Facultad de Medicina UNAM Helicobacter Plyori

)DFXOWDGGH0HGLFLQD81$0
6HPLQDULR
(O(MHUFLFLR$FWXDOGHOD0HGLFLQD
+(/,&2%$&7(5S\ORUL
+S\ORUL
)(51$1'27255(69$/$'(=
&,58-$12*$6752(17(5/2*2
$/%(572*$5&$0(1e1'(=
*$6752(17(5/2*2(1'26&23,67$
$/(-$1'5$=5$7(262512
+,6723$7/2*$
+263,7$/'(/$%(1(),&(1&,$(63$f2/$
5HJUHVD
,1752'8&&,1<2%-(7,92
'HVGHVLHPSUHORVHVWXGLRVELROyJLFRVVHKDQFHQWUDGRHQFRQRFHUODVFRQGLFLRQHVHQTXHSXHGHQGHVDUUROODUVH
ORVVHUHVYLYRV\FRPRHMHPSORVVHQFLOORVORVVLJXLHQWHVHVWXGLRVGHODVWHPSHUDWXUDVODVFRQFHQWUDFLRQHVGH
R[tJHQRODVSUHVLRQHVDWPRVIpULFDVORVQXWULHQWHVHWFGHVXKDELWDWDGHFXDGR\GHVGHHOSXQWRGHYLVWDGHVX
KRPHRVWDVLVLQWHUQDVHKDPRVWUDGRODLPSRUWDQFLDGHOHTXLOLEULRKLGURHOpFWULFR\iFLGREiVLFRGHVXVHVWUXFWXUDV
FHOXODUHV FRQRFLpQGRVH TXH SDUD HO EXHQ IXQFLRQDPLHQWR GH ODV PLVPDV \ VREUH WRGR HQ ORV KXPDQRV VH
FRQVLGHUD LQGLVSHQVDEOH OD SUHVHQFLD GH XQ S+ DGHFXDGR \ FDVL QHXWUR VLWXDFLyQ TXH REHGHFH D SDXWDV
XQLYHUVDOHV\DHVWDEOHFLGDVHQGRQGHVHWROHUDQGHVYLDFLRQHVPtQLPDVFRUUHJLEOHVSRUPHFDQLVPRVLQWHUQRVR
SRU D\XGDV H[WHUQDV 3HUR WDPELpQ VH DFHSWD TXH ODV QRFLRQHV EiVLFDV GHO FRQRFLPLHQWR ELROyJLFR \ SRU
VXSXHVWR FRQ HYLGHQFLDV FLHQWtILFDV GLFKDV QRFLRQHV SXHGHQ VHU VDFXGLGDV \ REOLJDGDV D PRGLILFDU OR
HVWDEOHFLGR\HVWDUSUHSDUDGDVSDUDDFHSWDUTXHSXHGHQDSDUHFHUQXHYRVKRUL]RQWHVTXH\DH[LVWtDQSHURQR
LGHQWLILFDGRVHQUHODFLyQDFRQGLFLRQHVH[WUHPDVHQGRQGHODSUHVHQFLDGHVHUHVYLYRVQRIXHUDSRVLEOHSHUR
TXHVtH[LVWHQ6LQGXGDVHDFHSWyVLHPSUHTXHODYLGDFHOXODUGHORUJDQLVPRKXPDQRLPSOLFDODQHFHVLGDGGHXQ
S+DOUHGHGRUGHLQWHUQR\H[WHUQRSRUORTXHSRUH[WHQVLyQ\GHGXFFLRQHVOyJLFDVVHDFHSWyTXHSRUODDFLGH]
GHODVHFUHFLyQJiVWULFDFRQS+GHHOPHGLRHUDQHFHVDULDPHQWHGHVWUXFWRUGHPLFURRUJDQLVPRV\FDVLVHOH
FRQVLGHUyFRPRXQPHGLRHVWpULO\VyORPRGLILFDEOHSRUFLUFXQVWDQFLDVSDWROyJLFDVTXHDEDWLHUDQODDFLGH]FRPR
HQODVJDVWULWLVFUyQLFDV\FRQDWURILDVGHODPXFRVDHQGRQGHXQDPELHQWHPHQRViFLGRVLSHUPLWHRIDFLOLWDOD
SUHVHQFLDGHEDFWHULDVHLQFOXVRKRQJRV
3HUR VH SUHVHQWy XQ KHFKR KLVWyULFR XQ GHVFXEULPLHQWR FLHQWtILFR TXH FLPEUy HO DPELHQWH FLHQWtILFR GH OD
PHGLFLQDGHODEDFWHULRORJtD\VREUHWRGRGHODJDVWURHQWHURORJtD\GHRWUDVFLHQFLDV\TXHIXHODGHPRVWUDFLyQ
LQGLVFXWLEOH GH TXH HQ HO HVWyPDJR \ VREUH OD PXFRVD JiVWULFD YLYHQ EDFWHULDV TXH FRORQL]DQ \ OHVLRQDQ DO
HSLWHOLR \ DIHFWDQ D WRGD OD HFRQRPtD (O DSRUWH FLHQWtILFR LQGLVFXWLEOH FRQWXQGHQWH GH OD SUHVHQFLD GH FHSDV
EDFWHULDQDVHQODPXFRVDJiVWULFDSUHSDUDGDVSDUDWROHUDUFRQGLFLRQHVH[WUHPDVGHS+GHRPHQRVFRORQL]DU
\ OOHQDU SRU OR PHQRV GRV GH WUHV SRVLELOLGDGHV HQ ODV UHODFLRQHV GH XQ KRVSHGHUR FXHUSR KXPDQR \ VX
HVWyPDJR \ GH XQ KXpVSHG EDFWHULD FRPHQVDOLVPR SDUDVLWLVPR R VLPELRVLV OR GLHURQ ORV LQYHVWLJDGRUHV
DXVWUDOLDQRV%DUU\0DUVKDOOSDWyORJRELyORJR\5RELQ:DUUHQJDVWURHQWHUyORJRFOtQLFRHQTXHLGHQWLILFDURQ
\FXOWLYDURQXQDEDFWHULDJUDPQHJDWLYDPLFURDHURItOLFDGHIRUPDHVSLUDO\FX\DFRORQL]DFLyQ\GHVDUUROORHQOD
PXFRVD JiVWULFD UHSUHVHQWD XQ IDFWRU HWLRSDWRJpQLFR LQGLVFXWLEOH SDUD RFDVLRQDU GLVSHSVLDV JDVWULWLV ~OFHUDV
GXRGHQDOHV\JiVWULFDVSURFHVRVOLQIRSUROLIHUDWLYRVSDUHFLGRVDORVOLQIRPDVHLQFOXVRVHUXQIDFWRUIDFLOLWDGRUGH
DGHQRFDUFLQRPD $ HVWD FRPXQLFDFLyQ FLHQWtILFD VH OH UHFRQRFH FRPR XQR GH ORV IHQyPHQRV
H[WUDRUGLQDULRV GH ODV LQYHVWLJDFLRQHV ELRPpGLFDV PRGHUQDV \ TXH VX EDFWHULD OD GH 0DUVKDOO \ GH :DUUHQ
RFXSDUDXQSDSHOSURWDJyQLFRHQHOLQWHUpVSURJUHVLYRGHLQYHVWLJDGRUHVGHWRGRHOPXQGRHQGLYHUVRVFDPSRV
FOtQLFREDFWHULROyJLFRGHDQDWRPtDSDWROyJLFDHSLGHPLROyJLFRIDUPDFROyJLFRLQPXQROyJLFRJHQpWLFRHWFFRPR
OR GHPXHVWUD HO KHFKR GH TXH EDVWD VROLFLWDU HQ XQ VHUYLGRU GH LQWHUQHW LQIRUPDFLyQ VREUH ODV SDODEUDV
+HOLFREDFWHU S\ORUL SDUD TXH OD UHSXHVWD LQPHGLDWD VHD GH PLOHV GH SXEOLFDFLRQHV HQ ORV ~OWLPRV DxRV H
LQFOXVRGHTXHODEDFWHULDWHQJDHOSULYLOHJLRGHXQDSXEOLFDFLyQSURSLD\H[FOXVLYD
(O GHVFXEULPLHQWR PHQFLRQDGR GDGR D FRQRFHU QR HQ UHYLVWDV FLHQWtILFDV DXVWUDOLDQDV OD VRFLHGDG GH
JDVWURHQWHURORJtDGH$XVWUDOLDQRDFHSWyHOLQIRUPHSUHOLPLQDHQIRUPDGHFDUWDVLQRSRUODUHYLVWD/$1&(7HQ
KWWSZZZIDFPHGXQDPP[VPVVHDPNHQHBBSRQHQFLDKWPO
GRQGHVXFXHUSRHGLWRULDOVHLQWHUHVDSRUHOKHFKRIXQGDPHQWDO\FRQEDVHFLHQWtILFDGHTXHSRUSULPHUDYH]VH
WXYLHUDQODVHYLGHQFLDVGHTXHODVJDVWULWLV\ODV~OFHUDVSpSWLFDVSXGLHUDQWHQHUXQDHWLRORJtDLQIHFFLRVD\SRU
VXSXHVWR UHFLELU WUDWDPLHQWR FRQ DQWLELyWLFRV (VWD SRVLELOLGDG DO SULQFLSLR QR IXH DFHSWDGD IiFLOPHQWH \D TXH
GHVGH HO SULQFLSLR GHO VLJOR ;,; VH DVRFLy D OD HQIHUPHGDG XOFHURVD SpSWLFD JDVWURGXRGHQDO D IDFWRUHV
HWLRSDWRJpQLFRVGLUHFWRVRSULPDULRVFRPRHOiFLGRJiVWULFRHQSDFLHQWHVKLSHUVHFUHWRUHVGRJPDQRiFLGRQR
~OFHUD \ DO HVWUpV YLQFXODGR D XQD YLGD DQJXVWLDQWH GDQGR IRUPD D WHRUtDV SVLFRVRPiWLFDV \ D IDFWRUHV
VHFXQGDULRV FRPR HO DOFRKRO WDEDTXLVPR PHGLFDPHQWRV DOLPHQWRV LUULWDQWHV HO FDIp H LQFOXVR VH KDEOy SRU
DxRVGH SHUVRQDOLGDG \ SUHGLVSRVLFLyQ IDPLOLDU XOFHURJpQLFD SHUR KDVWD DQWHV GH QR VH SHQVy HQ XQD
HWLRORJtDEDFWHULDQD
3HURORVLQYHVWLJDGRUHVDXVWUDOLDQRVQRVyORGLHURQXQSDSHOSURWDJyQLFRDODEDFWHULD+HOLFREDFWHUS\ORULVLQR
TXHWDPELpQQXHYDPHQWHVHORGLHURQDODPXFRVDJiVWULFDHQUHODFLyQDVXVIXQFLRQHVVHFUHWRUDVKRUPRQDOHV\
QHUYLRVDVFRQ OD SURGXFFLyQ GHO iFLGR FORUKtGULFR HQ VLWXDFLRQHV QRUPDOHV GH KLSHUVHFUHFLyQ \ ODV IRUPDV GH
GLVPLQXLUOR /DV LQYHVWLJDFLRQHV OOHYDURQ D VXV DXWRUHV D WUHV SUHPLRV 1REHO XQR D SULQFLSLRV GHO VLJOR ;; HQ
DxRHQTXHHOJDODUGRQDGRIXH,33DYORYSRUVXVLQYHVWLJDFLRQHVHQUHODFLyQDODHVWLPXODFLyQQHXUR
UHIOHMDGHODVHFUHFLyQGHOiFLGRJiVWULFR(OVHJXQGRSUHPLRIXHSDUDHOLQYHVWLJDGRU-:%ODFNTXHVLJXLHQGR
ORVFRQFHSWRVGH/3RSLHOVNLGHTXHODKLVWDPLQDHVWDEDLQYROXFUDGDHQODHVWLPXODFLyQGHODVHFUHFLyQGHOiFLGR
JiVWULFRWXYRHOPpULWRGHLGHQWLILFDUORVUHFHSWRUHV+GHDQWDJRQLVWDVGHKLVWDPLQDHOGHVFXEULPLHQWRGHORV
DQWDJRQLVWDVGHORVUHFHSWRUHV+\VXXWLOLGDGHQHOFRQWUROGHODVHFUHFLyQJiVWULFD\GHODFLFDWUL]DFLyQGHODV
~OFHUDVSpSWLFDVIXHFRQVLGHUDGRXQDYDQFHFLHQWtILFRVHQVDFLRQDO'HVSXpVHOLPSRUWDQWHGHVFXEULPLHQWRGHORV
PiV SRGHURVRV LQKLELGRUHV GH OD ERPED GH SURWRQHV GH ODV FpOXODV SDULHWDOHV JiVWULFDV ,%3 \ GH DOWD
HIHFWLYLGDGHQODDFHOHUDFLyQGHODFLFDWUL]DFLyQGHODV~OFHUDVSpSWLFDVQRIXHPRWLYRGHGHPHUHFHUXQSUHPLR
1REHOSRUORTXHHOWHUFHUSUHPLR\DGMXGLFDGRHQHODxRGHIXH SDUD 0DUVKDOO \ :DUUHQ HQ ILVLRORJtD \
PHGLFLQDSRUVXVGHVFXEULPLHQWRV\DSRUWDFLRQHVVREUH+HOLFREDFWHUS\ORUL\ VX UHODFLyQ FDXVDO HQ SDWRORJtDV
JDVWURGXRGHQDOHV
$FWXDOPHQWH VH FRQRFH TXH HO +HOLFREDFWHU S\ORUL HV HO UHVSRQVDEOH GH OD LQIHFFLyQ EDFWHULDQD FUyQLFD PDV
FRP~QHQHOPXQGRHVWLPiQGRVHTXHODSUHYDOHQFLDHVWiSRUDUULEDGHO\D~QFXDQGRHVWHPLFURRUJDQLVPR
HVWDSUHVHQWHHQJUDQSDUWHGHODSREODFLyQPXQGLDOQRVHOHKDSRGLGRFRQVLGHUDUFRPRXQPLFURELRWDKDELWXDO
SRU HO KHFKR GH TXH VX SUHVHQFLD VLHPSUH SURGXFH XQD UHVSXHVWD LQIODPDWRULD HQ JUDGR YDULDEOH GH ORV
LQIHFWDGRVORTXHUHSUHVHQWDXQYHUGDGHURSUREOHPDGHVDOXGTXHHVGLIHUHQWHSDUDSDtVHVGHVDUUROODGRVFRQ
SUHYDOHQFLDVTXHYDUtDQHQFLIUDVGHDOHQFRPSDUDFLyQFRQODVUHSRUWDGDVHQSDtVHVHQGHVDUUROORFRQ
FLIUDVTXHDOFDQ]DQKDVWDHOFRPRHVHOFDVRGHORVSDtVHVGH$IULFD\GHODWLQRDPpULFDLQFOXGR0p[LFR
(QUHODFLyQDHVWDVGLIHUHQFLDVORVIDFWRUHVTXHPiVVHPHQFLRQDQVRQHOQLYHOVRFLRHFRQyPLFR\HOGHVDOXG
DPELHQWDO
3RUORPHQFLRQDGRHVWDUHYLVLyQSUHWHQGHFRPRREMHWLYRHOTXHUHSUHVHQWHXQGRFXPHQWRGHLQIRUPDFLyQIiFLO
GH OHHU GLULJLGR D HVWXGDQWHV GH PHGLFLQD \ TXH VHD XQD D\XGD SDUD HO HMHUFLFLR SURIHVLRQDO GH ORV PpGLFRV
JHQHUDOHV \ GH SULPHU FRQWDFWR FRQ OD LQWHQFLyQ GH TXH VH LQWHUHVHQ HQ HO WHPD GH OD LQIHFFLyQ FUyQLFD SRU
+HOLFREDFWHUS\ORULFRPRXQSUREOHPDGHVDOXGQDFLRQDOTXHVHMXVWLILFDSRUODDOWDSUHYDOHQFLDTXHVXSHUDOD
FLIUDGHGHLQIHFWDGRVHQ0p[LFR3RUORTXHSDUDPLWLJDUODVFRQVHFXHQFLDVGHGLFKDVLWXDFLyQHVQHFHVDULR
HOHVIXHU]RGHWRGRVORVLQYROXFUDGRVHQODDWHQFLyQGHDVLVWHQFLDPpGLFD\HQWUDEDMRVGHSUHYHQFLyQGHWRGRV
ORVGtDV\FRPSURPHWHUVHSDUDTXHHQ0p[LFRVHORJUHDOFDQ]DUHOQLYHOGHSDtVGHVDUUROODGRHQVDOXGDPELHQWDO
\SDUDWRGRV
+,6725,$
6LQGXGDODDVRFLDFLyQHQWUH+HOLFREDFWHUS\ORULFRQODVJDVWULWLVIXHREVHUYDGRSRUSULPHUDYH]SRU:DUUHQHQ
\ODEDFWHULDFXOWLYDGDKDVWDSHURODKLVWRULDGHOPLFURUJDQLVPRWLHQHP~OWLSOHVDQWHFHGHQWHVTXHVH
UHPRQWDQDODLPSRUWDQWHpSRFDGHODFD]DGHPLFURELRVGHORVILQDOHVGHOVLJOR;,;\SULQFLSLRVGHO;;\GHORV
PHQFLRQDGRVXQRVPiVTXHRWURVVRQORVVLJXLHQWHV
(Q%RWWFKHU\/HWXOOHLQYHVWLJDGRUHVDOHPDQHVGHVFXEUHQXQDEDFWHULDHQODEDVH\HQORVERUGHVGH
~OFHUDVJiVWULFDV\VXJLHUHQFRPRKLSyWHVLVTXHODEDFWHULDSXHGHVHUFDXVDGHODHQIHUPHGDGXOFHURVD
SHURFRPRQRSXGLHURQFXOWLYDUDODEDFWHULDODLQIRUPDFLyQQRIXHPRWLYRGHDWHQFLyQ\IXHROYLGDGD
(Q%L]]R]HURLGHQWLILFDEDFWHULDVGHIRUPD HVSLUDO HQ OD PXFRVD JiVWULFD GH SHUURV LQILOWUDQGR ODV
JOiQGXODV H LQFOXVR GHQWUR GHO FLWRSODVPD \ YDFXRODV GH ODV FpOXODV SDULHWDOHV GLFKR RUJDQLVPR IXH
QRPEUDGRGHVSXHV+HOLFREDFWHUEL]]R]HURQLHQ
(Q 6DORPRQ GHVFULEH OD PLVPD EDFWHULD HQ HO HVWyPDJR GH UDWDV HQ RWUDV SXEOLFDFLRQHV VH
PHQFLRQDTXHIXHHQJDWRV
(Q:DOHU\-DZRUVNLHQ&UDFRYLDHVWXGLDQGRDVSLUDGRV JiVWULFRV GH KXPDQRV GHVFULELy EDFWHULDV
DODUJDGDVGHIRUPDHVSLUDODODVTXHGHQRPLQR9LEULRUHJXODVLHQGRHOSULPHULQYHVWLJDGRUHQLQIRUPDUOD
SRVLEOHSDUWLFLSDFLyQGHHVWHPLFURRUJDQLVPRHQODVHQIHUPHGDGHVJiVWULFDV\D~QFXDQGRHOHVWXGLRIXH
LQFOXLGRHQXQOLEURGHJDVWURHQWHURORJtDQRWXYRODGLIXVLyQTXHPHUHFtDSRUTXHVHSXEOLFyHQSRODFR

(Q.ULHQLW]RWUDVSXEOLFDFLRQHVORQRPEUDQ.DULHQW]HQFXHQWUDEDFWHULDVHVSLUDOHVHQODPXFRVD
GHGHHVWyPDJRVGHSDFLHQWHVTXHWXYLHURQFiQFHU
(Q(GNLQVGHVFULEHODSUHVHQFLDGH+HOLFREDFWHUIHOLVHQJDWRVGHVFXEULyDODJDVWULDQDHQ
(Q OD DVRFLDFLyQ HQWUH HVSLURTXHWDV H LQIODPDFLyQ JiVWULFD HQ PRQRV PDFDFRV HV GHVFULWD SRU
'RHQJHVHVWHDXWRUUHSRUWyWDPELpQODSUHVHQFLDGHGLFKRVPLFURRUJDQLVPRVHQHOGHHVWyPDJRV
KXPDQRVHVWXGLDGRVHQQHFURSVLDV
(Q)UHHGEHUJ\%DUURQFRQILUPyTXHODVHVSLURTXHWDVGHVFULWDVSRU'RHQJHVQRWLHQHQXQSDSHO
HWLROyJLFRHQODVHQIHUPHGDGHVJiVWULFDVGHOKRPEUH
3HURWDPELpQHQHOPLVPRDxR*RUKDPSRVWXOyODKLSyWHLVGHTXHXQDEDFWHULDDFLGyILODHUDODFDXVDGH
~OFHUDVJiVWULFDV
(Q 5RELQ :DUUHQ LGHQWLILFD XQD EDFWHULD HVWXGLDQGR ODV ELRSVLDV JiVWULFDV GH XQ SDFLHQWH FRQ
JDVWULWLV FUyQLFD DFWLYD LQLFLiQGRVH HQ GLFKR DxR OD HUD GHO +HOLFREDFWHU S\ORUL ODV LQYHVWLJDFLRQHV GHO
SDWyORJR 5RELQ :DUUHQ FRQWLQXDQ HVWXGLDQGR ELRSVLDV GH GH SDFLHQWHV FRQ JDVWULWLV GHVFULELHQGR
EDFWHULDVHQIRUPDGHHVSLUDOHVORFDOL]DGDVHQWUHODFDSDPXFRVD\ODVXSHUILFLHGHOHSLWHOLR\GXUDQWHGRV
DxRVFRQILUPDGLFKRKDOOD]JRSHURVXPpULWRORUHSUHVHQWyVLQGXGDHODVRFLDUODSUHVHQFLDGHODEDFWHULD
FRPR SRVLEOH IDFWRU HWLROyJLFR R FDXVDO GH DOWHUDFLRQHV LQIODPDWRULDV GH JUDGR YDULDEOH GH OD PXFRVD
JiVWULFD GHO KRPEUH (Q HO JDVWURHQWHUyORJR FOtQLFR %DUU\ 0DUVKDOO FRQILUPD \ DSR\D ORV
GHVFXEULPLHQWRV GHO SDWyORJR \ HQ ORJUDQ HO FXOWLYR GH OD EDFWHULD GHO PRFR REWHQLGR GH RQFH
SDFLHQWHV FRQ JDVWULWLV GHPRVWUDGDV WDPELpQ HQ ELRSVLDV \ OR FRQWUDULR OD DXVHQFLD GH EDFWHULDV HQ
ELRSVLDVGHHVWyPDJRVGHSDFLHQWHVQRUPDOHV(QDPERVDXWRUHVFRPXQLFDQVXVREVHUYDFLRQHV
FRQHVWXGLRVKLVWRSDWROyJLFRV\ WLQFLRQHV GH SODWD \ DO JHUPHQ OR GHQRPLQDQ &DPSLOREDFWHU S\ORULGLV \
GHVSXpV&DPSLOREDFWHUS\ORULFRUULJLHQGRODJUDPiWLFDODWLQD(VHPLVPRDxRORJUDQLGHQWLILFDUDOEDFLOR
HQHOFXOWLYRGHPRFRJiVWULFRKHFKRTXHHQP~OWLSOHVFRPXQLFDFLRQHVORGHQRPLQDQFRPRIRUWXLWRSRU
WUDWDUVHGHXQFXOWLYRROYLGDGRSRUYDULRVGtDV
(Q%DUU\0DUVDOOSDUDGHPRVWUDUODSDWRJHQLFLGDGGHODEDFWHULDVHDXWRLQIHFWDLQJLULHQGRXQDFHSD
GHEDFLORVFXOWLYDGD\REWHQLGDGHXQSDFLHQWHGHDxRVFRQGLDJQyVWLFRGHGLVSHSVLDQRXOFHURVD\D
ODVGRVVHPDQDVWLHQHODPLVPDVLQWRPDWRORJtDPDQLIHVWDGDSRUFULVLVGHGRORUHQHSLJiVWULRQDXVHDV\
YyPLWRVVHOHUHDOL]DHQGRVFRSLD\HQODVELRSVLDVGHVXSURSLDPXFRVDJiVWULFDVHLGHQWLILFDQORVEDFLORV
HQXQDVSXEOLFDFLRQHVVHGHVFULEHTXHFXUyHVSRQWiQHDPHQWH\HQRWUDVTXHUHFLELyWUDWDPLHQWR
FRQVDOHVGHELVPXWR\PHWURQLGD]RO,QGHSHQGLHQWHPHQWHDHVWDVGRVDFHYHUDFLRQHVORLPSRUWDQWH
GHOPLVPRKHFKRORUHSUHVHQWDODFRQWXQGHQFLDGHODFRPSUREDFLyQGHKDEHUFXPSOLGRORVSRVWXODGRV
UHODFLRQDGRVDORVSDGHFLPLHQWRVGHRULJHQLQIHFFLRVR
(Q 0RUULV WDPELpQ LQJLHUH HO EDFLOR TXH OH RFDVLRQD JDVWULWLV UHTXLULHQGR WUDWDPLHQWR FRQ XQ
DQWLELyWLFRSDUDORJUDUVXHUUDGLFDFLyQ
(QHQOD5HXQLyQGHO*UXSR(XURSHRSDUDHOHVWXGLRGHO&DPSLOREDFWHUHQ8OP$OHPDQLD\SRU
HVWXGLRV ILORJHQpWLFRV \ GHO $'1 EDFWHULDQR VH FRQFOX\y TXH HO JpQHUR GHEHUtD VHU HO GH +HOLFREDFWHU
UHFRQRFLpQGRVH DGHPiV FRPR OD ~QLFD EDFWHULD UHODFLRQDGD FRQ ODV JDVWURSDWtDV \ FX\D GLIHUHQFLD
SULQFLSDOFRQHOFDPSLOREDFWHUHVODGHTXHHO+HOLFREDFWHUHVXQDEDFWHULDTXHWLHQHIODJHORVHQXQRGH
ORVH[WUHPRVHQQ~PHURYDULDEOHGHFXDWURDRFKR
/DFODVLILFDFLyQDFHSWDGD
5HLQR%DFWHULD
&ODVH3URWHREDFWHULD
2UGHQ&DPSLOREDFWHUDOHV
)DPLOLD6SLULOODFHDH
*pQHUR+HOLFREDFWHU
(VSHFLHS\ORUL
3RU OD GHPRVWUDFLyQ LQREMHWDEOH GH P~OWLSOHV HVWXGLRV SRVWHULRUHV VH FRQRFLy TXH OD SUHVHQFLD GH OD
EDFWHULDHVDQLYHOPXQGLDOTXHODPD\RUtDGHODVSHUVRQDVLQIHFWDGDVSHUPDQHFHQDVLQWRPiWLFDVSHUR
TXHHQXQDSURSRUFLyQYDULDEOHTXHSXHGHVHUGHXQDVLQGXGDODLQIHFFLyQHVFDXVDGH
JDVWULWLV DJXGD JDVWULWLV FUyQLFD SHUVLVWHQWH JDVWULWLV DWUyILFD ~OFHUDV GXRGHQDOHV \ ~OFHUDV JiVWULFDV
DGHPiV\TXHKDVLGRODSUHRFXSDFLyQPD\RUHVGHTXHORVDGXOWRVLQIHFWDGRV\QRWUDWDGRVWLHQHQGH
GRVDVHLVSRVLELOLGDGHVGHULHVJRSDUDGHVDUUROODUQHRSODVLDVJiVWULFDVFRPRDGHQRFDUFLQRPD\WXPRUHV
SDUHFLGRVDORVOLQIRPDV&RQORVDxRVVHKDGHPRVWUDGRVXDVRFLDFLyQFRQSDGHFLPLHQWRVH[WUDJiVWULFRV

/D GHPRVWUDFLyQ FRQWXQGHQWH GH TXH HO +HOLFREDFWHU S\ORUL HV XQ IDFWRU HWLROyJLFR HQ ODV JDVWULWLV ODV
~OFHUDVJiVWULFDV\GXRGHQDOHVHVGHTXHVHFXUDQFRQHVTXHPDVGHHUUDGLFDFLyQEDFWHULDQDDEDVHGH
DQWLELyWLFRV\GHTXHODVUHFLGLYDVGHODV~OFHUDVSpSWLFDVKDQGLVPLQXLGRQRWDEOHPHQWHFRPR WDPELpQ
KDQGLVPLQXLGRODVLQGLFDFLRQHVGHFLUXJtD
&RQ ORV DxRV VH KD FRQRFLGR TXH ORV WUDWDPLHQWRV GH HUUDGLFDFLyQ GHO +HOLFREDFWHU S\ORUL KD GDGR
JUDQGHV EHQHILFLRV KDQ GLVPLQXLGR ODV ~OFHUDV SpSWLFDV SHUR VH KD PDQLIHVWDGR XQD VLWXDFLyQ TXH
DPHULWD VHU DFODUDGD \ HV OD GHO DXPHQWR GH OD HQIHUPHGDG SRU UHIOXMR JDVWURHVRIiJLFR HO GLDJQyVWLFR
IUHFXHQWHGHHSLWHOLRGH%DUUHW\GHODXPHQWRGHODGHQRFDUFLQRPDGHODXQLyQHVRIDJRJiVWULFD
/$%$&7(5,$
(O+HOLFREDFWHUS\ORULHVXQDEDFWHULDJUDPQHJDWLYDFXUYDHVSLULIRUPHPX\PyYLOQRIHUPHQWDGRUDQRR[LGDQWH
TXHPLGHGHDPLFUDVGHORQJLWXGSRUDPLFUDGHDQFKRFRQXQPHFKyQGHIODJHORVHQXQRGHVXV
H[WUHPRVHQQ~PHURGHDHQYDLQDGRV\TXHOHGDQJUDQPRYLOLGDGODIRUPDHVSLUDOHVPiVHYLGHQWHFXDQGR
VH OH LGHQWLILFD HQ ODV ELRSVLDV SHUR FXDQGR VH OH LGHQWLILFD HQ ORV FXOWLYRV OD PRUIRORJtD HV PiV UHFWD \ VH
DSUHFLDQEDFWHULDVTXHKDQSHUGLGRVXVIODJHORVDGHPiVGHTXHVHKDQGHVFULWRIRUPDVUHGRQGDVFRPRFRFRV
KDELpQGRVHSRVWXODGRWUHVSRVLELOLGDGHVXQDGHTXHVRQIRUPDVGHUHVLVWHQFLDLPSOLFDGDVHQODWUDQVPLVLyQTXH
VRQIRUPDVYLDEOHVSHURQRFXOWLYDEOHVRGHTXHVRQIRUPDVGHEDFWHULDVPXHUWDV&RPREDFWHULDJUDPQHJDWLYD
FRPSDUWH FDUDFWHUtVWLFDV HVWUXFWXUDOHV GH HOODV FRPR VRQ OD SUHVHQFLD GH XQD PHPEUDQD SODVPiWLFD \ XQD
PHPEUDQDH[WHUQDVXFRPSRVLFLyQLQWHUQDVHFDUDFWHUL]DSRU XQ FRPSOHMR FRQVWLWXLGR SRU HOHPHQWRV ILEULODUHV
QXFOHDUHV\ULERVRPDVTXHVHHQWUHPH]FODQHQWUHVtSXGLHQGRPRVWUDUHQRFDVLRQHVEDFWHULyIDJRVFRPRKHFKR
LPSRUWDQWH HV GH TXH OD YDLQD GH VXV IODJHORV WLHQH XQD HVWUXFWXUD OLStGLFD H[DFWDPHQWH LJXDO D OD GH OD
PHPEUDQDQH[WHUQDFRQODPLVLyQGHSURWHJHUDORVIODJHORVGHODGHJUDGDFLyQGHOiFLGR (O + S\ORUL VH
FXOWLYD HQ SUHSDUDFLRQHV GH DJDU HV GH FUHFLPLHQWR OHQWR QHFHVLWDQGR XQ PHGLR PLFURDHUyILOR FRQ
FRQFHQWUDFLRQHVGH2GHD\GH&2GHDORTXHPXHVWUDTXHUHTXLHUHFRQFHQWUDFLRQHVGH
2PHQRUHVDODVDWPRVIpULFDVQHFHVLWDQGRDGHPiVKLGUyJHQR\PHWDQRJpQHVLVFRPR IXHQWH GH HQHUJtD ORV
PHGLRVGHFXOWLYRVHOHFWLYRVHQULTXHFLGRVQHFHVLWDQQXWULHQWHV&DPS\%DSHOGH'HQWPHGLRSDUDFXOWLYRGH
%UXFHODGH6NLUURZHWF\ORVPiVPHQFLRQDGRVVRQSHSWRQDWULSWRQDH[WUDFWRVGHOHYDGXUDJOXFRVDVDOHV
FRPRFORUXURGHVRGLRELVXOILWRGHVRGLRFRQDGHVDQJUHGHFDUQHURGHFDEDOOR\RVXHURIHWDOERYLQR
HQXQS+GHD\WHPSHUDWXUDVGHDJUDGRVFHQWtJUDGRV3DUDHOGHVDUUROORVHQHFHVLWDSRUOR
PHQRVVHLVGtDVGHLQFXEDFLyQLGHQWLILFiQGRVHFRORQLDVSHTXHxDVWUDQVSDUHQWHV\PX\VLPLODUHVDODVFRORQLDV
GH&DPSO\OREDFWHUIDFLOLOLWiQGRVHODLGHQWLILFDFLyQPHGLDQWHODWLQFLyQGHODVFRORQLDVXWLOL]DFLyQGHUHDFFLyQGH
FDWDODVD\GHFLWRFURPR[LGDVDSRVLWLYDV\GHPRVWUDQGRODDFFLyQGHXUHDVDTXHUDSLGDPHQWHGHVGREODDODXUHD
HQSRFRVPLQXWRV(VWDSUXHEDHVGHILQLWLYD\DTXHQRH[LVWHRWURDLVODPLHQWREDFWHULDQRGHODPXFRVDJiVWULFD
VLPLODUDO+HOLFREDFWHUS\ORULSURGXFWRUGHXUHDVD
/DV GRV FDUDFWHUtVWLFDV IXQGDPHQWDOHV GH OD EDFWHULD SDUD ORJUDU XQ KDELWDW QDWXUDO HQ OD PXFRVD JiVWULFD
KXPDQDHVODGHVHUODLQIHFFLyQEDFWHULDQDFUyQLFDPDVIUHFXHQWH\H[WHQGLGD\VRORVXSHUDGDSRUHOSUREOHPD
GHODVFDULHVGHQWDULDV\ODGHPRVWUDUXQDHQRUPHFDSDFLGDGGHDGDSWDFLyQDODDFLGH]GHODVXSHUILFLHJiVWULFD
SDUDORJUDUXQPLFURQLFKRGHFRORQL]DFLyQSHUPDQHQWH(VWRVHGHEHDTXHGHQWURGHVXVJHQHVGHVWDFDHOTXH
SHUPLWH OD SURGXFFLyQ D JUDQ HVFDOD GH XQD HQ]LPD YLWDO \ TXH HV OD XUHDVD HQ]LPD TXH VH ORFDOL]D HQ OD
VXSHUILFLHGHODEDFWHULDTXHFRQHOFRIDFWRUQtTXHOFDWDOL]DQ OD KLGUyOLVLV GH XUHD HQ ELy[LGR GH FDUERQR \ HQ
DPRQLRTXHURGHDDODEDFWHULDFRPRXQKDORRQXEHSURWHFWRUDTXHQHXWUDOL]DHOiFLGRJiVWULFRHOHYDQGRHOS+
GHDRHQHOHQWRUQREDFWHULDQR\VLWXDUVHHQWUHHOHVSHVRUGHODFDSDGHPRFR\ODVXSHUILFLHHSLWHOLDOHQ
GRQGHHOS+HVQHXWUR/DELRTXtPLFDGHODHQ]LPDXUHDVDUHYHODXQDH[WUDRUGLQDULDHILFDFLDKLGURHOpFWULFDTXHOH
SHUPLWHDFWXDUD~QFRQODVHVFDVDVFRQFHQWUDFLRQHVGHXUHDTXHH[LVWHHQHOHVWyPDJRDGHPiVHQHODxR
VHGHVFULELyXQDSURWHLQDTXHIXHQRPEUDGDXUHPLHPEURGHODVDPLGRSRULQDVTXHUHJXODODWUDQVIHUHQFLDGH
XUHD H[WHUQD GHO HSLWHOLR JiVWULFR KDFLD HO FLWRSODVPD GH OD EDFWHULD PHGLDQWH FDQDOHV R FRPSXHUWDV
WUDQVSRUWDGRUHVHVSHFtILFRVTXHDWUDYLHVDQODPHPEUDQDFHOXODUGHWDOPDQHUDTXHFXDQGRHOPHGLRH[WHUQRHV
H[FHVLYDPHQWH iFLGR ORV FDQDOHV LQFUHPHQWDQ QRWDEOHPHQWH OD HQWUDGD GH XUHD DO FLWRSODVPD EDFWHULDQR
DXPHQWDQGRODSURGXFFLyQGHDPRQLRSDUDQHXWUDOL]DUHOSHULSODVPDDUHDGHOLPLWDGDSRUODVGRVFDSDVGHOD
PHPEUDQDFHOXODUEDFWHULDQDVLQODFDSDFLGDGGHODEDFWHULDSDUDOOHYDUDS+QHXWURDOSURSLRSHULSODVPDHO
PLFURRUJDQLVPRVHKDFHYXOQHUDEOHDOS+iFLGRUHSUHVHQWDQGRDVtHOPHFDQLVPRH[WUDRUGLQDULRGHDGDSWDFLyQ
GHIHQVD\VREUHYLYHQFLDDQWHFRQGLFLRQHVH[WUHPDVDGHPiVVLHOS+JiVWULFRVHDOFDOLQL]DSRUHIHFWRGHXQD
FRPLGD OD XUHD QR HQWUD DO FLWRSODVPD QR HV GHVGREODGD SRU OD XUHDVD HYLWiQGRVH XQ SRVLEOH HIHFWR OHWDO
DOFDOLQR VREUH HO + S\ORUL /D XUHDVD HV XQD HQ]LPD FRQ DOWR SHVR PROHFXODU GH .'D KDELpQGRVH
GHVFULWRGRVVXEXQLGDGHVGHQRPLQDGDV$\%FRQSHVRVPROHFXODUHVGH\.'DUHVSHFWLYDPHQWH
TXH VH DFWLYDQ D S+ GH D FRQ ySWLPR GH (O + S\ORUL SURGXFH RWUDV HQ]LPDV FRPR FDWDODVDV
SURWHDVDVR[LGDVDVIRVIROLSDVDVKHPRDJOXWLQLQDVDGKHVLQDVTXHSHUPLWHQHQWHQGHUVXSDWRJHQLFLGDG/D
DGDSWDFLyQ GHO + S\ORUL DO HVWyPDJR KXPDQR SRU VLJORV VH KD ORJUDGR SRU VX FDSDFLGDG GH GHVDUUROODU HO
PHFDQLVPRGHQHXWUDOL]DUHOiFLGRJiVWULFR\FRPRVHKDPHQFLRQDGRSRUODSURGXFFLyQGHODHQ]LPDXUHDVD
SHURWDPELpQSRUVXFDSDFLGDGGHUHJXODUGLFKDSURGXFFLyQHLQFOXVRLQFUHPHQWDUODSRUODFDSDFLGDGTXHWLHQH
OD EDFWHULD GH SURGXFLU 1 PHWLOKLVWDPLQD OR TXH VXJLHUH PHFDQLVPRV UHJXODGRUHV GHO S+ GHO PLFURQLFKR GH
FRORQL]DFLyQGHDFXHUGRDVXVQHFHVLGDGHVSRUHVWDVFDSDFLGDGHVVHKDPHQFLRQDGRTXHODLQIHFFLyQJiVWULFD
SRUODEDFWHULDSRGUtDUHSUHVHQWDUXQDDVRFLDFLyQEHQHILFD\DTXHDQWHODSRVLELOLGDGGHDXPHQWDUODSURGXFFLyQ
GH iFLGR \ GHVGH HO SXQWR GH YLVWD SUHYHQWLYR VH GLVPLQXLUtD OD SRVLELOLGDG GH HQWUDGD GH EDFWHULDV
HQWHURSDWyJHQDVDOHVWyPDJR\TXHQRHVWiQSUHSDUDGDVSDUDVREUHYLYLUHQHOPpGLRKRVWLOJiVWULFR
(QODDFWXDOLGDGVHFRQRFHQP~OWLSOHVHVSHFLHVGH+HOLFREDFWHUDVRFLDGRVDODPXFRVDGHOWUDFWRGLJHVWLYRGH
RWURVKRVSHGHURV\DFWXDOPHQWHODVOLVWDVOOHJDQSRUORPHQRVDHVSHFLHVGH+(/,&2%$&7(5GHVFULWDVHQ
IRUPDYiOLGD\H[LVWHRWURQ~PHURLPSRUWDQWHHQHVSHUDGHVHULGHQWLILFDGDVIRUPDOPHQWH/DVHVSHFLHV
PiV QRPEUDGDV VRQ HO + DFLQRQ\[ DLVODGR GH OD PXFRVD JiVWULFD GH FKLWDV + PXVWHODH GH KXURQHV +
QHPHVWULQDHGHPRQRVPDFDFR+VXLVGHFHUGRV+EL]]R]HURQLLGHSHUURV+IHOLVGHJDWRVHWFSHUROD~QLFD
HVSHFLHLQYROXFUDGDHQSDWRORJtDVGHOHVWyPDJRKXPDQRHVHO+S\ORUL\TXHWLHQHJUDQYDULHGDGGHFHSDV
(3,'(0,2/2*$
(QYHLQWLFLQFRDxRVGHKDEHUVHGHPRVWUDGRODFRORQL]DFLyQEDFWHULDQDGHODPXFRVDJiVWULFDKXPDQDSRUHO+
S\ORULVHFRQRFHSRUHVWXGLRVSULQFLSDOPHQWHGHSUHYDOHQFLDTXHODLQIHFFLyQHVGHGLVWULEXFLyQPXQGLDO\GH
TXHLQGLVFXWLEOHPHQWHVHSXHGHDGTXLULUGHVGHODLQIDQFLDHQUHODFLyQDGRVIDFWRUHVIXQGDPHQWDOHV\GHHIHFWR
LQYHUVDPHQWHSURSRUFLRQDO\TXHVRQHOQLYHOGHGHVDUUROORGHORVGLIHUHQWHVSDtVHV\ORVQLYHOHVGHVDQLGDGGHO
PHGLRDPELHQWHGHORVPLVPRV\FRPRHQRWUDSDWRORJtDVDODLQIHFFLyQSRU+S\ORULVHOHFDOLILFDFRPRLQGLFDGRU
GHSREUH]D3DUDORVSDtVHVHQGHVDUUROOR\FRQFRQGLFLRQHVQRySWLPDVGHVDQLGDGSDUD VXV SREODFLRQHV VH
UHSRUWDQ IUHFXHQFLDV HQ IRUPD GH WDVDV R FRHILFLHQWHV D EDVH GH SUHYDOHQFLDV PX\ DOWDV GH LQIHFFLyQ HQ VXV
LQIDQWHV FRQ FLIUDV KDVWD GH D HQ FDPELR HQ SDtVHV GHVDUUROODGRV \ FRQ FRQGLFLRQHV VDQLWDULDV
ySWLPDVODSUHYDOHQFLDHQVXSREODFLyQLQIDQWLOHVGHVyORDSDUDPHQRUHVGHGLH]DxRVHQJHQHUDOVH
UHSRUWDXQDSUHYDOHQFLDSDUDWRGDVODVHGDGHV\DQLYHOPXQGLDOFRQFLIUDVTXHSURPHGLDQDSUR[LPDGDPHQWH
RPiVFRPRVHDSUHFLDHQORVVLJXLHQWHVGRVWDEODV
7$%/$,1)(&&,1325+S\ORUL$1,9(/081',$/
&217,1(17(
0e;,&2$0(5,&$&(175$/<$0e5,&$'(/685
$)5,&$
$6,$
(8523$25,(17$/
(8523$2&&,'(17$/
&$1$'$<86$
$8675$/,$
7$%/$35(9$/(1&,$'(+(/,&2%$&7(5S\ORUL(13$6(6(1'(6$552//2
(1$'8/726(,1)$17(6
$'8/726!
&217,1(17( 3$,6 ,1)$17(6

(7,23,$ ! D
$)5,&$ *$0%,$ !
1,*(5,$

%$1*/$'(6+ ! D
&+,1$ !
D

$6,$ ,1',$

6,%(5,$ D
65,/$1.$

(*,372
-25'$1,$
/,%,$ D

0(',225,(17(
$5$%,$

6$8',7$
78548,$

$0(5,&$'(/
0(;,&2
1257(
$0(5,&$&(175$/ *8$7(0$/$

%2/,9,$
%5$6,/ D
$0(5,&$'(/685
&+,/(
3(58
/DHGDGODHWQLD\HOJpQHURVRQIDFWRUHVTXHSXHGHQLQIOXLUHQODLQFLGHQFLD\HQODSUHYDOHQFLDGHODLQIHFFLyQ
SRU+S\ORULSHURORVTXHVtODVLQIOX\HQVLQGXGDORUHSUHVHQWDHOHVWDGRVRFLRHFRQyPLFRPHQFLRQiQGRVHOR
UHSUHVHQWDGR SRU VLWXDFLRQHV GH KDFLQDPLHQWR OD SURPLVFXLGDG OD YLYLHQGD VLQ VHUYLFLRV EiVLFRV DJXD GH
GXGRVD FDOLGDG HQ OR UHIHUHQWH D OD SRWDELOL]DFLyQ R IUDQFDPHQWH FRQWDPLQDGD HO QXOR FRQWURO GH FDOLGDG
KLJLpQLFD HQ HO PDQHMR GH DOLPHQWRV \ OD GHVQXWULFLyQ KDEODQGR GH SDtVHV HQ GHVDUUROOR (VWR WDPELpQ VH
PDQLILHVWDHQSDtVHVGHVDUUROODGRVFRPRHVHOFDVRGH((88HQGRQGHODVGLIHUHQFLDVHQWUHSREODFLRQHVGH
EODQFRVFRQSUHYDOHQFLDVGHPHQRVGHOHQFDXFiVLFRVPHQRUHVGHDxRVSDUDDOFDQ]DUFLIUDVGH
HQ ORV PD\RUHV GH DxRV FRPSDUDGDV FRQ VXV SREODFLRQHV GH RULJHQ DIULFDQR LQGtJHQDV DXWyFWRQRV \
ODWLQRDPHULFDQRVHQGRQGHVLQGXGDWRGRVHVWRVJUXSRVWLHQHQPD\RUHVSUHYDOHQFLDV\GHVGHODLQIDQFLDSRUXQD
DOWD WUDQVPLVLyQ LQWUDIDPLOLDU SRU QLYHO VRFLRHFRQyPLFR EDMR \ WRGR OR TXH HVWR UHSUHVHQWD VREUH WRGR HQ ORV
JUXSRV LQPLJUDQWHV UHFLHQWHV FRQ FLIUDV GH PDV GH HQ ORV PD\RUHV GH DxRV /RV HVWXGLRV
HSLGHPLROyJLFRV\TXHVRQQXPHURVRVVHKDQEDVDGRSULQFLSDOPHQWHHQYDORUHVGHSUHYDOHQFLDGHPRVWUiQGRVH
QRVRORGLIHUHQFLDVHQUHODFLyQDSDtVHVGHVDUUROODGRV\HQGHVDUUROORVLQRWDPELpQGLIHUHQFLDVSRUFRQWLQHQWHV
HQWUHORVGLYHUVRVSDtVHVTXHORVLQWHJUDQDGHPiVGHTXHHQFDGDXQRGHHVWRVODVGLIHUHQFLDVVRQHYLGHQWHV
SRU]RQDVFLWDGLQDVGHPHMRUFDOLGDGGHYLGD]RQDVPiUJLQDGDVGHODVJUDQGHVFLXGDGHV\SRUVXSXHVWRHQODV
UXUDOHV3RUVHUXQDLQIHFFLyQWDQH[WHQGLGD\GHGLVWULEXFLyQPXQGLDOORVIDFWRUHVGHULHVJR SXHGHQ YDULDU QR
VRORHQSDtVHVVLQRHQWUHSREODFLRQHVSRUORTXHXQIDFWRUGHULHVJRFRPRHVHOQLYHOVRFLRHFRQyPLFRRHOQLYHO
GHVDQLGDGDPELHQWDOVHKDXWLOL]DGR\IDFLOLWDGRORVHVWXGLRVGHJUDQGHVJUXSRVSDUDGHWHUPLQDUSUHYDOHQFLDV
\QRSDUDLQFLGHQFLDV\DTXHSDUDFRQRFHULQFLGHQFLDVVHQHFHVLWDQHVWXGLRVGHFRKRUWH\VHSXHGDQHVWLPDU
HIHFWLYDPHQWHRWURVIDFWRUHVGHULHVJRSDUDDGTXLULUODLQIHFFLyQ(VWRVHGHPXHVWUDVLQGXGDHQHOHVWXGLR
GH LQIHFFLyQ SRU + S\ORUL \ HQ FXDOTXLHU SDtV HQ GHVDUUROOR HQ GRQGH DO LQYHVWLJDU JUXSRV GH SREODFLRQHV
FHUUDGDVFRPRHQDVLORVGHHQIHUPRVPHQWDOHVRUIDQDWRVUHFOXVRULRViUHDVPDUJLQDGDV\PX\FRQILQDGDVDORV
IDFWRUHVGHULHVJRLQGXGDEOHVVRFLRHFRQyPLFRV\GHEDMRQLYHOGHVDQLGDGVHDJUHJDQRWURVELHQHVWXGLDGRV\
VLHPSUH VH PHQFLRQDQ SURPLVFXLGDG KDFLQDPLHQWR VLWXDFLRQHV GH QDFLPLHQWRV HQ YLYLHQGD QLYHOHV GH
HVFRODULGDG\VREUHWRGRGLILFXOWDGRQXORDFFHVRDDJXDSRWDEOH&RPRUHVXOWDGRGHHVWRVLQIRUPHV\KDEHUVH
GHPRVWUDGR TXH HV XQD LQIHFFLyQ GH GLVWULEXFLyQ PXQGLDO VH DFHSWD DFWXDOPHQWH TXH OD WUDQVPLVLyQ GH OD
EDFWHULDVHRFXUUHGHSHUVRQDDSHUVRQDTXHHVHQWUHIDPLOLDUHVGHPDGUHDKLMRSRUYLDVRUDORUDORUDOIHFDO\
RUDODJXDVFRQWDPLQDGDVSRUORTXHODSUHYDOHQFLDHQQLxRVDQLYHOPXQGLDOVHHVWLPDHQFRQFLIUDVGH
VHURSUHYDOHQFLDRVHURFRQYHUVLyQGHHQWUHORV\DxRVSDUDOOHJDUDOHQHGDGHVGHDDxRV

(Q0p[LFRODFRPXQLGDGPpGLFDQRSRGtDPDQWHQHUVHDOPDUJHQGHOLPSDFWRTXHUHSUHVHQWyHOGHVFXEULPHQWR
GH:DUUHQ\0DUVKDOO\ODVSXEOLFDFLRQHVKDQDOFDQ]DGRWDPELpQQ~PHURDOWDPHQWHVLJQLILFDWLYRHQUHODFLyQD
FRQRFHUORVDVSHFWRVHSLGHPLROyJLFRV\ODVFDUDFWHUtVWLFDVGHODLQIHFFLyQHQOD5HS~EOLFDORVP~OWLSOHVWUDEDMRV\
DOWDPHQWH VLJQLILFDWLYRV VH KDQ FHQWUDGD HQ HVWXGLRV GH SUHYDOHQFLD HQ LQIDQWHV HQ DGROHVFHQWHV \ HQ
SREODFLRQHVGHWRGDVODVHGDGHVSRUORTXHDOJXQRVWUDEDMRV\DSDUWLUGHOD~OWLPDGpFDGDGHOVLJOR;;DOJXQRV
KDQ VLGR GH FRQVXOWD \ UHIHUHQFLD REOLJDGDV \ UHSUHVHQWDQ XQ HMHPSOR GH OD SURGXFFLyQ DFDGpPLFD GH ODV
JUDQGHVLQVWLWXFLRQHVGHDWHQFLyQGHOVHFWRUVDOXGQDFLRQDO&RPRSULPHUHMHPSORHOWUDEDMRGH7RUUHVSXEOLFDGR
HQHO-,QIHFW'LV(QVREUHODVHURHSLGHPLRORJtDHLQIHFFLyQSRU+S\ORULHQ0p[LFRHOHVWXGLRLQLFLDGRHQ
VH HIHFWXy FRQ VXHURV UHSUHVHQWDWLYRV GH OD SREODFLyQ GH WRGRV ORV HVWDGRV GH OD 5HS~EOLFD 0H[LFDQD
PXHVWUDTXHLQFOX\yDVXHURV\SURFHGHQWHVGHSHUVRQDVFRQHGDGHVGHDDxRVHQVXVUHVXOWDGRV
VH DGYLHUWH TXH HO GH ORV QLxRV GH DxR GH HGDG PRVWUDURQ DQWLFXHUSRV SDUD + S\ORUL TXH OD VHUR
SRVLWLYLGDG DXPHQWy SURJUHVLYDPHQWH D FLIUDV GH HQ QLxRV GH DxRV OR TXH GHPXHVWUD HO KHFKR \D
DFHSWDGR D QLYHO PXQGLDO TXH OD LQIHFFLyQ HQ 0p[LFR FRPR SDtV HQ GHVDUUROOR WDPELpQ VH DGTXLHUH GHVGH OD
LQIDQFLD DOFDQ]DQGR FLIUDV GH HQ OD SREODFLyQ MRYHQ FRQ HGDGHV GH D DxRV \ GH TXH OD
VHURSRVLWLYLGDGDXPHQWDXQFDGDDxRGHORVSULPHURVDxRVGHYLGD/DJXQHVUHSRUWyODSUHYDOHQFLD
GH+S\ORULHQLQIDQWHVHQHGDGHVFRODUGHDDxRV\VDQRVGHODFLXGDGGH3XHEODPHGLDQWHODLQYHVWLJDFLyQ
GHDQWtJHQRGH+S\ORULHQPDWHULDIHFDOHQGHJpQHURPDVFXOLQR\GHOIHPHQLQRGHWHFWiQGRVHUHVXOWDGRV
SRVLWLYRV HQ QLxRV \ HQ QLxDV FRQ XQD SUHYDOHQFLD GH VLQ GLIHUHQFLDV HQ HO JpQHUR OD DXWRUD
FRQVLGHUDODQHFHVLGDGGHGDUVHJXLPLHQWRDHVWDSREODFLyQGHLQIDQWHVSRUWDGRUHVDVLQWRPiWLFRVSDUDFRQRFHU
HOPRPHQWR\HOFRPSRUWDPLHQWRRQRGHVLQWRPDWRORJtDVXVFLIUDVTXHVHDFHUFDQDODVUHSRUWDGDVHQSDtVHV
GHVDUUROODGRVFRPRHQ$XVWULDFX\DSREODFLyQLQIDQWLOGHDDxRVPXHVWUDQXQDSUHYDOHQFLDGH\VH
DOHMDQ GH ODV UHSRUWDGDV HQ SDtVHV HQ GHVDUUROOR FRPR %UDVLO FX\D SREODFLyQ GH DxRV PXHVWUDQ XQD
SUHYDOHQFLDGH&RQVWDQ]DHQHVWXGLDODVHURSUHYDOHQFLDGH+S\ORULHQDGROHVFHQWHV
GHO HVWDGR GH 0RUHORV UHSRUWDQGR XQD VHURSUHYDOHQFLD JHQHUDO GH FRUUHVSRQGLHQGR DO HQ
SUHDGROHVFHQWHVGHDDxRVGHHQDGROHVFHQWHVGHDDxRV\GHHQDGXOWRVMyYHQHV
FRQDDxRVGHHGDGORTXHPXHVWUDTXHODVHURSUHYDOHQFLDVHLQIOX\HFRQODHGDGHLQYHUVDPHQWHDORV
QLYHOHVVRFLRHFRQyPLFRVFRPRHVODUHDOLGDGGHORVSDLVHVHQGHVDUUROOR&DOYD5RGUtJXH]HQHO
UHSRUWyODSUHYDOHQFLDGH+S\ORULPHGLDQWHODE~VTXHGDGHDQWtJHQRHQKHFHVIHFDOHVHQWUHVJUXSRVGHQLxRV
SURYHQLHQWHVGHWUHVPHGLRVVRFLRHFRQyPLFRVGLIHUHQWHVGHODFLXGDGGH3XHEODJUXSR$LQWHJUDGRSRUGHXQ
PHGLR VRFLRHFRQyPLFR FDOLILFDGR GH PHGLREDMR \ GH ]RQD FRQXUEDQD HO % SRU GHO PHGLR UXUDO \ HO &
LQWHJUDGRSRU GH XQ PHGLR VRFLRHFRQyPLFR DOWR QLxRV TXH DVLVWHQ D HVFXHODV SULYDGDV \ YLYHQ HQ ]RQDV
FLWDGLQDVFRQWRGRVORVVHUYLFLRVVDQLWDULRV(QHO$IXHURQSRVLWLYRVHQHO%SRVLWLYRV
\ HQ HO & VyOR GLHURQ UHVXOWDGR SRVLWLYR PHQFLRQDQGR TXH OD VROD SUHVHQFLD GH GUHQDMH
LQWUDGRPLFLODULR\ODSUHVHQFLDGHFDUQHHQODGLHWDGHORVQLxRVUHSUHVHQWyVLJQLILFDQFLDHVWDGtVWLFDHQWUHORVWUHV
JUXSRVHOWHQHUDFFHVRDDJXDSRWDEOH\HOQ~PHURGHSHUVRQDVTXHYLYHQHQODPLVPDFDVDVLSUHYDOHFLHURQ
HVWDGtVWLFDPHQWHHQORVJUXSRV$\%ORTXHHVWiGHDFXHUGRDORUHSRUWDGRDQLYHOPXQGLDO*RRGPDQ
HVWXGLy OD HSLGHPLRORJtD GH OD LQIHFFLyQ SRU + S\ORUL HQ PXMHUHV HPEDUD]DGDV FRQWURODGDV HQ XQD FOtQLFD GH
DWHQFLyQPDWHUQRLQIDQWLOGHODFLXGDGGHO3DVR7H[DVGH86$\GHDWHQFLyQGHO,QVWLWXWR0H[LFDQRGHO6HJXUR
6RFLDO GH OD FLXGDG GH -XiUH] &KLKXDKXD LQYHVWLJDQGR FRQGLFLRQHV GH VDQLGDG GHO PHGLR DPELHQWH \ OD
GHWHFFLyQGHDQWLFXHUSRVVpULFRVSDUD+S\ORULHQXQDPXHVWUDGHVXHURVUHSRUWyXQDVHURSUHYDOHQFLDGH
SDUDVODVPXMHUHVGHODFLXGDGGHOODGRGHODIURQWHUDGH0p[LFR\GHSDUDODVGHODFLXGDGGHOODGRGH
86$FRQFOX\HQGRTXHODVDOWDVSUHYDOHQFLDVGHLQIHFFLyQHQPXMHUHVHPEDUD]DGDVDWHQGLGDVHQDPEDV]RQDV
IURQWHUL]DVVHGHULYDQGHGHILFLHQWHVFRQGLFLRQHVGHVDQLGDGKDFLQDPLHQWRHQODYLYLHQGD\SREUHVVLWXDFLRQHV
VRFLRHFRQyPLFDV TXH VRQ PiV HYLGHQWHV GHO ODGR PH[LFDQR GH OD IURQWHUD 0RKDU HQ HVWXGLy OD
SUHYDOHQFLD GH OHVLRQHV SUHFXUVRUDV GH DGHQRFDUFLQRPD JiVWULFR DVRFLDGDV D OD LQIHFFLyQ SRU + S\ORUL HQ OD
SREODFLyQGH &RPLWDQ GHO HVWDGR GH &KLDSDV HQ GRQGH ODV DOWDV SUHYDOHQFLDV GH LQIHFFLyQ SRU + S\ORUL \ GH
DGHQRFDUFLQRPDJiVWULFRUHSUHVHQWDQXQSUREOHPDGHVDOXGSDUDGLFKDHQWLGDGIHGHUDWLYDHQVXUHYLVLyQLQFOX\y
SHUVRQDVDVLQWRPiWLFDVFRQHVWXGLRVVHUROyJLFRVSRVLWLYRVGHDQWLFXHUSRV\SDUDODFLWRWR[LQD&DJ$GHO+
S\ORULDWRGRVVHOHVHIHFWXyHQGRVFRSLDV\ELRSVLDVSDUDLGHQWLILFDUDODEDFWHULD\ODVDOWHUDFLRQHVGHODPXFRVD
JiVWULFD GHVWDFD OD DOWD IUHFXHQFLD GH OHVLRQHV SUHFXUVRUDV GH DGHQRFDUFLQRPD JiVWULFR HQ XQD SREODFLyQ
DVLQWRPiWLFDSHURFRQHYLGHQFLDGHSRVLWLYLGDGVHUROyJLFDGHLQIHFFLyQSRU+S\ORULSRUFHSDV&DJ$VRORHQ
HOQRVHSXGRLGHQWLILFDUDO+S\ORULHQODVELRSVLDVHQHOVHHQFRQWUyJDVWULWLVFUyQLFDDFWLYDXQ
GHPHWDSODVLDLQWHVWLQDOGHWLSRFRPSOHWRXQGHGLVSODVLDPRGHUDGDRVHYHUDVLQLGHQWLILFDUVHFDVRVGH
GLVSODVLD JUDYH SHUR Vt VH LGHQWLILFy XQ FDVR GH FDUFLQRPD LQ VLWX /D IUHFXHQFLD GH OHVLRQHV SUHFXUVRUDV GH
DGHQRFDUFLQRPD JiVWULFR IXHURQ VLPLODUHV HQWUH SHUVRQDV GH DxRV R PD\RUHV \ SREODFLyQ PiV MRYHQ VLQ
GLIHUHQFLDVGHJpQHUR6yORXQSDFLHQWHQRPRVWUyDOWHUDFLRQHVGHODPXFRVDJiVWULFD\HQHOGHODVHULHVH
LGHQWLILFDURQJUDGRVYDULDEOHVGHLQIODPDFLyQDJXGDRFUyQLFDORLQWHUHVDQWHGHOHVWXGLRHVGHTXHVHGLYLGLyDOD
PXHVWUDHQGRVJUXSRVXQRSDUDWUDWDPLHQWRGHHUUDGLFDFLyQ1 \RWURFRQWUROFRQSODFHER1 D
ODVVHLVVHPDQDVGHVHOHFFLyQDOHDWRUL]DGDODIUHFXHQFLDGHHUUDGLFDFLyQSDUDHOJUXSRWUDWDGRIXHGH\GH
VyORSDUDHOJUXSRSODFHER(QVXVFRQFOXVLRQHVVHDGYLHUWHODSRVLELOLGDGGHEHQHILFLRVGHHUUDGLFDFLyQ
GHO+S\ORULFRPRPHGLGDGHSUHYHQWLYDGHODGHQRFDUFLQRPDJiVWULFRTXHFRPRVHKDGHPRVWUDGRODLQIHFFLyQ
FUyQLFDSRU+S\ORULWLHQHXQULHVJRGHSURGXFLUQHRSODVLDHQIUHFXHQFLDVUHSRUWDGDVGHODODEULHQGR
XQDSRVLELOLGDGSDUDHOFRQWUROGHODGHQRFDUFLQRPDTXHHQ0p[LFRHVGHDOWDSUHYDOHQFLDVHJXQGDFDXVD GH
PXHUWHHQSDFLHQWHVTXHIDOOHFHQSRUWXPRUHVPDOLJQRVHQ0p[LFRGHGLDJQyVWLFRWDUGtR\GHDOWDPRUWDOLGDG

(678',26*(10,&26
6H FRQRFH TXH H[LVWHQ P~OWLSOHV FHSDV GHO + S\ORUL ODV TXH WLHQHQ XQD FDSDFLGDG YDULDEOH GH PDQWHQHU OD
LQIHFFLyQ SRU WRGD OD YLGD GH ORV LQIHFWDGRV GLVWLQJXLpQGRVH WDPELpQ SRU VX H[WHQVD GLYHUVLGDG JHQpWLFD
RULJLQDGD HQ VX FDSDFLGDG DGTXLULGD GH ERUUDU UHDFRPRGR \ PXWDFLRQHV GHO OD VHFXHQFLD GHO '1$ HVWD
GLYHUVLGDG IDFLOLWD OD DGDSDWDFLyQ D QXHYRV KRVSHGHURV LQIHFWDGRV D OD SHUVLVWHQFLD SRU DxRV \ GH OD DOWD
SUHYDOHQFLD GH LQIHFFLyQ D QLYHO PXQGLDO GLYHUVLGDG WDPELpQ HYLGHQFLDGD HQ P~OWLSOHV HVWXGLRV TXH KDQ
GHPRVWUDGRXQDDPSOLDYDULDELOLGDGGHOJHQRPDORTXHVHKDOODPDGRFRPRYDULDFLRQHVJHQpWLFDVPD\RUHVGHO
+S\ORULGHODVEDFWHULDVTXHLQIHFWDQDGLIHUHQWHVLQGLYLGXRVQRUHODFLRQDGRV\ODPHQRUGLYHUVLGDGFORQDOGHODV
EDFWHULDV GH XQ PLVPR LQGLYLGXR \ GH ORV UHODFLRQDGRV SRU OtQHD IDPLOLDU (VWRV FRQRFLPLHQWRV IXHURQ
FRQVHFXHQFLDGHXQDDPSOtVLPDLQIRUPDFLyQTXHOOHYyDFRQRFHUODHVWUXFWXUDJHQpWLFDGHO+S\ORULGHGRVFHSDV
TXH FRQILUPDQ OD HVWUXFWXUD PLPHWL]DQWH GH OD EDFWHULD FDUDFWHUL]DGD SRU DOWDV IUHFXHQFLDV GH PXWDFLRQHV OD
FHSDFRQRFLGDFRQHOQXPHUDOIXHDLVODGDHQHO5HLQR8QLGRHQHQXQSDFLHQWHFRQJDVWULWLV\OD
FHSD FRQRFLGD FRPR - VH DLVOy HQ (VWDGRV 8QLGRV GH 1RUWHDPpUFLD HQ XQ SDFLHQWH FRQ ~OFHUD GXRGHQDO
DPEDVFHSDVQRWLHQHQXQRULJHQGHUHSOLFDFLyQLGHQWLILFDEOHVSHURVHFRQRFHTXHWLHQHQXQDORQJLWXGSURPHGLR
GH VHFXHQFLDV FRGLILFDEOHV GH PDUFDV GH OHFWXUD DELHUWD SDUD OD FHSD \ GH SDUD OD -
UHSUHVHQWDQGR HO \ HO GH VXV JHQRPDV UHVSHFWLYDPHQWH (O + S\ORU\ HV XQD EDFWHULD TXH VH
FDUDFWHUL]DSRUVXHQRUPHGLYHUVLGDGJHQpWLFD\HQODPD\RUtDGHORVJHQHVGHO+S\ORULODVVHFXHQFLDVGHORV
QXFOHyWLGRVREVHUYDGRVPXHVWUDQXQDYDULDFLyQGHDDGHPiVODVGLIHUHQFLDVHQODVVHFXHQFLDVGHORV
QXFOHyWLGRV GH ORV JHQHV LQGLYLGXDOHV GHULYDQ GH QXPHURVDV PXWDFLRQHV SXQWXDOHV PLFURGLYHUVLGDG
KDELpQGRVH GHPRVWUDGR WDPELpQ GLIHUHQFLDV HQ OD RUJDQL]DFLyQ GH ORV JHQHV OR TXH VH FRQRFH FRPR
PDFURGLYHUVLGDGHVWDYDULDELOGDGGH ORV JHQHV HV XQD FDUDFWHUtVWLFD ~QLFD GHO + S\ORU HQ FRPSDUDFLyQ FRQ
RWUDV EDFWHULDV JUDP QHJDWLYDV /D EDFWHULD HV DOWDPHQWH FRPSHWHQWH SDUD FDSWDU $'1 TXH SHUPLWH
UHFRPELQDFLRQHVJHQpWLFDVHQWUHODVFHSDVGDQGROXJDUDSREODFLRQHVFRQHVWUXFWXUDJHQpWLFDUHFRPELQDQWH\
JHQHVRUJDQL]DGRVHQIRUPDGHPRVDLFR
3$72*(1,&,'$'
6H WLHQHQ HYLGHQFLDV GH TXH H[LVWHQ GLYHUVDV HVSHFLHV GH + S\ORUL TXH VH FRPSRUWDQ FRPR IORUD QDWLYD GHO
HVWyPDJRGHGLIHUHQWHVPDPtIHURVSHURHO+S\ORULHVKDELWDQWHH[FOXVLYRGHOHVWyPDJRGHORVKXPDQRVHVWDQGR
SUHVHQWHFRPRLQIHFWDQWHSRUORPHQRVGHVGHKDFHFLHQPLODxRVRPiVORTXHKDFHVXSRQHUTXHKXHVSHG\
KRVSHGHUR KDQ HYROXFLRQDGR MXQWRV FRQ LPSRUWDQWH LPSOLFDFLRQHV TXH VyOR VH FRQRFLHURQ GHVGH /D
FRORQL]DFLyQ EDFWHULDQD GHO KRVSHGHUR DIHFWD HO HSLWHOLR JiVWULFR D WUDYpV GH ORJUDU PLFURQLFKRV XWLOL]DQGR
UHFXUVRVTXHVHSXHGHQFRQVLGHUDUFRPRVHxDOHVSDUDHOKRVSHGHURHOFXDOWDPELpQSURGXFHVHxDOHVSDUD OD
EDFWHULD HQ IRUPD GH WHPSHUDWXUD PHGLR TXtPLFR \ SRU VXSXHVWR PROpFXODV GH GHIHQVD DXQ FXDQGR HVWDV
VHxDOHVUHFtSURFDVSXHGHQVHULQFRRUGLQDGDVODHYROXFLyQFRPSDUWLGDLPSOLFDXQHQFDGHQDPLHQWRHQGRQGHODV
VHxDOHVGHDPEDVSDUWHVWLHQHQUHVSXHVWDVUHFtSURFDV6LFRPRVHFRQRFHTXHODFRORQL]DFLyQVHSXHGHGDUSRU
GLIHUHQWHVFHSDV\TXHHVHOFDVRGHO+S\ORULTXHPXHVWUDHOHMHPSORH[WUHPRGHDOWRJUDGRGHPXWDFLRQHV\
PX\DOWDIUHFXHQFLDGHUHFRPELQDFLRQHVJHQpWLFDVORKDELWXDOHVTXHXQKRVSHGHURQRVHDFRORQL]DGRSRU XQ
VLPSOH R ~QLFR FORQ VLQR SRU XQ UDFLPR GH EDFWHULDV HVWUHFKDPHQWH UHODFLRQDGDV VHPHMDQGR D ODV
FXDVLHVSHVLHVREVHUYDGDVFRQ51$YLUDOSHUVLVWHQWHFRPRHQHOFDVRGHODKHSDWLWLV&\GHO9,+(VWDYDULDFLyQ
EDFWHULROyJLFDDIHFWDODVVHxDOHVGHOKRVSHGHUR\FRPRHMHPSORGHQWURGHXQDSREODFLyQEDFWHULDQDODVFpOXODV
LQGLYLGXDOHV SXHGHQ R QR H[SUHVDU PROpFXODV GH LQWHUDFFLyQ HVSHFtILFD FRQ HO KRVSHGHUR \ TXH DIHFWDQ OD
ELRORJtDGHOKRVSHGHURGHPDQHUDGLIHUHQWH&RPRFRQVHFXHQFLDODVVHxDOHVGHOKRVSHGHURVHPXHVWUDQGHVGH
XQDXPHQWRGHQXWULHQWHVDWUDYpVGHHIHFWRUHVLQPXQHVKDVWDFDPELRVHQHODPELHQWHPLFURVFySLFRJiVWULFR\
TXH VRQ VHOHFWLYDPHQWH GLIHUHQFLDGRV SDUD JHQHV HVSHFtILFRV GHO + S\ORUL 3RU OR WDQWR FDGD KRVSHGHUR HV
FRORQL]DGRSRUXQDFRPELQDFLyQGHJHQHVEDFWHULDQRVFRQXQJHQRWLSRGRPLQDQWHGHWHUPLQDGRSRUVHOHFFLyQ
(QVXPDODDOWDSODVWLFLGDGGHODSREODFLyQEDFWHULDQDVXMHWDWDPELpQDODVHOHFFLyQHVSHFtILFDGHOKRVSHGHUR
SDUHFHUHSUHVHQWDUXQDH[SOLFDFLyQSDUDWUDWDUGHHQWHQGHUODIDFLOLGDGFRQTXHODLQIHFFLyQSRU+S\ORULSHUVLVWD
SRUDxRVFRQODSUHVHQFLDGHGLIHUHQWHVFHSDV\FRQYDULDQWHVGHGLFKDVFHSDVHQXQKRVSHGHURLQGLYLGXDO\OD
FDSDFLGDGGHODEDFWHULDGHFRORQL]DUDWRGRVORVKXPDQRVDSHVDUGHODKHWHURJHQLFLGDGUDFLDO'XUDQWH
DxRVHO+S\ORULDOVHULQJHULGRSRUXQQXHYRKRVSHGHURKDORJUDGRHVWDEOHFHUVHHQODLQWHUIDVHPX\ GHOJDGD
SUHVHQWH HQWUH OD FDSD GH PRFR \ OD VXSHUILFLH GHO HSLWHOLR JiVWULFR LQLFLiQGRVH XQD VHOHFFLyQ WHPSUDQD SRU
VHxDOHVLQPHGLDWDVUHFtSURFDVGHSDUWHGHOHSLWHOLR\GHODEDFWHULDORTXHOOHYDDXQDRFXSDFLyQTXHVHSRGUtD
FDOLILFDUGHHVWDEOHGHOPLFURQLFKR\SRVLELOLGDGHVGHWUDQVPLVLyQDQXHYRVKRVSHGHURV
&$3$&,'$''(/+(/,&2%$&7(5S\ORUL3$5$0$17(1(5,1)(&&,13(5,67(17(
(OKHFKRGHTXHORVLQIHFWDGRVHVWpQFRORQL]DGRVSRUXQDSREODFLyQEDFWHULDQDPX\YHUViWLOSRUODSUHVHQFLDGH
HOHPHQWRV JHQpWLFRV PyYLOHV SRU VX FDSDFLGDG GH PXWDFLRQHV HQGyJHQDV \ DFFLRQHV UHFRPELQDQWHV
PRGLILFDFLRQHVRUHDUUHJORVFURPRVRPDOHVDJUDQHVFDODTXHH[SOLFDQGLIHUHQFLDVDQLYHOGHJHQRWLSRHLQFOXVR
DQLYHOGHIHQRWLSRTXHOHVGDFDSDFLGDGHVSDUDUHVSRQGHUDVHxDOHVGHOPLFURDPELHQWHGHORVPLFURQLFKRV
TXHIDYRUHFHQODHPHUJHQFLDGHFHSDVVHOHFFLRQDGDV\HOPHMRUHMHPSOR\TXHVHFRQRFLyGHVGHHOLQLFLRGHORV
HVTXHPDV GH WUDWDPLHQWR HV OD DSDULFLyQ GH UHVLVWHQFLDV D DQWLELyWLFRV \ DO PHWURQLGD]RO (VWR VH
H[SOLFDSRUODFDSDFLGDG\DOWDFRPSHWHQFLDTXHKDQPRVWUDGRODVFHSDVSDUDWRPDU'1$GHRWUDVFHSDVGHDKt
TXHHOHVWXGLRGHVHFXHQFLDVGHJHQHVPXHVWUHQIXHUWHVHYLGHQFLDVGHUHFRPELQDFLRQHVHQWUHFHSDVKDVWDHO
JUDGR GH TXH OR TXH VH SRGUtD OODPDU HO OLQDMH FORQDO HV DOWDPHQWH REVFXUHFLGR 6H SUHVHQWDQ WDPELpQ
VXEVWDQFLDOHVUHFRPELQDFLRQHVLQWUDJHQyPLFDVFRQSUHVHQFLDGHUHSHWLGDVVHFXHQFLDVGH'1$ERUUDPLHQWRV
GXSOLFDFLRQHV\JUDQGHV GLVSDULGDGHV GHQWUR GH XQD VXSXHVWD PLVPD FHSD SHUR WDPELpQ ODV FHSDV PXHVWUDQ
FLHUWDFRPSHWHQFLDHQUHODFLyQDTXHVLDOJ~QHOHPHQWRJHQpWLFRVHSLHUGHSRUDOJXQDDFFLyQH[WHUQDDTXHOVH
UHFXSHUDGHXQVHFWRUGHEDFWHULDVGHODSREODFLyQQRDIHFWDGDRGHRWUDFHSD$QWHODQHFHVLGDGGHXQVLVWHPD
GH UHSDUDFLyQ GHVSURSRUFLRQDGR SXHGHQ LQFUHPHQWDUVH ODV IUHFXHQFLDV GH YDULDFLRQHV DOHDWRULDV SHUR HVWR
WDPELpQIDFLOLWDODFRQYHUVLyQJHQpWLFDODFXDOPLQLPL]DODGLYHUVLGDGJHQyPLFDGHDTXHOORVDOHORVSUHVHQWHVHQ
P~OWLSOHV FRSLDV (V GHFLU TXH HO + S\ORUL SXHGH WHQHU Pi[LPDV GLYHUVLGDGHV HQ VHFXHQFLDV GH JHQHV SRU HO
HIHFWRGHIXHUWHVSUHVLRQHVVHOHFWLYDVPLHQWUDVVHPDQWHQJDQORVDOHORVTXHVRQLQGLVSHQVDEOHV\FUtWLFRVSDUD
VXVXSHUYLYHQFLD\IRUPDGHYLGD/DLQWURGXFFLyQGHXQDFHSDQXHYDHQXQKRVSHGHURELHQFRORQL]DGR
LQFUHPHQWD OD GLYHUVLGDG HQ OD SREODFLyQ EDFWHULDQD YDULDELOLGDG GH ODV FHSDV TXH KDFH VH SDUH]FDQ D
FXDVLHVSHFLHV SHUR WDPELpQ OD WUDQVIRUPDFLyQ GH FHSDV DO PLVPR WLHPSR WLHQGH D FLHUWR FRQWURO FRQ OD
LQWHQFLyQ GH UHGXFLU OD GLYHUVLGDG GH OD FRORQL]DFLyQ 6H FRQRFH TXH WRGDV ODV FHSDV GH + S\ORUL FRQWLHQHQ
P~OWLSOHVVLVWHPDVGH UHVWULFFLyQPRGLILFDFLyQ SHUR UDUD YH] GRV FHSDV WLHQHQ HO PLVPR FRPSOHPHQWR OR TXH
UHSUHVHQWDEDUUHUDVUHVWULFWLYDVDODVWUDQVIRUPDFLRQHVSURSLHGDGTXHSXHGHSHUPLWLUDOPi[LPRODFRH[LVWHQFLD
GH FDUJDV GH JHQHV SDUDOHODV PHGLDQWH XQ OHQWR LQWHUFDPELR JHQpWLFR /D VHOHFFLyQ ORFDO SXHGH DxDGLU
GLYHUVLGDGJHQpWLFDHQXQHVWyPDJRHVSHFtILFRHLQFOXVRORVPLFURQLFKRVJiVWULFRVDLVODGRVVRQFRP~QPHQWH
FRORQL]DGRV SRU SREODFLRQHV EDFWHULDQDV HQ PRVDLFR FRQ DWULEXWRV SDUWLFXODUHV FRPR SXHGH VHU TXH XQDV
EDFWHULDVWHQJDQPi[LPRDFFHVR\OLJDUVHDUHFHSWRUHVORFDOHV\RWUDVQR
(QFRQFOXVLyQORVPHFDQLVPRVGHVFULWRVSDUDDSUHFLDUODGLYHUVLGDGJHQpWLFDTXHKDPRVWUDGRHO+S\ORULGHVGH
VXLGHQWLILFDFLyQDSDUWLUGH\HQIRUPDVHQFLOODSXHGHQVHUORVVLJXLHQWHVDPHFDQLVPRVHQGyJHQRVFRQ
PXWDFLRQHVTXHRFDVLRQDQIHQRWLSRVEUHFRPELQDFLRQHVTXHGDQUHSHWLFLRQHVDOHDWRULDVGHO'1$FRQYHUVLyQ
DFWLYDGHJHQHV\ FDUHQFLD GH XQ VLVWHPD GH UHSDUDFLyQ SDUD HYLWDU FDPLQRV GHVRULHQWDGRV HQ VXV JHQHV F
UHFRPELQDFLRQHVLQWHUJHQyPLFDV\JUDQFRPSHWHQFLDQDWXUDOGHVREUHYLGDGPLFURQLFKRVVHOHFWLYRVTXHWLHQHQ
UHVWULFFLRQHVSDUDODVGLYHUVDVFHSDVGH+S\ORUL\HVSHFLILFLGDGGHOLJDQGRVDUHFHSWRUHVHVSHFtILFRV
(9$6,1,1081(3253$57('(/+(/,&2%$&7(53</25,
/D SRVLELOLGDG GH TXH XQD EDFWHULD SHUVLVWD HQ XQ KRVSHGHUR YHUWHEUDGR HVWi UHSUHVHQWDGD SRU TXH HYLWH VX
HOLPLQDFLyQSRUHOVLVWHPDLQPXQH\VHKDGHPRVWUDGRTXHHO+S\ORULHVXQDEDFWHULDTXHKDHYROXFLRQDGRFRQ
ORVKXPDQRVTXHVHWUDQVPLWHGHSHUVRQDDSHUVRQDSULQFLSDOPHQWHYtDPDWHUQDKLMRVTXHFRORQL]yGHSRU

YLGDDOHVWyPDJRGHVXKRVSHGHUR\KXELHUDVHJXLGRDVtVLQRDSDUHFHQORVSUHPLRV1REHOGHO DxR 6X
HVWUXFWXUD SREODFLRQDO EDFWHULDQD UHSUHVHQWD XQ PRGHOR HFROyJLFR VRUSUHQGHQWH SRU HO HTXLOLEULR HQWUH ODV
DFFLRQHVHIHFWRUDVFRPREDFWHULD\ODVUHVSXHVWDVGHOKRVSHGHURTXHSHUPLWHH[SOLFDUHOKHFKRGHTXHPLOORQHV
GH SHUVRQDV VH LQIHFWHQ \ GH TXH VROR XQD SURSRUFLyQ SHTXHxD PHQFLRQDGD HQ P~OWLSOHV SXEOLFDFLRQHV FRQ
FLIUDVTXHYDQGHODOGHVDUUROOHQHQIHUPHGDGHVGHFLUTXHVHDQVLQWRPiWLFRV(VWRVHKDH[SOLFDGR
SRUODSUHVHQFLDGHIDFWRUHVEDFWHULDQRVRKXpVSHG\GHORUJDQLVPRXKRVSHGHURTXHPRGXODQORVULHVJRVGH
TXH ORV PHQRV GHVDUUROOHQ HQIHUPHGDG HVWR KD VLGR HO SXQWR GH LQWHUpV SDUD FRQRFHU HO SRUTXH GH TXH ODV
PD\RUtDVLQWHJUHQXQVLVWHPDGHWROHUDQFLDHQWUHODVDFFLRQHVDJUHVLYDVGHODEDFWHULDSDUDVXVREUHYLYHQFLD\
ODREOLJDGDUHVSXHVWDLQPXQROyJLFDTXHWUDWDGHHYLWDUODVGDQGRODLPSUHVLyQGHTXHDPERVDFWRUHVVHWROHUDQ
HQXQHTXOLEULRGLQiPLFRTXHSRUDxRVVHKDGHPRVWUDGRVLQGXGDSRUORVWUDEDMRVTXHPXHVWUDQODH[LVWHQFLD
GHSDFLHQWHVDVLQWRPiWLFRVFRQPXFRVDJiVWULFDQRUPDODODHQGRVFRStD\FRQODSUHVHQFLDGHODEDFWHULDHQODV
ELRSVLDVSRUSUXHEDUiSLGDGHXUHDVDSRVLWLYD\SRUHVWXGLRVKLVWROyJLFRVFRPRVLH[LVWLHUDXQFRPHQVDOLVPRR
VLPELRVLVWROHUDGDSRUPXFKRVSHURTXHSDUDDOJXQRVVHURPSH\VHSUHVHQWDQSURFHVRVSDWROyJLFRVTXH VH
UHODFLRQDQDLQIODPDFLyQFUyQLFDORFDOJDVWULWLV\XOFHUDVDOWHUDFLRQHVKRUPRQDOHVJDVWULQDVRPDWRVWDWLQD
RQFRJpQHVLVDGHQRFDUFLRQDPDJiVWULFRQRFDUGLDO\OLQIRPDGHFpOXODV%GHOD]RQDPDUJLQDOGHWHMLGROLQIRLGH
DVRFLDGRDPXFRVDVFRQRFLGRFRPROLQIRPD0$/7SRUODVVLJODVHQLQJOHVSURFHVRVLQIODPDWRULRVVLVWpPLFRV
H[WUDJiVWULFRV\ ORV SUREOHPDV HSLGHPLROyJLFRV GH DFWXDOLGDG OD REHVLGDG \ OD GLDEHWHV D ORV TXH 0p[LFR QR
HVFDSD
6HFRQRFHTXHHO+S\ORULHVXQKDELWDQWHQDWLYR\HVSHFtILFRGHOKRPEUHGHSRUORPHQRVGHVGHKDFH
DxRV \ GLFKD FRKDELWDFLyQ KLVWyULFD VH VXVWHQWD HQ TXH HQ ORV PLFURQLFKRV GH FRORQL]DFLyQ GHO HSLWHOLR
JiVWULFRVHLQWHUFDPELDQVHxDOHVHQWUHFHSDVSREODFLRQDOHVEDFWHULDQDVQRFORQDOHV\HOHSLWHOLRJiVWULFRSRUOR
TXHDQWHODSUHVHQFLDEDFWHULDQDVHSUHVHQWDXQUHFRQRFLHPLHQWRLQPHGLDWRSRUSDUWHGHOKRVSHGHURHQIRUPD
LQQDWDRDGTXLULGDLQFOXLGRHVWRFRQODJHQHUDFLyQGHDQWLFXHUSRVORFDOHV\VLVWpPLFRV< HO SULPHU SDVR SDUD
DVHJXUDUODVREUHYLHYHQFLDGHODEDFWHULD\ORJUDUXQDFRORQL]DFLyQSURORQJDGD\HYDGLUODUHVSXHVWDLQPXQHGHO
KRVSHGHUR HV HO GH QR LQYDGLU GHPDVLDGR D OD PXFRVD JiVWULFD \ GH TXH HO YROXPHQ SULQFLSDO EDFWHULDQR VH
ORFDOLFHDG\DFHQWHDODFDSDPXFRVDHQODGHOJDGDLQWHUIDFHFRPRSDUWHGHHYLWDUHOVHUDOFDQ]DGDVSRUHO
UHFRQRFLHPLHQWRLQPXQROyJLFRGHOHSLWHOLRJiVWULFRSHURDOJXQDVEDFWHULDVTXHVLHVWDEOHFHQFRQWDFWRtQWLPRFRQ
OD VXSHUILFLH HSLWHOLDO ORJUDQ TXH DOJXQDV IUDFFLRQHV SURWHLFDV EDFWHULDQDV DWUDYLHVHQ OD EDUUHUD HSLWHOLDO
HVWLPXOHQ D ODV FpOXODV HSLWHOLDOHV ODV TXH PHGLDQWH PROpFXODV GH UHFRQRFLPLHQWR GHWHFWHQ FRPSRQHQWHV
VROXEOHV SHSWtGLFRV GH ODV EDFWHULDV LQGXFLpQGRVH OD DFWLYDFLyQ LQPHGLDWD GHO VLVWHPD LQPXQH QDWXUDO \
DGTXLULGR $XQTXH HO + S\ORUL QR HV FDSD] GH HYLWDU WRWDOPHQWH OD DFWLYDFLyQ LQPXQROyJLFD KD ORJUDGR
PHFDQLVPRVTXHUHGXFHQHOUHFRQRFLPLHQWRGHORVVHQVRUHVLQPXQHVKDORJUDGRUHGXFLUODDFWLYDFLyQGHFpOXODV
LQPXQHV\HVFDSDUDORVDFWRUHVGHGHIHQVDFRPRIRUPDLPSRUWDQWHGHDVHJXUDUODVREUHYLYHQFLD8QDYH]TXH
OD SHUVLVWHQFLD GH OD LQIHFFLyQ \ OD FURQLFLGDG VH KD HVWDEOHFLGR OD HVWLPXODFLyQ LQPXQROyJLFD HV LPSRUWDQWH \
FRQVWDQWHFRPRORGHPXHVWUDODWLWXODFLyQWDPELpQSHUVLVWHQWHGHDQWLFXHUSRV
)$&725(6,03/,&$'26(1/$3$72*(1,&,'$''(/+(/,&2%$&7(5S\ORUL
/DSUHVHQFLDGHO+S\ORULFRPRLQIHFFLyQVLQWRPiWLFDRDVLQWRPiWLFDHVWiHQUHODFLyQDOSROLPRUILVPRLQPXQHGHO
KRVSHGHUR D OD SUHVHQFLD GHO PHGLR iFLGR JiVWULFR \ OD KDELOLGDG GHO + S\ORUL SDUD FRORQL]DU XQ PLFURQLFKR
JiVWULFR \ PRVWUDU OD YLUXOHQFLD GH DOJXQDV FHSDV OR TXH UHSUHVHQWD HO IDFWRU SULQFLSDO GH SDWRJHQLFLGDG /D
GLIHUHQWH YLUXOHQFLD GH ODV FHSDV VH KD HVWXGLDGR FHQWUiQGRVH HQ DVSHFWRV JHQpWLFRV PLFURELROyJLFRV
LQPXQROyJLFRVELRTXtPLFRV\FOtQLFRVSULQFLSDOPHQWH(VWRLQGLFDTXHSDUDTXHVHPDQLILHVWHSDWRJHQLFLGDG
\HQIHUPHGDGFRPRFRPSOLFDFLyQGHODLQIHFFLyQSRU+S\ORULGHEHQLQWHUDFWXDUIDFWRUHVEDFWHULDQRV\IDFWRUHVGHO
RUJDQLVPRLQIHFWDGR
)$&725(6%$&7(5,$126
/RV IDFWRUHV EDFWHULDQRV TXH LQIOX\HQ HQ OD SDWRJHQLFLGDG VRQ ORV LPSOLFDGRV GLUHFWDPHQWH HQ OD YLUXOHQFLD
EDFWHULDQD
85($6$
(OSULPHUIDFWRUHVWiUHSUHVHQWDGRSRUODFDSDFLGDGTXHKDPRVWUDGRHO+S\ORULSDUDDGDSWDUVHDXQPLFURQLFKR
KRVWLOPHGLDQWHODDFFLyQGHODHQ]LPDXUHDVDTXHFRPR\DVHPHQFLRQyGHVGREODDODXUHDHQDPRQLR\&2
TXHQHXWUDOL]DHOiFLGRJiVWULFRDXQS+GHDVLWXDFLyQTXHSURWHJHDODEDFWHULD\OHSHUPLWHDWUDYHVDUOD
FDSD GH PRFR JiVWULFR 3HUR OD XUHDVD WDPELpQ WLHQH SURSLHGDGHV FLWRWy[LFDV \ MXQWR DO DPRQLR OHVLRQDQ OD
PXFRVD GHO HSLWHOLR JiVWULFR SHUPLWLHQGR OD DGKHVLyQ GH OD EDFWHULD OD REWHQFLyQ GH QXWULHQWHV \ SHUPLWLU VX
GHVDUUROOR(VWDHQ]LPDHVFDSD]GHHVWLPXODUODUHVSXHVWDKXPRUDOHVSHFtILFDODTXLPLRWi[LVGHPRQRFLWRVGH
QHXWUyILORV\GHDFWLYDUODVIXQFLRQHVGHORVPDFUyIDJRV
)/$*(/26
/D EDFWHULD SRU VX PRUIRORJtD HQ HVSLUDO \ DO SRVHHU IODJHORV WLHQH JUDQ PRYLOLGDG TXH OH SHUPLWH DWUDYHVDU OD
FDSDPXFRLGHFRQWUDUUHVWDQGRHOSHULVWDOWLVPRJiVWULFR\OOHJDUDDGKHULUVHDODVXSHUILFLHHSLWHOLDOORVIODJHORV
HVWiQFRPSXHVWRVSRUSURWHtQDVOODPDGDVIODJHOLQDVFRQSHVRPROHFXODUDSUR[LPDGRGHD.'D\
HVWiQFRGLILFDVSRUORVJHQHV)OD$\)OD%TXHVRQORVHOHPHQWRVUHJXODGRUDHVGHODIXQFLyQGHORVIODJHORV\VX
LPSRUWDQFLDUDGLFDHQTXHODVFHSDVFDUHQWHVGHHOORVQRORJUDQFRORQL]DU
$'+(6,1$6
3DUDODFRORQL]DFLyQSRUODEDFWHULDGHEHSUHVHQWDUVHSULPHURXQDDGKHVLyQDOHSLWHOLRJiVWULFRORFXDOVHHIHFW~D
PHGLDQWH KHPDJOXWLQLQDV YDULDV DGKHVLQDV TXH VRQ SURWHtQDV JOLFRFRQMXJDGDV R SRU OtSLGRV EDFWHULDQRV
LQYROXFUDGRVHQHOSURFHVRGHFRORQL]DFLyQ/DVDGKHVLQDVTXHVHPHQFLRQDQSRUXQRVXRWURVDXWRUHV\FRQ
IUHFXHQFLD VRQ %DE$ 6DE$ 2036 +RSR $OS$ $OS% +SD OD DGKHVLQD TXH PiV KD VLGR HVWXGLDGR \
FDUDFWHUL]DGRHVOD%DE$TXHHVXQDSURWHLQDGHPHPEUDQDFRQFDUDFWHUtVWLFDVVLPLODUHVDODVTXHVHREVHUYDQ
HQORVDQWtJHQRV VDQJXtQHRV /HZLV % /DV DGKHVLQDV EDFWHULDQDV DO DFRSODUVH D ORV UHFHSWRUHV GH ODV
FpOXODVGHOKRVSHGHURLQGXFHQFDPELRVLQPHGLDWRVPHGLDQWHVHxDOHVGHWUDQVGXFFLyQSHUPLWLHQGRODLQILOWUDFLyQ
GHFpOXODVLQIODPDWRULDVSHURWDPELpQHVWDEOHFLHQGRPHFDQLVPRVSDUDHYDGLUODUHVSXHVWDLQPXQH\HVWDEOHFHU
OR\DPHQFLRQDGRFRPRLQIHFFLyQSHUVLVWHQWH
)26)2/,3$6$6
7DPELpQ H[LVWHQ HQ]LPDV FRPR ODV IRVIROLSDVDV $ \ & GH PHPEUDQD H[WHUQD TXH DFWXDQ FRPR SURWHDVDV \
WLHQHQ XQ SDSHO IXQGDPHQWDO HQ OD SDWRJpQLD GHO + S\ORUL DO GHJUDGDU HO FRPSOHMR OtSLGRJOXFRSURWpLFR GH OD
FDSD GH JHO GH PRFR TXH FXEUH D ODV FpOXODV HSLWHOLDOHV JiVWULFDV \ TXH VRQ ORV TXH OHV GDQ FRQWLQXLGDG \
SURWHFFLyQ
/,3232/,6$&5,'26
2WURIDFWRUGHYLUXOHQFLDHVHOOLSRSROLVDFiULGR/36TXHSRVHHHQVXDQWtJHQR2ORVFDUERKLGUDWRVGH/HZLV[\
/HZLV \ R DPERV \ FX\R SDSHO IXQGDPHQWDO HQ OD SDWRJpQHVLV HV HYDGLU OD UHVSXHVWD LQPXQH GXUDQWH OD
FRORQL]DFLyQGHOHSLWHOLRJiVWULFRIDYRUHFLHQGRODSHUVLVWHQFLDEDFWHULDQDHQHOPLFURQLFKRHTXLOLEUDQGRODDFFLyQ
GH LQGXFLU OD UHVSXHVWD DXWRLQPXQH GHO KRVSHGHUR FRQWUD ORV DQWtJHQRV /HZLV TXH H[SUHVD HO + S\ORUL
7DPELpQVHKDUHSRUWDGRTXHHOOLSRSROLVDFiULGR/36HQGRWR[LQDGHODEDFWHULDWLHQHXQDDFWLYLGDGELROyJLFD
EDMDFRPSDUDGDFRQHO/36GHRWUDVEDFWHULDVJUDPQHJDWLYDV\DO SRVHHU DQWtJHQRV VHPHMDQWHV D ORV GH ORV
JUXSRVVDQJXtQHRVGH/HZLVFRPRSDUWHGHODVFDGHQDVGHFDUERKLGUDWRVHQODUHJLyQSROLVDFiULGRGHVX/36
VHKDVXJHULGRTXHDOFRPSDUWLUVHDQWtJHQRVFRPXQHVHQWUHEDFWHULD\KRVSHGHURSHUPLWHDODJHQWH SDWyJHQR
HYDGLUODUHVSXHVWDLQPXQHRSRUORPHQRVQRHVWLPXODUODDQLYHOHVSHOLJURVRVSDUDVXVXSHUYLYHQFLD$FWLYLGDG
SDUHFLGDODWLHQHQODVOODPDGDVSURWHLQDVGHFKRTXHWpUPLFRRGHFKRTXHSRUFDORUGHVFULWDVFRPRJUR(/\JUR(6
GHSHVRPROHFXODUGH\.'DUHVSHFWLYDPHQWH\TXHWDPELpQWLHQHQODFDSDFLGDGGHDXPHQWDUODDFWLYLGDG
GHODHQ]LPDXUHDVD
275$6(1=,0$6(O+S\ORULSURGXFHRWUDVHQ]LPDVTXHIDYRUHFHQODYLUXOHQFLDGHODEDFWHULDFRPRPXFLQDVDV
OLSDVDV SURWHDVDV FDWDODVDV GLVPXWDVDV TXH SURWHJHQ D OD EDFWHULD GH PHWDEROLWRV Wy[LFRV VHFXQGDULRV D
SURFHVRV R[LGDWLYRV GH GHIHQVD GH ORV PDFUyIDJRV \ QHXWUyILORV WDPELpQ SURGXFH IRVIDWDVD DOFDOLQD \ iFLGD \
JDPDJOXWDPLOWUDQVSHSWLGDVD
&,7272;,1$6$SHVDUGHORVPLOORQHVGHSHUVRQDVTXHVHHQFXHQWUDQFRORQL]DGDVSRUHO+S\ORUL\GHTXHVyOR
XQDSURSRUFLyQGHXQGHVDUUROOHQVLQWRPDWRORJtD\GHWUDWDUGHH[SOLFDUODSDUDGRMDGHOFRPSRUWDPLHQWRGH
XQDEDFWHULDFRQJUDQFDSDFLGDGGHSHUVLVWLUHQODPXFRVDJiVWULFD\VyORSURGXFLUGDxRVPtQLPRVRPX\VHYHURV
VH KD FHQWUDGR HQ HVWXGLDU \ FRQRFHU GLIHUHQFLDV HQ OD YLUXOHQFLD GH ODV FHSDV \ XQD GH ODV GLIHUHQFLDV PiV
LPSRUWDQWHHVODSUHVHQFLDRQRGHJHQHV\GHLVODVGHSDWRJHQLFLGDG
&,7272;,1$9$&82/,=$17(9DF$
(QODDFWXDOLGDGVHFRQRFHTXHWRGDVODVFHSDVGH+S\ORULWLHQHQXQJHQTXHFRGLILFDSDUDXQWR[LQDFRQRFLGD
FRPRFLWRWR[LQDYDFXROL]DQWH9DF$\TXHKDVLGRSUHVHQWDGDFRPRHOSULPHURGHORVIDFWRUHVGHYLUXOHQFLD\GH
JUDQLPSRUWDQFLDUHSRUWDGDGHVGHSRU/HXQNTXHIXHREWHQLGDGHSURGXFWRVVREUHQDGDQWHVGHULYDGRVGH
FXOWLYRVWR[LQDTXHKDVLGRSXULILFDGDFRQXQSHVRPROHFXODUGHDSUR[LPDGDPHQWH.'DFRQFDSDFLGDGGH
LQGXFLU OD YDFXROL]DFLyQ FLWRSODVPiWLFD HQ FXOWLYRV FHOXODUHV \ OD PXHUWH GH FpOXODV HSLWHOLDOHV HQWUH VXV
FDUDFWHUtVWLFDVSULQFLSDOHVGHTXHVXDFWLYLGDGYDFXROL]DQWHVyORVHSUHVHQWDHQDGHODVFHSDVGH+
S\ORULDSHVDUGHTXHWRGDVWLHQHQHOJHQYDF$GHTXHHOIHQyPHQRYDFXOL]DQWHHVUHYHUVLEOHSRUORTXHGLFKD
DFWLYLGDGQRHVFRQVHFXHQFLDGHHIHFWRVFLWRWy[LFRVSRUORTXHVHKDEODGHTXHQRHVXQDWR[LQDWUDGLFLRQDO(O
JHQYDF$TXHFRGLILFDSDUDODFLWRWR[LQDYDFXORL]DQWHQRVHKDLGHQWLILFDGRFRPRXQKRPyORJRHQRWUDVHVSHFLHV
GH +(/,&2%$&7(5 R HQ RWUDV EDFWHULDV JUDP QHJDWLYDV OR FXDO FRQILHUH JUDQ LPSRUWDQFLD HQ OD UHODFLyQ
HVSHFtILFDHQWUHHO+S\ORUL\HOHVWyPDJRKXPDQR(OJHQYDF$WLHQHXQDHVWUXFWXUDFRQDOUHGHGRUGH
DPLQRiFLGRVFRQWUHVUHJLRQHVOD1WHUPLQDOODPHGLD\OD&WHUPLQDOHQODUHJLyQ1WHUPLQDOVHHQFXHQWUD
ODVHxDOGHVHFXHQFLDV\TXHSXHGHQVHUORVWLSRVVDVEV\V\HQODUHJLyQPHGLDORVWLSRVP\P(VWR
HVLPSRUWDQWHSRUTXHHQODYDULDFLyQHQORVWLSRVGHODVVHxDOHVGHVHFXHQFLDGHODUHJLyQ1WHUPLQDO\HQOD
VHFXHQFLDPHGLDVRQODVTXHGHWHUPLQDQODSUHVHQFLD\JUDGRGHDFWLYLGDGYDFXORL]DQWH/DVFHSDVFRQWLSRGH
VHxDO GH VHFXHQFLD V HQ HO JHQ VL WLHQH DFWLYLGDG YDFXROL]DQWH \ OD TXH WLHQHQ HO V FDUHFHQ GH DFWLYLGDG
WDPELpQVHFRQRFHTXHODVFHSDVTXHWLHQHQODUHJLyQPWLHQHQPiVDFWLYLGDGTXHODVFHSDVTXHWLHQHQODP
'HVGHTXHVHFRQRFLyHVWHKHFKRVHSXGRDVRFLDUODSUHVHQFLDGHFHSDV9DF$VPFRQODVPDQLIHVWDFLRQHV
SDWROyJLFDVJiVWULFDPiVVHYHUDV \ TXH ODV FHSDV V P VRQ ODV TXH GDQ OD PD\RU SUHYDOHQFLD SDUD SDtVHV
GHVDUUROODGRVHQGRQGHODVSDWRORJtDVDVRFLDGDVVRQPHQRVIUHFXHQWHV6HFRQRFHTXHHOJHQYDF$HVWi
SUHVHQWHHQWRGDVODVFHSDVGH+S\ORULSHURFRQODSUHVHQFLDGHXQDOWRSROLIRUPLVPR\DTXHORVDOHORVSRVHHQ
XQRRGRVWLSRVGHUHJLRQHVGHVHxDOODVPHQFLRQDGDVV\V\XQDRGRVWLSRVGHUHJLRQHVPHGLDVP\P
WDPELpQ\D PHQFLRQDGDV OR TXH GD P~OWLSOHV FRPELQDFLRQHV SRU OR TXH ORV HVWXGLRV VH KDQ FHQWUDGR HQ ODV
FRPELQDFLRQHVPiVYLUXOHQWDV\YDFXROL]DQWHVUHSUHVHQWDGDVSRUODVFHSDVVP,QGHSHQGLHQWHPHQWHGHTXH
ODSURGXFFLyQGHYDFXRODVLQYLWUR VHD XQ IHQyPHQR FDVL FRQVWDQWH \ QR DVt LQ YLYR OR GHPRVWUDGR HV TXH ODV
FHSDVTXHVLWLHQHHOJHQFRQFDUDFWHUtVWLFDVSDUDSURGXFLUODWR[LQD9DF$SULQFLSDOPHQWHSURWHROLVLVTXHVH
DGKLHUH D OD PHPEUDQD FHOXODU GHO HSLWHOLR RFDVLRQDQ OD IRUPDFLyQ GH SRURV SRU ORV TXH VH HVWDEOHFH OD
YDFXROL]DFLyQ PHGLDQWH HO YDFLDPLHQWR GHO FRQWHQLGR FHOXODU OD VDOLGD GH DQLRQHV \ GH XUHD LQGLVSHQVDEOH
VXVWUDWR SDUD OD DFFLyQ GH OD XUHDVD EDFWHULDQD OD SURWHLQD 9DF$ LQGXFH OD SpUGLGD GH ODV IXHUWHV XQLRQHV
HSLWHOLDOHVIDFLOLWDQGRODFRUULHQWHGHQXWULHQWHVKDFLDORVPLFURQLFKRVGHFRORQL]DFLyQ/RVHVWXGLRVVXJLHUHQTXH
ODSURWHLQDD\XGDDODSHUVLVLWHQFLDGHO+S\ORULSRUDFFLRQHVGHVXSUHVLyQLQPXQROyJLFDHVSHFtILFDTXHLPSLGHOD
PDGXUDFLyQ GH IDJRVRPDV HQ ORV PDFUyIDJRV LQKLELHQGR VHOHFWLYDPHQWH OD SUHVHQWDFLyQ DQWLJpQLFD GH ODV
FpOXODV7EORTXHDQGRVXSUROLIHUDFLyQ\DGHPiVGHFRQWURODUODUHVSXHVWDLQPXQHGHWLSRDGDSWDWLYD7KHOSHU
PHGLDGDSRUORVPLVPRVOLQIRFLWRV7FRRSHUDGRUHVTXHVHFUHWDQSULQFLSDOPHQWHLQWHUIHURQ,)1\FX\DVIXQFLRQHV
SULQFLSDOHVFRQVLVWHQHQHVWLPXODUODVGHIHQVDVSRUSDUWHGHORVIDJRFLWRVFRQWUDODVLQIHFFLRQHVHQHVSHFLDOODV
FDXVDGDV SRU PLFURRUJDQLVPRV LQWUDFHOXODUHV 'HO FRQRFLPLHQWR GH ODV YDULDFLRQHV HQ ODV VHxDOHV GH
VHFXHQFLDVVHKDFRQRFLGRODYDULDELOLGDGGHFHSDVHQUHODFLyQD]RQDVJHRJUiILFDV\GHJUXSRVpWQLFRV
*(1FDJ$$62&,$'2$/$&,7272;,1$&DJ$2WUDIRUPDGHH[SOLFDUODEDMDSUHYDOHQFLDGHVLQWRPDWRORJtD
HQODPD\RUtDGHODSHUVRQDVFRORQL]DGDVSRUHO+S\ORULHVSRUHOFRQRFLPLHQWRTXHVHWXYRGHTXHODVFHSDVGH
ODEDFWHULDPXHVWUDQJUDQGHVGLIHUHQFLDVHQVXiPELWRJHQpWLFRSRUODSUHVHQFLDGHHOHPHQWRVJHQpWLFRVPyYLOHV
\RWUDVGLIHUHQFLDVDQLYHOGHOJHQRWLSR\GHOIHQRWLSRXQDGHODVGLIHUHQFLDVPiVLPSRUWDQWH\HVWXGLDGDHVOD
UHODFLRQDGDDODSUHVHQFLDRDXVHQFLDGHXQDLVODGHSDWRJHQLFLGDGGHQRPLQDGDFDJTXHVHPHQFLRQDFRPRHO
VHJXQGRIDFWRUGHYLUXOHQFLD\GHJUDQLPSRUWDQFLDGHVGHHOSXQWRGHYLVWDGHHSLGHPLORJtD\GHSDWRORJtD(VWH
IDFWRUGHYLUXOHQFLDUHSUHVHQWDXQIHQRWLSRTXHGLIHUHQFtDDFLHUWDVFHSDVGH+S\ORUL\DTXHVRORHOGHODV
PLVPDVH[SUHVDQXQDSURWHLQDGHDOWRSHVRPROHFXODUGHD.'DGHQRPLQDGD&DJ$/DORFDOL]DFLyQGHO
JHQFDJ$HVFUtWLFDSDUDH[SUHVDUVHIRUPDQGRSDUWHGHXQDLVODGH'1$GHFHUFDGH.EFRQRFLGDFRPRLVOD
GHSDWRJHQLFLGDGFDJ,3$\TXHVHFRPSRQHSRUORPHQRVGHJHQHV/DLVODGHSDWRJHQLFLGDGFDJIXH
GHVFULWD HQ FRPR XQ JHQ HVSHFtILFR GH + S\ORUL \ TXH UDSLGDPHQWH IXH LGHQWLILFDGR FRPR PDUFDGRU GH
FHSDVTXHWLHQHQODFDSDFLGDGGHDXPHQWDUHOULHVJRGHHQIHUPHGDGXOFHURVDSpSWLFD\GHQHRSODVLDVJiVWULFDV
HQ ORV LQIHFWDGRV \ FRPR HQ HO FDVR GHO JHQ YDF$ XQ JHQ KRPyORJR SDUD HO FDJ$ HQ RWUDV HVSHFLHV GH
+(/,&2%$&7(5RHQRWUDVEDFWHULDVJUDPQHJDWLYDVWDPSRFRKDVLGRLGHQWLILFDGRORTXHVXJLHUHTXHGLFKR
JHQKDFHVHQWLURHVUHIOHMRGHXQJHQJiVWULFRKXPDQRHVSHFtILFR/DLVODGHSDWRJHQLFLGDG,3$WLHQH
YDULRVJHQHVTXHFRGLILFDQORVFRPSRQHQWHVGHXQDSDUDWRVHFUHWRUVLVWHPDVHFUHWRUGHOWLSR,9TXHFRPRHQ
RWUDVEDFWHULDVJUDPQHJDWLYDV(FKHULFKLDFROL%UXFHOODVXLV%RUGHWHOODSHUWXVVLV\$JUREDFWHULXPWXPHIDFLHQV
ORJUDQODLQWURGXFFLyQRLQ\HFFLyQGHPDFURPROpFXODV'1$\SURWHtQDVSDUHFLGDVDODWR[LQDGHO+(023+,/86
SHUWXVVLVHQODVFpOXODVLQIHFWDGDV\ODSURWHLQDTXHHQHOFDVRGHO+S\OULVHSUHVHQWDFRPRPHGLDGRUSDUDTXH
DFW~H HO VLVWHPD VHFUHWRU HVWi UHSUHVHQWDGR SRU HO SURGXFWR &DJ$ DQWtJHQR IXHUWHPHQWH LQPXQRJpQLFR TXH
GHVHQFDGHQDODDFWLYDFLyQGHLQWHUOHXFLQD,/\GHIDFWRUGHQHFURVLVWXPRUDO)17FRQODLQPHGLDWDLQILOWUDFLyQ
GHQHXWUyILORVHLQGXFFLyQGHODUHVSXHVWDLQIODPDWRULDTXHHVLQ\HFWDGRDODVFpOXODVHSLWHOLDOHVLQIHFDGDV\\D
GHQWUR GHO FLWRSODVPD FHOXODU OD SURWHLQD &DJ$ HV IRVIRULODGD UHFRQRFLGD \ XQLGD D XQ FRPSOHMR GH WLURVLQD
IRVIDWDVD TXH HVWLPXOD OD SURGXFFLyQ GH FLWR[LQDV SRU OD FpOXOD GHO KRVSHGHUR H LQGXFH FDPELRV HQ HO
FRPSRUWDPLHQWRFHOXODUTXHH[SOLFDQODVFRQVHFXHQFLDVTXHKDELWXDOPHQWHVHDSUHFLDQHQSDFLHQWHVLQIHFWDGRV
SRU FHSDV GH + S\ORUL TXH VL SURGXFHQ OD SURWHLQD &DJ$ \ VH FDOLILFDQ FRPR FHSDV &DJ$ SRVLWLYDV WDPELpQ
GHQRPLQDGDVFHSDVWLSR,R&DJ$\QHJDWLYDVDODVTXHQRFHSDVWLSR,,R&DJ$ (V HYLGHQWH \ VH KD
GHPRVWUDGR TXH ODV FHSDV GH + S\ORUL &DJ$ VRQ PiV YLUXOHQWDV TXH LQGXFHQ UHVSXHVWDV LQIODPDWRULDV PiV
VHYHUDVTXHHQJHQHUDOODVFDUJDVEDFWHULDQDVGHFRORQL]DFLyQVRQVHLVYHFHVRPD\RUHVHQORVDQWURVJiVWULFRV
\ SURGXFHQ LQ YLYR H LQ YLWUR QLYHOHV PiV DOWRV GH FLWRWR[LQDV TXH ODV FHSDV &DJ$ /D DVRFLDFLyQ HQWUH OD
SUHVHQFLDGHDQWLFXHUSRVHVSHFtILFRVSDUDODSURWHLQD&DJ$\~OFHUDSpSWLFDGXRGHQDOKDVLGRFRQILUPDGDFRPR
TXHWDPELpQODDVRFLDFLyQHQWUHODFRORQL]DFLyQGHFHSDVGH+S\ORUL&DJ$UHSUHVHQWDQULHVJRVPD\RUHVSDUD
HOGHVDUUROORGHJDVWULWLVDWUyILFD\DGHQRFDUFLQRPDJiVWULFRDQWUDO6HFRQRFHTXHH[LVWHXQDLPSRUWDQWH
LQWHUUHODFLyQHQWUHODSURGXFFLyQGHFLWRWR[LQDYDFXROR]DQWH9DF$\ODSUHVHQFLDGHODSURWHLQD&DJ$SHURTXHVX
H[SUHVLyQHVLQGHSHQGLHQWHSHURVLQGXGDTXHDPEDVVHKDQPRVWUDGRFRPRIDFWRUHVGHYLUXOHQFLDHVSHFtILFRV
TXH LQFUHPHQWDQ HO ULHVJR GH GHVDUUROODU DGHQRFDUFLQRPD JiVWULFR ULHVJR TXH VH DXPHQWD QRWDEOHPHQWH VL
DGHPiVH[LVWHSUHGLVSRVLFLyQJHQpWLFDGHORVKRVSHGHURVFRPRHVSRUHMHPSORODSUHVHQFLDGHSROLPRUILVPRV
SURLQIODPDWRULRVHQYDULDVFLWRFLQDV
/RV P~OWLSOHV IDFWRUHV GH YLUXOHQFLD TXH PDQLILHVWDQ ODV GLIHUHQWHV FHSDV GH + S\ORUL VRQ GH Pi[LPD XWLOLGDG
GXUDQWH ODV IDVHV GH FRORQL]DFLyQ SDUD DGMXGLFDUVH XQ PLFURQLFKR \ DVHJXUDUVH OD SHUVLVWHQFLD \ VRQ
PDUFDGRUHVGHOSRWHQFLDOTXHWLHQHQDOJXQDVFHSDVTXHDOVHUPiVYLUXOHQWDVVRQFDXVDGHHQIHUPHGDGSHURD
GLIHUHQFLDGHRWURVIDFWRUHVGHYLUXOHQFLDFRQRFLGRVHQRWUDVEDFWHULDVJUDPQHJDWLYDVDODIHFKD\HQHOFDVRGHO
+ S\ORUL QR VH WLHQHQ H[SOLFDFLRQHV VDWLVIDFWRULDV SDUD ODV VLQWRPDWRORJtDV WDQ SURWHLIRUPHV TXH PDQLILHVWDQ
DOJXQRV LQIHFWDGRV H LQFOXVR \ HQ FRQWUDVWH D OR GLFKR SDUD ORV DxRV VH SUHVHQWDURQ WUDEDMRV TXH
PHQFLRQDURQ HO KHFKR GH TXH OD FRORQL]DFLyQ SRU FHSDV GH + S\ORUL &DJ$ SRGUtDQ FRQVLGHUDUVH FRPR XQD
PDUFDGHSURWHFFLyQSDUDSRVLEOHGHVDUUROORGHSDWRORJtDVHVRIiJLFDVHVSHFtILFDPHQWHODHVRIDJLWLVSRUUHIOXMR\
VXFRPSOLFDFLyQHOHSLWHOLRGH%DUUHW
5(*8/$&,1'(/$$&7,9,'$'&,'23e37,&$*675,&$325(/+(/,&2%$&7(5S\ORUL
'HVSXpVGHODLQJHVWLyQ\GHODFRORQL]DFLyQGHO+S\ORULFRQSUHGLOHFFLyQDODQWURJiVWULFRVLWXDFLyQ IDFLOLWDGD
SRUORVPHFDQLVPRVGHSDWRJHQLFLGDG\GHYLUXOHQFLDGHVFULWRVVHYDDORJUDUXQDLQIHFFLyQSHUVLVWHQWHTXHYDD
GXUDUWRGDODYLGDSURSLFLDQGRXQDUHVSXHVWDLQIODPDWRULD\GDxRVDODPXFRVD3HURWDPELpQODEDFWHULDHVXQ
DJHQWH FDXVDO LQYROXFUDGR HQ PRGLILFDU ORV PHFDQLVPRV UHJXODGRUHV GH OD VHFUHFLyQ iFLGRSpSWLFD JiVWULFD
DOWHUDQGR ODV UHODFLRQHV HQWUH ODV KRUPRQDV JDVWULQD \ VRPDWRVWDWLQD FDPELRV HQ OD PRWLOLGDG DQWURSLOyULFD \
TXHH[SOLFDQODSUHVHQFLDGHHQIHUPHGDGHVJDVWURGXRGHQDOHV
/RV SURFHVRV LQIODPDWRULRV LQGXFLGRV SRU ODV FLWRWR[LQDV EDFWHULDQDV DIHFWDQ D WRGRV ORV WLSRV FHOXODUHV GH OD
PXFRVDJiVWULFD\SRUVXSXHVWRDODVFpOXODVLQYROXFUDGDVHQODKRPHRVWDVLVGHODVHFUHFLyQiFLGRSpSWLFDODV
FpOXODV'SURGXFWRUDVGHVRPDWRVWDWLQDDODVFpOXODV*GHODJDVWULQD\DODVFpOXODVSDULHWDOHVSURGXFWRUDVGH
iFLGRSRUORTXHGHLQLFLRODJDVWULWLVDQWUDORFDVLRQDXQDLQPHGLDWDUHGXFFLyQGHORVQLYHOHVGHVRPDWRVWDWLQD\
FRPRHVWDKRUPRQDUHJXODODSURGXFFLyQGHJDVWULQDHQUHVSXHVWDLQPHGLDWDVHSUHVHQWDXQDKLSHUJDVWULQHPLD
DGHPiV OD SURGXFFLyQ GH JDVWULQD SXHGH HOHYDUVH SRU HIHFWR HVWLPXODQWH GLUHFWR GH FLWRFLQDV SURLQIODPDWRULDV
VREUHODVFpOXODV*GHTXHODJDVWULQDHVSRUVLPLVPDXQIDFWRUGHFUHFLPHQWRSDUDHO+S\ORULFRQVWLWX\HQGRXQ
HIHFWR GH UHWURDOLPHQWDFLyQ SRVLWLYR HIHFWR TXH VH FRQRFH SXHGH UHYHUWLUVH PHGLDQWH XQ WUDWDPLHQWR GH
HUUDGLFDFLyQ /D FRQVHFXHQFLD GH ORV QLYHOHV HOHYDGRV GH JDVWULQD GHSHQGHQ GH ODV DUHDV JiVWULFDV
FRORQL]DGDVSRUODEDFWHULDSRUORTXHHQXQDJDVWULWLVGHSUHGRPLQLRDQWUDOODVFpOXODVHQWHURFURPDILQHV\ODV
SDULHWDOHVGHOFXHUSRJiVWULFRQRHVWiQDIHFWDGDVSRUORTXHDORVQLYHOHVHOHYDGRV\SHUVLVWHQWHVGH JDVWULQD
FRUUHVSRQGHXQLQFUHPHQWRGHODPDVDGHFpOXODVSDULHWDOHVFRQDXPHQWRHQODSURGXFFLyQGHiFLGRFRQ XQ
DXPHQWRGHODFDUJDGHDFLGH]DOGXRGHQRTXHLQGXFHDODPHWDSODVLDJiVWULFDFRPRHIHFWRSURWHFWRU\FRPRHO
+S\ORULQRSXHGHFRORQL]DUDOGXRGHQRQRUPDOFRORQL]DODV]RQDVGHPHWDSODVLDORTXHOOHYDDODLQIODPDFLyQ\
DODFOiVLFDXOFHUDFLyQSpSWLFD6LODLQIODPDFLyQVHH[WLHQGHDOFXHUSR\VHPDQLILHVWDHQIRUPDGHSDQJDVWULWLV
ORV SURFHVRV LQIODPDWRULRV LQGXFLGRV SRU OD EDFWHULD RFDVLRQDQ XQD GLVPLQXFLyQ LPSRUWDQWH H LQGLUHFWD HQ OD
SURGXFFLyQGHiFLGRSRULQKLELUVHODSURGXFFLyQGHKLVWDPLQDGHODVFpOXODVHQWHURFURPDILQHV\GLUHFWDPHQWHSRU
LQKLELUVHODVIXQFLRQHVGHODVFpOXODVSDULHWDOHV/DUHGXFFLyQHQODSURGXFFLyQGHiFLGRRFDVLRQDDXPHQWRHQORV
QLYHOHVGHJDVWULQDQLYHOHVTXHQRWLHQHQUHVSXHVWDHQODSURGXFFLyQGHiFLGRSRUSDUWHGHODPXFRVDJiVWULFD
LQIODPDGDGHOFXHUSRSHURVLVHHYLGHQFLDXQHVWtPXORSUROLIHUDWLYR\UHJHQHUDWLYRDVFHQGHQWHVREUHODVFpOXODV
HSLWHOLDOHVJiVWULFDV(OHIHFWRFRQWLQXRGHSUROLIHUDFLyQUHJHQHUDFLyQ\GHLQIODPDFLyQDIHFWDODVFDUDFWHUtVWLFDV
GHOFLFORFHOXODUHSLWHOLDOTXHOOHYDDXQDSpUGLGDSURJUHVLYDGHODVHVWUXFWXUDVJODQGXODUHVDODDWURILDJiVWULFD\
D XQ DXPHQWR GH SRVLELOLGDGHV GH IRUPDFLyQ GH ~OFHUDV SpSWLFDV JiVWULFDV \ DO DGHQRFDUFLQRPD QR FDUGLDO
7DPELpQVHKDLQVLVWLGRHQPHQFLRQDUTXHODGLVPLQXFLyQHQODSURGXFFLyQGHiFLGRSURWHJHFRQWUDODXOFHUDFLyQ
GXRGHQDO \ GH TXH WDPELpQ SURWHJH GH ODV FRPSOLFDFLRQHV LQGXFLGDV SRU HO UHIOXMR JDVWURHVRIiJLFR &RPR
DUJXPHQWRDIDYRUGHHVWDSRVLELOLGDGVHPHQFLRQDHODXPHQWRFRQVLGHUDEOHGHODVHVRIDJLWLVTXHKDVHJXLGRD
ORVWUDWDPLHQWRVGHHUUDGLFDFLyQGHODEDFWHULD\GHTXHHOHIHFWRSURWHFWRUVHUtDPD\RUSDUDSDFLHQWHVSRUWDGRUHV
GHLQIHFFLyQSRUFHSDVGH+S\ORUL&DJ$GHELGRDODPD\RULQIODPDFLyQGHOFXHUSRJiVWULFRTXHDFHOHUDOD
SURJUHVLyQDJDVWULWLVDWUyILFDPXOWLIRFDO
(QUHVXPHQORVPHFDQLVPRVSDWyJHQRVLPSOLFDGRV\TXHVHHQOLVWDQFRQPiVIUHFXHQFLDDORV\DPHQFLRQDGRV
VRQ SURGXFFLyQ GH WR[LQDV FLWRWR[LQDV XUHDVD PXFLQDVDV OLSDVDV OLSRSROLVDFDULGDVDV KHPROLVLQDV
IRVIROLSDVDV HWF PHGLDGRUHV GH OD LQIODPDFLyQ SRU DFWLYDFLyQ GH QHXWUyILORV GH PRQRFLWRV \ PDFUyIDJRV
HVWLPXODFLyQ GH OD SURGXFFLyQ GH OHXFRWULHQRV GH IHQyPHQRV DXWRLQPXQHV LQILOWUDFLyQ \ GHJUDQXODFLyQ GH
HRVLQyILORV\ODFDSDFLGDGGHUHJXODUODDFWLYLGDGiFLGRSpSWLFDJiVWULFDDODDOWDRDODEDMD
5(638(67$ ,10812/*,&$ '( /$ 08&26$ *675,&$ '(/ +263('(52 $ /$ ,1)(&&,1 325
+(/,&2%$&7(5S\ORUL
/DLQIHFFLyQSRU+S\ORULLQGXFHXQDUHVSXHVWDLQPXQROyJLFDVLVWpPLFD\DQLYHOGHODPXFRVDJiVWULFDTXHVRQ
LPSRUWDQWHV HQ OD SDWRJpQHVLV \ DXQ FXDQGR OD SURGXFFLyQ GH DQWLFXHUSRV TXH VH KD YLVWR HV LPSRUWDQWH VX
DFFLyQHVOLPLWDGD\DTXHQRKDFRQGXFLGRDODHUUDGLFDFLyQGHODLQIHFFLyQ$SHVDUGHORVPHFDQLVPRVTXHHO+
S\ORULKDGHVDUUROODGRSDUDHYLWDURGLVPLQXLUODUHVSXHVWDLQPXQHGHOKRVSHGHURHVWDVtVHSUHVHQWD\VHDFWLYD
GHVGH TXH VH HVWDEOHFH OD LQIHFFLyQ OD TXH VH PDQLILHVWD SRU UHVSXHVWD R VHxDO GH FLWRFLQDV HSLWHOLDOHV \ SRU
LQILOWUDFLyQ GH OD PXFRVD JiVWULFD SRU QHXWUyILORV PDFUyIDJRV \ OLQIRFLWRV OR FXDO HV PiV HYLGHQWH VL OD
FRORQL]DFLyQ VH UHDOL]y SRU FHSDV &DJ$ TXH UHSUHVHQWD XQD UHVSXHVWD LQPXQH DGTXLULGD HVSHFtILFD TXH
LQFOX\HODJHQHUDFLyQGHDQWLFXHUSRVDFWLYDFLyQGHOLQIRFLWRV7FRQUHVSXHVWDVWLSR7KKHOSHU\7KKHOSHU
FRQ SUHGRPLQLR GH OD UHVSXHVWD 7K OR FXDO HV LQXVXDO SDUD ODV EDFWHULDV SURGXFWRUDV GH WR[LQDV
H[WUDFHOXODUHVODVFXDOHVXVXDOPHQWHVRQFRQIURQWDGDVSRUODDFWLYDFLyQGHOLQIRFLWRV%\XQDDOWDSURGXFFLyQGH
DQWLFXHUSRV\TXHUHSUHVHQWDODFOiVLFDUHVSXHVWDLQPXQHWLSR7KSHURHOJUDGRGHDFWLYDFLyQGHODUHVSXHVWD
LQPXQH\TXHUHSUHVHQWDHOVXVWHQWRGHODVSDWRORJtDVDVRFLDGDVDODLQIHFFLyQSRU+S\ORULGHSHQGHQGHORVGRV
IDFWRUHV\DPHQFLRQDGRVODVFHSDV\ORVIDFWRUHVJHQpWLFRVGHOKRVSHGHURSRUORTXHHOHIHFWRFRPELQDGRGH
DPERVIDFWRUHVFRQVLQHUJLVPRH[SOLFDQORVJUDGRVGHSDWRORJtDVRTXHORVLQIHFWDGRVVHPXHVWUHQDVLQWRPiWLFRV
(VWR VH HMHPSOLILFD DO GHPRVWUDUVH TXH HQ KXPDQRV OD ~OFHUD SpSWLFD HV UDUD GXUDQWH OD VXSUHVLyQ
LQPXQROyJLFDFRQFLFORVSRULQD\GXUDQWHHOHPEDUD]RHQGRQGHODVUHVSXHVWDVLQPXQROyJLFDVWLHQHQSUHGRPLQLR
GH UHVSXHVWD DGDSWDWLYD WLSR 7K WDPELpQ HO KHFKR GH OD SRFD IUHFXHQFLD GH HQIHUPHGDGHV JiVWULFDV HQ ODV
SREODFLRQHVDIULFDQDVDSHVDUGHODDOWDSUHYDOHQFLDGHLQIHFFLyQSRU+S\ORULFRQFLIUDVSRUDUULEDGHOHQ
GRQGHSUHGRPLQDXQDUHVSXHVWDDGDSWDWLYDGHWLSR7KVHSLHQVDTXHHVWDUHVSXHVWDGLVPLQXLGDSDUHFHHVWDU
LQGXFLGDVSRUSDUDVLWRVLVHQGpPLFDVKHOPLQWLDVLV\SDOXGLVPRFRQVWLWX\HQGROROODPDGRFRPRHQLJPDDIULFDQR

7RGDYtD HQ OD OLWHUDWXUD GHO DxR HV IUHFXHQWH TXH VH PHQFLRQH TXH HO PHFDQLVPR UHVSRQVDEOH GH ODV
PDQLIHVWDFLRQHV FOtQLFDV SURWHLIRUPHV TXH VLJXHQ D OD LQIHFFLyQ SRU + S\ORUL QR HVWi WRWDOPHQWH HVFODUHFLGR
FRPRWDPSRFRVHKDHVWDEOHFLGRXQPRGHORWHyULFRTXHH[SOLTXHDVDWLVIDFFLyQODUHVSXHVWDLQPXQH\TXHWLHQH
OXJDUHQODPXFRVDJiVWULFD\TXHVLJXHVLQGXGDDODLQYDVLyQGHODEDFWHULD/RTXHVHDFHSWDHVTXHOD
FHSD&DJ$HVODTXHWLHQHPD\RUFDSDFLGDGGHLQGXFLUUHVSXHVWDLQIODPDWRULDHLQPXQHHQODPXFRVDJiVWULFD
SHURWDPELpQVHOHKDDVRFLDGRDXQDPHMRUUHVSXHVWDDOWUDWDPLHQWRGHHUUDGLFDFLyQ\TXHODVFHSDV9DF$VH
FDUDFWHUL]DQSRUVHUPHQRVFLWRWy[LFDVRSDWyJHQDV
8QDYH]TXHHO+S\ORULVHKDHVWDEOHFLGRHQODLQWHUIDVHHQWUHODFDSDPXFRVD\HOHSLWHOLRJiVWULFRVHPDQLILHVWD
ODFDSDFLGDGGHPHGLDUSURFHVRVGHVXSHUYLYLHQFLDVLVWHPDHQ]LPiWLFRGHXUHDVDGHDGKHVLyQFRORQL]DFLyQ\
PXOWLSOLFDFLyQVHJXLGRVGHOLQLFLRGHOGDxRWLVXODUORFDOL]DGR\PHGLDGRSULQFLSDOPHQWHSRUUHVLGXRVGHXUHDVD
PXFLQDVDIRVIROLSDVDODVSURWHLQDV&DJ$\9DF$\ORLPSRUWDQWHTXHMXQWRFRQHOSROLVDFiULGREDFWHULDQR\OD
PLVPDXUHDVDHVWLPXODQLQPHGLDWDPHQWHODUHVSXHVWDGHWLSRLQIODPDWRULR/DSDWRJpQHVLVGHGLFKDUHVSXHVWD
LQFOX\H XQD SULPHUD IDVH FDUDFWHUL]DGD SRU OD OLEHUDFLyQ GH VXVWDQFLDV Wy[LFDV TXH HVWLPXODQ OD UHVSXHVWD
LQPXQROyJLFDORFDOH[SUHVDGDHQXQDXPHQWRGHODLQPXQRJOREXOLQD,J$TXHUHSUHVHQWDODLQPXQRJOREXOLQD
SULQFLSDO GH ODV PXFRVDV FRQ HO REMHWLYR GH LPSHGLU OD LQIHFFLyQ ODV SULQFLSDOHV FpOXODV LQIODPDWRULDV
SDUWLFLSDQWHVHQHVWHSURFHVRLQLFLDOVRQORVQHXWUyILORVSRUORTXHVXSUHVHQFLDMXQWRDIROtFXORVOLQIRLGHVVRQ
LQGLFDWLYRVGHVLJQRGHDFWLYLGDGHLQFOXVRHQHVWDIDVHHVIUHFXHQWHREVHUYDULQYDVLyQLQWUDFHOXODUHSLWHOLDOGH
EDFWHULDV(Q XQD VHJXQGD IDVH VH PDQLILHVWD XQD DPSOLILFDFLyQ GH OD UHVSXHVWD LQIODPDWRULD SRU OD SUHVHQFLD
DJUHJDGD GH OLQIRFLWRV PDFUyIDJRV \ PDVWRFLWRV TXH HQ HO VLWLR GH OHVLyQ VX SDSHO HV HO GH OLEHUDU XQD JUDQ
YDULHGDGGHPHGLDGRUHVTXtPLFRVFRPRFLWRFLQDVHLFRVDQRLGHVPHWDEROLWRVUHDFWLYRVGHR[tJHQRHQIRUPDGH
UDGLFDOHV OLEUHV GH R[tJHQR \ GH DFWLYDU HO VLVWHPD GH FRPSOHPHQWR & \ IDYRUHFHU OD SHUPDQHQFLD GH OD
LQIODPDFLyQVHPHQFLRQDTXHHQHVWDVHJXQGDIDVHWDPELpQSDUWLFLSDQQHXURSpSWLGRVOLEHUDGRVSRUODVQHXURQDV
GHO VLVWHPD QHUYLRVR HQWpULFR TXH FRQWULEX\HQ D DPSOLDU OD UHVSXHVWD LQIODPDWRULD \ SURSLFLDU WUDVWRUQRV
IXQFLRQDOHVGHOHVWyPDJRFRORQL]DGRSRU+S\ORUL(VWD~OWLPDHWDSDHVLPSRUWDQWHHQODSDWRJpQHVLVGHOD
LQIODPDFLyQJiVWULFDUHVDOWDQGRODSDUWLFLSDFLyQGHOVLVWHPDLQPXQHORFDO\VLVWpPLFRHQHOLQWHQWRGHFRQWURODUOD
LQIHFFLyQ\GHODQHXWUDOL]DFLyQGHODVFLWRWR[LQDVEDFWHULDQDVORTXHDGHPiVSRWHQFLDODGHVWUXFFLyQKtVWLFDOD
TXHVHJ~QODGXUDFLyQSXHGHOOHYDUDODJDVWULWLVGHJUDGRYDULDEOH\ODSURGXFFLyQGH~OHUDVSpSWLFDV

(Q OD GHIHQVD GHO RUJDQLVPR IUHQWH DO + S\ORUL VH RULJLQDQ YDULDV UHVSXHVWDV HQ IRUPD GH FLWRFLQDV FRPR OD
LQWHUOHXFLQD ,/ TXH DFW~D FRPR TXLPLRDWUD\HQWH HQ OD LQPXQRSDWRJpQHVLV GH ODV JDVWULWLV DO DWUDHU
QHXWUyILORV PDFUyIDJRV \ FpOXODV GHO OLQDMH OLQIRLGH RWUD FLWRFLQD FRPR OD LQWHUOHXFLQD ,/ TXH HVWi
LQYROXFUDGDHQODLQGXFFLyQGHLQIODPDFLyQFUyQLFD\GHODVHYHUDLQILOWUDFLyQGHSROLPRUIRQXFOHDUHV\GHFpOXODV
PRQRQXFOHDUHV(O+S\ORUL HV FDSD] GH DFWLYDU \ SURPRYHU OD GLIHUHQFLDFLyQ GH OLQIRFLWRV 7 KHOSHU \ HQ
UHODFLyQ D ODV FLWRFLQDV SUHVHQWHV \ D ODV FRQGLFLRQHV LQPXQROyJLFDV SURSLDV GH FDGD LQGLYLGXR VH SXHGHQ
GLIHUHQFLDU HQ 7K PHGLDQGR XQD UHVSXHVWD GH WLSR FHOXODU R ELHQ 7K FRQ UHVSXHVWD GH WLSR KXPRUDO /D
UHVSXHVWDFHOXODUPHGLDGDDWUDYpVGHFLWRFLQDVWLSR7KFRPRLQWHUIHURQJDPD,)1JLQWHUOHXFLQD,/\
IDFWRU GH QHFURVLV WXPRUDO DOID )17D HQ WDQWR TXH ODV FLWRFLQDV GH WLSR 7K FRPR LQWHUOHXFLQD ,/ H
LQWHUOHXFLQD,/FRPRUHVSXHVWDGHWLSRKXPRUDO6HSUHWHQGHUHFRQRFHUFRPRSRVLELOLGDGTXHODUHVSXHVWD
LQPXQHGHULYDGDGHODLQYDVLyQSRUODEDFWHULDDODPXFRVDJiVWULFDDOSDUHFHUVHUHDOL]DPHGLDQWHXQHTXLOLEULR
HQWUHODVUHVSXHVWDVGHODOtQHDFHOXODU\GHODKXPRUDOTXHH[SUHVDQODVDFFLRQHVLQIODPDWRULDVFDUDFWHUtVWLFDV
LQGXFLGD SRU HO + S\ORUL (VWR VH KDFH HYLGHQWH DO FRQRFHUVH VLQ GXGD TXH DOJXQRV SDFLHQWHV PDQLILHVWDQ
UHVSXHVWD LQIODPDWRULD SHUVLVWHQWH VLQ GDxRV PD\RUHV \ RWURV FRQ UHVSXHVWDV KXPRUDOHV R FHOXODUHV PiV
DJUHVLYDVTXHLQFOXVROOHYDQDGHVDUUROODUQHRSODVLDV
3DUDODUHVSXHVWDFHOXODUVLHPSUHVHPHQFLRQDQGRVPHFDQLVPRVXQRUHSUHVHQWDGRSRUODIDJRFLWRVLV\HORWUR
SRU OD DSRSWRVLV /D IDJRFLWRVLV VH HIHFWXD PHGLDQWH FpOXODV PRQRQXFOHDUHV GHO WLSR GH ORV PDFUyIDJRV TXH
DFW~DQFRPRFpOXODVSUHVHQWDGRUDVGHDQWtJHQRV&3$FX\DIXQFLyQHVSUHFLVDPHQWHSUHVHQWDUORVDQWtJHQRV
GHO+S\ORULDORVOLQIRFLWRV7FLUFXODQWHVSHURFRPRORVPDFUyIDJRVQRUHVLVWHQHOiFLGRFORUKtGULFR\ORVIDFWRUHV
GHYLUXOHQFLD\GHSDWRJHQLFLGDGGHODEDFWHULDVRQH[WUDRUGLQDULDPHQWHSRWHQWHVODIDJRFLWRVLVVHYHLPSHGLGD
UHSUHVHQWDQGRXQDIDVHHIHFWRUDQRORVXILFLHQWHPHQWHHIHFWLYDFRPRSDUDGHVWUXLUDODEDFWHULDORTXHPXHVWUD
TXHODUHVSXHVWDLQPXQROyJLFDLQLFLDGDTXHGDVyORFRPRSUHVHQWDFLyQDQWLJpQLFD\VLVHSURGXFHQDQWLFXHUSRV
SRUODSUHYLDHVWLPXODFLyQFHOXODURGHOLQIRFLWRV%WDPELpQORVDQWLFXHUSRVQRVRQVXILFLHQWHPHQWHHIHFWLYRVSDUD
FRQWURODUOD LQYDVLyQ EDFWHULDQD DGHPiV GH TXH ORV DQWLFXHUSRV QR WLHQHQ FDSDFLGDG SDUD DWUDYHVDU OD FDSD
PXFRVD JiVWULFD OOHJDU D ODV EDFWHULDV FRQWURODUODV \ HYLWDU PiV GDxRV /D DSRSWRVLV R PXHUWH FHOXODU
SURJUDPDGD HVWi SUHVHQWH SDUD ORJUD HVWDELOLGDG QXPpULFD FHOXODU HQ OD PXFRVD JiVWULFD PHGLDQWH XQD
SUROLIHUDFLyQFHOXODUEDODQFHDGD\UHJXODGDSRUVHxDOHVHLQWHUDFFLRQHVFpOXODFpOXODFRPRSDUWHGHXQFRQWURO
VRFLDOTXHJDUDQWLFHTXHODVFpOXODVLQGLYLGXDOHVWUDEDMHQSDUDHOELHQFRP~QGHORUJDQLVPRFRPR XQ WRGR (O
PHFDQLVPRGHDSRSWLVLVHVGHWLSRFLWRWy[LFRDWUDYpVGHOLQIRFLWRV&'DFWLYDQGRFDVSDVDVSULQFLSDOPHQWH
FDVSDVD \ TXH UHSUHVHQWDQ XQ HVODEyQ LPSRUWDQWH HQ OD FDVFDGD DSRSyWLFD \D TXH GLFKD SURWHLQD DFWLYD
'1$VDVFLWRSODVPiWLFDVTXHDOPLJUDUDOQ~FOHRFHOXODUGHJUDGDQHO$'1FURPRVRPDO6HKDSURSXHVWRTXHHQ
ODLQIHFFLyQSRU+S\ORULGHODPXFRVDJiVWULFDDOSUHVHQWDUVHXQDXPHQWRGH)17DSRUUHVSXHVWDLQPXQHGHWLSR
FHOXODU7KVHFRQWULEX\HDXQDXPHQWRGHODDSRSWRVLVFHOXODUSRUDXPHQWDUVHODDFWLYLGDGGHFDVSDVDYtDGH
ODDFWLYDFLyQGHODFDVSDVD6HFRQRFHQHVWXGLRVVREUHHOSRVLEOHHIHFWRGHODWR[LQDYDFXROR]DQWH9DF$TXH
GHSHQGLHQGRGHVXFRQFHQWUDFLyQHQORVPLFURQLFKRVGHLQIHFFLyQHVFDSD]GHPHGLDUHOIHQyPHQRDSRSWyWLFR
GHODVFpOXODVGHOHSLWHOLRJiVWULFRFRQLQIHFFLyQTXHSXHGHIDYRUHFHUVHSRUGRVIDFWRUHVFRQRFLGRVODGXUDFLyQ
SRU DxRV GH OD LQIHFFLyQ \ SRVLEOHV FRQFHQWUDFLRQHV DOWDV GH OD WR[LQD 9DF$ TXH DXPHQWDUtDQ HO SURFHVR
DSRSWyWLFR\ORFRQWUDULRKDUtDTXHGLVPLQX\HUDGLFKRHIHFWR(QHOHVWXGLRGHORVPHGLDGRUHVPROHFXODUHV
GHODDSRSWRVLVVHKDGHPRVWUDGRXQDXPHQWRGHODH[SUHVLyQGHOVXSUHVRUWXPRUDOS\GHODSURWHLQDSUR
DSRSWyWLFD %D. HQ UHVSXHVWD D OD LQIHFFLyQ SRU + S\ORUL /D SURWHLQD S HV HVHQFLDO SDUD OD LQGXFFLyQ GH
DSRSWRVLV FRPR UHVSXHVWD D XQ GDxR FURPRVyPLFR DFWXDQGR SRU EORTXHR GH OD UHSOLFDFLyQ GHO $'1 GH ODV
FpOXODVGDxDGDV\VtODVOHVLRQHVGHOFURPRVRPDQRSXHGHQVHUUHSDUDGDVHQFLHUWRWLHPSRODVFpOXODVPXHUHQ
SRUDSRSWRVLV(OJHQTXHTXHFRGLILFDHOSHVWDLQDFWLYDGRHQXQGHODVQHRSODVPDVKXPDQDVLQFOX\HQGR
ODVJiVWULFDVSHUPLWLHQGRDODVFpOXODVQHRSOiVLFDVVREUHYLU\UHSURGXFLUVHD~QHQSUHVHQFLDGHVX$'1GDxDGR
IDYRUHFLHQGRIXWXUDVPXWDFLRQHV
/D UHVSXHVWD KXPRUDO GHVGH TXH VH HVWDEOHFH OD LQIHFFLyQ SRU HO + S\ORUL VH SURGXFHQ LQPXQRJOREXOLQDV
GLYHUVDV \ TXH DFW~DQ DFWLYDQGR PHFDQLVPRV HIHFWRUHV DVt OD ,J$ HV OD LQPXQRJOREXOLQD SULQFLSDO GH ODV
PXFRVDVDFWXDQGRFRPRODSULPHUDOtQHDGHGHIHQVDDQWHGLYHUVRVDJHQWHVSDWyJHQRVGHVHPSHxDQGRXQSDSHO
LPSRUWDQWH DO IDFLOLWDU OD IDJRFLWRVLV VLHQGR GH JUDQ XWLOLGDG HQ HO GLDJQyVWLFR QR LQYDVLYR GH LQIHFFLyQ
GHWHFWiQGROD HQ PXHVWUDV GH VDOLYD HQ QLxRV /D ,J* DFWLYD OD FOiVLFD YtD GHO FRPSOHPHQWR & TXH IDYRUHFH
RSVRQL]DFLyQ\WDPELpQODIRJRFLWRVLV\HVODLQPXQRJOREXOLQDHPSOHDGDHQHOGLDJQyVWLFR\HQHOVHJXLPLHQWR
/D,J0VHSUHVHQWDHQORVSDFLHQWHVTXHFXUVDQFRQSULPRLQIHFFLyQGH+S\ORULORFXDOHVSRFRIUHFXHQWHHQORV
SDtVHVHQGHVDUUROORSRUODKDELWXDOLQIHFFLyQGHVGHWHPSUDQDHGDG\DODIDOWDGHLQYHVWLJDFLRQHV/D,J(\TXH
UHSUHVHQWDODPHGLDGRUDGHORVSURFHVRVGHKLSHUVHQVLELOLGDGGHWLSRHQUHODFLyQDORVDUHDFFLRQHVDOpUJLFDV\
TXHKDWRPDGRLPSRUWDQFLDDOFRQRFHUVHTXHHO+S\ORULVHDVRFLDD HQIHUPHGDGHV H[WUDJiVWULFDV ODV TXH VH
LQLFLDURQ FRQ DFHSWDU TXH OD LQIHFFLyQ FXUVD FRQ SURFHVRV DOpUJLFRV FRPR OD XUWLFDULD FUyQLFD LGLySiWLFD VLQ
HPEDUJRVHKDDFHSWDGRTXHORVQLYHOHVGH,J(HVSHFtILFDDQWL+S\ORULQRVHDVRFLDQSURSRUFLRQDOPHQWHDOD
VHYHULGDGGHODVSDWRORJtDV\DODUHVSXHVWDGHHUUDGLFDFLyQ
&8$'526&/1,&26
&RPRVHPHQFLRQyGHODPD\RUtDGHODVSHUVRQDVLQIHFWDGDVHQWRGRHOPXQGRSRUHO+S\ORULODSURSRUFLyQGH
SHUVRQDVTXHGHVDUUROODQFXDGURVFOtQLFRVFRQVLQWRPDWROJtD\FRPSOLFDFLRQHVUHSUHVHQWDVyORGHODO
DGHPiV GH TXH OD VLQWRPDWRORJtD LQLFLDO HV PX\ LQHVSHFtILFD GLItFLO GH LQYHVWLJDU SDUD GHWHUPLQDU ORV
PRPHQWRVGHLQLFLRGHODLQIHFFLyQVREUHWRGRSRUTXHSDUDODPD\RUtDODVLWXDFLyQSDVDGHVDSHUFLELGD\HQOD
PD\RUtDGHODSREODFLyQPXQGLDOODLQIHFFLyQFXUVDSRUDxRVDVLQWRPiWLFD/DVPDQLIHVWDFLRQHVFOtQLFDVVRQ
ODVGLJHVWLYDVJDVWULWLV~OFHUDSpSWLFDGLVSHSVLDQRXOFHURVDDGHQRFDUFLQRPDHOOLQIRPDJiVWULFRWLSR0$/7\
ODVPDQLIHVWDFLRQHVH[WUDJiVWULFDV
*$75,7,6
/D JDVWULWLV TXH VH RULJLQD GHVSXpV GH OD LQIHFFLyQ SRU + S\ORUL SXHGH HYROXFLRQDU VLQ VLQWRPDWRORJtD R ELHQ
PDQLIHVWDU OD H[SUHVLyQ FOtQLFD SURSLD GH ODV JDVWULWLV DJXGD GRORU HQ HSLJDVWULR QDXVHDV YyPLWRV DQRUH[LD
PDOHVWDUJHQHUDO\HQDOJXQRVFDVRVILHEUHVLQWRPDWRORJtDTXHVHSURORQJDSRUXQDVHPDQDSDUDGHVDSDUHFHU
KDELWXDOPHQWHVLQWUDWDPLHQWRHVGHFLUHQODSULPRLQIHFFLyQHOFXDGURHVDXWROLPLWDGR/DLQIHFFLyQSHUPDQHFHUi
LQGHILQLGDPHQWH FRQ R VLQ VLQWRPDWRORJtD HYROXFLRQDQGR D OD IRUPD FUyQLFD RFDVLRQDQGR JDVWULWLV FUyQLFD
VXSHUILFLDO GLIXVD TXH SXHGH HYROXFLRQDU D JDVWULWLV DWUyILFD HQ SDUFKHV R PXOWLIRFDO D XQD YHUGDGHUD DWURILD
JiVWULFD\DPHWDSODVLDJiVWULFD
/&(5$63e37,&$6
$FWXDOPHQWH VH FRQRFH TXH PiV GHO GH ORV SDFLHQWHV FRQ ~OFHUD GXRGHQDO \ GH D GH ORV
SDFLHQWHVFRQ~OFHUDJiVWULFDHVWiQLQIHFWDGRVFRQHO+S\ORULSHURORTXHVLHPSUHKDVLGRXQHQLJPDHVHO
GHTXHVyORHOGHWRGRVORVLQIHFWDGRVSXHGHQGHVDUUROODU~OFHUDVSpSWLFRVSRUORTXHVHDFHSWDHOTXH
GHEDQ H[LVWLU RWURV IDFWRUHV HWLRSDWRJpQLFRV QHFHVDULRV SDUD TXH VH SUHVHQWH OD FRPSOLFDFLyQ XOFHURVD
FHQWUiQGRVH ODV LQYHVWLJDFLRQHV HQ OD LQIHFFLyQ SRU FHSDV EDFWHULDQDV PiV YLUXOHQWDV OD VXVFHSWLELOLGDG R OD
UHVLVWHQFLDGHOKRVSHGHURDODLQIHFFLyQXQDVXVFHSWLELOLGDGJHQpWLFD\ SRU VXSXHVWR IDFWRUHV DPELHQWDOHV /D
HGDG HQ TXH VH DGTXLHUH OD SULPRLQIHFFLyQ SRU + S\ORUL SXHGH LQIOXLU HQ OD SRVLELOLGDG GH TXH VH GHVDUUROOHQ
~OFHUDV SpSWLFDV GXRGHQDOHV \ JiVWULFDV VL OD LQIHFFLyQ VH DGTXLHUH HQ HGDGHV WHPSUDQDV H[LVWHQ PiV
SRVLELOLGDGHVGHGHVDUUROODUJDVWULWLVFUyQLFDDWUyILFDFRQXQDGLVPLQXFLyQGHODVHFUHFLyQiFLGDJiVWULFDORTXH
IDYRUHFHODIRUPDFLyQGH~OFHUDVJiVWULFDV\PHQRUSRVLELOLGDGGHGHVDUUROODU~OFHUDVGXRGHQDOHV\VLODLQIHFFLyQ
VHDGTXLHUHHQHGDGHVWDUGtDVHQGRQGHODJDVWULWLVDIHFWDUiSUHGRPLQDQWHPHQWHHODQWURJiVWULFROD VHFUHFLyQ
iFLGDHVWDUiDXPHQWDGDORTXHIDYRUHFHODIRUPDFLyQGH~OFHUDVGXRGHQDOHV6HFRQRFHSRUDxRVTXHORV
LQGLYLGXRVSRUWDGRUHVGHOJUXSRVDQJXtQHRWLHQHQXQDIUHFXHQFLDGH~OFHUDGXRGHQDO GH D PiV
HOHYDGDTXHORVLQGLYLGXRVFRQ JUXSRV $ % R $% SHUR QR VH KD GHPRVWUDGR R HQFRQWUDGR GLIHUHQFLDV HQ ODV
SUHYDOHQFLDVGHLQIHFFLyQQLHQODPDJQLWXGGHODLQIHFFLyQLQGXFLGDVSRU+S\ORULHQUHODFLyQDORVGLIHUHQWHV
JUXSRVVDQJXtQHRVRGHOIDFWRUGH5K$OSDUHFHU\FRPR\DVHPHQFLRQyHOSRWHQFLDOXOFHURJpQLFRGHODV
GLIHUHQWHV FHSDV GH + S\ORUL GHSHQGH GH OD SURGXFFLyQ GH OD SURWHLQD &DJ$ DVRFLDGD D WR[LFLGDG \ TXH
UHSUHVHQWDHOHIHFWROHVLYRFDUDFWHUtVWLFRGHO+S\ORULVREUHODVFpOXODVHSLWHOLDOHVDXPHQWDQGRODSHUPHDELOLGDG
GHODVPHPEUDQDVDODDFFLyQGHODFLWRWR[LQDYDFXROL]DQWH9DF$WDPELpQVHFUHWDGDSRUODEDFWHULD$VtODVFHSDV
&DJ$ VH KDQ DVRFLDGR D XQD PD\RU GHQVLGDG EDFWHULDQD HQ OD PXFRVD JiVWULFD PD\RU LQGXFFLyQ HQ OD
SURGXFFLyQGHLQWHUOHXFLQDV\SURGXFLUPiVLQIODPDFLyQTXHODVFHSDV&DJ$(OJUDGR\ODGLVWULEXFLyQGHOD
JDVWULWLV RFDVLRQDGDV SRU HO + S\ORUL VHUi XQ IDFWRU GHWHUPLQDQWH HQ ODV DOWHUDFLRQHV GH OD VHFUHFLyQ iFLGD \
FRQWULEXLUDODSDWRJHQLDGHODXOFHURJpQHVLV
8QKHFKRLPSRUWDQWHHVHO\DPHQFLRQDGRGHTXHODSUHYDOHQFLDGHLQIHFFLyQSDUDOD~OFHUDGXRGHQDOHVGH
RPiVHQGLIHUHQWHV]RQDVGHOPXQGRH[FHSWRHQDOJXQRVSDtVHVGHVDUUROODGRVFRPRORV((88HQGRQGHVH
UHSRUWDQFLIUDVPHQRUHVDORTXHVHUHODFLRQDDTXHWDPELpQODSUHYDOHQFLDGHLQIHFFLyQSDUDWRGD
VX SREODFLyQ WDPELpQ HV PHQRU GHPRVWUiQGRVH TXH OD WDVD GH SUHYDOHQFLD GH ~OFHUD GXRGHQDO DWULEXLEOH D
LQIHFFLyQ SRU + S\ORUL GLVPLQX\H FXDQWR HV PHQRU OD SUHYDOHQFLD GH OD LQIHFFLyQ SRU + S\ORUL HQ OD SREODFLyQ
JHQHUDO(VWRHVORTXHKDVXFHGLGRHQORVSDtVHVGHVDUUROODGRVHQGRQGHHOSUREOHPDGHOD~OFHUDGXRGHQDOKD
GLVPLQXLGR\DVHDSRUHIHFWRVGHWHUDSLDVGHHUUDGLFDFLyQRSRUVXVPHMRUHVFRQGLFLRQHVVRFLRHFRQyPLFDV\GH
VDOXGDPELHQWDO(QVtQWHVLVHQWUHORVIDFWRUHVGHYLUXOHQFLD\SDWRJHQLFLGDGGHO+S\ORULTXH FRQWULEX\HQ
GLUHFWDPHQWHDODVDOWHUDFLRQHVGHODEDUUHUDPXFRVDDODOHVLyQGHOHSLWHOLR\DODXOFHURJpQHVLVGHVWDFDQODV
WR[LQDVORVPHGLDGRUHVGHODLQIODPDFLyQ\ODVHFUHFLyQiFLGDJiVWULFDEXVFDUUHIGHGLVPLQXFLyQGHXS
',63(36,$128/&(526$
/DGLVSHSVLDQRXOFHURVDHVXQDHQWLGDGFOtQLFDTXHIRUPDSDUWHGHORVFXDGURVGHORVWUDVWRUQRVIXQFLRQDOHVGHO
DSDUDWRGLJHVWLYR\FX\RGLDJQyVWLFRLPSOLFDQHFHVDULDPHQWHXQDDXVHQFLDGHDOWHUDFLRQHVDQDWRPRSDWROyJLFDV
FRQPpWRGRVGHD\XGDGLDJQyVWLFRVFRQYHQFLRQDOHV/DGLVSHSVLDQRXOFHURVDHVPX\IUHFXHQWH\VHFDUDFWHUL]D
SRUVLQWRPDWRORJtDGLJHVWLYDDOWDPX\KHWHURJHQHDTXHLQFOX\HPROHVWLDRGRORUIUDQFRHQHSLJDVWULRVHQVDFLyQ
GH SOHQLWXG SRVWUSUDQGLDO VDFLHGDG GLJHVWLYD FRQ SRFR DOLPHQWR HUXFWRV QDXVHD SLURVLV R VLPSOHPHQWH OR
HVSUHVDGDFRPRPDODGLJHVWLyQ(OVtQGURPHGHGLVSHSVLDQRXOFHURVDHVGLDJQyVWLFRGHH[FOXVLyQ\VREUHWRGR
FRQODHQGRVFRSLDTXHUHSRUWDPXFRVDJDVWURGXRGHQDOQRUPDO$QWHHVWDFRQWXQGHQFLDVHKDQDWULEXLGRFRPR
IDFWRUHV FDXVDOHV R HWLSDWRJpQLFRV D WUDVWRUQRV PRWRUHV JiVWULFRV DOWHUDFLRQHV HPRFLRQDOHV H LQFOXVR
SUVLTXLiWULFDVLQIODPDFLyQPLFURVFySLFDGHODPXFRVD\DODSUHVHQFLDGHFRORQL]DFLyQSRU+S\ORULHVWRVHKD
GHPRVWUDGRSRUODLGHQWLILFDFLyQGHODEDFWHULDHQELRSVLDVGHDQWURSRUSUXHEDUiSLGDGHXUHDVD\ORVLJQLILFDWLYR
FRQUHSRUWHVHQGRVFySLFRVGHQRUPDOLGDG PDFURVFySLFD \ HQ SDFLHQWHV FRQ GLVSHSVLD QR XOFHURVD \ TXH SRU
VLQWRPDWRORJtDLQFDSDFLWDQWHVHOOHJyDODHQGRVFRSLD/RVUHSRUWHVHQSHGLDWUtDKDQVLGRPiVIUHFXHQWHV
TXHHQDGXOWRVSHURHQODPD\RUtDGH HVWRV H LQFOXVR HQ WUDEDMRV GH UHYLVLyQ SXEOLFDGRV HQ HO DxR VH
GHPXHVWUDODDVRFLDFLyQGH+S\ORUL\GLVSHSVLDQRXOFHURVD\FRQHQGRVFRSLDVQRUPDOHVFRQIUHFXHQFLDVTXH
YDQGHDGHORVJUXSRVHVWXGLDGRVFRQHOKHFKRDYDORUDUGHFRUUHVSRQGHUDSDtVHVHQGHVDUUROOR
TXH FRPR VH FRQRFH WLHQHQ DOWDV SUHYDOHQFLDV GH LQIHFFLyQ SRU + S\ORUL $O UHFRQRFHUVH ODV GLILFXOWDGHV TXH
VLHPSUHVHKDQWHQLGRHQHOPDQHMRGHORVSDFLHQWHVFRQVtQGURPHGHGLVSHSVLDQRXOFHURVD\QRLGHQWLILFDUVH
SDWRORJtDVUDSLGDPHQWHVHWUDWyGHLPSOLFDUDO+S\ORULFRPRRWURFDXVDQWHGHORV VtQGURPHV GH GLVSHSVLD QR
XOFHURVDSHURHOSUREOHPDVXUJLyFXDQGRH[LVWLHQGRUHSRUWHVTXHPXHVWUDQPHMRUtDGHODVLQWRPDWRORJtDFRQORV
WUDWDPLHQWRVGHHUUDGLFDFLyQWDPELpQDSDUHFLHURQUHSRUWHVTXHUHSRUWDQTXHQRKD\ PHMRUtD /DV
FRQWURYHUVLDVSHUVLVWHQFXDQGRVHWUDWDGHYDORUDUORVFRVWRV\ORVEHQHILFLRVGHWUDWDPLHQWRVGHHUUDGLFDFLyQHQ
SDFLHQWHVFRQVtQGURPHGHGLVSHSVLDQRXOFHURVDSHURTXHSHUWHQHFHQDSDtVHVGHPX\DOWDSUHYDOHQFLD\VREUH
WRGR HQ ORV HVWUDWRV VRFLRHFRQyPLFRV EDMRV 3HUR HQ JHQHUDO VH UHFRPLHQGD TXH WRGR SDFLHQWH FRQ
VtQGURPHGLVSHSVLDQRXOFHURVDGHPiVGHWUHVPHVHVGHHYROXFLyQ\GHODWHUFHUDHGDGHQDGHODQWHGHEHUiQ
VHUVRPHWLGRVDHQGRVFRSLD\D~QFXDQGRHOHQGRVFRSLVWDUHSRUWHHVSHFWRPDFURVFySLFRQRUPDOGHODPXFRVD
JiVWULFDVHGHEHUiQWRPDUELRSDVLDVGHDQWURFXHUSRLQFLVXUDDQJXODUHV\GHOIRQGRJiVWULFRVSDUDLQYHVWLJDU+
S\ORULHIHFWXDQGRSUXHEDUiSLGDGHXUHDVD\HVWXGLRVKLVWRSDWROyJLFRV
,1)(&&,1325+(/,&2%$&7(53\ORUL<(/862'($17,,1)/$0$725,2612(67(52,'(26
/DIUHFXHQFLDGHDVRFLDFLyQHQ~OFHUDSpSWLFDFRQODLQJHVWDGHDQWLLQIODPDWRULRVQRHVWHURLGHRV$,1(V\OD
LQIHFFLyQ SRU + S\ORUL VH UHSRUWD HQ FLIUDV KDVWD GHO SHUR VH GHVFRQRFH VL OD SUHVHQFLD GH OD LQIHFFLyQ
DXPHQWD HO ULHVJR GH GHVDUUROODU ~OFHUD SpSWLFD \ VREUH WRGR FRPSOLFDFLRQHV \ GH HVWDV OD TXH PiV KD
SUHRFXSDGRHV OD KHPRUUDJLD HQ ORV SDFLHQWHV WUDWDGRV FRQ GLFKRV IiUPDFRV ([LVWHQ HYLGHQFLDV GH TXH HO +
S\ORUL HQ GLFKDV FLUFXQVWDQFLDV SDUHFHUtD VHU XQ HVSHFWDGRU LQRFHQWH GH TXH VX SUHVHQFLD SXHGH VHU OD
FRQVHFXHQFLD\FRLQFLGHQFLDGHODVDOWDVSUHYDOHQFLDV\DPHQFLRQDGDVSDUDODSREODFLyQJHQHUDOSUHYDOHQFLD
TXH DXPHQWD FRQ OD HGDG \ HV SUHFLVDPHQWH HQ SDFLHQWHV DGXOWRV PD\RUHV HQ GRQGH PiV VH XWLOL]DQ ORV
DQWLQIODPDWRULRVQRHVWHULRGHRV\ OD DVSLULQD D GRVLV FRQYHQFLRQDOHV R PHQRUHV FRPR DQWLWURPEyWLFR ,QFOXVR
H[LVWHQUHIHUHQFLDVTXHDO+S\ORULOHKDQDWULEXLGRODSRVLELOLGDGGHVHUXQIDFWRUGHSURWHFFLyQDOGLVPLQXLUOD
VHFUHFLyQiFLGDSRUDIHFWDFLyQGHODVFpOXODVSDULHWDOHV\SULQFLSDOHVGHOFXHUSR\IRQGRJiVWULFR(OSDSHOGHOD
EDFWHULD HQ OD HWLRSDWRJHQLD GH OD ~OFHUD SpSWLFD HVWi IXHUD GH GXGD OR TXH HV FRQWURYHUWLEOH HV HO SDSHO TXH
SXHGDWHQHUSHUVHFRPRIDFWRUSDWRJpQLFRGHWHUPLQDQWHHQODHYROXFLyQGHODHQIHUPHGDGXOFHURVDSpSWLFD D
VXV FRPSOLFDFLRQHV OD SHUIRUDFLyQ \ OD KHPRUUDJLD /R TXH VL H[LVWH \ GHPRVWUDGR HV TXH RWURV DFWRUHV VL
LQIOX\HQFRPRIDFWRUHVGHFRPSOLFDFLyQ\VRQGHILQLWLYRVODHGDG\ODLQJHVWDGH$,1(V\HQPHQRVJUDGRHO
WDEDTXLVPRDOFRKROLVPRODPHGLFDFLyQFRQHVWHULRGHV\ORVDQWLFRDJXODQWHV(VWRQRLQYDOLGDHOEHQHILFLRTXHVH
SXHGDWHQHUDODGPLQLVWUDUXQWUDWDPLHQWRGHHUUDGLFDFLyQSDUDHO+S\ORULHQHOWUDWDPLHQWRGH OD ~OFHUD SDUD
HYLWDUODVUHFXUUHQFLDVSHURQRHVJDUDQWtDGHSURWHFFLyQHQSDFLHQWHVGHODWHUFHUDHGDGTXHVRQWUDWDGRVHQ
IRUPD SHUPDQHQWH FRQ $,1(V DVSLULQD \ HVWHURLGHV HV GHFLU TXH ODV FRPSOLFDFLRQHV VLJXHQ WHQLHQGR XQD
UHODFLyQGLUHFWDFRQGLFKRVIiUPDFRV
$'(12&$5&,120$
(OSDSHOGHODLQIHFFLyQFUyQLFDSRU+S\ORULHQODSURGXFFLyQGHDGHQRFDUFLQRPDJiVWULFRSRUFRVWXPEUH VH
GHQRPLQDFDUFLQRPDWLHQHSRUDQWHFHGHQWHDODJDVWULWLVFUyQLFDVHFXQGDULDDODLQIHFFLyQSRUODEDFWHULDORTXH
VH KD GHPRVWUDGR HQ SDtVHV FRQ DOWD SUHYDOHQFLD GH DGHQRFDUFLQRPD JiVWULFR \ FRQ XQD DOWD SUHYDOHQFLD GH
LQIHFFLyQSRU+S\ORULVHFRQRFHWDPELpQTXHHQODVUHJLRQHVFRQDOWDSUHYDOHQFLDGHDGHQRFDUFLQRPDJiVWULFR
ODLQIHFFLyQVHDGTXLHUHGHVGHODLQIDQFLDVLWXDFLyQTXHVHKDGHPRVWUDGRHQ0p[LFRSRUHVWXGLRVUHDOL]DGRVHQ
HO HVWDGR GH &KLDSDV /RV HVWXGLRV HSLGHPLROyJLFRV WUDQVYHUVDOHV TXH KDQ YDORUDGR OD FRH[LVWHQFLD GH
LQIHFFLyQFRQ DGHQRFDUFLQRPD JiVWULFR D SDUWLU GH ELRSVLDV GH PXFRVD JiVWULFD REWHQLGDV HQ HO PRPHQWR GHO
GLDJQyVWLFR GH ODV QHRSODVLDV PXHVWUDQ XQD FLIUD VLJQLILFDWLYDPHQWH PD\RU HQ UHODFLyQ D FRQWUROHV VLQ
QHRSODVLDV&XDQGRODSUHYDOHQFLDGHODLQIHFFLyQVHKDLQYHVWLJDGRSRUHVWXGLRVGHDQWLFXHUSRVVHUROyJLFRVHQ
OXJDU GH OD KLVWRORJtD OD SUHYDOHQFLD HV D~Q PiV VLJQLILFDWLYD OD H[SOLFDFLyQ TXH VH LQIRUPD HQ UHODFLyQ D ODV
GLIHUHQFLDVHQWUHORVHVWXGLRVKLVWROyJLFRV\DIDYRUGHORVVHUROyJLFRVHV GH TXH OD PD\RUtD GH ORV SDFLHQWHV
OOHJDQ D OD JDVWULWLV FUyQLFD DWUyILFD FRQ IRFRV GH PHWDSODVLD LQWHVWLQDO OR TXH LPSOLFD XQD GLVPLQXFLyQ GH OD
LGHQWLILFDFLyQ GH OD EDFWHULD HQ ODV ELRSVLDV /RV HVWXGLRV PiV FRQFOX\HQWHV VRQ ORV SURVSHFWLYRV TXH
LQYHVWLJDQODVHURORJtDHQSDFLHQWHVVDQRVDQWHVGHTXHGHVDUUROOHQDGHQRFDUFLQRPDJiVWULFRFRQVHJXLPLHQWR
KDVWDGHDxRVTXHGHPXHVWUDQTXHODSUHYDOHQFLDGHODLQIHFFLyQSRU+S\ORULHVVLQGXGDPX\VXSHULRUDODV
FLIUDVREWHQLGDVGHFRQWUROHVKHFKRTXHVHKDFHPiVHYLGHQWHVHJ~QVHDODUJXHDDxRVRPiVHOVHJXLPLHQWR
1R REVWDQWH TXH HVWRV HVWXGLRV HSLGHPLROyJLFRV WUDQVYHUVDOHV \ SURVSHFWLYRV SDUHFHQ GHPRVWUDU XQD
UHODFLyQFDXVDOTXHSXHGHVHUFLUFXQVWDQFLDO\QRGHILQLWLYDOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXG206GHVGH
FODVLILFy DO + S\ORUL FRPR DJHQWH FDUFLQyJHQR HQ OD FDWHJRUtD , $Vt OD LQIHFFLyQ SRU + S\ORUL VH
FRQYLUWLyHQXQPRGHORGHHVWXGLRGHGHVDUUROORGHFDQFHUFRPRFRQVHFXHQFLDGHXQDLQIHFFLyQFUyQLFDVLHQGR
HO UHVSRQVDEOH GHO GH ORV PLOORQHV GH WXPRUHV PDOLJQRV RFDVLRQDGRV SRU DJHQWHV FDUFLQyJHQRV
LQIHFFLRVRV$FWXDOPHQWHVHDFHSWDTXHODLQIHFFLyQSRU+S\ORULUHSUHVHQWDXQULHVJRDYHFHVPD\RU
SDUDHOGHVDUUROORGHWXPRUHVJiVWULFRVPiVSDUDHODGHQRFDUFLQRPDGHWLSRLQWHVWLQDOTXHFRQHOGLIXVRORTXH
VHKDGHPRVWUDGRSRUODSUHYDOHQFLDGH+S\ORULHQRPiVHQORVDGHQRFDUFLQRPDVGHWLSRLQWHVWLQDO\GH
VyORSDUDORVGHWLSRGLIXVRODSUHYDOHQFLDGHODLQIHFFLyQWDPELpQVHKDGHPRVWUDGRGLIHUHQWH
HQIXQFLyQGHODORFDOL]DFLyQGHODQHRSODVLDHQHOHVWyPDJRHQGRQGHODORFDOL]DFLyQHQHOFDUGLDVVLQGXGDQR
VHUHODFLRQDDODLQIHFFLyQFRPRVLORHVSDUDODVORFDOL]DFLRQHVHQFXHUSR\VREUHWRGRHQHODQWUR6LQ
GXGD VyOR XQD PLQRUtD GH ORV SDFLHQWHV LQIHFWDGRV GHVDUUROODUiQ DGHQRFDUFLQRPD JiVWULFR \ SDUD ORV TXH OR
KDFHQVHGHEHDODFDSDFLGDGTXHWLHQHODEDFWHULDSDUDRFDVLRQDUJDVWULWLVFUyQLFD\PHWDSODVLDLQWHVWLQDOTXH
VHFRQVLGHUDQOHVLRQHVSUHFXUVRUDVDODVTXHVHSXHGHQDJUHJDURWURVIDFWRUHVTXHSUHGLVSRQHQFRPRODHGDG
HOUHIOXMRELOLDUKHUHGLWDULRV\VREUHWRGRHOTXHODVFHSDVLQIHFWDQWHVH[SUHVHQHOJHQFDJ$/DVEDFWHULDV
PiV SDWyJHQDV VH FDUDFWHL]DQ SRU WHQHU XQ UDFLPR GH JHQHV TXH LQWHJUDQ OD \D PHQFLRQDGD LVOD GH
SDWRJHQLFLGDG TXH FRGLILFD OD SURWHtQD &DJ$ TXH HV UHVSRQVDEOH GH VX WUDVORFDFLyQ D ODV FpOXODV HSLWHOLDOHV
JiVWULFDVGHOKRVSHGHURODSURWHtQD\DGHQWURGHODFpOXODLQGXFHODSURGXFFLyQGHFLWRFLQDV SURLQIODPDWRULDV
LQWHUOHXFLQDEHWD,/E\VXVUHFHSWRUHVDQWDJRQLVWDVODLQWHUOHXFLQD,/ODLQWHUOHXFLQD,/HO
IDFWRU GH QHFURVLV WXPRUDO DOID )17D \ RWUDV FLWRFLQDV TXH DFWLYDQ \ UHFOXWDQ FpOXODV LQIODPDWRULDV HQ OD
PXFRVDRFDVLRQDQGRJDVWULWLVVHYHUD\DOWHUDFLRQHVHQODVHFUHFLyQGHOiFLGRHOSROLIRUPLVPRHVSHFtILFRGH OD
LQWHUOHXFLQDEHWD ,/E SRU DJUXSDFLyQ GH JHQHV LQFUHPHQWD HO ULHVJR GH DGHQRFDUFLQRPD JiVWULFR 6H
VXSRQH TXH D OD LQIODPDFLyQ JiVWULFD FRQ VHYHUR GDxR HSLWHOLDO \ UHSHWLGRV SURFHVRV GH UHSDUDFLyQ SXHGHQ
FRQGLFLRQDU HUURUHV HQ ORV SURFHVRV GH PLWRVLV GH ODV FpOXODV HSLWHOLDOHV FRQ SUROLIHUDFLyQ GH FpOXODV TXH
PXHVWUHQ DOWHUDFLRQHV FURPRVRPDOHV TXH ILQDOPHQWH OOHYDQ DO DGHQRFDUFLQRPD 6H KDQ PHQFLRQDGR RWUDV
DOWHUQDWLYDV SDUD H[SOLFDU OD UHODFLyQ FDXVD HIHFWR GH OD SUHVHQFLD GHO + S\ORUL \ HO DGHQRFDUFLQRPD JiVWULFR
WHQLHQGRHQFXHQWDTXHQRWRGRVORVLQIHFWDGRV\DXQFRQFHSDV&DJ$GHVDUUROODUiQQHRSODVLDV8QDGHHOODV
PHQFLRQDFRPRIDFWRU\TXHLQIOX\HHQODFDUFLQRJpQHVLVHQUHODFLyQDODLQIHFFLyQFUyQLFDSRU+S\ORULHVOD
GLVPLQXFLyQGHOtQGLFHGHDSRSWRVLVFRQXQLQFUHPHQWRGHODSUROLIHUDFLyQFHOXODUHQORVSDFLHQWHVLQIHFWDGRVSRU
FHSDV&DJ$UHVSHFWRDORVSDFLHQWHV&DJ$RORVSDFLHQWHVQRLQIHFWDGRV2WUDDOWHUQDWLYDHVODGH
UHFRQRFHUTXHHOPHGLRGHODPXFRVDLQIHFWDGDHLQIODPDGDSRUHO+S\ORULSURPXHYHPHQVDMHURVSDUDTXHVH
LQMHUWHQHQHOODFpOXODVSOXULSRWHQFLDOHVGHODPpGXODyVHDFpOXODV TXH DQWH XQ DPELHQWH LQKyVSLWR \ H[WUDxR
LQLFLHQ DOWHUDFLRQHV HQ VX FUHFLPLHQWR \ GLIHUHQFLDFLyQ TXH OOHYHQ DO GHVDUUROOR GH FDQFHU /D
FDUFLQRJpQHVLV WDPELpQ SXHGH UHODFLRQDUVH D RWURV PHFDQLVPRV WR[LQDV EDFWHULDQDV \ SURWHLQDV GDxLQDV
VHFUHWDGDVSRUHO+S\ORULRSRUHOSURSLRKRVSHGHURHQUHVSXHVWDLQPXQROyJLFDGHVHQFDGHQDGDSRUODLQIHFFLyQ
FRPR OD H[SUHVLyQ GH SURWRRQFyJHQHV HO LQFUHPHQWR GH ODV FRQFHQWUDFLRQHV GH ODV OLSDVDV \ GH SURWHDVDV
GHULYDGDV GHO PHWDEROLVPR EDFWHULDQR OD GLVPLQXFLyQ GH OD VHFUHFLyQ GHO iFLGR DVFyUELFR TXH FRPR SRWHQWH
DQWLR[LGDQWHHVFDSD]GHHOLPLQDUUDGLFDOHVOLEUHVGHR[tJHQR\QLWULWRVDVtFRPRHOGHLPSHGLUODIRUPDFLyQGH
QLWURVDPLQDV \ TXH VRQ ORV TXH PiV VH PHQFLRQDQ HQ OD OLWHUDWXUD (Q FRQFOXVLyQ HO FOiVLFR PRGHOR
DFHSWDGR GHVGH OD GpFDGD GH ORV DxRV V FRQ XQD FRQFHSFLyQ OyJLFD \ VHQFLOOD SDUD HO GHVDUUROOR GHO
DGHQRFDUFLQRPDJiVWULFRPXFRVDQRUPDOJDVWULWLVFUyQLFDJDVWULWLVDWUyILFDPHWDSODVLDGLVSODVLD\FiQFHU\DQR
HVVXILFLHQWHTXHODWHPSRUDOLGDGSURORQJDGDGHORVSURFHVRVGHFDUFLQRJpQHVLVWDPELpQWLHQHQHWDSDVTXHVRQ
PXOWLIDFWRULDOHV\TXHFRPRHQHOFDVRGHODGHQRFDUFLQRPDJiVWULFRSDUWLFLSDQHOPRPHQWRGHODLQIHFFLyQSRU+
S\ORULODJHQpWLFDGHODEDFWHULDFHSDV&DJ$ODVGLHWDVODJHQpWLFD\ODKHUHQFLDGHOKRVSHGHUR
/,1)20$0$/7
6HUHFRQRFHODDVRFLDFLyQGHLQIHFFLyQSRU+S\ORULFRQHOOLQIRPDJiVWULFRDVRFLDGRDPXFRVDV0$/7SRUVXV
VLJODVHQLQJOHVUHSUHVHQWDQGRHOGHWRGRVORVOLQIRPDV\HOGHWRGDVODVQHRSODVLDVJiVWULFDV
(VWRVWLSRVGHOLQIRPDVJiVWULFRVVRQFRQVHFXHQFLDGHXQHVWtPXORDXWRLQPXQHDQWLJpQLFRFUyQLFRFRPR
HVHOFDVRGHO+S\ORUL\VHRULJLQDQGHOLQIRFLWRV%\VRQFDOLILFDGRVFRPRGHEDMR\DOWRJUDGRGHDFXHUGRDVX
H[WHQVLyQ \ PRUIRORJtD ORFDOL]iQGRVH FDVL VLHPSUH HQ OD UHJLyQ GHO DQWUR :RWKHUVSRRQ HQ SXEOLFy SRU
SULPHUD YH] HQ OD UHYLVWD /DQFHW OD DVRFLDFLyQ HQWUH OD LQIHFFLyQ SRU + S\ORUL \ OD UHVSXHVWD LQIODPDWRULD GH
OLQIRFLWRV%HQODIRUPDFOiVLFDGHJDVWULWLVIROLFXODU\ODVQHRSOiVLDV0$/7$GLIHUHQFLDHQUHODFLyQDORV
DGHQRFDUFLQRPDVJiVWULFRVSDUDILQHVGHOVLJOR;;ODHYLGHQFLDHSLGHPLROyJLFDTXHDSR\DUDDODDVRFLDFLyQGH
OLQIRPDV H LQIHFFLyQ SRU + S\ORUL HUD VLQ GXGD PHQRU \ ODV HYLGHQFLDV GH HVWD DVRFLDFLyQ HQWUH + S\ORUL \
QHRSODVLDV0$/7VHLQLFLDURQFRQORVUHVXOWDGRVGHSXEOLFDFLRQHVTXHGRFXPHQWDURQODUHPLVLyQRUHJUHVLyQ
WRWDOGHORVOLQIRPDVGHEDMRJUDGR\DTXHSDUDORVOLQIRPDVGHDOWRJUDGR\D~QDVRFLDGRVDODLQIHFFLyQVHKD
UHTXHULGR VLHPSUH WUDWDPLHQWR RQFROyJLFR DGHPiV GHO GH HUUDGLFDFLyQ GH OD EDFWHULD \ GHVGH HO GLDJQyVWLFR
LQLFLDO $ OD IHFKD VLQ GXGD VH DFHSWD TXH ODV SHUVRQDV LQIHFWDGDV FRQ + S\ORUL WLHQHQ VHLV YHFHV PiV GH
SRVLELOLGDGHVGHDGTXLULUXQOLQIRPDDVRFLDGRDPXFRVDVHQUHODFLyQDODVSHUVRQDVQRH[SXHVWDVDODLQIHFFLyQ
FRPR VH SXEOLFy GHVGH HQ HO WUDEDMR FOiVLFR GH 3DUVRQQHW $GHPiV H[LVWH HO KHFKR GH TXH ODV
LQFLGHQFLDVGHOLQIRPDVJiVWULFRVGHEDMR\GHDOWRJUDGRVRQVXSHULRUHVHQSREODFLRQHVFRQDOWDSUHYDOHQFLDGH
LQIHFFLyQSRU+S\ORUL\GHTXHODLGHQWLILFDFLyQGHODEDFWHULDVHREWLHQHKDVWDHQHOGHORVSDFLHQWHVFRQ
OLQIRPD0$/7GHEDMRJUDGR(OFUHFLPLHQWRQHRSOiVLFRGHHVWHWLSRGHOLQIRPDVVHUHODFLRQDDOHVWtPXOR
DQWLJpQLFR SRU SDUWH GHO + S\ORUL VREUH ORV OLQIRFLWRV 7 FpOXODV TXH SURGXFHQ FLWRFLQDV FRPR ODV ,/ H ,/
UHSRQVDEOHV GH OD HVWLPXODFLyQ GH ORV OLQIRFLWRV % ORFDOL]DGRV HQ HO ERUGH H[WHUQR GH ORV IROtFXORV OLQIRLGHV
LQGXFLHQGRGHJHQHUDFLyQPDOLJQDHQFpOXODVFHQWURFLWRLGHVPDUJLQDOHVPRQRFORQDOHVTXHLQILOWUDQ\GHVWUX\HQHO
HSLWHOLRJiVWULFRGDQGROXJDUDODVOHVLRQHVOLQIRHSLWHOLDOHVFDUDFWHUtVWLFDVGHHVWHWLSRGHOLQIRPDV/DDIHFWDFLyQ
KLVWROyJLFD GH OD JDVWULWLV FUyQLFD DVRFLDGD D LQIHFFLyQ SRU + S\ORUL VH HYLGHQFLD SRU SUROLIHUDFLyQ OLQIRLGH R
KLSHUSODVLDOLQIRLGHIRFDOORTXHH[SOLFDHQRFDVLRQHVODVGLILFXOWDGHVSDUDGLIHUHQFLDUODGHOOLQIRPD0$/76LHO
HVWtPXORDQWLJpQLFRVLJXHHYLGHQFLiQGRVHHOOLQIRPD0$/7GHEDMRJUDGRHYROXFLRQDDOLQIRPD0$/7GHDOWR
JUDGR OR TXH VH FDUDFWHUL]D SRU OD SUHVHQFLD GH FpOXODV JLJDQWHV FHQWUREODVWRV H LQPXQREODVWRV /D
UHJUHVLyQGHORVOLQIRPDV0$/7GHVSXpVGHOWUDWDPLHQWRKDELWXDOPHQWHHVOHQWDUHSRUWiQGRVHWDVDVGHUHPLVLyQ
GHODGHORVGHGHEDMRJUDGR\HQJHQHUDOODVUHPLVLRQHVVRQHVWDEOHVDODxRGHVHJXLPLHQWRDORV
WUDWDPLHQWRVGHHUUDGLFDFLyQORVOLQIRPDV0$/7TXHDIHFWDQVyORODPXFRVD\DODVXEPXFRVDUHVSRQGHQPHMRU
DOWUDWDPLHQWR\TXHODSUHVHQFLDGHXQSDWUyQLQILOWUDQWHGLIXVR\ODORFDOL]DFLyQSUR[LPDOGHOFXHUSRJiVWULFRVRQ
IDFWRUHV GH SURQyVWLFR QHJDWLYR 'HVSXpV GH OD UHPLVLyQ FRPSOHWD GH XQ OLQIRPD 0$/7 HQ OD PLWDG GH ORV
SDFLHQWHV OD PRQRFORQLFLGDG GHVDSDUHFH LQGLFDQGR UHPLVLyQ PROHFXODU \ UHPLVLyQ FRPSOHWD SHUR HQ OD RWUD
PLWDG SHUVLVWH HO HVWDGR PRQRFORQDO TXH HQFXEUH DOWRV ULHVJRV GH UHFLGLYD GHO OLQIRPD SRU OR TXH WRGRV ORV
SDFLHQWHVDPHULWDQFRQWUROHVWULFWR([LVWHODWHQGHQFLDDVXVWLWXLUODGHQRPLQDFLyQGHOLQIRPDDVRFLDGR
DPXFRVDV0$/7SRUHOGHOLQIRPDJiVULFRWLSR%GHOD]RQDPDUJLQDORPDOWRPD
,1)(&&,1&51,&$325+(/,&2%$&7(5S\ORUL<(1)(50('$'(6(;75$',*(67,9$6
(O+S\ORULKDYLYLGRHQODPXFRVDJiVWULFDKXPDQDSRUPLOHVGHDxRVSRUVXFDSDFLGDGGHQHXWUDOL]DUHOiFLGR
JiVWULFRGHSURSLFLDUXQDUHVSXHVWDLQPXQHORFDO\VLVWpPLFDGHOKRVSHGHURFX\DFDSDFLGDGGHHOLPLQDUORVHKD
PRVWUDGROLPLWDGDSURSLFLDQGRXQDLQIHFFLyQSHUVLVWHQWH\VHUFDXVDGHHQIHUPHGDGHVJiVWULFDVSHURWDPELpQ
VH HPSH]DURQ D GHVFULELU R LGHQWLILFDU RWUDV HQIHUPHGDGHV H[WUDGLJHVWLYDV HQ SDFLHQWHV LQIHFWDGRV HV GHFLU
SDWRORJtDVGLVWDQWHVDOVLWLRSULPDULRGHLQIHFFLyQFRQSUREDEOHUHODFLyQDDOWHUDFLRQHVLQIODPDWRULDVVLVWpPLFDV
LQLFLiQGRVHLQYHVWLJDFLRQHVSDUD FRQRFHU VL GLFKDV HQIHUPHGDGHV HUDQ UHDOPHQWH UHOHYDQWHV /DV TXH PiV VH
PHQFLRQDQVRQODVHQOLVWDGDV
61'520(6 $1e0,&26 $QHPLD IHUURSpQLFD LGLRSiWLFD KDELpQGRVH GHPRVWUDGR QLYHOHV EDMRV GH IHUULWLQD
VpULFDFRQWtWXORVHOHYDGRVGHDQWLFXHUSRVDQWL+S\ORULDGHPiVGHTXHHOWUDWDPLHQWRGHHUUDGLFDFLyQ\DXQVLQ
WUDWDPLHQWRFRPSOHPHQWDULRFRQKLHUURPHMRUDHOVtQGURPHDQpPLFR(QHVWDHQIHUPHGDGH[WUDGLJHVWLYDVLVHKD
GHPRVWUDGR XQD UHODFLyQ HQWUH OD LQIHFFLyQ SRU + S\ORUL \ OD SUHVHQFLD GH DQHPLD IHUURSULYD UHVSDOGDGD SRU
WUDEDMRVTXHSHUPLWHQREWHQHUQLXYHOGHHYLGHQFLDGHDFXHUGRFRQHO,,,&RQFHQVRGH0DDVWULFKWVREUH+S\ORUL
GHO/RVGHPiVSDGHFLPLHQWRVTXHVHKDQLGRDFXPXODQGRDODOLVWDGHDVRFLDFLyQFRQODEDFWHULD
HQWUDQDORVQLYHOHVGHHYLGHQFLDVHULHGHFDVRV\RSLQLRQHVGHH[SHUWRVFRQJUDGRVGHUHFRPHQGDFLyQ
&\'
(1)(50('$'(6 $872,1081(6 7LURLGLWLV DXWRLQPXQH DUWULWLV UHXPDWRLGH S~USXUD WURPERFLWRSpQLFD

DXWRLQPQXQHVtQGURPHGH6M|JUHQ
(1)(50('$'(6'(50$72/*,&$68UWLFDUDFUyQLFDURVDFHD DORSHFLD DUHDWD GHUPDWLWLV DWySLFD S~USXUD

GH+HQRFK6FK|HQOHLQ
(1)(50('$'(6 &$5',29$6&8/$5(6 ,VTXHPLD FRURQDULD DFFLGHQWHV FHUHEURYDVFXODUHV PLJUDxD

IHQyPHQR GH 5D\QDXG /D LQIHFFLyQ SRU + S\ORUL VH KD UHSRUWDGR DVRFLDGR D XQ PD\RU ULHVJR GH SDGHFHU
HQIHUPHGDGHV FDUGLRYDVFXODUHV DVRFLDFLyQ TXH HV LQGHSHQGLHQWH D RWURV IDFWRUHV GH ULHVJR WDEDTXLVPR
KLSHUWHQVLyQDUWHULDOKLSHUOLSLGHPLDV\XQDGHODVKLSyWHVLVTXHPiVVHPHQFLRQDQHVODGHTXHVHSUHVHQWDQ
PRGLILFDFLRQHV DO PHWDEROLVPR OtStGLFR FRQ DXPHQWR GH WULJOLFpULGRV \ XQD UHGXFFLyQ GHO +GOFROHVWHURO OD
LQIODPDFLyQSHUVLVWHQWHGHODPXFRVDJiVWULFDSRUODLQIHFFLyQFUyQLFDSRU+S\ORULLQFUHPHQWDODFRQFHQWUDFLyQGH
SURWHLQDVFRPRHOILEULQyJHQR\ iFLGR VLiOLFR TXH VRQ SUHGLFWRUHV GH HQIHUPHGDG FRURQDULD VH KDQ UHSRUWDGR
QLYHOHV HOHYDGRV GH KRPRFLVWHLQD HQ SDFLHQWHV LQIHFWDGRV UHODFLRQDGRV D XQ LQFUHPHQWR GH ULHVJR GH
DUWHULRHVFOHURVLV SUHPDWXUD OR TXH VH GHEH D TXH GLFKD SURWHLQD LQKLEH OD VHFUHFLyQ GH y[LGR QtWULFR SRU ODV
FpOXODVHQGRWHOLDOHVTXHIDFLOLWDODDJUHJDFLyQSODTXHWDULD\ODYDVRFRQVWULFFLyQDGHPiVGHTXHDOWHUDHOEDODQFH
HQWUHORVIDYRUHFHGRUHVHLQKLELGRUHVGHODFRDJXODFLyQVDQJXtQHD/DHOHYDFLyQGHODKHPRFLVWHLQDHQODVDQJUH
VHUHODFLRQDDGHILFLHQFLDVGHYLWDPLQD%%\GHiFLGRIyOLFRTXHVRQQHFHVDULRVSDUDORVGLIHUHQWHVSDVRVGH
UHPHWLODFLyQ \ WUDQVXOIXUDFLyQ GH OD KHPRFLVWHLQD HVWR HV LPSRUWDQWH SRU TXH ORV SDFLHQWHV LQIHFWDGRV FRQ +
S\ORUL WLHQHQ DEVRUFLyQ GHILFLHQWH GH iFLGR IyOLFR \ GH FREDODPLQD OR TXH HV FDXVD GH FXDGURV GH
SROLQHXURSDWtDVVREUHWRGRVLVHDVRFLDLQIHVWDFLyQFRQ*,$5',$ODPEOLDODTXHSUHGLVSRQHDODDFXPXODFLyQGH
KHPRFLVWHLQD
275$6 (1)(50('$'(6 6H PHQFLRQDQ WDPELpQ RWUDV HQIHUPHGDGHV FRPR OD GLDEHWHV PHOOLWXV WLURLGLWLV
JODXFRPDFUyQLFRGHiQJXORDELHUWRHQFHIDORSDWtDDPRQLDFDO\REHVLGDGSDUDODVFXDOHVODLQIRUPDFLyQVREUHHO
SDSHOTXHSXHGDWHQHUODLQIHFFLyQFUyQLFDSRU+S\ORULHVWiWRPDQGRLQWHUpVFUHFLHQWH
()(&726'(/+S\ORUL62%5(/$6+25021$6/(37,1$<*+5(/,1$
OWLPDPHQWH VH KD PHQFLRQDGR KHFKRV GH REVHUYDFLyQ GH TXH OD FRORQL]DFLyQ SRU + S\ORUL KD DIHFWDGR OD
H[SUHVLyQGHODVKRUPRQDVTXHFRQWURODQHODSHWLWR\ODVDFLHGDGVHFRQRFHTXHODOHSWLQDHVVHFUHWDGRSRUHO
WHMLGRDGLSRVR\HQHOHVWyPDJRSRUODVFpOXODVSULQFLSDOHV\ODVFpOXODVSDULHWDOHVOLEHUDGDHQUHVSXHVWDDORV
DOLPHQWRV \ HVWtPXORV KRUPRQDOHV DVRFLDGRV OD OHSWLQD VHxDOD OD VHQVDFLyQ GH VDFLHGDG DO KLSRWiODPR
RFDVLRQDQGRXQDLQPHGLDWDUHGXFFLyQGH OD LQJHVWD GH DOLPHQWR DXPHQWD OD XWLOL]DFLyQ GH HQHUJtD UHGXFH OD
VHFUHFLyQGHJDVWULQD\GHOiFLGRJiVWULFR\DXPHQWDODSUROLIHUDFLyQGHFpOXODVGHODPXFRVDJiVWULFD/DJKUHOLQD
VHSURGXFHHQODVJOiQGXODVR[tQWLFDV\VHOLEHUDGXUDQWHHOD\XQR\VXSURGXFFLyQHVEORTXHDGDSRUODOHSWLQD\
ODLQJHVWDGHDOLPHQWRV$]XPDHQHOUHSRUWDTXHORVQLYHOHVGHOHSWLQDJiVWULFDVRQPiVHOHYDGRVHQ
ORV LQGLYLGXRV FRORQL]DGRV SRU + S\ORUL HQ FRPSDUDFLyQ FRQ ORV QR FRORQL]DGRV \ TXH HO WUDWDPLHQWR GH
HUUDGLFDFLyQGHODEDFWHULDGLVPLQX\HORVQLYHOHVDFLIUDVQRUPDOHVWHQLpQGRVHODHYLGHQFLDRSXHVWDGHTXHORV
QLYHOHV GH JKUHOLQD VRQ PDV DOWRV HQ LQGLYLGXRV VLQ LQIHFFLyQ EDFWHULDQD \ TXH DGHPiV GLFKRV QLYHOHV VH
DXPHQWDQPiVHQORVLQGLYLGXRVTXHVHVRPHWHQDWUDWDPLHQWRGHHUUDGLFDFLyQ(VXQKHFKRFRQRFLGRTXHVH
JDQDSHVRGHVSXpVGHORVWUDWDPLHQWRVGHHUUDGLFDFLyQORTXHVHJXUDPHQWHWLHQHXQDIUDQFDUHODFLyQKRUPRQDO
WDPELpQVHFRQRFHTXHODREHVLGDGFRPRSUREOHPDGHVDOXGVHKDLQFUHPHQWDGRQRWDEOHPHQWHHQORVSDtVHV
GHVDUUROODGRVVLWXDFLyQTXHYDDSDUHMDGDDODGHPRVWUDGDGLVPLQXFLyQGHODVSUHYDOHQFLDVGHODLQIHFFLyQSRU+
SS\ORULHVXQKHFKRGHTXHHQORVSDtVHVHQGHVDUUROORODPD\RUtDGHORVLQIDQWHVDGTXLHUHQODLQIHFFLyQDQWHV
GHORVDxRV\TXHDORVDxRVFDVLHOHVWiQLQIHFWDGRVHQFDPELRHQORVSDtVHVGHVDUUROODGRVSRFRV
LQIDQWHVHVWiQLQIHFWDGRV3DUHFHUtDTXHORVJHQHVGHO+S\ORULUHSUHVHQWDQXQDFRQWULEXFLyQSDUDFRPSOHPHQWDU
HO SDSHO GH ORV JHQHV KXPDQRV SDUD HO DKRUUR YLJRURVR GH FDORUtDV \ TXH FXDQGR HO + S\ORUL GHVDSDUHFH OD
DXVHQFLD SXHGH WHQHU XQ SDSHO LPSRUWDQWH HQ OD PDJQLWXG GH OD DGLSRVLGDG GH LQIDQWHV \ GH DGXOWRV HVWD
VLWXDFLyQQRKDVLGRVXILFLHQWHPHQWHLQYHVWLJDGD
,1)(&&,13(',75,&$
+DVWDDQWHVGHTXHVHFRQRFLHUDODLPSRUWDQFLDGHODLQIHFFLyQSRU+S\ORULGHVGHODLQIDQFLDVHDFHSWDEDTXHOD
FDXVD PiV FRP~Q GHO FRQRFLGR FXDGUR GH GRORU DEGRPLQDO UHFXUUHQWH HQ SHGLDWUtD '$5 HUD GH RULJHQ
VLWXDFLRQDO SRU HO HQWRUQR \ SRU WDQWR SVLFROyJLFR SHUR D SDUWLU GH TXH VH FRQRFLy TXH HO GRORU DEGRPLQDO
UHFXUUHQWH HQ DGXOWRV SRGUtD UHODFLRQDUVH D JDVWULWLV SRU + S\ORUL HQ DOJXQRV \D TXH HQ RWURV SXHGH KDEHU
JDVWULWLVVLQVLQWRPDWRORJtDWDPELpQVHGHPRVWUyHQHVWXGLRVUHDOL]DGRVSRUSHGLDWUDV\HQQXHVWURPHGLRHQHO
FOiVLFRWUDEDMRGH5DPtUH]0D\DQVGHVHFRQRFHTXHHOGRORUDEGRPLQDOUHFXUUHQWHHQQLxRVWLHQHHQHO
GHORVFDVRVFRPRFDXVDDXQDJDVWULWLV\GHHVWDVPiVGHOVHDVRFLDQDLQIHFFLyQSRU+S\ORUL
3RU VXSXHVWR TXH HQ ORV QLxRV WDPELpQ HO FXDGUR FOtQLFR VH FDUDFWHUL]D SRU VHU LQHVSHFtILFR VLHQGR HO GRORU
DEGRPLQDOUHFXUUHQWHGHWLSRYLVFHUDOORFDOL]DGRDODEGRPHQVXSHULRUTXHVHSUHVHQWDFRQWHQGHQFLDDXQULWPR
SRVWSUDQGLDOWDUGLyHVGHFLUFXDQGRHOHVWyPDJRHVWiYDFtRLQLFLiQGRVHGHVGHODVSULPHUDVKRUDVGHODPDxDQD
GRORU TXH VH H[DFHUED FRQ OD LQJHVWD GH DOLPHQWRV DFRPSDxiQGRVH GH DQRUH[LD R UHFKD]R DO DOLPHQWR \ GH
VHQVDFLyQGHSOHQLWXGFXDQGRHOGRORUHVLQWHQVRVHSUHVHQWDLQWHUUXSFLRQHVGHOVXHxRGHORVQLxRVDGHPiVGH
DJUHJDUVHQiXVHDVYyPLWRVKHPDWHPHVLV\PHOHQDV\PHQRVIUHFXHQWHSLURVLV(QORVQLxRVODLQIHFFLyQSRU+
S\ORULVLQWRPiWLFDVHSXHGHDVRFLDUFRQJDVWULWLVDQWUDO\OD~OFHUDSpSWLFDGXRGHQDOUHODFLRQDGDFRQODEDFWHULD
UDUDYH]VHVHSUHVHQWDHQQLxRVPHQRUHVGHGLH]DxRV6HKDDVRFLDGRDODLQIHFFLyQSRU+S\ORULHQQLxRV
FXDGURV GH GLDUUHDV SHUVLVWHQWHV TXH FRQGLFLRQDQ GHVQXWULFLyQ \ UHWDUGR HQ HO GHVDUUROOR WDPELpQ VH KD
DVRFLDGR DQHPLDV SRU GHILFLHQFLDV GH KLHUUR DOHUJLD DOLPHQWDULD S~USXUD WURERFLWRSpQLFD SROLDUWHULWLV UHDFWLYD
FRQGHUPRJUDILVPR\VtQGURPHGHPXHUWHV~ELWDGHOODFWDQWH(OGLDJQyVWLFRGLIHUHQFLDOHQFDVRVGHGRORU
DEGRPLQDO UHFXUUHQWH HQ SHGLDWUtD GHEH KDFHUVH FRQ RWUDV HWLRORJtDV FRPR GXRGHQLWLV SRU *LDUGLD ODPEOLD
SDUDVLWRVLVJDVWULWLVSRUPHGLFDPHQWRV\SRUVXSXHVWRFRQHOVtQGURPHGHUHIOXMRJDVWURHVRIiJLFR$FWXDOPHQWHVH
DFHSWDTXHHQWRGRQLxRTXHPDQLILHVWHHSLJDVWUDOJLD\GLDUUHDSHUVLVWHQWHGHHWLRORJtDQRHVWDEOHFLGDWDQWRHO
SHGLDWUDFRPRHOPpGLFRJHQHUDOGHEHUiQSHQVDUHQLQIHFFLyQSRU+S\ORUL
',$*167,&2'(/$,1)(&&,1325+(/,&2%$&7(5S\ORUL
'H DFXHUGR D OR \D H[SUHVDGR D TXH VRQ P~OWLSOHV ORV IDFWRUHV GH SDWRJHQLFLGDG GH OD EDFWHULD \ GH ODV
UHVSXHVWDV LQPXQHV GHO KRVSHGHUR TXH GHWHUPLQDQ HO HVWDGR GH SRUWDGRU DVLQWRPiWLFR R GH HQIHUPR OD
PHWRGRORJtDGHORVHVWXGLRVDVHJXLUGHEHUiWHQHUSRUREMHWLYRVHOGHORJUDUXQGLDJQyVWLFRDGHFXDGRRIUHFHUHO
PHMRU\DGHFXDGRWUDWDPLHQWR\VyORHQORVFDVRVTXHHIHFWLYDPHQWHORDPHULWHQ$PHGLGDTXHVHDYDQ]y\FRQ
UDSLGH]HQORVFRQRFLPLHQWRVVREUHHOFRPSRUWDPLHQWRELROyJLFRODIRUPDGHORJUDUXQKDELWDWDGHFXDGRSDUDOD
VREUHYLYHQFLD OD SHUPDQHQFLD \ GHIHQVD GH OD EDFWHULD DQWH OD UHVSXHVWD LQPXQH WDPELpQ UDSLGDPHQWH VH
GHVDUUROODURQGLIHUHQWHVSUXHEDV\TXHVRQGHJUDQXWLOLGDGSDUDHVWDEOHFHUFRQDOWRJUDGRGHFRQILDELOLGDG\GH
FHUWH]DODSUHVHQFLDGHO+S\ORUL/DVSUXHEDVGLDJQyVWLFDVVHKDQEDVDGRHQFRQVLGHUDUKHFKRVIXQGDPHQWDOHV
GHULYDGRV GH KDEHU FRQRFLGR PHMRU D OD EDFWHULD FRPR VRQ ~QLFD EDFWHULD TXH FRORQL]D HO HVWyPDJR SRU VX
FDSDFLGDGGHSURGXFLUXUHDVDGHTXHVHORFDOL]DGHSUHIHUHQFLD\PD\RUGHQVLGDGGHSREODFLyQGHOEDFLORHQHO
DQWUR\PXFKRPHQRVHQHOFXHUSR\IRQGRJiVWULFRVTXHVHKDPRVWUDGRDO+S\ORULHQODSODFDGHQWDO\HQODV
KHFHV GH TXH VH LGHQWLILFD HQ SDFLHQWHV DVLQWRPiWLFRV HQ OD PD\RUtD FRQ JDVWULWLV FUyQLFD \ ~OFHUD SpSWLFD
GXRGHQDOPHQRVHQOD~OFHUDJiVWULFDDGHQRFDUFLQRPD\WXPRU0$/7\WRGDYtDSDUDHODxRVXUHODFLyQ
FRQORVUDVWRUQRVIXQFLRQDOHVGHODSDUDWRGLJHVWLYRSULQFLSDOPHQWHODOODPDGDGLVSHSVLDQRXOFHURVDQRVHKD
DFODUDGR\HVPRWLYRGHFRQWURYHULVLDV
&RQHVWRVDQWHFHGHQWHVVHKDQUHSRUWDGRP~OWLSOHVHVWXGLRVTXHFRPSDUDQORVSULQFLSLRV\ODVLQGLFDFLRQHVGH
ODV YDULDV SUXHEDV GH GLDJQyVWLFR FRQ TXH VH FXHQWDQ HQ OD DFWXDOLGDG SDUD HO HMHUFLFLR GH OD PHGLFLQD DO
UHVSHFWR\HOHMHGHOGLDJQyVWLFRIXHWRPDGRSRUODHQGRVFRSLDDSDUWLUGHODFXDOORVPpWRGRVTXHGHULYDQGHVX
DSOLFDFLyQVHFDOLILFDURQGHLQYDVLYRV\QRLQYDVLYRVDORVTXHQRGHSHQGHQGHHOOD
358(%$6,19$6,9$6
/DHQGRVFRSLDSUXHEDUiSLGDGHXUHDVDELRSVLDVGHPXFRVDJiVWULFDSDUDHVWXGLRVKLVWROyJLFRVFRQYHQFLRQDOHV
R PX\ FRPSOHMRV LQPXQRKLVWRTXtPLFD WpFQLFDV PROHFXODUHV \ FXOWLYR GH ELRSVLDV TXH VH WRPDQ GH
SUHIHUHQFLDGHODQWURJiVWULFR\FLWRORJtDSRUFHSLOODGR(VWRVPpWRGRVWLHQHQODLQGLFDFLyQSUHFLVDHQSDFLHQWHV
FRQHQIHUPHGDGiFLGRSpSWLFDFRQIXHUWHEDVHFOtQLFD\DQWHFDVRVTXHLPSOLFDODQHFHVLGDGGHXQDHQGRVFRSLD
FRPRDQWHODSUHVHQFLDGHVLQWRPDWRORJtDGHDODUPDTXHREOLJXHDSHQVDUHQSURFHVRQHRSOiVLFR(VGHFLUTXH
ORVPpWRGRVLQYDVLYRVQRWLHQHQOXJDUHQHVWXGLRVGHSUHYDOHQFLDTXHLQFOX\HQDLQGLYLGXRVDVLQWRPiWLFRV
(1'26&23,$ 6LQ GXGD GHVGH OD DSDULFLyQ GH ORV HQGRVFRSLRV GH ILEUD ySWLFD \ GH JUDQ IOH[LELOLGDG HO
GLDJQyVWLFR GH ODV JDVWULWLV VH EDVy HQ ODV REVHUYDFLRQHV PDFURVFySLFDV HQ ORV DFXHUGRV SDUD HVWDEOHFHU
FODVLILFDFLRQHV\GDUXQLIRUPLGDGDORVUHSRUWHVFRQODVYHQWDMDVGHWRPDUELRSVLDVSDUDLGHQWLILFDUDODEDFWHULD
HIHFWXDU LQWHUSUHWDFLRQHV KLVWRSDWROyJLFDV VHJXLGDV GH WDPELpQ GH FODVLILFDFLRQHV \ GH WUDWDU GH HVWDEOHFHU
FRUUHODFLRQHVFOtQLFDV*UDFLDVDGLFKRVUHFXUVRV\HQSRFRVDxRVVHFRQRFLHURQODVJDVWULWLVVHFXQGDULDVDOD
LQIHFFLyQ SRU + S\ORUL /RV UHSRUWHV GH ODV LQWHUSUHWDFLRQHV GDGDV SRU ORV HQGRVFRSLVWDV HQ UHODFLyQ D ORV
DVSHFWRVGHODVPXFRVDVJiVWULFDVHQSDFLHQWHVLQIHFWDGRVSRU+S\ORUL\EDVDGDVHQODFRPSUREDFLyQHQSRUOR
PHQRVGRVSUXHEDV SRVLWLYDV FDVL WRGRV GHVFULEHQ D ODV JDVWURSDWtDV SRU OD EDFWHULD FRPR QRGXODU IROLFXODU
HULWRPDWRVD HURVLYD SHWHTXLDO DWUyILFD ORFDOL]DGD PXOWLIRFDO SDQJDVWULWLV GXRGHQLWLV HURVLYD GXRGHQLWLV FRQ
PHWDSODVLDHLQFOXVRPXFRVDQRUPDOKDVWDHQHORPiVGHODVVHULHV)RWRVDOD(QUHODFLyQD
ODV FODVLILFDFLRQHV HQ HO WHPD GH ODV JDVWULWLV OD PiV XWLOL]DGD \ GHVGH HV OD GH 6\GQH\ GiQGROH
LPSRUWDQFLD D OD LQWHJUDFLyQ GH ORV UHSRUWHV FRQ OD LQIRUPDFLyQ PDFURVFySLFD WRSRJUiILFD PRUIROyJLFD \
HWLROyJLFDSDUDORJUDUXQGLDJQyVWLFRFOtQLFRLQWHJUDO6HGHILQHURQWUHVJUDQGHVJUXSRVGHJDVWURSDWtDV
*$675,7,6&51,&$12$75),&$
D,QIODPDWRULD
E0XOWLIRFDORDXWRLQPXQH
*$675,7,6&51,&$$75),&$
D*DVWULWLVDWUyILFDDVRFLDGDDPHWDSODVLD
*$675,7,6&51,&$6,1'(7(50,1$'$6212&/$6,),&$%/(6
&XDQGR SURFHGH VH LQIRUPD OD HWLRORJtD FRPR HQ HO FDVR GHO + S\ORUL DJUHJiQGRVH ORV FRQFHSWRV GH OHYH
PRGHUDGD\VHYHUDSDUDFRQRFHUODPDJQLWXGGHODFRORQL]DFLyQ\GLVWULEXFLyQGHODEDFWHULD7DPELpQVH
DJUHJDQ D ORV LQIRUPHV KLVWRSDWROyJLFRV HO JUDGR GH DFWLYLGDG HQ UHODFLyQ D OD LQIODPDFLyQ DXVHQWH OHYH
PRGHUDGDRLQWHQVD
)RWR*DVWURSDWtDYDULROLIRUPH )RWR*DVWURSDWtDYDULROLIRUPH
*DVWULWLVFUyQFDSRU+S\ORUL *DVWULWLVFUyQLFDSRU+S\ORUL
)RWR,PDJHQGH0XFRVDFRQDVSHFWR
)RWR*DVWURSDWtDYDULROLIRUPH*UDVWULWLV
GHHPSHGUDGR*DVWULWLVFUyQLFDSRU+
FUyQLFDSRU+S\ORUL
S\ORUL
)RWR*DVWULWLVFUyQLFDGHIRQGR )RWR*DVWULWLVFUyQLFDGHIRQGR
JiVWULFRSRU+S\ORUL JiVWULFRSRU+S\ORUL
)RWR'XRGHQLWLVVXSHUILFLDOSRU+ )RWR'XRGHQLWLVVXSHUILFLDOQRHURVLYD
S\ORUL SRU+S\ORUL
)RWROFHUDGXRGHQDO\GXRGHQLWLVSRU )RWROFHUDJiVWULFD\JDVWULWLV
+S\ORUL FUyQLFDSRU+S\ORUL
)RWR/LQIRPD0$/7GHFXHUSR )RWR/LQIRPD0$/7GHFXHUSR

JiVWULFRDVRFLDGRD+S\ORUL JiVWULFRDVRFLDGRD+S\ORUL
358(%$53,'$'(85($6$6HEDVDHQHOFRQRFLPLHQWRTXHVHWLHQHGHTXHVtODELRSVLDWLHQH+S\ORULOD
XUHDVDKLGUROL]DXQVXVWUDWRFRPHUFLDOGHXUHDSDUDFRQYHUWLUODHQDPRQLR\ HQ DQKtGULGR FDUEyQLFR UHDFFLyQ
TXHHVDOFDOLQDORTXHSHUPLWHPRGLILFDUHOFRORUGHXQLQGLFDGRUGHS+FRQURMRIHQRODJUHJDGRFDPELDQGRGH
FRORUDPDULOORDEXJDPELOLDHVWHFDPELRSXHGHVHUUiSLGRIDVWTXHVHGHEHDXQDPD\RUGHQVLGDGEDFWHULDQD
R WDUGtR GHQWUR GH KRUD SRVWHULRUHV D OD WRPD GH OD ELRSVLD $O SULQFLSR VH KDFLDQ SUHSDUDFLRQHV HQ ORV
ODERUDWRULRVGHEDFWHULRORJtD\TXHQRHUDGLItFLOSHURHQODSUiFWLFDFOtQLFDDFWXDOWRGRVORVHQGRVFRSLVWDVXWLOL]DQ
VROXFLRQHVRJHODWLQDVGHILUPDVFRPHUFLDOHV\ODVPiVXWLOL]DGDVVRQ&/2WHVW&XWHVW-$752;WHV\HO3\ORUL
WHVW(QJHQHUDOVXXWLOLGDGHVVLPLODU\VHUHSRUWDQVHQVLELOLGDGHVGHDFRQHVSHFLILFLGDGHVGHD
FRQHOLQFRQYHQLHQWHGHTXHDXQFXDQGRORVVXVWUDWRVFRPHUFLDOHVGHXUHDVRQDFFHVLEOHVHVQHFHVDULR
DJUHJDUHOFRVWRGHODHQGRVFRSLD(QJHQHUDOORVUHVXOWDGRVIDOVRVFRQODSUXHEDUiSLGDGHXUHDVDVRQSRFR
IUHFXHQWHVVHPHQFLRQDFRPRFDXVDVGHIDOVRVODSRVLEOHSUHVHQFLDGHFRQWDPLQDFLyQGHODVELRSVLDVSRU
RWUDVEDFWHULDVSURGXFWRUDVGHXUHDVDHVSHFLDOPHQWHHVWUHSWRFRFRV\HVWDILORFRFRVVREUHWRGRFXDQGRHOVXVWUDWR
GH XUHD VH DGPLQLVWUDED SRU YtD RUDO H LQFOXVR DOJXQDV IDOVRV VH DWULEX\HQ D RWUDV EDFWHULDV GH JpQHUR
+(/,&2%$&7(5FRPRHO+KHLOPDQQLTXHVHKDFRQVLGHUDGRFRPRDJHQWHFDXVDOGHJDVWULWLVVLWXDFLyQPX\
UDUD/DVHQVLELOLGDGGHODWpFQLFDGHSHQGHQGHODGHQVLGDGGHODVEDFWHULDVFRQVLGHUDQGRXQPtQLPRGH
EDFWHULDVHQODPXHVWUDSDUDTXHHOUHVXOWDGRVHDSRVLWLYRWDPELpQSXHGHQSUHVHQWDUVHIDOVRVVLHO
Q~PHURGHEDFWHULDVHQODPXHVWUDHVPX\HVFDVRSRUFRORQL]DFLyQGLVPLQXLGDDFRQVHFXHQFLDGHWUDWDPLHQWRV
SUHYLRVLQPHGLDWRVFRQLQKLELGRUHVGHODERPEDGHSURWRQHVVDOHVGHELVPXWRDQWLELyWLFRVHLQFOXVRVXFUDOIDWR
SRUVXSXHVWRTXHODVHQVLELOLGDGDXPHQWDVLVHWRPDQPiVGHXQDELRSVLDVREUHWRGRHQSDFLHQWHVFRQDWURILD\
PHWDSODVLDJiVWULFDVVHYHUDVTXHQRWLHQHQ+ S\ORUL HQ ODV PXHVWUDV OR TXH RFDVLRQD IDOVRV \ VH FRQRFHQ
FRPRHUURUHVGHPXHVWUD/DVHQVLELOLGDGGHODSUXHEDWDPELpQGLVPLQX\HHQIRUPDVLJQLILFDWLYDHQDOSUHVHQFLD
GHKHPRUUDJLDGLJHVWLYD\VLQDQWHFHGHQWHVGHWUDWDPLHQWRSUHYLRGHHUUDGLFDFLyQOR TXH VH DWULEX\H DO HIHFWR
WDPSyQGHODDOE~PLQDVREUHHOLQGLFDGRUGHS+PDVTXHSRUXQHIHFWRGLUHFWRVREUHODLQKLELFLyQGHODDFWLYLGDG
GHXUHDVD
&8/7,926(OFXOWLYRHVHOPpWRGRFRQPi[LPDHVSHFLILFLGDGGHSDUDHOGLDJQyVWLFRGHLQIHFFLyQSRU +
S\ORULORTXHOHFRQILHUHVXSHULRULGDGFRPSDUDGDFRQODVRWUDVSUXHEDVGLVSRQLEOHVOOHJiQGRVHDFRQVLGHUDUOD
FRPRHOHVWDQGDUGHRURSHURODVHQVLELOLGDGVHUHSRUWDFRQYDULDFLRQHVLPSRUWDQWHVTXHYDUtDQGHD
OR TXH VH GHEH D TXH VX UHDOL]DFLyQ QR HV IiFLO HQ OD VHQVLELOLGDG LQIOX\HQ OD GHQVLGDG EDFWHULDQD ODV
FRQGLFLRQHV GHO WUDQVSRUWH GH ODV PXHVWUDV GHO WLHPSR TXH WUDQFXUUH GHVGH OD WRPD \ HO SURFHVDGR ODV
FRQGLFLRQHVGHLQFXEDFLyQ\ORVWUDWDPLHQWRVSUHYLRVFRQRPHSUD]RODQWLELyWLFRVVDOHVGHELVPXWRVXFUDOIDWRH
LQFOXVR EHQ]RFDLQD (O FXOWLYR WLHQH OD YHQWDMD GH TXH SHUPLWH OD UHDOL]DFLyQ GH DQWLELRJUDPDV \ HVWXGLDU ODV
UHVLVWHQFLDVEDFWHULDQDVDGLYHUVRVDQWLELyWLFRVHQFDVRVFOtQLFRVHVSHFtILFRVRHQHVWXGLRGHSREODFLRQHVPX\
OLPLWDGDV&RPR HQ WRGDV ODV LQIHFFLRQHV HO FXOWLYR GH + S\ORUL HV HO PpWRGR SDUD HO GLDJQyVWLFR YiOLGR SDUD
SRGHUWLSLILFDU\ SRU DKRUD HV HO ~QLFR PpWRGR TXH SHUPLWH DQDOL]DU OD VHQVLELOLGDG D ORV DQWLELyWLFRV SHUPLWH
HVWXGLDU IDFWRUHV GH YLUXOHQFLD \ REWHQHU QXHYRV DQWtJHQRV SDUD WpFQLFDV GH GLDJQyVWLFR VHUROyJLFRV 3DUD
FRQVHJXLU ORV PHMRUHV UHVXOWDGRV FRQ HO PpWRGR \ ORJUDU PHMRUHV GHVDUUROORV GH OD EDFWHULD HQ JHQHUDO VH
UHFRPLHQGDODXWLOL]DFLyQGHGRVPHGLRVGHFXOWLYRXQRQRVHOHFWLYRVXSOHPHQWDGRFRQVDQJUH\RWURVHOHFWLYR
FRQGLIHUHQWHVDQWLELyWLFRVTXHLQKLEDQODIORUDEDFWHULDQDEXFDO(VFRQRFLGRTXHODEDFWHULDHVPX\VHQVLEOHD
ORVFDPELRVGHWHPSHUDWXUDGXUDQWHVXFXOWLYRDODQHFHVLGDGGHODGHFXDGRPHGLRPLFURDHURItOLFRGHTXHODV
FRORQLDVWLHQHQFUHFLPLHQWROHQWRFRQDSDULFLyQGHODVSULPHUDVFRORQLDVDSDUWLUGHOGtDHLQFOXVRDSDUHFHU
KDVWDHOGtDVLHQGRLQGLVSHQVDEOHODLGHQWLILFDFLyQGHHQ]LPDVXUHDVDR[LGDVD\FDWDODVD(OFXOWLYRGHODV
ELRSVLDVJiVWULFDV HV HO PiV HVWXGLDGR SDUD DLVODU + S\ORUL SHUR WDPELpQ HV HO PiV FDUR SRU TXH VH QHFHVLWD
DJUHJDUHOFRVWRGHODHQGRVFRSLDSRUORTXHVHKDLQWHQWDGR\ORJUDGRHOFXOWLYRGHODEDFWHULDHQPXHVWUDVGH
MXJRJiVWULFRGHKHFHVIHFDOHV\GHOPDWHULDOREWHQLGRGHKLORGHQWDO6LQGXGDDODLVODPLHQWRGHO+S\ORUL
GHODSODFDGHQWDOLQFOXVRHQLQGLYLGXRVVDQRVDVLQWRPiWLFRVKDRFXSDGRXQSDSHOFODYHHQODHSLGHPLRORJtDGH
ODLQIHFFLyQKDFLpQGRORUHVSRQVDEOHGHODVQRUDUDVUHFLGLYDVSRVWUDWDPLHQWR\GHUHSUHVHQWDUXQDSRVLEOHYtDGH
DGTXLVLFLyQGHODLQIHFFLyQ
+,672/2*$ /D LGHQWLILFDFLyQ GHO + S\ORUL HQ ELRSVLDV VH SXHGH ORJUDU PHGLDQWH WpFQLFDV GH PLFURVFRStD
GLUHFWDFRQSURFHVDGRGHODVPXHVWUDVFRQWLQFLRQHVGH*UDPSURFHGLPLHQWRIiFLO\UiSLGRFRQVHQVLELOLGDGHV
FHUFDQDV DO \ HVSHFLILFLGDGHV WDPELpQ FHUFDQDV DO VREUH WRGR VL VH ORJUD HO HVWXGLR GH ELRSVLDV
P~OWLSOHV\VLPXOWDQHDVGHODQWUR\GHOFXHUSRJiVWULFR7DPELpQVHKDXWLOL]DGRODWLQFLyQFRQD]XOGHPHWLOHQR
TXHHVPiVVHQFLOODTXHREWLHQHORVPLVPRVUHVXOWDGRVTXHFRQODWLQFLyQGH*UDP\VLQHPEDUJRHQQXHVWUR
PHGLRQRKDWHQLGRODDFHSWDFLyQGHRWURVSDtVHV/DKLVWRORJtDFRQWpFQLFDVOODPDGDVFRQYHQFLRQDOHVKD
SHUPLWLGRHOGLDJQyVWLFRGHLQIHFFLyQHVGHFLUODLGHQWLILFDFLyQGHODEDFWHULDSHURDGHPiVSURSRUFLRQDYDOLRVD
LQIRUPDFLyQVREUHODVDOWHUDFLRQHVGHODPXFRVDJiVWULFDHYDOXDUODGHQVLGDGEDFWHULDQDHQHOHSLWHOLRJiVWULFR
HQIRUPDVHPLFXDQWLWDWLYDODPDJQLWXG\FDUDFWHUtVWLFDVGHODJDVWULWLVODDFWLYLGDGLQIODPDWRULDDJXGD\FUyQLFDOD
DWURILD GH OD PXFRVD OD PHWDSODVLD LQWHVWLQDO \ OD SUHVHQFLD GH IROtFXORV OLQIRLGHV HVWDV YHQWDMDV VH DPSOtDQ
FXDQGR XQ HQGRVFRSLVWD H[SHULPHQWDGR WLHQH OD SUHFDXFLyQ GH WRPDU ELRSVLDV QXPHURVDV GH DQWUR LQFLVXUD
DQJXODUHVFXHUSR\IRQGRWHQLHQGRHOFXLGDGRGHTXHHODQWURVHDHOPDVPXHVWUHDGRSRUHOFRQRFLPLHQWRTXH
VHWLHQHGHTXHHVOD]RQDKDELWXDOGHPi[LPDFRORQL]DFLyQSRUHO+S\ORUL&RQKLVWRSDWyORJRVH[SHULPHQWDGRV
VXVVHQVLELOLGDGHVDOFDQ]DQKDVWD\HVSHFLILFLGDGHVGHFDVL
/DV ELRSVLDV GHEHQ VHU FRQVHUYDGDV HQ IRUPDOGHKtGR DO DPRUWLJXDDGR DQWHV GH VX SURFHVDPLHQWR \ OD
HOHFFLyQGHOPpWRGRGHWLQFLyQFDVLVLHPSUHVHGHEHDODH[SHULHQFLD\SUHIHUHQFLDVGHORVKLVWRSDWyORJRV/DV
PiVXWLOL]DGDVVRQODWLQFLyQFRQYHQFLRQDOGHKHPDWR[LOLQD\HRVLQD\WLQFLRQHVHVSHFLDOHVFRPRODGH*LHPVD\
ODGH*HQWDPX\VLPLODUDODGH:DUWKLQ6WDUU\TXHSHUPLWHQXQDUiSLGDLGHQWLILFDFLyQGHODEDFWHULDFRQWRGDV
VH UHSRUWDQ UHVXOWDGRV FRQYLQFHQWHV VLQ GLIHUHQFLDV LPSRUWDQWHV VDOYR ORV FRVWRV TXH VRQ PD\RUHV SDUD ODV
WLQFLRQHV HVSHFLDOHV /RV UHVXOWDGRV IDOVRV SRU KLVWRORJtD VRQ UDURV \ KDELWXDOPHQWH REHGHFHQ D HUURUHV GH
PXHVWUHR\DTXHODFRORQL]DFLyQEDFWHULDQDHVSRUSDUFKHVRIRFDO\ODVELRSVLDVSXHGHQWRPDUVHHQDUHDVGH
PHWDSODVLDLQWHVWLQDO \ GH DWURILD JiVWULFD WDPELpQ SRU OD SUHVHQFLD HVFDVD GH EDFWHULDV GHELGD D PHGLFDFLyQ
SUHYLD DQWHV GH OD HQGRVFRSLD $TXt WDPELpQ HO FRVWR GH OD HQGRVFRSLD TXH VH DJUHJD KDFH TXH HO PpWRGR
DFWXDOPHQWHSLHUGDFRPSHWLWLYLGDGFRQRWURVPpWRGRVQRLQYDVLYRV
6HKDQORJUDGRWpFQLFDVGHLQPXQRKLVWRTXtPLFDHLQPXQRIOXRUHVFHQFLDXWLOL]DQGRDQWLFXHUSRVPRQRFORQDOHV\
SROLFORQDOHV IUHQWH DO + S\ORUL DSOLFDGRV GLUHFWDPHQWH HQ HO PDWHULDO IUHVFR GH ODV ELRSVLDV HQ FRUWHV SRU
FRQJHODFLyQ\HQPXHVWUDVILMDGDVHQIRUPDOGHKtGRKDELpQGRVHLQIRUPDGRDOWDHVSHFLILFLGDG\ORPiVLPSRUWDQWH
PX\ SRFDV GLIHUHQFLDV HQWUH ORV KLVWRSDWyORJRV 3RU VHU SURFHGLPLHQWRV GH DOWD FRPSOHMLGDG \ UHDOL]DGRV SRU
H[SHUWRVHQLQPXQRKLVWRTXtPLFDVXGLVSRVLFLyQHVOLPLWDGDORVFRVWRVVHHOHYDQQRWDEOHPHQWHGH DKt TXH VX
XWLOLGDGVHOLPLWDDSURWRFRORVGHLQYHVWLJDFLyQ\QRDODFOtQLFDGLDULD
/D LQIHFFLyQ SRU + S\ORUL SXHGH FXUVDU VLQ PDQLIHVWDFLRQHV FOtQLFDV \ HQ ORV VLQWRPiWLFRV HO GLDJQyVWLFR VH
VXVWHQWDHQXQEXHQQ~PHURGHSDFLHQWHVFRQODHQGRVFRStDODSUXHEDGHXUHDVDUiSLGD\ODLGHQWLILFDFLyQGHOD
EDFWHULDHQODVELRSVLDVSHURWDPELpQVHLQFOX\HHOFRQRFHUODDSDULHQFLDPDFURVFySLFDGHODPXFRVDJiVWULFD
TXHSXGHHVWDUDOWHUDGDHQIRUPDHYLGHQWHPtQLPDRQRUPDOHVGHFLUTXHXQDVELRSVLDVVHGHVWLQDQDHVWXGLRV
KLVWRSDWROyJLFRVFRQYHQFLRQDOHVRHVSHFLDOL]DGRVSDUDFRQRFHUODPDJQLWXG\ODVFDUDFWHUtVWLFDVGHOGDxRTXHHO
+S\ORULSURGXFHHQIRUPDGLUHFWDHLQGLUHFWDGHODPXFRVDJiVWULFD)RWRV
&$0%,26 68*(67,926 '( ,1)(&&,1 $*8'$ 325 + S\ORUL 3pUGLGD GH OD VHFUHFLyQ DSLFDO GH PRFR
DSRSWRVLVHQHOHSLWHOLRGHODFUtSWLFDHURVLyQGHODPXFRVDXOFHUDFLyQLQILOWUDFLRQHV FHOXODUHV SULQFLSDOPHQWH
QHXWUyILORVDFWLYLGDG\VHKDFHGLDJQyVWLFRPRUIROyJLFRGH*$675,7,6$*8'$
$OGDxRVLJXHXQDUHSDUDFLyQLQPHGLDWDTXHVHLQLFLDHQHOFXHOORGHODVJOiQGXODVHQIRUPDGHUHJHQHUDFLyQ
HSLWHOLDO TXH VH LGHQWLILFD IiFLOPHQWH HQ ORV FRUWHV \ WLQFLRQHV FRQYHQFLRQDOHV \ VX PDJQLWXG VH UHODFLRQD
GLUHFWDPHQWHDOGDxR\VHFRQRFHTXHHOUHFDPELRFHOXODUGHODPXFRVDJiVWULFDLQIHFWDGDHVGRVYHFHVPiVTXH
HQ OD QR LQIHFWDGD SURFHVR TXH VH GHVHQFDGHQD SRU DFFLyQ GHO DPRQLR \ GH P~OWLSOHV UHDFWDQWHV TXtPLFRV
SURGXFLGRVGXUDQWHHOSURFHVRLQIODPDWRULR\TXHVRQFDSDFHVGHLQGXFLUXQDUHVSXHVWDDOWHUDGDGHODPXFRVD
/DUHJHQHUDFLyQVHHVWDEOHFHDWUDYpVGHFpOXODVWRWLSRWHQFLDOHVVLWXDGDVHQHOFXHOORGHODVJOiQGXODVTXHHV
XQD ]RQD SUROLIHUDWLYD HQ GRQGH WDPELpQ VH SXHGHQ RULJLQDU HYHQWXDOPHQWH FpOXODV PXFRVDV SDULHWDOHV \
QHXURHQGyFULQDV6LODUHJHQHUDFLyQVHOLPLWDDXQWHUFLRGHODORQJLWXGGHODFULSWDVHOHFRQVLGHUDUHJHQHUDFLyQ
WtSLFDSHURVLVHH[WLHQGHDODPLWDGGHODFULSWDVHOHFRQVLGHUDUHJHQHUDFLyQDWtSLFD/DVFpOXODVFRQFDPELRV
UHJHQHUDWLYRV PXHWUDQ Q~FOHRV YHVLFXORVRV VLWXDFLyQ GHVFULWD HQ VLWXDFLRQHV SUHQHRSOiVLFDV GH OD PXFRVD
JiVWULFDPHWDSODVLDLQWHVWLQDOJDVWULWLVFUyQLFDDWUyILFDHQPXFRVDGHHVWyPDJRVRSHUDGRVFRQUHVHFFLRQHVHQ
PXFRVDYHFLQDD~OFHUDVJiVWULFDV\HQPXFRVDFHUFDQDDXQDGHQRFDUFLQRPD
&$0%,26&$5$&7(567,&26'(/'$f2&51,&2325,1)(&&,1325+S\ORUL&DPELRVUHJHQHUDWLYRV
WtSLFRV FDPELRV UHJHQHUDWLYRV DWtSLFRV GLVSODVLDV HQ JUDGR YDULDEOH PHWDSODVPDV LQILOWUDFLRQHV FHOXODUHV
OLQIRFLWRVFpOXODVSODVPiWLFDVPRQFLWRVPDFUyIDJRVPHQRVQHXWUyILORV\HRVLQyILORVKDFLHQGRHOGLDJQyVWLFRGH
*$675,7,6&51,&$TXHSXHGHVHUQRDFWLYDDFWLYDOHYHDFWLYDPRGHUDGD\FUyQLFDDFWLYDLQWHQVD
/D GLVSODVLD OHYH LPSOLFD FDPELRV SUROLIHUDWLYRV HYLGHQWHV HQ HO HSLWHOLR GH UHYHVWLPLHQWR GH ODV FULSWDV FRQ
JOiQGXODV GHIRUPDGDV FRQ DVSHFWR HVWUHOODGR \ IRUPDFLyQ GH SXHQWHV FHOXODUHV LQWUDJODQGXODUHV SRU OD
SUROLIHUDFLyQ GHO HSLWHOLR /D GLVSODVLD VHYHUD VH FDUDFWHUL]D SRU IUDQFD HVWUDWLILFDFLyQ FHOXODU FRQ Q~FOHRV
LUUHJXODUHV\FRQSpUGLGDGHSRODULGDGHQHOHVSHVRUGHOHSLWHOLRDODGLVSODVLDVHYHUDVHOHFRQVLGHUDFDUFLQRPD
LQVLWX/DGLVSODVLDVHYHUDPXHVWUDIUDQFDWUDQVIRUPDFLyQQHRSOiVLFDGHOHSLWHOLRJiVWULFRGHOLPLWDGDDOHVSHVRU
GHODFULSWDVLQGLVUXSFLyQGHODPHPEUDQDEDVDO/DGLVSODVLDVHYHUDVHFODVLILFDFRPR7LSR,DGHQRPDWRVDTXH
VHSDUHFHDODGHQRPDWXEXODUGHOFRORQDFRPSDxDDODPHWDSODVLDLQWHVWLQDO\HVSUHFXUVRUGHODGHQRFDUFLQRPD
JiVWULFRGHWLSRLQWHVWLQDO/DGLVSODVLD7LSR,,TXHKDVLGRSRFRHVWXGLDGDQRVHDVRFLDHVSHFtILFDPHQWHDXQWLSR
GHDGHQRFDUFLQRPD6HKDGHPRVWUDGRTXHHQODVJDVWULWLVFUyQLFDVSRU+S\ORULHOGDxRGHODPXFRVDSRUDFFLyQ
GH OD EDFWHULD QR WLHQH GXGD SHUR HO DFHOHUDGR UHFDPELR GHO HSLWHOLR TXL]i REHGH]FD D TXH OD PXFRVD HVWi
WDPELpQ H[SXHVWD D RWURV PXWiJHQRV D YDULDFLRQHV LQGLYLGXDOHV HQ ORV SURFHVRV GH UHSDUDFLyQ GHO '1$ \ D
SRVLEOHV RQFyJHQHV (Q ORV FDVRV GH GLVSODVLDV VHYHUDV QR KD\ GXGD HQ GLDJQRVWLFDU QHRSODVLD SHUR HQ ORV
FDVRVGHGLVSODVLDVOHYHV\FRQUHJHQHUDFLRQHVDWtSLFDVORVFDPELRVPRUIROyJLFRVREWHQLGRVSRUPLFURVFRSLDGH
OX]UHTXLHUHQGHHVWXGLRVPiVFRPSOHMRVFRPRSXHGHQVHUPDUFDGRUHVGHSUROLIHUDFLyQFHOXODU\FXDQWLILFDFLyQ
GH'1$FRQHOREMHWRGHLQWHQWDUGHWHUPLQDUHOSRWHQFLDOQHRSOiVLFRGHGLFKDVDOWHUDFLRQHV
)RWR+HPDWR[LOLQDHRVLQD;=RQDVGHDFWLYLGDG
QHXWUyILORVHQODOiPLQDSURSLD\HQODVFpOXODVHSLWHOLDOHVGH
ODVJOiQGXODVJiVWULFDV
)RWR+HPDWR[LOLQDHRVLQD;*DVWULWLVFUyQLFDIROLFXODU
6HREVHUYDXQIROtFXOROLQIRLGHFRQFHQWURJHUPLQDO
KLSHUSOiVLFR
)RWR7LQFLyQGH*HQWD;LQPHUVLyQHQDFHLWH
1XPHURVRVEDFLORVGH+HOLFREDFWHUS\ORULHQHOPRFRGHO
HSLWHOLRGHVXSHUILFLHVHWLxHQGHFRORUQHJUR
&,72/2*,325&(3,//$'2/DFLWRORJtDPHGLDQWHHOFHSLOODGRGHODPXFRVDJiVWULFDGXUDQWHODVHQGRVFRSLDV
\ SRVWHULRU REVHUYDFLyQ FRQ WpFQLFD GH 3DSDQLFRODX HV XQ PpWRGR TXH VLQ GXGD KD SHUPLWLGR LGHQWLILFDU D OD
EDFWHULD SHUR HO PLVPR FHSLOODGR VREUH OD PXFRVD JiVWULFD SURYRFD OD UXSWXUD GH OD FDSD PXFRVD \ OHVLRQD
GLUHFWDPHQWHHOHSLWHOLRSRUORTXHODEDFWHULDTXHGDH[SXHVWDDODDFFLyQGHOiFLGRJiVWULFR(VWRUHSUHVHQWDXQD
SRVLEOHH[SOLFDFLyQSDUDODYDULDELOLGDGGHORVUHSRUWHVHQUHODFLyQDVHQVLELOLGDGHV\HVSHFLILFLGDGHVSRUORTXH
HVXQPpWRGRTXHVHDSOLFDFDGDYH]PHQRVDGHPiVGHTXHHOUHVXOWDGRVHLQIRUPDGRVRWUHVGtDVSRVWHULRUHVD
OD HQGRVFRSLD \ GH TXH ODV YDULDFLRQHV HQWUH ORV REVHUYDGRUHV FRPR HQ WRGRV ORV HVWXGLRV GH IURWLV VRQ
HYLGHQWHV(QODSUiFWLFDFOtQLFDHOPpWRGRUHVXOWDFRVWRVR\KDVLGRVXVWLWXLGRSRUPpWRGRVQRLQYDVLYRV
358(%$612,19$6,9$6
7DPELpQ OODPDGDV LQGLUHFWDV R QR HQGRVFySLFDV \D TXH VyOR UHTXLHUHQ GH XQD PXHVWUD GH VDQJUH GH DLUH
HVSLUDGRVDOLYDKHFHVXRULQDFRQODYHQWDMDGHTXHVRQSUXHEDVPiVDFFHVLEOHVTXHVHDSOLFDQHQVLWXDFLRQHV
HQ TXH QR VHD IiFLO XQD HQGRVFRSLD HQ DGXOWRV \ VREUH WRGR HQ QLxRV WHQLHQGR VX Pi[LPD XWLOL]DFLyQ HQ
SDFLHQWHVWUDWDGRV\VHGHVHDGHPRVWUDUXQDHUUDGLFDFLyQHIHFWLYDHQSHGLDWUtDSDUDHVWXGLDUQLxRVFRQVtQGURPH
GHGRORUDEGRPLQDOFUyQLFR\HQHVWXGLRVGHPXHVWUHRHQSREODFLRQHVPX\HVSHFtILFDV
358(%$66(52/*,&$66HEDVDQHQODLGHQWLILFDFLyQGHDQWLFXHUSRVHVSHFtILFRVHQIUHQWDGRVDDQWtJHQRVGHO
+S\ORUL\GHVGHKDFHYDULRVDxRVVHWLHQHODSRVLELOLGDGGHGHWHUPLQDULQPXQRJOREXOLQDVVpULFDVWLSRV,J*,J$
,J0H,J(HVSHFtILFDVSDUD+S\ORULODLQPXQRJOREXOLQDSUHGRPLQDQWHHQORVDQWLFXHUSRVHVOD,J*\GHVSXpVOD
,J$HOYDORUGHVXVFXDQWLILFDFLRQHV\WDPELpQVXVOLPLWDFLRQHVHVGHTXHVyORSHUPLWHQFRQRFHUH[SRVLFLyQDOD
EDFWHULD UHFLHQWH R DQWLJXD SRU OR TXH QR SHUPLWHQ OD GLVFULPLQDFLyQ HQWUH XQD SRVLEOH LQIHFFLyQ DFWLYD FRQ
H[SRVLFLyQSUHYLDHLQFOXVRFRQLQGLYLGXRVDVLQWRPiWLFRV'HORVP~OWLSOHVPpWRGRV VHUROyJLFRV HO TXH PiV VH
XWLOL]DHVHOGHHQ]LPRLQPXQRDQiOLVLV(,$(/,6$TXHHVVHQFLOORUiSLGRTXHGDUHVXOWDGRVFXDQWLWDWLYRVSRU
ORTXHVHSXHGHQHVWDEOHFHUGLIHUHQWHVSXQWRVGHFRUWHGHSRVLWLYLGDGSDUDGLIHUHQWHVJUXSRVGHSREODFLyQTXH
VHJXUDPHQWHWLHQHQGLIHUHQWHVSUHYDOHQFLDV(VWDSUXHEDPLGHODUHVSXHVWDLQPXQHGHOKRVSHGHUR\QRLQGLFDOD
SUHVHQFLDRDXVHQFLDGHODEDFWHULDHQHOPRPHQWRHQTXHVHWRPyODPXHVWUDSRUORTXHXQUHVXOWDGRSRVLWLYR
VyOR PXHVWUD DQWLFXHUSRV HVSHFtILFRV \ DO QR FRQILUPDU OD LQIHFFLyQ PHQRV SHUPLWH HOLPLQDU RWUD SDWRORJtD
JiVWULFDGHVGHVXXWLOL]DFLyQODVLQWHUSUHWDFLRQHVGHORVUHVXOWDGRVKDQVLGRPX\FXLGDGRVD\DTXHHQSDtVHVHQ
GHVDUUROOR FRPR HV HO FDVR GH 0p[LFR HQ GRQGH OD SUHYDOHQFLD GH OD LQIHFFLyQ VH GH R PiV ODV
SUREDELOLGDGHVGHTXHODVSUXHEDVGHQUHVXOWDGRVSRVLWLYRVVRQDOWDVDIHFWDQGRORVYDORUHVSUHGLFWLYRVSRVLWLYRV
\ HQ FRQVHFXHQFLD ODV HVSHFLILFLGDGHV (VWR VH FRQRFH ELHQ GH DKt TXH HVWD SUXHED HQ 0p[LFR QR WHQJD OD
XWLOLGDGFOtQLFDGHVHDGDDODSOLFDUVHHQIRUPDJHQHUDOSRUTXHVHSXHGHDQWLFLSDUXQUHVXOWDGRSRVLWLYRGHR
PiV/DSUXHEDKDVLGR~WLOHQSDtVHVGHVDUUROODGRVFRQSUHYDOHQFLDVPHQRUHVGHLQIHFFLyQSRU+S\ORULSRUOR
TXHHQSDtVHVHQGHVDUUROORVyORVHUiDSOLFDEOHHQMyYHQHV\QLxRVSHUWHQHFLHQWHVDODVFODVHVVRFLRHFRQyPLFDV
DOWDV HQ GRQGH VH KD GHPRVWUDGR SUHYDOHQFLDV PHQRUHV ([LVWHQ QXPHURVRV SUHSDUDGRV
FRPHUFLDOHV TXH VRQ DFFHVLEOHV HQ FRVWRV H LQFOXVR DFWXDOPHQWH VH FXHQWD FRQ PpWRGRV GH FRQVXOWRULR TXH
VyOR QHFHVLWDQ XQD JRWD GH VDQJUH REWHQLpQGRVH UHVXOWDGRV LQPHGLDWRV \ IiFLOHV GH LQWHUSUHWDU &RQ ORV
SUHSDUDGRVLQGHSHQGLHQWHPHQWHGHODUD]yQFRPHUFLDOVHORJUDXQDVHQVLELOLGDGDOWDGH D SHUR
WRGRVWLHQHQXQDHVSHFLILFLGDGTXHHVYDULDEOHGHD/DUHQWDELOLGDGGHORVHVWXGLRVVHUROyJLFRVSDUD
PRQLWRUL]DU ORV UHVXOWDGRV GH OD WHUDSLD GH HUUDGLFDFLyQ VH GHEH UHODFLRQDU GLUHFWDPHQWH FRQ ORV QLYHOHV GH
DQWLFXHUSRVH[LVWHQWHVHQODSUXHEDGHGLDJQyVWLFRRPXHVWUDSUHWUDWDPLHQWR\ODGHSRVWUDWDPLHQWRHQJHQHUDO
VH DFHSWD TXH D ODV VHLV VHPDQDV SRVWHULRUHV DO WUDWDPLHQWR ORV QLYHOHV GH DQWLFXHUSRV GHVFLHQGHQ
LQGHSHQGLHQWHPHQWHGHODHIHFWLYLGDGGHODWHUDSLD\DORTXHVHOHKDGDGRPi[LPRYDORUHVGHTXHDORV
PHVHV SRVWUDWDPLHQWR HO GHVFHQVR RVWHQVLEOH \ FRQWLQXR GH DQWLFXHUSRV VyOR VH PDQWLHQH HQ ORV SDFLHQWHV
UHDOPHQWH FXUDGRV (VWD QHFHVLGDG GH UHSHWLU HVWXGLRV VHUROyJLFRV KD VLGR XQD OLPLWDQWH LPSRUWDQWH
DGHPiVGHTXHODSUXHEDGHDOLHQWRKDPRVWUDGRVXSHULRULGDGHQHOFRQWUROGHHUUDGLFDFLyQ
358(%$ '( $/,(172 2 '( $,5( (63,5$'2 /D SUXHED IXH GHVDUUROODGD SRU *UDKDP \ .OHLQ HQ \ OD
XWLOL]DFLyQ\HIHFWLYLGDGVHODGDODSUHVHQFLDGHOPLVPR+S\ORULSRUODFDUDFWHUtVWLFDTXHWLHQHGHSURGXFLUXUHDVD
\GHDFWXDUVREUHXQDSRUWHGHXUHDPDUFDGDFRQXQUDGLRLVyWRSRTXHSXHGHVHU&2&TXHVHLQWHJUDDO
&2TXHVHSURGXFHDOGHVGREODUVHODXUHDSRUDFFLyQGHODHQ]LPDTXHHVH[FOXVLYDGHODEDFWHULD\GHQR
H[LVWLUHQODPXFRVDJiVWULFD3DUDODUHDOL]DFLyQGHODSUXHEDDOSDFLHQWHFRQRKRUDVGHD\XQRVHOHWRPDQ
GRV R PiV PXHVWUDV EDVDOHV GH DOLHQWR TXH VRQ DOPDFHQDGDV HQ UHFLSLHQWHV DGHFXDGRV \ FHUUDGRV
KHUPpWLFDPHQWH VH OH KDFH LQJHULU XQD VROXFLyQ FRQ iFLGR FtWULFR FRQ HO REMHWR GH UHWDUGDU HO YDFLDPLHQWR
JiVWULFR \ OXHJR RWUD VROXFLyQ R FiSVXOD TXH FRQWLHQH PJV GH XUHD PDUFDGD FRQ & R & ORV GRV
PDUFDGRUHV VRQ ~WLOHV SHUR VH SUHILHUH DO & SRU VX PHQRU FRVWR \ QR H[SRQH D UDGLRDFWLYLGDG 6L H[LVWH
FRORQL]DFLyQ EDFWHULDQD OD XUHD VH GHVGREOD SRU DFFLyQ GH OD XUHDVD GHO + S\ORUL OLEHUiQGRVH DPRQLR \ &2
PDUFDGRTXHSDVDDODFLUFXODFLyQGHVSXpVHVHOLPLQDGRSRUODVYtDVUHVSLUDWRULDVHOSDFLHQWHSHUPDQHFHGH
SUHIHUHQFLDVHQWDGR\DORVPLQXWRVVHWRPDQPXHVWUDVGHDOLHQWRHQORVPLVPRVUHSWiFXORVVHHWLTXHWDQ\VH
HQYtDQ DO ODERUDWRULR HVSHFLDOL]DGR GRQGH VH FXDQWLILFDUi OD SUHVHQFLD GHO &2 PDUFDGR XWLOL]DQGR XQ
HVSHFWUyPHWUR GH PDVDV \ ~OWLPDPHQWH FRQ HVSHFWURVFRSLD FRQ UD\RV LQIUDUURMRV (O UHVXOWDGR VH LQIRUPD HQ
XQLGDGHVGHXVRLQWHUQDFLRQDOTXHVRQODH[SUHVLyQGHORVWDQWRVSRUPLOGHODUHODFLyQ&&GHODPXHVWUD
EDVDOFRQUHVSHFWRDODPXHVWUDSUREOHPDVLODGLIHUHQFLDHQWUHHOYDORUEDVDO\HOYDORUGHPLQXWRVHVPD\RU
GH XQLGDGHV OD SUXHED VH FRQVLGHUD SRVLWLYD \ UHSUHVHQWD LQIHFFLyQ DFWXDO ([LVWHQ HQ HO PHUFDGR YDULDV
SUHVHQWDFLRQHV TXH LQFOX\HQ ORV HOHPHQWRV GH WUDEDMR H LQFOXVR H[LVWHQ HTXLSRV LQWHJUDGRV SDUD XVR HQ
FRQVXOWRULR/DSUXHEDDGHPiVGHLGHQWLILFDUODLQIHFFLyQWLHQHODVYHQWDMDVGHSURSRUFLRQDUWDPELpQUHVSXHVWD
LQPHGLDWD HQ HVWXGLR GH FRQWURO GH WUDWUDPLHQWR \ GH LGHQWLILFDU UHLQIHFFLRQHV (VWD SUXHED QR LQYDVLYD
DFWXDOPHQWH HV OD PiV XWLOL]DGD UHFRPHQGDGD SRU VHU LQFUXHQWD H LGHDO SDUD YHULILFDU HUUDGLFDFLyQ WLHQH
VHQVLELOLGDGGHD\XQDHVSHFLILFLGDGGH$SHVDUGHHVWDVYHQWDMDVWLHQH LQFRQYHQLHQWHV
FRPR VRQ ORV FRVWRV HOHYDGRV GH TXH VH QHFHVLWD ODERUDWRULRV HVSHFLDOL]DGRV GH TXH SXHGHQ RFXUULU IDOVDV
SRVLWLYDV SRU OD FRQWDPLQDFLyQ GH RWUDV EDFWHULDV SURGXFWRUDV GH XUHDVD FRPR EDFWHULDV RURIDULQJHDV TXH
FRQWDPLQDQHOVXVWUDWRGHXUHDVREUHWRGRFXDQGRVHDGPLQLVWUDHQVROXFLyQSRUVXSUHVHQFLDHQHVWyPDJRVFRQ
DFORUKLGULDVHFXQGDULDDJDVWULWLVFUyQLFDDWUyILFD\SRUFRQVXPRSURORQJDGRGHEORTXHDGRUHVGHODERPEDGH
SURWRQHVHQGRQGHHOOODPDGRPHGLRKRVWLOKDGHVDSDUHFLGRRWURLQFRQYHQLHQWHHVGHTXHWDPELpQVHSUHVHQWDQ
IDOVRVQHJDWLYRVFRPRHQHOFDVRGHSDFLHQWHVTXHHVWXYLHURQHQWUDWDPLHQWRFRQDQWLELyWLFRVVDOHVGHELVPXWR
\SRUVXSXHVWREORTXHDGRUHVGHODERPEDGHSURWRQHVSRUHVWH~OWLPRLQFRQYHQLHQWHVHUHFRPLHQGDVXVSHQGHU
WRGRWUDWDPLHQWRGHVXSUHVLyQGHiFLGRTXLQFHGtDVDQWHVGHOHVWXGLR/RVPpWRGRVTXHPLGHQHO&2PDUFDGR
HQPXHVWUDVGHVDQJUH\QRHQDOLHQWRQRKDQPRVWUDGRPHMRUHVtQGLFHVGHVHQVLELOLGDG\HVSHFLILFLGDGDGHPiV
GHVHUFUXHQWRVSRUODVYHQRSXQWXUDV
$17*(12 $J GH + S\ORUL (1 +(&(6 )(&$/(6 &RQ EDVH HQ OD SRVLFLyQ DFHSWDGD GH TXH HO + S\ORUL VH
HOLPLQDSRUODVKHFHVHOVLJXLHQWHSDVRIXHHOGLVHxDUXQDSUXHEDTXHWXYLHUDFDSDFLGDGGHHQFRQWUDUDQWtJHQRV
EDFWHULDQRVHVSHFtILFRVHLQFOXVRVHFXHQWDFRQHTXLSRVFRPHUFLDOHV$GLIHUHQFLDGHODVSUXHEDVVHUROyJLFDV
TXHGHWHFWDQDQWLFXHUSRVODLQYHVWLJDFLyQGHDQWtJHQRVHQKHFHVGHPXHVWUDGHPDQHUDGLUHFWDODSUHVHQFLDGH
LQIHFFLyQSHURQRLQGLFDQHFHVDULDPHQWHTXHHOFXDGURFOtQLFRVHDSRUGLFKDLQIHFFLyQ7LHQHDGHPiVODYHQWDMD
GHTXHVRORUHTXLHUHGHXQDPXHVWUDGHPDWHULDIHFDOGHVHUDSOLFDEOHVREUHWRGRHQSHGLDWUtDHQGRQGHSDUDORV
QLxRV PHQRUHV HV GLItFLO OD UHDOL]DFLyQ GH SUXHED GH DOLHQWR \ HQ GRQGH OD HQGRVFRSLD WLHQH TXH WHQHU
LQGLFDFLRQHVSUHFLVDVDGHPiVGHUHFXUVRVLGyQHRVSDUDODVHQGRVFRSLDVHQSHGLDWUtD'HVGHTXHVHJHQHUDOL]y
VXXVRVHUHSRUWDQVHQVLELOLGDGHVGH\HVSHFLILFLGDGHVGHODXWLOLGDGHQQLxRVKDVLGRSURPHWHGRUD\
VHJXUDPHQWHOR VHUi HQ HVWXGLRV FOtQLFRV \ HSLGHPLROyJLFRV 2WUR YDORU DJUHJDGR D OD SUXHED HV OD GH SRGHU
FRQILUPDUODVHUUDGLFDFLRQHVSRVWUDWDPLHQWRVREUHWRGRVLODSUXHEDVHDSOLFDDSDUWLUGHODVHJXQGDVHPDQDGH
KDEHUFRQFOXLGRORVWUDWDPLHQWRV'HQWURODVOLPLWDFLRQHVHVWiQVXVFRVWRVTXHDYHFHVODGLVSRQLELOLGDGHVGLItFLO
GHTXHHOUHVXOWDGRQRHVLQPHGLDWR\GHTXHWDPELpQWLHQHUHVXOWDGRVIDOVRVQHJDWLYRVSRUWUDWDPLHQWRVSUHYLRV
FRQLQKLELGRUHVGHODERPEDGHSURWRQHVDQWLELyWLFRV\GHULYDGRVGHELVPXWR
$17,&8(5326(16$/,9$$SDUWLUGHOFRQRFLPLHQWRGHTXHHO+S\ORULKDVLGRLGHQWLILFDGRHQODSODFDGHQWDO
VHGHVDUUROODURQSUXHEDVLQPXQROyJLFDVFRQWpFQLFDGH(/,6$SDUDODGHWHFFLyQGHGHDQWLFXHUSRV,J*FRQWUDOD
EDFWHULDHQODVDOLYDTXHVHKLFLHURQUDSLGDPHQWHDFFHVLEOHVHQFRVWRV\GHSRGHUVHDSOLFDUHQHOFRQVXOWRULR\
VREUHWRGRHQODSUiFWLFDSHGLiWULFDVXPi[LPDXWLOLGDGVHUtDHQQLxRVTXHYLYHQHQSDtVHVGHVDUUROODGRVSRUODV
EDMDV SUHYDOHQFLDV GH OD LQIHFFLyQ \ WDO YH] WDPELpQ HQ QLxRV TXH YLYHQ HQ SDtVHV HQ GHVDUUROOR SHUR HQ
DPELHQWHVGHDOWRQLYHOVRFLRHFRQyPLFRXWLOLGDGGHULYDGDGHEDMDSUREDELOLGDGSUHSUXHEDTXHVHHVSHUDUtD(O
LQFRQYHQLHQWH GHULYD GH VX GLVSRQLELOLGDG QR HV IiFLO GH TXH OD VHQVLELOLGDG \ HVSHFLILFLGDG VH KDQ PRVWUDGR
PHQRUHVDODVUHSRUWDGDVHQODVSUXHEDVVHUROyJLFDV\DODIHFKDODSUXHEDQRKDWRPDGROXJDU HQ HO WUDEDMR
FOtQLFRLQFOXVRHQSHGLDWUtDTXHVHUtDORLGHDO
$17,&8(5326(125,1$&RPRODGHWHUPLQDFLyQGHDQWLFXHUSRVHQVDOLYDODGHWHUPLQDFLyQHQRULQDSXHGH
VHU ~WLO HQ FRPXQLGDGHV GRQGH OD SUHYDOHQFLD GH OD LQIHFFLyQ HV EDMD WDPELpQ VH FRQVLGHUD TXH VX Pi[LPD
XWLOLGDGHVHQQLxRVVXVHQVLELOLGDGHVDFHSWDEOHSHURWDPSRFRHVWiFODURTXHSXHGDVHUXQDSUXHEDXWLOL]DEOH
SDUDFRQRFHUHUUDGLFDFLRQHVSRVWUDWDPLHQWRDGHPiVGHTXHORVDQWLFXHUSRVSXHGHQSHUPDQHFHUSRUPiVGHXQ
DxRHQPXHVWUDVGHRULQD
5($&&,1'(32/,0(5$6$(1&$'(1$53&/DUHDFFLyQHQFDGHQDGHODSROLPHUDVDSRO\PHUDVDFKDLQ

UHDFWLRQ3&5UHSUHVHQWDXQDELRWHFQRORJtDTXHORJUDDPSOLILFDURUHSURGXFLULQYLWURXQQ~PHURGHFRSLDVGH
XQD UHJLyQ HVSHFtILFD GHO $'1 FRQ OD ILQDOLGDG GH UHSURGXFLU FDQWLGDG VXILFLHQWH GH XQ IUDJPHQWR SDUD VX
HYDOXDFLyQ\DVXDOWDHVSHFLILFLGDG\VHQVLELOLGDGVHGHEHVXXWLOL]DFLyQHQHOGLDJQyVWLFRGHYLUXVSDUiVLWRV\
EDFWHULDV GH GLILFLO FXOWLYR FRPR HV HO FDVR GHO + S\ORUL RIUHFLHQGR XQ GLDJQyVWLFR FRQILDEOH UiSLGR \ PHQRV
ODERULRVRTXHORVFXOWLYRVQRUPDOHVFRQODYHQWDMDDGLFLRQDOGHTXHODFDQWLGDGGHPDWHULDOQHFHVDULRSDUD HO
LQLFLRGHODUHDFFLyQHVPX\SHTXHxD\DTXHVyORHVQHFHVDULRODFDQWLGDGGH$'1FRQWHQLGDHQXQDVyODFpOXOD
6HKDQUHSRUWDGRGLIHUHQWHVPpWRGRVPROHFXODUHVSDUDGHWHFWDUODSUHVHQFLDGH+S\ORULHQELRSVLDVVDOLYDMXJR
JiVWULFR\KHFHVSHURSDUDVXUHDOL]DFLyQFRPRPpWRGRGLDJQyVWLFRUHTXLHUHGHWHFQRORJtD\HTXLSRVDOWDPHQWH
HVSHFLDOL]DGRVSRUORTXHVXXWLOL]DFLyQVHKDOLPLWDGRKDLQYHVWLJDFLRQHVSHUPLWLHQGRFRQRFHUFDUDFWHUtVWLFDVGH
ODV FHSDV LQIHFWDQWHV SULQFLSDOPHQWH OD YLUXOHQFLD \ ODV UHVLVWHQFLDV D ORV DQWLELyWLFRV 3RU OD H[LVWHQFLD GH
P~OWLSOHVFHSDV\FRQYDULDELOLGDGJHQpWLFDVXXWLOLGDGHQODFOtQLFDHVOLPLWDGDWHQLHQGRVXVDSOLFDFLRQHVSDUD
FRQRFHUODVFHSDVLQIHFWDQWHV GH GLYHUVRV JUXSRV KXPDQRV SDUD HO HVWXGLR GH FRQWDPLQDFLyQ SRU + S\ORUL HQ
DJXDV SRWDEOHV H LQFOXVR KD SHUPLWLGR GHWHUPLQDU FRUULHQWHV PLJUDWRULDV LQWHUFRQWLQHQWDOHV 6LQ GXGD HV XQD
SUXHEDGHDOWDVHQVLELOLGDG\HVSHFLILFLGDGSHURODOLPLWDFLyQVRQORVFRVWRV\VXGLVSRQLELOLGDGPtQLPD
(VLPSRUWDQWHVHxDODUTXHODVHOHFFLyQGHODVSUXHEDVGLDJQyVWLFDVSDUDDSR\DUHOGLDJQyVWLFRGHLQIHFFLyQSRU+
S\ORULQRHVSHQVDQGRHQFXDOHVODPHMRUGHWRGDVVLQRVHOHFFLRQDUODFRQEDVHDHVWXGLRFOtQLFRFRQRFLPLHQWR
GHSUHYDOHQFLDVGHOD]RQDGRQGHVHWUDEDMDQLYHOHVVRFLRHFRQyPLFDV\VREUHWRGRGLVSRQLELOLGDGSRUUHFXUVRV\
FRVWRV(VWR~OWLPRHVLPSRUWDQWH\DTXHORVFRVWRVLPSOLFDQGLVSRQLELOLGDGHQIXQFLyQGH QLYHOHV GH DWHQFLyQ
FRPRHQHOFDVRGHSUXHEDVLQYDVLYDVTXHDPHULWDQJDELQHWHVGHHQGRVFRSLDSHUIHFWDPHQWHHTXLSDGRV\GHODV
QRLQYDVLYDVFRPRHQHOFDVRGHODSUXHEDGHDOLHQWRHQ0p[LFRWLHQHQODVOLPLWDFLRQHVGHOFRVWR\GHODDOWD
SUHYDOHQFLD GH LQIHFFLyQ SRU OR TXH VH SXHGH DQWLFLSDU DOWRV UHVXOWDGRV SRVLWLYRV \ QR QHFHVDULDPHQWH SRU
LQIHFFLyQ DFWLYD HQ HO PRPHQWR GH OD SUXHED /R PLVPR VH SXHGH GHFLUVH SDUD ODV SUXHEDV VHUROyJLFDV TXH
DXQTXHSRUFRVWRVVRQDFFHVLEOHVVHSXHGHQDQWLFLSDUWDPELpQDOWRVUHVXOWDGRVSRVLWLYRVSUHYDOHQFLDDSULRUL
SRUODIUHFXHQFLDGHFLFDWULFHVVHUROyJLFDV
(QFRQFOXVLyQORVFRQRFLPLHQWRVDFWXDOL]DGRVGHODLQIHFFLyQSRU HO + S\ORUL HO HVWXGLR FOtQLFR OD VLWXDFLyQ GH

FDGDSDFLHQWHODVHGDGHVORVQLYHOHVGHDWHQFLyQORVUHFXUVRVGLVSRQLEOHV\ORVFRVWRVSHUPLWHQXQDVHOHFFLyQ
GHDGHFXDGDGHFDGDSUXHED\SDUDFDGDSDFLHQWHHLQFOXVRLQGLFDUXQWUDWDPLHQWRGHHUUDGLFDFLyQVLQOOHJDUDOD
HQGRVFRSLD \ HVWD HPSOHDUOD VyOR FRQ MXVWLILFDFLyQ SOHQD 'H ORV PpWRGRV LQYDVLYRV GHVWDFDQ HO HVWXGLR
KLVWRSDWROyJLFRFRQVLGHUDGRFRPRHOHVWiQGDUGHRURODSUXHEDGHXUHDVDUiSLGD\HOFXOWLYRFRQODVYHQWDMDVGH
TXHGLDJQRVWLFDQLQIHFFLyQ\HQIHUPHGDGFRQVHQVLELOLGDGUHSRUWDGDGHVGHKDVWD\HVSHFLILFLGDGGH
DORVHVWXGLRVQRLQYDVLYRVWLHQHQODYHQWDMDGHTXHVRQHFRQyPLFRVSHURFRQODJUDQGHVYHQWDMD
GHTXHVyORGLDJQRVWLFDQLQIHFFLyQ\QRHQIHUPHGDGUHSRUWiQGRVHVHQVLELOLGDGGHD\HVSHFLILFLGDG
GHD
75$7$0,(172'(/$,1)(&&,1325+(/,&2%$&7(5
&RPR \D VH PHQFLRQy OD SUHVHQFLD GH GHO + S\ORUL VH KDFH HYLGHQWH VyOR HQ ORV VLWLRV GRQGH H[LVWH PXFRVD
JiVWULFDSRUVXSXHVWRHQHOHVWyPDJRHQ]RQDVGHHFWRSLDFRPRHQHO GLYHUWtFXOR GH 0HFNHO \ HQ HO FRORQ \
DGHPiV HQ ]RQDV GH PHWDSODVLD GH OD PXFRVD JiVWULFD HQ HO GXRGHQR \ HQ HO HSLWHOLR GH %DUUHWW 'HVGH ODV
SXEOLFDFLRQHVGH0DUVKDOO\:DUUHQHQGHODSUHVHQFLDGHODEDFWHULDHQODPXFRVDJiVWULFDVHGHULYDURQ
FDPELRVVXVWDQFLDOHVHQHOFRQRFLPLHQWRGHODHWLRSDWRJHQLDGHODVJDVWULWLV\DOJRTXHIXHGHJUDQLPSDFWRDO
DFHSWDUVH HO KHFKR GH TXH ODV ~OFHUDV SpSWLFDV GXRGHQDOHV \ JiVWULFDV WLHQHQ FRPR IDFWRU HWLRSDWRJpQLFR
LPSRUWDQWHDXQDLQIHFFLyQORTXHHPSH]yDGHVSOD]DUDORVDFHSWDGRVFRQDQWHULRULGDGSRUORTXHVHLQLFLDURQ
ORVWUDWDPLHQWRVFRQEDVHDGRVKHFKRVODDSOLFDFLyQGHEDFWHULFLGDV\ODVXSUHVLyQGHOiFLGRGHOPLFURQLFKRGHO
+S\ORUL/DSULPHUDFRQVLGHUDFLyQTXHVHWXYRHQFXHQWDIXHHOUHFRQRFLPLHQWRGHTXHODLQIHFFLyQSRU+S\ORUL
UHSUHVHQWDDODDIHFFLyQFUyQLFDPiVIUHFXHQWHHQHOVHU KXPDQR \ VXSHUDGD VyOR SRU ODV FDULHV GHQWDOHV GH
OOHJDUDWHQHUSUHYDOHQFLDVKDVWDGHOHQSDtVHVHQGHVDUUROOR\GHTXHVyORHODGHORVLQGLYLGXRV
LQIHFWDGRVWLHQHQHQIHUPHGDGVLQWRPiWLFDVLWXDFLyQTXHLQGXGDEOHPHQWHGHSHQGHUiGHIDFWRUHVGHOKRVSHGHUR\
GH OD YLUXOHQFLD GH ODV FpSDV LQIHFWDQWHV SHUR DGHPiV \ HQ SRFRV DxRV VH DVRFLDURQ RWUDV SDWRORJtDV
H[WUDGLJHVWLYDV\FRPRHMHPSORVHQIHUPHGDGHVYDVFXODUHVXUWLFDULDVLGLRSiWLFDVJODXFRPD FUyQLFR GH iQJXOR
DELHUWR \ TXH KDQ PHMRUDGR FRQ WUDWDPLHQWRV GH HUUDGLFDFLyQ PHMRUtDV FRQ VRSRUWH HVWDGtVWLFR HQ UHODFLyQ D
JUXSRV FRQWUROHV (VWR LPSOLFy TXH GHVGH TXH VH LQLFLy OD HUD GHO +HOLFREDFWHU 3\ORUL VXUJLHUDQ ODV SUHJXQWDV
FOiVLFDVTXHWRGRVORVLQYHVWLJDGRUHVVHKLFLHURQ\VHVLJXHQKDFLHQGRD~QHQHODxR3RUTXpXWLOL]DU
DQWLELyWLFRV\SRUTXHDVRFLDUORVDXQEORTXHDGRUGHODSURGXFFLyQGHOiFLGRJiVWULFR"&XDOVHUtDHOWUDWDPLHQWR
LGHDO"$TXLpQGDUWUDWDPLHQWR"3RUTXLHQ"&RQTXp"&RPR"&RQTXHFRQWUROHV"3RUTXpIDOODQ
ORVWUDWDPLHQWRV"4XpVHKDFHFXDQGRQRVHORJUDODHUUDGLFDFLyQ"
75$7$0,(172(1$'8/726
32548e'$575$7$0,(172"'HVGHHOUHSRUWHGH0DUVKDOOFRGHVFXEULGRUGHODEDFWHULD\TXHFRPSUREy
TXH VX HOLPLQDFLyQ HUD VHJXLGD GH XQD GLVPLQXFLyQ LPSRUWDQWH GH ODV UHFLGLYDV XOFHURVDV D XQ DxR GH
VHJXLPLHQWRDSDUWLUGHGLFKRPRPHQWRORVP~OWLSOHVWUDEDMRV\FRQHYLGHQFLDVFLHQWtILFDVKDQGHPRVWUDGRTXH
ORVDQWLELyWLFRVDVRFLDGRVDEORTXHDGRUHV+\GHVSXpVORVLQKLELGRUHVGHODERPEDGHSURWRQHVDSOLFDGRVHQ
HVTXHPDV HQ GtDV VXILFLHQWHV \ DGHFXDGRV VHJXLPLHQWRV FLFDWUL]DQ ODV ~OFHUDV GXRGHQDOHV VREUH WRGR HQ
SDFLHQWHV + S\ORUL GHVDSDUHFLHQGR HO FRQFHSWR GH ~OFHUDV UHIUDFWDULDV GLVPLQX\HQGR ODV UHFLGLYDV ODV
FRPSOLFDFLRQHV\SDVDQGRFDVLDODKLVWRULDODVYDJRWRPtDV\ODVUHVHFFLRQHVJiVWULFDV7DPELpQH[LVWHQP~OWLSOH
ELEOLRJUDItD TXH GHPXHVWUD TXH ORV FRUUHFWRV WUDWDPLHQWRV GH HUUDGLFDFLyQ GDQ EHQHILFLRV HQ FRVWRV GH OD
PHGLFDFLyQHQODGLVPLQXFLyQGHDXVHQWLVPRVODERUDOHVHQKRVSLWDOL]DFLRQHV\VREUHWRGRHQODPHMRUtDGHOD
FDOLGDGGHYLGDGHORVHQIHUPRVXOFHURVRVDFWXDOHV
&$/6(5$(/75$7$0,(172,'($/"$FWXDOPHQWHVHDFHSWDSRUODH[SHULHQFLDLQWHUQDFLRQDOHQEDVHDOD
GHORVLQYHVWLJDGRUHVQDFLRQDOHV\SRUFRQVHQVRV\TXHDGHPiVORVSXVRGHPRGDHO+S\ORULHOWUDWDPLHQWR
LGHDO HV DTXHO TXH VH DFHUTXH D XQ GH HUUDGLFDFLyQ GH OD EDFWHULD GH ORV VXMHWRV LQIHFWDGRV
LQGHSHQGLHQWHPHQWHGHODVVLWXDFLRQHVFOtQLFDVTXHPRWLYDURQODLQYHVWLJDFLyQPpGLFDFRQHIHFWRVFRODWHUDOHV
UHODFLRQDGRVDORVPHGLFDPHQWRVTXHQRSDVHQHOGHTXHORVHVTXHPDVDSOLFDGRVVHDQDFFHVLEOHVTXH
IDFLOLWHQHOFXPSOLPLHQWR\DSHJRGHFRUWDGXUDFLyQDGtDVHQFRPELQDFLyQGHIiUPDFRVFRQEDMRFRVWR\
ORPiVLPSRUWDQWHFRQPtQLPDVUHVLVWHQFLDVFRQRFLGDV\TXHQRODVIDYRUH]FDQ(QJHQHUDOVHDFHSWDTXHSRUODV
H[SHULHQFLDV\ORVUHVXOWDGRVTXHVHWLHQHQFDVLVHHVWiORJUDQGRHOLGHDO
$48,e1'$575$7$0,(172"/DFRQWHVWDFLyQDHVWDSUHJXQWDKDFDPELDGRFRQORVDxRVDVtSDUD\HQ
HO &RQJUHVR 0XQGLDO GH SDWRORJtD 'LJHVWLYD FHOHEUDGR HQ 6\GQH\ ODV UHFRPHQGDFLRQHV WHUDSpXWLFDV VH
FHQWUDURQ HQ OD HQIHUPHGDG XOFHURVD UHFRPHQGDQGR WUDWDU D WRGR SDFLHQWH TXH WXYLHUD GRV R PiV DWDTXHV
XOFHURVRV SRU DxR \ TXH KXELHUD VHJXLGR WUDWDPLHQWRV FRQ DQWLVHFUHWRUHV GH iFLGR HQ ~OFHUDV UHIUDFWDULDV HQ
UHFLGLYDVDSHVDUGHWUDWDPLHQWRVGHPDQWHQLPLHQWRDQWHVGHGHFLGLUVHSRUXQWUDWDPLHQWRTXLU~UJLFRH[FHSWRHQ
LQGLFDFLyQTXLU~UJLFDSRUFRPSOLFDFLRQHV\XUJHQFLDV(QHO,QVWLWXWR1DFLRQDOGH6DOXGGH((88HPLWLy
OD UHFRPHQGDFLyQ GH GDU WUDWDPLHQWR GH HUUDGLFDFLyQ HQ WRGR SDFLHQWH XOFHURVR H LQIHFWDGR SRU + S\ORUL
LQVLVWLHQGRHQORVDQWLELyWLFRVVHOHFFLRQDGRV\SUREDGRVHQUHODFLyQDUHVLVWHQFLDVEDFWHULDQDV5HFRPHQGDFLyQ
TXHHVDGPLWLGDHQODUHXQLyQGH0DDVWULFK,HQ\SRUOD&RQIHUHQFLDGH&RQVHQVRGHO*UXSR(XURSHRSDUD
HOHVWXGLRGHO+S\ORULHVWDEOHFLHQGRWUHVFDWHJRUtDVGHWUDWDPLHQWREDViQGRVHHQODVH[SHULHQFLDVDFXPXODGDV
DQLYHOPXQGLDOPX\UHFRPHQGDGDDFRQVHMDEOH\GXGRVD\WDPELpQWUHVFDWHJRUtDVUHODFLRQDGDVFRQOD
IXHU]D GH ODV HYLGHQFLDV FLHQtILFDV $ LQHTXtYRFD % GH DSR\R \ & HTXtYRFD VLJXLHQGR HVWDV FDWHJRUtDV VH
HODERUDURQODVVLJXLHQWHVGLUHFWLYDVGHHUUDGLFDFLyQGHO+S\ORULSDUDGLIHUHQWHVVLWXDFLRQHVFOtQLFDV7$%/$

7DEOD7UDWDPLHQWRVGHHUUDGLFDFLyQGH+HOLFREDFWHUS\ORUL
(1)(50('$' 5(&20(1'$&,1 (9,'(1&,$
8OFHUDGXRGHQDO\JiVWULFD $
/LQIRPD0$/7 $
*DVWULWLVVHYHUD %
5HVHFFLyQGHFDUFLQRPDLQVLWX %
'LVSHSVLDIXQFLRQDO &
+LVWRULDIDPLOLDUGHDGHQRFDUFLQRPDJiVWULFR &
(5*(HQWUDWDPLHQWRVSURORQJDGRVFRQRPHSUD]RO %
1HFHVLGDGGHWUDWDPLHQWRFRQ$,1( &
(VWyPDJRRSHUDGRSRUHQIHUPHGDGXOFHURVD %
,QGLYLGXRV$VLQWRPiWLFRV &
3DWRORJtDVH[WUDGLJHVWLYDV &
6HDSUHFLDQVLWXDFLRQHVHQGRQGHODVLQGLFDFLRQHVGHWUDWDPLHQWRVMXVWLILFDGRVGHHUUDGLFDFLyQSHUVLVWHQKDVWDOD
IHFKD\RWUDVTXHDODIHFKDKDQVLGRPRWLYRGHP~OWLSOHVHVWXGLRVFRQUHVXOWDGRVRSXHVWRV\TXHVLJXHQVLHQGR
PRWLYRGHFRQWURYHUVLDFRPRORVLJXHQVLHQGRODVGLVSHSVLDVQRXOFHURVDVRIXQFLRQDOHVHOSDSHOSRVLWLYRRQR
GH D\XGD GH OD HUUDGLFDFLyQ GH OD EDFWHULD HQ ORV SDFLHQWHV QHFHVLWDGRV GH WUDWDPLHQWRV FRQ $,1(V SDUD
SUHYHQLUODV~OFHUDV\VREUHWRGRODVFRPSOLFDFLRQHV6LQGXGDWDPELpQKDQH[LVWLGRFRQWURYHUVLDV\UHVXOWDGRV
FRQWUDGLFWRULRVDQWHODSRVLELOLGDGGHTXHDORVWUDWDPLHQWRVH[LWRVRVGHHUUDGLFDFLyQGHO+S\ORULKDQVHJXLGRXQ
DXPHQWRLQGXGDEOHGHODHQIHUPHGDGSRUUHIOXMRJDVWURHVRIiJLFR(5*(\VXVFRPSOLFDFLRQHVVREUHWRGRHO
HSLWHOLR GH %DUUHWW (Q OD WDEOD VH DSUHFLD TXH HQ FDVRV GH SDWRORJtDV H[WUDGLJHVWLYDV \ YLQFXODGDV D OD
FRLQFLGHQFLDRSRVLEOHDVRFLDFLyQDODLQIHFFLyQSRU+S\ORULODUHFRPHQGDFLyQGHWUDWDPLHQWRGHHUUDGLFDFLyQ
UHSUHVHQWDXQDXWLOLGDGGXGRVD\FRQXQDHYLGHQFLDFLHQWtILFDHTXLYRFDSHURGHVSXpVGH OD OLVWD GH ODV
SDWRORJtDVH[WUDGLJHVWLYDVVLJXHDXPHQWDQGRQRGLVPLQX\H\VHVLJXHQSUHVWDQGRFRQWURYHUVLDVXQHMHPSOROR
HVODSUHRFXSDFLyQGHLQYHVWLJDUODUD]yQGHVREUHSHVRHQODVSREODFLRQHVGHSULPHUQLYHOGHGHVDUUROORTXHKD
VHJXLGRDPHQRVSUHYDOHQFLDVGHLQIHFFLyQ\TXHDOFRQWUDULRHQORVLQIHFWDGRVFRQJDVWULWLVGHJUDGRYDULDEOH
ORV QLYHOHV GH SURGXFFLyQ GH JKUHOLQD HVWiQ GLVPLQXLGRV $O DxR VLJXLHQWH HQ VH SXEOLFDQ ORV
UHVXOWDGRVGHOWUDEDMRGHODSULPHUDUHXQLyQGHO*UXSR1DFLRQDOGHO&RQVHQVR0H[LFDQRVREUH+(/,&2%$&7(5
S\ORULORVFXDOHVVHFHQWUDQHQYDULDVOtQHDVGHLQYHVWLJDFLyQSDUDGHWHUPLQDUHQODSREODFLyQQDFLRQDODGXOWD\
SHGLiWULFD\FRQJDVWULWLVFUyQLFDDFWLYDDVRFLDGDD+S\ORULWLSRGHFHSDVPDQLIHVWDFLRQHVFOtQLFDVORVSDWURQHV
KLVWRSDWROyJLFRVORVIDFWRUHVFRPRUELGRV$,1(DOFRKROWDEDTXLVPRGLHWDVUHIOXMRDODFDOLQRHWFSDUDFRQRFHU
OD KLVWRULD QDWXUDO GH OD LQIHFFLyQ GH ODV JDVWULWLV \ ODV UHVSXHVWDV DO WUDWDPLHQWR GH HUUDGLFDFLyQ 3HUR OR PiV
VLJQLILFDWLYRGHORVWUDEDMRVHVGHLQIRUPDUTXHODDVRFLDFLyQGHOD~OFHUDSpSWLFDGXRGHQDO\JiVWULFD\+S\ORUL
HVXQDUHDOLGDGSHURTXHHVSUREDEOHPHQWHFDXVDO\QRHVSHFtILFD\TXHSXHGHGHSHQGHUGHODFHSDLQIHFWDQWH
HVGHFLUTXHHQOD~OFHUDSpSWLFDODEDFWHULDQRHVHO~QLFRIDFWRUVLQRTXHH[LVWHQRWURVIDFWRUHVHWLRSDWRJpQLFRV
FRH[LVWHQWHV FRPR OD HGDG HO JpQHUR OD FDUJD GH iFLGR TXH OOHJD DO GXRGHQR OD GHQVLGDG GH FpOXODV *
SURGXFWRUDVGHJDVWULQD\HOWDEDTXLVPRDGHPiVGHTXHSXHGHKDEHU~OFHUDVVLQLQIHFFLyQSRU+S\ORULFRPR
ODV VHFXQGDULDV D ORV $,1(V ODV ~OFHUDV GH HVWUpV GXRGHQDOHV \ ODV GHO VtQGURPH GH =ROOLQJHU (OOLVRQ 2WUDV
OtQHDVGHLQYHVWLJDFLyQVXJHULGDVGHWHUPLQDUODFRH[LVWHQFLDGHPHWDSODVLDJiVWULFDHQHOGXRGHQRFRQ~OFHUDV
GXRGHQDOHV\ODXWLOLGDGGHELRSVLDVGHPXFRVDGHOGXRGHQRODSUHYDOHQFLDGH~OFHUDVGXRGHQDOHVDVRFLDGDVD
+ S\ORUL HQ LQIDQWHV FRQRFHU ODV FHSDV DVRFLDGDV D DGHQRFDUFLQRPD \ OLQIRPDV GHWHUPLQDU OD IUHFXHQFLD GH
OLQIRPDVGHEDMR\DOWRJUDGRFRQHYDOXDFLRQHVLQPXQRKLVWRTXtPLFDVGHWHUPLQDUODVWDVDVGHHUUDGLFDFLyQ\GH
UHLQIHFFLRQHVHQJUXSRVWUDWDGRVHLQYHVWLJDFLRQHVSHUPDQHQWHVVREUHVHQVLELOLGDGHVGHODVFHSDVDLVODGDVHQ
UHODFLyQDORVDQWLELyWLFRVSUHVFULWRVRQXHYRV3RUVXSXHVWR\DVHPHQFLRQDQODLPSRUWDQFLDGHORVHVTXHPDVGH
WUDWDPLHQWRDEDVHGHDQWLVHFUHWRUHVGRVDQWLPLFURELDQRV\FRQGXUDFLRQHVGHVLHWHDFDWRUFHGtDV'HVGH
TXHVHKL]RHOGHVFXEULPLHQWRGHODEDFWHULDHQVHKDQRUJDQL]DGRYDULRVFRQFHQVRVFRQODLQWHQFLyQGH
DFODUDUODVVLWXDFLRQHVFOtQLFDVTXHDPHULWDQWUDWDPLHQWRVGHHUUDGLFDFLyQHOPH[LFDQRORV0DDVWULFKW,,,\,,,HO
DPHULFDQR HO HXURSHR \ HO GH OD UHJLyQ RULHQWDOSDFtILFR DO FRQVLGHUDU TXH SRU VHU XQD LQIHFFLyQ WDQ
JHQHUDOL]DGDODVLQGLFDFLRQHVSDUDGDUWUDWDPLHQWRVGHEHQHVWDEOHFHUVHSRULQGLFDFLRQHVSUHFLVDV\DTXHVH
DFHSWDQRVHUSUiFWLFRXWLOL]DUUHFXUVRVHFRQyPLFRVSDUDWUDWDUDSHUVRQDVTXHVyORVRQSRUWDGRUHVDVLQWRPiWLFRV
\TXHQRSDGHFHQXQDSDWRORJtDHVSHFtILFD$FWXDOPHQWHVHDFHSWDTXHHOWUDWDPLHQWRHUUDGLFDGRUVHDSOLTXHHQ
ODVVLJXLHQWHVVLWXDFLRQHV
OFHUD JiVWULFD R GXRGHQDO DFWLYD R QR DFWLYD FRPSOLFDGD R QR FRPSOLFDGD (Q SUHVHQFLD GH
FRPSOLFDFLRQHVSULPHURWUDWDUODV\GHVSXpVHOWUDWDPLHQWR
/LQIRPDJiVWULFRWLSR%GHOD]RQDPDUJLQDODVRFLDGRDPXFRVDV0$/7
*DVWULWLVDWUyILFD\PHWDSDOVLDLQWHVWLQDO
3DFLHQWHVJDVWUHFWRPL]DGRVSRUDGHQRFDUFLQRPD\FRORQL]DFLyQSRU+S\ORULHQHOUHPDQHQWHJiVWULFR
3DFLHQWHVFRQKLVWRULDIDPLOLDUGHSULPHUDOtQHDFRQDGHQRFDUFLQRPDJiVWULFR
3HUVLVWLHQGRFRQWURYHUVLDV\FULWHULRVQRFRQFOX\HQWHVSDUDUHFRPHQGDUWUDWDPLHQWRVGHHUUDGLFDFLyQFX\DOLVWD
SHUVLVWH\VRQFRQVLGHUDGRVHQWUDEDMRVGHLQYHVWLJDFLyQ
(QLQGLYLGXRVLQIHFWDGRV\DVLQWRPiWLFRV
(QGLVSHSVLDQRXOFHURVDRGLVSHSVLDIXQFLRQDO
7HUDSpXWLFDSURORQJDGDFRQLQKLELGRUHVGHODERPEDGHSURWRQHV
7HUDSpXWLFD SURORQJDGD FRQ $,1(V HQ SDFLHQWHV FRQ DQWHFHGHQWH GH ~OFHUD SpSWLFD FRQ R VLQ
FRPSOLFDFLRQHV\IDFWRUHVGHULHVJRDVRFLDGRVWDEDTXLVPR\FRQVXPRGHDOFRKRO
6LWXDFLRQHVGHKLSHUVHFUHVLyQFRPRHQHOVtQGURPHGH=ROOLQJHU(OOLVRQ
(QSDWRORJtDVH[WUDGLJHVWLYDVSRUFRQVHQVRVyORVHUHFRPLHQGDWUDWDPLHQWRHQSDFLHQWHVFRQDQHPLDSRU
GHILFLHQFLDGHKLHUUR\HQS~USXUDWURPERFLWRSpQLFDLGLRSiWLFD
/D FRQGXFWD TXH VH KD SUHFRQL]DGR GH SUREDU WUDWDPLHQWRV GH HUUDGLFDFLyQ \ HPStULFRV FDGD YH] VH
UHFRPLHQGDQPHQRV
(OFRQVHQVRPH[LFDQRVREUHDFWXDOLGDGHVVREUH+S\ORULLQGLFDTXHQRVHUHFRPLHQGDHOWUDWDPLHQWRGH
HUUDGLFDFLyQHQODVVLJXLHQWHVLQGLFDFLRQHV
'LVSHSVLDIXQFLRQDO
(QIHUPHGDGSRUUHIOXMRJDVWURHVRIiJLFR
(QHOHPEDUD]R\ODODFWDQFLDSRUVHJXULGDG
(QFDUGLRSDWtDLVTXpPLFDURVDFHDKDOLWRVLVUHWUDVRHQHOFUHFLPLHQWR\XUWLFDULDFUyQLFD
48,e1'(%('$5(/75$7$0,(172"/DUHVSRQVDELOLGDGGHWUDWDUDORVSDFLHQWHVLQIHFWDGRVSRU+S\ORUL\
FRQVLQWRPDWRORJtDDWULEXLEOHDODEDFWHULDDOSULQFLSLRVHFHQWUyHQHOLQWHUQLVWD\HQHOJDVWURHQWHUyORJRHQXQ
iPELWRGHDWHQFLyQPX\HVSHFLDOL]DGRGHGRQGHKDQVXUJLGRORVWUDEDMRVIRUPDOHVUHODFLRQDGRVDODHIHFWLYLGDG
GH ORV HVTXHPDV GH WUDWDPLHQWR SHUR HO LQWHUpV VREUH OD LQIHFFLyQ VH H[WHQGLy D ORV PpGLFRV GH DWHQFLyQ
SULPDULDSRUORTXHDFWXDOPHQWHVHDFHSWDTXHHOWUDWDPLHQWRWDPELpQORGHEHQDSOLFDUORVPpGLFRVJHQHUDOHV
TXHKXELHUDQDGTXLULGRODLQIRUPDFLyQ\ODSUHSDUDFLyQDGHFXDGDVVLJXLHQGRFLHUWDVSDXWDVUHODFLRQDGDVDOD
XWLOL]DFLyQ RUGHQDGD GH SUXHEDV GLDJQyVWLFDV SULQFLSDOPHQWH ODV QR LQYDVLYDV FRPR OD SUXHED GH DOLHQWR \ OD
LQYHVWLJDFLyQGHDQWtJHQRHQKHFHVIHFDOHV
&2148e"(OHQIRTXHWHUDSpXWLFRGHODLQIHFFLyQSRU+S\ORULKDVLGRUHYLVDGRFRQVWDQWHPHQWHFRQVLGHUDQGR
TXH D~Q FXDQGR OD EDFWHULD HV VHQVLEOH D XQ Q~PHUR LPSRUWDQWH GH DQWLELyWLFRV \ QR DQWLELyWLFRV LQ YLWUR QR
VLHPSUHORVRQLQYLYRGHELGRDYDULRVIDFWRUHVFRPRVRQDTXHHODQWLELyWLFRQRDOFDQFHODV]RQDVGHOHSLWHOLR
JiVWULFRFRORQL]DGRDTXHVHDLQDFWLYDGRSRUHOS+JiVWULFRDTXHODVFRQGLFLRQHVGHOKDELWDWGHODEDFWHULDQR
VRQ UHSURGXFLEOHV HQ HO ODERUDWRULR \ VREUH WRGR DO GHVDUUROOR GH UHVLVWHQFLDV SRU HO XVR LQGLVFULPLQDGR GH
DQWLELyWLFRV/DLQIHFFLyQDFWXDOPHQWHVHKDWUDWDGRFRQDQWLELyWLFRVDQWLPLFURELDQRV\DQWLVHFUHWRUHVGHOiFLGR
JiVWULFR
$17,%,7,&26 6HOHFFLRQDQGR D ORV TXH KDQ PRVWUDGR XWLOLGDG LQ YLWUR \ VREUH WRGR LQ YLYR FRQ WROHUDQFLDV
DGHFXDGDV\PHQRUHVUHVLVWHQFLDV
%HWDODFWiPLFRV 'H HVWRV HQ SULPHU OXJDU OD DPR[LFLOLQD TXH VH KD XWLOL]DGR FRQ p[LWR HQ HVTXHPDV WULSOHV \
FXiGUXSOHVDGHPiVGHTXHHVHODQWLELyWLFRDOTXHVHOHKDQUHSRUWDGRODVPHQRUHVUHVLVWHQFLDVEDFWHULDQDVGH
DHQHOPXQGR\HQ0p[LFRGHD0DFUyOLGRV/DFODULWURPRFLQDKDWHQLGRJUDQDFHSWDFLyQVREUH
WRGRHQHVTXHPDVWULSOHVHVELHQWROHUDGR\ORVUHSRUWHVGHUHVLVWHQFLDVEDFWHULDQDVOOHJDQDFLIUDVGHD
HQHOPXQGR\HQ0p[LFRGHD
7HWUDFLFOLQDV/DOLPLWDFLyQGHVXXVRHVODLQWROHUDQFLD\QRSRGHUVHXWLOL]DUHQHVTXHPDVGHHUUDGLFDFLyQHQ
SHGLDWUtD ODV UHVLVWHQFLDV VRQ UDUDV \ VH UHSRUWDQ FHUFDQDV D ODV GH OD FODULWURPLFLQD SHUR PHQRUHV 6H KD
XWLOL]DGRHQSDFLHQWHVTXHVRQDOpUJLFRVDODVSHQLFLOLQDVVXVWLWX\HQGRDODDPR[LFLOLQDDGRVLVGHPJPV
FXDWURYHFHVDOGtDUHSRUWiQGRVHUHVLVWHQFLDVEDFWHULDQDVGHGHDHQHOPXQGRGHVFRQRFLpQGRVHODV
FLIUDVHQ0p[LFR
2WURVDQWLELyWLFRV6HKDQXWLOL]DGRFLSURIOR[DFLQDV\D]LWURPLFLQDVTXHVRQPiVFDURV\QRKDQPRVWUDGRVHU
VXSHULRUHV D ORV PHQFLRQDGRV OWLPDPHQWH VH KD XWLOL]DGR HO OHYRIOR[DFLQR TXH HV XQ DQWLEDFWHULDQR VLQWpWLFR
SHUWHQHFLHQWHDOJUXSRVGHODVIOXRUTXLQRORQDVFRQUHVXOWDGRVPiVSURPHWHGRUHV
1LWURLPLGD]ROHV(OPiVXWLOL]DGRHOPHWURQLGD]RO\GHVGHTXHVHLQLFLDURQORVHVTXHPDVGHWUDWDPLHQWRVyOR\
HQHVTXHPDVGREOHVWULSOHV\FXiGUXSOHVSHURORVUHSRUWHVGHUHVLVWHQFLDVPXHVWUDQXQDXPHQWRSURJUHVLYRFRQ
ORVDxRVGHVGHTXHVHLQLFLyVXXWLOL]DFLyQFRQFLIUDVGHDHQHOPXQGR\HQ0p[LFRGHDOR
TXHMXVWLILFDTXHHQ0p[LFR\DQRGHEHVHUSUHVFULWR\VHUVXVWLWXLGRXWLOL]DQGRHOWLQLGD]RO\ODIXUD]ROLGRQD

$17,0,&52%,$1264XHDFW~DQHQIRUPDWySLFDVREUHODPXFRVDJiVWULFDUHYLVDU
)85$=2/,'21$(VXQQLWURIXUDQRVLQWpWLFRGHDPSOLRHVSHFWURTXH VH KD XWLOL]DGR SRU VX HIHFWLYLGDG VREUH
FHSDVUHVLVWHQWHVDO PHWURQLGD]RO \ HQ HVTXHPDV GH UHFXSHUDFLyQ FXDQGR VH KDQ GHWHFWDGR UHFLGLYDV 6H KD
XWLOL]DGRHQGRVLVGHPJPVFXDWURYHFHVDOGtD\SRUFRPSDUWLUDOJXQRVHIHFWRVDGYHUVRVGHOPHWURQLGD]RO
DPHULWDPiVHVWXGLRVSDUDFRQRFHUVXYHUGDGHUDYDOtDFOtQLFD
6$/(6 '( %,60872 6H WLHQH H[SHULHQFLD FRQ VXEVDOLFLODWR \ SULQFLSDOPHQWH FRQ HO VXEFLWUDWR GH ELVPXWR
VLHQGR ~WLOHV HQ HVTXHPDV WULSOHV \ FXiGUXSOHV FRQ OD YHQWDMD GH TXH QR VH KDQ LQIRUPDGR UHVLVWHQFLDV
)iUPDFRVTXHPRVWUDURQVXXWLOLGDGGHVGHHOLQLFLRGHODHUDGHO+S\ORULLQFOXVRHQHVTXHPDVLQLFLDOHVFRPR
PRQRWHUDSLDSHURODVWDVDVGHp[LWRGHHUUDGLFDFLyQQRSDVDURQGHSRUORTXHUDSLGDPHQWHVHDVRFLyD
RWURIiUPDFRDSDUHFLHQGRODFRQRFLGDDVRFLDFLyQGHELVPXWRUDQLWLGLQD\TXHFWXDOPHQWHVHDSOLFDDVRFLDGDD
XQR R GRV DQWLELyWLFRV VREUH WRGR HQ VLVWHPDV GH DWHQFLyQ TXH QR FXHQWHQ FRQ EORTXHDGRUHV GH ERPED GH
SURWRQHVUHSUHVHQWDQGRXQDDFFLyQ~WLO\DTXHDXQFXDQGRVHSLHUGHHILFDFLDHQODVXSUHVLyQGHOiFLGRVHJDQD
SRUHOHIHFWREDFWHULFLGDGHOELVPXWR
$17,6(&5(725(6/RVEORTXHDGRUHVGHUHFHSWRUHV+GHODKLVWDPLQDVHXWLOL]DURQGHVGHORVWUDEDMRVGHGH
+HQVWVFKDO HQ HQ TXH FRPXQLFy ORV UHVXOWDGRV GHO WUDWDPLHQWR HUUDGLFDGRU GHO + S\ORUL HPSOHDQGR XQ
HVTXHPD WULSOH UDQLWLGLQD DPR[LFLOLQD \ PHWURQLGD]RO REWHQLpQGR p[LWR HQ HO GH ORV SDFLHQWHV WUDWDGRV
UHVXOWDGRV TXH QR VH DOFDQ]DURQ HQ SXEOLFDFLRQHV SRVWHULRUHV 'HVSXpV VH XWLOL]DURQ ORV EORTXHDGRUHV GH OD
ERPED GH SURWRQHV LQLFLiQGRVH OD H[SHULHQFLD FRQ HO RPHSUD]RO FRQ OD YHQWDMDV GH VHU SULPHUR XQ SRWHQWH
DQWLVHFUHWRUGHOiFLGRJiVWULFRSHURWDPELpQSRUWHQHUXQHIHFWRGLUHFWRVREUHODEDFWHULDDOEORTXHDUODERPED
GHSURWRQHVGHODPLVPDEDFWHULD$SDUWLUGHORPHSUD]ROVHKDQXWLOL]DGRRWURVWLSRVGHLQKLELGRUHVGHODERPED
GHSURWRQHVHQUHODFLyQDIDFWRUHVGHFRPSHWHQFLDSRUODVHPSUHVDVIDUPDFpXWLFDVSDQWRSUD]ROODQVRSUD]RO
UDEHSUD]ROHVRPHSUD]ROORVFXDOHVQRWLHQHQGLIHUHQFLDVVLJQLILFDWLYDVHQVXXWLOL]DFLyQHQHVTXHPDVDVRFLDGRV
DRWURVGRVRWUHVIiUPDFRV
&0275$7$5"(OREMHWLYRGHORVWUDWDPLHQWRVGHEHVHUODHUUDGLFDFLyQGHODEDFWHULDTXHUHSUHVHQWDXQD
LQIHFFLyQ LQGHSHQGLHQWH D TXH HVWp RFDVLRQDQGR XQD HQIHUPHGDG R FRQGLFLyQ SDWROyJLFD 'HVGH TXH VH
LQLFLDURQORVHVTXHPDVWHUDSpXWLFRVVHUHFRPHQGDURQQRUPDVFRPRVLPSOLFLGDGWROHUDQFLDIiFLOFXPSOLPLHQWR\
VREUH WRGR XQD HILFDFLD HUUDGLFDGRUD SRU DUULED GHO HQ XQ DQiOLVLV GH LQWHQFLyQ GH WUDWDU R GH HQ
WUDEDMRV GH SURWRFROR \ FRQ GXUDFLRQHV GH D GtDV $FWXDOPHQWH ORV HVTXHPDV TXH FXPSOHQ FRQ OD
QRUPDWLYLGDG GHULYDGD GH FRQVHQVRV VRQ ORV WULSOHV GH LQLFLR \ FXiGUXSOHV HQ VLWXDFLRQHV GH IDOODV SRU
UHVLVWHQFLDV\RUHFLGLYDV
(OHVTXHPDWULSOHGHSULPHUDOtQHD\TXHPiVVHKDXWLOL]DGRHQ0p[LFRHVWiDYDODGRSRUGRVKHFKRVXQRTXH
ODV FHSDV LQIHFWDQWHV HQ HO SDtV VRQ PiV UHVLVWHQWHV DO PHWURQLGD]RO \ D OD DPSLFLOLQD TXH ODV LQIHFWDQWHV HQ
((88\(XURSDFRPRORGHPRVWUy0DUJDULWD'HKHVDGHVGH\HOVHJXQGRKHFKRGHTXHORVDQWLELyWLFRV
TXHHIHFWLYDPHQWHHOLPLQDQDODEDFWHULDQRVRQPXFKRVSRUORTXHVHGHEHVHUPX\FXLGDGRVRHQODHOHFFLyQ
&RPR \D VH PHQFLRQy HO PHWURQLGD]RO \D QR GHEH IRUPDU SDUWH GH ORV HVTXHPDV WHUDSpXWLFRV \ SRU ODV
SXEOLFDFLRQHVTXHVHWLHQHQDQLYHOQDFLRQDOHOHVTXHPDFRQHOTXHVHWLHQHPiVH[SHULHQFLDVHLQWHJUDFRQ
LQKLELGRUGHERPEDGHSURWRQHVRPHSUD]ROPJSDQWRSUD]ROPJODQVRSUD]ROPJHVRPHSUD]ROPJR
UDEHSUD]ROPJFDGDGRFHKRUDV\GRVDQWLELyWLFRVDPR[LFLOLQDJPR\FODULWURPLFLQDPJFDGDKRUDV\
SRUGtDV2WURHVTXHPDGHSULPHUDDSOLFDFLyQUHFRPHQGDEOHVHLQWHJUDSRUUDQLWLGLQDELVPXWDGD UDQLWLGLQD
PJ\FLWUDWRGHELVPXWRPJFXDWURYHFHVDOGtDDPR[LFLOLQDJPGRVYHFHVDOGtD\FODULWURPLFLQD
PJGRVYHFHVDOGtD\WDPELpQSRUGtDV(QJHQHUDOVHUHFRPLHQGDDOWHUPLQDUHOHVTXHPDGHSULPHUDOtQHD
FRQWLQXDUWUDWDPLHQWRFRQUDQLWLGLQDREORTXHDGRUHVGHODERPEDGHSURWRQHVSRUFXDWURVHPDQDVVXVSHQGHUORV
SRUGRVDQWHVGHHIHFWXDUXQDSUXHEDGHFRQWUROGHHUUDGLFDFLyQQRLQYDVLYDGHSUHIHUHQFLDSUXHEDGHDOLHQWR

&21 48( &21752/(6 " (O FULWHULR GH HILFDFLD SDUD YDORUDU OD UHVSXHVWD DO WUDWDPLHQWR GH HUUDGLDFLyQ
HPSOHDGRHVWiGDGRSRUWUHVKHFKRVXQRODSDWRORJtDTXHDFRPSDxyDODLQIHFFLyQFRPRODFLFDWUL]DFLyQGHOD
~OFHUDGXRGHQDORJiVWULFDODPHMRUtDGHODVDOWHUDFLRQHVKLVWRSDWROyJLFDVHQFDVRGHODVJDVWULWLVFUyQLFDFXDQGR
QR KDEtDQ OOHJDGR D ODV QR UHYHUVLEOHV \ OD UHJUHVLyQ GH ORV OLQIRPDV JiVWULFRV GH EDMR JUDGR WLSR 0$/7 HO
VHJXQGRUHSUHVHQWDGRSRUODPHMRUtDGHFOtQLFDTXHPDQLILHVWHHOSDFLHQWH\ODPiVLPSRUWDQWHSRUWUDWDUVHGHXQ
WUDWDPLHQWRGHXQDLQIHFFLyQSRUODGHVDSDULFLyQGHODEDFWHULD(VWRVHUHDOL]DPHGLDQWHSUXHEDVQRLQYDVLYDV
FRUUHVSRQGLHQGR D OD PiV UHFRPHQGDGD \ XWLOL]DGD TXH HV OD SUXHED GH DOLHQWR HIHFWXDGD GH FXDWUR D VHLV
VHPDQDVGHKDEHUVHWHUPLQDGRHOWUDWDPLHQWRXQDSUXHEDQHJDWLYDLPSOLFDFXUDFLyQ\ORFRQWUDULRXQUHVXOWDGR
SRVLWLYRLPSOLFDIUDFDVR\TXHGHEHLQYHVWLJDUVH/DRWUDSUXHEDQRLQYDVLYDTXHVHUHFRPLHQGDFRPRFRQWUROGH
HUUDGLFDFLyQHVWDUHSUHVHQWDGDSRUODLQYHVWLJDFLyQGHDQWLJHQRVGHO+S\ORULHQKHFHVFX\DPi[LPDXWLOL]DFLyQ
HVDFWXDOPHQWHHQSHGLDWUtDSDUDHGDGHVHQTXHQRHVIiFLOUHDOL]DUXQDSUXHEDGHDOLHQWRODOLPLWDQWHSULQFLSDO
HVODQHFHVLGDGGHODERUDWRULRVHVSHFLDOHVORTXHLQFUHPHQWDORVFRVWRV\GLVPLQX\HVXXWLOLGDG
32548e)$//$1/2675$7$0,(1726"/RVIDFWRUHVUHODFLRQDGRVDORVUHVXOWDGRVGHIUDFDVR\TXHPiVVH
PHQFLRQDQ VRQ IDOWD GH DSHJR DO WUDWDPLHQWR SRU LQFXPSOLPLHQWR GHO SDFLHQWH IDOWD GH VXSHUYLVLyQ \ GH
RULHQWDFLyQSRUSDUWHGHOPpGLFRSRUHIHFWRVDGYHUVRVGHORVPHGLFDPHQWRV\SRUUHVLVWHQFLDVEDFWHULDQDV/RV
HIHFWRV DGYHUVRV D ORV PHGLFDPHQWRV VRQ IUHFXHQWHV SHUR VyOR HQ HO GH ORV FDVRV VRQ PRWLYR GH OD
VXVSHQVLyQGHOWUDWDPLHQWRORVPiVPHQFLRQDGRVVHUHODFLRQDQDOPHWURQLGD]ROFRQVDERUPHWiOLFRQHXURSDWtD
SHULIpULFD FHIDOHD \ PDUHR WUDVWRUQRV GLVSpSWLFRV SRU FODULWURPLQLQD DOHUJLDV \ GLDUUHDV SRU DPR[LFLOLQD
IRWRVHQVLELOLGDG\SUREOHPDVGHOHVPDOWHGHQWDULRSRUWHWUDFLFOLQDVORVHIHFWRVDGYHUVRVDODVVDOHVGHELVPXWRD
ODV GRVLV WHUDSpXWLFDV VRQ UHDOPHQWH UDURV (O ~OWLPR IDFWRU FRPR IDOOD HQ HO WUDWDPLHQWR GH SULPHUD LQWHQFLyQ
UHODFLRQDGRDODVUHVLVWHQFLDVEDFWHULDQDVVHUHSRUWDGHODOGHORVWUDEDMRVDOUHVSHFWR\REOLJDDXQ
VHJXQGRHVTXHPDGHWUDWDPLHQWR
48(6(+$&(&8$1'2)$//$1/2675$7$0,(1726"(QWRGRVORVHVTXHPDVGHWUDWDPLHQWRGHSULPHUD
OtQHDVHUHSRUWDQIDOODVGHHUUDGLFDFLyQSRUORTXHXQVHJXQGRHVTXHPDGHEHUtDEDVDUVHHQHVWXGLRVGHFXOWLYRV
\GHUHVLVWHQFLDVEDFWHULDQDVORFXDOHQODSUiFWLFDFOtQLFDGLDULDQRHVIiFLOGHORJUDUSHURVtVHHVWiGHDFXHUGR
HQTXHQRGHEHQUHSHWLUVHORVDQWLELyWLFRVGHOSULPHUHVTXHPDDPR[LFLOLD\FODULWURPLFLQD\DTXHODVFLIUDVGH
HUUDGLFDFLyQGLItFLOPHQWHSDVDUtDQGH7DPELpQVHHVWiGHDFXHUGRHQXWLOL]DUORVHVTXHPDVFXiGUXSOHVD
EDVH GH XQ DQWLVHFUHWRU D GRVLV GREOHV WHWUDFLFOLQDV PJ FXDWUR YHFHV DO GtD IXUD]ROLGRQD PJ FXDWUR
YHFHVDOGtDFRQGXUDFLyQGHGtDVORTXHSHUPLWHFLIUDVGHHUUDGLFDFLyQKDVWDGHO$OFRQVLGHUDUVH
TXHORVHVTXHPDVFXiGUXSOHVVRQFRPSOLFDGRVSDUDXQFRUUHFWRFXPSOLPLHQWRDFWXDOPHQWHVHKDQ SURSXHVWR
QXHYRV HVTXHPDV WULSOHV SDUD HOLPLQDU FHSDV UHVLVWHQWHV D ORV DQWLELyWLFRV PiV XWLOL]DGRV UHFRPHQGiQGRVH
HVRPHSUD]ROPJPR[LIOR[DFLQDPJ\ULIDEXWLQDPJGRVYHFHVDOGtD\SRUDGtDVRWURHVTXHPD
WULSOHTXHVHKDUHFRPHQGDGRHVHOGHXQLQKLELGRUGHERPEDGHSURWRQHVDPR[LFLOLQDJPFRQOHYRIOR[DFLQR
PJ GRV YHFHV DO GtD \ SRU D GtDV &RQ HVWRV HVTXHPDV GH UHVFDWH VH UHSRUWDQ HIHFWLYLGDGHV TXH
DOFDQ]DQHO3RUVXSXHVWRTXHQRKD\GXGDTXHODLQGLFDFLyQGHXQDVHJXQGDOtQHDGHHUUDGLFDFLyQ
GHEHUi HVWDU EDVDGD HQ FXOWLYRV GH ELRSVLDV GH PXFRVD JiVWULFD GXUDQWH HQGRVFRSLDV SDUD LQYHVWLJDU
VXVFHSWLELOLGDGHVDORVDQWLELyWLFRVSHURSRUUD]RQHVHFRQyPLFDVGLFKDFRQGXFWDHQODSUiFWLFDVHGHEHVHJXLU
HQFHQWURVGHLQYHVWLJDFLyQ
75$7$0,(1726(13(',$75,$
6H FRQRFH TXH OD LQIHFFLyQ VH DGTXLHUH GHVGH OD LQIDQFLD WHPSUDQD \ VREUH WRGR HQ ORV SDtVHV HQ GHVDUUROOR
FRPRHVHOFDVRGH0p[LFR\ORVOLQHDPLHWRVGHWUDWDPLHQWRGHULYDGRVSRUFRQVHQVRVLQWHUQDFLRQDOHVFRPRHO
0DDVWULFKW\GHWUDEDMRVHQLQVWLWXFLRQHVGHDWHQFLyQSHGLiWULFDRILFLDOHV\GHVHJXULGDGVRFLDOGHOVHFWRU
VDOXGQDFLRQDOUHODFLRQDGRVDFXDGURVGLVSpSWLFRVGHGRORUDEGRPLQDOFUyQLFRUHFXUUHQWH6'&5\GH~OFHUDV
SpSWLFDV VH WLHQHQ SXQWRV GH DFXHUGR (Q ORV QLxRV QR VH WLHQHQ HYLGHQFLDV GHILQLWLYDV GH SRGHU DVRFLDU OD
SUHVHQFLD GH JDVWULWLV SRU + S\ORUL FRQ VtQWRPDV GLVSpSWLFRV \ FRQ ORV FXDGURV GH GRORU DEGRPLQDO FUyQLFR
UHFXUUHQWHODH[FHSFLyQHVHQODGHPRVWUDFLyQLQREMHWDEOHGH~OFHUDSpSWLFDQRVHUHFRPLHQGDOHLQYHVWLJDFLyQ
GHSUXHEDVGLDJQyVWLFDVQRLQYDVLYDVHQORVQLxRVFRQVtQWRPDVGLVSpSWLFRV\DTXHVHKDGHPRVWUDGRTXHFRQOD
HUUDGLFDFLyQGHODEDFWHULDQR VH ORJUDQ DOLYLRV VLQWRPiWLFDV HQ OD PD\RUtD GH ORV FDVRV OD ~QLFD PDQHUD GH
HVWXGLDUDORVSDFLHQWHVSHGLiWULFRVFRQHYLGHQFLDVGHSDWRORJtDVGLJHVWLYDVHVPHGLDQWHHQGRVFRSLDTXHHVWp
SOHQDPHQWH MXVWLILFDGD GHVSXpV GH KDFHU XQ HVWXGLR GH GLDJQyVWLFR GLIHUHQFLDO LQWHJUDO \ PHGLDQWH OD
JDVWURVFRSLDREWHQHUP~OWLSOHVELRSVLDVSDUDSUXHEDVGHXUHDVDUiSLGDHVWXGLRVKLVWROyJLFRV\FXOWLYRV(QQLxRV
FRQ LQIHFFLyQ GHPRVWUDGD SRU HVWH PHGLR LQYDVLYR FRQ \ VLQ ~OFHUD SpSWLFD VH GHEH GDU WUDWDPLHQWR GH
HUUDGLFDFLyQ FRQ HVTXHPD WULSOH D EDVH GH LQKLELGRUHV GH OD ERPED GH SURWRQHV\ GRV DQWLELyWLFRV FRPR
DPR[LFLOLQD\FODULWURPLFLQDDGRVLVDMXVWDGDVDOSHVR\SRUDGtDV
/$6 5(&855(1&,$6 '( ,1)(&&,1 (V LPSRUWDQWH FRQVLGHUDU TXH VLHPSUH H[LVWHQ SRVLELOLGDGHV GH
UHLQIHFFLyQGHODFRORQL]DFLyQEDFWHULDQDGHVSXpVGHWUDWDPLHQWRVH[LWRVRVSHUIHFWDPHQWHFRPSUREDGRVORTXH
VHKDDSUHFLDGRPiVHQODVSREODFLRQHVSHGtDWULFDVUHSRUWiQGRVHLQGLFHVGHUHFXUUHQFLDVKDVWDGHSDUD
QLxRV PD\RUHV GH DxRV HQ DGXOWRV ORV HVWXGLRV KDQ PRVWUDGR TXH ODV SUREDELOLGDGHV GH HVWDU OLEUH GH
LQIHFFLyQDXQDxRHVGH\FLQFRDxRVGHORTXHLPSOLFDUHFXUUHQFLDGHSRUSDFLHQWHDxR(Q
JHQHUDO VH DFHSWD TXH HO SRUFHQWDMH GH UHLQIHFFLyQ HQ SDtVHV GHVDUUROODGRV HV GH D D XQ DxR \ HQ
SDtVHVHQGHVDUUROORODVUHFLGLYDVVRQPiVDOWDVFRQDOSULPHUDxRDOVHJXQGR\KDVWDHORPiVD
SDUWLUGHOWHUFHUDxR(Q0p[LFRVHKDQUHSRUWDGRUHFXUUHQFLDVGHLQIHFFLyQGHOSRUDxR\GHOD~OFHUD
SpSWLFDGHSRUDxR7DPELpQVHKDVXJHULGRTXHDOFRQRFHUVHTXHODPD\RUtDGHODVUHFXUUHQFLDV
RFXUUHQGHQWURGHOSULPHUDxRHVWDVSXHGHQVHUUHFLGLYDGHODLQIHFFLyQ\QRYHUGDGHUDVUHLQIHFFLRQHV\TXH
GLFKDVUHFLGLYDVDOSUHVHQWDUVHFRQPiVIUHFXHQFLDHQSDFLHQWHVMyYHQHVHVWRSXHGHGHEHUVHDIDOODVHQDSHJR
DOWUDWDPLHQWR
326,%,/,'$'(6'(81$9$&81$
6L FRQVLGHUDPRV TXH XQD EDFWHULD HV OD FDXVD GH OD LQIHFFLyQ PiV H[WHQGLGD HQ HO PXQGR GH FRQRFHU ODV
FRQVHFXHQFLDVGHVXFRORQL]DFLyQFUyQLFDHQHOHVWyPDJRGHORVKXPDQRV\ODVGLILFXOWDGHVGHVXWUDWDPLHQWR
SRUODQHFHVLGDGGHHVTXHPDVFRPSOHMRVGHHUUDGLFDFLyQFRQDQWLELyWLFRVGHORVTXHQRKD\PXFKRGHGRQGH
VHOHFFLRQDUHOVLJXLHQWHSDVRVHUtDHOGHFRQWDUFRQXQDYDFXQDTXHSXGLHUDGHVDUUROODULQPXQLGDG HVSHFtILFD
FRQWUD HO + S\ORUL (VWD VLQ GXGD HV XQD H[SHFWDWLYD GHO IXWXUR \ TXH DFWXDOPHQWH VH HQFXHQWUD HQ IDVH GH
LQYHVWLJDFLyQ\GHTXHVHJXUDPHQWHWUDQVFXUULUiQYDULRVDxRVSDUDTXHVHWHQJDXQELROyJLFRHIHFWLYRWROHUDEOH\
FRQFRVWRVDFFHVLEOHV([LVWHQJUXSRVTXHHVWiQWUDEDMDQGRHQPRGHORVDQLPDOHVSULQFLSDOPHQWHUDWRQHVFHUGRV
\SULPDWHVGHGLIHUHQWHVHVSHFLHV\FRQODYHQWDMDGHTXHHVWiQLQIHFWDGRVSRUORTXHSXHGHOODPDUVHVXSURSLR
+(/,&2%$&7(5FRPRHOQHPHVWLQDHGHPRQRVPDFDFRVXLVGHFHUGRVPXVWHODHGHKXURQHV\HOPiVUHFLHQWH
PRGHORGH+HOLFREDFWHUS\ORULUDWRQHVTXHPLPHWL]DODLQIHFFLyQKXPDQDHWF/DVLQYHVWLJDFLRQHVVHFHQWUDQHQ
DSURYHFKDU ORV FRQRFLGRV PHFDQLVPRV LQPXQROyJLFRV QDWXUDOHV GH OD PXFRVD GLJHVWLYD SDUD ORJUDU XQD
DSURSLDGDYDFXQDSDUDLQPXQL]DFLyQRUDOVLJXLHQGRHOFDPLQRGHORVPHFDQLVPRVLQPXQROyJLFRVTXHXWLOL]DQ
WRGDVODVPXFRVDVLQFOX\HQGRODVGHOWUDFWRGLJHVWLYR(VGHFLUTXHHODQWtJHQRGHXQDYDFXQDDGPLQLVWUDGDSRU
YtDRUDOHVFDSWDGRSRUODVFpOXODV0\WUDQVSRUWDGRDODVFpOXODVSUHVHQWDGRUDVGHDQWtJHQRV(QHVWHSDVRHO
DG\XYDQWH GH OD YDFXQD HV LPSRUWDQWH SRUTXH HVWLPXOD OD WUDQVIRUPDFLyQ GH FpOXODV 7K D FpOXODV 7K TXH
SURPXHYH OD H[SDQVLyQ FORQDO GH OLQIRFLWRV % GH ODV TXH GHULYDQ ODV FpOXODV SODVPiWLFDV \ TXH VRQ ODV
SURGXFWRUDV GHO DQWtJHQR ,J$ /D UHVSXHVWD LQPXQH D OD LQPXQL]DFLyQ DQWL + 3\ORUL SUHWHQGH FRQVHJXLU OD
HVWLPXODFLyQGHIRUPDGLULJLGDGHODVFpOXODV7KGLIHUHQFLiQGRVHGHODUHVSXHVWDLQPXQHQDWXUDOGHODLQIHFFLyQ
SRUODEDFWHULDHQGRQGHODUHVSXHVWDLQPXQROyJLFDDOHVWtPXOREDFWHULDQRHVGHFpOXODV7K(QODDSOLFDFLyQ
UHDOVHGHEHFRQVLGHUDUTXHORVDQWLFXHUSRVSDUHFHQQRVHUWDQLPSRUWDQWHVHQODSURWHFFLyQFRPRVLORVHUtDQORV
OLQIRFLWRV7VREUHWRGRORV&'DXQTXHFXHVWDWUDEDMRH[SOLFDUXQHIHFWRFHOXODUGLUHFWRGHSURWHFFLyQSRUOD
ORFDOL]DFLyQ GH ORV PLFURQLFKRV GH FRORQL]DFLyQ HQ OD VXSHUILFLH HSLWHOLDO (O FRPSRQHQWH DQWLJpQLFR SDUD VHU
XVDGR FRPR YDFXQD GHEH UHXQLU FLHUWDV FDUDFWHUtVWLFDV FRPR VRQ VHU IDFWRU SDWyJHQR GH YLUXOHQFLD HYLWDU OD
DSDULFLyQGHPXWDQWHVGHILFLHQWHVHQODH[SUHVLyQGHODQWtJHQRGHHVWDUSUHVHQWHHQODVXSHUILFLHGHODEDFWHULD
SDUDVHUDFFHVLEOHDODUHVSXHVWDLQPXQH WHQHU H[SUHVLyQ HQ WRGDV ODV FHSDV \ WHQHU OD FDSDFLGDG GH LQGXFLU
UHVSXHVWDLQPXQHHQXQPRGHORDQLPDO(OSUREOHPDTXHVHUHSRUWDQHQORVLQWHQWRVGHGHVDUUROODUXQDYDFXQD
HVODQHFHVLGDGGHXQDG\XYDQWHPXFRVRVHJXUR\DTXHORVDFWXDOHVSRVHHQXQDOWRJUDGRGHWR[LFLGDGSRUOR
TXH OD GHVWR[LILFDFLyQ R HO XVR GH EDMDV GRVLV GH ORV DG\XYDQWHV SRGUiQ VHU GH XWLOLGDG 6H KDQ LQYHVWLJDGR
YDULRVFRPSRQHQWHVEDFWHULDQRVFRPRDQWtJHQRVHQHVTXHPDVGHLQPXQL]DFLyQHQPRGHORVDQLPDOHVODXUHDVD
GHODEDFWHULDHQVXVGRVVXEXQLGDGHV$\%ODVSURWHLQDVGHFKRTXHWpUPLFR+VS$\+VS%OD9DF$FLWRWR[LQD
YDFXROL]DQWH\ODSURWHLQD&DJ$HQWUHRWURV(VWRVDQWtJHQRVVRQSURGXFLGRVPHGLDQWHWpFQLFDVUHFRPELQDQWV\
H[SUHVDGRV HQ EDFWHULDV DFDUUHDGRUDV FRPR FHSDV DYLUXOHQWDV GH 6DOPRQHUD W\SK\PXULXP DQWtJHQRV
EDFWHULDQRVTXHVRQDGPLQLVWUDGRVFRQMXQWDPHQWHFRQDG\XYDQWHVGHPXFRVDFRPRODWR[LQDWHUPROiELO7/\
ODGH(VFKHULTXLDFROL
/RVWUDEDMRVGHLQYHVWLJDFLyQKDQPRVWUDGRTXHVLVHDGPLQLVWUDXQDYDFXQDRUDODXQDQLPDOQRLQIHFWDGRVH
REWLHQHXQHIHFWRSURILOiFWLFRVLHOHVWyPDJRGHOPLVPRDQLPDOHVWiSUHYLDPHQWHLQIHFWDGRODYDFXQDWLHQHXQ
HIHFWR FXUDWLYR SRU OD UHVSXHVWD LQPXQH (Q OD DSOLFDFLyQ KXPDQD VH HVSHUD ORJUDU OD YDFXQD VHJXUD SDUD
XWLOL]DUVHHQODFOtQLFD\HQGRVYtDVODSURILOiFWLFD\ODFXUDWLYDGHULYDQGRWDPELpQGRVLQWHUURJDQWHV$TXLpQ\
DTXHJUXSRSREODFLRQDODSOLFDU\$TXpHGDGGHEHDSOLFDUVH'HLQLFLRSDUHFHUtDTXHORVQLxRVHQHGDG
HVFRODU VHUtDQ ORV FDQGLGDWRV D YDFXQDU &RQVLGHUDQGR ODV HYLGHQFLDV HSLGHPLROyJLFDV TXH KDQ
GHPRVWUDGR TXH OD LQIHFFLyQ VH DGTXLHUH GHVGH HGDGHV WHPSUDQDV OD YDFXQDFLyQ HQ SURJUDPDV GH JUDQ
FREHUWXUDVHSHUILODFRPRXQDJUDQFDPSDxDGHDFWLYLGDGVDQLWDULDSDUDHYLWDUODVLQIHFFLRQHVLQLFLDOHV\HYLWDU
ODVFRQVHFXHQFLDVIXQHVWDVTXHSXHGDQWHQHUORVSRUWDGRUHV3RUORTXHDQWHVGHHPSH]DUDSHQVDUHQFRVWRV
KD\TXHWHQHUSULPHURODYDFXQDORFXDOVHJXUDPHQWHVHORJUDUi
/$,1)(&&,1325+(/,&2%$&7(5S\ORUL&202352%/(0$'(6$/8'(10e;,&2
6HFRQRFHQFLIUDVUHSRUWDGDVGHSUHYDOHQFLDGHLQIHFFLyQSRU+S\ORULTXHYDQGHODOHQSDtVHVHQ
GHVDUUROOR GH D HQ ORV GHVDUUROODGRV \ GH SDUD WRGD OD SREODFLyQ PXQGLDO 'H WRGRV ORV
LQIHFWDGRVGHODOVHUiQVLQWRPiWLFRVGHVDUUROODQGRSDWRORJtDVJDVWURGXRGHQDOHV\ GH HVWRV HO
WHQGUiQHQXQPRPHQWRGHVXYLGDDOWDVSRVLELOLGDGHVGHSUHVHQWDUFDUFLQRPDJiVWULFRQHRSODVLDTXHRFXSDHO
VHJXQGROXJDUHQLQFLGHQFLDDQLYHOPXQGLDOVyORGHVSXpVGHOFDUFLQRPDGHSXOPyQFRQPiVGHFDVRV
QXHYRV GLDJQRVWLFDGRV FDGD DxR FRUUHVSRQGLHQGR HO D ORV SDtVHV HQ GHVDUUROOR FRPR 0p[LFR (Q ORV
SDtVHVGHVDUUROODGRVVHWLHQHQHYLGHQFLDVGHXQDGLVPLQXFLyQFRQVWDQWHGHODVSUHYDOHQFLDVGHODLQIHFFLyQSRU
+S\ORULFRQWDVDVGHGHFOLQDFLyQKDVWDGHSRUGpFDGD\VyORHOGHDGXOWRVQRLQIHFWDGRVDGTXLHUHQ
OD EDFWHULD FDGD DxR OR TXH VH KD DFRPSDxDGR GH GLVPLQXFLyQ GH OD HQIHUPHGDG XOFHURVD \ GHO FDUFLQRPD
JiVWULFRVLWXDFLyQTXHKDVLGRPX\HYLGHQWHHQORV((88HQGRQGHODVWDVDVGHPRUWDOLGDGSRUGLFKDQHRSODVLD
HQKRPEUHVFDXFiVLFRVIXHGH;HQSDUDGLVPLQXLUD;HQHOSHUtRGRFRPSUHQGLGR
GHDO(Q0p[LFRVHDFHSWDXQDSUHYDOHQFLDGHLQIHFFLyQGHOORTXHLQGLFDTXHGH
XQDSREODFLyQGHPLOORQHVGHKDELWDQWHVSXHGHQH[LVWLUPLOORQHVGHLQIHFWDGRVGHORVFXDOHVSRUOR
PHQRVHOTXHVRQPLOORQHVSRGUiQVHURVRQSDFLHQWHVVLQWRPiWLFRVTXHDVLVWHQDDWHQFLyQPpGLFDHQ
ORVGLIHUHQWHVVLVWHPDVGHDWHQFLyQ\TXHVRQPiVGHGLH]UHSUHVHQWDQGRXQDFDUJDHFRQyPLFDTXHDODIHFKD
QR KD VLGR FDOFXODGD \ GH HVWRV HO TXH UHSUHVHQWDQ SRGUiQ VHU LQGLYLGXRV FRQ FLQFR D VHLV
SRVLELOLGDGHV PD\RUHV GH LQWHJUDU OD OLVWD GH FDVRV QXHYRV GH DGHQRFDUFLQRPD JiVWULFR OR TXH UHSUHVHQWD HO
YHUGDGHURIRQGRGHOSUREOHPDGHVDOXGHQODLQIHFFLyQFUyQLFDSRU+S\ORUL(Q0p[LFRHOFDUFLQRPDJiVWULFRVH
UHSRUWDFRPRVHJXQGDQHRSODVLDGHODSDUDWRGLJHVWLYRFRQXQDPRUWDOLGDGGH;KDELWDQWHVHQHODxR
GHFLIUDTXHDXPHQWyD;KDELWDQWHVHQOD~OWLPDGpFDGDGHOVLJOR;;VLWXDFLyQTXHKDVLGR
PiV HYLGHQWH HQ KRPEUHV \ D~Q FXDQGR HVWH LQFUHPHQWR SXHGD GHEHUVH D XQD PHMRUtD HQ ORV VLVWHPDV GH
UHJLVWUR \ GH REWHQFLyQ GH LQIRUPDFLyQ OR SUHRFXSDQWH HV GH TXH D GLIHUHQFLD GH RWURV SDtVHV HO FDUFLQRPD
JiVWULFRHQ0p[LFRQRKDGLVPLQXLGRVLQRTXHH[LVWHIUDQFDVWHQGHQFLDVGHDXPHQWDUGHTXHODVPRUWDOLGDGHV
SRUGLFKDSDWRORJtDFDPELDQ FRQ OD HGDG HV GHFLU GH ; SRU GHEDMR GH ORV DxRV GH D ;
SDUDODVHGDGHVGHDDxRVSDUDDFHUFDUVHD;KDELWDQWHVHQODSREODFLyQGHPiVGH
DxRVFRUUHVSRQGLHQGRDJUXSRVTXHKDQWHQLGRFDVLHOGHSRVLELOLGDGHVGHKDEHUHVWDGRLQIHFWDGRVSRU
HO+S\ORULDGHPDVGHTXHODPRUWDOLGDGKDDXPHQWDGRSULQFLSDOPHQWHHQORVSDFLHQWHVFRORFDGRVHQWUHORV\
DxRVGHHGDGFRQODSUHRFXSDFLyQDJUHJDGDGHTXHH[LVWHQWHQGHQFLDVDTXHHQ0p[LFRVHSUHVHQWH
HOFDUFLQRPDJiVWULFRFRQPiVIUHFXHQFLDHQSREODFLyQMRYHQFRQXQDUHSUHVHQWDFLyQKDVWDGHOGHOWRWDOGH
FDUFLQRPDVJiVWULFRVDWHQGLGRVHQXQLQVWLWXWRGHOVHFWRUVDOXGQDFLRQDOLQIRUPiQGRVHODLQFLGHQFLDPiVDOWDD
QLYHOPXQGLDOSDUDHOJUXSRHWDULRGHPHQRUHVGHDxRVFRQXQDXPHQWRVLJQLILFDWLYRGHPRUWDOLGDGHVHQORV
SDFLHQWHVMyYHQHV(QHODxR-DYLHU7RUUHVUHDOL]yHODQiOLVLVGHORVHVWDGRVGHOD5HS~EOLFDGH
DFXHUGRDODVWDVDVGHPRUWDOLGDGSRUDGHQRFDUFLQRPDJiVWULFRUHSRUWDQGRTXHORVFXDWURHVWDGRVFRQODVWDVDV
GH PRUWDOLGDGHV PiV EDMD VH ORFDOL]DURQ HQ HO FHQWUR \ HQ HO VXU GHO SDtV WHQLHQGR OD PiV DOWD
VHURSUHYDOHQFLD GH + S\ORUL \ ORV RFKR HVWDGRV FRQ ODV WDVDV PiV DOWDV GH PRUWDOLGDG ! VH
ORFDOL]DURQHQHOQRUWHFHQWUR\VXUGHOD5HS~EOLFDFRQXQDVHURSUHYDOHQFLDGH3HURORSUHRFXSDQWHHVGH
TXHQRREVWDQWHDODIUDQFDYHQWDMDGHODVFRQGLFLRQHVVRFLRHFRQyPLFDV\GHVDOXGDPELHQWDOSDUDORVHVWDGRV
GHOQRUWHGHODUHS~EOLFDDODIHFKDQRVHKDGHPRVWUDGRTXHH[LVWDXQDFODUDUHJLRQDOL]DFLyQGHODVWDVDVGH
PRUWDOLGDGSRUFDUFLQRPDJiVWULFRHQ0p[LFR3RUORPHQFLRQDGRHVSUXGHQWHLQWHQWDUFRQRFHUORVIDFWRUHV
HWLRSDWRJpQLFRV TXH KDQ SURSLFLDGR TXH HO DGHQRFDUFLQRPD JiVWULFR DXPHQWH HQ IUHFXHQFLD HQ 0p[LFR \ GH
WUDWDUGHHVWDEOHFHUFXDQWRLQWHUYLHQHODLQIHFFLyQSRUHO+S\ORUL\FXDQWRORVRWURVIDFWRUHVTXHWUDGLFLRQDOPHQWH
VHPHQFLRQDQFRPR VRQ ODV GLHWDV GLHWDV DOWDV HQ VDO \ EDMDV HQ DQWLR[LGDQWHV \ IDFWRUHV DPELHQWDOHV (Q
0p[LFRGHVGHTXHDSDUHFLHURQORVILEURVFRSLRVIOH[LEOHVORVHVIXHU]RVVHKDQRULHQWDGRDORJUDUGLDJQyVWLFRV
WHPSUDQRV GHO FDUFLQRPD JiVWULFR VLWXDFLyQ TXH QR VH KD ORJUDGR SRU KDEHUVH DOFDQ]DGR VyOR FLIUDV TXH QR
SDVDQGHOGHFDUFLQRPDVWHPSUDQRV$QWHODHYLGHQFLDGHTXHHQ0p[LFRHOIDFWRUHWLRSDWRJpQFRSULQFLSDO
VHDODLQIHFFLyQSRU+3\ORUL\SRUFHSDVFDJ$ORVHVIXHU]RVGHEHUiQRULHQWDUVHDLQWHQWDUPHGLGDVSUHYHQWLYDV
SDUDODSREODFLyQHQJHQHUDO\PHGLGDVGHHUUDGLFDFLyQGHODEDFWHULDSDUDJUXSRVSHUIHFWDPHQWHGHILQLGRV(O
SDQRUDPDDO SDUHFHU QR KD FDPELDGR FRPR OR DQWLFLSy 7DQLPRWR :HNL GHVGH TXH DGYLUWLy TXH
0p[LFRFRPRSDtVHQGHVDUUROOR\DOWDVSUHYDOHQFLDVGHLQIHFFLyQSRU+S\ORULODSUHGLVSRVLFLyQGHORVLQIHFWDGRV
SRU DxRV D GHVDUUROODU DGHQRFDUFLQRPD JiVWULFR GHEHUtD FRQVLGHUDUVH FRPR XQ SUREOHPD GH VDOXG (VWR IXH
FRQILUPDGRGHVXpVHQODUHYLVLyQGHOSULPHUWUDEDMR\~OWLPRUHODFLRQDGRDFRQRFHUODUHODFLyQHQWUHODLQIHFFLyQ
SRU+S\ORUL\HOFiQFHUJiVWULFRHQ0p[LFRFRPRXQUHWRSDUDODSUHYHQFLyQ\HOFRQWUROSREODFLRQDOUHDOL]DGRHQ
SRU/ySH]&DVWLOORHOYDORUGHOLQIRUPHHVGHKDEHUVLGRPXOWLLQVWLWXFLRQDOUHFRSLOiQGRVHSDFLHQWHV
FRQFiQFHUJiVWULFR\FRQWUROHVKRVSLWDODULRVHQFRQWUiQGRVHTXHODLQIHFFLyQSRU+S\ORULVHHQFRQWUyHQHO
GH ORV FDVRV \ HQ HO GH ORV FRQWUROHV TXH SHUPLWLy HYDOXDU \ FRQILUPDU OD DVRFLDFLyQ GH OD
SUHVHQFLDGHODLQIHFFLyQSRU+S\ORUL\ODLQFLGHQFLDGHOFiQFHUJiVWULFRORJUDQGRDGHPiVLQWHUSUHWDUHOULHVJR\
FRQRFHUHOSRUFHQWDMHGHFDVRVGHFiQFHUJiVWULFRTXHVHHYLWDUtDQVLVHORJUDUDODHUUDGLFDFLyQGHODLQIHFFLyQ
HQWRGRHOSDtVFRQODUHODFLyQGHORVFDVRVDQXDOHVUHSRUWDGRVDO5HJLVWUR1DFLRQDOGH&iQFHUREWHQHU XQD
HVWLPDFLyQPX\UHOLVWDGHOQ~PHURGHFDVRVSRWHQFLDOPHQWHHYLWDEOHVHQEDVHDORVUHVXOWDGRVVHLQIRUPyTXH
FRQ OD HUUDGLFDFLyQ GH OD LQIHFFLyQ SRU + S\ORUL HQ OD SREODFLyQ JHQHUDO OD LQFLGHQFLD GH FiQFHU JiVWULFR VH
UHGXFLUtDHQXQ3HURHOSUREOHPDUHDOHVGHTXHD~QFXDQGRVHDFHSWHTXHODSUHYDOHQFLD GH
LQIHFFLyQ SRU + S\ORUL WLHQGH D GHVFHQGHU HO FDUFLQRPD JiVWULFR WLHQGH D DXPHQWDU SRU OR TXH SXGLHUD VHU
QHFHVDULR UHDOL]DU QXHYRV HVWXGLRV GH H[WHQVLyQ PXOWLLQVWLWXFLRQDOHV \ HQ WRGD OD UHS~EOLFD SDUD DFWXDOL]DU HO
SUREOHPD\GDUVROXFLRQHVTXHGHEHQFHQWUDUVHSULQFLSDOPHQWHHQGRVFDPLQRVHQPHMRUDUODVFRQGLFLRQHVGH
VDOXGDPELHQWDO\HQHOUHFXUVRGHDJXDSRWDEOH
'HVGH TXH VH FRQRFLy HO SDSHO HWLRSDWRJpQLFR GHO + S\ORUL HQ OD ~OFHUD SpSWLFD FRQ ORV WUDWDPLHQWRV GH
HUUDGLFDFLyQVHORJUyXQDGLVPLQXFLyQLPSRUWDQWtVLPDGHOSUREOHPDGHODVUHFLGLYDVGHODHQIHUPHGDGXOFHURVD
KHFKRTXHWDPELpQVHDSUHFLyHQ0p[LFR\DSDUWLUGHORVWUDEDMRVGHOVLJOR;;,HVIUHFXHQWHTXHVHPHQFLRQH
XQDWHQGHQFLDDODGLVPLQXFLyQGHODVSUHYDOHQFLDVGHLQIHFFLyQSRU+S\ORULHQUHODFLyQKDTXHVHKDQPHMRUDGR
ODVFRQGLFLRQHVGHVDOXGDPELHQWDOSHURVLQTXHVHDSRUWHQHYLGHQFLDVVyOLGDVGHTXHIDOWDQQXHYRVHVWXGLRVGH
SUHYDOHQFLDTXHVXVWLWX\DQDORVFOiVLFRVGHODOLWHUDWXUDQDFLRQDOSDUDFRQRFHUVLHIHFWLYDPHQWHKDQFDPELDGR
ODVFRQGLFLRQHVDPELHQWDOHVTXHIDYRUHFHQODLQIHFFLyQ\TXHVLHIHFWLYDPHQWHVHKDQPHMRUDGRVHJXLUSRUHVH
FDPLQR
/DSUHYHQFLyQGHODGHQRFDUFLQRPDJiVWULFRPHGLDQWHWUDWDPLHQWRVGHHUUDGLFDFLyQGHLQIHFFLyQSRU+S\ORUL KD
VLGRFRQVLGHUDGRHQYDULRVSDtVHVSHURDQWHODSHUVLVWHQFLDGHLQWHUURJDQWHVQRFRQWHVWDGDVFRPRKDQVLGRODV
WDVDV GH UHDFWLYDFLyQ GH ODV LQIHFFLRQHV \ ODV WDVDV GH UHLQIHFFLyQ SDUD GLIHUHQWHV SREODFLRQHV LQFOX\HQGR D
0p[LFR DO DFHSWDUVH TXH DOUHGHGRU GH OD PLWDG GH OD SREODFLyQ PXQGLDO HVWi LQIHFWDGD HQ OD PD\RUtD GH ORV
SDtVHVXQSURJUDPDGHHUUDGLFDFLyQJHQHUDOL]DGRVHUtDLPSUDFWLFDEOHVSRUFRVWRV\SRUULHVJRVVREUHWRGRHQ
SDtVHVHQGHVDUUROORHQGRQGHVHKDFRQRFLGRTXHSRUHOXVRLQGLVFULPLQDGRGHDQWLELyWLFRVTXHVHDGTXLHUHQ
VLQ FRQWURO VH KD SURSLFLDGR OD HPHUJHQFLD GH FHSDV UHVLVWHQWHV 3HUR HQ DOJXQRV SDtVHV GH DOWDV
SUHYDOHQFLDVGHDGHQRFDUFLQRPDJiVWULFRVLVHKDLQWHQWDGRHYDOXDUHOHIHFWRGHODHUUDGLFDFLyQGHO+S\ORULHQ
SDFLHQWHV LQIHFWDGRV DVLQWRPiWLFRV FRQ FRPSUREDFLyQ SRVLWLYD GH GRV HVWXGLRV SUXHED GH DOLHQWR \ SRU
KLVWRSDWRORJtDHQ SREODFLRQHV GH DOWR ULHVJR \ FRPR HMHPSOR HO HVWXGLR FOiVLFR HIHFWXDGR HQ OD SREODFLyQ GH
)XMLDQ HQ &KLQD TXH UHSUHVHQWD XQD DUHD GH DOWD PRUWDOLGDG HVWDQGDUL]DGD SRU FDUFLQRPD JiVWULFR GH ;
KDELWDQWHVIXHURQVHOHFFLRQDGRVDOD]DUSDUDUHFLELUWUDWDPLHQWRFRQRPHSUD]RODPR[LFLOLQDFODYXODQDWR
GHSRWDVLR \ PHWURQLGD]RO SRU TXLQFH GtDV 1 \ SODFHER 1 IXHURQ FRQWURODGRV FDGD VHLV
PHVHVDORVGRVDxRVVHOHVHIHFWXySUXHEDGHDOLHQWRGHFRQWURO\DORVFLQFRDxRVXQDVHJXQGDHQGRVFRSLD
HODQiOLVLVGHUHVXOWDGRVVHOOHYyDFDERSRULQWHQFLyQGHWUDWDUFRQFRUWHDORVDxRVGHWHFWDQGRFDVRVGH
DGHQRFDUFLQRPDHQHOJUXSRGHWUDWDPLHQWR\HQHOGHSODFHERVLQVLJQLILFDFLyQOR TXH VL VH PRVWUy FRPR
HIHFWLYLGDG GHO WUDWDPLHQWR \ FRQ VLJQLILFDQFLD HVWDGtVWLFD IXH DO HVWXGLDU SDFLHQWHV OLEUHV GH OHVLRQHV
SUHQHRSOiVLFDVHQFRQWUiQGRVHUHGXFFLyQGHOGHVDUUROORGHDGHQRFDUFLQRPDHQORVTXHUHFLELHURQWUDWDPLHQWRGH
FDVRVYVGHSODFHER3 (VWHWLSRGHHVWXGLRVVRQGLItFLOHVGHUHDOL]DUSRUORFRVWRVRGH OD
PHWRGRORJtDTXHLQFOX\HHQGRVFRSLDVSUXHEDVGHDOLHQWRHVWXGLRVKLVWRSDWROyJLFRVWUDWDPLHQWRVSHUVRQDO
\ WLHPSR HQ DxRV SDUD OD LQYHVWLJDFLyQ SRU OR TXH HQ OD LQIRUPDFLyQ GH ORV H[SHUWRV HQ UHYLVDU HYLGHQFLDV
DFWXDOL]DGDV VREUH OD SUHYHQFLyQ GH FDUFLQRPD JiVWULFR DFWXDOPHQWH QR VH WLHQHQ UHVSXHVWDV VyOLGDV SDUD
DSR\DUFDPSDxDVGHHUUDGLFDFLyQJHQHUDOL]DGDV/RTXHSRGUtDVHUIDFWLEOHTXHDFRPSDxDQGRDODVFDPSDxDV
GHVDOXGDPELHQWDO JHQHUDO \ PHMRUDQGR HO QLYHO GH YLGD VH HVWDEOH]FDQ RWURV FDPLQRV GH TXLPLRSUHYHQFLyQ
FRPRVHHVWiOOHYDQGRDFDERSDtVHVFRQDOWDVLQFLGHQFLDVGHFDUFLQRPDJiVWULFRFRPRHQHORULHQWHDVtDWLFR
&KLQD \ -DSyQ FRQ WDVDV GH PiV GH ; KDELWDQWHV HQ GRQGH VH HVWiQ UHSRUWDQGR UHGXFFLRQHV
VLJQLILFDWLYDVHQODPRUWDOLGDGFRQODFDPSDxDGHDJUHJDUEHWDFDURWHQRYLWDPLQD(\VHOHQLRDODGLHWD
7DPELpQHQSDtVHVHQGHVDUUROORFRPR&RORPELDVHKDUHSRUWDGRTXHHOWUDWDPLHQWRFRQDQWLR[LGDQWHVMXQWR D
HVTXHPDVGHHUUDGLFDFLyQFRQDQWLELyWLFRVVLLQWHUILHUHQHQHOSURFHVRGHFDVUFLQRJpQHVLVPHGLDQWHODUHJUHVLyQ
GHOHVLRQHVSUHQHRSOiVLFDVJDVWULWLVDWUyILFDDWURILDJiVWULFDPHWDSODVLDLQWHVWLQDO\GLVSODVLDHQ9HQH]XHOD\D
VH HVWi XWLOL]DQGR OD YDFXQDFLyQ D QLYHO SREODFLRQDO FRQ PHMRUHV UHVXOWDGRV FRPSDUDGRV FRQ ORV WUDWDPLHQWRV
FRQYHQFLRQDOHVGHHUUDGLFDFLyQ
6LDO+S\ORULVHOHDVRFLDDDGHQRFDUFLQRPDJiVWULFRHVXUJHQWHDWHQGHUHOSUREOHPDFRQODSULRULGDGFRQTXH
VHKDQDWHQGLGR ODV SUHRFXSDFLRQHV GH RWUDV QHRSODVLDV HQ 0p[LFR \D TXH GH DFXHUGR FRQ OD 2UJDQL]DFLyQ
0XQGLDOGHOD6DOXGHOFiQFHUUHSUHVHQWDXQDGHODVSULQFLSDOHVFDXVDVGHPXHUWHGHWRGRHOPXQGRGHORV
PLOORQHVGHPXHUWHVTXHVHUHJLVWUDURQHQHOPXQGRHQPLOORQHVVHGHELHUHRQDOFiQFHUGHODV
FXDOHVHODGHQRFDUFLRQRPDGHHVWyPDJRRFXSyHOVHJXQGROXJDUFRQFDVLPLOOyQGHPXHUWHV0LHQWUDVVHORJUD
XQDYDFXQDODVSURSRVLFLRQHVVHKDQGDGRKDQTXHGDQGRSHUIHFWDPHQWHGHOLQHDGDVSHURODUHDOLGDGHVTXH
IDOWDQORVSURJUDPDVGHDSOLFDFLyQGLUHFWD\ORVTXHPiVVHPHQFLRQDQKDQVLGRORVVLJXLHQWHV
,PSOHPHQWDU SURJUDPDV GH VHQVLELOL]DFLyQ GH OD FRPXQLGDG PpGLFD SDUD TXH VHD FRQVLGHUDGD D OD
LQIHFFLyQ SRU + S\ORUL FRPR XQ SUREOHPD GH VDOXG QDFLRQDO SDUD DSR\DU HO WUDEDMR \ ORV GLDJQyVWLFRV
LQGLYLGXDOHV GH WRGRV ORV PpGLFRV VREUH WRGR HO GH ORV GH SULPHU QLYHO GH DWHQFLyQ \ QR VROR GH ORV
HVSHFLDOLVWDV
+DFHUXQFDPELRHQORVREMHWLYRVGHODVLQYHVWLJDFLRQHVFLHQWtILFDVHQ0p[LFRVREUHHO+S\ORULTXHVH
KDQFHQWUDGRHQHOFRQRFLPLHQWRGHODEDFWHULDGHOGLDJQyVWLFR\GHORVWUDWDPLHQWRVGHHUUDGLFDFLyQSDUD
GLULJLUVHPiVDODVPHGLGDVVDQLWDULDV\HYLWDUVXSURSDJDFLyQ
,QYHVWLJDUHOFRPRHVTXHODEDFWHULDSXHGHWDPELpQFRQWDPLQDU\VREUHYLYLUHQODVUHGHVGHDJXDSRWDEOH
TXH KDQ VLGR WUDWDGDV SRU ORV SURFHVRV GH SRWDELOL]DFLyQ DFWXDOHV FRQVLGHUDQGR HO KHFKR VRUSUHVLYR
GHULYDGRGHORVHVWXGLRVGHHYDOXDFLyQEDFWHULROyJLFDGHODJXDHIHFWXDGRVSRUHO,QVWLWXWRGH(FRORJtD\
GHOD)DFXOWDGGH0HGLFLQDGHOD81$0TXHPRVWUDURQODSUHVHQFLDGHO+S\ORULHQWRGRVORVVLVWHPDV
GHDJXDLQYHVWLJDGRVORVGHDJXDVUHVLGXDOHVGHULHJR\ORSUHRFXSDQWHHQORVVLVWHPDVGHDJXDSDUD
FRQVXPRKXPDQR HO + 3\ORUL FRPR RWURV SDWyJHQRV /HJLRQHOOD YLUXV GH OD KHSDWLWLV $ \ ( URWDYLUXV
DGHQRYLUXV &R[DFKLHYLUXV YLUXV 1RUZDON &U\VWRVSRULGLXP *LDUGLD ODPEOLD HWF VRQ UHVLVWHQWHV D ORV
VLVWHPDVGHFORUDFLyQTXHVHDSOLFDQHQ0p[LFR
$SOLFDUODVPHGLGDVVDQLWDULDVDGHFXDGDVSDUD ORJUDU OD HUUDGLFDFLyQ GH OD EDFWHULD GH ORV VLVWHPDV GH
DJXD SRWDEOH H[WUD H LQWUDGRPLFLOLDULRV HMHFXWDQGR ODV REUDV QHFHVDULDV SDUD OD UHSDUDFLyQ GH ORV
VLVWHPDVGHDOFDQWDULOODGR\GHDJXDSRWDEOHWDQGHWHULRUDGRV\SRUWRGRVFRQRFLGRVVHKDEODGHOFRFWHO
GHKHFHVEDFWHULDV\YLUXVGHODVXSXHVWDDJXDSRWDEOHGHODFLXGDGGH0p[LFRDODTXHVHGHEHDJUHJDU
HO+S\ORUL
/D SRVLELOLGDG GH PRGLILFDFLRQHV GH OD 1RUPD 2ILFLDO 0H[LFDQD 12066$ SDUD TXH VH
FRQVLGHUH OD REOLJDWRULHGDG GH HVWDEOHFHU TXH HO + S\ORUL HVWi DXVHQWH \ FRQVLGHUDU TXH ODV PXHVWUDV
DQDOL]DGDVSHUPLWDQFHUWLILFDUTXHODVIXHQWHVSDUDFRQVXPRHIHFWLYDPHQWHVRQSRWDEOHV
,QYHVWLJDU RWURV VLVWHPDV GH SRWDELOL]DFLyQ GH DJXD \ DGHFXDGRV SDUD OD GHVWUXFFLyQ GHO + S\ORUL
DSOLFDQGRODVPRGLILFDFLRQHVQHFHVDULDVDORVSURFHVRVGHHOLPLQDFLyQGHEDFWHULDV\DSUREDGRV
([WHQGHU ORV SURJUDPDV GH DJXD OLPSLD D WRGDV ODV UHJLRQHV GHO SDtV VXVWLWX\HQGR ORV GLVSRVLWLYRV
SULPLWLYRV GH SRWDELOL]DFLyQ GH DJXD D EDVH KLSRFORULWR GH VRGLR DJUHJDQGR HO QHFHVDULR TXH ODV
LQYHVWLJDFLRQHVLQGLTXHQHIHFWLYLGDGSDUDODHOLPLQDFLyQGHO+S\ORUL
6LVWHPDVGHFRQWUROGHODVJUDQGHVHPSUHVDVVXUWLGRUDVGHDJXDSRWDEOHDGRPLFLOLRSDUDTXHVHDVHJXUH
GH TXH VX SURGXFWR HVWi OLEUH GH OD EDFWHULD (Q 0p[LFR HQ HO H[LVWHQ PiV GH HPSUHVDV
GHGLFDGDV D OD IDEULFDFLyQ \ FRPHUFLDOL]DFLyQ GH DJXD SDUD FRQVXPR KXPDQR GH ODV FXDOHV VROR
HVWiQFRPSURPHWLGDVDOSURJUDPDGH$JXD3XULILFDGD&DOLGDG&HUWLILFDGDORTXHLPSOLFDHOTXH
QR HVWi FXPSOLHQGR FRQ ODV QRUPDV GH VDOXG SDUD FRPHUFLDOL]DU DJXD \ KLHOR GH FDOLGDG ySWLPD (VWD
SUREOHPD\DSUHRFXSyVREUHWRGRDORVLQWHJUDQWHVGHOD/;/HJLVODWXUDGHO+RQRUDEOH&RQJUHVRGHOD
8QLyQTXHWXYLHURQFRQRFLPLHQWRGHTXHHQHODJXDTXHEHEHQORVKDELWDQWHVGHO'LVWULWR)HGHUDOHV
IUHFXHQWH HQFRQWUDU +HOLFREDFWHU S\ORUL TXH HV XQD EDFWHULD DVRFLDGD FRQ ~OFHUDV GHO HVWyPDJR \
GXRGHQDOHV DVt FRPR FRQ FiQFHU JiVWULFR HQ KXPDQRV DOFDQ]DQGR XQD SUHYDOHQFLD GH LQIHFFLyQ SRU
GLFKDEDFWHULDKDVWDHQXQGHORVDGXOWRVHQ0p[LFRSRUORTXHDOD&RPLVLyQGH6DOXGVHOHIXp
WXUQDGD XQD LQLFLDWLYD FRQ SUR\HFWR GH GHFUHWR SRU HO TXH VH DGLFLRQD XQ DUWtFXOR %LV D OD /H\
*HQHUDOGH6DOXGSDUDVDQFLRQDU D ODV HPSUHVDV TXH QR FXPSODQ FRQ ODV QRUPDV WpFQLFDV VDQLWDULDV
LQLFLDWLYDUHFLELGDHOGH$EULOGHO
6H QHFHVLWD FRQRFHU VL ORV VLVWHPDV GH ILOWURV TXH VH KDQ XWLOL]DGR WHQJDQ TXH VHU UHFRPHQGDGRV
QXHYDPHQWHSDUDVXXVRHQHOKRJDUFRQORVGLVSRVLWLYRVDEDVHGHFDUWXFKRVRXQLGDGHVGHILOWUDFLyQR
VLVWHPDVPiVULJXURVRVGHUHPRFLyQGHSDUWtFXODVQRFLYDV\FRQWDPLQDQWHVEDFWHULDQRVLPSRUWDQWHVTXH
SURYLHQHQGHIXHQWHVGHDJXDVXSXHVWDPHQWHSRWDEOHVSHURFRPSURPHWLGDVGLVSRVLWLYRVSDUDHOKRJDU
GHWUDWDPLHQWRGHDJXDGHSXQWRGHHQWUDGD3'(SXQWRGHXVR3'8 TXH VH FRQHFWDQ D OD OODYH GHO
DJXD \ TXH KDQ VLGR VXVWLWXLGRV SRU OD FRPSUD GH DJXDV HPERWHOODGDV (VWR KD UHSUHVHQWDGR XQD
LPSRVLFLyQGHPHUFDGRWHFQLDVREUHODHFRQRPtDGHODVIDPLOLDVPH[LFDQDVGHWRGRVORVVHFWRUHVVRFLDOHV
FRQWULEX\HQGRDOFUHFLPLHQWRGHODGHPDQGDGHDJXDHPERWHOODGDTXHKDVXSHUDGRHQPiVGHXQD
ODFRPHUFLDOL]DFLyQGHORVUHIUHVFRVGHHQYDVHDGHPiVHOFRQVXPRSHUFiSLWDGHDJXDHPERWHOODGDHV
GHOLWURVSRUDxRFRORFiQGRVHDOSDtVFRPRHOVHJXQGRFRQVXPLGRUGHDJXDFRPSDUDGRVyORGHWUiV
GH,WDOLDTXHUHJLVWUDXQFRQVXPRGHOLWURV3HURORSUHRFXSDQWHHVGHTXHGLFKDFXOWXUDFRQVXPLVWD
WLHQH SRU EDVH HO FRQRFHUVH TXH ORV HVWiQGDUHV GH FDOLGDG EDFWHULROyJLFD GHO DJXD HQ XVR HQ 0p[LFR
EDVDGRV~QLFDPHQWHHQFROLIRUPHVWRWDOHV\IHFDOHVQRJDUDQWL]DQTXHHODJXDVHDVHJXUDSDUDEHEHU
DJUHJiQGRVHORVGHIHFWRVHQODHIHFWLYLGDGGHODFORUDFLyQ\GHVDEHUVHGHTXHODVPDWHULDVRUJiQLFDV
HVSHFLILFDPHQWHODPDWHULDIHFDO UHDFFLRQDQ FRQ HO FORUR SURGXFLpQGRVH ORV OODPDGRV WULKDORPHWDQRV
TXH KDQ VLGR FRQLVLGHUDGRV FRPR VXVWDQFLDV FDUFLQRJpQLFDV (VWDV VLWXDFLRQHV KDQ MXVWLILFDGR OD
GHVFRQILDQ]D JHQHUDOL]DGD SDUD EHEHU DJXD GH OD OODYH (VWD GHVFRQILDQ]D IXH HOLPLQDGD HQ pSRFDV
SDVDGDVSRUODUHFRPHQGDFLyQFOiVLFDGHKHUYLUHODJXDGHODOODYHGXUDQWHPLQXWRVTXHVLQGXGDHV
~WLOSHURWHQLHQGRHOLQFRQYHQLHQWHGHTXHFRPSXHVWRVRUJiQLFRVFRPRLQVHFWLFLGDV\KHUELFLGDVSXHGHQ
FRQFHQWUDUVH DO KHUYLU HO DJXD DGHPDV GH TXH QR VH FRQRFH HO WLHPSR GH HEXOOLFLyQ QHFHVDULR SDU
HOLPLQDUHO+S\ORULSRUORTXHVLQGXGDHOPpWRGRGHEHVHUVXVWLWXLGRSRUVLVWHPDVGHILOWURVFRQJDUDQWtD
HQUHODFLyQDOWLHPSRGHXVR~WLO\VHJXULGDGGHPDQWHQLPLHQWR
',6&86,1<&20(17$5,26),1$/(6
$ORODUJRGHODKLVWRULDGHOKRPEUHVHFRQRFHTXHDSDUHFHQGHVDSDUHFHQ\UHDSDUHFHQHQIHUPHGDGHVTXHHQ
RFDVLRQHVKDQDOWHUDGRVHYHUDPHQWHODHVWUXFWXUD\RUJDQL]DFLyQGHODVVRFLHGDGHVFRQWULEX\HQGRDFDPELDUHO
UXPERGHODVDFFLRQHVGHORVSXHEORVHOFyOHUDODVtILOLVODSHVWHHWFFRPRHMHPSORVTXHVHLQLFLDURQSRUPDOHV
ORFDOHVFDPELDURQDUHJLRQDOHV\GHVSXpVDYHUGDGHUDVSDQGHPLDVFRQGXFLHQGRDODJOREDOL]DFLyQWDQWRFRPR
SUREOHPDVGHVDOXGFRPRODIRUPDGHUHVROYHUORVXQHMHPSOR\DFWXDOL]DGRGHORPHQFLRQDGRHVWiGDGRSRUOD
LQIHFFLyQ PiV H[WHQGLGD HQ WRGR HO PXQGR \ GHELGD DO + S\ORUL *UDFLDV D OD WHRUtDV GH OD WUDQVLFLyQ
HSLGHPLROyJLFD GHULYDGD D VX YH] GH OD WUDQVLFLyQ GHPRJUiILFD VH KD SRGLGR HQWHQGHU ORV FDPELRV HQ ORV
SDWURQHVGHVDOXG\GHODVHQIHUPHGDGHVFRPRGHSHQGLHQWHVGHODVGLQiPLFDVGHPRJUiILFDVHFRQyPLFDV\GH
GHVDUUROORGHFDGDSDtV\TXHLQIOX\HQHQODVFDUDFWHUtVWLFDVGHODWUDQVLFLyQDPHMRUHVFRQGLFLRQHVGHVDOXG\GH
YLGDHQUHODFLyQDORVUHFXUVRVFRQFDUDFWHUtVWLFDVSURSLDVHQODVGLUHFFLRQHVPDJQLWXGHV\HQHOWLHPSR
/DWHRUtDGHODWUDQVLFLyQHSLGHPLROyJLFDKDGHVFULWRHOWUiQVLWRGHODVSULPHUDVHWDSDVGHDOWDVPRUWDOLGDGHVHQ
GRQGHODVHQIHUPHGDGHVLQIHFWRFRQWDJLRVDVUHSUHVHQWDURQODFDUDFWHUtVWLFDGRPLQDQWHGHOHVSHFWURVDQLWDULR \
TXHKDQVLGRVXVWLWXLGDVSRURWUDSDWRORJtDVGHOWLSRGHHQIHUPHGDGHVFUyQLFRGHJHQHUDWLYDVFRPRODGLDEHWHVOD
KLSHUWHQVLyQ DUWHULDO OD REHVLGDG ODV QHRSODVLDV ORV SDGHFLPLHQWRV PHQWDOHV HWF $ FDGD HUD OH KD
FRUUHVSRQGLGRXQSHUILOGHPRJUiILFRHVSHFtILFRSRUORTXHHOSHUILOSUHWUDQVLFLRQDOVHDFRPSDxyGHDOWRVQLYHOHV
GHPRUWDOLGDGHVDOWDVIHFXQGLGDGHV\EDMDVHVSHUDQ]DVGHYLGD\DKRUDHOSHUILOSRVWUDQVLFLRQDOSDUDORVSDtVHV
TXHORKDQDOFDQ]DGRHVORFRQWUDULRWDVDVGHPRUWDOLGDGHVEDMDVIHFXQGLGDGHVEDMDV\XQDXPHQWRLPSRUWDQWH
HQ ODV HVSHUDQ]DV GH YLGD 3HUR HV HQWHQGLEOH TXH ORV SURFHVRV GH WUDQVLFLyQ GHPRJUiILFD \
HSLGHPLROyJLFDGHORVGLVWLQWRVSDtVHVQRWLHQHQXQDFURQRORJtD~QLFDTXHWDPSRFRVRQXQLGLUHFFLRQDOHVTXH
VRQLQIOXLGRVSRUHOKHFKRGHTXHODVSDWRORJtDVH[LVWHQWHVHQXQDVRFLHGDGSXHGHQWHQHURQRXQLQLFLRGHTXH
QR H[LVWHQ FHUWLGXPEUHV GH XQ ILQ LUUHYHUVLEOH \ GH TXH WDPSRFR H[LVWHQ FHUWLGXPEUHV GH OD DSDULFLyQ R
GHVDSDUHFLyQ GH XQD HQIHUPHGDG OR TXH KDFH SRVLEOH TXH HQ XQ SDtV GHWHUPLQDGR H[LVWDQ SHUILOHV
HSLGHPLROyJLFRV GLIHUHQWHV WDQWR HQ VXV HVWUDWRV SREODFLRQDOHV FRPR HQ VXV GLIHUHQWHV UHJLRQHV JHRJUiILFDV
FRPRHVHOFDVRGH0p[LFR
(VWR OOHYD D DFHSWDU TXH OD WUDQVLFLyQ HSLGHPLROyJLFD VH HIHFWXD HQ PRGHORV GLIHUHQWHV \ FDOLILFDGRV FRPR
WUDGLFLRQDORDFHSWDEOHSDUDORVSDtVHVGHVDUUROODGRV\SURORQJDGDRGLODWDGDSRODUL]DGDRGLIHUHQFLDGDSDUDORV
HQYtDVGHGHVDUUROORFRPRHVHOFDVRGHORVSDtVHVODWLQRDPHULFDQRV\GHOFDULEHHQGRQGHODVWUDQVLFLRQHV
HSLGHPLROyJLFDV QR KDQ VHJXLGR HO PLVPR FDPLQR TXH VH KD VHJXLGR XQR FRQ WUiQVLWR GLODWDGR GRQGH ODV
HQIHUPHGDGHVFUyQLFDVGHJHQHUDWLYDV\ODVLQIHFWRFRQWDJLRVDVVHPH]FODQ\SHUVLWLUiQSRUODUJRVSHUtRGRV GH
WLHPSR\DGHPDVTXHHQDOJXQRVSDtVHVFRPRHVHOFDVRGH0p[LFRHOPRGHORGHWUDQVLFLyQVHKDSRODUL]DGR
HVGHFLUVHKDGLIHUHQFLDGRHQGRQGHORVHVWUDWRVVRFLDOHVRUHJLRQHVGHDOWRQLYHOVRFLRHFRQyPLFRHVWiQR \D
OOHJDURQDOWpUPLQRGHODWUDQVLFLyQHSLGHPLROyJLFDPLHQWUDVTXHORVHVWUDWRVVRFLDOHVPHQRVIDYRUHFLGRVVLJXHQ
VXIULHQGRODVSDWRORJtDVTXH\DKDQVLGRFRQWURODGDVHQRWURVDPELHQWHV
6LQHPEDUJRODHPHUJHQFLDGHSUREOHPDVLQIHFFLRVRVTXHVHHVWiQYLYLHQGR\DQLYHOPXQGLDOFRPRHOFDVRGHO
6,'$ODVHQIHUPHGDGHVGHWUDQVPLFLyQVH[XDOODKHSDWLWLV&HWF\ODLPSXWDFLyQGHDJHQWHLQIHFFLRVRVSDUDOD
JpQHVLVGHSDWRORJtDVFRPRHOFDVRGHOSDSLORPDKXPDQRGHOD&ODPLGLDSQHXPRQLDH\VREUHWRGRHO+S\ORUL
QRV KDEODQ GH SURFHVRV SDWROyJLFRV GLQiPLFRV TXH DPHULWDQ DWHQFLRQHV SHUPDQHQWHV VREUH WRGR HQ 0p[LFR
TXHQRKDDOFDQ]DGRHOFDOLILFDWLYRGHSDtVGHVDUUROODGRSHURUHFRQRFLpQGRVHVLQGXGDTXHSRUORVHOHPHQWRV
DSRUWDGRVSRUODHSLGHPLRORJtDODHILFLHQWHDGPLQLVWUDFLyQGHORVUHFXUVRVHFRQyPLFRVDSOLFDGRVDODVDOXG\OD
HILFLHQWHRUJDQL]DFLyQGHVXVVLVWHPDVGHDWHQFLyQVHWUDQVLWDSRUHOFDPLQRDGHFXDGR6HDSUHFLDXQ UiSLGR
FDPELRHQVXVSHUILOHDVGHVDOXGFRQXQDGLVPLQXFLyQSDXODWLQDGHORVSDGHFLPLHQWRV\SDWRORJtDVSURSLDVGHO
VXEHVDUUROOR\XQLQFUHPHQWRGHODVSDWRORJtDVTXHSUHYDOHFHQHQORVSDtVHVLQGXVWULDOL]DGRV
(Q HO FDVR GH OD LQIHFFLyQ SRU + S\ORUL FRPR WHPD TXH QRV RFXSD OD WUDQVLFLyQ HSLGHPLROyJLFD HQ ORV SDtVHV
GHVDUUROODGRV KD VHJXLGR HO PRGHOR DGHFXDGR FRQ IUDQFDV WHQGHQFLDV D VX FRQWURO \ D VX GHVDSDULFLyQ
GHPRVWUDGR SRU ODV GLVPLQXFLRQHV LPSRUWDQWHV GH VXV SUHYDOHQFLDV \ OD FRQVHFXHQWH GLVPLQXFLyQ GH OD
HQIHUPHGDGXOFHURVDJDVWURGXRGHQDOSHURORPiVVLJQLILFDWLYRORUHSUHVHQWDODGLVPLQXFLyQLPSRUWDQWHGHORV
FDVRVGHFDUFLQRPDJiVWULFR\GHODVFLIUDVGHPRUWDOLGDG(QFDPELRHQ0p[LFRGLFKDVWHQGHQFLDVQRVH
KDQGHPRVWUDGRVH KD VXJHULGR TXH OD SUHYDOHQFLD GH LQIHFFLyQ SRU + S\ORUL WLHQGH D GHVFHQGHU SHUR HQ OD
UHDOLGDGHOFDUFLQRPDJiVWULFRVLKDDXPHQWDGRSRUORTXHHVWHVyORKHFKRKDFHTXHODLQIHFFLyQSRU+S\ORULVHD
FRQVLGHUDGRFRPRXQSUREOHPDGHVDOXGUHSLWLHQGRORTXHFRQJUDQYLVLyQDQWLFLSy7DQLPRWR:HNL\GHTXHHO
PRGHORGHWUDQVLFLyQHSLGHPLROyJLFDSDUHFHVHUHOSURORQJDGR
(VWROOHYDUtDDLQWHQWDUFRQRFHUODVFRQGLFLRQHVSRUODVTXH HQ 0p[LFR VH VLJDQ PDQLIHVWDQGR SUHYDOHQFLDV GH

LQIHFFLyQSRU+S\ORULFRQFLIUDVDUULEDGHOSDUDWRGDODSREODFLyQDFHSWDUTXHHOIHQyPHQRGHPRJUiILFR
H[SORVLYRGHODPLJUDFLyQGHODVSREODFLRQHVGHOFDPSRDODVFLXGDGHV\TXHHUDGHOSDUDSDVyDVHU
GH R PiV D SDUWLU GH FRQYLUWLHQGR D ODV JUDQGHV FLXGDGHV HQ HVFHQDULRV DGHFXDGRV SDUD OD
WUDQVPLFLyQ GH OD LQIHFFLyQ HVWUDWLILFDFLRQHV VRFLRHFRQyPLFDV KDELWDFLRQHV LQVDOXEUHV KDFLQDPLHQWRV
OLPLWDFLRQHVGHUHFXUVRVSDUDHOFXLGDGRGHODVDOXG\ORPiVVLJQLILFDWLYRHOSUREOHPDGHODJXDSRWDEOHSDUDHO
FRQVXPR
(VWRKDFRQGLFLRQDGRTXHHOSUREOHPDGHODLQIHFFLyQSRU+S\ORULHQ0p[LFRVHVDOJDGHORVPDQHMRVGHODV
LQIHFFLRQHVDJXGDVGHOWUDFWRGLJHVWLYRHQGRQGHHOPpGLFRJHQHUDOGHSULPHUFRQWDFWRRHOPpGLFRIDPLOLDUOR
UHVXHOYHQHQHOSULPHUQLYHOGHDWHQFLyQHLQFOXVRFRQODVOLPLWDFLRQHVSRUWRGRVFRQRFLGRVVHSRGUtDDFHSWDU
TXHHOFRVWRGHOWUDWDPLHQWRGHXQDGLDUUHDDJXGDHVDFHSWDEOHODLPSRUWDQFLDGHOSURJUDPDGHODKLGUDWDFLyQ
RUDOSHURHQHOFDVRGHODLQIHFFLyQSRU+S\ORULTXHUHSUHVHQWDXQDLQIHFFLyQFUyQLFDODVDWHQFLRQHVTXHVH
KDQGDGRHQ0p[LFR\KDVWDODIHFKDKDQVLGRSULYLOHJLDGDVFRQHOFRQFXUVRGHPpGLFRVGHVHJXQGR\GHWHUFHU
QLYHOHVGHDWHQFLyQDWHQFLRQHVTXHKDQGHSHQGLGRGHODWHFQRORJtDGHHVTXHPDVGHHUUDGLFDFLyQFRQWUHVR
FXDWURIiUPDFRVFRQVHJXLPLHQWRVHQWRGDVODVLQVWLWXFLRQHVGHDWHQFLyQGHOVHFWRUVDOXGQDFLRQDO\FRQFRVWRV
HOHYDGRV
(OGHVDILyHVWDUiHQDGDSWDUVHDXQSURFHVRGLQiPLFRGHULYDGRGHDFFLRQHVFRQFUHWDV\DFFHVLEOHVFRPRSXHGHQ
VHU
&RQWLQXDUHLQFOXVRLQFUHPHQWDUHOSDSHOSUHYHQWLYRDJXDSRWDEOHXQLYHUVDOKDELWDFLyQKXPDQD\VRFLDO
DGHFXDGD\OOHJDUDODYDFXQDFLyQSURILODFWLFDHQLQIDQWHV\WHUDSpXWLFDSDUDDGXOWRV
0RGLILFDFLRQHV D OD QRUPD TXH HVWDEOHFH ORV UHTXLVLWRV GH DJXD SRWDEOH SDUD TXH VHD LQFOXLGD OD
LQYHVWLJDFLyQQRVRORGHFROLEDFLORV\SDUDVLWRVLVVLQRTXHTXHGHLQFOXLGDODLQYHVWLJDFLyQGHODSUHVHQFLD
GH+3\ORUL\GHRWURVSDWyJHQRV
2ULHQWDUORVUHFXUVRVGHFREHUWXUDSDUDHOGLDJQyVWLFRHQJUXSRVSREODFLRQDOHVVREUHORVTXHSXHGDFDHU
HOPD\RUSHVRGHSRVLELOLGDGHVGHLQIHFFLyQ\VREUHWRGRSRUFHSDVGHDOWDYLUXOHQFLD
,GHQWLILFDFLyQ GH ORV SDFLHQWHV VLQWRPiWLFRV \ SDUD ORV GH DxRV R PiV HVWDEOHFHU OD FRQGXFWD GH
LQYHVWLJDUSUREDU\WUDWDUFRQHVTXHPDVWHUDSH~WLFRVGHHUUDGLFDFLyQDFWXDOL]DGRV\DFFHVLEOHV
/D~QLFDPDQHUDGHGLDJQRVWLFDULQIHFFLyQSUHVHQWH\HUUDGLFDFLyQHQVXFDVRGHO+S\ORULHVSRUSUXHED
SRVLWLYDGHDOLHQWRRGHDLUHHVSLUDGR\SRUODLGHQWLILFDFLyQGHDQWtJHQRVIHFDOHVGHO+S\ORULSRUORTXHVH
GHEHUiQHVWDEOHFHUORVUHFXUVRV\ORVSURFHGLPLHQWRVSDUDTXHHVWDVSUXHEDVQRLQYDVLYDVVHFRORTXHQ
DO DOFDQFH GH ORV PpGLFRV GH SULPHU QLYHO GH DWHQFLyQ \ QR VyOR SDUD LQYHVWLJDFLRQHV FOtQLFDV \ HQ HO
HMHUFLFLR GH OD PHGLFLQD SDUD ORV HVWUDWRV VRFLDOHV SULYLOHJLDGRV TXH SUREDEOHPHQWH VHDQ ORV PHQRV
LQIHFWDGRV
/RJUDUPD\RULQWHUpVHQLQYHVWLJDFLRQHVVREUHORVSDGHFLPLHQWRVH[WUDGLJHVWLYRVTXHLQWHJUDQODOLVWD\
TXH VH KDQ UHODFLRQDGR D OD LQIHFFLyQ SRU + S\ORUL OD TXH HVWDQGR FLUFXQVFULWD D OD PXFRVD JiVWULFD
H[LVWHQODV SRVLELOLGDGHV GH TXH VH SURGX]FDQ OHVLRQHV D GLVWDQFLD SRU DOWHUDFLRQHV HQ ORV QLYHOHV GH
PHGLDGRUHVVLVWpPLFRVGHODLQIODPDFLyQFRQWUDEDMRVUHODFLRQDGRVDODVFHSDVEDFWHULDQDV\VREUHWRGR
DODVUHVSXHVWDVLQPXQHVGHORVKRVSHGHURVVXVFHSWLEOHVDGLFKDVSDWRORJtDV
/RJUDUXQDYDFXQD
&RQIRUPDUVHFRQKDEHUFRQWURODGRDVDWLVIDFLyQHQIHUPHGDGHVLQIHFFLRVDVDJXGDV\DSHJDUVHDQRUPDV
GH FDOLGDG LQVXILFLHQWH SXHGH GDxDU JUDYHPHQWH OD VDOXG GH ORV KDELWDQWHV \D TXH HO FiQFHU \ RWUDV
HQIHUPHGDGHVFUyQLFDVVRQLUUHYHUVLEOHV
'HRWUDPDQHUDHOSDSHOGHREVHUYDGRUHVSDVLYRVHVRVtFRQPXFKDSDFLHQFLDSDUDWHQHUODVXHUWHGH
TXHODLQIHFFLyQSRU+S\ORULWHQJDXQDHOLPLQDFLyQHVSRQWDQHDQRUHSUHVHQWDHOFDPLQRDGHFXDGRSDUD
0p[LFR\DTXHVHWLHQHQORVUHFXUVRV\VREUHWRGRODFDSDFLGDGGHVXVPpGLFRV
*/26$5,2<'(),1,&,21(6
$'(12&$5&,120$ 3URFHVR WXPRUDO RFDVLRQDGR SRU FpOXODV SDWROyJLFDV TXH WLHQHQ OD FDSDFLGDG GH
GLVHPLQDUVHLQYDGLU\GHVWUXLUWHMLGRVHQHOFDVRGHOHVWyPDJRSRUFRVWXPEUHVHOHGHQRPLQDFDUFLQRPD\RFXSD
HORPiVGHODVQHRSODVLDVJiVWULFDV
$17,&8(532 0ROpFXOD JOXFRSURWHtFD FRQRFLGD FRPR LQPXQRJOREXOLQD SURGXFLGD SRU ORV OLQIRFLWRV % FRQ OD
FDSDFLGDGGHXQLUVHDDQWtJHQRVFRQXQDOWRJUDGRGHHVSHFLILFLGDG\GHDILQLGDG
$17*(12 0DFURPROpFXODV FRQRFLGDV FRPR LQPXQyJHQRV TXH WLHQHQ OD FDSDFLGDG GH GHVHQFDGHQDU
UHVSXHVWDVLQPXQHV\GHXQLUVHDDQWLFXHUSRVHVSHFtILFRVRDUHFHSWRUHVGHOLQIRFLWRV
$323726,6&RQRFLGDFRPRPXHUWHFHOXODUSURJUDPDGDDVRFLDGDDODGHVWUXFFLyQGHO$'1\TXHQRVHDVRFLD
DUHVSXHVWDLQIODPDWRULDWLVXODU
&$63$6$6 3URWHDVDV TXH WLHQH SRU IXQFLyQ IUDJPHQWDU UHVLGXRV GHO iFLGR DVSiUWLFR TXH DFWXDQ FRPR
PHQVDMHURVLQWUDFHOXODUHVHQODDSRSWRVLV
&,72&,1$63URWHLQDVVLQWHWL]DGDVSRUGLIHUHQWHVWLSRVFHOXODUHVTXHLQWHUYLHQHQHQODVUHDFFLRQHVLQIODPDWRULDV
HLQPXQLWDULDVDFWXDQGRFRPRPHGLDGRUHVGHFRPXQLFDFLyQHQWUHODVFpOXODVGHOVLVWHPDLQPXQLWDULR
*$675,7,6&51,&$5HSUHVHQWDXQDLQIODPDFLyQGHODPXFRVDJiVWULFDTXHVHSUHVHQWDJUDGXDOPHQWH\SRU
WLHPSRSURORQJDGRLPSOLFDQGRDWURILDGHJUDGRYDULDEOHFRQODSpUGLGDSURJUHVLYDGHODFDSDFLGDGIXQFLRQDOGH
ODPXFRVDTXHVHSXHGHDFRPSDxDUGHPHWDSODVLD\GHGLVSODVLDGHJUDGRVYDULDEOHV
,1)(&&,1325+S\ORUL(VWDEDFWHLDHVUHVSRQVDEOHGHODPD\RUtDGHODV~OFHUDVSpSWLFDVGHODVJDVWULWLV
FUyQLFDV \ GH UHSUHVHQWDU XQ HOHPHQWR FDUFLQRJHQpWLFR WLSR , \ DVRFLDUVH D WXPRUHV GH HVWLUSH OLQIRLGH GHO
HVWyPDJR7HQLHQGRXQDGLVWULEXFLyQPXQGLDOQRVHOHFRQVLGHUDXQPLFURELRWDKDELWXDOSRUHOKHFKRGHTXHVX
SUHVHQFLDVLHPSUHSURGXFHXQDUHVSXHVWDLQIODPDWRULDHLQPXQLWDULDGHJUDGRYDULDEOHFRQRVLQVLQWRPDWRORJtD
/,1)20$0$/7(VXQOLQIRPDQR+RGJNLQGHFpOXODV%H[WUDQRGDOFRQVLGHUDGRGHQWURGHOJUXSRGHOROLQIRPDV
GHOD]RQDPDUJLQDOMXQWRDORVOLQIRPDV%HVSOpQLFR\OLQIRPDJDQJOLRQDUGHOD]RQDPDUJLQDO
5(638(67$$'$37$7,9$0HFDQLVPRVFHOXODUHV\KXPRUDOHVPHGLDGRUHVHVWLPXODGRVSRUODH[SRVLFLyQD
DJHQWHV LQIHFFLRVRV \ TXH VH LQFUHPHQWDQ FXDQWLWDWLYDPHQWH \ FRQ FDSDFLGDG GH GHIHQVD DQWH XQD SULPHUD
H[SRVLFLyQRVXFHVLYDVGHDJHQWHVLQIHFFLRVRV
5(638(67$,11$7$0HFDQLVPRVGHGHIHQVDGHWLSRELRTXtPLFRRFHOXODUSUHVHQWHLQFOXVRDQWHVGHTXHVH
LQLFLHXQSURFHVRLQIHFFLRVRUHSUHVHQWDQGRXQDGHIHQVDGHDFFLyQUiSLGD
5(638(67$7K,PSOLFDXQDUHVSXHVWDLQPXQHLQGLIHUHQFLDGDTXHGHDFXHUGRDOWLSRGHFLWRFLQDVSUHVHQWHV
HQHOPHGLRGHVHQFDGHQDXQDUHVSXHVWDGLIHUHQFLDGDGHWLSR7KVLVHH[SUHVDQFLWRFLQDVFRPR,)1\RELHQ
XQDUHVSXHVWDGHWLSR7KVLODVFLWRFLQDVDFWXDQWHVVRQGHOWLSR,/H,/
5(638(67$7K5HVSXHVWDLQPXQHGHWLSRDGDSWDWLYDPHGLDGDSRUOLQIRFLWRV7FRRSHUDGRUHVTXHSURGXFHQ
SULQFLSDOPHQWH ,)1\ HVWLPXODQGR ODV GHIHQVDV SRU DFFLyQ GH ORV IDJRFLWRV HVSHFLDOPHQWH HQ FDVR GH
LQIHFFLRQHVSRUDJHQWHVLQWUDFHOXODUHV
5(638(67$7K5HVSXHVWDLQPXQHGHWLSRDGDSWDWLYDPHGLDGDSRUOLQIRFLWRV7FRRSHUDGRUHVTXHSURGXFHQ
LQWHUOHXFLQDV ,/ H ,/ FRQ IXQFLRQHV GH HVWLPXODU ODV UHDFFLRQHV LQPXQLWDULDV PHGLDGDV SRU DQWLFXHUSRV
HRVLQyILORV\PDVWRFLWRVDPRUWLJXDQGRDGHPDVODUHVSXHVWD7K
5(638(67$ 7K 5HVSXHVWD PHGLDGD SRU OLQIRFLWRV 7 TXH UHJXODQ OD DFWLYLGDG GH RWURV OLQIRFLWRV 7 SDUD
PDQWHQHUODWROHUDQFLDSHULIpULFDDORVDQWtJHQRVSURSLRV
6,67(0$,1081,7$5,2'(/$608&26$66LVWHPDLQPXQLWDULRTXHSDUWLFLSDHQ OD GHIHQVD GH ORV HSLWHOLRV
TXH FXEUHQ ODV FDSDV PXFRVD \ VXEPXFRVD GH ORV DSDUDWRV \ VLVWHPDV GHO RUJDQLVPR QR VyOR IUHQWH D
RUJDQLVPRV SDWyJHQRV VLQR WDPELpQ SURWHJLHQGR GH DQWtJHQRV GHO PHGLR DPELHQWH \ GH ORV GHULYDGRV GH
DOLPHQWRV
/&(5$/HVLRQHVFLUFXQVFULWDVTXHVHGHILQHQHQVXDSDULHQFLDFRPRSDUHFLGDVDFUiWHUHVTXHVHSUHVHQWDQ
HQODSLHORHQXQDVXSHUILFLHPXFRVDSURGXFLGDVSRUXQDFRQGLFLyQLQIODPDWRULDLQIHFFLRVDRPDOLJQDGDQGRXQ
DVSHFWRGHSpUGLGDGHFRQWLQXLGDGDQDWyPLFD
/&(5$3e37,&$*iVWULFDRGXRGHQDO\TXHVRQHURVLRQHVPX\ORFDOL]DGDVSRUGHVWUXFFLyQGHODPXFRVD
9DF$ WR[LQD YDFXORL]DQWH (V XQ IDFWRU GH YLUXOHQFLD SURGXFLGD SRU HO + S\ORUL TXH RFDVLRQD YDFXOR]DFLyQ
FLWRSODVPiWLFDHQORVFXOWLYRVFHOXODUHV\PXHUWHGHODVFpOXODVHSLWHOLDOHVFRQODHVWLPXODFLyQGHODPLJUDFLyQGH
QHXWUyILORVDODPXFRVDLQIHFWDGDSRUODEDFWHULD
&DJ$WR[LQD$3URWHLQDFRGLILFDGDSRUHOJHQFDJ$GHO+S\ORULFRQFDUDFWHUtVWLFDVGHVHUXQDQWtJHQRGHJUDQ
FDSDFLGDG LQPXQRJpQLFD TXH GHVHQFDGHQD OD DFWLYDFLyQ GH LQWHUOHXFLQD ,/ \ GH )17 IDFWRU GH QHFURVLV
WXPRUDOLQILOWUDFLyQGHQHXWUyILORV\ODLQGXFFLyQGHODUHVSXHVWDLQIODPDWRULD
%,%/,2*5$)$
5H\HV+6
+HOLFREDFWHUS\ORUL/DEDFWHULDTXHQDGLHVRxy
'HSDUWDPHQWRGH4XtPLFD\%LRORJtD8QLYHUVLGDGGHODV$PpULFDV3XHEOD
KWWSKRVWLQJXGODSP[SURIHVRUHVPLJXHODPHQGH]DOHSKR]HURDUFKLYRKLVWRULFRD]PHGLFLQDKWPO
0DUVKDOO%-
8QLGHQWLILHGFXUYHGEDFLOOLRQJDVWULFHSLWKHOLXPLQDFWLYHFKURQLFJDVWULWLVOHWWHU
/DQFHW
0DUVDOO%-:DUUHQ-3
8QLGHQWLILHGFXUYHGEDFLOOLLQWKHVWRPDFKSDWLHQWVZLWKJDVWULWLVDQGSHSWLFXOFHUDWLRQ
/DQFHW
3pUH]3pUH],*
"(VODDVRFLDFLyQGH+HOLFREDFWHUS\ORULFRQORVKXPDQRVXQFOiVLFRHMHPSORGHSDUDVLWLVPR
5HY*DVWURHQWHURO0H[VXSO
%X]DV*0
+LVWRU\RIWKHGLVFRYHU\RI+HOLFREDFWHUS\ORUL
2UYRVWRUW.R]O
3DMDUH6-0*LVEHUWMS
+HOLFREDFWHUS\ORULLWVGLVFREHU\DQGUHOHYDQWHIRUPHGLGLQH
5HY(VS(QIHUP'LJ2FW
.RQWXUHN6-.RQWXUHN3&%U]R]RZVNL.RQWXUHN-:3DZOLN::
)URPQHUYHVDQGKRUPRQHVWREDFWHULDLQWKHVWRPDFK1RYHOSUL]HIRUDFKLHYHPHQWVLQJDVWURHQWHURORJ\
3K\VLRO3KDUPDFRO'HF
3RXQGHU5(1*'
7KHSUHYDOHQFHRI+HOLFREDFWHS\ORULLQIHFWLRQLQGLIIHUHQWFRXQWULHV
$OLPHQW3KDUPDFRO7KHU6XSSO
0RUDOHV(05&DVWLOOR5*/ySH]9<&UDYLRWR$
+HOLFREDFWHUS\ORU\
/DERUDURULRGH,QPXQRORJtD0ROHFXODU0LFURELDQD
KWWSZZZPLFURELRORJLDRUJP[PLFURELRVHQOLQHDFDSLWXORBFDSLWXORSGI
*RQ]iOH]0-(/HODO9/*X]PiQ/6*X]PiQ7*0*RQ]iOH]01$
+HOLFREDFWHUS\ORUL\HQIHUPHGDG
5HYLVWD$OHUJLD0p[LFR
0DUVKDOO%-$PVURQJ-0FJHFKLH'*ODQF\5
$WWHPSWWRIXOILOO.RFKVSRVWXODWHVIRU&DPSLOREDFWHUS\ORUL
0HG-$XVW
.RQWXUHN-:
'LVFRYHU\E\-DZRUVNLRI+HOLFREDFWHUR\ORULDQGLWVSDWKRJHQHWLFUROHLQSHSWLFXOFHUJDVWULWLVDQGFDQFHU
JDVWULF
-3KLVLRO3KDUPDFRO'HF6XSSO
0RUULV$-1LFKROVRQJ7
,QJHVWLRQRI&DPSLOREDFWHUS\ORULFDXVHJDVWULWLVDQGUDLVHGIDVWLQJ3K
$P-*DVWURHQWHURO
$UJLOLD&0
+HOLFREDFWHUS\ORUL\HQIHUPHGDGHVH[WUDGLJHVWLYDV
$FWXDOLGDG6(0
5LYHUD0&RQWUHUDV)7HUiQ$)RXLOOLRX[&
+HOLFREDFWHUS\ORUL(QWHURSDWyJHQRIUHFXHQWHGHOVHUKXPDQR
$UFK9HQH]RO)DUPDF\7HUDS
/HRQWLDGLV*,6KDUPDQ9.+RZGHQ&:
1RQJDVWURLQWHVWLQDOWUDFWDVVRFLDWLRQVZLWK+HOLFREDFWHUS\ORULLQIHFWLRQ
$UFK,QWHUQ0HG
3DNRGL)$EGHO6DODP20'HEUHFHQL$0y]VLN*
+HOLFREDFWHUS\ORUL2QHEDFWHULXPDQGDEURDGVSHFWUXPRIKXPDQGLVHDVH$QRYHUYLHZ
-3K\VLRO3DULV0DU$SU
$JXLODU5*$\DOD*)LHUURV=*
+HOLFREDFWHUS\ORUL5HFHQWDGYDQFHVLQWKHVWXG\RILWVSDWKRJHQLFLW\DQGSUHYHQWLRQ
6DOXG3XEOLFD0H[0D\R-XQLR
%DOOHVWHURV$0$
OFHUDSpSWLFD\+HOLFREDFWHUS\ORUL5HVXOWDGRV\FRQVHFXHQFLDGHVXHUUDGLFDFLyQ
5HY*DVWURHQWHURO0H[6XSO
*HRIUH\:%
(IIHFW RI +HOLFREDFWHU S\ORUL LQIHFWLRQ LQ %DUUHWWV HVRSKDJRXV HQG WKH JHQHVLV RI HVRSKDJHDO
DGHQRFDUFLQRPD
:RUOG-6XUJ6HSW
&HUYDQWHV*(
+HOLFREDFWHUS\ORULHLQIHFLRQHVDVRFLDGDV
5HY)DF0HG81$0-XOLR$JRVWR
+XQW5+;LDR6'0HJUDXG)%DUXD/*%D]]ROL)HWDO
:*220*(SUDFWLTXHJXLGHOLQHKLJKOLJKWV+HOLFREDFWHUS\ORULLQGHYHOSRSLQJFRXQWULHV
KWWSZZZRUJSXEOLFDWLRQVDUFKLYHBVFLVFLKWP
3pUH]3pUH]*,
)LVLRSDWRORJtDGHO+HOLFREDFWHUS\ORUL
6$0(VyIDJRHVWyPDJR\GXRGHQR
6LVWHPDGHDFWXDOL]DFLyQPpGLFD/LEUR
,QWHUVLVWHPDV6$GH&90p[LFR')
6ROQLN-96KDXHU'%
(PHUJHQFHRIGLYHUVH+HOLFREDFWHUVSHFLHVLQWKHSDWKRJHQHVLVRIJDVWULFDQGHQWHURKHSDWLFGLVHDVHV
&OLQ0LFULELR5HY
7RUUHV-
$VSHFWRVHSLGHPLROyJLFRV\FOtQLFRVGHODLQIHFFLyQSRU+S\ORULHQQLxRV
$Q]XUHV/%
+HOLFREDFWHUS\ORUL
5HY0HGGHO+RVSLWDO*HQHUDO0p[LFR')2FW'LF
5DPtUH]0-&HUYDQWHV50DWD1=iUDWH)
(QIHUPHGDGiFLGRSpSWLFD\+HOLFREDFWHUS\ORULHQSHGLDWULD
$FWD3HGULDW0H[
7RUUHV-/HDO+<3pUH]3pUH]J
$FRPPXQLW\EDVHGVHURHSLGHPLRORJLFDOVWXG\RI+HOLFREDFWHUS\ORULLQIHFWLRQLQ0p[LFR
-,QIHFW'LV
/DJXQHV<%
3UHYDOHQFLDGH+HOLFREDFWHUS\ORULHQQLxRVHQHGDGHVFRODU
5HY0H[3DWRO&OLQ(QHUR0DU]R
&RQVWDQ]D&0/D]FDQR3(7RUUHV-9HODVFR0(4XLWHUR0&RUUHD3
'HWHUPLQDQWVRI+HOLFREDFWHUS\ORULVHURSUHYDOHQFHLQ0H[LFDQDGROHVFHQWV
+HOLFREDFWHU
5RGUtJXH]&5$OFiQWDUD/--/DJXQHV<%5LYHUD'0(&DOYD&'6DQWRV0(
3UHYDOHQFLDGHO+HOLFREDFWHUS\ORULHQWUHVSREODFLRQHVGHQLxRVGHODFLXGDGGH3XHEOD0p[LFR\VXV
IDFWRUHVGHULHVJR
5HY*DVWURHQWHURO0H[
*RRGPDQ.-25RXLNHN.'\56:DQJ&5HGOLQJHU7&DPSRV$GHOD5RVD-0
+HOLFREDFWHUS\ORULLQIHFWLRQLQSUHJQDQ7ZRPHQIURPD860p[LFRERUGHUSRSXODWLRQ
-RI,PPLJUDQW+HDOWK-XO\
0RKDU$/H\&*XDUQHU-+HUUHUD*RHSIHUW56iQFKH]
$OWDIUHFXHQFLDGHOHVLRQHVSUHFXUVRUDVGHFiQFHUJiVWULFRDVRFLDGRD+HOLFREDFWHUS\ORUL\UHVSXHVWDDO
WUDWDPLHQWRHQ&KLDSDV0p[LFR
*DF0HG0H[
0DUWLQ.5RGLQ6.XSHUVPLWK,/XQGLQ$7LQGEHUJ<,*UDQVWU|P0
+HOLFREDFWHUS\ORULJHQRPHYDULDELOLW\LQDIUDPHZRUNRIIDPLOLDOWUDQVPLVVLRQ
%0&0LFURELRORJ\
%RQHFD,*GH5HXVH+(SLQDW-&3XSLQ0/DELJQH$0RV]HU,
$UHYLVHGDQQRWDWLRQDQGFRPSDUDWLYHDQDO\VLVRI+HOLFREDFWHUS\ORULJHQRPDV
1XFOHLF$FLG5HVHDUFK
)RUQp%
'LDJQyVWLFRGHODLQIHFFLyQSRU+HOLFREDFWHUS\ORUL\WUDWDPLHQWRGHGHODLQIHFFLyQHQSDFLHQWHVFRQ~OFHUD
GXRGHQDO
7pVLV'RFWRUDO&DStWXOR$VSHFWRVPLFURELROyJLFRVGHO+HOLFREDFWHUS\ORULSDJV
%DUFHORQD(VSDxD
%ODVHU0-$WKHUWRQ-&
+HOLFREDFWHUS\ORULSHUVLVWHQFHELRORJ\DQGGLVHDVH
-&OLQ,QYHVW)HEUXDU\
.XVWHU-*YDQ9OLHW$+0.XLSHUV(-
3DWKRJHQHVLVRI+HOLFREDFWHUS\ORU\
&OLQLFDO0LFURELRORJ\5HYLHZV-XO\

$UDV5$.DQJ-7VFKXPL$%OD]HU0-
([WHQVLYHUHSHWLWLYH'1$IDFLOLWDWHSURNDU\RWLFJHQRPHSODVWLFLW\
3URF1DWO$FDG6FL86$
;X40RUJDQ5'5REHUVW5-%OD]HU0-
,GHQWLILFDWLRQRIW\SH,,UHVWULFWLRQDQGPRGLILFDWLRQV\VWHPVLQ+HOLFREDFWHUS\ORULUHYHDOVWKHLUVXEVWDQWLDO
GLYHUVLW\DPRQJVWUDLQV
3URF1DWO$FDG6FL86$
0DUFDQR/0-,QIDQWH%)5DQJHO&5RMDV0$
7KHRUHWLFDOPRGHORILPPXQHUHVSRQVHLQ+HOLFREDFWHUS\ORULJDVWULFPXFRVDLQIHFWLRQ
%LROLQH,QWHUQDWLRQDO(QHUR0DU]R
KWWSZZZELROLQHRUJEUUHTXHVW"YD
'HOJDGR,$ORQVR/2+HUQiQGH]*XHUUHUR$6REULQR&6+HUUUHUD*RHIQHU55RVDOHV6$0DUWtQH])
/LQIRPDJiVWULFRSULPDULRWLSR0$/70$/720$6
%ODVHU0-%HUJ'(
+HOLFREDFWHUS\ORULJHQHWLFGLYHUVLW\DQGULVNRIKXPDQGLVHDVH
-&OLQ,QYHVW
3DUVRQQHW-
+HOLFREDFWHUS\ORUL
,QIHFW'LV&OLQ1RUWK$P
5LYDV7))HUQiQGH])
+HOLFREDFWHUS\ORUL)DFWRUHVGHYLUXOHQFLDSDWRORJtD\GLDJQyVWLFR
5HY%LRPHG
)RFKHVDWWR1$*XD\DQ9$0RUDQ(/(
+HOLFREDFWHUSLORUL\HQIHUPHGDGJDVWURGXRGHQDO%DVHVSDUDHOGLDJQyVWLFR\HOWUDWDPLHQWR)DFXOWDGGH
0HGLFLQD811(&RUULHQWHV$UJHQWLQD
5HYLVWDGHSRVWJUDGRGHOD9,D&iWHGUDGH0HGLFLQD
1RPXUD$0<3pUH]3pUH]*,/HH-6WHPPHUPDQ0-%ODVHU0-
5HODWLRQVKLSEHWZHHQ+S\ORULFDJ$VWDWXVDQGULVNRISHSWLFXOFHUGLVHDVH
$P-(SLGHPLRO
%ODVHU0-
,QIHFWLRQZLWK+HOLFREDFWHUS\ORULVWUDLQVSRVVHVVLQJFDJ$DVVRFLDWHGZLWKDQLQFUHDVHGULVNRIGHYHORSHQ
DGHQRFDUFLQRPDRIWKHVWRPDFK
&DQFHU5HV
*DU]D*RQ]iOH](3pUH]3pUH]*,7LMHULQD050DOGRQDGR*+-%RVTXHV3)-
*HQRWLSRVGH+HOLFREDFWHU\VXDVRFLDFLyQFRQODUHVSXHVWDLQPXQHGHOKRVSHGHUR
5HY*DVWURHQWHURO0H[
3pUH]3pUH]*,3HHN50/HJDWK$-+HLQH35*UDDII/%
7KHUROHRIFDJ$VWDWXVLQJiVWULFDQGH[WUDJDVWULFFRPSOLFDWLRQVRI+HOLFREDFWHUS\ORUL
-3K\VLRO3KDUPDFRO
1RJXHLUD55-LPpQH]*$&HUYDQWHV6&
/D LQIHFFLyQ JiVWULFD SRU +HOLFREDFWHU S\ORUL HV XQ IDFWRU GH SURWHFFLyQ SDUD OD HQIHUPHGDG SRU UHIOXMR
JDVWURHVRIiJLFR
5HY*DVWURHQWHURO0H[
&DUPRQD651DYDUUR&*
/DSUHYDOHQFLDGHLQIHFLyQSRU+HOLFREDFWHUS\ORULHQSDFLHQWHFRQHVRIDJLWLVSRUUHIOXMR(VWXGLRGHFDVRV
\FRQWUROHV
5HY*DVWURHQWHURO0H[
6KDUPD39DNLO1
5HYLHZDUWLFOH+HOLFREDFWHUS\ORULDQGUHIOX[GLVHDVH
$OLPHQW3KDUPDFRO7KHU
.RLNH7
+HOLFREDFWHUS\ORULLQIHFWLRQSUHYHQWVHURVLYHUHIOX[RHVRSKDJLWLVE\GHFUHVLQJJDVWULFDFLGVHFUWHWLRQ
*XW
2WW($0D]]ROHQL/((GHOZHLV0,
+HOLFREDFWHU S\ORUL HUDGLFDWLRQ GRHV QRW FDXVH UHIOX[ RHVRSKDJLWLV LQ IXQFWLRQDO G\VSHSWLF SDWLHQWV D
UDQGRPL]HGLQYHVWLJDWRUEOLQGHGSODFHERFRQWUROOHGWULDO
)R[-*
&RQFXUUHQWHQWHULFKHOPLQWKLQIHFWLRQPRGXODWHVLQIODPPDWLRQDQGJDVWULFLQPXQHUHVSRQVHVDQGUHGXFH
KHOLFREDFWHULQGXFHGJDVWULFDWURSK\
1DW0HG
%RXTXHWS
*DVWULFFHOODSRSWRVLVDQG+HOLFREDFWHUS\ORULKDVWKHPDLQIXQFWLRQRI9DF$ILQDOO\EHHQLGHQWLILHG
7UHQGVRI0LFURELRORJ\

$UHQLOODV3*RGR\$(LQLVPDQ+*DUFLD'+DUULV3
5HJXODFLyQGHODUHVSXHVWDLQPXQHIUHQWHDODLQIHFFLyQSRU+HOLFREDFWHUS\ORUL
5HYLVWD&KLOHQDGH3HGLDWUtD
(JDQ%-20RUDLQ&$
$KLVWRULFDOSHUVSHFWLYDRI+HOLFREDFWHUS\ORULJDVWURGXRGHQLWLVDQGLWVFRPSOLFDWLRQV
%HVW3UDFW5HV*DVWURHQWHURO
'HKHVD905REOHV'*
&RQVHQVR0H[LFDQRVREUH+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[
7\WJDW*XLGR1-
+HOLFREDFWHU3\ORULDVVRFLDWHGGXRGHQDOXOFHUGLVHDVH
+DW]56FKLOGEHUJ):
+HOLFREDFWHUS\ORULLQIHFWLRQVDUHWKHVHGLVHDVHVUHOHYDQWIRUVXUJLFDOWUHDWPHQW"
/DQJHQEHFKV$UFK6XUJ
+DVVDQ65$EEDV=
3UHVHQFHRI+HOLFREDFWHUS\ORULLQG\VSHSWLFSDWLHQWVZLWKHQGRVFRSLFDO\QRUPDOVWRPDFK
3DN-0HG6FL
0RD\\HGL36RR6'HHNV-'HODQH\%+DUULV$,QQHVP
(UDGLFDWLRQRI+HOLFREDF\WHUS\ORULIRUQRQXOFHUGLVSHSVLD
&RFKUDQH'DWDEDVH6\VWHP5HY&'
0DOIHUWKHLQHU30HJUDXG)20RUDLQ&%DVVROL)(O2PDU(*UDKDP'
&XUUHQWFRQFHSWVLQWKHPDQDJHPHQWRI+HOLFREDFWHUS\ORULLQIHFWLRQWKH0DDVWULFK,,,&RQVHQVXV5HSRUW
*XW
/DGUyQGH*XHYDUD/*yPH]3HxD$13DGLOOD//LFKWLQJHU$)LJXHURD66KDSLUR,5XELQVWHLQ0 'L
6LOYLR0
(YDOXDFLyQ GH OD VLQWRPDWRORJtD \ FDOLGDG GH YLGD HQ OD GLVSHSVLD IXQFLRQDO DQWHV \ GHVSXHV GHO
WUDWDPLHQWRGHHUUDGLFDFLyQGH+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[
&DUPRQD65
(UUDGLFDFLyQGH+HOLFREDFWHUS\ORULHQGLVSHSVLDQRXOFHURVD
5HY*DVWURHQWHURO0H[
'RPtQJXH]01$OYD5$$UiPEXOD&K0&DVWDxRQ6&5RGUtJXH]++
,QFLGHQFLDHQODJDVWURSDWtDSRU$,1(V\VXDVRFLDFLyQFRQ+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[1~PHVSHFLDOGH'LF&DUWHO
%DOOHVWHURV$0$
+HOLFREDFWHUS\ORUL\KHPRUUDJLDSRU~OFHUDSpSWLFD
=iUDWH*$
+HOLFREDFWHUS\ORUL\DQWLLQIODPDWRULRVQRHVWHURLGHRV
&RUUHD3+DHQ]HO:&RHOOR&
*DVWULFSUHFDQFHURXVSURFHVVLQDKLJKULVNSRSXODWLRQ&URVVVHFFLRQDOVWXGLHV
&DQFHU5HV
GH/D7RUUH%$
1HRSODVLDVJiVWULFDV
3DUNLQ'0
7KHJOREDOKHDOWKEXUGHQRQLQIHFWLRQDVVRFLDWHGFDQFHULQWKH\HDU
,QW-&DQFHU
3DUVRQQHW-)ULHGPDQ*'2UHQWUHLFK1
5LVNIRUJDVWULFFDQFHULQSHRSOHZLWK&DJ$SRVLWLYHRU&DJ$QHJDWLYH+HOLFREDFWHUS\ORULLQIHFWLRQ
*XW
3HXUD'$
+HOLFREDFWHUS\ORUL6FLHQWLILFEDVLVWRSDWLHQWVFXUH
3LQHGD&%(
+HOLFREDFWHUS\ORUL\FDQFHU
'HKHVD90
LQIHFFLyQSRU+HOLFREDFWHUS\ORUL4XHQRVGHSDUDHOIXWXUR
&XUVRSUHFRQJUHVR/D*DVWURHQWHURORJtDDOILQDOGHOPLOHQLR
5HY*DVWURHQWHURO0H[1~PHVSHFLDOGH'LF
*XDUQHU-0RKDU$
/DDVRFLDFLyQHQWUH+HOLFREDFWHUS\ORUL\QHRSODVLDVJiVWULFDV(YLGHQFLDHSLGHPLROyJLFD
:RWKHUVSRRQ$&2UWt]+&)DO]RQ05,VDDFVRQ3*
+HOLFREDFWHUS\ORULDVVRFLDWHGJDVWULWLVDQGSULPDU\%FHOOJDVWULFOLPSKRPD
/DQFHW
3DUVVRQHW-+DQVHQV5RGUtJXH]/*HOE$%:DUQNH5$-HOOXP(HWDO
+HOLFREDFWHUS\ORULLQIHFWLRQDQGJDVWULFOLPSKRPD
1(QJO-0HG
7\WJDW*XLGR1-
*DVWULF0$/7/\PSKRPD
3LxD262UWt]+&
/LQIRPDGHFpOXODV%GHOD]RQDPDUJLQDOH[WUDJDQJOLRQDUGHWHMLGROLQIRLGHDVRFLDGRDPXFRVDVOLQIRPD
0$/7(YROXFLyQKLVWyULFD\FRQFHSWRVDFWXDOHV
*DF0HG0H[
0DOIHUWKHLQHU30HJUDXG)20RUDLQ&%D]]ROL)(ORPDU(*UDKDP'HWDO
&XUUHQWFRQFHSWVLQWKHPDQDJHPHQWRI+HOLFREDFWHUS\ORULLQIHFWLRQ7KH0DDVWULFKW,,,&RQVHQVXV5HSRUW
*XW
$]XPD7
*DVWULFOHSWLQDQG+HOLFREDFWHUS\ORULLQIHFWLRQ
*XW
1ZRNROR&8)UHVKZDWHU'$2+DUH35DQGHYD+6
3ODVPDJKUHOLQIROORZLQJFXUHRI+HOLFREDFWHUS\ORUL
*XW
0pQGH]61&KiYH]1&8ULEH70
/DJKUHOLQD\VXLPSRUWDQFLDFRQHOHMHJDVWURKLSRWDOiPLFR
*DF0HG0p[
5DPtUH]0-&KDQLV5&HUYDQWHV5&XHYDV)
*DVWULWLVFUyQLFDDVRFLDGDD+HOLFREDFWHUSLORUL
$FWD3HGLDWU0H[
+HOOHU56
+HOLFREDFWHUS\ORULHQSREODFLyQSHGLiWULFD
%HUQDO55
+HOLFREDFWHS\ORULPpWRGRVGHGLDJQyVWLFR
6$0(VyIDJRHVWyPDJR\GXRGHQR
6LVWHPDGH$FWXDOL]DFLyQPpGLFD/LEUR
'tD]*)
$VSHFWRHQGRVFySLFRGHODPXFRVDJiVWULFDHQSDFLHQWHVFRQLQIHFFLyQSRU+HOLFREDFWHUSLORUL
$JXLODU620DMDOFD0&/HyQ)($YLOD9*6iQFKH]05)LJXHURD%6$HWDO
(VWXGLRFRPSDUDWLYRHQWUHODVSUXHEDVGHXUHDVDUiSLGDODLPSURQWD\HOHVWXGLRKLVWRSDWROyJLFRSDUDHO
GLDJQyVWLFRGH+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[
&KLULQR5&DEUHUD09LOODFRUWD&%ODQFDV-7RUUHV-0RUDQ6'HKHVD0
(YDOXDFLyQWRSRJUiILFD\JUDGRGHGDxRGHODPXFRVDJiVWULFDHQSDFLHQWHVFRQGLIHUHQWHVHQIHUPHGDGHV
JDVWURGXRGHQDOHVHLQIHFFLyQSRU+HOLFREDFWHUSLORUL
5HY*DVWURHQWHURO0H[1~PHVSHFLDO7UDEDMROLEUH
0HULQ/$0HGLQD0/0HGLQD0*
&RQVLGHUDFLRQHVDFWXDOHVSRUODSUHVHQFLDGH+HOLFREDFWHUS\ORULHQFDYLGDGEXFDO
)DFXOWDGGH0HGLFLQD8QLYHUVLGDG1DFLRQDOGHO1RUGHVWH&RUULHQWHV&RUULHQWHV
ODPHULQR#ELEXQQHHGXDU
*yPH]0-*DUULGR6*&RUGHUR++$UDQD3*5H\HV'$
'HWHFFLyQ GHO +HOLFREDFWHU S\ORUL PHGLDQWH WLQFLyQ GH XQD LPSURQDWD GH PXFRVD JiVWULFD FRQ D]XO GH
PHWLOHQR
5HY*DVWURHQWHURO0H[1~PHURHVSHFLDO
$ULVWD1D]DH-
*DVWURSDWtDVJDVWULWLVJDVWULWLVDJXGD\FUyQLFD\~OFHUDSpSWLFD
0DUWtQH]0)2UWt]+&7RUUHV9OYDUH]/0DQ]R0$*DUFLD//
&DPELRVUHJHQHUDWLYRVDWtSLFRV\FDUFLQRPDLQVLWXHQJDVWULWLVFUyQLFDDVRFLDGDFRQ+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[
7UXMLOOR&-+HUQiQGH]*$3RGROVN\5,&DPSLOOR29,EDUUD50+HUHUD*5
8WLOLGDGGHODFLWRORJtDJiVWULFDSRUFHSLOODGRSDUDHOGLDJQyVWLFRGH+HOLFREDFWHUS\ORUL

*yPH]$1OYDUH]/5=DSDWLHU$-9DUJDV(3
(ILFDFLDGHODVSUXHEDVGHDQWtJHQRVHQKHFHV\VHURORJtDSDUDHOGLDJQyVWLFRGH+HOLFREDFWHUS\ORULHQOD
SREODFLyQHFXDWRULDQD
5HY*DVWURHQWHURO0H[
9DLUD'9DNLO10HQHJDWWL9DQ+RKK%
7KHVWRRODQWLJHQWHVWIRUGHWHFWLRQRI+HOLFREDFWHUS\ORULDIWHUHUDGLFDWLRQWKHUDS\
$QQ,QW0HG
)DOORQH&$(OL]RY0&OHODQGS
'HWHFWLRQRI+HOLFREDFWHUS\ORULLQIHFWLRQE\VDOLYD,J*WHVWLQJ
$P-*DVWURHQWHURO
2NXGD01DND]DZD7%RRND00L\DVKLUR(<RVLNDZD1
(YDOXDWLRQRIDXULQHDQWLERG\WHVWIRU+HOLFREDFHUS\ORULLQMDSDQHVHFKLOGUHQ
-3HGLDWU
3UHPROL**RQ]iOH]$0LOiQ0HQGR]D%3HURFR79LHOPD$
'LDJQyVWLFRGH+HOLFREDFWHUS\ORULPHGLDQWHODUHDFFLyQGHFDGHQDGHODSROLPHUDVD
5HY&XEDQD0HG
%ODQFDV9-0
/DLPSRUWDQFLDGHOGLDJQyVWLFRGHO+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[(GLWRULDO
'HKHVD90
7UDWDPLHQWRGHODLQIHFFLyQSRU+HOLFREDFWHUS\ORUL"$TXLpQWUDWDU\FRQTXp
'HKHVD905REOHV'*$JXLUUH*-$ULVWD1-%DOOHVWHURV$0$HWDO
&RQVHQVR0H[LFDQRGH+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[
5RGUtJXH]++6iQFKH]$/)4XLxRQHV(
(UUDGLFDFLyQGHO+HOLFREDFWHUS\ORULHQ~OFHUDSpSWLFD\JDVWULWLVFUyQLFD(QVD\RFOtQLFRDOHDWRULR
5HY*DVWURHQWHURO0H[
'HKHVD90/DULVFK-'LELOGR[09HJD%'L6LOYLR05RGUtJXH]OHWDO
&RPSDUDFLyQ GH GRV HVTXHPDV EDVDGRV HQ SDQWRSUD]RO SDUD HUUDGLFDFLyQ GH +HOLFREDFWHU S\ORUL HQ
SDFLHQWHVFRQ~OFHUDGXRGHQDODFWLYD
5HY*DVWURHQWHURO0H[
3pUH]3pUH]*
"&XDQGR\SRUTXpGHEHPRVHUUDGLDUDO+HOLFREDFWHUS\ORUL
0DOIHUWKHLQHU3HWDO
&XUUHQW(XURSHDQ&RQFHSWVLQWKH0DQDJHPHQWRI+HOLFREDFWHUS\ORULLQIHFWLRQ
7KH0DDVWULFKW&RQVHQVXV5HSRUW
$EGR)-08VFDQJD'/HWDO
$FWXDOLGDGHVHQ+HOLFREDFWHUS\ORUL
&RQVHQVR0H[LFDQR
$VRFLDFLyQ0H[LFDQDGH*DVWURHQWHURORJtD
&DxHGR&KiYH]6
7UDWDPLHQWRGHODLQIHFFLyQSRU+HOLFREDFWHUS\ORUL
$ODQtV$2*DU]D*(0DOGRQDGR*+-7LMHULQD05%RVTXHV3)-
6HQVLELOLGDGH+HOLFREDFWHUS\ORULDRIOR[DFLQD\OHYRIOR[DFLQD
2UR]FR*$
(VWXGLR DELHUWR SURVSHFWLYR D EDVH GH UDEHSUD]RO OHYRIOR[DFLQD \ DPR[LFLOLQD SDUD HUUDGLFDFLyQ GH
+HOLFREDFWHUS\ORUL
0HUFDGR8$YHQGDxR500DULQ0(*DVWHOXP$50RUHQR$)UDQFR00
&RPSDUDFLyQGHWHUDSLDWULSOHEDVDGDHQELVPXWRRSDQWRSUD]ROHQQSDFLHQWHVFRQ~OFHUGXRGHQDO8'
DVRFLDGDD+HOLFREDFWHUS\ORUL
5HY*DVWURHQWHURO0H[
+XHUWD,JD)0
7UDWDPLHQWRGHODLQIHFFLyQSRU+HOLFREDFWHUS\ORUL
+HOLFREDFWHUS\ORULFXiQGR\DTXLHQWUDWDU
6$0(VyIDJR(VWyPDJR\'XRGHQR
6LVWHPDGH$FWXDOL]DFLyQ0pGLFD/LEUR
0RUHQR7HUURQHV/*
'':7UDWDPLHQWR+HOLFREDFWHUS\ORUL
3HXUD$'
'':+HOLFREDFWHUS\ORULDEVWUDFW
/DUURVD+$0DUWtQH]3(2&RHOOR53&DVWLOORGH/HyQ<$HWDO
(ILFDFLD GH GRV HVTXHPDV GH HUUDGLFDFLyQ GH +HOLFREDFWHU S\ORUL HQ QLxRV FRQ DEGRPLQDO UHFXUUHQWH
'$5
5HY*DVWURHQWHURO0H[
/DUURVD+$)ORUHV00*DUFLD625RPHUR9(%RMRUTXH]50&HWDO
*DVWULWLV HQ QLxRV \ DGROHVFHQWHV LQIHFFLyQ SRU +HOLFREDFWHU S\ORUL FRPR IDFWRU GH ULHVJR GH JDVWULWLV
FUyQLFDJUDYH\JDVWULWLVQRGXODU
3RUWD1*ODXVHU3
2UDOLQPXQL]DWLRQZLWK+(/,&2%$&7(5S\ORULXUHDV%DVDWUHDWPHQWDJDLQV+(/,&2%$&7(5LQIHFWLRQLQ
PLFH
*DVWURHQWHURORJ\
6XWWRQ3/HH$
$UHYLHZDUWLFOH+HOLFREDFWHUS\ORULYDFFLQHVWKHFXUUHQWVWDWXV
7D\ORU:
3UHYHQWLRQRIFDQFHUDPLVV
-1WO&DQFHU,QVW
3DUVRQQHW-
+(/,&2%$&7(5S\ORUL7KHVL]HRIWKHSUREOHPD
*XWVXSSO
7RUUHV-/ySH]//D]FDQR(&DPRUOLQJD0)ORUHV/0XxR]2
7UHQGVLQ+OLFREDFWHUS\ORULLQIHFWLRQDQGJDVWULFFDQFHULQ0p[LFR
&DQFHU(SLGHPLRORJ\%LRPDUNHUVDQGSUHYHQWLRQ
0HGLQD)++HVOLQ0-&RUWHV*RQ]iOH]5
&OLQLFRSKDWRORJLFDOFKDUDFWHULVWLFRIJDVWULFFDUFLQRPDLQ\RXQJDQGHOGHUO\SDWLHQWVDFRPSDUDWLYHVWXG\
$QQ6XUJ2QFRO
7DQLPRWR:0
+HOLFREDFWHUS\ORULOFHUD\FiQFHUJiVWULFR
5HY*DVWURHQWHURO0H[
/ySH]&/)HUQiQGH]2&5REOHV'*5DVFRQ3$5DPtUH],7
,QIHFFLyQSRU+(/,&2%$&7(5S\ORUL\FiQFHUJiVWULFRHQ0p[LFR8QUHWRSDUDODSUHYHQFLyQ\HOFRQWURO
SREODFLRQDO
5HY*DVWURHQWHURO0H[
0HJUDXG)
5HVLVWDQFHRI+(/,&2%$&7(5S\ORULWRDQWLELRWLFV
$OLPHQW3KDUPDFRO7KHU6XSSO
:RQJ%&/DP6.:RQJ:0
+HOLFREDFWHU S\ORUL HUDGLFDWLRQ WR SUHYHQW JDVWULF FDQFHU LQ D KLJWULVN UHJLRQ RI &KLQD D UDQGRPL]HG
FRQWUROWULDO
-$0$
%ORW:-/L-<7D\ORU35
1XWULWLRQ LQWHUYHQWLRQ WULDO LQ /LQ[LDQ &KLQD VXSOHPHQWDWLRQ ZLWK VSHFLILF YLWDPLQ PLQHUOV FRPELQDWLRQV
FDQFHULFLGHQWHDQGGLVHDVHVSHFLILFPRUWDOLW\LQWKHJHQHUDOSRSXODWLRQ
-1WO&DQFHU,QW
0D]]DUL+LULDUW0/ySH]9<&DOYD--&DVWLOOR5*
/RQJLWXGLQDOVWXG\RIPLFURELDOGLYHUVLW\DQGVHQVRQDOLW\LQWKH0p[LFR&LW\0HWURSROLWDQDUHDZDWHUVXSSO\
V\VWHP
$SSO(QYLURQ0LFURELRO
9LDGDV(0D]DUL+LULDU0(VSLQRVD$&DVWLOOR*
'HVDUUROODQHQOD81$0PpWRGRSDUDODDYDOXDFLyQEDFWHULROyJLFDGHODJXD
)DFXOWDGGH0HGLFLQD81$00p[LFR')
0D]DUL+LULDUW0/ySH]9<&DVWLOOR5*3RQFHGH/HRQ&UDYLRWR$
3UHVHQFHRI+HOLFREDFWHUS\ORULDQGRWKHUHQWHULFEDFWHULDLQIUHVZDWHUHQYLURQPHQWV
$UFKLYHVRI0HGLFDO5HVHDUFK
.HUVKHQRYLFK6'
(QIHUPHGDGHVHPHUJHQWHV
6HPLQDULR(O(MHUFLFLR$FWXDOGHOD0HGLFLQD
'LYLVLyQGH3RVWJUDGRH,QYHVWLJDFLyQ
)DFXOWDGGH0HGLFLQD81$00p[LFR')GH2FWXEUHGHO
,1*,'LQiPLFD'HPRJUiILFD
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD*HRJUDItDH,QIRUPiWLFD0p[LFR
)UHQN-%REDGLOOD-6WHUQ&)UHMND7/R]DQR5
(OHPHQWRVSDUDXQDWHRUtDGHODWUDQVLFLyQHQVDOXG
6DOXG3~EOLFD0p[LFR
6WHUQ&7XLUDQ5
7UDQVLFLyQGHPRJUiILFD\GHVLJXDOGDGVRFLDOHQ0p[LFR
3RQHQFLDSUHVHQWDGDHQOD,9&RQIHUHQFLD/DWLQRDPHULFDQDGH3REODFLyQ/DWUDQVLFLyQGHPRJUiILFDHQ
DPpULFDODWLQD\HOFDULEH0p[LFR0DU]RGH
3ODQ1DFLRQDOGH6DOXG
6HFUHWDUtDGH6DOXG3ULPHUD(GLFLyQ0p[LFR')
7DNDWV7DPDV6
6LJQLILFDQW GHFUHDVH RI WKH +HOLFREDFWHU S\ORUL LQIHFWLRQ LQ %XGDSHVW FRPSDULVLRQ HSGHPLRORJLFDO WULDO
EDVHRQSDWLHQWVDQGSDWLHQWV
5HJUHVD

Facultad de Medicina UNAM Helicobacter Plyori

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Facultad de Medicina UNAM Helicobacter Plyori

Încărcat de

Drepturi de autor:

Formate disponibile

)DFXOWDGGH0HGLFLQD81$0

1,*(5,$

D

65,/$1.$

/,%,$ D

78548,$

$0(5,&$&(175$/ *8$7(0$/$

ORVKXPDQRVTXHVHWUDQVPLWHGHSHUVRQDDSHUVRQDSULQFLSDOPHQWHYtDPDWHUQDKLMRVTXHFRORQL]yGHSRU

(1)(50('$'(6 $872,1081(6 7LURLGLWLV DXWRLQPXQH DUWULWLV UHXPDWRLGH S~USXUD WURPERFLWRSpQLFD

(1)(50('$'(6'(50$72/*,&$68UWLFDUDFUyQLFDURVDFHD DORSHFLD DUHDWD GHUPDWLWLV DWySLFD S~USXUD

(1)(50('$'(6 &$5',29$6&8/$5(6 ,VTXHPLD FRURQDULD DFFLGHQWHV FHUHEURYDVFXODUHV PLJUDxD

)RWR/LQIRPD0$/7GHFXHUSR )RWR/LQIRPD0$/7GHFXHUSR

5($&&,1'(32/,0(5$6$(1&$'(1$53&/DUHDFFLyQHQFDGHQDGHODSROLPHUDVDSRO\PHUDVDFKDLQ

(QFRQFOXVLyQORVFRQRFLPLHQWRVDFWXDOL]DGRVGHODLQIHFFLyQSRU HO + S\ORUL HO HVWXGLR FOtQLFR OD VLWXDFLyQ GH

(1)(50('$' 5(&20(1'$&,1 (9,'(1&,$

(VWROOHYDUtDDLQWHQWDUFRQRFHUODVFRQGLFLRQHVSRUODVTXH HQ 0p[LFR VH VLJDQ PDQLIHVWDQGR SUHYDOHQFLDV GH

WXPRUDOLQILOWUDFLyQGHQHXWUyILORV\ODLQGXFFLyQGHODUHVSXHVWDLQIODPDWRULD

&OLQLFDO0LFURELRORJ\5HYLHZV-XO\

7UHQGVRI0LFURELRORJ\

5HY*DVWURHQWHURO0H[6XSO

S-ar putea să vă placă și

Facultad de Medicina UNAM Helicobacter Plyori

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Facultad de Medicina UNAM Helicobacter Plyori

Încărcat de

Drepturi de autor:

Formate disponibile

 )DFXOWDGGH0HGLFLQD81$0

1,*(5,$   

  D 

65,/$1.$   

/,%,$    D 

78548,$   

$0(5,&$&(175$/ *8$7(0$/$   

ORVKXPDQRVTXHVHWUDQVPLWHGHSHUVRQDDSHUVRQD SULQFLSDOPHQWHYtDPDWHUQDKLMRV TXHFRORQL]yGHSRU

(1)(50('$'(6 $872,1081(6 7LURLGLWLV DXWRLQPXQH DUWULWLV UHXPDWRLGH S~USXUD WURPERFLWRSpQLFD

(1)(50('$'(6'(50$72/*,&$68UWLFDUDFUyQLFDURVDFHD DORSHFLD DUHDWD GHUPDWLWLV DWySLFD S~USXUD

(1)(50('$'(6 &$5',29$6&8/$5(6 ,VTXHPLD FRURQDULD DFFLGHQWHV FHUHEURYDVFXODUHV PLJUDxD

)RWR/LQIRPD 0$/7 GHFXHUSR )RWR/LQIRPD 0$/7 GHFXHUSR

5($&&,1'(32/,0(5$6$(1&$'(1$ 53& /DUHDFFLyQHQFDGHQDGHODSROLPHUDVD SRO\PHUDVDFKDLQ

(QFRQFOXVLyQORVFRQRFLPLHQWRVDFWXDOL]DGRVGHODLQIHFFLyQSRU HO + S\ORUL HO HVWXGLR FOtQLFR OD VLWXDFLyQ GH

(1)(50('$' 5(&20(1'$&,1 (9,'(1&,$

(VWROOHYDUtDDLQWHQWDUFRQRFHUODVFRQGLFLRQHVSRUODVTXH HQ 0p[LFR VH VLJDQ PDQLIHVWDQGR SUHYDOHQFLDV GH

WXPRUDO LQILOWUDFLyQGHQHXWUyILORV\ODLQGXFFLyQGHODUHVSXHVWDLQIODPDWRULD  

&OLQLFDO0LFURELRORJ\5HYLHZV-XO\  

7UHQGVRI0LFURELRORJ\  

5HY*DVWURHQWHURO0H[  6XSO 

S-ar putea să vă placă și

)DFXOWDGGH0HGLFLQD81$0

1,*(5,$

D

65,/$1.$

/,%,$ D

78548,$

$0(5,&$&(175$/ *8$7(0$/$

ORVKXPDQRVTXHVHWUDQVPLWHGHSHUVRQDDSHUVRQDSULQFLSDOPHQWHYtDPDWHUQDKLMRVTXHFRORQL]yGHSRU

(1)(50('$'(6 $872,1081(6 7LURLGLWLV DXWRLQPXQH DUWULWLV UHXPDWRLGH S~USXUD WURPERFLWRSpQLFD

(1)(50('$'(6'(50$72/*,&$68UWLFDUDFUyQLFDURVDFHD DORSHFLD DUHDWD GHUPDWLWLV DWySLFD S~USXUD

(1)(50('$'(6 &$5',29$6&8/$5(6 ,VTXHPLD FRURQDULD DFFLGHQWHV FHUHEURYDVFXODUHV PLJUDxD

)RWR/LQIRPD0$/7GHFXHUSR )RWR/LQIRPD0$/7GHFXHUSR

5($&&,1'(32/,0(5$6$(1&$'(1$53&/DUHDFFLyQHQFDGHQDGHODSROLPHUDVDSRO\PHUDVDFKDLQ

(QFRQFOXVLyQORVFRQRFLPLHQWRVDFWXDOL]DGRVGHODLQIHFFLyQSRU HO + S\ORUL HO HVWXGLR FOtQLFR OD VLWXDFLyQ GH

WXPRUDOLQILOWUDFLyQGHQHXWUyILORV\ODLQGXFFLyQGHODUHVSXHVWDLQIODPDWRULD

&OLQLFDO0LFURELRORJ\5HYLHZV-XO\

7UHQGVRI0LFURELRORJ\

5HY*DVWURHQWHURO0H[6XSO