RVP$QWRQLR 5 Hjrgyq 0 DWHRV

2%7(1&,1<&$5$&7(5,=$&,1'(
&(3$6$87&721$6'(/(9$'85$6
3$5$/$(/$%25$&,1
(67$1'$5,=$'$'(9,126'(
&$/,'$'
-RVp$QWRQLR5HJRGyQ0DWHRV
Edita: Universidad de Extremadura

Servicio de Publicaciones
c/ Caldereros 2, Planta 3
Cceres 10071
Correo e.: publicac@unex.es
http://www.pcid.es/public.htm
81,9(56,'$''((;75(0$'85$
'SWRGH%LRORJtD\3URGXFFLyQGHORV9HJHWDOHV
2%7(1&,1<&$5$&7(5,=$&,1'(&(3$6
$87&721$6'(/(9$'85$63$5$/$
(/$%25$&,1(67$1'$5,=$'$'(9,126'(
&$/,'$'
$XWRU-RVp$QWRQLR5HJRGyQ0DWHRV
'LUHFWRUHV&RQFKDGH0LJXHO*RUGLOOR\0DQXHO5DPtUH])HUQiQGH]
1',&(
,1752'8&&,1
0LFURRUJDQLVPRVLPSOLFDGRVHQODHODERUDFLyQGHOYLQR
$LVODPLHQWRHLGHQWLILFDFLyQGHODVOHYDGXUDVYtQLFDV
2ULJHQGHODVOHYDGXUDVGHOYLQR
&LQpWLFDGHODVIHUPHQWDFLRQHVHVSRQWiQHDV
'LQiPLFDGHODVSREODFLRQHVGHOHYDGXUDVHQIHUPHQWDFLRQHVHVSRQWiQHDV
9LQLILFDFLyQFRQOHYDGXUDVVHOHFFLRQDGDV
9HQWDMDVGHODXWLOL]DFLyQGHOHYDGXUDVVHOHFFLRQDGDV
0RGRGHXWLOL]DFLyQGHODVOHYDGXUDVVHOHFFLRQDGDV
&DUDFWHUtVWLFDV TXH GHEHQ UHXQLU SRU ODV OHYDGXUDV VHOHFFLRQDGDV SDUD VX XVR HQ
HQRORJtD
3URGXFFLyQPtQLPDGHDFLGH]YROiWLO
3URGXFFLyQ GH HWDQRO HQ FDQWLGDGHV DGHFXDGDV D OD ULTXH]D D]XFDUDGD GH ORV
PRVWRV
$GHFXDGDYHORFLGDGGHIHUPHQWDFLyQGHOPRVWR\UiSLGDLPSRVLFLyQGHVSXpVGH
ODIHUPHQWDFLyQYLJRUIHUPHQWDWLYR
7ROHUDQFLDDWHPSHUDWXUDVH[WUHPDVDOWDVREDMDV
5HVLVWHQFLDDODQKtGULGRVXOIXURVR62
%DMDSURGXFFLyQGHDQKtGULGRVXOIXURVR62
%DMDSURGXFFLyQGHVXOIKtGULFR+6
$OWDYHORFLGDGGHVHGLPHQWDFLyQ\FDSDFLGDGGHIORFXODU
%DMDIRUPDFLyQGHHVSXPD
3UHVHQFLDGHIHQRWLSRPDWDGRUNLOOHU
%DMDSURGXFFLyQGHDFHWDOGHKLGR
3URGXFFLyQGHJOLFHURODGHFXDGD
3URGXFFLyQDGHFXDGDGHDFHWDWRGHHWLOR\DOFRKROHVVXSHULRUHV
$VLPLODFLyQGHVXVWDQFLDVQLWURJHQDGDV6tQWHVLV\H[FUHFLyQGHDPLQRiFLGRV\
GHULYDGRVDPtQLFRV
/DYLWLYLQLFXOWXUDHQ([WUHPDGXUD
(OYLxHGR
&RPDUFDVYLWLYLQtFRODV&DUDFWHUtVWLFDVGHVXVPRVWRV\YLQRV
%RGHJDV
3URGXFFLyQGHYLQR
,PSRUWDQFLDVRFLDO\SUREOHPiWLFDGHODYLWLYLQLFXOWXUDHQ([WUHPDGXUD
0HMRUDGHODFDOLGDGGHOYLQR
0HMRUDJHQpWLFD
'RWDFLyQJHQpWLFDGH6FHUHYLVLDH
3URFHVRGHPHMRUDJHQpWLFD
7pFQLFDVSDUDODPHMRUDJHQpWLFD
0XWDJpQHVLV
+LEULGDFLyQ
7UDQVIHUHQFLDGHPDWHULDOJHQpWLFR
0HMRUD JHQpWLFD GH OHYDGXUDV YtQLFDV LQGXVWULDOHV SRU HOLPLQDFLyQ GH DOHORV
GHOHWpUHRVGHJHQHVLPSOLFDGRVHQHOFUHFLPLHQWRFHOXODU
2EMHWLYRV
0$7(5,$/(6
&HSDV
0RVWRV
0HGLRVGHFXOWLYR
$FWLYDGRUGHIHUPHQWDFLyQ
5HDFWLYRVTXtPLFRV
0e72'26
5HFRJLGDGHPXHVWUDV
7pFQLFDVGHDLVODPLHQWR\FRQVHUYDFLyQGHODVOHYDGXUDV
,GHQWLILFDFLyQGHODVFHSDVDLVODGDV
0RUIRORJtDFHOXODU\GHODFRORQLD
3UXHEDVELRTXtPLFDV
3UXHEDVILVLROyJLFDV
&DUDFWHUL]DFLyQGHODVOHYDGXUDVDLVODGDV
7DPDxRGHODVFRORQLDVGHODVOHYDGXUDVHQGLVWLQWRVPHGLRV
&UHFLPLHQWRHQJOXFRVDDDOWDVFRQFHQWUDFLRQHV
&DUDFWHUHVGHFUHFLPLHQWRHQPRVWR
5HVLVWHQFLDDDQKtGULGRVXOIXURVR
'HWHUPLQDFLyQGHOFDUiFWHUNLOOHU
)HUPHQWDFLRQHVDGLVWLQWDVWHPSHUDWXUDV
0LFURYLQLILFDFLRQHVHQODERUDWRULR
9LQLILFDFLRQHVHQERGHJD
$QiOLVLVVHQVRULDO
0pWRGRVDQDOtWLFRV
7XUELGH]
*UDGRV%UL[
'HQVLGDGUHODWLYD
S+
$FLGH]WRWDO
$FLGH]YROiWLO
$FLGH]ILMD
$]~FDUHVUHGXFWRUHV
62 WRWDO
62 OLEUH
+6
(WDQRO
*UDGRDOFRKyOLFR
*OLFHURO
3URWHtQDV
$FHWDOGHKLGR
$FHWDWRGHHWLOR\DOFRKROHVVXSHULRUHV
$PLQRiFLGRV\GHULYDGRVDPtQLFRV
0HMRUD JHQpWLFD

2EWHQFLyQGHFHSDVPiVUHVLVWHQWHVDEDMDVWHPSHUDWXUDV
2EWHQFLyQGHFHSDVPiVUHVLVWHQWHVDDOWDVWHPSHUDWXUDV
2EWHQFLyQGHPXWDQWHVHVSRQWiQHRVHQPHGLRVyOLGR
2EWHQFLyQGHPXWDQWHVHVSRQWiQHRVHQPRVWR
$QiOLVLVGHSURGXFWRVPHLyWLFRV\HOLPLQDFLyQGHJHQHVGHOHWpUHRV

0LFURPDQLSXODFLyQGHODVWpWUDGDV
(VWXGLRGHOJUDGRGHKHWHURFLJRVLVGHODVOHYDGXUDV
)HUPHQWDFLRQHVGHPO FRQODVFRORQLDVSURFHGHQWHVGHODVHVSRUDV
\VXVFRUUHVSRQGLHQWHVSDUHQWDOHV
0LFURYLQLILFDFLRQHV FRQ DOJXQDV GH ODV OHYDGXUDV KLMDV \ VXV
SDUHQWDOHV
0pWRGRVLQIRUPiWLFRVHVWDGtVWLFRV
5(68/7$'26<',6&86,1
&$378/2 , $,6/$0,(172 ,'(17,),&$&,1 < &$5$&7(5,=$&,1 '(
/$6/(9$'85$6
$LVODPLHQWRHLGHQWLILFDFLyQGHODVOHYDGXUDV
7DPDxRGHODVFRORQLDVHQGLVWLQWRVPHGLRV
&UHFLPLHQWRHQDOWDVFRQFHQWUDFLRQHVGHJOXFRVD
(VWXGLRGHOIHQRWLSRNLOOHU
&$378/2,,6(/(&&,1'(/$6/(9$'85$6<(16$<26(1%2'(*$
3UHVHOHFFLyQGHODVOHYDGXUDVDLVODGDV

(IHFWR GH OD WHPSHUDWXUD HQ IHUPHQWDFLRQHV GH PRVWR FRQ ODV OHYDGXUDV
SUHVHOHFFLRQDGDV
5HODFLyQHQWUHHOWDPDxRGHODFRORQLD\HOYLJRUIHUPHQWDWLYR
$QiOLVLV GH ORV SULQFLSDOHV SDUiPHWURV HQROyJLFRV HQ ORV YLQRV HODERUDGRV FRQ ODV
FHSDVSUHVHOHFFLRQDGDV
6HOHFFLyQGHODVFHSDVPiVDSURSLDGDVSDUDYLQLILFDFLyQ
0LFURYLQLILFDFLRQHVHQODERUDWRULRFRQODVOHYDGXUDVVHOHFFLRQDGDV
9LQLILFDFLyQGHPRVWR3DUHOODGDHVWpULO9/
9LQLILFDFLyQGHPRVWR3DUGLQD9/
9LQLILFDFLyQGHPRVWR*DUQDFKD7LQWRUHUD9/
9LQLILFDFLyQGHPRVWR&DEHUQHW6DXYLJQRQ9/
9LQLILFDFLyQGHPRVWR&DEHUQHW6DXYLJQRQ0HUORW9/
'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVGHODERUDWRULR9/D
9/
6HOHFFLyQILQDO\FDUDFWHUtVWLFDVGHODVFHSDVVHOHFFLRQDGDV

9DOLGDFLyQGHOPpWRGRGHVHOHFFLyQ
8WLOLGDGGHODVOHYDGXUDVVHOHFFLRQDGDVHQYLQLILFDFLRQHVLQGXVWULDOHV
9LQLILFDFLyQGHPRVWR&D\HWDQD0RULVFD9%
9LQLILFDFLyQGHPRVWR&D\HWDQD9%
9LQLILFDFLyQGHPRVWR*DUQDFKD7LQWRUHUD0HUORW9%
'LVFXVLyQ GH ORV UHVXOWDGRV REWHQLGRV HQ ODVYLQLILFDFLRQHVHQERGHJD9%D
9%
'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQWRGDVODVYLQLILFDFLRQHV

&$378/2 ,,, 92/7,/(6 0$<25,7$5,26 $0,12&,'26 < '(5,9$'26
$01,&26
9LQLILFDFLyQFRQPRVWR3DUHOODGDHVWpULO9/
9LQLILFDFLyQFRQPRVWR3DUGLQD9/
9LQLILFDFLyQFRQPRVWR*DUQDFKD7LQWRUHUD9/
9LQLILFDFLyQFRQPRVWR&DEHUQHW6DXYLJQRQ9/
9LQLILFDFLyQFRQPRVWR&DEHUQHW6DXYLJQRQ0HUORW9/
'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVGHODERUDWRULR9/D
9/
9LQLILFDFLyQFRQPRVWR&D\HWDQD0RULVFD9%
9LQLILFDFLyQFRQPRVWR&D\HWDQD9%
9LQLILFDFLyQFRQPRVWR*DUQDFKD7LQWRUHUD0HUORW9%

'LVFXVLyQGHORV UHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVHQERGHJD9%D
9%

&$378/2,90(-25$*(1e7,&$

6HOHFFLyQGHPXWDQWHVHVSRQWiQHRVHQ<3'
6HOHFFLyQGHPXWDQWHVHVSRQWiQHRVHQPRVWR
0HMRUD JHQpWLFD GH ODV OHYDGXUDV YtQLFDV LQGXVWULDOHV SRU HOLPLQDFLyQ GH DOHORV
GHOHWpUHRVHLQFUHPHQWRGHOJUDGRGHKRPRFLJRVLV
*UDGRGHKRPRFLJRVLV\SUHVHQFLDGHJHQHVGHOHWpUHRVHQOHYDGXUDVDXWyFWRQDV
H[WUHPHxDV
,QIOXHQFLD GH ORV JHQHV GHOHWpUHRV \ HO JUDGR GH KRPRFLJRVLV HQ OD HILFDFLD
ELROyJLFD\HQODVSURSLHGDGHVHQROyJLFDVGHODVOHYDGXUDV
&21&/86,21(6
$*5$'(&,0,(1726
%,%/,2*5$)$
,1752'8&&,1
,QWURGXFFLyQ
0LFURRUJDQLVPRVLPSOLFDGRVHQODHODERUDFLyQGHOYLQR
/DPLFURELRORJtDHQROyJLFDWLHQHVXRULJHQHQORVHVWXGLRVGH/RXLV3DVWHXUHOFXDOHQ
GHPRVWUy TXH ODV OHYDGXUDV HUDQ ODV UHVSRQVDEOHV GH OD IHUPHQWDFLyQ DOFRKyOLFD GHO
PRVWR \ TXH FLHUWDV HVSHFLHV GH EDFWHULDV HUDQ FDXVDQWHV GHO GHWHULRUR GH ORV YLQRV 'HVGH
HQWRQFHVODPLFURELRORJtDGHODYLQLILFDFLyQKDVLGRH[WHQVDPHQWHHVWXGLDGD\HQFRQVHFXHQFLD
VH KD UHYHODGR OD JUDQ FRPSOHMLGDG GH OD HFRORJtD GH ODV IHUPHQWDFLRQHV %iVLFDPHQWH OD
IHUPHQWDFLyQ GH ORV PRVWRV HV XQ SURFHVR HQ HO TXH SXHGHQ LQWHUYHQLU GLYHUVDV HVSHFLHV GH
OHYDGXUDV RWURV KRQJRV EDFWHULDV \ VXV UHVSHFWLYRV YLUXV /D FDSDFLGDG SDUD GHWHUPLQDU OD
SUHVHQFLD GH HVWDV HVSHFLHV HQ ODV XYDV YLQRV ERGHJDV HWF HV IXQGDPHQWDO SDUD SRGHU
HQWHQGHUHOSURFHVRGHIRUPDFLyQGHXQYLQRPHMRUDUVXFDOLGDG\SUHYHQLUODVDOWHUDFLRQHVGH
RULJHQPLFURELDQR
/DV OHYDGXUDV GHO YLQR VRQ $VFRP\FHWHV HVSRUyJHQDV \ 'HXWHURP\FHWHV QR
HVSRUyJHQDV (Q VX QLFKR HFROyJLFR VH HQFXHQWUDQ D PHQXGR DVRFLDGDV FRQ KRQJRV
ILODPHQWRVRV \ EDFWHULDV OiFWLFDV \ DFpWLFDV /DV OHYDGXUDV VRQ ORV PLFURRUJDQLVPRV PiV
LPSRUWDQWHVHQHOSURFHVRGHYLQLILFDFLyQ\DTXHUHDOL]DQODIHUPHQWDFLyQDOFRKyOLFDSXHGHQ
GHWHULRUDU HO YLQR GXUDQWH OD FRQVHUYDFLyQ \ DIHFWDQ D OD FDOLGDG GH ORV YLQRV D WUDYpV GH VX
DXWROLVLV$FWXDOPHQWHODWD[RQRPtDUHFRQRFHODH[LVWHQFLDGHXQDVHVSHFLHVGHOHYDGXUDV
GHODVFXDOHVVRODPHQWHGHDHVSHFLHVHQJOREDGDVHQXQRVJpQHURVWLHQHQLQWHUpVHQ
HQRORJtD$OJXQRVGHHVWRVJpQHURVVRQ
&DQGLGD &RQ HVSHFLHV FRPR & YLQL & VWHOODWD \ & SXOFKHUULPPLD 1LQJXQD GH
HOODV HVSRUXODQ QRUPDOPHQWH FUHFHQ VREUH OD VXSHUILFLH GHO YLQR R[LGDQGR HO HWDQRO \
SURGXFLHQGRGLYHUVRVSURGXFWRVILQDOHVDOJXQRVGHORVFXDOHVSHUMXGLFDQDODFDOLGDGGHOYLQR
iFLGRDFpWLFRDFHWDWRGHHWLORHWF6RQGpELOPHQWHIHUPHQWDWLYDV
3LFKLD /DV HVSHFLHV PiV UHSUHVHQWDWLYDV TXH DSDUHFHQ HQ ORV YLQRV VRQ 3
PHPEUDQDHIDFLHQV3YLQL \3IDULQRVD3URGXFHQDVFRVSRUDVIRUPDQYHORVREUHODVXSHUILFLH
GHORVYLQRVLPSDUWLHQGRHQDOJXQRVFDVRVXQFDUiFWHUDOGHKtGLFRDOYLQR/DPD\RUtDGHODV
HVSHFLHVVRQLQKLELGDVSRUQLYHOHVGHHWDQROSUy[LPRVDOYYSHURGHSHQGLHQGRGHOD
WHPSHUDWXUDDOJXQDVSXHGHQOOHJDUDFUHFHUFRQQLYHOHVGHHWDQROVXSHULRUHVDO
+DQVHQXOD 6H HQFXHQWUDQ FRP~QPHQWH HQ ORV YLQRV IRUPDQGR SDUWH GH OD IORUD
QDWLYD SURFHGHQWH GH OD XYD /D HVSHFLH PiV FRP~Q HV + DQRPDOD (VWD OHYDGXUD IRUPD

-RVp$5HJRGyQ0DWHRV
IUHFXHQWHPHQWHSVHXGRPLFHOLR\VXUHSURGXFFLyQVH[XDOSURGXFHGHDDVFRVSRUDVSRUDVFD
FRQIRUPDGHVRPEUHUR+DQRPDOD HVR[LGDWLYD\GpELOPHQWHIHUPHQWDWLYDDGH
HWDQROIRUPDJUDQGHVFDQWLGDGHVGHiFLGRDFpWLFR\pVWHUHVYROiWLOHVSDUWLFXODUPHQWHDFHWDWR
GHHWLOR\DFHWDWRGHLVRDPLOR&XDQGRHOFUHFLPLHQWRGHODOHYDGXUDVHSURGXFHHQODVHWDSDV
WHPSUDQDVGHODIHUPHQWDFLyQODIRUPDFLyQGHpVWHUHVVXHOHWHQHUHIHFWRVEHQHILFLRVRVVREUH
ORVDURPDVGHOYLQR
%UHWWDQRP\FHV %UHWWDQRP\FHV \ VX IRUPD SHUIHFWD 'HNNHUD VRQ DLVODGDV
FRP~QPHQWHHQORVYLQRVGHWRGRHOPXQGR/DHVSHFLHPiVLPSRUWDQWHHV%LQWHUPHGLXV 6RQ
OHYDGXUDV SDUHFLGDV PLFURVFySLFDPHQWH D 6DFFKDURP\FHV FHUHYLVLDH DXQTXH VXHOHQ VHU PiV

SHTXHxDV 7UDGLFLRQDOPHQWH VH KDQ DLVODGR HQ YLQRV WLQWRV HQ ORV FXDOHV SXHGHQ SURGXFLU
DOWHUDFLRQHV SHUR WDPELpQ VH KDQ DLVODGRV HQ YLQRV EODQFRV \ HVSXPRVRV 6RQ OHYDGXUDV
IHUPHQWDWLYDV DXQTXH IHUPHQWDQ OHQWDPHQWH VLHQGR FDSDFHV GH SURGXFLU KDVWD XQ
YYGHHWDQRO)XJHOVDQJHWDOPRWLYRSRUHOTXHVRQGLItFLOHVGHGHWHFWDUGXUDQWHOD
YLQLILFDFLyQ3URGXFHQWXUELGH]HQORVYLQRVJUDQGHVFDQWLGDGHVGHDFLGH]YROiWLOKDVWD
JO\pVWHUHV6FKDQGHUO:HQ]HO(VWDVOHYDGXUDVVRQIUHFXHQWHVHQERGHJDVFRQ
PDODV FRQGLFLRQHV VDQLWDULDV H[WHQGLpQGRVH GH XQDV ERGHJDV D RWUDV R GH XQRV GHSyVLWRV D
RWURVPHGLDQWHHOHTXLSDPLHQWRXWLOL]DGRHOYLQRFRQWDPLQDGRRDWUDYpVGHLQVHFWRVYHFWRUHV
FRPR OD PRVFD GHO YLQDJUH 3URGXFHQ XQ FRPSXHVWR YROiWLO H[FOXVLYR HO HWLOIHQRO
&KDWRQQHW HW DO FRPSXHVWR TXH SXHGH VHUYLU FRPR PDUFDGRU SDUD GHWHFWDU VX
SUHVHQFLD6RQUHODWLYDPHQWHVHQVLEOHVDO62VLHQGRLQKLELGDVSRUPJOGH62 WRWDOR
PJOGH62 OLEUH:UGLJ6RQUHVLVWHQWHVDFLFORKH[LPLGDPJOGHPDQHUD
TXH OD VLHPEUD VREUH XQ PHGLR FRQ FLFORKH[LPLGD HV XQ EXHQ PpWRGR SDUD GHWHUPLQDU VX
SUHVHQFLDHQ XQPRVWRHQIHUPHQWDFLyQSXHVWRTXHODVOHYDGXUDVWtSLFDPHQWHIHUPHQWDWLYDV
FRPR6FHUHYLVLDHVRQLQKLELGDVJHQHUDOPHQWHSRUFRQFHQWUDFLRQHVGHFLFORKH[LPLGDPHQRUHV
GHPJO
.ORHFNHUD .ORHFNHUD\VXIRUPDSHUIHFWD +DQVHQLDVSRUD VRQODVWtSLFDVOHYDGXUDV
DSLFXODGDV FRQ IRUPD GH OLPyQ (VWDV OHYDGXUDV IHUPHQWDWLYDV VRQ PX\ DEXQGDQWHV HQ ODV
SULPHUDVHWDSDVGHODIHUPHQWDFLyQGHORVPRVWRVVLHQGRODVHVSHFLHVGRPLQDQWHVFXDQGRORV
PRVWRV QR KDQ VLGR VXOILWDGRV 6RQ PX\ VHQVLEOHV DO 62 VL ELHQ HO FUHFLPLHQWR GH .
DSLFXODWD VH KD REVHUYDGR HQ PRVWR FRQ PJO GH 62 $OJXQDV HVWLUSHV GH + XYDUXP
SURGXFHQWR[LQDNLOOHUODFXDOSXHGHUHWDUGDUHOFUHFLPLHQWRGH6FHUHYLVLDH 5DGOHU\.QROO

,QWURGXFFLyQ
$OJXQDVHVSHFLHVSXHGHQSURGXFLULPSRUWDQWHVFDQWLGDGHVGHiFLGRDFpWLFR\DFHWDWRGH
HWLORTXHGHWHULRUDQODFDOLGDGGHOYLQR
=\JRVDFFKDURP\FHV 6RQ OHYDGXUDV IHUPHQWDWLYDV \ RVPyILODV TXH IRUPDQ DVFDV
SHUVLVWHQWHV FRQWHQLHQGR D DVFRVSRUDV JORERVDV R HOtSWLFDV /D HVSHFLH = EDLOLL SXHGH
DSDUHFHUHQYLQRVGXOFHVHLQFOXVRHQPRVWRVFRQFHQWUDGRV\DTXHDGHPiVHVPX\UHVLVWHQWHDO
62 iFLGR VyUELFR iFLGR EHQ]RLFR \ RWURV FRQVHUYDQWHV $GLFLRQDOPHQWH VREUHYLYH HQ S+
LQIHULRUHV D \ HQ QLYHOHV GH HWDQRO VXSHULRUHV DO YY /D HVSHFLH = YHURQDH WLHQH
EXHQDV SURSLHGDGHV HQROyJLFDV GHVWDFDQGR VX EDMD SURGXFFLyQ GH DFLGH] YROiWLO 6H DtVOD
KDELWXDOPHQWH DO LJXDO TXH 7RUXODVSRUD HQ OD VHJXQGD IDVH GH OD IHUPHQWDFLyQ 3RU HVWRV
PRWLYRV6XiUH]HxLJRUHFRPLHQGDQVXXVRSDUDODIHUPHQWDFLyQHVFDODUMXQWRDRWUDV

OHYDGXUDVGHDOWRSRGHUIHUPHQWDWLYR
7RUXODVSRUD 6RQ OHYDGXUDV VLPLODUHV D =\JRVDFFKDURP\FHV SHUR QR VRQ
RVPRWROHUDQWHV)RUPDDVFRVSRUDVJORERVDVRHOtSWLFDVTXHSXHGHQVHUOLVDVRUXJRVDV\FRQ
DHVSRUDVSRUDVFD/DHVSHFLHPiVUHSUHVHQWDWLYDHV7GHOEUXHFNLLODFXDOWLHQHXQIXHUWH
YLJRUIHUPHQWDWLYRDFHSWDEOHSRGHUDOFRKROtJHQR\EXHQDUHVLVWHQFLDDORVDQWLVpSWLFRV
6HHQFXHQWUDFRQIUHFXHQFLDHQORVPRVWRVHQIHUPHQWDFLyQHVSRQWiQHDWDQWRHQSUHVHQFLDGH
VXOIXURVR FRPR HQ DXVHQFLD GHO PLVPR $OJXQRV DXWRUHV FRPR &DVWHOOL FLWDGR SRU
=DPERQHOOL \ 6XiUH] H xLJR UHFRPLHQGDQ HO XVR GH HVWD OHYDGXUD SDUD OD
IHUPHQWDFLyQHVFDODUGHORVPRVWRV
6DFFKDURP\FHV 0RUIROyJLFDPHQWH VRQ HVIpULFDV R HOLSVRLGDOHV FRQ XQ GLiPHWUR
DSUR[LPDGRGHPIRUPDQDVFDVWtSLFDVHQIRUPDGHWpWUDGDVRQSHUVLVWHQWHV\XVXDOPHQWH
FRQWLHQHQGHDDVFRVSRUDV%DUQHWW6RQODVOHYDGXUDVIHUPHQWDWLYDVSRUH[FHOHQFLD
SULQFLSDOHVUHVSRQVDEOHVGHODIHUPHQWDFLyQGHORVPRVWRV\TXHSURGXFHQHQDOJXQRVFDVRV6
FHUHYLVLDH QLYHOHV GH HWDQRO VXSHULRUHV DO YY $OJXQDV HVSHFLHV SXHGHQ FUHFHU
PHGLDQWHPHWDEROLVPRR[LGDWLYRVREUHODVXSHUILFLHGHOYLQROHYDGXUDVGHIORUGDQGROXJDU

D OD SURGXFFLyQ GH FDQWLGDGHV LPSRUWDQWHV GH DFHWDOGHKLGR \ RWURV FRPSXHVWRV VHFXQGDULRV
VLHQGRLPSUHVFLQGLEOHVSDUDODHODERUDFLyQGHORVWtSLFRVYLQRVILQRVGH-HUH]
/DV EDFWHULDV PiV FRPXQHV HQ ORV YLQRV VRQ ODV OiFWLFDV \ ODV DFpWLFDV DSDUHFLHQGR
WDPELpQ HQ DOJXQRV FDVRV EDFLORV %DFLOOXV VXEWLOLV % FRDJXODQV \ RWUDV HVSHFLHV
$FWLQRP\FHV6WUHSWRP\FHV \&ORVWULGLXP(QWUHODVEDFWHULDVOiFWLFDVPiVUHSUHVHQWDWLYDVHQ

-RVp$5HJRGyQ0DWHRV
YLQRV HVWiQ ORV JpQHURV /HXFRQRVWRF 3HGLRFFRFFXV \ /DFWREDFLOOXV $OJXQDV GH HVWDV
EDFWHULDV VRQ ODV UHVSRQVDEOHV GH OD IHUPHQWDFLyQ PDOROiFWLFD IHUPHQWDFLyQ QRUPDOPHQWH
GHVHDEOHHQYLQRVWLQWRV1RREVWDQWHDOJXQDVHVSHFLHVSXHGHQFDXVDUDOWHUDFLRQHVHQORVYLQRV
FRPR OD SURGXFFLyQ HQ H[FHVR GH ORV iFLGRV DFpWLFR \ OiFWLFR SURGXFFLyQ GH GLDFHWLOR
GHJUDGDFLyQGHOiFLGRWDUWiULFRIRUPDFLyQGHDFUROHtQDHWF([LVWHQEDFWHULyIDJRVFDSDFHVGH
LQIHFWDU D ODV EDFWHULDV OiFWLFDV SURYRFDQGR OD SDUDGD GH OD IHUPHQWDFLyQ PDOROiFWLFD /DV
EDFWHULDVDFpWLFDVVHFODVLILFDQHQGRVJpQHURV$FHWREDFWHU \*OXFRQREDFWHUDPERVJpQHURV
HVWiQ SUHVHQWHV HQ ORV YLQRV FRQ HVSHFLHV FRPR * R[\GDQV $ DFHWL \ $ SDVWHULDQXV 6RQ
FDSDFHVGHR[LGDUHOHWDQRODiFLGRDFpWLFRFDXVDQGRSRUORWDQWRHOGHWHULRURGHOYLQR3XHGHQ
DIHFWDU OD FDOLGDG GHO YLQR SRU FRQWDPLQDFLyQ LQLFLDO GH OD XYD FUHFLPLHQWR GXUDQWH OD
IHUPHQWDFLyQDOFRKyOLFDRSRUHOFUHFLPLHQWRGXUDQWHODHWDSDGHDOPDFHQDPLHQWRGHOYLQR
/DV FRQGLFLRQHV GH DQDHURELRVLV GH OD IHUPHQWDFLyQ OD SUHVHQFLD GH 62 \ ODV DOWDV
FRQFHQWUDFLRQHVGHHWDQROSURYRFDQODHVFDVDSUHVHQFLDGHKRQJRVHQORVYLQRV3DUGRHWDO
4XHUROHWDO6LQHPEDUJRHVWRVSXHGHQHVWDUSUHVHQWHVHQHOFRUFKRGHORVYLQRV
HPERWHOODGRV \ HQ ODV EDUULFDV GH PDGHUD JHQHUDQGR GLYHUVRV FRPSXHVWRV SHUFHSWLEOHV HQ
FDQWLGDGHV PX\ EDMDV \ TXH SDVDQ DO YLQR DOWHUiQGROR $OJXQRV GH HVWRV KRQJRV VRQ
3HQLFLOOLXP 7ULFKRGHUPD &ODGRVSRULXP R 0RQLOLD 9DULDV HVSHFLHV GH KRQJRV SXHGHQ
DSDUHFHU HQ ORV PRVWRV \ YLQRV GHVWDFDQGR %RWU\WLV FLQHUHD FDXVDQWH GH OD SRGUHGXPEUH
QREOH\SRGUHGXPEUHJULVHQODVXYDV%D\RQRYH2WURVPXFKRVKRQJRVSHUWHQHFLHQWHV

DORVJpQHURV3HQLFLOOLXP$VSHUJLOOXV0XFRU5KL]RSXV&ORGRVSRULXP$OWHUQDULD8QFLQXOD
3ODVPRSRUDHWFLQIHFWDQODVXYDVDIHFWDQGRDODVFDUDFWHUtVWLFDVRUJDQROpSWLFDVGHORVPRVWRV
\YLQRV$PHULQHHWDO0F*UHZ
$LVODPLHQWRHLGHQWLILFDFLyQGHODVOHYDGXUDVYtQLFDV
(ODLVODPLHQWR\UHFXHQWRGHODVOHYDGXUDVVHUHDOL]DHQSODFDVGH3HWULFRQPHGLRULFR
DJDUL]DGR6HVXHOHQLGHQWLILFDUEDViQGRVHIXQGDPHQWDOPHQWHHQFDUDFWHUtVWLFDVPRUIROyJLFDV\
ILVLROyJLFDV PHWDEROLVPR GH DOJXQRV D]~FDUHV \ DVLPLODFLyQ GH GLYHUVRV FRPSXHVWRV
QLWURJHQDGRV PHGLDQWH OD PHWRGRORJtD SURSXHVWD SRU .UHMHU YDQ 5LM \ %DUQHWW HW DO
DXQTXH \D FRPLHQ]DQ D LQWURGXFLUVH WpFQLFDV PROHFXODUHV SDUD GLIHUHQFLDU OHYDGXUDV
%DUQHWW

,QWURGXFFLyQ
(OWUDEDMRGHLGHQWLILFDFLyQVXHOHVHUODUJR\WHGLRVR\UHTXLHUHXQDFLHUWDH[SHULHQFLD
\DTXHVHQHFHVLWDUHDOL]DUGHDSUXHEDVSDUDLGHQWLILFDUODVGLYHUVDVOHYDGXUDVGHXQ
PRVWR$XQTXHVLGHVHDPRVLGHQWLILFDUXQ~QLFRJpQHURRHVSHFLHHOWUDEDMRVHVLPSOLILFD\
SXHGHEDVWDUFRQODUHDOL]DFLyQGHXQDVSUXHEDV(VWHWHGLRVRWUDEDMRVHFRPSOLFDFRQORV
QXPHURVRV FDPELRV TXH VH KDQ SURGXFLGR HQ OD WD[RQRPtD GH ODV OHYDGXUDV HQ ORV ~OWLPRV
DxRV OR FXDO KD OOHYDGR D XQD JUDQ FRQIXVLyQ HQ OD FODVLILFDFLyQ \ QRPHQFODWXUD GH ODV
OHYDGXUDVFRQLQWHUpVHQHQRORJtD$VtHVSHFLHVFRPR6DFFKDURP\FHVED\DQXV6FDSHQVLV6
XYDUXP6LWDOLFXV6SDVWRULDQXV6FKHYDOLHULHQWUHRWUDVKDQVLGRDJUXSDGDVHQXQD~QLFD
HVSHFLH6FHUHYLVLDH .UHJHUYDQ5LM%DUQHWWHWDO0DUWLQL\0DUWLQL\
%DUQHWW KDQ UHDOL]DGR HVFODUHFHGRUHV WUDEDMRV VREUH OD WD[RQRPtD GHO JpQHUR
6DFFKDURP\FHV UHGXFLHQGRHOJUDQQ~PHURGHHVSHFLHVTXHVHDWULEXtDQDHVWHJpQHUR2WURV
FDPELRV UHOHYDQWHV GHVGH HO SXQWR GH YLVWD HQROyJLFR VRQ OD UHFODVLILFDFLyQ GH DOJXQDV
HVSHFLHV FRPR 6 EDLOLL HQ =\JRVDFFKDURP\FHV EDLOLL 6 URVHL HQ7RUXODVSRUDGHOEUXHFNLL \
7RUXORSVLVVWHOODWD HQ&DQGLGDVWHOODWD .UHJHUYDQ5LM
9DULDVJDOHUtDVGHLGHQWLILFDFLyQGHOHYDGXUDVKDQVLGRGHVDUUROODGDVSDUDODUiSLGD
LGHQWLILFDFLyQ GH HVSHFLHV FRQ LPSRUWDQFLD FOtQLFD *HQHUDOPHQWH HVWiQ EDVDGRV HQ OD
UHVSXHVWDGHODVOHYDGXUDVSDUDFUHFHUHQXQOLPLWDGRUDQJRGHIXHQWHVGHFDUERQR\QLWUyJHQR
REWHQLpQGRVH UHVXOWDGRV HQ WDQ VyOR K /DV JDOHUtDV $3, & \ $3, & $8; KDQ VLGR
XWLOL]DGDV FRQ p[LWR HQ OD LGHQWLILFDFLyQ GH OHYDGXUDV YtQLFDV 'HJUp HW DO D )UH]LHU\
'XERXUGLHX 2WUDV JDOHUtDV FRPR $3,$7% & \ $3, &+ SUHVHQWDQ XQ PD\RU
Q~PHURGHSUXHEDVSDUDODLGHQWLILFDFLyQSHURVXDSOLFDFLyQDODLGHQWLILFDFLyQGHOHYDGXUDV
YtQLFDV QR KD VLGR HYDOXDGD +HDUG \ )OHHW UHFRPLHQGDQ OD UHDOL]DFLyQ GH WHVWV
DGLFLRQDOHV D ODV JDOHUtDV $3, SDUD REWHQHU UHVXOWDGRV VDWLVIDFWRULRV HQ OD LGHQWLILFDFLyQ GH
OHYDGXUDVHQYLQRV
/DV SUXHEDV GH LGHQWLILFDFLyQ VH SXHGHQ WDPELpQ UHDOL]DU HQ SRFLOORV GH SODFDV
PLFURWLWUH +HDUG \ )OHHW XWLOL]DQGR HVWH VLVWHPD \ SURFHVDQGR ORV GDWRV FRQ HO
SURJUDPDLQIRUPiWLFRGH%DUQHWWHWDO REWXYLHURQEXHQRVUHVXOWDGRVHQK3DUDOD

LQWHUSUHWDFLyQGHORVGDWRVH[LVWHQYDULRVSURJUDPDVLQIRUPiWLFRVDGHPiVGHO\DFLWDGRTXH
IDFLOLWDQHOWUDEDMRFRPR63(&,7UHGRX[HWDOD\352/(:,1(9HOi]TXH]HWDO

(Q OD DFWXDOLGDG VH KD SURGLJDGR HO XVR GH WpFQLFDV PROHFXODUHV \ ELRTXtPLFDV SDUD

-RVp$5HJRGyQ0DWHRV
LGHQWLILFDU ODV OHYDGXUDVSHURVREUHWRGRSDUDGLIHUHQFLDUXQDVFHSDVGHRWUDVGHQWURGHXQD
PLVPDHVSHFLH&XDQGRVHLQRFXODXQPRVWRFRQXQDGHWHUPLQDGDFHSDGHOHYDGXUDSXHGHVHU
QHFHVDULR OD GLVWLQFLyQ H LGHQWLILFDFLyQ GH HVWD FHSD LQRFXODGD WDQWR SDUD FRUURERUDU VX
LGHQWLGDG FRPR SDUD DVHJXUDU OD YLDELOLGDG GH VX LPSODQWDFLyQ HQ XQ PHGLR TXH GH IRUPD
QDWXUDOHVULFRHQOHYDGXUDVLQGtJHQDVELHQDGDSWDGDV+LGDOJRHWDO/DPD\RUtDGHODV

FHSDV XWLOL]DGDV FRPR FXOWLYRV LQLFLDGRUHV R LQyFXORV SHUWHQHFHQ D OD HVSHFLH 6 FHUHYLVLDH
GDGD OD IUHFXHQFLD FRQ TXH RWUDV FHSDV GH HVWD PLVPD HVSHFLH DSDUHFHQ HQ HO PRVWR HQ
IHUPHQWDFLyQHVSRQWiQHDHVLPSRVLEOHGLIHUHQFLDUSRUWpFQLFDVFOiVLFDVPLFURELROyJLFDVFRPR
SUXHEDVGHIHUPHQWDFLyQ\DVLPLODFLyQODFHSDLQRFXODGDGHOUHVWRGHFHSDVVLOYHVWUHV4XHURO
HWDO([LVWHQRWUDVWpFQLFDVTXHVHSXHGHQXWLOL]DUSDUDHVWHILQ'HJUpHWDOD

+LGDOJR HW DO 4XHURO HW DO 4XHVDGD \ &HQLV E &RQVWDQWt HW DO
HQWUHODVTXHSRGHPRVFLWDUODVVLJXLHQWHV
D(OHFWURIRUHVLVGHIUDFFLRQHVH[WUDFHOXODUHV%RXL[\/HYHDX&LROIL/D
IUDFFLyQ H[WUDFHOXODU HVWi FRQVWLWXLGD SRU HO FRQMXQWR GH FRPSXHVWRV PDFURPROHFXODUHV
H[FUHWDGRV\OLEHUDGRVDOPHGLRGHFXOWLYRHQHOFXUVRGHOFUHFLPLHQWRGHODVOHYDGXUDVXQD
YH]REWHQLGDHVWDIUDFFLyQHVVRPHWLGDDHOHFWURIRUHVLV\VHFRPSDUDQORVSDWURQHVGH EDQGDV
REWHQLGRV
E$QiOLVLVGHiFLGRVJUDVRVFHOXODUHV7UHGRX[HWDOE5LEHVHWDO'HJUp
HWDO/RViFLGRVJUDVRVVHH[WUDHQGHODVFpOXODVHQIDVHHVWDFLRQDULDSRUVDSRQLILFDFLyQ
\VHDQDOL]DQFRPRpVWHUHVPHWtOLFRVSRUFURPDWRJUDItDGHJDVHVHQFROXPQD/DLGHQWLILFDFLyQ
GH ORV pVWHUHV PHWtOLFRV GH ORV iFLGRV JUDVRV XQD YH] FURPDWRJUDILDGRV SXHGH UHDOL]DUVH SRU
HVSHFWURPHWUtDGHPDVDV
F (OHFWURIRUHVLV GH SURWHtQDV 'HJUp HW DO D *XLOODPyQ HW DO D
*HQHUDOPHQWHVHH[WUDHQODVSURWHtQDVFHOXODUHVVROXEOHVVLQHPEDUJRHQDOJXQDVRFDVLRQHVVH
H[WUDHQ~QLFDPHQWHGHWHUPLQDGDVHQ]LPDV6HJXLGDPHQWHVHVRPHWHQDHOHFWURIRUHVLVHQJHOGH
SROLDFULODPLGDFRPSDUiQGRVHODVEDQGDVREWHQLGDVSDUDFDGDFHSD
G &DULRWLSR GH FURPRVRPDV HQWHURV PHGLDQWH HOHFWURIRUHVLV HQ FDPSR SXOVDQWH
-RKQVWRQ\0RUWLPHU%ORQGLQ\9H]LQKHW'HJUpHWDO E9H]LQKHWHWDO
$L]DFHWDO*UDQGR\&DYD]]D*XLOODPyQHWDOD/HPDHWDO
9HUVDYDXG HW DO %ULRQHV HW DO $UUR\R HW DO (VWD WpFQLFD FRQVLVWH HQ
VHSDUDU PHGLDQWH HOHFWURIRUHVLV GH $'1 ORV FURPRVRPDV HQWHURV GH ODV FHSDV HQ HVWXGLR

,QWURGXFFLyQ
FRPSDUiQGRVHSRVWHULRUPHQWHORVFDULRWLSRVREWHQLGRVSDUDFDGDFHSDHVWXGLDGD
H$QiOLVLVGHIUDJPHQWRVGHUHVWULFFLyQGH$'1PLWRFRQGULDO\RJHQyPLFR5)/3
'XERXUGLHXHWDO+DOOHWHWDO'HJUpHWDOE\9H]LQKHWHWDO
)UH]LHU\'XERXUGLHX1HSLHWDO*XLOODPyQHWDOD4XHUROHWDO
9HUVDYDXG HW DO(VWHPpWRGRFRQVLVWHHQH[WUDHUHO$'1PLWRFRQGULDORJHQyPLFR
SXULILFDUORGLJHULUORFRQGHWHUPLQDGDVHQGRQXFOHDVDVGHUHVWULFFLyQ\VHSDUDUORVIUDJPHQWRV
REWHQLGRV SRU HOHFWURIRUHVLV HQ JHO GH DJDURVD UHYHOiQGRVH PHGLDQWH IOXRUHVFHQFLD FRQ
EURPXURGHHWLGLR
I+XHOODJHQpWLFDGHO$'1WRWDORILQJHUSULQW'HJUpHWDOE\/DYDOOpH
%DOHLUDV HW DO (VWH PpWRGR SHUPLWH GHWHFWDU GLIHUHQFLDV D QLYHO GH ORV
FURPRVRPDV\FRPSUREDUODHVWDELOLGDGGHOJHQRPDGHODVOHYDGXUDVLQGXVWULDOHV&RQVLVWHHQ
DLVODU HO $'1 WRWDO GH ODV OHYDGXUDV GLJHULUOR FRQ HQGRQXFOHDVDV VHSDUDU ORV IUDJPHQWRV
REWHQLGRVSRUHOHFWURIRUHVLVHQJHOGHDJDURVD\VHJXLGDPHQWHKLEULGDUFRQVRQGDVGH$'1
PDUFDGDV \ HVSHFtILFDV (O SHUILO GH KLEULGDFLyQ REWHQLGR GHEH VHU GLIHUHQWH SDUD FDGD FHSD
HVWXGLDGD
J5HDFFLyQHQFDGHQDGHODSROLPHUDVD3&54XHVDGD\&HQLVD9HUVDYDXGHW
DOGH%DUURVHWDO&RQVLVWHHQODDPSOLILFDFLyQGHO$'1LQYLWURXWLOL]DQGR
FHEDGRUHVXROLJRVHVSHFtILFRVTXHVHUYLUiQGHLQLFLDGRUHVSULPHUGHODVtQWHVLVGH$'1HQ
OD ]RQD TXHVHGHVHDDPSOLILFDU(VDOWDPHQWHHVSHFtILFDSXHV~QLFDPHQWHVHDPSOLILFDQODV

UHJLRQHVVLWXDGDVDFRQWLQXDFLyQGHORVVLWLRVFRQORVTXHKLEULGDQORVFHEDGRUHV
K $QiOLVLV GH UHVWULFFLyQ GHO $'1 ULERVRPDO %DOHLUDV HW DO (VWD UHJLyQ
JpQLFDWLHQHXQDVHFXHQFLDPX\FRQVHUYDGDDQLYHOGHHVSHFLH\JpQHURSRUORWDQWRVHXWLOL]D
HQHVWXGLRVWD[RQyPLFRV\GHHYROXFLyQ(O$'1ULERVRPDOHVDPSOLILFDGRHQSULPHUOXJDU
SRU 3&5 \ SRVWHULRUPHQWH VH GLJLHUH PHGLDQWH HQGRQXFOHDVDV HVSHFtILFDV REWHQLpQGRVH XQ
GHWHUPLQDGRSHUILOGHUHVWULFFLyQSDUDFDGDFHSD&RQVWDQWtHWDO
(QWUH WRGDV ODV WpFQLFDV FLWDGDV DQWHULRUPHQWH HO SHUILO GH UHVWULFFLyQ GHO $'1
PLWRFRQGULDOSDUHFHVHUODPiVHILFLHQWHSDUDGLIHUHQFLDUFHSDVGHOHYDGXUDV\DTXHVHEDVDHQ
ODH[LVWHQFLDGHXQLPSRUWDQWHSROLPRUILVPRGHO$'1PLWRFRQGULDOHQODVGLVWLQWDVFHSDVGH
OHYDGXUDV%HQtWH]HWDOSHUPLWLHQGRVHJXLUWDQWRODLPSODQWDFLyQGHODFHSDLQRFXODGD

FRPR OD GLQiPLFD GH FUHFLPLHQWR GHO UHVWR GH FHSDV SUHVHQWHV HQ HO PRVWR 4XHURO HW DO
6RQLQWHUHVDQWHVORVPpWRGRVEDVDGRVHQHOXVRGHOD3&5GHELGRDVXUHODWLYDVHQFLOOH]

-RVp$5HJRGyQ0DWHRV
\EDMRFRVWHFRPSDUDGRFRQ ODVRWUDVWpFQLFDVSRUHOORVRQORVTXHVHSUHYHpQFRQPiVIXWXUR
6LQ HPEDUJR XQ LQFRQYHQLHQWH GH HVWD WpFQLFD HV OD QHFHVLGDG GH FRQRFHU GH DQWHPDQR OD
VHFXHQFLDGHOD]RQDTXHVHTXLHUHDPSOLILFDU(VWHSUREOHPDKDVLGRUHVXHOWRHQSDUWHFRQOD
LQWURGXFFLyQ GH XQD QXHYD YDULDQWH GH 3&5 5$3'3&5 UDQGRP DPSOLILHG SRO\PRUSKLF
'1$ OD FXDO XWLOL]D XQ ~QLFR FHEDGRU FRUWR GH VHFXHQFLD DUELWUDULD TXH KLEULGD FRQ
VHFXHQFLDVKRPyORJDVGLVWULEXLGDVDOD]DUSRUWRGRHOJHQRPDSHUPLWLHQGRODDPSOLILFDFLyQGH
QXPHURVRVIUDJPHQWRV0HGLDQWHHVWDWpFQLFD4XHVDGD\&HQLVDKDQREWHQLGREXHQRV

UHVXOWDGRVGLIHUHQFLDQGRJpQHURVHVSHFLHV\FHSDVLQGLYLGXDOHVGHOHYDGXUDVYtQLFDVDLVODGDV
GH OD UHJLyQ GH 0XUFLD 2WURV DXWRUHV FRPR %DOHLUDV HW DO KDQ XWLOL]DGR FRQ p[LWR
YDULRV PpWRGRV 5$3'3&5 3&5 FRQ ILQJHUSULQWLQJ \ 3&5 FRQ DQiOLVLV GH UHVWULFFLyQ GHO
$'1PLWRFRQGULDOSDUDGLVWLQJXLUGLYHUVDVFHSDVGH6FHUHYLVLDH
$ SHVDU GH WRGR OR GLFKR OD FRPSOHMLGDG GH WRGDV HVWDV WpFQLFDV KDFH GLItFLO VX
DSOLFDFLyQLQGXVWULDOSRUTXHUHVXOWDQFDUDV\FRQVXPHQPXFKRWLHPSR$GHPiVUHTXLHUHQXQ
HTXLSDPLHQWRVRILVWLFDGRDOWDIRUPDFLyQGHOSHUVRQDO\FRPSXHVWRVWy[LFRVFRPREURPXURGH
HWLGLRFDUFLQyJHQR3RUORWDQWRVRQSRFR~WLOHVHQODERGHJDSDUDUHDOL]DUHOVHJXLPLHQWRGH

XQDSREODFLyQGHOHYDGXUDVHQIHUPHQWDFLyQSXHVVHQHFHVLWDHIHFWXDUHODQiOLVLVGHXQJUDQ
Q~PHUR GH FORQHV (VWH SUREOHPD SXHGH TXHGDU UHVXHOWR FRQ OD XWLOL]DFLyQ GH OHYDGXUDV
PDUFDGDVJHQpWLFDPHQWH9H]LQKHW\/DFURL[/DREWHQFLyQGHFHSDVGHOHYDGXUDVFRQ
PDUFDGRUHVJHQpWLFRVHVSHFtILFRVVXSRQHXQSURFHGLPLHQWRDOWHUQDWLYRSDUDFRQWURODUGHIRUPD
UiSLGD \ HFRQyPLFD HO FUHFLPLHQWR GH XQD GHWHUPLQDGD OHYDGXUD GXUDQWH OD IHUPHQWDFLyQ
$OJXQRV LQYHVWLJDGRUHV KDQ XWLOL]DGR PXWDQWHV UHVLVWHQWHV D FLHUWDV GURJDV FORUDQIHQLFRO
ROLJRPLFLQDGLXUyQHULWURPLFLQD9H]LQKHW\/DFURL[9H]LQKHW*HQHUDOPHQWH
HVWRVPDUFDGRUHVFRQILHUHQDODVOHYDGXUDVUHVLVWHQFLDDDQWLELyWLFRVTXHLQKLEHQHOFUHFLPLHQWR
DOWHUDQGR OD IXQFLyQ PLWRFRQGULDO 9H]LQKHW \ /DFURL[ (Q HVWRV FDVRV HO PRVWR QR
HVWpULOHVLQRFXODGRFRQODVOHYDGXUDVUHVLVWHQWHV\VXFUHFLPLHQWRVHDQDOL]DDORODUJRGHOD
IHUPHQWDFLyQ $XQTXH DOJXQRV HVWXGLRV UHDOL]DGRV FRQ FHSDV UHVLVWHQWHV D GRV PDUFDGRUHV
GLXURQ\HULWURPLFLQDLQGLFDQTXHHVWHPpWRGRHVDGHFXDGRSDUDDQDOL]DUODFLQpWLFDGHODV
SREODFLRQHVGHOHYDGXUDVGXUDQWHODIHUPHQWDFLyQH[LVWHQSUREOHPDVSDUDPDUFDUIiFLOPHQWH
ODV OHYDGXUDV VHOHFFLRQDGDV GH XVR LQGXVWULDO 'HOWHLO \ $L]DF $GHPiV PXFKDV
OHYDGXUDVVLOYHVWUHVVRQUHVLVWHQWHVDHVWRVDQWLELyWLFRVGHHVSHFWURSURFDULRWDGHPDQHUDTXH
HVQHFHVDULRXWLOL]DUUHVLVWHQFLDP~OWLSOHDPiVGHXQDQWLELyWLFRSDUDHYLWDULQWHUIHUHQFLDFRQ

,QWURGXFFLyQ
ODVOHYDGXUDVVLOYHVWUHV$GLFLRQDOPHQWHODDOWD IUHFXHQFLDGHPXWDQWHVUHVLVWHQWHVHVSRQWiQHRV
\ GH UHYHUWLHQWHV FRPSOLFDQ FRQVLGHUDEOHPHQWH OD XWLOL]DFLyQ LQGXVWULDO GH HVWRV PDUFDGRUHV
PLWRFRQGULDOHV 3RU RWUD SDUWH RWURV LQYHVWLJDGRUHV KDQ XWLOL]DGR HO IHQRWLSR NLOOHU SDUD
H[DPLQDUODHYROXFLyQGHODSREODFLyQGHOHYDGXUDVVHQVLEOHVRUHVLVWHQWHVDWR[LQDVNLOOHUHQ
PHGLRHVWpULO\HQPRVWR/RQJRHWDO2WURVPDUFDGRUHVJHQpWLFRVGLVWLQWRVKDQVLGR

XWLOL]DGRV GH IRUPD VLPLODU HQWUH HOORV OD FDSDFLGDG GH IHUPHQWDU JDODFWRVD 5R]LqUH HW DO
3HUR HVWH WLSR GH HVWUDWHJLDV VyOR VRQ DSOLFDEOHV EDMR FRQGLFLRQHV HVWpULOHV GH
ODERUDWRULRQRHQODLQGXVWULDGRQGHORVPRVWRVQRHVWpULOHVFRQWLHQHQXQDIORUDPX\FRPSOHMD
GH6FHUHYLVLDH FRQFHSDVNLOOHUUHVLVWHQWHVNLOOHUVHQVLEOHVIHUPHQWDGRUDV\QRIHUPHQWDGRUDV
GHJDODFWRVD$PHULQHHWDO+HDUG\)OHHW4XHUROHWDOD\E
6H KD GHVFULWR XQ SURFHGLPLHQWR DOWHUQDWLYR TXH XWLOL]D OD WHFQRORJtD GHO $'1
UHFRPELQDQWH SDUD LQWURGXFLU HO JHQ GH OD JOXFXURQLGDVD GH (VFKHULFKLD FROL FRPR XQ
PDUFDGRU QXFOHDU HQ 6 FHUHYLVLDH (VWR SURSRUFLRQD XQ HQVD\R IiFLO GH UHDOL]DU PHGLDQWH
IOXRULPHWUtDRWHVWHQSODFD3HWHULQJHWDOD(QHVWHFDVRODFRQVWUXFFLyQGHODOHYDGXUD
PDUFDGD VH KD GH UHDOL]DU PHGLDQWH WUDQVIRUPDFLyQ SURFHVR PXWDJpQLFR TXH SXHGH DIHFWDU
RWUDVSURSLHGDGHVGHODOHYDGXUDRULJLQDO$GHPiVHQHOSURFHVRVHXWLOL]DQVHFXHQFLDVJpQLFDV
GH ( FROL OR FXDO GLILFXOWD OD REWHQFLyQ GH SHUPLVRV SDUD OD XWLOL]DFLyQ LQGXVWULDO GH ODV
OHYDGXUDV GH DFXHUGR FRQ OD OHJLVODFLyQ YLJHQWH HQ SDtVHV RFFLGHQWDOHV %DUUH HW DO
5DPyQHWDO
1RUPDOPHQWHODVFHSDVGH6FHUHYLVLDH DLVODGDVGHODQDWXUDOH]DVRQPX\VHQVLEOHVD
FLFORKH[LPLGDLQKLELGDVSRUJPO5RVH'HO3R]RHWDO\ODIUHFXHQFLD

GHPXWDQWHVHVSRQWiQHRVUHVLVWHQWHVHVH[WUHPDGDPHQWHEDMDPHQRUGH'HO3R]RHWDO
%DViQGRVH HQ HVWRV KHFKRV QXHVWUR JUXSR KD SXHVWR D SXQWR XQ PpWRGR XWLOL]DQGR
PXWDQWHV HVSRQWiQHRV GH OHYDGXUDV UHVLVWHQWHV D FLFORKH[LPLGD 3pUH] HW DO HQYLDGR D
SXEOLFDU $FWXDOPHQWH HVWH VLVWHPD VH HVWi XWLOL]DQGR FRQ p[LWR HQ OD LQGXVWULD D QLYHO
H[SHULPHQWDO
7RGRV HVWRV PpWRGRV TXH XWLOL]DQ PDUFDGRUHV JHQpWLFRV GDQ XQD YLVLyQ SDUFLDO GHO
FUHFLPLHQWR GH ODV OHYDGXUDV HQ PRVWR \D TXH QR HV SRVLEOH DQDOL]DU HO FUHFLPLHQWR GH
OHYDGXUDVVLOYHVWUHVHVSHFtILFDV6LQHPEDUJRHQODPD\RUtDGHORVSURFHVRVLQGXVWULDOHVVyOR
VHQHFHVLWDGHWHUPLQDUHOFUHFLPLHQWRGHODVOHYDGXUDVLQRFXODGDV\GHOWRWDOGHODVOHYDGXUDV
VLOYHVWUHVRFRQWDPLQDQWHV

-RVp$5HJRGyQ0DWHRV
2ULJHQGHODVOHYDGXUDVGHOYLQR
7UDGLFLRQDOPHQWH OD IHUPHQWDFLyQ GHO PRVWR KD VLGR XQ IHQyPHQR HVSRQWiQHR
UHDOL]DGRSRUORVPLFURRUJDQLVPRVDXWyFWRQRVVLOYHVWUHVTXHVHHQFXHQWUDQHQODXYD\HQODV
ERGHJDV(OPRVWRGHQWURGHOJUDQRGHXYDVDQRHLQWDFWRHVWiHVWpULO(OLQyFXORLQLFLDOSDUD
XQD IHUPHQWDFLyQ QDWXUDO R HVSRQWiQHD SURYLHQH DO PHQRV HQ SDUWH GH OD SREODFLyQ TXH VH
HQFXHQWUDHQODVXSHUILFLHGHOJUDQRGHXYD/DVOHYDGXUDVVRQWUDQVSRUWDGDVSRUHOYLHQWR\ORV
LQVHFWRV5LEpUHDX*D\RQHWDO/DVPRVFDVGHODIUXWDDEHMDV\RWURVLQVHFWRVMXHJDQ
XQ LPSRUWDQWH SDSHO HQ VX GLVHPLQDFLyQ5LEpUHDX*D\RQHWDO3H\QDXG/DV
OHYDGXUDVVHHQFXHQWUDQHQODVXYDVGHVGHHOLQLFLRGHODPDGXUDFLyQDOFDQ]iQGRVHODPi[LPD
SREODFLyQHQODPDGXUH]WRWDO(OFUHFLPLHQWRGHORVPLFURRUJDQLVPRVVHGHWLHQHHQOD]RQDGH
FRQWDFWRFRQODFDSDFXWLFXODUGHOJUDQRGHXYDVDQR(QHOFRPLHQ]RGHODYHQGLPLDODVXYDV
VRQODSULQFLSDOIXHQWHGHOHYDGXUDVLQGtJHQDVHQORVPRVWRV
(OQ~PHURGHFpOXODVGHOHYDGXUDVREUHODVXSHUILFLHGHXQJUDQRGHXYDRVFLODHQWUH
\ 'LFKR Q~PHUR \ OD SURSRUFLyQ UHODWLYD GH ODV GLIHUHQWHV HVSHFLHV GHSHQGH GH
QXPHURVRVIDFWRUHV$SHVDUGHORVQXPHURVRVHVWXGLRVUHDOL]DGRVQRVHWLHQHQD~QVXILFLHQWHV
GDWRVSDUDJHQHUDOL]DUVREUHODLQIOXHQFLDGHFDGDXQRGHHVWRVIDFWRUHVHQODVSREODFLRQHVGH
ODVGLVWLQWDVOHYDGXUDV)OHHW\+HDUG/RVIDFWRUHVPiVLPSRUWDQWHVVRQ
D /RFDOL]DFLyQxLJRHQHVWXGLRVUHDOL]DGRVGXUDQWHPXFKRVDxRVFRQFOX\H
TXHKD\PiVHVSHFLHVHVSRUXODGDVFRPR+DQVHQLDVSRUDHQ]RQDVGHFOLPDFiOLGR$GHPiV

REVHUYDTXH.ORHFNHUD HVPiVDEXQGDQWHHQ]RQDVHOHYDGDVSRUHQFLPDGHDPTXH
HQ ]RQDV SUy[LPDV DO PDU HQ WDQWR TXH +DQVHQLDVSRUD DEXQGD HQ ODV ]RQDV EDMDV GRQGH
GHVDSDUHFHSUiFWLFDPHQWH.ORHFNHUD
E&RQGLFLRQHVVDQLWDULDV6HJ~QQXPHURVRVDXWRUHV*XHU]RQLHWDO0DUFKHWWL
HWDO=DPERQHOOL%DUFHQLOOD\$UUR\RODVXYDV GDxDGDVSUHVHQWDQPD\RU

GLYHUVLGDGGHHVSHFLHVTXHODVVDQDV/DVXYDVGDxDGDVSUHVHQWDQIiFLODFFHVRDOLQWHULRUGHOD
XYD GRQGH HO PHGLR HV VXPDPHQWH QXWULWLYR SHUPLWLHQGR HO GHVDUUROOR GH XQD IORUD
PLFURELDQDPiVGLYHUVD
F&RQGLFLRQHVFOLPiWLFDV,QIOX\HQVREUHWRGRODWHPSHUDWXUD\SOXYLRPHWUtD4XHURO
HWDOG/RQJRHWDO%ULRQHVHWDO4XHUROHWDO GKDQREVHUYDGR
UHFXHQWRVPD\RUHVGHOHYDGXUDV\PD\RUSUHVHQFLDGHOHYDGXUDVR[LGDWLYDVHQODVFDPSDxDV
OOXYLRVDV 5HVXOWDGRV VLPLODUHV KDQ REWHQLGR %ULRQHV HW DO HQ HVWXGLRVUHDOL]DGRVHQ

,QWURGXFFLyQ
&DVWLOOD/D 0DQFKD HQFRQWUDQGR XQD HOHYDGD SUHVHQFLD GH PRKRV \ HVFDVD FDQWLGDG GH
OHYDGXUDV FXDQGR VH SURGXFHQ IUHFXHQWHV OOXYLDV VHJXLGDV GH GtDV VROHDGRV (Q HVWDV
FRQGLFLRQHV VH IDYRUHFH HO GHVDUUROOR GH HVSRUDV I~QJLFDV D OD YH] ODV OOXYLDV IDYRUHFHQ HO
ODYDGRGHOUHVWRGHODIORUDPLFURELDQD
G *UDGR GH PDGXUDFLyQ HQ HO PRPHQWR GH YHQGLPLDU *RWR \ <RNRWVXND
5RVLQLHWDO0DUWtQH]HWDO)DUULVHWDO$QJXORHWDOG$QJXORHW
DO GKDQREVHUYDGRTXHHOQ~PHURWRWDO\GLYHUVLGDGGHHVSHFLHVHQODVXYDVDXPHQWD

JUDGXDOPHQWHDORODUJRGHODV~OWLPDVVHPDQDVDQWHVGHODYHQGLPLD(VWRHVGHELGRDTXH
ORVD]~FDUHVTXHVHSURGXFHQHQODXYDGXUDQWHODPDGXUDFLyQVDOHQSRUURWXUDVHQODSLHO\
VLUYHQGHQXWULHQWHVSDUDODVOHYDGXUDVTXHOOHJDQKDVWDODXYDSURFHGHQWHVGHRWURVIUXWRV\HO
VXHORWUDQVSRUWDGDVSRUHOYLHQWRHLQVHFWRV5LEpUHDX*D\RQHWDO3H\QDXG
H9DULHGDGGHXYD6XHIHFWRSDUHFHVHUHVFDVRQRREVWDQWH$QJXORHWDO GKDQ
REVHUYDGRGLIHUHQFLDVHQFXDQWRDODSREODFLyQWRWDOGHOHYDGXUDVHQYDULHGDGHVGHXYDHQ
*DOLFLD DXQTXH QR HQFXHQWUDQ GLIHUHQFLDV HQ ODV SULQFLSDOHV HVSHFLHV KDOODGDV HQ FDGD
YDULHGDG6LQHPEDUJRHVSHUWLQHQWHLQGLFDUTXHHVWRVUHVXOWDGRVSRGUtDQHVWDULQIOXHQFLDGRV
SRUORVGLVWLQWRVWUDWDPLHQWRVILWRVDQLWDULRVTXHVHUHDOL]DQDORVYLxHGRV
I 3URGXFWRV ILWRVDQLWDULRV $OJXQRV SURGXFWRV TXtPLFRV HPSOHDGRV SDUD FRPEDWLU
LQVHFWRV\HQIHUPHGDGHVGHODYLGDIHFWDQWDPELpQDODVOHYDGXUDV%XUHDXHWDO*LURQG
HWDO*DLDHWDO4XHVDGDHWDO4XHVDGDHWDO HQFXHQWUDQTXHORV

LQVHFWLFLGDVDFDULFLGDV\IXQJLFLGDVFRPRHOD]XIUHQRVXHOHQDIHFWDUDODIORUDGHODXYD(Q
FDPELRORVIXQJLFLGDVDEDVHGHWLRGHULYDGRVGHOWLRFDUEDPDWRFDUER[LPLGDRVXOIDPLGDVVRQ
DOWDPHQWHWy[LFRVSDUDODVOHYDGXUDV
J'DxRVItVLFRVGHELGRVDLQVHFWRVRSiMDURV/DVSHUIRUDFLRQHVGHODXYDSURYRFDGDV
SRUHVWRVLQVHFWRVKDFHQTXHORVPLFURRUJDQLVPRVDFFHGDQDOLQWHULRUGHOJUDQRIiFLOPHQWH\
VHLQFUHPHQWHODSREODFLyQGHORVPLVPRV*XHU]RQL\0DUFKHWWL/RQJRHWDO
K &RPSRVLFLyQ ItVLFRTXtPLFD GHO VXHOR )DUULV HW DO /RQJR HW DO
%ULRQHVHWDO%ULRQHVHWDO HQHVWXGLRVOOHYDGRVDFDERHQ&DVWLOOD/D0DQFKD

HQFXHQWUDQTXHORVVXHORVFRQPD\RUFDQWLGDGGHVRGLR\SRWDVLRSUHVHQWDQDVXYH]PD\RUHV
UHFXHQWRV GH OHYDGXUDV REVHUYDQGR XQD EXHQD FRUUHVSRQGHQFLD HVWDGtVWLFD HQWUH OD
IHUWLOL]DFLyQ1\.GHOVXHOR\ODPD\RUSUHVHQFLDGHOHYDGXUDVHQODVXYDV
/DVHVSHFLHVTXHVHHQFXHQWUDQVREUHODVXYDVVRQHVHQFLDOPHQWHHOKRQJRILODPHQWRVR

-RVp$5HJRGyQ0DWHRV
$HUREDVLGLXP SXOOXODQV \ OHYDGXUDV FRPR +DQVHQLDVSRUD \ .ORHFNHUD HVSHFLDOPHQWH .

DSLFXODWD(VWDV~OWLPDVUHSUHVHQWDQGHODOGHODVOHYDGXUDVWRWDOHVDLVODGDV&DQGLGD
& SXOFKHUULPD \ & HVWHOODWD &U\SWRFRFFXV 3LFKLD 5KRGRWRUXOD .OX\YHURP\FHV \

+DQVHQXOD DQRPDOD VRQ PHQRV IUHFXHQWHV *RWR \ <RNRWVXND %XUHDX HW DO
3DULVK \ &DUUROO \ RWUDV HVSHFLHV FRPR 6 FHUHYLVLDH VyOR VH HQFXHQWUDQ GH PRGR
IRUWXLWR
/D PD\RUtD GH ORV HVWXGLRV FRLQFLGHQ HQ VHxDODU HO EDMR Q~PHUR GH 6DFFKDURP\FHV
FHUHYLVLDH PHQRVGHFpOXODVPOGHPRVWRHQODVXYDVVDQDVDXQTXH8VVHJOLR7RPDVVHW\
&LROILLQGLFDQTXHHOGHODIORUDEODVWRPLFpWLFDGHODVXYDVPDGXUDVSHUWHQHFHDO
JpQHUR6DFFKDURP\FHV0RUDHWDO 0DUWLQL\%ULRQHVHWDO LQGLFDQOD

GLILFXOWDG GH DLVODU OHYDGXUDV GH HVWD HVSHFLH HQ KiELWDWV FRQYHQFLRQDOHV FRPR HO VXHOR R OD
VXSHUILFLH GH OD XYD HQFRQWUDQGR TXH SRU HO FRQWUDULR 6 FHUHYLVLDH HV OD HVSHFLH
SUHGRPLQDQWHHQODVERGHJDV
(VWXGLRVOOHYDGRVDFDERSRU%XGURQLHWDO HQPRVWRVGHOD]RQDGH6DUGHJQD
,WDOLDLQGLFDQTXH6FHUHYLVLDH SURFHGHWDQWRGHODXYDFRPRGHODERGHJD/DVVXSHUILFLHV

GHO HTXLSDPLHQWR GH ODV ERGHJDV SUHQVDV IHUPHQWDGRUHV WDQTXHV HWF VRQ XQD LPSRUWDQWH
IXHQWH GH PLFURRUJDQLVPRV TXH YDQ D LQRFXODU ORV PRVWRV (O Q~PHUR GH OHYDGXUDV \ ODV
HVSHFLHV SUHVHQWHV HQ HO PRVWR GHSHQGHQ GHO JUDGR GH OLPSLH]D \ GHO PDWHULDO GH HVWDV
VXSHUILFLHV)OHHW\+HDUG6DFFKDURP\FHVFHUHYLVLDH HVODOHYDGXUDSUHGRPLQDQWHHQ
HVWRV HTXLSDPLHQWRV VLHQGR OD SULQFLSDO IXHQWH GH 6 FHUHYLVLDH LQGtJHQDV HQ ODV
IHUPHQWDFLRQHV 0DUWLQL \ 0DUWLQL DXQTXH DSDUHFHQ WDPELpQ HVSHFLHV GH &DQGLGD
3LFKLD+DQVHQXOD \%UHWWDQRP\FHV
&LQpWLFDGHODVIHUPHQWDFLRQHVHVSRQWiQHDV
8QDYH]HIHFWXDGRHOHVWUXMDGRGHODVXYDVODVOHYDGXUDVTXH VHHQFXHQWUDQVREUHOD
VXSHUILFLHGHORVJUDQRV\HTXLSDPLHQWRGHODERGHJDLQRFXODQHOPRVWRFRQXQDSREODFLyQGHO
RUGHQGH FpOXODVPO'XUDQWHODPDQLSXODFLyQGHORVPRVWRVHQODERGHJDODSREODFLyQ
OHYDGXULIRUPH VH PXOWLSOLFD SRU XQ IDFWRU GH SHUR HO VXOILWDGR \ OD FODULILFDFLyQ GH ORV
PRVWRVYXHOYHDUHGXFLUOR6LQHPEDUJRHOFUHFLPLHQWRGHODVOHYDGXUDVQRVHGHWLHQH\HQXQ
SHUtRGR GH WLHPSR UHODWLYDPHQWH FRUWR VH SXHGHQ HQFRQWUDU SREODFLRQHV GHO RUGHQ GH
FpOXODVPO 'HVGH TXH VH REWLHQH HO PRVWR HO FUHFLPLHQWR GH ODV OHYDGXUDV GXUDQWH OD

,QWURGXFFLyQ
IHUPHQWDFLyQSUHVHQWDFXDWURHWDSDVFODUDPHQWHGLIHUHQFLDGDV
)DVH GH ODWHQFLD SHUtRGR GXUDQWH HO FXDO OD SREODFLyQ OHYDGXULIRUPH DXPHQWD
HVFDVDPHQWH
)DVHH[SRQHQFLDOFRQXQDGXUDFLyQGH GtDV\HQODTXHODSREODFLyQFUHFHKDVWD
FpOXODVPO
)DVH HVWDFLRQDULD TXH GXUD XQRV GtDV \ HQ OD FXDO HO Q~PHUR GH OHYDGXUDV
SHUPDQHFHPiVRPHQRVFRQVWDQWH
)DVH GH GHFOLYH R PXHUWH HQ OD TXH OD SREODFLyQ VH UHGXFH SRU GHEDMR GH
FpOXODVPO\FX\DGXUDFLyQSXHGHVHUGHYDULDVVHPDQDV
1000
Millones clulas/ml
100
10
0,1
0
10
12
14
16
18
20
Das de fermentacin
Fig. 1.1: Dinmica del crecimiento de las levaduras durante la fermentacin de los mostos.
&RPRVHSXHGHYHUHVWHFLFORVHDVHPHMDHQFXDQWRDVXVIDVHVDODWtSLFDFXUYDGH
FUHFLPLHQWR GH ORV PLFURRUJDQLVPRV HQ FXOWLYR FHUUDGR 6LQ HPEDUJR SUHVHQWD YDULDV
GLIHUHQFLDV OD GXUDFLyQ HV SDUWLFXODUPHQWH ODUJD HO FUHFLPLHQWR WRWDO HVWi OLPLWDGR \
FRUUHVSRQGHDXQFUHFLPLHQWRGHQRPiVGHJHQHUDFLRQHVHOFUHFLPLHQWRFHVDDQWHVGH
TXHVHFRQVXPDWRGRHOD]~FDUKD\XQDJUDQGHVSURSRUFLyQHQWUHODVIDVHVSDUWLFXODUPHQWH
ODIDVH GHGHFOLYHSXHGHVHURYHFHVPiVODUJDHQODIHUPHQWDFLyQHVSRQWiQHD
3RU RWUD SDUWH ORV HQyORJRV GLVWLQJXHQ IDVHV HQ ODV IHUPHQWDFLRQHV SHUtRGR GH

-RVp$5HJRGyQ0DWHRV
LQGXFFLyQIHUPHQWDFLyQWXPXOWXRVD\IHUPHQWDFLyQOHQWD
/DGXUDFLyQGHODIHUPHQWDFLyQ\GHFDGDIDVHGHSHQGHGHYDULRVIDFWRUHVFRPRVRQ
)OHHW\+HDUG
D &ODULILFDFLyQ GHO PRVWR 8QD H[FHVLYD FODULILFDFLyQ GHO PRVWR SXHGH SURYRFDU XQ
FRQVLGHUDEOHUHWDUGRHQHOLQLFLRGHODIHUPHQWDFLyQGHELGRDXQDUHGXFFLyQVLJQLILFDWLYDHQOD
SREODFLyQ GH OHYDGXUDV \ HQ OD FDQWLGDG GH QXWULHQWHV SXGLHQGR VHU PiV DIHFWDGDV HVSHFLHV
IHUPHQWDWLYDVFRPR6FHUHYLVLDH3RUHVWHPRWLYRHQORVPRVWRVH[FHVLYDPHQWHFODULILFDGRVHV
UHFRPHQGDEOH OD LQRFXODFLyQ FRQ FXOWLYRV GH FHSDV VHOHFFLRQDGDV GH 6 FHUHYLVLDH 0RUD \
0XOHW
E$GLFLyQGHDQKtGULGRVXOIXURVR&DQWLGDGHVPRGHUDGDVGHDQKtGULGRVXOIXURVR
PJO GH 62 WRWDO DODUJDQ OD IDVH GH LQGXFFLyQ HQyGtDV6LQHPEDUJRFDQWLGDGHV
PX\HOHYDGDVPD\RUHVGHPJOUHWUDVDQHOLQLFLRGH ODIHUPHQWDFLyQHLQFOXVRSXHGHQ

OOHJDUDLQKLELUOD=DPERQHOOL3RUUHJODJHQHUDOODVHVSHFLHVQR6DFFKDURP\FHV HVWiQ
SHRUDGDSWDGDVDODVDOWDVFRQFHQWUDFLRQHVGHVXOIXURVRGHPDQHUDTXHFDQWLGDGHVPRGHUDGDV
GH VXOIXURVR HOLPLQDQ OD PD\RUtD GH ODV HVSHFLHV GpELOPHQWH IHUPHQWDWLYDV \ PXFKDV GH ODV
SHUMXGLFLDOHVSDUDODYLQLILFDFLyQ0DUWtQH]HWDO9DOFDUFHOHWDOD0RUD\0XOHW

F7HPSHUDWXUDGHIHUPHQWDFLyQ/DVWHPSHUDWXUDVLGyQHDVSDUDODIHUPHQWDFLyQGHORV
PRVWRVVHHQFXHQWUDQHQWUHORV&\&7HPSHUDWXUDVLQIHULRUHVUHWUDVDQHOFUHFLPLHQWR
GHODVOHYDGXUDVKDFLHQGRODIHUPHQWDFLyQH[FHVLYDPHQWHOHQWDRLPSRVLEOH/DVWHPSHUDWXUDV
OLJHUDPHQWH VXSHULRUHV D & DFHOHUDQ WRGDV ODV IDVHV \ HQ HVSHFLDO OD WXPXOWXRVD
)LQDOPHQWHWHPSHUDWXUDVVXSHULRUHVDORV&SURYRFDQJHQHUDOPHQWHODSDUDGDGHOSURFHVR
IHUPHQWDWLYRLQFOXVRDQWHVGHILQDOL]DUODIDVHWXPXOWXRVD\DTXHODWHPSHUDWXUD\HODOFRKRO
WLHQHQXQHIHFWRVLQpUJLFRVREUHODGHVWUXFFLyQGHODVOHYDGXUDV $GLFLRQDOPHQWHWHPSHUDWXUDV
GH & IDYRUHFHQ HO FUHFLPLHQWR GH OHYDGXUDV GpELOPHQWH IHUPHQWDWLYDV FRPR .
DSLFXODWD \&VWHOODWD XRWUDVLQGHVHDEOHVFRPR%UHWWDQRP\FHVVS IUHQWHD6FHUHYLVLDH
G&RPSRVLFLyQGHOPRVWR/DFRQFHQWUDFLyQGHD]~FDUHVQXWULHQWHV\YLWDPLQDVDVt
FRPRODDFLGH]\FRQWHQLGRHQVXVWDQFLDVIHQyOLFDVSXHGHQLQIOXLUGHIRUPDVLJQLILFDWLYD
3DUDTXHODIHUPHQWDFLyQVHDUiSLGD\FRPSOHWDGHEHWHQHUOXJDUHQVXWRWDOLGDGGXUDQWH
ODV IDVHV H[SRQHQFLDO \ HVWDFLRQDULD GHO FUHFLPLHQWR GH ODV OHYDGXUDV OR TXH RFXUUH
JHQHUDOPHQWHHQPRVWRVFRQXQFRQWHQLGRLQLFLDOHQD]~FDUHVUHGXFWRUHVLQIHULRUDJO(Q

,QWURGXFFLyQ
PRVWRVFRQFDQWLGDGHVVXSHULRUHVODHWDSDILQDOGHODIHUPHQWDFLyQODUHDOL]DQFpOXODVHQIDVH
GH GHFOLYH FRQ XQD DFWLYLGDG PHWDEyOLFD UHGXFLGD OR FXDO SXHGH FRQGXFLU D XQD SDUDGD
SUHPDWXUDGHODIHUPHQWDFLyQ/RVPRVWRVSREUHVHQD]~FDUPHQRVGHJOVXHOHQWHQHU

YHORFLGDGHVGHIHUPHQWDFLRQHVDGHFXDGDV\ODGXUDFLyQJOREDOGHOSURFHVRHVPHQRU
$O PDUJHQ GH ORV D]~FDUHV RWURV QXWULHQWHV XWLOL]DGRV SRU ODV OHYDGXUDV GXUDQWH OD
IHUPHQWDFLyQ VRQ ORVDPLQRiFLGRVOLEUHV\HODPRQLRFRPRSULQFLSDOHVIXHQWHVGHQLWUyJHQR
IiFLOPHQWHDVLPLODEOHR1)$\DTXHODVSURWHtQDV\SpSWLGRVQRVXHOHQVHUXWLOL]DGDVSRU6

FHUHYLVLDH DO QR WHQHU XQD DFWLYLGDG SURWHiVLFD H[WUDFHOXODU LPSRUWDQWH /DJDFH \ %LVVRQ
1RUPDOPHQWHHO1)$VHHQFXHQWUDHQFDQWLGDGDGHFXDGDSHURFXDQGRHVHVFDVRSXHGH
SURYRFDU SDUDGDV GH IHUPHQWDFLyQ (VWH KHFKR VH SURGXFH XVXDOPHQWH HQ ORV PRVWRV
H[FHVLYDPHQWHFODULILFDGRVRFRQJUDQGHVFDQWLGDGHVGHD]~FDUORVFXDOHVVXHOHQVHUSREUHVHQ
QLWUyJHQR7ULROLHWDO
/D SUHVHQFLD GH YLWDPLQDV LQRVLWRO WLDPLQD ELRWLQD HWF HQ HO PRVWR VXHOH VHU
VXILFLHQWHSDUDDVHJXUDUXQDIHUPHQWDFLyQDGHFXDGDQRREVWDQWHHQDOJXQRVFDVRVFRPRORV
PRVWRV PX\ VXOILWDGRV VH SURGXFHQ SDUDGDV IHUPHQWDWLYDV GHELGR D GHILFLHQFLD HQ WLDPLQD
&DVWLQR6HKDQREVHUYDGRGHILFLHQFLDVHQWLDPLQD\RWUDVYLWDPLQDVFRPRSLULGR[LQD\
iFLGRQLFRWtQLFRHQPRVWRVPX\FODULILFDGRV7ULROLHWDO
(OS+GHORVPRVWRVVXHOHYDULDUHQWUH\GHSHQGLHQGRGHODFRQFHQWUDFLyQGHORV
iFLGRV WDUWiULFR \ PiOLFR YDORUHV HQWUH ORV FXDOHV VH UHDOL]DODIHUPHQWDFLyQXVXDOPHQWH/D
SULQFLSDOOHYDGXUDIHUPHQWDWLYD6 FHUHYLVLDHSDUHFHFUHFHUPHMRUDS+VXSHULRUHVD)OHHW
\ +HDUG SHUR VX FUHFLPLHQWR QR VH YH PX\ DIHFWDGR D S+ HQWUH \ 3H\QDXG
PRWLYRSRUHOTXHORVPRVWRVFRQS+HOHYDGRVRQPRGLILFDGRVPHGLDQWHODDGLFLyQGH
iFLGR WDUWiULFR (VWD SUiFWLFD GH FRUUHFFLyQ GHO S+ WLHQH SRU ILQDOLGDG LPSHGLU HO GHVDUUROOR
H[FHVLYR GH EDFWHULDV VLQ DIHFWDU VLJQLILFDWLYDPHQWH D ODV OHYDGXUDV UHVSRQVDEOHV GH OD
IHUPHQWDFLyQ9DOFDUFHOHWDOE
(OH[FHVRGHSROLIHQROHVDIHFWDHVFDVDPHQWHDOGHVDUUROORGHODIHUPHQWDFLyQ\DTXH6
FHUHYLVLDH QR VH YH LQIOXHQFLDGD SRUHVWHIDFWRUGXUDQWHODIHUPHQWDFLyQ(QFDPELRVtWLHQH

LPSRUWDQFLDSRUVXHIHFWRUHVWULFWLYRHQHOFUHFLPLHQWRGHODVOHYDGXUDVGHIORUQHFHVDULDVSDUD
ODHODERUDFLyQGHORVYLQRVGHFULDQ]DELROyJLFDFRPRORVILQRV6XiUH]HxLJR
H $LUHDFLyQ GHO PRVWR /D YHORFLGDG GH IHUPHQWDFLyQ DO FRPLHQ]R GHO SURFHVR
GHSHQGH HVWUHFKDPHQWH GH ODV FRQGLFLRQHV GH DLUHDFLyQ VLHQGR PiV DOWD FXDQGR ORV PRVWRV

-RVp$5HJRGyQ0DWHRV
HVWiQPiVDLUHDGRV6XiUH]HxLJR(VWRHVGHELGRDTXHHOR[tJHQRHVQHFHVDULRSDUD
ODVOHYDGXUDVVyORDOFRPLHQ]RGHODIHUPHQWDFLyQPRPHQWRHQHOTXHUHDOL]DQPHWDEROLVPR
R[LGDWLYR\VHGLYLGHQPiVDFWLYDPHQWH8QDYH]FRQVXPLGRWRGRHOR[tJHQRSDVDQDUHDOL]DU
PHWDEROLVPR IHUPHQWDWLYR TXH ULQGH PHQRV HQHUJtD \ GD OXJDU D XQ HVFDVR DXPHQWR GHO
Q~PHURGHFpOXODV8QPRVWRFRQSRFRR[tJHQRLQLFLDOSURGXFLUiPHQRUFDQWLGDGGHOHYDGXUDV
DOFRPLHQ]RGHODIHUPHQWDFLyQ\FRQVHFXHQWHPHQWHODIHUPHQWDFLyQWXPXOWXRVDVHUiPiVOHQWD
HLQFOXVRSRGUtDGHWHQHUVH
I,QWHUDFFLyQFRQRWURVPLFURRUJDQLVPRV&RPR\DVHKDLQGLFDGRQXPHURVDVHVSHFLHV
GH EDFWHULDV \ KRQJRV VH HQFXHQWUDQ HQ OD IORUD LQLFLDO GH OD XYD MXQWR D ODV OHYDGXUDV (O
FUHFLPLHQWR GH HVWRV PLFURRUJDQLVPRV DIHFWD DO SURFHVR GH OD YLQLILFDFLyQ \ D ODV
FDUDFWHUtVWLFDV RUJDQROpSWLFDV GHO PRVWR 6H KD REVHUYDGR TXH HO FUHFLPLHQWR GH %RWU\WLV
FLQHUHD SXHGHLQKLELUODIHUPHQWDFLyQDOFRKyOLFDHQXQRVFDVRV\DFWLYDUODHQRWURV2WURKHFKR
FRQVWDWDGR HV TXH HO FUHFLPLHQWR HQ H[FHVR GH EDFWHULDV DFpWLFDV VREUH HO PRVWR LQKLEH HO
FUHFLPLHQWRGHODVOHYDGXUDVYtQLFDV\SRUWDQWRSXHGHUDOHQWL]DURLPSHGLUODIHUPHQWDFLyQ(Q
DOJXQRV FDVRV ODV EDFWHULDV OiFWLFDV SURGXFHQ FDQWLGDGHV WDQ HOHYDGDV GH RUQLWLQD FRPRSDUD
LPSHGLU HO GHVDUUROOR FRUUHFWR GH ODV OHYDGXUDV &DVWLQR $GHPiV ODV OHYDGXUDV
SURGXFWRUDV GH WR[LQD NLOOHU FRPR &DQGLGD 3LFKLD +DQVHQLDVSRUD \ +DQVHQXOD SXHGHQ
GHVWUXLUODVFHSDVVHQVLEOHVGH6FHUHYLVLDHSURYRFDQGRSDUDGDVGHIHUPHQWDFLyQ)OHHW
,]J HW DO )LQDOPHQWH SXHGH VXFHGHU TXH OHYDGXUDVGH6FHUHYLVLDH SURGXFWRUDVGH
WR[LQD NLOOHU \ FRQ FDUDFWHUtVWLFDV HQROyJLFDV LQDGHFXDGDV GHVWUX\DQ RWUDV FHSDV VHQVLEOHV
SUHVHQWHV HQ XQD IHUPHQWDFLyQ KDFLHQGR TXH HVWD VHD PiV OHQWD R LQFOXVR VH GHWHQJD
TXHGDQGR D]~FDUHV UHVLGXDOHV TXH SURYRFDUtDQ XQD LQHVWDELOLGDG PLFURELDQD \ XQD
GHSUHFLDFLyQGHOSURGXFWRILQDO4XHVDGDHWDOE
'LQiPLFDGHODVSREODFLRQHVGHOHYDGXUDVHQIHUPHQWDFLRQHVHVSRQWiQHDV
&XDQGR ORV PRVWRV QR VRQ LQRFXODGRV QRUPDOPHQWH OD IHUPHQWDFLyQ HV LQLFLDGD SRU
YDULDV HVSHFLHV GH EDMR SRGHU DOFRKROtJHQR \ FLHUWR SRGHU R[LGDWLYR FRPR +DQVHQLDVSRUD
.ORHFNHUD \&DQGLGD\HQPHQRUPHGLGD+DQVHQXOD \3LFKLD(VWDVOHYDGXUDVFUHFHQKDVWD
SREODFLRQHV WRWDOHV GHO RUGHQ GH FpOXODVPO GXUDQWH ORV R SULPHURV GtDV GH
IHUPHQWDFLyQ 6HJXLGDPHQWH FRPLHQ]DQ D PRULU GHELGR DO DXPHQWR GH OD FRQFHQWUDFLyQ GH
HWDQRO HQ HO PHGLR )OHHW GDQGR SDVR D FHSDV PiV UHVLVWHQWHV DOHWDQRO\FRQPD\RU

,QWURGXFFLyQ
SRGHUIHUPHQWDWLYR FRPR=\JRVDFFKDURP\FHV7RUXODVSRUD \6DFFKDURP\FHV 6XiUH]HxLJR

$FDEDQ ILQDOPHQWH OD IHUPHQWDFLyQ GLVWLQWDV FHSDV GH 6 FHUHYLVLDH ODV FXDOHV YDQ
DXPHQWDQGR JUDGXDOPHQWH VX SREODFLyQ GHVGH HO SULQFLSLR KDVWD FRQVWLWXLU SUiFWLFDPHQWH HO
GHODVOHYDGXUDVHQODIDVHH[SRQHQFLDO3RUWDQWRODPD\RUtDGHOHWDQROHVSURGXFLGR
EiVLFDPHQWHSRUFHSDVGH6DFFKDURP\FHV\HQHVSHFLDO6FHUHYLVLDH
(VWD VXFHVLyQ GH HVSHFLHV VH UHSLWH VLVWHPiWLFDPHQWH FRQ OLJHUDV YDULDFLRQHV HQ ORV
PRVWRVHVWXGLDGRVHQWRGRHOPXQGRWDO\FRPRVHGHGXFHGHORVQXPHURVRVWUDEDMRVTXHVH
KDQ SXEOLFDGR DO UHVSHFWR %XUHDX HW DO &RUDW]D HW DO 'LWWULFK )OHHW
*RWR\<RNRWVXND+HDUG\)OHHW3DULVK\&DUUROO6DQ5RPPDR HW
DO 9DJQROL HW DO (Q (VSDxD HVWH WLSR GH HVWXGLRV IXHURQ HPSUHQGLGRV SRU
&DVWHOOLHxLJRHQ\FRQWLQXDGRVHQDxRVSRVWHULRUHVSRUDXWRUHVFRPROYDUH]HWDO
\ D $QJXOR HW DO G %DUFHQLOOD \ $UUR\R %RQHG HW DO
%ULRQHVHWDO %UDYR&DQVDGRHWDO &ROGHFDUUHUDHWDO *LOHW
DO *yPH]\$UUR\R+LGDOJR\)ORUHV/HPDHWDO 0DUWtQH]HW
DO 0RUDHWDO 3DUGRHWDO 4XHUROHWDO 4XHVDGDHWDO
6DOYDGRUHVHWDO D9DOFDUFHOHWDO HWF
8QD YH] ILQDOL]DGD OD IHUPHQWDFLyQ HQ ORV PRVWRV GH FLHUWDV ]RQDV HVSDxRODV HV
KDELWXDO OD DSDULFLyQ GH YHORV EODVWRPLFpWLFRV FRQVWLWXLGRV IXQGDPHQWDOPHQWH SRU OHYDGXUDV
GHOJpQHUR6DFFKDURP\FHV(QYLQRVGHJUDGRDOFRKyOLFRLQIHULRUDODSDUHFHQDGHPiVORV
JpQHURV +DQVHQXOD =\JRVDFFKDURP\FHV &DQGLGD 5KRGRWRUXOD &U\SWRFRFFXV \ 3LFKLD
6XiUH]HxLJR
(QEDVHDHVWDGLQiPLFDGHSREODFLRQHVGXUDQWHODIHUPHQWDFLyQHVSRQWiQHDVHSXHGHQ
HVWDEOHFHUKHFKRVIXQGDPHQWDOPHQWH6XiUH]HxLJR6DOYDGRUHV\&DUGHOO
/DVHVSHFLHVGHDOWRRPHGLRSRGHUIHUPHQWDWLYRDXPHQWDQGHVGHHOFRPLHQ]RGHO
SURFHVRKDVWDODIDVHHVWDFLRQDULD UHGXFLpQGRVHDOILQDOGHODIHUPHQWDFLyQ
/D SREODFLyQ GH FDUiFWHU R[LGDWLYR HV SDUWLFXODUPHQWH HOHYDGD DO FRPLHQ]R GH OD
IHUPHQWDFLyQ GLVPLQX\HQGR R LQFOXVR GHVDSDUHFLHQGR HQ ODV UHVWDQWHV IDVHV %DUFHQLOOD \

$UUR\R6DOYDGRUHV\&DUGHOO
(QORVYLQRVGHFLHUWDV]RQDVSXHGHDSDUHFHUXQDHWDSDDHUyELFDWHUPLQDGDODIDVH
IHUPHQWDWLYDHQODTXHVHGHVDUUROODQGLYHUVDVOHYDGXUDVVREUHODVXSHUILFLHGHORVYLQRV
7RGRVORVDXWRUHVHVWiQGHDFXHUGRHQODSUHSRQGHUDQFLDGH6DFFKDURP\FHV FHUHYLVLDH

-RVp$5HJRGyQ0DWHRV
YDULRVGtDVGHVSXpVGHLQLFLDGDODIHUPHQWDFLyQHVSRQWiQHDSRUORTXHHVVLQGXGDODSULQFLSDO
OHYDGXUDGHORVYLQRV$FWXDOPHQWHVHUHFRQRFHTXHDOJXQDVFHSDVGHHVWDHVSHFLHSURGXFHQ
YLQRVPHMRUHVTXHRWUDVORFXDOKDOOHYDGRDOFRQVLGHUDEOHGHVDUUROORGHODVHOHFFLyQGHHVWDV
OHYDGXUDVSDUDXWLOL]DUODVFRPRLQyFXORVHQIHUPHQWDFLRQHVGLULJLGDV
9LQLILFDFLyQFRQOHYDGXUDVVHOHFFLRQDGDV
(Q ORV SDtVHV FRQ PDUFDGD \ UHFLHQWH SURGXFFLyQ YLQtFROD WDOHV FRPR %XOJDULD
(VWDGRV 8QLGRV $XVWUDOLD R 6XGiIULFD GRQGH QR H[LVWtD XQD IORUD OHYDGXULIRUPH QDWXUDO
HVWDEOH SDUD IHUPHQWDFLRQHV GH PRVWRV KD\ XQD UHQXHQFLD D FRQILDU HQ OD IHUPHQWDFLyQ
HVSRQWiQHD \ SRU HOOR VH LQRFXODQ ORV PRVWRV FRQ OHYDGXUDV VHOHFFLRQDGDV SDUD DVHJXUDU HO
p[LWR GH OD IHUPHQWDFLyQ .XQNHH \ *RVZHOO 6XiUH] H xLJR )OHHW \ +HDUG
HOLPLQDQGR R LQKLELHQGR SUHYLDPHQWH OD IORUD QR GHVHDEOH SRU SDVWHXUL]DFLyQ R
PHGLDQWHODDGLFLyQGHDQKtGULGRVXOIXURVR(VWRVHH[SOLFDSRUODHVFDVDWUDGLFLyQYLWLYLQtFROD
GH HVWRV SDtVHV OR FXDO SURYRFD TXH QR GLVSRQJDQ GH XQD IORUD OHYDGXULIRUPH DXWyFWRQD
DUUDLJDGDLGHDOSDUDXQDIHUPHQWDFLyQHVSRQWiQHDIDYRUDEOH*LOHWDO
+DVWD PX\ UHFLHQWH HQWUH ORV HQyORJRV HXURSHRV SUHGRPLQDED OD LGHD GH TXH OD
IHUPHQWDFLyQHVSRQWiQHDLQGXFLGDSRUODIORUDDXWyFWRQDFRQGXFHDODREWHQFLyQGHYLQRVGH
PHMRU DURPD \ ERXTXHW 5DQNLQH 6XiUH] H xLJR DSR\DQGR OD LGHD GH TXH OD
SRVHVLyQ GH XQD IORUD DXWyFWRQD FRQVROLGDGD D WUDYpV GH XQD DQFHVWUDO WUDGLFLyQ YLWLYLQtFROD
SURGXFHPHMRUHVFDOGRV+R\HQGtDODWHQGHQFLDHVGLVWLQWD\DTXHVHKDFRPSUREDGRTXHHO
XVR GH OHYDGXUDV VHOHFFLRQDGDV WLHQH LPSRUWDQWHV YHQWDMDV FRQ UHVSHFWR D OD IHUPHQWDFLyQ
HVSRQWiQHDWUDGLFLRQDO
(Q (VSDxD HO YLQR VH KD YHQLGR HODERUDQGR GXUDQWH VLJORV PHGLDQWH IHUPHQWDFLyQ
HVSRQWiQHDGHORVPRVWRV(QORV~OWLPRVDxRVVHREVHUYDXQDPD\RUWHQGHQFLDDUHDOL]DUODV
IHUPHQWDFLRQHV FRQ LQyFXORV GH OHYDGXUDV VHOHFFLRQDGDV JHQHUDOPHQWH GHO JpQHUR
6DFFKDURP\FHVFRQHOILQGHREWHQHUUHVXOWDGRVVDWLVIDFWRULRV\UHSURGXFLEOHVHQODFDOLGDGGH
ORV YLQRV 5DQNLQH .XQNHH \ *RVZHOO 5LEpUHDX*D\RQ )OHHW
6XiUH]*LDFRPLQLHWDO
(Q XQD SROpPLFD HGLWRULDO %UDYR GHILHQGH HO XVR GH OHYDGXUDV DXWyFWRQDV
VHOHFFLRQDGDVIUHQWHDODLQYDVLyQGHOHYDGXUDVDOyFWRQDVHQHOPHUFDGRHVSDxROHQORV~OWLPRV
DxRV6HJ~QHVWHDXWRUODLQFRUSRUDFLyQGHOHYDGXUDVIRUiQHDVSXHGHKDFHUSHUGHUHQWLGDGDO

,QWURGXFFLyQ
YLQR HQ IDYRU GH XQD FRSLRVD PHGLRFULGDG (VWDV OHYDGXUDV VXHOHQ SHUWHQHFHU D XQD VROD
HVSHFLH6FHUHYLVLDH\FRQVXXVRVHUHFRPLHQGDVXOILWDUHOPRVWRFDVLDGLVFUHFLyQGHQWURGH
ORV OtPLWHV OHJDOHV 'HVGH HO SXQWR GH YLVWD HFROyJLFR \ WpFQLFR H[LVWH XQ ULHVJR DGLFLRQDO
LQWURGXFLU HVSHFLHV HTXLSDGDV FRQ HO IDFWRU NLOOHU DO REMHWR GH HOLPLQDU OD GHQRPLQDGD
WHQGHQFLRVDPHQWH IORUD VDOYDMH OD FXDO HV IORUD DXWyFWRQD R LQGtJHQD LQWHJUDGD SRU ODV
HVSHFLHVGHOHYDGXUDVPiVDGHFXDGDVSDUDODIHUPHQWDFLyQGHXYDV\PRVWRVSXHVWRVHQHOORV
SRU OD QDWXUDOH]D HQ WDQWR TXH OD OHYDGXUD DOyFWRQD VH LPSODQWD FRPR HVSHFLH XELFXLWDULD
SURSLFLDQGRWDOYH]PiVGHXQSUREOHPDGDGRVXDOWRSRGHUGHVXSHUYLYHQFLD\VXUHVLVWHQFLDD
ORVDJHQWHVELRFLGDV(ODXWRULQGLFDODFRPSOHMLGDGGHODIHUPHQWDFLyQGHORVPRVWRVHQODTXH
LQWHUYLHQHQ QXPHURVDV HVSHFLHV GH OHYDGXUDV \ ILQDOPHQWH GHILHQGH HO XVR GH ODV OHYDGXUDV
TXH KDQ VLGR DLVODGDV HQ GLIHUHQWHV UHJLRQHV HVSDxRODV SDUD VHU HPSOHDGDV FRPR OHYDGXUDV
DXWyFWRQDVOHYDGXUDVORFDOHV
/D LGHD GH XVDU FXOWLYRV SXURV GH OHYDGXUDV VHOHFFLRQDGDV FRPHQ]y FRQ 3DVWHXU \
+DQVHQDSOLFiQGRVHLQLFLDOPHQWHVyORDODIDEULFDFLyQGHFHUYH]D$SULQFLSLRVGHOVLJOR;;
VH FRPLHQ]D HQ (XURSD D XVDU FXOWLYRV SXURV GH OHYDGXUDV HQ YLQLILFDFLyQ DO LJXDO TXH HQ
6XGiIULFDGRQGHHVWHSURFHVRFRPLHQ]D HQ,QLFLDOPHQWHVHGLVWULEXtDQFXOWLYRVOtTXLGRV
GHOHYDGXUDVHQGHSyVLWRVGHXQRVOLWURV3DUDXVDUODVVHGHEtDDxDGLUHVWHGHSyVLWRDXQRV
OGHPRVWRVLQVXOILWDU\FXDQGRODOHYDGXUDVHKDEtDGHVDUUROODGRVXILFLHQWHPHQWHHUD
XVDGDSDUD LQRFXODUORVJUDQGHVGHSyVLWRVGHIHUPHQWDFLyQ
(QORVDxRVVHLQWURGXFHQHQ(VWDGRV8QLGRVODVOHYDGXUDVVHFDVDFWLYDV/6$FRQ
JUDQp[LWRORFXDOVXSRQtDXQDFRQVLGHUDEOHPHMRUDWHFQROyJLFDIDFLOLWiQGRVHHQRUPHPHQWHHO
XVRGHOHYDGXUDVDVtFRPRVXFRQVHUYDFLyQ'HVGHHQWRQFHVHOXVRGHOHYDGXUDVVHFDVDFWLYDVD
QLYHOLQGXVWULDOVHH[WLHQGHHQODVJUDQGHVLQGXVWULDVERGHJXHUDVGH&DOLIRUQLD'HJUp
$OSULQFLSLRVHXWLOL]DURQIXQGDPHQWDOPHQWHGRVFHSDVGHOHYDGXUDVVHOHFFLRQDGDVGHRULJHQ
IUDQFpV0RQWUDFKHW\3DVWHXU&KDPSDJQH6HSUHWHQGLyXWLOL]DUODVFRPRFHSDVSDUDWRGR
WLSRGHSURSyVLWRVVLQTXHUHDOPHQWHGLHUDQEXHQRVUHVXOWDGRV$SDUWLUGHHVWRORVH[SHUWRVVH
GLHURQ FXHQWD GH TXH HUD LPSRVLEOH REWHQHU XQD FHSD TXH IXHUD OD VROXFLyQ XQLYHUVDO SDUD
FXDOTXLHUYLQLILFDFLyQ&RPRFRQVHFXHQFLDVHHPSH]DURQDDLVODUFHSDVGHGLVWLQWDVUHJLRQHV
SURGXFWRUDV FRQ HO ILQ GH REWHQHU OHYDGXUDV VHFDV VHOHFFLRQDGDV PHMRU DFOLPDWDGDV $
PHGLDGRV GH ORV\DVHGLVSRQtDGHFHSDVFX\DVSURSLHGDGHVWpFQLFDV\HQROyJLFDVKDFtDQ

SUHGHFLEOH VX LQIOXHQFLD VREUH OD FDOLGDG GHO YLQR HODERUDGR 0XFKDV GH HVWDV FHSDV SRVHHQ

-RVp$5HJRGyQ0DWHRV
FDUDFWHUtVWLFDVPX\LQWHUHVDQWHVTXHODVKDFHQDGHFXDGDVSDUDUHVROYHUSUREOHPDVHVSHFtILFRV
HQODHODERUDFLyQGHOYLQR'HJUp3RUHMHPSORODFHSD:6.:DQGHUVZLOO,QVWLWXWH
6XL]DDGHFXDGDSDUDIHUPHQWDFLyQDEDMDWHPSHUDWXUDODFHSD(&,QVWLWXWH2HQRORJLTXHGH
&KDPSDJQH(SHUQD\)UDQFLDSURGXFWRUDGHSRFDHVSXPD\IiFLOPHQWHVHSDUDEOHGHOYLQROD
FHSD.%DUUHTXHSUHVHQWDIHQRWLSRNLOOHUPDWDGRUODFHSD%,15$1DUERQH
)UDQFLDSURGXFWRUDGHFRPSXHVWRVDURPiWLFRVLQWHUHVDQWHVHWF'HVGHTXHVHKDQH[WHQGLGR
ORVSURJUDPDVSDUDVHOHFFLyQGHOHYDGXUDVHVWDVKDQDXPHQWDGRFRQVLGHUDEOHPHQWHH[LVWLHQGR
PiV GH FHSDV FRPHUFLDOHV GH OHYDGXUDV ELHQ FDUDFWHUL]DGDV GLVSRQLEOHV HQ HO PHUFDGR
6XEGHQ
(QODDFWXDOLGDGODVLQYHVWLJDFLRQHVDOUHVSHFWRVHGLULJHQIXQGDPHQWDOPHQWHHQWUHV
VHQWLGRV'HJUp
$LVODPLHQWR GH QXHYDV FHSDV ORFDOHV PHMRU DFOLPDWDGDV D FDGD UHJLyQ SURGXFWRUD TXH
SHUPLWDQVDWLVIDFHUODVQHFHVLGDGHVGHFDGDLQGXVWULDOERGHJXHUR
2EWHQFLyQGHFHSDVFRQSURSLHGDGHVHVSHFtILFDVLQWHUHVDQWHVFRPRFHSDVIORFXODQWHVTXH
VHVHSDUHQPHMRUGHORVYLQRVIDFLOLWDQGRODFODULILFDFLyQFHSDVFRQDFWLYLGDGJOXFRVLGDVD
FDSDFHV GH OLEHUDU WHUSHQRV UHVSRQVDEOHV GH DURPDV SULPDULRV YDULHWDOHV TXH PHMRUDQ ODV
FDUDFWHUtVWLFDVRUJDQROpSWLFDVGHFLHUWRVYLQRVHWF3pUH]*RQ]iOH]HWDO0DVTXpHWDO

,QWURGXFFLyQ GH PDUFDGRUHV JHQpWLFRV HVSHFtILFRV UHVLVWHQFLD D DQWLELyWLFRV JHQHV
FKLYDWRVHWFHQODVFHSDVVHOHFFLRQDGDVSDUDGHWHUPLQDU\FRQWURODUHOFUHFLPLHQWRGHODV
PLVPDV HQ PRVWRV QR HVWpULOHV (VWR SHUPLWH VDEHU VL OD FHSD VHOHFFLRQDGD HV UHDOPHQWH HO
DJHQWHPD\RULWDULRGHODIHUPHQWDFLyQDOFRKyOLFDIUHQWHDODVOHYDGXUDVVLOYHVWUHVSUHVHQWHVHQ
HOPRVWR9H]LQKHW'HOWHLO\$L]DF3HWHULQJHWDOD3pUH]HWDOHQYLDGRD
SXEOLFDU
&XDQGR VH DxDGH DO PRVWR XQ FXOWLYR GH OHYDGXUD ORFDO VHOHFFLRQDGD FX\D
FRQFHQWUDFLyQ VH HQFXHQWUD HQ H[FHVR IUHQWH D ODV OHYDGXUDV VLOYHVWUHV OD FHSD DxDGLGD VH
FRQYLHUWHHQHODJHQWHGRPLQDQWHGXUDQWHODIHUPHQWDFLyQ0HOHUR)OHHW\+HDUG
$XQTXHQRFDEHGHVFDUWDUODFRQWULEXFLyQGHODVOHYDGXUDVVLOYHVWUHVDOVDERU\DURPDGHORV
YLQRV +HDUG \ )OHHW 5HHG \ 1DJRGDZLWKDQD 0RUD HW DO /HPD HW DO
*LOHWDOODOHYDGXUDGRPLQDQWHHVODTXHPiVDSRUWDODPD\RUtDGHORVDURPDV
VHFXQGDULRVHVGHFLUORVSURGXFLGRVGXUDQWHODIHUPHQWDFLyQ6HJ~QODOHYDGXUDHPSOHDGDHQ

,QWURGXFFLyQ
OD IHUPHQWDFLyQ GHO PRVWR VH SURGXFLUiQ XQRV X RWURV FRPSXHVWRV TXH FRQWULEXLUiQ D OD
FDOLGDG ILQDO GHO YLQR\SRUWDQWRDORVUHVXOWDGRVGHODVHYDOXDFLRQHVVHQVRULDOHV+HDUG\
)OHHW'LFKRVFRPSXHVWRVYROiWLOHV\ QRYROiWLOHVVHSURGXFHQFRPRFRQVHFXHQFLDGHO
PHWDEROLVPR GH ODV OHYDGXUDV GXUDQWH OD IHUPHQWDFLyQ /D FDQWLGDG SURGXFLGD GH HVWRV
FRPSXHVWRV GHSHQGH GH ORV IDFWRUHV TXH GHWHUPLQDQ HO FUHFLPLHQWR GH OD OHYDGXUD
FRPSRVLFLyQ GHO PRVWR WHPSHUDWXUD DLUHDFLyQ HWF \ GH IDFWRUHV JHQpWLFRV HVWDEOHV
FDUDFWHUtVWLFRVGHFDGDFHSDHVSHFtILFDGHOHYDGXUD(VWDIXHUWHFRUUHODFLyQH[LVWHQWHHQWUHORV
PHWDEROLWRV SURGXFLGRV GXUDQWH OD IHUPHQWDFLyQ \ OD OHYDGXUD XWLOL]DGD KD FRQGXFLGR D OD
VHOHFFLyQ \ XWLOL]DFLyQ GH DTXHOODV FHSDV TXH SURGXFHQ XQ DURPD \ VDERU PiV DJUDGDEOH
+RXWPDQ\'X3OHVVLV3DULVK\&DUUROO
/DV OHYDGXUDV VHOHFFLRQDGDV D XVDU HQ XQD GHWHUPLQDGD ]RQD GHEHQ HVWDU SUHSDUDGDV
SDUDIHUPHQWDUHQODVFRQGLFLRQHVDPELHQWDOHVTXHVHYDQD HQFRQWUDUWLSRGHPRVWRSUiFWLFDV

HQROyJLFDVFOLPDWRORJtDHWF&DVWLQR(VWRHVSDUWLFXODUPHQWHLPSRUWDQWHFXDQGRXQD
FHSDGHOHYDGXUDVHKDVHOHFFLRQDGRGHOXJDUHVHQORVTXHORVPRVWRVVRQULFRVHQQXWULHQWHV
)UDQFLD3DtVHV1yUGLFRV]RQDV DWOiQWLFDVHQJHQHUDO\VHSUHWHQGHQXWLOL]DUHQVLWLRVHQORV

TXH ORV PRVWRV VRQ KDELWXDOPHQWH SREUHV FRPR SRU HMHPSOR WRGD OD ]RQD PHGLWHUUiQHD
'HOWHLO\/R]DQR
3RUORWDQWRDXQTXHH[LVWHQOHYDGXUDVVHFDVDFWLYDV/6$FRPHUFLDOHVWHyULFDPHQWH
DSURSLDGDVSDUDUHDOL]DUYLQLILFDFLRQHVUHVXOWDPXFKRPiVDGHFXDGRXWLOL]DUFHSDVDXWyFWRQDV
ORFDOHV VHOHFFLRQDGDV 6XiUH] H xLJR 4XHURO HW DO E 0HOHUR 'HJUp
&DVWLQR /HPD HW DO /DV FHSDV ORFDOHV HVWiQ PHMRU DFOLPDWDGDV D ODV
FRQGLFLRQHV JHRERWiQLFRFOLPDWROyJLFDV GH OD ]RQD SURGXFWRUD HQ FXHVWLyQ \ SXHGHQ
LPSODQWDUVHFRPRDJHQWHELROyJLFRPiVLPSRUWDQWHUHVSRQVDEOHGHODIHUPHQWDFLyQDOFRKyOLFD
D~QHQSUHVHQFLDGHODVOHYDGXUDVVLOYHVWUHVTXHVHHQFXHQWUDQHQORVPRVWRVQRHVWpULOHV3RU
RWUDSDUWHODXWLOL]DFLyQGHOHYDGXUDVORFDOHVVHOHFFLRQDGDVSXHGHDVHJXUDUHOPDQWHQLPLHQWR
GH ODV FDUDFWHUtVWLFDV SURSLDV WtSLFDV GH ORV YLQRV GH OD ]RQD DVSHFWR PX\ LPSRUWDQWH D
FRQVLGHUDU SRU HO LQGXVWULDO ERGHJXHUR TXH FRPHUFLDOL]D OD PD\RUtD GH VX SURGXFFLyQ HQ
RULJHQ /D PD\RUtD GH ODV OHYDGXUDV VHFDV DFWLYDV FRPHUFLDOL]DGDV HQ ([WUHPDGXUD VRQ GH
RULJHQ IUDQFpV \ HVWiQ DFOLPDWDGDV D RWUDV FRQGLFLRQHV DPELHQWDOHV 3RU HVWD UD]yQ VRQ
GHVSOD]DGDVIUHFXHQWHPHQWHSRUOHYDGXUDVDXWyFWRQDVQRVHOHFFLRQDGDVSUHVHQWHVHQHOPRVWR
TXH HVWiQ PHMRU DFOLPDWDGDV D ODV FDUDFWHUtVWLFDV DPELHQWDOHV GH OD ]RQD (VWR KDFH TXH ORV

-RVp$5HJRGyQ0DWHRV
LQGXVWULDOHVERGHJXHURVGHODUHJLyQVHPXHVWUHQUHWLFHQWHVDOXVRGHOHYDGXUDVVHFDVDFWLYDV
IRUiQHDV HQ WDQWR HQ FXDQWR OHV VXSRQH XQ JDVWR VLJQLILFDWLYR TXH IUHFXHQWHPHQWH QR VH
WUDGXFHHQXQRVUHVXOWDGRVVDWLVIDFWRULRV
9HQWDMDVGHODXWLOL]DFLyQGHOHYDGXUDVVHOHFFLRQDGDV
/D XWLOL]DFLyQ GH OHYDGXUDV VHOHFFLRQDGDV HQ SURFHVRV GH YLQLILFDFLyQ SUHVHQWD
EiVLFDPHQWHFLQFRYHQWDMDVIUHQWHDODIHUPHQWDFLyQHVSRQWiQHDWUDGLFLRQDO0HOHUR
0D\RUYHORFLGDGGHIHUPHQWDFLyQ(QPXFKDVRFDVLRQHVODIORUDVLOYHVWUHSUHVHQWHHQORV
PRVWRV QR HV DGHFXDGD SDUD LQLFLDU OD IHUPHQWDFLyQ FRQ UDSLGH] (VWR HV SDUWLFXODUPHQWH
IUHFXHQWH HQ OD HODERUDFLyQ GH YLQRV EODQFRV GRQGH HO PRVWR HV FODULILFDGR SUHYLDPHQWH
HOLPLQDQGRJUDQSDUWHGHODSREODFLyQPLFURELDQD3RURWUDSDUWHHOXVRGHFLHUWRVSURGXFWRV
ILWRVDQLWDULRV UHGXFH FRQVLGHUDEOHPHQWH OD SREODFLyQ GH OHYDGXUDV SUHVHQWH HQ OD XYD
HVSHFLDOPHQWHODVOHYDGXUDVIHUPHQWDWLYDV8WLOL]DQGRXQLQyFXORGHOHYDGXUDVVHOHFFLRQDGDV
VHDVHJXUDODSUHVHQFLDGHOHYDGXUDVIHUPHQWDWLYDVDGHFXDGDVTXHUHDOLFHQODIHUPHQWDFLyQGHO
PRVWRDXQDYHORFLGDGDFHSWDEOH
0i[LPR FRQVXPR GH ORV D]~FDUHV UHGXFWRUHV &XDQGR ORV PRVWRV SUHVHQWDQ XQD HOHYDGD
FDQWLGDG GH D]~FDU PD\RU GH JO R FXDQGR VH LPSRQH XQD FHSD GH OHYDGXUD FRQ
LQVXILFLHQWH UHVLVWHQFLD DO HWDQROSXHGHTXHGDUHQHOYLQRXQDH[FHVLYDFDQWLGDGGHD]~FDUHV
UHGXFWRUHV(VWHSUREOHPDVHFRUULJHIiFLOPHQWHXWLOL]DQGROHYDGXUDVVHOHFFLRQDGDVUHVLVWHQWHV
DDOWDVFRQFHQWUDFLRQHVGHHWDQRO
0D\RUUHSURGXFLELOLGDGHQODFDOLGDGGHORVYLQRV6HSXHGHLQFOXVRPDQWHQHU\DVHJXUDU
XQD FLHUWD FDOLGDG GHO YLQR GH XQD FDPSDxD D RWUD PX\ GLVWLQWD FRQ UHVSHFWR DO HVWDGR
ILWRVDQLWDULR GH OD XYD 4XHURO HW DO OR TXH HV SUiFWLFDPHQWH LPSRVLEOH XWLOL]DQGR
PpWRGRVWUDGLFLRQDOHVGHYLQLILFDFLyQ
5HGXFFLyQGHORVSUREOHPDVFDXVDGRVSRUOHYDGXUDVH[WUDxDVVLOYHVWUHV/DIORUDSUHVHQWHHQ
ORVPRVWRVSXHGHVHUPX\GLIHUHQWHGHQWURGHODPLVPD]RQDYLWLYLQtFRODHLQFOXVRGHQWURGHOD
PLVPD ERGHJD GHELGR D IDFWRUHV FRPR WpFQLFDV GH YHQGLPLD YLQLILFDFLyQ WHPSHUDWXUD \
SOXYLRVLGDG4XHUROHWDO&RPRFRQVHFXHQFLDHQFXDOTXLHUPRPHQWRSXHGHQVXUJLU
OHYDGXUDVH[WUDxDVVLOYHVWUHVTXHGHWHULRUHQODFDOLGDGGHORVYLQRV&RQHOHPSOHRGHLQyFXORV
GHOHYDGXUDVVHOHFFLRQDGDVVHPLQLPL]DRGHVDSDUHFHHVWHULHVJR
0D\RUIOH[LELOLGDGHQHOFRQWUROGHODFDOLGDGVHQVRULDOGHOYLQR0HGLDQWHODVHOHFFLyQGH

,QWURGXFFLyQ
FHSDV TXH SURGX]FDQ PHQRU FDQWLGDG GHORVFRPSXHVWRVGHVDJUDGDEOHV\PD\RUFDQWLGDGGH

ORVFRPSXHVWRVPiVGHVHDGRVVHSXHGHGHWHUPLQDUODFDOLGDG\ODVFDUDFWHUtVWLFDVHVSHFtILFDV
GHXQGHWHUPLQDGRYLQR
0RGRGHXWLOL]DFLyQGHODVOHYDGXUDVVHOHFFLRQDGDV
/DVOHYDGXUDVVHOHFFLRQDGDVVHYHQGHQHQHOPHUFDGRIXQGDPHQWDOPHQWHEDMRIRUPDV
SRVLEOHV &LROIL *DLD FXOWLYR OtTXLGR FXOWLYR VREUH DJDU SDVWD OLRILOL]DGDV \
GHVHFDGDV OHYDGXUDV VHFDV DFWLYDV R /6$ /DV OHYDGXUDV VHOHFFLRQDGDV OtTXLGDV \ ODV
YHQGLGDV FRPR SDVWD R VREUH DJDU WLHQHQ TXH XWLOL]DUVH UiSLGDPHQWH SXGLpQGRVH FRQVHUYDU
GXUDQWH DSUR[LPDGDPHQWH GtDV D & (Q FDPELR ODV /6$ VH SXHGHQ FRQVHUYDU GXUDQWH
YDULRVPHVHV\ODVOHYDGXUDVOLRILOL]DGDVLQFOXVRDxRV
/RVGRVSURFHGLPLHQWRVPiVFRPXQHVGHXWLOL]DFLyQGHOHYDGXUDVVHOHFFLRQDGDVSDUD
GLULJLUODIHUPHQWDFLyQGHORVPRVWRVVRQ6XiUH]'HJUp
D(ODERUDFLyQFRQSLHGHFXEDGHOHYDGXUDVHOHFFLRQDGD
&RQ HO QRPEUH GH SLH GH FXED VH HQWLHQGH XQ FLHUWR YROXPHQ GH PRVWR HQ SOHQD
IHUPHQWDFLyQSUHSDUDGRDSDUWLUGHPRVWRHVWpULOVHPEUDGRFRQXQFXOWLYRSXURGHOHYDGXUD
VHOHFFLRQDGDGHFXDOTXLHUDGHORVFLQFRWLSRVPHQFLRQDGRVDQWHULRUPHQWH(VHTXLYDOHQWHDOR
TXH VH FRQRFH FRPR LQyFXOR LQLFLDGRU \ DO WpUPLQR DQJORVDMyQ VWDUWHU 6H SXHGH XWLOL]DU
FRPRVXVWUDWRPRVWRIUHVFRRPRVWRFRQFHQWUDGR8QDYH]REWHQLGRHOSLHGHFXEDFRQPiVGH
FpOXODVPOVHDxDGHDOPRVWRUHFLpQREWHQLGRHQODERGHJDHQXQDFDQWLGDGTXHUHSUHVHQWH
XQGHOYROXPHQGHOGHSyVLWR6XiUH](VWHPpWRGRUHVXOWDPX\DGHFXDGRFXDQGR

VHWUDWDGHLQGXVWULDVSHTXHxDVRGHHQVD\RVH[SHULPHQWDOHVGHFHSDVDXWyFWRQDVVHOHFFLRQDGDV
6LQ HPEDUJR UHVXOWD SRFR RSHUDWLYR FXDQGR VH WUDWD GH JUDQGHV LQVWDODFLRQHV HQ ODV TXH VH
PDQHMDQJUDQGHVFDQWLGDGHVGHPRVWR\GHLQyFXORLQLFLDGRU
/DOHYDGXUDVHOHFFLRQDGDGLVWULEXLGDVREUHDJDUVLHPSUHGHEHVHUXWLOL]DGDPHGLDQWHOD
HODERUDFLyQ FRQ SLH GH FXED UD]yQ SRU OD FXDO HV XQ VLVWHPD PX\ SRFR XWLOL]DGR \D TXH
UHTXLHUHXQDPD\RUGLVSRQLELOLGDGGHPDWHULDOHV\SHUVRQDOHQODVERGHJDV&LROIL
E(ODERUDFLyQFRQOHYDGXUDVHFDDFWLYD/6$
6RQOHYDGXUDVVHOHFFLRQDGDVTXHXQDYH]FXOWLYDGDVDGHFXDGDPHQWHVHVHFDQKDVWD
GH KXPHGDG UHVLGXDO \ VH HPSDTXHWDQ DO YDFtR R FRQ JDV LQHUWH SDUD VX SRVWHULRU
XWLOL]DFLyQ FRPR LQyFXOR LQLFLDGRU HQ OD IHUPHQWDFLyQ GH ORV PRVWRV /RV SUHSDUDGRV

-RVp$5HJRGyQ0DWHRV
FRPHUFLDOHV GH OHYDGXUDV VHFDV FRQWLHQHQ DSUR[LPDGDPHQWH $ FpOXODV SRU JUDPR GH
SURGXFWR 6XiUH] H xLJR /D PD\RUtD GH HVWDV FpOXODV HVWiQ YLYDV \ VX YLDELOLGDG
GHSHQGH GH OD FHSD XWLOL]DGD SURFHVR GH HODERUDFLyQ HQYDVDGR WLHPSR GH HPSDTXHWDGR \
SURFHGLPLHQWRGHUHKLGUDWDFLyQ&LROIL([LVWHQFHSDVVHOHFFLRQDGDVTXHUHVLVWHQPX\
ELHQODGHVHFDFLyQSHUPDQHFLHQGRYLDEOHVODPD\RUtDGHODVFpOXODVGXUDQWHODUJRVSHUtRGRVGH
DOPDFHQDPLHQWRPiVGHPHVHV3RUHOFRQWUDULRRWUDVFHSDVVHOHFFLRQDGDVPDQWLHQHQXQ
EDMRJUDGRGHYLDELOLGDGGHPDQHUDTXHQRVRQLGyQHDVSDUDHODERUDUOHYDGXUDVVHFDVDFWLYDV
/DYLDELOLGDGOyJLFDPHQWHGLVPLQX\HDPHGLGDTXHDXPHQWDHOWLHPSRGHDOPDFHQDPLHQWR
3XHGHQLQRFXODUVHHQHOPRVWRFRQRVLQKLGUDWDFLyQSUHYLD/DUHKLGUDWDFLyQSUHYLDFRQDJXDR
PRVWR WHPSODGR & DVHJXUD PD\RU SRUFHQWDMH GH YLDELOLGDG /D FDQWLGDG GH FpOXODV
XWLOL]DGDHQORVLQyFXORVHVGHDSUR[LPDGDPHQWH$ FpOXODVPOTXHVHPXOWLSOLFDUiQGXUDQWH
ODIHUPHQWDFLyQKDVWD$ FpOXODVPODSUR[LPDGDPHQWH'HJUp
/DV /6$ UHSUHVHQWDQ HO SURFHGLPLHQWR PiV DGHFXDGR \ SUiFWLFR GH HPSOHR GH ODV
OHYDGXUDV VHOHFFLRQDGDV *DLD VREUH WRGR SDUD JUDQGHV LQVWDODFLRQHV LQGXVWULDOHV
IXQGDPHQWDOPHQWH SRUTXH SHUPLWH GLVSRQHU GH JUDQ FDQWLGDG GH LQyFXOR HQ FRQGLFLRQHV
DGHFXDGDV VLQ QHFHVLGDG GH WHQHU TXH SUHSDUDUOR GXUDQWH OD YHQGLPLD FRPR RFXUUH FRQ HO
SURFHGLPLHQWRGHOSLHGHFXED3DUDVXXVRQRUPDOPHQWHHVQHFHVDULRUHKLGUDWDUSUHYLDPHQWH
ODOHYDGXUDFRQDJXDRPRVWRWLELR&GXUDQWHXQRVPLQXWRVVHJXLGDPHQWHVHDxDGHOD
PH]FODDOPRVWRDIHUPHQWDU/DGRVLVPiVFRP~QHPSOHDGDHVWiHQWUH\JGH/6$SRU
KOGHPRVWRORFXDOYLHQHDDSRUWDUGHDPLOORQHVGHFpOXODVYLYDVSRUPOGHPRVWR
'DGR TXH HO XVR GH OHYDGXUDV DXWyFWRQDV VXHOH UHVWULQJLUVH D ]RQDV PX\ FHUFDQDV
JHRJUiILFDPHQWHODSRVLELOLGDGGHSURGXFLUODVOHYDGXUDV\GLVWULEXLUODVFRPRSDVWDIUHVFDSDUD
XVR HQ ERGHJDV SXHGH UHVXOWDU PiV LQWHUHVDQWH (VWH SURFHGLPLHQWR UHVXOWD PiV EDUDWR TXH
HODERUDU /6$ \ QR HV QHFHVDULR UHDFWLYDU ODV OHYDGXUDV SDUD REWHQHU DUUDQTXHV HILFLHQWHV GH
IHUPHQWDFLyQ 3DUD HVWH ILQ HV QHFHVDULR TXH ODV OHYDGXUDV UHVFDV SUHVHQWHQ XQ PtQLPR GH
YLDELOLGDGFRQHOILQGHSRGHUDOPDFHQDUODVHQFiPDUDVIULJRUtILFDVDQWHVGHVXUHSDUWR \XVRHO
FXDOQRGHEHGHPRUDUVHSRUHQFLPDGHORVGtDV5HJRGyQHWDOE
&DUDFWHUtVWLFDV TXH GHEHQ UHXQLU ODV OHYDGXUDV VHOHFFLRQDGDV SDUD VX XVR HQ
HQRORJtD
%iVLFDPHQWHODVFHSDVVHOHFFLRQDGDVKDQGHVHUFDSDFHVGHSURGXFLUYLQRVGHFDOLGDG

,QWURGXFFLyQ
(VWDFDOLGDGKDGHPDQWHQHUVHSDUDXQPLVPRWLSRGHPRVWR\SURFHGLPLHQWRGHHODERUDFLyQ
FRQ LQGHSHQGHQFLD GHO UHFLSLHQWH GH SURFHGHQFLD GHO YLQR HYLWDQGR DVt ORV SUREOHPDV
IUHFXHQWHPHQWHFDXVDGRVSRUHOFUHFLPLHQWRGHRWURVPLFURRUJDQLVPRVVLOYHVWUHVQRGHVHDGRV
3UREDEOHPHQWHODPHMRUIRUPDGHHYDOXDUODXWLOLGDGGHXQDGHWHUPLQDGDOHYDGXUDHQ
ODLQGXVWULDVHDDQDOL]DUODFDOLGDGGHOYLQRHODERUDGRFRQGLFKDOHYDGXUDUHFDEDQGRODRSLQLyQ
GH H[SHUWRV FDWDGRUHV \ HQyORJRV ,QGHSHQGLHQWHPHQWH DO PDUJHQ GHO FULWHULR PiV R PHQRV
VXEMHWLYR GH ORV H[SHUWRV H[LVWHQ FLHUWRV FULWHULRV REMHWLYRV TXH SHUPLWHQ GHWHUPLQDU VL XQD
OHYDGXUD SXHGH VHU WHyULFDPHQWH DGHFXDGD SDUD OD SURGXFFLyQ GH YLQRV GH FDOLGDG FRQ XQDV
FLHUWDVJDUDQWtDVGHp[LWR(VWRVFULWHULRVSXHGHQYDULDUVHJ~QHOWLSRGHYLQRTXHVHSUHWHQGD
HODERUDU \ OD RSLQLyQ GH ORV H[SHUWRV FRQVXOWDGRV $ SHVDU GH HVWR H[LVWHQ FLHUWDV
HVSHFLILFDFLRQHV TXH GHEHUtDQ FXPSOLU ODV FHSDV GH OHYDGXUDV VHOHFFLRQDGDV \ HQ ODV TXH OD
PD\RUtD GH ORV H[SHUWRV FRLQFLGHQ (VWDV HVSHFLILFDFLRQHV HQ SDUWH GHWHUPLQDGDV
JHQpWLFDPHQWH\FDUDFWHUtVWLFDVSDUDFDGDFHSDGHOHYDGXUDVRQ
3URGXFFLyQPtQLPDGHDFLGH]YROiWLO
-XQWR FRQ HO JUDGR DOFRKyOLFR OD DFLGH] YROiWLO KD VLGR HO IDFWRU PiV FRQVLGHUDGR
WUDGLFLRQDOPHQWHHQODFRWL]DFLyQGHORVYLQRVFRPXQHV6XiUH](OYDORUPi[LPRHQ

ORV YLQRV HVWi UHJXODGR OHJDOPHQWH VLHQGR GH JO PiV SRU JUDGR DOFRKyOLFR TXH
VREUHSDVHGH'HELGRDOHIHFWRQHJDWLYRTXHHVWDDFLGH]WLHQHVREUHHOVDERUGHOYLQRHVWi
JHQHUDOPHQWH DFHSWDGR TXH ORV YLQRV FRQ PHQRU DFLGH] YROiWLO VRQ GH PHMRU FDOLGDG 6H
FRQVLGHUDTXHQRGHEHVXSHUDUORVJOGHiFLGRDFpWLFRDXQTXHSDUDDOJXQRVWLSRVGHYLQRV
\HQIXQFLyQGHOJUDGRDOFRKyOLFRVHSXHGHQWROHUDUYDORUHVVXSHULRUHVGHKDVWDJO
/DIRUPDFLyQGHiFLGRVYROiWLOHVHQHOFXUVRGHODIHUPHQWDFLyQDOFRKyOLFDVHSURGXFH
SRU R[LGDFLyQ HQ]LPiWLFD GH ORV DOGHKLGRV FRUUHVSRQGLHQWHV VLHQGR IDYRUHFLGR HVWH SURFHVR
SRUODDLUHDFLyQGHOPHGLR3DODFLRVHWDOD/DFRQYHUVLyQGHOHWDQROHQiFLGRDFpWLFR
SRUODVOHYDGXUDVLPSOLFDSULPHURODR[LGDFLyQDDFHWDOGHKLGRSRUODDOFRKROGHVKLGURJHQDVD
VHJXLGDPHQWH HO DFHWDOGHKLGR SDVD D iFLGR DFpWLFR PHGLDQWH HO HQ]LPD DOGHKLGR
GHVKLGURJHQDVD GHSHQGLHQWH GH 1$' R 1$'3 /D SULQFLSDO IXHQWH GH DFHWDWR GXUDQWH OD
IHUPHQWDFLyQ HV XQ LQWHUPHGLDULR GH OD R[LGDFLyQ GHO DFHWDOGHKLGR D DFHWLO &R$ 6H KD
HQFRQWUDGRXQDFRUUHODFLyQSRVLWLYDHQWUHHOFRQWHQLGRGHDFHWDWR\DOGHKLGRGHVKLGURJHQDVD
HQYDULDVFHSDVGH6FHUHYLVLDH(ODFHWDWRHVDFXPXODGRHQHOPHGLRH[WUDFHOXODUGXUDQWHOD

-RVp$5HJRGyQ0DWHRV
IDVHGHODWHQFLD\DOFRPLHQ]RGHODIHUPHQWDFLyQ
6 FHUHYLVLDH SURGXFH VLHPSUH SHTXHxDV FDQWLGDGHV GH iFLGR DFpWLFR QRUPDOPHQWH
HQWUH\PJOHVWDEDMDSURGXFFLyQHVWiD~QPiVDFHQWXDGDHQODVFHSDVFULRWROHUDQWHV
FDSDFHV GH FUHFHU D EDMD WHPSHUDWXUD TXH VXHOHQ SURGXFLU FDQWLGDGHV HQWUH \ PJO
*LXGLFL\=DPERQHOOLD*LXGLFLHWDO/DFDSDFLGDGGHODVFHSDVGH6FHUHYLVLDH
SDUD SURGXFLU GLIHUHQWHV FDQWLGDGHV GH iFLGR DFpWLFR GXUDQWH OD IHUPHQWDFLyQ HV HVWDEOH \
KHUHGLWDULD HVWDQGR LPSOLFDGR SUREDEOHPHQWH XQ ~QLFR JHQ FRQ PXFKRV DOHORV *LXGLFL \
=DPERQHOOL E 1R REVWDQWH OD IRUPDFLyQ GH iFLGR DFpWLFR SRU OD OHYDGXUD YLHQH
LQIOXHQFLDGD SRU RWURV IDFWRUHV DO PDUJHQ GH OD SURSLD FHSD \ OD DLUHDFLyQ \D FLWDGD
SURGXFLpQGRVH JHQHUDOPHQWH PiV DFLGH] YROiWLO EDMR FRQGLFLRQHV TXH OLPLWDQ HO FUHFLPLHQWR
5DGOHU8QRGHORVIDFWRUHVTXHPiVLQIOX\HHQODIRUPDFLyQGHiFLGRDFpWLFRHVHOS+
GH PDQHUD TXH SRU GHEDMR GH S+ \ SRU HQFLPD GH OD OHYDGXUD VLQWHWL]D ODV PD\RUHV
FDQWLGDGHV 5DGOHU 2WURV IDFWRUHV TXH LQIOX\HQ VRQ WHPSHUDWXUD GH IHUPHQWDFLyQ
FRPSRVLFLyQGHOPHGLRFDQWLGDGGHD]~FDUGHOPRVWR\IXHQWHGHQLWUyJHQR
/RViFLGRVYROiWLOHVHQSDUWLFXODUiFLGRDFpWLFR\HQPHQRUSURSRUFLyQDFHWDWRGHHWLOR
\RWURViFLGRVJUDVRVYROiWLOHVVHIRUPDQIXQGDPHQWDOPHQWHSRUOHYDGXUDVGHODSULPHUDIDVH
IHUPHQWDWLYD FXDQGR VH FRQVXPH OD PLWDG GHO D]~FDU GHO PRVWR 3RU WDQWR HV LPSRUWDQWH
YLJLODUHVWDSULPHUDHWDSDDVtFRPRORVPLFURRUJDQLVPRVTXHHQHOODLQWHUYLHQHQ
(Q YLQRV VDQRV QR LQIHFWDGRV SRU EDFWHULDV GHO iFLGR DFpWLFR OD PD\RU SDUWH GH OD
DFLGH]YROiWLOHVFRQVHFXHQFLDGHODIHUPHQWDFLyQGHOPRVWRSRUODVOHYDGXUDV\GHSHQGHGHOD
HVSHFLH \ FHSD GH OHYDGXUD XWLOL]DGD 0LOODQ \ 2UWHJD 5DGOHU 3DODFLRV HW DO
D(QFRQVHFXHQFLDVHOHFFLRQDQGRFHSDVGH6FHUHYLVLDH TXHSUHVHQWHQEDMDSURGXFFLyQ
GHDFLGH]YROiWLOHVWDPRVDVHJXUDQGRDSULRULSDUWHGHODFDOLGDGGHOYLQR(VSRUORWDQWRXQ
FDUiFWHUVXVFHSWLEOHGHPHMRUDJHQpWLFD*LXGLFL\=DPERQHOOLE
3URGXFFLyQGHHWDQROHQFDQWLGDGHVDGHFXDGDVDODULTXH]DD]XFDUDGDGHORVPRVWRV
7UDGLFLRQDOPHQWH VH KDQ FRQVLGHUDGR PHMRUHV ODV FHSDV FDSDFHV GH SURGXFLU PiV
DOFRKRO D SDUWLU GH XQ PRVWR GHWHUPLQDGR IUHQWH D ODV TXH SURGXFHQ PHQRV (VWH FULWHULR HV
GLVFXWLEOH VHJ~Q DOJXQRV DXWRUHV 6XiUH] H xLJR \D TXH H[LVWH FLHUWD WHQGHQFLD D
FRQVXPLU YLQRV MyYHQHV DIUXWDGRV GH EDMD JUDGXDFLyQ DOFRKyOLFD GHOLFDGRV IUHVFRV \
DURPiWLFRV HQ ORV TXH ORV DURPDV YDULHWDOHV \ VHFXQGDULRV R IHUPHQWDWLYRV MXHJDQ XQ SDSHO

,QWURGXFFLyQ
PX\LPSRUWDQWH(QFXDOTXLHUFDVRHQWUHYY\VRQYDORUHVTXHVHSXHGHQ
FRQVLGHUDUySWLPRVSDUDXQYLQRGHPHVD1RVRWURVVHJXLPRVXWLOL]DQGRHOFULWHULRWUDGLFLRQDO
FRPRFULWHULRGHVHOHFFLyQGHOHYDGXUDVYtQLFDVVLHPSUH\FXDQGRODFHSDGHOHYDGXUDFXPSOD
FRQRWUDVGHODVHVSHFLILFDFLRQHVTXHPHQFLRQDPRVHQHVWHDSDUWDGR
/RV D]~FDUHV IHUPHQWDEOHV VRQ FRQYHUWLGRV SRU ODV FpOXODV GH OHYDGXUD HQ HWDQRO
GLy[LGRGHFDUERQRHQHUJtDELRPDVD\SURGXFWRVVHFXQGDULRV/DVOHYDGXUDVGLVSRQHQGH
YtDV SDUD OD GHJUDGDFLyQ GH ORV D]~FDUHV )LJXUD IHUPHQWDFLyQ JOLFHURSLU~YLFD
IHUPHQWDFLyQ DOFRKyOLFD \ UHVSLUDFLyQ &DGD FHSD GH 6 FHUHYLVLDH WLHQH XQ GHWHUPLQDGR
FRQWHQLGR HQ HQ]LPDV FXDQWLWDWLYD \ FXDOLWDWLYDPHQWH GLVWLQWR OR TXH YD D GDU OXJDU D
UHQGLPLHQWRV GH DOFRKRO GLIHUHQWHV GXUDQWH OD IHUPHQWDFLyQ /D HQHUJtD SURGXFLGD SRU HO
PHWDEROLVPRGHORVD]~FDUHVSURFHGHPD\RULWDULDPHQWHGHODYtDIHUPHQWDWLYDODFRQWULEXFLyQ
GHODUHVSLUDFLyQDODSURGXFFLyQGHHQHUJtDHVPX\GpELOLQFOXVRHQFRQGLFLRQHVGHDHURELRVLV
GHELGRDOHIHFWRUHSUHVRUGHODJOXFRVDVREUHORVHQ]LPDVUHVSLUDWRULRV
/DHILFLHQFLDGHODFRQYHUVLyQGHOD]~FDUHQ HWDQROTXHURQGDHOGHUHQGLPLHQWR
WHyULFR 6XEGHQ LPSOLFD XQD DOWD DFWLYLGDG HVSHFtILFD FRQ HVFDVD SURGXFFLyQ GH
ELRPDVD \ PHWDEROLWRV VHFXQGDULRV $OJXQRV GH ORV IDFWRUHV JHQpWLFRV GH OD OHYDGXUD TXH
DIHFWDQDODHILFLHQFLDVRQODHVSRUXODFLyQODIORFXODFLyQ\HOWLHPSRGHJHQHUDFLyQDGHPiVGH
WRGRVDTXHOORVDOHORVLPSOLFDGRVHQODIRUPDFLyQGHPHWDEROLWRVVHFXQGDULRV6XEGHQ
6HKDREVHUYDGRTXHODVOHYDGXUDVFULRWROHUDQWHVPDQLILHVWDQXQPHQRUUHQGLPLHQWRDOFRKyOLFR
HQODIHUPHQWDFLyQGHORVPRVWRV*LXGLFLHWDO
(QORVPRVWRVULFRVHQD]~FDUWtSLFRVGH]RQDVFiOLGDVFRPR([WUHPDGXUDVHRULJLQDQDOWDV
FDQWLGDGHV GH HWDQRO XQD YH] ILQDOL]DGD OD IHUPHQWDFLyQ (Q FRQVHFXHQFLD ODV FHSDV
VHOHFFLRQDGDVDGHPiVGHVHUEXHQDV SURGXFWRUDVGHHWDQROGHEHQVHUOyJLFDPHQWHUHVLVWHQWHV
DO PLVPR /D PD\RU SDUWH GH ODV FHSDV GH 6 FHUHYLVLDH WLHQHQ XQ SRGHU IHUPHQWDWLYR
FDSDFLGDGSDUDSURGXFLUHWDQROVXSHULRUDOYYSXGLHQGROOHJDUDOJXQDVDO

*LXGLFL\=DPERQHOOL D

-RVp$5HJRGyQ0DWHRV
)LJ&DWDEROLVPRGHODJOXFRVDHQODVOHYDGXUDV

,QWURGXFFLyQ
$GHFXDGD YHORFLGDG GH IHUPHQWDFLyQ GHO PRVWR \ UiSLGD LPSRVLFLyQ GHVSXpV GH OD
LQRFXODFLyQYLJRUIHUPHQWDWLYR
6LODIHUPHQWDFLyQHVPX\OHQWDDGHPiVGHDXPHQWDUHOFRVWRGHIDEULFDFLyQVHFRUUH
HOULHVJRGHFRQWDPLQDFLyQSRURWURVPLFURRUJDQLVPRVLQGHVHDEOHV6LHVPX\UiSLGDSXHGH
RFDVLRQDU SUREOHPDV GH FRQWURO GH WHPSHUDWXUD ORV YLQRV SLHUGHQ SDUWH GH VXV SURSLHGDGHV
DURPiWLFDV\VHSXHGHQSURGXFLUSDUDGDVGHIHUPHQWDFLyQ6WUHKDLDQR/DYHORFLGDGGH

IHUPHQWDFLyQGHSHQGHGHQXPHURVRVIDFWRUHVFRPR\DVHKDLQGLFDGRHQDQWHULRUHVDSDUWDGRV
HQWUHHOORVODWHPSHUDWXUD$WHPSHUDWXUDVUHODWLYDPHQWHEDMDVGHD&XWLOL]DGDVSDUDOD
HODERUDFLyQGHYLQRVEODQFRVHOWLHPSRGHIHUPHQWDFLyQDGHFXDGRHVWiFRPSUHQGLGRHQWUH
\GtDV$WHPSHUDWXUDVPiVHOHYDGDVGHD&XWLOL]DGDVHQODHODERUDFLyQGHYLQRV
WLQWRVHOWLHPSRGHIHUPHQWDFLyQGHEHHVWDUFRPSUHQGLGRHQWUH\GtDV)OHHW\+HDUG

8QDOHYDGXUDVHOHFFLRQDGDGHEHLPSRQHUVH\GRPLQDUODIHUPHQWDFLyQORDQWHVSRVLEOH
6XEGHQ HYLWDQGR GH HVWH PRGR ORV SHUMXLFLRV TXH SXHGHQ FDXVDU RWURV
PLFURRUJDQLVPRV TXH VH GHVDUUROODQ HQ ODV SULPHUDV HWDSDV (O YLJRU IHUPHQWDWLYR HV XQ
FDUiFWHUHVWDEOHGHODFHSD\HVWiUHODFLRQDGRFRQODFDSDFLGDGGHHVWDSDUDPXOWLSOLFDUVHHQHO
PRVWR\IHUPHQWDU6HKDGHVFULWRTXHODVFHSDVGH6FHUHYLVLDH FRQDOWRYLJRUIHUPHQWDWLYR
YLHQHQDUHSUHVHQWDUHO*LXGLFL\=DPERQHOOLD
7ROHUDQFLDDWHPSHUDWXUDVH[WUHPDVDOWDVREDMDV
1RUPDOPHQWH OD WHPSHUDWXUD ySWLPD GH FUHFLPLHQWR SDUD ODV FHSDV YtQLFDV GH 6
FHUHYLVLDH HVWiFRPSUHQGLGDHQWUH&\&$PHULQHHWDO%HQGDDXQTXH

VXHOHQIHUPHQWDUELHQHQWUHORV&\&*LXGLFL\=DPERQHOOLD(QODVERGHJDVGH
UHJLRQHV FiOLGDV VL QR GLVSRQHQ GH VLVWHPD GH UHIULJHUDFLyQ FRPR VXFHGH HQ PXFKDV GH ODV
ERGHJDVH[WUHPHxDV3XOLGRHWDOODWHPSHUDWXUDGXUDQWHHOSHUtRGRGHIHUPHQWDFLyQ
GHORVPRVWRVSXHGHDOFDQ]DUHYHQWXDOPHQWHPiVGH&(VWRGHSHQGHGHGLVWLQWRVIDFWRUHV
FRPR HO FDORU JHQHUDGR SRU OD IHUPHQWDFLyQ VXELGDV FOLPDWROyJLFDV GH OD WHPSHUDWXUD
YROXPHQGHPRVWRDIHUPHQWDUHWF$XQTXHODPD\RUtDGHODVFHSDVGH6FHUHYLVLDH SXHGHQ
FUHFHU D HVWD WHPSHUDWXUD HQ SUHVHQFLD GH DOWDV FRQFHQWUDFLRQHV GH DOFRKRO SXHGHQ PRULU \
SURGXFLUVHXQDSDUDGDGHODIHUPHQWDFLyQ9DQ8GHQ6WUHKDLDQR$GHPiVVL

HVWR RFXUUH VH VXHOH SODQWHDU XQ SUREOHPD DGLFLRQDO GH FRQWDPLQDFLyQ SRU EDFWHULDV TXH

-RVp$5HJRGyQ0DWHRV
QRUPDOPHQWHFUHFHQELHQDWHPSHUDWXUDVPiVDOWDV\DOWHUDQWRWDOHLUUHYHUVLEOHPHQWHHOYLQR
(Q FRQVHFXHQFLD HQ UHJLRQHV FiOLGDV HV FRQYHQLHQWH VHOHFFLRQDU FHSDV GH OHYDGXUDV
UHVLVWHQWHV D DOWDV WHPSHUDWXUDV HQ SUHVHQFLD GH HWDQRO FDSDFHV GH WHUPLQDU FRQ p[LWR OD
IHUPHQWDFLyQGHOPRVWRDWHPSHUDWXUDVVXSHULRUHVDORV&
3RU RWUD SDUWH OD WHPSHUDWXUD GH IHUPHQWDFLyQ MXHJD XQ SDSHO GHFLVLYR HQ OD
GHVDSDULFLyQ GH ORV DURPDV SULPDULRV \ HQ OD FRQVHUYDFLyQ GH ORV DURPDV VHFXQGDULRV $
WHPSHUDWXUDV DOWDV GH IHUPHQWDFLyQ VXSHULRUHV D & GLVPLQX\H VHQVLEOHPHQWH OD

DFXPXODFLyQ GH DURPDV (Q FRQVHFXHQFLD ~OWLPDPHQWH VH HVWiQ XWLOL]DQGR WHPSHUDWXUDV GH
YLQLILFDFLyQORPiVEDMDVSRVLEOHHQODHODERUDFLyQGHYLQRVEODQFRVFRQHOILQGHIDYRUHFHUOD
SURGXFFLyQ \ UHWHQFLyQ GH FRPSXHVWRV YROiWLOHV LPSRUWDQWHV HQ HO DURPD 3RU HVWD UD]yQVH
WLHQGHDVHOHFFLRQDUFHSDVFDSDFHVGHIHUPHQWDU\FUHFHUELHQDWHPSHUDWXUDVEDMDVHQWRUQRD
ORV & (Q HVWH VHQWLGR VH KD REVHUYDGRTXHODVFHSDVGHODVUD]DVILVLROyJLFDVXYDUXP \
ED\DQXV VRQ KDELWXDOPHQWH FULRWROHUDQWHV HV GHFLU FUHFHQ DGHFXDGDPHQWH D WHPSHUDWXUDV

EDMDVTXHSXHGHQURQGDUORV&*LXGLFL\=DPERQHOOLD
5HVLVWHQFLDDDQKtGULGRVXOIXURVR62
/DDGLFLyQGH62 DORVPRVWRVSDUDFRQWURODUODVUHDFFLRQHVGHR[LGDFLyQ\UHVWULQJLU
HO FUHFLPLHQWR GH OD IORUD PLFURELDQD HV XQD SUiFWLFD PX\ HVWDEOHFLGD HQ SURFHVRV GH
YLQLILFDFLyQVLHQGRHODQWLVpSWLFRPiVXVDGRHQHQRORJtD%HHFK\ 7KRPDV5RPDQR\
6X]]L$OHL[DQGUH\9LFHQWH(QODVIHUPHQWDFLRQHVYtQLFDVLQGXVWULDOHVVHVXHOH
DxDGLUHQWUH\PJOGH62 WRWDOOLEUHFRPELQDGR(QHVWDVFRQGLFLRQHVODSREODFLyQ

LQLFLDOGHOHYDGXUDVGLVPLQX\HXQDVYHFHVDXPHQWDQGRDVtODIDVHGHODWHQFLDGHXQRDGRV
GtDV KDVWD TXH OD IHUPHQWDFLyQ FRPLHQ]D (O 62 HMHUFH XQD DFFLyQ VHOHFWLYD HQWUH ODV
OHYDGXUDVDVtODVOHYDGXUDVDSLFXODGDVVRQQRUPDOPHQWHVHQVLEOHVDEDMDVFRQFHQWUDFLRQHVGH
62PLHQWUDVTXHRWUDVOHYDGXUDVFRPR6FHUHYLVLDH VXHOHQVRSRUWDUJUDQGHVFRQFHQWUDFLRQHV
GH 62 OLEUH (Q 6 FHUHYLVLDH ODV FHSDV UHVLVWHQWHV D DOWDV FRQFHQWUDFLRQHV GH 62 VRQ
IUHFXHQWHV\UHSUHVHQWDQDSUR[LPDGDPHQWHHOGHODVDLVODGDVGHODQDWXUDOH]D*LXGLFL\
=DPERQHOOLD
/DVOHYDGXUDVVHOHFFLRQDGDVKDQGHVHUUHVLVWHQWHVDFRQFHQWUDFLRQHVGH62 VXSHULRUHV
DODVXWLOL]DGDV'HOWHLO\/R]DQR'HHVWDPDQHUDSRGUiQLQLFLDUODIHUPHQWDFLyQGHORV
PRVWRVVXOILWDGRVFRQPiVUDSLGH]LPSRQLpQGRVHLQFOXVRVREUHSRVLEOHVOHYDGXUDVVLOYHVWUHV

,QWURGXFFLyQ
UHVLVWHQWHV
3RURWUDSDUWHODWHQGHQFLDDFWXDOHVGLVPLQXLUDOPi[LPRODGRVLVGHVXOIXURVRWRWDO
SUHVHQWH HQ ORV YLQRV PHMRUDQGR ODV WpFQLFDV GH YLQLILFDFLyQ &XDQGR VH DGLFLRQD SRFR
VXOIXURVR DO PRVWR HV UHFRPHQGDEOH OD XWLOL]DFLyQ GH LQyFXORV GH OHYDGXUDV VHOHFFLRQDGDV
+HUUDL] \ &DEH]XGR &DVWLQR HYLWiQGRVH DVt HO H[FHVLYR GHVDUUROOR GH ODV
EDFWHULDV\OHYDGXUDVDSLFXODGDV(QHVWHVHQWLGRVHSXHGHQVHOHFFLRQDUOHYDGXUDVSURGXFWRUDV
GH 62 HQ FDQWLGDGHV VXILFLHQWHV SDUD PDQWHQHU HO YLQR HVWDEOH 6X]]L HW DO R TXH
SURGX]FDQ SRFD FDQWLGDG GH 62 \ WHQJDQ FDSDFLGDG HVWDELOL]DQWH VREUH HO YLQR 7LQLHWDO
&DVWLQR
%DMDSURGXFFLyQGHDQKtGULGRVXOIXURVR62
*HQHUDOPHQWHODPD\RUSDUWHGHODQKtGULGRVXOIXURVRTXHVHHQFXHQWUDHQHOYLQRHV
DxDGLGRSRUHOKRPEUHGXUDQWHHOSURFHVRGHYLQLILFDFLyQ8QDFDQWLGDGDGLFLRQDOTXHSXHGH
UHVXOWDUPX\VLJQLILFDWLYDHVSURGXFLGDGXUDQWHODIHUPHQWDFLyQGHOPRVWRSRUODVOHYDGXUDV
(VWH62 HVXQLQWHUPHGLDULRHQODUXWDGHUHGXFFLyQHQ]LPiWLFDGHORVVXOIDWRVSUHVHQWHVHQHO
PRVWRSDUDIRUPDU+6TXHSXHGHVHUXWLOL]DGRSRUODVOHYDGXUDVSDUDVLQWHWL]DUFRPSXHVWRV
RUJiQLFRV DPLQRiFLGRV FRHQ]LPDV SURWHtQDV HWF (Q DOJXQDV OHYDGXUDV HVWH 62
LQWHUPHGLDULRVHDFXPXODRULJLQDQGRQLYHOHVPX\DOWRVHQORVYLQRV&DOGHQWH\
/DFDSDFLGDGGHSURGXFLUDOWDVFRQFHQWUDFLRQHVGH62 HVXQDFDUDFWHUtVWLFDFRQVWDQWH
GH OD FHSD GH OHYDGXUD \ GHSHQGH GH VX DFHUYR JHQpWLFR 6H KD SURSXHVWR TXH ODV FHSDV
DOWDPHQWHSURGXFWRUDVSRVHHQPXWDFLRQHVTXHODVLQFDSDFLWDQSDUDIRUPDU+6DSDUWLUGH62
'LWWULFK \ 6WDXGHQPD\HU $XQTXHSRURWUDSDUWHH[LVWHQGDWRVLQGLFDWLYRVGH

TXHWDQWRODVFHSDVQRUPDOHVFRPRODVPX\SURGXFWRUDVIRUPDQFDQWLGDGHVVLPLODUHVGH+6
(VFKHPEUXFKHWDO$GLFLRQDOPHQWHHVWDFDSDFLGDGSURGXFWRUDGH62 HVWiDIHFWDGD

SRURWURVIDFWRUHVGHYLQLILFDFLyQFRPRFRPSRVLFLyQGHORVPRVWRVFRQFHQWUDFLyQGHVXOIDWRV
JOXFRVDiFLGRSDQWRWpQLFR62WHPSHUDWXUDHWF
1RUPDOPHQWH ODV FHSDV GH 6 FHUHYLVLDH SURGXFHQ GH D PJO GH VXOIXURVR
(VFKHPEUXFK 'RWW HW DO 'LWWULFK 1R REVWDQWH DOJXQDV FHSDV VRQ
FDSDFHV GH SURGXFLU FDQWLGDGHV VXSHULRUHV TXH SXHGHQ H[FHGHU ORV PJO (VFKHPEUXFK
(QORVHVWXGLRVUHDOL]DGRVSRU*DLD\'HOILQLHQ0RVFDWRG$VWLVHFODVLILFDD
ODVOHYDGXUDVHQJUXSRVGHSHQGLHQGRGHODSURGXFFLyQGH62JUXSRPJOJUXSR

-RVp$5HJRGyQ0DWHRV
PJOJUXSRPJOJUXSRPJO\JUXSRPD\RUGHPJO
/DFDQWLGDGGH62 SURGXFLGDSRUODVOHYDGXUDVHVGHJUDQLQWHUpVGHVGHHOSXQWRGH
YLVWDHQROyJLFR\DTXHHVWHVHXQHDFRPSXHVWRVFRQJUXSRVFDUERQLORVSXGLHQGRDOWHUDUGH
IRUPD QHJDWLYD ODV FXDOLGDGHV GHO YLQR &DOGHQWH\ 5DXKXW (Q HO YLQR VH KDQ
HQFRQWUDGRXQRVFLQFXHQWDFRPSXHVWRVFRQIXQFLyQFDUERQtOLFDPiVRPHQRVUHDFWLYRVFRQHO
62 TXH SURYLHQHQ SULQFLSDOPHQWH GHO PHWDEROLVPR GH ODV OHYDGXUDV DFHWDOGHKLGR iFLGR
SLU~YLFR\iFLGRFHWRJOXWiULFRDXQTXHWDPELpQSXHGHQSURYHQLUGHODXYDD]~FDUHViFLGRV

XUyQLFRVSDUWLFXODUPHQWHFXDQGRHVWiSRGULGD&DVS(QHOYLQRODFRPELQDFLyQGHO
62 GHSHQGHGHVXVFRQFHQWUDFLRQHVPRODUHV\GHODFRQVWDQWHGHHTXLOLEULR6SDUNV
'H WRGDV ODV FRPELQDFLRQHV GHO 62 OD PiV HVWDEOH HV OD TXH UHDOL]D FRQ HO DFHWDOGHKLGR
FRQVWLWX\HQGRODIUDFFLyQHVWDEOHGHO62 FRPELQDGR
3RU RWUD SDUWH FRQFHQWUDFLRQHV DOWDV GH 62 HQ ORV YLQRV QHXWUDOL]DQ HO DURPD \ HO
ERXTXHWSURGXFHQXQRORUSLFDQWHFDUDFWHUtVWLFR\SXHGHQUHVXOWDUWy[LFDVHLQFOXVRLOHJDOHV
VHJ~QODQRUPDWLYDGHPXFKRVSDtVHV$GHPiVODSURGXFFLyQGH62 SRUODVOHYDGXUDVHVXQ
SURFHVRTXHFRQVXPHPXFKDHQHUJtD&RPRFRQVHFXHQFLDODVOHYDGXUDVSURGXFWRUDVGH62
PXHVWUDQ FLHUWD SHUGLGD GH HILFDFLD HQ HO PHWDEROLVPR FHOXODU OR TXH VH WUDGXFH HQ PHQRU
SURGXFFLyQ GH ELRPDVD \ HQ RFDVLRQHV HQ XQD IHUPHQWDFLyQ OHQWD 5DXKXW 7RGRV
HVWRV SUREOHPDV VH SXHGHQ REYLDU XWLOL]DQGR OHYDGXUDV VHOHFFLRQDGDV TXH SURGX]FDQ EDMDV
FRQFHQWUDFLRQHVGH62 GXUDQWHODIHUPHQWDFLyQGHORVPRVWRV'LWWULFK
(VRSRUWXQRPHQFLRQDUDTXtTXHFRPR\DVHKDGLFKRHQHODSDUWDGRDQWHULRUFLHUWRV
DXWRUHV 6X]]L HW DO KDQ VXJHULGR OD SRVLELOLGDG GH XWLOL]DU ODV FHSDV DOWDPHQWH
SURGXFWRUDVGH62 SDUDYLQLILFDFLRQHVPiVHFROyJLFDVHQODVTXHQRVHDxDGD62 DOPRVWR

(Q HVWH FDVR HO 62 SURGXFLGR SRU ODV OHYDGXUDV VHUtD HO UHVSRQVDEOH GH OD DFFLyQ
DQWLPLFURELDQD\DQWLR[LGDQWHQHFHVDULD1RVRWURVQRKHPRVFRQWHPSODGRHVWDSRVLELOLGDGGH
PDQHUD TXH KHPRV VHOHFFLRQDGR FHSDV SRFR SURGXFWRUDV GH 62 HQ EDVH D ORV FULWHULRV
PHQFLRQDGRVDQWHULRUPHQWH
%DMDSURGXFFLyQGHVXOIKtGULFR+6
(OVXOIXURGHKLGUyJHQRHVHOSURGXFWRILQDOHQODUXWDGHUHGXFFLyQGHVXOIDWRXWLOL]DGD
SRUODVOHYDGXUDV6HIRUPDHQSHTXHxDVFDQWLGDGHVGXUDQWHODIHUPHQWDFLyQSRUUHGXFFLyQGH
D]XIUH HOHPHQWDO VXOIDWRV VXOILWRV \ D]XIUH RUJiQLFR SUHVHQWHV HQ ORV PRVWRV 0RQN

,QWURGXFFLyQ
9LxHJUD&DOGHQWH\
(O XPEUDO GH RORU HQ YLQRV SDUD HO +6 YDUtD GH D JO &RQFHQWUDFLRQHV TXH
H[FHGDQVLJQLILFDWLYDPHQWHHVWRVYDORUHVRULJLQDQXQGHVDJUDGDEOHRORUDKXHYRVSRGULGRV
$GHPiV GXUDQWH HO DOPDFHQDPLHQWR GH ORV YLQRV HO VXOKItGULFR SXHGH UHDFFLRQDU FRQ RWURV
FRPSRQHQWHV GHO YLQR RULJLQDQGR FRPSXHVWRV D]XIUDGRV YROiWLOHV UHVSRQVDEOHV GH DURPDV
GHVDJUDGDEOHV RORU D FHEROOD HVWDQFDPLHQWR FDXFKR HWF UHYLVDGR SRU 5DXKXW (Q
YLQRV MyYHQHV QR WUDWDGRV FRQ 62 FLHUWRV QLYHOHV GH +6 JO SXHGHQ VHU
FRQVLGHUDGRV SRVLWLYRV \D TXH DSRUWDQ FLHUWR VDERU D OHYDGXUD 'LWWULFK \ 6WDXGHQPD\HU
$ SHVDU GH HOOR VH FRQVLGHUD FRQYHQLHQWH TXH OD FRQFHQWUDFLyQ GH +6 SURGXFLGR
GXUDQWHODIHUPHQWDFLyQVHDPtQLPD
/D SURGXFFLyQ GH VXOIKtGULFR HQ YLQRV GHSHQGH GH YDULRV IDFWRUHV TXtPLFRV \
ELROyJLFRV3UREDEOHPHQWHHOIDFWRUPiVVLJQLILFDWLYRHVHOWLSRGHOHYDGXUDVTXHLQWHUYLHQHQ
HQODIHUPHQWDFLyQGHOPRVWRUHYLVDGRSRU5DXKXW$OJXQDVFHSDVGH6FHUHYLVLDH VRQ
DOWDPHQWH SURGXFWRUDV DOFDQ]iQGRVH FRQFHQWUDFLRQHV GH PiV GH PJO GH VXOIKtGULFR HQ HO
YLQR/DSURGXFFLyQGH+6HVWiDVRFLDGDDXQDDOWDDFWLYLGDGGHODHQ]LPDVXOILWRUHGXFWDVD
/DV YDULDFLRQHV HQ OD SURGXFFLyQ GH VXOIKtGULFR HQWUH ODV GLVWLQWDV FHSDV WLHQHQ XQD EDVH
JHQpWLFDTXHLPSOLFDDOPHQRVFLQFRJHQHVLQFOX\HQGRHOJHQ0(7 TXHFRGLILFDSDUDXQDGH
ODV SDUWHV GH OD HQ]LPD VXOILWR UHGXFWDVD 7DQDND \ %LVVRQ /D LQFDSDFLGDG SDUD
SURGXFLU+6HVXQFDUiFWHUHVWDEOHTXHVHKHUHGDVHJ~QODVOH\HVGHODJHQpWLFDPHQGHOLDQD
=DPERQHOOL $GLFLRQDOPHQWH HO QLYHO GH SURGXFFLyQ HVWi GHWHUPLQDGR HQ SDUWH SRU
IDFWRUHV DPELHQWDOHV FRPR FRPSRVLFLyQ GHO PRVWR FRQGLFLRQHV GH IHUPHQWDFLyQ \ RWURV
IDFWRUHVWHFQROyJLFRV0RQN&DOGHQWH\(QWUHHVWRV~OWLPRVSRGUtDPRVGHVWDFDU

ORVVLJXLHQWHV
D7HPSHUDWXUD\S+$OWRVYDORUHVGHFXDOTXLHUDGHORVGRVKDFHQTXHDXPHQWHODSURGXFFLyQ
GH +6 SRU ODV OHYDGXUDV 5DQNLQH ,JXDOPHQWH DOWD LQWHQVLGDG GH IHUPHQWDFLyQ \
GHSyVLWRV GH JUDQ FDSDFLGDG WDPELpQ DXPHQWDQ OD SURGXFFLyQ GH +6 :HQ]HO \ 'LWWULFK
DXQTXHHVWRSXHGHVHUXQDFRQVHFXHQFLDGHODVWHPSHUDWXUDVPiVDOWDVTXHVHDOFDQ]DQ
HQHVWDVFRQGLFLRQHV
E)XHQWHGHQLWUyJHQR'HILFLHQFLDVHQXQDIXHQWHGHQLWUyJHQRIiFLOPHQWHDVLPLODEOHDPRQLR
\DPLQRiFLGRVLQFUHPHQWDQODSURGXFFLyQGHVXOIKtGULFRSRUODVOHYDGXUDV$OJXQRVDXWRUHV
9RV\*UD\VXJLHUHQTXHODEDMDFDQWLGDGGHDPLQRiFLGRVOLEUHVHVWLPXODODSURGXFFLyQ

-RVp$5HJRGyQ0DWHRV
GH DFWLYLGDG SURWHiVLFD H[WUDFHOXODU SRU OHYDGXUDV QR 6DFFKDURP\FHV OR TXH IDFLOLWDUtD OD
OLEHUDFLyQGHDPLQRiFLGRV~WLOHVSDUD6FHUHYLVLDH/DJDFH\%LVVRQ(VWRSURYRFDUtD
XQD PD\RU GHJUDGDFLyQ GH ODV SURWHtQDV SUHVHQWHV HQ HO PRVWR \ OD OLEHUDFLyQ GH +6
SURFHGHQWHGHORVDPLQRiFLGRVD]XIUDGRV2WURVDXWRUHV+HQVFKNH\-LUDQHN6WUDWIRUG
\5RVHFRQVLGHUDQTXH HQHVWDVFRQGLFLRQHVODPD\RUtDGHO+6IRUPDGRSURYLHQHGHO

62 SUHVHQWH HQ HO PRVWR \ QR GH ODV SURWHtQDV *LXGLFL \ .XQNHH DILUPDQ TXH HO
VXOIDWR HV HO SULQFLSDO VXVWUDWR SDUD OD IRUPDFLyQ GH +6 1RUPDOPHQWH OD DGLFLyQ GH XQD
IXHQWH GH QLWUyJHQR DVLPLODEOH VROXFLRQD HVWH SUREOHPD GH XQD IRUPD HILFD] 0RQN
*LXGLFL\.XQNHH
(Q FRQVHFXHQFLD VLQ ROYLGDU HVWH WLSR GH IDFWRUHV TXH DIHFWDQ OD SURGXFFLyQ GH
VXOIKtGULFR SRU ODV OHYDGXUDV VH SXHGH GLVPLQXLU FRQVLGHUDEOHPHQWH OD SURGXFFLyQ GH HVWH
FRPSXHVWR GXUDQWH OD IHUPHQWDFLyQ XWLOL]DQGR FHSDV GH OHYDGXUDV VHOHFFLRQDGDV SRFR
SURGXFWRUDVGH+6=DPERQHOOL&DOGHQWH\6HKDREVHUYDGRTXHJHQHUDOPHQWH

HVWDVFHSDVWLHQHQXQYLJRUIHUPHQWDWLYRPHGLRSURGXFHQDOWDVFDQWLGDGHVGHDFHWDOGHKLGR\Q
SURSDQRO7DPELpQVHKDREVHUYDGRTXHVXHOHQVHUSURGXFWRUDVPiVRPHQRVLPSRUWDQWHVGH
62TXHHVHOSUHFXUVRUGHO+6HQODUXWDGHUHGXFFLyQVLQHPEDUJRH[LVWHQFHSDVHQODVTXH
ORV GRV IHQyPHQRV QR HVWiQ FRUUHODFLRQDGRV SXGLpQGRVH REWHQHU EDMD SURGXFFLyQ GH +6 \
62 DODYH]
$OWDYHORFLGDGGHVHGLPHQWDFLyQ\FDSDFLGDGGHIORFXODU
$OJXQDVFHSDVGHOHYDGXUDWLHQHQWHQGHQFLDDDJORPHUDUVH\IRUPDUIOyFXORVORVFXDOHV
VH GHSRVLWDQ HQ HO IRQGR GH OD YDVLMD GH IHUPHQWDFLyQ (VWH IHQyPHQR FRQRFLGR FRPR
IORFXODFLyQVHFRQVLGHUDXQIDFWRUGHLPSRUWDQFLDHQODSURGXFFLyQGHEHELGDVIHUPHQWDGDV
/DV FHSDV GH OHYDGXUDV FX\DV FpOXODV VH GHSRVLWDQ FRQ UDSLGH] XQD YH] ILQDOL]DGD OD
IHUPHQWDFLyQ VXHOHQ RULJLQDU YLQRV PiVOtPSLGRVOtDVFRPSDFWDV\SRFRYROXPLQRVDV(VWR
IDFLOLWD\SRUHQGHDEDUDWDHOGHVIDQJDGR\ODFODULILFDFLyQGHORVYLQRV6XiUH]*LXFLGL
\=DPERQHOOLD6XEGHQ
,QLFLDOPHQWH VH FUHtD TXH OD OHYDGXUD IORFXODED SRU XQ VLPSOH HIHFWR GH FDUJD
3RVWHULRUPHQWHVHREVHUYyODQHFHVLGDGGHLRQHVFDOFLRSDUDTXHHVWHIHQyPHQRVHSURGXMHVH
/D Pi[LPD IORFXODFLyQ VH KD REVHUYDGR FXDQGR VH HOLPLQDQ ORV QXWULHQWHV GLVSRQLEOHV \
DXPHQWDODKLGURIRELFLGDGGHODVVXSHUILFLHVGHODVOHYDGXUDV%DUWUD5HFLHQWHPHQWHVH

,QWURGXFFLyQ
KD SURSXHVWR XQD WHRUtD EDVDGD HQ OD LQWHUDFFLyQ HQWUH SURWHtQDV GH SDUHG OHFWLQDV \
SROLVDFiULGRVFRPRORVLQWHJUDQWHVGHOPDQDQRGHODSDUHGHVWDLQWHUDFFLyQHVWDUtDIDYRUHFLGD
SRUHOFDOFLRHOFXDOPDQWHQGUtDODVOHFWLQDVHQFRQIRUPDFLyQDFWLYD6LHLURHWDO
/D FDSDFLGDG GH IORFXODFLyQ HV YDULDEOH HQ ODV GLVWLQWDV FHSDV HVWDQGR GHWHUPLQDGD
JHQpWLFDPHQWH6WUDWIRUG6HKDQGHVFULWRKDVWDDKRUDDOHORVGRPLQDQWHVHQYDULRVJHQHV

TXHLQWHUYLHQHQHQHVWHFDUiFWHU)/2)/2)/2)/2WDPELpQVHKDQGHVFULWRYDULRV
DOHORVVHPLGRPLQDQWHV\UHFHVLYRVGHRWURVJHQHVUHODFLRQDGRVFRQHVWHIHQRWLSRIORIOR
IOR $GHPiVH[LVWHQJHQHVQRUHODFLRQDGRVFRQODIORFXODFLyQTXHDOPXWDUDIHFWDQDHVWH
FDUiFWHU\DRWURVPiV6LHLURHWDO/DIUHFXHQFLDFRQODTXHDSDUHFHQFHSDVIORFXODQWHV
HQ OD QDWXUDOH]D HV GHO H[LVWLHQGR XQ GH FHSDV TXH SUHVHQWDQ HVWH FDUiFWHU PX\
DFHQWXDGR*LXGLFL\=DPERQHOOLD/DWHQGHQFLDDFWXDOHVVHOHFFLRQDUFHSDVIORFXODQWHV

TXHSURGX]FDQYLQRVPX\OLPSLRV\VLQWXUELGH]DSUHFLDEOH
%DMDIRUPDFLyQGHHVSXPD
/D IRUPDFLyQ GH PXFKD HVSXPD HV XQ SUREOHPD WHFQROyJLFR \D TXH QR SHUPLWH
DSURYHFKDUDOPi[LPRODFDSDFLGDGGHORVGHSyVLWRVGHIHUPHQWDFLyQ3RURWUD SDUWHDXPHQWD
ODVXSHUILFLHGHOPRVWRHQFRQWDFWRFRQHODLUH\FRQVHFXHQWHPHQWHODVSUREDELOLGDGHVGHTXH
VH GHVDUUROOHQ EDFWHULDV DFpWLFDV =DPERQHOOL $GHPiV OD HVSXPD VH SXHGH VHFDU \
SXGULU DO DLUH FD\HQGR SRVWHULRUPHQWH VREUH HO YLQR 6XEGHQ 8WLOL]DQGR FHSDV GH
OHYDGXUDV TXH SURGX]FDQ PX\ SRFD HVSXPD VH SXHGHQ OOHQDU DO Pi[LPR ORV GHSyVLWRV VLQ
SHOLJURGHGHUUDPHVGXUDQWHODIHUPHQWDFLyQ6XiUH]HxLJR
(OFDUiFWHUSRGHUHVSXPyJHQRTXHVHSUHVHQWDFRQJUDQIUHFXHQFLDHQ6FHUHYLVLDH
GH ODV FHSDV HV HVWDEOH KHUHGLWDULR PRQRJpQLFR \ SUREDEOHPHQWH GRPLQDQWH
GDGR TXH VH PDQLILHVWD HQ ORV KtEULGRV SURFHGHQWHV GH SDUHQWDOHV HVSXPyJHQRV \ QR
HVSXPyJHQRV=DPERQHOOL3RURWUDSDUWHHVWHIHQRWLSRHVIDYRUHFLGRSRUODSUHVHQFLD

GH DQKtGULGR VXOIXURVR *LXGLFL \ =DPERQHOOL D /DV OHYDGXUDV HVSXPyJHQDV VRQ
SDUWLFXODUPHQWH YLJRURVDV \ WLHQGHQ D DGKHULUVH D ODV EXUEXMDV GH &2 IRUPDGDV HQ OD
IHUPHQWDFLyQUD]yQSRUODFXDOVHIRUPDHVSXPDHQPD\RUFDQWLGDG(VWDVOHYDGXUDVSUHVHQWDQ
XQDSDUHGFHOXODUKLGUyIREDGHELGRIXQGDPHQWDOPHQWHDSURWHtQDVDXVHQWHVRHQFXELHUWDVHQ
ODVOHYDGXUDVQRHVSXPyJHQDV=DPERQHOOL

-RVp$5HJRGyQ0DWHRV
3UHVHQFLDGHIHQRWLSRPDWDGRUNLOOHU
(VWH IHQRWLSR SHUPLWH D ODV OHYDGXUDV FRPSHWLU FRQ YHQWDMD IUHQWH D RWURV
PLFURRUJDQLVPRV VHQVLEOHV HYLWDQGR HQ FLHUWDV FRQGLFLRQHV FRQWDPLQDFLRQHV LQGHVHDEOHV \
GHVSOD]DPLHQWR GH ODV OHYDGXUDV LQRFXODGDV HQ ORV PRVWRV (VWD SURSLHGDG SDUHFH VHU
HVSHFLDOPHQWHLQWHUHVDQWHFXDQGRQRVHDxDGH 62 DOPRVWRFRPRDQWLVpSWLFR
(O IHQRWLSR NLOOHU VH KD GHVFULWR KDVWD OD IHFKD HQ YDULDV HVSHFLHV GH OHYDGXUDV
LQYROXFUDGDV HQ SURFHVRV GH YLQLILFDFLyQ UHYLVDGR SRU :LFNQHU 7LSSHU \ 6FKPLWW
6KLPL]X /DV FHSDV FRQ IHQRWLSR NLOOHU VHFUHWDQ XQD WR[LQD PDWDGRUD GH
QDWXUDOH]DSURWHLFDRJOLFRSURWHLFDTXHSXHGHPDWDUDRWUDVOHYDGXUDVVHQVLEOHV/DVFpOXODV
SURGXFWRUDVGHWR[LQDVRQLQPXQHVDODWR[LQDTXHHOODVPLVPDVSURGXFHQDXQTXHSXHGHQVHU
VHQVLEOHV D RWUDV WR[LQDV NLOOHU SURGXFLGDV SRU RWUDV FHSDV R HVSHFLHV GH OHYDGXUDV GLVWLQWDV
7DQWRODFDSDFLGDGGHSURGXFLUODWR[LQDFRPRODLQPXQLGDGIUHQWHDODPLVPDVRQFDUDFWHUHV
GHWHUPLQDGRV JHQpWLFDPHQWH /RV JHQHV LQYROXFUDGRV VH ORFDOL]DQ HQ PROpFXODV GH $51F
TXH IRUPDQ SDUWH GH SDUWtFXODV SDUHFLGDV D YLUXV HQ PROpFXODV GH $'1F R HQ HO JHQRPD
QXFOHDU $GLFLRQDOPHQWH H[LVWHQ RWURV JHQHV QXFOHDUHVGLVWLQWRVLQYROXFUDGRVHQHOIHQRWLSR
NLOOHU TXH LQWHUYLHQHQ HQ OD H[SUHVLyQ GH ORV DQWHULRUPHQWH FLWDGRV UHYLVDGR SRU :LFNQHU

(Q6FHUHYLVLDH VHKDQGHVFULWRKDVWDODIHFKDFLQFRWLSRVGLVWLQWRVGHIHQRWLSRVNLOOHU
....\./RVPHMRUFRQRFLGRVVRQ..\..SDUHFHVHUHOPLVPR
TXH.7LSSHU\6FKPLWW\.QRHVWiD~QPX\ELHQFDUDFWHUL]DGR +DVWDODIHFKD
QRVHKDQDLVODGRFHSDVVLOYHVWUHVFRQPiVGHXQIHQRWLSRNLOOHU'HLJXDOPDQHUDWDPSRFRVH
KDQ DLVODGR FHSDV FRQ LQPXQLGDG P~OWLSOH GH PRGR TXH XQD FHSD . HV SRWHQFLDOPHQWH
VHQVLEOHDXQD.\YLFHYHUVD7RGRVHVWRVIHQRWLSRVHVWiQFRGLILFDGRVSRUJHQHVORFDOL]DGRV
HQ SOiVPLGRV GH $51F TXH IRUPDQ SDUWH GH SDUWtFXODV LQWUDFHOXODUHV SDUHFLGDV D YLUXV
$OJXQDV FHSDV KDQ SHUGLGR OD FDSDFLGDG GH VHFUHWDU WR[LQD PDWDGRUD DFWLYD SHUR D~Q
FRQVHUYDQODLQPXQLGDGIUHQWHDODPLVPDFRGLILFDGDHQODVPROpFXODVGH$51FVRQFHSDV
QHXWUDV 2WUDV FHSDV SUHVHQWDQ XQD LQPXQLGDG GLVWLQWD FRGLILFDGD SRU JHQHV QXFOHDUHV VH
GHQRPLQDQFHSDVUHVLVWHQWHV7LSSHU\%RVWLDQ
/D PD\RUtD GH ODV FHSDV VLOYHVWUHV NLOOHU DLVODGDV GH GLVWLQWDV IXHQWHV GH FDUiFWHU
HQROyJLFR SUHVHQWDQ IHQRWLSR . /DV FHSDV FRQ IHQRWLSR . . \ . VRQ PX\ SRFR
IUHFXHQWHV 6KLPL]X 3UHFLVDPHQWH OD DFWLYLGDG PDWDGRUD GH WLSR . HV PiV HVWDEOH
IUHQWHDS+\WHPSHUDWXUDTXHWRGDVODVGHPiV6HKDREVHUYDGRTXHSXHGHVHUDFWLYDGXUDQWH

,QWURGXFFLyQ
PiV GH GtDV D & \ S+ 6KLPL]X OR FXDO LQGLFD TXH SRGUtD VHU LPSRUWDQWH
GXUDQWHODIHUPHQWDFLyQLQGXVWULDO
(O XVR GH OHYDGXUDV FRQ IHQRWLSR NLOOHU SDUD YLQLILFDFLyQ FRQWURODGD SXHGH VHU
LQWHUHVDQWHSRUODVVLJXLHQWHVUD]RQHV
D 6H SXHGHQ VHOHFFLRQDU SDUD HOLPLQDU RWUDV OHYDGXUDV VLOYHVWUHV FRQWDPLQDQWHV TXH FDXVDQ
SUREOHPDVFRPRUHWUDVRVGHODIHUPHQWDFLyQSDUDGDVGHODPLVPDRVDERUHVGHVDJUDGDEOHVHQ
ORVYLQRV
E 6H SXHGHQ FRQVWUXLU FHSDV FRQ UHVLVWHQFLD P~OWLSOH D PXFKDV WR[LQDV NLOOHU GH OHYDGXUDV
VLOYHVWUHV'HHVWDIRUPDODOHYDGXUDVHOHFFLRQDGDDXPHQWDUiVXVSRVLELOLGDGHVGHGRPLQDUOD
IHUPHQWDFLyQ
F 6H SRGUtDQ FRQVWUXLU FHSDV FDSDFHV GH SURGXFLU WR[LQDV NLOOHU PX\ HVWDEOHV TXH SXGLHUDQ
SURWHJHUHOYLQRGHSRVWHULRUHVLQIHFFLRQHVSRURWUDVOHYDGXUDVLQGHVHDEOHV
$SDUWH GH HVWDV YHQWDMDV PiV R PHQRV OHMDQDV HQ HO WLHPSR GHVGH HO SXQWR GH YLVWD
WHFQROyJLFRH[LVWHXQDYHQWDMDFODUD\HYLGHQWHXWLOL]DQGRLQyFXORVGHXQDFHSDVHOHFFLRQDGD
FRQ IHQRWLSR NLOOHU R QHXWUR VH SXHGH SUHYHQLU HO GHVSOD]DPLHQWR SRU RWUD OHYDGXUD NLOOHU
VLOYHVWUHGHOPLVPRWLSRVREUHWRGRHQDTXHOODV]RQDVGRQGHODSUHVHQFLDGHOHYDGXUDVNLOOHU
VHDSDWHQWH
%DMDSURGXFFLyQGHDFHWDOGHKLGR
(O DFHWDOGHKLGR R HWDQDO HV SUHFXUVRU GH ORV DFHWDWRV \ HWDQRO VH IRUPD D SDUWLU GHO
SLUXYDWR SRU PHGLR GHO HQ]LPD SLUXYDWR GHVFDUER[LODVD GH OD YtD JOLFROtWLFD (VWi PX\
UHODFLRQDGRPHWDEyOLFDPHQWHFRQODDFHWRtQD\HOGLDFHWLOR3DODFLRVHWDOE
*HQHUDOPHQWHVHFRQVLGHUDHODFHWDOGHKLGRRHWDQDOFRPRXQSURGXFWRLQGHVHDEOHHQ
FRQFHQWUDFLRQHVDOWDV,QFOXVRODVQRUPDWLYDVOHJDOHVGHFLHUWRVSDtVHVLPSRUWDGRUHVHVWDEOHFHQ
OtPLWHV EDMRV GH HVWH SURGXFWR GLILFXOWDQGR DVt ODV LPSRUWDFLRQHV GH DOJXQRV WLSRV GH YLQRV
6XiUH] ,QPHGLDWDPHQWH GHVSXpV GH OD IHUPHQWDFLyQ ORV YLQRV WLHQHQ QRUPDOPHQWH
FRQFHQWUDFLRQHV GH DFHWDOGHKLGR PHQRUHV GH PJO =RHFNOHLQ HW DO DXQTXH ORV
YDORUHVRVFLODQVLJQLILFDWLYDPHQWHHQWUH\PJOVHJ~Q$PHULQH\2XJKy\
PJOVHJ~Q(WLpYDQW
3RURWUDSDUWHHODFHWDOGHKLGRHVXQFRPSXHVWRPX\UHDFWLYRTXHVHFRPELQDFRQORV
SROLIHQROHV \ RWURV FRQVWLWX\HQWHV GHO YLQR 6H XQH DO 62 OLEUH GLVPLQX\HQGR DVt VX DFFLyQ
DQWLPLFURELDQD \ DQWLR[LGDQWH 5RPDQR \ 6X]]L 'HELGR D OD IRUPDFLyQ GH HVWDV

-RVp$5HJRGyQ0DWHRV
FRPELQDFLRQHVVXFRQFHQWUDFLyQHQORVYLQRVHVEDMDHQFRQGLFLRQHVQRUPDOHV3DODFLRV HWDO

E
/D SURGXFFLyQ GH DFHWDOGHKLGR GHSHQGH HQ SDUWH GH IDFWRUHV WHFQROyJLFRV FRPR OD
FRPSRVLFLyQ GHO PRVWR S+ WHPSHUDWXUD GH IHUPHQWDFLyQ DLUHDFLyQ R OD FRQFHQWUDFLyQ GH
DQKtGULGR VXOIXURVR \ HQ RWUD SDUWH PX\ LPSRUWDQWH GH ODV FDUDFWHUtVWLFDV JHQpWLFDV GH ODV
OHYDGXUDV0LOODQ\2UWHJD(WLpYDQW=DPERQHOOL3DODFLRVHWDOE6
FHUHYLVLDH SURGXFH KDELWXDOPHQWH HQWUH \ PJO GH HVWH FRPSXHVWR GXUDQWH OD
IHUPHQWDFLyQ)OHHW\+HDUG6LQHPEDUJRHQHOFDVRSDUWLFXODUGHODVOHYDGXUDVGHIORU
PHGLDQWH PHWDEROLVPR R[LGDWLYR VH SXHGHQ SURGXFLU FDQWLGDGHV VXSHULRUHV D PJO
(WLpYDQW=RHFNOHLQ HWDO'DGRTXHODSURGXFFLyQGHDFHWDOGHKLGRGHSHQGHGH
ODOHYDGXUDHVLQWHUHVDQWHVHOHFFLRQDUFHSDVGHOHYDGXUDTXHQRSURGX]FDQPXFKDFDQWLGDGGH
DFHWDOGHKLGRSDUDHYLWDUVXVSURSLHGDGHVLQGHVHDEOHVHQORVYLQRV
$SHVDUGHORGLFKRHQHOFDVRHVSHFLDOGHORVYLQRVFRQFULDQ]DELROyJLFDFRPRORV
YLQRVILQRV\PDQ]DQLOODVHODFHWDOGHKLGRHVXQLQGLFDGRUSRVLWLYRGHODURPD\ERXTXp
VLHQGRXQRGHORVSURGXFWRVTXHPiVFRQWULEX\HQDVXDURPDFDUDFWHUtVWLFR3RUHVWDUD]yQ\
VyOR HQ HVWH WLSR GH YLQRV HV GHVHDEOH TXH VH HQFXHQWUH HQ DOWDV FRQFHQWUDFLRQHV 6XiUH] H
xLJR3DODFLRVHWDOE
3URGXFFLyQGHJOLFHURODGHFXDGD
$XQTXH HO JOLFHURO QR HV YROiWLO QL FRQWULEX\H DO DURPD GHO YLQR Vt FRQWULEX\H D VX
VXDYLGDG \ YLVFRVLGDG (XVWDQFH \ 7KRUWRQ \ GpELOPHQWH DO VDERU GXOFH \ D OD
GLVPLQXFLyQ GH OD VHQVDFLyQ GHO JXVWR DPDUJR GHO YLQR /R]DQR \ 0XxR] (Q ODV
FRQFHQWUDFLRQHV HQ TXH QRUPDOPHQWH VH HQFXHQWUDHQORVYLQRVHQWUH\JOFRQWULEX\H
IXQGDPHQWDOPHQWH D OD VXDYLGDG \ PX\ SRFR D OD YLVFRVLGDG /D FDQWLGDG QHFHVDULD SDUD
SURGXFLUXQLQFUHPHQWRGHWHFWDEOHHQODVXDYLGDGHVGHXQRVJO1REOH\%XUVLFN
(O JOLFHURO HV HO SURGXFWR PD\RULWDULR RULJLQDGR SRU ODV OHYDGXUDV GXUDQWH OD
IHUPHQWDFLyQGHVSXpVGHHWDQRO\ DQKtGULGRFDUEyQLFR*DUGQHUHWDO3H\QDXG
6HIRUPDGLUHFWDPHQWHDSDUWLUGHORVKLGUDWRVGHFDUERQRSRUDFFLyQGHODVOHYDGXUDVHQORV
SULPHURVPRPHQWRVGHODIHUPHQWDFLyQDOFRKyOLFDFXDQGRHPSLH]DDGHVDSDUHFHUHOD]~FDU
0iVGHODPLWDGGHOJOLFHUROGHXQYLQRHVSURGXFLGRFRQODIHUPHQWDFLyQGHORVSULPHURVJ
GH D]~FDU /R]DQR \ 0XxR] (VWR VH GHEH D TXH ODV OHYDGXUDV GHMDQ GH UHVSLUDU DO

,QWURGXFFLyQ
FRQVXPLUVHHOR[tJHQRGLVXHOWRHQHOPRVWRSHURVLJXHQYLYLHQGRJUDFLDVDODPHWDEROL]DFLyQ
GHODVKH[RVDVFX\DIHUPHQWDFLyQVRQFDSDFHVGHUHDOL]DU(QODIHUPHQWDFLyQDOFRKyOLFDXQD
PROpFXOD GH KH[RVD VH SDUWH HQ GRV WULRVDV HO JOLFHUDOGHKLGRIRVIDWR \ OD GLKLGUR[LDFHWRQD
IRVIDWR )LJXUD (O JOLFHUDOGHKLGRIRVIDWR VLJXH VX UXWD PHWDEyOLFD KDVWD GDU iFLGR
SLU~YLFR HQ WDQWR TXH OD GLKLGUR[LDFHWRQDIRVIDWR PHGLDQWH OD IHUPHQWDFLyQ JOLFHURSLU~YLFD
SDVD D JOLFHULQD 3RU OR WDQWR HO JOLFHURO HV SURGXFLGR HQ OD FpOXOD SRU OD UHGXFFLyQ GH OD
GLKLGUR[LDFHWRQDIRVIDWR D JOLFHUROIRVIDWR HQ XQD UHDFFLyQ TXH LPSOLFD OD R[LGDFLyQ GHO
1$'+D1$'VHJXLGDGHODGHVIRVIRULODFLyQDJOLFHURO6XIRUPDFLyQMXHJDXQLPSRUWDQWH
SDSHOHQHOPDQWHQLPLHQWRGHOHTXLOLEULRUHGR[HQODFpOXOD(QRFDVLRQHVHVSURGXFLGRFRPR
UHVSXHVWD DO HVWUpV RVPyWLFR SXGLHQGR VHU HVWLPXODGD VX SURGXFFLyQ HQ SUHVHQFLD GH DOWDV
FRQFHQWUDFLRQHV LQLFLDOHV GH D]~FDU 0DLRUHOOD HW DO &DVWLQR $GHPiV OD
SURGXFFLyQGHJOLFHUROSRU 6FHUHYLVLDH GHSHQGHGHRWURVIDFWRUHVHQWUHHOORVODWHPSHUDWXUD
GH IHUPHQWDFLyQ FDQWLGDG GH QLWUyJHQR GHO PHGLR FDQWLGDG GH 62 DxDGLGR DO PRVWR
DLUHDFLyQ \ DFLGH] GHO PRVWR \ ILQDOPHQWH OD FHSD GH OHYDGXUD XWLOL]DGD /R]DQR \ 0XxR]
*DUGQHUHWDO*DUFtDHWDO6HKDGHVFULWRTXHODVOHYDGXUDVFULRWROHUDQWHV
VRQEXHQDVSURGXFWRUDV*LXGLFLHWDO([LVWHQFODUDVHYLGHQFLDVGHTXHODSURGXFFLyQ
GHJOLFHUROSXHGHVHUPDQLSXODGDSRUHOXVRGHWpFQLFDVJHQpWLFDVFOiVLFDV%HUU\\-RKQVWRQ
$VtSXHVSRGHPRVVHOHFFLRQDUFHSDVFRQQLYHOHVGHSURGXFFLyQDGHFXDGRV
3URGXFFLyQDGHFXDGDGHDFHWDWRGHHWLOR\DOFRKROHVVXSHULRUHV
/RV DURPDV FRQVWLWX\HQ RUJDQROpSWLFDPHQWH XQD IUDFFLyQ LPSRUWDQWH GHO YLQR /D
FRQVWLWXFLyQTXtPLFDGHODURPDHVGHJUDQFRPSOHMLGDGGHELGRDOJUDQQ~PHURGHFRPSXHVWRV
DVXVEDMDVFRQFHQWUDFLRQHV\DODVLQWHUDFFLRQHVH[LVWHQWHVHQWUHHOORV/DFDOLGDGGHOYLQRHVWi
GHILQLGD HQ JUDQ SDUWH SRU ORV SURGXFWRV IRUPDGRV GXUDQWH OD IHUPHQWDFLyQ DOFRKyOLFD /DV
OHYDGXUDVTXHDFW~DQGXUDQWHHOSURFHVRIHUPHQWDWLYR\ODVWHPSHUDWXUDVGHIHUPHQWDFLyQYDQD
LQFLGLUPX\GLUHFWDPHQWHHQODIRUPDFLyQGHGLFKRVDURPDV

7UDGLFLRQDOPHQWHVHKDQYHQLGRGLVWLQJXLHQGRHQHQRORJtDWUHVWLSRVGHDURPDV5DSS
D $URPDV SULPDULRV 6RQ ORV DSRUWDGRV SRU OD XYD &DGD YDULHGDG GH YLG DSRUWDUi
PDWLFHVGLIHUHQWHVTXHSRGUiQPDQWHQHUVHLQDOWHUDGRVGXUDQWHODYLQLILFDFLyQRSRUHOFRQWUDULR
VHU PRGLILFDGRV /RV WHUSHQRV WtSLFRV GH OD YDULHGDG $OEDULxR R ODV PHWR[LSLUD]LQDV GH OD

-RVp$5HJRGyQ0DWHRV
YDULHGDG &DEHUQHW6DXYLJQRQ VRQ HMHPSORV WtSLFRV GH FRPSXHVWRV UHVSRQVDEOHV GH DURPDV
YDULHWDOHV
E$URPDVVHFXQGDULRVRGHIHUPHQWDFLyQ6RQORVSURGXFLGRVSRUHOPHWDEROLVPRGH
ORVPLFURRUJDQLVPRVTXHLQWHUYLHQHQHQODIHUPHQWDFLyQIXQGDPHQWDOPHQWHSRUODVOHYDGXUDV
(VWiQLQIOXHQFLDGRVSRUODVFRQGLFLRQHVTXHULJHQHOSURFHVRIHUPHQWDWLYRDLUHDFLyQDGLWLYRV
XWLOL]DGRVS+\HVSHFLDOPHQWHODWHPSHUDWXUD*RQ]iOH]\%UDYR6RQORVFRPSXHVWRV
UHVSRQVDEOHV GH ORV DURPDV WtSLFRV FXDQGR VH YLQLILFD FRQ YDULHGDGHV GH XYD QHXWUDV FRPR
&KHQLQEODQF3DUHOODGD &D\HWDQD)DOTXpHWDO9DOGpV HWDO
F %RXTXp R DURPD GHVDUUROODGR GXUDQWH HO HQYHMHFLPLHQWR GH ORV YLQRV 6H SURGXFH
GHELGRDODIHUPHQWDFLyQPDOROiFWLFDDOGHVDUUROORGHYHORVEODVWRPLFpWLFRVDODLQWHUDFFLyQ
GHOYLQRFRQHODLUH\FRQODPDGHUDGXUDQWHHOHQYHMHFLPLHQWRHQEDUULFDRILQDOPHQWHSRU
LQWHUDFFLyQGHORVFRPSRQHQWHVGHOYLQRHQODERWHOODGXUDQWHHODOPDFHQDPLHQWR
/RVFRPSXHVWRVYROiWLOHVHQFRQWUDGRVHQORVYLQRVVHFODVLILFDQSRUODIXQFLyQTXtPLFD
TXH FRQWLHQHQ (QWUH HOORV VH HQFXHQWUDQ DFHWDOHV iFLGRV RUJiQLFRV DOFRKROHV FRPSXHVWRV
IHQyOLFRV \ KHWHURFtFOLFRV pVWHUHV ODFWRQDV WHUSHQRV \ FRPSXHVWRV GHO D]XIUH (VWRV

FRPSXHVWRV DSDUHFHQ SULQFLSDOPHQWH FRPR SURGXFWRV VHFXQGDULRV GXUDQWH OD IHUPHQWDFLyQ
DOFRKyOLFD SDUWLFXODUPHQWH ORV iFLGRV YROiWLOHV pVWHUHV \ DOFRKROHV VXSHULRUHV (VWD

FLUFXQVWDQFLDFRQILHUHDODVOHYDGXUDVXQLPSRUWDQWHSDSHOHQHODURPDGHOYLQR3DODFLRV HWDO
D
(OiFLGRDFpWLFRHVHOSULQFLSDOiFLGRYROiWLOTXHVHSURGXFHGXUDQWHOD IHUPHQWDFLyQGH
VX LPSRUWDQFLD \ GH ORV IDFWRUHV TXH DIHFWDQ D VX SURGXFFLyQ VH KD KDEODGR HQ HO DSDUWDGR
6LPXOWiQHDPHQWH\GHIRUPDSURSRUFLRQDODODSURGXFFLyQGHiFLGRDFpWLFRVHSURGXFH
HOpVWHUDFHWDWRGHHWLORTXHVHVLQWHWL]DSRUHVWHULILFDFLyQHQ]LPiWLFDDSDUWLUGHOiFLGRDFpWLFR
\HWDQRO(QIHUPHQWDFLRQHVDODEULJRGHODLUHODFRQFHQWUDFLyQKDELWXDOGHDFHWDWRGHHWLORHV
GHPJO\GHPJOFXDQGRQRH[LVWHSURWHFFLyQ(OUDQJRGHYDORUHVUHIHULGRSRU
(WLpYDQWHVGH DPJOHQYLQRVWLQWRV\GHDPJOHQEODQFRV3DUWLFLSD
GH PDQHUD LPSRUWDQWH HQ OD DFLGH] YROiWLO GHO YLQR VLHQGR HO VHJXQGR FRPSXHVWR HQ
LPSRUWDQFLD TXH DSRUWD HO RORU D SLFDGR GHVSXpV GHO iFLGR DFpWLFR $ FRQFHQWUDFLRQHV
LQIHULRUHVDPJODSRUWDXQDURPDDJUDGDEOHSHURSRUHQFLPDGHORVPJODSRUWD
FDUDFWHUHVQHJDWLYRV5DSS\DTXHFRQILHUHXQSLFDQWH\GHVDJUDGDEOHVDERU*RQ]iOH]

,QWURGXFFLyQ
$OPDUJHQGHODFHWDWRGHHWLORDSDUHFHQDOJXQRVpVWHUHVGHSHVRPROHFXODUHOHYDGR&
D&FRQRORUHVDIUXWDGRVRIORUDOHVFRQILULHQGRDURPDVSRVLWLYRVDORVYLQRV0HVtDVHWDO
/D IRUPDFLyQ GH ORV pVWHUHV GHSHQGH GH OD FHSD GH OHYDGXUD WHPSHUDWXUD GH
IHUPHQWDFLyQGHODDLUHDFLyQGHOPHGLR\GHODFDQWLGDGGHD]~FDUGHOPRVWR6HKDREVHUYDGR
TXHKD\FRUUHODFLyQSRVLWLYDHQWUHODFDQWLGDGGHD]~FDUHQHOPRVWR\ODGHDFHWDWRGHHWLORHQ
HOYLQR6FHUHYLVLDH HVXQDGHODVOHYDGXUDVTXHSURGXFHPHQRUHVFDQWLGDGHVGHDFHWDWRGH
HWLOR HQ WDQWR TXH ODV OHYDGXUDV FRQ PHWDEROLVPR ~QLFDPHQWH R[LGDWLYR R GpELOPHQWH
IHUPHQWDWLYR &DQGLGD VS 'HEDU\RP\FHV VS 3LFKLD VS +DQVHQXOD VS VRQ ODV PiV
SURGXFWRUDV6DOYDGRUHVHWDOE3XHVWRTXHHODFHWDWRGHHWLORHQFDQWLGDGHVHOHYDGDVHV
XQ FRPSXHVWR LQGHVHDEOH HQ ORV YLQRV HV LPSRUWDQWH VHOHFFLRQDU OHYDGXUDV TXH SURGX]FDQ
EDMDV FDQWLGDGHV GH HVWH FRPSXHVWR ODV FXDOHV VHJXUDPHQWH SURGXFLUiQ D VX YH] XQD EDMD
DFLGH]YROiWLO7DPERUUDHWDO
/RV SULQFLSDOHV DOFRKROHV VXSHULRUHV SURGXFLGRV GXUDQWH OD IHUPHQWDFLyQ GHO PRVWR
VRQLVRDPtOLFRVPHWLOEXWDQRO\PHWLOEXWDQROLVREXWtOLFRRLVREXWDQROPHWLO
SURSDQRO QSURSDQRO W\URVRO KH[DQRO \ IHQLOHWDQRO 6XiUH] H xLJR +HQVFKNH \
-LUDQHN 3DUWH GH ORV DOFRKROHV VXSHULRUHV SDUHFHQ RULJLQDUVH SRU WUDQVDPLQDFLyQ R
GHVDPLQDFLyQ GH ORV GLVWLQWRV DPLQRiFLGRV PHGLDQWH HO PHFDQLVPR GH (KUOLFK /RV iFLGRV
RULJLQDGRVVRQGHVFDUER[LODGRVSDUDIRUPDUORVFRUUHVSRQGLHQWHVDOGHKLGRVTXHSRVWHULRUPHQWH
VHUiQUHGXFLGRVSDUDIRUPDUORVDOFRKROHVVXSHULRUHV$OJXQRVGHHOORVQRWLHQHQXQSUHFXUVRU
SRVLEOHHQWUHORVDPLQRiFLGRV\VHRULJLQDQDSDUWLUGHORViFLGRVFHWyQLFRVFRUUHVSRQGLHQWHV
SURFHGHQWHVGHOPHWDEROLVPRJOXFtGLFR6XiUH]HxLJR+HQVFKNH\-LUDQHN$
SHVDU GH TXH HVWRV FRPSXHVWRV DSRUWDQ XQ DURPD iVSHUR QR PX\ DJUDGDEOH FRQWULEX\HQ GH
PDQHUDIDYRUDEOHDODURPDFXDQGRQRVREUHSDVDQORVPJO5DSS\0DQGHU\/RV
DOFRKROHVVXSHULRUHVSDUWLFLSDQHQODLPSUHVLyQYHJHWDO\KHUEiFHDGHOYLQR*RQ]iOH]
VLHQGR VXV XPEUDOHV GH GHWHFFLyQ HQ DOJXQRV FDVRV PX\ YDULDEOHV VHJ~Q OD ELEOLRJUDItD
FRQVXOWDGD (WLpYDQW PHWLOEXWDQRO PJO PHWLOEXWDQRO PJO
LVREXWtOLFR PJO SURSDQRO D PJO /RV YDORUHV PHGLRV GH ORV SULQFLSDOHV
DOFRKROHV VXSHULRUHV HQ YLQRV WLQWRV VRQ GH PJO SDUD ORV LVRDPtOLFRV PJO SDUD HO
LVREXWtOLFR \ PJO SDUD HO QSURSDQRO (Q YLQRV EODQFRV ORV YDORUHV PHGLRV VRQ DOJR
GLVWLQWRV\PJOUHVSHFWLYDPHQWH
/D SURGXFFLyQ GH DOFRKROHV VXSHULRUHV HV XQD FDUDFWHUtVWLFD JHQHUDO GH WRGDV ODV

-RVp$5HJRGyQ0DWHRV
OHYDGXUDVDXQTXHODFDQWLGDGYDUtDHQIXQFLyQGHOJpQHURODHVSHFLH\ODFHSD0DWHR
6 FHUHYLVLDH SURGXFH KDELWXDOPHQWH JUDQGHV FDQWLGDGHV HQ WDQWR TXH OHYDGXUDV FRPR
&DQGLGD .ORHFNHUD \ %UHWWDQRP\FHV SURGXFHQ SHTXHxDV FDQWLGDGHV /D FDSDFLGDG SDUD
SURGXFLUDOFRKROHVVXSHULRUHVHVVXVFHSWLEOHGHPHMRUDJHQpWLFD*LXGLFLHWDO\DTXH

HVXQFDUiFWHUKHUHGLWDULRTXHGHSHQGHHQWUHRWURVIDFWRUHVGHODFDSDFLGDGGHODOHYDGXUDSDUD
VLQWHWL]DU DPLQRiFLGRV 2WURV IDFWRUHV GH ORV TXH GHSHQGH OD SURGXFFLyQ GH DOFRKROHV
VXSHULRUHV VRQ OD IRUPDFLyQ GH HWDQRO OD WHPSHUDWXUD GH IHUPHQWDFLyQ HO S+ GHO PRVWR
DLUHDFLyQ \QLYHOGHVyOLGRVHQORVPRVWRV6XiUH]HxLJR+HQVFKNH\-LUDQHN
=RHFNOHLQHWDO
6HVDEHTXHODIRUPDFLyQGHQSURSDQROGHSHQGHIXHUWHPHQWHGHODFHSDGHOHYDGXUD
SHUR WDPELpQ GH OD WHPSHUDWXUD GH IHUPHQWDFLyQ D PD\RU WHPSHUDWXUD PD\RU SURGXFFLyQ
*RQ]iOH]/DVHOHFFLyQGHOHYDGXUDVHQEDVHDODHOHYDGDSURGXFFLyQGHHVWHDOFRKRO
WLHQH JUDQ LQWHUpV GHVGH TXH DOJXQRV HVWXGLRV KDQ VHxDODGR TXH OD FDSDFLGDG SDUD SURGXFLU
DOWDV FDQWLGDGHV GH QSURSDQRO HVWi HVWUHFKDPHQWH UHODFLRQDGD FRQ OD LPSRVLELOLGDG SDUD
SURGXFLU +6 *LXGLFL \ =DPERQHOOL D *LXGLFL \ .XQNHH (VWR VXJLHUH TXH OD
SURGXFFLyQGHQSURSDQROHVWiUHODFLRQDGDFRQHOPHWDEROLVPRGHODPHWLRQLQD\ODWUHRQLQD
(O QSURSDQRO RULJLQD XQ RORU GXO]yQ DJUDGDEOH SHUR HQ DOWDV FRQFHQWUDFLRQHV DSRUWD
VHQVDFLRQHVJXVWDWLYDVGHYLQRVLGDG
(ODOFRKROLVREXWtOLFRHVXQRGHORVDOFRKROHVVXSHULRUHVTXHPiVYDUtDHQIXQFLyQGHOD
YDULHGDG GH XYD YLQLILFDGD 6H SURGXFH D SDUWLU GH OD GHVDPLQDFLyQ GH OD YDOLQD (Q VX
IRUPDFLyQ LQIOX\H EDVWDQWH OD WHPSHUDWXUD GH IHUPHQWDFLyQ REWHQLpQGRVH FRQFHQWUDFLRQHV

PHQRUHVDWHPSHUDWXUDVFRQWURODGDV$SRUWDXQRORUWtSLFRGHIUXWDDFHUEDDORVYLQRV3DODFLRV
HWDOD
/RVDOFRKROHVLVRDPtOLFRVVHRULJLQDQDSDUWLUGHODGHVDPLQDFLyQGHODOHXFLQDHQHO
FDVR GHO PHWLOEXWDQRO \ GH OD LVROHXFLQD HQ HO GHO PHWLOEXWDQRO $SRUWDQ XQ FLHUWR
RORU D SOiWDQR HQFRQWUiQGRVH KDELWXDOPHQWH HQ LPSRUWDQWHV FDQWLGDGHV HQ YLQRV HODERUDGRV
FRQ OHYDGXUDV VHFDV DFWLYDV 3DODFLRV HW DO D 6HJ~Q 6DOYDGRUHV HW DO E 6
FHUHYLVLDH SURGXFH JHQHUDOPHQWH DOWDV FRQFHQWUDFLRQHV GH HVWRV DOFRKROHV VXSHULRUHV 6LQ
HPEDUJR =DPERQHOOL LQGLFD TXH VX SURGXFFLyQ GHSHQGH FODUDPHQWH GH OD FHSD GH
OHYDGXUDUHVSRQVDEOHGHODIHUPHQWDFLyQ
/RV DOFRKROHV VXSHULRUHV D FRQFHQWUDFLRQHV LQIHULRUHV D ORV PJO FRQWULEX\HQ GH

,QWURGXFFLyQ
PDQHUD IDYRUDEOH UHIRU]DQGR ORV GHPiV DURPDV GHO YLQR 5DSS \ 0DQGHU\
FRQFHQWUDFLRQHV PD\RUHV SURGXFHQ RORUHV JURVHURV \ GHVDJUDGDEOHV 3RU HOOR VH WLHQGH D
VHOHFFLRQDUOHYDGXUDVQRPX\SURGXFWRUDVGHDOFRKROHVVXSHULRUHVSDUDYLQRVGHPHVDDXQTXH
VLVHSUHWHQGHREWHQHUGHVWLODGRVSDUDODIDEULFDFLyQGHRWUDVEHELGDVFRPREUDQG\RFRJQDFVH
WLHQGHDVHOHFFLRQDUFHSDVTXHSURGX]FDQPiVFDQWLGDGGHHVWRVFRPSXHVWRV6XiUH]
$VLPLODFLyQ GH VXVWDQFLDV QLWURJHQDGDV 6tQWHVLV \ H[FUHFLyQ GH DPLQRiFLGRV \

GHULYDGRVDPtQLFRV
(OPRVWRGHXYDVXHOHFRQWHQHUWRGRVORVQXWULHQWHVQHFHVDULRVSDUDHOFUHFLPLHQWR\
GHVDUUROORGHODVOHYDGXUDVGXUDQWHODIHUPHQWDFLyQ/DSULQFLSDOIXHQWHGHFDUERQR\HQHUJtD
SDUDHVWHFUHFLPLHQWRODSURSRUFLRQDQORVD]~FDUHVGHODXYDTXHVHHQFXHQWUDQQRUPDOPHQWH
HQH[FHVR3RUHOFRQWUDULRHOFRQWHQLGROLPLWDGRHQQLWUyJHQRIiFLOPHQWHDVLPLODEOH1)$
SXHGHGLILFXOWDUHOFUHFLPLHQWRGHODVOHYDGXUDVOOHJDQGRDRULJLQDUHQFRQGLFLRQHVH[WUHPDV
SDUDGDVGHOSURFHVRIHUPHQWDWLYR0DFtDV
(OQLWUyJHQRWRWDOGHPRVWRV\YLQRVVHGLVWULEX\HHQODVVLJXLHQWHVIUDFFLRQHV
1LWUyJHQR DPRQLDFDO R LQRUJiQLFR )RUPDGR SRU VDOHV DPRQLDFDOHV GH FORUXURV
VXOIDWRV\IRVIDWRV
1LWUyJHQRRUJiQLFR%DMRHVWDGHQRPLQDFLyQGHDJUXSDQORVDPLQRiFLGRVSpSWLGRV
SURWHtQDV GHULYDGRV DPtQLFRV FRPR OD JOXFRVDPLQD \ JDODFWRVDPLQD EDVHV QLWURJHQDGDV \

DPLQDVELROyJLFDVFRPRODKLVWDPLQD
/D LPSRUWDQFLD GHO QLWUyJHQR HQ ODV IHUPHQWDFLRQHV KD VLGR VHxDODGD SRU GLYHUVRV
DXWRUHVTXHKDQGHPRVWUDGRHOSDSHOGHWHUPLQDQWHGHVXGLVSRQLELOLGDGHQHOGHVDUUROOR\OD
GXUDFLyQ GH ODV IHUPHQWDFLRQHV DOFRKyOLFDV 2XJK \ .XQNHH %H]HQJXHU \ 1DYDUUR
(O QLWUyJHQR H[LVWHQWH HQ ODV XYDV HV PX\ YDULDEOH GHVGH PJO D PJO
$PHULQH HW DO 2XJK \ $PHULQH VLHQGR QHFHVDULR SDUD HO EXHQ GHVDUUROOR
IHUPHQWDWLYRDOUHGHGRUGHPJOGHORVFXDOHVVyORPJOVHUiQDVLPLODGRV6H
KDREVHUYDGRTXHFXDQGRORVYLxHGRVVRQIHUWLOL]DGRVFRQQLWUyJHQRSURGXFHQPRVWRVHQORV
TXHHOGHVDUUROORGH6FHUHYLVLDH HVPD\RUFXDQWRPD\RUHVODFDQWLGDGGHQLWUyJHQRDxDGLGD
6SD\GHWDO(QHVWHVHQWLGRVHKDFRPSUREDGRTXHODFRQFHQWUDFLyQ\GLVSRQLELOLGDG
GHORVGLIHUHQWHVFRPSRQHQWHV QLWURJHQDGRVGXUDQWHODIHUPHQWDFLyQLQIOX\HGLUHFWDPHQWHHQOD
GHJUDGDFLyQGHORVD]~FDUHVHOQ~PHURGHFpOXODVTXHVHGHVDUUROODQODSURGXFFLyQGHHWDQRO

-RVp$5HJRGyQ0DWHRV
OD HILFLHQFLD GH OD OHYDGXUD HQ ODV ~OWLPDV IDVHV GH OD IHUPHQWDFLyQ \ HQ GHILQLWLYD HQ OD
HILFDFLD GH OD IHUPHQWDFLyQ 7ULROL \ 3DURQHWWR 0RQWHLUR \ %LVVRQ +HUUDL] \
2XJK 6SD\G HW DO +D\ TXH SUHFLVDU TXH OD H[LJHQFLD GH QLWUyJHQR GH ODV
OHYDGXUDVGHSHQGHHQWUHRWURVIDFWRUHVGHODFDQWLGDGGHD]~FDUDIHUPHQWDU3DUDILQDOL]DUOD
IHUPHQWDFLyQ GH XQ PRVWR GH JUDQ FRQWHQLGR D]XFDUDGR HV QHFHVDULR XQ PD\RU FUHFLPLHQWR
FHOXODU PD\RU HILFLHQFLD PHWDEyOLFD PD\RU WROHUDQFLD DO DOFRKRO \ SRU WDQWR PD\RU
FRQWHQLGRHQQLWUyJHQR7ULROL\3DURQHWWR
6H KD REVHUYDGR TXH HQWUH ODV FHSDV GH OHYDGXUDV KD\ GLYHUVLGDG JHQpWLFD HQ OD
UHJXODFLyQ GH OD DVLPLODFLyQ GH QLWUyJHQR \ VX SRVWHULRU PHWDEROLVPR GH PDQHUD TXH ODV
GLVWLQWDV FHSDV YDUtDQ HQ ORV UHTXHULPLHQWRV SDUD ORV GLYHUVRV FRPSXHVWRV QLWURJHQDGRV
'LIHUHQWHVFRPELQDFLRQHV\FDQWLGDGHVGHIXHQWHVGHQLWUyJHQRGDQOXJDUDGLIHUHQFLDVHQHO
FUHFLPLHQWR YHORFLGDG GH IHUPHQWDFLyQ \ SURGXFFLyQ GH ELRPDVD SRU ODV OHYDGXUDV 6HJ~Q
HVWRHVSRVLEOH\GHVHDEOHVHOHFFLRQDUFHSDVGHOHYDGXUDVFDSDFHVGHIHUPHQWDUySWLPDPHQWH
EDMRFRQGLFLRQHVOLPLWDQWHVGHQLWUyJHQRHYLWDQGRODVSDUDGDVIHUPHQWDWLYDVGHELGDVDOXVRGH
PRVWRVFRQDOJXQDGHILFLHQFLDHQQLWUyJHQR+HQVFKNH\-LUDQHN-LUDQHNHWDO
$GHPiV HQ PXFKRV SDtVHV OD FDQWLGDG Pi[LPD GH QLWUyJHQR TXH VH SXHGH DxDGLU HVWi
FRQWURODGDOHJDOPHQWH(QORVSDtVHVHXURSHRVHOPi[LPRSHUPLWLGRHVGHJKOGHQLWUyJHQR
DPtQLFRTXHKDELWXDOPHQWHHVDxDGLGRFRPRIRVIDWRGLDPyQLFRJKOPi[LPR7ULROLHWDO
3RU OR WDQWR HO XVR GH OHYDGXUDV VHOHFFLRQDGDV FRQ SRFD GHPDQGD GH FRPSXHVWRV
QLWURJHQDGRVSXHGHHYLWDUODQHFHVLGDGGHDxDGLUQLWUyJHQRHQH[FHVR-LUDQHNHWDO
/RVDPLQRiFLGRVVRQFRPSRQHQWHVSUHVHQWHVHQODVXYDV\ORVYLQRVVLHQGRORVYLQRV
WLQWRVPiVULFRVHQHVWDVVXVWDQFLDVTXHORVEODQFRVORFXDOVHGHEHDOSURFHVRGHPDFHUDFLyQ
DO TXH VRQ VRPHWLGRV ORV PRVWRV HQ ODV YLQLILFDFLRQHV HQ WLQWR 'H ORV DPLQRiFLGRV
LGHQWLILFDGRVHQPRVWRVODSUROLQDDUJLQLQDDODQLQDiFLGRJOXWiPLFRVRQORVPiVDEXQGDQWHV
\ HQ PHQRU PHGLGD JOXWDPLQD VHULQD WUHRQLQD \ DPLQREXWtULFR (VWDV VXVWDQFLDV VRQ XQD
LPSRUWDQWtVLPDIXHQWHGH1)$SDUDODVOHYDGXUDVGXUDQWHODIHUPHQWDFLyQDOFRKyOLFD\SDUD
ODV EDFWHULDV GXUDQWH OD IHUPHQWDFLyQ PDOROiFWLFD $GHPiV VRQ SUHFXUVRUHV GH FLHUWRV
FRPSRQHQWHVGHODURPD\HQGHWHUPLQDGDVFRQGLFLRQHVGHVXESURGXFWRVLQGHVHDEOHVFRPRHO
FDUEDPDWRGHHWLOR+XDQJ\2XJK
/D FRQFHQWUDFLyQ GH DPLQRiFLGRV HQ HO YLQR HVWi LQIOXHQFLDGD SRU YDULRV IDFWRUHV
SHUILODPLQRDFtGLFRGHOPRVWRPpWRGRGHIHUPHQWDFLyQWUDWDPLHQWRVGHHVWDELOL]DFLyQ\SRU

,QWURGXFFLyQ
VXSXHVWRODVOHYDGXUDVTXHIHUPHQWDQHOPRVWR'XUDQWHHOSURFHVRIHUPHQWDWLYRWLHQHQOXJDU
GLIHUHQWHV IHQyPHQRV TXH PRGLILFDQ OD FRQFHQWUDFLyQ GH ORV DPLQRiFLGRV (VWRV IHQyPHQRV
VRQIXQGDPHQWDOPHQWHODDVLPLODFLyQSRUODVOHYDGXUDVGHORVDPLQRiFLGRV\OLEHUDFLyQGHORV
PLVPRVSRUH[RUFLyQ\DXWROLVLV(QODIDVHLQLFLDOGHODIHUPHQWDFLyQVHSURGXFHDVLPLODFLyQ
HQ OD LQWHUPHGLD FRQWLQ~D OD WRPD GH DPLQRiFLGRV SHUR DO ILQDO OD FRQFHQWUDFLyQ GH
DPLQRiFLGRV HQ HO PHGLR FRPLHQ]D D DXPHQWDU GHELGR D OD H[FUHFLyQ GH IRUPD SDVLYD
H[RUFLyQSRUSDUWHGHODOHYDGXUD
6HKDFRPSUREDGRTXHODVGLIHUHQWHVOHYDGXUDVQRSDUHFHQGLIHULUHQODWRPDJOREDOGH
DPLQRiFLGRV 'L]\ \ 3ROR SHUR Vt HQ ODV FDQWLGDGHV GH ORV GLIHUHQWHV DPLQRiFLGRV
H[FUHWDGRVDOYLQR+HUUDL]\2XJK/DFLQpWLFDGHXWLOL]DFLyQGHFDGDDPLQRiFLGRSRU

ODVOHYDGXUDVYDUtDFRQFDGDFHSD6LQHPEDUJRODDUJLQLQDVHULQDJOXWDPDWRWUHRQLQDiFLGR
DVSiUWLFR\OLVLQDFRPSUHQGHQHOJUXHVRGHORVDPLQRiFLGRVFRQVXPLGRV-LUDQHNHWDO
VLHQGR OD DUJLQLQD HO SUHIHULGR GH WDO IRUPD TXH HQ (VWDGRV 8QLGRV VH XWLOL]D HVWH
DPLQRiFLGR FRPR HVWiQGDU SDUD HO DQiOLVLV GH 1)$ 7ULROL HW DO /D OLVLQD FLVWHtQD
SUROLQD KLVWLGLQD \ JOLFLQD QR SXHGHQ VHU XWLOL]DGRV FRPR ~QLFD IXHQWH GH QLWUyJHQR SRU 6
FHUHYLVLDHKDVWDHOSXQWRTXHODQRDVLPLODFLyQGHOLVLQDHVXQDFDUDFWHUtVWLFDWD[RQyPLFDGHO
JpQHUR 6DFFKDURP\FHV XWLOL]DGD SDUD VX LGHQWLILFDFLyQ 7ULROL HW DO $ SHVDU GH OR
GLFKR DOJXQRV GH ORV DPLQRiFLGRV TXH QR SXHGHQ VHU XWLOL]DGRV FRPR ~QLFD IXHQWH GH
QLWUyJHQRVLSXHGHQVHULQFRUSRUDGRVGLUHFWDPHQWHSRUODOHYDGXUDSDUDVLQWHWL]DUSpSWLGRV\
SURWHtQDV +HQVFKNH \ -LUDQHN +DELWXDOPHQWH OD SUROLQD QR HV XWLOL]DGD \D TXH OD
SUHVHQFLDGHQLWUyJHQRDPRQLDFDOLQKLEHODSUROLQDSHUPHDVDSURWHtQDTXHHVQHFHVDULDSDUDVX
DVLPLODFLyQ$GHPiVSDUDVXXWLOL]DFLyQVHUHTXLHUHODDFWLYLGDGGHODSUROLQDR[LGDVDODFXDO
QHFHVLWDEDVWDQWHPiVR[tJHQRGHOQRUPDOPHQWHSUHVHQWHGXUDQWHODIHUPHQWDFLyQ+HQVFKNH\
-LUDQHN/DDGLFLyQGHDPRQLRDOPHGLRGHIHUPHQWDFLyQUHWUDVD\UHGXFHODDVLPLODFLyQ
GHDPLQRiFLGRVSHURLQFUHPHQWDODFDQWLGDGWRWDOGHQLWUyJHQRFRQVXPLGRSRUODVFpOXODVGH6
FHUHYLVLDH -LUDQHNHWDO
/D H[FUHFLyQ GH DPLQRiFLGRVHVVHOHFWLYD\QRH[LVWHUHODFLyQHQWUHORVDPLQRiFLGRV
OLEHUDGRV \ HO FRQWHQLGR GH HVWRV HQ HO LQWHULRU GH OD FpOXOD (Q OD IDVH ILQDO PHGLDQWH ORV
SURFHVRV GH H[RUFLyQ \ DXWROLVLV ODV OHYDGXUDV PXHUWDV GHYXHOYHQ DO PHGLR SDUWH GH ORV
DPLQRiFLGRVTXHKDQVLQWHWL]DGRGXUDQWHHOGHVDUUROOR(VWRVIHQyPHQRVWLHQHQXQDSURIXQGD
LQFLGHQFLDHQODFRPSRVLFLyQGHORVYLQRVVXGHJXVWDFLyQ\FRQVHUYDFLyQ

-RVp$5HJRGyQ0DWHRV
/RVDPLQRiFLGRVFRQWULEX\HQDOVDERU\DURPDGHORVYLQRV$OJXQRVDPLQRiFLGRVQR
SUHVHQWDQQLQJ~QJXVWRRVLDFDVRHVWHHVSRFRSURQXQFLDGR7DOHVHOFDVRGHOD'DODQLQD'
\/DUJLQLQD'\/YDOLQDHWF(QFDPELRRWURVSUHVHQWDQXQJXVWRGXOFHHQWUHORVTXHHVWiQ
'WLURVLQD/DODQLQD\JOLFLQD/RVDPLQRiFLGRVD]XIUDGRVSRVHHQXQJXVWRFDUDFWHUtVWLFR\HO
/WULSWyIDQR /OHXFLQD \ /IHQLODODQLQD XQ JXVWR DPDUJR $ SHVDU GH OR GLFKR OD
FRQFHQWUDFLyQ GH DPLQRiFLGRV HQ ORV YLQRV HV WDQ EDMD TXH UHVXOWD PX\ GLItFLO DWULEXLUOHV
GLVWLQWRVVDERUHVSRUORTXHVXJUDGRGHFRQWULEXFLyQDODVFDUDFWHUtVWLFDVRUJDQROpSWLFDVGHORV
YLQRVHVWiD~QSRUGHILQLU
$GHPiV GHO LQWHUpV GLUHFWR GH ORV DPLQRiFLGRV SRU VX LQIOXHQFLD VREUH ODV
FDUDFWHUtVWLFDV RUJDQROpSWLFDV OD LPSRUWDQFLD GH ORV DPLQRiFLGRV HQ OD FDUDFWHUL]DFLyQ
VHQVRULDOVHYHDXPHQWDGDSRUVHUSUHFXUVRUHVGHORVDOFRKROHVVXSHULRUHV\GHORVHWLOpVWHUHV
GHDPLQRiFLGRV3XHGHGHFLUVHTXHGHOWRWDOGHDOFRKROHVVXSHULRUHVSUHVHQWHVHQORVYLQRV
SURFHGH GH ORV DPLQRiFLGRV \ HO UHVWR VH IRUPD D SDUWLU GH ORV KLGUDWRV GH FDUERQR /D
PD\RUtDGHORVDOFRKROHVVXSHULRUHVGHULYDGRVGHORVDPLQRiFLGRVVHSURGXFHQDOFRPLHQ]RGH
ODIHUPHQWDFLyQ*LXGLFLHWDO3RURWURODGRKDQVLGRLGHQWLILFDGRVHWLOpVWHUHVGH
DPLQRiFLGRVDOJXQRVGHORVFXDOHVSRGUtDQWHQHUFLHUWDLPSRUWDQFLDVHQVRULDOHQORVYLQRVDO
PHQRVDVtKDVLGRGHVFULWRSDUDHOHWLOpVWHUGHJOLFLQD7DPXUDHWDO0iVHVWXGLRVVRQ
QHFHVDULRVSDUDGHILQLUHORULJHQ\SDSHOGHHVWRVpVWHUHVHQORVYLQRVDXQTXHSDUHFHFODURTXH
VRQ IRUPDGRV SRU ODV OHYDGXUDV GXUDQWH OD IHUPHQWDFLyQ IXQGDPHQWDOPHQWH FXDQGR OD
FRQFHQWUDFLyQGHHWDQROHVDOWD+HUUDL]\2XJK
3RU WRGR OR PHQFLRQDGR DQWHULRUPHQWH SXHGH UHVXOWDU LQWHUHVDQWH VHOHFFLRQDU
OHYDGXUDV TXH GHMHQ HQHOPHGLRLPSRUWDQWHVFDQWLGDGHVGHGHWHUPLQDGRVDPLQRiFLGRVELHQ
SRUTXH ORV H[FUHWHQ DQWHV R ORV OLEHUHQ GHVSXpV GH PRULU ELHQ SRUTXH QR FRQVXPDQ HQ VX
WRWDOLGDGORVTXHWUDtDHOPRVWR
)LQDOPHQWH HV GHVWDFDEOH TXH OD SUHVHQFLD GHO FRPSXHVWR LQGHVHDEOH FDUEDPDWR GH
HWLORXUHWDQRHVWiGHWHUPLQDGDHQEXHQDPHGLGDSRUODSURGXFFLyQGHXUHDSRUODVOHYDGXUDVR

SRU OD DGLFLyQ GH HVWD DO PHGLR $Vt SXHVODDGLFLyQGHXUHDFRPRQXWULHQWHHQPRVWRVFRQ
SRFR 1)$ QR HVWi SHUPLWLGD GHELGR D TXH IXQFLRQD FRPR SUHFXUVRU HQ OD IRUPDFLyQ GH
FDUEDPDWRGHHWLOR7ULROLHWDO\HVWHHVVRVSHFKRVRGHVHUFDQFHUtJHQR(OFDUEDPDWR
GH HWLOR VH HQFXHQWUD GH IRUPD QDWXUDO HQ PXFKRV DOLPHQWRV \ EHELGDV IHUPHQWDGDV FRPR
UHVXOWDGRGHODDFWLYLGDGPHWDEyOLFDGHORVPLFURRUJDQLVPRV%HUWUDQG=RHFNOHLQHWDO

,QWURGXFFLyQ
(VWH FRPSXHVWR VH IRUPD SRU UHDFFLyQ HQ PHGLR iFLGR GHO HWDQRO FRQ FRPSXHVWRV
FDUEDPLORV HQ HVSHFLDOFRQODXUHD\HQPHQRUPHGLGDFRQODFLWUXOLQD\ORV1FDUEDPLO.
DPLQRiFLGRV
&DVLWRGDODXUHDSURFHGHGHODHVFLVLyQGHODDUJLQLQDHQRUQLWLQD\XUHDPHGLDQWHOD
DFFLyQ GHO HQ]LPD DUJLQDVD /D PD\RUtD GH OD XUHD VH IRUPD HQWUH HO LQLFLR \ OD PLWDG GH OD
IHUPHQWDFLyQVLHQGRSDUFLDOPHQWHUHDEVRUELGD\XWLOL]DGDSRUODVOHYDGXUDVTXHDFW~DQHQODV
HWDSDVSRVWHULRUHV/DIRUPDFLyQGHXUHD SRUSDUWHGHODVOHYDGXUDV\VXFDSWDFLyQGXUDQWHOD
IHUPHQWDFLyQ GHSHQGH GH OD FHSD 2XJK HW DO =RHFNOHLQ HW DO (VWXGLRV
UHDOL]DGRVSRU2XJKHWDO FRQYDULDVFHSDVGHOHYDGXUDVGHPXHVWUDQVXYDULDELOLGDGHQ
FXDQWRDODSURGXFFLyQ GHXUHDDVtODFHSD3ULVHGH0RXVVHSURGXFHEDMDVFDQWLGDGHV
PJO GH PHGLD HQ WDQWR TXH ODV FHSDV 0RQWUDFKHW \ 3DVWHXU SURGXFHQ DOWDV
FRQFHQWUDFLRQHV\PJOGHPHGLDUHVSHFWLYDPHQWH/DSURGXFFLyQGHXUHDSRUODV
OHYDGXUDV DXPHQWD FRQ OD WHPSHUDWXUD GH IHUPHQWDFLyQ \ FRQ OD FDQWLGDG GH QLWUyJHQR
DVLPLODEOH GHO PRVWR /RV YLQRV TXH KDQ UHDOL]DGR OD IHUPHQWDFLyQ PDOROiFWLFD WLHQHQ
XVXDOPHQWH PiV FDUEDPDWR GH HWLOR TXH ORV TXH QR OD KDQ UHDOL]DGR \D TXH ODV EDFWHULDV
OiFWLFDVDXPHQWDQODSURGXFFLyQGHHVWHFRPSXHVWRHQHVSHFLDODSDUWLUGHFLWUXOLQD%HUWUDQG

(QPRVWRVFRQDOWDVFDQWLGDGHVGHQLWUyJHQRDVLPLODEOHODVOHYDGXUDVWLHQGHQDFDSWDU
OD DUJLQLQD GH IRUPD LQFRPSOHWD R WDUGtD GH PDQHUD TXH ODV FHSDV SURGXFWRUDV GH XUHD OD
H[FUHWDQ DO PHGLR /D DLUHDFLyQ LQLFLDO GH ORV PRVWRV ULFRV HQ DUJLQLQD HVWLPXOD WDPELpQ OD
SURGXFFLyQ \ H[FUHFLyQ GH XUHD +HQVFKNH \ -LUDQHN /D DGLFLyQ GH XQD IXHQWH GH
QLWUyJHQRDOILQDOGHODIHUPHQWDFLyQSDUDFRUUHJLUXQDSDUDGDIHUPHQWDWLYDSXHGHHVWLPXODUOD
SURGXFFLyQGHSUHFXUVRUHVGHOFDUEDPDWRGHHWLORSRUSDUWHGHODVOHYDGXUDV:DWNLQVHWDO

$XQTXHVHQHFHVLWDQPiVHVWXGLRVSDUDGHILQLUFRQPD\RUSUHFLVLyQODIRUPDFLyQGHOD
XUHD \ HO FDUEDPDWR GH HWLOR GXUDQWH OD IHUPHQWDFLyQ HV HYLGHQWH TXH DO PDUJHQ GH RWUDV
SRVLELOLGDGHVODFRQFHQWUDFLyQGHHVWRVFRPSXHVWRVSXHGHVHUUHGXFLGDFRQHOXVRGHFHSDVGH
OHYDGXUDV VHOHFFLRQDGDV TXH H[FUHWHQ SRFD XUHD DO PHGLR +HQVFKNH \ -LUDQHN
=RHFNOHLQHWDO
&RPRHVOyJLFRHVGLItFLOREWHQHUFHSDVTXHFXPSODQVDWLVIDFWRULDPHQWHFRQWRGDV\

-RVp$5HJRGyQ0DWHRV
FDGDXQDGHODVFDUDFWHUtVWLFDVPHQFLRQDGDVHQORVDQWHULRUHVDSDUWDGRVSRUORTXHVLHPSUHVH
LQWHQWDVHOHFFLRQDUFHSDVTXHFXPSODQFRQHOPi[LPRQ~PHURGHFDUDFWHUtVWLFDV\HQHOPD\RU
JUDGRSRVLEOH
/DYLWLYLQLFXOWXUDHQ([WUHPDGXUD
(OYLxHGR
(Q ([WUHPDGXUD KD\ DSUR[LPDGDPHQWH KD GH YLxHGR OR FXDO VXSRQH
SUiFWLFDPHQWHHOGHOWRWDOQDFLRQDO0iVGHOVHFRQFHQWUDHQODSURYLQFLDGH%DGDMR]
KDDXQTXHHOORQRVLJQLILFDTXHHQODSURYLQFLDGH&iFHUHVQRH[LVWDQ]RQDVGHJUDQ
WUDGLFLyQYLQtFROD9DOGpV
/D VXSHUILFLH TXH VH GHGLFD DO FXOWLYR GHO YLxHGR KD GHVFHQGLGR FRQVLGHUDEOHPHQWH
GHVGHSDVDQGRGHODVKDGHHVWH DxRDODVKDDFWXDOHV(VWDGLVPLQXFLyQ
KD VLGR FRQVHFXHQFLD GH OD DSOLFDFLyQ GH ORV SURJUDPDV FRPXQLWDULRV GH DUUDQTXHV SRU
DEDQGRQRGHILQLWLYRGHOFXOWLYRGHOYLxHGR3XOLGRHWDO'HVGHODFDPSDxDHO
SURJUDPD GH DEDQGRQR H[SHULPHQWD FDGD DxR XQ VRVWHQLGR DXPHQWR KDELpQGRVH DUUDQFDGR
GXUDQWH OD FDPSDxD XQ WRWDO GH KD HQ OD SURYLQFLD GH %DGDMR] \ KD HQ OD GH
&iFHUHV 3RU RWUD SDUWH HV SUHFLVR GHVWDFDU TXH HQ OD FDPSDxD VH FRQFHGLHURQ HQ OD
SURYLQFLD GH %DGDMR] GHUHFKRV GH UHSODQWDFLyQ SRU XQ WRWDO GH KD OR TXH HYLWDGR XQ
HOHYDGR GHVFHQVR HQ OD VXSHUILFLH GH YLxHGR HQ ([WUHPDGXUD \ KD FRQWULEXLGR DO
UHMXYHQHFLPLHQWR GH ODV YLGHV H[WUHPHxDV \ D OD DSDULFLyQ GH QXHYDV YDULHGDGHV GH YLG QR
WUDGLFLRQDOHV&DEHUQHW6DXYLJQRQ0HUORW&KDUGRQQD\
&RPDUFDVYLWLYLQtFRODV&DUDFWHUtVWLFDVGHVXVPRVWRV\YLQRV
&RQODHQWUDGDGH(VSDxDHQOD&(HO0LQLVWHULRGH$JULFXOWXUD3HVFD\$OLPHQWDFLyQ
HVWDEOHFLy ODV UHJODV GH XWLOL]DFLyQ GH QRPEUHV JHRJUiILFRV \ GH OD PHQFLyQ 9LQRV GH OD
7LHUUDHQODGHVLJQDFLyQGHORVYLQRVGHPHVD$XWRUL]DGDVODVFRPXQLGDGHVDXWyQRPDVSDUD
GHWHUPLQDU ODV FRPDUFDV YLWtFRODV TXH SXHGDQ DFRJHUVH D GLFKD PHQFLyQ OD -XQWD GH
([WUHPDGXUDHVWDEOHFLyODVFRPDUFDVVLJXLHQWHV'2(Q GHO'2(Q GHO
7LHUUDGH%DUURV0DWDQHJUD5LEHUD$OWDGHO*XDGLDQD\5LEHUD%DMDGHO*XDGLDQDHQ
OD SURYLQFLD GH %DGDMR] &DxDPHUR \ 0RQWiQFKH] HQ OD SURYLQFLD GH &iFHUHV 3DUD HO

,QWURGXFFLyQ
HVWDEOHFLPLHQWRGHHVWDVFRPDUFDVVHXWLOL]DURQGDWRVUHIHUHQWHVDFDUDFWHUtVWLFDVHGDIROyJLFDV
\YDULHGDGHVGHXYDSUHGRPLQDQWHVHQOD]RQD(QFDGDXQDGHHOODVVHLQFOX\HURQPXQLFLSLRV
TXH VHJ~Q HO FHQVR FDWDVWUDO SRVHtDQ XQ PtQLPR GH KHFWiUHDV GH YLxHGR \ FDUDFWHUtVWLFDV
YLWtFRODVKRPRJpQHDV
/DV SULQFLSDOHV FDUDFWHUtVWLFDV GH ODV FRPDUFDV YLWLYLQtFRODV H[WUHPHxDV VRQ ODV
VLJXLHQWHV
7LHUUD GH %DUURV KD(VOD]RQDYLQtFRODPiVH[WHQVDGH([WUHPDGXUDFRQ
XQDVKDGHYLxHGRVLWXDGDHQHOFHQWURGHODSURYLQFLDGH%DGDMR](VXQDFRPDUFDGH
UHOLHYHOODQRVXHORVIpUWLOHVULFRVHQQXWULHQWHV\FRQQRWDEOHFDSDFLGDGSDUDODUHWHQFLyQGHO
DJXD (O FOLPD HV EDVWDQWH VHFR FRQ HOHYDGDV WHPSHUDWXUDV HQ YHUDQR (O DPELHQWH VHFR
SURSRUFLRQDXQDQRWDEOHVDQLGDGGHODVXYDV/DVYDULHGDGHVGHYLGPiVDEXQGDQWHVVRQODV
EODQFDV&D\HWDQD\3DUGLQDEiVLFDPHQWH(QWUHODVYDULHGDGHVWLQWDVVREUHVDOHQ7HPSUDQLOOR\
*DUQDFKD
0DWDQHJUDKD6LWXDGDDOVXUGHODSURYLQFLDGH%DGDMR]DXQDDOWXUDPHGLDGH
P (O VXHOR HV DUFLOORVR \ HO FOLPD GH YHUDQRV VHFRV \ ODUJRV \ GH LQYLHUQRV IUtRV TXH
DODUJDQHOFLFORYHJHWDWLYRGHODYLG/DVYDULHGDGHVGHYLGPiVDEXQGDQWHVVRQ(YDGH/RV
6DQWRV \ 0DFDEHR VHJXLGDV GH &D\HWDQD %ODQFD 3DUGLQD \ 3HGUR -LPpQH] HQ EODQFDV \
*DUQDFKD\7HPSUDQLOORHQWLQWDV
5LEHUD$OWDGHO*XDGLDQDKD6LWXDGDHQHOQRUWHGHODSURYLQFLDGH%DGDMR]
FRQHOYLxHGRDXQDDOWLWXGPHGLDGHP\VREUHVXHORVDUHQRVRV\IUHVFRV(OYHUDQRHV
PX\FDOXURVR\ORVLQYLHUQRVIUtRVDODUJDQGRFRPRHQHOFDVRDQWHULRUHOFLFORYHJHWDWLYRGHOD
YLG SRU OR TXH ODV YHQGLPLDV GH HVWD ]RQD VRQ ODV ~OWLPDV GH ([WUHPDGXUD $EXQGDQ ODV
YDULHGDGHV DXWyFWRQDV EODQFDV FRPR &LJHQWHV 3HUUXQR \ 3HGUR -LPpQH] GH &DVWXHUD
VHJXLGDVHQPHQRUPHGLGDSRUODVWDPELpQWUDGLFLRQDOHV3DUGLQD\0RQW~D
5LEHUD%DMDGHO*XDGLDQDKD&RPDUFDIURQWHUL]DFRQ3RUWXJDOVLWXDGDDXQRV
PGHDOWLWXG'HJHRJUDItDOODQDFDUiFWHUIOXYLDOERUGHDQGRHOUtR*XDGLDQD\FRQVXHORV
GH FDQWRV URGDGRV \ DUHQROLPRVRV (O FOLPD HV FRQWLQHQWDO FRQ LQIOXHQFLD DWOiQWLFD /DV
YDULHGDGHVGHYLGWLQWDVVRQPX\VLPLODUHVDODVGHOYHFLQR3RUWXJDODEXQGDQGR*DUQDFKD\
7HPSUDQLOOR(QEODQFDVGHVWDFDQODVYDULHGDGHV&D\HWDQD%ODQFD\0DFDEHR
0RQWiQFKH]KD$OVXUGHODSURYLQFLDGH&iFHUHV&RPSUHQGHWDQWRWHUUHQRV
OODQRV\SREUHVFRPRRWURVPiVULFRVDFFLGHQWDGRV\FRQXQDHOHYDGDDOWLWXGPD\RUGH

-RVp$5HJRGyQ0DWHRV
P(OFOLPDHVYDULDEOHVLHQGRVHFR\PX\FDOXURVRHQODV]RQDVPiVEDMDV\DOJRPiVIUtR\
OOXYLRVRHQODVPiVHOHYDGDV/DVYDULHGDGHV GHYLGSUHGRPLQDQWHVVRQ%RUED$ODULMH\3HGUR
-LPpQH]HQODVEODQFDV\7HPSUDQLOOR\*DUQDFKDHQODVWLQWDV
&DxDPHUR KD $O HVWH GH OD SURYLQFLD GH &iFHUHV /RV YLxHGRV VH VLW~DQ D
DOWLWXGHVGHP(OFOLPDHVPX\VXDYHVLQJUDQGHVFRQWUDVWHVWpUPLFRV/DYDULHGDG
GHXYDSUHGRPLQDQWHHVODDXWyFWRQD$ODULMH7DPELpQHQPHQRUSURSRUFLyQVHHQFXHQWUDQODV
WUDGLFLRQDOHVEODQFDV&KHOYD0DOYDU\0RQW~D\ODVWLQWDV*DUQDFKD\7HPSUDQLOOR
/DVGRVFRPDUFDVFDFHUHxDVWLHQHQFLHUWDVVLPLOLWXGHVHQWpUPLQRVJHRPRUIROyJLFRV\
FOLPiWLFRV DPEDV HVWiQ OLJDGDV D iUHDV GH PRQWDxD FRQ WHPSHUDWXUDV PHGLDV VXDYHV \
SUHFLSLWDFLRQHV UHODWLYDPHQWH FRSLRVDV 5HQJLIR VL ELHQ FRPR KHPRV PHQFLRQDGR
0RQWiQFKH]SUHVHQWDDOJXQDV]RQDVOODQDV\VHFDV
(Q FRQMXQWR ODV YDULHGDGHV GH XYD SUHGRPLQDQWHV HQ ([WUHPDGXUD VRQ EODQFDV
GHVWDFDQGRODVYDULHGDGHV&D\HWDQD\3DUGLQD(QFXDQWRDYDULHGDGHVWLQWDV

VREUHVDOHQ *DUQDFKD \ 7HPSUDQLOOR 'XUDQWH ORV ~OWLPRV DxRV VH KD LQFUHPHQWDGR
QRWDEOHPHQWHHOQ~PHURGHYDULHGDGHVHPSOHDGDVHQODVUHSODQWDFLRQHV
(Q$JRVWRGHVHUHFRQRFLyFRQFDUiFWHUSURYLVLRQDOODGHQRPLQDFLyQGHRULJHQ
SDUD ORV YLQRV H[WUHPHxRV DFRJLGRV D OD GHQRPLQDFLyQ YLQRV GH OD 7LHUUD GHQRPLQiQGRVH
5LEHUD GHO *XDGLDQD 3RU RUGHQ GH GH 0DU]R GH '2( Q GHO VH
HVWDEOHFHHOUHJODPHQWRGHOD'HQRPLQDFLyQGH2ULJHQ5LEHUDGHO*XDGLDQDODFXDODEDUFD
D WRGDV ODV FRPDUFDV YLWLYLQtFRODV \D GHILQLGDV HQ \ (O UHJODPHQWR GH OD
'HQRPLQDFLyQ GH 2ULJHQ SHUPLWH HO XVR GH QXPHURVDV YDULHGDGHV EODQFDV \ WLQWDV SDUD
HODERUDU ORV YLQRV DPSDUDGRV EDMR OD PLVPD (QWUH ODV EODQFDV SRGHPRV FLWDU &D\HWDQD
3DUGLQD 0DFDEHR 3DUHOODGD 3HGUR -LPpQH] \ 0RQW~D (QWUH ODV WLQWDV VH HQFXHQWUDQ
*DUQDFKDWLQWRUHUD7HPSUDQLOOR0HUORW&DEHUQHW6DXYLJQRQ0RQDVWUHOO\6\UDK
$O PDUJHQ GH ODV FRPDUFDV LQFOXLGDV HQ OD 'HQRPLQDFLyQ GH 2ULJHQ H[LVWHQ RWUDV
FRPDUFDV FRQ WUDGLFLyQ YLWtFROD FX\RV YLQRV SXHGHQ DFRJHUVH D OD XWLOL]DFLyQGHLQGLFDFLyQ
JHRJUiILFD %2( GHO FRPR HV &LOOHURV HQ &iFHUHV '2( Q GHO \
'2(Q GHO
/RVPRVWRVH[WUHPHxRVVHFDUDFWHUL]DQSRUVXHVFDVDDFLGH]WRWDO\DOWRS+GHELGRD
ODVDOWDVWHPSHUDWXUDVGHOYHUDQRH[WUHPHxR(VWRSURYRFDXQDUiSLGD\H[FHVLYDPDGXUDFLyQ
GHODXYDTXHYDDFRQWHQHUSRFRiFLGRPiOLFR(QFRQVHFXHQFLDORVPRVWRVWLHQHQEDMRSRGHU

,QWURGXFFLyQ
WDPSyQORTXHVHWUDGXFHHQXQDOLPLWDGDSHUVLVWHQFLDGHODVHQVDFLyQiFLGDHQHOSDODGDUGH
ORVYLQRVREWHQLGRV&LROIL/DSRFDDFLGH]KDFHLPSUHVFLQGLEOHHQODPD\RUtDGHORV

FDVRVODFRUUHFFLyQGHORVPRVWRVFRQiFLGRWDUWiULFR(VWDVLWXDFLyQSRGUtDVROXFLRQDUVHHQ
SDUWH FRQ HO DGHODQWR GH OD IHFKD GH YHQGLPLD \ FRQ HO XVR GH OHYDGXUDV VHOHFFLRQDGDV TXH
HOHYHQODDFLGH]ILMDHQHOWUDQVFXUVRGHODIHUPHQWDFLyQ&DULGLHWDO
&RPRUHVXOWDGRGHODHOHYDGDPDGXUDFLyQGHODXYDORVPRVWRVSUHVHQWDQFDQWLGDGHV
H[FHVLYDV GH D]~FDU TXH SXHGHQ OOHJDU HQ DOJXQRV FDVRV DO (VWRV YDORUHV SXHGHQ
SURYRFDU UHWDUGRV HQ HO FRPLHQ]R GH OD IHUPHQWDFLyQ H LQFOXVR OD SDUDGD GHO SURFHVR
IHUPHQWDWLYR&LROIL
(O JUDGR DOFRKyOLFR PHGLR DOFDQ]DGR SRU ORV YLQRV H[WUHPHxRV HVWi HQ JHQHUDO SRU
HQFLPDGHOGHRWUDV]RQDVHVSDxRODVDVtSDUDYLQRVEODQFRVODPHGLDHVWiHQWRUQRDORV
GHVWDFDQGRORVYDORUHVPiVEDMRVGH7LHUUDGH%DUURV3DUDORVYLQRVWLQWRVODPHGLDVH

VLW~D HQ OD FRPDUFD GH &DxDPHUR SUHVHQWD ORV YDORUHV PiV DOWRV \ OD GH
0RQWiQFKH]ORVPiVEDMRV9DOGpVHWDOUHVXOWDGRVQRSXEOLFDGRV
/DDFLGH]YROiWLOGHORVYLQRVWDQWRWLQWRVFRPREODQFRVVHPXHYHHQWRUQRDYDORUHV
QRUPDOHVHQODVFRPDUFDVGH7LHUUDGH%DUURV0DWDQHJUD\&DxDPHURPHGLDPHQRUGHJO
GHiFLGRDFpWLFRSHURVRQDOWRVHQODVGHPiV]RQDVSXHVVHVLW~DQHQWRUQRDORVJOGH
iFLGRDFpWLFR9DOGpVHWDOUHVXOWDGRVQRSXEOLFDGRV
/RVYLQRVH[WUHPHxRVDQDOL]DGRVSRU9DOGpVHWDO UHVXOWDGRVQRSXEOLFDGRVGXUDQWH
WUHV FDPSDxDV SUHVHQWDQ FRQWHQLGRV PHGLRV GH DFHWDOGHKLGR SUy[LPRV D PJO 6DOYR
H[FHSFLRQHV FRQFUHWDV FRPR VRQ ORV YLQRV GH 5LEHUD %DMD GH OD FDPSDxD FX\R
FRQWHQLGRPHGLRGHDFHWDOGHKLGRHVGHPJO\ORVYLQRVWLQWRVGH5LEHUD$OWDGHODPLVPD
FDPSDxDFRQFRQFHQWUDFLRQHVPHGLDVGHPJO
/D XYD HQ ODV FRPDUFDV H[WUHPHxDV HV YHQGLPLDGD WUDGLFLRQDOPHQWH HQ HO PHV GH
6HSWLHPEUH D SULPHUDV KRUDV GH OD PDxDQD 6HJXLGDPHQWH HV WUDQVSRUWDGD D OD ERGHJD HQ
FDPLRQHV R WUDFWRUHV VLQ FDMDV QL RWUR PHGLR TXH HYLWH HO DSODVWDPLHQWR GH ODV XYDV (VWH
WUDQVSRUWHLUUDFLRQDOGHODXYDTXHODH[SULPHSDUFLDOPHQWHDQWHVGHOOHJDUDODERGHJDSXHGH
SURYRFDU MXQWR FRQ ODV DOWDV WHPSHUDWXUDV GH HVWD pSRFD XQ FUHFLPLHQWR LQFRQWURODGR GH
OHYDGXUDV\EDFWHULDV'LFKDSREODFLyQPLFURELDQDEDMRFRQGLFLRQHVySWLPDVGHWHPSHUDWXUD\
QXWULHQWHVUHDOL]DXQDHOHYDGDDFWLYLGDGPHWDEyOLFDTXHSHUMXGLFDODVRSHUDFLRQHVVXFHVLYDVGH
ODYLQLILFDFLyQ(QSDUWLFXODUHOSRVLEOHFUHFLPLHQWRGH6FKL]RVDFFKDURP\FHV TXHPDQLILHVWD

-RVp$5HJRGyQ0DWHRV
VX Pi[LPD DFWLYLGDG D & SURGXFH OD GHJUDGDFLyQ GHO iFLGR PiOLFR LQGLVSHQVDEOH SDUD
PDQWHQHUXQDFLHUWDFRQVLVWHQFLDiFLGDGHOYLQR&LROIL
%RGHJDV
(QODDFWXDOLGDGIXQFLRQDQXQDVERGHJDVHQ([WUHPDGXUD0iVGHOGHHOODV
VHFRQFHQWUDQHQODSURYLQFLDGH%DGDMR]\HVSHFLDOPHQWHHQODFRPDUFDGH7LHUUDGH%DUURV
GRQGHVHXELFDQFDVLODPLWDGGHODVLQGXVWULDVYLQtFRODVGH([WUHPDGXUD/DPD\RUtDGHODV
ERGHJDV VRQ FRRSHUDWLYDV FRQFUHWDPHQWH HO HO UHVWR VRQ ERGHJDV IDPLOLDUHV R
VRFLHGDGHVDQyQLPDV
(Q HVWDV ERGHJDV GHVWDFDQ ORV VLVWHPDV FRQWLQXRV GH SUHQVD FRQ VHSDUDFLyQ GH
FDOLGDGHV SDUD H[WUDHU HO PRVWR GH OD XYD QR REVWDQWH YDQ HQ DXPHQWR ORV VLVWHPDV
GLVFRQWLQXRV GH SUHQVDGR Pi[LPH FXDQGR HO UHJODPHQWR GH OD 'HQRPLQDFLyQ GH 2ULJHQ
SURKtEH HO XVR GH SUHQVDV FRQWLQXDV SDUD ORV YLQRV SURWHJLGRV (O GH ODV ERGHJDV QR
GLVSRQHQGHHTXLSRVGHIUtRVREUHWRGRODVGHSHTXHxRWDPDxR\HQJHQHUDOODVFDSDFLGDGHV
LQVWDODGDV GH IUtR UHVXOWDQ PiV UHGXFLGDV GH OR UHFRPHQGDEOH GDGDV ODV FDUDFWHUtVWLFDV GH OD
YHQGLPLD HQ ([WUHPDGXUD SRU OR TXH OD SUiFWLFD KDELWXDO GH OD PD\RUtD GH ODV ERGHJDV HV
YLQLILFDUPHGLDQWHIHUPHQWDFLyQFRQWURODGDWDQVyORXQDSDUWHGHVXHODERUDFLyQSURGXFLHQGR
HOUHVWRGHOYLQRPHGLDQWHIHUPHQWDFLyQWUDGLFLRQDO(QPX\SRFRVFDVRVHOIUtRHVXWLOL]DGR
SDUDODVRSHUDFLRQHVGHGHVIDQJDGR\HVWDELOL]DFLyQ7DQVyORHOGHODVHPSUHVDVUHDOL]D
GHVIDQJDGRGHORVPRVWRVDGHPiVHVWHVXHOHVHUHVWiWLFR\~QLFDPHQWHHOGHODVERGHJDV
UHDOL]D GHVIDQJDGR GLQiPLFR )LQDOPHQWH HV GHVWDFDEOH TXH HO Q~PHUR GH GHSyVLWRV GH
IHUPHQWDFLyQGHKRUPLJyQHVWiHQFODURUHWURFHVRVLHQGRVXVWLWXLGRVSRURWURVPDWHULDOHVTXH
SHUPLWHQXQDPHMRUYLQLILFDFLyQFRPRHVHOFDVRGHODFHURLQR[LGDEOH3XOLGRHWDO
3URGXFFLyQGHYLQR
/DSURGXFFLyQWRWDOGHYLQRHQ([WUHPDGXUDHQODFDPSDxDIXHGHPLOORQHV
GH KHFWyOLWURV OR TXH VXSRQH XQD FRQVLGHUDEOH UHGXFFLyQ PHQRV FRQ UHVSHFWR D OD
PHGLDGHO~OWLPRTXLQTXHQLRPLOORQHVGHKHFWyOLWURV(OSULQFLSDOIDFWRUUHVSRQVDEOHGH
HVWDUHGXFFLyQKDVLGRODHVFDVH]GHOOXYLDV(QODFDPSDxDHOFOLPDWDPSRFRDFRPSDxy
GHPDQHUDTXHODSURGXFFLyQYROYLyDVHUPX\EDMD/DPD\RUtDGHOYLQRSURGXFLGR
HV EODQFR VLHQGR PX\ HVFDVD OD SURGXFFLyQ GH WLQWR \ D~Q PHQRV GH YLQRV GH FULDQ]D 6LQ

,QWURGXFFLyQ
HPEDUJR HQ (VSDxD PiV GHO GHO YLQR FRQVXPLGR HV WLQWR OR TXH PXHVWUD OD FODUD
GHVFRPSHQVDFLyQHQWUHODRIHUWD\ODGHPDQGD0HVtDV\3XOLGR
(OGHVFHQVRGHODSURGXFFLyQGHYLQRGXUDQWHORV~OWLPRVDxRVKDSURYRFDGRTXHODV
PHGLGDVGHUHJXODFLyQ\ODVGHVWLODFLRQHVWXYLHUDQPXFKDPHQRULPSRUWDQFLDTXHHQFDPSDxDV
SUHFHGHQWHVQRHVWDEOHFLpQGRVHGHVWLODFLyQREOLJDWRULD(QODFDPSDxDDFWXDOVHHVSHUDTXHOD
SURGXFFLyQ VHD DOUHGHGRU GH XQ PD\RU TXH HQ OD DQWHULRU GDGD OD DEXQGDQFLD GH
SUHFLSLWDFLRQHVKDELGDVGXUDQWHHOLQYLHUQR
/DSURGXFFLyQDQXDOGHYLQRVHPERWHOODGRVHQ([WUHPDGXUDURQGDORVPLOORQHVGH
OLWURVGHYLQRFLIUDTXHQROOHJDDOGHODSURGXFFLyQWRWDO/DVOtQHDVGHHPERWHOODGRVH
HQFXHQWUDQ LQIUDXWLOL]DGDV \D TXH WLHQHQ FDSDFLGDG SDUD HPERWHOODU SUiFWLFDPHQWH WRGD OD
SURGXFFLyQ H[WUHPHxD 3XOLGR HW DO /RV YLQRV HPERWHOODGRV FRQ OD FRQWUDHWLTXHWD
9LQRGHOD7LHUUDODFXDOJDUDQWL]DVXRULJHQ\FDOLGDGKDQH[SHULPHQWDGRDxRWUDVDxRXQ
DXPHQWRVRVWHQLGRVXSHUiQGRVHDFWXDOPHQWHHOPLOOyQGHERWHOODV
,PSRUWDQFLDVRFLDO\SUREOHPiWLFDGHODYLWLYLQLFXOWXUDHQ([WUHPDGXUD
&RPRVHSXHGHGHGXFLUGHORDQWHULRUPHQWHH[SXHVWRODSURGXFFLyQGHYLQRVHVXQD
DFWLYLGDGLQGXVWULDOGHJUDQLPSRUWDQFLDHFRQyPLFD\VRFLDOHQ([WUHPDGXUD2FXSDHOFXDUWR
OXJDU HQ FXDQWR D IDFWXUDFLyQ HQWUH ORV SURGXFWRV DJUtFRODV GH OD UHJLyQ GHWUiV GH WDEDFR
WRPDWH\DFHLWH6HGHGLFDQDOFXOWLYRGHODYLGDSUR[LPDGDPHQWHDJULFXOWRUHV\DGHPiV
HVWH FXOWLYR SURSRUFLRQD JUDQ FDQWLGDG GH MRUQDOHV GXUDQWH OD YHQGLPLD6yORHQODFDPSDxD
PRYLOL]yPiVGHPLOORQHVGHSHVHWDV\HQHO~OWLPRDxRODIDFWXUDFLyQURQGyORV
PLOORQHV XQD FLIUD TXH SXHGH LQFUHPHQWDUVH QRWDEOHPHQWH D PHGLGD TXH DXPHQWH HO
Q~PHURGHYLQRHPERWHOODGR\GLVPLQX\DODYHQWDGHFDOGRVDJUDQHOD3RUWXJDOR$VWXULDV
SULQFLSDOHVPHUFDGRVGHODYHQWDDJUDQHOGXUDQWH
3RURWUDSDUWHHOVHFWRUYLWLYLQtFRODH[WUHPHxRHVYtFWLPDGHODVLWXDFLyQH[FHGHQWDULD
GHFDUiFWHUHVWUXFWXUDOTXHSUHVHQWDHOPHUFDGRGHOYLQRHQJHQHUDO3RUHVWDUD]yQJUDQSDUWH
GHORVYLQRVHODERUDGRVVRQXWLOL]DGRVHQGHVWLOHUtDVSDUDODREWHQFLyQGHDOFRKROHV$GHPiV
XQD SDUWH LPSRUWDQWH GHO PRVWR SURGXFLGR HQ OD UHJLyQ HV FRQFHQWUDGR \ H[SRUWDGR D RWUD
UHJLRQHV\SDtVHV&RPRFRQVHFXHQFLDGHWRGRHVWRVHSLHUGHJUDQSDUWHGHOYDORUDxDGLGRGHO
SURGXFWR\VHWLHQGHDSHUGHUHOFRQWUROVREUHODFRPHUFLDOL]DFLyQGHOYLQRSURGXFLGRHQORV
PHUFDGRV

-RVp$5HJRGyQ0DWHRV
$SDUWH GH OD LPSRUWDQFLD HFRQyPLFRVRFLDO GHO YLxHGR HQ ([WUHPDGXUD KD\ TXH
GHVWDFDUVXLPSRUWDQFLDPHGLRDPELHQWDO0XFKRVGHORVYLxHGRVH[WUHPHxRVHVWiQVLWXDGRVHQ
WHUUHQRVSREUHV\VHFRVHQORVTXHVRQFDSDFHVGHVREUHYLYLUPX\SRFRVFXOWLYRVDGHPiVGHOD
YLGGHPDQHUDTXHVXGHVDSDULFLyQVXSRQGUtDODGHVHUWL]DFLyQGHQXPHURVDV]RQDV
/DWHQGHQFLDDFWXDOHVHODERUDUPiVYLQRVEODQFRVMyYHQHVGHIHUPHQWDFLyQFRQWURODGD
ORV FXDOHV HVWiQ PHMRU FRWL]DGRV HQ HO PHUFDGR /D REWHQFLyQ GH HVWRV YLQRV UHTXLHUH XQ
SURFHVRGHYLQLILFDFLyQPiVHVPHUDGR(VQHFHVDULRXWLOL]DUODVWHFQRORJtDVPiVDYDQ]DGDVQR
VyOR HQ OR TXH VH UHILHUH DO FRQWURO GH WHPSHUDWXUD HQ OD IHUPHQWDFLyQ VLQR WDPELpQ HQ OD
DSOLFDFLyQ GH RWUDV WpFQLFDV FRPR FODULILFDFLyQ XVR GH FRDG\XYDQWHV GH IHUPHQWDFLyQ
LQRFXODFLyQGHOHYDGXUDVVHOHFFLRQDGDVHWF$GHPiVGDGDVODVFDUDFWHUtVWLFDVFOLPDWROyJLFDV
GH ([WUHPDGXUD OD REWHQFLyQ GH YLQRV EODQFRV GH EDMDJUDGXDFLyQSUHFLVDHODGHODQWRGHOD
YHQGLPLD \ XWLOL]DU ODV YDULHGDGHV GH XYD PiVDGHFXDGDVDOJRHQORTXHVHHVWiWUDEDMDQGR
SHURTXHVLQGXGDOOHYDUiWLHPSROYDUH]HWDOEFG\H
/DVERGHJDVGHODUHJLyQQRHVWiQGLPHQVLRQDGDVSDUDODHODERUDFLyQPDVLYDGHYLQRV
MyYHQHV GH FDOLGDG HQ LQVWDODFLRQHV WHFQROyJLFDPHQWH DGHFXDGDV ([LVWLHQGR PXFKDV
FRPSOLFDFLRQHVFXDQGRVHPDVLILFDQODVHQWUHJDVGHXYD(QFXDOTXLHUFDVRHOSUREOHPDQRHV
VyORWpFQLFRHOFXDOSRGUtDVHUVRVOD\DGRVLQRTXHDGHPiVODGHPDQGDGHHVWHWLSRGHYLQR
SURFHGHQWHGH([WUHPDGXUDHVD~QOLPLWDGD
(OKHFKRGHTXHSRUSULPHUDYH]H[LVWDXQDGHQRPLQDFLyQGHRULJHQSDUDORVYLQRV
H[WUHPHxRVYDDKDFHUVLQGXGDTXHPHMRUHODFDOLGDGGHQXHVWURVFDOGRV\SRUHQGHTXHVH
SRWHQFLHODSURGXFFLyQGHYLQRHQ([WUHPDGXUDFRQODVUHSHUFXVLRQHVVRFLDOHVHFRQyPLFDV\
DPELHQWDOHVTXHHVWRVXSRQH1RREVWDQWHKD\TXHHVSHUDUDTXHVHDDSUREDGDODUHIRUPDGHOD
2&0 GHO YLQR OD FXDO D~Q VLJXH HQ GLVFXVLyQ SDUD YHU FRPR DIHFWDUi WRGR HVWR D QXHVWUD
&RPXQLGDG$XWyQRPD
0HMRUDGHODFDOLGDGGHOYLQR
(Q ORV ~OWLPRV DxRV VH KD UHDOL]DGR XQD LPSRUWDQWH UHHVWUXFWXUDFLyQ GHO VHFWRU FRQ
LQYHUVLRQHV GHVWLQDGDV D OD REWHQFLyQ GH YLQRV GH FDOLGDG VL ELHQ HVWD FDOLGDG D~Q YDUtD
H[FHVLYDPHQWHVHJ~QODERGHJDHLQFOXVRHOGHSyVLWRGHRULJHQGHOYLQR&RQXQSURGXFWRGH
HVWDV FDUDFWHUtVWLFDV HO VHFWRU YLWLYLQtFROD QR SXHGH FRPSHWLU FRQ p[LWR HQ ORV PHUFDGRV
RFFLGHQWDOHV FDUDFWHUL]DGRV SRU HO DOWR JUDGR GH HVWDQGDUL]DFLyQ R UHJXODULGDG TXH H[LJHQ

,QWURGXFFLyQ
ORVFRQVXPLGRUHV\TXHHQRFDVLRQHVUHTXLHUHQODVSURSLDVOH\HVGHORVSDtVHVLPSRUWDGRUHV
8QR GH ORV IDFWRUHV GHWHUPLQDQWHV GH OD FDOLGDG GH ORV YLQRV SUREDEOHPHQWH HO PiV
LPSRUWDQWH HV OD IHUPHQWDFLyQ DOFRKyOLFD GH ORV PRVWRV (VWD IHUPHQWDFLyQ UHDOL]DGD
IXQGDPHQWDOPHQWHSRUOHYDGXUDVGHOJpQHUR6DFFKDURP\FHVKDGHVHUFRQWURODGDSDUDHYLWDU
YDULDFLRQHV HQ OD FDOLGDG GHSHQGLHQWHV GH OD H[LVWHQFLD GH PLFURRUJDQLVPRV FRQWDPLQDQWHV
'HOILQL \ %DUGL 0HOHUR &RPR VH KD PHQFLRQDGR DQWHULRUPHQWH HO XVR GH
OHYDGXUDV ORFDOHV VHOHFFLRQDGDV VH SUHVHQWD FRPR XQD VROXFLyQ HILFD] DO SUREOHPD (QRWUDV
UHJLRQHVSURGXFWRUDVGHYLQRHVSDxRODV\H[WUDQMHUDV\DVHKDQDLVODGR\VHOHFFLRQDGRFHSDV
DGHFXDGDVGHOHYDGXUDVTXHHQODDFWXDOLGDGVHHVWiQXWLOL]DQGRFRPRLQyFXORVHQORVPRVWRV
SDUD UHDOL]DU OD IHUPHQWDFLyQ 6QRZ 4XHURO HW DO E 9DULDV GH HVWDV OHYDGXUDV
VHOHFFLRQDGDVVHSXHGHQFRQVHJXLUDFWXDOPHQWHHQHOPHUFDGR/DPHQWDEOHPHQWHORVLQWHQWRV
GHXWLOL]DUODVHQ([WUHPDGXUDSDUDODSURGXFFLyQGHEXHQYLQRQRKDQWHQLGRHOp[LWRHVSHUDGR
3UREDEOHPHQWHHVWRVHGHEHDTXHFRPR\DLQGLFDPRVDQWHULRUPHQWHFDGDFHSDGHOHYDGXUD
HVWi DGDSWDGD D XQDV FRQGLFLRQHV JHRERWiQLFRFOLPDWROyJLFDV FDUDFWHUtVWLFDV GH OD ]RQD GH
SURGXFFLyQ GHO PRVWR 6XiUH] H xLJR &DVWLQR 'HOWHLO \ /R]DQR (Q
FRQVHFXHQFLD VH KDFH QHFHVDULR REWHQHU FHSDV DXWyFWRQDV GH OHYDGXUDV DLVODGDV GH ODV
GLVWLQWDVFRPDUFDVSURGXFWRUDVGHODUHJLyQTXHSURGX]FDQYLQRGHEXHQDFDOLGDG(VWDVFHSDV
VHSRGUtDQXVDUFRPRFXOWLYRVLQLFLDGRUHVHQODIHUPHQWDFLyQGHORVPRVWRVSDUDFRQVHJXLUHO
JUDGRGHHVWDQGDUL]DFLyQDQWHVPHQFLRQDGR
0HMRUDJHQpWLFD
+LVWyULFDPHQWH OD VHOHFFLyQ GH FHSDV GH OHYDGXUDV GH 6 FHUHYLVLDH SUHVHQWHV HQ OD
IORUD QDWXUDO GH ORV PRVWRV \ YLQRV KD GDGR EXHQRV UHVXOWDGRV HQ OD REWHQFLyQ FHSDV PiV
DGHFXDGDV SDUD UHDOL]DU IHUPHQWDFLRQHV FRQWURODGDV 6LQ HPEDUJR ODV HVWLUSHV GH OHYDGXUDV
H[LVWHQWHVHQHOPHUFDGR\ODVQXHYDVTXHHVWiQDSDUHFLHQGRQRVDWLVIDFHQFRPSOHWDPHQWHODV
H[LJHQFLDVGHORVERGHJXHURV$YHFHVHVFRQYHQLHQWHTXHWHQJDQDOJXQDSURSLHGDGPiVRSRU
HOFRQWUDULRTXHSLHUGDQDOJ~QGHIHFWR,QFOXVRSXHGHVHULQWHUHVDQWHTXHODFHSDGHOHYDGXUD
LQFRUSRUH DOJXQD SURSLHGDG GH RWUR PLFURRUJDQLVPR GLIHUHQWH (Q PXFKRV FDVRV \
HVSHFLDOPHQWHHQHVWH~OWLPRHVQHFHVDULRHOXVRGHWpFQLFDVGHPDQLSXODFLyQJHQpWLFDSDUD
FRQVHJXLUQXHYDVOHYDGXUDVFRQODVFDUDFWHUtVWLFDVGHVHDGDV

-RVp$5HJRGyQ0DWHRV
'RWDFLyQJHQpWLFDGH6FHUHYLVLDH
3DUDSRGHUUHDOL]DUODPHMRUDJHQpWLFDGHXQPLFURRUJDQLVPRHVIXQGDPHQWDOFRQRFHU
VXPDWHULDOJHQpWLFR6FHUHYLVLDHOODPDGDOD(VFKHULFKLDFROL GHORVRUJDQLVPRVHXFDULRWDV
HV HO PLFURRUJDQLVPR HXFDULRWD PHMRU FRQRFLGR GHVGH HO SXQWR GH YLVWD JHQpWLFR \ HO PiV
XWLOL]DGRHQELRORJtDPROHFXODU/DLQIRUPDFLyQJHQpWLFDFRGLILFDGDHQHO$'1VHORFDOL]DHQ
ORVFURPRVRPDVPLWRFRQGULDV\SOiVPLGRV$GLFLRQDOPHQWHDOJXQDVFHSDVSRVHHQ$51TXH
FRGLILFDSDUDHOFDUiFWHUNLOOHUGHOTXH\DVHKDKDEODGRHQHOSXQWR
D$'1FURPRVyPLFR5HSUHVHQWDHOGHO$'1WRWDOGHXQDFHSDKDSORLGHGH
6 FHUHYLVLDH (VWH $'1 VH HQFXHQWUD HQ ODV FHSDV GH ODERUDWRULR GLVWULEXLGR HQ
FURPRVRPDV GH WDPDxR YDULDEOH D .E 6RODPHQWH XQ PDUFDGRU .5% KD VLGR
DVLJQDGRDOFURPRVRPD;9,,VLQHPEDUJRQRKD\SUXHEDVItVLFDVGHVXH[LVWHQFLD(OJHQRPD
FRPSOHWR GH 6 FHUHYLVLDH KD VLGR VHFXHQFLDGR UHFLHQWHPHQWH \ VH HVWLPD TXH FRQWLHQH
DOUHGHGRU GH JHQHV FRQ XQ WDPDxR PHGLR GH .E 6H KD REVHUYDGR OD SUHVHQFLD GH
DOUHGHGRU GH HOHPHQWRV PyYLOHV GH $'1 R WUDQVSRVRQHV TXH VH GLVWULEX\HQ GH PDQHUD
GLVWLQWDVHJ~QODFHSD
/DV FHSDV VLOYHVWUHV H LQGXVWULDOHV GH 6 FHUHYLVLDH VRQ PX\ KHWHURJpQHDV VLHQGR
KDELWXDOPHQWH GLSORLGHV R SROLSORLGHV SHUR QXQFD KDSORLGHV 7DPELpQ VH KD REVHUYDGR OD
H[LVWHQFLDGHFHSDVDQHXSORLGHVGLSORLGHSDUDDOJXQRVFURPRVRPDV\WULSORLGHRWHWUDSORLGH
SDUD RWURV %DNDOLQVN\ \ 6QRZ /yJLFDPHQWH HVWD VLWXDFLyQDIHFWDDODFDSDFLGDGGH
HVSRUXODFLyQ\ODYLDELOLGDGGHODVHVSRUDV
0XFKDVGHODVFHSDVLQGXVWULDOHVVRQSROLSORLGHVHVGHFLUFRQPiVGHGRVFRSLDVGHXQ
JHQ HQ HO JHQRPD QXFOHDU (VWD FLUFXQVWDQFLD OHV FRQILHUH JUDQ HVWDELOLGDG JHQpWLFD HQ VX
PHGLR QDWXUDO VLQ HPEDUJR GLILFXOWD HQRUPHPHQWH ORV SURFHGLPLHQWRV SDUD PHMRUDU ODV
OHYDGXUDVPHGLDQWHPDQLSXODFLyQJHQpWLFD
/DVHSDUDFLyQGHORVFURPRVRPDVSRUHOHFWURIRUHVLVGHFDPSRSXOVDQWHPXHVWUDPXFKR
PiVSROLPRUILVPRHQODVOHYDGXUDVYtQLFDVLQGXVWULDOHVTXHHQODVFHSDVGHODERUDWRULRFRQOD
H[FHSFLyQGHODVOHYDGXUDVGHIORUODVFXDOHVPXHVWUDQKDELWXDOPHQWHXQ~QLFRSDWUyQ%HQtWH]
HW DO (VWR LQGLFD TXH SUREDEOHPHQWH ODV FRQGLFLRQHV H[WUHPDV HQ TXH YLYHQ ODV
OHYDGXUDV GH IORU FRQ DOWDV FRQFHQWUDFLRQHV GH HWDQRO DSUR[LPDGDPHQWH \ WRWDO
DXVHQFLD GH IXHQWH GH FDUERQR IHUPHQWDEOH KDQ SURSLFLDGR OD DSDULFLyQ GH XQ ~QLFR SDWUyQ
FURPRVyPLFR%HQtWH]HWDO

,QWURGXFFLyQ
/DPD\RUtDGHODVFHSDVLQGXVWULDOHVGH6FHUHYLVLDH\HQSDUWLFXODUODVYtQLFDVVRQ
KRPRWiOLFDV OR FXDO GLILFXOWD HO DQiOLVLV JHQpWLFR GH VXV SURSLHGDGHV \ OD PHMRUD JHQpWLFD
-LPpQH]\%HQtWH]%DNDOLQVN\\6QRZ6XVSURGXFWRVPHLyWLFRVD~QFXDQGRVH
DtVOHQ HVSRUD D HVSRUD JHQHUDQ FpOXODV GH GLVWLQWRV VH[RV TXH FRQMXJDQ HQWUH HOODV FRQ DOWD
HILFLHQFLDFRQYLUWLpQGRVHHQFpOXODVGLSORLGHV(VWDSURSLHGDGFRQRFLGDFRPRKRPRWDOLVPRHV
XQ FDUiFWHU ELHQ FRQRFLGR GHVGH HO SXQWR GH YLVWD JHQpWLFRHVWDQGRGHWHUPLQDGRSRUHOJHQ
+2 TXH SUHVHQWD DOHORV +2 \ KR /DV FHSDV KRPRWiOLFDV WLHQHQ DO PHQRV XQD FRSLD GHO
DOHORGRPLQDQWH+2TXHHVQHFHVDULRSDUDTXHVHSURGX]FDHOFDPELRGHVH[R(OKHFKRGH
TXHODPD\RUtDGHODVFHSDVYtQLFDVVHDQKRPRWiOLFDVSXHGHVLJQLILFDUTXHHVWDFDUDFWHUtVWLFDHV
XQ PHFDQLVPR FRQVHUYDWLYR TXH FRQWULEX\H D OD HVWDELOLGDG GH OD FHSD \ SRU WDQWR XQD
FDUDFWHUtVWLFDTXHFRQILHUHYHQWDMDVHYROXWLYDV7KRUQWRQ\(VFKHQEUXFK&DQVDGRHWDO

8Q FLHUWR JUDGR GH KHWHURFLJRVLV GLIHUHQWHV DOHORV GH XQ PLVPR JHQ KD VLGR
REVHUYDGR WDQWR HQ FHSDV KRPRWiOLFDV FRPR KHWHURWiOLFDV /D KHWHURFLJRVLV HV XQ SUREOHPD
FXDQGRODPHMRUDJHQpWLFDUHTXLHUHTXHVHXWLOLFHODOHYDGXUDHQHVWDGRKDSORLGH(QFDPELR
SXHGHVHUXQDYHQWDMDFXDQGRXQGHIHFWRGHXQDFHSDYLHQHGDGRSRUXQRGHORVGRVDOHORVGH
XQ GHWHUPLQDGR JHQ SRU HMHPSOR OD IRUPDFLyQ GH HVSXPD SXGLpQGRVH HOLPLQDU HO DOHOR
LQGHVHDEOHPiVIiFLOPHQWH9H]LQKHW
E$'1PLWRFRQGULDO(VWiIRUPDGRSRUXQDPROpFXODFLUFXODUGHXQRVSDUHVGH
EDVHVHQODVFHSDVGHODERUDWRULR(ODQiOLVLVGHUHVWULFFLyQGHO$'1PLWRFRQGULDOPXHVWUDXQ
JUDQ SROLPRUILVPR SXHGH YDULDU KDVWD XQ HQ VX ORQJLWXG VLQ SHUGHU OD DFWLYLGDG
PLWRFRQGULDO4XHUROHWDOE%HQtWH]HWDO3RUHVWDUD]yQHVWHDQiOLVLVVHXWLOL]D
SDUDLGHQWLILFDUFHSDVGHOHYDGXUDVHQROyJLFDVGH6FHUHYLVLDH(O$'1PLWRFRQGULDOFRGLILFD
SDUD SURWHtQDV GH OD FDGHQD UHVSLUDWRULD \ SDUWH GH ORV FRPSRQHQWHV GH OD PDTXLQDULD GH
VtQWHVLV GH SURWHtQDV PLWRFRQGULDOHV 7HyULFDPHQWH QR FRGLILFD SDUD QLQJXQD IXQFLyQ
UHODFLRQDGD FRQ OD IHUPHQWDFLyQ DOFRKyOLFD GH KHFKR DOJXQDV FHSDV SHWLW TXH FDUHFHQ GH
PLWRFRQGULDV\SRUWDQWRGH$'1PLWRFRQGULDOUHDOL]DQODIHUPHQWDFLyQDOFRKyOLFDVLQQLQJ~Q
SUREOHPDDSDUHQWH(VWH$'1QRSDUHFHWHQHULPSRUWDQFLDHQODPHMRUDJHQpWLFDVDOYRTXHVH
GHPXHVWUHTXHDOJXQDIXQFLyQPLWRFRQGULDOHVWpUHODFLRQDGDFRQDOJXQDSURSLHGDGGHVHDEOHHQ
ORVYLQRV
F $'1 SODVPtGLFR (Q ODV FHSDV VLOYHVWUHV GH 6 FHUHYLVLDH HVWi FRQVWLWXLGR SRU HO

-RVp$5HJRGyQ0DWHRV
SOiVPLGRGHP(ODQiOLVLVGHUHVWULFFLyQGHHVWHSOiVPLGRPXHVWUDHVFDVRSROLPRUILVPRHQ
FRQWUDVWH FRQ HO $'1 FURPRVyPLFR \ PLWRFRQGULDO 6HFXHQFLDV GH HVWH SOiVPLGR VRQ
KDELWXDOPHQWH XWLOL]DGDV HQ FHSDV GH ODERUDWRULR FRPR SDUWH GH YHFWRUHV GH FORQDFLyQ ORV
FXDOHVSXHGHQVHUXWLOL]DGRVSDUDUHDOL]DUPHMRUDJHQpWLFD
3URFHGLPLHQWRGHPHMRUDJHQpWLFD
6H SXHGHQ FRQVLGHUDU ODV VLJXLHQWHV IDVHV HQ XQ SURFHVR GH PHMRUD JHQpWLFD GH XQD
OHYDGXUD9H]LQKHW%DUUHHWDO
D'HWHUPLQDFLyQGHORVREMHWLYRV8QDYH]FRQRFLGDVODVFDUDFWHUtVWLFDVHQROyJLFDVGH
ODOHYDGXUDDPHMRUDUVHGHEHGHILQLUHOREMHWLYRDFRQVHJXLUTXHSXHGHVHU
/DVXSUHVLyQGHXQGHIHFWR
/DDGTXLVLFLyQGHXQDSURSLHGDGQXHYD
/DUHJXODFLyQGHXQDSURSLHGDGH[LVWHQWH
E&RQRFLPLHQWRGHODEDVHILVLROyJLFDGHODSURSLHGDGDPHMRUDURVXSULPLU6HGHEHQ
HVWXGLDUWRGRVORVGDWRVILVLROyJLFRV\ELRTXtPLFRVUHODWLYRVDODSURSLHGDGGHVHDGDGHPDQHUD
TXHVLORVGDWRVQRVRQVXILFLHQWHVSXHGHVHUPiVUD]RQDEOHUHDOL]DUXQDQXHYDVHOHFFLyQGH
FHSDV D SDUWLU GH OD IORUD VDOYDMH DQWHV TXH HPEDUFDUVH HQ XQ SURFHVR WHGLRVR GH PHMRUD
JHQpWLFD (VWH SXHGH VHU HO FDVR SRU HMHPSOR GH OD PHMRUD GH ODV SURSLHGDGHV DURPiWLFDV
FX\DVEDVHVELRTXtPLFDVUXWDVPHWDEyOLFDV\UHJXODFLyQVRQHVFDVDPHQWHFRQRFLGDV3RUHVWD
UD]yQ DOJXQRV DXWRUHV QR KDQ FRQVHJXLGR UHVXOWDGRV WRWDOPHQWH VDWLVIDFWRULRV LQWURGXFLHQGR
JHQHV HVSHFtILFRV HQ FHSDV LQGXVWULDOHV FRQ HO ILQ GH PHMRUDU VXV SURSLHGDGHV DURPiWLFDV
3pUH]*RQ]iOH]HWDO0DVTXpHWDO
F &RQRFLPLHQWR JHQpWLFR GH OD FHSD \ OD SURSLHGDG (V LQGLVSHQVDEOH FRQRFHU VL OD
FHSDHVKDSORLGHGLSORLGHRSROLSORLGHDGHPiVGHVXDSWLWXGSDUDODHVSRUXODFLyQYLDELOLGDG
GH ODV HVSRUDV \ VX QDWXUDOH]D KRPRWiOLFD R KHWHURWiOLFD ,JXDOPHQWH GHEHPRV VDEHU VL HO
FDUiFWHUDPRGLILFDUHVGHWHUPLQDGRSRUXQ~QLFRJHQRYDULRVJHQHVVLORVDOHORVLQWHUHVDQWHV
VRQ GRPLQDQWHV R UHFHVLYRV VL HV QHFHVDULR DXPHQWDU HO Q~PHUR GH FRSLDV GHO JHQ R JHQHV
LPSOLFDGRVRSRUHOFRQWUDULRSURFHGHU DVXHOLPLQDFLyQHWF
G(OHFFLyQGHODPHWRGRORJtDDGHFXDGD+D\YDULDVWpFQLFDVJHQpWLFDVVXVFHSWLEOHVGH
VHU XWLOL]DGDV SDUD PHMRUDU ODV OHYDGXUDV HQWUH ODV FXDOHV SRGHPRV FLWDU OD PXWDJpQHVLV OD
KLEULGDFLyQ\ODWUDQVIHUHQFLDGHPDWHULDOJHQpWLFR7RGDVHVWDVWpFQLFDVVHUiQDPSOLDGDVHQHO

,QWURGXFFLyQ
DSDUWDGR (QWUH HOODV GHEHPRV HOHJLU ODV PiV DGHFXDGDV D QXHVWUDV FRQGLFLRQHV
GHSHQGLHQGRGHODVFDUDFWHUtVWLFDVGHQXHVWUDOHYDGXUD\GHORVREMHWLYRVSUHYLVWRV
H9DOLGDFLyQWHFQROyJLFD)LQDOPHQWHXQDYH]PRGLILFDGDODFHSDVHGHEHDVHJXUDU
TXHHOQXHYRFDUiFWHUDGTXLULGRHVHVWDEOH\DTXHSRGHPRVFRUUHUHOULHVJRGHTXHHOQXHYR
FDUiFWHUVHSLHUGDIiFLOPHQWHFXDQGRODOHYDGXUDVHGLYLGDGXUDQWHODIHUPHQWDFLyQELHQVHD
SRUSUHVLRQHVGHOPHGLRSUHVHQFLDGHHWDQROXRWURVSURGXFWRVVHFXQGDULRVELHQSRUTXHHO
FDUiFWHU VH HOLPLQH IiFLOPHQWH GH OD SREODFLyQ SRU PXWDFLRQHV UHFRPELQDFLRQHV X RWUDV
PRGLILFDFLRQHVJHQpWLFDVQDWXUDOHV3RURWUDSDUWHHVIXQGDPHQWDOHYDOXDUHOFRQMXQWRGHODV
FDUDFWHUtVWLFDVWHFQROyJLFDVGHODFHSDPHMRUDGDGHPDQHUDTXHKDGHVHUPHMRURLJXDOTXHOD
GHODFHSDLQLFLDO(QDOJXQRVFDVRVODPDQLSXODFLyQJHQpWLFDGHXQDFHSDSXHGHFRQOOHYDUHO
GHWHULRUR GH FLHUWDV FDUDFWHUtVWLFDV LQWHUHVDQWHV DOJXQDV GH ODV FXDOHV SXHGHQ VHU QHFHVDULDV
SDUDXQEXHQFRPSRUWDPLHQWRWHFQROyJLFRGHODOHYDGXUDHQODLQGXVWULD
7pFQLFDVSDUDODPHMRUDJHQpWLFD
0XWDJpQHVLV
0XWDQWHVVRQDTXHOODVFpOXODVFX\DHVWUXFWXUDGHO$'1VHKDOHVLRQDGRRPRGLILFDGR
SUHVHQWDQGR XQ FRPSRUWDPLHQWR GLIHUHQWH DO GHODHVSHFLHVLOYHVWUH(QFXOWLYRVSXURVKD\

VLHPSUHPXWDQWHVHVSRQWiQHRVDXQTXHHVWiQHQXQQ~PHURPX\UHGXFLGR$YHFHVHOQ~PHUR
GH PXWDQWHV HVSRQWiQHRV QR HV GHPDVLDGR EDMR R ELHQ GLVSRQHPRV GH XQ PpWRGR OR
VXILFLHQWHPHQWHHILFD]SDUDUHFRQRFHUORVTXHQRVLQWHUHVDQ(QHVWRVFDVRVSRGHPRVREWHQHU
GLFKRVPXWDQWHVVLQQHFHVLGDGGHLQGXFLUPXWDFLRQHVFRQDJHQWHVPXWDJpQLFRV(OQ~PHURGH
PXWDQWHV SXHGH VHU LQFUHPHQWDGR QRWDEOHPHQWH XWLOL]DQGR DJHQWHV PXWDJpQLFRV ItVLFRV R
TXtPLFRV(QJHQHUDOORVPXWiJHQRVVRQPX\HILFLHQWHVSXGLHQGRLQFUHPHQWDUODIUHFXHQFLD
GHPXWDFLRQHVPiVGHFLHQYHFHVSRUJHQVLQTXHVHSURGX]FDPXHUWHH[FHVLYDGHODVFpOXODV
QLXQDIUHFXHQFLDVLJQLILFDWLYDGHGREOHVPXWDQWHV
/D REWHQFLyQ GH PXWDQWHV HV XQ PpWRGR PX\ XVDGR FXDQGR ODV EDVHV ELRTXtPLFDV \
JHQpWLFDV GHO IHQRWLSR D DOWHUDU VRQ SRFR FRQRFLGDV /RV PXWiJHQRV XVDGRV FRQ PD\RU
IUHFXHQFLDVRQHQWUHORVItVLFRVODUDGLDFLyQ89\HQWUHORVTXtPLFRVHOHWLOPHWDQRVXOIRQDWR\
OD QLWURVRJXDQLGLQD /RV PXWiJHQRV SXHGHQ DFWXDU GH GLIHUHQWHV PDQHUDV /RV TXH FDXVDQ
VXVWLWXFLRQHVGHEDVHVVRQHIHFWLYRVSHURUHYLHUWHQIiFLOPHQWHSRUHOORQRVRQGHPDVLDGR~WLOHV

-RVp$5HJRGyQ0DWHRV
SDUD PLFURRUJDQLVPRV LQGXVWULDOHV /D UDGLDFLyQ JDPPD GD XQD DOWD IUHFXHQFLD GH PXWDQWHV
QRUHYHUWLHQWHV SHUR YD DVRFLDGR D UHRUGHQDFLRQHV FURPRVyPLFDV TXH D PHQXGR LPSLGHQ
SRVWHULRUHVUHFRPELQDFLRQHV(OHWLOPHWDQRVXOIRQDWRFDXVDSULQFLSDOPHQWHWUDQVYHUVLRQHVHQHO
$'1GHORVSDUHVGHEDVH*&D$7/DLUUDGLDFLyQFRQOX]89SURGXFHXQDJUDQYDULHGDGGH
WLSRV GH PXWDFLRQHV LQFOX\HQGR WUDQVYHUVLRQHV \ WUDQVLFLRQHV VLHQGR SRU HOOR HO PXWiJHQR
PiVXWLOL]DGR6XEGHQ
8QDYH]LQGXFLGDVODVPXWDFLRQHVGHVHDGDVSXHGHQVXUJLUPXFKRVSUREOHPDVDODKRUD
GHH[SORWDUODV(QSULPHUOXJDUOD PD\RUtDGHODVPXWDFLRQHVVRQUHFHVLYDV\QRVHH[SUHVDQ
HQ XQD FpOXOD GLSORLGH R SROLSORLGH KHWHURFLJyWLFD /D DSOLFDFLyQ GLUHFWD GH PXWDJpQHVLV HQ
FpOXODVFRQWDOHVJHQRPDVWLHQHSRFDVSRVLELOLGDGHVGHp[LWR\DTXHGLIHUHQWHVDOHORVWLHQHQ
TXH VHU DIHFWDGRV VLPXOWiQHDPHQWH FRQYLUWLpQGRVH DVt HQ KRPRFLJyWLFDV SDUD OD PXWDFLyQ
&RQVHFXHQWHPHQWHHVQHFHVDULRXVDUOLQDMHVKDSORLGHVHVWDEOHVGHPDQHUDTXHODFHSDLQLFLDO
GHEHVHUGLSORLGHKHWHURWiOLFD8QDIRUPDDOWHUQDWLYDHVUHDOL]DUODPXWDJpQHVLVGLUHFWDPHQWH
VREUHODVHVSRUDV(QFXDOTXLHUFDVRHVDFRQVHMDEOHKDFHUXQDUHGLSORLGL]DFLyQGHPRGRTXH
OD FHSD OOHJXH D VHU KRPRFLJyWLFD SDUD OD PXWDFLyQ \ VH DVHJXUH VX H[SUHVLyQ (Q VHJXQGR
OXJDUORVPpWRGRVGHGHWHFFLyQGHEHQVHUORVXILFLHQWHPHQWHSUHFLVRVSDUDGHWHFWDUPXWDQWHV
SUHVHQWHV FRQ XQD IUHFXHQFLD GH HQ OD SREODFLyQ < HQ WHUFHU OXJDU GHELGR D OD
LPSUHFLVLyQ GHO SURFHGLPLHQWR RWURV JHQHV QR UHODFLRQDGRV SXHGHQ HVWDU DIHFWDGRV OR TXH
SXHGHFDXVDUFDPELRVQRGHVHDEOHVHQODVFDUDFWHUtVWLFDVWHFQROyJLFDVGHQXHVWUDVFHSDV(VWDV
FDUDFWHUtVWLFDV WDPELpQ SXHGHQ DIHFWDUVH SRU HO SURFHVR GH KDSORLGL]DFLyQUHGLSORLGL]DFLyQ
DQWHULRUPHQWH PHQFLRQDGR SXGLHQGR FDXVDU YDULDFLRQHV JHQyPLFDV VLJQLILFDWLYDV 3RU HOOR
XQDYH]REWHQLGRVORVPXWDQWHVHVQHFHVDULRFDUDFWHUL]DUORV\VHOHFFLRQDUORVTXHSRVHDQODV
FDUDFWHUtVWLFDVGHYLQLILFDFLyQGHVHDEOHVLJXDOHVRPHMRUHVTXHODVFRUUHVSRQGLHQWHVOHYDGXUDV
RULJLQDOHV
'XUDQWH ORV GLH] ~OWLPRV DxRV HV FXDQGR PiV VH KDQ DLVODGR PXWDQWHV GH OHYDGXUDV
YtQLFDV XWLOL]DEOHV HQ OD LQGXVWULD $OJXQRV HMHPSORV GH PXWDQWHV REWHQLGRV VRQ PXWDQWHV
SURGXFWRUHV GH PiV DOFRKROHV VXSHULRUHV PXWDQWHV SRWHQFLDGRUHV GH ORV DURPDV YDULHWDOHV
9H]LQKHW \ PXWDQWHV VXSHUSURGXFWRUHV GH DOFRKRO LVRDPtOLFR SDUD OD HODERUDFLyQ GH
GHVWLODGRV*LXGLFL\=DPERQHOOLD

,QWURGXFFLyQ
+LEULGDFLyQ
'HELGRDTXHODVFpOXODVGH6FHUHYLVLDH VRQSULQFLSDOPHQWHGLSORLGHVHVSRVLEOHVX
PHMRUDJHQpWLFDSRUFRQMXJDFLyQHQWUHHVSRUDV(VWHPpWRGROODPDGRKLEULGDFLyQYHUGDGHUDVH
XWLOL]D SDUD LQFRUSRUDU D XQD OHYDGXUD XQD FDUDFWHUtVWLFD TXH VH HQFXHQWUD HQ RWUD FHSD
GLIHUHQWHVREUHWRGRVLGLFKDFDUDFWHUtVWLFDHVWiFRQWURODGDSRUYDULRVJHQHV/DVSULQFLSDOHV
GHVYHQWDMDVGHHVWHPpWRGRVRQVXLPSUHFLVLyQ\ODSRVLEOHSpUGLGDGH FDUDFWHUtVWLFDVGHVHDEOHV
GH OD FHSD RULJLQDO 3DUD UHJHQHUDU HO JHQRPD GH OD OHYDGXUD PHMRUDGD KD\ SURFHGLPLHQWRV
FRPR HO UHWURFUX]DPLHQWR FRQ ODV OHYDGXUDV SDUHQWDOHV (VWD UHJHQHUDFLyQ HV QRUPDOPHQWH
SDUFLDO GHELGR D ORV IHQyPHQRV GH UHFRPELQDFLyQ PHLyWLFD \ PLWyWLFD $ SHVDU GH HVWR VH
VXHOHREWHQHUXQDUHJHQHUDFLyQGHOIHQRWLSRGHVHDGR
2WUR LQFRQYHQLHQWH GH OD KLEULGDFLyQ HV TXH VyOR SXHGH UHDOL]DUVH HQWUH GRV FHSDV
SHUWHQHFLHQWHVDODPLVPDHVSHFLHKDSORLGHV\GHWLSRVH[XDORSXHVWR6LQHPEDUJR DGHPiV
GHODYHUGDGHUDKLEULGDFLyQH[LVWHQSURFHGLPLHQWRVTXHSXHGHQVXSHUDUHVDVUHVWULFFLRQHVDO
PHQRV SDUFLDOPHQWH FRPR SXHGHQ VHU OD IXVLyQ GH SURWRSODVWRV \ HO DSDUHDPLHQWR H[WUDxR
UDUHPDWLQJ8QFDVRSDUWLFXODUGHKLEULGDFLyQHVODFLWRGXFFLyQ PHGLDQWHODFXDOVHSHUPLWH
OD WUDQVIHUHQFLD VRODPHQWH GH PDWHULDO FLWRSOiVPLFR \ D YHFHV XQD FDQWLGDG OLPLWDGD GH
PDWHULDOQXFOHDUGHODFHSDGRQDQWH
D +LEULGDFLyQ YHUGDGHUD (O FDVR LGHDO GH KLEULGDFLyQ YHUGDGHUD HV XQ FUXFH TXH VH
UHDOL]D HQWUH GRV FHSDV KHWHURWiOLFDV GLSORLGHV GH WLSR VH[XDO RSXHVWR XQD GH HOODV
KRPRFLJyWLFDSDUDHOFDUiFWHUTXHTXHUHPRVLQWURGXFLUHQQXHVWUDFHSDTXHWHQJDQXQDDOWD
YLDELOLGDGGHHVSRUDV\TXHSURGX]FDQOLQDMHVKDSORLGHVHVWDEOHV(QHOFDVRGHODVOHYDGXUDV
YtQLFDV TXH VRQ JHQHUDOPHQWH KRPRWiOLFDV QR VLHPSUH HV IiFLO UHDOL]DU OD KLEULGDFLyQ 6H
SXHGHQ KLEULGDU GRVFHSDVKRPRWiOLFDVXWLOL]DQGRFXOWLYRVHVSRUXODGRVSHURODIXVLyQKDGH

GDUVHHQWUHHOPRPHQWRGHJHUPLQDFLyQGHODVHVSRUDV\ODSRVWHULRUGLSORLGL]DFLyQ(OJUDQ
LQFRQYHQLHQWH HV TXH ORV KtEULGRV VH REWLHQHQ FRQ XQD EDMD IUHFXHQFLD \ VXHOH VHU PX\
ODERULRVRGLVWLQJXLUORVGHOUHVWRGHODVOHYDGXUDV'HHVWHPRGRVHKDQFRQVHJXLGRFHSDVGH6
FHUHYLVLDH TXH IORFXODQ ELHQ \ QR SURGXFHQ +6 5RPDQR HW DO R LQWURGXFLU OD
SURSLHGDGGHIORFXODUELHQHQFHSDVKRPRWiOLFDVFRPHUFLDOHV7KRUQWRQ
E $SDUHDPLHQWR H[WUDxR 5DUHPDWLQJ(VWHPpWRGRVHEDVDHQHOKHFKRGHTXHHQ
XQD SREODFLyQ GH FpOXODV GLSORLGHV R SROLSORLGHV KD\ DOJXQDV FpOXODV KRPRFLJyWLFDV SDUD HO
WLSR VH[XDO SXGLHQGR FUX]DUVH FRQ FpOXODV KDSORLGHV GH VH[R RSXHVWR (VWH FUX]DPLHQWR HV

-RVp$5HJRGyQ0DWHRV
PX\UDUR\VyORSXHGHVHUGHWHFWDGRSRUXQPpWRGRPX\HIHFWLYR(OSURFHGLPLHQWRWLHQHOD
JUDQ YHQWDMD GH SHUPLWLU OD KLEULGDFLyQ HQWUH FHSDV FRQ GLIHUHQWH Q~PHUR GH FURPRVRPDV \
HYLWDODQHFHVLGDGGHHVSRUXODFLyQTXHDPHQXGRQRVHSURGXFHHQFHSDVFRPHUFLDOHV\TXH
DGHPiV FRPR VH PHQFLRQy DQWHULRUPHQWH SURYRFD OD DOWHUDFLyQ GHO JHQRPD GH OD OHYDGXUD
RULJLQDO
F)XVLyQGHSURWRSODVWRVHVIHURSODVWRV&XDQGRODVFHSDVLQGXVWULDOHVHVSRUXODQPX\
SRFRRQDGDVHSXHGHQREWHQHUKtEULGRVLQWUDHVSHFtILFRVHLQFOXVRLQWHUHVSHFtILFRVPHGLDQWH
IXVLyQGHSURWRSODVWRVPHFDQLVPRTXHQRHVWiFRPSOHWDPHQWHGLOXFLGDGRSHURTXHHVVLPLODU
DODIXVLyQVRPiWLFD
/RV SURWRSODVWRV VRQ FpOXODV D ODV TXH VH OHV KD HOLPLQDGR OD SDUHG FHOXODU HVWDQGR
UHYHVWLGDV ~QLFDPHQWH SRU OD PHPEUDQD SODVPiWLFD 3DUD SURGXFLUORV VH XWLOL]DQ HQ]LPDV
KLGUROtWLFDVGHGLVWLQWRRULJHQ(QHOFDVRGHOHYDGXUDVVHXWLOL]DQIXQGDPHQWDOPHQWHKHOLFDVD
JOXVXODVD \ ]LPROLDVD .LWDPXUD \ <DPDPRWR /RV SURWRSODVWRV VRQ FDSDFHV GH
UHJHQHUDUODSDUHGFHOXODUHQFRQGLFLRQHVQXWULFLRQDOHVGHWHUPLQDGDVWHQLHQGRODSURSLHGDGGH
IXQGLUVHGRVDGRVHQFRQGLFLRQHVDGHFXDGDV\DVHDQFpOXODVGHODPLVPDRGHGLVWLQWDHVSHFLH
/DIXVLyQVHIDYRUHFHFRQLRQHV&D RSROLHWLOpQJOLFRO8QDYH]IXVLRQDGRVVHFUHFHQHQXQ
PHGLR DGHFXDGR <3' FRQ VRUELWRO SDUD TXH UHJHQHUHQ OD SDUHG FHOXODU \ VH REWLHQHQ
OHYDGXUDV FRQ FDUDFWHUtVWLFDV FRPXQHV D ORV GRV SDUHQWDOHV (Q HVWDV QXHYDV OHYDGXUDV VXHOH
KDEHUXQDJUDQSUHGRPLQDQFLDGHOJHQRPDGHXQDGHODVFHSDVSDUHQWDOHVPiVDOJXQRVJHQHV
GHODRWUDFHSD(VWHPpWRGRHVVLPSOH\DSOLFDEOHDFXDOTXLHUFHSD(OPD\RULQFRQYHQLHQWH
HVWiHQUHFRQRFHUHOSURGXFWRGHODIXVLyQ\DTXHHQHOFXOWLYRKDEUiWUHVWLSRVGHFpOXODVODV
GRV SDUHQWDOHV \ HO SURGXFWR GH OD IXVLyQ /yJLFDPHQWH OD QXHYD FHSD GHEH VHU
FXLGDGRVDPHQWH FDUDFWHUL]DGD GDQGR HVSHFLDO LPSRUWDQFLD D OD HVWDELOLGDG GHO FDUiFWHU
GHVHDEOH\DTXHSRGUtDVHULQHVWDEOHSRULQFRPSDWLELOLGDGJHQpWLFD=DPERQHOOL6HKDQ
HQFRQWUDGRGLILFXOWDGHVLPSRUWDQWHVHQODHVWDELOL]DFLyQGHORVSURGXFWRVGHIXVLyQGHELGRDOD
SUHVHQFLDGHORVGRVJHQRPDV6HNLHWDO KDQXVDGRHVWHPpWRGRHQFRPELQDFLyQFRQOD

FLWRGXFFLyQ SDUD LQWURGXFLU HO FDUiFWHU NLOOHU HQ XQD FHSD FRPHUFLDO VHQVLEOH &DUUDX HW DO
KDQGHVFULWRODIXVLyQGH6FKL]RVDFFKDURP\FHVSRPEH FRQ6FHUHYLVLDH SDUDREWHQHU

XQD OHYDGXUD SDUHFLGD D 6DFFKDURP\FHV TXH PHWDEROL]D HO iFLGR PiOLFR FRPR
6FKL]RVDFFKDURP\FHV
G&LWRGXFFLyQ&RQGH\)LQNDLVODURQPXWDQWHVHQORVTXHODIXVLyQQXFOHDUQR

,QWURGXFFLyQ
VHSURGXFHGHVSXpVGHGDUVHODIXVLyQFHOXODU(VRVPXWDQWHVOODPDGRVNDUSXHGHQVHUXVDGRV
PHGLDQWH FUXFHV FRQ RWUDV FHSDV SDUD WUDQVIHULU PDWHULDO FLWRSOiVPLFR VLQ WUDQVIHUHQFLD GH
PDWHULDO QXFOHDU 7DPELpQ VH SXHGH SURGXFLU OD WUDQVIHUHQFLD VLPXOWiQHD GH XQR R GRV
FURPRVRPDV D XQD IUHFXHQFLD TXH GHSHQGH GHO WDPDxR GHO FURPRVRPD LPSOLFDGR 'XWFKHU
(VWR ~OWLPR SXHGH VHU XWLOL]DGR SDUD OD WUDQVIHUHQFLD SDUFLDO \ VHOHFWLYD GH PDWHULDO
QXFOHDUGHXQDOHYDGXUDDRWUDGLIHUHQWH
(O SULPHU PpWRGR VH KD XVDGR SDUD PDUFDU FHSDV FRPHUFLDOHV LQWURGXFLHQGR
PLWRFRQGULDV SURFHGHQWHV GH XQD FHSD GH ODERUDWRULR KDSORLGH NDU FRQ PXWDFLRQHV TXH OH
FRQILHUHQUHVLVWHQFLDDLQKLELGRUHVHVSHFtILFRV/RLVHDX(QHVWHFDVRORVUHVXOWDGRVHQ
ORVHQVD\RVGHYDOLGDFLyQWHFQROyJLFDIXHURQPHQRVIDYRUDEOHVTXHFRQFHSDVREWHQLGDVSRU
PXWDJpQHVLV GLUHFWD FRQ 0Q&O R SRU VHOHFFLyQ GH PXWDQWHV HVSRQWiQHRV (O VHJXQGR
SURFHGLPLHQWRVHKDXWLOL]DGRSDUDLQWURGXFLUHOFURPRVRPD,TXHFRQWLHQHHOJHQ)/2SDUD
LQFRUSRUDUODFDSDFLGDGGHIORFXODUHQXQDFHSDXVDGDHQODSURGXFFLyQGHYLQRVHVSXPRVRV\
IDFLOLWDUDVtODFKDPSDQL]DFLyQ9H]LQKHW\%DUUH 9H]LQKHW HWDO
7UDQVIHUHQFLDGHPDWHULDOJHQpWLFR
'HVGH ORV SULPHURV HVWXGLRV TXH VH KLFLHURQ VREUH WUDQVIRUPDFLyQ GH OHYDGXUDV
+LQQHQ HW DO KDVWD KR\ ODV KHUUDPLHQWDV \ ORV PpWRGRV GH FORQDFLyQ GH
PLFURRUJDQLVPRV KDQ PHMRUDGR FRQVWDQWHPHQWH VLHQGR HQ OD DFWXDOLGDG UHODWLYDPHQWH IiFLO
PDQLSXODUJHQHVHQ6FHUHYLVLDH/DSULQFLSDOYHQWDMDGHODVWpFQLFDVGHFORQDFLyQPROHFXODU
HVVXSUHFLVLyQJHQpWLFD\DTXHSHUPLWHXQDWUDQVIHUHQFLDGLVFRQWLQXDGHVHFXHQFLDVGH$'1
FODUDPHQWHGHILQLGDV(VWDSUHFLVLyQSXHGHVHUXVDGDSDUDREWHQHUPXWDQWHVHVSHFtILFRV\DTXH
XQJHQFORQDGR\PRGLILFDGRSXHGHUHHPSOD]DUHODOHORVLOYHVWUHGHIRUPDHVSHFtILFDPHGLDQWH
UHFRPELQDFLyQKRPyORJD/DELRORJtDPROHFXODUWDPELpQVHSXHGHXWLOL]DUSDUDPRGLILFDUOD
IXQFLyQ GH JHQHV H[LVWHQWHV PHGLDQWH DOWHUDFLRQHV LQ YLWUR GH VHFXHQFLDV HVSHFtILFDV TXH
SXHGHQ PRGXODU OD H[SUHVLyQ GH ORV JHQHV R OD IXQFLyQ GH VXVSURGXFWRV(VWRVPpWRGRVGH
UHFRPELQDFLyQGH$'1SXHGHQWDPELpQVHUXVDGRVSDUDLQWURGXFLU\H[SUHVDUJHQHVGHRWURV
RUJDQLVPRVRWUDVOHYDGXUDVREDFWHULDVORTXHDPSOtDFRQVLGHUDEOHPHQWHODVSRVLELOLGDGHVGH
PHMRUDGHODVFHSDVLQGXVWULDOHV6LQHPEDUJRHVWRVPpWRGRVHVWiQOLPLWDGRVDSURFHGLPLHQWRV
GHLQWURGXFFLyQGHVHFXHQFLDVUHODWLYDPHQWHFRUWDV(QWHRUtDQRKD\REVWiFXORSDUDLQWURGXFLU
PXFKRVJHQHVHQOHYDGXUDVSHURQRHVIiFLOHQWpUPLQRVSUiFWLFRVWUDQVIHULUXQFDUiFWHUTXH

-RVp$5HJRGyQ0DWHRV
GHSHQGHGHXQJUDQQ~PHURGHJHQHV
(VWHWLSRGHWHFQRORJtDHVWiDFWXDOPHQWHPX\GHPRGD\FRQPXFKDVSRVLELOLGDGHVGH
GHVDUUROOR IXWXUR DXQTXH HQ HVWH PRPHQWR KD\ SRFRV UHVXOWDGRV DSOLFDEOHV D OD LQGXVWULD
HQROyJLFD(VWRVHGHEHSRUXQDSDUWHDODSUREOHPiWLFDOHJDOVREUHODXWLOL]DFLyQGHSURGXFWRV
WUDQVIRUPDGRVJHQpWLFDPHQWH\SRURWUDDODHOHYDGDLQYHUVLyQTXHUHTXHULUtDVXDSOLFDFLyQHQ
XQVHFWRUTXHWLHQHXQEDMRPDUJHQGHEHQHILFLRVFRPRHVHOGHOYLQR+DEUiTXHHVSHUDUDXQ
IXWXURHQTXHHOFRVWHGHHVWHWLSRGHWHFQRORJtDVHDEDUDWH\SXHGDXVDUVHDPSOLDPHQWHSRUHO
VHFWRU $OJXQRV HMHPSORV GH JHQHV LQWURGXFLGRV HQ 6 FHUHYLVLDH SDUD PHMRUDU FHSDV
LQGXVWULDOHVVRQHOJHQGHODDPLORJOXFRVLGDVDGH$VSHUJLOOXV HQFHSDVGHOHYDGXUDVFHUYHFHUDV
$LJOHHOJHQGHODDFHWRODFWDWRGHVFDUER[LODVDGH(QWHUREDFWHU WDPELpQHQFHSDVGH
OHYDGXUDVFHUYHFHUDV$LJOHHOJHQGHODHQ]LPDPDOROiFWLFDGHEDFWHULDVPDOROiFWLFDV

HQOHYDGXUDVYtQLFDVHOGHODPDOWDVD\ODPDOWRVDSHUPHDVDHQFHSDVGHOHYDGXUDVTXHFDUHFHQ
GHHOODV$LJOHHOJHQGHODJOXFRDPLODVDGH$VSHUJLOOXVDZDPRUL \HOGHOD.DPLODVD

GH %DFLOOXV VXEWLOLV HQ FHSDV GH OHYDGXUDV SDUD IDEULFDFLyQ GH GHVWLODGRV ,EUDJLPRYD HW DO
\HOJHQGH7ULFKRGHUPDORQJLEUDFKLDWXP TXHFRGLILFDSDUDODHQGRJOXFDQDVD
HQFHSDVYtQLFDVGHOHYDGXUDV3pUH]*RQ]iOH]HWDO
3DUD OHYDGXUDV XWLOL]DGDV HQ OD LQGXVWULD DOLPHQWDULD HV SUHIHULEOHXVDUVLHPSUH$'1
FX\RRULJHQVHD6FHUHYLVLDHWDQWRSRUORVSRVLEOHVHIHFWRVGHODXWLOL]DFLyQGHVHFXHQFLDVGH
$'1H[WUDxDVVREUHHOFRQVXPLGRUFRPRSRUORVSRVLEOHVSUREOHPDVGHUHJXODFLyQGHJHQHV
IRUiQHRV HQ OD OHYDGXUD $GHPiV HV SUHIHULEOH TXH HO YHFWRU GH FORQDFLyQ HVWp WRWDOPHQWH
FRQVWLWXLGRSRU$'1GHOHYDGXUDV;LDRHWDO
D9HFWRUHVGHFORQDFLyQ(OSULPHUSDVRSDUDWUDQVIHULUJHQHVHVLQVHUWDUHOORVJHQHV
GHLQWHUpVHQXQYHFWRUDGHFXDGR3RUORJHQHUDOHVXQSOiVPLGRODQ]DGHUDTXHSXHGHUHSOLFDUVH
WDQWR HQ ( FROL FRPR HQ 6 FHUHYLVLDH 'HSHQGLHQGR GH ORV FRPSRQHQWHV HVWUXFWXUDOHV
FRQWHQLGRVHQHOYHFWRUHVWRVSXHGHQUHSOLFDUVHDXWyQRPDPHQWHHQODOHYDGXUDRLQWHJUDUVHHQ
ORVFURPRVRPDVSRUUHFRPELQDFLyQHQWUHVHFXHQFLDVKRPyORJDV%DViQGRQRVHQVXPRGRGH
UHSOLFDFLyQHQOHYDGXUDVORVYHFWRUHVGHOHYDGXUDVVHSXHGHQDJUXSDUHQFODVHVJHQHUDOHV
<,S<5S<&S<(S\</S&RQH[FHSFLyQGHORVSOiVPLGRV</SSOiVPLGRVOLQHDOHVWRGRV
ORV GHPiV UHIHULGRV VRQ YHFWRUHV ODQ]DGHUD /RV SOiVPLGRV <,S QR SXHGHQ UHSOLFDUVH
DXWyQRPDPHQWH HQ OHYDGXUDV D PHQRV TXH VHDQ HVWDELOL]DGRV LQWHJUiQGRVH HQ HO $'1
FURPRVyPLFR SRU UHFRPELQDFLyQ KRPyORJD /D FDSDFLGDG SDUD UHSOLFDUVH DXWyQRPDPHQWH

,QWURGXFFLyQ
SXHGHVHUFRQIHULGDDxDGLHQGRVHFXHQFLDVUHSOLFDWLYDVDXWyQRPDV$56RULJLQDQGRGHHVWH

PRGRORVSOiVPLGRVGHOHYDGXUDUHSOLFDWLYRV<5SRDxDGLHQGRVHFXHQFLDVSODVPtGLFDVGHO
SOiVPLGR GH P RULJLQDQGR ORV SOiVPLGRV HSLVyPLFRV <(S 3DUD HYLWDU SUREOHPDV GH
LQHVWDELOLGDGGHOYHFWRUHVSHFLDOPHQWHHQHOFDVRGHORV<5SVHSXHGHDxDGLUXQDVHFXHQFLD
FHQWURPpULFD GH OHYDGXUDV D ORV YHFWRUHV UHSOLFDWLYRV RULJLQDQGR ORV SOiVPLGRV GH OHYDGXUD
FHQWURPpULFRV<&S(VWROHVFRQILHUHDOWDHVWDELOLGDG\VLW~DHOQ~PHURGHFRSLDVGHOYHFWRU
SRU FpOXOD D XQ QLYHO FHUFDQR D XQR 1XPHURVRV DXWRUHV TXH KDQ FRQVWUXLGR GLIHUHQWHV
SOiVPLGRVFRQJHQHVTXHFRQILHUHQDOJXQDFDUDFWHUtVWLFDDODOHYDGXUDHQOD TXHVHLQWURGXFHQ
7US HQSOiVPLGR<5S6WUXKOHWDO8UD HQ<&S5RVHHWDOR7US8UD
\+LV HQ</S%XUNHHWDO
E 7UDQVIRUPDFLyQ GH OHYDGXUDV /D WUDQVIRUPDFLyQ FRQVLVWH HQ LQWURGXFLU ORV
PHQFLRQDGRV YHFWRUHV GHQWUR GH OD OHYDGXUD SDUD OR FXDO KD\ YDULRV PpWRGRV /RV PiV
DQWLJXRV UHTXLHUHQ OD IRUPDFLyQ GH HVIHURSODVWRV TXH VRQ WUDWDGRV FRQ FORUXUR FiOFLFR \
SROLHWLOpQJOLFRO SDUD KDFHUORV SHUFHSWLYRV D DEVRUEHU $'1 H[yJHQR +LQQHQ HW DO
7DPELpQVHSXHGHQXWLOL]DUWpFQLFDVPiVUiSLGDVEDVDGDVHQHOWUDWDPLHQWRGHFpOXODVHQWHUDV
FRQVDOHVGHOLWLR,WRHWDO(OPpWRGRGHORVHVIHURSODVWRVSURGXFHXQDIUHFXHQFLDGH
WUDQVIRUPDFLyQPiVDOWDTXHODGHOPpWRGRGHODFHWDWRGHOLWLRSDUD6FHUHYLVLDHVLQHPEDUJR
SDUD&DQGLGDERLGLQLL ODIUHFXHQFLDGHWUDQVIRUPDFLyQSRUDPERVPpWRGRVHVFDVLODPLVPD
6DNDL HW DO 0iV UHFLHQWHPHQWH OD HOHFWURSRUDFLyQ KD VLGR XVDGD SDUD WUDQVIRUPDU
FpOXODV LQWDFWDV 'HORUPH LQFOX\HQGR OHYDGXUDV GH SDQDGHUtD *\VOHU HW DO
FHUYHFHUDV1DYDV HWDORYtQLFDV*RQ]iOH]HWDOHVWDVGRV~OWLPDVVHVDEHTXH
VHWUDQVIRUPDQFRQEDMDHILFLHQFLD+DGILHOGHWDO&DVH\HWDO/DHILFLHQFLDGH
OD WUDQVIRUPDFLyQ GHSHQGH GHO PpWRGR XVDGR OD FHSD \ HO VLVWHPD GH VHOHFFLyQ GH ORV
WUDQVIRUPDQWHV
F 6LVWHPDV GH VHOHFFLyQ GH WUDQVIRUPDQWHV 8QD YH] LQWURGXFLGR HO YHFWRU KD\ TXH
LGHQWLILFDU R VHOHFFLRQDU ORV WUDQVIRUPDQWHV SUHVHQWHV HQ HO FXOWLYR 3DUD HOOR VH XWLOL]DQ
QRUPDOPHQWH PDUFDGRUHV JHQpWLFRV TXH SHUPLWHQ HO DLVODPLHQWRGHWUDQVIRUPDQWHVSUHVHQWHV

HQ PX\ EDMD IUHFXHQFLD (Q FHSDV GH ODERUDWRULR KDSORLGHV KHWHURWiOLFDV VH XWLOL]DQ
PDUFDGRUHVTXHFRPSOHPHQWDQPXWDFLRQHVDX[RWUyILFDVFRPR/(885$R7533DUD

FHSDVLQGXVWULDOHV HVQHFHVDULRXVDUPDUFDGRUHVGRPLQDQWHV/RVPDUFDGRUHVDX[RWUyILFRVQR
VRQ~WLOHVGHELGRDTXHVRQUHFHVLYRV\ODVFHSDVLQGXVWULDOHVVXHOHQVHUGLSORLGHVRSROLSORLGHV

-RVp$5HJRGyQ0DWHRV
DGHPiVGHKRPRWiOLFDV$XQTXHQRKD\JUDQFDQWLGDGGHPDUFDGRUHVJHQpWLFRVGRPLQDQWHVVH
KDQ GHVFULWR DOJXQRV TXH VH KDQ XWLOL]DGR HQ FHSDV GH OHYDGXUDV LQGXVWULDOHV SXGLpQGRVH
DJUXSDUHQ
*HQHV GH WUDQVSRVRQHV EDFWHULDQRV TXH FRQILHUHQ UHVLVWHQFLD D GURJDV FRPR SRU
HMHPSORFORUDQIHQLFRO+DGILHOGHWDO*-LPpQH]\'DYLHVKLJURPLFLQD%

*ULW]\'DYLHV3UHVHQWDQHOSUREOHPDGHTXHSDUDFRQVHJXLUXQDUHVLVWHQFLDDGHFXDGD
GHEHKDEHUPXFKDVFRSLDVGHHVWRVJHQHV\RHVWDUEDMRHOFRQWUROGHXQIXHUWHSURPRWRUGH
OHYDGXUDV$GHPiVVXHOHQDSDUHFHUPXFKRVPXWDQWHVHVSRQWiQHRVUHVLVWHQWHV
*HQHVGHOHYDGXUDVTXHFRQILHUHQUHVLVWHQFLDDGLIHUHQWHVDJHQWHVWy[LFRV&RPRHO
JHQ605,TXHFRQILHUHUHVLVWHQFLDDOKHUELFLGDVXOIRPHWXUyQPHWLOR&DVH\HWDO
HO JHQ &83 TXH FRQILHUH UHVLVWHQFLD DO FREUH +HQGHUVRQ HW DO HVWH VH XVD
IUHFXHQWHPHQWHHQFHSDVFHUYHFHUDVHQDOWRQ~PHURGHFRSLDVQRSXGLHQGRXWLOL]DUVHVLHPSUH
HQ OHYDGXUDV YtQLFDV SRUTXH VRQ IUHFXHQWHPHQWH UHVLVWHQWHV DO FREUH 7KRUQWRQ \ %XQNHU
HOJHQGHODLQPXQLGDGDODWR[LQDNLOOHU.%XVVH\\0HDGHQ
G(VWDELOL]DFLyQGHORVWUDQVIRUPDQWHV8QSDVRHVHQFLDOHQODFRQVWUXFFLyQGHFHSDV
UHFRPELQDQWHVLQGXVWULDOHVHVVXHVWDELOL]DFLyQJHQpWLFDSDUDHYLWDUSpUGLGDVGHOJHQFORQDGR
GXUDQWHORVSURFHVRVLQGXVWULDOHV /RVVLVWHPDVGHHVWDELOL]DFLyQPiVIUHFXHQWHPHQWHXVDGRV
LPSOLFDQODLQWHJUDFLyQGHODVHFXHQFLDGHLQWHUpVHQHOJHQRPDSRUUHFRPELQDFLyQKRPyORJD
SDUDHOORKD\GLIHUHQWHVHVWUDWHJLDV+LQQHQHWDO2UU:HDYHUHWDO6HSXHGH
DXPHQWDU OD HVWDELOLGDG GHO JHQ LQWHJUDQGR UHSHWLGDV YHFHV OD PLVPD VHFXHQFLD 8Q VLVWHPD
LQJHQLRVR HV HO GHO IDFWRU NLOOHU %XVVH\ \ 0HDGHQ HO SURFHGLPLHQWR FRQVLVWH HQ
LQWURGXFLU HO $'1F TXH FRGLILFD SDUD OD WR[LQD NLOOHU \ OD FRUUHVSRQGLHQWH LQPXQLGDG HQ HO
SOiVPLGR YHFWRU GH HVWD PDQHUD VH DXWRVHOHFFLRQDQ ORV WUDQVIRUPDQWHV TXH FRQWLHQHQ HO
SOiVPLGR \D TXH ODV FpOXODV TXH OR SLHUGHQ PXHUHQ FRPR FRQVHFXHQFLD GHO IDFWRU NLOOHU
OLEHUDGRDOPHGLR
H&RQWUROGHODH[SUHVLyQJpQLFD&XDQGRLQWURGXFLPRVXQJHQ HQXQDOHYDGXUDSDUD
REWHQHU XQD PHMRUD WHFQROyJLFD HV LQGLVSHQVDEOH VX H[SUHVLyQ D XQ QLYHO DGHFXDGR 3DUD
FRQVHJXLUORVHSXHGHFDPELDUHOQ~PHURGHFRSLDVRODIXHU]DGHOSURPRWRUUHHPSOD]DQGRHO
SURPRWRU RULJLQDO SRU RWUR PiV IXHUWH $OJXQRV GH ORV SURPRWRUHV PiV XVDGRV HVWiQ
UHODFLRQDGRVFRQJHQHVTXHFRGLILFDQODH[SUHVLyQGHHQ]LPDVJOLFROtWLFRVFRPRHOJHQGHOD
DOFRKRO GHVKLGURJHQDVD $'+ IRVIRJOLFHUDWR NLQDVD 3*. JOLFHUDOGHKLGR IRVIDWR

,QWURGXFFLyQ
GHVKLGURJHQDVD*3'7XLWHHWDO$PPHUH%LWWHU\(JDQ

(Q HO IXWXUR VHUiQ SUREDEOHPHQWH ORV PpWRGRV GH WUDQVIHUHQFLD GH $'1 ORV TXH
SUHGRPLQDUiQ HQ OD FRQVWUXFFLyQ GH QXHYDV FHSDV YtQLFDV PHMRUDGDV 7HQGUiQ HVSHFLDO
LPSRUWDQFLDHQWUHVDVSHFWRVUHOHYDQWHVGHODLQGXVWULDHQROyJLFD ODPHMRUDHQHOFRQWURO\OD
VHJXULGDGGHORVSURFHVRVIHUPHQWDWLYRVODSUHYHQFLyQGHGHIHFWRVWDQWRRUJDQROpSWLFRVFRPR
KLJLpQLFRV \ SRU ~OWLPR OD PRGLILFDFLyQ GH OD IHUPHQWDFLyQ DOFRKyOLFD SDUD UHHPSOD]DU
VXVWDQFLDVQRVDOXGDEOHVSRUPHWDEROLWRVPHQRVGDxLQRVSDUDODVDOXGGHOFRQVXPLGRU(QHVWH
VHQWLGRVHSODQWHDODFXHVWLyQGHVLODVFHSDVPDQLSXODGDVJHQpWLFDPHQWHGHEHUtDQXVDUVHHQ
YLQLILFDFLRQHV D HVFDOD LQGXVWULDO R QR (V IXQGDPHQWDO DVHJXUDU TXH GLFKDV FHSDV QR
LQFRUSRUDQ FDUDFWHUHV SDWRJpQLFRV TXH SXGLHUDQ KDFHUODV GDxLQDV SDUD OD VDOXG GH ORV
FRQVXPLGRUHV3RURWUDSDUWHHVLPSUHVFLQGLEOHTXHORVFRQVXPLGRUHVDFHSWHQORVSURGXFWRV
HODERUDGRV FRQ OHYDGXUDV WUDQVIRUPDGDV 3RU HVWD UD]yQ ORV FLHQWtILFRV GHEHQ VHU
HVSHFLDOPHQWHFXLGDGRVRVHLQIRUPDUFRQYHQLHQWHPHQWHDOS~EOLFRGHODVYHQWDMDVTXHWLHQHHO
XVRGHFHSDVPDQLSXODGDVJHQpWLFDPHQWH
0HMRUDJHQpWLFDGHOHYDGXUDVYtQLFDVLQGXVWULDOHVSRUHOLPLQDFLyQGHDOHORVGHOHWpUHRV
GHJHQHVLPSOLFDGRVHQHOFUHFLPLHQWRFHOXODU
(VELHQVDELGRTXHODFRQVDQJXLQLGDGHQSODQWDV\DQLPDOHVFRQGXFHXVXDOPHQWHDOD
UHGXFFLyQGHODHILFDFLDELROyJLFD\FRQOOHYDXQGHWHULRURGHDWULEXWRVFRPRIHUWLOLGDGYLJRU\
UHVLVWHQFLDDHQIHUPHGDGHV(VWHIHQyPHQRFRQRFLGRFRPRGHSUHVLyQSRUFRQVDQJXLQLGDGHV
FRQVHFXHQFLD GHO LQFUHPHQWR HQ HOJUDGRGHKRPRFLJRVLVHQORVJHQHV\SUREDEOHPHQWHGH
IRUPD PX\ HVSHFLDO HQ DTXHOORV TXH SRUWDQ DOHORV GHOHWpUHRV 8Q IHQyPHQR FRQWUDULR
DVRFLDGRDOLQFUHPHQWRGHODKHWHURFLJRVLVHVODKHWHURVLVRYLJRUKtEULGR6HSURGXFHFXDQGR
VH FUX]DQ GRV OtQHDV FDGD XQD GH HOODV DOWDPHQWH FRQVDQJXtQHD FRQ DOWR JUDGR GH
KRPRFLJRVLV/DGHVFHQGHQFLDKtEULGDFRQDOWRJUDGRGHKHWHURFLJRVLVPXHVWUDJHQHUDOPHQWH
PD\RU HILFDFLD ELROyJLFD HQ WpUPLQRV GH FUHFLPLHQWR VXSHUYLYHQFLD \ IHUWLOLGDG -HQNLQV

3RU RWUD SDUWH HQ OD QDWXUDOH]D H[LVWHQ SODQWDV TXH VH UHSURGXFHQ QRUPDOPHQWH SRU
DXWRIHFXQGDFLyQ (Q HVWRV FDVRV OD GHSUHVLyQ SRU FRQVDQJXLQLGDG QR RFXUUH SRUTXH OD
VHOHFFLyQQDWXUDOPDQWLHQHORVDOHORVUHFHVLYRVGHOHWpUHRVDIUHFXHQFLDVPXFKRPiVEDMDVTXH

-RVp$5HJRGyQ0DWHRV
HQ ODV SREODFLRQHV FRQ IHFXQGDFLyQ DOHDWRULD (Q HVWRV RUJDQLVPRV DXWRIHFXQGDGRV OD
KRPRFLJRVLVHVPX\DOWD\ORVDOHORVUHFHVLYRVGHOHWpUHRVVRQHOLPLQDGRVSRUVHOHFFLyQQDWXUDO
FXDQGRVHKDFHQKRPRFLJyWLFRV$\DOD\.LJHU
5HFLHQWHPHQWH VH KD GHVFULWR HQ 6 FHUHYLVLDH XQ SURFHVR VHJ~Q HO FXDO ODV FHSDV
VLOYHVWUHV KRPRWiOLFDV WLHQGHQ D VHU KRPRFLJyWLFDV SDUD OD JUDQ PD\RUtD GH ORV JHQHV (VWH
IHQyPHQRGHQRPLQDGRUHQRYDFLyQJHQyPLFDJHQRPHUHQHZDOVHEDVDHQODFDSDFLGDG
TXHWLHQHQODVFpOXODVKDSORLGHVSURFHGHQWHVGHXQDPLVPDHVSRUDSDUDFDPELDUGHWLSRVH[XDO
\FRQMXJDUFRQFpOXODVGHOPLVPRFORQ0RUWLPHUHWDO0HGLDQWHHVWHPHFDQLVPRVH
HOLPLQDUtDQORVDOHORVGHOHWpUHRVSUHVHQWHVHQ HVWDGRGHKHWHURFLJRVLV\TXHVHDFXPXODUtDQHQ
ODV OHYDGXUDV FRPR FRQVHFXHQFLD GHO FUHFLPLHQWR YHJHWDWLYR SURORQJDGR \ OD PXWDJpQHVLV
DPELHQWDO3RUHOPLVPRPHFDQLVPRVHLPSRQGUtDQORVQXHYRVDOHORVTXHVXSRQJDQPHMRUDV
HYROXWLYDVGHDGDSWDFLyQDOPHGLRUHVSHFWRDORVDOHORVH[LVWHQWHV)LJXUD'HHVWDPDQHUD
0RUWLPHUHWDOH[SOLFDQHODOWRJUDGRGHKRPRFLJRVLVHQFRQWUDGRHQOHYDGXUDVYtQLFDV

VLOYHVWUHV KRPRWiOLFDV /D HVSRUXODFLyQ QHFHVDULD SDUD TXH VH SURGX]FD OD UHQRYDFLyQ
JHQyPLFDSXHGHWHQHUOXJDUFDGDDxRDOILQDOGHOSURFHVRGHIHUPHQWDFLyQGHORVPRVWRV6LQ
HPEDUJR DOJXQDV OHYDGXUDV YtQLFDV KRPRWiOLFDV VRQ FDSDFHV GH HVSRUXODU HQ PHGLR ULFR
<3'VXJLULHQGRODSRVLELOLGDGGHTXHODUHQRYDFLyQJHQyPLFDVHSXHGHSURGXFLUGHIRUPD
FRQWLQXDLQFOXVRGXUDQWHHOFUHFLPLHQWRYHJHWDWLYRGHODSREODFLyQ(VWRH[SOLFDUtDORVFDPELRV
HQFRQWUDGRVHQHOSDWUyQGHVHJUHJDFLyQIHQRWtSLFDHQWpWUDGDVSURFHGHQWHVGHXQDGHWHUPLQDGD
FHSDSDUHQWDOVHJ~QORVFXDOHVH[LVWLUtDPiVGHXQJHQRWLSRSDUHQWDOFRPRFRQVHFXHQFLDGH
UHQRYDFLyQ JHQyPLFD GXUDQWH HO FUHFLPLHQWR YHJHWDWLYR GH ODV OHYDGXUDV 0RUWLPHU HW DO

/D SURSDJDFLyQ FRQWLQXD GH ODV OHYDGXUDV HQ VX DPELHQWH QDWXUDO FRQGXFH D OD
DFXPXODFLyQ GH PXWDFLRQHV HQ HVWDGR GH KHWHURFLJRVLV (QWUH HVWDV PXWDFLRQHV VH LQFOX\HQ
PXWDFLRQHV OHWDOHV PXWDFLRQHV GH FUHFLPLHQWR OHQWR PXWDFLRQHV GH UHVLVWHQFLD D DJHQWHV
Wy[LFRV\SpUGLGDVGHIXQFLRQHVGHIHUPHQWDFLyQ6LDVXPLPRVODSRVLELOLGDGGHTXHDOJXQRV
DOHORVFRQPXWDFLRQHVGHOHWpUHDVQRSUHVHQWHQ XQIHQRWLSRWRWDOPHQWHUHFHVLYRHVGHHVSHUDU
TXHHOLQFUHPHQWRGHOQ~PHURGHJHQHVHQHVWDGRGHKHWHURFLJRVLVFRQOOHYHXQDGLVPLQXFLyQ
HQ OD HILFDFLD ELROyJLFD GH ODV OHYDGXUDV 'H KHFKR 0RUWLPHU HW DO HQFXHQWUDQ XQD
UHODFLyQ LQYHUVD HQWUH OD YLDELOLGDG GH ODV HVSRUDV \ HO Q~PHUR GH JHQHV KHWHURFLJyWLFRV
SUHVHQWHV HQ ODV FRUUHVSRQGLHQWHV FHSDV SDUHQWDOHV (V GHFLU ODV HVSRUDV GH ODV OHYDGXUDV

,QWURGXFFLyQ
YtQLFDV FRQ DOWR JUDGR GHKRPRFLJRVLVSUHVHQWDQXQDYLDELOLGDGPiVDOWDTXHODVHVSRUDVGH

OHYDGXUDVFRQPD\RUJUDGRGHKHWHURFLJRVLV3RURWUDSDUWH-DPHVHQFXHQWUDTXHODWDVD
GH FUHFLPLHQWR GH ODV OHYDGXUDV GLVPLQX\H FXDQGR H[LVWHQ PXWDFLRQHV UHFHVLYDV OHWDOHV R
SDUFLDOPHQWHOHWDOHVHQHVWDGRGHKHWHURFLJRVLVHQFpOXODVGLSORLGHV
3RUFRQVLJXLHQWHHOPHFDQLVPRGHUHQRYDFLyQJHQyPLFDSRGUtDVHUHOUHVSRQVDEOHDO
PHQRV HQ SDUWH GH TXH OD HILFDFLD ELROyJLFD QR GHVFLHQGD SURJUHVLYDPHQWH KDVWD OtPLWHV
WUiJLFRV SDUD OD HVSHFLH SRQLHQGR HQ SHOLJUR VX SURSLD H[LVWHQFLD 3RU RWUD SDUWH HVWH
PHFDQLVPRSXHGHVHUODFDXVDGHTXHODJUDQPD\RUtDGHODVOHYDGXUDV6FHUHYLVLDH DLVODGDVGH
OD QDWXUDOH]D VHDQ KRPRWiOLFDV (O KRPRWDOLVPR HQ FRPELQDFLyQ FRQ OD FDSDFLGDG GH
HVSRUXODUSURSRUFLRQDUtDDODVOHYDGXUDVXQPHFDQLVPRSDUDHOLPLQDUORVDOHORVGHOHWpUHRV\OD
FDSDFLGDG GH HYROXFLRQDU PX\ UiSLGDPHQWH DGDSWiQGRVH IiFLOPHQWH D QXHYDV FRQGLFLRQHV

DPELHQWDOHV
$VXPLHQGR FRPR FLHUWR WRGR OR PHQFLRQDGR DQWHULRUPHQWH H[LVWH OD SRVLELOLGDG GH
XWLOL]DUGHIRUPDGLULJLGDHQHOODERUDWRULRODPLVPDHVWUDWHJLDTXHXWLOL]DODQDWXUDOH]DSDUD
REWHQHUQXHYDVFHSDVGHOHYDGXUDVFRQPD\RUHILFDFLDELROyJLFDSDUDXVRLQGXVWULDO%DVWDUtD
FRQUHDOL]DUVXFHVLYRVFLFORVGHHVSRUXODFLyQ\GLVHFFLyQGHWpWUDGDVSDUDREWHQHUFORQHVOLEUHV
GH PXWDFLRQHV GHOHWpUHDV \ KRPRFLJyWLFRV SDUD WRGRV ORV JHQHV H[FHSWR SDUD HO ORFXV PDW
3RVWHULRUPHQWHGHHQWUHHVWRVFORQHVFRQPD\RUHILFDFLDELROyJLFDKDEUtDTXHVHOHFFLRQDUORV
TXH WXYLHUDQ PHMRUHV FDUDFWHUtVWLFDV WpFQLFDV GHVGH HO SXQWR GH YLVWD LQGXVWULDO \ SURGXMHUDQ
YLQRVFRQPHMRUHVSURSLHGDGHVRUJDQROpSWLFDV
3RURWUDSDUWHODH[LVWHQFLDGHUHQRYDFLyQJHQyPLFDGXUDQWHHOFUHFLPLHQWRYHJHWDWLYR
GHODVOHYDGXUDVYtQLFDVH[LJHXQFRQWUROJHQpWLFRH[KDXVWLYRDODKRUDGHSURGXFLUODVFRQILQHV
LQGXVWULDOHV/DVOHYDGXUDVVHOHFFLRQDGDVSDUDYLQLILFDFLyQSRGUtDQFDPELDUIiFLOPHQWHSRUHVWH
PHFDQLVPRDORULJLQDUKLMDVKRPRFLJyWLFDVTXHSXHGHQWHQHUPD\RUHILFDFLDELROyJLFD\VLQ
HPEDUJRSURGXFLUYLQRVGHSHRUFDOLGDG

-RVp$5HJRGyQ0DWHRV
&DPELRGH
WLSRVH[XDO

&RQMXJDFLyQ
&UHFLPLHQWR
YHJHWDWLYR

0XWDJpQHVLV
$%
$%
3REODFLyQ
RULJLQDO
Q
$%
DE
Q
0HLRVLV
7pWUDGDV
(VSRUDV
Q
DDOHORGHOHWpUHRROHWDO
UHFHVLYR
EDOHORUHFHVLYRTXHPHMRUDOD
HILFDFLDELRORJLFD
0LWRVLV
$%
$%
$%
$E
$E
$E
D%
D%
D%
DE
DE
DE
&UHFLPLHQWR
YHJHWDWLYR
SURORQJDGR
$%
$%
$E
$E
3REODFLyQ
ILQDO
Q
)LJ 5HQRYDFLyQ *HQyPLFD HQ 6 FHUHYLVLDH DGDSWDGR GH 0RUGLPHU HW DO /DV
FHSDVGLSORLGHVQVLOYHVWUHVKRPRWiOLFDVWLHQGHQDDFXPXODUPXWDFLRQHVUHFHVLYDVGXUDQWHHO
FUHFLPLHQWR YHJHWDWLYR (Q GHWHUPLQDGDV FRQGLFLRQHV ODV FpOXODV HVSRUXODQ (Q FRQGLFLRQHV
DPELHQWDOHV IDYRUDEOHV ODV HVSRUDV OLEUHV GH DOHORV GHOHWpUHRV OHWDOHV JHUPLQDQ RULJLQDQGR
FpOXODV KLMDV KDSORLGHV Q YLDEOHV /DV HVSRUDV FRQ JHQHV OHWDOHV D QR JHUPLQDQ R VL OR
KDFHQ RULJLQDQ FpOXODV QR YLDEOHV /DV FpOXODV YLDEOHV SXHGHQ FDPELDU GH WLSR VH[XDO \
FRQMXJDU FRQ RWUD FpOXOD GHO PLVPR FORQ RULJLQDQGR FpOXODV GLSORLGHV KRPRFLJyWLFDV SDUD
WRGRV ORV JHQHV H[FHSWR HO ORFXV PDW \ OLEUHV GH DOHORV GHOHWpUHRV OHWDOHV /DV FpOXODV FRQ
QXHYRV DOHORV UHFHVLYRV TXH PHMRUHQ OD HILFDFLD ELROyJLFD E HQ HVWDGR GH KRPRFLJRVLV
GHVSOD]DUiQ DO UHVWR GH ODV FpOXODV FRQ PHQRU HILFDFLD ELROyJLFD $ \ % DOHORV VLOYHVWUHV
GRPLQDQWHV D QXHYR DOHOR GHOHWpUHR OHWDO UHFHVLYR E QXHYR DOHOR UHFHVLYR TXH PHMRUD OD
HILFDFLDELROyJLFD/DVFpOXODVQRYLDEOHVVHUHSUHVHQWDQGHFRORUDPDULOOR
2EMHWLYRV
(OREMHWLYRIXQGDPHQWDOGHHVWHWUDEDMRHVFRQVHJXLUOHYDGXUDVDXWyFWRQDVDGHFXDGDV
SDUDYLQLILFDFLyQDQLYHOLQGXVWULDOHQQXHVWUDUHJLyQ3DUDFRQVHJXLUORHOSULPHUSDVRHVDLVODU
OHYDGXUDV D SDUWLU GH PRVWRV HQ IHUPHQWDFLyQ \ YLQRV IUHVFRV GH FDOLGDG SURGXFLGRV HQ
([WUHPDGXUD 3RVWHULRUPHQWH LGHQWLILFDU \ FDUDFWHUL]DU GLFKDV OHYDGXUDV \ KDFHU XQ HVWXGLR
VLVWHPiWLFRGHORVYLQRVTXHVRQFDSDFHVGHSURGXFLU8QDYH]VHOHFFLRQDGDVYDULDVOHYDGXUDV
SURGXFWRUDVGHEXHQRVYLQRVDQLYHOGHODERUDWRULRHVQHFHVDULRUHDOL]DUYLQLILFDFLRQHVHQODV

,QWURGXFFLyQ
ERGHJDV SDUD FRPSUREDU VX XWLOLGDG HQ OD LQGXVWULD )LQDOPHQWH QRV KHPRV SURSXHVWR
FDUDFWHUL]DU\PHMRUDUJHQpWLFDPHQWHODVOHYDGXUDVVHOHFFLRQDGDV(QHVWHVHQWLGREiVLFDPHQWH
QXHVWURV REMHWLYRV VRQ SRU XQD SDUWH REWHQHU PXWDQWHV HVSRQWiQHRV PiV UHVLVWHQWHV D DOWDV
WHPSHUDWXUDVGHIHUPHQWDFLyQ\SRURWUDPHMRUDUHOYLJRUIHUPHQWDWLYRGHQXHVWUDVOHYDGXUDV
PHGLDQWHHOLPLQDFLyQGHDOHORVGHOHWpUHRVGHJHQHVLPSOLFDGRVHQHOFUHFLPLHQWRFHOXODU
&RQ OD FRQVHFXFLyQ GH HVWRV REMHWLYRV GLVSRQGUHPRV GH XQD LQQRYDFLyQ WHFQROyJLFD
TXH SXHGH UHVXOWDU PX\ VLJQLILFDWLYD HQ OD LQGXVWULD YLQtFROD H[WUHPHxD IDFLOLWDQGR OD
HODERUDFLyQ GH YLQRV GH FDOLGDG JDUDQWL]DGD VLQ DOWHUDU VX WLSLFLGDG RULJLQDO

0$7(5,$/(6
0DWHULDOHV
&HSDV
6H XWLOL]DURQ FHSDV FRPHUFLDOHV GH YLQLILFDFLyQ FRPR SDWURQHV GH UHIHUHQFLD HQ
WRGDVODVSUXHEDVGHLGHQWLILFDFLyQ\FDUDFWHUL]DFLyQ(VWDVOHYDGXUDVVHYLHQHQXWLOL]DQGRHQ
DOJXQDV ERGHJDV GH ([WUHPDGXUD SDUD IHUPHQWDU ORV PRVWRV (Q HVWH WUDEDMR ODV KHPRV
GHQRPLQDGR&2&2\&2
&2 6DFFKDURP\FHV FHUHYLVLDH FHSD 60 )HUPLEODQF $URP *LVWEURFDGHV

)UDQFLD
&26DFFKDURP\FHVED\DQXV&HSD,QVWLWXWR3DVWHXU&KDPSDJQH8YDIHUP
%&/DOOHPDQG'LQDPDUFD
&2 6DFFKDURP\FHV ED\DQXV FHSD - ,15$ 1DUERQQH )HUPLFKDPS *LVW
EURFDGHV)UDQFLD
&2 \ &2 VH XWLOL]DURQ DGHPiV HQ DOJXQDV YLQLILFDFLRQHV HQ ODERUDWRULR \ HQ HO
DSDUWDGRGHPHMRUDJHQpWLFDGRQGHWDPELpQVHXWLOL]y&2
3DUDGHWHUPLQDUHOIHQRWLSRNLOOHUVHXWLOL]DURQODVVLJXLHQWHVFHSDVGH6DFFKDURP\FHV
FHUHYLVLDH
-&5.OHXNDU/$+1%0SUHVHQWDHOIHQRWLSRNLOOHU.
[D. KLVWUSXUD0SUHVHQWDHOIHQRWLSRNLOOHUVHQVLEOH

0SUHVHQWDHOIHQRWLSRNLOOHU.
/DVFHSDV-&5\[SURFHGHQGHOODERUDWRULRGHO'U5HHG%:LFNQHU6HFWLRQRQ
*HQHWLFVRI6LPSOH(XNDU\RWHV1DWLRQDO,QVWLWXWHRI'LDEHWHV'LJHVWLYHDQG.LGQH\'LVHDVHV
1,+%HWKHVGD0'86$/DFHSD0SURFHGHGHOODERUDWRULRGHO'U(QULTXH'
6DQFKR 3XHEOD 'HSDUWDPHQWR GH 0LFURELRORJtD (76 ,QJHQLHURV $JUyQRPRV0RQWHV
8QLYHUVLGDGGH&yUGRED
(QHODSDUWDGRPHMRUDJHQpWLFDDGHPiVGHXWLOL]DUDOJXQDVGHODVFHSDVGH6
FHUHYLVLDH DLVODGDVHQHVWHHVWXGLRVHXWLOL]DURQYDULDVFHSDVPXWDQWHVHVSRQWiQHRVUHVLVWHQWHV
D FLFORKH[LPLGD DLVODGDV SRU QXHVWUR HTXLSR GDWRV QR SXEOLFDGRV $ HVWDV FHSDV VH OHV
GHQRPLQDFRQHOQRPEUHGHODFHSDSDUHQWDORULJLQDOVHJXLGRGHOVXILMR5UHVLVWHQWH
0RVWRV
6HXWLOL]DURQPRVWRVFRUUHVSRQGLHQWHVDGLVWLQWDVFRVHFKDV\YDULHGDGHVGHXYDWDQWR

-RVp$5HJRGyQ0DWHRV
EODQFDVFRPRWLQWDV/RVPRVWRVXWLOL]DGRVVXVFDUDFWHUtVWLFDVDQDOtWLFDVFRVHFKD\RULJHQVH
SUHVHQWDQHQOD7DEOD
7DEOD0RVWRVXWLOL]DGRVHQORVGLIHUHQWHVHQVD\RV
9DULHGDGHV
&RVHFKD
0DFDEHR

3DUGLQD

3DUHOODGD
*DUQDFKD7LQWRUHUD
&DEHUQHW6DXYLJQRQ
&DEHUQHW60HUORW
&D\HWDQD0RULVFD
&D\HWDQD
*DUQDFKD70HUORW
3DUGLQD

%UL[
S+
$FLGH]WRWDO
&([S&DVDEODQFD

%RGHJDV&RORPD

2ULJHQ
&([S&DVDEODQFD
%RGHJDV&RORPD
%RGHJDV&RORPD
%RGHJDV&RORPD
%RGHJDV&RORPD
%RGHJDV&RORPD
%RGHJDV&RORPD
%RGHJDV&RORPD

J7+O

(O&DPSR([SHULPHQWDO&DVDEODQFD&([S&DVDEODQFDHVWiVLWXDGRHQHOWpUPLQR
PXQLFLSDO GH $OPHQGUDOHMR FRPDUFD YLWLYLQtFROD GH 7LHUUD GH %DUURV \ SHUWHQHFH D OD
&RQVHMHUtD GH $JULFXOWXUD \ &RPHUFLR GH OD -XQWD GH ([WUHPDGXUD %RGHJDV &RORPD VH
HQFXHQWUDQ HQ HO WpUPLQR PXQLFLSDO GH $OYDUDGR \ SHUWHQHFHQ D OD FRPDUFD YLWLYLQtFROD GH
5LEHUD%DMDGHO*XDGLDQD
0HGLRVGHFXOWLYR
<3'
&RPSRVLFLyQH[WUDFWRGHOHYDGXUDSHSWRQDJOXFRVD3DUDPHGLRVyOLGR
VHDxDGLyDJDUDO
3UHSDUDFLyQ6HDxDGHQWRGRVORVFRPSRQHQWHVDODJXDGHVWLODGD\VHDXWRFODYDGXUDQWH
PLQXWRVDDWPyVIHUDGHSUHVLyQ

0DWHULDOHV
<3*
&RPSRVLFLyQH[WUDFWRGHOHYDGXUDSHSWRQDYYJOLFHURODJDU
6'
&RPSRVLFLyQ <1% VLQ DPLQRiFLGRV 'LIFR\HDVW QLWURJHQ EDVH ZR DPLQR
DFLGVJOXFRVD3DUDPHGLRVyOLGRVHDxDGLyDJDUDO
0%PHGLRSDUDGHWHUPLQDFLyQGHOFDUiFWHUNLOOHU
&RPSRVLFLyQ,JXDODOPHGLR<3'VyOLGRSHURFRQD]XOGHPHWLOHQR\0
FLWUDWRVyGLFRS+yVHJ~QORVFDVRV
3UHSDUDFLyQ 6H DXWRFODYDQ PLQXWRV DWPyVIHUD PO GH PHGLR <3'DJDU
$QWHVGHTXHVHHQIUtHVHOHDxDGHPOGHXQDVROXFLyQ0GHFLWUDWRVyGLFRFRQHO
S+ GHVHDGR \ PO GH VROXFLyQ GH D]XO GH PHWLOHQR HQ PHWDQRO DO DPEDV
VROXFLRQHVHVWHULOL]DGDVSRUILOWUDFLyQVHDJLWDOLJHUDPHQWH\VHUHSDUWHHQSODFDV
$00DJDUPRVWR0DFDEHR
&RPSRVLFLyQ PO PRVWR YDULHGDG 0DFDEHR J GH DJDU PO GH DJXD
GHVWLODGD
3UHSDUDFLyQ6HKLHUYHHOPRVWRPLQXWRVVHGHMDHQIULDU\VHILOWUDFRQSDSHOGHILOWUR
HVWpULO3RVWHULRUPHQWHVHDXWRFODYDPLQXWRVDDWPyVIHUDGHSUHVLyQ3RUVHSDUDGR
VHDxDGHHODJDUDODJXD\VHHVWHULOL]DPLQXWRVD DWPyVIHUD&XDQGRHOPRVWR\HO
DJDUGLVXHOWRHVWpQD&VHPH]FODQ\VHDJLWDOLJHUDPHQWHVLQIRUPDUEXUEXMDV
)LQDOPHQWHVHUHSDUWHHOPHGLRHQSODFDVGH3HWUL
$JDUDFHWDWRPHGLRGHHVSRUXODFLyQ
&RPSRVLFLyQDFHWDWRSRWiVLFRJOXFRVDH[WUDFWRGHOHYDGXUD
DJDU

-RVp$5HJRGyQ0DWHRV
PLQXWRV D DWPyVIHUD GH SUHVLyQ 'HVSXpV GH DXWRFODYDU VH UHSDUWH HO PHGLR HQ
SODFDVGH3HWUL
0HGLRPtQLPRGHHVSRUXODFLyQ
&RPSRVLFLyQDFHWDWRSRWiVLFRDJDU
PLQXWRVDDWPyVIHUDGHSUHVLyQ3RVWHULRUPHQWHVHUHSDUWHHOPHGLRHQSODFDVGH
3HWUL
0HGLRSDUDGHWHUPLQDUODDVLPLODFLyQGHQLWUDWRSRWiVLFR
&RPSRVLFLyQDJDU<&%'LIFR\HDVWFDUERQEDVHFRPR~QLFDIXHQWHGH

FDUERQRQLWUDWRSRWiVLFRFRPRIXHQWHGHQLWUyJHQR
PLQXWRVDDWPyVIHUDGHSUHVLyQWUDQVFXUULGRHVWHWLHPSRVHUHSDUWHHOPHGLRHQ
SODFDVGH3HWUL
0HGLRSDUDGHWHUPLQDUODDVLPLODFLyQGHFRPSXHVWRVFDUERQDGRV
&RPSRVLFLyQGH<1%VLQDPLQRiFLGRVDJDU'LIFR\GHODIXHQWH

GHFDUERQRFRUUHVSRQGLHQWH
PLQXWRVDDWPyVIHUDGHSUHVLyQGHVSXpVVHUHSDUWHHOPHGLRHQSODFDVGH3HWUL
3DUD ODV SUXHEDV GH DVLPLODFLyQ GH iFLGRV HV QHFHVDULR DMXVWDU HO S+ D DQWHV GH
DXWRFODYDUFRQHOILQGHHYLWDUODOLFXHIDFLyQGHODJDU
0HGLRSDUDGHWHUPLQDUODHVFLVLyQGHODDUEXWLQD
&RPSRVLFLyQDUEXWLQDH[WUDFWRGHOHYDGXUDDJDUFLWUDWR
IpUULFR
3UHSDUDFLyQ6HSHVDQWRGRVORVFRPSRQHQWHVVHDxDGHHODJXDGHVWLODGD\VHKLHUYH
KDVWD OLFXDU HO DJDU 6H UHSDUWH HQ WXERV GH HQVD\R D UD]yQ GH PO SRU WXER 6H
HVWHULOL]D PLQXWRV DWPyVIHUD \ VH GLVSRQHQ ORV WXERV LQFOLQDGRV DQWHV GH TXH
VROLGLILTXHHODJDU
0HGLROtTXLGRSDUDGHWHUPLQDUODIHUPHQWDFLyQGHD]~FDUHV

0DWHULDOHV
&RPSRVLFLyQ<1%VLQDPLQRiFLGRV\GHOD]~FDUDH[DPLQDU
3UHSDUDFLyQ 6H DxDGHQ ORV FRPSRQHQWHV DO DJXD GHVWLODGD \ VH UHSDUWH HQ WXERV GH
HQVD\RFRQFDPSDQD'XUKDPDUD]yQGHPOSRUWXER6HWDSDQ\VHDXWRFODYDQ
PLQXWRVDDWPyVIHUD3DUD TXHQRTXHGHDLUHGHQWURGHODVFDPSDQDVVHDEUHXQSRFR
ODOODYHGHYDSRUGHODXWRFODYHMXVWRFXDQGRWHUPLQHHOWLHPSRGHDXWRFODYDGR
0HGLRVyOLGRSDUDGHWHUPLQDUODIHUPHQWDFLyQGHD]~FDUHV
&RPSRVLFLyQ,JXDODOPHGLR<3'VyOLGRSHURFRQGHOD]~FDUDH[DPLQDU\
GHD]XOGHEURPRWLPRO
3UHSDUDFLyQ6HDxDGHQDPOGHPHGLR<3'DJDUPOGHXQDVROXFLyQGHD]XO
GHEURPRWLPROPJPO$QWHVGHTXHVHHQIUtHVHDxDGHPOGHXQDVROXFLyQDO
GHOD]~FDUGHVHDGRHVWHULOL]DGRSRUILOWUDFLyQ6HDJLWDOLJHUDPHQWHVHDMXVWDHOS+D
\VHUHSDUWHHQSODFDV
0HGLRSDUDGHWHUPLQDUODKLGUyOLVLVGHXUHD
&RPSRVLFLyQXUHDDJDUEDVH&KULVWHQVHQV\XUHD
3UHSDUDFLyQ J GH XUHD DJDU EDVH VH GLVXHOYHQ HQ PO GH DJXD GHVWLODGD \ VH
DXWRFODYDQ6HSUHSDUDXQDVROXFLyQGHXUHDDOVHHVWHULOL]DSRUILOWUDFLyQ\VH
DxDGHQPODOPHGLRDQWHULRUDQWHVGHTXHVHHQIUtHVHDJLWDOLJHUDPHQWH\VHUHSDUWH
HQSODFDVGH3HWULRHQWXERVGHHQVD\RLQFOLQDGRV
0HGLRSDUDGHWHUPLQDUODUHVLVWHQFLDDFLFORKH[LPLGD
&RPSRVLFLyQ,JXDOD6'OtTXLGRSHURFRQFLFORKH[LPLGDKDVWDXQDFRQFHQWUDFLyQILQDO
GHSHVRYROXPHQ
3UHSDUDFLyQ 6H DxDGHQ WRGRV ORV FRPSRQHQWHV GHO PHGLR 6' DO DJXD GHVWLODGD VH
DJLWDKDVWDGLVROXFLyQWRWDOVHUHSDUWHHQWXERVGHHQVD\RDUD]yQGHPOSRUWXERVH
WDSDQ \ VH DXWRFODYDQ PLQXWRV DWPyVIHUD 3RU VHSDUDGR VH SUHSDUD XQD
GLVROXFLyQGHFLFORKH[LPLGDDOSHVRYROXPHQVHHVWHULOL]DSRUILOWUDFLyQ

P\VHDxDGHQOGHHVWDGLVROXFLyQDFDGDXQRGHORVWXERV
%L**<PHGLRSDUDODGHWHUPLQDFLyQGHODSURGXFFLyQGH+6
&RPSRVLFLyQH[WUDFWRGHOHYDGXUDJOLFLQDJOXFRVDVXOILWRGH

-RVp$5HJRGyQ0DWHRV
ELVPXWRDJDU
3UHSDUDFLyQ6HDxDGHQWRGRVORVFRPSRQHQWHVDODJXDGHVWLODGDVHDJLWDVXDYHPHQWH\
VHKLHUYHKDVWDOLFXDUELHQHODJDUQRVHDXWRFODYDVHGHMDHQIULDUKDVWD&VH

PH]FODVXDYHPHQWHSDUDGLVSHUVDUHOSUHFLSLWDGRIORFXODQWH\VHUHSDUWHHQSODFDV(O
PHGLRSUHSDUDGRHVOLJHUDPHQWHRSDOHVFHQWHRWXUELR
0HGLRVyOLGRSDUDODGHWHUPLQDFLyQGHODUHVLVWHQFLDD62 6'DJDU62
&RPSRVLFLyQ ,JXDO DO PHGLR 6'VyOLGRSHURWDPSRQDGRFRQiFLGRWDUWiULFRP0

S+\FRQPHWDELVXOILWRSRWiVLFRKDVWDXQDFRQFHQWUDFLyQGHPJOPJO
GH62 WRWDO
3UHSDUDFLyQ3RUXQODGRVHSUHSDUDQPOGHVROXFLyQGHiFLGRWDUWiULFRVHDMXVWDHO
S+D\VHDXWRFODYD3RURWURODGRVHDxDGHQWRGRVORVFRPSRQHQWHVGHOPHGLR6'
DPOGHDJXDGHVWLODGDVHDJLWD\VHDXWRFODYDGXUDQWHPLQXWRVDDWPyVIHUDGH
SUHVLyQ6HGHMDHQIULDUKDVWD&\VHOHDxDGHODVROXFLyQGHiFLGRWDUWiULFRVH
DJLWD ELHQ \ VH UHSDUWH D UD]yQ GH PO SRU SODFD 7UDQVFXUULGRV GtDV VH DxDGH D
FDGDSODFDPOGHXQDVROXFLyQJOGHPHWDELVXOILWRSRWiVLFR\VHGHMDWUDQVFXUULU
DOPHQRVKRUDVDQWHVGHVHUXVDGDV
0HGLRVyOLGRSDUDODGHWHUPLQDFLyQGHODUHVLVWHQFLDDOFREUH6'DJDU&X
&RPSRVLFLyQ ,JXDO DO PHGLR 6' VyOLGR SHUR FRQ PJO GH FREUH DxDGLGR FRPR
VXOIDWRGHFREUH
3UHSDUDFLyQ6HSUHSDUDQPOGHVROXFLyQGHFREUHJOVHDXWRFODYD3RURWUR
ODGRVHDxDGHQWRGRVORVFRPSRQHQWHVGHOPHGLR6'DPOGHDJXDGHVWLODGDVH
DJLWD\VHDXWRFODYDGXUDQWHPLQXWRVDDWPyVIHUDGHSUHVLyQ6HGHMDHQIULDU KDVWD
&\VHOHDxDGHODVROXFLyQGHFREUH
$FWLYDGRUGHIHUPHQWDFLyQ
(Q ODV IHUPHQWDFLRQHV TXH IXH QHFHVDULR VH XWLOL]y HO DFWLYDGRU GH IHUPHQWDFLyQ
)HUPDLGVXPLQLVWUDGRSRU$JURYLQ6$
&RPSRVLFLyQ &RPSRQHQWH LQHUWH GH OHYDGXUD FRUWH]DV GH OHYDGXUDV IRVIDWR

GLDPyQLFRVXOIDWRDPyQLFRJHOGHVtOLFH\WLDPLQD
'RVLILFDFLyQDJGHSURGXFWRSRUKOGHPRVWR

0DWHULDOHV
5HDFWLYRVTXtPLFRV
7RGRV ORV UHDFWLYRV XWLOL]DGRV IXHURQ GH JUDGR DQDOtWLFR \ SHUWHQHFtDQ D ODV FDVDV
FRPHUFLDOHV3DQUHDF6LJPD2[RLG'LIFR0HUFNR&DUOR(UED

0e72'26
0pWRGRV
5HFRJLGDGHPXHVWUDV
6HUHFRJLHURQPXHVWUDVGHERGHJDVLQGXVWULDOHV\SDUWLFXODUHVGHWRGDVODVFRPDUFDV
YLWLYLQtFRODVH[WUHPHxDVDFRJLGDVHQODDFWXDOLGDGDOD'HQRPLQDFLyQGH2ULJHQ5LEHUDGHO
*XDGLDQD(VWDVFRPDUFDVVRQ&DxDPHUR\0RQWiQFKH]HQODSURYLQFLDGH&iFHUHV5LEHUD
$OWDGHO*XDGLDQD5LEHUD%DMDGHO*XDGLDQD7LHUUDGH%DUURV\0DWDQHJUDHQODSURYLQFLDGH
%DGDMR])LJXUD
)LJ 0DSD GH ([WUHPDGXUD FRQ ODV VHLV &RPDUFDV 9LQtFRODV \ OD ORFDOL]DFLyQ GH ODV
%RGHJDVGHGRQGHVHDLVODURQODVOHYDGXUDVHVWXGLDGDV
7% 7LHUUD GH %DUURV (VWDFLyQ (QROyJLFD GH $OPHQGUDOHMR %RGHJDV ,19,26$
$FHXFKDO
5$ 5LEHUD$OWDGHO*XDGLDQD %RGHJDV*yPH]5XL](VSDUUDJDOHMR %RGHJDV&DWDOLQD
$UUR\R'RQ%HQLWR 3DUWLFXODU0DOSDUWLGDGHOD6HUHQD
5% 5LEHUD%DMDGHO*XDGLDQD %RGHJDV&RORPD$OYDUDGR
07 0DWDQHJUD %RGHJDV0HGLQDH+LMRV3XHEODGH6DQFKR3pUH]
&f &DxDPHUR %RGHJDV 5XL]7RUUHV&DxDPHUR %RGHJDV$JDSLWD5XELR&DxDPHUR
%RGHJDV6DQWDPDUtD&DxDPHUR 3DUWLFXODU&DxDPHUR 3DUWLFXODU&DxDPHUR
01 0RQWiQFKH] &RRSHUDWLYD 9LQtFROD &RPDUFDO GHO &DPSR GH OD &RPDUFD GH
0RQWiQFKH]0RQWiQFKH] %RGHJDV9DOGHPDQWLOODV\7UDPSDO0RQWiQFKH]

-RVp$5HJRGyQ0DWHRV
/DWRPDGHPXHVWUDVVHUHDOL]yHQHQYDVHVHVWpULOHV\WUDVVXWUDQVSRUWHDOODERUDWRULR
VHSURFHGLyDVXSURFHVDPLHQWR
7RGRVORVPRVWRVGHFX\RVYLQRVVHUHFRJLHURQPXHVWUDVKDEtDQVLGRVXOILWDGRVFRQOD
H[FHSFLyQGHORVFRUUHVSRQGLHQWHVDODVGRVERGHJDVSDUWLFXODUHVGH&DxDPHUR/yJLFDPHQWH
QLQJXQRGHORVPRVWRVKDEtDVLGRLQRFXODGRFRQOHYDGXUDVFRPHUFLDOHV
7pFQLFDVGHDLVODPLHQWR\FRQVHUYDFLyQGHODVOHYDGXUDV
&XDQGRIXHQHFHVDULRODVPXHVWUDVVHGLOX\HURQGHVGH D YHFHVHQIXQFLyQGH
ODGHQVLGDGFHOXODUFRQDJXDGHVWLODGDHVWpULO$SDUWLUGHYDULDVGLOXFLRQHVGHFDGDPXHVWUDVH
VHPEUDURQDOtFXRWDVGHPOVREUHSODFDVGH3HWULFRQPHGLR<3'DJDU\VHLQFXEDURQGHD
GtDVD&WUDQVFXUULGRVORVFXDOHVODDSDULFLyQGHFRORQLDVGHGLIHUHQWHPRUIRORJtDVHKL]R
HYLGHQWHSURFHGLHQGRDVXDLVODPLHQWRHQSODFDVFRQHOPLVPRPHGLR6HDLVODURQXQDRGRV
FRORQLDVGHFDGDPXHVWUDFRQPRUIRORJtDWtSLFDGH6DFFKDURP\FHVFHUHYLVLDH FRORQLDFUHPD
PDQWHFRVD OLVD FLUFXODU \ PX\ SURPLQHQWH \ XQD FRORQLD GH FDGD XQD GH ODV PRUIRORJtDV
GLIHUHQWHV DSDUHFLGDV HQ FDGD SODFD (Q WRGDV ODV PXHVWUDV PHQRV HQ ODV SURFHGHQWHV GH
ERGHJDV,QYLRVD7LHUUDGH%DUURVODLQPHQVDPD\RUtDGHODVFRORQLDVWHQtDQHODVSHFWRWtSLFR

GH6DFFKDURP\FHVFHUHYLVLDH(OQ~PHURWRWDOGHDLVODPLHQWRVUHDOL]DGRVIXHGHOHYDGXUDV
DFDGDFHSDDLVODGDVHOHDVLJQyXQQ~PHUR\HOSUHILMR(;DSyFRSHGH([WUHPDGXUD
&RQODVFHSDVVHUHDOL]DURQFXOWLYRVSXURVHQ<3'DJDU'HVSXpVGHDQDOL]DUOD
SXUH]DGHORVFXOWLYRVPHGLDQWHH[DPHQPLFURVFySLFRVHSURFHGLyDVXFRQVHUYDFLyQ3DUDHOOR
VH DOPDFHQy FDGD OHYDGXUD SRU GXSOLFDGR HQ YLDOHV TXH FRQWHQtDQ PO GH JOLFHURO
PDQWHQLpQGRVH D & (VWH SURFHGLPLHQWR SHUPLWH TXH ODV OHYDGXUDV SHUPDQH]FDQ YLDEOHV
GXUDQWHYDULRVDxRVDYHFHVPiVGHDxRV
3DUD OD FRQVHUYDFLyQ GH ODV FHSDV GXUDQWH SHUtRGRV GH WLHPSR GH KDVWD VHPDQDV \
SDUDVXXVRLQPHGLDWRODVOHYDGXUDVVHPDQWHQtDQHQSODFDVGH3HWULFRQPHGLR<3'D&
,GHQWLILFDFLyQGHODVFHSDVDLVODGDV
/D LGHQWLILFDFLyQ GH ODV OHYDGXUDV VH OOHYy D FDER VLJXLHQGR ODV FODYHV \ PpWRGRV
GHVFULWRVSRU/RGGHU%DUQHWWHWDO \%DUQHWW8QDYH]LGHQWLILFDGDVODV
OHYDGXUDV GH OD HVSHFLH 6DFFKDURP\FHV FHUHYLVLDH VH SURFHGLy D OD FDUDFWHUL]DFLyQ GH ODV
GLIHUHQWHV UD]DV ILVLROyJLFDV EDViQGRVH HQ OD IHUPHQWDFLyQ \ DVLPLODFLyQ GH GLYHUVRV
FRPSXHVWRVVHJ~Q%DUQHWW

0pWRGRV
(QWRGDVODVSUXHEDVVDOYRHQODVTXHVHLQGLFDRWUDFRVDVHFRPSDUyHOFUHFLPLHQWR
FRQ PHGLRV WHVWLJRV VLQ LQRFXODU /D OHFWXUD VH OOHYR D FDER GHVSXpV GH \ GtDV GH
LQFXEDFLyQD&/DVLHPEUDVHUHDOL]yDSDUWLUGHFXOWLYRVFUHFLGRVGXUDQWHDKRUDVHQ
PHGLR<3'DJDU
/DVSUXHEDVUHDOL]DGDVSDUDODLGHQWLILFDFLyQGHODVOHYDGXUDVIXHURQODVVLJXLHQWHV
0RUIRORJtDFHOXODU\GHODFRORQLD
6HKL]RXQDVLHPEUDGHODVOHYDGXUDVHQ<3'DJDU\VHREVHUYDURQODVFDUDFWHUtVWLFDV
PRUIROyJLFDV\HOWDPDxRGHODVFpOXODVHQPLFURVFRSLRGHFRQWUDVWHGHIDVHVDORVy
GtDVGHLQFXEDFLyQD&(OWDPDxRIXHPHGLGRFRQXQRFXODUPLFURPpWULFR(VWDV
SUXHEDVVHFRPSOHWDURQFRQ ODREVHUYDFLyQGHODPRUIRORJtDGHODVFRORQLDVDVtFRPR
VXWH[WXUD\SLJPHQWDFLyQ7DEODFDStWXOR,
3UXHEDVELRTXtPLFDV
8WLOL]DFLyQDQDHURELDIHUPHQWDFLyQGHFRPSXHVWRVFDUERQDGRV
/RV FRPSXHVWRV XWLOL]DGRV IXHURQ JOXFRVD JDODFWRVD PDOWRVD ODFWRVD \ PHWLO.'
JOXFyVLGR/DVLHPEUDVHUHDOL]yHQWXERVGHHQVD\RFRQXQDFDPSDQD'XUKDPHQVX
LQWHULRU/DIHUPHQWDFLyQVHREVHUYySRUDSDULFLyQGHJDVHQODFDPSDQD
$VLPLODFLyQGHFRPSXHVWRVFDUERQDGRV
6HXWLOL]DQORVVLJXLHQWHVFRPSXHVWRV
0RQRVDFiULGRV \ GHULYDGRV JOXFRVD JDODFWRVD VRUERVD /DUDELQRVD 'DUDELQRVD

ULERVD[LORVD\VDOLFLQD
'LVDFiULGRVVDFDURVDFHORELRVDPDOWRVDWUHKDORVDODFWRVD\PHOLELRVD
7ULVDFiULGRVUDILQRVD\PHOH]LWRVD
3ROLVDFiULGRVDOPLGyQ
FLGRVRUJiQLFRVFtWULFRVXFFtQLFROiFWLFR\WDUWiULFR
$OFRKROHVDGRQLWROJDODFWLWROHULWULWRO'PDQLWRO\JOLFHULQD
$VLPLODFLyQGHQLWUDWRSRWiVLFR
/DVOHYDGXUDVVHVHPEUDURQHQSODFDVGH3HWULFRQPHGLRGHDVLPLODFLyQGHQLWUDWRV\

-RVp$5HJRGyQ0DWHRV
HQ HO PLVPR PHGLR VLQ QLWUDWR 6H LQFXEy D & \ VH REVHUYy D ORV \ GtDV
FRPSDUiQGRVH HO FUHFLPLHQWR HQ ORV GRV PHGLRV (Q WRGRV ORV FDVRV HQ TXH HO
FUHFLPLHQWR IXH PD\RU HQ HO PHGLR TXH FRQWHQtD QLWUDWR SRWiVLFR VH FRQVLGHUy
UHVXOWDGRSRVLWLYR
(VFLVLyQGHODDUEXWLQD
6HUHDOL]yHQWXERFRQDJDULQFOLQDGRLQRFXODQGRHQVXSHUILFLHODOHYDGXUDHQHVWXGLR
/D OHFWXUD VH HIHFWXy D ORV GtDV (VWD SUXHED VH OOHYy D FDER SDUD FRQILUPDU OD
SURGXFFLyQGHJOXFRVLGDVDVSRUODOHYDGXUD/DVDOIpUULFDVROXEOHUHDFFLRQDFRQOD
TXLQRQD OLEUH SURFHGHQWH GH OD KLGUyOLVLV GH OD DUEXWLQD +LGURTXLQRQD '
JOXFRSLUDQyVLGRGDQGROXJDUDODDSDULFLyQGHXQFRORURVFXURVLDFW~DHOHQ]LPDR
TXHGDQGRHQVXFRORUDFLyQRULJLQDOHQFDVRFRQWUDULR
)RUPDFLyQGHDOPLGyQ
/DSUHVHQFLDGHDOPLGyQVHGHWHFWySRUDGLFLyQGHYDULDVJRWDVGHOXJRODXQFXOWLYRGH
6'OtTXLGRLQRFXODGRGtDVDQWHVFRQODOHYDGXUDHQHVWXGLR/DSUXHEDHVSRVLWLYDVL
HOPHGLRYLUDDD]XOYHUGHRQHJUR
+LGUyOLVLVGHODXUHD
(VWH WHVW GHWHFWD OD SUHVHQFLD GH XUHDVD HQ]LPD TXH GHVFRPSRQH OD XUHD RULJLQDQGR
DPRQLRHOFXDOSURGXFHXQDVXELGDGHOS+/DHOHYDFLyQGHOS+VHGHWHFWDSRUHOYLUDMH
DURVDGHOLQGLFDGRUURMRIHQROTXHLQFOX\HHOPHGLR/DOHFWXUDIXHHIHFWXDGD DODV\
KRUDVGHLQFXEDFLyQD&
3UXHEDVILVLROyJLFDV
5HVLVWHQFLDDFLFORKH[LPLGD
/DFLFORKH[LPLGDHVXQDQWLELyWLFRTXHLPSLGHHOFUHFLPLHQWRGHODVFpOXODVHXFDULRWDV
SRULQKLELFLyQGHODVtQWHVLVGHSURWHtQDVHQORVULERVRPDV6DQLYHOGHHORQJDFLyQ
GHO SROLSpSWLGR QDFLHQWH /DV OHYDGXUDV TXH UHVXOWDQ UHVLVWHQWHV SXHGHQ WHQHU
PRGLILFDFLRQHV HQ VXV ULERVRPDV TXH ORV KDFH LQVHQVLEOH D OD DFFLyQ GH OD
FLFORKH[LPLGD

0pWRGRV
/DVOHYDGXUDVVHLQRFXODURQHQ6'OtTXLGRVXSOHPHQWDGRFRQGHFLFORKH[LPLGD
(O FUHFLPLHQWR VH GHWHUPLQy SRU PHGLGD GH OD $ GHO FXOWLYR DQWHV GH LQRFXODU \
GHVSXpVGH\GtDVGHLQFXEDFLyQD&
5HVLVWHQFLDDDOWDVSUHVLRQHVRVPyWLFDV
/DV OHYDGXUDV VH LQRFXODURQ HQ 6' FRQ GH DJDU \ R GH JOXFRVD
SHVRSHVR \ VH LQFXEDURQ GXUDQWH XQ PHV D & 3DUD SURWHJHU HO PHGLR GH OD
GHVHFDFLyQODVSODFDVIXHURQVHOODGDVFRQSDUDILOP
&UHFLPLHQWRDGLVWLQWDVWHPSHUDWXUDV
6H REVHUYy HO FUHFLPLHQWR D & & \ & HQ 6'DJDU $ & HV QHFHVDULR
SURWHJHUHOPHGLRGHODGHVHFDFLyQFRQSDUDILOP
(VSRUXODFLyQ
/DVGLVWLQWDVFHSDVVHVHPEUDURQHQDJDUDFHWDWR\VHLQFXEDURQD&$ORV\
GtDV VH REVHUYy HQ HO PLFURVFRSLR GH FRQWUDVWH GH IDVHV OD SUHVHQFLD GH DVFDV \
DVFRVSRUDVDVtFRPRHOQ~PHUR\ODIRUPDGHODVPLVPDV(QORVFDVRVGXGRVRVHQOD
LGHQWLILFDFLyQGHHVSRUDVVHUHDOL]yXQDWLQFLyQGHHVSRUDVFRQHOVLJXLHQWHSURWRFROR
6HKDFHXQIURWLVGHODOHYDGXUDHQXQSRUWDREMHWR\VHILMDXWLOL]DQGRODOODPDGHXQ
PHFKHUR6HDSOLFDGXUDQWHPLQXWRVXQDVROXFLyQGH9HUGH0DODTXLWD$
FRQWLQXDFLyQVHODYDGXUDQWHVHJXQGRVFRQDJXDGHVWLODGDVHUHDOL]DXQFRQWUDVWH
FRQVROXFLyQGH6DIUDQLQDGXUDQWHVHJXQGRVVHODYDQXHYDPHQWHFRQDJXD
GHVWLODGD \ VH VHFD 6H H[DPLQD DO PLFURVFRSLR D DXPHQWRV ODV HVSRUDV
DSDUHFHUiQWHxLGDVGHYHUGH\ODVFpOXODVYHJHWDWLYDVGHURMR
/DVOHYDGXUDVTXHQRHVSRUXODURQHQDJDUDFHWDWRIXHURQVHPEUDGDVSRVWHULRUPHQWHHQ
PHGLRPtQLPRGHHVSRUXODFLyQFRQHOILQGHDVHJXUDUTXHUHDOPHQWHQRHVSRUXODEDQ
/D GHWHFFLyQ GH DVFDV \ DVFRVSRUDV VH UHDOL]y GH OD PLVPD IRUPD TXH HQ HO FDVR
DQWHULRU
7RGDVODVOHYDGXUDVDLVODGDVIXHURQFDUDFWHUL]DGDVHQEDVHDORVLJXLHQWH

-RVp$5HJRGyQ0DWHRV
7DPDxRGHODVFRORQLDVGHODVOHYDGXUDVHQGLVWLQWRVPHGLRV
/DVFHSDVIXHURQVHPEUDGDVSRUDJRWDPLHQWRHQ<3'DJDU 6'DJDU\$00$ORV
GtDVXQDYH]TXHKDEtDQDSDUHFLGRFRORQLDVLQGHSHQGLHQWHVIXHPHGLGRVXGLiPHWUR
FRQXQDUHJOD
&UHFLPLHQWRHQJOXFRVDDDOWDVFRQFHQWUDFLRQHV
/DVOHYDGXUDVIXHURQFUHFLGDVHQ6'DJDUFRQJOXFRVDDORSHVRSHVR6H

REVHUYyHOFUHFLPLHQWRDORV\GtDVGHLQFXEDFLyQD&
6H UHDOL]DURQ FXOWLYRV HQ WXERV FRQ PO GH PRVWR HVWpULO GH OD YDULHGDG 3DUHOODGD
GXUDQWH GtDV D & /RV LQyFXORV VH UHDOL]DURQ GH PDQHUD TXH OD FRQFHQWUDFLyQ
ILQDO GH OHYDGXUDV IXHUD GH FpOXODVPO 6H DQDOL]y OD FDSDFLGDG IHUPHQWDWLYD
IRUPDFLyQ GH YHOR DQLOOR VHGLPHQWR \ HVSXPD D OR ODUJR GH OD IHUPHQWDFLyQ
7UDQVFXUULGRV GtDV VH DQRWy OD WXUELGH] GHO PHGLR (O SRGHU GH IORFXODFLyQ VH
REVHUYyWUDVDJLWDUORVWXERVFDOLILFDQGRHOJUDGRGHIORFXODFLyQDWHQGLHQGRDOWDPDxR
GHOIOyFXOR\DODWXUELGH]GHOPHGLR
6H XWLOL]y PRVWR 3DUHOODGD HVWpULO VXSOHPHQWDGR FRQ PHWDELVXOILWR SRWiVLFR KDVWD
FRQFHQWUDFLRQHV WHyULFDV GH VXOIXURVR WRWDO GH PJO \ PJO (O PRVWR VH
UHSDUWLyHQWXERVGHHQVD\RDUD]yQGHPO\IXHLQRFXODGRFRQODVFHSDVHQHVWXGLR
LQFXEiQGRVHGtDVD&(OFUHFLPLHQWRVHHYDOXySRUPHGLGDGHODGHQVLGDGySWLFD
GHOFXOWLYRDQPGXUDQWHORVSULPHURVGtDV\ORVGtDV\GHLQFXEDFLyQ
'HWHUPLQDFLyQGHOFDUiFWHUNLOOHU
3DUD GHWHUPLQDU HO IHQRWLSR NLOOHU VH XWLOL]y HO PpWRGR GHVFULWR SRU 6RPHUV \ %HYDQ
/DV FHSDV D HQVD\DU IXHURQ VHPEUDGDV VREUH XQ FpVSHG GH OD FHSD VHQVLEOH
6DFFKDURP\FHVFHUHYLVLDH [UHDOL]DGRHQSODFDVGHPHGLR0%DS+
\/DVFHSDVSRUWDGRUDVGHOIHQRWLSRNLOOHUVHPDQLIHVWDURQSRUODSURGXFFLyQGH
XQKDORGHLQKLELFLyQHQHOFpVSHGGHODFHSDVHQVLEOHWUDVDGtDVGHLQFXEDFLyQD
&3DUDGHWHUPLQDUVLHOFDUiFWHUREVHUYDGRGHODVFHSDVYtQLFDVHUDGHWLSR.R

0pWRGRV
.VHXWLOL]yHOPLVPRSURFHGLPLHQWRHQSODFDVGH0%DS+FRQFpVSHGHVGHODV
FHSDVGHUHIHUHQFLD-&5IHQRWLSR.\0IHQRWLSR.WHQLHQGRHQFXHQWDTXH
ODVFHSDVSRUWDGRUDVGHOVLVWHPDNLOOHU.LQKLEHQHOFUHFLPLHQWRGHODV.\YLFHYHUVD
:LFNQHU
)HUPHQWDFLRQHVDGLVWLQWDVWHPSHUDWXUDV
&RPRVHLQGLFDHQUHVXOWDGRVXQDYH]LGHQWLILFDGDV\FDUDFWHUL]DGDVODVOHYDGXUDVVH
VHOHFFLRQDURQ GH HOODV DGHPiV GH ODV WUHV FRPHUFLDOHV &2 &2 \ &2 SDUD UHDOL]DU
IHUPHQWDFLRQHVGHPOGHPRVWR0DFDEHRD&&\&\GHPOD&(OPRVWR
IXH FODULILFDGR SRU GHVIDQJDGR HVWiWLFR GXUDQWH KRUDV D & D FRQWLQXDFLyQ IXH KHUYLGR
GXUDQWH PLQXWRV SRVWHULRUPHQWH VH ILOWUy FRQ SDSHO GH ILOWUR HVWpULO \ VH YROYLy D KHUYLU
GXUDQWHPLQXWRVPiV1RIXHVXOILWDGRQLFRUUHJLGRGHDFLGH]8QDYH]UHSDUWLGRHOPRVWRHQ
WXERV HVWpULOHV VH LQRFXODURQ ODV OHYDGXUDV D XQD FRQFHQWUDFLyQ ILQDO DSUR[LPDGD GH
FpOXODVPO 6H PLGLy OD $ \ ORV %UL[ GXUDQWH YDULRV GtDV SDUD VHJXLU HO GHVDUUROOR GH ODV
OHYDGXUDV\HOFRQVXPRGHD]~FDU
/DIHUPHQWDFLRQHVD&YLQLILFDFLyQODERUDWRULR 9/VHUHDOL]DURQGXUDQWH
GtDVWUDQVFXUULGRVORVFXDOHVIXHREVHUYDGDODWXUELGH]GHVSXpVORVYLQRVIXHURQFHQWULIXJDGRV
PLQXWRV D J \ IXHURQ DQDOL]DGRV ORV VLJXLHQWHV SDUiPHWURV S+ DFLGH] WRWDO DFLGH]
YROiWLOD]~FDUHVUHGXFWRUHV62 WRWDO\HWDQRO
0LFURYLQLILFDFLRQHVHQODERUDWRULR
6H SURFHGLy D UHDOL]DU YDULDV IHUPHQWDFLRQHV FRQ PRVWR GH YDULHGDGHV EODQFDV
3DUHOODGD\3DUGLQD\XYDVGHYDULHGDGHVWLQWDV*DUQDFKD7LQWRUHUD&DEHUQHW6DXYLJQRQ\
&DEHUQHW6DXYLJQRQ0HUORW(OSURFHGLPLHQWRVHJXLGRHQFDGDFDVRVHH[SOLFDD
FRQWLQXDFLyQ
3DUHOODGD9/(OPRVWRIXHWUDWDGRFRPRHQ\ODIHUPHQWDFLyQVHUHDOL]yHQ

PDWUDFHVHVWpULOHVGHO
3DUGLQD9/(OPRVWRGH %UL[IXHGHVIDQJDGRGXUDQWHKD&GHVSXpVVH

FRUULJLy GH DFLGH] \ VXOILWy KDVWD S+ DFLGH] WRWDO J 7+O \ 62 WRWDO
PJO
*DUQDFKD7LQWRUHUD9//DXYDIXHGHVSDOLOODGDFRUUHJLGDGH DFLGH]S+
DFLGH]WRWDOJ7+O\VXOILWDGDPJO62 WRWDO/DIHUPHQWDFLyQVHOOHYyD

-RVp$5HJRGyQ0DWHRV
FDERHQPDWUDFHVHVWpULOHVGHO
&DEHUQHW 6DXYLJQRQ 9/ /DV XYDV IXHURQ VRPHWLGDV D XQ VXDYH SUHQVDGR \ HO
PRVWR \HPD DVt REWHQLGR VH UHSDUWLy HQ PDWUDFHV GH O VLQ VXOILWDU QL FRUUHJLU GH
DFLGH]
&DEHUQHW 6DXYLJQRQ 0HUORW 9/ /DV XYDV GH ODV GRV YDULHGDGHV
IXHURQ GHVSDOLOODGDV \ PH]FODGDV DO HQ SHVR VHJXLGDPHQWH VH UHSDUWLHURQ HQ
PDWUDFHVHVWpULOHVGHO
3DUGLQD9//DIHUPHQWDFLyQVHOOHYyDFDERFRPRHQ9/FRQPRVWRHVWpULOGH

%UL[
/RVPRVWRVRXYDVIXHURQLQRFXODGRVFRQOHYDGXUDVSURFHGHQWHVGHXQFXOWLYRGH
K UHDOL]DGR FRQ PRVWR HVWpULO /D FRQFHQWUDFLyQ ILQDO GH FpOXODV IXH GH $$
FpOXODVPO(QWRGDVODVPLFURYLQLILFDFLRQHVVDOYRHQODVTXHVHXWLOL]yPRVWRHVWpULO9/\
9/VHUHDOL]yXQDIHUPHQWDFLyQHVSRQWiQHDFRQPRVWRVLQLQRFXODUFRQWURO
/DV YLQLILFDFLRQHV HQ EODQFR VH UHDOL]DURQ D & \ HQ WLQWR D & 'XUDQWH OD
IHUPHQWDFLyQ VH OOHYy D FDER XQ VHJXLPLHQWR GH ORV %UL[ (Q HO FDVR GH ODV
PLFURYLQLILFDFLRQHV HQ WLQWR VH IDYRUHFLy OD PDFHUDFLyQ PHGLDQWH YDULRV ED]XTXHRV GLDULRV
WUDQVFXUULGRVGtDVVHJ~QORVFDVRVVHSURFHGLyDOGHVFXEH\VHSURVLJXLyODIHUPHQWDFLyQ
HQPDWUDFHVGHOKDVWDHOILQDO
8QD YH] ILQDOL]DGD OD IHUPHQWDFLyQ VH PLGLy OD WXUELGH] GH ORV YLQRV VH UHDOL]y XQ
WUDVLHJR 6H DSDUWDURQ PO GH FDGD PDWUD] VH FHQWULIXJDURQ PLQXWRV D J HQ
XOWUDFHQWUtIXJD&HQWULFRQ7GH.RQWURQ,QVWUXPHQWVSDUDHOLPLQDUODVOHYDGXUDV\RWUDV
SDUWtFXODV HQ VXVSHQVLyQ \ ILQDOPHQWH VH SURFHGLy D VX DQiOLVLV /RV SDUiPHWURV DQDOL]DGRV
IXHURQGHQVLGDGS+DFLGH]WRWDODFLGH]YROiWLODFLGH]ILMDD]~FDUHVUHGXFWRUHV62 WRWDO
62 OLEUH+6JUDGRDOFRKyOLFRSURWHtQDVVyORHQEODQFRVJOLFHURODFHWDOGHKLGRDFHWDWRGH

HWLOR DOFRKROHV VXSHULRUHV SURSDQRO LVREXWDQRO H LVRDPtOLFRV DPLQRiFLGRV \ GHULYDGRV
DPtQLFRV
(O YLQR TXH QR IXH FHQWULIXJDGR VH DOPDFHQy D & D ORV GtDV VH UHDOL]y XQ
VHJXQGR WUDVLHJR\VHYROYLyDDOPDFHQDUD&'HVSXpVGHGtDVVHUHDOL]yXQWHUFHU
WUDVLHJRVHHPERWHOOy\WUDQVFXUULGRVGtDVPiVVHSURFHGLyDVXFDWD
9LQLILFDFLRQHVHQERGHJD
/DV OHYDGXUDV TXH PRVWUDURQ ODV FDUDFWHUtVWLFDV PiV DGHFXDGDV SDUD VHU SUREDGDV D

0pWRGRV
HVFDOD LQGXVWULDO IXHURQ XWLOL]DGDV SDUD UHDOL]DU YDULDV YLQLILFDFLRQHV HQ ERGHJD 9%
YLQLILFDFLyQHQERGHJD
6H XWLOL]DURQ PRVWRV GH YDULHGDGHV EODQFDV &D\HWDQD 0RULVFD \
&D\HWDQD\XYDVGHODVYDULHGDGHVWLQWDV*DUQDFKD7LQWRUHUD\0HUORW/DVYLQLILFDFLRQHVVH
UHDOL]DURQFRPRVLJXH
&D\HWDQD 0RULVFD 9% UHDOL]DGD HQ HQ %RGHJDV &RORPD
$OYDUDGR/DXYDUHFLpQFRVHFKDGDIXHSUHQVDGD\HOPRVWR\HPDREWHQLGRVHXWLOL]y
SDUDODYLQLILFDFLyQ(OPRVWRVLQGHVIDQJDUQLFRUUHJLUGHDFLGH]IXHVXOILWDGRKDVWD
PJO GH 62 WRWDO VH GLYLGLy HQ GHSyVLWRV GH O &LQFR GHSyVLWRV IXHURQ
LQRFXODGRVDUD]yQGH FpOXODVPOFRQXQFXOWLYRGHOHYDGXUDHQPRVWRHVWpULOODV
OHYDGXUDV DxDGLGDV IXHURQ (; (; (; (; \ (; 8Q GHSyVLWR QR IXH
LQRFXODGR UHDOL]iQGRVH OD IHUPHQWDFLyQ HVSRQWiQHD FRQWURO /D WHPSHUDWXUD GH
IHUPHQWDFLyQ IXH GH & 7HUPLQDGD OD IHUPHQWDFLyQ VH PLGLy OD WXUELGH] \ ORV
YLQRVIXHURQWUDVHJDGRV\FRUUHJLGRVGHDQKtGULGRVXOIXURVRKDVWDOOHYDUORVDPJO
GH62 WRWDO/RVYLQRVVHDOPDFHQDURQD&
&D\HWDQD9%UHDOL]DGDHQHQ%RGHJDV&RORPD$OYDUDGR(OPRVWR\HPD

REWHQLGRIXHVXOILWDGRDUD]yQGHPJOGH62 WRWDO\VHJXLGDPHQWHIXHGHVIDQJDGR
GXUDQWHKD&7UDQVFXUULGRHVWHWLHPSRVHUHSDUWLyHQGHSyVLWRVGHO
GH ORV FXDOHV IXHURQ LQRFXODGRV FRQ (; (; (; \ (; FpOXODVPO
UHVSHFWLYDPHQWH \ XQR SHUPDQHFLy FRPR FRQWURO VLQ LQRFXODU /D WHPSHUDWXUD GH
IHUPHQWDFLyQ IXH GH & )LQDOL]DGD OD IHUPHQWDFLyQ VH PLGLy OD WXUELGH]\ORV
YLQRVIXHURQWUDVHJDGRV\DOPDFHQDGRVD&
*DUQDFKDWLQWRUHUD0HUORW 9%\9%UHDOL]DGDVHQHQ%RGHJDV
&RORPD $OYDUDGR (Q 9% ODV XYDV UHFLpQ YHQGLPLDGDV IXHURQ GHVSDOLOODGDV \
UHSDUWLGDV HQ GHSyVLWRV GH PDFHUDFLyQ D UD]yQ GH NLORV SRU GHSyVLWR
VHJXLGDPHQWHFDGDGHSyVLWRH[FHSWRHOFRQWUROIXHLQRFXODGR FRQ FpOXODVPOGH
XQDOHYDGXUDDXWyFWRQD(;(;(;R(;/DPDFHUDFLyQIXHIDYRUHFLGD

SRU YDULRV ED]XTXHRV GLDULRV REVHUYiQGRVH OD HYROXFLyQ GHO FRORU GLDULDPHQWH
7UDQVFXUULGRVGtDVORVPRVWRVYLQRVLQRFXODGRVIXHURQGHVFXEDGRVHQWDQWRTXHHO
PRVWRYLQR FRQWURO VH GHVFXEy HO FXDUWR GtD \D TXH SUHVHQWy XQD IHUPHQWDFLyQ PiV
OHQWD TXH UHWUDVy D VX YH] OD H[WUDFFLyQ GH FRORU GH ODV XYDV /DV IHUPHQWDFLRQHV VH
UHDOL]DURQD&XQDYH]ILQDOL]DGDODFXDOVHSURFHGLyDH[WUDHUXQDPXHVWUDSDUD

-RVp$5HJRGyQ0DWHRV
PHGLUODWXUELGH]\DFRQWLQXDFLyQORVYLQRVIXHURQWUDVHJDGRV\VXOILWDGRVDUD]yQGH
PJOGH62 WRWDO
/DYLQLILFDFLyQ9%VHUHDOL]yDOPLVPRWLHPSR\GHODPLVPDIRUPDTXH9%SHUR
FRQNJGHXYDSRUGHSyVLWRHQOXJDUGHORVNJGH 9%
(Q WRGDV ODV YLQLILFDFLRQHV VH OOHYy D FDER XQ VHJXLPLHQWR GH OD HYROXFLyQ GH OD
IHUPHQWDFLyQPHGLDQWHODPHGLGDGHORV%UL[)LQDOL]DGDODIHUPHQWDFLyQPHGLGDODWXUELGH]
\ UHDOL]DGR HO SULPHU WUDVLHJR VH FHQWULIXJDURQ PO GH FDGD YLQR GXUDQWH PLQXWRV D
J\VHSURFHGLyDVXDQiOLVLV/RVSDUiPHWURVHYDOXDGRVIXHURQORVPLVPRVFLWDGRVHQHO
DSDUWDGRFRQODH[FHSFLyQGHO+6HQWRGRV\ODVSURWHtQDVHQORVYLQRVWLQWRV(OYLQRTXH
QRIXHFHQWULIXJDGRVHDOPDFHQyD&DORVGtDVVHUHDOL]yXQVHJXQGRWUDVLHJR\VH
YROYLy D DOPDFHQDU 'HVSXpV GH GtDV VH UHDOL]y XQ WHUFHU WUDVLHJR VH HPERWHOOy \
WUDQVFXUULGRVGtDVVHSURFHGLyDVXFDWD
$QiOLVLVVHQVRULDO
(O DQiOLVLV VHQVRULDO R FDWD GH ORV YLQRV HODERUDGRV HQ HO ODERUDWRULR \ HQ ERGHJD VH
HIHFWXyWUDQVFXUULGRVGtDVGHVGHTXHILQDOL]yODIHUPHQWDFLyQ(ODQiOLVLVVHUHDOL]yHQ
ODVDODGHFDWDGHO'HSDUWDPHQWRGH7HFQRORJtD$JURDOLPHQWDULDGHOD-XQWDGH([WUHPDGXUD
SRU XQ SDQHO GH FDWDGRUHV HQWUHQDGRV /RV FXDOHV HYDOXDURQ OD IDVH YLVXDO ROIDWLYD \
JXVWDWLYDDVtFRPRODDUPRQtDGHFDGDXQRGHORVYLQRVHODERUDGRV8QDPXHVWUDGHPO
GHFDGDYLQRIXHVHUYLGDHQFRSDVGHFULVWDOQRUPDOL]DGDVDXQDWHPSHUDWXUDGH&SDUD
ORVYLQRVEODQFRV\GH&SDUDORVWLQWRV&DGDYLQRIXHSXQWXDGRJOREDOPHQWHGHD
SRU FDGD FDWDGRU PX\ GHILFLHQWH GHILFLHQWH DFHSWDEOH EXHQR PX\ EXHQR \
H[FHOHQWH (VWH PRGHOR GH SXQWXDFLyQ HV XQD DGDSWDFLyQ GHO SURSXHVWR SRU 3H\QDXG
$ORVFDWDGRUHVVHOHVVROLFLWyDGHPiVTXHUHDOL]DUDQODVREVHUYDFLRQHVTXHHVWLPDVHQ
RSRUWXQDVVREUHFDGDYLQRSRUHMHPSORFDUDFWHUtVWLFDVGHWLSLFLGDG/RVUHVXOWDGRVILQDOHVVH
H[SUHVDQ HQ SRUFHQWDMH GH DFHSWDFLyQ HQWHQGLHQGR SRU GH DFHSWDFLyQ XQ YLQR FX\D
SXQWXDFLyQPHGLDREWHQLGDVHDSXQWRV\SRUXQYLQRFRQSXQWXDFLyQPHGLDGHSXQWRV
HOUHVWRGHSRUFHQWDMHVVHGHGXFHQLQWHUSRODQGR
0pWRGRVDQDOtWLFRV
/DVGHWHUPLQDFLRQHVDQDOtWLFDVUHDOL]DGDVDORVPRVWRV\YLQRVUHVXOWDQWHVVHKLFLHURQ
GHDFXHUGRFRQORVVLJXLHQWHVPpWRGRV

0pWRGRV
7XUELGH]
(QODVIHUPHQWDFLRQHVGHPOVHREVHUYyODWXUELGH]GHORVYLQRV\VHDQRWyODPLVPD
PHGLDQWHXQDHVFDODVXEMHWLYDTXHYDGH7VLQWXUELGH]D7PX\WXUELR
(Q HO UHVWR GH IHUPHQWDFLRQHV OD WXUELGH] IXH PHGLGD SRU PpWRGR QHIHORPpWULFR
EDVDGRHQODGLIUDFFLyQGHODOX]TXHDWUDYLHVDHOOtTXLGRWXUELR/DLQWHQVLGDGGHOX]
GLIUDFWDGDGHSHQGHGHOQ~PHUR\GHODVGLPHQVLRQHVGHODVSDUWtFXODVHQVXVSHQVLyQ
3DUD VX DQiOLVLV VH XWLOL]y XQ WXUELGtPHWUR +DFK 0RGHO /RV UHVXOWDGRV VH
H[SUHVDURQ HQ IXQFLyQ GH OD WXUELGH] GH VROXFLRQHV HVWiQGDU GH IRUPDFLQD VLHQGR OD
XQLGDGXWLOL]DGD1781HSKHORPHWULF7XUELGLW\8QLWV
*UDGRV%UL[
/RVJUDGRV%UL[VRQXQDPHGLGDGHORVD]~FDUHVFRQWHQLGRVHQXQDVROXFLyQDFXRVD
(VWDPHGLGDVHGDFRPRSRUFHQWDMHHQSHVRGHD]~FDUHVGHIRUPDTXH%UL[HTXLYDOH
D GH VDFDURVD HQ DJXD GHVWLODGD SHVRSHVR 3DUD ORV PRVWRV H[LVWHQ WDEODV
REWHQLGDVH[SHULPHQWDOPHQWHTXHFRUUHODFLRQDQORV%UL[FRQODFDQWLGDGGHD]~FDUHV
TXH FRQWLHQH HO PRVWR 6X PHGLGD HVWi EDVDGD HQ HO tQGLFH GH UHIUDFFLyQ GH OD
GLVROXFLyQ\VHUHDOL]DD&(QHOFDVRGHOPRVWRDXQTXHH[LVWHQRWUDVVXVWDQFLDV
HVWDVDSHQDVDIHFWDQDOtQGLFHGHUHIUDFFLyQSRUORTXHODVOHFWXUDVVRQPX\FHUFDQDVDO
FRQWHQLGR UHDO GH D]~FDUHV 0DGULG 3DUD VX HYDOXDFLyQ VH XWLOL]y XQ
UHIUDFWyPHWURGLJLWDO$WDJR5;FRQFRPSHQVDFLyQDXWRPiWLFDGHWHPSHUDWXUD
'HQVLGDGUHODWLYD
/DGHQVLGDGUHODWLYDHVODUHODFLyQGHODPDVDGHYROXPHQGHXQYLQRRGHXQ
PRVWRD&FRQODPDVDGHYROXPHQGHODJXDDODPLVPDWHPSHUDWXUD6HHYDOXySRU
DHURPHWUtDD&
S+
)XHGHWHUPLQDGRHQODVPLFURYLQLILFDFLRQHVGHPOFRQXQS+PHWUR&ULVRQPLFUR
S+HQHOUHVWRGHYLQLILFDFLRQHVVHXWLOL]yXQWLWXODGRU&ULVRQPLFUR77FRQ
LQWHUFDPELDGRUDXWRPiWLFRGHPXHVWUDV

-RVp$5HJRGyQ0DWHRV
$FLGH]WRWDO
/DDFLGH]WRWDOGHXQYLQRVHFRQVLGHUDFRPRODVXPDGHORViFLGRVWLWXODEOHVFXDQGRVH
OOHYD HO YLQR D S+ SRU DGLFLyQ GH XQD VROXFLyQ DOFDOLQD YDORUDGD (O GLy[LGR GH
FDUERQR QR VH FRQVLGHUD FRPSUHQGLGR HQ OD DFLGH] WRWDO \ GHEH VHU HOLPLQDGR
SUHYLDPHQWHSRUDJLWDFLyQEDMRYDFtRPLQXWRVHQYLQRVMyYHQHV\HVSXPRVRV
6XPHGLGDVHHIHFWXySRUYDORUDFLyQSRWHQFLRPpWULFDGHPOGHYLQRFRQ1D2+
1HQODVIHUPHQWDFLRQHVGHPORGHPOGHYLQRFRQ1D2+1HQ ODVGHPiV

IHUPHQWDFLRQHV/DYDORUDFLyQVHUHDOL]yFRQHOWLWXODGRU&ULVRQPLFUR77/RV
UHVXOWDGRVVHH[SUHVDQHQJOGHiFLGRWDUWiULFR7+
$FLGH]YROiWLO
(VWHWpUPLQRHQJOREDDORViFLGRVJUDVRVSHUWHQHFLHQWHVDODVHULHDFpWLFDTXHVHKDOODQ
HQORVYLQRVHQHVWDGROLEUHRVDOLILFDGR(OiFLGRPD\RULWDULRHVHODFpWLFRD
GHOWRWDO\HQPXFKDPHQRUSURSRUFLyQVHHQFXHQWUDQHOiFLGRIyUPLFRSUHVHQWH\D

HQHOPRVWRHOiFLGRSURSLyQLFRHOiFLGRLVREXWtULFRHWF
6X PHGLGD VH UHDOL]D SRU YDORUDFLyQ SRWHQFLRPpWULFD GHO GHVWLODGR GHO YLQR (VWH
PpWRGR OLJHUDPHQWH PRGLILFDGR KD VLGR HYDOXDGR SRU 2OLYHLUD \ /DXUHDQR
GDQGREXHQRVUHVXOWDGRV
3UHYLRDODGHVWLODFLyQVHHOLPLQDHO&2 GHOYLQRSRUDJLWDFLyQEDMRYDFtRGXUDQWH
PLQXWRVVHJXLGDPHQWHHOYLQRHVDFLGLILFDGRSDUDIDFLOLWDUODOLEHUDFLyQGHORViFLGRV
YROiWLOHV
3DUDODVIHUPHQWDFLRQHVGHPOVHOHDxDGHPOGHXQDVROXFLyQGHiFLGRWDUWiULFRDO
D PO GH YLQR VHJXLGDPHQWH VH GHVWLOD 6H UHFRJHQ PO GH GHVWLODGR HQ
PDWUD] DIRUDGR \ VH YDORUD LJXDO TXH SDUD DFLGH] WRWDO SHUR FRQ 1D2+ 1 /RV
UHVXOWDGRVVHH[SUHVDQHQJOGHiFLGRDFpWLFR$F+
3DUDHOUHVWRGHIHUPHQWDFLRQHVVHGHVWLODURQPOGHYLQRSUHYLDPHQWHVHOHDxDGLy
POGHVROXFLyQGHiFLGRWDUWiULFRDO\VHUHFRJLHURQPOSDVDQGRDYDORUDU
POGHOGHVWLODGRFRPRDQWHULRUPHQWHVHKDGHVFULWR
/D GHVWLODFLyQ VH OOHYy D FDER SRU DUUDVWUH GH YDSRU FRQ XQ GHVWLODGRU $OFRWHVW GH
7HFQLWHOFXDOFXPSOHODVQRUPDV&(( \$2$&H[LJLGDVSDUDODGHWHUPLQDFLyQ
GHOJUDGRDOFRKyOLFRDFLGH]YROiWLO\iFLGRVyUELFRHQYLQRV\EHELGDVDOFRKyOLFDV

0pWRGRV
$FLGH]ILMD
(V HO UHVXOWDGR GH UHVWDU D OD DFLGH] WRWDO OD DFLGH] YROiWLO DPEDV H[SUHVDGDV HQODV
PLVPDVXQLGDGHV3DUDVXFiOFXORVHUHVWyDODDFLGH]WRWDOH[SUHVDGDHQiFLGRWDUWiULFR
OD DFLGH] YROiWLO H[SUHVDGD HQ iFLGR DFpWLFR PXOWLSOLFDGD SRU REWHQLpQGRVH HO
UHVXOWDGRHQiFLGRWDUWiULFR
$]~FDUHVUHGXFWRUHV
6H UHDOL]y PHGLDQWH YDORUDFLyQ FRORULPpWULFD SRU HO PpWRGR GH 6RPRJ\L \ 1HOVRQ
GHVFULWRSRU+HUEHUWHWDO (VWHPpWRGRVHEDVDHQODUHGXFFLyQGHOLyQF~SULFR
GHOUHDFWLYR6RPRJ\LDLyQFXSURVRSRUORVJUXSRVUHGXFWRUHVSUHVHQWHVHQODVROXFLyQ
(O LyQFXSURVRIRUPDGRVHYDORUDFXDQWLWDWLYDPHQWHFRQHOUHDFWLYRDUVHQRPROtEGLFR
TXHHQVXIRUPDUHGXFLGDGDXQDFRORUDFLyQD]XOHVWDEOH
5HDFWLYRV
D6RPRJ\L
6ROXFLyQ,JGHWDUWUDWRVyGLFRSRWiVLFR\JGH1D&2 DQKLGURVHGLVXHOYHQHQ
POGHDJXDGHVWLODGDDxDGLpQGRVHSRVWHULRUPHQWHJGH1D+&2
3RU RWUD SDUWH VH GLVXHOYHQ J GH 1D62 DQKLGUR HQ PO GH DJXD GHVWLODGD
FDOHQWiQGRVHSDUDHOLPLQDUHODLUH$FRQWLQXDFLyQVHHQIUtDVHPH]FODFRQODVROXFLyQ
DQWHULRU\VHHQUDVDKDVWDXQYROXPHQILQDOGHPOFRQDJXDGHVWLODGD
6ROXFLyQ,,JGH&X62$+2\JGH1D62 DQKLGURVHGLVXHOYHQHQPO
GHDJXDGHVWLODGD
$QWHV GH XVDU VH PH]FODQ FXDWUR YRO~PHQHV GH OD VROXFLyQ , FRQ XQ YROXPHQ GH OD
VROXFLyQ,,
E1HOVRQ
J GH PROLEGDWR DPyQLFR VH GLVXHOYHQ HQ PO GH DJXD GHVWLODGD \ VH DxDGHQ
DJLWDQGRPOGH+62 FRQFHQWUDGR
JGH1D+$V2$+2VHGLVXHOYHQHQPOGHDJXDGHVWLODGD\VHDGLFLRQDDOD
VROXFLyQDQWHULRU/DPH]FODVHLQFXEDD&HQIUDVFRGHYLGULRFRORUWRSDFLR
0pWRGR

-RVp$5HJRGyQ0DWHRV
$POGHYLQRGLOXLGRYHFHVVHOH DxDGHQPOGH6RPRJ\L,,,VHPDQWLHQH
HQDJXDKLUYLHQGRGXUDQWHPLQXWRVDOFDERGHORVFXDOHVVHHQIUtD\VHDxDGHQ
POGH1HOVRQ6HDJLWDKDVWDGHVSUHQGLPLHQWRWRWDOGHO&2 IRUPDGR6HGLOX\HFRQ
POGHDJXDGHVWLODGD\VHOHHDQPHQFXEHWDGHFPGHHVSHVRU
/RVUHVXOWDGRVREWHQLGRVVHUHILULHURQDXQDFXUYDSDWUyQGHJOXFRVDDJOTXHVH

LQFOX\yHQFDGDH[SHULPHQWR
6L HO YLQR WLHQH PiV GH JO GH D]~FDUHV UHGXFWRUHVHVQHFHVDULRGLOXLUORPiVGH
YHFHV
/DV PHGLGDV GH DEVRUEDQFLD VH UHDOL]DURQ FRQ XQ HVSHFWURIRWyPHWUR 6+,0$'=8

PRGHOR89$
62 WRWDO
)XHFXDQWLILFDGRPHGLDQWHHOPpWRGR5LSSHUPRGLILFDGRGHWHUPLQiQGRVHHOSXQWRILQDO
SRUWLWXODFLyQSRWHQFLRPpWULFD
3DUDODVIHUPHQWDFLRQHVGHPOVHDxDGLyPOGH1D2+1DPOGHYLQRSDUD
OLEHUDU HO VXOIXURVR FRPELQDGR WUDQVFXUULGRV D PLQXWRV VH DxDGLHURQ PO GH
+62 \VHUHDOL]yODWLWXODFLyQFRQ, 1HQHOWLWXODGRUFLWDGRDQWHULRUPHQWH
3DUDODVIHUPHQWDFLRQHVUHVWDQWHVVHSURFHGLy LJXDOSHURVHXWLOL]DURQPOGHYLQR
POGH1D2+1\POGH+62 GLOXLGR
62 OLEUH
$POGHYLQRVHOHDxDGLyPOGH+62 GLOXLGR\VHYDORUyGHOPLVPRPRGR
TXHSDUD62 WRWDOSHURFRQ, 1
+6
D3DUDPHGLUHVWHSDUiPHWURHQORVYLQRVVHHPSOHyHOPpWRGRSURSXHVWRSRU%UDQVRQ
PRGLILFDGRXWLOL]DQGRWLUDVGHSDSHOGHILOWURLPSUHJQDGDVHQDFHWDWRGHSORPR
6HDxDGLHURQPOGHYLQRDXQPDWUD]DIRUDGRGHPO6HLPSUHJQyXQDWLUD[
FPGH SDSHOGHILOWURHQXQDVROXFLyQ0GHDFHWDWRGHSORPRWULKLGUDWDGRVHGHMy
VHFDU\VHFRORFyHQHOPDWUD]DIRUDGRDXQRVFPGHODVXSHUILFLHGHODPXHVWUD
7UDQVFXUULGRVKRUDVD&VHPLGLHURQORVPLOtPHWURVGHFLQWDHQQHJUHFLGRV/RV

0pWRGRV
UHVXOWDGRV VH FRQWUDVWDURQ FRQ ORV REWHQLGRV WUDV UHDOL]DU XQD UHFWD SDWUyQ FRQ
VROXFLRQHV D 0GH61D$+2
E 'DGR TXH OD FDQWLGDG GH +6 HQ ORV YLQRV XQD YH] TXH KD ILQDOL]DGR OD
IHUPHQWDFLyQHVQRUPDOPHQWHEDMD\GLItFLOGHGHWHFWDUFRQHVWHPpWRGRVHRSWySRU
PHGLU DGHPiV OD SURGXFFLyQ GH +6 SRU FDGD XQD GH ODV FHSDV GHVGH HO LQLFLR GH OD
IHUPHQWDFLyQ KDVWD HO ILQDO FRPSDUiQGROD FRQ OD SURGXFFLyQ GH +6 HQ XQD
IHUPHQWDFLyQHVSRQWiQHDGHOPLVPRPRVWR
/DVIHUPHQWDFLRQHVVHUHDOL]DURQHQPDWUDFHVDIRUDGRVGHPODORVTXHVHOHDxDGLy
POGHPRVWRHVWpULOLQRFXODGRFRQODOHYDGXUDHQHVWXGLRDXQDFRQFHQWUDFLyQGH
FpOXODVPO/DIHUPHQWDFLyQHVSRQWiQHDVHUHDOL]yFRQPOGHPRVWRQRHVWpULO\VLQ
LQRFXODU
6HFRORFyXQDWLUDGHSDSHOGHILOWURFRPRVHKDGHVFULWRDQWHULRUPHQWHHQORVPDWUDFHV
\VHLQFXEyD&PLGLpQGRVHORVPLOtPHWURVHQQHJUHFLGRVORVGtDV\ILQDOGH
IHUPHQWDFLyQ &RPR FRQWURO GHO H[SHULPHQWR VH UHDOL]y HO PLVPR H[SHULPHQWR FRQ
PRVWRHVWpULOVLQLQRFXODUTXHQRDUUDQFyODIHUPHQWDFLyQ
3XHVWRTXHHO+6HVPX\YROiWLOVHGHEHHYLWDUDOPi[LPRODDLUHDFLyQGHODVPXHVWUDV
F (Q DOJXQDV OHYDGXUDV VH GHWHUPLQy OD FDSDFLGDG SDUD SURGXFLU +6 PHGLDQWH
VLHPEUDHQPHGLR%L**<(QHVWHPHGLRH[LVWHXQDFODUDJUDGXDFLyQGHFRORUHQWUH
ODVOHYDGXUDVPiVSURGXFWRUDV\ODVPHQRVSURGXFWRUDV
/DVOHYDGXUDVVRQVHPEUDGDVHQPHGLR%L**<HLQFXEDGDVD&GXUDQWHK
WUDQVFXUULGDVODVFXDOHVVHREVHUYDHOFRORUGHODVFRORQLDVFDOLILFDQGRHOPLVPRGHD
'RQGHHVLJXDODFRORQLDVEODQFDVRFUHPDV\FRUUHVSRQGHDFRORQLDVQHJUDVR
PDUUyQPX\RVFXUDV
/DV OHYDGXUDV DOWDPHQWH SURGXFWRUDV IRUPDQ FRORQLDV RVFXUDV \ ODV PtQLPDPHQWH

SURGXFWRUDVFRORQLDVFUHPDREODQFDV
(WDQRO
6XPHGLGDVHUHDOL]ySRUWHVWHQ]LPiWLFRGH%RHKULQJHU0DQQKHLP(OIXQGDPHQWRGH
HVWHPpWRGRFRQVLVWHHQTXHHOHWDQROHVR[LGDGRSRUQLFRWLQDPLGDDGHQtQGLQXFOHyWLGR
1$'HQSUHVHQFLDGHODHQ]LPDDOFRKROGHVKLGURJHQDVD$'+DDFHWDOGHKLGR
(WDQRO1$' QQQQQQQ !DFHWDOGHKLGR1$'++

-RVp$5HJRGyQ0DWHRV
(O HTXLOLEULR GH HVWD UHDFFLyQ VH KDOOD GHVSOD]DGR D OD L]TXLHUGD $ S+ DOFDOLQR \
FDSWDQGR HO DFHWDOGHKLGR IRUPDGR SXHGH GHVSOD]DUVH HO HTXLOLEULR D OD GHUHFKD (O
DFHWDOGHKLGR HV R[LGDGR HQ SUHVHQFLD GH DOGHKLGRGHVKLGURJHQDVD $O'+

FXDQWLWDWLYDPHQWHDiFLGRDFpWLFR
$FHWDOGHKLGR1$' +2FFFFFF! iFLGRDFpWLFR1$'++
/DFDQWLGDGGH1$'+IRUPDGDHQODVGRVUHDFFLRQHVHTXLYDOHDOGREOHGHODFDQWLGDG
GHHWDQRO\HVPHGLEOHSRUDEVRUFLyQD RQP
/RVYLQRVIXHURQGLOXLGRVYHFHV\WUDVHIHFWXDUVHODVUHDFFLRQHVHQ]LPiWLFDVVH
SURFHGLyDPHGLUOD$ HQFXEHWDGHFPGHSDVRGHOX]
*UDGRDOFRKyOLFR
(OJUDGRDOFRKyOLFRHVLJXDODOQ~PHURGHOLWURVGHDOFRKROHWtOLFRFRQWHQLGRVHQ
OLWURV GH YLQR PHGLGRV DPERV YRO~PHQHV D & (O PpWRGR PiV H[WHQGLGR SDUD
HYDOXDUHOJUDGRDOFRKyOLFRGHORVYLQRVFRQVLVWHHQVHSDUDUHODOFRKROSRUGHVWLODFLyQ\
GHWHUPLQDU VX JUDGR SRU PHGLGD GH OD GHQVLGDG $QWHV GH OD GHVWLODFLyQ HV
LQGLVSHQVDEOH DOFDOLQL]DU HO YLQR SDUD HYLWDU HO SDVR GH ORV iFLGRV YROiWLOHV TXH
VXSRQGUtDQ XQD HOHYDFLyQ GH OD GHQVLGDG \ HQ FRQVHFXHQFLD XQD GLVPLQXFLyQ GHO
JUDGRDOFRKyOLFR
3DUD VX HYDOXDFLyQ PO GH YLQR VH DOFDOLQL]DURQ FRQ PO GH 1D2+ 1 D
FRQWLQXDFLyQVHGHVWLODURQSRUDUUDVWUHGHYDSRU6HUHFRJLHURQPOGHGHVWLODGR\
VHPLGLyODGHQVLGDGGHOPLVPRFRQDOFRKROtPHWURD&6LODPHGLGDVHHIHFW~DD
RWUDWHPSHUDWXUDKD\TXHUHDOL]DUODVFRUUHFFLRQHVRSRUWXQDV
(OUHQGLPLHQWRDOFRKyOLFRH[SUHVDGRFRPRJUDPRVGHD]~FDUQHFHVDULRVSDUDREWHQHU
XQJUDGRGHDOFRKROIXHFDOFXODGRPHGLDQWHODVLJXLHQWHIyUPXOD
5HQGLPLHQWR JD]~FDUHQHOPRVWR JD]~FDUHQHOYLQR DOFRKyOLFR

*OLFHURO
(OJOLFHUROHVFXDQWLWDWLYDPHQWHHOFRPSRQHQWHPiVLPSRUWDQWHGHOYLQRGHVSXpVGHO
HWDQRO 6X GHWHUPLQDFLyQ VH SXHGH UHDOL]DU SRU PpWRGRV TXtPLFRV FURPDWRJUDItD
JDVHRVDRSRUWHVWHQ]LPiWLFR(QQXHVWURFDVRVXPHGLGDVHUHDOL]yXWLOL]DQGRHOWHVW
HQ]LPiWLFRGH%RHKULQJHU0DQQKHLP(OSULQFLSLRGHHVWHPpWRGRHVHOVLJXLHQWH

0pWRGRV
(OJOLFHUROHVIRVIRULODGRSRU$73DGHQRVLQDWULIRVIDWRD/JOLFHUROIRVIDWRHQOD

UHDFFLyQFDWDOL]DGDSRUODJOLFHURTXLQDVD*.
*OLFHURO$73FFFFFF! /JOLFHUROIRVIDWR$'3
/DDGHQRVLQDGLIRVIDWR$'3IRUPDGDHQODUHDFFLyQDQWHULRUHVUHFRQYHUWLGDSRUHO

IRVIRHQROSLUXYDWR 3(3 HQ SUHVHQFLD GH OD HQ]LPD SLUXYDWR TXLQDVD 3.HQ$73\
SLUXYDWR
$'33(3FFFFFF !$73SLUXYDWR
(QSUHVHQFLDGHODHQ]LPDODFWDWRGHVKLGURJHQDVD//'+HOSLUXYDWRHVUHGXFLGRD
/ODFWDWRSRUODQLFRWLQDPLGDDGHQtQGLQXFOHyWLGRUHGXFLGD1$'+FRQODR[LGDFLyQ

GH1$'+D1$'
3LUXYDWR1$'++ FFFFFF !/ODFWDWR1$'
/D FDQWLGDG GH 1$'+ R[LGDGD HQ OD DQWHULRU UHDFFLyQ HV HVWHTXLRPpWULFD FRQ OD
FDQWLGDG GH JOLFHURO \ HV GHWHUPLQDGR SRU PHGLGD GH VXDEVRUFLyQDR
QP
/RV YLQRV IXHURQ GLOXLGRV YHFHV \ WUDV HIHFWXDU ODV UHDFFLRQHV HQ]LPiWLFDV VH
SURFHGLyDPHGLUODDEVRUFLyQDQPHQFXEHWDVGHFPGHSDVRGHOX]/DPHGLGD
VHUHDOL]yHQHOHVSHFWURIRWyPHWURDQWHULRUPHQWHFLWDGR
3URWHtQDV
/DV SURWHtQDV VH PLGLHURQ ~QLFDPHQWH HQ ORV YLQRV EODQFRV \D TXH HQ WLQWRV OD
SUHVHQFLDHQJUDQFDQWLGDGGH SROLIHQROHVLQWHUILHUHQFRQVLGHUDEOHPHQWHODPHGLGD\HV
QHFHVDULRGLDOL]DUODVPXHVWUDV(OPpWRGRXWLOL]DGRIXHHOGH%UDGIRU%UDGIRU
WHQLHQGR HQ FXHQWD ODV UHFRPHQGDFLRQHV HQ FXDQWR DO WLHPSR GH HVSHUD DQWHV GH OD
PHGLGDFRORULPpWULFDGH0XUSKH\HWDO SDUDODFXDQWLILFDFLyQGHSURWHtQDVHQ
YLQRVEODQFRV(VWHPpWRGRHVWiEDVDGRHQODXQLyQGHXQFRORUDQWH&RPDVVLH%ULOOLDQW
%OXH*DODVSURWHtQDV/DFRORUDFLyQIRUPDGDHVHVWDEOHGXUDQWHKRUD\PHGLEOH
DQP1RSUHVHQWDLQWHUIHUHQFLDVSRUFDWLRQHVRFDUERKLGUDWRV
5HDFWLYRV
PJ GH &RPDVVLH %ULOODQW %OXH * 6LJPD VH GLVXHOYHQ HQ PO GH
HWDQRO 6H DxDGHQ PO GH iFLGR IRVIyULFR DO ZY VH DJLWD \ VH DxDGH DJXD
GHVWLODGDKDVWDPO$FRQWLQXDFLyQVHSDVDODVROXFLyQSRUXQILOWURGHP
0pWRGR

-RVp$5HJRGyQ0DWHRV
6HDxDGHQPOGHOUHDFWLYRGH%UDGIRUDPOGHODPXHVWUDFHQWULIXJDGDRILOWUDGD
7UDQVFXUULGRV DSUR[LPDGDPHQWH PLQXWRV VH PLGH OD DEVRUEDQFLD D QP HQ
FXEHWDV GH FP GH HVSHVRU IUHQWH D XQ EODQFR GH PO GH UHDFWLYR \ PO GH DJXD
GHVWLODGD 'DGR TXH HO FRPSOHMR SURWHtQDFRORUDQWH VH DGKLHUH D ODV SDUHGHV GH OD
FXEHWD HV QHFHVDULR OLPSLDU OD FXEHWD GHVSXpV GH FDGD PHGLGD 3DUD HOOR VH SXHGH
XWLOL]DUXQDVROXFLyQGHHWDQRODO
/RVUHVXOWDGRVVHUHILULHURQDXQDFXUYDSDWUyQGH%6$VHURDOE~PLQDERYLQDGHD

PJO
$FHWDOGHKLGR
(O DFHWDOGHKLGR HV XQR GH ORV YROiWLOHV PD\RULWDULRV GHO YLQR VLHQGR XQ PHWDEROLWR
HVHQFLDO HQ ODIHUPHQWDFLyQDXQTXHWDPELpQSXHGHJHQHUDUVHFRPRFRQVHFXHQFLDGH
R[LGDFLRQHV TXtPLFDV R PLFURELDQDV GHO HWDQRO +DELWXDOPHQWH VX PHGLGD VH UHDOL]D
SRU FURPDWRJUDItD GH JDVHV DXQTXH HQ QXHVWUR FDVR KHPRV RSWDGR SRU XWLOL]DU HO
PpWRGRHVSHFWURIRWRPpWULFRGHVFULWRSRU'L6WHIDQR\&LROIL
(O DFHWDOGHKLGR OLEUH R FRPELQDGR HV VHSDUDGR GH RWURV FRPSXHVWRV SUHVHQWHV HQ HO
YLQR SRU GHVWLODFLyQ UHFRJLpQGRVH VREUH XQD VROXFLyQ GH PHWDELVXOILWR VyGLFR
3RVWHULRUPHQWH HV OLEHUDGR SRU DGLFLyQ GH SLSHULGLQD \ VH DxDGHQLWURSUXVLDWRVyGLFR

TXHSURYRFDODDSDULFLyQGHFRORUPHGLGRDQP(VWH PpWRGRHVSUHFLVR\GHIiFLO
HMHFXFLyQ
5HDFWLYRV
D0HWDELVXOILWRVyGLFRJO\JOHQDJXD
E3LSHULGLQDHQDJXD
F1LWURSUXVLDWRVyGLFRHQDJXDSUHSDUDUDQWHVGHXVDU
0pWRGR
D 'HVWLODFLyQ $ XQ PDWUD] DIRUDGR GH PO VH OH DxDGHQ PO GH PHWDELVXOILWR
VyGLFR 6HJXLGDPHQWH VH GHVWLODQ SRU DUUDVWUH GH YDSRU PO GH YLQR WDO FXDO R
GLOXLGRUHFRJLpQGRVHVREUHHOPDWUD]DIRUDGRKDVWDXQYROXPHQDSUR[LPDGRGHPO
DFRQWLQXDFLyQVHHQUDVDFRQDJXDDPO\VHWDSDELHQ(QODVIHUPHQWDFLRQHVGH
POVHGHVWLODURQ~QLFDPHQWHPOGHYLQRUHFRJLpQGRVHVREUHPOGHPHWDELVXOILWR
KDVWDXQYROXPHQGHPO

0pWRGRV
E 'HWHUPLQDFLyQ $ PO GHO GHVWLODGR DQWHULRU VH OH DxDGHQ PO GH SLSHULGLQD VH
DJLWD\VHDxDGHQPOGHQLWURSUXVLDWRVyGLFR6HOHHUiSLGDPHQWHODDEVRUFLyQD
QPHQFXEHWDGHFPGHSDVRGHOX]/DFRORUDFLyQREWHQLGDTXHYDUtDGHOYHUGHDO
YLROHWD DXPHQWD SDUD GLVPLQXLU VHJXLGDPHQWH FRQ UDSLGH] 6H WRPD FRPR YDORU HO
Pi[LPR HO FXDO DSDUHFHUi D VHJXQGRV GHVSXpV GH DxDGLU HO QLWURSUXVLDWR
GHSHQGLHQGRGHODFDQWLGDGGHDFHWDOGHKLGRHQODPXHVWUD
F&iOFXORGHODFRQFHQWUDFLyQ(OUHVXOWDGRREWHQLGRHQHODSDUWDGRDQWHULRUVHUHILHUH
DXQDUHFWDSDWUyQREWHQLGDGHOVLJXLHQWHPRGR
6HSHVDQPJGHDFHWDOGHKLGRDSUR[LPDGDPHQWHPO\VHSRQHQHQXQPDWUD]
FRQ J GH PHWDELVXOILWR HQ PO GH DJXD VH HQUDVD D PO 'H HVWD VROXFLyQ VH
WRPDQPO\VHOOHYDQDPOFRQDJXDWHQHPRVDVtXQDVROXFLyQGHPJOGH
DFHWDOGHKLGRHQJOGHPHWDELVXOILWR
$SDUWLUGHODVROXFLyQGHPJOGHDFHWDOGHKLGRVHSUHSDUDQSDWURQHVGH
\PJOGHDFHWDOGHKLGRGLOX\HQGRFRQODVROXFLyQJOGHPHWDELVXOILWR
/DFURPDWRJUDItDGHJDVHVHVODWpFQLFDPiVLGyQHDSDUDHOHVWXGLRGHORVFRPSRQHQWHV
YROiWLOHVGHOYLQRSRUVXHQRUPHFDSDFLGDGVHSDUDWLYD\ODVHQVLELOLGDGGHVXVVLVWHPDV
GH GHWHFFLyQ *RQ]iOH] (Q ORV ~OWLPRV DxRV VH KDQ UHDOL]DGR QXPHURVRV
WUDEDMRVSRUHVWDWpFQLFDIXQGDPHQWDOPHQWHSDUDFXDQWLILFDUORVYROiWLOHVPD\RULWDULRV
(OPpWRGRGHLQ\HFFLyQGLUHFWDGHOYLQRHQHOFURPDWyJUDIRHVDGHFXDGRSDUDHVWXGLDU
KDVWDGLH]YROiWLOHVPD\RULWDULRVFRQFHQWUDFLRQHVVXSHULRUHVDPJOVLQQHFHVLGDG
GHFRQFHQWUDFLyQRH[WUDFFLyQSUHYLD
(QQXHVWURFDVRHODQiOLVLVGHODIUDFFLyQOLJHUDVHUHDOL]ySRUFURPDWRJUDItDGHJDVHV
PHGLDQWH LQ\HFFLyQ GLUHFWD GH ODV PXHVWUDV SUHYLDPHQWH ILOWUDGDV D WUDYpV GH ILOWUR
PLOOLSRUHGHP6HXWLOL]yXQFURPDWyJUDIR3HUNLQ(OPHUPRGHORGRWDGR
GHGHWHFWRUGHLRQL]DFLyQGHOODPDSURJUDPDGRUGHWHPSHUDWXUDHLQ\HFWRUDXWRPiWLFR
3HUNLQ(OPHUPRGHOR/DFROXPQDFURPDWRJUiILFDHPSOHDGDIXHXQDFDSLODUWLSR
& GH IDVH 6*/ GH P GH ORQJLWXG PP GH GLiPHWUR \ P GH
HVSHVRUGHSHOtFXOD
(O SURJUDPD GH WHPSHUDWXUDV \ HO UHVWR GH FRQGLFLRQHV FURPDWRJUiILFDV XWLOL]DGDV

-RVp$5HJRGyQ0DWHRV
IXHURQODVVLJXLHQWHV
7HPSHUDWXUDLQLFLDO&
,VRWHUPDD&GXUDQWHPLQXWRV
'HD& DUD]yQGH&PLQXWR
'HD&DUD]yQGH&PLQXWR
/D FDQWLGDG GH PXHVWUD LQ\HFWDGD IXH GH O UHDOL]iQGRVH WRGRV ORV DQiOLVLV SRU
GXSOLFDGR /D FXDQWLILFDFLyQ VH UHDOL]y XWLOL]DQGR OD WpFQLFD GHO SDWUyQ LQWHUQR
SHQWDQROPJOLGHQWLILFiQGRVHORVSLFRVSRUFRPSDUDFLyQGHUHWHQFLRQHVUHODWLYDV
FRQ SDWURQHV SXURV 3UHYLDPHQWH VH FDOFXODURQ UHFWDV GH FDOLEUDGR SDUD FDGD
FRPSXHVWRDQDOL]DGRGHODPDQHUDVLJXLHQWH
$F$L .F.E&F&L
$F iUHDGHOFRPSXHVWR
$L iUHDGHOSDWUyQLQWHUQR
&L FRQFHQWUDFLyQGHOSDWUyQLQWHUQR
&F FRQFHQWUDFLyQGHOFRPSXHVWR
.F WpUPLQRLQGHSHQGLHQWH
.E FRHILFLHQWH
&RPSXHVWR
.F
.E
$FHWDWR

,VREXWDQRO

3URSDQRO
,VRDPtOLFRV

0HGLDQWH HVWD PHWRGRORJtD DQDOL]DPRV HO DFHWDWR GH HWLOR SURSDQRO LVREXWDQRO H
LVRDPtOLFRV 7DPELpQ VH SXHGH DQDOL]DU HO DFHWDOGHKLGR DXQTXH FRQ OD FROXPQD \
FRQGLFLRQHV XWLOL]DGDV HO SLFR FRUUHVSRQGLHQWH VXHOH DSDUHFHU HQ ORV FURPDWRJUDPDV
H[FHVLYDPHQWH DJXGR KDFLHQGR VX FRUUHFWD LQWHJUDFLyQ PX\ FRPSOLFDGD DGHPiV HQ

0pWRGRV
DOJXQDV RFDVLRQHV DSDUHFH FRQWDPLQDGR SRU RWUDV VXVWDQFLDV 3RU WRGR HVWR RSWDPRV
SRUXWLOL]DUHOPpWRGRHVSHFWURIRWRPpWULFRGHVFULWRDQWHULRUPHQWHHQSDUDPHGLU
HVWHFRPSXHVWR
([LVWHQYDULDVWpFQLFDVSDUDDQDOL]DUORVDPLQRiFLGRVOLEUHV\GHULYDGRVVLHQGRODPiV
DGHFXDGD OD FURPDWRJUDItD OtTXLGD GH DOWD SUHVLyQ +3/& PHWRGRORJtD TXH KHPRV
XWLOL]DGRHQQXHVWURFDVR6HKDHPSOHDGRXQDQDOL]DGRUGHDPLQRiFLGRV%LRFKURP
GH 3KDUPDFLD /D VHSDUDFLyQ FURPDWRJUiILFD VH UHDOL]D PHGLDQWH XQD FROXPQD GH
LQWHUFDPELRLyQLFR/RVSDVRVDVHJXLUSDUDUHDOL]DUHODQiOLVLVVRQ
D'HVSURWHLQL]DFLyQGHODVPXHVWUDV3DUDHODQiOLVLVVHUHTXLHUHFRPRSDVRSUHYLROD
GHVSURWHLQL]DFLyQ GH ODV PXHVWUDV OR TXH VH FRQVLJXH DGLFLRQDQGR iFLGR
VXOIRVDOLFtOLFR66$
$ PO GH PXHVWUD VLWXDGD HQ XQ WXER HSSHQGRUI VH OH DxDGHQ PJ GH 66$ 6H
PH]FOD ELHQ \ VH GHMD UHSRVDU D & GXUDQWH K 7UDQVFXUULGR HVWH WLHPSR VH
FHQWUtIXJDDDOWDYHORFLGDGUSPGXUDQWHPLQXWRV6HVHSDUDHOVREUHQDGDQWH\
VHILOWUDDWUDYpVGHXQILOWURGHP+DVWDHOPRPHQWRGHODQiOLVLVODVPXHVWUDVVH
FRQVHUYDQD&\VHDWHPSHUDQ JUDGXDOPHQWHKDVWD&WHPSHUDWXUDDODFXDOVH
UHDOL]DHODQiOLVLV
E3UHSDUDFLyQGHODVFiSVXODVSDUD%LRFKURP/DVFiSVXODVSDUDHO%LRFKURPVH
FDUJDQFRQXQDMHULQJDDODTXHVHOHDGDSWDXQH[WUHPRFyQLFR/DSULPHUDVROXFLyQ
TXHVHSDVDDWUDYpVGHODVFiSVXODVHVHOGHQRPLQDGRWDPSyQGHFDUJDFLWUDWRGHOLWLR
$FRQWLQXDFLyQVHLQWURGXFHQFRQXQDPLFURSLSHWDOGHPXHVWUDGHVSURWHLQL]DGDHQ
ODFiSVXOD\VHFRPSOHWDQXHYDPHQWHFRQOGHWDPSyQGHFDUJD6HJXLGDPHQWH
ODVFiSVXODVVHFRORFDQHQHOPXHVWUHDGRUUHIULJHUDGRGHO%LRFKURP
F$QiOLVLV/RVFRPSXHVWRVDPtQLFRVVRQVHSDUDGRVSRUXQDFROXPQDLQWHUFDPELDGRUD
GH FDWLRQHV FDOHQWDGD JUDGXDOPHQWH GHVGH & KDVWD & /D HOXFLyQ VH UHDOL]D
XWLOL]DQGRXQJUDGLHQWHGHS+GHD/RVWDPSRQHVHPSOHDGRVVRQ

-RVp$5HJRGyQ0DWHRV
7DPSyQ&LWUDWRGHOLWLR0
&RPRVROXFLyQUHJHQHUDGRUDGHODFROXPQDVHXWLOL]yKLGUy[LGRGHOLWLR1WDPSyQ

/D GHWHFFLyQ VH UHDOL]D SRVWFROXPQD XWLOL]DQGR OD UHDFFLyQ FRQ QLQKLGULQD GH ORV
JUXSRV DPLQRV SDUD IRUPDU GHULYDGRV FRORUHDGRV TXH VH GHWHFWDQ SRU
HVSHFWURIRWRPHWUtDDQPFDQDO$H[FHSWRSDUDODSUROLQDHKLGUR[LSUROLQDTXHVH
GHWHFWDDQPFDQDO%
3DUDODFXDQWLILFDFLyQVHHPSOHDXQSDWUyQH[WHUQRGHFDGDXQRGHORVFRPSXHVWRVD
GHWHUPLQDU D XQD FRQFHQWUDFLyQ FRPSUHQGLGD HQWUH \ QPROHVO SDUD WRGRV ORV
FRPSXHVWRVH[FHSWRSDUDODFLVWLQDTXHIXHGHQPROHVO
0HMRUDJHQpWLFD
&RQODILQDOLGDGGHREWHQHUOHYDGXUDVFDSDFHVGHGHVDUUROODUVHDEDMDVWHPSHUDWXUDVVH
VHPEUDURQ SRU GXSOLFDGR O GH XQ FXOWLYR GH <3' OtTXLGR HQ IDVH HVWDFLRQDULD GtDV D
& HQ XQD SODFD GH <3' 6H LQFXEy D & \ REVHUYy HO FUHFLPLHQWR D ORV \ GtDV
6HJXLGDPHQWH VH UHSLWLy HO H[SHULPHQWR SHUR LQFXEDQGR D & 8QD YH] DQDOL]DGRV ORV
UHVXOWDGRVVHYXHOYHDKDFHUHOH[SHULPHQWRLQFXEDQGRSULPHURGtDVD&\GHVSXpVGtDV
D&
/DV OHYDGXUDV XWLOL]DGDV HQ HVWH DSDUWDGR IXHURQ (; (; (; (; (;
(;(;(;(;(;(;(;\ODVFRPHUFLDOHV&2&2\&2
3DUDREWHQHUOHYDGXUDVUHVLVWHQWHVDDOWDVWHPSHUDWXUDVUHDOL]DPRVWLSRVGLVWLQWRVGH
H[SHULPHQWRV 3RU XQ ODGR LQFXEDPRV ODV PLVPDV OHYDGXUDV FLWDGDV HQ HO DQWHULRU DSDUWDGR
DDOWDVWHPSHUDWXUDHQPHGLRVyOLGR \SRURWURHQPRVWRHVWpULO

0pWRGRV
2EWHQFLyQGHPXWDQWHVHVSRQWiQHRVHQPHGLRVyOLGR
/DVOHYDGXUDVHQHVWXGLRVHVHPEUDURQSRUGXSOLFDGRHQSODFDVGH<3'\VHLQFXEDURQ
D&/DVSDSLODVTXHDSDUHFLHURQHQORVH[WHQGLGRVGHOHYDGXUDVVHVHPEUDURQD&HQ
SODFDVGH<3'GXUDQWHK\VHJXLGDPHQWHVHVHPEUDURQHQSODFDVGHOPLVPRPHGLRMXQWR
FRQODVFHSDVSDUHQWDOHVLQFXEiQGRVHD&&\&
3RU RWUR ODGR VH KLFLHURQ H[SHULPHQWRV HQ ORV TXH VH VHPEUDURQ ODV OHYDGXUDV HQ
SODFDV GH <3' YDULDQGR HO WLHPSR GH LQFXEDFLyQ \ OD WHPSHUDWXUD $Vt VH VRPHWLy D ODV
OHYDGXUDVD&GXUDQWHKGHVSXpVVHLQFXEDURQD&KUHSLWLHQGRHVWHFLFORD
YHFHVPiV(QRWURVFDVRVHOFLFORIXHVLPLODUSHURDOFRQWUDULR&K\&K
3DUD HYLWDU OD GHVHFDFLyQ GHO PHGLR HQ WRGRV ORV FDVRV ODV SODFDV IXHURQ HQYXHOWDV FRQ
SDUDILOP
2EWHQFLyQGHPXWDQWHVHVSRQWiQHRVHQPRVWR
/DVOHYDGXUDVIXHURQLQRFXODGDVDUD]yQGH FpOXODVPOHQPOGHPRVWR3DUGLQD
HVWpULOGH%UL[\VHLQFXEDURQD&)HUPHQWDFLyQ(OGtDPOGHFDGDXQRGHORV
PRVWRVYLQRV IXHURQ LQRFXODGRV HQ PO GHO PLVPR PRVWR HVWpULO H LQFXEDGRV D &
)HUPHQWDFLyQ7UDQVFXUULGRVGtDVGHVGHTXHVHLQLFLDURQHVWDVVHJXQGDVIHUPHQWDFLRQHV
POGHODVPLVPDVIXHURQLQRFXODGRVHQPRVWRHVWpULO\GHQXHYRVHGHMyIHUPHQWDUD&
)HUPHQWDFLyQ )LJXUD (Q WRGDV ODV IHUPHQWDFLRQHV VH KL]R XQ VHJXLPLHQWR GHO
FRQVXPR GH D]~FDU %UL[ \ VH REVHUYy HO GtD \ HO HO JUDGR GH HVSRUXODFLyQ GH ODV
OHYDGXUDV
)LJ'LVHxRGHOH[SHULPHQWRSDUDREWHQHUOHYDGXUDVWHUPRUUHVLVWHQWHV

-RVp$5HJRGyQ0DWHRV
$QiOLVLVGHORVSURGXFWRVPHLyWLFRV\HOLPLQDFLyQGH JHQHVGHOHWpUHRV
/DVFHSDVDQDOL]DGDVIXHURQODVSDUHQWDOHV(;(;(;(;(;(;
(; (; \ &2 \ ODV UHVLVWHQWHV D FLFORKH[LPLGD (;5 (;5 (;5 (;5
(;5(;5(;5(;5\&25
0LFURPDQLSXODFLyQGHODVWpWUDGDV
/DVOHYDGXUDVSURFHGHQWHVGHXQDSODFDGH<3'DJDUIXHURQVHPEUDGDVHQPHGLRGH
HVSRUXODFLyQ DJDU DFHWDWR 8QD YH] HVSRUXODGDV ODV WpWUDGDV IXHURQ WUDQVIHULGDV FRQ XQ
SDOLOORDPLFURWXERVFRQOGHDJXDGHVWLODGDHVWpULO\VHDGLFLRQDURQOGHXQDVROXFLyQ
FRPHUFLDOGHJOXVXODVD%LRPHGLFDO3URGXFWV'HSW'X3RQW&RPSDQ\6HLQFXEyGXUDQWH
PLQXWRVD&\GHVSXpVVHGLOX\yYHFHVFRQDJXDGHVWLODGDHVWpULOOSDUDGLOXLUOD

HQ]LPD KDVWD QLYHOHV HQ ORV TXH VX DFWLYLGDG HV SUiFWLFDPHQWH GHVSUHFLDEOH /D JOXVXODVD
GLJLHUH OD SDUHG GHO DVFD IDFLOLWDQGR VX URWXUD SDUD OLEHUDU ODV FXDWUR DVFRVSRUDV ODV FXDOHV
SRVWHULRUPHQWHSXHGHQVHSDUDUVHSRUPLFURPDQLSXODFLyQ/DSUHSDUDFLyQVHJXDUGDD&\OD
GLVHFFLyQVHUHDOL]DDOGtDVLJXLHQWH
/DV DVFDV WUDWDGDV FRQ JOXVXODVD VHGHSRVLWDQHQSODFDVGH<3'IRUPDQGRXQDOtQHD
)LJXUD (O VLJXLHQWH SDVR FRQVLVWH HQ VHSDUDU FRQ HO PLFURPDQLSXODGRU ODV HVSRUDV GH
FDGDDVFDFRORFiQGRODVGHIRUPDRUGHQDGDHQODSODFD6HGLVHFFLRQDURQGHDWpWUDGDV
GH FDGD OHYDGXUD 7UDV GtDV GH LQFXEDFLyQ D & VH GHWHUPLQy HO SRUFHQWDMH GH HVSRUDV
YLDEOHV\VHDQDOL]yHOWDPDxRGHODVFRORQLDV
6HXWLOL]yXQPLFURPDQLSXODGRUHVSHFtILFRSDUDOHYDGXUDVDFRSODGRDXQPLFURVFRSLR
1,.21 (O VLVWHPD GH PLFURPDQLSXODFLyQ IXH VXPLQLVWUDGR SRU 0LFUR9LGHR ,QVWUXPHQWV
,1&$YRQ0$86$
(VWXGLRGHOJUDGRGHKHWHURFLJRVLVGHODVOHYDGXUDV
&RQ HO REMHWR GH REVHUYDU HO JUDGR GH KHWHURFLJRVLV GH ODV OHYDGXUDV ODV FRORQLDV
REWHQLGDV PHGLDQWH PLFURPDQLSXODFLyQ GH ODV FRUUHVSRQGLHQWHV HVSRUDV IXHURQ VHPEUDGDV

VREUHGLVWLQWRVPHGLRVSDUDHVWXGLDUODVHJUHJDFLyQGHYDULRVIHQRWLSRV(QODVOHYDGXUDVFRQ
HVSRUDVGHUHGXFLGDYLDELOLGDGIXHQHFHVDULRGHGXFLUODVHJUHJDFLyQGHORVGLVWLQWRVIHQRWLSRV
HQDOJXQDVWpWUDGDV
/DFDSDFLGDGGHIORFXODUVHDQDOL]yHQ<3'OtTXLGR/DVHVSRUDVIXHURQLQRFXODGDVHQ

0pWRGRV
WXERVGHHQVD\RFRQPOGH<3'\VHLQFXEyD&VLQDJLWDFLyQ7UDQVFXUULGDVK ORV
WXERVIXHURQDJLWDGRVFDOLILFDQGRHOJUDGRGHIORFXODFLyQDWHQGLHQGRDOWDPDxRGHOIOyFXOR\D
ODWXUELGH]GHOPHGLR
)LJ(VTXHPDGHXQPLFURPDQLSXODGRU\PLFURPDQLSXODFLyQGHODVWpWUDGDV
/D LQRFXODFLyQ VREUH PHGLRV DJDUL]DGRV VH UHDOL]y SRU OD WpFQLFD GH UpSOLFD FRQ
WHUFLRSHORVLHQGROD~OWLPDSODFDVHPEUDGDVLHPSUHXQFRQWUROGHPHGLR<3'
6H XWLOL]DURQ PHGLRV SDUD DQDOL]DU OD IHUPHQWDFLyQ GH YDULRV FRPSXHVWRV JDODFWRVD
VDFDURVDPHOLELRVDPHWLO.'JOXFyVLGRPDOWRVDPHOH]LWRVDWUHKDORVDDOPLGyQ\UDILQRVD
%L**<<3*6'DJDU&XPJO\6'DJDU62 PJO
/DV SODFDV VHPEUDGDV IXHURQ LQFXEDGDV D & GXUDQWH K WUDQVFXUULGDV ODV
FXDOHVVHREVHUYDURQORVUHVXOWDGRVHQORVPHGLRVSDUDIHUPHQWDFLyQDSDUHFLHQGRODVFRORQLDV

-RVp$5HJRGyQ0DWHRV
SRVLWLYDV FRQ XQ KDORDPDULOORDOUHGHGRU(QODVSODFDVFRQORVPHGLRV<3*6'DJDU&X\
6'DJDU62 VHREVHUYyHOJUDGRGHFUHFLPLHQWRGHODVFRORQLD)LQDOPHQWHHQODVSODFDVGH
PHGLR%L**<VHDQRWyHOFRORUGHODVFRORQLDVDODV\KHQEDVHDXQDHVFDODVXEMHWLYD
GH EODQFR R FUHPD D PDUUyQ PX\ RVFXUR R QHJUR VLHQGR HO UHVWR YDULDFLRQHV GH
LQWHQVLGDGHVGHOFRORUPDUUyQ
)HUPHQWDFLRQHV GH PO FRQ ODV FRORQLDV SURFHGHQWHV GH ODV HVSRUDV \ VXV
FRUUHVSRQGLHQWHVSDUHQWDOHV
&RQHOILQGHHVWXGLDUODLQIOXHQFLDGHORVJHQHVGHOHWpUHRV\HOJUDGRGHKRPRFLJRVLV
HQHOYLJRUIHUPHQWDWLYRDOJXQDVFRORQLDVKLMDV\VXVUHVSHFWLYDVSDUHQWDOHVIXHURQLQRFXODGDV
FpOXODVPO HQ PO GH PRVWR 3DUGLQD HVWpULO %UL[ PJO GH 62 WRWDO
LQFXEiQGRVH D & 'XUDQWH HO WLHPSR TXH GXUDURQ ODV IHUPHQWDFLRQHV VH PLGLHURQ ORV
%UL[)LQDOL]DGDODIHUPHQWDFLyQVHFDOFXOySDUDFDGDXQDGHODVFHSDVHOWLHPSRQHFHVDULR
SDUDFRQVXPLUHOGHORV%UL[LQLFLDOHV GHOPRVWRDSUR[LPDGDPHQWHHOGHOD]~FDU

LQLFLDOGHILQLHQGRDHVWHSDUiPHWURFRPR7
0LFURYLQLILFDFLRQHVFRQDOJXQDVGHODVOHYDGXUDVKLMDV\VXVSDUHQWDOHV
3DUD HVWXGLDU OD LQIOXHQFLD GH ORV JHQHV GHOHWpUHRV \ HO JUDGR GH KRPRFLJRVLV HQ ODV
SURSLHGDGHVHQROyJLFDVGHODVOHYDGXUDVVHUHDOL]DURQVHQGDVPLFURYLQLILFDFLRQHVD&
GHOGHPRVWR3DUGLQDHVWpULO%UL[LQRFXODGRFRQDOJXQDVGHODVOHYDGXUDVHVWXGLDGDV
HQ HO DSDUWDGR DQWHULRU SURFHGHQWHV GH SDUHQWDOHV FRQ R VLQ JHQHV GHOHWpUHRV \ VXV
FRUUHVSRQGLHQWHV SDUHQWDOHV (O PRVWR IXH SUHYLDPHQWH VXOILWDGR FRQ PJO GH 62 WRWDO
'XUDQWHODIHUPHQWDFLyQVHKL]RXQVHJXLPLHQWRGHORV%UL[\ODSURGXFFLyQGHHVSXPD
8QD YH] ILQDOL]DGD OD IHUPHQWDFLyQ VH PLGLy OD WXUELGH] GH ORV YLQRV VH UHDOL]y XQ
WUDVLHJR6HDSDUWDURQPOGHFDGDPDWUD]VHFHQWULIXJDURQ\ILQDOPHQWHVHSURFHGLyDVX
DQiOLVLV/RVSDUiPHWURVDQDOL]DGRVIXHURQGHQVLGDGS+DFLGH]WRWDODFLGH]YROiWLODFLGH]
ILMD D]~FDUHV UHGXFWRUHV 62 WRWDO JUDGR DOFRKyOLFR SURWHtQDV JOLFHURO \ DFHWDOGHKLGR (O
YLQRTXHQRIXHFHQWULIXJDGRVHDOPDFHQy D&DORVGtDVVHUHDOL]yXQVHJXQGRWUDVLHJR\
VHYROYLyDDOPDFHQDUD&'HVSXpVGHGtDVVHUHDOL]yXQWHUFHUWUDVLHJRVHHPERWHOOy\
WUDQVFXUULGRVGtDVPiVVHSURFHGLyDVXFDWDFRPRVHGHVFULEHHQHODSDUWDGR

0pWRGRV
0pWRGRVLQIRUPiWLFRVHVWDGtVWLFRV
3DUD SURFHVDU WRGRV ORV GDWRV VH XWLOL]y HO SURJUDPD (;&(/ YHUVLyQ \ SDUD
FDOFXODU ODV PHGLDV FRUUHODFLRQHV \ GHVYLDFLRQHV HVWiQGDU HO SURJUDPD HVWDGtVWLFR 6\VWDW
YHUVLyQ
/DVILJXUDVIXHURQKHFKDVFRQHOSURJUDPD+DUYDUG*UDSKLFVYHUVLyQ(OWH[WR\ODV
WDEODVKDQVLGRWUDWDGRVFRQ:RUG3HUIHFWYHUVLRQHV\

&$378/2,
$,6/$0,(172,'(17,),&$&,1<
&$5$&7(5,=$&,1'(/$6/(9$'85$6
&DStWXOR,
$LVODPLHQWRHLGHQWLILFDFLyQGHODVOHYDGXUDV
7UDV OD UHFRJLGD \ SURFHVDPLHQWR GH PXHVWUDV VH DLVODURQ XQ WRWDO GH
OHYDGXUDV GH ODV FXDOHV SUHVHQWDEDQ FRORQLDV FRQ HO DVSHFWR WtSLFR GH 6DFFKDURP\FHV
FHUHYLVLDH 6HVGHFLUFRORQLDFUHPDPDQWHFRVDOLVDFLUFXODU\PX\SURPLQHQWH/DV
OHYDGXUDV UHVWDQWHV IRUPDEDQ FRORQLDV FRQ RWUDV PRUIRORJtDV 16 7DEOD /DV
OHYDGXUDV IXHURQ QRPEUDGDV FRQ XQ Q~PHUR \ HO SUHILMR (; /DV FRORQLDV FRQ DVSHFWR GH
6DFFKDURP\FHV FHUHYLVLDH IXHURQ (; (; (;(; (;(; (;(;
(;(; \ (;(; /DV FRORQLDV FRQ RWUDV PRUIRORJtDV IXHURQ (;(;

(;(;(;(;(;(;\(;
$ WRGDV ODV OHYDGXUDV DLVODGDV PiV WUHV FRPHUFLDOHV XWLOL]DGDV FRPR UHIHUHQFLD
&2&2\&2VHOHVVRPHWLyDODVFRUUHVSRQGLHQWHVSUXHEDVGHLGHQWLILFDFLyQ7DEODV

DGRQGHODVOHYDGXUDVFRQDVSHFWR16VHSUHVHQWDQHQFXUVLYD
/RV UHVXOWDGRV GH ODV SUXHEDV IHUPHQWDWLYDV VH SXHGHQ REVHUYDU HQ OD 7DEOD
7RGDV ODV OHYDGXUDV 6 IHUPHQWDURQ OD JOXFRVD 'H ODV OHYDGXUDV 16 VyOR ODV OHYDGXUDV
(;(;(;(;\(;UHVXOWDURQIHUPHQWDGRUDVGHJOXFRVD/DIHUPHQWDFLyQGH
JDODFWRVD \ PDOWRVD HV EDVWDQWH YDULDEOH HQWUH ODV OHYDGXUDV 6 TXH IHUPHQWDQ JOXFRVD \
VLHPSUHQHJDWLYDSDUDODVTXHQRODIHUPHQWDQ\WRGDVODV16/DIHUPHQWDFLyQGH0.'
JOXFyVLGR IXH QHJDWLYD SDUD OD PD\RUtD GH ODV OHYDGXUDV GpELO : R UHWUDVDGD ' SDUD
DOJXQDV \ SRVLWLYD ~QLFDPHQWH SDUD OD FRPHUFLDO &2 3RU RWUD SDUWH QLQJXQD GH ODV
OHYDGXUDVIHUPHQWyODODFWRVD
(Q OD 7DEOD VH SUHVHQWDQ WDPELpQ ORV UHVXOWDGRV UHODWLYRV D OD DVLPLODFLyQ GH
PRQRVDFiULGRV \ GHULYDGRV /D DVLPLODFLyQ GH JDODFWRVD IXH SRVLWLYD SDUD FDVL WRGDV ODV
OHYDGXUDV OR FRQWUDULR VXFHGLy FRQ OD VRUERVD TXH UHVXOWy QHJDWLYD SDUD OD PD\RUtD /D
DVLPLODFLyQGH/DUDELQRVD'DUDELQRVD\VDOLFLQDIXHQHJDWLYDSDUDWRGDVODVOHYDGXUDV/D
OHYDGXUD (; IXH OD ~QLFD FDSD] GH DVLPLODU OD ULERVD /D DVLPLODFLyQ GH [LORVD UHVXOWy
QHJDWLYDSDUDWRGDVODVOHYDGXUDV6\YDULDEOHSDUDODV16
/D 7DEOD PXHVWUD ORV UHVXOWDGRV GH ODV SUXHEDV GH DVLPLODFLyQ GH GLVDFiULGRV
WULVDFiULGRV SROLVDFiULGRV \ iFLGRV RUJiQLFRV 7RGDV ODV OHYDGXUDV IXHURQ FDSDFHV GH
DVLPLODU OD VDFDURVD /D DVLPLODFLyQ GH PDOWRVD UHVXOWy JHQHUDOPHQWH SRVLWLYD DXQTXH
WDPELpQ DSDUHFLHURQ OHYDGXUDV PDOWRVD QHJDWLYD \ GpELO : 1LQJXQD OHYDGXUDDVLPLOyOD

-RVp$5HJRGyQ0DWHRV
FHORELRVD7RGDVODVOHYDGXUDV6IXHURQWUHKDORVDSRVLWLYRRGpELODH[FHSFLyQGH(;\
(;HQWUHODVOHYDGXUDV16WRGDVIXHURQWUHKDORVDQHJDWLYRH[FHSWR(;D(;\(;
TXHODDVLPLODURQGpELOPHQWH/DDVLPLODFLyQGH ODFWRVDIXHGpELOSDUD(;(;(;
(;(;\(;\QHJDWLYDSDUDHOUHVWR6yOR(;DVLPLOyODPHOLELRVDGpELOPHQWH
QLQJXQDGHODVGHPiVOHYDGXUDVODDVLPLOy/DDVLPLODFLyQGHUDILQRVDIXHPX\YDULDEOH/D
PD\RUtDGHODVFHSDVIXHURQPHOH]LWRVDQHJDWLYRVLELHQDSDUHFHQGpELOHV\SRVLWLYRV
(;(;(;&2\&2(ODOPLGyQIXHDVLPLODGRGpELOPHQWHSRUODVOHYDGXUDV
16 (; \ (; \ QR OR IXH SRU ODV GHPiV OHYDGXUDV 7DQWR HOiFLGRFtWULFRFRPRHO
WDUWiULFR QR IXHURQ DVLPLODGRV SRU QLQJXQD OHYDGXUD D H[FHSFLyQ GH (; TXH DVLPLOy HO
iFLGR FtWULFR GpELOPHQWH \ (; TXH DVLPLOy HO WDUWiULFR (O iFLGR VXFFtQLFR VyOR IXH
DVLPLODGR SRU (; GH ODV 6 \ SRU YDULDV GH ODV 16 SDUD HO UHVWR IXH QHJDWLYD HVWD
SUXHED3DUDODDVLPLODFLyQGHiFLGROiFWLFRODPD\RUtDGHORVSRVLWLYRVRSRVLWLYRVGpELOHV
DSDUHFLHURQHQODV16QRREVWDQWHSUHGRPLQDURQORVUHVXOWDGRVQHJDWLYRV/DDVLPLODFLyQ
GHiFLGRWDUWiULFRQRHVXQDSUXHEDWtSLFDPHQWHLGHQWLILFDWLYDSHURGHVGHHOSXQWRGHYLVWD
HQROyJLFR WLHQH FLHUWR LQWHUpV SXHV ODV OHYDGXUDV TXH VRQ FDSDFHV GH GHJUDGDUOR SXHGHQ
SURYRFDU OD HQIHUPHGDG GHO YLQR OODPDGD YXHOWD R UHERWH 3H\QDXG HQWUH HVWDV
OHYDGXUDVVHHQFXHQWUDQDOJXQDVGHOJpQHUR3LFKLD+DQVHQXOD&DQGLGD5KRGRWRUXOD HWF
*RQ]iOH]
/RV UHVXOWDGRV GH ODV SUXHEDV GH DVLPLODFLyQ GH DOFRKROHV \ QLWUDWR HVFLVLyQ GH OD
DUEXWLQD IRUPDFLyQ GH DOPLGyQ FUHFLPLHQWR HQ FLFORKH[LPLGD H KLGUyOLVLV GH XUHD VH
SUHVHQWDQHQOD7DEOD/DDVLPLODFLyQGHDGRQLWROIXHQHJDWLYDSDUDWRGDVODVOHYDGXUDV
VDOYRSDUD(;\(;TXHIXHSRVLWLYD1LQJXQDOHYDGXUDDVLPLOyJDODFWLWRORHULWULWRO(O
PDQLWRO IXH DVLPLODGR SRU PX\ SRFDV OHYDGXUDV OD PD\RUtD GH ODV FXDOHV OR KLFLHURQ
GpELOPHQWHVyORIXHFODUDPHQWHSRVLWLYDSDUD(;(;(;\(;WRGDVHOODV16
/DDVLPLODFLyQGHJOLFHULQDIXHXQDSUXHEDPX\YDULDEOHSDUDODVOHYDGXUDV6\SRVLWLYDR
GpELO SDUD WRGDV ODV 16 H[FHSWR (; (; \ (; TXH IXH QHJDWLYD1LQJXQDOHYDGXUD
FUHFLyHQSUHVHQFLDGHQLWUDWRFRPR~QLFDIXHQWHGHQLWUyJHQRLJXDOPHQWHQLQJXQDHVFLQGLy
OD DUEXWLQD IRUPyDOPLGyQRFUHFLyHQFLFORKH[LPLGD/DKLGUyOLVLVGHODXUHDIXH

QHJDWLYDSDUDWRGDVODVOHYDGXUDV6\YDULDEOHSDUDODV16
(OFUHFLPLHQWRDGLVWLQWDVWHPSHUDWXUDVVHH[SRQHHQOD7DEODHQODFXDOWDPELpQ
VHSXHGHREVHUYDUHOFUHFLPLHQWRDDOWDVSUHVLRQHVRVPyWLFDV7RGDVODVOHYDGXUDVFUHFLHURQ

&DStWXOR,
D\&$&ODUHVSXHVWDIXHPX\YDULDEOHDXQTXHODPD\RUtDGHODVOHYDGXUDVTXH
FUHFLHURQORKLFLHURQGpELO:RWDUGtDPHQWH'\DGHPiVHUDQ6VyOR(;(;(;

\(;GHODV16FUHFLHURQDHVWDWHPSHUDWXUD(OFUHFLPLHQWRHQJOXFRVDDOUHVXOWy
SRVLWLYR VyOR SDUD (; \ (; DPEDV 16 \ QHJDWLYR SDUD HO UHVWR (O FUHFLPLHQWR HQ
JOXFRVDDOIXHQHJDWLYRSDUDWRGDVLQFOXLGDV(;\(;
/RVUHVXOWDGRVGHODVSUXHEDVGHHVSRUXODFLyQVHPXHVWUDQHQOD7DEOD(QWRGDV
ODV OHYDGXUDV 6 VH REVHUYy HVSRUXODFLyQ FRQ OD DSDULFLyQ GH WpWUDGDV WtSLFDV GH 6
FHUHYLVLDH(QODVOHYDGXUDV16VHREVHUYyWDPELpQHVSRUXODFLyQFRQODVH[FHSFLRQHVGH
(;(;(;(;(;(;\(;HQHVWRVFDVRVQRVHREVHUYDURQWpWUDGDV
WtSLFDVGH6FHUHYLVLDH(OSRUFHQWDMHDSUR[LPDGRGHHVSRUXODFLyQQ~PHURGHHVSRUDVSRU
DVFD\GHVFULSFLyQGHODVDVFDVVHUHIOHMDHQODPLVPDWDEOD/DVFHSDV(;(;(;
(;(;(;(;(;\&2SUHVHQWDURQXQDHOHYDGDHVSRUXODFLyQD
\(;PX\ HOHYDGD(QODVFHSDV(;(;(;(;(;(;(;

(;(;\(;VHREVHUYySRFRQLYHOGHHVSRUXODFLyQD\HVSHFLDOPHQWH
HQ(;

2ULJHQD &HSD
7%
5$
'HVFULSFLyQE
7DEOD/HYDGXUDVDLVODGDV
(; &RORQLDFUHPDPDQWHFRVDOLVDFLUFXODU\PX\SURPLQHQWH
&pOXODVRYRLGHVGHPGHORQJLWXGJHPDFLyQPXOWLSRODU
9HQGLPLD 7RPDGH0XHVWUD
9DULHGDGGH8YD
7LSRGH9LQR

0DU]R
&D\HWDQD
%ODQFRMRYHQ

0DU]R
&D\HWDQD
%ODQFRMRYHQ
(; &RORQLDFUHPDPDQWHFRVDOLVDFLUFXODU\SURPLQHQWH
&pOXODVHOtSWLFDVGHPGHORQJLWXGJHPDFLyQPXOWLSRODU

0DU]R
&D\HWDQD
%ODQFRMRYHQ
(; &RORQLDFUHPDPDQWHFRVDOLVDFLUFXODU\SURPLQHQWH

0DU]R
&D\HWDQD
%ODQFRMRYHQ
(; &RORQLDFUHPDJUDQXODUUXJRVDFLUFXODU\FRQYH[D
&pOXODVDODUJDGDVGHPGHORQJLWXGSVHXGRPLFHOLR

0DU]R
&D\HWDQD
%ODQFRMRYHQ

0DU]R
&D\HWDQD
%ODQFRMRYHQ
(; &RORQLDRFUHJUDQXODUSRFRUXJRVDFLUFXODU\FRQYH[D

0DU]R
&D\HWDQD
%ODQFRMRYHQ

0DU]R
&D\HWDQD
%ODQFRMRYHQ
&pOXODVHVIpULFDVGHPGHORQJLWXGJHPDFLyQPXOWLSRODU

0D\R
3LWDUUDMRYHQ

0D\R
3LWDUUDMRYHQ

0D\R
3LWDUUDMRYHQ

0D\R
3LWDUUDMRYHQ
2ULJHQ
5$
7%
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD
7LSRGH9LQR

-XOLR
3LWDUUDMRYHQ

-XOLR
3LWDUUDMRYHQ

0D\R
3LWDUUDDxRV

0D\R
3LWDUUDDxRV
(; &RORQLDRFUHPDQWHFRVDOLVDFLUFXODU\SURPLQHQWH
&pOXODVHOtSWLFRDODUJDGDVGHPGHORQJLWXGJHPDFLyQ
ELSRODU

-XOLR
7LQWRSDUD
HQYHMHFHU
ELSRODU

-XOLR
7LQWRSDUD
HQYHMHFHU
(; &RORQLDRFUHJUDQXODUOLVDFLUFXODU\SURPLQHQWH
&pOXODVHOtWLFRDOUJDGDVGHPGHORQJLWXGJHPDFLyQELSRODU

-XOLR
(; &RORQLDRFUHJUDQXODUOLVDFLUFXODU\SURPLQHQWH
&pOXODVHOtSWLFDVGHPGHORQJLWXG

-XOLR
7LQWRSDUD
HQYHMHFHU
PXOWLSRODU

-XOLR
&pOXODVDSLFXODGDVGHPGHORQJLWXGJHPDFLyQELSRODU

-XOLR
7LQWRSDUD
HQYHMHFHU
7LQWRSDUD
HQYHMHFHU
7LQWRSDUD
HQYHMHFHU
2ULJHQ
7%
5%
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
(; &RORQLDRFUHPDQWHFRVDUXJRVDFLUFXODU\SURPLQHQWH
9DULHGDGGH8YD
7LSRGH9LQR

-XOLR

-XOLR

-XOLR

-XOLR
(; &RORQLDRFUHJUDQXODUUXJRVDFLUFXODU\SURPLQHQWH

-XOLR

-XOLR

1RYLHPEUH
&D\HWDQD\3DUGLQD

1RYLHPEUH
&D\HWDQD\3DUGLQD
%ODQFR

1RYLHPEUH
7LQWR
&pOXODVHVIpULFDVGH PGHORQJLWXGJHPDFLyQPXOWLSRODU

1RYLHPEUH
&DEHUQHW0HUORW
\*DUQDFKD

1RYLHPEUH
&D\HWDQD\0RQW~D
%ODQFR

1RYLHPEUH
&D\HWDQD\0RQW~D
7LQWRSDUD
HQYHMHFHU
7LQWRSDUD
HQYHMHFHU
7LQWRSDUD
HQYHMHFHU
7LQWRSDUD
HQYHMHFHU
7LQWRSDUD
HQYHMHFHU
&DEHUQHW0HUORW
\*DUQDFKD
7LQWRSDUD
HQYHMHFHU
%ODQFR
7LQWR
2ULJHQ
5%
7%
5$
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD
7LSRGH9LQR

1RYLHPEUH
3DUGLQD\0RQW~D
%ODQFR

1RYLHPEUH
3DUGLQD\0RQW~D
%ODQFR
DVFDVFRQDVFRVSRUDV

6HSWLHPEUH
*DUQDFKD7LQWRUHUD

6HSWLHPEUH
*DUQDFKD7LQWRUHUD
7LQWR
GtDGH
IHUPHQWDFLyQ

6HSWLHPEUH
*DUQDFKD7LQWRUHUD
(; &RORQLDFUHPDPDQWHFRVDOLVD FLUFXODU\PX\SURPLQHQWH

DVFDVFRQDHVSRUDV

6HSWLHPEUH
0RQDVWUHOO

6HSWLHPEUH
0RQDVWUHOO

6HSWLHPEUH
0RQDVWUHOO
DVFDVFRQDHVSRUDV

6HSWLHPEUH
&KDUGRQQD\
\$ODULMH
DVFDVFRQDHVSRUDV

6HSWLHPEUH
&KDUGRQQD\
\$ODULMH

6HSWLHPEUH
&DEHUQHW6DXYLJQRQ
7LQWR GtDGH
IHUPHQWDFLyQ
7LQWR GtDGH
IHUPHQWDFLyQ
7LQWR
GtDGH
IHUPHQWDFLyQ
7LQWR GtDGH
IHUPHQWDFLyQ
7LQWR GtDGH
IHUPHQWDFLyQ
%ODQFR
GtDGH
IHUPHQWDFLyQ
%ODQFR
GtDGH
IHUPHQWDFLyQ
7LQWR GtDGH
IHUPHQWDFLyQ
2ULJHQ
5$
7%
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD
7LSRGH9LQR
7LQWR
GtDGH
IHUPHQWDFLyQ

6HSWLHPEUH
&DEHUQHW6DXYLJQRQ

6HSWLHPEUH

6HSWLHPEUH
*DUQDFKD
7HPSUDQLOOR
&DEHUQHW
&pOXODVRYRLGHVGHP GHORQJLWXGJHPDFLyQPXOWLSRODUDVFDV
FRQDHVSRUDV

6HSWLHPEUH

6HSWLHPEUH

1RYLHPEUH
*DUQDFKD7LQWRUHUD

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7LQWR

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7LQWR

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7LQWR

1RYLHPEUH
*DUQDFKD
7HPSUDQLOOR
&DEHUQHW
*DUQDFKD
7HPSUDQLOOR
&DEHUQHW
*DUQDFKD
7HPSUDQLOOR
&DEHUQHW
7LQWR
GtDGH
IHUPHQWDFLyQ
7LQWR
GtDGH
IHUPHQWDFLyQ
7LQWR
GtDGH
IHUPHQWDFLyQ
7LQWR
GtDGH
IHUPHQWDFLyQ
7LQWR
*DUQDFKD7LQWRUHUD 7LQWRFRQHQ]LPDV
7HPSUDQLOOR
SHFWROtWLFDVHQ
IHUPHQWDFLyQ
2ULJHQ
7%
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR

1RYLHPEUH

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR

1RYLHPEUH

1RYLHPEUH
(; &RORQLDFUHPDPDQWHFRVDGHERUGHGHQWDGRTXHHYROXFLRQDD
UL]RLGHHOHYDGD
&pOXODVPX\DODUJDGDVGHPGHORQJLWXGSVHXGRPLFHOLR

1RYLHPEUH
*DUQDFKD7LQWRUHUD
UL]RLGHHOHYDGD
&pOXODVDODUJDGDVGHPGHORQJLWXG SVHXGRPLFHOLR

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR
UL]RLGHHOHYDGD

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR

1RYLHPEUH
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR
*DUQDFKD7LQWRUHUD
7HPSUDQLOOR
7LSRGH9LQR
7LQWRFRQHQ]LPDV
SHFWROtWLFDVHQ
IHUPHQWDFLyQ
7LQWR
7LQWRFRQHQ]LPDV
SHFWROtWLFDVHQ
IHUPHQWDFLyQ
7LQWR
7LQWRFRQHQ]LPDV
SHFWROtWLFDVHQ
IHUPHQWDFLyQ
7LQWR
7LQWRFRQHQ]LPDV
SHFWROtWLFDVHQ
IHUPHQWDFLyQ
7LQWR
7LQWRFRQHQ]LPDV
SHFWROtWLFDVHQ
IHUPHQWDFLyQ
2ULJHQ
07
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD
7LSRGH9LQR
0RQW~D&D\HWDQD
\3DUGLQD
%ODQFR

1RYLHPEUH

1RYLHPEUH

1RYLHPEUH

1RYLHPEUH

1RYLHPEUH

1RYLHPEUH
(; &RORQLDFUHPDPDQWHFRVDUXJRVDFLUFXODU\SURPLQHQWH
&pOXODVHOtSWLFDVGHPGHORQJLWXG

1RYLHPEUH

1RYLHPEUH

1RYLHPEUH
7HPSUDQLOOR
7LQWR

1RYLHPEUH
&DEHUQHW6DXYLJQRQ
7LQWR&ULDQ]D

1RYLHPEUH
&DEHUQHW6DXYLJQRQ
7LQWR&ULDQ]D
0RQW~D&D\HWDQD
\3DUGLQD
%ODQFR
0RQW~D&D\HWDQD
\3DUGLQD
%ODQFR)LQDOGH
IHUPHQWDFLyQ
0RQW~D&D\HWDQD
\3DUGLQD
%ODQFR)LQDOGH
IHUPHQWDFLyQ
0RQW~D&D\HWDQD
\3DUGLQD
0RQW~D&D\HWDQD
\3DUGLQD
0RQW~D&D\HWDQD
\3DUGLQD
7HPSUDQLOOR
%ODQFR)LQDOGH
IHUPHQWDFLyQ
%ODQFR)LQDOGH
IHUPHQWDFLyQ
%ODQFR)LQDOGH
IHUPHQWDFLyQ
7LQWR
2ULJHQ
07
&f
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
ELSRODUFDGHQDVGHFpOXODV
9DULHGDGGH8YD
7LSRGH9LQR

1RYLHPEUH
7HPSUDQLOOR
&pOXODVDODUJDGDVGHPGHORQJLWXGJHPDFLyQELSRODU
FDGHQDVGHFpOXODV

1RYLHPEUH
7HPSUDQLOOR
7LQWR
FDGHQDVGHFpOXODV

1RYLHPEUH
7HPSUDQLOOR
7LQWR
FDGHQDVGHFpOXODV

1RYLHPEUH
7HPSUDQLOOR
7LQWR

1RYLHPEUH
&DEHUQHW6DXYLJQRQ
&pOXODV HVIpULFDVGHPGHORQJLWXGJHPDFLyQPXOWLSRODU

1RYLHPEUH
&DEHUQHW6DXYLJQRQ
7LQWR)LQDOGH
IHUPHQWDFLyQ

'LFLHPEUH

'LFLHPEUH
0RULVFD
0DOIDO
7LQWR GtDGH
IHUPHQWDFLyQ
&pOXODVRYRLGHVGHPGHORQJLWXGJHPDFLyQPXOWLSRODUDVFDV
FRQDHVSRUDV

'LFLHPEUH
0RULVFD
0DOIDO

'LFLHPEUH
7LQWR
GtDGH
IHUPHQWDFLyQ
0RULVFD
0DOIDO
0RULVFD
0DOIDO
7LQWR
7LQWR)LQDOGH
IHUPHQWDFLyQ
7LQWR GtDGH
IHUPHQWDFLyQ
7LQWR GtDGH
IHUPHQWDFLyQ
2ULJHQ
&f
&f
&f
&f
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD
7LSRGH9LQR
0RULVFD
0DOIDO
7LQWR

'LFLHPEUH

'LFLHPEUH

'LFLHPEUH
0RULVFD\7HPSUDQLOOR
7LQWR

'LFLHPEUH
0RULVFD\7HPSUDQLOOR
7LQWR

'LFLHPEUH
0RULVFD\7HPSUDQLOOR
7LQWR

'LFLHPEUH
0RULVFD\7HPSUDQLOOR
7LQWR

'LFLHPEUH
7LQWR

'LFLHPEUH
0DOIDO0RULVFD
\$ODULMH

0RULVFD
0DOIDO
7LQWR
7LQWR
'LFLHPEUH
0DOIDO0RULVFD
\$ODULMH
*DUQDFKD7LQWRUHUD
7LQWR

'LFLHPEUH
*DUQDFKD7LQWRUHUD
7LQWR

'LFLHPEUH

'LFLHPEUH
3LWDUUD
6LQVXOILWDU
3LWDUUD
6LQVXOILWDU
2ULJHQ
&f
5$
01
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ
9DULHGDGGH8YD
7LSRGH9LQR

'LFLHPEUH

'LFLHPEUH

(QHUR

(QHUR
3LWDUUD
ELSRODUSVHXGRPLFHOLR

(QHUR
3LWDUUD
(; &RORQLDFUHPDPDQWHFRVDOLVDFLUFXODU\PX\ SURPLQHQWH


)HEUHUR

)HEUHUR

)HEUHUR

)HEUHUR
)HEUHUR
)HEUHUR
3LWDUUD
6LQVXOILWDU
3LWDUUD
6LQVXOILWDU
3LWDUUD
3HGUR;LPHQH]
\%RUED
3LWDUUD
3HGUR;LPHQH]
\%RUED
3LWDUUD
3HGUR;LPHQH]
\%RUED
3LWDUUDYLHMR
3HGUR;LPHQH]
\%RUED
3LWDUUD
3HGUR;LPHQH]
\%RUED
3LWDUUD
3HGUR;LPHQH]
\%RUED
3LWDUUDYLHMR
2ULJHQ
01
&HSD
'HVFULSFLyQ
7DEOD&RQWLQXDFLyQ

)HEUHUR

)HEUHUR

)HEUHUR

)HEUHUR
9DULHGDGGH8YD
7LSRGH9LQR
3HGUR;LPHQH]
\%RUED
3LWDUUD
3HGUR;LPHQH]
\%RUED
3HGUR;LPHQH]%RUED
\7HPSUDQLOOR
3HGUR;LPHQH]%RUED
\7HPSUDQLOOR
3LWDUUD
&ODUHWH
&ODUHWH
7% 7LHUUDGH%DUURV(VWDFLyQ(QROyJLFDGH$OPHQGUDOHMR%RGHJDV,19,26$$OPHQGUDOHMR
5$ 5LEHUD$OWDGHO*XDGLDQD%RGHJDV5XL](VSDUUDJDOHMR%RGHJDV&DWDOLQD$UUR\R'RQ%HQLWR3DUWLFXODU0DOSDUWLGDGHOD6HUHQD
5% 5LEHUD%DMDGHO*XDGLDQD%RGHJDV&RORPD$OYDUDGR
07 0DWDQHJUD%RGHJDV0HGLQDH+LMRV3XHEODGH6DQFKR3HUp]
&f &DxDPHUR %RGHJDV 5XL] 7RUUHV &DxDPHUR %RGHJDV $JDSLWD 5XELR &DxDPHUR %RGHJDV 6DQWDPDUtD &DxDPHUR 3DUWLFXODU &DxDPHUR
3DUWLFXODU&DxDPHUR
01 0RQWiQFKH] &RRSHUDWLYD 9LQtFROD &RPDUFDO GHO &DPSR GH OD &RPDUFD GH 0RQWiQFKH] 0RQWiQFKH] %RGHJDV 9DOGHPDQWLOODV \ 7UDPSDO
0RQWiQFKH]
D
/DORQJLWXGGHODVFpOXODVFRUUHVSRQGHDODVPiVJUDQGHV
6XSHUILFLHGHODFRORQLDOLVDRUXJRVD
&RQVLVWHQFLDGHODFRORQLDPDQWHFRVDRJUDQXODU
(OHYDFLyQGHODFRORQLDHOHYDGDFRQYH[DSURPLQHQWHRPX\SURPLQHQWH
E
&DStWXOR,
7DEOD)HUPHQWDFLyQGHD]~FDUHV\DVLPLODFLyQGHPRQRVDFiULGRV\GHULYDGRV
&HSD
*OXI
*DOI
0DOI
(;
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;

/DFI 0.'JI *OXD

*DOD

6RUD /$UDD '$UDD 5LED

:
:

6DOD
;LOD

:

-RVp$5HJRGyQ0DWHRV
7DEOD&RQWLQXDFLyQ
&HSD
*OXI
*DOI
0DOI
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

/DFI 0.'JI *OXD

*DOD

:
:

6DOD
;LOD

:

&DStWXOR,
7DEOD&RQWLQXDFLyQ
&HSD
*OXI
*DOI
0DOI
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

/DFI 0.'JI *OXD

'

'

*DOD
:

:
:

:
:

6DOD
;LOD

:

-RVp$5HJRGyQ0DWHRV
7DEOD&RQWLQXDFLyQ
&HSD
*OXI
*DOI
0DOI
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2
(;
(;

/DFI 0.'JI *OXD

'

*DOD


6DOD
;LOD

IHUPHQWDFLyQDDVLPLODFLyQ
*OX JOXFRVD *DO JDODFWRVD 0DO PDOWRVD /DF ODFWRVD0.'J PHWLO.'JOXFyVLGR6RU VRUERVD/\
'DUD DUDELQRVD5LE ULERVD6DO VDOLFLQD;LO [LORVD
FUHFLPLHQWRDORVGtDV QRFUHFH: SRFRFUHFLPLHQWR' FUHFHHQWUHORVGtDV\
(QFXUVLYDVHSUHVHQWDQODVOHYDGXUDV16
I

&DStWXOR,
7DEOD$VLPLODFLyQGHGLVDFiULGRVWULVDFiULGRVSROLVDFiULGRV\iFLGRVRUJiQLFRV
&HSD
6DF
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

0DO &HO

7UH
/DF
0HO

:
:
:
:

:

:
:

5DI 0O]

:
:
:
:

:

$OP
&tW
6XF
/iFW
7+

:

:
:

-RVp$5HJRGyQ0DWHRV
&HSD
6DF
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

0DO &HO

:

7DEOD&RQWLQXDFLyQ
7UH
/DF
0HO

:

5DI 0O]
$OP
&tW
6XF
/iFW
7+

&DStWXOR,
&HSD
6DF
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
0DO &HO

:
:

7+
/iFW
6XF
&tW
$OP
5DI 0O]
0HO
/DF
7UH
7DEOD&RQWLQXDFLyQ
:
:
:

:
:
:

:

:

-RVp$5HJRGyQ0DWHRV
&HSD
6DF
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2

0DO &HO

7DEOD&RQWLQXDFLyQ
7UH
/DF
0HO

:

5DI 0O]

7+

:

/iFW

6XF
&tW

$OP

:

6DF VDFDURVD0DO PDOWRVD&HO FHORELRVD7UH 7UHKDORVD/DF ODFWRVD0HO PHOLELRVD5DI UDILQRVD

0O] PHOH]LWRVD $OP DOPLGyQ &tW iFLGR FtWULFR 6XF iFLGR VXFFtQLFR /iFW iFLGR OiFWLFR 7+ iFLGR
WDUWiULFR

&DStWXOR,
7DEOD$VLPLODFLyQGHDOFRKROHV\QLWUDWRRWUDVSUXHEDVGHLGHQWLILFDFLyQ
&HSD
$GR
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

*DWO (UL

'0DQ
*OL
1LW
$UED
$OPE

:
:

:

&\KF 8UHDG

-RVp$5HJRGyQ0DWHRV
&HSD
$GR
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

*DWO (UL

7DEOD&RQWLQXDFLyQ
'0DQ
*OL
1LW
$UED
$OPE

:

:

&\KF 8UHDG

&DStWXOR,
&HSD
$GR
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

*DWO (UL

7DEOD&RQWLQXDFLyQ
'0DQ
*OL
1LW
$UED
$OPE

:

:

&\KF 8UHDG

-RVp$5HJRGyQ0DWHRV
&HSD
$GR
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2

*DWO (UL

7DEOD&RQWLQXDFLyQ
'0DQ
*OL
1LW
$UED
$OPE

:

&\KF 8UHDG

$GR DGRQLWRO*DWO JDODFWLWRO(UL HULWULWRO'0DQ 'PDQLWRO*OL JOLFHULQD1LW QLWUDWR

D
$UE HVFLVLyQ GH OD DUEXWLQD E$OP IRUPDFLyQ GH DOPLGyQ G&\K FUHFLPLHQWR HQ FLFORKH[LPLGD
G
8UHD KLGUyOLVLVGHODXUHD
DEFG
SUXHEDSRVLWLYD SUXHEDQHJDWLYD SUXHEDSRVLWLYRGpELO

&DStWXOR,
&HSD
7DEOD&UHFLPLHQWRDGLVWLQWDVWHPSHUDWXUDV\FRQFHQWUDFLRQHVGHJOXFRVD*OX
*OX

*OX

&
&
&
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

:

'
'

'
'

&HSD
&
&
&
(;
'
(;
'

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

'
'
'

'
'
'

'
'
'

:
'

*OX

*OX

-RVp$5HJRGyQ0DWHRV
7DEOD&RQWLQXDFLyQ
&HSD
&
&
&
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

:
'

'

'

*OX

*OX

&HSD
&
&
&
(;
(;

(;
(;
(;
(;
(;
(;

(;
(;
(;
(;
(;
(;

(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2

'
'

'

'

'

'
*OX

*OX



&DStWXOR,
7DEOD(VSRUXODFLyQ
&HSD (VSRUXODFLyQD E (VSRUDV 'HVFULSFLyQG

SRUDVFDF
(;
(;
(;
(;
(;

(;

(;
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
17

7
7
7
7
7
17

17

17

17

(;

(;

(;
(;
(;

(;
(;
&HSD (VSRUXODFLyQD E (VSRUDV 'HVFULSFLyQG

SRUDVFDF

17
17
17
17
17
17
17
17
17
7
7
7
7
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

-RVp$5HJRGyQ0DWHRV
&HSD (VSRUXODFLyQ E
D
(;

(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
7DEOD&RQWLQXDFLyQ
(VSRUDV 'HVFULSFLyQ
G
SRUDVFDF
7
(;

(;

(;
(;
(;
(;
(;
(;
7
7
7
17

17

&HSD (VSRUXODFLyQ E
(;
(;
(;
(;

(VSRUDV 'HVFULSFLyQ
G
SRUDVFDF

7
7
7
7
7
7
7
7
7
17
(;

17
(;

7
7
7
7
7
7
7
7
7
7
7
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2

7
7
7
7
7
7
7
7
7
7
7
HVSRUXODHQDJDUDFHWDWR\RHQPHGLRPtQLPRGHHVSRUXODFLyQ QRHVSRUXODQLHQDJDUDFHWDWRQLHQ
PHGLRPtQLPRGHHVSRUXODFLyQ
E
3RUFHQWDMHGHHVSRUXODFLyQDSUR[LPDGR(YDOXDGRSRUUHFXHQWRGHFpOXODVHQFiPDUDGH7KRPD
F
(QQHJULOODVHVHxDODHOQ~PHURPiVDEXQGDQWH
G
7 SUHVHQFLDGHWpWUDGDVWtSLFDVGH6DFFKDURP\FHV17 DXVHQFLDGHWpWUDGDVWtSLFDVGH6DFFKDURP\FHV
D

&DStWXOR,
8QDYH]UHDOL]DGDVWRGDVODVSUXHEDVLGHQWLILFDWLYDVVHSURFHGLyDOSURFHVDPLHQWRGH
ORVGDWRVSDUDGHWHUPLQDUHOJpQHURHVSHFLH\UD]DGHODVOHYDGXUDVDLVODGDVORVUHVXOWDGRV
VH H[SRQHQ HQ OD 7DEOD &RPR HQ HVWH HVWXGLR VH SUHWHQGH VHOHFFLRQDU OHYDGXUDV
IHUPHQWDWLYDV~WLOHVSDUDUHDOL]DUYLQLILFDFLRQHVQRVHGHWHUPLQyHOJpQHURGHODVOHYDGXUDV
QRSHUWHQHFLHQWHVDOJpQHUR 6DFFKDURP\FHV\DTXHVyOR(;(;(;(;\(;
IHUPHQWDURQ OD JOXFRVD \ HO UHVWR QR IHUPHQWDURQ QLQJ~Q FRPSXHVWR GH ORV H[DPLQDGRV
7RGDV ODV OHYDGXUDV DLVODGDV FRQ DVSHFWR GH 6DFFKDURP\FHV FHUHYLVLDH 6 UHVXOWDURQ
VHUORODVUD]DVILVLROyJLFDVUIDSDUHFLGDVIXHURQFHUHYLVLDH ED\DQXV
JORERVXV DFHWL FKHYDOLHUL KHWHURJHQLFXV \FDSHQVLV
/DVWUHVOHYDGXUDVFRPHUFLDOHVUHVXOWDURQVHU 6DFFKDURP\FHVFHUHYLVLDHUIFHUHYLVLDH
D SHVDU GH TXH &2 \ &2 VH FRPHUFLDOL]DQ FRPR UI ED\DQXV (Q FXDQWR D ODV
OHYDGXUDV FRQ DVSHFWR QR 6DFFKDURP\FHV 16FRPRHUDGHHVSHUDUQLQJXQDUHVXOWyVHU
6DFFKDURP\FHV
3RUORWDQWRWRGDVODVOHYDGXUDVFDOLILFDGDVDSULRULFRQDVSHFWRGH6DFFKDURP\FHV
WUDV VHU LGHQWLILFDGDV UHVXOWDURQ VHUOR 'HO PLVPR PRGR QLQJXQD GH ODV OHYDGXUDV
FDOLILFDGDVLQLFLDOPHQWHFRQDVSHFWRQR6DFFKDURP\FHV IXHLGHQWLILFDGDFRPR6FHUHYLVLDH
([LVWHSXHVXQDWRWDOFRUUHVSRQGHQFLDHQWUHHODVSHFWR6GHODVFRORQLDV\ODSHUWHQHQFLDGH
ODVOHYDGXUDVDODHVSHFLH 6DFFKDURP\FHVFHUHYLVLDH(VWRLPSOLFDTXHPHGLDQWHHODVSHFWR
GHODFRORQLD\ODREVHUYDFLyQPLFURVFySLFDSRGHPRVGHWHUPLQDUFRQEDVWDQWHVHJXULGDGVL
XQD GHWHUPLQDGD OHYDGXUD SHUWHQHFH DO JpQHUR 6DFFKDURP\FHV R QR 5HVXOWDGRV LGpQWLFRV
KDQ VLGR HQFRQWUDGRV SRU HO HTXLSR GHO 'U 'DQLHO 5DPyQ HQ YLQRV GH $OLFDQWH
FRPXQLFDFLyQSHUVRQDO
'DGRTXHODVFRORQLDVPiVDEXQGDQWHVHQODJUDQPD\RUtDGHODVPXHVWUDVIXHURQGHO
WLSR 6 YHU 0pWRGRV SRGHPRV DILUPDU TXH 6 FHUHYLVLDH OHYDGXUD IHUPHQWDWLYD SRU
H[FHOHQFLD HV OD HVSHFLH TXH IXQGDPHQWDOPHQWH UHDOL]D OD IHUPHQWDFLyQ HQ ORV PRVWRV GH
WRGDV ODV FRPDUFDV H[WUHPHxDV DQDOL]DGDV DOJR TXH \D VH KDEtD REVHUYDGR HQ 7LHUUD GH
%DUURVxLJRHWDOFLWDGRSRU6XiUH]HxLJROYDUH] HWDO\D\
HQ YLQLILFDFLRQHV GH QXPHURVDV ]RQDV GH (VSDxD &DQVDGR HW DO 9DOFDUFHO HW DO
F+LGDOJR\)ORUHV%RQHG HWDO4XHUROHWDOG6DOYDGRUHVHWDO
D\GHOPXQGR&RUDW]DHWDO)OHHW\+HDUG
'HELGRDODGRPLQDQFLDGH 6FHUHYLVLDH HQWRGDVODVIHUPHQWDFLRQHVYtQLFDVKDVLGR

-RVp$5HJRGyQ0DWHRV
XQLYHUVDOPHQWH DFHSWDGD FRPR OD SULQFLSDO OHYDGXUD GHO YLQR 7HQLHQGR HQ FXHQWD TXH
FLHUWDV HVWLUSHV R FHSDV SURGXFHQ PHMRUHV YLQRV TXH RWUDV VH FRQVLGHUD TXH ODV OHYDGXUDV
VHOHFFLRQDGDVSDUDYLQLILFDFLyQGHEHQVHUGHHVWDHVSHFLH)OHHW\+HDUG
'HODVPXHVWUDVUHFRJLGDVGHERGHJDV,QYLRVD7%QRVHFRQVLJXLyDLVODUQLQJXQD
OHYDGXUD 6 FHUHYLVLDH WRGDV ODV OHYDGXUDV DLVODGDV WHQtDQ ~QLFDPHQWH PHWDEROLVPR
R[LGDWLYR (VWR SXHGH VHU GHELGR D TXH ODV PXHVWUDV HUDQ YLQRV WLQWRV FRQ DxR V OR TXH
GLILFXOWD OD SRVLELOLGDG GH KDOODU OHYDGXUDV IHUPHQWDWLYDV ODV FXDOHV FRQ ORV GLYHUVRV
WUDVLHJRVKDQLGRTXHGDQGRHQORVIDQJRV(QFDPELRODVOHYDGXUDVR[LGDWLYDVQRUPDOPHQWH
IORWDQ HQ OD VXSHUILFLH GHO YLQR IDFLOLWDQGR VX DLVODPLHQWR FXDQGR HO YLQR HV YLHMR R HVWi
FRQWDPLQDGRSRUHVWHWLSRGHOHYDGXUDV
7RGDV ODV OHYDGXUDV DLVODGDV GH %RGHJDV &RORPD 5% &DWDOLQD $UUR\R 5$ \
GHO SDUWLFXODU GH &DxDPHUR &f IXHURQ 6 FHUHYLVLDH UI FHUHYLVLDH ,JXDOPHQWH ODV
OHYDGXUDV DLVODGDV GH %RGHJDV 9DOGHPDQWLOODV \ 7UDPSDO 01 IXHURQ 6 FHUHYLVLDH UI
ED\DQXV (Q WRGDV ODV ERGHJDV HQ ODV TXH VH DLVOy
6 FHUHYLVLDH SUHGRPLQy XQD
GHWHUPLQDGDUD]DDVtHQODV%RGHJDV5XL]5$SUHGRPLQyODUD]D ED\DQXV HQ%RGHJDV

5XL]7RUUHV&f FHUHYLVLDHHQOD&RRSHUDWLYD9LQtFROD&RPDUFDO01 ED\DQXVHWF
6LH[DPLQDPRVODGLVWULEXFLyQSRUFRPDUFDVGHODVGLVWLQWDVUD]DVVHREVHUYDTXHHQ
7LHUUD GH %DUURV \ 5LEHUD $OWD SUHGRPLQD OD UD]D FHUHYLVLDH VL ELHQ OD SUHVHQFLD GH
JORERVXV HQ 7LHUUD GH %DUURV \ GH ED\DQXV HQ 5LEHUD $OWD HV LPSRUWDQWH /D UD]D PiV
DEXQGDQWH HQ 0DWDQHJUD HV FHUHYLVLDH VLHQGR HQ 5LEHUD %DMD OD ~QLFD UD]D DLVODGD (Q
&DxDPHUR WDPELpQ SUHGRPLQD FHUHYLVLDH SHUR HV LPSRUWDQWH OD SUHVHQFLD GH RWUDV UD]DV
FRPR FKHYDOLHUL \ JORERVXV )LQDOPHQWH 0RQWiQFKH] VH FDUDFWHUL]D SRU VHU OD ~QLFD
FRPDUFDHQODTXHSUHGRPLQDED\DQXV

7DEOD(VSHFLHVDLVODGDV
&HSD
$VSHFWRD
(;(;
16
(;(;
6
(;(;
(;(;
(;(;
6
6DFFKDURP\FHVFHUHYLVLDHUIFHUHYLVLDH
6
6DFFKDURP\FHVFHUHYLVLDHUIED\DQXV
6
(;(;
16
(;
6
(;(;
(;(;
(;(;
(;
(;
(;
(;
(;
(;
(;(;
6
6
6
6
6
6
6
6
6
6
(;(;
16
(;
6
(;
(;(;
(;(;
(;(;
(VSHFLHE
6
6
16
6
1R6DFFKDURP\FHV
6DFFKDURP\FHVFHUHYLVLDHUIDFHWL
1R6DFFKDURP\FHV
6DFFKDURP\FHVFHUHYLVLDHUIFKHYDOLHUL
6DFFKDURP\FHVFHUHYLVLDHUIJORERVXV
6DFFKDURP\FHVFHUHYLVLDHUIKHWHURJHQLFXV
2ULJHQF
(;
(;(;
(;
7%
5%
(;
(;
7%
(;(;
5$
(;
7%
(;
(;(;
(;
(;
(;(;
1R6DFFKDURP\FHV
07
6
6
6
6
6
6
6
6
6
6
6
6
(;
6
(;
(;
(;(;
&2&2&2
6 DVSHFWRGH 6DFFKDURP\FHV16 DVSHFWRGLVWLQWRGH6DFFKDURP\FHVEUI UD]DILVLROyJLFD FYHU7DEOD
16
(;(;
(VSHFLHE
6
(;
(;
1R6DFFKDURP\FHV
6
5$
(;
(;(;
$VSHFWRD
7%
&HSD
6
6
6
6
6
6
2ULJHQF
&f
&f
6DFFKDURP\FHVFHUHYLVLDHUIFDSHQVLV
&f
&f
&f
5$
01
1R6DFFKDURP\FHV
6DFFKDURP\FHVFHUHYLVLDHUIFDSHQVLV
01
&RPHUFLDOHV
-RVp$5HJRGyQ0DWHRV
7RGDV ODV OHYDGXUDV DLVODGDV \ ODV WUHV FRPHUFLDOHV &2 &2 \ &2 IXHURQ
VRPHWLGDV D GLYHUVDV SUXHEDV SDUD FDUDFWHUL]DUODV GHVGH HO SXQWR GH YLVWD HQROyJLFR \
ILVLROyJLFR 7DEODV D 7DQWR HQ ODV WDEODV FRPR HQ HO WH[WR ODV OHYDGXUDV QR
6DFFKDURP\FHV VHSUHVHQWDQHQFXUVLYD
7DPDxRGHODVFRORQLDVHQGLVWLQWRVPHGLRV
/D7DEODPXHVWUDHOWDPDxRGHODVFRORQLDVGHFDGDOHYDGXUDFUHFLGDVHQPHGLR
6'$00\<3'/DLQPHQVDPD\RUtDGHODVOHYDGXUDVFUHFHQPHMRUHQPHGLRULFR<3'\
$00 TXH HQ PHGLR PtQLPR 6' H[FHSWR ODV OHYDGXUDV QR 6DFFKDURP\FHV (; (;
(; TXHFUHFHQPHMRUHQ6'&DVLWRGDVODVOHYDGXUDVQR6DFFKDURP\FHV SUHVHQWDQPD\RU
WDPDxR GH FRORQLD HQ <3' TXH HQ $00 FRQ ODV ~QLFDV H[FHSFLRQHV GH (; \ (;
(QWUH ODVFHSDV 6FHUHYLVLDH QRKD\XQSDWUyQFODURGHFUHFLPLHQWRDOJXQDVFUHFHQPHMRU
HQ<3'TXHHQ$00SRUHMHPSOR(;(;(;(;(;RWUDVFUHFHQLJXDOHQ

DPERVPHGLRV(;(;(;(;HWF\XQDVSRFDVFUHFHQPHMRUHQ$00TXHHQ
<3' (; (; (; (; (; (; /DV OHYDGXUDV FRPHUFLDOHV PRVWUDURQ
PHMRUFUHFLPLHQWRHQ<3'TXHHQ6'\$00
&UHFLPLHQWRHQDOWDVFRQFHQWUDFLRQHVGHJOXFRVD
(QOD7DEODVHSXHGHREVHUYDUHOFUHFLPLHQWRHQ\GHJOXFRVD7RGDV
ODV OHYDGXUDV FUHFLHURQ HQ GH JOXFRVD FRQFHQWUDFLyQ GH D]~FDU VXSHULRU D OD TXH VH
HQFXHQWUD QRUPDOPHQWH HQ ORV PRVWRV DXQTXH HO PD\RU FUHFLPLHQWR FRUUHVSRQGLy D ODV
FHSDVQR6DFFKDURP\FHVVDOYR(;6FHUHYLVLDHUIFHUHYLVLDHTXHFUHFLyPXFKRDHVWD

FRQFHQWUDFLyQ GH JOXFRVD (VWD GLIHUHQFLD GH FUHFLPLHQWR HQ DOWDV FRQFHQWUDFLRQHV GH
JOXFRVD SDUHFH VHU XQD GH ODV UD]RQHV SRU ODV TXH ODV OHYDGXUDV QR 6DFFKDURP\FHV VH
GHVDUUROODQ SULPHUR HQ HO PRVWR \ VRQ ODV TXH LQLFLDQ OD IHUPHQWDFLyQ (Q JHQHUDO ODV
OHYDGXUDV GHO JpQHUR 6DFFKDURP\FHV QR FUHFLHURQ ELHQ HQ GH JOXFRVD VLQ HPEDUJR
DOJXQDVSUHVHQWDURQXQHVFDVRFUHFLPLHQWRDORVGtDVTXHVHYLRDXPHQWDGRDORVGtDV
(QWUH ODV OHYDGXUDV QR 6DFFKDURP\FHV (; (; \ (; (; (; (; PRVWUDURQ
FUHFLPLHQWRHQHOTXLQWRGtD(; PDQLIHVWyFUHFLPLHQWRDORFWDYRGtD\HOUHVWRQR
FUHFLHURQQLDORVQLDORVGtDV

&DStWXOR,
/D FDSDFLGDG GH FUHFHU D DOWDV FRQFHQWUDFLRQHV GH JOXFRVD HQ ODV OHYDGXUDV
VHOHFFLRQDGDVSDUDYLQLILFDFLyQHVXQDFDUDFWHUtVWLFDGHJUDQLQWHUpVHQODV]RQDVGHFOLPD
FiOLGRFRPR([WUHPDGXUDGRQGHORVPRVWRVSXHGHQOOHJDUDFRQWHQHU FDQWLGDGHVGHD]~FDU
SUy[LPDV DO $OJXQDV OHYDGXUDV 16 SUHVHQWHV HQ ORV PRVWRV VRQ ODV SULPHUDV HQ
LQLFLDUODIHUPHQWDFLyQGHELGRDVXPHMRUGLVSRVLFLyQSDUDFUHFHUDDOWDVFRQFHQWUDFLRQHVGH
JOXFRVD 6HOHFFLRQDQGR OHYDGXUDV 6 FHUHYLVLDH TXH FUH]FDQ D DOWDV FRQFHQWUDFLRQHV GH
JOXFRVDSRGHPRVPHMRUDUVXLPSRVLFLyQHQHOPRVWRGHVGHHOLQLFLRGHODIHUPHQWDFLyQ
(Q JHQHUDO QR H[LVWH UHODFLyQ GLUHFWD HQWUH PD\RU FUHFLPLHQWR HQ \ OD
FDSDFLGDG GH FUHFHU HQ GH JOXFRVD $Vt SRU HMHPSOR ODV OHYDGXUDV 16 (; (;
(;(;(;(; \ODOHYDGXUD6FHUHYLVLDH (;FUHFHQPX\ELHQHQ
\PDORQDGDHQGHJOXFRVD6LQHPEDUJR(;(;(;(;HWFFUHFHQELHQ
HQ \ OOHJDQ D FUHFHU ELHQ HQ GH JOXFRVD D ORV GtDV 'H DTXt VH SXHGH
GHGXFLU TXH SUREDEOHPHQWH ORV JHQHV R ORV PHFDQLVPRV UHVSRQVDEOHV GH OD FDSDFLGDG GH
FUHFLPLHQWRDVRQGLVWLQWRVGHORVTXHSHUPLWHQHOFUHFLPLHQWRDGHJOXFRVD

-RVp$5HJRGyQ0DWHRV
7DEOD7DPDxRGHODVFRORQLDVHQGLVWLQWRVPHGLRVGHFXOWLYRD
&HSD
6'E
$00 F
<3'G
&HSD
6'E
$00 F
<3'G
(;

(;

(;

(;

(;

(;
(;
(;
(;
(;
(;

(;

(;
(;
(;
(;

(;

(;
(;

(;

(;

(;
(;
(;

(;
(;

(;
(;
(;

(;

(;

(;

(;
(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;

(;

(;

(;
(;

(;

(;
(;

(;

(;
(;

&DStWXOR,
7DEOD&RQWLQXDFLyQ
&HSD
6'E
$00 F
<3'G
&HSD
6'E
$00 F
<3'G
(;

(;

(;

(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

(;

(;

(;

(;

(;
(;
(;
(;

(;

(;
(;
(;

(;
(;

(;

(;

(;
(;

(;

(;

(;

(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2

E
5HVXOWDGRVREVHUYDGRVWUDVGtDVGHLQFXEDFLyQD&
6' PHGLRVLQWpWLFRPtQLPRF$00 DJDUPRVWR
G
PDFDEHR <3' PHGLRULFR
PHQRUGHPP DSUR[LPDGDPHQWHPP DSUR[LPDGDPHQWHPP PD\RURLJXDOD
PP
(QFXUVLYDVHSUHVHQWDQODVOHYDGXUDVTXHQRVRQ6FHUHYLVLDH
D

-RVp$5HJRGyQ0DWHRV
7DEOD&UHFLPLHQWRHQ6'DJDUFRQDOWDVFRQFHQWUDFLRQHVGHJOXFRVD*OX
*OX
&HSD
GtDV
GtDV
GtDV
(;
(;
(;
(;

(;

(;
(;
(;
(;
(;
(;
(;
(;
(;

(;

(;

(;

(;

(;

(;
(;
(;
(;
(;
(;
(;
(;

(;

(;
(;

GtDV
GtDV
(;

(;

*OX
GtDV
(;

*OX

&HSD
(;
(;

*OX

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

(;

(;

(;
(;

&DStWXOR,
7DEOD&RQWLQXDFLyQ
&HSD
(;
(;
(;
(;
(;
(;
*OX
GtDV
GtDV
GtDV

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

(;
(;
(;
(;

(;

(;
(;
(;
(;
(;

(;
&HSD
(;
(;
(;
(;
*OX

(;
(;
(;

(;
(;
(;
(;
(;
(;
(;
&2
&2
&2

(;
GtDV
(;

GtDV

(;
*OX
GtDV
(;
*OX

PXFKRFUHFLPLHQWR EDVWDQWHFUHFLPLHQWR FUHFH SRFRFUHFLPLHQWR QRFUHFH


-RVp$5HJRGyQ0DWHRV
(ODQiOLVLVGHUHVLVWHQFLDDOVXOIXURVRHQPRVWRVHPXHVWUDHQOD7DEOD7RGDV
ODVOHYDGXUDVPHQRV(;6FHUHYLVLDHUIFHUHYLVLDHUHVLVWHQPJOGH62 WRWDOVL

ELHQODPD\RUtDGHODVOHYDGXUDV16QRFUHFLHURQHOSULPHUGtDDHVWDFRQFHQWUDFLyQFRQ
ODV~QLFDVH[FHSFLRQHVGH (; \ (;(QPJOGH62 WRWDOHOGHODVFHSDVGH
6FHUHYLVLDH FUHFHQHOSULPHUGtDHOQRFUHFHQHOSULPHUGtDSHURVtHQWUHORVGtDV
\HOFUHFHDHVWDFRQFHQWUDFLyQWUDQVFXUULGRVPiVGHGtDVGHLQFXEDFLyQ\HO
QR FUHFH GHVSXpV GH GtDV 1LQJXQD OHYDGXUD 16 FUHFH HO SULPHU GtD VyOR (;
FUHFHGHVSXpVGHGRVGtDV\HOUHVWRRQRFUHFHRORKDFHWUDQVFXUULGRVPiVGHGtDV/DV
OHYDGXUDVFRPHUFLDOHVFUHFHQGHVGH HOSULPHUGtDDODVGRVFRQFHQWUDFLRQHVHQVD\DGDV(Q
JHQHUDOODVFHSDVGH6FHUHYLVLDH VHPXHVWUDQPiVUHVLVWHQWHVDO62 TXHODV16(VWDHV

OD EDVH GH OD XWLOL]DFLyQ GHO DQKtGULGR VXOIXURVR HQ ODV ERGHJDV FRPR DQWLVpSWLFR SDUD
IDYRUHFHU HO FUHFLPLHQWR GH OHYDGXUDV IHUPHQWDGRUDV UHVSHFWR GH ODV OHYDGXUDV SRFR
IHUPHQWDGRUDVFRPRODVDSLFXODGDV5RPDQR\6X]]L
(V HYLGHQWH TXH OD DGLFLyQ GH DQKtGULGR VXOIXURVR HMHUFH XQD VHOHFFLyQ VREUH ORV
PLFURRUJDQLVPRV GHO PRVWR FRQGLFLRQDQGR OD IORUD UHVSRQVDEOH GHO SURFHVR IHUPHQWDWLYR
9DOFDUFHOHWDOD/DDFWLYLGDGGHO62 VREUHORVPLFURRUJDQLVPRVHVPX\YDULDEOH
\YDGHVGHODFDVLLQRFXLGDGSDUDDOJXQRVDXQDDOWDWR[LFLGDGSDUDRWURV/DVEDFWHULDVVRQ
SRU OR JHQHUDO PXFKR PiV VHQVLEOHV TXH ODV OHYDGXUDV 6XiUH] H xLJR 5RPDQR \
6X]]L &RPR KHPRV PRVWUDGR OD WROHUDQFLD GH ODV OHYDGXUDV DO 62 GHSHQGH GH OD
HVSHFLH\GHODHVWLUSH\HQJHQHUDOVHYHGLVPLQXLGDSRUODSUHVHQFLDGHHWDQRO
/DV OHYDGXUDV DSLFXODGDV \ ODV GH IORU VRQ VHQVLEOHV D FRQFHQWUDFLRQHV EDMDV GH HVWH
FRPSXHVWR.ORHFNHUD+DQVHQLDVSRUD0HWVFKQLNRZLD+DQVHQXOD3LFKLDHQWDQWRTXHODV
GHOJpQHUR%UHWWDQRP\FHV VRQUHODWLYDPHQWHVHQVLEOHVLHQGRLQKLELGDVSRUXQRVPJOGH
62 WRWDO :UGLJ 2WURV JpQHURV FRPR 6DFFKDURP\FHV 7RUXODVSRUD
=\JRVDFFKDURP\FHV6FKL]RVDFFKDURP\FHVVRSRUWDQFRQFHQWUDFLRQHVPX\HOHYDGDV6XiUH]H
xLJR5RPDQR\6X]]L&LHUWDVHVSHFLHVFRPR 6DFFKDURP\FRGHVOXGZLJLLTXH
UHVLVWHQ KDVWD PJO SXHGHQ RULJLQDU SUREOHPDV GHWHULRUDQGR OD FDOLGDG GHO YLQR
=DPERQHOOL 6XiUH] H xLJR (Q QXHVWURV UHVXOWDGRV VH REVHUYDQ FODUDV
GLIHUHQFLDV HQ FXDQWR D OD UHVLVWHQFLD HQWUH ODV OHYDGXUDV 6DFFKDURP\FHV \ ODV QR
6DFFKDURP\FHV VLHQGR PXFKR PiV UHVLVWHQWHV ODV SULPHUDV QLQJXQD OHYDGXUD QR
6DFFKDURP\FHV IXHUHVLVWHQWHDODFRQFHQWUDFLyQGHPJO\VyOR (; FUHFHGHVSXpVGH

&DStWXOR,
GRVGtDV
(Q WRGDV ODV ERGHJDV VDOYR HQ 01 VH DLVODURQ OHYDGXUDV 6 FHUHYLVLDH PX\
UHVLVWHQWHV DO 62 HQ PJO GHVWDFD OD ERGHJD &f HQ OD TXH HO IXHURQ
UHVLVWHQWHVDPJO(VWRQRVSXHGHLQGLFDUGLIHUHQFLDVHQFXDQWRDODDGLFLyQGHDQKtGULGR
VXOIXURVRHQFDGDERGHJD\DTXHODSUHVHQFLDGHDQKtGULGRVXOIXURVRLQGXFHODVHOHFFLyQGH
FHSDVUHVLVWHQWHVDHVWHFRPSXHVWR=DPERQHOOL5RPDQR\6X]]L
'DGRTXHODDGLFLyQGH62 DORVPRVWRVHVXQDSUiFWLFDPX\H[WHQGLGD\QHFHVDULDHQ
ODSURGXFFLyQ\FRQVHUYDFLyQGHOYLQRODVOHYDGXUDVVHOHFFLRQDGDVGHEHQVHUUHVLVWHQWHVDHVWH
FRPSXHVWRDOPHQRVDODVGRVLVPi[LPDVSHUPLWLGDVHQORVYLQRV/D2,9UHFRPHQGyHQ
XQ FRQWHQLGR Pi[LPR GH 62 WRWDO GH PJO SDUD YLQRV EODQFRV \ PJO SDUD WLQWRV
6XiUH]HxLJR/DQRUPDWLYDGHOD&((HVWDEOHFHPi[LPRVGHPJOSDUDYLQRV
EODQFRV \URVDGRV\PJOSDUDWLQWRVDXQTXHHQORVYLQRVFRQJOGHD]~FDUHVUHGXFWRUHV
RPiVVHSXHGHDXPHQWDUKDVWDPJOSDUDEODQFRV\URVDGRV\PJOSDUDWLQWRV/D
WHQGHQFLD DFWXDO HV DxDGLU DQKtGULGR VXOIXURVR PX\ SRU GHEDMR GH HVWRV QLYHOHV VLHQGR ORV
YDORUHVPiVDGHFXDGRVHQWUH\PJOGH62 WRWDO
3DUD DQDOL]DU DOJXQRV SDUiPHWURV LPSRUWDQWHV GHVGH HO SXQWR GH YLVWD HQROyJLFR VH
UHDOL]DURQPLFURYLQLILFDFLRQHVHQPOGHPRVWR3DUHOODGD FRQWRGDVODVOHYDGXUDVDLVODGDV
/RVSDUiPHWURVHVWXGLDGRVIXHURQIORFXODFLyQWXUELGH]VHGLPHQWDFLyQ\IRUPDFLyQGHHVSXPD
\YHOR/RVUHVXOWDGRVVHUHFRJHQHQOD7DEOD
&RPRHUDGHHVSHUDUWRGDVODVFHSDVGH6FHUHYLVLDH IHUPHQWDURQ HOPRVWRHQWDQWR
TXHGHODVOHYDGXUDVQR6DFFKDURP\FHVVyOR (; (;(;(; $; ORIHUPHQWDURQ
GpELOPHQWH
(OJUDGRGHIORFXODFLyQ GHODVOHYDGXUDVLQFOXLGDVODVFRPHUFLDOHVIXHQXORREDMR
) R ) UHVSHFWLYDPHQWH SDUD HO 6yOR UHVXOWDURQ DOWDPHQWH IORFXODQWHV )
IRUPDQGRIOyFXORVJUDQGHV\SHUVLVWHQWHVHOGHODVOHYDGXUDVHQFRQFUHWRHOGH
ODVFHSDVGH6FHUHYLVLDH (;(;(;(;(;(;\(;\HOGHODV
OHYDGXUDV 16 (; \ (; *LXGLFL \ =DPERQHOOL D LQGLFDQ TXH HQ 6 FHUHYLVLDH HO
IHQRWLSRSRGHUGHIORFXODFLyQVHPDQLILHVWDHQDSUR[LPDGDPHQWHHOGHODVFHSDVGDWRPX\
SUy[LPRDOREVHUYDGRHQHVWHHVWXGLR
1R VH REVHUYD UHODFLyQ HQWUH OD FDSDFLGDG GH IORFXODU \ HO SHUWHQHFHU DO JpQHUR
6DFFKDURP\FHVRQRWRGRVORVIHQRWLSRVDSDUHFLGRV))$VHPDQLILHVWDQHQORVGRV
JUXSRVGHOHYDGXUDV1RREVWDQWHHVGHHVSHUDUTXHH[LVWDDOJXQDGLIHUHQFLDHQODFDSDFLGDGGH
IORFXODUHQWUHORVGLVWLQWRVJpQHURVGHOJUXSRQR6DFFKDURP\FHV
(OKHFKRGHTXHVHDtVOHQWDQSRFDVOHYDGXUDV6FHUHYLVLDH DOWDPHQWHIORFXODQWHV)

-RVp$5HJRGyQ0DWHRV
SXHGH GHEHUVH D TXH HO FUHFLPLHQWR HQ JUXSRV GH ODV FpOXODV IORFXODQWHV GLVPLQX\H OD
SRVLELOLGDGGHDLVODPLHQWRVGHODVPLVPDV6X]]L HWDO$QJXORHWDOF(QHVWH
VHQWLGRVHREVHUYDXQDFLHUWDUHODFLyQHQWUHFDSDFLGDGGHIORFXODFLyQ\ODIDVHGHIHUPHQWDFLyQ
GHORVPRVWRVGHGRQGHIXHURQDLVODGDVODVOHYDGXUDV$VtODPD\RUtDGHODVFHSDVIORFXODQWHV
6FHUHYLVLDH DLVODGDVSURYLHQHQGHPRVWRVHQIDVHWXPXOWXRVD(;(;(;(;
GRVGHOILQDOGHODIHUPHQWDFLyQ(;\(;\VyORXQDVHDLVOyGHXQYLQRFRQPiVGH
PHVHV(;ORFXDOSRGUtDDUJXPHQWDUHQIDYRUGHORH[SXHVWR
5HVSHFWR D OD WXUELGH] GHO YLQR REWHQLGR WUDQVFXUULGRV GtDV GH LQFXEDFLyQ HO
PHGLR TXHGDED DOJR WXUELR R PX\ WXUELR 7 R 7 UHVSHFWLYDPHQWH SDUD HO GH ODV
OHYDGXUDV 16 GHELGR VHJXUDPHQWH D TXH R QR IHUPHQWDEDQ R OR KDFtDQ GpELOPHQWH HQ
FRQVHFXHQFLD HO PHGLR SHUPDQHFtD PX\ GHQVR LPSLGLHQGR OD VHGLPHQWDFLyQ UiSLGD GH ODV
OHYDGXUDV (QWUH ODV FHSDV GH 6FHUHYLVLDH VyOR(;\(;GHMDURQHOPHGLRPX\WXUELR
7HOGHODVFHSDVQRSUHVHQWyWXUELGH]7\HOGHMyHOPHGLRDOJRWXUELR
7$XQTXHODLGHDGHTXHODVOHYDGXUDVIORFXODQWHVSURGXFHQYLQRVFRQPX\SRFDWXUELGH]
HVWiPX\H[WHQGLGDHQQXHVWURFDVRGRVOHYDGXUDV6FHUHYLVLDH DOWDPHQWHIORFXODQWHV(;
\(;GHMDURQHOPHGLRDOJRWXUELR7PLHQWUDVTXHRWUDVQRIORFXODQWHVGHMDURQHOYLQR
VLQWXUELGH]HQWUHHVWDVOHYDGXUDVHVWiQSRUHMHPSOR(;(;(;(;(;(;
(;(;HWF
/D IRUPDFLyQ GH HVSXPD VH REVHUYy GXUDQWH ORV GtDV GH IHUPHQWDFLyQ
UHIOHMiQGRVHHQOD7DEODODDOWXUDPi[LPDTXHDOFDQ]yODHVSXPD1LQJXQDOHYDGXUD16
IRUPyHVSXPDFRQPiVGHPPGHDOWXUD(OGHODVFHSDVGH6FHUHYLVLDH IRUPDEDQ
HVSXPDFRQPHQRVGHPP(HOIRUPDEDQHVSXPDGHHQWUH\PPGHDOWXUD(
\ VyOR HO IRUPDEDQ HVSXPD GH PiV GH PP GH DOWXUD ( /DV FHSDV FRPHUFLDOHV
IRUPDURQHVSXPD FRQPHQRVGHPP
/D FDSDFLGDG GH OD OHYDGXUD SDUD IRUPDU HVSXPD HVWi UHODFLRQD HQ SDUWH FRQ OD
YHORFLGDGGHIHUPHQWDFLyQHVGHFLUFRQHOYLJRUIHUPHQWDWLYR*LXGLFL\=DPERQHOOLD
GHDKtTXHODVOHYDGXUDV16QRIRUPDVHQSUiFWLFDPHQWHHVSXPD(\DTXHQRIHUPHQWDQR
DOJXQDVORKDFHQGpELOPHQWH(; (;(;(;\(;3RURWUDSDUWHHVWHIHQyPHQR
SDUHFHHVWDUHVWUHFKDPHQWHOLJDGRFRQODWHQGHQFLDGHDOJXQDVFpOXODVDIORWDU\DGKHULUVHDODV
EXUEXMDVGH&2 IRUPDGDVGXUDQWHODIHUPHQWDFLyQ=DPERQHOOL
+DVWD OD IHFKD QR VH KDEtDQ GHVFULWR FDVRV HQ ORV TXH XQD FHSD IORFXODQWH WHQJD
FDSDFLGDG SDUD IRUPDU PXFKD HVSXPD =DPERQHOOL &RQWUDULDPHQWH D HVWR KHPRV
HQFRQWUDGR TXH OD FHSD GH 6 FHUHYLVLDH UI FKHYDOLHUL (; HV IORFXODQWH \ D OD YH]
DOWDPHQWHSURGXFWRUDGHHVSXPD(
/DIRUPDFLyQGHHVSXPDHVXQSUREOHPDWHFQROyJLFR\DTXHQRSHUPLWHDSURYHFKDUDO
Pi[LPR OD FDSDFLGDG GH ORV GHSyVLWRV GH IHUPHQWDFLyQ $GHPiV DXPHQWD OD VXSHUILFLH GHO

&DStWXOR,
PRVWR HQ FRQWDFWR FRQ HO DLUH \ FRQVHFXHQWHPHQWH ODV SUREDELOLGDGHV GH TXH VH GHVDUUROOHQ
EDFWHULDVDFpWLFDV=DPERQHOOL8WLOL]DQGRFHSDVGHOHYDGXUDVSURGXFWRUDVGHPX\SRFD
HVSXPDVHSXHGHQOOHQDUPiVORVGHSyVLWRVVLQSHOLJURVGHGHUUDPHVGXUDQWHODIHUPHQWDFLyQ
6XiUH]HxLJR*LDFRPLQLHWDODODYH]TXHVHUHGXFHHOULHVJRGHLQIHFFLyQ
EDFWHULDQD3H\QDXG
(QFXDQWRDODIRUPDFLyQGHYHOR \VHGLPHQWDFLyQVyORODOHYDGXUD(; IRUPy
XQJUXHVRYHOR\QRVHGLPHQWy9WUDQVFXUULGRVGtDVGHLQFXEDFLyQ(OUHVWRGHOHYDGXUDV
16VHGLPHQWDURQ\WRGDVVDOYR (;(; \(; IRUPDURQYHORHQPD\RURPHQRUJUDGR
9R9/DPD\RUtDGHODVOHYDGXUDV6FHUHYLVLDH QRIRUPDURQYHOR9VLELHQHO
IRUPDURQXQILQRYHORHQODVXSHUILFLH 9XQDYH]ILQDOL]DGDODIHUPHQWDFLyQPiVGHGtDV
GHVGHHOLQLFLR1LQJXQDGHODVFHSDVFRPHUFLDOHVIRUPDURQYHORSHURVHGLPHQWDURQELHQ
6HJ~Q 6XiUH] H xLJR OD DSDULFLyQ GH YHORV EODVWRPLFpWLFRV XQD YH]
WUDQVFXUULGRVXQRVGtDVGHVGHHOILQDOGHODIHUPHQWDFLyQVHSURGXFHHQDSUR[LPDGDPHQWH
HO GH ORV YLQRV H[WUHPHxRV VLHQGR ODV OHYDGXUDV UHVSRQVDEOHV SHUWHQHFLHQWHV DO
JpQHUR6DFFKDURP\FHV HQORVYLQRVGHPiVGH GHDOFRKRO\GH6DFFKDURP\FHV PiVRWURV
JpQHURV &DQGLGD 3LFKLD HWF HQ ORV GH PHQRV JUDGXDFLyQ 3DUD *LXGLFL \ =DPERQHOOL
DODVOHYDGXUDV6FHUHYLVLDH GHIORURIRUPDGRUDVGHYHORVRQHVFDVDV\VyORDEXQGDQ
HQ GHWHUPLQDGDV ]RQDV (Q FXDQWR D OD GLVWULEXFLyQ SRU FRPDUFDV GH ODV OHYDGXUDV 6
IRUPDGRUDVGH YHORODPD\RUtDSHUWHQHFtDQDODFRPDUFDGH0DWDQHJUDXQD 6FHUHYLVLDHUI
JORERVXV \ FXDWUR UI FHUHYLVLDH \ VRODPHQWH XQD OHYDGXUDD5LEHUD$OWD6FHUHYLVLDHUI
DFHWL\RWUDD&DxDPHUR6FHUHYLVLDHUIKHWHURJHQLFXV
/yJLFDPHQWH ODV OHYDGXUDV QR IHUPHQWDWLYDV IRUPDURQHQVXPD\RUtDXQYHORPiVR
PHQRVJUXHVR\DTXHHVWDVOHYDGXUDVDOWHQHUPHWDEROLVPRR[LGDWLYRQHFHVLWDQVLWXDUVHHQOD
VXSHUILFLHGHOPRVWRSDUDGHVDUUROODUVHDGHFXDGDPHQWH
(Q ODV YLQLILFDFLRQHV WtSLFDV GH ([WUHPDGXUD OD FDSDFLGDG SDUD IRUPDU YHOR HQ ODV
OHYDGXUDV VHOHFFLRQDGDV HV XQD FDUDFWHUtVWLFD JHQHUDOPHQWH LQGHVHDEOH /R FRQWUDULR VXFHGH
FRQODYHORFLGDGGHVHGLPHQWDFLyQ\DTXHODVFHSDVGHOHYDGXUDVTXHVHGHSRVLWDQFRQUDSLGH]
VXHOHQ RULJLQDU YLQRV PiV OtPSLGRV OtDVFRPSDFWDV\SRFRYROXPLQRVDV(VWRIDFLOLWD\SRU

WDQWR DEDUDWD HO GHVIDQJDGR \ OD FODULILFDFLyQ GH ORV YLQRV 6XiUH] *LXGLFL \
=DPERQHOOLD

-RVp$5HJRGyQ0DWHRV
7DEOD5HVLVWHQFLDDGLVWLQWDVFRQFHQWUDFLRQHVGHDQKtGULGRVXOIXURVRHQPRVWR
&HSD
(;

PJO PJO
&HSD
'
(;
(;
'
(;
(;
'
'
'
'
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
'
'

'

'
'
'
'
'
'
'
'

(;
'
'
(;
'
'
(;
(;
'

(;
'
(;
'
(;
(;
(;
(;
(;
(;
(;
'
'
'
'
'
'

'
'
'
'
'
'
'
'
'
'

PJO PJO

&HSD
(;
'
(;
(;
'
(;
(;
'
(;
'
(;
'
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

'
'
'

'
'
'
'
'

'
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
'

'

'

'
'

'
'
'
'
(;
(;
(;
(;
(;
(;
'
'

'

(;
(;
(;
(;
'

'

'
'
'

'
'
(;
'
'
'
'
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2
FUHFHHOSULPHUGtD' FUHFHHQWUHORVGtDV\' FUHFHGHVSXpVGHGtDV QRFUHFH


PJO PJO
(;
(;
'
(;
(;
(;
(;
'
(;
'
'
(;
(;
(;
(;
'
(;
(;

(;
'
(;
(;
'
'
(;
(;

(;
'
'
&HSD
(;

PJO PJO

'
'
'

&DStWXOR,
7DEOD&DUDFWHUHVGHFUHFLPLHQWRHQPRVWR
&HSD
)ORD
7XUEE
(VSF
(;
)
7
(
(;
)
7
(

(
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
(
(
(
(
(
)HUPG 9HORH

(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(

(
(
(
(

&HSD
)ORD
7XUEE
(VSF
9
(;
)
7
(
9
9
(;
)
7
(
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
)HUPG 9HORH

(

(

(
(

9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9

-RVp$5HJRGyQ0DWHRV
7DEOD&RQWLQXDFLyQ
&HSD
)ORD
7XUEE
(VSF
)HUPG
9HORH
&HSD
)ORD
7XUEE
(VSF
)HUPG
9HORH
(;
)
7
(
9
(;
)
7
(
9
(;
)
7
(
9
(;
)
7
(
9
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
(
(
(
(
(
(
(
(
(
(
(
(
(

(
(
(
(
(
(
(
(
(
(
(

9
9
9
9
(;
(;
(;
(;
9
(;
9
(;
9
9
9
9
(;
(;
(;
(;
9
(;
9
(;
9
9
9
9
9
9
9
9
9
9
9
9
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
(
(
(
(
(
(
(
(
(
(

(
(
(
(
(
(
(
(
(
(
(
(
(

9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
)OR IORFXODFLyQ ) QR IRUPD IOyFXORV ) IOyFXORV SHTXHxRV TXH VH GLVJUHJDQIiFLOPHQWH ) IOyFXOR
JUDQGH\SHUVLVWHQWH
E
7XUE WXUELGH]UHVXOWDGRVFRUUHVSRQGLHQWHVDOGtDGHLQFXEDFLyQXQDYH]ILQDOL]DGRHOFUHFLPLHQWR7 VLQ
WXUELGH]7 DOJRWXUELR7 PX\WXUELR
F
(VS SURGXFFLyQGHHVSXPDORVFXOWLYRVIXHURQREVHUYDGRVGXUDQWHGtDVHOYDORUTXHVHLQGLFDFRUUHVSRQGH
DOPiVHOHYDGRDSDUHFLGR( DOWXUDGHODHVSXPD PP( DOWXUDGHODHVSXPD!PP\PP(
DOWXUDGHODHVSXPD! PP
G
)HUP IHUPHQWDFLyQ IHUPHQWDIXHUWH IHUPHQWDGpELO QRIHUPHQWD
H
9HOR IRUPDFLyQ GH YHOR UHVXOWDGRV REVHUYDGRV D ORV GtDV 9 VHGLPHQWD \ QR IRUPD YHOR 9
VHGLPHQWD \ IRUPD XQ ILQR YHOR HQ OD VXSHUILFLH 9 LJXDO D 9 SHUR DGHPiV IRUPD XQ DPSOLR DQLOOR HQ OD
SDUHGGHOWXER9 QRVHGLPHQWDIRUPDXQJUXHVRYHOR
D

&DStWXOR,
(VWXGLRGHOIHQRWLSRNLOOHU
/D )LJXUD \ ODV 7DEODV \ H[SRQHQ ORV UHVXOWDGRV GHO HVWXGLR
UHDOL]DGR UHIHUHQWH DO IHQRWLSR NLOOHU 6H DQDOL]y HO IHQRWLSR NLOOHU GH WRGDV ODV OHYDGXUDV
DLVODGDV XWLOL]DQGR PHGLR 0% D S+ /RV UHVXOWDGRV VH PXHVWUDQ HQ OD 7DEOD 6H
REVHUYD TXH QLQJXQD OHYDGXUD 16 SUHVHQWy IHQRWLSR NLOOHU IUHQWH D FpVSHG VHQVLEOH WRGDV
IXHURQ QHXWUDV R UHVLVWHQWHV 1 IUHQWH D OD FHSD NLOOHU . (O GH HOODV UHVXOWDURQ
VHQVLEOHV6IUHQWHDODFHSDNLOOHU.\HOUHVWRQHXWUDVRUHVLVWHQWHV(VWRVUHVXOWDGRVHVWiQGH
DFXHUGR FRQ ORV HQFRQWUDGRV SRU %DUUH \ +HDUG \ )OHHW TXLHQHV ~QLFDPHQWH
DLVODURQ OHYDGXUDV NLOOHU HQ ODV FRUUHVSRQGLHQWHV DO JpQHUR 6DFFKDURP\FHV 3RU HO FRQWUDULR
+LGDOJR \ )ORUHV GHPRVWUDURQ TXH HO FDUiFWHU NLOOHU HVWi DPSOLDPHQWH UHSUHVHQWDGR
HQWUH ORV GLVWLQWRVJpQHURVGHODIORUDQDWLYDGHOHYDGXUDVSUHVHQWHVHQORVPRVWRV7DPELpQ

*yPH]3RUUDV HW DO \ $QJXOR HW DO F HQFRQWUDURQ TXH HO FDUiFWHU NLOOHU HQ
IHUPHQWDFLRQHV HVSRQWiQHDV HVWi UHSUHVHQWDGR HQ RWURV JpQHURV GH OHYDGXUDV DGHPiV GH
6DFFKDURP\FHV
(QFXDQWRDODVOHYDGXUDV6FHUHYLVLDHDLVODGDVVHREVHUYDTXHHOGHODVFHSDV
PDQLILHVWDQHOFDUiFWHUNLOOHUIUHQWHDFpVSHGVHQVLEOH(OGHHOODVIXHURQNLOOHUIUHQWHD
FpOXODV.HOUHVXOWDURQQHXWUDV\HOVHQVLEOHV(OIXHURQVHQVLEOHVDO
FpVSHGGH.\HOIXHURQQHXWUDV(VGHVWDFDEOHTXHVyORXQDGHODVFHSDVFRPHUFLDOHV
IXHNLOOHU&2ODVWUHVHUDQVHQVLEOHVD.\&2IXHQHXWUDD.PLHQWUDVTXH&2\&2

HUDQVHQVLEOHVD.&XULRVDPHQWHHQORTXHVHUHILHUHDHVWHIHQRWLSRODVFHSDVFRPHUFLDOHV
&2\&2QRSDUHFHQVHUPX\DGHFXDGDVSDUDUHDOL]DUIHUPHQWDFLRQHVLQGXVWULDOHVGHPRVWRV
QRHVWpULOHVSURFHGHQWHVGH]RQDVGRQGHVHKDGHVFULWRODSUHVHQFLDGHOIHQRWLSRNLOOHU
7RGDVODVOHYDGXUDVNLOOHUIXHURQLQPXQHVDODWR[LQD./DVOHYDGXUDVNLOOHU(;
(;(;(;(;(;(;\&2IXHURQVHQVLEOHVDODWR[LQD.\HOUHVWRGH
OHYDGXUDVNLOOHUPDWDURQDODFHSD.(VWRVUHVXOWDGRVLQGLFDQTXHWRGDVODVOHYDGXUDVNLOOHU
DLVODGDVSUHVHQWDQHOIHQRWLSRNLOOHU.VLELHQSDUDDVHJXUDUVHGHHVWRHVQHFHVDULRUHDOL]DU
HOHFWURIRUHVLVGHORV$51TXHFRGLILFDQHVWDWR[LQD1RVHDLVOyQLQJXQDOHYDGXUDNLOOHU.
.7 R . 1XHVWURV UHVXOWDGRV VRQ VLPLODUHV D ORV REWHQLGRV SRU RWURV DXWRUHV FRPR
&DQVDGRHWDO HQ*DOLFLD+LGDOJR\)ORUHVHQ0DGULG\9DJQROLHWDO

HQ,WDOLDHVWRVDOLJXDOTXHQRVRWURVKDQKDOODGR~QLFDPHQWHFHSDVGH 6FHUHYLVLDH NLOOHU.
$Vt SXHV HQ HVWD PHPRULD D SDUWLU GH HVWH PRPHQWR FXDQGR KDJDPRV UHIHUHQFLD DTXHXQD

-RVp$5HJRGyQ0DWHRV
FHSDHVNLOOHUVHQVLEOHRQHXWUDQRVUHIHULPRVDTXHHVNLOOHU.VHQVLEOHD.RQHXWUDD.
UHVSHFWLYDPHQWH
(Q UHVXPHQ HO GH ODV FHSDV GH 6 FHUHYLVLDH DLVODGDV HUDQ NLOOHU HO
QHXWUDV\HOVHQVLEOHV&DQVDGRHWDO HQFRQWUDURQXQSRUFHQWDMHGH FHSDVNLOOHU

DOJRLQIHULRUHQWUHODVOHYDGXUDV6FHUHYLVLDH GHODFRPDUFDGH5LEHLURVLQHPEDUJRHO
UHVWRGHODVFHSDVIXHURQVHQVLEOHV\QRHQFRQWUDURQQLQJXQDUHVLVWHQWH(VWXGLRVSRVWHULRUHVGH
ORVPLVPRVDXWRUHV&DQVDGR HWDOHQHO1RURHVWHGH(VSDxDHQFXHQWUDQSRUFHQWDMHV

GHO GH FHSDV NLOOHU \ GH VHQVLEOHV \ HQ HVWH FDVR Vt DSDUHFHQ FHSDV QHXWUDV
DXQTXH HQ SRUFHQWDMH EDMR $QJXOR HW DO F KDQ HQFRQWUDGR SRUFHQWDMHV
LQIHULRUHV D ORV QXHVWURV GH FHSDV NLOOHU GH 6 FHUHYLVLDH ORV SRUFHQWDMHV GH FHSDV
QHXWUDV \ VHQVLEOHV IXHURQ GH \ UHVSHFWLYDPHQWH *XLOODPyQ HW DO E
KDOODURQXQGHFHSDVNLOOHUUHVLVWHQWHV\VHQVLEOHVHQYLQRVEODQFRVGH
ODGHQRPLQDFLyQGHRULJHQ/D0DQFKD+LGDOJR\)ORUHVHVWXGLDQGRHOFDUiFWHUNLOOHU

HQODGHQRPLQDFLyQGHRULJHQ0DGULGHQFRQWUDURQODIUHFXHQFLDPiVDOWDGHIHQRWLSRNLOOHU
HQ6FHUHYLVLDH GHODVREVHUYDGDVHQ(VSDxDKDVWDHOPRPHQWRTXHHVPXFKRPD\RU
TXHODQXHVWUD/RPiVSUREDEOHHVTXHHVWDVGLIHUHQFLDVHQWUHUHJLRQHVVHDGHELGDDGLVWLQWDV
IUHFXHQFLDV GH FHSDV NLOOHU H[LVWHQWHV $XQTXH GDGR TXH HQ PXHVWUDV GH XQD PLVPD ERGHJD
WRPDGDVHQGLVWLQWRVDxRVSXHGHQDSDUHFHQJUDQGHVGLIHUHQFLDV&DQVDGRHWDOSXHGHQ

H[LVWLURWURVIDFWRUHVTXHDIHFWHQDODGLVWULEXFLyQGHHVWHIHQRWLSRGLVWLQWRSURFHGLPLHQWRGH
PXHVWUHRFDPELRHQODVFRQGLFLRQHVPHWHRUROyJLFDVHWF
3UREDEOHPHQWH ODV OHYDGXUDV 16 PiV DEXQGDQWHV HQ ODV SULPHUDV HWDSDV GH
IHUPHQWDFLyQ SRGUtDQ VHU HOLPLQDGDV SRU ODV FHSDV GH 6 FHUHYLVLDH NLOOHU . HQ ODV
IHUPHQWDFLRQHV HVSRQWiQHDV GH ([WUHPDGXUD $Vt VH GHGXFH GHO KHFKR GH TXH QLQJXQD
OHYDGXUD 16 GH ODV DLVODGDV SRU QRVRWURV PDQLIHVWDVHQ IHQRWLSR NLOOHU VREUH OD FHSD
VHQVLEOH[\TXHGHHOODVUHVXOWDVHQVHQVLEOHVDODWR[LQD.GHODFHSD0
$QJXOR HWDO FHQFRQWUDURQGLIHUHQFLDVDOWDPHQWHVLJQLILFDWLYDVHQWUHHOIDFWRU
NLOOHU \ ODV GLVWLQWDV UD]DV GH 6 FHUHYLVLDH DLVODGDV GH PDQHUD TXH ODV UD]DV HOOLSVRLGHXV \
ED\DQXV VHJ~Q.UHMHU9DQ5LMIXHURQODV~QLFDVFRQIHQRWLSRNLOOHU(QQXHVWURFDVR
WRGDV ODV OHYDGXUDV NLOOHU DLVODGDV VRQ 6 FHUHYLVLDH UI FHUHYLVLDH H[FHSWR (; TXH HV 6
FHUHYLVLDH UI FKHYDOLHUL (Q HO UHVWR GH UD]DV ILVLROyJLFDV VH HQFRQWUDURQ WDQWR OHYDGXUDV
VHQVLEOHVFRPRQHXWUDV7DEODV\

&DStWXOR,
$GLIHUHQFLDGHORHQFRQWUDGRSRU$QJXORHWDO FQRKHPRVDLVODGRFHSDVGH6
FHUHYLVLDH VHQVLEOHV\NLOOHUHQXQDPLVPDIHUPHQWDFLyQ'HWDOIRUPDTXHHQODVPXHVWUDV HQ

ODVTXHDSDUHFLHURQOHYDGXUDV6FHUHYLVLDH NLOOHUWRGDVORHUDQVyORHQFXDWURGHODVPXHVWUDV
VH DLVODURQ DGHPiV OHYDGXUDV QHXWUDV SHUR QXQFD VH DLVODURQ VHQVLEOHV (V GHFLU
SUREDEOHPHQWH ODV OHYDGXUDV NLOOHU VH KDQ LPSXHVWR HQ HVWDV IHUPHQWDFLRQHV VREUH ODV
VHQVLEOHV(VWRHVWiHQFRQVRQDQFLDFRQORREVHUYDGRSRU%DUUH\*yPH]3RUUDVHWDO
ORVFXDOHVGHPXHVWUDQTXHXQGHFpOXODVNLOOHUHQFUHFLPLHQWRFRQMXQWRFRQFpOXODV
VHQVLEOHVVRQFDSDFHVGHLPSRQHUVHHLQFOXVRHOLPLQDUDODSREODFLyQVHQVLEOHHQHO

WUDQVFXUVRGHODIHUPHQWDFLyQ(VWXGLRVUHDOL]DGRVSRUQXHVWURHTXLSRGDWRVQRSXEOLFDGRV\
RWURV GH -DFREV \ 9DQ 9XXUHQ \ %DUUH YDQ D~Q PiV OHMRV \ GHPXHVWUDQ TXH
LQFOXVRFRQSRUFHQWDMHVLQLFLDOHVGHFHSDVNLOOHUGHOGHOWRWDOGHODSREODFLyQVHHOLPLQD
ODSREODFLyQVHQVLEOH1RREVWDQWH-DFREV\9DQ9XXUHQDILUPDQTXHODFDSDFLGDGGH
ODVOHYDGXUDVNLOOHUSDUDLPSRQHUVHHQXQDIHUPHQWDFLyQRSURYRFDUSDUDGDVIHUPHQWDWLYDVHQ
HOFDVRGHOHYDGXUDVFRQPDODVFDUDFWHUtVWLFDVHQROyJLFDVGHSHQGHGHODSREODFLyQLQLFLDOGH
OHYDGXUDV NLOOHU FDQWLGDG \ DFWLYLGDG GH VX WR[LQD FDSDFLGDG IHUPHQWDWLYD GH HVWDV FHSDV\
ILQDOPHQWHGHODVHQVLELOLGDGGHOUHVWRGHODVOHYDGXUDVYtQLFDVDODWR[LQD$GLFLRQDOPHQWH
LQIOX\H OD FRPSRVLFLyQ GHO PRVWR FRQFHQWUDFLyQ GH DQKtGULGR VXOIXURVR WHPSHUDWXUD GH
IHUPHQWDFLyQFRQFHQWUDFLyQGHHWDQRODGLFLyQGHEHQWRQLWD\S++HDUG\)OHHW%DUUH
*yPH]3RUUDVHWDO6KLPL]X4XHVDGDHWDOE

-RVp$5HJRGyQ0DWHRV
7DEOD)HQRWLSRNLOOHUGHODVOHYDGXUDVDXWyFWRQDVDLVODGDV
&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

6HQVLEOH

&pVSHG
)HQRWLSR
&HSD
.
(;
11
(;
11
.
.
.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
6
6
.
11
11
11
11
11
16
16
11
11
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
6
6
6
6
11
11
11
11
11
11
11
11
11
11
11
16
16
16
16
11
11
1
1
1
1
11
11
(;
6HQVLEOH

&pVSHG
.
.
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

.
.
.
.
.
.
.
.
.
.
.
.
.
1
)HQRWLSR
16
61
11
.
1
1
1
1
1
1
1
1
1
1
1
1
1
6
11
.
.
.
.
.
.
.
.
.
.
.
.
.
16
11
16
1
1
1
1
1
6
6
6
6
6
16
16
16
16
16
11
11
11
1
1
1
1
6
16
11
16
&DStWXOR,
7DEOD&RQWLQXDFLyQ
&HSD
)HQRWLSR
&HSD
16
(;
.
(;
.E
.F
11
11
(;
.
(;
(;
(;
6HQVLEOHD
&pVSHG

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;

1
6
6
6
1
1
11
(;
(;
(;
6
6
1
1
6
1
1
11
.
.
11
11
11
1
1
1
1
(;
(;
(;
11
(;
(;
1
1
(;
11
(;
16
16
(;
16
(;
(;
(;
16
16
(;
(;
6
6
(;
.
61
11
(;
(;

(;
(;
.
11
11
.
(;
(;
(;
(;
(;
(;
(;
(;
6HQVLEOHD

.E
.F
1
1
1
1
1
1
1
1
6

&2
11
1
1
1
1
6

11
1
1
1
1
1
11
11
11
11
11
11
61
61
61
11
66
6
6
16
66
16
16
6
6
6
6
6
)HQRWLSR
&2
&2
&pVSHG
16
16
16
16
16
.
66
66
FpVSHGVHQVLEOHGHODOHYDGXUD[EFpVSHG.GHODFHSD-&5FFpVSHG.GHODFHSD0
NLOOHUSRVLWLYR NLOOHUQHJDWLYR
. PDWDDOFpVSHG6 VHQVLEOHDOFpVSHG1 QHXWUDDOFpVSHG
D

-RVp$5HJRGyQ0DWHRV
&RQ HO ILQ GH VDEHU FXDO HV HO S+ PiV LGyQHR SDUD GHWHFWDU ODV OHYDGXUDV NLOOHU
SUREDPRVFLQFRS+VGLIHUHQWHV\HQPHGLR0%/RVUHVXOWDGRVREWHQLGRVVH
PXHVWUDQHQOD7DEODHQHOOD~QLFDPHQWHVHPXHVWUDQODVFHSDVTXHPRVWUDURQFDUiFWHU
NLOOHU D DOJXQR GH ORV S+V HQVD\DGRV HO UHVWR GH FHSDV QR PDQLIHVWDURQ IHQRWLSR NLOOHU D
QLQJ~QS+'HODQiOLVLVGHORVUHVXOWDGRVVHGHGXFHTXHHOS+PiVLGyQHRSDUDGHWHFWDUHVWH
FDUiFWHUHQFDVLWRGDVODVFHSDVHQVD\DGDVHVORVKDORVGHOLVLVVRQGHPD\RUGLiPHWUR\PiV
QtWLGRVVHJXLGRSRUORVS+V\ $S+YDULDVFHSDV(;(;(;(;

(;\&2QRPXHVWUDQHVWHFDUiFWHUHQWDQWRTXHHOUHVWRIRUPDQKDORVGHWDPDxRVLPLODU
DORVGHOS+\)LQDOPHQWHDS+FDVLWRGDVODVOHYDGXUDVPXHVWUDQKDORVSRFRQtWLGRV
\SHTXHxRVHLQFOXVRDOJXQDV(;(;\(;QRPDQLILHVWDQHOFDUiFWHUNLOOHU
/DDFWLYLGDGGHODWR[LQDNLOOHU.VREUHDJDUVHSXHGHGHWHFWDUVHJ~Q%DUUH
DSUR[LPDGDPHQWH HQWUH ORV S+V \ QR REVWDQWH 6KLPL]X LQGLFD TXH HO S+
ySWLPRGHHVWDWR[LQDHV3RURWURODGRORVGLIHUHQWHVYDORUHVGHS+XWLOL]DGRVQRGHEHUtDQ
DIHFWDUDODSURGXFFLyQ\DFWLYLGDGGHODWR[LQD.SXHVWRTXHVHKDSUREDGRVXHVWDELOLGDGHQ
HOUDQJRGHS+VGHD9DQ9XXUHQ\-DFREV'DGRTXHWRGDVQXHVWUDVFHSDVVRQ

.HVOyJLFRTXHHOKDORPD\RUFRUUHVSRQGDDOS+VHJXLGRGHORVS+V\*yPH]
3RUUDV HW DO SUREDURQ GLYHUVRV S+V SDUD HVWXGLDU HO
FRPSRUWDPLHQWRGHODDFWLYLGDGNLOOHUREVHUYDQGRTXHDS+ODWR[LQDIXHLJXDORLQFOXVR
PiVDFWLYDTXHDS+(QRFDVLRQHVHOPi[LPRKDORGHLQKLELFLyQFRUUHVSRQGHDPiVGHXQ
S+KHFKRTXHWDPELpQKHPRVREVHUYDGRQRVRWURV/RVUHVXOWDGRVREWHQLGRVKDFHQSUHVDJLDU
TXHQXHVWUDVOHYDGXUDVNLOOHUDORVS+VKDELWXDOHVGHORVPRVWRV\YLQRVH[WUHPHxRV
PDQLIHVWDUiQFODUDPHQWHHVWHIHQRWLSRSXGLHQGRHOLPLQDUDOPHQRVHQSDUWHODIORUDVHQVLEOH
GHOPRVWRGXUDQWHODIHUPHQWDFLyQHQODVERGHJDV
(QOD)LJXUDVHSUHVHQWDQORVKDORVIRUPDGRVSRUDOJXQDVGHODVFHSDVNLOOHU\SRU
ORVWUHVFRQWUROHVXWLOL]DGRVDS+VREUHHOFpVSHGGHODFHSDVHQVLEOH[6HREVHUYDTXHOD
FHSDFRQWURO-&5\ODVFHSDV(;\(;SUHVHQWDQORVKDORVGHPHQRUGLiPHWURHQWDQWR
TXHODVFHSDV(;(;\(;SUHVHQWDQORV PD\RUHVGLiPHWURV&RPRHVOyJLFRODFHSD
FRQWURO [ QR IRUPD KDOR VREUH QLQJXQD /D GLIHUHQFLD HQ HO WDPDxR GH ORV KDORV SXHGH
GHEHUVHDXQDGLIHUHQFLDHQODDFWLYLGDGRODFDQWLGDGGHODWR[LQDNLOOHUGHODVFHSDV-DFREVHW
DO $Vt ODV FHSDV FRQ PD\RU GLiPHWUR WHQGUtDQ XQD WR[LQD NLOOHU PiV SRWHQWH R
SURGXFLUtDQPD\RUFDQWLGDGVLHQGRWHyULFDPHQWHPiVFRPSHWLWLYDVTXHODVFHSDVFRQPHQRU

&DStWXOR,
GLiPHWURGHKDOR/RVHVWXGLRVUHDOL]DGRVSRU+LGDOJRFRQILUPDQHVWDLGHD6XWUDEDMR
SRQHGHPDQLILHVWRXQDUHODFLyQOLQHDOHQWUHHOGLiPHWURGHOKDORGHLQKLELFLyQ\HOORJDULWPR
GHODFRQFHQWUDFLyQGHOIDFWRUNLOOHUSUHVHQWHHQHOPHGLRIHUPHQWDWLYRRORTXHHVORPLVPRD
PD\RU FRQFHQWUDFLyQ GH WR[LQD NLOOHU HQ HO PRVWR GXUDQWH OD IHUPHQWDFLyQ PD\RU KDOR GH
LQKLELFLyQVHREWLHQHHQPHGLRVyOLGR
7DEOD7DPDxRGHOKDORGHLQKLELFLyQGHDOJXQDVFHSDVNLOOHUDGLVWLQWRVS+VVREUHFpVSHGGH[
&HSD

(;

(;

(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
S+

(;

(;

(;
(;

(;

&2
(;
(;

VLQKDORGHLQKLELFLyQ KDORSRFRQtWLGR\PX\SHTXHxR KDORSHTXHxR KDORPHGLDQR

KDORJUDQGH

-RVp$5HJRGyQ0DWHRV
)LJ+DORVGHLQKLELFLyQGHOFUHFLPLHQWRIRUPDGRVSRUDOJXQDVGHODVFHSDVNLOOHUVREUH
XQFpVSHGGHODFHSDVHQVLEOH[DS+
(;
(;
(;
(;
(;
(;
(;
0
-&5
(;
(;
(;
[
(;
/D 7DEOD PXHVWUD OD GLVWULEXFLyQ GHO IHQRWLSR NLOOHU SRU FRPDUFDV \ ERGHJDV
&RPR \D VH PHQFLRQy HO GH ODV FHSDV GH 6 FHUHYLVLDH DLVODGDV IXHURQ NLOOHU (Q
5LEHUD%DMD\0RQWiQFKH]QRDSDUHFLyQLQJXQDOHYDGXUDNLOOHUPLHQWUDVTXHHQODVGHPiV
FRPDUFDV DSDUHFLHURQ HQ PD\RU R PHQRU FDQWLGDG GHSHQGLHQGR GH FDGD ERGHJD 'HVWDFDQ
SRU OD SUHVHQFLD GH FHSDV NLOOHU ODV FRPDUFDV GH 7LHUUD GH %DUURV \ 5LEHUD $OWD
HQ DPERV FDVRV WRGDV VH DLVODURQ GH XQD PLVPD ERGHJD 7% \ 5$
UHVSHFWLYDPHQWH
(Q WRGDV ODV FRPDUFDV DSDUHFLHURQ OHYDGXUDV 6 FHUHYLVLDH VHQVLEOHV HQ PD\RU R
PHQRU FDQWLGDG GHVWDFDQGR SRU VX HOHYDGD LQFLGHQFLD ODV FRPDUFDV GH 0RQWiQFKH] \
5LEHUD %DMD HQ ODV FXDOHV HO GH ODV OHYDGXUDV DLVODGDV IXHURQ VHQVLEOHV D OD WR[LQD
.3RURWUDSDUWH&DxDPHURIXHODFRPDUFDHQODTXHPHQRVVHQVLEOHVVHHQFRQWUDURQVyOR
(;6FHUHYLVLDHUIFKHYDOLHULUHVXOWyVHQVLEOH7DEOD'DGDODFODUDGRPLQDQFLD
GH OHYDGXUDV VHQVLEOHV HQ 5LEHUD %DMD \ 0RQWiQFKH] WHyULFDPHQWH ODV OHYDGXUDV NLOOHU
LQRFXODGDVVHLPSRQGUiQPiVIiFLOPHQWHHQODIHUPHQWDFLyQ GHORVPRVWRV

&DStWXOR,
/D GLVWULEXFLyQ GHO IHQRWLSR NLOOHU HQ ([WUHPDGXUD SDUHFH VHU PiV XQ IHQyPHQR
GHSHQGLHQWHGHODERGHJDRJUXSRVSUy[LPRVGHERGHJDV\GHORULJHQGHODXYDTXHGHOD
FRPDUFDHQHVWXGLR(VWRHVOyJLFRWHQLHQGRHQFXHQWDODHQRUPHH[WHQVLyQGHODPD\RUtDGH
ODV FRPDUFDV YLWLYLQtFRODV ([WUHPHxDV OR FXDO KDFH GLItFLO DWULEXLU XQ GHWHUPLQDGR
IHQyPHQRPLFURELROyJLFRDXQDFRPDUFD3UREDEOHPHQWHHVWDGLVWULEXFLyQSRUERGHJDV\R
RULJHQ GH OD XYD UHVSRQGH D TXH H[LVWHQ GLIHUHQWHV SUiFWLFDV YLWLFXOWXUDOHV \R HQROyJLFDV
TXHIDYRUH]FDQHQXQRVFDVRV\QRHQRWURVODDSDULFLyQGHOHYDGXUDVNLOOHUHQFDGDERGHJD
$QJXORHWDOF
(Q ([WUHPDGXUD QR VH KDQ GHVFULWR FDVRV GH SDUDGDV IHUPHQWDWLYDV GHELGDV D OD
SUHVHQFLDGHOHYDGXUDVNLOOHU\DTXHKDVWDODUHDOL]DFLyQGHHVWHWUDEDMRQRVHKDHVWXGLDGR
VXSUHVHQFLDHQODVERGHJDVH[WUHPHxDV(QEDVHDORVGDWRVSUHVHQWDGRVVHSXHGHVXSRQHU
TXHDOJXQDVGHODVSDUDGDVIHUPHQWDWLYDVRSUREOHPDVRUJDQROpSWLFRVTXHVXIUHQORVYLQRV
H[WUHPHxRV SRGUtDQ VHU DWULEXLGDV D OD LPSRVLFLyQ GH OHYDGXUDV YtQLFDV NLOOHU FRQ PDODV
FDUDFWHUtVWLFDVHQROyJLFDV\DTXHFRPRDILUPDQ%DUUH\4XHVDGD HWDO DOD

FDSDFLGDG GH XQD OHYDGXUD GH H[FUHWDU OD WR[LQD NLOOHU QR VH DVRFLD QHFHVDULDPHQWH FRQ OD
REWHQFLyQGHODVPHMRUHVFXDOLGDGHVYtQLFDV
&RQ WRGRV HVWRV UHVXOWDGRV SRGHPRV DILUPDU TXH SDUD VHOHFFLRQDU OHYDGXUDV GH
YLQLILFDFLyQFRQHOILQGHXWLOL]DUODVHQ([WUHPDGXUDGHEHPRVFRQVLGHUDUODVTXHSRUWDQHO
FDUiFWHUNLOOHU2DOPHQRVGHEHPRVVHOHFFLRQDUODVUHVLVWHQWHVD.SXHVWRTXHHOIHQRWLSR
.HVHO~QLFRTXHKHPRVHQFRQWUDGRHQODUHJLyQ(VWRHVHVSHFLDOPHQWHLPSRUWDQWHSDUD
DTXHOODVERGHJDVHQODVTXHHOIHQRWLSRNLOOHUVHKDHQFRQWUDGR\DTXHFRUUHQVHULRVULHVJRV
GHTXHOHYDGXUDVNLOOHU VDOYDMHVVHLPSRQJDQHQODVIHUPHQWDFLRQHVFRQWURODGDVSURYRFDQGR
GHIHFWRV RUJDQROpSWLFRV R SDUDGDV GH IHUPHQWDFLyQ -DFREV HW DO &RUDW]D HW DO
9DJQROLHWDO+LGDOJR\)ORUHV4XHVDGDHWDOE6LXWLOL]DPRVHQ
GLFKDV ERGHJDV OHYDGXUDV IRUiQHDV VHOHFFLRQDGDV VHQVLEOHV WDO \ FRPR VH HVWi KDFLHQGR
DFWXDOPHQWH SUREDEOHPHQWH H[LVWD GHVSOD]DPLHQWR SRU OHYDGXUDV NLOOHU VDOYDMHV

SHUGLpQGRVHDVtWRGDVODVYHQWDMDVTXHSUHWHQGHPRVDSRUWDUDODYLQLILFDFLyQFRQHOXVRGH
HVWDVOHYDGXUDVVHOHFFLRQDGDV

-RVp$5HJRGyQ0DWHRV
7DEOD'LVWULEXFLyQGHOIHQRWLSRNLOOHUHQODVFHSDVGH6DFFKDURP\FHV
&RPDUFD
%RGHJDD
1GHFHSDVGH
6DFFKDURP\FHV
7LHUUDGH%DUURV

5LEHUD$OWD
0DWDQHJUD
5LEHUD%DMD
&DxDPHUR

0RQWiQFKH]

727$/(;75(0$'85$

&HSDVNLOOHU
1
%RGHJD
&RPDUFD

7LHUUDGH%DUURV (VWDFLyQ(QROyJLFDGH$OPHQGUDOHMR
0DWDQHJUD %RGHJDV0HGLQDH+LMRV3XHEODGH6DQFKR3pUH]
5LEHUD$OWD %RGHJDV5XL](VSDUUDJDOHMR %RGHJDV&DWDOLQD$UUR\R'RQ%HQLWR 3DUWLFXODU0DOSDUWLGDGHOD
6HUHQD
5LEHUD%DMD %RGHJDV&RORPD$OYDUDGR
&DxDPHUR %RGHJDV 5XL] 7RUUHV &DxDPHUR %RGHJDV $JDSLWD 5XELR &DxDPHUR %RGHJDV 6DQWDPDUtD
&DxDPHUR 3DUWLFXODU&DxDPHUR 3DUWLFXODU&DxDPHUR
0RQWiQFKH] &RRSHUDWLYD 9LQtFROD &RPDUFDO GHO &DPSR GH OD &RPDUFD GH 0RQWiQFKH] 0RQWiQFKH] %RGHJDV
9DOGHPDQWLOODV\7UDPSDO0RQWiQFKH]
D

&$378/2,,
6(/(&&,1'(/$6/(9$'85$6
<(16$<26(1%2'(*$
&DStWXOR,,
3UHVHOHFFLyQGHODVOHYDGXUDVDLVODGDV
8QDYH]DQDOL]DGRVORVUHVXOWDGRVGHODFDUDFWHUL]DFLyQGHODVOHYDGXUDV\FRQHOILQGH
VLPSOLILFDU HO SURFHVR VHOHFWLYR VH SURFHGLy D KDFHU XQD SUHVHOHFFLyQ GH ODV FHSDV GH 6
FHUHYLVLDH DLVODGDV7DEODEDViQGRVHHQ
5HVLVWHQFLDDDQKtGULGRVXOIXURVR7RGDVODVFHSDVSUHVHOHFFLRQDGDVFUHFtDQDQWHVGH
GtDVFRQODPi[LPDFRQFHQWUDFLyQGHVXOIXURVRHQVD\DGDPJO7DEOD
&DUiFWHUNLOOHU6HSUHVHOHFFLRQDURQFHSDV.VLHPSUHTXHIXHSRVLEOH&XDQGRQROR
IXHVHSUHVHOHFFLRQDURQFHSDVQHXWUDVD.'HODVFHSDVSUHVHOHFFLRQDGDVHUDQ
NLOOHU . \ QHXWUDV SDUD . 6yOR VH SUHVHOHFFLRQy FHSD VHQVLEOH D . (;
SRUTXHFXPSOtDFRQRWUDVFDUDFWHUtVWLFDV7DEOD
&UHFLPLHQWR D DOWDV WHPSHUDWXUDV \ & 6H LQWHQWy VLHPSUH WRPDU FHSDV
FDSDFHVGHFUHFHUD&GHPDQHUDTXHHOGHODVFHSDVSUHVHOHFFLRQDGDVFUHFtDQ
DHVWDWHPSHUDWXUD\WRGDVODVGHPiVFUHFtDQD&7DEOD
)RUPDFLyQ GH HVSXPD /D PD\RUtD GH ODV FHSDV SUHVHOHFFLRQDGDV GH
IRUPDEDQSRFDHVSXPD(7DEODQRREVWDQWHVHSUHVHOHFFLRQDURQWUHVFHSDV
SURGXFWRUDVGHHVSXPDGHELGRDTXHWHQtDQRWURVFULWHULRVDIDYRU
6H SUHVHOHFFLRQDURQ WRGDV ODV FHSDV TXH FXPSOtDQ FRQ DO PHQRV FULWHULRV GH ORV
FLWDGRV LQGHSHQGLHQWHPHQWH GH FXDOHV IXHUDQ HVWRV FULWHULRV (O Q~PHUR GH FHSDV
SUHVHOHFFLRQDGDV IXH GH (QWUH HOODV VH HQFRQWUDEDQ UHSUHVHQWDGDV WRGDV ODV UD]DV
ILVLROyJLFDVGH6FHUHYLVLDH DLVODGDVH[FHSWR6FHUHYLVLDHDFHWL(OHUDQFHUHYLVLDHHO
FKHYDOLHULED\DQXVKHWHURJHQLFXVFDSHQVLV \JORERVXV
(IHFWR GH OD WHPSHUDWXUD HQ IHUPHQWDFLRQHV GH PRVWR FRQ ODV OHYDGXUDV
SUHVHOHFFLRQDGDV
&RQODVFHSDVSUHVHOHFFLRQDGDV\ODVFRPHUFLDOHV&2&2\&2VHSURFHGLyD
UHDOL]DUIHUPHQWDFLRQHVGHPRVWR0DFDEHRHVWpULODWHPSHUDWXUDVGLVWLQWDV&&&
\&/DIHUPHQWDFLyQD&VHUHDOL]yFRQXQYROXPHQGH POGHPRVWR\HOUHVWRFRQ
PO 'XUDQWH HO WLHPSR TXH GXUDURQ ODV IHUPHQWDFLRQHV VH KL]R XQ VHJXLPLHQWR GHO
FUHFLPLHQWRFHOXODUGHQVLGDGySWLFDDQP\GHOFRQVXPRGHD]~FDU%UL[)LJXUD
,QLFLDOPHQWH OD PD\RUtD GH ODV OHYDGXUDV FUHFHQ ELHQ D & SHUR WUDQVFXUULGRV

-RVp$5HJRGyQ0DWHRV
DSUR[LPDGDPHQWH GtDV ORV %UL[ GHMDQ GH GHVFHQGHU \ HO FUHFLPLHQWR VH KDFH OHQWR R VH
GHWLHQH6yOR(;GHMyHOPRVWRFRQPHQRVGH%UL[(OGHODVOHYDGXUDVLQFOXLGDV
ODV FRPHUFLDOHV HVWXYLHURQ SRU HQFLPD DXQTXH SUy[LPDV D HVWH YDORU 9DULDV OHYDGXUDV
TXHGDURQ PXFKR PiV D]~FDU HQ HO PHGLR LJXDO R VXSHULRU D %UL[ (; %UL[
(;%UL[(;%UL[\(;%UL[(OKHFKRGHTXHODPD\RUtDGHODV
OHYDGXUDVGHMHQGHFUHFHUDORVGtDVVHSXHGHGHEHUDOHIHFWRVLQpUJLFRTXHWLHQHODHOHYDGD
WHPSHUDWXUD MXQWR FRQ HO DOFRKRO SURGXFLGR LPSLGLHQGR HO GHVDUUROOR GH ODV OHYDGXUDV
6WUHKDLDQR %HUU\ \ -RKQVWRQ /yJLFDPHQWH ODV OHYDGXUDV TXH PHQRV D]~FDU
FRQVXPLHURQIXHURQDVXYH]ODVTXHDOFDQ]DURQPHQRUGHQVLGDGySWLFD
(V LQWHUHVDQWH PHQFLRQDU TXH D & ODV OHYDGXUDV IORFXODQWHV (; (; (;
(; (; \ (; QR H[SUHVDQ HVWH IHQRWLSR R OR KDFHQ PX\ GpELOPHQWH SXGLpQGRVH
UHDOL]DU OD PHGLGD GH OD GHQVLGDG ySWLFD VLQ QLQJ~Q SUREOHPD 6LQ HPEDUJR D & & \
&QRVHSXGRPHGLUIiFLOPHQWHSXHVORVIOyFXORVIRUPDGRVLPSHGtDQUHDOL]DUODPHGLGDGH
PDQHUDFRUUHFWD
7RGDV ODV OHYDGXUDV TXH FUHFLHURQ D & HQ PHGLR VyOLGR 7DEOD TXHGDURQ HO
PRVWRDPHQRVGH%UL[D&\YLFHYHUVDWRGDVODVOHYDGXUDVTXHGHMDURQHOPRVWRD
PHQRV GH %UL[ FUHFLHURQ D & HQ PHGLR VyOLGR H[FHSWR (; 6HJ~Q HVWR HO
FUHFLPLHQWRHQPHGLRVyOLGRD&SXHGHVHUXQEXHQPpWRGRSDUDDLVODU\VHOHFFLRQDUFHSDV
PiVUHVLVWHQWHVDDOWDVWHPSHUDWXUDV(VWDVFHSDVSXHGHQVHU~WLOHVHQ]RQDVPHULGLRQDOHVSDUD
HYLWDUSDUDGDVGHIHUPHQWDFLyQGHELGDVDODVHOHYDGDVWHPSHUDWXUDV/DVWHPSHUDWXUDVPi[LPDV
TXH VH DOFDQ]DQ HQ ([WUHPDGXUD GXUDQWH OD pSRFD GH YHQGLPLD SXHGHQ VXSHUDU ORV &
GHSHQGLHQGR GH OD FRPDUFD \ OD IHFKD GH YHQGLPLD (Q 7LHUUD GH %DUURV VH KDQ OOHJDGR D
DOFDQ]DUPi[LPDVDEVROXWDVGH&HQHOPHVGH-XQLRGHRGH&HQ6HSWLHPEUHGH
FRQPHGLDVGHODVPi[LPDVDEVROXWDVGH&$OPHQGUR\/HGR'DGRTXH
PXFKDV GH ODV ERGHJDV QR GLVSRQHQ D~Q GH VLVWHPDV GH UHIULJHUDFLyQ HV LQWHUHVDQWH
VHOHFFLRQDUOHYDGXUDVWHUPRUUHVLVWHQWHV
7RGDV ODV OHYDGXUDV FUHFLHURQ ELHQ FRQ FRQVXPR FDVL WRWDO GHO D]~FDU D ODV WUHV
WHPSHUDWXUDVUHVWDQWHV\&1RUPDOPHQWHODIHUPHQWDFLyQIXHPiVOHQWDD&

TXHD&R&FRPRVHSXHGHREVHUYDUHQODVFXUYDVGHODHYROXFLyQGHORV%UL[)LJXUD
6LELHQSDUDHOGHODVOHYDGXUDVSRUHMHPSOR(;VHREVHUYDGXUDQWHORVR
SULPHURVGtDVTXHODIHUPHQWDFLyQD&HVDOJRPiVOHQWDTXHD&

&DStWXOR,,
(QJHQHUDOODWHPSHUDWXUDGHIHUPHQWDFLyQPiVDGHFXDGDGHVGHHOSXQWRGHYLVWDGHO
FUHFLPLHQWRFHOXODUIXH&$HVWDWHPSHUDWXUDWRGDVODVOHYDGXUDVFRQVXPLHURQORVD]~FDUHV
FRQPiVUDSLGH]$GHPiVORV%UL[ILQDOHVIXHURQPiVEDMRVD&PHGLD GHVYLDFLyQ
HVWiQGDU TXHD&PHGLD GHVYLDFLyQHVWiQGDU R&PHGLD

GHVYLDFLyQHVWiQGDU 1RREVWDQWHWRGDVSUHVHQWDURQFXUYDVGHIHUPHQWDFLyQDGHFXDGDV
WDQWRD&FRPRD&WHPSHUDWXUDVHQWUHODVTXHVHJ~QODPD\RUtDGHORVH[SHUWRVVH
GHEHQUHDOL]DUODVIHUPHQWDFLRQHVFRQWURODGDVHQODLQGXVWULD
+D\TXHVHxDODUTXHORV%UL[VRQXQDPHGLGDDSUR[LPDGDGHOWHQRUGHD]~FDUHVGHXQ
PRVWR\TXHFXDQWRPiVDYDQ]DGDHVWiODIHUPHQWDFLyQHVGHFLUFXDQGRPHQRVD]~FDUHVKD\
PiVHUUyQHDSXHGHVHUHVWDPHGLGDFRPRFRQVHFXHQFLDHQJUDQSDUWHGHODDFXPXODFLyQGH
SURGXFWRVGHIHUPHQWDFLyQ(OYDORUPiVEDMRREWHQLGRHQODVIHUPHQWDFLRQHVQRIXHSUy[LPRD
FHURFRPRFDEUtDHVSHUDUVLHVWXYLpVHPRVPLGLHQGRVyORD]~FDUHVSXHVLQIOX\HQHQ ODPHGLGD
HO HWDQRO JOLFHURO iFLGR WDUWiULFR \ RWURV VROXWRV FRPSRQHQWHV GHO YLQR $ PRGR GH
RULHQWDFLyQXQDVROXFLyQGHHWDQRODOYYHQDJXDWLHQHDSUR[LPDGDPHQWH%UL[VLOD
VROXFLyQHVGHiFLGRWDUWiULFRDOWLHQH%UL[HQWDQWRTXHVLHVXQDVROXFLyQDOGH
HWDQRO\DOGHiFLGRWDUWiULFRWLHQH%UL[$SHVDUGHHVWRODPHGLGDGHORV%UL[HVXQ
PpWRGRUiSLGR\PX\VHQFLOORSDUDVHJXLUODHYROXFLyQGHODIHUPHQWDFLyQ
(QFXDQWRDODGHQVLGDGySWLFDORVYDORUHVPiVDOWRVDSDUHFLHURQD&PHGLD
\ GHVYLDFLyQ HVWiQGDU $ & IXH DOJR PHQRU PHGLD \ GHVYLDFLyQ HVWiQGDU
\ D & D~Q PiV EDMRVPHGLD \GHVYLDFLyQHVWiQGDU /RVYDORUHVPiV

EDMRV VH REWXYLHURQ D & PHGLD \ GHVYLDFLyQ HVWiQGDU GHELGR D TXH DHVWD
WHPSHUDWXUDWXYROXJDUODSDUDGDGHOSURFHVRIHUPHQWDWLYR
3H\QDXGUHDOL]yIHUPHQWDFLRQHVDWHPSHUDWXUDV&&&\&
2EVHUYyTXHLQLFLDOPHQWHODIHUPHQWDFLyQD&HUDPiVUiSLGDSHURWUDQVFXUULGRVGtDVVH
KDFtDPiVOHQWD\DORVGtDVSUiFWLFDPHQWHVHSDUyTXHGDQGRHOYLQRFRQJOGHD]~FDUHV
UHGXFWRUHV (VWRV UHVXOWDGRV VRQ VLPLODUHV D ORV REWHQLGRV SRU QRVRWURV D & 7DPELpQ
REVHUYy TXH HO JUDGR DOFRKyOLFR DOFDQ]DGR HV PiV HOHYDGR D EDMD WHPSHUDWXUD OR FXDO VH
UHIOHMDUi OLJHUDPHQWH HQ ORV %UL[ILQDOHV$GHPiVVHJ~Q3H\QDXGODPXOWLSOLFDFLyQGHODV
OHYDGXUDV UHVXOWD HQ XQD SREODFLyQ PiV HOHYDGD D WHPSHUDWXUD PiV EDMD (Q QXHVWUR FDVRHO
PD\RU FUHFLPLHQWR FHOXODU PHGLGR FRPR GHQVLGDG ySWLFD QR VH SURGXMR D OD PHQRU
WHPSHUDWXUD HQVD\DGD & VLQR D & &RPR \D VH KD LQGLFDGR \ HQ FRQWUD GH OR

-RVp$5HJRGyQ0DWHRV
REVHUYDGRSRU3H\QDXGDOJXQDVGHODVOHYDGXUDVHQVD\DGDVPRVWUDURQPD\RUYHORFLGDGLQLFLDO
GHIHUPHQWDFLyQD&TXHD&
5HODFLyQHQWUHHOWDPDxRGHODFRORQLD\HOYLJRUIHUPHQWDWLYR
(QOD7DEODVHPXHVWUDQORVWDPDxRVGHODVFRORQLDVGHODVOHYDGXUDVHQORVPHGLRV
6' $00 \ <3' &RPSDUDQGR HVWRV UHVXOWDGRV FRQ ODV FXUYDV GH IHUPHQWDFLyQ D &
)LJXUD VH REVHUYD TXH H[FHSWR (; WRGDV ODV OHYDGXUDV TXH SUHVHQWDQ WDPDxR PX\
SHTXHxRHQ6'PX\SHTXHxRHQ$00\PX\SHTXHxRRSHTXHxRHQ<3'

IHUPHQWDQPDOD &(VWDVOHYDGXUDV(;(;(;(;(;\(;QR
FRQVXPHQ OD PD\RUtD GH ORV D]~FDUHV SUHVHQWHV HQ HO PRVWR GHMDQ PiV GH %UL[ (V
HVSHFLDOPHQWHOODPDWLYRHOFDVRGH(;\(;TXHQRFRQVXPLHURQPiVGHJOGHD]~FDU
GXUDQWHORVGtDVGHIHUPHQWDFLyQD&
3RU RWUD SDUWH QR VH REVHUYD QLQJXQD UHODFLyQ HQWUH HO WDPDxR GH OD FRORQLD \ OD
FDSDFLGDGSDUDIHUPHQWDUHOPRVWRD&&R&
(Q ]RQDV FiOLGDV HOHVWXGLRGHOWDPDxRGHODVFRORQLDVGHODVOHYDGXUDVHQGLVWLQWRV
PHGLRV SXHGH VHU XQ FULWHULR ~WLO \ VHQFLOOR SDUD UHFKD]DU ODV OHYDGXUDV GH FRORQLDV PiV
SHTXHxDV\DTXHSUREDEOHPHQWHYDQDIHUPHQWDUPDODDOWDVWHPSHUDWXUDV

&DStWXOR,,
Figura 5.1: Evolucin del consumo de azcar (Brix) y crecimiento (D.O. 590 nm)
de las cepas preseleccionadas a distintas temperaturas.
CEPA EX1
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX2
Brix
D.O.
20
Brix
14
12
D.O.
25
20
20
10
15
15
15
8
10
10
10
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX9
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.
Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C

-RVp$5HJRGyQ0DWHRV
Figura 5.1: Continuacin

CEPA EX29
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX31
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX33
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.

Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C
&DStWXOR,,

CEPA EX34
Brix
D.O.
20
14
12
Brix
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX36
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX37
Brix
D.O.
20
Brix
14
12
D.O.
25
20
20
10
15
15
15
8
10
10
10
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.
Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C

-RVp$5HJRGyQ0DWHRV

CEPA EX38
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX40
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX41
Brix
D.O.
20
Brix
14
12
D.O.
25
20
20
10
15
15
15
8
10
10
10
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.

Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C
&DStWXOR,,

CEPA EX44
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX46
Brix
D.O.
20
Brix
14
12
D.O.
25
20
20
10
15
15
15
8
10
10
10
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX47
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
Das
5 de fermentacin
10
Das de fermentacin
---- D.O.
Brix
0
15
37C
30C
Das de10fermentacin 15
Das de fermentacin
25C
0
20
18C

-RVp$5HJRGyQ0DWHRV

CEPA EX48
Brix
D.O.
20
Brix
14
12
D.O.
25
20
20
10
15
15
15
8
10
10
10
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX50
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX73
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.

Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C
&DStWXOR,,

CEPA EX83
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX84
Brix
D.O.
20
Brix
14
12
D.O.
25
20
20
10
15
15
15
8
10
10
10
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX85
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.
Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C

-RVp$5HJRGyQ0DWHRV

CEPA EX88
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
10
15
20
Das de fermentacin
Das de fermentacin
CEPA EX89
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
15
0
0
10
15
Das de fermentacin
20
CEPA EX90
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.

Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C
&DStWXOR,,

CEPA EX91
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX93
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX94
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.
Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C

-RVp$5HJRGyQ0DWHRV

CEPA EX97
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX98
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX100
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.

Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C
&DStWXOR,,

CEPA EX102
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA EX103
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA CO1
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.
Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C

-RVp$5HJRGyQ0DWHRV

CEPA CO2
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
10
15
0
0
Das de fermentacin
10
15
20
Das de fermentacin
CEPA CO3
Brix
D.O.
20
Brix
14
12
D.O.
20
14
12
10
10
15
15
8
10
10
6
4
4
5
2
0
0
0
5
10
Das de fermentacin
---- D.O.
Brix
15
0
0
37C
30C
10
15
Das de fermentacin
25C
20
18C
Nota: En las cepas EX2, EX37, EX41, EX46, EX48 y EX84 slo se representa la
densidad ptica a 37C, debido a que al resto de temperaturas estas levaduras floculan
y no se puede realizar la medida.

&DStWXOR,,
$QiOLVLV GH ORV SULQFLSDOHV SDUiPHWURV HQROyJLFRV HQ ORV YLQRV HODERUDGRV FRQ ODV
FHSDVSUHVHOHFFLRQDGDV
(Q ORV YLQRV REWHQLGRV SRU IHUPHQWDFLyQ GH PO GH PRVWR D & 9/ VH
DQDOL]DURQYDULRVSDUiPHWURV7XUELGH]S+DFLGH]WRWDODFLGH]YROiWLOD]~FDUHVUHGXFWRUHV
62 WRWDO\HWDQRO/RVUHVXOWDGRVVHPXHVWUDQHQOD7DEOD
/D WXUELGH] UHVXOWy QXOD R PX\ EDMD SDUD FDVL WRGDV ODV OHYDGXUDV VyOR HO YLQR
SURGXFLGRSRU(;WXYRXQDHOHYDGDWXUELGH]7
&RPRHVQRUPDOODPD\RUtDGHODVOHYDGXUDVEDMDURQHOS+LQLFLDOGHOPRVWRVLQ
HPEDUJR ODV OHYDGXUDV (; (; (; (; (; \ (; VXELHURQ HO S+
HVFDVDPHQWH/DPHGLDGHHVWHSDUiPHWURIXH\ODGHVYLDFLyQHVWiQGDUGH
/DDFLGH]WRWDOPHGLDIXHJOGHVYLDFLyQHVWiQGDU GHVWDFDQGRYDULRVYLQRV
SRUVXHOHYDGDDFLGH]PD\RUGHJO7RGRVORVYLQRVWHQtDQPD\RUDFLGH]WRWDOTXHHOPRVWR
LQLFLDO JO /D DFLGH] WRWDO HQ YLQRV GH PHVD GHEH VHU VXSHULRU GH JO VHJ~Q HO
UHJODPHQWRGHOD&((YDORUTXHVXSHUDQFDVLWRGRVHVWRVYLQRV6yORHQGHWHUPLQDGRVDxRVHQ
ORVTXHODVFRQGLFLRQHVFOLPiWLFDVVRQGHVIDYRUDEOHVVHSHUPLWHQDFLGHFHVPHQRUHVDVtHQOD
FDPSDxD OD DFLGH] WRWDO SHUPLWLGD SDUD ([WUHPDGXUD IXH GH JO /D VHOHFFLyQ GH
OHYDGXUDVTXHHOHYDQODDFLGH]ILMDDFLGH]WRWDOPHQRVDFLGH]YROiWLOFRUULJLHQGRHOHTXLOLEULR
GHORViFLGRVGHOYLQRHVLQWHUHVDQWHHQ]RQDVFiOLGDVGRQGHODDFLGH]GHORV PRVWRVHVEDMD
GHELGRDOHOHYDGRJUDGRGHPDGXUDFLyQFRQHOTXHODXYDHVYHQGLPLDGD&DULGL HWDO

VLWXDFLyQTXHVHGDHQWRGDVODVFRPDUFDVH[WUHPHxDV
(QJHQHUDOORVYDORUHVGHDFLGH]YROiWLOUHVXOWDQVHQVLEOHPHQWHDOWRVPHGLD JO
GHVYLDFLyQ HVWiQGDU SUREDEOHPHQWH GHELGR DO SRFR YROXPHQ GH PRVWR XWLOL]DGR DO
HOHYDGRS+GHOPLVPR\DODH[FHVLYDPDQLSXODFLyQDORODUJRGHODIHUPHQWDFLyQSDUDUHDOL]DU
ORV GLVWLQWRV DQiOLVLV (V GH HVSHUDU YDORUHV PiV EDMRV GH DFLGH] YROiWLO VL VH XWLOL]D PD\RU
YROXPHQGHPRVWRSDUDIHUPHQWDU\VHPDQLSXODPHQRVHOUHFLSLHQWHGXUDQWHODIHUPHQWDFLyQ
WDO \ FRPR RFXUULy HQ H[SHULPHQWRV UHDOL]DGRV SRVWHULRUPHQWH /DV OHYDGXUDV (; (;
(; &2 \ &2 SUHVHQWDURQ XQD DFLGH] YROiWLO UHODWLYDPHQWH EDMD PHQRU GH JO
)XHURQ PX\ QXPHURVDV ODV OHYDGXUDV DOWDPHQWH SURGXFWRUDV GH DFLGH]YROiWLOPD\RUGH
JOGHVWDFDQGR(;(;(;(;(;\(;
/DFDQWLGDGPHGLDGHD]~FDUHVUHGXFWRUHVIXHGHJOGHVYLDFLyQHVWiQGDU
'H ODV OHYDGXUDV GHMDURQ YLQRV FRQ PHQRV GH JO GH D]~FDUHV UHGXFWRUHV OR TXH

-RVp$5HJRGyQ0DWHRV
UHVXOWDXQYDORUDGHFXDGRSDUDTXHQRVHSURGX]FDUHIHUPHQWDFLyQ(OYDORUPiVEDMRREWHQLGR
IXHJO(;\HOPiVDOWRIXHJO(;
'DGRTXHHOPRVWRQRKDEtDVLGRVXSOHPHQWDGRFRQ62ORVYDORUHVGH62 WRWDOTXH
DSDUHFHQHQORVYLQRVVRQORVSURGXFLGRVSRUODVOHYDGXUDV/DSURGXFFLyQPiVDOWDGH62 VH
SUHVHQWyHQ(;PJO\ODPiVEDMDHQ(;PJO/DPHGLDUHVXOWDQWHIXHPJO
\ODGHVYLDFLyQHVWiQGDUPJO0XFKDVOHYDGXUDV!VHFDUDFWHUL]DURQSRUSURGXFLU
PX\SRFR62 PHQRVGHPJO6HJ~Q&DOGHQWH\ODFDQWLGDGGH62 SURGXFLGRHQ
OD IHUPHQWDFLyQ DOFRKyOLFD HVWi HQWUH \ PJO SHUR OD PD\RU SDUWHGHODVOHYDGXUDVQR
SURGXFHQPiVGHPJO7RGRVORVYDORUHVREVHUYDGRVSXHGHQFRQVLGHUDUVHEDMRVRPX\
EDMRV 6HJ~Q ORV HVWXGLRV UHDOL]DGRV SRU *DLD \ 'HOILQL HQ 0RVFDWR G$VWL VH
FODVLILFD D ODV OHYDGXUDV HQ JUXSRV GHSHQGLHQGR GH OD SURGXFFLyQ GH 62 /D PD\RUtD GH
QXHVWUDV OHYDGXUDV HVWDUtDQ HQ HO JUXSR PJO TXHGDQGR VRODPHQWH XQDV SRFDV
DVLJQDGDVDOJUXSRPJO\QLQJXQDHQHOUHVWRGHJUXSRV!PJO
5HVSHFWR D OD SURGXFFLyQ GH HWDQRO OD PHGLD IXH GH \ OD GHVYLDFLyQ HVWiQGDU GH
/DFHSD&2IXHODTXHSURGXMRPiVHWDQRO\ODFHSD(;ODTXHPHQRV

(VWRV YDORUHV GH HWDQRO SXHGHQ FRQVLGHUDUVH EDMRV GHELGR SUREDEOHPHQWH DO DOWR JUDGR GH
HYDSRUDFLyQ GH HVWH FRPSXHVWR \ DO HOHYDGR PHWDEROLVPR R[LGDWLYR TXH VH SURGXMR FRPR
FRQVHFXHQFLD GH OD DJLWDFLyQ GLDULD GH ODV PXHVWUDV SDUD UHDOL]DU ODV PHGLGDV GH %UL[ \
GHQVLGDGySWLFD

&DStWXOR,,
7DEOD&DUDFWHUtVWLFDVGHORVYLQRVREWHQLGRVSRUIHUPHQWDFLyQGHPOGHPRVWR0DFDEHR
&HSD
7XUELGH]E
(;
7
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&2
0HGLD
S+
$FLGH]WRWDO
J7+O
$FLGH]YROiWLO
J$F+O
$]~FDUHV
5HGXFWRUHVJO
62 WRWDO
PJO
(WDQRO
YY

7

7

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

D
&DUDFWHUtVWLFDVLQLFLDOHVGHOPRVWR%UL[
E

S+ $FLGH]7RWDO J7+O

7 VLQWXUELGH]7 DOJRWXUELR7 PX\WXUELR

-RVp$5HJRGyQ0DWHRV
6HOHFFLyQGHODVFHSDVPiVDSURSLDGDVSDUDYLQLILFDFLyQ
/RVUHVXOWDGRVDQDOtWLFRVGHORVYLQRVSURGXFLGRVSRUODVOHYDGXUDVSUHVHOHFFLRQDGDVVH
XWLOL]DURQSDUDVHOHFFLRQDUGHHOODVHQIXQFLyQGHWUHVFULWHULRV
$FLGH] YROiWLO (VWH IXH HO SULQFLSDO FULWHULR WHQLGR HQ FXHQWD SDUD OD VHOHFFLyQ 6H
LQWHQWy VHOHFFLRQDU ODV FHSDV TXH SURGXMHURQ YLQRV FRQ PHQRU DFLGH] YROiWLO
FRQVLGHUiQGRVH HO YDORU OtPLWH JO TXH HV HO Pi[LPR DGPLWLGR SDUD TXH XQ YLQR
SXHGDFDOLILFDUVHFRPR9LQRGHOD7LHUUD
$]~FDUHV UHGXFWRUHV 6H HOLJLHURQ ODV FHSDV TXH GHMDURQ FDQWLGDGHV LJXDOHV R
LQIHULRUHVDJOGHD]~FDUHVUHVLGXDOHVHQHOYLQR
(WDQRO6HLQWHQWyVHOHFFLRQDUODVOHYDGXUDVTXHSURGXFtDQYDORUHVPiVDOWRVVLHPSUH
LJXDOHVRVXSHULRUHVDOYY
'HPRGRTXHODVFHSDVVHOHFFLRQDGDVIXHURQ(;(;(;(;(;(;
(;\(;GHODUD]DFHUHYLVLDH \(;GHODUD]DFDSHQVLV$GHPiVVHVHOHFFLRQDURQODV
FHSDVFRPHUFLDOHV&2\&2TXHWDPELpQFXPSOtDQFRQORVWUHVFULWHULRVPHQFLRQDGRV1R
VH VHOHFFLRQy &2 SRUTXH DXQTXH WDPELpQ FXPSOtD FRQ ORV FULWHULRV WHQtD FDUDFWHUtVWLFDV
VLPLODUHVD&2
0LFURYLQLILFDFLRQHVHQODERUDWRULRFRQODVOHYDGXUDVVHOHFFLRQDGDV
&RQ ODV OHYDGXUDV VHOHFFLRQDGDV DXWyFWRQDV PiV FRPHUFLDOHV VH UHDOL]DURQ
PLFURYLQLILFDFLRQHV GH PRVWR 3DUHOODGD HVWpULO 9/ 3DUGLQD 9/ *DUQDFKD 7LQWRUHUD
9/ &DEHUQHW 6DXYLJQRQ 9/ \ &DEHUQHW 6DXYLJQRQ 0HUORW 9/ /D
WHPSHUDWXUDGHYLQLILFDFLyQIXHGH&SDUDODVYDULHGDGHVEODQFDV\GH&SDUDODVWLQWDV
'XUDQWHODIHUPHQWDFLyQVHUHDOL]yXQVHJXLPLHQWRGLDULRGHORV %UL[\GHODSURGXFFLyQGH
HVSXPD
/RVUHVXOWDGRVGHODVFLQpWLFDVIHUPHQWDWLYDV\GHORVDQiOLVLVGHORVYLQRVSDUDFDGD
IHUPHQWDFLyQVHSUHVHQWDQHQORVVLJXLHQWHVDSDUWDGRV
9LQLILFDFLyQGHPRVWR3DUHOODGDHVWpULO9/
7RGDVODVFHSDVHQVD\DGDVSUHVHQWDURQFLQpWLFDVIHUPHQWDWLYDVPX\VLPLODUHVFRQSRFD
SURGXFFLyQGHHVSXPD1RREVWDQWH(;IXHDOJRPiVOHQWD\(;XQSRFRPiVUiSLGDTXH
ODVGHPiV/DVFXUYDVUHVXOWDQWHVGHODPHGLGDGHORV %UL[VHPXHVWUDQHQOD)LJXUD6H

&DStWXOR,,
REVHUYDTXHLQLFLDOPHQWHODVFXUYDVVHVRODSDQFDVLHQVXWRWDOLGDGSHURDSDUWLUGHO GtDGH
IHUPHQWDFLyQ FRPLHQ]DQ D VHSDUDUVH \ YXHOYHQ D DSUR[LPDUVH DO ILQDO GH OD IHUPHQWDFLyQ
H[FHSWRODFXUYDFRUUHVSRQGLHQWH D(;TXHVHPDQWLHQHHQWRGRPRPHQWRSRUHQFLPDGHODV
GHPiV
20
Brix
EX1
EX33
EX47
EX88
15
10
0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9/PRVWR3DUHOODGDHVWpULOLQRFXODGRFRQ
ODVOHYDGXUDVHQHVWXGLR(OUHVWRGHFXUYDVQRPRVWUDGDVVRQVLPLODUHVDODVGH(;\(;
7UDQVFXUULGRV GtDV GH IHUPHQWDFLyQ VH UHDOL]y HO SULPHU WUDVLHJR VH PLGLy OD
WXUELGH]GHORVYLQRVVHFHQWULIXJDURQ\VHSURFHGLyDVXDQiOLVLV/RVSDUiPHWURVHYDOXDGRV
IXHURQGHQVLGDGS+DFLGH]WRWDODFLGH]YROiWLOD]~FDUHVUHGXFWRUHV62 WRWDO+6HWDQRO
JUDGRDOFRKyOLFRJOLFHURODFHWDOGHKLGR\SURWHtQDV7DEOD
7XUELGH] (Q JHQHUDO WRGRV ORV YLQRV SUHVHQWDURQ WXUELGH] HOHYDGD GHVWDFDQGR OD
FHSD(;178/DPHQRUWXUELGH]FRUUHVSRQGLyDODFHSD(;178'DGRTXH

ODIHUPHQWDFLyQDFDEDEDGHILQDOL]DUODVOHYDGXUDVD~QQRKDEtDQVHGLPHQWDGRWRWDOPHQWH\HQ
FRQVHFXHQFLDODWXUELGH]HUDDOJRDOWD$GHPiVODOHYDGXUD(;WRGDYtDQRKDEtDWHUPLQDGR
FRPSOHWDPHQWH OD IHUPHQWDFLyQ WDO \ FRPR VH GHGXFH GH ORV GDWRV GH GHQVLGDG \ D]~FDUHV

-RVp$5HJRGyQ0DWHRV
UHGXFWRUHVTXHVHSUHVHQWDQPiVDEDMR\GHOKHFKRGHTXHD~QGHVSUHQGtDDOJRGH&2
'HQVLGDG&RPRHUDGHHVSHUDUODPD\RUGHQVLGDGFRUUHVSRQGLyDOYLQRSURGXFLGR
SRU(;ORVGHPiVSUHVHQWDURQGHQVLGDGHVPX\VLPLODUHV/RVYLQRVSURGXFLGRVSRU

(;\(;SUHVHQWDURQODVPHQRUHVGHQVLGDGHV
S+/RVYDORUHVREWHQLGRVYDQGHVGHDHVGHFLUWRGRVSRUGHEDMRGHOS+
LQLFLDOGHOPRVWR(VWRVYDORUHVVRQDGHFXDGRVSDUDHVWHWLSRGHYLQRV
$FLGH]WRWDO/RVUHVXOWDGRVHVWiQGHQWURGHORVPiUJHQHVQRUPDOHVJO7+
ORFXDOUHVXOWDLQWHUHVDQWHWHQLHQGRHQFXHQWDODEDMDDFLGH]LQLFLDOGHOPRVWRJO\TXH
QRVHOHDxDGLyiFLGRWDUWiULFR/DDFLGH]WRWDOPi[LPDIXHJO(;\ODPtQLPD

JO&2EDVWDQWHPiVDOWDTXHODDFLGH]LQLFLDO
$FLGH]YROiWLO(QODPD\RUtDGHORVYLQRVIXHPX\EDMDFRUUHVSRQGLHQGRHOYDORU
PiVEDMRD(;\&2JO/DFHSD(;SURGXMRODPD\RUDFLGH]YROiWLOJOVL

ELHQHVWHYDORUHVPiVTXHDFHSWDEOHHQXQYLQRMRYHQGHFDOLGDG0DUHFD&RPRHUDGH
HVSHUDU SDUD WRGDV ODV FHSDV ORV YDORUHV IXHURQ PiV EDMRV \ VDWLVIDFWRULRV TXH HQ HO
H[SHULPHQWRDQWHULRU9/GHELGRDTXHHOYROXPHQGHPRVWRIXHPD\RU\ODPDQLSXODFLyQ

PXFKRPHQRU
$]~FDUHVUHGXFWRUHV/RVYLQRVSURGXFLGRVSRU(;(;(;(;\&2
SUHVHQWDURQ YDORUHV PD\RUHV GH JO \ PHQRUHV GH JO FDQWLGDGHV TXH VH SXHGHQ
FRQVLGHUDUDOJRHOHYDGDVSHURTXHHQWUDQGHQWURGHORVYDORUHVDFHSWDGRVSDUDXQYLQR VHFR
JO (O UHVWR GH ODVFHSDVGLHURQYLQRVEDVWDQWHVHFRVVLHQGRODOHYDGXUD(;ODTXH
SURGXMR HO YLQR PiV VHFR JO +D\ TXH WHQHU HQ FXHQWD TXH FXDQGR HO PRVWR HV
SDVWHXUL]DGRXQDSHTXHxDSDUWHGHORVD]~FDUHVVHSXHGHFDUDPHOL]DUGHIRUPDTXHQRSRGUiQ
VHU IHUPHQWDGRV 3RU HVWH PRWLYR ORV YLQRV SURFHGHQWHV GH PRVWRV SDVWHXUL]DGRV VXHOHQ
SUHVHQWDUQLYHOHVPHGLRVGHD]~FDUHVUHGXFWRUHVDOJRVXSHULRUHVDORVSURFHGHQWHVGHPRVWRV
VLQWUDWDUWpUPLFDPHQWH
62 WRWDO(OYLQRFRQPD\RUQLYHOGH62 WRWDOIXHHOFRUUHVSRQGLHQWHD(;
PJOVHJXLGRGH(;PJO(OQLYHOPiVEDMRIXHSDUDHOYLQRGH(;PJO$O

LJXDO TXH HQ HO H[SHULPHQWR DQWHULRU UHDOL]DGR FRQ PO GH PRVWR 9/ QR VH DxDGLy
DQKtGULGRVXOIXURVRDOPRVWRSRUORTXHWRGRHVWH62 HVSURGXFLGRSRUODVOHYDGXUDV6HJ~Q
YDULRVDXWRUHV=DPERQHOOL*DLD\'HOILQL&DOGHQWH\WRGRVHVWRVYDORUHV
SXHGHQFRQVLGHUDUVHEDMRVRPX\EDMRV

&DStWXOR,,
+6(QQLQJXQRGHORVYLQRVVHGHWHFWyODSUHVHQFLDGH+6'DGRTXHHOOtPLWHPiV
EDMR GH GHWHFFLyQ VHJ~Q HO PpWRGR XWLOL]DGR HV GH 0 SRGHPRV DILUPDU TXH ORV YLQRV
WHQtDQPHQRVGH 0JOGHHVWHFRPSXHVWR$GHPiVGHDQDOL]DUHVWHFRPSXHVWRHQHO
YLQR WHUPLQDGR VH HVWXGLy OD SURGXFFLyQ GH + 6 SRU ODV OHYDGXUDV D OR ODUJR GH OD
IHUPHQWDFLyQ (VWR HV LPSRUWDQWH \D TXH VH SXHGHQ SURGXFLU \ IRUPDU GHULYDGRV GHO + 6
LQGHVHDEOHV PHUFDSWDQRV WLROHV HWF DQWHV GH TXH HVWH GHVDSDUH]FD (VWRV UHVXOWDGRV VH
PXHVWUDQHQOD7DEOD/DPD\RUSURGXFFLyQFRUUHVSRQGLyDODOHYDGXUD(;PPGH
WLUD HQQHJUHFLGRV VHJXLGD GH (; PP /D PD\RUtD GH ODV FHSDV UHVXOWDURQ SRFR
SURGXFWRUDVRPP&RPRFRQWUROGHOH[SHULPHQWRVHDQDOL]yODSURGXFFLyQGH+ 6HQXQ

PRVWR VLQ LQRFXODU (O UHVXOWDGR REWHQLGR IXH GH PP YDORU VXSHULRU DO REVHUYDGR SDUD OD
PD\RUtDGHODVFHSDVDXWyFWRQDVVHOHFFLRQDGDV
$OFRKyOLFR /DV FHSDV (; \ (; IXHURQ ODV TXH SURGXMHURQ PD\RU JUDGR
DOFRKyOLFR OR FXDO UHSUHVHQWD XQ UHQGLPLHQWR DOFRKyOLFR WHyULFR EDVWDQWH HOHYDGR GH
PDQHUDTXHHVWDVOHYDGXUDVQHFHVLWDUtDQJGHD]~FDUSRUOLWURGHPRVWRSDUDSURGXFLU
DOFRKyOLFR/DFHSD(;IXHODTXHGLRPHQRUJUDGRDOFRKyOLFRORTXHUHSUHVHQWDXQ

UHQGLPLHQWRWHyULFRDOJREDMR
3URWHtQDV(OYLQRFRQPD\RUFDQWLGDGGHSURWHtQDVIXHHOSURGXFLGRSRU(;
PJO\ORVYLQRVFRQPHQRVSURWHtQDVIXHURQORVSURGXFLGRVSRU(;(;\&2WRGRV
HOORVFRQPJO
*OLFHURO7RGRVORVYLQRVWHQtDQFDQWLGDGHVQRUPDOHV\PX\VLPLODUHVGHJOLFHURO(O
YLQR SURGXFLGR SRU (; IXH HO TXH PD\RU FDQWLGDG FRQWHQtD JO \ HO SURGXFLGR SRU
(;HOTXHPHQRVJO
$FHWDOGHKLGR/RVYDORUHVGHDFHWDOGHKLGRVRQEDMRVSDUDWRGRVORVYLQRVPHGLD
PJO (O YLQR FRQ PD\RU FRQFHQWUDFLyQ IXH HO SURGXFLGR SRU (; PJO \ HO GH
PHQRU FRQFHQWUDFLyQ HO SURGXFLGR SRU (; PJO (VWRV YDORUHV WDQ EDMRV SXHGHQ
GHEHUVH D TXH QR VH KDEtD VXOILWDGR HO PRVWR 6HJ~Q 3LUDFFL \ 6SHUD ORV PRVWRV QR
VXOILWDGRVJHQHUDQYLQRVFRQEDMDVFDQWLGDGHVGHDFHWDOGHKLGR

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9/PRVWR3DUHOODGDHVWpULOD
&HSD
(;
(;
(;
7XUELGH]
'HQVLGDG

178

(;

(;

(;
(;
(;
(;
&2
&2
0HGLD

S+

$FWRWDO
$FYROiWLO

J7+O

$]~FDUHV
J$F+O
UHGXFWRUHVJO

62 WRWDO +6E $OFRKRO

PJO

YY

&DUDFWHUtVWLFDVLQLFLDOHVGHOPRVWR%UL[ S+ DFLGH]WRWDO J7+O

PPGHWLUDGHSDSHOHQQHJUHFLGRV9LQRFRQWURO PP
5HQGLPLHQWR
3URWHtQDV
*OLFHURO

DOFRKyOLFR
PJO

JO

$FHWDOGHKLGR $FHSWDFLyQ
PJO

&DStWXOR,,
$QiOLVLVVHQVRULDO/RVYLQRVIXHURQFDWDGRVWUDQVFXUULGRVGtDVGHVGHHOILQDOGH
OD IHUPHQWDFLyQ /DV PHMRUHV SXQWXDFLRQHV IXHURQ ODV REWHQLGDV SRU ODV OHYDGXUDV (;
(;(;\(;(OYLQRFRQPD\RUSXQWXDFLyQGHDFHSWDFLyQIXHHOHODERUDGR
FRQ(;VHJXLGRGHOYLQRGH(;(;\(;1LQJ~QYLQR
IXHFDOLILFDGRFRPRPX\GHILFLHQWH/DPD\RUtDIXHURQFRQVLGHUDGRVGHEXHQDFDOLGDGSDUDVHU
HPERWHOODGRV\FRPHUFLDOL]DGRV'HWRGRVORVYLQRVHYDOXDGRVVRODPHQWHYLQRVHODERUDGRV
FRQ FHSDV DXWyFWRQDV (; \ (; WXYLHURQ SHRU SXQWXDFLyQ TXH ORV
HODERUDGRVFRQODVFHSDVFRPHUFLDOHVXWLOL]DGDV&2\&2(;REWXYR
FDVLODPLVPDSXQWXDFLyQTXH&2TXHIXHODPHMRUGHODVFHSDVFRPHUFLDOHV(OUHVWRGHODV
FHSDVDXWyFWRQDVGHXQWRWDOGHSURGXMHURQYLQRVFRQPD\RUSXQWXDFLyQTXHODPHMRUGH
ODVFHSDVFRPHUFLDOHV(OYLQR(;IXHGHILQLGRFRPRXQYLQRDFRSDSDUDGDGHLQWHQVLGDG
DURPiWLFDHOHYDGD\DJUDGDEOHDXPHQWDQGRODLQWHQVLGDGDODJLWDUODFRSD(ORORUHUDDQLVDGR
\HQODIDVHJXVWDWLYDHOYLQRSHUGXUDEDHQERFDVLHQGRUHGRQGRSRUUHWURQDVDOHVDSDUHFtDQ
GH QXHYR ORV DURPDV DQLVDGRV /D ~QLFD REMHFLyQ D VX EXHQD FDOLILFDFLyQ IXH VX OLJHUD
GHVFRPSHVDFLyQGHDFLGH]
9LQLILFDFLyQGHPRVWR3DUGLQD9/
7RGDV ODV IHUPHQWDFLRQHV GH PRVWRV LQRFXODGRV SUHVHQWDURQ FLQpWLFDV IHUPHQWDWLYDV
VLPLODUHV \ DGHFXDGDV ILQDOL]DQGR WRWDOPHQWH OD IHUPHQWDFLyQ D ORV GtDV)LJXUD/D
OHYDGXUD PiV UiSLGD IXH (; \ OD PiV OHQWD &2 /D IHUPHQWDFLyQ FRQWURO IXH PiV OHQWD
LQLFLDOPHQWH TXH ODV UHDOL]DGDV FRQ LQyFXORV GH OHYDGXUDV QR REVWDQWH ILQDOL]y DO PLVPR
WLHPSRTXHHOUHVWR/DSURGXFFLyQGHHVSXPDVyORGHVWDFyOLJHUDPHQWHSRUVXSHUVLVWHQFLD
GtDVHQODYLQLILFDFLyQFRQWURO\HQHOYLQRSURGXFLGRSRU(;
)LQDOL]DGD OD IHUPHQWDFLyQ ORV YLQRV IXHURQ WUDVHJDGRV REVHUYiQGRVH TXH WRGRV ORV
YLQRVGHPRVWRVLQRFXODGRVSUHVHQWDEDQIDQJRVPX\FRPSDFWRVIDFLOLWDQGRDVtODVHSDUDFLyQ
GHOYLQR6LQHPEDUJRHOYLQRFRQWUROWHQtDIDQJRVPHQRVFRPSDFWRVSRUORTXHVHREWXYR
PHQRU UHQGLPLHQWR HQ YROXPHQ GH YLQR /RV YLQRV WUDVHJDGRV IXHURQ WUDWDGRV \ DQDOL]DGRV
FRPRVHKDGHVFULWRHQPDWHULDOHV\PpWRGRV7DEOD
7XUELGH]7RGRVORVYLQRVHODERUDGRVSUHVHQWDEDQSRFDWXUELGH]/DPD\RUtDGHORV
YLQRVHODERUDGRVFRQOHYDGXUDVVHOHFFLRQDGDV\HOFRQWUROWHQtDQYDORUHVGHWXUELGH]LQIHULRUHV
D178(OYLQRFRQPD\RUWXUELGH]IXHHOHODERUDGRFRQODFHSD(;VHJXLGRSRUHO

HODERUDGRFRQ&2

-RVp$5HJRGyQ0DWHRV
'HQVLGDG/DVGHQVLGDGHVIXHURQLJXDOHVSDUDODPD\RUtDGHORVYLQRVFRQODV
~QLFDVH[FHSFLRQHVGHOFRQWURO\HOHODERUDGRFRQ(;
20
Brix
EX33
EX47
EX88
CO3
Control
15
10
0
0
10
11 12
13
14 15
Das de fermentacin
)LJ &XUYDV GH IHUPHQWDFLyQ GH OD YLQLILFDFLyQ 9/ PRVWR 3DUGLQD LQRFXODGR FRQ ODV
OHYDGXUDVHQHVWXGLR(OUHVWRGHFXUYDVQRPRVWUDGDVVRQVLPLODUHVDODGH(;
S+ 6yOR HO YLQR GH &2 SUHVHQWy S+ DOJR VXSHULRU DO GHO PRVWR GHSDUWLGDS+
SDUDWRGDVODVGHPiVOHYDGXUDVHOS+IXHOLJHUDPHQWHLQIHULRUGHVWDFDQGR(;S+
\(;S+
$FLGH]WRWDO +D\ TXH LQGLFDUTXHGDGDODHVFDVDDFLGH]LQLFLDOGHOPRVWRHVWHIXH
FRUUHJLGRKDVWDXQDDFLGH]GHJ7+O7RGDVODVOHYDGXUDVHOHYDURQODDFLGH]WRWDOHQHO
YLQR/DVOHYDGXUDVTXHPiVDXPHQWDURQODDFLGH]IXHURQ(;JO(;JO\
(; JO /DV OHYDGXUDV VLOYHVWUHV GH OD YLQLILFDFLyQ FRQWURO IXHURQ ODV TXH PHQRV
HOHYDURQODDFLGH]JOVHJXLGDVPX\GHFHUFDSRU(;\&2JOHQDPEDV

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9/PRVWR3DUGLQDD
&HSD
(;
(;
(;
(;
7XUELGH] 'HQVLGDG
178

(;

(;

(;

(;

&2

(;

&2

0HGLD

&RQWURO

S+

$FWRWDO
$FYROiWLO

J7+O

$]~FDUHV
62 WRWDO
+6E
$OFRKRO
5HQGLPLHQWR

J$F+O
UHGXFWRUHVJO

PJO

YY

DOFRKyOLFR

3URWHtQDV *OLFHURO $FHWDOGHKLGR $FHSWDFLyQ

PJO
JO
PJO

&DUDFWHUtVWLFDVGHOPRVWRFRUUHJLGR%UL[ S+ DFLGH]WRWDO J7+O62 WRWDO PJO

PPGHWLUDGHSDSHOHQQHJUHFLGRV

-RVp$5HJRGyQ0DWHRV
$FLGH]YROiWLO/RVYDORUHVGHDFLGH]YROiWLOIXHURQPX\EDMRVPHQRUHVGHJO/DDFLGH]
YROiWLO PHQRU IXH OD GH &2 JO VHJXLGD GH (; JO \ (; JO /RV
YDORUHV PiV HOHYDGRVFRUUHVSRQGLHURQD(;JO(;JO\DOFRQWURO
JO
$]~FDUHV UHGXFWRUHV /RV YLQRV UHVXOWDQWHV SUHVHQWDURQ YDORUHV PX\ EDMRV \
VLPLODUHVHVWDQGRWRGRVLQFOXLGRVHQHOHVWUHFKtVLPRPDUJHQTXHYDGHDJO
62 WRWDO /RV YLQRV D SHVDU GH KDEHU VLGR VXOILWDGR HO PRVWR PJO WHQtDQ
YDORUHV EDMRV GH VXOIXURVR VLHQGR HO YDORU PHQRU PJO (; (; \ &2 \ HO PiV
HOHYDGRPJO(;\(;
+61RVHGHWHFWyHVWHFRPSXHVWRHQQLQJXQRGHORVYLQRV/DSURGXFFLyQGH+ 6D
ORODUJRGHODIHUPHQWDFLyQRVFLOyHQWUHORVPPGHWLUDHQQHJUHFLGRVSDUD(;\(;\
PPSDUD(;
$OFRKyOLFR /D YLQLILFDFLyQ FRQWURO SUHVHQWy HO PHQRU JUDGR DOFRKyOLFR
FRQFUHWDPHQWH JUDGRV SRU GHEDMR GH OD PHGLD GH WRGDV ODV YLQLILFDFLRQHV /DV OHYDGXUDV
PiVDOFRKROtJHQDVIXHURQ(;\&2
3URWHtQDV 7RGRV ORV YDORUHV UHVXOWDURQ PX\ EDMRV \D TXH HO PRVWR ~QLFDPHQWH
FRQWHQtDPJOGHSURWHtQDV/RVUHVXOWDGRVHVWDEDQFRPSUHQGLGRVHQWUHORVPJOGHO
FRQWURO\&2\ORVPJOGH(;
*OLFHURO/DPi[LPDSURGXFFLyQFRUUHVSRQGLyDORVYLQRVGH(;\&2FRQ\
JOUHVSHFWLYDPHQWH(QWDQWR TXHODPtQLPDIXHSDUD(;\&2FRQJOHQDPERV
FDVRV
$FHWDOGHKLGR /D PHGLD GH HVWH SDUiPHWUR IXH GH PJO GHVWDFDQGR SRU VX
HOHYDGDSURGXFFLyQODFHSD(;PJO\SRUORFRQWUDULR(;PJO
$QiOLVLV VHQVRULDO 7RGRV ORV YLQRV SURGXFLGRV SRU ODV FHSDV LQRFXODGDV IXHURQ
PHMRU HYDOXDGRV TXH HO YLQR FRQWURO GH DFHSWDFLyQ FRQ OD ~QLFD H[FHSFLyQ GHO
HODERUDGRFRQ(;(OYLQRPHMRUSXQWXDGRIXHHOGH&2VHJXLGRGH
FHUFD SRU (; 7RGRV ORV YLQRV VH FRQVLGHUDURQ GH EXHQD FDOLGDG SDUD VHU
FRPHUFLDOL]DGRV SUHVHQWDQGR XQD H[FHOHQWH IDVH YLVXDO FRQ DXVHQFLD GH WXUELGH] VLHQGR
EULOODQWHV \ FRQ WRQRV YHUGRVRV 'HVWDFy SRU VX JUDQ EULOODQWH] HO YLQR GH (; 'HVGH HO
SXQWRGHYLVWDROIDWLYRODPD\RUtDSUHVHQWyDURPDVDIUXWDGRVFRQUHPLQLVFHQFLDVDSOiWDQRR
PDQ]DQDPDGXUD\VLQGHIHFWRVROIDWLYRVDSUHFLDEOHV/RVYLQRVPHMRUFRQVLGHUDGRV(;\
&2SUHVHQWDURQSRFDVVLPLOLWXGHVVDOYRODVUHODWLYDVDODIDVHYLVXDO$VtHOYLQRGH&2IXH

&DStWXOR,,
GHILQLGRFRPRGHDURPDPX\DIUXWDGRIUHVFRHQERFD\SRFRSHUVLVWHQWHFRQSRFRVDURPDV
UHWURQDVDOHVDOJRGXO]yQ\PHMRUHQQDUL]TXHHQERFD(OYLQRGH(;IXHGHILQLGRFRPR
OLJHUDPHQWH DIUXWDGR DOJR iFLGR IUHVFR HQ ERFD \ EDVWDQWH HTXLOLEUDGR DGHPiV SUHVHQWDED
PiV FDUDFWHUtVWLFDV WtSLFDV GH OD UHJLyQ TXH &2 (O SHRU YLQR HYDOXDGR HO GH (;
SUHVHQWDEDDOJXQDVFDUDFWHUtVWLFDVQHJDWLYDVWDOHVFRPRFRORUVXELGRGHWRQRDOJRR[LGDGR
OLJHUDPHQWHWXUELR\JXVWRXQSRFRDPDUJR
9LQLILFDFLyQGHPRVWR*DUQDFKD7LQWRUHUD9/
/D GXUDFLyQ GH OD IHUPHQWDFLyQ IXH GH GtDV (O GHVFXEH GH ORV PRVWRYLQRV VH
UHDOL]y HO GtD GH IHUPHQWDFLyQ SDUD WRGRV ORV PRVWRV LQRFXODGRV \ HO GtD SDUD HO PRVWR
FRQWURO TXH FRPHQ]y OD IHUPHQWDFLyQ HQWUH GtDV GHVSXpV 7RGRV ORV YLQRV FRQ OD ~QLFD
H[FHSFLyQ GHO FRQWURO PRVWUDURQ FXUYDV GH IHUPHQWDFLyQ VLPLODUHV VL ELHQ (; IXH
LQLFLDOPHQWHPiVUiSLGD)LJXUD
Brix
20
EX33
EX47
EX88
Control
15
10
0
0
10 11 12 13 14 15
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9/PRVWR*DUQDFKD7LQWRUHUDLQRFXODGR
FRQODVOHYDGXUDVHQHVWXGLR(OUHVWRGHFXUYDVQRPRVWUDGDVVRQVLPLODUHVDODVGH(;\
(;

-RVp$5HJRGyQ0DWHRV
/RVUHVXOWDGRVGHORVDQiOLVLVItVLFRTXtPLFRV\VHQVRULDOVHPXHVWUDQHQOD7DEOD
7XUELGH])XHPX\HOHYDGDPD\RUGH178SDUDWRGRVORVYLQRVDOILQDOGHOD
IHUPHQWDFLyQGtDPRPHQWRHQTXHVHUHDOL]DURQWRGRVORVDQiOLVLVItVLFRTXtPLFRV3RU

HVWHPRWLYRQRSXGR VHUPHGLGD\ORVGDWRVQRVHPXHVWUDQHQOD7DEOD&XDQGRVHUHDOL]y
HODQiOLVLVVHQVRULDOORVYLQRV\DKDEtDQSHUGLGRHVWDHOHYDGDWXUELGH]GHELGRDODSUHFLSLWDFLyQ
GHODPD\RUtDGHODPDWHULDFRORUDQWHTXHDQWHVHVWDEDHQVXVSHQVLyQMXQWRFRQODVOHYDGXUDV
'HQVLGDG(OYDORUPHGLRIXHGHVLHQGRHOPi[LPR\HOPtQLPR
S+(OS+LQLFLDOGHOPRVWRFRUUHJLGRIXHGH7RGDVODVOHYDGXUDVLQRFXODGDV
FRQVLJXLHURQ EDMDU HVWH S+ VREUH WRGR (; S+ $GHPiV HO YLQR FRQWURO WDPELpQ
SUHVHQWyS+PiVEDMR
$FLGH]WRWDO7RGRVORVYLQRVWHQtDQPD\RUDFLGH]WRWDOTXHHOPRVWRFRUUHJLGR
JO/DDFLGH]PD\RUIXHODGH(;JO\ODPHQRUODGH&2JO
$FLGH] YROiWLO (O PD\RU YDORU FRUUHVSRQGLy DO YLQR FRQWURO JO PX\ SRU
HQFLPDGHWRGRVORVGHPiV\HQSDUWLFXODUGH&2TXHSUHVHQWyHOPHQRUYDORUJO
$]~FDUHVUHGXFWRUHV7RGRVORVYLQRVWHQtDQFDQWLGDGHVLQIHULRUHVDJO/RVYLQRV
PiVVHFRVIXHURQORVSURGXFLGRVSRU(;(;\(;FRQYDORUHVHQWRUQRDJO(OYLQR
FRQPiVD]~FDUIXHHOSURGXFLGRSRU(;JO
62 WRWDO $XQTXH HO PRVWR KDEtD VLGR VXOILWDGR D UD]yQ GH PJO ORV YLQRV
UHVXOWDQWHV SUHVHQWDURQ YDORUHV PXFKR PiV EDMRV \ VLPLODUHV HQWUH Vt GHDPJO(VWH
EDMR QLYHO GH VXOIXURVR SXHGH VHU GHELGR D OD IRUPDFLyQ GH FRPELQDFLRQHV FRQ OD PDWHULD
FRORUDQWH\RWURVFRPSXHVWRVGHOPRVWRTXHSUHFLSLWDQ
+6 (Q QLQJ~Q YLQR VH GHWHFWy HVWH FRPSXHVWR DGHPiV HQ HO VHJXLPLHQWR GH OD
IHUPHQWDFLyQVyORHQQHJUHFLHURQODVWLUDVGHDFHWDWRGHSORPRGHIRUPDDSUHFLDEOH&2
PP\(;PP
$OFRKyOLFR /D PHGLD GH HVWH SDUiPHWUR IXH GH /D OHYDGXUD (; IXH OD
PHQRVSURGXFWRUDVHJXLGDGHOFRQWURO\(;DPEDVFRQ/DVOHYDGXUDVPiV

DOFRKROtJHQDVIXHURQ(;\&2
*OLFHURO /DV FDQWLGDGHV PiV HOHYDGDV GH JOLFHURO IXHURQ ODV SURGXFLGDV SRU &2
JO VHJXLGDV GH ODV GH (; \ (; FRQ JO (O YLQR FRQWURO \ (; IXHURQ ORV GH
PHQRUFRQFHQWUDFLyQGHHVWHSROLDOFRKROFRQ\JOUHVSHFWLYDPHQWH

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRV HQODYLQLILFDFLyQ9/PRVWR*DUQDFKD7LQWRUHUDD

&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
'HQVLGDG

S+

$FWRWDO
J7+O
$FYROiWLO
J$F+O
$]~FDUHV
UHGXFWRUHVJO


PJO
YY

1'

1'

1'
1'
1'
1'
1'
1'

1'

1'

5HQGLPLHQWR
DOFRKyOLFR
*OLFHURO
JO
$FHWDOGHKLGR
PJO
$FHSWDFLyQ

&DUDFWHUtVWLFDVGHOPRVWRFRUUHJLGR%UL[ S+ DFLGH]WRWDO J7+O62 WRWDO PJO

PPGHWLUDHQQHJUHFLGRV1' QRGHWHFWDGRPHQRUGHPP

-RVp$5HJRGyQ0DWHRV
$FHWDOGHKLGR'HVWDFDQORVYLQRVFRQWUROPJO\&2PJOSRUHVWDU
FRQVLGHUDEOHPHQWH SRU HQFLPD GH OD PHGLD PJO (Q HO H[WUHPR RSXHVWR PX\ SRU
GHEDMRGHODPHGLDVHVLW~DQ(;PJO\(;PJO
$QiOLVLV VHQVRULDO 6RODPHQWH ORV YLQRV SURGXFLGRV SRU (; GH
DFHSWDFLyQ\(;IXHURQSHRUHYDOXDGRVTXHHOFRQWURO (OUHVWRGHYLQRV

IXHURQPHMRUFRQVLGHUDGRVHQSDUWLFXODU(;(;\(;/D
RSLQLyQJHQHUDOL]DGDGHORVFDWDGRUHVIXHTXHORVYLQRVHUDQPX\DVWULQJHQWHV\FRQDOJRGH
WXUELGH] GHELGR D VX MXYHQWXG H LQGLFDURQ TXH SUREDEOHPHQWH PHMRUDUtDQ FRQ HO
HQYHMHFLPLHQWR(ODURPDPiVHQFRQWUDGRIXHHOGHPRUDHOFXDODQXHVWURMXLFLRSRGUtDVHU
DSRUWDGR SRU OD YDULHGDG GH XYD *DUQDFKD 7LQWRUHUD /RV YLQRV SHRU HYDOXDGRV PRVWUDEDQ
FLHUWRV GHIHFWRV R DURPDVDQRUPDOHVHQYLQRVMyYHQHV$VtVHLQGLFyTXH(;WHQtDFLHUWR

RORU D JRPD \ IDUPDFLDRTXH(;UHFRUGDEDDXQYLQRGHSLWDUUD(QODVOHYDGXUDV
FRPHUFLDOHV VH GHWHFWDURQ OLJHURV RORUHV D JRPD HQ &2 \ D FDUDPHOR HQ &2QRREVWDQWH
IXHURQ ELHQ HYDOXDGRV (O YLQR FRQWURO SUHVHQWDED RORUHV YHJHWDOHV VDERU DPDUJR \ SRFR
SHUVLVWHQWH HQ ERFD )LQDOPHQWH ORV YLQRV PHMRU HYDOXDGRV (; (; \ (;
SUHVHQWDEDQ FRORU YLYR VDQJUHFHUH]D FRQ FDSD DOWD \ SRFR EULOOR DURPDV DIUXWDGRV QR
HQFXELHUWRV SRU HO DOFRKRO HQ HVSHFLDO (; UHFRUGDED D PRUDV DGHPiV HO VDERU HUD
HTXLOLEUDGRDXQTXHDOJRDVWULQJHQWH
9LQLILFDFLyQGHPRVWR&DEHUQHW6DXYLJQRQ9/
/D YHORFLGDG GH IHUPHQWDFLyQ UHVXOWy GHVGH HO SULQFLSLR OHQWD SDUD WRGRV ORV YLQRV
LQRFXODGRV\PiVD~QSDUDHOFRQWURO)LJXUD(OFXDUWRGtDGHIHUPHQWDFLyQVHDxDGLyXQ

DFWLYDGRU GH IHUPHQWDFLyQ )HUPDLG D UD]yQ GH JO D WRGRV ORV YLQRV 3UHYLDPHQWH IXH
UHWLUDGDXQDPXHVWUDGHPOGHFDGDYLQLILFDFLyQ\VHODVGHMyIHUPHQWDUVLQ)HUPDLG(O
RFWDYR GtD GH IHUPHQWDFLyQWRGDVODVPXHVWUDVGHPOHVWDEDQSUiFWLFDPHQWHSDUDGDVHQ
WDQWRTXHHOUHVWRGHYLQLILFDFLRQHVKDEtDQIHUPHQWDGRFDVLWRGRORVD]~FDUHV7UDVODDGLFLyQ
GHODFWLYDGRUYDULDVOHYDGXUDVSURGXMHURQJUDQFDQWLGDGGHHVSXPDHQHVSHFLDO(;\&2
/DVOHYDGXUDVTXHSURGXMHURQPHQRVHVSXPDIXHURQ(;\(;)LQDOPHQWHHORFWDYRGtD
GHIHUPHQWDFLyQVHDxDGLyDWRGDVODVPXHVWUDVGHPOVDOYRDODGH(;JOGHVXOIDWR
DPyQLFR REVHUYiQGRVH TXH GtDV GHVSXpV HVWDV ILQDOL]DURQ OD IHUPHQWDFLyQ &RQ HVWRV
UHVXOWDGRV SRGHPRV FRQFOXLU TXH HO PRVWR WHQtD JUDYHV GHILFLHQFLDV QXWULFLRQDOHV VLHQGR OD
PiVSUREDEOHODIDOWDGHQLWUyJHQRDVLPLODEOHSRUODVOHYDGXUDV

&DStWXOR,,
20
Brix
EX88
Control
EX1*
EX34*
15
10
0
0
10 11 12 13 14 15 16 17
Das de fermentacin
)LJ &XUYDV GH IHUPHQWDFLyQ GH OD YLQLILFDFLyQ 9/ PRVWR &DEHUQHW 6DXYLJQRQ
LQRFXODGRFRQODVOHYDGXUDVHQHVWXGLR(OUHVWRGHFXUYDVQRPRVWUDGDVVRQVLPLODUHVDODGH
(;
(; PXHVWUDGHPOVLQDxDGLUQLQJ~QDFWLYDGRU
(; PXHVWUDGHPODODTXHVHDxDGLyVXOIDWRDPyQLFRHOGtDGHIHUPHQWDFLyQ
(ODQiOLVLVGHORVYLQRVREWHQLGRVHQHVWDYLQLILFDFLyQVHSUHVHQWDHQOD7DEOD
7XUELGH]7RGRVORVYDORUHVGHWXUELGH]HUDQPX\DOWRVDOILQDOGHODIHUPHQWDFLyQ
VREUHVDOHQ ORV YDORUHV GH (; (; (; \ (; WRGRV SRU HQFLPD GH 178 /RV
YLQRVFRQPHQRUWXUELGH]IXHURQORVGH(;\(;\178UHVSHFWLYDPHQWH
'HQVLGDG(OUHVXOWDGRPiVDOWRIXHHOREWHQLGRSDUD&2(OUHVWRGHYLQRV
WHQtDQ GHQVLGDGHV GH R 7RGDV ODV GHQVLGDGHV VRQ HOHYDGDV DXQTXH DFRUGHV FRQ HO
EDMRJUDGRDOFRKyOLFRGHORVYLQRVREWHQLGRV
S+&RPRHQODVDQWHULRUHVYLQLILFDFLRQHVWRGRVORVYLQRVWHQtDQS+LQIHULRUDOGHO
PRVWRS+ (OS+PHQRUIXH(;\(;\HOPD\RU(;
$FLGH] WRWDO /D DFLGH] LQLFLDO GHO PRVWR IXH GH JO UHVXOWDQGR VXSHUDGD
VREUDGDPHQWH SRU OD PD\RUtDGHORVYLQRV/RVYDORUHVPiVEDMRVIXHURQORVREWHQLGRVSDUD

(;\(;\JOUHVSHFWLYDPHQWH

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ 9/PRVWR&DEHUQHW6DXYLJQRQD

&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
7XUELGH] 'HQVLGDG
$FWRWDO
S+
178

J7+O

$FYROiWLO
J$F+O

$]~FDUHV
UHGXFWRUHVJO
PJO
YY

1'

1'

1'
1'
1'
1'
1'
1'
1'
1'
1'
1'



5HQGLPLHQWR *OLFHURO $FHWDOGHKLGR $FHSWDFLyQ

DOFRKyOLFR
JO
PJO

&DStWXOR,,
$FLGH]YROiWLO/DPHGLDIXHGHJO/DYLQLILFDFLyQFRQWUROPRVWUyXQUHVXOWDGR
PX\ SRU HQFLPD GH OD PHGLD JO HQ WDQWR TXH OD FHSD (; WXYR HO PHMRU UHVXOWDGR
JO
$]~FDUHVUHGXFWRUHV$SHVDUGHORVSUREOHPDVGHSDUDGDGHODIHUPHQWDFLyQWRGRV
ORV YLQRV UHVXOWDQWHV WHQtDQ YDORUHV PX\ DGHFXDGRV HVWDQGR FRPSUHQGLGRV HQWUH JO
(;\JO&2
62 WRWDO/RVUHVXOWDGRVIXHURQDOJRGLVSDUHVOyJLFDPHQWHEDMRV\DTXHHOPRVWRQR
KDEtDVLGRVXOILWDGRRVFLODURQHQWUH\PJO
+6 1R VH GHWHFWy HQ QLQJ~Q YLQR 7DPSRFR VH GHWHFWy GH IRUPD VLJQLILFDWLYD
GXUDQWHODIHUPHQWDFLyQ
$OFRKyOLFR /RV UHVXOWDGRV REWHQLGRV HVWiQ HQ FRQVRQDQFLD FRQ OD FDQWLGDG GH
D]~FDULQLFLDOGHOPRVWR\FRQORVSUREOHPDVGHSDUDGDGHIHUPHQWDFLyQREVHUYDGRV(OPHQRU
JUDGR IXH SDUD HO YLQR FRQWURO 7RGRV ORV GHPiV YLQRV WHQtDQ PiV GH \ ORV
YDORUHVPi[LPRVFRUUHVSRQGLHURQD(;\(;FRQ GHDOFRKRO
*OLFHURO/RVYDORUHVPiVEDMRVIXHURQORVGHOYLQRFRQWUROJO(;\(;
JOHQDPERV/DVOHYDGXUDV(;\(;IXHURQODVPi[LPDVSURGXFWRUDV\JO

UHVSHFWLYDPHQWH
$FHWDOGHKLGR (O YDORU PHGLR IXH GH JO HVWDQGR OD PD\RUtD GH ORV YLQRV
SUy[LPRVDHVWHYDORU/RVYDORUHVH[WUHPRVIXHURQJO(;\JO&2
$QiOLVLVVHQVRULDO7RGRVORVYLQRVIXHURQHYDOXDGRVSRUHOSDQHOGHFDWDGRUHVSRU
GHEDMRGHOGHDFHSWDFLyQGHVWDFDQGRSRUVXVSpVLPDVFDUDFWHUtVWLFDVHOYLQRFRQWURO
\HQPHQRUPHGLGD&2\(;/DOHYDGXUDFRPHUFLDO&2WDPSRFR
GLR UHVXOWDGRV DFHSWDEOHV 6LQ HPEDUJR ODV OHYDGXUDV (; \ (; GLHURQ YLQRV
EDVWDQWHPHMRUDSUHFLDGRVTXHHOFRQWURO\UHVSHFWLYDPHQWH&RPRVHSXHGH
REVHUYDUHQOD7DEODORVYLQRVFRUUHVSRQGLHQWHVDODPD\RUtDGHODVOHYDGXUDVDXWyFWRQDV
VHOHFFLRQDGDVGHIXHURQPiVDSUHFLDGRVTXHORVGHODVOHYDGXUDVFRPHUFLDOHV7RGRVORV
H[SHUWRVGHVWDFDURQODDSDULFLyQGHDURPDVH[WUDxRVTXHVHJ~QORVFDVRVVHGHILQLHURQFRPR
DOPHQGUDVDPDUJDVDFHWRQDJRPDTXHPDGDHWF(QHOYLQRFRQWUROVHREVHUYyXQFLHUWRRORU
DIUXWDSRGULGD(O~QLFRYLQRFRQRORUDEHUHQMHQDWtSLFRGHODYDULHGDG&DEHUQHW6DXYLJQRQ
IXH HO HODERUDGR FRQ (; VLQ HPEDUJR HVWH YLQR IXH GH ORV SHRU HYDOXDGRV (Q
FXDQWRDOVDERUODPD\RUtDGHORVYLQRVIXHURQFRQVLGHUDGRVDPDUJRVSRFRDVWULQJHQWHV\DOJR

-RVp$5HJRGyQ0DWHRV
iFLGRV (O ~QLFR YLQR TXH SUHVHQWy XQ SRFR GH WXUELGH] HQ HO PRPHQWR GH OD FDWD IXH HO
FRUUHVSRQGLHQWH D (; (VWRV PDORV UHVXOWDGRV SXHGHQ DWULEXLUVH FODUDPHQWH DO PRVWR
XWLOL]DGRHOFXDOSUHVHQWDEDHYLGHQWHVGHILFLHQFLDVQXWULFLRQDOHV\SRFRD]~FDU6HJXUDPHQWH
HVWR VH KXELHVH SRGLGR FRUUHJLU PDFHUDQGR ODV XYDV GXUDQWH GtDV OR FXDO SRGUtD KDEHU
DSRUWDGR PiV PDWHULD QLWURJHQDGD \ YLWDPLQDV 5LEpUHDX*D\RQ HW DO R DxDGLHQGR
LQLFLDOPHQWH DOJ~Q DFWLYDGRU GH IHUPHQWDFLyQ $ SHVDU GH WRGR HO YLQR FRQWURO UHVXOWy
FODUDPHQWHUHFKD]DGRSRUORVH[SHUWRVVLHQGRFRQVLGHUDEOHPHQWHPHMRUHYDOXDGRVORVYLQRV
SURGXFLGRVFRQLQyFXORVGHOHYDGXUDV
9LQLILFDFLyQGHPRVWR&DEHUQHW6DXYLJQRQ 0HUORW9/
&RPR HQ HO FDVR GH OD DQWHULRU YLQLILFDFLyQ 9/ LQLFLDOPHQWH OD IHUPHQWDFLyQ IXH
DOJROHQWD)LJXUD
Brix
EX1
20
EX33
EX47
EX88
Control
15
10
0
0
10 12 14 16 18 20 22 24 26 28 30 32 34 36
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9/PRVWR&DEHUQHW6DXYLJQRQ\0HUORW
LQRFXODGRFRQODVOHYDGXUDVHQHVWXGLR(OUHVWRGHFXUYDVQRPRVWUDGDVVRQVLPLODUHVDODGH
(;

&DStWXOR,,
(OPRVWRFRQWUROFRPHQ]yODIHUPHQWDFLyQGtDVGHVSXpVTXHORVLQRFXODGRV(OGtD
VH UHDOL]y HOGHVFXEHSDUDORVPRVWRVLQRFXODGRV\HOSDUDHOFRQWURODxDGLpQGRVHHQHVWH
PRPHQWR JO GH VXOIDWR DPyQLFR FRQ HO ILQ GH UHDFWLYDU OD IHUPHQWDFLyQ $ SDUWLU GHO
GHVFXEH OD YHORFLGDG GH IHUPHQWDFLyQ VH KL]R QRUPDO SDUD WRGRV ORV YLQRV LQFOX\HQGR HO
FRQWURO (O GtD OD IHUPHQWDFLyQ D~Q VLQ WHUPLQDU VH SDUy FXDQGR ORV YLQRV GH PRVWRV
LQRFXODGRVWHQtDQHQWUH\%UL[\HOFRQWURO%UL[(OGtDGHIHUPHQWDFLyQVH
DxDGLyDORVYLQRVJOGHDFWLYDGRUGHIHUPHQWDFLyQ)HUPDLGMXQWRFRQXQQXHYRLQyFXORGH
FpOXODVPO GH FDGD OHYDGXUD HQ HVWXGLR DWHQGLHQGR D ODUHFRPHQGDFLyQGH5Xt]
7UDV K ORV YLQRV FRPHQ]DURQ D IHUPHQWDU GH QXHYR DXQTXH OHQWDPHQWH ILQDOL]DQGR OD
IHUPHQWDFLyQHOGtD
(O DQiOLVLV GH ORV SDUiPHWURV JHQHUDOHV GH ORV YLQRV \ HO VHQVRULDO SUHVHQWy PHMRUHV
UHVXOWDGRVGHORVTXHVHSRGtDQHVSHUDUDODYLVWDGHORVSUREOHPDVTXHWXYRHVWDYLQLILFDFLyQ
7DEOD
7XUELGH]&RPRHQRWUDVYLQLILFDFLRQHVHQWLQWRODWXUELGH]IXHHOHYDGDVLELHQHO
LQWHUYDORGHYDULDFLyQHVPX\DPSOLRGHVGH178SDUD(;D178SDUD(;
'HQVLGDG/DPHGLDIXHGHVLHQGRHOYLQRFRQWUROHOGHPD\RUGHQVLGDG
HQWDQWRTXH(;\(;IXHURQORVGHPHQRUGHQVLGDG
S+(OS+GHORVYLQRVIXHLQIHULRUDOGHOPRVWRS+ (OYLQR(;SUHVHQWy
HOYDORUPiVEDMRS+ \HO(;HOPiVDOWRS+
$FLGH]WRWDO/DDFLGH]WRWDOGHOPRVWRXWLOL]DGRJOVHLQFUHPHQWyHQWRGRVORV
YLQRV GHVWDFDQGR OD DOWD DFLGH] GH (; JO IUHQWH D OD UHODWLYDPHQWH EDMD GH (;
JO
$FLGH] YROiWLO /RV YDORUHV RVFLODURQ HQWUH ORV JO GH (; \ ORV JO GH
&2(OYLQRFRQWUROSUHVHQWyXQDDFLGH]GHJOHVWHYLQRILQDOL]yODIHUPHQWDFLyQDQWHV
TXHHOGH(;
$]~FDUHVUHGXFWRUHV/DPHGLDIXHJOVLHQGRHOUHVXOWDGRPiVHOHYDGR
JOSDUD&2\HOPiVEDMRJOSDUD(;\(;
62 WRWDO6DOYR(;FRQPJO\HOYLQRFRQWUROFRQPJOWRGRVORVGHPiV
YLQRVWHQtDQYDORUHVGHVSUHFLDEOHVGHDPJO
+6 1R VH GHWHFWy GXUDQWH OD IHUPHQWDFLyQ QL HQ ORV YLQRV DFDEDGRV

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9/PRVWR&DEHUQHW6DXYLJQRQ\0HUORWD
&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
7XUELGH] 'HQVLGDG
S+
178

$FWRWDO
J7+O
$FYROiWLO
J$F+O

$]~FDUHV
62 WRWDO +6E $OFRKRO 5HQGLPLHQWR *OLFHURO $FHWDOGHKLGR $FHSWDFLyQ
UHGXFWRUHVJO PJO
YY
DOFRKyOLFR
JO
PJO

1'

1'

1'
1'
1'
1'
1'
1'
1'
1'
1'
1'



&DStWXOR,,
$OFRKyOLFR &RQ OD H[FHSFLyQ GHO YLQR FRQWURO TXH WXYR HO PHQRU JUDGR
WRGRVORVGHPiVYLQRVSDVDURQGHHVSHFLDOPHQWH(;FRQ
*OLFHURO /D PHGLD IXH GH JO /RV YLQRV GH (; \ &2 SUHVHQWDURQ YDORUHV
PX\SRUHQFLPDGHODPHGLD\JOUHVSHFWLYDPHQWHHQWDQWRTXH(;PRVWUyHO

YDORUPiVEDMRJO
$FHWDOGHKLGR /RV YDORUHV REWHQLGRV UHVXOWDURQ PX\ GLVSHUVRV GH PDQHUD TXH
PLHQWUDV&2WHQtDPJO(;WHQtDPJO
$QiOLVLVVHQVRULDO/DPHGLDGHOSRUFHQWDMHGHDFHSWDFLyQHVWXYRSUy[LPDDO
/RV YLQRV SHRU HYDOXDGRV IXHURQ ORV FRUUHVSRQGLHQWHV D (; \ (;
VHJXLGRVGHOYLQRFRQWURO(QHOODGRRSXHVWRHQWUHORVYLQRVFRQPD\RUDFHSWDFLyQ
HVWDEDQORVFRUUHVSRQGLHQWHVD(;(;\(;(QHOPRPHQWR

GHODFDWDORVYLQRVGH(;\FRQWUROSUHVHQWDEDQPXFKDWXUELGH]TXHYHODEDHOFRORUHOUHVWR
GHORVYLQRVWHQtDQFRORUHVYLYRV\DOJRHYROXFLRQDGRVHQ(;\(;6HJ~QORVFDWDGRUHV
HQJHQHUDOORVYLQRVWHQtDQDURPDVH[WUDxRVFRUFKRPHGLFLQDERWLFDJRPDHWFVLHQGRPiV

VREUHVDOLHQWHV HQ ORV YLQRV (; (; \ FRQWURO (Q FXDQWR D OD IDVH JXVWDWLYD ORV YLQRV
UHVXOWDURQ SRFR DVWULQJHQWHV \ OLJHURV HQ ERFD 1R REVWDQWH DOJXQRV UHVXOWDURQ DOJR iFLGRV
(;(;\(;
'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVGHODERUDWRULR9/D9/
(QOD7DEODVHSUHVHQWDQORVYDORUHVPHGLRVSDUDDOJXQRVGHORVSDUiPHWURVGHORV
YLQRV REWHQLGRV FRQ ODV FHSDV LQRFXODGDV \ ORV YLQRV FRQWURO FRUUHVSRQGLHQWHV D ODV
YLQLILFDFLRQHV9/D9/
/DWXUELGH]IXHPXFKRPD\RUHQORVYLQRVWLQWRVTXHHQORVEODQFRVPRWLYRSRUHOTXH
ORV UHVXOWDGRV VH PXHVWUDQ SRU VHSDUDGR 3UREDEOHPHQWH HVWD GLIHUHQFLD HV GHELGD D OD
SUHVHQFLD GH JUDQ FDQWLGDG GH PDWHULD FRORUDQWH HQ ORV YLQRV WLQWRV OD FXDO MXQWR FRQ ODV
SURWHtQDV SXHGH IRUPDU FRPSOHMRV TXH SURGXFHQ WXUELGH] 0ROLQD =RHFNOHLQ
/RV YLQRV EODQFRV FRQ PHQRU WXUELGH] IXHURQ ORV HODERUDGRV FRQ (; 178 \ ORV
WLQWRVORVHODERUDGRVFRQ(;178
/DGHQVLGDGGHOYLQRFRPRWDOHVXQSDUiPHWURGHSRFDXWLOLGDG2ODOODHWDO
QRREVWDQWHORVYLQRVVHFRVVLQHQFDEH]DUKDQGHWHQHUXQYDORUGHGHQVLGDGLQIHULRUD
JO$PHULQH\2XJKUHTXLVLWRTXHFXPSOHQWRGRVQXHVWURVYLQRV/DGHQVLGDGPHGLD

-RVp$5HJRGyQ0DWHRV
PD\RU IXH OD GH ORV YLQRV FRQWURO /D GHQVLGDG HV XQ SDUiPHWUR TXH VXHOH HVWDU
LQYHUVDPHQWH UHODFLRQDGR FRQ HO JUDGR DOFRKyOLFR HQ ORV YLQRV QR HQFDEH]DGRV GH DKt TXH
FRPRVHGHVFULEHGHVSXpVORVYLQRVFRQWUROSUHVHQWDURQHOJUDGRDOFRKyOLFRPiVEDMR
6HREVHUYDTXHWRGDVODVOHYDGXUDVFRQVLJXHQEDMDUHOS+LQLFLDOGHORVPRVWRV(VWR
PLVPR RFXUUH FRQ ODV YLQLILFDFLRQHV FRQWURO 1R REVWDQWH FLHUWDV OHYDGXUDV FRPR (;
(;\(;FRQVLJXHQEDMDUHVWHSDUiPHWURGHIRUPDPiVDFXVDGD(VWRVUHVXOWDGRVHVWiQ
GHQWURGHORQRUPDO\DTXHGXUDQWHHOPHWDEROLVPRGHODVOHYDGXUDVVHOLEHUDQDOPHGLRYDULRV
iFLGRVHQHVSHFLDOiFLGRVXFFtQLFRTXHFRQWULEX\HQDEDMDUHOS+6LQHPEDUJRODYDULDFLyQ
GHS+VXHOHVHUEDMD\SRFRVLJQLILFDWLYD\DTXHORViFLGRVSUHVHQWHVHQPRVWRV\YLQRVWLHQHQ
XQDJUDQFDSDFLGDGWDPSyQ\ORV iFLGRVIRUPDGRVSRUODVOHYDGXUDVVRQGpELOHV/RVYDORUHV
GH S+ FRQVLGHUDGRV QRUPDOHV YDUtDQ VHJ~Q ORV GLVWLQWRV DXWRUHV DXQTXH WRGRV FRLQFLGHQ HQ
TXHWLHQHQTXHHVWDUSUy[LPRVD6HJ~Q0DUHFDHOS+ySWLPRGHEHHVWDUHQWUH\

UDQJRHQHOTXHVHHQFXHQWUDQFDVLWRGRVORVYLQRVHODERUDGRV
(Q WRGRV ORV H[SHULPHQWRV WRGDV ODV OHYDGXUDV VXELHURQ OD DFLGH] WRWDO LQLFLDO
/yJLFDPHQWHHVWHDXPHQWRIXHPiVVLJQLILFDWLYRHQODVOHYDGXUDVTXHDVXYH]EDMDQPiVHO
S+(;(;\(;$XQTXHFRPRKHPRVPHQFLRQDGRODDFLGH]WRWDOVHVXHOHHOHYDU

HQ ORV YLQRV FRPR FRQVHFXHQFLD GH OD DSDULFLyQ GH ORV iFLGRV RULJLQDGRV SRU ODV OHYDGXUDV
%RQHGHWDOHVWRHVPiVSDWHQWHHQORVPRVWRVIHUPHQWDGRVSRUGHWHUPLQDGDVFHSDVGH
OHYDGXUDV&DULGLHWDO(QWUDEDMRVUHDOL]DGRVHQPRVWRVGHOD]RQDPHULGLRQDOGH,WDOLD
SRU&DULGLHWDO VHFRQVLJXHREWHQHUYLQRVGHDFLGH]HTXLOLEUDGDDGHFXDGDDFLGH]WRWDO

\ EDMD DFLGH] YROiWLO LQRFXODQGR OHYDGXUDV VHOHFFLRQDGDV GHVWDFDQGR XQD GH ODV OHYDGXUDV
HVWXGLDGDV 6 FHUHYLVLDH UI XYDUXP SRU VX HOHYDGD SURGXFFLyQ GH PiOLFR \ VXFFtQLFR /RV
YLQRVGHHVWD]RQDGH,WDOLDDOLJXDOTXHORVGH([WUHPDGXUDVHFDUDFWHUL]DQSRUODFDUHQFLDGH
DFLGH]ILMD
(QWUHQXHVWUDVOHYDGXUDVVHOHFFLRQDGDVH[LVWHQDOJXQDV(;(;(;\(;
TXHHOHYDQODDFLGH]WRWDOFODUDPHQWHSRUHQFLPDGHODPHGLDJO\DODYH]PDQWLHQHQOD
DFLGH] YROiWLO SRU GHEDMR GH OD PHGLD JO 'H HVWDV OHYDGXUDV (; (; \ (;
SURGXFHQ YLQRV TXH DGHPiV REWLHQHQ EXHQRV UHVXOWDGRV HQ ORV DQiOLVLV RUJDQROpSWLFRV $Vt
SXHVSRGUtDQXWLOL]DUVHSDUDDFLGLILFDUORVYLQRVGHXQDIRUPDQDWXUDO\HFRQyPLFDHYLWDQGR
DVtDOPHQRVSDUFLDOPHQWHODDGLFLyQGHWDUWUDWRSUiFWLFDPX\JHQHUDOL]DGDHQQXHVWUDUHJLyQ

7DEOD0HGLDVGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHV9/D9/
&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
7XUELGH]
7XUELGH]
'HQVLGDG

EODQFRV178
WLQWRV178

S+

$FWRWDO
$FYROiWLO

J7+O

$]~FDUHV
J$F+O
UHGXFWRUHVJO

62 WRWDO $OFRKRO

PJO
YY

5HQGLPLHQWR
3URWHtQDV
DOFRKyOLFR
EODQFRVPJO

*OLFHURO $FHWDOGHKLGR
JO
PJO

7RGDV ODV OHYDGXUDV VHOHFFLRQDGDV RULJLQDQ PHQRU DFLGH] YROiWLO TXH HO FRQMXQWR GH
OHYDGXUDVVLOYHVWUHVSUHVHQWHVHQODVYLQLILFDFLRQHVFRQWUROJOVREUHVDOLHQGRSRUVXEDMD

SURGXFFLyQ (; (; (; \ &2 7RGDV ODV OHYDGXUDV D H[FHSFLyQGH(;RULJLQDQ
YDORUHVPX\SUy[LPRVRPHQRUHVTXHODPHGLD(QJHQHUDOODVOHYDGXUDVPiVSURGXFWRUDVGH
DFLGH]YROiWLOWLHQHQHOPLVPRFRPSRUWDPLHQWRHQWRGDVODVYLQLILFDFLRQHVORFXDOLQGLFDTXH
H[LVWHXQDDOWRFRPSRQHQWHJHQpWLFRHQODSURGXFFLyQGHiFLGRDFpWLFRTXHVXSRQHGHODO
GHODDFLGH]YROiWLOGHXQYLQR*RQ]iOH]
*LXGLFL\=DPERQHOOLEHVWXGLDURQODSURGXFFLyQGHiFLGRDFpWLFRSRUFHSDV
GH6FHUHYLVLDH DLVODGDVGHYLQRVREVHUYDQGRTXHODVOHYDGXUDVPiVSURGXFWRUDVORIXHURQHQ
WRGRV ORV H[SHULPHQWRV VL ELHQ ODV FDQWLGDGHV SURGXFLGDV YDULDEDQ GHSHQGLHQGR GHO PRVWR
XWLOL]DGR 0HGLDQWH HVWXGLRV JHQpWLFRV GLFKRV DXWRUHV OOHJDURQ D OD FRQFOXVLyQ GH TXH OD
FDSDFLGDG SDUD SURGXFLU iFLGR DFpWLFR HV HVWDEOH \ KHUHGDEOH HVWDQGR GHWHUPLQDGD SRU XQ
~QLFRJHQFRQPXFKRVDOHORVQDWXUDOHVORVFXDOHVRSURGXFHQGLVWLQWDVFDQWLGDGHVGHSURWHtQD
UHVSRQVDEOHGHODSURGXFFLyQGHDFpWLFRXRULJLQDQSURWHtQDVGHGLVWLQWDDFWLYLGDG
6LREVHUYDPRVVHSDUDGDPHQWHODDFLGH]YROiWLOPHGLDHQYLQRVEODQFRV\WLQWRVYHPRV
TXHHVPD\RUHQYLQRVEODQFRVSDUDFDVLWRGDVODVFHSDVORTXHQRRFXUUHSDUDHOFRQWURO$O
LJXDO TXH VH GHGXFH GH ODV H[SHULHQFLDV GH 'HOILQL \ &HUYHWWL OD FRQFHQWUDFLyQ GH
SROLIHQROHV \ FDWHTXLQDV HVWiQ FRUUHODFLRQDGDV QHJDWLYDPHQWH FRQ OD SURGXFFLyQ GH DFLGH]
YROiWLO SRU ODV OHYDGXUDV SRU OR WDQWR ORV YLQRV WLQWRV TXH GH IRUPD QDWXUDO WLHQHQ PD\RU
FDQWLGDG GH HVWRV FRPSXHVWRV YDQ D SUHVHQWDU YDORUHV PiV EDMRV GH DFLGH] YROiWLO TXH ORV
EODQFRV6yORODOHYDGXUD(;\ORVYLQRVFRQWUROSUHVHQWDQPiVDFLGH]YROiWLOHQYLQRVWLQWRV
TXHHQEODQFRV3UREDEOHPHQWHODOHYDGXUD(;GHELGRDVXPHQRUYLJRUIHUPHQWDWLYRQR
HV FDSD] GH LPSRQHUVH UiSLGDPHQWH HQ ODV IHUPHQWDFLRQHV HQ WLQWR (Q FRQVHFXHQFLD RWUDV
OHYDGXUDV QR 6DFFKDURP\FHV YDQ D RULJLQDU PiV DFLGH] YROiWLO HQ HO FRPLHQ]R GH OD
IHUPHQWDFLyQ3RUHVWDUD]yQPXFKRVGHORVUHVXOWDGRVREWHQLGRVFRQ(;VRQFRPSDUDEOHV
FRQORVFRUUHVSRQGLHQWHVDORVYLQRVFRQWURO
5HVSHFWRDODFDQWLGDGGHD]~FDUHVUHGXFWRUHVODVOHYDGXUDVVHOHFFLRQDGDVFRQPHMRUHV
UHVXOWDGRV PHGLRV IXHURQ (; (; \ (; 7RGDV ODV GHPiV OHYDGXUDV SUHVHQWDURQ
PHGLDVLQIHULRUHVDJOYDORUHVFRQVLGHUDGRVQRUPDOHV\DGHFXDGRVSDUDYLQRVVHFRV6HJ~Q
3H\QDXGODXYDFRQWLHQHDSUR[LPDGDPHQWHJOGHD]~FDUHVQRIHUPHQWDEOHVSHQWRVDV
KHSWRVDV\RFWRVDV/DSHQWRVDDUDELQRVDHVODPiVDEXQGDQWHHQHOPRVWRJO\DOJRPHQRV

&DStWXOR,,
OD[LORVDHQWDQWRTXHODVKHSWRVDV\RFWRVDVVHHQFXHQWUDQDQLYHOGHWUD]DV(VSLQRVD
'HELGRDODSUHVHQFLDGHHVWRVD]~FDUHVQRIHUPHQWDEOHVQXQFDHVFHURODGHWHUPLQDFLyQGH
D]~FDUHVUHGXFWRUHVGHXQYLQRVHFR\ORVFRQWHQLGRVQRUPDOHVVHVLW~DQHQWUH\JO
(QQXHVWURFDVRHOYDORUPHGLRPiVEDMRIXHHOFRUUHVSRQGLHQWHDODVYLQLILFDFLRQHV
FRQWUROJODXQTXHGHEHPRVWHQHUHQFXHQWDTXHHQODIHUPHQWDFLyQHQEODQFR9/FRQ

YDORUHVPHGLRVGHD]~FDUHVUHGXFWRUHVVXSHULRUHVDORVGH9/QRKXERYLQLILFDFLyQFRQWURO
\DTXHHOPRVWRIXHSDVWHXUL]DGR3RUHVWDUD]yQODPHGLDGHORVYLQRVFRQWUROUHVXOWDLQIHULRU
(QFXDOTXLHUFDVRHVWHKHFKRQRGHMDGHVHUDSDUHQWHPHQWHSDUDGyMLFR\DTXHFRPRVHVDEH
HOXVRGHOHYDGXUDVVHOHFFLRQDGDVVXHOHGDUFRPRUHVXOWDGRXQDPHQRUFDQWLGDGGHD]~FDUHV
UHGXFWRUHV HQ HO YLQR WHUPLQDGR 3UREDEOHPHQWH FXDQGR VH XVDQ OHYDGXUDV VHOHFFLRQDGDV \
HVWDVVHLPSRQHQODIHUPHQWDFLyQHVUiSLGD\ILQDOL]DELHQSHURTXHGDQDJOGHD]~FDUHV
QR IHUPHQWDEOHV R DVLPLODEOHV SRU 6 FHUHYLVLDH (VWRV D]~FDUHV SXHGHQ VHU IHUPHQWDEOHV DO
PHQRV SDUFLDOPHQWH SRU RWUDV OHYDGXUDV R EDFWHULDV PiV DEXQGDQWHV HQ ODV IHUPHQWDFLRQHV
HVSRQWiQHDV'HHVWDPDQHUDFXDQGRXQDIHUPHQWDFLyQHVSRQWiQHDPDUFKDELHQORVD]~FDUHV
UHVLGXDOHVSXHGHQVHUDOJRPHQRUHVTXHFXDQGRVHXVDQOHYDGXUDVVHOHFFLRQDGDVHQFXDOTXLHU
FDVR ODV GLIHUHQFLDV FDUHFHUiQ GH LPSRUWDQFLD (QWUH ORV JpQHURV GH OHYDGXUDV FDSDFHV GH
DVLPLODU DUDELQRVD R [LORVD VH HQFXHQWUDQ PXFKDV GH ODV FRPXQHV HQ ORV YLQRV &DQGLGD
&U\SWRFRFFXV 'HEDU\RP\FHV +DQVHQXOD .OX\YHURP\FHV \ 5KRGRWRUXOD SHUR QR 6
FHUHYLVLDH %DUQHWW HW DO %DUQHWW $OJXQDV GH HVWDV OHYDGXUDV DEXQGDQ HQ ORV
PRVWRVIHUPHQWDGRVHVSRQWiQHDPHQWHGHVGHHOLQLFLRGHODIHUPHQWDFLyQSXGLHQGRFRQVXPLU
SRUORWDQWRORVD]~FDUHVPHQFLRQDGRV
$OPDUJHQGHHVWDVFRQVLGHUDFLRQHVHVSHUWLQHQWHVHxDODU TXHORVQLYHOHVGHD]~FDUHV
UHVXOWDQWHVHQWRGRVORVYLQRVHODERUDGRVQRVRQGHWHFWDEOHVHQORVDQiOLVLVVHQVRULDOHV\DTXH
HO XPEUDO GHGHWHFFLyQHVWiSRUHQFLPDGHJOHQYLQRVEODQFRV\GHDJOHQYLQRV

WLQWRV$PHULQH\2XJK
/DFDQWLGDGGH62 SUHVHQWHHQORVYLQRVIXHPX\EDMDWDQWRHQODVYLQLILFDFLRQHVHQ
ODV TXH VH DxDGLy 62 DO PRVWR 9/ \ 9/ FRPR HQ ODV TXH QR VH DxDGLy 9/ 9/ \
9/ /D IRUPDFLyQ GH 62 HV XQ FDUiFWHU SURSLR GH ODOHYDGXUDGLVWLQJXLpQGRVHOHYDGXUDV
DOWDPHQWHSURGXFWRUDV\OHYDGXUDVSRFRSURGXFWRUDVRQRSURGXFWRUDV&DOGHQWH\'HOD
REVHUYDFLyQ GH ORV UHVXOWDGRV HQ QXHVWUDV YLQLILFDFLRQHV VH SXHGH GHFLU TXH WRGDV OD FHSDV
HQVD\DGDVVRQSRFRSURGXFWRUDVGHDQKtGULGRVXOIXURVR

-RVp$5HJRGyQ0DWHRV
5HVSHFWRDO+6VyORVHGHWHFWyHQODVYLQLILFDFLRQHVHQEODQFR6LQHPEDUJRXQDYH]
ILQDOL]DGD OD IHUPHQWDFLyQ QLQJXQR GH ORV YLQRV SUHVHQWy RORUHV UHODFLRQDGRV FRQ HVWH
FRPSXHVWR/RFXDOHVOyJLFRSXHVODPD\RUSDUWHGHO+6IRUPDGRGXUDQWHODIHUPHQWDFLyQHV
DUUDVWUDGR SRU HO &2 GHVSUHQGLGR 6XiUH] H xLJR GHVDSDUHFLHQGR IiFLOPHQWH HQ
YRO~PHQHV SHTXHxRV GH PRVWR /DV OHYDGXUDV PiV SURGXFWRUDV MXQWR FRQ ODV VLOYHVWUHV GHO
FRQWUROIXHURQ(;\(;\ODVPHQRV(;(;(;\&2
3RURWUDSDUWHODVOHYDGXUDVDXWyFWRQDVHQVD\DGDVHQODVYLQLILFDFLRQHV9/D9/
ODVFRPHUFLDOHV\DGHPiV(;(;(;\&2IXHURQFUHFLGDVHQPHGLR%L**<
HQHOFXDOVHSXHGHREVHUYDUXQDFODUDJUDGXDFLyQGHFRORUHQWUHODVOHYDGXUDVPiVSURGXFWRUDV
GH +6 \ ODV PHQRV SURGXFWRUDV /DV OHYDGXUDV DOWDPHQWH SURGXFWRUDV IRUPDQ FRORQLDV
PDUURQHVRVFXUDVHLQFOXVRQHJUDVODVPHQRVSURGXFWRUDVGDQFRORQLDVPDUURQHVFODUDV\ODV
PtQLPDPHQWH SURGXFWRUDV GDQ FRORQLDV GH FRORU FUHPD R EODQFR /D SUXHED VH KL]R SRU
FXDGUXSOLFDGR \ ORV UHVXOWDGRV PHGLRV REWHQLGRV WUDV K \ K GH LQFXEDFLyQ QRV
SHUPLWLHURQHVWDEOHFHUODVLJXLHQWHJUDGXDFLyQGHPD\RUDPHQRUSURGXFFLyQ HQODVFHSDV
HQVD\DGDV&2&2(;(;(;(;(;(;(;(;&2(;
(;(;\ (;+D\TXHVHxDODUTXHQLQJXQDFRORQLDIXHQHJUDTXHODVGLIHUHQFLDV
HQWUH(;(;\&2IXHURQPtQLPDV\TXH(;IXHSUiFWLFDPHQWHEODQFDHQWRGRVORV
HQVD\RV 2WUR GDWR LQWHUHVDQWH HV TXH ODV OHYDGXUDV PHQRV SURGXFWRUDV (; (; \
(;VRQODV~QLFDVTXHSHUWHQHFHQDODUD]DILVLROyJLFDED\DQXV
&RPSDUDQGR ORV UHVXOWDGRV REWHQLGRV HQ ODV YLQLILFDFLRQHV \ HQ PHGLR %L**< QR
VLHPSUHH[LVWHFRUUHODFLyQHQWUHDPERVHVGHFLUXQDHOHYDGDSURGXFFLyQGH+6HQHVWHPHGLR
DYHFHVQRVHFRUUHVSRQGHFRQXQDHOHYDGDSURGXFFLyQGXUDQWHODIHUPHQWDFLyQGRQGHFRPR
HVOyJLFRLQIOX\HQRWURVIDFWRUHVIDYRUHFLHQGRRLQKLELHQGRODSURGXFFLyQ
/D SURGXFFLyQ GH VXOIKtGULFR HV XQ UDVJR SURSLR GH OD OHYDGXUD DXQTXH HVWi
LQIOXHQFLDGD SRU YDULRV IDFWRUHV FRPSRVLFLyQ GHO PRVWR S+ WHPSHUDWXUD GH IHUPHQWDFLyQ
JUDGR GH FODULILFDFLyQ GHO PRVWR HWF (QWUH ODV OHYDGXUDV VHOHFFLRQDGDV PiV FRPXQHV HV
FRQRFLGDODSURGXFFLyQHOHYDGDGHVXOIKtGULFRGHPXFKDVGHHOODVFRPRSRUHMHPSOR3ULVHGH
0RXVVH R 3DVWHXU &KDPSDJQH (Q FDPELR RWUDV FRPR 0RQWUDFKHW \ 6WHLQEHUJ VH
FRQVLGHUDQ SRFR SURGXFWRUDV 1R VH FRQRFH HO PHFDQLVPR H[DFWR TXH SURYRFD HVWDV
GLIHUHQFLDVHQODSURGXFFLyQDXQTXHSDUHFHFODURTXHLQIOX\HQEDVWDQWHORVUHTXHULPLHQWRVHQ
YLWDPLQDVFRPRHOSDQWRWHQDWRRODSLULGR[LQD=RHFNOHLQHWDO(VGHHVSHUDUTXHHQWUH

&DStWXOR,,
QXHVWUDVFHSDVVHOHFFLRQDGDVKD\DGLYHUVLGDGHQFXDQWRDORVUHTXHULPLHQWRVGHODVYLWDPLQDV
FLWDGDV\TXHSRUORWDQWRHVWRGHOXJDUDODVGLIHUHQFLDVHQODSURGXFFLyQGHVXOIKtGULFRVHJ~Q
HOPRVWRXWLOL]DGR
(OJUDGRDOFRKyOLFRPHGLRGHODVYLQLILFDFLRQHVFRQWUROHVWXYRJUDGRVSRU
GHEDMR GHO FRUUHVSRQGLHQWH D ODV OHYDGXUDV PHQRV DOFRKROtJHQDV (; \ (; /DV
OHYDGXUDV PiV DOFRKROtJHQDV IXHURQ (; (; \ (; FRQ JUDGRV SRU HQFLPD GHO
FRQWURO\HVSHFLDOPHQWH(;FRQJUDGRVSRUHQFLPD
(QODIHUPHQWDFLyQDOFRKyOLFDVHUHTXLHUHQJGHJOXFRVDRIUXFWRVDSDUDSURGXFLU
JUDGRDOFRKyOLFR&RQVLGHUDQGRTXHSRUODIHUPHQWDFLyQJOLFHURSLU~YLFDVHGHVYtDHQWUHHO
GHORVD]~FDUHVFRQXQDPHGLDVHJ~QGLVWLQWRVLQYHVWLJDGRUHVGHOVHUHTXLHUHQXQRV
JGHD]~FDUSDUDGDUJUDGRGHDOFRKRO(QODVYLQLILFDFLRQHVWUDGLFLRQDOHVORVYDORUHV
VXHOHQHVWDUD~QPiVOHMRVGHHVWDVFLIUDVWHyULFDVREWHQLpQGRVHUHVXOWDGRVHQWUH\JGH
D]~FDU SRU JUDGR DOFRKyOLFR *RQ]iOH] $ SHVDU GH OR GLFKR HQ QXHVWURV YLQRV OD
OHYDGXUD FRQ PHMRU UHQGLPLHQWR DOFRKyOLFR (; VyOR QHFHVLWy JO GH D]~FDU SDUD
SURGXFLUXQJUDGRGHDOFRKRO(QWDQWRTXHODVYLQLILFDFLRQHVFRQWUROQHFHVLWDURQJOGH
PHGLD (VWR FRQILUPD OD LGHD GH TXH ODV YLQLILFDFLRQHV HVSRQWiQHDV VXHOHQ WHQHU PHQRU
UHQGLPLHQWRDOFRKyOLFR
/D FRQFHQWUDFLyQ GH SURWHtQDV VyOR IXH PHGLGD HQ ORV YLQRV EODQFRV \D TXH HQ ORV
WLQWRVODLQWHUIHUHQFLDGHODPDWHULDFRORUDQWHHVPX\HOHYDGD\KXELHVHVLGRQHFHVDULRVRPHWHU
ODV PXHVWUDV D GLiOLVLV SDUD XQD FRUUHFWD PHGLGD *RQ]iOH]/DUD HWDO/DVSURWHtQDV
GHVHPSHxDQXQDLPSRUWDQWHIXQFLyQHQODHVWDELOL]DFLyQGHODOLPSLGH]GHORVYLQRV/RVYLQRV
EODQFRVMyYHQHVVHHQWXUELDQ\QRSXHGHQHPERWHOODUVHVLQXQWUDWDPLHQWRHVSHFLDOVLFRQWLHQHQ
QLYHOHVHOHYDGRVGHSURWHtQDV3H\QDXG(QORVYLQRVULFRVHQWDQLQRVFRPRORVWLQWRV
HVWRV FRPSXHVWRV SXHGHQ IRUPDU FRPSOHMRV FRQ ODV SURWHtQDV (VWRV FRPSOHMRV VH XQHQ
LQLFLDOPHQWH SRU SXHQWHV GH KLGUyJHQR \ OXHJR SRU HQODFHV FRYDOHQWHV GDQGR OXJDU D
HQWXUELDPLHQWRV LUUHYHUVLEOHV 0ROLQD =RHFNOHLQ HW DO $GHPiV ODV SURWHtQDV
VRQ WDPELpQ UHVSRQVDEOHV GH OD DSDULFLyQ GH ORV VHGLPHQWRV HQ ORV YLQRV HPERWHOODGRV
=RHFNOHLQHWDO
1RUPDOPHQWHHOFRQWHQLGRGHSURWHtQDVHQORVYLQRVHVWiFRPSUHQGLGRHQWUH\
PJO$GHPiVORVYDORUHVSXHGHQYDULDUGHSHQGLHQGRGHOPpWRGRGHGHWHUPLQDFLyQSRUORTXH
ORVGDWRVUHIOHMDGRVHQODELEOLRJUDItDVRQGLItFLOHVGHFRPSDUDU*RQ]iOH]/DUDHWDO

-RVp$5HJRGyQ0DWHRV
=RHFNOHLQ HWDO/DVSURWHtQDVGHORVYLQRVSURFHGHQIXQGDPHQWDOPHQWHGHODXYD\HQ

PHQRUPHGLGDVREUHHO'HOO2URGHODH[FUHFLyQGHODVOHYDGXUDV\VXDXWROLVLV
1RSDUHFHKDEHUUHODFLyQDOJXQDHQWUHODVSURWHtQDVSURFHGHQWHVGHODDXWROLVLVGHODVOHYDGXUDV
\ODLQHVWDELOLGDGGHORVYLQRV
/DVPD\RUHVFDQWLGDGHVGHSURWHtQDVFRUUHVSRQGLHURQDORVYLQRVGH(;PJO
\ &2 PJO (VWRV YDORUHV VRQ EDMRV \ HQ FRQVHFXHQFLD QR KDQ SODQWHDGR QLQJ~Q
SUREOHPDGHLQHVWDELOLGDGSURWHLFDRWXUELGH]HQHOPRPHQWRGHVHUFDWDGRVORVYLQRV1RVHKD
REVHUYDGRFRUUHODFLyQDOJXQDHQWUHODPD\RUWXUELGH]\HOFRQWHQLGRSURWHLFRGHQXHVWURVYLQRV
EODQFRV
/RV QLYHOHV GH SURWHtQDV \ QLWUyJHQR GH ORV PRVWRV GH ]RQDV FiOLGDV VXHOHQ VHU PiV
DOWRVTXHORVGHDPLQRiFLGRVOLEUHV7ULROLHWDO\DTXHHQHVWDV]RQDVVHIDYRUHFHOD
VtQWHVLVGHSURWHtQDVHQODXYDFRQODFRQVHFXHQWHEDMDGDHQODFRQFHQWUDFLyQGHDPLQRiFLGRV
OLEUHV$SHVDUGHHVWRORVGRVPRVWRVDQDOL]DGRVWHQtDQFRQFHQWUDFLRQHVEDMDVHOPRVWRGH
9/FRQWHQtDPJO\HOGH9/PJOORVYLQRVSURGXFLGRVFRPRHVOyJLFRWHQtDQ
D~Q FRQWHQLGRV PHGLRV PHQRUHV PJO \ PJO UHVSHFWLYDPHQWH (O PRVWR GH OD
YLQLILFDFLyQ9/IXHSDVWHXUL]DGRDQWHVGHVHULQRFXODGRORFXDOSXGRLQIOXLUHQORVQLYHOHVGH
SURWHtQDV\DTXHHVWDVSUHFLSLWDQSRUODDFFLyQGHOFDORU\ORVWDQLQRV3H\QDXG0ROLQD

/DPHGLDGHJOLFHUROREWHQLGDSDUDWRGRVQXHVWURVYLQRVHVGHJOGHVWDFDQGRSRU
HQFLPDGHODPHGLDODVFHSDV(;JO(;\&2JO/DSURGXFFLyQGH
JOLFHURO UHVXOWy PHQRU HQ ODV YLQLILFDFLRQHV HQ EODQFR TXH HQWLQWRSUREDEOHPHQWHGHELGRD
TXHHVWDV~OWLPDVVHUHDOL]DURQDPD\RUWHPSHUDWXUDTXHODVEODQFDV*DUFtDHWDO/DV

OHYDGXUDV(;(;(;\&2VRQPX\SURGXFWRUDVGHHVWHFRPSXHVWRPiVGHJO
6LQ HPEDUJR ODV OHYDGXUDV (; \ (; VRQ ODV PHQRV SURGXFWRUDV \ JO
UHVSHFWLYDPHQWH
/DSURGXFFLyQGHJOLFHUROHQ9/IHUPHQWDFLyQHQSXUH]DIXHDOJREDMDSDUDWRGDV
ODV OHYDGXUDV DXQTXH KD\ TXH WHQHU HQ FXHQWD TXH VHJ~Q 5DQNLQH \ %ULGVRQ ODV
FRQGLFLRQHVGHIHUPHQWDFLyQ&VLQDGLFLyQGH62QRKDQVLGRODVLGyQHDVSDUDREWHQHU

QLYHOHVDOWRVGHHVWHFRPSXHVWR(VWRVDXWRUHVFRQVLGHUDQTXHODWHPSHUDWXUDGHIHUPHQWDFLyQ
HV HO IDFWRU PiV LQIOX\HQWH HQ HO FRQWHQLGR GH JOLFHURO VtQWHVLV Pi[LPD D &\PtQLPDD
& \ TXH SRU RWUD SDUWH PD\RU FRQFHQWUDFLyQ GH 62 VXSRQH PD\RU VtQWHVLV GH JOLFHURO

&DStWXOR,,
VLHQGR HVWH HIHFWR PiV DFXVDGR D S+ EDMR *DUGQHU HW DO HVWXGLDQGR FHSDV GH 6
FHUHYLVLDHREVHUYDURQTXHODPi[LPDVtQWHVLVGHJOLFHUROVHSURGXFtDFXDQGRODWHPSHUDWXUDGH
IHUPHQWDFLyQHVWDEDHQWRUQRDORV&\VHDxDGtDQDOPRVWRFRQFHQWUDFLRQHVLQLFLDOHVGH
62 GH PJO 6HJ~Q =RHFNOHLQ HW DO OD IORUD QDWLYD GH ORV PRVWRV GLVWLQWD D 6
FHUHYLVLDH FRPR .ORHFNHUD DSLFXODWD \ &DQGLGD VWHOODWD SXHGH MXJDU XQ SDSHO PiV
LPSRUWDQWHHQODSURGXFFLyQGHJOLFHUROTXH6FHUHYLVLDH(QQXHVWURVYLQRVQRSDUHFHVHUHVWH
HO FDVR FRPR VH SXHGH GHGXFLU GHO KHFKR GH TXH XQD GH ODV PHQRUHV SURGXFFLRQHV
FRUUHVSRQGHDORVYLQRVFRQWUROJOHQFX\DVIHUPHQWDFLRQHVGHEHWHQHUPD\RULQIOXHQFLD

ODIORUDQDWLYDGLVWLQWDGH6FHUHYLVLDH
5HVSHFWRDODFDQWLGDGGHDFHWDOGHKLGRODVYLQLILFDFLRQHVFRQWUROVHFDUDFWHUL]DURQSRU
WHQHUYDORUHVPHGLRVPiVHOHYDGRVPJO(QWUHODVOHYDGXUDVVHOHFFLRQDGDVVREUHVDOHQ
(;(;\&2SRUVXDOWDSURGXFFLyQPiVGHPJO\SRUORFRQWUDULR(;(;

(; (; \ &2 HQ WRUQR D ORV PJO (VWRV YDORUHV PHGLRV VH SXHGHQ FRQVLGHUDU
QRUPDOHV \ OLJHUDPHQWH VXSHULRUHV D OD PHGLD GH PJO VHxDODGD SRU $PHULQH \ 2XJK
DXQTXHODPD\RUtDVRQLQIHULRUHVDORVPJOJHQHUDOPHQWHHQFRQWUDGRVHQORVYLQRV
UDPD =RHFNOHLQ HW DO (VWRV PLVPR DXWRUHV VHxDODQ TXH HVWH FRPSXHVWR WLHQH XQ
XPEUDOGHSHUFHSFLyQGHDPJOORFXDOTXLHUHGHFLUTXHHQODPD\RUtDGHQXHVWURV
YLQRVQRGHEHVHUGHWHFWDEOHSRUORVFDWDGRUHVFRPRDVtIXH\FXDQGRORKDVLGRHOYLQRIXH
SXQWXDGR QRUPDOPHQWH GH PDQHUD QHJDWLYD (VWR VH SXHGH YHU HQ OD 7DEOD DQiOLVLV
VHQVRULDO GRQGH GH ORV YLQRV SHRU HYDOXDGRV FRQWLHQHQ SRU HQFLPD GH PJO GH
DFHWDOGHKLGR(;(;&2\FRQWUROVLHQGRDVXYH]HOYLQRSHRUHYDOXDGRHOGHPD\RU

FRQWHQLGR PHGLR HQ DFHWDOGHKLGR FRQWURO FRQ PJO (VWRV UHVXOWDGRV YLHQHQ D
FRQWUDGHFLU OR LQGLFDGR SRU (WLpYDQ VHJ~Q HO FXDO PXFKRV DXWRUHV HQFXHQWUDQ XQD
FRUUHODFLyQ SRVLWLYD HQWUH HO FRQWHQLGR GH DFHWDOGHKLGR \ ORV UHVXOWDGRV VHQVRULDOHV 1R
REVWDQWH HVWR SDUHFH VHU FLHUWR HQ ORV YLQRV ILQRV GH -HUH] HQ ORV TXH Vt KD\ XQD FODUD
FRUUHODFLyQHQWUHFRQFHQWUDFLyQGHDFHWDOGHKLGR\DQiOLVLVRUJDQROpSWLFR
(VLPSRUWDQWHUHVHxDUDTXtTXHORVYDORUHVGHDFHWDOGHKLGRPRVWUDGRVFRUUHVSRQGHQD
ORVYLQRVUDPD\HVGHHVSHUDUTXHHVWRVQLYHOHVVHDQLQIHULRUHVHQORVYLQRVGHVSXpVGHYDULRV
PHVHVPRPHQWRHQHOTXHORVYLQRVVRQKDELWXDOPHQWHFRPHUFLDOL]DGRV
/RVUHVXOWDGRVREWHQLGRVHQHODQiOLVLVVHQVRULDOLQGLFDQTXHODSRVLFLyQHQODFDWDGH
FDGD OHYDGXUD YDUtD HQ FDGD YLQLILFDFLyQ 7DEOD 6LQ HPEDUJRODVOHYDGXUDVDXWyFWRQDV

-RVp$5HJRGyQ0DWHRV
(;(;\(;HVWiQVLHPSUHHQWUHODVPHMRUHYDOXDGDVORTXHYLHQHDUDWLILFDUODLGHD
GH TXH FLHUWDV FHSDV GH OHYDGXUDV SURGXFHQ YLQRV PHMRUHV TXH RWUDV 6L FRQVLGHUDPRV OD
HYDOXDFLyQ PHGLD GH ODV FLQFR YLQLILFDFLRQHV (; HV OD PHMRU HYDOXDGD GH
DFHSWDFLyQ VHJXLGD PX\ GH FHUFD SRU (; \(;/DFHSDFRPHUFLDO
PHMRU HYDOXDGD &2 RFXSD HO TXLQWR OXJDU FRQ XQD SXQWXDFLyQ VLJQLILFDWLYDPHQWH PHQRU
TXH(;(QJHQHUDOORVYLQRVHODERUDGRVFRQOHYDGXUDVVHOHFFLRQDGDVIXHURQPiV
DSUHFLDGRVTXHORVFRUUHVSRQGLHQWHVFRQWUROHVHODERUDGRVPHGLDQWHIHUPHQWDFLyQHVSRQWiQHD
GHORVPRVWRV'HPDQHUDTXHODPHGLDGHORVYLQRVFRQWUROIXH GHSRUGHEDMRGHWRGDV
ODV OHYDGXUDV VHOHFFLRQDGDV \ D PXFKD GLVWDQFLD GH (; (Q FRQVHFXHQFLD HVWRV
UHVXOWDGRV MXVWLILFDQ SRU Vt VRORV HO XVR GH OHYDGXUDV VHOHFFLRQDGDV IUHQWH D OD IHUPHQWDFLyQ
HVSRQWiQHD2EVHUYDQGRODHYROXFLyQGHODVOHYDGXUDVFRPHUFLDOHVDPHGLGDTXHDXPHQWDHO
Q~PHUR GH YLQLILFDFLRQHV HV HYLGHQWH TXH YDQ JDQDQGR SRVLFLRQHV FRPR HV GH HVSHUDU GH
OHYDGXUDVVHOHFFLRQDGDVHQSUHVWLJLRVRVRUJDQLVPRVGHLQYHVWLJDFLyQ$SHVDUGHHVWRGLFKDV
OHYDGXUDV QR VRQ ODV PHMRU HYDOXDGDV SUREDEOHPHQWH SRU VX SHRU DGDSWDFLyQ D ODV
FDUDFWHUtVWLFDV GH ORV PRVWRV H[WUHPHxRV DOJR \D GHVFULWR HQ RWUDV ]RQDV SRU RWURV DXWRUHV
2UULROV \ 0RUHQR &DVWLQR (VWR FRQILUPD OD LGRQHLGDG GHO XVR GH OHYDGXUDV
DXWyFWRQDV VHOHFFLRQDGDV IUHQWH DO XVR GH OHYDGXUDV IRUiQHDV SDUD PHMRUDU OD FDOLGDG GH ORV
YLQRVGHXQDGHWHUPLQDGD]RQD
([LVWHQ HVWXGLRV UHDOL]DGRV HQ (VSDxD SRU QXPHURVRV DXWRUHV TXH DO LJXDO TXH ORV
QXHVWURV FRQGXFHQ D OD VHOHFFLyQ GH OHYDGXUDV YtQLFDV DXWyFWRQDV SDUD SURGXFLU YLQRV FRQ
PHMRUHVFDUDFWHUtVWLFDVRUJDQROpSWLFDVTXHORVHODERUDGRVPHGLDQWHIHUPHQWDFLyQHVSRQWiQHD
$OJXQDV GH ODV OHYDGXUDV DXWyFWRQDV VHOHFFLRQDGDV SURGXFHQ PHMRUHV YLQRV TXH ODV
FRPHUFLDOHVVHOHFFLRQDGDVHQRWUDV]RQDVFRQFRQGLFLRQHVDPELHQWDOHVGLVWLQWDV4XHUROHWDO
E$QJXORHWDOF6DOYDGRUHVHWDO(VWHYHHWDO
&RQVLGHUDQGR OD PHGLD GH ODV FDWDV GH ODV YLQLILFDFLRQHV 9/ D 9/ FXDWUR
OHYDGXUDV DXWyFWRQDV (; (; (; \ (; SURGXFHQ YLQRV PiV DSUHFLDGRV TXH OD
PHMRU GH ODV OHYDGXUDV FRPHUFLDOHV XWLOL]DGDV &2 3RU OR WDQWR HO PpWRGR GH VHOHFFLyQ
XWLOL]DGRSRUQRVRWURVWLHQHXQDHILFDFLDGHOVLWRPDPRVD&2FRPRUHIHUHQFLD(VWD
IDFLOLGDGSDUDVHOHFFLRQDUPHMRUHVOHYDGXUDVDXWyFWRQDVSXHGHVHUGHELGDDODSURSLDHILFDFLD
GHO PpWRGRHPSOHDGRDXQTXHHVSRVLEOHTXHODPHMRUDFOLPDWDFLyQGHODVOHYDGXUDVORFDOHV
FRQWULEX\D VLJQLILFDWLYDPHQWH &DVWLQR 7RPDQGR FRPR UHIHUHQFLD ODV YLQLILFDFLRQHV
UHDOL]DGDV PHGLDQWH IHUPHQWDFLyQ HVSRQWiQHD FRQWUROHV WRGDV ODV OHYDGXUDV ORFDOHV \ ODV

&DStWXOR,,
FRPHUFLDOHVPXHVWUDQPHMRUHVUHVXOWDGRVPHGLRVTXHODVYLQLILFDFLRQHVFRQWURO(QHVWHFDVRHO
PpWRGRGHVHOHFFLyQHPSOHDGRWLHQHXQDHILFDFLDGHO1RREVWDQWHKD\TXHVHxDODUTXH
ORV YLQRV HODERUDGRV FRQ ODV OHYDGXUDV (; (; \ (; HVWiQ SRU GHEDMR GHO GH
DFHSWDFLyQ\PX\SUy[LPRVDORVFRQWUROHV&RQVLGHUDQGRHVWDVOHYDGXUDVSRFRDGHFXDGDVSDUD
YLQLILFDFLyQSRGUtDPRVHVWLPDUODHILFDFLDGHOPpWRGRFRPRDOJRPHQRUDXQTXHVLJXHVLHQGR
PX\HOHYDGD
7DEOD$QiOLVLVVHQVRULDOGHODVYLQLILFDFLRQHV9/D9/GHDFHSWDFLyQ
&HSD
3DUHOODGDE
3DUGLQDF
(;

(;

(;

(;

(;

(;

(;

(;

(;
&2
&2

0HGLD

&DE6
0HUORWFG

&RQWUROD

*DUQDFKDF &DEHUQHW6FG

0RVWRQRLQRFXODGR EPRVWRHVWpULO FPRVWRQRHVWpULO GIHUPHQWDFLyQGHIHFWXRVD

/DSRVLFLyQ HQODFDWDVHLQGLFDHQWUHSDUpQWHVLV
D
2WURV DXWRUHV KDQ VHOHFFLRQDGR OHYDGXUDV YtQLFDV HQ EDVH D FULWHULRV EDVDGRV HQ
FDUDFWHUtVWLFDV GH IHUPHQWDFLyQ TXH VH SXHGHQ DJUXSDU FRPR IDYRUDEOHV R GHVIDYRUDEOHV $
SHVDU GH HVWR HQ QLQJ~Q FDVR VH KD GHVFULWR XQ PpWRGR VHQFLOOR GH VHOHFFLyQ GH OHYDGXUDV
HQROyJLFDVSDUDXVRLQGXVWULDO4XHUROHWDO EUHDOL]DURQXQDVHOHFFLyQGHOHYDGXUDVD
SDUWLU GH PRVWRV GH OD ]RQD GH $OLFDQWH VLJXLHQGR XQ HVTXHPD GH VHOHFFLyQ EDVDGR HQ OD
GHWHUPLQDFLyQ GHO IDFWRU NLOOHU HO DQiOLVLV GH OD FLQpWLFD GH IHUPHQWDFLyQ HQ
PLFURYLQLILFDFLRQHV \ SRU XOWLPR HO DQiOLVLV RUJDQROpSWLFR GHO SURGXFWR GH IHUPHQWDFLyQ (O

-RVp$5HJRGyQ0DWHRV
UHVXOWDGR IXH OD VHOHFFLyQ GH XQD FHSD GH 6 FHUHYLVLDH OODPDGD 7 TXH VHJ~Q ORV DXWRUHV
PXHVWUD EXHQDV FDUDFWHUtVWLFDV WHFQROyJLFDV \ HVWi SHUIHFWDPHQWH DGDSWDGD D ORV PRVWRV \
FDUDFWHUtVWLFDVGH$OLFDQWH\]RQDVYHFLQDV
*XLOODPyQ HW DO E SURSRQHQ XQD PHWRGRORJtD GLVWLQWD SDUD OD VHOHFFLyQ GH
OHYDGXUDV GH OD 0DQFKD (VWH PpWRGR QR SDUHFH VHQFLOOR SXHV QHFHVLWD DGHPiV GH SUXHEDV
FOiVLFDVIDFWRUNLOOHUD]~FDUHVUHVLGXDOHVHQYLQRVWROHUDQFLDDOHWDQRO\DOWDVFRQFHQWUDFLRQHV
GHJOXFRVDFLQpWLFDIHUPHQWDWLYDHODQiOLVLVSRUFURPDWRJUDItDJDVHRVDGHDOWDSUHVLyQGHORV
YLQRVHODERUDGRV
'HOILQLSURSRQHHOVLJXLHQWHPpWRGRGHVHOHFFLyQDLVODPLHQWRGHOHYDGXUDVGH
YLQRV IHUPHQWDGRV HVSRQWiQHDPHQWH PLFURYLQLILFDFLRQHV HQ PHGLR VLQWpWLFR 016 SDUD
GHVFDUWDU ODV OHYDGXUDV FRQ HYLGHQWHV FDUDFWHUtVWLFDV WHFQROyJLFDV QHJDWLYDV IRUPDFLyQ GH
HVSXPD SURGXFFLyQ GH PDORV RORUHV \ PRGLILFDFLyQ GHO FRORU FDWD GH ORV YLQRV DVt
SURGXFLGRV IHUPHQWDFLyQ HQ PRVWR HVWpULO \ SUHYLDPHQWH PDFHUDGR K FRQ ODV XYDVQXHYD
FDWD GH ORV YLQRV SURGXFLGRV FRQ PRVWR \ ILQDOPHQWH VHOHFFLyQ GH FHSDV SDUD UHDOL]DU
YLQLILFDFLRQHVGHKOGHPRVWRFRQULJXURVDVFRQGLFLRQHVH[SHULPHQWDOHVWHPSHUDWXUDGH
IHUPHQWDFLyQ WUDWDPLHQWRV HWF /RV YLQRV HODERUDGRV VRQ FDWDGRV \ VH UHDOL]D OD VHOHFFLyQ
GHILQLWLYD(VWHPpWRGRSDUHFHDGHFXDGR\VHQFLOORGHUHDOL]DUSHURQRWLHQHHQFXHQWDFULWHULRV
WDQ LPSRUWDQWHV SDUD QXHVWUD ]RQD FRPR HO IDFWRU NLOOHU OD UHVLVWHQFLD DO VXOIXURVR \ OD
WHPSHUDWXUDGHIHUPHQWDFLyQ$GHPiVQRGHEHPRVROYLGDUTXHHOPHGLR016HVXQPHGLR
VLQWpWLFRUHODWLYDPHQWHULFRHQQXWULHQWHV\YLWDPLQDVFRQGLFLRQHVLGHDOHVPX\SRVLWLYDVTXH
HQ UDUDV RFDVLRQHV YDQ D DSDUHFHU HQ ORV PRVWRV GH ]RQDV FiOLGDV (Q HVWH PHGLR HO
FRPSRUWDPLHQWR GH ODV OHYDGXUDV SXHGH VHU PX\ GLIHUHQWH DO GH ORV PRVWRV FRQ DOJXQD
GHILFLHQFLD (Q GHWHUPLQDGDV FRQGLFLRQHV GH HVWUpV ODV OHYDGXUDV SXHGHQRULJLQDUSURGXFWRV

LQGHVHDEOHV FRPR +6 TXH QR SURGXFLUiQ HQ HO PHGLR 016 R ELHQ VH SXHGHQ SURGXFLU
SDUDGDV GH IHUPHQWDFLyQ SRUTXH OD OHYDGXUD WHQJD UHTXHULPLHQWRV QR GHWHFWDEOHV HQ GLFKR
PHGLR
(QUHVXPHQFRQQXHVWURVHVWXGLRVKHPRVFRQVHJXLGRGHVDUUROODUXQPpWRGRVLPSOH\
HIHFWLYRSDUDODVHOHFFLyQGHOHYDGXUDVGHYLQLILFDFLyQ(VWHPpWRGRXWLOL]DFDUDFWHUtVWLFDVGH
ODVOHYDGXUDVIiFLOHVGHPHGLUFRPRVRQUHVLVWHQFLDD62SUHVHQFLDGHOIHQRWLSRNLOOHU.
FUHFLPLHQWR D & SURGXFFLyQ GH HVSXPD GH DFLGH] YROiWLO GH HWDQRO \ FDQWLGDG GH
D]~FDUHVUHVLGXDOHVHQHOYLQR&RQHVWHPpWRGRKHPRVVHOHFFLRQDGRQXHYHFHSDVGHXQWRWDO

&DStWXOR,,
GH FHSDV DXWyFWRQDV GH 6 FHUHYLVLDH 6HLV GH ODV QXHYH FHSDV SURGXFHQ YLQRV
FODUDPHQWHPiVDSUHFLDGRVTXHORVFRUUHVSRQGLHQWHVDIHUPHQWDFLRQHVHVSRQWiQHDV\FRQPiV
GHO GH DFHSWDFLyQ $ VX YH] FXDWUR GH HVWDV OHYDGXUDV SURGXFHQ YLQRV PiV
DSUHFLDGRV TXH HO FRUUHVSRQGLHQWH D OD PHMRU GH ODV FHSDV FRPHUFLDOHV XWLOL]DGDV HQ HVWH
HVWXGLR &2 &RQVHFXHQWHPHQWH HVWH PpWRGR SRGUtD VHU HIHFWLYR SDUD VHOHFFLRQDU QXHYDV
OHYDGXUDVSDUWLFXODUPHQWHHQDTXHOODVUHJLRQHVYLWLYLQtFRODVGRQGHD~QQRVHKDQVHOHFFLRQDGR
\HVSHFLDOPHQWHHQODVTXHSUHVHQWDQFDUDFWHUtVWLFDVVLPLODUHVDQXHVWUDUHJLyQ
6HOHFFLyQILQDO\FDUDFWHUtVWLFDVGHODVFHSDVVHOHFFLRQDGDV
/RV UHVXOWDGRV DQDOtWLFRV \ RUJDQROpSWLFRV GH WRGRV ORV YLQRV VLUYLHURQ SDUD GHFLGLU
FXDOHV HUDQODVPHMRUHVOHYDGXUDVGHVGHHOSXQWRGHYLVWDWHFQROyJLFR\GHODFDOLGDGGH ORV

YLQRV /DV FXDWUR OHYDGXUDV PHMRU FODVLILFDGDV (; (; (; \ (; IXHURQ
VHOHFFLRQDGDVSDUDUHDOL]DUYLQLILFDFLRQHVH[SHULPHQWDOHVHQERGHJD(VWDVOHYDGXUDVSXHGHQ
VHUGHILQLGDVFRPRVLJXH
/D OHYDGXUD(;IXHODTXHREWXYRPHMRUSXQWXDFLyQPHGLDHQODVFDWDV
(VWD FHSD SUHVHQWD XQDV FDUDFWHUtVWLFDV WHFQROyJLFDV PX\ EXHQDV (V FDSD] GH IHUPHQWDU D
WHPSHUDWXUDVDOWDVSUHVHQWDIHQRWLSRNLOOHU.GHMDQLYHOHVGHD]~FDUHVUHGXFWRUHVPX\EDMRV
WLHQHHOHYDGDUHVLVWHQFLDDO62 FRPLHQ]D DIHUPHQWDUDQWHVGHKRUDVDGRVLVGHPJO

GH 62 QR RULJLQD YLQRV WXUELRV QR IRUPD PXFKD HVSXPD SURGXFH SRFR +6 PRGHUDGDV
FDQWLGDGHV GH DFHWDOGHKLGR DOWDV FDQWLGDGHV GH JOLFHURO \ PX\ SRFD DFLGH] YROiWLO HO JUDGR
DOFRKyOLFRSURGXFLGRHVDGHFXDGRDODULTXH]DD]XFDUDGDGHOPRVWR)XHDLVODGDGHERGHJDV
5XL]7RUUHVFRPDUFDGH&DxDPHUR
/RVYLQRVHODERUDGRVFRQ(;REWXYLHURQODVHJXQGDPHMRUSXQWXDFLyQHQODVFDWDV
PX\ SUy[LPD D (; 3UHVHQWD FDUDFWHUtVWLFDV WpFQLFDV EXHQDV HV NLOOHU . FRQ
HOHYDGDUHVLVWHQFLDDO62 FRPLHQ]DDIHUPHQWDUDQWHVGHKRUDVFRQGRVLVGHPJOGH
62 FUHFH D HOHYDGDV FRQFHQWUDFLRQHV GH JOXFRVD QR GD WXUELGH] HQ HO YLQR
WHUPLQDGRQRIRUPDPXFKDHVSXPDSURGXFHPX\SRFR+6IHUPHQWDDDOWDVWHPSHUDWXUDV
SURGXFH SRFD DFLGH] YROiWLO PRGHUDGDV FDQWLGDGHV GH DFHWDOGHKLGR \ HOHYDGD FDQWLGDG GH
DOFRKRO/DFHSD(;VHDLVOyGH%RGHJDV0HGLQDH+LMRVFRPDUFDGH0DWDQHJUD
(;IXHODWHUFHUDFHSDPHMRUHYDOXDGD(VWDPELpQNLOOHU.UHVLVWHQWHDO
62 FRPLHQ]DDIHUPHQWDUDQWHVGHKRUDVFRQGRVLVGHPJOGH62IHUPHQWDDDOWDV

-RVp$5HJRGyQ0DWHRV
WHPSHUDWXUDV GHMD QLYHOHV GH D]~FDUHV UHGXFWRUHV PX\ EDMRV QR GD WXUELGH] HQ HO YLQR
WHUPLQDGR QR IRUPD PXFKD HVSXPD SURGXFH PX\ SRFR +6 PRGHUDGDV FDQWLGDGHV GH
DFHWDOGHKLGRHOHYDGDVGHJOLFHURO\PX\SRFDDFLGH]YROiWLO7LHQHXQHOHYDGRUHQGLPLHQWR
DOFRKyOLFR6HDLVOyGHODPLVPDERGHJDTXH(;5XL]7RUUHV&DxDPHUR
/RVYLQRVHODERUDGRVFRQODFHSD(;REWXYLHURQODFXDUWDPHMRU SXQWXDFLyQHQODV
FDWDV(VWDFHSDIHUPHQWDDDOWDVWHPSHUDWXUDV\FUHFHDHOHYDGDVFRQFHQWUDFLRQHVGH

JOXFRVDGHMDQLYHOHVGHD]~FDUHVUHGXFWRUHVPX\EDMRVWLHQHUHVLVWHQFLDPHGLDDO62
FUHFHGHVSXpVGHKRUDV\DQWHVGHKRUDVFRQGRVLVGHPJOGH62QRGDWXUELGH]
QLSURGXFHHVSXPD\SURGXFHSRFR+6/D~QLFDGHVYHQWDMDTXHSUHVHQWDHVVXVHQVLELOLGDGD
WR[LQDNLOOHU.&RPRFRQWUDSDUWLGDMXQWRFRQODVFHSDV(;(;\(;HVODTXHPiV
FDQWLGDGGHDOFRKROSURGXFH(VWDOHYDGXUDVHDLVOyGHERGHJDV&RORPDFRPDUFDGH5LEHUD
%DMDGHO*XDGLDQD
9DOLGDFLyQGHOPpWRGRGHVHOHFFLyQ
&RQ HO ILQ GH YDOLGDU QXHVWUR PpWRGR GH VHOHFFLyQ UHDOL]DPRV VHQGDV
PLFURYLQLILFDFLRQHV 9/ XWLOL]DQGR PRVWR 3DUGLQD HVWpULO %UL[ FRQ OHYDGXUDV
DXWyFWRQDVQRVHOHFFLRQDGDV7RGRVORVYLQRVREWHQLGRVIXHURQGHPDODFDOLGDGGHPDQHUDTXH
HODQiOLVLVVHQVRULDOVHFRQVLGHUyLQQHFHVDULR/DPD\RUtDWHQtDQFODURVGHIHFWRVFRPRHOHYDGD
DFLGH] YROiWLO PD\RU GH JO \R DOWRV QLYHOHV GH D]~FDUHV UHGXFWRUHV PD\RU GH JO
(VWRVUHVXOWDGRVLQGLFDQTXHXWLOL]DQGRQXHVWURVSURFHGLPLHQWRGHVHOHFFLyQUHFKD]DPRVDO
PHQRVODPD\RUtDGHODVFHSDVLQDGHFXDGDVH[LVWHQWHVHQQXHVWUDFROHFFLyQGHOHYDGXUDV'H
RWUDPDQHUDDOJXQRVGHORVYLQRVKHFKRVFRQODVOHYDGXUDVQRVHOHFFLRQDGDVGHEHUtDQKDEHU
VLGRGHEXHQDFDOLGDG
8WLOLGDGGHODVOHYDGXUDVVHOHFFLRQDGDVHQYLQLILFDFLRQHVLQGXVWULDOHV
8QD YH]GHILQLGRHOPpWRGRGHVHOHFFLyQ\VHOHFFLRQDGDVODVOHYDGXUDVHVQHFHVDULR
DVHJXUDUTXHHVWDVSURGXFHQEXHQRVYLQRVIXHUDGHODVFRQGLFLRQHVHVWULFWDPHQWHFRQWURODGDV
GH ODERUDWRULR 3RU HVWD UD]yQ ODV OHYDGXUDV PHMRU HYDOXDGDV IXHURQ XWLOL]DGDV YDULDV YHFHV
SDUD UHDOL]DU IHUPHQWDFLRQHV HQ ERGHJD 9% 6H UHDOL]DURQ YLQLILFDFLRQHV FRQ GLVWLQWDV
YDULHGDGHV GH PRVWR IUHVFR XWLOL]DQGR ODV FHSDV FRQ PD\RU SXQWXDFLyQ HQ ORV DQiOLVLV
VHQVRULDOHV (; \ (; (Q DOJXQRV FDVRV GHSHQGLHQGR GH OD GLVSRQLELOLGDG GH

&DStWXOR,,
LQVWDODFLRQHVVHXWLOL]DURQDGHPiVODVFHSDV(;\R(;(QWRGDVODV YLQLILFDFLRQHVVH
GHMyXQGHSyVLWRGHPRVWRVLQLQRFXODUFRPRFRQWURO\HQDOJXQDVVHLQRFXOyXQGHSyVLWRFRQ
(;ODOHYDGXUDDXWyFWRQDSHRUHYDOXDGDHQODVHOHFFLyQ
9LQLILFDFLyQGHPRVWR&D\HWDQD 0RULVFD9%
6H XWLOL]DURQ ODV OHYDGXUDV (; (; (; (; \ (; /D FLQpWLFD
IHUPHQWDWLYDIXHDGHFXDGDSDUDWRGDVODVYLQLILFDFLRQHVVLHQGROyJLFDPHQWHHOPRVWRFRQWURO
HO TXH WXYR OD IHUPHQWDFLyQ LQLFLDOPHQWH PiV OHQWD )LJXUD /D OHYDGXUD TXH FRQVXPLy
PiVUiSLGRHOD]~FDUIXH(;VHJXLGDPX\GHFHUFDSRU(;\(;SRUHVWHRUGHQ(;
IXHODOHYDGXUDPiVOHQWDDOJRTXH\DKDEtDPRVREVHUYDGRHQYDULDVYLQLILFDFLRQHVDQWHULRUHV
7RGRVORVYLQRVKDEtDQILQDOL]DGRODIHUPHQWDFLyQHOGtD
Brix
20
15
10
5
EX33
EX47
EX73
EX85
EX88
Control
11
0
0
10
12
13
14
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9%PRVWR&D\HWDQD\0RULVFDLQRFXODGR
FRQODVOHYDGXUDVHQHVWXGLR

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9%PRVWR&D\HWDQD\0RULVFDD
&HSD
7XUELGH] 'HQVLGDG
178

S+
$FWRWDO
J 7+O
$FYROiWLO
J$F+O
$]~FDUHV
UHGXFWRUHVJO
62 WRWDO
PJO
+6E
$OFRKRO 5HQGLPLHQWR 3URWHtQDV *OLFHURO

YY
DOFRKyOLFR
PJO
JO
$FHWDOGHKLGR $FHSWDFLyQ
PJO

(;

1'

(;

1'

(;

1'

(;

1'

(;

1'

&RQWURO

1'

0HGLD

&DUDFWHUtVWLFDVGHOPRVWRVXOILWDGR%UL[ S+ DFLGH]WRWDO J7+O62 WRWDO PJO

&DStWXOR,,
(O DQiOLVLV ItVLFRTXtPLFR \ VHQVRULDO GH ORV YLQRV HODERUDGRV VH PXHVWUD HQ OD WDEOD
DQWHULRU7DEOD/DWXUELGH]GHORVYLQRVUDPDIXHHOHYDGDVREUHVDOLHQGRHOYLQRGH(;
\ HO FRQWURO \ 178 UHVSHFWLYDPHQWH (Q WRGRV ORV YLQRV HO S+ IXH OLJHUDPHQWH
VXSHULRUDOGHOPRVWRDSHVDUGHORFXDOODPD\RUtDGHORVYLQRVSUHVHQWDEDQPD\RUDFLGH]WRWDO
TXHHOPRVWRJOFRQOD~QLFDH[FHSFLyQGH(;/DDFLGH]YROiWLOPD\RUIXHODGHO
FRQWURO JO \ DOJR LQIHULRU OD GH (; JO (Q QLQJ~Q YLQR VH GHWHFWy RORU D
VXOIKtGULFR(OPD\RUJUDGRDOFRKyOLFRORREWXYR(;\HOPHQRU(;/D
OHYDGXUD(;SURGXMRPiVJOLFHURO TXHHOUHVWRJOHQWDQWRTXHHOYLQRFRQWUROIXHHO

TXHPHQRVJOLFHUROWHQtDJO3RU~OWLPRODSURGXFFLyQGHDFHWDOGHKLGRIXHPi[LPDSDUD
(;PJO\PtQLPDSDUD(;PJO
(QHODQiOLVLVVHQVRULDOHOYLQRPHMRUHYDOXDGRIXH HOFRUUHVSRQGLHQWHD(;
\HOSHRUHOFRQWURO/RVFDWDGRUHVGHILQLHURQORVYLQRVFRPROLJHUDPHQWHWXUELRV\
FRQ DSDULHQFLD GH R[LGDGRV HQ HVSHFLDO (; SRFR EULOOR \ EDVWDQWH OORUR (O RORU PiV
FDUDFWHUtVWLFRIXHHOGHPDQ]DQDVREUHVDOLHQGRHQ(;(;\(;(OYLQRFRQWUROIXH
UHFKD]DGR SRU VX LQWHQVR RORU D SHJDPHQWR (Q FXDQWR DO VDERU IXH SRFR LQWHQVR \ DOJR
GXO]yQUHVDOWDQGRHQ(;\(;HOVDERUDYHJHWDO(OYLQRGH(;IXHHOGHVDERU
PiViFLGRORTXHVHFRUUHVSRQGtDSOHQDPHQWHFRQHODQiOLVLVItVLFRTXtPLFR
9LQLILFDFLyQGHPRVWR&D\HWDQD9%
&RPRHQRWUDVYLQLILFDFLRQHVHOPRVWRFRQWUROFRPHQ]yODIHUPHQWDFLyQKGHVSXpV
TXHORVPRVWRVLQRFXODGRVFRQODVOHYDGXUDVVHOHFFLRQDGDV(;(;(;\(;\
ILQDOL]y OD IHUPHQWDFLyQ SUiFWLFDPHQWH DO PLVPR WLHPSR GtDV $ SDUWLU GHO GtD OD
OHYDGXUD(;FRPHQ]yDFRQVXPLUORVD]~FDUHVPiVOHQWDPHQWHTXHODVGHPiVLQFOXLGRHO
FRQWURO/DVOHYDGXUDVFRQPD\RUYLJRUIHUPHQWDWLYRIXHURQ(;\ (;)LJXUD
/D PD\RUtD GH ORV SDUiPHWURVDQDOL]DGRVIXHURQPX\SDUHFLGRVSDUDWRGRVORVYLQRV
S+ DFLGH] WRWDO \ YROiWLO D]~FDUHV UHGXFWRUHV DFHWDOGHKLGR 7DEOD (Q JHQHUDO OD
WXUELGH]IXHPX\EDMDPHQRUGH178&RPRHQRWUDVRFDVLRQHVHOS+IXHLQIHULRUDOGHO
PRVWR\ODDFLGH]WRWDOVXSHULRUJO/DDFLGH]YROiWLOIXHPRGHUDGDPHQWHEDMD
VLHQGR FXULRVDPHQWH OD PHQRU OD FRUUHVSRQGLHQWH DO FRQWURO JO $XQTXH ORV PRVWRV
IXHURQVXOILWDGRVVyORORVYLQRVGH(;\(;WHQtDQDQKtGULGRVXOIXURVRDSUHFLDEOH
PJO6HGHWHFWyFLHUWRRORUDVXOIKtGULFRHQWRGRVORVYLQRVHVSHFLDOPHQWHHQHOFRQWURO/D

-RVp$5HJRGyQ0DWHRV
PHQRUFRQFHQWUDFLyQGHDOFRKROFRUUHVSRQGLyDOFRQWURO\ODPD\RUD(;/D

PD\RUFDQWLGDGGHJOLFHUROODSURGXMR(;JO
Brix
EX47
EX73
EX85
EX88
Control
15
10
0
0
10 11 12 13
14 15
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9%PRVWR&D\HWDQDLQRFXODGRFRQODV
OHYDGXUDVHQHVWXGLR
5HVSHFWRDODQiOLVLVVHQVRULDOGHVWDFDTXHSRUSULPHUDYH](;HVODOHYDGXUDPHMRU
HYDOXDGDVHJXLGDGHFHUFDSRU(;'HQXHYRHOYLQRFRQWUROHVHOSHRU

HYDOXDGR(OFRORUIXHDPDULOORSDML]R\EULOODQWHHQWRGRVORVYLQRVHVSHFLDOPHQWH
HQ(;R[LGDGROLJHUDPHQWHHQ(;\DOJRPiVR[LGDGRHQHOFRQWURO7RGRVORVYLQRV
SUHVHQWDEDQEXHQDURPDDIUXWDGR\IORUDODXQTXHYHODGRSDUFLDOPHQWHHQ(;\(;SRU
XQWHQXHRORUDSHJDPHQWRTXHIXHPXFKRPiVDFHQWXDGRHQHOFRQWURO(QERFDUHVXOWDURQ
DOJR iFLGRV \ VDODGRV FRQ UHWURJXVWR YHJHWDO /RV YLQRV GH (;\(;UHVDOWDURQSRUVX
PD\RUIUHVFXUD

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9%PRVWR&D\HWDQDD
&HSD
7XUELGH] 'HQVLGDG
178

S+
$FWRWDO
J7+O
$FYROiWLO
J $F+O
$]~FDUHV
UHGXFWRUHVJO
62 WRWDO
PJO
+6E
$OFRKRO 5HQGLPLHQWR 3URWHtQDV *OLFHURO $FHWDOGHKLGR

YY
DOFRKyOLFR
PJO
JO
PJO
$FHSWDFLyQ

(;

6

(;

6

(;

6

(;

6

&RQWUR

6

0HGLD

&DUDFWHUtVWLFDVGHOPRVWRVXOILWDGR%UL[ S+ DFLGH]WRWDO J7+ O62 WRWDO PJO

2ORUD+66 OLJHUR6 PRGHUDGR
-RVp$5HJRGyQ0DWHRV
7RGRVORVPRVWRVLQRFXODGRVFRPHQ]DURQDIHUPHQWDUSRFDVKRUDVGHVSXpVGHDxDGLU
ODVOHYDGXUDVVLHQGRHOFRQVXPRGHD]~FDUPX\VLPLODUSDUDWRGDVHOODV(;(;(;
\ (; (O FRQWURO LQLFLy OD IHUPHQWDFLyQ K GHVSXpV TXH HO UHVWR SURGXFLHQGR XQD
FRQVLGHUDEOH FDQWLGDG GH HVSXPD TXH SHUVLVWLy LQFOXVR WUDV HO GHVFXEH 3RU HO FRQWUDULR
QLQJXQR GH ORV PRVWRV LQRFXODGRV GHVWDFy SRU OD SURGXFFLyQ GH HVSXPD (Q ORV PRVWRV
LQRFXODGRVFRQODVOHYDGXUDVVHOHFFLRQDGDVVHUHDOL]yHOGHVFXEHHOGtD\HQHOFRQWUROHOGtD
GHIHUPHQWDFLyQ/DVIHUPHQWDFLRQHVILQDOL]DURQSUiFWLFDPHQWHGtDVGHVSXpVGHLQLFLDUVH
H[FHSWRHOYLQRFRQWUROTXHILQDOL]yGtDVGHVSXpV)LJXUD
Brix
EX33
20
EX73
EX85
EX88
Control
15
10
0
0
9 10 11 12 13 14 15 16 17 18
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9%PRVWR*DUQDFKD7LQWRUHUD\0HUORW
LQRFXODGRFRQODVOHYDGXUDVHQHVWXGLR
(QOD7DEOD VHPXHVWUDQORVUHVXOWDGRVGHORVDQiOLVLVItVLFRTXtPLFRV\VHQVRULDO
/D WXUELGH] GH ORV YLQRV UDPD IXH PX\ HOHYDGD FRPR \D KDEtD VXFHGLGR HQ ODV RWUDV
YLQLILFDFLRQHVHQWLQWRVLHQGRFXULRVDPHQWHHOFRQWUROHOYLQRPHQRVWXUELR(O~QLFRYLQR
FRQDFLGH]WRWDOLQIHULRUDODGHOPRVWRIXH(;

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9%PRVWR*DUQDFKD7LQWRUHUD\0HUORWD
&HSD
7XUELGH] 'HQVLGDG
178

S+
$FWRWDO
J7+O
$FYROiWLO
J$F+O
$]~FDUHV
62 OLEUH 62 WRWDOE
UHGXFWRUHVJO PJO
PJO
+6F
$OFRKRO 5HQGLPLHQWR *OLFHURO $FHWDOGHKLGR $FHSWDFLyQ

YY DOFRKyOLFR
JO
PJO

(;

1'

(;

1'

(;

1'

(;

1'

&RQWURO

1'

0HGLD

D&DUDFWHUtVWLFDVLQLFLDOHVGHOPRVWR%UL[
S+ DFLGH]WRWDO J7+O

E/RVYLQRVIXHURQVXOILWDGRVDUD]yQGHPJO62 WRWDOXQDYH]ILQDOL]DGDODIHUPHQWDFLyQ

FPPGHWLUDHQQHJUHFLGRV1' QRGHWHFWDGRPHQRUGHPP
-RVp$5HJRGyQ0DWHRV
/D PD\RU DFLGH] YROiWLO IXH OD GHO YLQR FRQWURO JO VL ELHQ WRGRV ORV GHPiV
WXYLHURQYDORUHVPX\SUy[LPRV/DFDQWLGDGGHVXOIXURVRWRWDOIXHVLPLODUHQWRGRVORVFDVRV
\DTXHHOYLQRIXHVXOILWDGRDUD]yQGHPJOGH62 WRWDOXQDYH]ILQDOL]DGDODIHUPHQWDFLyQ
(OYLQRFRQWUROIXHHO~QLFRTXHQRWHQtD62 OLEUHWUDVVHUVXOILWDGR(QQLQJ~QYLQRWHUPLQDGR
VHGHWHFWyRORUDVXOIKtGULFR/DPD\RUFDQWLGDGGHDOFRKRO\JOLFHUROIXHODGH(;FRQ
GHDOFRKRO\JOGHJOLFHURO(OYLQRFRQWUROIXHHOTXHPHQRVJOLFHUROWHQtDJO/D

FDQWLGDG GH DFHWDOGHKLGR IXH SUiFWLFDPHQWH GHVSUHFLDEOH HQ WRGRV ORV YLQRV H[FHSWR HQ HO
FRQWUROPJO3UREDEOHPHQWHSRUHVWHPRWLYRHVWHYLQRQRFRQWHQtD62 OLEUHGHVSXpV

GHKDEHUVLGRVXOILWDGR\DTXHHODFHWDOGHKLGRVHXQHIiFLOPHQWHDODQKtGULGRVXOIXURVR
/RVDQiOLVLVRUJDQROpSWLFRVGLHURQEXHQRVUHVXOWDGRVSDUDWRGRVORVYLQRVSURGXFLGRV
FRQOHYDGXUDVVHOHFFLRQDGDV\HQHVSHFLDOSDUD(;TXHFRPRHQYLQLILFDFLRQHVDQWHULRUHV
IXHODOHYDGXUDPHMRUHYDOXDGDVHJXLGDPX\GHFHUFDSRU(;(OYLQR
FRQWURO IXH HO SHRU HYDOXDGR FRQ GH DFHSWDFLyQ /RV FDWDGRUHV GHVWDFDURQ OD EXHQD
SUHVHQFLDGHORVYLQRVFRQSRFDWXUELGH] DSHVDUGHVXMXYHQWXGFRORUYLYR\DOJRDQDUDQMDGR
HQ(;\(;/RVYLQRVGH(;\(;SUHVHQWDEDQXQOLJHUR\DJUDGDEOHRORUDPRUDV
DWULEXLEOHDODVYDULHGDGHVGHXYDXWLOL]DGDV(QFDPELRHOYLQRFRQWUROSUHVHQWyXQFLHUWRRORU
D PHGLFLQD R JRPD (Q ERFD UHVXOWy DOJR iFLGR HO YLQR GH (; \ XQ SRFR FRUWRV
UHVXOWDURQHOUHVWRDH[FHSFLyQGH(;(VWH~OWLPRYLQRDXQTXHSUHVHQWySRFREULOOR\HUD
DOJRFRUWRHQQDUL]IXHHOPHMRUHQERFD
(O GHVDUUROOR GH HVWD YLQLILFDFLyQ IXH VLPLODU D OD DQWHULRU )LJXUD \D TXH VH
UHDOL]y GH OD PLVPD PDQHUD YDULDQGR ~QLFDPHQWH OD FDQWLGDG GH XYD XWLOL]DGD
NJGHSyVLWR 7DPELpQ HQ HVWH FDVR HO PRVWR FRQWURO FRPHQ]y OD IHUPHQWDFLyQ PiV WDUGH \
SUHVHQWy JUDQ FDQWLGDG GH HVSXPD LQFOXVR GHVSXpV GHO GHVFXEH /D HVSXPD UHVXOWy PX\
SHUVLVWHQWH OOHJDQGR D PDQWHQHUVH HQ OD VXSHUILFLH FDVL KDVWD HO ILQDO GH OD IHUPHQWDFLyQ
2EVHUYDGD OD HVSXPD DO PLFURVFRSLR DSDUHFtDQ QXPHURVDV OHYDGXUDV HVIpULFDV R HOtSWLFDV \
DOJXQDV DODUJDGDV VLQ JHPDFLyQ HQ VX PD\RUtD $GHPiV DSDUHFtDQ DOJXQDV EDFWHULDV FRQ
IRUPD GH FRFR \ EDFLORV IRUPDQGR JUXSRV GH R FpOXODV (Q QLQJXQR GH ORV PRVWRV
LQRFXODGRVIXHLPSRUWDQWHODSURGXFFLyQGHHVSXPD(OGHVFXEHIXHUHDOL]DGRHOGtDSDUDORV
PRVWRV LQRFXODGRV \ HO GtD SDUD HO FRQWURO /DV IHUPHQWDFLRQHV GH PRVWRV LQRFXODGRV

&DStWXOR,,
WHUPLQDURQHOGtDDSUR[LPDGDPHQWH\ODGHOPRVWRFRQWUROGtDVGHVSXpV
Brix
EX33
20
EX73
EX85
EX88
Control
15
10
0
0
9 10 11 12 13 14 15 16 17 18
Das de fermentacin
)LJ&XUYDVGHIHUPHQWDFLyQGHODYLQLILFDFLyQ9%PRVWR*DUQDFKD7LQWRUHUD\0HUORW
LQRFXODGRFRQODVOHYDGXUDVHQHVWXGLR
/D7DEODPXHVWUDORVUHVXOWDGRVGHORVDQiOLVLVHIHFWXDGRVDORVYLQRV/DWXUELGH]
IXHPX\HOHYDGDVLHQGRHOYLQRGH(;HOPHQRVWXUELR178(VWHPLVPRYLQRIXHHO

~QLFRTXHWHQtDDFLGH]WRWDOLQIHULRUDODLQLFLDOGHOPRVWR/DDFLGH]YROiWLOPD\RUIXHXQDYH]
PiVODGHOYLQRFRQWUROFRQJOHVWDQGRHOUHVWRSRUGHEDMRGHJO(OYLQRFRQPHQRU
FDQWLGDGGH62 OLEUH\JOLFHUROIXHHOFRQWURODO LJXDOTXHKDEtDVXFHGLGRHQ9%7DPELpQ

HVWH YLQR IXH HO TXH WHQtD PiV DFHWDOGHKLGR DXQTXH OD FDQWLGDG FDUHFtD GH UHOHYDQFLD
PJO(OYLQRFRQPD\RUFDQWLGDGGHJOLFHUROIXHHOGH(;JO
7RGRVORVYLQRVDH[FHSFLyQGHOFRQWURO\(;IXHURQPHMRUHYDOXDGRVSRUHOSDQHO
GH FDWDGRUHV TXH ORV FRUUHVSRQGLHQWHV D OD YLQLILFDFLyQ 9% 8QD YH] PiV (; IXH OD
OHYDGXUDFRQPHMRUDFHSWDFLyQVHJXLGDGH(;

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9%PRVWR*DUQDFKD7LQWRUHUD\0HUORWD
&HSD
7XUELGH] 'HQVLGDG
178

S+
$FWRWDO
J7+O
$FYROiWLO
$]~FDUHV
62 OLEUH 62 WRWDOE
J$F+O UHGXFWRUHVJO
PJO
PJO
+6F
$OFRKRO 5HQGLPLHQWR
YY DOFRKyOLFR
*OLFHURO $FHWDOGHKLGR $FHSWDFLyQ

JO
PJO

(;

1'

(;

1'

(;

1'

(;

1'

&RQWURO

1'

0HGLD


/RVYLQRVIXHURQVXOILWDGRVDUD]yQGHPJO62 WRWDOXQDYH]ILQDOL]DGDODIHUPHQWDFLyQ
F
D
&DStWXOR,,
(O YLQR FRQWURO IXH FODUDPHQWH HO SHRU HYDOXDGR LQFOXVR SHRU TXH HQ OD YLQLILFDFLyQ
9%(QWRGRVORVYLQRVDSDUHFLHURQDURPDVDIUXWDGRVHQPD\RURPHQRUPHGLGD

(;IXHGHILQLGRFRPRXQYLQRVLQEULOORSHURGHEXHQVDERUOLJHUDDFLGH]\HTXLOLEUDGR(Q
(; IXH UHVHxDGR VX LQWHQVR DURPD DIUXWDGR PRUDV IUDPEXHVDV \ VX DVWULQJHQFLD
&DUDFWHUtVWLFDVVLPLODUHVVHHQFRQWUDURQHQHOYLQRGH(;DXQTXHPHQRVDFHQWXDGDVHQHVWH
FDVR(;IXHGHILQLGRGHPDQHUDVLPLODUD(;SHURTXL]iVPHQRVHTXLOLEUDGR(OYLQR
FRQWUROWHQtDEXHQFRORUVDERUGXOFH\RORUYHJHWDO\DOJRDPHGLFLQD\JRPD
'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVHQERGHJD9%D9%
3XHVWR TXH VyOR ODV OHYDGXUDV (; (; \ (; VH XWLOL]DURQ HQ WRGDV ODV
YLQLILFDFLRQHV HQ ERGHJD HQ HVWH DSDUWDGR VyOR QRV UHIHULPRV D HOODV \ D ORV YLQRV FRQWURO
7DEOD
7DEOD5HVXOWDGRVPHGLRVGHODVYLQLILFDFLRQHV9%D9%
&HSD
S+
(;

(;

(;

&RQWURO
0HGLD
$FWRWDO
J7+O
$FYROiWLO
J$F+O
$]~FDUHV
UHGXFWRUHVJO

$OFRKRO 5HQGLPLHQWR *OLFHURO $FHWDOGHKLGR $FHSWDFLyQ

YY
DOFRKyOLFR
JO
PJO

/D PHGLD GH ORV DQiOLVLV ItVLFRTXtPLFRV GH ORV YLQRV HODERUDGRV HQERGHJDPXHVWUD
UHVXOWDGRVHTXLSDUDEOHVDORV\DREWHQLGRVHQODERUDWRULRSDUDWRGDVODVFHSDV$VtWRGDVODV
OHYDGXUDVEDMDQHOS+\VXEHQODDFLGH]WRWDOFRQUHVSHFWRDOPRVWR/RVYDORUHVPiVDOWRVGH
DFLGH] YROiWLO FRUUHVSRQGHQ D ORV YLQRV FRQWURO \ ORV PiV EDMRV D (; /D PHQRU
FRQFHQWUDFLyQ GH D]~FDUHV UHGXFWRUHV IXH OD GH (; \ OD PD\RU OD GH ORV YLQR FRQWURO /D
SURGXFFLyQGHDFHWDOGHKLGRIXHEDMDSDUDWRGRVORVYLQRV)LQDOPHQWHHOPD\RUUHQGLPLHQWR
DOFRKyOLFR FRUUHVSRQGLy D (; \ QR D (; FRPR HUD GH HVSHUDU GH DFXHUGR FRQ ODV
YLQLILFDFLRQHV GH ODERUDWRULR HO PHQRU UHQGLPLHQWR FRUUHVSRQGLy XQD YH] PiV D ORV YLQRV
FRQWURO

7DEOD5HVXOWDGRVDQDOtWLFRVPHGLRVGHORVYLQRVHODERUDGRVFRQODVFHSDVTXHKDQSDUWLFLSDGRHQWRGDVODVYLQLILFDFLRQHV
&HSD
7XUELGH]
178
'HQVLGDG

S+
$FWRWDO
J7+O
$FYROiWLO
J$F+O
$FILMD
J7+O
$]~FDUHV
UHGXFWRUHVJO
$OFRKRO
YY
*OLFHURO
JO
$FHWDOGHKLGR
PJO
(;

(;

(;

&RQWURO

0HGLD

7DEOD$QiOLVLVVHQVRULDOGHORVYLQRVHODERUDGRVFRQODVOHYDGXUDVVHOHFFLRQDGDVTXHKDQSDUWLFLSDGRHQWRGDVODVYLQLILFDFLRQHVGHDFHSWDFLyQ
&DE6
0HUORWFG
&D\HWDQD
0RULVFDF
&D\HWDQDF

&HSD
3DUHOODGDE
3DUGLQDF
*DUQDFKDF &DEHUQHW6FG
(;

(;

(;

&RQWUROD
PRVWRQRLQRFXODGREPRVWRHVWpULOFPRVWRQRHVWpULOGIHUPHQWDFLRQHVGHIHFWXRVDV
/DSRVLFLyQHQODFDWDVHLQGLFDHQWUHSDUpQWHVLV
*DUQDFKD *DUQDFKD
0HUORWF 0HUORWF
0HGLD
&DStWXOR,,
(ODQiOLVLVVHQVRULDOYXHOYHDFRUURERUDUODPD\RUDFHSWDFLyQGHORVYLQRVHODERUDGRV
FRQOHYDGXUDVDXWyFWRQDVVHOHFFLRQDGDVIUHQWHDORVYLQRVFRQWUROH[LVWLHQGRXQSRFRPHQRV
GHGLIHUHQFLDHQODDFHSWDFLyQHQWUHODOHYDGXUDPHMRUHYDOXDGD(;FRQGH
DFHSWDFLyQ\HOFRQWUROGHDFHSWDFLyQTXHHQ ODVYLQLILFDFLRQHVGHODERUDWRULR

(Q HVWH DSDUWDGR VH DQDOL]DQ ~QLFDPHQWH ODV PHGLDV GH ORV YLQRV FRQWURO \ GH ODV
OHYDGXUDV TXH KDQ SDUWLFLSDGR HQ WRGDV ODV YLQLILFDFLRQHV (; (; (; WDQWR HQ
ODERUDWRULRFRPRHQERGHJD
&RPRVHSXHGHREVHUYDUHQOD7DEODSiJLQDDQWHULRUORVYLQRVHODERUDGRVFRQ
OHYDGXUDV VHOHFFLRQDGDV SUHVHQWDQ FRQ UHVSHFWR D ORV FRQWUROHV PHQRU DFLGH] WRWDO PD\RU
FDQWLGDGGHJOLFHURO\DOFRKROPHQRUDFLGH]YROiWLO\PHQRUFRQFHQWUDFLyQGHDFHWDOGHKLGR(Q
HVSHFLDO(;GHVWDFDSRUVHUODPD\RUSURGXFWRUDGHJOLFHUROJSRUHQFLPDGHOFRQWURO
6LH[DPLQDPRVODDFLGH]ILMDORVYLQRVGH(;\(;SUHVHQWDQPD\RUDFLGH]ILMDTXHORV
YLQRVFRQWUROHQWDQWRTXHODGHORVYLQRVGH(;HVPHQRU
/D7DEODSiJLQDDQWHULRUPXHVWUDORVUHVXOWDGRVGHORVDQiOLVLVVHQVRULDOHVGHORV
YLQRV HODERUDGRV FRQ OHYDGXUDV VHOHFFLRQDGDV \ ORV GHO FRQWURO 6H REVHUYD TXH HO YLQR FRQ
PD\RU DFHSWDFLyQ VLJXH VLHQGR HO FRUUHVSRQGLHQWH D (; DXQTXH ORV GH (; \ (; VH
VLW~DQ SUy[LPRV (O YLQR FRQWURO HV HO SHRU SXQWXDGR HQ WRGDV ODV YLQLILFDFLRQHV VLHQGR VX
PHGLDXQLQIHULRUDODGH(;
7DEOD$QiOLVLVVHQVRULDOGH ORVYLQRVEODQFRVHODERUDGRVFRQOHYDGXUDVDXWyFWRQDV
VHOHFFLRQDGDVGHDFHSWDFLyQ
&HSD
3DUHOODGDE
3DUGLQDF
&D\HWDQD0RULVFDF
&D\HWDQDF
(;

(;
(;
&RQWUROD

0HGLD

PRVWRQRLQRFXODGREPRVWRHVWpULOFPRVWRQRHVWpULO
D

-RVp$5HJRGyQ0DWHRV
6LVHDQDOL]DQORVUHVXOWDGRVGHODVFDWDVVHSDUDQGRODVYLQLILFDFLRQHVHQEODQFRGHODV
YLQLILFDFLRQHV HQ WLQWR 7DEODV \ UHVSHFWLYDPHQWH VH REVHUYD TXH (; VLJXH
VLHQGRODOHYDGXUDPHMRUHYDOXDGDHQYLQRVEODQFRV6LQHPEDUJRHQYLQRVWLQWRVOD
PHMRUHYDOXDGDHV(;ORFXDOLQGLFDTXHHVWDOHYDGXUDSXHGHVHUPiVDGHFXDGD
SDUDYLQLILFDFLRQHVHQWLQWRTXHHQEODQFR(VWHYHHWDO REVHUYDQUHVXOWDGRVVLPLODUHV

FRQODFHSDOHYDGXUDVHOHFFLRQDGDGHODFRPDUFDGHO3HQHGpVODFXDOPXHVWUDPHMRUHV
DSWLWXGHVSDUDODHODERUDFLyQGHYLQRVWLQWRVTXHEODQFRV
7DEOD$QiOLVLVVHQVRULDOGHORVYLQRVWLQWRVHODERUDGRVFRQOHYDGXUDVDXWyFWRQDV
VHOHFFLRQDGDVGHDFHSWDFLyQ
&HSD
*DUQDFKD
&DEHUQHW6E
(;

(;

(;

&RQWUROD

&DE6 *DUQDFKD *DUQDFKD

0HUORWE
0HUORW
0HUORW
0HGLD

PRVWRQRLQRFXODGREIHUPHQWDFLRQHVGHIHFWXRVDV
D
&RQ ORV UHVXOWDGRV REWHQLGRV HQ ODV YLQLILFDFLRQHV HQ ERGHJD TXHGD SOHQDPHQWH
YDOLGDGRHOPpWRGRGHVHOHFFLyQSURSXHVWR\DTXHVHFRQILUPDTXHORVYLQRVGHODVOHYDGXUDV
VHOHFFLRQDGDV (; (; \ (; VLJXHQ VLHQGR PXFKR PHMRU HYDOXDGRV TXH ORV YLQRV
HODERUDGRVPHGLDQWHIHUPHQWDFLyQHVSRQWiQHDDOLJXDOTXHRFXUUtDFRQORVYLQRVHODERUDGRV
HQHOODERUDWRULR
(Q UHVXPHQ DGHPiV GH GLVHxDU XQ PpWRGR HILFD] SDUD VHOHFFLRQDU OHYDGXUDV GH
YLQLILFDFLyQKHPRVFRQVHJXLGRVHOHFFLRQDUWUHVOHYDGXUDVDXWyFWRQDVH[WUHPHxDVFDSDFHVGH
SURGXFLU YLQRV PHMRUHV TXH ORV SURGXFLGRV PHGLDQWH IHUPHQWDFLyQ HVSRQWiQHD WDQWR HQ
FRQGLFLRQHV GH ODERUDWRULR FRPR HQ ERGHJD (; HV OD OHYDGXUD PiV UHFRPHQGDEOH SDUD
YLQLILFDFLRQHVLQGXVWULDOHVDXQTXHQRVRQGHVGHxDEOHVODVYLUWXGHVPRVWUDGDVSRUODVOHYDGXUDV
(;\(;HVSHFLDOPHQWHODVGHHVWD~OWLPDSDUDODVYLQLILFDFLRQHVHQWLQWR

&$378/2,,,
9ROiWLOHVPD\RULWDULRVDPLQRiFLGRV\GHULYDGRVDPtQLFRV
&DStWXOR,,,
'DGDODLPSRUWDQFLDTXHWLHQHQORVYROiWLOHVPD\RULWDULRV\ORVFRPSXHVWRVDPtQLFRV
HQ ORV YLQRV VRQ HVWXGLDGRV GH IRUPD GHWDOODGD HQ HVWH FDStWXOR \ DSDUWH GHO UHVWR GH
SDUiPHWURVJHQHUDOHV\DWUDWDGRVHQHOFDStWXOR,,
/RVYROiWLOHVPD\RULWDULRVGHOYLQRVRQHQVXPD\RUSDUWHSURGXFWRVVHFXQGDULRVGHOD
IHUPHQWDFLyQ TXH SDUWLFLSDQ HQ HO DURPD GH ORV YLQRV MyYHQHV (O FRQWHQLGR HQ FRPSXHVWRV
DURPiWLFRVGHOYLQRHVDSUR[LPDGDPHQWHHOJOGHODFDQWLGDGGHHWDQROIRUPDGR
/RVFRPSXHVWRVTXHYDPRVDFRQVLGHUDUHQHVWHFDStWXORDFHWDWRGHHWLORSURSDQROLVREXWDQRO
\DOFRKROHVLVRDPtOLFRVVXSRQHQMXQWRFRQHODFHWDOGHKLGR\DHVWXGLDGRHQHOFDStWXOR,,PiV
GH OD PLWDG GH ORV YROiWLOHV PD\RULWDULRV HVWDQGR UHSDUWLGD OD RWUD PLWDG HQWUH
VXVWDQFLDVDURPiWLFDVSUHVHQWHVHQHOYLQRHQGHELOtVLPDVSURSRUFLRQHV
/D SURGXFFLyQ GH DFHWDWR GH HWLOR \ DOFRKROHV VXSHULRUHV IXH HVWXGLDGD WDQWR HQ ODV
YLQLILFDFLRQHVUHDOL]DGDVHQODERUDWRULR9/D9/FRPRHQODVUHDOL]DGDVHQERGHJD9%
D 9% (Q ODV YLQLILFDFLRQHV GH ODERUDWRULR DGHPiV GH ODV OHYDGXUDV \D VHxDODGDV HQ HO
FDStWXOR,,VHLQFOX\HURQOHYDGXUDVDXWyFWRQDV(;(;\(;QRVHOHFFLRQDGDV

SRU QR FXPSOLU ORV FULWHULRV HVWDEOHFLGRV HQ QXHVWUR PpWRGR /D ILQDOLGDG GH LQFOXLU HVWDV
OHYDGXUDVIXHHVWXGLDUVXSURGXFFLyQGHFRPSXHVWRVYROiWLOHVDXQTXHORVYLQRVUHVXOWDQWHVQR
IXHURQDQDOL]DGRVVHQVRULDOPHQWH\DTXHPRVWUDURQFODURVGHIHFWRV/RVUHVXOWDGRVREWHQLGRV
SDUDFDGDFRPSXHVWRHQFDGDXQDGHODVYLQLILFDFLRQHVVHDQDOL]DQHQORVVLJXLHQWHVDSDUWDGRV
(VWDPLFURYLQLILFDFLyQVHUHDOL]yFRQPRVWRSDVWHXUL]DGRORTXHSUREDEOHPHQWHGHEH
GHKDEHULQIOXLGRGHDOJXQDPDQHUDHQODFRPSRVLFLyQDURPiWLFDGHORVYLQRVSURGXFLGRV3RU
RWUDSDUWHORVDURPDVIHUPHQWDWLYRVSURGXFLGRVSXHGHQVHUDWULEXLGRVFRQWRGDVHJXULGDGDOD
FHSDGHOHYDGXUDLQRFXODGDHQFDGDFDVRVLQTXHKD\DLQWHUIHUHQFLDDOJXQDSRURWUDVOHYDGXUDV
GHOJpQHUR6DFFKDURP\FHV XRWURVJpQHURV
/RVUHVXOWDGRVDQDOtWLFRVREWHQLGRVMXQWRFRQORVUHVXOWDGRVGHODFDWDYHUFDStWXOR,,
VHPXHVWUDQHQOD7DEOD
7DEOD$QiOLVLVGHYROiWLOHVPD\RULWDULRVPJO\VHQVRULDOGHORVYLQRV

FRUUHVSRQGLHQWHVDODYLQLILFDFLyQ9/

-RVp$5HJRGyQ0DWHRV
&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
0HGLD
$OFRKROHV
LVRDPtOLFRV
$OFRKROHV
6XSHULRUHV
$FHSWDFLyQ

$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO

(ODFHWDWRGHHWLOR VHHQFXHQWUDKDELWXDOPHQWHHQFRQFHQWUDFLRQHVPX\YDULDEOHVSHUR
HVGHWHFWDGRHQYLQRVDSDUWLUGHORVPJO(WLpYDQW(VGHFLUHQWRGRVHVWRVYLQRV
GHEHUtDQRWDUVHVXSUHVHQFLDSXHVODFRQFHQWUDFLyQYDGHVGHORVPJOGH(;DORV
PJOGH(;(VWHFRPSXHVWRDFRQFHQWUDFLRQHVHOHYDGDVVXSHULRUHVDPJOWLHQH

HIHFWRVQHJDWLYRVSHURDPHQRUHVFRQFHQWUDFLRQHVSXHGHUHVXOWDUSRVLWLYR5DSS$Vt
GHEHGHKDEHUVLGRHQHOYLQRGH(;HOFXDODSHVDUGHFRQWHQHUPiVDFHWDWRGHHWLORTXHORV
GHPiVKDVLGRHOPHMRUHYDOXDGRHQODFDWD
/DPHGLDGHSURGXFFLyQGHSURSDQRO IXHGHPJOODFXDOVHHQFXHQWUDDOJRSRU
GHEDMR GH ORV YDORUHV UHFRJLGRV SRU OD ELEOLRJUDItD SDUD YLQRV EODQFRV PJO SHUR PX\
SUy[LPRDORVYDORUHVPHGLRVREVHUYDGRVSRU9DOGpVHWDO UHVXOWDGRVQRSXEOLFDGRVSDUDORV

YLQRVEODQFRVH[WUHPHxRVGHODFDPSDxDPJO/DOHYDGXUDPHQRVSURGXFWRUDGH
SURSDQROIXH(;PJOHQWDQWRTXH(;PJOIXHODPD\RUSURGXFWRUD/DV
OHYDGXUDVPHMRUHYDOXDGDVVHQVRULDOPHQWHHQHVWDYLQLILFDFLyQ(;(;(;\(;
PXHVWUDQ YDORUHV HQWUH \ PJO YDORUHV VLPLODUHV D RWUDV OHYDGXUDV SHRU HYDOXDGDV
(;&2&2

&DStWXOR,,,
/D SURGXFFLyQ PHGLD GH LVREXWDQRO R DOFRKRO LVREXWtOLFR IXH GH PJO YDORU
FRQVLGHUDEOHPHQWH LQIHULRU DO UHJLVWUDGR HQ OD ELEOLRJUDItD PJO /RV YDORUHV H[WUHPRV
REWHQLGRV YDQ GHVGH ORV PJO GH (; D ORV GH (; OR FXDO HVWi GHQWUR GH ORV
PiUJHQHVKDELWXDOHVPJO(WLpYDQW6XSRQLHQGRTXHHOLVREXWDQROHVGHWHFWDGR
HQYLQRVSRUODPXFRVDROIDWLYDDFRQFHQWUDFLRQHVVXSHULRUHVGHPJOHQWRGRVHVWRVYLQRV
QR VH GHWHFWDUtD DXQTXH YDOH OD SHQD VHxDODU TXH HQ HO FRQWHQLGR GHO YLQR PHMRU HYDOXDGR
(;IXHHOPiVSUy[LPRDOXPEUDO
)LQDOPHQWHHODQiOLVLVGHORVDOFRKROHVLVRDPtOLFRV DUURMyUHVXOWDGRVPHGLRVGH
PJO(OYLQRSURGXFLGRSRU&2SUHVHQWyODPD\RUFRQFHQWUDFLyQPJO\HOGH(;
ODPHQRUPJO/DOHYDGXUD(;SURGXMRXQDHOHYDGDFRQFHQWUDFLyQGHHVWRVDOFRKROHV

PJO
6L DQDOL]DPRV ORV DOFRKROHV VXSHULRUHV HQ FRQMXQWR SRGHPRV REVHUYDU TXH (;
SUHVHQWD ORV YDORUHV PiV DOWRV \ D VX YH] HV OD OHYDGXUD PHMRU HYDOXDGD 6HJ~Q HVWR HV
SUREDEOH TXH OD FDQWLGDG GH DOFRKROHV VXSHULRUHV HQ HVWD YLQLILFDFLyQ KD\D IDYRUHFLGR D ORV
YLQRV\SUREDEOHPHQWHKD\DVLGRHOLVREXWDQROHOTXHPiVKDLQIOXLGR6HJ~QODELEOLRJUDItD
FRQVXOWDGD ORV DOFRKROHV VXSHULRUHV DSRUWDQ DURPDV SRVLWLYRV D FRQFHQWUDFLRQHV TXH QR
VREUHSDVHQORVPJO5DSS\0DQGHU\(QHVWDYLQLILFDFLyQODVOHYDGXUDVSHRU
HYDOXDGDVFRQODH[FHSFLyQGHODFRPHUFLDO&2QROOHJDQDORVPJO
/RV UHVXOWDGRV REWHQLGRV HQ HVWD YLQLILFDFLyQ VH PXHVWUDQ HQ OD 7DEOD /D
SURGXFFLyQGHDFHWDWRGHHWLOR HQODYLQLILFDFLyQFRQWUROPJOHVWXYRPX\SRUHQFLPD

GHODPHGLDPJO(QFDPELR&2OHYDGXUDPHMRUHYDOXDGDHQHVWHFDVRSURGXMRSRFR
PJO DO LJXDO TXH (; PJO (O YLQR GH (; VHJXQGD OHYDGXUD PHMRU
HYDOXDGDFRQWHQtDEDVWDQWHPiVDFHWDWRGHHWLORTXHHOYLQRGH&2PJODXQTXHQRHV
XQYDORUTXHVHSXHGDFRQVLGHUDUQRFLYRSDUDHODURPDGHOYLQR
/DVFRQFHQWUDFLRQHVGHSURSDQRO RVFLODURQHQWUH\PJOFRQXQDPHGLDGH
PJO 7RGRV HVWRV YDORUHV VRQ QRUPDOHV HQ YLQRV EODQFRV \ HQ QLQJ~Q FDVR VRQ
GHWHFWDEOHVSRUHOROIDWRKXPDQR
(OLVREXWDQRO SUHVHQWyYDORUHVGLVSHUVRVFRQH[WUHPRVGHPJOHQ(;\
PJOHQ&2 /RVYLQRVPHMRUHYDOXDGRV&2\(;SUHVHQWDURQYDORUHVGH\

-RVp$5HJRGyQ0DWHRV
PJOUHVSHFWLYDPHQWH
/D SURGXFFLyQ GH DOFRKROHV LVRDPtOLFRV IXH PD\RU SDUD &2 PJO \ PHQRU
SDUD (; PJO (Q OD YLQLILFDFLyQ 9/ &2 IXH WDPELpQ HO YLQR FRQ PiV
FRQFHQWUDFLyQGHHVWRVFRPSXHVWRV
/DPD\RUFDQWLGDGGHDOFRKROHVVXSHULRUHV IXHODGHOYLQRHODERUDGRFRQ&2
PJO\ODPHQRUODGH(;\(;PJO

&HSD
(;
(;
(;
(;
$FHWDWR
3URSDQRO
,VREXWDQRO

GHHWLOR

(;

(;

(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD

$OFRKROHV
$OFRKROHV
$FHSWDFLyQ

LVRDPtOLFRV

6XSHULRUHV

(Q HVWD YLQLILFDFLyQ HVGLItFLODWULEXLUDXQGHWHUPLQDGRFRPSXHVWRODYDORUDFLyQGH
FDGDYLQRHQODFDWDDORVXPRSDUHFHHVWDUFODURTXHHOYLQRFRQWUROKDVLGRSHUMXGLFDGRSRU
VX HOHYDGD FRQFHQWUDFLyQ HQ DFHWDWR GH HWLOR SHUR HO YLQR GH (; HO SHRU HYDOXDGR QR
SUHVHQWD HOHYDGD FRQFHQWUDFLyQ GH HVWH FRPSXHVWR 6LQ HPEDUJR UHYLVDQGR OD 7DEOD GHO

&DStWXOR,,,
FDSLWXOR ,, SRGHPRV REVHUYDU TXH HO YLQR GH (; HV HO GH PD\RU DFLGH] YROiWLO JO
VREUH XQD PHGLD GH JO \ D VX YH] HO GH PHQRU FRQWHQLGR HQ DFHWDOGHKLGR PJO
VREUHXQDPHGLDGHPJO
/DPD\RUFRQFHQWUDFLyQGHDFHWDWRGHHWLOR FRUUHVSRQGLyDOYLQRHODERUDGRFRQ(;
PJO\ODPHQRUDOGH(;PJO7DEOD(QHVWHFDVRHOYLQRFRQWURO

PJOHVWXYRSRUGHEDMRGHODPHGLDPJO\SUiFWLFDPHQWHLJXDOTXHHOPHMRUHYDOXDGR
(;FRQPJO

&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO

$OFRKROHV
LVRDPtOLFRV
$OFRKROHV
6XSHULRUHV
$FHSWDFLyQ

(OYDORUPHGLRGHSURSDQROPJO YXHOYHDHVWDUSRUGHEDMRGHODPHGLDUHFRJLGD
HQ OD ELEOLRJUDItD SDUD YLQRV WLQWRV PJO 'HVWDFD OD OHYDGXUD (; SRU VX PD\RU

-RVp$5HJRGyQ0DWHRV
SURGXFFLyQPJO\&2SRUORFRQWUDULRPJO
/DVFRQFHQWUDFLRQHVGHLVREXWDQRO VRQEDVWDQWHEDMDV\DTXHHOYDORUPHGLRHQYLQRV
WLQWRVVHHQFXHQWUDDOUHGHGRUGHORVPJO\HVWRVYLQRVWLHQHQPJOGHPHGLDFRQXQ
UDQJRTXHYDGHVGHORVPJOGH&2DORVPJOGH(;
/RV DOFRKROHV LVRDPtOLFRV SUHVHQWDQ XQD PHGLD GH PJO GHVWDFDQGR
FRQVLGHUDEOHPHQWHODOHYDGXUD&2SRUVXDOWDSURGXFFLyQPJO\(;SRUVXPHQRU

SURGXFFLyQPJO
'H QXHYR HO YLQR SURGXFLGR FRQ &2 HV HO GH PD\RU FRQFHQWUDFLyQ GH DOFRKROHV
VXSHULRUHV PJOVHJXLGRSRUHOGH(;PJO/DPHQRUSURGXFFLyQIXHODGH

(;PJO
(OYLQRPHMRUHYDOXDGRHQHVWDYLQLILFDFLyQIXH(;VHJXLGRSRU(;\(;\HO
YLQRGH(;IXHHOSHRUHYDOXDGR1XHYDPHQWHHVGLItFLOFRUUHODFLRQDUFRQXQGHWHUPLQDGR
FRPSXHVWRODSXQWXDFLyQREWHQLGDSRUFDGDYLQRHQODFDWDDXQTXHSUREDEOHPHQWHORVYDORUHV
PiV HOHYDGRV GH DFHWDWR GH HWLOR KDQ SRGLGR SHUMXGLFDU D ODV GRV OHYDGXUDV SHRU HYDOXDGDV
(;\(;
9LQLILFDFLyQFRQPRVWR&DEHUQHW6DXYLJQRQ9/
&RPR \D VH KD H[SOLFDGR HQ RWUDV RFDVLRQHV HVWD IHUPHQWDFLyQ WUDQVFXUULy FRQ
QXPHURVRVSUREOHPDVPRWLYRSRUHOTXHVHDGLFLRQyDFWLYDGRUGHIHUPHQWDFLyQ)HUPDLG\
OyJLFDPHQWHHVWRGHEHKDEHULQIOXLGRGHDOJXQDPDQHUDVREUHODFRQFHQWUDFLyQILQDOGHDFHWDWR
GHHWLOR\DOFRKROHVVXSHULRUHV
/DSURGXFFLyQGHDFHWDWRGHHWLORSRUODVOHYDGXUDVIXHEDMDPJOGHPHGLDOD
PD\RUtD GH ODV OHYDGXUDV GLHURQ FDQWLGDGHV SUy[LPDV HQWUH Vt H LQIHULRUHV D OD PHGLD /DV
PD\RUHVSURGXFFLRQHVFRUUHVSRQGLHURQD(;PJO&2PJO\DOYLQRFRQWURO
PJO
/D FRQFHQWUDFLyQ GH SURSDQRO URQGy ORV PJO SDUD FDVL WRGRV ORV YLQRV
VREUHVDOLHQGRSRUVXYDORUHVPiVDOWRV&2\(;\PJOUHVSHFWLYDPHQWH
/DPHGLDGHOLVREXWDQRO IXHGHPJOVLHQGR&2HOYLQRFRQPD\RUFRQWHQLGR
PJO\(;HOGHPHQRUPJO

&DStWXOR,,,
7DEOD$QiOLVLVGHYROiWLOHVPD\RULWDULRVPJO\VHQVRULDOHQORVYLQRV

&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO

$OFRKROHV
LVRDPtOLFRV
$OFRKROHV
6XSHULRUHV
$FHSWDFLyQ

/D SURGXFFLyQ PHGLD GH DOFRKROHV LVRDPtOLFRV IXH PX\ HOHYDGD VLHQGR OD PD\RU
REWHQLGDKDVWDHOPRPHQWRPJO'HVWDFD HOHOHYDGRFRQWHQLGRGHOYLQRGH&2

PJO/DSURGXFFLyQPiVEDMDIXHODGH(;PJO
)LQDOPHQWHODFRQFHQWUDFLyQPiVHOHYDGDGHDOFRKROHVVXSHULRUHV IXHOyJLFDPHQWHOD
GHHOYLQRGH&2PJO\ODPHQRUODGH(;PJO
5HVXOWDSDWHQWHTXHODOHYDGXUD&2HVODPi[LPDSURGXFWRUDGHWRGRVORVFRPSXHVWRV
HVWXGLDGRV HQ HVWD YLQLILFDFLyQ (VWD HOHYDGD SURGXFFLyQ SDUHFH KDEHUOH SHUMXGLFDGR HQ HO
DQiOLVLV RUJDQROpSWLFR \D TXH IXH SXQWXDGD HQ SHQ~OWLPR OXJDU SRU GHODQWH ~QLFDPHQWH GHO
YLQRFRQWURO/DJUDQFDQWLGDGGHDOFRKROHVLVRDPtOLFRVSURGXFLGDSRUFDVLWRGDVODVOHYDGXUDV
SXHGHGHEHUVHDODHVFDVDFDQWLGDGGHQLWUyJHQRDVLPLODEOHLQLFLDOTXHFRQWHQtDHOPRVWRGH
PRGRTXHODVOHYDGXUDVVHYHQREOLJDGDVDGHVDPLQDUDPLQRiFLGRVSDUDREWHQHUHOQLWUyJHQR

-RVp$5HJRGyQ0DWHRV
QHFHVDULR HQ VX PHWDEROLVPR \ HQ FRQVHFXHQFLD VH SURGXFHQ PD\RUHV FDQWLGDGHV GH HVWRV
DOFRKROHV&RPRVHKDGLFKRDQWHULRUPHQWHHOGtDGHIHUPHQWDFLyQVHDxDGLyHODFWLYDGRUGH
IHUPHQWDFLyQPRPHQWRHQHOTXHODPD\RUtDGHORVDOFRKROHVVXSHULRUHV\DVHKDQIRUPDGR
SXHV VHJ~Q 0DWHR OD WDVD Pi[LPD GH IRUPDFLyQ GH DOFRKROHV VXSHULRUHV VH SURGXFH
HQWUH ORV GtDV \ GH IHUPHQWDFLyQ (VWR TXLHUH GHFLU TXH OD DGLFLyQ GHO DFWLYDGRU GH
IHUPHQWDFLyQ QR GHEH GH KDEHU LQIOXLGR VLJQLILFDWLYDPHQWH HQ OD SURGXFFLyQ GH DOFRKROHV
VXSHULRUHV
9LQLILFDFLyQFRQPRVWR&DEHUQHW6DXYLJQRQ0HUORW9/
(VWDYLQLILFDFLyQDOLJXDOTXHODDQWHULRUWXYRSUREOHPDVGHSDUDGDIHUPHQWDWLYDSRU
OR TXH VH DxDGLy SULPHUR VXOIDWR DPyQLFR \ YDULRV GtDV GHVSXpV )HUPDLG PiV XQ VHJXQGR
LQyFXORGHFDGDOHYDGXUD/RVUHVXOWDGRVVHPXHVWUDQHQOD7DEOD
/RVYDORUHVGHDFHWDWRGHHWLOR VRQEDMRVDXQTXHPiVDOWRVTXHHQ9/PJOGH
PHGLD /D Pi[LPD FRQFHQWUDFLyQ IXH OD GHO YLQR GH (; PJO VHJXLGR SRU (;
PJO\HOFRQWUROPJO3RUHOFRQWUDULRODVPtQLPDVFRQFHQWUDFLRQHVIXHURQODV

GH(;PJO\&2PJO
/DPHGLDREWHQLGDGHSURSDQRO HVODPiVDOWDPJOGHWRGDVODVYLQLILFDFLRQHV
DQDOL]DGDV KDVWD HO PRPHQWR /DOHYDGXUDPiVSURGXFWRUDIXH(;PJOFX\RYLQR
IXH HO SHRU HYDOXDGR /D PHQRU SURGXFFLyQ IXH OD GH (; PJO VHJXLGD GH (;
PJO
/DSURGXFFLyQPHGLDGHLVREXWDQRO IXHPX\EDMDPJO6yORORVYLQRVGH&2\
(;VREUHVDOLHURQSRUVXFRQFHQWUDFLyQPJO\PJOUHVSHFWLYDPHQWH
1XHYDPHQWHODFRQFHQWUDFLyQGHDOFRKROHVLVRDPtOLFRV IXHPX\HOHYDGDPJO
GHPHGLDDXQTXHLQIHULRUDODYLQLILFDFLyQDQWHULRU3UREDEOHPHQWHHVWDDOWDFRQFHQWUDFLyQHV
GHELGD DO HIHFWR \D H[SOLFDGR DQWHULRUPHQWH TXH WLHQH OD EDMD FRQFHQWUDFLyQ GH QLWUyJHQR
IiFLOPHQWH DVLPLODEOH HQ HO PRVWR /D OHYDGXUD &2 YXHOYH D GHVWDFDU SRU VX HOHYDGD
SURGXFFLyQGHDOFRKROHVLVRDPtOLFRVPJO(QHVWHFDVRHOYLQRFRQWUROHVHOGHPHQRU

FRQWHQLGRHQDOFRKROHVLVRDPtOLFRVPJO
/DPHGLDGHODFRQFHQWUDFLyQGHDOFRKROHVVXSHULRUHV HVOLJHUDPHQWHVXSHULRUDODGH
ODYLQLILFDFLyQ9/PJOGHELGRDTXHPXFKDVOHYDGXUDV(;(; (;(;

(;\(;KDQSURGXFLGRPiVFDQWLGDGHQHVWDYLQLILFDFLyQTXHHQODDQWHULRU

&DStWXOR,,,
/RV YLQRV PHMRU HYDOXDGRV HQ HVWD YLQLILFDFLyQ IXHURQ ORV GH (; (; \ (;
'HVGHHOSXQWRGHYLVWDGHORVFRPSXHVWRVDQDOL]DGRVHQHVWHFDStWXORHVWRVYLQRV~QLFDPHQWH
FRLQFLGHQ HQ TXH WLHQHQ YDORUHV GH SURSDQRO VLPLODUHV \ VXSHULRUHV D OD PHGLD DXQTXH HVWD
FRLQFLGHQFLDSUREDEOHPHQWHQRKD\DLQIOXLGRGHPDQHUDLPSRUWDQWHHQHODQiOLVLVVHQVRULDO
&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO

$OFRKROHV
LVRDPtOLFRV
$OFRKROHV
6XSHULRUHV
$FHSWDFLyQ

'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVGHODERUDWRULR9/D9/
/D 7DEOD PXHVWUD HO DQiOLVLV GH ORV UHVXOWDGRV PHGLRV REWHQLGRV HQ ODV
YLQLILFDFLRQHV9/D9/SDUDORVFRPSXHVWRVHVWXGLDGRV
6L REVHUYDPRV ORV YDORUHV PHGLRV GH DOFRKROHV VXSHULRUHV PXFKDV GH ODV OHYDGXUDV
(; (; (; (; (; (; &2 \ HO FRQWURO VH VLW~DQ HQ WRUQR D OD PHGLD
PJOSRUORTXHODVGLIHUHQFLDVHQWUHXQDV\RWUDVVHGDQHQODSURGXFFLyQSRUVHSDUDGR

-RVp$5HJRGyQ0DWHRV
GHORVFRPSXHVWRVTXHHQJOREDQORVDOFRKROHVVXSHULRUHVSURSDQROLVREXWDQROHLVRDPtOLFRV
3RUHMHPSOR(;SURGXFHXQPiVGHLVREXWDQROTXH(;
/D OHYDGXUD &2 HV FODUDPHQWH OD Pi[LPD SURGXFWRUD GH LVREXWDQRO PJO
DOFRKROHVLVRDPtOLFRV PJO\SRUORWDQWRGHDOFRKROHVVXSHULRUHVHQJHQHUDO

PJO(VWDOHYDGXUDFRPHUFLDOHVYHQGLGDSRUHOIDEULFDQWHLQGLFDQGRTXHHVDOWDSURGXFWRUDGH
FRPSXHVWRV YROiWLOHV 6LQ HPEDUJR HVWD HOHYDGD SURGXFFLyQ QR SDUHFH IDYRUHFHUOD HQ HO
DQiOLVLVVHQVRULDOGHORVYLQRV\DTXHQRIXHGHODVPHMRUHYDOXDGDV
2WURGDWRUHVHxDEOHHVTXHORVYLQRVFRQWUROSUHVHQWDQORVPD\RUHVYDORUHVPHGLRVGH
DFHWDWR GH HWLOR PJO OR FXDO SXHGH KDEHU LQIOXLGR VLJQLILFDWLYDPHQWH HQ VXV PDORV
UHVXOWDGRVRUJDQROpSWLFRV*DURIROR\0RUHWWLHQFRQWUDURQXQDFODUDFRUUHODFLyQHQWUH
ODVOHYDGXUDVSURGXFWRUDVGHDOWDVFRQFHQWUDFLRQHVGHDFHWDWRGHHWLOR\VXVPDORVUHVXOWDGRVHQ
HODQiOLVLVVHQVRULDO6LQHPEDUJRORVPLVPRVDXWRUHVREVHUYDQXQHIHFWRVLQpUJLFRSRVLWLYRGH
HVWHFRPSXHVWRFRQRWURVpVWHUHVFXDQGRVHHQFXHQWUDDEDMDVFRQFHQWUDFLRQHVPJO(O
UHVWR GH FRPSXHVWRV HVWXGLDGRV HQ ORV YLQRV FRQWURO SURSDQRO LVREXWDQRO H LVRDPtOLFRV VH
VLW~DQHQWRUQRDODPHGLD
5HVXOWDLQWHUHVDQWHREVHUYDUTXHODVOHYDGXUDVPHMRUHYDOXDGDV(;(;\(;
SUHVHQWDQ YDORUHV GH DFHWDWR GH HWLOR \ DOFRKROHV VXSHULRUHV SDUHFLGRV HQWUH Vt H LQFOXVR
SUy[LPRV D ORV YDORUHV PHGLRV VDOYR SDUD HO LVREXWDQRO TXH SUHVHQWDQ YDORUHV HOHYDGRV
PD\RUHV GH PJO 6LQ GXGD HVWR QR GHEH KDEHU VLGR XQD FDVXDOLGDG \ SUREDEOHPHQWH
HVWRV SDUiPHWURV KDQ FRQWULEXLGR EDVWDQWH SDUD TXH HVWRV YLQRV HQ FRQMXQWR VHDQ ORV PHMRU
HYDOXDGRV
/DOHYDGXUD(;GHVWDFDSRUVHUXQDGHODVTXHSURGXFHPHQRVSURSDQROPJO
DGHPiVSURGXFHSRFRLVREXWDQROPJO\SRFRVDOFRKROHVLVRDPtOLFRVPJO(VWD

OHYDGXUDIXHXQDGHODVSHRUHYDOXDGDVHQHODQiOLVLVVHQVRULDO
(; (; \ (; 6 FHUHYLVLDH UI ED\DQXV VH FDUDFWHUL]DQ SRU VX EDMD
SURGXFFLyQ GH LVREXWDQRO HQWUH \ PJO DGHPiV (; \ (; SURGXFHQ SRFRV
DOFRKROHV LVRDPtOLFRV PJO \ PJO UHVSHFWLYDPHQWH )LQDOPHQWH (; HV OD
PD\RUSURGXFWRUDGHSURSDQROPJO\(;ODPHQRUPJO
/DV OHYDGXUDV (; \ (; IXHURQ ODV GRV FHSDV SHRU HYDOXDGDV HQ HO DQiOLVLV
VHQVRULDOHVWDQGRVyORSRUGHWUiVORVYLQRVFRQWURO$PEDVSURGXFHQFDQWLGDGHVVLPLODUHVGH
DFHWDWRGHHWLORSURSDQROLVREXWDQRO\DOFRKROHVLVRDPtOLFRVSHURHQFDPELRFRPRVHSXHGH

&DStWXOR,,,
REVHUYDU HQ OD 7DEOD GHO FDStWXOR ,, GLILHUHQ FRQVLGHUDEOHPHQWH HQ OD SURGXFFLyQ GH
DFHWDOGHKLGRPJOGH(;IUHQWHDPJOGH(;
&2 GHVWDFD SRU VHU OD OHYDGXUD TXH SURGXFH PHQRV DFHWDWR GH HWLOR PJO
VLHQGR HO UHVWR GH SDUiPHWURV PX\ VLPLODUHV D ORV GH ODV OHYDGXUDV PHMRU HYDOXDGDV (;
(;\(;
7DEOD0HGLDVGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHV9/D9/
&HSD
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
&RQWURO
0HGLD
$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO

$OFRKROHV
LVRDPtOLFRV
$OFRKROHV
6XSHULRUHV
$FHSWDFLyQD

/DSRVLFLyQHQHODQiOLVLVVHQVRULDOVHLQGLFDHQWUHSDUpQWHVLV
1XHVWURVUHVXOWDGRVFRUURERUDQORV\DREWHQLGRVSRURWURVDXWRUHVVLHQGRHYLGHQWHTXH
OD FHSD GH OHYDGXUD LQIOX\H VREUH OD SURGXFFLyQ GH YROiWLOHV PD\RULWDULRV +RXWPDQ \ 'X
3OHVVLV 2UULROV \ 0RUHQR 7DPERUUD HW DO 6HJXLQ \ 'XODX
6DOYDGRUHV HW DO E *DUFtD HW DO 6DOYDGRUHV HW DO /XUWRQ HW DO
$GHPiV HVWR SRQH HQ HQWUHGLFKR ODV FRQFOXVLRQHV REWHQLGDV SRU 8VVHJOLR7RPDVVHW \ 'L
6WHIDQRVHJ~QORVFXDOHVODVWtSLFDVGLIHUHQFLDVHQODFRPSRVLFLyQGHYROiWLOHVGHORV

-RVp$5HJRGyQ0DWHRV
GLVWLQWRV YLQRV VRQ GHELGDV EiVLFDPHQWH D OD YDULHGDG GH XYD XWLOL]DGD \ QR GHSHQGHQ
SUiFWLFDPHQWH GH OD FHSD GH OHYDGXUD 6L ELHQ HVWR HV FLHUWR SDUFLDOPHQWH UHVXOWD PiV
DGHFXDGR FRPR LQGLFDQ +RXWPDQ \ 'X 3OHVVLV DWULEXLU D YDULRV IDFWRUHV OD
FRPSRVLFLyQ HQ YROiWLOHV GH XQ YLQR )DFWRUHV HQWUH ORV TXH OyJLFDPHQWH VH HQFXHQWUDQ OD
YDULHGDG GH XYD ORV SUHFXUVRUHV SUHVHQWHV HQHOPRVWR\ODVWUDQVIRUPDFLRQHVTXtPLFDVTXH
FRQHOORVUHDOL]DQODVOHYDGXUDV\ILQDOPHQWHODFHSDGHOHYDGXUD
/RVSUHFXUVRUHVSUHVHQWHVHQODXYDSXHGHQVHUPX\LPSRUWDQWHVHQODSURGXFFLyQGH
DURPDVSRUODOHYDGXUDHQORVYLQRV'DUULHW6HJXLQ\'XODX6HJXLQ\'XODX
FRPSUXHEDQ TXH GLVWLQWDV FHSDV GH OHYDGXUDV WUDQVIRUPDQ PiV FDQWLGDG R GLIHUHQWHV
SUHFXUVRUHVQRDURPiWLFRVGHODXYDHQFRPSXHVWRVDURPiWLFRVHQHOYLQRFRPRSRUHMHPSOR
ORVWHUSHQRVOLQDOROJHUDQLROQHUROHWF(QHVWHVHQWLGRDXWRUHVFRPR3pUH]*RQ]iOH]HWDO
\ 0DVTXp HW DO KDQ LQWURGXFLGR HQ FHSDV GH OHYDGXUDV VHOHFFLRQDGDV
GHWHUPLQDGRV JHQHV FRPR HO GH OD JOXFRVLGDVD FRQ OD LQWHQFLyQ GH TXH OLEHUHQ ORV
SUHFXUVRUHVDURPiWLFRVGHOPRVWR
/XUWRQ HW DO HVWXGLDURQ OD SURGXFFLyQ GH YROiWLOHV PD\RULWDULRV SRU FHSDV
DXWyFWRQDVGHOD]RQDIUDQFHVDGH&RJQDF\ODOHYDGXUDFRPHUFLDO60DODTXHQRVRWURV
KHPRV OODPDGR HQ HVWH HVWXGLR &2 /DV FRQFOXVLRQHV REWHQLGDV VRQ SHUIHFWDPHQWH
HTXLSDUDEOHV D QXHVWURV UHVXOWDGRV 6HJ~Q HOORV XVDQGR FRQGLFLRQHV FRPSDUDWLYDV

HVWDQGDUL]DGDV ODV OHYDGXUDV 6 FHUHYLVLDH GHO PLVPR iUHD HFROyJLFD PXHVWUDQ GLIHUHQFLDV
VLJQLILFDWLYDVHQODSURGXFFLyQGHFRPSRQHQWHVYROiWLOHVGHIHUPHQWDFLyQ(OORDSHVDUGHTXH
ODV FHSDV DXWyFWRQDV HYDOXDGDV PRVWUDEDQ VLPLODUHV FDUDFWHUtVWLFDV WHFQROyJLFDV FRPR
SURGXFFLyQ GH DFLGH] YROiWLO YHORFLGDG GH IHUPHQWDFLyQ SURGXFFLyQ GH FRPSXHVWRV
VXOIXUDGRVHWF
&RPR DQWHULRUPHQWH VH KD GLFKR ODV YLQLILFDFLRQHV FRQWURO SUHVHQWDURQ PD\RU
FRQWHQLGR HQ DFHWDWR GH HWLOR HQ FDPELR OD PD\RUtD GH ODV YLQLILFDFLRQHV FRQ OHYDGXUDV
DXWyFWRQDVPRVWUDURQYDORUHVHOHYDGRVGHDOFRKROHVLVRDPtOLFRVORFXDOHVWiHQFRQVRQDQFLD
FRQ OR REVHUYDGR SRU 6DOYDGRUHV HW DO HQ YLQRV GH OD 'HQRPLQDFLyQ GH 2ULJHQ
7DFRURQWH$FHQWHMR(QFDPELR2UULROV\0RUHQRHQYLQRVGHODYDULHGDG $OEDULxR

HQFRQWUDURQYDORUHVVLPLODUHVGHHVWRVFRPSXHVWRVHQORVYLQRVFRQWURO\ORVHODERUDGRVFRQ
/6$IRUiQHDVGLVWLQWDVHQWUHODVTXHVHHQFRQWUDEDODOHYDGXUD60DQWHULRUPHQWHUHIHULGD
6LQ HPEDUJR ODV FRQFHQWUDFLRQHV GH RWURV YROiWLOHV Vt IXHURQ GLIHUHQWHV DO LJXDO TXH ORV

&DStWXOR,,,
UHVXOWDGRVGHODQiOLVLVRUJDQROpSWLFR
3RURWUDSDUWH0DWHRREVHUYDTXHORVYLQRVREWHQLGRVPHGLDQWHIHUPHQWDFLyQ
HVSRQWiQHDFRQWLHQHQYDORUHVLQIHULRUHVGHSURSDQRO\DOFRKROLVRDPtOLFR\PD\RUHVGHDFHWDWR
GH HWLOR H LVREXWDQRO (Q QXHVWUR FDVR HVWR FRLQFLGH WRWDOPHQWH HQ FXDQWR D ORV YDORUHV GH
DFHWDWRGHHWLORSDUFLDOPHQWHHQORVGHLVRDPtOLFRVHLVREXWDQROSHURQRHQORVGHSURSDQRO\D
TXH QXHVWURV YLQRV FRQWURO KDQ SUHVHQWDGR YDORUHV PHGLRV GH HVWH DOFRKRO SRU HQFLPD GH
PXFKRVGHORVYLQRVLQRFXODGRV\GHODPHGLD
6HJ~Q *LXGLFL \ =DPERQHOOL D \ *LXGLFL \ .XQNHH OD FDSDFLGDG SDUD
SURGXFLUDOWDVFDQWLGDGHVGHSURSDQROHVWiHVWUHFKDPHQWHUHODFLRQDGDFRQODLPSRVLELOLGDGSDUD
SURGXFLU+66LQ HPEDUJRQRKHPRVREVHUYDGRFRUUHODFLyQHYLGHQWHHQHVWHVHQWLGR'HWDO
PDQHUDTXHODOHYDGXUD&2XQDGHODVPD\RUHVSURGXFWRUDVGHSURSDQROHVODTXHPiV+6
SURGXFHHQPHGLR%L**<YHUDSDUWDGRGHOFDStWXOR,,GHOPLVPRPRGR(;HVOD
PHQRUSURGXFWRUDGHSURSDQRO\+6
$QDOL]DQGRSRUVHSDUDGRORVUHVXOWDGRVREWHQLGRVHQORVYLQRVEODQFRV9/\9/\
WLQWRV9/9/\9/HODERUDGRVREVHUYDPRVORVVLJXLHQWHVKHFKRV7DEOD
(Q ORV YLQRV EODQFRV OD SURGXFFLyQ PHGLD GH DFHWDWR GH HWLOR HV PD\RU \ OD GH
SURSDQROLVREXWDQROHLVRDPtOLFRVPHQRUTXHHQWLQWRV7RGDVODVOHYDGXUDV\ORVYLQRVFRQWURO
WHQtDQFRQFHQWUDFLRQHVPD\RUHVGHDFHWDWRGHHWLORHQYLQRVEODQFRV'HOPLVPRPRGRWRGDV
SUHVHQWDEDQ YDORUHV LQIHULRUHV GH SURSDQRO \ DOFRKROHV LVRDPtOLFRV 6LQ HPEDUJR OD
SURGXFFLyQ GHLVREXWDQROHVYDULDEOHGHIRUPDTXHDOJXQDVOHYDGXUDVKDQSURGXFLGRPD\RU
FDQWLGDG GH LVREXWDQRO HQ YLQRV EODQFRV (; (; (; HWF \ RWUDV HQ WLQWRV(;
(;&2HWF
(QYLQRVEODQFRVVREUHVDOHQSRUVXSURGXFFLyQDOWDGHDFHWDWRGHHWLOR(;(;
(;\(;HQWUH\PJOSHURVLQOOHJDUDOHOHYDGRYDORUGHOYLQRFRQWURO

PJO $ VX YH] (; (; (; MXQWR FRQ &2 VREUHVDOHQ SRU VX DOWD SURGXFFLyQ GH
LVREXWDQROHQWUH\PJOOHYDGXUDVTXHUHFRUGHPRVIXHURQGHODVPHMRUHYDOXDGDV

HQHODQiOLVLVVHQVRULDO
&RPR KHPRV PHQFLRQDGR ODV YLQLILFDFLRQHV 9/ \ 9/ SUHVHQWDURQ SUREOHPDV GH
IHUPHQWDFLyQSRUORTXHVHWXYLHURQTXHDxDGLUDFWLYDGRUHVGHIHUPHQWDFLyQGHPDQHUDTXHORV
UHVXOWDGRVREWHQLGRVGHEHQHVWDUDIHFWDGRVSRUHVWHIDFWRUHQFLHUWDPHGLGD1RREVWDQWHVHJ~Q
GLYHUVRV DXWRUHV OD DGLFLyQ GH IXHQWHV GH QLWUyJHQR IiFLOPHQWH DVLPLODEOH DO PRVWR VXHOH

-RVp$5HJRGyQ0DWHRV
SURYRFDUXQDEDMDGDHQODIRUPDFLyQGHDOFRKROHV VXSHULRUHV(QQXHVWURFDVRSDUHFHKDEHU
RFXUULGR OR FRQWUDULR SXHV ODV YLQLILFDFLRQHV 9/ \ 9/ VH FDUDFWHUL]DQ SRU WHQHU PD\RU
FRQWHQLGRGHDOFRKROHVVXSHULRUHVTXH9/SDUDWRGDVODVFHSDVGHOHYDGXUDHLQFOXVRDXQTXH
HVPHQRVHYLGHQWHSDUDHOYLQR FRQWURO
7DEOD0HGLDVGHORVUHVXOWDGRVREWHQLGRVHQORVYLQRVEODQFRV\WLQWRV
&HSD
$FHWDWRGHHWLOR
3URSDQRO
,VREXWDQRO
,VRDPtOLFRV
$OFRKROHVVXSHULRUHV
%ODQFRV
7LQWRV
%ODQFRV
7LQWRV
%ODQFRV
7LQWRV
%ODQFRV
7LQWRV
%ODQFRV
7LQWRV
(;

(;

(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2

&RQWURO

0HGLD

5HVXOWDOyJLFRTXHFXDQGRVHDxDGHQLWUyJHQRIiFLOPHQWHDVLPLODEOHDORVPRVWRVHQHO
FRPLHQ]RGHODIHUPHQWDFLyQODVOHYDGXUDVUHGX]FDQVXSURGXFFLyQGHDOFRKROHVVXSHULRUHV
HQHVSHFLDOGHDTXHOORVTXHSURFHGHQGLUHFWDPHQWHGHODGHVDPLQDFLyQGHDPLQRiFLGRV\DTXH
GLVSRQHQGHRWUDVIRUPDVGH QLWUyJHQRQLWUyJHQRDPRQLDFDOSDUDVXPHWDEROLVPR*RQ]iOH]
\ %UDYR 6LQ HPEDUJR VL OD DGLFLyQ VH SURGXFH HQ HWDSDV SRVWHULRUHV HQ ODV TXH ODV
OHYDGXUDV\DKDEUiQFRQVWUXLGRVXVHVWUXFWXUDV\YDQDGLYLGLUVHSRFRHOFRQVXPRGHQLWUyJHQR

&DStWXOR,,,
YDDVHUPHQRUSHURDQWHVODOHYDGXUDKDEUiDJRWDGRWRGRVORVDPLQRiFLGRV\HQFRQVHFXHQFLD
VH KDEUi IRU]DGR OD SURGXFFLyQ GH DOFRKROHV VXSHULRUHV (VWD VLWXDFLyQ VH SXHGH KDEHU
SURGXFLGRHQODVYLQLILFDFLRQHV9/\9/3RUHVWHPRWLYRVHUHFRPLHQGDDxDGLUOD IXHQWH
GHQLWUyJHQRHQYDULDVHWDSDVODPD\RUtDDOFRPLHQ]RGHODIHUPHQWDFLyQ\HOUHVWRHQXQDR
GRVHWDSDVSRVWHULRUHVHQODVTXHVHREVHUYHQVHxDOHVGHUDOHQWL]DFLyQGHOSURFHVR)XOJHQVDQJ
\ 0XOOHU 'H HVWD PDQHUD OD OHYDGXUD XWLOL]D SULPHUR ORV DPLQRiFLGRV QDWXUDOPHQWH
SUHVHQWHVHQHOPRVWR\GHVSXpVHOQLWUyJHQRDxDGLGRFRQSRVWHULRULGDG7ULROLHWDO
/RV UHVXOWDGRV VH SUHVHQWDQ HQ OD 7DEOD 6H REVHUYD TXH HQ HVWD YLQLILFDFLyQ OD
SURGXFFLyQ GH DFHWDWRGHHWLOR HV PX\ YDULDEOH \ HOHYDGDPHGLD PJO'HVWDFyHQ
HVWH VHQWLGR HO YLQR FRQWURO PJO VX FRQFHQWUDFLyQ IXH GHWHFWDEOH VLQ QHFHVLGDG GH
DQDOtWLFDDOJXQDVLHQGRHVWHHOSULQFLSDOPRWLYRSRUHOTXHHVWHYLQRREWXYRODSHRUSXQWXDFLyQ
\ IXH UHFKD]DGR SRU HO SDQHO GH H[SHUWRV GH DFHSWDFLyQ (O YLQR GH (; IXH HO
VHJXQGR HQ FXDQWR D SURGXFFLyQ GH DFHWDWR PJO FDQWLGDG DSUHFLDEOH TXH VLQ
HPEDUJRQROHSHUMXGLFyH[FHVLYDPHQWHSXHV IXHHOYLQRPHMRUHYDOXDGR(OYLQRFRQPHQRU
FDQWLGDGIXHHOGH(;PJOHOVHJXQGRSHRUFRQVLGHUDGRHQODFDWD

FRUUHVSRQGLHQWHVDODYLQLILFDFLyQ9%
&HSD
(;
$FHWDWR
3URSDQRO
,VREXWDQRO

GHHWLOR
(;

(;

(;
(;
&RQWURO
0HGLD

$OFRKROHV
$OFRKROHV
$FHSWDFLyQ

LVRDPtOLFRV

6XSHULRUHV

/DSURGXFFLyQGHDOFRKROHVVXSHULRUHV VXSHUyHQWRGRVORVFDVRVVDOYRHQHOYLQRGH
(; PJO ORV PJO /RV YDORUHV H[WUHPRV GH SURSDQRO IXHURQ ORV GHO YLQR

-RVp$5HJRGyQ0DWHRV
FRQWURO PJO \ (; PJO /D SURGXFFLyQ GH LVREXWDQRO IXH DOJR PiV
KRPRJpQHD TXH OD GH SURSDQRO FRQ XQD PHGLD GH PJO VLHQGR HO YLQR FRQ PD\RU
FRQFHQWUDFLyQHOGH(;PJO\HOGHPHQRUHOFRQWUROPJO/DFRQFHQWUDFLyQ
PD\RUGHDOFRKROHVLVRDPtOLFRV IXHODGHOYLQRGH(;PJO\ODPHQRUODGH(;

PJO
&RPRHQHOFDVRDQWHULRUODSURGXFFLyQGHDFHWDWRGHHWLOR IXHHOHYDGD7DEOD
VXSHUDQGRFRQVLGHUDEOHPHQWHODPHGLDREWHQLGDHQ9%PJODXQTXHHQHVWHFDVROD

GLVSHUVLyQIXHPHQRUFRQYDORUHVH[WUHPRVGHPJO\PJO(QHOPRPHQWRHQHO
TXH ORV YLQRV IXHURQ FDWDGRV VyOR HO YLQR FRQWURO GHVWDFDED SRU ORV DURPDV GHVDJUDGDEOHV
UHODFLRQDGRVFRQHVWHFRPSXHVWRUD]yQSRUODTXHORVYLQRVIXHURQPHMRUHYDOXDGRVTXHHQOD
YLQLILFDFLyQDQWHULRU(OYLQRFRQPHQRUFRQFHQWUDFLyQGHDFHWDWRGHHWLOR(;PJO
IXHHOPHMRUHYDOXDGR\HOSHRUHYDOXDGRIXHHOYLQRFRQWUROPJOYLQRTXHWHQtDXQD
FRQFHQWUDFLyQVHQVLEOHPHQWHLQIHULRUDOGH(;PJOTXHIXHHOYDORUPiVHOHYDGR
(VWRTXLHUHGHFLUTXHHQHVWDYLQLILFDFLyQQRFDEHDWULEXLUDHVWHFRPSXHVWRDOPHQRVSRUVL
VyORHOSULQFLSDOSDSHOHQODSXQWXDFLyQREWHQLGDSRUORVYLQRVHQHODQiOLVLVVHQVRULDO

&HSD
(;
(;
(;
(;
&RQWURO
0HGLD
$FHWDWR
3URSDQRO
,VREXWDQRO

GHHWLOR

$OFRKROHV
$OFRKROHV
$FHSWDFLyQ

LVRDPtOLFRV

6XSHULRUHV

/DSURGXFFLyQGHDOFRKROHVVXSHULRUHV QRIXHPX\GLVWLQWDGHOD\DREVHUYDGDHQOD
YLQLILFDFLyQDQWHULRUFRQXQDPHGLDGHPJO(;IXHODOHYDGXUDPiVSURGXFWRUDGH

&DStWXOR,,,
SURSDQRO PJO HQ WDQWR TXH (; OR IXH GH LVREXWDQRO PJO \ (; GH
DOFRKROHVLVRDPtOLFRV PJO/RVYLQRVPHMRUHYDOXDGRV(;\(;IXHURQDVX

YH]ORVTXHFRQWHQtDQYDORUHVPHQRUHV\SUiFWLFDPHQWHLJXDOHVGHDOFRKROHVLVRDPtOLFRV
\PJOUHVSHFWLYDPHQWH\YDORUHVPD\RUHV\VLPLODUHVGHSURSDQROPJO\
PJOUHVSHFWLYDPHQWHDXQTXHGLIHUtDQFRQVLGHUDEOHPHQWHHQODFRQFHQWUDFLyQGHDFHWDWRGH
HWLORPJO\PJOUHVSHFWLYDPHQWH
'HHVWRVYLQRV7DEODGHVWDFDODHOHYDGDFRQFHQWUDFLyQGHDOFRKROHVLVRDPtOLFRV
VLWXDFLyQ TXH \D VH KDEtD SURGXFLGR HQ RWUDV YLQLILFDFLRQHV HQ WLQWR GH ODERUDWRULR 9/ \
HVSHFLDOPHQWHHQ9/\9/SHURHQHVWHFDVRORVYDORUHVPHGLRVVRQD~QVXSHULRUHV

PJO6REUHVDOHODFRQFHQWUDFLyQGHOYLQRFRQWUROPJOYLQRTXHSUHVHQWyWDPELpQORV
Pi[LPRVYDORUHVGHLVREXWDQRO PJO\SURSDQRO PJODVXYH]IXHHOYLQRSHRU

FRQVLGHUDGRHQODFDWD

&HSD
(;
(;
(;
(;
&RQWURO
0HGLD
$FHWDWR
3URSDQRO
,VREXWDQRO

GHHWLOR

$OFRKROHV
$OFRKROHV
$FHSWDFLyQ

LVRDPtOLFRV
6XSHULRUHV

/DV FRQFHQWUDFLRQHV PHQRUHV GH DOFRKROHV VXSHULRUHV IXHURQ ODV GH (;
PJO FRQ PJO GH SURSDQRO PJO GH LVREXWDQRO \ PJO GH DOFRKROHV
LVRDPtOLFRV(OUHVWRGHYLQRVSUHVHQWDURQYDORUHVPX\VLPLODUHVHQWUHVt
/DSURGXFFLyQGHDFHWDWRGHHWLOR IXHUHODWLYDPHQWHEDMD\FDUHFLyGHUHOHYDQFLDHQOD
FDWD VLHQGR OD PD\RU FRQFHQWUDFLyQ OD GH (; PJO \ OD PHQRU OD GH (;

-RVp$5HJRGyQ0DWHRV
PJO
(QHVWDYLQLILFDFLyQSDUHFHTXHORVDOFRKROHVVXSHULRUHVVRQORVTXHPiVSRGUtDQKDEHU
LQIOXLGRHQORVUHVXOWDGRVVHQVRULDOHV\HVSHFLDOPHQWHORVLVRDPtOLFRVFRLQFLGLHQGRODPD\RU
FRQFHQWUDFLyQFRQHOYLQRSHRUHYDOXDGRHOFRQWURO\ODPHQRUFRQFHQWUDFLyQFRQHOVHJXQGR
YLQRPHMRUHYDOXDGR(;
&RPRVHKDGLFKRHQDQWHULRUHVRFDVLRQHVHVWDYLQLILFDFLyQVHUHDOL]yFRQHOPLVPR
PRVWR \ GH PDQHUD VLPLODU D 9/ VLHQGR OD ~QLFD YDULDQWH LQWURGXFLGD OD FDQWLGDG GH XYD
XWLOL]DGD/yJLFDPHQWHORVUHVXOWDGRVREWHQLGRVGHEHQVHUVLPLODUHVDOPHQRVHQORVPRVWRV
LQRFXODGRVSXHVHOYLQRFRQWUROSXHGHSUHVHQWDUXQDPD\RUYDULDELOLGDGFRPRFRUUHVSRQGHD
YLQRVFRQIHUPHQWDFLyQHVSRQWiQHD
/DSURGXFFLyQGHDOFRKROHVVXSHULRUHV IXHVXSHULRUDODGH9%FRQXQDPHGLDHQ
HVWHFDVRGHPJO(VWRVXSRQHODPD\RUFRQFHQWUDFLyQPHGLDGHWRGDVODVREWHQLGDVHQ
ODVYLQLILFDFLRQHVUHDOL]DGDVWDQWRHQODERUDWRULRFRPRHQERGHJD(OYLQRFRQPiVSURSDQRO
LVREXWDQRO H LVRDPtOLFRV IXH FRPR HQ 9% HO FRQWURO PJO PJO \ PJO
UHVSHFWLYDPHQWHYLQRTXHWDPELpQIXHDTXtHOSHRUHYDOXDGRGHDFHSWDFLyQ(OYLQR
GH(;GLILULyFRQVLGHUDEOHPHQWHGH(;\(;\VHDSUR[LPyPiVDOFRQWUROSHURIXH
EDVWDQWHPHMRUHYDOXDGRHQHODQiOLVLVVHQVRULDOGHDFHSWDFLyQ(;\(;GLHURQ
YDORUHVPX\SDUHFLGRVGHWRGRVORVDOFRKROHVVXSHULRUHVDOJRTXH\DKDEtDVXFHGLGRHQ9%
/D FRQFHQWUDFLyQ GH DFHWDWR GH HWLOR PiV HOHYDGD IXH OD GH (; PJO
VHJXLGD PX\ GH FHUFD SRU HO YLQR FRQWURO PJO /D FRQFHQWUDFLyQ PHQRU IXH OD GH
(;PJO/DFRQFHQWUDFLyQPHGLDIXHPD\RUTXHHQ9%PJO
(QHVWHFDVRHOIDFWRUTXHPiVKDSRGLGRLQIOXLUHQORVUHVXOWDGRVVHQVRULDOHVSXHGHVHU
ODFRQFHQWUDFLyQGHDFHWDWRGHHWLOR\ ODGHDOFRKROHVVXSHULRUHVHQFRQMXQWR<DTXHHOYLQR
PHMRU HYDOXDGR (; HV HO GH PHQRU FRQFHQWUDFLyQ HQ DFHWDWR \ DOFRKROHV VXSHULRUHV
0LHQWUDVTXHHOSHRUHYDOXDGRHOFRQWUROHVHOVHJXQGRHQFRQFHQWUDFLyQGHDFHWDWRDXQTXH
PX\SUy[LPRDOSULPHUR\HOGHPD\RUFRQFHQWUDFLyQGHDOFRKROHVVXSHULRUHV

&DStWXOR,,,

&HSD
(;
(;
(;
(;
&RQWURO
0HGLD
$FHWDWR
3URSDQRO
,VREXWDQRO

GHHWLOR

$OFRKROHV
$OFRKROHV
$FHSWDFLyQ

LVRDPtOLFRV

6XSHULRUHV

'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVHQERGHJD9%D9%
/D REVHUYDFLyQ JOREDO GH ORV UHVXOWDGRV REWHQLGRV HQ ERGHJD SDUD ODV OHYDGXUDV TXH
KDQ LQWHUYHQLGR HQ WRGDV ODV YLQLILFDFLRQHV (; (; (; \ ORV YLQRV FRQWURO QRV
SHUPLWHQFRUURERUDUDOJXQRVGHORVKHFKRV\DREVHUYDGRHQODERUDWRULR(QYLQRVEODQFRVOD
SURGXFFLyQGHDFHWDWRGHHWLOR HVFRQVLGHUDEOHPHQWHPD\RUPLHQWUDVTXHHQWLQWRVORHVODGH
DOFRKROHVVXSHULRUHV(VWRQRVKDFHVXSRQHUTXHODSUHVHQFLDGHODPDWHULDFRORUDQWHMXHJDXQ
LPSRUWDQWH SDSHO HQ OD SURGXFFLyQ GH HVWRV FRPSXHVWRV IDYRUHFLHQGR SRU XQ ODGR OD
SURGXFFLyQGHDOFRKROHVVXSHULRUHVHLQKLELHQGRSRURWURODGHDFHWDWRGHHWLOR1RREVWDQWH
HVWHKHFKRSXHGHHVWDUDVRFLDGRDORVGLIHUHQWHVPpWRGRVGHHODERUDFLyQ\DTXHODPDFHUDFLyQ
UHDOL]DGDHQORVYLQRVWLQWRVLQIOXLUiHQODFRPSRVLFLyQTXtPLFDGHOPRVWR\HQODGLVWULEXFLyQ
GH OD IORUD HVSRQWiQHD OHYDGXULIRUPH IORUD TXH HQ DOJXQRV FDVRV YD D VHU UHVSRQVDEOH GH OD
SURGXFFLyQ GH HVWRV FRPSXHVWRV (Q ODV YLQLILFDFLRQHV FRQWURO \ SUREDEOHPHQWH HQ ODV
YLQLILFDFLRQHV HQ WLQWR KD\ XQ PD\RU GHVDUUROOR GH OHYDGXUDV QR SHUWHQHFLHQWHV DO JpQHUR
6DFFKDURP\FHVDOJXQDVGHODVFXDOHVVRQDOWDPHQWHSURGXFWRUDVGHDFHWDWRGHHWLORHQWUHHVWDV
HVWiQ 3LFKLD +DQVHQXOD &DQGLGD 'HEDU\RP\FHV 6DOYDGRUHV HW DO E $GHPiV OD
SURGXFFLyQ GH pVWHUHV FRPR HO DFHWDWR GH HWLOR SRU ODV OHYDGXUDV HV PD\RU D EDMDV
WHPSHUDWXUDV3LUDFFL*DUFtDHWDO\FXDQGRHOPRVWRHVWiPiVOLPSLR3LUDFFL
(QFDPELRODSURGXFFLyQGHDOFRKROHVVXSHULRUHVSDUHFHVHUPHQRUFXDQGRHOPRVWR
WLHQHSRFDVSDUWtFXODVHQVXVSHQVLyQGXUDQWHODIHUPHQWDFLyQ.OLQJVKLUQHWDO$PEDV

-RVp$5HJRGyQ0DWHRV
VLWXDFLRQHVEDMDVWHPSHUDWXUDV\PRVWRPX\OLPSLRVHGDQWtSLFDPHQWHHQODIHUPHQWDFLyQGH
ORVPRVWRVEODQFRV0RUHQRHWDO REVHUYDQTXHPD\RUWHPSHUDWXUDGHIHUPHQWDFLyQVH

FRUUHVSRQGH FRQ PD\RU SURGXFFLyQ GH DOFRKROHV VXSHULRUHV DXQTXH QR HQFXHQWUDQ
GHSHQGHQFLD VLJQLILFDWLYD HQWUH OD SURGXFFLyQ GH DFHWDWR GH HWLOR \ OD WHPSHUDWXUD GH
IHUPHQWDFLyQ/DIHUPHQWDFLyQ9%VHUHDOL]yDXQDWHPSHUDWXUDYDULDEOHHQWUH&\&
HQ WDQWR TXH 9% WXYR XQ PD\RU FRQWURO GH WHPSHUDWXUD YDULDQGR HQWUH & \ & HVWH
SXHGHVHUXQRGHORVPRWLYRVDOPDUJHQGHRWURVUHODFLRQDGRVFRQODFRPSRVLFLyQGHOPRVWR
SRUORVTXH9%SUHVHQWyYDORUHVPHGLRVLQIHULRUHVGHDFHWDWRGHHWLOR&XDQGRHOPRVWRHVWi
VXFLR ORV pVWHUHV SXHGHQ VHU DEVRUELGRV SRU ODV VXVWDQFLDV VyOLGDV OLSyILODV HQ VXVSHQVLyQ
*yPH]HWDO\HVWRRULJLQDPHQRUSUHVHQFLDGHHVWRVFRPSXHVWRVHQORVYLQRV
(ODFHWDWRGHHWLORDFRQFHQWUDFLRQHVUHODWLYDPHQWHHOHYDGDVQRGHVFDOLILFDSRUVtVRORD
ORVYLQRVHODERUDGRVSXHVWRTXHFRQFHQWUDFLRQHVHQYLQRVUDPDVXSXHVWDPHQWHGHVDJUDGDEOHV
PD\RUHV GH PJO QR SURYRFDQ HO UHFKD]R GH ORV YLQRV SURGXFLGRV HQ WRGRV ORV FDVRV
6yORXQRGHORVYLQRVFRQWUROTXHVREUHSDVyORVPJO9%IXHFODUDPHQWHUHFKD]DGR
SRUHVWHPRWLYR'HEHKDEHUDOJ~QPHFDQLVPRPHGLDQWHHOFXDOHODFHWDWRGHHWLORVHFRPELQH
FRQRWURVFRPSXHVWRVGXUDQWHHOSHUtRGRHQTXHORVYLQRVUDPDVHPDQWXYLHURQFRQVHUYDGRVHQ
IUtRKDVWDVHUFDWDGRVDGtDV\DTXHHQQXHVWURVYLQRVQRFDEHODSRVLELOLGDGGHTXH
HVWH FRPSXHVWR VH KD\D YRODWLOL]DGR SXHV IXHURQ WDSRQDGRV \ DOPDFHQDGRV D &
LQPHGLDWDPHQWHGHVSXpVGHVHUWUDVHJDGRV\DQDOL]DGRV
7DEOD5HVXOWDGRVPHGLRVREWHQLGRVHQODVYLQLILFDFLRQHVHQERGHJD9%D9%
&HSD
$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO
$OFRKROHV
$OFRKROHV
$FHSWDFLyQD
LVRDPtOLFRV
6XSHULRUHV
(;

(;

(;
&RQWURO
0HGLD


/D SURGXFFLyQ GH LVREXWDQRO VL ELHQ KD VLGR PiV HOHYDGD TXH HQ ODERUDWRULR 7DEOD

&DStWXOR,,,
HVSHFLDOPHQWH HQ ORV YLQRV WLQWRV 9% \ 9% VLJXH VLHQGREDMDPHGLD PJO
FRQ UHVSHFWR D ORV YDORUHV PHGLRV UHFRJLGRV HQ OD ELEOLRJUDItD PJO SDUD YLQRV WLQWRV
VLWXiQGRVHHQODSDUWHEDMDGHOLQWHUYDORDPJOVHxDODGRSRU*yPH]HWDO /D
SURGXFFLyQGHSURSDQRO HQERGHJDKDVLGRSUiFWLFDPHQWHODPLVPDSDUDWRGDVODVOHYDGXUDV\
HO FRQWURO DGHPiV HVWDV FRQFHQWUDFLRQHV PHGLD PJO VRQ EDMDV FRPSDUDGDV FRQ ODV
UHIHULGDVHQODELEOLRJUDItDPJOHQEODQFRV\PJOHQWLQWRV(WLpYDQW
&RPR HV VDELGR ORV DURPDV R FRPSRQHQWHV YROiWLOHV FRQVWLWX\HQ XQD IUDFFLyQ PX\
LPSRUWDQWH HQ HO VDERU GHO YLQR &DGD FRPSXHVWR WLHQH VX YDORU RUJDQROpSWLFR \ HO DURPD
GHULYDGRGHFDGDFRPSRQHQWHVHFRPSOHWDVHDFHQW~DVHFRQWUDSRQHRQHXWUDOL]DGHWDOIRUPD
TXH ODV FDUDFWHUtVWLFDV RUJDQROpSWLFDV GH XQ YLQR SXHGHQ FRQVLGHUDUVH FRPR XQD HVSHFLH GH
VXPDDOJHEUDLFDGHDURPDV\VDERUHVPX\QXPHURVRV\PX\GLVWLQWRV3LUDFFL(VWDV

OyJLFDVFRQVLGHUDFLRQHVVREUHHOVDERU\DURPDGHXQYLQRSXHGHQDSOLFDUVHHQVXWRWDOLGDGD
ODVYLQLILFDFLRQHVUHDOL]DGDVSRUQRVRWURVUHVXOWDQGRPX\GLItFLOFXDQGRQRLPSRVLEOHDWULEXLU
DXQ~QLFRFRPSXHVWRODVEXHQDVRPDODVFDUDFWHUtVWLFDVRUJDQROpSWLFDVGHOYLQRSURGXFLGR
/DVHOHYDGDVFRQFHQWUDFLRQHVGHDFHWDWRGHHWLORVHFRQVLGHUDQQHJDWLYDV!PJO
DOLJXDOSHURHQPHQRUPHGLGDTXHODVGHDOFRKROHVVXSHULRUHV!PJO(QQXHVWURV

H[SHULPHQWRVQRKDQVLGRUDURVORVFDVRVHQORVTXHXQDOHYDGXUDFRPRFRQVHFXHQFLDGHVX
PHWDEROLVPR KD SURGXFLGR HOHYDGtVLPDV FRQFHQWUDFLRQHV GH DFHWDWR GH HWLOR OR FXDO HQ
DOJXQRVFDVRVKDQVHUYLGRSDUDGHVFDOLILFDUHOYLQRSURGXFLGRFRQWUROGH9/9%\9%
(;GH9%DXQTXHHQRWURVFDVRVQRKDVLGRDVt(;GH9%(;GH9%(VWRV

YDORUHV HOHYDGRV QR VRQ H[FHVLYDPHQWH H[WUDxRV RWURV DXWRUHV 0RUHQR HW DO KDQ
GHVFULWRYDORUHVPX\HOHYDGRVGHDFHWDWRGHHWLORKDVWDPJOHQPRVWRGHODYDULHGDG
3HGUR-LPpQH]IHUPHQWDGDD&
7DPERUUDHWDO DILUPDQTXHODPD\RUtDGHODSURGXFFLyQGHDFHWDWRGHSHQGHGHO
VXVWUDWR GH IHUPHQWDFLyQ \ HQ PHQRU PHGLGD GH OD FHSD GH OHYDGXUD \ TXH D PD\RU
SURGXFFLyQGHDFLGH]YROiWLOPD\RUFDQWLGDGGHDFHWDWRQRROYLGHPRVTXHHODFHWDWR GHHWLOR

HV XQ pVWHU IRUPDGR SRU OD UHDFFLyQ HQWUH HO iFLGR DFpWLFR \ HO HWDQRO 1XHVWURV UHVXOWDGRV
YLHQHQ D DSR\DU DPEDV REVHUYDFLRQHV HQ HVSHFLDO OD SULPHUD (V SDOSDEOH TXH FDGD
YLQLILFDFLyQUHDOL]DGDKDSUHVHQWDGRXQRVYDORUHVPHGLRVPX\GLIHUHQWHV GHDFHWDWRGHHWLOR

-RVp$5HJRGyQ0DWHRV
GLIHUHQFLDVTXHHQVXPD\RUtDVHSXHGHQDWULEXLUDODFRPSRVLFLyQGHOPRVWRXWLOL]DGR\DODV
GLVWLQWDVFRQGLFLRQHVGHYLQLILFDFLyQSHURQRSRGHPRVREYLDUTXHHQXQDPLVPDYLQLILFDFLyQ
H[LVWHQ GLIHUHQFLDV LPSRUWDQWHV GH SURGXFFLyQ HQWUH ODV GHWHUPLQDGDV FHSDV VHOHFFLRQDGDV
HQWUHVt\FRQHOYLQRFRQWURO3RUHMHPSORHQ9/&2SURGXFHPJOPLHQWUDVTXHHO
YLQRFRQWUROWLHQHPJOHQ9/(;SURGXFHPJO\(;PJOHQ9%
(;SURGXFHPJO\(; PJO
6LDQDOL]DPRVODSURGXFFLyQGHDFHWDWRGHHWLORSRUFDGDOHYDGXUDSRGHPRVFRQFOXLU
TXHHVPX\YDULDEOH(;HVODPi[LPDSURGXFWRUDHQ9/ODVOHYDGXUDVGHOFRQWUROHQ9/
\9%(;HQ9/&2HQ9/(;HQ9/(;HQ9/\9%\(;HQ 9%\
9%(;HVODPtQLPDSURGXFWRUDHQ9/&2HQ9/(;HQ9/(;HQ9/
(;HQ9/(;HQ9/(;HQ9%(;HQ9%(;HQ9%\(;HQ9%
(VWR LQGLFD TXH OD LQIOXHQFLD GHO PHGLR \ ODV FRQGLFLRQHV GH FDGD IHUPHQWDFLyQ VRQ PiV
LPSRUWDQWHTXHODSURSLDFHSDGHOHYDGXUDLQRFXODGDHQODSURGXFFLyQGHDFHWDWRGHHWLOR$
SHVDUGHHVWRYDOHODSHQDUHVHxDUTXHHOYLQRFRQWUROSUHVHQWyHOYDORUPHGLRPiVHOHYDGR
VLHQGRHOYLQRFRQPiVDFHWDWRHQIHUPHQWDFLRQHV9/\9%
/DFRQFHQWUDFLyQGHDFHWDWRGHHWLORSDUHFHWHQHUXQDFLHUWDUHODFLyQFRQODGHDFLGH]
YROiWLO DO PHQRV HVWR HV OR TXH VH SXHGH GHGXFLU GH QXHVWURV UHVXOWDGRV D SHVDU GH TXH OD
FRUUHODFLyQ JOREDO TXH KHPRV HQFRQWUDGR HQWUH DPERV SDUiPHWURV FDUHFH GH LPSRUWDQFLD
3RURWUDSDUWHH[LVWHPD\RUFRUUHODFLyQJOREDOHQWUHHODFHWDOGHKLGR\ODDFLGH]YROiWLO
(Q HVWD OtQHD ORV YLQRV FRQWURO SUHVHQWDURQ ODV PD\RUHV FRQFHQWUDFLRQHV PHGLDV GH
DFLGH] YROiWLO \ DFHWDWR GH HWLOR 1R RFXUUH OR PLVPR HQ JHQHUDO FRQ ODV OHYDGXUDV SRFR
SURGXFWRUDVGHDFLGH]YROiWLO(;(;&2\ODVGHDFHWDWRGHHWLOR&2(;(;
(;/DPD\RUSURGXFFLyQGHDFLGH]YROiWLO\DFHWDWRGHHWLORUHVSHFWLYDPHQWHIXHHQ9/
SDUD(;\(;HQ9/SDUDHOFRQWURO\(;HQ9/SDUDHOFRQWURO\&2HQ9%
(;HQDPERVFRPSXHVWRV\ILQDOPHQWHHQ9%9%\9%HOFRQWUROHQDPERVFDVRV
/DFRQFHQWUDFLyQGHDOFRKROHVVXSHULRUHVDSHVDUGHVHUHOHYDGDVHQDOJXQRVFDVRVQR
VHSXHGHQFRQVLGHUDUH[FHVLYDV/DVPD\RUHVFRQFHQWUDFLRQHVVHKDQREVHUYDGRHQORVYLQRV
WLQWRV\GHQWURGHHVWRVHQODYLQLILFDFLyQ9%3DUHFHH[LVWLUXQDLPSRUWDQWHLQIOXHQFLDGHOD
FRPSRVLFLyQ GHO PRVWR HQ OD SURGXFFLyQ GH HVWRV DOFRKROHV SHUR GHQWUR GH XQD PLVPD
YLQLILFDFLyQ FRPR RFXUUtD FRQ HO DFHWDWR GH HWLOR KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH XQDV
FHSDV \ RWUDV 5HVXOWD SDUWLFXODUPHQWH HYLGHQWH ODV HOHYDGDV SURGXFFLRQHV GH &2 PX\

&DStWXOR,,,
HVSHFLDOPHQWHGHLVREXWDQROHLVRDPtOLFRVORTXHHVWiGHDFXHUGRFRQODVHVSHFLILFDFLRQHVGHO
IDEULFDQWH
7DEOD5HVXOWDGRVPHGLRVREWHQLGRVHQWRGDVODVYLQLILFDFLRQHV9/D9%
&HSD
$FHWDOGHKLGR
(;

(;

(;
&RQWURO
0HGLD

$FHWDWR
GHHWLOR
3URSDQRO
,VREXWDQRO

$OFRKROHV
LVRDPtOLFRV
$OFRKROHV
6XSHULRUHV
$FHSWDFLyQD

(Q OD 7DEOD VH SUHVHQWDQ ORV YDORUHV PHGLRV GH DFHWDOGHKLGR DFHWDWRGHHWLOR\
DOFRKROHVVXSHULRUHVGHORVYLQRVFRQWURO\GHORVHODERUDGRVFRQDTXHOODVOHYDGXUDVTXHKDQ
SDUWLFLSDGRHQWRGDVODVYLQLILFDFLRQHV(;(;\(;6HSXHGHFRQVLGHUDUTXH(;
\ (; SURGXFHQ FRQFHQWUDFLRQHV VLPLODUHV GH WRGRV HVWRV FRPSXHVWRV (; SURGXFH
PD\RUHVFDQWLGDGHVGHDFHWDWRGHHWLOR\ILQDOPHQWHORVYLQRVFRQWUROSUHVHQWDQODVPD\RUHV
FRQFHQWUDFLRQHV PHGLDV GH DFHWDOGHKLGR DFHWDWR GH HWLOR \ GH DOFRKROHV LVRDPtOLFRV (VWR
FRLQFLGHSDUFLDOPHQWHFRQORREVHUYDGRSRU6DOYDGRUHVHWDO TXLHQHVLQGLFDQTXHORV

YLQRVSURFHGHQWHVGHPRVWRVLQRFXODGRVSUHVHQWDQSRUORJHQHUDOYDORUHVVLPLODUHV\XQLIRUPHV
GH FRPSXHVWRV YROiWLOHV GLIHUHQFLiQGRVH GHO FRQWURO HQ TXH SUHVHQWD YDORUHV VXSHULRUHV GH
DFHWDOGHKLGR\DFHWDWRGHHWLORDXQTXHPHQRUHVGHDOFRKROHVLVRDPtOLFRV
*LO HW DO HQFXHQWUDQ TXH ORV PRVWRV HVWpULOHV LQRFXODGRV FRQ 6 FHUHYLVLDH R
ED\DQXV HQDVRFLDFLyQFRQOHYDGXUDVDSLFXODGDVFRPR.ORHFNHUDR+DQVHQLDVSRUDSURGXFHQ
YLQRVFRQPD\RUHVFDQWLGDGHVGHDOFRKROHVVXSHULRUHVTXHORVLQRFXODGRV~QLFDPHQWHFRQOD
FHSDGH6ED\DQXV 7R6FHUHYLVLDH $(VWDVLWXDFLyQSRGUtDVHUVHPHMDQWHDODTXHVHGD
HQORVYLQRVFRQWUROORVFXDOHVSUHVHQWDQYDORUHVPHGLRVPD\RUHVGHDOFRKROHVVXSHULRUHVTXH
ORVYLQRVLQRFXODGRVHQORVTXHODLQIOXHQFLDGHODIORUDVLOYHVWUHVHVXSRQHPHQRU

-RVp$5HJRGyQ0DWHRV
7DEOD$QiOLVLVHVWDGtVWLFRGHODFRQFHQWUDFLyQPJOGHORVYROiWLOHVPD\RULWDULRVGH

GLYHUVRVYLQRVHODERUDGRVSRUIHUPHQWDFLyQHVSRQWiQHDRGLULJLGDFRQ(;
(VWDGtVWLFD
$FHWDOGHKLGR
$FHWDWRGHHWLOR
3URSDQRO
,VREXWDQRO
,VRDPtOLFRV
(;
&D
(;
&
(;
&
(;
&
(;
&
0tQLPR

0i[LPR

0HGLD

6'E

&9F

& YLQRVHODERUDGRVSRUIHUPHQWDFLyQHVSRQWiQHDFRQWURO

6' GHVYLDFLyQHVWiQGDU
&9 FRHILFLHQWHGHYDULDFLyQ
(QFXDOTXLHUFDVRORVGDWRVUHFRJLGRVHQODELEOLRJUDItDTXHFRPSDUDQODSURGXFFLyQ
GHYROiWLOHVPD\RULWDULRVHQWUHYLQLILFDFLRQHVHVSRQWiQHDVHLQRFXODGDVFRQOHYDGXUDVVRQPX\
YDULDEOHVSXHVFRPRHVOyJLFRGHSHQGHQHQJUDQPHGLGDGHODVFHSDVGHOHYDGXUDVXWLOL]DGDV
UHVXOWDQGR PX\ GLItFLO JHQHUDOL]DU 1R REVWDQWH FXDQGR ORV YLQRV VRQ HODERUDGRV FRQ
GHWHUPLQDGDV FHSDV GH OHYDGXUDV ORV UHVXOWDGRV REWHQLGRV VXHOHQ VHU KRPRJpQHRV $Vt VL
H[DPLQDPRV ORV GDWRV PRVWUDGRV HQ HVWH HVWXGLR YHPRV TXH ODV OHYDGXUDV (; (; \
(;SURGXFHQKDELWXDOPHQWHEDVWDQWHPHQRVDOFRKROHVVXSHULRUHVTXHORVYLQRVFRQWUROHQ
WDQWRTXH(;R&2SURGXFHQPiV3RUOR WDQWRTXHGDFODURTXHHOXVRGHXQDGHWHUPLQDGD
OHYDGXUD VHOHFFLRQDGD YD D DVHJXUDU XQRV GHWHUPLQDGRV QLYHOHV GH YROiWLOHV PD\RULWDULRV
DXQTXH HVWRV QLYHOHV VH YHDQ DIHFWDGRV SRU OD FRPSRVLFLyQ GHO PRVWR \ RWUDV FRQGLFLRQHV
IHUPHQWDWLYDV3RUHOFRQWUDULRXQDIHUPHQWDFLyQHVSRQWiQHDVHUiVLHPSUHPiVLPSUHYLVLEOH
(VWDVDILUPDFLRQHVVHFRUURERUDQWDPELpQFRQRWURVHVWXGLRVUHDOL]DGRVSRUQXHVWURHTXLSRFRQ
GLYHUVRVWLSRVGHPRVWRVIHUPHQWDGRVSRUXQODGRFRQODIORUDVLOYHVWUHHVSRQWiQHD\SRURWUR
ODGR FRQODOHYDGXUD(;0DUtQHWDO/RVUHVXOWDGRVVHUHVXPHQHQOD7DEOD

/RVYLQRVFRQWUROSUHVHQWDURQYDORUHVPX\YDULDEOHVGHDFHWDWRGHHWLOR\DOFRKROHVVXSHULRUHV
GHSHQGLHQGR VREUH WRGR GHO WLSR GH PRVWR PLHQWUDV TXH ORV YLQRV GH (; SUHVHQWDURQ
YDORUHVPiVKRPRJpQHRV(OYDORUPHGLRGHORVDOFRKROHVLVRDPtOLFRVIXHPHQRUTXHHQORV

&DStWXOR,,,
YLQRVFRQWURO\HOGHOUHVWRGHFRPSXHVWRVVXSHULRU6yORODFRQFHQWUDFLyQGHDFHWDOGHKLGRGH
ORVYLQRVGH(;SUHVHQWyPD\RUGLVSHUVLyQTXHODGHORVYLQRFRQWUROVLELHQHOFRHILFLHQWH
GHYDULDFLyQIXHPX\VLPLODU/DFRQFHQWUDFLyQGHLVREXWDQROIXHPX\GLIHUHQWHHQORVYLQRV
FRQWURO GH WDO IRUPD TXH OD GHVYLDFLyQ HVWiQGDU IXH PXFKR PD\RU TXH OD GH ORV YLQRV
HODERUDGRV FRQ (; OR TXH UHVXOWD D~Q PiV HYLGHQWH VL REVHUYDPRV ORV FRHILFLHQWHV GH
YDULDFLyQGH(;IUHQWHDGHOFRQWURO
/RVDPLQRiFLGRV\VXVGHULYDGRVDPtQLFRVWLHQHQSRUVtVRORVRSRUTXHVRQSUHFXUVRUHV
GHFRPSXHVWRVFRPRORVDOFRKROHVVXSHULRUHV\HOFDUEDPDWRGHHWLORXQDJUDQLPSRUWDQFLDHQ
ODFRPSRVLFLyQGHORVYLQRV
/DVFRQFHQWUDFLRQHVGHHVWRVFRPSXHVWRVIXHURQHVWXGLDGDVHQWRGDVODVYLQLILFDFLRQHV
GHERGHJD9%D9%\HQDTXHOODVGHODERUDWRULRTXHQRIXHURQDGLFLRQDGDVFRQQLQJ~Q

FRPSXHVWRVXVFHSWLEOHGHDSRUWDUDPLQRiFLGRV9/9/9/6HLQFOX\yHQHVWHHVWXGLR
ODVYLQLILFDFLRQHVUHDOL]DGDVFRQODVWUHVOHYDGXUDVDXWyFWRQDVQRVHOHFFLRQDGDV(;(;
\ (; SRU ORV PRWLYRV \D LQGLFDGRV HQ HODSDUWDGRGHHVWHFDStWXOR/RVUHVXOWDGRV

REWHQLGRV HQ FDGD YLQLILFDFLyQ VH PXHVWUDQ HQ ORV VLJXLHQWHV DSDUWDGRV (Q WRGRV ORV FDVRV
VDOYRHQODYLQLILFDFLyQ9/PRVWR3DUHOODGDHVWpULOIXHURQPHGLGDVODVFRQFHQWUDFLRQHVGH
HVWRVFRPSXHVWRVHQORVPRVWRVGHSDUWLGD
/D 7DEOD PXHVWUD ORV UHVXOWDGRV GHO DQiOLVLV GH ORV YLQRV RUGHQiQGRVH ORV
FRPSXHVWRVSRURUGHQGHHOXFLyQ/DVFDQWLGDGHVPiVHOHYDGDVGHFRPSXHVWRVQLWURJHQDGRV
DSDUHFLHURQ HQ HO YLQR GH (; PJO HO UHVWR GH YLQRV SUHVHQWDEDQ FDQWLGDGHV TXH
RVFLODEDQHQWUHORVPJOGH(;\ORVPJOGH(;
&DVLWRGRVORVFRPSXHVWRVVHHQFRQWUDEDQHQSURSRUFLRQHVGHVSUHFLDEOHVHQODPD\RUtD
GH ORV YLQRV (O FRPSXHVWR PiV DEXQGDQWH HQ WRGRV ORV YLQRV VDOYR HQ HO GH (; IXH OD
HWDQRODPLQDGHVWDFDQGRODFRQFHQWUDFLyQFRUUHVSRQGLHQWHDOGH(;PJO(QHOYLQR
GH(;HOFRPSXHVWRPiVDEXQGDQWHIXHHO*$%$ PJODVXYH]HVWHFRPSXHVWR
IXHXQRGHORVGHPD\RUFRQFHQWUDFLyQHQWRGRVORVYLQRVGHVWDFDQGRODVFRQFHQWUDFLRQHVHQ
ORV YLQRV GH (; PJO (; PJO (; PJO \ &2

-RVp$5HJRGyQ0DWHRV
PJO6HGDODFLUFXQVWDQFLDTXHWRGDVHVWDVOHYDGXUDVVDOYR&2VRQODV~QLFDVGHWRGDVODV
HQVD\DGDVTXHQRSHUWHQHFHQDODUD]DILVLROyJLFDFHUHYLVLDH
2WURV FRPSXHVWRV SUHVHQWHV HQ FDQWLGDGHV UHODWLYDPHQWH DSUHFLDEOHV IXHURQ DODQLQD
PJOHQ(;YDOLQD HQWRGRVORVYLQRV\ILQDOPHQWHDODQLQD DOUHGHGRUGHPJO

HQ(;(;(;(;(;\(;
/DV FRQFHQWUDFLRQHV GH OHXFLQD H LVROHXFLQD SUHFXUVRUHV GLUHFWRV GH ORV DOFRKROHV
LVRDPtOLFRVIXHURQSUiFWLFDPHQWHFHURHQWRGRVORVYLQRVORFXDOQRVSRGUtDLQGLFDUTXHKDQ
VLGRGHJUDGDGRVSDUDRULJLQDUHOFRUUHVSRQGLHQWHDOFRKROVXSHULRU
(QFRQMXQWRODVFDQWLGDGHVWRWDOHVGHFRPSXHVWRVQLWURJHQDGRVREVHUYDGDVVRQPX\
EDMDVUHVXOWDQGRHVSHFLDOPHQWHDVRPEURVDODDXVHQFLDGHSUROLQD HQWRGRVORVYLQRV\DTXH
FRPR HV VDELGR HVWH DPLQRiFLGR HV XQR GH ORV PiV DEXQGDQWHV HQ ORV PRVWRV \ QR HV
IiFLOPHQWHDVLPLODGRSRUODVOHYDGXUDV3RUHVWHPRWLYRVXFRQFHQWUDFLyQHQORVYLQRVVXHOH
VHU GH ODV PiV HOHYDGDV VXSRQLHQGR HQ PXFKRV FDVRV PiV GHO GH ORV DPLQRiFLGRV
WRWDOHV(VWDVEDMDVFRQFHQWUDFLRQHVGHFRPSXHVWRVQLWURJHQDGRVVRQDFKDFDEOHVFODUDPHQWHDO
WLSRGHPRVWRXWLOL]DGR3HQVDPRVTXHODSDVWHXUL]DFLyQGHOPRVWRQRGHEHKDEHUDIHFWDGRGH
IRUPD VLJQLILFDWLYD DO FRQWHQLGR HQ FRPSXHVWRV DPtQLFRV OLEUHV GHO PRVWR SXHV HQ DQiOLVLV
UHDOL]DGRV SRU QXHVWUR HTXLSR FRQ PRVWR 3DUGLQD SDVWHXUL]DGR \ VLQ SDVWHXUL]DU QR VH
REVHUYDQGLIHUHQFLDVVLJQLILFDWLYDVQLHQHOFRQWHQLGRWRWDOGHDPLQRiFLGRVQLHQHOSDUFLDOGH
FDGDFRPSXHVWR
3RU RWUD SDUWH ODV FRQFHQWUDFLRQHV GH DUJLQLQD HQ WRGRV ORV YLQRV IXHURQ
GHVSUHFLDEOHV(VWHDPLQRiFLGRHVQRUPDOPHQWHXQRGHORVPiVDEXQGDQWHVHQORVPRVWRV\D
VX YH] XQR GH ORV PiV IiFLOPHQWH DVLPLODGRV PRWLYR SRU HO TXHVXVFRQFHQWUDFLRQHVHQORV
YLQRVVRQPX\EDMDVFXDQGRHOPRVWRHVSREUHHQFRPSXHVWRVQLWURJHQDGRV/DHVFLVLyQGHOD
DUJLQLQD HQ ODV OHYDGXUDV GD OXJDU D RUQLWLQD \ XUHD FXDQGR OD XUHD VH IRUPD DO ILQDO GH OD
IHUPHQWDFLyQ HV H[FUHWDGD DO YLQR \ SXHGH GDU OXJDU D GHULYDGRV LQGHVHDEOHV FRPR HO
FDUEDPDWRGHHWLOR7ULROLHWDO/DFDQWLGDGGHXUHD HQWRGRVORVYLQRVIXHPX\EDMD
SHURHOPpWRGRGHDQiOLVLVXWLOL]DGRQRSHUPLWHPHGLUFRQSUHFLVLyQODFRQFHQWUDFLyQSRUHVWH
PRWLYRQRVHPXHVWUDVXFRQFHQWUDFLyQHQOD7DEOD
)LQDOPHQWHODFRQFHQWUDFLyQGHFLWUXOLQDRWURSUHFXUVRUGHOFDUEDPDWRGHHWLORPHQRV
LPSRUWDQWH TXH OD XUHD IXH LQIHULRU D PJO HQ WRGRV ORV YLQRV VDOYR (; PJO
1R SDUHFH KDEHU FRUUHODFLyQ HYLGHQWH HQWUH OD FRQFHQWUDFLyQ GH ORV FRPSXHVWRV

&DStWXOR,,,
DPtQLFRVDQDOL]DGRV\ORVUHVXOWDGRVREWHQLGRVSRUFDGDYLQRHQHODQiOLVLVVHQVRULDO\DTXH
ODV FRQFHQWUDFLRQHV VRQ WDQ EDMDV TXH GLItFLOPHQWH KDQ SRGLGR FRQWULEXLU D ODV FXDOLGDGHV
RUJDQROpSWLFDVGHORVYLQRVGHIRUPDDSUHFLDEOH$ORVXPRHOYLQRFRQPD\RUFRQFHQWUDFLyQ
GHHWDQRODPLQD\DVXYH]PXFKRPiVSREUHHQWRGRVORVGHPiVFRPSXHVWRV(;HVXQRGH
ORVSHRUHYDOXDGRVFDStWXOR,,3RURWUDSDUWHHOYLQRPHMRUHYDOXDGR(;HVHOGHPHQRU

FRQWHQLGRWRWDOHQFRPSXHVWRVDPtQLFRVPJO
(QODILJXUDVHPXHVWUDHODPLQRJUDPDGHOYLQRPHMRUHYDOXDGR(;(QHOODVH
SUHVHQWD~QLFDPHQWHHO FDQDO$PLQXWRDHQHOFXDOWRGRVORVDPLQRiFLGRVPXHVWUDQ

SLFRVGHWDPDxRFRQVLGHUDEOHDEDMDVFRQFHQWUDFLRQHVVDOYRKLGUR[LSUROLQD\SUROLQDTXHOR
KDFHQHQHOFDQDO%
)LJ $PLQRJUDPD GHO YLQR PHMRU HYDOXDGR HQ HO DQiOLVLV VHQVRULDO (; GH OD
YLQLILFDFLyQ9/

7DEOD$QiOLVLVGHORVDPLQRiFLGRVOLEUHV\GHULYDGRVDPtQLFRVPJOHQORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9/PRVWR3DUHOODGDHVWpULO

&2038(672D
F$VSiUWLFR
+LGUR[LSUROLQD
7UHRQLQD
6HULQD
$VSDUDJLQD
F*OXWiPLFR
3UROLQD
*OLFLQD
$ODQLQD
&LWUXOLQD
F.DPLQREXWtULFR
9DOLQD
0HWLRQLQD
'/DORFLVWDWLRQLQD
,VROHXFLQD
/HXFLQD
DODQLQD
*$%$
(WDQRODPLQD
$PRQLR
+LGUR[LOLVLQD
2UQLWLQD
/LVLQD
PHWLOKLVWLGLQD
KLVWLGLQD
$UJLQLQD
727$/VLQSUROLQD
727$/
9LQR
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
(;
&2
&2
0HGLD

/RVFRPSXHVWRVVDUFRVLQDiFLGR.DPLQRDGLStGLFRFLVWLQDWLURVLQDIHQLODODQLQDiFLGRDPLQRLVREXWtULFRPHWLOKLVWLGLQDDQVHULQD\FDUQRVLQDQRVH
LQFOX\HQHQODWDEOD\DTXHQRIXHURQGHWHFWDGRVHQQLQJXQRGHORVYLQRV
D

7DEOD$QiOLVLVGHORVDPLQRiFLGRVOLEUHV\GHULYDGRVDPtQLFRVPJOHQORVYLQRVREWHQLGRVHQODYLQLILFDFLyQ9/3DUGLQD

&2038(672
0RVWR
(;
(;
(;
(;
(;
(;
(;
9LQR
(; (;
(; (; (; &2
F$VSiUWLFR

7UHRQLQD

6HULQD

$VSDUDJLQD

F*OXWiPLFR

6DUFRVLQD

F.DPLQRDGLStGLFR
3UROLQD\JOLFLQD

$ODQLQD

&LWUXOLQD

F.DPLQREXWtULFR
9DOLQD

&LVWLQD

0HWLRQLQD

'/DORFLVWDWLRQLQD

,VROHXFLQD

/HXFLQD

7LURVLQD

DODQLQD
)HQLODODQLQD

FDPLQRLVREXWtULFR
*$%$

(WDQRODPLQD

$PRQLR

+LGUR[LOLVLQD

2UQLWLQD

/LVLQD

PHWLOKLVWLGLQD

+LVWLGLQD

PHWLOKLVWLGLQD

$QVHULQD

&DUQRVLQD

$UJLQLQD

727$/VLQSUR\JO\

727$/

D
/DFRQFHQWUDFLyQGHSUROLQD\JOLFLQDVHSUHVHQWDMXQWD/DKLGUR[LSUROLQDQRVHLQFOX\HHQ ODWDEOD\DTXHQRIXHGHWHFWDGDHQQLQJXQRGHORVYLQRV

&2

&RQWURO 0HGLD

-RVp$5HJRGyQ0DWHRV
/RV UHVXOWDGRV REWHQLGRV HQ HVWD YLQLILFDFLyQ VH PXHVWUDQ HQ OD 7DEOD SDJLQD
DQWHULRUGRQGHWDPELpQVHPXHVWUDQODVFRQFHQWUDFLRQHVLQLFLDOHV HQHOPRVWRXWLOL]DGR/D

DUJLQLQD HVHODPLQRiFLGRPiVDEXQGDQWHHQHOPRVWRPJOVHJXLGDPX\GHOHMRVSRU
SUROLQD PJOFLWUXOLQD PJODPRQLR PJOVDUFRVLQD PJO

*$%$ PJOVHULQD PJOHWF
(QWRGRVORVYLQRVVHREVHUYDTXHODVFRQFHQWUDFLRQHVPHGLDVGHWRGRVORVFRPSXHVWRV
VRQFRQVLGHUDEOHPHQWHPD\RUHVTXHHQODYLQLILFDFLyQDQWHULRUGHVWDFDQGRFRPRHVQRUPDO
ODVHOHYDGDVFRQFHQWUDFLRQHVGHSUROLQD PHGLDGHSUROLQDJOLFLQD PJOODVFXDOHV

SURYRFDQ TXH OD JOLFLQD QR SXHGD VHU LQWHJUDGD GH IRUPD LQGHSHQGLHQWH \ GHED LQFOXLUVH VX
FRQFHQWUDFLyQHQODGHSUROLQD(QFXDQWRDODSUROLQDHOYLQRFRQPD\RUFRQFHQWUDFLyQIXHHO
GH&2PJO\ORVGHPHQRU&2PJO\HOFRQWUROPJO&RPR

FRQVHFXHQFLDGHODDOWDFRQFHQWUDFLyQGHHVWHDPLQRiFLGRHOYLQRFRQPD\RUFRQWHQLGRWRWDO
GH FRPSXHVWRV QLWURJHQDGRV HV OyJLFDPHQWH &2 PJO $ &2 OH VLJXH (;
PJOYLQRTXHVHFDUDFWHUL]DSRUWHQHUYDORUHVGHSUROLQDHQWRUQRDODPHGLDSHUR
TXHVLQHPEDUJRSUHVHQWDYDORUHVVXSHULRUHVDODPHGLDGHRWURVPXFKRVFRPSXHVWRViFLGR
DVSiUWLFR \JOXWiPLFRJOLFLQDDODQLQDHWDQRODPLQDOLVLQD
$OPDUJHQGHODSUROLQDGHVWDFDQODVFRQFHQWUDFLRQHVGHORVVLJXLHQWHVFRPSXHVWRVHQ
ORV TXH ORV YLQRV LQGLFDGRV HQWUH SDUpQWHVLV SUHVHQWDQ YDORUHV FODUDPHQWH SRU HQFLPD GH OD
PHGLD WUHRQLQD (; (; (; \ (; VHULQD (; (; (; \ &2
DVSDUDJLQD(;(;(;\&2iFLGRJOXWiPLFR(;(;(;(;\
&2 DODQLQD (; (; (; \ (; \ (; FLWUXOLQD (; (; (;
(;\&2 YDOLQD (;(;\(;OHXFLQD (;(;(;(;&2
\ &2 *$%$ (; (; (; (; (; \ &2 HWDQRODPLQD (; (;
(;(;(;&2\&2\SRU~OWLPRFDUQRVLQD (;(;(;\(;
/D FRQFHQWUDFLyQ PHGLD ILQDO GH OLVLQD PJO HV PX\ SDUHFLGD D OD LQLFLDO GHO
PRVWRPJOSRUORTXHRQRKDVLGRSUiFWLFDPHQWHDVLPLODGDSRUODVOHYDGXUDVRKD

VLGRH[FUHWDGD6yORORVYLQRVGH(;(;(;\FRQWUROSUHVHQWDURQFRQFHQWUDFLRQHV
LQIHULRUHVDPJO\ODFRQFHQWUDFLyQDXPHQWyGHIRUPDDSUHFLDEOHFRQUHVSHFWRDOPRVWRHQ
(; (; \ (; (VWH DPLQRiFLGR QR HV ~WLO FRPR ~QLFD IXHQWH GH QLWUyJHQR SDUD 6
FHUHYLVLDH 7ULROL HW DO 6LQ HPEDUJR HV XQR GH ORV TXH KDELWXDOPHQWH VHFRQVXPHQ

&DStWXOR,,,
UiSLGRDOPHQRVHQPHGLRVVLQWpWLFRVFRQDOWDVFRQFHQWUDFLRQHVGHHVWHFRPSXHVWR-LUDQHN HW

DO
/DFRQFHQWUDFLyQGHXUHD IXHGHVSUHFLDEOHHQWRGRVORVYLQRVDSHVDUGHTXHHOPRVWR
SUHVHQWDEDDSUR[LPDGDPHQWHPJOGDWRVQRPRVWUDGRV6LQHPEDUJRODFLWUXOLQD IXHPX\

DEXQGDQWH PHGLD PJO GHELGR D OD JUDQ FRQFHQWUDFLyQ LQLFLDO GH HVWH FRPSXHVWR
PJO D SHVDU GH OR FXDO QR VH GHWHFWy HQ ORV YLQRV GH (; \ (; )LQDOPHQWH OD
DUJLQLQD SUHVHQWy YDORUHV EDMRV SDUD OD PD\RUtD GH ORV YLQRV VREUHVDOLHQGR ODV
FRQFHQWUDFLRQHV FODUDPHQWH VXSHULRUHV D OD PHGLD GH (; PJO (; PJO
(;PJO(;PJO\&2PJO$SHVDUGHORVHOHYDGRVYDORUHV

LQLFLDOHV GH HVWH DPLQRiFLGR WRGDV ODV OHYDGXUDV OR FRQVXPLHURQ FDVL HQ VX WRWDOLGDG WDO \
FRPRVHFRUUHVSRQGHFRQXQPRVWRSREUHHQRWUDVIXHQWHVGHQLWUyJHQRIiFLOPHQWHDVLPLODEOHV
FRPRHVHODPRQLR PJO
(O YLQR PHMRU HYDOXDGR &2 HV D VX YH] HO GH PD\RU FRQFHQWUDFLyQ HQ SUROLQD
JOLFLQDVREUHVDOLHQGRDGHPiVSRUODVFRQFHQWUDFLRQHVGHiFLGRJOXWiPLFRFLWUXOLQDFLVWLQD\
HWDQRODPLQD(OVHJXQGRYLQRPHMRUHYDOXDGR(;GHVWDFDSRUVXHOHYDGDFRQFHQWUDFLyQGH
SUROLQDJOLFLQD\SRUVHUHOGHPD\RUFRQFHQWUDFLyQGH DODQLQDMXQWRFRQ(;(OYLQR
FRQWURO HO SHRU HYDOXDGR SUHVHQWD XQ FRQWHQLGR PX\ LQIHULRU D OD PHGLD HQ FDVL WRGRV ORV
FRPSXHVWRVORTXHSXHGHKDEHULQIOXLGRHQVXVFXDOLGDGHVRUJDQROpSWLFDV
/DV )LJXUDV \ PXHVWUDQ ORV DPLQRJUDPDV FDQDO $ PLQXWR D
FRUUHVSRQGLHQWHVDOYLQRPHMRUHYDOXDGR&2\SHRUHYDOXDGRFRQWUROUHVSHFWLYDPHQWH6H
REVHUYDFODUDPHQWHTXHHQHOYLQRGH&2)LJXUDHQJHQHUDOORVSLFRVVRQPiVDOWRVTXH

HQHOYLQRFRQWURO)LJXUD

-RVp$5HJRGyQ0DWHRV
)LJ $PLQRJUDPD GHO YLQR PHMRU HYDOXDGR HQ HO DQiOLVLV VHQVRULDO &2 GH OD
YLQLILFDFLyQ9/
)LJ $PLQRJUDPD GHO YLQR SHRU HYDOXDGR HQ HO DQiOLVLV VHQVRULDO FRQWURO GH OD
YLQLILFDFLyQ9/

&DStWXOR,,,
/D FRQFHQWUDFLyQ WRWDO GH FRPSXHVWRV QLWURJHQDGRV HQ HO PRVWR VLQ PDFHUDU IXH GH
PJO FRQFHQWUDFLyQ TXH DSDUHQWHPHQWH SXHGH UHVXOWDU EDMD SHUR KD\ TXH WHQHU HQ
FXHQWDTXHHODQiOLVLVVHHIHFWXyWUDVSUHQVDUODXYD\VLQSUiFWLFDPHQWHPDFHUDFLyQSRUORTXH
OyJLFDPHQWH OD FRQFHQWUDFLyQ HQ ORV PRVWRVXYDV YD VHU PD\RU \D TXH IXHURQ PDFHUDGRV
GXUDQWHGtDV
(OFRPSXHVWRPiVDEXQGDQWHHQHOPRVWRQXHYDPHQWH IXHODDUJLQLQD PJO
VHJXLGD GH *$%$ PJOSUROLQDPJODVSDUDJLQD PJODPRQLR

PJO\iFLGRJOXWiPLFR PJOHWF
7RGRV ORV YLQRV VH FDUDFWHUL]DURQ SRU VX EDMR FRQWHQLGR WRWDO HQ FRPSXHVWRV
QLWURJHQDGRVPHGLD PJOVLHQGRHOYLQRFRQPHQRUFRQFHQWUDFLyQHOFRQWURO

PJOTXHDVXYH]IXHHOYLQRSHRUHYDOXDGRHQODFDWD
/D FRQFHQWUDFLyQ GH SUROLQD IXH PX\ EDMD HQ JHQHUDO HVSHFLDOPHQWH HQ HO YLQR GH
&2\HOFRQWUROPJO\PJOUHVSHFWLYDPHQWH(OYLQRFRQPD\RUFRQWHQLGRIXHHO

GH(;PJO
2WURV FRPSXHVWRV SUHVHQWHV HQ FDQWLGDGHV DSUHFLDEOHV HQ GHWHUPLQDGRV YLQRV IXHURQ
DVSDUDJLQD HQ WRGRV FLWUXOLQD HQ (; (; (; (; \ &2 YDOLQD HQ WRGRV
DODQLQD HQWRGRVVDOYR(;\(;*$%$ HQWRGRVIHQLODODQLQD HQ(;(;(;\

(;ILQDOPHQWHHWDQRODPLQD \FDUQRVLQD HQWRGRV
&RPR VH SXHGH REVHUYDU OD YDOLQD TXH SDUWH GH FRQFHQWUDFLRQHV LQLFLDOHV GH
PJOSHUPDQHFHHQORVYLQRVHQDOWDVFRQFHQWUDFLRQHVPJOGHPHGLDORFXDOSXHGHVHU

GHELGR D TXH HVWH DPLQRiFLGR HV XQR GH ORV SHRU DVLPLODGRV SRU ODV OHYDGXUDV +HQVFKNH \
-LUDQHN
/D FRQFHQWUDFLyQ GH DUJLQLQD IXH GHVSUHFLDEOH HQ WRGRV ORV YLQRV D SHVDU GH VHU HO
DPLQRiFLGR PiV DEXQGDQWH HQ HO PRVWR /DV FRQFHQWUDFLRQHV GH XUHD UHVXOWDURQ DVt PLVPR
GHVSUHFLDEOHVGDWRVQRPRVWUDGRV
&RPRHQDQWHULRUHVYLQLILFDFLRQHVQRSDUHFHKDEHUFRUUHVSRQGHQFLDHYLGHQWHHQWUHOD
FRQFHQWUDFLyQGHGHWHUPLQDGRVDPLQRiFLGRV\HOJUDGRGHDFHSWDFLyQGHOYLQRVLELHQHOYLQR
FRQWUROIXHHOSHRUHYDOXDGR\HOGHPHQRUFRQWHQLGRHQFRPSXHVWRVDPtQLFRV

-RVp$5HJRGyQ0DWHRV
(O PRVWR XWLOL]DGR WHQtD DSUR[LPDGDPHQWH JGHFRPSXHVWRVQLWURJHQDGRV7DEOD
GHVWDFDQGR OD FRQFHQWUDFLyQ GH DUJLQLQD PJO SUROLQD PJO
DVSDUDJLQD \DODQLQDPJO/DFRQFHQWUDFLyQGHDPRQLR IXHPiVDOWDTXH
HQDQWHULRUHVPRVWRVPJOQRGHWHFWiQGRVHODSUHVHQFLDGHXUHD
&DVL WRGRV ORV FRPSXHVWRV DQDOL]DGRV FRPR HV QRUPDO HVWDEDQ HQ PHQRU
FRQFHQWUDFLyQHQORVYLQRVTXHHQHOPRVWRVLHQGRODVH[FHSFLRQHVPiVLPSRUWDQWHV SUROLQD
DPLQRLVREXWtULFR HWDQRODPLQD HKLGUR[LOLVLQD(VLQWHUHVDQWHREVHUYDUFRPRODSUROLQD
SDVDGH PJOHQHOPRVWRDXQDPHGLDGHPJOHQORVYLQRV(VWDVGLIHUHQFLDVWDQ
DSUHFLDEOHVGHFRQFHQWUDFLyQVHGHEHQDTXHODVOHYDGXUDVXQDYH]ILQDOL]DGDODIHUPHQWDFLyQ
FRPLHQ]DQ D H[FUHWDU DPLQRiFLGRV VLHQGR HQ HVWH FDVR PX\ LPSRUWDQWH OD H[FUHFLyQ GH
SUROLQD
7RGRV ORV YLQRV SUHVHQWDURQ FRQFHQWUDFLRQHV VLPLODUHV GH FDGD FRPSXHVWR YDULDQGR
~QLFDPHQWHGHIRUPDVLJQLILFDWLYDODVFRQFHQWUDFLRQHVGHSUROLQDGHPJOHQ(;D
PJO HQ (; $GHPiV HO ~QLFR YLQR TXH QR FRQWHQtD KLGUR[LSUROLQD IXH HO
FRUUHVSRQGLHQWHD(;VLHQGRODPHGLDGHHVWHDPLQRiFLGRPJO
/D DUJLQLQD DXQTXH SUHVHQWH HQ WRGRV ORV YLQRV HVWDED D FRQFHQWUDFLRQHV
GHVSUHFLDEOHVLQGLFDQGRXQDYH]PiVODJUDQFDSDFLGDGTXHWLHQHQODVOHYDGXUDVSDUDDVLPLODU
HVWHDPLQRiFLGR
2WURVFRPSXHVWRVSUHVHQWHVHQFDQWLGDGHVDSUHFLDEOHVHQDOJXQRVYLQRVIXHURQ YDOLQD
HQWRGRV*$%$HQ(;HKLGUR[LOLVLQD HQ(;(;(;\FRQWURO
/DOLVLQDTXHFRPRVHKDLQGLFDGRDQWHULRUPHQWHQRHVDGHFXDGDFRPR~QLFDIXHQWH
GH QLWUyJHQRSDUD6FHUHYLVLDHDSDUHFLyHQFRQFHQWUDFLRQHVGHVSUHFLDEOHVHQWRGRVORVYLQRV
DSHVDUGHTXHHOPRVWRFRQWHQtDPJO
(OFRQWHQLGRWRWDOGHFRPSXHVWRVQLWURJHQDGRVVLQSUROLQDIXHFODUDPHQWHLQIHULRUDOD
PHGLDPJOHQORVYLQRVPHMRUHYDOXDGRVHQHODQiOLVLVVHQVRULDOHVGHFLU(;

PJO\(;PJO$VXYH]DPERVYLQRVSUHVHQWDEDQODVPD\RUHVFRQFHQWUDFLRQHV
GH SUROLQD OR TXH SRGUtD LQGLFDU TXH HVWDV OHYDGXUDV KDQ GLVPLQXLGR OD VtQWHVLV GH RWURV
FRPSXHVWRVQLWURJHQDGRVHQIDYRUGHODIRUPDFLyQ\SRVWHULRUH[FUHFLyQGHSUROLQD(OYLQRGH
(;VHGLIHUHQFLDGHOGH(;IXQGDPHQWDOPHQWHHQTXHHOSULPHURWLHQHPHQRVDPLQR
LVREXWtULFR\HOVHJXQGRQRWLHQHKLGUR[LSUROLQD

&DStWXOR,,,
7DEOD$QiOLVLVGHORVDPLQRiFLGRVOLEUHV\GHULYDGRVDPtQLFRVPJOHQORVYLQRVREWHQLGRVHQOD
YLQLILFDFLyQ9%&D\HWDQD\0RULVFD
&2038(672
FDVSiUWLFR
+LGUR[LSUROLQD
7UHRQLQD
6HULQD
$VSDUDJLQD
FJOXWiPLFR
6DUFRVLQD
F.DPLQRDGLStGLFR
9LQR
0RVWR
(;
(;
(;
(;
(;

3UROLQD

$ODQLQD

*OLFLQD
&LWUXOLQD
F.DPLQREXWtULFR

9DOLQD

0HWLRQLQD

&LVWLQD
'/DORFLVWDWLRQLQD

,VROHXFLQD

7LURVLQD

/HXFLQD
DODQLQD

)HQLODODQLQD

*$%$

$PRQLR

2UQLWLQD

FDPLQRLVREXWtULFR
(WDQRODPLQD
+LGUR[LOLVLQD
/LVLQD
PHWLOKLVWLGLQD
727$/

727$/VLQSUROLQD

$QVHULQD
$UJLQLQD

&DUQRVLQD

+LVWLGLQD
PHWLOKLVWLGLQD

&RQWURO 0HGLD

-RVp$5HJRGyQ0DWHRV
(QODWDEODVHPXHVWUDQODVFRQFHQWUDFLRQHVGHORVFRPSXHVWRVHVWXGLDGRVWDQWRHQ
ORV YLQRV FRPR HQ HO PRVWR GH SDUWLGD /DV FRQFHQWUDFLRQHV LQLFLDOHV GH DUJLQLQD
PJOVRQVXSHULRUHVDODVGHODYLQLILFDFLyQDQWHULRUORPLVPRVXFHGHFRQODSUROLQD

PJO2WURVFRPSXHVWRVHQDEXQGDQFLDHQHOPRVWRVRQ DVSDUDJLQD PJODODQLQD
PJO*$%$ PJO\DPRQLR PJO
6yOR ODV FRQFHQWUDFLRQHV PHGLDV GH DODQLQD PJO IXHURQ DSUHFLDEOHPHQWH
PD\RUHV HQ ORV YLQRV TXH HQ HO PRVWR PJO /DV FRQFHQWUDFLRQHV GHO UHVWR GH ORV
FRPSXHVWRVIXHURQVLPLODUHVRLQIHULRUHV
(O DPLQRiFLGR PD\RULWDULR HQ ORV YLQRV IXH OD SUROLQD DXQTXH VXV FRQFHQWUDFLRQHV
HUDQ EDMDV \ PX\ LQIHULRUHV D ODV GHO PRVWR PJO GHVWDFDQGR OD FRQFHQWUDFLyQ
H[WUHPDGDPHQWH EDMD HQ HO YLQR GH (; PJO $O PDUJHQ GH OD SUROLQD RWURV
FRPSXHVWRV HQ FDQWLGDGHV UHODWLYDPHQWH LPSRUWDQWHV PHGLDV HQWUH \ PJO IXHURQ
DVSiUWLFR DODQLQDYDOLQDOHXFLQDIHQLODODQLQDDODQLQDHWDQRODPLQDOLVLQD \DUJLQLQD

1RH[LVWLHURQGLIHUHQFLDVUHVHxDEOHVHQWUHORVFRQWHQLGRVGHHVWRVFRPSXHVWRVHQORVGLVWLQWRV
YLQRV/DXUHD IXHGHWHFWDGDHQ FDQWLGDGHVPX\EDMDVHQWRGRVORVYLQRVGDWRVQRPRVWUDGRV
/DVPD\RUHVFDQWLGDGHVWRWDOHVGHDPLQRiFLGRVVLQSUROLQDIXHURQODVFRUUHVSRQGLHQWHV
DOYLQRSHRUHYDOXDGRHQODFDWDHOFRQWUROPJO(OYLQRPHMRUHYDOXDGR(;IXHHO

GHPHQRUFRQWHQLGRHQSUROLQDPJO/DFRPSRVLFLyQHQORVGLIHUHQWHVFRPSXHVWRVIXH
PX\ GLVWLQWD HQWUH HO FRQWURO \ ORV YLQRV PHMRU HYDOXDGRV $Vt HO YLQR FRQWURO SRVHtD ODV
PD\RUHVFRQFHQWUDFLRQHVGHQXPHURVRVFRPSXHVWRViFLGRDVSiUWLFRWUHRQLQDVHULQD JOLFLQD

DVSDUDJLQD SUROLQD DODQLQD PHWLRQLQD '/DORFLVWDWLRQLQD OHXFLQD IHQLODQDOLQD *$%$
HWDQRODPLQDDPRQLROLVLQD\DUJLQLQD(;\(;PHMRUHYDOXDGRVFRLQFLGHQHQSRVHHU
FDQWLGDGHVVLPLODUHVRPX\SUy[LPDVGHFDVLWRGRVORVFRPSXHVWRV GLILULHQGRDSUHFLDEOHPHQWH
HQODVFRQFHQWUDFLRQHVGHSUROLQD\HQPHQRUPHGLGDGHHWDQRODPLQD

&DStWXOR,,,

YLQLILFDFLyQ9%&D\HWDQD
FDVSiUWLFR
+LGUR[LSUROLQD
0RVWR

(;

(;

9LQR
(;

(;

&RQWURO

0HGLD

6HULQD

&2038(672
7UHRQLQD

3UROLQD

$ODQLQD

FDPLQREXWtULFR

FDPLQRDGLStGLFR
*OLFLQD
&LWUXOLQD

9DOLQD

0HWLRQLQD

&LVWLQD
'/DORFLVWDWLRQLQD

,VROHXFLQD

7LURVLQD

/HXFLQD
DODQLQD

$PRQLR

/LVLQD
PHWLOKLVWLGLQD

+LVWLGLQD

$QVHULQD

PHWLOKLVWLGLQD
&DUQRVLQD
$UJLQLQD
727$/VLQSUROLQD
727$/

2UQLWLQD

*$%$
+LGUR[LOLVLQD

(WDQRODPLQD

)HQLODODQLQD
FDPLQRLVREXWtULFR

6DUFRVLQD

$VSDUDJLQD
FJOXWiPLFR

-RVp$5HJRGyQ0DWHRV
/RV GDWRV FRUUHVSRQGLHQWHV D HVWD YLQLILFDFLyQ VH PXHVWUD HQ OD 7DEOD /DV
FRQFHQWUDFLRQHVLQLFLDOHVGHFRPSXHVWRVDPtQLFRVHQHOPRVWRVLQPDFHUDUIXHODPiVDOWD
REVHUYDGD KDVWD HO PRPHQWR PJO )LJXUD VREUHVDOLHQGR QXHYDPHQWH OD
FRQFHQWUDFLyQ GH DUJLQLQD PJO \ SUROLQD JOLFLQD PJO VHJXLGDV GH
*$%$ PJO DODQLQD PJO iFLGR JOXWiPLFR PJO DVSDUDJLQD
PJO\DPRQLR PJO
&DVL WRGRV ORV DPLQRiFLGRV DSDUHFHQ FRQ PHQRU FRQFHQWUDFLyQ HQ HO YLQR TXH HQ HO
PRVWRVLHQGRODV~QLFDVH[FHSFLRQHVDSUHFLDEOHVHO iFLGRDPLQRLVREXWtULFRPHWLRQLQD
FDUQRVLQD \PHWLOKLVWLGLQD SDUDWRGRVORVYLQRV\'/DORFLVWDWLRQLQD SDUDWRGRVVDOYRHO
FRQWURO
(O YLQR FRQ PD\RU FRQWHQLGR HQ DPLQRiFLGRV \ GHULYDGRV IXH HO HODERUDGR FRQ OD
OHYDGXUD(;PJOHOFXDODVXYH]FRQWHQtDODPD\RUFDQWLGDGGHSUROLQD
PJO \ DODQLQD PJO H LPSRUWDQWHV FDQWLGDGHV GH RWURV FRPSXHVWRV PHWLRQLQD
OHXFLQD DPLQRLVREXWtULFR HWF (O YLQR FRQ PHQRU FRQWHQLGR HQ ORV FRPSXHVWRV
DQDOL]DGRVIXHHOFRQWUROPJOHOFXDOWDPELpQIXHHOGHPHQRUFRQWHQLGRHQSUROLQD
PJO\RWURVPXFKRVFRPSXHVWRVDVSiUWLFROHXFLQDWLURVLQDIHQLODODQLQD*$%$

PHWLOKLVWLGLQDKLVWLGLQDFDUQRVLQD\DUJLQLQD
(O FRQWHQLGR PHGLR GH DUJLQLQD IXH PiV DOWR TXH HQ DQWHULRUHV YLQLILFDFLRQHV
PJO OR FXDO SXHGH VHU GHELGR D TXH HO PRVWR FRQWHQtD FDQWLGDGHV LQLFLDOHV PX\ DOWDV GH
FRPSXHVWRVQLWURJHQDGRVSRUORTXHODVOHYDGXUDVQRVHKDQYLVWRREOLJDGDVDFRQVXPLUHVWH
DPLQRiFLGRHQVXWRWDOLGDG/DFRQFHQWUDFLyQGHXUHD QRIXHLPSRUWDQWHHQQLQJ~QYLQR
(O YLQR PHMRU HYDOXDGR IXH HO GH PD\RU FRQWHQLGR HQ FRPSXHVWRV DPtQLFRV (;
PJO\HOSHRUHYDOXDGRHOGHPHQRUFRQWHQLGRFRQWUROPJO

(OPRVWRXWLOL]DGRIXHHOPLVPRTXHHQODYLQLILFDFLyQ9%7DEODQRREVWDQWH
SDUDIDYRUHFHUHODQiOLVLVGHORVUHVXOWDGRVODFRQFHQWUDFLyQGHFDGDFRPSXHVWRHQHOPRVWRVH
PXHVWUDWDPELpQHQOD7DEODMXQWRFRQODVFRQFHQWUDFLRQHVSDUDFDGDXQRGHORVYLQRV
HODERUDGRV/RVUHVXOWDGRVREWHQLGRVOyJLFDPHQWHVRQPX\SDUHFLGRVDORVGH9%
$O LJXDO TXH HQ OD DQWHULRU YLQLILFDFLyQ HOYLQRFRQPHQRUFRQWHQLGRHQFRPSXHVWRV

&DStWXOR,,,
DPtQLFRV\SHRUHYDOXDGRHQODFDWDIXHHOFRQWUROPJODXQTXHHQHVWDRFDVLyQHO
YLQRFRQPD\RUFRQFHQWUDFLyQIXH(;PJOVHJXLGRGHOGH(;PJO
TXH QXHYDPHQWH IXH HO PHMRU HYDOXDGR (O YLQR FRQWURO IXH HO TXH FRQWHQtD PHQRUHV
FRQFHQWUDFLRQHVGHFDVLWRGRVORVFRPSXHVWRVSRUVHSDUDGR
/DPD\RUFRQFHQWUDFLyQGHSUROLQDJOLFLQD IXHODGH(;\ODPHQRUOD
GHOFRQWUROPJOFRQFHQWUDFLRQHVTXHIXHURQLQIHULRUHVDODVLQLFLDOHVGHOPRVWR
(O VHJXQGR FRPSXHVWR HQ DEXQGDQFLD IXH DODQLQD SDUD (; (; (; \
HWDQRODPLQD SDUD (; \ FRQWURO 2WURV FRPSXHVWRV HQ FDQWLGDGHV DSUHFLDEOHV IXHURQ ORV
PLVPRV\DLQGLFDGRVHQODYLQLILFDFLyQ9%YDOLQDPHWLRQLQDOHXFLQDIHQLODODQLQDHWF
/D FRQFHQWUDFLyQ PHGLD GH DUJLQLQD IXH D~Q PD\RU TXH HQ HO FDVR DQWHULRU
PJOSHURHQFXDOTXLHUFDVRFDUHFtDGHLPSRUWDQFLDHQHVSHFLDOSDUDHOYLQRFRQWURO

PJO/DXUHDIXHGHVSUHFLDEOHHQWRGRVORVYLQRV
)LJ$PLQRJUDPDFDQDO$PLQXWRDGHOPRVWRXWLOL]DGRHQODYLQLILFDFLRQHV9%

\9%(OHMH<YROWLRVVHPXHVWUDHQXQDHVFDODPD\RUDODHPSOHDGDHQORVDPLQRJUDPDV
GHORVYLQRV

-RVp$5HJRGyQ0DWHRV

YLQLILFDFLyQ9%*DUQDFKD7LQWRUHUD\0HUORW
&2038(672
FDVSiUWLFR
+LGUR[LSUROLQD
0RVWR
(;
(;
(;
(;
&RQWURO
0HGLD

7UHRQLQD

$VSDUDJLQD

6HULQD
FJOXWiPLFR
6DUFRVLQD
F.DPLQRDGLStGLFR
3UROLQD\JOLFLQD
$ODQLQD
&LWUXOLQD
F.DPLQREXWtULFR
9LQR

9DOLQD

0HWLRQLQD

&LVWLQD
'/DORFLVWDWLRQLQD

,VROHXFLQD

7LURVLQD

/HXFLQD

DODQLQD

FDPLQRLVREXWtULFR

)HQLODODQLQD

*$%$

$PRQLR

(WDQRODPLQD
+LGUR[LOLVLQD
2UQLWLQD
/LVLQD
PHWLOKLVWLGLQD

+LVWLGLQD

$QVHULQD

PHWLOKLVWLGLQD
&DUQRVLQD
$UJLQLQD
727$/VLQSUR\JO\
727$/

&DStWXOR,,,

YLQLILFDFLyQ9%*DUQDFKD7LQWRUHUD\0HUORW
&2038(672
F$VSiUWLFR
+LGUR[LSUROLQD
0RVWR
(;
(;
(;
(;
&RQWURO
0HGLD

7UHRQLQD

$VSDUDJLQD

6HULQD
F*OXWiPLFR
6DUFRVLQD
FDPLQRDGLStGLFR
3UROLQD\JOLFLQD
$ODQLQD
&LWUXOLQD
FDPLQREXWtULFR
9LQR

9DOLQD

0HWLRQLQD

&LVWLQD
'/DORFLVWDWLRQLQD

,VROHXFLQD

7LURVLQD

/HXFLQD

DODQLQD

FDPLQRLVREXWtULFR

)HQLODODQLQD

*$%$

$PRQLR

(WDQRODPLQD
+LGUR[LOLVLQD
2UQLWLQD
/LVLQD
PHWLOKLVWLGLQD
727$/

727$/VLQSUR\JO\

$QVHULQD
$UJLQLQD

&DUQRVLQD

+LVWLGLQD
PHWLOKLVWLGLQD

-RVp$5HJRGyQ0DWHRV
'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQWRGDVODVYLQLILFDFLRQHV9/D9/\9%D
9%
(Q OD 7DEOD VH PXHVWUDQ ODV PHGLDV GH ODV FRQFHQWUDFLRQHV GH ORV FRPSXHVWRV
DQDOL]DGRV FRUUHVSRQGLHQWHV D ODV YLQLILFDFLRQHV GH ODERUDWRULR 9/ 9/ \ 9/3RURWUD
SDUWH ODV FRQFHQWUDFLRQHV PHGLDV GH ORV PRVWRV DQDOL]DGRV GH ORV YLQRV FRQWURO \ GH ORV
HODERUDGRVFRQODVOHYDGXUDVTXHKDQSDUWLFLSDGRHQWRGDVODVYLQLILFDFLRQHV(;(;\
(;VHSUHVHQWDQHQOD7DEOD(QHOODQRVHLQFOX\HQORVGDWRVFRUUHVSRQGLHQWHVD9/
SDUD QR GLVWRUVLRQDU ODV PHGLDV \D TXH QR IXH DQDOL]DGR HO PRVWR \ DGHPiV QR KXER YLQR
FRQWURO(QDPEDVWDEODVODFRQFHQWUDFLyQGHODPLQRiFLGRJOLFLQDVHLQFOX\HHQODGHSUROLQD
/RV PRVWRV DQDOL]DGRV 3DUGLQD *DUQDFKD 7LQWRUHUD &D\HWDQD 0RULVFD
&D\HWDQD \ *DUQDFKD 7LQWRUHUD 0HUORW VH FDUDFWHUL]DURQ SRU WHQHU FRQWHQLGRV
WRWDOHVGHFRPSXHVWRVDPtQLFRVUHODWLYDPHQWHEDMRVPHGLD PJOORFXDOHVGHELGR
IXQGDPHQWDOPHQWHDOFOLPDH[WUHPDGDPHQWHFDOXURVRHQHOTXHVHGHVDUUROODQORVYLxHGRV/RV
PRVWRV SURFHGHQWHV GH YLxHGRV VLWXDGRV HQ UHJLRQHV GH FOLPD FiOLGR SUHVHQWDQ FRQWHQLGRV
EDMRVGHDPLQRiFLGRV\QRUPDOPHQWHDOWRVGHSURWHtQDV\DTXHHQODXYDGHHVWDVUHJLRQHVHO
QLWUyJHQRDPRQLDFDOVHUHGXFHHQIDYRUGHODVtQWHVLVGHSURWHtQDV\SpSWLGRV=RHFNOHLQHWDO
FRPSXHVWRV TXH SRU RWUD SDUWH QR VRQ IiFLOPHQWH XWLOL]DEOHV SRU 6 FHUHYLVLDH (O
FRQWHQLGRHQSURWHtQDVGHORVPRVWRVGHODVYDULHGDGHV3DUGLQD\3DUHOODGDIXHDQDOL]DGRHQHO
FDStWXOR ,, REVHUYiQGRVH TXH ODV FRQFHQWUDFLRQHV GH SURWHtQDV D SHVDU GH OR LQGLFDGR
DQWHULRUPHQWHVRQPX\EDMDVHQWUHPJO\PJO
(OFRQWHQLGRGHSUROLQD GHORVPRVWRVPHGLD PJOHVFODUDPHQWHLQIHULRUDO
HQFRQWUDGRSDUDDUJLQLQD PJODSUR[LPiQGRVHDPERVFRQWHQLGRVHQHOPRVWR

*DUQDFKD 7LQWRUHUD 0HUORW 6HJ~Q 'L]\ \ 3ROR HV UDUR TXH HO FRQWHQLGR GH
SUROLQDHQPRVWRVVHDLQIHULRUDOGHDUJLQLQD\DTXHVHJ~QHOORVODFRQFHQWUDFLyQGHDUJLQLQD
GHFUHFHDORODUJRGHODPDGXUDFLyQGHODXYDPLHQWUDVTXHODGHSUROLQDDXPHQWD3RUORWDQWR
HVWD UHODFLyQ SUROLQDDUJLQLQD HV LQGLFDWLYD GH OD PDGXUH] GH OD XYD &DVWLQR VLHQGR
DEXQGDQWH OD DUJLQLQD FXDQGR OD XYD QR KD PDGXUDGR DGHFXDGDPHQWH 1XHVWURV UHVXOWDGRV
SDUHFHQ LQGLFDU OR FRQWUDULR SXHV DVXPLPRV TXH ODV XYDV XWLOL]DGDV HVWiQ VXILFLHQWHPHQWH
PDGXUDV \D TXH HQ XQ FOLPD FRPR HO H[WUHPHxR OR KDELWXDO HV TXH OD XYD VHD YHQGLPLDGD
VREUHPDGXUDGD$SHVDUGHWRGRORGLFKRORVFLWDGRVDXWRUHVHQFXHQWUDQYDORUHVPD\RUHVGH
DUJLQLQDTXHGHSUROLQDHQPRVWRVGHODYDULHGDGGHXYDEODQFD0DOYDU&XHQGD HWDO

&DStWXOR,,,
REVHUYDURQHQXQPRVWRH[WUHPHxRGHODYDULHGDG&D\HWDQDTXHODFRQFHQWUDFLyQGHDUJLQLQD
HUDDOUHGHGRUGHYHFHVPD\RUTXHODGHSUROLQDGDWRVVLPLODUHVKHPRVREVHUYDGRHQ PRVWR
GH OD YDULHGDG $ODULMH UHVXOWDGRV QR PRVWUDGRV 6SRQKRO] LQGLFD TXH OD DUJLQLQD VH
PDQWLHQHFRQVWDQWHGXUDQWHODPDGXUDFLyQGHODXYD\TXHUHSUHVHQWDDOUHGHGRUGHOGHO
WRWDOGHDPLQRiFLGRV(OPLVPRDXWRUDILUPDTXHHQORVPRVWRVSURFHGHQWHVGHYLxHGRVSRFR
IHUWLOL]DGRV \ FRQ SRFD GLVSRQLELOLGDG GH DJXD OD DUJLQLQD \ OD SUROLQD VRQ ORV SULQFLSDOHV
DPLQRiFLGRV SRU OR WDQWR SRGHPRV DILUPDU TXH OD PD\RUtD GH ORV PRVWRV TXH KHPRV
XWLOL]DGRV SURFHGtDQ GH YLGHV SRFR IHUWLOL]DGDV 3RU RWUD SDUWH FXDQGR OD YLG HV IHUWLOL]DGD
DXPHQWDFRQVLGHUDEOHPHQWHODFRQFHQWUDFLyQGHJOXWDPLQDHQORVPRVWRV/DDUJLQLQDVXHOHVHU
DEXQGDQWH HQ ORV PRVWRV GHELGR D TXH HV HO SULQFLSDO FRPSXHVWR GHO DOPDFHQDPLHQWR GH
QLWUyJHQR GXUDQWH HO GHVDUUROOR GH OD YLG XQD PROpFXOD GH DUJLQLQD FRQWLHQH iWRPRV GH
QLWUyJHQRSRUORTXHVHDFXPXODHQODVYDFXRODVGHODVFpOXODV=RHFNOHLQHWDO
1XPHURVRVDQiOLVLVUHDOL]DGRVFRQPRVWRVGHYDULRVSDtVHV+HQVFKNH\-LUDQHN
PXHVWUDQ TXH JHQHUDOPHQWH ODV FRQFHQWUDFLRQHV GH DPLQRiFLGRV YDUtDQ PXFKR GHSHQGLHQGR
GHOPRVWR\GHOD]RQDGHRULJHQSHURORVDPLQRiFLGRVPiVDEXQGDQWHVVRQSUROLQDDUJLQLQD
DODQLQD\iFLGRJOXWiPLFR\HQPHQRUPHGLGDJOXWDPLQDVHULQDWUHRQLQD\*$%$
1XHVWURV PRVWRV FRLQFLGHQ HQ FRQWHQHU FRQFHQWUDFLRQHV UHOHYDQWHV GH RWURV
FRPSXHVWRVDSDUWHGHSUROLQD\DUJLQLQDFRPRYDOLQDPHGLD PJOVHULQD PHGLD

PJO DVSDUDJLQD PHGLD PJO iFLGR JOXWiPLFR PHGLD PJO \
*$%$ PHGLD PJO $GHPiV WRGRV ORV PRVWRV PHQRV HO FRUUHVSRQGLHQWH D OD
YDULHGDG3DUGLQDFRQWLHQHQ WUHRQLQD \iFLGRDVSiUWLFR HQFRQFHQWUDFLRQHVDOWDVPHGLDVGH
PJO \ PJO UHVSHFWLYDPHQWH /DV FRQFHQWUDFLRQHV GH DPRQLR PHGLD
PJOVRQXQSRFREDMDVFRPSDUDGDVFRQODVFDQWLGDGHVUHIHULGDVSRURWURVDXWRUHVHQGLYHUVRV
PRVWRV0DUJKHULHWDO+HQVFKNH\-LUDQHNVyORGHVWDFDODFRQFHQWUDFLyQGHO

PRVWR&D\HWDQD0RULVFDPJO

7DEOD0HGLDVGHORVDPLQRiFLGRVOLEUHV\GHULYDGRVDPtQLFRVPJOHQODVYLQLILFDFLRQHVGHODERUDWRULR9/9/\9/

&2038(672
F$VSiUWLFR
7UHRQLQD
6HULQD
$VSDUDJLQD
F*OXWiPLFR
6DUFRVLQD
F.DPLQRDGLStGLFR
3UROLQDE
$ODQLQD
&LWUXOLQD
F.DPLQREXWtULFR
9DOLQD
&LVWLQD
0HWLRQLQD
'/DORFLVWDWLRQLQD
,VROHXFLQD
/HXFLQD
7LURVLQD
DODQLQD
)HQLODODQLQD
FDPLQRLVREXWtULFR
*$%$
(WDQRODPLQD
$PRQLR
+LGUR[LOLVLQD
2UQLWLQD
/LVLQD
PHWLOKLVWLGLQD
+LVWLGLQD
PHWLOKLVWLGLQD
$QVHULQD
&DUQRVLQD
$UJLQLQD
727$/VLQSUROLQD
727$/
(;
(;
(;
(;
(;
(;
(;
(; (; (;
&2
&2

0HGLDGHYLQLILFDFLRQHV9/\9/ E/DFRQFHQWUDFLyQGHJOLFLQDVHLQFOX\HHQODGHSUROLQD
9LQR
(; (;
&RQWUROD 0HGLD

&DStWXOR,,,
(QWRGDVODVYLQLILFDFLRQHVODDUJLQLQDKDVLGRFRQVXPLGDSRUWRGDVODVOHYDGXUDVFDVL
HQVXWRWDOLGDG7DEODV\ORFXDOVHSXHGHFRQVLGHUDUQRUPDOWHQLHQGRHQFXHQWDTXH
ORVPRVWRVGHSDUWLGDVRQHQJHQHUDOSREUHVHQFRPSXHVWRVQLWURJHQDGRVGHWDOIRUPDTXHODV
OHYDGXUDVVHYHQREOLJDGDVDXWLOL]DUODDUJLQLQDFRPRSULQFLSDOIXHQWHGHQLWUyJHQR&RPRHV
VDELGRODDUJLQLQDHVIiFLOPHQWHDVLPLODGDSHUPLWLHQGRXQEXHQFUHFLPLHQWRGHODVOHYDGXUDV
FXDQGRHVXWLOL]DGRFRPR~QLFDIXHQWHGHQLWUyJHQRHQPHGLRVVLQWpWLFRV7ULROLHWDO
0DUJKHUL HW DO REVHUYDURQ TXH ORV YLQRV REWHQLGRV D SDUWLU GH PRVWRV ULFRV HQ
FRPSXHVWRV QLWURJHQDGRV \ FRQ DOWDV FDQWLGDGHV GH DUJLQLQD D PJO SUHVHQWDQ
LPSRUWDQWHVFDQWLGDGHVGHHVWHDPLQRiFLGRTXHYDQGHVGHPJODPJO'HPDQHUD
TXHODVOHYDGXUDVDVLPLODQVHJ~QHOPRVWRHQWUHHO\GHODDUJLQLQDFRUUHVSRQGLHQGR
ODPD\RUDVLPLODFLyQDOPRVWRGHPHQRUFRQWHQLGRHQDUJLQLQD\FRPSXHVWRVQLWURJHQDGRV(Q
QXHVWUR FDVR OD DVLPLODFLyQ GH DUJLQLQD SRU ODV OHYDGXUDV HQ WRGDVODVYLQLILFDFLRQHVHVD~Q
PD\RUDSUR[LPiQGRVHDOGHPHGLD
/D IRUPDFLyQ GH XUHD SRU ODV OHYDGXUDV GHSHQGH GH OD FHSD 2XJK HW DO
=RHFNOHLQHWDO/RVQLYHOHVGHXUHDQRKDQSRGLGRFXDQWLILFDUVHGHPDQHUDDGHFXDGD
FRQODPHWRGRORJtDXWLOL]DGDSRUORTXHQRSRGHPRVDWULEXLUGHIRUPDVHJXUDDFDGDOHYDGXUD
XQDGHWHUPLQDGDSURGXFFLyQ6LQHPEDUJRHQWRGRVORVYLQRVODFRQFHQWUDFLyQKDVLGREDMD
LQIHULRU D PJO OR FXDO SXHGH SDUHFHU H[WUDxR REVHUYDQGR ODV HOHYDGDV FDQWLGDGHV GH
DUJLQLQD TXH KDQ FRQVXPLGR ODV OHYDGXUDV GXUDQWH OD IHUPHQWDFLyQ /D H[SOLFDFLyQ D HVWH
KHFKRSRGUtDVHUODVLJXLHQWH
/D DUJLQLQD HV PHWDEROL]DGD SRU OD OHYDGXUD RULJLQDQGR RUQLWLQD \ XUHD (O SULPHU
FRPSXHVWR HV XQR GH ORV HVODERQHV GH OD UXWD GH VtQWHVLV GH OD SUROLQD TXH SXHGH SDVDU D
JOXWDPLQD XQR GH ORV SULQFLSDOHV FRPSXHVWRV LPSOLFDGR HQ ODV UXWDV ELRVLQWpWLFDV \
GHJUDGDWLYDVGHORVFRPSXHVWRVQLWURJHQDGRV/DUJH3RURWUDSDUWHODXUHDSXHGHVHU

H[SXOVDGD DO PHGLR SHUR HQ GHWHUPLQDGDV RFDVLRQHV HV UHDEVRUELGD \ GHVDPLQDGD SDUD GDU
DPRQLR HO FXDO HV HO FHQWUR GH ODV UXWDV GH GHJUDGDFLyQ \ ELRVtQWHVLV GH ORV FRPSXHVWRV
QLWURJHQDGRV HQ ODV OHYDGXUDV &XDQGR HO PHGLR FRQWLHQH SRFR DPRQLR X RWUDV IRUPDV GH
QLWUyJHQRIiFLOPHQWHDVLPLODEOHFRPRRFXUUHHQWRGRVORVPRVWRVDQDOL]DGRVHQHVWHHVWXGLR
OD OHYDGXUDFRPLHQ]DDXWLOL]DUSURQWRODDUJLQLQD\ODXUHDSURGXFLGDHVDVLPLODGDSDUDVHU
XWLOL]DGDFRPRIXHQWHGHQLWUyJHQR'HHVWDPDQHUDODFRQFHQWUDFLyQILQDO GHXUHDHVPtQLPD
UHGXFLpQGRVHHOULHVJRGHTXHUHDFFLRQHFRQHOHWDQROIRUPDQGRFDUEDPDWRGHHWLOR&XDQGROD

-RVp$5HJRGyQ0DWHRV
DUJLQLQDVHXWLOL]DWDUGHELHQSRUTXHKD\H[FHVLYDFDQWLGDGELHQSRUTXHKD\RWUDVIRUPDVGH
QLWUyJHQRIiFLOPHQWHDVLPLODEOHODXUHDIRUPDGD\H[FUHWDGDQRHVUHDEVRUELGDSUiFWLFDPHQWH
SXGLHQGRRULJLQDUFDUEDPDWRGHHWLOR
2XJKHWDO SURSRQHQFRPRIRUPDGHUHGXFLUODFRQFHQWUDFLyQILQDOGHXUHDHQ
HOYLQRYDULDVVROXFLRQHVOLPLWDUDOPi[LPRODIHUWLOL]DFLyQGHODVYLxDVDxDGLUFXDQGR
VHD QHFHVDULR DFWLYDGRUHV GH IHUPHQWDFLyQ OLEUHV GH DUJLQLQD XWLOL]DU OHYDGXUDV
VHOHFFLRQDGDV TXH QR PHWDEROLFHQ OD DUJLQLQD \ ILQDOPHQWH XVDU YDULHGDGHV GH XYD TXH
WtSLFDPHQWHWHQJDQEDMDVFRQFHQWUDFLRQHVGHDUJLQLQDFRPRSRUHMHPSOR OD5LHVOLQJ%ODQFD
(Q ([WUHPDGXUD VyOR SDUHFH IDFWLEOH FXPSOLU ORV GRV SULPHURV SXQWRV SXHV HO UHVWR UHVXOWD
FRPSOLFDGR3RUXQODGRWRGRVORVPRVWRVDQDOL]DGRVSRUQXHVWURHTXLSRVRQULFRVHQDUJLQLQD
PHGLD PJO \ SRU RWUR ODGR ODV OHYDGXUDV HQVD\DGDV LQFOXLGDV ODV FRPHUFLDOHV
PXHVWUDQ XQD JUDQ FDSDFLGDG SDUD DVLPLODU FDVL HQ VX WRWDOLGDG HVWH FRPSXHVWR 6HUiQ
QHFHVDULRVPiVHVWXGLRVSDUDGHILQLUVLHVWRSXHGHVHUXQSUREOHPDSDUDORVYLQRVH[WUHPHxRV
SXHVKDVWDHOPRPHQWRQRVHKDGHVFULWRTXHWHQJDQFRQFHQWUDFLRQHVLPSRUWDQWHVGHFDUEDPDWR
GHHWLORRGHVXSUHFXUVRUPiVGLUHFWRODXUHD3DUDUHVROYHUHVWHHQLJPDDOPDUJHQGHHVWXGLDU
QXPHURVDV PXHVWUDV GH YLQRV HV QHFHVDULR GLVSRQHU GH XQ PpWRGR VHJXUR SDUD PHGLU OD
FRQFHQWUDFLyQGHXUHDHQORVYLQRV\DTXHORVPpWRGRVKDELWXDOHVFRORULPpWULFR\HQ]LPiWLFR
QRORVRQ3XHGHVHU~WLOXWLOL]DUHOPpWRGRSURSXHVWRSRU.RGDPD\6X]XNLTXHGHWHFWD

FRQFHQWUDFLRQHVLQIHULRUHVDJOGHXUHD
/DFDQWLGDGGHSUROLQDHQORVPRVWRVPJO\HQORVYLQRVIXHFRPRHVQRUPDO
HOHYDGD/DH[FHSFLyQODPDUFyODYLQLILFDFLyQ9/GRQGHFXULRVDPHQWHQRVHGHWHFWySUROLQD
HQQLQJ~QYLQR(QHOUHVWRGHYLQLILFDFLRQHVDOJXQRVYLQRV WHQtDQFRQWHQLGRVGHSUROLQDOLJHUD
RQRWDEOHPHQWHLQIHULRUHVDORVGHOPRVWRHQWDQWRTXHHQRWURVVXFHGLyORFRQWUDULR
8VVHJOLR7RPDVVHW \ %RVLD HVWXGLDQGR OD HYROXFLyQ GH OD SUROLQD GXUDQWH OD
IHUPHQWDFLyQREVHUYDQTXHVLELHQVXFRQFHQWUDFLyQGHFUHFHLQLFLDOPHQWHKDVWDXQDO
ILQDO GH OD IHUPHQWDFLyQ HO YLQR FRQWLHQH XQ GH OD SUROLQD LQLFLDO /D SUROLQD
KDELWXDOPHQWH QR SXHGH VHU XWLOL]DGD SRU ODV OHYDGXUDV GXUDQWH OD IHUPHQWDFLyQ SRU GRV
UD]RQHVODSULPHUDHVTXHODVGRVHQ]LPDVLPSOLFDGDVHQVXXWLOL]DFLyQSUROLQDSHUPHDVD\
SUROLQD R[LGDVD VRQ UHSULPLGDV SRU OD SUHVHQFLD GHO LyQ DPRQLR HQ HO PRVWR \ OD VHJXQGD
UD]yQHVTXHODSUROLQDR[LGDVDUHTXLHUHR[tJHQRSDUDVXDFWLYLGDG+HQVFKNH\-LUDQHN
=RHFNOHLQ HW DO &XDQGR XQ PRVWR SREUH HQ QLWUyJHQR IiFLOPHQWH DVLPLODEOH HV

&DStWXOR,,,
R[LJHQDGR HQ HO FRPLHQ]R GH OD IHUPHQWDFLyQ ODV OHYDGXUDV SXHGHQ FRQVXPLU LPSRUWDQWHV
FDQWLGDGHV GH SUROLQD (VWD SXHGH VHU OD H[SOLFDFLyQ TXH MXVWLILTXH ODV FRQFHQWUDFLRQHV
LQIHULRUHV D ODV GH ORV PRVWRV HQ WRGRV ORV YLQRV GH ODV YLQLILFDFLRQHV 9% 9% 9% OD
PD\RUtDGHORVYLQRVGH9/\ORVYLQRVGH&2\FRQWUROGH9//RVSHTXHxRVYRO~PHQHV
GHPRVWRXWLOL]DGRVHQODVYLQLILFDFLRQHVGHODERUDWRULRORVED]XTXHRV\HOGHVFXEHUHDOL]DGR
HQODVYLQLILFDFLRQHVHQWLQWR9/9%\9%SXHGHQKDEHUFRQWULEXLGRDODR[LJHQDFLyQ
GHO PHGLR GH IHUPHQWDFLyQ \ SRU HQGH D OD DVLPLODFLyQ GH OD SUROLQD /DV OHYDGXUDV TXH
DVLPLODQ PiV SUROLQD VRQ &2 \ ODV GH ORV YLQRV FRQWURO HQ WDQWR TXH &2 (; (;
(;(;(;\(;VRQODVTXHPHQRUFDSDFLGDGWLHQHQSDUDDVLPLODUOD7DEOD
3RURWUDSDUWHODSUROLQDSXHGHVHUVLQWHWL]DGDDSDUWLUGHODDUJLQLQDGHPDQHUDTXH
FXDQGR ODV OHYDGXUDV DVLPLODQ HVWD ~OWLPD SXHGHQ H[FUHWDU SUROLQD DXPHQWDQGR ORV QLYHOHV
LQLFLDOHV KHFKR TXH KHPRV REVHUYDGR HQ QXHVWUR HVWXGLR \ WDPELpQ KD VLGR UHIHULGR SRU
&XHQGD HW DO \ 2XJK HW DO (VWRV ~OWLPRV DXWRUHV REVHUYDQ TXH FXDQGR VH
DxDGHDUJLQLQDHQJUDQGHVFDQWLGDGHVPiVGHPJODXQPRVWRSREUHHQHOODPJO
ORVQLYHOHVILQDOHVGHSUROLQDVRQVXSHULRUHVDORVGHOPRVWRGHSDUWLGD&XHQGDHWDO
HQFXHQWUDQUHODFLyQHQWUHHODXPHQWRGHODFRQFHQWUDFLyQGHSUROLQD\HOGHVFHQVRGHDUJLQLQD
(QFDPELR'L]\\3RORREVHUYDQTXHHOFRQWHQLGRLQLFLDO\ILQDOGHSUROLQDHVVLPLODU

HQWUH ORV PRVWRV \ ORV YLQRV HODERUDGRV PHGLDQWH IHUPHQWDFLyQ HVSRQWiQHD IHUPHQWDFLyQ
GLULJLGD FRQ 6 FHUHYLVLDH . DSLFXODWD \ 7 'HOEUXHFNLL \ IHUPHQWDFLyQ GLULJLGD FRQ 6
FHUHYLVLDH FRPHUFLDO $GHPiV H[FHSWR SDUD HVWH DPLQRiFLGR ORV PLVPRV DXWRUHV QR
HQFXHQWUDQ GLIHUHQFLDV HQWUH ORV H[SHULPHQWRV HQ FXDQWR OD DVLPLODFLyQ GH ORV GLVWLQWRV
DPLQRiFLGRV SRU ODV GLIHUHQWHV OHYDGXUDV (QWUH QXHVWUDV OHYDGXUDV ODV TXH SRVHHQ PD\RU
FDSDFLGDG SDUD SURGXFLU SUROLQD VRQ &2 7DEOD (; (; \ (; 7DEOD \

&XDQGRGHWHUPLQDGRVDPLQRiFLGRVVRQFDWDEROL]DGRVSRUHOPHFDQLVPRGH(KUOLFKORV
HVTXHOHWRVFDUERQDGRVIRUPDGRVSXHGHQVHUH[FUHWDGRVGLUHFWDPHQWHRELHQGHVFDUER[LODGRV
DOFRUUHVSRQGLHQWHDOGHKLGR\ILQDOPHQWHUHGXFLGRDDOFRKRO'HHVWDIRUPDDSDUWLUGHDODQLQD
VHIRUPDHWDQROGHVHULQDJOLFROGH.DPLQREXWtULFRQSURSDQROGHYDOLQDLVREXWDQROGH
LVROHXFLQD \ OHXFLQD DOFRKROHV LVRDPtOLFRV GH IHQLODODQLQD IHQLOHWDQRO \ ILQDOPHQWH GH
WLURVLQD WLURVRO 1RUPDOPHQWH HO QSURSDQRO QR VH IRUPD SRU HO PHFDQLVPR FLWDGR SXHV OD
FRQFHQWUDFLyQGHVXSUHFXUVRU.DPLQREXWtULFRHQORVPRVWRVVXHOHVHUPX\EDMDPJO

-RVp$5HJRGyQ0DWHRV
HQ QXHVWUR FDVR VLHQGR HO SULQFLSDO UHVSRQVDEOH GH VX IRUPDFLyQ HO FDWDEROLVPR GH ORV
D]~FDUHV /DV FRQFHQWUDFLRQHV PHGLD GH DPLQRiFLGRV SUHFXUVRUHV GH DOFRKROHV VXSHULRUHV
DODQLQDVHULQD.DPLQREXWtULFRYDOLQDLVROHXFLQDOHXFLQDIHQLODODQLQD\WLURVLQDHQ
ORV PRVWRV IXH GH PJO DXQTXH VL QRV FHxLPRV D ORV DPLQRiFLGRV TXH SURGXFHQ ORV
SULQFLSDOHVDOFRKROHVYDOLQDOLVLQDHLVROHXFLQDODPHGLDVHUHGXFHDPJO0XFKRVGH
HVWRVDPLQRiFLGRVQRIXHURQPHWDEROL]DGRVWRWDOPHQWHDSDUHFLHQGRHQORVYLQRVLPSRUWDQWHV
FDQWLGDGHV GH YDOLQD XQRV PJO R OHXFLQD DOUHGHGRU GH PJO 6LQ HPEDUJR OD
SURGXFFLyQPHGLDGHDOFRKROHVVXSHULRUHVVLQSURSDQRO7DEODURQGDORVPJO6HJ~Q
HVWR FDEH DWULEXLU SRFD UHVSRQVDELOLGDG DO PHFDQLVPR GH (KUOLFK HQ OD IRUPDFLyQ GH ORV
DOFRKROHV VXSHULRUHV GH ORV YLQRV DQDOL]DGRV (VWR \D KD VLGR LQGLFDGR SRU DOJXQRV DXWRUHV
5LEpUHDX*D\RQ HW DO TXH DWULEX\HQ D HVWH PHFDQLVPR DOUHGHGRU GH GH OD
IRUPDFLyQ GH ORV DOFRKROHV VXSHULRUHV 'HUULFN \ /DUJH HQFXHQWUDQ TXH FXDQGR 6
FHUHYLVLDH FUHFHFRQDLUHDFLyQHQPHGLRVFRQPXFKDYDOLQDVyORXQDSHTXHxDSDUWHGDOXJDUD
LVREXWDQROVLHQGRHOUHVWRRULJLQDGRSRURWURVPHFDQLVPRV(VWHSXHGHVHUHOPRWLYRSRUHO
TXHQRKHPRVHQFRQWUDGRHQJHQHUDOFRUUHODFLyQHQWUHORVYLQRVFRQPD\RUHVFDQWLGDGHVGH
LVREXWDQROHLVRDPtOLFRV\PHQRUHVGHVXVDPLQRiFLGRVSUHFXUVRUHVSXHVVHVXSRQHTXHDOVHU
XWLOL]DGR SRU HO PHFDQLVPR GH (KUOLFK HVWRV DPLQRiFLGRV GHEHUtDQ HVWDU HQ EDMDV
FRQFHQWUDFLRQHV HQ ORV YLQRV /D ~QLFD FRUUHODFLyQ FODUD DSDUHFH HQ OD YLQLILFDFLyQ 9% \
PHQRVHQ9%(QODYLQLILFDFLyQ9%ORVPD\RUHVFRQWHQLGRVGHLVRDPtOLFRVHLVREXWDQRO
7DEOD\ORVPHQRUHVGHOHXFLQDLVROHXFLQD\YDOLQD7DEODFRUUHVSRQGHQDOYLQR
FRQWURODVXYH]ORVPHQRUHVYDORUHVGHDOFRKROHV\PD\RUHVGHDPLQRiFLGRVSUHFXUVRUHVVRQ
ORV GH (; (VWD FRUUHODFLyQ WDPELpQ VH PDQLILHVWD HQ ORV YLQRV FRQ FRQFHQWUDFLRQHV
LQWHUPHGLDV(;(;\(;
/D IRUPDFLyQ GH DOFRKROHV VXSHULRUHV SXHGH RULJLQDUVH HQ HO PHWDEROLVPR GH RWURV
DPLQRiFLGRV 5LEpUHDX*D\RQ HW DO (VWR TXLHUH GHFLU TXH ORV PRVWRV FRQ PD\RUHV
FDQWLGDGHVGHDPLQRiFLGRVWLHQHQPD\RUSRVLELOLGDGGHJHQHUDUPD\RUFDQWLGDGGHDOFRKROHV
VXSHULRUHV SHUR SRU RWUD SDUWH XQ PRVWR FRQ SRFR QLWUyJHQR IiFLOPHQWH DVLPLODEOH YD D
IDYRUHFHU OD XWLOL]DFLyQ GH ORV DPLQRiFLGRV SRU SDUWH GH ODV OHYDGXUDV FRQ HO FRQVHFXHQWH
DXPHQWR GH DOFRKROHV VXSHULRUHV (Q QXHVWUR FDVR VXFHGHQ ORV GRV IHQyPHQRVDSDUHFLHQGR
PRVWRV FRQ SRFRV DPLQRiFLGRV TXH DO IHUPHQWDU JHQHUDQ PXFKRV DOFRKROHV HMHPSOR
YLQLILFDFLyQ 9% \ PRVWRV FRQ PXFKRV DPLQRiFLGRV TXH SURGXFHQ ORV YLQRV FRQ PD\RUHV

&DStWXOR,,,
YDORUHVPHGLRVGHDOFRKROHVVXSHULRUHV9%FRQPJO\9%FRQPJO0DUJKHULHW
DO WDPSRFRHQFXHQWUDQXQDUHODFLyQFODUDHQWUHHOFRQWHQLGRHQFRPSXHVWRVDPtQLFRV

\ORVFRPSXHVWRVYROiWLOHV\PHQRVD~QFRQODFDOLGDGGHORVYLQRV
(Q FXDQWR D OD UHODFLyQ HQWUH SURGXFFLyQ GH DOFRKROHV VXSHULRUHV \ OHYDGXUDV HV
QRWRULRUHVDOWDUTXHODOHYDGXUD&2SURGXFWRUDGHJUDQGHVFDQWLGDGHVGHDOFRKROHVVXSHULRUHV
PJO GH PHGLD HV D VX YH] OD TXH PD\RUHV FDQWLGDGHV GH FRPSXHVWRV DPtQLFRV KD
FRQVXPLGR HVSHFLDOPHQWH SUROLQD (VWR LQGXFH D SHQVDU TXH HVWD OHYDGXUD IRUPD XQD
LPSRUWDQWH FDQWLGDG GH HVWRV DOFRKROHV D SDUWLU GHO FDWDEROLVPR GH OD SUROLQD \ RWURV
DPLQRiFLGRV (Q FDPELR ODV OHYDGXUDV (; R (; SRFR SURGXFWRUDV GH DOFRKROHV
VXSHULRUHV PJO DSUR[LPDGDPHQWH QR VRQ ODV TXH FRQVXPHQ PHQRUHV FDQWLGDGHV GH
FRPSXHVWRVDPtQLFRV
(QFXDOTXLHUFDVRUHVXOWDSDWHQWHTXHODVOHYDGXUDVXWLOL]DGDVHQORVHQVD\RVPXHVWUDQ
GLVWLQWRVUHTXHULPLHQWRVHQFRPSXHVWRVQLWURJHQDGRV7DEODVLHQGRODVTXHFRQVXPHQ

PiVDPLQRiFLGRVODVOHYDGXUDVGHORVYLQRVFRQWURO\&2\HQPHQRUPHGLGD(;(;
\(;/DVOHYDGXUDVFRQPHQRUHVUHTXHULPLHQWRVHQFRPSXHVWRVDPtQLFRVVRQSRURUGHQGH
PHQRUDPD\RU&2(;(;(;(;(;(;(;\ILQDOPHQWH(;\
(; (O KHFKR GH TXH XQD OHYDGXUD FRQVXPD SRFR QLWUyJHQR SXHGH WHQHU LPSRUWDQWHV
YHQWDMDV-LUDQHNHWDO(QSULPHUOXJDUODOHYDGXUDSXHGHGHVDUUROODUVHHLPSRQHUVH
IiFLOPHQWHHQPHGLRVFRQSRFRQLWUyJHQR(QVHJXQGROXJDUVHHYLWDODDGLFLyQGHDFWLYDGRUHV
GHIHUPHQWDFLyQHQPRVWRVTXHFRQWLHQHQQLYHOHVMXVWRVGHQLWUyJHQRORFXDOUHSHUFXWHHQXQ
PHQRUFRVWHGHODHODERUDFLyQGHORVYLQRV\HQODUHGXFFLyQGHORVSUHFXUVRUHVGHOFDUEDPDWR
GHHWLOR

-RVp$5HJRGyQ0DWHRV
7DEOD0HGLDVGHODVFRQFHQWUDFLRQHVGHDPLQRiFLGRVOLEUHV\GHULYDGRVDPtQLFRVPJOHQODVYLQLILFDFLRQHV

GHODERUDWRULR9/\9/\GHERGHJD9%D9%
&2038(672
FDVSiUWLFR
+LGUR[LSUROLQD
7UHRQLQD
6HULQD
$VSDUDJLQD
FJOXWiPLFR
6DUFRVLQD
FDPLQRDGLStGLFR
0RVWR
(;
(;

9LQR
(;
&RQWURO
0HGLD

3UROLQD

&LWUXOLQD

$ODQLQD
FDPLQREXWtULFR

9DOLQD

0HWLRQLQD

&LVWLQD
'/DORFLVWDWLRQLQD
7LURVLQD

)HQLODODQLQD

*$%$

$PRQLR

FDPLQRLVREXWtULFR
(WDQRODPLQD
+LGUR[LOLVLQD
2UQLWLQD
/LVLQD
727$/VLQSUROLQD
727$/

/DFRQFHQWUDFLyQGHJOLFLQDVHLQFOX\HHQODGHSUROLQD

$UJLQLQD

PHWLOKLVWLGLQD
&DUQRVLQD

$QVHULQD

PHWLOKLVWLGLQD
+LVWLGLQD

DODQLQD

,VROHXFLQD
/HXFLQD

&DStWXOR,,,
$O PDUJHQ GH OD SUROLQD \ DUJLQLQD HO FRQVXPR GH FDGD DPLQRiFLGR 7DEOD
WDPELpQHVYDULDEOHDXQTXHWRGDVODVOHYDGXUDVDVLPLODQFDVLODWRWDOLGDGRPiVGHOGH
YDULRV FRPSXHVWRV DPtQLFRV WUHRQLQD VHULQD VDUFRVLQD LVROHXFLQD *$%$ DPRQLR
KLGUR[LOLVLQD PHWLOKLVWLGLQD \ DQVHULQD \ WRGDV PHWDEROL]DQ HVFDVDPHQWH OD YDOLQD /D
XWLOL]DFLyQGHODYDOLQDSRU6FHUHYLVLDHSDUHFHUHTXHULUPiVHQHUJtDTXHODGHDPRQLR'HUULFN
\/DUJHDGHPiVVHKDREVHUYDGRTXHHVXQDPDODIXHQWHGHQLWUyJHQRSDUDODOHYDGXUD
+HQVFKNH\-LUDQHNSRUDPERVPRWLYRVHVXQRGHORVDPLQRiFLGRVPHQRVDVLPLODGRV
(OFRQVXPRGHDVSiUWLFRYDUtDHVFDVDPHQWHVLHQGRODFHSDTXHPiVFRQVXPH(;\
ODV TXH PHQRV (; \ (; /D OHYDGXUD (; HV OD TXH PHQRV DVSDUDJLQD \ JOXWiPLFR
DVLPLODHQWDQWR(;\(;DVLPLODQPiVDVSDUDJLQD\(;PiVJOXWiPLFR(OFRQVXPR
GHFLWUXOLQDIXHPX\YDULDEOH\JHQHUDOPHQWHHOHYDGR'HVWDFDQODVOHYDGXUDV(;\&2SRU
VX EDMD DVLPLODFLyQ \ (; (; \ ODV OHYDGXUDV GHO FRQWURO SRU OR FRQWUDULR (; \ ODV
OHYDGXUDVGHOFRQWUROIXHURQODVTXHPiVOHXFLQDDVLPLODURQ\(;\(;ODVTXHPHQRV
/DPD\RUtDGHODVOHYDGXUDVFRQVXPLHURQODWLURVLQDSUHFXUVRUGHOWLURVROFDVLHQVXWRWDOLGDG
FRQODVH[FHSFLRQHVPiVQRWDEOHVGH(;(;\(;/RVYDORUHVGHDODQLQDIXHURQ
HQ JHQHUDO HOHYDGRV \ SUy[LPRV D ORV GH ORV PRVWRV ! PJO GHVWDFDQGR SRU ODV
FRQFHQWUDFLRQHV PiV DOWDV (; &2 \ FRQWURO \ SRU ODV PiV EDMDV (; \ (; /D
DVLPLODFLyQGHIHQLODODQLQDIXHPX\GLVWLQWDHQWUHODVGLIHUHQWHVOHYDGXUDVPLHQWUDVTXH(;
(;(;\(;SUHVHQWDEDQYDORUHVVXSHULRUHVDPJOHQ(;QRIXHGHWHFWDGRHVWH
DPLQRiFLGR\HQORVYLQRVFRQWURO\(;ODVFRQFHQWUDFLRQHVPHGLDVIXHURQLQIHULRUHVD
PJO/DOLVLQDSUHVHQWHHQFDQWLGDGHVPX\EDMDVHQORVPRVWRVIXHSUiFWLFDPHQWHDVLPLODGD
HQVXWRWDOLGDGVyOR(;(;\(;GHMDURQYDORUHVVXSHULRUHVDPJO)LQDOPHQWH
ODFRQFHQWUDFLyQGHFDUQRVLQDIXHFRQVLGHUDEOHPHQWHPD\RUTXHHQORVPRVWRV!PJOHQ

ORVYLQRVGH(;(;\&2HQHOUHVWRGHYLQRVODFRQFHQWUDFLyQHVWXYRFRPSUHQGLGD
HQWUHORV \ORVPJO
/D DODQLQD HV XQD EXHQD IXHQWH GH QLWUyJHQR SDUD ODV OHYDGXUDV /DUJH
+HQVFKNH \ -LUDQHN GH PDQHUD TXH LQLFLDOPHQWH HV FRQVXPLGD SHUR DO ILQDO GH OD
IHUPHQWDFLyQSXHGHVHUH[FUHWDGDLQFOXVRHQFDQWLGDGHVVXSHULRUHVDODV LQLFLDOHVDOJRTXHKD
RFXUULGR HQ OD YLQLILFDFLyQ 9/ 7DEOD &XDQGR OD IHUPHQWDFLyQ HVWi ILQDOL]DQGR ODV
OHYDGXUDV FRPLHQ]DQ D OLEHUDU DPLQRiFLGRV GH VX SRRO LQWUDFHOXODU DO YLQR VLHQGR PX\
LPSRUWDQWH OD H[RUFLyQ GH DODQLQD \ JOXWiPLFR (VWH SURFHVR VH UHDOL]D GH IRUPD SDVLYD \

-RVp$5HJRGyQ0DWHRV
SDUHFHVHUXQDUHVSXHVWDDODIDOWDGHD]~FDUHV%LGDQHWDO3RUORWDQWRHVWHSXHGHVHU

HOPRWLYRSRUHOFXDOODFRQFHQWUDFLyQGHDODQLQD\RWURVFRPSXHVWRVDXPHQWDHQORVYLQRV
LQGHSHQGLHQWHPHQWH GH ODV FRQFHQWUDFLRQHV LQLFLDOHV GH ORV PLVPRV HQ ORV PRVWRV $Vt QR
UHVXOWDH[WUDxRHQFRQWUDUHQORVYLQRVFDQWLGDGHVPD\RUHVGHOLVLQDTXHHQORVPRVWRVDXQTXH
QRKDVLGRQXHVWURFDVR6HJ~Q=DPERQHOOLHVWHDPLQRiFLGRHVHOPiVDEXQGDQWHHQODV

FpOXODVGH6FHUHYLVLDHHQWDQWRTXHORVDPLQRiFLGRVD]XIUDGRVFLVWHtQD\PHWLRQLQDVRQORV
PHQRV DEXQGDQWHV 3RU HOOR ORV DXWROLVDGRV GH OHYDGXUDV TXH VH DxDGHQ D ORV YLQRV FRPR
DFWLYDGRUHVGHIHUPHQWDFLyQVRQULFRVHQOLVLQDDUJLQLQDVHULQDJOXWiPLFR\DODQLQD
/RVUHVXOWDGRVPHGLRVPRVWUDGRVSDUDODVFHSDVPHMRUHYDOXDGDV\ORVYLQRVFRQWUROHQ
OD 7DEOD SHUPLWHQ FRPSUREDU TXH ODV OHYDGXUDV (; (; \ (; VRQ EDVWDQWHV
SDUHFLGDV HQWUH Vt HQFXDQWRDH[FUHFLyQ\DVLPLODFLyQGHFRPSXHVWRVDPtQLFRV HQHVSHFLDO
(;\(;VLQHPEDUJRVXVYLQRVGLILHUHQFRQVLGHUDEOHPHQWHGHORVYLQRVFRQWURO/RV
YLQRV GH (; SUHVHQWDQ ODV PD\RUHV FRQFHQWUDFLRQHV GH IHQLODODQLQD HVWDQGR HO UHVWR GH
FRPSXHVWRV HQ FRQFHQWUDFLRQHV SDUHFLGDV D ODV GH ORV YLQRV GH (; \ (; /RV YLQRV
HODERUDGRV FRQ (; SUHVHQWDQ ODV PD\RUHV FRQFHQWUDFLRQHV GH DVSDUDJLQD JOXWiPLFR \
DPLQRLVREXWtULFR /RV YLQRV SURGXFLGRV FRQ (; SUHVHQWDQ FODUDPHQWH ODV PD\RUHV
FRQFHQWUDFLRQHVGHDODQLQDFLWUXOLQDDODQLQD\*$%$ODVFRQFHQWUDFLRQHVGHRWURVPXFKRV
FRPSXHVWRVWDPELpQVRQPiVHOHYDGDVSUROLQDDODQLQDPHWLRQLQDOHXFLQDPHWLOKLVWLGLQD
FDUQRVLQD \ DUJLQLQD DXQTXH PX\ SUy[LPDV R SUiFWLFDPHQWH LJXDOHV D ODV GH (; 3RU
~OWLPR ORV YLQRV FRQWURO VH FDUDFWHUL]DQ SRU FRQWHQHU OD PHQRU FRQFHQWUDFLyQ WRWDO GH
FRPSXHVWRVDPtQLFRV\GHODPD\RUtDGHORVFRPSXHVWRVSRUVHSDUDGRPiVGHGHXQWRWDO
GHVLHQGRHVSHFLDOPHQWHQRWDEOHODVEDMDVFRQFHQWUDFLRQHVGHSUROLQDDODQLQDPHWLRQLQD
OHXFLQD\DPLQRLVREXWtULFR
(VWRVUHVXOWDGRVLQGLFDQTXHODFRQFHQWUDFLyQWRWDOGHDPLQRiFLGRVSDUHFHLQIOXLUHQODV
FDUDFWHUtVWLFDV RUJDQROpSWLFDV GH ORV YLQRV $Vt VH GHGXFH GHO KHFKR GH TXH ORV YLQRV PHMRU
HYDOXDGRV (; FRQWLHQHQ XQ PiV GH HVWRV FRPSXHVWRV TXH ORV SHRU HYDOXDGRV
FRQWURO HVWDQGR HO UHVWR GH YLQRV ELHQ HYDOXDGRV SUy[LPRV D ORV GH (; $GHPiV
SUREDEOHPHQWHHODPLQRiFLGRTXHPiVLQIOX\DVHDODSUROLQD\DTXHHVWHHVHODPLQRiFLGRPiV
DEXQGDQWHHQFDVLWRGRVORVYLQRV\HQHOTXHVHGDQODVPD\RUHVGLIHUHQFLDVFRQUHVSHFWRDO
FRQWURO PiV HQ (; (Q YLQRV QR H[LVWHQ VXILFLHQWHV GDWRV FRPR SDUD DWULEXLU D OD
SUROLQD HIHFWRV EHQHILFLRVRV VREUH HO VDERU R DURPD SHUR HQ YLQDJUHV GRQGH HVWH HV HO

&DStWXOR,,,
DPLQRiFLGRPiVDEXQGDQWHVHKDHQFRQWUDGRFRUUHODFLyQ SRVLWLYDHQWUHVXFRQFHQWUDFLyQ\ODV
PHMRUHV FDUDFWHUtVWLFDV RUJDQROpSWLFDV GHORVPLVPRV3RORHWDOFLWDGRSRU6XiUH]H
xLJR

&$378/2,9
0(-25$*(1e7,&$
&DStWXOR,9
8QD YH] VHOHFFLRQDGDV ODV OHYDGXUDV \ SUREDGD VX XWLOLGDG SDUD HODERUDU YLQRV GH
FDOLGDGQRVSODQWHDPRVPHMRUDUDOJXQDVGHODVFHSDV3RUXQODGRLQWHQWDPRVREWHQHUFHSDV
UHVLVWHQWHV D DOWDV \R EDMDV WHPSHUDWXUDV \ SRU RWUR EDViQGRQRV HQ HO IHQyPHQR
UHFLHQWHPHQWHGHVFULWRGHUHQRYDFLyQJHQyPLFDLQWHQWDPRVLQFUHPHQWDUHOYLJRUIHUPHQWDWLYR
GH ODV OHYDGXUDV PHGLDQWH OD HOLPLQDFLyQ GH DOHORV GHOHWpUHRV GH JHQHV UHODFLRQDGRV FRQ HO
FUHFLPLHQWRFHOXODU
/D XWLOL]DFLyQ GH FHSDV FDSDFHV GH IHUPHQWDU D EDMDV WHPSHUDWXUDV QR WLHQH HVSHFLDO
LQWHUpV HQ QXHVWUD UHJLyQ \D TXH HV XQD ]RQD GH FOLPD FiOLGR 1R REVWDQWH *LXGLFL HW DO
UHFRPLHQGDQHOXVRGHGHWHUPLQDGDVFHSDVFULRWROHUDQWHVSDUDODPHMRUDGHODFDOLGDG
GHORVYLQRV\DTXHVHJ~QHOORVDOJXQDVGHHVWDVFHSDVSURGXFHQYLQRVGHPHMRUFDOLGDGTXH
RWUDVQRFULRWROHUDQWHVSURGXFLHQGRPiVJOLFHURO\DFLGH]WRWDO\PHQRVDFLGH]YROiWLO3RUHVWD
UD]yQLQWHQWDPRVDLVODUPXWDQWHVHVSRQWiQHRVFULRWROHUDQWHV
/DV OHYDGXUDV XWLOL]DGDV HQ HVWH DSDUWDGR IXHURQ ODV VHOHFFLRQDGDV (; (;
(;(;(;(;(;(;\(;ODVFRPHUFLDOHV&2&2\&2\WUHV

GH ODV OHYDGXUDV QR VHOHFFLRQDGDV \D XWLOL]DGDV HQ HO FDStWXOR DQWHULRU (; (; \
(;
/DV OHYDGXUDV IXHURQ LQRFXODGDV SRU GXSOLFDGR HQ <3' \ VH LQFXEDURQ D EDMDV
WHPSHUDWXUDVFRQODILQDOLGDGGHVHOHFFLRQDUSRVLEOHVPXWDQWHVHVSRQWiQHRVFULRWROHUDQWHV/RV
UHVXOWDGRVVHPXHVWUDQHQOD7DEOD(QSULPHUOXJDUVHLQFXEDURQD&\VHREVHUYyHO
FUHFLPLHQWR D ORV \ GtDV $ ORV GtDV WRGDV ODV OHYDGXUDV KDEtDQ FUHFLGR SRFR DXQTXH
KDEtDOLJHUDVGLIHUHQFLDVVLHQGR(;(;(;\(;ODVTXHPiVFUHFLHURQ\(;
(;(;(;\&2ODVTXHPHQRV$ORVGtDVHOFUHFLPLHQWRGHOD PD\RUtDGHODV
FHSDVVHLJXDOyEDVWDQWHDXQTXHODVFHSDV(;(;(;\(;FUHFLHURQSHRUHQ
WDQWRTXH(;IXHODTXHPiVFUHFLy
3RVWHULRUPHQWHODVOHYDGXUDVVHLQFXEDURQD&7UDQVFXUULGRVGtDVHOUHVXOWDGRIXH
PX\SDUHFLGRDOFDVRDQWHULRUDXQTXH(;IXHODFHSDTXHPiVFUHFLy(;FUHFLyPHMRU
TXHD&\(;\(;FUHFLHURQSHRU
6LVHLQFXEDQODVFHSDVD&GXUDQWHGtDV\GHVSXpVD&GXUDQWHGtDVVHREVHUYD

-RVp$5HJRGyQ0DWHRV
TXH DO LJXDO TXH RFXUUtD D & (; HV OD TXH PiV FUHFH \ QXHYDPHQWH (; (; \
(;VRQODVTXHSHRUFUHFHQ(;(;\&2FRPRD&FUHFHQSRFRDXQTXHPiV
TXHODVDQWHULRUHV
7DEOD&UHFLPLHQWRGHODVOHYDGXUDVDEDMDVWHPSHUDWXUDV
&HSD
&
&
&&
(;

(;

(;
(;
(;

(;

(;

(;
(;

(;

(;

(;
&2
&2
&2

/RVUHVXOWDGRVFRUUHVSRQGHQDORVGtDVGHLQFXEDFLyQ/RVVLJQRVLQGLFDQGLVWLQWRVJUDGRVGHFUHFLPLHQWR
VLHQGR HOPHQRUFUHFLPLHQWR\HOPi[LPR
(QUHVXPHQVHREVHUYDTXHODVOHYDGXUDV(;(;\(;FUHFHQVLHPSUHPX\
SRFR D EDMDV WHPSHUDWXUDV (; \ &2 WDPELpQ FUHFHQ PDO DXQTXH DOJR PHMRU TXH ODV
DQWHULRUHV (; FUHFH PDO D & \ D && \ ILQDOPHQWH ODV OHYDGXUDV (; \
HVSHFLDOPHQWH(;VRQODVTXHPHMRUFUHFHQDODVEDMDVWHPSHUDWXUDVHQVD\DGDV(QQLQJ~Q
FDVR VH REVHUYDURQ SDSLODV GXUDQWH HO FUHFLPLHQWR GH ODV OHYDGXUDV HV GHFLUQRDSDUHFLHURQ
PXWDQWHVHVSRQWiQHRV FRQPD\RUYHORFLGDGGHFUHFLPLHQWRTXHODFHSDSDUHQWDOGHSDUWLGDHQ
FRQVHFXHQFLDGHVLVWLPRVGHUHDOL]DUODPHMRUDJHQpWLFDHQHVWHVHQWLGR

&DStWXOR,9
*LXGLFL \ =DPERQHOOL D LQGLFDQ TXH HQWUH ODV UD]DV ILVLROyJLFDV ED\DQXV \
XYDUXP HVKDELWXDOHQFRQWUDUOHYDGXUDVFULRWROHUDQWHVTXHIHUPHQWDQELHQHQWUH&\&$
SHVDU GH HVWR HQ QXHVWUR FDVR ODV OHYDGXUDV TXH SHRU FUHFLHURQ D EDMDV WHPSHUDWXUDV
FRUUHVSRQGHQDODUD]DILVLROyJLFDED\DQXV (;(;\(;\XQDDODUD]DFDSHQVLV
(;DGHPiVGHODOHYDGXUDFRPHUFLDO&2TXHVHJ~QHOGLVWULEXLGRUFRUUHVSRQGHDODUD]D
ED\DQXV(QFDPELRWRGDVODVOHYDGXUDVTXHFUHFLHURQPHMRUDEDMDWHPSHUDWXUDSHUWHQHFtDQD
ODUD]DILVLROyJLFDFHUHYLVLDH
([LVWH XQD WHPSHUDWXUD PtQLPD GH FUHFLPLHQWR HQ OD TXH ODV OHYDGXUDV FUHFHQ PX\
OHQWDPHQWH VLQ VHU GHVWUXLGDV XQD WHPSHUDWXUD ySWLPD HQ OD TXH OD DFWLYLGDG HVSHFtILFD HV
Pi[LPDXQDWHPSHUDWXUDPi[LPDHQODTXHODDFWLYLGDGHVQXOD\XQDWHPSHUDWXUDOHWDOHQOD
TXH VRQ GHVQDWXUDOL]DGDV \ GHVWUXLGDV LUUHYHUVLEOHPHQWH HQ IXQFLyQ GHO WLHPSR 6WUHKDLDQR
/DV EDMDV WHPSHUDWXUDV TXH KHPRV XWLOL]DGR KDQ SURYRFDGR FRPR HV QRUPDO OD
LQDFWLYDFLyQSDUFLDOGHOFUHFLPLHQWRGHODVOHYDGXUDVVLHQGRHVSHFLDOPHQWHHYLGHQWHHQ(;
(;(;\(;6HJ~Q6WUHKDLDQRHVWDLQFDSDFLGDGSDUDFUHFHUHVIiFLOPHQWH
UHYHUVLEOH \D TXH ODV OHYDGXUDV LQFXEDGDV D EDMDV WHPSHUDWXUDV QR VRQ VRPHWLGDV D XQ JUDQ
HVWUpV GH WDO IRUPD TXH OD DSDULFLyQ GH SRVLEOHV PXWDQWHV HVSRQWiQHRV GHEH VHU FRQ WRGD
VHJXULGDGPX\EDMD
1RUPDOPHQWH UHVXOWD PiV IiFLO DLVODU FHSDV TXH FUH]FDQ D EDMDV WHPSHUDWXUDV TXH D
DOWDV(QFXDOTXLHUFDVRVLHPSUHHVGLItFLO\DTXHORVPHFDQLVPRGHFRQWUROGHOFUHFLPLHQWRD
DOWDV\REDMDVWHPSHUDWXUDVSDUHFHQHVWDUFRQWURODGRVSRUPXFKRVJHQHVGHIRUPDTXHKDEUtD
TXHPXWDUYDULRVDOPLVPRWLHPSRSDUDFRQVHJXLUHOHIHFWRGHVHDGR$SHVDUGHHVWRDOJXQRV
DXWRUHVFRPR.X]HZLF]WUDEDMDQGRFRQFHSDVGHODERUDWRULR\PHGLDQWHPXWDJpQHVLV
FRQUDGLDFLRQHVXOWUDYLROHWDKDQFRQVHJXLGRREWHQHUFHSDVGH6FHUHYLVLDH TXHIHUPHQWDQELHQ
DEDMDVWHPSHUDWXUDV
/DREWHQFLyQGHFHSDVGHOHYDGXUDVUHVLVWHQWHVDDOWDVWHPSHUDWXUDVWLHQHJUDQLQWHUpV
HQ]RQDVGHFOLPDFiOLGRFRPR([WUHPDGXUDGRQGHFRPR\DVHKDFLWDGRDQWHULRUPHQWHODV
WHPSHUDWXUDV HQ pSRFD GH YHQGLPLD SXHGHQ VXSHUDU RFDVLRQDOPHQWH ORV & SXGLHQGR
RFDVLRQDU SDUDGDV GH IHUPHQWDFLyQ 6HUtD LQWHUHVDQWH TXH ODV OHYDGXUDV UHVLVWLHUDQ HVWDV
WHPSHUDWXUDV VLQ PRULU GH WDO IRUPD TXH HOODV PLVPDV UHDQXGHQ OD IHUPHQWDFLyQ FXDQGR VH

-RVp$5HJRGyQ0DWHRV
UHFXSHUHQWHPSHUDWXUDVPiVEDMDV/DVOHYDGXUDVXWLOL]DGDVHQHVWH HVWXGLRIXHURQODVPLVPDV
VHxDODGDVHQHODSDUWDGR
6HOHFFLyQGHPXWDQWHVHVSRQWiQHRVHQ<3'
(Q HO DSDUWDGR GHO FDStWXOR ,, FRQFOXLPRV TXH HO FUHFLPLHQWR HQ PHGLR VyOLGR D
& SRGtD VHU XQ EXHQ PpWRGR SDUD DLVODU \ VHOHFFLRQDU FHSDV FDSDFHV GH FUHFHU D DOWDV
WHPSHUDWXUDV \D TXH ODV FHSDV FDSDFHV GH FUHFHU D & IHUPHQWDQ PHMRU D & 3RU HVWH
PRWLYR GHFLGLPRV FUHFHU ODV OHYDGXUDV HQ <3'DJDU D DOWDV WHPSHUDWXUDV \ DQDOL]DU OD
DSDULFLyQGHPXWDQWHVHVSRQWiQHRVFDSDFHVGHGHVDUUROODUVHPHMRUTXHODFHSDGHRULJHQ\GH
IHUPHQWDUORVPRVWRVDWHPSHUDWXUDVPiVDOWDV
/DVOHYDGXUDVHQHVWXGLRVHUHSOLFDURQHQSODFDVGH<3'\VHLQFXEDURQD&YDULDV
YHFHVKDVWDODDSDULFLyQGHSDSLODV/DVSDSLODVDSDUHFLHURQWUDQVFXUULGRVGHD GtDVHQ
ODVVLJXLHQWHVFHSDV(;(;(;(;&2\&2(QHOUHVWRGHOHYDGXUDVQRVH
DSUHFLy OD SUHVHQFLD GH SDSLODV \ FUHFLHURQ PX\ SRFR HQ HVSHFLDO (; (; (; \
(;/DVSDSLODVDSDUHFLGDVVHDLVODURQHLQRFXODURQHQSODFDVGH<3'D &GXUDQWHK
6HJXLGDPHQWH VH YROYLHURQ D VHPEUDU MXQWR FRQ ODV FHSDV SDUHQWDOHV HQ HO PLVPR PHGLR D
& & \ & /RV UHVXOWDGRV VH REVHUYDURQ D ORV GtDV $ & \ & FUHFLHURQ
SHUIHFWDPHQWH WDQWR ODV SDSLODV FRPR ODV SDUHQWDOHV FRQ OD ~QLFD H[FHSFLyQ GH &2 \ VXV
SDSLODV$&WRGDVODVOHYDGXUDVFUHFHQPX\SRFR\QRVHREVHUYDQGLIHUHQFLDVHQWUHODV
SDSLODV\VXVFRUUHVSRQGLHQWHVSDUHQWDOHV(VGHFLUSDUHFHVHUTXHODFDSDFLGDGGHODVSDSLODV
SDUDFUHFHUPHMRUD&QRHVXQFDUiFWHUHVWDEOHKHUHGLWDULR\VHSLHUGHIiFLOPHQWH
'DGR TXH QR KDEtDPRV FRQVHJXLGR UHVXOWDGRV VDWLVIDFWRULRV FRQ HO SURFHGLPLHQWR
HPSOHDGR GHFLGLPRV UHDOL]DU QXHYRV H[SHULPHQWRV VRPHWLHQGR D ODV OHYDGXUDV D FLFORV GH
WHPSHUDWXUDV PX\ DOWDV GXUDQWH WLHPSRV UHODWLYDPHQWH FRUWRV YDULDV KRUDV &RQ HVWR
SUHWHQGtDPRV TXH ODV OHYDGXUDV DFWLYDVHQ DOJ~Q PHFDQLVPR GH UHVSXHVWD D ODV DOWDV
WHPSHUDWXUDVTXHSXGLHUDOOHJDUDVHUHVWDEOH\KHUHGDEOH'HERUDK\.HQQHWKREVHUYDQ
TXHFXDQGRODVOHYDGXUDVVRQVRPHWLGDVD&GXUDQWHDPLQXWRVVHSURGXFHQLPSRUWDQWHV
FDPELRVHVWUXFWXUDOHVHQODFpOXODVLHQGRXQRGHORVPiVHYLGHQWHVODUHGXFFLyQGHOQXFOpROR
'HVSXpV GHO FKRTXH WpUPLFR ODV FpOXODV VH UHFXSHUDQ \ HO QXFOpROR FUHFH SHUR HVWD
UHFXSHUDFLyQHVPiVUiSLGDHQODVFpOXODVTXHKDQVLGRVRPHWLGDVHQPiVRFDVLRQHVDFKRTXH
WpUPLFR(VWRLQGLFDTXHVHSURGXFHXQDDGDSWDFLyQSRUSDUWHGHODFpOXODTXHSRVLEOHPHQWH

&DStWXOR,9
FRQVLVWDHQFDPELRVHQODFRPSRVLFLyQGHODPHPEUDQD\HQHODXPHQWRGHODFRQFHQWUDFLyQGH
PHWDEROLWRVFRPRODWUHKDORVD\HOJOLFHUROTXHSXHGHQLQGXFLUODWROHUDQFLDDOHVWUpV/HZLV

HWDODXQTXHSDUHFHTXHHVWRVFDPELRVQRVRQKHUHGLWDULRV
/DVOHYDGXUDVIXHURQVHPEUDGDVHQSODFDVGH<3'YDULDQGRHOWLHPSRGHLQFXEDFLyQ\
ODWHPSHUDWXUD&XDQGRVHUHSHWtDRYHFHVHOFLFORGHLQFXEDFLyQ&K&KWRGDV
ODVOHYDGXUDVTXHHQHOH[SHULPHQWRDQWHULRUFUHFLHURQELHQD&VHJXtDQKDFLpQGROR<DO
UHYpVODVFHSDVTXHQRFUHFtDQELHQD&QRFUHFtDQQDGD(;(;(;\ (;R
FUHFtDQPX\SRFR&26LHOFLFORFRQVLVWtDHQ&K&K\VHUHSHWtDYHFHV
ORVUHVXOWDGRVREWHQLGRVHUDQLGpQWLFRVDORV\DLQGLFDGRV)LQDOPHQWHDOVRPHWHUODVOHYDGXUDV
GRV YHFHV D & K& K VH REVHUYDURQ UHVXOWDGRV VLPLODUHV DXQTXH (; IXH OD
OHYDGXUD TXH SHRU FUHFtD \ &2 FUHFLy VyOR XQ SRFR PHMRU TXH &2 (Q QLQJ~Q FDVR
DSDUHFLHURQ SDSLODV GXUDQWH HO WLHPSR GH LQFXEDFLyQ GH PDQHUD TXH GHILQLWLYDPHQWH QR
IXLPRVFDSDFHVGHDLVODUPXWDQWHVHVSRQWiQHRVPiVUHVLVWHQWHVDDOWDVWHPSHUDWXUDV
5HVXOWD FXULRVR REVHUYDU TXH ODV OHYDGXUDV TXH FUHFtDQ PDO D EDMDV WHPSHUDWXUDV
(; (; (; (; \ HQ PHQRU PHGLGD &2 FUHFHQ WDPELpQ PDO D DOWDV
WHPSHUDWXUDV 6LQ HPEDUJR WRGDV HOODV PXHVWUDQ XQ FRPSRUWDPLHQWR QRUPDO HQ <3' D
& \ HQ ODV IHUPHQWDFLRQHV GH PRVWR UHDOL]DGDV HQWUH & \ & GDWRV QR PRVWUDGRV
(VWD FRLQFLGHQFLD QRV KDFH SHQVDU TXH HO PHFDQLVPR UHVSRQVDEOH GHO FUHFLPLHQWR D DOWDV
WHPSHUDWXUDVGHEHVHUHOPLVPRRDOPHQRVGHEHHVWDUUHODFLRQDGRFRQHOTXHUHJXODRSHUPLWH
HOFUHFLPLHQWRDEDMDVWHPSHUDWXUDV
6HJ~Q %DQDW \ 0DUFKDQW ODVOHYDGXUDVGHODHVSHFLH6FHUHYLVLDH VRQPHQRV
WHUPRWROHUDQWHV TXH ODV SHUWHQHFLHQWHV D RWURV JpQHURV FRPR SRU HMHPSOR .OX\YHURP\FHV
UHVXOWDQGRGLItFLOREWHQHUPXWDQWHVTXHIHUPHQWHQDDOWDVWHPSHUDWXUDV1RREVWDQWHDOJXQRV
DXWRUHV'$PRUHHWDO%DOOHVWHURVHWDOKDQFRQVHJXLGRREWHQHUFHSDVGH6
FHUHYLVLDH FRQ FDSDFLGDG SDUD IHUPHQWDU D & VL ELHQ ORV UHQGLPLHQWRV DOFRKyOLFRV
REWHQLGRVVRQPX\EDMRV/DOXFHPHGLDQWHWpFQLFDVGHKLEULGDFLyQKDFRQVHJXLGRFHSDV

TXHIHUPHQWDQELHQD]~FDUGHFDxDDWHPSHUDWXUDVGHD&
6HOHFFLyQGHPXWDQWHVHVSRQWiQHRVHQPRVWR
/D WHPSHUDWXUD HV XQR GH ORV IDFWRUHV TXH PiV LQIOX\H VREUH OD HYROXFLyQ GH OD
IHUPHQWDFLyQ =DPERQHOOL /D IHUPHQWDFLyQ HV XQ SURFHVR PX\ H[HUJyQLFR

-RVp$5HJRGyQ0DWHRV
SURYRFDQGR HO DXPHQWR GH OD WHPSHUDWXUD GHO PRVWR \ SXGLHQGR SRQHU HQ SHOLJUR
HVSHFLDOPHQWHHQFOLPDVFiOLGRVODPDUFKDGHODIHUPHQWDFLyQ3RUHVWHPRWLYRHVLQWHUHVDQWH
OD VHOHFFLyQ GH FHSDV GH OHYDGXUDV FDSDFHV GH OOHYDU D FDER HO SURFHVR IHUPHQWDWLYR D
WHPSHUDWXUDV VXSHULRUHV D & WHPSHUDWXUD TXH VHJ~Q =DPERQHOOL VH DOFDQ]D
IiFLOPHQWH HQ ORV JUDQGHV GHSyVLWRV GH IHUPHQWDFLyQ VLQ FRQWURO GH WHPSHUDWXUD (Q HVWDV
FRQGLFLRQHVORVYLQRVUHVXOWDQWHVQRVXHOHQVXSHUDUORV GHDOFRKRO\VRQGHPDODFDOLGDG
&RQ OD ILQDOLGDG GH REWHQHU PXWDQWHV HVSRQWiQHRV FDSDFHV GH IHUPHQWDU D & ODV
OHYDGXUDVIXHURQLQRFXODGDVHQPRVWR3DUGLQDHLQFXEDGDVDGLFKDWHPSHUDWXUD)HUPHQWDFLyQ
7DEOD$ORVGtDVORV%UL[GHOYLQRHVWDEDQFRPSUHQGLGRVHQWUH(;\

(; (VWHPLVPRGtDVHH[WUDMRGHFDGDYLQRXQDPXHVWUDGHPO\VHDxDGLyDPRVWR
3DUGLQDHVWpULOLQFXEiQGRVHGHQXHYRD&)HUPHQWDFLyQ7DEOD(OGtDORVYLQRV
FRQ PiV %UL[ IXHURQ ORV FRUUHVSRQGLHQWHV D (; %UL[ (; %UL[ \ (;
%UL[ /RV YLQRV FRQ PHQRU QLYHO GH D]~FDUHV IXHURQ ORV GH &2 %UL[ \ (;
%UL[7UDQVFXUULGRVGtDVGHVGHHOLQLFLRGHHVWDVHJXQGDIHUPHQWDFLyQPOGHFDGD
YLQRIXHURQLQRFXODGRVQXHYDPHQWHHQPRVWR3DUGLQDHVWpULO\VHGHMyIHUPHQWDUXQDYH]PiV
D&)HUPHQWDFLyQ7DEOD(QHVWHFDVRORV%UL[HOGtDGHIHUPHQWDFLyQRVFLODURQ
HQWUH(;\(;
(QODVIHUPHQWDFLRQHVODYHORFLGDGLQLFLDOIXHPX\UiSLGDSHUROD)HUPHQWDFLyQVH
SDUy SUiFWLFDPHQWH HO GtD \ ODV )HUPHQWDFLRQHV \ HO GtD )LJXUDV \
UHVXOWDGRV VLPLODUHV KDQ VLGR REWHQLGRV SRU 3H\QDXG HQ IHUPHQWDFLRQHV GH PRVWR D
&6LREVHUYDPRVORV%UL[GHODVIHUPHQWDFLRQHVGHPDQHUDVHFXHQFLDOSDUDFDGDFHSD
7DEOD SRGHPRV DSUHFLDU TXH OD PD\RUtD GH ODV OHYDGXUDV (; (; (; (;
(;(;\&2YDQGHMDQGRSURJUHVLYDPHQWHPiVD]~FDUHVHQHOPHGLRHVGHFLUHQ
QLQJXQRGHHVWRVFDVRVODVOHYDGXUDVVHDGDSWDQPHMRUDODVDOWDVWHPSHUDWXUDVGHIHUPHQWDFLyQ
QL VXUJHQ PXWDQWHV HVSRQWiQHRV PiV UHVLVWHQWHV (VWH KHFKR HV SDUWLFXODUPHQWH HYLGHQWH HQ
(;ODFXDOFRPLHQ]DGHMDQGRHOPHGLRFRQ%UL[\ILQDOL]DFRQ%UL[(OUHVWRGH
FHSDV VDOYR &2 \ (; GHMDQ PHQRV D]~FDUHV HQ OD )HUPHQWDFLyQ SHUR HQ OD
)HUPHQWDFLyQORV%UL[ILQDOHVVXEHQ\VRQPD\RUHVDORVGHODV)HUPHQWDFLRQHV\/DV
OHYDGXUDV&2\(;ILQDOL]DQOD)HUPHQWDFLyQFRQSUiFWLFDPHQWHODPLVPDFDQWLGDGGH
D]~FDUHV TXH HQ OD SULPHUD SHUR &2 FRQ PiV TXH HQ OD VHJXQGD \ (; FRQ PHQRV
)LQDOPHQWH(;VHFRPSRUWDGHPDQHUDVLPLODUHQODVIHUPHQWDFLRQHVORFXDOQRVLQGLFD

&DStWXOR,9
TXHDXQTXHQRHVFDSD]GHPHMRUDUDOPHQRVQRHVSHUMXGLFDGDGHPDQHUDHYLGHQWHSRUODV
DOWDVWHPSHUDWXUDV
7DEOD%UL[GHODVIHUPHQWDFLRQHVHOGtDGHOSURFHVR
&HSD
)HUPHQWDFLyQ
)HUPHQWDFLyQ
)HUPHQWDFLyQ
(;

(;
(;
(;
(;
(;
(;
(;
(;

&2

&2

(;

&2

(;
(;

/D PD\RUtD GH ODV OHYDGXUDV TXH TXHGDURQ PiV D]~FDUHV HQ OD )HUPHQWDFLyQ VH
FRUUHVSRQGHQFRQODVTXHFUHFLHURQSHRUDDOWDV\EDMDVWHPSHUDWXUDVHQ<3'VyOLGRDSDUWDGRV
\ UHVSHFWLYDPHQWH $Vt (; (; (; \ &2 GHMDQ QLYHOHV DOWRV GH
D]~FDUHV\FUHFHQPDODEDMDV\DOWDVWHPSHUDWXUDV6LQHPEDUJR(;GHMDQLYHOHVPX\DOWRV
GH D]~FDUHV %UL[ \ HQ FDPELR SDUHFH FUHFHU ELHQ D EDMDV \ DOWDV WHPSHUDWXUDV (;
SDUHFHVHUODOHYDGXUDPiVDGHFXDGDGHODVDQDOL]DGDVSDUDIHUPHQWDUDDOWDVWHPSHUDWXUDV\D
TXH FUHFH ELHQ D & HV OD TXH PHMRU FUHFH D EDMDV WHPSHUDWXUDV OD PiV UHJXODU \ OD TXH
PHQRV%UL[GHMDHQODVIHUPHQWDFLRQHVD&
3RUXOWLPRYDOHODSHQDUHVDOWDUHOFRPSRUWDPLHQWRGHODOHYDGXUD(;PX\SDUHFLGR
DOGH(;WDQWRHQ<3'DDOWDV\EDMDVWHPSHUDWXUDVFRPRHQPRVWRD&6LQHPEDUJRD

-RVp$5HJRGyQ0DWHRV
GLIHUHQFLDGH(;HVWDOHYDGXUDFRPR\DVHKDFRPHQWDGRHQRWUDVRFDVLRQHVSUHVHQWDXQD
FLQpWLFDIHUPHQWDWLYDKDELWXDOPHQWHOHQWDDWHPSHUDWXUDVFRPSUHQGLGDVHQWUH&\&
&RPRVHSXHGHREVHUYDUFDVLWRGDVODVFHSDVGH6FHUHYLVLDH FUHFHQELHQHQPHGLR
<3'VyOLGRD&HQFDPELRHQODVIHUPHQWDFLRQHVGHPRVWRD&HOFUHFLPLHQWRVHDFDED
GHWHQLHQGR VLQ FRQVXPLUVH EXHQD SDUWH GH ORV D]~FDUHV (VWH KHFKR VH H[SOLFD SRU HO HIHFWR
VLQpUJLFR GH OD WHPSHUDWXUD HO WLHPSR \ HO HWDQRO HO FXDO KDFH TXH ODV FpOXODV PXHUDQ
6WUHKDLDQR 3RU HVWD UD]yQ SDUD REWHQHU OHYDGXUDV FDSDFHV GH FUHFHU D DOWDV
WHPSHUDWXUDV HQ SUHVHQFLD GH HWDQRO SRU XQ ODGR VH GHEHQ GH PXWDU GHWHUPLQDGRV JHQHV
UHODFLRQDGRV GLUHFWDPHQWH FRQ HO FUHFLPLHQWR D DOWDV WHPSHUDWXUDV \ SRU RWUR JHQHV
UHODFLRQDGRVFRQODUHVLVWHQFLDDOHWDQROTXHVHJ~Q*LXGLFLHVWiQUHODFLRQDGRVFRQOD
FRPSRVLFLyQOLStGLFDGHODPHPEUDQDSODVPiWLFD(VWDSXHGHVHUODFDXVDSRUODFXDOQRKHPRV
SRGLGR DLVODU PXWDQWHV HVSRQWiQHRV FDSDFHV GH IHUPHQWDU ORV PRVWRV D DOWD WHPSHUDWXUD FRQ
EXHQUHQGLPLHQWRHQHWDQRO\FRQVXPRWRWDOGHORVD]~FDUHVIHUPHQWDEOHV
6RQPXFKRVORVLQWHQWRVTXHVHKDQKHFKRSDUDVHOHFFLRQDUOHYDGXUDVFRQUHVLVWHQFLDD
DOWDVWHPSHUDWXUDVODPD\RUtDGHHOORVDOLJXDOTXHHOQXHVWURQRKDQWHQLGR HOp[LWRHVSHUDGR
0HMRUD JHQpWLFD GH OHYDGXUDV YtQLFDV LQGXVWULDOHV SRU HOLPLQDFLyQ GH DOHORV
GHOHWpUHRVHLQFUHPHQWRGHOJUDGRGHKRPRFLJRVLV
*UDGR GH KRPRFLJRVLV \ SUHVHQFLD GH JHQHV GHOHWpUHRV HQ OHYDGXUDV DXWyFWRQDV
H[WUHPHxDV
9DULRV DXWRUHV KDQ GHVFULWR TXH OD PD\RUtD GH ODV FHSDV VLOYHVWUHV GH 6 FHUHYLVLDH
SUHVHQWDQ DOHORV GHOHWpUHRV HQ KHWHURFLJRVLV -LPpQH] \ %HQtWH] %DNDOLQVN\ \ 6QRZ
0RUWLPHU HW DO *XLMR HW DO \ XQ DOWR QLYHO GH ORFL HQ KRPRFLJRVLV
0RUWLPHU HW DO (VWR VXJLHUH TXH OD IUHFXHQFLD FRQ OD TXH DFW~D HO PHFDQLVPR GH
UHQRYDFLyQJHQyPLFD\SRUHQGHODFRQMXJDFLyQHQWUHFpOXODVSURFHGHQWHVGHODPLVPDHVSRUD
GHEHVHUPX\DOWDHQODQDWXUDOH]D<TXHHVWHPHFDQLVPRGHEHVHUYLUSDUD HOLPLQDUORVDOHORV
GHOHWpUHRVTXHGHEHQDSDUHFHUHQODSREODFLyQFRQUHODWLYDIDFLOLGDG3DUDFRPSUREDUTXHHQ
ORV HFRVLVWHPDV YLQtFRODV H[WUHPHxRV VH GDQ ODV PLVPDV FLUFXQVWDQFLDV KHPRV DQDOL]DGR OD
VHJUHJDFLyQ GH GLVWLQWDV FDUDFWHUtVWLFDV IHQRWtSLFDV HQ OD SURJHQLH GH YDULDV OHYDGXUDV
DXWyFWRQDV DLVODGDVGHPRVWRV\YLQRVH[WUHPHxRV3DUDHOORVHLQRFXODURQODVOHYDGXUDVHQ

&DStWXOR,9
PHGLRGHHVSRUXODFLyQ\XQDYH]HVSRUXODGDVVHGLVHFFLRQDURQODVHVSRUDVGHWpWUDGDV
GHFDGDFHSDSDUHQWDOHQSODFDVGH<3'XWLOL]DQGRXQPLFURPDQLSXODGRU8QDYH]LQFXEDGDV
ODVSODFDVGXUDQWHGtDVD&VHGHWHUPLQyHOSRUFHQWDMHGHHVSRUDVYLDEOHV\VHDQDOL]yHO
WDPDxR GH ODV FRORQLDV SDUD GHWHUPLQDU OD YHORFLGDG GH FUHFLPLHQWR GH FDGD QXHYD FHSD GH
OHYDGXUD RULJLQDGD $ FRQWLQXDFLyQ VH UHSOLFDURQ ODV GHVFHQGHQFLDV GH WRGDV ODV OHYDGXUDV
SDUHQWDOHVHQGLVWLQWRVPHGLRVSDUDDQDOL]DUODVHJUHJDFLyQGHGLVWLQWRVIHQRWLSRVWDO\FRPRVH
LQGLFDHQHODSDUWDGRGH0pWRGRV/RVUHVXOWDGRVGHWRGRVHVWRVDQiOLVLVVHUHVXPHQHQ
OD 7DEOD 3DUD ODV OHYDGXUDV FRQ HVSRUDV GH UHGXFLGD YLDELOLGDG IXH QHFHVDULR GHGXFLU OD
VHJUHJDFLyQGHORVGLVWLQWRVIHQRWLSRVHQDOJXQDVWpWUDGDV
(QJHQHUDOVHREVHUYDXQDOWRJUDGRGHKRPRFLJRVLVHQWRGDVODVOHYDGXUDVDQDOL]DGDV
\ODSUHVHQFLDHQODPD\RUtDGHHOODVGHDOHORVGHOHWpUHRVUHODFLRQDGRVFRQHOFUHFLPLHQWRHQ
PHGLR ULFR <3' 'H XQ WRWDO GH IHQRWLSRV DQDOL]DGRV HQ WRGDV ODV FHSDV HO Q~PHUR
Pi[LPR GH FDVRV GH KHWHURFLJRVLV HQFRQWUDGR IXH GH WUHV (; (;5 (; (;5
(;&2\&25(QGRVFHSDV(;\(;5QRVHHQFRQWUyQLQJXQDKHWHURFLJRVLV
(QHOUHVWRGHODVOHYDGXUDVVHHQFRQWUDURQXQR(;5(;5(;(;5(;RGRV
FDVRV GH KHWHURFLJRVLV (; (;5 (; \ (;5 /D PD\RUtD GH ODV KHWHURFLJRVLV
HQFRQWUDGDVFRUUHVSRQGHQDODVSUXHEDVGHWDPDxRGHFRORQLDSURGXFFLyQGH+6\UHVLVWHQFLD
D 62 $GHPiV GH HVWR VyOR SDUWH GH OD SREODFLyQ GH (; IXH KHWHURFLJyWLFD SDUD XQD
PXWDFLyQSHWLWHFURPRVRPDO<3*\SDUWHGH(;5SDUDODFDSDFLGDGGHXWLOL]DUUDILQRVD

5DI 7RGDV ODV OHYDGXUDV SDUHFHQ VHU KRPRFLJyWLFDV SDUD HO DOHOR +2 \D TXH WRGDV ODV
OHYDGXUDVGHODVGLVWLQWDVGHVFHQGHQFLDVVRQFDSDFHVGHYROYHUDHVSRUXODU'HODVOHYDGXUDV
FRQKHWHURFLJRVLVPXHVWUDQVHJUHJDFLyQSDUDODPD\RUtDGHORVIHQRWLSRVDQDOL]DGRVOR
FXDOHVLQGLFDWLYRGHTXHHVWDVOHYDGXUDVVRQGLSORLGHV$GHPiVHVWHSDWUyQGHVHJUHJDFLyQHV
FRQVLVWHQWHFRQODH[LVWHQFLDGHKHWHURFLJRVLVHQXQVRORJHQSDUDFDGDIHQRWLSRQLFDPHQWH
SDUDHOWDPDxRGHFRORQLDVHREVHUYDQSDWURQHVGHVHJUHJDFLyQGLVWLQWRVLUUHJXODU\
SDUDDOJXQDVOHYDGXUDV(;5(;5(;(;5(;(;5\(;LQGLFDQGR
HQ HVWRV FDVRV OD H[LVWHQFLD GH DOHORV GHOHWpUHRV HQ KHWHURFLJRVLV SDUD PiV GH XQ JHQ
LPSOLFDGRHQHOFUHFLPLHQWRFHOXODU
(QGRVFHSDVUHVLVWHQWHVDFLFORKH[LPLGD(;5\(;5VHREVHUYDQFDPELRVHQHO
SDWUyQGHVHJUHJDFLyQSDUDXQGHWHUPLQDGRIHQRWLSRSDUDHOQ~PHURGHKHWHURFLJRVLVRSDUDHO
SRUFHQWDMHGHYLDELOLGDGGHODVHVSRUDVUHVSHFWRGHODVFRUUHVSRQGLHQWHVOHYDGXUDVSDUHQWDOHV

-RVp$5HJRGyQ0DWHRV
(;(;,QFOXVRSDUDDOJXQDVOHYDGXUDVVHREVHUYDQSDWURQHVGLVWLQWRVGHVHJUHJDFLyQ
HQ OD SURJHQLH SDUD XQ GHWHUPLQDGR IHQRWLSR SUXHED <3* SDUD (; 5DI SDUD (;5 \
WDPDxRFHOXODUSDUD(;\(;57RGRVHVWRVFDPELRVSXHGHQVHUH[SOLFDGRVHQEDVHDOD
WHRUtDGHODUHQRYDFLyQJHQyPLFDSURSXHVWDSRU0RUWLPHUHWDO (QHVWRVFDVRVGLFKD

UHQRYDFLyQVHSURGXFLUtDGXUDQWHHOFUHFLPLHQWRYHJHWDWLYRGHODVOHYDGXUDVFXDQGRVHUHDOL]DQ
ORV VXFHVLYRV SDVHV GH ODERUDWRULR HQ PHGLR ULFR <3' \D TXH WRGDV HOODV SURFHGHQ
LQLFLDOPHQWHGHXQD~QLFDFpOXOD/DVFHSDVUHVLVWHQWHVDFLFORKH[LPLGDKDQVLGRFXOWLYDGDVHQ
DOJ~QPRPHQWRHQPHGLR<3'FRQGLFKRDQWLELyWLFRORFXDOSRGUtDSURYRFDUXQDVLWXDFLyQGH
HVWUpVFHOXODUTXHLQFUHPHQWHODIUHFXHQFLDGHHVSRUXODFLyQHQPHGLRULFRDXPHQWDQGRDVtOD
SRVLELOLGDGGHTXHVHSURGX]FDUHQRYDFLyQJHQyPLFD
(Q HO FDVR GH (;5 H[LVWH XQ LQFUHPHQWR GH OD KHWHURFLJRVLV UHODFLRQDGD FRQ HO
WDPDxRGHODFRORQLDUHVSHFWRDVXSDUHQWDO(;TXHVHFRUUHVSRQGHFRQXQDGLVPLQXFLyQ
VLJQLILFDWLYDGHODYLDELOLGDGGHODVHVSRUDVGHODO3RUHOFRQWUDULRHQ(;5
H[LVWHXQLQFUHPHQWRGHODKRPRFLJRVLVUHVSHFWRDVXSDUHQWDO(;HQSDUWHGHODSREODFLyQ
J JQY YHUVXV JQY JQY TXH VH FRUUHVSRQGH FRQ XQ
LQFUHPHQWRGHODYLDELOLGDGGHODVHVSRUDVGHODO(VWRVUHVXOWDGRVFRLQFLGHQFRQOD
UHODFLyQLQYHUVDHQWUHJUDGRGHKHWHURFLJRVLV\YLDELOLGDGGHODVHVSRUDVGHVFULWDSRU0RUWLPHU
HWDO 6LQHPEDUJRHQ(;5VHSURGXFHXQLQFUHPHQWRGHODKRPRFLJRVLVUHVSHFWRD
ODFHSDSDUHQWDO(;VLQTXHH[LVWDFDPELRHQODYLDELOLGDGGHODVHVSRUDVTXH\DHUDGHO
(VWRLQGLFDFODUDPHQWHTXHQRWRGRVORVDOHORVGHOHWpUHRVUHODFLRQDGRVFRQHOFUHFLPLHQWR
FHOXODU

SURYRFDQ
XQD
GLVPLQXFLyQ
HQ
OD
YLDELOLGDG
GH
ODV
HVSRUDV
7DEOD$QiOLVLVIHQRWtSLFR\YLDELOLGDGGHWpWUDGDVSURFHGHQWHVGHYDULDVOHYDGXUDVDXWyFWRQDVVHOHFFLRQDGDV
&HSDD
(;5
(;
(;5
(;
(;5
(;
(;5
(;
(;5
(;
(;5
(;
(;5
(;
(;5
(;
&2
&25
HVS +2KR 6' 6DF 0DO *DO 0HO 0O] 7UH

YLDEOHV

5DI

I

$OP 0JO

<3*

H

)OR &XS 62

+6
7DPDxR
FRORQLD

LUUHJ

J

LUUHJ

J

J

JQY

JQY

JQYJQYE
F

JJQYG

JS

JS

JS

JS
LUUHJ
JS

J

JPS

JS

JS
1~P
KHWHUR

/DVOHYDGXUDVVHUHSOLFDURQVREUHORVGLVWLQWRVPHGLRVDJDUL]DGRV\VHREVHUYDURQORVUHVXOWDGRVDODVKRUDV'H6DFD0JOVHFRUUHVSRQGHFRQ
IHUPHQWDFLyQGHORVGLVWLQWRVFRPSXHVWRV6' PHGLRPtQLPR6DF VDFDURVD0DO PDOWRVD*DO JDODFWRVD0HO PHOLELRVD0O] PHOH]LWRVD7UH
WUHKDORVD 5DI UDILQRVD$OP DOPLGyQ0JO PHWLO.'JOXFyVLGR)OR IORFXODFLyQ&XS PJOGHFREUH62 PJOGHDQKtGULGRVXOIXURVRWRWDO
S+ 7DPDxRGHODFRORQLDLUUHJ VHJUHJDFLyQLUUHJXODUFRQWDPDxRGHFRORQLDVPX\YDULDEOHJ JUDQGHRQRUPDOP PHGLDQDS SHTXHxDQY QR
YLDEOH 1~PKHWHUR Q~PHURGHIHQRWLSRVFRQKHWHURFLJRVLV/DSURGXFFLyQGH+6VHYDORUyVHJ~QHOFRORUGHQHJURPDUUyQPX\RVFXURDEODQFR
FUHPD\VHLQGLFDHQWUHSDUpQWHVLVLUUHJ VHJUHJDFLyQYDULDEOH/DIORFXODFLyQVHHYDO~DHQ<3'OtTXLGRDODVK
D /D5HQHOQRPEUHGHODVFHSDVLQGLFDTXHVRQUHVLVWHQWHVDFLFORKH[LPLGDEJQY\JQYF\GJ\
JQYH \I \
-RVp$5HJRGyQ0DWHRV
,QIOXHQFLDGHORVJHQHVGHOHWpUHRV\HOJUDGRGHKRPRFLJRVLVHQODHILFDFLDELROyJLFD\
HQODVSURSLHGDGHVHQROyJLFDVGHODVOHYDGXUDV
1XHVWURVUHVXOWDGRVDGHPiVGHVXJHULUODH[LVWHQFLDGHUHQRYDFLyQJHQyPLFDGXUDQWH
HOFUHFLPLHQWRYHJHWDWLYRGHODVSREODFLRQHVGHOHYDGXUDVYtQLFDVFRQILUPDQODWHQGHQFLDDOD
KRPRFLJRVLV\ODSUHVHQFLDGHDOHORVGHOHWpUHRVFRPRKDQGHVFULWRSUHYLDPHQWHYDULRVDXWRUHV
-LPpQH] \ %HQtWH] %DNDOLQVN\ \ 6QRZ 0RUWLPHU HW DO *XLMR HW DO
$ODYLVWDGHHVWRHVIXQGDPHQWDOFRQRFHUVLODVOHYDGXUDVKRPRFLJyWLFDVRULJLQDGDVHQ
ODGLVHFFLyQGHWpWUDGDV\OLEUHVGHSRVLEOHVJHQHVGHOHWpUHRVWLHQHQPD\RUHILFDFLDELROyJLFD\
VLSUHVHQWDQPHMRUHVFDUDFWHUtVWLFDVHQROyJLFDVTXHODVFRUUHVSRQGLHQWHVOHYDGXUDVSDUHQWDOHV
3DUDDQDOL]DUHVWHDVSHFWRVHOHFFLRQDPRVYDULDVOHYDGXUDVKLMDVKRPRFLJyWLFDV\DQDOL]DPRV
VX FDSDFLGDG SDUD IHUPHQWDU PRVWR 3DUGLQD HVWpULO 7RGDV ODV OHYDGXUDV VHOHFFLRQDGDV
SURFHGtDQ GH SDUHQWDOHV FX\D GHVFHQGHQFLD HUD WRWDOPHQWH XQLIRUPH WRGDV ODV HVSRUDV KLMDV
IRUPDQ FRORQLDV QRUPDOHV R VHJUHJDEDQ SDUD HO WDPDxR GH FRORQLD QRUPDOHV
SHTXHxDV (Q HO SULPHU FDVR QR H[LVWHQ DOHORV GHOHWpUHRV UHODFLRQDGRV FRQ OD YHORFLGDG GH
FUHFLPLHQWR HQ <3' \ HQ HO VHJXQGR FDVR GHEH H[LVWLU XQ ~QLFR DOHOR UHFHVLYR GHOHWpUHR
UHVSRQVDEOHGHOFUHFLPLHQWROHQWR
3DUDFRPSDUDUHOYLJRUIHUPHQWDWLYRGHODVGLVWLQWDVOHYDGXUDVFDOFXODPRVHOWLHPSRHQ
GtDV TXH WDUGDQ HQ IHUPHQWDU HO GHO D]~FDU LQLFLDO SUHVHQWH HQ HO PRVWR HVWpULO 7
EDViQGRQRVHQODVFXUYDVGHIHUPHQWDFLyQ%UL[IUHQWHDOWLHPSR)LJXUD/RVUHVXOWDGRV

REWHQLGRV VH UHSUHVHQWDQ HQ OD 7DEOD 6H REVHUYD TXH OD JUDQ PD\RUtD GH ODV OHYDGXUDV
KRPRFLJyWLFDVKLMDVSURFHGHQWHVGHSDUHQWDOHVVLQJHQHVGHOHWpUHRV(;(;(;5\
(;5SUHVHQWDQHOPLVPR7TXHODFRUUHVSRQGLHQWHOHYDGXUDSDUHQWDOH[FHSWR5$\
5% FX\R 7 HV VLJQLILFDWLYDPHQWH PHQRU TXH HO GH OD SDUHQWDO (;5 5HVSHFWR D ODV
OHYDGXUDV KLMDV SURFHGHQWHV GH SDUHQWDOHV FRQ JHQHV GHOHWpUHRV (; (;5 (;
(;5 (; (; &2 \ &25 FRPR HV GH HVSHUDU WRGDV ODV KLMDV KRPRFLJyWLFDV
SRUWDGRUDV GH JHQHV GHOHWpUHRV WLHQHQ 7 PD\RU TXH OD FRUUHVSRQGLHQWH OHYDGXUD SDUHQWDO
&ODUDPHQWHODHILFDFLDELROyJLFDGHHVWDVOHYDGXUDVHVPHQRU\FRQHOWLHPSRSUREDEOHPHQWH
VHUiQ GHVSOD]DGDV SRU ODV FHSDV SDUHQWDOHV X RWUDV OHYDGXUDV KHUPDQDV R QR FRQ PD\RU
HILFDFLD3RUHOFRQWUDULRODPD\RUtDGHODVOHYDGXUDVKLMDVOLEUHVGHJHQHVGHOHWpUHRV'
5$$$5%%$&2$&2&\&25$SUHVHQWDQPHQRU
7TXHODVFRUUHVSRQGLHQWHVSDUHQWDOHV6RODPHQWH&\$WLHQHQ7VXSHULRUTXH
VXVSDUHQWDOHV(OUHVWR$5$5%\&25$SUHVHQWDHOPLVPR7TXHODV

&DStWXOR,9
FRUUHVSRQGLHQWHVOHYDGXUDVSDUHQWDOHV
$Vt SXHV OD PD\RUtD GH ODV OHYDGXUDV KLMDV TXH KDQ SHUGLGR ORV DOHORV GHOHWpUHRV
UHDOL]DQXQLQLFLRGHIHUPHQWDFLyQPiVUiSLGR\WHyULFDPHQWHGHEHQVHUFDSDFHVGHFRPSHWLU
PHMRUFRQODIORUDVLOYHVWUHGHORVPRVWRV(VGHFLUHQJHQHUDOVHDSUHFLDXQLQFUHPHQWRPiV
R PHQRV VLJQLILFDWLYR HQ OD HILFDFLD ELROyJLFD HQ OR TXH UHVSHFWD DO YLJRU IHUPHQWDWLYR
FXDQGR VH HOLPLQDQ ORV JHQHV GHOHWpUHRV H[LVWHQWHV HQ ODV OHYDGXUDV SDUHQWDOHV H[FHSWR HQ
(;$XQTXHHQDOJXQDVOHYDGXUDVFRPR&\$GHEHKDEHURWURVDOHORVTXHHQ
GHWHUPLQDGDVFRPELQDFLRQHVFRQDOHORVGHRWURVJHQHV\HQKRPRFLJRVLVRULJLQDQXQHIHFWR
GHOHWpUHRTXHGLVPLQX\HHOYLJRUIHUPHQWDWLYRGHHVWDVQXHYDVOHYDGXUDV
Brix
20
EX85
15 % azcar
consumido
854B
85P4D
16
12
T15
0
0
10
12
14
16
18
Das de fermentacin
Fig. 7.4: Clculo de T15 basado en las curvas de fermentacin de la cepa parental EX85 y
sus esporas 854B (colonia pequea) y 854D (colonia grande).
3DUD TXH OD REWHQFLyQ GH QXHYDV FHSDV GH OHYDGXUDV FRQ PD\RU YLJRU IHUPHQWDWLYR
WHQJDXQDDSOLFDFLyQSUiFWLFDHQODLQGXVWULDHVQHFHVDULRTXHGLFKDVFHSDVSURGX]FDQYLQRVGH
LJXDO R PHMRU FDOLGDG TXH ODV FRUUHVSRQGLHQWHV OHYDGXUDV SDUHQWDOHV 3DUD FRPSUREDU HVWH

-RVp$5HJRGyQ0DWHRV
DVSHFWRUHDOL]DPRVYLQLILFDFLRQHVHQPRVWR3DUGLQDHVWpULOFRQQXHYDVFHSDVKRPRFLJyWLFDV
VHOHFFLRQDGDV SURFHGHQWHV GH SDUHQWDOHV VLQ $ % 5$ \ 5$ \ FRQ '
5$ $ 5% $ $ &2& \ &25$ JHQHV GHOHWpUHRV &RPR
FRQWURO VH UHDOL]DURQ YLQLILFDFLRQHV SDUDOHODV FRQ WRGDV ODV FRUUHVSRQGLHQWHV OHYDGXUDV
SDUHQWDOHV7RGDVODVFHSDVKRPRFLJyWLFDVVHOHFFLRQDGDVSURFHGHQWHVGHSDUHQWDOHVFRQRVLQ
JHQHVGHOHWpUHRVHVSRUXODQPX\ELHQHQPHGLRGHHVSRUXODFLyQHOGHODVHVSRUDVVRQ
YLDEOHV \ ODV SURJHQLHV VRQ XQLIRUPHV WRGDV ODV FRORQLDV GH WDPDxR QRUPDO 7DEOD
$GHPiVWRGDVHOODVH[FHSWR$SUHVHQWDQPD\RUYLJRUIHUPHQWDWLYRPHQRU7TXHODV
FRUUHVSRQGLHQWHVOHYDGXUDVSDUHQWDOHV
7DEOD9LJRUIHUPHQWDWLYR7GHOHYDGXUDVSDUHQWDOHV\VXVHVSRUDVHQIHUPHQWDFLRQHVGHPRVWR

3DUGLQDHVWpULO%UL[
&HSD
(;
$
%
(;
$
%
(;5
5$
5%
(;5
5$
5%
(;
'
%
$
%
(;5
5$
5$
5%
5%
(;
$
$
'
7DPDxR
FRORQLDD
J
J
J
J
J
J
J
J
J
J
J
J
J
J
S
J
S
J
J
J
S
S
J
J
J
S
7

7DPDxRGHODFRORQLDJ JUDQGHRQRUPDOS SHTXHxD

&HSD
%
(;5
5%
5&
5%
5'
(;
%
%
$
$
(;
&
$
$
&
&2
&2$
&2'
&2&
&2'
&25
&25'
&25$
&25$
&25&
7DPDxR
FRORQLDD
S
J
J
S
J
S
J
S
J
S
J
J
J
S
J
S
J
J
S
J
S
J
S
J
J
S
7

7DEOD$QiOLVLVGHORVYLQRVREWHQLGRVSRUIHUPHQWDFLyQGHPRVWR3DUGLQDHVWpULOLQRFXODGRFRQODVFHSDVSDUHQWDOHV\VXVHVSRUDV
&HSD
(;
$
(;
%
(;5
5$
(;5
5$
(;
'
(;5
5$
(;
$
(;5
5%
(;
$
(;
$
&2
&2&
&25
&25$
7XUELGH] 'HQVLGDG
178

S+

$FWRWDO
J7+O

$FYROiWLO
J$F+O

$FILMD
$]~FDUHV
J7+O UHGXFWRUHVJO

YDORU VLJQLILFDWLYDPHQWH VXSHULRU TXH HQ HO SDUHQWDO GH UHIHUHQFLD
62 WRWDO $OFRKyOLFR 5HQGLPLHQWR 3URWHtQDV *OLFHURO $FHWDOGHKLGR

PJO
YY
DOFRKyOLFR
PJO
JO
PJO

YDORU VLJQLILFDWLYDPHQWH LQIHULRU TXH HQ HO SDUHQWDO GH UHIHUHQFLD
-RVp$5HJRGyQ0DWHRV
/RVUHVXOWDGRVDQDOtWLFRVGHORVYLQRVVHPXHVWUDQHQOD7DEODSiJLQDDQWHULRU\
ORVUHVXOWDGRVGHODQiOLVLVRUJDQROpSWLFRHQOD7DEOD(QJHQHUDOORVYDORUHVGHORVGLVWLQWRV
SDUiPHWURVDQDOL]DGRVHVWiQGHQWURGHORQRUPDOSDUDXQYLQRGHFDOLGDGWtSLFRGHOD]RQDHQ
HVWXGLR6DOYRDOJXQDVH[FHSFLRQHVTXHVHPXHVWUDQHQOD7DEODIOHFKDVQRVHREVHUYDQ
GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ODV OHYDGXUDV KLMDV KRPRFLJyWLFDV \ ODV FRUUHVSRQGLHQWHV

SDUHQWDOHV(VGHGHVWDFDUHOLQFUHPHQWRHQDFLGH]YROiWLOSDUD&25$GHDTXH
VH FRUUHVSRQGH FRQ XQ GHWHULRUR LPSRUWDQWH HQ OD FDOLGDG GHO YLQR D GH
DFHSWDFLyQ 7DEOD 3RU RWUD SDUWH ORV D]~FDUHV UHGXFWRUHV GLVPLQX\HQ SDUD 5$ GH
D\DXPHQWDQSDUD'GHDORFXDOVHFRUUHVSRQGHFRQXQLQFUHPHQWR
GHD\XQDGLVPLQXFLyQGHDHQODFDOLGDGUHVSHFWLYDPHQWH(O

UHVWRGHODVGLIHUHQFLDVVLJQLILFDWLYDVREVHUYDGDVQRSDUHFHQHVWDUUHODFLRQDGDVFRQGLIHUHQFLDV
HQODFDOLGDGGHORVYLQRVHODERUDGRV
5HVSHFWRDODFDWDFRPRHVGHHVSHUDUHQEDVHDORVUHVXOWDGRVH[SXHVWRVHQHOFDStWXOR
,, ORV YLQRV HODERUDGRV FRQ (; (;5 (; \(;5VRQORVPHMRUHYDOXDGRV\ORV

HODERUDGRV FRQ (; (; (;5 \ (; HVWiQ HQWUH ORV PHQRV DSUHFLDGRV /D EDMD
SXQWXDFLyQ REWHQLGD SRU OD OHYDGXUD (;5 SXHGH VHU GHELGD D TXH HV XQ PXWDQWH GH
FUHFLPLHQWR OHQWR \ WDUGD PiV HQ WHUPLQDU OD IHUPHQWDFLyQ &XULRVDPHQWH OD OHYDGXUD
FRPHUFLDO&2\HOPXWDQWH&25QRHVWiQDOQLYHOHVSHUDGR\DTXHWHyULFDPHQWHGHEHUtDQ
HVWDUHQWUHODVPHMRUHV5HVSHFWRDORVYLQRVHODERUDGRVFRQOHYDGXUDVKLMDVKRPRFLJyWLFDVOD
PLWDGVHLVPHMRUDQODFDOLGDGUHVSHFWRGHODOHYDGXUDSDUHQWDO$%5$5%
$\$FXDWURODHPSHRUDQ'5$5$\&25$\HQGRVQRYDUtD

$\&2&/DPD\RUtDGHOHYDGXUDVKRPRFLJyWLFDVTXHPHMRUDQODFDOLGDGSURYLHQHQ
GH SDUHQWDOHV HYDOXDGRV QHJDWLYDPHQWH HQ OD FDWD H[FHSWR % \ 5% < YLFHYHUVD OD
PD\RUtDGHODVOHYDGXUDVKRPRFLJyWLFDVTXHHPSHRUDQODFDOLGDGSURYLHQHQGHSDUHQWDOHVELHQ
YDORUDGRV H[FHSWR &25$ (VWR SDUHFH LQGLFDU TXH ODV OHYDGXUDV PX\ EXHQDV VRQ
GLItFLOPHQWH PHMRUDEOHV PLHQWUDV TXH ODV SHRUHV VH SXHGHQ PHMRUDU PHMRU /D PLWDG GH ODV
OHYDGXUDVKRPRFLJyWLFDVTXHPHMRUDQODFDOLGDGKDQSHUGLGRORVDOHORVGHOHWpUHRVSUHVHQWHVHQ
ODV SDUHQWDOHV 5% $ \ $ VLQ HPEDUJR OD RWUD PLWDG SURYLHQH GH SDUHQWDOHV
OLEUHVGHDOHORVGHOHWpUHRVHQJHQHVUHODFLRQDGRVFRQHOFUHFLPLHQWR$%\5$
'RVGHODVWUHVFHSDVKRPRFLJyWLFDVTXHHPSHRUDQODFDOLGDGGHOYLQR5$\&25$
SURYLHQHQ GH OHYDGXUDV SDUHQWDOHV TXH WLHQHQ DOHORV GHOHWpUHRV \ XQD 5$ SURYLHQH GH
SDUHQWDOHVVLQJHQHVGHOHWpUHRV(VGHFLUQRVHREVHUYDUHODFLyQGLUHFWDHQWUHFDOLGDGGHOYLQR\
OD DXVHQFLD GH DOHORV GHOHWpUHRV UHODFLRQDGRV FRQ HO FUHFLPLHQWR FHOXODU SDUHFHQ VHU GRV

&DStWXOR,9
SDUiPHWURV LQGHSHQGLHQWHV $XQTXH HV LPSRUWDQWH UHVDOWDU TXH HQ DOJXQDV OHYDGXUDV
SDUHQWDOHV HV SRVLEOH HOLPLQDU ORV JHQHV GHOHWpUHRV DXPHQWDU HO JUDGR GH KRPRFLJRVLV
DXPHQWDUHOYLJRUIHUPHQWDWLYR\PHMRUDUODFDOLGDGGHOYLQRHODERUDGRPHGLDQWHXQVLPSOH
SURFHVR GH HVSRUXODFLyQ \ VHOHFFLyQ GH OHYDGXUDV KLMDV < HQ WRGDV H[FHSWR HQ (; HV
SRVLEOH HOLPLQDU ORV JHQHV GHOHWpUHRV DXPHQWDU HO JUDGR GH KRPRFLJRVLV \ HO YLJRU
IHUPHQWDWLYR
7DEOD$QiOLVLVRUJDQROpSWLFRGHORVYLQRVHODERUDGRVFRQOHYDGXUDVKRPRFLJyWLFDV\VXV
FRUUHVSRQGLHQWHVSDUHQWDOHV
7DPDxR
FRORQLDD
$FHSWDFLyQ

2UGHQ
&HSD

(;
$
(;
%
J
J

(;5
5$
J
J

(;5
5$
J
J
(;
'
(;5
5$
&HSD
(;
$
7DPDxR
FRORQLDD
$FHSWDFLyQ

2UGHQ

(;5
5%
JS
J

(;
$
JS
J

(;
$
JS
J

JS
J

&2
&2&
JS
J

JS
J

&25
&25$
JS
J

J
J
JS
J
6HJUHJDFLyQ GHO WDPDxR GH FRORQLD HQ ODV WpWUDGDV J FRORQLDV JUDQGHV JS FRORQLDV JUDQGHV \
SHTXHxDV
D
(QUHVXPHQPHGLDQWHHOLPLQDFLyQGHDOHORVGHOHWpUHRVTXHDIHFWDQDODYHORFLGDGGH
FUHFLPLHQWR HQ PHGLR ULFR <3' R PRVWR VH SXHGH LQFUHPHQWDU IiFLOPHQWH OD HILFDFLD
ELROyJLFD YLJRU IHUPHQWDWLYR DXQTXH VH SXHGH PHMRUDU R HPSHRUDU OD FDOLGDG GHO YLQR
HODERUDGR 4XHGD HVWDEOHFLGR TXH HO LQFUHPHQWR GHO QLYHO GH KRPRFLJRVLV HQ ODV OHYDGXUDV
YtQLFDVDVRFLDGRRQRDODHOLPLQDFLyQGHJHQHVGHOHWpUHRVQRWLHQHQLQJXQDUHODFLyQGLUHFWD
R LQYHUVD FRQ HO YLJRU IHUPHQWDWLYR GH ODV OHYDGXUDV QL FRQ OD FDOLGDG GHO YLQR HODERUDGR

&21&/86,21(6
&RQFOXVLRQHV
6H FRQILUPD TXH FRPR RFXUUH HQ RWUDV ]RQDV YLQtFRODV OD OHYDGXUD 6DFFKDURP\FHV
FHUHYLVLDH HV OD UHVSRQVDEOH SULQFLSDO GH OD IHUPHQWDFLyQ HVSRQWiQHD GH ORV PRVWRV HQ ODV
ERGHJDVH[WUHPHxDV
(QWUHODVOHYDGXUDVGH6DFFKDURP\FHVFHUHYLVLDH DLVODGDVH[LVWHXQDVLJQLILFDWLYDSUHVHQFLD
GH FHSDV NLOOHU . \ DXVHQFLD WRWDO GH RWURV IHQRWLSRV NLOOHU GLVWLQWRV . . \
.7RGDVODVOHYDGXUDVNLOOHUPDQLILHVWDQHVWHIHQRWLSRDORVS+VQRUPDOHVGHORVPRVWRV
(VWR SHUPLWH \ DFRQVHMD ODXWLOL]DFLyQGHOHYDGXUDVDXWyFWRQDVVHOHFFLRQDGDVNLOOHU.HQOD
LQGXVWULDRHQVXGHIHFWRFHSDVUHVLVWHQWHV.
+HPRV GLVHxDGR XQ SURFHGLPLHQWR VLPSOH \ HIHFWLYR SDUD VHOHFFLRQDU OHYDGXUDV YtQLFDV
&XDQGRXWLOL]DPRVHVWHPpWRGRHOGHODVOHYDGXUDVVHOHFFLRQDGDVSURGXFHQYLQRVGH
PHMRUFDOLGDGTXHODPHMRUGHODVOHYDGXUDVFRPHUFLDOHVDQDOL]DGDV\HOYLQRVPHMRUHV
TXH ORV HODERUDGRV PHGLDQWH IHUPHQWDFLyQ HVSRQWiQHD $OJXQDV GH ODV OHYDGXUDV DXWyFWRQDV
VHOHFFLRQDGDVUHVXOWDQPX\DGHFXDGDVSDUDODSURGXFFLyQLQGXVWULDOGHYLQRHQ([WUHPDGXUD
\DTXHPHMRUDQVLJQLILFDWLYDPHQWHODFDOLGDGGHORVYLQRVHODERUDGRVHQERGHJDUHVSHFWRDOD
IHUPHQWDFLyQHVSRQWiQHDWUDGLFLRQDO
(QEDVHDORVUHVXOWDGRVREWHQLGRVHQODVYLQLILFDFLRQHVH[SHULPHQWDOHVSRGHPRVDILUPDU
TXHHODURPD\VDERUGHORVYLQRVHODERUDGRVGHSHQGHHQJUDQPHGLGDGHODFHSDGHOHYDGXUD
XWLOL]DGD OR TXH HV HVSHFLDOPHQWH LPSRUWDQWH FXDQGR VH XWLOL]DQ YDULHGDGHV GH XYD SRFR
DURPiWLFDVFRPRODPD\RUtDGHODVH[LVWHQWHVHQ([WUHPDGXUD 3DUHOODGD3DUGLQD&D\HWDQD
*DUQDFKD7LQWRUHUDHWF
/DV OHYDGXUDV TXH SURGXFHQ ORV PHMRUHV YLQRV (; \ (; QR GHVWDFDQ SRU OD
SURGXFFLyQ H[WUHPD GH QLQJ~Q FRPSXHVWR HVWDQGR HQ WRUQR D OD PHGLD SDUD FDVL WRGRV ORV
SDUiPHWURV DQDOL]DGRV (Q FDPELR ORV YLQRV GH SHRU FDOLGDG HODERUDGRV PHGLDQWH
IHUPHQWDFLyQ HVSRQWiQHD SUHVHQWDQ YDORUHV H[WUHPRV H LQDGHFXDGRV SDUD QXPHURVRV
SDUiPHWURV
(OXVRGHODOHYDGXUDVHOHFFLRQDGD(;DVHJXUDFRQFHQWUDFLRQHVDGHFXDGDVGHODPD\RUtD
GH ORV FRPSXHVWRV LPSRUWDQWHV HQ ORV YLQRV FRPR DFHWDOGHKLGR \ DOFRKROHV VXSHULRUHV
DXQTXHVHXWLOLFHQGLVWLQWDVYDULHGDGHVGHPRVWR(VWRD\XGDDPDQWHQHUXQDUHJXODULGDGHQOD
FDOLGDGGHOYLQRTXHHVPX\LPSRUWDQWHGHVGHHOSXQWRGHYLVWDFRPHUFLDO

-RVp$5HJRGyQ0DWHRV
(QJHQHUDOORV YLQRVPHMRUHYDOXDGRVFRUUHVSRQGHQDOHYDGXUDVTXHGHMDQPD\RUFDQWLGDG
GHFRPSXHVWRVDPtQLFRVHQHOYLQR\HVSHFLDOPHQWHGHSUROLQD(VWRLQGLFDTXHODSUROLQDGHEH
MXJDUXQSDSHOPiVLPSRUWDQWHHQODVFDUDFWHUtVWLFDVRUJDQROpSWLFDVGHORVYLQRVGHOTXH KDVWD
DKRUDVHOHDWULEXtD
(VSRVLEOHLQFUHPHQWDUHOYLJRUIHUPHQWDWLYRGHODVOHYDGXUDVYtQLFDVPHGLDQWHHOLPLQDFLyQ
GHDOHORVGHOHWpUHRVGHJHQHVUHODFLRQDGRVFRQHOFUHFLPLHQWRFHOXODU/DFDOLGDGGHOYLQRQR
SDUHFHWHQHUQLQJXQDUHODFLyQFRQODH[LVWHQFLDGHDOHORVGHOHWpUHRVHQODVOHYDGXUDVXWLOL]DGDV
SDUD VX HODERUDFLyQ (Q FRQVHFXHQFLD VH SXHGHQ HOLPLQDU GLFKRV DOHORV GH ODV OHYDGXUDV
PDQWHQLHQGRRLQFOXVRPHMRUDQGRODFDOLGDGGHORVYLQRV

$*5$'(&,0,(1726
$JUDGHFLPLHQWRV
&XDOTXLHU HVWXGLR HV HO UHVXOWDGR GHO WUDEDMR GH PXFKDV SHUVRQDV TXH DXQTXH QR
ILJXUDQ FRPR DXWRUHV OR VRQ SDUFLDOPHQWH HQ OD VRPEUD 3HUR WDPELpQ KD\ RWUDV WDQWDV
SHUVRQDV TXH LPSLGHQ R HQWRUSHFHQ OD UHDOL]DFLyQ GHO WUDEDMR QR REVWDQWH KD\ TXH
DJUDGHFpUVHORDORVXQRV\DORVRWURV$ORVSULPHURVSRUTXHFRQVXFRODERUDFLyQSHUPLWHQ
TXHWRGROOHJXHDEXHQILQHQHOPHQRUWLHPSRSRVLEOH\DORVVHJXQGRVSRUTXHDSHVDUGHVXV
LPSHGLPHQWRV \ WUDEDV SURYRFDQ TXH ORV SULPHURV VH REVWLQHQ HQ FRQVHJXLU OD PHWD TXH VH
KDEtDQPDUFDGR
4XLHURH[SUHVDUPLPiVVLQFHURDJUDGHFLPLHQWRD3DFR3DXOD-DYL0DULROD\&KHOR
SRUORTXHHOORVVDEHQ
$PL0DGUH6REULQRV\+HUPDQRV
$0DQXHO5DPtUH]SRUHODJXDQWHTXHKDWHQLGRFRQPLJR\TXHTXL]iV\DQRWHQGUi
TXHVHJXLUWHQLHQGR
$&RQFKDGH0LJXHOSRUODD\XGDSUHVWDGDVLHPSUHTXHKDKHFKRIDOWD
$ (VSHUDQ]D FRPSDxHUD GH ODERUDWRULR SRU VX LPSRUWDQWH FRODERUDFLyQ ODUJRV
PRPHQWRVGHFRQYHUVDFLyQ
$ ORV FRPSDxHURV GHO 'SWR GH 7HFQRORJtD $JURDOLPHQWDULD GH OD -XQWD GH
([WUHPDGXUD \ HQ HVSHFLDO D (PLOLR 2VRULR SRU ODV IDFLOLGDGHV SUHVWDGDV SDUD UHDOL]DU HVWH
WUDEDMR
$OD(VWDFLyQ(QROyJLFDGH$OPHQGUDOHMR\DWRGDVODVERGHJDVTXHKDQFRODERUDGRHQ
ODFHVLyQGHPRVWR\PXHVWUDV\HVSHFLDOPHQWHD%RGHJDV&RORPD
$WRGRVORVFDWDGRUHVTXHGHVLQWHUHVDGDPHQWHKDQSDUWLFLSDGRHQHVWHWUDEDMR
$O6,$GHOD-XQWDGH([WUHPDGXUD\DVX-HIHQJHO5RGUtJXH]SRUKDEHUILQDQFLDGR
EXHQD SDUWH GH HVWH WUDEDMR \ SRU KDEHUPH FRQFHGLGR OD %HFD GH )RUPDFLyQ GH 3HUVRQDO
,QYHVWLJDGRU
$ WRGDV DTXHOODV SHUVRQDV TXH DXQTXH QR HVWiQ FLWDGDV DTXt KDQ FRQWULEXLGR GH
FXDOTXLHUIRUPDDTXHHVWROOHJXHDEXHQWpUPLQR

<SRU~OWLPRDDTXHOORVTXHKDQWHQLGRVXILFLHQWHDJXDQWHFRPRSDUDOOHJDUDHVWHSXQWRVLQKDEHUVHVDOWDGRODOHFWXUDGHQLQJXQDSiJLQDGHODVSUHFHGHQWHV 'LItFLO 12""
%,%/,2*5$)$
%LEOLRJUDItD
$,*/(0$PpOLRUDWLRQJpQpWLTXHGHVPLFURRUJDQLVPHVXWLOLVpVGDQVOHVLQGXVWULHVDJURDOLPHQWDLUHV
(Q /HV DFTXLVLWLRQV UpFHQWHV HQ PLFURELRORJLH GX YLQ ,QFLGHQFHV VXU OHV SURSLpWpV RUJDQROHSWLTXHV HW OHV
DOWpUDWLRQVGXYLQ(G7(& '2&/DYRLVLHU3DULV
$,=$& 7 '(/7(,/ ' \ 9(=,1+(7 ) eWXGH pFRORJLTXH GH VRXFKHV GH OHYXUHV FRQWDPLQDQWHV
$SSOLFDWLRQGHODWHFKQLTXHGLGHQWLILFDWLRQSDUFDU\RW\SHV5HYXHIUDQoDLVHG2HQRORJLH
$/(,;$1'5(-/(IHFWRGHOWLSRGHYLQLILFDFLyQVREUHHOFRQWHQLGRGHJOLFHULQD\EXWDQRGLROHQ
YLQREODQFRVHFRGH0RVFDWHO5HY$JURTXtP7HFQRO$OLPHQW
$/(,;$1'5( -/ \ *$5&$ 0- 7HFQRORJtDV GH YLQLILFDFLyQ WHQGHQWHV D GLVPLQXLU OD GRVLV GH
VXOIXURVR9LWLFXOWXUD\(QRORJtD3URIHVLRQDO
$/(,;$1'5(-/\9,&(17(07(YDOXDFLyQVHQVRULDOGHYLQRVHODERUDGRVFRQGRVLVPtQLPDVGH

VXOIXURVR \FRQVHUYDGRVDGLVWLQWDVWHPSHUDWXUDV5LY9LWLF(QRO
$/0(/$ / /=$52 , \ /3(= -0 ,QIOXHQFLD GH ODV OHYDGXUDV VREUH HO FRQWHQLGR GH iFLGRV
IHQyOLFRVGHORVYLQRV5HY$JURTXtP7HFQRO$OLPHQW
$/0(1'52 -3 \ /('2 -3 $SRUWDFLyQ DO HVWXGLR FOLPiWLFR GH $OPHQGUDOHMR 9,,, -RUQDGDV GH
9LWLFXOWXUD\(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDV
GHOD-XQWDGH([WUHPDGXUD
$/2162 -( &$5'(// ( \ 6$/9$'25(6 03 ,QYHVWLJDFLyQ GH OHYDGXUDV YtQLFDV HQ OD '2
<FRGHQ'DXWH,VRUD &DUDFWHUL]DFLyQ GH FHSDV GH6DFFKDURP\FHV FHUHYLVLDH PHGLDQWH HO DQiOLVLV GH UHVWULFFLyQ
GHO$'1PLWRFRQGULDO;9,-RUQDGDVGH9LWLFXOWXUD\(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ
*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
/9$5(= 0/ &27,//$ 3$ 1,(726$1'29$/ 5 \ =$025$ ( $LVODPLHQWR H
LGHQWLILFDFLyQGHODIORUDOHYDGXULIRUPHDXWyFWRQDHQHOWpUPLQRGH$OPHQGUDOHMR;9-RUQDGDVGH9LWLFXOWXUD\
(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH
([WUHPDGXUD
/9$5(= 0/ &27,//$ 3$ 1,(726$1'29$/ 5 \ =$025$ ( D $LVODPLHQWR H
LGHQWLILFDFLyQGHODIORUDOHYDGXULIRUPHDXWyFWRQDHQHOWpUPLQRGH$OPHQGUDOHMR;9,-RUQDGDVGH9LWLFXOWXUD\
([WUHPDGXUDWRPR,
/9$5(=0/0$510-1,(726$1'29$/5\=$025$(E&RQWULEXFLyQDOHVWXGLRGH
YDULHGDGHV GH XYD WLQWD 9LWLV YLQLIHUD HQ OD FRPDUFD GH 7LHUUD GH %DUURV VHJXLPLHQWR GH PDGXUDFLyQ ;9,
-RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H
,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
/9$5(= 0/ &27,//$ 3$ 0$51 0- 1,(726$1'29$/ 5 \ =$025$ ( F
&RQWULEXFLyQ DO HVWXGLR GH YDULHGDGHV GH XYD EODQFD 9LWLV YLQLIHUD HQ OD FRPDUFD GH 7LHUUD GH %DUURV
VHJXLPLHQWR GH PDGXUDFLyQ ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
/9$5(=0/0$510-1,(726$1'29$/5\=$025$(G&RQWULEXFLyQDOHVWXGLRGH
YDULHGDGHVGHXYDWLQWD9LWLVYLQLIHUD HQODFRPDUFDGH7LHUUDGH%DUURVYLQLILFDFLRQHVPRQRYDULHWDOHV;9,
/9$5(= 0/ &27,//$3$1,(726$1'29$/5\=$025$(H&RQWULEXFLyQDOHVWXGLR

-RVp$5HJRGyQ0DWHRV
GHYDULHGDGHVGHXYDEODQFD9LWLVYLQLIHUD HQODFRPDUFDGH7LHUUDGH%DUURVYLQLILFDFLRQHVPRQRYDULHWDOHV
;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH
$0(5,1( 0$ %(5* 3 .81.(( 5( 28*+ &6 6,1*/(721 9/ \ :(%% $' 7KH
WHFKQRORJ\RIZLPHPDNLQJWKHGLWLRQ:HVWSRUW&RQQHFWLFXW$9,3XEOLVKLQJ&RPSDQ\
$0(5,1(0$\28*+&60HWKRGVIRUDQDO\VLVRIPXVWVDQGZLQHV(GLWDGRSRU-RKQ:LOH\
6RQV1HZ<RUN
$00(5(5*([SUHVVLRQRIJHQHVLQ\HDVWXVLQJWKH$'&SURPRWHU(Q0HWKRGVLQ(Q]\PRORJ\

YRO(GLWDGRSRU:X5*URVVPDQ/\0ROGDYH.1HZ<RUN$FDGHP\3UHVVSS
$1*8/2 / )5(,5( 0/ /(0$ & 9,&(17( -$ \ /3(= ( D 3UHVHQFLD GH OHYDGXUDV NLOOHU
GXUDQWH OD IHUPHQWDFLyQ GH PRVWR GH 2 %DL[R 0LxR ;9 -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH
%DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H ,QGXVWULDV $JUDULDV GHOD-XQWDGH([WUHPDGXUD

$1*8/2 / /(0$ & /3(= -( \ 9,&(17( -$ E (IHFWR GH ODV SUiFWLFDV HQROyJLFDV HQ OD
GLQiPLFD GH FHSDV IORFXODQWHV GH6DFFKDURP\FHV FHUHYLVLDH GXUDQWH OD YLQLILFDFLyQ HQ OD FRPDUFD GH 2 %DL[R
0LxR 62 GH *DOLFLD ;9 -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ
*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD
$1*8/2/6$%25,'2$0/(0$&)5(,5(0//3(=-(\9,&(17(-$F6HOHFFLyQ

\GLIHUHQFLDFLyQHQROyJLFDGHFHSDVGH6DFFKDURP\FHVFHUHYLVLDH DLVODGDVGXUDQWHODYLQLILFDFLyQHQODFRPDUFD
GH2%DL[R0LxR6XURHVWHGH*DOLFLD9LWLFXOWXUD\(QRORJtD3URIHVLRQDO
$1*8/2 / 9,&(17( -$ /(0$ & \ /3(= -( G )ORUD OHYDGXULIRUPH DVRFLDGD D GLIHUHQWHV
YDULHGDGHV GH 9LWLV YLQLIHUD ;9 -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD
$552<2 7 &$%(//26 -0 3('5(*26$ $ 01*8(= -0 \ /$+,*8(5$ $0
7UDWDPLHQWRVIHUPHQWDWLYRV\VXLQIOXHQFLDHQODFDOLGDGGHYLQREODQFRGHODYDULHGDG$LUpQHQOD'29LQRV
GH 0DGULG 6HJXLPLHQWR PHGLDQWH HOHFWURIRUHVLV HQ HO FDPSR SXOVDQWH GHODFHSDGH6DFFKDURP\FHV FHUHYLVLDH
LQRFXODGD ;9,,, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU &XOWXUDO 6DQWD $QD
$OPHQGUDOHMR
$<$/$\.,*(5*HQpWLF0RGHUQD(GLFLRQHV2PHJD6$%DUFHORQD
$=(9('2 -/ 7$9$5(6 )&$ \ 0(/2 &58= 05 *HQHWLF LPSURYHPHQW RI \HDVWV
%LRFKHPLVWU\DQG*HQHWLFVRI<HDVWV
%2(%ROHWtQ2ILFLDOGHO(VWDGRGHO2UGHQGHO
%$.$/,16.< $7 \ 612: 5 &RQYHUVLRQ RI ZLQH VWUDLQV RI 6DFFKDURP\FHV FHUHYLVLDH WR
KHWHURWKDOOLVP$SSOLHGDQG(QYLURQPHQWDO0LFURELRORJ\
%$//(67(526 , 2/,9$ -0 %$//(67(526 0 \ &$55$6&2 - 2SWLPL]DWLRQ RI WKH
VLPXOWDQHRXV VDFFKDULILFDWLRQ DQG IHUPHQWDWLRQ SURFHVV XVLQJ WKHUPRWROHUDW \HDVWV $SSOLHG %LRFKHPLVWU\ DQG
%LRWHFKQRORJ\
%$1$7 ,0 \ 0$5&+$17 5 &KDUDFWHUL]DWLRQ DQG SRWHQFLDO LQGXVWULDO DSSOLFDWLRQV RI ILYH QRYHO
WKHUPRWROHUDQWIHUPHQWDWLYH\HDVWVWUDLQV:RUOG-RXUQDORI0LFURELRORJ\DQG%LRWHFKQRORJ\

%LEOLRJUDItD
%$5&(1,//$ - \ $552<2 9 'LQiPLFD IHUPHQWDWLYD GH ORV PRVWRV GH XYD SRU OHYDGXUDV HQ OD
FRPXQLGDGGH0DGULG$OLPHQWDULD-XQLR
%$5&(1,//$ - +(511'(= 07 \ *0(=&25'29e6 & (VWXGLR GH OD IHUPHQWDFLyQ GH
PRVWRVGH9HUGHMR\-HUH]FRQGLIHUHQWHVFHSDVGHOHYDGXUD$OLPHQWDULD1RYLHPEUH
%$5', / \ '(/),1, & 3URGX]LRQH PLJOLRUDPHQWR JHQHWLFR H GLIIXVLRQH GL OLHYLWL VHOH]LRQDWL SHU
OLQGXVWULDHQRORJLFD%LRORJLD2JJL9,
%$51(77-$7KHWD[RQRP\RIWKHJHQXV6DFFKDURP\FHV 0H\HQH[5HHVVDVKRUWUHYLHZIRUQRQ
WD[RQRPLVWV<HDVW
%$51(77 -$ 3$<1( 5: \ <$552: ' <HDVW &KDUDFWHULVWLFV DQG ,GHQWLILFDWLRQ VHFRQG
HGLWLRQ(GLWDGRSRU&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH
%$51(77-$3$<1(5:\<$552:'<HDVW,GHQWLILFDFLRQ3&3URJUDP9HUVLRQ
%$55(35{OHGXIDFWHXUNLOOHUGDQVODFRQFXUUHQFHHQWUHVRXFKHVGHOHYXUHV%XOOGH/2,9

%$55(3/HIDFWHXUNLOOHU(Q/HVDFTXLVLWLRQVUpFHQWHVHQPLFURELRORJLHGXYLQ,QFLGHQFHVVXUOHV
SURSLpWpVRUJDQROHSWLTXHVHWOHVDOWpUDWLRQVGXYLQ(G7(& '2&/DYRLVLHU3DULV
%$55(39(=,1+(7)'(48,16\%/21',1%*HQHWLFLPSURYHPHQWRIZLQH\HDVWV:LQH
PLFURELRORJ\DQGELRWHFKQRORJ\(GLWDGRSRU*UDKDP+)OHHW+DUZRRG$FDGHPLF3XEOLVKHUV
%$575$($VSHFWRVPLFURELROyJLFRVGHODHODERUDFLyQGHOFDYD0LFURELRORJtD6(0
%$<2129(&,QFLGHQFHVGHVDWWDTXHVSDUDVLWDLUHVIRQJLTXHVVXUODFRPSRVDQWHTXDOLWDWLYHGXUDLVLQ
HWGHVYLQV5HYXH)UDQFDLVHG2HQRORJLH
%((&+):\7+20$66$FWLRQPLFURELHQQHGHODQK\GULGHVXOIXUHX[%XOOGH/2,9

%(/< 0 6$%/$<52//(6 -0 \ %$55( 3 'HVFULSWLRQ RI DOFRKROLF IHUPHQWDWLRQ NLQHWLFV ,WV
YDULDELOLW\DQGVLJQLILFDQFH$P-(QRO9LWLF
%(1'$,:LQHDQGEUDQG\3UHVFRWWDQG'XQQV,QGXVWULDO0LFURELRORJ\WKHGLWLRQ(GLWDGRSRU*
5HHG:HVWSRUW&RQQHFWLFXW$9,3XEOLVKLQJ&RPSDQ\
%(1'$ , <HDVWV LQ ZLQHPDNLQJ LQYHVWLJDWLQJ VRFDOOHG NLOOHU \HDVWV GXULQJ IHUPHQWDWLRQ 'HU
'HXWVFKHU:HLQEDX
%(1,7(= 7 0$57,1(= 3 \ &2'21 & *HQHWLF FRQVWLWXWLRQ RI LQGXVWULDO \HDVW 0LFURELRORJtD
6(0
%(55< '5 \ -2+16721 -5 <HDVWV LQ 'LVWLOOLQJ (Q )RRG %LRWHFKQRORJ\ 0LFURRUJDQLVPV
(GLWDGRSRU<++XLDQG**.KDFKDWRXULDQV
%(575$1' $ /H FDUEDPDWH GpWK\OH GDQV OHV YLQV HW OHV HDX[GHYLH GH YLQ (Q /HV DFTXLVLWLRQV
UpFHQWHV HQ FKURPDWRJUDSKLH GX YLQ $SSOLFDWLRQV j ODQDO\VH VHQVRULHOOH GHV YLQV (G 7(& '2&/DYRLVLHU
3DULV

-RVp$5HJRGyQ0DWHRV
%(=(1*8(5 0& \ 1$9$552 -0 ,QIOXHQFH GHOD]RWH VXU OD IHUPHQWDWLRQ DOFRROLTXH HQ PLOLHX
PRGqOHVLPXODQWOHVFRQGLWLRQVGHOHQRORJLH6FLHQFHVGHV$OLPHQWV
%,'$135HODWLRQHQWUHODWHQHXUGHVYLQVHQDOFRROVVXSpULHXUVHWODWHQHXUGHVPRWVHQVXEVWDQFHV
D]RWpHVHQSDUWLFXOLHU HQDFLGHVDQLPpV%XOOGH/2,9
%,'$13)(8,//$70\028/,1-3/HVYLQVPRXVVHX[5DSSRUWIUDQoDLVqPH$VVHPEOpH
*pQpUDOHGHO2,9%XOOGH/2,9
%,77(5 *$ \ (*$1 .0 ([SUHVVLRQ RI KHWHURORJRXV JHQHV LQ 6DFFKDURP\FHV FHUHYLVLDH IURP
YHFWRUVXWLOL]LQJWKHJO\FHUDOGHKLGHSKRVSKDWHGHK\GURJHQDVHJHQHSURPRWHU*HQH
%/21',1%\9(=,1+(7),GHQWLILFDWLRQGHVRXFKHVGHOHYXUHVRHQRORJLTXHVSDUOHXUVFDU\RW\SHV
REWHQXVHQpOHFWURSKRUqVHHQFKDPSSXOVp5HYXHIUDQoDLVHG
2HQRORJLH
%21(')&2/202%\685(=-$6HOHFFLyQGHOHYDGXUDVYtQLFDVGHOD'2%LHU]RHQEDVHD
VXVSURSLHGDGHVILVLROyJLFDVGHLQWHUpVLQGXVWULDO,&DUDFWHUL]DFLyQGHFHSDVDXWyFWRQDV9LWLYLQLFXOWXUD

%221(&6',&8$0:$*1(5-'(*5e561&+(=&\%866(<+,QWHJUDWLRQRIWKH
\HDVW . NLOOHU WR[LQ JHQH LQWR WKH JHQRPH RI PDUNHG ZLQH \HDVWV DQG LWV HIIHFW RQ YLQLILFDWLRQ $P - (QRO
9LWLF
%27(//$0$3e5(=52'5*8(=/'20(&4%\9$/38(67$9$PLQRDFLGFRQWHQWRI
ILQRDQGRORURVRVKHUU\ZLQHV$P-(QRO9LWLF
%28,; 0 \ /(9($8 ,< (OHFWURSKRUHWLF VWXG\ RI WKH PDFURPROHFXODU FRPSRXQGV H[FUHWHG E\
\HDVWV$SSOLFDWLRQWRGLIIHUHQWLDWLRQEHWZHHQVWUDLQVRIWKHVDPHVSHFLHV%LRWHFKQRO%LRHQJ
%5$')25' 00 $ UDSLG DQG VHQVLWLYH PHWKRG IRU WKH TXDQWLWDWLRQ RI PLFURJUDP TXDQWLWLHV RI
SURWHLQXWLOL]LQJWKHSULQFLSOHRISURWHLQG\HELQGLQJ$QDO\WLFDO%LRFKHPLVWU\
%5$1621'0pWRGRVHQEDFWHULRORJtDFOtQLFD(G3DQDPHULFDQD%XHQRV$LUHV
%5$92)(GLWRULDO9LQR(VSDxRO$OLPHQWDULD6HSWLHPEUH
%5$92)9LQLILFDFLyQHFROyJLFDGHOPRVWRGHXYD$OLPHQWDULD2FWXEUH
%5$92)\3e5(=)-3HUILOHQ]LPiWLFRGHFXOWLYRVSXURVGHOHYDGXUDVYtQLFDV$OLPHQWDULD-XOLR
$JRVWR
%5$92 ) H f,*2 % $VSHFWRV ELRTXtPLFRV \ WHFQROyJLFRV GH OD FULDQ]D ELROyJLFD GHO YLQR EODQFR
H[WUHPHxR$OLPHQWDULD-XOLR$JRVWR
%5,21(6$,,=48,(5'2303$/230//\8%('$-$VSHFWRVGHODLQIOXHQFLDGHOVXHOR\
HOFOLPDHQODIORUDOHYDGXULIRUPHHVSRQWiQHDHQODVXYDVGHODYDULHGDG$LUHQ$OLPHQWDULD-XOLR$JRVWR
%8'521,0)$55,6*$\92'5(776XOORULJLQHGHLOLHYLWLYLQDUL,OLHYLWLUHVSRQVDELOLGHOOD
IHUPHQWD]LRQHVSRQWDQHDGHLPRVWL1RWD,,5LY9LWLF(QRO
%85($8*%581'9,*8(6$0$8-($1$9(66(//(*\)(8,//$70(WXGHGCXQH

%LEOLRJUDItD
PLFORIORUHOHYXULHQQHFKDPSHLQRVH&RQQDLVVDQFHGHOD9LJQHHWGX9LQ
%85.('7&$5/(*)\2/62109&ORQLQJRIODUJHVHJPHQWVRIH[RJHQRXV'1$LQWR\HDVW
E\PHDQVRIDUWLILFLDOFKURPRVRPHYHFWRUV6FLHQFH
%866(<+\0($'(136HOHFWLRQDQGVWDELOLW\RI\HDVWWUDQVIRUPDQWVH[SUHVVLQJF'1$RIDQ0
NLOOHUWR[LQLPPXQLW\JHQH&XUUHQW*HQHWLFV
&$/'(17(< 3 )RUPDFLyQ GH FRPSXHVWRV VXOIXUDGRV YROiWLOHV GXUDQWH OD IHUPHQWDFLyQ DOFRKyOLFD
9LWLYLQLFXOWXUD
&$/'(51 ) &$//(-2 0- &2/202 % %$5&(1,//$ - \ 685(= -$ ,QIOXHQFLD GHO
PLFURFOLPD \ GHO SURFHVR HQRWpFQLFR VREUH OD PLFURELRORJtD GH PRVWRV \ YLQRV GH OD GHQRPLQDFLyQ GH RULJHQ
9LQRVGH0DGULG;9-RUQDGDVGH9LWLFXOWXUD\(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDO
GH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD
&$/(52)3e5(=5\6$1&+2(',QHVSHFLILFLGDGGHORVHIHFWRVVLQpUJLFRVRDQWDJyQLFRVHQWUH
ODV OHYDGXUDV \ ODV EDFWHULDV YtQLFDV DSOLFDFLyQ DO FRQVXPR GHO iFLGR PiOLFR ;9, -RUQDGDV GH 9LWLFXOWXUD \
([WUHPDGXUDWRPR,
&$16$'2 - /21*2 ( $*5(/2 ' \ 9,//$ 7* /HYDGXUDV DVRFLDGDV D SURFHVRV GH
IHUPHQWDFLyQHVSRQWiQHDHQYLQRVGH5LEHLUR$QiOLVLVGHOKRPRKHWHURWDOLVPR\VLVWHPDNLOOHUGHODVFHSDVGH6
FHUHYLVLDH0LFURELRORJtD6(0
&$16$'2 - /21*2 ( &$/2 3 6,(,52 & 9(/=48(= -% \ 9,//$ 7* 5ROH RI NLOOHU
FKDUDFWHU LQ VSRQWDQHRXV IHUPHQWDWLRQV IURP 1: 6SDLQ HFRORJ\ GLVWULEXWLRQ DQG VLJQLILFDQFH $SSO
0LFURELRO%LRWHFKQRO
&$5,', $ &257( 9 7,1, 9 3$66$5(//, 3 5$,1,(5, 6 =$0%21(//, & &RUUH]LRQH
GHJOLHTXLOLEULDFLGLFLGHLYLQLPHULGLRQDOLFRQOLHYLWLVHOH]LRQDWL/(QRWHFQLFR1RYLHPEUH
&$55$8-/'($9(=('2-/68%'(5<3\&$03%(//'0HWKRGVIRUUHFRYHULQJIXVLRQ
SURGXFWV DPRQJ HQRORJLFDO VWUDLQV RI 6DFFKDURP\FHV FHUHYLVLDH DQG 6FKL]RVDFFKDURP\FHV SRPEH %UD]LOLDQ
-RXUQDORI*HQHWLFV
&$6(< *3 ;,$2 : \ 5$1. *+ $ FRQYHQLHQW GRPLQDQW VHOHFWLRQ PDUNHU IRU WUDQVIHU LQ
LQGXVWULDOVWUDLQVRI6DFFKDURP\FHV\HDVW605HQFRGHGWKHUHVLVWDQFHIRUWKHKHUELFLGHVXOIRPHWXURQPHWK\O
-RXUQDORIWKH,QVWLWXWHRI%UHZLQJ
&$63 $ 8WLOL]DFLyQ GH SURGXFWRV HQROyJLFRV HQ ODV RSHUDFLRQHV SUHIHUPHQWDWLYDV \ HQ OD
IHUPHQWDFLyQ9LWLYLQLFXOWXUD
&$63$*$5&$0-\$/(,;$1'5(-/(VWXGLRGHTXLQFHFHSDVGHOHYDGXUDVDXWyFWRQDVGHOD
'2 9DOHQFLD SRU OD FRPSRVLFLyQ \ FDOLGDG GHO YLQR SURGXFLGR ;9 -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH
7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H ,QGXVWULDV $JUDULDV GH OD -XQWD GH
([WUHPDGXUD
&$67,12 0 ,QGDJLQH VXOOLPSRUWDQ]D GL DOFXQL IDWWRUL SHU LO FRQVHJXLPHQWR GL HOHYDWH JUDGD]LRQL
DOFROLFKHFRQPRVWLGDXYHSDVVLWH%LRORJLD2JJL9,
&$67,1209LQRELDQFKLWHFQRORJLDGLSURGXFLRQH(G$JULFROH(GL]LRQH$JULFROH%RORJQD

-RVp$5HJRGyQ0DWHRV
&$9$==$ $ *5$1'2 06 \ =,1, & &RQWUROOR GHOOD SXUH]]D IHUPHQWDWLYD , OLHYLWL QRQ
6DFFKDURP\FHV%LRORJLD2JJL9,
&+$7211(7 3 '8%285',(8 ' %2,'521 -1 \ 3216 0 7KH RULJLQ RI HWK\O SKHQROV LQ
ZLQHV-6FL)RRG$JULF
&,2/),*5LFRQRVFLPLHQWRHFDUDFWWHUL]]DFLRQHGHLOLHYLWL9LQLG,WDOLD
&,2/), * 3UREOHPDWLFKH PLFURELRORJLFKH GHOODPELHQWH HQRORJLFR FHQWUR PHULGLRQDOH 3DUWH ,
%LRORJL2JJL,,,
&,2/), * &RQVLGHUD]LRQL PLFURELRORJLFKH UHODWLYH DOOD IHUPHQWD]LRQH GHO PRVWR $QQDOL GHOO,VWLWXWR
6SHULPHQWDOHSHUO(QRORJLD$VWL;;,
&,2/), * \ 721(7 $/ &RQWUROOR PLFURELRORJLFR GHOOH IHUPHQWD]LRQL PHGLDQWH LPSLHJR GL OLHYLWL
VHFFKLPDUFDWL$QQDOLGHOO,VWLWXWR6SHULPHQWDOHSHUO(QRORJLD$VWL;;,
&,2/),**$52)2/2$025(77,663(5$*025$66870\&(&&+,1,)9DULD]LRQL
PHWDEROLFKHGHOOLHYLWRLQIXQ]LRQHGHOOHGLIIHUHQWLFRQGL]LRQLQXWUL]LRQDOL%LRORJLD2JJL9,
&2//'(&$55(5$ 0 &2// & 38,* - \ %/80 - (YROXFLyQ \ FDUDFWHUL]DFLyQ GH OHYDGXUDV
GXUDQWH HO SURFHVR GH IHUPHQWDFLyQ HVSRQWiQHD GH PRVWR SURFHGHQWH GH FDULxHQD WLQWD GH OD '2 $PSXUGiQ
&RVWD%UDYD(O(QROyJLFR 7ULPHVWUH
&21'( - \ ),1. *5 $$ PXWDQW RI 6DFFKDURP\FHV FHUHYLVLDH GHIHFWLYH IRU QXFOHDU IXVLRQ#
3URFHHGLQJVRIWKH1DWLRQDO$FDGHP\RI6FLHQFH86$
&2167$17 0 32%/(7 0 =$025$ ) *8,//$01 -0 \ 0$6 $ &DUDFWHUL]DFLyQ \
PHMRUDGHPLFURRUJDQLVPRVDSOLFDFLyQGHWpFQLFDVGHELRORJtDPROHFXODUDODHQRORJtD9LWLFXOWXUD\(QRORJtD
3URIHVLRQDO
&25$7=$*0860$1125$&5(67,69$*12/,3\',0$**,27/HYROX]LRQHGHOOD
SRSROD]LRQHGLOLHYLWLGXUDQWHODIHUPHQWD]LRQH9LJQHYLQL
&257e60%=($/025(12-\0(',1$0&RPSRVLFLyQGHODURPDGHYLQRVILQRVGHOD'2
0RQWLOOD0RULOHVGXUDQWHODFULDQ]DELROyJLFDFRQWURODGDFRQGRVUD]DVGHOHYDGXUDVGHYHOR;9,,, -RUQDGDVGH
9LWLFXOWXUD\(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRU&XOWXUDO6DQWD$QD$OPHQGUDOHMR
&8(1'$ 0 9$/'e6 0( 5(*2'1 -$ \ 3e5(= ) 3UHVHQFLD \ HYROXFLyQ GH DPLQRiFLGRV
OLEUHV HQ HO FXUVR GH OD IHUPHQWDFLyQ DOFRKyOLFD ,QIOXHQFLD GH GLIHUHQWHV WHFQRORJtDV HPSOHDGDV GXUDQWH OD
HODERUDFLyQGHYLQRVEODQFRVR 6LPSyVLRGH9LWLYLQLFXOWXUDGR$OHQWHMRYRO
&8,1,(5 & ,QIOXHQFH GHV OHYXUHV VXU OHV FRPSRVpV SKpQROLTXHV GX YLQ %XOO GH /2,9

&+$53(17,(5 & /HV DUUrWV GH IHUPHQWDWLRQ UROH GH OHWKDQRO UpVLVWDQFH GH OD OHYXUH 5HYXH
IUDQoDLVHG2HQRORJLH
'2('LDULR2ILFLDOGH([WUHPDGXUDQ GHO2UGHQGHGH0DU]RGH
'2('LDULR2ILFLDOGH([WUHPDGXUDQ GHO2UGHQGHGH0D\RGH

%LEOLRJUDItD
'2('LDULR2ILFLDOGH([WUHPDGXUDQ GHO2UGHQGHGH0DU]RGH
'$55,(735{OHGHODOHYXUHVXUOHVSUpFXUVHXUVGDU{PHVGXUDLVLQ(Q/HVDFTXLVLWLRQVUpFHQWHVHQ

PLFURELRORJLH GX YLQ ,QFLGHQFHV VXU OHV SURSLpWpV RUJDQROHSWLTXHV HW OHV DOWpUDWLRQV GX YLQ (G 7(& '2&
/DYRLVLHU3DULV
'$025( 7 &(/2772 * 5866(/ , \ 67(:$57 ** 6HOHFWLRQ DQG RSWLPL]DWLRQ RI \HDVW
VXLWDEOH IRUHWKDQROSURGXFWLRQDW&(Q]LPHDQG0LFURELDO7HFKQRORJ\
'( %$5526 0 62'(1 $ +(16&+.( 3$ \ /$1*5,'*( 3 3&5 GLIHUHQWLDWLRQ RI
FRPPHUFLDO\HDVWVWUDLQVXVLQJLQWURQVSOLFHVLWHSULPHUV$SSO(QYLURQ0LFURELRO
'( 0,*8(/ & 0$51 - \ 9$/'e6 0( ,QIOXHQFLD GH ODV WpFQLFDV GH HVWDELOL]DFLyQ \
HPERWHOODGRV HQ YLQRV EODQFRV PRQRYDULHWDOHV $PLQRiFLGRV 6LPSyVLR GH 9LWLYLQLFXOWXUD GR $OHQWHMR
YRO
'(*5e57+20$6'<$6+-0$,/+,27.025,1$\'8%25'&D:LQH<HDVW6WUDLQ
,GHQWLILFDWLRQ$P-(QRO9LWLF
'(*5e 5 7+20$6 '< )5(1(77( - 0$,/+,27 . \ /$/(0$1' , E,GHQWLILFDWLRQ GHV
VRXFKHVGHOHYXUHVRHQRORJLTXHVSDUODFDUDFWpULVDWLRQGHOHXU$'1DOiLGHGHVRQGHVPROpFXODLUHVVSpFLILTXHV
5HYXHIUDQoDLVHG2HQRORJLH
'(*5e 5 7+20$6 '< $6+ - 0$,/+,27 . 025,1 $ \ '8%25' & ,GHQWLILFDWLRQ GHV
VRXFKHVGHOHYXUHVGHYLQ5HYXHIUDQoDLVHG2HQRORJLH
'(*5e5 6HOHFWLRQDQGFRPPHUFLDOFXOWLYDWLRQRIZLQH\HDVWDQGEDFWHULD:LQHPLFURELRORJ\DQG

ELRWHFKQRORJ\(GLWDGRSRU*UDKDP+)OHHW+DUZRRG$FDGHPLF3XEOLVKHUV
'(/),1, & &ULWHUL PHWRGRORJLFL VHJXLWL ULVXOWDWL RWWHQXWL H SURVSHFWWLYH QHOOD VHOH]LRQH GL OLHYLWL SHU
XVRHQRORJLFR%LRORJLD2JJL9,
'(/),1, & 5HODWLRQVKLS EHWZHHQ PDLQWHQDQFH DQG UHSURGXFWLRQ WHFKQLTXHV RI VHOHFWHG ZLQH \HDVW
FXOWXUHVFHOOXODUVWHUROFRQWHQWDQGIHUPHQWDWLRQDFWLYLW\5LY9LWLF(QRO
'(/),1,&\%$5',//DELRWHFQRORJtDDSOLFDGDDODHQRORJtD\DORVPLFURRUJDQLVPRVGHOYLQR

9LWLYLQLFXOWXUD
'(/),1,&\&(59(77,)6WXG\RQPHWDEROLFDQGWHFKQRORJLFDOIDFWRUVFDXVLQJSURGXFWLRQRIODUJH
DPRXQWVRIDFHWLFDFLGE\\HDVWVGXULQJDOFRKROLFIHUPHQWDWLRQ%LRORJLD2JJL9,
'(/,$ 0/ \ 675(+$,$12 &LQHWLTXHV HQ IHUPHQWDWLRQ DOFRROLTXHLQIOXHQFHGHTXHOTXHVIDFWHXUV

ELRORJLTXHVFKLPLTXHVSK\VLTXHV%LRORJLD2JJL9,
'(/),1,&*$(7$12**$,$33,$1*(5(//,0*\&2&,72&3URGXFWLRQRI'PDOLF
DFLGE\ZLQH\HDVWV5LY9LWLF(QRO
'(//252 9 3ROLVDFFDULGL H SURWHLQH QHL PRVWL H QHL YLQL $QQDOL GHOO,VWLWXWR 6SHULPHQWDOH SHU
O(QRORJLD$VWL;;,
'(/250( ( $7UDQVIRUPDWLRQ RI 6DFFKDURP\FHV FHUHYLVLDH E\ HOHFWURSRUDWLRQ# $SSOLHG DQG
(QYLURQPHQWDO0LFURELRORJ\

-RVp$5HJRGyQ0DWHRV
'(/7(,/ ' \ $,=$& 7 &RPSDULVRQ RI \HDVW LQRFXODWLRQ WHFKQLTXHV E\ WKH XVH RIDPDUNHUG\HDVW
VWUDLQ:LQH,QGXVWU\-RXUQDO1RYHPEHU
'(/7(,/'\-$55<-0&DUDFWHULVDWLRQGHVDURPHVGHIHUPHQWDWLRQ(IIHWVGHODVRXFKHGHOHYXUH

HWGHODFRPSRVLWLRQGXPRW8QHDSSURFKHDQDO\WLTXH%LRORJLD2JJL9,
'(/7(,/ ' \ /2=$12 / /HV FULWqUHV GH FKRL[ GXQH VRXFKH GH OHYXUH VpOHFWLRQQpH SRXU OD
YLQLILFDWLRQHQEODQF5HYXHIUDQoDLVHG
2HQRORJLH
'(/ 32=2 / $%$5.$ ' &/$526 0* \ -,0e1(= $ &\FORKH[LPLGH UHVLVWDQFH DV D \HDVW
FORQLQJPDUNHU&XUU*HQHW
'(55,&. 6 \ /$5*( 3- $FWLYLHV RI HQ]\PHV RI WKH HKUOLFK SDWKZD\ DQG IRUPDWLRQ RI EUDQFKHG
FKDLQ DOFRKROV LQ 6DFFKDURP\FHV FHUHYLVLDH DQG &DQGLGD XWLOLV JURZQ LQ FRQWLQXRXV FXOWXUH RQ YDOLQH RU
DPPRQLXPDVVROHQLWURJHQVRXUFH-RXUQDORI*HQHUDO0LFURELRORJ\
',67()$125\&,2/),*3URGX]LRQHGLDFHWDOGHLGHGDSDUWHGLVWLSLWLGLOLHYLWLGLVSHFLHGLYHUVH

5LYLVWDGL9LWLFROWXUDHGL(QRORJLDGL&RQHJOLDQR
',775,&+ ++ 0LNURELRORJLH GHV ZHLQHV QG HGQ6WXWWJDUW9HUODJ(XJHQ8OPHU

',775,&+ ++ \ 67$8'(10$<(5 7 62%LOGXQJ %|FNVHUELOGXQJ XQG E|FNVHUEHVHLWLJXQJ

'HXWVFKH:HLQ=HLWXQJ
',775,&+ ++ \ 67$8'(10$<(5 7 hEHU GLH ]XVDPPHQKlQJH ]ZLVFKHQ GHU VXOILWELOGXQJ XQ
GHUVFKZHIHOZDVVHUVWRIIELOGXQJEHL6DFFKDURP\FHVFHUHYLVLDH=HQWUDOEODWWIU%DFNWHULRORJLH3DUDVLWHQNXQGH
,QIHNWLRQKUDQNKEHLWHQXQG+\JLHQH,,$EW%G
',=< 0 \ 32/2 0& &KDQJHV LQ FRQFHQWUDWLRQ RI QLWURJHQRXV FRPSRXQGV GXULQJ IHUPHQWDWLRQ RI
ZKLWHJUDSHPXVWVDWSLORWSODQWVFDOH)RRG6FLHQFHDQG7HFKQRORJ\,QWHUQDWLRQDO
'277 : +(,1=(/ 0 \ 7583(5 +* 6XOILWH IRUPDWLRQ RI ZLQH \HDVW , 5HODWLRQVKLS EHWZHHQ
JURZWKIHUPHQWDWLRQDQGVXOILWHIRUPDWLRQ$UFK0LFURELRO
'8%285',(8 ' 62.2/ $ =8&&$ - 7+$/28$51 3 '$77(( $ \ $,*/( 0
,GHQWLILFDWLRQ GHV VRXFKHV GH OHYXUHV LVROpHV GH YLQVSDUODQDO\VHGHOHXU$'1PLWRFKRQGULDO&RQQDLVVDQFH
9LJQH9LQ
'87&+(5 6. ,QWHUQXFOHDU WUDQVIHU RI JHQHWLF LQIRUPDWLRQ LQ NDU .$5 KHWHURNDU\RQV LQ
6DFFKDURP\FHVFHUHYLVLDH0ROHFXODUDQG&HOOXODU%LRORJ\
(/,$6 ( /3(= 5 \ 6$17$0$5$ 03 (VWXGLR DQDOtWLFR GH YLQRV DIHFWDGRV SRU SDUDGDV GH
IHUPHQWDFLyQ &RPSDUDFLyQ FRQ YLQRV VHFRV ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV
(GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H ,QGXVWULDV $JUDULDV GH OD -XQWD GH ([WUHPDGXUD WRPR ,

(6&2%$/ $ *21=/(= - ,5,21'2 & \ /$%255$ & &DUDFWHUL]DFLyQ TXtPLFD \ HVWXGLR
FRPSDUDWLYR FRUUHVSRQGLHQWH D ODV FRVHFKDV \ GHO 7[DNROL GH %L]NDLD $OLPHQWDULD -XOLR
$JRVWR
(6&+(1%58&+56XOILWHDQGVXOILGHIRUPDWLRQGXULQJZLQHPDNLQJ$P-(QRO9LWLF

%LEOLRJUDItD
(6&+(1%58&+5&5(6:(//.-),6+(5%0\7+2517215-6HOHFWLYHK\EULGL]DWLRQRI
SXUH FXOWXUH ZLQH \HDVWV , (OLPLQDWLRQ RI XQGHVLUDEOH ZLQHPDNLQJ SURSHUWLHV# (XURSHDQ -RXUQDO RI $SSOLHG
0LFURELRORJ\DQG%LRWHFKQRORJ\
(6&+(1%58&+ 5 +$66%52&. )6 \ '( 9,//,(56 -) 2Q WKH PHWDEROLVP RI VXOIDWH DQG
VXOILWHGXULQJWKHIHUPHQWDWLRQRIJUDSHPXVWE\6DFFKDURP\FHVFHUHYLVLDH$UFK0LFURELRO
(63,126$/&$]~FDUHVHQPRVWRV\YLQRVGHVFULSFLRQHVWHyULFDV\DVSHFWRVSUiFWLFRV9LWLFXOWXUD
\(QRORJtD3URIHVLRQDO
(67(9( % *2671&$5 $ %2%(7 5 \ 858%858 ) 6HOHFFLyQ GH OHYDGXUDV GH LQWHUpV HQ
HQRORJtD GH OD FRPDUFD GHO 3HQHGpV /LEUR GH UHV~PHQHV GHO ; &RQJUHVR 1DFLRQDO GH 0LFURELRORJtD GH ORV
$OLPHQWRV6(0
(7,e9$173;:LQH(Q9RODWLOH&RPSRXQGVLQ)RRGVDQG%HYHUDJHV(GLWDGRSRU+HQN0DDUVH

1HZ<RUN
(867$1&( 5 \ 7+251721 5- 6HOHFWLYH K\EULGL]DWLRQ RI ZLQH \HDVW IRU KLJKHU \LHOGV RI
JO\FHURO&DQ-0LFURELRO
)$/48e ( '$55,(7 3 )(511'(= ( \ '8%285',(8 ' &RPSXHVWRV DURPiWLFRV GH XQ
YLQRSRUDFRSODPLHQWR&*(06QLIILQJ$OLPHQWDULD-XOLR$JRVWR
)$55,6 *$ %8'521, 0 92'5(7 7 \ '(,$1$ 3 6XOORULJLQH GHL OLHYLWL YLQDUL,OLHYLWLGHL
WHUUHQLGHOOHIRJOLHHGHJOLDFLQLGLDOFXQLYLJQHWLVDUGL/(QRWHFQLFR-XQLR
)/((7*+*URZWKRI\HDVWVGXULQJZLQHIHUPHQWDWLRQV-RXUQDORI:LQH5HVHDUFK
)/((7 +) \ +($5' *0 <HDVW JURZWK GXULQJ IHUPHQWDWLRQ (Q :LQH PLFURELRORJ\ DQG
)5(=,(5 9 \ '8%285',(8 ' (FRORJ\ RI <HDVW 6WUDLQ 6DFFKDURP\FHV FHUHYLVLDH 'XULQJ
6SRQWDQHRXV)HUPHQWDWLRQLQD%RUGHDX[:LQHU\$P-(QRO9LWLF
)5(=,(5 9 \ 75,21( ' 6HOHFWLRQ HW FKRL[ GH OHYXUHV SRXU OHV YLQV URXJHV R 6LPSyVLR GH
9LWLYLQLFXOWXUDGR$OHQWHMRYRO
)8/*(/6$1* .& 26%251 00 \ 08//(5 &- ,QYROYHPHQWV RI %UHWWDQRP\FHV VS LQ
:LQHPDNLQJ:LQH,QG7HFK6\PS-DQ5RKQHUW3DUN&$
)8/*(16$1*.&\08//(5&-'RWD]LRQHD]RWDWDGHOPRVWRHSUiFWLFKHGLFDQWLQD9LJQHYLQL

*$,$3,IHUPHQWLVHOH]LRQDWLLQHQRORJLD9LJQHYLQL
*$,$3\'(/),1,&,QGDJLQHVXOODSURGX]LRQHGLDQLGULGHVROIRURVDGXUDQWHODIHUPHQWD]LRQH QHO

PRVFDWRGDVWL'2&$QQDOLGHOO,VWLWXWR6SHULPHQWDOHSHUO(QRORJLD$VWL;,;
*$,$ 3 \ '(/),1, &/DTXDOLWDGHLYLQLLQUHOD]LRQHDOFHSSRGLOLHYLWRHDOJUDGRGLQIH]LRQHGD

PDUFLXPHDFLGR$QQDOLGHOO,VWLWXWR6SHULPHQWDOHSHUO(QRORJLD$VWL;;,
*$,$ 3 '(/),1, & \ 3$*/,$5$ $ ,QIOXHQ]D GHL WUDWWDPHQWL DQWLSDUDVVLWDUL VXOOD GLVWULEX]LRQH
GHOODPLFURIORUDGHOOHXYH%LRORJLD2JJL9,

-RVp$5HJRGyQ0DWHRV
*$5&$ 0- &$63 $ \ $/(;$,1'5( -/ ,QIOXHQ]D GHO FHSSR GL OLHYLWR H GHOOD WHPSHUDWXUD GL
IHUPHQWD]LRQHVXOODFRQFHQWUD]LRQHGLDOFXQLFRPSRVWLYRODWLOL5LY9LWLF(QRO
*$5&$0-&$63$$/(;$,1'5(-/\/9$5(=,(YROXFLyQGHODFHWDOGHKLGRGXUDQWHOD

IHUPHQWDFLyQ GH XQ PRVWR VLQWpWLFR FRQ GLVWLQWDV OHYDGXUDV DXWyFWRQDV GH OD'29DOHQFLD;9,,-RUQDGDVGH
GHOD-XQWDGH([WUHPDGXUDWRPR,
*$5&$ ( &KLDULILFD]LRQH GHL PRVWL H YDULDELOL FKH LQIOXHQ]DQR OD SURGX]LRQH GL DFLGR DFHWLFR LQ
GLYHUVHYDULHWDGL6DFFKDURP\FHVFHUHYLVLDH$QQDOLGHOO,VWLWXWR6SHULPHQWDOHSHUO(QRORJLD$VWL;;,

*$5&$ ( &RQVHJXHQ]H GHOOD FKLDULILFD GHL PRVWL VXO PHWDEROLVPR GL 6DFFKDURP\FHV FHUHYLVLDH
GXUDQWHODIHUPHQWD]LRQHDOFROLFD9LJQHYLQL
*$5&$(/RVPLFURRUJDQLVPRVGHOMHUH]0LFURELRORJtD6(0
*$5'1(5152'5,*8(1\&+$03$*1(&3 &RPELQHGHIIHFWVRIVXOILWHVWHPSHUDWXUHDQG

DJLWDWLRQWLPHRQSURGXFWLRQRIJO\FHUROLQJUDSHMXLFHE\6DFFKDURP\FHVFHUHYLVLDH$SSO(QYLURQ0LFURELRO

*$52)2/2$\025(77,6$URPLIHUPHQWDWLYLGLYLQLELDQFKL'2&SURGRWWLFRQOLHYLWLGLYHUVL
$QQDOLGHOO,VWLWXWR6SHULPHQWDOHSHUO(QRORJLD$VWL;;,
*(5%, 9 =(33$ * 0,/$1$&&,2 *( \ 5,6621( 0 9HULILFD PHGLDQWH DQDOLVL VHQVRULDOH
GHOOHIIHWWRGLOLHYLWLHFKLDULILFDQWLGLYHUVLQHOODSURGX]LRQHGLXQRVSXPDQWHFODVVLFR,QGLVWULHGHOOH%HYDQGH
;,;
*,$&20,1, 3 267,1(//, $ '( 0$5&+, $ 529,5$ - %85*8(5$ -6$1&+20\$1'5(8
-/,QQRYDFLyQHQORVSURFHVRVGHFODULILFDFLyQ\GHIHUPHQWDFLyQGHORVPRVWRVGHXYD9LWLFXOWXUD\
(QRORJtD3URIHVLRQDO
*,/ -9 *0(= 0' -,0e1(= 0 0$7(2 -- \ +8(57$ 7 (YROXFLyQ GH OD IORUD
OHYDGXULIRUPH HQ PRVWRV HVWpULOHV LQRFXODGRV GH OD FY 0RQDVWUHOO $FWDV GHO ,, &RQJUHVR ,QWHUQDFLRQDO GH
7HFQRORJtD\'HVDUUROOR$OLPHQWDULRV&RPXQLGDG$XWyQRPDGHOD5HJLyQGH0XUFLD
*,/ -9 0$7(2 -- -,0e1(= 0 3$6725 $ \ +8(57$ 7 $URPD FRPSRXQGV LQ ZLQH DV
LQIOXHQFHGE\DSLFXODWH\HDVW-)RRG6FL
*,521' 6 %/$=<0$8*(1 ) \ 0,&+(/ * ,QIOXHQFH GH TXHOTXHV SHVWLFLGHV YLWLFROHV VXU OHV
OHYXUHVHWODIHUPHQWDWLRQ5HYXHIUDQoDLVHG
2HQRORJLH
*,8',&,37ROHUDQFLDDODOFRKROHQODVOHYDGXUDVGHYLQR9LWLYLQLFXOWXUD
*,8',&,36,/9(67521,2\*+,'21,*,QIOXHQ]HGHOODIRQWHD]RWDWDVXOODDWWLYLWiGLFHSSLGL

OLHYLWRFRQULIHULPHQWRDOODIRUPDFLRQHGLDOFRKROLVXSHULRUL9LJQHYLQL
*,8',&, 3 520$12 3 \ =$0%21(//, & $ ELRPHWULF VWXG\ RI KLJKHU DOFRKROV SURGXFWLRQ LQ
6DFFKFHUHYLVLDH&DQ-0LFURELRO
*,8',&,3\=$0%21(//,&D&ULWHULGLVHOH]LRQHGHLOLHYLWLSHUHQRORJLD9LJQHYLQL
*,8',&,3\=$0%21(//,&E%LRPHWULFDQGJHQHWLFVWXG\RQDFHWLFDFLGSURGXFWLRQIRUEUHHGLQJ

RIZLQH\HDVW$P-(QRO9LWLF

%LEOLRJUDItD
*,8',&, 3 \.81.((5(7KHHIIHFWRIQLWURJHQGHILFLHQF\DQGVXOIXUFRQWDLQLQJDPLQRDFLGVRQ
WKHUHGXFWLRQRIVXOIDWHWRKLGURJHQVXOILGHE\ZLQH\HDVWV$P-(QRO 9LWLF
*,8',&, 3 =$0%21(//, & 3$66$5(//, 3 \ &$67(//$5, / ,PSURYHPHQW RI ZLQH
FRPSRVLWLRQZLWKFULRWROHUDQW6DFFKDURP\FHV VWUDLQV$P-(QRO9LWLF
*0(= ( 0$571(= $ /$(1&,1$ - \ /3(=52&$ -0 (O DURPD GHO YLQR
9LWLYLQLFXOWXUD
*0(=(/$(1&,1$-\0$57,1(=$9LQLILFDWLRQHIHFWVRQFKDQJHVLQYRODWLOHFRPSRXQGVRI

ZLQH-)RRG6FL
*0(=3255$6)3e5(=5&$/(52)\6$1&+2(',PSRUWDQFLDGHOIDFWRUPDWDGRUGHODV

OHYDGXUDV GXUDQWH OD YLQLILFDFLyQ ;9 -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD
*21=/(=/$5$ 5 32/2 0& &255($ , \ 5$026 0 &DUDFWHUtVWLFDV GH ODV SURWHtQDV GH
PRVWRVGHXYDVGHYDULHGDGHVFXOWLYDGDVHQ(VSDxD5HY$JURTXLP7HFQRO$OLPHQW
*21=/(=0*)(511'(=6\6,(55$-$(IIHFWRIWHPSHUDWXUHLQWKHHYDOXDWLRQRI\HDVW
IORFFXODWLRQDELOLW\E\WKH+HOPVPHWKRG-$P6RF%UHZ&KHP
*21=/(= 0 &DUDFWHUL]DFLyQ DQDOtWLFD GH ORV YLQRV GH (XVNDO +HUULD (GLWDGR SRU OD 'LSXWDFLyQ
)RUDOGH$ODYD6HUYLFLRGH3XEOLFDFLRQHV9LWRULD*DVWHL]
*21=/(=0(OYLQRGH5LRMD&DUDFWHUL]DFLyQDQDOtWLFD(GLWDGRSRU*UiILFDV4XLQWDQD
*21=/(= 0& &$//(-2 0- &2/202 % \ 685(= -$ &RQWULEXFLyQ DO HVWXGLR GH OD
LQGXFFLyQ GH OD IHUPHQWDFLyQ PDOROiFWLFD HQ YLQRV GH 1DYDUUD ,,, (QVD\RV GH LQGXFFLyQ GH OD IHUPHQWDFLyQ
PDOROiFWLFDFRQFORQHVGHOHYDGXUDV\EDFWHULDVOiFWLFDVVHOHFFLRQDGDV$OLPHQWDULD-XOLR$JRVWR
*21=/(= / \ %5$92 ) ,QIOXHQFLD GH YDULHGDG GHO PRVWR \ GH ORV DJHQWHV IHUPHQWDWLYRV HQ OD
IRUPDFLyQGHFRPSXHVWRVYROiWLOHVPD\RULWDULRVHQYLQRV,$OLPHQWDULD(QHUR)HEUHUR
*21=/(= 5 ' 5$01 \ 3e5(=*21=/(= -$ #&ORQLQJ VHTXHQFH DQDO\VLV DQG \HDVW
H[SUHVVLRQRQWKHHJOJHQHIURP7ULFKRGHUPDORQJLEUDTXLDWXP#$SSO0LFURELRO%LRWHFKQRO
*2f, 0 /3(= 5 \ 6$17$0$5$ 03 ,QIOXHQFLD GHO GHVIDQJDGR HQ OD IHUPHQWDFLyQ
DOFRKyOLFD ;9, -RUQDGDV GH 9LWLFXOWXUD\(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH
&RPHUFLR H,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
*272 6 \ <2.2768.$ , :LOG \HDVW SRSXODWLRQV LQ IUHVK JUDSH PXVWV RI GLIIHUHQW KDUYHVWWLPH
-RXUQDORI)HUPHQWDWLRQ7HFKQRORJ\
*5$1'2 06 \ &$9$==$ $ ,O FRQWUROOR GHOOD SXUH]]D IHUPHQWDWLYD ULFRQRVFLPHQWR GHL FHSSL
GHOODVSHFLH6DFFKDURP\FHVFHUHYLVLDH%LRORJLD2JJL9,
*5,7= / \ '$9,(6 - $3ODVPLG HQFRGHG K\JURP\FLQ % UHVLVWDQFH WKH VHTXHQFH RI K\JURP\FLQ %
SKRVSKRWUDQVIHUDVH JHQH DQG LWV H[SUHVVLRQ LQ(VFKHULFKLD FROL DQG 6DFFKDURP\FHV FHUHYLVLDH# *HQH

*8(55$07*21=/(='&61&+(=0,6$1726&\5,9$6-& &RPSDUDFLyQGHORV
UHVXOWDGRVREWHQLGRVHQYLQLILFDFLRQHVUHDOL]DGDVFRQXYDVIUHVFDV\FRQJHODGDV;9,,,-RUQDGDVGH9LWLFXOWXUD

-RVp$5HJRGyQ0DWHRV
\(QRORJtDGH7LHUUDGH%DUURV(GLWDGRSRU&XOWXUDO6DQWD$QD$OPHQGUDOHMR
*8(5=21, ( ,175,(5, & 0$5&+(77, 5 *,8',&, 3 &RQWULEXWLRQ j OD FRQQDLVVDQFH GXQH
QRXYHOOHPDODGLHGHODJUDSSHODSRXUULWXUHDFLGH6\PS,QW5DLVLQGH7DEOHHW5DLVLQ6HF+HUDNOLRQ*UHFLD

*8(5=21, ( \ 0$5&+(77, 5 $QDO\VLV RI \HDVW IORUD DVVRFLDWHG ZLWK JUDSH VRXU URW DQG RI
FKHPLFDOGLVHDVHPDUNHUV$SSO(QYLURQ0LFURELRO
*8,-2 6 0$85,&,2 -& 6$/021 -0 \ 257(*$ 0 'HWHUPLQDWLRQ RI WKH UHODWLYH SORLG\ LQ
GLIIHUHQW6DFFKDURP\FHVFHUHYLVLDH VWUDLQVXVHGIRUIHUPHQWDWLRQDQG
IORU
ILOPDJHLQJRIGU\VKHUU\W\SHZLQHV
<HDVWV
*8,//$01 -0 +8(57$ 7 \ 48(52/ $ D 8WLOL]DFLyQ GH PDUFDGRUHV PROHFXODUHV SDUD OD
GLIHUHQFLDFLyQ \ FDUDFWHUL]DFLyQ GH HVSHFLHV GH 6DFFKDURP\FHV $FWDV GHO ,, &RQJUHVR ,QWHUQDFLRQDO GH
7HFQRORJtD\'HVDUUROOR$OLPHQWDULRV&RPXQLGDG$XWyQRPDGHOD5HJLyQGH0XUFLD
*8,//$01 -0 48(52/ $ \ +8(57$ 7 E 'LVHxR GH XQD PHWRGRORJtD SDUD OD VHOHFFLyQ GH
OHYDGXUDV GH OD GHQRPLQDFLyQ GH RULJHQ OD 0DQFKD $FWDV GHO ,, &RQJUHVR ,QWHUQDFLRQDO GH 7HFQRORJtD \
'HVDUUROOR$OLPHQWDULRV&RPXQLGDG$XWyQRPDGHOD5HJLyQGH0XUFLD
*<6/(5 &+ .1(866 3 \ 1,('(5%(5*(5 3 7UDQVIRUPDWLRQ RI FRPPHUFLDO EDNHU V \HDVW
VWUDLQVE\HOHFWURSRUDWLRQ%LRWHFKQRORJ\7HFKQLTXHV
+$'),(/' & &$+6025( $0 \ 0($'2&. 3$ $Q HIILFLHQW FKORUDPSKHQLFRO UHVLVWDQFH
PDUNHUIRU6DFFKDURP\FHVFHUHYLVLDH DQG(VFKHULFKLDFROL*HQH
+$//(7 -1 &5$1(*8< % =8&&$ - \ 328/$5' $ &DUDFWpULVDWLRQ GH GLIIpUHQWHV VRXFKHV
LQGXVWULHOOHV GH OHYXUHV RHQRORJLTXHV SDU OHV SURILOV GH UHVWULFWLRQ GH OHXU $'1 PLWRFKRQGULDO3URJUpV $JULF
9LWLF
+$571(// 3& \ 63('',1* '- 8SWDNH DQG PHWDEROLVP RI 6VXOSKDWH E\ ZLQH \HDVW 9LWLV

+$:7+251( ' \ 3+,/,336(1 3 *HQHWLF DQG PROHFXODU DQDO\VLV RI K\EULGV LQ WKH JHQXV
6DFFKDURP\FHV LQYROYLQJ6FHUHYLVLDH6XYDUXP DQGQHZVSHFLHV6GRXJODVLL<HDVW
+($5' *0 \ )/((7 *+ *URZWK RI QDWXUDO \HDVW IORUD GXULQJ WKH IHUPHQWDWLRQ RI LQRFXODWHG
ZLQHV$SSO(QYLURQ0LFURELRO
+($5' *0 \ )/((7 *+ 2FXUUHQFH DQG JURZWK RI \HDVWV GXULQJ WKH IHUPHQWDWLRQ RI VRPH
DXVWUDOLDQZLQHV)RRG7HFKQRO$XVW
+($5'*0\)/((7*+2FXUUHQFHDQGJURZWKRINLOOHU\HDVWVGXULQJZLQHIHUPHQWDWLRQ$SSO

(QYLURQ0LFURELRO
+($5'*0\)/((7*+$FRQYHQLHQWPLFURWLWUH WUD\SURFHGXUHIRU\HDVWLGHQWLILFDWLRQ-RXUQDO
RI$SSOLHG%DFWHULRORJ\
+(1'(5621 5&$ &2; %& \ 78%% 5 7KH WUDQVIRUPDWLRQ RI EUHZLQJ \HDVWV ZLWK D SODVPLG
FRQWDLQLQJWKHJHQHIRUFRSSHUUHVLVWDQFH&XUUHQW*HQHWLFV
+(1,&../,1*7\/$56621,07KHHIIHFWRIMXLFHQLWURJHQFRPSRVLWLRQDQG\HDVWVWUDLQRQWKH

IRUPDWLRQRIHWK\OFDUERPDWH%LRORJLD2JJL9,

%LEOLRJUDItD
+(16&+.(3$\-,5$1(.9+\GURJHQVXOILGHIRUPDWLRQGXULQJIHUPHQWDWLRQ HIIHFWRIQLWURJHQ
FRPSRVLWLRQ LQ PRGHO JUDSH PXVW ,QWHUQDWLRQDO 6\PSRVLXP RQ 1LWURJHQ LQ *UDSHV DQG :LQH $PHULFDQ
6RFLHW\IRU(QRORJ\DQG9LWLFXOWXUH-XQH6HDWWOH(GLWDGRSRU-5DQW]'DYLV&$$PHULFDQ6RFLHW\IRU
(QRORJ\DQG9LWLFXOWXUH
+(16&+.(3$\-,5$1(.9<HDVWPHWDEROLVPRIQLWURJHQFRPSRXQGV(Q:LQHPLFURELRORJ\
DQGELRWHFKQRORJ\(GLWDGRSRU*UDKDP+)OHHW+DUZRRG$FDGHPLF3XEOLVKHUV
+(5%(57'3+,3363-\675$1*(5(&KHPLFDODQDO\VLVRIPLFURELDOFHOOV1RUULV-5DQG
5LEERQV':0HWKRGLQ0LFURELRORJ\$FDGHPLFSUHVV/RQGRQE
+(55$,= 7 \ &$%(=8'2 0' 3HUVSHFWLYDV GHO XVR GHO 62 HQ YLQLILFDFLyQ 5HY $JURTXtP
7HFQRO$OLPHQW
+(55$,= 7 \ 28*+ &6 )RUPDWLRQ RI HWKLO HVWHU RI DPLQR DFLGV E\ \HDVW GXULQJ WKH DOFRKROLF
IHUPHQWDWLRQRIJUDSHMXLFH$P-(QRO9LWLF
+(55(5$ 3 *21=/(= '& *$//(*2 $ \ 61&+(= , &RUUHFFLyQ GH DFLGH] HQ PRVWRV \
YLQRV ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH
&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
+,'$/*23(OHIHFWRNLOOHU&RQWULEXFLyQDODGHWHUPLQDFLyQGHODVFDXVDVGHSDUDGDGHIHUPHQWDFLyQ
HQODGHQRPLQDFLyQGHRULJHQ9LQRVGH0DGULG;9,-RUQDGDVGH9LWLFXOWXUD$QRORJtDGH7LHUUDGH%DUURV
(GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H ,QGXVWULDV $JUDULDV GH OD -XQWD GH ([WUHPDGXUD WRPR ,

+,'$/*2 3 )ORUD OHYDGXULIRUPH GH ODV IDVHV SRVWIHUPHQWDWLYDV HQ YLQRV GH OD GHQRPLQDFLyQ GH
RULJHQ9LQRVGH0DGULG$OLPHQWDULD1RYLHPEUH
+,'$/*23$/25(60(VWXGLRWD[RQyPLFRGHOHYDGXUDVGHOD'HQRPLQDFLyQGH2ULJHQ9LQRVGH

0DGULGDLVODGDVHQHOWUDQVFXUVRGHODIHUPHQWDFLyQHVSRQWiQHDGHPRVWRV\YLQRV0LFURELRORJtD6(0

+,'$/*23\)/25(602FFXUUHQFHRIWKHNLOOHUFKDUDFWHULQ\HDVWDVVRFLDWHGZKLW6SDQLVKZLQH
SURGXFWLRQ)RRG0LFURELRORJ\
+,'$/*23',=<0\32/20&&ULWHULRVXWLOL]DGRVHQODDFWXDOLGDGSDUDODFODVLILFDFLyQGHODV

OHYDGXUDVYtQLFDV5HY(VS&LHQF7HFQRO$OLPHQW
+,'$/*2 3 \ &$5&(/$ -$ &DUDFWHUL]DFLyQ PLFURELDQD \ TXtPLFD GH YLQRV H LQIOXHQFLD HQ VX
HVWDELOLGDGELROyJLFD$OLPHQWDULD6HSWLHPEUH
+,11(1$+,&.6-%\),1.*$7UDQVIRUPDWLRQRI\HDVW#3URFHHGLQJVRIWKH1DWLRQDO$FDGHP\
RI6FLHQFH86$
+2870$1$&\'83/(66,6&6,QIOXHQFHGXFpSDJHHWGHODVRXFKHGHOHYXUHVXUODYLWHVVHGH

IHUPHQWDWLRQHWVXUODFRQFHQWUDWLRQGHVFRPSRVDQWVYRODWLOVGXYLQ%XOOGH/2,9
+2870$1 $& \ '8 3/(66,6 &6 7KH JUDSH FXOWLYDU DQG \HDVW VWUDLQ RQ IHUPHQWDWLRQ UDWH DQG
FRQFHQWUDWLRQRIYRODWLOHFRPSRQHQWVLQZLQH6$IU-(QRO9LWLF
+8$1*=\28*+&6(IIHFWRIYLQH\DUGORFDWLRQVYDULHWLHVDQGURRWVWRNVRQWKHMXLFHDPLQRDFLG
FRPSRVLWLRQRIVHYHUDOFXOWLYDUV$P-(QRO9LWLF

-RVp$5HJRGyQ0DWHRV
+8$1* = \ 28*+ &6 $PLQR DFLG SURILOHV RI FRPPHUFLDO JUDSH MXLFHV DQG ZLQHV $P - (QRO
9LWLF
,%5$*,029$ 6, .2=/29 '* .$57$6+(9$ 11 6817629 1, ()5(029 %' \
%(1(92/(16.< 69 $ VWUDWHJ\ IRU FRQVWUXFWLRQ RI LQGXVWULDO VWUDLQV RI 'LVWLOOHUV \HDVW
%LRWHFKQRORJ\DQG%LRHQJLQHHULQJ
f,*2%7RPPDVR&DVWHOOL\HOGHVDUUROORGHODPLFURELRORJtDHQROyJLFD$OLPHQWDULD0D\R
f,*2 % 1$9$552 3$ %5$92 ) +,'$/*2 - $552<2 9 7,(1'$ 3 \ 3e5(= )
9LQLILFDFLyQGHPRVWRFY0DOYDU(VWXGLRFRPSDUDWLYRGHELRWHFQRORJtD GHDVRFLDFLyQVHFXHQFLDOGHOHYDGXUDV
\GHWHFQRORJtDFRQYHQFLRQDO$OLPHQWDULD'LFLHPEUH
,25,==200$1&,1,&9,7$/($0\'(//$*/,2)(IIHWWLVXLOLHYLWLGLXQSURGRWWRDEDVH

GLEHQWRQLWHHDQLGULGHVROIRURVD9LJQHYLQL
,72+)8.8'$<085$7$.\.,085$$$7UDQVIRUPDWLRQRILQWDFW\HDVWFHOOVWUHDWHGZLWK
DOFDOLFDWLRQV#-RXUQDORI%DFWHULRORJ\
,=*8 ) $/7,1%$< ' \ <h&(/,6 $ ,GHQWLILFDWLRQ DQG NLOOHU DFWLYLW\ RI D \HDVW FRQWDPLQDWLQJ
VWDUWHUFXOWXUHVRI6DFFKDURP\FHVFHUHYLVLDH VWUDLQVXVHGLQWKH7XXUNLVKEDNLQJLQGXVWU\)RRG0LFURELRORJ\

-$&2%6&-)285,(,\9$19885(1+--2FFXUUHQFHDQGGHWHFWLRQRINLOOHU\HDVWRI&KHQLQ

EODQFJUDSHDQGJUDSHVNLQV6RXWK$IULFDQ-RXUQDORI(QRORJ\DQG9LWLFXOWXUH
-$&2%6 &- )285,( , \ 9$1 9885(1 +-- &KDUDFWHUL]DWLRQ RI NLOOHU \HDVW LVRODWHV IURP
&KHQLQEODQFJUDSHVDQGJUDSHVVNLQV6RXWK$IULFDQ-RXUQDORI(QRORJ\DQG9LWLFXOWXUH
-$&2%6&-\9$19885(1+--(IIHFWVRIGLIIHUHQWNLOOHU\HDVWVRQZLQHIHUPHQWDWLRQV$P-

(QRO9LWLF
-$0(6 $3 7KH HVSHFWUXP RI VHYHULW\ RI PXWDQW HIIHFWV ,, +HWHUR]\JRXV HIIHFWV LQ GLSORLGV
*HQHWLFV
-(1.,16-%*HQHWLFV6HFRQGHGLWLRQ+RXJKWRQ0LIIOLQ&RPSDQ\%RVWRQ
-,0e1(=-\%(17(=7*HQHWLFDQDO\VLVRIKLJKO\HWKDQROWROHUDQWZLQH\HDVWV&XUUHQW*HQHWLFV

-,0e1(= - \ %(17(= 7 +LEULGDFLyQ GH OHYDGXUDV YtQLFDV KRPRWiOLFDV FRQ FHSDV KHWHURWiOLFDV
0LFURELRORJtD6(0
-,0e1(= $ \ '$9,(6 - ([SUHVVLRQ RI D WUDQVSRVDEOH DQWLELRWLF UHVLVWDQFH HOHPHQW LQ
6DFFKDURP\FHV1DWXUH
-,5$1(. 9 /$1*5,'*( 3 \ +(16&+.( 3$ $PLQR DFLG DQG DPPRQLXP XWLOL]DWLRQ E\
6DFFKDURP\FHVFHUHYLVLDH ZLQH\HDVWIURPDFKHPLFDOO\GHILQHGPHGLXP$P-(QRO9LWLF
-2+16721 -5 \ 0257,0(5 5. (OHFWURSKRUHWLF NDULRW\SLQJ RI ODERUDWRU\ DQG FRPPHUFLDO
VWUDLQVRI6DFFKDURP\FHV DQGRWKHU\HDVWV,QWHUQDFLRQDO-RXUQDORI6\VWHPDWLF%DFWHULRORJ\2FW
.,7$085$.\<$0$0272<3XULILFDWLRQDQGSURSHUWLHVRIDQHQ]\PH=\PRO\DVHZLFKO\VHV

%LEOLRJUDItD
YLDEOHFHOOV$UFK%LRFKHP%LRSK\V
.,7$12 . 6$72 0 6+,0$=$., 7 \ +$5$ 6 2FFXUUHQFH RI ZLOG NLOOHU \HDVWV LQ -DSDQHVH
ZLQHULHVDQGWKHLUFKDUDFWHULVWLFV-RXUQDORI)HUPHQWDWLRQ7HFKQRORJ\
.2'$0$ 6 \ 68=8., 7 +LJKO\ VHQVLWLYH PHWKRG IRU XUHD GHWHFWLRQ LQ ZLQH - )RRG 6FL

./,1*6+,51 /0 /,8 -5 \ *$//$1'(5 -) +LJKHU DOFRKRO IRUPDWLRQ LQ ZLQHV DV UHODWHG WR
WKHSDUWLFOHVL]HSURILOHVRIMXLFHLQVROXEOHVROLGV$P-(QRO9LWLF
.5(*(59$15,-7KH<HDVWDWD[RQRPLF VWXG\(OVHUYLHU6FLHQFH3XEOLVKHU$PVWHUGDP
.5,6+1$106;,$<76$2*7.$67+85,.5,6+1$1165,1,9$6$11\&22.6*
3URFHVV HQJLQHHULQJ RI KLJKHWKDQROWROHUDQFH \HDVW IRU WKH PDQXIDFWXUDWH RI HWKDQRO $SSOLHG %LRFKHPLVWU\
DQG%LRWHFKQRORJ\
.81.(( 5( \ *26:(// 5: 7DEOHV ZLQH $OFRKROLF EHUYHUDJHV (FRQRPLF PLFURELRORJ\
(GLWDGRSRU5RVH$+$FDGHPLF3UHVV/RQGRQ
.85=:(,/29 + \ .$5(/ 6 )OXRUHVFHQW VWDLQLQJ ZLWK EURPRFUHVRO SXUSOH D UDSLG PHWKRG IRU
GHWHUPLQLQJ\HDVWFHOOGHDGFRXQWGHYHORSHGDVDQDVVD\RINLOOHUWR[LQDFWLYLW\<HDVW
.8=(:,&= ' 7KHFKDUDFWHULVWLFVRIFU\RSKLOLFZLQH\HDVW,,7KHSURGXFWLRQDQGFKDUDFWHULVWLFVRI

FU\RSKLOLF89LUUDGLDWHGZLQH\HDVW$FWD$OLPHQWDULD3RORQLFD
/$*$&( /6 \ %,6621 /) 6XUYH\ RI \HDVW DFLG SURWHDVDV IRU HIIHFWLYHQHVV RI ZLQH KD]H
UHGXFWLRQ$P-(QRO9LWLF
/$/8&( & &XUUHQW DVSHFWV RI IXHO HWKDQRO SURGXFWLRQLQ %UD]LO &ULW 5HY %LRWHFKQRO

/$5*(3-'HJUDGDWLRQRIRUJDQLFQLWURJHQFRPSRXQGVE\\HDVWV<HDVW
/$85($12 3$& &2/$d2 ) 2/,9(,5$ $ \ $/9(6 , 3RWHQFLRPHWULF WLWUDWLRQ LQ ZLQH
DQDO\VLV ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH
&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,,
/$85($12 3$& 9$/'e6 0( &8(1'$ 0 \ 3,f2 5 (VWXGR GD LQIOXrQFLD GH GLIHUHQWHV
OHYHGXUDVDXWRFWRQHVVREUHDFRUGRVYLQKRVR 6LPSyVLRGH9LWLYLQLFXOWXUDGR$OHQWHMRYRO
/$9$//e(),GHQWLILFDWLRQLQIRUPDWLVHHGHVRXFKHVGHOHYXUHGHYLQSDUDQDO\VHGHO$'1HODLGH

GHVRQGHVPROHFXODULHVVSHFLILTXHV%LRORJLD2JJL9,
/(0$&/3(=-(/21*2(9,&(17(-$\$1*8/2/6HOHFFLyQHFRHQROyJLFDGHFHSDV
GH 6DFFKDURP\FHV FHUHYLVLDH SRU HOHFWURIRUHVLV GH FDPSRV SXOVDGRV ,PSOLFDFLRQHV HQ OD HODERUDFLyQ GH YLQRV
MyYHQHVEODQFRV9LWLFXOWXUD\(QRORJtD3URIHVLRQDO
/(0$ & /3(= -( 6$1520$1 -$ \ $1*8/2 / ,QIOXHQFLD GHO WLSR GH VLHPEUD HQ HO
GHVDUUROORGHODVSREODFLRQHVGHOHYDGXUDVGXUDQWHODYLQLILFDFLyQHIHFWRHQODFRPSRVLFLyQTXtPLFD\FDOLGDGGH
YLQRVDOEDULxR9LWLFXOWXUD\(QRORJtD3URIHVLRQDO
/(0$ & (IHFWR GHO SURFHVR GH GHVIDQJDGR HVWiWLFR SRU IUtR HQ ODV SREODFLRQHV GH OHYDGXUDV
9LWLFXOWXUD\(QRORJtD3URIHVLRQDO

-RVp$5HJRGyQ0DWHRV
/(0$5(648,(5 + *$,19256 $ /(48$57 & &+$5/(0$*1( % )5e=,(5 9 \ %(/$5%, $
6pOHFWLRQGHOHYXUHVRHQRORJLTXHVjDFWLYLWpFODULILDQWH5HYXHIUDQoDLVHG
2HQRORJLH
/(:,6-*/($50217+3\:$7621.,QGXFWLRQRIKHDWIUHH]LQJDQGVDOWWROHUDQFHE\KHDW

DQGVDOWVKRFNLQ6DFFKDURP\FHVFHUHYLVLDH0LFURELRORJ\
/2''(5-7KH\HDVW$WD[RQRPLFVWXG\(G1RUWK+ROODQG3XEOLVKLQJ&RPSDQ\$PVWHUGDP
/2,6($8 * 2EWHQWLRQ GXQ PDUTXDJH PLWRFKRQGULDO GH OHYXUHV RHQRORJLTXHV VpOHFWLRQQpHV HQ
&KDPSDJQH $SSOLFDWLRQ DX FRQWU{OH PLFURELRORJLTXH HQ RHQRORJLH 6F' 7KHVLV 8QLYHUVLGDG GH &LHQFLDV \
7pFQLFDVGH/DQJXHGRF0RQWSHOOLHU)UDQFLD
/21*2 ( 9(/=48(= -% &$16$'2 - &$/2 3 \ 9,//$ 7 5ROH RI NLOOHU HIIHFW LQ
IHUPHQWDWLRQFRQGXFWHGE\PL[HGFXOWXUHVRI6DFFKDURP\FHVFHUHYLVLDH)(060LFURELRO/HWW
/21*2(&$16$'2-$*5(/2'\9,//$7*(IIHFWRIFOLPDWLFFRQGLWLRQVRQ\HDVWGLYHUVLW\

LQJUDSHVMXVWVIURP1RUWKZHVW6SDLQ$P-(QRO9LWLF
/3(=0,/3(=0-7255$/%2)\61&+(=07(IHFWRGHODQKtGULGRVXOIXURVRVREUHOD

IHUPHQWDFLyQ\FRQVHUYDFLyQGHORVYLQRVEODQFRVMyYHQHVGHFDOLGDGHVWXGLRGHODYDULHGDG3HGUR;LPpQH]
$OLPHQWDULD(QHUR)HEUHUR
/25(1=270\$552<2-$LVODPLHQWRHLGHQWLILFDFLyQGHODVOHYDGXUDVSUHVHQWHVHQORVSURFHVRV
GHYLQLILFDFLyQGHOD]RQDGH%ROOXOORV3DUGH&RQGDGR;9,,-RUQDGDVGH9LWLFXOWXUD\(QRORJtDGH7LHUUDGH
%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR
,
/2=$12 0( \ 08f2= -$ 'HWHUPLQDFLyQ GH JOLFHULQD HQ YLQRV \ RWUDV EHELGDV DOFRKyOLFDV
5HYLVLyQFUtWLFD$OLPHQWDULD6HSWLHPEUH
/85721 / 61$..(56 * 528//$1' & *$/< \ 9(56$%$8' $ ,QIOXHQFH RI WKH
IHUPHQWDWLRQ \HDVW VWUDLQ RQ WKH FRPSRVLWLRQ RI ZLQH VSLULWV -RXUQDO RI WKH VFLHQFH RI IRRG DQG DJULFXOWXUH

0$,25(//$ %/ %/$1&+ &+ \ :,/.,( &5 )HHG FRPSRQHQW LQKLELWLRQ RI HWKDQROLF
IHUPHQWDWLRQVE\6DFFKDURP\FHVFHUHYLVLDH
0$&$6 3 $SRUWDFLyQ DO HVWXGLR GH ORV FRPSXHVWRV QLWURJHQDGRV HQ PRVWRV \ YLQRV GH 7LHUUD GH
%DUURV7HVLQDGH/LFHQFLDWXUD8QLYHUVLGDGGH([WUHPDGXUD
0$'5,'$0DQXDOGHHQRORJtDSUiFWLFD(G$0DGULG9LFHQWH0DGULG
0$5&+(77,5*8(5=21,0(\*(17,/(05HFKHUFKHVXUOHWLRORJLHGXQHQRXYHPDODGLHGH

ODJUDSSHODSRXUULWXUHDFLGH9LWLV
0$5(&$,2ULJHQFRPSRVLFLyQ\HYROXFLyQGHOYLQR(G$OKDPEUD0DGULG
0$51 - '( 0,*8(/ & 61&+(= -- \ =$025$ ( ,QIOXHQFLD GH ODV WpFQLFDV GH
HVWDELOL]DFLyQ \ HPERWHOODGRV HQ YLQRV EODQFRV PRQRYDULHWDOHV &RPSRVLFLyQ DURPiWLFD R 6LPSyVLR GH
0$51 - '( 0,*8(/ & \ 5(*2'1 -$ 9LQLILFDFLRQHV PRQRYDULHWDOHV FRQ OHYDGXUDV
DXWyFWRQDV DLVODGDV GH YLQRV H[WUHPHxRV ;,; -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV

%LEOLRJUDItD
$OPHQGUDOHMR(QSUHQVD
0$5*+(5, * 9(56,1, * 3(//(*5,1, 5 \ 72121 ' /D]RWR DVVLPLODELOH H OD WLDPLQD LQ
IHUPHQWD]LRQHORURLPSRUWDQ]DTXDOLIDWWRULGLTXDOLWDGHLYLQL9LQLG,WDOLD
0$571(= - 0,//$1 & \ 257(*$ -0 *URZWK RI QDWXUDO IORUD GXULQJ WKH IHUPHQWDWLRQ RI
LQRFXODWHGPXVWVIURPSHGUR[LPHQH]JUDSHV6RXWK$IULFDQ-RXUQDORI(QRORJ\DQG9LWLFXOWXUH
0$57,1, $ 2ULJLQ DQG GRPHVWLFDWLRQ RI WKH ZLQH \HDVW 6DFFKDURP\FHV FHUHYLVLDH - RI :LQH
5HVHDUFK
0$57,1,$\0$57,1,$9*UDSHPXVWIHUPHQWDWLRQSDVWDQGSUHVHQW<HDVW7HFKQRORJ\HGLWDGR

SRU-)76SHQFHUDQG'06SHQFHU%HUOLQ6SULQJHU9HUODJ
0$61(8),5ROHGHODOHYXUHVXUODSURGXFWLRQGHYLQ\OSKpQROVR 6LPSyVLRGH9LWLYLQLFXOWXUDGR
$OHQWHMRYRO
0$648e0&$1*/e6019$/,(17(-*21=/(=&$1'(/$6/5$01'%$68$/'25
\ *8$5',2/$ 6 8WLOL]DFLyQ GH OHYDGXUDV UHFRPELQDQWHV HQ PLFURYLQLILFDFLyQ R 6LPSyVLR GH
0$7(2 -- $VSHFWRV PLFURELROyJLFRV GH OD IRUPDFLyQ GH ORV FRPSRQHQWHV GH OD IUDFFLyQ YROiWLO HQ
YLQRVGHODYDULHGDG0RQDVWUHOO7HVLVGH'RFWRUDGR)DFXOWDGGH&LHQFLDV%LROyJLFDV8QLYHUVLGDGGH9DOHQFLD
0F*5(: -5 )XQJDO GLVHDVHV D IDFWRU LQ YLQH FXOWXUH 'HYHORSPHQWV LQ ,QGXVWULDO 0LFURELRORJ\

0(/(52 5 )HUPHQWDFLyQ FRQWURODGD \ VHOHFFLyQ GH OHYDGXUDV YtQLFDV 5HY (VS &LHQF 7HFQRO
$OLPHQW
0(6$6 -/ 0$<1$5 -, \ 0$5(&$ , ,QH ODV WpFQLFDV GH YLQLILFDFLyQ VREUH OD IRUPDFLyQ GH
YROiWLOHVHQORVYLQRVGH7LHUUDGH%DUURV5HY$JURTXLP7HFQRO$OLPHQW
0(6$6 )- \ 38/,'2 ) (VWXGLR GH ODV FDUDFWHUtVWLFDV WHFQROyJLFDV \ GH HTXLSDPLHQWR GH ODV
ERGHJDVGHODVFRPDUFDVGH7LHUUDGH%DUURV\0DWDQHJUD;9,,-RUQDGDVGH9LWLFXOWXUD\(QRORJtDGH7LHUUD
GH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR
,
0e72'26 '( $1/,6,6 &2081,7$5,26 $3/,&$%/(6 (1 (/ 6(&725 '(/ 9,12 (G $ 0DGULG
9LFHQWH0DGULG
0,//$1 & \ 257(*$ -0)HUPHQWDWLRQ RI 3HGUR ;LPHQH] JUDSH PXVW E\ GLIIHUHQW \HDVW UDFHV
FRUUHODWLRQ EHWZHHQ IHUPHQWHG VXJDUV DFHWDOGHK\GH DFHWLF DFLG DQG HWKDQRO \LHOGHG %HOJLDQ -RXUQDO RI IRRG
&KHPLVWU\DQG%LRWHFKQRORJ\
02/,1$5&ODULILFDFLyQGHPRVWRV\YLQRV(G$0DGULG9LFHQWH0DGULG
021.35)RUPDWLRQXWLOL]DWLRQDQGH[FUHWLRQRIK\GURJHQVXOSKLGHE\ZLQH\HDVW:LQH,QGXVWU\

-RXUQDO1RYHPEHU
0217(,52 )) \ %,6621 /) $PLQR $FLGV 8WLOL]DWLRQ DQG 8UHD )RUPDWLRQ 'XULQJ 9LQLILFDWLRQ
)HUPHQWDWLRQV$P-(QRO9LWLF
0217(,52 )) \ %,6621 /) D 1LWURJHQ VXSOHPHQWDWLRQ RI JUDSH MXLFH , (IIHFW RQ DPLQR DFLG

-RVp$5HJRGyQ0DWHRV
XWLOL]DWLRQGXULQJIHUPHQWDWLRQ$P-(QRO9LWLF
0217(,52 )) \ %,6621 /) E 1LWURJHQ VXSOHPHQWDWLRQ RI JUDSH MXLFH ,, (IIHFW RQ DPLQR DFLG
DQGXUHDUHOHDVHIROORZLQJIHUPHQWDWLRQ$P-(QRO9LWLF
025$ - %$5%$6 -, \ 08/(7 $ (YROXFLyQ GH ODPLFURIORUDGHOHYDGXUDVGXUDQWHORVSULPHURV
GtDVGHODIHUPHQWDFLyQHQPRVWRVPDOORUTXLQHVLQRFXODGRV0LFURELRORJtD6(0
025$-\08/(7$ (IIHFWVRIVRPHWUHDWPHQWVRIJUDSHMXLFHRQWKHSRSXODWLRQDQGJURZWKRI\HDVW
VSHFLHVGXULQJIHUPHQWDWLRQ$P-(QRO9LWLF
025$ - %$5%$6 -, 5$0,6 % \ 08/(7 $ <HDVW PLFURIORUD DVVRFLDWHG ZLWK VRPH 0DMRUFDQ
PXVWVDQGZLQHV$P-(QRO9LWLF
025(12-\0(',1$03URGXFFLyQGHiFLGRVXFFtQLFRGXUDQWHODIHUPHQWDFLyQGHPRVWRVGH9LWLV
YLQLIHUD 3HGUR ;LPHQH] D GLVWLQWDV WHPSHUDWXUDV ,; -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV
(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD
025(12 - 0(',1$ 0 \ *$5&$ 0' 2SWLPL]DWLRQ RI WKH IHUPHQWDWLRQ FRQGLWLRQV RI PXVWV
IURP 3HGUR ;LPHQH] JUDSHV JURZQ LQ 6RXWKHUQ6SDLQ 3URGXFWLRQ RI KLJKHU DOFRKROV DQG HVWHUV$IU - (QRO
9LWLF
025(77, 6 3UREOHPDWLFKH PLFURELRORJLFKH GHOODPELHQWH HQRORJLFR FHQWUR PHULGLRQDOH 3DUWH ,,
%LRORJL2JJL,,,
0257,0(5 5. 520$12 3 68==, * \ 32/6,1(//, 0 *HQRPH UHQHZDO $ QHZ
SKHQRPHQRQ UHYHDOHG IURP D JHQHWLF VWXG\ RI VWUDLQV RI 6DFFKDURP\FHV FHUHYLVLDH GHULYHG IURP QDWXUDO
IHUPHQWDWLRQRIJUDSHPXVWV<HDVW
0853+(<-032:(56-5\63$<'((VWLPDWLRQRI6ROXEOH3URWHLQ&RQFHQWUDWLRQRI:KLQH

:LQHV8VLQJ&RRPDVVLH%ULOOLDQW%OXH*$P-(QRO9LWLF
1$9$6 / (67(%$1 0 \ '(/*$'2 0$ $.$5 PHGLDWHG WUDQVIRUPDWLRQ RI EUHZLQJ \HDVW# -
,QVW%UHZ
1(3, $ &2/(//$ & &$6$/21( ( \ 32/6,1(//, 0 $QDOLVL GL IUDPPHQWL GL UHVWUL]LRQH GHO
'1$PLWRFRQGULDOHHLGHQWLILFDFLRQHGLFHSSLGLOLHYLWR%LRORJLD2JJL9,
12%/( $& \ %856,&. *) 7KH FRQWULEXWLRQ RI JO\FHURO WR SHUFHLYHG YLVFRVLW\ DQG VZHHWQHVV LQ
ZKLWHZLQH$P-(QRO9LWLF
2/$//$0/3(=0&/3(=*9,//$/10\257(*$*&DUDFWHUL]DFLyQ\WLSLILFDFLyQ
GH ORV YLQRV HODERUDGRV HQ OD FRPDUFD JUDQDGLQD GH OD $OSXMDUUD&RQWUDYLHVD ;9 -RUQDGDV GH 9LWLFXOWXUD \
([WUHPDGXUD
2/,9(,5$ $ \ /$85($12 3$ (VWXGRV SUpYLRV GD DSOLFDoDR GD WLWXODoDR SRWHQFLRPpWULFD j
GHWHUPLQDoDRGRWHRUGDDFLGH]YROiWLOHPYLQKRV 6LPSyVLRGH9LWLYLQLFXOWXUDGR$OHQWHMRYRO
2025, 7 7$.$6+,7$ + 2025, 1 \ 6+,02'$ 0 +LJK JO\FHURO SURGXFLQJ DPLQR DFLG
DQDORJXHUHVLVWDQW 6DFFKDURP\FHV FHUHYLVLDH PXWDQW -RXUQDO RI IHUPHQWDWLRQ DQG ELRHQJLQHHULQJ

25(*/,$)(QRORJtD7HyULFRSUiFWLFD(GLWDGRSRU(GLFLRQHV,QVWLWXWR6DOHVLDQRGH$UWHV*UiILFDV

%LEOLRJUDItD
%XHQRV$LUHV
255,2/6,\025(12)0,QIOXHQFLDGHODVOHYDGXUDVHQODIRUPDFLyQGHVXVWDQFLDVYROiWLOHVHQOD

YLQLILFDFLyQGHODYDULHGDG$OEDULxR9LWLYLQLFXOWXUD
255:($:(57/6=267$.-:\527+67(,15-<HDVWWUDQVIRUPDWLRQDPRGHOV\VWHPIRU
WKHVWXG\RIUHFRPELQDWLRQ3URFHHGLQJVRIWKH1DWLRQDO$FDGHP\RI6FLHQFH86$
28*+&6\.81.((5()HUPHQWDWLRQUDWHVRIJUDSHMXLFH%LRWLQFRQWHQWRIMXLFHDQGLWVHIIHFWRQ

DOFRKROLFIHUPHQWDWLRQUDWH$SSO0LFURELRO
28*+&6\$0(5,1(0$1LWURJHQFRPSRXQGV(Q0HWKRGVIRU$QDO\VLVRI0XVWVDQG:LQHV
QG HGLWLRQ1HZ<RUN:LOH\,QWHUVFLHQFH
28*+&6&52:(//($\0221(</$)RUPDWLRQRI HWK\OFDUEDPDWHSUHFXUVRUVGXULQJJUDSH

MXLFH &KDUGRQQD\ IHUPHQWDWLRQ , $GGLWLRQ RI DPLQR DFLGV XUHD \ DPPRQLD HIIHFWV RI IRUWLILFDWLRQ RQ
LQWUDFHOOXODUDQGH[WUDFHOOXODUSUHFXUVRUV$P-(QRO9LWLF
28*+&6+8$1*=$1'\ 67(9(16'$PLQRDFLGXSWDNHE\IRXUFRPPHUFLDO\HDVWVDWWZR
GLIHUHQW WHPSHUDWXUHV RI JURZWK DQG IHUPHQWDWLRQ HIIHFWV RQ XUHD H[FUHWLRQ DQG UHDEVRUSWLRQ $P - (QRO
9LWLF
3$/$&,26$79,/$-&$/'(51)&$//(-20-&2/202%\685(=-$D)UDFFLyQ

DURPiWLFD GH YLQRV WLQWRV FRQ FULDQ]D ELROyJLFD , $OFRKROHV VXSHULRUHV PHWDQRO DFUROHLQD \ IXUIXUDO
$OLPHQWDULD-XOLR$JRVWR
3$/$&,26 $7 9,/$ - &$/'(51 ) &$//(-2 0- &2/202 % \ 685(= -$ E
)UDFFLyQ DURPiWLFD GH YLQRV WLQWRV FRQ FULDQ]D ELROyJLFD ,, $OGHKtGRV pVWHUHV \ FRPSRQHQWHV DFHWRtQLFRV
$OLPHQWDULD-XOLR$JRVWR
3$5'2 , %(/(1*8(5 3 52'5,*2 - *$5&,$ 0- =f,*$ 0 \ 858%858 ) (IHFWRV
VREUHODSREODFLyQOHYDGXULIRUPHGHGRVVLVWHPDVGLVWLQWRVGHYLQLILFDFLyQ$OLPHQWDULD$EULO
3$5'2 , *$5&,$ 0- =f,*$ 0 \ 858%858 )'\QDPLFVRIPLFURELDOSRSXODWLRQVGXULQJ
IHUPHQWDWLRQRIZLQHVIRUPWKH8WLHO5HTXHQDUHJLRQRI6SDLQ$SSO(QYLURQ0LFURELRO
3$5,6+ 0( \ &$552// '( ,QGLJHQRXV \HDVWV DVVRFLDWHG ZLWK PXVFDGLQH 9LWLV URWXQGLIROLD
JUDSHVDQGPXVWV$P-(QRO9LWLF
3$5,6+ 0( \ &$552// '( )HUPHQWDWLRQ FDUDFWHULVWLFV RI 6DFFKDURP\FHV FHUHYLVLDH LVRODWHV
IURP9LWLVURWXQGLIROLD JUDSHVDQGPXVWV$P-(QRO9LWLF
3$648$/ 06 &$55$8 -/ 6(5),1, /$ \',//,21$-3$VLPSOHPHWKRGWRGHWHFWNLOOHU

\HDVWVLQLQGXVWULDOV\VWHPV-RXUQDORI)HUPHQWDWLRQDQG%LRHQJLQHHULQJ
3(5(,5$ 56 %DNHUV \HDVW 6RPH ELRFKHPLFDO DVSHFWV DQG WKHLU LQIOXHQFH LQ ELRWUDQVIRUPDWLRQV
$SSOLHG%LRFKHPLVWU\DQG%LRWHFKQRORJ\
3e5(=*21=/(=-$*21=/(=548(52/$6(1'5$-\5$01'&RQVWUXFWLRQRI
D UHFRPELQDQW ZLQH \HDVW VWUDLQ H[SUHVVLQJ HQGRJOXFDQDVH DQG LWV XVH LQ PLFURYLQLILFDWLRQ SURFHVVHV
$SSO(QYLURQ0LFURELRO
3e5(= ) 5(*2'1 -$ 9$/'e6 0( \ 5$05(= 0 (VWXGLR GHO IDFWRU NLOOHU HQ FHSDV GH
OHYDGXUDVDLVODGDVGHYLQRVH[WUHPHxRVR 6LPSyVLRGH9LWLYLQLFXOWXUDGR$OHQWHMRYRO

-RVp$5HJRGyQ0DWHRV
3e5(=-8$1 30 025$/(6 - '( /$ 7255( 0- /3(= , \ /3(= 0- $QiOLVLV
FRPSDUDWLYRGHODVFDUDFWHUtVWLFDVHQROyJLFDVGHGLIHUHQWHVYDULHGDGHVEODQFDV,QIOXHQFLDGHOGHVIDQJDGR;9,
3(7(5,1*-( +(16&+.(3$\/$1*5,'*(3D7KH(VFKHULFKLDFROL JOXFXURQLGDVHJHQHDV
DPDUNHUIRU6DFFKDURP\FHV \HDVWVWUDLQLGHQWLILFDWLRQ$P-(QRO9LWLF
3(7(5,1* -( 6<0216 05 /$1*5,'*( 3 \ +(16&+.( 3$ E 'HWHUPLQDWLRQ RI NLOOHU
\HDVW DFWLYLW\ LQ IHUPHQWLQJ JUDSH MXLFH E\ XVLQJ D PDUNHG6DFFKDURP\FHV ZLQH \HDVW VWUDLQ $SSO (QYLURQ
0LFURELRO1RY
3(<1$8'((QRORJtD3UiFWLFDFRQRFLPLHQWR\HODERUDFLyQGHOYLQR(GLWDGRSRU(GLFLRQHV0XQGL
3UHQVD0DGULG
3,5$&&,$&RPSRQHQWLYRODWLOLQHLYLQLELDQFKLGHO/D]LR5LY9LWLF(QRO
3,5$&&, $ $ SURSRVLWR GHJOL DUUHVWL GL IHUPHQWD]LRQH QHOOH UHJLRQL D FOLPD FDOGR $QQDOL
GHOO,VWLWXWR6SHULPHQWDOHSHUO(QRORJLD$VWL;;,
3,5$&&,$/29,125\&,2/),*,OPHWDEROLVPRGHOODFLGRDFHWLFRDGRSHUDGLOLHYLWLJUDGD]LRQL

DOFROLFKHFRQPRVWLGLXYHSDVVLWH%LRORJLD2JJL9,
38/,'2 ) &257e6 0 (6&5,%$12 0 \ 52'5*8(= '(/('(60$$&RPSDUDFLyQHQWUH
ORV SULQFLSDOHV LQGLFDGRUHV GH OD HYROXFLyQ GH ORV VHFWRUHV YLWLYLQtFRODV GH ([WUHPDGXUD (VSDxD \ OD 8QLyQ
(XURSHD HQ HO SHULRGR ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
38/,'2 ) 0(6$6 )- 52'5*8(= '( /('(60$ $ \ (6&5,%$12 0 (YROXFLyQ GH ORV
SDUiPHWURV HVWUXFWXUDOHV \ FRPHUFLDOHV GHO VHFWRU YLWLYLQtFROD H[WUHPHxR GHVGHOD LQWHJUDFLyQ GH (VSDxD HQ ODV
&RPXQLGDGHV(XURSHDV$FWDVGH+RUWLFXOWXUD,,&RQJUHVR,EHURDPHULFDQR\,,,&RQJUHVVR,EpULFRGH&LrQFLDV
+RUWtFRODV9LODPRXUD3RUWXJDO9ROWRPR
48(52/ $ \ %$55,2 ( $ UDSLG DQG VLPSOH PHWKRG IRU WKH SUHSDUDWLRQ RI \HDVW PLWRFKRQGULDO
'1$1XFOHLFDFLGV5HVDQG
48(52/ $ -,0e1(= 0 \ +8(57$ 7 0LFURELRORJLFDO DQG HQRORJLFDO SDUDPHWHUV GXULQJ
IHUPHQWDWLRQRIPXVWVIURPSRRUDQGQRUPDOJUDSHKDUYHVWVLQWKHUHJLRQRI$OLFDQWH-RXUQDORI)RRG6FLHQFH

48(52/ $ %$55,2 ( \ 5$01 ' D$ FRPSDUDWLYH VWXG\ RI GLIIHUHQW PHWKRGV RI \HDVW VWUDLQ
FKDUDFWHUL]DWLRQ6\VWHP$SSO0LFURELRO
48(52/ $ %$55,2 ( +8(57$ 7 \ 5$021 ' E'U\ \HDVW VWUDLQ IRU XVH LQ IHUPHQWDWLRQ RI
$OLFDQWHZLQHVHOHFWLRQDQG'1$SDWWHUQV-)RRG6FL
48(52/ $ %$55,2 ( +8(57$ 7 \ 5$021 ' F0ROHFXODU PRQLWRULQJ RI ZLQH IHUPHQWDWLRQ
FRQGXFWHGE\DFWLYHGU\\HDVWVWUDLQV$SSO(QYLURQ0LFURELRO
48(52/$*8,//$021-0\+8(57$7G(IHFWRGHODVFRQGLFLRQHVGHYLQLILFDFLyQHQOD'2

$OLFDQWHVREUHODDFWLYLGDGIHUPHQWDWLYDGHODVOHYDGXUDV$OLPHQWDULD0D\R
48(52/ $ %$55,2 ( +8(57$ 7 \ 5$021 ' 8WLOL]DFLyQ GH WpFQLFDV PROHFXODUHV SDUD OD

%LEOLRJUDItD
FDUDFWHUL]DFLyQGHOHYDGXUDVYtQLFDV\HOHVWXGLRGHOSURFHVRGHYLQLILFDFLyQ0LFURELRORJtD6(0
48(6$'$ 03 0$571(= $ /3(= -0 \ 0$51 ) ,QIOXHQFLD GH GLVWLQWRV WUDWDPLHQWRV
YLWLYLQtFRODVHQODHYROXFLyQGHOHYDGXUDVGXUDQWHODYLQLILFDFLyQ SDUWH\~OWLPD1XWULILWRV
48(6$'$ 03 0$571(= $ )(511'(= -, /3(=52&$ -0 \ 0$51,1,(67$ ) D
5HVSXHVWD HQROyJLFD GH FHSDV GH OHYDGXUDV YtQLFDV 6DFFKDURP\FHV FHUHYLVLDH GH OD UHJLyQ GH 0XUFLD FRQ
IHQRWLSRVNLOOHUQHXWUR\VHQVLEOHR 6LPSyVLRGH9LWLYLQLFXOWXUDGR$OHQWHMRYRO
48(6$'$030$571(=$/3(=-0\0$51)E,QIOXHQFLDGHODWR[LQDNLOOHUGXUDQWHOD

YLQLILFDFLyQ&DXVDQWHGHSDUDGDVIHUPHQWDWLYDVXQRGHORVPD\RUHVSUREOHPDVGHODLQGXVWULD9LWLYLQLFXOWXUD

48(6$'$ 03 \ &(1,6 -/ D8VH RI 5DQGRP $PSOLILHG 3RO\PRUSKLF '1$ 5$3'3&5 LQ WKH
FKDUDFWHUL]DWLRQRIZLQH\HVWV$P-(QRO9LWLF
48(6$'$03\&(1,6-/E,GHQWLILFDFLyQGHOHYDGXUDVYtQLFDV0pWRGRVEDVDGRVHQHOHVWXGLRGHO

$'19LWLYLQLFXOWXUD
5$'/(5 ) %HGHXWXQJ XQG 0|JOLFKNHLWHQ GHU 9HUZHQGXQJ YRQ 5HLQNXOWXUHQ YRQ +HIHQ EHL GHU
:HLQEHUHMWXQJ:HLQEHUJ.HOOHU
5$'/(5) <HDVWPHWDEROLVPRIRUJDQLFDFLGV(Q:LQHPLFURELRORJ\DQGELRWHFKQRORJ\(GLWDGR
SRU*UDKDP+)OHHW+DUZRRG$FDGHPLF3XEOLVKHUV
5$'/(5 ) \ .12// & )RUPDWLRQ RI NLOOHU WR[LQ E\ DSLFXODWH \HDVWV DQG LQWHUIHUHQFH ZLWK
IHUPHQWDWLRQ9LWLV
5$01 ' *21=/(=&$1'(/$6 / 3e5(=*21=$/(= -$ *21=/(= 5 9(1785$ /
61&+(=7255(6 3 6$/9$'25 9 3,f$*$ ) *$//(*2 09 )(511'(=(63,1$5 07 \
48(52/$$SOLFDFLRQHVGHODELRORJtDPROHFXODUHQHQRORJtD0LFURELRORJtD6(0
5$1.,1(%&7KHLPSRUWDQFHRI\HDVWLQGHWHUPLQLQJWKHFRPSRVLWLRQDQGFXDOLW\RIZLQHV9LWLV

5$1.,1( %& 0RGHUQ GHYHORSPHQWV LQ VHOHFWLRQ DQG XVH RI SXUH \HDVW FXOWXUHV IRU ZLQHPDNLQJ
$XVW:LQH%UHZ6SLULW5HY
5$1.,1(%&$FTXLVLWLRQVUpFHQWHVGDQVODVpOHFWLRQHWOXWLOLVDWLRQGHVVRXFKHVGHOHYXUHVSXUHVHQ
RHQRORJLH$QQ7HFKQRO$JULF,
5$1.,1(%&\%5,'621'$*O\FHUROLQ$XVWUDOLDQZLQHVDQGIDFWRUVLQIOXHQFLQJLWVIRUPDWLRQ
$P-(QRO9LWLF
5$33 $ *h17(57 0 \ $/0< - ,GHQWLILFDWLRQ DQG VLJQLILFDQFH RI VHYHUDO VXOIXUFRQWDLQLQJ
FRPSRXQGVLQZLQH$P-(QRO9LWLF
5$33$\0$1'(5<+:LQHDURPD([SHUHQWLD
5$33$)RUHLJQDQGXQGHVLUDEOHIODYRXUVLQZLQH(Q/HVDFTXLVLWLRQVUpFHQWHVHQFKURPDWRJUDSKLH

GXYLQ$SSOLFDWLRQVjODQDO\VHVHQVRULHOOHGHVYLQV(G7(& '2&/DYRLVLHU3DULV
5$8+87'<HDVWSURGXFWLRQRIVXOIXUFRPSRXQGV:LQHPLFURELRORJ\DQGELRWHFKQRORJ\(GLWDGR
SRU*UDKDP+)OHHW+DUZRRG$FDGHPLF3XEOLVKHUV

-RVp$5HJRGyQ0DWHRV
5((' * \ 1$*2'$:,7+$1$ 7: 7HFKQRORJ\ RI \HDVW XVDJH LQ ZLQHPDNLQJ $P - (QRO
9LWLF
5(*2'1 -$ 3e5(= ) &8(1'$ 0 9$/'e6 0( '( 0,*8(/ & \ 5$05(= 0
8WLOL]DFLyQ GH OHYDGXUDV DXWyFWRQDV H[WUHPHxDV HQODHODERUDFLyQGHYLQRVWtSLFRVGHFDOLGDG;9,,-RUQDGDV
GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H ,QGXVWULDV
$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,
5(*2'1-$3e5(=)&8(1'$09$/'e60(\5$05(=0$LVODPLHQWR\VHOHFFLyQ
GH FHSDV GH OHYDGXUDV LPSOLFDGDV HQ SURFHVRVGH YLQLILFDFLyQ HQ ([WUHPDGXUD R 6LPSyVLR GH9LWLYLQLFXOWXUD
GR$OHQWHMRYRO
5(*2'1 -$ 3e5(= ) &8(1'$ 0 9$/'e6 0( '( 0,*8(/ & \ 5$05(= 0 D
/HYDGXUDVDXWyFWRQDVH[WUHPHxDVSDUDYLQLILFDFLyQ$OLPHQWDULD
5(*2'1 -$ 3e5(= ) 9$/'e6 0( '( 0,*8(/ & \ 5$05(= 0 E /HYDGXUDV
DXWyFWRQDV H[WUHPHxDV SDUD YLQLILFDFLRQHV LQGXVWULDOHV;9,,,-RUQDGDVGH9LWLFXOWXUD\(QRORJtDGH7LHUUDGH
%DUURV(GLWDGRSRU&XOWXUDO6DQWD$QD$OPHQGUDOHMR
5(1*,)2 -, 6LWXDFLyQ DFWXDO \ GLDJQRVLV GH XQ FXOWLYR PDUJLQDO HQ UHJUHVLyQ HO YLxHGR FDFHUHxR
;,, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H
,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD
5+<0(6 05 \ 60$57 .$ (IIHFW RI VWDUYDWLRQ RQ WKH IORFFXODWLRQ RI DOH DQG ODUJHU EUHZLQJ
\HDVWV-$P6RF%UHZ&KHP
5,%e5($8*$<2131HZGHYHORSPHQWVLQZLQHPLFURELRORJ\$P-(QRO9LWLF
5,%e5($8*$<21 - 3(<1$8' ( 5,%e5($8*$<21 3 \ 68'5$8' 3 7UDWDGR GH
HQRORJtD&LHQFLDV\7pFQLFDVGHOYLQR(GLWDGRSRU+HPLVIHULR6XU6$%XHQRV$LUHV
5,%(6 3 120'(8 / /$85,&+(66( ' \ /($87( 5 0HWKRGV VWDWLVWLTXHV DSSOLTXHHV D OD
GLIIHUHQFLDWLRQHWODUHFRQQDLVVDQFHGHVRXFKHVGH6DFFKFHUHYLVLDH5HYXHIUDQoDLVHG
2HQRORJLH
520$12 3 *5$=,$ 62/, 0 68==, * *5$=,$ / \ =$0%21(//, & $,PSURYHPHQW RI D
ZLQH6DFFKDURP\FHVFHUHYLVLDH VWUDLQE\DEUHHGLQJSURJUDP#$SSO(QYLURQ0LFURELRO
520$12 3 \ 68==, 3 6XOIXU GLR[LGH DQG ZLQH PLFURRUJDQLVPV (Q :LQH PLFURELRORJ\ DQG
526( $+ 5HVSRQVH WR WKH FKHPLFDO HQYLURQPHQW (Q 7KH <HDVWV (GLWDGR SRU $+ 5RVH DQG 6
+DUULVRQ HGLFLyQ$FDGHPLF3UHVV/RQGRQYRO
526(0'129,&.37+20$6-+%2767(,1'\ ),1.*5$6DFFKDURP\FHVFHUHYLVLDH
JHQRPLFSODVPLGEDQNEDVHRQDFHQWURPHUFRQWDLQLQJVKXWWOHYHFWRU*HQH
526,1,*)('(5,&,)\0$57,1,$<HDVWIORUDRIJUDSHVGXULQJSLSHQLQJ0LFURELDO(FRORJ\

52=,5(&5$*,1(/&61&+(=&<675(+$,$12,PSODQWDWLRQGHOHYXUHVVpOHFWLRQQpHV

(WXGHHQVLWHLQGXVWULHOGHYLQLILFDWLRQ5HY)U2HQRORJLH
58,=09LQLILFDFLyQHQWLQWR(G$0DGULG9LFHQWH0DGULG

%LEOLRJUDItD
6$%/$<52//(6 -0 ,PSRUWDQFH GH OD]RWH DVVLPLODEOH HW GH OR[\JHQH VXU OH GHURXOHPHQW GH OD
IHUPHQWDWLRQDOFRROLTXH%LRORJLD2JJL9,
6$.$,<.$=$5,02727\7$1,<7UDQVIRUPDWLRQV\VWHPIRUDQDVSRURJHQRXVPHWK\ORWURSKLF\HDVW
&DQGLGD ERLGLQLL FORQLQJ RI WKH RURWLQLGH
SKRVSKDWH GHFDUER[LODVH JHQH 85$ LVRODWLRQ RI XUDFLO
DX[RWURSKLF PXWDQWV DQG XVH RI WKH PXWDQWV IRU LQWHJUDWLYH WUDQVIRUPDWLRQ -RXUQDO RI %DFWHULRORJ\

6$.80$ 6 .2%$<$6+, . 7$<$0$ 7 \ <2.2<$0$ + )RUPDWLRQ RI VZHHW IODYRU
FRPSRXQGVGXULQJIHUPHQWDWLRQ-$P6RF%UHZ&KHP
6$/9$'25(6 03 \ &$5'(// ( (VWXGLR H[SHULPHQWDO GH ORV IHQyPHQRV GH FRPSHWHQFLD HQWUH
OHYDGXUDVDXWyFWRQDV\FRPHUFLDOHVHQORVYLQRVGH WHQHULIH;,9-RUQDGDVGH9LWLFXOWXUD\(QRORJtDGH7LHUUD
GH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUD

6$/9$'25(6 0 '$= 0( \ &$5'(// ( D (VWXGLR FRPSDUDWLYR GH ODV HVSHFLHV GH OHYDGXUDV
DXWyFWRQDVDLVODGDVGXUDQWHGRVYHQGLPLDVHQODLVODGH7HQHULIH$OLPHQWDULD-XQLR
6$/9$'25(60'$=0(\&$5'(//(E/HYDGXUDVDXWyFWRQDVDLVODGDVHQYLQRVGH7HQHULIH

\VXLQIOXHQFLDHQODVFRQFHQWUDFLRQHVGHDFHWDWRGHHWLOR\DOFRKROHVVXSHULRUHVDQDOL]DGRVSRUFURPDWRJUDItDGH
JDVHV0LFURELRORJtD6(0
6$/9$'25(6 03 &$5'(// ( \ $/2162 - ( $LVODPLHQWR H LGHQWLILFDFLyQ GH OHYDGXUDV
DXWyFWRQDV HQ OD GHQRPLQDFLyQ HVSHFtILFD $ERQD6XU GH 7HQHULIH ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH
7LHUUD GH %DUURV (GLWDGR SRU OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR H ,QGXVWULDV $JUDULDV GH OD -XQWD GH
([WUHPDGXUDWRPR,
6$/9$'25(6 03 \ &$5'(// ( ,GHQWLILFDFLyQ GH OD IORUD OHYDGXULIRUPH DVRFLDGD D
YLQLILFDFLRQHVHQODGHQRPLQDFLyQHVSHFtILFD$ERQD6XUGH7HQHULIH$OLPHQWDULD-XOLR$JRVWR
6$15200$209%(/&+,25$3\&$51(,52/&$OJXQRVHOHPHQWRVSDUDDFDUDFWHUL]DoDR

HQROyJLFDGDPLFORIORUDOHYXULDQDGDUHJLDRGRRHVWH,QIOXrQFLDGDOHYHGXUDQDTXDOLGDGHGRVYLQKRV&LrQFLD
7pF9LWLY
6&+$1'(5/+'LH0LNURELRORJLHGHV0RVWHVXQG:HLQHV8OPHU6WXWWJDUW
6&+0,77 0 %5(1'(/ 0 6&+:$5= 5 \ 5$'/(5 ) ,QKLELWLRQ RI '1$ V\QWKHVLV LQ
6DFFKDURP\FHVFHUHYLVLDH E\\HDVWNLOOHUWR[LQV.7-RXUQDORI*HQHUDO0LFURELRORJ\
6(*8,1 $ \ '8/$8 / ,QIOXHQFH GH OD VRXFKH GH OHYXUH VXU OD TXDOLWH DURPDWLTXH GHV YLQV GRX[
QDWXUHOVPXVFDWV5HYXHIUDQoDLVHG
2HQRORJLH
6(., 7 &+2, (+ \ 5<8 ' &RQVWUXFWLRQ RI NLOOHU ZLQH \HDVW VWUDLQ$SSO (QYLURQ 0LFURELRO

6(59,/, 0 \ 0217('252 * 3DUDPHWUL GL TXDOLWj QHO FRQWUROOR HQRORJLFR GHL OLHYLWL GHO
FRPPHUFLR9LQLG,WDOLD
6+(50$1)),1.*5\+,&.6-%/DERUDWRU\&RXUVH0DQXDOIRU0HWKRGVLQ<HDVW*HQHWLFV

(GLWDGRSRU&ROG6SULQJ+DUERU/DERUDWRU\
6+,0,=8..LOOHU\HDVW(Q:LQHPLFURELRORJ\DQGELRWHFKQRORJ\(GLWDGRSRU*UDKDP+)OHHW

-RVp$5HJRGyQ0DWHRV
+DUZRRG$FDGHPLF3XEOLVKHUV
6,(,52 & 5(%25('2 10 %/$1&2 3 \ 9,//$ 7* 0DSSLQJ RI WKH )/2 JHQH LQ
6DFFKDURP\FHVFHUHYLVLDH0LFURELRORJtD6(0
6,/9$*$GD7KHRFXUUHQFHRINLOOHU VHQVLWLYHDQGQHXWUDO\HDVWVLQ%UD]LOLDQ5LHVOLQJ,WDOLFRJUDSH

PXVWDQGWKHHIIHFWRIQHXWUDOVWUDLQVRQNLOOLQJEHKDYLRXU$SSO0LFURELRO%LRWHFKQRO
612: 5 *HQHWLF LQSURYHPHQW RI ZLQH \HDVW <HDVW JHQHWLFV )XQGDPHQWDO DQG DSSOLHG DVSHFWV
(GLWDGRSRU-)76SHQFHUHWDO6SULQJHU9HUODJ1HZ<RUN
620(56-0\%(9$1($7KHLQKHULWDQFHRINLOOHUFKDUDFWHULQ\HDVW*HQHW5HV&DPE

63$5.66XOSKLWHELQGLQJSRZHURIZLQHVDQGFLGHUV- 6FL)G$JULF
63$<'6(1$*(/&:\(':$5'6&*<HDVWJURZWKLQ5LHVOLQJMXLFHDVDIIHFWHGE\YLQH\DUG

QLWURJHQIHUWLOL]DWLRQ$P-(QRO9LWLF
6321+2/=:51LWURJHQFRPSRXQGVLQJUDSHVPXVWDQGZLQHV(Q3URFHHGLQJRIWKH,QWHUQDWLRQDO
6\PSRVLXPRQ1LWURJHQLQ*UDSHVDQG:LQHV6HDWWOH:$(G$P6RFIRU(QRODQG9LWLF'DYLV6$

6321+2/=:57KHLQIOXHQFHRIDNLOOHUVWUDLQRI+DQVHQLDVSRUDXYDUXP RQWKHIRUPDWLRQRIDFHWLF
DFLGHWK\OHVWHUGXULQJWKHIHUPHQWDWLRQRIJUDSHPXVW%LRORJLD2JJL9,
67$6+(1.2 + 0$&.8 & \ 6+,%$0$72 7 0RQLWRULQJ YRODWLOH FKHPLFDOV IRUPHG IURP PXVW
GXULQJ\HDVWIHUPHQWDWLRQ)RRG&KHP
675$7)25' 0 <HDVW IORFFXODWLRQ 5HFRQFLOLDWLRQ RI SK\VLRORJLFDO DQG JHQHWLF YLHZSRLQWV <HDVW

675$7)25'0\526($+7UDQVSRUWRIVXOIXUGLR[LGHE\6DFFKDURP\FHVFHUHYLVLDH-RXUQDORI
*HQHUDO0LFURELRORJ\
675(+$,$12 3 /HV DUUHWV GH IHUPHQWDWLRQ FDXVHV HW IDFWHXUV GRQQpHV SKLVLRORJLTXHV 5HYXH
IUDQoDLVHG
2HQRORJLH
6758+/ . 67,1&+&20% '7 6&+(5(5 6 \ '$9,6 5: +LJKIUHTXHQF\ WUDQVIRUPDWLRQ RI
\HDVW$XWRQRPRXVUHSOLFDWLRQRIK\EULG'1$PROHFXOHV3URF1DWO$FDG6FL86$
685(=-$6HOHFFLyQGHOHYDGXUDVYtQLFDVFULWHULRVFRQVHUYDFLyQ\ELRWHFQRORJtD9LWLYLQLFXOWXUD

685(=-$0HWDEROLVPRGHOHYDGXUDVYtQLFDV\SURGXFFLyQGHDURPDV,,$OLPHQWDFLyQHTXLSRV
\WHFQRORJtD$EULO
685(= -$ H f,*2 % 0LFURELRORJtD HQROyJLFD )XQGDPHQWRV GHYLQLILFDFLyQ(GLFLRQHV0XQGL

3UHQVD0DGULG
68%'(1 5( 6DFFKDURP\FHV ZLQH (Q )RRG %LRWHFKQRORJ\ 0LFURRUJDQLVPV(GLWDGR SRU <+
+XLDQG**.KDFKDWRXULDQV
68==, * 520$12 3\=$0%21(//,&)ORFFXODWLRQRIZLQH\HDVWIUHFXHQF\GLIIHUHQFHVDQG

%LEOLRJUDItD
VWDELOLW\RIWKHFKDUDFWHU&DQ-0LFURELRO
68==, * 520$12 3 \ =$0%21(//, & 6DFFKDURP\FHV VWUDLQ VHOHFWLRQ LQ PLQLPL]LQJ 62
UHTXLUHPHQWGXULQJYLQLILFDWLRQ$P-(QRO9LWLF
7$.(6+,*(.\28&+,.)DFWRUVDIIHFWLQJWKHHWKDQROSURGXFWLYLW\RI\HDVWLQPRODVVHV-RXUQDO

RI)HUPHQWDWLRQDQG%LRHQJLQHHULQJ
7$0%255$ 3 /29,12 5 ', %(1('(772 * \ 6&$==$55,(//2 0 3URYH GL
PLFURYLQLILFDFLRQHFRQOLHYLWLVHFFKLDWWLYLGHOFRPPHUFLR9LQLG,WDOLD
7$085$06(.,7.$:$6$.,<722/$0.,.8&+,(\2.$,+(QKDQFLQJHIIHFWRQ
WKHVDOWLQHVVRIVRGLXPFKORULGHRIDGGHGDPLQRDFLGDQGWKHLUHVWHUV$JULF%LRO&KHP
7,%25'\%(8&+$7/5,GHQWLILFDWLRQRIIRRGERUQH\HDVWV-RXUQDORIIRRGSURWHFWLRQ

7,1, 9 &+,21',1, 2 68==, * 520$12 3 (5%(77, 0 \ =$0%21(//, & 5LFHUFD GL
OLHYLWLVWDELOL]]DQWLSURGXFHQWLEDVVHTXDQWLWiGLDQK\GULGHVROIRURVD9LJQHYLQL
7,33(5'-\%267,$1.$'RXEOHGVWUDQGHGULERQXFOHLFDFLGNLOOHUV\VWHPVLQ\HDVWV0LFURELRO
5HZ
7,33(5 '- \ 6&+0,77 0- <HDVW GV51$ YLUXVHV UHSOLFDWLRQ DQG NLOOHU SKHQRW\SHV 0ROHFXODU
0LFURELRORJ\
7+2517215-6HOHFWLYHK\EULGL]DWLRQRISXUHFXOWXUH ZLQH\HDVWV,,,PSURYHPHQWRIIHUPHQWDWLRQ
HIILFLHQF\DQGLQKHULWDQFHRI62 WROHUDQFH-RXUQDORIWKH,QVWLWXWHRI%UHZLQJ
7+2517215-7KHLQWURGXFWLRQRIIORFFXODWLRQLQWRDKRPRWKDOOLFZLQH\HDVW$SUDFWLFDOH[DPSOH

RI WKH PRGLILFDWLRQ RI ZLQHPDNLQJ SURSHUWLHV E\ WKH XVH RI JHQHWLF WHFKQLTXHV $PHULFDQ -RXUQDO RI (QRORJ\
DQG9LWLFXOWXUH
7+251721 5- \ %81.(5 $ &KDUDFWHUL]DWLRQ RI ZLQH \HDVWV IRU JHQHWLFDOO\ PRGLILDEOH
SURSHUWLHV-RXUQDORIWKH,QVWLWXWHRI%UHZLQJ
7+251721 5- \ (6&+(1%58&+ 5 +RPRWKDOOLVP LQ ZLQH \HDVWV$QWRQLH YDQ /HHXZHQKRHN

75('28;+*327*,(7(575\75$&(<53D$FRPSXWHUSURJUDPPHDVDQDLGLGHQWLILFDWLRQ

RI\HDVWVWUDLQV-RXUQDORI0LFURELRORJLFDO0HWKRGV
75('28;+*.2&.-/)/$7(*$130\08//(5+%E$UDSLGLGHQWLILFDWLRQWHFKQLTXH
WR GLIIHUHQFLDWH EHWZHHQ 6DFFK FHUHYLVLDH VWUDLQV DQG RWKHU \HDVW VSHFLHV LQ WKH ZLQH LQGXVWU\ $P - (QRO
9LWLF
75,2/, * \ 3$521(772 / 5HOD]LRQL WUD FRPSRQQHWL D]RWDWH GHL PRVWL H TXDOLWi GHL YLQL
9LJQHYLQL
75,2/,*'8/$8/\3$/$&,26$/RVQXWULHQWHVGHOHYDGXUDV\ODIHUPHQWDFLyQ9LWLFXOWXUD\

(QRORJtD 3URIHVLRQDO
78,7(0)'2%6210-52%(5761$.,1*50%85.('&.,1*60$160\.,1*60$1
$- $5HJXODWHG KLJK HIILFLHQF\ H[SUHVVLRQ RI KXPDQ LQWHUIHURQ DOSKD LQ 6DFFKDURP\FHV FHUHYLVLDH#

-RVp$5HJRGyQ0DWHRV
(0%2-
866(*/,2720$66(7/\',67()$1259DULDELOLWLHVLQWKHSURGXFWLRQRIYRODWLOHFRPSRQHQWV

ZLWKWKHVDPH\HDVWVWUDLQ9LQLG,WDOLD$SULOH
866(*/,2720$66(7/\%26,$3'(YROXWLRQGHVDFLGHVDPLQpVHWGHVROLJRSHSWLGHVGXPRW

DXYLQ%XOO2,9
866(*/,2720$66(7/&KLPLFDHQRORJLFD HGLFLyQ(GLWDGRSRU$(%%UHVFLD,WDOLD
866(*/,2720$66(7//HVRVWDQ]HYRODWLOLSURGRWWHGHLOLHYLWL%LRORJLD2JJL9,
9$*12/,30860$1125$&5(67,6',0$**,27\&25$7=$*2FFXUUHQFHRI.LOOHU

<HDVW LQ 6SRQWDQHXV :LQH )HUPHQWDWLRQV IURP WKH 7XVFDQ\ 5HJLRQ RI ,WDO\ $SSO (QYLURQ 0LFURELRO

9$/&$5&(/0-3e5(=/*21=/(=3\'20(&4%(IHFWRGHODVSUiFWLFDVHQROyJLFDVHQ

YHQGLPLD VREUH ODV OHYDGXUDV UHVSRQVDEOHV GH OD IHUPHQWDFLyQ GH ORV PRVWRV GH -HUH] , )HUPHQWDFLyQ GLULJLGD
PHGLDQWHODDGLFLyQGHXQSLHGHFXED$OLPHQWDFLyQHTXLSRV\WHFQRORJtD1RYLHPEUH'LFLHPEUH
9$/&$5&(/0-3e5(=/*21=/(=3\'20(&4%D(IHFWRGHODVSUiFWLFDVHQROyJLFDVHQ
YHQGLPLDVREUHODVOHYDGXUDVUHVSRQVDEOHVGH ODIHUPHQWDFLyQGHORVPRVWRVGH-HUH],,6XOILWDFLyQGHOPRVWR
$OLPHQWDFLyQHTXLSRV\WHFQRORJtD(QHUR)HEUHUR
9$/&$5&(/0-3e5(=/*21=/(=3\'20(&4%E(IHFWRGHODVSUiFWLFDVHQROyJLFDVHQ

YHQGLPLDVREUHODVOHYDGXUDVUHVSRQVDEOHVGHODIHUPHQWDFLyQGHORVPRVWRVGH-HUH],,,0RGLILFDFLyQGHOS+
SRUFRUUHFFLyQGHODDFLGH]$OLPHQWDFLyQHTXLSRV\WHFQRORJtD0DU]R
9$/&$5&(/0-3e5(=/*21=/(=3\'20(&4%F(IHFWRGHODVSUiFWLFDVHQROyJLFDVHQ
YHQGLPLD VREUH ODV OHYDGXUDV UHVSRQVDEOHV GH OD IHUPHQWDFLyQ GH ORV PRVWRV GH -HUH] ,9 (VWXGLR LQGXVWULDO
$OLPHQWDFLyQHTXLSRV\WHFQRORJtD0D\R
9$/&$5&(/ 0- 3e5(= / *21=/(= 3 \ '20(&4 % G (IIHWV GH FHUWDLQHV SUDWLTXHV
RHQRORJLTXHVWHOOHVTXHSLHGGHFXYHVXOILWDJHHWUpJXODWLRQGXS+VXUODIORUHGHIHUPHQWDWLRQGDQVOHVPRWV
GH;pUqV-RXUQDO,QWHUQDWLRQDOGHV6FLHQFHVGHOD9LJQHHWGX9LQ
9$/'e60(9LWLYLQLFXOWXUDHQ([WUHPDGXUD$JULFXOWXUD(QHUR
9$/'e6 0( '( 0,*8(/ & 0$51 - \ 5(*2'1 -$ (ODERUDFLyQ GH YLQRV EODQFRV FRQ
GLIHUHQWHV WHFQRORJtDV ,QFLGHQFLD HQ FRPSXHVWRV SROLIHQyOLFRV \ DWULEXWRV FURPiWLFRV ;9, -RUQDGDV GH
9LWLFXOWXUD\(QRORJtDGH7LHUUD GH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QGXVWULDV$JUDULDV
GHOD-XQWDGH([WUHPDGXUDWRPR,,
9$/'e60(6$%,2(9,'$/$5$*10&\5(*2'1-$'HWHUPLQDFLyQGHFRPSXHVWRV
YROiWLOHV GH IHUPHQWDFLyQ ,QIOXHQFLD GH OD SUHVHQFLD GH FRDG\XYDQWHV GH IHUPHQWDFLyQ 6LPSyVLR GH
9$/'e60(5$05(=05(*2'1-$3e5(=)&8(1'$0\6$%,2((VWXGLRGHO

SRWHQFLDO DURPiWLFR GH OD YDULHGDG &D\HWDQD ;,; -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH %DUURV
$OPHQGUDOHMR(QSUHQVD
9$1 8'(1 1 (IIHFW RI DOFRKRO RQ WKH WHPSHUDWXUH UHODWLRQ RI JURZWK DQG GHDWK LQ \HDVW $OFRKRO
7R[LFLW\LQ<HDVWDQG%DFWHULD(GLWDGRSRU99DQ8GHQ%RFD5DWRQ&5&3UHVV,QF

%LEOLRJUDItD
9$1 9885(1 +-- \ -$&2%6 &- .LOOHU \HDVWV LQ WKH ZLQH LQGXVWU\ D UHYLHZ $P - (QRO
9LWLF
9(/=48(=(&58=61&+(=-00$7(263)0217((\&+25',$352/(:,1(
$SURJUDPIRUZLQHPDNLQJ\HDVWLGHQWLILFDWLRQ%LQDU\
9(56$9$8'$&285&28;3528//$1'&'8/$8/\+$//(7-1*HQHWLFGLYHUVLW\

DQG JHRJUDSKLFDO GLVWULEXWLRQ RI ZLOG 6DFFKDURP\FHV FHUHYLVLDH VWUDLQV IURP WKH ZLQHSURGXFLQJ DUHD RI
&KDUHQWHV)UDQFH$SSO(QYLURQ0LFURELRO2FW
9(=,1+(7) /HPDUFDJHJpQpWLTXHGHVRXFKHVGHOHYXUHVRHQRORJLTXHV5HY)U2HQRORJLH

9(=,1+(7 ) 5HDOLVDWLRQ HW SHUVSHFWLYHV GHO ODPDOLRUDWLRQ JHQHWLTXH GHV VRXFKHV GH OHYXUHV
RHQRORJLTXHV%LRORJLD2JJL9,
9(=,1+(7 )\/$&52,;60DUTXDJHJpQpWLTXHGHOHYXUHV2XWLOGHFRQWU{OHGHVIHUPHQWDWLRQVHQ

VRXFKHSXUH%XOOGH/2,9
9(=,1+(7 ) \ %$55( 3 7UDQVIHU E\ F\WRGXFWLRQ RI WKH )/2 IORFFXODWLRQ JHQH LQ DQ HQRORJLFDO
\HDVW VWUDLQ ,QWHUQDWLRQDO %LRWHFKQRORJ\ 6\PSRVLXP 3DULV 6RFLHWp )UDQoDLVH GH 0LFURELRORJ\ %RRN RI
DEVWUDFWV
9(=,1+(7)%/21',1%\+$//(7-1&KURPRVRPDO'1$SDWWHUQVDQGPLWRFKRQGULDO'1$
SRO\PRUSKLVP DV WRRO IRU LGHQWLILFDWLRQ RI HQRORJLFDO VWUDLQ RI 6DFFKDURP\FHV FHUHYLVLDH $SSO 0LFURELRO
%LRWHFKQRO
9(=,1+(7)%/21',1%\%$55(30DSSLQJRIWKH)/2JHQRI6DFFKDURP\FHVFHUHYLVLDHE\
WUDQVIHURIDFKURPRVRPHGXULQJF\WRGXFWLRQ%LRWHFKQRORJ\/HWWHUV
9,f(*5$0$SUR[LPDFLyQDODJHQHUDFLyQGH6+9LWLYLQLFXOWXUD
926 3-$ \ *5$< 56 7KH RULJLQ DQG FRQWURO RI K\GURJHQ VXOILGH GXULQJ IHUPHQWDWLRQ RI JUDSH
PXVW$P-(QRO9LWLF
:$/.(5 *0 %,5&+ 50 &+$1'5$6(1$ * \ 0$<1$5' $, 0DJQHVLXP FDOFLXP DQG
IHUPHQWDWLYHPHWDEROLVPRILQGXVWULDO\HDVWV-$P6RF%UHZ&KHP
:$7.,16 6- +2** 7$ \ /(:,6 0- 7KH XVH RI \HDVW LQRFXODWLRQ LQ IHUPHQWDWLRQ IRU SRUW
SURGXFWLRQHIIHFWRQWRWDOSRWHQFLDOHWK\OFDUEDPDWH%LRWHFKQRORJ\/HWWHUV
:(%67(5'/\:$7621.8OWUDVWUXFWXUDOFKDQJHVLQ\HDVWIROORZLQJKHDWVKRFNDQGUHFRYHU\

<HDVW
:(1=(/ . *DV FKURPDWRJUDSKLF DQDO\VLV RI IHUPHQWDWLRQ E\SURGXFWV RI ZLQH 0DVWHU RI 6FLHQFH
7KHVLV&KHPLVWU\8QLYHUVLW\RI6WHOOHQERVFK6RXWK$IULFD
:(1=(/ . \ ',775,&+ ++ =XU EHHLQIOXVVXQJ GHU VFKZHIHOZDVVHUVWRIIELOGXQJ GHU KHIH GXUFK
WUXE VWLFNVWRIIJHKDOW PROHNXODUHQ VFKZHIIHO XQG NXSIHU EHL GHU YHUJlUXQJ YRQ WUDXEHQPRVW :HLQ
:LVVHQVFKDIW
:,&.1(5 5% <HDVW 51$ YLURORJ\ 7KH NLOOHU V\VWHPV 7KH PROHFXODU DQG FHOOXODU ELRORJ\ RI WKH
\HDVW 6DFFKDURP\FHV *HQRPH G\QDPLFV SURWHLQ V\QWKHVLV DQG HQHUJHWLFV &ROG 6SULQJ +DERU /DERUDWRU\
3UHVV

-RVp$5HJRGyQ0DWHRV
:,&.1(5 5% +RVW FRQWURO RI \HDVW GV51$ YLUXV SURSDJDWLRQ DQG H[SUHVVLRQ 7UHQGV LQ
0LFURELRORJ\
:,*+70$1 3 48$,1 '( \ 0($'(1 3* $QDO\VLV RI SURGXFWLRQ EUHZLQJ VWUDLQV RI \HDVW E\
'1$ILQJHUSULQWLQJ/HWWHUVLQ$SSOLHG0LFURELRORJ\
:h5',**$XVEDXGHU:HLQH'LHPLNURELRORJLVFKHQ:LUNXQJHQGHUVFKZHIOLJHQ6lXUH

,Q&KHPLHGHV:HLQHV(GLWDGRSRU*:UGLJDQG5:ROOHU8OPHU6WXWWJDUW
;,$2:\5$1.*+7KHFRQVWUXFWLRQRIUHFRPELQDQWLQGXVWULDO\HDVWVIUHHRIEDFWHULDOVHTXHQFHV
E\GLUHFWHGJHQHUHSODFHPHQWLQWRDQRQHVVHQWLDOUHJLRQRIWKHJHQRPH*HQH
;8 ; :,*+70$1 -' *(//(5 %/ $95$0 ' \ %$.$/,16.< $7 ,VRODWLRQ DQG
FKDUDFWHUL]DWLRQRIVXOILWHPXWDQVRI6DFFKDURP\FHVFHUHYLVLDH&XUU*HQHW
=$0%21(//,&0LFURELRORJLDH%LRWHFQRORJLDGHL9LQL(G$JULFROH(GL]LRQH$JULFROH%RORJQD
=($ / 025(12 - \ 0(',1$ 0 &RPSRUWDPLHQWR GH WUHV UD]DV GH 6DFFKDURP\FHV FHUHYLVLDH
GXUDQWHODIHUPHQWDFLyQDOFRKyOLFD\GHVDUUROORGHYHORHQPRVWRVHVWHULOL]DGRVGH9LWLVYLQLIHUD 3HGUR-LPpQH]
;,9 -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUDGH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH&RPHUFLRH
=($/025(12-0(',1$0\257(*$-0&RPSDUDFLyQHQWUHORVFRQWHQLGRVGHFpOXODV\

PRVWRVHQORViFLGRV&&&\VXVpVWHUHVHWtOLFRVGXUDQWHODYLQLILFDFLyQFRQWUHVUD]DVGH6DFFKDURP\FHV
FHUHYLVLDH ;9, -RUQDGDV GH 9LWLFXOWXUD \ (QRORJtD GH 7LHUUD GH%DUURV(GLWDGRSRUOD'LUHFFLyQ*HQHUDOGH
&RPHUFLRH,QGXVWULDV$JUDULDVGHOD-XQWDGH([WUHPDGXUDWRPR,,
=($/025(12-\0(',1$05HODFLyQHQWUHORVFRQWHQLGRVGHFpOXODV\PRVWRVHQGLIHUHQWHV
IUDFFLRQHV GHO DURPD GXUDQWH OD YLQLILFDFLyQ FRQ WUHV UD]DV GH 6DFFKDURP\FHV FHUHYLVLDH ;9,, -RUQDGDV GH
GHOD-XQWDGH([WUHPDGXUD
=,521, 5 %8,$77, 6 '268$/'2 ' %$521&,1, 3 *8,'277, & \ 67()$1, 5
'HWHUPLQD]LRQHDXWRPDWLFDGHJOL]XFFKHULULGXWWRULQHLPRVWLHQHLYLQLFRQHOHWWURGR3WUHGR[,QGXVWULHGHOOH
%HYDQGHGLFHPEUH
=2(&./(,1%:)8*(/6$1*.&*803%+\185<)6:LQHDQDO\VLVDQGSURGXFWLRQ
(GLWDGRSRU7KH&KDSPDQ +DOO(QRORJ\/LEUDU\1HZ<RUN
=25*-.,/,$16\5$'/(5 ).LOOHUWR[LQSURGXFLQJVWUDLQVRIWKH\HDVW+DQVHQLDVSRUDXYDUXP
DQG
3LFKLD
.OX\YHUL
$UFKLYHV
RI
0LFURELRORJ\

RVP$QWRQLR 5 Hjrgyq 0 DWHRV

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

RVP$QWRQLR 5 Hjrgyq 0 DWHRV

Enviado por

Direitos autorais:

Formatos disponíveis

2%7(1&,1<&$5$&7(5,=$&,1'(

Edita: Universidad de Extremadura

0HMRUD JHQpWLFD  

$QiOLVLVGHSURGXFWRVPHLyWLFRV\HOLPLQDFLyQGHJHQHVGHOHWpUHRV  

3UHVHOHFFLyQGHODVOHYDGXUDVDLVODGDV  

6HOHFFLyQILQDO\FDUDFWHUtVWLFDVGHODVFHSDVVHOHFFLRQDGDV  

'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQWRGDVODVYLQLILFDFLRQHV  

9LQLILFDFLyQFRQPRVWR*DUQDFKD7LQWRUHUD0HUORW 9%  

$PLQRiFLGRV\GHULYDGRVDPtQLFRV  

2EWHQFLyQGHFHSDVPiVUHVLVWHQWHVDEDMDVWHPSHUDWXUDV  

/DV OHYDGXUDV GHO YLQR VRQ $VFRP\FHWHV HVSRUyJHQDV \ 'HXWHURP\FHWHV QR

 %UHWWDQRP\FHV %UHWWDQRP\FHV \ VX IRUPD SHUIHFWD 'HNNHUD VRQ DLVODGDV

OHYDGXUDV SDUHFLGDV PLFURVFySLFDPHQWH D 6DFFKDURP\FHV FHUHYLVLDH DXQTXH VXHOHQ VHU PiV

JO \pVWHUHV 6FKDQGHUO:HQ]HO (VWDVOHYDGXUDVVRQIUHFXHQWHVHQERGHJDVFRQ

 .ORHFNHUD .ORHFNHUD\VXIRUPDSHUIHFWD +DQVHQLDVSRUD VRQODVWtSLFDVOHYDGXUDV

 =\JRVDFFKDURP\FHV 6RQ OHYDGXUDV IHUPHQWDWLYDV \ RVPyILODV TXH IRUPDQ DVFDV

PRWLYRV6XiUH]HxLJR  UHFRPLHQGDQVXXVRSDUDODIHUPHQWDFLyQHVFDODUMXQWRDRWUDV

 7RUXODVSRUD 6RQ OHYDGXUDV VLPLODUHV D =\JRVDFFKDURP\FHV SHUR QR VRQ

 6DFFKDURP\FHV 0RUIROyJLFDPHQWH VRQ HVIpULFDV R HOLSVRLGDOHV FRQ XQ GLiPHWUR

PHGLDQWHPHWDEROLVPRR[LGDWLYRVREUHODVXSHUILFLHGHOYLQR OHYDGXUDVGHIORU GDQGROXJDU

3HQLFLOOLXP 7ULFKRGHUPD &ODGRVSRULXP R 0RQLOLD 9DULDV HVSHFLHV GH KRQJRV SXHGHQ

QREOH\SRGUHGXPEUHJULVHQODVXYDV %D\RQRYH 2WURVPXFKRVKRQJRVSHUWHQHFLHQWHV

SURJUDPDLQIRUPiWLFRGH%DUQHWWHWDO  REWXYLHURQEXHQRVUHVXOWDGRVHQK3DUDOD

IDFLOLWDQHOWUDEDMRFRPR63(&, 7UHGRX[HWDOD \352/(:,1( 9HOi]TXH]HWDO

LGHQWLILFDU ODV OHYDGXUDVSHURVREUHWRGRSDUDGLIHUHQFLDUXQDVFHSDVGHRWUDVGHQWURGHXQD

QDWXUDOHVULFRHQOHYDGXUDVLQGtJHQDVELHQDGDSWDGDV +LGDOJRHWDO /DPD\RUtDGHODV

SUXHEDVGHIHUPHQWDFLyQ\DVLPLODFLyQ ODFHSDLQRFXODGDGHOUHVWRGHFHSDVVLOYHVWUHV 4XHURO

HWDO ([LVWHQRWUDVWpFQLFDVTXHVHSXHGHQXWLOL]DUSDUDHVWHILQ 'HJUpHWDOD

D (OHFWURIRUHVLVGHIUDFFLRQHVH[WUDFHOXODUHV %RXL[\/HYHDX&LROIL /D

G &DULRWLSR GH FURPRVRPDV HQWHURV PHGLDQWH HOHFWURIRUHVLV HQ FDPSR SXOVDQWH

9HUVDYDXG HW DO (VWHPpWRGRFRQVLVWHHQH[WUDHUHO$'1PLWRFRQGULDORJHQyPLFR

J 5HDFFLyQHQFDGHQDGHODSROLPHUDVD 3&5 4XHVDGD\&HQLVD9HUVDYDXGHW

FHEDGRUHVXROLJRVHVSHFtILFRVTXHVHUYLUiQGHLQLFLDGRUHV SULPHU GHODVtQWHVLVGH$'1HQ

OD ]RQD TXHVHGHVHDDPSOLILFDU(VDOWDPHQWHHVSHFtILFDSXHV~QLFDPHQWHVHDPSOLILFDQODV

OHYDGXUDV %HQtWH]HWDO SHUPLWLHQGRVHJXLUWDQWRODLPSODQWDFLyQGHODFHSDLQRFXODGD

QXPHURVRVIUDJPHQWRV0HGLDQWHHVWDWpFQLFD4XHVDGD\&HQLV D KDQREWHQLGREXHQRV

HWLGLR FDUFLQyJHQR 3RUORWDQWRVRQSRFR~WLOHVHQODERGHJDSDUDUHDOL]DUHOVHJXLPLHQWRGH

ROLJRPLFLQDGLXUyQHULWURPLFLQD 9H]LQKHW\/DFURL[9H]LQKHW *HQHUDOPHQWH

PHGLRHVWpULO\HQPRVWR /RQJRHWDO 2WURVPDUFDGRUHVJHQpWLFRVGLVWLQWRVKDQVLGR

IOXRULPHWUtDRWHVWHQSODFD 3HWHULQJHWDOD (QHVWHFDVRODFRQVWUXFFLyQGHODOHYDGXUD

FLFORKH[LPLGD LQKLELGDVSRUJPO 5RVH'HO3R]RHWDO \ODIUHFXHQFLD

D /RFDOL]DFLyQxLJR  HQHVWXGLRVUHDOL]DGRVGXUDQWHPXFKRVDxRVFRQFOX\H

TXHKD\PiVHVSHFLHVHVSRUXODGDV FRPR+DQVHQLDVSRUD HQ]RQDVGHFOLPDFiOLGR$GHPiV

HWDO=DPERQHOOL%DUFHQLOOD\$UUR\R ODVXYDV GDxDGDVSUHVHQWDQPD\RU

HWDOG/RQJRHWDO%ULRQHVHWDO 4XHUROHWDO G KDQREVHUYDGR

DO G KDQREVHUYDGRTXHHOQ~PHURWRWDO\GLYHUVLGDGGHHVSHFLHVHQODVXYDVDXPHQWD

H 9DULHGDGGHXYD6XHIHFWRSDUHFHVHUHVFDVRQRREVWDQWH$QJXORHWDO G KDQ

I 3URGXFWRV ILWRVDQLWDULRV $OJXQRV SURGXFWRV TXtPLFRV HPSOHDGRV SDUD FRPEDWLU

HWDO*DLDHWDO4XHVDGDHWDO 4XHVDGDHWDO  HQFXHQWUDQTXHORV

%ULRQHVHWDO %ULRQHVHWDO  HQHVWXGLRVOOHYDGRVDFDERHQ&DVWLOOD/D0DQFKD

$HUREDVLGLXP SXOOXODQV \ OHYDGXUDV FRPR +DQVHQLDVSRUD \ .ORHFNHUD HVSHFLDOPHQWH .

& SXOFKHUULPD \ & HVWHOODWD  &U\SWRFRFFXV 3LFKLD 5KRGRWRUXOD .OX\YHURP\FHV \

FHUHYLVLDH PHQRVGHFpOXODVPOGHPRVWR HQODVXYDVVDQDVDXQTXH8VVHJOLR7RPDVVHW\

&LROIL  LQGLFDQTXHHOGHODIORUDEODVWRPLFpWLFDGHODVXYDVPDGXUDVSHUWHQHFHDO

JpQHUR6DFFKDURP\FHV0RUDHWDO  0DUWLQL  \%ULRQHVHWDO  LQGLFDQOD

(VWXGLRVOOHYDGRVDFDERSRU%XGURQLHWDO  HQPRVWRVGHOD]RQDGH6DUGHJQD

,WDOLD LQGLFDQTXH6FHUHYLVLDH SURFHGHWDQWRGHODXYDFRPRGHODERGHJD/DVVXSHUILFLHV

VXSHUILFLHV )OHHW\+HDUG 6DFFKDURP\FHVFHUHYLVLDH HVODOHYDGXUDSUHGRPLQDQWHHQ

PX\HOHYDGDV PD\RUHVGHPJO UHWUDVDQHOLQLFLRGH ODIHUPHQWDFLyQHLQFOXVRSXHGHQ

SUHPDWXUDGHODIHUPHQWDFLyQ/RVPRVWRVSREUHVHQD]~FDU PHQRVGHJO VXHOHQWHQHU

IHUPHQWDFLyQ VRQ ORVDPLQRiFLGRVOLEUHV\HODPRQLRFRPRSULQFLSDOHVIXHQWHVGHQLWUyJHQR

IiFLOPHQWHDVLPLODEOH R1)$ \DTXHODVSURWHtQDV\SpSWLGRVQRVXHOHQVHUXWLOL]DGDVSRU6

iFLGRV WDUWiULFR \ PiOLFR YDORUHV HQWUH ORV FXDOHV VH UHDOL]DODIHUPHQWDFLyQXVXDOPHQWH/D

0HMRUD JHQpWLFD

$QiOLVLVGHSURGXFWRVPHLyWLFRV\HOLPLQDFLyQGHJHQHVGHOHWpUHRV

3UHVHOHFFLyQGHODVOHYDGXUDVDLVODGDV

6HOHFFLyQILQDO\FDUDFWHUtVWLFDVGHODVFHSDVVHOHFFLRQDGDV

'LVFXVLyQGHORVUHVXOWDGRVREWHQLGRVHQWRGDVODVYLQLILFDFLRQHV

9LQLILFDFLyQFRQPRVWR*DUQDFKD7LQWRUHUD0HUORW9%

$PLQRiFLGRV\GHULYDGRVDPtQLFRV

2EWHQFLyQGHFHSDVPiVUHVLVWHQWHVDEDMDVWHPSHUDWXUDV

%UHWWDQRP\FHV %UHWWDQRP\FHV \ VX IRUPD SHUIHFWD 'HNNHUD VRQ DLVODGDV

OHYDGXUDV SDUHFLGDV PLFURVFySLFDPHQWH D 6DFFKDURP\FHV FHUHYLVLDH DXQTXH VXHOHQ VHU PiV

JO\pVWHUHV6FKDQGHUO:HQ]HO(VWDVOHYDGXUDVVRQIUHFXHQWHVHQERGHJDVFRQ

.ORHFNHUD .ORHFNHUD\VXIRUPDSHUIHFWD +DQVHQLDVSRUD VRQODVWtSLFDVOHYDGXUDV

=\JRVDFFKDURP\FHV 6RQ OHYDGXUDV IHUPHQWDWLYDV \ RVPyILODV TXH IRUPDQ DVFDV

PRWLYRV6XiUH]HxLJRUHFRPLHQGDQVXXVRSDUDODIHUPHQWDFLyQHVFDODUMXQWRDRWUDV

7RUXODVSRUD 6RQ OHYDGXUDV VLPLODUHV D =\JRVDFFKDURP\FHV SHUR QR VRQ

6DFFKDURP\FHV 0RUIROyJLFDPHQWH VRQ HVIpULFDV R HOLSVRLGDOHV FRQ XQ GLiPHWUR

PHGLDQWHPHWDEROLVPRR[LGDWLYRVREUHODVXSHUILFLHGHOYLQROHYDGXUDVGHIORUGDQGROXJDU

3HQLFLOOLXP 7ULFKRGHUPD &ODGRVSRULXP R 0RQLOLD 9DULDV HVSHFLHV GH KRQJRV SXHGHQ

QREOH\SRGUHGXPEUHJULVHQODVXYDV%D\RQRYH2WURVPXFKRVKRQJRVSHUWHQHFLHQWHV

SURJUDPDLQIRUPiWLFRGH%DUQHWWHWDO REWXYLHURQEXHQRVUHVXOWDGRVHQK3DUDOD

IDFLOLWDQHOWUDEDMRFRPR63(&,7UHGRX[HWDOD\352/(:,1(9HOi]TXH]HWDO

LGHQWLILFDU ODV OHYDGXUDVSHURVREUHWRGRSDUDGLIHUHQFLDUXQDVFHSDVGHRWUDVGHQWURGHXQD

QDWXUDOHVULFRHQOHYDGXUDVLQGtJHQDVELHQDGDSWDGDV+LGDOJRHWDO/DPD\RUtDGHODV

SUXHEDVGHIHUPHQWDFLyQ\DVLPLODFLyQODFHSDLQRFXODGDGHOUHVWRGHFHSDVVLOYHVWUHV4XHURO

HWDO([LVWHQRWUDVWpFQLFDVTXHVHSXHGHQXWLOL]DUSDUDHVWHILQ'HJUpHWDOD

D(OHFWURIRUHVLVGHIUDFFLRQHVH[WUDFHOXODUHV%RXL[\/HYHDX&LROIL/D

9HUVDYDXG HW DO(VWHPpWRGRFRQVLVWHHQH[WUDHUHO$'1PLWRFRQGULDORJHQyPLFR

J5HDFFLyQHQFDGHQDGHODSROLPHUDVD3&54XHVDGD\&HQLVD9HUVDYDXGHW

FHEDGRUHVXROLJRVHVSHFtILFRVTXHVHUYLUiQGHLQLFLDGRUHVSULPHUGHODVtQWHVLVGH$'1HQ

OD ]RQD TXHVHGHVHDDPSOLILFDU(VDOWDPHQWHHVSHFtILFDSXHV~QLFDPHQWHVHDPSOLILFDQODV

OHYDGXUDV%HQtWH]HWDOSHUPLWLHQGRVHJXLUWDQWRODLPSODQWDFLyQGHODFHSDLQRFXODGD

QXPHURVRVIUDJPHQWRV0HGLDQWHHVWDWpFQLFD4XHVDGD\&HQLVDKDQREWHQLGREXHQRV

HWLGLRFDUFLQyJHQR3RUORWDQWRVRQSRFR~WLOHVHQODERGHJDSDUDUHDOL]DUHOVHJXLPLHQWRGH

ROLJRPLFLQDGLXUyQHULWURPLFLQD9H]LQKHW\/DFURL[9H]LQKHW*HQHUDOPHQWH

PHGLRHVWpULO\HQPRVWR/RQJRHWDO2WURVPDUFDGRUHVJHQpWLFRVGLVWLQWRVKDQVLGR

IOXRULPHWUtDRWHVWHQSODFD3HWHULQJHWDOD(QHVWHFDVRODFRQVWUXFFLyQGHODOHYDGXUD

FLFORKH[LPLGDLQKLELGDVSRUJPO5RVH'HO3R]RHWDO\ODIUHFXHQFLD

D /RFDOL]DFLyQxLJRHQHVWXGLRVUHDOL]DGRVGXUDQWHPXFKRVDxRVFRQFOX\H

TXHKD\PiVHVSHFLHVHVSRUXODGDVFRPR+DQVHQLDVSRUDHQ]RQDVGHFOLPDFiOLGR$GHPiV

HWDO=DPERQHOOL%DUFHQLOOD\$UUR\RODVXYDV GDxDGDVSUHVHQWDQPD\RU

HWDOG/RQJRHWDO%ULRQHVHWDO4XHUROHWDO GKDQREVHUYDGR

DO GKDQREVHUYDGRTXHHOQ~PHURWRWDO\GLYHUVLGDGGHHVSHFLHVHQODVXYDVDXPHQWD

H9DULHGDGGHXYD6XHIHFWRSDUHFHVHUHVFDVRQRREVWDQWH$QJXORHWDO GKDQ

I 3URGXFWRV ILWRVDQLWDULRV $OJXQRV SURGXFWRV TXtPLFRV HPSOHDGRV SDUD FRPEDWLU

HWDO*DLDHWDO4XHVDGDHWDO4XHVDGDHWDO HQFXHQWUDQTXHORV

%ULRQHVHWDO%ULRQHVHWDO HQHVWXGLRVOOHYDGRVDFDERHQ&DVWLOOD/D0DQFKD

$HUREDVLGLXP SXOOXODQV \ OHYDGXUDV FRPR +DQVHQLDVSRUD \ .ORHFNHUD HVSHFLDOPHQWH .

& SXOFKHUULPD \ & HVWHOODWD &U\SWRFRFFXV 3LFKLD 5KRGRWRUXOD .OX\YHURP\FHV \

FHUHYLVLDH PHQRVGHFpOXODVPOGHPRVWRHQODVXYDVVDQDVDXQTXH8VVHJOLR7RPDVVHW\

&LROILLQGLFDQTXHHOGHODIORUDEODVWRPLFpWLFDGHODVXYDVPDGXUDVSHUWHQHFHDO

JpQHUR6DFFKDURP\FHV0RUDHWDO 0DUWLQL\%ULRQHVHWDO LQGLFDQOD

(VWXGLRVOOHYDGRVDFDERSRU%XGURQLHWDO HQPRVWRVGHOD]RQDGH6DUGHJQD

,WDOLDLQGLFDQTXH6FHUHYLVLDH SURFHGHWDQWRGHODXYDFRPRGHODERGHJD/DVVXSHUILFLHV

VXSHUILFLHV)OHHW\+HDUG6DFFKDURP\FHVFHUHYLVLDH HVODOHYDGXUDSUHGRPLQDQWHHQ

PX\HOHYDGDVPD\RUHVGHPJOUHWUDVDQHOLQLFLRGH ODIHUPHQWDFLyQHLQFOXVRSXHGHQ

SUHPDWXUDGHODIHUPHQWDFLyQ/RVPRVWRVSREUHVHQD]~FDUPHQRVGHJOVXHOHQWHQHU

IiFLOPHQWHDVLPLODEOHR1)$\DTXHODVSURWHtQDV\SpSWLGRVQRVXHOHQVHUXWLOL]DGDVSRU6

iFLGRV WDUWiULFR \ PiOLFR YDORUHV HQWUH ORV FXDOHV VH UHDOL]DODIHUPHQWDFLyQXVXDOPHQWH/D

SULQFLSDOOHYDGXUDIHUPHQWDWLYD6 FHUHYLVLDHSDUHFHFUHFHUPHMRUDS+VXSHULRUHVD)OHHW

FHUHYLVLDH QR VH YH LQIOXHQFLDGD SRUHVWHIDFWRUGXUDQWHODIHUPHQWDFLyQ(QFDPELRVtWLHQH

HVWiQPiVDLUHDGRV6XiUH]HxLJR(VWRHVGHELGRDTXHHOR[tJHQRHVQHFHVDULRSDUD

SRGHUIHUPHQWDWLYR FRPR=\JRVDFFKDURP\FHV7RUXODVSRUD \6DFFKDURP\FHV 6XiUH]HxLJR

IHUPHQWDFLyQ GLVPLQX\HQGR R LQFOXVR GHVDSDUHFLHQGR HQ ODV UHVWDQWHV IDVHV %DUFHQLOOD \

(QORVDxRVVHLQWURGXFHQHQ(VWDGRV8QLGRVODVOHYDGXUDVVHFDVDFWLYDV/6$FRQ

PHGLDGRV GH ORV\DVHGLVSRQtDGHFHSDVFX\DVSURSLHGDGHVWpFQLFDV\HQROyJLFDVKDFtDQ

6XL]DDGHFXDGDSDUDIHUPHQWDFLyQDEDMDWHPSHUDWXUDODFHSD(&,QVWLWXWH2HQRORJLTXHGH

,QWURGXFFLyQ GH PDUFDGRUHV JHQpWLFRV HVSHFtILFRV UHVLVWHQFLD D DQWLELyWLFRV JHQHV

)OHHW'LFKRVFRPSXHVWRVYROiWLOHV\ QRYROiWLOHVVHSURGXFHQFRPRFRQVHFXHQFLDGHO

SDUDIHUPHQWDUHQODVFRQGLFLRQHVDPELHQWDOHVTXHVHYDQD HQFRQWUDUWLSRGHPRVWRSUiFWLFDV

)UDQFLD3DtVHV1yUGLFRV]RQDV DWOiQWLFDVHQJHQHUDO\VHSUHWHQGHQXWLOL]DUHQVLWLRVHQORV

3RUORWDQWRDXQTXHH[LVWHQOHYDGXUDVVHFDVDFWLYDV/6$FRPHUFLDOHVWHyULFDPHQWH

SOXYLRVLGDG4XHUROHWDO&RPRFRQVHFXHQFLDHQFXDOTXLHUPRPHQWRSXHGHQVXUJLU

XQGHOYROXPHQGHOGHSyVLWR6XiUH](VWHPpWRGRUHVXOWDPX\DGHFXDGRFXDQGR

ODOHYDGXUDFRQDJXDRPRVWRWLELR&GXUDQWHXQRVPLQXWRVVHJXLGDPHQWHVHDxDGHOD

WUDGLFLRQDOPHQWHHQODFRWL]DFLyQGHORVYLQRVFRPXQHV6XiUH](OYDORUPi[LPRHQ

PX\LPSRUWDQWH(QFXDOTXLHUFDVRHQWUHYY\VRQYDORUHVTXHVHSXHGHQ

FDSDFLGDGSDUDSURGXFLUHWDQROVXSHULRUDOYYSXGLHQGROOHJDUDOJXQDVDO

DURPiWLFDV\VHSXHGHQSURGXFLUSDUDGDVGHIHUPHQWDFLyQ6WUHKDLDQR/DYHORFLGDGGH

FHUHYLVLDH HVWiFRPSUHQGLGDHQWUH&\&$PHULQHHWDO%HQGDDXQTXH

SURGXFLUVHXQDSDUDGDGHODIHUPHQWDFLyQ9DQ8GHQ6WUHKDLDQR$GHPiVVL