1. 873/DERUDWRULRGH5HVLVWHQFLDGHPDWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHODOOH7UXMLOOR
5(*/$63$5$È/8/26$352;,0$'265('21'(2'(
1Ò0(526
/RVYDORUHVQXPpULFRVREWHQLGRVFRPRUHVXOWDGRGHPHGLFLRQHVGHPDJQLWXGHVItVLFDVORV
FiOFXORVUHDOL]DGRVHQODVHMHFXFLRQHVGHORVWUDEDMRVGHODERUDWRULRVRQDSUR[LPDGRV6LQ
HPEDUJR FRP~QPHQWH FXDQGR ORV HVWXGLDQWHV XVDQ FDOFXODGRUDV HOHFWUyQLFDV SDUD ORV
FiOFXORV WLHQGHQ D SUHVHQWDU HO UHVXOWDGR ILQDO FRQ XQ JUDQ Q~PHUR GH GHFLPDOHV HV GHFLU
FRQXQDSUHFLVLyQTXHQRHVWiJDUDQWL]DGDSRUORVGDWRVLQLFLDOHV
/D UHJOD JHQHUDO HV TXH DXQTXH OD VROXFLyQDULWPpWLFD VHD PX SUHFLVD QR SXHGH VHU PiV
SUHFLVDTXHORVVXSXHVWRVVREUHODTXHVHIXQGD(VSRUHVWRTXHHQODHMHFXFLyQGHFiOFXORV
HVQHFHVDULRUHVSHWDUXQDVUHJODVGHUHGRQGHRGHFiOFXORVDSUR[LPDGRV
/D7HRUtDGHORVFiOFXORVDSUR[LPDGRVSHUPLWH

2. RQRFLHQGRODSUHFLVLyQGHORVGDWRVLQLFLDOHVYDORUDUODSUHFLVLyQGHOUHVXOWDGRGH
ORVFiOFXORVUHDOL]DGRV

3. 7RPDU ORV GDWRV LQLFLDOHV FRQ XQD SUHFLVLyQ WDO TXH VH JDUDQWLFH OD SUHFLVLyQ
HVSHUDGDGHORVUHVXOWDGRV

4. /LEHUDU HO SURFHVR GH FiOFXOR GH RSHUDFLRQHV LQQHFHVDULDV ODV FXDOHV QR WLHQHQ
HIHFWRHQODSUHFLVLyQGHOUHVXOWDGR
/DQRUPDWpFQLFDFRORPELDQD17-,6=

5. HQXQFLDODVVLJXLHQWHVUHJODVSDUDHO
UHGRQGHRGHYDORUHVQXPpULFRV
XDQGRVHUHGRQGHDXQYDORUQXPpULFRDQ FLIUDVVLJQLILFDWLYDV

6. RDQ OXJDUHVGHFLPDOHV
ODVFLIUDVTXHHVWiQPiVDOOiGHOGtJLWR QpVLPRVHFRQVLGHUDUiQDVt
1RWD

7. (OQ~PHURGHFLIUDVVLJQLILFDWLYDVVHFRQWDUiGHVGHHOOXJDUGHODSULPHUDFLIUDGLIHUHQWHDFHUR

8. 6L HO YDORU QXPpULFR PiV DOOi GHO GtJLWR QpVLPR HV PHQRU TXH PHGLD XQLGDG GHO
GtJLWRQpVLPRVHGHEHUiEDMDU

9. 6L HO YDORU QXPpULFR PiV DOOi GHO GtJLWR QpVLPR HV PDRU TXH PHGLD XQLGDG GHO
GtJLWRQpVLPRpVWHVHLQFUHPHQWDUiHQODXQLGDG

10. 6L VH FRQRFH TXH HO YDORU QXPpULFR PiV DOOi GHO GtJLWRQpVLPR HV H[DFWDPHQWH OD
PLWDGGHODXQLGDGGHOGtJLWRQpVLPRRQRVHVDEHVLVHKDUHGRQGHDGRKDFLDDUULED
RKDFLDDEDMRVHGHEHUiVHJXLUORHVWDEOHFLGRHQD

11. yE

12. D

13. 6LHOGtJLWRQpVLPRHVXVHUHGRQGHDUiKDFLDDEDMR
E

14. (OGtJLWRQpVLPRVHDXPHQWDUiHQXQDXQLGDGVLHOGtJLWRQpVLPRHV
y

15. 6LVHFRQRFHTXHHOYDORUQXPpULFRPiVDOOiGHOGtJLWRQpVLPRKDVLGRUHGRQGHDGR
KDFLDDUULEDRKDFLDDEDMRVHGHEHUiVHJXLUHOPpWRGR

16. y

17. 873/DERUDWRULRGH5HVLVWHQFLDGHPDWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHODOOH7UXMLOOR
2EVHUYDFLyQHVWHSURFHGLPLHQWRGHUHGRQGHRVHGHEHUiKDFHUHQXQSDVR3RUHMHPSORVL
VHUHGRQGHDSRUHVWHPpWRGRDFLIUDVVLJQLILFDWLYDVVHFRQYLHUWHHQ1RVHGHEH
KDFHUHQGRVSDVRVFRPRVHPXHVWUDHQVHJXLGD
SULPHUSDVR

18. VHJXQGR

19. +DVWDDTXtODVUHJODVTXHRUGHQDHOHVWiQGDU17-,6=

20. VLDXVWHGOHSDUHFHQ
XQ SRFR FRQIXVDV SXHGHQ XVDUVH ODV VLJXLHQWHV UHJODV XVDGDV HQ OD OLWHUDWXUD FLHQWtILFD
WUDGLFLRQDOFRP~Q
3DUDHOUHGRQGHRGHQ~PHURVVHGHEHQVHJXLUODVVLJXLHQWHVUHJODV@

21. 6LODSULPHUDFLIUDTXHVHRPLWHDUURMD

22. HVyHQWRQFHVOD~OWLPDFLIUDTXH
VHFRQVHUYDHQHOQ~PHURDSUR[LPDGRVHFRQVHUYDVLQQLQJ~QFDPELRUHGRQGHRFRQ
GHIHFWR

23. 6L GHVSXpV GH OD ~OWLPD FLIUD FRQVHUYDGD VLJXH XQ y OXHJR GH OD FXDO
VLJXHXQDRYDULDVFLIUDVVLJQLILFDWLYDVHQWRQFHVHQQHFHVDULRVXPDUXQDXQLGDGDOD
FLIUDTXHVHFRQVHUYDVLOD~OWLPDFLIUDTXHVHFRQVHUYDHVpVWDGHEHFDPELDUVHD
VHDXPHQWDHQXQDXQLGDGHOYDORUGHODSHQ~OWLPDFLIUDUHGRQGHRFRQH[FHVR

24. 6LOXHJRGHOD~OWLPDFLIUDFRQVHUYDGDVHWLHQHVyORODFLIUDy ODFLIUDVHJXLGDGH
FHURV VH WRPD FRPR ~OWLPD FLIUD HO Q~PHUR SDU PiV SUy[LPR HV GHFLU VL OD FLIUD
UHWHQLGDHVSDUVHGHMDVLHVLPSDUVHWRPDODFLIUDVXSHULRU
(MHPSORV
x 5HGRQGHDUHOQ~PHURKDVWDWUHVFLIUDVVLJQLILFDWLYDV
'HELGR D TXH OD SULPHUD FLIUD TXH VH DUURMD HV PDRU TXH HQWRQFHV OD FLIUD VH
DXPHQWDHQXQDXQLGDGREWHQLpQGRVHHOQ~PHURUHGRQGHDGR
x 5HGRQGHDUHOQ~PHURKDVWDWUHVFLIUDVVLJQLILFDWLYDV
'HELGRDTXHODSULPHUDFLIUDTXHVHDUURMDHVGHVSXpVGHHOODVLJXHODFLIUDVLJQLILFDWLYD
HQWRQFHV OD FLIUD TXH VH FRQVHUYD VH DXPHQWD HQXQDXQLGDG(OQ~PHURUHGRQGHDGR
VHUi
x 5HGRQGHDUHOQ~PHURKDVWDWUHVFLIUDVVLJQLILFDWLYDV
'HELGRDTXHOD~OWLPDFLIUDTXHVHFRQVHUYDHVLPSDUHQWRQFHVVHDXPHQWDHQXQDXQLGDG
HOQ~PHURUHGRQGHDGRVHUi
XDQGRVHUHGRQGHDQQ~PHURVPDRUHVGHGLH]ORVFHURVTXHQRVRQFLIUDVFRQILDEOHVQRVH
HVFULEHQVHGHQRWDSRUVHSDUDGRHOPXOWLSOLFDGRU[
3RU HMHPSOR HO Q~PHUR UHGRQGHDGR KDVWD WUHV FLIUDV VLJQLILFDWLYDV GHEH VHU
UHSUHVHQWDGRFRPR˜ y˜ y˜ (VWD~OWLPDQRWDFLyQHVODSUHIHULGD

25. 873/DERUDWRULRGH5HVLVWHQFLDGHPDWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHODOOH7UXMLOOR
6L SRU HMHPSOR HO Q~PHUR WLHQH VyOR ODV GRV SULPHUDV FLIUDV FRQILDEOHV VH GHEH
HVFULELU˜
(QHOQ~PHURKDFXDWURFLIUDVFRQILDEOHVHQHOQ~PHUR˜ KDVyORGRVFLIUDV
FRQILDEOHV
XDQGR VH UHDOL]D XQ UHGRQGHR HO YDORU DSUR[LPDGR SXHGH VHU PDRU R PHQRU TXH HO
Q~PHURH[DFWR
(Q OD SUiFWLFD HQ OD PDRUtD GH ORV FDVRV QR VH FRQRFH HO YDORU H[DFWR GHO Q~PHUR
DSUR[LPDGRHOHUURUGHVXUHGRQGHR6LQHPEDUJRVLHPSUHHVSRVLEOHLQGLFDUODPDJQLWXG
GHOHUURUOtPLWHDEVROXWR'DHOFXDOUHSUHVHQWDXQQ~PHURSRVLWLYRSDUDHO FXDOVHFXPSOH
ODGHVLJXDOGDG
] D d 'D y D 'D d ] d D 'D
GRQGH ] HVHOYDORUH[DFWRGHOQ~PHUR
D HVHOYDORUDSUR[LPDGRGHOQ~PHUR]
(OHUURUOtPLWHDEVROXWRSDUDORVQ~PHURVDSUR[LPDGRVLQGHSHQGLHQWHPHQWHGHOPpWRGRGH
VXREWHQFLyQVHWRPDVLHPSUHLJXDODPHGLDXQLGDGGHORUGHQGHOD~OWLPDFLIUDFRQVHUYDGD
'D ˜ ± U
GRQGH U ± HVHOQ~PHURGHSRVLFLRQHVGHVSXpVGHODFRPD
(MHPSOR (OQ~PHURD WLHQHXQHUURUOtPLWHDEVROXWR
'D ˜ ±
y ] r
/D UHODFLyQ HQWUH HO HUURU OtPLWH DEVROXWR GHO Q~PHUR DSUR[LPDGR HO Q~PHUR PLVPR VH
OODPDHUURUOtPLWHUHODWLYRFRP~QPHQWHVHLQGLFDHQSRUFHQWDMH
(MHPSOR(OHUURUOtPLWHUHODWLYRGHOQ~PHURD HVLJXDOD
'D
/D y
D
6LHOHUURUGHXQQ~PHURQRVHLQGLFDHQWRQFHVVHFRQVLGHUDTXHHVLJXDODPHGLDXQLGDGGHO
RUGHQGHOD~OWLPDFLIUD
/RV Q~PHURV DSUR[LPDGRV SRU OR FRP~Q VH FDUDFWHUL]DQ SRU OD FDQWLGDG GH SRVLFLRQHV
GHVSXpVGHODFRPDFRQVHUYDGDVRSRUODFDQWLGDGGHFLIUDVVLJQLILFDWLYDV6HOODPDQFLIUDV

26. 873/DERUDWRULRGH5HVLVWHQFLDGHPDWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHODOOH7UXMLOOR
VLJQLILFDWLYDV D WRGRV ORV Q~PHURV H[FHSWR ORV FHURV D OD L]TXLHUGD (O FHUR VH FRQVLGHUD
FLIUDVLJQLILFDWLYDVyORFXDQGRHVWiHQWUHRWUDVFLIUDVVLJQLILFDWLYDVRFXDQGRHVWiDOILQDOGH
XQQ~PHURQRVHVDEHVLVHWLHQHQXQLGDGHVGHORUGHQFRUUHVSRQGLHQWHHQHOQ~PHURGDGR
(MHPSOR/RVQ~PHURVWLHQHQWUHVFLIUDVVLJQLILFDWLYDV
/DV FLIUDV HQ XQ Q~PHUR DSUR[LPDGR VRQ OODPDGDV FRQILDEOHV VL OD GLIHUHQFLD HQWUH HO
Q~PHURH[DFWR] VXYDORUDSUR[LPDGRD QRHVPDRUTXHODPLWDGGHODXQLGDGGHORUGHQ
GHOD~OWLPDFLIUDGHOQ~PHURDSUR[LPDGRTXHHQHVWHFDVRHVHOHUURUOtPLWHDEVROXWR'D
'H PDQHUD TXH GH DFXHUGR D HVWD UHJOD WRGDV ODV FLIUDV VLJQLILFDWLYDV GH XQ Q~PHUR
DSUR[LPDGRVRQFRQILDEOHV
(OHUURUGHOUHVXOWDGRGHFXDOTXLHURSHUDFLyQDULWPpWLFDUHDOL]DGDFRQQ~PHURVDSUR[LPDGRV
VHH[SUHVDDWUDYpVGHOHUURUGHORVGDWRVLQLFLDOHVVREUH ODEDVHGHOD7HRUtDGHOFiOFXORGH
HUURUHVGHIXQFLRQHV
XDQGRVHUHDOL]DXQDJUDQFDQWLGDGGHFiOFXORVQRVHWLHQHQHQFXHQWDORVHUURUHVGHFDGD
UHVXOWDGRSRUVHSDUDGRHVQHFHVDULRUHJLUVHSRUODVVLJXLHQWHVUHJODVODVFXDOHVJDUDQWL]DQ
ODREWHQFLyQGHUHVXOWDGRVFRQWRGDVODVFLIUDVFRQILDEOHV
XDQGR VH VXPDQ UHVWDQ Q~PHURV DSUR[LPDGRV HV QHFHVDULR UHGRQGHDU HO UHVXOWDGR
ILQDOKDVWDHOQ~PHURPiVSHTXHxRGHFLIUDVGHFLPDOHVTXHWHQtDQORVGDWRVLQLFLDOHV/RV
Q~PHURV TXH WLHQHQ PiV FLIUDV GHFLPDOHV HV QHFHVDULR UHGRQGHDUORV SUHYLDPHQWH
FRQVHUYDQGR XQD FLIUD GHFLPDO PiV TXH ODV TXH SRVHH HO Q~PHUR FRQ PHQRV FDQWLGDG GH
FLIUDVGHFLPDOHV
(MHPSOR(QFRQWUDUODVXPD
DTXHHOSULPHUVXPDQGRWLHQHVyORGpFLPDVUHGRQGHDPRVHOUHVWRGHVXPDQGRVKDVWDODV
FHQWpVLPDV/XHJRGHODVXPDUHGRQGHDPRVHOUHVXOWDGRKDVWDODVGpFLPDV
|
XDQGR VH PXOWLSOLFDQ GLYLGHQ Q~PHURV HV QHFHVDULR SUHYLDPHQWH UHGRQGHDUORV
FRQVHUYDQGR XQD FLIUD VLJQLILFDWLYD GH PiV FRQ UHVSHFWR D OD FDQWLGDG GH FLIUDV
VLJQLILFDWLYDVGHOQ~PHURTXHWLHQHHOPHQRUQ~PHURGHHOODV(QHOUHVXOWDGRGHILQLWLYRVH
FRQVHUYDQWDQWDVFLIUDVVLJQLILFDWLYDVFRPRWHQJDHOTXHPHQRVFLIUDVVLJQLILFDWLYDVWHQtD
(MHPSOR(QFRQWUDUHOSURGXFWRGH ˜ ˜
3UHYLDPHQWH UHGRQGHDPRV WRGRV ORV Q~PHURV KDVWD ODV FHQWpVLPDV /XHJR GH OD
PXOWLSOLFDFLyQUHGRQGHDPRVKDVWDODVGpFLPDV
˜ ˜ |

27. 873/DERUDWRULRGH5HVLVWHQFLDGHPDWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHODOOH7UXMLOOR
XDQGR VH HOHYD DO FXDGUDGR R DO FXER HQ HO UHVXOWDGR ILQDO VH GHEHQ FRQVHUYDU WDQWDV
FLIUDVGHFLPDOHVFXDQWDVWLHQHHOQ~PHURDSUR[LPDGRDHOHYDUVHDODSRWHQFLDGDGD
(MHPSOR(OHYDUDOFXDGUDGRHOQXPHUR
2EWHQHPRV |
XDQGRVHH[WUDHUDt]FXDGUDGDRF~ELFDHQHOUHVXOWDGRILQDOVHGHEHWRPDUWDQWDVFLIUDV
GHFLPDOHVFXDQWDVWHQtDHOQ~PHUREDMRHOVLJQRGHUDGLFDO
(MHPSOR ([WUDHUODUDt]FXDGUDGDGH˜ ±
2EWHQHPRV ˜ ˜ ˜
XDQGR VH UHDOL]D HO FiOFXOR GH H[SUHVLRQHV FRPSOHMDV HV QHFHVDULR FXPSOLU ODV UHJODV
HQ FRUUHVSRQGHQFLD FRQ HO WLSRGH RSHUDFLRQHV UHDOL]DGDV (Q HVWH FDVR HQ WRGDV ORV
UHVXOWDGRVLQWHUPHGLRVVHGHEHFRQVHUYDUXQDFLIUDVLJQLILFDWLYDPiVODFXDOHQHOUHVXOWDGR
ILQDOVHDUURMDGHDFXHUGRDODVUHJODVGHUHGRQGHR
(MHPSOR(QFRQWUDUHOYDORUQXPpULFRGHODH[SUHVLyQ

28. ˜
˜ ˜
(QODH[SUHVLyQHOQ~PHURHVHOTXHWLHQHPHQRVFLIUDVVLJQLILFDWLYDVSRUHVWRWRGRORV
UHVXOWDGRV LQWHUPHGLRV GHEHQ VHU UHGRQGHDGRV KDVWD WUHV FLIUDV VLJQLILFDWLYDV (O UHVXOWDGR
ILQDOVHUHGRQGHDKDVWDGRVFLIUDVVLJQLILFDWLYDV2EWHQHPRV

29. ˜ ˜
| ˜ | ˜
˜ ˜ ˜ ˜
5HIHUHQFLDV
@ 5HVLVWHQFLD GH 0DWHULDOHV 0DQXDO GH /DERUDWRULR 0' 3RGVNUHENR 0LQVN
$PDOIHDSDJ