TRACCIÓN ENSAYO 1

Anuncio
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
75$&&,Ï1
(16$<2
'(7(50,1$&,Ï1'(/$63523,('$'(60(&È1,&$6'(/26
0$7(5,$/(6
2%-(7,92 '(/ (16$<2'HWHUPLQDU H[SHULPHQWDOPHQWH ODV SURSLHGDGHV PHFiQLFDV
OtPLWHV GH SURSRUFLRQDOLGDG HODVWLFLGDG IOXHQFLD \ URWXUD SDUD WUHV PDWHULDOHV GH
FRQVWUXFFLyQ GHPiTXLQDVSDUDHOFDVRGHVROLFLWDFLyQDWUDFFLyQ
&216,'(5$&,21(67(Ï5,&$6*(1(5$/(6
6H GHQRPLQD WUDFFLyQ D[LDO HO FDVR GH VROLFLWDFLyQ GH XQ FXHUSR GRQGH ODV IXHU]DV
H[WHULRUHV DFW~DQ D OR ODUJR GHO PLVPR (Q HVWH FDVR HQ ODV VHFFLRQHV WUDQVYHUVDOHV GHO
FXHUSREDUUDDSDUHFHVyORXQDIXHU]DORQJLWXGLQDOWUDQVYHUVDO\ODVIXHU]DVWUDQVYHUVDOHV\
PRPHQWRV QR HVWiQ SUHVHQWHV (VWD IXHU]D WUDQVYHUVDO GH DFXHUGR DO PpWRGR GH ODV
VHFFLRQHVHVLJXDODODVXPDDOJHEUDLFDGHODVIXHU]DVH[WHUQDVTXHDFW~DQGHXQODGRGHOD
VHFFLyQ)LJ
1GLDJUDPD
D
W
E
D
E
W
W
1
W
W
W
)LJ'HWHUPLQDFLyQGHXQFDVRGHWUDFFLyQD[LDOSRUHOPpWRGRGHODVVHFFLRQHV
6H GHQRPLQD HVIXHU]R WHQVLyQ OD IXHU]D LQWHULRU HQ HVWH FDVR 1 FRUUHVSRQGLHQWH D OD
XQLGDGGHVXSHUILFLHHQXQSXQWRGHXQVHFFLyQGDGD3DUDHOFDVRGHWUDFFLyQD[LDOTXHQRV
RFXSDHOHVIXHU]RHVWiGHWHUPLQDGRSRUODHFXDFLyQ
1
V
$
GRQGH
V HVHOHVIXHU]RQRUPDO>1P@1HVODIXHU]DD[LDO>1@\$HVHOiUHDGHODVHFFLyQ>P@
8QD YH] REWHQLGR SRU OD IyUPXOD HO HVIXHU]R HQ OD VHFFLyQ SHOLJURVD GH XQD EDUUD
WUDFFLRQDGD HV SRVLEOH HYDOXDU OD UHVLVWHQFLD GH OD PLVPD SRU PHGLR GH OD OODPDGD
FRQGLFLyQGHUHVLVWHQFLD
1
V
d >V @
$
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
GRQGH>V@HVHOHVIXHU]RSHUPLVLEOHTXHDVXYH]VHGHWHUPLQDSRUODUHODFLyQ
V OtP
>V @
Q
GRQGHVOtP HVHOHVIXHU]ROtPLWHGHOPDWHULDO\Q HVHOFRHILFLHQWHGHVHJXULGDG
(O HVIXHU]R OtPLWH VH GHWHUPLQD H[SHULPHQWDOPHQWH \ HV XQD SURSLHGDG GHO PDWHULDO 6H
FRQVLGHUD FRPR HVIXHU]R OtPLWH HO OtPLWH GH UHVLVWHQFLD URWXUD HQ HO FDVR GH PDWHULDOHV
IUiJLOHV\HOOtPLWHGHIOXHQFLDHQHOFDVRGHPDWHULDOHVSOiVWLFRV(OFRHILFLHQWHGHVHJXULGDG
VH LQWURGXFH SDUD FRQVHJXLU XQ IXQFLRQDPLHQWR VHJXUR GH ODV HVWUXFWXUDV \ VXV SDUWHV D
SHVDUGHODVSRVLEOHVGHVYLDFLRQHVGHVIDYRUDEOHVGHWUDEDMRHQFRPSDUDFLyQFRQODVTXHVH
FRQVLGHUDQHOFiOFXORVHJ~QODIyUPXOD
/RV HQVD\RV D WUDFFLyQ VH UHDOL]DQ SDUDREWHQHU ODVFDUDFWHUtVWLFDVPHFiQLFDVGHOPDWHULDO
0HGLDQWH HO HQVD\R VH WUD]D HO GLDJUDPD GH OD UHODFLyQ TXH H[LVWH HQWUH OD IXHU]D ) TXH
HVWLUDODSUREHWD\HODODUJDPLHQWR'OGHpVWD3DUDTXHORVUHVXOWDGRVGHORVHQVD\RVTXH
VH UHDOL]DQ FRQ SUREHWDV GHO PLVPR PDWHULDO SHUR GH GLVWLQWDV GLPHQVLRQHV VHDQ
FRPSDUDEOHVHOGLDJUDPDGHWUDFFLyQVHOOHYDDRWURVLVWHPDGHFRRUGHQDGDV(QHO HMHGH
ODVRUGHQDGDVVHFRORFDHOYDORUGHOHVIXHU]RQRUPDOTXHVXUJHHQODVHFFLyQWUDQVYHUVDOGH
)
V
$ GRQGH$HVHOiUHDLQLFLDOGHODVHFFLyQGHODSUREHWD\VREUHHOHMHGH
ODSUREHWD
'O
O GRQGH O HV OD ORQJLWXG LQLFLDO GH OD
ODV DEVFLVDV ORV DODUJDPLHQWRV XQLWDULRV
SUREHWD (VWH GLDJUDPD VH GHQRPLQD GLDJUDPD FRQYHQFLRQDO GH WUDFFLyQ GLDJUDPD GH
HVIXHU]RV FRQYHQFLRQDOHV y GH LQJHQLHUtD SXHVWR TXH ORV HVIXHU]RV \ ORV DODUJDPLHQWRV
XQLWDULRVVHFDOFXODQUHVSHFWLYDPHQWHUHIHUHQWHDOiUHDLQLFLDOGHODVHFFLyQ\DODORQJLWXG
LQLFLDOGHODSUREHWD
H
)LJ'LDJUDPDHHV
V SDUDXQDFHURGXOFH
(QODILJXUDHVWiUHSUHVHQWDGRHQHOVLVWHPDGHFRRUGHQDGDVH VHOGLDJUDPDGHWUDFFLyQ
GH XQD SUREHWD GH DFHUR GH EDMR FRQWHQLGR GH FDUERQR &RPR VH SXHGH REVHUYDU HQ HO
WUDPR $ GHO GLDJUDPD ODV GHIRUPDFLRQHV FUHFHQ SURSRUFLRQDOPHQWH D ORV HVIXHU]RV
FXDQGRpVWRVVRQLQIHULRUHVDFLHUWRYDORUVS OODPDGROtPLWHGHSURSRUFLRQDOLGDG$VtSXHV
KDVWD HO OtPLWH GH SURSRUFLRQDOLGDG HV YiOLGD OD OH\ GH +RRNH (Q HO FDVR GHO DFHUR $,6,
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
HOOtPLWHGHSURSRUFLRQDOLGDGHVVS # NJIFP
$O DXPHQWDU OD FDUJD HO GLDJUDPD UHVXOWD \D FXUYLOtQHR 6LQ HPEDUJR VL ORV HVIXHU]RV QR
VRQVXSHULRUHVDFLHUWRYDORUVH GHQRPLQDGROtPLWHGHHODVWLFLGDGHOPDWHULDOFRQVHUYDVXV
SURSLHGDGHVHOiVWLFDVHVGHFLUTXHDOGHVFDUJDUODSUREHWDpVWDUHFXSHUDVXGLPHQVLyQ\VX
IRUPDLQLFLDOHV(OOtPLWHGHHODVWLFLGDGRHOiVWLFRGHODFHUR$,6,HVVH # NJFP
(Q OD SUiFWLFD QR VH KDFH GLVWLQFLyQ HQWUH VS VH SXHVWR TXH ORV YDORUHV GH OtPLWH GH
SURSRUFLRQDOLGDG\GHOOtPLWHGHHODVWLFLGDGVHGLIHUHQFLDQPX\SRFR
$O VHJXLU DXPHQWDQGR OD FDUJD OOHJD XQ PRPHQWR SXQWR & FXDQGR ODV GHIRUPDFLRQHV
FRPLHQ]DQ D DXPHQWDU VLQ XQ FRUUHVSRQGLHQWH FUHFLPLHQWR VHQVLEOH GH OD FDUJD (O WUDPR
KRUL]RQWDO &' GHO GLDJUDPD VH GHQRPLQD HVFDOyQ GH IOXHQFLD (O HVIXHU]R TXH VH
GHVDUUROOD HQ HVWH FDVR HV GHFLU FXDQGR WDV GHIRUPDFLRQHV FUHFHQ VLQ DXPHQWR GH OD
FDUJDVHGHQRPLQDOtPLWHGHIOXHQFLD\VHGHVLJQDSRUVI (OOLPLWHGHIOXHQFLDGHODFHUR
$,6,HVVI # NJFP
(Q HO FDVR GH FLHUWRV PDWHULDOHV HO GLDJUDPD GH WUDFFLyQ QR WLHQH XQ HVFDOyQ GH IOXHQFLD
ELHQ DFHQWXDGR 3DUD HVWRV PDWHULDOHV VH LQWURGXFH HO OODPDGR OtPLWH FRQYHQFLRQDO GH
IOXHQFLD 6HGHQRPLQDOtPLWHFRQYHQFLRQDOGHIOXHQFLDHOHVIXHU]RFRUUHVSRQGLHQWHDXQD
GHIRUPDFLyQUHVLGXDOGHO(VWHOtPLWHVHGHQRWDSRUV
'HVSXpV GH TXH OD SUREHWD UHFLEH FLHUWR DODUJDPLHQWR EDMR XQD FDUJD FRQVWDQWH HV GHFLU
GHVSXpV GH SDVDU HO HVWDGR GH IOXHQFLD HO PDWHULDO GH QXHYR DGTXLHUH OD FDSDFLGDG GH
RSRQHUVHDODODUJDPLHQWRHOPDWHULDOVHHQGXUHFH\HOGLDJUDPDXQDYH]UHEDVDGRHOSXQWR
' DVFLHQGH DXQTXH FRQ PHQRV LQWHQVLGDG TXH DQWHV )LJ (O SXQWR ( GHO GLDJUDPD
FRUUHVSRQGH DO HVIXHU]R FRQYHQFLRQDO Pi[LPR TXH VH GHQRPLQD OtPLWH GH UHVLVWHQFLD R
UHVLVWHQFLDWHPSRUDO(QHOFDVRGHODFHUR $,6, HOOtPLWHGHUHVLVWHQFLDHVVU NJFP VH HPSOHD WDPELpQ OD QRWDFLyQ VX (Q ORV DFHURV GH DOWD UHVLVWHQFLD HO
OtPLWH GH UHVLVWHQFLD OOHJD D VHU NJFP DFHUR WLSR \ RWURV (O OtPLWH GH
UHVLVWHQFLDDODWUDFFLyQVHGHVLJQDSRUVUW \HOGHUHVLVWHQFLDDODFRPSUHVLyQSRUVUW
&XDQGRHOHVIXHU]RVHLJXDODDOOtPLWHGHUHVLVWHQFLDHQODSUREHWDVHREVHUYDXQDUHGXFFLyQ
EUXVFD \ ORFDO GH OD VHFFLyQ HQ IRUPD GH FXHOOR (O iUHD GH OD VHFFLyQ GLVPLQX\H
V~ELWDPHQWHHQHOOXJDUGHOFXHOOR\FRPRFRQVHFXHQFLDVHUHGXFHODIXHU]D\HOHVIXHU]R
FRQYHQFLRQDO/DURWXUDGHODSUREHWDRFXUUHSRUODVHFFLyQPHQRUGHOFXHOOR
352&(',0,(172
3DUDREWHQHUODVSURSLHGDGHVPHFiQLFDVGHORVPDWHULDOHVGHODVSUREHWDVVHGHEHVRPHWHU
pVWDVDWUDFFLyQD[LDOPHGLU ODVYDULDEOHVIXHU]D)\DODUJDPLHQWR'OyGDLQFUHPHQWRV
FRQRFLGRVGHIXHU]DRGHIRUPDFLyQ&RQORVGDWRVREWHQLGRVFRQVWUXLUORVJUiILFRV) G\
H V < SRU ~OWLPR UHDOL]DU XQ WUDWDPLHQWR JUiILFR GH pVWRV SDUD REWHQHU ORV SDUiPHWURV
EXVFDGRVVS VH V VU
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
0$48,1$5,$0$7(5,$/(6(,167580(1726'(0(','$
3UREHWDV 6H XVDUiQ WUHV SUREHWDV GH LJXDOHV GLPHQVLRQHV 6LQ HPEDUJR HV DFRQVHMDEOH
SUHFLVDUHOGLiPHWURGHWUDEDMR‡PPDOUHDOL]DUHOHQVD\RGHFDGDSUREHWD
)LJ'LPHQVLRQHVSULQFLSDOHVGHODVSUREHWDVPHGLGDVHQPP
1yWHVH WDPELpQ TXH ODV SUREHWDV XVDGDV HQ QXHVWUR /DERUDWRULR QR FRLQFLGHQ FRQ ODV
UHFRPHQGDGDV HQ HO HVWiQGDU $670 ( FRQV~OWHVH GLFKR HVWiQGDU ZZZDVWPRUJ /RV
PDWHULDOHVGHIDEULFDFLyQGHODVSUREHWDVVRQ$FHURGHEDMRFDUERQR/DWyQ\$OHDFLyQ
GH$OXPLQLR
0È48,1$81,9(56$/'((16$<2:30='
/DLQVWDODFLyQGHHQVD\RVHFRPSRQHGH
0iTXLQDGHHQVD\RHQVttWHP)LJ
3DQHOGHFRQWURO
/D PiTXLQD \ HO SDQHO GH FRQWURO HVWiQ XQLGRV
HQWUHVtSRUOtQHDVKLGUiXOLFDV\HOpFWULFDV
/DPiTXLQDGHHQVD\RFRQVWDGH
%DVHD
0DUFRVXVSHQGLGRFRQODVSODFDV
\XQLGDVVROLGDULDPHQWH
SRUGRVFROXPQDVD
3ODFDGHDOWXUDDMXVWDEOHD
3ODFDGHJXtD
5HJOHWD\RWURVGLVSRVLWLYRV
GHPHGLGD
'LVSRVLWLYRVGHVXMHFLyQ\DJDUUH
\
)LJ9LVWDJHQHUDOGHODPiTXLQDGHHQVD\RV
(OSDQHOGHFRQWUROFRQVWD
6LVWHPDKLGUiXOLFRGHDSOLFDFLyQGH
FDUJD
'LQDPyPHWURGLVSRVLWLYRGHPHGLFLyQ
GHODFDUJDFRQFDUiWXOD
7DEOHURGHFRQWURO
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
6HXVDODPiTXLQDXQLYHUVDOGHHQVD\R:30='HQODFXDOVHSXHGHQUHDOL]DUHQVD\RV
GHWUDFFLyQFRPSUHVLyQ\IOH[LyQFRQHOREMHWRGHGHWHUPLQDUODVSURSLHGDGHVGH PXFKRV
PDWHULDOHV/DPiTXLQDWUDEDMDKLGUiXOLFDPHQWH\HVDFFLRQDGDSRUXQPRWRUHOpFWULFRHVWR
SDUD OD SDUWH HQFDUJDGD GH OD DSOLFDFLyQ GH OD FDUJD D ODV SUREHWDV SDUD OD SDUWH GH
PHGLFLyQODPiTXLQDGHHQVD\RVHVWiHTXLSDGDGHXQGLQDPyPHWURFRQEDUUDDWRUVLyQGH
EDMDLQHUFLD
<D TXH HO VLVWHPD KLGUiXOLFR YHU HVTXHPD )LJ SRVHH XQ FLOLQGUR GH VLPSOH HIHFWR DO
DSOLFDUSUHVLyQKLGUiXOLFDODSODFD³VXEH´UHDOL]DQGRXQDDFFLyQGHFRPSUHVLyQFRQWUDOD
SODFD DMXVWDEOH D 3DUD SRGHU UHDOL]DU XQD DFFLyQ GH WUDFFLyQ OD PiTXLQD SRVHH XQ
³LQYHUVRU´4XHFRQVWDGHODVSODFDV\XQLGDVVROLGDULDPHQWHSRUODVFROXPQDVD
(OIXQFLRQDPLHQWRGHGLFKRGLVSRVLWLYRVHPXHVWUDHQOD)LJ
)LJ,QYHUVRUGHXQDPiTXLQDXQLYHUVDOGHHQVD\RV
(O VLVWHPD KLGUiXOLFR FRQVWD GH GRV SDUWHVVLVWHPDGHSRWHQFLD\VLVWHPDGHPHGLFLyQ$
FRQWLQXDFLyQVHPXHVWUDHOVLVWHPDKLGUiXOLFRGHODPiTXLQD)LJFDEHDGYHUWLUTXHHVWH
HVTXHPDQRSUHWHQGHFRUUHVSRQGHUDODVLPERORJtD,62
)LJ(VTXHPDKLGUiXOLFRJHQHUDOGHODPiTXLQDXQLYHUVDO:30='
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
/DERPEDGHDOWDSUHVLyQVXFFLRQDHODFHLWHGHOGHSyVLWR\ORHQYtDSRUODOtQHDGH
DOWD SUHVLyQ KDFLD HO FLOLQGUR GH WUDEDMR HO SLVWyQ GHO FXDO HPSLH]D D OHYDQWDUVH 6L
GXUDQWHHVWHPRYLPLHQWRHOSLVWyQHQFXHQWUDDOJXQDUHVLVWHQFLDSRUHMHPSORODSUREHWDHVWi
LQVWDODGDHQWUHODVSODFDVODSUHVLyQHQHOFLOLQGURGHWUDEDMRVXELUiKDFLHQGRTXHHOSLVWyQ
HMHU]DXQDIXHU]DFUHFLHQWHDSOLFDGDDODSUREHWDKDVWDFDXVDUODURWXUDGHODPLVPDRKDVWD
ODIXHU]DTXHVHDQHFHVDULDHQHOHQVD\R(QODOtQHDVHFXQGDULDGHODOtQHDGHDOWDSUHVLyQVH
HQFXHQWUD OD YiOYXOD GH DSOLFDFLyQ GH OD FDUJD y VRVWHQLPLHQWR HVWD YiOYXOD WUDEDMD
FRPR XQD YiOYXOD GH GHVFDUJD GH VREUHIOXMR HV GHFLU DO VXSHUDU OD SUHVLyQ HQ OD OtQHD OD
SUHVLyQSDUDODTXHpVWDHVWiUHJXODGDHODFHLWHGHVFDUJDDOGHSyVLWR/DUHJXODFLyQGHHVWD
YiOYXOD VH UHDOL]D PDQXDOPHQWH DQWHULRUPHQWH HUD SRVLEOH DFFLRQDUOD SRU PHGLR GH XQ
PRWRUGHYHORFLGDGYDULDEOHSDUDDXPHQWDU DYROXQWDGRVRVWHQHUODIXHU]DUHDOL]DGDVREUH
ODSUREHWD/DYiOYXODHVXQDYiOYXODGHGHVFDUJDTXHDFW~DFRPRYiOYXODGHVHJXULGDG
/RVHVFDSHVGHDFHLWHHQWUHHOSLVWyQ\HOFLOLQGURGHWUDEDMRVRQFROHFWDGRVSRUODERPED
DX[LOLDU\UHWRUQDGRVDOGHSyVLWR
3DUD ODPHGLFLyQGHODIXHU]DHMHUFLGDDODSUREHWDODPiTXLQDSRVHHXQGLQDPyPHWURGH
EDUUDGHWRUVLyQHVWHGLQDPyPHWURFRQVWDGHGRVSDUWHVKLGUiXOLFD\PHFiQLFD
/DSDUWHKLGUiXOLFDSXHGHREVHUYDUVHHQOD)LJ/DSUHVLyQGHWUDEDMRHQHOFLOLQGURHV
FRQGXFLGD DO VHOHFWRU GH UDQJR GH FDUJD YiOYXOD GLVWULEXLGRUD GH SRVLFLRQHV
FRUUHVSRQGLHQWHVD\WRQHODGDVPi[LPDVGHFDUJD\GHDOOtDOFLOLQGURGHPHGLFLyQ
DSURSLDGRSDUDDFWXDUVREUHODEDUUDGHWRUVLyQGHOGLQDPyPHWUR
(Q OD )LJ VH PXHVWUD XQ HVTXHPD GH IXQFLRQDPLHQWR GHO GLQDPyPHWUR /D EDUUD GH
WRUVLyQSRVHHXQH[WUHPRILMR6REUHHOVHJXQGRH[WUHPRSRUPHGLRGHODSDODQFD
SHUSHQGLFXODUVHDSOLFDXQDIXHU]DSURSRUFLRQDODODSUHVLyQGHOOtTXLGRHQHOFLOLQGURGH
WUDEDMRGHODPiTXLQD)LJ/DXQLyQHQWUHHOFLOLQGUR\HOGLQDPyPHWURVHUHDOL]DFRQ
D\XGD GH FLOLQGURV DGLFLRQDOHV GH pPERORVP ORVPLVPRV GHOD)LJ/RVFXDOHVVH
FRQHFWDQ GH DFXHUGR D OD SRVLFLyQ GH OD YiOYXOD VHOHFWRUD OD PLVPD GH OD )LJ DGHFXDGDDPHGLFLRQHVHQGLVWLQWDVJDPDVGHIXHU]D
)LJ(VTXHPDGHGLQDPyPHWURWRUVLRQDO
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
&XDQWRPiVGLVWDQWHHVWiHOFLOLQGURGHODEDUUDGHWRUVLyQWDQWRPD\RUHVHOEUD]RGHOD
SDODQFD \ D PD\RU iQJXOR VH SXHGH JLUDU ³WRUVLRQDU´ OD EDUUD (VWD ~OWLPD HVWi
XQLGD DO LQGLFDGRU GH FDUiWXOD SRU PHGLR GH XQD WUDQVPLVLyQ GH UXHGD GHQWDGD \
FUHPDOOHUD(OUHJLVWUDGRUVHHQFXHQWUDIXHUDGHVHUYLFLRHQQXHVWUDPiTXLQD
(Q FRQFOXVLyQ OD PHGLFLyQ GH OD YDULDEOH IXHU]D VH UHDOL]D GLUHFWDPHQWH HQ HO GLDO GH OD
PiTXLQDXQLYHUVDO(VWDPHGLFLyQHVWDGDGDHQNJI
,167580(1726&219(1&,21$/(6'(0(','$
3DUD OD PHGLFLyQ GH ODV GLPHQVLRQHV LQGLFDGDV HQ OD )LJ VH XVDQ LQVWUXPHQWRV
FRQYHQFLRQDOHVGHPHGLFLyQ(OFDOLEUDGRU9HUQLHU)LJ\HOPLFUyPHWUR)LJ
)LJ&DOLEUDGRU9HUQLHU
)LJ0LFUyPHWUR
(OFDOLEUDGRUVHXVDSDUDODPHGLFLyQGHGLPHQVLRQHVLQWHULRUHVH[WHULRUHV\SURIXQGLGDGHV
FRQSUHFLVLyQGHPP(OPLFUyPHWURVHXVDSDUDODPHGLFLyQGHGLPHQVLRQHVH[WHULRUHV
FRQSUHFLVLyQGHPP
/DPHGLFLyQGHORVDODUJDPLHQWRVGHIRUPDFLyQWRWDOGGHODSUREHWDVHHIHFW~DPLGLHQGR
HOGHVSOD]DPLHQWRGHODVFROXPQDVD)LJGHOLQYHUVRUFRQUHVSHFWRDODSODFDDMXVWDEOH
D)LJTXHGXUDQWHHOHQVD\RVHPDQWLHQHILMD(VWDPHGLFLyQVHUHDOL]DSRUPHGLRGH
XQFRPSDUDGRUGHFDUiWXOD)LJHOFXDOSHUPLWHUHDOL]DUPHGLFLRQHVGHGHVSOD]DPLHQWRV
FRQSUHFLVLyQGHPP
)LJ&RPSDUDGRUGHFDUiWXOD
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
(O FRPSDUDGRU GH FDUiWXOD VH ILMD D XQD GH ODV FROXPQDV GHO LQYHUVRU SRU PHGLR GH XQD
EDUUD\XQPDJQHWR6XSXQWDSDOSDGRUDGHEHHVWDUFRQWUDtGDFDVLHQVXWRWDOLGDG\WRFDQGR
ODFDUDVXSHULRUGHODSODFDDMXVWDEOHD)LJ0iTXLQDXQLYHUVDOGHHQVD\RV$OXVDU
HVWH HVTXHPD GH PHGLFLyQ )LJ HO LQVWUXPHQWR WUDEDMDUi D WUDFFLyQ VH GHEH SRQHU
PXFKDDWHQFLyQ\DTXHODOHFWXUDGHOLQVWUXPHQWRVHKDUiHQVHQWLGRFRQWUDULRDODKDELWXDO
$OJXQRVGHORVFRPSDUDGRUHVSRVHHQXQDHVFDODHQVHQWLGRFRQWUDULRGHQRWDGDSRUFLIUDVGH
PHQRUWDPDxR
)LJ(VTXHPDGHPHGLFLyQGHODVGHIRUPDFLRQHVGHODSUREHWD
(QFRQFOXVLyQODPHGLFLyQGHODYDULDEOHGHIRUPDFLyQVHUHDOL]DFRQD\XGDGHOFRPSDUDGRU
LQVWDODGR HQWUH HO SXHQWH \ OD FROXPQD (VWD PHGLFLyQ HVWDUi GDGD HQ FHQWpVLPDV GH
PLOtPHWUR
5($/,=$&,Ï1'(/(16$<2
&RPR HO HQVD\R VH UHDOL]D EDMR OD HVWULFWD VXSHUYLVLyQ \ GLUHFFLyQ GHO SURIHVRU \
PRQLWRUVyORVHGDUiQDTXtDOJXQDVUHFRPHQGDFLRQHVDGLFLRQDOHV
&RPRVHSXHGHYHUHQOD)LJHOSHVRGHOLQYHUVRUHVVRSRUWDGRSRUHOFLOLQGURGH
WUDEDMR (VWD IXHU]D GHEH VHU ³H[FOXLGD´ GH OD PHGLFLyQ UHDOL]DGD SRU HO
GLQDPyPHWUR 3RU HVWR HV LPSRUWDQWH UHDOL]DU FRQ VXPR FXLGDGR HO DMXVWH GH FHUR
GHOGLQDPyPHWURFDGDYH]TXHVHUHDOL]DXQFDPELRGHUDQJRGHFDUJD
(O FRPSDUDGRU GHEH VHU UHWLUDGR SUHVWDPHQWH FXDQGR ODV GHIRUPDFLRQHV GH ODV
SUREHWDVVHDQH[DJHUDGDV6HGHEHWHQHUFXLGDGRGHQRGHVSOD]DUHOSXHQWHGHDOWXUD
DMXVWDEOHFXDQGRHOFRPSDUDGRUHVWpLQVWDODGR
3DUDODHVFRJHQFLDGHOUDQJRGHFDUJDSRVLFLyQGHOD SDODQFD)LJVHGHEHQ
KDFHUXQRVFiOFXORVDSUR[LPDGRVSUHOLPLQDUHVXVDQGRODIyUPXODFRQHOREMHWR
GHGHWHUPLQDUODSUREDEOHFDUJDGHURWXUDSDUDFDGDSUREHWDHVGHFLU
3DUDODSUREHWDGHDFHUR
S ˜ )U V U ˜ $ ˜
# NJ I
WRPDQGR HO VU NJIFP FRPR HVIXHU]R GH URWXUD GHO DFHUR GH EDMR
FDUERQR6WLRSLQ
3DUDODSUREHWDGHODWyQ
)U
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
V U ˜ $ ˜
3DUDODSUREHWDGHDOHDFLyQGHDOXPLQLR
S ˜ # NJ I
S ˜ ˜
# NJ I
(Q FRQFOXVLyQ SDUD ODV GRV SULPHUDV SUREHWDV XWLOL]DUHPRV HO UDQJR GH FDUJDV GH WRQHODGDV3DUDODWHUFHUDSUREHWD$OHDFLyQGH$OXPLQLRXWLOL]DUHPRVHOUDQJRGHFDUJDGH
WRQHODGDV5HJLVWUDUHPRVORVGDWRVGHGHIRUPDFLyQFDGDNJI
)U
VU ˜ $
3DUDODWRPDGHGDWRVHVFRQYHQLHQWHSUHSDUDU ODVLJXLHQWHWDEODSDUDFDGDXQDGH
ODVSUREHWDV
7DEOD
0DWHULDOGHODSUREHWDBBBBBBBBBBBBBBBBBBBB
'LiPHWURGHODVHFFLyQBBBBBBBBBBBBPP
&DUJD)
>NJI@
'HIRUPDFLyQG
>FHQWpVLPDVGHPP@
)XHU]DGHURWXUDBBBBBBBBBNJI
3DUD OD VXMHFLyQ GH ODV SUREHWDV VH XVDQ WXHUFDV GH VXSHUILFLH HVIpULFD HVWDV VH
DSR\DQHQODVVXSHUILFLHVLQWHULRUHVGHORVDJDUUHV)LJ/RVWUDEDMRVGHPRQWDMH
VHKDUiQEDMRODVLQGLFDFLRQHVGHOPRQLWRU\HOSURIHVRU
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
)LJ'LVSRVLWLYRGHVXMHFLyQGHXQDSUREHWDURVFDGD
75$7$0,(172(,17(535(7$&,Ï1'(/26'$726
/RVGDWRVFRQVLJQDGRVHQODWDEODVHWUDVODGDQDXQDKRMDHOHFWUyQLFDGHFiOFXOR([FHO
SRU HMHPSOR SDUD UHDOL]DU ORV FiOFXORV GH HVIXHU]R \ GHIRUPDFLyQ XQLWDULD FRQYHQFLRQDO
YHUHMHPSORWDEODHVWRVFiOFXORVSXHGHQVHUWDPELpQUHDOL]DGRVDPDQR
7DEOD
0DWHULDOGHODSUREHWDBBB$FHURBBBBB
&DUJD
)
>NJI@
'HIRUPDFLyQ
G
>FHQWpVLPDVGH
PP@
(VIXHU]R
FRQYHQFLRQDO
V
>NIJFP@
'HIRUPDFLyQ
XQLWDULD
FRQYHQFLRQDO H
>PPPP@
(
(
6HGHEHVHUFXLGDGRVRFRQHOWUDWDPLHQWRGHODVXQLGDGHVSRUHMHPSORSDUDHOFiOFXORGHORV
HVIXHU]RVFRQYHQFLRQDOHVLQWURGXFLUHOYDORUGHOiUHDLQLFLDOGHODVHFFLyQGHODSUREHWDHQ
>FP@
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
/XHJRVHFRQVWUX\HQORVJUiILFRV) G \H V \DVHDHQ([FHOHTXLYDOHQWHRDPDQRHQ
SDSHOPLOLPHWUDGR3DUDODGHWHUPLQDFLyQGHORVSDUiPHWURVH[LJLGRVHQORVREMHWLYRVGHO
HQVD\RVHUHDOL]DXQWUDWDPLHQWRJUiILFRGHODVUHODFLRQHVREWHQLGDV
/tPLWHGHSURSRUFLRQDOLGDG
(OYDORUDSUR[LPDGRGH)S IXHU]DOtPLWHGHSURSRUFLRQDOLGDGVHSXHGHGHWHUPLQDUSRUHO
SXQWR GRQGH FRPLHQ]D OD GLYHUJHQFLD HQWUH OD FXUYD GH WUDFFLyQ \ OD FRQWLQXDFLyQ GHO
VHJPHQWR UHFWLOtQHR YHU )LJ 6H FRQVLGHUD FRPR )S HO YDORU HQ FX\D SUHVHQFLD OD
GHVYLDFLyQ GH OD GHSHQGHQFLD OLQHDO HQWUH OD FDUJD \ HO DODUJDPLHQWR DOFDQ]D FLHUWD
PDJQLWXG
)LJ 'HWHUPLQDFLyQJUiILFDGH)S
*HQHUDOPHQWH OD WROHUDQFLD SHUPLWLGD HQ OD GHWHUPLQDFLyQ GH )S HV GDGD SRU XQD
GLVPLQXFLyQGHODWDQJHQWHGHOiQJXORGHLQFOLQDFLyQIRUPDGRSRUODOtQHDWDQJHQFLDO\OD
FXUYDGHWUDFFLyQHQHOSXQWR3 FRQHOHMHGHGHIRUPDFLyQHQFRPSDUDFLyQFRQODWDQJHQWH
HQHOWUDPRLQLFLDOHOiVWLFR/DPDJQLWXGGHODWROHUDQFLDQRUPDOL]DGDHVGHXQ
&XDQGRODHVFDODGHOGLDJUDPDGHWUDFFLyQ) G HVVXILFLHQWHPHQWHJUDQGHODPDJQLWXG
GHOOtPLWHGHSURSRUFLRQDOLGDGVHSXHGHGHWHUPLQDUHQIRUPDJUiILFDGLUHFWDPHQWHHQHVWH
GLDJUDPD)LJ
(Q SULPHU WpUPLQR VH SURORQJD HO WUDPR UHFWLOtQHR KDVWD VX LQWHUVHFFLyQ FRQ HO HMH GH ODV
GHIRUPDFLRQHV HQ HO SXQWR 2 HO FXDO HV WRPDGR FRPR XQ QXHYR RULJHQ GH FRRUGHQDGDV
H[FOX\HQGR GH HVWD PDQHUD DOJXQD DOWHUDFLyQ TXH SXHGD SURGXFLUVH GHELGR D XQD
LQVXILFLHQWHULJLGH]GHODPiTXLQDHQHOSULPHUWUDPRGHOGLDJUDPD/XHJRVHSXHGHXVDUHO
VLJXLHQWH SURFHGLPLHQWR (Q XQD DOWXUD DUELWUDULD HQ ORV OtPLWHV GHO GRPLQLR HOiVWLFR VH
WUD]D XQDKRUL]RQWDO$% SHUSHQGLFXODUDOHMHGHODVFDUJDVYpDVHOD)LJOXHJRVHWUD]D
HQHOODHOVHJPHQWR%& $%\HQVHJXLGDVHWUD]DODOtQHD2&(QHVWDVFRQGLFLRQHV
WDQ D¶ WDQ D
6L GHVSXpV GH HVWR VH WUD]D XQD WDQJHQWH D OD FXUYD GH WUDFFLyQ TXH VHD SDUDOHOD D &&
HQWRQFHVHOSXQWRGHWDQJHQFLD3 GHWHUPLQDUiODPDJQLWXGGHODFDUJDEXVFDGD)SYpDVHOD
)LJ(OYDORUGHVS VHGHWHUPLQD
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
VS
)S
$ OXHJRHVWHYDORUGHEHVHULGHQWLILFDGR\GHQRWDGRHQODJUiILFDH V /tPLWHGHHODVWLFLGDG
(OVLJXLHQWHSXQWRFDUDFWHUtVWLFRHQHOGLDJUDPDGHWUDFFLyQFRUUHVSRQGHDXQDFDUJDSRUOD
FXDO VH FDOFXOD HO OtPLWH GH HODVWLFLGDG FRQYHQFLRQDOHV GHFLU HO HVIXHU]R FRQ TXH HO
DODUJDPLHQWRUHVLGXDO DOFDQ]DXQD PDJQLWXGSUHILMDGDTXHJHQHUDOPHQWHHVGHXQ
VLHQGR D YHFHV PHQRU KDVWD GH XQ 'H HVWD PDQHUD HO OtPLWH GH HODVWLFLGDG
FDUDFWHUL]D HO HVIXHU]R FRQ OD FXDO VXUJHQ ODV SULPHUDV VHxDOHV GH OD GHIRUPDFLyQ
PDFURSOiVWLFD'HELGRDODSHTXHxDWROHUDQFLDSHUPLWLGDHQFXDQWRDODODUJDPLHQWRUHVLGXDO
HV PX\ GLItFLO GHWHUPLQDU VH FRQ OD VXILFLHQWH H[DFWLWXG SRU HO GLDJUDPD SULPDULR GH
WUDFFLyQ 3RU HVR HQ ORV FDVRV HQ TXH QR VH H[LJH XQD HOHYDGD H[DFWLWXG HO OtPLWH GH
HODVWLFLGDGVHWRPDLJXDODOOtPLWHGHSURSRUFLRQDOLGDG
/tPLWHGHIOXHQFLD
(QFDVRGHDXVHQFLDHQHOGLDJUDPDGHWUDFFLyQGHO³HVFDOyQ´GHIOXHQFLDFRPRHVQXHVWUR
FDVR VH FDOFXOD HO OtPLWH GH IOXHQFLD FRQYHQFLRQDO R VHD HO HVIXHU]R FRQ HO FXDO HO
DODUJDPLHQWR UHVLGXDO DOFDQ]D XQD PDJQLWXG GDGD JHQHUDOPHQWH GH (VWH OtPLWH GH
IOXHQFLDVHGHQRWDFRPRV
3RUFXDQWRODWROHUDQFLDDODODUJDPLHQWRSDUDHOFiOFXORGHOOLPLWHGHIOXHQFLDFRQYHQFLRQDO
HVUHODWLYDPHQWHJUDQGHVHGHWHUPLQDJHQHUDOPHQWHHQIRUPDJUiILFDPHGLDQWHHOGLDJUDPD
GHWUDFFLyQ3DUDHVWRHQHOHMHGHORVDODUJDPLHQWRVGHVGHHORULJHQGHODVFRRUGHQDGDVVH
PLGHXQVHJPHQWR
O
2. )LJ'HWHUPLQDFLyQJUiILFDGH)
GRQGHO HVODORQJLWXGLQLFLDOGHODSUREHWDYHU)LJ\DWUDYpVGHOSXQWR.VHWUD]DXQD
OtQHDUHFWDTXHHVSDUDOHODDOVHJPHQWRUHFWLOtQHRGHOGLDJUDPD)LJ/DRUGHQDGDGHO
SXQWRYDDFRUUHVSRQGHUDODPDJQLWXGGHODFDUJD) TXHGHWHUPLQDHOOLPLWHGHIOXHQFLD
873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR
(ODERUDGDSRU*DEULHO&DOOH7UXMLOOR
FRQYHQFLRQDO
V ) $ OXHJRHVWHYDORUGHEHVHULGHQWLILFDGR\GHQRWDGRHQODJUiILFDH V /tPLWHGHUHVLVWHQFLD
(O OtPLWH GH UHVLVWHQFLD VHFDOFXODDSDUWLUGHODIXHU]DPi[LPDFRQVLJQDGDHQODDJXMDGH
IXHU]D Pi[LPD GH OD FDUiWXOD GHO GLQDPyPHWUR (VWH GDWR GHEH VHU DSXQWDGR OXHJR GH OD
UHDOL]DFLyQGHFDGDHQVD\R
)U
VU
$ OXHJRHVWHYDORUGHEHVHULGHQWLILFDGR\GHQRWDGRHQODJUiILFDH V ,1)250(
'H PDQHUD SDUWLFXODU HO LQIRUPH VREUH HO HQVD\R '(7(50,1$&,Ï1 '( /$6
3523,('$'(60(&È1,&$6'(/260$7(5,$/(6GHEHFRQWHQHU
2EMHWLYR
&RQVLGHUDFLRQHV WHyULFDV JHQHUDOHV 'HILQLFLyQ GH ORV OtPLWHV GH SURSRUFLRQDOLGDG
HODVWLFLGDGIOXHQFLD\UHVLVWHQFLD
0DTXLQDULD(VTXHPDKLGUiXOLFRGHODPiTXLQD:30=')LJ,GHQWLILFDUORV
FRPSRQHQWHV
3UREHWDV'LEXMR GHODVPLVPDV)LJFRPSDUDFLyQFRQODSUREHWD$670
,QVWUXPHQWRVGH0HGLGD(VTXHPDGHOGLQDPyPHWUR)LJ(VTXHPDGHPHGLFLyQ
GHODVGHIRUPDFLRQHV)LJ1RPEUDU\VDEHUUHFRQRFHUORVRWURVLQVWUXPHQWRV
GHPHGLGDXVDGRV
*UiILFD ) G SDUD FDGD SUREHWD FRQ HO WUDWDPLHQWR JUiILFR UHDOL]DGR SDUD OD
REWHQFLyQGHORVUHVXOWDGRV
*UiILFD H V SDUD FDGD SUREHWD FRQ ORV UHVXOWDGRV GH ORV HVIXHU]RV OtPLWHV
GHQRWDGRVHQODPLVPD
7DEODGHUHVXOWDGRV
VS
>NJIFP @y>03D@
H[S
OLW
$FHUR
/DWyQ
$OHDFLyQ$O
VI V
>NJIFP@y>03D@
H[S
OLW
VU
>NJIFP @y>03D@
H[S
OLW
&RQFOXVLyQ
Descargar