRGHVXVWDQFLDVUHGXFWRUDV

1RVHFRQRFHH[DFWDPHQWHHQTXHSURSRUFLyQVHKDOODLQIOXLGDHVWDUHODFLyQSRUODSUHVHQFLDGH
FLHUWRVWLSRVGHQRD]~FDUHVFRPRSRUHMHPSORORVPHWDOHVSHVDGRVFDWLyQLFRVFRPRHOKLHUUR\
HO FREUH DFWXDQGR FRPR FDWDOL]DGRUHV VLQ HPEDUJR KD\ LQGLFLRV GH TXH HO KLHUUR DFHOHUD OD
IRUPDFLyQ GH VXVWDQFLDV UHGXFWRUDV QR IHUPHQWDEOHV (O DVXQWR GH LPSHGLU HVWD UHDFFLyQ
PHGLDQWH OD UHGXFFLyQ GH OD YHORFLGDG GH UHDFFLyQ SRU DGLFLyQ GH VXOILWRV FDUHFH WRGDYtD GH
UHVSXHVWDDXQTXHKD\LQGLFLRVGHTXHHOXVRGHKLGURVXOILWRVHQORVFRFLPLHQWRVGHJUDGREDMR
HQODVFDQWLGDGHVJHQHUDOPHQWHUHFRPHQGDGDV RHQODVRUGLQDULDVHQODSUDFWLFDWUDGLFLRQDO HQ
OD IDEULFDFLyQ GH D]~FDU QR RULJLQD XQD UHGXFFLyQ DSUHFLDEOH HQ ODV FDQWLGDGHV IRUPDGDV GH
D]~FDUHVUHGXFWRUHVQRIHUPHQWDEOHV


 

,QGLFH

 5HDFFLRQHVGHQRD]~FDUHVRUJiQLFRV

(O FRQRFLPLHQWR GH ODV UHDFFLRQHV GH ORV QR D]~FDUHV  RUJiQLFRV FRQ OD H[FHSFLyQ GH ORV QR
D]~FDUHVUHGXFWRUHVGXUDQWHHOSURFHVRGHODFULVWDOL]DFLyQHVLPSHUIHFWR\GHILFLHQWH6HVDEH
TXH DOJXQRV iFLGRV RUJiQLFRV VH YXHOYHQ LQVROXEOHV HQ ODV FRQGLFLRQHV GHO SURFHVR GH OD
FULVWDOL]DFLyQFRQYLUWLpQGRVHHQVDOHVGHFDOFLR\GHPDJQHVLRFRPRSRUHMHPSORDFRQLWDWRGH
FDOFLRPDJQHVLR\R[DODWRFiOFLFR

6HVDEHWDPELpQTXHDOJXQRVDPLQRiFLGRVVHFRPELQDQFRQD]~FDUHVUHGXFWRUHVORTXHSXHGH
GHPRVWUDUVHYtDHOFRQWHQLGRGHQLWUyJHQRGHXQDVROXFLyQGHPLHOGLOXLGDIHUPHQWDGD\ILOWUDGD
GRQGH XQD SDUWH GHO QLWUyJHQR FRUUHODFLRQDGD FRQ OD FDQWLGDG GH VXVWDQFLDV UHGXFWRUDV QR
IHUPHQWDEOHV QRSXHGHDFWXDUFRPRQXWULHQWHGHOHYDGXUDVHQFUHFLPLHQWRSHURSHUPDQHFHXQD
VROXFLyQ HQ IRUPD GH XQ FRPSXHVWR RUJiQLFR TXH FRQWLHQH QLWUyJHQR (VWD UHODFLyQ SXHGH VHU
GHPRVWUDGDXVDQGRORVSURGXFWRVGHUHDFFLyQGHDPLQRiFLGRV\D]~FDUHVUHGXFWRUHVSXURVFRPR
QXWULHQWHVGHOHYDGXUDVHQFUHFLPLHQWR(VWHFRPSXHVWRGHQLWUyJHQRQRSXHGHVHUDVLPLODGRSRU
ODV OHYDGXUDV GH ORV JpQHURV 6DFFKDURP\FHV R 7RUXOD ORV DPLQRiFLGRV SXURV VRQ IiFLOPHQWH
DEVRUELGRVSRUODVOHYDGXUDVHQGHVDUUROOR
/DSUHVHQFLDGHFLHUWRVWLSRVGHD]~FDUHVQRRUJiQLFRVHVSHFLDOPHQWHHODOPLGyQ\DOJXQRGHORV
FDUERKLGUDWRVSROtPROHFXODUHVGHXQPRGRSDUWLFXODUORVGHOJUXSRGHODVSHFWLQDV OODPDGDVD
YHFHVJRPDV SXHGHQDIHFWDUODFULVWDOL]DFLyQ6HKDREVHUYDGRTXHSXHGHQVLQFULVWDOL]DUFRQOD
VDFDURVD\VHULQFRUSRUDGDVDOLQWHULRUGHORVFULVWDOHVVyOLGRVGHD]~FDU(VWHWHPDVHGLVFXWLUi
HQXQSiUUDIRSRVWHULRU

8QFLHUWRJUXSRGHQRD]~FDUHVSHUWHQHFLHQWHVDORVQRD]~FDUHVRUJiQLFRVVHYXHOYHLQVROXEOH
GXUDQWH HO SURFHVR GH FRQFHQWUDFLyQ GH WDFKRV DO YDFtR \ VH DFXPXOD HQ ODV DJXDV PDGUHV
3XHGHQ VHU DLVODGRV SRU FHQWULIXJDFLyQ HQ ODV PLHOHV GLOXLGDV GH  D  EUL[ (VWH PDWHULDO
LQVROXEOHHVXQDPH]FODFRPSOHMDGHQRD]~FDUHVSUHFLSLWDGRV\FRDJXODGRV
1R VH VDEH VL VH WUDWD GH XQD SUHFLSLWDFLyQ UHDO GH QR D]~FDUHV TXH VH RULJLQD SRU KDEHUVH
DOFDQ]DGR XQ QLYHO VREUHVDWXUDGR GXUDQWH OD FRQFHQWUDFLyQ R VL VH WUDWD GH XQD FRDJXODFLyQ
FRPRUHVXOWDGRGHXQFDOHQWDPLHQWRSURORQJDGRHQORVWDFKRVODDOWDGHQVLGDGGHODVVROXFLRQHV
\ODLQHVWDELOLGDGGHHVWRVQRD]~FDUHVTXHFRQVWLWX\HQXQDGLVSHUVLyQFRORLGDOPHWDHVWDEOHHQ
ORV PDWHULDOHV GLOXLGRV SXHV QR VH SXHGH GLVWLQJXLU \ QR VH KD WUDWDGR GH GHWHUPLQDU OD
QDWXUDOH]DGHHVWRVGLIHUHQWHVJUXSRVGHLPSXUH]DV

6LQHPEDUJRFXDQGRVHFRQFHQWUD\VHGHVD]XFDUDHOPDWHULDOHQHOSURFHVRGHFULVWDOL]DFLyQVH
SUHFLSLWDQDOJXQRVGHORVQRD]~FDUHV(QWUHHVWHJUXSRKD\WDPELpQQRD]~FDUHVRUJiQLFRV(VWD
SUHFLSLWDFLyQ DXPHQWD FRQ OD GHVD]XFDUDFLyQ \ OD FDQWLGDG GH QR D]~FDUHV SUHFLSLWDGRV  QR
D]XFDUHVDXPHQWDGHODVPLHOHV$DODV&FRPRVHGHPXHVWUDSRUORVGDWRVH[SXHVWRVHQODWDEOD


+D\FLHUWDFDQWLGDGGHUHDFFLRQHVGHJUDQVLJQLILFDGRSUiFWLFRTXHVHREVHUYDQVRODPHQWH
FRPR XQ UHVXOWDGR ILQDO HQ OD IRUPD GH OD DSDULFLyQ GH XQ FRORU VLQ TXH VH FRQR]FD HO
PHFDQLVPRGHODUHDFFLyQTXHVHHVWiYHULILFDQGR(QODOLWHUDWXUDDQWLJXDHUDFRP~QOODPDUD
HVWHFRORUIRUPDFLyQGHFDUDPHORRFDUDPHOL]DFLyQ3HURHVWHWpUPLQRJHQHUDOQRHVVXILFLHQWH
SDUD GHVFULELU OD QDWXUDOH]D GH OD IRUPDFLyQ GH FRORU HQ HO SURFHVR GHO FRFLPLHQWR /D
FDUDPHOL]DFLyQ HV OD GHVFRPSRVLFLyQ GH D]~FDU R D]~FDUHV D WHPSHUDWXUDV HOHYDGDV FRQ XQD
GHVKLGUDWDFLyQ \ SROLPHUL]DFLyQ GH ODV PROpFXODV \ OD IRUPDFLyQ GH PROpFXODV FRPSOHMDV DVt
FRPR OD GHVFRPSRVLFLyQ GH VXVWDQFLDV SUHVHQWHV HQ OD IRUPD FRORLGDO HQ ODV VROXFLRQHV
D]XFDUDGDVGLOXLGDVFRQXQFRQWHQLGRDOWRGHFDUEyQ\PX\EDMRFRQWHQLGRGHDJXD(VWDVVRQ
ODVVXVWDQFLDVSURGXFWRVILQDOHVTXHSXHGHQGHVFULELUVHFRPRFRPSXHVWRVKXPRVRVRiFLGR

 

,QGLFH

K~PLFR \ TXH SXHGHQ VHU FRDJXODGDV FRQ FDWLRQHV SROLYDOHQWHV FRPR KXPDWR FiOFLFR \
FDUDPHODWR FiOFLFR R FRPELQDGDV FRQ HO LyQ DOXPLQLR SHUR TXH PX\ SUREDEOHPHQWH QR VRQ
FRPSXHVWRV TXtPLFRV VLQR PDWHULDO RUJiQLFR FRORLGDO TXH KD DEVRUELGR XQD FLHUWD FDQWLGDG GH
LyQFDOFLRRDOXPLQLR

(OVLJQLILFDGRSUiFWLFRGHHVWDUHDFFLyQHVTXHVHWUDWDGHUHGXFLUDXQPtQLPRODIRUPDFLyQGH
FRORUSRUFXDOTXLHUPHGLRDODGLVSRVLFLyQHQODIDEULFDFLyQGHD]~FDU
'HEHVHUHYLWDGRHOVREUHFDOHQWDPLHQWR
8QDWHPSHUDWXUDHOHYDGDDXPHQWDODIRUPDFLyQGHSURGXFWRVGHGHVFRPSRVLFLyQFRORULGRV/D
SUHVHQFLD GH KLHUUR D~Q HQ SHTXHxDV FDQWLGDGHV DIHFWD OD IRUPDFLyQ GH FRORU HQ SURGXFWRV
D]XFDUHURV HQ SURFHVR /D DGLFLyQ GH VXOILWRV SXHGH LPSHGLU OD IRUPDFLyQ GH VXVWDQFLDV
FRORULGDV SUREDEOHPHQWH HQ IRUPD LQGLUHFWD UHGXFLHQGR HO LyQ IpUULFR D IHUURVR (V VLQ
HPEDUJR LQHYLWDEOH TXH OD FDQWLGDG GH FRORU SRU  QR D]~FDUHV DXPHQWD FRQ HO WLHPSR GH
SURFHVDPLHQWR OD IRUPDFLyQ GH FRORU SRU  QR D]~FDUHV SRU XQLGDG GH WLHPSR DXPHQWD DO
GLVPLQXLUODSXUH]DGHORVSURGXFWRVD]XFDUHURV
(OXVRGHDJHQWHVWHQVRDFWLYRVHQHOFRFLQDGRGHODVPDVDVFRFLGDV\HQORVFULVWDOL]DGRUHVVHKD
FRPSUREDGRTXHGLVPLQX\HJUDQGHPHQWHODYLVFRFLGDGDGHPiVUHGXFHHOWLHPSRGHFRFFLyQ\
OD SpUGLGD GH VDFDURVD \ FRPR PHMRUD OD IRUPD GH ORV FULVWDOHV VH GLVPLQX\H HO FRQWHQLGR GH
FRORU\FHQL]DVHQORVPLVPRV

(QODWDEODVHWLHQHXQHMHPSORGHFRQFHQWUDFLyQGHFRORUGHGLIHUHQWHVWLSRVGHSURGXFWRVGH
ODFDVDGHFRFLPLHQWRVHQORVLQJHQLRVFDxHURV
/DLQWHQVLGDGGHHVWDIRUPDFLyQGHFRORUHQORVSURFHVRVGHIDEULFDFLyQLQGHSHQGLHQWHPHQWHGH
VX VLPSOLFLGDG KD VLGR HVWXGLDGD VRODPHQWH HQ SRFRV SDtVHV \ HQ FDVRV H[FHSFLRQDOHV /D
PD\RUtD GH HVWRV HVWXGLRV HQ UHODFLyQ FRQ OD LQGXVWULD GH OD FDxD GH D]~FDU VH KDQ KHFKR HQ
-DYD FRPSDUDQGR GLIHUHQWHV WLSRV GH HVTXHPDV GH FRFLPLHQWR \ PpWRGRV GH SXULILFDFLyQ DVt
FRPR HO HIHFWR GHO VLVWHPD GH SXULILFDFLyQ \ GHO VLVWHPD GH FRFLPLHQWR VREUH HO FRORU \ VX
IRUPDFLyQ (Q OD WDEOD  VH SUHVHQWD XQ UHVXPHQ GH HVWRV HVWXGLRV GH IRUPDFLyQ GH FRORU
FROHFFLRQDGRVSRUODLQGXVWULDD]XFDUHUDGH-DYDHQWUH\

8Q SXQWR SUiFWLFR LPSRUWDQWH FRQVLVWH HQ TXH HO SURFHVR GH FULVWDOL]DFLyQ GRQGH HV
QHFHVDULRTXHORVWDFKRVGHVSXpVGHGHVFDUJDUODPDVDFRFLGDVHOLPSLHQFRPSOHWDPHQWH
SDUD HOLPLQDU OD PDVD FRFLGD UHPDQHQWH VREUH ODV SDUHGHV \ ODV VXSHUILFLHV GH
FDOHQWDPLHQWR OD LQWHQVLGDG GHO FRORU SURGXFLGR SRU HVWDV YDSRUL]DFLRQHV SRU  QR
D]~FDUHVVHKDREVHUYDGRTXHHUDFRQVLGHUDEOHPHQWHVXSHULRUDODFRQFHQWUDFLyQGHFRORU
GHO YROXPHQ SULQFLSDO GH OD PDVD FRFLGD SRU  QR D]~FDUHV  $XQ FRQ OR TXH VH KD
FRQVLGHUDGRVHUHOPHMRUWLSRGHWDFKRVHKDHQFRQWUDGRTXHKD\VLHPSUHXQDFLHUWDIRUPDFLyQ
GHWRUWDVGHPDVDFRFLGDVREUHODVVXSHUILFLHVGHFDOHQWDPLHQWRTXHQRVHHOLPLQDQFRQODPDVD
FRFLGD FLUFXODQWH VLQR TXH SHUPDQHFHQ HQ FRQWDFWR FRQ XQD HVSHFLH GH FRVWUD R PDVD FRFLGD
FDUDPHOL]DGD FRPR VH REVHUYD DO FRFLQDU XQ SRWDMH HQ XQD ROOD GH FRFLQD (VWDV FRVWUDV
ORFDOL]DGDVVHFDUDFWHUL]DQSRUXQDFRQFHQWUDFLyQHOHYDGDGHFRORU

(V WDPELpQ QRWDEOH TXH KDVWD FLHUWR SXQWR OD FRQFHQWUDFLyQ GH FRORU SURGXFLGD SRU ODV
YDSRUL]DFLRQHVGHXQWDFKRSXHGHXVDUVHFRPRXQLQGLFLRGHODHILFLHQFLDGHODDXWROLPSLH]D\
GHODFLUFXODFLyQGHORVWDFKRV6LXQWDFKRWLHQHXQDFDODQGULDELHQFRQVWUXLGDRXQVLVWHPDGH
VHUSHQWLQHV GH FDOHQWDPLHQWR  FRQ XQD UHVLVWHQFLD PtQLPD D OD FLUFXODFLyQ \ VL HO SURFHVR GH
HYDSRUDFLyQ VH OOHYD D FDER VLQ HVWDQFDPLHQWR VH REVHUYD TXH OD FRQFHQWUDFLyQ GH FRORU
SURGXFLGDSRUODVYDSRUL]DFLRQHVGHHVWRVWDFKRVWLHQHXQFRORUPXFKRPiVFODURTXHHQHOFDVR
GHORVOODPDGRVWDFKRVOHQWRVRWDFKRVGRQGHORVFRFLPLHQWRVQRUPDOHVVHKDQLQWHUUXPSLGRFRQ
XQHVWDQFDPLHQWRWHPSRUDOGHODFLUFXODFLyQ

 

,QGLFH

(Q OD ILJXUD  VH GDQ DOJXQRV GDWRV GH OD FRQFHQWUDFLyQ GH FRORU SURGXFLGD SRU ODV
YDSRUL]DFLRQHV R ODYDGRV GH ORV WDFKRV HQ FRPSDUDFLyQ FRQ HO FRORU GHO YROXPHQ GH OD PDVD
FRFLGD

6H KD FRPSUREDGR TXH OD GH[WUDQD DXPHQWD OD YLVFRVLGDG GH ODV VROXFLRQHV GH D]~FDU
LQFUHPHQWDQGRODSpUGLGDGHVDFDURVDHQDSUR[LPDGDPHQWHOEVWRQGHFDxD(QJHQHUDOVH
QHFHVLWDQOEVGHVDFDURVDSDUDSURGXFLUXQDOLEUDGHGH[WUDQD YHUVHULHD]XFDUHUD\ 
7DPELpQ VH KD FRPSUREDGR ~OWLPDPHQWH TXH VRQ ORV ROLJRVDFDULGRV ORV TXH FDXVDQ HO
DODUJDPLHQWRGHOFULVWDOGHD]~FDU

 )HQyPHQRVUHODFLRQDGRVFRQORVGLIHUHQWHVWLSRVGHQRD]~FDUHVLQRUJiQLFRV

/DFULVWDOL]DFLyQGHODVDFDURVDHVHOSURFHVRGHOOHYDUODFRQFHQWUDFLyQGHVROXFLRQHVWpFQLFDV
GH D]~FDU KDVWD XQ SXQWR HQ TXH HO D]~FDU VH YXHOYH VDWXUDGR \ VH SUHFLSLWD HQ HO VHQR GH OD
VROXFLyQ
6LPXOWiQHDPHQWHDHVWHDXPHQWRHQODFRQFHQWUDFLyQGHODVDFDURVDODVLPSXUH]DVDOFDQ]DQXQD
FRQFHQWUDFLyQ VXSHULRU $OJXQRV GH HVWRV QR D]~FDUHV VH YXHOYHQ FRPR VH VDEH SRU OD
H[SHULHQFLDSUDFWLFDGDVREUHVDWXUDGRV\VHSUHFLSLWDQFRQODVDFDURVD

/DVROXELOLGDGGHVDWXUDFLyQGHDOJXQRVGHHVWRVQRD]~FDUHVVHDOFDQ]DPiVIiFLOPHQWHTXHOD
FRUUHVSRQGLHQWH D RWURV 3RU HMHPSOR ODV VROXFLRQHV WpFQLFDV GH D]~FDU FRQ H[FHSFLyQ GH ODV
PLHOHV ILQDOHV DOWDPHQWH FRQFHQWUDGDV QR WLHQH OXJDU SUiFWLFDPHQWH OD SUHFLSLWDFLyQ GH ORV
FORUXURV\VXOIDWRVGHVRGLR\SRWDVLR6HKDKDOODGRHQ+DZDLHQTXHHOFORUXURSRWiVLFR
SRGUtD FULVWDOL]DU HQ FUHFLPLHQWRV GH EDMR JUDGR  RFXUULHQGR WDQ WHPSUDQDPHQWH FRPR HQ ORV
SLHV&GHWDFKRVVHPEUDGRV \HQODHWDSDILQDOHQORVFULVWDOL]DGRUHV(VWRVFULVWDOHVGHFORUXUR
SRWiVLFR FRQIXQGtDQ IiFLOPHQWH FRQVLGHUiQGRORV FRPR IDOVR JUDQR VRQ FULVWDOHV F~ELFRV
GLPLQXWRV (O WDPDxR GH HVWRV FULVWDOHV QR LQWHUIHUtD FRQ HO SURFHVR GH SXUJDGR HQ ODV
FHQWUtIXJDV/DFDQWLGDGGHFULVWDOHVGHFORUXURSRWiVLFRHQFRQWUDGRVFRQHOFRFLPLHQWRGHEDMR
JUDGRHVWDEDDIHFWDGDSRUODYDULHGDGGHFDxD\HOWLSRGHLUULJDFLyQ

/DVPLHOHVILQDOHVGRQGHWXEROXJDUHVWDSUHFLSLWDFLyQGH.&,WHQtDQXQFRQWHQLGRGHOGH
FHQL]DV FRQ XQ FRQWHQLGR GH D]XFDUHV UHGXFWRUHV GH  (VWD HV XQD UD]yQ H[FHSFLRQDO GH
D]~FDUHVUHGXFWRUHV\FHQL]DV/DVFHQL]DVFRQWHQtDQDSUR[LPDGDPHQWHGH. 21D 2
&D2\0 262 \&O
 


J 

8QFRQVWLWX\HQWHLQRUJiQLFRTXHVHSUHFLSLWDDOFRQFHQWUDUSURGXFWRVWpFQLFRVGHD]~FDUHQODV
IiEULFDV GH D]~FDU GH FDxD HV HO DFRQLWDWR GH FDOFLRPDJQHVLR (VWD HV XQD GH ODV LPSXUH]DV
QRUPDOHVSUHVHQWHVHQIRUPDGHILQRVFULVWDOHVHQFRFLPLHQWRVGHEDMRJUDGR
3HURODVLPSXUH]DVPiVFRPXQHVSUHFLSLWDGDVHQHOSURFHVRGHODFULVWDOL]DFLyQVRQGLIHUHQWHV
WLSRV GH VDOHV GH FDOFLR VXOIDWR FiOFLFR \ VXOILWR FiOFLFR HQ IDEULFDV GH D]~FDU EODQFR TXH
HPSOHDQ SURFHGLPLHQWRV GH VXOILWDFLyQ IRVIDWR GH FDOFLR \ GLIHUHQWHV WLSRV GH RUJDQDWRV
FiOFLFRV

/D SUHFLSLWDFLyQ GH ODV VDOHV GH FDOFLR HV XQ IHQyPHQR QRUPDO HQ WRGDV ODV FULVWDOL]DFLRQHV
WpFQLFDV HQ ODV IiEULFDV GH D]~FDU GH FDxD \ GH UHPRODFKD /D FDQWLGDG GH FDOFLR \ VXOIDWRV
SUHVHQWHV HQ ODV PLHOHV GH ORV LQJHQLRV TXH RSHUDQ QRUPDOPHQWH DOFDQ]D SUiFWLFDPHQWH EDMR
WRGDV ODV FRQGLFLRQHV HQ TXH ODV VROXFLRQHV WpFQLFDV GH D]~FDU VH FRQFHQWUDQ KDVWD HO SXQWR
GRQGH HO D]~FDU VH YXHOYH VDWXUDGR HO OLPLWH GH VROXELOLGDG Pi[LPD GHO VXOIDWR GH FDOFLR (Q
VROXFLRQHV WpFQLFDV GH D]~FDU HO VXOIDWR GH FDOFLR VH SUHFLSLWD FRPR &D62 + 2 (VWD
SUHFLSLWDFLyQ SXHGH REVHUYDUVH FRPR XQD WHQXH QHEXORVLGDG HQ ORV OLFRUHV GH ODV WHPSODV GH
 

 

,QGLFH

D]~FDUUHILQDGR\GHORVFRFLPLHQWRVGHHOHYDGDSXUH]DGHORVLQJHQLRV6HGHPXHVWUDSRUXQD
DFXPXODFLyQGHVDOHVGHFDOFLRHQHOD]~FDUSXUJDGRGRQGHVHKDOODQRUPDOPHQWHXQSRUFHQWDMH
VXSHULRUGH&D2HQFHQL]DVTXHHOSUHVHQWHHQORVOLFRUHVVHSDUDGRVSRUFHQWULIXJDFLyQRPLHOHV

(V SRU HVD UD]yQ TXH HO FRQWURO GHO FRQWHQLGR GH FDOFLR GH ORV MXJRV \ ORV OLFRUHV KD UHFLELGR
WDQWD DWHQFLyQ SRU SDUWH GH ORV WHFQyORJRV D]XFDUHURV SUiFWLFRV SXHV VH KD UHFRQRFLGR GHVGH
KDFHODUJRWLHPSRTXHHOFRQWHQLGRGHFDOFLRPRVWUDEDXQHIHFWRGLUHFWRHQODFDOLGDGGHOD]~FDU
SURGXFLGR

6H KD REVHUYDGR HQ OLFRUHV GH DOWR JUDGR GH ODV UHILQHUtDV FXDQGR HQ HO OLFRU VREUHSDVDQ 
SDUWHV GH &D2 SRU XQ PLOOyQ GH VDFDURVD FRQ XQD FDQWLGDG GH VXOIDWR GH  SDUWHV
DSUR[LPDGDPHQWH SRU XQ PLOOyQ GH VDFDURVD TXH VH SUHFLSLWD XQD SDUWH GH &D2 GXUDQWH HO
SURFHVR GH FULVWDOL]DFLyQ \ TXHGD UHWHQLGR SRU OD FDSD GH D]~FDU HQ ODV FHQWUtIXJDV FRPR XQD
LPSXUH]DGHOSURGXFWRILQDO

'XUDQWHHOWLHPSRHQTXHODUHILQDFLyQGHD]~FDUHVWDEDURGHDGDWRGDYtDSRUFLHUWDFDQWLGDGGH
SUDFWLFDV VHFUHWDV HUD SRU HMHPSOR FRVWXPEUH HQ DOJXQDV UHILQHUtDV (XURSHDV DxDGLU XQD
SHTXHxD FDQWLGDG GH %D&O  D ORV OLFRUHV EUXWRV SDUD SUHFLSLWDU HO VXOIDWR GH PDQHUD TXH DO
FRQFHQWUDU ORV OLFRUHV HQ ORV WDFKRV QR IXHUD VREUHSDVDGR HO SURGXFWR GH VROXELOLGDG  &D2 [


62 2WUDSUDFWLFDIXHHOXVRGHSHTXHxDVFDQWLGDGHVGHR[DODWRDQWHVGHORVILOWURVGHFDUEyQ
DQLPDOSDUDSUHFLSLWDUXQDSDUWHGHODVVDOHVGHFDOFLR


6HFRPSUHQGHTXHHVWDVSUiFWLFDVHVWXYLHUDQURGHDGDVGHVHFUHWR\DTXHHQPXFKRVSDtVHVQR
HVWDEDSHUPLWLGRHOXVRGHR[DODWR\VDOHVGHEDULRHQHOSURFHVDPLHQWRGHDOLPHQWRV3HURHVWDV
DQWLJXDV SUiFWLFDV GHPRVWUDEDQ TXH KDEtD XQ FRQFHSWR GHO GDxR TXH SRGtD RFXUULU SRU OD
SUHVHQFLDGHFDOFLR\VXOIDWRHQODSURGXFFLyQGHXQD]~FDUUHILQDGRGHDOWRJUDGR

/D JUDQ YHQWDMD GHO XVR GH FDUEyQ DQLPDO VREUH RWURV PpWRGRV GH UHILQDFLyQ HV TXH HOLPLQD
FDQWLGDGHV FRQVLGHUDEOHV GH VDOHV GH FDOFLR \ XQD FDQWLGDG OLPLWDGD GH VXOIDWR (O XVR GH OD
IRVIDWDFLyQ HQ FRPELQDFLyQ FRQ SHTXHxDV FDQWLGDGHV GH FDUEyQ YHJHWDO SUHWHQGH ORJUDU HO
PLVPR HIHFWR DXQTXH QR GHEH H[DJHUDUVH HO SUHWHQGLGR HIHFWR GH OD IRVIDWDFLyQ HQ OD
HOLPLQDFLyQGHOFDOFLRHQOLFRUHVGHDOWRJUDGRVRQVROXEOHV\VRODPHQWHVHYXHOYHQLQVROXEOHVHQ
SURGXFWRV GH EDMR JUDGR HQ IRUPD GH DFRQLWDWR GH FDOFLRPDJQHVLR \ GH IRVIDWRV GH FDOFLR
PDJQHVLR

D ¢&yPR VH GHPXHVWUD OD SUHVHQFLD GH VyOLGRV LQRUJiQLFRV VXVSHQGLGRV HQ ORV
D]~FDUHVFRPHUFLDOHV"

(O PRGR PiV VHQFLOOR GH GHPRVWUDU OD SUHVHQFLD GH QR D]~FDUHV LQRUJiQLFRV LQVROXEOHV HQ HO
D]~FDUPDQXIDFWXUDGRHVGHWHUPLQDQGRODUD]yQD]~FDUHVUHGXFWRUHVFHQL]DVHQODPLHOILQDO\
HQHOD]~FDUFRPHUFLDO
6LQRKD\DFXPXODFLyQGHFHQL]DVLQVROXEOHVHQHOD]~FDUFRPHUFLDOHVWDVGRVFLIUDVGHUD]RQHV
VRQ LGpQWLFDV SHUR VL VH KDOOD TXH OD UD]yQ $5FHQL]DV GHO D]~FDU FRPHUFLDO   \ OD UD]yQ
$5FHQL]DVGHODPLHOILQDO KDEUiTXHFRQFOXLUTXHKD\XQDDFXPXODFLyQUHODWLYDGHQR
D]~FDUHVLQRUJiQLFRVSUHVHQWHVHQHOD]~FDUFRPHUFLDOHQIRUPDGHQRD]~FDUHVLQVROXEOHV
(QFRQWUiQGRVHSRUHODQiOLVLVGHOD]~FDU\GHODPLHOILQDOORVGDWRVVLJXLHQWHV

$]~FDUFRPHUFLDO  
&HQL]DVVXOIDWDGDVQRFRUU 
5D]yQ$5FHQL]DV  


 

,QGLFH

0LHOILQDO
$]~FDUHVUHGXFWRUHV  
&HQL]DVVXOIDWDGDVQRFRUU 
5D]yQ$5FHQL]DV  

/DFDQWLGDGGHFHQL]DVVROXEOHVHQHOD]~FDUFRPHUFLDOHV

$]~FDUHVUHGXFWRUHVHQ
D]~FDUFRPHUFLDO 
  =  
UD]yQ$5 − FHQL]DVHQ  
PLHOILQDO

RODFDQWLGDGGHFHQL]DVLQVROXEOHVHQHOD]~FDUHV

FHQL]DVHQD]~FDUFRPHUFLDO −
D]~FDUHVUHGXFWRUHVHQD]~FDU
=  −  =  
UD]yQ$5 − FHQL]DVHQPLHOILQDO

¢&XiOHVHOLQWHUpVGHODVFHQL]DVLQVROXEOHVHQHOD]~FDUPDQXIDFWXUDGR"/DVFHQL]DVLQVROXEOHV
HQ HO D]~FDU PDVFDEDGR PDQXIDFWXUDGR DIHFWDQ OD ILOWUDELOLGDG $ PD\RU FDQWLGDG GH FHQL]DV
LQVROXEOHVPHQRUILOWUDELOLGDG(QVHJXQGROXJDUODVFHQL]DVLQVROXEOHVVRQVLHPSUHHOHYDGDVHQ
&D2 \ WLHQHQ OD WHQGHQFLD GH UHGLVROYHUVH HQ IXQGLGRV GH D]~FDU PDVFDEDGR \ DXPHQWDU HO
FRQWHQLGR GH &D2 GH ORV IXQGLGRV /D DFXPXODFLyQ GH QR D]~FDUHV SUHFLSLWDGRV HVWi
SULQFLSDOPHQWHDFHQWXDGDHQORVSURGXFWRVILQDOHVGHORV,QJHQLRV


E 'LIHUHQWHVPpWRGRVGHGHWHUPLQDUODFDQWLGDGGHQRD]~FDUHVLQVROXEOHVHQPLHOHV\
D]~FDUHV&

&RPRODPD\RUtDGHORVQRD]~FDUHVLQVROXEOHVHQHOD]~FDU&VRQLQRUJiQLFRVHVSRVLEOHXVDUOD
UD]yQ $5FHQL]DV FRPR XQ SDWUyQ SDUD FDOFXODU OD DFXPXODFLyQ GH FHQL]DV LQVROXEOHV HQ ORV
D]~FDUHV&3RUDFXPXODFLyQGHFHQL]DVLQVROXEOHVGHEHHQWHQGHUVHHQHVWHFDVRODDFXPXODFLyQ
GHODVFHQL]DVFRPRXQHVWDGRLQVROXEOHTXHVHVHSDUDSRUILOWUDFLyQGHODFDSDGHD]~FDUHQODV
FHQWUtIXJDV QR HV LGpQWLFR D OR TXH VH HQWLHQGH SRU FHQL]DV LQVROXEOHV HQ XQ VHQWLGR
ILVLRTXtPLFR/DPLHOILQDOFRQWLHQHXQDFLHUWDFDQWLGDGGHFHQL]DVLQVROXEOHVHQXQDGLVSHUVLyQ
WDQILQDTXHQRHVUHWHQLGDSRUORVSRURV\FDSLODUHVHQODVFHQWUtIXJDV

(O RWUR PpWRGR HV VHSDUDU OD PDWHULD LQVROXEOH HQ XQ VHSDUDGRU FHQWUtIXJR SRU HMHPSOR XQ
VHSDUDGRV'H/DYDO
/DGLIHUHQFLDFRQHOSULPHUPpWRGRHVTXHSDUDODVHSDUDFLyQGHHVWRVQRD]~FDUHVVXVSHQGLGRV
HVQHFHVDULRGLOXLUODVPLHOHV\GLVROYHUHOD]~FDU&(QH[SHULPHQWRVSUiFWLFRVODPLHOVHGLOX\H
FRPRVLJXH.JPLHOFRQ.JGHDJXDHOD]~FDU&VHGLVXHOYHXVDQGR.JGHD]~FDU&
FRQ  .JGHDJXD /D WHPSHUDWXUDGH HVWDVHSDUDFLyQHQXQ'H /DYDO HVGHƒDƒ& /D
YHORFLGDGGHFHQWULIXJDFLyQGHEHDMXVWDUVHDXQVHSDUDGRU'H/DYDOGHWDOIRUPDTXHGH
OLFRUVHWUDWHQPLQDSUR[LPDGDPHQWH/DGLIHUHQFLDHVTXHHQHVWHFDVRVHGLOX\HHOOLFRU \
XQD SDUWH GH ODV LPSXUH]DV SXHGHQ VHU UHGLVSHUVDGDV \ D~Q UHGLVXHOWDV 3RU RWUD SDUWH REWLHQH
XQD YHQWDMD TXH FRQVLVWH HQ ORV QR D]XFDUHV SXHGHQ DFXPXODUVH GH HVWD PDQHUD HQ XQD IRUPD

 

,QGLFH

FRQFHQWUDGDEDVWDQWHSXUD\SXHGHQVHUDQDOL]DGRVHQGHWDOOHSDUDGHWHUPLQDUVXVFRPSRQHQWHV
SULQFLSDOHV
/RVHVWXGLRVKHFKRVHQHVWHFDPSRGHODFRPSRVLFLyQKDQGHPRVWUDGRTXHODPD\RUtDGHHVWRV
QR D]~FDUHV VRQ LQRUJiQLFRV \ HVWiQ FRQVWLWXLGRV SRU IRVIDWR GH FDOFLRPDJQHVLR RUJDQDWRV
FDOFLFRVDYHFHVVXOIDWRFDOFLFRFRQXQDFLHUWDFDQWLGDGGHOtSLGRV iFLGRVJUDVRVDOFRKROHVGH
FHUD GH FDxD FHUD YHUGDGHUD GH FDxD  \ VHVTXLy[LGRV SUHVHQWHV SDUFLDOPHQWH FRPR XQD
FRPELQDFLyQGHVHVTXLy[LGRV\iFLGRVLOtFLFRFRQODIyUPXODJHQHUDO 5 2 6L2 Q

   

(QXQDLQYHVWLJDFLyQGRQGHODPDVDFRFLGD&ILQDOVHFHQWUtIXJRSRUODVFHQWUtIXJDVGHODIiEULFD
\HQXQDFHQWUtIXJDGHODERUDWRULRORVUHVXOWDGRVVHSUHVHQWDQHQODWDEOD
(VGLItFLOGHFLUFRPRHVWDVGLIHUHQFLDVHVWiQUHODFLRQDGDVHQHOPRGRHQTXHODVPDVDVFRFLGDV
VRQ WUDWDGDV SRU XQD IXHU]D GH JUDYHGDG DFHOHUDGD HQ OD FHQWUtIXJD GH ODERUDWRULR FRPSDUDGD
FRQODIXHU]DGHJUDYHGDGGHODFHQWUtIXJDGHODIiEULFDSHURSXHGHVHUXQDGHODVFDXVDVGHODV
GLIHUHQFLDVREVHUYDGDVHQODVPLHOHVGHOD]~FDU&

8VDQGR XQD WpFQLFD GLIHUHQWH SDUD OD GHWHUPLQDFLyQ GH ORV QR D]~FDUHV LQVROXEOHV SRU
FHQWULIXJDFLyQ GH ODV PLHOHV GLOXLGDV \ GHO D]~FDU & GLVXHOWRV HQ XQ VHSDUDGRU 'H /DYDO VH
REWXYLHURQORVUHVXOWDGRVGHODWDEOD
/RV SURJUHVRV HQ OD IDEULFDFLyQ SUDFWLFD GH D]~FDU KDQ GH ORJUDUVH SULQFLSDOPHQWH SRU HO
GHVDUUROOR GH WpFQLFDV GH SXULILFDFLyQ TXH HOLPLQHQ D ORV QR D]~FDUHV SUHFLSLWDEOHV EDMR ODV
FRQGLFLRQHVH[LVWHQWHVHQODWHFQRORJtDGHODFULVWDOL]DFLyQFRPRVHDSOLFDHQODDFWXDOLGDG
/D DSOLFDFLyQ GH LQWHUFDPELDGRUHV LyQLFRV SXHGHQ SURSRUFLRQDU HO Pi[LPR EHQHILFLR HQ OD
IDEULFDFLyQGHOD]~FDUPDVFDEDGRVLVHSXHGHQGHVDUUROODUPpWRGRVHFRQyPLFRVSDUDHOLPLQDU
&D2 \ VXOIDWR /D DSOLFDFLyQ GH OD XOWUDILOWUDFLyQ GH MXJRV \ OLFRUHV SRGUtD VHU OD WpFQLFD GH
VHSDUDFLyQIXWXUD
(VWRWDPELpQVHUtDDSOLFDEOHWUDWiQGRVHGHODIDEULFDFLyQGHD]~FDUHVUHILQDGRV&RQUHODFLyQD
ODFDOLGDGGHORVD]~FDUHV/DSUHVHQFLDGHiOFDOLV\VDOHVGHPDJQHVLRSXHGHQFRQVLGHUDUVHHQ
FLHUWR PRGR QRFLYD FXDQGR VH WUDWD GH IDEULFDU XQ D]~FDU FRQ EXHQDV FDUDFWHUtVWLFDV GH
ILOWUDELOLGDG \ UHILQDFLyQ HVWR VLJQLILFD TXH FRQ HO VLVWHPD PiV VHQFLOOR GH SXULILFDFLyQ SRU
HMHPSOR FRQ FDUERQHV YHJHWDOHV  SXHGH REWHQHUVH XQ OLFRU TXH VH SXHGH FULVWDOL]DU VLQ OD
IRUPDFLyQ GH QLQJ~Q SUHFLSLWDGR GH QR D]~FDUHV 3DUD XQ EXHQ UHQGLPLHQWR GHO D]~FDU
UHFXSHUDGR HV LPSRUWDQWH OD HOLPLQDFLyQ GH WDQWRV FRQVWLWX\HQWHV QR D]~FDUHV FRPR VHD
HFRQyPLFDPHQWH SRVLEOH 3HUR HVWR SHUWHQHFH DO DVSHFWR FXDQWLWDWLYR GH OD FULVWDOL]DFLyQ GH OD
VDFDURVD
$OUHIHULUVHDODFDOLGDGGHORVQRD]XFDUHVPDVFDEDGR\UHILQDGRODPHWDGHEHUiVHUODREWHQFLyQ
GH HVWRV SURGXFWRV FDVL OLEUHV GH QR D]~FDUHV SUHFLSLWDGRV 2WUR SXQWR LPSRUWDQWH FRQVLVWH HQ
FRQVLGHUDUHOKHFKRGHTXHORVD]~FDUHVQRVyORVHSUHFLSLWDQGXUDQWHODFULVWDOL]DFLyQVLQRTXH
WDPELpQ VRQ VHSDUDGRV SRU OD ILOWUDFLyQ GHQWUR GH OD FDSD GH D]~FDU HQ ODV FHQWUtIXJDV /D
SRURVLGDGGHHVWDFDSDGHD]~FDUHVPX\LPSRUWDQWHSDUDODUHWHQFLyQGHORVSUHFLSLWDGRVILQRV
HQ HO DJXD PDGUH &XDQGR HO D]~FDU WLHQH XQ WDPDxR GH JUDQR VXILFLHQWHPHQWH JUDQGH \ HV
XQLIRUPH HO HIHFWR GHO ILOWUR VHUi PXFKR PHQRU \ KDEUi PHQRV DFXPXODFLyQ GH HVWD PDWHULD
ILQDPHQWHVXVSHQGLGDHQHOD]~FDU(OpQIDVLVSXHVWRSRUORVUHILQDGRUHVSDUDUHFLELUXQD]~FDU
PDVFDEDGRGHWDPDxRGHJUDQRXQLIRUPHHVGHELGRSULQFLSDOPHQWHDTXHHVWHSXHGHVHUODYDGR
PiVIiFLOPHQWHHQODVFHQWUtIXJDVGHDILQDFLyQFRQXQDHOLPLQDFLyQFRPSOHWDGHODSHOtFXODGH
PLHO TXH FRQWLHQH D ORV QR D]~FDUHV SUHVHQWHV FRPR XQ SUHFLSLWDGR ILQR LQFOXLGR HQ HVWD
SHOtFXOD/DH[SHULHQFLDSUDFWLFDKDGHPRVWUDGRHVWRUHSHWLGDPHQWH

+DVWDODIHFKDQRH[LVWHXQPHGLRVHQFLOORSDUDHOLPLQDUHVWDVLPSXUH]DVVXVSHQGLGDV\VHGHEH
DFHSWDUFRPRORVUHVXOWDGRVGHOVLVWHPDDFWXDOGHOSURFHVDPLHQWR\FODULILFDFLyQ3HURXQSXQWR
TXHGHEHVHUSXHVWRGHUHOLHYHFRQVLVWHHQTXHXQRGHORVSHRUHVSURGXFWRVGHORVLQJHQLRVHQ

 

,QGLFH

FXDQWR D OD FDQWLGDG GH PDWHULD VXVSHQGLGD TXH KD GH VHU UHWRUQDGD D ORV FRFLPLHQWRV
FRPHUFLDOHVHVHOD]~FDU&
(Q HO D]~FDU & SRU VX ILQXUD VH DFXPXOD XQ SRUFHQWDMH H[WUHPDGDPHQWH DOWR GH QR D]~FDUHV
SUHFLSLWDEOHV 8Q UHWRUQR GH HVWDV LPSXUH]DV D ORV FRFLPLHQWRV $ \ % HV XQD FRQWDPLQDFLyQ
GLUHFWD GH HVWRV FRFLPLHQWRV \ OD LQWURGXFFLyQ GH XQ QR D]~FDU H[WUHPDGDPHQWH SHUMXGLFLDO DO
SURGXFWRFRPHUFLDO(QODVIiEULFDVGRQGHVHSURGXFHXQD]~FDUEODQFRGLUHFWRFRPRSRU
HMHPSOR ODV IiEULFDV GH D]~FDU EODQFR FRQ SURFHVRV GH FDUERQDWDFLyQ \ VXOILWDFLyQ HVWH
IHQyPHQRHVFRQRFLGRGHVGHKDFHDxRV

/RVSDtVHVSURGXFWRUHVGHD]~FDUHVSHFLDOL]DGRVHQHVWHWLSRGHD]~FDUUHFRQRFLHURQGHVGHKDFH
FXDUHQWDDxRVTXHHOPD\RUSURJUHVRTXHSRGtDORJUDUVHSDUDPHMRUDUODFDOLGDGGHORVD]~FDUHV
SURFHGHQWHVGHORVFRFLPLHQWRV$\%HUDODHOLPLQDFLyQGHODSHOtFXODGHPLHOGHORVD]~FDUHV
& TXH KDEUtDQ GH VHU UHWRUQDGRV SDUD VX SURFHVDPLHQWR (VWR VH KDFH JHQHUDOPHQWH SRU GREOH
SXUJDGR(QPXFKRVFDVRVHVXQD SUiFWLFDUHFRPHQGDEOHFXDQGRHOD]~FDU&QRVHXVD FRPR
Q~FOHR VHPLOOD SDUD HO SURGXFWR ILQDO VLQR TXH KD GH VHU UHGHUUHWLGR TXH HO D]~FDU & FRQ XQ
FRQWHQLGR HOHYDGR GH QR D]~FDUHV LQVROXEOHV VH VRPHWD D XQD ILOWUDFLyQ HVSHFLDO SDUD OD
HOLPLQDFLyQGHHVWRVFRQVWLWX\HQWHVSHUMXGLFLDOHV

 1RD]~FDUHVTXHDIHFWDQODFULVWDOL]DFLyQGHD]~FDUHV

(QODFULVWDOL]DFLyQGHODVDFDURVDH[LVWHXQFLHUWRQ~PHURGHIHQyPHQRVGRQGHODSUHVHQFLDGH
ORV QR D]~FDUHV HMHUFHQ XQD GHWHUPLQDGD LQIOXHQFLD VREUH OD QXFOHDFLyQ OD YHORFLGDG GH
FUHFLPLHQWRGHORVFULVWDOHVGHVDFDURVDODLQFOXVLyQGHLPSXUH]DVHQHOFULVWDOHQFUHFLPLHQWR\
ODVLPSXUH]DVTXHDIHFWDQODIRUPDRHOKDELWRGHFULVWDOL]DFLyQGHOFULVWDOGHVDFDURVD
(QODQXFOHDFLyQGHVROXFLRQHVWpFQLFDVGHD]~FDUVHFRQRFHFRPRXQKHFKRELHQHVWDEOHFLGR
TXH PLHQWUDV PiV LPSXUH]DV HVWpQ SUHVHQWHV HQ OD VROXFLyQ GH VDFDURVD PD\RU SXHGH VHU OD
VREUHVDWXUDFLyQDQWHVTXHWHQJDOXJDUXQDIRUPDFLyQHVSRQWiQHDGHQ~FOHRV$ODWHPSHUDWXUDGH
ƒ&GRQGHQRUPDOPHQWHVHOOHYDDFDERODFULVWDOL]DFLyQHQORVWDFKRVDOYDFtRHVSRVLEOH
FRQFHQWUDUORVSURGXFWRVGHFDxDGHD]~FDUFRQXQDSXUH]DLQIHULRUDDXQDVREUHVDWXUDFLyQ
GH\DXQPD\RUVLQODIRUPDFLyQHVSRQWiQHDGHQ~FOHRVGHVDFDURVD&XDQGRODSXUH]DHV
VXSHULRU HVWH YDORU GH VREUHVDWXUDFLyQ SDUD OD QXFOHDFLyQ VH UHGXFH FRQVLGHUDEOHPHQWH (Q
OLFRUHVPX\SXURVGHDOWRJUDGRODQXFOHDFLyQSXHGHHPSH]DUDYDORUHVGHVREUHVDWXUDFLyQGH


6RODPHQWH H[LVWHQ GHVFULSFLRQHV GH ORV KHFKRV REVHUYDGRV 8QD LQWHUSUHWDFLyQ WHyULFD QR HV
VHQFLOOD<DTXHQRVHKDQGDGRH[SOLFDFLRQHVQRWLHQHQXQIXQGDPHQWRItVLFRRTXtPLFRVyOLGR
QLWLHQHQJUDQYDORUSUiFWLFRFRPRJXtDVHQHOSURFHVRGHODQXFOHDFLyQ

/DWpFQLFDGHODFULVWDOL]DFLyQKDVLGRVLPSOLILFDGDH[FHVLYDPHQWHHQHODVSHFWRGHODQXFOHDFLyQ
PHGLDQWH HO XVR GH OD WpFQLFD GH OD VLHPEUD FRPSOHWD TXH KD HOLPLQDGR HQ PXFKRV SDtVHV \
HVSHFLDOPHQWHHQODVIiEULFDVPRGHUQDVGHD]~FDUHODQWLJXRVLVWHPDGHQXFOHDFLyQGHHVSHUDR
HOXVRGHWpFQLFDVGHRSHUDFLyQHVSHFLDOHVFRPRFRQFHQWUDUDYDFtRUHGXFLGR\WHPSHUDWXUDVPiV
HOHYDGDV\DXPHQWDUPiVRPHQRVUHSHQWLQDPHQWHHOYDFtRFRQXQDFRUUHVSRQGLHQWHFDtGDGHOD
WHPSHUDWXUD(VRIXHXQVLVWHPDPX\HUUiWLFR\QXQFDSXGRVHUFDOLILFDGRFRPRXQDWpFQLFDGH
RSHUDFLyQUDFLRQDO

/D SULPHUD UHJOD TXH KD GH HVWDEOHFHUVH HV TXH OD FDQWLGDG GH LPSXUH]DV HQWUH ODV VROXFLRQHV
WpFQLFDV GH D]~FDU DXPHQWD OD ]RQD HVWDEOH GH VREUHVDWXUDFLyQ GRQGH EDMR ODV FRQGLFLRQHV
SUiFWLFDV QR VH HIHFW~D OD FRQGLFLyQ GH QXHYRV Q~FOHRV GH VDFDURVD &XDQGR VH KDFH XQ
FXLGDGRVR HVWXGLR GH ORV YDORUHV GH VREUHVDWXUDFLyQ HQ GRQGH SXHGDQ VHU FRQFHQWUDGDV ODV

 

,QGLFH

VROXFLRQHV WpFQLFDV GH D]~FDU VLQ SUHVHQWDU QXFOHDFLyQ HVSRQWiQHD SXHGHQ REVHUYDUVH
IOXFWXDFLRQHVFRQVLGHUDEOHVGHIiEULFDDIiEULFD

$FWXDOPHQWH QR HV SRVLEOH GDU XQD H[SOLFDFLyQ VHQFLOOD GH OD FDXVD IXQGDPHQWDO GH ODV
GLIHUHQFLDVREVHUYDGDV6HKDHQFRQWUDGRTXHHUDSRVLEOHHQDOJXQDVIiEULFDVFRQFHQWUDUPLHOHV
$ D XQD SXUH]D  GH  D  \ D XQD VREUHVDWXUDFLyQ GH  VLQ QXFOHDFLyQ &RQ HVWD
VREUHVDWXUDFLyQ HO WDFKR SRGtD VHPEUDUVH IiFLOPHQWH FRQ D]~FDU IRQGDQW VLQ IRUPDFLyQ GH
Q~FOHRVH[WUDV\HOVLVWHPDGHVLHPEUDFRPSOHWDRULJLQDEDDOPLVPRWLHPSRXQDIRUPDFLyQGH
JUDQFDQWLGDGGHQ~FOHRVH[WUDV3HURHQRWUDVIiEULFDVVHKDOOyTXHODVREUHVDWXUDFLyQPi[LPDDO
PLVPRQLYHOGHSXUH]DQRSRGtDVREUHSDVDUODFLIUDGHRTXHODDSOLFDFLyQGHOVLVWHPDGH
VLHPEUDFRPSOHWDRULJLQDEDDOPLVPRWLHPSRXQDIRUPDFLyQGHJUDQFDQWLGDGGHQ~FOHRVH[WUD\
HOVLVWHPDGHVLHPEUDFRPSOHWDVHWUDQVIRUPDEDDVtHQXQVLVWHPDGHVLHPEUDSRUFKRTXH

(OVHJXQGRSURFHVRGRQGHODVLPSXUH]DVDIHFWDQODFULVWDOL]DFLyQHVODYHORFLGDGGHFUHFLPLHQWR
GHOFULVWDOHQXQDVROXFLyQVREUHVDWXUDGD

(Q HVWH VHQWLGRODVYDULDFLRQHVDOPLVPRQLYHO GHSXUH]D HQWUHGLIHUHQWHVIDEULFDVVRQ PXFKR
PiVFRQVLGHUDEOHV+D\LQGXGDEOHPHQWHFLHUWRQ~PHURGHLPSXUH]DVTXHUHWDUGDQODYHORFLGDG
GHFULVWDOL]DFLyQ(VFLHUWRTXHHQVROXFLRQHVSXUDVGHD]~FDUHOFUHFLPLHQWRGHXQDVXSHUILFLHGH
FULVWDOSDUDIRUPDUXQSODQFRPSOHWRGHUHGHVXQSURFHVRH[WUHPDGDPHQWHUiSLGRFRPSDUDGR
FRQODIRUPDFLyQGHOQ~FOHRRVHPLOOD6HVDEHWDPELpQTXHXQDYH]TXHVHKDIRUPDGRHOKDELWR
GH XQ FULVWDO GH VDFDURVD TXHGD PiV R PHQRV LJXDO PLHQWUDV HO FULVWDO FRQWLQ~D FUHFLHQGR 6H
VDEHWDPELpQTXHORVFULVWDOHVPiVSHUIHFWRVVHIRUPDQFXDQGRKD\XQFUHFLPLHQWROHQWRFRPR
SRU HMHPSOR HQ OD IDEULFDFLyQ GH ORV JUDQGHV FULVWDOHV FDQGL R HQ HO FUHFLPLHQWR D EDMDV
VREUHVDWXUDFLRQHV8QDYH]TXHVHKDGHWHUPLQDGRODIRUPDGHXQFULVWDOFRPRFULVWDOJHPHOR
FULVWDO DFLFXODU R FULVWDOHV SODQRV GH VDFDURVD HQ HO PLVPR SULQFLSLR GH OD FULVWDOL]DFLyQ D XQ
WDPDxR GH JUDQR GH  PP OLQHDOHV SXHGH REVHUYDUVH TXH QRUPDOPHQWH OD IRUPD GH HVWH
FULVWDOSHUGXUDKDVWDHOFUHFLPLHQWRFRPSOHWRGHOFULVWDOILQDO
,QGXGDEOHPHQWHFLHUWDVLPSXUH]DVGHWHUPLQDQODVFDUDFWHUtVWLFDVGHOFULVWDOGHVDFDURVD6HVDEH
TXHFXDQGRHQODIiEULFDGHD]~FDUGHFDxDVHKDFHODQXFOHDFLyQDDOWDVVREUHVDWXUDFLRQHVFRQ
XQ HOHYDGR SRUFHQWDMH GH D]~FDUHV UHGXFWRUHV KD\ XQD WHQGHQFLD D OD IRUPDFLyQ GH FULVWDOHV
JHPHORV$OSULQFLSLRGHODFULVWDOL]DFLyQH[LVWHXQDHVSHFLHGHFRPSHWHQFLDSRUODVXSHUILFLHGHO
FULVWDO HQ FUHFLPLHQWR HQWUH OD VDFDURVD HQ VREUHVDWXUDFLyQ \ ODV LPSXUH]DV /DV LPSXUH]DV
SXHGHQVHUXQIDFWRUIXQGDPHQWDOSDUDGHWHUPLQDUHOKiELWRGHOFULVWDOGHVDFDURVD

6HVDEHWDPELpQTXHKD\FLHUWRVWLSRVGHLPSXUH]DVTXHDIHFWDQODYHORFLGDGGHODFULVWDOL]DFLyQ
HQ XQ JUDGR HOHYDGR (VWR HV ELHQ FRQRFLGR D WUDYpV GH HVWXGLRV GH FUHFLPLHQWR GH FULVWDOHV
KHFKRVFRQRWUDVVXVWDQFLDVGLIHUHQWHVGHODVDFDURVD(VXQKHFKRVDELGRTXHFLHUWDVLPSXUH]DV
WLHQHQ XQ HIHFWR PXFKR PD\RU VREUH OD YHORFLGDG GH FULVWDOL]DFLyQ FXDQGR VH KDOODQ D
WHPSHUDWXUDVLQIHULRUHVRVHDHQORVFULVWDOL]DGRUHVPiVTXHHQORVWDFKRV3DUHFHTXHHOHIHFWR
GHFLHUWRVWLSRVGHLPSXUH]DVVREUHODYHORFLGDGGHFULVWDOL]DFLyQGLVPLQX\HFRQODWHPSHUDWXUD

/DLQGXVWULDD]XFDUHUDHVWiHQFRQGLFLRQHVDFWXDOPHQWHGHDQDOL]DUHQXQDIRUPDHVWDQGDUL]DGD
VHQFLOOD ODV FDUDFWHUtVWLFDV GH FULVWDOL]DFLyQ GH ORV PDWHULDOHV QRUPDOHV TXH KDQ GH VHU
FULVWDOL]DGRV HQ ORV ,QJHQLRV \ UHILQHUtDV (VWR KDFH SRVLEOH GLVFXWLU HO HIHFWR HVSHFtILFR GH
FLHUWRVWLSRVGHLPSXUH]DV

(VFLHUWRTXHDOJXQRVWLSRVGHQRD]~FDUHVDIHFWDQODYHORFLGDGGHOFUHFLPLHQWRGHORVFULVWDOHV
GHVDFDURVD7DPELpQHVXQKHFKRUHFRQRFLGRTXHFDGDFDUDGHOFULVWDOWLHQHVXSURSLDYHORFLGDG
GHFUHFLPLHQWR6HKDREVHUYDGRTXHORVGLIHUHQWHVQRD]~FDUHVSXHGHQDIHFWDUHOFUHFLPLHQWRGH

 

,QGLFH

FLHUWDV FDUDV GHO FULVWDO D WDO JUDGR TXH QR FUH]FDQ HQ DEVROXWR \ TXH HO UHVXOWDGR GH OD
FULVWDOL]DFLyQVHDXQDIRUPDVLPSOLILFDGDGHOFULVWDOGHVDFDURVDLGHDO
/DQDWXUDOH]DGHORVQRD]~FDUHVTXHWLHQHQHVWRVHIHFWRVHVSHFLDOHVHVXQIHQyPHQRJHQHUDO(Q
VROXFLRQHVVLQWpWLFDVGRQGHVHKDDxDGLGRXQDJUDQFDQWLGDGGHFDUDPHORHOFDUDPHORVHDEVRUEH
HQFLHUWDVFDUDVGHOFULVWDOGHVDFDURVDVLQFULVWDOL]DFRQODVDFDURVD \SXHGHREVHUYDUVH FRPR
XQDLPSXUH]DFRORULGDHQFDSDVSDUDOHODVDFLHUWDVFDUDVGHOFULVWDO
2WUR KHFKR FRQRFLGR HV TXH HV SRVLEOH TXH LPSXUH]DV GH SHVR PROHFXODU HOHYDGR FRPR SRU
HMHPSORHODOPLGyQVHDQWDPELpQDEVRUELGDVSRUORVFULVWDOHVGHVDFDURVDHQFUHFLPLHQWR\TXH
HV H[WUHPDGDPHQWH GLItFLO IDEULFDU VDFDURVD  SXUD HQ VROXFLRQHV TXH FRQWHQJDQ DOPLGyQ FRPR
LPSXUH]D~QLFDPHQWHPHGLDQWHUHFULVWDOL]DFLyQ

(VWH IHQyPHQR GH LQFOXVLyQ GH LPSXUH]DV VH KD OODPDGR D HQ RFDVLRQHV VLQFULVWDOL]DFLyQ /D
QDWXUDOH]D GH HVWD VLQFULVWDOL]DFLyQ QR HV IiFLO GH HQWHQGHU 3RU HMHPSOR VLHQGR KLHUUR OD
LPSXUH]D HV SRVLEOH SHQVDU HQ WpUPLQRV GH FULVWDOHV PL[WRV GRQGH HO VDFDUDWR GH KLHUUR R HO
IHUUDWRDVtFRPRHOVDFDUDWRGHSRWDVLRVHDQLQFRUSRUDGRVDODUHGFULVWDOLQDHQXQSURSRUFLyQ
VLPLODUSRUWHQHUDILQLGDGSRUODFDUDGHOFULVWDOHQFUHFLPLHQWR3HURWDPELpQHVSRVLEOHTXHVH
WUDWHGHVLPSOHDGKHVLyQ\TXHODLPSXUH]DVHDFXELHUWDSRUODVVXFHVLYDVFDSDVGHVDFDURVD
+D\ LQGLFLRV TXH DOJR VHPHMDQWH WLHQH OXJDU HQ UHDOLGDG FRPR ORV VXJLHUHQ ODV LOXVWUDFLRQHV
H[WUHPDGDPHQWHIDVFLQDQWHVGHORVDUWtFXORVGH3RZHUV
+D\ TXH HQIUHQWDUVH D ORV IXQGDPHQWRV GH OD FULVWDOL]DFLyQ VL VH GHVHD HQWHQGHU FRPR HVWiQ
LQFOXLGDVODVLPSXUH]DVHQORVFULVWDOHVGHVDFDURVDHQFUHFLPLHQWR¢(OFUHFLPLHQWRGHXQFULVWDO
HVODLQFRUSRUDFLyQGHPROpFXODVHQVREUHVDWXUDFLyQHQFLHUWDUHGFULVWDOLQDRHVSRVLEOHTXHVH
WUDWHGHXQLGDGHVPD\RUHVGHSRVLWDGDHQIRUPDSDUHFLGDDORVODGULOORVHQXQDSDUHG\TXHODV
GLPHQVLRQHV GH ODV XQLGDGHV HOHPHQWDOHV TXH IRUPDQ HO FULVWDO VHDQ PXFKR PD\RUHV TXH ODV
GLPHQVLRQHVPROHFXODUHV"

+D KDELGR FLHUWDV WHRUtDV VREUH OD FULVWDOL]DFLyQ WDOHV FRPR OD IRUPDFLyQ GH VXEPLFURQHV HQ
VROXFLRQHV VREUHVDWXUDGDV FRQVWLWX\HQGR XQ JUXSR GH PROpFXODV TXH VH GHSRVLWD VREUH XQLGDG
FRQJORPHUDGDVREUHODVXSHUILFLHGHXQFULVWDOHQFUHFLPLHQWRSHURORVFLHQWtILFRVTXHWUDEDMDQ
VREUH OD FULVWDOL]DFLyQ GLFHQ TXH HVWi WHRUtD QR KD WHQLGR XQ IXQGDPHQWR VyOLGR \ TXH HO
FUHFLPLHQWRUHDOGHOFULVWDOHQODVVROXFLRQHVWLHQHQOXJDUGHPDQHUDGLIHUHQWH
(OWpUPLQRFULVWDOHVPL[WRVELHQFRQRFLGRHQHOFDPSRGHODTXtPLFDSXUDHVTXL]iVVRODPHQWH
XQDH[FHSFLyQHQORVIHQyPHQRVUHODFLRQDGRVFRQODLQFOXVLyQGHLPSXUH]DVHQODVDFDURVD(VWH
HV SRU HMHPSOR HO FDVR GRQGH HO KLHUUR HV OD LPSXUH]D TXH HV H[WUHPDGDPHQWH GLItFLO GH
HOLPLQDU GH OD VLQFULVWDOL]DFLyQ 3HUR WUDWiQGRVH GH XQD VXVWDQFLD FRPR HO DOPLGyQ
LQGXGDEOHPHQWHHVXQIHQyPHQRFRPSOHWDPHQWHGLIHUHQWH

1R VH GHEH FRQVLGHUDU HQ HVWRV FDVRV OD LQFOXVLyQ GH DJXDV PDGUHV HQ ODV EROVDV FDYLGDGHV
VXUFRVSRURV\iQJXORVTXHWLHQHQOXJDUHQODIRUPDFLyQGHORVFRQJORPHUDGRVGHFULVWDOHV(Q
HVWH FDVR QR VH GHEH KDEODU GH VLQFULVWDOL]DFLyQ VLQR VHQFLOODPHQWH GH LQFOXVLyQ PHFiQLFD GH
DJXDVPDGUHV

/D VLQFULVWDOL]DFLyQ HV HVSHFtILFDPHQWH OD LQFOXVLyQ GH LPSXUH]DV FRPR XQLGDGHV VHQFLOODV HQ
FULVWDOHVGHVDFDURVDFRQXQKDELWRLGHDO\QRUPDO(VFRPSOHWDPHQWHFLHUWRTXHVHWUDWDGHXQ
SURFHVR H[WUHPDGDPHQWH FRPSOHMR /D WpFQLFD GH SXULILFDFLyQ GHEH HQFRQWUDU HQ SULPHU OXJDU
ORVPRGRV\ORVPHGLRVSDUDHOLPLQDUODVLPSXUH]DVTXHSXHGHQVLQFULVWDOL]DUFRQODVDFDURVD
(VWR FRQVWLWXLUiHQHOIXWXURXQRGHORVPD\RUHVSUREOHPDVHQHOFDPSRGHODVLQYHVWLJDFLRQHV
RULJLQDOHVWHQGLHQWHVDXQSHUIHFFLRQDPLHQWRUHDOGHODWHFQRORJtDGHODFULVWDOL]DFLyQ



 

,QGLFH

6HREVHUYDQORVVLJXLHQWHVKHFKRVHQODFULVWDOL]DFLyQGHODVDFDURVD

 /DVLPSXUH]DVLQFOXLGDVHQORVFULVWDOHVGHVDFDURVDREWHQLGRVHQVROXFLRQHVWpFQLFDVGH
D]~FDU HQ ORV LQJHQLRV \ UHILQHUtDV GH D]~FDU GH FDxD \ GH UHPRODFKD PXHVWUDQ XQD
FRPSRVLFLyQTXHGLILHUHGHODFRPSRVLFLyQGHORVQRD]~FDUHVGHODVDJXDVPDGUHV(QHO
SURFHVR GH OD FULVWDOL]DFLyQ GH OD VDFDURVD KD\ XQD HVSHFLILFLGDG HQ OD LQFOXVLyQ GH
FLHUWRVWLSRVGHQRD]~FDUHVHQHOLQWHULRUGHORVFULVWDOHV
 /DVLPSXUH]DVLQFOXLGDVHQORVFULVWDOHVGHVDFDURVDVRQHQRFDVLRQHVGHXQDQDWXUDOH]D
TXHKD\TXHVXSRQHUTXHHVODSUHVHQWHHQODVROXFLyQUHDOGHODVDJXDVPDGUHVGXUDQWHHO
SURFHVRGHODFULVWDOL]DFLyQ\TXHHVWDVLPSXUH]DVKDQVLGRDEVRUELGDVSRUODVFDUDVGHO
FULVWDO \ GLVWULEXLGDV PiV R PHQRV KRPRJpQHDPHQWH HQ HO FULVWDO VyOLGR GH XQ PRGR
FRPSDUDEOHDODIRUPDFLyQGHFULVWDOHVPL[WRV(VHOFDVRSRUHMHPSORGHODVLPSXUH]DV
GH KLHUUR  \ SRWDVLR (VWDV LPSXUH]DV GHEHQ WHQHU OD VXILFLHQWH UHODFLyQ FRPR SDUD VHU
LVRPyUILFDVFRQODUHGSDWHUQDRDQILWULRQDTXHHVODUHGGHOFULVWDOGHVDFDURVD
2WUDV LPSXUH]DV VRQ ODV VXVWDQFLDV GH SHVR PROHFXODU HOHYDGR FRPR SRU HMHPSOR HO
DOPLGyQTXHVHHQFXHQWUDHQHOLQWHULRUGHORVFULVWDOHVVyOLGRVGHVDFDURVD(VSRVLEOH
TXHKD\DXQDDGKHVLyQGHODVPROpFXODVGHDOPLGyQDODVXSHUILFLHHQFUHFLPLHQWR\TXH
VHDQFXELHUWDVDFRQWLQXDFLyQSRUODVFDSDVVXFHVLYDVGHVDFDURVDGHPDQHUDDQiORJDD
FRPRXQLQVHFWRDWUDSDGRHQXQDPDQRGHSLQWXUDK~PHGDHVVHSXOWDGRSRUXQDVHJXQGD
PDQR
 &LHUWDVLPSXUH]DVFRORULGDVVRQDEVRUELGDVPiVIXHUWHPHQWHSRUDOXQDVFDUDVHVSHFtILFDV
GH ORV FULVWDOHV GH VDFDURVD HQ FUHFLPLHQWR (O HIHFWR GH HVWDV LPSXUH]DV FRQ XQD
DEVRUFLyQHVSHFtILFDVKDFLDFLHUWDViUHDVGHODVXSHUILFLHGHOFULVWDOSXHGHVHUWDQIXHUWH
TXHODYHORFLGDGGHFULVWDOL]DFLyQGHHVWDVFDUDVVHDUHWDUGDGDDXQJUDGRWDOTXHHOKiELWR
ILQDOGHOFULVWDOGHVDFDURVDUHVXOWDQWHVHDXQDIRUPDVLPSOLILFDGDFDUHQWHGHDOJXQDVGH
ODVFDUDVGHOFULVWDO
 /DVLQFULVWDOL]DFLyQGHLPSXUH]DVGHEHGLVWLQJXLUVHGHODRFOXVLyQGHODVDJXDVPDGUHVHQ
ODV LPSHUIHFFLRQHV GH ORV FULVWDOHV GH VDFDURVD HQ IRUPD GH EROVDV UDQXUDV \ iQJXORV
HVSHFLDOPHQWH HQ FULVWDOHV FRPSOHMRV VLHQGR FXELHUWD GXUDQWH HO SURFHVR GH OD
FULVWDOL]DFLyQSRUODVDFDURVDFULVWDOL]DGD\HVFRPSOHWDPHQWHGLIHUHQWHGHODRFOXVLyQGH
ODVDJXDVPDGUHV
 /RVPpWRGRVDQDOtWLFRVGHTXHVHGLVSRQHHQODDFWXDOLGDGSDUDVHSDUDUODVIRUPDVHQTXH
VH SUHVHQWDQ ORV GLIHUHQWHV WLSRV GH QR D]~FDUHV HQ HO D]~FDU FULVWDOL]DGR VRQ WRGDYtD
LPSHUIHFWRV (O PRGR PiV VLPSOH GH HVWXGLDU HVWH IHQyPHQR GH VLQFULVWDOL]DFLyQ GH OD
VDFDURVD H LPSXUH]DV HV HO ODYDGR GH FULVWDOHV GH D]~FDU ELHQ GHVDUUROODGRV FRQ XQD
VROXFLyQVDWXUDGDGHD]~FDUSXURSDUDHOLPLQDUFRPSOHWDPHQWHODSHOtFXODFLUFXQGDQWHGH
DJXDVPDGUHV \DQDOL]DUORVFULVWDOHVGHVDFDURVDTXHSHUVLVWHQGHVSXpVGHGLVROYHUODV
LPSXUH]DV
8QDGLILFXOWDGGHHVWDWpFQLFDFRQVLVWHHQFRQVHJXLUPHGLDQWHXQODYDGRODHOLPLQDFLyQ
FRPSOHWDGHORVQRD]~FDUHVSUHFLSLWDGRVTXHVHDGKLHUHQDODVXSHUILFLHGHODVDFDURVD
3RUHVWDWpFQLFDVHKDGHPRVWUDGRTXHSRUHMHPSORHOFDOFLRHQORVD]~FDUHVUHILQDGRV
HVWi SUiFWLFDPHQWH SUHVHQWH HQ IRUPD H[FOXVLYD FRPR XQD LPSXUH]D SUHFLSLWDGD QR
LQFOXLGD HQ HO LQWHULRU GH ORV FULVWDOHV GH VDFDURVD 3HUR HO KLHUUR DO FRQWUDULR HVWi
LQFOXLGRFRPRLPSXUH]DHQORVFULVWDOHVGHVDFDURVD\KDVLQFULVWDOL]DGRFRQODVDFDURVD
(VWDLQFOXVLyQGHQRD]~FDUHVHVWiGHWHUPLQDGDH[FOXVLYDPHQWHSRUODQDWXUDOH]DGHODV
LPSXUH]DV VLQR TXH WDPELpQ WLHQH XQ HIHFWR ODV FRQGLFLRQHV GH OD FULVWDOL]DFLyQ
LQIOX\HQGRVREUHORVDVSHFWRVFXDQWLWDWLYRVGHODLQFOXVLyQ
6H KD HQFRQWUDGR HQ H[SHULPHQWRV HVSHFLDOHV TXH HQ OD FULVWDOL]DFLyQ GH D]~FDUHV
UHILQDGRV OD WHPSHUDWXUD GH FULVWDOL]DFLyQ QR WLHQH HIHFWR VREUH OD FDQWLGDG GH QR
D]~FDUHV FRORULGRV DEVRUELGRV SRU OD VDFDURVD FULVWDOL]DGD /RV FRFLPLHQWRV OOHYDGRV D

 

,QGLFH

FDERD\ƒ&QRWXYLHURQXQHIHFWRDSUHFLDEOHVREUHODFRQFHQWUDFLyQGHFRORUGHO
D]~FDUVyOLGR

(IHFWRGHORVQRD]~FDUHVSUHFLSLWDGRVVREUHODSXUH]DGHOD]~FDUFHQWULIXJDGR

(Q ORV SiUUDIRV DQWHULRUHV VH KD LQVLVWLGR HQ HO WHPD GH TXH GLIHUHQWHV JUXSRV GH QR D]XFDUHV
SXHGHQYROYHUVHLQVROXEOHV\SUHFLSLWDUVHGXUDQWHHOSURFHVRGHODFULVWDOL]DFLyQ
/D HOLPLQDFLyQ GH ORV D]~FDUHV FHQWULIXJDGRV GH HVWRV QR D]~FDUHV SUHFLSLWDGRV HV
H[WUHPDGDPHQWH GLItFLO GHELGR D TXH HO SURFHVR GH FHQWULIXJDFLyQ WLHQH XQ FDUiFWHU GH XQ
SURFHVR GH ILOWUDFLyQ GRQGH HO D]~FDU DFW~D FRPR XQD D\XGD GH ILOWUR \ HVWi UHWHQLHQGR ODV
LPSXUH]DVSUHFLSLWDGDV(VWDDFXPXODFLyQGHLPSXUH]DVSUHFLSLWDGDVHVELHQFRQRFLGD(VSRU
HMHPSOR XQD H[SHULHQFLD FRP~Q TXH DOJR GH OD PDWHULD VXVSHQGLGD SUHVHQWH HQ OD
PHODGXUDGHORVLQJHQLRVVHHQFXHQWUDH[FOXVLYDPHQWHHQHOD]~FDU $(VWHHVHOFDVR GHO
EDJDFLOOR ILQR TXH VH KDOOD VRODPHQWH HQ HO D]~FDU $ \ TXH HV HOLPLQDGR HQ HO D]~FDU $
FRPHUFLDOHQHOSURFHVRGHFHQWULIXJDFLyQ(OD]~FDU%HVWiOLEUHGHEDJDFLOOR

6HU REVHUYD WDPELpQ TXH DOJR GH ORV OtSLGRV GHVFULWRV FRPR PDWHULDO FpUHR HVWi SUHVHQWH HQ
PD\RU SURSRUFLyQ HQ HO D]~FDU $ TXH HQ HO D]~FDU % 3HUR SRU RWUD SDUWH WUDWiQGRVH GH
LPSXUH]DVLQVROXEOHV\SUHFLSLWDGRVHOD]~FDU%FRQWLHQHPiViFLGRVLOtFLFRIRVIDWRV\VDOHVGH
FDOFLRFRPELQDGDVFRQWRGDFODVHGHiFLGRVRUJiQLFRV

5HIHUHQWH DO HIHFWR VREUH OD ILOWUDELOLGDG GHO D]~FDU VH HQFXHQWUD JHQHUDOPHQWH TXH ORV QR
D]~FDUHV VXVSHQGLGRV \ ORV SUHFLSLWDGRV GH WDPDxR PiV JUXHVR SUHVHQWHV HQ HO D]~FDU $ QR
DIHFWDQ OD ILOWUDELOLGDG SRU XQLGDG GH QR D]~FDUHV VXVSHQGLGRV HQ OD PLVPD SRUFLyQ TXH ORV
SUHVHQWHVHQHOD]~FDU%
&RQWUDULDPHQWH D OR HVWDEOHFLGR VH REVHUYD D YHFHV TXH XQ D]~FDU $ VXSHULRU HQ OtSLGRV DO
FRUUHVSRQGLHQWH D]~FDU % WLHQH PXFKD PHMRU ILOWUDELOLGDG TXH HO D]~FDU % 1R H[LVWH XQD
UHODFLyQVHQFLOODHQWUHODILOWUDELOLGDGGHXQD]~FDU\VXFRQWHQLGRGHOtSLGRV

(OSHRUSURGXFWRSDUDILOWUDFLyQHVHOD]~FDU&$XQTXHDYHFHVVHHQFXHQWUDTXHHOFRQWHQLGRGH
OtSLGRVGHD]~FDU&HVEDMRHOFRQWHQLGRGHFDOFLRFRPRLPSXUH]DLQVROXEOHHVVLHPSUHDOWR
/DVDILUPDFLRQHVVREUHODH[LVWHQFLDGHXQDUHODFLyQHQWUHODILOWUDELOLGDGGHOD]~FDU\ODPDWHULD
VXVSHQGLGDKDQVLGRVLHPSUHSUiFWLFDPHQWH\DVHDVXSHUVLPSOLILFDFLRQHVRVHQFLOODPHQWHQDGD
PiV TXHVXSRVLFLRQHV/DVSHRUHVLPSXUH]DVHQVXHIHFWRVREUHODILOWUDELOLGDGGHO D]~FDU
VRQORVGLIHUHQWHVWLSRVGHQRD]~FDUHVSUHFLSLWDGRVGXUDQWHHOSURFHVRGHFULVWDOL]DFLyQ\
HVSHFLDOPHQWHORVQRD]~FDUHVVRQFRPSXHVWRVPX\FRPSOHMRVGHFDOFLRQRD]~FDUHViFLGRV
SROLPROHFXODUHV IRUPDGRV FRPR SURGXFWRV GH GHVFRPSRVLFLyQ GXUDQWH HO SURFHVR GH
FRFLPLHQWR FRPELQiQGRVH FRQ HO FDOFLR \ IRUPDQGR SUHFLSLWDGRV LQVROXEOHV HQ XQD
GLVSHUVLyQH[WUHPDGDPHQWHILQD

/D LQYHVWLJDFLyQ SUiFWLFD GH OD WHFQRORJtD D]XFDUHUD KD GH SUHVWDU DWHQFLyQ D OD QDWXUDOH]D
VROXELOLGDG IRUPDFLyQ \ SROLPHUL]DFLyQ GH HVWH JUXSR GH QR D]~FDUHV 7RGRV ORV LQWHQWRV
SUiFWLFRVGHIDEULFDUD]~FDUPDVFDEDGRGHEXHQDILOWUDELOLGDGGHEHQHVWDUEDVDGRVHQHYLWDUHVWD
SUHFLSLWDFLyQPHGLDQWHODHOLPLQDFLyQGHHVWHJUXSRGHQRD]~FDUHV

([SHULPHQWRVSUiFWLFRVOOHYDGRVDFDERFRQHOILQGHHOLPLQDUHVWRVSUHFLSLWDGRVHQODVPLHOHV$
\ % GLOX\pQGRODV \ XVDQGR IRVIDWDFLyQ ILOWUDFLyQ D WUDYpV GH NLHVHOJXKU \ FHQWULIXJDFLyQ KDQ
PRVWUDGR XQD JUDQ PHMRUtD HQ OD FDOLGDG GHO D]~FDU 3HUR HVWDV SUDFWLFDV MDPiV KDQ VLGR
JHQHUDOPHQWHDGRSWDGDVKDVWDDKRUDSRUIDOWDGHMXVWLILFDFLyQHFRQyPLFDSDUDVXLQWURGXFFLyQ


 

,QGLFH

(OSURJUHVRTXHSXHGHORJUDUVHHQODIDEULFDFLyQGHD]~FDUHVPDVFDEDGRFRQXQEDMRFRQWHQLGR
GH LPSXUH]DV LQVROXEOHV FRUUHVSRQGLHQWH D XQD EXHQD ILOWUDELOLGDG  QR KD HQFRQWUDGR
H[SUHVLRQHV VHQFLOODV SDUD OD HYDOXDFLyQ GH HVWDV FDUDFWHUtVWLFDV GHVGH HO SXQWR GH YLVWD GHO
UHILQDGRU/DGLILFXOWDGUHVLGHHQTXHODFDQWLGDGGHPDWHULDVXVSHQGLGDQRHVXQDH[SUHVLyQGH
ODVFDUDFWHUtVWLFDVGHUHILQDPLHQWRGHOD]~FDUPDVFDEDGRV+D\QRD]~FDUHVVXVSHQGLGRVTXH
QR SUHVHQWD LQFRQYHQLHQWHV DO UHILQDGRU FRPR SRU HMHPSOR HO EDJDFLOOR ILQR (VWH SXHGH
VHU HOLPLQDGR IiFLOPHQWH SRU ILOWUDFLyQ  6H WLHQH TXH SDUWLU GH XQD GLIHUHQFLDFLyQ GH ORV
GLYHUVRVWLSRVGHLPSXUH]DVLQVROXEOHV\DVHDSRUPpWRGRVItVLFRVRTXtPLFRV\HODXPHQWRGH
QXHVWURFRQRFLPLHQWRDFHUFDGHODIDFLOLGDGGHHOLPLQDFLyQ\GHORVHIHFWRVSUiFWLFRVTXHWLHQHQ
VREUHORVSURFHVRVWHFQROyJLFRVHQODUHILQHUtD



7$%/$
,QYHUVLyQGHVDFDURVDHQSRU 0H]FODODPHODGXUDGHFDxD ,QYHUVLyQGHODVDFDURVDSRUKRUD
KRUDHQVROXFLRQHVGHEUL[HQ FDUERQDWDFLyQOLFRUGH FDOFXODGDVHJ~QODVWDEODVGH
UHODFLyQDOS+GHWHUPLQDGRFRQ UHILQHUtDSXUH]D S+ 6WDGOHU
HOHFWURGRGH+DWHPSHUDWXUDDP DMXVWDGRFRQ1D+62\1D2+  
ELHQWHHQGLOXFLyQGH S+D 1D2+ S+ 
MXVWDGRFRQ+32\1D2+ 6ROX  
FLRQHVGHOLFRUGHUHILQHUtDGH  
JUDGR  
HOHYDGRFRQWHQLGRGHFHQL]DV  
  
D]~FDUHVUHGXFWRUHV S+ 
S+ S+

7HPS
ƒ&     

 
 
 




7DEODS+GHSURGXFWRVGHODFDVDGHFRFLPLHQWRVGHWHUPLQDGRVDGLIHUHQWHVFRQFHQWUDFLRQHV
DWHPSHUDWXUDDPELHQWHFRQHOHFWURGRGHYLGULR

         %UL[
           
$]~FDUPDVFDEDGR  SRO      
PHODGXUD   SXUH]D      
PLHO$   SXUH]D      
PLHO%   SXUH]D      
PLHOILQDO          








 

,QGLFH



(IHFWRGHODFRQFHQWUDFLyQVREUHHOS+GHODPHODGXUDD]XIUDGD


'HVSXpVGHVXOILWDFLyQ GHVSXpVGHFRQFHQWUDFLyQ GHVSXpVGHFRQFHQWUDFLyQ GHVSXpVGHOD
%UL[  HQHOWDFKRDOYDFtRDEUL[ (QHOWDFKRDEUL[  GLOXFLyQGHOD
           0HODGXUDGH
           EUL[DEUL[

0HODGXUDD]XIUDGD          




7DEOD&DPELRVHQORVD]~FDUHVUHGXFWRUHVGHVGHMXJRPL[WRKDVWDPHODGXUD


%UL[ SROƒ&&OHUJHW SXUH]D SXUH]D $]~FDUHV $]~FDUHV
    6DFDURVD DSDUHQWH YHUGDGHUD UHGXFWRUHV UHGXFWRUHV
           SRO


-XJRPL[WR          
-XJRFODULILFDGR    
0HODGXUD          
  
 


1RD]~FDUHVD]~FDUHV$]~FDUHV6DFSRO $]~FDUHVURWDFLyQHVSHFLILFD 
$SDUHQWHVUHGXFWRUHVUHGXFWRUHV UHGXFWRUHVGHD]~FDUHVUHGXFWRUHV
 EUL[SRO QRD]~DUHV  


-XJRPL[WR        ƒ9
-XJRFODULILFDGR     ƒ9 
0HODGXUD   ƒ9



7DEOD  &DPELRV HQ D]~FDUHV UHGXFWRUHV GHVGH MXJR PL[WR KDVWD PHODGXUD FDUERQDWDFLyQ
LUUHJXODUS+YDULDEOHUHJLVWUDGRGHOMXJRFODULILFDGR 


%UL[SROƒ&&OHUJHW SXUH]DSXUH]DS+ $]~FDUHV$]~FDUHVD]~FDUHV
   6DFDURVDDSDUHQWHYHUGDGHUDSURPHGLRUHGXFWRUHVUHGXFWRUHVUHG
          SROQRD]~F


-XJRPL[WR 
-XJRFODULILFDGR
0HODGXUD 
  
 





 

,QGLFH

7DEOD  &DQWLGDGHV GH D]~FDUHV UHGXFWRUHV QR IHUPHQWDEOHV HQ SURGXFWRV GH IiEULFD
&DQWLGDGHV XVDGDV SDUD HO DQiOLVLV J GH PLHO ILQDO  J GH PLHO % J GH PLHO $ FDGD
FDQWLGDGFRQJGHOHYDGXUD)OHLVFKPDQQVHFDJGHPHODGXUD


0HODGXUD PLHO$ PLHO% PLHOILQDO


%UL[          
3RO          
3XUH]D         
S+          
D]~FDUHVUHGXFWRUHV        
D]~FDUHVQRIHUPHQWDEOHV       
1)656         

7DEOD$XPHQWRGHD]~FDUQRIHUPHQWDEOHHQFULVWDOL]DGRUHV

   0XHVWUDFLFORQLFDGH  PXHVWUDFLFORQLFD PLHOGHODVFHQWULIXJDV
   0LHOWRPDGDDWLHPSR  GHPLHOWRPDGD  GHVSXpVGHUHFDOHQWD
   'HHQWUDUODPDVD  GHVSXpVGHHQIULD PLHQWRDƒ) ƒ& 
   &RFLGDDORVFULVWDOL]DGRUHV PLHQWR7HPSPDVD
   7HPSƒ) ƒ&   FRFLGDƒ) ƒ& 



%UL[           
3RO           
3XUH]D           
&RQWHQLGRGHFULVWDOHVGHOD
0DVDFRFLGD          
$]~FDUHVUHGXFWRUHV         
$]~FDUHVQRIHUPHQWDEOHV        
1)656          





7$%/$



     0DVDFRFLGDGH  PDVDFRFLGD PDVDFRFLGDGHOD
     0HODGXUDWLHPSR GHODSULPHUD VHJXQGDFRVHFKD
     'HFRFLPLHQWR  FRVHFKDGH GHD]~FDUWLHPSR
     KU¶  D]~FDUWLHPSR GHFRFLPLHQWR
        GHFRFLPLHQWR KU
        KU¶


6DFDURVD         
$]~FDUHVUHGXFFRPRD]~F,QYHUWLGR      
6yOLGRVWRWDOHV 5HIU         
&HQL]DV          
3XUH]D          

 

,QGLFH

5D]yQD]~FDUUHGFHQL]DV        


3HUGLGDGHVDFDURVD]~FWRWDOHV       
*DQDQFLDD]~FUHGD]~FWRWDOHV      
3HUGLGDHQD]~FWRWDOHV       
3pUGLGDHQVyOLGRVWRWDOHV        
/HYXORVDHQPDVDFRFLGDEUL[       
'H[WURVDHQPDVDFRFLGDEUL[       
'H[WURVD\OHYXORVDWRWDOHVEUL[       
$]~FDUHVUHGVHJ~Q/DQH\(\QRQ      
2WUDVVXVWDQFLDVUHGXFWRUDV       
2WUDVVXVWUHGGLIHUHQWHVGHGH[WU\OHY 
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB      
D]~FUHGWRWDOHVVHJ~Q/DQH\(\RQ
SpUGLGDGHVDFSRUKRUDD]~FWRWDOHV      
JDQDQGHD]~FUHGSRUKUD]~FWRWDOHV      
3pUGLGDGHVDFSRUKRUDVDFDURVD      
*DQDQFLDD]~FUHGSRUKRUDD]~FUHG      




7$%$/  1R D]~FDUHV LQVROXEOHV \ VXVSHQGLGRV HQ PLHOHV $ \ % \ PLHO ILQDO HQ LQJHQLRV
UHFXSHUDEOHVSRUVHSDUDFLyQFHQWUtIXJD YpDVHYRO,SDJ 

(QPJSRUNJGHQRD]~FDUHV



     0HODGXUD PLHO  PLHO  PLHO
     &RQFD $  %  ILQDO 
     EUL[
VyOLGRVVXVSHQGLGRVWRWDOHV        
,QRUJiQLFRV          
/tSLGRV          
3HQWRVDQDV          
3URWHtQDV 1[         
6XVW2UJiQLFDVQRGHWHUPLQDGDV       

















 

,QGLFH

7$%/$&RQFHQWUDFLyQGHFRORUGHWHUPLQDGDHQXQDVROXFLyQEUL[ILOWUDGDVREUH.LHVHOJXKU
SXULILFDGR\ODYDGRFRQiFLGRS+ ORQJLWXGGHRQGDPµ

,QJHQLRVWDFKRVGHVHUSHQWtQ 



    3XUH]D  FRQFHQWUDFLyQ FRORU 
$SDUHQWH  GHFRORUSRU  QRD]~FDUHV
  ƒ%UL[


PHODGXUD         
FRFLPLHQWR$         
FRFLPLHQWR%         
FRFLPLHQWR&         
$]~FDU&         
0LHOILQDO         





7$%/$3RUFHQWDMHGHDXPHQWRHQFRQFHQWUDFLRQHVGHFRORUSRUGHQRD]~FDUHVHQHO
SURFHVRGHHYDSRUDFLyQHQODVIiEULFDVGHD]~FDUGHFDxD


     )iEULFDGHD]~FDU )iEULFDFRQ )iEULFDFRQ
     0DVFDEDGR  FDUERQDWDFLyQ VXOILWDFLyQ

'HPHODGXUDDFRFLPLHQWR$      
GHPHODGXUDDFRFLPLHQWRV%      
GHPHODGXUDDFRFLPLHQWRV&      




7$%/$FHQL]DVHQPLHOHV\HQD]~FDU&

   &HQL]DV  FHQL]DV  GLIHUHQFLD  PLHOHV FHQL]DV  
       FHQL]DV    LQVROXEOHV
   PLHOHV  PLHOHVHQ LQVROXEOHV FULVWDO 
     D]~FDU& SRUJPLHOHV   FULVWDO
       HQD]~FDU&

)iEULFD          
/DERUDWRULR        
)iEULFD          
/DERUDWRULR          





 

,QGLFH



7$%/$  &HQL]DV LQVROXEOHV HQ PLHOHV \ D]~FDU & GHWHUPLQDGDV GLUHFWDPHQWH SRU
FHQWULIXJDFLyQ


&HQL]DVLQVROXEOHV   FRQWHQLGRGH &HQL]DVLQVROXEOHV &HQL]DV
(QJGHPLHO FHQL]DV  FULVWDOHVHQ SRUJ  LQVROXEOHV
)LQDO   LQVROXEOHVHQ D]~FDU& PLHOHVHQD]~FDU  SRUJ
   $]~FDU&   &   FULVWDO


          
          







&ULVWDOL]DFLyQGHOMXJRFUXGRSRUHQIULDPLHQWR

(VWRVHQIULDPLHQWRVVHKDQKHFKRHQXQDSODQWDSLORWRGHODIiEULFDGHD]~FDU)LQDOH(PLOLDHQ
0RGHQD ,WDOLD HQ ORV DxRV  \  3RU * 0DQWRYDQL * 9DFFDUL * 6JXDOGLQR \ )
$QGUHROLORVWUHVSULPHURVGHOD8QLYHUVLGDGGH)HUUDUDHQ,WDOLD \HO~OWLPRGH,6, ,QGXVWULD
6DFDULIHUD,WDOLDQD $JUR,QGXVWULDOH63$*HQRYD,WDOLD

(VWH SURFHGLPLHQWR GHPDQGD FDPELRV UDGLFDOHV GH ORV FRQFHSWRV GH FRQFHQWUDFLyQ \
FULVWDOL]DFLyQORVFXDOHVVRQQRUPDOPHQWHHPSOHDGRVHQODLQGXVWULDD]XFDUHUD
/DILJXUDPXHVWUDXQHVTXHPDGHODSODQWDSLORWRXWLOL]DGD

(Oƒ%[GHGHVFDUJDGHODXWRHYDSRUDGRUVHDMXVWyD\HOQLYHOGHYDFtRVHDMXVWyGHIRUPDTXH
ODWHPSHUDWXUDGHHEXOOLFLyQHVWXYLHUDHQWUHƒ&
/DV ILJXUDV  \  PXHVWUDQ OD SURJUDPDFLyQ GH OD FULVWDOL]DFLyQ SRU HQIULDPLHQWR /D
ILJXUDPXHVWUDORVFDPELRVHQODWHPSHUDWXUDYDFtR\FRQFHQWUDFLyQGXUDQWHODHWDSDILQDO
GHFRQFHQWUDFLyQGHOMXJRFUXGRDQWHVGHODFULVWDOL]DFLyQ/DUHJXODULGDGGHORVFDPELRVHQHVRV
WUHV SDUiPHWURV VH GHELy D OD DXWRPDWL]DFLyQ /D ILJXUD  PXHVWUD XQ H[SHULPHQWR GH
FULVWDOL]DFLyQSDUDHQIULDPLHQWRGHOMXJRFUXGR/DILJXUDPXHVWUDORVQLYHOHVGHYDULDFLyQ
GXUDQWH OD FRQFHQWUDFLyQ GH OD WHPSHUDWXUD ƒ%[ \ HO YDFtR GH OD SULPHUD FULVWDOL]DFLyQ
SXGLpQGRVHYHUTXHODUD]yQGHHQIULDPLHQWRIXHGHƒFK
/DILJXUDPXHVWUDORVFULVWDOHVGHD]~FDUREWHQLGRVHQODFDPSDxDGH\VLHQGR
ORVGHHVWD~OWLPDORVGHPHMRUFDOLGDG/DWDEODPXHVWUDODVFDUDFWHUtVWLFDVGHORVPLVPRV











 

,QGLFH

7$%/$&DUDFWHUtVWLFDVGHORVFULVWDOHVGHD]~FDUREWHQLGRVHQODFDPSDxDGH HQWUH
SDUpQWHVLV \

$]~FDU$

1RDILQDGD   $ILQDGD

3XUH]D            
,QYHUWLGRV            
&HQL]DV            
&RORU9,           
62 SSP         




$]~FDU%

1RDILQDGD   $ILQDGD

3XUH]D            
,QYHUWLGRV            
&HQL]DV            
&RORU9,           
62 SSP         




































 

,QGLFH











 

,QGLFH







)LJXUD'LVPLQXFLyQGHODURWDFLyQySWLFDHVSHFtILFD\GLVPLQXFLyQHQHOSRGHUUHGXFWRUGH
ORVQRD]~FDUHVUHGXFWRUHV









)LJXUD&RQFHQWUDFLyQGHFRORUSURGXFLGRSRUODVYDSRUL]DFLRQHVGHWDFKRVGH,QJHQLRV



 

,QGLFH




(Q HO D]~FDU FUXGRREWHQLGRVHKL]RXQPDJPDVHSXUJy \ DILQySRVWHULRUPHQWHVHGLVXHOYH
ILOWUD\VHFULVWDOL]DREWHQLpQGRVHHOD]~FDUUHILQDGRGDGRHQODWDEODYHUILJXUD


     

YDFtR

-XJR
FUXGR

YDSRU

VHPLOOD

$JXD PDJPD
IUtD

D
FDOLHQWH
$JX

)LJILOWURGHPDOODWDQTXHGHHQIULDPLHQWRGHOOLFRUFUXGRERPEDOLFRU
FUXGRDXWRHYDSRUDGRUHVERPEDGHUHFLUFXODFLyQFDOHQWDGRUFULVWDOL]DGRU


 

 

,QGLFH





HQWUDGD GHVFDUJD

PLQXWRV

WHPSHUDWXUD SUHVLyQ

)LJYDULDFLyQHQHOQLYHOGHODWHPSHUDWXUDƒ%[\YDFtRGXUDQWHOD
IDVHILQDOGHFRQFHQWUDFLyQGHOMXJRFUXGR



 

,QGLFH





7HPSHUDWXUDƒ&

+RUDV

(WDSDLQLFLDO (WDSDLQWHUPHGLD (WDSDILQDO

)LJXUD&XUYDGHHQIULDPLHQWRSDUDODFULVWDOL]DFLyQGHO 
 MXJRFUXGR




 


 

,QGLFH




GHVFDUJD
HQWUDGD

WHPSHUDWXUD SUHVLyQ

)LJ9DULDFLRQHVHQHOQLYHOGHƒ%[WHPSHUDWXUD\YDFtRGXUDQWHOD 
 IDVHGHFRQFHQWUDFLyQGHOVLURSH$







 



 

,QGLFH




7HPSHUDWXUDƒ&

KRUDV

)LJ&XUYDGHHQIULDPLHQWRSDUDODFULVWDOL]DFLyQGHOVLURSH
$ 


















 

,QGLFH





 )LJXUD&ULVWDOHVGHD]~FDUGHOD0&%HQODVFDPSDxDVGH\



















 

,QGLFH





6LURSHDILQDFLyQ

$JXD 
FDOLHQWH FUXGR
$]~FDU

$X[LOLDUGH

ILOWUDFLyQ

$]~FDU

UHILQDGD

$JXDFDOLHQWH

$X[GH
ILOWUDFLyQ
UHFLFOR

$]~FDUFUXGD

RDILQDGD

)LJ  (VTXHPD SDUD OD SODQWD GH DILQDFLyQ GLVROXFLyQ \ ILOWUDFLyQ GH
ORVD]~FDUHVFUXGRV$\%GLOXFLyQD]~FDUDILQDGDWLHUUDLQIXVRULR
PDJPD PLQJOHU  FHQWULIXJDFLyQ  ILOWURV GH FDQGHODV FRQ WHODV GH
SROLHWLOHQRWDQTXHOLFRUILOWUDGR

 





 

,QGLFH

&$3,78/29,,,

&5,67$/,=$&,Ï1'(/$=Ò&$5(1/$)$%5,&$&,Ï1'($/,0(1726

 ,1752'8&&,Ï1

/DFULVWDOL]DFLyQGHOD]~FDUDIHFWDODWH[WXUD\ODFDOLGDGWRWDOGHORVSURGXFWRVDOLPHQWLFLRV
/D IRUPD HQ TXH HO D]~FDU VH SURGXFH HV LPSRUWDQWH SDUD HQWHQGHU ORV SULQFLSLRV GH OD
FULVWDOL]DFLyQHQODIRUPDFLyQGHDOLPHQWRV
(O FRQWURO GH OD FULVWDOL]DFLyQ GHO D]~FDU HQ ORV DOLPHQWRV FRPSUHQGH HO SURPRYHU OD
FULVWDOL]DFLyQRHOSUHYHQLUODSDUDDVtGDUDOSURGXFWRODFDOLGDGQHFHVDULD(QHOSULPHUFDVR
VHGHVHDORVFULVWDOHVGHD]~FDUSDUDREWHQHUXQDWH[WXUD\FDOLGDGDSURSLDGD&RPRHMHPSOR
WHQHPRVHO)RQGDQW\ORVFDUDPHORVGHJUDQR(QHO~OWLPRFDVRODFULVWDOL]DFLyQGHOD]~FDU
GHEH HYLWDUVH (MHPSORV GH WDOHV DOLPHQWRV LQFOX\HQ ORV FDUDPHORV GXURV KDUG FDQG\ 
FDUDPHORVVLQJUDQR\KHODGRV
*HQHUDOPHQWH ORV UHTXHULPLHQWRV GH SURFHVR \ IRUPXODFLyQ VRQ GLIHUHQWHV SDUD HVDV GRV
FODVLILFDFLRQHV GH SURGXFWR 6H SXHGH ORJUDU XQ SURGXFWR GH FDOLGDG FRQ XQ FRQWURO
DSURSLDGR GH OD UD]yQ UHODWLYD GH QXFOHDFLyQ \ FUHFLPLHQWR GXUDQWH OD IRUPXODFLyQ \
IDEULFDFLyQGHOSURGXFWR

+D\GRVWLSRVEiVLFRVGHSURGXFWRVGHFRQILWHUtD GXOFHV ORVGH³IDVHGHJUDVD\ORVIDVHGH
VLURSH´DXQTXHHOORVDPHQXGRVRQFRPELQDGRVSDUDKDFHUXQSURGXFWRGHFRQILWHUtD/RV
GXOFHVPiVLPSRUWDQWHVGHODIDVHGHJUDVDVRQFKRFRODWHFKRFRODWHFXELHUWRFDUDPHORVGH
PDQLPDQWHTXLOOD\ORVWUXIDV WUXIIOHV (OWDPDxRGHODVSDUWtFXODVGHD]~FDUGLVSHUVDVHQ
ODJUDVDLQIOXHQFLDSURIXQGDPHQWHHQODVSURSLHGDGHVGHODVFRQILWHUtDVHVSHFLDOPHQWHHQOD
6HQVDFLyQEXFDO(OSDODGDUKXPDQRSXHGHGHWHFWDUSDUWtFXODVSRUHQFLPDGHXQWDPDxRGH
PLFURQHV*HQHUDOPHQWHORVWDPDxRVGHSDUWtFXODVSRUHQFLPDGHORVPLFURQHVVH
FRQVLGHUDQPX\JUXHVDV FRDUVH RDUHQRVDV VDQG\ SDUDODDFHSWDFLyQGHOJXVWR(Q86$
ODGLVWULEXFLyQySWLPDGHOWDPDxRGHSDUWtFXODHQORVFKRFRODWHVSURPHGLDPLFURQHV
FRQXQPi[LPRGHPLFURQHV

(Q ORV FDUDPHORV GXURV UHFXELHUWRV WLSR 0 0  VH GHVHDQ FULVWDOHV GH D]~FDU PX\
SHTXHxDVSDUDSURGXFLUODURWXUDFUXMLHQWHFDUDFWHUtVWLFDFXDQGRVHPXHUGHHOFDUDPHOR(Q
ORV FDUDPHORV UHFXELHUWRV VXDYHV -HOO\ EHDQV  VH GHVHDQ FULVWDOHV JUDQGHV SDUD REWHQHU OD
VXDYLGDG\WH[WXUDJUDQRVD
(QODVUHSRVWHUtDVFLHUWDVFDUDFWHUtVWLFDVWDOHVFRPRODGLVWULEXFLyQGHODPDVDGHODVJDOOHWDV
\ RWUDVSXHGHQYHUVHVLJQLILFDWLYDPHQWHDIHFWDGDVFXDQGRVHXVDQSDUWtFXODVGHD]~FDUGH
GLIHUHQWHVWDPDxRV(QJHQHUDODPHGLGDTXHHOWDPDxRGHSDUWtFXODGHOD]~FDUJUDQXODGR
VHLQFUHPHQWDHOGHVSOLHJXHGHODPDVDGHJDOOHWDVGLVPLQX\H
(OHIHFWRGHJUDQXODFLyQHQDOJXQDVFXDOLGDGHVVHQVRULDOHVWDOHVFRPRHODURPD\HOVDERU
SXHGHQQRVHUVLJQLILFDQWH

6LQ HPEDUJR DPEDV LQIOXHQFLDV HQ OD HVWUXFWXUD LQWHUQD \ H[WHUQD GH ODV JDOOHWDV \ HO
SDODGDUEXFDO
/D PDVD GH JDOOHWDV TXH WHQJD XQ GHVSOLHJXH H[FHVLYR VH WRUQDQ GXUDV \ WLHQHQ XQD
HVWUXFWXUD GH JUDQR FRODSVDGD 'H RWUD PDQR ODV PDVDV GH JDOOHWD FRQ SRFR GHVSOLHJXH
WLHQHQ XQD HVWUXFWXUD GHVPHQX]DEOHV FRQ JUDQRV DELHUWRV R JUXHVRV (V SRU HVR TXH FDGD


,QGLFH

SURGXFWRGHUHSRVWHUtDUHTXLHUHGLIHUHQWHVJUDGRVGHGHVSOLHJXHSDUDDOFDQ]DUXQDFDOLGDG
Pi[LPD (QWRQFHV HO WDPDxR GH OD SDUWtFXOD GH D]~FDU MXHJD XQ URO LPSRUWDQWH HQ OD
GHWHUPLQDFLyQGHODFDOLGDGWRWDOGHORVGXOFHV

(Q HO SDVDGR HO FRQWURO GH OD FULVWDOL]DFLyQ GHO D]~FDU HQ OD SURGXFFLyQ GH DOLPHQWRV KD
VLGRXQDUWHPiVTXHXQDFLHQFLD/RVUHFLHQWHVDYDQFHVHQHOiUHDGHODFULVWDOL]DFLyQ\ODV
WHRUtDV GH WUDQVLFLyQ GHO YLGULR KDQ GDGR XQ PHMRU HQWHQGLPLHQWR GH ORV SDUiPHWURV TXH
DIHFWDQODFULVWDOL]DFLyQGHOD]~FDU/DFULVWDOL]DFLyQGHOD]~FDUMXHJDXQUROLPSRUWDQWHHQ
ODGHWHUPLQDFLyQGHODFDOLGDGWRWDOGHOSURGXFWR
6LQHPEDUJRODFRPSOHWDLQWHUDFFLyQGHORVLQJUHGLHQWHVHQWpUPLQRVGHPHMRUDURSUHYHQLU
ODQXFOHDFLyQGHOFULVWDOGHD]~FDUQRHVWiFODUDHQPXFKRVDOLPHQWRV
(Q HO IXWXUR FRPR XQ SURGXFWR GH D]~FDU \R VXPLQLVWUDGRU QRVRWURV QHFHVLWDPRV XQ
HQWHQGLPLHQWR FRPSOHWR GH ORV GHWDOOHV EiVLFRV GH ORV PHFDQLVPRV GH OD IRUPDFLyQ GHO
FULVWDOGHD]~FDUHQORVDOLPHQWRV(VWRSRU~OWLPRPHMRUDUiODVRSRUWXQLGDGHVGHQXHVWUR
SURGXFWRHOD]~FDUHQODXWLOL]DFLyQHQXQDYDULHGDGGHiUHDVGHDOLPHQWRV

$=Ò&$5(6(63(&,$/(6

/RV D]~FDUHVHVSHFLDOHVVRQSURGXFWRVGHOD]~FDUFRQXQYDORUDxDGLGR'HELGRDTXHODV
FRPSDxtDVD]XFDUHUDVHVWiQUHFRQFHSWXDOL]DQGRORVQHJRFLRVGHEDMRPDUJHQGHJDQDQFLDVD
RWURVGHDOWRPDUJHQGHJDQDQFLDVHOGHVDUUROORGHQXHYRVSURGXFWRVFRQEDVHHQHOD]~FDU
FRQFDUDFWHUtVWLFDV~QLFDVKDQYHQLGRDVHULPSRUWDQWHV
(VWRV QXHYRV SURGXFWRV VXPLQLVWUD IXQFLRQDOLGDGHV HVSHFtILFDV ~WLOHV TXH GHMDQ SRU Vt
PLVPDVFRPRHOPD\RUEORTXHGHFRQVWUXFFLyQSDUDHOGHVDUUROORGHXQSURGXFWRQXHYRHQ
HOiUHDGHODIiEULFDGHDOLPHQWRV
7HFQRORJtDV QXHYDV WDOHV FRPR OD GH 3URFHVRV 7UDQVIRUPDGRV \ OD &RFULVWDOL]DFLyQ HWF
VRQUHFRQRFLGRVHQODLQGXVWULDGHODUHILQHUtDFRPRSURFHVRV~QLFRVSDUDGHVDUUROODUXQD
QXHYD JHQHUDFLyQ GH SURGXFWRV GHO D]~FDU DVt FRPR XQD VHULH GH D]~FDUHV HVSHFLDOPHQWH
GLVSRQLEOHVHQORVPHUFDGRVDFWXDOPHQWH

D  3URFHVRGHD]~FDUWUDQVIRUPDGD
E  &RFULVWDOL]DFLyQ
• 7HFQRORJtD
• 0DWHULDOHVDGLWLYRV
• &DUDFWHUtVWLFDVIXQFLRQDOHV
• 2WUDVDSOLFDFLRQHV
3RVWHULRUGHVDUUROORGHOWUDEDMR

F  $]~FDUHVHVSHFLDOHVFRPHUFLDOPHQWHGLVSRQLEOHV
D  $]~FDUPRUHQDIOXLGD\VLQDSHOPD]DUVH
E  *UiQXORVGHD]~FDUQDWXUDO

• *UiQXORVGHPLHO
• *UiQXORVGHPLHOGHDEHMD
• *UiQXORVGHPDSOH



,QGLFH


,QGLFH


,QGLFH


,QGLFH

• 6LURSHGHD]~FDUGHWH[WXUD\KXPHFWDQWH
• $]~FDU)RQGDQW

• $]~FDUIRQGDQWVHFDSRUFRFULVWDOL]DFLyQ
• $]~FDUIRQGDQWVHFDSRUPLFURSXOYHUL]DFLyQ
• ,LFLQJ6XJDUOLVWDSDUDXVDU

• $]~FDUSDUDSURGXFWRVIDUPDFpXWLFRV

• $]~FDUQDFLRQDOIRUPXODULD 1)6XJDUV 
• $]~FDUHQWDEOHWD\GLUHFWDPHQWHFRPSDFWDGDV
• 6HPLOODVQRUHFRUWDGDV

• 2WURVD]~FDUHVHVSHFLDOHV

• $]~FDUJHODWLQDGD
• $]~FDUGHEDMDVFDORUtDV
• 2WURVSRUHMHPSORD]~FDUDPRUIDFDUDPHORRFDFXERV\WDEOHWDV


$352&(626'($=Ò&$575$16)250$'$

&RPR HO FDORU GH FULVWDOL]DFLyQ HV SRVLWLYR \ VH LQFUHPHQWD FRQ OD WHPSHUDWXUD \ HO FDORU
ODWHQWHGHYDSRUL]DFLyQGHODJXDQRYDUtDDSUHFLDEOHPHQWHGH.-JHQODUHJLyQGH
ƒ&1LFROKL]RXQEDODQFHILJPRVWUDQGRTXHSRUHQFLPDGHXQDFRQFHQWUDFLyQGH
 VDFDURVD HV SRVLEOH OD FULVWDOL]DFLyQ \ HQWRQFHV VH SURGXFH OD GHVKLGUDWDFLyQ
HVSRQWiQHD - FDORUtDV 
(O SURFHVR GH D]~FDU WUDQVIRUPDGD R D]~FDU PLFURFULVWDOLQD FRQVLVWH GH XQ HYDSRUDGRU
QXFOHDUFULVWDOL]DGRUVHFDGRUPROLQR\WDPLFHV(OHYDSRUDGRUVHRSHUDDƒ&FRQ
R VLQYDFtRSDUDDOFDQ]DUXQVLURSHGHGHVyOLGRVVHFRV(OVLURSHHQWRQFHVIOX\HD
XQVHSDUDGRUOtTXLGRYDSRUGRQGHHOYDSRUHVUHPRYLGRSRUXQFRQGHQVDGRUEDURPpWULFR\
HOVLURSHHVDOLPHQWDGRDOQXFOHDGRUFULVWDOL]DGRUFRQXQWLHPSRGHUHWHQFLyQGHVHJ
GHSHQGLHQGRGHORVSURGXFWRVGHVHDGRV(QHOQXFOHDGRUFULVWDOL]DGRUVHLQWURGXFHDLUHSDUD
UHPRYHUHOYDSRUGHELGRDOYDSRUGHFULVWDOL]DFLyQDXQDUD]yQGH3&0SRUOLEUDGH
D]~FDU SRUPLQ(OD]~FDUREWHQLGDHVWD HQODIRUPDGHXQDJUHJDGR FRQXQFRQWHQLGR GH
KXPHGDGGHHOFXDOHVVHFDGRHQIULDGRPROLGR \WDPL]DGR /DPD\RUtDGH ORV
FULVWDOHVIRUPDGRVHVWiQHQHOUDQJRGHORVPLFURQHV
(OD]~FDUWUDQVIRUPDGDHVXQSURFHVRGHEDMRFRVWRSDUDSURGXFLUD]~FDUHVGHOLEUHIOXLGH]D
SDUWLU GH VDFDURVD SXUD DVt FRPR ORV OLFRUHV GH VDFDURVD LPSXUD $~Q FRQ XQ  GH
KXPHGDG VH PDQWLHQH FRQ OLEUH IOXLGH] GHVSXpV GHO DOPDFHQDMH /D UD]yQ GH VROXFLyQ HV
PXFKRPD\RUTXHODGHOD]~FDUFULVWDOLQDQRUPDOHVSHFLDOPHQWHFRQHOD]~FDUPRUHQD
(Q 3RUWXJDO DO D]~FDU WUDQVIRUPDGD VH OH OODPD $5($'2 \ SXHGH VHU SURGXFLGD GHVGH
VLURSHV GH FRORU OLJHUR R VLURSHV GH FRORU RVFXUR (O SURFHVR HV FDOHQWDU HO VLURSH
VREUHVDWXUDGRDƒ&\ODPDVDFRFLGDHVDJLWDGD



,QGLFH


,QGLFH

'HVSXpV GH  PLQXWRV OD PDVD SLHUGH OD KXPHGDG  \ VH WUDQVIRUPD HQ SHTXHxRV
DJORPHUDGRV GH FULVWDOHV /D ILJXUD  GD GHWDOOHV GHO SURFHVR HVSHFLILFDFLRQHV GH ORV
HTXLSRVGHOD]~FDU$5($'2/DLQIOXHQFLDGHO%UL[\ODWHPSHUDWXUDGHODPDVDFRFLGDGH
SXUH]DGLIHUHQWHVVREUHODKXPHGDGGHOSURGXFWRILQDOVHGDQHQODILJXUD

%&2&5,67$/,=$&,Ï1

(QORVSULPHURVDxRVGHODGpFDGDGHLQYHVWLJDGRUHVGHOD'RPLQR6XJDU&RUSRUDWLRQ
HQ86$FRPHQ]DURQDORJUDUXQDWHFQRORJtDTXHSRGUtDDxDGLURWUDGLPHQVLyQDOFULVWDOGH
D]~FDUH[LVWHQWH
/D LQYHVWLJDFLyQ FRQGXMR GHVGH OXHJR D XQD UHYLVLyQ GH ODV SURSLHGDGHV EiVLFDV GH OD
FULVWDOL]DFLyQ GH OD VDFDURVD D WUDYpV GH OD FXDO ORV LQYHVLJDGRUHV GHWHUPLQDURQ TXH OD
FULVWDOL]DFLyQ HVSRQWiQHD UHVXOWDQWH GH OD DJLWDFLyQ UiSLGD GH XQD VROXFLyQ GH D]~FDU
SXULILFDGDSURGXFHXQDUUHJORGHFULVWDOHVGHPLFURWDPDxR
/RVHVWXGLRVLQLFLDOHVGHHVWHDJUHJDGRUHYHOyXQDDSDULHQFLDFRPRGHHVSRQMDFRQHVSDFLRV
KXHFRVFRQVLGHUDEOHV\XQiUHDVXSHUILFLDOLQFUHPHQWDGD(VWDHVWUXFWXUDItVLFDSURSRUFLRQD
IXQFLRQDOLGDGHV~WLOHVHQODLQGXVWULDGHDOLPHQWRV

/DFRFULVWDOL]DFLyQSXHGHGHILQLUVHFRPRXQSURFHVRSRUHOFXDOXQVHJXQGRLQJUHGLHQWHHV
LQFRUSRUDGRGHQWUR\RUHFXELHUWRSRUIXHUDVREUHFULVWDOHVGHVDFDURVDGHPLFURWDPDxRSRU
HO ~QLFR IHQyPHQR GH OD FULVWDOL]DFLyQ HVSRQWiQHD ILJXUD  /D VDFDURVD DOWDPHQWH
SXULILFDGD DFW~D FRPR XQD EDVH D OD FXDO XQ VHJXQGR LQJUHGLHQWH HV DxDGLGR SDUD IRUPDU
XQD HVWUXFWXUD QXHYD SURGXFLHQGR DJORPHUDGRV FRQ IXQFLRQDOLGDGHV QXHYDV /RV SDVRV
HVHQFLDOHV SDUD OD SUHSDUDFLyQ GH FXDOTXLHU SURGXFWR FULVWDOL]DEOH VH PXHVWUD HQ OD ILJXUD
XQVLURSHGHVDFDURVDFRQXQVHJXQGRLQJUHGLHQWHDxDGLGRVHFRQFHQWUDKDVWDHOHVWDGR
GHVREUHVDWXUDFLyQ\VHPDQWLHQHDXQWHPSHUDWXUDORVXILFLHQWHPHQWHDOWDSDUDSUHYHQLUOD
FULVWDOL]DFLyQ 'H RWUD PDQR XQ SHVR SUHGHWHUPLQDGR GHO VHJXQGR PDWHULDO SXHGH VHU
DxDGLGRGHVSXpVGHODHYDSRUDFLyQFRQFHQWUDFLyQ
(OVLURSHFRQFHQWUDGRHVHQWRQFHVVXMHWRDXQDDJLWDFLyQPHFiQLFDYLJRURVDSURGXFLHQGROD
QXFOHDFLyQ SDUD OD PH]FOD VDFDURVDLQJUHGLHQWH SDUD FULVWDOL]DU $ PHGLGD TXH HO VLURSH
DOFDQ]DODWHPSHUDWXUDDODFXDOODWUDQVIRUPDFLyQ\FULVWDOL]DFLyQFRPLHQ]DVHHPLWHXQD
JUDQ FDQWLGDG GH FDORU /D DJLWDFLyQ VH FRQWLQXD SDUD SURPRYHU \ H[WHQGHU OD
WUDQVIRUPDFLyQFULVWDOL]DFLyQ KDVWD TXH HYHQWXDOPHQWH ORV DJORPHUDGRV VRQ GHVFDUJDGRV
GHVGHHOYDVR(OSURGXFWRLQFRUSRUDGRHVHQWRQFHVVHFDGRDODKXPHGDGGHVHDGDVHPXHOH
VLHVQHFHVDULR\VHWDPL]DDXQWDPDxRXQLIRUPH
(OSURFHVRUHTXLHUHHOFRQWURODSURSLDGRGHODVUD]RQHVGHQXFOHDFLyQ\FULVWDOL]DFLyQ\HO
EDODQFH WpUPLFR GXUDQWH YDULDV IDVHV /RV SURGXFWRV GH OD FRFULVWDOL]DFLyQ FRQWLHQH WRGRV
ORVVyOLGRVGHOPDWHULDORULJLQDODOLPHQWDGR

(6758&785$)Ë6,&$

/D HVWUXFWXUD GHO SURGXFWR FRFULVWDOL]DGR HV GLVWLQWLYDPHQWH GLIHUHQWH GH OD FULVWDOL]DFLyQ
GHOD]~FDUJUDQXODGR/RVJUDQRVLQGLYLGXDOHVGHVDFDURVDFRFULVWDOL]DGDVVRQDJORPHUDGRV
GH FULVWDOHV GH PLFURWDPDxR   µP  FRQ HO LQJUHGLHQWH DGLWLYR SULQFLSDOPHQWH
ORFDOL]DGRHQORVLQWHUVWLFLRVHQWUHORVFULVWDOHV/DILJXUDPXHVWUDXQHMHPSORWtSLFRGH
OD HVWUXFWXUD DJORPHUDGD GH XQ SURGXFWR FRFULVWDOL]DGR 8Q HQFDMH FRQVLVWH GH 
DJORPHUDGRVGHVDFDURVD\OLQJUHGLHQWHDGLWLYR(OHQFDMHHVXQUDFLPRSRURVRGHFULVWDOHV


,QGLFH


,QGLFH


,QGLFH

GH PLFURWDPDxR VRQ FDUDFWHUtVWLFRV GH OD FULVWDOL]DFLyQ HVSRQWiQHD WRGRV ORV SURGXFWRV
FRFULVWDOL]DGRVRIUHFHQFDUDFWHUtVWLFDVGHVHDGDVSDUDKDFHUWDEOHWDV\FDOLGDG)RQGDQW

/260$7(5,$/(6$',7,926

/D VHOHFFLyQ FXLGDGRVD GHO PDWHULDO DGLWLYR HQ HO SURFHVR GH FULVWDOL]DFLyQ HV PX\
LPSRUWDQWH (VWH LQJUHGLHQWH MXHJD GRV UROHV GLVWLQWRV HQ OD SURGXFFLyQ GHO SURGXFWR
FULVWDOL]DGR SULPHUR LQKLEH OD FULVWDOL]DFLyQ SUHPDWXUD SHUPLWLHQGR SRU OR WDQWR TXH
RFXUUD D XQD UD]yQ FRQWURODGD \ UHSURGXFLEOH 6HJXQGR PHMRUD JUDQGHPHQWH OD
IXQFLRQDOLGDG GHO SURGXFWR ILQDO 3RU HMHPSOR FXDOTXLHU VXVWDQFLD LQJUHGLHQWH FRQ DOJ~Q
JUDGRGHHVWDELOLGDGGHFDORUSXHGHLQFRUSRUDUVHGHQWUR\RSXHVWDDIXHUDVREUHFULVWDOHVGH
VDFDURVDGHPLFURWDPDxRSRUHOSURFHVRGHFRFULVWDOL]DFLyQ
7DOHV SURGXFWRV VRQ JHQHUDOPHQWH GH IOXLGH] OLEUH \ IRUPD XQD PH]FOD HVWDEOH FRQ XQD
HVWUXFWXUDGHDJORPHUDGRSRURVTXHHVFDUDFWHUtVWLFDPHQWHIXQFLRQDEOH

&$5$&7(5Ë67,&$6)81&,21$/(6

8VDQGR HO SURFHVR GH FRFULVWDOL]DFLyQ PXFKDV FDWHJRUtDV GH LQJUHGLHQWHV VHOHFFLRQDGRV
VLPSOHV R HQ YDULDV FRPELQDFLRQHV SXHGHQ VHU SHUPDQHQWHPHQWH LQFRUSRUDGRV HQ XQ
DJUHJDGRGHVDFDURVDFULVWDOLQDGDQGRHVWDVFDUDFWHUtVWLFDV~WLOHV(QJHQHUDOHOSURFHVRGH
FRFULVWDOL]DFLyQPHMRUDODVSURSLHGDGHVVLJXLHQWHVGHXQSURGXFWR

• 6ROXELOLGDG
• +XPHGDG
• +LGUDWDFLyQ
• (PXOVLILFDFLyQ
• $QWLHQGXUHFLPLHQWR
• $QWLVHSDUDFLyQ
• )OXLGH]
• &RPSUHQVLELOLGDG


275$6$3/,&$&,21(6

/D WpFQLFDGHFRFULVWDOL]DFLyQSXHGHDSOLFDUVHWDPELpQFRPRXQDFDQWLGDGGHRSHUDFLyQ D
XQDWHFQRORJtDHQSDUWLFXODUFRPRVHGHVFULEHDFRQWLQXDFLyQ


'(6+,'5$7$&,Ï1'(0$7(5,$/(69,6&2626

(QODVVROXFLRQHVDOWDPHQWHVDWXUDGRVORVSURFHVRVGHQXFOHDFLyQ\FULVWDOL]DFLyQRFXUUHD
XQD UD]yQ UiSLGD (O FDORU UHVXOWDQWH GH OD FRFULVWDOL]DFLyQ SXHGH XVDUVH SDUD HIHFWXDU OD
GHVKLUDWDFLyQ SRU HYDSRUDFLyQ FXDQGR VH SURYHH VXILFLHQWH iUHD VXSHUILFLDO SDUD ODV
SDUWtFXODVFULVWDOL]DEOHV
8VDQGRHOSURFHVRGHFRFULVWDOL]DFLyQVHSXHGHQSURGXFLUJUiQXORVVHFRVGHIOXLGH]OLEUH



,QGLFH

(175$03$0,(172

(QHOSURFHVRGHFRFULVWDOL]DFLyQVHLQWURGXFHXQVHJXQGRLQJUHGLHQWHGHQWURGHODVROXFLyQ
GHD]~FDUFRQFHQWUDGDHQODQXFOHDFLyQGXUDQWHHOSDVRGHFRFULVWDOL]DFLyQ(OLQJUHGLHQWH
DGLWLYR VH PH]FOD ELHQ \ GLVSHUVD DO FRPLHQ]R GH OD HWDSD GH PH]FODGR LQPHGLDWDPHQWH
DQWHV TXH OD VDFDURVD VH WUDQVIRUPH GH OtTXLGR D VyOLGR &RQVHFXHQWHPHQWH FXDQGR OD
VDFDURVD OtTXLGD DOFDQ]D HO HVWDGR GH DJORPHUDFLyQ UHODWLYDPHQWH VHFR HO SURGXFWR
UHVXOWDQWH HV XQD PH]FOD KRPRJpQHD GH D]~FDU FRFULVWDOL]DGD \ HO VHJXQGR LQJUHGLHQWH
&XDOTXLHUWD]DFDQWLGDGGHPDWHULDORPLFURGRVLVGHVXVWDQFLDTXHHVGLItFLOGHPH]FODUR
GLVSHUVDUSXHGHVHUFRFULVWDOL]DGDXVDQGRHOSURFHGLPLHQWRGHHQWUDPSDPLHQWR/DPH]FOD
UHVXOWDQWHHVFDVLSHUIHFWD\SHUPDQHQWHPHQWHKRPRJpQHD

',63(56,Ï1

&DGD SURGXFWR FULVWDOL]DGR WLHQH XQD HVWUXFWXUD SRURVD FRQWHQLHQGR XQ iUHD VXSHUILFLDO
JUDQGHFRPSDUDGDFRQHVDGHOFULVWDOGHD]~FDUVyOLGR(VWDFDOLGDGLUUHJXODUHVSRQMRVDHV
DOWDPHQWHDEVRUWLYDKDFLpQGRVH~WLODWUDYpVGHODPH]FODVLPSOHFRPRXQJHQWHGLVSHUVDQWH
SDUDPDWHULDOHVVHFRVVHOHFWRVWDOHVFRPRWLQWHVDVtFRPRDFHLWHV\VXVWDQFLDVOtTXLGDV

75$%$-26'(6$552//$'263267(5,250(17(

$ WUDYpVGHODVLQYHVWLJDFLRQHVGHODWHFQRORJtDDSOLFDGDVHKDGHVDUUROODGRXQDIiEULFDGH
SURGXFWRV FRFULVWDOL]DGRV SDUD VHUYLU ODV QHFHVLGDGHV SUHVHQWHV \ IXWXUDV GH ODV LQGXVWULDV
IDUPDFpXWLFDV\GHDOLPHQWRV,QYHVWLJDFLRQHVUHFLHQWHVKDQDUURMDGRQXHYDVHYLGHQFLDVTXH
HOFRQFHSWREiVLFRGHFRFULVWDOL]DFLyQSXHGHDPSOLDUVHSDUDLQFOXLUYLUWXDOPHQWHXQQ~PHUR
LOLPLWDGR GH LQJUHGLHQWHV DFWLYRV FRP~QPHQWH XVDGRV HQ OD LQGXVWULD IDUPDFpXWLFD \ GH
DOLPHQWRV $XQTXH HO SURFHVR IXH LQLFLDOPHQWH LQWURGXFLGR SDUD DxDGLU RWUD GLPHQVLyQ DO
D]~FDU DKRUD RIUHFH QXHYDV RSRUWXQLGDGHV SDUD H[DPLQDU ODV FDUDFWHUtVWLFDV GH ORV
LQJUHGLHQWHVIXQFLRQDOHVFRP~QPHQWHXVDGRVSRUODLQGXVWULDIDUPDFpXWLFD\GHDOLPHQWRV

& $=Ò&$5 < 352'8&26 (63(&,$/(6 '(/ $=Ò&$5 &20(5&,$/0(17(
',6321,%/(6

$]~FDUHVQDFLRQDOHV\IRUPXODGRV

/RVSURGXFWRVGHOD]~FDUUHILQDGRJHQHUDOPHQWHLQFOX\HQORVWLSRVEiVLFRVVLJXLHQWHV

• $]XFDUHVJUDQXODGRVGHJUDQRJUDQGH
• $]~FDUJUDQXODGRUHJXODU
• $]XFDUHVGHFRQILWHUtD HQSROYR 
• $]~FDUPRUHQD RVXDYH 
• $]~FDUOtTXLGD
• $]~FDU&DQGH
• $]~FDUDPRUIR
• 6LURSHGHUHILQHUtD
• 0LHOHVFRPHVWLEOHV


,QGLFH

/DFRPSRVLFLyQGHORVD]~FDUHVSDUDFXPSOLUFRQORVQRPyJUDIRVIRUPXODGRVVHGDQHQOD
WDEOD

7$%/$
$]~FDUHVJUDQXODGRVGHJUDQRJUDQGH GLVWULEXFLyQGHOWDPDxRGHSDUWtFXODVWtSLFR 


0DOOD 
*UDGR   $EHUWXUD  $EHUWXUD 
7\OHU PP 86 PP 
(VWDQGDU VREUH     
³     !DFXP
$7     
0HGLR VREUH     
³     !DFXP
$7     
0HGLR)LQR VREUH     
³     DFXP
$7     
$UHQRVR VREUH     
$7     
$UHQRVR VREUH     
$7     
$UHQRVR VREUH     
$7     
$7     
127$ $7 $WUDYpVDFXP DFXPXODWLYR

$=Ò&$5(6*5$18/$'26'(7$0$f2*5$1'(

(VWRV D]XFDUHV HQ SDUWLFXODU VRQ XVDGRV SRU ORV IDEULFDQWHV GH OLFRUHV \ FRUGLDOHV EHELGD
HVWLPXODQWHGHVXPRGHIUXWDV \SRUORVIDEULFDQWHVTXHKDFHQXQFDUDPHORPX\EODQFRGH
PHQWD(VDVDSOLFDFLRQHVUHTXLHUHQD]~FDUFRQXQFRORU\FHQL]DVPX\EDMRV\XQDSXUH]D
PX\ DOWD (O FRORU OD FHQL]D \ RWUDV LPSXUH]DV GHO D]~FDU JUDQXODGR VRQ QRUPDOPHQWH
LQYHUVDPHQWHSURSRUFLRQDODOWDPDxRGHOFULVWDO0LHQWUDVPD\RUVHDHOWDPDxRGHOFULVWDO
PHQRVLPSXUH]DVFRQWHQGUiDOPLVPR<DTXHXQDJUDQSDUWHGHODVLPSXUH]DVQRD]XFDUHV
HVWiQRFOXLGDVHQORVFULVWDOHVFRQJORPHUDGRVHVQHFHVDULRSDUDREWHQHUODSXUH]DPiVDOWD
SRVLEOHTXHHOD]~FDUFRQWHQJDXQPtQLPRGHFRQJORPHUDGRV

/RV D]XFDUHV JUDQXODGRV GH WDPDxR JUDQGH XVXDOPHQWH VH FULVWDOL]DQ D SDUWLU GHO OLFRU GH
SXUH]DPX\DOWDFRQUD]RQHVGHFRFLQDGRVOHQWDV\SHUtRGRVGHFRFLQDGRVH[WHQGLGRVSDUD
PLQLPL]DUODIRUPDFLyQGHFRQJORPHUDGRV\KDFHUFUHFHUJUDQGHVFULVWDOHV/RVD]~FDUHVGH
JUDQRJUDQGHVRQWtSLFDPHQWHFDWDORJDGRVFRPR



,QGLFH

(VWiQGDUPHGLDQRPHGLDQRILQR\DUHQRVR/RVSURGXFWRVQRUPDOPHQWHFRQWLHQHQPHQRV
GHGHLQYHUWLGR\GHFHQL]D\VREUHVDFDURVD(QYLVWDGHHVWDDOWD
SXUH]DDOJXQDVFRPSDxtDVIDUPDFpXWLFDVXVDQHVWRVSURGXFWRVHQVXVDSOLFDFLRQHV7RGRV
ORV D]XFDUHV JUDQXODGRV GH JUDQRV JUDQGHV FXDQGR VH SLGHQ FRQ FDOLGDG 863 GHEHQ
DMXVWDUVHDORVUHTXHULPLHQWRVGHOD)DUPDFRSHDGH86$SDUDVDFDURVD8QDGLVWULEXFLyQGH
WDPDxRGHSDUWtFXODVWtSLFDVGHHVRVSURGXFWRVVHGDQHQODWDEOD
/DWDEODPXHVWUDODFRPSRVLFLyQGHHVWRVD]~FDUHVGHJUDQRVJUDQGHV

$=8&$5(6*5$18/$'265(*8/$5(6

(VWD FDWHJRUtD HV OD PD\RU SDUWH GHO D]~FDU TXH SURGXFHQ WRGDV ODV UHILQHUtDV (VWRV
SURGXFWRVVRQWDPL]DGRVSDUDREWHQHUXQDYDULHGDGGHGLVWULEXFLyQGHWDPDxRVGHSDUWtFXODV
SDUD HQFRQWUDU ORV UHTXHULPLHQWRV GH YDULDV DSOLFDFLRQHV \ VRQ QRUPDOPHQWH FODVLILFDGRV
FRPRH[WUDILQRIUXLW\HVSHFLDOSDUDSDQDGHUtD
8QDGLVWULEXFLyQWtSLFDGHWDPDxRGHJUDQRVHPXHVWUDHQODWDEOD

/DFRPSRVLFLyQGHHVWRVD]~FDUHVUHJXODUHVVHPXHVWUDQHQODWDEOD


7$%/$
&RPSRVLFLyQGHORV$]~FDUHV1DFLRQDOHV)RUPXODGRV

   'HQV*UDQ  
VDFDURVD DOPLGyQ KGDG VXHOWDOE3  FHQL]D ,QYHUW


$]~FDUJUDQXODGRUHJXODU      
*UDQXO([WUDILQR1)      
*UDQ)UXWL1)      
&RQVHUYDV1)      
*UDQHPERW1)      

$]~FJUDQXODGRJUDQRJUDQGH      
$UHQRVD1)      
0HGLDQD1)      
*UDQHVWiQGDU1)      
*UDQ/&071)      

$]~FDUGHFRQILWHUtDV1)  0HQRV    
&RQILWHUtD[±VLPSOH1)  330    
&RQILWHUtD[1)      
&RQILWHUtD[1)      
&RQILWHUtD[1)      

127$1ƒIRUPXODGD





,QGLFH

7$%/$
&RPSRVLFLyQGHORVD]~FDUHVJUDQXODGRVGHJUDQRJUDQGH

&RORU HQVROXFLyQ    FODUREODQFRDJXD
VDFDURVD     
KXPHGDG     
LQYHUWLGR     
FHQL]D     
GHQVLGDGJUDQHO VXHOWR    OE3 






7$%/$
$]~FDUHVJUDQXODGRVUHJXODUHV

0DOOD 
*UDGR   DEHUWXUD  DEHUWXUD 
  7\OHU PP 86$ PP 
([WUDILQR VREUH     
 VREUH     DFXP
 $7     

)XLW VREUH     !
 VREUH     
 $7     

(VSHFLDO 6REUH     
SDQDGHUtD $7     



7$%/$
&RPSRVLFLyQGHORVD]~FDUHVJUDQXODGRVUHJXODUHV

&RORU HQVROXFLyQ   HVHQFLDOPHQWHEODQFRDJXD
VDFDURVD     
KXPHGDG     
LQYHUWLGR     
FHQL]DV     
'HQVLGDGJUDQHO VXHOWR    OE3 




'HORVD]~FDUHVJUDQXODGRVUHJXODUHVHOTXHPiVVHSURGXFHHVHOH[WUDILQR\QRUPDOPHQWH
VHYHQGHDJUDQHO\HPEDUFDGRVHQFDUURVGHIHUURFDUULO\FDPLRQHVGHQWURGHOWHUULWRULRGH

 
,QGLFH

86$ (VWRV D]~FDUHV VH XVDQ PXFKR HQ ODV SDQDGHUtDV UHIUHVFRV SURGXFWRV GH OHFKH
PH]FODVVHFDVHWF
(O D]~FDU JUDQXODGR JUDGR IUXWL HV PiV SHTXHxR HQ WDPDxR SHUR WLHQH PD\RU iUHD
VXSHUILFLDO6HXVDSDUFLDOPHQWHHQPH]FODVVHFDVWDOHVFRPRSRVWUHVGHJHODWLQDVPH]FODV
GH SXGGLQJ \ PH]FODV SDUD EHEHU 6X GLVWULEXFLyQ GH WDPDxR GH JUDQR WDQ HVWUHFKD
SURSRUFLRQD XQD PHQRU HVWUDWLILFDFLyQ R VHSDUDFLyQ GH LQJUHGLHQWHV HQ ODV PH]FODV VHFDV
IRUPXODGDV 6L OD GLVWULEXFLyQ GH FULVWDO HQ XQ SURGXFWR HQ SDUWLFXODU HV JUDQGH DOJXQRV
ILQRV SXHGHQTXHGDUVH HQHOIRQGR(VPX\LPSRUWDQWHTXHHOWDPDxRGHORVFULVWDOHVVHD
VLPLODUHQQDWXUDOH]DHQORVLQJUHGLHQWHVGHODPH]FOD
/DWDEODPXHVWUDODVHVSHFLILFDFLRQHVSDUDHOD]~FDUHQORVSDtVHVGHOPXQGR


7$%/$
1RUPDVSDUDHO$]~FDUHQDOJXQRVSDtVHVGHOPXQGR

%5$6,/
 (VWDQGDU 6XSHULRU (VSHFLDO *UDQXODGR $PRUIR
SRO     
&RORU ,FXPVD      
&HQL]D     
+GDG     


1RUPDVGHD]~FDUUHILQDGRGHRWURVSDtVHV

 $XVWUDOLD -DSyQ 6$IULFD 86$ 5HLQR8QLGR
&RORU 5%8 5%8 ,&806$ 5%8 ,&806$
,QYHUWLGR    1( 
&HQL]D     
+GDG     QH
62  330 

1( 1(  1( 


0HUFDGR(XURSHR

 *UDGR *UDGR *UDGR
3RO PLQ    
+XPHGDG PD[    
,QYHUW PD[L    
3XQWRVSFHQL]D PD[L  
  1(
3XQWRVSFRORU,FXPVD PD[  
  1(
3XQWRVSFRORU%UXQVZLFN PD[  
  
3XQWRVWRWDOHV PD[    1(




 
,QGLFH

 SXQWRHTXLYDOHDFHQL]DFRQFRQGXFWLYLGDG
 FRORU,FXPVD VROXFLyQ 
 FRORUSRUUHIOHFWDQFLD%UXQVZLFN


(Q 86$ OD FDQWLGDG HVWiQGDU VH EDVD JHQHUDOPHQWH HQ ODV HVSHFLILFDFLRQHV GH FDOLGDG GH
ORVHPERWHOODGRUHVGHEHELGDVJDVHRVDVGH16'$1DWLRQDOVRIW'ULQN$VVRFLDWLRQ\&RFD
&ROD
3DUDHOFRQVXPRGLUHFWRJHQHUDOPHQWHVHEDVDVRODPHQWHHQXQFRORUGHDSUR[LPDGDPHQWH
5%8 XQLGDGHVGHUHIHUHQFLDEiVLFD \HOWDPDxRGHJUDQR

(VWDQGDUHVGHORV(PERWHOODGRUHV

&RORU±PD[5%8
&HQL]DPD[ SRUFRQGXFWLYLGDG 
6HGLPLHQWR±PD[SSP FRPSDUDGRFRQXQGLVFRHVWiQGDUGHVHGLPLHQWR 
6DERU\RORU±QHJDWLYRV
0LFURELRORJtD±PD[±EDFWHULDVPHVRILOLFDVJ
D]~F*UDQ PD[±OHYDGXUDVJ
PD[±KRQJRVJ


0LFURELRORJtD D]~FDUOtTXLGR  %DFWHULDV /HYDGXUDV +RQJRV
PHVRILOLFDV
 ~OWLPDV  PXHVWUDV SRPHGLR
! ! !
GHRUJDQLVPRVJGH66(  

 HO  GH ORV ~OWLPRV 


! ! !
FRQWHRVRUJDQLVPRVJGH66(
XOWLPDVPXHVWUDVVRODPHQWH
 PXHVWUD PRVWUDQGR XQD FXHQWD
! ! !
GHJ66(SXHGHH[FOXLUVHGHO
SURPHGLR

1RWD  VyOLGRVVHFRVHTXLYDOHQWHV



(VSHFLILFDFLRQHVGH&RFD&ROD

3XUH]D  
&RORU   5%8±PD[
&HQL]D  PD[
6HGLPHQWR  SSP VREUHPLOLSRURµ 
)ORF   QHJDWLYR
7XUELGH]  QHJDWLYR
62  
  SSP

 
,QGLFH

+GDG   
6DERU\RORU  QHJDWLYR
%DFWHULRORJtD  LJXDOTXHSDUDODHPERWHOODGRUD D]XF*UDQ 



6WDQGDUVGHOD)DUPDFRSHDGH86$

6DFDURVD   URWDFLyQHVSHFtILFDQRPHQRVTXH
    SUHYLDPHQWHVHFDGDKDƒ& 

5HVLGXRGH,JQLFLyQ  PHQRVTXH

&ORUXURVXOIDWRFDOFLR
\D]~FDULQYHUWLGR  FRQIRUPHDDQiOLVLVHVSHFtILFRV

PHWDOHVSHVDGRV  PHQRVTXHSSP


$]~FDUEODQFDHVWiQGDU&2'((6DOLPHQWDULR 81±)$2 

(VSHFLILFDFLyQ   $   %

3ROPLQ        
$,PD[        
&HQL]D FRQG PD[      
3pUGLGDSVHFDGR KDƒ& PD[    
&RORU,&806$±PD[      

$GLWLYRVPD[
62 PJNJ 

      

&RQWDPLQDQWHVPD[ 
$UVpQLFR $6 PJNJ   
&REUH &X PJNJ    
3ORPR 3E PJNJ    


/RVD]~FDUHVHVSHFLDOHVSDUDSDQDGHUtDVRQORVTXHWLHQHQHOJUDQRPiVSHTXHxRGHORVWUHV
JUDGRVQRUPDOPHQWHHQWUH\PHVKGHOWDPL]86&RPRWLHQHHOFULVWDOPiVSHTXHxR
HVWDD]~FDUHVODTXHGDHOiUHDVXSHUILFLDOPiVJUDQGHSRUSHVR\SRUORWDQWRWLHQGHDWHQHU
XQFDORUPD\RU(VWRVHGHEHDTXHXQJUDQGHOFRORUVHHQFXHQWUDHQODVXSHUILFLHGHO
FULVWDO GHO D]~FDU JUDQXODGR $GLFLRQDOPHQWH HO WDPDxR ILQR FULVWDOLQR SHUPLWH TXH VH
GLVXHOYD PiV UiSLGR VLHQGR HVWR ~WLO HQ DOJXQDV DSOLFDFLRQHV (VWD D]~FDU VH XVD
WtSLFDPHQWHHQORVSURGXFWRVGHSDQDGHUtDWDOHVFRPRFDNHV SRUVXILQDWH[WXUDJDOOHWLWDV
GRXJKQXWV\PH]FODVVHFDV 


 
,QGLFH

(VWHD]~FDUVHYHQGHHQEROVDVGH\OEV
9DULRVFOLHQWHVLQGXVWULDOHVWLHQHQVXVSURSLRVUHTXHULPLHQWRVVREUHODFDOLGDG\HOWDPDxR
GHOJUDQR/DPD\RUtDGHORVUHILQDGRUHVXVXDOPHQWHWLHQHQGRVWLSRVGHHVSHFLILFDFLRQHV
HVDV TXH FRPSUHQGHQ ORV SURGXFWRV HVWiQGDU GH OD FRPSDxtD FRQRFLGDV FRPR SURGXFWRV
HVSHFtILFRVGHODFRPSDxtD \DTXHOODVTXHFRPSUHQGHQORVSURGXFWRVHVSHFLILFDGRVSRUHO
FOLHQWH /D WDEOD  PXHVWUD ODV HVSHFLILFDFLRQHV SDUD HO HPEDUTXH GH YDULRV SURGXFWRV
JUDQXODGRV

7$%/$
(VSHFLILFDFLRQHVWtSLFDVSDUDHOHPEDUTXHGHD]~FDUHVJUDQXODGRV\GHFRQILWHUtD


$]~FDUJUDQXODGR PHGLR ([WUDILQR )UXLW (VSHFLDOGH
SDQDGHUtD
&RORU,&806$    
KXPHGDG    
7DPL]DGR    
6REUHPDOOD86    
6REUHPDOOD86 PLQ   
$FXP
6REUHPDOOD86    
6REUHPDOOD86    
6REUHPDOOD86  PLQDFXP  
6REUHPDOOD86   PLQDFXP 
6REUHPDOOD86    
6REUHPDOOD86    
$]~FDUFRQILWHUtD ; ; ;
DOPLGyQ   
7DPL]DGR   
6REUH86  
6REUH86  
6REUH86   DFXP
$786   PLQDFXP
$786   PLQ


0XFKRV UHILQDGRUHV  SURGXFHQ FDOLGDGHV HVSHFtILFDV \ JUDGRV SDUD FLHUWDV LQGXVWULDV SDUD
DMXVWDUVHDORVUHTXHULPLHQWRVSDUWLFXODUHVWDOHVFRPR

 JUDQXODGR SDUD FRQVHUYDV HVWH SURGXFWR HV VLPLODU DO JUDQXODGR H[WUD ILQR
*() \VHDMXVWDDWRGDVODVHVSHFLILFDFLRQHVGHOD$VRFLDFLyQ1DFLRQDOGH
HQODWDGRUHVSDUDEDFWHULDVWHUPRQILOtFDV

 *UDQXODGRSDUDHPERWHOODGRUHVHVWHSURGXFWRHVVLPLODUDOJUDQXODGRH[WUD
ILQR *()  \ VH DMXVWD D WRGDV ODV HVSHFLILFDFLRQHV  GH OD $VRFLDFLyQ
1DFLRQDOGH5HIUHVFRV

 
,QGLFH

 (O D]~FDU 1) WRRV ORV D]~FDUHV JUDQXODGRV UHJXODUHV FXDQGR VH RUGHQDQ
FRQFDOLGDG863GHEHQDMXVWDUVHDORVUHTXHULPLHQWRVGHODIDUPDFRSHDGH
86$SDUDVDFDURVD

$=Ò&$5'(&21),7(5Ë$

(O D]~FDU HQ SROYR SXOYHUL]DGD R GH FRQILWHUtD VRQ KHFKDV FRQ YDULRV JUDGRV GH ILQXUD
SURGXFWR GH OD PROLGD GHO D]~FDU JUDQXODGR HQ PROLQR HVSHFLDOPHQWH GLVHxDGRV
JHQHUDOPHQWH HO GHO WLSR PDUWLOOR TXH JLUD D  USP HO D]~FDU SXHGH VHU VHSDUDGD SRU
DLUH WDPL]DGD D WUDYpV GH WHMLGRV SDUD FHUQLU R HQ OR PROLQRV PiV PRGHUDGRV  SHVDGD
GLUHFWDPHQWH DO SDTXHWH /RV D]~FDUHV HQ SROYR GHVLJQDGRV FRPR ; ; y ;
FRQWLHQHQDOPLGyQSDUDSUHYHQLUHODSHOPD]DGR FDNLQJ /DIXQFLyQGHODOPLGyQHVGREOH
HQODSUHYHQFLyQGHOFDNLQJ SDUDDEVRUEHUODKXPHGDGFXDQGRHOSROYRHVWiH[SXHVWRDOD
KXPHGDGGHODLUH\ SDUDUHGXFLUHOFRQWDFWRGLUHFWRGHORVFULVWDOHVGHD]~FDUILQD

'HELGRDOWDPDxRGHPLFURFULVWDOHVGHOD]~FDUHQSROYRHVLGHDOSDUDVXOHYDQWDPLHQWRHQ
VX IRUPD VHFD \ SDUD OD SUHSDUDFLyQ GH IRQGDQWV K~PHGR \ VXDYH /D WDEOD  GD XQD
GLVWULEXFLyQ WtSLFD GHO WDPDxR GH SDUWtFXOD GHO D]~FDU GH FRQILWHUtD \ OD WDEOD  VX
FRPSRVLFLyQ
/DWDEODOLVWDORVWUHVJUDGRVGHILQXUD;;\;VLHQGRHVWH~OWLPRHOPiVILQR /D
PD\RUtDGHORVFULVWDOHVGHFRQILWHUtDSDVDQDWUDYpVGHODPDOOD0LHQWUDVPiVILQRHVHO
FULVWDO PiV VXDYH HV HO IRQGDQW \ PHMRU VX FDOLGDG (Q JHQHUDO ORV D]~FDUHV GH FRQILWHUtD
ILQRV VRQXVDGRV HQDSOLFDFLRQHVGRQGHODVXDYLGDGHVGHVHDGDHQXQSURGXFWRTXHWLHQH
XQDFDQWLGDGOLPLWDGDGHKXPHGDGSDUDGLVROYHUORVJUiQXORVGHD]~FDUHQFRQILWHUtDJUXHVD
SRUHMHPSOR/DPDQWHTXLOODGHPDQt
3DUD HO D]~FDU HQ SROYR TXH VH YHQGHQ VLQ DGLWLYRV WDO FRPR HO DOPLGyQ R HO IRVIDWR
WULFDOFLFRORVSUREOHPDVGHDJORPHUDFLyQVRQVHYHURV1DKOHUGHVDUROOyXQVLVWHPDSDUDHO
DFRQGLFLRQDPLHQWR GHO D]~FDU HQ SROYR SDUD VX SURGXFFLyQ HQ OD UHILQHUtD (O VLVWHPD
DELHUWR GH GHVDUUROOR HV HO FDOHQWDU HO D]~FDU D ƒ& ƒ)  SRU XQRV  PLQXWRV HQ XQ
VHFDGRUGHFDPDPyYLO


7$%/$
$]~FDUHQSROYRGHFRQILWHUtD GLVWULEXFLyQWtSLFDGHOWDPDxRGHSDUWtFXOD 

0DOOD
*UDGR  7\OHU 86$ 
;VDOPLGyQ VREUH   
;FDOPLGyQ $7   
; VREUH   
 VREUH   
 $7   
[ VREUH   
 VREUH   
 $7   !


 
,QGLFH

7$%/$

&RPSRVLFLyQGHOD]~FDUHQFRQILWHUtD

 ;6DOPLGyQ ; ; ;
6DFDURVD EDVHVHFD     
$OPLGyQ EDVHVHFD  330   
KXPHGDG    
'HQVLGDGJUDQHO VXHOWD
   
HQOEV3 



6H UHFRPLHQGD TXH HO D]~FDU GH FRQILWHUtD VH DOPDFHQH HQ XQ OXJDU IUtR \ VHFR \ VH
UHFRPLHQGDTXHVHXVHGHQWURGHORVGtDVGHSURGXFLGD

$=Ò&$5025(1$ 6XDYH 

(VWHD]~FDUVHKDFHDWUDYpVGHYDULRVVLURSHVGHEDMDSXUH]DSXULILFDGDVREWHQLHQGRJUDQRV
ILQRV/DPDVDGHFULVWDOHVILQRVTXHRVFLODHQWUHPLFURQHVGHWDPDxRVHFXEUHFRQ
XQDFDSDFRORUHDGDGHVLURSHVFRQVDERUDPLHOHV(OYDORUGHD]~FDUPRUHQDHVVXVDERU\
RORU/RVSURGXFWRVWtSLFRVGHDOLPHQWRVTXHFRQWLHQHQD]~FDUPRUHQDFRPRXQLQJUHGLHQWH
VRQSURGXFWRVGHSDQDGHUtDFHUHDOHVIULMROHVKRUQHDGRVHWF

/RV D]~FDUHV PRUHQRV VXDYHV VH FODVLILFDQ GH DFXHUGR D XQD VHULH GH HVFDOD DUELWUDULD GH
FRORUHVWiQGDUQXPHUDGDVGHVGHHODO/DPD\RUtDGHODVUHILQHUtDVSURGXFHQVRODPHQWH
RJUDGRVGHD]~FDUPRUHQRGHVLJQDQGRDORVPLVPRVSRUQRPEUHGHPDUFDDVtWDPELpQ
FRPRSRUQ~PHURV
/D PiV SRSXODU HV OD Q~PHUR  OD FXDO HV OLJHUDPHQWH DPDULOOD OD  WLHQH XQ DPDULOOR
PiV SURIXQGR R OLJHUDPHQWH PRUHQD \ OD  XQ PRUHQR PiV SURIXQGR 0LHQWUDV PiV
RVFXUDHVHOD]~FDUPRUHQRVXDYHPiVIXHUWHHVVXVDERU

$GLFLRQDOPHQWHDOJXQRVSDtVHVSURGXFHQD]~FDUHVEODQFRVVXDYHV
(VWRV D]XFDUHV VXDYHV PRUHQRV R EODQFRV  VRQ HPSDTXHWDGRV PLHQWUDV VH KXPHGHFHQ
JHQHUDOPHQWH GHVSXpV GH HQIULDUORV (OORV FRQWLHQHQ GH  GH KXPHGDG \ UHTXLHUHQ
EROVDV D SUXHED GH KXPHGDG WDOHV FRPR ODV EROVDV GH PXOWLSDUHGHV D FDSDV GH XQD KRMD
ODPLQDGD GH SROLHWLOHQR /DV FDMDV GH FDUWyQ SDUD HVWRV D]~FDUHV OOHYDQ XQ SDSHO GH FHUD
WUDQVSDUHQWHRXQUHYHVWLPLHQWR OLQHUV GHSDSHODOXPLQLR/DWDEODPXHVWUDORVDQiOLVLV
WtSLFRV GH ORV D]~FDUHV PRUHQRV OLJHURV \ RVFXURV OLJKW  GDUN  /RV D]~FDUHV PRUHQRV
FXELHUWRVVHSURGXFHQPH]FODQGRD]~FDUHVJUDQXODGRVILQRVFRQVLURSHGHFDxDRVFXUR

/RVD]~FDUHVPRUHQRVVHHPSDFDQHQEROVDVGH\OEVSDUDORVFOLHQWHVLQGXVWULDOHV\
HQEROVDVGH\OEVSDUDHOGHWDOOLVWD






 
,QGLFH

7$%/$
(VSHFLILFDFLRQHVWtSLFDVSDUDHOHPEDUTXHGHORVD]~FDUHVPRUHQRV

$]~FDUPRUHQD OLJHUD RVFXUD
&RORU,&806$  
+XPHGDG  
6DFDURVD  
$,QYHUWLGR  



/DWDEODDPXHVWUDXQDUHODFLyQGHPH]FODVSDUDD]~FDUHVPRUHQDVXDYH

7DEOD$ 3DUDD]~FDUGHPHUDUD 3DUDD]~FDUPRUHQD
$]~FDUJUDQXODGR  
7LSRGHD]~FDU VDQGLQJ ILQD
7DPLFHVYLEUDWRULR $WUDYpVVREUHWHODQLWH[ $WUDYpVVREUHWHODQLWH[
7DPDxRWtSLFR  
6REUH7\OHU 0HVKPD[ PHVKPD[
$WUDYpV7\OHU PHVK±PD[ 0HVKPD[
$0&9  
6LURSH  
FRORU ±,&806$ 
S+  
KXPHGDG  
WHPSHUDWXUD ƒ&±ƒ& 
LQYHUWLGR  
FHQL]D  






(OD]~FDUILQDOPH]FODGDWLHQHODVFDUDFWHUtVWLFDVVLJXLHQWHV


$]~FDU'HPHUDUD   $]~FDUPRUHQD

&RORU    ,&806$  ,&806$
+XPHGDG       
,QYHUWLGR        
&HQL]D        



 
,QGLFH

(O VLVWHPD SDUD UHDOL]DU OD PH]FOD GH D]~FDU PRUHQD VXDYH VH GLYLGH HQ  VHFFLRQHV
GLIHUHQWHV

6HFFLyQGHD]~FDUJUDQXODGREODQFR ILJ$ 
VHFFLyQGHPH]FODGHVLURSH  ILJ% 
VHFFLyQGHPH]FOD    ILJ& 
VLVWHPDVGHFRQWURO\FULVWDOL]DFLyQ ILJ' 


6HFFLyQGHD]~FDUJUDQXODGREODQFR

(OD]~FDUVHWDPL]DHQXQRGHVHLVWDPLFHV5RWHV/DIUDFFLyQGHD]~FDUDSURSLDGDH[WUDtGD
GHOWDPL]HVWUDQVSRUWDGDDXQGHSyVLWRGHDFHURLQR[LGDEOHHTXLSDGRFRQGRVVHQVRUHVGH
QLYHO (O VHQVRU PiV DOWR FLHUUD QHXPiWLFDPHQWH OD FRPSXHUWD VLWXDGD HQFLPD GHO WDPL]
(VWR SDUD HO VXPLQLVWUR GH D]~FDU DO WDPL] PLHQWUDV TXH HO D]~FDU UHPDQHQWH HQ HO
FRQGXFWRUHVYDFLDGDHQHOGHSyVLWR(OIRQGRGHOGHSyVLWRVHHTXLSDFRQXQYLEUDGRU

&DGD YH] TXH VH FDPELD HO SURGXFWR SRU HMHPSOR GHVGH 'HPHUDUD D D]~FDU PRUHQD OD
VHFFLyQFRPSOHWDGHD]~FDUEODQFRJUDQXODGRGHEHVHUYDULDGD\OLPSLDGD
'HVGH HO GHSyVLWR HO D]~FDU HV WUDQVSRUWDGD D XQD WXEHUtD TXH HVWi VLWXDGD HQFLPD GHO
PH]FODGRU(VWDWXEHUtDWLHQHWUHVVHQVRUHVGHQLYHOORVFXDOHVIXQFLRQDQDVt

D  DOWRQLYHOSDUDHOVXPLQLVWURGHOD]~FDUSDUDQGRHOFRQGXFWRU
E  %DMRQLYHOFRPLHQ]DHOVXPLQLVWURGHD]~FDUDUUDQFDQGRHOFRQGXFWRU
F  ([WUDEDMRQLYHOSDUDHOSURFHVRPH]FODGR

(O DOLPHQWDGRU GH D]~FDU WLHQH XQ PRWRU GH YHORFLGDG YDULDEOH \ HV FDSDV GH WUDQVSRUWDU
.JD]~FDUK


6HFFLyQGHPH]FODGHVLURSH

(OVLURSHVHSUHSDUDHQXQWDQTXHFLOtQGULFRYHUWLFDOFRQIRQGRFyQLFRGHDFHURLQR[LGDEOH
GHP  S GHFDSDFLGDG(OPLVPRHVWiHTXLSDGRFRQXQPH]FODGRUGHWXUELQD
 

FRQ XQ UHSHOHQWH VLPSOH FRQ XQ HMH GH XQRV  SLHV GH ODUJR \ XQ PRWRU GH  ò +3 (O
WDQTXH WLHQH HQ HO IRQGR VHUSHQWLQHV SDUD FDOHQWDU FRQ DJXD FDOLHQWH SXGLpQGRVH HOHYDU OD
WHPSHUDWXUDGHOVLURSHGHVGHƒ&'HVSXpVGHSUHSDUDGRHOVLURSHVHPDQGDDOWDQTXH
GHGHSyVLWRGHP  S (VWHWDQTXHWLHQHXQWUDQVPLVRUGHQLYHO\HVWiHTXLSDGRFRQ
 

XQILOWURGHGHVDKRJRSHUPDQHQWH\FRQXQGHUUDPHGHDOLYLRDOWDQTXHGHSUHSDUDFLyQ
(OVLURSHVHXVDHQODHVWDFLyQGHHPSDTXH\XQDERPEDGHYHORFLGDGYDULDEOHGHJSP
HVXVDGRSDUDSDVDUORSRUXQLQWHUFDPELDGRUGHSODFDFDOHQWDGRSRUDJXD+DVWDƒ&±
ƒ&(VHVHQFLDODVHJXUDUVHTXHHOVLURSHQRHVWpQLPX\FDOLHQWHQLPX\IUtR\DTXHVLHV
PHQRUGHƒ&VHLQFUHPHQWDHOFDORUFDXVDQGRTXHHOD]~FDUVHDPiVRVFXUD
(O VLURSHHQWRQFHVHVERPEHDGRDXQDYiOYXODGHFRQWUROGHYtDV6LODWHPSHUDWXUD GHO
VLURSH HVWi IXHUD GH OD YHQWDQD DFHSWDEOH OD YiOYXOD VH FLHUUD DO PH]FODGRU \ DEUH OD
UHFLUFXODFLyQDOLQWHUFDPELDGRU


 
,QGLFH

6HFFLyQGHPH]FOD

/DVHFFLyQGHPH]FODHVHOiUHDGRQGHHOD]~FDUJUDQXODGREODQFR\HOVLURSHVHPH]FODQ(O
D]~FDU VH GHVFDUJD SULPHUR HQ HO PH]FODGRU \ HQWRQFHV HV PH]FODGR FRQ VLURSH EDMR ODV
FRQGLFLRQHV\SURSRUFLRQHVFRUUHFWDV
(OPH]FODGRUWLHQHPiVGHSLHVGHODUJR\HVKHFKRGHDFHURLQR[LGDEOH7LHQHGRVHMHV
URWDQGR HQ GLUHFFLRQHV RSXHVWDV &DGD HMH HV KHFKR GH $, VyOLGR \ WLHQH XQ WRWDO GH 
SDOHWDVDMXVWDEOHV&DGDSDVRLQGLYLGXDOVREUHDPERVHMHVWLHQHSDOHWDVORFDOL]DGDVDXQR
GHiQJXORVSHURHQVHFXHQFLDDOHDWRULD(VWRHVSDUDPLQLPL]DUODVDPSOLWXGHVGHODFDUJD
GHWRUTXHFXDQGRODVSDOHWDVKDJDQFRQWDFWRFRQHOD]~FDUGXUDQWHODURWDFLyQ
(O UHVXOWDGR HV YLEUDFLRQHV PiV EDMDV PHQRV +3 UHTXHULGRV \ PiV ODUJD YLGD GH ORV
URGDPLHQWRV(OHMHURWDDYHORFLGDGHVGLIHUHQWHVGHSHQGLHQGRGHODGHPDQGDGHOHPSDFDGR
(QHOH[WUHPRILQDOGHFDGDHMHGHXQRV¶´HQODGHVFDUJDGHOPH]FODGRUORVPLVPRVHVWiQ
HTXLSDGRVFRQFLQWDVGH´GHSDVRHQOXJDUGHSDOHWDV
(VWDVHFFLyQPH]FODHOD]~FDUDXQDGHDEHUWXUDVFRPRVLJXH

 'HSyVLWRD]~FDUPRUHQDVXDYHGH.J
 'HSyVLWRD]~FDUPRUHQDVXDYHGHDQWRHPSDTXHGHNJ
 'HSyVLWRHVWDFLyQGHEROVDVGH.J

/DVGRVSULPHUDVHVWiQHTXLSDGDVFRQFRPSXHUWDVQHXPiWLFDPHQWHRSHUDGDVODVFXDOHVVH
DEUHQRFLHUUDQGHSHQGLHQGRGHODHVWDFLyQGHHPSDTXHXWLOL]DGD
/D FRPSXHUWD SDUD  .J VLHPSUH HVWi DELHUWD \ HV XVDGR FRPR XQ GHUUDPH GH D]~FDU
GHVGHODHVWDFLyQGH.J

6LQFURQL]DFLyQ\VLVWHPDGHFRQWURO

/DPH]FODVHHIHFW~DXVDQGR3/&
3DUD SURGXFLU XQ D]~FDU 'HPHUDUD R D]~FDU PRUHQD GH FDOLGDG SRU OD PH]FOD GH D]~FDU
EODQFDJUDQXODGD\VLURSHGHEHQVHJXLUVHODVFRQGLFLRQHVVLJXLHQWHV

 (OD]~FDUEODQFRJUDQXODGDGHEHVHUGHXQWDPDxRHVSHFtILFR
 (OVLURSHGHEHVHUGHFLHUWRFRORUKXPHGDGS+\WHPSHUDWXUD
 /DUHODFLyQHQWUHD]~FDUEODQFR\VLURSHGHEHVHUFRQVWDQWHDGLIHUHQWHVFDSDFLGDGHV
 /DV FDSDFLGDGHV SDUD OD DOLPHQWDFLyQ GH D]~FDU \ HO VLURSH ERPEHDGR GHEHQ VHU
HTXLYDOHQWHVGHDFXHUGRDODGHPDQGDGHOHPSDTXH

(O 3/& QR DUUDQFDUi OD RSHUDFLyQ  GH PH]FODGR KDVWD TXH HO D]~FDU \ HO VLURSH HVWpQ
GLVSRQLEOHV\KDVWDTXHODWHPSHUDWXUDGHOVLURSHVHDODSURJUDPDGD
(OQLYHOGHD]~FDUGHQWURGHOGHSyVLWRGHODHVWDFLyQGHHPSDTXHHVPRQLWRUHDGRSRUXQ
VHQVRUGHUDGLRIUHFXHQFLD/DVHxDOGHVDOLGDGHOVHQVRUYDDOFRQWURODGRUHOHFWUyQLFR\GH
DTXt YD D XQ PyGXOR GH FRQWURO P~OWLSOH GH UHODFLyQ GH YHORFLGDG TXH FRQWUROD OD
DOLPHQWDFLyQGHD]~FDU\ERPEDGHVLURSHGHOPH]FODGRUSDUDVLPXOWiQHDPHQWHDOWHUDUVXV
YHORFLGDGHVPLHQWUDVFRQVWDQWHPHQWHVHPDQWLHQHODUHODFLyQHQWUHHOORV
/DILJXUD(PXHVWUDXQSURFHVRSDUDIDEULFDUD]~FDUPRUHQDVXDYHHQORVWDFKRV



 
,QGLFH







 
,QGLFH








 
,QGLFH







 
,QGLFH








 
,QGLFH

'LDJUDPDFRQWUROGHIOXMR,QVWUXPHQWDFLyQVtPERORV

6tPEROR    'HVFULSFLyQ

/(     HOHPHQWRQLYHO
/,&     FRQWURODGRULQGLFDGRUQLYHO
/6+     LQWHUUXSWRUGHQLYHODOWR
/6/     LQWHUUXSWRUGHQLYHOEDMR
/6//     LQWHUUXSWRUQLYHOPiVEDMR
/7     WUDQVPLVRUQLYHO
0RWRU&RQW    FRQWURODGRUPRWRUHOpFWULFR
3/&     FRQWURODGRUOyJLFRSURJUDPDEOH
7(     HOHPHQWRWHPSHUDWXUD
7,&     &RQWUROLQGLFDGRUWHPSHUDWXUD
76     LQWHUUXSWRUWHPSHUDWXUD
<&     3/&


$]~FDUGH'HPHUDUDKHFKDSRUFULVWDOL]DFLyQ  

/DIDEULFDFLyQGHORVFULVWDOHVGH'HPHUDUDRFULVWDOHVDPDULOORVIXHRULJLQDOPHQWHKHFKDHQ
OD *X\DQD %ULWiQLFD \ GLILHUH GHO SURFHVR RUGLQDULR GH IDEULFDFLyQ GH D]~FDU HQ OD
FODULILFDFLyQ\FULVWDOL]DFLyQ
6HVXOILWDHOMXJRSULPDULRVHDOFDQ]D\FDOLHQWD(OiFLGRIRVIyULFRSXHGHDxDGLUVHDOMXJR
SULPDULR R DO FODULILFDGR \ FDOHQWDUOR GHVSXpV (O UHVXOWDGR HV XQ MXJR EULOODQWH $OJXQDV
IDEULFDVVXOILWDQODPHODGXUD S+ +D\TXHGHMDUGHFDQWDUODPHODGXUDSRUKDVWD
KRUDVDQWHVGHDOLPHQWDUORVWDFKRV
(OJUDQRGHD]~FDUGHPHUDUDHVJUXHVR\VHXVDSRFDVHPLOODSDUDFULVWDOL]DU$OILQDOGHOD
WHPSOD VH UHFLUFXOD XQ SRFR GH PLHO $QWHV GH GDUOH SXQWR D OD WHPSOD VH OH DxDGH XQD
FDQWLGDG SHTXHxD GH %ORRPHU (VWH TXtPLFR SURGXFH HO FDORU DPDULOOR FDUDFWHUtVWLFR
+\GURV7L&O HWF /DSROSURPHGLRHVGHFRQXQWDPDxRGHFULVWDOGHPP(O
7L&O RFDVLRQDOPHQWH VH DxDGH DO ILQDO GHO FLFOR GH FXUDGR (O D]~FDU GHPHUDUD SXHGH


FODVLILFDUVH FRPR XQ D]~FDU ILQD R VHOHFWD IDQF\  \ HO SURFHVR DFWXDO YDUtD GH IiEULFD D


IiEULFD(QODDFWXDOLGDGSRFDVIiEULFDVKDFHQHVWDD]~FDU(OPHUFDGR(XURSHRVHDEDVWHFH
GHODVLVODV0DXULFLR/DIiEULFD%XONHO\HQ%DUEDGRVIiEULFDXQDSHTXHxDFDQWLGDG


$=Ò&$5/Ë48,'26

/RV SURGXFWRV GH UHILQHUtD HQ VX IRUPD OtTXLGD KDQ DOFDQ]DGR XQD LPSRUWDQFLD WUHPHQGD
+D\GRVWLSRVEiVLFRVGHD]~FDUOtTXLGRGHULYDGRGHODVDFDURVDXQDHVFDVLWRGDVDFDURVD
JHQHUDOPHQWH D  GH VyOLGRV \ OD RWUD WLHQH XQ  GH OD VDFDURVD FRPR D]~FDUHV
LQYHUWLGRV (VWD ~OWLPD XVXDOPHQWH VH YHQGH DO  GH VyOLGRV /RV PHMRUHV JUDGRV GH
DPERVWLSRVVRQFDVLGHFRORUEODQFRDJXDRGHXQFRORUSDML]RPX\OLJHUR



 
,QGLFH

6$&$526$/Ë48,'$
+D\ GRV WLSRV EiVLFRV GH VDFDURVD OtTXLGD 8QD HV KHFKD GHUULWLHQGR D]~FDU JUDQXODGR
XVXDOPHQWHILOWUDGDFRQXQDFDQWLGDGSHTXHxDGHFDUEyQHQSROYRSDUDPHMRUDUHOFRORU\OD
FODULGDG (O RWUR WLSR VH KDFH D SDUWLU GH OLFRUHV GH UHILQHUtD GH DOWR JUDGR FRQ R VLQ
WUDWDPLHQWR GH FDUEyQ SHUR VLQ FULVWDOL]DFLyQ $OJXQDV UHILQHUtDV SXULILFDQ HVRV OLFRUHV GH
DOWR JUDGR PHGLDQWH XQ SURFHVR GH LQWHUFDPELR LyQLFR GH FDPD ILMD SDUD UHGXFLU
SRVWHULRUPHQWHODFHQL]DVROXEOH\HOFRQWHQLGRGHFRORU
/D VDFDURVD OtTXLGD SURGXFLGD GHVGH HO D]~FDU JUDQXODGR GHUUHWLGR HV JHQHUDOPHQWH PiV
EDMD HQ VX FRQWHQLGR GH D]XFDUHV LQYHUWLGRV TXH HO D]~FDU OtTXLGD SURGXFLGD GHVGH ORV
OLFRUHV
6LQHPEDUJRHQXQSURFHVRGHELGDPHQWHFRQWURODGRHOFRQWHQLGRGHD]XFDUHVUHGXFWRUHVQR
GHEHVHUPD\RUTXHHO(OFRQWHQLGRGHFHQL]DVROXEOHGHORVVLURSHVSURGXFLGRVGHVGH
XQ SURFHVR GH LQWHUFDPELR LyQLFR GH FDPD PH]FODGD SXHGH VHU WDQ EDMR R PiV EDMR TXH
DTXHOORV SURGXFLGRV GHVGH HO D]~FDU JUDQXODGR (VRV D]~FDUHV OtTXLGRV GH DOWD FDOLGDG GH
PX\EDMRFRQWHQLGRGHFHQL]DVSDUHFHQVHUPiVUHVLVWHQWHVDOFUHFLPLHQWREDFWHULROyJLFRGH
DTXHOORV GH PiV DOWR FRQWHQLGR GH FHQL]D 6L RWURV IDFWRUHV OR SHUPLWHQ VLQ HPEDUJR HO
DOPDFHQDPLHQWR R XQ S+ OLJHUDPHQWH PD\RU TXH  HV SDUD PLQLPL]DU ORV SUREOHPDV
EDFWHULROyJLFRV(VHVHQFLDOTXHWRGRVORVVLURSHVGHƒ%[VHDQSURGXFLGRVDOPDFHQDGRV
\GLVWULEXLGRVFRQDWHQFLyQFXLGDGRVDEDMRODVPHMRUHVSUiFWLFDVVDQLWDULDV


$=Ò&$5/Ë48,'2,19(57,'2

(O D]~FDU OtTXLGR LQYHUWLGR PiV SRSXODU HV HO TXH WLHQH XQ FRQWHQLGR GHO  GH
D]~FDUHVUHGXFWRUHVDƒ%[FRPRHQHOFDVRGHODVDFDURVDOtTXLGDWDPELpQHQHVWHKD\
GRV WLSRV EiVLFRV GH D]~FDU LQYHUWLGR (O TXH VH SURGXFH SRU LQYHUVLyQ iFLGD GHO D]~FDU
JUDQXODGD GHUUHWLGD XVXDOPHQWH HV ILOWUDGR FRQ XQD FDQWLGDG SHTXHxD GH FDUEyQ HQ SROYR
SDUDPHMRUDUHOFRORU\ODFODULGDG/DVFRQGLFLRQHVySWLPDVSDUDSURGXFLUD]~FDULQYHUWLGR
SRU LQYHUVLyQ iFLGD HQ XQD VROXFLyQ GH VDFDURVD GH ƒ%[ HV  ±  PO GH +&OO GH
VROXFLyQDƒ&GXUDQWHPLQ
(O VHJXQGR WLSR VH SURGXFH D SDUWLU GH OLFRUHV GH DOWD FDOLGDG GHO SURFHVR WUDWDGRV FRQ
FDUEyQ DQLPDO R JUDQXODGR TXH UHFLEHQ XQ WUDWDPLHQWR DGLFLRQDO SRU HO PpWRGR GH
LQWHUFDPELR GH LRQHV HQ GRV OHFKRV FDWLyQDQLyQ  /DV IXHUWHV UHVLQDV FDWLyQLFDV iFLGDV
RSHUDGDV D OD WHPSHUDWXUD \ WLHPSR GH FRQWDFWR DSURSLDGR SURGXFH HO QLYHO UHTXHULGR GH
LQYHUVLyQ (O SURFHVR GH LQWHUFDPELR GH LRQHV SURGXFH XQ SURGXFWR FRQ XQ FRQWHQLGR GH
FHQL]D H[WUDRUGLQDULDPHQWH EDMR TXH DOJXQDV SHUVRQDV FRQVLGHUDQ FRPR PX\ GHVHDEOHV
SDUDVXDSOLFDFLyQHQODSURGXFFLyQGHEHELGDV

/RVD]XFDUHVOtTXLGRVTXHVHSURGXFHQHQODVORFDOLGDGHVDOHMDGDVGHODVSULQFLSDOHViUHDV
GH UHILQHUtDV VH IDEULFDQ GLVROYLHQGR D]XFDUHV JUDQXODGRV OR TXH HYLWD ORV FRVWRV GH IOHWH
SDUDWUDQVSRUWDUORVMDUDEHVTXHFRQWLHQHQGHXQDXQGHDJXD
(OLQYHUWLGROtTXLGRDQWHVPHQFLRQDGRVHFRQRFHFRPHUFLDOPHQWHFRPRLQYHUWLGRPHGLRR
LQYHUWLGRSDUDGLIHUHQFLDUORGHOLQYHUWLGRWRWDORLQYHUWLGRTXHVHHPEDUFDDXQ
EUL[GHDƒ\FX\RXVRHVWiOLPLWDGRDHVSHFLDOLGDGHV
(OD]~FDUOtTXLGRVHHPEDUFDHQEROVDVGHKXOHHQFDPLRQHVUHPROTXHFRQYHQFLRQDOHVSDUD
SHUPLWLU ORV YLDMHV GH UHJUHVR FRQ FDUJD FDUURV WDQTXHV SDUD VXEVLJXLHQWH HPEDUTXH HQ

 
,QGLFH

FDPLRQHVWDQTXH\HQRWURVWUDQVSRUWHVVHPHMDQWHV8QDLPSRUWDQWHUHILQHUtDDPHULFDQDKD
HVWDGRHPEDUFDQGRD]~FDUOtTXLGRHQEDUFD]DVWDQTXHGXUDQWHYDULRVDxRV

(QHOFDVRGHORVXVXDULRVFX\RFRQVXPRHVPiVELHQSHTXHxRVHDILUPDTXHODLQVWDODFLyQ
GHOVLVWHPDOtTXLGRHVPiVEDUDWRVHQFLOOR\PiVIiFLOGHRSHUDUTXHORVVLVWHPDVDJUDQHO
HQ VHFR (O D]~FDU OtTXLGR VH PDQHMD \ DOPDFHQD HQ FRQGLFLRQHV HVWpULOHV XWLOL]DQGR OX]
XOWUDYLROHWDHQHOHVSDFLRGHDLUHGHORVWDQTXHVGHDOPDFHQDPLHQWR\HQORVFRQGXFWRVGHO
DLUHILOWUDGRTXHFLUFXODFRQWLQXDPHQWHDWUDYpVGHORVHVSDFLRVGHDLUHGHORVWDQTXHV


$1È/,6,6 7Ë3,&26'( 9$5,26 $=8&$(6 /Ë48,'26 6( 08(675$1 (1 /$
7$%/$

7$%/$

(VSHFLILFDFLRQHV7tSLFDVGH(PEDUTXHGHORV$]~FDUHVOtTXLGRV


$]~FDUOtTXLGR VDFDURVD VDFDURVD ,QYHUWLGRPHGLR 7RWDOLQYHUWLGR
&RORU,FXPVD    
VyOLGRV    
LQYHUWLGR    
S+    


(Q DxRV UHFLHQWHV ORV GXOFLILFDQWHV GHULYDGRV GHO PDt] KDQ HVWDGR KDFLHQGR VLJQLILFDWLYDV
LQFXUVLRQHV HQ HO PHUFDGR GH ORV GXOFLILFDQWHV OtTXLGRV (O MDUDEH GH PDt] VH PH]FOD FRQ
VDFDURVDOtTXLGDHLQYHUWLGROtTXLGRHQGLIHUHQWHVSURSRUFLRQHVSDUDILQHVLQGXVWULDOHV0DV
UHFLHQWHPHQWH ORV SURFHVDGRUHV GH PDt] KDQ GHVDUUROODGR PpWRGRV HQ]LPiWLFRV SDUD
FRQYHUWLUDOHYXORVDSURSRUFLRQHVYDULDEOHVGHGH[WURVDPLVPRVTXHGDQSRUUHVXOWDGRHQ
HIHFWR XQ SURGXFWR PX\ VLPLODU DO LQYHUWLGR WRWDO (Q JHQHUDO HVWRV MDUDEHV VH FRQRFHQ
FRPR MDUDEHV FRQ XQ DOWR FRQWHQLGR GH IUXFWRVD 'XUDQWH  HQWUDURQ DO PHUFDGR
DSUR[LPDGDPHQWHPLOORQHVGHTXLQWDOHVGHVyOLGRVGHHVWHQXHYRSURGXFWR

/DVQRUPDVHVWDGRXQLGHQVHVGHOMDUDEHGHUHILQDFLyQ 866WDQGDUGVRI5HILQHUV6\UXS VH
GDQHQODWDEOD(OMDUDEHGHUHILQDFLyQVHGHILQHFRPRXQSURGXFWROtTXLGRREWHQLGRGH
ODUHILQHUtDGHORVD]~FDUHVGHFDxDRGHUHPRODFKDHOFRQWHQLGRWRWDOVROXEOHHORVOtTXLGRV
QRD]~FDUHVH[FHGHDOGHORVVyOLGRVVROXEOHVWRWDOHV









 
,QGLFH

7$%/$

(VSHFLILFDFLRQHVSDUDORVJUDGRVGHOMDUDEHGHUHILQHUtD

-DUDEHGH -DUDEHGH -DUDEHGH -DUDEHGH
UHILQHUtD86 UHILQHUtD86 UHILQHUtD86 UHILQHUtD86
)DFWRUHV
)DQF\R86 &KRLFHR86 H[WUD6WGR86 (VWiQGDUR86
JUDGR$ *UDR% *UDGR& JUDGR'
%UL[ D ƒ&
1RPHQRUGHO 1RPHQRUGHO
ƒ) 
$]~FDUHVWRWDOHV 1R PHQRU GHO 1R PHQRU GHO 1R PHQRU GHO 1R PHQRU GHO
VDFDURVDPiV    
D]~FDUHV    
UHGXFWRUHV     
FRUUHVSRQGLHQWHV 1R PD\RU GHO 1RPD\RUGHO 1RPD\RUGHO 1RPD\RUGHO
DO%UL[FHQL]D  QR PiV QRPiVRVFXUR QRPiV VLQOtPLWH
VXOILWDGD RVFXUR TXH HO TXHHOSDWUyQGH RVFXURTXHHO GHFRORU
FRUUHVSRQGLHQWH SDWUyQ GH FRORU FRORU56Q~P SDWUyQGHFRORU
DOEUL[FRORU 56Q~P 56Q~P




 
,QGLFH







 
,QGLFH













 
,QGLFH

(O MDUDEH GH IUXFWXRVD VH SUHSDUD D SDUWLU GH VDFDURVD SRU LQYHUVLyQ GH pVWD PHGLDQWH
LQWHUFDPELRGHLRQHV\DOFDOL]DFLyQGHOMDUDEHLQYHUWLGRSDUDSUHFLSLWDUHO&DIUXFWRVDWR(Q
FXDQWRDODVFRQGLFLRQHVySWLPDVVHKDHQFRQWUDGRTXHVRQGHVROXFLyQWUDWDGDFRQXQ
DGH&D2 FRQUHVSHFWRDORVVyOLGRV Dƒ&RPHQRV\GHMDUHSRVDUFXDQGRPHQRV
GXUDQWHPLQXWRV

&8%26<7$%/(7$6

/RVSURGXFWRVGHD]~FDUSUHQVDGRV\PROGHDGRVOOHYDQQRPEUHVWDOHVFRPRD]~FDUGHFXER
D]~FDU GH SDQ SDVWLOOD \ FXERV GH FyFWHO 0XFKRV GH ORV QRPEUHV DSOLFDGRV DO D]~FDU GH
FXER VH GHULYDQ GHO QRPEUH GHO LQYHQWRU GHO SURFHVR R GHO HTXLSR XWLOL]DGR HQ HO PLVPR
SRU HMHPSOR ORV FXERV $GDQW \ FXERV YLEUR  /D DSDULHQFLD \ ODV SURSLHGDGHV ItVLFDV GHO
SURGXFWR ILQDO GHSHQGHQ GHO WLSR GH PROGHDGR TXH VH XWLOLFH /RV FXERV IRUPDGRV SRU
FRPSUHVLyQ +HUVH\ (OED  VRQ SRU OR JHQHUDO PiV GXURV \ WLHQHQ ERUGHV \ HVTXLQDV PiV
DILODGRV TXH ORV IRUPDGRV HQ XQ ERUGH YLEUDWRULR SURFHVR 66$  /D GXUH]D \ GHQVLGDG
GHSHQGHQ GHO FRQWHQLGR GH KXPHGDG HO WDPDxR GHO FULVWDO \ OD FDOLGDG GHO D]~FDU
DOLPHQWDGR %HWDN \ 0LNXV HVWXGLDURQ ORV HIHFWRV GH OD SRURVLGDG \ OD JUDQXORPHWUtD GHO
D]~FDUGHFXERDVtFRPRORVGHOFRQWHQLGRGHKXPHGDGGHOD]~FDUKXPHGR\HOWLHPSRGH
PH]FODGR VREUH OD UHVLVWHQFLD PHFiQLFD GHO FXER K~PHGR \ HO WLHPSR GH GLVROXFLyQ \ OD
DEUDVLyQGHOFXERVHFR(QFRQWUDURQTXHEDMRODSUHVLyQSHUPLVLEOH 0SD ORVFXERVGH
EXHQDFDOLGDGGHEHQSUHVHQWDUGHDGHSRURVLGDG$FRQWLQXDFLyQVHGHVFULEHQORV
SURFHGLPLHQWRVGHHODERUDFLyQTXHVHXWLOL]DQJHQHUDOPHQWH

Tambor Hersey. (OWDPERU+HUVH\SUHVHQWDHQODSHULIHULDGHOPLVPRFiPDUDVPDTXLQDGDV
FRQSUHFLVLyQSDUDUHFLELUHOD]~FDUK~PHGR FRQGHKXPHGDGDSUR[LPDGDPHQWH HQ
OD SDUWH LQIHULRUGHODUHYROXFLyQXQRVSLVWRQHVPyYLOHVHPSXMDQDORVFXERVSDUDTXH VH
GHSRVLWHQVREUHEDQGHMDVPHWiOLFDV$FRQWLQXDFLyQODVEDQGHMDVFDUJDGDVGHFXERVSDVDQ
HQIRUPDFRQWLQXDDWUDYpVGHXQDFiPDUDJUDQGH\WLELDSDUDSURFHGHUDOVHFDGRSRUDLUHR
ELHQ VH FRORFDQ VREUH HVWDQWHV \ VH GHMDQ HQ KRUQRV GH VHFDGR KDVWD TXH DOFDQFHQ XQD
KXPHGDGPHQRUGHO

/RWDPERUHVGHORVFXERVVRQPX\VHQVLEOHVDORVGLYHUVRVDMXVWHVPHFiQLFRV\XQDEXHQD
RSHUDFLyQUHTXLHUHTXHWRGRVORVDMXVWHVVHHIHFW~HQFRQSUHFLVLyQ SURIXQGLGDGGHOPROGH
SLVWyQHOHYDFLyQGHOFRQGXFWRUGHEDQGHMDVHWF 
/D FDSDFLGDG GH XQ WDPERU GH ORV FXERV VRQ PX\ VHQVLEOHV D ORV GLYHUVRV DMXVWHV
PHFiQLFRV\XQDEXHQDRSHUDFLyQUHTXLHUHTXHWRGRVORVDMXVWHVVHHIHFW~HQFRQSUHFLVLyQ
SURIXQGLGDGGHOPROGHUHODFLyQGHFRPSUHVLyQOHYDVGHGHVFDUJDiQJXORGHODSODFDGH
FDUJDJXtDVGHH[WRUVLyQGHOSLVWyQHOHYDFLyQGHOFRQGXFWRUGHEDQGHMDVHWF 


 
,QGLFH















 
,QGLFH

/DFDSDFLGDGGHXQWDPERU+HUVH\HQHOFDVRGHFXERVGHSXOJ FP DUSP


HVGH[FXERVSRUUHYROXFLyQ FXERVPLQ

Método vibro. (OSURFHGLPLHQWR66$SDUDIDEULFDUFXERVGHD]~FDUGHVDUUROODGRVSRUOD
6ZHGLVK 6XJDU &RUSRUDWLRQ VH FRQRFH FRUULHQWHPHQWH FRPR PpWRGR YLEUR GHELGR D TXH
XWLOL]D XQD DFFLyQ YLEUDWRULR SDUD PROGHDU ORV FXERV (O LQYHQWRU $NH %ULFK/HQVHQ
SURSRUFLRQD XQD GHWDOODGD GHVFULSFLyQ GHO SURFHVR HQ 6FMHU +DQGOLQJDU ,, YRO  Q~P 
 
0iVUHFLHQWHPHQWH6KSDN\+XPPGLVFXWLHURQVXRSHUDFLyQHQOD& +6XJDU&RPSDQ\
(QHOSURFHVRYLEUR ILJ VHPH]FODD]~FDUJUDQXODGRVHFRFRQDGHDJXDVREUH
XQDEDVHGHRSHUDFLyQSRUORWHOXHJRVHDOLPHQWDSRUXQFDQDOKDVWDXQDXQLGDGGHPROGHR
/RVHOHPHQWRVGHPROGHRVRQEDUUDVUHFWDQJXODUHVGHXQDDOHDFLyQHVSHFLDOUHFXELHUWDFRQ
WHIOyQ FDGDHOHPHQWRFRQWLHQHYDULDVFiPDUDVHOQ~PHURGHSHQGHGHOWDPDxRHOFXER GH
D]~FDU TXH VH PROGHD $OUHGHGRU GH  GH HVWRV HOHPHQWRV IRUPDQ XQD FXUYD FHUUDGD
FRQWLQXD HQ OD PDTXLQD GH PROGHDU (O OOHQDGR GH ODV FiPDUDV FRQ HO D]~FDU K~PHGR VH
HIHFW~D SRU OD YLEUDFLyQ KRUL]RQWDO GH ORV HOHPHQWRV PHGLDQWH YLEUDGRUHV HOpFWULFRV /D
GHVFDUJD GH ORV FXERV PROGHDGRV WLHQH OXJDU FRQIRUPH ORV HOHPHQWRV VRQ HOHYDGRV \ VH
KDUiQYLEUDUVLPXOWiQHDPHQWHHQIRUPDYHUWLFDOPHGLDQWHRWURYLEUDGRU/RVFXERVVDOHQGH
ODVFiPDUDV\FDHQVREUHXQDEDQGDVLQItQGHDFHUR

/RV FXERV K~PHGRV VREUH OD EDQGD GH WUDQVSRUWH SDVDQ D WUDYpV GH GRV KRUQRV VHFDGRUHV
GLHOpFWULFRV (O XVR GH HQHUJtD HOpFWULFD GH DOWD IUHFXHQFLD PLFURRQGDV  HQ HVWD HWDSD
FDOLHQWD ORVFXERVUiSLGD \XQLIRUPHPHQWHGHSDUWHDSDUWH /RVFXERV FDOHQWDGRVSXHGHQ
SDVDUHQWRQFHVDWUDYpVGHXQRRGRVW~QHOHVVHFDGRUHVGHDLUHFDOLHQWHVHJXLGRGHXQFRUWR
UHFRUULGRSRUXQDVHFFLyQGHHQIULDPLHQWRDILQGHUHGXFLUODKXPHGDGGHORVFXERVDPHQRV
GHODQWHVGHHPSDFDU(OWLHPSRWRWDOTXHSDVDQORVFXERVVREUHODEDQGDFRQGXFWRUD
HVGHDPLQ\ODWDVDGHSURGXFFLyQHVGHDOE D.J SRUPLQXWR

Proceso Chambón (O SURFHVR FKDPEyQ GH 0DFKLQHV &KDPERQ 3DULV )UDQFLD HV XQ
VLVWHPD LQWHJUDGR SDUD OD SURGXFFLyQ \ HPSDTXHWDGR DXWRPiWLFR GHO D]~FDU SUHQVDGR 6H
SXHGH XWLOL]DU \D VHD D]~FDU FHQWULIXJDGR K~PHGR R ELHQ D]~FDU JUDQXODGR YXHOWD D
KXPHGHFHU FRQ XQD KXPHGDG GH  D  SHUR VH SUHILHUH HVWH ~OWLPR GHELGR DO PHMRU
FRQWURO GH OD KXPHGDG 6H XWLOL]D SDUD SUHQVDU HO D]~FDU XQ WDPERU GH PROGHR TXH VH
DVHPHMD EDVWDQWH D XQ PRWRU +HUVH\ SHUR TXH HV PHFiQLFDPHQWH GLIHUHQWH 3DUD VHFDU HO
D]~FDUVHHPSOHDXQVHFDGRUGHDLUHDOLHQWHGHOWLSRGHFRQYHFFLyQTXHWLHQHXQUHFRUULGR
DVFHQGHQWH\XQRGHVFHQGHQWH\XQSDVRKRUL]RQWDOHQODSDUWHVXSHULRU/DDOWXUDWRWDOHVGH
SLHV P \HOWLHPSRGHUHVLGHQFLDHVGHDPLQ/RVFXERVGHD]~FDUGHVFDUJDGR
SDVDQHQVHJXLGDDODXQLGDGGHHPSDTXH/DFDSDFLGDGGHOVLVWHPDHVGHDOE D
.J GHD]~FDUSUHQVDGRSRUPLQXWR

 
,QGLFH

FXERV\WDEOHWDVFRQSURGXFFLRQHVSRUKRUDGHDOE .J GHD]~FDU


Proceso Elba./D(OED0DFKLQHIDEULHNHQ19GH+RODQGDIiEULFDPDTXLQDVSDUDSURGXFLU

8Q PRGHORWLHQHXQWDPERUHVWUHFKRFRQXQDVRODILODGHFiPDUDVGHPROGHR \DVHDSDUD


FXERVRWDEOHWDV8QDDSOLFDFLyQWtSLFDFRQVLVWHHQXQDXQLGDGFRQFiPDUDVTXHRSHUDD
USP\SURGXFHFXERVSRUPLQXWRGHXQDGLPHQVLyQGHSXOJDGDV FP /D
XQLGDG WLHQH XQD WROYD RVFLODQWH SDUD HO D]~FDU \ XQ VXPLQLVWUR FRQWURODGR GH D]~FDU VH
DOLPHQWDDXQDFiPDUDGHPH]FODUHODWLYDPHQWHSHTXHxDMXQWRFRQXQDFDQWLGDGPHGLGDGH
DJXD (O D]~FDU K~PHGR FRQ XQ FRQWHQLGR GHO  DO  VH SUHVHQWD HQ HO WDPERU GH
PROGHR VH GHVFDUJD D XQD HVWUHFKD EDQGD FRQGXFWRUD GH KXOH OXHJR VH HPSXMD KDFLD XQD
EDQGDGHPDOODGHDFHUR/RVFXERVSDVDQDWUDYpVGHXQVHFDGRULQIUDUURMR\OXHJRSRUXQD
VHFFLyQGHHQIULDPLHQWRDQWHVGHVHUHPSDTXHWDGD

/DILJXUDPXHVWUDXQVLVWHPDGHVHFDGRHQHVSLUD WLSR7' HOFXDOWLHQHXQDFDSDFLGDG
GHNJK OEK /DSURGXFFLyQGHFXERVSXHGHDKRUDVHUDXWRPDWL]DGD
GHVGHODSURGXFFLyQKDVWDHOHPSDTXH

(OPpWRGR$GDQWHVRWURSURFHGLPLHQWRPX\FRQRFLGR'HELGRDODOWRFRVWRGHOHTXLSR\OD
PDQR GH REUD TXH UHTXLHUH 7LUOHPRQW GH %pOJLFD HV XQD GH ODV XOWLPDV UHILQHUtDV TXH
WRGDYtDXWLOL]DQHVWHPpWRGRSHUR\DHVWiFDPELDGRDXQQXHYRVLVWHPD

Azúcar Amorfo. (OD]~FDUDPRUIRHVSRFRFRQRFLGRIXHUDGH %UDVLO(O FRORUGHOD]~FDU
DPRUIR HV LJXDO DO GHO D]~FDU UHILQDGR SHUR GLIHUHQWH HQ FXDQWR D FHQL]D D]~FDUHV
LQYHUWLGRVKXPHGDGIRUPDGHOFULVWDOGHQVLGDGDSDUHQWH \iQJXORGHUHSRVR(OSURGXFWR
SURFHGHQWHGH%UDVLOSUHVHQWD3ROGHDFHQL]DGHDD]~FDULQYHUWLGR
GHD\KXPHGDGGHD/RVJUDQRVEODQFRVEULOODQWHV\DJORPHUDGRV
OH FRQILHUHQ XQD DSDULHQFLD DJUDGDEOH $ FDXVD GH OD HOHYDGD UHODFLyQ HQWUH HO iUHD
VXSHUILFLDO\HOSHVRVHGLVXHOYHFRQIDFLOLGDG(OD]~FDUDPRUIRQHFHVLWDXQDGHFRORUDFLyQ
DGLFLRQDO GHO   GHELGR D TXH DO HIHFWXDU OD HEXOOLFLyQ HQ HO WDFKR VH REWLHQH XQ
UHQGLPLHQWRGHOVLQVHSDUDFLyQFHQWUtIXJDGHOMDUDEH

(Q OD SURGXFFLyQ GH D]~FDU UHILQDGR DPRUIR OD ~QLFD GLIHUHQFLD TXH VH HQFXHQWUD FRQ OD
SURGXFFLyQGHJUDQXODGRHVTXHHQHOFDVRGHDPRUIRQRKD\HVWDFLyQGHFHQWULIXJDGRVLQR
TXH KD\ XQ WDFKR DELHUWR D OD SUHVLyQ DWPRVIpULFD VHJXLGR GH XQ EDWLGRU FRQ EUD]RV
URWDWRULRV TXH JLUDQ HQWUH  \  USP SDUD SURGXFLU XQD PDVD DPRUID FRQ
DSUR[LPDGDPHQWHGHKXPHGDG\WHPSHUDWXUDGHDƒ&/XHJRVHVHFD\HQIUtDSRU
PHGLRGHXQVHFDGRUGHOWLSRGHWDPERUSDUDHYDSRUDUGHKXPHGDG\HQIULDUORDXQD
WHPSHUDWXUDHQWUH\ƒ&HQHODLUHDPELHQWH


 
,QGLFH

(O D]~FDU DPRUIR WLHQH XQ iQJXOR GH UHSRVR HQWUH HO GHO D]~FDU UHILQDGR JUDQXODGR \ GHO
D]~FDUFUXGR6LQHPEDUJRDFDXVDGHVXVFDUDFWHUtVWLFDVDOWDPHQWHKLJURVFySLFDHOD]~FDU
DPRUIRVHWLHQHTXHHPSDTXHWDUHQHQYDVHVKHUPpWLFRVWDQSURQWRFRPRVHSURGXFH
3RZHUVGLVFXWHODIRUPDFLyQGHOYHUGDGHURD]~FDUDPRUIRHQGLIHUHQWHVFRQGLFLRQHVItVLFDV
$PRUIRTXLHUHGHFLUVLQIRUPD3HURHOD]~FDUDPRUIRSURGXFLGRHQ%UDVLOHVHQUHDOLGDGXQ
D]~FDUPLFURFULVWDOLQRRHQSDVWD )RQGDQW 

(O D]~FDU DPRUIR VH KD SURGXFLGR HQ %UDVLO GHVGH FRPLHQ]R GH OD FHQWXULD \ SHUPDQHFLy
FRPR XQD LQGXVWULD DUWHVDQDO \ HPStULFD KDVWD ORV DxRV  'HVSXpV GH HVWD IHFKD VH
LQWURGXMRXQDQXHYDWHFQRORJtDHQHOSURFHVRXViQGRVHiFLGRIRVIyULFR\FDUEyQGHKXHVRHQ
OXJDUGHVDQJUHGHEXH\
$ SDUWLU GH OD GpFDGD GH  OD DFWLYLGDG GH OD UHILQDFLyQ VH PRGHUQL]y \ OD WHFQRORJtD
SDUDHOD]~FDUUHILQRIXHLQWURGXFLGDSDUDHOD]~FDUDPRUIR

• )ORWDFLyQ
• )LOWUDFLyQDSUHVLyQ
• 0HMRUDPLHQWRHQHOXVRGHOFDUEyQGHKXHVR

(O WDFKR DELHUWR \ OD EDWLGRUD IXHURQ RSWLPL]DGRV SURGXFLpQGRVH DFWXDOPHQWH HO D]~FDU
DPRUIRFRQVXILFLHQWHFDOLGDGKDVWDSDUDVXVWLWXLUHOD]~FDUEODQFRGLUHFWR\FRPSLWHFRQHO
D]~FDU JUDQXODGR /D QHFHVLGDG GH PHMRUDU OD FDOLGDG KL]R TXH ORV UHILQDGRUHV DGRSWDUDQ
WRGDV ODV WpFQLFDV QXHYDV GHVDUUROODGDV GXUDQWH OD GpFDGD GH  WDO FRPR HO SURFHVR
7DORIORF \ HO XVR LQWHQVLYR GH ODV UHVLQDV GH LQWHUFDPELR LyQLFR DPEDV DFUtOLFDV \
HVWLUpQLFDV
(Q%UDVLOVHSURGXFHQXQRV[ WRQVGHD]~FDUDPRUIRDODxR


(O D]~FDU DPRUIR VH SURGXFH SRU HYDSRUDFLyQ GLUHFWD GHO OLFRU ILOWUDGR KDVWD ƒ%[ \ VX
VXEVHFXHQWH UiSLGD FULVWDOL]DFLyQ EDMR DJLWDFLyQ LQWHQVLYD (O FDORU GH FULVWDOL]DFLyQ HV
VXILFLHQWHSDUDHYDSRUDUHODJXDUHVLGXDO \VHIRUPDXQSURGXFWRPLFURFULVWDOLQRFRQXQD
$0GHVGHPP&RPRQRKD\VHSDUDFLyQGHODPLHOPDGUHHVQHFHVDULRHPSOHDU
OLFRUHV GH EDMR FRORU   PDX  FRQ XQ PtQLPR GH LPSXUH]DV \ FRQWHQLGR GH D]XFDUHV
UHGXFWRUHVEDMR  
/DDOWDWHPSHUDWXUDHOHYDHOFRORUHOFXDOVHHOLPLQDFRQHOXVRGHSHTXHxDVFDQWLGDGHVGH
KLGURVXOILWRGHVRGLR

/DYHQWDMDVGHIDEULFDUD]~FDUDPRUIRVRQ

 EDMRFRVWRGHFDSLWDO
 SURGXFFLyQSRUHTXLSRDOWD WRQGtDSODQWD 
 EDMRFRQVXPRGHYDSRU .JWRQD]~FDU 

 
,QGLFH

 EDMDSRWHQFLDUHTXHULGD .ZKWRQ 


 EDMRFRVWRGHPDQRGHREUD
 SURFHVRUiSLGRSDUDDUUDQFDU\SDUDU
 iUHDGHGHUHQGLPLHQWR
 UHTXHULPLHQWRGHiUHDVSHTXHxDV
 QRDIOXHQWHV
IiFLORSHUDFLyQ\PDQWHQLPLHQWR
SURFHVRDXWRPiWLFRWRWDO
QRSURGXFFLyQGHPLHOILQDO

/D ILJXUD  PXHVWUD XQ GLDJUDPD GH IOXMR GH XQD SODQWD GH D]~FDU DPRUIR GH 
WRQGtD


2SHUDFLyQ'HVFULSWLYD
&RQFHQWUDGRU

(O YDSRU GHO WDFKR HO EDWLGRU \ HO WDQTXH GH QLYHO VH FROHFWD \ HQYtD D XQ HYDSRUDGRU GH
SHOtFXODGHVFHQGHQWHRGHOWLSRGHSODFDVDVLPSOHHIHFWR/DWHPSHUDWXUDGHHVRVYDSRUHV
TXHHVGHXQRVƒ&HVVXILFLHQWHSDUDHYDSRUDUDOUHGHGRUGHOGHODJXDHOHYDQGRHO
%UL[LQLFLDOKDVWDƒ%[1RKD\ULHVJRGHFULVWDOL]DFLyQFRQWDOƒ%[\DTXHXQDYH]HQHO
WDFKRHOOLFRUGHEHFDOHQWDUVHKDVWDƒ&GLVROYLpQGRVHFXDOTXLHUFULVWDOH[LVWHQWH
8Q LQWHUFDPELDGRUGHFDORUGHSODFDVSUH FDOLHQWDHOOLFRUUHFREUDQGRSDUWHGHODHQHUJtD
GHO YDSRUGHOFRQGHQVDGR'HVSXpVGHXQWUDWDPLHQWRQHXWUDOL]DQWHQHFHVDULRGHELGRD OD
GHVFRPSRVLFLyQGHOKLGURVXOILWRGHVRGLRHVWHFRQGHQVDGRVHXVDSDUDFDOHQWDUHODJXD GH
ODYDGRTXHSXHGHVHUXVDGDHQORVILOWURVRHQODVUHVLQDV

7DQTXHGHFRQWUROGHQLYHO

7RGRHOSURFHVRGHD]~FDUDPRUIRRSHUDHQHOVLVWHPDGHFDUJD EDWFK \FDGDWHPSODWRPD
XQWLHPSRGHFRFLQDGRGHDPLQXWRV(OOLFRUFRQFHQWUDGRVHDOLPHQWDDXQWDQTXHGH
FRQWUROGHQLYHODWUDYpVGHXQFRQWURODXWRPiWLFRGHQLYHO(OWDQTXHHVWiSURYLVWRFRQXQ
MXHJRGHVHUSHQWLQHVGHWXERVFDOHQWDGRVFRQYDSRUGHSVLJ\XQFRQWURODXWRPiWLFRGH
WHPSHUDWXUDSDUDDOFDQ]DUƒ&
/DFDUJDGHOLFRUGHOLWURVVHDMXVWDDODFDSDFLGDGGHOWDFKR(QHOQLYHOPiVDOWRHO
OLFRUHVUHFLUFXODGRDOFRQFHQWUDGRUSDUDRSWLPL]DUHOUHFREUDGRGHYDSRUGHVGHHOWDFKRHQ
IRUPDGHVXIOXFWXDFLyQ

 
,QGLFH

/DGRVLILFDFLyQGHKLGURVXOILWRGHVRGLRVHKDFHHQHVWDHWDSDXVDQGRODFDQWLGDGVXILFLHQWH
SDUDDOFDQ]DUXQFRQWHQLGRUHVLGXDOGH62 GHSSPFRPRPi[LPRSHUPLWLGRSRUODOH\
HQODSUiFWLFDHOFRQWHQLGRRVFLODGHSSPGH62 





7$&+2$%,(572

(YDSRUDGRU DWPRVIpULFR GH  OLWURV GH FDSDFLGDG  JDORQHV  GH  P GH GLiPHWUR
¶ HTXLSDGRFRQVHUSHQWLQHVGHWXERVGHFREUHGH´GHGLiPHWUR\P  S 
 

GHVXSHUILFLHFDORULFD
$OUHFLELUOLFRUGHVGHHOWDQTXHGHFRQWUROGHQLYHOODYiOYXODGHYDSRUVHDEUH\FRPLHQ]DHO
FRFLQDGRGXUDQWH¶¶FRQYDSRUGHSVLJ
(OFRUWRSHUtRGRGHFRFLQDGR\DOWDFLUFXODFLyQHQHOWDFKRSHUPLWHODRSHUDFLyQFRQOLFRU
GH KDVWD ƒ& FRQ EDMD IRUPDFLyQ GH FRORU 6H XVD KLGURVXOILWR GH VRGLGR D UD]yQ GH
JWRQSDUDPDQWHQHUHOQLYHOGHFRORUHQPDX(OSHTXHxRFRQWHQLGRUHVLGXDOGH62 
QRFDXVDSUREOHPDVGHUHWURIRUPDFLyQGHFRORU


8QD GH ODV FDUDFWHUtVWLFDV GHO WDFKR HV HO UiSLGR FRQVXPR GH YDSRU D SHVDU GHO FRQVXPR
SURPHGLR UHGXFLGR HYLGHQFLDGR HQ OD ILJXUD  &RQ XQ FRHILFLHQWH GH WUDQVPLVLyQ GHO
FDORU GH KDVWD  .FDOKPƒ& HQ HO FRPLHQ]R GHO FRFLQDGR WDO UD]yQ GHEH VHU
HVSHUDGD
/DRSHUDFLyQGHEHVHUVLPXOWiQHDGHYDULRVWDFKRVKDVWDXQLGDGHVHQXQDSODQWDFRQWUROD
DXWRPiWLFDPHQWH GH IRUPD TXH HO DUUDQTXH GH FDGD XQLGDG RFXUUD HQ IRUPD GH VHFXHQFLD
SDUDHYLWDUORVWLSRVGHFRQVXPRGHYDSRU
(O FRQWURO GHO FRFLQDGR VH KDFH SRU WHPSHUDWXUD PRQLWRUHDGR SRU XQ VLVWHPD GH 3/&
HTXLSDGRFRQXQVRIWZDUHHVSHFLDO(ORSHUDGRUVRODPHQWHQHFHVLWDVXSHUYLVDUORVHTXLSRV

%$7,'25$

/D EDWLGRUD HV XQ FULVWDOL]DGRU YHUWLFDO HTXLSDGR FRQ FXDWUR EUD]RV FUX]DGRV SDUD OD
DJLWDFLyQLQWHQVLYDGHODPDVDUSPGHYHORFLGDGFRQVWDQWH\.Z8QGLVHxRHVSHFLDO
SURYHH HO PRYLPLHQWR QHFHVDULR SDUD OD FULVWDOL]DFLyQ UiSLGD $O HQIULDUVH OD PDVD
VREUHVDWXUDGDGHVFDUJDGDSRUHOWDFKRFRPLHQ]DUiSLGDPHQWHDFULVWDOL]DUIRPHQWDGDSRUOD
LQPHQVDFDQWLGDGGHQ~FOHRVSURFHGHQWHVGHODWHPSODDQWHULRU(OFDORUGHFULVWDOL]DFLyQHV
VXILFLHQWHSDUDHYDSRUDUHODJXDUHVLGXDOWRPDQGROXJDUXQDWUDQVIRUPDFLyQWRWDODD]~FDU
DPRUIR HQ ´ SHUR OD EDWLFLyQ FRQWLQXD GXUDQWH  ¶¶ PiV FRQ HO SURSyVLWR GH
HQIULDPLHQWR \ DMXVWH GHO WDPDxR GH JUDQR /D GHVFDUJD DO VLVWHPD GH VHFDGR  \
HQIULDPLHQWRVHHIHFW~DGHXQDIRUPDFRQWURODGDPHGLDQWHXQDFRPSXHUWDODWHUDO(OD]~FDU
VHGHVFDUJDDƒ&



 
,QGLFH

7DPL]5RWDWRULR

6HXVDGHELGRDTXHODFULVWDOL]DFLyQUiSLGDDOGLVHxRGHORVEUD]RVDOUHGXFLGRFRQWHQLGR
GHD]~FDUHQODPLHOPDGUH\DOUHWRUQRGHFRQGHQVDGRGHVGHODWRUUHKD\XQDIRUPDFLyQGH
WHUURQHVTXHYDUtDGHVGHXQRVSRFRVPLOtPHWURVKDVWD´D´
8Q VHFDGRU URWDWRULR HTXLSDGR FRQ XQ WDPL] HVSHFLDO GH ò´ GH PHVK HQ XQ H[WUHPR GHO
VHFDGRU UHWLHQH ORV WHUURQHV JUDQGHV SHUPLWLHQGR XQ UHQGLPLHQWR PHMRU GHO VHFDGRU \ HO
HQIULDGRU\SURWHJLHQGRDOWDPL]YLEUDWRULRGHGDxRV

6HFDGRU
(VGHOWLSRGHFLQWDGHGREOHFXUYDGHPGHGLiPHWUR\PGHORQJLWXG&DOFXODGRSDUD
REWHQHUXQDKXPHGDGILQDOGHODWHPSHUDWXUDGHGHVFDUJDHVGHƒ&

(QIULDGRU
6LPLODUDOVHFDGRU/DWHPSHUDWXUDGHOD]~FDUDODVDOLGDHVGHƒ&HQYDULDVLQVWDODFLRQHV
VHXVDXQHQIULDGRUGHFDPDVHPLIOXLGDDOFDQ]DQGRHOD]~FDUDODVDOLGDXQRVƒ&+D\
LQVWDODFLRQHVTXHXVDQDLUHIUtRGHVKXPLGLILFDGR

7DPL]YLEUDWRULR
(VGHDFHURLQR[LGDEOHGHPHVKSDUDVHSDUDUORVWHUURQHVSHTXHxRV

0ROLQRGH7HUURQHV
7RGRVORVWHUURQHVGHORVWDPLFHVVRQSURFHVDGRVHQXQPROLQRSDUDSXOYHUL]DUHOD]~FDUOD
FXDOVHUHWRUQDDOSURFHVRFRPRD]~FDUDPRUIDRVHHPSOHDFRPR,FLQJ6XJDUGHSQGLHQGR
GHOPHUFDGR

&LFOyQ/DYDGRU
(ODLUHGHOVHFDGRU\HQIULDGRUVHSDVDSRUXQFLFOyQSDUDVHSDUDUHO,FLQJ6XJDUODFXDOHV
HPSDFDGD/RVJDVHVGHOFLFOyQVHODYDQ\HOVLURSHGHD]~FDUREWHQLGRVHXVDQFRPRDJXDV
GXOFHVHQHOGLVROXWRU

&RQWURO$XWRPiWLFR
7RGRHOHTXLSRHVWiFRQWURODGRSRU3/&GDQGRGHWHPSODVFRQVXPRGHYDSRUYROXPHQ
GHOLFRUWHPSHUDWXUDHWF

(PSDTXH
(QHOSDVDGRWRGDHOD]~FDUDPRUIRVHHPSDTXHWDEDHQEROVDVGHSDSHO.UDIWEODQFRGH
\.J(QHOSUHVHQWHHOD]~FDUVHHPSDFDHQEROVDVGHSROLHWLOHQRGHEDMDGHQVLGDG\HQ
DOJXQDVIiEULFDVXVDQSROLHWLOHQRFRQOLQHUSDUDHPEDUTXHVGHODUJDGLVWDQFLD

 
,QGLFH

 
,QGLFH

 
,QGLFH
















 
,QGLFH

7HQGHQFLDVIXWXUDV
/DRSWLPL]DFLyQHLQYHUVLRQHVHQHOGHVDUUROORGHQXHYDVWHFQRORJtDVKDFHSRVLEOHSURYHHU
TXHVHSURGX]FDQORVVLJLHQWHVFDPELRV

• &RQFHQWUDGRUDP~OWLSOHHIHFWRFRQYDSRUFRPSULPLGR
• %DMDWHPSHUDWXUDGHFRFLQDGR
• %DWLGRUDOYDFtR
• 6HFDGRU\HQIULDGRUGHFDPDIOXLGL]DGD
• 7UDQVSRUWDFLyQQHXPiWLFD
• $LUHGHVKXPLGLILFDGR


0,(/(6'(5(),1(5Ë$ QRD]XIUDGDV 
/DVPLHOHVGHUHILQHUtDHQJHQHUDOSXHGHQVHUGHILQLGDVFRPRHOH[WUDFWRFRQFHQWUDGRGHOD
FDxDGHD]~FDUTXHHVFODULILFDGD\FRQFHQWUDGD3XGLHQGRVHUXQDPH]FODGHYDULDPLHOHV
VHOHFFLRQDGD SDUD VX SHUILO GH VDERU HVSHFtILFR 8QD GH ODV PLHOHV FRPHUFLDOHV WLHQH OD
FRPSRVLFLyQGDGRHQODWDEOD

$=Ò&$5&$1'(
'XUDQWH VLJORV VH KD UHFRQRFLGR TXH HO D]~FDU FDQGH R FDQGL SRVHH XQD FXDOLGDG
LQGHVFULSWLEOHTXHDOLYLDODLUULWDFLyQGHODJDUJDQWD
(O D]~FDU FDQGH VH IDEULFD \D VHD HQ HO KRJDU R FRPHUFLDOPHQWH YHUWLHQGR XQD VROXFLyQ
FDOLHQWH\VDWXUDGDGHD]~FDUUHILQDGRHQXQWDQTXHTXHFRQWLHQHXQDUHGGHILQRVFRUGHOHV
&RQIRUPHODVROXFLyQVHHQIUtDOHQWDPHQWHGXUDQWHXQSHUtRGRGHGtDVHOD]~FDUFULVWDOLQD
VREUHORVFRUGHOHV\ORVODGRV\HOIRQGRGHOWDQTXHORVFULVWDOHVYDUtDQHQWDPDxRDOJXQRV
WLHQHQPiVGHGRVFPGHODUJR(VWRVVHYHQGHQ\DVHDILMRVDORVFRUGHOHVRVXHOWRV\VH
XWLOL]DQ HQ UHSRVWHUtD FRPR GXOFLILFDQWH R SDUD OD GHFRUDFLyQ GH ELVFRFKRV \ SDVWHOHV
WRGDYtDVRQSRSXODUHVHQPXFKRVSDtVHVFRPRUHPHGLRSDUDORVUHVIULDGRV\ODWRV

7$%/$



6DERU    FRPSOHWRPLHOHVULFDV
&DORU    FDVWDxRURML]RSURIXQGR
%UL[     
 VDFDURVD   
 LQYHUWLGR   

 
,QGLFH

 FHQL]D   
 S+    
 S+    
 OEJDOyQ   
 OE6ROJDOyQ   
 YLVFRFLGDGFSVDƒ& 


 0LFURELRORJtD

 /HYDGXUDJ   
 0RKRVJ   
0HVRILOLFDVJ   

$=Ò&$5025(1$)/8,'$<6,1$3(/0$=$5&(

(OD]~FDUPRUHQDVXDYHGHVFULWDDQWHULRUPHQWHVHKDFHFRQFULVWDOHVGHD]~FDUFXELHUWDVFRQ
XQD FDSD GH PLHOHV (VWH D]~FDU VH VHFD HQGXUHFH \ VH DSHOPD]D GHELGR D OD SHUGLGD GH
KXPHGDG HQ HO DOPDFHQDMH SDUWLFXODUPHQWH GHVSXpV TXH HO HQYDVH RULJLQDO VH URPSH /D
'RPLQR6XJDU&RUSRUDWLRQKDGHVDUUROODGRXQSURFHVRSDUDSURGXFLUD]~FDUIOXLGD \TXH
QRVHDSHOPD]DD~QGHVSXpVGHODUJRVSHUtRGRVGHDOPDFHQDMH(VWRVHORJUDEDViQGRVHHQ
HO SURFHVR  GH WUDQVIRUPDFLyQ DQWHV GHVFULWR /RV GRV WLSRV GH D]~FDU OD JUDQXODGD \ HQ
SROYRPRUHQDVHVWiQGLVSRQLEOHVFRPHUFLDOPHQWH

/D HVWUXFWXUD ItVLFD GH HVWD D]~FDU HV ~QLFD HQ TXH FDGD JUiQXOR FRQVLVWH GH PXFKRV
FULVWDOHV MXQWRV HQ XQD HVWUXFWXUD SRURVD  FRPR XQD HVSRQMD (VWD HVWUXFWXUD HV OD
UHVSRQVDEOHGHPXFKDVHODVSURSLHGDGHVIXQFLRQDOHVHQODDSOLFDFLyQSDUDORVDOLPHQWRV
(O SURGXFWRFRQVLVWHGH GHVDFDURVDGHD]~FDULQYHUWLGR GHKXPHGDG FRQ
XQDGHQVLGDGDJUDQHOGHOE3 /DVDSOLFDFLRQHVVXJHULGDVSDUDHVWHSURGXFWRHVWiQHQ


ODV iUHDV GH PH]FODV GH SDVWHOHV JDOOHWDV HVSHFLDV VDERUHV LFLQJ FUHPDV IRQGDQWV \
WRSSLQJV(OQRPEUHFRPHUFLDOGHHVWHSURGXFWRHV%URZQXODWHG

*5È18/26'($=Ò&$51$785$/(6

/D SREODFLyQ HQ JHQHUDO FRQVLGHUD TXH ORV VLURSHV GH PLHOHV PLHO GH DEHMD  \ PDSOH VRQ
HQGXO]DGRUHV VDOXGDEOHV (VWRV SURGXFWRV GLVIUXWDQ GH XQD JUDQ SRSXODULGDG FRPR
HQGXO]DGRUHV /DV UD]RQHV SDUD HOOR VH GHEH DO UHVXUJLPLHQWR  GH ORV DOLPHQWRV QDWXUDOHV
VDOXGDEOHV FRPR VXVWLWXWRV GHO D]~FDU UHILQDGR 6LQ HPEDUJR ODV PLHOHV GH DEHMD  \ HO
VLURSHGHPDSOHFRPRVRQPX\HVSHVRVWLHQHQGHVYHQWDMDVHQVXPDQHMR\DOPDFHQDMH$Vt

 
,QGLFH

WDPELpQ SUHVHQWDQ GLILFXOWDGHV DO WUDWDU GH LQFRUSRUDUOR FRQ RWURV LQJUHGLHQWHV HQ XQD
PH]FODVHFD\SRUORWDQWRODDSOLFDFLyQH[WHQVLYDGHHVRVLQJUHGLHQWHVHQODIDEULFDFLyQGH
DOLPHQWRV HVWi UHVWULQJLGD 3RU HVDV UD]RQHV OD 'RPLQR 6XJDU &RUSRUDWLRQ GHVDUUROOy
JUiQXORVGHD]~FDUQDWXUDOHVEDMRHOQRPEUHGH4ZLN)OR

(VRV SURGXFWRVVRQKHFKRVFRPELQDGRVPLHOGHDEHMDPLHOHVRVLURSHGHPDSOHFRQXQD
FRUULHQWHGHVLURSHHQSURFHVRGHVGHODUHILQHUtDSRUHOSURFHVRGHFRFULVWDOL]DFLyQ
/RVSURGXFWRVJHQHUDOPHQWHHVWiQHQODIRUPD

 VHFDJUDQXODGDGHIOXLGH]OLEUH\HQXQDIRUPDTXHQRVHDSHOPD]D
 VLVWHPDVOtTXLGRVLQVWDQWiQHRVROXEOH
 &RPSXHVWDVGHLQJUHGLHQWHVQDWXUDOHV
 7LHQHQSURSLHGDGHVIXQFLRQDOHVHQODVDSOLFDFLRQHVGHDOLPHQWRV


*5È18/26'(0,(/(6

/RV JUiQXORV GH PLHOHV VRQ XQ SURGXFWR GH IOXLGH]OLEUH GH PLHOHV VHFDV OD FXDO HV
IDEULFDGDSRUFRFULVWDOL]DFLyQGRQGHVHLQFRUSRUDQPLHOHVFRPHVWLEOHVGHQWURGHODPDWUL]
GHVDFDURVD(OSURGXFWRHVXQDJUHJDGRTXHVHDSHOPD]DFRQXQVDERU\FRORUULFRDPLHOHV
\ODGXO]XUDGHXQVLURSHGHUHILQHUtD
/DFRPSRVLFLyQWtSLFDHVGHGHVDFDURVDGHD]~FDULQYHUWLGRGHFHQL]D \
 GH KXPHGDG /D GHQVLGDG D JUDQHO HV GH  OE3  (O SURGXFWR WLHQH XQD FXELHUWD


HVWDEOHIOXLGH]OLEUHQRVHDSHOPD]DHVLQVWDQWiQHDPHQWHVROXEOH\XQFRQGXFWRUH[FHOHQWH
SDUDPH]FODVKRPRJpQHDV/DVDSOLFDFLRQHVVXJHULGDVSDUDHVWHSURGXFWRHVWiQHQHOiUHDGH
OD SDVWHOHUtD JDOOHWDV FUHPDV VDOVDV FHUHDOHV SDQDGHUtD JODFHR EDUUDV GH FDUDPHORV
PH]FODV]DVRQDGRUHV

*5È18/26'(0,(/'($%(-$

/RV JUiQXORV GH PLHO GH DEHMD VH IDEULFDQ SRU FRFULVWDOL]DFLyQ GRQGH OD PLHO GH DEHMD VH
LQFRUSRUD D XQD FRUULHQWH GH OLFRU GH OD UHILQHUtD (O SURGXFWR HV GH IOXLGH] OLEUH QR VH
DSHOPD]D \WLHQHIRUPDGHJUiQXOR \QRVRODPHQWHGDGXO]XUDVLQRTXHWLHQHXQVDERU D
PLHO GH DEHMD 7DPELpQ WLHQH OD YHQWDMD GH VHU LQVWDQWiQHDPHQWH VROXEOH \ SXHGH XVDUVH
FRPRXQHQGXO]DGRUGHPDVD\FRPRXQLQJUHGLHQWHGHDOLPHQWRV6XFRPSRVLFLyQWtSLFDHV
GHVDFDURVDGHD]~FDULQYHUWLGRFHQL]DGHKXPHGDG/DGHQVLGDG D
JUDQHO HV GH  OE3  \ XQ S+ GH  /DV DSOLFDFLRQHV VXJHULGDV VRQ HQ OD PH]FOD GH


JDOOHWDV SDQHV SDVWHOHV JODFHR FUHPDV FDUDPHORV FHUHDOHV VD]RQHV KHODGRV WRSSLQJ
SDUD\RJXUW

 
,QGLFH


*5È18/26'(0$3/(

(VWH SURFHVR GHVDUUROODGR SRU OD 'RPLQR 6XJDU &RUSRUDWLRQ VH LQFRUSRUD XQ VLURSH GH
PDSOHDXQDFRUULHQWHGHOLFRUGHODUHILQHUtDXVDQGRXQVDERUQDWXUDOSDUDPHMRUDUHOVDERU
GH HVWH SURGXFWR (O SURGXFWR QR VH DSHOPD]D HV GH OLEUH IOXLGH] WLHQH XQ VDERU ULFR D
PDSOH \ HV LQVWDQWiQHDPHQWH VROXEOH 6X FRPSRVLFLyQ HV GH  VDFDURVD  GH D]~FDU
LQYHUWLGRFHQL]D\GHKXPHGDG6XVDSOLFDFLRQHVVXJHULGDVVRQHQODViUHDVGH
VLURSHV GH PHVD HQGXO]DGRUHV PH]FODV GH SDVWHOHV JDOOHWDV SDQHV IRQGDQW \ LFLQJV
MDPRQHV\FDUQHVFHUHDOHVVDVRQHVFDUDPHORVWDEOHWDV\WRSSLQJVGHKHODGRV


6,523('($=Ò&$5'(7(;785$+80(&7$17(

(O VLURSH GH D]~FDU \ WH[WXUD KXPHFWDQWH HV XQ PDWHULDO TXH SURPXHYH OD UHWHQFLyQ GH
KXPHGDG\FRQWURODODUD]yQGHFDPELRHQODKXPHGDGGHXQSURGXFWR8QHMHPSORWtSLFR
HV HO )UHVKYHUW HO SODVWL]DGR \ HO QRSODVWL]DGR KHFKR SRU OD 'RPLQR 6XJDU &RUSRUDWLRQ
)UHVKYHUWHVXQSURGXFWRGHD]~FDULQYHUWLGRHVSHFLDOPHQWHIRUPXODGRHOFXDOVXPLQLVWUDODV
SURSLHGDGHV KXPHFWDQWHV \ GH WH[WXUD QHFHVDULD SDUD ORV FDUDPHORV VDOVDV VLURSHV
FHUHDOHV\GHWRGRVORVSURGXFWRUKRUQHDGRV
(VDVSURSLHGDGHVVRQQHFHVDULDVSDUDLPSDUWLUODFDOLGDGSDUORFXDOHOORVVRQFRPSUREDGRV
\VHUYLGRV

(OVLURSHGHD]~FDUKXPHFWDQWHHVXQHQGXOVDGRUHOFXDOHVXQDPH]FODDSUR[LPDGDPHQWH
SDUWHVLJXDOHVSRUSHVRGHGH[WURVD JOXFRVD \OHYXORVD IOXFWXRVD (VPiVVROXEOH\WLHQH
XQD SURSLHGDG GH WHQHU PiV KXPHGDG TXH OD VDFDURVD (VWH VLURSH HV SURGXFLGR SRU XQ
SURFHVR GH LQYHUVLyQ TXH FRQYLHUWH OD VDFDURVD HQ GRV D]~FDUHV LQYHUWLGRV WHQLHQGR FDGD
XQR FDUDFWHUtVWLFDV GLIHUHQWHV GH OD VDFDURVD /D SRUFLyQ GH OHYXORVD FRQWULEX\H D ODV
FDUDFWHUtVWLFDVPiVGHVHDEOHVGHKXPHFWDQFLDWH[WXUD\UHVLVWHQFLDDODFULVWDOL]DFLyQ
3RUSHVRHVWHSURGXFWRWH[WXUDKXPHFWDQWHFRQWLHQHXQGHD]~FDU,19VDF\
GHKXPHGDG)tVLFDPHQWHHVWHSURGXFWRYLHQHHQGRVIRUPDVXQDGHFXDOHVXQVLURSHFODUR
QR SDVWL]DGR  \ODRWUD HQODIRUPDGH FUHPDGHIRQGDQWVXDYH SODVWL]DGD (VWDWH[WXUD
FUHPRVD HV HO UHVXOWDGR GH OD FULVWDOL]DFLyQ FRQWURODGD GHO D]~FDU HQ XQD VROXFLyQ
VREUHVDWXUDGD (O SURFHVR FUHD XQ JUDQ Q~PHUR GH WDPDxR GH FULVWDOHV H[WUHPDGDPHQWH
SHTXHxRV(VWDIRUPDFLyQGHFULVWDOHVHVXQEDODQFHHQWUHODVDFDURVDGH[WURVDOHYXORVD\
DJXDHQXQDPH]FODKRPRJpQHDGHVLURSH\FULVWDOHV

(QJHQHUDOHOVLURSHGHD]~FDUKXPHFWDQWHWH[WXUDVXPLQLVWUDODVSURSLHGDGHVIXQFLRQDOHV
SDUD SURPRYHU OD UHDFFLyQ GH RVFXUHFLPLHQWR FULVWDOL]DFLyQ FRQWURODGD \ PLJUDFLyQ GH

 
,QGLFH

KXPHGDG 3RU OR WDQWR HO SURGXFWR VH UHFRPLHQGD SDUD XVDUORV HQ SDVWHOHV JDOOHWDV
FDUDPHORVRIRUPXODFLRQHVLFLQJGRQGHVHGHVHDXQDFDSDGHH[WHQVLyQGHYLGDDWUDYpVGH
ODUHWHQFLyQGHKXPHGDG

127$ ORV D]~FDUHV PX\ ILQDPHQWH SXOYHUL]DGRV OODPDGRV D]XFDUHV GH UHSRVWHUtD \ HQ
SROYRVRQORVDTXtOODPDGRVLFLQJ


$=8&$5(6)21'$17

)RQGDQW HV XQD PH]FOD GH FULVWDOHV GH D]~FDU PX\ ILQRV GH WDPDxR SRU GHEDMR GH ORV 
PLFURQHV XPEUDODUHQRVR URGHDGRSRUXQDVROXFLyQVDWXUDGDGHFRPSRQHQWHVHQGXO]DQWHV
/DFRPSRVLFLyQHVPD\RUPHQWHVDFDURVDFRQXQUHPDQHQWHGHD]~FDULQYHUWLGR\RVLURSH
GHPDt]
/DPH]FODVHXVDSDUDSUHSDUDUXQDPH]FODSDUDFRQILWHUtDVVXDYHV\LFLQJV
(OIRQGDQWKDVLGRXVDGRHQORVDOLPHQWRVSDQDGHUtDVHLQGXVWULDGHFRQILWHUtDSRUPXFKRV
DxRV $OFRPLHQ]RODLQGXVWULDGHODFRQILWHUtDORXVDEDSDUDORVFHQWURVGHFUHPDGH ORV
FDUDPHORVRGXOFHV6XSURGXFFLyQIXHXQDUWH\HUDFRQRFLGDSRUXQRVSRFRVPDHVWURVGH
FRQILWHUtD (O SURFHVR HUD ODERULRVR OHQWR \ UHTXHUtD PXFKD DWHQFLyQ /D GHVYLDFLyQ PiV
OLJHUD FUHDED XQ SURGXFWR VLQ VDERU 7UDGLFLRQDOPHQWH HO D]~FDU FULVWDOLQD VH FRPELQDED
FRQD]~FDULQYHUWLGR\VHFRFLQDEDOHQWDPHQWHKDVWDTXHVHIRUPDEDXQDFUHPDILQD&RPR
Pi[LPRVRODPHQWHXQDVSRFDVFLHQWRVGHOLEUDVSRGUtDQVHUKHFKDVDOPLVPRWLHPSR
0pWRGRVPHMRUDGRVGH HQIULDPLHQWRLQFUHPHQWDURQODSURGXFWLYLGDGGHVDIRUWXQDGDPHQWH
HOSURFHVRGHIDEULFDFLyQIXHPDQWHQLGRHQVHFUHWR\QXQFDVHKL]RS~EOLFR

1RVRODPHQWHODLQGXVWULDGHODFRQILWHUtDXVDHO)RQGDQWVLQRWDPELpQODDOLPHQWLFLD\ODV
SDQDGHUtDV (Q OD SURGXFFLyQ GH DOLPHQWRV HQ PDVD OD XQLIRUPLGDG \ OD FRQVLVWHQFLD VH
FRQYLHUWHQ HQ XQ SUREOHPD 3RU OR WDQWR HV HVHQFLDO HO WHQHU XQ XVR FRQYHQLHQWH GHO
)RQGDQW R HO LFLQJ HQ OD LQGXVWULD SDUD ODV DSOLFDFLRQHV GH DOLPHQWRV 3DUD HQFRQWUDU HVD
GHPDQGD VH GHVDUUROODURQ YDULRV SURGXFWRV GH )RQGDQW VHFRV SRU HO SURFHVR GH
FRFULVWDOL]DFLyQRSRUODWHFQRORJtDGHFRPROLGD
(MHPSORVWtSLFRVVHGDQDFRQWLQXDFLyQ





$=Ò&$5)21'$176(&$325&2&5,67$/,=$&,Ï1


 
,QGLFH

(VWH SURGXFWR IDEULFDGR SRU OD 'RPLQR 6XJDU &RUSRUDWLRQ VH KDFH SRU HO SURFHVR GH
FRFULVWDOL]DFLyQ/DFRPSRVLFLyQGHHVWHSURGXFWRHVGHVDF\GHD]~FDULQYHUWLGD
VREUHXQDEDVHGHSHVRVHFR(OSURGXFWRDFWXDOHVXQDJORPHUDGRGHPLFURWDPDxRFRQXQ
WDPDxR GH FULVWDO PHQRU D  PLFURQHV \ WLHQH XQD FDOLGDG )RQGDQW \ GH H[WUXVLyQ
H[FHOHQWH /RV FDUDPHORV R GXOFHV )RQGDQW SXHGHQ VHU KHFKRV SRU XQ SURFHVR HQ IUtR
VLPSOHPHQWH PH]FODQGR HVWH )RQGDQW FRQ DJXD MXJRV GH IUXWDV X RWUR OtTXLGR GHVHDGR
(VWH D]~FDU IRQGDQW SXHGHV VHU EDWLGD FRQ DOE~PLQD GH KXHYR HQ SROYR R DJHQWHV GH
DUHDFLyQSDUDSURGXFLUSURGXFWRUOLJHURVHVSRQMDGRVFRQXQDWH[WXUDFRPRGHFUHPDEDWLGD
/DVDSOLFDFLRQHVVXJHULGDVSDUDHVWDD]~FDU)RQGDQWVRQHQODViUHDVGHFUHPDVGHFHQWUR
WXUURQHV FHUH]DV FRUGLDOHV R IUXWDV GH PHQWDV ZDIHU GXOFHV GH FRFRNLVVHV FRQILWXUDV GH
VHPLOOD\IUDSSHV

$=Ò&$5(6)21'$176(&$3250,&5238/9(5,=$&,Ï1

(VWH SURGXFWR VH IDEULFD GHVGH PH]FODV GH D]~FDU VHOHFFLRQDGDV FRQ FHUHDOHV VyOLGRV GH
EDMR '((VWRHQWRQFHVHVFRPLQJODGRSDUDSURGXFLUSDUWtFXODVPLFURVFySLFDVGHFDOLGDG
IRQGDQW/DFRPSRVLFLyQGHHVWHSURGXFWRHVGH



7$0,=$'2

6REUHODPDOOD86  
6REUHODPDOOD86  
$WUDYpVPDOOD86  




&20326,&,Ï1

6DFDURVD    
$QiOLVLVVyOLGRVEDMRVHQ'( 
+XPHGDG    





 
,QGLFH

/RV FDUDPHORV R GXOFHV IRQGDQW SXHGHQ SUHSDUDUVH SRU XQ SURFHVR IUtR VLPSOHPHQWH
PH]FODQGRHOIRQGDQWFRQOtTXLGRV(VWRHOLPLQDXQSDVRGHFRFLQDGR\SRUORWDQWRWLHPSR
HQODSURGXFFLyQGHFUHPDGHFHQWURHQORVGXOFHV(VWHSURGXFWRQRHVDUHQRVR\WLHQHXQD
FDOLGDGGHH[WUXVLyQH[FHOHQWH/DVDSOLFDFLRQHVVXJHULGDVGHHVWHSURGXFWRHVHQODViUHDV
GHODVFUHPDVGHFHQWURPHQWDVZDIHUKXHYRVGHSDVFXDFRQILWHUtDGHVHPLOODWXUURQHV\
IUDSSHV

$=Ò&$5,&,1*/,67$3$5$86$5

(Q OD LQGXVWULD GH OD SDQDGHUtD HO IRQGDQW VH XVD FRPR XQD EDVH SDUD WRGDV ODV FDSDV GH
D]~FDU HVFDUFKDGD IURVW\  JODFHDGR H LFLQJV (O SDQDGHUR R GXOFHUR XVD IRQGDQW SDUD
HOLPLQDU WRGD SHUFHSFLyQ GH DUHQRVLGDG HQ HO D]~FDU GH FRQILWHUtD VH GHEH DO WDPDxR GH
SDUWtFXOD JUDQGH PD\RU GH  PLFURQHV VH FRQVLGHUD FRPR D]~FDU LFLQJ (O D]~FDU 6HW 
0DWFKGH'RPLQRHVXQDGHHVDVD]~FDUHV(VWHD]~FDULFLQJ(VSUHSDUDGRSRUODFRPROLGD
GHXQD]~FDUFRQFHUHDOVyOLGRGHEDMR'((OWDPDxRGHSDUWtFXODHVGHDWUDYpVGHO
WDPL]86\DWUDYpVGHOWDPL]86

'HELGR D OD LQFOXVLyQ GHO PDWHULDO GH EDMD '( HVWH D]~FDU LFLQJ ERWD UiSLGD OD KXPHGDG
UHWLHQH\PDQWLHQHPiVKXPHGDG\QRVHVHSDUDRVHGLPHQWDHQHODOPDFHQDMHFRPRRWURV
D]~FDUHV LFLQJ (VWH SURGXFWR KDFH TXH OD WH[WXUD GH OD FUHPD VHD VXDYH REWHQLpQGRVH
GRXJKQXWGHDOWDFDOLGDGJODVHDGRVFRQXQDDGKHUHQFLD\EULOORVXSHULRU'HELGRDTXHERWD
OD KXPHGDG UiSLGR HQ DJXD IUtD SXHGH VHU XVDGR FRPR XQ FRQGXFWR GH VDERUHV JUDVDV \
DFHLWHV /D DSOLFDFLyQ VXJHULGD HVWD HQ ODV iUHDV GH FUHPD GH PDQWHTXLOOD LFLQJ IUXWDV \
VHPLOODVLFLQJWXUURQHVLFLQJGXOFHUtDJODVHDGRSROYRUHDUGRXJKQXW GRQXWREXxXHORV 


$=Ò&$5(63$5$)$50$&,$

7RGRV ORV SURGXFWRV GH D]~FDU XVDGRV HQ OD LQGXVWULD IDUPDFpXWLFD VH DMXVWDQ D ODV
HVSHFLILFDFLRQHVGHODFRPSRVLFLyQTXtPLFD\PLFURELROyJLFDGHO1DWLRQDO)RUPXODU\
8VXDOPHQWHXQFHUWLILFDGRGHDQiOLVLVVHVXPLQLVWUDFRQFDGDHPEDUTXH



 
,QGLFH

$=Ò&$51$&,21$/)2508/$'$ 1) 

(VWRVSURGXFWRVVHXVDQHQQXPHURVDVDSOLFDFLRQHVIDUPDFpXWLFDVLQFOX\HQGRODFDSDGHODV
WDEOHWDV VLURSHV IyUPXODV WtSLFR GHO DQiOLVLV TXtPLFR GH XQ D]~FDU 1) VH PXHVWUDQ HQ OD
WDEOD,,


$=Ò&$5'(&203$&7$&,Ï1',5(&7$

8Q HMHPSOR WtSLFR GH HVWD FDWHJRUtD HO SURGXFWR 'L3DF GH OD GRPLQR HO FXDO HV XQ
H[FLSLHQWH HQ WDEOHWDV \ SURFHGH GH OD FRFULVWDOL]DFLyQ GH  GH VDF <  GH PDOWR
GH[WULQD (V FRPSOHWDPHQWH FRPSUHQVLEOH HQ IRUPD GH WDEOHWDV X KRMXHODV IODNHV  /
WDPDxR GHSDUWtFXODHVXQPi[LPRVREUHHOWDPL]86 \PtQLPRVREUHHOWDPL]
86/DGHQVLGDGDJUDQHOHVGHOE3 (OD]~FDUFRPSDFWDGDGLUHFWDPHQWHSURYHHODV


IXQFLRQDOLGDGHV VLJXLHQWHV H[FHOHQWH IOXLGH] OLEUH \ FRPSUHQVLELOLGDG QRKLJURVFySLFD


PDQWLHQH OD GXUH]D GHVHDGD D WUDYpV GH OD YLGD GH OD FXELHUWD UiSLGD VROXELOLGDG WLHQH OD
FXDOLGDGGHDXWROXEULFDFLyQQRUHDFFLRQDFRQODPD\RUtDGHODVVXVWDQFLDVPpGLFDV\WLHQH
XQ GXO]XUD QDWXUDO (VWH SURGXFWR VH VXJLHUH SDUD XVDUOR HQ YLWDPLQDV \ WDEOHWDV GH
DOLPHQWRVQDWXUDOHV


6(0,//$6125(&257$'$6

/DV EROLWDV QR UHFRUWDGDV  VRQ VHPLOODV HVIpULFDV EODQFDV HPSOHDGDV SRU OD LQGXVWULD
IDUPDFpXWLFDFRPRSDUWtFXODFRUD]yQHQODIDEULFDFLyQGHIRUPDVGHGRVLILFDFLyQRUDOSDUD
UHODMDPLHQWR R VRVWHQLPLHQWR (O SURGXFWR HVWi FRPSXHVWR GH D]~FDU 1) \ DOPLGyQ 1) \
SUHSDUDUOD SRU HO PpWRGR GH UHFXEULPLHQWR 7LHQH XQD DSDULHQFLD GH HVIHUDV EODQFDV FRQ
PHQRVTXHGHKXPHGDGGHVDF\GHDOPLGyQ(QJHQHUDOHOODVRIUHFHQ
WDPDxRVGHVHPLOODVFRPR861ƒ\


275$6$=Ò&$5(6(63(&,$/(6

9DULRV SURGXFWRV HVSHFLDOHV GHO D]~FDU SUHSDUDGRV SRU PH]FOD \ PROLHQGD R SRU
DJORPHUDFLyQSDUDLQFRUSRUDUOHXQVHJXQGRLQJUHGLHQWHHVWiQHQXVRHQ(XURSD\&DQDGi





 
,QGLFH

$=Ò&$5*(/$7,1$'$

(VWD D]~FDU HV IDEULFDGD \ YHQGLGD HQ $OHPDQLD \ &DQDGi SDUD XVDUVH FRPR HVSHVDGRU R
DJHQWH JHODWLQDQWH HQ OD FRQVHUYDFLyQ GH DOLPHQWRV \ SDUD KDFHU JHODWLQD HQODWDGD HQ HO
KRJDU  (O SURGXFWR HV XQD PH]FOD ItVLFD GH D]~FDU JUDQXODGD XQ DJHQWH JHODWLQDQWH
SHFWLQD \XQDJHQWHDFLGLILFDQWH iFLGRWDUWiULFR /DVJHODWLQDV\PHUPHODGDVSXHGHQVHU
SUHSDUDGDVDSDUWLUGHYDULDVIUXWDVMXJRVHPERWHOODGRVMXJRVFRQJHODGRVFRFLQiQGRORVFRQ
HVWD D]~FDU JHODWLQDGD 'H DFXHUGR DO DQiOLVLV TXtPLFR XQD VROXFLyQ GH ƒ%[ GH HVWH
SURGXFWRWLHQHXQS+GH\ODDFLGH]WRWDOFRPRiFLGRWDUWiULFRHVGH

$=Ò&$5'(%$-$6&$/25Ë$6

8QD]~FDUGHEDMDVFDORUtDVODFXDOWLHQHHOPLVPRQLYHOGHGXO]XUDTXHHOD]~FDUGHPHVD
FRQWLHQH EDMDV FDORUtDV PHQRV SHVR TXH HO D]~FDU UHJXODU DO PLVPR YROXPHQ R QLYHO GH
GXO]XUD (VWHD]~FDUVHHVWiYHQGLHQGRHQ(XURSD(QHVWHSURGXFWRHOD]~FDUDJORPHUDGR
VHXVDFRPRXQDJHQWHGHPDVDSDUDLQFUHPHQWDUHOYROXPHQ\XQHQGXO]DGRUDUWLILFLDOWDO
FRPRHODVSDUWDPHVDFDULQDRVXFURORVDFRPRDJHQWHHQGXO]DQWH
(OSURGXFWRVHVXJLHUHXVDUH[DFWDPHQWHFRPRXQD]~FDUUHJXODUHQODPD\RUtDGHORVSODWRV
GXOFHVSHURFRQPHQRVFDORUtDVTXHHOD]~FDUUHJXODU


18(92 352&(',0,(172 3$5$ /$ )$%5,&$&,Ï1 '( $=Ò&$5
*(/,),&$17(

/DSUHSDUDFLyQGHFRQILWXUDVMDOHDV\PpUPHODGDVDSDUWLUGHIUXWDVHVSUREDEOHPHQWHXQR
GH ORV SURFHGLPLHQWRVPiVYLHMRVGHODKXPDQLGDGSDUDOD FRQVHUYDFLyQGHDOLPHQWRVSRU
DXPHQWRGHODVVXVWDQFLDVVHFDVVROXEOHV3DUDHOXVRGRPpVWLFRDHVWHILQVHHPSOHDD]~FDU
JHOLILFDQWH FRPHUFLDOL]DGR PXQGLDOPHQWH FRPR SURGXFWR SDUWLFXODU GH OD LQGXVWULD
D]XFDUHUD(OD]~FDUJHOLILFDQWHFOiVLFRHVWiFRPSXHVWRGHD]~FDUFULVWDOLQRSHFWLQD\iFLGR
FtWULFR 3HUR HQ SULQFLSLR HQ YH] GH OD SHFWLQD WDPELpQ SXHGHQ XWLOL]DUVH RWURV
SROLVDFDULGRVIRUPDGRUHVGHJHOHV

3DUDTXHHOD]~FDUJHOLILFDQWHSXHGDGHVDUUROODUXQDIXHU]DJHOLILFDQWHKRPRJpQHDGXUDQWH
OD SUHSDUDFLyQ GH FRQILWXUDV HV QHFHVDULR XQD DJORPHUDFLyQ UHJXODU \ HVWDEOH GH
SROLVDFDULGR  IRUPDGR GH JHOHV HQ SROYR VREUH ODV VXSHUILFLHV H ORV FULVWDOHV GH D]~FDU
EODQFR3HURHVWDQHFHVLGDGQRUHVXOWDVyORGHODVH[LJHQFLDVGHORVFRQVXPLGRUHVHQFXDQWR
D XQ SURGXFWR GH FDOLGDG FRQVWDQWH 7DPELpQ SDUD HO IDEULFDQWH XQD ILMDFLyQ HVWDEOH GHO
IRUPDGRUGHJHOHVHQORVFRPSRQHQWHVGHODUHFHWDHVXQIDFWRUGHFLVLYRSDUDPDQWHQHUOR

 
,QGLFH

PiVEDMRSRVLEOHODVSHUGLGDVGHOFRVWRVRIRUPDGRUGHJHOHVGXUDQWHORVSURFHVRVORJtVWLFRV
QHFHVDULRVDQWHVGHOHPEDODMHGHOSURGXFWR

/DVWHFQRORJtDVGHSURGXFFLyQFRQYHQFLRQDOHVHPSOHDGDVKDVWDDKRUDSRUUHJODJHQHUDOVH
EDVDQHQXQSURFHVRGHPH]FODGRPHFiQLFRGXUDQWHHOTXHDSDUWLUGHORVFRPSRQHQWHVGH
OD UHFHWD VH SUHSDUD XQ SURGXFWR FRPSXHVWR LQWURGXFLHQGR OLJDQWHV HQ IRUPD GH DJXD
YDSRURDFHLWHYHJHWDO(QDOJXQRVFDVRVWDPELpQVHHPSOHDQSUHPH]FODVGHD]~FDUPROLGR
PX\ ILQRSHFWLQD \iFLGRFtWULFR7DQWRODV FDOLGDGHVGHSURGXFWRDOFDQ]DGDVKDVWD DKRUD
FRPR ODVFRQGLFLRQHVGHIDEULFDFLyQFRQYHQFLRQDOHVSXHGHQPHMRUDUVHPHGLDQWHHOQXHYR
SURFHGLPLHQWRGH%0$(VWRFRQFLHUQHDQWHWRGRVORVDVSHFWRVVLJXLHQWHV

• $ PHQXGR GHELGR D UHVWULFFLRQHV GHO SURFHGLPLHQWR GH SURGXFFLyQ HO D]~FDU
JHOLILFDQWHVHHPEDODFRQXQDOWRFRQWHQLGRGHKXPHGDGUHVLGXDOSRUORTXHH[LVWH
HO SHOLJUR GH XQD GHJUDGDFLyQ DXWRFDWDOtWLFD GH OD SHFWLQD FRQ XQD FDSDFLGDG
JHOLILFDQWHGHFUHFLHQWH
• $]XFDUHV JHOLILFDQWHV FRQ KXPHGDG HOHYDGD R DFHLWHV HQ OD VXSHUILFLH GH VXV
FULVWDOHVSRUUHJODJHQHUDOUHTXLHUHQHPEDODMHVFDURVGHPDWHULDOHVFRPSXHVWRVFRQ
UHFXEULPLHQWRGH3(
• 8QDUHVLVWHQFLDDODDEUDVLyQLQVXILFLHQWHGHODSHFWLQDDJORPHUDGDHVGHVIDYRUDEOH
WDQWRSDUDHOIDEULFDQWHFRPRSDUDHOFRQVXPLGRU
• &RPR FRQVHFXHQFLD GH ODV FDUJDV PHFiQLFDV D ODV TXH HVWi VRPHWLGR HO SURGXFWR
GXUDQWH VX HPEDODMH \ ORV SURFHVRV ORJtVWLFRV KDVWD HO FRQVXPLGRU GHQWUR GH ORV
HPEDODMHV PHQRUHV OD SHFWLQD SDUFLDOPHQWH VH GHVSUHQGH GH ORV FULVWDOHV OR TXH
FRQGXFHDXQDVHSDUDFLyQGHPH]FOD\SRUORWDQWRDYDULDFLRQHVGHODFDOLGDG
• /RV SROYRV GH SHFWLQD GHVSHJDGRV HQ OD FRPELQDFLyQ FRQ XQD KXPHGDG UHVLGXDO
HOHYDGDSURYRFDQODIRUPDFLyQGHLQFUXVWDFLRQHVHQODPDTXLQDGHHPEDODMH\XQD
QHFHVLGDGDXPHQWDGDGHWUDEDMRVGHOLPSLH]D OLPLWDFLyQGHODGLVSRQLELOLGDG 
3RUHVDUD]yQ%0$DERUGyQFRODERUDFLyQFRQODIiEULFDGH8HO]HQGH1RUG]XFNHU
$* HO GHVDUUROOR GH XQ D]~FDU JHOLILFDQWHV FRQ XQDV FDOLGDGHV GH SURGXFWR
SHUIHFFLRQDGDV/RVREMHWLYRVFHQWUDOHVGHHVWHGHVDUUROORIXHURQ

 8QD UHVLVWHQFLD Pi[LPD FRQWUD OD DEUDVLyQ GH OD SHFWLQD DJORPHUDGD HQ OD
VXSHUILFLHFULVWDOLQDGHOD]~FDU
 XQDUHSDUWLFLyQXQLIRUPHGHODSHFWLQDHQHOSURGXFWRILQDO
 /DREWHQFLyQGHXQSURGXFWRFRQODIXHU]DJHOLILFDQWHVROLFLWDGD
 XQDEXHQDHVWDELOLGDGGHODPH]FOD
 QLQJXQDDGLFLyQGHDGLWLYRV
 XQSURFHVRFRQWLQXR

 
,QGLFH


3DUDHOGHVDUUROORGHHVWHQXHYRSURFHGLPLHQWRGHIDEULFDFLyQGHD]~FDUJHOLILFDQWH%0$
SXGR DSURYHFKDU VXV DPSOLDV H[SHULHQFLDV DGTXLULGDV HQ HO VHFWRU GH OD IOXLGL]DFLyQ GH
VyOLGRV SDUD HO VHFDGR \ HQIULDGR GH D]~FDU \ RWUDV PDWHULDV JUDQXODGDV 'HVSXpV GH ORV
SULPHURVHQVD\RVOOHYDGRVDFDERHQXQDSODQWDGHHQVD\RVHSURGXMHURQYDULDVWRQHODGDV
GH SURGXFWR VHJ~Q HO QXHYR SURFHGLPLHQWR EDMR FRQGLFLRQHV VLPLWpFQLFDV SDUD SRGHU
YHULILFDU ODV FDUDFWHUtVWLFDV GHO SURGXFWR GXUDQWH \ GHVSXpV GHO HPEDODMH EDMR ODV
FRQGLFLRQHVGHVHUYLFLR$SULQFLSLRVGHODFDPSDxDGHD]~FDUJHOLILFDQWHHQPDU]R
IXH SRVLEOH SRQHU HQ VHUYLFLR HO SURWRWLSR GH XQD LQVWDODFLyQ TXH WUDEDMD VH J~Q HO QXHYR
SURFHGLPLHQWR GHVDUUROODGR HQ OD QXHYD QDYH GH OD HVWDFLyQ GH FULEDGR \ GH HPEDODMH GHO
1RUG]XFNHU6HUYLFH&HQWHUHQODIiEULFDGH8HO]HQGHODHPSUHVD1RUG]XFNHU$*'HVGHHO
SXQWRGHYLVWDWHFQROyJLFRHOQXHYRSURFHGLPLHQWRSDUDHOTXHVHKDQVROLFLWDGRGHUHFKRV
GHSURSLHGDGLQGXVWULDOFRQVWDGHODVHWDSDVWHFQROyJLFDVDEDMRUHSUHVHQWDGDV

6HPRVWUyTXHXQDVSHFWRGHFLVLYRSDUDORJUDUXQDFDOLGDGPHMRUDGDGHOSURGXFWRFRQVLVWH
HQ XQ ILMDFLyQ GH OD SHFWLQD DJORPHUDGD HQ OD VXSHUILFLH GH ORV FULVWDOHV SRU XQ FRDWLQJ R
UHFXEULPLHQWRXOWHULRUFRQXQDVROXFLyQGHD]~FDULQVXILFLHQWHPHQWHVDWXUDGD(VWDPHGLGD
FRQGXFHDXQDXPHQWRGHFLVLYRGHODUHVLVWHQFLDFRQWUDODDEUDVLyQHQFRPSDUDFLyQFRQORV
SURGXFWRVFRQYHQFLRQDOHVGLVSRQLEOHVHQHOPHUFDGR(QXQOHFKRIOXLGL]DGRODVROXFLyQGH
D]~FDU DSOLFDGD D OD VXSHUILFLH FULVWDOLQD HQ SHOtFXODV ILQDV PHGLDQWH WREHUDV VH VHFD GH
IRUPDPX\LQWHQVD6HIRUPDXQDFDSDPLFURFULVWDOLQDGHSURWHFFLyQH[WHULRUTXHSUHVHQWD
XQDDOWDHVWDELOLGDGIUHQWHDFDUJDVPHFiQLFDV

7RGDVODVSDUWtFXODVILQDVTXHQRVHDGKLHUHQDORVFULVWDOHVGHD]~FDUVHHYDFXDQFRQHODLUH
GH HVFDSH VH VHSDUDQ HQ HO ILOWUR GH DLUH GH HVFDSH \ GHVGH DKt VH UHFLUFXODQ
QHXPiWLFDPHQWH D OD ]RQD GH UHFXEULPLHQWR GRQGH ODV SDUWtFXODV ILQDV PHGLDQWH WREHUD VH
VHFD GH IRUPDPX\LQWHQVD6HIRUPDXQDFDSD PLFURFULVWDOLQDGHSURWHFFLyQH[WHULRUTXH
SUHVHQWDXQDDOWDHVWDELOLGDGIUHQWHDFDUJDVPHFiQLFDV

7RGDVODVSDUWtFXODVILQDVQRVHDGKLHUHQDORVFULVWDOHVGHD]~FDUVHHYDFXDQFRQHODLUHGH
HVFDSHVHVHSDUDQHQHOILOWURGHDLUHGHHVFDSH\GHVGHDKtVHUHFLUFXODQQHXPWLFDPHQWHD
OD]RQDGHUHFXEULPLHQWRGRQGHODVSDUWtFXODVILQDVVHDJORPHUDQHQORVFULVWDOHVGHD]~FDU
'H HVWH PRGR VH DVHJXUD WDQWR XQD FRQFHQWUDFLyQ UHJXODU GH OD SHFWLQD FRPR XQ D]~FDU
JHOLILFDQWHH[HQWRGHSROYRV

(Q OD ]RQD GH PH]FODGR VH DxDGH OD FDQWLGDG GH iFLGR FtWULFR SUHYLVWD SRU OD UHFHWD
FRUUHVSRQGLHQGR VX UHSDUWLFLyQ JUDQXORPpWULFD DO D]~FDU EODQFR HPSOHDGR SDUD HYLWDU
HIHFWRV GH VHSDUDFLyQ GH OD PH]FOD (Q HVWH SURFHVR FRQWLQXR OD FDOLGDG FRQVWDQWH GHO
SURGXFWR GHSHQGH DQWH WRGR H XQ IXQFLRQDPLHQWR LPSHFDEOH GH ODV WREHUDV GH OD ]RQD GH

 
,QGLFH

DJORPHUDFLyQ \ GH UHFXEULPLHQWR 3RU HVR SDUD LPSHGLU LQFUXVWDFLRQHV HYHQWXDOHV ODV
WREHUDV HVWiQ HTXLSDGDV FRQ XQ GLVSRVLWLYR GH OLPSLH]D GH IXQFLRQDPLHQWR QHXPiWLFR
$GHPiVHVSRVLEOHXQGHVPRQWDMHGHFRUWDGXUDFLyQGHODVODQ]DVGHODVWREHUDVGXUDQWHHO
SURFHVRSDUDOOHYDUDFDERWUDEDMRVGHFRQWURORGHOLPSLH]D

/DSULPHUDVLQVWDODFLyQGHHVWHWLSRHQODIiEULFDGH8HO]HQQRSXGRGDUSUXHEDGHTXHOD
FDOLGDGGHOD]~FDUSUHYLVWRHVDOFDQ]DGDHLQFOXVRHVVXSHUDGDSDUFLDOPHQWH

(Q DJRVWR GH  %0$ IXH HQFDUJDGD GH VXPLQLVWUDU RWUD LQVWDODFLyQ GHVWLQDGD D OD
SURGXFFLyQ GH D]~FDU JHOLILFDQWH VHJ~Q HO QXHYR SURFHGLPLHQWR D OD UHILQHUtD GH
1DQWHV)UDQFLDGHOJUXSR%pJKLQ6D\<DDSULQFLSLRVGHIHEUHURGHOVHOOHYyDFDER
ODSURSXHVWDHQVHUYLFLRH[LWRVDGHHVDLQVWDODFLyQ)XHFRQILUPDGRTXHHVSRVLEOHSURGXFLU
PHGLDQWHHOQXHYRSURFHGLPLHQWRGHD]~FDUTXHFXPSOHFRQODVH[LJHQFLDVGHFDOLGDGVHJ~Q
GRVUHFHWDVGLVWLQWDV
&RQIRUPH D HVD HVWUDWHJLD GH SURGXFFLyQ GH GRV SURGXFWRV %0$ VXPLQLVWUR WRGRV ORV
HTXLSRV ORJtVWLFRV LQFOXVLYH XQ GLVSRVLWLYR GH OLPSLH]D DXWRPiWLFD &,3  SDUD SHUPLWLU XQ
FDPELRUiSLGRGHOSURGXFWR
$SDUWH GH OD YDULDFLyQ GHO DJHQWH JHOLILFDQWH FRQ XQ FRQWHQLGR DXPHQWDGR GH DJHQWH
JHOLILFDQWH (VWRV GRV WLSRV GH D]~FDU JHOLILFDQWH VH XWLOL]DQ SDUD OD SUHSDUDFLyQ GH
FRQILWXUDV FRQ XQD UHODFLyQ HQWUH IUXWDV \ D]~FDU JHOLILFDQWH GH  R  /D LQVWDODFLyQ
SHUPLWHDxDGLUDGLWLYRVFRPRSHMDJHQWHVGHFRQVHUYDFLyQWDQWRHQIRUPDOtTXLGDFRPRHQ
SROYRORTXHHVQHFHVDULRHQHOFDVRGHHVWDVUHFHWDV

$GHPiV HO QXHYR SURFHGLPLHQWR SUHVHQWDGR SXHGH HPSOHDUVH SDUD OD SURGXFFLyQ \R HO
DFRQGLFLRQDPLHQWR GH RWURV SURGXFWRV HVSHFLDOHV GH OD LQGXVWULD D]XFDUHUD \ DOLPHQWDULD
VLHPSUHTXHVHKD\DQGHFXPSOLUODVVLJXLHQWHVWDUHDV

• 8QDDJORPHUDFLyQUHJXODUGHDGLWLYRVVREUHVXVWDQFLDVGHEDVHJUDQXODGDVWDPELpQHQ
EDMDVFRQFHQWUDFLRQHV
• (QJURVDPLHQWR GH ORV JUDQRV SRU DJORPHUDFLyQ FRQ HOLPLQDFLyQ VLPXOWiQHD GH
SDUWtFXODVILQDV
• $FRQGLFLRQDPLHQWRGHOSURGXFWRJUDFLDVDOVHOODGRGHODVVXSHUILFLHVGHODVSDUWtFXODV
PHGLDQWHFRDWLQJ
• 3HUIHFFLRQDPLHQWR GH OD VXVFHSWLELOLGDG DO FRUULPLHQWR GH SURGXFWRV FRQ VXSHUILFLHV
SHJDMRVDV
• 3HUIHFFLRQDPLHQWR GH OD FDOLGDG GH SURGXFWRV FULVWDOLQRV R JUDQXODGRV JUDFLDV D XQ
DXPHQWRGHFLVLYRGHODUHVLVWHQFLDDODDEUDVLyQ


 
,QGLFH


7UDQVIRUPDFLyQGHXQDLQVWDODFLyQGHVHFDGRSRUSXOYHUL]DFLyQSDUD%RUFXOR'RPR
,QJUHGLHQWHV

/RV WUDEDMRV GH SODQLILFDFLyQ SDUD OD WUDQVIRUPDFLyQ GH XQD LQVWDODFLyQ GH VHFDGR SRU
SXOYHUL]DFLyQ \ VH LQLFLDURQ HQ  8QD WRUUH GH SXOYHUL]DFLyQ SDUD OD SURGXFFLyQ GH
DOLPHQWRVKXPDQRV6LPXOWiQHDPHQWHIXHSUHYLVWRXQDXPHQWRGHODFDSDFLGDGGHODWRUUHD
WKGHSURGXFWRILQDO
8QDWDUHDTXHQRHVIiFLO\DTXHODVH[LJHQFLDVKLJLpQLFDVVRQPXFKRPiVHOHYDGDVTXHHQ
FDVRGHIRUUDMHSDUDDQLPDOHV
*UDFLDV DVXFRQFHSFLyQFRQYLQFHQWH7$*'5<(5'LYLVLyQGH%0$SXGRREWHQHUHVH
SHGLGR
/DLQVWDODFLyQIXHHTXLSDGDFRQXQQXHYRVLVWHPDGHDOLPHQWDFLyQGHDLUHSDUDODWRUUHGH
SXOYHUL]DFLyQDVtFRPRFRQXQDSDUDWRGHOHFKRIOXLGL]DGRIXHUHYLVDGR
$GHPiVIXHLQVWDODGRXQVLVWHPDGHDLUHGHHVFDSHGHP KFRQILOWURGHPDQJDV


SHUPLWLHQGRXQDOLPSLH]DGH&,3(VWHILOWURFXHQWDHQWUHORVPD\RUHVILOWURVGHHVHWLSR
(O SUR\HFWR HQWHUR VH UHDOL]y HQ FRODERUDFLyQ HVWUHFKD FRQ HO FOLHQWH %RUFXOR'RPR
,QJUHGLHQWV %',  (O FOLHQWH UHDOL]y ORV WUDEDMRV GH FRQVWUXFFLyQ \ VXPLQLVWUy OD SDUWH
HOpFWULFD 7RGRV ORV WUDEDMRV VH VXPLQLVWUDURQ D WLHPSR \ ODV FDSDFLGDGHV FRQWUDWDGDV VH
DOFDQ]DURQVLQSUREOHPDV

1XHYRGLVSRVLWLYRGHGRVLILFDFLyQGH&2SDUDDOWD\EDMDSUHVLyQ

<D GHVGH KDFH YDULRV DxRV 7$* '5<(5 'LYLVLyQ FRPHUFLDOL]D GLVSRVLWLYRV GH
GRVLILFDFLyQHVSHFLDOHVSDUDGRVLILFDU&2 HQIRUPDOtTXLGDDSUHVLRQHVHQWUH\EDU
(VWRV GLVSRVLWLYRV GH GRVLILFDFLyQ VH HPSOHDQ GHQWUR GH XQD PXOWLWXG GH LQVWDODFLRQHV GH


VHFDGRSRUSXOYHUL]DFLyQ$SDUWHGHVXIXQFLyQGHSURGXFLUHVWUXFWXUDVGHWHUPLQDGDV\GH
PHMRUDU OD VROXELOLGDG DQWH WRGR VRQ HPSOHDRV SDUD HO DMXVWH GH XQD GHQVLGDG DSDUHQWH
H[DFWD (O QXHYR GHVDUUROOR SHUPLWH XQD GRVLILFDFLyQ PX\ H[DFWDV GXUDQWH ODV IDVHV GH
DUUDQTXH \ GH SDUDGD SDUD HYLWDU SHUGLGDV GH SURGXFWR /D FDSWDFLyQ GHO FDXGDO GH &2 
SHUPLWHILMDUSXQWRVGHDODUPDDXPHQWDQGRDVtODVHJXULGDGGHODLQVWDODFLyQ



2WUR GHVDUUROOR GH 7$* '5<*(5 'LYLVLyQ SHUPLWH H[SORWDU OD LQVWDODFLyQ H[LVWHQWH D
SDUWLU GH XQD SUHVLyQ GH WREHUD GH  EDU FRQ OD PLVPD H[DFWLWXG WDPELpQ SDUD HO
IXQFLRQDPLHQWR FRQ JDV HQYH]GHOtTXLGR3RU FRQVLJXLHQWHKDFHODGRVLILFDFLyQGH&2 
JDVHRVRROtTXLGRGHQWURGHXQPDUJHQGHKDVWDPiVGHEDUFRQXQVLVWHPDSLORWDGR


SRUDXWyPDWDSURJUDPDEOHRKDUGZDUH


 
,QGLFH

8QD WREHUD GH LQ\HFFLyQ HVSHFLDOPHQWH GHVDUUROODGD SDUD HVD DSOLFDFLyQ TXH SHUPLWH OD
OLPSLH]D&,3FRPSOHWDORVHTXLSRV'DGRTXHQRVHXWLOL]DQDTXtPHWDOHVVLQWHUL]DGRVDVt
HVWiGLVSRQLEOHXQDWREHUDGHXQDODUJDYLGD~WLOFRQSRFRGHVJDVWH


 
,QGLFH

 

 
,QGLFH

 
/DSUHVHQWDFLyQ\GLVSRVLFLyQHQFRQMXQWRGHODHGLFLyQGHORVPDQXDOHV
³6HULH$]XFDUHUD´VRQSURSLHGDGGHO$XWRU

1LQJXQDSDUWHGHHVWDREUDSXHGHVHUUHSURGXFLGDRWUDQVPLWLGDPHGLDQWH
QLQJ~QVLVWHPDRPpWRGRHOHFWUyQLFRRPHFiQLFR LQFOX\HQGRHOIRWRFRSLDGR 
ODJUDEDFLyQRFXDOTXLHUVLVWHPDGHUHFXSHUDFLyQ\DOPDFHQDPLHQWRGH
LQIRUPDFLyQVLQFRQVHQWLPLHQWRSRUHVFULWRGHODXWRU


Š 'HUHFKRV5HVHUYDGRV
%1';


'(',&$725,$


$ PL HVSRVD*ODG\VSRUODSDFLHQFLDPRVWUDGDPLHQWUDV\RHPSOHDEDHOWLHPSRSDUDOD
HVFULWXUDGHHVWHPDQXDO

(GXDUGR%DWXOH


6RQVRQDWH$JRVWRGH(O6DOYDGRU


$*5$'(&,0,(1726


'HVHR KDFHU SDWHQWH PL DJUDGHFLPLHQWR HVSHFLDO D PL VHFUHWDULD <DQLUD GH 9LOOHGD SRU VX
FRODERUDFLyQ HQ OD HVFULWXUD \ DUWH GH HVWH PDQXDO DVt FRPR D &RPSDxtD $]XFDUHUD
6DOYDGRUHxD6$GH&9SRUSHUPLWLUOR


(GXDUGR%DWXOH


6RQVRQDWH$JRVWRGH(O6DOYDGRU
35()$&,2


(Q  HO ,QJ (GXDUGR %DWXOH SXEOLFy OD SULPHUD HGLFLyQ GH VX OLEUR  GH OD 6HULH
$]XFDUHUD 7LWXODGR ³/D &ULVWDOL]DFLyQ GHO $]~FDU´ FRQYLUWLpQGRVH GHVGH HQWRQFHV HQ XQ
SRGHURVDKHUUDPLHQWDSDUDDTXHOODVSHUVRQDVTXHWUDEDMDPRVHQODIDVFLQDQWH\FRPSOLFDGD
LQGXVWULD D]XFDUHUD D WUDYpV GHO FRQWHQLGR GH HVWH OLEUR SRGHPRV SURIXQGL]DU \ DQDOL]DU
FRQPD\RUSUHFLVLyQWHPDVGHYLWDOLPSRUWDQFLDHQHOGHVDUUROORGHOWUDEDMRHQWDFKRVFRPR
ORHVODFULVWDOL]DFLyQGHODVDFDURVDHQIiEULFDVGH&UXGR%ODQFRGLUHFWR 3ODQWDWLRQ:KLWH
6XJDU  \ UHILQHUtDV FRPSUHQGLHQGR DGHPiV OD LPSRUWDQFLD GH IDFWRUHV TXH DIHFWDQ OD
HILFLHQFLD GH HVWD RSHUDFLyQ \ ORV UHVXOWDGRV JOREDOHV GH HVWH GHSDUWDPHQWR GH OD &DVD GH
&RFLPLHQWRVSRUHMHPSORODFULVWDORJUDItDGHODVDFDURVDODVROXELOLGDGGHODVDFDURVDHO
JUDGR GH VREUHVDWXUDFLyQ 66ƒ  HO SXQWR GH VHPLOODPLHQWR OD HOHYDFLyQ GHO SXQWR GH
HEXOOLFLyQHWF

(Q HVWD 6HJXQGD (GLFLyQ (GXDUGR %DWXOH KDFH XQD UHFDSLWXODFLyQ GH VX DQWHULRU WUDEDMR
DJUHJDQGRGRVFDStWXORVPiVORVFXDOHVWUDWDQVREUHOD³&ULVWDOL]DFLyQSRU(QIULDPLHQWR´\
HOVHJXQGRVREUHOD³4XtPLFDGHOD&ULVWDOL]DFLyQ´DGHPiVDPSOtDWHPDVUHODFLRQDGRVFRQ
HO FRFLQDGR GH WHPSODV \ VXV HIHFWRV PRVWUiQGRQRV FRQ PXFKRV HMHPSORV SUiFWLFRV ORV
FiOFXORV QHFHVDULRV HQ OD FULVWDOL]DFLyQ GH OD VDFDURVD \ VX DJRWDPLHQWR HQ HO PDQHMR GH
PDVDVFRFLGDVGHEDMRJUDGRHQORVFULVWDOL]DGRUHV

(VWHWUDEDMRQRVEULQGDDGHPiVODH[SHULHQFLDGHPiVGHDxRVHQODLQGXVWULDD]XFDUHUD
GH VX DXWRU FRQ JUDQ VHQFLOOH] \ DOWR JUDGR GH GHWDOOH HQ WRGRV VXV FiOFXORV \
SURFHGLPLHQWRVIDFLOLWiQGRQRVGH HVD IRUPDODEXHQDRSHUDFLyQ \REWHQFLyQGHH[FHOHQWHV
UHVXOWDGRVHQTXL]iODVHFFLyQPiVFRPSOHMDGHXQDIiEULFDGHD]~FDU


/XLV9LOODORERV*LUyQ


6RQVRQDWH$JRVWRGH(O6DOYDGRU

Ë1',&('(0$7(5,$6


&217(1,'2         3È*,1$

&$3,78/2,&ULVWDORJUDItDGHOD6DFDURVD

352/2*2          

,QWURGXFFLyQ         
+LVWRULD          
7UDQVIHUHQFLDGHPDVD\FULVWDOL]DFLyQ      
,QWURGXFFLyQDODFULVWDORJUDItD       
$0RUIRORJtDRIRUPDGHORVFULVWDOHV/H\GH+D\    
%6LVWHPD&ULVWDORJUiILFRVVLPHWUtD      
&1RWDFLyQGHODVFDUDVGHORVFULVWDOHV      
'&ULVWDOHVLQYDULDQWHV        
(+iELWRGHOFULVWDO         
&ULVWDORJUDItDGHODVDFDURVD       
$*UDQRDFLUFXODURGHDJXMD       
%&ULVWDOWULDQJXODU         
&&ULVWDOHVFRQJORPHUDGRV        
'&ULVWDOHVRJUDQRVJHPHORV       
(7DPDxRGHJUDQRXQLIRUPH       
)(VWUXFWXUDLQWHUQDGHOFULVWDOGHVDFDURVD      
*$]~FDUGXUD\D]~FDUVXDYH       
+¢3URGXFHQORVFRFLQDGRVDWHPSHUDWXUDDOWDXQJUDQRPiVGXUR"  
,'LVROXFLyQ\UHFUHFLPLHQWRGHORVFULVWDOHVGHVDFDURVD    
-¢&UHFHQORVFULVWDOHVPiVUiSLGRDWHPSHUDWXUDDOWD"    
.¢/DYDHOJUDQRODDOLPHQWDFLyQGHDJXD"     
/)DOVRJUDQRRJUDQRVHFXQGDULR       
 ¢3XHGHGLVROYHUVHHOIDOVRJUDQRFRQDJXDRVLURSH"    
06LQFULVWDOL]DFLyQ         
17DPDxRGHSDUWtFXODGHOD]~FDU       
27DPL]DGRSRUHOPpWRGRGH$0&9      
35HODFLRQHVGHOWDPDxRGHOFULVWDOYROXPHQ\iUHDVXSHUILFLDO   
4'HVDUUROORYROXPpWULFRGHOJUDQRFULVWDOL]DGR     
5$QDOL]DGRUGHSDUWtFXODV        


&$3,78/2,,6ROXELOLGDGGHODVDFDURVD

 ,QWURGXFFLyQ         


 1~PHURGHVROXELOLGDG       
 &RHILFLHQWHVGHVROXELOLGDG       
 &ULVWDOL]DFLyQSRUHYDSRUDFLyQ      
 /DVREUHVDWXUDFLyQFRPRHOHPHQWRGHFRQWUROHQODFULVWDOL]DFLyQ  
 ¢&DXVDODHQWUDGDGHDLUHHQXQWDFKRODIRUPDFLyQGHJUDQRDGLFLRQDO" 
 &RHILFLHQWHGHVREUHVDWXUDFLyQ      
 3UREOHPDVGHVROXELOLGDG       
 /DHOHYDFLyQGHOSXQWRGHHEXOOLFLyQ (3(      
6ROXELOLGDGVREUHVDWXUDFLyQ\(3(GHODVVROXFLRQHVLPSXUDV
GHODVDFDURVD         
2WUDGHILQLFLyQGH&66yƒ66      
3UREOHPDV         
=RQDVGHVREUHVDWXUDFLyQ       
7pFQLFDVGH&ULVWDOL]DFLyQ       
$&ULVWDOL]DFLyQ(VSRQWiQHD      
%&ULVWDOL]DFLyQSRU6KRFNVHPLOODPLHQWR     
&&ULVWDOL]DFLyQSRUVHPLOODPLHQWRFRPSOHWR    
'&ULVWDOL]DFLyQSRUXQFDPSRGHVRQLGR     
)DEULFDFLyQGHPDVDVFRFLGDVILQDOHVP~OWLSOHVSRUHWDSDV   
5HJODVSDUDHOEXHQFRFLQDGRHQORVWDFKRV     
$¢&XiOHVODFDOLGDGGHVHPLOODTXHVHGHEHXVDUHQODFULVWDOL]DFLyQ" 
3URSLHGDGHVGHODSDVWDGHVHPLOODSREODFLyQGHFULVWDOHV
GLVWULEXFLyQGHOWDPDxRGHOFULVWDOGHVJDVWH\QXFOHDFLyQSRUFROLVLyQ 
&DQWLGDGGHVHPLOODUHTXHULGDSDUDHOVHPLOODPLHQWRFRPSOHWR  
%1LYHODGHFXDGRGHODFDUJDGHFULVWDOL]DU    
&3XUH]DGHODFDUJDGHFULVWDOL]DU      
'0DQHUDGHKDFHUODOLJDGHPHODGXUD\PLHOGHSULPHUDHQHOWDQTXH
 GHPH]FODSDUDODVFULVWDOL]DFLRQHV     
(7HPSHUDWXUDGHODFDUJDGHFULVWDOL]DU     
)/DFLUFXODFLyQGHODPDVDFRFLGDGHQWURGHOWDFKR   
*6HOHFFLyQGHOƒ66DGHFXDGRSDUDUHDOL]DUHOVHPLOODPLHQWRFRPSOHWR 
+¢4XpVLJQLILFDYHORFLGDGGHFULVWDOL]DFLyQ"    
 ƒ66GHODPLHO
 3XUH]DGHODPLHO
 7HPSHUDWXUDGHODPLHO
 0RYLPLHQWRUHODWLYRGHORVJUDQRV\ODPLHO
,¢6HSURGXFHXQJUDQRPHMRUHQXQDPDVDFRFLGDTXHVHOOHYH
ELHQUHFRJLGD"        
-¢'HEHODPDVDFRFLGDVHUJUDGXDOPHQWHUHFRJLGDDPHGLGDTXHHO
QLYHOVHLQFUHPHQWD"        
.$JRWDPLHQWR        
/7pFQLFDVRSHUDWLYDVSDUDODFULVWDOL]DFLyQ/DFULVWDOL]DFLyQHQOD 
5HILQHUtDPDWHULDOHVGHDOLPHQWDFLyQ OLFRURVLURSH GH%UL[DOWR
ƒ ODFULVWDOL]DFLyQHQORV,QJHQLRVGHFUXGRWpFQLFDRSHUDWLYD
GHODFULVWDOL]DFLyQSRUVHPLOODPLHQWRVLWXDFLRQHVSRFRIUHFXHQWHV
LQDGHFXDGDDOLPHQWDFLyQGHPDWHULDO OLFRUVLURSHPHODGXUDRPLHO 
FDtGDDOYDFtR
&DPELRVGHODSXUH]DGHOOLFRUPDGUHHQODIDEULFDFLyQGHWHPSODVILQDOHV 

&$3,7/2,,,(TXLSRVSDUDHOFRQWUROGHVREUHVDWXUDFLyQ

,QWURGXFFLyQ         
(TXLSRVTXHPLGHQODHOHYDFLyQGHOSXQWRGHHEXOOLFLyQ   
$ 0HGLFLyQGHOD(3(PHGLDQWHODVLQGLFDFLRQHVGHXQWHUPyPHWUR\XQ
PDQyPHWURGHSUHVLyQDEVROXWD       
% 0HGLFLyQGHOD(3(PHGLDQWHODLQGLFDFLyQGHXQWHUPyPHWUR\XQ
0DQyPHWURGHSUHVLyQDEVROXWD\HOHPSOHRGHQRPRJUDPDV   
&0HGLFLyQGHOD(3(PHGLDQWHXQUHJLVWUDGRU66%URZQ   
'0HGLFLyQGHOD(3(PHGLDQWHHOUHJLVWUDGRUGHOD=LHJOHU   
(0HGLFLyQGHOD(3(PHGLDQWHXQPLFURSURFHVDGRU    
0LFURSURFHVDGRUGHOD)LVKHU\3RUWHU      
)&RPHQWDULRVVREUHHOXVRGHOPpWRGRGHOD(3(SDUDHOFRQWUROGHOD
6REUHVDWXUDFLyQ         
(TXLSRVTXHPLGHQODWUDQVPLVLyQGHOFDORU     
(TXLSRVTXHPLGHQHOtQGLFHGHUHIUDFFLyQ     
$5HIUDFFLyQ         
%DSOLFDFLRQHV         
&5HIUDFWyPHWURGHWDFKRV       
'&iOFXORVSDUDGHWHUPLQDUODVREUHVDWXUDFLyQ    
((OUHIUDFWyPHWUR$XWRPiWLFRGHWDFKRV     
)&RPHQWDULRVVREUHHOXVRGHUHIUDFWyPHWURVSDUDHOFRQWUROGHOD66 
(TXLSRVTXHPLGHQODFRQGXFWLYLGDGHOpFWULFD     
$&RQGXFWDQFLD         
%8QLGDGHVGHFRQGXFWDQFLD       
&$SOLFDFLRQHVGHODOH\GH2KPDODVVROXFLRQHV    
'&HOGDVGHFRQGXFWDQFLD       
('HWHUPLQDFLyQGHOD66GHODVPDVDVFRFLGDVHQORVWDFKRVSRUHO
0pWRGRGHODFRQGXFWLYLGDGHOpFWULFD      
)9LVFRVLGDG\FRQGXFWLYLGDG       
*&RQGXFWLYLGDGHVSHFLILFDGHODVVROXFLRQHVGHD]~FDU   
+6REUHVDWXUDFLyQYLVFRVLGDG\FRQGXFWLYLGDG    
,&RQGXFWDQFLD\FULVWDOL]DFLyQWpFQLFDHOD]~FDU    
-(TXLSRVGHFRQWUROGHFRQGXFWLYLGDGFRPHUFLDO    
 (OFXLWyPHWUR         
 /RVHOHFWURGRV        
 (OUHJLVWUDGRU         
 6LVWHPDGHFRQWURODXWRPiWLFR      
 6LVWHPDVDXWRPiWLFRSDUDWDFKRVGHOD'DQLVK6XJDU&RUSRUDWLRQ/WG
 ''6          
,QVWUXPHQWRVTXHPLGHQODUHVLVWLYLGDGGHOD&$    
(TXLSRVTXHPLGHQODFRQVWDQWHGLHOpFWULFD     
$,QWURGXFFLyQ         
%&RQVWDQWHGLHOpFWULFD        
&7HRUtD          
'(TXLSRVGH0HGLFLyQ        
(5HVXOWDGRVGHODVSUXHEDV       
)5HVXOWDGRVSUiFWLFRV        
*0HGLFLyQGHOD5)SRUHOPpWRGRGH5DGIRUG\FROHJDV$IULFDGHO6XU 
+6LVWHPDGHFRQWUROSDUDWDFKRV      
,$XWRPDWL]DFLyQGHWDFKRV       
(TXLSRVTXHUHJLVWUDQODPHGLFLyQLQIHUHQFLDOGHODGHQVLGDGSRU
DEVRUFLyQGHODUDGLDFLyQ       
$,QWURGXFFLyQ         
%(OGHQVLWyPHWURGHUD\RVJDPPD      
&0pWRGRGHODFiPDUDGHLRQHV      
'0pWRGRGHOFRQWURODGRUGHGHVWHOORV      
(,QVWDODFLyQGHOGHQVLWyPHWUR       
)3UXHEDVGHOGHQVLWyPHWUR       
*'HQVLWyPHWURGHOD)LQLVK6XJDU&R     
+&DOFXORGHODVREUHVDWXUDFLyQ      
,,QVWUXPHQWDFLyQ        
-2SHUDFLyQ         
.3UHFLVLyQGHODVPHGLFLRQHV       
/6HJXULGDG         
0&DUDFWHUL]DFLyQHVWDQGDUL]DFLyQ\FDOLEUDFLyQGHOVHQVRUQXFOHDUSDUD
0HGLUGHQVLGDGHQORVWDFKRVGHOD71WHFKQRORJLHV    
(TXLSRVTXHPLGHQODVSURSLHGDGHVUHROyJLFDV     
 $,QWURGXFFLyQ         
 %9LVFRVLGDG         
 &9LVFRVLGDGDEVROXWD        
 '9LVFRVLGDGFLQHPiWLFD       
 (9LVFRVLGDGHQORVPDWHULDOHVD]XFDUHURV     
 )5HRORJtDGHODVPLHOHV\PDVDVFRFLGDV     
 *(IHFWRGHORVFRQWULEX\HQWHVQRD]~FDUHVVREUHODYLVFRVLGDG  
 +(IHFWRGHORVVyOLGRVWRWDOHVVREUHODYLVFRVLGDGGHODVPLHOHV  
 ,(IHFWRGHODWHPSHUDWXUDVREUHODYLVFRVLGDGGHODVPLHOHV   
 -5HODFLyQGHODSXUH]D\YLVFRVLGDGGHODVPLHOHV    
 .5HODFLyQGHODUD]yQD]XFDUHVUHGXFWRUHVUHGXFWRUHVFHQL]DFRQ   
 DYLVFRVLGDG
 /(OFRQWHQLGRGHFULVWDOHV\VXUHODFLyQFRQODYLVFRVLGDG   
 //5HODFLyQHQWUHHOWDPDxRGHOFULVWDOGHVDFDURVD\ODYLVFRVLGDG  
 06REUHVDWXUDFLyQ\SURSLHGDGHVUHROyJLFDVGXUDQWHODFULVWDOL]DFLyQ 
 15HODFLyQHQWUHORVSDUiPHWURVGHOSURFHVRGHFULVWDOL]DFLyQ  
 2&RQWUROGHFRQVLVWHQFLDFRQFLUFXODGRUHVRUHYROYHGRUPHFiQLFRV
 YHORFLGDGFRQVWDQWH         
 30RQLWRUHVGHFRQVLVWHQFLD       
 0RQLWRU%DLNRZ1LOVRQ7DUFRQ      
 0RQLWRU6DYDQQDK        
 0RQLWRU=LHJOHU        
 0RQLWRU)LVFKHU\3RUWHU       
 5HyPHWUR)LVFKHU\3RUWHU       
&RQWURODXWRPiWLFRGHWDFKRVSRUHOXVRGHXQUHyPHWUR\XQ
PLFURSURFHVDGRU         
0HGLFLyQGHODGHQVLGDG\FRQFHQWUDFLyQPHGLDQWHPLFURRQGDVSDUD
 HOFRQWUROGHOSURFHVRGHFULVWDOL]DFLyQ      

&$3,78/2,9&ULVWDOL]DFLyQ&RQWLQXD 
,QWURGXFFLyQ         
3ULQFLSLRVGHODFULVWDOL]DFLyQFRQWLQXD      
 &LQpWLFDGHQXFOHDFLyQGHOFULVWDO      
 &LQpWLFDGHOFUHFLPLHQWRGHOFULVWDO      
 &RHILFLHQWHGHYDULDFLyQ        
6HPLOODPLHQWRGHWDFKRVFRQWLQXRV      
 $/RVTXHWUDEDMDQFRQSDVWDGHVHPLOOD     
 %ORVTXHWUDEDMDQFRQSLHGHWHPSOD      
 &&DQWLGDGGHVHPLOOD        
&RQWUROGHODSXUH]D        
6LVWHPDVGHFULVWDOL]DFLyQFRQWLQXRV      
 $'H9ULHVGLQWHORRG        
 %)LYHV&DLO%DGFRFN        
 &/XFH          
 '/DQJUHQH\         
 (0RVVPDQ         
 )7XOO\          
 *5DFHFRXUVH         
 +*RGFKDX[+HQGHUVRQ       
 ,3&(6$PVWDU         
 -%0$          
9HQWDMDVGHODHEXOOLFLyQFRQWLQXD      
&ULVWDOL]DFLyQFRQWLQXDHQODVUHILQHUtDV      

&$3,78/295HVXPHQGHORVVLVWHPDVSDUDHOFRQWUROGHODFULVWDOL]DFLyQ
(QORVWDFKRV          
,QWURGXFFLyQ         
3URFHVR          
,QVWUXPHQWDFLyQ         
&RQWURO\)XQFLRQHV        
2SHUDFLRQHVHQORVWDFKRV       
&ULVWDOL]DFLyQ         
5HYROYHGRUHVGHWDFKRV        
(VWXGLRGHODVLPXODFLyQGHXQWDFKRDOYDFtR     
 ,QWURGXFFLyQ         
 0RGHORPDWHPiWLFR EDODQFHVGHHQHUJtD\PDWHULD     
 3URSLHGDGHVLQWHQVLYDVGHOVLVWHPD      
 3URSLHGDGHVGHWUDQVSRUWH\WHUPRGLQiPLFDV     
 (FXDFLRQHVGHUHODFLyQ        
 0RGHORGHOVLVWHPDGHFRQWURO       
 5HVXOWDGRVGHODVLPXODFLyQ&DVR%DVH9DULDFLyQGHORVSDUiPHWURVGHO 
0RGHOR&RPSDUDFLyQGHHVTXHPDVGHFRQWUROFRQYHQFLRQDO   
 &RQVLGHUDFLyQGHXQHVTXHPDGHFRQWURODOWHUQDWLYR    
 0RGLILFDFLyQGHOPRGHOR       
9HULILFDFLyQH[SHULPHQWDOGHXQPRGHORGLQiPLFRHXQWDFKRDOYDFtR  
 (FXDFLRQHVSDUDHOPRGHORGLQiPLFR      
 'HWHUPLQDFLyQGHORVSDUiPHWURVPRGHORV\PRGHORVGHYDOLGDFLyQ  
 &RPSDUDFLyQGHODSUHGLFFLyQGHOPRGHOR\UHVXOWDGRVH[SHULPHQWDOHV 
$QiOLVLVGHOFRFLQDGRHQORVWDFKRV\VXVFRQVHFXHQFLDVWpFQLFDV  
 6REUHVDWXUDFLyQFUHFLPLHQWRGHOFULVWDO\HOSURFHVRGHORVSLHVGHWHPSOD 
 $SDUDWRVSDUDORVSLHV        
 7UDQVIHUHQFLDGHFDORUGXUDQWHHOFRFLQDGR     
 7LSRVGHDJLWDGRUHV        
 %DODQFHGHHQHUJtDDORVWDFKRV       
 3URFHVRFRFLPLHQWRGHODPDVDFRFLGD      
 3URFHVRIDEULFDFLyQGHD]~FDUEODQFR      
 &RQVLGHUDFLRQHVVREUHODHFRQRPtDGHDJLWDFLyQ    

&$3,78/29,/DFULVWDOL]DFLyQGHOD]~FDUHQORVFULVWDOL]DGRUHV

,QWURGXFFLyQ         
/DFULVWDOL]DFLyQFRQWLQXDSRUHQIULDPLHQWR     
$JRWDPLHQWRGHODPLHOILQDO       
 HQIULDPLHQWRySWLPRYVHQIULDPLHQWRQRySWLPR    
 UDSLGH]GHHQIULDPLHQWR        
 &ULVWDOL]DFLyQDODWHPSHUDWXUDPtQLPD      
'LVWULEXFLyQGHOWLHPSRGHUHVLGHQFLD      
6ROXELOLGDGGHODVDFDURVDHQDJXDSXUD      
 6ROXELOLGDGGHODVDFDURVDHQFRQGLFLRQHVLPSXUDV&RHILFLHQWH
 GHVROXELOLGDG         
 (IHFWRVGHODVLPSXUH]DVVREUHODVROXELOLGDG     
 (VWLPDFLyQGHODVREUHVDWXUDFLyQGHODVPLHOHVDFRHILFLHQWHGH
 6REUHVDWXUDFLyQ DSDUWLUGHODWHPSHUDWXUD     
 6yOLGRVWRWDOHV\YLVFRVLGDG       
 (IHFWRGHODWHPSHUDWXUDHQODYLVFRVLGDG     
 5HODFLyQYLVFRVLGDGSXUH]DDYDULDVWHPSHUDWXUDVGHVDWXUDFLyQ  
 5HODFLyQGHODSXUH]DGHODVPLHOHVFRQODUHODFLyQ$5&DYDULDV
 9LVFRVLGDGHV         
 5HODFLyQHQWUHODSXUH]DGHODVPLHOHV\ODUD]yQ QRD]~FDUHVDJXD   
9LVFRVLGDG         
 ,PSXUH]D\YLVFRVLGDG        
 5HRORJtDGHODVPLHOHV\PDVDVFRFLGDV      
 2SHUDFLRQHVSDUDDOFDQ]DUODYLVFRVLGDGOLPLWH     
 5HODFLyQGHOFRQWHQLGRGHFULVWDOHVFRQODYLVFRVLGDG    
 0HFDQLVPRGHFUHFLPLHQWRGHORVFULVWDOHV     
 ,QIOXHQFLDGHODWHPSHUDWXUD       
 7LSR\FRQFHQWUDFLyQGHLPSXUH]DV      
 0RYLPLHQWRGHORVFULVWDOHV\FRQFHQWUDFLyQ     
5HODFLyQFRQHOiUHDVXSHUILFLDOGHORVFULVWDOHV     
 &RQWHQLGRGHFULVWDOHV        
 9ROXPHQDSDUHQWHGHORVFULVWDOHV      
 7DPDxRGHOFULVWDO        
 (IHFWRGHODJRWDPLHQWRGHODVPLHOHVHQODHILFLHQFLDGHODVFHQWUtIXJDV 
 )RUPDFLyQHVSRQWiQHDGHFULVWDOHV      
 8QLIRUPLGDGGHORVFULVWDOHV       
 3XUH]DGHODPDVDFRFLGD       
 5HVXPHQGHODVSURSLHGDGHVySWLPDVGHODVPDVDVFRFLGDV   
 /DYLVFRVLGDGGHODVPLHOHV\HIHFWRVGHORVVXUIDFWDQWHV   
 'LOXFLyQ\UHFDOHQWDPLHQWR       
7HFQRORJtDGHODFULVWDOL]DFLyQFRQWLQXDSRUHQIULDPLHQWR   
 DFULVWDOL]DGRUHVFRQHQIULDPLHQWRSRUDLUH     
 E&ULVWDOL]DGRUHVFRQFDPLVDGHDJXD      
 F&ULVWDOL]DGRUHVFRQVHUSHQWLQHVWXERVRFDMDVGHDJXDVILMDV  
 G&ULVWDOL]DGRUHVFRQHOHPHQWRVGHHQIULDPLHQWRURWDWRULRV   
 .LOE\          
 +RQROXOX         
 %ODQFKDUG         
 'REOHKpOLFH         
 :HUNSRRU         
 H&ULVWDOL]DGRUURWDWRULRFRQVHUSHQWLQHVSDUDHQIULDPLHQWRILMRV/D)HXLOOH 
 I&ULVWDOL]DGRUHVYHUWLFDOHV       
 &ULVWDOL]DGRUHVFRQWLQXRV       
&ULVWDOL]DGRUHV:HUNVSRRUSDUDD]~FDUHVEODQFRV    
5HFDOHQWDGRUHVSDUDODPDVDFRFLGD      
&DSDFLGDGQHFHVDULDHQFULVWDOL]DGRUHV     
&iOFXORGHXQFULVWDOL]DGRUHQIULDGRSRUDLUH     
&iOFXORGHXQFULVWDOL]DGRUHQIULDGRSRUFDMDVGHDJXD    
&iOFXORSDUDXQFULVWDOL]DGRU:HUNVSRRU     
(QIULDGRUSDUDPLHOHVILQDOHV       
3pUGLGDGFDEH]DDWUDYpVGHORVFULVWDOL]DGRUHVFRQWLQXRV   
&RORUGH6ROXFLyQ\GHFULVWDOL]DFLyQ      


&$3,78/29,,4XtPLFDGHODFULVWDOL]DFLyQ
,QWURGXFFLyQ        
 'HVFRPSRVLFLyQGHODVDFDURVDGXUDQWHHOSURFHVR   
 GHFULVWDOL]DFLyQ
 'HVFRPSRVLFLyQGHD]~FDUHVUHGXFWRUHV     
 5HDFFLRQHVGHQRD]~FDUHVRUJiQLFDV     
 )HQyPHQRVUHODFLRQDGRVFRQORVGLIHUHQWHVWLSRVGH
 QRD]~FDUHVLQRUJiQLFRV       
 1RD]~FDUHVTXHDIHFWDQODFULVWDOL]DFLyQGHD]~FDUHV   
 (IHFWRVGHORVQRD]~FDUHVSUHFLSLWDGRVVREUHODIXHU]DGHO
 D]~FDUFHQWULIXJDGRV       
 &ULVWDOL]DFLyQGHOMXJRFUXGRSRUHQIULDPLHQWR    
&$3,78/29,,,&ULVWDOL]DFLyQGHOD]~FDUHQOD)DEULFDFLyQGHDOLPHQWRV
,QWURGXFFLyQ        
 $]~FDUHVHVSHFLDOHV       
 $3URFHVRVGHD]~FDUWUDQVIRUPDGD     
 %&RFULVWDOL]DFLyQ       
 (VWUXFWXUDItVLFD        
 0DWHULDOHVDGLWLYRV        
 &DUDFWHUtVWLFDVIXQFLRQDOHV      
2WUDVDSOLFDFLRQHV        
 'HVKLGUDWDFLyQGHPDWHULDOHVYLVFRVRV     
 (QWUDPSDPLHQWR        
'LVSHUVLyQ         
 7UDEDMRVGHVDUUROODGRVSRVWHULRUPHQWH     
 &$]~FDU\SURGXFWRVHVSHFLDOHVGHOD]~FDU
 &RPHUFLDOPHQWHGLVSRQLEOHV      
 $]~FDUHVJUDQXODGRVGHWDPDxRJUDQGH     
 $]~FDUJUDQXODGRUHJXODU       
 $]XFDUHVGHFRQILWHUtD       
 $]~FDUPRUHQD        
 $]~FDUGH'HPHUDUD       
 $]~FDUOtTXLGD        
 6DFDURVD/tTXLGD        
 $]~FDU/tTXLGDLQYHUWLGR       
 $]~FDUHQWXERV\WDEOHWDV       
 $]~FDU$PRUIR        
 0LHOHVGH5HILQHUtD       
 $]~FDU&DQGH        
 $]~FDU0RUHQD)OXLGD\VLQDSHOPD]DUVH    
 *UiQXORVGHD]~FDUHV1DWXUDOHV      
 *UiQXORVGHPLHOHV       
 *UiQXORVGHPLHOGHDEHMDV      
 *UiQXORVGH0DSOH       
 6LURSHGH7H[WXUD\KXPHFWDQWHV      
 $]~FDU)RQGDQW        
 $]~FDU)RQGDQW6HFDSRU&RFULVWDOL]DFLyQ    
 $]~FDUHV)RQGDQW6HFDSRU0LFURSXOYHUL]DFLyQ   
 $]~FDU,FLQJ/LVWDSDUDXVDUVH      
 $]~FDUSDUD)DUPDFLD       
 $]~FDU1DFLRQDOIRUPXODGD      
 $]~FDUGHFRPSDFWDFLyQ'LUHFWD      
 6HPLOODVQRUHFRUWDGDV       
 2WURV$]~FDUHV(VSHFLDOHV      
 $]~FDU*HODWLQDGDV       
 $]~FDUGHEDMDVFDORUtDV       
1XHYRSURFHGLPLHQWRSDUDODIDEULFDFLyQGHD]~FDUJHOLILFDQWH  

%,%/,2*5$),$&2168/7$'$

,6-YRO
,6-YRO
$66&7 4XHHQVODQG SDJV
,66&7SDJ
,(&2FWXEUH3DJ
68*$5-0D\RSDJ-XQLRSDJ
*8,//(7+RQLJ,,SDJ
0,11($32/,6+21(<:(//6XJDUPDQXDO
),6+(5 3257(56XJDU0DQXDO
,66&7SDJ
,6-SDJ
,6-SDJ
+21,1*,,SDJ
68*$5-2851$/1RYSDJ
''60$18$/
=8&.(5,1'SDJ
6,7SDJ
,66&7SDJ
466&7SDJ
,6-SDJ
7$,:$168*$5$JRVWRSDJ
$66&7SDJ
,6-SDJ
68*$5-'LFLHPEUHSDJ
/2:*5$'(68*$5&5<67$//,7$7,21*,//(7
6$.+$5SDJ
$66&7SDJ
$66&7SDJ
,66&7SDJ
,66&7SDJ
$66&7SDJ
6$67$SDJ
),9(6&$,/%6'&2&.)&%±
0$18$/75$%$-2'(7$&+26&ODUN\*UDFLD,QVWLWXWRGHOOLEUR±&XED

%RVVH'$7$09HUDFUX]0p[LFR([SHULHQFLDDGTXLULGDHQODSUiFWLFDFRQ
7DFKRVFRQWLQXRVYHUWLFDOHVPDUFD%0$DORODUJRGHDxRV

+HPSHOPDQQ59.77KHIXWXUHLQFRQWLQXRXVSDQERLOLQJ,QW6XJDU-QO9RO
9RO1R
5HYLVWDVGHLQIRUPDFLyQ%0$HGLFLRQHV

&DWiORJR7pFQLFR%0$&ULVWDOOL]DWLRQSODQWV


You might also like