iv. material y métodos - Universidad de Granada

Anuncio
Editor: Universidad de Granada. Tesis Doctorales
Autora: Raquel Escudero Rivas
ISBN: 978-84-9125-446-1
URI: http://hdl.handle.net/10481/41975
'HSDUWDPHQWRGH2EVWHWULFLD\*LQHFRORJtD
8QLYHUVLGDGGH*UDQDGD
7HVLV'RFWRUDO
02',),&$&,21(6'(/&203257$0,(1726(;8$/
'(/$08-(5'85$17((/(0%$5$=2<(/
38(53(5,2
5DTXHO(VFXGHUR5LYDV
Granada, Noviembre 2015
'LUHFWRUHV
'U'-HV~V)ORULGR1DYtR
'UD'xD0LODJURV&UX]0DUWtQH]
'UD'xD2OJD2FyQ+HUQiQGH]
La doctoranda 'xD5DTXHO(VFXGHUR5LYDV y los directores de la tesis '-HV~V)ORULGR
1DYtR'xD0LODJURV&UX]0DUWtQH]\'xD2OJD2FyQ+HUQiQGH] garantizamos, al
firmar esta Tesis Doctoral, que el trabajo ha sido realizado por la doctoranda bajo la
dirección de los directores de la tesis y, hasta donde nuestro conocimiento alcanza, en la
realización del trabajo se han respetado los derechos de otros autores a ser citados cuando
se han utilizado sus resultados o publicaciones.
Granada, a 3 de Noviembre de 2015
Directores de la Tesis
Fdo.: D. Jesús Florido Navío
Fdo: Dña. Milagros Cruz Martínez
Fdo: Dña. Olga Ocón Hernández
Doctorando
Fdo.: Dña. Raquel Escudero Rivas
$-RUJH
SRUVXDSR\R\DPRULQFRQGLFLRQDO
$3DEOR\%ODQFD
SRUVHUHOPRWRUGHPLYLGD
$*5$'(&,0,(1726
Deseo expresar mi agradecimiento a todos aquellos que han colaborado en el desarrollo
de este trabajo de Tesis Doctoral.
Al Dr. Jesús Florido Navío, promotor de este proyecto de investigación, por la
confianza depositada en mí desde el inicio y por su ánimo constante para que este
trabajo llegase a su fin.
A la Dra. Milagros Cruz Martínez, por la dedicación y energía invertidas en este
proyecto, por su gran capacidad de trabajo, sus consejos y sus reflexiones, que han
hecho posible la presentación de esta Memoria.
A la Dra. Olga Ocón Hernández, por su ayuda incansable, su disponibilidad y su apoyo
continuo, por sus aportaciones y su afán de mejora, que me han servido de gran
motivación en momentos de desánimo.
A la Dra. África Caño Aguilar, por su gran corazón y su apoyo siempre, tanto en el
terreno profesional como personal durante todos estos años.
A María Teresa Miranda León, profesora de Estadística de la Facultad de Medicina, por
su imprescindible y desinteresada colaboración en el análisis estadístico de los datos,
siempre con una amable sonrisa.
Al Proyecto NUHEAL, por ofrecerme la oportunidad de realizar esta investigación,
facilitándome la posibilidad de encuestar a las gestantes que participaban en ese
proyecto, y a los profesionales integrantes del mismo que desinteresadamente
tramitaron los cuestionarios a las embarazadas.
A mi madre, a mi padre y a mi hermana, por estar a mi lado todos los días de mi
vida…sin esperar nada a cambio.
A Jorge, por su apoyo y su amor incondicional, por su comprensión y su paciencia, y
por asumir el papel de padre y, durante muchos meses, también el de madre.
A Pablo y Blanca, mis pequeños ayudantes, por el tiempo que no hemos compartido,
porque a pesar de su corta edad fueron conscientes de que su madre tenía “muchos
deberes”.
$%5(9,$785$6
$%5(9,$785$6
x
&,FRLWRLQWHUUXPSLGR
x
',8GLVSRVLWLYRLQWUDXWHULQR
x
)LJILJXUD
x
)6),)HPDOH6H[XDO)XQFWLRQ,QGH[
x
JJUDPRV
x
JGOJUDPRVGHFLOLWUR
x
+86&+RVSLWDO8QLYHUVLWDULR6DQ&HFLOLR
x
,&,QWHUYDORGHFRQILDQ]D
x
/7%OLJDGXUDWXEiULFDELODWHUDO
x
PPHVHV
x
06PHGLRVVXSHULRUHVUHIHULGRDORVHVWXGLRVPDWHUQRV\SDWHUQRV
x
1žQ~PHUR
x
25RGGVUDWLR
x
51UHFLpQQDFLGR
x
VJVHPDQDGHJHVWDFLyQ
Ë1',&(
Ë1',&(
,5(680(1
,QWURGXFFLyQ
0DWHULDO\PpWRGRV
5HVXOWDGRV
&DUDFWHUtVWLFDVGHODSREODFLyQGHHVWXGLR
(YROXFLyQGHODVH[XDOLGDGGXUDQWHHOHPEDUD]R\HOSRVWSDUWR
&RQFOXVLRQHV
,, ,1752'8&&,Ï1
5HVSXHVWDVH[XDOIHPHQLQD
)DVHGHH[FLWDFLyQ
)DVHGHPHVHWD
)DVHGHRUJDVPR
)DVHGHUHVROXFLyQ
&DPELRVHVSHFtILFRVGHODUHVSXHVWDVH[XDOHQHOHPEDUD]R\HOSRVWSDUWR
0RGLILFDFLyQGHOFRPSRUWDPLHQWRVH[XDOHQHOHPEDUD]R\HOSXHUSHULR)DFWRUHVUHODFLRQDGRV
,QIOXHQFLDGHOWLHPSRGHJHVWDFLyQSDUWR\SRVWSDUWRHQODVH[XDOLGDG
3ULPHUWULPHVWUH
6HJXQGRWULPHVWUH
7HUFHUWULPHVWUH
3DUWR\SXHUSHULR
,QIOXHQFLDGHIDFWRUHVVRFLRFXOWXUDOHVHQHOFRPSRUWDPLHQWRVH[XDO
,QIOXHQFLDGHIDFWRUHVSVLFROyJLFRV5HODFLyQGHSDUHMD
(IHFWRVGHODDFWLYLGDGVH[XDOHQHOHPEDUD]R
,,, -867,),&$&,Ï1+,3Ï7(6,6<2%-(7,926
-XVWLILFDFLyQ
+LSyWHVLV
2EMHWLYRV
2EMHWLYRSULQFLSDO
2EMHWLYRVVHFXQGDULRV
,9 0$7(5,$/<0e72'26
'LVHxR
ÈPELWRGHHVWXGLR
3REODFLyQGLDQD\SREODFLyQGHUHIHUHQFLD
3REODFLyQGLDQD
3REODFLyQGHUHIHUHQFLD
&ULWHULRVGHLQFOXVLyQ\H[FOXVLyQ
&ULWHULRVGHLQFOXVLyQ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
&ULWHULRVGHH[FOXVLyQ
7DPDxRGHODPXHVWUD
0pWRGRGHLQFOXVLyQHQHOHVWXGLR\UHFRJLGDGHGDWRV
5HFOXWDPLHQWR
5HFRJLGDGHLQIRUPDFLyQ
)XHQWHVGHLQIRUPDFLyQ
9DULDEOHVGHHVWXGLR
9DULDEOHVLQGHSHQGLHQWHV
9DULDEOHVVRFLRGHPRJUiILFDV
9DULDEOHVREVWpWULFDV
9DULDEOHVGHSHQGLHQWHV
'HILQLFLyQGHODVYDULDEOHV
9DULDEOHVVRFLRGHPRJUiILFDV
9DULDEOHVREVWpWULFDV
9DULDEOHVGHVH[XDOLGDG
$QiOLVLVHVWDGtVWLFR
9DOLGH]GHOFXHVWLRQDULRGHVH[XDOLGDG
$QiOLVLVGHVFULSWLYR
$QiOLVLVELYDULDQWH
$QiOLVLVPXOWLYDULDQWH
$VSHFWRVpWLFRVGHODLQYHVWLJDFLyQ
95(68/7$'26
9DOLGH]GHORVFXHVWLRQDULRV
&DUDFWHUtVWLFDVGHODSREODFLyQGHHVWXGLR
(YROXFLyQGHODVH[XDOLGDGGXUDQWHHOHPEDUD]R\HOSRVWSDUWR
)UHFXHQFLDGHUHODFLRQHVVH[XDOHV
)UHFXHQFLDGHRUJDVPR
6DWLVIDFFLyQVH[XDO
'RORURPROHVWLDVFRQODVUHODFLRQHV
,QIOXHQFLDGHOHPEDUD]R\SDUWRHQODVH[XDOLGDGSRVWSDUWRGHODPXMHU
)DFWRUHVUHODFLRQDGRVFRQODVH[XDOLGDGHQHOHPEDUD]R\HOSXHUSHULR
)DFWRUHVVRFLRGHPRJUiILFRV
(GDGPDWHUQD
(VWXGLRVPDWHUQRV
(VWXGLRVSDWHUQRV
(VWDGRFLYLO
)DFWRUHVREVWpWULFRV
3DULGDG
Ë1',&(
$QiOLVLVPXOWLYDULDQWH
)DFWRUHVUHODFLRQDGRVFRQHOSDUWR\VXLQIOXHQFLDVREUHODVH[XDOLGDGSRVWSDUWR
9,
,QLFLRGHOSDUWR
0RGRGHWHUPLQDFLyQGHOSDUWR
$QDOJHVLDLQWUDSDUWR
(SLVLRWRPtD\GHVJDUURSHULQHDOHVWDGRGHOSHULQpHQSRVWSDUWR
$QHPLDSXHUSHUDO
3UHPDWXULGDG
3HVRGHOUHFLpQQDFLGR
/DFWDQFLDPDWHUQD
0pWRGRDQWLFRQFHSWLYR
',6&86,Ï1
0RGLILFDFLRQHVGHODVH[XDOLGDG
)UHFXHQFLDFRLWDO
)UHFXHQFLDGHRUJDVPR
6DWLVIDFFLyQVH[XDO
'RORUFRLWDO
)DFWRUHVVRFLRGHPRJUiILFRV\REVWpWULFRV
(GDGPDWHUQD
3DULGDG
1LYHOHGXFDWLYR
(VWDGRFLYLO
6H[XDOLGDGHQHOSRVWSDUWR
6HPDQDJHVWDFLRQDOGHOSDUWR
0RGRGHLQLFLRGHOSDUWR\DQDOJHVLDLQWUDSDUWR
7HUPLQDFLyQGHOSDUWR\OHVLRQHVSHULQHDOHV
/DFWDQFLDPDWHUQD
2WURVIDFWRUHVUHODFLRQDGRV
/LPLWDFLRQHVGHOHVWXGLR
9,, &21&/86,21(6
9,,, %,%/,2*5$)Ë$
, 5(680(1
5(680(1
,5(680(1
,1752'8&&,Ï1
/DVH[XDOLGDGHVSDUWHLPSRUWDQWHGHOVHUKXPDQR\SXHGHYDULDUDORODUJRGHODYLGD
GHSHQGLHQGRGHIDFWRUHVSVLFROyJLFRVVRFLDOHVELROyJLFRV\FXOWXUDOHV(OHPEDUD]R\
HO SRVWSDUWR VRQ HWDSDVHQ OD YLGD GH OD PXMHU HQ ODV TXH H[LVWHQ LPSRUWDQWHVFDPELRV
WDQWR SVLFROyJLFRV FRPR ILVLROyJLFRV TXH SXHGHQ UHSHUFXWLU VREUH VX FRPSRUWDPLHQWR
VH[XDO\VXUHODFLyQGHSDUHMD
([LVWHQ HVFDVRV HVWXGLRV TXH HYDO~HQ OD VH[XDOLGDG GHVGH OD HWDSD SUHYLD DO HPEDUD]R
KDVWD HO SRVWSDUWR \ VX UHODFLyQ FRQ RWURV IDFWRUHV \ ORV UHVXOWDGRV REWHQLGRV VRQ
FRQWUDGLFWRULRV \D TXH OD PD\RUtD VH FHQWUDQ HQ DQDOL]DU IDFWRUHV UHODFLRQDGRV FRQ HO
SDUWR
(OREMHWLYRGHHVWHWUDEDMRGH7HVLV'RFWRUDOHVDQDOL]DUODVYDULDFLRQHVTXHVHSURGXFHQ
HQ OD VH[XDOLGDG DQWHV GXUDQWH \ GHVSXpV GHO HPEDUD]R HQ XQD FRKRUWH GH JHVWDQWHV
HVSDxRODV DVt FRPR ORV IDFWRUHV VRFLRGHPRJUiILFRV REVWpWULFRV \ UHODFLRQDGRV FRQ HO
SDUWRTXHSXHGDQHVWDUDVRFLDGRV
0$7(5,$/<0e72'26
6H KD UHDOL]DGR XQ HVWXGLR REVHUYDFLRQDO SURVSHFWLYR HQ XQD FRKRUWH GH HPEDUD]DGDV D OR ODUJR GHO HPEDUD]R SDUWR \ SXHUSHULR DWHQGLGDV HQ HO 6HUYLFLR GH
2EVWHWULFLD \ *LQHFRORJtD GHO +RVSLWDO 8QLYHUVLWDULR 6DQ &HFLOLR +86& GH *UDQDGD
GXUDQWHXQSHUtRGRGHPHVHV
6HLQFOX\HURQ PXMHUHVVDQDVFRQJHVWDFLRQHVVLPSOHVQRFRPSOLFDGDV PD\RUHVGH
DxRVFRQHPEDUD]RFRQWURODGRHQQXHVWUDVFRQVXOWDVHLQWHQFLyQGHTXHHOSDUWRIXHUD
3
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
DWHQGLGR HQ QXHVWUR KRVSLWDO 6H H[FOX\HURQ DTXHOODV HPEDUD]DGDV FRQ SDWRORJtD
PDWHUQDXREVWpWULFDDOLQLFLRGHOHVWXGLR
6HDGPLQLVWUyXQFXHVWLRQDULRHQUHODFLyQDODVH[XDOLGDGHQODVVHPDQDV\
FRLQFLGLHQGRFRQODVUHYLVLRQHVREVWpWULFDV\DORV\PHVHVSRVWSDUWR$GHPiVHQOD
YLVLWDGHODVHPDQDVHUHFRJLyLQIRUPDFLyQVREUHODVH[XDOLGDGSUHYLDDOHPEDUD]R\
VREUHYDULDEOHVVRFLRGHPRJUiILFDVHGDGHVWXGLRVPDWHUQRV\SDWHUQRV\HVWDGRFLYLO
/RVFXHVWLRQDULRVGHVH[XDOLGDGWLHQHQHOPLVPRIRUPDWRHQWRGDVODVYLVLWDVHLQFOX\HQ
LQIRUPDFLyQ VREUH OD IUHFXHQFLD GH ODV UHODFLRQHV VH[XDOHV IUHFXHQFLD GH RUJDVPR
VDWLVIDFFLyQVH[XDO\SRU~OWLPRGRORUFRLWDO
(QODVUHYLVLRQHVSRVWSDUWRVHLQFOX\yLQIRUPDFLyQUHODWLYDDOUHLQLFLRGHODVUHODFLRQHV
VH[XDOHVDODODFWDQFLDPDWHUQD\DOPpWRGRDQWLFRQFHSWLYRXVDGR/DLQIRUPDFLyQVREUH
DQWHFHGHQWHVSHUVRQDOHVREVWpWULFRVGDWRVGHOHPEDUD]R\SDUWR\UHVXOWDGRVSHULQDWDOHV
VHREWXYLHURQGHODKLVWRULDFOtQLFDLQIRUPDWL]DGDGHO+86&
6HREWXYLHURQFXHVWLRQDULRVHQVHPDQDHQVHPDQDHQVHPDQD\
HQ HO WHUFHU \ VH[WR PHV SRVWSDUWR /D SpUGLGD GH FDVRV GXUDQWH HO HPEDUD]R IXH
GHELGD D SDWRORJtD HQ HO WHUFHU WULPHVWUH TXH REOLJy D OD DEVWLQHQFLD VH[XDO \ HQ HO
SRVWSDUWRDTXHODUHYLVLyQQRHVWDEDLQFOXLGDHQHOVHJXLPLHQWRKDELWXDOORTXHGLILFXOWy
ODORFDOL]DFLyQGHODVHPEDUD]DGDVGHOHVWXGLR
5(68/7$'26
&DUDFWHUtVWLFDVGHODSREODFLyQGHHVWXGLR
/DVPXMHUHVHQFXHVWDGDVHUDQHQVXPD\RUtDHVSDxRODVSUHVHQWDEDQXQDHGDG
PHGLDGH“DxRVXQHUDQQXOtSDUDV\HVWDEDQFDVDGDV/DVSDUHMDV
WXYLHURQ IXQGDPHQWDOPHQWH HVWXGLRV EiVLFRV GH ODV PXMHUHV \ GH VXV
SDUHMDV
4
5(680(1
(O SDUWR VH SURGXMR D WpUPLQR HQ HO GH FDVRV VH LQLFLy GH IRUPD HVSRQWiQHD HQ
\ WHUPLQy HVSRQWiQHDPHQWH HQ PHGLDQWH FHViUHD HQ \ PHGLDQWH
SDUWR WRF~UJLFR HQ (Q GH ORV SDUWRV IXH SUHFLVR UHDOL]DU HSLVLRWRPtD HQ
QRVHSURGXMRGHVJDUURSHULQHDO\HQH[LVWLyGHVJDUURGHSULPHURVHJXQGR
JUDGR (Q FXDQWR D OD DQDOJHVLD LQWUDSDUWR GH ODV PXMHUHV VROLFLWDURQ DQDOJHVLD
HSLGXUDODQHVWHVLDORFDOUDTXtGHDJHQHUDO\HQXQGHFDVRVQR
VHDGPLQLVWUyDQDOJHVLD
/RV UHFLpQ QDFLGRV SUHVHQWDURQ XQ WHVW GH $SJDU • HQ HO SULPHU PLQXWR \ D ORV PLQXWRVGHYLGDHQXQ\GHFDVRVUHVSHFWLYDPHQWH\HOGHQLxRVWXYR
XQSHVRFRPSUHQGLGRHQWUHJUDPRV
7UDV HO SDUWR XQ GH PXMHUHV SUHVHQWDURQ DQHPLD VLHQGR HVWD DQHPLD OHYH HQ
(O UHLQLFLR GH ODV UHODFLRQHV VH[XDOHV VH HVWDEOHFLy DQWHV GH ORV PHVHV
SRVWSDUWR HQ HO LQFOXVR DQWHV GH ODV VHPDQDV HQ XQ &RPR PpWRGR
DQWLFRQFHSWLYR D ORV \ PHVHV GHO SDUWR GHVWDFD HO XVR GH SUHVHUYDWLYR \
UHVSHFWLYDPHQWH \ GH DQRYXODWRULRV \ FRQ XQ \ GH
FDVRVTXHQRXWLOL]DURQQLQJ~QPpWRGRDORV\PHVHVUHVSHFWLYDPHQWH
&XDQGRFRPSDUDPRVODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\REVWpWULFDVGHODVJHVWDQWHV
FRQLQIRUPDFLyQFRPSOHWDGXUDQWHWRGRHOVHJXLPLHQWRQ FRQDTXHOODVGHODVTXH
VROR VH UHFDEy LQIRUPDFLyQ GXUDQWH HO HPEDUD]R Q QR VH HQFXHQWUDQ GLIHUHQFLDV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHODVGLIHUHQWHVYDULDEOHVHQWUHDPERVJUXSRV
(YROXFLyQGHODVH[XDOLGDGGXUDQWHHOHPEDUD]R\HOSRVWSDUWR
/DVYDULDEOHVGHVH[XDOLGDGHVWXGLDGDVSUHVHQWDQGLIHUHQFLDVHQODHYROXFLyQDORODUJR
GHODVHWDSDVHYDOXDGDV
$VtVHREVHUYDXQDGLVPLQXFLyQHQODIUHFXHQFLDGHODVUHODFLRQHVVH[XDOHVGXUDQWHHO
HPEDUD]R UHFXSHUiQGRVH SDUFLDOPHQWH GXUDQWH HO SRVWSDUWR VLHQGR HVWDV GLIHUHQFLDV
HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HVSHFLDOPHQWH HQWUH OD IUHFXHQFLD GH FRLWR DQWHV GH OD
5
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
JHVWDFLyQUHVSHFWRDODVWUHVYLVLWDVGHOHPEDUD]RS\DORVWUHVPHVHVSRVWSDUWR
S (QODIUHFXHQFLDGHRUJDVPRKD\XQDGLVPLQXFLyQSURJUHVLYDDORODUJRGHOHPEDUD]R
PiV HYLGHQWH HQ OD VHPDQD UHVSHFWR D DQWHV GH OD JHVWDFLyQ S \ XQD
UHFXSHUDFLyQHQHOSRVWSDUWRTXHDOFDQ]DQLYHOHVSUHYLRVDOHPEDUD]R
'HOPLVPRPRGRODVDWLVIDFFLyQVXIUHXQHPSHRUDPLHQWRSURJUHVLYRKDVWDHOPRPHQWR
GHO SDUWR UHVSHFWR D OD HWDSD SUHYLD S UHFXSHUiQGRVH SDUFLDOPHQWH HQ HO
SRVWSDUWR
5HVSHFWRDOGRORUVHREVHUYDXQDXPHQWRGHO PLVPR IXQGDPHQWDOPHQWH HQ OD VHPDQD
TXH WLHQGH D PHMRUDU HQ HO SRVWSDUWR S VLQ OOHJDU D ORV QLYHOHV GH GRORU
SUHJHVWDFLRQDOHV
6LFRPSDUDPRVHVWDVYDULDEOHVGHVH[XDOLGDGDQWHV\GHVSXpVGHOSDUWRVHREVHUYDXQD
PHMRUtDHQHOSRVWSDUWRHQODIUHFXHQFLDGHUHODFLRQHVVH[XDOHVSGHRUJDVPR
S \HQHOGRORUFRLWDOS $OHVWXGLDUODLQIOXHQFLDGHIDFWRUHVVRFLRGHPRJUiILFRV\REVWpWULFRVHQODVH[XDOLGDG
YHPRV TXH OD HGDG ORV HVWXGLRV PDWHUQRV \ SDWHUQRV HO HVWDGR FLYLO \ OD SDULGDG
PXHVWUDQDVRFLDFLyQ
/DVPXMHUHVPHQRUHVGHDxRVWLHQHQPD\RUIUHFXHQFLDGHUHODFLRQHVVH[XDOHVGXUDQWH
ODHWDSDSUHJHVWDFLRQDOS VHPDQDSS \S PD\RUIUHFXHQFLDGHRUJDVPRDQWHVGHODJHVWDFLyQS \HQVHPDQDS \PD\RUVDWLVIDFFLyQVH[XDODQWHVS \GXUDQWHHOHPEDUD]RS HQVHPDQD
S HQVHPDQD\S HQVHPDQD
/DV PXMHUHV FRQ HVWXGLRV EiVLFRV UHILHUHQ PD\RU IUHFXHQFLD FRLWDO DO WpUPLQR GH OD
JHVWDFLyQS \PD\RUIUHFXHQFLDRUJiVPLFDDQWHVGHOHPEDUD]RS \HQ
VHPDQDS $OHYDOXDUORVHVWXGLRVSDWHUQRVHQFRQWUDPRVPD\RUVDWLVIDFFLyQ
6
5(680(1
DORVPHVHVSRVWSDUWRFXDQGRODSDUHMDWLHQHHVWXGLRVEiVLFRVS \PHQRUGRORU
DQWHVGHOHPEDUD]RFXDQGRWLHQHHVWXGLRVPHGLRVVXSHULRUHVS 5HVSHFWRDOHVWDGRFLYLOODVPXMHUHVVROWHUDVPXHVWUDQPD\RUIUHFXHQFLDFRLWDODQWHVGHO
HPEDUD]RS \GXUDQWHHOPLVPRS HQVHPDQDS HQVHPDQD
S HQVHPDQDPD\RUIUHFXHQFLDGHRUJDVPRDQWHVGHODJHVWDFLyQS \
HQODVHPDQDSUHSDUWRS \PD\RUVDWLVIDFFLyQVH[XDOS \PHQRVGRORU
HQVHPDQDS (O GHVFHQVR GH OD IUHFXHQFLD FRLWDO HV PiV PDUFDGR HQ PXMHUHV FRQ KLMRV DQWHV GHO
HPEDUD]R S \ VHPDQD S SUHVHQWDQGR PD\RU LQVDWLVIDFFLyQ HQ
VHPDQDS (Q HO DQiOLVLV PXOWLYDULDQWH PDQWLHQHQ DVRFLDFLyQ FRQ ODV YDULDEOHV GH VH[XDOLGDG OD
HGDGGHODPXMHUORVHVWXGLRVGHpVWD\ODSDULGDG$VtHQODIUHFXHQFLDFRLWDOLQIOX\H
SRVLWLYDPHQWH OD HGDG PDWHUQD PHQRU GH DxRV DQWHV GH OD JHVWDFLyQ 2GGV 5DWLR 25DMXVWDGDHQVHPDQD\25DMXVWDGDV\UHVSHFWLYDPHQWH\ORV
HVWXGLRV EiVLFRV PDWHUQRV HQ VHPDQD 25 DMXVWDGD (Q OD IUHFXHQFLD GH
RUJDVPR LQIOX\H OD HGDG PHQRU GH DxRV HQ VHPDQD 25 DMXVWDGD \ ORV
HVWXGLRV PDWHUQRV EiVLFRV HQ OD VHPDQD SUHSDUWR 25 DMXVWDGD \ HQ OD
VDWLVIDFFLyQODQXOLSDULGDGHQVHPDQD25DMXVWDGD
6LDQDOL]DPRVORVIDFWRUHVUHODFLRQDGRVFRQHOSDUWR\HOSRVWSDUWR\ODVH[XDOLGDGWUDVHO
PLVPR REVHUYDPRV TXH HO LQLFLR GHO SDUWR PHGLDQWH FHViUHD VH UHODFLRQD FRQ SHRU
VDWLVIDFFLyQS \PD\RUGRORUFRLWDOS DORV\PHVHVTXHHQFDVRGH
SDUWRHVSRQWiQHRHLQGXFLGR\ODWHUPLQDFLyQHQSDUWRYDJLQDOHXWyFLFRVHDVRFLDFRQ
PD\RU IUHFXHQFLD FRLWDO S \ PHQRU GRORU FRQ ODV UHODFLRQHV D ORV PHVHV
SRVWSDUWRS TXHHQFDVRGHFHViUHD\IyUFHSV
/DVPXMHUHVFRQDQDOJHVLDORFDORVLQDQDOJHVLDSUHVHQWDQPD\RUIUHFXHQFLDFRLWDODORV
PHVHVSRVWSDUWRS TXHFRQHOUHVWRGHWpFQLFDVIXQGDPHQWDOPHQWHDQHVWHVLD
HSLGXUDO\JHQHUDO3RURWURODGRDTXHOODVPXMHUHVFRQSDUWRSUHWpUPLQRUHILHUHQPD\RU
7
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
GRORUFRLWDOHQODVVHPDQDVSUHSDUWRS \DORVPHVHVS \HOXVRGH
SUHVHUYDWLYR SRVWSDUWR VH UHODFLRQD FRQ PD\RU IUHFXHQFLD RUJiVPLFD D ORV PHVHV
S \PHVHVS 6LQHPEDUJRODVOHVLRQHVSHULQHDOHVODDQHPLDSXHUSHUDOODODFWDQFLDPDWHUQD\HOSHVR
GHOUHFLpQQDFLGRQRPXHVWUDQDVRFLDFLyQFRQODVYDULDEOHVGHVH[XDOLGDGHVWXGLDGDV
&21&/86,21(6
/D IUHFXHQFLD FRLWDO \ RUJiVPLFD OD VDWLVIDFFLyQ VH[XDO \ HO GRORU FRQ ODV UHODFLRQHV
VXIUHQ XQ GHWHULRUR GXUDQWH OD JHVWDFLyQ HQ FRPSDUDFLyQ FRQ QLYHOHV SUHYLRV
UHFXSHUiQGRVH SDUFLDOPHQWH HQ ORV PHVHV SRVWSDUWR /D YDULDEOH PiV DIHFWDGD HV OD
IUHFXHQFLD FRLWDO TXH SUHVHQWD XQ GHVFHQVR SURJUHVLYR VLQ HPEDUJR OD IUHFXHQFLD
RUJiVPLFD OD VDWLVIDFFLyQ \ HO GRORU VH GHWHULRUDQ IXQGDPHQWDOPHQWH HQ ODV VHPDQDV
SUHYLDVDOSDUWR
(QWUH ORV IDFWRUHV VRFLRGHPRJUiILFRV \ REVWpWULFRV TXH LQIOX\HQ SRVLWLYDPHQWH HQ OD
VH[XDOLGDG VH HQFXHQWUDQ OD HGDG PDWHUQD PHQRU GH DxRV OD QXOLSDULGDG XQ QLYHO
EiVLFRGHHVWXGLRV\HQFRQWUDUVHVROWHUD(OSDUWRYDJLQDOHXWyFLFRVHDVRFLDFRQPD\RU
IUHFXHQFLD FRLWDO \ PHQRU GRORU D GLIHUHQFLD GH OD FHViUHD GHO SDUWR WRF~UJLFR \ GHO
SDUWRSUHWpUPLQR
3RU HO FRQWUDULRHQ HVWH HVWXGLR QRVH REVHUYDUHODFLyQ GHODVH[XDOLGDGFRQHOHVWDGR
SHULQHDO WUDV HO SDUWR OD ODFWDQFLD PDWHUQD OD DQHPLD SRVWSDUWR \ HO SHVR GHO UHFLpQ
QDFLGR
3RU WDQWR VRQ P~OWLSOHV ODV YDULDEOHV TXH SXHGHQ LQIOXLU HQ HO FRPSRUWDPLHQWR VH[XDO
GXUDQWHODJHVWDFLyQ\HOSRVWSDUWRGHELHQGRFRQVLGHUDUDODPXMHUGHIRUPDLQWHJUDO(V
LPSRUWDQWH SURIXQGL]DU HQ HO FRQRFLPLHQWR GH HVWRV FDPELRV SDUD SURSRUFLRQDU
LQIRUPDFLyQ\DSR\RDHVWDVSDUHMDV\GHWHFWDUDTXHOORVFDVRVHQTXHHOGHWHULRURGHOD
VH[XDOLGDGOOHJDDVHUXQDGLVIXQFLyQVH[XDO
8
,, ,1752'8&&,Ï1
,1752'8&&,Ï1
,,,1752'8&&,Ï1
/D VH[XDOLGDG VH GHILQH VHJ~Q OD 2UJDQL]DFLyQ0XQGLDO GHOD 6DOXG FRPR XQ
DVSHFWRFHQWUDOGHOVHUKXPDQRDORODUJRGHODYLGDTXHDEDUFDHOVH[RODVLGHQWLGDGHV\
ORV UROHV GH JpQHUR OD RULHQWDFLyQ VH[XDO HO HURWLVPR HO SODFHU OD LQWLPLGDG \ OD
UHSURGXFFLyQ /D VH[XDOLGDG VH H[SHULPHQWD \ VH H[SUHVD HQ SHQVDPLHQWRV IDQWDVtDV
GHVHRV FUHHQFLDV DFWLWXGHV YDORUHV FRQGXFWDV SUiFWLFDV UROHV \ UHODFLRQHV 6L ELHQ
SXHGHLQFOXLUWRGDVHVWDVGLPHQVLRQHVQRWRGDVHOODVVHH[SHULPHQWDQRVHPDQLILHVWDQ
/D VH[XDOLGDG HVWi LQIOXLGD SRU OD LQWHUDFFLyQ GH IDFWRUHV ELROyJLFRV SVLFROyJLFRV
VRFLDOHVHFRQyPLFRVSROtWLFRVFXOWXUDOHVOHJDOHVKLVWyULFRVUHOLJLRVRV\HVSLULWXDOHV
3RUWDQWRODVDOXGVH[XDOHVXQHVWDGRGHELHQHVWDUItVLFRHPRFLRQDOPHQWDO\VRFLDOHQ
UHODFLyQ FRQ OD VH[XDOLGDG QR HV VRODPHQWH OD DXVHQFLD GH HQIHUPHGDG GLVIXQFLyQ R
HQIHUPHGDG
7RGRV ORV VHUHV KXPDQRV VRPRV VHUHV VH[XDGRV GHVGH HO QDFLPLHQWR \ QXHVWUD
VH[XDOLGDGH[SHULPHQWDPRGLILFDFLRQHVDORODUJRGHODYLGD8QHMHPSORGHHOORVRQHO
HPEDUD]R \ HO SXHUSHULR HWDSDV HQ ODV TXH H[LVWHQ LPSRUWDQWHV FDPELRV WDQWR
SVLFROyJLFRV FRPR ELROyJLFRV TXH SXHGHQ UHSHUFXWLU VREUH HO GHVHR OD UHVSXHVWD \ HO
FRPSRUWDPLHQWRVH[XDO\SRUWDQWRHQODUHODFLyQGHSDUHMD 5(638(67$6(;8$/)(0(1,1$
/D UHVSXHVWD VH[XDO KXPDQD HV XQD IXQFLyQ FRPSOHMD TXH UHVXOWD GH OD LQWHUDFFLyQ GH
P~OWLSOHV IDFWRUHV HQWUH HOORV IDFWRUHV SVLFROyJLFRV DIHFWLYRV VRFLRFXOWXUDOHV \
ELROyJLFRV
'H PDQHUD TXH OD UHVSXHVWD VH[XDO VH PXHVWUD YDULDEOH D OR ODUJR GH OD YLGD HQ VXV
GLIHUHQWHV HWDSDV GHVGH HO QDFLPLHQWR KDVWD OD YHMH] SDVDQGR SRU OD DGROHVFHQFLD \ OD
11
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
JHVWDFLyQ&RPSUHQGHXQDVHULHGHYLYHQFLDVtQWLPDVGHORTXHVHQWLPRVGHORTXHQRV
DWUDH\GHODUHODFLyQ\FRQYLYHQFLDFRQORVGHPiV\VHHQFXHQWUDLQIOXLGDVRFLDOPHQWH
SRUXQDVHULHGHQRUPDV\FyGLJRVGHLGHRORJtDVPLWRVFRVWXPEUHV\UHOLJLRQHV
$GLFLRQDOPHQWHORVIDFWRUHVELROyJLFRVGHODUHVSXHVWDVH[XDODFW~DQDQLYHOGHOVLVWHPD
QHUYLRVR FHQWUDO \ SHULIpULFR HO DSDUDWR FDUGLRYDVFXODU \ HO VLVWHPD QHXURPXVFXODU
SURGXFLpQGRVHFDPELRVHQORVWHMLGRV\yUJDQRVJHQLWDOHV\H[WUDJHQLWDOHV3RUHOOROD
UHVSXHVWDVH[XDOFRQVLVWHHQXQDVHULHGHFDPELRVQHXURILVLROyJLFRVKHPRGLQiPLFRV\
KRUPRQDOHVTXHDIHFWDQDWRGRHORUJDQLVPRFRQVLGHUiQGRVHXQDUHVSXHVWDILVLROyJLFD
LQWHJUDGD DO LQFOXLU OD DFFLyQ GH OD PD\RUtD GH yUJDQRV \ VLVWHPDV 1R REVWDQWH ORV
FDPELRV PiV HVSHFtILFRV H LPSRUWDQWHV VH GHVDUUROODQ HQ HO iUHD JHQLWDO FRQ XQ
LPSRUWDQWHHIHFWRVREUHODFRQWUDFWLOLGDG\ODSHUIXVLyQYDVFXODUXWHULQD
&RQ HO REMHWLYR GH GHVFULELU \ FDUDFWHUL]DU ORV IHQyPHQRV ELROyJLFRV LPSOLFDGRV HQ OD
UHVSXHVWD VH[XDO KXPDQD :LOOLDP + 0DVWHUV \ 9LUJLQLD ( -RKQVRQ HQ HQ VX
REUD +XPDQ 6H[XDO 5HVSRQVH HVWDEOHFHQ FXDWUR IDVHV GLVWLQWDV \ VHFXHQFLDOHV
H[FLWDFLyQPHVHWDRUJDVPR\UHVROXFLyQILJXUDFDUDFWHUL]iQGRVHFDGDXQDGHHOODV
SRUFDPELRVHVSHFtILFRVHQODVPDPDV\HQORVJHQLWDOHVH[WHUQRVHLQWHUQRV
-
--
Orgasmo
Meseta
Re
u
sol
n
ció
3
Re
1 2 3
ción
Resolu
Excitación
so
luc
ión
2
1
)LJXUD &LFOR GH UHVSXHVWD VH[XDO 7UHV YDULDQWHV UHSUHVHQWDWLYDV
GHUHVSXHVWDVH[XDOIHPHQLQDWRPDGRGH0DVWHU\-RKQVRQ
3RVWHULRUPHQWH+HOHQ6LQJHU.DSODQHQDJUHJyXQDHWDSDSUHYLDDHVWDVFXDWUR
GHQRPLQiQGROD HWDSD GH GHVHR /D UHVSXHVWD VH[XDO SXHGH GHVFULELUVH FRPR XQD
VHFXHQFLDFtFOLFDGHHVWDVHWDSDVTXHVHIDFLOLWDQUHIXHU]DQHLQKLEHQHQWUHVt
12
,1752'8&&,Ï1
0iV WDUGH 5RVHPDU\ %DVVRQ SRVWXOy TXH DOJXQDV PXMHUHV SRGtDQ HVWDU PRWLYDGDV D
SDUWLFLSDUHQODDFWLYLGDGVH[XDOQRQHFHVDULDPHQWHSRUHOGHVHRVLQRSRURWUDVUD]RQHV
WDOHVFRPRHOGHVHRGHLQWLPLGDGHPRFLRQDOVHJXLGRSRUXQFLFORGHIDVHVVXSHUSXHVWDV
YDULDQGRODVVHFXHQFLDVGHVFULWDVDQWHULRUPHQWH
(QODDFWXDOLGDGVHUHFRQRFHTXHQRKD\XQ~QLFRPRGHORGHUHVSXHVWDVH[XDOIHPHQLQD
VLQRTXHH[LVWHQSDWURQHVKHWHURJpQHRVGHUHVSXHVWD'HPRGRTXHDTXHOODVPXMHUHVTXH
VLJXHQ HO PRGHOR GH 0DVWHU \ -RKQVRQ DO LJXDO TXH HO GH .DSODQ H[SHULPHQWDQ
GHVHR\H[FLWDFLyQIiFLOPHQWHDOFDQ]DQHORUJDVPR\HVWiQVDWLVIHFKDVFRQVXUHODFLyQ
VH[XDO (O PRGHOR GH %DVVRQ SXHGH SURSRUFLRQDU XQD DPSOLDFLyQ GH ORV DQWHULRUHV \
UHIOHMDU PHMRU OD UHVSXHVWD VH[XDO GH DTXHOODV PXMHUHV FRQ DOJXQD GLILFXOWDG R
LQVDWLVIDFFLyQVH[XDO
$FRQWLQXDFLyQVHGHVFULEHQODVFXDWURIDVHVGHODUHVSXHVWDVH[XDOUHIHULGDVSRU0DVWHU
\-RKQVRQ
)DVHGHH[FLWDFLyQ
'XUDQWH OD IDVH GH H[FLWDFLyQ VH SURGXFH XQD YDVRGLODWDFLyQ FRQ LPSRUWDQWH DSRUWH
VDQJXtQHRDORVyUJDQRVSpOYLFRV(VWRGHVHQFDGHQDXQDHUHFFLyQGHOSHQH\GHOFOtWRULV
\XQHQJURVDPLHQWRGHORVODELRVPHQRUHVORVWHVWtFXORV\ORVJHQLWDOHVLQWHUQRV(QXQD
HWDSDPiVDYDQ]DGDODYDVRFRQJHVWLyQHQHOiUHDYDJLQDOHPSXMDODVSDUHGHVGHOWHUFLR
PiVH[WHUQRYDJLQDOKDFLDODOX]GHHVWDFDYLGDGYLUWXDO
(O~WHUR\HOFpUYL[VHHOHYDQHQODSHOYLVSDUDSHUPLWLUHOSDVRGHOSHQHWUDFFLRQDQGR\
DODUJDQGRODYDJLQDWDPELpQGHQRPLQDGRtentingTXHDxDGLGRDODFRQJHVWLyQYHQRVD
GHOWHUFLRH[WHUQRSURSRUFLRQDDODYDJLQDHODVSHFWRGHXQDERWHOODLQYHUWLGD(VWD
HOHYDFLyQSRVLEOHPHQWHVHGHEDDODWUDFFLyQTXHHMHUFHQORVOLJDPHQWRVVDFURXWHULQRV
ORVFHUYLFDOHVWUDQVYHUVRVGH0DFNHQURGW\RWUDVIRUPDFLRQHVGHODIDVFLDSpOYLFD
\XWHURYDJLQDORDODFRQWUDFFLyQGHOP~VFXORHOHYDGRUGHODQR
/D YDJLQD FRPLHQ]D D OXEULFDUVH JUDFLDV D OD WUDVXGDFLyQ GH SODVPD VDQJXtQHR
SURFHGHQWHGHODGLODWDFLyQYHQRVDGHOSOH[RYDVFXODUSHULYDJLQDOTXHDXPHQWDVX
13
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
WDPDxR(VWDOXEULFDFLyQIDFLOLWDQRVyORORVPRYLPLHQWRVGHOSHQHHQHOLQWHULRUGHOD
YDJLQDVLQRTXHSURGXFHXQDXPHQWRHQHOS+YDJLQDOIDYRUHFLHQGRODVXSHUYLYHQFLDGH
ORV HVSHUPDWR]RLGHV /DV JOiQGXODV SDUDXUHWUDOHV GH 6NHQH WDPELpQ FRQWULEX\HQ HQ OD
OXEULFDFLyQ GXUDQWH OD H[FLWDFLyQ VH[XDO HQ ORV FDVRV HQ TXH VH HQFXHQWUDQ
HVSHFLDOPHQWH GHVDUUROODGDV SXHGH REVHUYDUVH VX VHFUHFLyQ GXUDQWH HO RUJDVPR HV OR
TXHVHKDGHQRPLQDGRH\DFXODFLyQIHPHQLQD
([LVWHDGHPiVXQDXPHQWRGHWDPDxRGHODVPDPDVSRULQJXUJLWDFLyQ\YDVRFRQJHVWLyQ
FRQHUHFFLyQGHORVSH]RQHV
/D UHVSXHVWD H[WUDJHQLWDO HQ OD H[FLWDFLyQ VH[XDO LQFOX\H XQ DXPHQWR GH OD
IUHFXHQFLDFDUGtDFD GH OD WHQVLyQ DUWHULDO GH OD YHQWLODFLyQ GHO WRQR PXVFXODU \ OD
DSDULFLyQ GHOUXERUVH[XDOHULWHPDHQFDUDWURQFR\QDOJDVGHIRUPDLQFRQVWDQWH
)DVHGHPHVHWD
(QHVWDIDVHODVPRGLILFDFLRQHVItVLFDVFRQVWLWX\HQODFRQWLQXDFLyQ\PDJQLILFDFLyQGH
ODV GHVFULWDV HQ OD HWDSD DQWHULRU (O WHUFLR H[WHUQR GH OD YDJLQD PXHVWUD XQD
FRQJHVWLyQ VDQJXtQHD PiV PDUFDGD GLVPLQX\HQGR VX GLiPHWUR \ IRUPDQGR OR TXH
0DVWHUV\-RKQVRQGHQRPLQDURQSODWDIRUPDRUJiVPLFD
(OFOtWRULVVHUHWUDHODPXVFXODWXUDFRUSRUDOVHWHQVDODVSXSLODVVHGLODWDQ\VHSURGXFH
XQDVHQVDFLyQGHYDFtRDPHGLGDTXHVHDYHFLQDHORUJDVPR$GHPiVODVPDPDV\OD
DUHRODH[SHULPHQWDQXQDXPHQWRGHWDPDxR
)DVHGHRUJDVPR
/DIDVHRUJiVPLFDWDO\FRPRGHVFULEHQYDULRVDXWRUHVVHORJUDDWUDYpVGH
ODHVWLPXODFLyQGLUHFWDRLQGLUHFWDGHOFOtWRULVDWUDYpVGHOFRLWR
'XUDQWH HO RUJDVPR OD PXVFXODWXUD OLVD GH ORV yUJDQRV SpOYLFRV \ OD PXVFXODWXUD
HVTXHOpWLFD P~VFXORV GHO VXHOR GHOD SHOYLV DEGRPLQDOHV \ FHUYLFDOHVHQWUH RWURVVH
FRQWUDHQGHPRGRLQWHUPLWHQWH(OWHUFLRH[WHUQRYDJLQDOVHPRYLOL]DUHJXODUPHQWHFDGD
VHJXQGRVGHELGRDODFRQWUDFFLyQUtWPLFDGHORVP~VFXORVGHOVXHORGHODSHOYLV
14
,1752'8&&,Ï1
IXQGDPHQWDOPHQWH ORV SXERFRFFtJHRV (O Q~PHUR GH FRQWUDFFLRQHV GH OD SODWDIRUPD
RUJiVPLFDYDUtDLQGLYLGXDOPHQWH\HQFDGDUHODFLyQVH[XDO(O~WHURWDPELpQVHFRQWUDH
DLQWHUYDORVUHJXODUHV\GXUDQWHSRFRVVHJXQGRV
(Q JHQHUDO HO RUJDVPR VXHOH GXUDU HQWUH \ VHJXQGRV \ HQWUH ORV KDOOD]JRV
GHVFULWRVHQHVWDIDVHVHREVHUYDQXQDPD\RUUHWUDFFLyQFOLWRUtGHDXQFLHUUHGHOHVItQWHU
DQDO XQD UHWUDFFLyQ GH ORV GHGRV \ XQ DXPHQWR GH OD IUHFXHQFLD UHVSLUDWRULD FDUGtDFD
ODWLGRV SRU PLQXWR \ GH OD WHQVLyQ DUWHULDO PP +J GH SUHVLyQ
VLVWyOLFD
)DVHGHUHVROXFLyQ
(Q OD IDVH GH UHVROXFLyQ VH SURGXFH XQD UHODMDFLyQ JHQHUDOL]DGD FRQ UHGXFFLyQ GH OD
YDVRFRQJHVWLyQSpOYLFD([LVWHXQSHUtRGRUHIUDFWDULRGXUDQWHHOTXHHVGLItFLOSURGXFLU
XQD QXHYD UHVSXHVWD VH[XDO (VWH SHUtRGR HV PiV WtSLFR HQ HO YDUyQ \ HQ DOJXQDV
PXMHUHV WUDV XQ RUJDVPR PX\ LQWHQVR *HQHUDOPHQWH WUDV HO RUJDVPR IHPHQLQR VH
YXHOYHDXQQLYHOWRGDYtDPiVDOWRGHH[FLWDFLyQVREUHHOTXHSXHGHQGHVDUUROODUVHRWURV
RUJDVPRV DQWH XQD DGHFXDGD HVWLPXODFLyQ VH[XDO OR TXH HV GHQRPLQDGR UHVSXHVWD
PXOWLRUJiVPLFD
&DPELRV HVSHFtILFRV GH OD UHVSXHVWD VH[XDO HQ HO HPEDUD]R \ HO
SRVWSDUWR
'XUDQWH OD JHVWDFLyQ WLHQHQ OXJDU XQD VHULH GH FDPELRV ItVLFRV \ KRUPRQDOHV TXH
PRGLILFDQGHIRUPDHVSHFLDOODUHVSXHVWDVH[XDO
'XUDQWHODfase de excitación,ODYDVRFRQJHVWLyQH[LVWHQWHHQHOHPEDUD]RVHVXPDDOD
FRQJHVWLyQYDVFXODUSURSLDGHHVWDIDVHORTXHSXHGHSURYRFDULUULWDFLyQ\GRORUHQODV
PDPDV GXUDQWH OD UHODFLyQ VH[XDO VREUH WRGR HQ HO SULPHU WULPHVWUH \ HQ PXMHUHV
QXOtSDUDV'HOPLVPRPRGRRFXUUHFRQODOXEULFDFLyQYDJLQDOTXHDSDUHFHLQFUHPHQWDGD
GXUDQWH OD JHVWDFLyQ VLHQGR DOJR GRORURVD DO LQLFLR FRPR GHVFULELHURQ 0DVWHU \
-RKQVRQ
15
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(Q OD fase de meseta, OD YDVRFRQJHVWLyQ GH OD SRUFLyQ H[WHUQD YDJLQDO HVWi PX\
DXPHQWDGD HQ OD PXMHUJHVWDQWH HQFRPSDUDFLyQ FRQ OD QRJHVWDQWH \ OD UHGXFFLyQGHO
GLiPHWURYDJLQDOVHKDFHPD\RUDPHGLGDTXHDYDQ]DHOHPEDUD]R
'XUDQWH ODfase orgásmica VH SURGXFHQ FRQWUDFFLRQHV XWHULQDV GH PD\RU LQWHQVLGDG HQ
ODV PXMHUHV JHVWDQWHV TXH SXHGHQ DVRFLDUVH D XQD SpUGLGD LQYROXQWDULD GH RULQD H
LQFOXVR D H\HFFLyQ OiFWHD HQ ODV PDGUHV ODFWDQWHV GHELGR DO DXPHQWR GH VHFUHFLyQ GH
R[LWRFLQDGXUDQWHHORUJDVPR
/Dfase de resoluciónHVPROHVWDHQODPXMHUHPEDUD]DGDFRQUHVSHFWRDORQRJHVWDQWH
\D TXH OD FRQJHVWLyQ SHOYLDQD GLVPLQX\H FRQ PD\RU OHQWLWXG (QRFDVLRQHV H[LVWH XQD
FRQJHVWLyQWDQPDUFDGDTXHSXHGHLPSHGLUHORUJDVPRDXPHQWDQGRODWHQVLyQVH[XDO\
HOVHQWLGRGHIUXVWUDFLyQ3DUDDOJXQRVDXWRUHVHVWRSRGUtDMXVWLILFDUHOGRORU\ODIDOWDGH
FRQIRUW HQ JHVWDQWHV GXUDQWH ODV UHODFLRQHV VH[XDOHV FDXVDQGR XQD GLVPLQXFLyQ GH OD
IUHFXHQFLDFRLWDO
02',),&$&,Ï1 '(/ &203257$0,(172 6(;8$/ (1 (/
(0%$5$=2<(/38(53(5,2)$&725(65(/$&,21$'26
/DUHVSXHVWDVH[XDOGXUDQWHODJHVWDFLyQ\HOSHUtRGRSRVWSDUWRHVPX\YDULDEOH(QHO
DSDUWDGR DQWHULRU VH KDQ GHVFULWR DOJXQRV FDPELRV ILVLROyJLFRV TXH VH SURGXFHQ HQ HO
HPEDUD]RHQODVGLVWLQWDVIDVHVGHODUHVSXHVWDVH[XDO\TXHSXHGHQSRUWDQWRPRGLILFDU
HVWDUHVSXHVWD
/DPD\RUtDGHORVDXWRUHVFRLQFLGHQHQTXHODDFWLYLGDGVH[XDOHOGHVHRODVDWLVIDFFLyQ
\ODIUHFXHQFLDFRLWDO\RUJiVPLFDSUHVHQWDQXQDGLVPLQXFLyQSURJUHVLYDDORODUJRGHO
HPEDUD]RHQFRPSDUDFLyQFRQHOHVWDGRSUHJHVWDFLRQDO6HJ~QGLIHUHQWHVDXWRUHV
HVWD GLVPLQXFLyQ GHO GHVHR VH[XDO SXHGH DIHFWDU HQWUH XQ \ XQ GH ODV
JHVWDQWHV
16
,1752'8&&,Ï1
'H IRUPD SDUDOHOD SXHGH H[LVWLU XQD SHUVLVWHQFLD H LQFUHPHQWR GH ODV DFWLYLGDGHV
PDQLSXODWLYDV DOWHUQDWLYDV DO FRLWR FRPR PDVWXUEDFLyQ EHVRV FDULFLDV HVWLPXODFLyQ
PDPDULDVH[RRUDORDQDOGHXQ\HQHOSULPHUVHJXQGR\WHUFHU
WULPHVWUHV UHVSHFWLYDPHQWH FRQ UHODFLyQ DO SUHJHVWDFLRQDO DXQTXH HQ DOJXQRV
FDVRV HVWD DFWLYLGDG SXHGH YHUVH UHGXFLGD (Q HVWD HWDSD DGHPiV ODV PXMHUHV
VXHOHQ WRPDU OD LQLFLDWLYD GH OD DFWLYLGDG VH[XDO FRQ PHQRU IUHFXHQFLD TXH DQWHV GHO
HPEDUD]R
(VWRVFDPELRVSDUHFHQHVWDULQIOXHQFLDGRVSRUODVH[XDOLGDGSUHYLDDOHPEDUD]RFRPR
VHKDGHVFULWRHQGLIHUHQWHVHVWXGLRV'HIRUPDTXHODVSDUHMDVTXHPDQLILHVWDQXQD
EXHQD VH[XDOLGDG SUHYLD DO HPEDUD]R OD VLJXHQ PDQWHQLHQGR HQ HO SHULRGR SRVWSDUWR
LJXDOPHQWH VXFHGH HQ FDVR FRQWUDULR $VLPLVPR OD DFWLYLGDG VH[XDO HQ HO SULPHU
WULPHVWUH WDPELpQ SDUHFH FRQGLFLRQDU OD VH[XDOLGDG TXH VH PDQWLHQH HQ HO UHVWR GHO
HPEDUD]R\HQHOSRVWSDUWR
,QIOXHQFLD GHO WLHPSR GH JHVWDFLyQ SDUWR \ SRVWSDUWR HQ OD
VH[XDOLGDG
6HKDGHVFULWRXQDOLJHUDGLVPLQXFLyQGHOLQWHUpVVH[XDOGXUDQWHHOSULPHUWULPHVWUHGHO
HPEDUD]RVHJXLGRSRUXQSDWUyQYDULDEOHGHFRQGXFWDHQHOVHJXQGR\SRUXQGHVFHQVR
PDUFDGRHQHOSHUtRGRILQDOGHODJHVWDFLyQOOHJDQGRLQFOXVRDQLYHOHVGHILQLGRV
FRPRGLVIXQFLyQVH[XDO(VWDVLWXDFLyQSXHGHPDQWHQHUVHHQHOSHUtRGRSRVWSDUWRSHUR
KDELWXDOPHQWH OD DFWLYLGDG VH[XDO VH UHLQLFLD D SDUWLU GH ODV GH VHPDQDV WUDV HO
SDUWR
3ULPHUWULPHVWUH
(Q ORV WUHV SULPHURV PHVHV GHO HPEDUD]R FRPLHQ]D XQD HWDSD GH DGDSWDFLyQ D ORV
FDPELRVTXHVHVXFHGHUiQGXUDQWHODJHVWDFLyQ\DDVXPLUHOUROGHSDGUHV/RVFDPELRV
KRUPRQDOHVSURYRFDQXQHVWDGRGHODELOLGDGHPRFLRQDOSRUORTXHODPXMHUGHPDQGDUi
PiV DWHQFLyQ \ GHPRVWUDFLyQ GH DIHFWR SRU SDUWH GH OD SDUHMD 'HEH WHQHUVH HQ FXHQWD
TXH PXFKDV PXMHUHV UHTXHULUiQ UHDOL]DU XQ HVIXHU]R PD\RU SDUD PDQWHQHU HO ULWPR
VH[XDO XVXDO FRPR FRQVHFXHQFLD GH OD DSDULFLyQ GH QiXVHDV YyPLWRV UHSXJQDQFLD D
17
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
DOLPHQWRV \ RORUHV DVWHQLD \ RWUDV PROHVWLDV SURSLDV GH HVWD HWDSD FRPR VLDORUUHD
FHIDOHDVVRPQROHQFLDHKLSHUVRPQLD6HGHVFULEHFRQIUHFXHQFLDXQDIDOWDGHFRQIRUW
GHELGR DO DXPHQWR GHO ~WHUR JHVWDQWH TXH LPSLGH OD PRYLOLGDG \ HO GHVSOD]DPLHQWR
DGHFXDGRGXUDQWHHOFRLWR1RGHEHPRVROYLGDUODSUHVHQFLDGHOIHWRTXHSXHGHDGRSWDU
OD ILJXUD GH LQWUXVR R GH XQD WHUFHUD SHUVRQD SURYRFDQGR HQ RFDVLRQHV HQ OD SDUHMD
LQVHJXULGDGRPLHGRDGDxDUOR
(Odeseo sexualSUHVHQWDXQDUHVSXHVWDYDULDEOHDOLQLFLRGHODJHVWDFLyQ6HJ~Q0DVWHU\
-RKQVRQHOGHODVPXMHUHVSULPLJHVWDVSUHVHQWDQXQDGLVPLQXFLyQGHOGHVHR\GH
ODVDWLVIDFFLyQVH[XDODVtFRPRGHODIUHFXHQFLDGHUHODFLRQHV6LQHPEDUJRODPD\RUtD
GHJHVWDQWHVFRQXQSDUWRDQWHULRUQRPDQLILHVWDQFDPELRV(OGHVHRSXHGHSUHVHQWDUXQD
GLVPLQXFLyQDOSULQFLSLRHQUHODFLyQDODVPRGLILFDFLRQHVItVLFDV\PLHGRVDOLQLFLRGHO
HPEDUD]R LQWHQVLILFiQGRVH DO ILQDO GHO WULPHVWUH SRU OD FRQILUPDFLyQ GHO GHVDUUROOR
QRUPDOGHODJHVWDFLyQ
$GHPiVH[LVWHXQDLPSRUWDQWHUHVSXHVWDYDVRFRQJHVWLYDHQODSHOYLV\ORVJHQLWDOHVSRU
HO HIHFWR KRUPRQDO TXH FRQWULEX\H D XQD excitación PiV UiSLGD \ D XQ DXPHQWR GH
OXEULFDFLyQ YDJLQDO TXH SHUPLWHQ OD SHQHWUDFLyQ \ HO DOFDQFH GHO orgasmo FRQ PD\RU
UDSLGH]TXHORKDELWXDO7DPELpQVHKDGHVFULWRXQPD\RUGHVDUUROORGHODSODWDIRUPD
RUJiVPLFD FRQ REVWUXFFLyQ GHO WHUFLR H[WHUQR GH OD YDJLQD SRU OR TXH ORV RUJDVPRV
SXHGHQVHUPiVLQWHQVRV\IUHFXHQWHV
8Q VtQWRPD FDUDFWHUtVWLFR GH HVWD HWDSD HV HO DXPHQWR GH OD VHQVLELOLGDG PDPDULD
TXHSXHGH OOHJDU D VHU GRORURVD FRQ DXPHQWR GH WDPDxR \ WXPHIDFFLyQ GH OD DUHROD
\ HO SH]yQ 0XFKDV PXMHUHV PDQLILHVWDQ TXH FRQ HO WLHPSR OD VHQVLELOLGDG FRQWLQ~D
SHURHOGRORUGHVDSDUHFHSRUORTXHODH[FLWDFLyQHVPD\RU
6HJXQGRWULPHVWUH
6H PDQWLHQHQ ORV FDPELRV REVHUYDGRV HQ OD HWDSD DQWHULRU DXQTXH PXFKDV
PXMHUHV PDQLILHVWDQ TXH HO deseo sexual DXPHQWD DSDUHFLHQGR XQ FUHFLHQWH
LQWHUpV SRU OD DFWLYLGDG FRLWDO \ PDQLSXODWLYD \D TXH JHQHUDOPHQWH ORV PLHGRV
GLVPLQX\HQHQHVWDHWDSDUHVSHFWRDODVRWUDVGRV\H[LVWHPD\RUELHQHVWDUSRUTXH
18
,1752'8&&,Ï1
VH DOLYLDQ R GHVDSDUHFHQ ODV PROHVWLDV ItVLFDV (Q DOJXQRV FDVRV SXHGH DSDUHFHU WHPRU
D SHUGHU HO HPEDUD]RFXDQGRODJHVWDQWHFRPLHQ]DDQRWDUORVPRYLPLHQWRVIHWDOHV
/DYDVRFRQJHVWLyQJHQLWDOGXUDQWHODIDVHGHexcitaciónSXHGHOOHJDUDVHUWDQLQWHQVDHQ
HVWD HWDSD TXH OD OX] YDJLQDO VH UHGXFH HQ XQ VHJ~Q GHVFULELHURQ 0DVWHU \
-RKQVRQ/DYDJLQDHVWiPiVOXEULFDGDHQHVWDHWDSD\HVWRIDYRUHFHODSHQHWUDFLyQSRU
ORTXHH[LVWHXQDPD\RUVDWLVIDFFLyQ
$XQTXHODIUHFXHQFLD\ODLQWHQVLGDGGHOorgasmoGLVPLQX\HQDPHGLGDTXHWUDQVFXUUH
HOHPEDUD]RXQDPD\RUFRQJHVWLyQSHOYLDQD\JHQLWDOHQHVWHPRPHQWRYDDIDYRUHFHU
HO RUJDVPR DXPHQWDQGR DVt OD FDOLGDG GH OD YLYHQFLD RUJiVPLFD +D\ PXMHUHV TXH
H[SHULPHQWDQVXSULPHURUJDVPRXRUJDVPRVP~OWLSOHVGXUDQWHHOVHJXQGRWULPHVWUHGHO
HPEDUD]RGHELGRDHVWDLPSRUWDQWHYDVRFRQJHVWLyQSHOYLDQD7DPELpQHVFDUDFWHUtVWLFR
TXHHQODfase de resoluciónHODOLYLRSRVWRUJiVPLFRVHDPiVOHQWR\WUDQVLWRULR
7HUFHUWULPHVWUH
(QHVWDHWDSDVHKDGHVFULWRXQDLPSRUWDQWHGLVPLQXFLyQGHOdeseo sexualHQODPD\RUtD
GHPXMHUHVJHQHUDOPHQWHGHELGRDH[LJHQFLDVItVLFDVGDGRHOYROXPHQTXHDGTXLHUHHO
DEGRPHQPDWHUQR\ODVHQVDFLyQGHSHVDGH]DOFHVHGHDFWLYLGDGVH[XDOSRULQGLFDFLyQ
PpGLFDHQDOJXQRVFDVRVRSRUDVSHFWRVSVLFROyJLFRVFRPRTXHODJHVWDQWHWHQJDXQD
YLVLyQGLVWRUVLRQDGDGHVXSURSLRFXHUSR\GHORVFDPELRVFRUSRUDOHVTXHVXIUHHQHVWD
HWDSDDYDQ]DGDGHOHPEDUD]RTXHOHSXHGHQKDFHUSHQVDUTXHHVSRFRRQDGDDWUDFWLYD
SDUDVXSDUHMD
+D\ XQ DXPHQWR HQ ORV FDPELRV H[SHULPHQWDGRV HQ HO WULPHVWUH DQWHULRU \ ODV
VHQVDFLRQHV YLYLGDV GXUDQWH HO orgasmo GLVPLQX\HQ FRQVLGHUDEOHPHQWH 'XUDQWH HO
HVWtPXOR VH[XDO R PiV D PHQXGR GXUDQWH HO RUJDVPR SXHGHQ DSDUHFHU FRQWUDFFLRQHV
XWHULQDVLQWHQVDVTXHSURYRFDQHQODSDUHMDXQHVWDGRGHDQVLHGDGSRUWHPRUDXQSDUWR
SUHWpUPLQRRDXQDURWXUDSUHPDWXUDGHPHPEUDQDV\TXHQRSDUHFHQVHUPiVSHOLJURVDV
TXH ODV TXH KDELWXDOPHQWH VH VLHQWHQ GH IRUPD HVSRQWiQHD FHUFD GHO WpUPLQR GHO
HPEDUD]R SXGLHQGR UHVXOWDU EHQHILFLRVDV SDUD SUHSDUDU HO ~WHUR D ODV H[LJHQFLDV GHO
SDUWR
19
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
0DVWHUV \ -RKQVRQ REVHUYDURQ TXH HQ OD PXMHU HPEDUD]DGD HQ HO ~OWLPR WULPHVWUH \
VREUHWRGR HQ ODV ~OWLPDV FXDWUR VHPDQDV GH JHVWDFLyQ HO P~VFXOR XWHULQR GXUDQWH HO
RUJDVPRVHFRQWUDHHQIRUPDGHHVSDVPRWyQLFR(VWDVFRQWUDFFLRQHVVHFDUDFWHUL]DQSRU
GXUDUXQPLQXWR\SXHGHQREVHUYDUVHKDVWDPHGLDKRUDGHVSXpV
3DUWR\3XHUSHULR
(Q HVWD HWDSD VH VXFHGHQ XQD VHULH GH FDPELRV SVLFROyJLFRV \ ItVLFRV TXH DIHFWDQ
SURIXQGDPHQWH DO FRPSRUWDPLHQWR VH[XDO GH OD PXMHU \ HQ FRQVHFXHQFLD D OD GH VX
SDUHMD
6HJ~Q OR GHVFULWR SRU GLIHUHQWHV DXWRUHV ORV cambios psicológicos SXHGHQ WHQHU XQ
RULJHQP~OWLSOHFRPRHOPLHGRDOFRQWDFWRItVLFR\DOSRVLEOHHPEDUD]RUHWUDLPLHQWR
FRQHOVXEVHFXHQWHULHVJRGHGHSUHVLyQSRVWSDUWRDGDSWDFLyQDODQXHYDVLWXDFLyQ\
DODDSDULFLyQGHXQWHUFHUSHUVRQDMHHQODSDUHMDDQVLHGDGDQWHODQXHYDUHVSRQVDELOLGDG
\ORVFXLGDGRVGHOUHFLpQQDFLGRSpUGLGDGHLQWLPLGDGLQFRQIRUPLGDGFRQODDSDULHQFLD
ItVLFDWHPRUGHOYDUyQDFDXVDUGRORURDOJXQDLQIHFFLyQSUHVLyQGHODSDUHMDSDUDHO
UHWRUQR GH ODV UHODFLRQHV R UHWUDVR GH ORV FRQWDFWRV ItVLFRV \ SVLFRDIHFWLYRV FRQ
UHSHUFXVLyQHQODSDUHMDTXHSRGUtDQPDQWHQHUVHGHVSXpVHQVXYLGDVH[XDO$OJXQDV
PXMHUHVTXHGDQDIHFWDGDVWUDVXQSDUWRODUJRRFRPSOLFDGRDYHFHVSRUODWHUPLQDFLyQ
GHOSDUWRPHGLDQWHFHViUHDHQWHQGLpQGRVHHVWRFRPRIUDFDVRSHUVRQDO(QRFDVLRQHVOD
GLILFXOWDG R LPSRVLELOLGDG GH UHDOL]DU XQD ODFWDQFLD PDWHUQD KDFH TXH OD PXMHU QR VH
VLHQWD ³EXHQD PDGUH´ (Q HVWRV PRPHQWRV HO DSR\R \ OD FRPSUHQVLyQ SRU SDUWH GHO
SDGUHHVIXQGDPHQWDOSDUDHOEXHQGHVDUUROORGHODDFWLYLGDGVH[XDO
(QWUHORVcambios físicosTXHSXHGHQLQIOXLUHQHOFRPSRUWDPLHQWRVH[XDOGHVWDFDQHO
FDQVDQFLRODPDVWDOJLDODVHFUHFLyQOiFWHDODLQJXUJLWDFLyQPDPDULDODGLVSDUHXQLDHO
GRORU SHULQHDO HO RUJDVPR GRORURVR OD LUULWDFLyQ R VDQJUDGR YDJLQDO WUDV HO FRLWR OD
VHTXHGDG YDJLQDO SURGXFLGD SRU HO GHVFHQVR GH ORV HVWUyJHQRV XQD FRQJHVWLyQ GH ORV
ODELRVPD\RUHV\PHQRUHVUHWDUGDGDHQODIDVHGHPHVHWDXQDOXEULFDFLyQYDJLQDOOHQWD
\HVFDVDXQDPHQRUGLVWHQVLyQYDJLQDO\FRQWUDFFLRQHVGHODSODWDIRUPDRUJiVPLFDGH
PHQRULQWHQVLGDG\GXUDFLyQ
20
,1752'8&&,Ï1
7RGRHVWRKDFHTXHWDQWRODIUHFXHQFLDFRPRHOGHVHRGHDFWLYLGDGVH[XDOGHFDLJDQHQ
HVWD HWDSD FRQ UHVSHFWR DO SHUtRGR SUHSDUWR 3RU WDQWR HO UHLQLFLR GH OD DFWLYLGDG
VH[XDOVHYDDSURGXFLUWUDVXQSHUtRGRGHWLHPSRPX\YDULDEOHTXHHQSURPHGLRSRGUtD
HVWDEOHFHUVHDOUHGHGRUGHODVVHLVVHPDQDVSRVWSDUWR
/RVFDPELRVItVLFRVH[SHULPHQWDGRVWUDVHOSDUWRSXHGHQVHUFDXVDGHSUREOHPDVHQOD
UHODFLyQ VH[XDO 6HJ~Q HO HVWXGLR GH %DUUHWW VREUH VH[XDOLGDG WUDV HO SDUWR UHDOL]DGR
VREUH SULPtSDUDV HVWRV SUREOHPDV DSDUHFLHURQ HQ HO GH FDVRV HQ ORV WUHV
SULPHURV PHVHV SRVWSDUWR UHGXFLpQGRVH HVWH SRUFHQWDMH DO D ORV VHLV PHVHV (VWH
PLVPRDXWRUHQFRQWUyTXHODGLVSDUHXQLDSRGtDDSDUHFHUHQXQGHFDVRVDORVWUHV
PHVHVUHGXFLpQGRVHDXQDORVQXHYHPHVHVGHOSDUWRODVHTXHGDGYDJLQDOHQXQ
GLVPLQX\HQGRSURJUHVLYDPHQWHKDVWDXQ\ODSpUGLGDGHGHVHRVH[XDOHQXQ
SDVDQGRDVHUGHXQGHFDVRVDORVQXHYHPHVHVSRVWSDUWR
(O GHWHULRUR GH OD IXQFLyQ VH[XDO HQ HVWD HWDSD \ HQ FRQFUHWR OD GLVSDUHXQLD VH KD
DVRFLDGR FRQ P~OWLSOHV factores relacionados con el parto FRPR VRQ HO modo de
terminación del embarazo PHGLDQWH SDUWR WRF~UJLFR \R OD SUHVHQFLD GH episiotomía \
desgarro perineal 3RUHOFRQWUDULRFXDQGRHOSDUWRVHSURGXFHYDJLQDOHXWyFLFR\
HO SHULQp UHVXOWD tQWHJUR OD IXQFLyQ VH[XDO SRVWSDUWR SDUHFH HVWDU PHMRU FRQVHUYDGD
FRPRUHILHUHQ5RJHUV\/HHPDQ(VWDUHODFLyQKDVLGRHVWXGLDGDDPSOLDPHQWHHQOD
OLWHUDWXUDFRQUHVXOWDGRVFRQWUDGLFWRULRVGHPDQHUDTXHRWURVDXWRUHVQRKDQHQFRQWUDGR
DVRFLDFLyQ
2WUR IDFWRU TXH SXHGH LQIOXLU VREUH OD VH[XDOLGDG SRVWSDUWR HV OD lactancia
materna (O KLSRHVWURQLVPR DVRFLDGR D OD KLSHUSURODFWLQHPLD GHWHUPLQD XQ
PD\RUJUDGRGHVHTXHGDG\GHDGHOJD]DPLHQWRGHODVSDUHGHVYDJLQDOHVORTXHFRQOOHYD
FRQ PiV IUHFXHQFLD GLVSDUHXQLD \ GLVPLQXFLyQ GH GHVHR VH[XDO 'H PDQHUD TXH
VHJ~Q GHVFULEHQ .D\QHU \ $YHU\ HQ FRPSDUDFLyQ FRQ OD HWDSD SUHSDUWR KDVWD XQ
GHPDGUHVODFWDQWHVSXHGHQH[SHULPHQWDUXQDGLVPLQXFLyQGHGHVHRGXUDQWHHVWH
SHUtRGR\XQXQDIDOWDGHOXEULFDFLyQYDJLQDO6LQHPEDUJRDOLJXDOTXHHQHO
HVWXGLR GH ORV IDFWRUHV UHODFLRQDGRV FRQ HO SDUWR RWURV DXWRUHV QR KDQ HQFRQWUDGR
UHODFLyQHQWUHODIXQFLyQVH[XDO\ODODFWDQFLDPDWHUQD
21
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
,QIOXHQFLDGHIDFWRUHVVRFLRFXOWXUDOHVHQHOFRPSRUWDPLHQWRVH[XDO
/D PD\RUtD GH ODV PXMHUHV SUHVHQWDQ ODV PRGLILFDFLRQHV GHO FRPSRUWDPLHQWR VH[XDO
UHIHULGDVDQWHULRUPHQWHGXUDQWHHOHPEDUD]R\HOSRVWSDUWRGHIRUPDLQGHSHQGLHQWHDOD
DSDULFLyQGHRWURVIDFWRUHVTXHSXHGHQLQIOXLU
$GLFLRQDOPHQWHH[LVWHQXQDVHULHGHYDULDEOHVTXHSDUHFHQLQFLGLUHQHOFRPSRUWDPLHQWR
VH[XDO GH ODV SDUHMDV GXUDQWH HVWD HWDSD FRPR VRQ ORV factores sociodemográficos y
obstétricosHVGHFLUODHGDGPDWHUQDHOQLYHOHGXFDWLYRHOHVWDGRFLYLO R OD SDULGDG
TXH SXHGHQ LQIOXLU GH IRUPD PX\ YDULDEOH \ FRQ UHVXOWDGRV QR FRQFOX\HQWHV HQ OD
OLWHUDWXUD
/DLQIOXHQFLDGHODedadHQODVH[XDOLGDGHVFRQWURYHUWLGDSXHVORVGLIHUHQWHVHVWXGLRV
PXHVWUDQUHVXOWDGRVGLVSDUHV$VtDOJXQRVDXWRUHVGHVFULEHQXQDUHODFLyQLQYHUVDHQWUH
DPEDVYDULDEOHVDXQTXHRWURVQRHQFXHQWUDQDVRFLDFLyQ
(QHOFDVRGHODparidad,VHKDGHVFULWRXQSDUWLFXODUGHVFHQVRGHODIUHFXHQFLDFRLWDOHQ
PXOWtSDUDVDORODUJRGHOHPEDUD]RTXHVLQHPEDUJRSDUDRWURVDXWRUHVHVPiV
DFHQWXDGRHQPXMHUHVVLQKLMRV
(VWRPLVPRRFXUUHFRQRWURVIDFWRUHVFRPRHOnivel educacionalGHDPERVPLHPEURVGH
ODSDUHMDRel estado civil
'HO PLVPR PRGR HO factor cultural y/o religioso KD GHPRVWUDGR WHQHU XQ SDSHO
LPSRUWDQWH HQ OD VH[XDOLGDG GXUDQWH OD JHVWDFLyQ \ HO SRVWSDUWR 'H IRUPD TXH
DFWXDOPHQWHHQDOJXQDVFXOWXUDVH[LVWHXQDIDOWDGHLQIRUPDFLyQVREUHODVH[XDOLGDGHQ
HVWD HWDSD GH OD YLGD SHUVLVWLHQGR FUHHQFLDV \ PLHGRV VREUH HO HIHFWR QHJDWLYR GH ODV
UHODFLRQHVVH[XDOHVVREUHHOHPEDUD]RVREUHHOIHWRRVREUHODPDGUHORTXHGHULYDHQ
XQDUHGXFFLyQGHODDFWLYLGDGVH[XDOHQHOHPEDUD]R\HOSRVWSDUWRLQFOXVROOHJDQGRD
VXSRQHUDOWDVWDVDVGHDEVWLQHQFLDVH[XDO
22
,1752'8&&,Ï1
,QIOXHQFLDGHIDFWRUHVSVLFROyJLFRV5HODFLyQGHSDUHMD
/RVFDPELRVHQODHVIHUDSVLFRELROyJLFDTXHVHSURGXFHQGXUDQWHHOHPEDUD]RSXHGHQ
RFDVLRQDU WUDVWRUQRV VH[XDOHV HQ OD PXMHU HQ HVWD HWDSD GH VX YLGD \ WDPELpQ HQ HO
YDUyQ(VWDVGLVIXQFLRQHVVXHOHQVHUWUDQVLWRULDVSHURFXDQGRHOSUREOHPD QR
HVLGHQWLILFDGR\WUDWDGRDWLHPSRSXHGHSHUSHWXDUVH\WRUQDUVHGHILQLWLYRD~QGHVSXpV
GH ILQDOL]DGR HO HPEDUD]R $VLPLVPR FXDOTXLHU DOWHUDFLyQ HQ OD UHODFLyQ TXH \D
H[LVWLHUDDQWHVGHOHPEDUD]RFRQWLQXDUiH[LVWLHQGRSXGLHQGRLQFOXVRDJUDYDUVH
/D PD\RUtD GH ODV FDXVDV TXH SXHGHQ WRUQDU SHUPDQHQWH XQD GLVIXQFLyQ VH[XDO HVWiQ
UHODFLRQDGDVFRQODOOHJDGDGHOQXHYRVHU/DIDOWDGHLQWLPLGDGODGHPDQGDGHDWHQFLyQ
HVSHFLDOPHQWHPDWHUQDODIDOWDGHWLHPSRODUHGLVWULEXFLyQGHUROHVHQWUHRWUDVYDQ
GLOX\HQGR HO LQWHUpV SRU UHVROYHU HO SUREOHPD $OJXQDV SDUHMDV H[SHULPHQWDQ
PDQLIHVWDFLRQHVVH[XDOHVWDOHVFRPRODGLVSDUHXQLDODGLVPLQXFLyQRSpUGLGDGHOGHVHR
VH[XDO\IUHFXHQWHVUHVSXHVWDVQRRUJiVPLFDVHQODPXMHUORVKRPEUHVHQFDPELR
HQFXHQWUDQ GLILFXOWDGHV HUpFWLOHV GLVIXQFLRQHV H\DFXODWLYDV \ GHVyUGHQHV HQ OD OLELGR
(VWDV PDQLIHVWDFLRQHV SXHGHQ LQLFLDUVH \R DJUDYDUVH GXUDQWH HO HPEDUD]R \ HO
SXHUSHULR
/D KLVWRULD VH[XDO GH FDGD SDUHMD HO JUDGR GH FRQIRUPLGDG \ VDWLVIDFFLyQ GH FDGD
LQGLYLGXR FRQ VX SURSLD VH[XDOLGDG OD VDOXG VH[XDO SUHYLD DO HPEDUD]R HO QLYHO GH
FRPXQLFDFLyQ HQWUH DPERV PLHPEURV GH OD SDUHMD \ HVSHFLDOPHQWH HO QLYHO GH
LQIRUPDFLyQ VREUH ORV FDPELRV ILVLROyJLFRV TXH VH DSUR[LPDQ GHWHUPLQDUiQ OD
SUHGLVSRVLFLyQ R QR D SDGHFHU WUDVWRUQRV VH[XDOHV GXUDQWH OD JHVWDFLyQ \ HO
SXHUSHULR
3DUD RWUDV SDUHMDV HQ FDPELR HO HPEDUD]R VXSRQH XQD H[SUHVLyQ SRVLWLYD GH OD
VH[XDOLGDG GHELGR D TXH VH VLHQWHQ OLEUHV GHO WHPRU DO HPEDUD]R \ D\XGDGRV SRU ORV
HIHFWRV KRUPRQDOHV SXHGHQ WHQHU PD\RU HVSRQWDQHLGDG \ UHODFLRQHV VH[XDOHV PiV
JUDWLILFDQWHV(QHVWRVFDVRVODHWDSDSRVWHULRUDOSDUWRSXHGHFRQVWLWXLUXQSHUtRGRGH
PDUFDGDGLVPLQXFLyQGHVXVDWLVIDFFLyQVH[XDO
23
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
/DPD\RUtDGHODVJHVWDQWHV\VXVSDUHMDVQRHVWiQLQIRUPDGDVDFHUFDGHORVFDPELRVTXH
SXHGHQ SURGXFLUVH GXUDQWH OD JHVWDFLyQ \ HO SRVWSDUWR \ WDPSRFR VXHOHQ UHFLELU
DVHVRUDPLHQWRSRUSDUWHGHORVSURIHVLRQDOHVVDQLWDULRVTXHODVDWLHQGHQHQHVWDHWDSDGH
VXVYLGDVORTXHLQIOX\HQHJDWLYDPHQWHVREUHVXVH[XDOLGDG\VREUHODUHFXSHUDFLyQGH
ODPLVPD
()(&726'(/$$&7,9,'$'6(;8$/(1(/(0%$5$=2
/D LQIOXHQFLD GH OD DFWLYLGDG VH[XDO HQ OD HYROXFLyQ GHO HPEDUD]R KD VLGR GHVFULWD
DPSOLDPHQWHHQODOLWHUDWXUD'HPDQHUDTXHDOJXQRVWUDEDMRVPXHVWUDQTXHODDFWLYLGDG
FRLWDO GXUDQWH OD JHVWDFLyQ SXHGH VHU SHOLJURVD WDQWR SDUD OD VDOXG GH OD HPEDUD]DGD
FRPRODGHOIHWRHQFLUFXQVWDQFLDVGHWHUPLQDGDVFRQPD\RUULHVJRGHSDUWRSUHWpUPLQR
URWXUDGHPHPEUDQDVKHPRUUDJLDHQIHUPHGDGLQIODPDWRULDSpOYLFDHPEROLDJDVHRVDR
DOWHUDFLRQHVGHODIUHFXHQFLDFDUGtDFDIHWDO
(QWUH ODV GLIHUHQWHV WHRUtDV VH KD SURSXHVWR TXH HO SULQFLSDO SHOLJUR GH ODV UHODFLRQHV
VH[XDOHVGXUDQWHHOHPEDUD]RHVHOFRLWRFRPRULHVJRSULPDULRGHMDQGRHORUJDVPRHQ
XQ URO VHFXQGDULR (O PHFDQLVPR VXJHULGR HV TXH HO FRLWR SURPXHYH LQIHFFLRQHV \
DPQLRQLRWLVTXHSURYRFDQURWXUDSUHPDWXUDGHPHPEUDQDV\SDUWRSUHWpUPLQR7DPELpQ
VH SURSRQH TXH HO VHPHQ MXHJD XQ SDSHO LPSRUWDQWH IDYRUHFLHQGR HO FUHFLPLHQWR
EDFWHULDQR\DSRUWDQGRSURVWDJODQGLQDVDGLFLRQDOHVDOLJXDOTXHODSUHVLyQGHOSHQH
VREUH HO FXHOOR XWHULQR HQ HO HPEDUD]R DYDQ]DGR TXH SXHGH DVLPLVPR OLEHUDU
SURVWDJODQGLQDV 2WUR HOHPHQWR TXH SDUWLFLSD HQ HVWD WHRUtD HV TXH HO RUJDVPR SXHGH
GHVHQFDGHQDU FRQWUDFFLRQHV XWHULQDV GRORURVDV \ SURORQJDGDV OR TXH DXPHQWD OD
SRVLELOLGDGGHTXHODVPHPEUDQDVGDxDGDVSUHYLDPHQWHVHURPSDQEDMRHODXPHQWRGH
SUHVLyQSURYRFDGDSRUODFRQWUDFFLyQXWHULQD
6LQ HPEDUJR RWURV DXWRUHV QR KDQ SRGLGR GHPRVWUDU HVWD UHODFLyQ LQFOXVR KDQ
GHWHUPLQDGR XQ SDSHO SURWHFWRU GH ODV UHODFLRQHV VH[XDOHV VREUH HO SDUWR SUHWpUPLQR
24
,1752'8&&,Ï1
HQFRQWUDQGRXQDPD\RUDVRFLDFLyQGHODDFWLYLGDGVH[XDOFRQHOSDUWRDWpUPLQRTXHFRQ
HOSUHWpUPLQR
$VLPLVPR VH KDQ GHVFULWR FDVRV GH HPEROLD JDVHRVD GXUDQWH HO HPEDUD]R \ HO
SRVWSDUWR DXQTXH PX\ SRFR IUHFXHQWHV FRPR FRQVHFXHQFLD GHO FRLWR R GH OD
LQVXIODFLyQLQWUDYDJLQDOGHDLUHGXUDQWHHOFRQWDFWRRURJHQLWDOSURGXFLpQGRVHHOSDVRGH
DLUHGHVGHODYDJLQDKDVWDORVYDVRVXWHURSODFHQWDULRVTXHVHHQFXHQWUDQPX\GLODWDGRV
HQHVWDHWDSD
(Q OR TXH OD PD\RUtD GH DXWRUHV SDUHFHQ HVWDU GH DFXHUGR HV TXH H[LVWHQ VLWXDFLRQHV
HVSHFLDOHV GXUDQWH OD JHVWDFLyQ HQ ODV TXH ODV UHODFLRQHV VH[XDOHV SRGUtDQ VHU
FRQVLGHUDGDVFRPRSUiFWLFDVGHULHVJR\HVWDUFRQWUDLQGLFDGDV(VWRRFXUUHHQHOFDVRGH
DOJXQDVSDWRORJtDVREVWpWULFDV\PDWHUQDV
$Vt VH FRQVLGHUDQ contraindicaciones absolutas HO VDQJUDGR YDJLQDO QR ILOLDGR
DPHQD]D GH DERUWR PHWURUUDJLD GHO VHJXQGR\ WHUFHU WULPHVWUHODSODFHQWDSUHYLDOD
GLODWDFLyQ FHUYLFDO HQ OD JHVWDFLyQ SUHWHUPLQDO \ OD URWXUD SUHPDWXUD GH PHPEUDQDV
SUHWHUPLQDO &RPR contraindicaciones relativas VH LQFOX\HQ XQD KLVWRULD GH SDUWR
SUHWpUPLQR\ODJHVWDFLyQP~OWLSOH
/D DPHQD]D GH DERUWR HV XQD GH HVWDV VLWXDFLRQHV HQ ODV TXH HO FRLWR SXGLHUD HVWDU
FRQWUDLQGLFDGRQRDVtHODQWHFHGHQWHGHDERUWRVHVSRQWiQHRV\UHFXUUHQWHV\DTXHORV
DERUWRV GHELGRV D WUDXPD R DFWLYLGDG ItVLFD VRQ H[WUHPDGDPHQWH UDURV $GHPiV OD
ORFDOL]DFLyQ LQWUDSpOYLFD GHO ~WHUR \ HO HIHFWR DPRUWLJXDGRU GHO OtTXLGR DPQLyWLFR
SDUHFHQSURWHJHUDOIHWRGHOWUDXPDItVLFR
&RQH[FHSFLyQGHHVWDVFRQWUDLQGLFDFLRQHVODPXMHUHPEDUD]DGDFRQXQDJHVWDFLyQGH
FXUVRQRUPDOSXHGHPDQWHQHUVXYLGDVH[XDOKDELWXDODORODUJRGHOHPEDUD]RVLHPSUH
OLPLWDGD SRU OD GLVWHQVLyQ DEGRPLQDO SURSLD GH ODV HWDSDV DYDQ]DGDV GH JHVWDFLyQ
'HPDQHUDTXHHOULHVJRGHODJHVWDQWHGHSDGHFHUXQUHVXOWDGRDGYHUVRHQHOHPEDUD]R
FRPR FRQVHFXHQFLD GH ODV UHODFLRQHV VH[XDOHV GHEH VHU LQGLYLGXDOL]DGR \ GLVFXWLGR
VHJ~QFDGDFDVR
25
,,,-867,),&$&,Ï1+,3Ï7(6,6<2%-(7,926
-867,),&$&,Ï1+,3Ï7(6,6<2%-(7,926
,,,-867,),&$&,Ï1+,3Ï7(6,6<2%-(7,926
-867,),&$&,Ï1
/D UHVSXHVWD VH[XDO VLJXH XQ SDWUyQ YDULDEOH GH XQRV LQGLYLGXRVDRWURVLQFOXVRHQOD
PLVPDSHUVRQDHQVLWXDFLRQHVGLIHUHQWHV(VWHKHFKRSXHGHVHUGHELGRQRVRORD
PRGLILFDFLRQHVVREUHODHVIHUDDQDWyPLFDFRPRHQHODSDUDWRJHQLWDOVLQRWDPELpQD
GLVWLQWRVPRPHQWRVGHODYLGDRDGLIHUHQWHVVLWXDFLRQHVSVtTXLFDVHQTXHSXHGDQ
HQFRQWUDUVH
$HVWRVDVSHFWRVVHDxDGHHOKHFKRGHTXHHOHPEDUD]R\HOSRVWSDUWRVRQHWDSDVGHOD
YLGDGHODPXMHUTXHRFDVLRQDQFDPELRVWDQWRHQHODSDUDWRJHQLWDOFRPRHQODHVIHUD
SVtTXLFD
/RVHVWXGLRVSXEOLFDGRVDOUHVSHFWRPDQLILHVWDQFRQWUDGLFFLRQHVHYLGHQWHVHQFXDQWRDODV
PRGLILFDFLRQHVGHODUHVSXHVWDVH[XDOGHODPXMHUGXUDQWHODJHVWDFLyQ\HQODVGLVWLQWDV
SDWRORJtDVTXHSXHGHQDSDUHFHUDGHPiVH[LVWHQSRFRVHVWXGLRVSURVSHFWLYRVTXHHYDO~HQ
ODVH[XDOLGDGGHVGHODHWDSDSUHYLDDOHPEDUD]RKDVWDHOSRVWSDUWR\DTXHODPD\RUtDVH
FHQWUDQHQDQDOL]DUIDFWRUHVUHODFLRQDGRVFRQHOSDUWR
6HDxDGHDGHPiVODLQWHUYHQFLyQGHIDFWRUHVVRFLRFXOWXUDOHVTXHLQIOX\HQGHPDQHUD
LPSRUWDQWHVREUHODVH[XDOLGDGKXPDQD\FRQPD\RUPRWLYRGXUDQWHHOHPEDUD]R\HO
SRVWSDUWR(QQXHVWURSDtVVHFRQRFHQSRFRVWUDEDMRVTXHGHVDUUROOHQHVWHSXQWR
(V SRU HOOR SRU OR TXH QRV SODQWHDPRV UHDOL]DU XQ HVWXGLR VREUH ORV FDPELRV
H[SHULPHQWDGRVHQODHVIHUDVH[XDODQWHVGXUDQWH\GHVSXpVGHOHPEDUD]RDVtFRPRGH
ORVIDFWRUHVTXHSXHGDQHVWDUDVRFLDGRVDGLFKRVFDPELRV
29
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
+,3Ï7(6,6
(O FRPSRUWDPLHQWR VH[XDO GH OD PXMHU VXIUH PRGLILFDFLRQHV D OR ODUJR GH OD YLGD
&RQFUHWDPHQWH HO SURFHVR UHODFLRQDGR FRQ OD JHVWDFLyQ SXHGH FRQWULEXLU \ PRGLILFDU
GLIHUHQWHVDVSHFWRVGHODVH[XDOLGDGIHPHQLQDHQWUHHOORVODIUHFXHQFLDFRLWDOODSUHVHQFLD
GHRUJDVPRHOGRORUFRQODVUHODFLRQHVVH[XDOHVDVtFRPRODVDWLVIDFFLyQ
2%-(7,926
2EMHWLYRSULQFLSDO
$QDOL]DU HQ XQD FRKRUWH GH JHVWDQWHV UHFOXWDGDV DO FRPLHQ]R GHO HPEDUD]R ODV
YDULDFLRQHVTXHVHSURGXFHQHQODVH[XDOLGDGGHODPXMHUGXUDQWHHOPLVPR\HOSRVWSDUWR
2EMHWLYRVVHFXQGDULRV
D (VWXGLDU OD LQIOXHQFLD GH ODV GLIHUHQWHV FDUDFWHUtVWLFDV VRFLRGHPRJUiILFDV DVt
FRPRDQWHFHGHQWHVJLQHFRREVWpWULFRV\GHVH[XDOLGDGSUHYLRVDODJHVWDFLyQHQ
ORVFDPELRVGHODDFWLYLGDG\UHVSXHVWDVH[XDOGHODPXMHUDORODUJRGHOHPEDUD]R
\SRVWSDUWR
E (YDOXDUODLQIOXHQFLDGHOSDUWRHOHVWDGRGHOVXHORSpOYLFRHOSHVRDOQDFLPLHQWR
GHOUHFLpQQDFLGR\ODDQHPLDSRVWSDUWRHQODDFWLYLGDG\UHVSXHVWDVH[XDOGHOD
PXMHUHQHOSRVWSDUWR
F 9DORUDUODLQIOXHQFLDGHIDFWRUHVUHODFLRQDGRVFRQORVFXLGDGRVGHOUHFLpQQDFLGR
FRPR VRQ OD SUHPDWXULGDG \ OD ODFWDQFLD PDWHUQD \ HO PpWRGR DQWLFRQFHSWLYR
SRVWSDUWRHQODDFWLYLGDG\UHVSXHVWDVH[XDOGHODPXMHUHQHOSRVWSDUWR
30
,9 0$7(5,$/<0e72'26
31
32
0$7(5,$/<0e72'26
,9 0$7(5,$/<0e72'26
',6(f2
(VWXGLR DQDOtWLFR REVHUYDFLRQDO SURVSHFWLYR HQ XQD FRKRUWH GH PXMHUHV D OR ODUJR GHO
HPEDUD]RSDUWR\SXHUSHULRDWHQGLGDVHQHO6HUYLFLRGH2EVWHWULFLD \ *LQHFRORJtD GHO
+RVSLWDO8QLYHUVLWDULR6DQ&HFLOLR+86&GH*UDQDGDGXUDQWHXQSHUtRGRGHPHVHV
GHVGHHOLQLFLRGHOUHFOXWDPLHQWRKDVWDHOILQDOGHOVHJXLPLHQWRGHVGHRFWXEUHGHD
QRYLHPEUHGH
È0%,72'((678',2
(OHVWXGLRVHKDUHDOL]DGRHQHOÈUHD6DQLWDULDGHO+86&GH*UDQDGDHQHOPDUFRGH
HVWXGLRGHO3UR\HFWRGH,QYHVWLJDFLyQGHOD8QLyQ(XURSHDHQHOTXHKDSDUWLFLSDGROD
8QLYHUVLGDG GH *UDQDGD VREUH 1875,&,Ï1 < (0%$5$=2 1XWUDFHXWLFDOV IRU
KHDOWKLHU OLIH Q SRO\XQVDWXUDWHG IDWW\ DFLGV DQG PHWK\OWHWUDKLGURIRODWH
352<(&72 (8523(2 4/.&722 18+($/ RIHUWiQGROHV D ODV
PXMHUHV TXH SDUWLFLSDEDQ HQ HVWH HVWXGLR OD SRVLELOLGDG GH WDPELpQ KDFHUOR HQ HVWD
LQYHVWLJDFLyQ
32%/$&,Ï1',$1$<32%/$&,Ï1'(5()(5(1&,$
3REODFLyQGLDQD
0XMHUHVHPEDUD]DGDVVDQDVDOLQLFLRGHOHVWXGLR
33
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
3REODFLyQGHUHIHUHQFLD
0XMHUHV HPEDUD]DGDV VDQDV DO LQLFLR GHO HVWXGLR \ TXH FXPSOHQ ORV FULWHULRV GH
VHOHFFLyQ
&5,7(5,26'(,1&/86,Ï1<'((;&/86,Ï1
&ULWHULRVGHLQFOXVLyQ
D 0XMHUHVHPEDUD]DGDVVDQDVTXHDFHSWHQSDUWLFLSDUHQHOHVWXGLRWUDVFRPSUHQGHU
ODVFDUDFWHUtVWLFDVGHOPLVPR
E 0XMHUHVFRQJHVWDFLyQVLPSOH
F 0XMHUHVFRQJHVWDFLyQQRFRPSOLFDGDDOLQLFLRGHOHPEDUD]R
G 0XMHUHVFRQHGDGPD\RUGHDxRVHQHOPRPHQWRGHODHQWUDGDHQHOHVWXGLR
H 0XMHUHVTXHWLHQHQLQWHQFLyQGHUHDOL]DUHOVHJXLPLHQWRGHVXHPEDUD]R\SDUWR
HQHO+86&
I 0XMHUHVFRQSDUHMDGXUDQWHHOSHULRGRGHVHJXLPLHQWR
&ULWHULRVGHH[FOXVLyQ
D 0XMHUHVHPEDUD]DGDVFRQSDWRORJtDPDWHUQDXREVWpWULFDDOLQLFLRGHOHVWXGLR
E 0XMHUHVFRQGLILFXOWDGHQODFRPSUHQVLyQGHOLGLRPD\SRUWDQWRFRQGLILFXOWDG
SDUD HQWHQGHU HO REMHWLYR GHO HVWXGLR \ ODV SUHJXQWDV GH ODV
HQFXHVWDVFXHVWLRQDULRVUHDOL]DGDVGXUDQWHHOPLVPR
7$0$f2'(/$08(675$
(QHOSURFHVRGHGLVHxRGHOHVWXGLRVHFDOFXOyHOWDPDxRPXHVWUDOQHFHVDULRHQORVGRV
WLSRVGHDQiOLVLVTXHVHSUHWHQGtDUHDOL]DU
34
0$7(5,$/<0e72'26
(QSULPHUOXJDUSDUDFRPSDUDUGRVPXHVWUDVLQGHSHQGLHQWHV&RQVLGHUDPRVXQ
HUURUDOIDGHO\XQDSRWHQFLDGHO\SDUDGHWHFWDUXQDGLIHUHQFLDGH
GHVYLDFLRQHVWtSLFDV3DUDHOORVHUHTXHULUtDQHQFDGDPXHVWUDFDVRV
(Q VHJXQGR OXJDU SDUD PXHVWUDV DSDUHDGDV \ SRGHU FRPSDUDUODV HQ GRV
PRPHQWRV WHPSRUDOHV GLIHUHQWHV 6H FRQVLGHUy XQ OtPLWH GH GHWHFFLyQ GH
GLIHUHQFLDVGHGHVYLDFLRQHVWtSLFDVSDUDORTXHVHQHFHVLWDUtDQPXMHUHVHQ
FDGD YLVLWD 6L WHQHPRV HQ FXHQWD ODV VHLV YLVLWDV SURJUDPDGDV \ SRGHU
FRPSDUDUODVJOREDOPHQWHVHUHTXHULUtDQHQFDGDLQVWDQWH
3DUDHVWHWUDEDMRGH7HVLV'RFWRUDOODPXHVWUDHVWiIRUPDGDSRUPXMHUHVTXHUHDOL]DURQ
VX VHJXLPLHQWR GH HPEDUD]R SDUWR \ SRVWSDUWR HQ HO 6HUYLFLR GH 2EVWHWULFLD \
*LQHFRORJtD GHO +86& GHVGH RFWXEUH GH HQ TXH FRPHQ]y OD FDSWDFLyQ GH ODV
JHVWDQWHV YROXQWDULDV KDVWD QRYLHPEUH GH PRPHQWR HQ HO TXH VH UHDOL]DURQ ODV
~OWLPDV HQFXHVWDV HQ HO VH[WR PHV SRVWSDUWR TXH FXPSOtDQ ORV FULWHULRV GH LQFOXVLyQ \
TXHTXLVLHURQSDUWLFLSDUHQHOHVWXGLR)LQDOPHQWHDFHSWDURQSDUWLFLSDUHQHOHVWXGLRXQ
WRWDOGHPXMHUHV
0e72'2'(,1&/86,Ï1(1(/(678',2<5(&2*,'$'('$726
5HFOXWDPLHQWR
7RGDVODVJHVWDQWHVTXHUHDOL]DQXQFRQWUROPpGLFRGHVXHPEDUD]RDFXGHQD$WHQFLyQ
(VSHFLDOL]DGDSDUDXQDSULPHUDHYDOXDFLyQ\HFRJUDItDHQODVHPDQDGHDPHQRUUHD
(QHVWDYLVLWDODVJHVWDQWHVUHFLELHURQLQIRUPDFLyQYHUEDO\HVFULWDVREUHORVREMHWLYRV\
QDWXUDOH]DGHOHVWXGLR(QFDVRGHTXHDFHSWDVHQSDUWLFLSDUVHOHVRIUHFLyXQGRFXPHQWR
LQIRUPDWLYRVREUHORVPRPHQWRV\IRUPDGHDSOLFDFLyQGHORVFXHVWLRQDULRVDFHUFDGH
GLYHUVRVDVSHFWRVHQUHODFLyQDVXVH[XDOLGDG
8QD YH] TXH ODV JHVWDQWHV IXHURQ LQFOXLGDV HQ HO HVWXGLR VH FLWDURQ QXHYDPHQWH HQ OD
VHPDQDGHHPEDUD]R“VHPDQDSDUDFRPHQ]DUHOHVWXGLR
35
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
5HFRJLGDGHLQIRUPDFLyQ
(QODYLVLWDGHFRQWUROREVWpWULFRGHODVHPDQDGHJHVWDFLyQVHOHVHQWUHJyHOSULPHU
FXHVWLRQDULRTXHUHFRJtDLQIRUPDFLyQDFHUFDGHORVKiELWRVVH[XDOHVGHODHPEDUD]DGD
WDQWRDQWHVGHODJHVWDFLyQFRPRHQODVHPDQD&XHVWLRQDULR
35,0(5$9,6,7$VHPDQDVGHJHVWDFLyQ
(GDGGHODSULPHUDUHODFLyQVH[XDOFRPSOHWD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘
$$17(6'(/$*(67$&,Ï1ORKDELWXDOORPiVIUHFXHQWH
)5(&8(1&,$
Ͳ0HQRVGHXQDYH]DODVHPDQDͲ8QDYH]SRUVHPDQDͲ0iVGH
XQDYH]SRUVHPDQDͲ3UiFWLFDPHQWHGLDULR
25*$602
Ͳ1XQFDR$OJXQDYH]Ͳ)UHFXHQWHPHQWHͲ6LHPSUH
6$7,6)$&&,Ï1(1/$5(/$&,216(;8$/
Ͳ5HFKD]RR,QVDWLVIDFFLyQͲ$OJXQDVDWLVIDFFLyQͲ6DWLVIDFFLyQ
02/(67,$R'2/25(1/$5(/$&,Ï16(;8$/
Ͳ1XQFDͲ$OJXQDYH]Ͳ&DVLVLHPSUHR6LHPSUH
%(1/$$&78$/,'$'ORKDELWXDOORPiVIUHFXHQWH
)5(&8(1&,$
Ͳ0HQRVGHXQDYH]DODVHPDQDͲ8QDYH]SRUVHPDQDͲ0iVGH
XQDYH]SRUVHPDQDͲ3UiFWLFDPHQWHGLDULR
25*$602
Ͳ1XQFDR$OJXQDYH]Ͳ)UHFXHQWHPHQWHͲ6LHPSUH
6$7,6)$&&,Ï1(1/$5(/$&,216(;8$/
Ͳ5HFKD]RR,QVDWLVIDFFLyQͲ$OJXQDVDWLVIDFFLyQͲ6DWLVIDFFLyQ
02/(67,$R'2/25(1/$5(/$&,Ï16(;8$/
ӡ1XQFDӡ$OJXQDYH]ӡ&DVLVLHPSUHR6LHPSUH
&XHVWLRQDULR6H[XDOLGDGHQODSULPHUDYLVLWDVHPDQDV
(QHVWDSULPHUDYLVLWDGHODVHPDQDVHUHFRJLyDGHPiVLQIRUPDFLyQVREUHYDULDEOHV
VRFLRGHPRJUiILFDV
36
0$7(5,$/<0e72'26
/DVJHVWDQWHVGHEtDQFRQWHVWDUGHPDQHUDLQGLYLGXDOSRUORTXHVLDFXGtDQDFRPSDxDGDV
DODFRQVXOWDVHOHVHQWUHJDEDHOFXHVWLRQDULRSDUDTXHORUHOOHQDVHQGHVSXpVGHILQDOL]DU
OD YLVLWD HQ RWUD KDELWDFLyQ JXDUGiQGROR HQ XQ VREUH FHUUDGR IXQGDPHQWDOPHQWH SDUD
TXHODHPEDUD]DGDQRVHVLQWLHVHREVHUYDGDQLFRQVXOWDUDFRQVXSDUHMD6HOHVLQIRUPy
GHODFRQILGHQFLDOLGDGGHODVHQFXHVWDV
/RV FXHVWLRQDULRV VLJXLHQWHV VH FXPSOLPHQWDURQ HQ OD VHPDQD \ HQ OD HWDSD
SUHSDUWR DOUHGHGRU GH OD VHPDQD &XHVWLRQDULR FRLQFLGLHQGR FRQ ODV YLVLWDV
REVWpWULFDVHQFDVRGHSDUWRSUHWpUPLQRVHUHDOL]DURQHQHOPRPHQWRGHOSDUWR
5(9,6,Ï1
6(0$1$'(*(67$&,Ï1««««««««««««
(1/$$&78$/,'$'ORKDELWXDOORPiVIUHFXHQWH
)5(&8(1&,$
Ͳ0HQRVGHXQDYH]DODVHPDQDͲ8QDYH]SRUVHPDQDͲ0iVGH
XQDYH]SRUVHPDQDͲ3UiFWLFDPHQWHGLDULR
25*$602
Ͳ1XQFDR$OJXQDYH]Ͳ)UHFXHQWHPHQWHͲ6LHPSUH
6$7,6)$&&,Ï1(1/$5(/$&,216(;8$/
Ͳ5HFKD]RR,QVDWLVIDFFLyQͲ$OJXQDVDWLVIDFFLyQͲ6DWLVIDFFLyQ
02/(67,$R'2/25(1/$5(/$&,Ï16(;8$/
Ͳ1XQFDͲ$OJXQDYH]Ͳ&DVLVLHPSUHR6LHPSUH
&XHVWLRQDULR6H[XDOLGDGHQODVYLVLWDVGHUHYLVLyQHQVHPDQD\SUHSDUWR
37
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
/RVFXHVWLRQDULRVSRVWSDUWRVHFXPSOLPHQWDURQHQHOWHUFHU\VH[WRPHVWUDVHOSDUWRHQ
OD UHYLVLyQ SXHUSHUDO $O QR H[LVWLU XQD YLVLWD SRVWSDUWR SURWRFROL]DGD HQ $WHQFLyQ
(VSHFLDOL]DGD VH FLWy H[SUHVDPHQWH D HVWDV PXMHUHV SDUD ODV GRV YLVLWDV (Q HVWRV
FXHVWLRQDULRVVHUHFRJLyDGLFLRQDOPHQWHLQIRUPDFLyQDFHUFDGHOPpWRGRDQWLFRQFHSWLYR
XVDGRPRPHQWRGHUHLQLFLRGHODVUHODFLRQHV\HOPDQWHQLPLHQWRGHODODFWDQFLDPDWHUQD
&XHVWLRQDULRV\
HU0(632673$572
'tDVGHVSXpVGHOSDUWRGHUHLQLFLRGHODVUHODFLRQHV
/$&7$1&,$0$7(51$«««««««««««««««««
6t1R
0e72'2$17,&21&(37,92DFWXDOKDELWXDO««««««
1LQJXQR&RLWRLQWHUUXPSLGRSUHVHUYDWLYR$QRYXODWRULRV
',8/LJDGXUDWURPSDV
(1/$$&78$/,'$'ORKDELWXDOORPiVIUHFXHQWH
)5(&8(1&,$
0HQRVGHXQDYH]DODVHPDQD8QDYH]SRUVHPDQD0iVGH
XQDYH]SRUVHPDQD3UiFWLFDPHQWHGLDULR
25*$602
1XQFDR$OJXQDYH])UHFXHQWHPHQWH6LHPSUH
6$7,6)$&&,Ï1(1/$5(/$&,216(;8$/
5HFKD]RR,QVDWLVIDFFLyQ$OJXQDVDWLVIDFFLyQ6DWLVIDFFLyQ
02/(67,$R'2/25(1/$5(/$&,Ï16(;8$/
1XQFD$OJXQDYH]&DVLVLHPSUHR6LHPSUH
&XHVWLRQDULR6H[XDOLGDGHQODYLVLWDGHUHYLVLyQPHVHVSRVWSDUWR
38
0$7(5,$/<0e72'26
ž0(632673$572
/$&7$1&,$0$7(51$«««««««««««««««««
6t1R
0e72'2$17,&21&(37,92DFWXDOKDELWXDO«««««««
1LQJXQR&RLWRLQWHUUXPSLGRSUHVHUYDWLYR$QRYXODWRULRV
',8/LJDGXUDWURPSDV
(1/$$&78$/,'$'ORKDELWXDOORPiVIUHFXHQWH
)5(&8(1&,$
0HQRVGHXQDYH]DODVHPDQD8QDYH]SRUVHPDQD0iVGH
XQDYH]SRUVHPDQD3UiFWLFDPHQWHGLDULR
25*$602
1XQFDR$OJXQDYH])UHFXHQWHPHQWH6LHPSUH
6$7,6)$&&,Ï1(1/$5(/$&,216(;8$/
5HFKD]RR,QVDWLVIDFFLyQ$OJXQDVDWLVIDFFLyQ6DWLVIDFFLyQ
02/(67,$R'2/25(1/$5(/$&,Ï16(;8$/
1XQFD$OJXQDYH]&DVLVLHPSUHR6LHPSUH
&XHVWLRQDULR6H[XDOLGDGHQODYLVLWDGHUHYLVLyQPHVHVSRVWSDUWR
/RV FXHVWLRQDULRV VREUH VH[XDOLGDG WLHQHQ HO PLVPR IRUPDWR HQ WRGDV ODV YLVLWDV
,QFOX\HQ LQIRUPDFLyQ VREUH OD IUHFXHQFLD VH[XDO IUHFXHQFLD GH RUJDVPR VDWLVIDFFLyQ
FRQ OD UHODFLyQ VH[XDO \ PROHVWLD R GRORU GXUDQWH OD PLVPD (V XQ FXHVWLRQDULR GH
UHVSXHVWDP~OWLSOHRUGHQDGRGHPHQRUDPD\RUIUHFXHQFLD
(VWRV FXHVWLRQDULRV VH HODERUDURQ DG KRF HQ EDVH D OD OLWHUDWXUD H[LVWHQWH KDVWD HO
PRPHQWRGHUHDOL]DFLyQGHOHVWXGLR
39
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
)8(17(6'(,1)250$&,Ï1
/RVGDWRVVHUHFRJHQGHODVVLJXLHQWHVIXHQWHVGHLQIRUPDFLyQ
&XHVWLRQDULRVUHDOL]DGRVDODVJHVWDQWHV
+LVWRULD FOtQLFD LQIRUPDWL]DGD GH ODV SDFLHQWHV 6H KD XWLOL]DGR HO SURJUDPD
LQWUDKRVSLWDODULR$5&+,1(7GHO+86&(QHVWDKLVWRULDTXHGDQUHFRJLGRVORV
GDWRV UHODWLYRV D DQWHFHGHQWHV SHUVRQDOHV REVWpWULFRV \ GH VDOXG GDWRV GHO
HPEDUD]R\SDUWR\UHVXOWDGRVSHULQDWDOHV
9$5,$%/(6'((678',2
/D PD\RUtD GH ODV YDULDEOHV GH HVWH HVWXGLR YLHQHQ GDGDV GLUHFWDPHQWH SRU OD
LQIRUPDFLyQTXHVHREWLHQHGHODKLVWRULDFOtQLFDLQIRUPDWL]DGDGHODSDFLHQWH\RWUDVTXH
VHFRQVWUX\HQSDUDHVWHILQUHFRJLGDVHQORVFXHVWLRQDULRV
6HGLYLGHQHQ
9DULDEOHVLQGHSHQGLHQWHV
9DULDEOHVVRFLRGHPRJUiILFDV
(VWDV YDULDEOHV VH UHFRJHQ HQ OD SULPHUD FRQVXOWD REVWpWULFD WUDV OD DFHSWDFLyQ GH
SDUWLFLSDUHQHOHVWXGLR
(GDGPDWHUQD
1DFLRQDOLGDG
5D]D
(VWDGRFLYLO
(VWXGLRVPDWHUQRV
(VWXGLRVSDWHUQRV
40
0$7(5,$/<0e72'26
9DULDEOHVREVWpWULFDV
7UDVODWHUPLQDFLyQGHOHPEDUD]RVHREWLHQHQODVVLJXLHQWHVYDULDEOHVLQGHSHQGLHQWHV
3DULGDG
6HPDQDJHVWDFLRQDOHQHOPRPHQWRGHOSDUWR
0RWLYRGHLQJUHVRKRVSLWDODULR
0RGRGHLQLFLRGHOSDUWR
0RGRGHWHUPLQDFLyQGHOSDUWR
7LSRGHDQDOJHVLDLQWUDSDUWR
(SLVLRWRPtD
'HVJDUURSHULQHDO
3HVRGHOUHFLpQQDFLGR
7HVWGH$SJDUDOPLQXWR\DORVPLQXWRV
,QJUHVRGHOUHFLpQQDFLGRHQOD8QLGDGGH1HRQDWRORJtD
$QHPLDSXHUSHUDO
/DFWDQFLDPDWHUQDDODOWDDORVPHVHV\DORVPHVHVSRVWSDUWR
0pWRGRDQWLFRQFHSWLYRDORVPHVHV\DORVPHVHVSRVWSDUWR
9DULDEOHVGHSHQGLHQWHV
6RQ HO REMHWR GH HVWH WUDEDMR GH LQYHVWLJDFLyQ 6H WUDWD GH ODV YDULDEOHV VREUH
FRPSRUWDPLHQWRVH[XDO
)UHFXHQFLDGHUHODFLRQHVVH[XDOHV
)UHFXHQFLDGHRUJDVPRGXUDQWHODVUHODFLRQHVVH[XDOHV
6DWLVIDFFLyQHQODUHODFLyQVH[XDO
0ROHVWLDGRORUGXUDQWHODVUHODFLRQHV
41
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
'HILQLFLyQGHODVYDULDEOHV
9DULDEOHVVRFLRGHPRJUiILFDV
(GDGHVODHGDGGHODSDFLHQWHHQDxRVHQHOPRPHQWRTXHDFXGHDODSULPHUD
FRQVXOWD9DULDEOHFXDQWLWDWLYDGLVFUHWD
3RVWHULRUPHQWHHVWDYDULDEOHVHUHFRGLILFDHQODYDULDEOH³HGDGPDWHUQDLJXDOR
PHQRUGHDxRV´9DULDEOHFXDOLWDWLYDGLFRWyPLFDVtQR7RPDUiHOYDORU³6t´
FXDQGR OD HGDG PDWHUQD HV PHQRU R LJXDO GH DxRV VH FRQVLGHUD ³1R´ VL HO
YDORUHVHGDGPDWHUQDPD\RUGHDxRV6HFRQVLGHUDHVWHSXQWRGHFRUWHDOVHU
ODPHGLDGHODHGDGPDWHUQDGH“DxRV
1DFLRQDOLGDG HVSDxROD UHFRJH VL OD JHVWDQWH WLHQH QDFLRQDOLGDG HVSDxROD
9DULDEOH FXDOLWDWLYD GLFRWyPLFD VtQR 7RPD HO YDORU ³6t´ FXDQGR OD
QDFLRQDOLGDGHVHVSDxRODHQRWURFDVRWRPDHOYDORU³1R´
5D]D FDXFiVLFD UHFRJH VL OD JHVWDQWH HV GH UD]D FDXFiVLFD EODQFD 9DULDEOH
FXDOLWDWLYDGLFRWyPLFDVtQR7RPDHOYDORU³6t´FXDQGRODUD]DHVFDXFDVLDQD
HQRWURFDVRWRPDHOYDORU³1R´
(VWDGR FLYLO UHFRJH HO HVWDGR FLYLO HQ HO PRPHQWR GHO LQJUHVR HQ HO HVWXGLR
9DULDEOHFXDOLWDWLYDFRQFDWHJRUtDV³FDVDGD´´VROWHUDV´\³RWUDV´
(VWXGLRV PDWHUQRV UHFRJH HO JUDGR GH HVWXGLRV Pi[LPR FXUVDGR SRU OD
JHVWDQWH 9DULDEOH FXDOLWDWLYD FRQ FDWHJRUtDV ³EiVLFRV´ VH UHILHUH D HVWXGLRV
SULPDULRV ³PHGLRV´ UHFRJH HVWXGLRV GH %DFKLOOHUDWR R HVWXGLRV GH )RUPDFLyQ
3URIHVLRQDO\³VXSHULRUHV´UHSUHVHQWDDORVHVWXGLRVXQLYHUVLWDULRV
3RVWHULRUPHQWH VH KD UHFRGLILFDGR HQ XQD QXHYD YDULDEOH ³HVWXGLRV EiVLFRV´
9DULDEOH FXDOLWDWLYD GLFRWyPLFD VtQR 7RPD HO YDORU ³6t´ FXDQGR OD JHVWDQWH
VyOR KD WHUPLQDGR ORV HVWXGLRV EiVLFRV HQ RWUR FDVR WRPD HO YDORU ³1R´ 6H
FRQVLGHUDHVWDUHFRGLILFDFLyQGHELGRDOHVFDVRQ~PHURGHPXMHUHVTXHSUHVHQWDQ
HVWXGLRVVXSHULRUHV
(VWXGLRV SDWHUQRV UHFRJH HO JUDGR GH HVWXGLRV Pi[LPR FXUVDGR SRU OD SDUHMD
GH OD JHVWDQWH 9DULDEOH FXDOLWDWLYD FRQ FDWHJRUtDV ³EiVLFRV´ VH UHILHUH D
HVWXGLRV SULPDULRV ³PHGLRV´ UHFRJH HVWXGLRV GH %DFKLOOHUDWR R HVWXGLRV GH
)RUPDFLyQ3URIHVLRQDO\³VXSHULRUHV´UHSUHVHQWDDORVHVWXGLRVXQLYHUVLWDULRV
42
0$7(5,$/<0e72'26
3RVWHULRUPHQWHVHUHFRGLILFDHQXQDQXHYDYDULDEOH³HVWXGLRVEiVLFRV´9DULDEOH
FXDOLWDWLYD GLFRWyPLFD VtQR 7RPD HO YDORU ³6t´ FXDQGR OD JHVWDQWH VyOR KD
WHUPLQDGR ORV HVWXGLRV EiVLFRV HQ RWUR FDVR WRPD HO YDORU ³1R´ 6H FRQVLGHUD
HVWDUHFRGLILFDFLyQGHELGRDOHVFDVRQ~PHURGHKRPEUHVTXHSUHVHQWDQHVWXGLRV
VXSHULRUHV
9DULDEOHVREVWpWULFDV
3DULGDGHVHOQ~PHURGHKLMRVTXHKDWHQLGRODPXMHUHPEDUD]DGDSUHYLRVDOD
JHVWDFLyQHVWXGLDGD9DULDEOHFXDQWLWDWLYDGLVFUHWD
3RVWHULRUPHQWH VH UHFRGLILFD HQ XQD QXHYD YDULDEOH ³QXOLSDULGDG´ 9DULDEOH
FXDOLWDWLYDGLFRWyPLFDVtQR7RPDHOYDORU³6t´FXDQGRODJHVWDQWHQRKDWHQLGR
KLMRVSUHYLDPHQWHHQHOFDVRFRQWUDULRWRPDHOYDORU³1R´
6HPDQDGHJHVWDFLyQGHOSDUWRVHPDQDGHJHVWDFLyQFRPSOHWDHVHOQ~PHUR
GH VHPDQDV GH JHVWDFLyQ D OD TXH VH SURGXFH HO SDUWR 9DULDEOH FXDQWLWDWLYD
GLVFUHWD
3RVWHULRUPHQWH HVWD YDULDEOH VH UHFRGLILFD HQ OD YDULDEOH FXDOLWDWLYD GLFRWyPLFD
³SDUWRDWpUPLQR´7RPDHOYDORU³6t´FXDQGRVHSURGXFHHOSDUWRDSDUWLUGHOD
VHPDQDGHJHVWDFLyQVHPDQDGtDV7RPDHOYDORU³1R´VLHOSDUWRGH
SURGXFHDQWHVGHODVHPDQDGHJHVWDFLyQGtDV
0RGR GH LQLFLR GHO SDUWR PRGDOLGDG SRU OD FXDO VH LQLFLD HO SDUWR 9DULDEOH
FXDOLWDWLYDFRQODVVLJXLHQWHVPRGDOLGDGHV³HVSRQWiQHR´³LQGXFLGR´\³FHViUHD
HOHFWLYD´
0RGR GH WHUPLQDFLyQ GHO SDUWR HVSHFLILFD HO PRGR PHGLDQWH HO FXDO VH KD
ILQDOL]DGR HO SDUWR 9DULDEOH FXDOLWDWLYD FRQ ODV VLJXLHQWHV FDWHJRUtDV ³YDJLQDO
HXWyFLFR´³YDJLQDOYDFXR´³YDJLQDOIyUFHSVHVSiWXODV´\³FHViUHD´
3RVWHULRUPHQWH HVWDV YDULDEOHV WDPELpQ VH KDQ UHFRGLILFDGR SDUD UHDOL]DU
GLIHUHQWHV FRPSDUDFLRQHV HQ ODV FDWHJRUtDV ³YDJLQDO HXWyFLFR´ ³YDJLQDO
WRF~UJLFR´\³FHViUHD´
3RU~OWLPRVHKDQUHFRGLILFDGRWDPELpQHQ³YDJLQDO´\³FHViUHD´
7LSR GH DQDOJHVLDDQHVWHVLD LQWUDSDUWR VH UHILHUH DO WLSR GH DQDOJHVLD
DGPLQLVWUDGD D OD JHVWDQWH GXUDQWH HO SDUWR 9DULDEOH FXDOLWDWLYD TXH UHFRJH ODV
VLJXLHQWHV FDWHJRUtDV ³JHQHUDO \R ORFRUHJLRQDO´ UHFRJH OD DGPLQLVWUDFLyQ GH
43
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
DQDOJHVLDYtDJHQHUDO\RORFRUUHJLRQDOUDTXtGHDRHSLGXUDO³ORFDO´FXDQGRVH
KD DGPLQLVWUDGR DQHVWHVLD ORFDO HQ SHULQp \ ³QR DQDOJHVLD´ FXDQGR QR KD
SUHFLVDGRQLQJ~QWLSRGHDQDOJHVLDDQHVWHVLD
(SLVLRWRPtD UHFRJH OD QHFHVLGDG GH KDEHU UHTXHULGR OD UHDOL]DFLyQ GH OD
SUiFWLFD GH XQD HSLVLRWRPtD GXUDQWH HO SHUtRGR H[SXOVLYR GHO SDUWR 9DULDEOH
FXDOLWDWLYD GLFRWyPLFD VtQR 7RPD HO YDORU ³6t´ FXDQGR VH KD UHDOL]DGR
HSLVLRWRPtDHQFDVRFRQWUDULRWRPDHOYDORU³1R´
'HVJDUURSHULQHDOUHFRJHODSUHVHQFLDGHGHVJDUURSHULQHDOSURGXFLGRGXUDQWH
HO SURFHVR GHO SDUWR \ DOXPEUDPLHQWR 9DULDEOH FXDOLWDWLYD TXH UHFRJH ODV
VLJXLHQWHV FDWHJRUtDV ³QR GHVJDUUR´ ³GHVJDUUR WLSR ,´ ³GHVJDUUR WLSR ,,´
³GHVJDUURWLSR,,,´³GHVJDUURWLSR,9´
(VWDGR GHO SHULQp WUDV SDUWR ODV GRV ~OWLPDV YDULDEOHV VH XWLOL]DQ SDUD FUHDU
XQD QXHYD TXH UHFRJH HO HVWDGR ItVLFR GHO SHULQp WUDV HO SDUWR 9DULDEOH
FXDOLWDWLYD GLFRWyPLFD VtQR 7RPD HO YDORU ³6t´ FXDQGR VH KD SURGXFLGR
GHVJDUURSHULQHDO,,\RVHKDUHDOL]DGRHSLVLRWRPtDWRPDHOYDORU³1R´FXDQGR
QRKD\HSLVLRWRPtD\VLVHSURGXFHGHVJDUURHVGHWLSR,
3HVR GHO UHFLpQ QDFLGR HV HO SHVR HQ JUDPRV GHO UHFLpQ QDFLGR 51 HQ HO
PRPHQWR GHO QDFLPLHQWR 9DULDEOH FXDQWLWDWLYD FRQWLQXD 3DUWLHQGR GH HVWD
YDULDEOHVHUHFRGLILFDHQXQDQXHYDYDULDEOHFXDOLWDWLYDFRQFDWHJRUtDV³SHVR
DGHFXDGR´ FXDQGR HO UHFLpQ QDFLGR SHVD HQWUH JUDPRV J ³EDMR
SHVR´FXDQGRSHVDPHQRUGHJ³PDFURVRPD´FXDQGRSHVDPiVGHJ
1R VH KD WHQLGR HQ FXHQWD OD HGDG JHVWDFLRQDO VyOR HO SHVR SDUD YDORUDU OD
LQIOXHQFLDGHOPLVPRVREUHODVH[XDOLGDG
7HVWGH$SJDUGHOUHFLpQQDFLGRDOPLQXWR\DORVPLQXWRVGHYLGDHVWHWHVW
QRVPLGHODYLWDOLGDGGHOUHFLpQQDFLGR(VXQWHVWYDOLGDGR7LHQHXQDHVFDODTXH
YD GH D QLQJXQD YLWDOLGDG GHO QLxR D YLWDOLGDG Pi[LPD \ YDORUD
YDULDVFDUDFWHUtVWLFDVDOQDFHU6HPLGHHQHOPLQXWR\DORVPLQXWRVGHYLGD
9DULDEOHFXDQWLWDWLYDGLVFUHWD
,QJUHVRGHOUHFLpQQDFLGRHQOD8QLGDGGH1HRQDWRORJtDUHFRJHVLHOUHFLpQ
QDFLGR SUHFLVD LQJUHVR KRVSLWDODULR HQ OD 8QLGDG GH 3HGLDWUtD 9DULDEOH
FXDOLWDWLYD GLFRWyPLFD VtQR 7RPDUi HO YDORU ³6t´ FXDQGR HO UHFLpQ QDFLGR HV
44
0$7(5,$/<0e72'26
LQJUHVDGR HQ GLFKD 8QLGDG VH FRQVLGHUD ³1R´ VL HO UHFLpQ QDFLGR QR HV
LQJUHVDGR
$QHPLDSXHUSHUDOHVODSUHVHQFLDGHDQHPLDHQHOSHUtRGRSXHUSHUDO6HEDVD
HQORVQLYHOHVGH+HPRJORELQDHQVDQJUHYHQRVDPDWHUQD9DULDEOHFXDQWLWDWLYD
FRQWLQXD 6H UHFRGLILFD HQ XQD YDULDEOH FXDOLWDWLYD FRQ FDWHJRUtDV ³DQHPLD
VHYHUD´FLIUDVGHKHPRJORELQDPHQRUHVGHJGO³DQHPLDPRGHUDGD´FLIUDVGH
KHPRJORELQD JGO ³DQHPLD OHYH´ KHPRJORELQD JGO \ ³QR
DQHPLD´FLIUDVGHKHPRJORELQDPD\RUHVGHJGO
3RVWHULRUPHQWH VH UHFRGLILFD REWHQLHQGR XQD YDULDEOH FXDOLWDWLYD GLFRWyPLFD
VtQR 7RPDUi HO YDORU ³6t´ FXDQGR ODV FLIUDV GH KHPRJORELQD VRQ PHQRUHV R
LJXDOHVDJGOVHFRQVLGHUD³1R´VLODVFLIUDVGHKHPRJORELQDVRQPD\RUHV
GHJGO
/DFWDQFLD PDWHUQD DO DOWD HV OD ODFWDQFLD PDWHUQD HQ HO PRPHQWR GHO DOWD
KRVSLWDODULD PDWHUQD 9DULDEOH FXDOLWDWLYD GLFRWyPLFD VtQR 7RPDUi HO YDORU
³6t´FXDQGRHOUHFLpQQDFLGRWRPHODFWDQFLDPDWHUQD\DVHDH[FOXVLYDRSDUFLDO
DODOWDKRVSLWDODULDPDWHUQDOVHFRQVLGHUD³1R´VLODODFWDQFLDHVDUWLILFLDODODOWD
KRVSLWDODULDPDWHUQD
/DFWDQFLD PDWHUQD D ORV PHVHV GHO SDUWR HV OD ODFWDQFLD PDWHUQD D ORV PHVHV GHO SDUWR 9DULDEOH FXDOLWDWLYD GLFRWyPLFD VtQR 7RPDUi HO YDORU ³6t´
FXDQGRHOUHFLpQQDFLGRWRPHODFWDQFLDPDWHUQD\DVHDH[FOXVLYDRSDUFLDODORV
PHVHVGHOSDUWRVHFRQVLGHUD³1R´VLODODFWDQFLDHVDUWLILFLDOHQHVWHPRPHQWR
/DFWDQFLD PDWHUQD D ORV PHVHV GHO SDUWR HV OD ODFWDQFLD PDWHUQD D ORV PHVHV GHO SDUWR 9DULDEOH FXDOLWDWLYD GLFRWyPLFD VtQR 7RPDUi HO YDORU ³6t´
FXDQGRHOUHFLpQQDFLGRWRPHODFWDQFLDPDWHUQD\DVHDH[FOXVLYDRSDUFLDODORV
PHVHVGHOSDUWRVHFRQVLGHUD³1R´VLODODFWDQFLDHVDUWLILFLDOHQHVWHPRPHQWR
0pWRGR DQWLFRQFHSWLYR D ORV PHVHV VH UHILHUH DO PpWRGR XWLOL]DGR D ORV PHVHV GHO SDUWR 9DULDEOH FXDOLWDWLYD FRQ FDWHJRUtDV SUHVHUYDWLYR
DQRYXODWRULRV FRLWR LQWHUUXPSLGR OLJDGXUD WXEiULFD ELODWHUDOGLVSRVLWLYR
LQWUDXWHULQR\QRXVRGHPpWRGR
3RVWHULRUPHQWH VH UHFDWHJRUL]D HQ ³DQRYXODWRULRV´ ³QR XVR GH PpWRGRV´ \
³UHVWRGHPpWRGRV´TXHHQJOREDODVFDWHJRUtDVSUHVHUYDWLYRFRLWRLQWHUUXPSLGR
\OLJDGXUDWXEiULFDELODWHUDOGLVSRVLWLYRLQWUDXWHULQR
45
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
0pWRGR DQWLFRQFHSWLYR D ORV PHVHV VH UHILHUH DO PpWRGR XWLOL]DGR D ORV PHVHV GHO SDUWR 9DULDEOH FXDOLWDWLYD FRQ ODV FDWHJRUtDV SUHVHUYDWLYR
DQRYXODWRULRV FRLWR LQWHUUXPSLGR OLJDGXUD WXEiULFD ELODWHUDOGLVSRVLWLYR
LQWUDXWHULQR\QRXVRGHPpWRGR
3RVWHULRUPHQWHVHDJUXSDHQ³DQRYXODWRULRV´³QRXVRGHPpWRGRV´\³UHVWRGH
PpWRGRV´TXHHQJOREDODVFDWHJRUtDVSUHVHUYDWLYRFRLWRLQWHUUXPSLGR\OLJDGXUD
WXEiULFDELODWHUDOGLVSRVLWLYRLQWUDXWHULQR
5HLQLFLR GH UHODFLRQHV VH[XDOHV LQGLFD HO WLHPSR WUDV HO SDUWR HQ HO TXH VH
UHWRPDQODVUHODFLRQHVVH[XDOHV9DULDEOHFXDQWLWDWLYDGLVFUHWDVHPLGHHQGtDV
9DULDEOHVGHVH[XDOLGDG
)UHFXHQFLDGHODVUHODFLRQHVVH[XDOHVUHFRJHODIUHFXHQFLDGHODVUHODFLRQHV
VH[XDOHV GH OD PXMHU HQ ORV GLVWLQWRV PRPHQWRV DQDOL]DGRV (V XQD YDULDEOH
FXDOLWDWLYD FX\DV FDWHJRUtDV VH RUGHQDQ GH PHQRU D PD\RU 6H HVWDEOHFHQ FDWHJRUtDV HVFDVD PHQRV GH XQD YH] D OD VHPDQD VHPDQDO XQD YH] SRU
VHPDQDPiVGHXQDYH]SRUVHPDQD\GLDULR
&RQ HVWD YDULDEOH VH KD FRQVWUXLGR DGHPiV XQD QXHYD YDULDEOH TXH HV ³EXHQD
VH[XDOLGDG FRQ UHVSHFWR D OD IUHFXHQFLD GH UHODFLRQHV VH[XDOHV´ 9DULDEOH
FXDOLWDWLYD GLFRWyPLFD 7RPDUi HO YDORU ³EXHQD´ FXDQGR ODV PXMHUHV SUHVHQWDQ
XQD IUHFXHQFLD GH UHODFLRQHV VHPDQDO R PD\RU VH FRQVLGHUD ³PDOD UHJXODU´ VL
ODVUHODFLRQHVVRQPHQRVGHXQDYH]DODVHPDQD
)UHFXHQFLDGHRUJDVPRGXUDQWHODVUHODFLRQHV U H F R J H O D S U H V H Q F L D G H
RUJDVPR GXUDQWH ODV UHODFLRQHV VH[XDOHV (V XQD YDULDEOH FXDOLWDWLYD FX\DV
FDWHJRUtDVVHRUGHQDQGHPHQRUDPD\RU6HHVWDEOHFHQODVVLJXLHQWHVFDWHJRUtDV
³QXQFDRDOJXQDYH]HVFDVD´³IUHFXHQWHPHQWH´\³VLHPSUH´
&RQ HVWD YDULDEOH VH KD FRQVWUXLGR DGHPiV XQD QXHYD YDULDEOH TXH HV ³EXHQD
VH[XDOLGDG SDUD OD IUHFXHQFLD GH RUJDVPR´ 9DULDEOH FXDOLWDWLYD GLFRWyPLFD
7RPDUiHOYDORU³EXHQD´FXDQGRODVPXMHUHVIUHFXHQWHPHQWHVLHPSUHSUHVHQWDQ
RUJDVPRVHFRQVLGHUD³PDODUHJXODU´HQFDVRFRQWUDULR
6DWLVIDFFLyQHQODUHODFLyQVH[XDOUHFRJHODSHUFHSFLyQSHUVRQDOGHODPXMHU
DQWDQWHODVDWLVIDFFLyQSRUODVUHODFLRQHVVH[XDOHV9DULDEOHFXDOLWDWLYDFX\DV
46
0$7(5,$/<0e72'26
FDWHJRUtDVVHRUGHQDQGHPHQRUDPD\RU6HHVWDEOHFHQODVVLJXLHQWHVFDWHJRUtDV
³UHFKD]RLQVDWLVIDFFLyQ´³DOJXQDVDWLVIDFFLyQ´\³VDWLVIDFFLyQ´
&RQ HVWD YDULDEOH VH KD FRQVWUXLGR DGHPiV XQD QXHYD YDULDEOH TXH HV ³EXHQD
VH[XDOLGDG FRQ UHVSHFWR D OD VDWLVIDFFLyQ´ 9DULDEOH FXDOLWDWLYD GLFRWyPLFD
7RPDUi HO YDORU ³EXHQD´ FXDQGR ODV PXMHUHV SUHVHQWDQ VDWLVIDFFLyQ R DOJXQD
VDWLVIDFFLyQFRQODVUHODFLRQHVVHFRQVLGHUD³PDODUHJXODU´HQFDVRFRQWUDULR
0ROHVWLDRGRORUHQODUHODFLyQHVODDSDULFLyQGHPROHVWLDRGRORUGXUDQWHOD
SUiFWLFDGHUHODFLRQHVVH[XDOHV(VXQDYDULDEOHFXDOLWDWLYDFX\DVFDWHJRUtDVVH
RUGHQDQ GH PHQRU D PD\RU 6H HVWDEOHFHQ ODV VLJXLHQWHV FDWHJRUtDV ³QXQFD´
³DOJXQDYH]´\³FDVLVLHPSUHVLHPSUH´
&RQ HVWD YDULDEOH VH KD FRQVWUXLGR DGHPiV XQD QXHYD YDULDEOH TXH HV ³EXHQD
VH[XDOLGDG FRQ UHVSHFWR DO GRORU´ 9DULDEOH FXDOLWDWLYD GLFRWyPLFD VtQR
7RPDUi HO YDORU ³6t´ FXDQGR ODV PXMHUHV QXQFD SUHVHQWDQ GRORU R VyOR DOJXQD
YH]VHFRQVLGHUD³1R´HQFDVRFRQWUDULR
$1È/,6,6(67$'Ë67,&2
3DUDHOWUDWDPLHQWRHVWDGtVWLFRGHORVGDWRVVHKDHODERUDGRXQDEDVHGHGDWRVGRQGHVH
UHFRJHQODVYDULDEOHVGHOHVWXGLR3RVWHULRUPHQWHVHDQDOL]DQHVWDVYDULDEOHVFRQHO
VRSRUWHLQIRUPiWLFRGHOSDTXHWHGHSURJUDPDVHVWDGtVWLFRV,%06366YHUVLyQ,QF
&KLFDJR,/
9DOLGH]GHOFXHVWLRQDULRGHVH[XDOLGDG
3DUDHVWXGLDUODYDOLGH]LQWHUQDGHORVFXHVWLRQDULRVVHKDUHDOL]DGRXQDQiOLVLVGH
ILDELOLGDGGHOWHVWSDUDHOTXHXQDOIDGH&URQEDFKPD\RUGHFRQVLGHUDODILDELOLGDG
GHOFXHVWLRQDULRFRPRDFHSWDEOH
$QiOLVLVGHVFULSWLYR
(QSULPHUOXJDUVHKDHMHFXWDGRXQDGHSXUDFLyQGHORVGDWRVLQWURGXFLGRVPHGLDQWHHOFUXFH
GHFDPSRVOyJLFRV\GHWHFFLyQGHYDORUHVLPSRVLEOHVDQWHVGHSURFHGHUDODQiOLVLV
47
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
3RVWHULRUPHQWHVHKDUHDOL]DGRXQDQiOLVLVGHVFULSWLYRGHODVSULQFLSDOHVYDULDEOHV3DUD
ODVYDULDEOHVFXDOLWDWLYDVVHKDFDOFXODGRSDUDFDGDXQDGHODVFDWHJRUtDVVXGLVWULEXFLyQ
GHIUHFXHQFLDVQ~PHURGHFDVRV\SRUFHQWDMH\VHSUHVHQWDFRPRJUiILFRHOGLDJUDPD
GH EDUUDV 3DUD ODV YDULDEOHV FXDQWLWDWLYDV VH KDQ REWHQLGR PHGLGDV GH GLVSHUVLyQ \
WHQGHQFLDFHQWUDOSDUDFDGDXQDGHHVDVYDULDEOHVPtQLPRPi[LPRPHGLDPHGLDQD\
GHVYLDFLyQWtSLFD\FRPRJUiILFRVVHSUHVHQWDHOKLVWRJUDPD
$QiOLVLVELYDULDQWH
3DUD DQDOL]DU OD SRVLEOH UHODFLyQ HQWUH ODV YDULDEOHV GH VH[XDOLGDG \ ORV GLIHUHQWHV
IDFWRUHV HVWXGLDGRV HQ XQ SULPHU DQiOLVLV VH KDQ LQFOXLGR ODV YDULDEOHV GH VH[XDOLGDG
FRQWRGDVVXVFDWHJRUtDV\DSRVWHULRULDJUXSDGDVHQGRVFDWHJRUtDVELHQ\UHJXODUPDO
HQ FDGD XQD GH ODV YLVLWDV SUHJHVWDFLRQDO VHPDQDV \ PHVHV \ PHVHV
SRVWSDUWR
3DUDHOORVHKDQXWLOL]DGRORVVLJXLHQWHVWHVWHVWDGtVWLFRV
3DUD DQDOL]DU OD UHODFLyQ GH ODV YDULDEOHV D HQ HO FDVR GH YDULDEOHV
FXDOLWDWLYDVVHDSOLFDHOWHVWGH&KLFXDGUDGRHQWDEODVU[VRHOWHVWH[DFWRGH
)LVKHU HQ FDVR GH QR FXPSOLUVH ODV FRQGLFLRQHV GH YDOLGH] QR SXHGH H[LVWLU
QLQJXQDIUHFXHQFLDHVSHUDGDPHQRUGH\QRPiVGHOGHODVFDVLOODVSXHGHQ
WHQHUIUHFXHQFLDVHVSHUDGDVPHQRUHVRLJXDOHVTXH(QHOFDVRGHHVWXGLDUOD
UHODFLyQ HQWUH ODV YDULDEOHV FXDQWLWDWLYDV D SULPHUR VH DSOLFD XQ WHVW GH
QRUPDOLGDGPHGLDQWHHO7HVWGH6KDSLUR:LONV\HQEDVHDVLVHFXPSOHRQR
HVWD KLSyWHVLV VH FDOFXOD HO FRHILFLHQWH GH FRUUHODFLyQ GH 3HDUVRQ R ELHQ HO QR
SDUDPpWULFRGH6SHDUPDQSDUDHOFDVRGHQRQRUPDOLGDG
$O HVWXGLDU OD UHODFLyQ HQWUH GRV YDULDEOHV XQD GH HOODV FXDQWLWDWLYD \ RWUD
FXDOLWDWLYD GHSHQGLHQGR GH VL pVWD ~OWLPD WLHQH GRV PRGDOLGDGHV R PiV VH
XWLOL]DUi76WXGHQWR$129$UHVSHFWLYDPHQWHHQHOFDVRGHTXHVHFXPSODOD
KLSyWHVLV GH QRUPDOLGDG (Q HO FDVR FRQWUDULR VH XWLOL]DUiQ ORV WHVW QR
SDUDPpWULFRVFRUUHVSRQGLHQWHV7HVW80DQQ:KLWQH\R7HVW.UXVNDOO:DOOLV
&XDQGRVHDSOLFDQORVWHVW$129$RGH.UXVNDOO:DOOLVVLHOUHVXOWDGRPXHVWUD
48
0$7(5,$/<0e72'26
VLJQLILFDFLyQ VH UHDOL]DQ SRVWHULRUPHQWH ODV FRUUHVSRQGLHQWHV FRPSDUDFLRQHV
P~OWLSOHV
3DUDDQDOL]DUODHYROXFLyQGHOFRPSRUWDPLHQWRVH[XDODORODUJRGHORVGLIHUHQWHV
PRPHQWRV HVWXGLDGRV FRQVLGHUDQGR FDGD YDULDEOH GH VH[XDOLGDG FRQ WRGDV ODV
FDWHJRUtDVVHXWLOL]DQPpWRGRVQRSDUDPpWULFRVSDUDPXHVWUDVDSDUHDGDVFRPR
HO WHVW GH :LOFR[RQ HQ FDVR GH GRVPXHVWUDV \HO WHVW GH )ULHGPDQ SDUD YDULDV
PXHVWUDV DSDUHDGDV ,JXDOPHQWH HQ HVWH ~OWLPR HQ FDVR GH VLJQLILFDFLyQ VH
UHDOL]DQ ODV FRPSDUDFLRQHV P~OWLSOHV 3DUD DQDOL]DU OD HYROXFLyQ GH HVWDV
YDULDEOHVUHFRGLILFDGDVHQGRVFDWHJRUtDVELHQ\UHJXODUPDOVHXWLOL]DHOWHVW4
GH &RFKUDQ SDUD PXHVWUDV UHODFLRQDGDV FRPR FDVR SDUWLFXODU GHO WHVW GH
)ULHGPDQFXDQGRVRORH[LVWHQGRVFDWHJRUtDV
&XDQGRVHGHVHDFRPSDUDUGRVSURSRUFLRQHVHQPXHVWUDVDSDUHDGDVFRPRVHKD
UHTXHULGR HQ OD UHDOL]DFLyQ GH HVWH WUDEDMR GH 7HVLV 'RFWRUDO DO FRPSDUDU ODV
YDULDEOHVGHVH[XDOLGDGDJUXSDGDVHQGRVFDWHJRUtDVDQWHV\GHVSXpVGHOSDUWRVH
XWLOL]DHOWHVWGH0F1HPDUSUHYLDUHFRGLILFDFLyQGHGLFKDVYDULDEOHV
$QiOLVLV0XOWLYDULDQWH
3DUD DQDOL]DU TXp IDFWRUHV LQIOX\HQ HQ ODV YDULDEOHV TXH UHFRJHQ HO FRPSRUWDPLHQWR
VH[XDOIUHFXHQFLDGHUHODFLRQHVVH[XDOHVIUHFXHQFLDGHRUJDVPRVDWLVIDFFLyQVH[XDO\
GRORU DJUXSDGDV HQ GRV FDWHJRUtDV VH KDQ UHDOL]DGR ORV FRUUHVSRQGLHQWHVPRGHORVGH
UHJUHVLyQ ORJtVWLFD ELQDULD PXOWLYDULDQWH WDQWR HQ HWDSD SUHJHVWDFLRQDO FRPR HQ FDGD
PRPHQWRGHOHPEDUD]RFRQHOPpWRGRSRUSDVRVVXFHVLYRV
6HREWLHQHSDUDFDGDYDULDEOHHVWXGLDGDOD2GGVUDWLR25FUXGD\OD25DMXVWDGDDVt
FRPRVXVLQWHUYDORVGHFRQILDQ]DDO
/D HVWLPDFLyQ FUXGD GH OD 25 VH REWLHQH SDUD FDGD FDWHJRUtD GH FDGD YDULDEOH
LQWURGXFLGDFRPR~QLFDYDULDEOHLQGHSHQGLHQWHHQHOPRGHOR
/DHVWLPDFLyQDMXVWDGDGHOD25VHREWLHQHFXDQGRVHUHDOL]DXQPRGHORGHUHJUHVLyQ
ORJtVWLFDP~OWLSOH
49
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
3DUD WRGRV ORV DQiOLVLV VH FRQVLGHUDUi VLJQLILFDWLYR XQ YDORU S” H LQGLFLRV GH
VLJQLILFDFLyQHVWDGtVWLFDS”FRPRSURSRQH*UHHQODQG
$63(&726e7,&26'(/$,19(67,*$&,Ï1
6H KDQ VHJXLGR ODV UHFRPHQGDFLRQHV SDUD JXLDU OD LQYHVWLJDFLyQ HQ VHUHV KXPDQRV
DGRSWDGDVSRUOD$VDPEOHD0pGLFD0XQGLDOHQ+HOVLQNL)LQODQGLD\VXV
SRVWHULRUHVHQPLHQGDVOD~OWLPDGHHOODVUHDOL]DGDSRUOD$VDPEOHD*HQHUDO%UDVLO
DVt FRPR SRU HO &RQYHQLR SDUD OD SURWHFFLyQ GH ORV GHUHFKRV KXPDQRV \ OD
GLJQLGDG GHO VHU KXPDQR FRQ UHVSHFWR D ODV DSOLFDFLRQHV GH OD %LRORJtD \ OD 0HGLFLQD
&RQYHQLRGH2YLHGR
$WRGDVODVPXMHUHVHPEDUD]DVGHODFRQVXOWDGH2EVWHWULFLDGHO+RVSLWDO8QLYHUVLWDULR
6DQ &HFLOLR TXH FXPSOLHURQ ORV FULWHULRV GH LQFOXVLyQ VH OHV LQYLWy D SDUWLFLSDU HQ HO
HVWXGLR LQIRUPiQGROHV YHUEDOPHQWH \ HQWUHJiQGROHV XQ GRFXPHQWR HVFULWR GRQGH VH
H[SOLFDHQOHQJXDMHFRPSUHQVLEOHORVREMHWLYRV\SURFHGLPLHQWRVGHOHVWXGLR
6H LQIRUPy D ODV SDUWLFLSDQWHV GH OD YROXQWDULHGDG GH VX SDUWLFLSDFLyQ \ GHO FDUiFWHU
FRQILGHQFLDOGHWRGRVORVGDWRVREWHQLGRVHQHVWDLQYHVWLJDFLyQ7DPELpQVHOHVLQIRUPy
GH OD SRVLELOLGDG GH UHYRFDU VX SDUWLFLSDFLyQ HQ HO HVWXGLR HQ FXDOTXLHU PRPHQWR GHO
PLVPRVLQSHUMXLFLRHQHOVHJXLPLHQWRGHVXSURFHVR
(VWH SUR\HFWR GH LQYHVWLJDFLyQ FXPSOH FRQ ORV SULQFLSLRV GH UHVSHWR EHQHILFHQFLD \
MXVWLFLD
/RVGDWRVVHDOPDFHQDURQHQXQDEDVHGHGDWRVLQIRUPiWLFDTXHFXPSOHORVFULWHULRVGH
SULYDFLGDGHVWDEOHFLGRVSRUODOH\GHRUJiQLFDGHGHGLFLHPEUHGH3URWHFFLyQ
GH'DWRVGH&DUiFWHU3HUVRQDO3DUDHOORVHFUHDURQGRVDUFKLYRVXQRFRQHOQRPEUH
GH ODV SDUWLFLSDQWHV FRQ VX Q~PHUR GH KLVWRULD FOtQLFD \ VH OH DVLJQy XQ FyGLJR FRQ
DFFHVR ~QLFR SDUD HO LQYHVWLJDGRU SULQFLSDO \ XQ VHJXQGR DUFKLYR GRQGH VH UHFRJHQ
WRGDVODVYDULDEOHV\VHLGHQWLILFDDORVSDFLHQWHVVyORFRQHOFyGLJRDVLJQDGR
50
9 5(68/7$'26
5(68/7$'26
95(68/7$'26
9$/,'(='(/26&8(67,21$5,26
'XUDQWHHOSHUtRGRHVWXGLDGRPXMHUHVTXHFXPSOtDQORVFULWHULRVGHLQFOXVLyQSDUD
SDUWLFLSDUHQHOHVWXGLRDFHSWDURQSDUWLFLSDUHQHOPLVPR
$VtHOQ~PHURGHHQFXHVWDVFRPSOHWDGDVHQODVHPDQDGHJHVWDFLyQVJIXHGH
(Q OD VJ IXH GH \ GH DQWHV GHO SDUWR HQ HO FDVR GH SDUWR SUHWpUPLQR OD
HQFXHVWDVHUHDOL]yHQHOPRPHQWRGHOPLVPRHQODVHPDQD/DSpUGLGDGHFDVRV
GXUDQWH HO HPEDUD]R IXH FDXVDGD SRU SDWRORJtD HQ HO WHUFHU WULPHVWUH VDQJUDGR \
DPHQD]DGHSDUWRSUHWpUPLQRTXHREOLJyDODDEVWLQHQFLDVH[XDO
(Q HO WHUFHU \ VH[WR PHV SRVWSDUWR HO Q~PHUR GH HQFXHVWDV UHFRJLGDV IXH GH /D
SpUGLGD HQ HO SRVWSDUWR IXH GHELGD D TXH OD UHYLVLyQ SXHUSHUDO QR HVWi LQFOXLGD HQ HO
VHJXLPLHQWRSURWRFROL]DGRWUDVHOSDUWRORTXHGLILFXOWyODORFDOL]DFLyQ\DVLVWHQFLDGH
ODVPXMHUHVSDUWLFLSDQWHVHQHOHVWXGLR
$O XWLOL]DU XQ FXHVWLRQDULR UHDOL]DGR DG KRF HO SULPHU SDVR IXH HVWXGLDU VX YDOLGH]
LQWHUQDPHGLDQWHXQWHVWGHILDELOLGDGSDUDHOTXHHOFRHILFLHQWHDOIDGH&URQEDFKHQORV
FXHVWLRQDULRVDQWHV\GXUDQWHHOHPEDUD]RIXHGH$ODSOLFDUHVWHWHVWJOREDOPHQWHD
ORV FXHVWLRQDULRV GH WRGRV ORV PRPHQWRV GHO HPEDUD]R \ GHO SRVWSDUWR VH REWXYR XQ
FRHILFLHQWH DOID GH &URQEDFK GH 3RU OR WDQWR VH FRQVLGHUD OD ILDELOLGDG GHO
FXHVWLRQDULRFRPRDFHSWDEOH
&$5$&7(5Ë67,&$6'(/$32%/$&,Ï1'((678',2
&RPR VH KD FRPHQWDGR HQ HO DSDUWDGR 0DWHULDO \ 0pWRGRV GH HVWH WUDEDMR GH 7HVLV
'RFWRUDO GXUDQWH HO SHULRGR GH HVWXGLR VH UHFOXWDURQ XQ WRWDO GH PXMHUHV FRQ
53
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
JHVWDFLyQ\SDUWRFRQWURODGRVHQHO6HUYLFLRGH2EVWHWULFLD\*LQHFRORJtDGHO+RVSLWDO
8QLYHUVLWDULR 6DQ &HFLOLR *UDQDGD $ FRQWLQXDFLyQ VH GHVFULEHQ ODV YDULDEOHV
HSLGHPLROyJLFDVGHODSREODFLyQGHHVWXGLRSDUDODTXHVHKDUHDOL]DGRHOVHJXLPLHQWR
(QODWDEODVHUHFRJHQORVGDWRVGHODVSULQFLSDOHVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\
REVWpWULFDVGHODVJHVWDQWHV
7DEOD&DUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\REVWpWULFDVGHODVJHVWDQWHV\VXVSDUHMDV
E
E
ĚĂĚŵĂƚĞƌŶĂƉŽƌŐƌƵƉŽƐ;ĂŹŽƐͿ
чϯϬĂŹŽƐ
ϱϱ ;ϰϵ͘ϱͿ
хϯϬĂŹŽƐ
ϱϲ ;ϱϬ͘ϱͿ
WĂƌŝĚĂĚ
EƵůşƉĂƌĂƐ
ϲϭ ;ϱϱ͘ϬͿ
DƵůƚşƉĂƌĂƐ
ϱϬ ;ϰϱ͘ϬͿ
EĂĐŝŽŶĂůŝĚĂĚ
ƐƉĂŹŽůĂƐ
KƚƌĂƐ
ϭϬϳ;ϵϲ͘ϯͿ
ϰ ;ϯ͘ϳͿ
ZĂnjĂ
ĂƵĐĄƐŝĐĂ
ϭϭϭ ;ϭϬϬ͘ϬͿ
ƐƚĂĚŽĐŝǀŝů
^ŽůƚĞƌĂƐ
ϵ;ϴ͘ϭͿ
ĂƐĂĚĂƐ
ϭϬϮ;ϵϭ͘ϵͿ
ƐƚƵĚŝŽƐŵĂƚĞƌŶŽƐ
ĄƐŝĐŽƐ
ϳϭ;ϲϰ͘ϬͿ
DĞĚŝŽƐͬ^ƵƉĞƌŝŽƌĞƐ
ϰϬ;ϯϲ͘ϬͿ
ƐƚƵĚŝŽƐƉĂƚĞƌŶŽƐ
ĄƐŝĐŽƐ
DĞĚŝŽƐͬ^ƵƉĞƌŝŽƌĞƐ
ϴϰ;ϳϱ͘ϳͿ
Ϯϳ;Ϯϰ͘ϯͿ
^ĞŵĂŶĂŐĞƐƚĂĐŝŽŶĂůĚĞůƉĂƌƚŽ
WƌĞƚĠƌŵŝŶŽ;фϯϳƐĞŵĂŶĂƐͿ
ϭϬ;ϵ͘ϬͿ
ƚĠƌŵŝŶŽ;шϯϳƐĞŵĂŶĂƐͿ
ϭϬϭ;ϵϭ͘ϬͿ
/D HGDG PHGLD GH ODV SDUWLFLSDQWHV IXH GH “ DxRV GH HOODV HO WHQtDQ
PHQRVGHDxRV\HOVHHQFRQWUDEDQHQODIUDQMDGHHGDGHQWUH\DxRVHQ
HOPRPHQWRGHLQLFLRGHOHVWXGLR/DGLVWULEXFLyQGHHGDGGHODVJHVWDQWHVLQFOXLGDVHQ
54
5(68/7$'26
HVWH HVWXGLR VH PXHVWUD HQ OD ILJXUD GRQGH VH REVHUYD TXH HO JUXSR PiV IUHFXHQWH
GHHGDGHVHOGHDxRVVHJXLGRSRUHOGHDDxRV
)LJXUD'LVWULEXFLyQGH(GDGPDWHUQDDxRV
ϯϴ
ϰϬ
E
ϯϱ
ϯϱ
ϯϬ
Ϯϱ
ϭϴ
ϮϬ
ϭϳ
ϭϱ
ϭϬ
ϱ
Ϯ
ϭ
Ϭ
чϮϬ
ϮϭͲϮϱ
ϮϲͲϯϬ
ϯϲͲϰϬ
ϯϭͲϯϱ
хϰϬ
ĚĂĚŵĂƚĞƌŶĂ;ĂŹŽƐͿ
(Q FXDQWR D OD SDULGDG GH ODV PXMHUHV HUDQ QXOtSDUDV WHQtDQ XQ
KLMRDQWHULRUPHQWH\GRVRPiVKLMRVILJXUD
)LJXUD3DULGDG1~PHURGHKLMRVSUHYLRVDHVWHHPEDUD]R
E ϳϬ
ϲϭ
ϲϬ
ϱϬ
ϰϮ
ϰϬ
ϯϬ
ϮϬ
ϲ
ϭϬ
Ϭ
ϭ
ϭ
ϯ
ϰ
ϱ
Ϭ
Ϭ
ϭ
Ϯ
EǑĚĞŚŝũŽƐ
'HO WRWDO GH QXHVWUD PXHVWUD PXMHUHV HUDQ GH QDFLRQDOLGDG HVSDxROD \
WRGDV GH UD]D FDXFiVLFD (Q FXDQWR DO HVWDGR FLYLO GH HVWDV JHVWDQWHV HVWDEDQ
FDVDGDV\HOUHVWRHUDQVROWHUDV
55
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
$O DQDOL]DU ORV HVWXGLRV FRPSOHWDGRV HO JUXSR PD\RULWDULR IXH HO TXH WHQtD
HVWXGLRVEiVLFRVHOHVWXGLRVPHGLRV\HOHVWXGLRVVXSHULRUHV
6L QRV UHIHULPRV D ORV HVWXGLRV SDWHUQRV HO GH ORV KRPEUHV UHILULHURQ
HVWXGLRVEiVLFRVHOPHGLRV\HOHVWXGLRVVXSHULRUHV
&RQUHVSHFWRDOSDUWRVHREVHUYDTXHODPD\RUtDGHJHVWDQWHVOOHJDURQDWpUPLQR\VyOR
XQWXYLHURQXQSDUWRSUHWpUPLQRPHQRUGHVHPDQDVJHVWDFLRQDOHV(OPRWLYRGH
LQJUHVRPDWHUQRPiVIUHFXHQWHIXHODURWXUDSUHPDWXUDGHPHPEUDQDVVHJXLGR
SRUODIDVHODWHQWHGHSDUWRHOSDUWRHQFXUVR\HOHPEDUD]RHQYtDVGH
SURORQJDFLyQ
(OSDUWRVHLQLFLyGHIRUPDHVSRQWiQHDHQHOGHORVFDVRVGHIRUPDLQGXFLGDHQHO
FRQ R[LWRFLQD LQWUDYHQRVD \ FRQ SURVWDJODQGLQDV LQWUDYDJLQDOHV \
PHGLDQWH FHViUHD HOHFWLYD VyOR HO /D WHUPLQDFLyQ GHO SDUWR IXH YDJLQDO
HVSRQWiQHRHQHOGHORVFDVRVSUHFLVDQGRWRFXUJLDXQGHORVSDUWRV
YDFXRH[WUDFFLyQ\IyUFHSV\FHViUHDHQHOGHFDVRVXUJHQWH\
HOHFWLYD
(Q FXDQWR DO HVWDGR GHO SHULQp HQFRQWUDPRV TXH HQ HO GH ORV SDUWRV IXH SUHFLVR
UHDOL]DU HSLVLRWRPtD VLQ HPEDUJR HQ HO GH ORV SDUWRV YDJLQDOHV QR VH SURGXMR
GHVJDUURSHULQHDO\FXDQGRpVWHDSDUHFHHVGHSULPHURVHJXQGRJUDGRHQDPERV
FDVRV
(Q QXHVWUD SREODFLyQ GH HVWXGLR OD PD\RUtD GH JHVWDQWHV UHTXLULHURQ DQDOJHVLD
LQWUDSDUWRGHPDQHUDTXHHOGHODVPXMHUHVVROLFLWDURQDQDOJHVLDHSLGXUDO
DQHVWHVLD ORFDO UDTXtGHD JHQHUDO \ HQ XQ GH FDVRV QR VH DGPLQLVWUy
QLQJ~QWLSRGHDQDOJHVLD
56
5(68/7$'26
7UDV HO SDUWR ORV UHFLpQ QDFLGRV 51 SUHVHQWDURQ XQ WHVW GH $SJDU • HQ HO SULPHU
PLQXWR\DORVPLQXWRVGHYLGDHQXQ\GHFDVRVUHVSHFWLYDPHQWH(QOD
ILJXUDVHUHSUHVHQWDODGLVWULEXFLyQGH51HQIXQFLyQGHHVWHWHVWDOPLQXWR\DORV
PLQXWRVGHYLGD
)LJXUD7HVWGH$SJDUGHORVUHFLpQQDFLGRV
E
ϭϬϬ
ϵϬ
ϴϬ
ϳϬ
ϲϬ
ϱϬ
ϰϬ
ϯϬ
ϮϬ
ϭϬ
Ϭ
ϵϬ
ϲϯ
ϭŵŝŶƵƚŽ
Ϯϱ
ϬϬ
ϭϬ
ϬϬ
ϭ
Ϯ
ϯ
Ϭ
ϰ
ϯϬ
ϴ
ϱ
ϭ
ϲ
ϯϯ
ϳ
ϴ
ϭϰ
ϱŵŝŶƵƚŽƐ
ϯ
ϴ
ϵ
ϭϬ
dĞƐƚĚĞƉŐĂƌ
'HOWRWDOGHODPXHVWUDGH51HOGHQLxRVWXYRXQSHVRFRPSUHQGLGRHQWUH
JUDPRVJ\J~QLFDPHQWHXQPHQRUGHJ\HOPD\RUGH
JFRPRTXHGDUHSUHVHQWDGRHQODILJXUD'HHVWRVQHRQDWRVVRORIXHSUHFLVRHOLQJUHVR
KRVSLWDODULR GHO Q $VLPLVPR GHO JUXSR GH PXMHUHV TXH FRQWHVWDURQ ODV
HQFXHVWDVHQHOSRVWSDUWR~QLFDPHQWHVHLQJUHVDURQUHFLpQQDFLGRV
)LJXUD'LVWULEXFLyQGHSHVRGHUHFLpQQDFLGRV51
E
ϱϲ
ϲϬ
ϱϬ
ϰϬ
ϯϬ
Ϯϰ
ϭϵ
ϮϬ
ϭϬ
Ϭ
ϴ
ϰ
Ϭ
фϮϬϬϬ
ϮϬϬϬͲϮϰϵϵ
ϮϱϬϬͲϮϵϵϵ
ϯϬϬϬͲϯϰϵϵ
ϯϱϬϬͲϯϵϵϵ
хϰϬϬϬ
WĞƐŽZEĞŶŐƌĂŵŽƐ
57
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(Q HO PRPHQWR GHO DOWD KRVSLWDODULD HO GH ODV PXMHUHV VH GHFLGLHURQ SRU OD
ODFWDQFLDPDWHUQDTXHVHPDQWXYRHQHOGHORVFDVRVDORVPHVHVSRVWSDUWR\HQ
HODORVPHVHVSRVWSDUWR
7UDVHOSDUWRXQGHPXMHUHVSUHVHQWDURQDQHPLDVLHQGRHVWDDQHPLDOHYHHQXQ
GHODVPDGUHV\PRGHUDGDHQXQ1RKXERFDVRVGHDQHPLDVHYHUD
(QHOSHULRGRSRVWSDUWRHOUHLQLFLRGHODVUHODFLRQHVVHHVWDEOHFLyDQWHVGHODVVHPDQDV
SDUDHOGHPDGUHV\DQWHVGHORVPHVHVHQHOGHODVSDFLHQWHV
&RPRPpWRGRDQWLFRQFHSWLYRDORV\PHVHVGHOSDUWRGHVWDFDHOXVRGHSUHVHUYDWLYR
\UHVSHFWLYDPHQWH\GHDQRYXODWRULRV\FRQXQ\
GHFDVRVSDUDORV\PHVHVUHVSHFWLYDPHQWHTXHQRXWLOL]DEDQQLQJ~QPpWRGR
7DQWR D ORV FRPR D ORV PHVHV SRVWSDUWR ODV PXMHUHV XWLOL]DURQ FRPR PpWRGR
DQWLFRQFHSWLYRHOFRLWRLQWHUUXPSLGRHQXQ\ODOLJDGXUDWXEiULFDELODWHUDO/7%R
HOGLVSRVLWLYRLQWUDXWHULQR',8HQ/DGLVWULEXFLyQGHSDFLHQWHVHQIXQFLyQGHO
PpWRGRXWLOL]DGRDORV\PHVHVVHPXHVWUDHQODILJXUD
)LJXUD0pWRGRDQWLFRQFHSWLYRXWLOL]DGRDORV\PHVHVSRVWSDUWR
ϳϬй
ϲϬй
ϱϵ͘ϱй
ϱϳ͘ϭй
ϱϬй
ϰϬй
ϯϬй
ϮϬй
ϭϬй
Ϯϲ͘Ϯй
ϭϵй
ϯŵĞƐĞƐ
ϲŵĞƐĞƐ
ϭϲ͘ϳй
ϳ͘ϭй
ϰ͘ϴй
ϰ͘ϴй
Ϯ͘ϰй
Ϯ͘ϰй
Ϭй
WƌĞƐĞƌǀĂƚŝǀŽ EŽŵĠƚŽĚŽ ŶŽǀƵůĂƚŽƌŝŽƐ
>dͬ/h
͘/͘
DĠƚŽĚŽĂŶƚŝĐŽŶĐĞƉƚŝǀŽ
&XDQGRFRPSDUDPRVODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\REVWpWULFDVGHODVJHVWDQWHV
FRQ LQIRUPDFLyQ FRPSOHWD GXUDQWH WRGR HO VHJXLPLHQWR Q FRQ DTXHOODV GH ODV TXH
58
5(68/7$'26
VROR VH UHFDEy LQIRUPDFLyQ GXUDQWH HO HPEDUD]R Q QR VH HQFXHQWUDQ GLIHUHQFLDV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHODVGLIHUHQWHVYDULDEOHVHQWUHDPERVJUXSRVWDEOD
7DEODD&RPSDUDFLyQGHYDULDEOHVVRFLRGHPRJUiILFDV\REVWpWULFDVHQWUH
ODVPXMHUHVHQFXHVWDGDV
DƵũĞƌĞƐĐŽŶ
ĞŶĐƵĞƐƚĂƐĞŶ
ĞŵďĂƌĂnjŽLJ
ƉŽƐƚƉĂƌƚŽ
Eсϰϭ;йͿ
DƵũĞƌĞƐĐŽŶ
ĞŶĐƵĞƐƚĂƐ
ƷŶŝĐĂŵĞŶƚĞĞŶ
ĞŵďĂƌĂnjŽ
EсϳϬ;йͿ
чϯϬĂŹŽƐ
ϭϲ;ϯϵͿ
ϯϵ;ϱϱ͘ϳͿ
хϯϬĂŹŽƐ
Ϯϱ;ϲϭͿ
ϯϭ;ϰϰ͘ϯͿ
EƵůşƉĂƌĂƐ
Ϯϭ;ϱϭ͘ϮͿ
ϯϵ;ϱϱ͘ϳͿ
DƵůƚşƉĂƌĂƐ
ϮϬ;ϰϴ͘ϴͿ
ϯϭ;ϰϰ͘ϯͿ
sĂůŽƌƉΎ
ĚĂĚŵĂƚĞƌŶĂ
Ϭ͘ϭϯϯ
WĂƌŝĚĂĚ
Ϭ͘ϳϰϲ
ƐƚĂĚŽĐŝǀŝů
^ŽůƚĞƌĂƐ
Ϯ;ϰ͘ϵͿ
ϳ;ϭϬͿ
ĂƐĂĚĂƐ
ϯϵ;ϵϱ͘ϭͿ
ϲϯ;ϵϬͿ
Ϭ͘ϱϱϯ
ƐƚƵĚŝŽƐŵĂƚĞƌŶŽƐ
ĄƐŝĐŽƐ
Ϯϱ;ϲϭͿ
ϰϲ;ϲϱ͘ϳͿ
DĞĚŝŽƐͬ^ƵƉĞƌŝŽƌĞƐ
ϭϲ;ϯϵͿ
Ϯϰ;ϯϰ͘ϯͿ
ĄƐŝĐŽƐ
Ϯϴ;ϲϴ͘ϯͿ
ϱϲ;ϴϬͿ
DĞĚŝŽƐͬ^ƵƉĞƌŝŽƌĞƐ
ϭϯ;ϯϭ͘ϳͿ
ϭϰ;ϮϬͿ
Ϭ͘ϳϲϲ
ƐƚƵĚŝŽƐƉĂƚĞƌŶŽƐ
Ϭ͘Ϯϰϳ
^ĞŵĂŶĂŐĞƐƚĂĐŝŽŶĂůĚĞůƉĂƌƚŽ
WƌĞƚĠƌŵŝŶŽ;фϯϳƐĞŵĂŶĂƐͿ
ϰ;ϵ͘ϴͿ
ϲ;ϴ͘ϲͿ
ƚĠƌŵŝŶŽ;шϯϳƐĞŵĂŶĂƐͿ
ϯϳ;ϵϬ͘ϮͿ
ϲϰ;ϵϭ͘ϰͿ
ƐƉŽŶƚĄŶĞŽ
Ϯϵ;ϳϬ͘ϴͿ
ϯϳ;ϱϮ͘ϵͿ
/ŶĚƵĐŝĚŽ
ϭϭ;Ϯϲ͘ϴͿ
Ϯϲ;ϯϳ͘ϭͿ
ĞƐĄƌĞĂ
ϭ;Ϯ͘ϰͿ
ϳ;ϭϬͿ
ƐƉŽŶƚĄŶĞŽ
Ϯϴ;ϲϴ͘ϮͿ
ϯϱ;ϱϬͿ
/ŶƐƚƌƵŵĞŶƚĂů
ϰ;ϵ͘ϴͿ
ϭϯ;ϭϴ͘ϲͿ
ĞƐĄƌĞĂ
ϵ;ϮϮͿ
ϮϮ;ϯϭ͘ϰͿ
^ş
Ϯϰ;ϱϴ͘ϱͿ
ϯϴ;ϱϰ͘ϯͿ
EŽ
ϭϳ;ϰϭ͘ϱͿ
ϯϮ;ϰϱ͘ϳͿ
^ş
ϰϬ;ϵϳ͘ϲͿ
ϲϮ;ϴϴ͘ϲͿ
EŽ
ϭ;Ϯ͘ϰͿ
ϴ;ϭϭ͘ϰͿ
ϭ
/ŶŝĐŝŽĚĞůƉĂƌƚŽ
Ϭ͘ϭϭϵ
dĞƌŵŝŶĂĐŝſŶĚĞůƉĂƌƚŽ
Ϭ͘ϭϲϬ
ĞƐŐĂƌƌŽLJͬŽƉŝƐŝŽƚŽŵşĂ
Ϭ͘ϴϰϲ
>ĂĐƚĂŶĐŝĂĂůĂůƚĂ
Ϭ͘ϭϰϵ
WĞƐŽZE
Ϯ;ϰ͘ϵͿ
Ϯ;Ϯ͘ϵͿ
ϯϱ;ϴϱ͘ϰͿ
ϲϰ;ϵϭ͘ϰͿ
ϰ;ϵ͘ϴͿ
ϰ;ϱ͘ϳͿ
EŽ
ϯϴ;ϵϮ͘ϳͿ
ϲϱ;ϵϮ͘ϵͿ
^ş
ϯ;ϳ͘ϯͿ
ϱ;ϳ͘ϭͿ
фϮ͘ϱϬϬŐ
Ϯ͘ϱϬϬŐͲϰ͘ϬϬϬŐ
хϰ͘ϬϬϬŐ
Ϭ͘ϴϰϲ
/ŶŐƌĞƐŽZE
Ϭ͘ϱϱϰ
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
59
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(92/8&,Ï1'(/$6(;8$/,'$''85$17((/(0%$5$=2
<(/32673$572
(QORVFXHVWLRQDULRVDGPLQLVWUDGRVHQFDGDYLVLWDVHHYDO~DQORVGLIHUHQWHVDVSHFWRVUHODFLRQDGRV
FRQODVH[XDOLGDGHQWUHHOORVODIUHFXHQFLDGHUHODFLRQHVVH[XDOHVODIUHFXHQFLDGHRUJDVPROD
VDWLVIDFFLyQFRQODVUHODFLRQHV\ODSUHVHQFLDGHGRORURPROHVWLDVFRQODVPLVPDV$FRQWLQXDFLyQ
VHGHVFULEHODHYROXFLyQGHHVWDVYDULDEOHVDORODUJRGHODVYLVLWDVSURJUDPDGDVHQHOVHJXLPLHQWR
)UHFXHQFLDGHUHODFLRQHVVH[XDOHV
6LDQDOL]DPRVODIUHFXHQFLDGHODVUHODFLRQHVVH[XDOHVHQODHWDSDSUHYLDDODJHVWDFLyQ
GXUDQWH HOOD \ HQ HO SRVWSDUWR \ PHVHV HQFRQWUDPRV TXH H[LVWH XQD GLVPLQXFLyQ
SURJUHVLYDGHODPLVPDUHFXSHUiQGRVHSDUFLDOPHQWHHQHOSRVWSDUWRWDEOD
7DEOD(YROXFLyQGHODVYDULDEOHVGHVH[XDOLGDGHQODHWDSDSUHJHVWDFLRQDOHPEDUD]R\SRVWSDUWR
WƌĞŐĞƐƚĂĐŝŽŶĂů ^ĞŵĂŶĂϮϬ ^ĞŵĂŶĂϯϬ ^ĞŵĂŶĂϯϴ
Eсϭϭϭ;йͿ
Eсϭϭϭ;йͿ
ϯǑŵĞƐ
ƉŽƐƚƉĂƌƚŽ
ϲǑŵĞƐ
ƉŽƐƚƉĂƌƚŽ
Eсϰϭ;йͿ
EсϭϬϲ;йͿ
Eсϵϳ;йͿ
Eсϰϭ;йͿ
sĂůŽƌƉΎ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂů
ƐĐĂƐĂ
ϭϭ;ϵ͘ϵͿ
ϰϬ;ϯϲ͘ϬͿ
ϰϵ;ϰϲ͘ϯͿ
ϲϲ;ϲϴ͘ϬͿ
ϭϲ;ϯϵ͘ϬͿ
ϴ;ϭϵ͘ϱͿ
^ĞŵĂŶĂů
Ϯϴ;Ϯϱ͘ϮͿ
ϯϰ;ϯϬ͘ϲͿ
Ϯϴ;Ϯϲ͘ϰͿ
ϭϲ;ϭϲ͘ϱͿ
ϭϲ;ϯϵ͘ϬͿ
ϭϱ;ϯϲ͘ϲͿ
хϭͬƐĞŵĂŶĂ
ϲϰ;ϱϳ͘ϳͿ
ϯϰ;ϯϬ͘ϲͿ
Ϯϰ;ϮϮ͘ϲͿ
ϭϯ;ϭϯ͘ϰͿ
ϴ;ϭϵ͘ϱͿ
ϭϳ;ϰϭ͘ϱͿ
ϴ;ϳ͘ϮͿ
ϯ;Ϯ͘ϴͿ
ϱ;ϰ͘ϳͿ
Ϯ;Ϯ͘ϭͿ
ϭ;Ϯ͘ϰͿ
ϭ;Ϯ͘ϰͿ
ƐĐĂƐŽ
Ϯϭ;ϭϴ͘ϵͿ
Ϯϵ;Ϯϲ͘ϮͿ
Ϯϴ;Ϯϲ͘ϰͿ
ϰϮ;ϰϯ͘ϯͿ
ϭϬ;Ϯϰ͘ϰͿ
ϴ;ϭϵ͘ϱͿ
&ƌĞĐƵĞŶƚĞ
ϰϮ;ϯϳ͘ϴͿ
ϯϭ;Ϯϳ͘ϵͿ
Ϯϵ;Ϯϳ͘ϰͿ
ϭϵ;ϭϵ͘ϲͿ
ϭϯ;ϯϭ͘ϳͿ
ϭϮ;Ϯϵ͘ϯͿ
^ŝĞŵƉƌĞ
ϰϴ;ϰϯ͘ϯͿ
ϱϭ;ϰϱ͘ϵͿ
ϰϵ;ϰϲ͘ϮͿ
ϯϲ;ϯϳ͘ϭͿ
ϭϴ;ϰϯ͘ϵͿ
Ϯϭ;ϱϭ͘ϮͿ
Ϭ;Ϭ͘ϬͿ
ϯ;Ϯ͘ϳͿ
ϲ;ϱ͘ϳͿ
ϭϬ;ϭϬ͘ϰͿ
ϯ;ϳ͘ϯͿ
ϭ;Ϯ͘ϰͿ
Ϯϭ;ϭϴ͘ϵͿ
ϯϭ;Ϯϳ͘ϵͿ
Ϯϭ;ϭϵ͘ϴͿ
Ϯϳ;Ϯϳ͘ϴͿ
ϭϭ;Ϯϲ͘ϴͿ
ϵ;Ϯϭ͘ϵͿ
ϵϬ;ϴϭ͘ϭͿ
ϳϳ;ϲϵ͘ϰͿ
ϳϵ;ϳϰ͘ϱͿ
ϲϬ;ϲϭ͘ϴͿ
Ϯϳ;ϲϱ͘ϵͿ
ϯϭ;ϳϱ͘ϲͿ
ŽůŽƌĚƵƌĂŶƚĞĞů
ĐŽŝƚŽ
EƵŶĐĂ
ϰϯ;ϯϴ͘ϳͿ
ϯϳ;ϯϯ͘ϯͿ
ϯϴ;ϯϱ͘ϴͿ
Ϯϵ;Ϯϵ͘ϵͿ
ϭϴ;ϰϯ͘ϵͿ
Ϯϯ;ϱϲ͘ϭͿ
ůŐƵŶĂǀĞnj
ϲϱ;ϱϴ͘ϲͿ
ϲϱ;ϱϴ͘ϲͿ
ϲϮ;ϱϴ͘ϱͿ
ϱϰ;ϱϱ͘ϳͿ
ϮϬ;ϰϴ͘ϴͿ
ϭϱ;ϯϲ͘ϲͿ
&ƌĞĐƵĞŶƚĞŽ
ƐŝĞŵƉƌĞ
ϯ;Ϯ͘ϳͿ
ϵ;ϴ͘ϭͿ
ϲ;ϱ͘ϳͿ
ϭϰ;ϭϰ͘ϰͿ
ϯ;ϳ͘ϯͿ
ϯ;ϳ͘ϯͿ
ŝĂƌŝŽ
&ƌĞĐƵĞŶĐŝĂĚĞ
ŽƌŐĂƐŵŽ
^ĂƚŝƐĨĂĐĐŝſŶ
/ŶƐĂƚŝƐĨĂĐĐŝſŶ
Ž ƌĞĐŚĂnj
ůŐƵŶĂ
ƐĂƚŝƐĨĂĐĐŝſŶ
^ĂƚŝƐĨĂĐĐŝſŶ
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞ&ƌŝĞĚŵĂŶ͕ĐŽŶƐŝĚĞƌĂŶĚŽƚŽĚĂƐůĂƐǀŝƐŝƚĂƐĚĞĐĂĚĂǀĂƌŝĂďůĞ͘
60
фϬ͘ϬϬϭ
Ϭ͘ϬϬϲ
фϬ͘ϬϬϭ
Ϭ͘Ϭϭϲ
5(68/7$'26
'H PDQHUD TXH DQWHV GH OD JHVWDFLyQ XQD IUHFXHQFLD HVFDVD PHQRV GH XQ FRLWR
VHPDQDOVHREVHUYyHQHOGHORVFDVRVHOHYiQGRVHKDVWDHODQWHVGHOSDUWR\
GHVFHQGLHQGRDORVPHVHVDO3RUHOFRQWUDULRDTXHOORVFDVRVFRQIUHFXHQFLDV
FRLWDOHV PD\RUHV D XQR VHPDQDO R GLDULR GLVPLQX\HURQ D OR ODUJR GH OD JHVWDFLyQ
FRQVLGHUDEOHPHQWHGHVGHHO\SUHYLRDOHPEDUD]RKDVWDHO\HQOD
VHPDQD GH HPEDUD]R UHVSHFWLYDPHQWH HOHYiQGRVH D ORV PHVHV SRVWSDUWR KDVWD HO
\UHVSHFWLYDPHQWHWDEOD
(Q OD ILJXUD VH UHFRJH OD FRPSDUDFLyQ GH OD IUHFXHQFLD FRLWDO HQWUH ODV GLIHUHQWHV
YLVLWDV (VWDV GLIHUHQFLDV UHVXOWDQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV S
HVSHFLDOPHQWH HQWUH OD IUHFXHQFLD GH FRLWR DQWHV GH OD JHVWDFLyQ \ OD IUHFXHQFLD HQ ODV
WUHVYLVLWDVGHOHPEDUD]RSHQHOVHQWLGRGHXQDGLVPLQXFLyQSURJUHVLYD
)LJXUD(YROXFLyQGH)UHFXHQFLDFRLWDOGXUDQWHHWDSDSUHJHVWDFLRQDOHPEDUD]R\SRVWSDUWR
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂů
Ě
ϭϬϬй
ƐĐĂƐĂ
Đ
ϵϬй
^ĞŵĂŶĂů
ď
ϴϬй
Ă
хϭͬƐĞŵĂŶĂ
Ğ
ŝĂƌŝŽ
Ĩ
ϳϬй
Ő
ϲϬй
Ś
ϱϬй
Ă
ď
Đ
Ě
Ğ
Ĩ
Ő
Ś
ϰϬй
ϯϬй
ϮϬй
ϭϬй
ŽŵƉĂƌĂĐŝſŶ
ŶƚĞƐ Ͳ ϮϬ ƐŐ
ŶƚĞƐͲ ϯϬ ƐŐ
ŶƚĞƐͲ ϯϴ ƐŐ
ŶƚĞƐͲ ϯ ŵ
ϮϬƐŐͲ ϯϴ ƐŐ
ϯϬƐŐͲ ϯϴƐŐ
ϯϴ ƐŐ Ͳ ϯŵ
ϯϴ ƐŐ Ͳ ϲŵ
sĂůŽƌƉ
фϬ͘ϬϬϭ
фϬ͘ϬϬϭ
фϬ͘ϬϬϭ
Ϭ͘Ϭϭϱ
Ϭ͘ϬϬϮ
Ϭ͘ϬϮϮ
Ϭ͘ϬϭϮ
фϬ͘ϬϬϭ
Ϭй
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
7BMPSQDBMDVMBEPNFEJBOUF5FTUEF'SJFENBO4PMPTFSFGMFKBOMBTEJGFSFODJBTTJHOJGJDBUJWBT
1RKD\GLIHUHQFLDVDOFRPSDUDUODIUHFXHQFLDVH[XDOHQWUHODVVHPDQDV\S \Vt
HQWUHpVWDV\ODIUHFXHQFLDHQODVHPDQDS S 61
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(Q FXDQWR D OD IUHFXHQFLD HQ HO WHUFHU PHV SRVWSDUWR VH REVHUYDQ
GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV FRQ OD IUHFXHQFLD FRLWDO SUHJHVWDFLRQDO
S \FRQODVHPDQDS SHURQRFRQHOVH[WRPHVSRVWSDUWRS /DIUHFXHQFLDHQHOVH[WRPHVSRVWSDUWRVyORPXHVWUDGLIHUHQFLDVVLJQLILFDWLYDVFRQOD
VHPDQDS
/RV PLVPRV UHVXOWDGRV VH REWLHQHQ DO DJUXSDU OD YDULDEOH IUHFXHQFLD FRLWDO HQ GRV
FDWHJRUtDVEXHQD\UHJXODUPDODVHREVHUYDXQGHVFHQVRGHHVWDIUHFXHQFLDGXUDQWHOD
JHVWDFLyQ GHVGH HO HVWDGR SUHJHVWDFLRQDO KDVWD HO PRPHQWR GHO SDUWR DXPHQWDQGR
SRVWHULRUPHQWHHQODHWDSDSRVWSDUWRFRPRYHPRVHQODWDEOD'HIRUPDTXHHO
GHODVPXMHUHVGHOHVWXGLRSUHVHQWDEDQEXHQDIUHFXHQFLDFRLWDODQWHVGHODJHVWDFLyQTXH
VHUHGXMRDOHQODVVHPDQDVSUHYLDVDOSDUWRUHFXSHUiQGRVHKDVWDHODORV
PHVHVGHOSDUWR
7DEOD(YROXFLyQGHODVYDULDEOHVGHVH[XDOLGDGFRQODVYDULDEOHVDJUXSDGDVHQGRVFDWHJRUtDV
HQHWDSDSUHJHVWLRQDOHPEDUD]R\SRVWSDUWR
WƌĞŐĞƐƚĂĐŝŽŶĂů ^ĞŵĂŶĂϮϬ ^ĞŵĂŶĂϯϬ ^ĞŵĂŶĂϯϴ
Eсϭϭϭ;йͿ
Eсϭϭϭ;йͿ
EсϭϬϲ;йͿ
Eсϵϳ;йͿ
ϯǑŵĞƐ
ƉŽƐƚƉĂƌƚŽ
ϲǑŵĞƐ
ƉŽƐƚƉĂƌƚŽ
Eсϰϭ;йͿ
Eсϰϭ;йͿ
sĂůŽƌƉΎ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂů
ZĞŐƵůĂƌͬŵĂůĂ
ϭϭ;ϵ͘ϵͿ
ϰϬ;ϯϲ͘ϬͿ
ϰϵ;ϰϲ͘ϯͿ
ϲϲ;ϲϴ͘ϬͿ
ϭϲ;ϯϵ͘ϬͿ
ϴ;ϭϵ͘ϱͿ
ϭϬϬ;ϵϬ͘ϭͿ
ϳϭ;ϲϰ͘ϬͿ
ϱϳ;ϱϯ͘ϳͿ
ϯϭ;ϯϮ͘ϬͿ
Ϯϱ;ϲϬ͘ϵͿ
ϯϯ;ϴϬ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
Ϯϭ;ϭϴ͘ϵͿ
Ϯϵ;Ϯϲ͘ϮͿ
Ϯϴ;Ϯϲ͘ϰͿ
ϰϮ;ϰϯ͘ϯͿ
ϭϬ;Ϯϰ͘ϰͿ
ϴ;ϭϵ͘ϱͿ
ƵĞŶĂ
ϵϬ;ϴϭ͘ϭͿ
ϴϮ;ϳϯ͘ϴͿ
ϳϴ;ϳϯ͘ϲͿ
ϱϱ;ϱϲ͘ϳͿ
ϯϭ;ϳϱ͘ϲͿ
ϯϯ;ϴϬ͘ϱͿ
Ϭ;Ϭ͘ϬͿ
ϯ;Ϯ͘ϳͿ
ϲ;ϱ͘ϳͿ
ϭϬ;ϭϬ͘ϰͿ
ϯ;ϳ͘ϯͿ
ϭ;Ϯ͘ϰͿ
ϭϭϭ;ϭϬϬͿ
ϭϬϴ;ϵϳ͘ϯͿ
ϭϬϬ;ϵϰ͘ϯͿ
ϴϳ;ϴϵ͘ϲͿ
ϯϴ;ϵϮ͘ϳͿ
ϰϬ;ϵϳ͘ϲͿ
ϭϬϴ;ϵϳ͘ϯͿ
ϭϬϮ;ϵϭ͘ϵͿ
ϭϬϬ;ϵϰ͘ϯͿ
ϴϯ;ϴϱ͘ϲͿ
ϯϴ;ϵϮ͘ϳͿ
ϯϴ;ϵϮ͘ϳͿ
ϯ;Ϯ͘ϳͿ
ϵ;ϴ͘ϭͿ
ϲ;ϱ͘ϳͿ
ϭϰ;ϭϰ͘ϰͿ
ϯ;ϳ͘ϯͿ
ϯ;ϳ͘ϯͿ
ƵĞŶĂ
&ƌĞĐƵĞŶĐŝĂĚĞ
ŽƌŐĂƐŵŽ
фϬ͘ϬϬϭ
Ϭ͘ϬϮϳ
^ĂƚŝƐĨĂĐĐŝſŶ
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
ŽůŽƌĚƵƌĂŶƚĞĞů
ĐŽŝƚŽ
EŽ
^ş
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚYĚĞŽĐŚƌĂŶ͘
62
Ϭ͘ϱϮϬ
Ϭ͘Ϭϳϳ
5(68/7$'26
/DV
GLIHUHQFLDV
REVHUYDGDV
VRQ
HVWDGtVWLFDPHQWH
VLJQLILFDWLYDV
S
IXQGDPHQWDOPHQWHHQWUHODHWDSDSUHJHVWDFLRQDO\ODVWUHVYLVLWDVGHOHPEDUD]RS HQ VHPDQD S HQ VHPDQD \ S HQ VHPDQD HQ HO VHQWLGR GH XQD
GLVPLQXFLyQSURJUHVLYDGHODIUHFXHQFLDILJXUDGHIRUPDVHPHMDQWHDORTXHVXFHGtD
HQHODQiOLVLVDQWHULRU
)LJXUD(YROXFLyQGH)UHFXHQFLDFRLWDOGXUDQWHHWDSDSUHJHVWDFLRQDOHPEDUD]R\SRVWSDUWR
FRQODYDULDEOHDJUXSDGDHQGRVFDWHJRUtDV
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂů
Đ
ϭϬϬй
ď
Ă
ϵϬй
Ě
ƵĞŶĂ
Ĩ
ϴϬй
ZĞŐƵůĂƌͬŵĂůĂ
Ğ
Ő
ϳϬй
ϲϬй
ϱϬй
Ă
ď
Đ
Ě
Ğ
Ĩ
Ő
ϰϬй
ϯϬй
ϮϬй
ŽŵƉĂƌĂĐŝſŶ
ŶƚĞƐͲ ϮϬ ƐŐ
ŶƚĞƐͲ ϯϬ ƐŐ
ŶƚĞƐͲ ϯϴ ƐŐ
ϮϬͲ ϯϴ ƐŐ
ϯϴ ƐŐ Ͳ ϯŵ
ϯϴƐŐͲ ϲŵ
ϯϬƐŐͲ ϲŵ
sĂůŽƌƉ
Ϭ͘ϬϮϱ
Ϭ͘ϬϬϭ
фϬ͘ϬϬϭ
Ϭ͘ϬϮϱ
Ϭ͘Ϭϭ
Ϭ͘ϬϬϭ
Ϭ͘Ϭϭ
ϭϬй
Ϭй
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚYĚĞŽĐŚƌĂŶ͘^ŽůŽƐĞƌĞĨůĞũĂŶůĂƐĚŝĨĞƌĞŶĐŝĂƐƐŝŐŶŝĨŝĐĂƚŝǀĂƐ͘
$VLPLVPRREVHUYDPRVGLIHUHQFLDVVLJQLILFDWLYDVHQODIUHFXHQFLDHQWUHODVHPDQD
\ODVYLVLWDVSUHSDUWRS HQVHPDQD\SRVWSDUWRS HQPHVHV
SRVWSDUWR S HQ PHVHV SRVWSDUWR VDOYR FRQ OD VHPDQD S (O
VH[WR PHV SRVWSDUWR PXHVWUD DGHPiV GLIHUHQFLDV VLJQLILFDWLYDV FRQ OD VHPDQD S HQ HO VHQWLGR GH REVHUYDU XQD UHFXSHUDFLyQ SDUFLDO GH OD IUHFXHQFLD
VH[XDO
63
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
)UHFXHQFLDGHRUJDVPR
6LJXLHQGRHOPLVPRHVTXHPDXWLOL]DGRFRQODYDULDEOHGHIUHFXHQFLDFRLWDOVHUHDOL]DHO
DQiOLVLVGHODHYROXFLyQGHODIUHFXHQFLDGHRUJDVPRWDEOD(OHVWXGLRGHHVWDYDULDEOH
QRVPXHVWUDTXHVHSURGXFHXQDGLVPLQXFLyQSURJUHVLYDDORODUJRGHOHPEDUD]RTXHVH
KDFHPiVHYLGHQWHHQODVHPDQDUHVSHFWRDDQWHVGHODJHVWDFLyQ\XQDUHFXSHUDFLyQ
HQHOSRVWSDUWRFRPRSRGHPRVDSUHFLDUHQODILJXUD
)LJXUD͘(YROXFLyQGHIUHFXHQFLDGHRUJDVPRGXUDQWHODHWDSDSUHJHVWDFLRQDOHPEDUD]R\SRVWSDUWR
&ƌĞĐƵĞŶĐŝĂĚĞŽƌŐĂƐŵŽ
ϭϬϬй
ϵϬй
ϴϬй
ϳϬй
ϲϬй
ϱϬй
ϰϬй
ϯϬй
ϮϬй
ϭϬй
Ϭй
ƉсϬ͘Ϭϰϲ
ƐĐĂƐŽ
&ƌĞĐƵĞŶƚĞ
^ŝĞŵƉƌĞ
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞ&ƌŝĞĚŵĂŶ͘^ŽůŽƐĞƌĞĨůĞũĂŶůĂƐĚŝĨĞƌĞŶĐŝĂƐƐŝŐŶŝĨŝĐĂƚŝǀĂƐ͘
$Vt OD WDVD GH DQRUJDVPLDKLSRRUJDVPLD DXPHQWD FRQVLGHUDEOHPHQWH HQ OD VHPDQD GH JHVWDQWHV UHVSHFWR D ORV UHVXOWDGRV SUHJHVWDFLRQDOHV FRQ XQ
GHVFHQVR SDXODWLQR GH OD PLVPD D ORV \ PHVHV SRVWSDUWR \ UHVSHFWLYDPHQWH
/D FRPSDUDFLyQ GH OD IUHFXHQFLD GH RUJDVPR HQWUH ODV GLVWLQWDV YLVLWDV PXHVWUD
JOREDOPHQWH GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV S IXQGDPHQWDOPHQWH
HQWUHODVHPDQD\ODHWDSDSUHJHVWDFLRQDOS 6HREVHUYDXQDWHQGHQFLDKDFLD
XQD GLVPLQXFLyQ HQ OD IUHFXHQFLD GH RUJDVPR HQWUH OD VHPDQD \ OD VHPDQD S TXHQRUHVXOWDVLJQLILFDWLYD'HOPLVPRPRGRQRHQFRQWUDPRVGLIHUHQFLDV
64
5(68/7$'26
HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQWUH OD HWDSD SUHYLD DO HPEDUD]R \ ODV VHPDQDV \
QLHQWUHHVWDV~OWLPDVHQWUHVt
,JXDOPHQWHHQHOSHULRGRSRVWSDUWRDSHVDUGHDSUHFLDUVHXQDXPHQWRHQODIUHFXHQFLDGH
RUJDVPRODVGLIHUHQFLDVWDPSRFRUHVXOWDQVLJQLILFDWLYDVUHVSHFWRDHWDSDVSUHYLDV
/D IUHFXHQFLD GH RUJDVPR DO DJUXSDUOD HQ GRV FDWHJRUtDV EXHQD \ UHJXODUPDOD
PDQWLHQHODPLVPDHYROXFLyQTXHHQHODQiOLVLVDQWHULRUFRQXQDGLVPLQXFLyQGHVGHOD
HWDSDSUHYLDDOHPEDUD]RKDVWDODVHPDQD\XQDPDUFDGDUHFXSHUDFLyQSRVWSDUWRHQHO
JUXSRTXHUHIHUtDEXHQDIUHFXHQFLDGHRUJDVPRWDEOD$VtHQHOVH[WRPHVSRVWSDUWR
HOGHODVPXMHUHVUHILULHURQWHQHUEXHQDIUHFXHQFLDGHRUJDVPRGHPRGRVLPLODUD
ODHWDSDSUHJHVWDFLRQDOHQFRPSDUDFLyQFRQHOHQODVVHPDQDVSUHYLDVDO
SDUWR
$VLPLVPR ODV GLIHUHQFLDV HQFRQWUDGDV HQ OD IUHFXHQFLD GH RUJDVPR HQ WUH ODV G LVWLQ WDV
HWDSDV VRQ VLJQLILFDWLYDV S HVSHFLDOPHQWH HQWUH OD VHPDQD \ HO VH[WR PHV
SRVWSDUWR S FRPR VH REVHUYD HQ OD ILJXUD (QWUH OD VHPDQD \ VH
REVHUYD HVWD WHQGHQFLD KDFLD HO GHVFHQVR GH IUHFXHQFLD RUJiVPLFD DXQTXH QR UHVXOWD
VLJQLILFDWLYDS )LJXUD (YROXFLyQ GH )UHFXHQFLD GH RUJDVPR GXUDQWH OD HWDSD SUHJHVWDFLRQDO
HPEDUD]R\SRVWSDUWRFRQODYDULDEOHDJUXSDGDHQGRVFDWHJRUtDV
&ƌĞĐƵĞŶĐŝĂĚĞŽƌŐĂƐŵŽ
ϭϬϬй
ϵϬй
ϴϬй
ϳϬй
ϲϬй
ϱϬй
ϰϬй
ϯϬй
ϮϬй
ϭϬй
Ϭй
ƉсϬ͘ϬϮϰ
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚYĚĞŽĐŚƌĂŶ͘^ŽůŽƐĞƌĞĨůĞũĂŶůĂƐĚŝĨĞƌĞŶĐŝĂƐƐŝŐŶŝĨŝĐĂƚŝǀĂƐ͘
65
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
6DWLVIDFFLyQVH[XDO
(O DQiOLVLV GH HVWH DVSHFWR GH OD VH[XDOLGDG HQ ODV GLVWLQWDV YLVLWDV PXHVWUD XQ
HPSHRUDPLHQWR SURJUHVLYR GH OD VDWLVIDFFLyQ KDVWD HO PRPHQWR GHO SDUWR \ XQD
UHFXSHUDFLyQ HQ OD HWDSD SRVWSDUWR TXH VLQ HPEDUJR QR DOFDQ]D QLYHOHV SUHYLRV D OD
JHVWDFLyQ 'HVWDFD HO JUXSR GH JHVWDQWHV TXH UHILHUHQ LQVDWLVIDFFLyQ R UHFKD]R DQWH OD
UHODFLyQVH[XDO\DTXHpVWHVHLQFUHPHQWDGHVGHXQHQODHWDSDSUHYLDDOHPEDUD]RD
XQDOILQDOGHOPLVPRGLVPLQX\HQGRGHVSXpVHQHOSRVWSDUWRDXQDORV
PHVHVWDEOD
/RV UHVXOWDGRV REWHQLGRV GHPXHVWUDQ GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQWUH
WRGDV ODV HWDSDV HYDOXDGDV S IXQGDPHQWDOPHQWH HQORV QLYHOHVGH VDWLVIDFFLyQ
SUHYLRVDOHPEDUD]RUHVSHFWRDORVQLYHOHVHQVHPDQDS FRPRVHUHSUHVHQWD
HQ OD ILJXUD (Q OD HWDSD SRVWSDUWR QR VH REVHUYDQ GLIHUHQFLDV VLJQLILFDWLYDV FRQ HO
UHVWRGHYLVLWDV
)LJXUD͘(YROXFLyQGH6DWLVIDFFLyQVH[XDOGXUDQWHODHWDSDSUHJHVWDFLRQDOHPEDUD]R\SRVWSDUWR
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂů
ϭϬϬй
ϵϬй
ƉсϬ͘ϬϮϳ
ϴϬй
ϳϬй
ϲϬй
/ŶƐĂƚŝƐĨĂĐĐŝſŶŽƌĞĐŚĂnjŽ
ϱϬй
ůŐƵŶĂƐĂƚŝƐĨĂĐĐŝſŶ
ϰϬй
^ĂƚŝƐĨĂĐĐŝſŶ
ϯϬй
ϮϬй
ϭϬй
Ϭй
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞ&ƌŝĞĚŵĂŶ͘^ŽůŽƐĞƌĞĨůĞũĂŶůĂƐĚŝĨĞƌĞŶĐŝĂƐƐŝŐŶŝĨŝĐĂƚŝǀĂƐ͘
(O HVWXGLR GH HVWD YDULDEOH GH VH[XDOLGDG DJUXSDGD HQ GRV FDWHJRUtDV QR PXHVWUD
LQIRUPDFLyQDGLFLRQDODODUHIHULGDDQWHULRUPHQWH
66
5(68/7$'26
'RORURPROHVWLDVFRQODVUHODFLRQHV
3RU ~OWLPR VH DQDOL]D OD HYROXFLyQ GHO GRORU R OD SUHVHQFLD GH PROHVWLDV FRQ ODV
UHODFLRQHV GXUDQWH OD JHVWDFLyQ \ HO SRVWSDUWR HQFRQWUDQGR XQ DXPHQWR GH GRORU
IXQGDPHQWDOPHQWHHQODVVHPDQDVSUHSDUWRTXHWLHQGHDPHMRUDUHQHOSRVWSDUWRSHUR
VLQUHFXSHUDUQLYHOHVSUHYLRVDOHPEDUD]RWDEOD
$Vt GHVWDFD XQD PD\RU IUHFXHQFLD GH GRORU KDELWXDO IUHFXHQWHVLHPSUH HQ OD VHPDQD
UHVSHFWR D QLYHOHV SUHYLRV DO HPEDUD]R TXH GLVPLQX\H
VLJQLILFDWLYDPHQWHGXUDQWHHOSRVWSDUWR(QHOVH[WRPHVSRVWSDUWRVHREVHUYDXQ
DXPHQWR HQ HO Q~PHUR GH PXMHUHV HQ ODV TXH ODV UHODFLRQHV QXQFD RFDVLRQDQ GRORU
UHVSHFWRDODVHPDQDWDEOD
$OFRPSDUDUHOGRORURPROHVWLDVHQODVUHODFLRQHVGHIRUPDJOREDOHQWUHWRGDVODVHWDSDV
GH OD JHVWDFLyQ \ HO SRVWSDUWR VH REWLHQHQ GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV
S (VWDVGLIHUHQFLDVVHKDFHQPiVHYLGHQWHVFXDQGRFRPSDUDPRVODIUHFXHQFLD
GHGRORUVRODPHQWHHQWUHODVHPDQD\HOSRVWSDUWRSIXQGDPHQWDOPHQWHFRQ
HO VH[WR PHV S FRPR VH UHSUHVHQWD HQ OD ILJXUD 6LQ HPEDUJR QR
HQFRQWUDPRVGLIHUHQFLDVDOFRPSDUDUODVFXDWURYLVLWDVSUHSDUWRS )LJXUD͘(YROXFLyQGHGRORUFRLWDOGXUDQWHODHWDSDSUHJHVWDFLRQDOHPEDUD]R\SRVWSDUWR
ŽůŽƌĐŽŝƚĂů
ϭϬϬй
ϵϬй
ϴϬй
ϳϬй
ϲϬй
ϱϬй
ϰϬй
ϯϬй
ϮϬй
ϭϬй
Ϭй
ƉсϬ͘Ϭϯϲ
EƵŶĐĂ
ůŐƵŶĂǀĞnj
&ƌĞĐƵĞŶƚĞŽƐŝĞŵƉƌĞ
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞ&ƌŝĞĚŵĂŶ͘^ŽůŽƐĞƌĞĨůĞũĂŶůĂƐĚŝĨĞƌĞŶĐŝĂƐƐŝŐŶŝĨŝĐĂƚŝǀĂƐ͘
67
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
'HPRGRVLPLODUDODQWHULRUHODQiOLVLVGHHVWDYDULDEOHDJUXSDGDHQGRVFDWHJRUtDVEXHQD
\UHJXODUPDODPXHVWUDXQDXPHQWRGHGRORUFRLWDOHQODVVHPDQDVSUHSDUWRUHVSHFWRDOD
HWDSDSUHJHVWDFLRQDOTXHGLVPLQX\HWUDVHOSDUWRGHIRUPDSDUFLDOILJXUD6LQHPEDUJR
HVWDV GLIHUHQFLDV QR DOFDQ]DQ OD VLJQLILFDFLyQ HVWDGtVWLFD HQWUH WRGDV ODV HWDSDV HYDOXDGDV
S (Q JHQHUDO OD PD\RUtD GH ODV JHVWDQWHV UHILULHURQ XQD EXHQD VH[XDOLGDG HQ
FXDQWR DO GRORU R PROHVWLDV FRQ ODV UHODFLRQHV \D TXH HO JUXSR GH PXMHUHV TXH QR
SUHVHQWDEDQGRORUIXHGHDORODUJRGHOVHJXLPLHQWRWDEOD
)LJXUD ͘ (YROXFLyQ GH GRORU FRLWDO GXUDQWH OD HWDSD SUHJHVWDFLRQDO HPEDUD]R \
SRVWSDUWRFRQODYDULDEOHDJUXSDGDHQGRVFDWHJRUtDV
ŽůŽƌĐŽŝƚĂů
ϭϬϬй
ϴϬй
ϲϬй
EŽ
ϰϬй
^ş
ϮϬй
Ϭй
ŶƚĞƐ
ϮϬƐŐ
ϯϬƐŐ
ϯϴƐŐ
ϯŵ
ϲŵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚYĚĞŽĐŚƌĂŶ͘
,QIOXHQFLDGHOHPEDUD]R\SDUWRHQODVH[XDOLGDGSRVWSDUWRGHODPXMHU
$ FRQWLQXDFLyQ VH UHDOL]D XQD FRPSDUDFLyQ HQWUH ODV YDULDEOHV GH VH[XDOLGDG
HVWXGLDGDVGHODHWDSDSUHSDUWR\ODVGHOSRVWSDUWRFRQHOILQGHYDORUDUVLHOKHFKR
GHKDEHUHVWDGRHPEDUD]DGD\KDEHUWHQLGRXQSDUWRLQIOX\HHQODVH[XDOLGDGGHOD
PXMHU SRVWHULRUPHQWH DO PLVPR 3DUD HOOR VH DJUXSD OD LQIRUPDFLyQ GH ORV
FXHVWLRQDULRV GH WRGDV ODV YLVLWDV GHO HPEDUD]R \ VH FRPSDUD FRQ ORV FXHVWLRQDULRV
GHOSRVWSDUWR
6L FRPSDUDPRV OD IUHFXHQFLD GH UHODFLRQHV DQWHV \ GHVSXpV GHO SDUWR HQFRQWUDPRV
GLIHUHQFLDV VLJQLILFDWLYDV HQWUH DPEDV S GH PDQHUD TXH H[LVWH XQD PHMRU
68
5(68/7$'26
IUHFXHQFLD FRLWDO HQ HO SRVWSDUWR WDEOD $O DQDOL]DU ODV GLIHUHQWHV
FDWHJRUtDV GH HVWD YDULDEOH VH REVHUYD TXH WRGDV ODV PXMHUHV FRQ EXHQD
IUHFXHQFLD FRLWDO SUHSDUWR PDQWLHQHQ WDPELpQ EXHQD IUHFXHQFLD SRVWSDUWR 'H
ODV PXMHUHV FRQ SHRU IUHFXHQFLD SUHSDUWR HO FRQWLQ~DQ LJXDO HQ HO
SRVWSDUWR SHURHO SDVDQDWHQHUEXHQD IUHFXHQFLD HVGHFLU PHMRUDQHQHO
SRVWSDUWR
7DEOD&RPSDUDFLyQGH)UHFXHQFLDFRLWDOSUHSDUWRFRQSRVWSDUWR
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůWŽƐƚƉĂƌƚŽ
dŽƚĂů
ZĞŐƵůĂƌͬŵĂů
ƵĞŶĂ
Eсϰϭ;ϭϬϬйͿ
ϭϲ;ϰϳ͘ϭͿ
ϭϴ;ϱϮ͘ϵͿ
ϯϰ;ϭϬϬͿ
ϳ;ϭϬϬͿ
ϳ;ϭϬϬͿ
sĂůŽƌƉΎ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂů
WƌĞƉĂƌƚŽ
ZĞŐƵůĂƌͬŵĂů
Ϭ;Ϭ͘ϬͿ
ƵĞŶĂ
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞDĐEĞŵĂƌ͘
фϬ͘ϬϬϭ
/RPLVPRRFXUUHFRQHORUJDVPRSUH\SRVWSDUWRHQFRQWUDQGRGLIHUHQFLDVHQWUH
DPEDV HWDSDV S FRQ XQD PD\RU IUHFXHQFLD GH RUJDVPR HQ HO SRVWSDUWR
WDEOD 'HO WRWDO GH ODV PXMHUHV FRQ SHRU IUHFXHQFLD GH RUJDVPR SUHSDUWR HO
SDVDQ D WHQHU EXHQD IUHFXHQFLD 'H DTXHOODV TXH SDUWHQ GH XQD EXHQD
IUHFXHQFLDRUJiVPLFDSUHSDUWRHOFRQWLQXDFRQEXHQDIUHFXHQFLDWDPELpQ
HQHOSRVWSDUWR
7DEOD&RPSDUDFLyQGH)UHFXHQFLDGH2UJDVPRSUHSDUWRFRQSRVWSDUWR
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽWŽƐƚƉĂƌƚŽ
dŽƚĂů
ZĞŐƵůĂƌͬŵĂů
ƵĞŶĂ
Eсϰϭ;ϭϬϬйͿ
ϵ;ϯϳ͘ϱͿ
ϭϱ;ϲϮ͘ϱͿ
Ϯϰ;ϭϬϬͿ
Ϯ;ϭϭ͘ϴͿ
ƵĞŶĂ
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞDĐEĞŵĂƌ͘
ϭϱ;ϴϴ͘ϮͿ
ϭϳ;ϭϬϬͿ
sĂůŽƌƉΎ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽ
WƌĞƉĂƌƚŽ
ZĞŐƵůĂƌͬŵĂů
Ϭ͘ϬϬϰ
69
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
6LQ HPEDUJR QR VH KD HQFRQWUDGR QLQJXQD UHODFLyQ HQWUH OD VDWLVIDFFLyQ DQWHV \
GHVSXpVGHOSDUWRS WDEOD
7DEOD͘&RPSDUDFLyQGH6DWLVIDFFLyQVH[XDOSUHSDUWRFRQSRVWSDUWR
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůWŽƐƚƉĂƌƚŽ
dŽƚĂů
ZĞŐƵůĂƌͬŵĂů
ƵĞŶĂ
Eсϰϭ;ϭϬϬйͿ
Ϭ;Ϭ͘ϬͿ
ϳ;ϭϬϬͿ
ϳ;ϭϬϬͿ
ϯϭ;ϵϭ͘ϮͿ
ϯϰ;ϭϬϬͿ
sĂůŽƌƉΎ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂů
WƌĞƉĂƌƚŽ
ZĞŐƵůĂƌͬŵĂů
ϯ;ϴ͘ϴͿ
ƵĞŶĂ
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞDĐEĞŵĂƌ͘
Ϭ͘Ϯϴϵ
(QFXDQWRDOGRORUSUHSDUWR\SRVWSDUWRVtVHREVHUYDTXHVHSURGXFHXQDPHMRUtDHQHO
SHULRGRSRVWSDUWRS 8QGHODVPXMHUHVTXHSUHVHQWDEDQGRORUSUHSDUWR
PHMRUDQWUDVHOSDUWRDVtPLVPRHOGHODVPXMHUHVTXHQRWHQtDQGRORUSUHSDUWR
FRQWLQ~DQVLQGRORUHQHOSRVWSDUWRWDEOD
7DEOD͘&RPSDUDFLyQGH'RORUFRLWDOSUHSDUWRFRQSRVWSDUWR
ŽůŽƌĐŽŝƚĂůWŽƐƚƉĂƌƚŽ
dŽƚĂů
^ş
EŽ
Eсϰϭ;ϭϬϬйͿ
ϰ;Ϯϲ͘ϳͿ
ϭϭ;ϳϯ͘ϯͿ
ϭϱ;ϭϬϬͿ
ϭ;ϯ͘ϴͿ
Ϯϱ;ϵϲ͘ϮͿ
EŽ
ΎsĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞdĞƐƚĚĞDĐEĞŵĂƌ͘
Ϯϲ;ϭϬϬͿ
sĂůŽƌƉΎ
ŽůŽƌĐŽŝƚĂůWƌĞƉĂƌƚŽ
^ş
Ϭ͘ϬϮϭ
)$&725(65(/$&,21$'26&21/$6(;8$/,'$'(1(/
(0%$5$=2<(/38(53(5,2
(Q HVWH DSDUWDGR VH DQDOL]D TXp IDFWRUHV SXHGHQ HVWDU UHODFLRQDGRV FRQ ODV
PRGLILFDFLRQHVHQODVH[XDOLGDGGHODPXMHUJHVWDQWHHQWUHHOORVDTXHOODVYDULDEOHV
70
5(68/7$'26
VRFLRGHPRJUiILFDV HGDG PDWHUQD HVWXGLRV PDWHUQRV \ SDWHUQRV HVWDGR FLYLO
\REVWpWULFDVSDULGDGPiVUHOHYDQWHVTXHSXHGHQLQFLGLUVREUHODVH[XDOLGDG
HQORVGLIHUHQWHVSHULRGRVHVWXGLDGRV
)DFWRUHVVRFLRGHPRJUiILFRV
(GDGPDWHUQD
&RPR VH KD GHVFULWR HQ XQ DSDUWDGR DQWHULRU ODV PXMHUHV REMHWR GH HVWH
HVWXGLRSUHVHQWDQXQDPHGLDGHHGDGGH“DxRV6HKDUHDOL]DGRXQDFDWHJRUL]D
FLyQ GH HVWD YDULDEOH WHQLHQGR HQ FXHQWD HVWH YDORU OD PHGLD SDUD VX DQiOLVLV
SRVWHULRU REWHQLHQGR TXH HO Q SUHVHQWDQ XQD HGDG PHQRU R LJXDO D
DxRV\XQQ PD\RUGHDxRV
(QFXDQWRDODIUHFXHQFLDGHUHODFLRQHVVH[XDOHVHQJHQHUDODSRGHPRVGHFLUTXHDODV
PXMHUHVGHPHQRUHGDGPXHVWUDQPHMRUHVUHVXOWDGRVGXUDQWHODJHVWDFLyQTXHDTXHOODV
PD\RUHVGHDxRV
&RPRVHREVHUYDHQODWDEODH[LVWHQGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDV
HQWUH HVWRV GRV JUXSRV HQ OD HWDSD SUHYLD DO HPEDUD]R S HQ VHPDQD S \ HQ OD S \ FHUFDQDV D OD VLJQLILFDFLyQ HQ VHPDQD S (QHOSRVWSDUWRODVGLIHUHQFLDVHQWUHJUXSRVQRVRQVLJQLILFDWLYDVS DORVPH
VHVSRVWSDUWR\S DORVPHVHVSRVWSDUWR
'H PRGR TXH DQWHV GHO HPEDUD]R \ HQ VHPDQD ODV PXMHUHV PiV MyYHQHV
WLHQHQ XQD PHQRU IUHFXHQFLD GH UHODFLRQHV ³HVFDVD´ TXH HO JUXSR GH PD\RU
HGDGIUHQWHD\XQDPD\RUIUHFXHQFLDGHUHODFLRQHV³PiVGHXQD
71
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
YH]SRUVHPDQD´IUHQWHD(QODVHPDQDH[LVWHDGHPiVXQPD\RU
Q~PHURGHUHODFLRQHV³VHPDQDOHV´HQHOJUXSRPiVMRYHQTXHVHKDFHPiVHYLGHQWHHQOD
VHPDQDHQMyYHQHVIUHQWHDHQPD\RUHVGHDxRV
6L FRQVLGHUDPRV OD IUHFXHQFLD FRLWDO DJUXSDGD HQ GRV FDWHJRUtDV ELHQ \
UHJXODUPDO ORV UHVXOWDGRV VH PXHVWUDQ VLPLODUHV D ORV DQWHULRUHV WDEOD FRQ
PHMRU IUHFXHQFLD HQ JHQHUDO HQ ODV PXMHUHV PHQRUHV GH DxRV
HQFRQWUDQGRGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHDPERVJUXSRVHQODVHPDQD
SHQVHPDQDS \HQVHPDQDS \FHUFDQRDOD
VLJQLILFDFLyQHQODHWDSDSUHJHVWDFLRQDOS $O LJXDO TXH OD YDULDEOH DQWHULRU OD IUHFXHQFLD GH RUJDVPR UHVXOWD PD\RU HQ
PXMHUHV PHQRUHV GH DxRV HQ OD HWDSD SUHYLD DO HPEDUD]R S \ HQ OD
VHPDQDS (QODWDEODVHREVHUYDTXHDQWHVGHOHPEDUD]RHOJUXSR
PiVMRYHQSUHVHQWDPD\RUIUHFXHQFLDGHRUJDVPRV³VLHPSUH´UHVSHFWRDO
GHPD\RUHGDG(QVHPDQDVHPDQWLHQHQHVWRVUHVXOWDGRV\DGHPiV
GLVPLQX\HHOQ~PHURGHFDVRVFRQRUJDVPR³HVFDVR´IUHQWHD(Q
HOSRVWSDUWRODVGLIHUHQFLDVHQWUHDPERVJUXSRVGHVDSDUHFHQ
'HPRGRVLPLODUDODQWHULRUFXDQGRFRQVLGHUDPRVVRORGRVFDWHJRUtDVGHHVWD
YDULDEOHODIUHFXHQFLDGHRUJDVPRHVPD\RUHQPXMHUHVPHQRUHVGHDxRV
DXQTXHVRORDSDUHFHQGLIHUHQFLDVVLJQLILFDWLYDVHQODVHPDQDS 'H
PRGRTXHHOGHODVPXMHUHVPiVMyYHQHVUHILHUHQEXHQDIUHFXHQFLD HQVHPDQD
IUHQWH DO GHO JUXSR GH PD\RU HGDG WDEOD (Q HO UHVWR GH
YLVLWDVREVWpWULFDV\SRVWSDUWRQRVHREWLHQHQGLIHUHQFLDV VLJQLILFDWLYDV HQWUH DPERV
JUXSRVGHHGDG
&XDQGRFRPSDUDPRVODVDWLVIDFFLyQVH[XDOHQDPERVJUXSRVGHHGDGWDEOD
REVHUYDPRVTXHODVPXMHUHVPiVMyYHQHVUHILHUHQXQQLYHOPiVDOWRGH
72
5(68/7$'26
VDWLVIDFFLyQDQWHVGHOHPEDUD]RS \HQVHPDQDS (Q
ODV VHPDQDV \ HVWDV GLIHUHQFLDV WLHQGHQ D PDQWHQHUVH DXQTXH QR
VRQVLJQLILFDWLYDVS \S $QWHV GHO HPEDUD]R ODV PXMHUHV PiV MyYHQHV SUHVHQWDQ PD\RU IUHFXHQFLD GH
³VDWLVIDFFLyQVLHPSUH´TXHODVPD\RUHVGHDxRVDXQTXHHQJHQHUDO
HOQLYHOGHVDWLVIDFFLyQHQHVWDHWDSDHVEXHQDHQORVGRVJUXSRV\DTXHQRKD\FDVRVGH
LQVDWLVIDFFLyQ HQ DPERV JUXSRV (Q OD VHPDQD KD\ XQ DXPHQWR GH
³LQVDWLVIDFFLyQUHFKD]R´ GHO HQ HO JUXSR GH PD\RU HGDG \ GHO HQ HO GH
PHQRUHGDG
&XDQGRFRQVLGHUDPRVODVDWLVIDFFLyQVH[XDOHQGRVFDWHJRUtDVWDEODHQFRQWUDPRV
TXH ODV PXMHUHV PiV MyYHQHV SUHVHQWDQ XQD EXHQD VH[XDOLGDG UHVSHFWR D ODV GH PD\RU
HGDG FRQ GLIHUHQFLDV VLJQLILFDWLYDV HQ VHPDQD S \ WHQGHQFLD D PHMRU
VDWLVIDFFLyQHQODVHPDQDSUHSDUWRS (QHVWDYDULDEOHFDEHGHVWDFDUTXHDPERV
JUXSRV HWDULRV SUHVHQWDQ EXHQD VDWLVIDFFLyQ DQWHV GHO HPEDUD]R \D TXH WDPSRFR KD\
FDVRVGHLQVDWLVIDFFLyQUHFKD]R
1R HQFRQWUDPRV GLIHUHQFLDV VLJQLILFDWLYDV HQWUH DPERV JUXSRV GH HGDG HQ FXDQWR DO
GRORUHQODVUHODFLRQHVFXDQGRFRQVLGHUDPRVWRGDVODVFDWHJRUtDVQLFXDQGRVHDJUXSDQ
HQ GRV FDWHJRUtDV WDEODV \ 7DPSRFR VH REVHUYDQ GLIHUHQFLDV HQ HO SHULRGR
SRVWSDUWR
73
74
ϮϬƐŐ;EсϭϭϭͿ
ϱϱ;ϭϬϬͿ
Ϯ;ϯ͘ϲͿ
ϱϲ;ϭϬϬͿ
ϭ;ϭ͘ϴͿ
ϱϯ;ϭϬϬͿ
ϯ;ϱ͘ϳͿ
ϭϭ;ϮϬ͘ϳͿ
ϵ;ϭϳͿ
ϯϬ;ϱϲ͘ϲͿ
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
Ϯϱ;ϭϬϬͿ
ϭ;ϰͿ
ϯ;ϭϮͿ
ϵ;ϯϲͿ
ϭϮ;ϰϴͿ
ϭ;ϰͿ
ϵ;ϯϲͿ
ϵ;ϯϲͿ
ϲ;ϮϰͿ
ƉсϬ͘ϰϳϱ
ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
Ϭ;ϬͿ
ϴ;ϱϬͿ
ϲ;ϯϳ͘ϱͿ
Ϯ;ϭϮ͘ϱͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϭϯϳ
ϭϲ;ϭϬϬͿ
Ϭ;ϬͿ
ϱ;ϯϭ͘ϮͿ
ϳ;ϰϯ͘ϴͿ
ϰ;ϮϱͿ
ƉсϬ͘Ϭϲϭ
ƉфϬ͘ϬϬϭ
ƉсϬ͘Ϭϰϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ƉсϬ͘ϬϯϬ
ƉсϬ͘ϮϱϮ
ϭϯ;ϱϮͿ
ϭϮ;ϰϴͿ
ϭϵ;ϳϲͿ
ϲ;ϮϰͿ
ƉсϬ͘ϰϰϴ
ϭϰ;ϴϳ͘ϱͿ
Ϯ;ϭϮ͘ϱͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϰϵ;ϭϬϬͿ ϰϴ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
ϭϮ;ϳϱͿ
ϰ;ϮϱͿ
dŽƚĂů
ϵ;ϭϲ͘ϭͿ ϭϬ;ϭϴ͘ϮͿ ϯϬ;ϱϯ͘ϲͿ ϭϵ;ϯϱ͘ϴͿ ϯϬ;ϱϲ͘ϲͿ Ϯϴ;ϱϳ͘ϭͿ ϯϴ;ϳϵ͘ϭͿ
ϱϯ;ϵϲ͘ϰͿ ϰϳ;ϴϯ͘ϵͿ ϰϱ;ϴϭ͘ϴͿ Ϯϲ;ϰϲ͘ϰͿ ϯϰ;ϲϰ͘ϮͿ Ϯϯ;ϰϯ͘ϰͿ Ϯϭ;ϰϮ͘ϵͿ ϭϬ;ϮϬ͘ϵͿ
Ϯ;ϯ͘ϲͿ
ƵĞŶĂ
ZĞŐƵůĂƌͬŵĂůĂ
ϮϬƐŐ;EсϭϭϭͿ
ϰϴ;ϭϬϬͿ
ϭ;Ϯ͘ϭͿ
ϳ;ϭϰ͘ϲͿ
Ϯ;ϰ͘ϮͿ
ϯϴ;ϳϵ͘ϭͿ
ƉсϬ͘ϬϬϲ
ϰϵ;ϭϬϬͿ
ϭ;Ϯ͘ϭͿ
ϲ;ϭϮ͘ϮͿ
ϭϰ;Ϯϴ͘ϲͿ
Ϯϴ;ϱϳ͘ϭͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ϯϴƐŐ;EсϵϳͿ
7DEOD)UHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QJUXSRVGHHGDGPDWHUQD
ƉсϬ͘Ϭϳϱ
ϱϯ;ϭϬϬͿ
Ϯ;ϯ͘ϴͿ
ƉсϬ͘ϬϮϱ
ƉфϬ͘ϬϬϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ
dŽƚĂů
ϰ;ϳ͘ϭͿ
ϰ;ϳ͘ϮͿ
ŝĂƌŝŽ
ϭϯ;Ϯϰ͘ϲͿ
ϭϵ;ϯϱ͘ϴͿ
хϭͬƐĞŵĂŶĂ ϯϴ;ϲϵ͘ϮͿ Ϯϲ;ϰϲ͘ϰͿ Ϯϯ;ϰϭ͘ϴͿ ϭϭ;ϭϵ͘ϲͿ
ϭϳ;ϯϬ͘ϰͿ ϮϬ;ϯϲ͘ϰͿ
ϭϬ;ϭϴ͘ϮͿ ϯϬ;ϱϯ͘ϲͿ
ϭϵ;ϯϱ͘ϴͿ
ϭϭ;ϮϬͿ
^ĞŵĂŶĂů
ϵ;ϭϲ͘ϭͿ
ϭϰ;ϮϱͿ
Ϯ;ϯ͘ϲͿ
ƐĐĂƐĂ
хϯϬĂŹŽƐ
ϯϬƐŐ;EсϭϬϲͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDFRLWDOVHJ~QJUXSRVGHHGDGPDWHUQD
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϮϬƐŐ;EсϭϭϭͿ
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϭϲϯ
ϮϬƐŐ;EсϭϭϭͿ
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
ƉсϬ͘ϯϬϲ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘Ϯϭϯ
ϭϭ;ϰϰͿ
ƉсϬ͘ϯϱϱ
ƉсϬ͘ϬϰϮ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ƉсϬ͘ϭϯϳ
ƉсϬ͘ϭϴϯ
Ɖсϭ
ϭϵ;ϳϲͿ
ϮϬ;ϴϬͿ
Ɖсϭ
ϭϯ;ϴϭ͘ϯͿ
ϱ;ϮϬͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϰϵ;ϭϬϬͿ ϰϴ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
ϭϮ;ϳϱͿ
ϯ;ϭϴ͘ϳͿ
dŽƚĂů
Ϯϰ;ϱϬͿ
ϲ;ϮϰͿ
ϰϳ;ϴϱ͘ϱͿ ϰϯ;ϳϲ͘ϴͿ ϰϲ;ϴϯ͘ϳͿ ϯϲ;ϲϰ͘ϯͿ ϰϯ;ϴϭ͘ϮͿ ϯϱ;ϲϲ͘ϭͿ ϯϭ;ϲϯ͘ϮͿ
ϰ;ϮϱͿ
ƵĞŶĂ
Ϯϰ;ϱϬͿ
ϴ;ϭϰ͘ϱͿ ϭϯ;Ϯϯ͘ϮͿ ϵ;ϭϲ͘ϯͿ ϮϬ;ϯϱ͘ϳͿ ϭϬ;ϭϴ͘ϴͿ ϭϴ;ϯϯ͘ϵͿ ϭϴ;ϯϲ͘ϴͿ
ZĞŐƵůĂƌͬŵĂůĂ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
7DEOD)UHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QJUXSRVGHHGDGPDWHUQD
ƉсϬ͘Ϯϴϳ
ƉсϬ͘Ϭϯϯ
ƉсϬ͘Ϭϭϳ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϰϵ;ϭϬϬͿ ϰϴ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
ϭϬ;ϲϮ͘ϲͿ
ϵ;ϯϲͿ
dŽƚĂů
ϴ;ϯϮͿ
ϯ;ϭϴ͘ϳͿ
ϱ;ϮϬͿ
ϯϬ;ϱϰ͘ϲͿ ϭϴ;ϯϮ͘ϮͿ ϯϬ;ϱϰ͘ϲͿ Ϯϭ;ϯϳ͘ϱͿ Ϯϲ;ϰϵ͘ϭͿ Ϯϯ;ϰϯ͘ϰͿ ϮϬ;ϰϬ͘ϴͿ ϭϲ;ϯϯ͘ϯͿ ϭϬ;ϲϮ͘ϱͿ
ϭϭ;ϰϰͿ
ϯ;ϭϴ͘ϳͿ
^ŝĞŵƉƌĞ
Ϯ;ϭϮ͘ϱͿ
ϲ;ϮϰͿ
ϭϳ;ϯϬ͘ϵͿ Ϯϱ;ϰϰ͘ϲͿ ϭϲ;Ϯϵ͘ϭͿ ϭϱ;Ϯϲ͘ϴͿ ϭϳ;ϯϮ͘ϭͿ ϭϮ;ϮϮ͘ϳͿ ϭϭ;ϮϮ͘ϰͿ ϴ;ϭϲ͘ϳͿ
ϰ;ϮϱͿ
&ƌĞĐƵĞŶƚĞ
Ϯϰ;ϱϬͿ
ϴ;ϭϰ͘ϱͿ ϭϯ;Ϯϯ͘ϮͿ ϵ;ϭϲ͘ϯͿ ϮϬ;ϯϱ͘ϳͿ ϭϬ;ϭϴ͘ϴͿ ϭϴ;ϯϯ͘ϵͿ ϭϴ;ϯϲ͘ϴͿ
ƐĐĂƐŽ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDFRLWDOVHJ~QJUXSRVGHHGDGPDWHUQD
5(68/7$'26
75
76
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϲ;ϭϭ͘ϯͿ
Ϯ;ϰ͘ϭͿ
ϴ;ϭϲ͘ϳͿ
ϰ;ϮϱͿ
Ϯ;ϭϮ͘ϱͿ
ƉсϬ͘Ϭϱϯ
ƉсϬ͘Ϭϯϰ
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϱϰϬ
ϭϴ;ϳϮͿ
ϲ;ϮϰͿ
ϭ;ϰͿ
Ϯ;ϯ͘ϲͿ
Ϭ;ϬͿ
ϲ;ϭϭ͘ϯͿ
Ϯ;ϰ͘ϭͿ
ϴ;ϭϲ͘ϳͿ
Ϯ;ϭϮ͘ϱͿ
Ύ
ƉсϬ͘ϲϭϰ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ΎdŽĚĂƐůĂƐŵƵũĞƌĞƐƉƌĞƐĞŶƚĂŶďƵĞŶĂƐĂƚŝƐĨĂĐĐŝſŶ͘
ƉсϬ͘ϬϮϳ
ƉсϬ͘Ϭϵϱ
ƉсϬ͘ϱϱϬ
Ϯϰ;ϵϲͿ
ϭ;ϰͿ
ϭ;ϰͿ
Ϯϰ;ϵϲͿ
Ɖсϭ
ϭϲ;ϭϬϬͿ
Ϭ;ϬͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϰϵ;ϭϬϬͿ ϰϴ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
ϭ;ϭ͘ϴͿ
dŽƚĂů
Ϭ;ϬͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϰ;ϵϴ͘ϮͿ ϱϰ;ϵϲ͘ϰͿ ϱϯ;ϭϬϬͿ ϰϳ;ϴϴ͘ϳͿ ϰϳ;ϵϱ͘ϵͿ ϰϬ;ϴϯ͘ϯͿ ϭϰ;ϴϳ͘ϱͿ
Ϭ;ϬͿ
ƵĞŶĂ
ZĞŐƵůĂƌͬŵĂůĂ
ϮϬƐŐ;EсϭϭϭͿ
ƉсϬ͘ϲϬϴ
ϭϯ;ϴϭ͘ϯͿ
ϯ;ϭϴ͘ϳͿ
Ϭ;ϬͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD6DWLVIDFFLyQVH[XDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QJUXSRVGHHGDGPDWHUQD
ƉсϬ͘Ϭϯϯ
ƉсϬ͘Ϭϲϵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ϭϳ;ϲϴͿ
ϳ;ϮϴͿ
ϭ;ϰͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϰϵ;ϭϬϬͿ ϰϴ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
ϮϬ;ϯϱ͘ϳͿ ϭϭ;ϮϬ͘ϴͿ ϭϬ;ϭϴ͘ϵͿ ϭϮ;Ϯϰ͘ϱͿ ϭϱ;ϯϭ͘ϮͿ
Ϯ;ϯ͘ϲͿ
dŽƚĂů
ϭϭ;ϮϬͿ
ϭ;ϭ͘ϴͿ
ϰϵ;ϴϵ͘ϭͿ ϰϭ;ϳϯ͘ϮͿ ϰϯ;ϳϴ͘ϮͿ ϯϰ;ϲϬ͘ϳͿ ϰϮ;ϳϵ͘ϮͿ ϯϳ;ϲϵ͘ϴͿ ϯϱ;ϳϭ͘ϰͿ Ϯϱ;ϱϮ͘ϭͿ ϭϬ;ϲϮ͘ϱͿ
ϲ;ϭϬ͘ϵͿ ϭϱ;Ϯϲ͘ϴͿ
Ϭ;ϬͿ
^ĂƚŝƐĨĂĐĐŝſŶ
/ŶƐĂƚŝƐĨĂĐĐŝſŶ
Ž ƌĞĐŚĂnjŽ
ůŐƵŶĂ
ƐĂƚŝƐĨĂĐĐŝſŶ
ϮϬƐŐ;EсϭϭϭͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD6DWLVIDFFLyQVH[XDOVHJ~QJUXSRVGHHGDGPDWHUQD
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϮϬƐŐ;EсϭϭϭͿ
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ϱϱ;ϭϬϬͿ
dŽƚĂů
ϱϱ;ϭϬϬͿ
ϰ;ϳ͘ϯͿ
ϱϲ;ϭϬϬͿ
ϱ;ϴ͘ϵͿ
ϱϯ;ϭϬϬͿ
Ϯ;ϯ͘ϴͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϮϬƐŐ;EсϭϭϭͿ
ϯϬƐŐ;EсϭϬϲͿ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
Ϯϱ;ϭϬϬͿ
ϭ;ϰͿ
ϭϭ;ϰϰͿ
ϭϯ;ϱϮͿ
Ϯϱ;ϭϬϬͿ
Ϯ;ϴͿ
ϭϬ;ϰϬͿ
ϭϯ;ϱϮͿ
ƉсϬ͘ϱϮϰ
ϭϲ;ϭϬϬͿ
ϭ;ϲ͘ϮͿ
ϱ;ϯϭ͘ϯͿ
ϭϬ;ϲϮ͘ϱͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϭϱϭ
ϭϲ;ϭϬϬͿ
Ϯ;ϭϮ͘ϱͿ
ϵ;ϱϲ͘ϯͿ
ϱ;ϯϭ͘ϮͿ
Ϯ;ϯ͘ϴͿ
ƉсϬ͘ϰϯϳ
ϰ;ϳ͘ϱͿ
Ɖсϭ
ƉсϬ͘ϰϴϵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ϱ;ϴ͘ϵͿ
ϲ;ϭϮ͘ϱͿ
ƉсϬ͘ϴϬϱ
ϴ;ϭϲ͘ϯͿ
ϭ;ϰͿ
ƉсϬ͘ϱϱϬ
Ϯ;ϭϮ͘ϱͿ
Ɖсϭ
ϭ;ϲ͘ϮͿ
Ϯ;ϴͿ
ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϱ;ϭϬϬͿ ϱϲ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϱϯ;ϭϬϬͿ ϰϵ;ϭϬϬͿ ϰϴ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ
ϰ;ϳ͘ϯͿ
Ϯϯ;ϵϮͿ
dŽƚĂů
ϭ;ϭ͘ϴͿ
ϭϱ;ϵϯ͘ϴͿ
Ϯ;ϯ͘ϲͿ
Ϯϰ;ϵϲͿ
^ş
ϱϯ;ϵϲ͘ϰͿ ϱϱ;ϵϴ͘ϮͿ ϱϭ;ϵϮ͘ϳͿ ϱϭ;ϵϭ͘ϭͿ ϰϵ;ϵϮ͘ϱͿ ϱϭ;ϵϲ͘ϮͿ ϰϭ;ϴϯ͘ϳͿ ϰϮ;ϴϳ͘ϱͿ ϭϰ;ϴϳ͘ϱͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
ϰϴ;ϭϬϬͿ
ϲ;ϭϮ͘ϱͿ
ϯϬ;ϲϮ͘ϱͿ
ϭϮ;ϮϱͿ
ƉсϬ͘ϱϵϮ
ϰϵ;ϭϬϬͿ
ϴ;ϭϲ͘ϯͿ
7DEOD'RORUFRLWDODJUXSDGRHQGRVFDWHJRUtDVVHJ~QJUXSRVGHHGDGPDWHUQD
ƉсϬ͘ϯϱϵ
ϱϯ;ϭϬϬͿ
ϰ;ϳ͘ϱͿ
ƉсϬ͘ϱϮϱ
ƉсϬ͘ϱϭϯ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ
ϱϲ;ϭϬϬͿ
ϭ;ϭ͘ϴͿ
Ϯϰ;ϰϵͿ
Ϯ;ϯ͘ϲͿ
ϯϮ;ϱϳ͘ϮͿ ϯϮ;ϲϬ͘ϰͿ ϯϬ;ϱϲ͘ϲͿ
&ƌĞĐƵĞŶƚĞŽ
ƐŝĞŵƉƌĞ
ϯϯ;ϲϬͿ
ϯϯ;ϲϬͿ
ůŐƵŶĂǀĞnj
ϯϮ;ϱϳ͘ϭͿ
ϮϬ;ϯϲ͘ϰͿ Ϯϯ;ϰϭ͘ϳͿ ϭϴ;ϯϮ͘ϳͿ ϭϵ;ϯϯ͘ϵͿ ϭϳ;ϯϮ͘ϭͿ Ϯϭ;ϯϵ͘ϲͿ ϭϳ;ϯϰ͘ϳͿ
EƵŶĐĂ
EŽ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ чϯϬĂŹŽƐ хϯϬĂŹŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD'RORUFRLWDODJUXSDGRVHJ~QJUXSRVGHHGDGPDWHUQD
5(68/7$'26
77
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(VWXGLRVPDWHUQRV
6LDQDOL]DPRVODVH[XDOLGDGHQIXQFLyQGHORVHVWXGLRVPDWHUQRVUHFRUGDQGRTXHHOGH
ODVPXMHUHVWHQtDQHVWXGLRVEiVLFRV\HOPHGLRVVXSHULRUHVHQFRQWUDPRVTXHDOLQLFLR
GHODJHVWDFLyQORVGRVJUXSRVPXHVWUDQXQDfrecuencia de relaciones sexualesPX\VLPLODU
SRVWHULRUPHQWHHVWDIUHFXHQFLDFRLWDOGLVPLQX\HHQDPERVJUXSRVDORODUJRGHODJHVWDFLyQ
(Q JHQHUDO ODV PXMHUHV FRQ HVWXGLRV PHGLRVVXSHULRUHV SUHVHQWDQ PHQRU IUHFXHQFLD VH[XDO TXH
DTXHOODV FRQ HVWXGLRV EiVLFRV WDEOD REVHUYDQGR GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV
HQWUHHVWRVJUXSRVHQODVHPDQDS \WHQGHQFLDDXQDPHQRUIUHFXHQFLDGHUHODFLRQHVHQ
VHPDQD S $ OR ODUJR GH OD JHVWDFLyQ HO Q~PHUR GH PXMHUHV FRQ HVWXGLRV
PHGLRVVXSHULRUHV TXH UHILHUHQ UHODFLRQHV HVFDVDV VH HOHYD SURJUHVLYDPHQWH KDVWD HO HQ
VHPDQDIUHQWHDOHQPXMHUHVFRQHVWXGLRVEiVLFRV
(VWD YDULDEOH DJUXSDGD HQ ODV GRV FDWHJRUtDV UHIHULGDV HQ DSDUWDGRV SUHYLRV PXHVWUD UHVXOWDGRV
VLPLODUHVDORVDQWHULRUHVWDEODFRQPD\RUIUHFXHQFLDVH[XDOHQFDVRGHPXMHUHVFRQHVWXGLRV
EiVLFRV IXQGDPHQWDOPHQWH HQ VHPDQD S (Q VHPDQD D SHVDU GHTXH ODVPXMHUHV
FRQHVWXGLRVEiVLFRVWLHQHQXQDIUHFXHQFLDFRLWDOEXHQDHQHOGHORVFDVRV\HQODVPXMHUHV
FRQ HVWXGLRV PHGLRVVXSHULRUHV HVWH SRUFHQWDMH HV PHQRU HVWDV GLIHUHQFLDV QR UHVXOWDQ
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVS &XDQGRDQDOL]DPRVODVGLIHUHQFLDVHQWUHDPERVJUXSRVVHJ~QODfrecuencia de orgasmoWDEOD
HQFRQWUDPRVGLIHUHQFLDVVLJQLILFDWLYDVDQWHVGHOHPEDUD]RS GHPDQHUDTXHODVPXMHUHV
FRQHVWXGLRVEiVLFRVWLHQHQXQDPD\RUIUHFXHQFLDGHRUJDVPRV³VLHPSUH´UHVSHFWRDDTXHOODVFRQ
HVWXGLRV PHGLRVVXSHULRUHV IUHQWH D 6LQ HPEDUJR SUHVHQWDQ PHQRU Q~PHUR GH
RUJDVPRV ³IUHFXHQWHV´ IUHQWH D (Q OD VHPDQD VH PDQWLHQHQ HVWDV GLIHUHQFLDV
HQWUHJUXSRVSHURQRVRQVLJQLILFDWLYDVS &XDQGR DJUXSDPRV HVWD YDULDEOH HQ GRV FDWHJRUtDV WDEOD REWHQHPRV TXH ODVPXMHUHV
FRQ HVWXGLRV EiVLFRV SUHVHQWDQ PD\RU IUHFXHQFLD RUJiVPLFD HQ OD VHPDQD DXQTXHHVWDV
GLIHUHQFLDVQRUHVXOWDURQVLJQLILFDWLYDVS (QFXDQWRDODsatisfacción sexual \ H O dolor con las relaciones Q R V H P X H V W U D Q
GLIHUHQFLDV HQWUH DPERV JUXSRV GH PXMHUHV HQ QLQJXQD GH ODV HWDSDV HYDOXDGDV WDQWR VL
FRQVLGHUDPRVWRGDVODVFDWHJRUtDVGHODVYDULDEOHVFRPRVLVHDJUXSDQWDEODVD
78
ϰϬ;ϭϬϬͿ
ϯ;ϳ͘ϱͿ
Ϯϯ;ϱϳ͘ϱͿ
ϳϭ;ϭϬϬͿ
ϭ;ϭ͘ϰͿ
Ϯϰ;ϯϯ͘ϴͿ
Ϯϱ;ϯϱ͘ϮͿ
Ϯϭ;Ϯϵ͘ϲͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
ϭϬ;Ϯ͘ϱͿ
ϵ;ϮϮ͘ϱͿ
ϭϵ;ϰϳ͘ϱͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ϲϲ;ϭϬϬͿ
ϯ;ϰ͘ϱͿ
ϭϱ;ϮϮ͘ϳͿ
ϮϮ;ϯϯ͘ϰͿ
Ϯϲ;ϯϵ͘ϰͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
ϵ;ϮϮ͘ϱͿ
ϲ;ϭϱͿ
Ϯϯ;ϱϳ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ϳϭ;ϭϬϬͿ
dŽƚĂů
ϰϬ;ϭϬϬͿ
ϯϲ;ϵϬͿ
ϰ;ϭϬͿ
D^
ϳϭ;ϭϬϬͿ
ϱϬ;ϳϬ͘ϰͿ
Ϯϭ;Ϯϵ͘ϲͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯϭ;ϱϮ͘ϱͿ
ϭϵ;ϰϳ͘ϱͿ
D^
ϲϲ;ϭϬϬͿ
ϰϬ;ϲϬ͘ϭͿ
Ϯϲ;ϯϵ͘ϰͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
ϭϳ;ϰϮ͘ϱͿ
Ϯϯ;ϱϳ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
Ɖсϭ
ƉсϬ͘Ϭϲϱ
ƉсϬ͘ϭϮϳ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϲϰ;ϵϬ͘ϭͿ
ϳ;ϵ͘ϵͿ
ƵĞŶĂ
ZĞŐƵůĂƌͬŵĂůĂ
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
ϯϲ;ϭϬϬͿ
ϱ;ϭϯ͘ϵͿ
ϯϭ;ϴϲ͘ϭͿ
D^
ƉсϬ͘ϬϬϱ
ϲϭ;ϭϬϬͿ
Ϯϲ;ϰϮ͘ϱͿ
ϯϱ;ϱϳ͘ϰͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD)UHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVPDWHUQRV
ŶƚĞƐ;EсϭϭϭͿ
ϯϲ;ϭϬϬͿ
Ϭ;ϬͿ
Ϯ;ϱ͘ϲͿ
ϯ;ϴ͘ϯͿ
ϯϭ;ϴϲ͘ϭͿ
D^
ƉсϬ͘ϬϮϭ
ϲϭ;ϭϬϬͿ
Ϯ;ϯ͘ϯͿ
ϭϭ;ϭϴͿ
ϭϯ;Ϯϭ͘ϯͿ
ϯϱ;ϱϳ͘ϰͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
Ɖсϭ
ƉсϬ͘Ϭϵϱ
ƉсϬ͘ϭϳϰ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϳϭ;ϭϬϬͿ
dŽƚĂů
ϰϭ;ϱϳ͘ϳͿ
хϭͬƐĞŵĂŶĂ
ϱ;ϳ͘ϭͿ
ϭϴ;Ϯϱ͘ϯͿ
^ĞŵĂŶĂů
ŝĂƌŝŽ
ϰ;ϭϬͿ
ϳ;ϵ͘ϵͿ
ƐĐĂƐĂ
ϭϬ;ϮϱͿ
D^
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDFRLWDOHQIXQFLyQGHHVWXGLRVPDWHUQŽƐ
Ϭ;ϬͿ
Ϯ;ϭϮ͘ϱͿ
ϱ;ϯϭ͘ϯͿ
ϵ;ϱϲ͘ϯͿ
D^
ϭ;ϰͿ
ϭϮ;ϰϴͿ
ϴ;ϯϮͿ
ϰ;ϭϲͿ
ĄƐŝĐŽƐ
Ϭ;ϬͿ
ϱ;ϯϭ͘ϯͿ
ϳ;ϰϯ͘ϳͿ
ϰ;ϮϱͿ
D^
ƉсϬ͘ϲϰϳ
ϳ;ϰϯ͘ϳͿ
ϵ;ϱϲ͘ϯͿ
D^
Ϯϭ;ϴϰͿ
ϰ;ϭϲͿ
ĄƐŝĐŽƐ
ϭϮ;ϳϱͿ
ϰ;ϮϱͿ
D^
ƉсϬ͘ϭϯϵ
ƉсϬ͘ϲϴϵ
Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ
ϭϴ;ϳϮͿ
ϳ;ϮϴͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϯϮϯ
Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ
ϭ;ϰͿ
ϲ;ϮϰͿ
ϭϭ;ϰϰͿ
ϳ;ϮϴͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
79
80
ϮϬ;Ϯϴ͘ϮͿ
ϯϲ;ϱϬ͘ϳͿ
ϳϭ;ϭϬϬͿ
&ƌĞĐƵĞŶƚĞ
^ŝĞŵƉƌĞ
dŽƚĂů
ϰϬ;ϭϬϬͿ
ϭϮ;ϯϬͿ
ϮϮ;ϱϱͿ
ϲ;ϭϱͿ
D^
ϳϭ;ϭϬϬͿ
ϯϱ;ϰϵ͘ϯͿ
ϭϲ;ϮϮ͘ϱͿ
ϮϬ;Ϯϴ͘ϮͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
ϭϲ;ϰϬͿ
ϭϱ;ϯϳ͘ϱͿ
ϵ;ϮϮ͘ϱͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ϲϲ;ϭϬϬͿ
ϯϲ;ϱϰ͘ϱͿ
ϭϱ;ϮϮ͘ϳͿ
ϭϱ;ϮϮ͘ϳͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
ϭϯ;ϯϮ͘ϱͿ
ϭϰ;ϯϱͿ
ϭϯ;ϯϮ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ϱϲ;ϳϴ͘ϵͿ
ϳϭ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϰϬ;ϭϬϬͿ
ϯϰ;ϴϱͿ
ϲ;ϭϱͿ
D^
ϳϭ;ϭϬϬͿ
ϱϭ;ϳϭ͘ϴͿ
ϮϬ;Ϯϴ͘ϮͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
ϯϭ;ϳϳ͘ϱͿ
ϵ;ϮϮ͘ϱͿ
D^
ϲϲ;ϭϬϬͿ
ϱϭ;ϳϳ͘ϯͿ
ϭϱ;ϮϮ͘ϳͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯϳ;ϲϳ͘ϱͿ
ϭϯ;ϯϮ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ƉсϬ͘ϱϰϯ
ƉсϬ͘ϴϯϴ
ƉсϬ͘ϯϯϳ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϭϱ;Ϯϭ͘ϭͿ
ZĞŐƵůĂƌͬŵĂůĂ
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
D^
ϯϲ;ϭϬϬͿ
ƉсϬ͘Ϭϱϵ
ϲϭ;ϭϬϬͿ
ϯϵ;ϲϯ͘ϵͿ ϭϲ;ϰϰ͘ϱͿ
ϮϮ;ϯϲ͘ϭͿ ϮϬ;ϱϱ͘ϱͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
7DEOD)UHFXHQFLDGHRUJDVPRDJUXSDGDHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVPDWHUQRV
ŶƚĞƐ;EсϭϭϭͿ
ϯϲ;ϭϬϬͿ
ϭϭ;ϯϬ͘ϲͿ
ϱ;ϭϯ͘ϵͿ
ϮϬ;ϱϱ͘ϱͿ
D^
ƉсϬ͘ϭϬϴ
ϲϭ;ϭϬϬͿ
Ϯϱ;ϰϭͿ
ϭϰ;ϮϮ͘ϵͿ
ϮϮ;ϯϲ͘ϭͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ƉсϬ͘Ϭϭϳ
ƉсϬ͘ϭϰϭ
ƉсϬ͘Ϭϲϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϭϱ;Ϯϭ͘ϭͿ
ƐĐĂƐŽ
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDGHRUJDVPRHQIXQFLyQGHHVWXGLRVPDWHUQRV
ϭϲ;ϭϬϬͿ
ϱ;ϯϭ͘ϯͿ
ϱ;ϯϭ͘ϯͿ
ϲ;ϯϳ͘ϰͿ
D^
ϭϲ;ϭϬϬͿ
ϴ;ϱϬͿ
ϰ;ϮϱͿ
ϰ;ϮϱͿ
D^
ƉсϬ͘ϴϰϬ
Ϯϱ;ϭϬϬͿ
ϭϯ;ϱϮͿ
ϴ;ϯϮͿ
ϰ;ϭϲͿ
ĄƐŝĐŽƐ
D^
ϭϲ;ϭϬϬͿ
ϭϬ;ϲϮ͘ϲͿ
ϲ;ϯϳ͘ϰͿ
Ɖсϭ
Ϯϱ;ϭϬϬͿ
Ϯϭ;ϴϰͿ
ϰ;ϭϲͿ
ĄƐŝĐŽƐ
ϭϮ;ϳϱͿ
ϰ;ϮϱͿ
D^
Ɖсϭ
Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ
Ϯϭ;ϴϰͿ
ϰ;ϭϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘Ϯϱϭ
Ϯϱ;ϭϬϬͿ
ϭϯ;ϱϮͿ
ϴ;ϯϮͿ
ϰ;ϭϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϲ;ϭϱͿ
ϯϰ;ϴϱͿ
ϭϱ;Ϯϭ͘ϭͿ
ϱϲ;ϳϴ͘ϵͿ
ϳϭ;ϭϬϬͿ
dŽƚĂů
ϭϬ;ϮϱͿ
ϭ;Ϯ͘ϱͿ
ϳϭ;ϭϬϬͿ
ϰϬ;ϭϬϬͿ
ϰϴ;ϲϳ͘ϲͿ Ϯϵ;ϳϮ͘ϱͿ
Ϯϭ;Ϯϵ͘ϲͿ
Ϯ;Ϯ͘ϴͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ĄƐŝĐŽƐ
ϲϲ;ϭϬϬͿ
ϱϬ;ϳϱ͘ϴͿ
ϭϯ;ϭϵ͘ϳͿ
ϯ;ϰ͘ϱͿ
ϰϬ;ϭϬϬͿ
Ϯϵ;ϳϮ͘ϱͿ
ϴ;ϮϬͿ
ϯ;ϳ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ĄƐŝĐŽƐ
ϭ;Ϯ͘ϱͿ
D^
ϳϭ;ϭϬϬͿ
ϰϬ;ϭϬϬͿ
ϲϵ;ϵϳ͘ϮͿ ϯϵ;ϵϳ͘ϱͿ
Ϯ;Ϯ͘ϴͿ
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
ϲϲ;ϭϬϬͿ
ϲϯ;ϵϱ͘ϱͿ
ϯ;ϰ͘ϱͿ
ĄƐŝĐŽƐ
D^
ϰ;ϭϭ͘ϭͿ
ĄƐŝĐŽƐ
ϲ;ϵ͘ϴͿ
ϯϴƐŐ;EсϵϳͿ
ϰϬ;ϭϬϬͿ
ϯϲ;ϭϬϬͿ
Ɖсϭ
ϲϭ;ϭϬϬͿ
ϯϳ;ϵϮ͘ϱͿ ϱϱ;ϵϬ͘ϮͿ ϯϮ;ϴϴ͘ϵͿ
ϯ;ϳ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
Ύ
Ɖсϭ
ƉсϬ͘ϲϲϵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ΎdŽĚĂƐůĂƐŵƵũĞƌĞƐƉƌĞƐĞŶƚĂŶďƵĞŶĂƐĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůƉƌĞǀŝĂĂůĞŵďĂƌĂnjŽ͘
ϳϭ;ϭϬϬͿ ϰϬ;ϭϬϬͿ
dŽƚĂů
ϰϬ;ϭϬϬͿ
Ϭ;ϬͿ
ϳϭ;ϭϬϬͿ
Ϭ;ϬͿ
D^
ƵĞŶĂ
ZĞŐƵůĂƌͬŵĂůĂ
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
ϯϲ;ϭϬϬͿ
ϭϵ;ϱϮ͘ϴͿ
ϭϯ;ϯϲ͘ϭͿ
ϰ;ϭϭ͘ϭͿ
ƉсϬ͘ϯϲϭ
ϲϭ;ϭϬϬͿ
ϰϭ;ϲϳ͘ϮͿ
ϭϰ;ϮϯͿ
ϲ;ϵ͘ϴͿ
D^
ϯϴƐŐ;EсϵϳͿ
ĄƐŝĐŽƐ
7DEOD6DWLVIDFFLyQVH[XDODJUXSDGDHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVPDWHUQRV
ƉсϬ͘ϯϵϬ
ƉсϬ͘ϳϭϰ
ƉсϬ͘ϴϭϵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϰϬ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
/ŶƐĂƚŝƐĨĂĐĐŝſŶŽ
ƌĞĐŚĂnjŽ
ůŐƵŶĂ
ƐĂƚŝƐĨĂĐĐŝſŶ
^ĂƚŝƐĨĂĐĐŝſŶ
D^
ŶƚĞƐ;EсϭϭϭͿ
ĄƐŝĐŽƐ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD6DWLVIDFFLyQVH[XDOHQIXQFLyQGHHVWXGLRVPDWHUQRV
ϭϲ;ϭϬϬͿ
ϭϬ;ϲϮ͘ϱͿ
ϰ;ϮϱͿ
Ϯ;ϭϮ͘ϱͿ
D^
ϭϮ;ϳϱͿ
ϯ;ϭϴ͘ϴͿ
ϭ;ϲ͘ϯͿ
D^
ƉсϬ͘ϲϲϰ
Ϯϱ;ϭϬϬͿ ϭϲ;ϭϬϬͿ
ϭϵ;ϳϲͿ
ϲ;ϮϰͿ
Ϭ;ϬͿ
ĄƐŝĐŽƐ
Ϭ;ϬͿ
ĄƐŝĐŽƐ
ϭ;ϲ͘ϯͿ
D^
ϭϲ;ϭϬϬͿ
ϭϲ;ϭϬϬͿ
ƉсϬ͘ϰϬϬ
Ϯϱ;ϭϬϬͿ
ϭϰ;ϴϳ͘ϱͿ Ϯϱ;ϭϬϬͿ ϭϱ;ϵϯ͘ϳͿ
Ϯ;ϭϮ͘ϱͿ
D^
ƉсϬ͘ϱϱϬ
Ϯϱ;ϭϬϬͿ
Ϯϰ;ϵϲͿ
ϭ;ϰͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϲϳϴ
Ϯϱ;ϭϬϬͿ
ϭϳ;ϲϯͿ
ϳ;ϮϴͿ
ϭ;ϰͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
81
82
ϰϬ;ϱϲ͘ϯͿ
ϭ;ϭ͘ϰͿ
ϳϭ;ϭϬϬͿ
ůŐƵŶĂǀĞnj
&ƌĞĐƵĞŶƚĞŽ
ƐŝĞŵƉƌĞ
dŽƚĂů
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
Ϯϱ;ϲϮ͘ϱͿ
ϭϯ;ϯϮ͘ϱͿ
D^
ϳϭ;ϭϬϬͿ
ϳ;ϵ͘ϵͿ
ϰϭ;ϱϳ͘ϳͿ
Ϯϯ;ϯϮ͘ϰͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
Ϯϰ;ϲϬͿ
ϭϰ;ϯϱͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ϲϲ;ϭϬϬͿ
ϰ;ϲ͘ϭͿ
ϯϳ;ϱϲͿ
Ϯϱ;ϯϳ͘ϵͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
Ϯϱ;ϲϮ͘ϱͿ
ϭϯ;ϯϮ͘ϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ϭ;ϭ͘ϰͿ
ϳϭ;ϭϬϬͿ
^ş
dŽƚĂů
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
ϯϴ;ϵϱͿ
D^
ϳϭ;ϭϬϬͿ
ϳ;ϵ͘ϵͿ
ϲϰ;ϵϬ͘ϭͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
ϯϴ;ϵϱͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ϲϲ;ϭϬϬͿ
ϰ;ϲ͘ϭͿ
ϲϮ;ϵϯ͘ϵͿ
ĄƐŝĐŽƐ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
ϯϴ;ϵϱͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ƉсϬ͘ϱϱϯ
ƉсϬ͘ϰϵϬ
Ɖсϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϳϬ;ϵϴ͘ϲͿ
EŽ
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
ϯϲ;ϭϬϬͿ
ϲ;ϭϲ͘ϳͿ
ϯϬ;ϴϯ͘ϯͿ
D^
ƉсϬ͘ϵϬϴ
ϲϭ;ϭϬϬͿ
ϴ;ϭϯ͘ϭͿ
ϱϯ;ϴϲ͘ϵͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD'RORUFRLWDODJUXSDGRHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVPDWHUQRV
ϯϲ;ϭϬϬͿ
ϲ;ϭϲ͘ϳͿ
ϭϴ;ϱϬͿ
ϭϮ;ϯϯ͘ϯͿ
D^
ƉсϬ͘ϳϲϲ
ϲϭ;ϭϬϬͿ
ϴ;ϭϯ͘ϭͿ
ϯϲ;ϱϵͿ
ϭϳ;Ϯϳ͘ϵͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϯϰϳ
ƉсϬ͘ϲϵϲ
ƉсϬ͘ϴϬϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ϯϬ;ϰϮ͘ϯͿ
EƵŶĐĂ
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD'RORUFRLWDOHQIXQFLyQGHHVWXGLRVPDWHUQRV
ϭϲ;ϭϬϬͿ
Ϯ;ϭϮ͘ϱͿ
ϴ;ϱϬͿ
ϲ;ϯϳ͘ϰͿ
D^
ϭϲ;ϭϬϬͿ
ϭ;ϲ͘ϯͿ
ϳ;ϰϯ͘ϴͿ
ϴ;ϱϬͿ
D^
ƉсϬ͘ϳϴϲ
Ϯϱ;ϭϬϬͿ
Ϯ;ϴͿ
ϴ;ϯϮͿ
ϭϱ;ϲϬͿ
ĄƐŝĐŽƐ
ϭϲ;ϭϬϬͿ
Ϯ;ϭϮ͘ϱͿ
ϭϰ;ϴϲ͘ϱͿ
D^
ƉсϬ͘ϱϱϬ
Ϯϱ;ϭϬϬͿ
ϭ;ϰͿ
Ϯϰ;ϵϲͿ
ĄƐŝĐŽƐ
D^
ϭϲ;ϭϬϬͿ
ϭ;ϲ͘ϯͿ
ϭϱ;ϵϯ͘ϳͿ
Ɖсϭ
Ϯϱ;ϭϬϬͿ
Ϯ;ϴͿ
Ϯϯ;ϵϮͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϲϮϱ
Ϯϱ;ϭϬϬͿ
ϭ;ϰͿ
ϭϮ;ϰϴͿ
ϭϮ;ϰϴͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
5(68/7$'26
(VWXGLRVSDWHUQRV
$OHVWXGLDUODVH[XDOLGDGHQHOHPEDUD]RHQIXQFLyQGHORVHVWXGLRVSDWHUQRVQR
VHHQFXHQWUDQGLIHUHQFLDVVLJQLILFDWLYDVHQWUHHOJUXSRGHKRPEUHVFRQHVWXGLRV
EiVLFRV\HVWXGLRVPHGLRVVXSHULRUHVHQFXDQWRDODIUHFXHQFLD
FRLWDO WDEOD &XDQGR DJUXSDPRV HVWD YDULDEOH HQ GRV FDWHJRUtDV
REVHUYDPRV PHMRU IUHFXHQFLD VH[XDO D ORV PHVHV SRVWSDUWR FXDQGR HO SDGUH
SUHVHQWD HVWXGLRV EiVLFRV S DXQTXH HVWDV GLIHUHQFLDV QR UHVXOWDQ
VLJQLILFDWLYDVWDEOD
/DIUHFXHQFLDGHRUJDVPRQRPXHVWUDGLIHUHQFLDVHQWUHDPERVJUXSRVGHHVWXGLRV
FXDQGR FRQVLGHUDPRV HVWD YDULDEOH HQ WUHV FDWHJRUtDV WDEOD QL DJUXSDGD HQ
GRVFDWHJRUtDVWDEOD
(ODQiOLVLVGHODVDWLVIDFFLyQVH[XDOHQDPERVJUXSRVGHHVWXGLRVVHUHIOHMDHQOD
WDEODGRQGHREVHUYDPRVTXHDORVPHVHVSRVWSDUWRHOGHPXMHUHV
FX\DV SDUHMDV WLHQHQ HVWXGLRV EiVLFRV SUHVHQWD DOJXQD VDWLVIDFFLyQ FRQ ODV
UHODFLRQHV UHVSHFWR DO VL WLHQHQ HVWXGLRV PHGLRV VXSHULRUHV S (VWDDWHQGHQFLDDSDUHFHWDPELpQDDORVPHVHVSRVWSDUWRDXQTXHQRDOFDQ]DOD
VLJQLILFDFLyQHVWDGtVWLFDS &XDQGR DJUXSDPRV OD YDULDEOH HQ GRV
FDWHJRUtDVQRVHREWLHQHQGLIHUHQFLDVHQWUHJUXSRVWDEOD
6LQHPEDUJRVtVHREVHUYDXQDWHQGHQFLDDPHQRVGRORUHQODVUHODFLRQHVDQWHVGHO
HPEDUD]RFXDQGRHOKRPEUHSUHVHQWDHVWXGLRVPHGLRVVXSHULRUHVWDEODDXQTXH
HVWDVGLIHUHQFLDVQRUHVXOWDQVLJQLILFDWLYDVS &XDQGRVHFRGLILFDODYDULDEOH
HQGRVFDWHJRUtDVQRKD\GLIHUHQFLDVHQWUHDPERVJUXSRVHQQLQJXQDGHODVYLVLWDV
WDEOD
83
84
Ϯ;ϳ͘ϰͿ
ϴ;Ϯϵ͘ϲͿ
ϭϲ;ϱϵ͘ϯͿ
ϭ;ϯ͘ϳͿ
Ϯϳ;ϭϬϬͿ
ϵ;ϭϬ͘ϳͿ
ϮϬ;Ϯϯ͘ϴͿ
ϰϴ;ϱϳ͘ϮͿ
ϳ;ϴ͘ϯͿ
ϴϰ;ϭϬϬͿ
^ĞŵĂŶĂů
хϭͬƐĞŵĂŶĂ
ŝĂƌŝŽ
dŽƚĂů
ϴϰ;ϭϬϬͿ
ϯ;ϯ͘ϲͿ
Ϯϵ;ϯϰ͘ϱͿ
Ϯϯ;Ϯϳ͘ϰͿ
Ϯϵ;ϯϰ͘ϱͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
Ϭ;ϬͿ
ϱ;ϭϴ͘ϲͿ
ϭϭ;ϰϬ͘ϳͿ
ϭϭ;ϰϬ͘ϳͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ϳϵ;ϭϬϬͿ
ϰ;ϱ͘ϭͿ
ϭϳ;Ϯϭ͘ϱͿ
ϮϬ;Ϯϱ͘ϯͿ
ϯϴ;ϰϴ͘ϭͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
ϭ;ϯ͘ϳͿ
ϳ;Ϯϱ͘ϵͿ
ϴ;Ϯϵ͘ϲͿ
ϭϭ;ϰϬ͘ϳͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
Ϯϳ;ϭϬϬͿ
ϴϰ;ϭϬϬͿ
dŽƚĂů
ϴϰ;ϭϬϬͿ
ϱϱ;ϲϱ͘ϱͿ
Ϯϵ;ϯϰ͘ϱͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
ϭϲ;ϱϵ͘ϯͿ
ϭϭ;ϰϬ͘ϳͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
ϳϵ;ϭϬϬͿ
ϰϭ;ϱϭ͘ϵͿ
ϯϴ;ϰϴ͘ϭͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
ϭϲ;ϱϵ͘ϯͿ
ϭϭ;ϰϬ͘ϳͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ƉсϬ͘ϳϮϴ
ƉсϬ͘ϲϬϯ
ƉсϬ͘ϲϭϴ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
Ϯϱ;ϵϮ͘ϲͿ
Ϯ;ϳ͘ϰͿ
ϳϱ;ϴϵ͘ϯͿ
ϵ;ϭϬ͘ϳͿ
D^
ƵĞŶĂ
ZĞŐƵůĂƌͬŵĂůĂ
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
Ϯϰ;ϭϬϬͿ
Ϭ;ϬͿ
ϯ;ϭϮ͘ϱͿ
Ϯ;ϴ͘ϯͿ
D^
Ϯϰ;ϭϬϬͿ
ϱ;ϮϬ͘ϴͿ
ϭϵ;ϳϵ͘ϮͿ
ƉсϬ͘Ϯϵϭ
ϳϯ;ϭϬϬͿ
Ϯϲ;ϯϱ͘ϲͿ
ϰϳ;ϲϰ͘ϰͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD)UHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVSDWHUQRV
D^
ϭϵ;ϳϵ͘ϮͿ
ƉсϬ͘ϲϬϴ
ϳϯ;ϭϬϬͿ
Ϯ;Ϯ͘ϳͿ
ϭϬ;ϭϯ͘ϳͿ
ϭϰ;ϭϵ͘ϮͿ
ϰϳ;ϲϰ͘ϰͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϴϰϯ
ƉсϬ͘ϭϯϱ
ƉсϬ͘ϴϵϮ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ƐĐĂƐĂ
D^
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDFRLWDOHQIXQFLyQGHHVWXGLRVSDWHUQRV
D^
ϭϯ;ϭϬϬͿ
Ϭ;ϬͿ
Ϯ;ϭϱ͘ϰͿ
ϯ;Ϯϯ͘ϭͿ
ϴ;ϲϭ͘ϱͿ
D^
ϭϯ;ϭϬϬͿ
ϱ;ϯϴ͘ϱͿ
ϴ;ϲϭ͘ϱͿ
ƉсϬ͘Ϭϵϱ
Ϯϴ;ϭϬϬͿ
ϮϬ;ϳϭ͘ϰͿ
ϴ;Ϯϴ͘ϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘Ϯϱϲ
Ϯϴ;ϭϬϬͿ
ϭ;ϯ͘ϲͿ
ϲ;Ϯϭ͘ϰͿ
ϭϯ;ϰϲ͘ϰͿ
ϴ;Ϯϴ͘ϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
D^
ϭϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϰ;ϯϬ͘ϴͿ
ϱ;ϯϴ͘ϱͿ
ϰ;ϯϬ͘ϴͿ
D^
ϭϯ;ϭϬϬͿ
ϵ;ϲϵ͘ϮͿ
ϰ;ϯϬ͘ϴͿ
ƉсϬ͘Ϯϯϳ
Ϯϴ;ϭϬϬͿ
Ϯϰ;ϴϱ͘ϳͿ
ϰ;ϭϰ͘ϯͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϲϯϯ
Ϯϴ;ϭϬϬͿ
ϭ;ϯ͘ϲͿ
ϭϯ;ϰϲ͘ϰͿ
ϭϬ;ϯϱ͘ϳͿ
ϰ;ϭϰ͘ϯͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϰ;ϭϰ͘ϴͿ
ϭϮ;ϰϰ͘ϰͿ
ϭϭ;ϰϬ͘ϴͿ
Ϯϳ;ϭϬϬͿ
ϭϳ;ϮϬ͘ϮͿ
ϯϬ;ϯϱ͘ϳͿ
ϯϳ;ϰϰ͘ϭͿ
ϴϰ;ϭϬϬͿ
ƐĐĂƐŽ
&ƌĞĐƵĞŶƚĞ
^ŝĞŵƉƌĞ
dŽƚĂů
ϴϰ;ϭϬϬͿ
ϯϲ;ϰϮ͘ϴͿ
Ϯϰ;Ϯϴ͘ϲͿ
Ϯϰ;Ϯϴ͘ϲͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
ϭϱ;ϱϱ͘ϲͿ
ϳ;Ϯϱ͘ϵͿ
ϱ;ϭϴ͘ϱͿ
D^
ϳϵ;ϭϬϬͿ
ϯϯ;ϰϭ͘ϴͿ
Ϯϰ;ϯϬ͘ϰͿ
ϮϮ;Ϯϳ͘ϴͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
ϭϲ;ϱϵ͘ϯͿ
ϱ;ϭϴ͘ϱͿ
ϲ;ϮϮ͘ϮͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ϯ;ϭϮ͘ϱͿ
Ϯϰ;ϭϬϬͿ
ϭϭ;ϰϱ͘ϴͿ
Ϯϯ;ϴϱ͘ϮͿ
Ϯϳ;ϭϬϬͿ
ϲϳ;ϳϵ͘ϮͿ
ϴϰ;ϭϬϬͿ
ƉсϬ͘ϲϵϯ
ϰ;ϭϰ͘ϴͿ
ϭϳ;ϮϬ͘ϮͿ
D^
ĄƐŝĐŽƐ
D^
ϯϮ;ϰϯ͘ϴͿ ϭϬ;ϰϭ͘ϳͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
D^
ϭϯ;ϭϬϬͿ
ϳ;ϱϯ͘ϴͿ
ϰ;ϯϬ͘ϴͿ
Ϯ;ϭϱ͘ϰͿ
ϴ;Ϯϴ͘ϲͿ
ĄƐŝĐŽƐ
Ϯ;ϭϱ͘ϰͿ
D^
Ϯϳ;ϭϬϬͿ
ƉсϬ͘ϴϮϱ
Ϯϳ;ϭϬϬͿ ϳϵ;ϭϬϬͿ
Ϯϰ;ϭϬϬͿ
Ɖсϭ
ϳϯ;ϭϬϬͿ
ϭϯ;ϭϬϬͿ
ϭϬ;ϳϲ͘ϵͿ
Ϯϭ;ϳϱͿ
ϳ;ϮϱͿ
ĄƐŝĐŽƐ
ϭϮ;ϵϮ͘ϯͿ
ϭ;ϳ͘ϳͿ
D^
ϲŵƉŽƐƚƉĂƌƚŽ
;EсϰϭͿ
ƉсϬ͘ϭϳϴ
Ϯϴ;ϭϬϬͿ
ϭϭ;ϯϵ͘ϯͿ
Ϯ;ϭϱ͘ϰͿ
ϭ;ϳ͘ϳͿ
D^
ƉсϬ͘ϯϵϲ
ϭϯ;ϭϬϬͿ Ϯϴ;ϭϬϬͿ ϭϯ;ϭϬϬͿ
ƉсϬ͘ϲϵϯ
Ϯϴ;ϭϬϬͿ
ϳ;ϮϱͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϭϬ;ϯϱ͘ϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϲϭϰ
Ϯϴ;ϭϬϬͿ
ϭϭ;ϯϵ͘ϯͿ
ϵ;ϯϮ͘ϭͿ
ϴ;Ϯϴ͘ϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ϯ;ϴϭ͘ϱͿ ϱϳ;ϳϮ͘ϮͿ Ϯϭ;ϳϳ͘ϴͿ ϰϭ;ϱϲ͘ϮͿ ϭϰ;ϱϴ͘ϯͿ ϮϬ;ϳϭ͘ϰͿ ϭϭ;ϴϰ͘ϲͿ
ϲ;ϮϮ͘ϮͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
ϱ;ϭϴ͘ϱͿ ϮϮ;Ϯϳ͘ϴͿ
ƉсϬ͘ϱϬϰ
ϴϰ;ϭϬϬͿ
ϲϬ;ϳϭ͘ϰͿ
Ϯϰ;Ϯϴ͘ϲͿ
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
dŽƚĂů
ƵĞŶĂ
ZĞŐƵůĂƌͬŵĂůĂ
D^
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
D^
ϭϬ;ϰϭ͘ϳͿ
ƉсϬ͘ϱϱϮ
ϳϯ;ϭϬϬͿ
Ϯϱ;ϯϰ͘ϯͿ
ϭϲ;Ϯϭ͘ϵͿ
ϯϮ;ϰϯ͘ϴͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
7DEOD)UHFXHQFLDGHRUJDVPRDJUXSDGDHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVSDWHUQRV
ƉсϬ͘ϲϱϬ
ƉсϬ͘ϱϲϳ
ƉсϬ͘ϯϰϰ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
D^
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDGHRUJDVPRHQIXQFLyQGHHVWXGLRVSDWHUQRV
5(68/7$'26
85
86
Ϯϭ;ϳϳ͘ϴͿ
Ϯϳ;ϭϬϬͿ
ϲϵ;ϴϮ͘ϭͿ
ϴϰ;ϭϬϬͿ
^ĂƚŝƐĨĂĐĐŝſŶ
dŽƚĂů
D^
Ϯϳ;ϭϬϬͿ
Ϯϭ;ϳϳ͘ϴͿ
ϱ;ϭϴ͘ϱͿ
ϭ;ϯ͘ϳͿ
ƉсϬ͘ϰϲϴ
ϴϰ;ϭϬϬͿ
ϱϲϴ;ϲϲ͘ϳͿ
Ϯϲ;ϯϬ͘ϵͿ
Ϯ;Ϯ͘ϰͿ
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
Ϯϳ;ϭϬϬͿ
ϮϮ;ϴϭ͘ϱͿ
ϯ;ϭϭ͘ϭͿ
Ϯ;ϳ͘ϰͿ
D^
ƉсϬ͘ϯϵϵ
ϳϵ;ϭϬϬͿ
ϱϳ;ϳϮ͘ϮͿ
ϭϴ;ϮϮ͘ϴͿ
ϰ;ϱͿ
ĄƐŝĐŽƐ
ϯϬƐŐ;EсϭϬϲͿ
Ϯϳ;ϭϬϬͿ
Ϯϳ;ϭϬϬͿ
ϴϰ;ϭϬϬͿ
ϴϰ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϭ;ϯ͘ϳͿ
D^
Ϯϳ;ϭϬϬͿ
Ϯϲ;ϵϲ͘ϯͿ
Ɖсϭ
ϴϰ;ϭϬϬͿ
ϴϮ;ϵϳ͘ϲͿ
Ϯ;Ϯ͘ϰͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
Ϯϱ;ϵϮ͘ϲͿ
Ϯ;ϳ͘ϰͿ
D^
ƉсϬ͘ϲϯϴ
ϳϵ;ϭϬϬͿ
ϳϱ;ϵϱͿ
ϰ;ϱͿ
ĄƐŝĐŽƐ
ϯϬƐŐ;EсϭϬϲͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
Ύ dŽĚĂƐůĂƐŵƵũĞƌĞƐƉƌĞƐĞŶƚĂŶďƵĞŶĂƐĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůĂŶƚĞƐĚĞůĂŐĞƐƚĂĐŝſŶ͘
Ύ
Ϭ;ϬͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
D^
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
D^
Ϯϰ;ϭϬϬͿ
Ϯϯ;ϵϱ͘ϴͿ
ϭ;ϰ͘ϮͿ
ƉсϬ͘ϰϰϯ
ϳϯ;ϭϬϬͿ
ϲϰ;ϴϳ͘ϳͿ
ϵ;ϭϮ͘ϯͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD6DWLVIDFFLyQVH[XDODJUXSDGDHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVSDWHUQRV
ŶƚĞƐ;EсϭϭϭͿ
Ϯϰ;ϭϬϬͿ
ϭϱ;ϲϮ͘ϱͿ
ϴ;ϯϯ͘ϯͿ
ϭ;ϰ͘ϮͿ
D^
ƉсϬ͘ϰϲϭ
ϳϯ;ϭϬϬͿ
ϰϱ;ϲϭ͘ϲͿ
ϭϵ;ϮϲͿ
ϵ;ϭϮ͘ϯͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ƉсϬ͘ϲϱϯ
ϲ;ϮϮ͘ϮͿ
Ϭ;ϬͿ
ϭϱ;ϭϳ͘ϵͿ
Ϭ;ϬͿ
D^
ůŐƵŶĂ
ƐĂƚŝƐĨĂĐĐŝſŶ
/ŶƐĂƚŝƐĨĂĐĐŝſŶŽ
ƌĞĐŚĂnjŽ
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD6DWLVIDFFLyQVH[XDOHQIXQFLyQGHHVWXGLRVSDWHUQRV
ϭϯ;ϭϬϬͿ
ϭϬ;ϳϲ͘ϵͿ
ϭ;ϳ͘ϳͿ
Ϯ;ϭϱ͘ϰͿ
D^
D^
ϭϯ;ϭϬϬͿ
ϭϭ;ϴϰ͘ϲͿ
Ϯ;ϭϱ͘ϰͿ
ƉсϬ͘ϮϯϮ
Ϯϴ;ϭϬϬͿ
Ϯϳ;ϵϲ͘ϰͿ
ϭ;ϯ͘ϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘Ϭϳϳ
Ϯϴ;ϭϬϬͿ
ϭϳ;ϲϬ͘ϳͿ
ϭϬ;ϯϱ͘ϳͿ
ϭ;ϯ͘ϲͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϭϯ;ϭϬϬͿ
ϭϮ;ϵϮ͘ϯͿ
Ϭ;ϬͿ
ϭ;ϳ͘ϳͿ
D^
ϭϯ;ϭϬϬͿ
ϭϮ;ϵϮ͘ϯͿ
ϭ;ϳ͘ϳͿ
D^
ƉсϬ͘ϯϮϱ
Ϯϴ;ϭϬϬͿ
Ϯϴ;ϭϬϬͿ
Ϭ;ϬͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘Ϭϭϰ
Ϯϴ;ϭϬϬͿ
ϭϵ;ϲϳ͘ϵͿ
ϵ;ϯϮ͘ϭͿ
Ϭ;ϬͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϭϯ;ϰϴ͘ϮͿ
ϭϮ;ϰϰ͘ϰͿ
Ϯ;ϳ͘ϰͿ
Ϯϳ;ϭϬϬͿ
ϯϬ;ϯϱ͘ϳͿ
ϱϯ;ϲϯ͘ϭͿ
ϭ;ϭ͘ϮͿ
ϴϰ;ϭϬϬͿ
EƵŶĐĂ
ůŐƵŶĂǀĞnj
&ƌĞĐƵĞŶƚĞŽ
ƐŝĞŵƉƌĞ
dŽƚĂů
D^
Ϯϳ;ϭϬϬͿ
ϯ;ϭϭ͘ϭͿ
ϭϳ;ϲϯͿ
ϳ;Ϯϱ͘ϵͿ
ƉсϬ͘ϲϲϰ
ϴϰ;ϭϬϬͿ
ϲ;ϳ͘ϭͿ
ϰϴ;ϱϳ͘ϮͿ
ϯϬ;ϯϱ͘ϳͿ
ĄƐŝĐŽƐ
D^
Ϯϳ;ϭϬϬͿ
Ϯ;ϳ͘ϰͿ
ϭϰ;ϱϭ͘ϵͿ
ϭϭ;ϰϬ͘ϳͿ
ƉсϬ͘ϳϬϴ
ϳϵ;ϭϬϬͿ
ϰ;ϱ͘ϭͿ
ϰϴ;ϲϬ͘ϳͿ
Ϯϳ;ϯϰ͘ϮͿ
ĄƐŝĐŽƐ
ϯϬƐŐ;EсϭϬϲͿ
Ϯϱ;ϵϮ͘ϲͿ
Ϯ;ϳ͘ϰͿ
Ϯϳ;ϭϬϬͿ
ϳϯ;ϵϴ͘ϴͿ
ϭ;ϭ͘ϮͿ
ϴϰ;ϭϬϬͿ
EŽ
^ş
dŽƚĂů
ϴϰ;ϭϬϬͿ
ϲ;ϳ͘ϭͿ
ϳϴ;ϵϮ͘ϵͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
ϯ;ϭϭ͘ϭͿ
Ϯϰ;ϴϴ͘ϵͿ
D^
ϮϬƐŐ;EсϭϭϭͿ
Ϯϰ;ϭϬϬͿ
Ϯ;ϴ͘ϯͿ
ϭϲ;ϲϲ͘ϳͿ
ƉсϬ͘ϰϱϵ
ϳϯ;ϭϬϬͿ
ϭϮ;ϭϲ͘ϱͿ
ϯϴ;ϱϮͿ
ϲ;ϮϱͿ
D^
ϳϵ;ϭϬϬͿ
ϰ;ϱ͘ϭͿ
ϳϱ;ϵϰ͘ϵͿ
ĄƐŝĐŽƐ
Ϯϳ;ϭϬϬͿ
Ϯ;ϳ͘ϰͿ
Ϯϱ;ϵϮ͘ϲͿ
D^
ϯϬƐŐ;EсϭϬϲͿ
D^
Ϯϰ;ϭϬϬͿ
Ϯ;ϴ͘ϯͿ
ϮϮ;ϵϭ͘ϳͿ
ƉсϬ͘ϱϰϴ
ϳϯ;ϭϬϬͿ
ϭϮ;ϭϲ͘ϱͿ
ϲϭ;ϴϯ͘ϱͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϭϮϴ
ƉсϬ͘ϲϴϲ
ƉсϬ͘ϲϰϲ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
D^
ĄƐŝĐŽƐ
ŶƚĞƐ;EсϭϭϭͿ
ĄƐŝĐŽƐ
ϯϴƐŐ;EсϵϳͿ
Ϯϯ;ϯϭ͘ϱͿ
7DEOD'RORUFRLWDODJUXSDGRHQGRVFDWHJRUtDVHQIXQFLyQGHHVWXGLRVSDWHUQRV
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ͘
ƉсϬ͘Ϭϱϱ
D^
ĄƐŝĐŽƐ
ϮϬƐŐ;EсϭϭϭͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD'RORUFRLWDOHQIXQFLyQGHHVWXGLRVSDWHUQRV
D^
ϭϯ;ϭϬϬͿ
Ϯ;ϭϱ͘ϰͿ
ϲ;ϰϲ͘ϮͿ
ϱ;ϯϴ͘ϱͿ
D^
ϭϯ;ϭϬϬͿ
Ϯ;ϭϱ͘ϰͿ
ϭϭ;ϴϰ͘ϲͿ
ƉсϬ͘ϮϯϮ
Ϯϴ;ϭϬϬͿ
ϭ;ϯ͘ϲͿ
Ϯϳ;ϵϲ͘ϰͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϰϬϲ
Ϯϴ;ϭϬϬͿ
ϭ;ϯ͘ϲͿ
ϭϰ;ϱϬͿ
ϭϯ;ϰϲ͘ϰͿ
ĄƐŝĐŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
D^
ϭϯ;ϭϬϬͿ
ϭ;ϳ͘ϳͿ
ϰ;ϯϬ͘ϴͿ
ϴ;ϲϭ͘ϱͿ
D^
ϭϯ;ϭϬϬͿ
ϭ;ϳ͘ϳͿ
ϭϮ;ϵϮ͘ϯͿ
Ɖсϭ
Ϯϴ;ϭϬϬͿ
Ϯ;ϳ͘ϭͿ
Ϯϲ;ϵϮ͘ϵͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϴϳϯ
Ϯϴ;ϭϬϬͿ
Ϯ;ϳ͘ϭͿ
ϭϭ;ϯϵ͘ϯͿ
ϭϱ;ϱϯ͘ϲͿ
ĄƐŝĐŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
87
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(VWDGRFLYLO
$OHVWXGLDUODIUHFXHQFLDFRLWDOHQIXQFLyQGHHVWDYDULDEOHREVHUYDPRVXQPD\RU
Q~PHUR GH UHODFLRQHV HQ ODV PXMHUHV VROWHUDV WDEOD $Vt OD IUHFXHQFLD GH
UHODFLRQHV³DGLDULR´HVPD\RUHQVROWHUDVHQODHWDSDSUHYLDDOHPEDUD]R\HQ
WRGDV ODV YLVLWDV GHO HPEDUD]R $GLFLRQDOPHQWH GHVWDFD XQD PD\RU IUHFXHQFLD GH
UHODFLRQHV³HVFDVDV´HQPXMHUHVFDVDGDVHQVHPDQDHQFDVDGDVIUHQWHD
HQVROWHUDV(VWDVGLIHUHQFLDVHQWUHDPERVJUXSRVUHVXOWDQHVWDGtVWLFDPHQWH
VLJQLILFDWLYDVDQWHVGHODJHVWDFLyQS HQVHPDQDS VHPDQD
S \HQVHPDQDS &XDQGRDJUXSDPRVODYDULDEOHHQGRVFDWHJRUtDVVRORREWHQHPRVGLIHUHQFLDVHQVHPDQD
S HQHOPLVPRVHQWLGRTXHORREVHUYDGRHQHODQiOLVLVDQWHULRUFRQPD\RU
IUHFXHQFLDFRLWDOHQODVPXMHUHVVROWHUDVTXHHQFDVDGDVIUHQWHDFRPR
VHUHIOHMDHQODWDEOD
'HODPLVPDIRUPDODVPXMHUHVVROWHUDVSUHVHQWDQPD\RUIUHFXHQFLDGHRUJDVPRWDEOD
DQWHVGHODJHVWDFLyQS \HQVHPDQDS GHVWDFDQGRHOJUXSRGH
VROWHUDVTXHSUHVHQWDQRUJDVPR³VLHPSUH´ HQHVWDVGRVYLVLWDV$GHPiVHQVHPDQD
VH REVHUYD PHQRU IUHFXHQFLD GH RUJDVPR ³HVFDVR´ HQ ODV PXMHUHV VROWHUDV UHVSHFWR D
FDVDGDVIUHQWHD
$O LJXDO TXH HQ HO FDVR DQWHULRU OD IUHFXHQFLD RUJiVPLFD DJUXSDGD HQ GRV
FDWHJRUtDVVRORPXHVWUDGLIHUHQFLDVHQWUHHVWRVJUXSRVHQODVHPDQDS FRQ PHMRU IUHFXHQFLD GH RUJDVPR HQ ODV PXMHUHV VROWHUDV UHVSHFWR D
FDVDGDV DXQTXH HVWDV GLIHUHQFLDV QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV
WDEOD
6L FRPSDUDPRV DPERV JUXSRV GH PXMHUHV HQ IXQFLyQ GH OD VDWLVIDFFLyQ
VH[XDOREVHUYDPRVTXHODVPXMHUHVVROWHUDVUHILHUHQPD\RUVDWLVIDFFLyQHQ
VHPDQDS GHPRGRTXHWRGDVODVPXMHUHVVROWHUDVSUHVHQWDQ
88
5(68/7$'26
VDWLVIDFFLyQ³VLHPSUH´FRQWRGDVODVUHODFLRQHV(QODHWDSDSUHYLDDOHPEDUD]RQR
KD\FDVRVGHLQVDWLVIDFFLyQRUHFKD]RHQQLQJXQRGHORV GRV JUXSRV WDEOD
$O DJUXSDUHQ GRV FDWHJRUtDV HVWD YDULDEOHQR HQFRQWUDPRV GLIHUHQFLDV HQWUH
HVWRVGRVJUXSRVWDEOD
(Q HO FDVR GH GRORU R PROHVWLDV FRQ ODV UHODFLRQHV WDEOD H[LVWHQ GLIHUHQFLDV
HQWUH ODV PXMHUHV VROWHUDV \ FDVDGDV HQ OD HWDSD SUHJHVWDFLRQDO S \ HQ
VHPDQDS $QWHVGHODJHVWDFLyQWRGDVODVPXMHUHVVROWHUDVH[SHULPHQWDQ
³DOJXQDYH]GRORU´IUHQWHDOGHFDVDGDVVLQHPEDUJRHOGHFDVDGDVQR
SDGHFHQGRORU³QXQFD´FRQODVUHODFLRQHVIUHQWHDOGHVROWHUDV(QODVVHPDQDV
SUHSDUWR HVWD UHODFLyQ VH LQYLHUWH \ OD PD\RUtD GH PXMHUHV VROWHUDV QXQFD
H[SHULPHQWD GRORU GH VROWHUDV IUHQWH D GH FDVDGDV 1R HQFRQWUDPRV
GLIHUHQFLDV HQWUH DPERV JUXSRV FXDQGR UHFRGLILFDPRV HO GRORU FRLWDO HQ GRV
FDWHJRUtDVWDEOD
89
90
ϭϬ;ϵ͘ϴͿ
Ϯϳ;Ϯϲ͘ϱͿ
ϲϬ;ϱϴ͘ϴͿ
ϱ;ϰ͘ϵͿ
ϭϬϮ;ϭϬϬͿ
ϭ;ϭϭ͘ϭͿ
ϭ;ϭϭ͘ϭͿ
ϰ;ϰϰ͘ϱͿ
ϯ;ϯϯ͘ϯͿ
ϵ;ϭϬϬͿ
ƐĐĂƐĂ
^ĞŵĂŶĂů
хϭͬƐĞŵĂŶĂ
ŝĂƌŝŽ
dŽƚĂů
ϭϬϮ;ϭϬϬͿ
Ϯ;ϮͿ
Ϯϴ;Ϯϳ͘ϱͿ
ϯϯ;ϯϮ͘ϯͿ
ϯϵ;ϯϴ͘ϮͿ
ĂƐĂĚĂƐ
ƉсϬ͘Ϭϰϵ
ϵ;ϭϬϬͿ
ϭ;ϭϭ͘ϭͿ
ϲ;ϲϲ͘ϳͿ
ϭ;ϭϭ͘ϭͿ
ϭ;ϭϭ͘ϭͿ
^ŽůƚĞƌĂƐ
ϮϬƐŐ;EсϭϭϭͿ
ϵϴ;ϭϬϬͿ
ϯ;ϯͿ
Ϯϯ;Ϯϯ͘ϱͿ
Ϯϱ;Ϯϱ͘ϱͿ
ϰϳ;ϰϴͿ
ĂƐĂĚĂƐ
ƉсϬ͘Ϭϰϳ
ϴ;ϭϬϬͿ
Ϯ;ϮϱͿ
ϭ;ϭϮ͘ϱͿ
ϯ;ϯϳ͘ϱͿ
Ϯ;ϮϱͿ
^ŽůƚĞƌĂƐ
ϯϬƐŐ;EсϭϬϲͿ
ϵϮ;ϵϭ͘ϮͿ
ϭϬϮ;ϭϬϬͿ
ϴ;ϴϴ͘ϵͿ
ϵ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϭϬϮ;ϭϬϬͿ
ϲϯ;ϲϭ͘ϴͿ
ϯϵ;ϯϴ͘ϮͿ
ĂƐĂĚĂƐ
ƉсϬ͘Ϯϱϰ
ϵ;ϭϬϬͿ
ϴ;ϴϴ͘ϵͿ
ϭ;ϭϭ͘ϭͿ
^ŽůƚĞƌĂƐ
ϮϬƐŐ;EсϭϭϭͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϱϴϲ
ϭϬ;ϵ͘ϴͿ
ϭ;ϭϭ͘ϭͿ
ZĞŐƵůĂƌͬŵĂůĂ
ĂƐĂĚĂƐ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
ϴϴ;ϭϬϬͿ
Ϭ;ϬͿ
ϭϮ;ϭϯ͘ϲͿ
ϭϯ;ϭϰ͘ϴͿ
ϲϯ;ϳϭ͘ϲͿ
ĂƐĂĚĂƐ
ϵϴ;ϭϬϬͿ
ϱϭ;ϱϮͿ
ϰϳ;ϰϴͿ
ĂƐĂĚĂƐ
ƉсϬ͘Ϯϳϵ
ϴ;ϭϬϬͿ
ϲ;ϳϱͿ
Ϯ;ϮϱͿ
^ŽůƚĞƌĂƐ
ϯϬƐŐ;EсϭϬϲͿ
ϴϴ;ϭϬϬͿ
Ϯϱ;Ϯϴ͘ϰͿ
ϲϯ;ϳϭ͘ϲͿ
ĂƐĂĚĂƐ
ƉсϬ͘ϬϮϲ
ϵ;ϭϬϬͿ
ϲ;ϲϲ͘ϳͿ
ϯ;ϯϯ͘ϯͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϬϬϮ
ϵ;ϭϬϬͿ
Ϯ;ϮϮ͘ϯͿ
ϭ;ϭϭ͘ϭͿ
ϯ;ϯϯ͘ϯͿ
ϯ;ϯϯ͘ϯͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD)UHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QHOHVWDGRFLYLO
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϬϮϮ
ĂƐĂĚĂƐ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDFRLWDOVHJ~QHOHVWDGRFLYLO
Ɖсϭ
ϯϵ;ϭϬϬͿ
ϭ;Ϯ͘ϲͿ
ϴ;ϮϬ͘ϰͿ
ϭϱ;ϯϴ͘ϱͿ
ϭϱ;ϯϴ͘ϱͿ
ĂƐĂĚĂƐ
Ϯ;ϭϬϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϯϵ;ϭϬϬͿ
ϭϰ;ϲϭ͘ϲͿ
ϭϱ;ϯϴ͘ϱͿ
ĂƐĂĚĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ɖсϭ
ϯϵ;ϭϬϬͿ
ϭ;Ϯ͘ϲͿ
ϭϲ;ϰϭ͘ϭͿ
ϭϰ;ϯϱ͘ϵͿ
ϴ;ϮϬ͘ϰͿ
ĂƐĂĚĂƐ
Ϯ;ϭϬϬͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϯϵ;ϭϬϬͿ
ϯϭ;ϳϵ͘ϲͿ
ϴ;ϮϬ͘ϰͿ
ĂƐĂĚĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϮϬ;ϭϵ͘ϲͿ
ϰϮ;ϰϭ͘ϮͿ
ϰϬ;ϯϵ͘ϮͿ
ϭϬϮ;ϭϬϬͿ
ϭ;ϭϭ͘ϭͿ
Ϭ;ϬͿ
ϴ;ϴϴ͘ϵͿ
ϵ;ϭϬϬͿ
&ƌĞĐƵĞŶƚĞ
^ŝĞŵƉƌĞ
dŽƚĂů
ϵ;ϭϬϬͿ
ϳ;ϳϳ͘ϴͿ
ϭ;ϭϭ͘ϭͿ
ϭ;ϭϭ͘ϭͿ
^ŽůƚĞƌĂƐ
ϭϬϮ;ϭϬϬͿ
ϰϰ;ϰϯ͘ϭͿ
ϯϬ;Ϯϵ͘ϰͿ
Ϯϴ;Ϯϳ͘ϱͿ
ĂƐĂĚĂƐ
ϮϬƐŐ;EсϭϭϭͿ
ϴ;ϭϬϬͿ
ϰ;ϱϬͿ
Ϯ;ϮϱͿ
Ϯ;ϮϱͿ
ϵϴ;ϭϬϬͿ
ϰϱ;ϰϲͿ
Ϯϳ;Ϯϳ͘ϱͿ
Ϯϲ;Ϯϲ͘ϱͿ
ĂƐĂĚĂƐ
Ɖсϭ
^ŽůƚĞƌĂƐ
ϯϬƐŐ;EсϭϬϲͿ
ϴϮ;ϴϬ͘ϰͿ
ϭϬϮ;ϭϬϬͿ
ϴ;ϴϴ͘ϵͿ
ϵ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϵ;ϭϬϬͿ
ϴ;ϴϴ͘ϵͿ
ϭ;ϭϭ͘ϭͿ
^ŽůƚĞƌĂƐ
ϭϬϮ;ϭϬϬͿ
ϳϰ;ϳϮ͘ϱͿ
Ϯϴ;Ϯϳ͘ϱͿ
ĂƐĂĚĂƐ
ϮϬƐŐ;EсϭϭϭͿ
Ɖсϭ
ƉсϬ͘ϲϳϴ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ϮϬ;ϭϵ͘ϲͿ
ϭ;ϭϭ͘ϭͿ
ĂƐĂĚĂƐ
ZĞŐƵůĂƌͬŵĂůĂ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
ϴϴ;ϭϬϬͿ
Ϯϵ;ϯϯͿ
ϭϴ;ϮϬ͘ϱͿ
ϰϭ;ϰϲ͘ϱͿ
ĂƐĂĚĂƐ
ĂƐĂĚĂƐ
ϵϴ;ϭϬϬͿ
ϳϮ;ϮϴͿ
Ϯϲ;Ϯϲ͘ϱͿ
Ɖсϭ
ϴ;ϭϬϬͿ
ϲ;ϳϱͿ
Ϯ;ϮϱͿ
^ŽůƚĞƌĂƐ
ϯϬƐŐ;EсϭϬϲͿ
ϴϴ;ϭϬϬͿ
Ϯϵ;ϯϯͿ
ϰϭ;ϰϲ͘ϱͿ
ĂƐĂĚĂƐ
ƉсϬ͘Ϭϳϯ
ϵ;ϭϬϬͿ
ϴ;ϴϴ͘ϵͿ
ϭ;ϭϭ͘ϭͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ƉсϬ͘ϬϯϮ
ϵ;ϭϬϬͿ
ϳ;ϳϳ͘ϴͿ
ϭ;ϭϭ͘ϭͿ
ϭ;ϭϭ͘ϭͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
7DEOD)UHFXHQFLDGHRUJDVPRDJUXSDGDHQGRVFDWHJRUtDVVHJ~QHOHVWDGRFLYLO
ƉсϬ͘ϬϮϯ
ƉсϬ͘ϯϭϮ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƐĐĂƐŽ
ĂƐĂĚĂƐ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDGHRUJDVPRVHJ~QHOHVWDGRFLYLO
ϯϵ;ϭϬϬͿ
ϭϳ;ϰϯ͘ϲͿ
ϭϯ;ϯϯ͘ϯͿ
ϵ;Ϯϯ͘ϭͿ
ĂƐĂĚĂƐ
ƉсϬ͘ϰϰϮ
ϯϵ;ϭϬϬͿ
ϯϮ;ϴϮ͘ϭͿ
ϳ;ϭϳ͘ϵͿ
ĂƐĂĚĂƐ
ƉсϬ͘ϯϲϰ
Ϯ;ϭϬϬͿ
ϭ;ϱϬͿ
ϯϬ;ϳϲ͘ϵͿ
ϯϵ;ϭϬϬͿ
ϭ;ϱϬͿ
ϵ;Ϯϯ͘ϭͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ĂƐĂĚĂƐ
Ϯ;ϭϬϬͿ
ϯϵ;ϭϬϬͿ
ϮϬ;ϱϭ͘ϯͿ
ϭϮ;ϯϬ͘ϴͿ
ϳ;ϭϳ͘ϵͿ
ĂƐĂĚĂƐ
ƉсϬ͘ϰϰϰ
Ϯ;ϭϬϬͿ
ϭ;ϱϬͿ
Ϭ;ϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŽůƚĞƌĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϳϮϱ
Ϯ;ϭϬϬͿ
ϭ;ϱϬͿ
Ϭ;ϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
91
92
ϴϮ;ϴϬ͘ϰͿ
ϭϬϮ;ϭϬϬͿ
ϴ;ϴϴ͘ϵͿ
ϵ;ϭϬϬͿ
^ĂƚŝƐĨĂĐĐŝſŶ
dŽƚĂů
ϵ;ϭϬϬͿ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
ϭϬϮ;ϭϬϬͿ
ϲϴ;ϲϲ͘ϳͿ
ϯϭ;ϯϬ͘ϰͿ
ϯ;Ϯ͘ϵͿ
ĂƐĂĚĂƐ
ϮϬƐŐ;EсϭϭϭͿ
ϴ;ϭϬϬͿ
ϳ;ϴϳ͘ϱͿ
ϭ;ϭϮ͘ϱͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϵϴ;ϭϬϬͿ
ϳϮ;ϳϯ͘ϱͿ
ϮϬ;ϮϬ͘ϰͿ
ϲ;ϲ͘ϭͿ
ĂƐĂĚĂƐ
ϭϬϮ;ϭϬϬͿ
ϭϬϮ;ϭϬϬͿ
ϵ;ϭϬϬͿ
ϵ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϵ;ϭϬϬͿ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϭϬϮ;ϭϬϬͿ
ϵϵ;ϵϳ͘ϭͿ
ϯ;Ϯ͘ϵͿ
ĂƐĂĚĂƐ
ϮϬƐŐ;EсϭϭϭͿ
ϴ;ϭϬϬͿ
ϴ;ϭϬϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϵϴ;ϭϬϬͿ
ϵϮ;ϵϯ͘ϵͿ
ϲ;ϲ͘ϭͿ
ĂƐĂĚĂƐ
ĂƐĂĚĂƐ
ϴϴ;ϭϬϬͿ
ϳϴ;ϴϴ͘ϲͿ
ϭϬ;ϭϭ͘ϰͿ
ƉсϬ͘ϱϵϭ
ϵ;ϭϬϬͿ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯϬƐŐ;EсϭϬϲͿ
Ύ dŽĚĂƐůĂƐŵƵũĞƌĞƐƉƌĞƐĞŶƚĂŶďƵĞŶĂƐĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůĂŶƚĞƐĚĞůĂŐĞƐƚĂĐŝſŶ͘
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
Ύ
Ϭ;ϬͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ĂƐĂĚĂƐ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
ϴϴ;ϭϬϬͿ
ϱϭ;ϱϴͿ
Ϯϳ;ϯϬ͘ϳͿ
ϭϬ;ϭϭ͘ϯͿ
ĂƐĂĚĂƐ
ƉсϬ͘Ϭϰϵ
ϵ;ϭϬϬͿ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯϬƐŐ;EсϭϬϲͿ
7DEOD6DWLVIDFFLyQVH[XDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QHOHVWDGRFLYLO
Ɖсϭ
ƉсϬ͘ϯϮϴ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ϮϬ;ϭϵ͘ϲͿ
Ϭ;ϬͿ
ϭ;ϭϭ͘ϭͿ
Ϭ;ϬͿ
ĂƐĂĚĂƐ
ůŐƵŶĂ
ƐĂƚŝƐĨĂĐĐŝſŶ
/ŶƐĂƚŝƐĨĂĐĐŝſŶŽ
ƌĞĐŚĂnjŽ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD6DWLVIDFFLyQVH[XDOVHJ~QHOHVWDGRFLYLO
ϯϵ;ϭϬϬͿ
Ϯϲ;ϲϲ͘ϳͿ
ϭϬ;Ϯϱ͘ϲͿ
ϯ;ϳ͘ϳͿ
ĂƐĂĚĂƐ
Ϯ;ϭϬϬͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϯϵ;ϭϬϬͿ
ϯϲ;ϵϮ͘ϯͿ
ϯ;ϳ͘ϳͿ
ĂƐĂĚĂƐ
Ɖсϭ
^ŽůƚĞƌĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϱϳϵ
Ϯ;ϭϬϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϯϵ;ϭϬϬͿ
Ϯϵ;ϳϲ͘ϯͿ
ϴ;Ϯϭ͘ϭͿ
ϭ;Ϯ͘ϲͿ
ĂƐĂĚĂƐ
Ϯ;ϭϬϬͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϯϵ;ϭϬϬͿ
ϯϴ;ϵϳ͘ϰͿ
ϭ;Ϯ͘ϲͿ
ĂƐĂĚĂƐ
Ɖсϭ
^ŽůƚĞƌĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ƉсϬ͘ϰϯϲ
Ϯ;ϭϬϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
Ϭ;ϬͿ
^ŽůƚĞƌĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϰϯ;ϰϮ͘ϭͿ
ϱϲ;ϱϰ͘ϵͿ
ϯ;ϯͿ
ϭϬϮ;ϭϬϬͿ
Ϭ;ϬͿ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
ϵ;ϭϬϬͿ
ůŐƵŶĂǀĞnj
&ƌĞĐƵĞŶƚĞŽ
ƐŝĞŵƉƌĞ
ϵ;ϭϬϬͿ
Ϭ
ϳ;ϳϳ͘ϴͿ
Ϯ;ϮϮ͘ϮͿ
^ŽůƚĞƌĂƐ
ϭϬϮ;ϭϬϬͿ
ϵ;ϴ͘ϴͿ
ϱϴ;ϱϲ͘ϵͿ
ϯϱ;ϯϰ͘ϯͿ
ĂƐĂĚĂƐ
ϮϬƐŐ;EсϭϭϭͿ
ϵϴ;ϭϬϬͿ
ϲ;ϲ͘ϭͿ
ϱϲ;ϱϳ͘ϮͿ
ϯϲ;ϯϲ͘ϳͿ
ĂƐĂĚĂƐ
ƉсϬ͘ϴϭϰ
ϴ;ϭϬϬͿ
Ϭ;ϬͿ
ϲ;ϳϱͿ
Ϯ;ϮϱͿ
^ŽůƚĞƌĂƐ
ϯϬƐŐ;EсϭϬϲͿ
ϵϵ;ϵϳͿ
ϯ;ϯͿ
ϭϬϮ;ϭϬϬͿ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
ϵ;ϭϬϬͿ
EŽ
^ş
ϵ;ϭϬϬͿ
Ϭ
ϵ;ϭϬϬͿ
^ŽůƚĞƌĂƐ
ϭϬϮ;ϭϬϬͿ
ϵ;ϴ͘ϴͿ
ϵϯ;ϵϭ͘ϴͿ
ĂƐĂĚĂƐ
ϮϬƐŐ;EсϭϭϭͿ
Ɖсϭ
Ɖсϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dŽƚĂů
ĂƐĂĚĂƐ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
ϴϴ;ϭϬϬͿ
ϭϰ;ϭϱ͘ϵͿ
ϱϮ;ϱϵ͘ϭͿ
ϮϮ;ϮϱͿ
ĂƐĂĚĂƐ
ϴ;ϭϬϬͿ
Ϭ;ϬͿ
ϴ;ϭϬϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϵϴ;ϭϬϬͿ
ϲ;ϲ͘ϭͿ
ϵϮ;ϵϯ͘ϵͿ
ĂƐĂĚĂƐ
ϯϬƐŐ;EсϭϬϲͿ
ϭϰ;ϭϱ͘ϵͿ
ϴϴ;ϭϬϬͿ
Ϭ;ϬͿ
ϵ;ϭϬϬͿ
ƉсϬ͘ϯϰϳ
ϳϰ;ϴϰ͘ϭͿ
ĂƐĂĚĂƐ
ϵ;ϭϬϬͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϬϬϵ
ϵ;ϭϬϬͿ
Ϭ;ϬͿ
Ϯ;ϮϮ͘ϮͿ
ϳ;ϳϳ͘ϴͿ
^ŽůƚĞƌĂƐ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD'RORUFRLWDODJUXSDGRHQGRVFDWHJRUtDVVHJ~QHOHVWDGRFLYLO
ƉсϬ͘Ϭϯϳ
ƉсϬ͘ϰϲϵ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dŽƚĂů
EƵŶĐĂ
ĂƐĂĚĂƐ
^ŽůƚĞƌĂƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD'RORUFRLWDOVHJ~QHOHVWDGRFLYLO
Ɖсϭ
ϯϵ;ϭϬϬͿ
ϯ;ϳ͘ϳͿ
ϭϵ;ϰϴ͘ϳͿ
ϭϳ;ϰϯ͘ϲͿ
ĂƐĂĚĂƐ
Ϭ;ϬͿ
Ϯ;ϭϬϬͿ
Ϯ;ϭϬϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϯ;ϳ͘ϳͿ
ϯϵ;ϭϬϬͿ
ϯϲ;ϵϮ͘ϯͿ
ĂƐĂĚĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ɖсϭ
ϯϵ;ϭϬϬͿ
ϯ;ϳ͘ϳͿ
ϭϰ;ϯϱ͘ϵͿ
ϮϮ;ϱϲ͘ϰͿ
ĂƐĂĚĂƐ
Ϭ;ϬͿ
Ϯ;ϭϬϬͿ
Ϯ;ϭϬϬͿ
^ŽůƚĞƌĂƐ
Ɖсϭ
ϯ;ϳ͘ϳͿ
ϯϵ;ϭϬϬͿ
ϯϲ;ϵϮ͘ϯͿ
ĂƐĂĚĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
Ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϱϬͿ
ϭ;ϱϬͿ
^ŽůƚĞƌĂƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
93
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
)DFWRUHVREVWpWULFRV
3DULGDG
6L DQDOL]DPRV OD IUHFXHQFLD GH UHODFLRQHV HQ IXQFLyQ GH OD SDULGDG WDEOD HQFRQWUDPRV XQ GHVFHQVR JHQHUDOL]DGR D OR ODUJR GHO HPEDUD]R WDQWR HQ HO JUXSR GH
PXMHUHVQXOtSDUDVRVLQKLMRVFRPRHQHOTXH\DKDQWHQLGRKLMRVDXQTXH
PiVPDUFDGRHQHVWH~OWLPR([LVWHQGLIHUHQFLDVVLJQLILFDWLYDVHQWUHDPERVJUXSRVHQOD
HWDSDDQWHVGHOHPEDUD]RS VLHQGRPD\RUODIUHFXHQFLDHQQXOtSDUDV\WHQGHQFLD
DPHQRUIUHFXHQFLDVH[XDOHQPXMHUHVFRQKLMRVHQVHPDQDS GHVWDFDQGRHQ
HOODVXQPD\RUQ~PHURGHUHODFLRQHVHVFDVDVUHVSHFWRDQXOtSDUDV
/DIUHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVPXHVWUDUHVXOWDGRVVLPLODUHVFRQPD\RU
IUHFXHQFLDFRLWDOHQQXOtSDUDVDQWHVGHOHPEDUD]RS \HQVHPDQDS FRPRVHPXHVWUDHQODWDEOD
(Q FXDQWR D OD VDWLVIDFFLyQ VH[XDO WDEOD VH REVHUYD TXH QR KD\ FDVRV GH
LQVDWLVIDFFLyQUHFKD]RDQWHVGHOHPEDUD]RHQQLQJXQRGHORVGRVJUXSRV(QODVHPDQD
H[LVWH XQ DXPHQWR HQ HO JUXSR GH PXMHUHV TXH KDQ WHQLGR KLMRV TXH H[SHULPHQWDQ
UHFKD]RLQVDWLVIDFFLyQ FRQ ODV UHODFLRQHV UHVSHFWR D QXOtS DUDV \ HVWDV
GLIHUHQFLDVUHVXOWDQVLJQLILFDWLYDVS $OUHDOL]DUHODQiOLVLVGHHVWDYDULDEOHDJUXSDGDHQVDWLVIDFFLyQVH[XDOEXHQD\UHJXODU
PDOWDEODHQFRQWUDPRVTXHHQVHPDQDODPD\RUtDGHPXMHUHVQXOtSDUDV
PXHVWUDQ EXHQD VDWLVIDFFLyQ UHVSHFWR DO RWUR JUXSR VLHQGR HVWDV GLIHUHQFLDV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVS (QODVHPDQDWRGDVODVPXMHUHVQXOtSDUDV
PXHVWUDQ EXHQD VDWLVIDFFLyQ IUHQWH D XQ GHO RWUR JUXSR DXQTXH HQ HVWH
FDVRODVGLIHUHQFLDVQRUHVXOWDQVLJQLILFDWLYDVS (VWRRFXUUHGHIRUPDSDUHFLGD
HQVHPDQDS 1R HQFRQWUDPRV GLIHUHQFLDV VLJQLILFDWLYDV HQWUH DPERV JUXSRV VHJ~Q SDULGDG HQ OD
IUHFXHQFLDGHRUJDVPRWDEODV\QLHQHOGRORUFRQODVUHODFLRQHVWDEODV\
HQQLQJXQDGHODVHWDSDVHYDOXDGDV
94
Ϯ;ϰͿ
ϱϬ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
dŽƚĂů
ϱϬ;ϭϬϬͿ
ϭ;ϮͿ
ϭϰ;ϮϴͿ
ϭϮ;ϮϰͿ
Ϯϯ;ϰϲͿ
ŽŶŚŝũŽƐ
ƉсϬ͘Ϭϴϴ
ϲϭ;ϭϬϬͿ
Ϯ;ϯ͘ϮͿ
ϮϬ;ϯϮ͘ϴͿ
ϮϮ;ϯϲ͘ϭͿ
ϭϳ;Ϯϳ͘ϵͿ
^ŝŶŚŝũŽƐ
ϮϬƐŐ;EсϭϭϭͿ
ϰϴ;ϭϬϬͿ
ϭ;Ϯ͘ϭͿ
ϭϭ;ϮϮ͘ϵͿ
ϭϭ;ϮϮ͘ϵͿ
Ϯϱ;ϱϮ͘ϭͿ
ŽŶŚŝũŽƐ
ƉсϬ͘ϯϱϮ
ϱϴ;ϭϬϬͿ
ϰ;ϲ͘ϵͿ
ϭϯ;ϮϮ͘ϰͿ
ϭϳ;Ϯϵ͘ϯͿ
Ϯϰ;ϰϭ͘ϰͿ
^ŝŶŚŝũŽƐ
ϯϬƐŐ;EсϭϬϲͿ
ϱϬ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
dŽƚĂů
ϱϬ;ϭϬϬͿ
Ϯϳ;ϱϰͿ
ƉсϬ͘Ϭϱϴ
ƉсϬ͘ϬϰϮ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ϲϭ;ϭϬϬͿ
ϯϵ;ϳϮ͘ϭͿ
ϰϮ;ϴϰͿ
ϱϴ;ϵϱ͘ϭͿ
ƵĞŶĂ
Ϯϯ;ϰϲͿ
ϭϳ;Ϯϳ͘ϵͿ
ϴ;ϭϲͿ
ϯ;ϰ͘ϵͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϮϬƐŐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ŶƚĞƐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϰ;ϭϬϬͿ
ϭ;Ϯ͘ϯͿ
ϲ;ϭϯ͘ϲͿ
ϱ;ϭϭ͘ϰͿ
ϯϮ;ϳϮ͘ϳͿ
ŽŶŚŝũŽƐ
ϰϴ;ϭϬϬͿ
Ϯϯ;ϰϳ͘ϵͿ
Ϯϱ;ϱϮ͘ϭͿ
ƉсϬ͘ϰϳϱ
ϱϴ;ϭϬϬͿ
ϯϰ;ϱϴ͘ϲͿ
Ϯϰ;ϰϭ͘ϰͿ
ϯϬƐŐ;EсϭϬϲͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϰ;ϭϬϬͿ
ϭϭ;Ϯϳ͘ϲͿ
ϯϮ;ϳϮ͘ϳͿ
ƉсϬ͘ϯϵϭ
ϱϯ;ϭϬϬͿ
ϭϵ;ϯϱ͘ϴͿ
ϯϰ;ϲϰ͘ϮͿ
ϯϴƐŐ;EсϵϳͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϯϱϯ
ϱϯ;ϭϬϬͿ
ϭ;ϭ͘ϵͿ
ϳ;ϭϯ͘ϮͿ
ϭϭ;ϮϬ͘ϳͿ
ϯϰ;ϲϰ͘ϮͿ
^ŝŶŚŝũŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
dĂďůĂϰϮ)UHFXHQFLDFRLWDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QODSDULGDG
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϬϮϭ
Ϯϱ;ϱϬͿ
ϲ;ϵ͘ϴͿ
хϭͬƐĞŵĂŶĂ
ϯϵ;ϲϯ͘ϵͿ
^ĞŵĂŶĂů
ŝĂƌŝŽ
ϴ;ϭϲͿ
ϭϱ;ϯϬͿ
ϯ;ϰ͘ϵͿ
ϭϯ;Ϯϭ͘ϰͿ
ƐĐĂƐĂ
ŽŶŚŝũŽƐ
^ŝŶŚŝũŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDFRLWDOVHJ~QODSDULGDG
ϭϵ;ϭϬϬͿ
Ϭ;ϬͿ
ϰ;Ϯϭ͘ϭͿ
ϭϬ;ϱϮ͘ϲͿ
ϱ;Ϯϲ͘ϯͿ
ŽŶŚŝũŽƐ
ϭϵ;ϭϬϬͿ
ϭϰ;ϳϯ͘ϳͿ
ϱ;Ϯϲ͘ϯͿ
ƉсϬ͘Ϯϯϰ
ϮϮ;ϭϬϬͿ
ϭϭ;ϱϬͿ
ϭϭ;ϱϬͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϰϬϭ
ϮϮ;ϭϬϬͿ
ϭ;ϰ͘ϱͿ
ϰ;ϭϴ͘ϮͿ
ϲ;Ϯϳ͘ϯͿ
ϭϭ;ϱϬͿ
^ŝŶŚŝũŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϭϵ;ϭϬϬͿ
Ϭ;ϬͿ
ϴ;ϰϮ͘ϭͿ
ϴ;ϰϮ͘ϭͿ
ϯ;ϭϱ͘ϴͿ
ŽŶŚŝũŽƐ
ϮϮ;ϭϬϬͿ
ϭϵ;ϭϬϬͿ
ϭϲ;ϴϰ͘ϮͿ
ϯ;ϭϱ͘ϴͿ
Ɖсϭ
ϭϳ;ϳϳ͘ϮͿ
ϱ;ϮϮ͘ϴͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϵϬϰ
ϮϮ;ϭϬϬͿ
ϭ;ϰ͘ϱͿ
ϵ;ϰϬ͘ϵͿ
ϳ;ϯϭ͘ϴͿ
ϱ;ϮϮ͘ϴͿ
^ŝŶŚŝũŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
95
96
ϯϴ;ϲϮ͘ϯͿ
ϱϬ;ϭϬϬͿ
ϱϮ;ϴϱ͘ϮͿ
ϲϭ;ϭϬϬͿ
^ĂƚŝƐĨĂĐĐŝſŶ
dŽƚĂů
ϲϭ;ϭϬϬͿ
ϰϲ;ϳϱ͘ϰͿ
ϭϱ;Ϯϰ͘ϲͿ
Ϭ;ϬͿ
^ŝŶŚŝũŽƐ
ϱϬ;ϭϬϬͿ
ϯϭ;ϲϮͿ
ϭϲ;ϯϮͿ
ϯ;ϲͿ
ŽŶŚŝũŽƐ
ϮϬƐŐ;EсϭϭϭͿ
ϰϴ;ϭϬϬͿ
ϯϯ;ϲϴ͘ϴͿ
ϭϬ;ϮϬ͘ϴͿ
ϱ;ϭϬ͘ϰͿ
ŽŶŚŝũŽƐ
ƉсϬ͘ϮϬϬ
ϱϴ;ϭϬϬͿ
ϰϱ;ϳϳ͘ϲͿ
ϭϮ;ϮϬ͘ϳͿ
ϭ;ϭ͘ϳͿ
^ŝŶŚŝũŽƐ
ϯϬƐŐ;EсϭϬϲͿ
ϱϬ;ϭϬϬͿ
ϱϬ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϱϬ;ϭϬϬͿ
ϰϳ;ϵϰͿ
ϯ;ϲͿ
ƉсϬ͘ϬϴϬ
ϲϭ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
Ϭ;ϬͿ
ϮϬƐŐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϴ;ϭϬϬͿ
ϰϯ;ϴϵ͘ϲͿ
ϱ;ϭϬ͘ϰͿ
ƉсϬ͘Ϭϵϰ
ϱϴ;ϭϬϬͿ
ϱϳ;ϵϴ͘ϯͿ
ϭ;ϭ͘ϳͿ
ϯϬƐŐ;EсϭϬϲͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϰ;ϭϬϬͿ
ϯϲ;ϴϭ͘ϴͿ
ϴ;ϭϴ͘ϮͿ
ƉсϬ͘Ϭϯϵ
ϱϯ;ϭϬϬͿ
ϱϭ;ϵϲ͘ϮͿ
Ϯ;ϯ͘ϴͿ
ϯϴƐŐ;EсϵϳͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ΎdŽĚĂƐůĂƐŵƵũĞƌĞƐƉƌĞƐĞŶƚĂŶďƵĞŶĂƐĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůĂŶƚĞƐĚĞůĂŐĞƐƚĂĐŝſŶ
Ύ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
Ϭ;ϬͿ
ŶƚĞƐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϰ;ϭϬϬͿ
Ϯϲ;ϱϵ͘ϭͿ
ϭϬ;ϮϮ͘ϳͿ
ϴ;ϭϴ͘ϮͿ
ŽŶŚŝũŽƐ
ƉсϬ͘Ϭϰϲ
ϱϯ;ϭϬϬͿ
ϯϰ;ϲϰ͘ϭͿ
ϭϳ;ϯϮ͘ϭͿ
Ϯ;ϯ͘ϴͿ
^ŝŶŚŝũŽƐ
ϯϴƐŐ;EсϵϳͿ
^ĂƚŝƐĨĂĐĐŝſŶĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD6DWLVIDFFLyQVH[XDODJUXSDGDHQGRVFDWHJRUtDVVHJ~QODSDULGDG
ƉсϬ͘ϭϴϵ
ƉсϬ͘ϭϬϰ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ϭϯ;Ϯϭ͘ϯͿ
Ϭ;ϬͿ
ϵ;ϭϰ͘ϴͿ
Ϭ;ϬͿ
ŽŶŚŝũŽƐ
ůŐƵŶĂ
ƐĂƚŝƐĨĂĐĐŝſŶ
/ŶƐĂƚŝƐĨĂĐĐŝſŶŽ
ƌĞĐŚĂnjŽ
^ŝŶŚŝũŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD6DWLVIDFFLyQVH[XDOVHJ~QODSDULGDG
ϭϵ;ϭϬϬͿ
ϭϯ;ϲϴ͘ϰͿ
ϲ;ϯϭ͘ϲͿ
Ϭ;ϬͿ
ŽŶŚŝũŽƐ
ϭϵ;ϭϬϬͿ
ϭϵ;ϭϬϬͿ
Ϭ;ϬͿ
ƉсϬ͘ϰϴϳ
ϮϮ;ϭϬϬͿ
ϭϵ;ϴϲ͘ϯͿ
ϯ;ϭϯ͘ϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϲϳϭ
ϮϮ;ϭϬϬͿ
ϭϰ;ϲϯ͘ϲͿ
ϱ;ϮϮ͘ϳͿ
ϯ;ϭϯ͘ϳͿ
^ŝŶŚŝũŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϭϵ;ϭϬϬͿ
ϭϯ;ϲϴ͘ϰͿ
ϲ;ϯϭ͘ϲͿ
Ϭ;ϬͿ
ŽŶŚŝũŽƐ
ϭϵ;ϭϬϬͿ
ϭϵ;ϭϬϬͿ
Ϭ;ϬͿ
ƉсϬ͘ϯϱϮ
ϮϮ;ϭϬϬͿ
Ϯϭ;ϵϱ͘ϱͿ
ϭ;ϰ͘ϱͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘Ϯϱϵ
ϮϮ;ϭϬϬͿ
ϭϴ;ϴϭ͘ϵͿ
ϯ;ϭϯ͘ϲͿ
ϭ;ϰ͘ϱͿ
^ŝŶŚŝũŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
ϵ;ϭϴͿ
ϭϵ;ϯϴͿ
ϮϮ;ϰϰͿ
ϱϬ;ϭϬϬͿ
ϭϮ;ϭϵ͘ϳͿ
Ϯϯ;ϯϳ͘ϳͿ
Ϯϲ;ϰϮ͘ϲͿ
ϲϭ;ϭϬϬͿ
ƐĐĂƐŽ
&ƌĞĐƵĞŶƚĞ
^ŝĞŵƉƌĞ
dŽƚĂů
ϱϬ;ϭϬϬͿ
Ϯϭ;ϰϮͿ
ϭϱ;ϯϬͿ
ϭϰ;ϮϴͿ
ŽŶŚŝũŽƐ
ƉсϬ͘ϰϭϲ
ϲϭ;ϭϬϬͿ
ϯϬ;ϰϵ͘ϮͿ
ϭϲ;Ϯϲ͘ϮͿ
ϭϱ;Ϯϰ͘ϲͿ
^ŝŶŚŝũŽƐ
ϮϬƐŐ;EсϭϭϭͿ
ϰϴ;ϭϬϬͿ
Ϯϭ;ϰϯ͘ϴͿ
ϭϭ;ϮϮ͘ϵͿ
ϭϲ;ϯϯ͘ϯͿ
ŽŶŚŝũŽƐ
ƉсϬ͘ϰϯϱ
ϱϴ;ϭϬϬͿ
Ϯϴ;ϰϴ͘ϯͿ
ϭϴ;ϯϭͿ
ϭϮ;ϮϬ͘ϳͿ
^ŝŶŚŝũŽƐ
ϯϬƐŐ;EсϭϬϲͿ
ϰϭ;ϴϮͿ
ϱϬ;ϭϬϬͿ
ϰϮ;ϴϬ͘ϯͿ
ϲϭ;ϭϬϬͿ
ƵĞŶĂ
dŽƚĂů
ϯϲ;ϳϮͿ
ϱϬ;ϭϬϬͿ
ϭϰ;ϮϴͿ
ƉсϬ͘ϴϬϮ
ϰϲ;ϳϱ͘ϰͿ
ϲϭ;ϭϬϬͿ
ϭϱ;Ϯϰ͘ϲͿ
ϮϬƐŐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
Ɖсϭ
ϵ;ϭϴͿ
ϭϮ;ϭϵ͘ϳͿ
ZĞŐƵůĂƌͬŵĂůĂ
ŶƚĞƐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϰ;ϭϬϬͿ
ϭϳ;ϯϴ͘ϲͿ
ϳ;ϭϱ͘ϵͿ
ϮϬ;ϰϱ͘ϱͿ
ŽŶŚŝũŽƐ
ϯϮ;ϲϲ͘ϳͿ
ϰϴ;ϭϬϬͿ
ϭϲ;ϯϯ͘ϯͿ
ƉсϬ͘Ϯϱϭ
ϰϲ;ϳϵ͘ϯͿ
ϱϴ;ϭϬϬͿ
ϭϮ;ϮϬ͘ϳͿ
ϯϬƐŐ;EсϭϬϲͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
Ϯϰ;ϱϰ͘ϱͿ
ϰϰ;ϭϬϬͿ
ϮϬ;ϰϱ͘ϱͿ
ƉсϬ͘ϴϱϱ
ϯϭ;ϱϴ͘ϱͿ
ϱϯ;ϭϬϬͿ
ϮϮ;ϰϭ͘ϱͿ
ϯϴƐŐ;EсϵϳͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ƉсϬ͘ϵϯϬ
ϱϯ;ϭϬϬͿ
ϭϵ;ϯϱ͘ϴͿ
ϭϮ;ϮϮ͘ϳͿ
ϮϮ;ϰϭ͘ϱͿ
^ŝŶŚŝũŽƐ
ϯϴƐŐ;EсϵϳͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
7DEOD)UHFXHQFLDGHRUJDVPRDJUXSDGDHQGRVFDWHJRUtDVVHJ~QODSDULGDG
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϵϴϵ
ŽŶŚŝũŽƐ
^ŝŶŚŝũŽƐ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD)UHFXHQFLDGHRUJDVPRVHJ~QODSDULGDG
ϭϵ;ϭϬϬͿ
ϳ;ϯϲ͘ϴͿ
ϳ;ϯϲ͘ϴͿ
ϱ;Ϯϲ͘ϯͿ
ŽŶŚŝũŽƐ
ϭϰ;ϳϯ͘ϳͿ
ϭϵ;ϭϬϬͿ
ϱ;Ϯϲ͘ϯͿ
Ɖсϭ
ϭϳ;ϳϳ͘ϯͿ
ϮϮ;ϭϬϬͿ
ϱ;ϮϮ͘ϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϯϵϳ
ϮϮ;ϭϬϬͿ
ϭϭ;ϱϬͿ
ϲ;Ϯϳ͘ϯͿ
ϱ;ϮϮ͘ϳͿ
^ŝŶŚŝũŽƐ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϭϵ;ϭϬϬͿ
ϴ;ϰϮ͘ϭͿ
ϳ;ϯϲ͘ϴͿ
ϰ;Ϯϭ͘ϭͿ
ŽŶŚŝũŽƐ
ϭϱ;ϳϴ͘ϵͿ
ϭϵ;ϭϬϬͿ
ϰ;Ϯϭ͘ϭͿ
Ɖсϭ
ϭϴ;ϴϭ͘ϴͿ
ϮϮ;ϭϬϬͿ
ϰ;ϭϴ͘ϮͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϯϳϮ
ϮϮ;ϭϬϬͿ
ϭϯ;ϱϵͿ
ϱ;ϮϮ͘ϴͿ
ϰ;ϭϴ͘ϮͿ
^ŝŶŚŝũŽƐ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
5(68/7$'26
97
98
Ϭ;ϬͿ
ϱϬ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
Ϯϴ;ϱϲͿ
ŽŶŚŝũŽƐ
ϮϮ;ϰϰͿ
ϯ;ϰ͘ϵͿ
ϯϳ;ϲϬ͘ϳͿ
^ŝŶŚŝũŽƐ
Ϯϭ;ϯϰ͘ϰͿ
ϲϭ;ϭϬϬͿ
ϰ;ϲ͘ϱͿ
ϯϳ;ϲϬ͘ϳͿ
^ŝŶŚŝũŽƐ
ϮϬ;ϯϮ͘ϴͿ
ϱϬ;ϭϬϬͿ
ϱ;ϭϬͿ
Ϯϴ;ϱϲͿ
ŽŶŚŝũŽƐ
ϭϳ;ϯϰͿ
ϮϬƐŐ;EсϭϭϭͿ
ϱϬ;ϭϬϬͿ
ϲϭ;ϭϬϬͿ
dŽƚĂů
ϱϬ;ϭϬϬͿ
ƉсϬ͘ϰϵϵ
ϲϭ;ϭϬϬͿ
ϱ;ϭϬͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘Ϯϱϭ
Ϭ;ϬͿ
ϯ;ϰ͘ϵͿ
^ş
ϰ;ϲ͘ϱͿ
ϱϳ;ϳϯ͘ϱͿ
ϱϬ;ϭϬϬͿ
ϱϴ;ϵϱ͘ϭͿ
EŽ
ϰϱ;ϵϬͿ
ϮϬƐŐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ŶƚĞƐ;EсϭϭϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϴ;ϭϬϬͿ
ϰ;ϴ͘ϯͿ
Ϯϵ;ϲϬ͘ϰͿ
ŽŶŚŝũŽƐ
ϭϱ;ϯϭ͘ϮͿ
ƉсϬ͘ϯϰϮ
ϱϴ;ϭϬϬͿ
Ϯ;ϯ͘ϰͿ
ϯϯ;ϱϲ͘ϵͿ
^ŝŶŚŝũŽƐ
Ϯϯ;ϯϵ͘ϳͿ
ϯϬƐŐ;EсϭϬϲͿ
ϰϰ;ϭϬϬͿ
ϲ;ϭϯ͘ϲͿ
Ϯϲ;ϱϵ͘ϭͿ
ŽŶŚŝũŽƐ
ϭϮ;Ϯϳ͘ϯͿ
ϰϴ;ϭϬϬͿ
ϰ;ϴ͘ϯͿ
ϰϰ;ϵϭ͘ϳͿ
ƉсϬ͘ϰϬϱ
ϱϴ;ϭϬϬͿ
Ϯ;ϯ͘ϰͿ
ϱϲ;ϵϲ͘ϲͿ
ϯϬƐŐ;EсϭϬϲͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ϰϰ;ϭϬϬͿ
ϲ;ϭϯ͘ϲͿ
ϯϴ;ϴϲ͘ϰͿ
ƉсϬ͘ϴϴϵ
ϱϯ;ϭϬϬͿ
ϴ;ϭϱ͘ϭͿ
ϰϱ;ϴϰ͘ϵͿ
ϯϴƐŐ;EсϵϳͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
ƉсϬ͘ϳϵϱ
ϱϯ;ϭϬϬͿ
ϴ;ϭϱ͘ϭͿ
Ϯϴ;ϱϮ͘ϴͿ
^ŝŶŚŝũŽƐ
ϭϳ;ϯϮ͘ϭͿ
ϯϴƐŐ;EсϵϳͿ
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐƐĞdžƵĂůĞƐE;йͿ
7DEOD'RORUFRLWDODJUXSDGRHQGRVFDWHJRUtDVVHJ~QODSDULGDG
ƉсϬ͘ϮϰϮ
ƉсϬ͘ϴϮϬ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dŽƚĂů
&ƌĞĐƵĞŶƚĞŽ
ƐŝĞŵƉƌĞ
ůŐƵŶĂǀĞnj
EƵŶĐĂ
ŶƚĞƐ;EсϭϭϭͿ
7DEOD'RORUFRLWDOVHJ~QODSDULGDG
ϭϵ;ϭϬϬͿ
Ϭ;ϬͿ
ϵ;ϰϳ͘ϰͿ
ŽŶŚŝũŽƐ
ϭϬ;ϱϮ͘ϲͿ
ϭϵ;ϭϬϬͿ
Ϭ;ϬͿ
ϭϵ;ϭϬϬͿ
ƉсϬ͘ϰϴϳ
ϮϮ;ϭϬϬͿ
ϯ;ϭϯ͘ϲͿ
ϭϵ;ϴϲ͘ϰͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϭϳϳ
ϮϮ;ϭϬϬͿ
ϯ;ϭϯ͘ϲͿ
ϭϭ;ϱϬͿ
^ŝŶŚŝũŽƐ
ϴ;ϯϲ͘ϰͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϭϵ;ϭϬϬͿ
ϭ;ϱ͘ϯͿ
ϴ;ϰϮ͘ϭͿ
ŽŶŚŝũŽƐ
ϭϬ;ϱϮ͘ϲͿ
ϮϮ;ϭϬϬͿ
Ϯ;ϵ͘ϭͿͿ
ϭϵ;ϭϬϬͿ
ϭ;ϱ͘ϯͿ
ϭϴ;ϵϰ͘ϳͿ
Ɖсϭ
ϮϬ;ϵϬ͘ϵͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
^ŝŶŚŝũŽƐ ŽŶŚŝũŽƐ
ƉсϬ͘ϲϲϰ
ϮϮ;ϭϬϬͿ
Ϯ;ϵ͘ϭͿͿ
ϳ;ϯϭ͘ϴͿ
^ŝŶŚŝũŽƐ
ϭϯ;ϱϵ͘ϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
5(68/7$'26
$QiOLVLVPXOWLYDULDQWH
8QD YH] HVWXGLDGD GH IRUPD LQGHSHQGLHQWH OD DVRFLDFLyQ GH GLIHUHQWHV FDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV\REVWpWULFDVFRQODYDULDFLyQDORODUJRGHOSHULRGRGHHVWXGLRGHODV
YDULDEOHV GH VH[XDOLGDG VH KD UHDOL]DGR XQ DQiOLVLV PXOWLYDULDQWH WHQLHQGR HQ FXHQWD
DTXHOODVYDULDEOHVTXHHQHOHVWXGLRDQWHULRUWLHQHQXQDDVRFLDFLyQFRQGLFKRVFDPELRVR
TXHHQODELEOLRJUDItDFRQVXOWDGDVHUHILHUHTXHLQIOX\HQHQHVWDVPRGLILFDFLRQHV
(Q HVWH VHQWLGR HQ UHODFLyQ D OD IUHFXHQFLD FRLWDO DQWHV GH OD JHVWDFLyQ LQIOX\H HQ
VHQWLGRSRVLWLYRIXQGDPHQWDOPHQWHODHGDGPDWHUQDPHQRUGHDxRV2GGV5DWLR25
DMXVWDGD DO LJXDO TXH HQ ODV VHPDQDV \ 25 DMXVWDGDV \ UHVSHFWLYDPHQWH WDEOD 6LQ HPEDUJR ORV HVWXGLRV EiVLFRV PDWHUQRV VRQ ORV TXH
LQIOX\HQ HQ HVWD YDULDEOH GH VH[XDOLGDG D ODV VHPDQDV GH HPEDUD]R 25 DMXVWDGD
\D TXH OD HGDG PDWHUQD PHQRU GH DxRV SLHUGH DVRFLDFLyQ HVWDGtVWLFD DXQTXH
HVWpSUy[LPDWUDVDMXVWDUSRUHOUHVWRGHYDULDEOHV
/DIUHFXHQFLDGHRUJDVPRSDUHFHHVWDULQIOXLGDWDPELpQSRUODHGDGGHODPXMHUPHQRU
GH DxRV D ODV VHPDQDV 25 DMXVWDGD FRQ WHQGHQFLD D OD VLJQLILFDFLyQ
HVWDGtVWLFDHQVHPDQDDXQTXHHQODVHPDQDIXHURQORVHVWXGLRVPDWHUQRVEiVLFRV
ORVTXHPiVLQIOX\HURQ25DMXVWDGD
$OHVWXGLDUODVDWLVIDFFLyQVH[XDOVyORVHREVHUYDTXHODVPXMHUHVVLQKLMRVWLHQHQPD\RU
VDWLVIDFFLyQDODVVHPDQDVGHHPEDUD]RFRQXQD25DMXVWDGD
3RUHOFRQWUDULRDOHVWXGLDUHOGRORUQRVHREWXYLHURQUHVXOWDGRVVLJQLILFDWLYRV
3RU WDQWR GH ODV FDUDFWHUtVWLFDV VRFLRGHPRJUiILFDV \ REVWpWULFDV DQWHULRUPHQWH
HVWXGLDGDV DO UHDOL]DU HO DQiOLVLV PXOWLYDULDQWH ~QLFDPHQWH PDQWLHQHQ DVRFLDFLyQ FRQ
ODVYDULDEOHVGHVH[XDOLGDGODHGDGGHODPXMHUORVHVWXGLRVGHpVWD\ODSDULGDG
99
100
ĚĂĚ
ƐƚƵĚŝŽƐŵĂĚƌĞ
^ĞŵĂŶĂϯϬ
^ĞŵĂŶĂϯϴ
Ϯ͘ϰϳ
Ϯ͘ϭϲ
ϭ͘ϰϵ
Ϯ͘ϳϵ
ϰ͘ϳϲ
Ϯ͘ϵϮ
Ϯ͘ϰϭ
ϱ͘ϭϬ
ϱ͘Ϭϳ
Ϭ͘Ϭϱϵ
Ϭ͘ϭϯϳ
Ϭ͘ϱϬϰ
Ϭ͘ϬϰϮ
Ϭ͘ϬϬϱ
Ϭ͘ϬϯϬ
Ϭ͘Ϭϰϭ
фϬ͘ϬϬϭ
Ϭ͘ϲϭϬ
KZ;ĐƌƵĚĂͿsĂůŽƌƉ
ϭ͘ϬϱͲϱ͘ϴϭ
Ϭ͘ϴϴͲϱ͘Ϯϵ
Ϭ͘ϮϬͲϭ͘ϳϴ
ϭ͘ϭϮͲϲ͘ϵϰ
ϭ͘ϲϯͲϭϯ͘ϴϵ
ϭ͘ϭϵͲϳ͘ϭϰ
Ϭ͘ϬϱͲϭ͘ϭϭ
Ϯ͘ϭϯͲϭϮ͘ϭϵ
ϭ͘ϬϰͲϮϱ
/ϵϱй
Ϯ͘Ϯϵ
Ϯ͘Ϯϭ
ϯ͘Ϭϳ
ϯ͘ϭϵ
ϯ͘ϵϵ
Ϯ͘ϯϱ
Ϯ͘ϴϮ
ϱ͘ϯϱ
ϱ
KZ;ĂũƵƐƚĂĚĂͿ
Ϭ͘Ϭϱϵ
Ϭ͘Ϭϵϯ
Ϭ͘Ϭϳϰ
Ϭ͘Ϭϭϴ
Ϭ͘Ϭϭϯ
Ϭ͘Ϭϳϯ
Ϭ͘Ϭϭϭ
фϬ͘ϬϬϭ
Ϭ͘ϬϬϱ
sĂůŽƌƉ
ZĞŐƌĞƐŝſŶůŽŐşƐƚŝĐĂďŝŶĂƌŝĂŵƵůƚŝǀĂƌŝĂŶƚĞ͕ŵĠƚŽĚŽĚĞƉĂƐŽƐƐƵĐĞƐŝǀŽƐ͕ĐŽŶǀĂƌŝĂďůĞƐƋƵĞƉƵĞĚĞŶŝŶĨůƵŝƌĞŶůĂƐĞdžƵĂůŝĚĂĚĚƵƌĂŶƚĞĞůĞŵďĂƌĂnjŽĞŶĐĂĚĂǀŝƐŝƚĂ͕
ĂũƵƐƚĂĚŽƉŽƌĞĚĂĚ͕ƉĂƌŝĚĂĚ͕ĞƐƚƵĚŝŽƐŵĂƚĞƌŶŽƐLJƉĂƚĞƌŶŽƐ͕ĞƐƚĂĚŽĐŝǀŝůLJƐĞŵĂŶĂŐĞƐƚĂĐŝŽŶĂů͘KZ͗KĚĚƐZĂƚŝŽ͘D^͗ŵĞĚŝŽƐͲƐƵƉĞƌŝŽƌĞƐ
^ĞŵĂŶĂϯϴWĂƌŝĚĂĚKƉϱ͘ϴϴϬ͘Ϭϰϭϭ͘ϭϴͲϮϵ͘ϰϭϱ͘ϴϴϬ͘Ϭϯϭ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂů
ĄƐŝĐŽƐ
чϯϬĂŹŽƐ
D^
ŽƌŐĂƐŵŽ
ƐƚƵĚŝŽƐƉĂĚƌĞ
ĄƐŝĐŽƐ
ƐƚƵĚŝŽƐŵĂĚƌĞ
^ĞŵĂŶĂϮϬ
чϯϬĂŹŽƐ
ĚĂĚ
чϯϬĂŹŽƐ
чϯϬĂŹŽƐ
чϯϬĂŹŽƐ
чϯϬĂŹŽƐ
ĚĂĚ
ĚĂĚ
ĚĂĚ
sĂƌŝĂďůĞ
ĚĂĚ
&ƌĞĐƵĞŶĐŝĂĚĞ
^ĞŵĂŶĂϯϴ
^ĞŵĂŶĂϯϬ
^ĞŵĂŶĂϮϬ
ŶƚĞƐ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂů
7DEOD$QiOLVLV0XOWLYDULDQWH
ϭ͘ϭϴͲϮϵ͘ϰϯ
Ϭ͘ϵϳͲϱ͘ϰϮ
Ϭ͘ϴϴͲϱ͘ϱϴ
Ϭ͘ϬϵͲϭ͘ϭϭ
ϭ͘ϮϮͲϴ͘ϯϯ
ϭ͘ϯϰͲϭϭ͘ϴϴ
Ϭ͘ϵϮͲϲ͘Ϭϭ
ϭ͘ϮϳͲϲ͘Ϯϲ
Ϯ͘ϭϰͲϭϯ͘ϭϰ
ϭ͘ϬϯͲϮϰ͘ϯϴ
/ϵϱй
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
5(68/7$'26
)$&725(6 5(/$&,21$'26 &21 (/ 3$572 < 68
,1)/8(1&,$62%5(/$6(;8$/,'$'32673$572
$FRQWLQXDFLyQVHGHVFULEHQORVUHVXOWDGRVREWHQLGRVGHOHVWXGLRGHODSRVLEOHUHODFLyQ
HQWUH GLIHUHQWHV YDULDEOHV GHO SDUWR \ SRVWSDUWR \ OD VH[XDOLGDG HQ HVWD HWDSD
FRQVLGHUDQGRODVYDULDEOHVGHVH[XDOLGDGHQGRVFDWHJRUtDV\FRQODVYLVLWDVDORV\
PHVHVWDQWRDJUXSDGDVFRPRSRUVHSDUDGR
(QODWDEODSRGHPRVREVHUYDUTXHODVYDULDEOHVGHVH[XDOLGDGHQJHQHUDOSUHVHQWDQXQD
PHMRUDHQHOWHUFHU\VH[WRPHVSRVWSDUWRUHVSHFWRDODVHWDSDVSUHYLDVDOSDUWRSRUOR
TXH OD PD\RUtD GH ODV PXMHUHV HQWUHYLVWDGDV UHILHUHQ XQD EXHQD VH[XDOLGDG HQ HVWDV
YLVLWDV
1R VH UHDOL]D DQiOLVLV PXOWLYDULDQWH FRQ ORV GDWRV GHO SRVWSDUWR GHELGR DO SHTXHxR
WDPDxRPXHVWUDOQ \DTXHHOPRGHORHVWDGtVWLFRFDUHFHUtDGHFRQVLVWHQFLD
,QLFLRGHOSDUWR
'H ODV PXMHUHV HQFXHVWDGDV HQ HO SRVWSDUWR LQLFLDURQ HO SDUWR
HVSRQWiQHDPHQWH GH IRUPD LQGXFLGD FRQ R[LWRFLQD LQWUDYHQRVD \ FRQSURVWDJODQGLQDVLQWUDYDJLQDOHV\PHGLDQWHFHViUHDHOHFWLYD
6LFRQVLGHUDPRVHVWDYDULDEOHGLYLGLGDHQFDWHJRUtDVLQLFLRHVSRQWiQHRLQGXFLGR\
FHViUHDHQFRQWUDPRVSHRUVDWLVIDFFLyQVH[XDODORVPHVHVSRVWSDUWRHQFDVRGHLQLFLR
GHOSDUWRPHGLDQWHFHViUHDS FRQHVWDPLVPDWHQGHQFLDDORVPHVHVSRVWSDUWR
S $GHPiV SDUHFH H[LVWLU PD\RU GRORU FRQ ODV UHODFLRQHV D ORV \ PHVHV
S HQFDVRGHFHViUHDDXQTXHHVWDVGLIHUHQFLDVQRIXHURQVLJQLILFDWLYDV
6L XQLILFDPRV ODV GRV YLVLWDV SRVWSDUWR ~QLFDPHQWH REVHUYDPRV XQD WHQGHQFLD D SHRU
VDWLVIDFFLyQ VH[XDO S \ PiV GRORU FRQ ODV UHODFLRQHV S HQ FDVR GH
FHViUHDVVLQREWHQHUVLJQLILFDFLyQHVWDGtVWLFD
101
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
0RGRGHWHUPLQDFLyQGHOSDUWR
'H ODV PXMHUHV HVWXGLDGDV HQ HO SRVWSDUWR HO WHUPLQDURQ HO SDUWR GH PRGR
HVSRQWiQHRPHGLDQWHSDUWRLQVWUXPHQWDOYDFXRH[WUDFFLyQ\IyUFHSV\
PHGLDQWHFHViUHD
6LFRQVLGHUDPRVHVWDYDULDEOHHQFDWHJRUtDVSDUWRYDJLQDOHXWyFLFRYDFXRH[WUDFFLyQIyUFHSV
\ FHViUHD H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQ OD IUHFXHQFLD FRLWDO D ORV PHVHV S FRQPD\RUIUHFXHQFLDGHUHODFLRQHVHQPXMHUHVFRQSDUWRVYDJLQDOHVHXWyFLFRV\PHQRUHQFDVR
GHWHUPLQDFLyQHQFHViUHD\IyUFHSV$GHPiVODVPXMHUHVFRQSDUWRYDJLQDOHXWyFLFRSUHVHQWDQ
PHQRVGRORUFRQODVUHODFLRQHVDORVPHVHVSRVWSDUWRS VLHQGRODVUHODFLRQHVPiV
GRORURVDVFXDQGRHOSDUWRWHUPLQDPHGLDQWHIyUFHSV\FHViUHDWDEOD6LXQLILFDPRVODVGRV
YLVLWDVSRVWSDUWRVHPDQWLHQHODWHQGHQFLDDSUHVHQWDUPHQRVGRORUFRQODVUHODFLRQHVHQSDUWRV
YDJLQDOHV\PiVGRORUHQIyUFHSVSHURVLQDOFDQ]DUODVLJQLILFDFLyQS 6L UHFRGLILFDPRV OD YDULDEOH HQ SDUWRV YDJLQDOHV LQVWUXPHQWDOHV \ FHViUHDV REWHQHPRV
VLJQLILFDFLyQHVWDGtVWLFDHQFXDQWRDOGRORUFRLWDODORVPHVHVS FRQPHQRVGRORU
HQFDVRGHSDUWRYDJLQDOHXWyFLFR\PD\RUGRORUHQSDUWRLQVWUXPHQWDO\FHViUHDWDEOD
$QDOJHVLDLQWUDSDUWR
'HODVPXMHUHVHQFXHVWDGDVHQHOSRVWSDUWRUHFLELHURQDQHVWHVLDORFDOQR
UHFLELHURQQLQJ~QWLSRGHDQDOJHVLD\HOUHVWRUHFLELHURQDQDOJHVLDJHQHUDOORFRUHJLRQDO
HSLGXUDODQHVWHVLDUDTXtGHDJHQHUDO
/DVPXMHUHVFRQDQDOJHVLDORFDORVLQDQDOJHVLDSUHVHQWDQPD\RUIUHFXHQFLDFRLWDODORV
PHVHV SRVWSDUWR TXH FRQ HO UHVWR GH WpFQLFDV IXQGDPHQWDOPHQWH FRQ HO XVR GH
DQHVWHVLD HSLGXUDO \ JHQHUDO TXH UHVXOWD HVWDGtVWLFDPHQWH VLJQLILFDWLYR S (VWD
VLJQLILFDFLyQ VH PDQWLHQH WDQWR VL VH DQDOL]D HO SRVWSDUWR FRQMXQWDPHQWH FRPR
VHSDUDGDPHQWHDORVPHVHVS (Q HO UHVWR GH YDULDEOHV GH VH[XDOLGDG QR VH REVHUYD DVRFLDFLyQ FRQ OD DQDOJHVLD
LQWUDSDUWR
102
ƵĞŶĂ
Ϯϱ;ϭϬϬͿ
ϭϲ;ϭϬϬͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
ϲ;ϭϴ͘ϮͿ
ϭ;ϯͿ
Ϯ;ϲ͘ϭͿ
Ϯϰ;ϳϮ͘ϳͿ
ƉсϬ͘ϯϯϰ
ϴ;ϭϬϬͿ
ϯ;ϯϳ͘ϱͿ
ϭ;ϭϮ͘ϱͿ
Ϭ;ϬͿ
ϰ;ϱϬͿ
ZĞŐƵůĂƌͬŵĂů
ϲŵĞƐĞƐ;EсϰϭͿ
ϭ;ϯ͘ϮͿ
ϭ;ϯ͘ϮͿ
ϮϮ;ϳϭͿ
ϯϭ;ϭϬϬͿ
ϳ;ϮϮ͘ϲͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
ϳ;Ϯϭ͘ϮͿ
Ϯ;ϲ͘ϭͿ
ϭ;ϯͿ
Ϯϯ;ϲϵ͘ϳͿ
ƉсϬ͘ϲϳϵ
ϴ;ϭϬϬͿ
Ϯ;ϮϱͿ
Ϭ;ϬͿ
ϭ;ϭϮ͘ϱͿ
ϱ;ϲϮ͘ϱͿ
ZĞŐƵůĂƌͬŵĂů
ϲŵĞƐĞƐ;EсϰϭͿ
ƵĞŶĂ
ϯϴ;ϭϬϬͿ
ϴ;Ϯϭ͘ϭͿ
ϭ;Ϯ͘ϲͿ
Ϯ;ϱ͘ϮͿ
Ϯϳ;ϳϭ͘ϭͿ
ƉсϬ͘ϭϯϳ
ϯ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂů
ϯŵĞƐĞƐ;EсϰϭͿ
ϰϬ;ϭϬϬͿ
ϭ;ϭϬϬͿ
ƉсϬ͘ϯϮϭ
ϴ;ϮϬͿ
Ϯ;ϱͿ
Ϯ;ϱͿ
Ϯϴ;ϳϬͿ
ƵĞŶĂ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂů
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
^ş
Ϯϱ;ϭϬϬͿ
ϭϲ;ϭϬϬͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
ϲ;ϭϴ͘ϮͿ
ϯ;ϵ͘ϭͿ
Ϯϰ;ϳϮ͘ϳͿ
ƉсϬ͘ϯϳϭ
ϴ;ϭϬϬͿ
ϯ;ϯϳ͘ϱͿ
ϭ;ϭϮ͘ϱͿ
ϰ;ϱϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϳ;ϮϮ͘ϲͿ
Ϯ;ϲ͘ϰͿ
ϮϮ;ϳϭͿ
ϯϭ;ϭϬϬͿ
ƉсϬ͘ϰϱϵ
ϭϬ;ϭϬϬͿ
Ϯ;ϮϬͿ
Ϯ;ϮϬͿ
ϲ;ϲϬͿ
ƵĞŶĂ
Ɖсϭ
ϴ;ϭϬϬͿ
Ϯ;ϮϱͿ
ϭ;ϭϮ͘ϱͿ
ϱ;ϲϮ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
ϳ;Ϯϭ͘ϮͿ
ϯ;ϵ͘ϭͿ
Ϯϯ;ϲϵ͘ϳͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ZĞŐƵůĂƌͬŵĂůĂ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϭϮϯ
ϯ;ϭϮͿ
ϲ;ϯϳ͘ϱͿ
ĞƐĄƌĞĂ
Ϯ;ϴͿ
ϮϬ;ϴϬͿ
ϴ;ϱϬͿ
Ϯ;ϭϮ͘ϱͿ
/ŶƐƚƌƵŵĞŶƚĂů
ƵĞŶĂ
ƐƉŽŶƚĄŶĞŽ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ƵĞŶĂ
ϯϴ;ϭϬϬͿ
ϴ;Ϯϭ͘ϭͿ
ϯ;ϳ͘ϴͿ
Ϯϳ;ϳϭ͘ϭͿ
ƉсϬ͘Ϯϯϵ
ϯ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϴ;ϮϬͿ
ϰ;ϭϬͿ
Ϯϴ;ϳϬͿ
ƵĞŶĂ
ϰϬ;ϭϬϬͿ
ƉсϬ͘ϯϯϯ
ϭ;ϭϬϬͿ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
EŽ
ϯϴ;ϭϬϬͿ
ϳ;ϭϴ͘ϰͿ
ϯ;ϳ͘ϴͿ
Ϯϴ;ϳϯ͘ϴͿ
ƉсϬ͘ϬϮϲ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
Ϭ;ϬͿ
EŽ
ϯŵĞƐĞƐ;EсϰϭͿ
^ş
^ş
EŽ
ϯϴ;ϭϬϬͿ
ϳ;ϭϴ͘ϰͿ
Ϯ;ϱ͘ϮͿ
Ϯ;ϱ͘ϮͿ
Ϯϳ;ϳϭ͘ϮͿ
ƉсϬ͘ϯϳϬ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
EŽ
ϯϴ;ϭϬϬͿ
ϳ;ϭϴ͘ϰͿ
ϰ;ϭϬ͘ϰͿ
Ϯϳ;ϳϭ͘ϮͿ
ƉсϬ͘Ϯϯϵ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
^ş
ϲŵĞƐĞƐ;EсϰϭͿ
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯϴ;ϭϬϬͿ
ϳ;ϭϴ͘ϰͿ
ϭ;Ϯ͘ϲͿ
Ϯ;ϱ͘ϮͿ
Ϯϴ;ϳϯ͘ϴͿ
ƉсϬ͘ϬϮϯ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϲŵĞƐĞƐ;EсϰϭͿ
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
dĂďůĂϱϭ6H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QHOPRGRGHWHUPLQDFLyQGHOSDUWRDJUXSDGRHQFDWHJRUtDV
ƉсϬ͘ϱϰϲ
ϭϬ;ϭϬϬͿ
Ϯ;ϮϬͿ
ϭ;ϭϬͿ
ϭ;ϭϬͿ
ϲ;ϲϬͿ
ƵĞŶĂ
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ZĞŐƵůĂƌͬŵĂů
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϬϮϳ
ϯ;ϭϮͿ
ϲ;ϯϳ͘ϱͿ
ĞƐĄƌĞĂ
Ϯ;ϴͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
Ϯ;ϭϮ͘ϱͿ
&ſƌĐĞƉƐ
ϮϬ;ϴϬͿ
sĂĐƵŽ
ϴ;ϱϬͿ
ƐƉŽŶƚĄŶĞŽ
ZĞŐƵůĂƌͬŵĂů
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
7DEOD6H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QHOPRGRGHWHUPLQDFLyQGHOSDUWR
5(68/7$'26
103
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
(SLVLRWRPtD\GHVJDUURSHULQHDOHVWDGRGHOSHULQpHQSRVWSDUWR
'H ODV PXMHUHV HQFXHVWDGDV HQ HO SRVWSDUWR HO KDQ UHTXHULGR OD UHDOL]DFLyQ GH
HSLVLRWRPtDQRKDQSUHVHQWDGRGHVJDUURSHULQHDOSUHVHQWDQGHVJDUURGH,
JUDGR\GH,,JUDGR
6LHYDOXDPRVHOHVWDGRGHOSHULQpHQJOREDQGRODVGRVYDULDEOHVSUHYLDVREVHUYDPRVTXH
HOGHODVPXMHUHVSUHVHQWDQXQDHSLVLRWRPtD\RGHVJDUURGH,,JUDGR\HOUHVWR
QRWLHQHQHSLVLRWRPtDQLGHVJDUURRpVWHIXHGH,JUDGR
(QHODQiOLVLVGHODVYDULDEOHVGHVH[XDOLGDGSRVWSDUWRODUHDOL]DFLyQGHHSLVLRWRPtDQR
SUHVHQWDGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVWDEOD
7DPSRFRREVHUYDPRVDVRFLDFLyQFRQODSUHVHQFLDGHGHVJDUURSHULQHDOWDEOD
(VWR PLVPR RFXUUH FXDQGR HYDOXDPRV HO HVWDGR GHO SHULQp WUDV HO SDUWR UHVSHFWR
D OD IUHFXHQFLD FRLWDO GH RUJDVPR VDWLVIDFFLyQ VH[XDO \ GRORU FRQ ODV UHODFLRQHV
WDEOD
$QHPLDSXHUSHUDO
(OGHODVPXMHUHVWXYLHURQDQHPLDSRVWSDUWROHYH\PRGHUDGD\
QRKD\FDVRVGHDQHPLDVHYHUD
1RVHKDREVHUYDGRLQIOXHQFLDGHODDQHPLD\ODVH[XDOLGDGSRVWSDUWRWDEOD
3UHPDWXULGDG
(Q QXHVWUR HVWXGLR OD PD\RUtD GH JHVWDFLRQHV WXYLHURQ XQ SDUWR D WpUPLQR \
VRODPHQWHHOXQSDUWRSUHWpUPLQRSURGXFLpQGRVHpVWRVDOUHGHGRUGHODVHPDQD
PRPHQWRHQTXHFXPSOLPHQWDURQODHQFXHVWD
104
5(68/7$'26
(QHODQiOLVLVGHHVWDYDULDEOHQRVHREVHUYDQGLIHUHQFLDVVLJQLILFDWLYDVHQODVH[XDOLGDG
GXUDQWH OD HWDSD SUHSDUWR QL HQ HO SRVWSDUWR FXDQGR FRPSDUDPRV HO JUXSR GH SDUWR
SUHWpUPLQRFRQHOJUXSRGHSDUWRDWpUPLQRWDQWRVLDQDOL]DPRVODVH[XDOLGDGFRQWRGDV
VXVFDWHJRUtDVFRPRDJUXSDGDHQGRVFDWHJRUtDVWDEODVD
ÒQLFDPHQWHVHREVHUYDQGLIHUHQFLDVHQFXDQWRDOGRORUFRQODVUHODFLRQHVFRQWHQGHQFLD
D SDGHFHU PD\RU GRORU FRLWDO HQ OD VHPDQD FHUFDQD DO SDUWR HQ ORV FDVRV FRQ SDUWR
SUHWpUPLQRS TXHQRUHVXOWDVLJQLILFDWLYDWDEOD
(QHOSRVWSDUWRHOGRORUFRQODVUHODFLRQHVPHMRUDHQJHQHUDOHQDPERVJUXSRV(QHO
FDVRGHPXMHUHVFRQSDUWRSUHWpUPLQRHOGRORUGLVPLQX\HDORVPHVHVSRVWSDUWRVLHQGR
HVWDVGLIHUHQFLDVVLJQLILFDWLYDVS 6LUHFRGLILFDPRVODYDULDEOHHQGRVFDWHJRUtDV
QRVHREWLHQHVLJQLILFDFLyQHQHOSHULRGRSRVWSDUWRWDEOD
3HVRGHOUHFLpQQDFLGR
'HODVPXMHUHVHQFXHVWDGDVHQHOSRVWSDUWRHOWXYLHURQXQUHFLpQQDFLGRFRQSHVR
QRUPDOFRQEDMRSHVR\XQKLMRPDFURVRPD
&XDQGRFRQVLGHUDPRVHOSHVRGHORVUHFLpQQDFLGRVHQHVWDVWUHVFDWHJRUtDVSHVREDMR
QRUPDO \ PDFURVRPD QR HQFRQWUDPRV GLIHUHQFLDV FRQ UHVSHFWR D QLQJXQD GH ODV
YDULDEOHVGHVH[XDOLGDGHVWXGLDGDVWDEOD
6LQ HPEDUJR FXDQGR FRPSDUDPRV HO SHVR PHGLR GH ORV UHFLpQ QDFLGRV SDUD FDGD
YDULDEOHGHVH[XDOLGDGHQFRQWUDPRVTXHORVQLxRVGHPDGUHVFRQXQDEXHQDIUHFXHQFLD
FRLWDODORVPHVHVSUHVHQWDQXQSHVRPHGLRGHJTXHVXSRQHJPHQRV
TXH HQ KLMRV GH PDGUHV FRQ SHRU IUHFXHQFLD FRLWDO DXQTXH HVWDV GLIHUHQFLDV QR
UHVXOWDURQVLJQLILFDWLYDVS (VWRPLVPRRFXUUHFRQODVDWLVIDFFLyQVH[XDO'HPDQHUDTXHORVKLMRVGHPDGUHVFRQ
EXHQDVDWLVIDFFLyQDORVPHVHVSRVWSDUWRSUHVHQWDURQXQSHVRPHGLRGHJHV
GHFLUJPiVGHSHVRTXHORVKLMRVGHPDGUHVFRQSHRUVDWLVIDFFLyQS 105
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
/DFWDQFLDPDWHUQD
1RVHKDQHQFRQWUDGRGLIHUHQFLDVVLJQLILFDWLYDVHQODVH[XDOLGDGSRVWSDUWRUHVSHFWRDOD
ODFWDQFLDPDWHUQDDORV\PHVHVWDEOD
0pWRGRDQWLFRQFHSWLYR
6L FRQVLGHUDPRV HVWD YDULDEOH FRQ WRGDV VXV FDWHJRUtDV HQFRQWUDPRV XQD PD\RU
IUHFXHQFLDGHRUJDVPRDORV\PHVHVSRVWSDUWRHQDTXHOODVPXMHUHVTXHXWLOL]DQHO
SUHVHUYDWLYR \ PHQRU IUHFXHQFLD RUJiVPLFD HQ HVWH PLVPR SHULRGR FXDQGR QR XWLOL]DQ
QLQJ~QPpWRGR(VWDVGLIHUHQFLDVUHVXOWDQHVWDGtVWLFDPHQWHVLJQLILFDWLYDVS DORV
PHVHV\S DORVPHVHVWDEOD
&XDQGR UHDJUXSDPRV HQ WUHV FDWHJRUtDV WDPELpQ VH REVHUYDQ GLIHUHQFLDV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQODIUHFXHQFLDGHRUJDVPRDORVPHVHVS \
PHVHV SRVWSDUWR S FRQ SHRU IUHFXHQFLD FXDQGR QR VH XWLOL]D PpWRGR
DQWLFRQFHSWLYR\PHMRUFRQHOUHVWRGHPpWRGRVIXQGDPHQWDOPHQWHHOSUHVHUYDWLYR(O
UHVWRGHYDULDEOHVGHVH[XDOLGDGQRPXHVWUDQGLIHUHQFLDVWDEOD
(VWRVUHVXOWDGRVIXHURQPX\VLPLODUHVDODQDOL]DUHOSHUtRGRSRVWSDUWRGHIRUPDJOREDO
S 106
ϳ;ϰϯ͘ϴͿ
ϭϲ;ϭϬϬͿ
^ş
dŽƚĂů
ϭϲ;ϲϰͿ
ϵ;ϯϲͿ
ƵĞŶĂ
Ϯϱ;ϭϬϬͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
Ϯϭ;ϲϯ͘ϲͿ
ϭϮ;ϯϲ͘ϰͿ
ƉсϬ͘ϭϬϵ
ϴ;ϭϬϬͿ
Ϯ;ϮϱͿ
ϲ;ϳϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
ϯϭ;ϭϬϬͿ
ϭϳ;ϱϰ͘ϴͿ
ϭϰ;ϰϱ͘ϮͿ
ƵĞŶĂ
ϴ;ϭϬϬͿ
ϰ;ϱϬͿ
ϰ;ϱϬͿ
Ɖсϭ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
ϭϵ;ϲϭ͘ϯͿ
ϭϰ;ϯϴ͘ϳͿ
ƵĞŶĂ
ƵĞŶĂ
ϯϴ;ϭϬϬͿ
ϮϮ;ϱϳ͘ϵͿ
ϭϲ;ϰϮ͘ϭͿ
ƉсϬ͘ϱϳϯ
ϯ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
Ϯ;ϲϲ͘ϳͿ
ZĞŐƵůĂƌͬŵĂůĂ
Ϭ;ϬͿ
//
Ϯ;ϴͿ
ϰ;ϭϲͿ
ϭϵ;ϳϲͿ
ƵĞŶĂ
Ϯϱ;ϭϬϬͿ
ϴ;ϭϬϬͿ
Ϭ;ϬͿ
Ɖсϭ
ϭ;ϭϮ͘ϱͿ
ϳ;ϴϳ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
Ϯ;ϲ͘ϭͿ
ϰ;ϭϮ͘ϮͿ
Ϯϳ;ϴϭ͘ϳͿ
ƵĞŶĂ
Ɖсϭ
ϭϬ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϭϬͿ
ϵ;ϵϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϭ;ϭϬϬͿ
Ϯ;ϲ͘ϱͿ
ϰ;ϭϯͿ
Ϯϱ;ϴϬ͘ϱͿ
ƵĞŶĂ
ϴ;ϭϬϬͿ
Ϭ;ϬͿ
Ɖсϭ
ϭ;ϭϮ͘ϱͿ
ϳ;ϴϳ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
Ϯ;ϲ͘ϭͿ
ϰ;ϭϮ͘ϮͿ
Ϯϳ;ϴϭ͘ϳͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϰϰϮ
ϭϲ;ϭϬϬͿ
ϭ;ϲ͘ϯͿ
/
dŽƚĂů
ϭϱ;ϵϯ͘ϴͿ
EŽ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ƵĞŶĂ
ϯϴ;ϭϬϬͿ
Ϯ;ϱ͘ϯͿ
ϰ;ϭϬ͘ϲͿ
ϯϮ;ϴϰ͘ϭͿ
ƉсϬ͘ϰϯϲ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
Ϯ;ϲϲ͘ϳͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϰϬ;ϭϬϬͿ
Ϯϯ;ϱϳ͘ϱͿ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϭϬϬͿ
Ɖсϭ
ZĞŐƵůĂƌͬŵĂůĂ
ϰϬ;ϭϬϬͿ
Ϯ;ϱͿ
ϱ;ϭϮ͘ϱͿ
ϯϯ;ϴϮ͘ϱͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ƵĞŶĂ
ϭϳ;ϰϮ͘ϱͿ
ƉсϬ͘ϰϱϬ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϭϬϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
Tabla 536H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QODSUHVHQFLDGHGHVJDUURSHULQHDO
Ɖсϭ
ϭϬ;ϭϬϬͿ
ϲ;ϲϬͿ
ϰ;ϰϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϯϰϭ
ϵ;ϱϲ͘ϯͿ
EŽ
ZĞŐƵůĂƌͬŵĂůĂ
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
Tabla 526H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QODSUHVHQFLDGHHSLVLRWRPtD
ϮϮ;ϱϳ͘ϵͿ
ϯϴ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
ϯ;ϭϬϬͿ
Ϯ;ϱ͘ϯͿ
ϯϴ;ϭϬϬͿ
Ϭ;ϬͿ
ϯ;ϭϬϬͿ
Ɖсϭ
ϱ;ϭϯ͘ϮͿ
ϯϭ;ϴϭ͘ϲͿ
EŽ
Ϭ;ϬͿ
ϯ;ϭϬϬͿ
^ş
ϯŵĞƐĞƐ;EсϰϭͿ
EŽ
ϯϴ;ϭϬϬͿ
Ϯϯ;ϲϬ͘ϱͿ
ϭϱ;ϯϵ͘ϱͿ
EŽ
ϯϴ;ϭϬϬͿ
Ϯ;ϱ͘ϯͿ
ϰ;ϭϬ͘ϲͿ
ϯϮ;ϴϰ͘ϭͿ
ƉсϬ͘ϰϯϲ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
Ϯ;ϲϲ͘ϳͿ
^ş
ϲŵĞƐĞƐ;EсϰϭͿ
ƉсϬ͘Ϭϳϰ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϯ;ϭϬϬͿ
^ş
ŽůŽƌĐŽŝƚĂůE;йͿ
ϭϲ;ϰϮ͘ϭͿ
Ϯ;ϲϲ͘ϳͿ
ƉсϬ͘ϱϳϯ
EŽ
^ş
ϲŵĞƐĞƐ;EсϰϭͿ
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
5(68/7$'26
107
108
ϭϲ;ϭϬϬͿ
dŽƚĂů
;ϭϬϬͿ
Ϯϱ
ϴ;ϯϮͿ
ϭϳ;ϲϴͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
ϭϭ;ϯϯ͘ϯͿ
ϮϮ;ϲϲ͘ϳͿ
ƉсϬ͘ϭϬϭ
ϴ;ϭϬϬͿ
ϲ;ϳϱͿ
Ϯ;ϮϱͿ
ƵĞŶĂ ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
Ɖсϭ
ϭϬ;ϭϬϬͿ
ϰ;ϰϬͿ
ϲ;ϲϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϭ;ϭϬϬͿ
ϭϯ;ϰϭ͘ϵͿ
ϭϴ;ϱϴ͘ϭͿ
ƵĞŶĂ
ϯŵĞƐĞƐ;EсϰϭͿ
ϭϭ;ϳϴ͘ϲͿ
ϭϰ;ϭϬϬͿ
EŽ
dŽƚĂů
ϭϯ;ϲϱͿ
ϳ;ϯϱͿ
ƵĞŶĂ
ϮϬ;ϭϬϬͿ
ϳ;ϭϬϬͿ
Ɖсϭ
ϱ;ϳϭ͘ϰͿ
Ϯ;Ϯϴ͘ϲͿ
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
Ϯϳ;ϭϬϬͿ
ϭϵ;ϳϬ͘ϰͿ
ϴ;Ϯϵ͘ϲͿ
ƉсϬ͘ϲϳϯ
ϴ;ϭϬϬͿ
ϱ;ϲϮ͘ϱͿ
ϯ;ϯϳ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
Ϯϲ;ϭϬϬͿ
ϭϵ;ϳϯ͘ϭͿ
ϳ;Ϯϲ͘ϵͿ
ϲ;ϭϬϬͿ
Ɖсϭ
ϰ;ϲϲ͘ϳͿ
Ϯ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂůĂ
Ϯϴ;ϭϬϬͿ
ϮϬ;ϳϭ͘ϰͿ
ϴ;Ϯϴ͘ϲͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϰϲϳ
ϯ;Ϯϭ͘ϰͿ
^ş
ZĞŐƵůĂƌͬŵĂůĂ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϲŵĞƐĞƐ;EсϰϭͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϯϴ;ϭϬϬͿ
ϭϱ;ϯϵ͘ϱͿ
Ϯϯ;ϲϬ͘ϱͿ
ƉсϬ͘ϱϲϬ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
ϯϯ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
ϭϯ;ϯϵ͘ϰͿ
ƵĞŶĂ
ϯŵĞƐĞƐ;EсϰϭͿ
Ɖсϭ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϭ;ϭϬϬͿ
ϮϮ;ϳϭͿ
ϵ;ϮϵͿ
ƵĞŶĂ
ϭ;ϭϬϬͿ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
Ɖсϭ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
Ϯϯ;ϲϵ͘ϳͿ
ϭϬ;ϯϬ͘ϯͿ
ƵĞŶĂ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
;ϭϬϬͿ
ϰϬ
ϭϲ;ϰϬͿ
Ϯϰ;ϲϬͿ
ƵĞŶĂ
ƉсϬ͘ϰϮϱ
ϭ;ϭϬϬͿ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
Ă
ZĞŐƵůĂƌͬŵĂů
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϮϬ;ϲϬ͘ϲͿ
ƵĞŶĂ
ƉсϬ͘ϳϬϮ
ϴ;ϭϬϬͿ
ϰ;ϱϬͿ
ϰ;ϱϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
Tabla 55. Sexualidad en el periodo postparto (3 y 6 meses) según la presencia de anemia puerperal
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϮϮϱ
ϵ;ϱϲ͘ϯͿ
ϳ;ϰϯ͘ϴͿ
ZĞŐƵůĂƌͬŵĂůĂ
ZĞƐƚŽ
ĞƐŐĂƌƌŽ//
ƉŝƐŝŽƚŽŵşĂц
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
Tabla 546H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVHQIXQFLyQGHOHVWDGRGHOSHULQpWUDVHOSDUWR
EŽ
ϯϴ;ϭϬϬͿ
ϭϱ;ϯϵ͘ϱͿ
Ϯϯ;ϲϬ͘ϱͿ
EŽ
ϯϴ;ϭϬϬͿ
ϭϰ;ϯϲ͘ϴͿ
Ϯϰ;ϲϯ͘ϮͿ
ƉсϬ͘Ϭϲϭ
ϯ;ϭϬϬͿ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
^ş
ϯϭ;ϭϬϬͿ
Ϯϯ;ϳϰ͘ϮͿ
ƉсϬ͘ϮϬϭ
ϯ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
EŽ
ϴ;Ϯϱ͘ϴͿ
^ş
Ϯ;ϲϲ͘ϳͿ
Ɖсϭ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
^ş
ϯϭ;ϭϬϬͿ
ϮϮ;ϳϭͿ
ϵ;ϮϵͿ
EŽ
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
ƉсϬ͘ϱϲϬ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
^ş
ϲŵĞƐĞƐ;EсϰϭͿ
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
5(68/7$'26
dĂďůĂϱϲ)UHFXHQFLDFRLWDOVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
ƐĐĂƐĂ
^ĞŵĂŶĂů
хϭͬƐĞŵĂŶĂ
ŝĂƌŝŽ
dŽƚĂů
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ
ϰ;ϲϲ͘ϳͿ
ϲϮ;ϲϴ͘ϭͿ
ϯ;ϳϱͿ
ϭϯ;ϯϱ͘ϭͿ
ϭ;ϭϲ͘ϳͿ
ϭϱ;ϭϲ͘ϱͿ
ϭ;ϮϱͿ
ϭϱ;ϰϬ͘ϲͿ
ϭ;ϭϲ͘ϳͿ
ϭϮ;ϭϯ͘ϮͿ
Ϭ;ϬͿ
ϴ;Ϯϭ͘ϲͿ
Ϭ;ϬͿ
Ϯ;Ϯ͘ϮͿ
Ϭ;ϬͿ
ϭ;Ϯ͘ϳͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘ϵϯϱ
ƉсϬ͘ϭϭϬ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ
ϭ;ϮϱͿ
ϳ;ϭϴ͘ϵͿ
Ϯ;ϱϬͿ
ϭϯ;ϯϱ͘ϭͿ
ϭ;ϮϱͿ
ϭϲ;ϰϯ͘ϮͿ
Ϭ;ϬͿ
ϭ;Ϯ͘ϳͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘ϰϲϲ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dĂďůĂϱϳ)UHFXHQFLDFRLWDODJUXSDGDHQFDWHJRUtDVVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ
ZĞŐƵůĂƌͬŵĂůĂ
ϰ;ϲϲ͘ϳͿ
ϲϮ;ϲϴ͘ϭͿ
ϯ;ϳϱͿ
ϭϯ;ϯϱ͘ϭͿ
ϭ;ϮϱͿ
ϳ;ϭϴ͘ϵͿ
ƵĞŶĂ
Ϯ;ϯϯ͘ϯͿ
Ϯϵ;ϯϭ͘ϵͿ
ϭ;ϮϱͿ
Ϯϰ;ϲϰ͘ϵͿ
ϯ;ϳϱͿ
ϯϬ;ϴϭ͘ϭͿ
dŽƚĂů
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘Ϯϭϰ
ƉсϬ͘Ϯϴϭ
Ɖсϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dĂďůĂϱϴ)UHFXHQFLDGHRUJDVPRVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
ƐĐĂƐŽ
&ƌĞĐƵĞŶƚĞ
^ŝĞŵƉƌĞ
dŽƚĂů
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ
ϯ;ϱϬͿ
ϯϵ;ϰϮ͘ϵͿ
ϭ;ϮϱͿ
ϵ;Ϯϰ͘ϯͿ
Ϭ;ϬͿ
ϴ;Ϯϭ͘ϲͿ
Ϯ;ϯϯ͘ϯͿ
ϭϳ;ϭϴ͘ϳͿ
Ϯ;ϱϬͿ
ϭϭ;Ϯϵ͘ϳͿ
ϭ;ϮϱͿ
ϭϭ;Ϯϵ͘ϳͿ
ϭ;ϭϲ͘ϳͿ
ϯϱ;ϯϴ͘ϰͿ
ϭ;ϮϱͿ
ϭϳ;ϰϱ͘ϵͿ
ϯ;ϳϱͿ
ϭϴ;ϰϴ͘ϳͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘ϰϱϴ
ƉсϬ͘ϲϱϵ
ƉсϬ͘ϰϯϯ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dĂďůĂϱϵ)UHFXHQFLDGHRUJDVPRDJUXSDGDHQFDWHJRUtDVVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
dŽƚĂů
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ
ƚĠƌŵŝŶŽ
ϯ;ϱϬͿ
ϯϵ;ϰϮ͘ϵͿ
ϭ;ϮϱͿ
ϵ;Ϯϰ͘ϯͿ
Ϭ;ϬͿ
ϴ;Ϯϭ͘ϲͿ
ϯ;ϱϬͿ
Ϯϵ;ϳϴ͘ϮͿ
ϱϮ;ϱϳ͘ϭͿ
ϯ;ϳϱͿ
Ϯϴ;ϳϱ͘ϳͿ
ϰ;ϭϬϬͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
Ɖсϭ
Ɖсϭ
Ɖсϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
109
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
dĂďůĂϲϬ6DWLVIDFFLyQVH[XDOVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϯϲƐŐ;EсϵϳͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ
/ŶƐĂƚŝƐĨĂĐĐŝſŶͬƌĞĐŚĂnjŽ
ůŐƵŶĂƐĂƚŝƐĨĂĐĐŝſŶ
^ĂƚŝƐĨĂĐĐŝſŶ
dŽƚĂů
ϭ;ϭϲ͘ϳͿ
ϵ;ϵ͘ϵͿ
Ϯ;ϯϯ͘ϯͿ
Ϯϱ;Ϯϳ͘ϱͿ
ϯ;ϱϬͿ
ϱϳ;ϲϮ͘ϲͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ƉсϬ͘ϱϮϮ
ϭ;ϮϱͿ
Ϯ;ϱ͘ϰͿ
Ϭ;ϬͿ
ϭϭ;Ϯϵ͘ϳͿ
ϯ;ϳϱͿ
Ϯϰ;ϲϰ͘ϵͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘ϵϭϲ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϰ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ƚĠƌŵŝŶŽ
ϭ;Ϯ͘ϳͿ
ϵ;Ϯϰ͘ϯͿ
Ϯϳ;ϳϯͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘Ϯϯϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dĂďůĂϲϭ6DWLVIDFFLyQVH[XDODJUXSDGDHQFDWHJRUtDVVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ
ƚĠƌŵŝŶŽ
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
dŽƚĂů
ϭ;ϭϲ͘ϳͿ
ϵ;ϵ͘ϵͿ
ϱ;ϴϯ͘ϯͿ
ϴϮ;ϴϬ͘ϭͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ƉсϬ͘ϰϵϯ
ϭ;ϮϱͿ
Ϯ;ϱ͘ϰͿ
ϯ;ϳϱͿ
ϯϱ;ϵϰ͘ϲͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘Ϯϳϭ
Ϭ;ϬͿ
ϰ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϭ;Ϯ͘ϳͿ
ϯϲ;ϵϳ͘ϯͿ
ϯϳ;ϭϬϬͿ
Ɖсϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dĂďůĂϲϮ'RORUFRLWDOVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
EƵŶĐĂ
ůŐƵŶĂǀĞnj
&ƌĞĐƵĞŶƚĞͬƐŝĞŵƉƌĞ
dŽƚĂů
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ
Ϭ;ϬͿ
Ϯϵ;ϯϭ͘ϴͿ
ϯ;ϳϱͿ
ϭϱ;ϰϬ͘ϱͿ
ϯ;ϳϱͿ
ϮϬ;ϱϰ͘ϭͿ
ϰ;ϲϲ͘ϳͿ
ϱϬ;ϱϱͿ
Ϭ;ϬͿ
ϮϬ;ϱϰ͘ϭͿ
ϭ;ϮϱͿ
ϭϰ;ϯϳ͘ϴͿ
Ϯ;ϯϯ͘ϯͿ
ϭϮ;ϭϯ͘ϮͿ
ϭ;ϮϱͿ
Ϯ;ϱ͘ϰͿ
Ϭ;ϬͿ
ϯ;ϴ͘ϭͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘Ϭϱϴ
ƉсϬ͘Ϭϰϱ
ƉсϬ͘ϯϵϲ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
dĂďůĂϲϯ'RORUFRLWDODJUXSDGRHQFDWHJRUtDVVHJ~QODVHPDQDJHVWDFLRQDOGHOSDUWR
EŽ
^ş
dŽƚĂů
ŽůŽƌĐŽŶůĂƐƌĞůĂĐŝŽŶĞƐE;йͿ
ϯϲƐŐ;EсϵϳͿ
ϯŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
ϲŵƉŽƐƚƉĂƌƚŽ;EсϰϭͿ
WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ WƌĞƚĠƌŵŝŶŽ ƚĠƌŵŝŶŽ
ϰ;ϲϲ͘ϳͿ
ϳϵ;ϴϲ͘ϴͿ
ϯ;ϳϱͿ
ϯϱ;ϵϰ͘ϲͿ
ϰ;ϭϬϬͿ
ϯϰ;ϵϭ͘ϮͿ
Ϯ;ϯϯ͘ϯͿ
ϭϮ;ϭϯ͘ϮͿ
Ϯ;ϱ͘ϰͿ
ϭ;ϮϱͿ
Ϭ;ϬͿ
ϯ;ϴ͘ϭͿ
ϲ;ϭϬϬͿ
ϵϭ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ϰ;ϭϬϬͿ
ϯϳ;ϭϬϬͿ
ƉсϬ͘Ϯϭϰ
ƉсϬ͘Ϯϳϭ
Ɖсϭ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
110
Ϯϱ;ϭϬϬͿ
ϭϲ;ϭϬϬͿ
Ɖсϭ
ϴ;ϭϬϬͿ
ϭ;ϭϮ͘ϱͿ
ϳ;ϴϳ͘ϱͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
ϯ;ϵ͘ϭͿ
Ϯϴ;ϴϰ͘ϴͿ
Ϯ;ϲ͘ϭͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
ϭ;ϯ͘ϮͿ
ϯϭ;ϭϬϬͿ
Ϯ;ϲ͘ϱͿ
Ϯϴ;ϵϬ͘ϯͿ
Ɖсϭ
ϴ;ϭϬϬͿ
ϭ;ϭϮ͘ϱͿ
ϳ;ϴϳ͘ϱͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϯ;ϭϬϬͿ
ϯ;ϵ͘ϭͿ
Ϯϴ;ϴϰ͘ϰͿ
Ϯ;ϲͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
Ɖсϭ
ϯ;ϭϮͿ
Ϯϱ;ϭϬϬͿ
Ϯ;ϭϮ͘ϱͿ
ϮϮ;ϴϴͿ
ϭϲ;ϭϬϬͿ
ϭϰ;ϴϳ͘ϱͿ
ϯϯ;ϭϬϬͿ
ϴ;ϭϬϬͿ
ƉсϬ͘ϭϯϬ
ϭϵ;ϱϳ͘ϲͿ
ϭϰ;ϰϮ͘ϰͿ
ƵĞŶĂ
Ϯ;ϮϱͿ
ϲ;ϳϱͿ
ZĞŐƵůĂƌͬŵĂů
ϲŵĞƐĞƐ;EсϰϭͿ
Ɖсϭ
ϭϬ;ϭϬϬͿ
ϭ;ϭϬͿ
ϵ;ϵϬͿ
ϯϭ;ϭϬϬͿ
ϰ;ϭϮ͘ϵͿ
Ϯϳ;ϴϳ͘ϭͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
ϭϵ;ϱϳ͘ϲͿ
ϭϰ;ϰϮ͘ϰͿ
ƉсϬ͘ϭϯϬ
ϴ;ϭϬϬͿ
Ϯ;ϮϱͿ
ϲ;ϳϱͿ
ZĞŐƵůĂƌͬŵĂů
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ZĞŐƵůĂƌͬŵĂů
ƵĞŶĂ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
EŽ
^ş
ϯŵĞƐĞƐ;EсϰϭͿ
ZĞŐƵůĂƌͬŵĂů
ƵĞŶĂ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϭ;Ϯ͘ϲͿ
ƵĞŶĂ
ϯϴ;ϭϬϬͿ
ϰ;ϭϬ͘ϱͿ
ϯϯ;ϴϲ͘ϴͿ
Ɖсϭ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϬͿ
Ϭ;ϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϯ;ϭϬϬͿ
Ɖсϭ
Ϭ;ϬͿ
ϭ;ϭϬϬͿ
ϯϴ;ϭϬϬͿ
ϭ;ϭϬϬͿ
Ɖсϭ
ZĞŐƵůĂƌͬŵĂů
ϱ;ϭϯ͘ϮͿ
ϯϯ;ϴϲ͘ϴͿ
ƵĞŶĂ
ϰϬ;ϭϬϬͿ
ϰ;ϭϬͿ
ϯϰ;ϴϱͿ
Ϯ;ϱͿ
ƵĞŶĂ
ϰϬ;ϭϬϬͿ
Ϯϭ;ϱϮ͘ϱͿ
ϭϵ;ϰϳ͘ϱͿ
ƵĞŶĂ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
ƉсϬ͘ϭϱϵ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂůĂ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
ZĞŐƵůĂƌͬŵĂů
Tabla 656H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QODFWDQFLDPDWHUQD
ƉсϬ͘ϭϳϳ
ϭϬ;ϭϬϬͿ
Ϯ;ϮϬͿ
ϳ;ϳϬͿ
ϭ;ϭϬͿ
ƵĞŶĂ
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ZĞŐƵůĂƌͬŵĂůĂ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϮϲϮ
ϯ;ϭϮͿ
ϭ;ϲ͘ϯͿ
DĂĐƌŽƐŽŵĂ
ϮϮ;ϴϴͿ
ϭϯ;ϴϭ͘ϯͿ
ĚĞĐƵĂĚŽ
Ϭ;ϬͿ
Ϯ;ϭϮ͘ϱͿ
ƵĞŶĂ
ĂũŽ
ZĞŐƵůĂƌͬŵĂůĂ
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
7DEOD6H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QHOSHVRGHOUHFLpQQDFLGR
Ϯ;ϱ͘ϯͿ
EŽ
ϯϴ;ϭϬϬͿ
ϯ;ϳ͘ϵͿ
ϯϯ;ϴϲ͘ϴͿ
ϯ;ϭϬϬͿ
ƉсϬ͘ϯϯϬ
ϯϴ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
ϯϰ;ϴϵ͘ϱͿ
EŽ
ϰ;ϭϬ͘ϱͿ
Ϯ;ϲϲ͘ϳͿ
^ş
ϭϴ;ϰϳ͘ϰͿ
EŽ
ϯϴ;ϭϬϬͿ
ϮϬ;ϱϮ͘ϲͿ
ƉсϬ͘ϲϬϲ
ϯ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
Ϯ;ϲϲ͘ϳͿ
^ş
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
ƉсϬ͘ϯϴϳ
ϯ;ϭϬϬͿ
ϯϴ;ϭϬϬͿ
ϯ;ϭϬϬͿ
ƉсϬ͘ϭϱϵ
Ϯ;ϲϲ͘ϳͿ
Ϭ;ϬͿ
^ş
ϭ;ϯϯ͘ϯͿ
ϯϯ;ϴϲ͘ϴͿ
ϭ;Ϯ͘ϲͿ
EŽ
ϰ;ϭϬ͘ϱͿ
Ϭ;ϬͿ
Ϯ;ϲϲ͘ϳͿ
ϭ;ϯϯ͘ϯͿ
^ş
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
5(68/7$'26
111
112
Ϭ;ϬͿ
ϵ;ϱϲ͘ϯͿ
͘/͘
ϭ;ϯͿ
ϱ;ϭϱ͘ϮͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
Ϯ;ϲ͘ϭͿ
ϲ;ϭϴ͘ϮͿ
ϭϵ;ϱϳ͘ϲͿ
ϭ;ϯ͘ϮͿ
ϰ;ϭϮ͘ϵͿ
ϯϭ;ϭϬϬͿ
Ϯ;ϲ͘ϰͿ
ϯ;ϵ͘ϳͿ
Ϯϭ;ϲϳ͘ϴͿ
ϭ;ϯͿ
ϯ;ϵ͘ϭͿ
ϯϯ;ϭϬϬͿ
Ϯ;ϲ͘ϭͿ
ϲ;ϭϴ͘ϮͿ
Ϯϭ;ϲϯ͘ϲͿ
ƉсϬ͘ϬϭϮ
ϴ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϭϮ͘ϱͿ
Ϯ;ϮϱͿ
Ϭ;ϬͿ
ϱ;ϲϮ͘ϱͿ
ƵĞŶĂ
ϲŵĞƐĞƐ;EсϰϭͿ
ZĞŐƵůĂƌͬŵĂůĂ
ƵĞŶĂ
ϯϴ;ϭϬϬͿ
Ϯ;ϱ͘ϯͿ
ϯ;ϳ͘ϵͿ
Ϯϯ;ϲϬ͘ϱͿ
Ϭ;ϬͿ
ϭϬ;Ϯϲ͘ϯͿ
ƉсϬ͘ϭϮϮ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯŵĞƐĞƐ;EсϰϭͿ
Ϯ;ϱͿ
ϳ;ϭϳ͘ϱͿ
Ϯϯ;ϱϳ͘ϱͿ
ϭ;Ϯ͘ϱͿ
ϳ;ϭϳ͘ϱͿ
ƵĞŶĂ
ϰϬ;ϭϬϬͿ
ϭ;ϭϬϬͿ
ƉсϬ͘ϰϰϵ
Ϭ;ϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϭϬϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
ƵĞŶĂ
ϲ;ϭϴ͘ϮͿ
ϱ;ϭϱ͘ϭͿ
ϯϯ;ϭϬϬͿ
ϮϮ;ϲϵ͘ϳͿ
ƉсϬ͘ϰϲϰ
ϴ;ϭϬϬͿ
ϰ;ϱϬͿ
ϭ;ϭϮ͘ϱͿ
ϯ;ϯϳ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
ƵĞŶĂ
ϯ;ϵ͘ϳͿ
ϰ;ϭϮ͘ϵͿ
ϯϭ;ϭϬϬͿ
Ϯϰ;ϳϴ͘ϰͿ
ƉсϬ͘ϬϬϭ
ϭϬ;ϭϬϬͿ
ϯ;ϯϬͿ
Ϭ;ϬͿ
ϳ;ϳϬͿ
ϲ;ϭϴ͘ϮͿ
ϯ;ϵ͘ϭͿ
ƵĞŶĂ
ϯϯ;ϭϬϬͿ
Ϯϰ;ϳϮ͘ϳͿ
ƉсϬ͘ϬϬϯ
ϴ;ϭϬϬͿ
Ϯ;ϮϱͿ
ϭ;ϭϮ͘ϱͿ
ϱ;ϲϮ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ZĞŐƵůĂƌͬŵĂůĂ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϴϳϵ
Ϯϱ;ϭϬϬͿ
ϭϲ;ϭϬϬͿ
ZĞƐƚŽ
Ϯ;ϴͿ
ϭϳ;ϲϴͿ
ϭ;ϲ͘ϯͿ
ϭϬ;ϲϮ͘ϰͿ
ŶŽǀƵůĂƚŽƌŝŽƐ
ϲ;ϮϰͿ
ƵĞŶĂ
ϱ;ϯϭ͘ϯͿ
EŽ
ZĞŐƵůĂƌͬŵĂůĂ
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
Ɖсϭ
ϯ;ϭϬϬͿ
Ϯ;ϲϲ͘ϳͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϯϴ;ϭϬϬͿ
Ϯϱ;ϲϱ͘ϴͿ
ϯ;ϳ͘ϵͿ
ϭϬ;Ϯϲ͘ϯͿ
ƵĞŶĂ
ϯŵĞƐĞƐ;EсϰϭͿ
ƵĞŶĂ
Ϯϲ;ϲϱͿ
ϳ;ϭϳ͘ϱͿ
ϳ;ϭϳ͘ϱͿ
ϰϬ;ϭϬϬͿ
ƉсϬ͘ϯϴϭ
ϭ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϭϬϬͿ
ZĞŐƵůĂƌͬŵĂůĂ
ϲŵĞƐĞƐ;EсϰϭͿ
^ĂƚŝƐĨĂĐĐŝſŶƐĞdžƵĂůE;йͿ
Tabla 676H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QHOPpWRGRDQWLFRQFHSWLYRDJUXSDGRHQFDWHJRUtDV
ƉсϬ͘ϬϬϰ
ϭϬ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϯ;ϯϬͿ
Ϭ;ϬͿ
ϳ;ϳϬͿ
ƵĞŶĂ
ϯŵĞƐĞƐ;EсϰϭͿ
&ƌĞĐƵĞŶĐŝĂĚĞKƌŐĂƐŵŽE;йͿ
ZĞŐƵůĂƌͬŵĂůĂ
sĂůŽƌƉĐĂůĐƵůĂĚŽŵĞĚŝĂŶƚĞĞůdĞƐƚŚŝͲƵĂĚƌĂĚŽ;ŽƚĞƐƚĚĞ&ŝƐŚĞƌͿ͘
ƉсϬ͘ϳϮϭ
ϴ;ϭϬϬͿ
Ϯϱ;ϭϬϬͿ
ƉсϬ͘ϵϱϳ
Ϭ;ϬͿ
ϭ;ϰͿ
ϭ;ϲ͘ϯͿ
ϭϲ;ϭϬϬͿ
ϭ;ϭϮ͘ϱͿ
Ϯ;ϴͿ
ϭ;ϲ͘ϯͿ
ϰ;ϱϬͿ
Ϭ;ϬͿ
ϯ;ϯϳ͘ϱͿ
ZĞŐƵůĂƌͬŵĂůĂ
>d
ϭϱ;ϲϬͿ
ϭ;ϰͿ
ϲ;ϮϰͿ
ƵĞŶĂ
ŶŽǀƵůĂƚŽƌŝŽƐ
WƌĞƐĞƌǀĂƚŝǀŽ
ϱ;ϯϭ͘ϯͿ
EŽ
ZĞŐƵůĂƌͬŵĂůĂ
&ƌĞĐƵĞŶĐŝĂĐŽŝƚĂůE;йͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϲŵĞƐĞƐ;EсϰϭͿ
Tabla 666H[XDOLGDGHQHOSHULRGRSRVWSDUWR\PHVHVVHJ~QHOPpWRGRDQWLFRQFHSWLYR
EŽ
^ş
EŽ
ϯϴ;ϭϬϬͿ
Ϯϱ;ϲϱ͘ϴͿ
ϲ;ϭϱ͘ϴͿ
ϳ;ϭϴ͘ϰͿ
ƉсϬ͘Ϯϵϲ
ϯ;ϭϬϬͿ
ϯϴ;ϭϬϬͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
ϯ;ϳ͘ϵͿ
ϯϴ;ϭϬϬͿ
Ϯ;ϱ͘ϯͿ
ϲ;ϭϱ͘ϴͿ
ϲŵĞƐĞƐ;EсϰϭͿ
Ϯϲ;ϲϴ͘ϰͿ
ƉсϬ͘ϯϲϮ
ϯ;ϭϬϬͿ
ϭ;ϯ͘ϯͿ
Ϭ;ϬͿ
EŽ
ϵ;Ϯϯ͘ϳͿ
^ş
Ϯ;ϲϲ͘ϳͿ
ϯŵĞƐĞƐ;EсϰϭͿ
ϭ;Ϯ͘ϲͿ
ϳ;ϭϴ͘ϰͿ
EŽ
ϮϮ;ϱϳ͘ϵͿ
ƉсϰϴϬ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
ϭ;ϯϯ͘ϯͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
^ş
ϲŵĞƐĞƐ;EсϰϭͿ
ŽůŽƌĐŽŝƚĂůE;йͿ
ϯϴ;ϭϬϬͿ
Ϯ;ϱ͘ϯͿ
ϯ;ϳ͘ϵͿ
Ϯϯ;ϲϬ͘ϱͿ
ϭ;Ϯ͘ϲͿ
ϵ;Ϯϯ͘ϳͿ
ƉсϬ͘ϱϮϱ
ϯ;ϭϬϬͿ
Ϭ;ϬͿ
Ϭ;ϬͿ
ϭ;ϯϯ͘ϯͿ
Ϭ;ϬͿ
Ϯ;ϲϲ͘ϳͿ
^ş
ϯŵĞƐĞƐ;EсϰϭͿ
ŽůŽƌĐŽŝƚĂůE;йͿ
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
9, ',6&86,Ï1
',6&86,Ï1
9,',6&86,Ï1
(VWH WUDEDMR HV XQ HVWXGLR SURVSHFWLYR TXH GHVFULEH OD HYROXFLyQ GHO FRPSRUWDPLHQWR
VH[XDO HQ XQ JUXSR GH PXMHUHV HVSDxRODV VDQDV GHVGH OD HWDSD SUHYLD DO HPEDUD]R
GXUDQWH HO PLVPR \ HQ HO SRVWSDUWR \ DQDOL]D VX UHODFLyQ FRQ GLIHUHQWHV YDULDEOHV
GHPRJUiILFDV\REVWpWULFDV
(Q OD OLWHUDWXUD H[LVWHQ P~OWLSOHV HVWXGLRV VREUH OD IXQFLyQ VH[XDO HQ HO HPEDUD]R
DXQTXHHOQ~PHURGHHVWXGLRVSURVSHFWLYRVTXHODFRPSDUDQFRQODHWDSDSUHJHVWDFLRQDO
\HOSRVWSDUWRHVOLPLWDGR\ORVUHVXOWDGRVSXEOLFDGRVVREUHODLQIOXHQFLD
GH IDFWRUHV GHPRJUiILFRV \ REVWpWULFRV FRPR SDULGDG HGDG HVWDGR FLYLO HVWXGLRV
PDWHUQRV\SDWHUQRVHVHVFDVD\FRQWUDGLFWRULD
/DV PXMHUHV SDUWLFLSDQWHV HQ HVWH WUDEDMR GH 7HVLV 'RFWRUDO VRQ HQ VX PD\RUtD
HVSDxRODV SRU OR TXH HO IDFWRU FXOWXUDO HVWi SUHVHQWH HQ HO FRPSRUWDPLHQWR
VH[XDOGHHVWDVPXMHUHVORTXHDSRUWDYDORUDHVWHWUDEDMR\DTXHHQODDFWXDOLGDGORV
HVWXGLRV PiV UHOHYDQWHV VREUH VH[XDOLGDG HQ HO HPEDUD]R \ HO SRVWSDUWR QR HVWiQ
UHDOL]DGRV FRQ OD SREODFLyQ HVSDxROD (Q HVWH VHQWLGR VH REVHUYDQ GLIHUHQFLDV
LPSRUWDQWHV HQ OD UHVSXHVWD VH[XDO GXUDQWH HO HPEDUD]R \ HO SXHUSHULR VL WHQHPRV HQ
FXHQWDORVYDORUHVFXOWXUDOHV\UHOLJLRVRVGHFDGDVRFLHGDG$VtSRUHMHPSORHQDOJXQDV
VRFLHGDGHV FRQWHPSRUiQHDV FKLQDV &KLQD +RQJ .RQJ 6LQJDSXU 7DLZiQ D~Q
SHUVLVWHQ FUHHQFLDV \ FRPSRUWDPLHQWRV WUDGLFLRQDOHV GRQGH OD PXMHU DGRSWD XQ SDSHO
VXPLVR\SDVLYRHQODUHODFLyQGHSDUHMDXQLGRDXQDIDOWDGHLQIRUPDFLyQVREUHODYLGD
VH[XDO \ UHSURGXFWLYD 3RU HOOR WRGDYtD PXFKDV GH HVWDV PXMHUHV VH DEVWLHQHQ GH
PDQWHQHU UHODFLRQHV VH[XDOHV GXUDQWH OD JHVWDFLyQ 2WURV HVWXGLRV
UHDOL]DGRV HQ VRFLHGDGHV SDNLVWDQtHV R NXZDLWtHV LQIRUPDQ GH XQD UHGXFFLyQ
VLJQLILFDWLYDGHODDFWLYLGDGVH[XDODORODUJRGHOHPEDUD]RHVSHFLDOPHQWHHQHO~OWLPR
WULPHVWUH $GLQPD HQFXHVWy D XQ JUXSR GH JHVWDQWHV QLJHULDQDV HQFRQWUDQGR XQ
HPSHRUDPLHQWRGHODVH[XDOLGDGHQJHQHUDO(QPXFKDVGHHVWDVFXOWXUDVD~QSHUVLVWHOD
FUHHQFLD DFHUFD GHO HIHFWR QHJDWLYR GH ODV UHODFLRQHV VH[XDOHV VREUH HO HPEDUD]R \ HO
IHWR FRPR FDXVDQWHV GH DERUWR SDUWR SUHWpUPLQR R GDxR IHWDO &RPSRUWDPLHQWRV
115
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
VLPLODUHVVHKDQREVHUYDGRHQDOJXQDVUHJLRQHVDIULFDQDVGH0DODZL\=DLUHHQODVTXH
VH GHVFULEHQ ODUJRV SHUtRGRV GH DEVWLQHQFLD VH[XDO WUDV HO SDUWR UHODFLRQDGRV FRQ
IDFWRUHVUHOLJLRVRVFXOWXUDOHVRVRFLRHFRQyPLFRV1XHVWUDSREODFLyQGHHVWXGLRFRQ
PXMHUHVHVSDxRODVQRPXHVWUDHVWHFRPSRUWDPLHQWRWUDGLFLRQDOHQORVTXHODFXOWXUDROD
UHOLJLyQFRQOOHYDQXQDUHVWULFFLyQGHODFRQGXFWDVH[XDOFRQDOWDVWDVDVGHDEVWLQHQFLD
GXUDQWH HO HPEDUD]R \ HO SRVWSDUWR VLQR WRGR OR FRQWUDULR FRPR VH H[SXVR HQ HO
DSDUWDGRGHUHVXOWDGRVGHHVWD7HVLV'RFWRUDO
02',),&$&,21(6'(/$6(;8$/,'$'
(Q JHQHUDO OD IUHFXHQFLD FRLWDO \ RUJiVPLFD OD VDWLVIDFFLyQ VH[XDO \ HO GRORU FRQ ODV
UHODFLRQHV HQ HO JUXSR GH JHVWDQWHV GH HVWH HVWXGLR VXIUHQ XQ GHWHULRUR GXUDQWH OD
JHVWDFLyQHQFRPSDUDFLyQFRQORVQLYHOHVVH[XDOHVSUHYLRVDOLJXDOTXHKDQHQFRQWUDGR
RWURVDXWRUHV(VWHGHWHULRURHVSURJUHVLYRDPHGLGDTXHDYDQ]DODJHVWDFLyQ\
SUHVHQWD XQD UHFXSHUDFLyQ GH OD DFWLYLGDG VH[XDO HQ HO SRVWSDUWR FRPR UHSRUWDQ OD
PD\RUtD GH HVWXGLRV TXH HQ DOJXQRV FDVRV QR OOHJD D DOFDQ]DU ORV QLYHOHV
SUHJHVWDFLRQDOHV FRPR GHVFULEHQ %DUUHWW \ 3DXOV $XQTXH HQ DOJXQRV WUDEDMRV VH
GHVFULEHODIXQFLyQVH[XDOHQHOSRVWSDUWRFRPRVLPLODURLQFOXVRPHMRUTXHHQODHWDSD
SUHJHVWDFLRQDO
(QRFDVLRQHVHOGHWHULRURGHODVH[XDOLGDGVHUHODFLRQDFRQHOQLYHOGHDFWLYLGDGVH[XDO
SUHYLRGHPDQHUDTXHODVSDUHMDVTXHSDUWHQGHXQDUHODFLyQFRQ\XJDOSREUHWLHQGHQD
HPSHRUDU PiV UiSLGDPHQWH 3RU HO FRQWUDULR ODV PXMHUHV PiV VDWLVIHFKDV \ FRQ PHMRU
H[SHULHQFLDVH[XDOSDUHFHQFRPSHQVDUORVFDPELRVUHODFLRQDGRVFRQHOHPEDUD]R'H
HVWD IRUPD SRGHPRV FRQVLGHUDU TXH OD FDOLGDG GH OD DFWLYLGDG VH[XDO SUHYLD D OD
JHVWDFLyQ MXHJD XQ SDSHO LPSRUWDQWH HQ HO PDQWHQLPLHQWR GH OD VH[XDOLGDG GXUDQWH HO
HPEDUD]R \ SRVWSDUWR SXGLHQGR LQFOXVR VHU SURWHFWRU GH OD PLVPD FRPR GHILHQGH
<LOGL]$VLPLVPRHOQLYHOGHDFWLYLGDGVH[XDOHQHOSULPHUWULPHVWUHHVGHWHUPLQDQWH
HQODVH[XDOLGDGGXUDQWHHOHPEDUD]RLQFOXVRXQDxRWUDVHOSDUWR
116
',6&86,Ï1
(QUHODFLyQDORDQWHULRUHVLPSRUWDQWHGHVWDFDUTXHQXHVWUDSREODFLyQGHHVWXGLRHVWi
IRUPDGD SRU PXMHUHV MyYHQHV VDQDV TXH SUHVHQWDQ XQD EXHQD VH[XDOLGDG SUHYLD DO
HPEDUD]R ÒQLFDPHQWH XQ GH FDVRV UHILHUH XQD IUHFXHQFLD FRLWDO ³PHQRV GH XQD
YH]DODVHPDQD´WRGDVODVSDUWLFLSDQWHVSUHVHQWDQRUJDVPRFRQODVUHODFLRQHVDQWHVGH
OD JHVWDFLyQ QLQJXQD UHILHUH LQVDWLVIDFFLyQ VH[XDO HQ HVWD HWDSD \ HO GRORU
³IUHFXHQWHVLHPSUH´ DSDUHFH VyOR HQ HO GH FDVRV (VWDV FDUDFWHUtVWLFDV GH OD
VH[XDOLGDGSUHYLDVDODJHVWDFLyQLQIOX\HQHQODHYROXFLyQGHODPLVPDHQHOHPEDUD]R\
SRVWSDUWR \D TXH HO GHWHULRUR GXUDQWH OD JHVWDFLyQ YD VHJXLGR GH XQD LPSRUWDQWH
UHFXSHUDFLyQHQHOSRVWSDUWRDFWXDQGRFRPRXQIDFWRUSURWHFWRUFRPRUHIHUtD<LOGL]
(VWDPHMRUtDHQHOFRPSRUWDPLHQWRVH[XDODORV\PHVHVGHOSDUWRVHREVHUYDFXDQGR
FRPSDUDPRV OD VH[XDOLGDG DQWHV \ GHVSXpV GHO PLVPR HQ SDUWLFXODU OD IUHFXHQFLD GH
UHODFLRQHV\GHRUJDVPR\HOGRORU$VtDTXHOODVPXMHUHVTXHUHIHUtDQEXHQDVH[XDOLGDG
GXUDQWH OD JHVWDFLyQ UHVSHFWR D HVWDV YDULDEOHV FRQWLQ~DQ ELHQ WUDV HO SDUWR \ DTXHOODV
TXH UHILHUHQ SHRU VH[XDOLGDG HQ HO HPEDUD]R PHMRUDQ HQ HO SRVWSDUWR 'H HVWH PRGR
TXHGD SDWHQWH TXH HO KHFKR GH WHQHU XQ HPEDUD]R \ XQ SDUWR QR VROR LQIOX\H HQ OD
VH[XDOLGDG GH OD PXMHU VLQR TXH DGHPiV VH H[SHULPHQWD XQD PHMRUtD LPSRUWDQWH
SRVWHULRUPHQWHDOPLVPR(VWRVUHVXOWDGRVFRLQFLGHQFRQORVREWHQLGRVSRU&RQQROO\
HQUHODFLyQDODPHMRUtDGHORUJDVPRSRVWSDUWR\FRQ<LOGL]HQODPHMRUtDGHOGRORUD
ORV PHVHV SRVWSDUWR FRPSDUDGR FRQ HO HPEDUD]R \ OD HWDSD SUHJHVWDFLRQDO 6LQ
HPEDUJR HQ QXHVWUR HVWXGLR QR KHPRV REWHQLGR UHODFLyQ HQ HO FDVR GH OD VDWLVIDFFLyQ
VH[XDODGLIHUHQFLDGH6LJQRUHOORSDUDHOTXHPiVGHODPLWDGGHODVJHVWDQWHVGHVX
HVWXGLR UHILULHURQ OD VDWLVIDFFLyQ VH[XDO SRVWSDUWR FRPR LJXDO R PHMRU D OD
H[SHULPHQWDGDSUHYLDPHQWHDOSDUWR
)UHFXHQFLDFRLWDO
(Q QXHVWUR HVWXGLR HO SDUiPHWUR GH VH[XDOLGDG TXH PiV VH YH DIHFWDGR GXUDQWH OD
JHVWDFLyQ \ HO SXHUSHULR HV OD IUHFXHQFLD FRLWDO TXH PXHVWUD XQD GLVPLQXFLyQ
VLJQLILFDWLYDHQWRGDVODVYLVLWDVGHOHPEDUD]RDPHGLGDTXHpVWHSURJUHVDUHVSHFWRDOD
HWDSDSUHJHVWDFLRQDO(VWHGHWHULRURHVPiVGHVWDFDGRHQHOSULPHUWULPHVWUHFRQWLQ~DHQ
117
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
GHVFHQVR HQWUH OD VHPDQD \ \ VH KDFH PiV DFHQWXDGR HQ OD VHPDQD FHUFDQD DO
SDUWRFRLQFLGLHQGRFRQORGHVFULWRHQODOLWHUDWXUD
(VWRV KDOOD]JRV SRGUtDQ HVWDU MXVWLILFDGRV SRU ORV FDPELRV ItVLFRV \ KRUPRQDOHV TXH
WLHQHQOXJDUGXUDQWHHOSULPHUWULPHVWUHTXHSXHGHQGDUOXJDUDODDSDULFLyQGHQiXVHDV
YyPLWRV VRPQROHQFLD DXPHQWR GH VHQVLELOLGDG PDPDULD DGHPiV GH FDPELRV
HPRFLRQDOHV FRPR LUULWDELOLGDG R PLHGR D SHUGHU HO HPEDUD]R TXH H[SOLFDUtDQ OD
UHGXFFLyQ GH OD IUHFXHQFLD FRLWDO 6LQ HPEDUJR HQ HO VHJXQGR WULPHVWUH GH OD
JHVWDFLyQ SXHGH DSDUHFHU XQ FRPSRUWDPLHQWR VH[XDO YDULDEOH \ DOJXQRV DXWRUHV KDQ
HQFRQWUDGRXQDXPHQWRHQODIUHFXHQFLDFRLWDOHQHVWDHWDSDDOFRQWUDULRTXHQXHVWURV
UHVXOWDGRV VHJXLGR GH XQ GHVFHQVR HQ HO WHUFHU WULPHVWUH GH PRGR VLPLODU D ORV
KDOOD]JRVHQFRQWUDGRVHQQXHVWURHVWXGLR
$OILQDOGHOHPEDUD]RODJHVWDQWHH[SHULPHQWDLPSRUWDQWHVFDPELRVItVLFRVTXHSXHGHQ
H[SOLFDUHOGHVFHQVRGHDFWLYLGDGFRLWDO\GHVHRFRPRDXPHQWRGHOYROXPHQDEGRPLQDO
\GHOSHVRIHWDOLQFRQWLQHQFLDXULQDULDKHPRUURLGHVDXPHQWRGHODFXUYDWXUDOXPEDU
VXEOX[DFLyQ GH OD DUWLFXODFLyQ VDFURLOtDFD \ GH OD VtQILVLV GHO SXELV YDVRFRQJHVWLyQ
SpOYLFD \ YDJLQDO 2WURV IDFWRUHV FRPR OD IDWLJD OD DQVLHGDG DQWH OD SUR[LPLGDG GHO
SDUWRHOPLHGRDGDxDUDOIHWRODGLVSDUHXQLDORVFDPELRVHQODUHODFLyQGHSDUHMDRHQ
OD LPDJHQ FRUSRUDO GH OD PXMHU WDPELpQ LQFLGHQ QHJDWLYDPHQWH VREUH OD VH[XDOLGDG HQ
HVWDHWDSD
3RVWHULRUPHQWH HQ QXHVWUD SREODFLyQ GH HVWXGLR VH REVHUYD TXH OD IUHFXHQFLD FRLWDO
DXPHQWD OHQWDPHQWH D ORV PHVHV SRVWSDUWR DFHUFiQGRVH D QLYHOHV SUy[LPRV D ORV
SUHJHVWDFLRQDOHV HQ HO VH[WR PHV WUDV HO SDUWR SHUR VLQ OOHJDU D LJXDODUORV (VWRV
UHVXOWDGRVWDPELpQKDQVLGRGHVFULWRVSRU6HUDWL\3DXOV'HPDQHUDTXHHQQXHVWUR
HVWXGLRGHVWDFDHODXPHQWRGHUHODFLRQHVVH[XDOHVHVFDVDVPHQRVGHXQFRLWRVHPDQDO
GHVGHXQDQWHVGHOHPEDUD]RKDVWDXQHQHOPRPHQWRGHOSDUWRDXQTXH\DD
ORV PHVHV GHO SDUWR HV GHO (Q HO HVWXGLR GH 3DXOV OD IUHFXHQFLD HVFDVD
GHVFULWDFRPRFRLWRVSRUPHVIXHGH\UHVSHFWLYDPHQWHPRVWUDQGR
XQD UHFXSHUDFLyQ PiV OHQWD TXH HQ QXHVWUR FDVR $VLPLVPR REVHUYDPRV HQ QXHVWUD
SREODFLyQ XQ GHVFHQVR GH IUHFXHQFLDV VHPDQDOHV R PD\RUHV GHVGH HO SUHYLR DO
118
',6&86,Ï1
HPEDUD]R KDVWD HO HQ VHPDQD TXH VH HOHYD D ORV PHVHV SRVWSDUWR KDVWD HO
TXH HQ HO FDVR GH 3DXOV IXH GHO \ UHVSHFWLYDPHQWH HQ ORV
PRPHQWRVDQDOL]DGRV
)UHFXHQFLDGHRUJDVPR
$OLJXDOTXHODIUHFXHQFLDFRLWDOHQODVJHVWDQWHVLQFOXLGDVHQHVWHWUDEDMRREVHUYDPRV
TXHODIUHFXHQFLDGHRUJDVPRGLVPLQX\HSURJUHVLYDPHQWHDORODUJRGHOHPEDUD]RKDVWD
ODV VHPDQDV SUHYLDV DO SDUWR HQ TXH H[LVWH XQ PDUFDGR GHVFHQVR UHVSHFWR D DQWHV GHO
HPEDUD]R(QHOSRVWSDUWRVHDSUHFLDXQDXPHQWRGHODIUHFXHQFLDRUJiVPLFDTXHOOHJDD
LJXDODUORVQLYHOHVSUHYLRVDOHPEDUD]RDGLIHUHQFLDGHORTXHRFXUUHFRQODIUHFXHQFLD
GHUHODFLRQHV(VWDVYDULDFLRQHVSRGUtDQGHEHUVHDTXHHQHOWHUFHUWULPHVWUHVHSURGXFHQ
FRQWUDFFLRQHVGHODPXVFXODWXUDGHOVXHORGHODSHOYLV\GHO~WHURGXUDQWHHORUJDVPR
TXH HQ RFDVLRQHV RFXUUHQ HQ IRUPD GH HVSDVPRV OR TXH XQLGR D OD LPSRUWDQWH
YDVRFRQJHVWLyQSpOYLFD\YDJLQDOSURSLDGHODV~OWLPDVVHPDQDVGHOHPEDUD]RSXHGHQ
FRQWULEXLUDHVWDGLVPLQXFLyQHQHOQ~PHUR\ODFDOLGDGGHORVRUJDVPRVDGHPiVGHXQD
GLVPLQXFLyQGHODH[FLWDFLyQ\GHODOXEULFDFLyQFRPRGHVFULEHQ*DOD]ND\+DQDI\
TXHSURJUHVLYDPHQWHVHUHFXSHUDHQHOSRVWSDUWR
$Vt SRGHPRV REVHUYDU TXH OD WDVD GH DQRUJDVPLD H KLSRRUJDVPLD VXIUH XQ QRWDEOH
LQFUHPHQWRDQWHVGHOSDUWRUHVSHFWRDODHWDSDSUHJHVWDFLRQDOFRQXQDPHMRUtDDORV
PHVHV SRVWSDUWR $GHPiV FHUFD GHO GH ODV PXMHUHV SUHVHQWDQ RUJDVPR D ORV PHVHVSRVWSDUWRGHIRUPDSDUHFLGDDODHWDSDSUHJHVWDFLRQDOSRQLpQGRVHGHPDQLILHVWR
OD UHFXSHUDFLyQ HQ HO SRVWSDUWR KDVWD QLYHOHV FHUFDQRV D ORV SUHYLRV D OD JHVWDFLyQ GH
PRGRVLPLODUDORUHIHULGRHQODOLWHUDWXUD(QHVWHVHQWLGR&RQQROO\UHDOL]y
XQ HVWXGLR SURVSHFWLYR VREUH PXMHUHV GXUDQWH OD JHVWDFLyQ \ HO SRVWSDUWR
HQFRQWUDQGRTXHHO\GHODVPXMHUHVDODVVHPDQDVDORVPHVHV\
PHVHVSRVWSDUWRUHVSHFWLYDPHQWHGHVFULEtDQVXIXQFLyQRUJiVPLFDFRPRVLPLODURPHMRU
TXHODSUHYLDDOHPEDUD]R
(QQXHVWUDSREODFLyQGHHVWXGLRWRGDVODVPXMHUHVHVWXGLDGDVH[SHULPHQWDURQRUJDVPR
DQWHVGHOHPEDUD]RFRQPD\RURPHQRUIUHFXHQFLDSRUORTXHSRGHPRVGHFLUTXHH[LVWH
119
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
XQDEXHQDVH[XDOLGDGSUHYLDHQFXDQWRDHVWHDVSHFWRGHODVH[XDOLGDGDGLIHUHQFLDGH
RWURV WUDEDMRV TXH GHVFULEHQ OD SUHVHQFLD GH RUJDVPR HQ HVWD HWDSD HQWUH HO \
3RU WDQWR FDEH SHQVDU TXH HVWD EXHQD VH[XDOLGDG GH EDVH HV XQ IDFWRU
LPSRUWDQWHHQODUHFXSHUDFLyQGHODIUHFXHQFLDGHRUJDVPRHQHOSRVWSDUWRREVHUYDGRHQ
HVWHJUXSRGHJHVWDQWHVFRPR\DVHKDFRPHQWDGR
6DWLVIDFFLyQVH[XDO
/DVDWLVIDFFLyQVH[XDOGXUDQWHODJHVWDFLyQ\HOSRVWSDUWRHQQXHVWURHVWXGLRVHPRGLILFD
GHIRUPDVHPHMDQWHDODIUHFXHQFLDGHRUJDVPRGHVWDFDQGRHOGHWHULRURHQODVVHPDQDV
FHUFDQDVDOSDUWRUHVSHFWRDQLYHOHVSUHYLRVDOHPEDUD]RFRPRVHKDGRFXPHQWDGRHQ
RWURV WUDEDMRV $Vt %RJUHQ GHVFULEH XQ GHVFHQVR GH OD VDWLVIDFFLyQ VH[XDO
GXUDQWHHOHPEDUD]RHQXQ\HQHOSULPHUVHJXQGR\WHUFHUWULPHVWUHV
UHVSHFWLYDPHQWH 3RU HO FRQWUDULR +DQDI\ UHDOL]D XQ HVWXGLR FRQ JHVWDQWHV HJLSFLDV
SDUD HYDOXDU OD GLVIXQFLyQ VH[XDO GXUDQWH HO HPEDUD]R \ REVHUYD TXH OD VDWLVIDFFLyQ
VH[XDOGLVPLQX\HPiVVLJQLILFDWLYDPHQWHHQHOSULPHUWULPHVWUHHQFRPSDUDFLyQFRQORV
RWURVGRVWULPHVWUHV
$O LJXDO TXH HQ HO RUJDVPR WRGDV ODV SDUWLFLSDQWHV HQ QXHVWUR HVWXGLR UHILHUHQ
VDWLVIDFFLyQVH[XDODQWHVGHOHPEDUD]R\QLQJXQDVLHQWHLQVDWLVIDFFLyQRUHFKD]RFRQODV
UHODFLRQHV 3RVWHULRUPHQWH H[LVWH XQ DXPHQWR GH LQVDWLVIDFFLyQ KDVWD OD VHPDQD GH PXMHUHV TXH GHVFLHQGH D ORV PHVHV SRVWSDUWR OR TXH LQGLFD XQD
UHFXSHUDFLyQ GH OD VDWLVIDFFLyQ VH[XDO KDVWD DOFDQ]DU QLYHOHV FHUFDQRV D ORV SUHYLRV DO
HPEDUD]R (VWD PHMRUtD TXHGD UHIOHMDGD HQ HO HVWXGLR GH 6LJQRUHOOR FRPR KDEtDPRV
FRPHQWDGR HQ HO TXH HO GH ODV PXMHUHV D ORV PHVHV SRVWSDUWR GHILQLHURQ VX
VDWLVIDFFLyQVH[XDOFRPRVLPLODURLQFOXVRPHMRUTXHDQWHVGHODJHVWDFLyQRHQHOGH
.OHLQHQHOTXHHOGHODVPXMHUHVHVWXGLDGDVUHILULHURQHVWDUVDWLVIHFKDVRPX\
VDWLVIHFKDVFRQVXVUHODFLRQHVVH[XDOHVDORVPHVHVSRVWSDUWR
'RORUFRLWDO
/D SUHVHQFLD GH GRORU HQ HO FRLWR SDUHFH PDQWHQHUVH HVWDEOH GXUDQWH OD JHVWDFLyQ
UHVSHFWR D QLYHOHV SUHJHVWDFLRQDOHV HQ QXHVWUD SREODFLyQ GH HVWXGLR 6LQ HPEDUJR
120
',6&86,Ï1
GHVWDFDXQLQFUHPHQWRVLJQLILFDWLYRGHGRORUHQODVVHPDQDVSUHYLDVDOSDUWRTXHWLHQGH
DPHMRUDUWUDVpOKDVWDORVPHVHVSRVWHULRUHV(VWRGLILHUHGHODPD\RUtDGHDXWRUHVTXH
UHILHUHQXQDXPHQWRSURJUHVLYRGHGRORUGXUDQWHWRGRHOHPEDUD]RDXQTXHFRLQFLGHQHQ
XQDXPHQWRPiVVLJQLILFDWLYRKDFLDHOILQDOGHOPLVPR$Vt+DQDI\REVHUYDXQ
LQFUHPHQWR GH GRORU HQ HO VHJXQGR WULPHVWUH 3RU HO FRQWUDULR /HLWH GHVFULEH XQD
GLVPLQXFLyQ GH GRORU HQ HO WHUFHU WULPHVWUH DVRFLDGD D XQ GHVFHQVR HQ HO Q~PHUR GH
UHODFLRQHV\<LOGL]HQFXHQWUDXQDUHGXFFLyQGHGRORUWUDVHOSDUWRGHVFULELHQGRXQD
FRUUHODFLyQOLQHDOGHVGHODHWDSDSUHJHVWDFLRQDOKDVWDHOSRVWSDUWR
(OGRORUFRQHOFRLWRDOILQDOGHOHPEDUD]RSXHGHH[SOLFDUVHSRUODPDUFDGDFRQJHVWLyQ
YDVFXODUSpOYLFD\JHQLWDOTXHGLILFXOWDODVUHODFLRQHVDVtFRPRDODXPHQWRGHOYROXPHQ
DEGRPLQDORDOPLHGRDGDxDUDOIHWRRDSURYRFDUHOSDUWRXQDYH]TXHpVWHVHSURGXFH
HVWDVPROHVWLDVWLHQGHQDPHMRUDURGHVDSDUHFHU(VWRVFDPELRVVHREVHUYDQHQQXHVWUD
SREODFLyQ IXQGDPHQWDOPHQWH HQ XQ JUXSR GH PXMHUHV TXH UHILHUHQ GRORU GH IRUPD
KDELWXDO FRQ ODV UHODFLRQHV IUHFXHQWHPHQWH R VLHPSUH HQ OD VHPDQD UHVSHFWRDDQWHVGHOHPEDUD]RGLVPLQX\HQGRDORV\PHVHVSRVWSDUWR
DXQTXH HQ JHQHUDO OD VH[XDOLGDG UHVSHFWR DO GRORU HV EXHQD HQ WRGDV ODV HWDSDV
HYDOXDGDVHQQXHVWURHVWXGLR\DTXHODPD\RUtDGHODVSDUWLFLSDQWHVQRSUHVHQWDQGRORU
DQWHVGHODJHVWDFLyQHQHWDSDSUHSDUWR\DORVPHVHVSRVWSDUWR
3DUD&RQQROO\VLQHPEDUJRHO\GHODVPXMHUHVUHILULHURQGLVSDUHXQLDDORV
\PHVHVSRVWSDUWRDXQTXHVyORHOGHPXMHUHVGHVFULELHURQHOGRORUDORVPHVHV
FRPRPD\RURTXHLPSHGtDHOGLVIUXWHGHODVUHODFLRQHVVH[XDOHV
$GLIHUHQFLDGHQXHVWUDLQYHVWLJDFLyQDOJXQRVDXWRUHVUHILHUHQXQDXPHQWRGHGRORUWUDV
HOSDUWRFRPRRFXUUHHQHOWUDEDMRGH%DUUHWWVREUHODIXQFLyQVH[XDOHQHOSRVWSDUWR
HQTXHVHREVHUYyTXHODGLVSDUHXQLDODIDOWDGHOXEULFDFLyQYDJLQDOODGLILFXOWDGSDUD
DOFDQ]DU HO RUJDVPR \ OD SpUGLGD GH GHVHR VH[XDO VH LQFUHPHQWDURQ HQ ORV PHVHV
SRVWSDUWRPHMRUDQGRDOVH[WRPHVSHURVLQDOFDQ]DUORVQLYHOHVDQWHVGHOSDUWR(QHVWH
HVWXGLRFRPSDUDGRFRQORVQLYHOHVSUHJHVWDFLRQDOHVHOUHILULyGLVSDUHXQLDHQHO
DxRSUHYLRDOHPEDUD]RIUHQWHDODORVPHVHVSRVWSDUWR\DODORVPHVHV
'HPRGRTXHHODXWRUFRQFOX\HTXHODVPXMHUHVTXHKDEtDQH[SHULPHQWDGRGLVSDUHXQLD
SUHYLD D OD JHVWDFLyQ WHQtDQ YHFHV PiV SRVLELOLGDGHV GH SDGHFHU GLVSDUHXQLD D ORV 121
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
PHVHVSRVWSDUWR(QQXHVWURFDVRHOKHFKRGHSDUWLUGHXQDEXHQDVH[XDOLGDGSUHYLDDO
HPEDUD]RHQFXDQWRDOGRORUSXHGHVHUXQRGHORVIDFWRUHVTXHD\XGDQD PDQWHQHU XQ
EXHQ QLYHO VH[XDO WDPELpQ GXUDQWH HO HPEDUD]R \ HQ HO SRVWSDUWR FRPR KHPRV
FRPHQWDGRDQWHULRUPHQWH
)$&725(662&,2'(02*5È),&26<2%67e75,&26
(GDGPDWHUQD
'HQWURGHORVIDFWRUHVVRFLRGHPRJUiILFRVTXHSXHGHQLQIOXLUHQODVH[XDOLGDGGXUDQWHOD
JHVWDFLyQ \ HO SRVWSDUWR WLHQH XQ SDSHO LPSRUWDQWH OD HGDG PDWHUQD FRQ P~OWLSOHV
UHIHUHQFLDV HQ OD OLWHUDWXUD DXQTXH FRQ GLIHUHQWHV FRQFOXVLRQHV (Q HVWH WUDEDMR GH
LQYHVWLJDFLyQ ODV JHVWDQWHV TXH SDUWLFLSDURQ WHQtDQ XQD HGDG PHGLD GH DxRV
HQFRQWUiQGRVHHOHQWUH\DxRV(QJHQHUDOODVPXMHUHVPHQRUHVGHDxRV
SUHVHQWDURQPD\RUDFWLYLGDGVH[XDOGXUDQWHODJHVWDFLyQTXHVLQHPEDUJRIXHVLPLODU
SDUDORVGRVJUXSRVHQHOSRVWSDUWR
/D IUHFXHQFLD FRLWDO HV HO DVSHFWR GH OD VH[XDOLGDG HQ HO TXH REVHUYDPRV PD\RUHV
GLIHUHQFLDVHQWUHDPERVJUXSRVHWDULRV\ODHWDSDSUHJHVWDFLRQDOHVHOPRPHQWRHQTXH
HVWDV GLIHUHQFLDV VH PDQWLHQHQ GH IRUPD FRQVWDQWH HQ WRGDV ODV FDUDFWHUtVWLFDV GH
VH[XDOLGDG $Vt HO JUXSR PiV MRYHQ UHILHUH PD\RU IUHFXHQFLD GH UHODFLRQHV DQWHV GHO
HPEDUD]R \ HQ ODV WUHV YLVLWDV GH OD JHVWDFLyQ PD\RU IUHFXHQFLD RUJiVPLFD
SUHJHVWDFLRQDO\HQVHPDQD\PD\RUVDWLVIDFFLyQSUHYLDDODJHVWDFLyQ\HQVHPDQD
VLQ REWHQHU GLIHUHQFLDV HQWUH DPERV JUXSRV GH HGDG SDUD HO GRORU FRLWDO (Q HO
DQiOLVLV PXOWLYDULDQWH OD HGDG PHQRU GH DxRV IXH HO IDFWRU PiV LQIOX\HQWH HQ OD
IUHFXHQFLD FRLWDO \ GH RUJDVPR DXQTXH HQ VHPDQD OD IUHFXHQFLD GH UHODFLRQHV
WDPELpQ VH DVRFLy FRQ ORV HVWXGLRV PDWHUQRV EiVLFRV DMXVWDGR SRU IDFWRUHV FRPR OD
SDULGDGHVWDGRFLYLO\HVWXGLRVSDWHUQRV
(VWDVGLIHUHQFLDVHQWUHDPERVJUXSRVGHHGDGSRGUtDQH[SOLFDUVHHQSDUWHSRUXQDPD\RU
FDUJD GH WUDEDMR GHQWUR \ IXHUD GHO KRJDU HQ PD\RUHV GH DxRV SHRUHV FRQGLFLRQHV
122
',6&86,Ï1
ItVLFDVGHHVWDVJHVWDQWHVDVRFLDGDVDODHGDGPD\RUWLHPSRGHUHODFLyQFRQODSDUHMDR
PHQRU OXEULFDFLyQ YDJLQDO FRPR GHILHQGH )HKQLJHU 6LQ HPEDUJR QR HVWiQ
MXVWLILFDGDVHQQXHVWURHVWXGLRSRUXQPD\RUQ~PHURGHKLMRV\DTXHODHGDGSDUHFHVHU
LQGHSHQGLHQWHGHODSDULGDGQLWDPSRFRSRUODH[LVWHQFLDGHPD\RUSDWRORJtDPDWHUQDR
ODUHDOL]DFLyQGHSUXHEDVLQYDVLYDVDOLQLFLRGHODJHVWDFLyQSXHVWRTXHODVSDUWLFLSDQWHV
HQQXHVWURWUDEDMRIXHURQPXMHUHVVDQDVFRQHPEDUD]RGHEDMRULHVJR
'HPRGRVLPLODUDQXHVWURVUHVXOWDGRVVHKDGHVFULWRTXHHOGHWULPHQWRGHODDFWLYLGDG
VH[XDODIHFWDDODPD\RUSDUWHGHODVHPEDUD]DGDVLQGHSHQGLHQWHPHQWHGHVXHGDGSHUR
REVHUYiQGRVH TXH ODV PXMHUHV PiV MyYHQHV PDQWLHQHQ XQ QLYHO PiV DOWR GH DFWLYLGDG
VH[XDO HQ FRPSDUDFLyQ FRQ HO JUXSR GH PD\RU HGDG DXQTXH RWURV DXWRUHV
QRKDQHQFRQWUDGRHVWDDVRFLDFLyQ$HVWDGLVSDULGDGGHUHVXOWDGRVVHVXPDHO
KHFKR GH TXH FDGD HVWXGLR FRQVLGHUD JUXSRV GH HGDG GLVWLQWRV TXH LPSLGHQ OD
FRPSDUDFLyQ HQWUH ORV GLIHUHQWHV WUDEDMRV 'H PRGR TXH HQ OD LQYHVWLJDFLyQ UHDOL]DGD
SRU )R[ VREUH OD DFWLYLGDG ItVLFD \ VH[XDO GXUDQWH HO HPEDUD]R HQ PXMHUHV VH
REVHUYDTXHODVPHQRUHVGHDxRVPDQWXYLHURQPD\RUIUHFXHQFLDFRLWDO\RUJiVPLFD
IXQGDPHQWDOPHQWHHQORVGRVGtDVSUHYLRVDOSDUWRHQUHODFLyQFRQXQDPD\RUDFWLYLGDG
ItVLFDHQHVWHSHUtRGR/HLWHUHDOL]yXQHVWXGLRSURVSHFWLYRFRQPXMHUHVHQHOTXH
HYDOXy OD IXQFLyQ VH[XDO HQ FDGD WULPHVWUH GH OD JHVWDFLyQ PHGLDQWH HO FXHVWLRQDULR
)HPDOH 6H[XDO )XQFWLRQ ,QGH[ R )6), REVHUYDQGR PHMRU IXQFLyQ VH[XDO HQ HO WHUFHU
WULPHVWUH HQ HO JUXSR PiV MRYHQ PHQRUHV GH DxRV HQ OD PD\RUtD GH GRPLQLRV
HVWXGLDGRV GHVHR H[FLWDFLyQ OXEULFDFLyQ RUJDVPR \ VDWLVIDFFLyQ VDOYR HQ HO GRORU
FRLWDOHQHOTXHQRHQFRQWUyGLIHUHQFLDVFRLQFLGLHQGRFRQQXHVWURVUHVXOWDGRVDSHVDU
GH FRPSDUDU GRV JUXSRV GH HGDG GLVWLQWRV D ORV GHVFULWRV HQ QXHVWUR WUDEDMR (O DXWRU
MXVWLILFDHVWRVUHVXOWDGRVWHQLHQGRHQFXHQWDODVFDUDFWHUtVWLFDVSVLFROyJLFDVGHOJUXSRGH
DGROHVFHQWHVTXHKDQLQLFLDGRVXYLGDVH[XDOUHFLHQWHPHQWH\TXHDIURQWDQHOHPEDUD]R
GHPRGRGLVWLQWRDODVPXMHUHVDGXOWDVTXHSRUORJHQHUDOVXHOHQWHQHUPD\RUFDUJDGH
WUDEDMRFRPRHOFXLGDGRGHORVKLMRV\GHOKRJDURHOWUDEDMRIXHUDGHODFDVD
$VLPLVPRODUHODFLyQGHODHGDGFRQODVDWLVIDFFLyQVH[XDOHQHOHPEDUD]R\SRVWSDUWR
IXHHVWXGLDGDSRUYDQ%UXPPHQVREUHXQDFRKRUWHGHPXMHUHVQXOtSDUDV\FRQFOX\y
TXH QR HVWDU DFWLYR VH[XDOPHQWH DO LQLFLR GH OD JHVWDFLyQ VHPDQDV \ WHQHU XQD
123
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
PD\RUHGDGPDWHUQDHQHOSDUWRDSDUWLUGHORVDxRVIXHURQORVIDFWRUHVSUHGLFWRUHV
PiV LPSRUWDQWHV GH LQVDWLVIDFFLyQ FRQ ODV UHODFLRQHV D ORV PHVHV SRVWSDUWR /D
VDWLVIDFFLyQ HQ HO SRVWSDUWR SDUD HVWH DXWRU QR HVWXYR UHODFLRQDGD FRQ IDFWRUHV GHO
HPEDUD]R\HOSDUWRVLQRTXL]iFRQHOGLIHUHQWHHVWLORGHYLGD\WUDEDMRGHODVPXMHUHV
FRQ GLVWLQWD HGDG 6LQ HPEDUJR HQ XQ PHWDDQiOLVLV UHDOL]DGR SRU YRQ 6\GRZ VH
FRQFOX\H TXH OD HGDG QR HVWi UHODFLRQDGD FRQ HO LQWHUpV VH[XDO VH UHODFLRQD
QHJDWLYDPHQWHFRQODWHUQXUD\SRVLWLYDPHQWHFRQODPDVWXUEDFLyQ\ODGLVSDUHXQLDOR
TXHQRFRLQFLGHFRQQXHVWURVUHVXOWDGRVHQORVTXHODHGDGQRVHDVRFLDDOGRORU
3DULGDG
(Q FXDQWR D OD LQIOXHQFLD GH OD SDULGDG HQ OD VH[XDOLGDG OD UHYLVLyQ GH OD OLWHUDWXUD
PXHVWUD UHVXOWDGRV FRQWURYHUWLGRV (Q QXHVWUR HVWXGLR ODV PXMHUHV TXH KDEtDQ WHQLGR
DOJ~Q KLMR SUHYLDPHQWH PXHVWUDQ PHQRU IUHFXHQFLD FRLWDO DQWHV \ DO SULQFLSLR GHO
HPEDUD]R DVt FRPR PHQRU VDWLVIDFFLyQ FRQ ODV UHODFLRQHV HQ ODV VHPDQDV FHUFDQDV DO
SDUWRTXHUHVXOWyVHULQGHSHQGLHQWHGHRWURVIDFWRUHVFRPRODHGDGPDWHUQDHOHVWDGR
FLYLO\HOQLYHOHGXFDWLYRGHODPXMHU\VXSDUHMD3RUWDQWRHVWHHPSHRUDPLHQWRGHOD
IXQFLyQVH[XDOHQPXMHUHVFRQKLMRVSRGUtDH[SOLFDUVHSRUHOHVWUpVDQWHHOFXLGDGRGH
ORV PLVPRV PD\RU WLHPSR GH UHODFLyQ FRQ OD SDUHMD LQFOXVR SRU OD SUHVHQFLD GH
PRGLILFDFLRQHV SHULQHDOHV OD[LWXG GH WHMLGRV HSLVLRWRPtDV DQWHULRUHV SHUR QR HVWi
MXVWLILFDGRHQQXHVWUDSREODFLyQSRUHODXPHQWRGHHGDGPDWHUQDTXHVXHOHDVRFLDUVHD
OD PXOWLSDULGDG $GHPiV ODV SDUHMDV TXH HVSHUDQ VX SULPHU KLMR SXHGHQ H[SHULPHQWDU
XQD HVSHFLH GH OXQD GH PLHO GXUDQWH HO HPEDUD]R \ SHULRGR SRVWSDUWR HQ HO TXH VX
VDWLVIDFFLyQSXHGHOOHJDUDVHUPD\RUTXHHQHWDSDVSUHJHVWDFLRQDOHV
$Vt QXHVWURV UHVXOWDGRV FRQFXHUGDQ FRQ ORV GH DOJXQRV DXWRUHV (U\LOPD]
UHDOL]y XQ HVWXGLR WUDQVYHUVDO VREUH ORV IDFWRUHV TXH DIHFWDEDQ OD YLGD VH[XDO GH PXMHUHV WXUFDV REVHUYDQGR TXH XQ DXPHQWR HQ HO Q~PHUR GH HPEDUD]RV \ GH SDUWRV
GLVPLQXtD VLJQLILFDWLYDPHQWH OD IUHFXHQFLD FRLWDO PiV D~Q HQ PXMHUHV FRQ GRV R PiV
HPEDUD]RV\SDUWRV(QHOPLVPRVHQWLGR3HSHREVHUYyTXHHOGHVHR\ODVDWLVIDFFLyQ
VH[XDO IXHURQ VLPLODUHV HQ ORV GLVWLQWRV JUXSRV GH HGDG SHUR OD IUHFXHQFLD FRLWDO
GLVPLQX\y HQ HO HPEDUD]R GH IRUPD HYLGHQWH HQ PXOWtSDUDV IXQGDPHQWDOPHQWH HQ ODV
124
',6&86,Ï1
PXMHUHVFRQRPiVKLMRVDOLJXDOTXH.DGULHQFX\RHVWXGLRODVPXMHUHVFRQFXDWUR
R PiV KLMRV UHIHUtDQ QLYHOHV GH GHVHR PiV EDMRV TXH ODV PXMHUHV FRQ GRV KLMRV (VWRV
UHVXOWDGRV VRQ FRQFRUGDQWHV FRQ ORV GH %RWURV TXH HQ VX LQYHVWLJDFLyQ VREUH OD
IXQFLyQVH[XDOHQKHUPDQDVJHPHODVLGpQWLFDVFRQGLVFRUGDQFLDHQHOQ~PHURGHKLMRV
HQFXHQWUDTXHHOLQFUHPHQWRHQODSDULGDGHVXQIDFWRUSUHGLFWRUGHOGHVFHQVRGHGHVHR\
H[FLWDFLyQ VH[XDO REWHQLHQGR XQD PHMRU SXQWXDFLyQ GH OD IXQFLyQ VH[XDO JOREDO HQ
QXOtSDUDV LQGHSHQGLHQWHPHQWH GH OD HGDG \ GHO WLSR GH SDUWR DO LJXDO TXH HQ QXHVWUR
HVWXGLRHQTXHODLQIOXHQFLDGHODSDULGDGHQODVH[XDOLGDGWDPSRFRVHYLRDIHFWDGDSRU
ODHGDGPDWHUQDQLHOQLYHOHGXFDWLYR/DDXWRUDFRQFOX\HTXHHOSDUWRWLHQHXQLPSDFWR
GXUDGHURHQODIXQFLyQVH[XDOGHELGRDIDFWRUHVSVLFROyJLFRV\HPRFLRQDOHVPiVTXHD
ItVLFRV
3RU HO FRQWUDULR DOJXQRV DXWRUHV QR KDQ HQFRQWUDGR UHODFLyQ FRQ OD
SDULGDG R KDQ GHVFULWR PHMRU IXQFLyQ VH[XDO HQ PXMHUHV FRQ
KLMRV(QHOHVWXGLRGH:LWWLQJODVPXMHUHVPXOWtSDUDVLQGHSHQGLHQWHPHQWHGHO
Q~PHUR GH KLMRV WXYLHURQ PHQRV SUREOHPDV GH RUJDVPR \ GRORU \ PD\RU VDWLVIDFFLyQ
VH[XDO PLHQWUDV TXH ODV QXOtSDUDVSUHVHQWDURQPiV GRORU \ PHQRV VDWLVIDFFLyQ VH[XDO
/D DXWRUD VXJLHUH TXH HO QLYHO GH VDWLVIDFFLyQ HQ OD UHODFLyQ GH SDUHMD SDUHFH HVWDU
PRGHUDGRSRUODSDULGDGGHPDQHUDTXHODVHPEDUD]DGDVVHHQFXHQWUDQPiVVDWLVIHFKDV
FRQ VX UHODFLyQ GH SDUHMD OR TXH VH DVRFLD FRQ PD\RU VDWLVIDFFLyQ VH[XDO \ PHQRV
SUREOHPDV GH GRORU $GHPiV HQ ODV JHVWDQWHV OD VDWLVIDFFLyQ GH SDUHMD SXHGH HVWDU
DXPHQWDGDFXDQGRHOHPEDUD]RHVGHVHDGR\SUHYLDPHQWHSODQHDGR
1LYHOHGXFDWLYR
6LDQDOL]DPRVORVHVWXGLRVPDWHUQRVREVHUYDPRVXQHPSHRUDPLHQWRGHODVH[XDOLGDGHQ
ODVPXMHUHVFRQHVWXGLRVPHGLRVVXSHULRUHVDOILQDOGHOHPEDUD]RIXQGDPHQWDOPHQWHHQ
ODIUHFXHQFLDFRLWDO\GHRUJDVPRDOLJXDOTXHORREVHUYDGRSRU(U\LOPD]&KDQJR
%RJUHQ(QFRQFUHWR%RJUHQGHVFULEHXQDGLVPLQXFLyQGHODIUHFXHQFLDVH[XDOHQHO
SULPHU\HOWHUFHUWULPHVWUHGHJHVWDFLyQHQPXMHUHVFRQDOWRQLYHOHGXFDWLYR(VWRSXHGH
VHUDWULEXLGRDXQDPD\RUDQVLHGDGDQWLFLSDWRULDUHVSHFWRDOSDUWR\DTXHHVWDVPXMHUHV
VXHOHQ HVWDU PiV LQIRUPDGDV DFHUFD GH ORV ULHVJRV \ FRPSOLFDFLRQHV SRVLEOHV D XQ
125
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
PD\RU QLYHO GH H[LJHQFLD HQ OD UHODFLyQ GH SDUHMD R D OD LQWHUIHUHQFLD GHO KLMR HQ OD
DFWLYLGDGODERUDOWUDVHOSDUWRHQWHQGLHQGRHVWRGHPRGRELGLUHFFLRQDO\DTXHSRUXQD
SDUWHHOWUDEDMRVXSRQHPHQRUWLHPSRGHDWHQFLyQDOUHFLpQQDFLGR\SRURWUDHOFXLGDGR
GHO KLMR SXHGH LPSOLFDU PHQRU GHGLFDFLyQ D OD DFWLYLGDG ODERUDO PDWHUQD JHQHUDQGR
HVWUpVHQODSDUHMD6LQHPEDUJRRWURVDXWRUHVQRHQFRQWUDURQUHODFLyQFRQHOQLYHOGH
HVWXGLRVPDWHUQR
$GLIHUHQFLDGHORTXHRFXUUHHQODVPDGUHVHQQXHVWURHVWXGLRORVHVWXGLRVSDWHUQRVQR
SDUHFHQLQIOXLUHQHOFRPSRUWDPLHQWRVH[XDOVDOYRHQHOFDVRGHODVDWLVIDFFLyQVH[XDOD
ORV PHVHV SRVWSDUWR TXH UHVXOWD VHU PD\RU HQ ODV PXMHUHV FX\DV SDUHMDV WHQtDQ
HVWXGLRV EiVLFRV (Q OD OLWHUDWXUD DSHQDV HQFRQWUDPRV LQIRUPDFLyQ VREUH OD LQIOXHQFLD
GHOQLYHOHGXFDFLRQDOSDWHUQRHQODIXQFLyQVH[XDOGHODJHVWDQWH$Vt2UXFDQDOL]yHO
FRPSRUWDPLHQWRVH[XDOGXUDQWHHOHPEDUD]RHQPXMHUHVPXVXOPDQDVGHVFULELHQGR
XQD GLVPLQXFLyQ GH OD IUHFXHQFLD FRLWDO TXH QR HVWXYR DVRFLDGD D IDFWRUHV
VRFLRGHPRJUiILFRVFRPRODHGDGODSDULGDG\HOQLYHOFXOWXUDOPDWHUQRQLSDWHUQR6LQ
HPEDUJRHOQLYHOHGXFDWLYRHVWXYRUHODFLRQDGRFRQODLQIRUPDFLyQTXHODJHVWDQWH\VX
SDUHMD WHQtDQ GH OD VH[XDOLGDG GXUDQWH HVWH SHUtRGR OR TXH SXGR DIHFWDU GH IRUPD
LQGLUHFWDDODIXQFLyQVH[XDO
(VWDGRFLYLO
2WURIDFWRUUHODFLRQDGRFRQODDFWLYLGDGVH[XDOHQHOJUXSRGHJHVWDQWHVHQWUHYLVWDGDVHQ
QXHVWUR HVWXGLR IXH HO HVWDGR FLYLO $ SHVDU GHO EDMR Q~PHUR GH PXMHUHV VROWHUDV
SDUWLFLSDQWHVREVHUYDPRVTXHHQJHQHUDOPRVWUDURQXQDEXHQDVH[XDOLGDG'HPDQHUD
TXH HVWH JUXSR SUHVHQWy PD\RU IUHFXHQFLD GH FRLWRV D GLDULR GHVGH OD HWDSD
SUHJHVWDFLRQDOKDVWDODSUHYLDDOSDUWRPD\RUIUHFXHQFLDGHRUJDVPRVLHPSUHFRQWRGDV
ODVUHODFLRQHVDQWHVGHOHPEDUD]R\HQVHPDQD\PD\RUVDWLVIDFFLyQVH[XDO\PHQRV
GRORU FRQ ODV UHODFLRQHV HQ ODV VHPDQDV FHUFDQDV DO SDUWR (Q HVWH VHQWLGR .DGUL
GHVFULELyPHQRUHVQLYHOHVGHGHVHRHQPXMHUHVFDVDGDVTXHHQVROWHUDVRHQPXMHUHVTXH
YLYtDQVRODVLQIOX\HQGRHVWRHQODDSDULFLyQGHGLVIXQFLyQVH[XDO$VtHOGHODV
PXMHUHV FRQ HVWD GLVIXQFLyQ OR DWULEX\HURQ D SUREOHPDV HQ VX UHODFLyQ GH SDUHMD 6LQ
HPEDUJR3DXOVQRREVHUYyUHODFLyQHQWUHODIXQFLyQVH[XDO\HOHVWDGRFLYLO\VHJ~Q
126
',6&86,Ï1
6WHHJHIXHODSUHVHQFLDGHGLVSDUHXQLDODTXHVHUHODFLRQyFRQXQDGLVPLQXFLyQHQOD
IUHFXHQFLDHQVROWHUDV3RUHOFRQWUDULRSDUD%HOORHOHVWDUFDVDGD\FRKDELWDUFRQOD
SDUHMDIXHXQSUHGLFWRUSRVLWLYRGHODVUHODFLRQHVVH[XDOHVGXUDQWHHOHPEDUD]R
2WURIDFWRUDFRQVLGHUDUHQUHODFLyQDOHVWDGRFLYLOHVODGXUDFLyQGHODUHODFLyQ\DTXH
XQD FRUWD GXUDFLyQ GHO PDWULPRQLR SDUHFH WHQHU XQ HIHFWR SRVLWLYR VREUH OD DFWLYLGDG
VH[XDO
6(;8$/,'$'(1(/32673$572
(OUHLQLFLRGHODVUHODFLRQHVVH[XDOHVWUDVHOSDUWRVHHVWDEOHFHHQQXHVWURHVWXGLRHQHO
GHODVPXMHUHVDQWHVGHODVVHPDQDVSRVWSDUWR\HQHODQWHVGHORVPHVHV
GH IRUPDVHPHMDQWHDRWURVWUDEDMRV$VtHQHOHVWXGLRUHDOL]DGRSRU
%DUUHWW\&RQQROO\HO\GHODVPXMHUHVUHFXSHUDURQODDFWLYLGDGD
ORV\PHVHVSRVWSDUWRUHVSHFWLYDPHQWH\SDUD6HUDWLHO\UHDQXGyOD
DFWLYLGDG VH[XDO WUDV \ PHVHV UHVSHFWLYDPHQWH 6LQ HPEDUJR SDUD 3DXOV
~QLFDPHQWH XQ GH PXMHUHV UHDQXGDURQ ODV UHODFLRQHV VH[XDOHV DQWHV GH ODV VHPDQDV SRVWSDUWR \ XQ DQWHV GH ORV PHVHV SRVWSDUWR (Q FDPELR %HOOR
HVWDEOHFHODPHGLDGHUHFXSHUDFLyQGHODDFWLYLGDGVH[XDOHQVHPDQDVWUDVHOSDUWR
(QODUHFXSHUDFLyQGHODDFWLYLGDGVH[XDOWUDVHOSDUWRLQIOX\HQP~OWLSOHVIDFWRUHVFRPR
ODIDWLJDODGHSUHVLyQHOGHWHULRURGHODLPDJHQFRUSRUDORGHODUHODFLyQGHSDUHMDTXH
KDFHQ TXH HVWD UHFXSHUDFLyQ VHD PiV WDUGtD \ TXH HQ DOJXQRV FDVRV VH UHDQXGHQ GH
IRUPDPiVWHPSUDQDRWUDVDFWLYLGDGHVDOWHUQDWLYDVDOFRLWRFRPRODPDVWXUEDFLyQRHO
VH[RRUDO
6HPDQDJHVWDFLRQDOGHOSDUWR
6L DQDOL]DPRV OD PRGLILFDFLyQ GH OD VH[XDOLGDG HQ HO PRPHQWR GHO SDUWR \ HQ HO
SRVWSDUWRHQFXDQWRDODVHPDQDJHVWDFLRQDOGHOPLVPR REVHUYDPRVTXHH[LVWHPD\RU
GRORU FRLWDO HQ OD VHPDQD SUHYLD DO SDUWR \ D ORV PHVHV HQ DTXHOODV PXMHUHV TXH
WXYLHURQ XQ SDUWR SUHWpUPLQR TXL]i UHODFLRQDGR FRQ OD DSDULFLyQ GH FRQWUDFFLRQHV
127
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
XWHULQDVHQODVVHPDQDVDQWHULRUHVFRQODSUHRFXSDFLyQDXQDGHODQWRGHOPLVPRRFRQ
OD DQVLHGDG \ IDWLJD TXH VXSRQHQ ORV FXLGDGRV GH XQ UHFLpQ QDFLGR SUHWpUPLQR (Q OD
OLWHUDWXUDQRKD\XQDHYLGHQFLDFODUDGHTXHODDFWLYLGDGVH[XDOLQFUHPHQWHHOULHVJRGH
SDUWRSUHWpUPLQRHQSDUWHSRUODGLYHUVLGDGHQHOGLVHxRGHORVHVWXGLRVTXHORVKDFHQ
SRFR FRPSDUDEOHV (Q UHODFLyQ DO HVWXGLR GH HVWD SRVLEOH DVRFLDFLyQ )R[ HQFRQWUy
TXH HO LQFUHPHQWR HQ OD IUHFXHQFLD GH FRQWUDFFLRQHV XWHULQDV DO ILQDO GH OD JHVWDFLyQ
HVWXYR DVRFLDGR FRQ XQD PHQRU DFWLYLGDG VH[XDO HQ HVWD HWDSD (URO HQ XQ HVWXGLR
WUDQVYHUVDO VREUH PXMHUHV PRVWUy TXH HO GH JHVWDQWHV VH DEVWXYLHURQ GH
PDQWHQHU UHODFLRQHV HQ HO WHUFHU WULPHVWUH GHELGR DO PLHGR D XQ SDUWR SUHWpUPLQR \ D
FDXVDUGDxRDOIHWRPLHQWUDVTXHODDEVWLQHQFLDHQHOSULPHU\VHJXQGRWULPHVWUHIXHGHO
\UHVSHFWLYDPHQWH
6LQHPEDUJRODDFWLYLGDGFRLWDOFRQWLQXDGDGXUDQWHHOHPEDUD]RVHKDDVRFLDGRFRQXQD
PD\RU SURSRUFLyQ GH SDUWRV D WpUPLQR DFWXDQGR FRPR IDFWRU SURWHFWRU VREUH HO SDUWR
SUHWpUPLQRLQFOXVRHQPXMHUHVFRQULHVJRHOHYDGRGHSUHPDWXULGDGFRPRHV
HOFDVRGHODJHVWDFLyQJHPHODU$OLJXDOTXHORVUHVXOWDGRVREWHQLGRVHQHVWHWUDEDMR
GH 7HVLV 'RFWRUDO DOJXQRV DXWRUHV QR KDQ HQFRQWUDGR DVRFLDFLyQ FRQ OD DFWLYLGDG
VH[XDOVLQHPEDUJRHQRWURVFDVRVVHKDGHVFULWRXQLQFUHPHQWRGHULHVJR
GH SDUWR SUHWpUPLQR FRPR HQ HO FDVR GH 5HDG \ .OHEDQRII TXH UHILHUHQ XQ
DXPHQWR GH ULHVJR GH SDUWR SUHPDWXUR HQ XQ JUXSR GH PXMHUHV FRQUHODFLRQHV FRLWDOHV
IUHFXHQWHVPiVGHXQFRLWRVHPDQDOHQUHODFLyQFRQODFRORQL]DFLyQSRU7ULFKRPRQD
YDJLQDOLV\0\FRSODVPDKRPLQLV'HODPLVPDIRUPDHORUJDVPRWDPELpQSDUHFHWHQHU
XQSDSHOSRWHQFLDOPHQWHSURWHFWRUGHSDUWRSUHWpUPLQRDXQTXHVHKDGHVFULWRTXHHO
RUJDVPR IUHFXHQWH H LQWHQVR SRGUtD LQFUHPHQWDU HO ULHVJR HQ XQ UHGXFLGR JUXSR GH
PXMHUHVPLHQWUDVTXHRWURVQRHQFXHQWUDQUHODFLyQFRPRHVQXHVWURFDVR
0RGRGHLQLFLRGHOSDUWR\DQDOJHVLDLQWUDSDUWR
/DUHODFLyQHQWUHHOPRGRGHLQLFLRGHOSDUWR\ODVH[XDOLGDGSRVWHULRUWDPELpQKDVLGR
HVWXGLDGDHQHVWHWUDEDMR'HIRUPDTXHDTXHOODVJHVWDQWHVDODVTXHVHOHVUHDOL]yXQD
FHViUHDHOHFWLYD\QROOHJDURQDLQLFLDUHOWUDEDMRGHSDUWRPDQLIHVWDURQXQDWHQGHQFLDD
SHRUVDWLVIDFFLyQVH[XDO\PD\RUGRORUDORV\PHVHVSRVWSDUWRIUHQWHDDTXHOODVFRQ
128
',6&86,Ï1
LQLFLRGHSDUWRHVSRQWiQHRRLQGXFLGRORTXHSRQHGHPDQLILHVWRTXHODUHDOL]DFLyQGH
XQD FLUXJtD PD\RU FRPR HV OD FHViUHD SXHGH DIHFWDU D OD VH[XDOLGDG SRVWSDUWR
IXQGDPHQWDOPHQWHHOGRORUFRLWDO
$VLPLVPR ODV PXMHUHV TXH QR UHTXLULHURQ DQDOJHVLD R TXH SUHFLVDURQ ~QLFDPHQWH GH
DQDOJHVLD ORFDO HQ HO SDUWR SUHVHQWDURQ PD\RU IUHFXHQFLD FRLWDO D ORV \ PHVHV
SRVWSDUWR HQ FRPSDUDFLyQ FRQ HO XVR GH DQHVWHVLD JHQHUDO R ORFRUHJLRQDO
IXQGDPHQWDOPHQWHDGLIHUHQFLDGH)HKQLJHU\6HUDWLSDUDORVTXHHOXVRGHDQDOJHVLD
HVSLQDOQRHVWXYRUHODFLRQDGDFRQODVH[XDOLGDG([LVWHHVFDVDLQIRUPDFLyQDFHUFDGHOD
LQIOXHQFLD GH HVWD YDULDEOH VREUH HO FRPSRUWDPLHQWR VH[XDO HQ HO SRVWSDUWR DXQTXH HO
XVR GH DQDOJHVLD ORFRUHJLRQDO R JHQHUDO LQWUDSDUWR R OD UHDOL]DFLyQ GH XQD FHViUHD
HOHFWLYDSXHGHQFRQVLGHUDUVHIDFWRUHVHVWUHVDQWHVSDUDODPDGUHHQHOSDUWR\HOSRVWSDUWR
LQPHGLDWRTXHSRGUtDVHQWLUVH³PHQRVPDGUH´SRUHOKHFKRGHQRKDEHUOOHJDGRDLQLFLDU
HOWUDEDMRGHSDUWRRGHXWLOL]DUDOJXQDWpFQLFDDQDOJpVLFDGXUDQWHHOPLVPRLQIOX\HQGR
HQVXVH[XDOLGDGIXWXUDFRPRYHPRVHQQXHVWURVUHVXOWDGRV
7HUPLQDFLyQGHOSDUWR\OHVLRQHVSHULQHDOHV
6LWHQHPRVHQFXHQWDHOPRGRGHWHUPLQDFLyQGHOHPEDUD]RHQQXHVWURJUXSRGHHVWXGLR
DTXHOORV FDVRV TXH WXYLHURQ XQ SDUWR YDJLQDO HXWyFLFR HVWXYLHURQ DVRFLDGRV D PD\RU
IUHFXHQFLDFRLWDO\PHQRVGRORUFRQODVUHODFLRQHVDORVPHVHVSRVWSDUWRUHVSHFWRDOD
ILQDOL]DFLyQ PHGLDQWH FHViUHD R SDUWR LQVWUXPHQWDO IXQGDPHQWDOPHQWH IyUFHSV VLQ
HPEDUJRHVWDDVRFLDFLyQQRVHGHPRVWUyDORVPHVHVSRVWSDUWR
/D UHODFLyQ GHO PRGR GH WHUPLQDFLyQ GHO SDUWR FRQ OD IXQFLyQ VH[XDO SRVWSDUWR HV
FRQWURYHUWLGD$GLIHUHQFLDGHQXHVWURVUHVXOWDGRVVHKDVXJHULGRTXHHOSDUWRPHGLDQWH
FHViUHD SXHGH WHQHU XQ HIHFWR SURWHFWRU VREUH HO VXHOR SpOYLFR FRQWULEX\HQGR D XQD
UHFXSHUDFLyQGHODDFWLYLGDGVH[XDOHQHOSRVWSDUWR(OLPSDFWRVREUHODDFWLYLGDGVH[XDO
HQHOFDVRGHFHViUHDHVWDUtDUHGXFLGRGHELGRDXQPHQRUWUDXPDVREUHHOVXHORSpOYLFR
GXUDQWHHOWUDEDMRGHSDUWRHYLWDQGRDVtODVOHVLRQHVGHOQHUYLRSXGHQGRSURGXFLGDVSRU
ODFRPSUHVLyQGHODFDEH]DIHWDOODQHFHVLGDGGHSDUWRLQVWUXPHQWDORGHHSLVLRWRPtD\
OD DSDULFLyQ GH GHVJDUURV SHULQHDOHV \ FRPR FRQVHFXHQFLD VH REWHQGUtD XQD
129
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
GLVPLQXFLyQ GHO GRORU HQ HO SRVWSDUWR eVWD HV XQD UD]yQ SRU OD TXH PXFKDV
PXMHUHV HOLJHQ XQ SDUWR PHGLDQWH FHViUHD HOHFWLYD HQ DOJXQRV SDtVHV FRPR PRGR GH
SUHYHQFLyQGHOGDxRSHULQHDO
6LQ HPEDUJR ORV UHVXOWDGRV REWHQLGRV HQ QXHVWUR HVWXGLR VRQ FRQWUDULRV DO
SODQWHDPLHQWR DQWHULRU \D TXH ODV PXMHUHV D ODV TXH VH UHDOL]y XQD FHViUHD PRVWUDURQ
PHQRU IUHFXHQFLD GH UHODFLRQHV D ORV PHVHV SRVWSDUWR TXH HQ FDVR GH SDUWR YDJLQDO
SRVLEOHPHQWHUHODFLRQDGRFRQODFHUFDQtDDODLQWHUYHQFLyQTXLU~UJLFD\FRQHOPLHGRGH
ODPXMHUDTXHODKHULGDTXLU~UJLFDQRHVWpFLFDWUL]DGDSXHVWRTXHDORVPHVHVQRVH
HVWDEOHFLyHVWDGLIHUHQFLD
$VtDGLIHUHQFLDGHQXHVWURVUHVXOWDGRVVHKDGHVFULWRTXHODVPXMHUHVFRQSDUWRYDJLQDO
VXHOHQUHIHULUPiVGLVSDUHXQLDHQORVPHVHVSRVWHULRUHVDOSDUWRVLODVFRPSDUDPRVFRQ
ODVTXHWXYLHURQXQDFHViUHDHOHFWLYD6DIDULQHMDGHYDOXyHOHIHFWRGHOWLSRGH
SDUWR HQ OD FDOLGDG GH YLGD OD IXQFLyQ VH[XDO \ OD VDWLVIDFFLyQ VH[XDO HQ XQD FRKRUWH
SURVSHFWLYD GH PXMHUHV SULPtSDUDV \ VXV PDULGRV PHGLDQWH HO FXHVWLRQDULR )6),
FRQFOX\HQGR TXH ODV PXMHUHV FRQ SDUWRV YDJLQDOHV \ FHViUHDV XUJHQWHV \ SRU WDQWR
VRPHWLGDV D WUDEDMR GH SDUWR WXYLHURQ SHRUHV SXQWXDFLRQHV HQ ORV FXHVWLRQDULRV GH
VH[XDOLGDG HQ FRPSDUDFLyQ FRQ DTXHOODV FRQ FHViUHDV SURJUDPDGDV D VX YH] ODV
PXMHUHV FRQ SDUWR LQVWUXPHQWDO PDQLIHVWDURQ PD\RU GLVSDUHXQLD TXH HQ ORV FDVRV FRQ
FHViUHD HOHFWLYD (Q HVWH FDVR HO DXWRU GLIHUHQFLD HQWUH FHViUHDV HOHFWLYDV \ XUJHQWHV
LQFLGLHQGRHQODGLVSDUHXQLDDVRFLDGDDOSDUWRYDJLQDO
'HO PLVPR PRGR %DUUHWW PRVWUy TXH HO HIHFWR SURWHFWRU GH OD FHViUHD VREUH OD
IXQFLyQVH[XDO\ODGLVSDUHXQLDHVWDEDOLPLWDGDDORVPHVHVSRVWSDUWRHQUHODFLyQFRQ
ODDXVHQFLDGHOGDxRSHULQHDOSHURSRVWHULRUPHQWHHVWDVGLIHUHQFLDVSDUHFtDQUHGXFLUVHD
SDUWLUGHORVPHVHVUHVXOWDGRVVLPLODUHVDORVTXHREWXYR'H6RX]D(QHVWHVHQWLGR
OD IXQFLyQ VH[XDO GH QXHVWUD SREODFLyQ WDPELpQ VH LJXDOy D ORV PHVHV SRVWSDUWR VL
HYDOXDPRVHOPRGRGHWHUPLQDFLyQGHOSDUWR
&RPR VH KD FRPHQWDGR SUHYLDPHQWH H[LVWH FRQWURYHUVLD HQ OD UHODFLyQ HQWUH OD
VH[XDOLGDG \ HO WLSR GH SDUWR GH PRGR TXH WDPELpQ VH KD GHVFULWR XQD DXVHQFLD GH
130
',6&86,Ï1
DVRFLDFLyQHQWUHDPEDV YDULDEOHVDORV\ PHVHV LQFOXVR D SDUWLU
GHOSULPHUDxRWUDVHOSDUWR$Vt/XULHUHDOL]yXQHVWXGLR
SURVSHFWLYRVREUHJUXSRVGHPXMHUHVHQIXQFLyQGHOWLSRGHSDUWRYDJLQDOVLQ\FRQ
HSLVLRWRPtD YDJLQDO LQVWUXPHQWDO FHViUHD XUJHQWH \ HOHFWLYD SDUD HYDOXDU OD IXQFLyQ
VH[XDODODV\VHPDQDVSRVWSDUWRHQFRQWUDQGRGLIHUHQFLDVVLJQLILFDWLYDVHQWUH
HOORVHQFXDQWRDOWLHPSRGHUHLQLFLRGHODVUHODFLRQHVWUDVHO SDUWR TXH IXH PHQRU HQ
FDVRGHSDUWRVLQHSLVLRWRPtD“VHPDQDVVHJXLGRGHFHViUHDHOHFWLYD“
VHPDQDV FHViUHD XUJHQWH “ VHPDQDV SDUWR WRF~UJLFR “ VHPDQDV \
ILQDOPHQWHSDUWRYDJLQDOFRQHSLVLRWRPtD“VHPDQDVSHURQRKDOOyUHODFLyQFRQ
ODIXQFLyQVH[XDO'HPRGRVLPLODU+RVVHLQLFRPSDUyODIXQFLyQVH[XDOGHGRVJUXSRV
GHPXMHUHVVDQDVTXHWXYLHURQXQSDUWRYDJLQDOHXWyFLFRRXQDFHViUHDSURJUDPDGDD
ODV TXH DGPLQLVWUy HO FXHVWLRQDULR )6), D ORV \ PHVHV SRVWSDUWR VLQ HQFRQWUDU
GLIHUHQFLDV VLJQLILFDWLYDV HQWUH DPERV JUXSRV HQ QLQJXQR GH ORV GRPLQLRV HVWXGLDGRV
DXQTXHHOGHPXMHUHVFRQSDUWRYDJLQDOPDQLIHVWDURQQRHVWDUVDWLVIHFKDVFRQHO
WRQRGHODPXVFXODWXUDYDJLQDOSRVWSDUWR
(QHVWHWUDEDMRGH7HVLV'RFWRUDOWDPELpQVHKDDQDOL]DGRODDVRFLDFLyQGHODVOHVLRQHV
SHULQHDOHV FRQ OD VH[XDOLGDG SRVWSDUWR \ VH KD SRGLGR REVHUYDU TXH OD UHDOL]DFLyQ GH
HSLVLRWRPtD\RODSUHVHQFLDGHGHVJDUURSHULQHDOQRSDUHFHQHVWDUUHODFLRQDGRVFRQXQD
PRGLILFDFLyQ HQ OD VH[XDOLGDG SRVWSDUWR 'H PDQHUD TXH OD PD\RUtD GH PXMHUHV
UHILULHURQ XQD EXHQD VH[XDOLGDG UHVSHFWR D OD IUHFXHQFLD FRLWDO \ RUJiVPLFD D OD
VDWLVIDFFLyQ\DOGRORUDORV\DORVPHVHV
6LQHPEDUJRDOJXQRVHVWXGLRVPXHVWUDQUHVXOWDGRVFRQWUDULRVUHODFLRQDQGRODVOHVLRQHV
SHULQHDOHV FRQ OD GLVSDUHXQLD OD GLVIXQFLyQ VH[XDO \ HO UHWUDVR HQ HO UHLQLFLR GH ODV
UHODFLRQHVHQHOSRVWSDUWR$Vt.OHLQGHVFULELyTXHODVPXMHUHV
DODVTXHVHUHDOL]yHSLVLRWRPtDPRVWUDURQPD\RUHVQLYHOHVGHGLVSDUHXQLD\PHQRUWRQR
GH OD PXVFXODWXUD GHO VXHOR SpOYLFR D ORV PHVHV GHO SDUWR TXH DTXHOODV FRQ SHULQp
LQWDFWR R FRQ OHVLRQHV SHULQHDOHV HVSRQWiQHDV DGHPiV UHODFLRQy OD UHDOL]DFLyQ GH
HSLVLRWRPtD FRQ OD DSDULFLyQ GH GHVJDUURV GH ,,, \ ,9 JUDGR GHVSXpV GH FRQWURODU
P~OWLSOHV YDULDEOHV 'HO PLVPR PRGR 5DGHVWDG REVHUYy TXH OD SUHVHQFLD GH
ODFHUDFLRQHVYDJLQDOHVSHULQHDOHVGHOHVItQWHUDQDO\GHOUHFWRHVWDEDQDVRFLDGDVFRQXQ
131
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
UHWUDVRHQHOUHLQLFLRGHODVUHODFLRQHVVH[XDOHVDORVPHVHV WUDV HO SDUWR FRPSDUDGR
FRQPXMHUHVFRQSHULQptQWHJURDOLJXDOTXH(MHJDUGTXHDOLQYHVWLJDUODFDOLGDGGHOD
YLGDVH[XDODORVPHVHVSRVWSDUWRHQGRVJUXSRVGHPXMHUHVGHSHQGLHQGRGHVLVH
OHV KDEtD UHDOL]DGR HSLVLRWRPtD R QR HQFRQWUyTXH ODV SULPHUDV UHIHUtDQ GLVSDUHXQLD \
HVFDVDOXEULFDFLyQYDJLQDOFRQPD\RUIUHFXHQFLDTXHDTXHOODVVLQHSLVLRWRPtD
$ SHVDU GH TXH VH KD GHVFULWR TXH HO SDUWR YDJLQDO LQVWUXPHQWDO HVWi DVRFLDGR FRQ
GLVSDUHXQLD \ GLVIXQFLyQ VH[XDO QR TXHGD FODUR VL HVWD UHODFLyQ VH SURGXFH SRU HO
DXPHQWRGHGHVJDUURVHSLVLRWRPtDV\ODFHUDFLRQHVRSRUHOSDUWRLQVWUXPHQWDOHQVtHQ
DXVHQFLDGHWUDXPDWLVPRSHULQHDO\DTXHHVGLItFLOVHSDUDUODLQIOXHQFLDGHFDGDXQRGH
HVWRVIDFWRUHVVREUHHOUHVWR&RQHOREMHWRGHHVWXGLDUHVWDUHODFLyQGHOWUDXPDSHULQHDO
\ HO WLSR GH SDUWR FRQ OD IXQFLyQ VH[XDO SRVWSDUWR 6LJQRUHOOR HYDOXy ORV UHVXOWDGRV
REVWpWULFRV \ GH VH[XDOLGDG GH PXMHUHV SULPtSDUDV REWHQLHQGR TXH OD GLVSDUHXQLD
DSDUHFLy HQ XQ \ XQ GH FDVRV D ORV \ PHVHV SRVWSDUWR UHVSHFWLYDPHQWH
$VtODVPXMHUHVTXHWXYLHURQGHVJDUURVSHULQHDOHVGHVHJXQGRJUDGR\GHWHUFHUFXDUWR
JUDGRWUDVHOSDUWRSUHVHQWDURQGLVSDUHXQLDHQXQ\XQPiVTXHHQFDVRGH
SHULQpLQWDFWRHQORVWUHVSULPHURVPHVHVSRVWSDUWR(VWRVUHVXOWDGRVQRFRQFXHUGDQFRQ
ORVREWHQLGRVHQQXHVWUDLQYHVWLJDFLyQ\DTXHDSHVDUGHTXHQRWXYLPRVGHVJDUURVGH
,,,,9 JUDGR ODV PXMHUHV FRQ GHVJDUURV GH ,, JUDGR \R HSLVLRWRPtD QR WXYLHURQ XQ
DXPHQWRGHGRORUSRVWSDUWRVLJQLILFDWLYR3DUDHVWHDXWRUODH[LVWHQFLDGHSDUWRYDJLQDO
LQVWUXPHQWDOIyUFHSVRYDFXRH[WUDFFLyQHVWXYRUHODFLRQDGDVLJQLILFDWLYDPHQWHFRQOD
SUHVHQFLDGHGLVSDUHXQLDDORVVHLVPHVHV25,&LQGHSHQGLHQWHPHQWH
GHODSUHVHQFLDGHHSLVLRWRPtDGHVSXpVGHFRQWURODUIDFWRUHVFRPRODSURIXQGLGDGGHOD
ODFHUDFLyQSHULQHDOODSURORQJDFLyQGHODVHJXQGDIDVHGHOSDUWRHOSHVRGHOQHRQDWR\
ODKLVWRULDGHGLVSDUHXQLDSUHYLD/DSUHVHQFLDGHHSLVLRWRPtDGXUDQWHHOSDUWRFRQILULy
EiVLFDPHQWHHOPLVPRSDWUyQGHFRPSRUWDPLHQWRVH[XDOTXHHQHOFDVRGHODFHUDFLRQHV
HVSRQWiQHDV DO LJXDO TXH OR REVHUYDGR SRU 5DGHVWDG 3RU WDQWR HQ HO HVWXGLR GH
6LJQRUHOORODVPXMHUHVFRQSHULQpLQWDFWRSRVWSDUWRREWXYLHURQORVPHMRUHVUHVXOWDGRV
HQFXDQWRDPROHVWLDVSRVWHULRUHVPLHQWUDVTXHODSUHVHQFLDGH GHVJDUURV SHULQHDOHV \
ORVSDUWRVLQVWUXPHQWDOHVIXHURQIDFWRUHVUHODFLRQDGRVFRQODIUHFXHQFLDRODVHYHULGDG
GHODGLVSDUHXQLDSRVWSDUWR
132
',6&86,Ï1
3RUHOFRQWUDULR\HQHOPLVPRVHQWLGRTXHORVUHVXOWDGRVREWHQLGRVHQQXHVWURHVWXGLR
RWURVDXWRUHVQRKDQHQFRQWUDGRUHODFLyQHQWUHODIXQFLyQVH[XDOSRVWSDUWR\ODSUHVHQFLD
GHHSLVLRWRPtDRGHVJDUURSHULQHDODORVPHVHVQLDODUJRSOD]RDSDUWLUGH
XQ DxR GHO SDUWR ,QFOXVR VH KD VXJHULGR TXH OD GLVSDUHXQLD HQ HO
SRVWSDUWR SRGUtD HVWDU PiV LQIOXHQFLDGD SRU DVSHFWRV SVLFROyJLFRV \ HPRFLRQDOHV
PDWHUQRVGHUHODFLyQGHSDUHMDRGHGLVSDUHXQLDSUHYLDDOHPEDUD]RTXHFRQHOWUDXPD
REVWpWULFR \ WLSR GHO SDUWR SRU OR TXH UHFRPLHQGDQ TXH GHEHUtDQ HVWXGLDUVH RWURV
IDFWRUHVLPSOLFDGRV
3DUD HYDOXDU HO LPSDFWR GH OD SUHVHQFLD \ OD VHYHULGDG GH ORV GHVJDUURV SHULQHDOHV
HVSRQWiQHRVVREUHODIXQFLyQVH[XDODORVPHVHVSRVWSDUWR5RJHUVUHDOL]yXQHVWXGLR
SURVSHFWLYR HQ XQD SREODFLyQ IRUPDGD SRU PDWURQDV HPEDUD]DGDV TXH WHQtDQ SRU
WDQWREDMRULHVJRGHOHVLRQHVSHULQHDOHVFRQXQDSUHYDOHQFLDGHHSLVLRWRPtDPHQRUDO
\GHSDUWRLQVWUXPHQWDOPHQRUGHOXWLOL]DQGRSDUDHOORHOFXHVWLRQDULR,QWLPDWH
5HODWLRQVKLS 6FDOH $TXHOODV PXMHUHV FRQ HSLVLRWRPtD R SDUWR LQVWUXPHQWDO IXHURQ
H[FOXLGDV \ HO UHVWR IXHURQ FODVLILFDGDV HQ GRV JUXSRV VHJ~Q OD SUHVHQFLD GH OHVLyQ
SHULQHDO PD\RU GHVJDUUR GH ,, JUDGR R PD\RU R GH , JUDGR TXH UHTXLULHVH VXWXUD \
PHQRUGHVJDUURGH,JUDGRRDXVHQFLDGHGHVJDUURREWHQLHQGRXQ\GHFDVRV
UHVSHFWLYDPHQWH $XQTXH DTXHOODV PXMHUHV TXH UHTXLULHURQ VXWXUD GH OD OHVLyQ
SUHVHQWDURQ SXQWXDFLRQHV PiV EDMDV HQ ORV FXHVWLRQDULRV OD PD\RUtD UHFXSHUy OD
DFWLYLGDG VH[XDO D ORV PHVHV \ OD PLWDG D ODV VHPDQDV SRVWSDUWR \ QR VH REWXYR
UHODFLyQHQWUHHOJUDGRGHGHVJDUURSHULQHDOHOWLHPSRGHUHLQLFLRGHODVUHODFLRQHV\OD
IXQFLyQVH[XDO7RGRVHVWRVUHVXOWDGRVVRQVLPLODUHVDORVREWHQLGRVHQQXHVWURWUDEDMR
DOLJXDOTXHODFODVLILFDFLyQHQGRVJUXSRVGHOHVLyQSHULQHDODXQTXHDGLIHUHQFLDGHpO
LQFOXLPRVHQHOHVWXGLRDODVPXMHUHVFRQHSLVLRWRPtD\FRQSDUWRLQVWUXPHQWDOORTXH
VXSRQH PD\RU IUHFXHQFLD GH OHVLRQHV SHULQHDOHV PD\RUHV TXH HQHO HVWXGLR GH 5RJHUV
IXHURQ XQ \ HQ QXHVWUR HVWXGLR XQ UHIHULGDV HVWDV OHVLRQHV PD\RUHV D
HSLVLRWRPtD\RGHVJDUUR,,JUDGR
(QODPLVPDSREODFLyQTXHHOHVWXGLRDQWHULRU/HHPDQREVHUYyTXHODVPXMHUHVFRQ
OHVLRQHVSHULQHDOHVHVSRQWiQHDVWXYLHURQXQDVWDVDVPX\EDMDVGHGRORUSHULQHDOD
ORVPHVHV\DTXHOODVFRQOHVLRQHVPD\RUHVUHILULHURQXQDXPHQWRGHGRORUUHVSHFWRD
133
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
DTXHOODVFRQOHVLRQHVPHQRUHVDXQTXHHVWDVGLIHUHQFLDVQRVHREVHUYDURQDORVPHVHV
SRVWSDUWRORTXHFRQILUPDQXHVWURVUHVXOWDGRVQXHYDPHQWH\DTXHHOGRORUDVRFLDGRD
ODV OHVLRQHV SHULQHDOHV SDUHFH SHUVLVWLU ODV SULPHUDV VHPDQDV WUDV HO SDUWR SHUR
GHVDSDUHFHQSRVWHULRUPHQWHDQWHVLQFOXVRGHORVPHVHV
3RU WDQWR HQ QXHVWUD LQYHVWLJDFLyQ REWXYLPRV XQD UHODFLyQ HQWUH HO WLSR GH SDUWR \ OD
VH[XDOLGDGDORVPHVHVSHURQRHQFRQWUDPRVUHODFLyQFRQODVOHVLRQHVSHULQHDOHVOR
TXHQRFRQFXHUGDWRWDOPHQWHFRQORVHVWXGLRVGHVFULWRVDQWHULRUPHQWH(VWRTXL]iSRGUtD
VHU GHELGR DO EDMR Q~PHUR GH FDVRV REWHQLGRV HQ HO SRVWSDUWR D GLIHUHQFLDV HQ ODV
FDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\FXOWXUDOHVGHQXHVWUDSREODFLyQUHVSHFWRDRWUDVQR
HVSDxRODVDGLIHUHQFLDVHQORVSURWRFRORVGHDVLVWHQFLDDOSDUWRORTXHSXHGHYDULDUODV
WDVDV GH FHViUHD GH SDUWR LQVWUXPHQWDO R GH HSLVLRWRPtD R D GLIHUHQFLDV HQ HO GLVHxR
SXHVWR TXH HQ QXHVWUR DQiOLVLV QR KHPRV GLVWLQJXLGR HQWUH SDUWRV YDJLQDOHV FRQ
HSLVLRWRPtD\VLQHOODRFHViUHDVHOHFWLYDV\XUJHQWHVHQFXDQWRDOPRGRGHWHUPLQDFLyQ
GHO SDUWR ~QLFDPHQWH HQWUH SDUWRV YDJLQDOHV LQVWUXPHQWDOHV YDFXR R IyUFHSV \
FHViUHDV
&RPRYHPRVORVHVWXGLRVSXEOLFDGRVPXHVWUDQJUDQGHVGLIHUHQFLDVHQHOGLVHxRHQHO
WLHPSR GH VHJXLPLHQWR SRVWSDUWR \ HQ ODV YDULDEOHV HVWXGLDGDV FODVLILFDQGR D ODV
SDUWLFLSDQWHVHQJUXSRVPX\GLVWLQWRVVHJ~QHOWLSRGHSDUWRRODOHVLyQSHULQHDOFHViUHD
HOHFWLYD \R SURJUDPDGD SDUWR YDJLQDO HXWyFLFR YV LQVWUXPHQWDO FRQVLQ HSLVLRWRPtD
FRQVLQ GHVJDUUR SHULQHDO FRQVLQ VXWXUD GH OHVLRQHV \ REYLDQGR GLYHUVRV IDFWRUHV GH
FRQIXVLyQHQODPD\RUtDGHFDVRVFRPRVRQODODFWDQFLDRODKLVWRULDREVWpWULFDSUHYLD
ORTXHGLILFXOWDODFRPSDUDFLyQHQWUHJUXSRV
$ SHVDU GH HVWR OD PD\RUtD GH ORV DXWRUHV VH PXHVWUDQ GH DFXHUGR HQ TXH OD FHViUHD
HOHFWLYDQRSUHYLHQHODGLVIXQFLyQVH[XDODODUJRSOD]RDVtFRPRWDPSRFRODGLVIXQFLyQ
GHO VXHOR SpOYLFR OD LQFRQWLQHQFLD XULQDULD R IHFDO FRQVLGHUDQGR OD QDWXUDOH]D
PXOWLIDFWRULDOGHODVH[XDOLGDG\WHQLHQGRHQFXHQWDDGHPiVTXHODUHDOL]DFLyQGHXQD
FHViUHDOOHYDDODSUiFWLFDGHFHViUHDVLWHUDWLYDVTXHDXPHQWDQ OD PRUELOLGDG PDWHUQR
IHWDO
134
',6&86,Ï1
'HPRGRJHQHUDOODPD\RUtDGHDXWRUHVRSLQDQTXHODHSLVLRWRPtDLQGHSHQGLHQWHPHQWH
GH VX UHODFLyQ FRQ OD GLVIXQFLyQ VH[XDO SRVWSDUWR QR HVWi LQGLFDGD GH UXWLQD VLQR HQ
FDVRV VHOHFFLRQDGRV $FWXDOPHQWH OD HYLGHQFLD QR DSR\D ORV EHQHILFLRV
WUDGLFLRQDOPHQWH DWULEXLGRV D OD HSLVLRWRPtD GH UXWLQD FRPR OD SUHYHQFLyQ GH OD
LQFRQWLQHQFLDIHFDO\XULQDULDRODUHODMDFLyQGHOVXHORSpOYLFR'HKHFKRORVUHVXOWDGRV
WUDV UHDOL]DU XQD HSLVLRWRPtD SXHGHQ VHU FRQVLGHUDGRV SHRUHV \D TXH DOJXQDV PXMHUHV
TXH KXELHUDQ WHQLGR PHQRV OHVLRQHV HQ VX OXJDU WLHQHQ XQD LQFLVLyQ TXLU~UJLFD
DXQTXHFRPRKHPRVFRPHQWDGRHQQXHVWURVUHVXOWDGRVODUHDOL]DFLyQGHHSLVLRWRPtDQR
HVWiUHODFLRQDGDFRQORVFDPELRVHQODVH[XDOLGDGHVWXGLDGRV
/DFWDQFLDPDWHUQD
2WUR IDFWRU TXH SXHGH DVRFLDUVH D OD PRGLILFDFLyQ GHO FRPSRUWDPLHQWR VH[XDO HQ HO
SRVWSDUWRHVODODFWDQFLDPDWHUQDTXHFRQOOHYDXQDVHULHGHFDPELRVKRUPRQDOHVFRPR
VRQ HO GHVFHQVR GHO QLYHO GH HVWUyJHQRV SURJHVWHURQD \ DQGUyJHQRV \ HO DXPHQWR GH
SURODFWLQD TXH SXHGHQ DIHFWDU QHJDWLYDPHQWH OD OXEULFDFLyQ YDJLQDO HO GHVHR OD
VDWLVIDFFLyQVH[XDO \ HOUHLQLFLR GHOD DFWLYLGDGVH[XDO SRVWSDUWR 3DUD
$YHU\OD IDOWD GHOXEULFDFLyQ DIHFWy DO GH PDGUHV ODFWDQWHV < SDUD %DUUHWW OD
GLVSDUHXQLDDORVPHVHVSRVWSDUWRHVWXYRUHODFLRQDGDFRQODODFWDQFLDPDWHUQDDGHPiV
GHXQDKLVWRULDGHGLVSDUHXQLDSUHJHVWDFLRQDOSUREDEOHPHQWHGHELGRDOKLSRHVWURQLVPR
D OD IDOWD GH OLELGR \ D OD VHTXHGDG YDJLQDO 'H DTXt OD LPSRUWDQFLD GH SURSRUFLRQDU
LQIRUPDFLyQDODVPDGUHVHQHOSRVWSDUWRVREUHHOXVRGHOXEULFDQWHVYDJLQDOHVFRQODV
UHODFLRQHVHLQFLGLUVREUHORVEHQHILFLRVGHODODFWDQFLDFRPRPRGRGHSDOLDUHVWHHIHFWR
QHJDWLYRVREUHODVH[XDOLGDG&RQQROO\HVWDEOHFLyODUHODFLyQGHODGLVSDUHXQLDFRQOD
ODFWDQFLD D ORV PHVHV SRVWSDUWR LQGHSHQGLHQWHPHQWH GHO WLSR GH SDUWR \ GH OD
H[LVWHQFLD GH HSLVLRWRPtD DXQTXH HVWD DVRFLDFLyQ GHVDSDUHFLy D ORV PHVHV $
GLIHUHQFLDGH6LJQRUHOORSDUDHOTXHODGLVSDUHXQLDDORVPHVHVIXHFXDWURYHFHVPiV
IUHFXHQWHHQPDGUHVODFWDQWHV
3RUHOFRQWUDULRODODFWDQFLDSRGUtDLQFUHPHQWDUHOQLYHOGHGHVHRRHOHURWLFLVPRGHELGR
DODXPHQWRGHOWDPDxR\GHODVHQVLELOLGDGGHODVPDPDVDVRFLDGRDXQDPHMRUDGHOD
135
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
LPDJHQ FRUSRUDO \ HO DXPHQWR GH R[LWRFLQD SXHGH SURGXFLU VHQVDFLRQHV VLPLODUHV DO
RUJDVPR WUDV LQWHQVDV FRQWUDFFLRQHV XWHULQDV \ SDUHFH WHQHU HIHFWRV SRVLWLYRV VREUH HO
KXPRU 6LQ HPEDUJR HQ QXHVWUR HVWXGLR HVWD YDULDEOH QR PRVWUy UHODFLyQ FRQ OD
VH[XDOLGDG SRVWSDUWR D ORV \ PHVHV FRPR WDPELpQ KDQ GHVFULWR RWURV DXWRUHV DO
HVWXGLDUHVWHSHULRGR
2WURVIDFWRUHVUHODFLRQDGRV
$OLJXDOTXHODODFWDQFLDPDWHUQDODSUHVHQFLDGHanemia puerperalQRPRVWUyUHODFLyQ
FRQ ORV FDPELRV HQ HO FRPSRUWDPLHQWR VH[XDO WUDV HO SDUWR SUREDEOHPHQWH SRUTXH ODV
JHVWDQWHV TXH SDUWLFLSDURQ HQ HVWH HVWXGLR HUDQ PXMHUHV VDQDV VLQ DQHPLD SUHYLD DO
HPEDUD]RHQODPD\RUtDGHFDVRVTXHWXYLHURQSDUWRVGHEDMDLQWHUYHQFLyQSRUORTXH
H[LVWLyXQDEDMDWDVDGHDQHPLDSRVWSDUWRJHQHUDOPHQWHOHYH(VWRSXHGHH[SOLFDUTXH
HVWDVPXMHUHVQRWXYLHUDQXQDIDWLJDDGLFLRQDOHQHOSXHUSHULRTXHHVWDUtDUHODFLRQDGD
FRQ XQD PD\RU GLILFXOWDG SDUD PDQWHQHU VX DFWLYLGDG VH[XDO FRPR UHILHUHQ +LSS \
*OD]HQHU
$O DQDOL]DU ORV métodos anticonceptivos HQ HO SRVWSDUWR HQFRQWUDPRV XQD PD\RU
IUHFXHQFLD GH RUJDVPR HQ DTXHOODV PXMHUHV TXH XWLOL]DQ DOJ~Q PpWRGR DQWLFRQFHSWLYR
IXQGDPHQWDOPHQWH HO SUHVHUYDWLYR \ PHQRU IUHFXHQFLD FXDQGR QR VH XWLOL]D QLQJ~Q
PpWRGR D ORV \ PHVHV OR TXH SXHGH HVWDU UHODFLRQDGR FRQ HO PLHGR D XQ QXHYR
HPEDUD]R HQ ORV PHVHV SRVWHULRUHV DO SDUWR HQ DTXHOODV PXMHUHV VLQ DQWLFRQFHSFLyQ
PLHQWUDV TXH HO KHFKR GH XVDU XQ PpWRGR FRQILHUH VHJXULGDG \ PD\RU GLVIUXWH GH ODV
UHODFLRQHV'HIRUPDTXHDORVPHVHVSRVWSDUWRHOGHODVPXMHUHVQRXVyQLQJ~Q
PpWRGRDQWLFRQFHSWLYR\HOXWLOL]yHOSUHVHUYDWLYRGHPRGRVLPLODUDORHQFRQWUDGR
SRU %DUUHWW DXQTXH HQ VX WUDEDMR HO GH PXMHUHV XWLOL]DURQ FRQWUDFHSFLyQ
KRUPRQDO PXFKR PD\RU TXH HO GH QXHVWUD SREODFLyQ $ GLIHUHQFLD GH QXHVWURV
UHVXOWDGRVHVWHDXWRUQRHQFXHQWUDDVRFLDFLyQFRQHOPpWRGRXWLOL]DGRDORV\PHVHV
DOLJXDOTXH3DXOV\/DJDQD
(QUHODFLyQDORVUHVXOWDGRVSHULQDWDOHVHO peso de los recién nacidosQRLQIOX\yHQOD
VH[XDOLGDGSRVWSDUWRGHODVPDGUHVFRLQFLGLHQGRFRQRWURVDXWRUHVDOFRQWUDULR
136
',6&86,Ï1
GH OR TXH FDEUtD HVSHUDU HQ HO FDVR GH QLxRV PDFURVRPDV SRU VX UHODFLyQ FRQ HO
WUDXPDWLVPRREVWpWULFR\GHOFDQDOGHOSDUWR(VWRSRGUtDH[SOLFDUVHSRUTXHHQQXHVWUR
HVWXGLRHOGHORVUHFLpQQDFLGRVWXYLHURQXQSHVRDGHFXDGR\WDQVRORXQ
IXHPD\RUGHJUDPRV
'HLJXDOPRGRHOingreso de los recién nacidosHQOD8QLGDGGH1HRQDWRORJtDWDPSRFR
LQIOX\y HQ OD VH[XDOLGDG SRVWSDUWR SRVLEOHPHQWH GHELGR D TXH VH WUDWDED VyOR GH WUHV
FDVRV WRGRV HQ JHVWDFLRQHV GH EDMR ULHVJR FRQ SDUWR SUHWpUPLQR HQ VHPDQD TXH
IXHURQLQJUHVDGRVSDUDREVHUYDFLyQFRQEXHQDHYROXFLyQSRVWHULRU\DOWDSUHFR]
3RUWDQWRFRPRKHPRVGHVFULWRODVPDGUHVHUDQPXMHUHVVDQDVMyYHQHVFRQJHVWDFLRQHV
GHEDMRULHVJRTXHHQJHQHUDOSDUWtDQGHXQDEXHQDVH[XDOLGDGSUHYLD\TXHQRVXIULHURQ
FRPSOLFDFLRQHVJUDYHVGXUDQWHHOHPEDUD]R\HOSRVWSDUWR$GLFLRQDOPHQWHREWXYLPRV
EXHQRVUHVXOWDGRVSHULQDWDOHVODPD\RUtDGHQLxRVQDFLHURQDWpUPLQRWXYLHURQXQSHVR
\ $SJDU DGHFXDGRV \ QR SUHFLVDURQ LQJUHVR SHGLiWULFR 7RGR HVWR IDFLOLWy HO DOWD
KRVSLWDODULDSUHFR]GHODPDGUH\GHOQLxRODUHLQFRUSRUDFLyQDVXDFWLYLGDGIDPLOLDU\
HQFRQVHFXHQFLDDVXDFWLYLGDGVH[XDOHQHVWDQXHYDHWDSDGHVXVYLGDV
(Q HO SHULRGR SRVWSDUWR DSHQDV HQFRQWUDPRV DVRFLDFLyQ GH OD VH[XDOLGDG FRQ ODV
FDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\ODSDULGDGORPLVPRTXHRFXUUHFRQDOJXQRVGHORV
IDFWRUHVUHODFLRQDGDVFRQHOSDUWR\HOSRVWSDUWRFRPRVRQODSUHVHQFLDGHHSLVLRWRPtDR
GHVJDUURVODODFWDQFLDPDWHUQD\ODDQHPLD(VWRSXHGHGHEHUVHDOEDMRQ~PHURGHFDVRV
UHFRJLGRV HQ HVWH SHUtRGR GH KDEHU UHJLVWUDGR XQ Q~PHUR PD\RU SRVLEOHPHQWH
KXELpVHPRV REWHQLGR PD\RU VLJQLILFDFLyQ $XQ DVt FRQVLGHUDPRV TXH VHUtD QHFHVDULR
LQYHVWLJDURWURVIDFWRUHVSVLFRVRFLDOHV\HPRFLRQDOHVUHODFLRQDGRVFRQODVH[XDOLGDGHQ
HVWDIDVHGHODYLGDGHODPXMHUFRPRDSXQWDQDOJXQRVDXWRUHVWDOHV
FRPRODVDWLVIDFFLyQGHSDUHMDHODSR\RIDPLOLDURODGHSUHVLyQSRVWSDUWR
3RU ~OWLPR HO HPEDUD]R \ HO SDUWR HV XQ FDPELR PD\RU HQ OD YLGD \ SXHGH DIHFWDU
GLUHFWDPHQWHDODIXQFLyQVH[XDOGHELGRDFDPELRVSVLFROyJLFRV\ELROyJLFRV7HQHUXQ
KLMRDGHPiVLPSOLFDXQDVHULHGHSURFHVRVHPRFLRQDOHVSVLFRVRFLDOHVHLQWHUSHUVRQDOHV
FRPR FRQIOLFWRV GH GHSHQGHQFLD H LQGHSHQGHQFLD HO KHFKR GH VHU FXLGDGR SRU XQD
137
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
SHUVRQD\FXLGDUGHRWUD\ODIDPLOLDVHDPSOtDGHGRVSHUVRQDVDWUHV7RGRHVWRUHVXOWD
SRWHQFLDOPHQWHHVWUHVDQWHFRQHIHFWRVLQGLUHFWRVVREUHODIXQFLyQVH[XDO
3RUWDQWRHOFRPSRUWDPLHQWRVH[XDOGHODPXMHUVHPRGLILFDGXUDQWHODJHVWDFLyQ\HO
SRVWSDUWR \ VRQ P~OWLSOHV ODV YDULDEOHV TXH SXHGHQ LQIOXLU VREUH pO \D VHDQ IDFWRUHV
ILVLROyJLFRVVRFLDOHVRSVLFROyJLFRVGHELHQGRFRQVLGHUDUDODPXMHUGHIRUPDLQWHJUDO
(VLPSRUWDQWHSURIXQGL]DUHQHOFRQRFLPLHQWRGHHVWRVFDPELRVHQODVH[XDOLGDGGHODV
SDUHMDV HQWHQGLGRV FRPR DOJR QRUPDO \ WUDQVLWRULR \ SURSRUFLRQDU LQIRUPDFLyQ \
DSR\RDHVWDVSDUHMDVSDUDGLVPLQXLUHOLPSDFWRQHJDWLYRHQODFDOLGDGGHVXVYLGDV'H
HVWD PDQHUD VHUHPRV FDSDFHV GH UHFRQRFHU DTXHOORV FDVRV HQ TXH HO GHWHULRUR GH OD
VH[XDOLGDG OOHJD D QLYHOHV FRQVLGHUDGRV FRPR GLVIXQFLyQ VH[XDO SXGLHQGR LQFOXVR
SHUSHWXDUVHWLHPSRGHVSXpVGHOSDUWR
/,0,7$&,21(6'(/(678',2
'HQWUR GH ODV OLPLWDFLRQHV GH HVWH WUDEDMR GH 7HVLV 'RFWRUDO HQ SULPHU OXJDU VH
HQFXHQWUD HO WLSR GH FXHVWLRQDULR \D TXH QR VH XWLOL]y XQR YDOLGDGR 6LQ HPEDUJR HQ
WRGDVODVYLVLWDVVHDGPLQLVWUyHOPLVPRIRUPDWRIiFLO\UiSLGRGHFRQWHVWDU\HODQiOLVLV
GHILDELOLGDGGHOWHVWPRVWUyXQUHVXOWDGRDFHSWDEOH
(Q VHJXQGR OXJDU OD LQIRUPDFLyQ UHODWLYD D OD VH[XDOLGDG DQWHV GHO HPEDUD]R IXH
UHFRJLGDHQODYLVLWDGHODVHPDQDORTXHSRGUtDVXSRQHUXQDSpUGLGDGHLQIRUPDFLyQ
GH OD HWDSD SUHJHVWDFLRQDO \ GH ODV SULPHUDV VHPDQDV GH HPEDUD]R DXQTXH
FRQVLGHUDPRVTXHHQHVWDHWDSDGHODYLGDODVPXMHUHVWLHQHQXQEXHQUHFXHUGRDFHUFDGH
HVWDVFXHVWLRQHVIXQGDPHQWDOPHQWHVLGHVHDQ\SODQLILFDQHOHPEDUD]R
2WUD OLPLWDFLyQ D FRQVLGHUDU HV HO VHVJR GH VHOHFFLyQ \D TXH ODV SDFLHQWHV DFHSWDURQ
SDUWLFLSDU YROXQWDULDPHQWH HQ HO HVWXGLR OR TXH UHSUHVHQWD XQD OLPLWDFLyQ GDGR HO
FRQWHQLGRGHORVFXHVWLRQDULRVUHODFLRQDGRFRQWHPDVGHXQDHVIHUDWDQtQWLPDFRPRHV
ODVH[XDOLGDG
138
',6&86,Ï1
3RU~OWLPRRWURIDFWRUOLPLWDQWH\DUHIHULGRDQWHULRUPHQWHHVODLPSRUWDQWHSpUGLGDGH
FDVRV HQ HO SRVWSDUWR GHELGR D TXH OD UHYLVLyQ SXHUSHUDO QR HVWi LQFOXLGD HQ HO
VHJXLPLHQWRSURWRFROL]DGRWUDVHOSDUWRORTXHGLILFXOWyODORFDOL]DFLyQ\DVLVWHQFLDGH
ODVPXMHUHVHQFXHVWDGDVDOLQLFLRGHOHVWXGLR6HDxDGHODGLILFXOWDGGHSDUWLFLSDFLyQSRU
SDUWHGHODPDGUH\DTXHHQHVWHSHUtRGRODGHGLFDFLyQDOFXLGDGRGHOUHFLpQQDFLGRHV
WDQ SULRULWDULR TXH SXHGH LQIOXLU HQ OD EDMD UHVSXHVWD $ SHVDU GH HOOR OD FRPSDUDFLyQ
HQWUH HO JUXSR GH PXMHUHV TXH FRQWHVWDURQ WRGRV ORV FXHVWLRQDULRV \ HO JUXSR TXH
UHVSRQGLy VROR HQ HO HPEDUD]R PRVWUy UHVXOWDGRV PX\ VLPLODUHV /DV SHTXHxDV
GLIHUHQFLDV HQFRQWUDGDV SXHGHQ VHU XQD OLPLWDFLyQ DO JHQHUDOL]DU ORV UHVXOWDGRV GH OD
VH[XDOLGDGSRVWSDUWRDOWRWDOGHPXMHUHVGHOHVWXGLR'HKDEHUWHQLGRXQPD\RUWDPDxR
PXHVWUDOSRVLEOHPHQWHKXELpVHPRVREWHQLGRPD\RUVLJQLILFDFLyQHQHOSRVWSDUWR
139
9,, &21&/86,21(6
&21&/86,21(6
9,, &21&/86,21(6
/D VH[XDOLGDG HQ OD PXMHU HQ UHODFLyQ D OD IUHFXHQFLD GH UHODFLRQHV OD IUHFXHQFLD
RUJiVPLFD OD VDWLVIDFFLyQ \ HO GRORU FRLWDO VH PRGLILFD GXUDQWH OD JHVWDFLyQ \ HO
SHULRGRSRVWSDUWRUHVSHFWRDODHWDSDSUHYLDDOHPEDUD]R
/DIUHFXHQFLDFRLWDOHVHOSDUiPHWURPiVVHQVLEOHGXUDQWHHVWDHWDSDGHODYLGDGHOD
PXMHU H[SHULPHQWDQGR XQ GHVFHQVR SURJUHVLYR GXUDQWH HO HPEDUD]R UHVSHFWR D OD
HWDSD SUHJHVWDFLRQDO \ XQD UHFXSHUDFLyQ SRVWSDUWR TXH QR OOHJD D DOFDQ]DU ORV
QLYHOHVSUHYLRVDODJHVWDFLyQ
/D IUHFXHQFLD RUJiVPLFD OD VDWLVIDFFLyQ VH[XDO \ OD GLVSDUHXQLD VH GHWHULRUDQ
IXQGDPHQWDOPHQWHHQODVVHPDQDVSUHYLDVDOSDUWRUHFXSHUiQGRVHSRVWHULRUPHQWHGH
IRUPDSURJUHVLYD
/D HGDG PDWHUQD HV HO IDFWRU TXH PiV LQIOX\H VREUH HO FRPSRUWDPLHQWR VH[XDO
GXUDQWHHOHPEDUD]R\HOSXHUSHULRWDQWRHQODIUHFXHQFLDVH[XDO\RUJiVPLFDFRPR
HQ OD VDWLVIDFFLyQ DXQTXH QR HQ HO GRORU FRLWDO VLHQGR PHMRU HQ PXMHUHV PiV
MyYHQHV
2WURV IDFWRUHV VRFLRGHPRJUiILFRV \ REVWpWULFRV UHODFLRQDGRV FRQ XQD PHMRU
VH[XDOLGDG GXUDQWH HO HPEDUD]R VRQ XQ PHQRU QLYHO GH HVWXGLRV PDWHUQRV OD
QXOLSDULGDGRVHUVROWHUDDXQTXHHQPHQRUJUDGRTXHODHGDG
(OSDUWRYDJLQDOHXWyFLFRVHDVRFLDDPD\RUIUHFXHQFLDFRLWDO\PHQRUGRORUDORV
PHVHVSRVWSDUWRDGLIHUHQFLDGHODFHViUHD\GHOSDUWRWRF~UJLFR
/D SUHVHQFLD GH OHVLRQHV SHULQHDOHV QR VH UHODFLRQD FRQ PRGLILFDFLRQHV HQ HO
FRPSRUWDPLHQWRVH[XDOSRVWSDUWR
143
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
1RVHKDHQFRQWUDGRDVRFLDFLyQHQWUHODVYDULDFLRQHVHQODVH[XDOLGDG\ODODFWDQFLD
PDWHUQDODDQHPLDSRVWSDUWR\HOSHVRGHOUHFLpQQDFLGR
(OXVRGHPpWRGRDQWLFRQFHSWLYRHQHOSRVWSDUWRHVSHFtILFDPHQWHHOSUHVHUYDWLYRVH
UHODFLRQDFRQPD\RUIUHFXHQFLDFRLWDO\RUJiVPLFDDORV\PHVHVGHOSDUWR
/DV SDUWLFLSDQWHV HQ QXHVWUR HVWXGLR VRQ PXMHUHV MyYHQHV VDQDV TXH SUHVHQWDQ XQD
EXHQD VH[XDOLGDG SUHYLD DO HPEDUD]R OR TXH TXL]i IDFLOLWH OD UHFXSHUDFLyQ GH OD
VH[XDOLGDGHQHOSHULRGRSRVWSDUWR
3RU ~OWLPR DO VHU XQ HVWXGLR SURVSHFWLYR VREUH HO VHJXLPLHQWR GH OD VH[XDOLGDG
GHVGH OD HWDSD SUHJHVWDFLRQDO KDVWD ORV PHVHV SRVWSDUWR VXPLQLVWUD XQD YLVLyQ
JOREDO GH OD PLVPD HQ HVWH SHUtRGR WDQ VHQVLEOH ItVLFD \ SVtTXLFDPHQWH TXH
SHUPLWLUi D ORV SURIHVLRQDOHV LQIRUPDU D OD PXMHU VREUH ORV FDPELRV TXH SXHGH
H[SHULPHQWDU HQ HVWD HWDSD WDQ UHFHSWLYD GH VX YLGD DSRUWDQGR XQD PD\RU
WUDQTXLOLGDGDQWHODVPRGLILFDFLRQHVSHUFLELGDVHQODHVIHUDVH[XDO
144
9,,, %,%/,2*5$)Ë$
%,%/,2*5$)Ë$
9,,,%,%/,2*5$)Ë$
:RUOG +HDOWK 2UJDQL]DWLRQ 6H[XDO DQG UHSURGXFWLYH KHDOWK 'LVSRQLEOH HQ
KWWSZZZZKRLQWUHSURGXFWLYHKHDOWKWRSLFVVH[XDOBKHDOWKVKBGHILQLWLRQVHQ
DFFHVRRFWXEUH
:KLWH 6( 5HDP\ . 6H[XDOLW\ DQG SUHJQDQF\ D UHYLHZ $UFK 6H[ %HKDY
6XHLUR ( *D\RVR 3 3HUGL] & 'RYDO -/ 6H[XDOLW\ DQG SUHJQDQF\ $WHQ
3ULPDULD
1DLP0%KXWWR(6H[XDOLW\GXULQJSUHJQDQF\LQ3DNLVWDQLZRPHQ-3DN0HG
$VVRF
YRQ6\GRZ.8OOPH\HU0+DSS16H[XDODFWLYLW\GXULQJSUHJQDQF\DQGDIWHU
FKLOGELUWK 5HVXOWV IURP WKH 6H[XDO 3UHIHUHQFHV 4XHVWLRQQDLUH - 3V\FKRVRP
2EVWHW*\QDHFRO
$GLQPD -, 6H[XDO DFWLYLW\ GXULQJ DQG DIWHU SUHJQDQF\ $GY &RQWUDFHSW
*RQ]iOH] &RUUHDOHV 5 /RV PpGLFRV \ OD VH[XDOLGDG XQD EUHYH UHYLVLyQ
KLVWyULFD (Q *iQGDUD -- 3XLJYHUW $ 6H[XDOLGDG KXPDQD 8QD DSUR[LPDFLyQ
LQWHJUDO0DGULG(GLWRULDO0pGLFD3DQDPHULFDQDS
0DVWHUV :+ -RKQVRQ 9( .RORGQ\ 5& )LVLRORJtD VH[XDO (Q 0DVWHUV :+
-RKQVRQ 9( .RORGQ\ 5& /D VH[XDOLGDG KXPDQD 9RO 1XHYD <RUN
*ULMDOERS
0DV *DUFtD 0 %DVHV ILVLROyJLFDV GH OD VH[XDOLGDG 5HVSXHVWD VH[XDO (Q
*iQGDUD -- 3XLJYHUW $ 6H[XDOLGDG KXPDQD 8QD DSUR[LPDFLyQ LQWHJUDO
0DGULG(GLWRULDO0pGLFD3DQDPHULFDQDS
0DVWHU :+ -RKQVRQ 9( 5HVSXHVWD VH[XDO KXPDQD %XHQRV $LUHV
,QWHUPpGLFD
0F&DU\-/0F&DU\632UJDVPR(Q0F&DU\-/0F&DU\636H[XDOLGDG
KXPDQDGH0F&DU\86$(OPDQXDOPRGHUQRS
147
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
.DSODQ+61DWXUDOH]D\FDXVDVGHODVGLVIXQFLRQHVVH[XDOHV(Q.DSODQ+6
0DQXDO LOXVWUDGR GH WHUDSLD VH[XDO 5HODFLRQHV KXPDQDV \ VH[RORJtD 1XHYD
<RUN*ULMDOER
%DVVRQ 5 7KH IHPDOH VH[XDO UHVSRQVH D GLIIHUHQW PRGHO - 6H[0DULWDO 7KHU
6DQG 0 )LVKHU :$ :RPHQ
V HQGRUVHPHQW RI PRGHOV RI IHPDOH VH[XDO
UHVSRQVHWKHQXUVHV
VH[XDOLW\VWXG\-6H[0HG
/HHPDQ /0 5RJHUV 5* 6H[ DIWHU FKLOGELUWK SRVWSDUWXP VH[XDO IXQFWLRQ
2EVWHW*\QHFRO
3DXOHWD -5 3HUHLUD 10 *UDoD /0 6H[XDOLW\ GXULQJ SUHJQDQF\ - 6H[ 0HG
$GLQPD -, 6H[XDOLW\ LQ 1LJHULDQ SUHJQDQW ZRPHQ 3HUFHSWLRQV DQG SUDFWLFH
$XVW1=-2EVWHW*\QDHFRO
/HH -7 7KH PHDQLQJ RI VH[XDO VDWLVIDFWLRQ LQ SUHJQDQW WDLZDQHVH ZRPHQ -
0LGZLIHU\:RPHQV+HDOWK
6ROEHUJ'$%XWOHU-:DJQHU116H[XDOEHKDYLRULQSUHJQDQF\1(QJODQG-
0HG
3HSH)3HSH3%DOGDFFKLQR7HWDO&KDQJHVLQWKHSV\FKRSK\VLFDOH[SHULHQFH
RIRUJDVPLQSUHJQDQF\0LQHUYD*LQHFRO
3HUNLQV536H[XDOLW\LQSUHJQDQF\ZKDWGHWHUPLQHVEHKDYLRU"2EVWHW*\QHFRO
%DUWHOODV(&UDQH-0'DOH\0%HQQHWW.$+XWFKHQV'6H[XDOLW\DQGVH[XDO
DFWLYLW\LQSUHJQDQF\%U-2EVWHW*\QDHFRO
5\GLQJ(/6H[XDOLW\GXULQJDQGDIWHUSUHJQDQF\$FWD2EVWHW*\QHFRO6FDQG
3HSH ) 3DQHOOD 0 3HSH 3 3DQHOOD 3 $PDU $ &DQWDUHOOD 0 HW DO 6H[XDO
EHKDYLRXULQUHODWLRQWRDJHDVWXG\RISXHUSHUDOZRPDQ&OLQ([S2EVWHW
*\QHFRO
148
%,%/,2*5$)Ë$
5HDP\ . :KLWH 6( 'DQLHOO :& /H 9LQH (6 6H[XDOLW\ DQG SUHJQDQF\ $
SURVSHFWLYHVWXG\-5HSURG0HG
2UXF 6 (VHQ $ /DFLQ 6 $GLJ]HO + 8\DU < .R\XQFX ) 6H[XDO EHKDYLRXU
GXULQJSUHJQDQF\$XVW1=-2EVWHW*\QDHFRO
6KRMDD0-RX\EDUL/6DQDJRR$7KHVH[XDODFWLYLW\GXULQJSUHJQDQF\DPRQJ
DJURXSRI,UDQLDQZRPHQ$UFK*\QHFRO2EVWHW
(URO % 6DQOL 2 .RUNPD] ' 6H\KDQ $ $NPDQ 7 .DGLRJOX $ $ FURVV
VHFWLRQDO VWXG\ RI IHPDOH VH[XDO IXQFWLRQ DQG G\VIXQFWLRQ GXULQJ SUHJQDQF\ -
6H[0HG
$VODQ * $VODQ ' .L]LO\DU $ ,VSDKL & (VHQ $ $ SURVSHFWLYH DQDO\VLV RI
VH[XDOIXQFWLRQGXULQJSUHJQDQF\,QW-,PSRW5HV
3HSH ) ,DFKHOOR 5 3DQHOOD 0 3HSH * 3DQHOOD 3 3HQQLVL ) HW DO 3DULW\ DQG
VH[XDOEHKDYLRULQSUHJQDQF\&OLQ([S2EVWHW*\QHFRO
5HPRKt*LPpQH]-6H[XDOLGDGHQHOHPEDUD]R\SXHUSHULR5HY,EHURDP)HUWLO
5HSURG+XP
%DUUHWW * 3HQGU\ ( 3HDFRFN - HW DO :RPHQV VH[XDO KHDOWK DIWHU FKLOGELUWK
%-2*)HE
)RN:<&KDQ/<<XHQ306H[XDOEHKDYLRUDQGDFWLYLW\LQ&KLQHVHSUHJQDQW
ZRPHQ$FWD2EVWHW*\QHFRO6FDQG
6DFRPRUL & &DUGRVR )/ 6H[XDO LQLWLDWLYH DQG LQWHUFRXUVH EHKDYLRU GXULQJ
SUHJQDQF\ DPRQJ EUD]LOLDQ ZRPHQ D UHWURVSHFWLYH VWXG\ - 6H[ 0DULWDO 7KHU
<ÕOGÕ] + 7KH UHODWLRQ EHWZHHQ SUHSUHJQDQF\ VH[XDOLW\ DQG VH[XDO IXQFWLRQ
GXULQJSUHJQDQF\DQGWKHSRVWSDUWXPSHULRGDSURVSHFWLYHVWXG\-6H[0DULWDO
7KHU
YDQ %UXPPHQ +- %UXLQVH +: YDQ GH 3RO * +HLQW] $3 YDQ GHU 9DDUW &+
:KLFK IDFWRUV GHWHUPLQH WKH VH[XDO IXQFWLRQ \HDU DIWHU FKLOGELUWK" %-2*
YRQ 6\GRZ . 6H[XDOLW\ GXULQJ SUHJQDQF\ DQG DIWHU FKLOGELUWK D PHWDFRQWHQW
DQDO\VLVRIVWXGLHV-3V\FKRVRP5HV
149
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
3DXOV 51 2FFKLQR -$ 'U\IKRXW 9/ (IIHFWV RI SUHJQDQF\ RQ IHPDOH VH[XDO
IXQFWLRQDQGERG\LPDJH$SURVSHFWLYHVWXG\-6H[0HG
%RJUHQ /< &KDQJHV LQ VH[XDOLW\ LQ ZRPHQ DQG PHQ GXULQJ SUHJQDQF\ $UFK
6H[%HKDY
+DQDI\ 6 6URXU 1( 0RVWDID 7 )HPDOH VH[XDO G\VIXQFWLRQ DFURVV WKH WKUHH
SUHJQDQF\WULPHVWHUVDQ(J\SWLDQVWXG\6H[+HDOWK
*OD]HQHU&06H[XDOIXQFWLRQDIWHUFKLOGELUWKZRPHQVH[SHULHQFHVSHUVLVWHQW
PRUELGLW\ DQG ODFN RI SURIHVVLRQDO UHFRJQLWLRQ %U - 2EVWHW *\QDHFRO
0DVWHUV:+-RKQVRQ9(.RORGQ\5&/DUHSURGXFFLyQKXPDQD(Q0DVWHUV
:+ -RKQVRQ 9( .RORGQ\ 5& /D VH[XDOLGDG KXPDQD 9RO 1XHYD <RUN
*ULMDOER
5HDG-6H[XDOSUREOHPVDVVRFLDWHGZLWKLQIHUWLOLW\SUHJQDQF\DQGDJHLQJ%0-
+LSS /( .DQH /RZ / YDQ $QGHUV 60 ([SORULQJ ZRPHQ¶V SRVWSDUWXP
VH[XDOLW\6RFLDOSV\FKRORJLFDOUHODWLRQDODQGELUWKUHODWHGFRQWH[WXDOIDFWRUV-
6H[0HG
-RKQVRQ &( 6H[XDO KHDOWK GXULQJ SUHJQDQF\ DQG WKH SRVWSDUWXP - 6H[ 0HG
'H-XGLFLEXV 0$ 0F&DEH 03 3V\FKRORJLFDO IDFWRUV DQG WKH VH[XDOLW\ RI
SUHJQDQWDQGSRVWSDUWXPZRPHQ-6H[5HV
$ORQVR ÈOYDUH] $ 'XHxDV 0DQVR & *iQGDUD 0DUWtQ -- 2UEDUD *RQ]iOH]
$OGHDQR , 6DQWDPDUtD ,]TXLHUGR 0- 6H[XDOLGDG \ HPEDUD]R 0DGULG &DXFH
(GLWRULDO
)LVFKPDQ 6+ 5DQNLQ ($ 6RHNHQ ./ /HQ] (5 &KDQJHV LQ VH[XDO
UHODWLRQVKLSV LQ SRVWSDUWXP FRXSOHV - 2EVWHW *\QHFRO 1HRQDWDO 1XUV 6DIDULQHMDG05.RODKL$$+RVVHLQL/7KHHIIHFWRIWKHPRGHRIGHOLYHU\RQ
WKH TXDOLW\ RI OLIH VH[XDO IXQFWLRQ DQG VH[XDO VDWLVIDFWLRQ LQ SULPLSDURXV
ZRPHQDQGWKHLUKXVEDQGV-6H[0HG
150
%,%/,2*5$)Ë$
6RQJ 0 ,VKLL + 7RGD 0 7RPLPDWVX 7 .DWVX\DPD + 1DNDPXUD 7 HW DO
$VVRFLDWLRQEHWZHHQVH[XDOKHDOWKDQGGHOLYHU\PRGH6H[0HG
6LJQRUHOOR /% +DUORZ %/ &KHNRV $. 5HSNH -7 3RVWSDUWXP VH[XDO
IXQFWLRQLQJDQGLWVUHODWLRQVKLSWRSHULQHDOWUDXPDDUHWURVSHFWLYHFRKRUWVWXG\
RI SULPLSDURXV ZRPHQ $P - 2EVWHW *\QHFRO GLVFXVVLRQ
5RJHUV5*%RUGHUV1/HHPDQ/0$OEHUV//'RHVVSRQWDQHRXVJHQLWDOWUDFW
WUDXPD LPSDFW SRVWSDUWXP VH[XDO IXQFWLRQ" - 0LGZLIHU\ :RPHQV +HDOWK
/HHPDQ / )XOOLORYH $0 %RUGHUV 1 0DQRFFKLR 5 $OEHUV // 5RJHUV 5*
3RVWSDUWXPSHULQHDOSDLQLQDORZHSLVLRWRP\VHWWLQJDVVRFLDWLRQZLWKVHYHULW\
RIJHQLWDOWUDXPDODERUFDUHDQGELUWKYDULDEOHV%LUWK
%HOOR )$ 2OD\HPL 2 $LPDNKX &2 $GHNXQOH $2 (IIHFW RI SUHJQDQF\ DQG
FKLOGELUWK RQ VH[XDOLW\ RI ZRPHQ LQ ,EDGDQ 1LJHULD ,651 2EVWHWULFV DQG
*\QHFRORJ\
%RWURV60$EUDPRY<0LOOHU--6DQG3.*DQGKL61LFNRORY$HWDO(IIHFW
RI SDULW\ RQ VH[XDO IXQFWLRQ $Q LGHQWLFDO WZLQ VWXG\ 2EVWHW *\QHFRO +RVVHLQL / ,UDQ3RXU ( 6DIDULQHMDG 05 6H[XDO IXQFWLRQ RI SULPLSDURXV
ZRPHQ DIWHU HOHFWLYH FHVDUHDQ VHFWLRQ DQG QRUPDO YDJLQDO GHOLYHU\ 8URO -
'DELUL)<DEDQGHK$36KDKL$.DPMRR$7HVKQL]L6+7KHHIIHFWRIPRGH
RIGHOLYHU\RQSRVWSDUWXPVH[XDOIXQFWLRQLQJLQSULPLSDURXVZRPHQ2PDQ0HG
-
)DLVDO&XU\ $ 0HQH]HV 35 4XD\OH - 0DWLMDVHYLFK $ 'LQL] 6* 7KH
UHODWLRQVKLS EHWZHHQ PRGH RI GHOLYHU\ DQG VH[XDO KHDOWK RXWFRPHV DIWHU
FKLOGELUWK-6H[0HG
6HUDWL06DOYDWRUH66LHVWR*&DWWRQL(=DQLUDWR0.KXOODU9HWDO)HPDOH
VH[XDOIXQFWLRQGXULQJSUHJQDQF\DQGDIWHUFKLOGELUWK-6H[0HG
.D\QHU &( =DJDU -$ %UHDVWIHHGLQJ DQG VH[XDO UHVSRQVH - )DP 3UDFW
151
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
$YHU\ 0' 'XFNHWW / )UDQW]LFK &5 7KH H[SHULHQFH RI VH[XDOLW\ GXULQJ
EUHDVWIHHGLQJ DPRQJ SULPLSDURXV ZRPHQ - 0LGZLIHU\ :RPHQV +HDOWK
&KD\DFKLQGD & 7LWDSDQW 9 8QJNDQXQJGHFKD $ '\VSDUHXQLD DQG VH[XDO
G\VIXQFWLRQDIWHUYDJLQDOGHOLYHU\LQ7KDLSULPLSDURXVZRPHQZLWKHSLVLRWRP\
-6H[0HG
/DJDQj $6 %XUJLR 0$ &LDQFLPLQR / 6LFLOLD $ 3L]]R $ 0DJQR & HW DO
(YDOXDWLRQ RI UHFRYHU\ DQG TXDOLW\ RI VH[XDO DFWLYLW\ LQ ZRPHQ GXULQJ
SRVWSDUWXPLQUHODWLRQWRWKHGLIIHUHQWPRGHRIGHOLYHU\DUHWURVSHFWLYHDQDO\VLV
0LQHUYD*LQHFRO
$KPHG 05 0DGQ\ (+ 6D\HG $KPHG :$ 3UHYDOHQFH RI IHPDOH VH[XDO
G\VIXQFWLRQGXULQJSUHJQDQF\DPRQJ(J\SWLDQZRPHQ-2EVWHW*\QDHFRO5HV
)R[16*HOEHU6(&KDVHQ673K\VLFDODQGVH[XDODFWLYLW\GXULQJSUHJQDQF\
DQGQHDUGHOLYHU\-:RPHQV+HDOWK
)HKQLJHU-(%URZQ-6&UHDVPDQ-09DQ'HQ(HGHQ6.7KRP '+6XEDN
// HW DO &KLOGELUWK DQG IHPDOH VH[XDO IXQFWLRQ ODWHU LQ OLIH 2EVWHW *\QHFRO
/HLWH $3 &DPSRV $$ 'LDV $5 $PHG $0 'H 6RX]D ( &DPDQR /
3UHYDOHQFH RI VH[XDO G\VIXQFWLRQ GXULQJ SUHJQDQF\ 5HY $VVRF 0HG %UDV
(U\LOPD]*(JH(=LQFLU+)DFWRUVDIIHFWLQJVH[XDOOLIHGXULQJSUHJQDQF\LQ
HDVWHUQ7XUNH\*\QHFRO2EVWHW,QYHVW
.DGUL10F+LFKL$ODPL.+0F+DNUD7DKLUL66H[XDOG\VIXQFWLRQLQZRPHQ
SRSXODWLRQ EDVHG HSLGHPLRORJLFDO VWXG\ $UFK :RPHQV 0HQW +HDOWK
5DR.9'HPDULV$&RLWDOIUHTXHQF\DPRQJPDUULHGDQGFRKDELWLQJFRXSOHVLQ
WKH8QLWHG6WDWHV-%LRVRF6FL
:LWWLQJ.6DQWWLOD3$ODQNR.+DUODDU1-HUQ3-RKDQVVRQ$HWDO)HPDOH
VH[XDO IXQFWLRQ DQG LWV DVVRFLDWLRQV ZLWK QXPEHU RI FKLOGUHQ SUHJQDQF\ DQG
UHODWLRQVKLSVDWLVIDFWLRQ-6H[0DULWDO7KHU
152
%,%/,2*5$)Ë$
6WHHJH -) -HORYVHN )5 6H[XDO EHKDYLRU GXULQJ SUHJQDQF\ 2EVWHW *\QHFRO
/LX +/ +VX 3 &KHQ .+ 6H[XDO DFWLYLW\ GXULQJ SUHJQDQF\ LQ 7DLZDQ $
TXDOLWDWLYHVWXG\6H[0HG
7DQJ & 6LX %1 /DL ) &KHQ 7 +HWHURVH[XDO &KLQHVH ZRPHQV VH[XDO
DGMXVWPHQWDIWHUJ\QDHFRORJLFFDQFHU-6H[5HV
+DLQHV &- 6KDQ <2 .XHQ &/ /HXQJ '+ &KXQJ 7. &KLQ 5 HW DO 6H[XDO
EHKDYLRU LQ SUHJQDQF\ DPRQJ +RQJ .RQJ &KLQHVH ZRPHQ - 3V\FKRVRP 5HV
DO%XVWDQ0$HO7RPL1))DLZDOOD0)0DQDY90DWHUQDOVH[XDOLW\GXULQJ
SUHJQDQF\ DQG DIWHU FKLOGELUWK LQ 0XVOLP .XZDLWL ZRPHQ $UFK 6H[ %HKDY
=XOX (0 (WKQLF YDULDWLRQV LQ REVHUYDQFH DQG UDWLRQDOH IRU SRVWSDUWXP VH[XDO
DEVWLQHQFHLQ0DODZL'HPRJUDSK\
+DVVLJ 6( %HUWUDQG -7 'MXQJKX % .LQ]RQL 0 0DQJDQL 1 'XUDWLRQ DQG
FRUUHODWHV RI SRVWSDUWXP DEVWLQHQFH LQ IRXU VLWHV LQ =DLUH 6RF 6FL 0HG
2ERUR 92 7DERZHL 72 6H[XDO IXQFWLRQ DIWHU FKLOGELUWK LQ 1LJHULDQ ZRPHQ
,QW-*\QDHFRO2EVWHW
6REHFNL -1 &XUOLQ )$ 5DVLQVNL .$ /LQGDX 67 :KDW ZH GRQ
W WDON DERXW
ZKHQ ZH GRQ
W WDON DERXW VH[ UHVXOWV RI D QDWLRQDO VXUYH\ RI 86
REVWHWULFLDQJ\QHFRORJLVWV-6H[0HG
&RUEDFLRJOX (VPHU $ $NFD $ $NED\LU 2 *RNVHGHI %3 %DNLU 9/ )HPDOH
VH[XDO IXQFWLRQ DQG DVVRFLDWHG IDFWRUV GXULQJ SUHJQDQF\ - 2EVWHW *\QDHFRO
5HV
3HUNLQV 53 6H[XDO EHKDYLRU DQG UHVSRQVH LQ UHODWLRQ WR FRPSOLFDWLRQV RI
SUHJQDQF\$P-2EVWHW*\QHFRO
:DJQHU 11 %XWOHU -& 6DQGHUV -3 3UHPDWXULW\ DQG RUJDVPLF FRLWXV GXULQJ
SUHJQDQF\GDWDRQDVPDOOVDPSOH)HUWLO6WHULO
-RQHV&&KDQ&)DULQH'6H[LQSUHJQDQF\&0$-
153
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
*UXG]LQNDV -* :DWVRQ & &KDUG 7 'RHV VH[XDO LQWHUFRXUVH FDXVH IHWDO
GLVWUHVV"/DQFHW
*RRGOLQ 5& )DFRJ ' .HOOHU ' 5DIILQ 0 2UJDVP GXULQJ ODWH SUHJQDQF\
SRVVLEOHGHOHWHULRXVHIIHFWV2EVWHW*\QHFRO
1DH\H 5/ &RLWXV DQG DVVRFLDWHG DPQLRWLFIOXLG LQIHFWLRQV 1 (QJODQG - 0HG
6D\OH $( 6DYLW] '$ 7KRUS -0 -U +HUW]3LFFLRWWR , :LOFR[ $- 6H[XDO
DFWLYLW\ GXULQJ ODWH SUHJQDQF\ DQG ULVN RI SUHWHUP GHOLYHU\ 2EVWHW *\QHFRO
*HRUJDNRSRXORV 3$ 'RGRV ' 0HFKOHULV ' 6H[XDOLW\ LQ SUHJQDQF\ DQG
SUHPDWXUHODERXU%U-2EVWHW*\QDHFRO
0LOOV-/+DUODS6+DUOH\((6KRXOGFRLWXVODWHLQSUHJQDQF\EHGLVFRXUDJHG"
/DQFHW
.XUNL 7 <OLNRUNDOD 2 &RLWXV GXULQJ SUHJQDQF\ LV QRW UHODWHG WR EDFWHULDO
YDJLQRVLVRUSUHWHUPELUWK$P-2EVWHW*\QHFRO
7DQ3&<RZ&02PDU6=&RLWXVDQGRUJDVPDWWHUPHIIHFWRQVSRQWDQHRXV
ODERXUDQGSUHJQDQF\RXWFRPH6LQJDSRUH0HG-
(NZR (( *RVVHOLQN &$ :RROVRQ 5 0RDZDUG $ /RQJ &5 &RLWXV ODWH LQ
SUHJQDQF\ ULVN RI SUHWHUP UXSWXUH RI DPQLRWLF VDF PHPEUDQHV $P - 2EVWHW
*\QHFRO
7UXKODU $ &HUQ\ 9 'RVWDO 3 6RODU 0 3DUL]NRYD 5 +UXED , HW DO 2XWRI
KRVSLWDO FDUGLDF DUUHVW IURP DLU HPEROLVP GXULQJ VH[XDO LQWHUFRXUVH FDVH
UHSRUWDQGUHYLHZRIWKHOLWHUDWXUH5HVXVFLWDWLRQ
%DWPDQ 3$ 7KRPOLQVRQ - 0RRUH 9& 6\NHV 5 'HDWK GXH WR DLU HPEROLVP
GXULQJVH[XDOLQWHUFRXUVHLQSXHUSHULXP3RVWJUDG0HG-
6iQFKH] -0 0LODP 05 7RPOLQVRQ 70 %HDUGVOHH 0$ &DUGLDF WURSRQLQ ,
HOHYDWLRQDIWHURURJHQLWDOVH[GXULQJSUHJQDQF\2EVWHW*\QHFRO3W
%URZQ +/ $LU HPEROLVP GXULQJ SUHJQDQF\ 2EVWHW *\QHFRO 3W
154
%,%/,2*5$)Ë$
5RVHQ 5 %URZQ & +HLPDQ - /HLEOXP 6 0HVWRQ & 6KDEVLJK 5 HW DO 7KH
)HPDOH6H[XDO)XQFWLRQ,QGH[)6),DPXOWLGLPHQVLRQDOVHOIUHSRUWLQVWUXPHQW
IRU WKH DVVHVVPHQW RI IHPDOH VH[XDO IXQFWLRQ - 6H[ 0DULWDO 7KHU 2YLHGR+&&DPSR$ULDV$$Q$SSURDFKWRWKH8VHRI&URQEDFK
V$OID5HY
&RORPE3VLTXLDWU
*UHHQODQG60RGHOLQJDQGYDULDEOHVHOHFWLRQLQHSLGHPLRORJLFDQDO\VLV$P-
3XEOLF+HDOWK
'HFODUDFLyQGH+HOVLQNLGHOD$VRFLDFLyQ0pGLFD0XQGLDO3ULQFLSLRVpWLFRV
SDUDODVLQYHVWLJDFLRQHVPpGLFDVHQVHUHVKXPDQRV
KWWSZZZZPDQHWHVSXEOLFDWLRQVSROLFLHVELQGH[KWPOFRQVXOWDGR
GHHQHURGH
&RQYHQLR SDUD OD SURWHFFLyQ GH ORV GHUHFKRV KXPDQRV \ OD GLJQLGDG GHO VHU
KXPDQRFRQUHVSHFWRDODVDSOLFDFLRQHVGHOD%LRORJtD\OD0HGLFLQD&RQYHQLR
UHODWLYRDORVGHUHFKRVKXPDQRV\ODELRPHGLFLQD2YLHGRGHDEULOGH
KWWSVZZZERHHVERHGLDVSGIV$SGIFRQVXOWDGR
GHHQHURGH
/H\2UJiQLFDGLFLHPEUH3URWHFFLyQGH'DWRVGH&DUiFWHU3HUVRQDO
KWWSVZZZERHHVERHGLDVSGIV$SGIFRQVXOWDGR
GHHQHURGH
(VFXGHUR 5 )ORULGR - &UX] 0 &RQVXHJUD $ &DxR $ &DUUHWHUR 3 6H[XDO
EHKDYLRXU LQ SUHJQDQF\ 3UHOLPLQDU\ FRPPXQLFDWLRQ (Q WK ,QWHUQDWLRQDO
&RQIHUHQFH RI 3VLFKRVRPDWLF 2EVWHWULFV DQG *\QDHFRORJ\ (GLQEXUJK
6FRWODQG0HGLPRQGS
(VFXGHUR5LYDV5*DUULJRVD5RPHUR/&DUUHWHUR/XFHQD3&UX]0DUWtQH]0
3DUGLOOR3LODU6,QIOXHQFLDGHYDULDEOHVVRFLRGHPRJUiILFDVHQODVPRGLILFDFLRQHV
GHODVH[XDOLGDGGXUDQWHODJHVWDFLyQ3URJ2EVWHW*LQHFRO
&RQQROO\ $0 7KRUS - 3DKHO / (IIHFWV RI SUHJQDQF\ DQG FKLOGELUWK RQ
SRVWSDUWXPVH[XDOIXQFWLRQDORQJLWXGLQDOSURVSHFWLYHVWXG\,QW8URJ\QHFRO-
&KDQJ 65 &KHQ .+ /LQ ++ <X +- &RPSDULVRQ RI RYHUDOO VH[XDOIXQFWLRQ
VH[XDOLQWHUFRXUVHDFWLYLW\VH[XDOVDWLVIDFWLRQDQGVH[XDOGHVLUHGXULQJWKHWKUHH
155
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
WULPHVWHUV RI SUHJQDQF\ DQG DVVHVVPHQW RI WKHLU GHWHUPLQDQWV - 6H[ 0HG
*Dáą]ND,'URVG]RO&RS$1DZRUVND%&]DMNRZVND06NU]\SXOHF3OLQWD9
&KDQJHV LQWKH VH[XDO IXQFWLRQ GXULQJ SUHJQDQF\ - 6H[ 0HG 5REVRQ.0%UDQW+$.XPDU50DWHUQDOVH[XDOLW\GXULQJILUVWSUHJQDQF\DQG
DIWHUFKLOGELUWK%U-2EVWHW*\QDHFRO
.OHLQ0&*DXWKLHU5-5REELQV-0.DF]RURZVNL--RUJHQVHQ6+)UDQFR('
HW DO 5HODWLRQVKLS RI HSLVLRWRP\ WR SHULQHDO WUDXPD DQG PRUELGLW\ VH[XDO
G\VIXQFWLRQDQGSHOYLFIORRUUHOD[DWLRQ$P-2EVWHW*\QHFRO
*UXV]HFNL / )RUFKXN & )LVKHU :$ )DFWRUV DVVRFLDWHG ZLWK FRPPRQ VH[XDO
FRQFHUQ LQ ZRPHQ 1HZ ILQGLQJV IURP WKH &DQDGLDQ FRQWUDFHSWLRQ VWXG\ 7KH
&DQDGLDQ-RXUQDORI+XPDQ6H[XDOLW\
%\UG-(+\GH-6'H/DPDWHU-'3ODQW($6H[XDOLW\GXULQJSUHJQDQF\DQGWKH
\HDUSRVWSDUWXP-)DP3UDFW
%HUJKHOOD9.OHEDQRII00F3KHUVRQ&&DUH\-&+DXWK-&(UQHVW-0HWDO
6H[XDO LQWHUFRXUVH DVVRFLDWLRQ ZLWK DV\PSWRPDWLF EDFWHULDO YDJLQRVLV DQG
7ULFKRPRQDV YDJLQDOLV WUHDWPHQW LQ UHODWLRQVKLS WR SUHWHUP ELUWK $P - 2EVWHW
*\QHFRO
1HLOVRQ -3 0XWDPELUD 0 &RLWXV WZLQ SUHJQDQF\ DQG SUHWHUP ODERU $P -
2EVWHW*\QHFRO
<RVW 13 2ZHQ - %HUJKHOOD 9 7KRP ( 6ZDLQ 0 'LOG\ *$ UG 1DWLRQDO
,QVWLWXWH RI &KLOG +HDOWK DQG +XPDQ 'HYHORSPHQW 0DWHUQDO)HWDO 0HGLFLQH
8QLWV 1HWZRUN (IIHFW RI FRLWXV RQ UHFXUUHQW SUHWHUP ELUWK 2EVWHW *\QHFRO
7RUNHVWDQL)+DGDYDQG6+.KRGDVKHQDVH=%HVKDUDW6'DYDWL$.DULPL=
HWDO)UHTXHQF\DQG3HUFHSWLRQRI6H[XDO$FWLYLW\GXULQJ3UHJQDQF\LQ,UDQLDQ
&RXSOHV,QW-)HUWLO6WHULO
3HWULGRX(6DOYDQRV+6NDONLGRX$'HVV\SULV10RXVWDNL07ULFKRSRXORV
'$UHWKHUHFRPPRQWULJJHUVRISUHWHUPGHOLYHULHV"%-2*
156
%,%/,2*5$)Ë$
5D\EXUQ:):LOVRQ($&RLWDODFWLYLW\DQGSUHPDWXUHGHOLYHU\$P-2EVWHW
*\QHFRO
5HDG -6 .OHEDQRII 0$ 6H[XDO LQWHUFRXUVH GXULQJ SUHJQDQF\ DQG SUHWHUP
GHOLYHU\ HIIHFWV RI YDJLQDO PLFURRUJDQLVPV 7KH 9DJLQDO ,QIHFWLRQV DQG
3UHPDWXULW\6WXG\*URXS$P-2EVWHW*\QHFRO
6XOWDQ $+ .DPP 0$ +XGVRQ &1 3XGHQGDO QHUYH GDPDJH GXULQJ ODERXU
SURVSHFWLYH VWXG\ EHIRUH DQG DIWHU FKLOGELUWK %U - 2EVWHW *\QDHFRO
$OOHQ 5( +RVNHU */ 6PLWK $5 :DUUHOO ': 3HOYLF IORRU GDPDJH DQG
FKLOGELUWKDQHXURSK\VLRORJLFDOVWXG\%U-2EVWHW*\QDHFRO
.OHLQ.:RUGD&/HLSROG+*UXEHU&+XVVOHLQ3:HQ]O5'RHVWKHPRGH
RI GHOLYHU\ LQIOXHQFH VH[XDO IXQFWLRQ DIWHU FKLOGELUWK" - :RPHQV +HDOWK
/DUFKPW
+LFNV7/*RRGDOO6)4XDWWURQH(0/\GRQ5RFKHOOH073RVWSDUWXPVH[XDO
IXQFWLRQLQJ DQG PHWKRG RI GHOLYHU\ VXPPDU\ RI WKH HYLGHQFH - 0LGZLIHU\
:RPHQV+HDOWK
%DUUHWW * 3HDFRFN - 9LFWRU &5 0DQ\RQGD , &HVDUHDQ VHFWLRQ DQG SRVWQDWDO
VH[XDOKHDOWK%LUWK
'H 6RX]D $ 'Z\HU 3/ &KDULW\ 0 7KRPDV ( )HUUHLUD & 6FKLHUOLW] / 7KH
HIIHFWV RI PRGH GHOLYHU\ RQ SRVWSDUWXP VH[XDO IXQFWLRQ D SURVSHFWLYH VWXG\
%-2*
(LG0$6D\HG$$EGHO5HKLP50RVWDID7,PSDFWRIWKHPRGHRIGHOLYHU\
RQIHPDOHVH[XDOIXQFWLRQDIWHUFKLOGELUWK,QW-,PSRW5HV
/XULH 6 $L]HQEHUJ 0 6XOHPD 9 %RD] 0 .RYR 0 *RODQ $ HW DO 6H[XDO
IXQFWLRQ DIWHU FKLOGELUWK E\ WKH PRGH RI GHOLYHU\ D SURVSHFWLYH VWXG\ $UFK
*\QHFRO2EVWHW
5nGHVWDG , 2OVVRQ $ 1LVVHQ ( 5XEHUWVVRQ & 7HDUV LQ WKH YDJLQD SHULQHXP
VSKLQFWHU DQL DQG UHFWXP DQG ILUVW VH[XDO LQWHUFRXUVH DIWHU FKLOGELUWK D
QDWLRQZLGHIROORZXS%LUWK
157
02',),&$&,21(6'(/&203257$0,(1726(;8$/'(/$08-(5'85$17((/(0%$5$=2<(/38(53(5,2
%XKOLQJ .- 6FKPLGW 6 5RELQVRQ -1 .ODSS & 6LHEHUW * 'XGHQKDXVHQ -:
5DWHRIG\VSDUHXQLDDIWHUGHOLYHU\LQSULPLSDUDHDFFRUGLQJWRPRGHRIGHOLYHU\
(XU-2EVWHW*\QHFRO5HSURG%LRO
*XQJRU 6 %DVHU , &H\KDQ 6 .DUDVDKLQ ( $FLNHO &+ 0RGH RI GHOLYHU\ DQG
VXEVHTXHQW ORQJWHUP VH[XDO IXQFWLRQ RI SULPLSDURXV ZRPHQ ,QW - ,PSRW 5HV
+DQQDK0(:K\WH++DQQDK:-+HZVRQ6$PDQNZDK.&KHQJ07HUP
%UHHFK 7ULDO &ROODERUDWLYH *URXS 0DWHUQDO RXWFRPHV DW \HDUVDIWHU SODQQHG
FHVDUHDQVHFWLRQYHUVXVSODQQHGYDJLQDOELUWKIRUEUHHFKSUHVHQWDWLRQDWWHUPWKH
LQWHUQDWLRQDO UDQGRPL]HG 7HUP %UHHFK 7ULDO $P - 2EVWHW *\QHFRO (MHJnUG + 5\GLQJ (/ 6MRJUHQ % 6H[XDOLW\ DIWHU GHOLYHU\ ZLWKHSLVLRWRP\ D
ORQJWHUPIROORZXS*\QHFRO2EVWHW,QYHVW
)DXFRQQLHU$*ROW]HQH$,VVDUWHO)-DQVH0DUHF-%ORQGHO%)ULWHO;/DWH
SRVWSDUWXPG\VSDUHXQLDGRHVGHOLYHU\SOD\DUROH"3URJ8URO
0LQNRII+&KHUYHQDN)$(OHFWLYHSULPDU\FHVDUHDQGHOLYHU\1(QJO-0HG
%R]NXUW 0 <XPUX $( ùDKLQ / 3HOYLF IORRU G\VIXQFWLRQ DQG HIIHFWV RI
SUHJQDQF\ DQG PRGH RI GHOLYHU\ RQ SHOYLF IORRU 7DLZDQ - 2EVWHW *\QHFRO
+DUWPDQQ.9LVZDQDWKDQ03DOPLHUL5*DUWOHKQHU*7KRUS--U/RKU.1
2XWFRPHV RI URXWLQH HSLVLRWRP\ D V\VWHPDWLF UHYLHZ -$0$ <HH /0 .DLPDO $- 1DNDJDZD 6 +RXVWRQ . .XSSHUPDQQ 0 3UHGLFWRUV RI
SRVWSDUWXP VH[XDO DFWLYLW\ DQG IXQFWLRQ LQ D GLYHUVH SRSXODWLRQ RI ZRPHQ -
0LGZLIHU\:RPHQV+HDOWK
6HUDWL 0 6DOYDWRUH 6 .KXOODU 9 8FFHOOD 6 %HUWHOOL ( *KH]]L ) HW DO
3URVSHFWLYHVWXG\WRDVVHVVULVNIDFWRUIRUSHOYLFIORRUG\VIXQFWLRQDIWHUGHOLYHU\
$FWD2EVWHW*\QHFRO6FDQG
158
Descargar