3DVDM&LHQF ,661 $OLPHQWDFLyQ\UHQGLPLHQWRHVFRODUHQDGROHVFHQWHV 0&DUPHQ*DUFtD0RUDOHV 3URIHVRUDGH%LRORJtD\*HRORJtD ,(6$QWRQLRGH0HQGR]D$OFDOiOD5HDO-DpQ (Q OD DFWXDOLGDG REVHUYDPRV FRQ UHODWLYD IUHFXHQFLD \ EDVWDQWH SHVDU XQ EDMR UHQGLPLHQWRHVFRODUHQWUHHODOXPQDGRGHODHQVHxDQ]DVHFXQGDULD&XDQGRVHDQDOL]DQ ORV IDFWRUHV FDXVDOHV VH VXHOHQ FLWDU OD PRWLYDFLyQ GHO DOXPQDGR OD IDOWD GH HVIXHU]R R LQWHUpV OD FDUHQFLD GH KiELWRV GH HVWXGLR«7RGRV HOORV WLHQHQ XQ FODUR FRPSRQHQWH SVLFROyJLFRSHUR¢FyPRLQÀX\HHOFRPSRQHQWHRUJiQLFR" 'HVGH TXH QDFHPRV OD FRPLGD HV DOJR EiVLFR SDUD OD VXSHUYLYHQFLD &RPHU QR HV VRODPHQWH VDFLDU HO LQVWLQWR GH KDPEUH VLQR PXFKR PiV 8QD EXHQD DOLPHQWDFLyQ HV DTXHOOD TXH DSRUWD DO RUJDQLVPR WRGRV ORV QXWULHQWHV TXH QHFHVLWDSDUDODUHQRYDFLyQFHOXODUGHELGR DO GHVJDVWH QDWXUDO TXH VXSRQH HO KHFKR GHYLYLU\HQHOFDVRGHORVDGROHVFHQWHV TXH SHUPLWD XQ DGHFXDGR GHVDUUROOR HQ HVD HWDSD GHFLVLYD GH OD YLGD 0XFKDV SDWRORJtDV WLHQHQ FRPR FDXVD OD IDOWD GH GHWHUPLQDGRVQXWULHQWHVTXHODQ]DQFRPR VHxDOGHDODUPDGLVWLQWRVVtQWRPDV )LJXUD'HWDOOHGHODFRPLGDGHOUHFUHRGHXQDDOXPQD *HQHUDFLyQ WUDV JHQHUDFLyQ VH XQERFDGLOORGHHPEXWLGR\XQEDWLGRGHFKRFRODWH KDQ VHJXLGR WUDGLFLRQHV FXOLQDULDV \ DOLPHQWLFLDV WHQLHQGR FRPR SDUDGLJPD OD VDOXGDEOH GLHWD PHGLWHUUiQHD TXH GHVDIRUWXQDGDPHQWHVHKDQYLVWRLQÀXLGDVHQODV~OWLPDVGpFDGDVSRUKiELWRVDOLPHQWLFLRV QRWDQUHFRPHQGDEOHVSDUDODVDOXG3UHFLVDPHQWHORVDGROHVFHQWHVVRQXQJUXSRHQHO TXHHVWDVQXHYDVLQÀXHQFLDVHQODIRUPDGHDOLPHQWDUVHHVWiQPiVPDUFDGDVTXHHQRWURV WUDPRVGHHGDGGHODSREODFLyQHVSDxROD (VWHDUWtFXORSUHWHQGHDSRUWDUXQDEUHYH\VRPHUDLQIRUPDFLyQGHODUHODFLyQHQWUH HOHVWDGRQXWULFLRQDOGHORVDOXPQRV\VXLQÀXHQFLDHQVXUHQGLPLHQWRDFDGpPLFR $GROHVFHQFLD /DDGROHVFHQFLDHVXQDHWDSDGHODYLGDPDUFDGDSRULPSRUWDQWHVFDPELRVHPRFLRQDOHV VRFLDOHV\¿VLROyJLFRV6HH[WLHQGHGHVGHODSXEHUWDGKDVWDDSUR[LPDGDPHQWHORVYHLQWH DxRVHQODV~OWLPDVGpFDGDVVHKDLGRDXPHQWDQGRVXGXUDFLyQSRUFDXVDVVRFLDOHV$ WUDYpVGHORVFDPELRVTXHVHSURGXFHQHQHVWDHWDSDGLItFLOVHGH¿QLUiODSHUVRQDDGXOWD \VHGHVDUUROODUiQWRGDVODVSRWHQFLDOLGDGHVTXHHVWiQDKRUDHQHODGROHVFHQWH6HVXHOH GDUXQSHUtRGRGHXQRVDPHVHVHQHOFXDOHOULWPRGHFUHFLPLHQWRVHDFHOHUDSRUOR TXHHVQRUPDOTXHHODGROHVFHQWHLQFUHPHQWHVXDSHWLWR\TXHHQRFDVLRQHVVLHQWDVXHxR \FDQVDQFLR /RV DGROHVFHQWHV EXVFDQ XQD LGHQWLGDG SURSLD VH GHFLU XQ GHVDUUROOR GH VX SHUVRQDOLGDGSDUDGLIHUHQFLDUVHGHVXIDPLOLDHQHOWUDQVFHQGHQWDOSURFHVRGHE~VTXHGD GH DXWRQRPtD H LQGHSHQGHQFLD GH WRGR VHU KXPDQR (Q HVH SURFHVR ORV DGROHVFHQWHV EXVFDQ³PRGHORV´DLPLWDU$OJXQRVWLHQHQGL¿FXOWDGHVSDUDDMXVWDUVXLPDJHQFRQVXV 0DUtDGHO&DUPHQ*DUFtD0RUDOHV SRVLELOLGDGHVUHDOHV$GTXLULUXQDDGHFXDGD LGHQWLGDGHVGH¿QLWLYRSDUDSRVWHULRUPHQWH FRQVHJXLU XQD PDGXUH] /DV WHRUtDV WUDGLFLRQDOHVKDQGHVFULWRDODDGROHVFHQFLD FRPR XQD HWDSD GH FRQÀLFWRV \ WHQVLRQHV SHUR OR FLHUWR HV TXH VyOR XQ VXIUH SUREOHPDV \ GHVDMXVWHV SVtTXLFRV (Q ORV FDVRV H[WUHPRV ORV DGROHVFHQWHV PXHVWUDQ XQDV FRQGXFWDV DQWH ODV FXDOHV SDGUHV \ SURIHVRUHVWLHQHQTXHEXVFDUUHFXUVRVSDUD WUDWDU GH UHFRQGXFLU VLWXDFLRQHV &RQ HO LQLFLRGHODSXEHUWDGHQHOSODQRELROyJLFR VHSURGXFHXQDH[SORVLyQGHKRUPRQDVTXH )LJXUD(QHVWDIRWRREVHUYDPRVHOFRQVXPRGHXQ YDQ D GHWHUPLQDU ORV FDUDFWHUHV VH[XDOHV VQDFNVGHPDt]FRQEDVWDQWHVDGLWLYRVDOLPHQWDULRV VHFXQGDULRV (VWD UHDFFLyQ KRUPRQDO HV SHURFRQEDMRYDORUQXWULWLYR OD TXH SURYRFD HO FDPELR GHO DGROHVFHQWH FRQVLJRPLVPR\FRQVXPHGLR(QHOSODQR FRJQLWLYR VH SURGXFH XQ DXPHQWR GHO VHQWLGR FUtWLFR TXH SRGUi VRFDYDU ODV UHODFLRQHV IDPLOLDUHV\HVFRODUHV(OFXHVWLRQDPLHQWRGHODVUHJODVHVWDEOHFLGDVXQLGRDVXIDOWDGH H[SHULHQFLDYLWDOOHVOOHYDDVLWXDFLRQHVPX\UtJLGDV\H[WUHPDV (QHOSODQRSVLFROyJLFR\VRFLDOVXPXQGRGHUHIHUHQFLDVHH[WLHQGH(QPXFKRV FDVRVVHREVHUYDORTXHVHGHQRPLQD³SUHVLyQGHJUXSR´HVGHFLUFHGHQDQWHSUHIHUHQFLDV SHUVRQDOHVROHVFXHVWDPRVWUDUODVFRQVLQFHULGDGDFDPELRGHTXHHOJUXSRGHDPLJRVORV DFHSWHSDUDQRTXHGDUDSDUWDGRV $QWH HVWH SDQRUDPD ORV DGXOWRV WHQHPRV TXH VHU SURDFWLYRV \ QR UHDFWLYRV DQWH VXVFRPSRUWDPLHQWRV'DUOHVDIHFWRVDEHUSRQHUOHOtPLWHVFRPRH[SOLFDHQVXOLEUROD SVLFyORJD0-HV~VÈODYD5H\HV³(O12WDPELpQD\XGDDFUHFHU´ 5HTXHULPLHQWRVQXWULFLRQDOHV 3RUWDQWRHQODDGROHVFHQFLDODDOLPHQWDFLyQFREUDXQDHVSHFLDOLPSRUWDQFLDGHELGR DTXHORVUHTXHULPLHQWRVQXWULFLRQDOHVVRQHOHYDGRVSDUDKDFHUIUHQWHDHVWRVFDPELRVTXH DFRQWHFHQ\HVQHFHVDULRDVHJXUDUXQDGHFXDGRDSRUWHGHHQHUJtD\QXWULHQWHVSDUDHYLWDU VLWXDFLRQHVFDUHQFLDOHVTXHSXHGDQRFDVLRQDUDOWHUDFLRQHV\WUDVWRUQRVGHODVDOXG 3DUDTXHVHLQLFLHGHIRUPDDUPyQLFDODPDGXUDFLyQGHPHQWH\FXHUSRVHQHFHVLWD XQDFRUUHFWDQXWULFLyQ&RPHQ]DUODDGROHVFHQFLDHVLQLFLDUHOGHVDUUROORItVLFRHPRFLRQDO HLQWHOHFWXDO6XSRQHLQLFLDUVHHQHOSHQVDPLHQWRDEVWUDFWRHLUGHMDQGRDWUiVHOPXQGR FRQFUHWR GH OD LQIDQFLD 6XUJH DVt XQ FXHVWLRQDPLHQWR \ UHYLVLyQ GH OR DSUHQGLGR \ HVWR UHSHUFXWH WDPELpQ HQ OD DOLPHQWDFLyQ 'H WDO IRUPD TXH FRPLGDV TXH UHDOL]DEDQ FRWLGLDQDPHQWH SXHGHQ VHU UHFKD]DGDV (V DGHFXDGR UHVSRQGHUOHV FRQ UD]RQDPLHQWRV \DUJXPHQWRVFLHQWt¿FRVTXHVHDQFRPSUHQVLEOHV(VQRUPDOHQHVWDHWDSDODFRQIXVLyQ HPRFLRQDO \ ORV FRQÀLFWRV TXH YDQ D WHQHU VX UHSHUFXVLyQ HQ OD IRUPD GH DOLPHQWDUVH WLSRVGHDOLPHQWRVFDQWLGDG«/DVFKLFDVVHGHVDUUROODQDQWHVTXHORVFKLFRV\HQXQ SHUtRGRPiVFRUWRGHWLHPSRSRUORTXHHPSLH]DXQDGLIHUHQFLDFLyQFRQUHVSHFWRDODV QHFHVLGDGHVQXWULFLRQDOHV\FDOyULFDVGHDPERVVH[RV(QHOFDVRGHODVFKLFDVDSDUWLU GH OD PHQDUTXLD VH UHTXLHUH HO DXPHQWR GH QXWULHQWHV FRPR HO KLHUUR /RV SUREOHPDV HPRFLRQDOHVWLHQHQXQHIHFWRVREUHODDOLPHQWDFLyQSXGLpQGRVHGHVHQFDGHQDUWUDVWRUQRV GHODFRQGXFWDDOLPHQWLFLDFRPRDQRUH[LDREXOLPLD/DVPRGDVGHWHUPLQDQXQRVFiQRQHV TXHÀXFW~DQ\HVQHFHVDULRVXSHUDUODLQÀXHQFLDGHHVRVFULWHULRVH[WHUQRVDODKRUDGH DOLPHQWDUVH+D\TXHKDFHUORSRVLEOHSRULQIRUPDU\FRQFLHQFLDUDORVDGROHVFHQWHVSDUD TXHQRFRPHWDQIDOORVTXHSXHGDQWHQHUFRQVHFXHQFLDVVREUHVXVDOXGHQDxRVYHQLGHURV 0XFKDVHQIHUPHGDGHVGHODHGDGDGXOWDWLHQHQVXJHUPHQHQODDGROHVFHQFLD\HVWRHVDVt 3DVDM&LHQF $OLPHQWDFLyQ\UHQGLPLHQWRHVFRODUHQDGROHVFHQWHV WDPELpQFRQODVFDUHQFLDVRH[FHVRVDOLPHQWLFLRV $ODKRUDGHGLVHxDUXQDFRUUHFWDODDOLPHQWDFLyQGHODGROHVFHQWHKD\TXHWHQHUHQ FXHQWDORVVLJXLHQWHVIDFWRUHV x &RQRFHUORVUHTXHULPLHQWRVQXWULFLRQDOHV x (OHJLUORVDOLPHQWRVTXHJDUDQWL]DQXQDGLHWDVX¿FLHQWHHQHQHUJtD\QXWULHQWHVSDUD TXHODGLHWDVHDVX¿FLHQWHYDULDGD\HTXLOLEUDGD x 2UJDQL]DU\HVWUXFWXUDUHOUHSDUWRGHDOLPHQWRVDORODUJRGHOGtD x &RQRFHUDTXHOODVVLWXDFLRQHVHQODVTXHVHGHEHOOHYDUDFDERDOJXQDPRGL¿FDFLyQ GHODGLHWD /RV UHTXHULPLHQWRV QXWULFLRQDOHV GHO DGROHVFHQWH HVWiQ FRQGLFLRQDGRV SRU ORV FDPELRVELROyJLFRVGHODHWDSDFRPRODPDGXUDFLyQVH[XDOHODXPHQWRGHODWDOOD\HO SHVR 3URFHVRV TXH FRQOOHYDQ XQ JDVWR PHWDEyOLFR LPSRUWDQWH GH QXWULHQWHV \ HQHUJtD 6HJDQDDSUR[LPDGDPHQWHHOGHODWDOOD\HOGHOSHVRGHXQDGXOWRORTXHVH WUDGXFHHQXQLQFUHPHQWRGHODPDVDyVHD\PXVFXODU 0DFURQXWULHQWHV/DVUHFRPHQGDFLRQHVGLHWpWLFDV5'$GH)RRGDQG1XWULFLRQ %RDUGRIWKH1DWLRQDO5HVHDUFK&RXQFLOUHVSHFWRGHHQHUJtD.FDOGtD\SURWHtQDVJ GtDSDUDDGROHVFHQWHVHVSHFL¿FDQODVFDQWLGDGHVDGHFXDGDVVLHQGRGHXQDXQ GHSURWHtQDVGHO9&7YDORUFDOyULFRWRWDO6HUHFRPLHQGDTXHXQGHHVH9&7VHD GHJO~FLGRV\XQGHOtSLGRVFRQXQDDGHFXDGDSURSRUFLyQGHiFLGRVJUDVRVVDWXUDGRV PRQRLQVDWXUDGRVSROLLQVDWXUDGRV 6HGHEHWRPDUVX¿FLHQWHFDQWLGDGGHDJXDXQRVGRVOLWURVFDGDGtD\XQDFDQWLGDG PRGHUDGDGHEHELGDVD]XFDUDGDV6HGHEHLQVLVWLUHQORVHIHFWRVGDxLQRVGHODOFRKROHQ HVWDHWDSDGHODYLGD 0LFURQXWULHQWHV &DEH GHVWDFDU PLQHUDOHV FUXFLDOHV HQ OD DGROHVFHQFLD &DOFLR +LHUUR \ =LQF (O FDOFLR HV HO PLQHUDO TXH DOFDQ]D HQ QXHVWUR RUJDQLVPR PD\RUHVFRQFHQWUDFLRQHVHQWRUQRDJHQHODGXOWR(VHVHQFLDOSDUDHOFRUUHFWR IXQFLRQDPLHQWRGHORVVLVWHPDVQHUYLRVR\PXVFXODUHOFUHFLPLHQWRGHODPDVDyVHDDVt FRPRHQODIXQFLyQFDUGtDFDHQODUHJXODFLyQGHODPLWRVLV\ODVHFUHFLyQKRUPRQDO6H UHFRPLHQGDQXQRVPJGtD/DGLVSRQLELOLGDGHVGLIHUHQWHGHSHQGLHQGRGHODOLPHQWR GHOTXHSURFHGDVLHQGRORVDOLPHQWRVPiVDGHFXDGRVODOHFKH\WRGRVVXVGHULYDGRV6H HQFXHQWUDHQFDQWLGDGHVHOHYDGDVPJJHQODVDOPHQGUDVVDUGLQDVTXHVR FKRFRODWH FRQ OHFKH OHYDGXUD GH FHUYH]D /D YLWDPLQD ' OD ODFWRVD \ ODV SURWHtQDV IDFLOLWDQVXDEVRUFLyQPLHQWUDVTXHOD¿EUDODFDIHtQD\HOD]~FDUODGL¿FXOWDQ (OKLHUURVHQHFHVLWDSDUDHOWUDQVSRUWHGHR[tJHQRSRUODKHPRJORELQDODUHVSLUDFLyQ FHOXODU\ODHOLPLQDFLyQGHSHUy[LGRVHQUHDFFLRQHVHQ]LPiWLFDV/D5'$UHFRPLHQGDXQ VXSOHPHQWRGHPJGtDSDUDYDURQHVHQHGDGDGROHVFHQWHGXUDQWHHOSHULRGRGHPi[LPR FUHFLPLHQWRHQWUHORV\DxRV3DUDODVFKLFDVVHUHFRPLHQGDXQVXSOHPHQWRGHPJ GLDDSDUWLUGHODPHQDUTXLD(OKLHUURTXHPHMRUVHDEVRUEHHVHOSURFHGHQWHGHODFDUQH PLHQWUDVTXHHOSURFHGHQWHGHOHJXPEUHVYHUGXUDV\RWURVDOLPHQWRVVHDEVRUEHSHRU6H HQFXHQWUDHQFDQWLGDGHOHYDGDPJJHQSLVWDFKRVQXHFHVSLxRQHVDOPHMDV SLSDVGHJLUDVRO«ORVSURGXFWRVGHEROOHUtDLQGXVWULDOODVJRORVLQDVQRDSRUWDQKLHUURR ORKDFHQHQFDQWLGDGHVEDMtVLPDV (O]LQFHVWiGLUHFWDPHQWHLQYROXFUDGRHQODVtQWHVLVGHSURWHtQDVHVXQFRPSRQHQWH HVHQFLDOGHFDVLHQ]LPDVGLIHUHQWHV\SRUORWDQWRFRQODIRUPDFLyQGHWHMLGRVSRUOR TXHHVHVSHFLDOPHQWHLPSRUWDQWHHQODDGROHVFHQFLD6XFDUHQFLDLPSOLFDOHVLRQHVHQOD SLHOUHWUDVRHQODFLFDWUL]DFLyQGHKHULGDVFDtGDGHOFDEHOORIUDJLOLGDGHQODVXxDVHWF (VLPSRUWDQWHSDUDHOPDQWHQLPLHQWRGHODVJOiQGXODVVH[XDOHV(OGp¿FLWFUyQLFRSXHGH FDXVDUKLSRJRQDGLVPRSHTXHxRWDPDxRGHyUJDQRVUHSURGXFWRUHV/DV5'$HVWDEOHFHQ XQDLQJHVWDGLDULDGH]LQFHQWRUQRDORVPJGtDSDUDFKLFDV\PJGtDSDUDFKLFRV 6HHQFXHQWUDHQFDQWLGDGHOHYDGDPJJHQSLSDVGHJLUDVROTXHVRWULJRSDQ 3DVDM&LHQF 0DUtDGHO&DUPHQ*DUFtD0RUDOHV OHYDGXUDGHFHUYH]D«/DIXHQWHSULQFLSDO GH]LQFODFRQVWLWX\HQODVFDUQHVSHVFDGR \KXHYRV7DPELpQORVFHUHDOHVLQWHJUDOHV \ ODV OHJXPEUHV FRQVWLWX\HQ XQD IXHQWH LPSRUWDQWH 6X DEVRUFLyQ HVWi GL¿FXOWDGD SRUOD¿EUD (Q OD DGROHVFHQFLD VH UHFRPLHQGDQ VREUHWRGRGRVLVFRUUHFWDVGHODVYLWDPLQDV TXH VH UHODFLRQDQ FRQ OD VtQWHVLV GH SURWHtQDV HO FUHFLPLHQWR \ HO GHVDUUROOR YLWDPLQD $ ' ( \ iFLGR IyOLFR % % ULERÀDYLQD QLDFLQD \ WLDPLQD 6H HQFXHQWUDQPD\RULWDULDPHQWHHQODVIUXWDV )LJXUD8QHMHPSORGHOFRQVXPRGHGXOFHVHQORV \ODVYHUGXUDV$OLPHQWRVTXHSRUGHVJUDFLD UHFUHRVJDOOHWDVFXELHUWDVSRUFKRFRODWHEODQFR QR WLHQHQ GHPDVLDGRV DGHSWRV HQWUH ORV MyYHQHV \ TXH FRQYHQGUtD LQFUHPHQWDU VX FRQVXPR(VPX\LPSRUWDQWHWRPDUIUXWDV\YHUGXUDVFRFLGDV\FUXGDV6HUHFRPLHQGD WRPDUXQDHQVDODGDGLDULD\SLH]DVGHIUXWD 5HQGLPLHQWRHVFRODU 6HSXHGHGH¿QLUFRPRHOQLYHORJUDGRGHFRQRFLPLHQWRTXHREWLHQHXQDOXPQR PHGLGRHQXQDSUXHEDGHHYDOXDFLyQH[SUHVDGRHQXQDQRWDQXPpULFDFRPRUHVXOWDGRGH GLFKDHYDOXDFLyQ2VFDU5HWDQD%RQLOOD(QHOUHQGLPLHQWRLQÀX\HQDGHPiVGHOQLYHO LQWHOHFWXDO YDULDEOHV GH SHUVRQDOLGDG \ PRWLYDFLRQDOHV FX\D UHODFLyQ QR VLHPSUH HV OLQHDOVLQRTXHHVWDPRGXODGDSRURWURVIDFWRUHV&RUWH]%RKLJDV0GHO0DU'LFFLRQDULR GH ODV &LHQFLDV GH /D (GXFDFLyQ /R GHVHDEOH HV TXH HO DOXPQR DOFDQFH OD Pi[LPD H¿FLHQFLD HQ HO QLYHO HGXFDWLYR GRQGH SXHGD GHPRVWUDU VXV FDSDFLGDGHV FRJQLWLYDV FRQFHSWXDOHVDSWLWXGLQDOHVSURFHGLPHQWDOHV8QEXHQUHQGLPLHQWRHVFRODUHVDTXHOHQHO TXHVHREWLHQHQHOPi[LPRGHFDOL¿FDFLRQHVSRVLWLYDV([LVWHQIDFWRUHVTXHGHWHUPLQDQHO UHQGLPLHQWRTXHSXHGHQVHUH[WUtQVHFRVRLQWUtQVHFRVDODOXPQDGR x /D GL¿FXOWDG SURSLD GH ODV GLVWLQWDV PDWHULDV HO PRGR GH RUJDQL]DU ODV WDUHDV GH HQVHxDQ]D DSUHQGL]DMH OD DSOLFDFLyQ GH WpFQLFDV GH HVWXGLR \ RUJDQL]DFLyQ GHO WUDEDMRHQFDVDHOWLSRGHH[iPHQHVTXHVHDSOLFDQ\VXPRGRGHFRUUHFFLyQHO FDOHQGDULRGHH[iPHQHV« x )DFWRUHV GH WLSR SVLFROyJLFR FRPR OD PRWLYDFLyQ LQWHUpV HVIXHU]R FDSDFLGDGHV LQWHOHFWXDOHV OD SHUVHYHUDQFLD HQ OD DSOLFDFLyQ GHO KRUDULR GH HVWXGLR KRUDV GH VXHxR\GHVFDQVRPRGRGHDIURQWDUODVVLWXDFLRQHVGHHVWUpVDSR\R\HVWtPXORSRU SDUWHGHODIDPLOLD« x )DFWRUHV QXWULFLRQDOHV TXH VRQ REMHWR GH DQiOLVLV \ UHÀH[LyQ HQ HO SUHVHQWH DUWtFXOR (VLQGXGDEOHTXHHQHOUHQGLPLHQWRHVFRODUHVGHWHUPLQDQWHXQEXHQIXQFLRQDPLHQWR GHOVLVWHPDQHUYLRVR\HQFRQFUHWRGHOFHUHEURTXHUHSUHVHQWDXQGHODPDVDFRUSRUDO WRWDO\TXHFRQVXPHVLQHPEDUJRHOGHODJOXFRVD\HOGH2[tJHQRGHORUJDQLVPR 3RUWDQWRHVGHVHDEOHUHSDUWLUODGLHWDGLDULDHQFLQFRFRPLGDVDOGtDGHVD\XQRPHGLD PDxDQD DOPXHU]R PHULHQGD \ FHQD 6H UHFRPLHQGD QR REYLDU QLQJXQD FRPLGD &DGD XQDGHODVLPSRUWDQWHVGHEHDSRUWDUHOGHODHQHUJtDWRWDOGLDULD\ODVGHVRVWpQHO UHVWDQWH7LHQHHVSHFLDOUHOHYDQFLDODLPSRUWDQFLDGHOGHVD\XQRGHELGRDTXHHVWi tQWLPDPHQWHUHODFLRQDGRFRQHOUHQGLPLHQWRHVFRODU/DVSULPHUDVKRUDVGHOGtDVXHOHQ VHUGHDFWLYLGDGHVFRODULQWHQVD\HVQHFHVDULRTXHHORUJDQLVPRHVWpSURYLVWRGHHQHUJtD VX¿FLHQWHSDUDDIURQWDUODV 3DVDM&LHQF $OLPHQWDFLyQ\UHQGLPLHQWRHVFRODUHQDGROHVFHQWHV 8QGHVD\XQRFRPSOHWRSDUDXQDGROHVFHQWHGHEHLQFOXLUXQSURGXFWROiFWHROHFKH RTXHVRR\RJXU«MXQWRDXQDOLPHQWRULFRHQJO~FLGRVJDOOHWDVRWRVWDGDVRFHUHDOHV« PiVXQDSLH]DGHIUXWDR]XPR (V PX\ LPSRUWDQWH DGHFXDU OD GLHWD D ORV JXVWRV \ DO UpJLPHQ GH YLGD SDUWLFXODU GHFDGDDGROHVFHQWH7DPELpQDODKRUDGHHODERUDUXQDGLHWDKD\TXHWHQHUHQFXHQWDOD DFWLYLGDGItVLFDTXHGHVDUUROODQODVVLWXDFLRQHVHVSHFLDOHVFRPRORVH[iPHQHV\WRGDVODV FDUDFWHUtVWLFDVSVLFROyJLFDV $OLPHQWDFLyQDGHFXDGDSDUDHOVLVWHPDQHUYLRVR ([LVWHQ GHWHUPLQDGRV QXWULHQWHV TXH VRQ LPSUHVFLQGLEOHV SDUD XQ EXHQ IXQFLRQDPLHQWR GHO VLVWHPD QHUYLRVR 6L QR VH FRQVXPHQ VX¿FLHQWHV SURWHtQDV IDOOD OD FDSDFLGDG LQWHOHFWXDO$ FRQWLQXDFLyQ YR\ D FLWDU ORV HIHFWRV GH WLHQH VREUH HO VLVWHPD QHUYLRVR HQ FRQFUHWR OD FDUHQFLD GH HVWRV QXWULHQWHV /D FDUHQFLD GH YLWDPLQD ( SXHGH SURYRFDU IDOWD GH FRQFHQWUDFLyQ IDOWD GH YLWDOLGDG \ DSDWtD /D IDOWD GH YLWDPLQD & SURYRFDFDQVDQFLR(OFRPSOHMRYLWDPtQLFR%HVPX\LPSRUWDQWH\DTXHHVWDVYLWDPLQDV IRUWDOHFHQHOVLVWHPDQHUYLRVRFHQWUDO\WLHQHQXQHIHFWRVHGDQWH/DFDUHQFLDGHYLWDPLQD %WLDPLQDRFDVLRQDIDWLJDLUULWDELOLGDG\IDOWDGHFRQFHQWUDFLyQ/DFDUHQFLDGHQLDFLQD R YLWDPLQD 33 RFDVLRQD DOWHUDFLRQHV QHUYLRVDV 2WUDV YLWDPLQDV FX\D FDUHQFLD SXHGH SURYRFDU IDWLJD VRQ OD % iFLGR SDQWRWpQLFR % SLULGR[LQD % iFLGR IyOLFR \ OD %FLDQRFREDODPLQD6HHQFXHQWUDQHQODOHYDGXUDGHFHUYH]DOiFWHRVFDUQHFHUHDOHV DJXDFDWHUHSROOR\MXGtDVYHUGHV (QWUH ORV PLQHUDOHV EiVLFRV SDUD OD FRUUHFWDWUDQVPLVLyQGHOLPSXOVRQHUYLRVR FDEHFLWDUHOPDJQHVLRVHUHTXLHUHHQJUDQ FDQWLGDG HQ HO FUHFLPLHQWR H LQWHUYLHQH HQ OD FRQGXFFLyQ GH LPSXOVRV QHUYLRVRV FDOFLR SRWDVLR IyVIRUR QHFHVDULR SDUD DFWLYDU ODV YLWDPLQDV GHO FRPSOHMR % KLHUUR ]LQF PDQJDQHVR SDUWLFLSD HQ OD VtQWHVLV GH QHXURWUDQVPLVRUHV \RGR LPSUHVFLQGLEOHSDUDODDFWLYLGDGFHUHEUDO \ VRGLR SDUWLFLSD HQ OD FRQGXFFLyQ QHUYLRVD MXQWR FRQ HO SRWDVLR (QWUH ORV DOLPHQWRV ³UHODMDQWHV´ HVWiQ HO SOiWDQR ODV DOPHQGUDV HO JHUPHQ GH WULJR OD OHYDGXUD GH FHUYH]D \ ODV VHPLOODV GH )LJXUD8QDOXPQRGH(62GHO,(6$QWRQLRGH JLUDVRO (O FDFDR FRQWLHQH VXVWDQFLDV GH 0HQGR]DWRPDQGRXQSURGXFWRGHEROOHUtDLQGXVWULDO XQDFDxDGHFKRFRODWH HIHFWR FDOPDQWH SHUR KD\ TXH WRPDUOR FRQ PRGHUDFLyQ /RV GXOFHV DSDUWH GHO FKRFRODWHHVORTXHPiVQRVDSHWHFHFRPHUFXDQGRHVWDPRVQHUYLRVRV/DH[SOLFDFLyQHV TXHORVJO~FLGRVSURYRFDQXQDXPHQWRGHODFDQWLGDGGHLQVXOLQDHQVDQJUHORTXHSHUPLWH ODVHFUHFLyQGHWULSWyIDQRXQDPLQRiFLGRTXHVHWUDQVIRUPDHQVHURWRQLQDTXHFDOPDOD GHSUHVLyQ \ OD DQVLHGDG SHUR QR HV DFRQVHMDEOH DEXVDU GH HOORV SRUTXH GHVSXpV GH XQ DXPHQWRGHJOXFRVDHQVDQJUHVHSURGXFHXQGHFDLPLHQWR\RWUDGHODVFRQVHFXHQFLDVHV ODSUROLIHUDFLyQGHUDGLFDOHVOLEUHVTXHVHWUDGXFHHQODR[LGDFLyQGHORVWHMLGRV &XDQGRDQXHVWURFXHUSRVHOHH[LJHXQDFDUJDH[WUDGHHQHUJtDSRUORVH[iPHQHV RSRUHVWUpVHPRFLRQDOHORUJDQLVPRDJRWDODVUHVHUYDVGHHQHUJtD\HQFRQVHFXHQFLD ODVUHVHUYDVGHYLWDPLQD%ORTXHQRVYXHOYHYXOQHUDEOHVDSDGHFHUGHSUHVLyQLQVRPQLR R LUULWDELOLGDG 3DUD HYLWDUOR HV UHFRPHQGDEOH LQFOXLU HQ OD GLHWD DOLPHQWRV FRPR HO EUyFROLDFHOJDV\HVSLQDFDVORVFHUHDOHV\ODVOHJXPLQRVDVTXHFRQWLHQHQHOFRPSOHMRGH YLWDPLQD%8QHH[FHOHQWHVXSOHPHQWRDOLPHQWLFLRULFRHQSURWHtQDV\YLWDPLQDVTXHWLHQH SURSLHGDGHVDQWLHVWUHVDQWHV\GHVLQWR[LFDQWHVHVODOHYDGXUDGHFHUYH]D 3DVDM&LHQF 0DUtDGHO&DUPHQ*DUFtD0RUDOHV $OLPHQWDFLyQHQHO,(6$QWRQLRGH0HQGR]D 3UHJXQWDQGRDPLVDOXPQRVHQODVFODVHVKHFRPSUREDGRTXHPXFKRVQRGHVD\XQDQ DQWHVGHFRPHQ]DUODMRUQDGDHVFRODURORKDFHQGHIRUPDLQVX¿FLHQWHHLQFRPSOHWD(Q ORVUHFUHRVGHO,(6³$QWRQLRGH0HQGR]D´KHREVHUYDGRORTXHWRPDQDPHGLDPDxDQD \KD\XQDKHWHURJHQHLGDGHQFXDQWRDVXDOLPHQWDFLyQ x $OXPQRV TXH WRPDQ ERFDGLOORV FRQ ¿DPEUH R TXHVR DFRPSDxDGRV GH EHELGDV UHIUHVFDQWHVGH]XPRVGHIUXWDV x $OXPQRVTXHWRPDQEROOHUtDGHWLSRLQGXVWULDOFDxDVRSDOPHUDVGHFKRFRODWHR FUHPD«RJDOOHWDVGHGLVWLQWRVWLSRV x $OXPQRV TXH WRPDQ VQDFNV YDULDGRV GH PDt]« (VWRV DOLPHQWRV WLHQHQ XQD LPSRUWDQWHFDQWLGDGGHVDO x $OXPQRVTXHWRPDQJRORVLQDVYDULDV(VGHUHVDOWDUHOFRQVXPRQRGHVHDEOH\PX\ HOHYDGRGHFKLFOHVHQHOLQVWLWXWR )LJXUD(QRFDVLRQHVORVHVWXGLDQWHV~QLFDPHQWH FRQVXPHQXQ]XPRGXUDQWHODMRUQDGDHVFRODU )LJXUD&RQVXPRGHJRORVLQDVSRUSDUWHGHDOJX QRVMyYHQHV &RQFOXVLRQHV (QODDGROHVFHQFLDVHUHTXLHUHQORVQXWULHQWHVDGHFXDGRVSDUDDWHQGHUDOFUHFLPLHQWR\ GHVDUUROOR3DUDDVHJXUDUQRVTXHQRKD\FDUHQFLDVHVIXQGDPHQWDOXQDGLHWDYDULDGD/D DOLPHQWDFLyQ GH QXHVWURV DOXPQRV FRQ UHVSHFWR D OD MRUQDGD HVFRODU SRGUtD PHMRUDU HQ FXDQWRDSUHVWDUPiVDWHQFLyQDXQFRUUHFWRGHVD\XQRGHVGHHOSXQWRGHYLVWDQXWULFLRQDO \ D OR TXH FRPHQ HQ ORV UHFUHRV 6HUtD UHFRPHQGDEOH TXH GHVFHQGLHUD HO FRQVXPR GH DOLPHQWRV FRQ FDORUtDV ³YDFtDV´ FRPR ORV VQDFNV R JRORVLQDV HV GHFLU DTXHOORV TXH DSRUWDQ D]~FDUHV \ JUDVDV FRQ QLQJ~Q R SRFR FRQWHQLGR YLWDPtQLFR \ PLQHUDO D IDYRU GH SURSXHVWDV PiV VDOXGDEOHV FRPR XQD SLH]D GH IUXWD ERFDGLOOR«(O VLJXLHQWH SDVR HVVXSXHVWDHQSUiFWLFDTXHVHWUDGX]FDHQHOUHÀHMRGHXQDVEXHQDVQRWDVSDUDQXHVWURV HVWXGLDQWHV %LEOLRJUDItD 5RVHOOy0-&RPLGDDPLJD3OD]D\-DQpV )HUQiQGH]0RUDOHV09$JXLODU9LODV&-0DWHRV9HJD\0&0DUWtQH]5HODFLyQHQWUHODFDOLGDG GHOGHVD\XQR\HOUHQGLPLHQWRDFDGpPLFRHQDGROHVFHQWHVGH*XDGDODMDUD1XWU+RVS ZZZVDOXGDOLDHV ZZZVDEHUYLYLUHV ZZZDOLPHQWDFLRQVDQDFRP 3DVDM&LHQF