/D&RURQD\HO9LHQWR6RODU -DLPH$UDQHGD6 'HSDUWDPHQWRGH)tVLFD )DFXOWDGGH&LHQFLDV)tVLFDV\0DWHPiWLFDV 8QLYHUVLGDGGH&RQFHSFLyQ (VWUHOODVGHJHQHUDFLyQWDUGtDWDOFRPRQXHVWUR6ROHVWiQURGHDGDVSRUXQDWHQXH\FDOLHQWH DWPyVIHUD H[WHULRU OD FRURQD FX\D WHPSHUDWXUD PLOORQHV GH JUDGRV VXSHUD OD GH OD FRUUHVSRQGLHQWH VXSHUILFLH HVWHODU SRU DO PHQRV yUGHQHV GH PDJQLWXG (VWD VLPSOH REVHUYDFLyQDSULPHUDYLVWDHQFRQIOLFWRFRQODVOH\HVEiVLFDVGHODWHUPRGLQiPLFDHVXQR GHORVSUREOHPDVGHODDVWURItVLFDHQSDUWLFXODUVRODUTXHKDHVSHUDGRODUJDPHQWHSRUXQD VROXFLyQ &RPSDUDQGR ORV HVSHFWURV GH OD OX] FRURQDO FRQVHJXLGRV GXUDQWH HFOLSVHV FRQ DTXHOORV REWHQLGRVGHiWRPRVDOWDPHQWHLRQL]DGRVHQHOODERUDWRULR*URWLDQ>@\(GOpQ>@ IXHURQ ORV SULPHURV HQ GHVFXEULU TXH OD FRURQD VRODU HV XQ SODVPD DOWDPHQWH LRQL]DGR D DSUR[LPDGDPHQWHPLOORQHV.$OUHGHGRUGHOtQHDVGHHPLVLyQVHKDQLGHQWLILFDGRHQOD SDUWH YLVLEOH GHO HVSHFWUR FRURQDO \ FLHQWRV GH OtQHDV GH HPLVLyQ VRQ FRQRFLGDV HQ HO H[WUHPRXOWUDYLROHWD\HQHOHVSHFWURGHUD\RV;(VWRVHVSHFWURVVHRULJLQDQHQ WUDQVLFLRQHV GHHVWDGRVLyQLFRVDOWDPHQWHH[FLWDGRVGHHOHPHQWRVWDOHVFRPRHO)HTXHKDQSHUGLGRPiV GHHOHFWURQHV3DUDVRVWHQHUHVWHJUDGRGHLRQL]DFLyQVHUHTXLHUHQWHPSHUDWXUDVVREUHHO PLOOyQGH. ([LVWHHYLGHQFLDDGLFLRQDODSDUWHGHODLQIRUPDFLyQORJUDGDGHORVHVSHFWURVTXHFRQILUPD XQ DXPHQWR GH OD WHPSHUDWXUD GHVGH OD IUtD FURPRVIHUD KDFLD OD FRURQD <D TXH HO FDORU IOX\H GHVGH UHJLRQHV GH DOWD WHPSHUDWXUD KDFLD UHJLRQHV PiV IUtDV HQWRQFHV FODUDPHQWH OD HQHUJtD GHEH VHU ERPEHDGD PHGLDQWH DOJ~Q PHFDQLVPR GHVGH OD IRWRVIHUD OD VXSHUILFLH YLVLEOHGHO6RODDSUR[LPDGDPHQWH.KDFLDODFDOLHQWHFRURQD3RUPXFKRVDxRVORV DVWURItVLFRVSHQVDURQTXHODJUDQWHPSHUDWXUDGHODFRURQDSRGUtDGHEHUVHDOWUDQVSRUWHGH HQHUJtD PHGLDQWH RQGDV PHFiQLFDV TXH VH RULJLQDEDQ HQODWXUEXOHQWD]RQDGHFRQYHFFLyQ GHO KLGUyJHQR SRU GHEDMR GH OD IRWRVIHUD 6LQ HPEDUJR OD HYLGHQFLD H[SHULPHQWDO LQGLFD TXH ODV OtQHDV GH FDPSR PDJQpWLFR HVWiQ VXPDPHQWH ORFDOL]DGDV HQ OD IRWRVIHUD \ HQ OD FURPRVIHUD \ TXH ORV FDPSRV PLVPRV VRQWDPELpQPX\LQWHQVRVUD]yQSRUODFXDOVHYLR GLItFLO LJQRUDU OD SRVLELOLGDG GH TXH ORV FDPSRV TXH VH H[WLHQGHQ KDFLD OD FRURQD FRQVWLWX\HUDQSDUWHIXQGDPHQWDOGHORVPHFDQLVPRVTXHODFDOLHQWDQ ,PiJHQHV GH OD FRURQD FRQVHJXLGDV GXUDQWH HFOLSVHV SURYHHQ HYLGHQFLD VREUH OD LPSRUWDQFLD GHO FDPSR PDJQpWLFR HQ OD HVWUXFWXUDFLyQ GH ODFRURQD(QIRWRJUDItDVGHOX] EODQFDHVSRVLEOHYHUTXHODFRURQDHVLUUHJXODU\EHOODPHQWHHVWUXFWXUDGD/DUJRVSHQDFKRV FRURQDOHVVHH[WLHQGHQKDFLD ODVUHJLRQHVHFXDWRULDOHVGHO6RO&HUFDGHOPi[LPRGHOFLFOR GH DFWLYLGDGGHPDQFKDVVRODUHVODFRURQDHVDSUR[LPDGDPHQWHFLUFXODUHQHOSODQRGHOD LPDJHQFRQORVSHQDFKRVFRURQDOHVH[WHQGLGRVVLPpWULFDPHQWHHQGLUHFFLyQUDGLDO &HUFD GHO PtQLPR GHO FLFOR OD FRURQD H[KLEH ODUJRV \ ELHQ UHVXHOWRV SHQDFKRV H[WHQGLGRV KDFLD ODV UHJLRQHV HFXDWRULDOHV \ ILQDV \ UHODWLYDPHQWH FRUWDV SOXPDV GH SODVPD TXH VH H[WLHQGHQGHVGHODV]RQDVSRODUHVYHU)LJXUD 'HELGRDTXHHOSODVPDFRURQDOHVFDVLWUDQVSDUHQWHFRQIUHFXHQFLDREVHUYDPRVDWUDYpVGH YDULDVHVWUXFWXUDVORFXDOHPERUURQDORVGHWDOOHVGHODVLPiJHQHV(VSRUHVWDUD]yQTXHODV LPiJHQHVHQORQJLWXGHVGHRQGDHQUD\RV;\HQHOH[WUHPRXOWUDYLROHWDGRQGHREVHUYDPRV GLUHFWDPHQWH KDFLD OD FLPD GH ODV HVWUXFWXUDV FRURQDOHV VRQ WDQ YDOLRVDV SDUD HVWXGLDU OD FRURQD 3DUD IRWRJUDILDU OD FRURQD GLUHFWDPHQWH GHEHPRV REVHUYDU HQWUH ORV D Ö UD\RV;DOH[WUHPRXOWUDYLROHWDGRQGHODUDGLDFLyQGHODFRURQDHVPXFKRPiVLQWHQVD\ VREUHSDVD OD UDGLDFLyQ GH RQGDV FRUWDV GH OD IRWRVIHUD 3HUR ODV IRWRJUDItDV GH UD\RV; R XOWUDYLROHWD GHEHQ WRPDUVH GHVGH HO HVSDFLR SRUTXHODDWPyVIHUDGHOD7LHUUDDEVRUEHHVDV RQGDV(QODVLPiJHQHVHQUD\RV;\XOWUDYLROHWDODFRURQDDSDUHFHDOWDPHQWHLQKRPRJpQHD \JHQHUDOPHQWHDVLPpWULFDYDULDQGRWHPSRUDOPHQWHWDQWRDHVFDODVFRUWDVFRPRODUJDV +D\ EiVLFDPHQWH WUHV WLSRV GH UHJLRQHV HVWUXFWXUDOHV TXH FROHFWLYDPHQWH FDUDFWHUL]DQ HQWHUDPHQWHODFRURQDVRODU+R\RVFRURQDOHV\UHJLRQHVFRURQDOHVDFWLYDVVRQGRVGHHOO DV ODV TXH HVWiQ UD]RQDEOHPHQWH ELHQ GHILQLGDV HQ WpUPLQRV GH FDUDFWHUtVWLFDV REVHUYDGDV OD WHUFHUD OD FRQVWLWX\HQ ODV UHJLRQHV FRURQDOHV TXLHWDV TXH QR HVWiQ WDQ ELHQ GHILQLGDV /RV KR\RV FRURQDOHV VRQ UHJLRQHV FRQ WHPSHUDWXUDV OHYHPHQWH PiV EDMDV \ GHQVLGDGHV VLJQLILFDWLYDPHQWHPiVEDMDVFRQFDPSRVPDJQpWLFRVGHDOUHGHGRU*\FX\DVOtQHDVVH DEUHQ KDFLD HO HVSDFLR LQWHUSODQHWDULR 5D\RV \ SOXPDV GH SODVPD SRODU VH H[WLHQGHQ UDGLDOPHQWH\DOHMiQGRVHGHO6RO /DVUHJLRQHVFRURQDOHVDFWLYDVVRQUDGLFDOPHQWHGLIHUHQWHVGHORVDJXMHURVFRURQDOHVeVWDV FRQVLVWHQ GH HVWUXFWXUDV HQ IRUPD GH OD]RV DOJR PiV FDOLHQWHV \ PiV GHQVRV FRQ FDPSRV PDJQpWLFRVGHDOUHGHGRU*FRQOtQHDVGHFDPSRTXHUHJUHVDQKDFLDHO6RO HQOXJDUGH H[WHQGHUVHKDFLDIXHUDFRPRHQHOFDVRGHORVDJXMHURVFRURQDOHV(QWUHHVRVGRVH[WUHPRV HVWiQ ODV SRFR GHILQLGDV UHJLRQHV TXLHWDV ([LVWHQ DGHPiV PXFKRV \ SHTXHxRV SXQWRV EULOODQWHVYLVLEOHVHQODVLPiJHQHVGHUD\RV; (O IOXMR GH SODVPD TXH HPDQD GHO 6RO H LQYDGH HO HVSDFLR LQWHUSODQHWDULR OD FRURQD H[WHQGLGD KDFLD HO HVSDFLR VH WRUQD UiSLGDPHQWH VXSHUVyQLFR \ GHQWUR GH DOJXQRV UDGLRV VRODUHV IRUPD HO YLHQWR VRODU $O PLVPR WLHPSR ODV OtQHDV GH FDPSR PDJQpWLFR VRQ DUUDVWUDGDVSRUHVWH IOXMRGHSODVPDGHELGRDVXDOWDFRQGXFWLYLGDGHOpFWULFD\GHELGRDOD URWDFLyQ VRODU DGTXLHUH XQD FRQILJXUDFLyQ HQ HVSLUDO /RV SULQFLSDOHV FRQVWLWX\HQWHV GHO YLHQWR VRODU VRQ ORV SURWRQHV \ HOHFWURQHV PiV XQ SHTXHxR SRUFHQWDMH GH SDUWtFXODV DOIDV Q~FOHRVGHiWRPRVGH+HOLR\FRQPHQRUDEXQGDQFLDLRQHVPiVSHVDGRV\FRQGLIHUHQWHV JUDGRVGHLRQL]DFLyQ (OYLHQWRVRODUKDVLGRPRGHODGRWHyULFDPHQWHSRUPiVGHFXDWURGpFDGDV6LQHPEDUJRVXV UHJLRQHV IXHQWHV QR IXHURQ FRQRFLGDV VLQR KDVWD HO FRPLHQ]R GH ORV DxRV &RQ OD LQIRUPDFLyQ FRQVHJXLGD PHGLDQWH OD PLVLyQ HVSDFLDO 6N\ODE VH FRQILUPDURQ ODV FRQFOXVLRQHVEiVLFDVORJUDGDVSRUHVWXGLRVSUHYLRV )LJXUD /DIRUPDGHODFRURQDFDPELDQGRHQHOWLHPSRHQXQDVHFXHQFLDGHOFLFORVRODUREWHQLGDPHGLDQWH HO FRURQyJUDIR /$6&2 D ERUGR GH OD QDYH 62+2 6RODU DQG +HOLRVSKHULF 2EVHUYDWRU\ /D VHFXHQFLD FRPSUHQGHGHVGHVXSDVDGRPtQLPRHQ\VXPi[LPRHQHODxR /D SULPHUD ORV DJXMHURV FRURQDOHV FHUFD GHO HFXDGRU FRQVWLWX\HQ IXHQWHV GH YLHQWR VRODU UiSLGR REVHUYDGRV HQ OD yUELWD GH OD 7LHUUD FRQ OD SRODULGDG PDJQpWLFD LQWHUSODQHWDULD GH DFXHUGR FRQ OD SRODULGDG GRPLQDQWH GHO FDPSR PDJQpWLFR IRWRVIpULFR VXE\DFHQWH DO DJXMHUR/DVYHORFLGDGHVREVHUYDGDVDXQDXQLGDGDVWURQyPLFD$8GLVWDQFLDHQWUHHO6RO \ OD 7LHUUD DSDUHFLHURQ HVHQFLDOPHQWH UHODFLRQDGDV FRQ HO WDPDxR GH ORV DJXMHURV FRURQDOHV 6HJXQGD FRQFOXVLyQ DOJXQRV FKRUURV GH YLHQWR UiSLGR SXHGHQ WUD]DUVH KDFLD DWUiV HQ ODV UHJLRQHVGHRULJHQHQHO6ROVLQXQDSURQXQFLDGDPDQLIHVWDFLyQGHDJXMHURVFRURQDOHVFHUFD GHOHFXDGRU\REVHUYDGRVHQUD\RV; 7HUFHUDSHTXHxRVKR\RVFRURQDOHVQRORJUDUtDQVHUIXHQWHGHFKRUURVGHYLHQWRUiSLGR 0iV UHFLHQWHPHQWH REVHUYDFLRQHV GLUHFWDV H LQVLWX GH ORV DJXMHURV FRURQDOHV SRODUHV VH KDQ OOHYDGR D FDER PHGLDQWH OD PLVLyQ 8O\VVHV OD FXDO HV OD SULPHUD QDYH TXH KD YRODGR VREUHORVSRORVGHO6RO/DYHORFLGDGGHOYLHQWRVRODUYDUtDFRQODODWLWXGKHOLRVIpULFDFRPR VH LQGLFD HQ OD )LJXUD 6H GHWHUPLQy TXH HO YLHQWR VRODU UiSLGR FRQ YHORFLGDGHV GH DOUHGHGRU NPV HPDQD GHVGH ORV DJXMHURV FRURQDOHV SRODUHV GRPLQDQGR GXUDQWH HO PtQLPR GHO FLFOR GH PDQFKDV VRODUHV 'XUDQWH HO SDVDGR Pi[LPR VRODU DOUHGHGRU GHO DxR HO YLHQWR VRODU VREUH HO SROR VXU VH UHGXMR D NPV LQGLFDQGR OD DXVHQFLD GH DJXMHURV FRURQDOHV SRODUHV 7RGRV HVRV UHVXOWDGRV GHPXHVWUDQ GLUHFWDPHQWH TXH HO YLHQWR VRODUUiSLGRSURYLHQHGHORVDJXMHURVFRURQDOHV 6LQGXGDODIXHQWH~OWLPDGHOYLHQWRVRODUUiSLGR\DFHHQODVFDSDVLQIHULRUHVGHODDWPyVIHUD VRODU 6REUH OD IRWRVIHUD OD DWPyVIHUD H[WHULRU FRQVLVWH GH OD FURPRVIHUD \ OD FRURQD VHSDUDGDV SRU XQD GHOJDGD UHJLyQ OODPDGD FRQRFLGD FRPR UHJLyQ GH WUDQVLFLyQ $OOt WLHQH OXJDUXQDEUXSWRDXPHQWRGHODWHPSHUDWXUDHQHOTXHODHVFDODWHPSRUDOGHHQIULDPLHQWRHV PXFKRPiVFRUWDFRPSDUDGDDODGHODFRURQDGRQGHDOFDQ]DKRUDV(VWDUiSLGDUHDFFLyQHV ODUD]yQEiVLFDGHSRUTXpODUHJLyQGHWUDQVLFLyQHVXQDGHODVUHJLRQHVPiV GLQiPLFDVGH XQD HVWUHOOD D~Q HQ UHJLRQHV TXLHWDV 7RGD OD HQHUJtD TXH ILQDOPHQWH FDOLHQWD OD FRURQD WLHQHTXHGHDOJXQDIRUPDFUX]DUODUHJLyQGHWUDQVLFLyQ'HELGRDODUiSLGDUHDFFLyQGHOD UHJLyQ GH WUDQVLFLyQ HVD FDSD HV VXPDPHQWH DSURSLDGD SDUD HVWXGLDU ORV SURFHVRV GH FDOHQWDPLHQWRFRURQDO )LJXUD (VWHGLDJUDPDSRODUPXHVWUDUHVXOWDGRVGHREVHUYDFLRQHVHQWUH0DU]RGH\2FWXEUHGH /RVSHUILOHVGHYHORFLGDGVRQWDPELpQFRPSDUDGRVFRQREVHUYDFLRQHVGHODVQDYHV+HOLRVH,36/DODWLWXG PiVDOWDDOFDQ]DGDSRU8O\VVHVHV:RFKHWDO>@ /RVPHFDQLVPRVItVLFRVSURSXHVWRVFRPRUHVSRQVDEOHVGHOFDOHQWDPLHQWRGHODFRURQDFHUFD GHO6ROSXHGHQDJUXSDUVHEiVLFDPHQWHHQGRVWLSRVGLVLSDFLyQGHFRUULHQWHV\GLVLSDFLyQGH RQGDV(OSODVPDFRURQDOSRGUtDFDOHQWDUVHGHELGRDODGLVLSDFLyQyKPLFDGHODVFRUULHQWHV HOpFWULFDVJHQHUDGDVSRUUHFRQH[LyQPDJQpWLFD/DVRQGDVGHSODVPDSRGUtDQGLVLSDUVHYtD FROLVLRQHV HV GHFLU GHELGR D FRQGXFFLyQ WpUPLFD \ UHVLVWHQFLD HOpFWULFD \R PHGLDQWH LQWHUDFFLRQHV RQGDSDUWtFXOD 2QGDV DF~VWLFDV \ RQGDV PDJQHWRKLGURGLQiPLFDV 0+' GHO PRGROHQWR VRQ IiFLOPHQWH DPRUWLJXDGDV DQWHV GH DOFDQ]DU OD FRURQD PLHQWUDV TXH ODV RQGDVGH$OIYpQ\HOPRGRUiSLGRGHODVRQGDV0+'VRQODV~QLFDVTXHSRGUtDQVREUHYLYLU HQ OD FRURQD 6LQ HPEDUJR ODV RQGDV GH $OIYpQ GH EDMD IUHFXHQFLD QR VRQ FRQVLGHUDGDV FRPR IXHQWH GH FDOHQWDPLHQWR GH OD FRURQD GHELGR D TXH VXV HVFDODV HVSDFLDOHV GH GLVLSDFLyQ VRQ PX\ JUDQGHV 1R REVWDQWH OD GLVLSDFLyQ GH RQGDV GH $OIYpQ GH DOWD IUHFXHQFLDHVFUHtGDFRPRH[FHOHQWHFDQGLGDWDSDUDHOFDOHQWDPLHQWR(OSXQWRFODYHGHHVWH PRGHOR HV TXH ODV RQGDV GH $OIYpQ GH DOWD IUHFXHQFLD SXHGHQ VHU DEVRUELGDV IXHUWHPHQWH SRU OD UHVRQDQFLD FLFORWUyQLFD GH ORV LRQHV FRQ HVWDV RQGDV HQ XQ FDPSR PDJQpWLFR FX\D LQWHQVLGDG GLVPLQX\H UiSLGDPHQWH FRQGXFLHQGR HQWRQFHV D XQ UiSLGR FDOHQWDPLHQWR GHO SODVPDFHUFDGHO6RO $XQTXHORVSURFHVRVGHWDOODGRVTXHGHVFULEHQODVIRUPDVGHGLVLSDFLyQGHHQHUJtDQRHVWiQ D~Q FRPSOHWDPHQWH FRPSUHQGLGRV H[LVWH DFXHUGR JHQHUDO GH TXH OD IXHQWH ~OWLPD GHO FDOHQWDPLHQWRVHRULJLQD HQODDFWLYLGDGGHODUHGGHFDPSRVPDJQpWLFRVRQHWZRUNIODUHV )LJXUD)XHQWHGHOYLHQWRVRODUUiSLGRODLPDJHQ(,7([WUHPH8OWUDYLROHW,PDJLQJ7HOHVFRSHHQc PXHVWUDODFRURQDGXUDQWHXQPtQLPRVRODU8QDVHOHFFLyQGHXQDSRUFLyQGHXQDJXMHURFRURQDOSRODUVH PXHVWUDFRPRXQ'RSSOHUJUDPDGHGHODOtQHD1H9,,,REWHQLGDPHGLDQWHHOLQVWUXPHQWR680(5DERUGRGH OD QDYH 62+2 $OOt VH DSUHFLD OD UHG FURPRVIpULFD LQWHUSUHWDGD FRPR OD IXHQWH GHO QDFLHQWH YLHQWR VRODU UiSLGR+DVVOHUHWDO>@ 5HFLHQWHPHQWHXQJUXSRGHLQYHVWLJDGRUHVFKLQRDOHPiQLGHQWLILFyHVWUXFWXUDVPDJQpWLFDV HQODFRURQDVRODUGRQGHVHRULJLQDHOYLHQWRVRODUUiSLGR8WLOL]DQGRLPiJHQHV\PDSDVGHO HVSHFWUyPHWUR680(58OWUDYLROHW0HDVXUHPHQWVRI(PLWHG5DGLDWLRQ\PDJQHWRJUDPDV HQWUHJDGRV SRU 0', 0LFKHOVRQ 'RSSOHU ,PDJHU D ERUGR GH 62+2 ORV FLHQWtILFRV REVHUYDURQ HO IOXMR GH YLHQWR VRODU TXH SURYLHQH GH HVWUXFWXUDV GH FDPSR PDJQpWLFR HQ IRUPDGHHPEXGRODVFXDOHVHVWiQDQFODGDVHQ ODFDUSHWDPDJQpWLFDFHUFDGHODVXSHUILFLH VRODU)LJXUD (VWDV REVHUYDFLRQHV SXEOLFDGDV HO GH DEULO HQ OD UHYLVWD 6FLHQFH GH HVWH DxR QRV SURSRUFLRQDQ XQD PHMRU FRPSUHQVLyQ GH OD QDWXUDOH]D PDJQpWLFD GH OD IXHQWH GHO YLHQWR VRODU /RV LRQHV SHVDGRV HQ ODV UHJLRQHV FRURQDOHV IXHQWHV HPLWHQ UDGLDFLyQ HQ FLHUWDV ORQJLWXGHVGHOHVSHFWURXOWUDYLROHWD&XiQGRpVWRVIOX\HQKDFLDOD7LHUUDWUD]DQGRHOYLHQWR VRODU QDFLHQWH ODV ORQJLWXGHV GH RQGDV GH OD HPLVLyQ XOWUDYLROHWD VH REVHUYDQ PiV FRUWDV FRPSDUDGDV FRQ ODV PHGLGDV HQ HO ODERUDWRULR GHELGR DO HIHFWR 'RSSOHU HQ VX YDULDQWH DF~VWLFDSRUHMHPSORHOFDPELRHQHOWRQRGHODVLUHQDGHXQFRFKHGHSROLFtDDODFHUFDUVHD RUHWURFHGHUGHREVHUYDGRU(QHOFDVRVRODUHOPRYLPLHQWRGHOSODVPDKDFLD QRVRWURVHV GHWHFWDGRGHELGRDOGHVSOD]DPLHQWRKDFLDHOD]XOHQHOHVSHFWURXOWUDYLROHWD\DVtVHSXHGH XWLOL]DUSDUDLGHQWLILFDUHORULJHQGHOIOXMRGHOSODVPDVRODU $QDOL]DQGR OD HPLVLyQ XOWUDYLROHWD REWHQLGR SRU 680(5 ORV ItVLFRV VRODUHV SXHGHQ DSUHQGHUPXFKRDFHUFDGHO6ROHLQIHULUODWHPSHUDWXUDGHOSODVPDODFRPSRVLFLyQTXtPLFD \HOPRYLPLHQWRHQODVYDULDVFDSDVDWPRVIpULFDVGHODHVWUHOOD )LJXUD,PDJHQ(89\H[WUDSRODFLyQGHOFDPSRPDJQpWLFRPRVWUDQGRWDQWRODLQWULQFDGDHLQWHUFRQHFWDGD QDWXUDOH]DGHOFDPSRPDJQpWLFR\ODtQWLPDUHODFLyQHQWUHODVEULOODQWHVFDUDFWHUtVWLFDVFRURQDOHV\HOFDPSR 6WDQIRUG/RFNKHHG,QVWLWXWHIRU6SDFH5HVHDUFKDQG1$6$*RGGDUG6SDFH)OLJKW&HQWHU /D HVWUXFWXUD PDJQpWLFD ILQD GH OD UHJLyQ IXHQWH GHO YLHQWR VRODU KDEtD HVWDGR PX\ HYDVLYDH[SOLFDHO3URIHVRU&KXDQ\L7XXQRGHORVDXWRUHVGHODUWtFXORGHO'HSDUWDPHQWR GH *HRItVLFD GH OD 8QLYHUVLGDG GH 3HNtQ 'XUDQWH PXFKRV DxRV ItVLFRV VRODUHV \ GHO HVSDFLR KDQ REVHUYDGR ORV FKRUURV GH YLHQWR VRODU UiSLGR TXH SURYLHQHQ GH UHJLRQHV FRURQDOHV FRQ OtQHDV PDJQpWLFDV DELHUWDV H LQWHQVLGDG OLJHUDPHQWH EDMD ORV OODPDGRV DJXMHURVFRURQDOHV6LQHPEDUJRVyORFRPELQDQGRODVREVHUYDFLRQHVFRPSOHMDVGH62+ 2 HQXQDPDQHUDQRYHGRVDIXLPRVFDSDFHVGHLQIHULUODVSURSLHGDGHVGHODVIXHQWHVLQWHULRUHV GH ORV DJXMHURV (O YLHQWR VRODU UiSLGR SDUHFH RULJLQDU HQ HPEXGRV FRURQDOHV FRQ XQD UDSLGH]GHNPVDXQDDOWXUDGHNPHQFLPDGHODIRWRVIHUD)LJXUD (O YLHQWR VRODU UiSLGR SDUWH IOX\HQGR GHVGH OD FLPD GH ORV HPEXGRV PDJQpWLFRV HQ ORV DJXMHURVFRURQDOHVLQGLFDD3URIHVRU7X(VWHGHVDJHVHYHFRPRJUDQGHVSDUFKHVHQHO HVSHFWUR 'RSSOHU D]XODGR GH XQD OtQHD HVSHFWUDO HPLWLGD SRU LRQHV GH QHyQ D XQD WHPSHUDWXUDGH.TXHVHSXHGHXWLOL]DUFRPRXQEXHQWUD]DGRUGHOIOXMRFDOLHQWHGH SODVPD0HGLDQWHXQDFRPSDUDFLyQFRQHOFDPSRPDJQpWLFRH[WUDSRODGRGHVGHODIRWRVIHUD XWLOL]DQGRORVGDWRVPDJQpWLFRVGHO0',HQFRQWUDPRVTXHODSDXWDGHO GHVSOD]DPLHQWRD]XO GHHVWDOtQHDHVWiFRUUHODFLRQDGDFRQODVHVWUXFWXUDVDELHUWDVGHFDPSRDNP (QFRQVHFXHQFLDHOYLHQWRVRODUVHFRQVLGHUDDKRUDVXPLQLVWUDGRSRUHOSODVPDSURYHQLHQWH GHORVSHTXHxRV\DEXQGDQWHVOD]RVPDJQpWLFRVFRQVyOR XQRVSRFRVPLOHVGHNLOyPHWURV HQ DOWXUD \ TXH OOHQDQ ORV HPEXGRV PDJQpWLFRV 'HELGR D OD UHFRQH[LyQ GH ODV OtQHDV GH FDPSR PDJQpWLFR HO SODVPD HV DOLPHQWDGR SRU WRGRV ORV ODGRV GHO HPEXGR GRQGH HV DFHOHUDGR\ILQDOPHQWHIRUPDHOYLHQWRVRODU 5HIHUHQFLDV (GOp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