'LGiFWLFDGHODV&LHQFLDV ([SHULPHQWDOHV 3URJUDPDGH'RFWRUDGR 'HSWR'LGiFWLFDGHODV&&([SHULPHQWDOHV )DFXOWDGGH(GXFDFLyQ 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG Bienio 1998/2000 &yGLJRSURJUDPD KWWSZZZXFPHVLQIRGLFLH[ GLFLH[#HXFPRVVLPXFPHV 352*5$0$'('2&725$'2 %,(1,2 7tWXORGHO3URJUDPD 'LGiFWLFDGHODV&LHQFLDV([SHULPHQWDOHV >&yGLJRSURJUDPD@ '(3$57$0(1725(63216$%/( 'HSDUWDPHQWRGH'LGiFWLFDGHODV&LHQFLDV([SHULPHQWDOHV>@ &225',1$'25 'U$QWRQLR0RUHQR*RQ]iOH] 1Ó0(52'(3/$=$6',6321,%/(63$5$(/%,(1,2 75$%$-26'(,19(67,*$&,Ð1FRQFDUiFWHU2SWDWLYRQ~PHURGHFUpGLWRV ÉUHDVGHFRQRFLPLHQWRDODVTXHVHDGVFULEHHO3URJUDPD FyGLJRV 'LGiFWLFDGHODV&LHQFLDV([SHULPHQWDOHV 0HWRGRORJtDGH,QYHVWLJDFLyQ\'LDJQyVWLFR 3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ 5HTXLVLWRVSDUDDFFHGHUDOSURJUDPD - Licenciatura en CC. Físicas, Químicas, Geológicas o Biológicas - Idioma inglés &yG 7Ì78/2 ,QWURGXFFLyQ D OD PHWRGRORJtD \ VRFLRORJtDGHODFLHQFLD $SOLFDFLyQ GH ODV 7HFQRORJtDV GH OD ,QIRUPDFLyQ D OD (QVHxDQ]D GH ODV &LHQFLDV &OLPD\PHGLRDPELHQWH )(&+$ DxR LPSDUWLFLyQ 7 , 3 2 & $ 5 É & 7 ( 5 & 5 e ' , 7 2 6 352)(625(6 0 23 -RDTXtQ)HUQiQGH]3pUH]%LRORJtD ) 23 -RVHS&HUYHOOy&ROOD]RV ) 23 &DUPHQ0RQ]yQ3LQLOOD )UDQFLVFR9DOHUR5RGUtJXH])tVLFD &HOXODU)DF&&%LROyJLFDV GHOD7LHUUD$VWURQRPtD\$VWURItVLFD,, )DF&&)tVLFDV &DUORV*DUFtD/HJD]0DUWtQH] 'LUHFWRUGHO&HQWURGH)RUPDFLyQGH 0HWHRURORJtDGHO,10 /D UHHVWUXFWXUDFLyQ GHO FRQRFLPLHQWR FLHQWtILFR GHVGH OD H[SHULHQFLD PHWRGROyJLFD 'LGiFWLFDGHODV(VWUXFWXUDV9LWDOHV ,QVWLWXFLRQDOL]DFLyQ DFDGpPLFD GH ODV FLHQFLDVH[SHULPHQWDOHVHQHOVLJOR;,; (O DJXD FRPR PRGHOR GH FLHQFLD FRRUGLQDGD ) 23 $QD)RUWH]D3XMRO ) 23 ) 23 0ÉQJHOHV*DUFtD&ROODQWHV $QWRQLR0RUHQR*RQ]iOH] ) 23 &ULVWyEDO)HUQiQGH]3LQHGD)tVLFD $SOLFDGD,)DF)tVLFDV &DUPHQ0RQ]yQ3LQLOOD )UDQFLVFR9DOHUR5RGUtJXH])tVLFD GHOD7LHUUD$VWURQRPtD\$VWURItVLFD,, )DF&&)tVLFDV (O FRQRFLPLHQWR SURIHVLRQDO VREUH ORV FRQWHQLGRVHVFRODUHV$QiOLVLVGLGiFWLFR GHODVIXHQWHVGHFRQRFLPLHQWRHVFRODU $SOLFDFLyQ DO FDPSR FRQFHSWXDO DVRFLDGRDOFDPELRTXtPLFR (OSHQVDPLHQWRGHOSURIHVRUGHFLHQFLDV (OWUDEDMRH[SHULPHQWDOHQHOSURFHVR HQVHxDQ]DDSUHQGL]DMHGHODV&LHQFLDV )tVLFR4XtPLFDV /D UHVROXFLyQ GH SUREOHPDV HQ OD HQVHxDQ]DDSUHQGL]DMHGHODVFLHQFLDV 0RGHORVSDUDHOGHVDUUROORGHDOJXQRV DVSHFWRVGHOFXUUtFXORGH4XtPLFDHQOD (QVHxDQ]D6HFXQGDULD ) 23 5RVD0DUWtQGHO3R]R ) 23 ) 23 0D[LPLOLDQR5RGULJR9HJD 0DQXHOD0DUWtQ6iQFKH] ) 23 00HUFHGHV0DUWtQH]$]QDU ) 23 -RVHS&HUYHOOy&ROOD]RV &DUPHQ0RQ]yQ3LQLOOD &DUORV3LFR0DUtQ4XtPLFD,QRUJiQLFD ,)DF&&4XtPLFDV -RVH$QWRQLR5RGUtJXH]&KHGD 4XtPLFD)tVLFD,)DF&&4XtPLFDV ) 23 (QULTXH6LOYiQ3REHV 3ULQFLSLRVGH*HRORJtD6XHQVHxDQ]D HQOD(GXFDFLyQ2EOLJDWRULD (YDOXDFLyQ GH OD YDOLGH] HQ OD LQYHVWLJDFLyQH[SHULPHQWDO $ 23 (GXDUGR/ySH]/ySH]0pWRGRVGH ,QYHVWLJDFLyQ\'LDJQyVWLFRHQ(GXFDFLyQ )DF(GXFDFLyQ 3VLFRORJtD FRJQLWLYD \ DSUHQGL]DMH VLJQLILFDWLYR $ 23 -HV~V%HOWUiQ/OHUD3VLFRORJtD (YROXWLYD\GHOD(GXFDFLyQ)DF (GXFDFLyQ 2EVHUYDFLyQ(QODFROXPQDWLSR0VLJQLILFD0HWRGRORJtD)VLJQLILFD)XQGDPHQWDO\$VLJQLILFD $ItQ 'XGDVPiVIUHFXHQWHVUHODWLYDVDOWHUFHUFLFORHQHO'HSDUWDPHQWRGH 'LGiFWLFDGHODV&LHQFLDV([SHULPHQWDOHV 7UDEDMRVGHLQYHVWLJDFLyQ (QHOSURJUDPDGHO'HSDUWDPHQWRHVRSWDWLYRXQWUDEDMRGHLQYHVWLJDFLyQSRUDOXPQRDSDUDREWHQHUKDVWDXQ Pi[LPRGHFUpGLWRV(OWUDEDMRSRGUiUHDOL]DUVHGXUDQWHHOWLHPSRGHGXUDFLyQGHO3URJUDPD8QDYH]HYDOXDGR SRUHO'HSDUWDPHQWROD6HFUHWDUtDGH$OXPQRVGHOD)DFXOWDGHQYtDSRUFRUUHRXQUHFLERSDUDDERQDUHOLPSRUWH GHORVFUpGLWRVDVLJQDGRV 6HGHEHSUHVHQWDUDO'HSDUWDPHQWRXQSUR\HFWRGHWUDEDMRDUHDOL]DUTXHGHEHUiVHUH[DPLQDGR\DSUREDGRSRU HOODWXWRUD(OWUDEDMRGHEHUiVHUGLULJLGRSRUHOODGLUHFWRUDGHWHVLVRXQDSURIHVRUDGHOSURJUDPD(QOD SRUWDGDGHOWUDEDMRGHEHUiLQGLFDUVHFODUDPHQWHQRPEUHGHODOXPQR\GHOGLUHFWRUWtWXORGHOWUDEDMRSURJUDPD HQHOTXHVHHVWiLQVFULWRQ~PHURGHFUpGLWRVVROLFLWDGRV'HDFXHUGRFRQODQRUPDWLYDYLJHQWHHOWUDEDMRRULJLQDO TXHGDHQGHSyVLWRHQHO'HSDUWDPHQWR 3UyUURJDGHXQHUDxRSDUDKDFHUFUpGLWRV 6LHQGRVDxRVQRKDVLGRSRVLEOHUHDOL]DUFUpGLWRVLQFOX\HQGRORVTXHVHGDQSRUWUDEDMRVGHLQYHVWLJDFLyQ HVSRVLEOHVROLFLWDUXQDSUyUURJDGHXQWHUFHUDxR3DUDHOORGHEHSUHVHQWDUVHXQDLQVWDQFLDTXHVHSLGHHQOD 6HFUHWDUtDGH$OXPQRVGHOD)DFXOWDG\VHHQWUHJDHQODVHFUHWDUtDGHO'HSDUWDPHQWRGHVSDFKRVRHQ ODTXHVHVROLFLWDXQDSUyUURJDGHXQWHUFHUDxRSDUDFRQFOXLUORVFUpGLWRVH[SOLFDQGRSRUTXpPRWLYR\FRQ ODILUPDGHOLQWHUHVDGRD\HOYLVWREXHQRGHOWXWRUD'HVSXpVGHTXHHO'HSDUWDPHQWRLQIRUPDIDYRUDEOHPHQWH HQXQ&RQVHMRODVHFUHWDUtDGHDOXPQRVVHHQFDUJDGHWUDPLWDUORFRPXQLFDQGRSDVDGRXQWLHPSRODUHVROXFLyQ GHOD8QLYHUVLGDGDOLQWHUHVDGRD /DSHWLFLyQGHSUyUURJDGHXQRDxRWDPELpQHVSRVLEOHDXQTXHHOUHFWRUDGRDGYLHUWHTXHVyORVHFRQFHGHUi FRQFDUiFWHUH[FHSFLRQDO\SRUFDXVDVPX\MXVWLILFDGDVTXHVHWHVWLPRQLDUiQGRFXPHQWDOPHQWH 5HFRQRFLPLHQWRGHFUpGLWRV $TXHOORVDVTXHGHVHHQFXUVDUFXUVRVRVHPLQDULRVGHSURJUDPDVGHRWURVGHSDUWDPHQWRVGHQWURGHVXSURJUDPD GHEHQVROLFLWDUDXWRUL]DFLyQDVXWXWRUD\DO'HSDUWDPHQWRDQWHVGHVXPDWULFXODFLyQ6HVROLFLWDHQODVHFUHWDUtDGH DOXPQRVGHOD)DFXOWDGXQLPSUHVRHQHOTXHVHVROLFLWDODDXWRUL]DFLyQFRQWRGRVORVGDWRVQRPEUHGHOSURJUDPD GHSDUWDPHQWRUHVSRQVDEOHQRPEUHGHORVFXUVRVFUpGLWRVHWFFRQHOYLVWREXHQRGHOWXWRUD(VWDDXWRUL]DFLyQ GHEHVROLFLWDUVHFRQWLHPSRSDUDTXHHVWpGLVSRQLEOHDQWHVGHOSOD]RGHPDWUtFXOD (OUHFRQRFLPLHQWRGHFUpGLWRVGHGRFWRUDGRSRUPDWHULDVFXUVDGDVIXHUDGHO3URJUDPDGH'RFWRUDGRVyORHV DSOLFDEOHDSODQHVGHHVWXGLRDSUREDGRVSRUOD8&0RWURV3URJUDPDVGH'RFWRUDGRPDWHULDVGHORV7tWXORV 3URSLRV GH OD 8QLYHUVLGDG &RPSOXWHQVH HWF R D HQVHxDQ]DV GH RWURV &HQWURV RILFLDOHV FRQ ORV TXH H[LVWD &RQYHQLR D HVWRV HIHFWRV (VWDV HQVHxDQ]DV KDQ GH VHU LPSDUWLGDV HQ HO SHULRGR GH YLJHQFLD GHO SURJUDPD GH GRFWRUDGR \ DXWRUL]DGDVSUHYLDPHQWHSRUHOWXWRU\HO&RQVHMRGH'HSDUWDPHQWR(OQ~PHURPi[LPRGHFUpGLWRVUHFRQRFLGRV SRUHVWHFRQFHSWRIXHUDGHSURJUDPDHVGHFLQFR(OLPSUHVRFRUUHVSRQGLHQWHVHVROLFLWDHQODVHFUHWDUtDGH DOXPQRV GH OD )DFXOWDG GH (GXFDFLyQ YHQWDQLOOD GH HU FLFOR /D VROLFLWXG VH SUHVHQWD HQ OD VHFUHWDUtD GHO 'HSDUWDPHQWRGHVSDFKRVRFRQHOILQGHTXHHOGHSDUWDPHQWRDXWRULFHODPDWUtFXOD 7RGR UHFRQRFLPLHQWR GH FUpGLWRV GHQWUR R IXHUD GHO SURJUDPD GHEHUi UHDOL]DUVH SUHYLR LQIRUPH GHO WXWRU \ YLVWR EXHQR GHO 'HSDUWDPHQWR ,QVFULSFLyQWHVLVGRFWRUDO $QWHVGHWHUPLQDUHO3URJUDPDGH'RFWRUDGRHOGRFWRUDQGRSUHVHQWDUiHQHO'HSDUWDPHQWRXQ3UR\HFWRGH7HVLV 'RFWRUDODYDODGRSRUHOORV'LUHFWRUUHVGHODWHVLVGRFWRUDOMXQWRFRQXQDEUHYHPHPRULDDSUR[LPDGDPHQWHXQ SDUGHSiJLQDVFRQXQEUHYHUHVXPHQGHREMHWLYRVPHWRGRORJtD\ELEOLRJUDItD(OLPSUHVRGH,QVFULSFLyQVH SURSRUFLRQDHQOD6HFUHWDUtDGH$OXPQRVGHOD)DFXOWDG/DWHVLVGRFWRUDOGHEHUiSUHVHQWDUVHHQXQSOD]RPi[LPR GHFLQFRDxRVGHVGHODDGPLVLyQGHOGRFWRUDQGRHQHOSURJUDPDGHGRFWRUDGR12GHVGHODLQVFULSFLyQGHODWHVLV GRFWRUDO(VWHSOD]RSRGUiVHUDPSOLDGRYHU3UyUURJDDSUREDFLyQWHVLVGRFWRUDOPiVDEDMR 6HGHEHEXVFDUGLUHFWRUDGHODWHVLVHQWUHORVSURIHVRUHVGRFWRUHVGHO'HSDUWDPHQWR(VSRVLEOHEXVFDUDRWUD SHUVRQDHQRWUR'HSDUWDPHQWRGHOD)DFXOWDGHQRWUD)DFXOWDGGHOD8&0RLQFOXVRGHRWUD8QLYHUVLGDG VLHPSUH\FXDQGRSRVHDODWLWXODFLyQGHGRFWRU(QHOFDVRGHTXHHOGLUHFWRUDQRVHDGHO'HSDUWDPHQWRGHEHUi EXVFDUVHHQpVWHXQSRQHQWH 6LVHGHVHDFDPELDUHOWtWXORGHODWHVLVGRFWRUDOXQDYH]LQVFULWDRGHGLUHFWRUDGHODPLVPDVHGHEHHQWUHJDUHQ ODVHFUHWDUtDGHO'HSDUWDPHQWRGHVSDFKRVRXQDLQVWDQFLDSURSRUFLRQDGDHQODVHFUHWDUtDGHDOXPQRV VROLFLWiQGRORFRQODILUPDGHOLQWHUHVDGRD\HOGLUHFWRUDHQHOFDVRGHFDPELRGHGLUHFWRUODILUPDGHDPERV HODQWLJXR\HOQXHYR'HVSXpVGHTXHHO'HSDUWDPHQWRGDVXYLVWREXHQRVHWUDPLWDGLUHFWDPHQWHDODVHFUHWDUtD GHOD)DFXOWDG(OODDOXPQRDUHFRJHUiHQpVWDVXLPSUHVRXQDYH]LQVFULWDVXSHWLFLyQ 5HFRQRFLPLHQWRVXILFLHQFLDLQYHVWLJDGRUD 8QD YH] ILQDOL]DGRV ORV FUpGLWRV H LQVFULWD OD WHVLV GRFWRUDO HO 'HSDUWDPHQWR HYDOXDUi GH IRUPD JOREDO \ UD]RQDGDORVFRQRFLPLHQWRVDGTXLULGRVSRUHOODDOXPQRD(VWDHYDOXDFLyQVHH[SUHVDHQHO&HUWLILFDGRGH6XILFLHQFLD ,QYHVWLJDGRUD(VWHLPSUHVRHQODDFWXDOLGDGVHHQYtDDXWRPiWLFDPHQWHGHVGHOD6HFUHWDUtDGHOD)DFXOWDGDOILQDOL]DU ORVFUpGLWRV8QDYH]FXPSOLPHQWDGRSRUHO'HSDUWDPHQWRVHUHFRJHSRUHOODDOXPQRDHQOD6HFUHWDUtDGH $OXPQRV 3UyUURJDDSUREDFLyQWHVLVGRFWRUDO /DWHVLVGRFWRUDOQRSRGUiVHUSUHVHQWDGDDQWHVGHOLQLFLRGHOVLJXLHQWHFXUVRDFDGpPLFRDDTXHOHQTXHKD\D ILQDOL]DGR HO 3URJUDPD GH 'RFWRUDGR 'HEHUi SUHVHQWDUVHHQ XQ SOD]R Pi[LPR GH FLQFR DxRV GHVGH OD DGPLVLyQ GHO GRFWRUDQGRHQHOSURJUDPDGHGRFWRUDGR(VWHSOD]RSRGUiVHUDPSOLDQGRVROLFLWDQGRXQDSUyUURJD/RVLPSUHVRVWDQWR ODSUyUURJDRUGLQDULDFRPRODH[WUDRUGLQDULDVHSURSRUFLRQDQHQODVHFUHWDUtDGHDOXPQRVGHOD)DFXOWDG7UDV UHOOHQDUWRGRVORVGDWRVLQFOX\HQGRHOLQIRUPHGHOGLUHFWRUDVHHQWUHJDHQODVHFUHWDUtD GHO 'HSDUWDPHQWR GHVSDFKRVRSDUDTXHWUDVHOYLVWREXHQRGHO&RQVHMRGH'HSDUWDPHQWRVHKDJDHOLQIRUPHGHO GHSDUWDPHQWR\VHWUDPLWHDOUHFWRUDGR7RGDVODVSUyUURJDVVRQSRUGRVDxRV$FWXDOPHQWHVHFRQFHGHQFRPR Pi[LPRXQDSUyUURJDRUGLQDULD\KDVWDFXDWURH[WUDRUGLQDULDV $GPLVLyQDWUiPLWH 7HUPLQDGDODWHVLVHOGLUHFWRUUHVDXWRUL]DUiQVXSUHVHQWDFLyQ(QHVWHPRPHQWRQRKD\UHTXLVLWRVIRUPDOHV HVWDEOHFLGRV SRU OD 8QLYHUVLGDG &RPSOXWHQVH Q GH SiJLQDV PiUJHQHV FLWDV HWF /RV LPSUHVRV SDUD SRGHU GHIHQGHU OD WHVLV GRFWRUDO VH SURSRUFLRQDQ HQ OD VHFUHWDUtD GH DOXPQRV GH OD )DFXOWDG LPSUHVR GHQRPLQDGR $GPLVLyQDWUiPLWHGHWHVLVGRFWRUDO8QDYH]KDVLGRDSUREDGDODDGPLVLyQSRUXQ&RQVHMRGH'HSDUWDPHQWRHO LQWHUHVDGRDGHEHUHFRJHUORHQODVHFUHWDUtDGHO'HSDUWDPHQWRSDUDHQWUHJDUORMXQWRFRQORVHMHPSODUHVGHODWHVLV \HOUHVWRGHORVLPSUHVRVHQODVHFUHWDUtDGHDOXPQRV 'RFWRUDGRHXURSHR /DSUHVHQWDFLyQGHWHVLVGRFWRUDOHVEDMRODPHQFLyQ'RFWRUDGR(XURSHRHVWiVXMHWDDWRGRVORVUHTXLVLWRVTXH GHEHFXPSOLUFXDOTXLHUWHVLVFX\DOHFWXUDGpOXJDUDODREWHQFLyQGHOWtWXORGH'RFWRU6HDGMXQWDUiDOLPSUHVRGH $GPLVLyQ D WUiPLWH OD VLJXLHQWH GRFXPHQWDFLyQ HVFULWR GHO DOXPQR HQ HO TXH VROLFLWH TXH VX WHVLV VHD SURSXHVWDSDUDODREWHQFLyQGHODPHQFLyQGHGRFWRUDGRHXURSHR'RVLQIRUPHVUD]RQDGRVHQORVTXHVHKDUi FRQVWDU OD LGRQHLGDG GH OD WHVLV SDUD DFFHGHU DO JUDGR GH GRFWRU HPLWLGRV SRU GRV SURIHVRUHV GRFWRUHV SHUWHQHFLHQWHVDFHQWURVGHHQVHxDQ]DVXSHULRURLQVWLWXWRVGHLQYHVWLJDFLyQGHRWURVGRVSDtVHVHXURSHRV8QD FHUWLILFDFLyQGHODHVWDQFLDHQRWURSDtVHXURSHRGHDOPHQRVWUHVPHVHVGHVDUUROODQGRDFWLYLGDGHVUHODFLRQDGDV FRQHOFRQWHQLGRGHVXWHVLVGRFWRUDO(VWDFHUWLILFDFLyQGHEHUiVHUH[SHGLGDSRUHOFHQWURGRQGHVHKDUHDOL]DGR ODHVWDQFLDGHLQYHVWLJDFLyQ$VLPLVPRHQODVXJHUHQFLDGHWULEXQDOVHGHEHUiSURSRQHUDOPHQRVXQPLHPEUR GRFWRUSHUWHQHFLHQWHDXQFHQWURGHHQVHxDQ]DVXSHULRURLQVWLWXWRGHLQYHVWLJDFLyQGHRWURSDtVHXURSHR 7tWXORGHOFXUVRR6HPLQDULR,QWURGXFFLyQDOD0HWRGRORJtD\6RFLRORJtDGHOD&LHQFLD 3URIHVRU-RDTXtQ)HUQiQGH]3pUH]'HSWR3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQGHOD)DFXOWDGGH(GXFDFLyQ GHOD8&0 1~PHURGHFUpGLWRV 7LSR0HWRGROyJLFR &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 7(0$5,2 &RQFHSWRGH&LHQFLD&LHQFLDEiVLFDDSOLFDGD\WHFQRORJtD&ODVLILFDFLyQGHODV&LHQFLDV(VTXHPDJHQHUDO GHODDFWLYLGDGFLHQWtILFD 0pWRGRVGHHVWXGLRGHODDFWLYLGDGFLHQWtILFD(OPpWRGRFLHQWtILFRKLSRWpWLFRGHGXFWLYR\VXVIDVHV 3UREOHPDV+LSyWHVLV5HGXFFLRQLVPR([SOLFDFLyQ\SUHGLFFLyQ,PSOLFDFLRQHVFRQWUDVWDGRUDV)DOVDFLyQ 5HVXOWDGRV &RPXQLFDFLyQ\SXEOLFDFLyQ(YDOXDFLyQFLHQWtILFD6LVWHPDVGHHYDOXDFLyQ FRQFHSWRGHFRPXQLGDGFLHQWtILFD/RVYDORUHVpWLFRVGHODFRPXQLGDGFLHQWtILFD(OFUHFLPLHQWRGHOD FLHQFLD 3ULRULGDGHVGHGHVFXEULPLHQWR'HVFXEULPLHQWRVP~OWLSOHV 6LVWHPDV GH UHFRPSHQVDV (O VLVWHPD GH 6FLHQFLH &LWDWLRQ ,QGH[ ÌQGLFHV GH LPSDFWR 9LVLELOLGDG H LQYLVLELOLGDGGHORVFLHQWtILFRV(VWUDWLILFDFLyQGHORVFLHQWtILFRV )RFRVGHLQWHUpVHQ&LHQFLD&ROHJLRVLQYLVLEOHV2EVROHVFHQFLDGHORVUHVXOWDGRVFLHQWtILFRV 6LVWHPDJHQHUDOGH&LHQFLD\7HFQRORJtD,QYHVWLJDFLyQFLHQWtILFD\GHVDUUROORWHFQROyJLFR(OVLVWHPD HVSDxROGHFLHQFLD\WHFQRORJtD 3URVSHFWLYDFLHQWtILFD([SOLFDFLyQ\SUHGLFFLyQGHOIXQFLRQDPLHQWRGHODDFWLYLGDGFLHQWtILFD 0pWRGRVGHHVWXGLRHQ3URVSHFWLYD&LHQWtILFD7UDEDMRVELEOLRPpWULFRVSDUDHOHVWXGLRGHODSURGXFFLyQ FLHQWtILFD %,%/,2*5$)Ì$ %HQ'DYLG-6FLHQWLILFJURZWK(VVD\VRQWKH6RFLDORUJDQL]DWLRQDQG(WKRVRI6FLHQFH %XQJH0DULR/DLQYHVWLJDFLyQFLHQWtILFD6XHVWUDWHJLD\VXILORVRItD%DUFHORQD$ULHO /DIXHQWH$\2UR/(OVLVWHPDHVSDxROGHFLHQFLD\WHFQRORJtDHQHOPDUFRLQWHUQDFLRQDO(YROXFLyQ\SURVSHFWLYD 0DGULG)XQGHVFR /ySH]3LxHUR-0(ODQiOLVLVHVWDGtVWLFR\VRFLRPpWULFRGHODOLWHUDWXUDFLHQWtILFD9DOHQFLD 0DOWUDV%\4XLQWDQLOOD0É3URGXFFLyQ&LHQWtILFD(VSDxROD0DGULG&6,& 0HUWRQ5.7KH6RFLRORJ\RI6FLHQFH7KHRUHWLFDODQG(PSLULFDO,QYHVWLJDWLRQV&KLFDJR8QLYHUVLW\3UHVV 3ULFH'-6/LWWOH6FLHQFH%LJ6FLHQFH1HZ<RUN&ROXPELD8QLYHUVLW\3UHVV 6WLFKZHK5(WXGHVVXUODJqQHVHGXV\VWqPHPRGHUQH 7LMVVHQ5-:&DUWRJUDSK\RI6FLHQFH6FLHQWRPHWULFPDSSLQJZLWKPXOWLGLPHQVLRQDOVFDOLQJPHWKRGV/HLGHQ'6:2 3UHVV 9DQ5DDQ$)-\FROV6FLHQFHDQG7HFKQRORJ\LQD3ROLF\&RQWH[W/HLGHQ'6:23UHVV 7tWXORGHOFXUVRR6HPLQDULR$SOLFDFLyQGHODV7HFQRORJtDVGHOD,QIRUPDFLyQDOD (QVHxDQ]DGHODV&LHQFLDV 3URIHVRU-RVHS&HUYHOOy&ROOD]RV 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 $([SORUDUHOSRWHQFLDOGHDOJXQDVGHHVWDVWHFQRORJtDVVRIWZDUHLQIRUPiWLFRH,QWHUQHWHQODDGTXLVLFLyQGH GHWHUPLQDGDV KDELOLGDGHV FRWJQLWLYDV FRPR RUJDQL]DFLyQ GH OD LQIRUPDFLyQ DXWRQRPtD HQ HO SDUHQGL]DMH WUDQVIHUHQFLDGHFRQRFLPLHQWRVRUHODFLyQHQWUHFRQFHSWRVHQWUHRWURV %$QDOL]DUODVSRVLELOLGDGHVGHXWLOL]DFLyQGHVRIWZDUHFRPHUFLDOGHFDUiFWHUJHQHUDOIXQGDPHQWDOPHQWH+RMDVGH &iOFXOR\%DVHVGH'DWRVHQODHQVHxDQ]DGHDVSHFWRVHVSHFtILFRVGH)tVLFD4XtPLFD%LRORJtDR*HRORJtD &'HEDWLUODVPRGLILFDFLRQHVTXHLQWURGXFHQODVWHFQRORJtDVGHODLQIRUPDFLyQHQHO SDSHOGHSURIHVRUHV\ DOXPQRV 7(0$5,2 $OJXQDVWHFQRORJtDVGHODLQIRUPDFLyQ,QIRUPiWLFDH,QWHUQHW 6RIWZDUHFRPHUFLDOGHFDUiFWHUJHQHUDO +RMDVGHFiOFXOR&RQFHSWR\FDUDFWHUtVWLFDVEiVLFDV 8WLOL]DFLyQGHODVKRMDVGHFiFXORHQODUHVROXFLyQGHSUREOHPDVGH&LHQFLDV6LPXODFLRQHV %DVHVGHGDWRV&RQFHSWR\FDUDFWHUtVWLFDVEiVLFDV 8WLOL]DFLyQGHODVEDVHVGHGDWRVHQOD(QVHxDQ]DGHODV&LHQFLDV $OPDFHQDPLHQWRE~VTXHGDGHLQIRUPDFLyQ 2UJDQL]DFLyQ\UHHODERUDFLyQGHLQIRUPDFLyQ &UHDFLyQGHEDVHVGHGDWRVHVFRODUHV &RQFHSWR\FDUDFWHUtVWLFDVGH,QWHUQHW %~VTXHGDVLVWHPDWL]DGDGHLQIRUPDFLyQFLHQWtILFD /DUHGFRPRFHQWURGHLQWHUFDPELRGHLQIRUPDFLyQFLHQWtILFD ,PSOHPHQWDFLyQHVFRODUSHUVSHFWLYDV\SUREOHPDV %,%/,2*5$)Ì$ &DUVRQ65´7KHXVHRIVSUHDGVKHHWVLQVFLHQFLHDQRYHUYLHZµ6FKRRO6FLHQFLH5HYLHZSS 'LIIH\,´7KHXVHRIDQLQWUDQHWLQVFKRROVFLHQFHµ6FKRRO6FLHQFH5HYLHZSS +HQQHVV\ 6 7ZLJJHU ' 'ULYHU 5 \ RWURV ´'HVLJQ RI D FRPSXWHUDXJPHQWHG FXUULFXOXP IRU PHFKDQLFVµ,QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQSS +RRG%-´5HVHDUFKRQ&RPSXWHUVLQ&KHPLVWU\(GXFDWLRQ5HIOHFWLRQVDQGSUHGLFWLRQVµ-RXUQDORI &KHPLFDO(GXDFWLRQYROSS 0DRU ' \ 7DXORU 3&K ´7HDFKHU HSLVWHPRORJ\ DQG 6FLHQWLILF ,QTXLU\ LQ FRPSXWHULVHG &ODVVURRP (QYLURQPHQWVµ-RXUQDORI5HVHDUFKLQ6FLHQFH7HDFKLQJSS 5RGULJXHV6´7KH5ROHRI,76HFRQGDU\6FKRRO6FLHQFH$Q,OOXVWUDWLYH5HYLHZµ6FKRRO6FLHQFH5HYLHZ SS 5RWK::´$IIRUGDQFHVRIFRPSXWHUVLQ7HDFKHU6WXGHQW,QWHUDFWLRQV7KHFDVHRILQWHUDFWLYH3K\VLFVµ -RXUQDORI5HVHDUFKLQ6FLHQFH7HDFKLQJSS 6WUHLEHO0-´$QiOLVLVFUtWLFRGHWUHVHQIRTXHVGHOXVRGHODLQIRUPiWLFDHQODHGXFDFLyQµ5HYLVWDGH (GXFDFLyQQSS &5,7(5,26'((9$/8$&,Ð1 $VLVWHQFLDDORVVHPLQDULRV 3DUWLFLyQHQORVPLVPRV (ODERUDFLyQGHXQWUDEDMRGHLQYHVWLJDFLyQELEOLRJUiILFRGHVDUUROORGHXQSUREOHPDHVSHFtIULFRPHWRGROyJLFR HWFUHODFLRQDGRFRQODDVLJQDWXUD 5(48,6,726(63(&Ì),&263$5$/$$'0,6,Ð1'($/80126 &RQRFLPLHQWRGHLQIRUPiWLFDDQLYHOXVXDULR 7 7tWXORGHOFXUVRR6HPLQDULR&OLPD\0HGLR$PELHQWH 3URIHVRUHV&DUPHQ0RQ]yQ3LQLOOD)UDQFLVFR9DOHUR5RGUtJXH]'HSWR)tVLFDGHOD7LHUUD$VWURQRPtD\ $VWURItVLFD,,GHOD)DFXOWDGGH&&)tVLFDVGHOD8&0&DUORV*DUFtD/HJD]0DUWtQH]'LUHFWRUGHO&HQWURGH )RUPDFLyQGH0HWHRURORJtDGHO,10 1~PHURGHFUpGLWRV 7LSR )XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR 2%-(7,926'(/&856226(0,1$5,2 $QDOL]DUODLQWHUDFFLyQFOLPD\HQWRUQRQDWXUDOFRQODILQDOLGDGGHHQFRQWUDUDSOLFDFLRQHVFRQFUHWDVHQHO iPELWRGHODHQVHxDQ]D &RQRFHU LQ VLWX ODV DFWLYLGDGHV RSHUDWLYDV GHQWUR GHO PDUFR GH ODV UHFRPHQGDFLRQHV GLFWDGDV SRU OD 2UJDQL]DFLyQ0HWHRUROyJLFD0XQGLDO200 &RQWHPSODUHOHVWXGLRDQWHULRUFRPRXQDIXHQWHGHLQYHVWLJDFLyQSDUDHOGHVDUUROORGHSUR\HFWRVFXUULFXODUHV LQWHUGLVFLSOLQDUHVHGXFDWLYRV 7(0$5,2 )DFWRUHV\HOHPHQWRVGHOFOLPD (VFDODVFOLPiWLFDV ,PSDFWRPHGLRDPELHQWDO &DPELRFOLPiWLFR (VWXGLRGHFDVRVHQUHODFLyQFRQHOFDPELRFOLPiWLFR\VXDSOLFDFLyQGLGiFWLFD %,%/,2*5$)Ì$ *UXSR,QWHUJXEHUQDPHQWDOGHH[SHUWRVVREUHHO&DPELR&OLPiWLFR&DPEULGJH8QLYHUVLW\3UHVV8. ,QIRUPHGH(VSDxDDOD&RQYHQFLyQ0DUFRGHODV1DFLRQHV8QLGDVVREUHHO&DPELR&OLPiWLFR0LQLVWHULRGH2EUDV3~EOLFDV 7UDQVSRUWHV\0HGLR$PELHQWH0DGULG 'LFFLRQDULRGHO0HGLR$PELHQWH\OD&RQWDPLQDFLyQ6HRDDQH]&DOYR00DGULG0XQGL3UHQVD/LEURV :(&&RQVHMR0XQGLDOGHOD(QHUJtD (O&DPELR&OLPiWLFR,10,3&& &OLPDWRORJtDGH(VSDxD\3RUWXJDO,10,QRFHQFLD)RQW &5,7(5,26'((9$/8$&,Ð1 $VLVWHQFLD\SDUWLFLSDFLyQHQHODXOD (ODERUDFLyQGHXQWUDEDMRGHLQYHVWLJDFLyQELEOLRJUiILFRPHWRGROyJLFRGHDSOLFDFLyQHQHODXODHWFUHODFLRQDGR FRQHO6HPLQDULR 8 7tWXORGHOFXUVRR6HPLQDULR/DUHHVWUXFWXUDFLyQGHOFRQRFLPLHQWRFLHQWtILFRGHVGH ODH[SHULHQFLDPHWRGROyJLFD 3URIHVRU$QD)RUWH]D3XMRO 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 &RQVLGHUDFLyQHQXQDSUHQGL]DMHGHUHHVWUXFWXUDFLyQGHFRQFHSWRVGHODQHFHVLGDGGHOFDPELRPHWRGROyJLFR HQXQDVtQWHVLVHQWUHODVFDUDFWHUtVWLFDVGHODHSLVWHPRORJtDFRQWHPSRUiQHDODSURIXQGL]DFLyQHQODQDWXUDOH]D GHOWUDEDMRFLHQWtILFR\HOFXHVWLRQDPLHQWRGLGiFWLFRFRUUHVSRQGLHQWH (YDOXDFLyQ GH OD IXQFLyQ GH ODV KDELOLGDGHV LQWHOHFWXDOHV H LQVWUXPHQWDOHV HQ OD SHUVSHFWLYD GH OD FRQWH[WXDOL]DFLyQ GH ORV SURFHVRV FLHQWtILFRV FRPR SURFHVRV GH DSUHQGL]DMH HQ OD GREOH GLPHQVLyQ GH FRQVWUXFFLyQGHFRQRFLPLHQWRV\UHVROXFLyQGHSUREOHPDV 2EMHWLYR RSHUDFLRQDO 'RFXPHQWDFLyQ LQYHVWLJDFLyQ GH IXHQWHV \ DSUR[LPDFLyQ FUtWLFD DO FXHUSR GH FRQRFLPLHQWRVGHOD'LGiFWLFDGHODV&LHQFLDV([SHULPHQWDOHV 7(0$5,2 /DDGTXLVLFLyQGHOFRQRFLPLHQWRFLHQWtILFRIXQGDPHQWRVHSLVWHPROyJLFRV\FRJQLWLYRV5HSUHVHQWDFLRQHVOD FDWHJRUL]DFLyQHVSRQWiQHD\ODFDWHJRUL]DFLyQFLHQWtILFD0RGHORVFRQVWUXFWLYLVWDVGHDSUHQGL]DMH7HRUtDVGH FDPELR FRQFHSWXDO 3URIXQGL]DFLyQ HQ HO WUDEDMR FLHQWtILFR (O DSUHQGL]DMH FRPR LQYHVWLJDFLyQ (O FDPELR PHWRGROyJLFR 'HVDUUROORGHKDELOLGDGHVFRJQLWLYDVORVSURFHVRVGHODFLHQFLD)XQFLRQDOLGDGGHORVSURFHVRVHOSHQVDPLHQWR KLSRWpWLFR GHGXFWLYR \ HO H[SHULPHQWR FLHQWtILFR /D UHHVWUXFWXUDFLyQ GH FRQFHSWRV HQ XQ DSUHQGL]DMH PHWRGROyJLFR %,%/,2*5$)Ì$ %XQJH0/DLQYHVJLJDFLyQFLHQWtILFD$ULHO%DUFHORQD &KDOPHUV$(¢4XpHVHVDFRVDOODPDGDFLHQFLD"6LJOR;;,0DGULG 'XVFKO5$\+DPLOWRQ5-HGV3KLORVRSK\RI6FLHQFH&RJQLWLYH3V\FKRORJ\DQG(GXFDWLRQDO7KHRU\DQG3UDFWLFH 6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV$OEDQ\ (VWDQ\$,QWURGXFFLyQDODILORVRItDGHODFLHQFLD&UtWLFD%DUFHORQD )RUWH]D $ \ /DKHUD - /D FRQVWUXFFLyQ GH FRQRFLPLQHWRV GH &LHQFLDV )tVLFDV HQ HO FLFOR 0HPRULD GH ,QYHVWLJDFLyQLQpGLWD&,'(0(&0DGULG )RXUH]*/DFRQVWUXFFLyQGHOFRQRFLPLHQWRFLHQWtILFR1DUFHD0DGULG *LHUH50([SODLQLQJ6FLHQFH$&RJQLWLYH$SSURDFK8QLYRI&KLFDJR3UHVV&KLFDJR *LRUGDQ$\'H9HFFKL*/RVRUtJHQHVGHOVDEHU'LGDG6HYLOOD +HJDUW\+D]HO(HG7KHVWXGHQWODERUDWRU\DQGWKHFXUULFXOXP5RXWOHGJH/RQGRQ -RKVXD6\'XSLQ--,QWURGXFWLRQjODGLGDFWLTXHGHVVFLHQFHVHWGH0DWKpPDWLTXHV38)3DUtV .XKQ'HWDO7KHGHYHORSPHQWRIVFLHQWLILFWKLQNLQJVNLOOV$FDGHPLFD3UHVV,QF1HZ<RUN 1RYDN*'7HRUtD\SUiFWLFDGHOD(GXFDFLyQ$OLDQ]D0DGULG 3R]R-,7HRUtDVFRJQLWLYDVGHODSUHQGL]DMH0RUDWD0DGULG :RROQRXJK%(3UDFWLFDO6FLHQFH2SHQ8QLYHUVLW\3UHVV%XFNLQJKDP &5,7(5,26'((9$/8$&,Ð1 (YDOXDFLyQFRQWLQXDGHODSDUWLFLyQGHORVDOXPQRV\HYDOXDFLyQGHORVWUDEDMRVSHUVRQDOHVFRQDWHQFLyQDODV DSRUWDFLRQHVRULJLQDOHV 5(48,6,726(63(&Ì),&26 (VDFRQVHMDEOHKDEHUFXUVDGRDVLJQDWXUDVGH(SLVWHPRORJtD\3VLFRORJtD&RJQLWLYD\FRQRFLPLHQWRVGHORVLGLRPDV LQJOpV\IUDQFpV 9 7tWXORGHOFXUVRR6HPLQDULR'LGiFWLFDGHODVHVWUXFWXUDVYLWDOHV 3URIHVRUHV0DUtDÉQJHOHV*DUFtD&ROODQWHV 1~PHURGHFUpGLWRV 7LSR )XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 (ODERUDU HOHPHQWRV TXH SHUPLWDQ FRPSUHQGHU OD HVWUXFWXD \ IXQFLyQ GH ORV VLVWHPDV YLWDOHV ,GHQWLILFDU ODV SULQFLSDOHVHVWUXFWXUDVYLYDVTXHQHFHVLWDQPD\RUDSR\RGLGiFWLFRHQVHUHVSUHFHOXODUHV\XQLFHOXODUHV,GHPLG HQ HO PXQGR DQLPDO \ YHJHWDO 'LVHxDU UHFXUVRV GLGiFWLFRV SDUD OD FRPSUHQVLyQ GH ODV H[WUXFWXUDV FLWDGDV DQWHULRUPHQWH 7(0$5,2 $VSHFWRVGLGiFWLFRVGHODXOWUDHVWUXFWXUDFHOXODUSURFDULyWLFDHXFDULyWLFD\GHORVRUJDQLVPRVSUHFHOXODUHV 3URFHGLPLHQWRVH[SHULPHQWDOHVSDUDHOHVWXGLRGHODVIXQFLRQHVYLWDOHVHQHOPXQGRDQLPDO (OHPHQWRVGLGiFWLFRVSDUDHOHVWXGLRGHOPXQGRYHJHWDO %,%/,2*5$)Ì$ &XUWLV+\%DUQHV1,QYLWDFLyQDOD%LRORJtD%XHQRV$LUHV0pGLFD3DQDPHULFDQD (QF\FORSDHGLD %ULWDQQLFD (GXFDWLRQDO &RUSRUDWLRQ 9LGHRWHFD GH &LHQFLD \ 7HFQRORJtD 0DGULG &OXE ,QWHUQDFLRQDOGHO/LEUR )ORU-,5HFXUVRVSDUDODLQYHVWLJDFLyQHQHODXOD6HYLOOD'LDGD *RGHW-'ÉUEROHV\DUEXVWRV%DUFHORQD ,&(GHOD8&0'LGiFWLFDGH&LHQFLDV1DWXUDOHV0DGULG8QLYHUVLGDG&RPSOXWHQVH 5DYHQ3(YHUW5\(LFKKRUQ6%LRORJtDGHODVSODQWDVYROV%DUFHORQD5HYHUWp 6PLWK7$WODVGHOFXHUSRKXPDQR%DUFHORQD*ULMDOER &5,7(5,26'((9$/8$&,Ð1 /DHYDOXDFLyQHVWDUiEDVDHQODVDFWLYLGDGHVUHDOL]DGDVSRUORVDOXPQRVHQRUGHQDIDFLOLWDUHODSUHQGL]DMHGHOD ELRORJtD 10 7tWXOR GHO FXUVR R 6HPLQDULR ,QVWLWXFLRQDOL]DFLyQ DFDGpPLFD GH ODV FLHQFLDV H[SHULPHQWDOHVHQHOVLJOR;,; 3URIHVRU$QWRQLR0RUHQR*RQ]iOH] 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 $SUR[LPDFLyQDOSURFHVRGHLGHQWLILFDFLyQGHODVGLIHUHQWHVUDPDVGHODV&LHQFLDV([SHULPHQWDOHV)tVLFD 4XtPLFD%LRORJtD*HRORJtDDSDUWLUGHOWURQFRFRP~QGHODV)LORVRItDVH+LVWRULDVQDWXUDOHV,QWURGXFFLyQHQ ODV 8QLYHUVLGDGHV LQFRUSRUDFLyQ D ORV 3ODQHV GH (VWXGLR \ VX IRPHQWR HQ RWUDV LQVWLWXFLRQHV QR GRFHQWHV 3ULQFLSLRVEiVLFRVGHODV&LHQFLDV([SHULPHQWDOHV 7(0$5,2 (VWDGRGHOD(QVHxDQ]DHQODV&LHQFLDVDILQDOHVGHOVLJOR;9,,, 3ODQHVGHHVWXGLRXQLYHUVLWDULRV\GHHQVHxDQ]DVHFXQGDULD &UHDFLyQGHODV)DFXOWDGHVGH&LHQFLDV /DLQYHVWLJDFLyQFLHQWtILFDHQHOVLJOR;,; 6LWXDFLyQGHQWUR\IXHUDGHOD8QLYHUVLGDGDILQDOHVGHOVLJOR;,; (YROXFLyQGHORVSULQFLSLRVEiVLFRVGHODV&LHQFLDV([SHULPHQWDOHV %,%/,2*5$)Ì$ $PSHUH$0(VVDLVXUOD3KLORVRSKLHGHV6FLHQFHV3DULV %DUDFFD5XIIR\5XVVR6FLHQ]DHLQGXVWULD%DUL %XWWHUILHOG'+/RVRUtJHQHVGHODFLHQFLDPRGHUQD0DGULG &XQQLQJKDP$\1LFKRODV-5RPDQWLFLVPDQGWKH6FLHQFHV&DPEULGJH .QLJKW'/DHUDGHODFLHQFLD0DGULG 0DWWKHZV 0 +LVWRU\ 3KLORVRSKW\ DQG 6FLHQFH 7HDFKLQJ 7KH SUHVHQW DSSURFKHPHQW +LVWRU\ RI WKH 3K\VLFDO PDWKHPDWLFDO6FLHQFHVDQGWKH7HDFKLQJRI6FLHQFHV0DGULG 0RUHQR$$SUR[LPDFLyQDOD)tVLFD0DGULG 0RUHQR$D3UHVHQFLDGH0DGULGHQODPRGHUQL]DFLyQFLHQWtILFDGH(VSDxD$OIR] 0RUHQR$E8QDFLHQFLDHQFXDUHQWHQD/DItVLFDDFDGpPLFDHQ(VSDxD0DGULG 6iQFKH]5RQ-0HG&LHQFLD\VRFLHGDGHQ(VSDxD'HOD,OXVWUDFLyQDOD*XHUUD&LYLO0DGULG 6iQFKH]5RQ-0(OSRGHUGHODFLHQFLD0DGULG &5,7(5,26'((9$/8$&,Ð1 5HDOL]DFLyQGHXQWUDEDMRVtQWHVLVVREUHODPDWHULDWUDWDGDHQHOFXUVR 11 7tWXORGHOFXUVRR6HPLQDULR(ODJXDFRPRPRGHORGHODFLHQFLDFRRUGLQDGD 3URIHVRUHV&ULVWyEDO)HUQiQGH]3LQHGD'HSWR)tVLFD$SOLFDGD,)DFXOWDG&&)tVLFDV8&0&DUPHQ0RQ]yQ 3LQLOOD)UDQFLVFR9DOHUR5RGUtJXH]'HSWR)tVLFDGHOD7LHUUD$VWURQRPtD\$VWURItVLFD,,)DFXOWDG&&)tVLFDV 8&0 1~PHURGHFUpGLWRV 7LSR )XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 $QDOL]DUODLPSRUWDQFLDGHOHVWXGLRGHODJXDFRPRQ~FOHRSDUDHOGHVDUUROORFXUULFXODUHQHOÉUHDGH &LHQFLDVGHOD1DWXUDOH]D)tVLFD4XtPLFD%LRORJtD\*HRORJtD &RQWHPSODUHOHVWXGLRDQWHULRUFRPRXQDIXHQWHGHLQYHVWLJDFLyQSDUDSUR\HFWRVHGXFDWLYRVFRQFUHWRV 7(0$5,2 (VWUXFWXUDItVLFDGHODJXD 5HYLVLyQGHORVSULQFLSLRVWHUPRGLQiPLFRV 7HUPRGLQiPLFDGHODJXD,/DUHJLyQOtTXLGRYDSRU 7HUPRGLQiPLFDGHODJXD,,(VWXGLRGHODJXDHQHOHQWRUQRGHOPi[LPRGHGHQVLGDG (VWUXFWXUDTXtPLFDGHODJXD 3URSLHGDGHVTXtPLFDVGHODJXD (ODJXDFRPRGLVROYHQWH 3URFHVRVTXtPLFRVHQPHGLRDFXRVR (ODJXDHQHOSODQHWD7LHUUD (ODJXDHQODDWPyVIHUD &DPELRVGHIDVH 0HFDQLVPRVGHIRUPDFLyQGHQXEHV 0HFDQLVPRV\WLSRVGHSUHFLSLWDFLyQ/OXYLDiFLGD 'HSyVLWRVGHDJXD\VXGLQiPLFD(OFLFORGHODJXDWLHPSRVGHUHVLGHQFLD (ODJXDFRQWLQHQWDOORVUtRV\HOIHQyPHQRJODFLDU (ODJXDPDULQDQRFLRQHVGH2FHDQRJUDItD (ODJXD\HOSDLVDMH 0DQLSXODQGRHOFLFORGHODJXDHPEDOVHVWUDVYDVHV\YHUWLGRVRFHiQLFRV $JXD\FOLPD 3UR\HFWRGHGLVHxRVFXUULFXODUHVDWUDYpVGHODJXD %,%/,2*5$)Ì$ $QJXLWD)\0RUHQR-3URFHVRVJHROyJLFRVH[WHUQRV\*HRORJtD$PELHQWDO(G5XHGD %\HUV+5*HQHUDO0HWHRURORJ\1HZ<RUN0F*UDZ+LOO &DUR3:DWHU1HZ<RUN0F*UDZ+LOO )HUJXVVRQ-(,QRUJDQLF&KHPLVWU\DQGWKH(DUWK2[IRUG3HUJDPRQ3UHVV /XWJHQV).\7DUEXFN(-7KH$WPRVIHUH1HZ-HUVH\3UHQWLFH+DOO 0RQ]yQ&8QDPXQR0&HUYHOOy-\6LOYiQ((O$JXD\OD9LGD0DGULG3HGDJyJLFDV 0RUiQ)$SXQWHVGH7HUPRGLQiPLFD,QVWLWXWR1DFLRQDOGH0HWHUHRORJtD3XE%0DGULG 5RJHUV55)tVLFDGHODVQXEHV%DUFHORQD5HYHUWp 5XPHU<%\5\DNLQ06K7KHUPRG\QDPLFV6WDWLVFDO3K\LVLFVDQG.LQHFWLFV(G0LU 6LVOHU++(OHFWURQLFSURSHUWLHVVWUXFWXUHDQGWKH3HULRGLF/DZ1HZ<RLUN5HLQKROG3XE&R (DJODQG'/D5HFKHUFKH 7KRPVHQ - \ +DYWKD - 6WUDQJH &DUQRW &\FOHV 7KHUPRG\QDPLF RI D 6\VWHP ZLWK D 'HQVLW\ ([WUHPXP$P-RI3K\VLFV &5,7(5,26'((9$/8$&,Ð1 $VLVWHQFLD\SDUWLFLSDFLyQHQORVVHPLQDULRV (ODERUDFLyQGHXQWUDEDMRGHLQYHVWLJDFLyQELEOLRJUiILFRPHWRGROyJLFRGHDSOLFDFLyQHQHODXJDHWFUHODFLRQDGR FRQODDVLJQDWXUD 12 7tWXOR GHO FXUVR R 6HPLQDULR (O FRQRFLPLHQWR SURIHVLRQDO VREUH ORV FRQWHQLGRV HVFRODUHV $QiOLVLVGLGiFWLFRGHODVIXHQWHVGHFRQRFLPLHQWRHVFRODU $SOLFDFLyQ DO FDPSRFRQFHSWXDODVRFLDGRDOFDPELRTXtPLFR 3URIHVRUD5RVD0DUWtQGHO3R]R 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR 2%-(7,926'(/&856226(0,1$5,2 &RQHVWHFXUVRVHSUHWHQGHLQLFLDUGHVDUUROODUFRQORVDVLVWHQWHVXQWUDEDMRGHDQiOLVLVHLQWHJUDFLyQGH ODVLQIRUPDFLRQHVTXHVRQUHOHYDQWHVSDUDLQYHVWLJDUDFHUFDGHOFRQRFLPLHQWRSURIHVLRQDOVREUHORVFRQWHQLGRV HVFRODUHV0iVFRQFUHWDPHQWHVHWUDWDGH &RQRFHUORVIXQGDPHQWRVPHWRGRORJtD\UHVXOWDGRVGHODOtQHDGHLQYHVWLJDFLyQFHQWUDGDHQHODQiOLVLVGLGiFWLFR GHORVFRQWHQLGRVHVFRODUHV 7RPDUFRQFLHQFLDGHODGLYHUVLGDGGHFRQRFLPLHQWRVTXHFRQIOX\HQHQHOFRQWH[WRHVFRODU\GHODLPSRUWDQFLD GHODVGHFLVLRQHVHQWRUQRDOFRQWHQLGRTXHVHSUHWHQGHHQVHxDUDORVDOXPQRVGXUDQWHODHGXFDFLyQREOLJDWRULD 7(0$5,2 2ULJHQ\GHVDUUROORGHODOtQHDGHLQYHVWLJDFLyQVREUHHODQiOLVLVGLGiFWLFRGHORVFRQWHQLGRVHVFRODUHV 1DWXUDOH]D\RUJDQL]DFLyQGHOFRQRFLPLHQWRSURIHVLRQDO $QiOLVLVGLGiFWLFRGHOFDPSRFRQFHSWXDODVRFLDGRDXQFRQWHQLGRGHOFXUUtFXORHVFRODU $QiOLVLVGLGiFWLFRGHOFRQRFLPLHQWRGHORVDOXPQRVDV $QiOLVLVGLGiFWLFRGHOFRQRFLPLHQWRHVFRODU\DHODERUDGR FXUUtFXORRILFLDOOLEURVGHWH[WR\RWURVPDWHULDOHVFXUULFXODUHV $QiOLVLVGLGiFWLFRGHRWUDVIXHQWHVUHOHYDQWHVHQODGHWHUPLQDFLyQGHORVFRQWHQLGRVHVFRODUHV %,%/,2*5$)Ì$ $672/),-3'(9(/$<0/DGLGDFWLTXHGHVVFLHQFHV3DULV38) %$&+(/$5'*/DIRUPDWLRQGHO HVSULWVFLHQWLILTXH3DULV9ULQ7UDGFDVW/DIRUPDFLyQGHOHVStULWXFLHQWtILFR 0p[LFR6LJOR;;, &+(9$//$5'</DWUDQVSRVLWLRQGLGDFWLTXH*UHQREOH/D3HQVpH6DXYDJH *$5&Ì$-((SLVWHPRORJtDGHODFRPSOHMLGDG\HQVHxDQ]DGHODHFRORJtD(OFRQFHSWRGHHFRVLVWHPDHQODHGXFDFLyQ 6HFXQGDULD7HVLVGRFWRUDO8QLYHUVLGDGGH6HYLOOD *,0(12-3e5(=*Ð0(=$,&RPSUHQGHU\WUDQVIRUPDUODHQVHxDQ]D0DGULG0RUDWD *5832,19(67,*$&,Ð1(1/$(6&8(/$ 3UR\HFWRFXUULFXODU,QYHVWLJDFLyQ\5HQRYDFLyQ(VFRODU ,5(69ROV9HUVLyQ3URYLVLRQDO6HYLOOD'tDGD //25e16-$&RPHQ]DQGRDDSUHQGHU4XtPLFD,GHDVSDUDHOGLVHxRFXUULFXODU0DGULG9LVRU 0$57Ì1'(/32=25(OFRQRFLPLHQWRGHOFDPELRTXtPLFRHQODIRUPDFLyQLQLFLDOGHOSURIHVRUDGR(VWXGLRGHODV FRQFHSFLRQHVGLVFLSOLQDUHV\GLGiFWLFDVGHORVHVWXGLDQWHVGH0DJLVWHULR7HVLV'RFWRUDO8QLYHUVLGDGGH6HYLOOD 0$57,1$1'-/&RQQDvWUHHWWUDQVIRUPHUODPDWLqUH%HUQH3HWHU/DQJ 325/É15&RQVWUXFWLYLVPR\(VFXHOD6HYLOOD'tDGD 325/É155,9(52$0$57Ì1'(/32=25&RQRFLPLHQWRSURIHVLRQDO\HSLVWHPRORJtDGH ORVSURIHVRUHV,7HRUtDPpWRGRVHLQVWUXPHQWRV(QVHxDQ]DGHODV&LHQFLDV 325/É155,9(52$0$57Ì1'(/32=25&RQRFLPLHQWRSURIHVLRQDO\HSLVWHPRORJtDGH ORVSURIHVRUHV,,(VWXGLRVHPStULFRV\FRQFOXVLRQHV(QVHxDQ]DGHODV&LHQFLDVHQSUHQVD 325/É153DVDGRSUHVHQWH\IXWXURGHOD'LGiFWLFDGHODV&LHQFLDV(QVHxDQ]DGHODV&LHQFLDV 32=2 -, *Ð0(= &5(632 0$ /,0Ð1 0 6$1= 6(55$12 $ 3URFHVRV FRJQLWLYRV HQ OD FRPSUHQVLyQGHODFLHQFLDODVLGHDVGHORVDGROHVFHQWHVVREUHODTXtPLFD0DGULG0(& &5,7(5,26'((9$/8$&,Ð1 /DDVLVWHQFLDDFWLYDDOFXUVR /DFDOLGDGGHOWUDEDMRSHUVRQDOUHDOL]DGR /DYDORUDFLyQGHORVDVLVLWHQWHV 13 7tWXORGHOFXUVRR6HPLQDULR(OSHQVDPLHQWRGHOSURIHVRUGH&LHQFLDV 3URIHVRU0D[LPLOLDQR5RGULJR9HJD 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 D ,QGDJDUHQODLPSRUWDQFLD\HOVLJQLILFDGRTXHWLHQHHOFRQRFLPLHQWRGHOSHQVDPLHQWRGHOSURIHVRUDGRGHFDUD DODDFFLyQGLGiFWLFDHQ&LHQFLDV([SHULPHQWDOHV E &RQRFHUDFFLRQHVLQYHVWLJDGRUDVDVtFRPRSURFHGLPLHQWRV\WpFQLFDVHQWRUQRDOGHQRPLQDGRSHQVDPLHQWR GHOSURIHVRU\HVSHFLDOPHQWHHQHOFDPSRGHODV&LHQFLDV([SHULPHQWDOHV F $QDOL]DU GDWRV \ UHIHUHQFLDV UHODFLRQDGRV FRQ HO SHQVDPLHQWR GHO SURIHVRUDGR GH &LHQFLDV HQ JHQHUDO \ HVSHFLDOPHQWHHQHOELHQLRVHWUDEDMDUiVREUHODVDFWLYLGDGHVSUiFWLFDVHQ&LHQFLDV 7(0$5,2 (OSHQVDPLHQWRGHO3URIHVRU 2UtJHQHV\VXSXHVWRVEiVLFRVGHO3HQVDPLHQWRGHO3URIHVRU 0HWRGRORJtDV\WpFQLFDVGHLQYHVWLJDFLyQHPSOHDGDV /DLQYHVWLJDFLyQHGXFDWLYDFHQWUDGDHQHO3HQVDPLHQWRGHO3URIHVRU $VSHFWRVJHQHUDOHV,QYHVWLJDFLRQHVVREUH)RUPDFLyQ,QLFLDO\VREUH'HVDUUROOR3URIHVLRQDO $VSHFWRVUHODFLRQDGRVFRQOD(QVHxDQ]DGHODV&LHQFLDV&RQFHSFLRQHVVREUHOD&LHQFLDOD(QVHxDQ]D HO$SUHQGL]DMH&RQFHSFLRQHV&XUULFXODUHVHWF 3HUVSHFWLYDVGHIXWXURHQHODQiOLVLVGHOSHQVDPLHQWRGHOSURIHVRUGH&LHQFLDV %,%/,2*5$)Ì$ &DUU:\.HPPLV67HRUtDFUtWLFDGHODHQVHxDQ]D/DLQYHVWLJDFLyQDFFLyQHQODIRUPDFLyQGHOSURIHVRUDGR0DGULG 0RUDWD )XULy&7HQGHQFLDVDFWXDOHVHQODIRUPDFLyQGHOSURIHVRUDGRGH&LHQFLDVHQ(QVHxDQ]DGHODV&LHQFLDV 0DUWtQ05(OFRQRFLPLHQWRGHOFDPELRTXtPLFRHQOD)RUPDFLyQ,QLFLDOGHOSURIHVRUDGR(VWXGLRGHODVFRQFHSFLRQHV GLVFLSOLQDUHV\GLGiFWLFDVGHORVHVWXGLDQWHVGH0DJLVWHULR7HVLVGRFWRUDO8QLYHUVLGDGGH6HYLOOD 0DUWtQH]00)HUQiQGH]03*XHUUHUR$0DUWtQ055RGULJR0\9DUHOD03(VWXGLRGHOD LQFLGHQFLDGHGLVWLQWRVSURJUDPDVGHIRUPDFLyQ\GHODSUiFWLFDHGXFDWLYDHQHOSHQVDPLHQWRGHO3URIHVRUGH&LHQFLDVGH(GXFDFLyQ 6HFXQGDULD0HPRULDGHLQYHVWLJDFLyQLQpGLWD0DGULG&,'( 3pUH]$\*LPHQR-(OSHQVDPLHQWRSHGDJyJLFRGHORVSURIHVRUHVXQHVWXGLRHPStULFRVREUHOD LQFLGHQFLDGHORVFXUVRVGHDSWLWXGSHGDJyJLFD&$3\GHODH[SHULHQFLDSURIHVLRQDOHQHOSHQVDPLHQWRGH ORVSURIHVRUHVHQ,QYHVWLJDFLyQHQOD(VFXHOD 3RUOiQ5\0DUWtQ05&LHQFLDSURIHVRUHV\HQVHxDQ]DXQDVUHODFLRQHVFRPSOHMDVHQ$ODPELTXH 5RGULJR0$SUR[LPDFLyQDOSHQVDPLHQWRGHO3URIHVRUGH&LHQFLDVGHOD(62HQ5HYLVWD&RPSOXWHQVH GH(GXFDFLyQ &5,7(5,26'((9$/8$&,Ð1 /D GLVWULEXFLyQ GHO WUDEDMR VHUi HQ KRUDV SUHVHQFLDOHV FUpGLWRV HQ GRQGH HO SURIHVRU RIHUWDUi PDWHULDO H LQIRUPDFLyQGHDFXHUGRFRQHOFXUVR\ORVDOXPQRVUHDOL]DUiQXQDQiOLVLVGHOFLWDGRPDWHULDOFRQSRVWHULRUHV SXHVWDVHQFRP~Q3RUORWDQWRVHKDUiXQVHJXLPLHQWRLQGLYLGXDOGHDSURYHFKDPLHQWROHFWLYR 3RURWUDSDUWHVHGHEHUiSUHVHQWDUXQWUDEDMRLQGLYLGXDOFUpGLWRGHKRUDVGHWUDEDMRGHFDGDDOXPQRVREUH DOJ~QDVSHFWRUHODFLRQDGRFRQHO3URJUDPD\TXHHQFDMHHQVXVLQWHUHVHV&RQMHVWDDFWLYLGDGHYDOXDUHPRVOD DSOLFDFLyQSUiFWLFDGHORDSUHQGLGR 14 7tWXOR GHO FXUVR R 6HPLQDULR (O WUDEDMR H[SHULPHQWDO HQ HO SURFHVR HQVHxDQ]D DSUHQGL]DMHGHODV&LHQFLDV)tVLFR4XtPLFDV 3URIHVRU0DQXHOD0DUWtQ6iQFKH] 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 (ODERUDU\YDORUDUGLVHxRVGHWUDEDMRVGHWLSRH[SHULPHQWDOTXHSXHGDQVHUYLUSDUDIDYRUHFHUHODSUHQGL]DMHGH GHWHUPLQDGRVFRQFHSWRVGHHVWDV&LHQFLDVHQQLYHOHVHOHPHQWDOHV ,GHQWLILFDU\VHOHFFLRQDUWHPDVGHHVSHFLDOGLILFXOWDGHQHODSUHQGL]DMHGHODV&LHQFLDV)tVLFR4XtPLFDVDQLYHOHV HOHPHQWDOHV 'LVHxDUWUDEDMRVGHWLSRH[SHULPHQWDOTXHFRQWULEX\DQDPHMRUDUHOSURFHVRHQVHxDQ]DDSUHQGL]DMH 'LVHxDUKHUUDPLHQWDVTXHSHUPLWDQYDORUDUODHIHFWLYLGDGGHORVWUDEDMRVH[SHULPHQWDOHVGLVHxDGRVHQODPHMRUD GHOSURFHVRHQVHxDQ]DDSUHQGL]DMH 7(0$5,2 'HWHFFLyQGHWHPDVTXHSUHVHQWDQHVSHFLDOGLILFXOWDGHQHODSUHQGL]DMHGHODV&LHQFLDV)tVLFR4XtPLFDVDXQ QLYHOHOHPHQWDO 'LVHxR\UHDOL]DFLyQGHWUDEDMRVGHWLSRH[SHULPHQWDOUHODFLRQDGRVFRQDOJXQRGHHVWRVWHPDV 'LVHxRGHKHUUDPLHQWDVTXHSHUPLWDQPHGLUODYDOLGH]GHHVWRVWUDEDMRVSDUDPHMRUDUHOSURFHVRHQVHxDQ]D DSUHQGL]DMH %,%/,2*5$)Ì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Ð1 /DHYDOXDFLyQVHUHDOL]DUiWHQLHQGRHQFXHQWD D/DSDUWLFLSDFLyQHQODVGLVFXVLRQHVJHQHUDOHV E(OWUDEDMRGHWLSRH[SHULPHQWDOUHDOL]DGR F(OSUR\HFWRGHWUDEDMRSUHVHQWDGRDOILQDOGHOWHPD G(OSUR\HFWRGHWUDEDMRSUHVHQWDGRDOILQDOGHOWHPD 5(48,6,726(63(&Ì),&26 &RQRFLPLHQWRVGH)tVLFD\4XtPLFDDQLYHOHVHOHPHQWDOHV 15 7tWXORGHOFXUVRR6HPLQDULR/DUHVROXFLyQGHSUREOHPDVHQODHQVHxDQ]DDSUHQGL]DMH GHODVFLHQFLDV 3URIHVRU0HUFHGHV0DUWtQH]$]QDU 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 (OREMHWLYRJHQHUDOGHOFXUVRHVSUHVHQWDUXQDYLVLyQDPSOLDVREUHODUHVROXFLyQGHSUREOHPDVFRPROtQHDGH LQYHVWLJDFLyQFRQVROLGDGDHQOD'LGiFWLFDGHODV&LHQFLDV([SHULPHQWDOHV /RVREMHWLYRVHVSHFtILFRVVRQ $QDOL]DUGLVWLQWDVSHUVSHFWLYDVSVLFROyJLFDV\GLGiFWLFDVVREUHSUREOHPDV\UHVROXFLyQGHSUREOHPDV 3UHVHQWDUSDXWDVPHWRGROyJLFDVSDUDODHQVHxDQ]DDSUHQGL]DMHGHSUREOHPDVFLHQWtILFRV\DQDOL]DUVXVGLVWLQWRV FRPSRQHQWHVGLVHxRGHSUREOHPDVHYDOXDFLyQSDSHOGHOSURIHVRU &RQWHPSODUHOSDSHOGHODUHVROXFLyQGHSUREOHPDVHQODLQYHVWLJDFLyQHGXFDWLYD(MHPSORV 7(0$5,2 /D&LHQFLDVFRPRUHVROXFLyQGHSUREOHPDV53$VSHFWRVHSLVWHPROyJLFRV /DUHVROXFLyQGHSUREOHPDVHQHOFRQWH[WRHGXFDWLYR'HILQLFLRQHV\FODVLILFDFLRQHV &RQVWUXFWLYLVPRFDPELRFRQFHSWXDO\PHWRGRORJtDGH53 &LHQFLDHVFRODU/D53\HOFXUULFXOXP 3URSXHVWDVPHWRGROyJLFDVSDUDOD538QDYLVLyQJHQHUDO 'HVFULSFLyQGHXQPRGHORLQYHVWLJDWLYRSDUDODUHVROXFLyQGHSUREOHPDVGHHQXQFLDGRDELHUWRGHOiSL]\ SDSHO 'HVFULSFLyQGHXQPRGHORLQYHVWLJDWLYRSDUDODUHVROXFLyQGHSUREOHPDVGHHQXQFLDGRDELHUWRGH¶FDUiFWHU SUiFWLFR· (MHPSOLILFDFLRQHVSDUDOD)tVLFD4XtPLFD\%LRORJtD /D53\ODVGLIHUHQFLDVLQGLYLGXDOHV %,%/,2*5$)Ì$ *DEHO'HG+DQGERRNRIUHVHDUFKRQVFLHQFHWHDFKLQJDQGOHDUQLQJ$SURMHFWRIWKH1DWLRQDO6FLHQFH7HDFKHUV $VVRFLDWLRQ0DF0LOODQ3XEOLVKLQJ&RPSDQ\1HZ<RUN 0DUWtQH]$]QDU00\2YHMHUR0RUFLOOR3´5HVROYHUHOSUREOHPDDELHUWR¶7HxLUODQDVDSDUWLUGH SURGXFWRV FRORUDQWHV QDWXUDOHV· 8QD DFWLYLGDG LQYHVWLJDWLYD SDUD OD HQVHxDQ]D VHFXQGDULD REOLJDWRULDµ (QVHxDQ]DGHODV&LHQFLDV 0DUWtQH]$]QDU00\9DUHOD1LHWR03´'HODUHVROXFLyQGHSUREOHPDVDOFDPELRFRQFHSWXDOµ ,QYHVWLJDFLyQHQODHVFXHOD 3R]R-,3pUH]0GHO3'RPtQJXH]-*yPH]0$\3RVWLJR</DVROXFLyQGHSUREOHPDV0DGULG 6DQWLOODQD$XOD;;, 5DPtUH]/*LO'\0DUWtQH]7RUUHJURVD-/DUHVROXFLyQGHSUREOHPDVGH)tVLFD\4XtPLFDFRPRLQYHVWLJDFLyQ 0DGULG&,'( 9DUHOD1LHWR03\0DUWtQH]$]QDU00D´8QDHVWUDWHJLDGHFDPELRFRQFHSWXDOHQODHQVHxDQ]DGH OD)tVLFD/DUHVROXFLyQGHSUREOHPDVFRPRDFWLYLGDGGHLQYHVWLJDFLyQµ(QVHxDQ]DGHODV&LHQFLDV 9DUHOD1LHWR03\0DUWtQH]$]QDU00E´,QYHVWLJDU\DSUHQGHUUHVROYLHQGRSUREOHPDVGH)tVLFDµ 5HYLVWD(VSDxRODGH)tVLFD 9DUHOD1LHWR03/DUHVROXFLyQGHSUREOHPDVHQODHQVHxDQ]DGHODV&LHQFLDV$VSHFWRVGLGiFWLFRV\FRJQLWLYRV7HVLV 'RFWRUDO8&0 :DWWV0HG3UREOHPVROYLQJLQVFLHQFHDQGWHFKQRORJ\'DYLG)XNOWRQ3XEOLVKHUVZLWK7KH5RHKDPSWRQ ,QVWXWH/RQGRQ &5,7(5,26'((9$/8$&,Ð1 $VLVWHQFLDDOFXUVR 3DUWLFLSDFLyQHQODVVHVLRQHVDSRUWDFLRQHVDQiOLVLVFUtWLFDUHIOH[LYDGHORVDVXQWRVWUDWDGRVHWF (ODERUDFLyQ\H[SRVLFLyQGHXQWUDEDMRGHLQYHVWLJDFLyQGLVHxREDVHVWHyULFDVUHIHUHQFLDVELEOLRJUiILFDV SURSXHVWDPHWRGROyJLFDDSRUWDFLRQHVSHUVRQDOHVRULJLQDOHVUHODFLRQDGRFRQHOFXUVR\TXHSXHGDHVWDUDFRUGH FRQORVLQWHUHVHVSDUWLFXODUHV\RSURIHVLRQDOHVGHORVDVLVWHQWHV 16 7tWXOR GHO FXUVR R 6HPLQDULR 0RGHORV SDUD HO GHVDUUROOR GH DOJXQRV DVSHFWRV GHO FXUULFXOXPGH4XtPLFDHQOD(QVHxDQ]D6HFXQGDULD 3URIHVRU-RVHS&HUYHOOy&ROOD]RV&DUPHQ0RQ]yQ3LQLOOD&DUORV3LFy0DUtQ'HSWR4XtPLFD,QRUJiQLFD, )DFXOWDG && 4XtPLFDV 8&0 -RVH $QWRQLR 5RGUtJXH] &KHGD 'HSWR 4XtPLFD )tVLFD , )DFXOWDG GH && 4XtPLFDV8&0 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 D $QDOL]DUPRGHORVSDUDODHQVHxDQ]DGHOD4XtPLFDHQOD(GXFDFLyQ6HFXQGDULD E $QiOLVLVGHDOJXQRVGHORVSUREOHPDVSODQWHDGRVVXVFHSWLEOHVGHVHULQYHVWLJDGRV 7(0$5,2 $SUR[LPDFLyQH[SHULPHQWDODOHVWXGLRGHODVSURSLHGDGHVGHODPDWHULD (VWXGLRGHDOJXQDVSURSLHGDGHVFDUDFWHUtVWLFDVGHVXVWDQFLDVSXUDV /DVSURSLHGDGHVFDUDFWHUtVWLFDVFRPRPHGLRSDUD ,GHQWLILFDUVXVWDQFLDVSXUDV 'HVDUUROODUPpWRGRVGHVHSDUDFLyQGHFRPSRQHQWHVGHPH]FODV 6XPLQLVWUDUXQRVFULWHULRVSDUDXQDSULPHUDDSUR[LPDFLyQDODFODVLILFDFLyQGHVXVWDQFLDVHQIXQFLyQGHO WLSRGHXQLyQHQWUHVXViWRPRV ,QWHUSUHWDFLyQWHyULFDGHODVSURSLHGDGHVGHODPDWHULD (VWUXFWXUDDWyPLFD (QODFHTXtPLFR (VWDGRVGHDJUHJDFLyQ 5HDFFLyQTXtPLFD (VWXGLRWHUPRGLQiPLFR (VWXGLRFLQpWLFR 1DWXUDOH]DGLQiPLFDGHOHTXLOLEULRTXtPLFR 3UR\HFWRGHGLVHxRVFXUULFXODUHVVREUHHOHVWDGRGHODPDWHULD %,%/,2*5$)Ì$ %DQHW-(VWUXFWXUDDWyPLFD\PROHFXODU0DGULG &DUWPHOO(\)RZOHV*:$9DOHQFLD\(VWUXFWXUD0ROHFXODU%DUFHORQDHG5HYHUWp &KDQJ5&KHPLVWU\0F*UDZ+LOO (OELQJ'G*HQHUDO&KHPLVWU\%RVWRQ+RJWKRQ0LWILQ&RPSDQ\ /HYLQH,(3K\VLFDO&KHPLVWU\0F*UDZ+LOO 6LVOHU++(OHFWURQLFSURSHUWLHVVWUXFWXUHDQGWKHSHULRGLFODZ1HZ<RUN5HLQKROG3XE&R :KLWWHQ.*HQHUDO&KHPLVWU\0F*UDZ+LOO =HZDLO$7KH&KHPLFDO%RQG$FDGHPLF3UHVV 1=YL5(\ORQE\6LOEHUVWHLQ-´,VDQDWRPRI&RSSHU0DOOHDEOH"µ-&KHP(GXF %HDVOH\:´&XUULFXOXP,QQRYDWLRQDQG7HDFKHU'HYHORSPHQWµ-&KHP(GXF *DEHO'6DPXHO.\+XQQ'´8QGHUVWDQGLQJWKH3DUWLFXODWH1DWXUHRI0DWWHUµ-&KHP(GXF *ULIILWKV$\3UHVWRQ.´*UDGH6WXGHQW·V0LVFRQFHSWLRQV5HODWLQJWR)XQGDPHQWDO&KDUDFWHULVWLFV RI$WRPVDQG0ROHFXOHVµ-5HV6FL7HDFKLQJ +RGVRQ ' ´5HGHILQLQJ DQG 5HRULHQWLQJ 3UDFWLFDO :RUN LQ 6FKRRO 6FLHQFHµ 6FKRRO 6FLHQFH 5HYLHZ 1DNKOHK0´:K\VRPHVWXGHQWVGRQ·WOHDUQ&KHPLVWU\µ-&KHP(GX &5,7(5,26'((9$/8$&,Ð1 $VLVWHQFLD\SDUWLFLSDFLyQHQORVVHPLQDULRV (ODERUDFLyQGHXQWUDEDMRGHLQYHVWLJDFLyQELEOLRJUiILFRPHWRGROyJLFRGHDSOLFDFLyQHQHODXODHWF 17 7tWXORGHOFXUVRR6HPLQDULR3ULQFLSLRVGH*HRORJtD6XHQVHxDQ]DHQOD(GXFDFLyQ 2EOLJDWRULD 3URIHVRU(QULTXH6LOYiQ3REHV 1~PHURGHFUpGLWRV 7LSR)XQGDPHQWDO &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 $GTXLVLFLyQGHORVHOHPHQWRVGHMXLFLRVXILFLHQWHVSDUDHVTXHPDWL]DUXQDWHRUtDJHROyJLFDHQORVSULQFLSLRV RUJDQL]DGRUHV &RPSUHQVLyQGHORV3ULQFLSLRV*HROyJLFRVFRPRUHVXOWDGRGHXQDHYROXFLyQKLVWyULFD &RPSUHQVLyQ GH TXH ORV KHFKRV \ REMHWRV JHROyJLFRV VRQ HO UHVXOWDGR GH XQ SURFHVR \ SRU OR WDQWR KD\ LPSOLFDFLRQHVWHPSRUDOHVHQVXH[SOLFDFLyQ 5HFRQRFLPLHQWRGHODVGLILFXOWDGHVTXHFRPSRUWDGXUDQWHODHQVHxDQ]DODLQFRQPHQVXUDELOLGDGGHORVSURFHVRV JHROyJLFRVWDQWRHVSDFLDOFRPRWHPSRUDOPHQWH 7(0$5,2 +LVWRULDGHOD*HRORJtD 0RPHQWRVSUHYLRVDXQDWHRUtDJHROyJLFD 'HODSULPHUDWHRUtDJHROyJLFDKDVWDODDFWXDOLGDG &RQRFLPLHQWRVGHOD7LHUUD $ $VSHFWRVLQWXLWLYRV &RQRFLPLHQWRFRP~Q 'LYXOJDFLyQFLHQWtILFD &RQRFLHQWRFLHQWtILFR % &RQRFLPLHQWRFLHQWtILFR /D7LHUUD(VWiWLFD /D7LHUUD'LQiPLFD 3ULQFLSLRVGH*HRORJtDHQHO$XOD 3ULPHURVFRQWDFWRV 2EMHWRVGHGLPHQVLRQHVKXPDQDV 3URIXQGL]DFLyQ $EVWUDFFLRQHVQHFHVDULDV %,%/,2*5$)Ì$ 9DULRV,QYHVWLJDFLyQ\&LHQFLDQ (OOHQEHUJHU)+LVWRULDGHOD*HRORJtD0DGULG\%DUFHORQD0(&/DERU /ySH]0DUWtQH]1\7UX\ROV6DQWRQMD-3DOHRQWRORJtD0DGULG6tQWHVLV $QJXLWD9LUHOOD)2ULJHQHKLVWRULDGHOD7LHUUD0DGULG(G5XHGD &5,7(5,26'((9$/8$&,Ð1 (QFDGDSHULRGRGHH[SRVLFLyQVHHQWUHJDUiXQGRVLHUVREUHHOFXDOUHDOL]DUiQORVDOXPQRVXQWUDEDMRGH ODYDORUDFLyQGHWRGRVORVWUDEDMRVVDOGUiODHYDOXDFLyQ 18 7tWXORGHOFXUVRR6HPLQDULR(YDOXDFLyQGHODYDOLGH]HQODLQYHVWLJDFLyQH[SHULPHQWDO 3URIHVRU(GXDUGR/ySH]/ySH]'HSWR0pWRGRVGH,QYHVWLJDFLyQ\'LDJQyVWLFRHQ(GXFDFLyQ)DFXOWDGGH (GXFDFLyQGHOD8&0 1~PHURGHFUpGLWRV 7LSR$ItQ &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 2%-(7,92*(1(5$/ $GTXLULUVHQVLELOLGDGVXILFLHQWHSDUDTXHVHSXHGDLGHQWLILFDUIXHQWHVTXHDIHFWDQDODYDOLGH]GHXQ'LVHxRDWUDYpV GHHVWXGLRVTXHHYDOXDQODLQIOXHQFLDGHGLFKDIXHQWHV 2%-(7,926(63(&Ì),&26 &RQRFHU OD LQIOXHQFLD TXH VREUH OD YDOLGH] WLHQHQ DVSHFWRV UHODFLRQDGRV FRQ OD PHWRGRORJtD GH OD LQYHVWLJDFLyQHOFRQWUROH[SHULPHQWDOJUXSRVGHH[SHULPHQWDFLyQPHGLGD &RQRFHUODLQIOXHQFLDTXHVREUHODSRVLEOHUHODFLyQ9,9'SXHGHQWHQHUDVSHFWRVUHODFLRQDGRVFRQOD HFRORJtDGHODLQYHVWLJDFLyQ\FRQODKLVWRULDGHODSXEOLFDFLyQ 7(0$5,2 /DYDOLGH]HQODLQYHVWLJDFLyQH[SHULPHQWDO 7LSRVGHYDOLGH] /DVIXHQWHVTXHDIHFWDQDODYDOLGH]LQWHUQD\VXFRQWURO(YDOXDFLyQGHYDULDEOHVTXHDIHFWDQD /DDQDORJtDGHODLQYHVWLJDFLyQ $VSHFWRVPHWRGROyJLFRV $VSHFWRVGHSXEOLFDFLyQ &RQVHFXHQFLDVTXHVHGHULYDQSDUDHOGLVHxRH[SHULPHQWDO %,%/,2*5$)Ì$ $GDLU-*\6KDUSR'\+X\QFK&/+DZWKRUQHFRQWUROSURFHGXUHVLQHGXFDWLRQDOH[SHULPHQWV$ UHFRQVLGHUDWLRQRIWKHLUXVHDQGHIIHFULYHQHVV5HYLHZRI(GXFDWLRQDO5HVHDUFK &DPSEHOO'7\6WDQOH\-F'LVHxRVH[SHULPHQWDOHV\FXDVLH[SHULPHQWDOHVHQODLQYHVWLJDFLyQVRFLDO%XHQRV$LUHV $PRUURUWX &RRN7'\&DPSEHOO'74XDVLH[SHULPHQWDWLRQ'HVLJQDQGDQDO\VLVLVVXHVIRUILHOGVHWWLQJV&KLFDJR5DQG 0FQDOO\ -XQJ-(OGLOHPDGHOH[SHULPHQWDGRU0p[LFR7ULOODV .XOLN-$\.XOLN&/&0HWD$QDO\VLVLQ(GXFDWLRQ&DS3DUW,,0HWDDQDO\WLFILQGLQJV'HVLJQDQG 3XEOLFDWLRQ)HDWXUHV,QWHUQDWLRQDO-RXUQDORI(GXFDWLRQDO5HVHDUFK /ySH]/ySH](3UREOHPDVGHLQYHVWLJDFLyQHQDOJXQRVFDPSRVGHOD3HGDJRJtD'LIHUHQFLDO%RUGyQ YRO 7XFNPDQ%:$QDO\]LQJDQGGHVLJQLQJHGXFDWLRQDOUHVHDUFK1HZ<RUN+DUFRXUW%UDFH-DYDQRYLFK &5,7(5,26'((9$/8$&,Ð1 $OILQDOGHOFXUVRVHWHQGUiTXHFRQIHFFLRQDUXQDHVFDODRJXtDTXHVLUYDSDUDHQMXLFLDULQYHVWLJDFLRQHVGHVGHOD SHUVSHFWLYDTXHDTXtVHWUDWD3RUWDQWRORVDOXPQRVWHQGUiQTXHHYDOXDUDOPHQRVXQDLQYHVWLJDFLyQHQODTXH VHH[DPLQHODVYDULDEOHVGHWLSRPHWRGROyJLFRHFROyJLFRTXHSXHGDQDIHFWDUDODYDOLGH] 5(48,6,726(63(&Ì),&26 &RQRFLPLHQWRVHVWDGtVWLFRVFRUUHVSRQGLHQWHVDORVGHODFDUUHWDGH&LHQFLDVGHOD(GXFDFLyQ3ODQ 6LQRGRPLQDDOJXQRVDVSHFWRVPiVHVSHFtILFRVUHODFLRQDGRVFRQLQYHVWLJDFLyQH[SHULPHQWDOGLVHxRFRQWURO VHSURSRUFLRQDUiDOSULQFLSLRRUHVXPLGR 19 7tWXORGHOFXUVRR6HPLQDULR3VLFRORJtD&RJQLWLYD\$SUHQGL]DMH6LJQLILFDWLYR 3URIHVRU-HV~V%HOWUiQ/OHUD'HSWR3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ)DFXOWDGGH(GXFDFLyQGHOD8&0 1~PHURGHFUpGLWRV 7LSR$ItQ &DUiFWHU2SWDWLYR 6HLPSDUWLUiHQHOFXUVR\ 2%-(7,926'(/&856226(0,1$5,2 &RQRFHU\H[DPLQDUORVUHVXOWDGRVGHODLQYHVWLJDFLyQFLHQWtILFDVREUHORVSURFHVRVLPSOLFDGRVHQOD FRQVWUXFFLyQGHODSUHQGL]DMHVLJQLILFDWLYR 'LVHxDU SRVLEOHV LQYHVWLJDFLRQHV VREUH OD SUREOHPiWLFD GHO DSUHQGL]DMH VLJQLILFDWLYR HQ VLWXDFLRQHV HVFRODUHV 'LVHxDUDOJ~QSURJUDPDGHLQWHUYHQFLyQSDUDODPHMRUDGHODSUHQGL]DMHHVFRODU 7(0$5,2 /RVPRYLPLHQWRVGHUHIRUPDHGXFDWLYD\ODLQYHVWLJDFLyQSVLFROyJLFDDFWXDO 6LVWHPDKXPDQRGHSURFHVDPLHQWR /DDUTXLWHFWXUDGHOFRQRFLPLHQWR $SUHQGL]DMHGHFRQRFLPLHQWR0HWiIRUDV\PRGHORV 3URFHVRVGHODSUHQGL]DMHVLJQLILFDWLYR (VWUDWHJLDV\WpFQLFDVGHDSUHQGL]DMH ,QYHVWLJDFLyQHLQWHUYHQFLyQHQODPHMRUDGHODSUHQGL]DMH %,%/,2*5$)Ì$ $QGHUVRQ-5&RJQLWLYHSV\FKRORJ\DQGLWVLPSOLFDWLRQV1<RUN)UHHPDQ $XVXEHO'33VLFRORJtDHGXFDWLYD8QSXQWRGHYLVWDFRJQRVFLWLYR0p[LFR7ULOODV %HOWUiQ-$3URFHVRVHVWUDWHJLDV\WpQLFDVGHDSUHQGL]DMH0DGULG6tQWHVLV %HOWUiQ-$\*HQRYDUG&3VLFRORJtDGHOD,QVWUXFFLyQ0DGULG6tQWHVLV %HOWUiQ-$\RWURV,QWHUYHQFLyQSVLFRSHGDJyJLFD0DGULG3LUiPLGH &ROO&3VLFRORJtD\FXUULFXOXP%DUFHORQD/DLD (QWZLVWOH1/DFRPSUHQVLyQGHODSUHQGL]DMHHQHODXOD%DUFHORQD3DLGyV *DJQH(7KHFRJQLWLYHSV\FJKRORJ\RIVFKRROOHDUQLQJ%RVWRQ/LWWOH%URZQ>+D\YHUVLyQHVSDxRODGHODSULPHUD HGLFLyQHQ9LVRU0DGULG@ *DUGQHU+1XHYDFLHQFLDGHODPHQWH%DUFHORQD3DLGyV ,GRO/\-RQHV%)(GXFDWLRQDOYDOXHVDQGFRJQLWLYHLQVWUXFWLRQ+LOOVGDOH(UOEDXP 0D\RU-\RWURV(VWUDWHJLDVPHWDFRJQLWLYDV0DGULG6tQWHVLV 3R]R-,7HRUtDVFRJQLWLYDVGHODSUHQGL]DMH0DGULG0RUDWD 6WHUQEHUJ5-,QWHOLJHQFLDSUiFWLFDHQODHVFXHOD'HSDUWDPHQWRGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ :HLQVWHLQ&\RWURV/HDUQLQJDQGVWXG\VWUDWHJLHV1<RUN)UHHPDQ 20