Español - SciELO Colombia

Anuncio
(OLPLQDFLyQGHSDWyJHQRVHQELRVyOLGRVSRU
HVWDELOL]DFLyQDOFDOLQD
(OLPLQDWLQJSDWKRJHQVLQELRVROLGVE\DONDOLQHVWDELOL]DWLRQ
3DWULFLD7RUUHV/R]DGD&DUORV$UWXUR0DGHUD-RUJH$QWRQLR6LOYD/HDO
ÉUHD,QJHQLHUtD6DQLWDULD\$PELHQWDO8QLYHUVLGDGGHO9DOOH&RORPELDMRDVLOYD#XQLYDOOHHGXFRÉUHD,QJHQLHUtD6DQLWDULD\
$PELHQWDO8QLYHUVLGDGGHO9DOOH&RORPELDFPDGHUD#XQLYDOOHHGXFR(VWXGLDQWHGH'RFWRUDGRHQ,QJHQLHUtD8QLYHUVLGDGGHO
9DOOH&RORPELDMRDVLOYD#XQLYDOOHHGXFR
5HF$FHS
5HVXPHQ
/D3ODQWDGH7UDWDPLHQWRGH$JXDV5HVLGXDOHVGH&DxDYHUDOHMR²37$5&GH&DOL²&RORPELDSURGXFH
DOUHGHGRUGHWGtDGHELRVyOLGRVTXHDXQTXHQRWLHQHQUHVWULFFLyQSRUPHWDOHVSHVDGRVVRQFODVH%
SRUHOQLYHOGHPLFURRUJDQLVPRVSDWyJHQRV\SDUiVLWRV(QXQGLVHxRFRPSOHWDPHQWHDOD]DUFRQIRUPDGR
SRUVHLVWUDWDPLHQWRVFRQVXUHVSHFWLYRGXSOLFDGRVHHYDOXyODHVWDELOL]DFLyQDOFDOLQDFRQGRVLVGHO
SHVRDSHVRGHFDOYLYDHKLGUDWDGDDSOLFDGDDSLODVGHWGHELRVyOLGRVK~PHGRV\VHFRVD
WHPSHUDWXUDDPELHQWHƒ&GXUDQWHKKXPHGDG&RQODHVWDELOL]DFLyQDOFDOLQDHOS+
DXPHQWyDYDORUHVVXSHULRUHVDXQLGDGHVGXUDQWHHOWLHPSRVXÀFLHQWHSDUDJDUDQWL]DUODUHGXFFLyQ
GH SDWyJHQRV \ SDUiVLWRV DOFDQ]DQGR XQ PDWHULDO FODVH $ VLQ HPEDUJR HO ELRVyOLGR VHFR IDFLOLWy OD
IRUPDFLyQGHJUXPRVTXHGLÀFXOWDURQODVODERUHVGHKRPRJHQL]DFLyQGHOVXVWUDWRFRQORVDOFDOLQL]DQWHV
IDFWRULQGHVHDEOHSDUDODHÀFLHQWHUHGXFFLyQGHSDWyJHQRV
3DODEUDVFODYH'HVHFKRVVyOLGRVDJXDVUHVLGXDOHVSURFHVDPLHQWRWUDWDPLHQWRDOFDOLQR
$EVWUDFW
7KH&DxDYHUDOHMRZDVWHZDWHUWUHDWPHQWSODQW37$5&EDVHGLQ&DOL&RORPELDSURGXFHVDOPRVW
WGD\RIELRVROLGV$OWKRXJKGRQRWKDYHKHDY\PHWDOVUHVWULFWLRQVLWLVFODVV%IRUKLJKFRQWHQWVRI
SDWKRJHQVPLFURRUJDQLVPVDQGSDUDVLWHV7KHDONDOLVWDELOL]DWLRQZDVGRQHZLWKDRIGRVHZZRI
TXLFNOLPHDQGK\GUDWHGOLPHDSSOLHGWRGLIIHUHQWWRQSLOHVRIZHWELRVROLGVKXPLGLW\DQGGU\
ELRVROLGVDQHQYLURQPHQWDOWHPSHUDWXUHR&IRUKRXUVKXPLGLW\7KHH[SHULPHQWKDG
DFRPSOHWHO\UDQGRPL]HGGHVLJQDQGLWZDVFRPSRVHGE\WUHDWPHQWVZLWKWKHLUUHVSHFWLYHGXSOLFDWHG
:LWKWKHDONDOLVWDELOL]DWLRQWKHS+LQFUHPHQWVDERYHXQLWVGXULQJHQRXJKWLPHWRDVVXUHSDWKRJHQV
DQGSDUDVLWHVUHGXFWLRQLQRUGHUWRDFKLHYHDFODVV$PDWHULDOOHYHO2QWKHRWKHUKDQGWKHGU\ELRVROLGV
IDFLOLWDWHWKHFRQGLWLRQVIRUOXPSVIRUPDWLRQWKDWUHGXFHWKHKRPRJHQL]DWLRQRIWKHVXEVWUDWHZLWKWKH
DONDOLPDWHULDOZKLFKLWLVDQGXQGHVLUDEOHIDFWRUIRUSDWKRJHQUHGXFWLRQ
.H\ZRUGV%LRVROLGVHIÁXHQWVDONDOLWUHDWPHQWV
,QJHQLHUD6DQLWDULD3K'3URIHVRUD8GHO9DOOH&RORPELD
,QJHQLHUR6DQLWDULR06F3URIHVRUD8GHO9DOOH&RORPELD
,QJHQLHURGH3URGXFFLyQ%LRWHFQROyJLFD06FHVWXGLDQWHSRVJUDGXDGR8GHO9DOOH&RORPELD
$&7$$*521Ð0,&$S
,QWURGXFFLyQ
/D SUHVHQFLD GH SDWyJHQRV SDUiVLWRV PH
WDOHVSHVDGRV\SODJXLFLGDVSXHGHOLPLWDUHO
SRWHQFLDOFRPRLQVXPRDJUtFRODGHORVORGRV
JHQHUDGRVHQHOWUDWDPLHQWRGHODVDJXDVUH
VLGXDOHV PXQLFLSDOHV 0HWFDOI (GG\ &RQ OD GLJHVWLyQ GH ORV ORGRV VH HVWDELOL]D
OD PDWHULD RUJiQLFD GLVPLQX\H HO YROXPHQ
\ VH UHGXFHQ ORV VyOLGRV YROiWLOHV HQWUH \ORVDJHQWHVSDWyJHQRV*DUFtD
0DKDPXGHWDOD/RVLQYHVWLJDGRUHV
UHFRPLHQGDQ VHJXLPLHQWR VXÀFLHQWHPHQWH
SURORQJDGRGHODVFDUDFWHUtVWLFDVGHORVELR
VyOLGRV SDUD TXH QR SURGX]FDQ LPSDFWR HQ
HODPELHQWH\FRQWULEX\DQDODSUHVHUYDFLyQ
\UHFXSHUDFLyQGHOPLVPR)HUUHLUD\
0DKDPXGHWDOE
(QOD$JHQFLDGH3URWHFFLyQ$P
ELHQWDOGH(8(3$VXVLJODHQLQJOpVGHÀQLy
GRVFODVHVGHELRVyOLGRVVHJ~QHOFRQWHQLGRGH
SDWyJHQRV&ODVH$[FROLIRUPHVIHFDOHV
ð103JGH6DOPRQHOODVSïGHKXHYRV
GHKHOPLQWRV\ï8)3GHYLUXVORVFXDOHV
VHSXHGHQXVDUVLQUHVWULFFLyQHQDJULFXOWXUD
\ODFODVH%[FROLIRUPHVIHFDOHVTXH
SUHVHQWDUHVWULFFLRQHV(3$
/D VHOHFFLyQ GH ORV PpWRGRV GH HVWDEL
OL]DFLyQ SDUD REWHQHU ELRVyOLGRV GH XQD GH
HVWDVFODVHVGLJHVWLyQDHURELDRDQDHURELD
FRPSRVWDMH\HVWDELOL]DFLyQDOFDOLQDGHSHQ
GHGHOXVRÀQDO0DKDPXGHWDODE
(QODHVWDELOL]DFLyQDOFDOLQDHOPDWHULDOVH
HQGXUHFHDOVHUH[SXHVWRDODLUHOLEUH\RFXUUH
ÀMDFLyQGHPHWDOHVSHVDGRVLQVROXELOL]DFLyQ
GHIyVIRUR\SpUGLGDVGHQLWUyJHQRSRUYRODWL
OL]DFLyQ(3$$QGUHROLHWDO
3DUDREWHQHUPDWHULDOFODVH$HVQHFHVD
ULRPDQWHQHUHOS+SRUHQFLPDGHXQLGDGHV
GXUDQWHK\XQDWHPSHUDWXUDGHƒ&SRU
K3DUDREWHQHUXQELRVyOLGRFODVH%HOS+
VHGHEHPDQWHQHUSRUHQFLPDGHXQLGDGHV
GXUDQWHK(3$/RVLQYHVWLJDGRUHV
TXHFRQVLGHUDQOD]RQDVHJXUDUHFRPLHQGDQ
PDQWHQHUWHPSHUDWXUDVPD\RUHVDž&GX
UDQWHKRPD\RUHVDž&SRUGtD\D
ž&SRUVHPDQD6WUDXFK
/DVSULQFLSDOHVGHVYHQWDMDVGHODHVWDEL
OL]DFLyQDOFDOLQDUDGLFDQHQTXHHOPDWHULDO
ÀQDOHVDSOLFDEOHSULQFLSDOPHQWHDVXHORViFL
GRV\HOYROXPHQGHELRVyOLGRVVHLQFUHPHQWD
SRUODDSOLFDFLyQGHFDOORTXHJHQHUDPD\RUHV
FRVWRVGHWUDQVSRUWH\WUDWDPLHQWRÀQDO0D
KDPXGHWDOD%DUULRV\&DELURO
'HVSXpVGHODHVWDELOL]DFLyQHQHOELRVyOLGROD
DOFDOLQLGDGWRWDODXPHQWD\GHVFLHQGHQHOQL
WUyJHQRDPRQLDFDO\HOIRVIRURWRWDO$QGUHROL
HWDO:LOOLIRUGHWDO
/D SUHVHQWH LQYHVWLJDFLyQ WXYR FRPR
REMHWLYR HYDOXDU OD UHGXFFLyQ GH SDWyJHQRV
PHGLDQWHHVWDELOL]DFLyQDOFDOLQDFRQFDOYLYD
HKLGUDWDGDGHORVELRVyOLGRVGHOD3ODQWDGH
7UDWDPLHQWRGH$JXDV5HVLGXDOHVGH&DxD
YHUDOHMR37$5&DOLFRQGRVFDUDFWHUtVWLFDV
GH KXPHGDG GHVKLGUDWDGRV VRODPHQWH HQ
ÀOWURSUHQVD\GHVKLGUDWDGRVHQÀOWURSUHQVD
\DWHPSHUDWXUDDPELHQWHSRUKRUDVDGL
FLRQDOHV
0DWHULDOHV\PpWRGRV
/D HWDSD H[SHULPHQWDO VH GHVDUUROOy HQ HO
iUHD GH PDGXUDFLyQ GH OD 3ODQWD 3LORWR GH
&RPSRVWDMH GH OD 37$5 &DxDYHUDOHMR GH OD
FLXGDG GH &DOL &RORPELD ž · ·· 1 \
ž···2PVQP/D37$5WUDWD
PVEDMRODPRGDOLGDGGH7UDWDPLHQWR
3ULPDULR$YDQ]DGR²73$HOORGRVHHVSHVD
VHGLJLHUHDQDHUyELFDPHQWH\VHGHVKLGUDWDHQ
ÀOWURSUHQVDSURGXFLHQGRDSUR[LPDGDPHQWH
WGtD GH ELRVyOLGRV FRQ D GH
KXPHGDG(0&$/,
3DUD HYDOXDU OD HVWDELOL]DFLyQ DOFDOLQD
VH HPSOHy XQ GLVHxR H[SHULPHQWDO FRPSOH
WDPHQWHDOD]DUFRQVHLVWUDWDPLHQWRV\GRV
UHSHWLFLRQHV &XDGUR 6H FRQVLGHUDURQ
GRVHVWDGRVGHKXPHGDGGHOELRVyOLGR
FRQGLFLyQQRUPDOK~PHGR\GHVKL
GUDWDFLyQDGLFLRQDODWHPSHUDWXUDDPELHQWH
HQWUH\ƒ&GXUDQWHKELRVyOLGRVHFR
(QODVSLODVGHELRVyOLGRVGHWVHDSOLFy
GHFDOKLGUDWDGD\FDOYLYD(QHO&XDGUR
VH SUHVHQWDQ ODV YDULDEOHV DQDOL]DGDV DO
FRPLHQ]R\DOÀQDOGHOHQVD\R
&RPR FRQVHFXHQFLD GHO DOWR Q~PHUR
GH H[SHULHQFLDV UHODFLRQDGDV FRQ HO WLHPSR
GH FRQWDFWR QHFHVDULR SDUD OD UHGXFFLyQ GH
SDWyJHQRV HQ ELRVyOLGRV HO VHJXLPLHQWR GHO
SURFHVRVHUHDOL]yGXUDQWHGtDV%RRVW\
3RRQ0DGHUDHWDO%LQDHWDO
$UDTXH7RUUHVHWDOPH
GLDQWHODPHGLFLyQGHODVYDULDEOHVTXHDSD
UHFHQHQHO&XDGURFRQIRUPDQGRPXHVWUDV
FRPSXHVWDVDWUDYpVGHOPpWRGRGHOFXDUWHR
(/,0,1$&,Ð1'(3$7Ð*(126(1%,26Ð/,'26325(67$%,/,=$&,Ð1$/&$/,1$
&XDGUR7UDWDPLHQWRVDSOLFDGRVHQHOHQVD\R3ODQWDGH7UDWDPLHQWRGH$JXDV5HVLGXDOHV
GH&DxDYHUDOHMR37$5&GH&DOL²
7UDW
QR
6XVWUDWR
%LRVyOLGRK~PHGR
NJWUDWDPLHQWR
%LRVyOLGRVHFR
NJWUDWDPLHQWR
0DWHULDO
DOFDOLQL]DQWH
7HVWLJR
&DOKLGUDWDGD
&DOYLYD
3URSRUFLyQ
DOFDOLQL]DQWH
7HVWLJR
&DOKLGUDWDGD
&DOYLYD
&XDGUR9DULDEOHV DQDOL]DGDV HQ ORV WUDWDPLHQWRV DSOLFDGRV DO FRPLHQ]R \ DO ÀQDO GHO HQVD\R
37$5&DxDYHUDOHMR&DOL
9DULDEOH
ÀVLFRTXtPLFD
8QLGDG
7pFQLFDGHPHGLFLyQ
S+
+XPHGDG
0DWHULDRUJiQLFD
1LWUyJHQRWRWDO
)yVIRURWRWDO
3RWDVLR
6RGLR1D
&DOFLR&D
0DJQHVLR0J
+LHUUR²)H
&REUH²&X
0DQJDQHVR²0Q
=LQF²=Q
8QLGDGHV
PJ.J
²
PHTPJ
PHTPJ
PHTPJ
PJNJ
PJNJ
PJNJ
PJNJ
3RWHQFLRPpWULFR
*UDYLPpWULFR
'LJHVWLyQWLWXODFLyQ
'LJHVWLyQWLWXODFLyQ
'LJHVWLyQWLWXODFLyQ
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
(VSHFWURIRWRPHWUtD
0LFURELROyJLFR\SDUDVLWROyJLFR
&ROLIRUPHVIHFDOHV
6DOPRQHOODVS
8)&J
3UHVHQFLD
+XHYRVGHKHOPLQWRV
++J
)LOWUDFLyQSRUPHPEUDQD
6LHPEUDHQPHGLR
VHOHFWLYR
%DLOLQJHU
PRGLÀFDGR
$SKD
&XDGUR9DULDEOHVHYDOXDGDV\IUHFXHQFLDGHPHGLFLyQ37$5&DxDYHUDOHMR&DOL
9DULDEOH
0HGLFLRQHVHQFDPSR
7HPSHUDWXUDž&
)UHFXHQFLD
+XPHGDG
0HGLFLRQHVGtDV\
S+XQLGDGHV
'tDFXDWURPHGLFLRQHVHQHOGtDFDGDK
GXUDQWHODVSULPHUDVK
'tDDOGRVPHGLFLRQHVGLDULDV
'tDXQDPHGLFLyQGLDULD
0LFURELROyJLFDV\SDUDVLWROyJLFDV
&ROLIRUPHVIHFDOHV8)&J
6DOPRQHOODVSSUHVHQFLD
+XHYRVGHKHOPLQWRV++J
'tDRFKRPHGLFLRQHVGLDULDVFDGDKRUD
GXUDQWHODVSULPHUDVK
'tDDOWUHVPHGLFLRQHVGLDULDV
'tDXQDPHGLFLyQGLDULD
0HGLFLRQHVGtDV\
0HGLFLRQHVGtDV\
0HGLFLRQHVGtDV\
$&7$$*521Ð0,&$S
(OGtDFHURVHFRQVLGHUzFRPRHOGtDGH
DSOLFDFLyQGHODOFDOLQL]DQWH
3DUDODVYDULDEOHVGHVHJXLPLHQWRGHOSUR
FHVRVHHPSOHDURQKHUUDPLHQWDVGHHVWDGtV
WLFDGHVFULSWLYDFRPRORVGLDJUDPDVGHFDMDV
SDUDHOS+\SDUDODVYDULDEOHVGHUHVSXHVWD
FROLIRUPHVIHFDOHV\KXHYRVGHKHOPLQWRVVH
HPSOHyHOPRGHORFRPSOHWDPHQWHDOD]DU
5HVXOWDGRV\GLVFXVLyQ
/RVELRVyOLGRVK~PHGR\VHFRPXHVWUDQSR
WHQFLDOLGDGGHXVRDJUtFRODSRUHOFRQWHQLGR
GHPDWHULDRUJiQLFD\QXWULHQWHV/DUHODFLyQ
&1VHHQFXHQWUDGHQWURGHOUDQJRSDUDORV
ELRVyOLGRVGHSODQWDVGHWUDWDPLHQWRGHDJXDV
UHVLGXDOHV $'(0( \ QR SUHVHQWDQ
UHVWULFFLyQ GHVGH HO SXQWR GH YLVWD ÀVLFR
TXtPLFR\GHFRQWHQLGRGHPHWDOHVSHVDGRV
FRPRKLHUURFREUHPDQJDQHVR\]LQFVHJ~Q
ODJXtDSDUDFRQWUROGHSDWyJHQRV\YHFWRUHV
HQ ORGRV \ ELRVyOLGRV GH OD (3$ VLQ
HPEDUJR SRU OD FDOLGDG PLFURELROyJLFD VH
FODVLÀFDQFRPRFODVH%&XDGUR
(QHOELRVyOLGRVHFRVHDOFDQ]yXQDUH
GXFFLyQDGLFLRQDOGHKXPHGDGGHDQWHV
GHODPH]FODFRQHODOFDOLQL]DQWH/DVFDUDF
WHUtVWLFDV ÀVLFRTXtPLFDV PLFURELROyJLFDV \
SDUDVLWROyJLFDVQRVHDOWHUDURQQRREVWDQWH
VH SUHVHQWy OD IRUPDFLyQ GH JUXPRV OR TXH
GLÀFXOWy OD PH]FOD GHO DOFDOLQL]DQWH FRQ HO
ELRVyOLGRIDFWRUQRGHVHDEOHHQODUHGXFFLyQ
GHSDWyJHQRV$QGUHROLHWDOIHQyPHQR
TXHWDPELpQREVHUYDURQ7RUUHVHWDO
HQFRPSRVWDMHGHELRVyOLGRVGHOD37$5&
&XDGUR&DUDFWHUL]DFLyQLQLFLDOGHOELRVyOLGR37$5&DxDYHUDOHMR&DOL
9DULDEOH
%LRVyOLGR
K~PHGR
%LRVyOLGR
VHFR
9DORUHVGH
UHIHUHQFLD
)LVLFRTXtPLFR
S+
²
+XPHGDG
²
0DWHULDRUJiQLFD
²
1LWUyJHQRWRWDO
5HODFLyQ&1
)yVIRURWRWDOPJNJ
²
²D
3RWDVLRPHTJ
6RGLRPHTJ
²
&DOFLRPHTJ
²
0DJQHVLRPHTJ
²
²
&,&PHTJ
D
+LHUUR)HPJNJ
&REUH&XPJNJ
E
0DQJDQHVR0QPJNJ
²
=LQF=QPJNJ
E
0LFURELROyJLFR\3DUDVLWROyJLFR
&ROLIRUPHVIHFDOHV8)&J
[
[
&ODVH$;E
&ODVH%;E
6DOPRQHOODVS
$XVHQFLD
$XVHQFLD
103J
+XHYRVGH+HOPLQWRV++J
&ODVH$++JE
3URFHGHQWHGHGLJHVWLyQDQDHURELD\GHVKLGUDWDFLyQHQÀOWURSUHQVD
%LRVyOLGRK~PHGRVRPHWLGRDXQDGHVKLGUDWDFLyQQDWXUDODGLFLRQDODWHPSHUDWXUDDPELHQWH
ƒ&SRUK
/tPLWHGHGHWHFFLyQGHOPpWRGR
D0HWFDOI\(GG\E (3$
(/,0,1$&,Ð1'(3$7Ð*(126(1%,26Ð/,'26325(67$%,/,=$&,Ð1$/&$/,1$
(VWDELOL]DFLyQDOFDOLQD
7HPSHUDWXUD/DDGLFLyQGHFDODXPHQ
WyODWHPSHUDWXUDGXUDQWHHOSULPHUGtDž&
\ž&VLHQGRODFDOYLYDUHVSRQVDEOHGHORV
PD\RUHVYDORUHV$XQTXHODVWHPSHUDWXUDV
HOHYDGDVQRSHUPDQHFLHURQGXUDQWHHOWLHP
SRPtQLPRUHFRPHQGDGRSRUOD(3$
SDUDORJUDUXQELRVyOLGRFODVH$)LJXUD
ODVH[SHULHQFLDVGHHVWDELOL]DFLyQDOFDOLQDGH
$UDTXH\7RUUHVHWDOPRVWUD
URQTXHELRVyOLGRVGHSODQWDVGHWUDWDPLHQWRV
GH DJXDV UHVLGXDOHV TXH QR FXPSOHQ HVWH
UHTXHULPLHQWRWDPELpQSXHGHQJDUDQWL]DUOD
REWHQFLyQGHXQELRVyOLGRGHHVWDFODVH(QHO
ELRVyOLGRVHFRODGLIHUHQFLDGHWHPSHUDWXUDV
HQWUHFDOYLYDYVKLGUDWDGDIXHPHQRUORTXH
PXHVWUDHOHIHFWRSRWHQFLDOGHODKXPHGDG
GHELGR D XQD PHQRU OLEHUDFLyQ GH FDORU HQ
%,26Ï/,'2+Ò0('2
OD UHDFFLyQ \ FRQVHFXHQWHPHQWH XQ PHQRU
DXPHQWRGHODPLVPD
+XPHGDG (O FRQWHQLGR GH KXPHGDG
ÀQDOYDULyHQWUH\SDUDHOELRVyOLGR
K~PHGR\HQWUH\SDUDHOVHFR/D
GHVKLGUDWDFLyQQDWXUDOGHOELRVyOLGRK~PHGR
GHVSXpVGHKQRDIHFWyVLJQLÀFDWLYDPHQWH
ORVYDORUHVÀQDOHVGHKXPHGDGFRQH[FHSFLyQ
GHO WUDWDPLHQWR FRQ FDO KLGUDWDGD TXH
SUHVHQWyHOYDORUPiVEDMR&XDGURFXP
SOLHQGRODUHFRPHQGDFLyQGHO,FRQWHF
GHYDORUHVPHQRUHVTXHSDUDSURGXFWRV
HQODLQGXVWULDDJUtFROD\PDWHULDOHVXWLOL]D
GRV FRPR IHUWLOL]DQWHV \ DFRQGLFLRQDGRUHV
(VWRVUHVXOWDGRVPXHVWUDQTXHSDUDFXPSOLU
ORVUHTXHULPLHQWRVSUREDEOHPHQWHVHUtDQH
FHVDULRSURORQJDUHOWLHPSRGHFRQWDFWRFRQ
HODOFDOLQL]DQWH
%,26Ï/,'26(&2
7 ( 6 7 ,* 2
7 ( 6 7 ,* 2
& $ / + ,' 5 $ 7 $ ' $
& $ / + ,' 5 $ 7 $ ' $
& $ / 9 ,9 $
7(03(5$785$
7(03(5$785$
& $ / 9 ,9 $
7LHPSR 'tDV
7LHPSR 'tDV
)LJXUD&RPSRUWDPLHQWRGHODWHPSHUDWXUDDWUDYpVGHOWLHPSRHQORVWUDWDPLHQWRV
37$5&DxDYHUDOHMR&DOL
&XDGUR&RPSRUWDPLHQWRGHODKXPHGDGDWUDYpVGHOWLHPSR37$5&DxDYHUDOHMR&DOL
0DWHULDO
3URSRUFLyQ
'tD
1R 7UDWDPLHQWR
DOFDOLQL]DQWH
GHDOFDOLQL]DQWH
%LRVyOLGR
K~PHGR
%LRVyOLGRVHFR
7HVWLJR
&DOKLGUDWDGD
&DOYLYD
7HVWLJR
&DOKLGUDWDGD
&DOYLYD
0RPHQWRGHWRPDGHPXHVWUDFXDQGRVHUHDOL]yODPH]FODHQWUHHOELRVyOLGR\HODOFDOLQL]DQWH
$&7$$*521Ð0,&$S
/DVFDOHVKLGUDWDGD\YLYDHQGRVLVGH
SHUPLWLHURQXQDUHGXFFLyQWRWDOGHFROLIRUPHV
IHFDOHV\KXHYRVGHKHOPLQWRVDOFDQ]DQGRXQ
ELRVyOLGRFODVH$DORVGtDVDGHPiVGX
UDQWHHOHQVD\RQRVHHQFRQWUySUHVHQFLDGH
VDOPRQHOODVS(VWRVUHVXOWDGRVFRQÀUPDQ
TXHVLHOS+VHPDQWLHQHDOWRSRUPiVGHK
DXQVLQFXPSOLUHOUHTXLVLWRGHWHPSHUDWXUD
HVVXÀFLHQWHSDUDREWHQHUXQELRVyOLGRTXHQR
JHQHUDULHVJRGHPLFURRUJDQLVPRVSDWyJHQRV
$UDTXH7RUUHVHWDO
S+&RQODGRVLVGHFDOXWLOL]DGDHOS+
DXPHQWyDYDORUHVGHXQLGDGHV)LJXUD
FXPSOLHQGR FRQ ODV UHFRPHQGDFLRQHV GH OD
(3$SDUDUHGXFFLyQGHSDWyJHQRV
0LFURELROyJLFR\SDUDVLWROyJLFR
$XQTXHHQHVWHHVWXGLRVHHPSOHyXQGLVHxR
H[SHULPHQWDOQRIXHSRVLEOHUHDOL]DUHODQi
OLVLVGHYDULDQ]D\DTXHORVUHVXOWDGRVGHODV
YDULDEOHV GH UHVSXHVWD FROLIRUPHV IHFDOHV
\ KXHYRV GH KHOPLQWRV DO ÀQDO GHO HQVD\R
IXHURQFHURSDUDORVWUDWDPLHQWRVFRQFDO
&XDGUR
%LRVyOLGR
7HVWLJ
%LRVyOLGR
%LRVyOLGR
7HVWLJR 7HVWLJ 7HVWLJR &
%LRVyOLGR
&+ &
&+
%LRVyOLGR
%LRVyOLGR
&9 &9
&9 &9
S+
7UDWDPLHQWRV
)LJXUD'LDJUDPDGHER[SORWSDUDS+HQELRVyOLGRVWUDWDGRV37$5&DxDYHUDOHMR&DOL
&+ FDOKLGUDWDGD&9 FDOYLYD' GXSOLFDGR YDORUDWtSLFR
&XDGUR5HVXOWDGRVGHFROLIRUPHVIHFDOHV\KXHYRVGHKHOPLQWRVORVGuDV\37$5&DxDYHUDOHMR&DOL
'tD
%LRVyOLGR
%LRVyOLGRK~PHGR
7UDWDPLHQWR
7HVWLJR
&)
++
&)
++
&)
[
[
[
++
%LRVyOLGRVHFR
7HVWLJR
[
[
%LRVyOLGRK~PHGR
FDOKLGUDWDGD
%LRVyOLGRVHFR
FDOKLGUDWDGD
%LRVyOLGRK~PHGR
FDOYLYD
%LRVyOLGRVHFR
FDOYLYD
[
&)&ROLIRUPHV)HFDOHV8)&J+++XHYRVGHKHOPLQWRV++J
(/,0,1$&,Ð1'(3$7Ð*(126(1%,26Ð/,'26325(67$%,/,=$&,Ð1$/&$/,1$
&DUDFWHUtVWLFDVÀVLFRTXtPLFDV
(QHOGtDORVWUDWDPLHQWRVWHVWLJRSUHVHQWD
URQYDORUHVÀQDOHVVLPLODUHV&XDGURLQGL
FDQGRTXHQRH[LVWHXQHIHFWRVLJQLÀFDWLYRSRU
ODUHGXFFLyQGHKXPHGDGDSOLFDGDDOELRVyOLGR
VHFR7RGRVORVWUDWDPLHQWRVPRVWUDURQVX
SRWHQFLDOLGDGGHXVRHQODDJULFXOWXUDGHELGR
DODOWRFRQWHQLGRGHQXWULHQWHVDGLFLRQDOPHQ
WHQRSUHVHQWDQUHVWULFFLyQSRUHOFRQWHQLGR
GHPDQJDQHVR]LQFFREUH\KLHUURGHDFXHUGR
FRQODVUHFRPHQGDFLRQHVGH(3$
/RV YDORUHV ÀQDOHV GH S+ IXHURQ DOWRV
SRU WDQWR HV UHFRPHQGDEOH UHDOL]DU XQD
QHXWUDOL]DFLyQ GH ORV VyOLGRV DQWHV GH VX
XVRHQDJULFXOWXUDRDSOLFDFLyQHQVXHORVFRQ
SUREOHPDVGHDFLGH]6HSUHVHQWyUHGXFFLyQ
GH OD PDWHULD RUJiQLFD QLWUyJHQR \ IyVIRUR
HQORVWUDWDPLHQWRVGHELGRDODYRODWLOL]DFLyQ
GHFDUERQR\QLWUyJHQRSRUHODXPHQWRGHOD
WHPSHUDWXUD\HOS+HQHOSURFHVRGHHVWDEL
OL]DFLyQDOFDOLQDORTXHVHUHÁHMyHQXQDX
PHQWRGHODUHODFLyQ&1(OEDMRFRQWHQLGR
GH IyVIRUR PRVWUDGR &XDGUR IXH GHELGR
SUREDEOHPHQWHDODUHDFFLyQGHLQPRYLOL]DFLyQ
GHOPLVPRIRUPDQGRSUHFLSLWDGRVGHIRVIDWRV
GHFDOFLR)HUQDQGHV\6RX]D0pQGH]
HWDO$QGUHROLHWDO:LOOLIRUGHW
DO(O]LQF\HOPDQJDQHVRVRQLQPR
YLOL]DGRVDYDORUHVGHS+HOHYDGRVFRQYLUWLpQ
GRVHHQHOHPHQWRVLQVROXEOHVFRQGLFLyQTXH
VHUHÁHMDHQORVYDORUHVEDMRVÀQDOHVGHHVWRV
HOHPHQWRVREWHQLGRVHQHVWHHVWXGLR
(ODXPHQWRGHFREUHHQORVWUDWDPLHQWRV
FRQFDOPXHVWUDTXHHVWHHOHPHQWRSXHGHHV
WDUSUHVHQWHFRPRWUD]DVHQODFDOFRQGLFLyQ
DVRFLDGDFRQHOWLSR\ODIXHQWHGHODPLVPD
8QDYH]RFXUUHODPH]FODFDOELRVyOLGRHOFR
EUHSXHGHSDVDUDXQDIRUPDPiVVROXEOHOR
TXHVHUHÁHMyHQHODXPHQWRGHVXFRQWHQLGR
DOÀQDOGHOH[SHULPHQWR-DPDOLHWDO
HQFRQWUDURQTXHHOFRQWHQLGRGHPHWDOHVHQ
HO ORGR GLVPLQX\y GHVSXpV GH OD DSOLFDFLyQ
GHFDO\DTXHVHUHGXMRVXGLVSRQLELOLGDGD
DOWRV S+ FRQ H[FHSFLyQ GH FDGPLR \ FREUH
TXH DXPHQWDURQ VX PRYLOLGDG R \
FRQVHFXHQWHPHQWHVXGLVSRQLELOLGDGSDUDODV
SODQWDVFRUURERUDQGRHODXPHQWRGHFREUHHQ
ORVWUDWDPLHQWRV\ODGLVPLQXFLyQGHKLHUUR
PDQJDQHVR\]LQF
&XDGUR5HVXOWDGRVÀVLFRTXtPLFRVGHVyOLGRVÀQDOHVGHELRVyOLGRV37$5&DxDYHUDOHMR&DOL
9DULDEOHVXVWUDWR
S+
%LRVyOLGR
%LRVyOLGR
%LRVyOLGR
%LRVyOLGR
%LRVyOLGR
%LRVyOLGR
9DORU
K~PHGR
VHFR
K~PHGR
VHFR
K~PHGR
VHFR
UHIHUHQFLD
WHVWLJR
WHVWLJR
FKD
FYE
FK
FY
²F
²D
+XPHGDG
02
1LWUyJHQRWRWDO
²
G
5HODFLyQ&1
3WRWDOPJNJ
²G
²
.PHTJ
²
1DPHTJ
²
&DPHTJ
²
0JPHTJ
²
&,&PHTJ
²
)HPJNJ
²
&XPJNJ
H
0QPJNJ
²
=QPJNJ
H
3URFHGHQWHGHGLJHVWLyQDQDHURELD\GHVKLGUDWDFLyQ
6RPHWLGRDXQDGHVKLGUDWDFLyQQDWXUDODWHPSHUDWXUDDPELHQWHƒ&SRUK
D FDOKLGUDWDGDE FDOYLYDF 0HWFDOI\(GG\G )HUQiQGH]\GH6RX]DH (3$
$&7$$*521Ð0,&$S
&RQFOXVLRQHV
/RVUHVXOWDGRVREWHQLGRVHQHVWHHVWXGLRSHU
PLWHQFRQFOXLUORVLJXLHQWH
% (O VHFDGR DGLFLRQDO D WHPSHUDWXUD DP
ELHQWHSRUKIDYRUHFLyODIRUPDFLyQGH
JUXPRV OR TXH GLÀFXOWy ODV ODERUHV GH
KRPRJHQL]DFLyQGHOVXVWUDWRFRQORVDOFD
OLQL]DQWHV
% (QODVSLODVGHWFRQGHFDOYLYDH
KLGUDWDGDVHDXPHQWyHOS+DYDORUHVVX
SHULRUHVDXQLGDGHVHOWLHPSRVXÀFLHQWH
SDUDUHGXFFLyQGHSDWyJHQRV\SDUiVLWRV
DOFDQ]DQGRXQELRVyOLGRFODVH$VLQFXP
SOLU ORV UHTXHULPLHQWRV GH WHPSHUDWXUD
UHFRPHQGDGRV
% /DFDOLGDGÀVLFRTXtPLFDGHORVELRVyOLGRV
KLJLHQL]DGRVFRQFDOPRVWUyVXSRWHQFLD
OLGDGGHDSOLFDFLyQVLQQLQJXQDUHVWULFFLyQ
FRQH[FHSFLyQGHOS+
$JUDGHFLPLHQWRV
/RVDXWRUHVDJUDGHFHQD(0&$/,(,&((63\
DOD8QLYHUVLGDGGHO9DOOHSRUHODSR\RÀQDQ
FLHURSDUDODHMHFXFLyQGHHVWHHVWXGLR
5HIHUHQFLDV
$'(0($JHQFHGHO·HQYLURQQHPHQWHWGHOD
0DLWULVH GH O·HQHUJLH 'pFKHWV RU
JDQLTXHV&RPSRVWVGHERXHVGHVWDWLRQV
G·pSXUDWLRQV PXQLFLSDOHV TXDOLWpV DJUR
QRPLTXHVHWXWLOLVDWLRQ$'(0(eGLWLRQV
)UDQFH6HSWHPEUHQRS
$QGUHROL&9)HUUHLUD$&&KHUXELQL&
5RGULJXHV&&DUQHLUR&\)HUQDQGHV
) +LJLHQL]DomR GR ORGR GH HVJRWR
(Q$EHV²3URVDEHG5HVLGXRVVROLGRV
GRVDQHDPHQWRSURFHVDPHQWRUHFLFODMHP
\GLVSRVLomRÀQDO%UDVLOS
$SKD$ZZD:HI 6WDQGDUG PHWKRGV
IRU WKH H[DPLQDWLRQ RI ZDWHUV DQG ZDV
WHZDWHUVWKHGLWLRQ1XHYD<RUN$PHU
3XEOLF+HDOWK$VVRFS
$UDTXH 0 3 (YDOXDFLyQ GH ORV WUD
WDPLHQWRVWpUPLFR\DOFDOLQRHQODGHVLQ
IHFFLyQ GHO ORGR JHQHUDGR HQ OD 37$5 (O
6DOLWUH0DHVWUtDHQ,QJHQLHUtD$PELHQWDO
%RJRWi&RORPELD8QLYHUVLGDGGHORV$Q
GHVS
%DUULRV-$\&DELURO1(VWDELOL]D
FLyQ GH ORGRV (Q &RQJUHVR ,QWHUDPHUL
FDQRGH,QJHQLHUtD6DQLWDULD\$PELHQWDO
&DQF~Q0p[LFRGHRFWXEUH
S
%DLOLQJHU - 0HFKDQLVPV RI SDUDVL
WRORJLFDO FRQFHQWUDWLRQ LQ FRSURORJ\ DQG
WKHLUSUDFWLFDOFRQVHTXHQFHV-$P0HG
7HFKQRO
%LQD%0RYDKHGLDQ+\.RUG,7KH
(IIHFWRIOLPHVWDELOL]DWLRQRQWKHPLFURELR
ORJLFDOTXDOLW\RIVHZDJHVOXGJH,UDQLDQ-
(QY+HDOWK6FL(QJ
%RRVW09\3RRQ&67KHHIIHFW
RIDPRGLÀHGPHWKRGRIOLPHVWDELOLVDWLRQ
VHZDJH WUHDWPHQW RQ HQWHULF SDWKRJHQV
(QYLURP,QWHUQ
(0&$/, (PSUHVDV 0XQLFLSDOHV 'H &DOL
,QIRUPH HMHFXWLYR GH RSHUDFLyQ
PDU]R*HUHQFLDGH$FXHGXFWR\$O
FDQWDULOODGR&DOLS
(3$(QYLURPHQWDO3URWHFWLRQ$JHQF\
&RQWURORISDWRJHQVDQGYHFWRUDWWUDFWLRQ
LQVHZDJHVOXGJHXQGHU&)5SDUW
2IÀFH RI :DWHU2IÀFH 6FLHQFVH DQG 7HF
QRORJ\6OXGJH5LVN$VVHVVPHQW%UDQFK
:DVKLQJWRQS
(3$(QYLURPHQWDO3URWHFWLRQ$JHQF\
%LRVROLGVJHQHUDWLRQXVHDQGGLVSRVDOLQ
WKH 8QLWHG 6WDWHV 2IÀFH RI 6ROLG :DVWH
(VWDGRV8QLGRVS
)HUQDQGHV)\'HVRX]D6(VWDELOLomR
GHORGRGHHVJRWR(Q$EHV<3URVDEHG
5HVLGXRVVROLGRVGRVDQHDPHQWRSURFHVD
PHQWRUHFLFODMHP\GLVSRVLomRÀQDO%UDVLO
S
)HUUHLUD : (VWXGR GH SDWyJHQRV H
PHWDLVHPORGRGLJHULGREUXWRHKLJLHQL]DGR
SDUDÀQVDJUtFRODVGDVHVWDo}HVGHWUDWD
PHQWRGHHVJRWRVGDLOKDGR*RYHUQDGRUH
GD3HQKDQR(VWDGRGR5LRGH-DQHLUR7H
VLVGH0DHVWUtD%UDVLO)XQGDFLyQ2VZDOGR
&UX](VFXHODGH6DOXG3~EOLFDS
*DUFtD 2 1 /RGRV UHVLGXDOHV HV
WDELOL]DFLyQ \ PDQHMR &DRV FRQFLHQFLD
,FRQWHF 1RUPD 7pFQLFD &RORPELDQD
17& 3URGXFWRV SDUD OD LQGXVWULD
DJUtFROD\PDWHULDOHVXVDGRVFRPRIHUWLOL
]DQWHV\DFRQGLFLRQDGRUHV&RORPELD
-DPDOL0..D]L7*$UDLQ0%$IULGL
+,0HPRQ$5-DOEDQL1\6KDK$
8VH RI VHZDJH VOXGJH DIWHU OLPLQJ
(/,0,1$&,Ð1'(3$7Ð*(126(1%,26Ð/,'26325(67$%,/,=$&,Ð1$/&$/,1$
DVIHUWLOL]HUIRUPDL]HJURZWK3HGRVSKHUH
0DGHUD&3HxD00DUD'\0XxR]1
7UHDWPHQWDQGGLVLQIHFWLRQRIELRVR
OLGVIURPDQDHURELFSRQGVOLPHDSSOLFDWLRQ
RUQDWXUDOGU\LQJ"(Q:DVWHVWDELOLVDWLRQ
SRQGVSRQGWHFKQRORJ\IRUWKHQHZPLOOHQ
QLXP&RQIHUHQFH,:$$XFNODQG1XHYD
=HODQGDS²
0DKDPXG 0 *XWLHUUH] $ \ 6DVWUH +
D%LRVyOLGRVJHQHUDGRVHQODGHSXUD
FLyQGHDJXDV,3ODQWHDPLHQWRGHOSUREOH
PD,QJHQLHUtDGHO$JXD
0DKDPXG 0 *XWLHUUH] $ \ 6DVWUH +
E%LRVyOLGRVJHQHUDGRVHQODGHSXUD
FLyQGHDJXDV,,0pWRGRVGHWUDWDPLHQWR
,QJHQLHUtDGHO$JXD
0pQGH]-0-LPpQH]%(\6DOJDGR*
9(IHFWRGHODPRQLDFRHQODHVWDELOL
]DFLyQDOFDOLQDGHORGRVUHVLGXDOHV&RQJUH
VR,QWHUDPHULFDQRGH,QJHQLHUtD6DQLWDULD
\$PELHQWDO&DQF~Q0p[LFR
GHRFWXEUHS
0HWFDOI\(GG\:DVWHZDWHUHQJLQHHULQJ
WUHDWPHQWDQGUHXVH)RXUWKHGLWLRQ1XHYD
<RUN86$0F*UDZ+LOOS
6WUDXFK'3DWKRJHQLFPLFURRUJDQLV
PVLQVOXGJH$QDHURELFGLJHVWLRQDQGGLV
LQIHFWLRQPHWKRGVWRPDNHXVDEOHIHUWLOLVHU
(XURS:DWHU0DQDJ
7RUUHV33pUH]$(VFREDU-8ULEH,H
,PHU\5&RPSRVWDMHGHELRVyOLGRV
GHSODQWDVGHWUDWDPLHQWRGHDJXDVUHVL
GXDOHV(QJHQKDULD$JULF
7RUUHV 3 0DGHUD & $ \ 0DUWtQHV *
(VWDELOL]DFLyQDOFDOLQDGHELRVyOLGRV
FRPSRVWDGRV GH SODQWDV GH WUDWDPLHQ
WR GH DJXDV UHVLGXDOHV GRPpVWLFDV SDUD
DSURYHFKDPLHQWRDJUtFROD5HY)DF1DF
$JURQ0HGHOOLQ
:LOOLIRUG & &KHQ : 6KDPPDV 1 .
\ :DQJ / . /LPH VWDELOL]DWLRQ
ELRVROLGVWUHDWPHQWSURFHVVHV+DQGERRN
(QYLURQ(QJLQ7RWRZD1-+XPDQD3UHVV
,QF
Descargar