(Mangifera indica) EN LA DESHIDRATACIÓN

Vitae
ISSN: 0121-4004
vitae@udea.edu.co
Universidad de Antioquia
Colombia
GIRALDO G., Germán A.; TALENS O., Pau; CHIRALT B., Amparo
EQUILIBRIO OSMÓTICO DE MANGO (Mangifera indica) EN LA DESHIDRATACIÓN
Vitae, vol. 11, núm. 2, 2004, pp. 18-26
Universidad de Antioquia
Medellín, Colombia
Disponible en: http://www.redalyc.org/articulo.oa?id=169817839004
Cómo citar el artículo
Número completo
Más información del artículo
Página de la revista en redalyc.org
Sistema de Información Científica
Red de Revistas Científicas de América Latina, el Caribe, España y Portugal
Proyecto académico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto
9,7$(5(9,67$'(/$)$&8/7$''(48Ë0,&$)$50$&e87,&$
,6619ROXPHQQ~PHURDxR
8QLYHUVLGDGGH$QWLRTXLD0HGHOOtQ&RORPELDSiJV
(48,/,%5,2260Ð7,&2'(0$1*20DQJLIHUDLQGLFD
(1/$'(6+,'5$7$&,Ð1
7+(26027,&(48,/,%5,802)0$1*20DQJLIHUDLQGLFD'85,1*'(+<'5$
*HUPiQ$*,5$/'2*3DX7$/(162\$PSDUR&+,5$/7%
5(680(1
6H GHWHUPLQDQ HQ HVWH WUDEDMR ORV FDPELRV FRPSRVLFLRQDOHV \ HVWUXFWXUDOHV GHO PDQJR VRP
GHVKLGUDWDFLyQRVPyWLFDDSUHVLyQDWPRVIpULFD'2\FRQSXOVRDYDFLR'239HQHOFXDOODVP
VRQLPSUHJQDGDVDPEDUSRUPLQ\OXHJRVHFRQWLQ~DODyVPRVLVDSUHVLyQDWPRVIpULFD6H
HQDPERVSURFHGLPLHQWRVHOHIHFWRGHODFRQFHQWUDFLyQGHODVROXFLyQRVPyWLFD\GHOWLHPSRGH
3DUDHOORODSXOSDGHPDQJRHQIRUPDGHFLOLQGURVGHSRUFPVHWUDWDFRQVROXFLRQHVGH
ƒ%UL[/DVPXHVWUDVSRUWULSOLFDGRVHH[WUDHQDWLHPSRVHQWUH\KRUDV\VRQDQDOL]DGDVHQW
GHFRQWHQLGRGHDJXDVyOLGRVVROXEOHV[VVDFWLYLGDGGHODJXDDZ\FDPELRVHQPDVD\YROXPHQ
GHHVWRVGDWRVVHFDOFXODQODVYDULDFLRQHVGHPDVD'0DJXD'0ZVROXWRV'0V\YRO~PH
'9IO'9IJ/DVPXHVWUDVWUDWDGDVFRQVROXFLRQHVGH\ž%UL[SUHVHQWDQODPi[LPDUHFXSHU
PDVD\YROXPHQFRQODFRQVLJXLHQWHJDQDQFLDGHIDVHOtTXLGDSRUORTXHDPEDVVROXFLRQHVSX
UHFRPHQGDEOHVHQSURFHVRVLQGXVWULDOHV(QHOFDVRGHVROXFLRQHVGHž%UL[HOWUDWDPLHQWR'2
PiVLQGLFDGR
3DODEUDVFODYH0DQJRGHVKLGUDWDFLyQRVPyWLFD'2\'239VyOLGRVVROXEOHV
$%675$&7
7KHDLPRIWKLVZRUNLVWRGHWHUPLQHWKHFRPSRVLWLRQDODQGVWUXFWXUDOFKDQJHVRIWKHPDQJRSXOSV
WRRVPRWLFGHK\GUDWLRQXQGHUDWPRVSKHULFSUHVVXUH2'DQGSXOVHGYDFXXP392'LQZ
VDPSOHVDUHLPSUHJQDWHGZLWKWKHRVPRWLFVROXWLRQDWPEDUIRUWKHILUVWPLQRIWKHSURFHVV
EHLQJRVPRVHGDWDWPRVSKHULFSUHVVXUH)RUERWKSURFHGXUHVLWLVVWXGLHGWKHHIIHFWRIWKHFRQFH
RIWKHRVPRWLFVROXWLRQDQGWKHRVPRVLVWLPH,QRUGHUWRGRWKLVWKHPDQJRSXOSLQIRUPRIF\
VOLFHVa[FPLVWUHDWHGZLWKVROXWLRQVRIƒ%UL[7KHVDPSOHVE\WULSOLFDWHDUHH
GXULQJWLPHVaKRXUVDQGDQDO\]HGLQWHUPVRIZDWHUFRQWHQWVROXEOHVROLGV[VVZDWHUDFWL
DQGWKHPDVVDQGYROXPHFKDQJHV)URPWKHVHGDWDWKHYDULDWLRQVLQPDVV'0ZDWHU'0Z
'0VDQGYROXPH'9'9IO'9IJDUHFDOFXODWHG
7KHDQGƒ%UL[VROXWLRQVFDQEHUHFRPPHQGHGIRULQGXVWULDOSURFHVVHVVLQFHWKHVDPSOH
ZLWKWKHPH[KLELWWKHKLJKHVWPDVVDQGYROXPHUHFRYHU\ZLWKDFRQVHTXHQWOLTXLGSKDVHJDLQ,Q
RIWKHƒ%UL[VROXWLRQVWKH392'SURFHGXUHLVWKHPRVWLQGLFDWHG
.H\ZRUGV0DQJRRVPRWLFGHK\GUDWLRQ2'DQG392'VROXEOHVROLGV
3URJUDPDGH4XtPLFD)DFXOWDGGH&LHQFLDV%iVLFDV8QLYHUVLGDGGHO4XLQGLR$UPHQLD4XLQGLR&DOOHQRUWHFDUUHUD
'HSDUWDPHQWRGH7HFQRORJtDGH$OLPHQWRV8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD9DOHQFLD(VSDxD
$XWRUDTXLHQVHGHEHGLULJLUODFRUUHVSRQGHQFLDJJLUDOGR#XQLTXLQGLRHGXFR
(48,/,%5,2260Ð7,&2'(0$1*20$1*,)(5$,1',&$(1/$'(6+,'5$7$&,Ð1
,1752'8&&,Ð1
/DGHVKLGUDWDFLyQRVPyWLFD'2HVFRQVLGHUDGD
FRPRXQDGHODVRSHUDFLRQHVDGHFXDGDVHQHOSUHWUDWD
PLHQWRGHIUXWDVTXHYDQDVHUVRPHWLGDVDOLRILOL]DFLyQ
VHFDGRVRODUVHFDGRFRQDLUHRGHVKLGUDWDFLyQDYDFtR
GHELGRDTXHIDYRUHFHODUHGXFFLyQHQHOWLHPSRGH
SURFHVR\HOFRQVXPRHQHUJpWLFRDGHPiVGHD\XGDU
DFRQVHUYDUODVFDUDFWHUtVWLFDVVHQVRULDOHVGHOSURGXFWR
/DFRQVHUYDFLyQGHPXFKDVGHHVWDVFDUDFWHUtVWLFDV
VHSXHGHDOFDQ]DUFRQWURODQGRORVWLHPSRVHQHOHTXL
OLEUDGRRVPyWLFR
(OSURFHVRGHGHVKLGUDWDFLyQRVPyWLFDSDVDSRU
YDULRVHVWDGRVGHVHXGRHTXLOLEULRHQHOSULPHURGH
HOORVVHREVHUYDTXHODYHORFLGDGDODTXHIOX\HHO
DJXDGHODOLPHQWRKDFLDODVROXFLyQFRQFHQWUDGDHV
PD\RUTXHODHQWUDGDGHVyOLGRVKDFLDHOLQWHULRUGHO
DOLPHQWRPLHQWUDVTXHDOILQDOGHORVVHXGRHTXL
OLEULRVVHHQFXHQWUDODLJXDOGDGHQODDFWLYLGDGGHO
DJXDDZHQWUHHODOLPHQWR\ODVROXFLyQRVPyWLFD
\(OXVRGHLPSUHJQDFLyQDYDFtRDIHFWDDO
HTXLOLEUDGRRVPyWLFRGHELGRDTXHFRQWULEX\HDORV
FDPELRVHQODFRPSRVLFLyQ\HYROXFLyQGHODPDVD
WRWDO GH OD PXHVWUD $GHPiV OD PD\RU YLVFRVLGDG
GHODVROXFLyQRVPyWLFDSURGXFHXQPHQRUJUDGR
GHLPSUHJQDFLyQHQHOHTXLOLEULRDXQTXHVHSXHGH
LQFUHPHQWDUFRQODDSOLFDFLyQGHSXOVRVDYDFtR
'LIHUHQWHV DXWRUHV UHSRUWDQ DOJXQRV UHVXOWDGRV
GHO HTXLOLEUDGR RVPyWLFR HQ IUXWDV SRU HMHPSOR
HOPDQJRHQXQDGLVROXFLyQGHž%UL[DOFDQ]yHO
HTXLOLEUDGRRVPyWLFRDODVK/DSLxDDOFDQ]yHO
HTXLOLEULRDODVKGHWUDWDPLHQWRFRQSXOVRDYDFtR
\KDSUHVLyQDWPRVIpULFDODIUHVDORDOFDQ]yHQ
XQSHULRGRHQWUH\KPLHQWUDVTXHHQHO.LZL
VHDOFDQ]yHQWUH\K
(O REMHWLYR GH HVWH WUDEDMR HV GHWHUPLQDU ORV
FDPELRVFRPSRVLFLRQDOHV\HVWUXFWXUDOHVFDXVDGRVDO
PDQJRSRUODVFRQFHQWUDFLRQHVGHODVROXFLyQRVPy
WLFDHQORVWUDWDPLHQWRVGHGHVKLGUDWDFLyQRVPyWLFD
DSUHVLyQDWPRVIpULFD\FRQSXOVRDYDFtRDODOFDQ]DU
ORVGLIHUHQWHVSXQWRVGHOHTXLOLEUDGR
0$7(5,$/(6<0(72'26
3UHSDUDFLyQGHODPXHVWUD
(OPDQJRYDU.HQWVHDGTXLHUHHQXQPHUFDGR
ORFDOVHVHOHFFLRQDFRQEDVHHQXQJUDGRGHPDGXUH]
VLPLODU&DGDIUXWDVHSHOD\FRUWDHQSLH]DVSDUDOHODV
DODVHPLOODGHHOODVVHH[WUDHQFLOLQGURVH
DOKXHVRGHFPDOWR\FPGLiPHWU
XQRGHORVRFKRWUDWDPLHQWRV'2\
VHWRPDQFLOLQGURVHQFDGDWLHPSRLQ
IUXWDIUHVFD/DVPXHVWUDVVHDQDOL]DQ
SRVLFLyQ+XPHGDG\VyOLGRVVROXEOHV
GHODJXD
7UDWDPLHQWRGHHTXLOLEULR
(OHVWXGLRGHHTXLOLEULRVHUHDO]DHQER
FRQFLHUUHKHUPpWLFR&DGDERWHFRQWLHQ
FLyQRVPyWLFDHVSHFLILFD(QFDGDERWHVH
PXHVWUDVSUHYLDPHQWHPDUFDGDVFRQKLOR
\SHVDGDV3DUDORVGLIHUHQWHVWUDWDPLHQWR
VLJXLHQWHVFRQGLFLRQHVGHWUDEDMRWHPSH
SUHVLyQGHWUDEDMR\PEDU\SURSR
VROXFLyQ/DVPXHVWUDVSRUWULSOLFDGR
ODV\KRUDVGHFD
VROXFLRQHV\ƒ%UL[/RVH[SH
UHDOL]DQFRQGRVWLSRVGHWUDWDPLHQWRVGH
RVPyWLFDDSUHVLyQQRUPDO'2\GHVKLG
PyWLFDFRQSXOVRDYDFtR'239/RVWUDW
'239VHDOFDQ]DQLPSUHJQDQGRODPX
,9FRQODVROXFLyQRVPyWLFDDSOLFDQGRS
PEDUORVSULPHURVPLQGHOSURFHVR/
REWHQLGDVHQFDGDWLHPSRVHVRPHWHQDOR
FRQWHQLGRGHDJXDVyOLGRVVROXEOHV[VV\D
DJXDDZDVtFRPRORVFDPELRVGHPDVD
$SDUWLUGHORVGDWRVREWHQLGRVVHFDOFXO
FLRQHVQHWDVGHPDVD'0DJXD'0
'0V\ODYDULDFLyQGHYROXPHQ'9
'HWHUPLQDFLyQDQDOtWLFD
(OFRQWHQLGRGHKXPHGDGVHGHWHUP
FDGRDž&KDVWDSHVRFRQVWDQWH/
GHODJXDHQODPXHVWUDVHGHWHUPLQDHQ
GHSXQWRGHURFtR'HFDJRQPRGHOR&;
/RVVyOLGRVVROXEOHVVHGHWHUPLQDQHQO
SUHYLDPHQWHKRPRJHQL]DGDVHQXQUHI
$7$*2PRGHOR1$5²7(OYROX
PXHVWUDVVHGHWHUPLQDHQXQSLFQyPHWUR
HOGHVSOD]DPLHQWRGHOYROXPHQXVDQGR
LVRWyQLFD UHVSHFWLYD FRPR UHIHUHQFLD O
GDWRVGHPDVD\YROXPHQUHJLVWUDGRV
SDUD FDOFXODU OD GHQVLGDG DSDUHQWH GH
/D GHQVLGDG UHDO GH OD IDVH OtTXLGD GH
VHHVWLPDDSOLFDQGRODHFXDFLyQGH/HZ
PLHQGRTXHODPXHVWUDHVWiFRPSXHVWD
FDUERKLGUDWRV
5(68/7$'26<',6&86,Ð1
(VWXGLRGHHTXLOLEULR
(O HVWXGLR GHO HTXLOLEUDGR VH UHDOL]D HQ GRV
HWDSDVHQODSULPHUDVHGHWHUPLQDQORVFRQWHQLGRV
GHKXPHGDGVyOLGRVVROXEOHV\DZGHODVPXHVWUDV
DGHPiVGHODDZGHODVROXFLyQDGLIHUHQWHVWLHPSRV
GHWUDWDPLHQWRFRQHOILQGHDQDOL]DUHOHTXLOLEULR
FRPSRVLFLRQDOHQWUHODVROXFLyQRVPyWLFD\ODIUXWD
(QODVHJXQGDHWDSDVHREVHUYDODHYROXFLyQGHOD
PDVD\YROXPHQGHODVPXHVWUDVGXUDQWHXQSHULRGR
GHWLHPSRPiVODUJRGtDV(VWHDQiOLVLVDSRUWD
LQIRUPDFLyQVREUHORVFDPELRVHVWUXFWXUDOHVRFXUUL
GRVHQODVPXHVWUDVGXUDQWHODHWDSDGHUHODMDFLyQGH
ODPDWUL]FHOXODUGHODIUXWD(QHVWHSURFHVRWDPELpQ
VHFRPSUXHEDQORVEDODQFHVGHPDWHULDPHGLDQWHOD
HFXDFLyQ9HUILJXUD
$-$-V$0Z /DILJXUDPXHVWUDODUHSUHVHQWDFLyQGHORVED
ODQFHVGHPDWHULDSDUDWRGRVORVWUDWDPLHQWRVUHD
OL]DGRV(QHOODVHREVHUYDTXHSDUDWRGRVORVFDVRV
ORV SXQWRV VH GLVWULEX\HQ ELHQ VREUH OD GLDJRQDO
tQGLFHGHODSUHFLVLyQH[SHULPHQWDO\ILDELOLGDGGH
ORVUHVXOWDGRVSDUDHVWHSURFHVR
&DPELRV&RPSRVLFLRQDOHV
$QiOLVLVGHOHTXLOLEULRFRPSRVLFLRQDO
(OHTXLOLEULRTXtPLFRHQWUHODPXHVWUD\ODVROXFLyQ
RVPyWLFDHVWiGHILQLGRSRUODLJXDOGDGGHSRWHQFLDOHV
TXtPLFRVGHODVROXFLyQDJXDVROXWRVGHODIDVHOtTXLGD
GHODPXHVWUD\GHOD6ROXFLyQ2VPyWLFD621R
REVWDQWH WHQLHQGR HQ FXHQWD OD FRPSDUWLPHQWDFLyQ
GHORVVyOLGRVQDWLYRV\ODSRFDSHUPHDELOLGDGGHOD
PHPEUDQDFHOXODUDORVVROXWRVH[WHUQRVOD
PHQFLRQDGDVRORWLHQHVHQWLGRSDUDHODJXD
PRPHQWRHQTXHVHGHVQDWXUDOL]DODPHPE
VLVWHPDVHFRPSRUWDGHIRUPDDELHUWDDOWUDQV
VROXWRV9HUILJXUD
(QODILJXUDVHPXHVWUDUHVSHFWLYDP
HYROXFLyQGHODDFWLYLGDGGHODJXDDZ\OD
PiVLFDGHVROXWRVGHODIDVHOtTXLGDGHODVP
=V HQ IXQFLyQ GHO WLHPSR GH SURFHVDG
PXHVWUDVGHPDQJR$GHPiVVHSUHVHQWDH
GLVFRQWLQXDVODHYROXFLyQGHODIUDFFLyQP
VROXWRV<V\ODDFWLYLGDGGHODJXDDZGHF
GHODV626HSXHGHDSUHFLDUTXHSDUDORV
FDVRVODLJXDOGDGHQORVYDORUHVGHDZGHODVP
\ODVVROXFLRQHVRVPyWLFDVRFXUUHDOUHGHG
KRUDVGHWUDWDPLHQWRXQSRFRPiVWDUGH
PXHVWUDVGHVKLGUDWDGDVFRQVROXFLRQHVD
HV GHVWDFDEOH TXH OD LJXDOGDG GH DZ VH H
GHVSXpV GH ODV K HQWUH PXHVWUDV \ VRO
/RVYDORUHVGH=VVHHTXLOLEUDQDSUR[LPDGD
ODVKRUDVFRQ<VVLHQGRLJXDOHVROLJH
PHQRUHVTXHORVFRUUHVSRQGLHQWHVD<V$
=VVHHVWDELOL]DGHVSXpVGHKDEHUVHLJXDODG
UHVSHFWLYRYDORUGH<V
(VWH FRPSRUWDPLHQWR SXHGH VHU H[
FRQVLGHUDQGRTXHHQJUDQPHGLGDODLQWH
DFWLYLGDGELROyJLFDGHOWHMLGRVHPDQWLHQH
WRGRHOWLHPSRGHWUDWDPLHQWR(QPDQJRY
7REDUHWDOHQFRQWUDURQTXHODPHP
ODVPXHVWUDVWUDWDGDVFRQGHVKLGUDWDFLyQRV
DOPDFHQDGDVDEDMDWHPSHUDWXUDHUDQPiV
TXHODVPXHVWUDVGHPDQJRQRWUDWDGDV\
QDGDV D EDMD WHPSHUDWXUD (Q HO SULPHU
DOUHGHGRUGHODVKHOHTXLOLEULRVHDOF
WpUPLQRVGHODLJXDOGDGHQODDZGHODPXH
(48,/,%5,2260Ð7,&2'(0$1*20$1*,)(5$,1',&$(1/$'(6+,'5$7$&,Ð1
)LJXUD&DPELRGHODIUDFFLyQPiVLFDGHDFWLYLGDGGHDJXDDZ\VyOLGRVVROXEOHV]VHQOD
PXHVWUDVGHPDQJRYDUNHQWFRQUHVSHFWRDODVROXFLyQRVPyWLFD
)LJXUD9DULDFLRQHVGHKXPHGDG\VyOLGRVVROXEOHVHQIXQFLyQGHOWLHPSRSDUDPXHVWUDVG
PDQJRYDUNHQWVRPHWLGDVDGHVKLGUDWDFLyQRVPyWLFD
62 HVWH SULQFLSLR HV FRKHUHQWH FRQ HO WUDQVSRUWH
PD\RULWDULR\VHOHFWLYRGHDJXD\ODFRPSDUWLPHQWD
FLyQGHORVVROXWRVQDWLYRVHQHOWHMLGR(OSURPHGLR
GHOSHVRPROHFXODUGHORVVROXEOHVQDWLYRVGHOPDQ
JRVDFDURVDIUXFWRVD\JOXFRVD
HVOLJHUDPHQWHPHQRUDOGHOD]~FDUVDFDURVD
VyOLGRVROXEOHGHODVROXFLyQRVPyWLFD(VWRH[SOLFD
HOSRUTXH=VVHDPHQRUTXH<VDOPRPHQWRHQTXH
VHDOFDQ]DODLJXDOGDGHQODDZ
(QFRQFOXVLyQHOHTXLOLEUDGRFRPSRVLFLRQDOHQ
HO WUDWDPLHQWR RVPyWLFR GH PDQJR RFXUUH D WUDYpV
GHGLIHUHQWHVHWDSDVGHVHXGRHTXLOLEULRDIHFWDGDVR
GHILQLGDVSRUHOJUDGRGHFRPSDUWLPHQWDFLyQFHOXODU
GHOWHMLGR\VXDFWLYLGDGILVLROyJLFD(OHTXLOLEUDGRGH
ODDZVHFRQVLGHUDUiSDUDHVWHFDVRFRPRHOSULPHU
VHXGRHTXLOLEULRGHODPXHVWUD$OJXQRVDXWRUHVFRQ
VLGHUDQHVWHPRPHQWRGHOSURFHVRFRPRHOSXQWRGH
HTXLOLEULRPXHVWUDVROXFLyQRVPyWLFDGHELGRDOD
LJXDOGDGGHDZHQWUHODPXHVWUD\ODGLVROXFLyQ
9HUILJXUD
/DILJXUDSHUPLWHREVHUYDUODSpUGLGDQHWDGH
DJXD'0Z\ODJDQDQFLDGHVyOLGRVVROXEOHV'0V
YDORUHVREWHQLGRVDOVXVWLWXLUODVHFXDFLRQHV\FRQ
ORVGDWRVUHFROHFWDGRVHQODVPXHVWUDVDOR
WUDWDPLHQWR(OHTXLOLEULRHQODVJDQDQFLDVG
VROXEOHV\SpUGLGDGHDJXDVHDOFDQ]DDSUR
PHQWHHQWUHODV\KRUDV$GHPiVV
DSUHFLDU TXH HQ OD PD\RUtD GH ORV FDVRV
PD\RUHVODFRQFHQWUDFLyQGHODVROXFLyQR
PHQRUHVODJDQDQFLDGHVyOLGRV\PD\RUH
GLGDGHDJXDHQODPXHVWUDORTXHFRQWULEX
WDUGHPiVHQDOFDQ]DUODHVWDELOLGDG$OFRP
PXHVWUDVWUDWDGDVSRU'2\'239HQODY
'0ZVHGLVWLQJXHQOHYHVGLIHUHQFLDVHQWUHH
XQDVSpUGLGDVGHDJXDOLJHUDPHQWHLQIHULR
~OWLPRFDVR(QFXDQWRD'0VVHUHFRQRFLy
IHUHQFLDPX\PDUFDGDHQHOWUDWDPLHQWRD
PRVWUDQGRXQDIXHUWHJDQDQFLDGHVyOLGRVHQ
(VWD HWDSD SRGUtD FRQVLGHUDUVH FRPR HO
VHXGRHTXLOLEULRGHODPXHVWUD\DTXHHVS
DODLJXDODFLyQGHODDZ(VWHHVWDGRHVFRQ
FRPRHOSXQWRGHHTXLOLEULR6HJ~QV
GHUDFLyQHOSURGXFWRTXHVHGHVKLGUDWDDOFD
VLWXDFLyQGHHTXLOLEULRGHILQLGRSRUXQSR
GHKXPHGDG\GHVyOLGRVVROXEOHV(VWRVSRU
VHFRUUHVSRQGHQFRQODLJXDOGDGGHFRQFHQW
HQWUHODIDVHOtTXLGDGHODIUXWD)/3
(48,/,%5,2260Ð7,&2'(0$1*20$1*,)(5$,1',&$(1/$'(6+,'5$7$&,Ð1
GRQGH
0 PDVDLQLFLDOGHPXHVWUDNJ
0W PDVDGHPXHVWUDDWLHPSRWNJ
[VV )UDFFLyQ PiVLFD GH VyOLGRV VROXEOHV GH OD
PXHVWUDDWLHPSR
[VVW )UDFFLyQ PiVLFD GH VyOLGRV VROXEOHV GH OD
PXHVWUDDWLHPSRW
[Z )UDFFLyQPiVLFDGHDJXDGHODPXHVWUDDWLHPSR
NJNJ
[ZW )UDFFLyQPiVLFDGHDJXDGHODPXHVWUDDWLHPSR
WNJNJ
(YROXFLyQGHODPDVD\YROXPHQ
/D ILJXUD SUHVHQWD ODV YDULDFLRQHV GH PDVD
'0 \ YROXPHQ '9 FDOFXODGRV FRQ ODV HFXD
FLRQHV\HPSOHDQGRORVGDWRVREWHQLGRVHQODV
PXHVWUDVVRPHWLGDVDGHVKLGUDWDFLyQRVPyWLFDGX
UDQWHODUJRVSHULRGRVGHWLHPSRKDVWDKRUDV
9HUILJXUD
$ODVSULPHUDVKRUDVODPD\RUtDGHORVWUD
WDPLHQWRVSUHVHQWDQSpUGLGDVGHPDVD\YROXPHQ
7UDQVFXUULGRHVWHWLHPSRVHREVHUYDHQODVPXHVWUDV
XQDUHFXSHUDFLyQH[FHSWRODGHž%UL[HVWHFRP
SRUWDPLHQWRVHHQFXHQWUDDVRFLDGRFRQODUHODMDFLyQ
GHODPDWUL]FHOXODUFRQWUDtGDSRUODGHVKLGUDWDFLyQ
GLFKDUHODMDFLyQFRQGXFHDODUHFXSHUDFLyQ
GHYROXPHQ\PDVDGHELGRDODVXFFLyQGHVROXFLyQ
H[WHUQD(VWDHWDSDVHSRGUtDGHILQLUFRPRODWHUFH
UDHWDSDGHOVHXGRHTXLOLEULRFRQVLGHUDGRFRPRHO
HVWDGR GH HTXLOLEULR /D PXHVWUD WUDWDGD FRQ
62FRQž%UL[QRSUHVHQWDHVWHFRPSRUWDPLHQWR
ORTXHSRGUtDLQGLFDUTXHODPXHVWUDQRDOFDQ]DD
UHODMDUVHGHELGRSUREDEOHPHQWHDODPRGLILFDFLyQ
GHODHVWUXFWXUDFHOXODUSHURHQJHQHUDOHQODPD\RUtD
GHODVPXHVWUDVVHSUHVHQWDHODVWLFLGDGHVWUXFWXUDO
9W YROXPHQGHPXHVWUDDWLHPSRWP
9 YROXPHQLQLFLDOGHPXHVWUDP
(QFXDQWRDODLQIOXHQFLDGHODFRQFHQWUDFLyQGH
OD62\GHOSXOVRDYDFtRVHREVHUYDXQPDUFDGR
WDQGRXQDUHFXSHUDFLyQ VLJQLILFDWLYDP
GHPDVD\YROXPHQ7DPELpQVHGHVWDFD
GLGDVGHPDVD\YROXPHQVRQVXSHULRUH
TXHDXPHQWDODFRQFHQWUDFLyQGHOD62
TXHODFRQFHQWUDFLyQILQDOLQIOX\HGLUHF
XQDPD\RUSpUGLGDGHKXPHGDG\PHQ
GHVyOLGRVVROXEOHV(OPLVPRFRPSRU
UHSRUWDGRHQRWUDVIUXWDV
(O HVWXGLR GH OD YDULDFLyQ GH PDVD
GXUDQWHHOHTXLOLEUDGRRVPyWLFRGHPDQ
TXHHQORVWUDWDPLHQWRVFRQ62DEDMDFR
VHIRPHQWDODJDQDQFLDGHODVROXFLyQH[
PXHVWUDVGHELGRDODYLVFRVLGDGGHODVR
FLDGDDODFDSLODULGDGGHODPDWUL]VyOLG
UHODFLRQDGDFRQHOHIHFWRGHOPHFDQLVP
QiPLFRHQORVSRURVGHOWHMLGR(QORVW
FRQ62DDOWDVFRQFHQWUDFLRQHVQRVHSU
QDQFLDVVLJQLILFDWLYDVHQWUDWDPLHQWRVS
SRUODHVFDVDUHFXSHUDFLyQGHYROXPHQ
GHIRUPDFLRQHV TXH SURYRFDQ OD QR HOD
ODPDWUL]FHOXODUGXUDQWHODGHVKLGUDWDF
SUREDEOHPHQWHDORVIHQyPHQRVGHHQFR
FRPRVHUHSRUWDQHQRWUDVIUXWDV(
ODERQGDGGHOWUDWDPLHQWRFRQž%UL[
XQEDODQFHSRVLWLYRHQODYDULDFLyQGHDJX
DGHFXDGRSDUDODREWHQFLyQGHSURGXFWR
GRV GRQGH HO YROXPHQ \ OD WH[WXUD GH
WHUPLQDGRVRQDOWDPHQWHYDORUDGRV
&DPELRVHVWUXFWXUDOHV
/RV WUDWDPLHQWRV RVPyWLFRV SURYRF
HVWUXFWXUDOHV HQ ODV PXHVWUDV (QWUH
GHVWDFDU HO FDPELR GH YROXPHQ SURYR
UHGXFFLyQGHOPLVPRHQODVFpOXODVGHOWH
DODSpUGLGDGHDJXD\DODGHIRUPDFLyQ
FHOXODUDVRFLDGDDGLFKRIHQyPHQR(VW
HVWiQ UHODFLRQDGRV FRQ HO FRPSRUWDPL
HOiVWLFRGHOPDQJR\DTXHHOWUDWDPLHQW
LQIOX\HQRWDEOHPHQWHHQODVROLGH]\Y
UHODMDFLyQ/RVWUDWDPLHQWRVFRQS
SXHGHQ SURYRFDU XQD FRPSUHVLyQ GH
RFXSDGRSRUODPXHVWUDLQLFLDOPHQWHSR
HQORVHVSDFLRVLQWHUFHOXODUHV
(QHVWDVHFFLyQVHDQDOL]DODHYROXF
OXPHQ GH ODV PXHVWUDV GXUDQWH ORV WU
RVPyWLFRV REVHUYDGRV KDVWD PXFKR G
HTXLOLEUDGR FRPSRVLFLRQDO GH ODV PX
KRUDVGHWUDWDPLHQWRFRQHOSURSyVLWR
HOIHQyPHQRGHUHODMDFLyQGHOYROXPHQR
ORVWHMLGRVYHJHWDOHVUHVSRQVDEOHVGHODJDQDQFLDGH
PDVDDWLHPSRVODUJRVGHWUDWDPLHQWR
ILDELOLGDGGHORVSURFHGLPLHQWRV
&DPELRVGHYROXPHQ
3DUD H[SOLFDU ORV FDPELRV GH YROXPHQ GH ODV
PXHVWUDV GXUDQWH ORV WUDWDPLHQWRV RVPyWLFRV VH
KDFRPSDUDGRHOFDPELRGHYROXPHQPHGLGRH[
SHULPHQWDOPHQWH'97FRQHOFDPELRGHYROXPHQ
GHODIDVHOtTXLGDGHODIUXWD'9)/HVWH~OWLPRVH
FDOFXODVXVWLWX\HQGRHQODHFXDFLyQORVGDWRVGH
FRPSRVLFLyQGHODPXHVWUDIUHVFD\WUDWDGDDVtFRPR
OD GHQVLGDG LQLFLDO GH OD PXHVWUD U \ GH OD IDVH
OtTXLGDGHODIUXWDU)/(OFiOFXORGHODGHQVLGDG
GHODIDVHOtTXLGDGHODIUXWDVHUHDOL]DDSDUWLUGHOD
FRQFHQWUDFLyQGHODIDVHOtTXLGD=VPHGLDQWHOD
HFXDFLyQTXHVHREWLHQHGHODMXVWHU GH
GDWRVH[SHULPHQWDOHVGHQVLGDGFRQFHQWUDFLyQSDUD
GLIHUHQWHVD]~FDUHV\SROLROHVHQHOLQWHUYDORGH=V
HQWUH\
/RVYDORUHVGH'9)/HFXDFLyQVHREWLHQHQGH
IRUPD LQGHSHQGLHQWH D SDUWLU GH OD SpUGLGD YROX
PpWULFDGHDJXD'9Z\ODJDQDQFLDYROXPpWULFDGH
VROXWRV'9VPHGLDQWHODVHFXDFLRQHV\\VH
FRPSDUDQFRQORVYDORUHVREWHQLGRVHQODHFXDFLyQ
/DILJXUDPXHVWUDODFRQFRUGDQFLDGHORVYDOR
UHVREWHQLGRVSDUDWRGRVORVFDVRVORTXHDSR\DOD
'RQGHU GHQVLGDGLQLFLDOGHOD
HQNJP
UZ NJP
UV NJP
9HUILJXUD
(OFDPELRGHYROXPHQGHODVPXHVWUDV
ORVWUDWDPLHQWRVRVPyWLFRVSXHGHVHUH[SOLFD
]DQGRHOPRGHORGRQGHHOFDPELRWRWDOGHY
HVODVXPDGHORVFDPELRVHQFDGDXQDGHOD
LGHDOL]DGDVGHOSURGXFWR)DVHJDV'9
OLTXLGD DJXD PiV VROXWRV '9)/ \ PDWU
LQVROXEOHV'906HFXDFLyQ/DIUD
LQVROXEOHVUHSUHVHQWDXQYROXPHQPX\SHT
FRPSDUDFLyQFRQODVRWUDVGRVIDVHV\SXHGHD
TXHFDPELDUHODWLYDPHQWHSRFRDORODUJRGH
VR/RVFDPELRVRFXUULGRVHQODIDVHJDV\OtT
GHELGRVDODVDOLGDHLQJUHVRGHDJXD\VROXWR
GLIHUHQWHVPHFDQLVPRV\DOFDPELRGHYROX
JDVGHORVSRURVHQHOFXDOORVFDPELRVGHSU
HOVLVWHPDWLHQHQXQDJUDQLPSRUWDQFLD3DU
WUDVPX\SRFRSRURVDV'9)*HVSUiFWLFDPHQ
ODYDULDFLyQGHYROXPHQGHODVPXHVWUDVYLH
FDGDSRUODYDULDFLyQGHYROXPHQGHODIDVH
HQORVWUDWDPLHQWRV'2\'239(QP
SRURVDVORVWUDWDPLHQWRV'2SURGXFHQXQ
)LJXUD&RPSDUDFLyQHQWUHODVYDULDFLRQHVGHYROXPHQGHODIUDFFLyQOtTXLGDGHODVPXHVWUDV
GHPDQJRYDUNHQW'9)/REWHQLGDVSRUGRVSURFHGLPLHQWRVGLIHUHQWHV
(48,/,%5,2260Ð7,&2'(0$1*20$1*,)(5$,1',&$(1/$'(6+,'5$7$&,Ð1
)LJXUD9DULDFLyQGHYROXPHQWRWDO'9GHODIDVHJDV'9)*\GHODIDVHOLTXLGD'9)/
ORVGLIHUHQWHVWUDWDPLHQWRVGHGHVKLGUDWDFLyQRVPyWLFDGHOPDQJRYDUNHQW
FLyQGHYROXPHQWRWDOVXSHULRUDODGHODIUDFFLyQ
OtTXLGDGHELGRDOFRODSVRSDUFLDOGHOYROXPHQGHORV
SRURVGXUDQWHODGHIRUPDFLyQGHODPDWUL]DVRFLDGD
DODGHVKLGUDWDFLyQPLHQWUDVTXHORVWUDWDPLHQWRV
'239VHDVRFLDQSRUXQDSDUWHFRQJDQDQFLDVGH
IDVHOtTXLGDVLQFDPELRVGHYROXPHQGHODPXHVWUD
GHELGRDODHQWUDGDGHOtTXLGRHQORVSRURV\FDPELRV
HQHOYROXPHQGHORVSRURVOOHQRVGHJDVDVRFLDGRDO
DFRSODPLHQWRLPSUHJQDFLyQGHIRUPDFLyQGXUDQWH
ODDFFLyQGHOSXOVRDYDFtR
'9 '9)/'9)*'906 /DILJXUDPXHVWUDODVYDULDFLRQHVGHYROXPHQ
WRWDO '9 YROXPHQ GH OD IDVH JDV '9)* \ YR
OXPHQGHODIDVHOLTXLGD'9)/GHOPDQJRHQORV
WUDWDPLHQWRV '2 \ '239 /DV PXHVWUDV WUDWDGDV
FRQVROXFLRQHV\ž%UL[SUHVHQWDQXQDPtQLPD
UHFXSHUDFLyQDODGHIRUPDFLyQSURGXFLGDOXHJRGH
DOFDQ]DUHOHTXLOLEULRPLHQWUDVTXHODVPXHVWUDV
\ž%UL[SUHVHQWDQXQJUDQSRGHUGHUHODMDFLyQ(Q
FXDQWRDORVWUDWDPLHQWRV'239HVWRVUHFXSHUDQVX
YROXPHQHQPD\RUPHGLGDGHELGRSUREDEOHPHQWH
D OD PD\RU UHODMDFLyQ VXIULGD OXHJR GH
HTXLOLEUDGRFRPSRVLFLRQDO9HUILJXUD
&21&/86,Ð1
'XUDQWHHOHTXLOLEUDGRRVPyWLFRGH
PXHVWUDVWUDWDGDVFRQGLVROXFLRQHVGH
SUHVHQWDQ OD Pi[LPD UHFXSHUDFLyQ GH
OXPHQFRQODFRQVLJXLHQWHJDQDQFLDGHI
SRU OR TXH DPEDV SXHGHQ VHU UHFRPH
SURFHVRV GH HVFDUFKDGR (Q HO FDVR GH
WUDWDPLHQWR'239HVHOPiVLQGLFDGR
5()(5(1&,$6%,%/,2*5É
*LUDOGR*7DOHQV3)LWR3KLUDOW$,QIOX
VROXWLRQ FRQFHQWUDWLRQ RQ NLQHWLFV DQG \LHOG RI
GHK\GUDWLRQ-RXUQDORI)RRG(QJLQHHULQJ
/HZLFNL36RPHUHPDUNVRQUHK\GUDWLRQ
-RXUQDORI)RRG(QJLQHHULQJ
$UJDL] $ /ySH]0DOR $ 3DORX ( :HOWL - GHK\GUDWLRQRISDSD\DZLWKFRUQV\UXSVROLGV'U\
9LDO&*XOLEHUW6&XT-/2VPRWLFGHK
IUXLWV,QIOXHQFHRISURFHVVYDULDEOHVRQWKHFROR
DFLGFRQWHQW6FLHQFHVGHV$OLPHQWV
/RQ WHUP RVPRWLF GHK\GUDWLRQ SURFHVVHV RI RUDQJH SHHO
DW DWPRVSKHULF SUHVVXUH DQG E\ DSSO\LQJ D YDFXXP SXOVH )RRG
6FLHQFHDQG7HFKQRORJ\,QWHUQDWLRQDO
%DUDW - 0 *RQ]iOH] * &KLUDOW $ )LWR 3 9DFXXP
LPSUHJQDWLRQ DSSOLHG WR SLQHDSSOH FDQG\LQJ ,Q - :HOW\&KD
QHV*9%DUERVD&iQRYDV-0$JXLOHUD3URFHHGLQJVRIWKH
(LJKWK,QWHUQDWLRQDO&RQJUHVVRQ(QJLQHHULQJDQG)RRG,&()
SS/DQFDVWHU7HFKQRPLF3XEOLVKLQJ&R,QF
7DOHQV37UDWDPLHQWRVRVPyWLFRVHQODFULRSURWHFFLyQGH
IUHVD\NLZL7HVLV'RFWRUDO8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD
(VSDxD
$2$&$VVRFLDWLRQRIRIILFLDO$QDO\WLFDO&KHPLVW2IILFLDO
0HWKRGVRI$QDO\VLV:DVKLQJWRQ'&
/HZLV0-3K\VLFDOSURSHUWLHVRIIRRGVDQGIRRGSURFHVVLQJ
V\VWHPV&KLFKHVWHU(OOLV+DUZRRG/WG
7REDU%*DUFLD+60DWD03K\VLRORJ\RISUHFXW
PDQJR,,(YROXWLRQRIRUJDQLFDFLGV)RRG5HVHDUFK,QWHUQDWLR
QDO
*LO $ 'XDUWH , 'HOJDGLOOR , &ROTXKRXQ - &DVXVFHOOL )
+XPSHU ( 6SUDXO 0 6WXG\ RI WKH FRPSRVLWLRQDO
FKDQJHV RI PDQJR GXULQJ ULSHQLQJ E\ XVH RI QXFOHDU PDJQHWLF
UHVRQDQFHVSHFWURVFRS\-RXUQDO$JULFXOWXUH)RRG&KHPLVWU\
²
/HQDUW$)OLQN-02VPRWLFFRQFHQWUDWLRQRISRWD
WRHV,6SDWLDOGLVWULEXWLRQRIWKHRVPRWLFHIIHFW-RXUQDORI)RRG
7HFKQRORJ\
5DKPDQ06/DPE-2VPRWLFGHK\GUDWLRQRISLQH
DSSOH-RXUQDO)RRG6FLHQFH7HFKQRORJ\
%LVZDO51%R]RUJPHKU.(TXLOLEULXPGDWDIRURV
PRWLFFRQFHQWUDWLRQRISRWDWRLQ1D&O²ZDWHUVROXWLRQ-RXUQDO
)RRG3URFHVV(QJLQHHULQJ
%DUDW-0&KLUDOW$)LWR3(TXLOLEULXPLQFHOOXODUIRRG
RVPRWLFVROXWLRQVV\VWHPV7KHUROHRIWKHVWUXFWXUH-RXUQDORI
)RRG6FLHQFH
)LWR3&KLUDOW$9DFXXPLPSUHJQDWLRQRIS
,Q'HVLJQRIPLQLPDOSURFHVVLQJWHFKQRORJLHVIRUIUX
JHWDEOHV(G$O]DPRUD607DSLD06/ySH]0D
3XEOLVKHUV,QF0DU\ODQGSS
$\DOD$$SOLFDFLyQGHODGHVKLGUDWDFLyQRVPyW
SUHJQDFLyQDYDFtRHQODFULRSURWHFFLyQGHPDQJR7HV
8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD9DOHQFLD(VSDxD
)LWR3$QGUHV$&KLUDOW$3DUGR3&RXSOLQ
G\QDPLF PHFKDQLVP DQG GHIRUPDWLRQ ²UHOD[DWLRQ S
GXULQJYDFXXPWUHDWPHQWVLQVROLGSRURXVIRRGOLTX
-RXUQDORI)RRG(QJLQHHULQJ
%DUDW-0$OERUV$&KLUDOW$)LWR3(TX
DSSOHWLVVXHLQRVPRWLFGHK\GUDWLRQ0LFURHVWUXFWXUDO
'U\LQJ·(G&%$NULWLGLV'0DULQRV.RXULV\*
FRV=LWL(GLWLRQV7KHVVORQLNL9ROXPHQ$
)LWR3%HWRUHW1*UDV0/0DUWtQH]0RQ]y-
9LDELOLW\RIYHJHWDEOHVPDWULFHVDVVXSSRUWRIS
DFWLYHFRPSRQHQWV3URFHHGLQJVRI,&()7HFKQRPLF
&R,QF/DQFDVWHUYROXPHQ,,
)LWR3&KLUDOW$%DUDW-00DUWtQH]0RQ]y-
WUDQVSRUWDQGGHIRUPDWLRQUHOD[DWLRQSKHQRPHQDLQS
(G-:HOWL&KDQHV*9%DUERVD&DQRYDV-0$J
JLQHHULQJDQG)RRGIRUWKHVW&HQWXU\/DQFDVWHU%
&5&3UHVSDJ
0DUWtQH]0RQ]y-&DPELRVILVLFRTXtPLFRVH
*UDQQ\6PLWKDVRFLDGRVDODLPSUHJQDFLyQDYDFtR$
HQ&RQJHODFLyQ7HVLV'RFWRUDO8QLYHUVLGDG3ROLWpF
OHQFLD(VSDxD
%DUDW-0)LWR3&KLUDOW$0RGHOOLQJRIVL
PDVVWUDQVIHUDQGVWUXFWXUDOFKDQJHVLQIUXLWWLVVXHV-RX
(QJLQHHULQJ
)HFKDGH5HFLER$
)HFKDGH$FHSWDFLyQ$JRVWR