Estudio del comportamiento de elementos de borde en la

Anuncio
(678',2'(/&203257$0,(172'((/(0(1726'(%25'((1/$0$03267(5Ì$(6758&785$/&21/$'5,//26'($/7$5(6,67(1&,$
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
ÅÎ×bŠžÌ bk‘Ì Xž•­žÂÎ@•ŠkšÎžÌ bkÌ k‘k•kšÎžÅÌ bkÌ NžÂbk
kšÌ ‘@Ì •@•­žÅÎk‹@Ì kÅÎÂ×XÎ×Â@‘Ì XžšÌ ‘@bŠ‘‘žÅ
bkÌ @‘Î@Ì ÂkŊÅÎkšXŠ@¥
/Î×bàŠšÌ Nž×šb@ÂàÌ k‘k•kšÎÅ¿Ì Nk‡@݊ž×ÂÌ ×ŊšÌ •@ŞšÂàÌ Þ@‘‘Å
N׊‘ÎÌ ÞŠÎ‡Ì ‡Š‡‰ÂkŊÅÎ@šXkÌ NŠXÅ
×@šÌ@‘žÅÌ.kÅÎÂk­žÌ!k‹@_Õ Ì@žÂŠÌ,@ΊXŠ@Ì1@k×X‡ŠÌ1@•Ð
5(680(1
(VWDLQYHVWLJDFLyQWXYRSRUREMHWRHVWXGLDUHOFRPSRUWDPLHQWRGHPXURVGHPDPSRVWHUtDHVWUXFWXUDOFRQVWUXLGRVFRQ
HOHPHQWRVGHERUGHHQDPERVH[WUHPRV\VLQQLQJ~QHOHPHQWRGHERUGHDOVHUVROLFLWDGRVDQWHFDUJDVODWHUDOHV
PRQRWyQLFDV\FtFOLFDV/RVPXURVVHGLVHxDURQSRUUHVLVWHQFLD~OWLPDVLJXLHQGRODVUHFRPHQGDFLRQHVGHODV1RUPDV
&RORPELDQDVGH'LVHxR\&RQVWUXFFLyQ6LVPR5HVLVWHQWH165FRQODH[FHSFLyQGHOUHIXHU]RDFRUWH6HHQFRQWUDURQ
WDPELpQODVFXUYDVFDSDFLGDGFDUJDD[LDOPRPHQWRIOHFWRU\FXUYDVPRPHQWRFXUYDWXUDHPSOHDQGRHOVRIWZDUH
;75$&73RUFDGDWLSRGHPXURVHUHDOL]DURQXQHQVD\RPRQRWyQLFR\GRVFtFOLFRV&RQORVHQVD\RVGHORVPXURV\D
SDUWLUGHODVFXUYDVGHFDUJDODWHUDOGHVSOD]DPLHQWRVHGHWHUPLQyODFDSDFLGDGGHGLVLSDFLyQGHHQHUJtDHQHOUDQJR
LQHOiVWLFRIDFWRUGHUHGXFFLyQGHIXHU]DVVtVPLFDV5\ODGXFWLOLGDGGHGHVSOD]DPLHQWR\FXUYDWXUD(QORVHQVD\RVVH
KDOOyTXHODVIDOODVSUHVHQWDGDVHQORVPXURVVLQHOHPHQWRVGHERUGHIXHURQSRUFRUWHFRQIRUPDFLyQGHJULHWDVHQ
HVFDOHULOOD/RVPXURVFRQHOHPHQWRVGHERUGHIDOODURQSRUFRUWDQWHHQHOSDQHOFHQWUDOFRQIRUPDFLyQGHJULHWDVHQ
HVFDOHULOOD\SRUFRPSUHVLyQFRQSUHVHQFLDGHJULHWDVYHUWLFDOHVHQODSDUWHLQIHULRUGHOPXUR\HQHOFRQWDFWRHQWUHHO
SDQHOFHQWUDO\ORVHOHPHQWRVGHERUGH$OFRPSDUDUORVUHVXOWDGRVGHHVWHHVWXGLRFRQRWUDVGRVLQYHVWLJDFLRQHV
UHDOL]DGDVHQOD8QLYHUVLGDG1DFLRQDOVHHQFRQWUyTXHHOFRPSRUWDPLHQWRIXHVLPLODUHQWUHWRGRVORVPXURVHQVD\DGRV
DQWHFDUJDVFtFOLFDVVLQLPSRUWDUODUHVLVWHQFLDGHODXQLGDGGHDUFLOOD/RVYDORUHVREWHQLGRVGHOIDFWRU5SDUDORVGRV
WLSRVGHPXURVHQVD\DGRVIXHURQLQIHULRUHVDORVYDORUHVUHFRPHQGDGRVSRUOD165/RVPXURVFRQHOHPHQWRGH
ERUGHSUHVHQWDURQXQDPD\RUGXFWLOLGDGGHGHVSOD]DPLHQWRUHVSHFWRGHORVPXURVVLQHOHPHQWRVGHERUGH
DODEUDVFODYHHOHPHQWRVGHERUGHPDPSRVWHUtDHVWUXFWXUDOHQVD\RVFtFOLFRVHQVD\RVPRQRWyQLFRVGXFWLOLGDG
3DODEUDVFODYH
FDSDFLGDGGHGLVLSDFLyQGHHQHUJtD
$%675$&7
7KLVUHVHDUFKZDVDLPHGDWVWXG\LQJWKHEHKDYLRXURIPDVRQU\ZDOOVEXLOWZLWKDQGZLWKRXWERXQGDU\HOHPHQWVDW
ERWKHQGVZKHQVXEMHFWHGWRPRQRWRQLFDQGF\FOLFODWHUDOORDGV7KHZDOOVZHUHGHVLJQHGWRKDYHWKHJUHDWHVW
UHVLVWDQFHIROORZLQJ165UHFRPPHQGDWLRQVQRUPDV&RORPELDQDVGHGLVHxR\FRQVWUXFFLyQVLVPRUHVLVWHQWH
H[FHSWIRUVKHDUUHLQIRUFHPHQW;75$&7VRIWZDUHZDVXVHGIRUILQGLQJD[LDOORDGFIEHQGLQJPRPHQWDQGFXUYDWXUH
FI EHQGLQJ PRPHQW FXUYHV 2QH PRQRWRQLF WHVW DQG WZR F\FOLF WHVWV ZHUH SHUIRUPHG IRU HDFK W\SH RI ZDOO
([SHULPHQWDOUHVXOWVIURPWKHZDOOV·ODWHUDOORDGFIGLVSODFHPHQWFXUYHVZHUHXVHGIRUGHWHUPLQLQJWKHLUDELOLW\WR
GLVVLSDWHHQHUJ\RQDQLQHODVWLFUDQJH´5µIRUFHUHGXFWLRQIDFWRUIRUVHLVPLFORDGVDQGGLVSODFHPHQWDQGFXUYDWXUH
PDOOHDELOLW\,WZDVIRXQGWKDWZDOOVEXLOWZLWKRXWERXQGDU\HOHPHQWVVXIIHUHGVKHDUIDLOXUHZLWKFUDFNVLQDVWHSSHG
FRQILJXUDWLRQDORQJWKHEULFNV·HGJH7KHW\SHRIIDLOXUHIRUZDOOVEXLOWZLWKERXQGDU\HOHPHQWVZDVVKHDUIDLOXUHLQ
WKHFHQWUDOSDQHOZLWKFUDFNVLQDVWHSSHGFRQILJXUDWLRQLQDGGLWLRQWRFRPSUHVVLRQIDLOXUHDWWKHHGJHRIWKH
ERXQGDU\HOHPHQWVZLWKYHUWLFDOFUDFNVRQWKHORZHUSDUWRIWKHZDOODQGDWWKHFRQWDFWEHWZHHQWKHZDOODQGWKH
ERXQGDU\HOHPHQW&RPSDULVRQZLWKWZRRWKHUVWXGLHVFDUULHGRXWDWWKH8QLYHUVLGDG1DFLRQDOVKRZHGVLPLODU
F\FOLFEHKDYLRXUUHJDUGOHVVRIWKHFOD\EULFN·VVWUHQJWK7KH´5µYDOXHVREWDLQHGIRUERWKW\SHVRIZDOOVZHUHORZHU
WKDQWKHUHFRPPHQGHGYDOXHVJLYHQE\165,WZDVGHWHUPLQHGWKDWZDOOVKDYLQJERXQGDU\HOHPHQWKDYH
JUHDWHUGLVSODFHPHQWPDOOHDELOLW\WKDQZDOOVZLWKRXWERXQGDU\HOHPHQWV
.H\ZRUGV
H\ZRUGVERXQGDU\HOHPHQWVWUXFWXUDOPDVRQU\F\FOLFWHVWPRQRWRQLFWHVWPDOHDELOLW\HQHUJ\GLVVLSDWLRQDELOLW\
5HFLELGRIHEUHURGH
$FHSWDGRMXQLRGH
0XURVVROLFLWDGRVDQWHFDUJDVODWHUDOHVPRQRWyQLFDV\FDUJDVODWHUDOHVFtFOLFDVVLQODDSOLFDFLyQHQDPERVFDVRVGHFDUJDD[LDO
,QJHQLHURFLYLO06FHQHVWUXFWXUDV8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWiMFUHVWUHSRP#JPDLOFRP
,QJHQLHUDFLYLO06FHQHVWUXFWXUDV'RFHQWH'HSDUWDPHQWRGH,QJHQLHUtD&LYLO\$JUtFROD8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi
FSWDNHXFKLW#XQDOHGXFR
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
5(675(327$.(8&+,
,QWURGXFFLyQ
/D PDPSRVWHUtD HVWUXFWXUDO HV XQR GH ORV VLVWHPDV GH
FRQVWUXFFLyQPiVGLIXQGLGRVHQ&RORPELD\KDGHMDGR
GH VHU XWLOL]DGR VRODPHQWH HQ HGLILFDFLRQHV GH XQR R
GRVSLVRVSDVDQGRDVHUHPSOHDGDWDPELpQHQHGLILFD
FLRQHV GH KDVWD GH GLHFLVpLV SLVRV FRPR ORV FRQVWUXL
GRV HQ OD FLXGDG GH 0HGHOOtQ&RORPELD UHTXLULHQGR
HVWDV HVWUXFWXUDV HQ DOJXQRV FDVRV GH PXURV FRQ HOH
PHQWRV GH ERUGH
3DUD UHDOL]DU HO HVWXGLR GH ORV HOHPHQWRV GH ERUGH VH
FRQVWUX\HURQ VHLV PXURV D HVFDOD QDWXUDO FRQ ODGULOORV
H[WUXLGRVGHUHVLVWHQFLDQRPLQDOGH03D\VHHQVD\D
URQSRUPHGLRGHODDSOLFDFLyQGHFDUJDODWHUDOPRQRWyQLFD
HPSXMH GHO PXUR HQ XQ VROR VHQWLGR \ GH FDUJD ODWHUDO
FtFOLFDHQVD\RDOTXHHVVRPHWLGRHOPXURGHHPSXMHHQ
XQVHQWLGR\WLURHQVHQWLGRFRQWUDULRDPERVHQVD\RVVLQ
ODDSOLFDFLyQGHFDUJDD[LDO&RQORVYDORUHVREWHQLGRVHQ
ORV HQVD\RV FtFOLFRV GH FDGD PXUR HQVD\DGR VH GHWHUPL
QDURQ JUiILFDPHQWH VX FRPSRUWDPLHQWR VX GXFWLOLGDG GH
GHVSOD]DPLHQWR \ FXUYDWXUD \ VH HQFRQWUy HO FRHILFLHQWH
GH GLVLSDFLyQ GH HQHUJtD 5
6H VLJXLHURQ ODV UHFRPHQGDFLRQHV GH OD 1RUPD GH 'LVH
xR 6LVPR 5HVLVWHQWH GH &RORPELD 165 H[SXHVWDV HQ
HO&DStWXOR'0DPSRVWHUtDHVWUXFWXUDODVtFRPRODVUH
FRPHQGDFLRQHV GH ORV GRFXPHQWRV GHO )(0$ \
)(0$ \ VH FRQVXOWDURQ LQYHVWLJDFLRQHV UHFLHQWHV
VREUH PDPSRVWHUtD FRQ HOHPHQWRV GH ERUGH TXH VH KDQ
GHVDUUROODGR HQ OD 8QLYHUVLGDG 1DFLRQDO GH &RORPELD ²
6HGH %RJRWi
0DUFRWHyULFR
(O GLVHxR D IOH[LyQ GH ORV PXURV VH KL]R SRU UHVLVWHQFLD
~OWLPDVLJXLHQGRODVVXSRVLFLRQHVGHGLVHxRLQGLFDGDVHQ
OD VHFFLyQ ' GH OD 165 \ WHQLHQGR FRPR FULWH
ULRGLPHQVLRQDO\JHRPpWULFRHOHPSOHRGHPXURVDHVFD
OD QDWXUDO TXH VH ORJUDUDQ HQVD\DU FRQ ORV HTXLSRV H[LV
WHQWHVHQHO/DERUDWRULRGH,QYHVWLJDFLyQ\(QVD\RVGHOD
8QLYHUVLGDG 1DFLRQDO GH &RORPELD \ 6HGH %RJRWi
)LJXUD5HSUHVHQWDFLyQJUiILFDGHODHQHUJtDHOiVWLFD\OD
HQHUJtDLQHOiVWLFD
'RQGH
9H&DUJDPi[LPDHOiVWLFD
9U &DUJD ODWHUDO Pi[LPD GHO HVSpFLPHQ
.R 5LJLGH] LQLFLDO H[SHULPHQWDO UDQJR HOiVWLFR
(K(QHUJtDLQHOiVWLFD
3DUDGHWHUPLQDUODGXFWLOLGDGGHGHVSOD]DPLHQWR\FXUYD
WXUDVHVLJXLyODPHWRGRORJtDGHVFULWDSRU3DXOD\\3ULHVWOH
\ORLQGLFDGRHQORVGRFXPHQWRV)(0$\)(0$
/DVHFXDFLRQHVDGHVFULEHQODGXFWLOLGDGSRU
GHVSOD]DPLHQWR \ FXUYDWXUD μQ TXH HV OD UHODFLyQ HQWUH
HO GHVSOD]DPLHQWR Pi[LPR LQHOiVWLFR Δ \ HO GHVSOD]D
PLHQWRGHIOXHQFLD Δ\ REWHQLGRVGHXQDFXUYDPRPHQ
WRFXUYDWXUD YDORU GLIHUHQWH DO TXH FRP~QPHQWH VH FR
QRFH FRPR GXFWLOLGDG GH GHVSOD]DPLHQWR TXH HV OD UHOD
FLyQ HQWUH XQ GHVSOD]DPLHQWR Pi[LPR GH IDOOD \ HO GHV
SOD]DPLHQWRGHIOXHQFLDGHWHUPLQDGRDSDUWLUGHXQDFXUYD
FDUJDGHVSOD]DPLHQWR
/DVFDUJDVODWHUDOHVPi[LPDVDODVTXHHVWXYLHURQVROLFLWD
GRVORVPXURVIXHURQGHORUGHQGHN1SDUDHPSXMH
\GHN1SDUDWLUR
3DUDGHILQLUHOIDFWRUGHUHGXFFLyQGHODVIXHU]DVVtVPLFDV
HOiVWLFDV 5 VH XWLOL]y HO FULWHULR GH LJXDODFLyQ GH HQHUJtDV
GHVFULWRHQHOGRFXPHQWRGH6DQ%DUWRORPpÉQJHOHWDO
\ORLQGLFDGRSRU*DUFtD
(Q HO FULWHULR GH LJXDODFLyQ GH HQHUJtD YHU )LJXUD VH
VXSRQHTXHODFDSDFLGDGGHDEVRUFLyQGHHQHUJtDLQHOiVWLFD
(K HV HTXLYDOHQWH D OD HQHUJtD TXH DEVRUEHUtD HO VLVWHPD
VL VH FRPSRUWDVH HOiVWLFDPHQWH (H (VWR SHUPLWH FDOFXODU
OD Pi[LPD FDUJD HOiVWLFD 9H HQ IXQFLyQ GH OD HQHUJtD
LQHOiVWLFD \ OD ULJLGH] LQLFLDO H[SHULPHQWDO .R \ FRQ HVWR
HO IDFWRU GH UHGXFFLyQ 5 XWLOL]DQGR OD H[SUHVLyQ 'RQGH
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
(678',2'(/&203257$0,(172'((/(0(1726'(%25'((1/$0$03267(5Ì$(6758&785$/&21/$'5,//26'($/7$5(6,67(1&,$
'RQGH
'HVSOD]DPLHQWR GH IOXHQFLD D XQD DOWXUD HIHFWLYD
&XUYDWXUDGHIOXHQFLDGHODVHFFLyQ
0i[LPDFXUYDWXUDSOiVWLFDGHODVHFFLyQ
/RQJLWXGHIHFWLYDGHODDUWLFXODFLyQSOiVWLFD
)LJXUDD0XUR7LSR,VLQHOHPHQWRGHERUGH
0i[LPDFDSDFLGDGGHGHVSOD]DPLHQWRSOiVWLFR
$OWXUDHIHFWLYDGHOPXUR
&DUDFWHUtVWLFDVGHORVPXURV
3DUD OD LQYHVWLJDFLyQ VH XWLOL]DURQ XQLGDGHV GH DUFLOOD GH
SHUIRUDFLyQ UHFWDQJXODU UHIHUHQFLD 3RUWDQWH 7UHILODGR 1R
ODGULOORV H[WUXLGRV GH DUFLOOD FRQ XQD UHVLVWHQFLD HV
SHFLILFDGD D FRPSUHVLyQ I·FX GH 0 3D
/DVSURSLHGDGHVPHFiQLFDVHQFRQWUDGDVHQHOODERUDWRULR
SDUDODPDPSRVWHUtD\ORVPDWHULDOHVXWLOL]DGRVVHSUHVHQ
WDQHQOD7DEOD
7DEOD3URSLHGDGHVPHFiQLFDVGHORVPDWHULDOHV
)LJXUDE0XUR7LSR,,FRQHOHPHQWRGHERUGH
)LJXUD'LVWULEXFLyQHQSODQWDGHODVXQLGDGHVGHDUFLOOD\
ORFDOL]DFLyQGHODFHURGHUHIXHU]R
PXURVVHFRORFDURQGRVYDULOODVGHDFHURGHUHIXHU]R1R
PP SDUD DEVRUEHU HO UHIXHU]R D FRUWDQWH HVWH
UHIXHU]R IXH FRORFDGR HQ FHOGDV HVSHFLDOHV FRPR VH
PXHVWUD HQ OD GLVWULEXFLyQ HQ DOWXUD GH ODV ILJXUDV \ DVtFRPRHQOD)RWRJUDItD
(OPXUR7LSR,VHFRQVWUX\yFRQGRVYDULOODVORQJLWXGLQDOHV
GH DFHUR GH UHIXHU]R 1R PP HQ FDGD H[WUHPR
)LJXUDD\HOPXUR7LSR,,FRQFXDWURYDULOODVGHDFHUR
GH UHIXHU]R ORQJLWXGLQDOHV ORFDOL]DGDV HQ VXV HOHPHQWRV
GH ERUGH ODV GLPHQVLRQHV GH ORV HOHPHQWRV GH ERUGH
IXHURQ GH P GH ODUJR SRU P GH DQFKR \ XQD
YDULOOD GH DFHUR GH UHIXHU]R DGLFLRQDO GH õµ PP
)LJXUD E (Q OD SHJD KRUL]RQWDO GH ORV HOHPHQWRV GH
ERUGH VH FRORFy XQ HVWULER GH DFHUR GH UHIXHU]R 1R PP FDGD P
6HFRORFyPRUWHURGHUHOOHQRHQWRGDVODVFHOGDVGHDP
ERVPXURVH[FHSWRHQODFDYLGDGFHQWUDOGHDOLJHUDPLHQ
WR GH ODV XQLGDGHV GH DUFLOOD $ PLWDG GH OD DOWXUD GH ORV
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
)LJXUD0XUR7LSR,'LVWULEXFLyQHQDOWXUDGHODFHURGH
UHIXHU]R\GHODVXQLGDGHVGHDUFLOOD
6H XWLOL]DURQ DGLFLRQDOPHQWH XQLGDGHV HVSHFLDOHV FRQ
FHOGDVGHLQVSHFFLyQSDUDYHULILFDUODOLPSLH]DYHUWLFDOGH
ODVFHOGDVGHLQ\HFFLyQ\HOFRUUHFWRSRVLFLRQDPLHQWRGHO
DFHUR GH UHIXHU]R /DV XQLGDGHV HVSHFLDOHV HVWDEDQ XEL
FDGDV DO LQLFLR GH ORV PXURV \ VREUH OD YLJD FRQIRUPDGD
SRU XQLGDGHV HVSHFLDOHV SDUD FRUWDQWH ORFDOL]DGDV HQ OD
PLWDGGHODDOWXUDGHORVPXURV
5(675(327$.(8&+,
UHFXDGUR DPDULOOR \ OHWUDV '( FXDWUR GHIRUPtPHWURV
HOpFWULFRV HQ ORV PXURV FRQ HOHPHQWRV GH ERUGH \ GRV
GHIRUPtPHWURV HQ ORV PXURV VLQ HOHPHQWRV GH ERUGH
6HDSOLFyFDUJDKRUL]RQWDOSDUDOHODDOSODQRGHOPXURFRPR
VH PXHVWUD HQ OD )LJXUD (Q ODV SUXHEDV GH ORV PXURV VH UHDOL]DURQ HQVD\RV
PRQRWyQLFRV \ FtFOLFRV (O PRQRWyQLFR VH KL]R DSOLFDQ
GRFDUJDKRUL]RQWDOKDVWDOOHYDUDOPXURDODIDOODREWH
QLHQGR OD FXUYD GH FDUJDGHIRUPDFLyQ (Q HO HQVD\R Ft
FOLFR VH HPSOHy HO FULWHULR GH FDUJD KRUL]RQWDO FRQWUROD
GD 6H HIHFWXDURQ FLFORV DO GH OD FDUJD GH DJULHWD
PLHQWR DO \ DO GH OD FDUJD GH
IOXHQFLD /DV FDUJDV GH DJULHWDPLHQWR \ GH IOXHQFLD IXH
URQFDOFXODGDV\SDUDFDGDHWDSDGHDSOLFDFLyQGHFDUJD
VH KLFLHURQ WUHV FLFORV
)LJXUD7LSR,,'LVWULEXFLyQHQDOWXUDGHODFHURGHUHIXHU]R\
GHODVXQLGDGHVGHDUFLOOD
)RWRJUDItD$FHURGHUHIXHU]RORFDOL]DGRGHQWURGH
FHOGDVHVSHFLDOHV
0RGHODFLyQGHPXURV
(QODPRGHODFLyQ\GLVHxRGHORVPXURV7LSR,\7LSR,,VH
UHDOL]DURQ ORV VLJXLHQWHV DQiOLVLV
'HWHUPLQDFLyQPDQXDOGHODFXUYDGHLQWHUDFFLyQFDUJD
PRPHQWRHQGLUHFFLyQSDUDOHODDVXSODQRKHFKDFRQOD
D\XGDGHKRMDVGHFiOFXOR\WHQLHQGRHQFXHQWDODVFRQ
GLFLRQHV GH HTXLOLEULR FRPSDWLELOLGDG GH GHIRUPDFLR
QHV ORV UHTXLVLWRV FRQWHQLGRV HQ OD 165 \ OD SUR
SXHVWDGHOEORTXHHTXLYDOHQWHGH:KLWQH\3DUN\3DXOD\
\FRPSDUDFLyQFRQORVYDORUHVREWHQLGRVSRUPHGLR
GHO VRIWZDUH ;75$&7 ,PEVHQ ;75$&7 9HUVLyQ (GXFD
FLRQDO (Q OD )LJXUD VH PXHVWUD OD
GLVFUHWL]DFLyQ GH ODV VHFFLRQHV GH ORV PXURV 7LSR , \
7LSR ,, UHVSHWDQGR ORV HVSDFLRV TXH QR HVWDUiQ OOHQRV
FRQ PRUWHUR GH LQ\HFFLyQ FDYLGDG FHQWUDO GH DOLJHUD
PLHQWR GH ODV XQLGDGHV GH DUFLOOD R HQ FRQWDFWR FRQ
PRUWHUR GH SHJD
,QVWUXPHQWDFLyQ\HQVD\RVGHORV
PXURV
3DUD OD LQVWUXPHQWDFLyQ GH ORV PXURV VH FROR
FDURQ GRV GHIRUPtPHWURV PHFiQLFRV
FRPSDUDGRUHVGHFDUiWXODSDUDPHGLUHOGHV
SOD]DPLHQWRYHUWLFDOHQODYLJDGHFLPHQWDFLyQ
D XQD DOWXUD GH P VH ORFDOL]y XQ WHUFHU
GHIRUPtPHWUR SDUD PHGLU HO GHVSOD]DPLHQWR
KRUL]RQWDOGHOPXUR\XQFXDUWRGHIRUPtPHWUR
XELFDGRHQODPLWDGGHOPXURSDUDHYDOXDUORV
GHVSOD]DPLHQWRV ODWHUDOHV GHO PLVPR FRPR VH
REVHUYD HQ OD )LJXUD HQ UHFXDGUR EODQFR \
OHWUDV '0
$GHPiV VH FRORFDURQ GHIRUPtPHWURV HOpFWUL
FRV VWUDLQ JDXJH HQ ODV YDULOODV GHO DFHUR GH
UHIXHU]RYHUWLFDOGHODVFHOGDVH[WHUQDVGHFDGD
PXUR FRPR VH REVHUYD HQ OD )LJXUD HQ
)LJXUD(VTXHPDGHDSOLFDFLyQGHFDUJDDORVPXURVGHSUXHED
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
(678',2'(/&203257$0,(172'((/(0(1726'(%25'((1/$0$03267(5Ì$(6758&785$/&21/$'5,//26'($/7$5(6,67(1&,$
)LJXUDD'LVFUHWL]DFLyQGHOPXUR7LSR,
(Q HVWDV ILJXUDV VH DSUHFLD OD UHGXFFLyQ GH FDSDFLGDG D
FDUJD D[LDO \ PRPHQWR IOHFWRU D TXH HV VRPHWLGD OD VHF
FLyQ FXDQGR OD FXUYD HV DIHFWDGD SRU HO FRHILFLHQWH 5H
FRHILFLHQWH TXH WLHQH HQ FXHQWD ORV HIHFWRV GH HVEHOWH]
HQ HOHPHQWRV D FRPSUHVLyQ
(QVD\RGHORVPXURV
)LJXUDE'LVFUHWL]DFLyQGHOPXUR7LSR,,
/D)RWRJUDItDPXHVWUDGHWDOOHVGHOWLSRGHIDOODREWHQL
GD SDUD ORV PXURV 7LSR , \ 7LSR ,, HQ ORV HQVD\RV
PRQRWyQLFRV 6H SUHVHQWy IDOOD GH FRUWH FRQ OD SUHVHQ
FLD GH ILVXUDV HQ HVFDOHULOOD
)LJXUDF'HWDOOHDPSOLDGRGHODGLVFUHWL]DFLyQ
)LJXUD'LVFUHWL]DFLyQGHODVVHFFLRQHVGHOPXUR7LSR,\7LSR,,
(QODVILJXUDV\VHPXHVWUDHOFRPSRUWDPLHQWRHVSHUD
GR GH FDSDFLGDG GH FDUJD \ GH PRPHQWR GH ORV PXURV
7LSR , \ 7LSR ,, GLDJUDPD GH LQWHUDFFLyQ GRQGH OD
PRGHODFLyQPDQXDO\ODUHDOL]DGDFRQHOVRIWZDUH;75$&7
VRQ VLPLODUHV HVSHFLDOPHQWH HQ HO SULPHU FDVR GH PX
URV VLQ HOHPHQWRV GH ERUGH
)RWRJUDItD(QVD\RPRQRWyQLFR'HWDOOHVGHILVXUDFLyQPXURV
7LSR,\7LSR,,
)LJXUD&XUYDVGHLQWHUDFFLyQFDUJD²PRPHQWR0XUR7LSR,
)LJXUD&XUYDVGHLQWHUDFFLyQFDUJD²PRPHQWR0XUR7LSR,,
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
(Q OD )LJXUD VH PXHVWUD HO FRPSRUWDPLHQWR REWHQLGR
GH FDUJDGHVSOD]DPLHQWR HQ ORV HQVD\RV PRQRWyQLFRV \
OD HQYROYHQWH GH FDUJDGHVSOD]DPLHQWR REWHQLGD HQ ORV
HQVD\RVFtFOLFRV/DHQYROYHQWHGHORVHQVD\RVFtFOLFRVHV
OHYHPHQWH LQIHULRU D OD ORJUDGD HQ ORV HQVD\RV
PRQRWyQLFRVWHQLHQGRXQFRPSRUWDPLHQWRVLPLODUHQHO
UDQJR HOiVWLFR
)LJXUD&XUYDVGHFDUJDGHVSOD]DPLHQWR0XUR7LSR,
5(675(327$.(8&+,
/D)RWRJUDItDPXHVWUDXQGHWDOOHGHOWLSRGHIDOODREWH
QLGD SDUD ORV PXURV 7LSR , \ 7LSR ,, HQ ORV HQVD\RV FtFOL
FRV6HSUHVHQWyXQDILVXUDHQHVFDOHULOODGHVGHODYLJDGH
FRUWDQWH HQ HO SDQHO FHQWUDO /RV HOHPHQWRV GH ERUGH
SUHVHQWDURQILVXUDVYHUWLFDOHVHQODIURQWHUDGHOSDQHOFHQ
WUDO FRQ HO HOHPHQWR GH ERUGH
(O PXUR 7LSR ,, SUHVHQWy XQD ULJLGH] PD\RU HQ HO UDQJR
HOiVWLFR TXH HO PXUR 7LSR ,
(QOD7DEODVHHYLGHQFLDTXHSDUDHOPXUR7LSR,HQHO
HQVD\RPRQRWyQLFRODGXFWLOLGDGSRUGHVSOD]DPLHQWRFDO
FXODGDFRQODUHODFLyQHQWUHHOGHVSOD]DPLHQWR~OWLPRGH
IDOOD 'X \ HO GHVSOD]DPLHQWR GH IOXHQFLD '\ HV VXSHULRU
DODGXFWLOLGDGSRUGHVSOD]DPLHQWRREWHQLGDSDUDHOPXUR
7LSR,,/DPD\RUGXFWLOLGDGSRUGHVSOD]DPLHQWRREWHQL
GD HQ ORV HQVD\RV FtFOLFRV IXH HQ HO PXUR 7LSR ,,
7DEOD'XFWLOLGDGHVSRUGHVSOD]DPLHQWRHQVD\RV
PRQRWyQLFRV\HQVD\RVFtFOLFRV
(Q ODV ILJXUDV D \ E VH PXHVWUD HO FRPSRUWDPLHQWR
REWHQLGRHQHOHQVD\RFtFOLFRGHORVPXURV7LSR,GRQGH
HVHYLGHQWHODSpUGLGDGHULJLGH]\ODHQHUJtDGLVLSDGDVH
YH UHGXFLGD SRU HO HVWUDQJXODPLHQWR TXH VH SUHVHQWD HQ
ORV OD]RV GH FDGD FLFOR GH DSOLFDFLyQ GH FDUJD /D FDUJD
Pi[LPD SURPHGLR SDUD ORV GRV PXURV HQVD\DGRV IXH GH
GH N1 \ OD GHIRUPDFLyQ Pi[LPD REWHQLGD IXH GH
PP /D GXFWLOLGDG SURPHGLR SRU GHVSOD]DPLHQWR \
FXUYDWXUD IXH GH DSUR[LPDGDPHQWH
/RVOD]RVSRVLWLYRV\QHJDWLYRVGHORVHQVD\RVFtFOLFRVQR
VRQ WRWDOPHQWH VLPpWULFRV GHELGR SRVLEOHPHQWH D ORV
GHIHFWRV FRQVWUXFWLYRV TXH SXGLHURQ KDEHU RFXUULGR HQ
ORV PXURV
)RWRJUDItD(QVD\RVFtFOLFRV'HWDOOHVGHILJXUDFLyQPXURV
7LSR,\7LSR,,
/D FXUYD FDUJDGHVSOD]DPLHQWR TXH VH SUHVHQWD HQ OD )L
JXUD PXHVWUD TXH OD HQYROYHQWH GH ORV HQVD\RV FtFOL
FRVHVOHYHPHQWHLQIHULRUDODFXUYDREWHQLGDHQORVHQVD
\RV PRQRWyQLFRV
)LJXUDD&XUYDVFDUJDGHVSOD]DPLHQWRHQVD\RVFtFOLFRV
0XUR7LSR,
)LJXUD&XUYDVGHFDUJDGHVSOD]DPLHQWRPXUR7LSR,,
(Q ODV ILJXUDV D \ E VH REVHUYD HO FRPSRUWDPLHQWR
KLVWHUpWLFR REWHQLGR GXUDQWH ORV HQVD\RV FtFOLFRV GH ORV
PXURV 7LSR ,, /D FDUJD Pi[LPD DSOLFDGD SURPHGLR IXH
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
(678',2'(/&203257$0,(172'((/(0(1726'(%25'((1/$0$03267(5Ì$(6758&785$/&21/$'5,//26'($/7$5(6,67(1&,$
)LJXUDE&XUYDVFDUJDGHVSOD]DPLHQWRHQVD\RVFtFOLFRV
0XUR7LSR,
)LJXUDE&XUYDVFDUJDGHVSOD]DPLHQWRHQVD\RVFtFOLFRV
0XUR7LSR,,
GHN1\VHREWXYRXQDGXFWLOLGDGSRUGHVSOD]DPLHQ
WR\FXUYDWXUDSURPHGLRGHYDORUVXSHULRUDOREWHQL
GRSDUDORVPXURV7LSR,
6H SUHVHQWy IDOOD D FRUWDQWH FRQ HVWUDQJXODPLHQWR GH ORV
OD]RV KLVWHUpWLFRV OD SpUGLGD GH ULJLGH] \ OD GHJUDGDFLyQ
GH OD UHVLVWHQFLD IXH LJXDOPHQWH SURQXQFLDGD FRPR HQ
ORV HQVD\RV FtFOLFRV GH ORV PXURV 7LSR ,
)LJXUD0XURVWLSR,\,,&XUYDVWHyULFDVPRPHQWRFXUYDWXUD
&RPSDUDFLyQGHUHVXOWDGRV
)LJXUDD&XUYDVFDUJDGHVSOD]DPLHQWRHQVD\RVFtFOLFRV
0XUR7LSR,,
(Q ORV PXURV WLSRV , \ ,, HO FRPSRUWDPLHQWR JUiILFR PR
PHQWRFXUYDWXUD HV VLPLODU WDQWR SDUD HO PpWRGR PDQXDO
FRPRSRUPHGLRGHOVRIWZDUH;75$&7SDUDDPERVFDVRV
HOGHVHPSHxRHQHOUDQJRHOiVWLFRHVLJXDO3DUDHOPXUR
7LSR,HOYDORUPi[LPRGHPRPHQWRIXHGHN1P\
SDUDHOPXUR7LSR,,GHN1P)LJXUD
(OYDORUWHyULFRREWHQLGRGHFDUJDODWHUDOPi[LPDSDUD
HOPXUR7LSR,IXHGHN1\SDUDHOPXUR7LSR,,
GH N1 /D FDUJD Pi[LPD UHVLVWHQWH DSOLFDGD D ORV
PXURV IXH GH N1 SDUD HO PXUR 7LSR , \ GH
N1 SDUD HO PXUR 7LSR ,, YDORUHV LQIHULRUHV D ORV
FDOFXODGRV WHyULFDPHQWH
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
$ FRQWLQXDFLyQ VH H[SRQHQ \ VH FRPSDUDQ ORV UHVXOWD
GRVREWHQLGRVHQGRVLQYHVWLJDFLRQHVHIHFWXDGDVUHFLHQ
WHPHQWHHQOD8QLYHUVLGDG1DFLRQDOGH&RORPELD6HGH
%RJRWi FRQ ORV SUHVHQWDGRV HQ HO SUHVHQWH GRFXPHQWR
(Q HVWDV GRV LQYHVWLJDFLRQHV VH LQFOX\HURQ ORV HOHPHQ
WRVGHERUGHFRPRSDUWHGHOHVWXGLRUHDOL]DGR\VHXWL
OL]DURQXQLGDGHVGHDUFLOODSUHQVDGDGH03DGHUH
VLVWHQFLD HVSHFLILFDGD
$ODSULPHUDLQYHVWLJDFLyQGHQRPLQDGD´(VWXGLRGHOFRP
SRUWDPLHQWR GH HOHPHQWRV GH ERUGH HQ OD PDPSRVWHUtD
HVWUXFWXUDOµGH0HGLQDVHODOODPDHQHOSUHVHQWH
DUWtFXOR ´,QYHVWLJDFLyQ µ $ OD VHJXQGD ´&RPSRUWD
PLHQWR LQHOiVWLFR GH PXURV HQ PDPSRVWHUtD UHIRU]DGDµ
GH ORV DXWRUHV &RUWpV \ 0HGLQD VH OD QRPEUDUi
´,QYHVWLJDFLyQµHQHOODHOGLVHxRGHORVPXURVFXP
SOLyFRQORVUHTXLVLWRVGHOD165LQFOX\HQGRHODFHUR
GH UHIXHU]R UHTXHULGR D FRUWH /RV GDWRV GH OD SUHVHQWH
LQYHVWLJDFLyQFRQVLJQDGRVHQHVWHDUWtFXORVHUHIHUHQFLDQ
FRPR ´,QYHVWLJDFLyQ µ
5(675(327$.(8&+,
/D 7DEOD PXHVWUD ODV FDUDFWHUtVWLFDV GH ORV PXURV FRQ \
VLQHOHPHQWRVGHERUGHTXHVHHPSOHDURQHQODVLQYHVWL
JDFLRQHV\
7DEOD'LPHQVLRQHVGHORVPXURVGHODVLQYHVWLJDFLRQHV
\
GDGPRGHUDGDGHGLVLSDFLyQGHHQHUJtD'02VHGHEH
HPSOHDU XQ IDFWRU GH UHGXFFLyQ 5R GH \ VL VH HQ
FXHQWUD FRQ WRGDV ODV FHOGDV OOHQDV HO YDORU GH 5R HV
(QODLQYHVWLJDFLyQQRWRGDVODVFHOGDVVHUHOOH
QDURQFRQPRUWHURGHLQ\HFFLyQPLHQWUDVTXHHQODV
\VtORHVWDEDQ
7RPDQGRORVYDORUHVREWHQLGRVGH5FDOFXODGRGHODVWUHV
LQYHVWLJDFLRQHV VH GHWHUPLQy TXH HO YDORU SURPHGLR GH
5SDUDWRGRVORVPXURVHVGH
3DUDORVPXURVVLQHOHPHQWRVGHERUGHVHREWXYRXQYD
ORU SURPHGLR GH 5 LJXDO D \ SDUD ORV PXURV FRQ
HOHPHQWRV GH ERUGH GH YDORUHV TXH VLJXHQ VLHQGR
LQIHULRUHV D ORV UHTXHULGRV SRU OD 165
/RVYDORUHVSURPHGLRVREWHQLGRVGHGXFWLOLGDGGHGHVSOD
]DPLHQWR \ FXUYDWXUD ΔX VH PXHVWUDQ JUiILFDPHQWH HQ
OD )LJXUD 6H HYLGHQFLD TXH ORV PXURV FRQ HOHPHQWRV
GH ERUGH WLHQHQ PD\RU GXFWLOLGDG GH GHVSOD]DPLHQWR \
FXUYDWXUD 6H LGHQWLILFD TXH ORV PXURV VLQ HOHPHQWRV GH
ERUGHGHODVLQYHVWLJDFLRQHV\SUHVHQWDURQYDOR
UHV VLPLODUHV GH GXFWLOLGDG GH GHVSOD]DPLHQWR \ FXUYDWX
UDPLHQWUDVTXHORVPXURVVLQHOHPHQWRVGHERUGHGHOD
LQYHVWLJDFLyQ QR VRQ FRPSDUDEOHV HQWUH Vt
(O PXUR 7LSR , GH OD LQYHVWLJDFLyQ WXYR XQ YDORU GH
GXFWLOLGDGGHGHVSOD]DPLHQWR\FXUYDWXUDLJXDOD\HO
PXUR 7LSR ,, GH HVWH ~OWLPR YDORU HV UHODWLYDPHQWH
DOWRHQFRPSDUDFLyQFRQODPHGLDGHGXFWLOLGDGREWHQLGD
SDUD ORV PXURV FRQ HOHPHQWRV GH ERUGH
)LJXUD9DORUHVREWHQLGRVGHOIDFWRU5GHODVLQYHVWLJDFLRQHV
\
&DEHDQRWDUQXHYDPHQWHTXHHQQLQJXQDGHODVWUHVLQYHV
WLJDFLRQHVVHDSOLFyFDUJDD[LDODORVPXURVGXUDQWHHOHQVD
\RFtFOLFR6LHQHVWDFODVHGHHQVD\RVHDSOLFDFDUJDD[LDODO
PXURGXUDQWHHOHQVD\RHOYDORUGH5SXHGHYDULDU
&RQFOXVLRQHV
6H YHULILFy TXH OD UHVLVWHQFLD HVSHFLILFDGD D OD FRPSUH
VLyQIFXSRUORVIDEULFDQWHVGHORVODGULOORVGHDUFLOODH[WUXLGD
WUHILODGRV SRUWDQWHV VH FXPSOLy REWHQLpQGRVH HQ ORV
HQVD\RVXQIFXLJXDOD03DFRQWUDHOYDORUHVSHFLILFD
GRHQODILFKDWpFQLFDGH03D
(Q HO HQVD\R GH ORV PXUHWHV GH SUXHED GH PDPSRVWHUtD
FRQ WRGDV ODV FHOGDV OOHQDV VH REWXYR XQD UHVLVWHQFLD D OD
FRPSUHVLyQI·PLJXDOD03D
)LJXUD'XFWLOLGDGGHGHVSOD]DPLHQWR\FXUYDWXUDREWHQLGDV
DSDUWLUGHODVLQYHVWLJDFLRQHV\
(Q OD )LJXUD VH PXHVWUDQ ORV YDORUHV REWHQLGRV GHO
IDFWRU GH UHGXFFLyQ GH FDSDFLGDG 5 /D 165 HQ OD
7DEOD $ LQGLFD TXH SDUD PXURV GH PDPSRVWHUtD UH
IRU]DGD GH EORTXH GH SHUIRUDFLyQ YHUWLFDO FRQ FDSDFL
(O PyGXOR GH HODVWLFLGDG REWHQLGR D SDUWLU GHO HQVD\R
GH ORV PXUHWHV GH SUXHED IXH PX\ LQIHULRU D ORV YDOR
UHV SURSXHVWRV SRU OD 165 \D TXH HQ ORV HQVD\RV
VH GHWHUPLQy XQ PyGXOR GH HODVWLFLGDG (P LJXDO D
03DHTXLYDOHQWHD( P I·PPLHQWUDVTXH
OD 165 UHFRPLHQGD XWLOL]DU XQD UHODFLyQ GH (PI·P
LJXDOD
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
(678',2'(/&203257$0,(172'((/(0(1726'(%25'((1/$0$03267(5Ì$(6758&785$/&21/$'5,//26'($/7$5(6,67(1&,$
(O FRPSRUWDPLHQWR GH ODV FXUYDV GH LQWHUDFFLyQ FDUJD
PRPHQWR VRQ VLPLODUHV XWLOL]DQGR OD PRGHODFLyQ FRQ HO
VRIWZDUH ;75$&7 \ HO SURFHGLPLHQWR PDQXDO EDVDGR HQ
OD UHVLVWHQFLD ~OWLPD
6H HQFRQWUy TXH GHSHQGLHQGR GH OD IOXLGH] GHO PRUWHUR
GH LQ\HFFLyQ HVWH DO VHU LQ\HFWDGR \ YLEUDGR GHQWUR GH
ODV FHOGDV YHUWLFDOHV PLJUD KDFLD ODV MXQWDV GH ODV XQLGD
GHVFRQWULEX\HQGRDWHQHUXQDPD\RUiUHDQHWDGHFRQ
WDFWR GH OD PDPSRVWHUtD
/D IDOOD TXH VH SUHVHQWy HQ ORV PXURV 7LSR , VLQ HOH
PHQWRVGHERUGHIXHGHFRUWDQWHSUHVHQWDQGRILVXUDFLyQ
HQ GLDJRQDO
/DIDOODTXHVHGHWHFWyHQORVPXURV7LSR,,FRQHOHPHQ
WRV GH ERUGH IXH GH FRUWDQWH FRQ ILVXUDV HQ HVFDOHULOOD
HQ ´;µ VLJXLHQGR ODV SHJDV GH PRUWHUR SRU OD DSOLFDFLyQ
GH FDUJD HQ DPEDV GLUHFFLRQHV GH HPSXMH \ GH WLUDU HO
UHIXHU]RKRUL]RQWDOFRORFDGRIXHDSUR[LPDGDPHQWHHO
DOUHTXHULGRSRUGLVHxRFRQHOILQGHLGHQWLILFDUHOFRPSRU
WDPLHQWR G~FWLO R QR G~FWLO GH ORV PXURV &RQ HVWD FDQWL
GDGGHDFHURGHUHIXHU]RSDUDFRUWDQWHVHGHWHFWDURQILVXUDV
YHUWLFDOHVHQWUHODXQLyQGHOSDQHOFHQWUDOGHOPXURFRQORV
HOHPHQWRV GH ERUGH \ DSODVWDPLHQWR GH ODV XQLGDGHV HQ
ORV H[WUHPRV GH ORV HPSRWUDPLHQWRV GHO PXUR
/DVFXUYDVGHORVHQVD\RVFtFOLFRVFRPSDUDGDVFRQODVFXU
YDV GH ODV HQYROYHQWHV GH ORV HQVD\RV PRQRWyQLFRV GH ORV
PXURV 7LSR , \ 7LSR ,, PXHVWUDQ XQD JUDQ VLPLOLWXG HQWUH
VtVLQHPEDUJRQRVHHYLGHQFLDXQFODURFRPSRUWDPLHQWR
DOSDVDUODVHFFLyQGHOUDQJRHOiVWLFRDOUDQJRLQHOiVWLFR
/RV PXURV VLQ HOHPHQWRV GH ERUGH SUHVHQWDURQ XQD PH
QRUGXFWLOLGDGGHGHVSOD]DPLHQWR\FXUYDWXUDFRQUHVSHF
WR D ORV PXURV FRQ HOHPHQWRV GH ERUGH HVWR VLJQLILFD
DSDUHQWHPHQWH TXH ORV PXURV FRQ HOHPHQWRV GH ERUGH
WLHQHQXQDPD\RUFDSDFLGDGGHGLVLSDFLyQGHHQHUJtDHQ
HO UDQJR LQHOiVWLFR
&RPR OD GXFWLOLGDG SRU GHVSOD]DPLHQWR \ FXUYDWXUD IXH
GHWHUPLQDGDVHJ~QODVUHFRPHQGDFLRQHVGHO)(0$\
GHO)(0$VHSXHGHLQGLFDUTXHORVPXURVFRQVWUXL
GRVFRQ\VLQHOHPHQWRVGHERUGHSUHVHQWDQXQQLYHOGH
GDxRLQWHUPHGLRSDUDXQDRFXSDFLyQLQPHGLDWD
/RVPXURVGHPDPSRVWHUtDIDEULFDGRVFRQODGULOORVGHDU
FLOOD H[WUXLGD SRUWDQWHV WUHILODGRV FXDQGR VRQ VRPHWL
GRV D FDUJDV YHUWLFDOHV SUHVHQWDQ XQ EXHQ GHVHPSHxR
3HURDQWHFDUJDVFtFOLFDVORVPXURVFRQODGULOORVH[WUXLGRV
VH FRPSRUWDQ GH PDQHUD VLPLODU D ORV IDEULFDGRV FRQ OD
GULOORV GH DUFLOOD SUHQVDGD TXH IXHURQ REMHWRV GH ODV LQ
YHVWLJDFLRQHV \ /RVYDORUHVREWHQLGRVSDUDHOIDFWRUGHFDSDFLGDGGHGLVL
SDFLyQGHHQHUJtD5IXHURQLQIHULRUHVDORVHVSHUDGRV(Q
HVWD LQYHVWLJDFLyQ VH HQFRQWUDURQ YDORUHV GH 5 SDUD ORV
PXURVVLQHOHPHQWRVGHERUGHGH\SDUDORVPXURV
FRQHOHPHQWRVGHERUGHGHVHGHEHWHQHUHQFXHQ
WD OD DXVHQFLD GH FDUJD YHUWLFDO GXUDQWH HO HQVD\R
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
3DUD GHWHUPLQDU HO YDORU GHO IDFWRU GH FDSDFLGDG GH GLVL
SDFLyQGHHQHUJtD5VHHPSOHyXQGHVSOD]DPLHQWRPi[L
PRGHGHODDOWXUDGHOPXURYDORUTXHHVHOLQGLFD
GR SRU OD 165 SDUD OD GHULYD Pi[LPD &RQ HVWH YDORU
GH GHVSOD]DPLHQWR VH FXPSOH TXH ORV PXURV VXIUHQ XQ
GDxR LQWHUPHGLR FRQ XQD RFXSDFLyQ LQPHGLDWD
5HFRPHQGDFLRQHV
(V LPSRUWDQWH TXH VH UHDOLFHQ RWUDV LQYHVWLJDFLRQHV HQ OD
TXH VH HVWXGLH ~QLFDPHQWH HO SDUiPHWUR GHO PyGXOR GH
HODVWLFLGDGGHODPDPSRVWHUtD(PWDQWRSDUDPXUHWHVFRQ
FHOGDV YDFtDV \ FHOGDV OOHQDV FRQ PRUWHUR GH LQ\HFFLyQ
\D TXH HQ OD SUHVHQWH LQYHVWLJDFLyQ \ HQ OD GHVDUUROODGD
SRUHODXWRU0HGLQD)ORVYDORUHVGHPyGXORHOiVWLFRVRQ
LQIHULRUHV D ORV H[LJLGRV SRU OD 165
6H UHFRPLHQGD TXH HQ SUy[LPDV LQYHVWLJDFLRQHV VL VH
UHDOL]DQ HQVD\RV FtFOLFRV D PXURV GH PDPSRVWHUtD VH VL
PXOHODDSOLFDFLyQGHFDUJDD[LDOFRQXQDFDUJDHTXLYDOHQ
WH DO SHVR TXH VRVWHQGUtD HO PXUR VL WXYLHUD XQD FDUJD GH
PXURKDVWDGHFLQFRSLVRVGHDOWXUD/RDQWHULRUFRQHOILQ
GH YHULILFDU HO FRPSRUWDPLHQWR LQHOiVWLFR \ GHWHUPLQDU OD
GXFWLOLGDG SRU GHVSOD]DPLHQWR \ FXUYDWXUD \ HO IDFWRU GH
UHGXFFLyQGHIXHU]DV5PiVDFRUGHDODUHDOLGDG
7DPELpQ UHDOL]DU XQD LQYHVWLJDFLyQ VLPLODU D OD SUHVHQWH
WHQLHQGR HQ FXHQWD OD XWLOL]DFLyQ GHO GHO DFHUR GH
UHIXHU]R UHTXHULGR D FRUWDQWH TXH SXHGH VHU XELFDGR HQ
WRGDODDOWXUDGHOPXUR
< ILQDOPHQWH FRPSOHPHQWDU HVWD LQYHVWLJDFLyQ \ ODV \D
HIHFWXDGDVHQHVWXGLRVTXHLPSOLTXHQHODQiOLVLVGHRWUDV
YDULDEOHV QR HVWXGLDGDV
$JUDGHFLPLHQWRV
6HDJUDGHFHHODSR\RTXHUHDOL]yOD8QLYHUVLGDG1DFLRQDO
6HGH%RJRWiHQQRPEUHGHWRGRVXSHUVRQDOSDUDKDFHU
HVWD LQYHVWLJDFLyQ GH LJXDO PDQHUD D OD /DGULOOHUD 6DQWD
)H HPSUHVD &RORPELDQD SURGXFWRUD GH HOHPHQWRV GH
DUFLOODSRUVXFRODERUDFLyQ
%LEOLRJUDItD
&RUWHV-&\0HGLQD-'&RPSRUWDPLHQWR,QHOiVWLFR
GH0XURVHQ0DPSRVWHUtD5HIRU]DGD7HVLVGH3UHJUDGR
8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi
)(0$ (YDOXDWLRQ RI (DUWKTXDNH 'DPDJHG
&RQFUHWH DQG 0DVRQU\ :DOO %XLOGLQJV 7HFKQLFDO
5HVRXUFHV
)(0$ (YDOXDWLRQ RI (DUWKTXDNH 'DPDJHG
&RQFUHWH DQG 0DVRQU\ :DOO %XLOGLQJV 7HFKQLFDO
5HVRXUFHV
*DUFtD/('LQiPLFD(VWUXFWXUDO$SOLFDGDDO'LVHxR
6tVPLFR8QLYHUVLGDGGHORV$QGHV&RORPELD
,PEVHQ ;75$&7 9HUVLyQ &RS\ &URVV
6HFWLRQ $QDO\VLV 6RIWZDUH IRU 6WUXFWXUDO (QJLQHHUV %HJLQQLQJ/HYHO([DPSOHDQG([DPSOH
0DQGHU 3 3 2EVHUYHG 6WUHVV6WUDLQ %HKDYLRU RI &RQILQHG
&RQFUHWH-6WUXFWXUDO(QJ$6&(SS
5(675(327$.(8&+,
0HGLQD ) (VWXGLR GHO &RPSRUWDPLHQWR GH
(OHPHQWRVGH%RUGHHQOD0DPSRVWHUtD(VWUXFWXUDO7HVLV
GH 0DHVWUtD 8QLYHUVLGDG 1DFLRQDO GH &RORPELD
%RJRWi
1RUPDV&RORPELDQDVGH'LVHxR\&RQVWUXFFLyQ6LVPR
5HVLVWHQWH165/H\GH'HFUHWRGH
'HFUHWR GH $VRFLDFLyQ &RORPELDQD GH
,QJHQLHUtD6tVPLFD%RJRWi
3DUN5\3DXOD\7(VWUXFWXUDVGH&RQFUHWR5HIRU]DGR
(GLWRULDO/LPXVD
5HVWUHSR - & (VWXGLR GHO &RPSRUWDPLHQWR GH
(OHPHQWRV GH %RUGH HQ OD 0DPSRVWHUtD (VWUXFWXUDO FRQ
/DGULOORVGH$OWD5HVLVWHQFLD7HVLVGH0DHVWUtD²(VWUXFWXUDV
8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi
6DQ%DUWRORPp$0XxR]$0DGXHxR*\&DYHUR
5 &RPSRUWDPLHQWR 6tVPLFR GH 3ODFDV GH &RQFUHWR
5HIRU]DGDV FRQ 0DOODV (OHFWURVROGDGDV 3RQWLILFLD
8QLYHUVLGDG&DWyOLFDGHO3HU~
3DXOD\7\3ULHVWOH\0-16HLVPLF'HVLJQRI5HLQIRUFHG
&RQFUHWHDQG0DVRQU\%XLOGLQJV
5(9,67$,1*(1,(5Ì$(,19(67,*$&,Ð192/1R$*2672'(
Descargar