1.
6DQWLDJRMXOLRGH
$JULFXOWXUDFDPELRFOLPiWLFR
LQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
0HPRULDGHOVHPLQDULRLQWHUQDFLRQDOUHDOL]DGRHQ
6DQWLDJRORVGtDVGHQRYLHPEUHGH
VHPLQDULRVFRQIHUHQFLDV
S
E
R
I
E

2.
3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
//
RSULJKW‹1DFLRQHV8QLGDVMXOLRGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGHKLOH
/RV(VWDGRVPLHPEURVVXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVH
OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
/RVDUWtFXORVUHXQLGRVHQHVWHYROXPHQVHEDVDQHQODVSRQHQFLDVSUHVHQWDGDVSRUORVH[SHUWRVTXHSDUWLFLSDURQHQ
HOVHPLQDULRUHJLRQDO³$JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ´UHDOL]DGRHQODVHGH
GHODRPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQDHODULEH (3$/ HQ6DQWLDJRORVGtDVGHQRYLHPEUH
GH
(OVHPLQDULRIXHRUJDQL]DGRSRUOD8QLGDGGH'HVDUUROOR$JUtFRODGHOD'LYLVLyQGH'HVDUUROOR3URGXFWLYR
(PSUHVDULDOGHOD(3$/HO*UXSRGHDPELROLPiWLFR6RVWHQLELOLGDG$PELHQWDOGHOD2ILFLQD5HJLRQDOSDUD
$PpULFD/DWLQDGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUDOD$OLPHQWDFLyQ )$2 HO
,QVWLWXWR,QWHUDPHULFDQRGHRRSHUDFLyQSDUDOD$JULFXOWXUD ,,$ FRPRSDUWHGHVXVDFWLYLGDGHVFRQMXQWDVGH
FRRSHUDFLyQWpFQLFDSDUDHOVHFWRUDJURSHFXDULRRQWyFRQHODSRRGHO*RELHUQRGH)UDQFLDSRUPHGLRGHVX
'HOHJDFLyQ5HJLRQDOGHRRSHUDFLyQSDUDHORQR6XUHO%UDVLOFRQODFRODERUDFLyQGHOD8QLGDG$JUtFROD
GHODVHGH6XEUHJLRQDOGHOD(3$/HQ0p[LFR
(O UHVXPHQ OD FRPSLODFLyQ HQ DOJXQRV FDVRV OD LQWHJUDFLyQGHORVFRQWHQLGRVGHODVGLIHUHQWHVSRQHQFLDV
HVWXYLHURQDFDUJRGHXQFRPLWpGHUHGDFFLyQ FRPSXHVWRSRU$GULiQ5RGUtJXH]$OEHUWR6DXFHGR2FWDYLR
6RWRPDRUGHOD(3$/-DQ9DQ:DPEHNH/DXUD0H]DGHOD)$2/DHGLFLyQHVWXYRDFDUJRGH1HOVRQ
*RQ]iOH]FRQVXOWRUHQFRPXQLFDFLyQ
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR DUHYLVLyQHGLWRULDOVRQGHH[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHVSXHGHQQRFRLQFLGLUFRQODVGHODVRUJDQL]DFLRQHV

3.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
ËQGLFH
3UHVHQWDFLyQ
,QWURGXFFLyQ
, RQRFLPLHQWRVREUHODDGDSWDFLyQHLPSDFWRGHOFDPELR
FOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
/DDJULFXOWXUDHOFOLPD
/DDJULFXOWXUDVXUHODFLyQFRQRWURVVHFWRUHV
3HUVSHFWLYDVSDUDHODQiOLVLVGHLPSDFWRV
(QIRTXHVPHWRGROyJLFRVSDUDODGHWHUPLQDFLyQ
GHLPSDFWRV
/DLQYHVWLJDFLyQVREUHLPSDFWRVGHOFDPELRFOLPiWLFR
HQODDJULFXOWXUDHQ$PpULFD/DWLQDHODULEH
% LHQFLDSROtWLFDSDUDHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
HOFDVRGHO,QVWLWXWR,QWHUDPHULFDQRSDUDOD,QYHVWLJDFLyQGHO
DPELR*OREDO ,$,
,QYHVWLJDFLyQSDUDHOFDPELRJOREDO
,QIRUPDFLyQ~WLOSDUDODWRPDGHGHFLVLRQHV
/RVGHVDItRV
,QYHVWLJDFLyQGLiORJRGHSROtWLFDVVREUHDGDSWDFLyQDO
FDPELRFOLPiWLFRHQODDJULFXOWXUDHQ$XVWUDOLD
(MHVFHQWUDOHVGHODDGDSWDFLyQDOFDPELRFOLPiWLFR
HQODDJULFXOWXUD
0HQVDMHVFODYHGHODH[SHULHQFLDDXVWUDOLDQD
' (IHFWRVGHOFDPELRFOLPiWLFRVREUHODDJULFXOWXUDHQ
HQWURDPpULFD
(OVHFWRUDJURSHFXDULRFHQWURDPHULFDQRDSRUWHV
VHUYLFLRVDPELHQWDOHVFDPELRFOLPiWLFR

4.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
0HWRGRORJtDVXWLOL]DGDVSDUDHVWLPDUORVHIHFWRVGHOFDPELRFOLPiWLFRHQOD
DJULFXOWXUD
,PSDFWRGHOFDPELRFOLPiWLFRHQODSURGXFFLyQDJURSHFXDULDHIHFWRVREUH
HOLQJUHVRGHULYDGRGHODWLHUUD
/RVHVFHQDULRVIXWXURVORVLPSDFWRVGHOFDPELRFOLPiWLFRVREUHHOVHFWRU
DJURSHFXDULR
RQFOXVLRQHV
,, (OFDPELRFOLPiWLFRHQORVSURJUDPDVDJHQGDVGHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFROD
GHODUHJLyQ
$ 0DUFRGHUHIHUHQFLD
% LQFRPHQVDMHVVREUHLQYHVWLJDFLyQHQFDPELRFOLPiWLFRDJULFXOWXUD
,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV)RUHVWDOHV$JUtFRODV3HFXDULDVGH0p[LFR
' (PSUHVD%UDVLOHxDGH,QYHVWLJDFLyQ$JUtFROD
3URJUDPDGHLQYHVWLJDFLyQVREUHDJULFXOWXUDWURSLFDOFDPELRFOLPiWLFR
=RQHDPLHQWRGHULHVJRVFOLPiWLFRVDJUtFRODV
,QYHVWLJDFLyQVREUHDGDSWDFLyQPLWLJDFLyQ
1XHYRVSURHFWRV
( ,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV$JURSHFXDULDVKLOH
$QWHFHGHQWHV
(O,1,$ODLQYHVWLJDFLyQYLQFXODGDDOFDPELRFOLPiWLFR
3DUWLFLSDFLyQHQUHGHV
RPHQWDULRILQDO
,,, (OFDPELRFOLPiWLFRHQODVDJHQGDVGHSROtWLFDVGHRUJDQLVPRVUHJLRQDOHVGHOVHFWRU
DJURSHFXDULR
$,QWURGXFFLyQ
% (OFDPELRFOLPiWLFRHQODDJHQGDGHORQVHMR$JURSHFXDULRHQWURDPHULFDQR
(O6LVWHPDGHOD,QWHJUDFLyQHQWURDPpULFD 6,$
3ROtWLFDVHVWUDWHJLDVGHOVHFWRUDJUtFROD
DPELRFOLPiWLFRHQORVDFXHUGRVGHORQVHMRGH0LQLVWURV
RPHQWDULRVILQDOHV
(OFDPELRFOLPiWLFRHQODDJHQGDGHORQVHMR$JURSHFXDULRGHO6XU
$QWHFHGHQWHV
UHDFLyQGHO*UXSRGH7UDEDMRVREUH3ROtWLFDVHQDPELROLPiWLFRGHO$6
3ULQFLSDOHVSROtWLFDVLPSOHPHQWDGDVSDUDGLVPLQXLUODYXOQHUDELOLGDGIUHQWHDOD
YDULDELOLGDGFOLPiWLFD
' RRSHUDFLyQWpFQLFDHQODDJULFXOWXUDGHODV$PpULFDVDQWHHOFDPELRFOLPiWLFR
,QVWLWXWR,QWHUDPHULFDQRGHRRSHUDFLyQSDUDOD$JULFXOWXUD ,,$
0DUFRGHUHIHUHQFLD
DPELRFOLPiWLFRDJULFXOWXUD
/DDJHQGDGHO,,$HQPDWHULDGHDJULFXOWXUDFDPELRFOLPiWLFR
( (OFDPELRFOLPiWLFRHQODDJHQGDGHOD)$2HQ$PpULFD/DWLQDHODULEH
(OFDPELRFOLPiWLFRODVGLPHQVLRQHVGHODVHJXULGDGDOLPHQWDULD
0HFDQLVPRVGHLPSOHPHQWDFLyQ
(QIRTXHSDUDODDGDSWDFLyQ
(QIRTXHSDUDODPLWLJDFLyQ
'HILQLFLyQGHSULRULGDGHVDQLYHOUHJLRQDO
$FFLRQHVHQFXUVRHQODUHJLyQ
,9 ([SHULHQFLDVQDFLRQDOHVHQIRUPXODFLyQHLPSOHPHQWDFLyQGHSROtWLFDVGHVDUUROORGH
LQVWLWXFLRQDOLGDGSDUDHQIUHQWDUHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
,PSDFWRVGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD

5.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
,PSDFWRVHVSHUDGRVVREUHORVUHQGLPLHQWRVGHFXOWLYRVLPSRUWDQWHV
SDUD$PpULFD/DWLQD
RQWH[WRSROtWLFR
0HGLGDVVHFWRULDOHVDGRSWDGDVHQODUHJLyQ
% (OFDVRGH3HU~
,QVWLWXFLRQHVSROtWLFDVQDFLRQDOHV
3URJUDPDVSURHFWRVGHVDUUROODGRVHQ3HU~SDUDODOXFKD
FRQWUDHOFDPELRFOLPiWLFR
(OFDVRGHRORPELD
1RUPDWLYLGDGDPELHQWDO
1RUPDWLYLGDGVREUHFDPELRFOLPiWLFR
$FFLRQHVVREUHFDPELRFOLPiWLFRDJULFXOWXUD
' (OFDVRGHKLOH
(OGHVDItRGHODPLWLJDFLyQ
(OGHVDItRGHODDGDSWDFLyQ
( (OFDVRGHRVWD5LFD
9 ([SHULHQFLDVSULYDGDVORFDOHVGHDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
% ,QWHJUDFLyQGHHFRVLVWHPDVDGDSWDFLyQDOFDPELRFOLPiWLFRHQHO0DFL]RRORPELDQR
0DUFRFRQFHSWXDOGHO3URJUDPD
0HWRGRORJtDGHHYDOXDFLyQGHYXOQHUDELOLGDGGLVHxRGHPHGLGDV
5HVXOWDGRVGHO3URJUDPD
(VWUDWHJLDVGHUHGXFFLyQGHOULHVJRVXYtQFXORFRQODDGDSWDFLyQDOFDPELRFOLPiWLFR
ORVFDVRVGH%ROLYLD3HU~
9, 2SRUWXQLGDGHVSDUDODPLWLJDFLyQGHOFDPELRFOLPiWLFRHQDJULFXOWXUD
$ /DHPLVLyQGHJDVHVGHHIHFWRLQYHUQDGHURHOSRWHQFLDOGHPLWLJDFLyQGHOD
DJULFXOWXUDODDFWLYLGDGIRUHVWDO
% 6LQHUJLDVFRPSHQVDFLRQHVHQWUHODVHJXULGDGDOLPHQWDULDODVPHWDVGHPLWLJDFLyQ
GHOFDPELRFOLPiWLFR
5(''ORVHQODFHVHQWUHDJULFXOWXUDGHIRUHVWDFLyQ
' 0HFDQLVPRVGHDSRRILQDQFLHURSDUDXQDDJULFXOWXUDLQWHOLJHQWHDGDSWDGDDO
FDPELRFOLPiWLFR
( (VWUDWHJLDGH)$2SDUDODPLWLJDFLyQ
9,, RQFOXVLRQHV
$ 8QWHPDFRPSOHMRFRQFDUHQFLDVGHLQIRUPDFLyQHLQFHUWLGXPEUH
% +DDYDQFHV
3HURIDOWDPXFKRFDPLQRSRUUHFRUUHU
' $OJXQRVHOHPHQWRVQHFHVDULRVSDUDDYDQ]DU
(QHOiPELWRLQVWLWXFLRQDO
(QHOiPELWRGHODLQYHVWLJDFLyQ
(QHOiPELWRGHODLQIRUPDFLyQODFRPXQLFDFLyQ
%LEOLRJUDItD
$QH[RV
$QH[R 3URJUDPDGHOVHPLQDULRUHJLRQDO³$JULFXOWXUDFDPELRFOLPiWLFRLQQRYDFLyQ
SROtWLFDVHLQVWLWXFLRQDOLGDG´GHQRYLHPEUH6DQWLDJRKLOH
$QH[R /LVWDGHSDUWLFLSDQWHV
6HULHVHPLQDULRVFRQIHUHQFLDVQ~PHURVSXEOLFDGRV

6.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
ËQGLFHGHFXDGURV
8$'52,,03$72'(/$0%,2/,0È7,262%5(5(1',0,(1726'(0$Ë=
)5,-2/$552=
8$'52,,03$72'(/$0%,2/,0È7,23253$Ë6$3$57,5'(02'(/26
5,$5',$126
8$'52,,,216(-2$*523(8$5,2'(/68535,1,3$/(632/Ë7,$6
,03/(0(17$'$63$5$',60,18,5/$98/1(5$%,/,'$')5(17(
$/$9$5,$%,/,'$'/,0È7,$
8$'52,,,(-(03/26'(/48(+$(5'(/$)$2(1$0%,2/,0È7,2(1$0e5,$
/$7,1$(/$5,%(
8$'52,9$/*8126,03$726'(/$0%,2/,0È7,2(1/$$*5,8/785$(1
$0e5,$/$7,1$(/$5,%(
8$'529 352(72$0%,2/,0È7,2(1(/0$,=22/20%,$12
5,7(5,26'((9$/8$,Ï13$5$35,25,=$56(/(,21$523,21(6
'($'$37$,Ï1
8$'529,(-(03/26'(6,1(5*,$6203(16$,21(6327(1,$/(6
8$'529,/$(2120Ë$'(0,7,*$,Ï1(1$*5,8/785$(1È)5,$
68%6$+$5,$1$
ËQGLFHGHILJXUDV
),*85$,,17(*5$,Ï13$5$/$,19(67,*$,Ï1(1$0%,2/,0È7,2
),*85$,(1)248('(75$%$-2,17(*5$'2(175(,(1,$32/Ë7,$$,21(6
(1$0323$5$/$$'$37$,Ï1'(/260(',26'(9,'$585$/(6
),*85$,(6758785$'(/*2%,(512)('(5$/$8675$/,$12(1(/',6(f2'(
352*5$0$6'($'$37$,Ï1$/$0%,2/,0È7,2
),*85$,',60,18,Ï1'(/$*$0$'(23,21(6$*521Ï0,$6(1',67,1726
(6(1$5,26'($0%,2
),*85$,(648(0$'(352*5(62'(/$$'$37$,Ï1,15(0(17$/6,67e0,$
'(75$16)250$,Ï1
),*85$,$8675$/,$0$3$62%5($3$,'$''($'$37$,Ï1
),*85$,,352*5$0$'(75$%$-2'((0%5$3$(1$0%,2/,0È7,2
),*85$,,,(-(65(725(6'(/$223(5$,Ï17e1,$'(/,,$
),*85$,,,352*5$0$75$169(56$/'(0$1(-2'(5(856261$785$/(6
$0%,2/,0È7,2
),*85$,,,)81,21(6'(/26352*5$0$6'(225',1$,Ï175$169(56$/
),*85$,,,/Ë1($6'($,Ï1'(/352*5$0$'(223(5$,Ï175$169(56$/
$*5,8/785$0$1(-2'(5(856261$785$/(6$0%,2/,0È7,2
),*85$,,,(/$0%,2/,0È7,25(72'(/$$*5,8/785$/$6,/9,8/785$
/$3(6$/$6(*85,'$'$/,0(17$5,$
),*85$,,,35,1,3$/(60($1,6026'(,03/(0(17$,Ï1'(/75$%$-2'(
/$)$2
),*85$9352(72$0%,2/,0È7,2(1(/0$,=22/20%,$129$5,$%/(6
$75,%8726',0(16,21(63$5$(/$1È/,6,6'(98/1(5$%,/,'$'
),*85$9,20326,,Ï1'(/$6(0,6,21(6*(,3256(725
),*85$9,(/327(1,$/'(0,7,*$,Ï1'(',)(5(17(635È7,$6$*5Ë2/$6
),*85$9,352(726$)2/8/$6,),$'263257,32(648(0$'(5e',72
),*85$9,352(726$)2/8/$6,),$'263255(*,Ï17,32

7.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
3UHVHQWDFLyQ
'HVGH VXV LQLFLRV FRPR DFWLYLGDG GHWHUPLQDQWH SDUD HO SURJUHVR GH OD
KXPDQLGDG HO GHVDUUROOR GH OD DJULFXOWXUD KD VLGR XQ SURFHVR GH
DGDSWDFLyQ DO FOLPD (O GHVDUUROOR GH OD LUULJDFLyQ GH WpFQLFDV SDUD
PDQHMDUODVLUUHJXODULGDGHVHQODGLVSRQLELOLGDGGHDJXDHQODVFXOWXUDVGH
0HVRSRWDPLDGHOD$PpULFDSUHFRORPELQDVHFXHQWDQHQWUHORVHMHPSORV
FRQRFLGRVPiVDQWLJXRVGHDGDSWDFLyQGHODDJULFXOWXUDDORVFDPELRVHQ
HOFOLPD
(O FDPELR FOLPiWLFR GH RULJHQ DQWURSRJpQLFR VLQ HPEDUJR
SUHVHQWD JUDQGHV UHWRV SDUD HO GHVDUUROOR GH OD DJULFXOWXUD WDO FRPR OD
FRQRFHPRVHQODDFWXDOLGDGDQRVHWUDWDGHDGDSWDUVHDODYDULDELOLGDG
RULJLQDGDHQSURFHVRVQDWXUDOHVLQWHUQRVDOVLVWHPDFOLPiWLFR YDULDELOLGDG
LQWHUQD TXH JHQHUDOPHQWH VH GD GHQWUR GH UDQJRV PDQHMDEOHV VH
PDQLILHVWDGHIRUPDSDXODWLQDHVSUHGHFLEOHFRQDOJ~QJUDGRGHFHUWH]D
$KRUD VH WUDWD GH FDPELRV TXH SXHGHQ LQWHQVLILFDU QR VROR ODV
FRQGLFLRQHV FOLPiWLFDV PHGLDV QRUPDOHV GHQWUR GH ODV TXH
KLVWyULFDPHQWHVHKDGDGRHOGHVDUUROORGHODDJULFXOWXUDVLQRWDPELpQOD
IUHFXHQFLD OD PDJQLWXG GH ODV YDULDFLRQHV H[WUHPDV OLPLWDQGR ODV
SRVLELOLGDGHVGHDGDSWDFLyQ
0iV D~Q /RV HIHFWRV QHJDWLYRV GHO FDPELR FOLPiWLFR VHUiQ
SDGHFLGRV PDRULWDULDPHQWH SRU SDtVHV XELFDGRV HQ ]RQDV WURSLFDOHV
VXEWURSLFDOHVDOWDPHQWHYXOQHUDEOHVIUHQWHDIHQyPHQRVPHWHRUROyJLFRV
WDOHVFRPRKXUDFDQHVLQXQGDFLRQHVVHTXtDVHQGRQGHJHQHUDOPHQWH
ORVQLYHOHVGHSREUH]DGHLQVHJXULGDGDOLPHQWDULDVRQHOHYDGRV7DOHVHO
FDVRGHODVUHJLRQHVPHVRDPHULFDQDVDQGLQDVGHODULEH

8.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
1RREVWDQWHHOWHPDGHOFDPELRFOLPiWLFRKDUHFLELGRSRFDDWHQFLyQHQODDJHQGDGHSROtWLFDV
S~EOLFDVGHOVHFWRUDJURSHFXDULRRQSRFDVH[FHSFLRQHVHQODPDRUtDGHORVSDtVHVGHODUHJLyQHO
WHPD HVWi UDGLFDGR HQ ORV 0LQLVWHULRV GH 0HGLR $PELHQWH R HQ FRPLVLRQHV LQWHUPLQLVWHULDOHV
FRRUGLQDGDV SRU pVWRV 3HUR OD VLWXDFLyQ HVWi FDPELDQGR $Vt OR HYLGHQFLD HQ HO iPELWR SROtWLFR OD
SULRULGDGTXHKDWHQLGRHOWHPDHQUHXQLRQHVGHPLQLVWURVGHDJULFXOWXUDGHODUHJLyQHQHOiPELWR
WpFQLFR OD FUHDFLyQ GH JUXSRV GH WUDEDMR XQLGDGHV GH FDPELR FOLPiWLFR DUUHJORV VLPLODUHV HQ
0LQLVWHULRVGH$JULFXOWXUDRUJDQLVPRVUHJLRQDOHVGHOVHFWRU
RQHOSURSyVLWRGHFRQWULEXLUDSRVLFLRQDUHVWDSUREOHPiWLFDHQODDJHQGDGHSROtWLFDVGHOVHFWRU
DJURSHFXDULR HQ OD UHJLyQ OD RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD HO DULEH (3$/ OD
2ILFLQD5HJLRQDOSDUD$PpULFD/DWLQDHODULEHGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD
$JULFXOWXUDOD$OLPHQWDFLyQ )$2 HO,QVWLWXWR,QWHUDPHULFDQRGHRRSHUDFLyQSDUDOD$JULFXOWXUD
,,$ XQLPRVHVIXHU]RVSDUDODUHDOL]DFLyQGHO6HPLQDULR5HJLRQDO³$JULFXOWXUDFDPELRFOLPiWLFR
SROtWLFDVLQVWLWXFLRQDOLGDGHLQQRYDFLyQ´
(VWHGRFXPHQWRSUHVHQWDXQUHVXPHQGHODPDRUtDGHODVSRQHQFLDVSUHVHQWDGDVHQHOVHPLQDULR
RUJDQL]DGDV SRU WHPDV (O GRFXPHQWR UHSUHVHQWD HO FRPSURPLVR GH ODV WUHV LQVWLWXFLRQHV GH VHJXLU
FRODERUDQGRFRQHOVHFWRUDJURSHFXDULRGHODUHJLyQPHGLDQWHODSURPRFLyQGHOGLiORJRHOLQWHUFDPELR
GHH[SHULHQFLDV

9.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
,QWURGXFFLyQ
(OFDPELRFOLPiWLFRQRVHUi±QRHVD±QHXWUDOHQFXDQWRDVXVHIHFWRV
(OORHVSDUWLFXODUPHQWHFLHUWRHQHOFDVRGHODDJULFXOWXUD/DHYLGHQFLD
FLHQWtILFDDSXQWDDTXHODV]RQDVPiVDIHFWDGDVVHORFDOL]DQHQUHJLRQHV
WURSLFDOHV VXEWURSLFDOHV HQ GRQGH VH XELFD OD PDRUtD GH SDtVHV HQ
GHVDUUROORFXDVHFRQRPtDVVRQPiVGHSHQGLHQWHVGHODDJULFXOWXUDGH
RWUDV DFWLYLGDGHV SULPDULDV $GHPiV DOOt UHVLGH OD PDRU SDUWH GH OD
SREODFLyQPXQGLDOTXHYLYHHQFRQGLFLRQHVGHSREUH]DVXIUHHOIODJHORGH
OD LQVHJXULGDG DOLPHQWDULD SUHVHQWD XQD PDRU YXOQHUDELOLGDG D
IHQyPHQRVQDWXUDOHVFXDIUHFXHQFLDHLQWHQVLGDGVHLQFUHPHQWDUiQFRQHO
FDPELRFOLPiWLFR
/DSREUH]DODSREUH]DH[WUHPDHQ$PpULFD/DWLQDVRQWDPELpQ
VLJQLILFDWLYDPHQWHPDRUHVHQ]RQDVUXUDOHVPiVGHOGHODSREODFLyQ
UXUDOGHODUHJLyQHVSREUHFDVLXQWHUFLRYLYHHQFRQGLFLRQHVGHSREUH]D
H[WUHPD (3$/ $GHPiV HQ HO iPELWR UXUDO OD SREUH]D HV
VLJQLILFDWLYDPHQWH PDRU HQWUH ORV KRJDUHV TXH GHSHQGHQ GH OD
DJULFXOWXUD SRU HQFLPD GHO HQ SDtVHV FRPR *XDWHPDOD %ROLYLD
+RQGXUDV 5RGUtJXH]0HQHVHV 7RGRVHVRVSDtVHVVHHQFXHQWUDQ
HQ UHJLRQHV DOWDPHQWH YXOQHUDEOHV IUHQWH D IHQyPHQRV PHWHRUROyJLFRV
WDOHVFRPRKXUDFDQHVLQXQGDFLRQHVVHTXtDVKHODGDVORVFXDOHVWLHQHQ
JUDQLPSDFWRVREUHODDJULFXOWXUDODSREODFLyQUXUDO
/D LPSRUWDQFLD GH DERUGDU HO WHPD KD VLGR UHVDOWDGD HQ IRURV
PLQLVWHULDOHV UHJLRQDOHV RQVHMR $JURSHFXDULR GHO 6XU %ROLYLD DJRVWR
DVt FRPR HQ ODV GRV UHXQLRQHV PiV UHFLHQWHV GH PLQLVWURV GH
DJULFXOWXUD GH OD UHJLyQ HQ 0RQWHJR %D -DPDLFD 4XLQWD 5HXQLyQ
0LQLVWHULDOGH$JULFXOWXUD9LGD5XUDOHQODV$PpULFDVRFWXEUH
LXGDGGH3DQDPi3DQDPi RQIHUHQFLD5HJLRQDOGHOD)$2DEULO

10.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
(Q OD UHXQLyQ GH 0LQLVWURV GHO RQVHMR $JURSHFXDULR GHO 6XU GH DJRVWR VH ILUPy XQD
'HFODUDFLyQVREUHDJULFXOWXUDYDULDELOLGDGFDPELRFOLPiWLFRHQODTXHVHVROLFLWDD³ORVRUJDQLVPRV
LQWHUQDFLRQDOHV )$2 (3$/ H ,,$ TXH FRRUGLQHQ VX WUDEDMR FRQ ODV QHFHVLGDGHV TXH HQ HVWDV
PDWHULDVH[SUHVHQORVSDtVHV´3RURWUDSDUWHHQHO$FXHUGRGHOD5HXQLyQGH0RQWHJR%DVHOODPDD
³IRUWDOHFHUODFDSDFLGDGGHOVHFWRUDJUtFRODSDUDPLWLJDUDGDSWDUVHDOFDPELRFOLPiWLFRPHGLDQWHHO
GHVDUUROORHLPSOHPHQWDFLyQGHHVWUDWHJLDVTXHFRQWHPSOHQODFRRUGLQDFLyQHQWUHSROtWLFDVDPELHQWDOHV
GH VHJXULGDG DOLPHQWDULD HO GHVDUUROOR GH LQFHQWLYRV SDUD TXLHQHV SURWHJHQ HO DPELHQWH OD
JHQHUDFLyQHOXVRGHWHFQRORJtDVSUiFWLFDVDPELHQWDOPHQWHVRVWHQLEOHVXQDPDRULQYHUVLyQGHORV
VHFWRUHV S~EOLFR SULYDGR HYDOXDFLRQHV GHO LPSDFWR GHO FDPELR FOLPiWLFR HO LQWHUFDPELR GH
LQIRUPDFLyQ´ $VLPLVPR OD RQIHUHQFLD 5HJLRQDOGHOD)$2³UHFRQRFLyODH[LVWHQFLDGHHYLGHQFLDV
VREUH OD JUDYHGDG GHO FDPELR FOLPiWLFR DVt FRPR HO IXHUWH LPSDFWR GH VXV HIHFWRV VREUH HO VHFWRU
DJURSHFXDULRODHOHYDGDYXOQHUDELOLGDGGHORVSDtVHVPiVSREUHV´VHxDOyTXH³ODHVWUDWHJLDSDUD
HQIUHQWDUORVHIHFWRVGHOFDPELRFOLPiWLFRGHEHEDVDUVHHQORVSULQFLSLRVGHUHVSRQVDELOLGDGHVFRPXQHV
SHURGLIHUHQFLDGDVODVUHVSHFWLYDVFDSDFLGDGHVGHORVSDtVHV´,JXDOPHQWHHQIDWL]y³ODQHFHVLGDGGH
SULRUL]DUODVDFWLYLGDGHVGHDGDSWDFLyQDOFDPELRFOLPiWLFRHLQWHQVLILFDUODVSUiFWLFDVTXHIDYRUHFHQOD
PLWLJDFLyQ´GHVWDFy³ODVUHVSRQVDELOLGDGHVKLVWyULFDVGHORVSDtVHVGHVDUUROODGRVHQHOSUREOHPDGHO
FDPELR FOLPiWLFR OD QHFHVLGDG GH UHVSHWDU SULQFLSLRV GH HTXLGDG GH VHJXULGDG DOLPHQWDULD
QXWULFLRQDOHQORVSDtVHVHQGHVDUUROOR´
(QPDWHULDGHLQVWLWXFLRQDOLGDGSROtWLFDVHQHOiPELWRVXEUHJLRQDOGHVWDFDODFRQVWLWXFLyQGHXQ
JUXSRGHWUDEDMRVREUHFDPELRFOLPiWLFRGHQWURGHOD5HGGH3ROtWLFDVGHORQVHMR$JURSHFXDULRGHO6XU
$6 HOGHVDUUROORGHXQD(VWUDWHJLD5HJLRQDO$JURDPELHQWDOGH6DOXG (5$6 DSRDGDSRUODV
VHFUHWDUtDVGHORVRQVHMRVGH0LQLVWURVGH$JULFXOWXUD$PELHQWH6DOXGGHHQWURDPpULFD$GHPiV
DOJXQRVSDtVHVKDQHPSH]DGRDFRQVWLWXLUFRPLVLRQHVVHFWRULDOHVGHQWURGHODLQVWLWXFLRQDOLGDGGHOVHFWRU
DJUtFROD SHMKLOH FRQHOREMHWLYRGHDERUGDUHVWHWHPDPLHQWUDVTXHHQRWURVSDtVHVKDQLQFOXLGRHO
FDPELRFOLPiWLFRFRPRSULRULWDULRHQODVGLVFXVLRQHVHQFXUVRGHODSROtWLFDDJUtFROD SHMRVWD5LFD
PLHQWUDV TXH RWURV KDQ FUHDGR RILFLQDV GH FDPELR FOLPiWLFR FRPR SDUWH GH OD HVWUXFWXUD GHO VHFWRU
DJURSHFXDULR SHM8UXJXD
(QHOSODQRWpFQLFRGHVWDFDQODHODERUDFLyQGHGLDJQyVWLFRVGHLPSDFWRGLVHxRGHHVFHQDULRV
UHJLRQDOHVSURHFWRVGHLQYHVWLJDFLyQHQJHQpWLFDSURHFWRVGHLQYHUVLyQSURGXFWLYDYLQFXODFLyQGHO
ILQDQFLDPLHQWRDJUtFRODDO]RQHDPLHQWRDJURHFROyJLFRPHGLFLRQHVGHKXHOODGHFDUERQRHLQLFLDWLYDV
SDUDGHVDUUROODULQGLFDGRUHVDJURDPELHQWDOHV
'H HVWD PDQHUD HO VHPLQDULR UHJLRQDO VREUH ³$JULFXOWXUD FDPELR FOLPiWLFR LQVWLWXFLRQHV
SROtWLFDVHLQQRYDFLyQ´VHGLRHQXQFRQWH[WRGHFUHFLHQWHFRQFLHQFLDVREUHODLPSRUWDQFLDTXHWLHQHQORV
WHPDVGHFDPELRFOLPiWLFRYDULDELOLGDGFOLPiWLFDSDUDHOVHFWRUDJURSHFXDULRFRQHOREMHWLYRSULQFLSDO
GH FRQWULEXLU D SRVLFLRQDU HVWD SUREOHPiWLFD HQ OD DJHQGD GH SROtWLFDV GHO VHFWRU DJURSHFXDULR HQ OD
UHJLyQ (Q HVWH VHQWLGR OD UHDOL]DFLyQ GHO VHPLQDULR FRQVWLWXy XQD UHVSXHVWD D ODV UHFRPHQGDFLRQHV
H[SUHVDGDVSRUORVPLQLVWURVGHDJULFXOWXUDGHODUHJLyQHQIRURVPLQLVWHULDOHVUHFLHQWHV
/RVREMHWLYRVGHOVHPLQDULRIXHURQ
RPSDUWLULQIRUPDFLyQUHFLHQWHVREUHORVLPSDFWRVGHOFDPELRFOLPiWLFRFRQRFLPLHQWR
H[SHULHQFLDVVREUHODDGDSWDFLyQPLWLJDFLyQGHOFDPELRFOLPiWLFRHQODDJULFXOWXUDHOPHGLR
UXUDOHQODUHJLyQ
(YDOXDUHOHVWDGRGHODLQFRUSRUDFLyQGHOFDPELRFOLPiWLFRHQODVDJHQGDVGHORVRUJDQLVPRV
GHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFRODHQODUHJLyQ
RQRFHU HO HVWDGR GH OD LQFRUSRUDFLyQ GHO FDPELR FOLPiWLFR HQ ODV DJHQGDV GH SROtWLFDV
DJUtFRODVHQODUHJLyQHOGHVDUUROORGHPHFDQLVPRVLQVWLWXFLRQDOHVSDUDHOOR
3UHVHQWDU DOJXQRV GH ORV PHFDQLVPRV GH ILQDQFLDPLHQWR SDUD SURJUDPDV SURHFWRV
UHODFLRQDGRVFRQODPLWLJDFLyQDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD

11.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
3URPRYHUODIRUPDFLyQGHXQDUHGGHFRRSHUDFLyQVREUHDJULFXOWXUDFDPELRFOLPiWLFRHQ
ODUHJLyQ
(O VHPLQDULR HVWXYR GLULJLGR D IXQFLRQDULRV GH DOWR UDQJR WpFQLFR SROtWLFR HQ PLQLVWHULRV
VHFUHWDUtDVGHDJULFXOWXUDLQVWLWXFLRQHVGHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFRODRUJDQLVPRVUHJLRQDOHV
GHOVHFWRUDJURSHFXDULRDHQFDUJDGRVGHOWHPDFDPELRFOLPiWLFRDQLYHOQDFLRQDO
/DUHDOL]DFLyQGHOVHPLQDULRVHEDVyHQYDULDVSUHPLVDV/DSULPHUDHVTXHHOFDPELRFOLPiWLFRHV
XQWHPDFODYHSDUDODDJULFXOWXUDGHODUHJLyQSRUWDQWRUHTXLHUHXQDPDRUDWHQFLyQHQODDJHQGDGH
SROtWLFDVGHOVHFWRU(QHVHVHQWLGRHOVHPLQDULREXVFySURPRYHUHOGLiORJRHQWUHGLVWLQWRVHVWDPHQWRVGH
SROtWLFDVGHOVHFWRUDJURSHFXDULRHQORVQLYHOHVQDFLRQDO UHJLRQDOVREUHWHPDVUHODFLRQDGRVFRQHO
GHVDUUROORGHSROtWLFDVSDUDODDGDSWDFLyQDOFDPELRFOLPiWLFRVXVVLQHUJLDVFRQODPLWLJDFLyQ
8QD VHJXQGD SUHPLVD HV TXH ODV SROtWLFDV SDUD OD DGDSWDFLyQ GH OD DJULFXOWXUD DO FDPELR
FOLPiWLFRODSURPRFLyQGHVLQHUJLDVFRQODPLWLJDFLyQGHEHQHVWDUJXLDGDVSRUEXHQDFLHQFLD(VWHHV
XQ WHPD GH SDUWLFXODU UHOHYDQFLD FXDQGR KDEODPRV GH DJULFXOWXUD FDPELR FOLPiWLFR GDGD OD
LQFHUWLGXPEUHTXHSODQWHDQORVHVFHQDULRVGHPiVODUJRSOD]RGDGDVODVHVSHFLILFLGDGHVORFDOHVWDQ
UHOHYDQWHV HQ HO VHFWRU TXH H[SUHVDQ LQWHUDFFLRQHV FRPSOHMDV HQWUH YDULDEOHV FOLPiWLFDV UHOHYDQWHV
SDUDODDJULFXOWXUDFRPRVRQODSUHFLSLWDFLyQODKXPHGDGODUDGLDFLyQVRODUODWHPSHUDWXUDPHGLD
ORV UDQJRV HQWUH WHPSHUDWXUDV Pi[LPDV PtQLPDV /D SRVLELOLGDG GH GHVDUUROODU EXHQDV SROtWLFDV
IUHQWHDOFDPELRFOLPiWLFRHQODDJULFXOWXUDGHPDQGDSRUORWDQWRXQGLiORJRVLJQLILFDWLYRHQWUHOD
FLHQFLD OD SROtWLFD (V SRU HOOR TXH HO VHPLQDULR VH LQLFLy FRQ XQD SUHVHQWDFLyQ VREUH OD
FRPXQLFDFLyQ GHO FRQRFLPLHQWR FLHQWtILFR VREUH FDPELR FOLPiWLFR GLULJLGD D ORV IRUPXODGRUHV GH
SROtWLFDVWRPDGRUHVGHGHFLVLRQHVHQHOVHFWRUDJURSHFXDULR
8QDWHUFHUDSUHPLVDHVTXHODDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUDWLHQHFDUDFWHUtVWLFDV
GHELHQS~EOLFRSRUORTXHDPHULWDODSDUWLFLSDFLyQGHO(VWDGRDSRDQGRRULHQWDQGRODVDFFLRQHVTXH
GHVDUUROODQORVSURGXFWRUHVVHDQHVWRVJUDQGHVRSHTXHxRVSXHVHQHOORVUHFDHHQ~OWLPDLQVWDQFLDOD
LPSOHPHQWDFLyQGHODVDFFLRQHVGHDGDSWDFLyQRPLWLJDFLyQ0iVD~QODSDUWLFLSDFLyQGHO(VWDGRIDFLOLWD
ODFRRUGLQDFLyQGHSROtWLFDVHQHOiPELWRVXSUDQDFLRQDOHVSHFLDOPHQWHHQORVQLYHOHVVXEUHJLRQDOHV'H
DOOtTXHHOVHPLQDULRLQFOXHUDVHVLRQHVGHGLFDGDVDOWHPDGHODVSROtWLFDVGHODLQVWLWXFLRQDOLGDGGHO
VHFWRUHQORViPELWRVQDFLRQDOVXEUHJLRQDO
8QDFXDUWDSUHPLVDVHUHILHUHDTXHFXDQGRKDEODPRVGHDGDSWDFLyQGHODDJULFXOWXUDDOFDPELR
FOLPiWLFR HVWDPRV KDEODQGR HQ OR IXQGDPHQWDO DFHUFD GH FyPR GHVDUUROODU VLVWHPDV DJUtFRODV PiV
UHVLOLHQWHVIUHQWHDODVYDULDFLRQHVHQODGLVWULEXFLyQGHODVYDULDEOHVFOLPiWLFDVUHOHYDQWHVWDOHVFRPROD
WHPSHUDWXUD OD SUHFLSLWDFLyQ (V GHFLU VLVWHPDV SURGXFWLYRV WHFQRORJtDV DJUtFRODV FRQ PDRU
UHVLOLHQFLDFOLPiWLFDHVWHHVHVHQFLDOPHQWHXQWHPDGHLQYHVWLJDFLyQHLQQRYDFLyQDJUtFROD8QiPELWR
HQ HO FXDO OD SROtWLFD S~EOLFD WDPELpQ HV IXQGDPHQWDO 0iV D~Q OD LQYHVWLJDFLyQ H LQQRYDFLyQ HQ HO
VHFWRUHVSHFLDOPHQWHHQORUHIHUHQWHDOPDRUFRQRFLPLHQWRGHORVLPSDFWRVTXHDVHKDQGDGRVH
HVWiQGDQGRHQODUHVLOLHQFLDGHGLIHUHQWHVVLVWHPDVSURGXFWLYRVHVIXQGDPHQWDOSDUDLPSXOVDUXQD
SHUVSHFWLYD GH SROtWLFDV EDVDGD HQ ORV EHQHILFLRV GH DFWXDU DKRUD YLVDYLV HQIRTXHV EDVDGRV HQ
VLWXDFLRQHVIXWXUDVSUREDEOHVTXHHQIDWL]DQORVHYHQWXDOHVFRVWRVIXWXURVHQFDVRGHQRDFWXDU $QWOH
DSDOER 'DGDVXLPSRUWDQFLDIUHQWHDOFDPELRFOLPiWLFRODLQYHVWLJDFLyQHLQQRYDFLyQIXHXQR
GHORVWHPDVFHQWUDOHVDERUGDGRVHQHOVHPLQDULR
(OHQFXHQWURVHFRPSOHWyFRQVHVLRQHVHQODVTXHVHSUHVHQWDURQ H[SHULHQFLDVFRQFUHWDVGHOR
TXH VH HVWi KDFLHQGR HQ PDWHULD GH DGDSWDFLyQ PLWLJDFLyQ HQ ORV SDtVHV FRQ HO DSRR GH OD
FRRSHUDFLyQLQWHUQDFLRQDO
(QODSODQLILFDFLyQGHOVHPLQDULRWDPELpQVHDVXPLyGHPDQHUDLPSOtFLWDTXHSDUDODPDRUtDGH
VLVWHPDVDJUtFRODVODWLQRDPHULFDQRVODSULRULGDGIUHQWHDOFDPELRFOLPiWLFRHVODDGDSWDFLyQTXHODV
PHGLGDVGHPLWLJDFLyQGHEHQVHUVXEVLGLDUDVDOREMHWLYRGHODDGDSWDFLyQ(VWRLPSOLFDSRUHMHPSORTXH
HQWUHGRVPHGLGDVGHDGDSWDFLyQVHGHEHUiHVFRJHUDTXHOODTXHWDPELpQFRQWULEXHDODPLWLJDFLyQROR
KDJDHQPDRUPHGLGD

12.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
, RQRFLPLHQWRVREUHOD
DGDSWDFLyQHLPSDFWRGHOFDPELR
FOLPiWLFRHQODDJULFXOWXUD
$ ,QWURGXFFLyQ
/DDJULFXOWXUDHOFOLPD
(OFOLPDVLQGXGDHVODSULQFLSDOIXHQWHGHULHVJRTXHKLVWyULFDPHQWHKD
GHELGR PDQHMDUVH HQ OD DJULFXOWXUD GHVGH VXV LQLFLRV FRPR DFWLYLGDG
KXPDQD(QHVHQFLDHOGHVDUUROORGHODDJULFXOWXUDKDVLGRXQSURFHVRGH
DGDSWDFLyQDOFOLPD(OGHVDUUROORGHODLUULJDFLyQGHWpFQLFDVSDUDPDQHMDU
ODV LUUHJXODULGDGHV HQ OD GLVSRQLELOLGDG GH DJXD HQ ODV FXOWXUDV
PHVRSRWiPLFDVSUHFRORPELQDVGHORV$QGHVVHFXHQWDQHQWUHORVHMHPSORV
PiVDQWLJXRVGHDGDSWDFLyQGHODDJULFXOWXUDDORVFDPELRVHQHOFOLPD
+LVWyULFDPHQWH HO RULJHQ GH HVH ULHVJR KD VLGR OD YDULDELOLGDG
RULJLQDGDHQSURFHVRVQDWXUDOHVLQWHUQRVDOVLVWHPDFOLPiWLFR YDULDELOLGDG
LQWHUQD /DVVRFLHGDGHVKXPDQDVHQJHQHUDOIXHURQFDSDFHVGHDGDSWDUVH
FRQ p[LWR D HVWH WLSR GH YDULDELOLGDG FOLPiWLFD TXH JHQHUDOPHQWH VH KD
GDGRGHQWURGHUDQJRVPDQHMDEOHVVHKDPDQLIHVWDGRGHPDQHUDSDXODWLQD
KDVLGRSUHGHFLEOHFRQDOJ~QJUDGRGHFHUWH]D

13.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
/D LUULJDFLyQ HO PHMRUDPLHQWR GH ODV YDULHGDGHV D SDUWLU GH FRQRFLPLHQWRV WUDGLFLRQDOHV OD
LGHQWLILFDFLyQ GH YDULHGDGHV TXH ULQGHQ PHMRU DQWH GLVWLQWDV FRQGLFLRQHV FOLPiWLFDV OD URWDFLyQ
FRPELQDFLyQGHFXOWLYRVHOGHMDUODVWLHUUDVGHVFDQVDUSRUDOJ~QSHUtRGRGHWLHPSRVRQHMHPSORVGH
DGDSWDFLRQHVDODYDULDELOLGDGFOLPiWLFDTXHKDQVLGRSDUWHGHOGHVDUUROORKLVWyULFRGHODDJULFXOWXUD
/DDJULFXOWXUDVXUHODFLyQFRQRWURVVHFWRUHV
/DDJULFXOWXUDHVXQVHFWRUHVWUHFKDPHQWHYLQFXODGRFRQODEDVHGHUHFXUVRVQDWXUDOHVHVSHFLDOPHQWHGH
ORVUHFXUVRVDJXDVXHORELRGLYHUVLGDGGHORVFXDOHVGHSHQGHSDUDVXGHVDUUROORDVtFRPRFRQORV
VHFWRUHVVRFLRHFRQyPLFRVORVFXDOHVGHPDQGDQVXVSURGXFWRVSDUDXVRVFUHFLHQWHPHQWHGLYHUVLILFDGRV
FRPRORHYLGHQFLDODGLVFXVLyQVREUHORVELRFRPEXVWLEOHV
3RU OR WDQWR ORV FDPELRV IXWXURV HQ HVRV VHFWRUHV YLQFXODGRV R QR DO FDPELR FOLPiWLFR
WDPELpQ VHUiQ IXQGDPHQWDOHV SDUD HO GHVDUUROOR GH OD DJULFXOWXUD OD GHILQLFLyQ GH VX URO HQ ODV
VRFLHGDGHV3RUHMHPSORSURFHVRVVRFLRHFRQyPLFRVWDOHVFRPRFDPELRVHQSDWURQHVGHFRQVXPRH
LQFUHPHQWRV HQ OD FDSDFLGDG GH FRPSUD HQ SDtVHV HQ GHVDUUROOR WHQGUiQ XQD JUDQ LQIOXHQFLD HQ OD
GHILQLFLyQGHTXpFXiQWRVHFRQVXPHDVtFRPRGHTXpGyQGHVHSURGXFHTXHVHDJUHJDUtDQDORV
LPSDFWRV SUHYLVWRV GHO FDPELR FOLPiWLFR 'H OD PLVPD PDQHUD FDPELRV HQ OD FRPSRVLFLyQ GH OD
PDWUL] HQHUJpWLFD HQ SDWURQHV GH XVR GH HQHUJtD HJ QXHYDV IXHQWHV GH HQHUJtD HILFLHQFLD
HQHUJpWLFD DVt FRPR GHVDUUROORV HQ HO iPELWR GH OD FLHQFLD OD WHFQRORJtD HVSHFLDOPHQWH HQ HO
FDPSRGHODELRWHFQRORJtDWHQGUiQJUDQLQIOXHQFLDHQGHILQLUFyPRGyQGHSDUDTXpVHSURGXFH
HQ UH GHILQLUHOUROGHODDJULFXOWXUDHQODVVRFLHGDGHV
0XFKRVGHHVRVFDPELRVVHUiQH[yJHQRVDOGHVDUUROORGHODDJULFXOWXUD2WURVVHUiQLQGXFLGRV
SRUHOPLVPRFDPELRFOLPiWLFRRWURVPiVSRUSROtWLFDVS~EOLFDVGHQWURIXHUDGHODDJULFXOWXUD(V
SRU HOOR TXH ORV UHSRUWHV GHO ,3 UHFRQRFHQ TXH YLQFXODU ORV LPSDFWRV GHOFDPELRFOLPiWLFRFRQ
VHFWRUHV FRPR OD DJULFXOWXUD OD IRUHVWDUtD D~Q UHTXLHUHQ GH PDRU HYLGHQFLD SDUD GHPRVWUDU
UHODFLRQHVGHFDXVD±HIHFWR
3HUVSHFWLYDVSDUDHODQiOLVLVGHLPSDFWRV
$PpULFD/DWLQDHVXQDUHJLyQGLYHUVDHQSRFRVVHFWRUHVHOORHVWDQHYLGHQWHFRPRHQHOFDVRGHOD
DJULFXOWXUD/DGLYHUVLGDGHVWiDVRFLDGDWDQWRDODYDULHGDGGH]RQDVFOLPiWLFDVHQTXHVHGHVDUUROODOD
DJULFXOWXUD FRPR DO WLSR GH DJULFXOWXUD TXH VH SUDFWLFD OD FXDO DEDUFD GHVGH DFWLYLGDGHV GH
VXEVLVWHQFLDKDVWDODDJULFXOWXUDFRPHUFLDORULHQWDGDDODH[SRUWDFLyQFRQJUDQGHVYDULDFLRQHVHQHO
WDPDxRGHODVH[SORWDFLRQHVHQHOWLSRGHWHFQRORJtDDSOLFDGDHQFDSDFLGDGHVGHDGDSWDFLyQIUHQWH
DOFDPELRFOLPiWLFRWDQWRHQWUHSDtVHVFRPRDOLQWHULRUGHORVPLVPRV7DPELpQVHSUHVHQWDQJUDQGHV
YDULDFLRQHVHQODLPSRUWDQFLDGHODDJULFXOWXUDGHQWURGHODHFRQRPtDHQJHQHUDOHQODQDWXUDOH]D
GHORVVLVWHPDVDJURDOLPHQWDULRV
3RU OR WDQWR SXHGHQ H[LVWLU GLIHUHQWHV SHUVSHFWLYDV SDUD DQDOL]DU ODV LPSOLFDFLRQHV GHO FDPELR
FOLPiWLFRHQODDJULFXOWXUDODVDOWHUQDWLYDVGHDGDSWDFLyQ3RUHMHPSORD VLJXLHQGRXQHQIRTXHSRU
SURGXFWRV D VHD HQ IXQFLyQ GH OD LPSRUWDQFLD HFRQyPLFD GH ORV GLIHUHQWHV FXOWLYRV R VHJ~Q VX
LPSRUWDQFLD GHQWUR GH OD HVWUXFWXUD GH FRQVXPR GH OD SREODFLyQ E D SDUWLU GH XQD SHUVSHFWLYD GH
VLVWHPDV SURGXFWLYRV DJURSHFXDULRV SRU HMHPSOR VREUH OD DJULFXOWXUD GH VXEVLVWHQFLD OD SHTXHxD
DJULFXOWXUDRODDJULFXOWXUDFRPHUFLDOF VLJXLHQGRXQHQIRTXHWHUULWRULDOGHVWDFDQGRHOLPSDFWRGHO
FDPELR FOLPiWLFR HQ WHUULWRULRV GHILQLGRV D SDUWLU GH XQR R PiV FULWHULRV FRPR SRGUtDQ VHU DVSHFWRV
VRFLRFXOWXUDOHV HJFRPXQLGDGHVLQGtJHQDV DPELHQWDOHV HJHFRVLVWHPDV
(QIRTXHVPHWRGROyJLFRVSDUDODGHWHUPLQDFLyQGHLPSDFWRV
/DGHWHUPLQDFLyQGHORVLPSDFWRVGHOFDPELRFOLPiWLFRHVXQWHPDFRPSOHMRQRVyORSRUODLQWHUDFFLyQ
HQODVYDULDEOHVLQYROXFUDGDVHQODSURGXFFLyQDJUtFROD HJDJXDVXHORWHPSHUDWXUD VLQRWDPELpQSRU
ODVGLIHUHQWHVSRVLEOHVHVFDODVGHDQiOLVLV HJJOREDOUHJLRQDOQDFLRQDOORFDOILQFD ODYDULHGDGGH
HQIRTXHVPHWRGROyJLFRVHPSOHDGRVSDUDGHWHUPLQDULPSDFWRV6LQHPEDUJRHVLPSRUWDQWHUHFRQRFHUORV

14.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
QRWDEOHV DYDQFHV TXH VH KDQ GDGR GHVGH OD SULPHUD HYDOXDFLyQ GHO ,3 HQ HVSHFLDOPHQWH HQ
WpUPLQRV GHO GHVDUUROOR GH PHMRUHV EDVHV GH GDWRV HO GHVDUUROOR GH QXHYRV PpWRGRV PRGHORV OD
SRVLELOLGDGGHREVHUYDUFDPELRVTXHDVHKDQGDGRHQHOFOLPDVXVLPSDFWRV $QWOH DSDOER
(QWpUPLQRVJHQHUDOHVVHGLVWLQJXHQGRVIDPLOLDVGHHQIRTXHSDUDGHWHUPLQDULPSDFWRVDTXHOORV
XWLOL]DGRVSDUDGHWHUPLQDULPSDFWRVItVLFRVORVTXHLQWHQWDQFXDQWLILFDUHQWpUPLQRVHFRQyPLFRVORV
FRVWRVGHORVLPSDFWRV
6LJXLHQGR D %UNODFLFK VH SXHGHQ GLVWLQJXLU GRV JHQHUDFLRQHV HQ ORV HVWXGLRV SDUD OD
GHWHUPLQDFLyQGHLPSDFWRVItVLFRV/DSULPHUDJHQHUDFLyQLQFOXHPRGHORVHQORVTXHEiVLFDPHQWHKD
XQD GLUHFFLRQDOLGDG OLQHDO TXH LQFOXH D HO XVR GH HVFHQDULRV GH FDPELRV PDFURFOLPiWLFRV SDUD
GHWHUPLQDULPSDFWRVGHSULPHURUGHQSRUHMHPSORGHORVHIHFWRVDJURFOLPiWLFRVDQLYHOUHJLRQDOE OD
GHWHUPLQDFLyQGHLPSDFWRVGHVHJXQGRRUGHQSRUHMHPSORHQODSURGXFWLYLGDGGHORVFXOWLYRVHQOD
DSWLWXGGHODVWLHUUDVDJUtFRODVF LPSDFWRVGHRUGHQVXSHULRUSRUHMHPSORVREUHODSURGXFFLyQDQLYHO
UHJLRQDORGHILQFD
(Q HVWH WLSR GH HVWXGLRV OD EDVH VRQ ORV HVFHQDULRV GH FDPELRV PDFURFOLPiWLFRV JOREDOHV /RV
UHVXOWDGRVGHULYDGRVGHGLFKRVHVFHQDULRVVHFRPELQDQFRQGLIHUHQWHVWLSRVGHPRGHORV HJPRGHORVGH
FXOWLYRVPRGHORVGHXVRGHODWLHUUD SDUDHVWLPDUORVLPSDFWRVGHVHJXQGRRUGHQRUGHQVXSHULRU(VWHWLSR
GHHVWXGLRVVHFDUDFWHUL]DSRUTXHJHQHUDOPHQWHVHFRQVLGHUD~QLFDPHQWHXQIDFWRUGHVWUHVVVHDVXPHXQ
FDPELR FOLPiWLFR JUDGXDO H LQFUHPHQWDO VH WUDEDMD FRQ XQD ~QLFD HVFDOD VH HVWLPD TXH HO FDPELR
VRFLRHFRQyPLFRHVOLPLWDGR HJLQQRYDFLyQ QRVHLQFRUSRUDODYXOQHUDELOLGDG %UNODFLFK
/DVHJXQGDJHQHUDFLyQGHHVWXGLRVLQFRUSRUDUHVSXHVWDVDORVFDPELRVFOLPiWLFRVREVHUYDGRVR
SUHYLVWRVWDQWRHQWpUPLQRVGHDGDSWDFLyQPLWLJDFLyQFRPRGHODVFRQVHFXHQFLDVGHODDXVHQFLDGH
UHVSXHVWD(VWRVHVWXGLRVVHEDVDQHQHOXVRGHPRGHORVGHHYDOXDFLyQLQWHJUDGD ,QWHJUDWHG$VVHVVPHQW
0RGHOV TXHFRPELQDQLQIRUPDFLyQFOLPDWROyJLFD HJGDWRVFOLPDWROyJLFRVKLVWyULFRVHVFHQDULRVGH
FDPELRFOLPiWLFR FRQLQIRUPDFLyQGHXVRGHODWLHUUDUHTXHULPLHQWRVHFROyJLFRVGRWDFLyQGHUHFXUVRV
QDWXUDOHV PRGHORV GH FXOWLYR PRGHORV WHFQROyJLFRV GH JHVWLyQ DVt FRPR LQIRUPDFLyQ
VRFLRHFRQyPLFD8QHMHPSORQRWDEOHGHHVWHWLSRGHHVWXGLRVHVHOGHVDUUROODGRSRU,$6$)$2SDUD
GHWHUPLQDUHOLPSDFWRGHOFDPELRFOLPiWLFRVREUHODSURGXFFLyQGHFHUHDOHV )LVKHUHWDO
(Q ORV HVWXGLRV RULHQWDGRV D OD GHWHUPLQDFLyQ GHO FRVWR HFRQyPLFR GH ORV LPSDFWRV R GH ODV
RSFLRQHVGHPLWLJDFLyQDGDSWDFLyQRQRDFFLyQVHLGHQWLILFDQGRVHQIRTXHVPHWRGROyJLFRV(OSULPHUR
HVODHVWLPDFLyQGHUHODFLRQHVHVWDGtVWLFDVRGHIXQFLRQHVGHSURGXFFLyQHOVHJXQGRHVHOGHQRPLQDGR
HQIRTXH ULFDUGLDQR
$PERV HQIRTXH IXHURQ DSOLFDGRV HQ ORV HVWXGLRV GH OD HFRQRPtD GHO FDPELR
FOLPiWLFRHQHQWURDPpULFDSDUDODGHWHUPLQDFLyQGHORVLPSDFWRVHQODDJULFXOWXUD (3$/D
GHOFXDOVHSUHVHQWDXQUHVXPHQPiVDGHODQWH
/RVHQIRTXHVHVWDGtVWLFRVGHHVWLPDFLyQGHIXQFLRQHVGHSURGXFFLyQGHVFDQVDQHQODHVWLPDFLyQ
GH UHODFLRQHV HQWUH SURGXFWLYLGDG YDULDEOH GHSHQGLHQWH YDULDEOHV FOLPiWLFDV SULQFLSDOPHQWH
SUHFLSLWDFLyQWHPSHUDWXUD YDULDEOHVH[SOLFDWLYDV SXHGHQEDVDUVHWDQWRHQHVWXGLRVWUDQVYHUVDOHV
YDULRVSDtVHVUHJLRQHVILQFDVHWFHQXQPRPHQWRGDGRGHOWLHPSR FRPRGHVHULHVGHWLHPSR/RV
HVWXGLRV FRQ GDWRV WUDQVYHUVDOHV VRQ VXVFHSWLEOHV D VHVJRV SRU OD RPLVLyQ GH YDULDEOHV /RV HVWXGLRV
EDVDGRVHQVHULHVGHWLHPSRWLHQHQODYHQWDMDGHTXHVHSXHGHQDSOLFDUDHVFDODVUHJLRQDOHVQDFLRQDOHV
GHTXHODVPHGLGDVGHERQGDGGHDMXVWHGDQFHUWH]DGHTXHORVUHVXOWDGRVFDSWXUDQORVFDPELRVTXHVH
KDQ GDGR HQ HO SDVDGR VLQ HPEDUJR WLHQHQ OD OLPLWDFLyQ GH QR SRGHU LQFRUSRUDU HVWUDWHJLDV GH
DGDSWDFLyQSXHVDVXPHQTXHQRKDFDPELRVHQORVOXJDUHVHQGRQGHVHGHVDUUROODODSURGXFFLyQVH
VLJXHQGHVDUUROODQGRODVPLVPDVDFWLYLGDGHV
/RVPRGHORVULFDUGLDQRVSRUHOFRQWUDULRUHFRQRFHQTXHORVDJULFXOWRUHVSXHGHQHVFRJHUHQWUH
P~OWLSOHVDFWLYLGDGHVDTXHOODVTXHOHVJHQHUDQORVPDRUHVEHQHILFLRVHQXQDGHWHUPLQDGDORFDOL]DFLyQ
(O WpUPLQR ³ULFDUGLDQR´ UHPLWH D 'DYLG 5LFDUGR VX WHRUtD VREUH HO YDORU GH OD WLHUUD VHJ~Q OD FXDO OD UHQWD GH pVWD YDUtD
GHSHQGLHQGRGHOJUDGRGHIHUWLOLGDGGHORVVXHORV

15.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
(O REMHWLYR HV GHWHUPLQDU ORV LPSDFWRV GH WDOHV VHOHFFLRQHV VREUH HO YDORU GH OD WLHUUD QR VREUH ORV
UHQGLPLHQWRV3DUDHOORVHHVWLPDQUHODFLRQHVHQWUHYDULDEOHVHFRQyPLFDVWDOHVFRPRORVSUHFLRVGHOD
WLHUUD OD UHQWDELOLGDG YDULDEOHV FOLPiWLFDV 'LFKDV UHODFLRQHV VH FRPELQDQ FRQ LQIRUPDFLyQ
FOLPDWROyJLFD SDUD HVWLPDU ORV LPSDFWRV HFRQyPLFRV GH ORV FDPELRV HQ HO FOLPD $QWOH DSDOER
6HDVXPHTXHQRKDFRVWRVGHDMXVWHGHPDQHUDTXHODVUHQWDVGHODWLHUUDUHIOHMDQ³HOYDORUGHO
FOLPD´ HQ XQD ORFDOL]DFLyQ GHWHUPLQDGD GDGR TXH VH XWLOL]DQ GDWRV WUDQVYHUVDOHV SDUD HVWLPDU
UHODFLRQHVGHODUJRSOD]REDMRGLIHUHQWHVHVFHQDULRVGHFDPELRFOLPiWLFRORVUHVXOWDGRVWDPELpQVRQ
VXVFHSWLEOHVDVHVJRVGHYDULDEOHVRPLWLGDV +HUWHO 5RVFK (VWHHQIRTXHKDVLGRSURPRYLGRSRU
5REHUW 0HQGHOVRKQ VXV DVRFLDGRV HQ GLYHUVRV HVWXGLRV HQ SDtVHV GHVDUUROODGRV HQ GHVDUUROOR
LQFOXHQGRYDULRVHVWXGLRVHQSDtVHVGH$PpULFDGHO6XUHQORVFXDOHVWDPELpQVHXWLOL]DURQHQFXHVWDV
SDUDH[SORUDUFXUVRVGHDFFLyQGHORVDJULFXOWRUHVDQWHGLIHUHQWHVHVFHQDULRVGHFOLPDSRVLELOLGDGHVGH
FXOWLYR 0HQGHOVRKQ6HR
$QWOH DSDOER SS UHVHxDQXQDVHULHGHOLPLWDFLRQHVTXHKDQVLGRLGHQWLILFDGDV
HQORVPRGHORVHFRQyPLFRVVREUHWRGRHQWpUPLQRVGHVXFDSDFLGDGSDUDUHVSRQGHUSUHJXQWDVUHODWLYDV
SRUHMHPSORDOWLSRGHDGDSWDFLRQHVWHFQROyJLFDVVRFLDOHVHLQVWLWXFLRQDOHVTXHGHEHQSULRUL]DUVHSDUD
HIHFWRVGHLQYHUVLyQS~EOLFDRDOUROGHODLQYHUVLyQS~EOLFDHQ, 'HLQIRUPDFLyQVREUHDGDSWDFLyQYV
DGDSWDFLRQHV DXWyQRPDV D SDUWLU GH LQYHUVLRQHV SULYDGDV 7DOHV OLPLWDFLRQHV LQFOXHQ D HO XVR GH
WHPSHUDWXUDVSURPHGLR HQODDJULFXOWXUDVRQPiVUHOHYDQWHVODVWHPSHUDWXUDVH[WUHPDV E HOXVRGH
PRGHORVGHVLPXODFLRQHVELRItVLFRVSDUDUHSUHVHQWDUHIHFWRVGHSURGXFWLYLGDG HJQRLQFOXHQHIHFWRV
GHSODJDVHQIHUPHGDGHVPXUHOHYDQWHVHQXQFRQWH[WRGHFDPELRFOLPiWLFR F HOXVRGHPRGHORV
TXH XWLOL]DQ GDWRV KLVWyULFRV HJ UDQJRV GH YDULDFLyQ GHO FOLPD WHQGHQFLDV VRFLRHFRQyPLFDV TXH
SRGUtDQQRVHUUHOHYDQWHVSDUDHOIXWXUR G DQiOLVLVGHHVWiWLFDFRPSDUDWLYDDXVHQFLDGHFRVWRVGH
DMXVWH H OLPLWDGD FDSDFLGDG SDUD LQFRUSRUDU ORV HIHFWRV GH OD IHUWLOL]DFLyQ SRU 2 I LPSDFWRV
ILQDQFLHURV HJHQWUHORVKRJDUHVUXUDOHVORVLQJUHVRVDJUtFRODVWLHQGHQDSHUGHULPSRUWDQFLDD~QHQ
SDtVHV GHVDUUROODGRV HQ OD SHTXHxD DJULFXOWXUD HV FRP~Q OD GLYHUVLILFDFLyQ GH FXOWLYRV QR OD
HVSHFLDOL]DFLyQORTXHHQVtFRQVWLWXHXQDHVWUDWHJLDGHDGDSWDFLyQ GLVWULEXWLYRV HJHQWUHUHJLRQHV
GLVWLQWRVWLSRVGHH[SORWDFLRQHVDJUtFRODV J LPSDFWRVVREUHORVVHUYLFLRVHFRVLVWpPLFRVHODPELHQWH
7DPELpQVHGHVWDFDODHVFDVDLQYHVWLJDFLyQUHODWLYDDORVLPSDFWRVVREUHODVHJXULGDGFDOLGDGGHORV
DOLPHQWRVODLQIUDHVWUXFWXUDGHPHUFDGRHOVLVWHPDGHSURFHVDPLHQWRGLVWULEXFLyQGHDOLPHQWRV
2WUD IDPLOLD GH PRGHORV HFRQyPLFRV XWLOL]DGRV VRQ ORV GHQRPLQDGRV PRGHORV GH HTXLOLEULR
JHQHUDOFRPSXWDEOH 0(* 6HWUDWDGHPRGHORVGHVLPXODFLyQTXHLQWHJUDQXQFRQMXQWRGHHFXDFLRQHV
TXH GHVFULEHQ HO FRPSRUWDPLHQWR GH ORV DJHQWHV HJ SURGXFFLyQ FRQVXPR HQ OD HFRQRPtD
UHVWULFFLRQHV VREUH HO FRPSRUWDPLHQWR GH HVRV DJHQWHV FRQGLFLRQHV GH HTXLOLEULR /RV SDUiPHWURV
DVRFLDGRVDOFRPSRUWDPLHQWRGHORVDJHQWHVSXHGHQVHUHVWLPDGRVHFRQRPpWULFDPHQWHRFDOLEUDGRVOD
VROXFLyQGHOPRGHORGHEHUHSURGXFLUSDUDHOSHUtRGRHQTXHHOPRGHORHVFDOLEUDGRXQDEDVHGHGDWRV
FRQVLVWHQWH FRQODHVWUXFWXUDGHOPRGHORGHQRPLQDGD 0DWUL]GHRQWDELOLGDG6RFLDOeVWDUHSUHVHQWD
WRGDVODVWUDQVDFFLRQHVTXHRFXUUHQHQWUHORVDJHQWHVHQODHFRQRPtDGXUDQWHXQSHUtRGRGHWHUPLQDGR
HVWR HV XQD FRQWDELOLGDG FRPSOHWD GHO IOXMR GH LQJUHVRV GHQWUR GH OD HFRQRPtD UHSUHVHQWDGD SRU HO
PRGHOR
8QDYH]FDOLEUDGRHO0(*SXHGHVHUXWLOL]DGRSDUDVLPXODUVKRFNVHQODVYDULDEOHVH[yJHQDV
HQODVYDULDEOHVGHSROtWLFD(QDSOLFDFLRQHVGHFDPELRFOLPiWLFRVKRFNVHQYDULDEOHVH[yJHQDVSXHGHQ
VHUFDPELRVHQYDULDEOHVFOLPiWLFDVTXHDIHFWDQODSURGXFWLYLGDGRHQFRHILFLHQWHVGHHPLVLRQHVGHXVR
GHHQHUJtDRGHUHFXUVRVQDWXUDOHV HJWLHUUDDJXD HQGLIHUHQWHVVHFWRUHV6KRFNVHQYDULDEOHVGH
SROtWLFDSXHGHQVHUFDPELRVHQWDVDVGHLPSXHVWRVDODVHPLVLRQHV0XFKRVGHORVPRGHORVGHVDUUROODGRV
SDUDDSOLFDFLRQHVGHFDPELRFOLPiWLFRKDQVLGRH[WHQVLRQHVGHOPRGHORGHVDUUROODGRSRU*7$3 *OREDO
7UDGH $QDOVLV 3URMHFW (QWUH HOODV GHVWDFDQ ODV DSOLFDFLRQHV GHVDUUROODGDV SRU HO HTXLSR GH OD
)XQGDFLyQ(QL(QULFR0DWWHLHQ,WDOLD

16.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
/DLQYHVWLJDFLyQVREUHLPSDFWRVGHOFDPELRFOLPiWLFRHQOD
DJULFXOWXUDHQ$PpULFD/DWLQDHODULEH
8QD IXHQWHSRWHQFLDOPHQWHLPSRUWDQWHGHLQIRUPDFLyQVREUHORVLPSDFWRVGHOFDPELRFOLPiWLFRHQOD
DJULFXOWXUDVRQODVFRPXQLFDFLRQHVQDFLRQDOHVDOD0186LQHPEDUJRVXXWLOLGDGHVOLPLWDGDSRU
GLIHUHQFLDVHQODVPHWRGRORJtDVXWLOL]DGDVHQORVJUDGRVGHFRPSOHMLGDGGHORVDQiOLVLV TXHHYLGHQFLDQ
GLIHUHQFLDVHQFDSDFLGDGHVQDFLRQDOHV DVSHFWRVTXHKDFHQTXHORVUHVXOWDGRVHQWUHSDtVHVQRVLHPSUH
VHDQFRPSDUDEOHV
(Q ORV SDtVHV FHQWURDPHULFDQRV HO pQIDVLV GH ODV FRPXQLFDFLRQHV QDFLRQDOHV VH KD SXHVWR HQ
JUDQRVTXHVRQLPSRUWDQWHVSDUDODVHJXULGDGDOLPHQWDULDHVSHFLDOPHQWHGHODSREODFLyQPiVSREUH(V
HOFDVRGHOPDt] *XDWHPDOD%HOLFH(O6DOYDGRU DUUR]IULMROHV %HOLFH*XDWHPDOD(O6DOYDGRU
RVWD 5LFD $GHPiV HQ DOJXQRV SDtVHV VH UHDOL]DURQ HVWLPDFLRQHV GH LPSDFWRV HQ UHQGLPLHQWRV
*XDWHPDOD%HOLFHRVWD5LFD(O6DOYDGRU
(QORVSDtVHVDQGLQRVVHSUHVHQWDQPiVGLIHUHQFLDVHQORVHQIRTXHV(Q%ROLYLDVHFXDQWLILFDURQ
LPSDFWRVHQUHQGLPLHQWRVHQPDt]DUUR]SDSDVRDHQ9HQH]XHODHQPDt]IULMROHVDUUR](Q3HU~
HOpQIDVLVIXHHODQiOLVLVGHORVHIHFWRVGH(O1LxRPLHQWUDVTXHHQRORPELDVHUHDOL]yXQDQiOLVLVGH
UDQJRV ELRFOLPiWLFRV SDUD OD SURGXFFLyQ GH SRWHQFLDO IXWXUR GH GHVHUWLILFDFLyQ HQ (FXDGRU XQ
DQiOLVLVGHEUHFKDVGHSURGXFFLyQFRQVXPRHQORVFXOWLYRVGHDUUR]PDt]SDSDVRD
(Q ORV SDtVHV GHO DULEH ORV DQiOLVLV GH ORV SRVLEOHV LPSDFWRV VRQ GHVFULSWLYRV XVXDOPHQWH
GHVWDFDQGRFXOWLYRVGHLPSRUWDQFLDFRPRHVHOFDVRGHOD]~FDUHQ6DLQW.LWWV1HYLVGHOEDQDQRHQ
6DQWD/XFtDÒQLFDPHQWHHQHOFDVRGH*XDQDVHFXDQWLILFDQLPSDFWRVHQSURGXFWLYLGDGSDUDHODUUR]
FDxDGHD]~FDU
7DPELpQ KD UHVXOWDGRV GH LPSDFWRV FRPR SDUWH GH HVWXGLRV JOREDOHV DVt FRPR HVWXGLRV
HVSHFtILFRV SHUR OD PDRUtD VH KDQ UHDOL]DGR HQ SDtVHV GH $PpULFD GHO 6XU VREUH WRGR HQ %UDVLO
$UJHQWLQD8UXJXD HQFXOWLYRVGHLPSRUWDQFLDFRPHUFLDOHQHVSHFLDOSDUDODH[SRUWDFLyQ HJ
PDt] WULJR VRD (Q HOOR VH KDFH HYLGHQWH OD H[LVWHQFLD GH FDSDFLGDGHV QDFLRQDOHV HQ PDWHULD GH
LQYHVWLJDFLyQ DJUtFROD (0%5$3$ HQ %UDVLO H ,17$ HQ $UJHQWLQD DVt FRPR ORV IDFWRUHV TXH
GHWHUPLQDQ ORV FULWHULRV SDUD OD VHOHFFLyQ GH FXOWLYRV /RV HVWXGLRV PiV UHOHYDQWHV HQ HVWHiPELWRVH
UHFRJHQHQODXDUWD(YDOXDFLyQGHO,3 0DJULQHWDO 7DPELpQKDDOJXQRVHVWXGLRVVREUH
DGDSWDFLyQUHDOL]DGRVHQHOPDUFRGHXQFRQYHQLRGHO3URFLVXUFRQHO%DQFR0XQGLDOHQORVFXDOHVVH
DSOLFyHOHQIRTXHULFDUGLDQR 0HQGHOVRKQ6HR 0iVUHFLHQWHPHQWHOD(3$/KDUHDOL]DGR
YDULRVHVWXGLRVVREUHODHFRQRPtDGHOFDPELRFOLPiWLFRTXHKDQDEDUFDGRORVSDtVHVFHQWURDPHULFDQRV
(3$/D DVtFRPRDKLOH(FXDGRU8UXJXD (3$/E
6HUHTXLHUHPiVLQYHVWLJDFLyQVREUHODDGDSWDFLyQGHODDJULFXOWXUDWURSLFDOTXHHQIDWLFHDVSHFWRV
UHODWLYRV D ODV UHODFLRQHV HQWUH FDPELR FOLPiWLFR YDULDELOLGDG FOLPiWLFD HYHQWRV H[WUHPRV VREUH OD
LQFLGHQFLDGHSHVWHVSDWyJHQRVWDQWRHQFXOWLYRVHQFDPSRFRPRHOSURGXFFLyQDOPDFHQDGDVREUHHO
LPSDFWR GH ODV PDRUHV FRQFHQWUDFLRQHV GH 2 VREUH RWURV FXOWLYRV LPSRUWDQWHV SDUD OD VHJXULGDG
DOLPHQWDULD HJXFDSDSDRWUDVUDtFHVFHUHDOHVDQGLQRV VREUHORVLPSDFWRVODDGDSWDFLyQGH
SHTXHxRVDJULFXOWRUHVODDJULFXOWXUDGHVXEVLVWHQFLDVLVWHPDVDJUtFRODVWUDGLFLRQDOHVVREUHDVSHFWRV
WHUULWRULDOHVLQFOXHQGRFRQVLGHUDFLRQHVVRFLRFXOWXUDOHVHFROyJLFDVVREUHODVOHFFLRQHVGHOSDVDGRHO
URO GH ORV FRQRFLPLHQWRV WUDGLFLRQDOHV VREUH OD SHUFHSFLyQ GHO ULHVJR HQWUH ORV DJULFXOWRUHV VXV
LPSOLFDFLRQHVSDUDODDGDSWDFLyQPLWLJDFLyQSRUHMHPSOR

17.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
% LHQFLDSROtWLFDSDUDHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
HOFDVRGHO,QVWLWXWR,QWHUDPHULFDQRSDUDOD,QYHVWLJDFLyQGHO
DPELR*OREDO ,$,
(O,$,HVXQDRUJDQL]DFLyQLQWHUJXEHUQDPHQWDOLQWHJUDGDSRUSDtVHVGHODV$PpULFDVTXHWLHQHFRPR
PLVLyQGHVDUUROODUODFDSDFLGDGGHFRPSUHQGHUORVLPSDFWRVGHORVFDPELRVJOREDOHVSDVDGRVSUHVHQWHV
IXWXURVHQODV$PpULFDVSURPRYHUODFRRSHUDFLyQODDFFLyQLQIRUPDGDHQWRGRVORVQLYHOHV/RV
YDORUHV FHQWUDOHV TXH JXtDQ VX DFWXDU VRQ ORV SULQFLSLRV GH H[FHOHQFLD FLHQWtILFD FRRSHUDFLyQ
LQWHUQDFLRQDOHLQWHUFDPELRSOHQROLEUHGHLQIRUPDFLyQFLHQWtILFDUHODFLRQDGDFRQHOFDPELRJOREDO
(O ,$, IXH SHQVDGR FRPR XQ LQVWUXPHQWR LQWHUJXEHUQDPHQWDO TXH SHUPLWD D FLHQWtILFRV
WRPDGRUHVGHGHFLVLRQHVGHORVSDtVHVGHODV$PpULFDVDERUGDUGHIRUPDFRQMXQWDFXHVWLRQHVFUtWLFDV
DVRFLDGDVDOFDPELRJOREDOHQODUHJLyQ
(/,$,GHILQHVXVSULRULGDGHVGHLQYHVWLJDFLyQDSDUWLUGHODQHFHVLGDGGHFRQRFLPLHQWRVREUHORV
LPSDFWRVGHOFDPELRJOREDOODDGDSWDFLyQDOPLVPR/RVVHFWRUHVHQORVFXDOHVFRQFHQWUDVXWUDEDMR
LQFOXHQODSHVFDORVVXHORVODVDOXGHOVHFWRUXUEDQRHOVHFWRUIRUHVWDOODKLGURORJtDODELRGLYHUVLGDG
ODHQHUJtD
,QYHVWLJDFLyQSDUDHOFDPELRJOREDO
(QODDJHQGDGHLQYHVWLJDFLyQGHO,$,HOFDPELRFOLPiWLFRHVXQDGLPHQVLyQPiVGHOFDPELRJOREDOTXH
LQFOXH RWURV SURFHVRV GH FDPELR DPELHQWDO FRPR OD GHIRUHVWDFLyQ OD GHVHUWLILFDFLyQ DGHPiV GH
FDPELRVHQHOiPELWRGHODVRFLHGDGFRPRHOXUEDQLVPRODJOREDOL]DFLyQ
3RU OR WDQWR HQ XQD DJHQGD GH LQYHVWLJDFLyQ GH WHPDV GH FDPELR JOREDO FRPR HV HO FDPELR
FOLPiWLFRHODQiOLVLVWUDQVGLVFLSOLQDULRWUDQVHFWRULDOGHOFRQRFLPLHQWRH[LVWHQWHGHODLQYHVWLJDFLyQ
IXWXUDHVIXQGDPHQWDO6REUHWRGRSDUDXELFDUHQHOFRQWH[WRGHODVRFLHGDGORVWHPDVGHPLWLJDFLyQ
DGDSWDFLyQORVSUREOHPDVRSRUWXQLGDGHVDPELHQWDOHVDVRFLDGRV
%DMR HVWH HQIRTXH OD LQYHVWLJDFLyQ VREUH DJULFXOWXUD FDPELR FOLPiWLFR GHEH LQWHJUDU FXDWUR
JUDQGHVSULRULGDGHVD LPSDFWRVHFRQyPLFRVYVFRVWRVGHDGDSWDFLyQE HVFHQDULRVHVFDODGRVSDUDVX
XVR HQ OD WRPD GH GHFLVLRQHV F FRQRFLPLHQWR JHRUHIHUHQFLDGR GH YXOQHUDELOLGDGHV DPELHQWDOHV
HFRQyPLFDVVRFLDOHVG YXOQHUDELOLGDGHVDPHQD]DVP~OWLSOHVUHWURDOLPHQWDFLRQHV
/DLQYHVWLJDFLyQVHFWRULDODGHPiVGHEHVHULQWHJUDGDDEDUFDUQRVRORHOVHFWRUDJUtFRODVLQR
WDPELpQORVVHFWRUHVDPELHQWHVDOXGORVVLVWHPDVVRFLDOHVHFRQyPLFRV$GHPiVGHEHSURFXUDUHO
DQiOLVLVWUDQVYHUVDOHLQWHJUDUWHPDVGHUHVLOLHQFLDGHHFRVLVWHPDVVLVWHPDVSURGXFWLYRVDJURSHFXDULRV
VHJXULGDGDOLPHQWDULDHKtGULFDJREHUQDQ]D
(VWR LPSOLFD TXH OD LQYHVWLJDFLyQ VREUH DJULFXOWXUD FDPELR FOLPiWLFR WHQJD TXH KDFHUVH
QHFHVDULDPHQWHIXHUDGHORVOtPLWHVGHODVGLVFLSOLQDVWUDGLFLRQDOHVTXHKDDTXHLQFOXLUDORVXVXDULRV
WRPDGRUHVGHGHFLVLRQHVGHVGHHOLQLFLRGHODLQYHVWLJDFLyQSDUDORJUDUXQDFLHQFLDTXHSXHGDGHILQLU
SUiFWLFDVUHFRPHQGDEOHV
5HVXPHQGHODSUHVHQWDFLyQGH+ROP7KLHVVHQ'LUHFWRU,QVWLWXWR,QWHUDPHULFDQRSDUDHODPELR$PELHQWDO*OREDO ,$, 6mR-RVp
GRVDPSRV63%UDVLO

18.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
,QIRUPDFLyQ~WLOSDUDODWRPDGHGHFLVLRQHV
/RVLQYHVWLJDGRUHVGHEHQSURGXFLULQIRUPDFLyQVREUHSUREOHPDVGHOFDPELRFOLPiWLFRTXHDXGHQDDSRDU
ODVGHFLVLRQHVGHORVJRELHUQRVHOVHFWRUSULYDGRODVRFLHGDGFLYLO6LQHPEDUJRODIDOWDGHDSOLFDFLyQGH
ODFLHQFLDSDUDODWRPDGHGHFLVLRQHVSRQHHQSHOLJURODLQYHUVLyQHQSURJUDPDVGHLQYHVWLJDFLyQ
3DUDDYDQ]DUHQHVWHGLiORJRDSDUWLUGHOORVSURHFWRVGHLQYHVWLJDFLyQTXHVRQVRPHWLGRVD
ODFRQVLGHUDFLyQGHO,$,SDUDILQDQFLDPLHQWRGHEHQLQFOXLUXQFRPSRQHQWHGHLQIRUPDFLyQHLQWHUFDPELR
FRQ ORV WRPDGRUHV GH GHFLVLRQHV VHFWRUHV TXH SXHGDQ EHQHILFLDUVH FRQ ORV UHVXOWDGRV GH OD
LQYHVWLJDFLyQ$FRQWLQXDFLyQVHSUHVHQWDQDOJXQRVHMHPSORVGHFyPRHVWRVHKDORJUDGRHQSURHFWRVGH
LQYHVWLJDFLyQTXHKDQVLGRILQDQFLDGRVSRUHO,$,(VWRVVRQSDUWHGHOSURHFWR³/DQGXVHFKDQJHLQWKH
5LR GH OD 3ODWD%DVLQOLQNLQJELRSKVLFDODQGKXPDQIDFWRUVWRSUHGLFWWUHQGVDVVHVVLPSDFWVDQG
VXSSRUWYLDEOHODQGXVHVWUDWHJLHVIRUWKHIXWXUH 51 ´FRRUGLQDGRSRUOD)DFXOWDGGH$JURQRPtD
GH OD 8QLYHUVLGDG GH %XHQRV $LUHV FRQ OD SDUWLFLSDFLyQ GH FHQWURV GH LQYHVWLJDFLyQ HQ 8UXJXD
3DUDJXD %UDVLO (VWDGRV 8QLGRV KWWSSODWDEDVLQXQVOHGXDU /RV REMHWLYRV GHO SURHFWR IXHURQ
³FDUDFWHUL]DUSDWURQHVIXHU]DVLPSXOVRUDVHYDOXDUODVFRQVHFXHQFLDVGHOFDPELRGHXVRGHOVXHOR
H[SORUDUPHFDQLVPRVGHUHWURDOLPHQWDFLyQWUDGHRIIVGHVDUUROODUKHUUDPLHQWDVSDUDXQDSODQLILFDFLyQ
UDFLRQDOGHXVRGHOVXHOR´
D 'HVDUUROORGHKHUUDPLHQWDVGHFRPXQLFDFLyQSDUDORVWRPDGRUHV
GHGHFLVLRQHV
(OHMHPSORFLWDGRHQHODSDUWDGRDQWHULRULOXVWUDHOGHVDUUROORGHXQDKHUUDPLHQWDGHIiFLOLQWHUSUHWDFLyQ
SDUDH[SOLFDUFRPXQLFDUDORVWRPDGRUHVGHGHFLVLRQHVORVSURFHVRVGHFDPELRGHXVRGHOVXHOR
3DUD HOOR VH XWLOL]y LQIRUPDFLyQ VDWHOLWDO GH FREHUWXUD YHJHWDO UHVXPLGD HQ XQ ËQGLFH GH
9HJHWDFLyQ1RUPDOL]DGR ,91 TXHHVXQLQGLFDGRUGHODSURGXFWLYLGDGSULPDULDGHODYHJHWDFLyQD
PDRUQLYHOGHOtQGLFHPDRUSURGXFWLYLGDGSRUORWDQWRPDRUFREHUWXUDYHJHWDO
(QHODQiOLVLVVHLQFOXHURQFRPRYDULDEOHVSDUDFDGDDxRHQWUHORVYDORUHVPHGLR
Pi[LPRPtQLPRGH,91VXFRHILFLHQWHGHYDULDFLyQ LHHOSURPHGLRGLYLGLGRSRUODGHVYLDFLyQ
HVWiQGDU 3DUDLGHQWLILFDUORVFDPELRVVHHVWLPDURQUHJUHVLRQHVOLQHDOHVVLPSOHVSDUDLGHQWLILFDUVLWLRV
FRQ FDPELRV VLJQLILFDWLYDPHQWH SRVLWLYRV S HM GRQGH KD XQ PHMRUDPLHQWR HVWDGtVWLFDPHQWH
VLJQLILFDWLYRHQODFREHUWXUDYHJHWDO FRQFDPELRVVLJQLILFDWLYDPHQWHQHJDWLYRV SHMGRQGHKDXQ
SURFHVR HVWDGtVWLFDPHQWH VLJQLILFDWLYR GH GHWHULRUR GH OD FREHUWXUD YHJHWDO R GRQGH QR KD FDPELRV
VLJQLILFDWLYRV
RQODLQIRUPDFLyQVHJHQHUDXQPDSDTXHLOXVWUDORVSDWURQHVGHFDPELRSRVLWLYRQHJDWLYRHQ
ODFREHUWXUDIRUHVWDO
E ,QYHVWLJDFLyQVREUHULHVJRH[SRVLFLyQYXOQHUDELOLGDGDOFDPELRFOLPiWLFR
8WLOL]DQGRXQDPHWRGRORJtDVLPLODUDODGHOHMHPSORDQWHULRUORSULPHURTXHVHKL]RIXHLGHQWLILFDUORV
YDORUHV Pi[LPRV GHO ,19 HQ FDOFXODU ORV FDPELRV HQ HVRV YDORUHV Pi[LPRV
6LPXOWiQHDPHQWHVHJHQHUDURQGRVPDSDVGHODVLWXDFLyQKtGULFDXQRHQIHEUHURDOLQLFLRGHOYHUDQR
RWURHQPDRFXDQGRODVOOXYLDVJHQHUDOPHQWHDOFDQ]DQVXSXQWRPi[LPR/DVXSHUSRVLFLyQGHHVWRV
PDSDVLOXVWUDORVFDPELRVTXHVHGDQHQWUHDPERVSHUtRGRV
/D FRPSDUDFLyQ GHO PDSD GH ORV FDPELRV HQ ORV YDORUHV Pi[LPRV GHO ,19 FRQ ORV PDSDV GH
VLWXDFLyQKtGULFDLOXVWUDTXHODVLQXQGDFLRQHVQRVRORYLHQHQGHORVUtRVVLQRWDPELpQGHODSpUGLGDGH
FREHUWXUDIRUHVWDOORTXHLPSOLFDTXHWHUULWRULRVFRPSOHWRVVHLQXQGDQ'HVGHHOSXQWRGHYLVWDGHOD
SROtWLFDHVWRVLJQLILFDTXHHOPDQHMRGHSDLVDMHHVLPSRUWDQWHWDQWRSDUDODSURGXFFLyQDJUtFRODFRPR
SDUDODSURGXFFLyQGHVHUYLFLRVHFRVLVWpPLFRV

19.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
F ,QYHVWLJDFLyQHQDSRRDODWRPDGHGHFLVLRQHV
(OHMHPSORLOXVWUDXQUHVXOWDGRLQHVSHUDGR¢SRUTXpHQHOQRUWHGH$UJHQWLQDXQDXPHQWRHQODVOOXYLDV
OOHYyDXQDPDRUGHPDQGDGHULHJR
$ OD EDVH GH OD H[SOLFDFLyQ HVWiQ FDPELRV DVRFLDGRV DO FDPELR FOLPiWLFR OD YDULDELOLGDG
FOLPiWLFD IHQyPHQRVGH(O1LxR/D1LxD (QHVWD]RQDHOFDPELRFOLPiWLFR REVHUYDGRGXUDQWHODV
~OWLPDVGpFDGDV KDLPSOLFDGRXQLQFUHPHQWRGHODVSUHFLSLWDFLRQHV(VWHLQFUHPHQWRKDFRQWULEXLGRDOD
H[SDQVLyQ GHODVWLHUUDVDUDEOHVORTXHIDYRUHFLGRSRUPHMRUHVWHFQRORJtDVODODEUDQ]DPtQLPDOD
LQWURGXFFLyQGHQXHYDVYDULHGDGHVKDUHVXOWDGRHQUHQGLPLHQWRVPiVDOWRV(QORVDxRVGH(O1LxRPiV
OOXYLD UHVXOWD HQ PDRUHV UHQGLPLHQWRV VLQ HPEDUJR HQ ORV DxRV GH /D 1LxD ORV UHQGLPLHQWRV VH
UHGXFHQSRUORTXHORVSURGXFWRUHVHVWDELOL]DQHOUHQGLPLHQWRFRQULHJRVXSOHPHQWDULR
3RU OR WDQWR ODV PDRUHV SUHFLSLWDFLRQHV SURPHGLR SHUPLWLHURQ OD H[SDQVLyQ GH OD IURQWHUD
DJUtFROD D ]RQDV GH PHQRU DSWLWXG DJUtFROD /DV PHMRUHV WHFQROyJLFDV ODV PDRUHV SUHFLSLWDFLRQHV
SURPHGLR KLFLHURQ SRVLEOH REWHQHU DOWRV UHQGLPLHQWRV HQ DxRV QRUPDOHV R HQ DxRV GH (O 1LxR 6LQ
HPEDUJRSDUDHQIUHQWDUORVDxRVGH/D1LxDVHUHTXLHUHGHVDUUROODULQIUDHVWUXFWXUDGHULHJRSXHVGHOR
FRQWUDULR ORV UHQGLPLHQWRV VH UHGXFHQ VLJQLILFDWLYDPHQWH XDQWR PDRU HV OD H[SDQVLyQ DJUtFROD
PDRUHV VRQ ODV QHFHVLGDGHV GH ULHJR FXDQWR PiV LQWHQVD HV OD IDVH GH /D 1LxDPDRUHVVRQODV
QHFHVLGDGHVGHDJXDSHURPHQRUVXGLVSRQLELOLGDG
(VWHHMHPSORLOXVWUDODLPSRUWDQFLDGHODLQYHVWLJDFLyQFLHQWtILFDSDUDHOGHVDUUROORGHSROtWLFDV
IUHQWH DO FDPELR FOLPiWLFR HQ OD DJULFXOWXUD /DH[SDQVLyQGHODIURQWHUDDJUtFRODHQHVWHFDVRHVXQ
HMHPSOR GH DGDSWDFLyQ HVSRQWiQHD IUHQWH DO FDPELR FOLPiWLFR SRU SDUWH GH ORV DJULFXOWRUHV GH ORV
ULHVJRVGHHVWHWLSRGHDGDSWDFLRQHVHQDXVHQFLDGHXQDSROtWLFDS~EOLFD
/RVGHVDItRV
(OYDORUVRFLDOSROtWLFRGHODLQYHVWLJDFLyQVHGHWHUPLQDFRQFUHGLELOLGDGVHQWLGRSUiFWLFRXWLOLGDG
DFFHVLELOLGDG DFHSWDELOLGDG (VWRV VRQ DWULEXWRV TXH JHQHUDOPHQWH QR VH FRQVLGHUDQ HQ ODV HVFDODV
FRPXQHVGHPpULWRFLHQWtILFRSXHVH[LVWHQGLIHUHQFLDVHQFyPRpVWRVVHSHUFLEHQHQHOPDUFRGHORV
GLIHUHQWHVVLVWHPDV
$Vt SDUD OD FLHQFLD OD FUHGLELOLGDG GHSHQGH GH OD UHYLVLyQ SRU SDUHV HQ WDQWR TXH SDUD OD
VRFLHGDG OD FUHGLELOLGDG GHSHQGH GH OD FRQILDQ]D OD FXDO D OD YH] HVWi GHWHUPLQDGD SRU SURFHVRV
SROtWLFRVGHPHQVDMHVFRPSUHQVLEOHVGHODLPSDUFLDOLGDGTXHVHSHUFLEHHQORVHPLVRUHVGHORVPHQVDMHV
GHVHUFDSD]GH³UHVSRQGHUDQHFHVLGDGHVGHODVRFLHGDG
(QHVWHFRQWH[WRHOGHVDItRSULQFLSDOSDUDORVFLHQWtILFRVHVTXHODUHOHYDQFLDSDUDODVRFLHGDGOD
SROtWLFDVHDSUHQGHVRORHQXQGLiORJRFRQODVRFLHGDGORVVHFWRUHVSROtWLFRV$VLPLVPRHOGHVDItR
SULQFLSDO SDUD OD SROtWLFD HO GHVDUUROOR HV TXH WRPDU GHFLVLRQHV JXLDGDV SRU OD FLHQFLD UHTXLHUH OD
LQWHJUDFLyQGHODVPRWLYDFLRQHVSROtWLFDVFRQORVFRQRFLPLHQWRVWpFQLFRVFLHQWtILFRV
$GHPiV GDGD OD QDWXUDOH]D WUDQVQDFLRQDO GH ORVLPSDFWRVGHOFDPELRFOLPiWLFR GHOFDPELR
JOREDOHQJHQHUDO H[LVWHSDUDORVSDtVHVRUJDQL]DFLRQHVHOGHVDItRGHWUDEDMDUMXQWRVGHQWURGHXQ
PDUFR ~QLFR GH GHVDUUROOR FDPELR JOREDO (OOR GHVWDFD OD LPSRUWDQFLD GH FRQIRUPDU HTXLSRV
PXOWLQDFLRQDOHVGHLQYHVWLJDFLyQHOGHVDUUROORGHPHFDQLVPRVSDUDFRPSDUWLULQIRUPDFLyQHQWUHSDtVHV
(QHOHVWXGLRGHORVLPSDFWRVGHOFDPELRJOREDOGHODDGDSWDFLyQDOPLVPRWDPELpQHVQHFHVDULD
XQDPDRULQWHJUDFLyQHQWUHODVFLHQFLDVH[DFWDVODVFLHQFLDVVRFLDOHVDVtFRPRHQWUHORVSURFHVRVGH
SODQHDPLHQWRORViPELWRVGHODSROtWLFDODFXOWXUDODJHVWLyQGHODPDQHUDTXHVHLOXVWUDHQHOOD
)LJXUD,

20.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
),*85$,
,17(*5$,Ï13$5$/$,19(67,*$,Ï1(1$0%,2/,0È7,2
)XHQWH7LHVVHQDSDUWLUGH0XUJLGD
'HORTXHVHWUDWDHQVtQWHVLVHVGHGHVDUUROODUXQ³FLFORGHFRQRFLPLHQWRDFFLyQ´XQSURFHVR
GHGREOHGLUHFFLyQHQHOFXDOODLQYHVWLJDFLyQORVGDWRVTXHpVWDJHQHUDORVPRGHORVTXHVHGHVDUUROODQ
ODLQIRUPDFLyQTXHVHREWLHQHVHVLVWHPDWL]DJHQHUDFRQRFLPLHQWRTXHHVXWLOL]DGRFRPRLQVXPRSDUD
WRPDUGHFLVLRQHVGHVDUUROODUDFFLRQHV3RURWURODGRHOPHMRUFRQRFLPLHQWRGHORVHIHFWRVTXHGHULYD
GHORVSURFHVRVGHLQYHVWLJDFLyQHOGLiORJRFRQORVWRPDGRUHVGHGHFLVLRQHVRWURVDFWRUHVLQWHUHVDGRV
VWDNHKROGHUV JHQHUDSURFHVRVGHDSUHQGL]DMHTXHUHWURDOLPHQWDQHOSURFHVRGHLQYHVWLJDFLyQ
,QYHVWLJDFLyQGLiORJRGHSROtWLFDVVREUHDGDSWDFLyQDO
FDPELRFOLPiWLFRHQODDJULFXOWXUDHQ$XVWUDOLD
/DSUHVHQWDFLyQUHVXPHORVSULQFLSDOHVDSUHQGL]DMHVGHOSURFHVRDXVWUDOLDQRGHPDQHMRGHODYDULDELOLGDG
FOLPiWLFDDGDSWDFLyQDOFDPELRFOLPiWLFRHQODDJULFXOWXUD'LFKRSURFHVRVHKDEDVDGRHQHOGHVDUUROOR
GHXQGLiORJRLQWHJUDGRFRQDFWRUHVGHOiPELWRGHODFLHQFLDODSROtWLFDORVSURSLRVDJULFXOWRUHV
$FRQWLQXDFLyQVHSUHVHQWDQORVHMHVFHQWUDOHVTXHGHEHQFRQVLGHUDUVHGHQWURGHXQDSHUVSHFWLYD
GHDGDSWDFLyQDOFDPELRFOLPiWLFRVHJ~QODH[SHULHQFLDDXVWUDOLDQD
5HVXPHQ GH OD SUHVHQWDFLyQ GH 0DUN +RZGHQ 7KHPH /HDGHU $GDSWDWLYH 3ULPDU ,QGXVWULHV DQG (QWHUSULVHV $XVWUDOLD V
RPPRQZHDOWK6FLHQWLILFDQG,QGXVWULDO5HVHDUFK2UJDQLVDWLRQ
$0(1$=$
OLPD
(;326,,Ï1
8VRGHODWLHUUD
98/1(5$%,/,'$'
62,$/
,1(57,'80%5(
$0%,2
$'$37$,Ï1
3ROtWLFD
XOWXUD
*HVWLRQ
LHQFLDV
VRFLDOHV
3ODQHDPLHQWR
LHQFLDV
H[DFWDV

21.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
(MHVFHQWUDOHVGHODDGDSWDFLyQDOFDPELRFOLPiWLFR
HQODDJULFXOWXUD
D /DYDULDELOLGDGFOLPiWLFDFRPRIDFWRUGHULHVJR
$XVWUDOLDFXHQWDFRQXQRGHORVFOLPDVPiVYDULDEOHVGHOPXQGRGHELGRHQJUDQPHGLGDDOIHQyPHQRGH
(O 1LxR SHUR WDPELpQ GHELGR D RWURV IHQyPHQRV GH FLUFXODFLyQ VLQySWLFD VLVWHPDV IURQWDOHV /D
YDULDELOLGDGFOLPiWLFDHVWDOTXHSRUHMHPSORODFDQWLGDGGHODVSUHFLSLWDFLRQHVHQWUHXQDxROOXYLRVR
XQ DxR VHFR SXHGHYDUtDQKDVWDFLQFRYHFHVORVFDXGDOHVGHORVUtRVKDVWDFXDUHQWDYHFHV(QHVWH
FRQWH[WRFRQVLGHUDUODYDULDELOLGDGFOLPiWLFDFRPRIDFWRUGHULHVJRHVIXQGDPHQWDOSDUDODDGDSWDFLyQGH
ODDJULFXOWXUDODVLQGXVWULDVSULPDULDVGHOSDtV
(OSDtVUHJLVWUDXQDODUJDKLVWRULDGHODFLHQFLDDERFDGDDPHMRUDUODJHVWLyQGHOULHVJRFOLPiWLFR
SDUDODDJULFXOWXUDHOPDQHMRGHORVUHFXUVRVQDWXUDOHV'LVSRQHGHHVWUXFWXUDVELHQHVWDEOHFLGDV
FRPRFHQWURVGHPHWHRURORJtDHLQYHVWLJDFLyQDSOLFDHQIRTXHVGHSDUWLFLSDFLyQFLXGDGDQDFXHQWD
FRQPHFDQLVPRVGHHMHFXFLyQHODERUDFLyQGHSROtWLFDV1RREVWDQWHHOFDPELRFOLPiWLFRLPSOLFD
QXHYRVUHWRV
E 'HODYDULDELOLGDGFOLPiWLFDDOFDPELRFOLPiWLFR
$XVWUDOLD WLHQH XQD WUDHFWRULD LPSRUWDQWH HQ FXDQWR D HQIUHQWDU ODYDULDELOLGDGGHOFOLPD/DJHVWLyQ
H[LWRVDGHORVULHVJRVFOLPiWLFRVVHUHFRQRFHFRPRXQDFDUDFWHUtVWLFDGHODH[FHOHQFLDDJUtFRODGHOSDtV
6LQHPEDUJRODJHVWLyQQHFHVLWDPRGLILFDUVHDPHGLGDTXHHOFOLPDFDPELD
'HVGHHOFOLPDGH$XVWUDOLDVHKDYXHOWRPiVFiOLGR6HKDQUHJLVWUDGRUHFRUGKLVWyULFRVGH
WHPSHUDWXUDVFRQPHQRUHVSUHFLSLWDFLRQHVHQHOVXUHVWHGHOSDtVPiVOOXYLDVHQHOQRURHVWH/RV
LQFHQGLRVIRUHVWDOHVVRQFDGDYH]PiVGHYDVWDGRUHV3RUHMHPSORODVHYHULGDGGHORVLQFHQGLRVVHKD
LQFUHPHQWDGRGUDPiWLFDPHQWHHQORV~OWLPRVHYHQWRVDOFDQ]DQGRXQUHJLVWURGHOËQGLFHGH3HOLJURGH
,QFHQGLRV )LUH'DQJHU,QGH[ VREUHVHJ~QXQDHVFDODTXHIXHGLVHxDGDSDUDXQUHJLVWURPi[LPRGH
HQHOSHRUHVFHQDULRGHVHYHULGDGGHLQFHQGLRVEDVDGRHQUHJLVWURVKLVWyULFRV(QOD~OWLPDGHFDGDVH
WXYR OD SHRU VHTXtD KLVWyULFD UHJLVWUDGD OD FXDO DIHFWy VHYHUDPHQWH OD DFWLYLGDG DJURSHFXDULD ORV
PHGLRV GH YLGD UXUDOHV +D UHVWULFFLRQHV GH DJXD HQ WRGRV ORV VHFWRUHV HQ WRGDV ODV FDSLWDOHV
SULQFLSDOHVH[FHSWR'DUZLQHQHOQRUWHORVPHFDQLVPRVSDUDHQIUHQWDUHVWDFDUHQFLDFRPRUHSUHVDV
SODQWDV GH GHVDOLQL]DFLyQ VRQ FRVWRVRV $GHPiV KD HYLGHQFLD GH LPSDFWRV HQ OD ELRGLYHUVLGDG DVt
FRPRGHDXPHQWRGHOQLYHOGHOPDUGHODWHPSHUDWXUDGHORFpDQR
(VPXSUREDEOHTXH$XVWUDOLDVHDWRGDYtDPiVFDOXURVDVHFDHQHOIXWXUR6HSURQRVWLFDXQD
PDRUIUHFXHQFLDGHGtDVDxRVH[WUHPDGDPHQWHFiOLGRVPiVOOXYLDVIXHUWHVHQYHUDQRRWRxRPHQRV
OOXYLD HQ LQYLHUQR SULPDYHUD HQ HO VXU PiV VHTXtDV H LQFHQGLRV PiV WRUPHQWDV WURSLFDOHV PHQRV
JUDQL]R HQ HO VXU PiV D OR ODUJR GH ODFRVWDHVWH 3HTXHxRVFDPELRVGHOSDWUyQFOLPiWLFR FRPROD
XELFDFLyQODWLWXGLQDOGHOVLVWHPDGHDOWDVSUHVLRQHVSXHGHQGHVHQFDGHQDUHYHQWRVFOLPiWLFRVH[WUHPRV
F /DLPSRUWDQFLDGHODVHQVLELOL]DFLyQS~EOLFDDFHUFDGHOFDPELRFOLPiWLFR
(Q $XVWUDOLD VH KD JDQDGR OD EDWDOOD SDUD KDFHU FRQFLHQFLD DFHUFD GH OD LPSRUWDQFLD GHO FDPELR
FOLPiWLFR(QEDVHDXQDHQFXHVWDUHDOL]DGDVREUHHOWHPDVHGHWHUPLQyTXHHOFDPELRFOLPiWLFRHVHO
VHJXQGR UHWR SULQFLSDO GH $XVWUDOLD GHVSXpV GH OD HFRQRPtD 8Q GH OD SREODFLyQ HQFXHVWDGD
FRQVLGHUyTXHHUDPXLPSRUWDQWHDERUGDUHOFDPELRFOLPiWLFR
/DDFHSWDFLyQVRFLDOGHOIHQyPHQRHVHOUHVXOWDGRGHXQVLJQLILFDWLYRWUDEDMRGHFRQFLHQWL]DFLyQ
-XQWR FRQ HOOR H[LVWH OD QHFHVLGDG GH SODQWHDU XQ HQIRTXH LQWHJUDGR HQWUH ORV DFWRUHV GHO PXQGR
FLHQWtILFRORVGLVHxDGRUHVGHSROtWLFDORVSURSLRVSURGXFWRUHVDJUtFRODVSDUDIRUWDOHFHUODUHVLOLHQFLD
FDSDFLGDGGHDGDSWDFLyQGHORVPHGLRVUXUDOHV

22.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
),*85$,
(1)248('(75$%$-2,17(*5$'2(175(,(1,$32/Ë7,$$,21(6(1$032
3$5$/$$'$37$,Ï1'(/260(',26'(9,'$585$/(6
)XHQWH+RZGHQ
G (OUROGHO*RELHUQR
(O*RELHUQRWLHQHHOUROGHDVHJXUDUTXHVHGLVSRQJDGHLQIRUPDFLyQUDFLRQDODSURSLDGDSDUDODWRPDGH
GHFLVLRQHVDVtFRPRHQGHVDUUROODUWHFQRORJtDVDGHFXDGDVHIHFWLYDVRSFLRQHVGHPDQHMR$GHPiVGHEH
SURFXUDUGHVDUUROODUHQWRUQRVGHGHFLVLyQTXHSURPXHYDQODDFFLyQODFRQVWUXFFLyQGHFDSDFLGDGHVSDUD
OD DGDSWDFLyQ (O (VWDGR WLHQH XQ URO HQ HO HVWDEOHFLPLHQWR GH SROtWLFDV GH DGDSWDFLyQ DO FDPELR
FOLPiWLFRSURPRYHUHOGHEDWHS~EOLFRJHQHUDUXQDUHVSXHVWDJOREDOHILFD]
/D)LJXUD,QRVPXHVWUDODHYROXFLyQGHODDWHQFLyQTXHVHSUHVWDDOFDPELRFOLPiWLFR$XVWUDOLD
IXHHOSULPHUSDtVTXHHVWDEOHFLyXQGHSDUWDPHQWRGHGLFDGRDOFDPELRFOLPiWLFR $XWUDOLDQ*UHHQ+RXVH
2IILFH (VWDRILFLQDWXYRXQUROWUDQVYHUVDOHQHO*RELHUQRDFWXyFRPRXQFDQDODWUDYpVGHOFXDOWRGDV
ODV WRPDV GH GHFLVLyQ OD LQIRUPDFLyQ IOXtD SDUD HO GHVDUUROOR GH SROtWLFDV H LPSOHPHQWDFLyQ (VWH
HVTXHPDFDPELyHQHODxRFXDQGRIXHUHHPSOD]DGRSRUXQPRGHORGH³WUDQVYHUVDOLGDG´GRQGHHO
FDPELR FOLPiWLFR HV SDUWH GH ODV UHVSRQVDELOLGDGHV GH WRGRV ORV GHSDUWDPHQWRV JXEHUQDPHQWDOHV ORV
FXDOHVSRVHHQODVFDSDFLGDGHVSHUVRQDOVXILFLHQWHSDUDVXFRQVHFXVLyQ(VWRVGHSDUWDPHQWRVGHILQHQ
ORV SURJUDPDV D GHVDUUROODU HVWDEOHFLHQGR ORV YtQFXORV FRQ ORV DFWRUHV UHOHYDQWHV GH DFXHUGR DO iUHD
WHPiWLFDTXHVHWUDWH
0HGLRVGHYLGD
UXUDOHVPHMRUDGRV
6LVWHPDFLHQWtILFRLQWHJUDGR
'HVDUUROORGHSROtWLFDELHQ
LQIRUPDGR
0DQHMRGHUHFXUVRVSUHGLR

23.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
),*85$,
(6758785$'(/*2%,(512)('(5$/$8675$/,$12(1(/',6(f2'(352*5$0$6
'($'$37$,Ï1$/$0%,2/,0È7,2
)XHQWH+RZGHQ
H $VHJXUDUTXHODLQIRUPDFLyQGLVSRQLEOHVHD~WLO
8QWHPDSRUUHVROYHUHQ$XVWUDOLDHQUHODFLyQDOFDPELRFOLPiWLFRHVTXHQRUPDOPHQWHKDIXHQWHVGH
LQIRUPDFLyQHQFRQIOLFWR/DFLHQFLDJHQHUDSDUWHGHHVDLQIRUPDFLyQ(QODFRPXQLGDGFLHQWtILFDH[LVWH
FRP~QPHQWH HO VXSXHVWR GH TXH VLPSOHPHQWH PiV LQIRUPDFLyQ HV PHMRU 6LQ HPEDUJR HVWR QR HV
QHFHVDULDPHQWH FLHUWR (Q WpUPLQRV JHQHUDOHV SXHGH H[LVWLU LQIRUPDFLyQ TXH QR VHD UHOHYDQWH R
DSURSLDGD SDUD WRPDU GHFLVLRQHV /D LQIRUPDFLyQ WDPELpQ SXHGH QR VHU FRQILDEOH R WHQHU XQ RULJHQ
GXGRVR,JXDOPHQWHKDSUREOHPDVFXDQGRODLQIRUPDFLyQQROOHJDRSRUWXQDPHQWHDVXVGHVWLQDWDULRVR
HVPDOFRPXQLFDGD6LODLQIRUPDFLyQHVDGHFXDGDDFWXDOL]DGDVHSUHVHQWDODGLVXQWLYDUHIHUHQWHD
FXiO HV OD PHMRU GHFLVLyQ D WRPDU WHQLHQGR HQ FXHQWD ORV YDORUHV GH ORV XVXDULRV ORV LQWHUHVHV
LQYROXFUDGRVGHQWURGHOSURFHVR
(Q HO *UXSR GH OD $GDSWDFLyQ OLPiWLFD OLPDWH $GDSWDWLYH )ODJVKLS GHO 6,52
RPPRQZHDOWK6FLHQWLILFDQG,QGXVWULDO5HVHDUFK2UJDQL]DWLRQ SHQVDPRVTXHHOHQIRTXHGHEHHVWDU
FHQWUDGR SUHIHUHQWHPHQWH HQ OD GHFLVLyQ D WRPDU HQ ORV UHVXOWDGRV HVSHUDGRV HQ YH] GH TXHGDUVH
VLPSOHPHQWHHQORVHVFHQDULRVFOLPiWLFRV/DDWHQFLyQGHEHHVWDUHQODLQIRUPDFLyQTXHHVGHFLVLYDSDUD
ODWRPDGHGHFLVLRQHVHO³GHOLYHU´DFRUGHFRQODVQHFHVLGDGHVWHPSRUDOHVHVSDFLDOHV
I /DVDJHQFLDVGHLQYHVWLJDFLyQODLQGXVWULDGHEHQWUDEDMDUFRQMXQWDPHQWH
6L ELHQ KD PXFKDV DGDSWDFLRQHV DSOLFDEOHV D QLYHO GH ILQFD OR UHOHYDQWH HV TXH VH LQWHJUHQ HQ OD
GLQiPLFDGHOVLVWHPDGHSURGXFFLyQ
$GHPiVVHSXHGHQLPSXOVDUODVVLJXLHQWHVOtQHDVGHDFFLyQD FRQVLGHUDUFXOWLYRVDGDSWDGRVSDUD
HOQXHYRFOLPDLPSHUDQWHE PHMRUDUODVUD]DVHOPDQHMRDQLPDOF DXPHQWDUODHILFLHQFLDHQHOXVRGHO
DJXDG GHVDUUROODUFXOWLYRVTXHSXHGHQDSURYHFKDUODVQXHYDVFRQGLFLRQHVGHFOLPDJHQHUDGDVSRUHO
FDPELRFOLPiWLFRH LQFRUSRUDUWHFQRORJtDVTXHPHMRUHQODFDSDFLGDGGHUHWHQFLyQKtGULFDGHOVXHOR
FRPRHOXVRGHSROtPHURVHQWUHRWUDV
$FWRUHVGHVDItRV
'HSDUWDPHQWRV
2ILFLQDDXVWUDOLDQDGHFDOHQWDPLHQWRJOREDO
$FWRUHVGHVDItRV
'HSDUWDPHQWRVGH
DPELROLPiWLFR
'HSDUWDPHQWRV
FDGDXQRFRQUHVSRQVDELOLGDGHVSHUVRQDO

24.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
J 'HODQiOLVLVDODDFFLyQ
(QHOSURFHVRGHSDVDUGHODQiOLVLVGHODFLHQFLDGHOFOLPDDODDFFLyQFRQFUHWDODH[SHULHQFLDDXVWUDOLDQD
HQVHxDTXHODVSUHJXQWDVPiVIUHFXHQWHVVRQ
¢XiOHVHOREMHWLYRGHODDGDSWDFLyQ
¢4XLpQVHDGDSWDFyPR
¢4XpPHGLGDVSXHGHQVHUH[LWRVDV
/DVRSFLRQHVGHDGDSWDFLyQUHTXLHUHQVHUHYDOXDGDV(VWRLPSOLFDTXHVHGHEHQLPSOHPHQWDU
YDOLGDU (O REMHWLYR ILQDO HV HQ GHILQLWLYD HQWHQGHU OD YXOQHUDELOLGDG SDUD UHGXFLUOD FRQVWUXLU R
IRUWDOHFHUODFDSDFLGDGGHDGDSWDFLyQ
/D DGDSWDFLyQ DO FDPELR FOLPiWLFR GHEH FRQMXJDU XQD VHULH GH DVSHFWRV (Q HVWH VHQWLGR OD
LQYHVWLJDFLyQGHEHRIUHFHURSFLRQHVGHEXHQDVSUiFWLFDVDJUtFRODVHQWHPDVWDOHVFRPRHODEDVWHFLPLHQWR
FDOLGDG GH DJXD OD DGHFXDFLyQ D OD VHTXtD OD VHJXULGDG DOLPHQWDULD OD VHJXULGDG HQHUJpWLFD
UHGXFFLyQ GH *(, HO PDQHMR GH UHFXUVRV QDWXUDOHV VHUYLFLRV DPELHQWDOHV HO IRUWDOHFLPLHQWR GH
FDSDFLGDGHVSDUDHQIUHQWDUORVQXHYRVHVFHQDULRV
K ,QYHVWLJDFLyQGLIXVLyQGHOFRQRFLPLHQWR
(O VHFWRU DJUtFROD HQ UHODFLyQ DO WHPD GLVSRQH GH XQD H[SHULHQFLD VLJQLILFDWLYD HQ FRQRFLPLHQWRV
KDELOLGDGHVTXHVHSXHGHQLQWHJUDUUHSOLFDUDWUDYpVGHODLQYHVWLJDFLyQSDUWLFLSDWLYDHOFRPSURPLVR
GHORVDFWRUHVLQYROXFUDGRV
/DV RSFLRQHV GH PDQHMR DJURQyPLFR VRQ OD YtD D WUDYpV GH OD FXDO ORV DJULFXOWRUHV HQIUHQWDQ
DFWXDOPHQWH OD YDULDELOLGDG FOLPiWLFD HVWH FRQRFLPLHQWR WLHQH XQ YDORU TXH GHEH VHU UHVFDWDGR
FRPSDUWLGR SDUD OLGLDU FRQ ODV SULPHUDV IDVHV GHO FDPELR FOLPiWLFR 6LQ HPEDUJR D PHGLGD TXH HO
FDPELR FOLPiWLFR DJXGLFH OD GLVPLQXFLyQ GH ODV SUHFLSLWDFLRQHV HO DXPHQWR GH OD WHPSHUDWXUD ODV
RSFLRQHVGHPDQHMRSURGXFWLYRVHLUiQKDFLHQGRFDGDYH]PiVOLPLWDGDVSDUDHIHFWLYDPHQWHUHVSRQGHUD
WDOHVPRGLILFDFLRQHVGHOFOLPDFRPRLOXVWUDOD)LJXUD,
3RUORWDQWRVHUHTXHULUiGHXQHQIRTXHDSURSLDGRGHODLQYHVWLJDFLyQPXFKRPiVGLQiPLFRH
LQQRYDWLYRTXHDPSOLpDQWLFLSHODVRSFLRQHVGHDGDSWDFLyQIDFWLEOHVHQORVHVFHQDULRVGHFDPELRWDO
FRPRVHPXHVWUDHQODVLJXLHQWH)LJXUD,
/D SDUWLFLSDFLyQ GH ORV DJULFXOWRUHV HQ OD LQYHVWLJDFLyQ DVRFLDGD D OD YDULDELOLGDG HO FDPELR
FOLPiWLFRDOLJXDOTXHHQRWURVWHPDVSHUPLWHIRFDOL]DUGHILQLUPHMRUODPDWHULDGHHVWXGLR0HGLDQWH
ODFRLQYHVWLJDFLyQVHLQWHJUDQHTXLSRVFRQGLYHUVRVDFWRUHVORVSURHFWRVGHLQYHVWLJDFLyQVHGLVHxDQ
HQ FRQMXQWR 'H HVWD PDQHUD DGHPiV VH REWLHQH FRPR UHVXOWDGR XQ FRQRFLPLHQWR PiV DPSOLR XQD
VtQWHVLV GHO FRQRFLPLHQWR HPStULFR GH ORV DJULFXOWRUHV HO FRQRFLPLHQWR WpFQLFRFLHQWtILFR GH ORV
HVSHFLDOLVWDV VH SXHGH LGHQWLILFDU XQD JDPD GH SRVLEOHV VROXFLRQHV 4XH ORV EHQHILFLDULRV VHDQ ORV
SURSLRV JHVWRUHV GH OD LQYHVWLJDFLyQ IDFLOLWD HO SURFHVR GH LPSOHPHQWDFLyQ GH ODV VROXFLRQHV KDFH
SRVLEOHTXHODLQYHVWLJDFLyQWHQJDPDRUSHUWLQHQFLDFUHGLELOLGDGOHJLWLPLGDGULJXURVLGDG

25.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
),*85$,
',60,18,Ï1'(/$*$0$'(23,21(6$*521Ï0,$6(1',67,1726
(6(1$5,26'($0%,2
)XHQWH+RZGHQ
),*85$,
(648(0$'(352*5(62'(/$$'$37$,Ï1,15(0(17$/6,67e0,$
'(75$16)250$,Ï1
)XHQWH+RZGHQ
9DULHGDGHVpSRFD GHSODQWDFLyQVLHPEUDHVSDFLDPLHQWR
0DQHMR GHUDVWURMRVDJXDQXWULHQWHV IROODMHHWF
XOWLYRV SUHSDUDGRV SDUD DPELR OLPiWLFR
$JULFXOWXUD GHSUHFLVLyQ FRQVHQVLELOLGDG FOLPiWLFD
*HVWLyQ GH5LHVJR 'LYHUVLILFDFLyQ
7UDQVIRUPDFLyQ GHXVR GHODWLHUUD RFDPELR GH
GLVWULEXFLyQ
1XHYRV SURGXFWRV FRPR VHUYLFLRV
HFRVLVWpPLFRV
DPELR OLPiWLFR
%HQHILFLRV
GHODDGDSWDFLyQ
$
X
P
H
Q
W
R
G
H
O
D
F
R
P
S
O
H
M
L
G
D
G
F
R
V
W
R
V
U
L
H
V
J
R
9DULHGDGHVpSRFD GHSODQWDFLyQVLHPEUDHVSDFLDPLHQWR
0DQHMR GHUDVWURMRVDJXDQXWULHQWHV IROODMHHWF
XOWLYRV SUHSDUDGRV SDUD DPELR OLPiWLFR
$JULFXOWXUD GHSUHFLVLyQ FRQVHQVLELOLGDG FOLPiWLFD
*HVWLyQ GH5LHVJR 'LYHUVLILFDFLyQ
7UDQVIRUPDFLyQ GHXVR GHODWLHUUD RFDPELR GH
GLVWULEXFLyQ
1XHYRV SURGXFWRV FRPR VHUYLFLRV
HFRVLVWpPLFRV
DPELR OLPiWLFR
%HQHILFLRV
GHODDGDSWDFLyQ
9DULHGDGHVpSRFD GHSODQWDFLyQVLHPEUDHVSDFLDPLHQWR
0DQHMR GHUDVWURMRVDJXDQXWULHQWHV IROODMHHWF
XOWLYRV SUHSDUDGRV SDUD DPELR OLPiWLFR
$JULFXOWXUD GHSUHFLVLyQ FRQVHQVLELOLGDG FOLPiWLFD
*HVWLyQ GH5LHVJR 'LYHUVLILFDFLyQ
7UDQVIRUPDFLyQ GHXVR GHODWLHUUD RFDPELR GH
GLVWULEXFLyQ
1XHYRV SURGXFWRV FRPR VHUYLFLRV
HFRVLVWpPLFRV
DPELR OLPiWLFR
%HQHILFLRV
GHODDGDSWDFLyQ
$
X
P
H
Q
W
R
G
H
O
D
F
R
P
S
O
H
M
L
G
D
G
F
R
V
W
R
V
U
L
H
V
J
R

26.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
K 0HGLFLyQGHODFDSDFLGDGGHDGDSWDFLyQ
8QD DFWLYLGDG UHOHYDQWH HV FRQWUXLU OD FDSDFLGDG GH DGDSWDFLyQ GH DJULFXOWRUHV FRPXQLGDGHV
UXUDOHVSDUDHQIUHQWDUHOFDPELRFOLPiWLFRRPRSDUWHGHHVWHSURFHVRVHUHTXHULHUHFRQRFHUGyQGHOD
FDSDFLGDGGHDGDSWDFLyQHVGpELORIXHUWHSRUTXpHVWiHQHVHQLYHOGHPRGRGHLPSXOVDUDFFLRQHVTXH
ODFRQVWUXDQRIRUWDOH]FDQ /DHYDOXDFLyQGHODFDSDFLGDGGHDGDSWDFLyQVHUHDOL]DDWUDYpVGHORV
GLVWLQWRVDFWLYRV ItVLFRVILQDQFLHURVQDWXUDOHVVRFLDOHVKXPDQRV VXSRVLELOLGDGGHVXVWLWXFLyQHO
SRWHQFLDO GH UHVSXHVWD DO FDPELR FOLPiWLFR /D HYDOXDFLyQ VH SXHGH UHDOL]DU PHGLDQWH PpWRGRV GH
DXWRHYDOXDFLyQGHHQIRTXHVJXLDGRVGHSHTXHxRVJUXSRVGHHQFXHVWDVWHOHIyQLFDVRSRU,QWHUQHWHQWUH
RWURV(VWDEOHFHUODFDSDFLGDGGHDGDSWDFLyQSHUPLWHGHILQLUSULRULGDGHVGHSROtWLFDPHGLUSURJUHVRV
DSXQWDUDORVJUXSRVPiVYXOQHUDEOHV
),*85$,
$8675$/,$0$3$62%5($3$,'$''($'$37$,Ï1
)XHQWH+RZGHQ
0HQVDMHVFODYHGHODH[SHULHQFLDDXVWUDOLDQD
'HODH[SHULHQFLDGH$XVWUDOLDHQPDWHULDGHDGDSWDFLyQGHODDJULFXOWXUDDOFDPELRFOLPiWLFRVHSXHGHQ
GHULYDUORVVLJXLHQWHVPHQVDMHVFODYH
(OFOLPDHVWiFDPELDQGRFRQWLQXDUiFDPELDQGRHQHOIXWXURDSHVDUGHORVHVIXHU]RVSRU
UHGXFLUORV*(,(VQHFHVDULRDQWLFLSDUVHDORVFDPELRVHVWDUSUHSDUDGRVSDUDODLQFHUWLGXPEUH
GHVDUUROODUHVWUDWHJLDVGHDGDSWDFLyQ
(OFDPELRFOLPiWLFRDIHFWDWRGDODFDGHQDGHYDORUGHODDJULFXOWXUDODEDVHGHORVUHFXUVRVQDWXUDOHV
/RVFDPELRVGHOFOLPDSXHGHQVHUVLJQLILFDWLYRVORTXHDXPHQWDUiORVULHVJRVRSRUWXQLGDGHV
SDUDODDJULFXOWXUD
8QSRVLFLRQDPLHQWRWHPSUDQRSXHGHVHUPXEHQHILFLRVR0iVTXHSRQHUWRGDODDWHQFLyQHQ
FRQRFHU H[DFWDPHQWH GyQGH FXiQGR RFXUULUiQ ORV LPSDFWRV GHULYDGRV GHO FDPELR ORV
HVIXHU]RVGHEHQRULHQWDUVHDSURSRUFLRQDUDORVSURGXFWRUHVDOWHUQDWLYDVGHDGDSWDFLyQSDUD
GLIHUHQWHVHVFHQDULRVGHFDPELRFOLPiWLFRDJHQHUDUFDSDFLGDGHVSDUDHYDOXDUHLPSOHPHQWDU
ODVRSFLRQHVDPHGLGDTXHVHYDDQUHTXLULHQGR
8Q QXHYR SDUDGLJPD GH LQYHVWLJDFLyQ SRGUtD VHU QHFHVDULR SDUD DVHJXUDU XQD DGDSWDFLyQ
HIHFWLYDDOFDPELRFOLPiWLFR

27.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
(OWUDEDMRFRQMXQWRHQWUHHO*RELHUQRODLQGXVWULDORVLQYHVWLJDGRUHVDQLYHOQDFLRQDOUHJLRQDO
HVFODYHSDUDORJUDUDYDQFHVVLJQLILFDWLYRVHQPDWHULDGHDGDSWDFLyQDOFDPELRFOLPiWLFR
' (IHFWRVGHOFDPELRFOLPiWLFRVREUHODDJULFXOWXUD
HQHQWURDPpULFD
(OLVWPRFHQWURDPHULFDQRHQIUHQWDWUHVGHVDItRVVHJXULGDGDOLPHQWDULDHQXQFRQWH[WRGHDO]DGHSUHFLRV
PHUFDGRV LQWHUQDFLRQDOHV YROiWLOHV DXPHQWR GH ORV LQJUHVRV GH ORV SREUHV OD PDRU SDUWH GH VX
SREODFLyQUXUDOORVLPSDFWRVGHOFDPELRFOLPiWLFRVREUHODVDFWLYLGDGHVDJURSHFXDULDV(VWH~OWLPR
GHVDItRHVWiUHODFLRQDGRHVWUHFKDPHQWHFRQORVGRVDQWHULRUHVHVHOPRWLYRGHODSUHVHQWDFLyQ
/D(3$/0p[LFRVHSURSXVRH[DPLQDUORVYtQFXORVHQWUHFDPELRFOLPiWLFRDJULFXOWXUDHQFDGD
SDtVGHOLVWPRFHQWURDPHULFDQR(QXQFRQMXQWRGHRFKRHVWXGLRVVHDQDOL]DURQORVLPSDFWRVSRWHQFLDOHV
GHO FDPELR FOLPiWLFR VREUH OD DJULFXOWXUD GH %HOLFH RVWD 5LFD (O6DOYDGRU *XDWHPDOD +RQGXUDV
1LFDUDJXD 3DQDPi RQ HOOR VH EXVFy DSRUWDU HOHPHQWRV SDUD OD IRUPXODFLyQ GH SROtWLFDV
DJURSHFXDULDVHQHVSHFLDOGHDGDSWDFLyQGHORVSURGXFWRUHVSREUHV
$FiVHFRPHQWDDFHUFDGHORVVLJXLHQWHVWHPDVUHODFLRQDGRVFRQHOFDPELRFOLPiWLFRHOVHFWRU
DJURSHFXDULR FHQWURDPHULFDQR WHQGHQFLDV DSRUWHV ODV PHWRGRORJtDV HPSOHDGDV SDUD HVWLPDU ORV
HIHFWRVHQORVDQiOLVLVHOLPSDFWRVREUHHODJURHQSDUWLFXODUVXHIHFWRHQDOJXQRVSURGXFWRVEiVLFRVORV
HVFHQDULRV IXWXURV GH ORV LPSDFWRV HFRQyPLFRV HQ HO VHFWRU DJURSHFXDULR ILQDOPHQWH DOJXQDV
FRQFOXVLRQHVGHODQiOLVLV
(OVHFWRUDJURSHFXDULRFHQWURDPHULFDQRDSRUWHVVHUYLFLRV
DPELHQWDOHVFDPELRFOLPiWLFR
HQWURDPpULFDHVDOWDPHQWHYXOQHUDEOHDOFDPELRFOLPiWLFR(YHQWRVFOLPiWLFRVH[WUHPRV KXUDFDQHVH
LQXQGDFLRQHV DIHFWDQHOGHVDUUROORHOELHQHVWDUGHVXVKDELWDQWHV8QRGHORVVHFWRUHVHFRQyPLFRVPiV
LPSRUWDQWHVHQODUHJLyQHVODDJULFXOWXUDSRUGHPiVYXOQHUDEOHDGLFKRVHYHQWRV(OiUHDFXOWLYDGDEDMR
ULHJRHVDSHQDVHOGHOWRWDO
RPR VH GRFXPHQWD HQ /HDU .XONDUQL 6HLSW VH PXHVWUD HQ ODV FRQFOXVLRQHV GH
QXHVWURHVWXGLRHVPXSUREDEOHTXHHOFDPELRFOLPiWLFRLQWHQVLILTXHODJUDYHGDGGHORVIHQyPHQRV
H[WUHPRVPiVD~QVLVHWRPDHQFXHQWDTXHODVDFFLRQHVGHORVJRELHUQRVODVPHGLGDVSUHYHQWLYDVGH
DGDSWDFLyQSRUSDUWHGHORVSURGXFWRUHVDJUtFRODVVRQLQFLSLHQWHV
D /DDJULFXOWXUDVXDSRUWHWHQGHQFLDV
/D DJULFXOWXUD OD JDQDGHUtD FRQVWLWXHQ XQR GH ORV SULQFLSDOHV PRWRUHV GH OD HFRQRPtD GHO LVWPR
FHQWURDPHULFDQR 6L VH LQFOXH OD DJURLQGXVWULD UHSUHVHQWDQ HO GHO 3,% WRWDO $GHPiV VRQ ORV
SULQFLSDOHV DEDVWHFHGRUHV GH DOLPHQWRV SURGXFHQ HO GH ODV H[SRUWDFLRQHV GH ELHQHV (O VHFWRU
DJURSHFXDULR HO PHGLR UXUDO EULQGDQ JUDQ SDUWH GHO HPSOHR WRWDO GH ORV SDtVHV HO DJUR HV XQ
LPSRUWDQWHJHQHUDGRUGHLQJUHVRVSDUDORVKRJDUHVUXUDOHV6XSREODFLyQPLJUDQWHHQYtDODPDRUSDUWH
GHOIOXMRGHUHPHVDVPLOORQHVGHGyODUHVTXHDFWXDOPHQWHLQJUHVDQ
/DVYLQFXODFLRQHVGHOVHFWRUFRQHOUHVWRGHODVDFWLYLGDGHVHFRQyPLFDVKDFHQTXHVHDXQDGHODV
SULQFLSDOHV IXHQWHV GH FUHFLPLHQWR GH OD HFRQRPtD (O PHGLR UXUDO SURGXFH YDOLRVRV VHUYLFLRV
DPELHQWDOHVPLWLJDFLyQGHHPLVLRQHVDJXDSDUDULHJRFRQVXPRXUEDQRJHQHUDFLyQGHHOHFWULFLGDG
VHUYLFLRVGHHFRWXULVPRHQWUHRWURV
5HVXPHQ GH OD SUHVHQWDFLyQ GH %UDXOLR 6HUQD +LGDOJR -HIH GH OD 8QLGDG $JUtFROD GH OD 2ILFLQD 6XEUHJLRQDO GH OD (3$/ HQ
0p[LFR SUHSDUDGRSRUHODXWRU
9pDVH(3$/,VWPRHQWURDPHULFDQR(IHFWRVGHODPELROLPiWLFRVREUHOD$JULFXOWXUD /0(;/5HY HQHURGH

28.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
3HUR OD SURGXFFLyQ DJURSHFXDULD FUHFH SRFR ORV UHQGLPLHQWRV OD FRPSHWLWLYLGDG VRQ EDMRV
'XUDQWH ORV ~OWLPRV VLHWH DxRV HO FUHFLPLHQWR DJURSHFXDULR SRU KDELWDQWH KD VLGR PRGHVWR /D
SURGXFWLYLGDGGHORVSULQFLSDOHVSURGXFWRVGHH[SRUWDFLyQ FDIpEDQDQRFDxDGHD]~FDU ODGHORVJUDQRV
EiVLFRV PDt]IULMRODUUR] KDVLGREDMD/DFRPSHWLWLYLGDGGHODVH[SRUWDFLRQHVGHOLVWPRQRHVHOHYDGD
$OUHGHGRUGHODPLWDGGHORVSURGXFWRVDJURSHFXDULRVDJURLQGXVWULDOHVTXHVHH[SRUWDQD(VWDGRV8QLGRV
VHHQFXHQWUDQHQPHUFDGRVHVWDQFDGRVRGLQiPLFRVSHURHQORVTXHSLHUGHQSDUWLFLSDFLyQ
/RV UHODWLYDPHQWH EDMRV QLYHOHV GH FUHFLPLHQWR FRPSHWLWLYLGDG SURGXFWLYLGDG UHIOHMDQ HQ HO
SHULRGRXQDWDVDUHGXFLGDGHLQYHUVLyQHQODDJULFXOWXUD HVFDVDLQQRYDFLyQ HQHOPHGLR
UXUDO HQ JHQHUDO XQ SURFHVR GH GHVFDSLWDOL]DFLyQ (Q HIHFWR ORV VHFWRUHV DJURSHFXDULRV GHO LVWPR
VXIULHURQSpUGLGDVGHFDSLWDOHVILQDQFLHURVItVLFRVQDWXUDOHVKXPDQRVHQODVGRV~OWLPDVGpFDGDVFRQ
GLIHUHQFLDVHQWUHSDtVHVHQWUHDFWLYLGDGHVGLQiPLFDVUH]DJDGDV(VWDVWHQGHQFLDVHVWiQDVRFLDGDVDOD
EDMD UHQWDELOLGDG GH ORV FXOWLYRV SUHFLRV UHDOHV PHQRUHV FRVWRV GH SURGXFFLyQ HQ DVFHQVR D OD
UHGXFFLyQ UHODWLYD GHO ILQDQFLDPLHQWR GHO JDVWR S~EOLFR GH OD FRRSHUDFLyQ LQWHUQDFLRQDO D OD
GHVWUXFFLyQGHOFDSLWDOQDWXUDOItVLFRSRULQXQGDFLRQHVVHTXtDVGHPDQHUDLPSRUWDQWHDOGHVFXLGR
GHOFDSLWDOKXPDQRGHVQXWULFLyQEDMDHVFRODULGDG
E /RVVHUYLFLRVDPELHQWDOHVGHODDJULFXOWXUDGHOPHGLRUXUDO
(QHOLVWPRVHSURGXFHQGLYHUVRVVHUYLFLRVDPELHQWDOHVLQFOXHQGRORVVLJXLHQWHV
/DPLWLJDFLyQGHODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURPHGLDQWHODILMDFLyQUHGXFFLyQ
DOPDFHQDPLHQWRGH28QDFREHUWXUDERVFRVDGHPLOORQHVGHKHFWiUHDVXQiUHD
FXOWLYDGDGHPLOORQHVUHDOL]DQXQLPSRUWDQWHVHUYLFLRGHFDSWXUDGH2
/DFRQVHUYDFLyQGHODELRGLYHUVLGDGPHGLDQWHODSURWHFFLyQXVRVRVWHQLEOHGHHVSHFLHVOD
FRQVHUYDFLyQGHORVHFRVLVWHPDVORVSURFHVRVHFROyJLFRV
/DSURWHFFLyQGHUHFXUVRVKtGULFRVHQFDOLGDGGLVWULEXFLyQHQHOWLHPSRFDQWLGDGSDUDXVR
XUEDQR UXUDO LQGXVWULDO HOpFWULFR /D JHQHUDFLyQ KLGURHOpFWULFD UHSUHVHQWD HO GH OD
SURGXFFLyQWRWDOGHHOHFWULFLGDG
/DEHOOH]DHVFpQLFDGHERVTXHVSDLVDMHVQDWXUDOHVHOHPHQWRVGHODELRGLYHUVLGDGEDVHSDUD
HO GHVDUUROOR GHO HFRWXULVPR WXULVPR UXUDO DUTXHROyJLFR WXULVPR GH SODD VRO WXULVPR
FLHQWtILFRGHREVHUYDFLyQDYHQWXUD
3RU ~OWLPR ORV ERVTXHV KXPHGDOHV DUUHFLIHV PDQJODUHV PLWLJDQ ORV LPSDFWRV GH ODV
LQXQGDFLRQHVGHUUXPEHVVHTXtDV
F /RVHIHFWRVDGYHUVRVGHOFDPELRFOLPiWLFRHQODDJULFXOWXUD
'XUDQWHORV~OWLPRVDxRVVHKDQLQWHQVLILFDGRORVHYHQWRVH[WUHPRVFRQFRQVHFXHQFLDVDGYHUVDVSDUD
HO VHFWRU DJURSHFXDULR HO PHGLR UXUDO GH HQWURDPpULFD 8QD HVWLPDFLyQ GH ORV GDxRV SpUGLGDV
WRWDOHV GHELGR D ORV SULQFLSDOHV HYHQWRV RFXUULGRV HQWUH DUURMD XQ WRWDO GH FDVL PLO
PLOORQHVGHGyODUHVHTXLYDOHQWHDOGHO3,%FHQWURDPHULFDQRHQ(VWDWHQGHQFLDKDVLGRPiV
DFHQWXDGDHQODGpFDGDDFWXDO
HUFD GHO GH HVH YDORU OR FRQVWLWXHURQ ORV HIHFWRV GHO KXUDFiQ 0LWFK HQ
FRQFHQWUDGRVHQ+RQGXUDV(QHOSHUtRGRFRQVLGHUDGRHOVHFWRUDJURSHFXDULRVXIULySpUGLGDVGDxRV
SRUPLOORQHVGHGyODUHV8QDPXJUDYHFRQVHFXHQFLDIXHODGHVWUXFFLyQGHFDSLWDOItVLFR
PLOORQHVGHGyODUHV

29.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
0HWRGRORJtDVXWLOL]DGDVSDUDHVWLPDUORVHIHFWRVGHOFDPELR
FOLPiWLFRHQODDJULFXOWXUD
6H XWLOL]y OD IXQFLyQ GH SURGXFFLyQSDUDPHGLUHIHFWRVHQODSURGXFFLyQVHFWRULDO DJURSHFXDULDHQWUHV
FXOWLYRVPDt]IULMRODUUR](OORSHUPLWLyHVWLPDUXPEUDOHVGHWHPSHUDWXUDSUHFLSLWDFLyQYDORUHVTXHGDQ
OXJDUDOPDRUQLYHOGHSURGXFWR6HUHODFLRQyODSURGXFFLyQ RUHQGLPLHQWRV FRQYDULDEOHVHQGyJHQDV
WUDEDMR FDSLWDO H LQVXPRV IHUWLOL]DQWHV H[yJHQDV WHPSHUDWXUD SUHFLSLWDFLyQ YDULDEOHV TXH
UHSUHVHQWDQODKDELOLGDGRFDSDFLGDGHVGHORVDJULFXOWRUHV HVFRODULGDGJpQHURWDPDxRGHORVKRJDUHV
6HXVDURQPtQLPRVFXDGUDGRVRUGLQDULRV/DIRUPDFXDGUiWLFDGHODIXQFLyQSHUPLWLyLGHQWLILFDU
ORVQLYHOHVGHWHPSHUDWXUDRSUHFLSLWDFLyQFRQHIHFWRVSRVLWLYRVQHJDWLYRVHQODSURGXFFLyQ
(OPRGHORULFDUGLDQRSHUPLWLyHVWLPDUORVHIHFWRVGHOFOLPDVREUHHOYDORUQHWRGHODWLHUUD6H
DVXPH TXH ORV SURGXFWRUHV DJUtFRODV PD[LPL]DQ HO LQJUHVR QHWR ʌ GDGR SRU OD VLJXLHQWH HFXDFLyQ
ʌ SL4L P][ Z[[7DPELpQODPRGHODFLyQKDFHSRVLEOHODGLIHUHQFLDFLyQGHORVLPSDFWRVGHO
FDPELRFOLPiWLFRPHGLDQWHGLVWLQWRVSHUILOHVGHSURGXFWRUHV
,PSDFWRGHOFDPELRFOLPiWLFRHQODSURGXFFLyQDJURSHFXDULD
HIHFWRVREUHHOLQJUHVRGHULYDGRGHODWLHUUD
D (VWLPDFLyQGHOLPSDFWRHQODSURGXFFLyQ
/RV GDWRV FRUUHVSRQGHQ DO SHULRGR XWLOL]DQGR REVHUYDFLRQHV SDUD FDGD YDULDEOH H
LQFOXHQGRORVVLHWHSDtVHVGHOLVWPRFHQWURDPHULFDQR6HREVHUYDURQSpUGLGDVGHODSURGXFFLyQGHELGR
DOFDPELRFOLPiWLFR
(OVLJQRQHJDWLYRHQORVWpUPLQRVFXDGUiWLFRVPRVWUyTXHODVIXQFLRQHVSUHVHQWDQUHQGLPLHQWRV
GHFUHFLHQWHV HQ WHPSHUDWXUD SUHFLSLWDFLyQ /DV HVWLPDFLRQHV LQGLFDQ TXH HQ WRGRV ORV tQGLFHV GH
SURGXFFLyQ VH VREUHSDVy D OD WHPSHUDWXUD HQ OD PDRUtD OD SUHFLSLWDFLyQ TXH PD[LPL]D OD
SURGXFFLyQ$VtODWHPSHUDWXUDODSUHFLSLWDFLyQVHHQFXHQWUDQHQODSDUWHGHFUHFLHQWHGHODIXQFLyQ
VXJLULHQGRTXHLQFUHPHQWRVHQDPEDVYDULDEOHVRFDVLRQDUiQSpUGLGDVHQODSURGXFFLyQDJURSHFXDULD(O
FDPELRFOLPiWLFRWLHQHFRQVHFXHQFLDVQHJDWLYDVSDUDODSURGXFFLyQDJURSHFXDULD
(Q HO FDVR GHO LPSDFWR VREUH ORV UHQGLPLHQWRV GH PDt] IULMRO DUUR] OD WHPSHUDWXUD OD
SUHFLSLWDFLyQSDUHFHQWHQHUXQFRPSRUWDPLHQWROLJHUDPHQWHFyQFDYR(QQLYHOHVEDMRVDPHGLGDTXH
DXPHQWDQ OD7OD3 WLHQGHQDHVWLPXODUODSURGXFFLyQGHOPDt]KDVWDFLHUWRSXQWRDSDUWLUGHOFXDOVH
FRPLHQ]DDUHGXFLUODSURGXFFLyQ
8$'52,
,03$72'(/$0%,2/,0È7,262%5(5(1',0,(1726'(0$Ë=)5,-2/$552=
Q
0Dt] )ULMRO $UUR]
7HPSHUDWXUD yQFDYR yQFDYR yQFDYR
3UHFLSLWDFLyQ yQFDYR yQFDYR yQFDYR
3REODFLyQ 'LUHFWD 3RVLWLYD 'LUHFWD
,UULJDFLyQ 'LUHFWD 3RVLWLYD 'LUHFWD
)XHQWH6HUQD

30.
(3$/±6HULHVHPLQDULRVFRQIHUHQFLDV1ž $JULFXOWXUDFDPELRFOLPiWLFRLQVWLWXFLRQHVSROtWLFDVHLQQRYDFLyQ
E (QIRTXHULFDUGLDQRLPSDFWRVREUHHOYDORUGHODWLHUUD
(VSRVLEOHLQIHULUTXHORVHIHFWRVGHODSUHFLSLWDFLyQDFXPXODGDDQXDOODWHPSHUDWXUDPHGLDDQXDOVRQ
QHJDWLYRV VLJQLILFDWLYRV SUiFWLFDPHQWH HQ WRGRV ORV FDVRV SDUD WRGRV ORV SDtVHV /RV HIHFWRV
PDUJLQDOHVGHODVYDULDEOHVFOLPiWLFDV WHPSHUDWXUDSUHFLSLWDFLyQ LQGLFDQTXHHOLQJUHVRSRUUHQWDGH
ODSURSLHGDGODVJDQDQFLDVDJUtFRODVRHOYDORUFRQWLQJHQWHGHODUHQWDGHODWLHUUDGLVPLQXHQDQWHXQ
LQFUHPHQWRHQODWHPSHUDWXUDPHGLDDQXDO7DPELpQLQFUHPHQWRVHQODSUHFLSLWDFLyQDFXPXODGDDQXDO
LPSOLFDQ XQD GLVPLQXFLyQ HQ OD YDULDEOH GHSHQGLHQWH VDOYR HO FDVR GH *XDWHPDOD (V GHFLU H[LVWH
HYLGHQFLDSDUDVHxDODUXQLPSDFWRVLJQLILFDWLYRVREUHHOLQJUHVRGHULYDGRGHODWLHUUDDQWHYDULDFLRQHVHQ
ODWHPSHUDWXUDHQODSUHFLSLWDFLyQDFXPXODGD
/RVHVFHQDULRVIXWXURVORVLPSDFWRVGHOFDPELRFOLPiWLFR
VREUHHOVHFWRUDJURSHFXDULR
D ,PSDFWRVVREUHODSURGXFFLyQDJURSHFXDULD
3DUD FXDQWLILFDU ORV LPSDFWRV HFRQyPLFRV IXWXURV HQ HO VHFWRU DJURSHFXDULR RFDVLRQDGRV SRU ODV
YDULDFLRQHVHQODSUHFLSLWDFLyQODWHPSHUDWXUDFRPRFRQVHFXHQFLDGHOFDPELRFOLPiWLFRVHXWLOL]DURQ
GLIHUHQWHV HVFHQDULRV
WDVDV GH GHVFXHQWR /DV VLPXODFLRQHV LQGLFDQ TXH ORV LPSDFWRV QHJDWLYRV
GHULYDGRV GH ODV YDULDFLRQHV HQ WHPSHUDWXUD SUHFLSLWDFLyQ HQ HO VHFWRU DJURSHFXDULR GHO LVWPR
FHQWURDPHULFDQRFRQXQDWDVDGHGHVFXHQWRGHOVHUiQGHOGHO3,%
SDUDHOGHOSDUD
HO6LQHPEDUJRDOFRQVLGHUDUXQDWDVDGHOHVWRVPLVPRVLPSDFWRVUHSUHVHQWDQHOGHO
3,%HQHOHQ
/DVSURHFFLRQHVGHORVSRVLEOHVLPSDFWRVVREUHORVUHQGLPLHQWRVGHPDt]IULMRODUUR]PXHVWUDQ
TXHHQHOSULPHUFDVRODSURGXFFLyQWLHQGHDFUHFHUOLJHUDPHQWHOXHJRGLVPLQXHSRUORVHIHFWRVGHO
FDPELRFOLPiWLFR/DVSpUGLGDVHQWpUPLQRVGHO3,%VRQHQWUHHOHO(QHOFDVRGHOIULMROOD
WHPSHUDWXUD SURYRFDUtD GLVPLQXFLRQHV LPSRUWDQWHV HQ UHQGLPLHQWRV /RV LPSDFWRV HFRQyPLFRV VHUtDQ
HQWUHHOHOGHO3,%GH
/D SURHFFLyQ GHOUHQGLPLHQWRHQDUUR]HQHOFRUWRSOD]RVHPDQWHQGUtDUHODWLYDPHQWHHVWDEOH
SXGLHQGR LQFOXVR LQFUHPHQWDUVH SRUTXH HO QLYHO GH WHPSHUDWXUD DFWXDO HV FHUFDQR DO TXH SHUPLWH OD
SURGXFFLyQPi[LPD6LQHPEDUJRDODUJRSOD]RODSURGXFFLyQWHQGHUtDDGHVFHQGHU
E 3URHFFLRQHVHLPSDFWRVVREUHODUHQWDGHODWLHUUD JDQDQFLDVDJUtFRODV
$OUHDOL]DUODVSURHFFLRQHVHVWLPDUORVHIHFWRVVREUHORVUHQGLPLHQWRVGHOIDFWRUWLHUUDORVLPSDFWRV
VRQVLJQLILFDWLYRVGLIHUHQFLDGRVHQORVPXQLFLSLRVFRQVLGHUDGRVSDUDFDGDSDtV/RVHIHFWRVPDUJLQDOHV
HVWLPDGRV PXHVWUDQ TXH XQ SHTXHxR FDPELR HQ OD WHPSHUDWXUD PHGLD DQXDO R HQ OD SUHFLSLWDFLyQ
DFXPXODGD DQXDO DIHFWD QHJDWLYDPHQWH ODV GLVWLQWDV YDULDEOHV GHSHQGLHQWHV HPSOHDGDV /RV HIHFWRV
HVWLPDGRVPXHVWUDQXQHVFHQDULRGHVDOHQWDGRUSDUDHOLQJUHVRTXHSURYLHQHGHODUHQWDGHODWLHUUDHQ
SUiFWLFDPHQWHORVVHLVSDtVHVDQDOL]DGRV/RVLPSDFWRVGHODVSURHFFLRQHVIXWXUDVSDUDSUHGLFHQ
HIHFWRV QHJDWLYRV TXH YDQ GHVGH HO HQ HO FDVR GH RVWD 5LFD KDVWD HO HQ HO GH *XDWHPDOD
XDGUR,
/RVPRGHORVXWLOL]DGRVIXHURQ(+0*HUPDQ+LJK3HUIRUPDQFHRPSXWLQJHQWUHOLPDWHDQG(DUWK6VWHP5HVHDUFK*)'/
*HRSKVLFDO)OXLG'QDPLFV/DERUDWRU+$'*(0+DGOHHQWUH*OREDO(QYLURQPHQWDO0RGHO
3DUDHOSUHVHQWHDQiOLVLVVHFRQVLGHUDQORVLPSDFWRVFRPRSRUFHQWDMHVGHO3,%GHGHOLVWPRFHQWURDPHULFDQR