Anda di halaman 1dari 15

8QLYHUVLGDG$UJHQWLQD-RKQ).

HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



81,9(56,'$'$5*(17,1$-2+1).(11('<

'(3$57$0(172'(%,236,&2/2*Ì$

1(85236,&2/2*Ë$

8QLGDG
$FWLYLGDG5HIOHMD

6RSRUWHELEOLRJUiILFR
$UWtFXORGH5HYLVLyQ

$XWRUHV
'U(GXDUGR0DV&RORPER
,ULV0RWWD




8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



/RV UHIOHMRV VRQ UHDFFLRQHV DXWRPiWLFDV GHVHQFDGHQDGDV SRU HVWtPXORV TXH


LPSUHVLRQDQGLYHUVRVUHFHSWRUHV6RQODIRUPDPiVSULPLWLYDHQWDQWRVRQH[SUHVLyQGHOD
KHUHQFLDJHQpWLFDGHODHVSHFLHGHDGHFXDFLyQDOPHGLR(VSRUHOORTXHPXFKRVDXWRUHVORV
GHILQHQFRPRODXQLGDGIXQFLRQDOGHO6LVWHPD1HUYLRVR

&RPR VRQ OD IRUPD PiV HOHPHQWDO GH UHDFFLyQ DFRPSDxDQ DO KXPDQR GHVGH HO
QDFLPLHQWR DOJXQRV GXUDQWH WRGD OD YLGD DOJXQRV GXUDQWH XQ EUHYH WLHPSR GDQGR OXHJR
SDVRDFRPSRUWDPLHQWRVPiVHYROXFLRQDGRV\YROXQWDULRVTXHORVQHFHVLWDQFRPRSXQWRGH
SDUWLGD

-XVWDPHQWH SRUTXH WLHQHQ XQD ILQDOLGDG FODUDPHQWH GHOLQHDGD HV TXH SUHIHULPRV
UHIHULUQRV D OD DFWLYLGDGUHIOHMD RD ORV DFWRV UHIOHMRV HQOXJDU GH KDFHUOR HQ WpUPLQRV GH
DUFRV R FLUFXLWRV UHIOHMRV SXHV GH HVWH PRGR VH KDFH UHIHUHQFLD VyOR D ORV DVSHFWRV
ILVLROyJLFRVTXHLQYROXFUDQ\VHSLHUGHGHYLVWDTXHVRQDFFLRQHVFRQVHQWLGRTXHWLHQGHQDO
DMXVWH D OD UHDOLGDG )RUPDQ SDUWH GH OD LQWHJUDFLyQ VHQVLWLYRPRWRUD TXH D WUDYpV GHO
GHVDUUROOR TXH FRPELQD OD PDGXUDFLyQ FRQ ORV UHVXOWDGRV GH OD LQWHUYHQFLyQ GHO PHGLR 
SODVWLFLGDG VHFRQYHUWLUiHQDFFLyQDIHFWLYD\PHQWDOPHQWHGLULJLGD

7DQWR PiV FODUR HV HVWR VL ORJUDPRV FRQVLGHUDUORV FRPR XQ WRGR DUPyQLFR FRPR
GLMHUD+RXVVD\8QUHIOHMRDLVODGRHVXQDDEVWUDFFLyQWHyULFDFRQYHQLHQWHSDUDHOHVWXGLR
GH ORV IHQyPHQRV QHUYLRVRV SHUR QR H[LVWH HQ OD UHDOLGDG $Vt GHEHPRV FRQVLGHUDUORV
SDUWHGHODDFWLYLGDGLQWHJUDOGHODSHUVRQD

$ ORV HIHFWRV GH FRPSUHQGHU FyPR VRQ SRVLEOHV ORV UHIOHMRV \ ORJUDU DVt XQ
DFHUFDPLHQWRDVXVPDQLIHVWDFLRQHVSDWROyJLFDVGHVFULELUHPRVEUHYHPHQWHFyPRHVSRVLEOH
ODUHDFFLyQUHIOHMD

3DUDODSURGXFFLyQGHXQUHIOHMRVRQQHFHVDULRV
  5HFHSWRUHVVHQVRULDOHVRVHQVLWLYRV
  1HXURQD$IHUHQWHR6HQVLWLYD
  &HQWUR1HUYLRVR
  1HXURQD(IHUHQWHR(IHFWRUD
  (IHFWRUR6LVWHPD5HDFFLRQDQWH

  5HFHSWRUHV VHQVRULDOHV R VHQVLWLYRV VRQ ORV yUJDQRV VREUH ORV FXDOHV UHFDH OD
HVWLPXODFLyQHVSHFtILFD(VWiQFRQVWLWXLGRVSRUXQDQHXURQDGHIXQFLyQHVSHFtILFDGHOD
FXDOSDUWHQILEUDVDIHUHQWHV6XIXQFLyQHVUHDOL]DUODWUDQVGXFFLyQGHOHVWtPXORHVGHFLU
FRQYHUWLU ODV FDUDFWHUtVWLFDV ItVLFDV \R TXtPLFDV GHO HVWtPXOR HQ XQ WLSR GH HVWtPXOR
FDSD]GHVHULQWHUSUHWDGRSRUHOVLVWHPDQHUYLRVRORWUDQVIRUPDHQSRWHQFLDOGHDFFLyQ


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



/RVUHFHSWRUHVSXHGHQFODVLILFDUVH

$([WHURFHSWRUHVR5HFHSWRUHV([WHUQRV

D 0HFDQRFHSWRUHV

&RUS~VFXORVGH0HLVVQHU\&pOXODVGH0HUNHOVHQVFXWiQHDVXSHUILFLDO
&RUS~VFXORVGH3DFFLQLVHQVSURIXQGDDODSUHVLyQ
&RUS~VFXORVGH5XIILQL\GH*ROJL0DVVRQLVHQVWpUPLFDDOFDORU
&RUS~VFXORVGH.UDXVVHVHQVWpUPLFDDOIUtR
7HUPLQDFLRQHVOLEUHVVHQVGRORURVD

(OFDPSRUHFHSWRUGHFDGDWHUPLQDFLyQQHUYLRVDHVODUHJLyQGHODSLHOHQODTXHDO
DSOLFDU SUHVLyQ VH HVWLPXOD HVD WHUPLQDFLyQ /RV UHFHSWRUHV TXH WLHQHQ FDPSRV SHTXHxRV
LQGLFDQFRQPiVSUHFLVLyQODORFDOL]DFLyQHQTXHVHKDDSOLFDGRHOHVWtPXOR




8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



E 7HOHUUHFHSWRUHV
2UJDQRGH&RUWLDXGLFLyQ
5HWLQDYLVWD


8ELFDFLyQGHOyUJDQRGH&RUWLHQXQ
FRUWHORQJLWXGLQDOGHORtGRLQWHUQR&RQRV\%DVWRQHVFpOXODVUHFHSWRUDV
GHODUHWLQD

F 4XLPLRUUHFHSWRUHV
0XFRVDSLWXLWDULDROIDWR
&RUS~VFXORVJXVWDWLYRVJXVWR


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



% ,QWHURFHSWRUHVR5HFHSWRUHV,QWHUQRV

D 3URSLRFHSWRUHV
+XVRVPXVFXODUHVGH.XNQH
+XVRVWHQGLQRVRVGH*ROJL
+XVRVDUWLFXODUHV
/DEHULQWR HQRtGRLQWHUQR

E 9LVFHURFHSWRUHV XELFDGRV HQ ORV P~VFXORV OLVRV GH ORV VLVWHPDV UHVSLUDWRULR
GLJHVWLYRXURJHQLWDO\KHPRFLUFXODWRULR

/RVUHFHSWRUHVWLHQHQFDUDFWHUtVWLFDVFRPXQHV

• 6RQHVSHFtILFRV
• 3RVHHQXQXPEUDOGHHVWLPXODFLyQEDMR
• /LPLWDQODLQIOXHQFLDHVWLPXODQWH&XDQGRXQHVWtPXORVREUHSDVDHOOtPLWHHOUHFHSWRU
VHDSODVWD\ODLQFLGHQFLDUHVXOWDLQHILFD]
• (VWDEOHFHQODSURSRUFLRQDOLGDGHQWUHODPDJQLWXGGHOLPSXOVRQHUYLRVR\ODLQWHQVLGDG
GHO HVWtPXOR &XDQGR OD DFFLyQ VREUH XQ UHFHSWRU HV VRVWHQLGD SXHGH UHVXOWDU XQD
VXFHVLyQGHLPSXOVRVQHUYLRVRVTXHSXHGHQPXOWLSOLFDUVXHIHFWR IHQyPHQRGHDGLFLyQ
WHPSRUDO 


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



• 6HDGDSWDQDOHVWtPXORODLQWHQVLGDGGHOLPSXOVRGLVPLQX\HSURJUHVLYDPHQWHFXDQGRHO
UHFHSWRU HV H[SXHVWR UHSHWLGDPHQWH D XQ PLVPR HVWtPXOR 3DUD JUDILFDUOR SRGUtDPRV
WRPDUFRPRHMHPSORHOHIHFWRTXHSXHGHWHQHUHQFLHUWRUHFHSWRUSURIXQGRXQHMHUFLFLR
GHWHUPLQDGRODVSULPHUDVH[SRVLFLRQHVDOPLVPRUHVXOWDUiQHQXQDPROHVWDVHQVDFLyQ
GRORURVDTXHLUiDWHQ~DQGRVHDPHGLGDTXHVHUHSLWDODSUiFWLFDGHOPLVPR

  1HXURQD $IHUHQWHR6HQVLWLYDHVODTXHFRQGXFHHOLPSXOVRFHQWUtSHWDPHQWHGH
ODSHULIHULDDOFHQWUR

  &HQWUR 1HUYLRVR (V GRQGH VH SURGXFH OD VLQDSVLV \D VHD GLUHFWDPHQWH HQWUH
QHXURQD DIHUHQWH \ HIHUHQWH R PHGLDQGR QHXURQDV GH DVRFLDFLyQ GDQGR SRU UHVXOWDGR
UHIOHMRVPRQRVLQiSWLFRV FRPRORVGHHVWLUDPLHQWRPXVFXODU RSROLVLQiSWLFRV

(O SULQFLSDO FHQWUR UHIOH[yJHQR HV OD PpGXOD HVSLQDO VLQ HPEDUJR QR WRGRV ORV
UHIOHMRV VRQ PHGXODUHV ([LVWHQ SRU HMHPSOR ORV UHIOHMRV GHIHQVLYRV KLSR HPHVLV
HVWRUQXGR WRV HWF   \ VXSHUILFLDOHV GH OD FDEH]D VXFFLyQ SDUSHEUDO FRUQHDO HWF
DPERVGHFHQWURHQWURQFR\WDPELpQRWURVUHIOHMRVPiVFRPSOHMRVFRPRHOGH/DQGDX
HQHOTXHVHFRPELQDQUHDFFLRQHVODEHUtQWLFDV\WyQLFRFHUYLFDOHV

(VLPSRUWDQWHGHVWDFDUTXHFXDQGRKDEODPRVGHFHQWURVQHUYLRVRVLQWHUYLQLHQWHVHQ
ORV UHIOHMRV QXQFD HVWi LQFOXtGD OD FRUWH]D (VWD HV OD GLIHUHQFLD FRQ ORV DFWRV
YROXQWDULRVHQORVFXDOHVHVODFRUWH]DODTXHHYDO~DODSHUWLQHQFLDGHODFWR\SODQLILFD
ORVSDVRVDOOHYDUVHDFDER



YHUFiSGH2UJDQL]DFLyQ3VLFRPRWUt]HQ1HXURSVLFRORJLD5LVXHxR


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



$QLYHOGHORVFHQWURVQHUYLRVRVVHSURGXFHQFLHUWRVIHQyPHQRV
• 5HWDUGR SHUtRGR ODWHQWH R WLHPSR SHUGLGR HV HO WLHPSR GH GHPRUD HQWUH OD
DSOLFDFLyQGHOHVWtPXORDQLYHOGHOUHFHSWRU\ODUHDFFLyQ(OUHWDUGRGHORVUHIOHMRV
SROLVLQiSWLFRVHVPD\RUTXHHOGHORVPRQRVLQiSWLFRV
• &RQYHUJHQFLDXQDQHXURQDSRVWVLQiSWLFDSXHGHFRQHFWDUVHFRQP~OWLSOHVQHXURQDV
SUHVLQiSWLFDV
• 'LQDPRJHQLDVHSURGXFHXQDDFHOHUDFLyQGHODUHDFFLyQGHELGRDORVIHQyPHQRVGH
IDFLOLWDFLyQDGLFLyQWHPSRUDO\DGLFLyQHVSDFLDO
• )DFLOLWDFLyQODUHSHWLFLyQGHOPLVPRUHIOHMRKDFHTXHVHSURGX]FDPiVIiFLOPHQWH
HVGHFLUTXHODSUiFWLFDGHOUHIOHMRORRSWLPL]D(VWDHVODEDVHGHODPRGLILFDFLyQGH
FLHUWRVUHIOHMRVDWUDYpVGHORVSURFHVRVGHDVLPLODFLyQ\DFRPRGDFLyQHLQFOXVLYHGH
ODGHVDSDULFLyQGHORVPLVPRVFXDQGRSXHGHQVHUUHHPSOD]DGRVSRURWURVUHFRUULGRV
QHXURQDOHV PHQRV DXWRPiWLFRV \ PiV YROXQWDULRV D PHGLGD TXH DYDQ]D OD
PDGXUDFLyQ
• $GLFLyQ(VSDFLDOFXDQGROOHJDQHVWtPXORVVLPXOWiQHRVSRUGLVWLQWDVYtDVDIHUHQWHV
VHREWLHQHXQDUHVSXHVWDPD\RUDODSUHYLVWD
• $GLFLyQ7HPSRUDO&XDQGROOHJDQDOFHQWURLPSXOVRVVXFHVLYRVSURYHQLHQWHVGHOD
PLVPDQHXURQDDIHUHQWH
• ,QKLELFLyQVHGHQRPLQDDVtDODVXSUHVLyQGHODDFWLYLGDGGHXQHIHFWRUSRUDFFLyQ
GHOFHQWURQHUYLRVR(VWDLQKLELFLyQSXHGHVHUYROXQWDULD FRPRHQHOFDVRGHODWRV
RHOHVWRUQXGR SHULIpULFD FRPRHQHOFDVRGHODHVWLPXODFLyQGHOQHUYLRYDJRTXH
SXHGH SURGXFLU SDUR FDUGtDFR  R FHQWUDO SXHV HVWi GHPRVWUDGR TXH ORV FHQWURV
VXSHULRUHVHMHUFHQXQHIHFWRLQKLELGRUVREUHORVLQIHULRUHVPRGXODQGRVXDFWLYLGDG
UHFRUGHPRVTXHHOGHODVVLQDSVLVGHOVLVWHPDQHUYLRVRVRQLQKLELGRUDV 'H
HVWH PRGR OD VXSUHVLyQ GH ORV FHQWURV VXSHULRUHV FRPR HMHPSOLILFiEDPRV HQ HO
FDVRGHODVSDUiOLVLVFRUWLFRHVSLQDOHVHQHO$SXQWHGH0pGXOD SURGXFHKLSHUUHIOH[LD
SRUOLEHUDFLyQGHORVFHQWURVLQIHULRUHV


LELGHP

9HU$SXQWHGH1HXURWUDQVPLVRUHV


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



• )DWLJD HV OD GLVPLQXFLyQ OHQWD \ SURJUHVLYD GH OD DFWLYLGDG UHIOHMD FRPR
FRQVHFXHQFLDGHODJUDQDFWLYLGDGPHWDEyOLFDGHORVFHQWURVQHUYLRVRV
• &RRUGLQDFLyQ,QWHJUDO/DLQWHJUDFLyQVHQVLWLYRPRWRUDTXHUHDOL]DHOFHQWURSHUPLWH
ODDFWLYLGDGVLQpUJLFDSDUDTXHFXDOTXLHUPRYLPLHQWRVHSXHGDOOHYDUDFDERGHEH
FRRUGLQDUVHXQDDFFLyQGLQDPyJHQDHQHOVHQWLGRGHODFRQWUDFFLyQGHXQP~VFXOR\
XQDLQKLELGRUDHQHOVHQWLGRGHODH[WHQVLyQGHOPLVPRGHOPLVPRPRGRTXHGHEH
GDUVHXQHIHFWRFRQWUDULRHQVXP~VFXORDQWDJyQLFR

  1HXURQD (IHUHQWH R (IHFWRUD FRQVWLWXLGD SRU ODV QHXURQDV PRWRUDV TXH LUiQ D
LQHUYDUORVHIHFWRUHV

  (IHFWRUR6LVWHPD5HDFFLRQDQWH6RQHVSHFtILFRV\SXHGHQVHU

VRPiWLFRV PXVFXORWHQGLQRVRV
FXWDQHRPXFRVRV

YHJHWDWLYRV PLRFHOXODUHV
YDVFXODUHV
JODQGXODUHV

&$5$&7(5Ë67,&$6*(1(5$/(6'(/265()/(-26

D  6RQLQQDWRV\FDUDFWHUtVWLFRVGHODHVSHFLH
E  6RQLQYROXQWDULRV DXQTXHDOJXQRVSXHGHQLQKLELUVHFRPRHOHVWRUQXGR
F  6RQDGHFXDGRVDODFDXVDTXHORRULJLQy
G  6RQ HVWDEOHV GHQWUR GH FLHUWRV SDUiPHWURV $OJXQRV VH GDQ GXUDQWH WRGD OD YLGD RWURV
GXUDQWHXQSHUtRGRGHWHUPLQDGR
H  6RQHVWHUHRWLSDGRV
I  6XUHVSXHVWDHVLQPHGLDWD

&$5$&7(5,67,&$6,1',9,'8$/(6'(/265()/(-26

D  GHSHQGHQGHODVHVWUXFWXUDVLPSOLFDGDV\HOQLYHOGHGHVDUUROORGHODSHUVRQD
E  VL ELHQ VRQ ILMRV HVWiQ VXMHWRV D OD SUiFWLFD SRU OR TXH VH PRGLILFDQ HQ IXQFLyQ GH OD
SODVWLFLGDG
F  /DSUHVHQFLDRVXSUHVLyQGHORVFHQWURVVXSHULRUHVDIHFWDODUHVSXHVWDUHIOHMDFXDQGRORV
FHQWURVVXSHULRUHVHVWiQVXSULPLGRVKD\KLSHUUHIOH[LD
G  6HPRGLILFDQSRUFDPELRVHQHOPHGLRLQWHUQRODDOFDOLQLGDGORVIDYRUHFH\ODDFLGH]
ORVLQKLEH


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



&/$6,),&$&,Ï1'(/265()/(-26

6(*Ò1/265(&(3725(6 DH[WHURFHSWLYRV FXWiQHRVDXGLRYLVXDOHVHWF


E 3URSLRFHSWLYRV 0RUR/DQGDXHWF
F 9LVFHURFHSWLYRV VDOLYDUHVFDURWtGHRVHWF

6(*Ò1/$5(638(67$()(&725$ DVRPiWLFRV DFXWiQHRPXFRVRV


FXWiQHRVDEGRPLQDOHVHWF
DPXVFXORWHQGLQRVRV
5RWXOLDQRDTXtOHRHWF
EYLVFHUDOHV EYDVFXODUHV
EJODQGXODUHV

6(*Ò1(/6(*0(1721(59,262(67,08/$'2 DPHGXODUHV
E EXOEDUHV
F SRQWLQRV
G PHVHQFHIiOLFRV

6(*Ò168$3$5,(1&,$ DVLPSOHVRPRQRVLQiSWLFRV FRUQHRSDOSHEUDOURWXOLDQR


EFRPSOHMRVRSROLVLQiSWLFRV SODQWDUFXWiQHRVDEGRPLQDOHV

6(*Ò168),1$/,'$' DDQWLQRFLYRVRGHIHQVLYRV WRVURWXOLDQRHWF


E DQWLJUDYLWDWRULRRSRVWXUDOHV WRQR/DQGDXHWF

/DHYDOXDFLyQGHDOJXQRVUHIOHMRVHVGHVXPDLPSRUWDQFLDSDUDHOFRQRFLPLHQWRGHO
HVWDGR IXQFLRQDO GHO 6LVWHPD 1HUYLRVR /RV PiV VLJQLILFDWLYRV D HVWH ILQ VRQ ORV UHIOHMRV
VXSHUILFLDOHV \ ORV SURIXQGRV $OJXQRV GH HOORV SHUPDQHFHQ GXUDQWH WRGD OD YLGD \ VX
GHVDSDULFLyQ R PDQLIHVWDFLyQ DQyPDOD LQGLFD OHVLRQHV GH GLVWLQWD JUDYHGDG \ D GLVWLQWRV
QLYHOHV2WURV WDQWRVXSHUILFLDOHVFRPRSURIXQGRVVHJ~QVHDHOFDVR VHHQFXHQWUDQHQHO
LQLFLR GH OD YLGD FRPR SULPHU HOHPHQWR FDSD] GH GDU DO QLxR KHUUDPLHQWDV FRQ ODV TXH
UHODFLRQDUVH FRQ HO PXQGR SHUR TXH HQ HO WUDQVFXUVR GHO GHVDUUROOR VH PRGLILFDQ
VXVWDQFLDOPHQWHKDVWDGHVDSDUHFHU(VWRVVRQORVOODPDGRV5HIOHMRV$UFDLFRV



,ELGHP


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



5()/(-26683(5),&,$/(6

6RQ UHVSXHVWDV D HVWtPXORV H[WHUQRV DSOLFDGRV  VREUH UHFHSWRUHV GH OD SLHO TXH
GHWHUPLQDQUHVSXHVWDVPRWRUDVJHQHUDOPHQWHGHIOH[LyQRDOPHQRVTXHWLHQGHQVLHPSUHD
DSDUWDUODSDUWHFRQHFWDGDGHOREMHWRHVWLPXODQWHHOFXDOWLHQHXQFDUiFWHUSRWHQFLDOPHQWH
DJUHVRU %DUUDTXHU%RUGDV 7LHQHQSRUORWDQWRXQFDUiFWHUGHIHQVLYR

(-(03/26

5HIOHMRV&RUQHDO&RQMXQWLYDO\&LOLDU/DHVWLPXODFLyQVXDYHGHODFRUQHDODFRQMXQWLYD\
ODV SHVWDxDV UHVSHFWLYDPHQWH SURYRFD XQD FRQWUDFFLyQ GHO P~VFXOR RUELFXODU  GH ORV
SiUSDGRV 'HSHQGHQ GH XQD DPSOLD ]RQD GH HVWLPXODFLyQ TXH FRUUHVSRQGH DO WHUULWRULR
VHQVLWLYR GHO QHUYLR WULJpPLQR 9 SDU FUDQHDO  OD UHVSXHVWD PRWRUD OD WUDQVPLWH HO QHUYLR
IDFLDO 9,, SDU FUDQHDO  (VWiQ SUHVHQWHV HQ HO UHFLpQ QDFLGR D~Q SUHPDWXUR \ QR
GHVDSDUHFH

5HVSHFWR GH OD DFWLYLGDG RFXODU H[LVWHQ RWURV UHIOHMRV  VXPDPHQWH LPSRUWDQWHV HO
SXSLODU\HOGHDFRPRGDFLyQ(VWRVUHIOHMRVSHUPLWHQODUHVSXHVWDDODLOXPLQDFLyQLQWHQVD\
OD DFRPRGDFLyQ SDUD OD YLVLyQ FHUFDQD UHVSHFWLYDPHQWH (O UHIOHMR SXSLODU R IRWRPRWRU
LQYROXFUDODYtDySWLFDGHVGHODUHWLQDHO1HUYLRySWLFR1~FOHRVGH(GLQJHU\:HVWSKDOHQ
PHVHQFpIDOR1HUYLRPRWRURFXODUFRP~Q ,,,SDU ELODWHUDO*DQJOLRFLOLDU\HOP~VFXORGHO
HVItQWHUSXSLODU6HHVWLPXODFXDQGRVHLOXPLQDXQRMRREVHUYiQGRVHODFRQWUDFFLyQGHOD
SXSLOD(VXQUHIOHMRFRQVHQVXDOSRUORTXHODHVWLPXODFLyQGHXQRMRFDXVDODUHDFFLyQGH
DPERV


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



(O UHIOHMR GH DFRPRGDFLyQ LQYROXFUD OD UHWLQD QHUYLR TXLDVPD \ FLQWLOODV ySWLFDV
FXHUSR JHQLFXODGR ODWHUDO GHO WiODPR KDFHV JHQLFXORFDOFDULQRV FRUWH]D RFFLSLWDO FRUWH]D
SUHIURQWDOQ~FOHRVSULQFLSDO\DFFHVRULR (GLQJHU:HVWSKDO GHO,,,SDUELODWHUDO,,,SDU
FUDQHDOJDQJOLRFLOLDU\P~VFXORGHOHVItQWHUSXSLODU\FXHUSRFLOLDU

5HIOHMRV 2UDOHV &RPSUHQGHQ HQ FRQMXQWR XQD FRPSOHMD VLQHUJLD TXH WLHQH SRU ILQ
SRVLELOLWDUHODFWRDOLPHQWDULR\VHGHVHQFDGHQDQFXDQGRVHDSOLFDXQDVXDYHHVWLPXODFLyQ
SHULEXFDO (VWiQ UHSUHVHQWDGRV SRU ORV UHIOHMRV GH E~VTXHGD VXFFLyQ \ GHJOXFLyQ (VWiQ
SUHVHQWHVGHVGHHOQDFLPLHQWR\VHERUUDQHQIRUPDWHPSUDQDSRUORWDQWRIRUPDQSDUWHGH
ORVOODPDGRVUHIOHMRVDUFDLFRV /DVXFFLyQHVIXQGDPHQWDOGXUDQWHODODFWDQFLDQRVyORDORV
HIHFWRV DOLPHQWDULRV WDPELpQ ILMD OD EDVHV SDUD ODV SUD[LDV RURIDFLDOHV QHFHVDULDV SDUD
SURFHVRVFRPRODIRQDFLyQ\ODJHVWLFXODFLyQIDFLDO


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



5HIOHMRV &XWiQHRV DEGRPLQDOHV &RQVLVWHQ HQ OD FRQWUDFFLyQ EUXVFD GH ODV SDUHGHV
DEGRPLQDOHV FRPR UHVSXHVWD D HVWtPXORV VXSHUILFLDOHV DSOLFDGRV FRQ XQ HVWLOHWH GH SXQWD
URPDHQIRUPDOLQHDOFRQUiSLGRVWUD]RVWUDQVYHUVDOHV'HEHH[SORUDUVHHQWUHVQLYHOHVGH
FDGDODGRHOUHIOHMRFXWiQHRDEGRPLQDOVXSHULRU FX\RFHQWURHVWiHQ7\7 HOUHIOHMR
FXWiQHR DEGRPLQDO PHGLR FX\R FHQWUR HVWi HQ 7 \ 7  \ HO UHIOHMR FXWiQHR DEGRPLQDO
LQIHULRU FX\RFHQWURHVWiHQ77\7 6LHQGRXQDUHDFFLyQPHGXODUODVSULPHUDV
UHDFFLRQHV VXHOHQ VHU DPSOLDV \ GLIXVDV 6HJ~Q (VFDUGy OD ORFDOL]DFLyQ PHWDPpULFD TXH
SHUPLWH XQD UHVSXHVWD PiV DMXVWDGD VH LQVWDOD DOUHGHGRU GH ORV  PHVHV SURFHVR GH
PDGXUDFLyQ YLQFXODGR D OD PLHOLQL]DFLyQ SURJUHVLYD GH ODV YtDV  &XDQGR PiV DOOi GH HVD
HGDG QR VH REWLHQH XQD UHVSXHVWD ORFDOL]DGD SXHGH WUDWDUVH GH XQD LQPDGXUH] QHUYLRVD
7DPELpQDSDUHFHDOWHUDGRHQDOJXQDVSDWRORJtDVFRPRHQODVSDUiOLVLVGHODQHXURQDFHQWUDO

5HIOHMRGH3UHQVLyQ3DOPDUDOHVWLPXODUODSDOPDGHODPDQRGHOEHEppVWHFLHUUDORVGHGRV
DJDUUDQGRIXHUWHPHQWHHOREMHWR(VQRUPDOTXHXQDYH]TXHVXMHWDHOREMHWRQRORSXHGD
VROWDUSRUVtPLVPR$OJXQRVSHGLDWUDVHYDO~DQHVWHUHIOHMRKDFLHQGRTXHHOEHEpWRPHVXV
GHGRV tQGLFHV \ OHYDQWiQGROR SDUD TXH HO EHEp VRVWHQJD WRGR VX SHVR (VWH UHIOHMR VXHOH
GHVDSDUHFHU DO WHUFHU R FXDUWR PHV FXDQGR HO EHEp DGTXLHUH OD FDSDFLGDG GH VROWDU ORV
REMHWRVTXHWRPDHYROXFLRQDQGRDSDUWLUGHDOOtODSUHQVLyQYROXQWDULD
&XDQGRHOUHIOHMRGHSUHQVLyQUHDSDUHFHHQODHGDGDGXOWDVHORFRQVLGHUDSDWRJQRPyQLFR
GHOHVLyQIURQWDOSDUWLFXODUPHQWHGHODViUHDVSUHPRWRUDV


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



5HIOHMRFXWiQHRSODQWDUVHJ~Q%DUUDTXHU%RUGDVHVHOUHIOHMRHVSLQDOIOH[RUPiVHOHFWLYR\
GH PD\RU YDORU HQ HO FDPSR GH OD FOtQLFD 6H OR SURYRFD HVWLPXODQGR FRQ XQ HVWLOHWH GH
SXQWDURPDODSODQWDGHOSLHGHVGHHOWDOyQKDVWDHODQWHSLH/DUHVSXHVWDPiVWtSLFDHVOD
OODPDGDHQDEDQLFRTXHFRQVLVWHHQODIOH[LyQGRUVDOGHWRGRVORVGHGRV(VWDUHVSXHVWDHV
ODQRUPDOKDVWDDSUR[LPDGDPHQWHHOSULPHUDxRGHYLGD\HQHOWUDQVFXUVRGHOVHJXQGRVH
LUi REVHUYDQGR XQD PD\RU SURSRUFLyQ GH UHVSXHVWD HQ IOH[LyQ YHQWUDO  (Q HVWH FDPELR
FRQIOX\HQGRVKHFKRVODSOHQDPLHOLQL]DFLyQGHODVYtDVSLUDPLGDOHV\ODOLEUHHMHUFLWDFLyQ
GH OD PDUFKD $Vt LQWHUSUHWDGR HO UHIOHMR FXWiQHR SODQWDU HYROXFLRQDUtD GHVGH OD IXQFLyQ
GHIHQVLYDKDFLDODSRVWXUDOTXHDVHJXUDODSRVLFLyQHUHFWD&XDQGRODUHVSXHVWDHQDEDQLFR
VHGDPiVDOOiGHOWLHPSRHVSHUDEOHVHHVWiIUHQWHDORTXHVHGHQRPLQDVLJQRGH%DELQVN\
TXHGHQXQFLDOHVLyQSLUDPLGDO(OFHQWURHVWLPXODGRHQHVWHUHIOHMRYDGH/D6

5()/(-26086&8/$5(6352)81'26

'HVGHHOSXQWRGHYLVWDGHOHVWXGLRGHODPDGXUDFLyQSVLFRPRWUt]FXHQWDQSRFRSXHV
FDVLQRVXIUHQPRGLILFDFLyQDWUDYpVGHODYLGD6LQHPEDUJRVRQGHH[WUHPDLPSRUWDQFLD
SDUDHOGLDJQyVWLFRQHXUROyJLFR

/DV UHVSXHVWDV TXH VLJXHQ D ORV HVWtPXORV SURYRFDGRUHV RIUHFHQ LQWHQVLGDGHV


GLIHUHQWHVTXHREOLJDQDHVWXGLDUDFDGDSDFLHQWHHQIRUPDHVSHFLDO3HURGHWRGDVPDQHUDV
KD\ SDUiPHWURV FODURV OD DUUHIOH[LD JHQHUDOL]DGD R ORFDOL]DGD HV VLHPSUH SDWROyJLFD ODV
UHVSXHVWDV KLSHUDFWLYDV SHUVLVWHQWHV KLSHUUHIOH[LD  \ HQ FRQGLFLRQHV GLVWLQWDV GHEHQ
FRQVLGHUDUVHDQRUPDOHV7DPELpQORVRQODVDVLPHWUtDV

/DQyPLQDGHHVWRVUHIOHMRVHVH[WHQVD PHQWRQLDQRUDGLDOWULFLSLWDOSXELDQRHWF

6HHVWLPXODQH[WHUQDPHQWHORVP~VFXORVSHUFXWLpQGRORVFRQXQPDUWLOORGHUHIOHMRV
\ORTXHVHREWLHQHHVXQUHIOHMRGHHVWLUDPLHQWRTXHSURYRFDHODFRUWDPLHQWRGHOP~VFXOR
HVWLPXODGR

5HIOHMR$TXLOLDQRDXQTXHSUHVHQWHGHVGHHOQDFLPLHQWRQRHVFRQVWDQWH6LQHPEDUJROD
UHVSXHVWDQHJDWLYDDSDUWLUGHORVVHLVPHVHVSXHGHVHUVLJQRGHLQPDGXUH]&RQHOSDFLHQWH
HQGHF~ELWRGRUVDOVHVXMHWDVXDYHPHQWHHOSLHHQOLJHUDIOH[LyQVREUHODSLHUQD\VHSHUFXWH


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



HO WDOyQ GH $TXLOHV /D UHVSXHVWD VHUi OD H[WHQVLyQ GHO SLH VREUH OD SLHUQD (O FHQWUR
QHUYLRVRHVWLPXODGRFRUUHVSRQGHODPHWiPHUD/D6

5HIOHMR5RWXOLDQRR3DWHODUORLGHDOHVTXHHOSDFLHQWHHVWpVHQWDGRHQHOERUGHGHODPHVD
FRQODVSLHUQDVFROJDQGR(QHVWDVFRQGLFLRQHVFRQODSHUFXVLyQGHODUyWXODVHREWLHQHXQD
EUXVFD\EUHYHH[WHQVLyQGHODSLHUQD&XDQGRVHREWLHQHXQDDSUR[LPDFLyQUiSLGD\EUHYH
GHO PLHPEUR LQIHULRU RSXHVWR VH HVWi IUHQWH DO UHIOHMR SDWHODU DGGXFWRU FRQWUDODWHUDO TXH
:DUWHQEHUJLQWHUSUHWDFRPRXQDXWRPDWLVPRPHGXODUSURGXFWRGHXQDUHDFFLyQPHWDPpULFD
DUFDLFDTXHVHxDODODLQVXILFLHQFLDGHORVPHFDQLVPRVVXSHULRUHVSDUDLQKLELUODVUHDFFLRQHV
PHGXODUHV(OFHQWURQHUYLRVRHVWLPXODGRFRUUHVSRQGHD//\/

5HIOHMR PHQWRQLDQR &RQ OD ERFD HQWUHDELHUWD VH DSOLFD XQ JROSH KDFLD DEDMR VREUH HO
PHQWyQ \ OD UHVSXHVWD HV OD VXELGD GH OD PDQGtEXOD \ HO FLHUUH GH OD ERFD 'HVDSDUHFH
FXDQGR VH LQWHUUXPSH HO DFWR UHIOHMR HQ HO SXHQWH R HQ HO PHVHQFpIDOR R SRU OHVLyQ GHO
QHUYLRWULJpPLQR\VHYXHOYHKLSHUDFWLYRHQODVOHVLRQHVGHODYtDFRUWLFREXOEDU


8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD