You are on page 1of 78

6(5,(












HVWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV








/ DPHGLFLyQGHOELHQHVWDU
DWUDYpVGHLQGLFDGRUHVVXEMHWLYRV
8QDUHYLVLyQ

3DEOR9LOODWRUR6























'LYLVLyQGH(VWDGtVWLFDV

6DQWLDJRMXOLRGH
(VWH GRFXPHQWR IXH SUHSDUDGR SRU 3DEOR 9LOODWRUR IXQFLRQDULR GH OD 8QLGDG GH (VWDGtVWLFDV 6RFLDOHV GH OD
'LYLVLyQGH(VWDGtVWLFDVGHOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH &(3$/ 
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHODXWRU\SXHGHQQRFRLQFLGLUFRQODVGHODRUJDQL]DFLyQ






























3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW1DFLRQHV8QLGDVMXOLRGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ

&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

QGLFH

5HVXPHQ
, ,QWURGXFFLyQ
,, &RQFHSWRVEiVLFRV
$ /DVSHUVSHFWLYDVGRPLQDQWHVHQODHYDOXDFLyQGHOELHQHVWDU
% $UJXPHQWRVSDUDODLQFOXVLyQGHODVXEMHWLYLGDGHQOD
HYDOXDFLyQGHOELHQHVWDU
& 3RVLELOLGDGHVGHXWLOL]DFLyQGHODLQIRUPDFLyQVXEMHWLYD
' ,QGLFDGRUHVVXEMHWLYRV\PHGLFLyQGHODSREUH]D
,,, /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHV
VXEMHWLYRV(QIRTXHVHLQVWUXPHQWRV
$ %LHQHVWDUVXEMHWLYR6DWLVIDFFLyQFRQODYLGD\IHOLFLGDG
% (OIXQFLRQDPLHQWRSVLFROyJLFRSRVLWLYR
& /RVVHQWLPLHQWRVGHPDOHVWDU
' (ODSR\RVRFLDO
( (OHPSRGHUDPLHQWR
,9 9DOLGH]\ILDELOLGDGGHORVLQGLFDGRUHVVXEMHWLYRVGHELHQHVWDU
$ /DDGDSWDFLyQ
% /DLQIOXHQFLDGHODFXOWXUD
& 5HGXQGDQFLDV\FRQIXVLRQHVHQWUHFRQVWUXFWRV
' 3UREOHPDVGHRSHUDFLRQDOL]DFLyQ\PHGLFLyQ
  1LYHOGHPHGLFLyQ\HTXLYDOHQFLDGHODVHVFDODV
  0RGRGHUHFROHFFLyQGHODLQIRUPDFLyQ\IRUPDWRGHODV
UHVSXHVWDV
  6HVJRVGHODPHPRULD\HVWDGRVGHiQLPR
  'HVHDELOLGDGVRFLDO
9 &RQVLGHUDFLRQHVILQDOHV
%LEOLRJUDItD
6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRVQ~PHURVSXEOLFDGRV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

,QGLFHGHFXDGURV
&8$'52 87,/,'$'$*5(*$'$<(648(0$6',675,%87,926
&8$'52 35,1&,3$/(675$',&,21(6'((678',2'(/%,(1(67$5
&8$'52 %,(1(67$568%-(7,92(9$/8$&,21(6(02&,21$/(6<&2*1,7,9$6
&8$'52 35(*817$6(,167580(17263$5$/$0(',&,1'(/%,(1(67$5
68%-(7,92
&8$'52 &8(67,21$5,2$%5(9,$'2'(25,(17$&,13)(,))(5
&8$'52 &8(67,21$5,2*(1(5$/'(6$/8'0(17$/ *2/'%(5* 
9(56,1&257$
&8$'52 (6&$/$*(1(5$/'($872(),&$&,$ 6&+:$5=(5<-(586$/(0 
&8$'52 (6&$/$63$5$/$0(',&,1'(/$6$7,6)$&&,1'(/$61(&(6,'$'(6
36,&2/*,&$6%6,&$6
&8$'52 &8(67,21$5,2'(6(17,'2'(/$9,'$
&8$'52 35(*817$63$5$/$0(',&,1'(',67,17266(17,0,(1726'(
0$/(67$5
&8$'52 ,1',&$'25(6'(9(5*h(1=$<+80,//$&,1
&8$'52 3(5&(3&,21(6'(',6&5,0,1$&,16(*1/$(71,$<(/6(;2
&8$'52 ,1',&$'25(6'(',6&5,0,1$&,13(5&,%,'$
&8$'52 /$0(',&,1'(/266(17,0,(1726'('(6(63(5$1=$<62/('$'
&8$'52 ,167580(17263$5$/$0(',&,1'(/$32<262&,$/
&8$'52 68%(6&$/$'($)5217$0,(17262&,$/
&8$'52 /$65(*/$6'(/-8(*26(*1(/*e1(52$&7,78'(6+$&,$/$
9,2/(1&,$)6,&$&2175$/$08-(5
&8$'52 /$65(*/$6'(/-8(*25(/$&,21$'$6&21(/*e1(52(1',67,1726
1,9(/(6,1',&$'25(668%-(7,926
&8$'52 5(/$&,21(6(175(,1',&$'25(668%-(7,926'(%,(1(67$5<275$6
9$5,$%/(65(9,6,21(6'(/$/,7(5$785$
&8$'52 ',67,1726&21&(3726'()(/,&,'$'(181$08(675$'(0e;,&2
&8$'52 $0e5,&$/$7,1$<&$5,%( 3$6(6 <275$65(*,21(6'(/
081'2$62&,$&,1(175(/$6$7,6)$&&,1&21/$9,'$</$
)(/,&,'$'

QGLFHGHJUiILFRV
*5),&2 $0e5,&$/$7,1$<(/&$5,%( 3$6(6 <275$65(*,21(6
'(/081'26$7,6)$&&,1&21/$9,'$6(*1(/
3,%325+$%,7$17(

QGLFHGHUHFXDGURV
5(&8$'52 /$0(',&,1'(/$62325781,'$'(6(16(1<27526$8725(6
5(&8$'52 (/0e72'2'(5(&216758&&,1'(/'$ 05' 

QGLFHGHGLDJUDPDV
',$*5$0$ (/%,(1(67$5(1/$3(563(&7,9$'(6(1
',$*5$0$ (648(0$%6,&2'(0(',$&,1




&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

5HVXPHQ

(Q ORV ~OWLPRV DxRV KD OOHJDGR D VHU FDGD YH] PiV HYLGHQWH OD
QHFHVLGDGGHLQFRUSRUDUDVSHFWRVVXEMHWLYRVFRPRODVSHUFHSFLRQHVGH
ORV LQGLYLGXRV VREUH VXV FRQGLFLRQHV GH YLGD \ ODV UHODFLRQHV VRFLDOHV
TXHVRVWLHQHQHQODHYDOXDFLyQGHOELHQHVWDU(QHVWHWH[WRVHHQWUHJDQ
DOJXQDV KHUUDPLHQWDV FRQFHSWXDOHV \ PHWRGROyJLFDV EiVLFDV SDUD ORV
LQWHUHVDGRV HQ HO XVR GH LQIRUPDFLyQ VXEMHWLYD SDUD OD PHGLFLyQ GHO
ELHQHVWDU FRQ pQIDVLV HQ OD GLVFXVLyQ GH ORV DUJXPHQWRV D IDYRU R HQ
FRQWUD GH VX XWLOL]DFLyQ \ HQ HO DQiOLVLV GH OD FDOLGDG GH ORV PpWRGRV
HPSOHDGRVHQODSURGXFFLyQGHLQIRUPDFLyQVREUHODVSHUFHSFLRQHVGH
ORV LQGLYLGXRV DFHUFD GH VXV FRQGLFLRQHV GH YLGD &RQ HOOR VH EXVFD
TXHORVDFWRUHVUHJLRQDOHVLPSOLFDGRVHQODVSROtWLFDVS~EOLFDVDYDQFHQ
HQODLQFRUSRUDFLyQGHODLQIRUPDFLyQVXEMHWLYDHQHODQiOLVLVHPStULFR
GHOELHQHVWDUSHURWHQLHQGRHQFXHQWDODVYHQWDMDV\GHVYHQWDMDVGHORV
LQVWUXPHQWRVGHPHGLFLyQGLVSRQLEOHV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

,,QWURGXFFLyQ

(QORV~OWLPRVDxRVKDFREUDGRPD\RUUHOHYDQFLDHQODGLVFXVLyQDFDGpPLFD
\HQODVDJHQGDVSROtWLFDVGHORVSDtVHVGH$PpULFD/DWLQDODQHFHVLGDGGH
DYDQ]DUKDFLDXQHQIRTXH PiVDPSOLRSDUD OD PHGLFLyQ GHODSREUH]D \HO
ELHQHVWDU HO FXDO GHEHUtD LU PiV DOOi GH OD PpWULFD PRQHWDULD LQFOX\HQGR
SRUHMHPSORORVDVSHFWRVGHOELHQHVWDUQRFRPSUDGRVSRUHOLQJUHVR(Q
HVWH PDUFR XQD FXHVWLyQ HPHUJHQWH HQ HO GHEDWH ODWLQRDPHULFDQR HV OD
QHFHVLGDG GH LQFRUSRUDU DVSHFWRV VXEMHWLYRV FRPR ODV SHUFHSFLRQHV \
DFWLWXGHV GH ORV LQGLYLGXRV VREUH VXV FRQGLFLRQHV GH YLGD \ ODV UHODFLRQHV
VRFLDOHVTXHVRVWLHQHQHQODHYDOXDFLyQGHVXELHQHVWDU
(Q HVWH GRFXPHQWR VH HQWUHJDQ KHUUDPLHQWDV FRQFHSWXDOHV \
PHWRGROyJLFDVEiVLFDVDORVLQWHUHVDGRVHQHOXVRGHLQIRUPDFLyQVXEMHWLYD
SDUD OD PHGLFLyQ GHO ELHQHVWDU FRQ pQIDVLV HQ OD GLVFXVLyQ GH ORV
DUJXPHQWRV D IDYRU R HQ FRQWUD GH VX XWLOL]DFLyQ HQ OD HYDOXDFLyQ GH ODV
SROtWLFDVS~EOLFDV\HQHODQiOLVLVGHODFDOLGDGGHORVPpWRGRVHPSOHDGRV
HQODSURGXFFLyQGHLQIRUPDFLyQVREUHODVSHUFHSFLRQHVTXHORVLQGLYLGXRV
WLHQHQGHVXVFRQGLFLRQHVGHYLGD&RQHOORVHSUHWHQGHFRQWULEXLUDTXH
ORV DFWRUHV LPSOLFDGRV HQ ODV SROtWLFDV S~EOLFDV DYDQFHQ HQ OD
LQFRUSRUDFLyQ GH OD LQIRUPDFLyQ VXEMHWLYD HQ HO DQiOLVLV HPStULFR GHO
ELHQHVWDU GH ODV SREODFLRQHV GH VXV SDtVHV SHUR WHQLHQGR HQ FXHQWD ODV
YHQWDMDV\GHVYHQWDMDVGHORVLQVWUXPHQWRV\PHGLGDVGLVSRQLEOHV
(VWH WH[WR VH RUJDQL]D GH OD VLJXLHQWH PDQHUD HQ OD SULPHUD SDUWH VH
H[SRQHQORVHQIRTXHVTXHKDQGRPLQDGRODPHGLFLyQGHOELHQHVWDUHQORV
DxRV UHFLHQWHV \ D SDUWLU GH DTXHOOR VH SUHVHQWDQ \ GLVFXWHQ DOJXQRV
DUJXPHQWRV EiVLFRV SDUD OD LQFOXVLyQ GH LQGLFDGRUHV VXEMHWLYRV HQ OD
HYDOXDFLyQGHOELHQHVWDU\VHDQDOL]DHOUROTXHSXHGHQWHQHUODVPHGLGDV


 9pDVH HO 6HPLQDULR ,QWHUQDFLRQDO 0HGLFLyQ 0XOWLGLPHQVLRQDO GH OD 3REUH]D HQ $PpULFD /DWLQD &(3$/ 
KWWSZZZHFODFRUJFJLELQJHW3URGDVS"[PO GH\SHQRWLFLDVQRWLFLDV3[PO [VO GH\SHWSOSI[VO EDVH  GH\SH
WSOWRSERWWRP[VOW


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

VXEMHWLYDV HQ HO DQiOLVLV GH OD SREUH]D (Q OD VHJXQGD VHFFLyQ VH SUHVHQWDQ DOJXQRV HQIRTXHV H
LQVWUXPHQWRVSDUDODPHGLFLyQGHOELHQHVWDUSURYHQLHQWHVSULQFLSDOPHQWHGHORVFDPSRVGHODSVLFRORJtD
\GHODSVLFRORJtDVRFLDO(QODWHUFHUDSDUWHVHHIHFW~DXQDGLVFXVLyQPHWRGROyJLFDHQODFXDOVHDQDOL]D
ODYDOLGH]\ILDELOLGDGGHODLQIRUPDFLyQREWHQLGDDWUDYpVGHORVLQGLFDGRUHVVXEMHWLYRVGHOELHQHVWDU


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

,, &RQFHSWRVEiVLFRV

(O ELHQHVWDU KD VLGR HV \ VHUi XQ FRQFHSWR HQ GLVFXVLyQ (V XQD
FRQVWUXFFLyQ VRFLDO VREUH TXp HV XQD EXHQD YLGDR XQDYLGD GHVHDEOH OD
FXDO GLILHUH HQWUH FXOWXUDV (Q OD WUDGLFLyQ RFFLGHQWDO VH KDQ LQYRFDGR
GLVWLQWDV QRFLRQHV SDUD HVSHFLILFDU HO VLJQLILFDGR GHO ELHQHVWDU IHOLFLGDG
FXPSOLPLHQWR GH ORV GHVHRV SUHIHUHQFLDV VDWLVIDFFLyQ GH QHFHVLGDGHV
GHVDUUROOR GH FDSDFLGDGHV H[FHOHQFLD PDQWHQFLyQ GH XQ IXQFLRQDPLHQWR
QRUPDOYLYLUXQDYLGDDSURSLDGDDODQDWXUDOH]DKXPDQD\HOORJURGHOD
FDOLGDGGHYLGDHQWUHRWURV 6XPQHU (QHOiPELWRDFDGpPLFR\HQ
HO GLVHxR GH SROtWLFDV OD GLVFXVLyQ VREUH HO ELHQHVWDU \ ODV IRUPDV PiV
DSURSLDGDV SDUD PHGLUOR KD HVWDGR GRPLQDGD SRU ODV SHUVSHFWLYDV
ILORVyILFDV\HFRQyPLFDVORFXDOKDFRPHQ]DGRDFDPELDUHQORV~OWLPRV
DxRV (VWR KD LQFOXLGR QR VROR XQD GLVFXVLyQ VREUH OD LQFRUSRUDFLyQ GH
DVSHFWRV PDWHULDOHV DGLFLRQDOHV D ORV LQJUHVRV PRQHWDULRV VLQR WDPELpQ
FRQ UHVSHFWR D OD SHUWLQHQFLD \ YLDELOLGDG GH HPSOHDU LQIRUPDFLyQ
VXEMHWLYDHQODHYDOXDFLyQGHOELHQHVWDU

$ /DVSHUVSHFWLYDVGRPLQDQWHVHQOD
HYDOXDFLyQGHOELHQHVWDU
/RV HQIRTXHV GRPLQDQWHV VREUH HO ELHQHVWDU QR SXHGHQ HQWHQGHUVH VLQ
UHIHUHQFLD D ORV FOiVLFRV 8QD GH ODV SRVWXUDV PiV LQIOX\HQWHV GH OD
ILORVRItD FOiVLFD HV OD GH $ULVWyWHOHV TXLHQ GLVWLQJXLy HQWUH ELHQHV
H[WHUQRV GHO FXHUSR \ SVtTXLFRV SODQWHy TXH ORV WUHV ELHQHV GHEHQ HVWDU
SUHVHQWHVSDUDTXHH[LVWDELHQHVWDU\VHxDOyTXHORVGRVSULPHURVELHQHV
VRQ PHGLRV SDUD DOFDQ]DU HO QLYHO VXSHULRU GHILQLGR D SDUWLU GH XQD


 3RUHMHPSORHQODQRFLyQGHEXHQDYLGDDQGLQDDODVSHFWRPDWHULDOVHDJUHJDQODDIHFWLYLGDG\ODUHDOL]DFLyQHVSLULWXDOHQDUPRQtD
FRQODQDWXUDOH]D\FRPXQLyQFRQORVGHPiVVHUHVKXPDQRV $OHP\RWURV 

 3RUHMHPSOROD6RFLDO&KRLFH7KHRU\TXHVHXELFDHQODLQWHUVHFFLyQHQWUHILORVRItD\HFRQRPtD


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

IXQFLyQ LQKHUHQWH D OD QDWXUDOH]D KXPDQD OD FXDO VHUtD DFWXDU UDFLRQDOPHQWH $Vt OD EXHQD YLGD VH
HQFXHQWUDHQODDFWLYLGDGRULHQWDGDDDOFDQ]DUODSHUIHFFLyQ HXGDPRQLD (VWDQRFLyQVHDMXVWDELHQFRQ
XQ HQIRTXH REMHWLYR GH PHGLFLyQ GHO ELHQHVWDU SXHVWR TXH OD LQVDWLVIDFFLyQ GH  QHFHVLGDGHV EiVLFDV
LPSLGHTXHODVSHUVRQDVSXHGDQIXQFLRQDUDGHFXDGDPHQWH
8QD LQWHUSUHWDFLyQ GLIHUHQWH HQ OD ILORVRItD FOiVLFD HV HO HQIRTXH KHGyQLFR UHSUHVHQWDGR HQWUH
RWURV SRU (SLFXUR (Q HVWD SHUVSHFWLYD VH SURSRQH TXH ORV HIHFWRV SODFHQWHURV TXH GHYLHQHQ GH OD
H[SHULHQFLDVHQVLEOHVRQORVILQHV~OWLPRVDORVFXDOHVSXHGHQDVSLUDUORVVHUHVKXPDQRV(VWDWUDGLFLyQ
IXH UHWRPDGD VLJORV GHVSXpV SRU %HQWKDP   SDUD TXLHQ OD ERQGDG GH XQ HVWDGR GH FRVDV GHEH
HYDOXDUVH SRU VXV FRQVHFXHQFLDV VREUH OD IHOLFLGDG XWLOLGDG  R OD VXPD GH ORV SODFHUHV \ GRORUHV TXH
H[SHULPHQWDXQLQGLYLGXR$OUHVSHFWRVHGHEHUHFRUGDUODSURSXHVWDGH(GJHZRUWK  GHFUHDFLyQ
GHXQKHGRQtPHWURSDUDPHGLUHOSODFHUH[SHULPHQWDGRSRUORVVHUHVKXPDQRV
6LQHPEDUJRODQRFLyQGHODLPSRVLELOLGDGGHFRPSDUDULQWHUSHUVRQDOPHQWHODXWLOLGDGUHVXOWy
HQ HO GRPLQLR GH XQD DSUR[LPDFLyQ HVWUXFWXUDO DO ELHQHVWDU \ HQ HO DEDQGRQR GHO SUR\HFWR XWLOLWDULVWD
FOiVLFRGHPHGLFLyQGHODIHOLFLGDG$OJXQRVDXWRUHVELHQHVWDULVWDVFRPHQ]DURQDXVDUHOHQIRTXHGHODV
SUHIHUHQFLDVUHYHODGDV 6DPXHOVRQ GRQGHDOJXLHQSUHILHUHXQDFDQDVWDGHELHQHV[SRUVREUHOD
FDQDVWD \ FXDQGR VHOHFFLRQD [ HQWUH XQ FRQMXQWR GH RSFLRQHV TXH LQFOX\H D \ /DV SUHIHUHQFLDV VRQ
UHYHODGDVSXHVWRTXHVHVXSRQHTXHORVHVWDGRVPHQWDOHVSUHYLRVDODHOHFFLyQVHH[SUHVDQHQFRQGXFWD
/DSURSLHGDGPiVUHOHYDQWHGHHVWHHQIRTXHHVTXHQRVHUHTXLHUHFRQRFHUORVPRWLYRVSRUORVFXDOHVVH
SUHILHUHXQDDOWHUQDWLYDDRWUDSXHVWRTXHVRORVHQHFHVLWDLQIRUPDFLyQVREUHODVFRQGXFWDVGHHOHFFLyQ
6XJGHQ 
8Q FRQFHSWR FODYH SDUD ODV WHRUtDV ELHQHVWDULVWDV HV OD IXQFLyQ GH ELHQHVWDU VRFLDO OD FXDO VH
REWLHQHDSDUWLUGHODDVLJQDFLyQGHXQtQGLFHQXPpULFRGHELHQHVWDUDFDGDHVWDGRSRVLEOHGHFRVDVHQOD
VRFLHGDG /D IXQFLyQ GH ELHQHVWDU VRFLDO GHEH FXPSOLU DOJXQDV FRQGLFLRQHV IRUPDOHV TXH HQFDUQDQ
MXLFLRV QRUPDWLYRV 6XJGHQ   PHQFLRQD TXH GHQWUR GHO ELHQHVWDULVPR KD\ FRQVHQVR HQ GRV
FRQGLFLRQHVD VLWRGRVHQODVRFLHGDGVRQLQGLIHUHQWHVHQWUHGRVHVWDGRVVRFLDOHVDPERVHVWDGRVWHQGUiQ
HOPLVPRtQGLFHGHELHQHVWDU\E VLDOPHQRVXQVXMHWRSUHILHUHDOHVWDGR[SRUVREUHHOHVWDGR]\QDGLH
SUHILHUH]SRUVREUH[OXHJR[WHQGUiXQPD\RUtQGLFHGHELHQHVWDUTXH]
6HSXHGHDSUHFLDUTXHHQHOHQIRTXHGHSUHIHUHQFLDVUHYHODGDVODIXQFLyQGHELHQHVWDUVRFLDOQR
PLGHDOJXQDFXDOLGDG SRUHMHPSORIHOLFLGDG TXHSXHGDVHUUHSUHVHQWDGDLQWUtQVHFDPHQWHFRPREXHQD
(VWRHVXQSUREOHPDSXHVWRTXHVLODSUHIHUHQFLDGHXQVXMHWRSRU[QRHVHYLGHQFLDSRUVtPLVPDGHTXH
[ SRVHH DOJXQD FDOLGDG VXSHULRU HQ FRPSDUDFLyQ D ]FyPR SXHGH SURYHHU GLFKD HOHFFLyQ DOJXQDEDVH
SDUD DWULEXLU XQ PD\RU YDORU VRFLDO D [ SRU VREUH ]" 6XJGHQ   $QWH HVWH GLOHPD KD\ GRV
HVWUDWHJLDVSRVLEOHVXQDHVDEDQGRQDUHOSURSyVLWRGHHYDOXDUHOELHQHVWDUVRFLDO\FRQFHQWUDUVHHQODV
UHJODVTXHJRELHUQDQODVLQWHUDFFLRQHVVRFLDOHVXVDQGRFULWHULRVFRPRODUHFWLWXGHQHOSURFHGLPLHQWR
/DRWUDHVGHVDUUROODUXQDFRQFHSFLyQGHOELHQHVWDUTXHQRSURSRQJDTXHORPHMRUSDUDXQLQGLYLGXR
HVWi GHILQLGR SRU VXV SUHIHUHQFLDV /D SULPHUD UXWD KD VLGR VHJXLGD SRU ORV HQIRTXHV FRQWUDFWXDOLVWDV
5DZOV   \ OLEHUWDULRV 1R]LFN   \ OD VHJXQGD SRU OD SHUVSHFWLYD GH FDSDFLGDGHV 6HQ
DF 
5DZOV  FULWLFDDOXWLOLWDULVPRFOiVLFR \DOELHQHVWDULVPRSRUQRFRQVLGHUDUODVIXHQWHV\ OD
FXDOLGDGGHORVGHVHRV8QRGHORVSUREOHPDVGHQRFRQVLGHUDUODQDWXUDOH]DGHORVGHVHRVHVTXHXQD
SHUVRQD SRGUtD REWHQHU SODFHU GLVFULPLQDQGR D RWUD R OLPLWDQGR HO ELHQHVWDU GH XQ WHUFHUR ODV
SUHIHUHQFLDVRIHQVLYDV 7DPELpQSRGUtDVXFHGHUTXHXQLQGLYLGXRIXHUDPiVGLItFLOGHFRPSODFHUTXHHO


 (Q$PpULFD/DWLQD$OWLPLU SS LQGLFDEDTXHVHUtDLGHDOPHGLUORVQLYHOHVGHYLGDHQWpUPLQRVGHXWLOLGDGSHURHO
SUREOHPDGHODFRPSDUDELOLGDGLQWHUSHUVRQDOGHODVPHGLGDVGHODXWLOLGDGEORTXHDWDOSRVLELOLGDG

 (QXQDIXQFLyQGHELHQHVWDUVRFLDOORVMXLFLRV~OWLPRVVRQUHDOL]DGRVSRUXQLQGLYLGXRSDUWLFXODUORFXDOFUHDODGLILFXOWDGGHTXLpQHV
HOMXH]+DUVDQ\L  WUDWDGHUHVROYHUHVWHSUREOHPDPHGLDQWHODQRFLyQGHOHVSHFWDGRULPSDUFLDOTXHHVDOJXLHQFRQXQDLJXDO
SUREDELOLGDG GH OOHJDU D VHU FDGD LQGLYLGXR GH OD VRFLHGDG \ TXH FXDQGR QR VDEH TXH LQGLYLGXR OOHJDUi D VHU H[SHULPHQWDUi XQ
RUGHQDPLHQWRGHSUHIHUHQFLDVDXWRLQWHUHVDGDV\QRFRQGLFLRQDGDVTXHYDULDUiHQWUHHVWDGRVFRPRVHUHOVXMHWRLHQHOHVWDGRVRFLDO
[ R VHU HO LQGLYLGXR M HQ HO HVWDGR VRFLDO ] /XHJR VL WRGRV ORV LQGLYLGXRV VRQ LQGLIHUHQWHV DQWH ORV HVWDGRV VRFLDOHV [ \ ] HO
HVSHFWDGRULPSDUFLDOWDPELpQVHUiLQGLIHUHQWH5DZOV  FULWLFDHVWHHQIRTXHDOVHxDODUODLQFRQVLVWHQFLDHQWUHHYDOXDUODYLGDGH
ORVLQGLYLGXRVHQWpUPLQRVGHVXVVLVWHPDVGHYDORUHVVLQSUHJXQWDUOHVFXiOHVVRQVXVYDORUHV\DJUHJDTXHGLItFLOPHQWHXQLQGLYLGXR
HYDOXDUiODVFLUFXQVWDQFLDVGHRWURVLQUHIHUHQFLDDVXSURSLDFRQFHSFLyQGHODEXHQDYLGD


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

UHVWR ODVSUHIHUHQFLDVFDUDV 5DZOV  LQGLFDTXHGHVGHHOXWLOLWDULVPRFOiVLFRVHUiVHOHFFLRQDGD


FXDOTXLHU DFFLyQ TXH PD[LPLFH OD XWLOLGDG DJUHJDGD VLQ LPSRUWDU VL HQ HO HVWDGR VRFLDO VHOHFFLRQDGR
H[LVWHQ JUDYHV YLRODFLRQHV D ORV GHUHFKRV FRPR OD HVFODYLWXG 'H HVWH PRGR SDUD 5DZOV OD
SUHRFXSDFLyQGHODVRFLHGDGGHEHVHUODIRUPDHQTXHORVEHQHILFLRVHVWiQGLVWULEXLGRV HVTXHPD \QR
ODPD[LPL]DFLyQGHODXWLOLGDG HVTXHPD  YpDVHHOFXDGUR 

&8$'52
87,/,'$'$*5(*$'$<(648(0$6',675,%87,926
(VTXHPD (VTXHPD
*UXSR 8WLOLGDG  *UXSR 8WLOLGDG 
*UXSR 8WLOLGDG  *UXSR 8WLOLGDG 
7RWDO   

)XHQWH([WUDtGRGHKWWSOHJDF\OFODUNHGXaMD\5DZOVSGI

$Vt SDUD 5DZOV   ODV WUDGLFLRQHV XWLOLWDULVWD \ ELHQHVWDULVWD QR FRQVLGHUDQ ODV GLIHUHQFLDV
LQWHUSHUVRQDOHV \ FDUHFHQ GH XQD FRQFHSFLyQ ILORVyILFRSROtWLFD GH OD MXVWLFLD 3RU WDQWR SURSRQH HO
UHHPSOD]RGHODPpWULFDEDVDGDHQODXWLOLGDG\ODVSUHIHUHQFLDVSRUXQDGHELHQHVSULPDULRV(VWRVVRQ
ORV ELHQHV TXH WRGDV ODV SHUVRQDV SUHVXPLEOHPHQWH GHVHDUtDQ \ VRQ ORV PHGLRV D WUDYpV GH ORV FXDOHV
SXHGHQORJUDUVXVILQHV/RVELHQHVSULPDULRVVHGLYLGHQHQQDWXUDOHV\VRFLDOHV/RTXHLQWHUHVDVRQORV
~OWLPRV SXHVWR TXH HVWiQ D GLVSRVLFLyQ GH OD VRFLHGDG SRU HMHPSOR ORV GHUHFKRV ODV OLEHUWDGHV ODV
RSRUWXQLGDGHV HO LQJUHVR \ ODV EDVHV VRFLDOHV GHO DXWRUHVSHWR  5DZOV SRVWXOD OD SULPDFtD GH OD
OLEHUWDG VREUH ORV RWURV ELHQHV DGPLWH OD OHJLWLPLGDG GH GHVLJXDOGDG VROR FXDQGR HV QHFHVDULD SDUD OD
YHQWDMD GH WRGRV \ SURSRQH FRPR FULWHULR GH DVLJQDFLyQ HO 3ULQFLSLR GH OD 'LIHUHQFLD TXH SULRUL]D D
TXLHQHVHVWiQSHRU
(QODFRQFHSFLyQGH5DZOVODVRFLHGDGGHEHDVHJXUDUXQDSRUFLyQMXVWDGHOLEHUWDGHV\GHRWURV
ELHQHV SULPDULRV \ QR JDUDQWL]DU FLHUWR QLYHO GH FDOLGDG GH YLGD \ XWLOLGDG (Q HVWD OyJLFD ORV
FLXGDGDQRVVRQFRQFHELGRVFRPRFRPSHWHQWHVSDUDGHILQLUVXVREMHWLYRV\WRPDUGHFLVLRQHV(VWDQRFLyQ
GH UHVSRQVDELOLGDG LQGLYLGXDO H[FOX\H OD SRVLELOLGDG GH TXH ODV EUHFKDV HQ OD FDOLGDG GH YLGD R
VDWLVIDFFLyQDPHULWHQFRPSHQVDFLRQHVVRFLDOHV(VWHHVXQDUJXPHQWRFRQWUDULRDOXVRGHODLQIRUPDFLyQ
VREUHODXWLOLGDG\ODVSUHIHUHQFLDVHQODHYDOXDFLyQGHORVHVWDGRVGHFRVDV3DUD6HQ D HVWH~OWLPR
SODQWHDPLHQWRGH5DZOVHVGHPDVLDGRIXHUWH\DJUHJDTXHHOSUREOHPDFHQWUDOGHOELHQHVWDULVPRHVTXH
UHTXLHUH VXVFULELU OD SURSRVLFLyQ GH TXH HO SODFHU GHEH VHU SRQGHUDGR VROR SRU VX LQWHQVLGDG VLQ TXH
LPSRUWHVXIXHQWH\ODDFWLYLGDGTXHORSURYRFD
6HQ D F   DPSOtD OD FUtWLFD DO XWLOLWDULVPR FOiVLFR \ DO ELHQHVWDULVPR VLQ
DEDQGRQDUORV GHO WRGR  \ VLPXOWiQHDPHQWH FXHVWLRQD OD DUJXPHQWDFLyQ FRQWUDFWXDOLVWD GH 5DZOV (Q
FXDQWR D OD WUDGLFLyQ XWLOLWDULD FOiVLFD LGHQWLILFD FRPR XQR GH VXV SULQFLSDOHV SUREOHPDV OD QR
FRQVLGHUDFLyQ GH ODV GLIHUHQFLDV LQWHUSHUVRQDOHV HQ ODV IXQFLRQHV GH FRQYHUVLyQ GH ORV UHFXUVRV HQ
XWLOLGDG$VtSRUHMHPSORXQDWUDQVIHUHQFLDDGLFLRQDOGHUHFXUVRVLJXDOSDUDGRVSHUVRQDVXQDOLVLDGD\
RWUDVLQLPSHGLPHQWRVVHFRQYHUWLUiHQPD\RUXWLOLGDGSDUDHOQROLVLDGRGHELGRDTXHHOOLVLDGRWHQGUi
XQDIXQFLyQLQJUHVRXWLOLGDGPHQRVHILFLHQWH<HQHOFDVRGHTXHXQSODQLILFDGRUWXYLHVHODLQIRUPDFLyQ
GHODVGLIHUHQWHVIXQFLRQHVGHXWLOLGDGHQWUHHOOLVLDGR\HOQROLVLDGREDMRODOyJLFDGHODPD[LPL]DFLyQ
GHODXWLOLGDGDJUHJDGDGHEHUtDSULYLOHJLDUDOQRGLVFDSDFLWDGR
(QORTXHUHILHUHDOELHQHVWDULVPR6HQ D SURSRUFLRQDHOVLJXLHQWHHMHPSORSDUDLOXVWUDUOD
LQVHQVLELOLGDGGHHVWHHQIRTXHDODLQWHQVLGDGGHODVQHFHVLGDGHVVHWLHQHQQLYHOHVGHXWLOLGDGDEF\
GHQyUGHQHVGHFUHFLHQWHVGHPDJQLWXG(QHVWHFDVRHOSDUGHSXQWRVH[WUHPRV DG SURGXFHPD\RU
GHVLJXDOGDGTXHHOSDUGHSXQWRVLQWHUPHGLRV EF 'HPRGRTXHVLHOWRPDGRUGHGHFLVLRQHVHVWXYLHUD


 6HJ~Q 5DZOV   HVWRV ELHQHV VH XELFDQ HQ HO SODQR GH OD GRWDFLyQ QDWXUDO GH FDUDFWHUtVWLFDV LQGLYLGXDOHV SRU HMHPSOR VDOXG
LQWHOLJHQFLD\IRUWDOH]DItVLFD 

 /DXWLOLGDGDGLFLRQDOTXHREWHQGUtDXQVXMHWRVLWXYLHUDXQDXQLGDGDGLFLRQDOGHDOJ~QVDWLVIDFWRU/DXWLOLGDGPDUJLQDOHVXQFRQFHSWR
FRQWUDIiFWLFR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

LQWHUHVDGR VRODPHQWH HQ OD LJXDOGDG E F  HV VXSHULRU D D G  (Q HVWD FRPSDUDFLyQ ODV PDJQLWXGHV
H[DFWDV GH D E F \ G QR KDFHQ QLQJXQD GLIHUHQFLD /D FDUDFWHUtVWLFD RUGLQDO GH OD DSUR[LPDFLyQ GH
SUHIHUHQFLDSRUODLJXDOGDGHQODXWLOLGDGKDFHDHVWHHQIRTXHLQVHQVLEOHDODVPDJQLWXGHVSRWHQFLDOHVGH
ODVSpUGLGDV\JDQDQFLDVGHXWLOLGDG
8Q SUREOHPD DGLFLRQDO SDUD HO ELHQHVWDULVPR HV HO GH ODV SUHIHUHQFLDV EDUDWDV $TXt
QXHYDPHQWH VH SXHGH UHFXUULU DO FDVR GHO OLVLDGR 6H SXHGH UHFRUGDU TXH HO XWLOLWDULVPR OH GDUi PHQRV
LQJUHVRFRPRUHVXOWDGRGHODEDMDHILFLHQFLDGHVXIXQFLyQGHXWLOLGDG6LQHPEDUJRODDSOLFDFLyQGHO
FULWHULRGHSUHIHUHQFLDSRUODLJXDOGDGHQODXWLOLGDGWHQGUtDFRPRUHVXOWDGRXQWUDWDPLHQWRSUHIHUHQFLDO
SDUD HO OLVLDGR SRU VX PHQRU QLYHO GH XWLOLGDG 3HUR TXp VXFHGHUi VL HO GLVFDSDFLWDGR QR SUHVHQWD
QLYHOHVPHQRUHVGHXWLOLGDGTXHRWUDVSHUVRQDV"(VWRSXHGHVXFHGHUSRUXQF~PXORGHIDFWRUHVFRPRSRU
HMHPSORTXHHOOLVLDGRHVRSWLPLVWDRWLHQHH[SHFWDWLYDVEDMDVRSRUTXHFUHHTXHVHUiSUHPLDGRGHVSXpV
GHVXPXHUWHRSRUTXHDFHSWDVXVLWXDFLyQFRPRFDVWLJRSRUHUURUHVFRPHWLGRVHQ DOJXQDHQFDUQDFLyQ
SDVDGD (Q HVWH FDVR OD DSUR[LPDFLyQ GH SUHIHUHQFLD SRU OD LJXDOGDG HQ OD XWLOLGDG QR SRGUi D\XGDUOR
6HQDF 
$VXYH]HOOLVLDGRFRQGHVYHQWDMDHQVXIXQFLyQGHXWLOLGDGVLUYHSDUDLOXVWUDUODFUtWLFDGH6HQD
ODPpWULFDGHELHQHVSULPDULRVSURSXHVWDSRU5DZOV(O3ULQFLSLRGH'LIHUHQFLDQROHGDUiPiVQLPHQRV
SXHVWR TXH VX GHVYHQWDMD GH XWLOLGDG VHUi LUUHOHYDQWH 5DZOV MXVWLILFD HVWR SODQWHDQGR TXH ORV FDVRV
GXURVSXHGHQGLVWUDHUODVSHUFHSFLRQHVPRUDOHVSHUR6HQ D FRQWHVWDTXHFRQVLGHUDULUUHOHYDQWHVD
ODVGLVFDSDFLGDGHVHVQRWRPDUHQFXHQWDODGLYHUVLGDGGHORVVHUHVKXPDQRV(QRWURVWpUPLQRVVLODV
SHUVRQDVIXHUDQVLPLODUHVXQtQGLFHGHELHQHVSULPDULRVVHUtDXQDEXHQDPDQHUDGHYDORUDUODYHQWDMD
SHURODVSHUVRQDVWLHQHQQHFHVLGDGHVPX\GLIHUHQWHVORFXDOLPSOLFDTXHODUHODFLyQHQWUHORVUHFXUVRV\
ODV OLEHUWDGHV LQGLYLGXDOHV QR HV FRQVWDQWH SRU ODV KHWHURJHQHLGDGHV SHUVRQDOHV OD GLYHUVLGDG PHGLR
DPELHQWDOODVGLIHUHQFLDVHQODVUHODFLRQHVVRFLDOHV\ODVSDXWDVGHGLVWULEXFLyQGHUHFXUVRVGHQWURGHORV
KRJDUHV 6HQ 
6HJ~Q 6HQ D  HO HQIRTXH GH 5DZOV VHUtD IHWLFKLVWD SXHVWR TXH WRPD ORV ELHQHV SULPDULRV
FRPR OD HQFDUQDFLyQ GH OD YHQWDMD PiV TXH FRQVLGHUDU TXH OD YHQWDMD HV XQD UHODFLyQ HQWUH ODV
SHUVRQDV\ORVELHQHV(VWHSUREOHPDQRORWHQGUtDHOXWLOLWDULVPRSXHVWRTXHODVXWLOLGDGHVUHIOHMDQXQ
WLSR GH UHODFLyQ HQWUH ODV SHUVRQDV \ ORV ELHQHV HO LQJUHVR HV YDORUDGR HQ VX FDSDFLGDG SDUD FUHDU
IHOLFLGDGRVDWLVIDFHUGHVHRV $VtSDUD6HQHOUHFRQRFLPLHQWRGHODLPSRUWDQFLDGHORVIDFWRUHVREMHWLYRV
QR LPSOLFD TXH HO ELHQHVWDU GHED VHU HYDOXDGR FRQ LQGHSHQGHQFLD GH ORV HVWDGRV PHQWDOHV /R TXH VH
UHTXLHUH HV UHFKD]DU OD HYDOXDFLyQ GHO ELHQHVWDU H[FOXVLYDPHQWH HQ WpUPLQRV GH OD XWLOLGDG 6L ODV
HYDOXDFLRQHVWRPDQHQFXHQWDODVDWLVIDFFLyQGHODVSHUVRQDV\WDPELpQFRQVLGHUDQIDFWRUHVREMHWLYRVHO
FiOFXORUHVXOWDQWHQRVHUiELHQHVWDULVWD
'HPDQHUDTXHSDUD6HQ D VLVHWUDWDGHTXHORVUHFXUVRVVHDQGHVWLQDGRVSDUDUHGXFLUOD
GHVYHQWDMD TXH DIHFWD DO OLVLDGR ORV DUJXPHQWRV GH OD XWLOLGDG PDUJLQDO GH OD XWLOLGDG WRWDO \ GH OD
SULYDFLyQHQORVELHQHVSULPDULRVQRVLUYHQ\DVHDSRUVXDOWRFRVWRSRUTXHHOOLVLDGRWLHQHSUHIHUHQFLDV
EDUDWDVRSRUTXH\DWLHQHORVELHQHVTXHSRVHHQORVGHPiV(VWRLPSOLFDODQHFHVLGDGGHXQDMXVWLILFDFLyQ
DGLFLRQDO TXH LQWHUSUHWH ODV QHFHVLGDGHV HQ OD IRUPD GH FDSDFLGDGHV SDUD DOFDQ]DU GHWHUPLQDGRV
IXQFLRQDPLHQWRV(QHIHFWRODGLVSRQLELOLGDGGHELHQHVQRGLFHQDGDDFHUFDGHORTXHODSHUVRQDSXHGH
KDFHU\DXQTXHODXWLOLGDGUHIOHMDHOXVRGHORVELHQHVVHFRQFHQWUDHQODUHDFFLyQPHQWDODOXVR$VtOD
QRFLyQ GH FDSDFLGDG SDUD IXQFLRQDU VHUtD PiV FHUFDQD D OD LGHD GH HVWiQGDU GH YLGD SXHVWR TXH OR
FRQVWLWXWLYRGHpVWHQRHVWi GDGRSRUHOELHQQLSRUVXVFDUDFWHUtVWLFDVVLQRSRUOD KDELOLGDGGHKDFHU
FRVDV IXQFLRQDU DWUDYpVGHHVHELHQ 6HQ 
6HQ D F   HQWLHQGH D ODV FDSDFLGDGHV FRPR ODV RSRUWXQLGDGHV TXH ODV SHUVRQDV
WLHQHQSDUDDOFDQ]DUORVIXQFLRQDPLHQWRVTXHGHVHDQRTXHGHEHUtDQUD]RQDEOHPHQWHGHVHDU(OYDORU
GH ODV FDSDFLGDGHV VH SRGUtD GHWHUPLQDU D WUDYpV GH XQ HMHUFLFLR GH HYDOXDFLyQ HOHPHQWDO GRQGH HO
YDORU GH ODV RSFLRQHV HV OD PHMRU RSFLyQ R OD RSFLyQ UHDOPHQWH VHOHFFLRQDGD EDMR ORV VXSXHVWRV GH
FRQGXFWDGHPD[LPL]DFLyQ\GHDXVHQFLDGHLQFHUWLGXPEUH  6HQF (QWRGRFDVRSRVWHULRUPHQWH


 5HILHUHDVLODSHUVRQDHVFDSD]GHKDFHURVHUFLHUWDVFRVDV3RUHMHPSORODFDSDFLGDGGHGHVSOD]DUVHGHFXEULUORVUHTXHULPLHQWRV
QXWULFLRQDOHVRGHSDUWLFLSDUHQODYLGDFRPXQLWDULD


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

6HQ   DJUHJD TXH HO YDORU GH XQ VHW GH RSFLRQHV QR VLHPSUH GHEH VHU LGHQWLILFDGR FRQ OD PHMRU
DOWHUQDWLYD\TXHHVSODXVLEOHDWULEXLULPSRUWDQFLDDWHQHURSRUWXQLGDGHVTXHQRVRQVHOHFFLRQDGDVSHUR
OXHJRSUHFLVDTXHHVWDFRQVLGHUDFLyQHVUHOHYDQWHSDUDDWHQGHUSUHRFXSDFLRQHVGLVWLQWDVDODFRPSDUDFLyQ
LQWHUSHUVRQDOUiSLGDGHODVOLEHUWDGHV
',$*5$0$
(/%,(1(67$5(1/$3(563(&7,9$'(6(1

5(&85626&$3$&,'$'(6)81&,21$0,(172687,/,'$'

)XHQWH$ONLUH E 


3RU VX SDUWH 1XVVEDXP   WUDEDMD FRQ HO HQIRTXH GH FDSDFLGDGHV GH 6HQ \ DERJD SRU XQD
QRFLyQ GH ELHQHVWDU TXH LQWHJUH OLEHUWDG DXWRVXILFLHQFLD  FRQ GHSHQGHQFLD (VWH UHFRQRFLPLHQWR VH
EDVD HQ OD FUtWLFD TXH UHDOL]D HVWD DXWRUD D OD YDORUDFLyQ TXH 6HQ HIHFW~D GH OD OLEHUWDG FRPR
LQWUtQVHFDPHQWH SRVLWLYD SXHVWR TXH KD\ OLEHUWDGHV FX\R HMHUFLFLR FRPSURPHWH OD GLJQLGDG \ ORV
GHUHFKRVGHORVGHPiV SRUHMHPSORODOLEHUWDGGHDEXVDUVH[XDOPHQWHGHXQDPXMHU 'HPRGRTXHSDUD
1XVVEDXPORVVHUHVKXPDQRVWLHQHQODFDSDFLGDG\ODQHFHVLGDGGHUHDOL]DUXQFRQMXQWRGHDFWLYLGDGHV
YLWDOHVHVHQFLDOHV IXQFLRQDPLHQWRV SDUDVXFRQGLFLyQ\GLJQLGDGKXPDQD
(OHQIRTXHGH6HQWDPELpQKDVLGRFULWLFDGRSRUODLQFRQVLVWHQFLDGHVXSURSXHVWDGHHYDOXDFLyQ
HOHPHQWDO GH ODV FDSDFLGDGHV FRQ VX FUtWLFD DO XWLOLWDULVPR \ DO ELHQHVWDULVPR 6XJGHQ   (VWR
SRUTXHSDUD6HQORVIXQFLRQDPLHQWRVWLHQHQYDORULQWUtQVHFRORFXDOVLJQLILFDTXHQRVRQGHILQLGRVSRU
ODV SUHIHUHQFLDV R ORV GHVHRV LQGLYLGXDOHV $Vt HQ OD HYDOXDFLyQ GH ORV IXQFLRQDPLHQWRV QR GHEHUtD
XVDUVH LQIRUPDFLyQ VREUH ODV SUHIHUHQFLDV \ OD PLVPD UHJOD GHEHUtD RFXSDUVH HQ OD YDORUDFLyQ GH ODV
FDSDFLGDGHV2WURVSUREOHPDVWLHQHQTXHYHUFRQHOHVWDWXVQRUPDWLYRGHODVFDSDFLGDGHVFRQUHODFLyQD
ORVIXQFLRQDPLHQWRV3DUD6HQHVWRV~OWLPRVVRQGLPHQVLRQHVGHOELHQHVWDU VRQEXHQRVHQVtPLVPRV 
SHUR OXHJR SODQWHD TXH OD OLEHUWDG HV WDPELpQ LQWUtQVHFDPHQWH EXHQD D SHVDU GH TXH HQ VX HQIRTXH OD
OLEHUWDGQRHVXQIXQFLRQDPLHQWR
(QVXPDWDQWRHOELHQHVWDULVPRFRPRHOHQIRTXHGHODVFDSDFLGDGHVGH6HQVHSURQXQFLDQDIDYRU
GHXQDSHUVSHFWLYDGHELHQHVWDUIXQGDGDSRUVtPLVPD XQDHQHOHVSDFLRGHODVXWLOLGDGHV\ODRWUDHQHO
GHODVOLEHUWDGHVSDUDIXQFLRQDU PLHQWUDVTXHHQHOFRQWUDFWXDOLVPRODQRFLyQGHMXVWLFLDFRPRUHFWLWXG
UHHPSOD]DDODQRFLyQGHELHQHVWDU5DZOVDUJXPHQWDTXHVXFRQFHSFLyQGHODMXVWLFLDHVSROtWLFD \QR
PHWDItVLFD FRQ OR TXH SUHWHQGH HQIUHQWDU HO GLOHPD GH TXH ODV SHUVRQDV WLHQHQ GLIHUHQWHV FUHHQFLDV
PRUDOHV\ILORVyILFDVVREUHHOELHQHVWDU8QDFRQFHSFLyQSROtWLFDQRHVYHUGDGHUDVLQRXQDEDVHSDUD
XQFRQWUDWRVRFLDO\SRUWDQWRQRVHUtDUHOHYDQWHODSUHJXQWDDFHUFDGHTXpHVLQWUtQVHFDPHQWHXQDEXHQD
YLGD 6XJGHQ 




 1XVVEDXPHIHFW~DXQDUHYLVLyQFUtWLFDGHOFRQFHSWRGHDXWRQRPtDHODERUDGRSRU.DQWHOFXDOVHEDVDHQODOLEHUWDGRWRUJDGDSRUHO
HMHUFLFLR GH OD UDFLRQDOLGDG SURSLD GHO KRPEUH DGXOWR FDSD] GH DXWRVXILFLHQFLD 3DUD PiV GHWDOOH VREUH OD QRFLyQ NDQWLDQD GH
DXWRQRPtDYpDVH:KDWLV(QOLJKWHQPHQW"  HQKWWSZZZHQJOLVKXSHQQHGXaPJDPHU(WH[WVNDQWKWPO

 1XVVEDXPVHEDVDHQEXHQDSDUWHHQORV0DQXVFULWRV(FRQyPLFR)LORVyILFRVGH0DU[  8QDYHUVLyQHQOtQHD\HQFDVWHOODQR
VHSXHGHHQFRQWUDUHQKWWSZZZPDU[LVWVRUJHVSDQROPHVPDQXVFULWRVLQGH[KWP

 (VWRHVDVtSDUDDXWRUHVTXHLQWHJUDQHOHQIRTXHGHFDSDFLGDGHVFRQODSHUVSHFWLYDGHGHUHFKRVFRPR1XVVEDXPTXLHQDILUPDTXH
XQDUHGXFFLyQHQXQDFDSDFLGDGQRSXHGHVHUFRPSHQVDGDSRUXQDXPHQWRHQRWUDFDSDFLGDG

 8QD SRVWXUD FHUFDQD D OD GH 5DZOV HV OD GH :LWWJHQVWHLQ YpDVH VX 7UDFWDWXV ORJLFRSKLORVRSKLFXV  SDUD TXLHQ ODV
SURSRVLFLRQHV pWLFDV SHUWHQHFHQ DO FDPSR GH OR WUDVFHQGHQWDO GH OR TXH HV H[SHULPHQWDGR SHUR TXH HV LQH[SUHVDEOH \ SRU WDQWR
H[FHGHHOFDPSRGHOOHQJXDMHOyJLFRRDOPHQRVQRSXHGHSUREDUVHHQHVHGRPLQLR

 (QVXDUJXPHQWDFLyQFRQWUDODWHRUtDGH5DZOV6HQVXJLHUHTXHKD\FDVRVHQORVFXDOHVWRGRVHVWDUtDQGHDFXHUGRFRQUHVSHFWRDOD
QDWXUDOH]DGHOELHQHVWDUVLQLPSRUWDUVXVFRPSURPLVRVPRUDOHV3RUHMHPSORWRGRVHVWDUtDQGHDFXHUGRFRQHOTXHXQOLVLDGRQHFHVLWD
PiVUHFXUVRVTXHXQQROLVLDGRSDUDDOFDQ]DUHOPLVPRELHQHVWDU(VWRSXHGHVHUFLHUWRSHURVHUtDUHOHYDQWHSDUDODMXVWLFLDVRORVL
XQRODLQWHUSUHWDHQWpUPLQRVGHELHQHVWDU 6XJGHQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

% $UJXPHQWRVSDUDODLQFOXVLyQGHODVXEMHWLYLGDGHQOD
HYDOXDFLyQGHOELHQHVWDU
'HODUHYLVLyQHIHFWXDGDTXHGDFODURTXHHOXVRGHLQGLFDGRUHVVXEMHWLYRVSDUDODPHGLFLyQGHOELHQHVWDU
KD VLGR FXHVWLRQDGR SRU UD]RQHV FRQFHSWXDOHV \ PHWRGROyJLFDV 3RU HMHPSOR QR REVWDQWH SDUD HO
XWLOLWDULVPRFOiVLFRORVHVWDGRVPHQWDOHVVRQGHWHUPLQDQWHVORVSUREOHPDVGHFRPSDUDFLyQLQWHUSHUVRQDO
GH ODV XWLOLGDGHV FRQGXMHURQ D VX UHHPSOD]R SRU OD QRFLyQ GH SUHIHUHQFLDV UHYHODGDV OD FXDO RSHUD VLQ
QHFHVLGDGDOJXQDGHPHGLFLyQGHORVHVWDGRVPHQWDOHV$VXYH]SDUWHGHOFXHVWLRQDPLHQWRGH5DZOVDO
XWLOLWDULVPR VH EDVD HQ OD FUtWLFD GH OD PpWULFD GH ORV HVWDGRV PHQWDOHV $GHPiV HVWH DXWRU H[FOX\H OD
SRVLELOLGDGGHTXHODVEUHFKDVHQODFDOLGDGGHYLGDRVDWLVIDFFLyQDPHULWHQFRPSHQVDFLRQHVVRFLDOHVOR
FXDOKDFHLUUHOHYDQWHVDORVHVWDGRVPHQWDOHV
(OHQIRTXHGHFDSDFLGDGHVPHUHFHXQWUDWDPLHQWRDSDUWH3RUXQODGR6HQUHLWHUDGDPHQWHDGYLUWLy
VREUH HO SUREOHPD GH OD DGDSWDFLyQ GH ODV H[SHFWDWLYDV YpDVH OD VHFFLyQ ,9 GH HVWH GRFXPHQWR 
XViQGRORFRPRXQDUJXPHQWRFRQWUDHOELHQHVWDULVPR\HOXWLOLWDULVPR\QXQFDIXHPX\H[SOtFLWRHQVX
UHVSDOGRDDOJXQDPHGLGDVXEMHWLYDGHOELHQHVWDU3RURWURGHORVWH[WRVGH6HQVHSXHGHQH[WUDHUYDULRV
iPELWRV HQ ORV FXDOHV OD  LQIRUPDFLyQ VXEMHWLYD SRGUtD VHU ~WLO (VWRV VRQ D  ODV SUHIHUHQFLDV \R OD
XWLOLGDG E  ODV GLIHUHQFLDV LQWHULQGLYLGXDOHV HQ OD FRQYHUVLyQ GH FDSDFLGDGHV HQ IXQFLRQDPLHQWRV \
F DOJXQRVIXQFLRQDPLHQWRVHVSHFtILFRV SRUHMHPSORLUSRUODYLGDVLQKXPLOODFLyQRYHUJHQ]D 
$Vt ORV HQIRTXHV GRPLQDQWHV HQ HO iPELWR GHO ELHQHVWDU KDQ RPLWLGR HO XVR GH LQIRUPDFLyQ
VXEMHWLYDSDUDODPHGLFLyQGHOELHQHVWDURHQHOPHMRUGHORVFDVRVKDQVLGRDPELJXRVVREUHHVWHWHPD
$HVWRVHDJUHJDQRWURVIDFWRUHVTXHLQIOX\HURQHQODH[FOXVLyQGHODVXEMHWLYLGDG\TXHWUDVFLHQGHQOR
DFDGpPLFRFRPRODDPSOLDH[WHQVLyQGHODVSULYDFLRQHVPDWHULDOHVEiVLFDVHQORVSDtVHVHQGHVDUUROOR
6LQHPEDUJRHOPHMRUDPLHQWRGHODVFRQGLFLRQHVGHYLGDGHXQDEXHQDSDUWHGHODSREODFLyQGHO
SODQHWD KD FRPHQ]DGR D JHQHUDU FRQGLFLRQHV SURSLFLDV D XQD PD\RU FRQVLGHUDFLyQ GH ORV LQGLFDGRUHV
VXEMHWLYRV GH ELHQHVWDU ,QJOHKDUW   SURSRQH TXH HQ WDQWRODV QHFHVLGDGHV EiVLFDV VRQ VDWLVIHFKDV
ORVLQGLYLGXRVVHGHVSOD]DQDXQDIDVHSRVWPDWHULDOLVWDGRQGHVHSUHRFXSDQPiVSRUODDXWRUHDOL]DFLyQ
SRUODVUHODFLRQHVVRFLDOHVSRUODVHJXULGDGSHUWHQHQFLD\HOVHQWLGRGHYLGD2WURFDPELRHVHOFUHFLHQWH
XVRGHOOHQJXDMHGHGHUHFKRVHQHOGHEDWHSROtWLFRDWUDYpVGHOFXDOODRSLQLyQS~EOLFDKDFRPHQ]DGRD
GHPDQGDUDORVJRELHUQRVHOUHVSHWRGHJDUDQWtDVEiVLFDVPiVTXHODVLPSOHPD[LPL]DFLyQGHOELHQHVWDU
VRFLDO 6XJGHQ 
$Vt HQ ORV ~OWLPRV DxRV GLVWLQWDV DJHQFLDV GH FRRSHUDFLyQ LQWHUQDFLRQDO KDQ SODQWHDGR TXH HO
FUHFLPLHQWRHFRQyPLFRQRHVVXILFLHQWHSDUDHOGHVDUUROOR\HOELHQHVWDU\VHKDDELHUWRODSXHUWDDOD
FRQVLGHUDFLyQGHDVSHFWRVGLVWLQWRVDOLQJUHVRSRUHMHPSORODVGLPHQVLRQHVIDOWDQWHVGHODSREUH]D
$ONLUH   HQ OD PHGLFLyQ GHO ELHQHVWDU (Q SDUDOHOR HQ OD OLWHUDWXUD VH KDQ SODQWHDQGR GLVWLQWRV
DUJXPHQWRV SDUD MXVWLILFDU OD LQFOXVLyQ GH OD VXEMHWLYLGDG $OJXQRV GH HVWRV SODQWHDPLHQWRV KDQ VLGR
YHUWLGRVSRULQWHUHVDGRVHQUHIORWDUHOSUR\HFWRGH%HQWKDP \RWURVSURYLHQHQGHDQDOLVWDVDERFDGRVD
GHVDUUROODU HQIRTXHV SOXUDOLVWDV GHO ELHQHVWDU \ GH OD FDOLGDG GH YLGD (QWUH HVWRV ~OWLPRV VH FXHQWDQ
TXLHQHV WUDEDMDQ GHVGH HO HQIRTXH GH 6HQ \ WDPELpQ LQYHVWLJDGRUHV SURYHQLHQWHV GH RWUDV WUDGLFLRQHV
GLVFLSOLQDULDV\FRQFHSWXDOHV
8QRGHORVDUJXPHQWRVHPSOHDGRVSRUORVLQYROXFUDGRVHQHOUHVFDWHGHODWUDGLFLyQXWLOLWDULDHV
TXHORVDJHQWHVRSHUDQHQEDVHDXQDUDFLRQDOLGDGOLPLWDGD(QULJRUWDQWRHQODWUDGLFLyQELHQHVWDULVWD
FRPRHQHOHQIRTXHGHFDSDFLGDGHVGH6HQVHDFHSWDODSUHPLVDGHTXHODVSHUVRQDVSUHILHUHQDTXHOODV
FRVDVTXHPD[LPL]DUiQDOJR XWLOLGDGSODFHUIHOLFLGDG" RTXHEXVFDQORVPRGRVPiVHIHFWLYRVSDUD
ORJUDUXQFRQMXQWRGDGRGHGHVHRV RSWLPL]DFLyQRPD[LPL]DFLyQ /D~QLFDFRQGLFLyQHVTXHORVGHVHRV
\ODVSUHIHUHQFLDVTXHORVUHYHODQGHEHQVHUFRQVLVWHQWHV 5HDG 



 3RUHMHPSORHO318'HO%DQFR0XQGLDOOD&(3$/HWF

 3RUHMHPSORVLVHSUHILHUH$VREUH%\%D&$VHUiSUHIHULEOHD&


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

(O SUREOHPD HV TXH Vt ODV FRQGXFWDV GH ORV LQGLYLGXRV QR UHYHODQ SUHIHUHQFLDV FRKHUHQWHV \
WHQGLHQWHVDODPD[LPL]DFLyQQRVHSXHGHWUDWDUDODVSUHIHUHQFLDVFRPRtQGLFHVGHXWLOLGDGELHQHVWDU
.DKQHPDQ \ 6XJGHQ   R GH FDSDFLGDGHV /D SRVWXUD GH UDFLRQDOLGDG OLPLWDGD FXHQWD FRQ
HYLGHQFLD H[SHULPHQWDO GH DSR\R TXH PXHVWUD TXH ODV SHUVRQDV QR VLHPSUH UHDOL]DQ HOHFFLRQHV TXH
PD[LPL]DQVXELHQHVWDUTXHODVSUHIHUHQFLDVQRQHFHVDULDPHQWHVRQWUDQVLWLYDV\TXHPXFKDVRSFLRQHV
SXHGHQLQWHUIHULUFRQHOELHQHVWDU 'LHQHU\7RY /DQRFLyQGHUDFLRQDOLGDGOLPLWDGDQRVRORWLHQH
LPSOLFDFLRQHV SDUD OD PHGLFLyQ GHO ELHQHVWDU SRU HMHPSOR OD HQWUHJD GH WUDQVIHUHQFLDV S~EOLFDV VLQ
FRQGLFLRQHVVHEDVDHQHOVXSXHVWRGHTXHORVLQGLYLGXRVPD[LPL]DUiQDXWRPiWLFDPHQWHVXELHQHVWDU VLQ
LPSRUWDUVLVRQWUDQVIHUHQFLDVVHOHFWLYDVRXQLYHUVDOHV 
(Q HVWD OtQHD .DKQHPDQ :DNNHU \ 6DULQ   SODQWHDQ TXH HQ HO DQiOLVLV FRQYHQFLRQDO VH
FRQIXQGH D OD XWLOLGDG H[SHULPHQWDGD FRQ OD XWLOLGDG GH OD GHFLVLyQ R HVSHUDGD  OD VHJXQGD HV OD
FRQVLGHUDGD HQ HO DQiOLVLV HFRQyPLFR WUDGLFLRQDO YDORUDFLyQ H[ DQWH GH DOWHUQDWLYDV TXH VH UHYHODQ HQ
SUHIHUHQFLDV PLHQWUDVTXHODSULPHUDHVODH[SHULHQFLDKHGyQLFDODFXDOKDVLGRLJQRUDGDHQHOGLVFXUVR
FRQWHPSRUiQHR 3DUD HVWRV DXWRUHV ODV SUHIHUHQFLDV QR SURSRUFLRQDQ WRGD OD LQIRUPDFLyQ VREUH OD
XWLOLGDGGHORVUHVXOWDGRV\DGHPiVHVWiQVXMHWDVDHUURUHVGHSURVSHFFLyQDIHFWLYD SRUHMHPSORODV
SHUVRQDVWLHQGHQDVREUHHVWLPDUODXWLOLGDGIXWXUDGHGHFLVLRQHVDFWXDOHV 
$VtODH[SHULHQFLDKHGyQLFDQRVRODPHQWHHVGLVWLQWDDODXWLOLGDGGHGHFLVLyQVLQRTXHDGHPiV
SXHGH VHU PHGLGD $O UHVSHFWR .DKQHPDQ :DNNHU \ 6DULQ   VHxDODQ TXH OD LGHD GH TXH ORV
HVWDGRVKHGyQLFRVQRSXHGHQVHUPHGLGRVDFDXVDGHTXHVRQHYHQWRVSULYDGRVHVLQFRUUHFWDSXHVWRTXH
HQ HO FDPSR GH OD LQYHVWLJDFLyQ SVLFROyJLFD VH KDQ GHWHUPLQDGR ODV IXQFLRQHV TXH UHODFLRQDQ ODV
YDULDEOHV VXEMHWLYDV FRQ ODV FDUDFWHUtVWLFDV H LQWHQVLGDG GH ORV HVWtPXORV REMHWLYRV (O SULQFLSDO
DUJXPHQWR SDUD FRQVLGHUDU D HVWDV H[SHULHQFLDV PHGLEOHV HV TXH ODV IXQFLRQHV TXH UHODFLRQDQ
SHUFHSFLRQHVFRQHVWtPXORVItVLFRVVRQVLPLODUHVSDUDSHUVRQDVGLVWLQWDV
3RUIXHUDGHOXWLOLWDULVPRVHKDSODQWHDGRTXHORVHQIRTXHVREMHWLYRVQRH[SOLFDQTXHHVORTXH
KDFHTXHHOELHQHVWDUGHXQDJHQWHVHDHVSHFLDOPHQWHGHpVWHSXHVWRTXHHOMXLFLRDFHUFDGHOELHQHVWDUQR
HV QHXWUR SDUD HO DFWRU $Vt OD FDUDFWHUtVWLFD FHQWUDO GH ODV WHRUtDV VXEMHWLYDV HV TXH UHODWLYL]DQ HO
ELHQHVWDUDODVDFWLWXGHVGHOVXMHWRKDFLDVXVFRQGLFLRQHVGHYLGD 6XPQHU /DUHOHYDQFLDGHODV
DFWLWXGHV\SHUFHSFLRQHVGHORVVXMHWRVDFHUFDGHVXVYLGDVHVLOXVWUDGDJUiILFDPHQWHSRU'LHQHU\7RY
 TXLHQHVSODQWHDQODGLILFXOWDGGHLPDJLQDUDXQDFXOWXUDGHSULPLGDFRPRXQDVRFLHGDGLGHDOVLQ
LPSRUWDU VX GHVHDELOLGDG HQ RWURV DVSHFWRV (Q WRGR FDVR XQD VRFLHGDG FRQ DOWR ELHQHVWDU VXEMHWLYR
SRGUtD FDUHFHU GH XQ ELHQ HVHQFLDO FRPR OD MXVWLFLD $Vt HO ELHQHVWDU VXEMHWLYR VHUtD XQD FRQGLFLyQ
QHFHVDULDQRVXILFLHQWHSDUDODEXHQDYLGD 6XPQHU 
/DUHODWLYL]DFLyQGHELHQHVWDUDOVXMHWRWDPELpQHVFRQVLVWHQWHFRQHOLGHDOGHGHPRFUDFLD'LHQHU
2LVKL \ /XFDV   VHxDODQ TXH ORV VHQWLPLHQWRV GH ODV SHUVRQDV VREUH VXV YLGDV VRQ IXQGDPHQWDOHV
SDUDXQDVRFLHGDGTXHGDLPSRUWDQFLDDODVRSLQLRQHVGHWRGRV$VtODGHILQLFLyQVXEMHWLYDGHODFDOLGDG
GHYLGDVHUtDGHPRFUiWLFDSXHVWRTXHRWRUJDDFDGDLQGLYLGXRHOGHUHFKRDGHFLGLUVLVXYLGDWLHQHYDORU
'LHQHU   (VWRV SODQWHDPLHQWRV FRLQFLGHQ FRQ OD QRFLyQ GH GHPRFUDFLD HSLVWHPROyJLFD
+RSHQKD\Q   GRQGH OD YR] GH ORV DFWRUHV HVSHFLDOPHQWH GH TXLHQHV QR WLHQHQ FDQDOHV SDUD


 6REHO  SODQWHDTXHKD\SRFDVUD]RQHVSDUDSHQVDUTXHODIXQFLyQGHXWLOLGDGJHQHUDGDDSDUWLUGHSUHIHUHQFLDVRULHQWDGDVSRU
D[LRPDVFRUUHVSRQGHDOELHQHVWDUGHODJHQWH$MXVWDUODVSUHIHUHQFLDVSDUDTXHREHGH]FDQDORVD[LRPDVQRDVHJXUDTXHpVWDVVHDQ
HTXLYDOHQWHVDOELHQHVWDU/DDXVHQFLDGHFRQWUDGLFFLRQHVHQODVSUHIHUHQFLDVQRHVVXILFLHQWHSDUDDVHJXUDUTXHORVVXMHWRVSUHILHUHQ
ODRSFLyQTXHHVPHMRUSDUDHOORV

 /DSHUVSHFWLYDGHLQIRUPDFLyQFRPSOHWDVXSRQHTXHORVDJHQWHVSRVHHQFRQRFLPLHQWRVXILFLHQWHVREUHWRGRVORVELHQHVTXHSRGUtDQWHQHU
\ TXH VXV SUHIHUHQFLDV H[SUHVDQ HO YDORU GH ORV ELHQHV SDUD HVWRV (VWD SHUVSHFWLYD WLHQH VX RULJHQ HQ HO UHFKD]R GH - 6 0LOO D OD
LGHQWLILFDFLyQ%HQWKDPLDQDGHODVHQVDFLyQGHSODFHUFRQHOELHQHVWDU\HQVXSURSXHVWDGHSUXHEDGHORVMXHFHVFRPSHWHQWHV3DUD
0LOOVLHQWUHGRVSODFHUHVXQRHVSUHIHULGRSRUWRGRVRFDVLWRGRVHVHOSODFHUPiVGHVHDEOH(QRWUDVSDODEUDVVtDOJXLHQSUHILHUH;D<
FRQRFLHQGRDPEDVRSFLRQHV;FRQGXFHPiVDVXELHQHVWDUTXH<VLQLPSRUWDUODVRWUDVSURSLHGDGHVGH;H< 6REHO 

 /DLQWHQVLGDGVXEMHWLYDGHOSODFHUHVXQDIXQFLyQGHODPDJQLWXGItVLFDGHOHVWtPXORFRQXQH[SRQHQWHTXHYDUtDSDUDGLIHUHQWHVGLPHQVLRQHV
VHQVRULDOHV$VXYH]HOSODFHU\HOGLVSODFHUWLHQHQHOPLVPRHVWDWXVODVIXQFLRQHVSVLFRItVLFDVTXHJRELHUQDQHOSODFHUGHLQJHULUD]~FDU\HO
GRORUGHXQVKRFNHOpFWULFRVRQVLPLODUHVHQRUGHQ\FRPSDUDEOHVLQWHUSHUVRQDOPHQWH .DKQHPDQ:DNNHU\6DULQ 

 (Q OD OLWHUDWXUD HFRQyPLFD VXHOHQ FRQIXQGLUVH SUHIHUHQFLDV FRQ GHVHRV /DV RSFLRQHV FRQGXFWXDOHV HQ FR\XQWXUDV HVSHFtILFDV VRQ
GLVWLQWDV D ORV GHVHRV 7DPELpQ KD\ GLIHUHQFLDV HQWUH DFWLWXGHV SURSHQVLRQHV D HYDOXDU REMHWRV  \ SUHIHUHQFLDV /DV ~OWLPDV VRQ
FR\XQWXUDOHV\UHILHUHQDHVWDGRVDOWHUQDWLYRVTXHVHSXHGHQDOFDQ]DU(QFDPELRVHSXHGHQVRVWHQHUDFWLWXGHVFRQUHVSHFWRDREMHWRV
TXHQXQFDVHUiQPDWHULDGHHOHFFLyQ


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

H[SUHVDUVXVRSLQLRQHVWHQGUtDXQOXJDUFHQWUDO$OUHVSHFWR$WNLQVRQ\0DUOLHU  LQGLFDQTXHXQD


GLPHQVLyQGHODH[FOXVLyQHVODIDOWDGHYR]\TXHVHUtDLUyQLFRVLODVHOHFFLyQGHLQGLFDGRUHVVRFLDOHV
LQFUHPHQWDGLFKRGpILFLWGHSRGHU\UHSUHVHQWDFLyQ
'LHQHU \ 7RY   YDQ PiV DOOi GH ORV JUXSRV H[FOXLGRV DO FULWLFDU HO DUJXPHQWR GH TXH OD
UHVSRQVDELOLGDGGHORVHVWDGRVVHOLPLWDDODHUUDGLFDFLyQGHODPLVHULDVHDHVWDPDWHULDORVXEMHWLYD3DUD
HVWRVDXWRUHVORVJRELHUQRVWLHQHQLQWHUpVHQPD[LPL]DUHOELHQHVWDUVXEMHWLYRGDGRTXHHVWHVHYLQFXOD
FRQODJREHUQDELOLGDGODSURGXFWLYLGDG\FRQXQDPHMRUVDOXGGHODSREODFLyQHQWUHRWURVEHQHILFLRV
(VWH DUJXPHQWR KD VLGR FULWLFDGR SRU FXDQWR XQD SROtWLFD GH PD[LPL]DFLyQ GH OD IHOLFLGDG GDUtD
LQFHQWLYRV SDUD PDQLSXODUOD \ MXVWLILFDU SROtWLFDV LQMXVWLILFDEOHV H LQFHQWLYDUtD OD VXEGHFODUDFLyQ GHO
ELHQHVWDUVXEMHWLYR 6DPDQ 6LQHPEDUJRPXFKRVGHHVWRVSUREOHPDVWDPELpQVHYHULILFDQHQODV
SROtWLFDVGHELHQHVWDUPDWHULDO
$ VX YH] SDUD ORV LQYHVWLJDGRUHV RULHQWDGRV D OD HODERUDFLyQ GH XQD SHUVSHFWLYD SOXUDOLVWD QR
REVWDQWH PHGLDQWH OD H[FOXVLyQ GH OD VXEMHWLYLGDG VH EXVFD FXPSOLU FRQ HO FULWHULR GH REMHWLYLGDG OD
GHVFULSFLyQUHVXOWDQWHQRUHILHUHDOVHUVRFLDOSXHVWRTXHVRORLQFOX\HDODVQHFHVLGDGHVELROyJLFDV(Q
FDPELR XQD RQWRORJtD YHUGDGHUDPHQWH KXPDQD UHFRQRFH TXH ORV KXPDQRV SRVHHQ XQD FRQVWLWXFLyQ
ELROyJLFDSVLFROyJLFD\VRFLDO$VtHOELHQHVWDUVHUtDHOLQWHUMXHJRHQWUHD ORVUHFXUVRVE ORTXHODV
SHUVRQDVORJUDQFRQHVRVUHFXUVRV\F HOVLJQLILFDGRTXHODVSHUVRQDVOHGDQDODVPHWDVTXHORJUDQOR
FXDO HV HVHQFLDO HQ VXV DVSLUDFLRQHV \ HVWUDWHJLDV IXWXUDV (O VLJQLILFDGR VHUtD XQ SXHQWH HQWUH
QHFHVLGDGHVUHFXUVRV\FDOLGDGGHYLGD 0F*UHJRU 
3RU VX SDUWH OD QRFLyQ GH FDOLGDG GH YLGD KD FRPHQ]DGR D VHU XWLOL]DGD HQ HO PDUFR GH XQD
SHUVSHFWLYD HFRVLVWpPLFD (Q HVWH HQIRTXH OD FDOLGDG GH YLGD QR VRODPHQWH HVWi FRQVWLWXLGD SRU ORV
DVSHFWRVPDWHULDOHVVLQRWDPELpQSRUODVSHUFHSFLRQHV\DVSLUDFLRQHVGHODVSHUVRQDV$VtODFDOLGDGGH
YLGDVHUtDHOUHVXOWDGRGHORVHIHFWRVFRQMXQWRVGHOHQWRUQRPDWHULDO\SVLFRVRFLDOHQHOFXDOODVSHUVRQDV
YLYHQ\FRQVWUX\HQUHODFLRQHVVRFLDOHV &DVDV5RVLFK\$OVLQHW (QXQDPLUDGDHFRVLVWpPLFDHO
LQGLYLGXR VH HQFXHQWUD VXEVXPLGR HQ YDULRV DPELHQWHV ORV FXDOHV YDQ GHVGH OR PLFURVFySLFR KDVWD OR
PDFURVRFLDO (O SRVWXODGR EiVLFR GHO PRGHOR HFROyJLFR HV TXH HO GHVDUUROOR HV OD DFRPRGDFLyQ
SURJUHVLYDHQWUHXQVHUKXPDQRDFWLYR\ODVSURSLHGDGHVFDPELDQWHVGHORVHQWRUQRVLQPHGLDWRVHQORV
TXHHVDSHUVRQDYLYH %URQIHQEUHQQHU 
3RU ~OWLPR RWUR DUJXPHQWR SDUD LQWHJUDU OD GLPHQVLyQ VXEMHWLYD D OD PHGLFLyQ GHO ELHQHVWDU OR
SURSRUFLRQDODHYLGHQFLDHPStULFDVREUHGRPLQLRVGLVWLQWRVDORVUHFXUVRVHFRQyPLFRVTXHLQFLGHQHQHO
ELHQHVWDUVXEMHWLYR YpDVH&(3$/DE /DIDOWDGHFRUUHODFLyQHQOXJDUGHVHUXQREVWiFXOR
SDUDODLQFRUSRUDFLyQGHODVXEMHWLYLGDGHVHOSXQWRGHSDUWLGDSDUDXQDQRFLyQPiVFRPSUHKHQVLYDGH
FDOLGDGGHYLGD$XQFXDQGRODVPHGLGDVPDWHULDOHVVRQHVHQFLDOHVHVWDVGHEHQVHUFRPSOHPHQWDGDVFRQ
RWUDVGLPHQVLRQHVFX\RSULQFLSDOYDORUVHUtDODHQWUHJDGHLQIRUPDFLyQVREUHSDWURQHVQRUHIOHMDGRVHQ
ORVLQGLFDGRUHVHFRQyPLFRV\VRFLDOHV 'LHQHU\7RY 

& 3RVLELOLGDGHVGHXWLOL]DFLyQGHODLQIRUPDFLyQVXEMHWLYD
+D\ GLVWLQWDV SRVLELOLGDGHV GH XVR FRPSOHPHQWDULR GH ODV PHGLGDV VXEMHWLYDV \ REMHWLYDV 8QD RSFLyQ
IDYRUHFLGD SRU 6HQ F  HV OD GHILQLFLyQ GH XQD OLVWD PtQLPD GH FDSDFLGDGHV HQ EDVH D ORV HVWiQGDUHV
FRQWHPSRUiQHRV 6HQ DGYLHUWH TXH HVWH HMHUFLFLR GH LGHQWLILFDFLyQ GH ORV HVWiQGDUHV QR HV SXUDPHQWH
VXEMHWLYRSXHVWRTXHODVFRQYHQFLRQHVGHODVRFLHGDGGHEHQVHUWUDWDGDVFRPRFXHVWLRQHVGHKHFKR\QR
VHUDSUR[LPDGDVDWUDYpVGH FULWHULRV PRUDOHV(QRWUDVSDODEUDV ODSUHJXQWDHVFXiOHVVRQORVHVWiQGDUHV
FRQWHPSRUiQHRV" \ QR FXiOHV GHEHUtDQ VHU ORV HVWiQGDUHV" 6LQ HPEDUJR HO UHFXUVR D ORV HVWiQGDUHV
FRQWHPSRUiQHRVSDUHFHLQFRQVLVWHQWHFRQODQRFLyQGHIXQFLRQDPLHQWRVLQWUtQVHFDPHQWHYDORUDEOHV



 /DV HPRFLRQHV QHJDWLYDV FRPR HO HVWUpV OD IUXVWUDFLyQ OD DQVLHGDG FUyQLFD \ OD LUD SXHGHQ DIHFWDU HO VLVWHPD LQPXQROyJLFR \
FRQWULEXLU D HQIHUPHGDGHV FDUGLRYDVFXODUHV \ RWURV SUREOHPDV GH VDOXG ([LVWH HYLGHQFLD GH TXH WDQWR OD PRUELOLGDG FRPR OD
PRUWDOLGDGHVWiQUHODFLRQDGDVFRQH[SHULHQFLDVSURORQJDGDVGHGLVSODFHU 'LHQHU\7RY 

 8QDKDPEUXQDVHFRQVLGHUDUiGHLQPHGLDWRFRPRSREUH]DDJXGD([LVWHXQQ~FOHRLUUHGXFWLEOHGHSULYDFLyQDEVROXWDHQQXHVWUD
LGHDGHODSREUH]D 6HQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

8QDGHODVRSFLRQHVH[SORWDGDVKDVLGRODDOLPHQWDFLyQGHORVXPEUDOHVGHSREUH]D\H[FOXVLyQ
FRQLQIRUPDFLyQVXEMHWLYD(VWRVHKDUHDOL]DGRD GHWHUPLQDQGRORVHVWiQGDUHVGHSREUH]DRH[FOXVLyQ
HQEDVHDUHVSXHVWDVGHORVFLXGDGDQRVRE FRQVXOWDQGRDODVSHUVRQDVVREUHHOJDVWRQHFHVDULRSDUD
PDQWHQHUDXQDIDPLOLDIXHUDGHODSREUH]D\OXHJRSUHJXQWDQGRVLVXVLQJUHVRVHVWiQVREUHREDMRGLFKR
QLYHO(QHVWRVPpWRGRVVHSDUWHGHODLGHDGHTXHODSREUH]DHVXQDFDWHJRUtDVRFLDOPHQWHFRQVWUXLGD\
QR SXHGH VHU GHWHUPLQDGD SRU XQ REVHUYDGRU H[WHUQR VLQ FRQVLGHUDU ORV YDORUHV SUHYDOHFLHQWHV HQ OD
VRFLHGDG 1R REVWDQWH OD FRQVWUXFFLyQ GH XPEUDOHV GH SREUH]D ELHQHVWDU R H[FOXVLyQ HPSOHDQGR
LQIRUPDFLyQ VXEMHWLYD WLHQH XQ DPSOLR SRWHQFLDO HVWH WHPD UHTXLHUH XQ WUDWDPLHQWR DSDUWH \ QR VHUi
DERUGDGRHQHVWHGRFXPHQWR
2WUDSRVLELOLGDGGHHPSOHRGHLQGLFDGRUHVVXEMHWLYRVVHHQFXHQWUDHQODVVLWXDFLRQHVGRQGHQRVH
FXPSOHHODUJXPHQWRGHTXHORVLQGLYLGXRVH[SUHVDQVXVSUHIHUHQFLDVDSDUWLUGHVXVJDVWRVGHEROVLOOR
/DV PHGLGDV GH ELHQHVWDU VXEMHWLYR SXHGHQ VHU ~WLOHV HQ OD HYDOXDFLyQ GH ELHQHV S~EOLFRV FRPR ORV
FHQWURV GH VDOXG OD LQIUDHVWUXFWXUD GHSRUWLYD \ GH UHFUHDFLyQ \ OD GRWDFLyQ GH iUHDV YHUGHV /DV
FRQVHFXHQFLDV QHJDWLYDV GH ODV FRQGXFWDV LQGLYLGXDOHV SDUD HO ELHQHVWDU FROHFWLYR WDPELpQ SXHGHQ VHU
H[SORUDGDV LQGLUHFWDPHQWH D WUDYpV GH LQIRUPDFLyQ VXEMHWLYD 3RU HMHPSOR ORV LQGLYLGXRV WLHQHQ
LQFHQWLYRV SDUD HYDGLU LPSXHVWRV OR FXDO GLVPLQXLUi ORV UHFXUVRV SDUD ILQDQFLDU ELHQHV S~EOLFRV (O
PRGHOR HFRQyPLFR FRQYHQFLRQDO QR HYDO~D WRWDOPHQWH OD VLWXDFLyQ SXHVWR TXH SDUD HO LQGLYLGXR HO
HIHFWRGHVXGHFLVLyQHQHOILQDQFLDPLHQWRGHODVSROtWLFDVVHUiPX\SRFRSHUFHSWLEOH\QRORSRQGHUDUi
HQ VX GHFLVLyQ /D HURVLyQ GH ORV VHUYLFLRV S~EOLFRV SURYRFDGD SRU OD HYDVLyQ GH P~OWLSOHV LQGLYLGXRV
DLVODGRV SXHGH FDSWDUVH PHGLDQWH ODV SHUFHSFLRQHV GH ODV SHUVRQDV VREUH OD FDOLGDG GH ORV VHUYLFLRV
S~EOLFRV 'LHQHU\7RY 
8QD WHUFHUD DOWHUQDWLYD D H[SORUDU HVWi FRQVWLWXLGD SRU ORV HIHFWRV GH FRPSHQVDFLyQ 0XFKDV
SROtWLFDV S~EOLFDV WLHQHQ LPSDFWRV VREUH HO ELHQHVWDU TXH IOX\HQ D WUDYpV GH OD SURGXFWLYLGDG \ ORV
LQJUHVRV FRPR ELHQ SRU PHGLR GH RWURV FDQDOHV (O DQiOLVLV HFRQyPLFR WUDGLFLRQDO SXHGH UHFRQRFHU OD
H[LVWHQFLD GH ORV RWURV FDQDOHV SHUR VL ORV HIHFWRV VRQ SRVLWLYRV HQ XQ FDQDO \ QHJDWLYRV HQ RWUR ORV
HIHFWRV QHWRV GH ODV SROtWLFDV QR SXHGHQ VHU HVWDEOHFLGRV D PHQRV TXH VH FXHQWH FRQ OD LQIRUPDFLyQ
QHFHVDULD SDUD LGHQWLILFDU ORV HIHFWRV GH FRPSHQVDFLyQ $Vt ORV LQGLFDGRUHV VXEMHWLYRV SXHGHQ VHU
HPSOHDGRVSDUDUHDOL]DULQIHUHQFLDVVREUHORVHIHFWRVQHWRVGHSROtWLFDV +HOOLZHOO 
/D LQIRUPDFLyQ VXEMHWLYD WDPELpQ VH SXHGH HPSOHDU SDUD DQDOL]DU WHQVLRQHV HQWUH GLVWLQWRV
REMHWLYRV\PHFDQLVPRVGHSROtWLFDWDQWRDQLYHODJUHJDGRFRPRGHQWURGHORVKRJDUHV3RUHMHPSORVH
SXHGHQ HVWXGLDU ORV WUDGHRIIV GH ELHQHVWDU VXEMHWLYR HQWUH LQIODFLyQ \ GHVHPSOHR \ OXHJR RSWDU SRU
SROtWLFDV TXH PLQLPLFHQ ODV SpUGLGDV HQ ELHQHVWDU VXEMHWLYR 8Q FDVR VLPLODU HVWi FRQVWLWXLGR SRU ODV
SROtWLFDV SDUD JUXSRV YXOQHUDEOHV TXH SULYLOHJLDQ OD LQVWLWXFLRQDOL]DFLyQ YHUVXV ODV TXH SURPXHYHQ OD
SHUPDQHQFLDHQHOHQWRUQRSRUHMHPSORHVPHMRUTXHXQDGXOWRPD\RUFRQLPSHGLPHQWRVSHUPDQH]FD
HQVXPHGLRDOSUHFLRGHQRVDWLVIDFHUDOJXQDVGHVXVQHFHVLGDGHVRTXHYD\DDXQDLQVWLWXFLyQGRQGH
VDWLVIDUiQHFHVLGDGHVSHURSHUGHUiYtQFXORV"HOHVWDGRGHEHHQWUHJDUXQDWUDQVIHUHQFLDSDUDPDQWHQHUDO
DGXOWRPD\RUHQVXIDPLOLDPHMRUDQGRODVFRQGLFLRQHVPDWHULDOHVGHOKRJDUVDFULILFDQGRHOELHQHVWDU
VXEMHWLYRGHOFXLGDGRU JHQHUDOPHQWHPXMHU "
6HGHEHQRWDUTXHEDVWDQWHVSROtWLFDVS~EOLFDV\VRFLDOHVEXVFDQH[SOtFLWDPHQWHPHMRUDUGLVWLQWRV
LQGLFDGRUHVGHELHQHVWDUVXEMHWLYR3RUHVWDUD]yQORVLQGLFDGRUHVVXEMHWLYRVSXHGHQVHUXWLOL]DGRVSDUD
HYDOXDU ORV LPSDFWRV GH ODV SROtWLFDV VLHPSUH \ FXDQGR H[LVWDQ DUJXPHQWRV VXILFLHQWHV SDUD LQFOXLU D


 8QD GH ODV SULPHUDV DSUR[LPDFLRQHV GH HVWH WLSR WXYR OXJDU HQ +RODQGD 9DQ 3UDDJ +DJHQDDUV \ YDQ :HHUHQ   3DUD XQD
SUHJXQWDGHHVWHWLSRHQ$PpULFD/DWLQDSHURUHIHULGDDODH[FOXVLyQVRFLDOYpDVH&(3$/  

 (VWDDSUR[LPDFLyQIXHODVHJXLGDHQ*UDQ%UHWDxDSRU*RUGRQ\RWURV  TXLHQHVFRQVXOWDURQDORVHQWUHYLVWDGRVVLVXVLQJUHVRV
HVWDEDQDEDMRRDUULEDGHOJDVWRQHFHVDULRSDUDQRHVWDUHQSREUH]D

 /DVOtQHDVGHSREUH]DVXEMHWLYDQRVRQXQFRQVHQVRVRFLDOVREUHODSREUH]DSXHVWRTXHODVHYDOXDFLRQHVVXEMHWLYDVGHOLQJUHVRVRQ
PHUDVUHDFFLRQHVYHUEDOHVGHORVHQWUHYLVWDGRVDQWHSUHJXQWDVVREUHVXELHQHVWDUVRFLRHFRQyPLFR/DHYDOXDFLyQGHORVHQWUHYLVWDGRV
WDPSRFRGHFLGHVLXQKRJDUHVSREUHRQR/RVLQJUHVRVGHORVKRJDUHVVRQFRPSDUDGRVFRQOtQHDVGHSREUH]DQDFLRQDOHVTXHVRQ
SURPHGLRVDJUHJDGRV

 2WURV HMHPSORV VRQ OD FRQWDPLQDFLyQ DPELHQWDO FXDQGR ODV SHUVRQDV WLHQHQ SRFRV LQFHQWLYRV SDUD FRPSUDU WHFQRORJtDV PHQRV
FRQWDPLQDQWHV \ODFRUUXSFLyQ

 +D\PXFKRVHMHPSORVORVFRQIOLFWRVHQWUHODVGHPDQGDVGHORVSXHEORVRULJLQDULRV\ORVUHTXHULPLHQWRVGHFUHFLPLHQWR\H[SORWDFLyQ
GHUHFXUVRVQDWXUDOHVHQFXEUHQXQDWHQVLyQHQWUHGLVWLQWDVQRFLRQHVGHELHQHVWDU


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

HVWDVPHGLGDVHQODHYDOXDFLyQ XQDWHRUtDPiVRPHQRVUD]RQDEOHTXHORMXVWLILTXH (QHVWHDQiOLVLVVH


SXHGH FRQVLGHUDU D ORV GDWRV VXEMHWLYRV FRPR PHGLGDV GH UHVXOWDGR SHUR WDPELpQ FRPR YDULDEOHV
PHGLDGRUDV R IDFWRUHV TXH LQWHUPHGLDQ HQWUH OD LQWHUYHQFLyQ \ ORV UHVXOWDGRV ILQDOHV GH HVWD SRU
HMHPSORODVXSHUDFLyQGHDOJ~QXPEUDOGHYXOQHUDELOLGDGRSREUH]D 

',$*5$0$
(648(0$%6,&2'(0(',$&,1

0HGLDGRU

,QWHUYHQFLyQ5HVXOWDGR


)XHQWH%DURQ\.HQQ\  

' ,QGLFDGRUHVVXEMHWLYRV\PHGLFLyQGHODSREUH]D
(Q ORV ~OWLPRV DxRV VH KDQ FRQVWUXLGR tQGLFHV VLQWpWLFRV TXH FRPELQDQ GLPHQVLRQHV REMHWLYDV \
VXEMHWLYDV GH FDOLGDG GH YLGD \ SREUH]D (VWRV tQGLFHV SHUPLWHQ RUGHQDU SDtVHVUHJLRQHVKRJDUHV HQ
IXQFLyQ GH XQ FRQMXQWR GH FDUDFWHUtVWLFDV OR FXDO VLUYH SDUD OD DVLJQDFLyQ GHO JDVWR S~EOLFR HQ EDVH D
FULWHULRVPiVDPSOLRVTXHHOLQJUHVRPRQHWDULRRHOSURGXFWRSRUKDELWDQWH6LQHPEDUJRHVWRVtQGLFHV
WLHQHQ SUREOHPDV FRPR OD DUELWUDULHGDG HQ OD HOHFFLyQ \ SRQGHUDFLyQ GH ODV GLPHQVLRQHV \ HQ OD
GHILQLFLyQGHORVSDUiPHWURVGHORVPRGHORVXWLOL]DGRV7DPELpQKD\WUDGHRIIVHQWUHODULJXURVLGDGGHO
tQGLFH\ODVSRVLELOLGDGHVGHGLIXVLyQGHVXVUHVXOWDGRV 0DXUL]LR 
(QWRGRFDVRUHFLHQWHPHQWHVHKDQGHVDUUROODGRSURFHGLPLHQWRVSDUDUHVROYHUHOSUREOHPDGHOD
DJUHJDFLyQGHGLVWLQWDVGLPHQVLRQHVHQXQDPHGLGDGHSREUH]D\TXHVRQJHQHUDOL]DEOHVDVLWXDFLRQHVHQ
ODV FXDOHV ODV GLPHQVLRQHV WLHQHQ GLVWLQWRV SHVRV SRU HMHPSOR $ONLUH \ )RVWHU   6LQ HPEDUJR
SHUVLVWHXQDGLILFXOWDGFRQFHSWXDOTXHUHILHUHDODLGHQWLGDG\ODGLIHUHQFLDHVSHFtILFDHQWUHORVFRQFHSWRV
GHSREUH]DELHQHVWDU\FDOLGDGGHYLGDODFXDOSXHGHWHQHUUHSHUFXVLRQHVHQODGHFLVLyQGHLQFRUSRUDUR
QRODGLPHQVLyQVXEMHWLYD ODVDFWLWXGHV\SHUFHSFLRQHVTXHWLHQHQODVSHUVRQDVVREUHVXVFRQGLFLRQHVGH
YLGD HQXQDPHGLFLyQPXOWLGLPHQVLRQDOGHSREUH]D
/D SREUH]D \ HO ELHQHVWDU VRQ FRQFHSWRV SUy[LPRV SHUR GLIHUHQWHV /D SREUH]D HV OD SHRU
H[SUHVLyQGHODSULYDFLyQGHOELHQHVWDUPDWHULDO6LQHPEDUJRODQRSREUH]DQRHVFRQGLFLyQVXILFLHQWH
SDUDXQDEXHQDYLGDSXHVWRTXHXQDSHUVRQDSRGUtDHVWDUVREUHXQXPEUDOGHSREUH]D\HYLGHQFLDUXQ
DOWR QLYHO GH PDOHVWDU HPRFLRQDO ,QFOXVR HV SODXVLEOH TXH OD SREUH]D QR LPSLGD XQD EXHQD YLGD DO
PHQRVGHVGHODSHUVSHFWLYDGHODJHQWHHVWHHVHOFDVRWtSLFRGHOLQGLYLGXRTXHVHUHWLUDGHOPXQGRSDUD
UHDOL]DU XQD E~VTXHGD HVSLULWXDO VLQ TXH OH LPSRUWH PD\RUPHQWH VX GRWDFLyQ GH UHFXUVRV PDWHULDOHV R
VXVJUDGRVGHOLEHUWDGSDUDIXQFLRQDUGHDFXHUGRDORVHVWiQGDUHVFRQWHPSRUiQHRV
$VtODLGHQWLGDGEiVLFDGHOFRQFHSWRSREUH]DVHHQFXHQWUDHQHOiPELWRHFRQyPLFRORFXDOLPSOLFD
TXHVXFDPSRGHDSOLFDFLyQHVPiVUHVWULQJLGRTXHODQRFLyQGHELHQHVWDU(VWDLGHQWLGDGHVUHFRQRFLGDSRU
6HQ D FXDQGRH[SUHVDODQHFHVLGDGGHILMDUHVWiQGDUHVGHFDSDFLGDGHVPDWHULDOHVPtQLPDV
UHOHYDQWHVSDUDXQDVRFLHGDGGHWHUPLQDGDDORVHIHFWRVGHFXDQWLILFDUODSREUH]DDEVROXWD
8QDPHGLFLyQPXOWLGLPHQVLRQDOGHODSREUH]DUHTXHULUiGHODVHOHFFLyQGHXQQ~PHUROLPLWDGRGH
GLPHQVLRQHVPDWHULDOHVGHSULYDFLyQ $ONLUH\)RVWHU GRQGHODVFDSDFLGDGHVVHPLGHQDWUDYpVGH


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

OD PHMRU RSFLyQ GLVSRQLEOH R OD DOWHUQDWLYD VHOHFFLRQDGD HQWUH XQ Q~PHUR ILQLWR GH FRPELQDFLRQHV GH
IXQFLRQDPLHQWRV SRU HMHPSOR DOLPHQWDUVH YHVWLUVH DVLVWLU D OD HVFXHOD  /XHJR TXp LPSOLFD TXH HO
VXMHWR VHOHFFLRQH HO YHFWRU GH IXQFLRQDPLHQWRV [ TXH HVWi SRU GHEDMR GH OD OtQHD GH SREUH]D
PXOWLGLPHQVLRQDO S EDMR HO HQWHQGLGR GH TXH HO YHFWRU [ PD[LPL]D VX ELHQHVWDU" LPSRUWD OR TXH HO
VXMHWR L SLHQVD R VLHQWH VREUH VXV FRQGLFLRQHV GH YLGD SDUD VX LGHQWLILFDFLyQ FRPR SREUH" /D
VXEMHWLYLGDGDJUHJDLQIRUPDFLyQUHOHYDQWH"(QHVWHPDUFRGHDQiOLVLVQRSRUTXHKD\XQXPEUDOEDMRHO
FXDOODSREUH]DDEVROXWDHVODSpUGLGDWRWDOGHOLEHUWDG
&RQHVWRQRVHTXLHUHGHFLUTXHODLQIRUPDFLyQVXEMHWLYDFDUH]FDGHXWLOLGDGSDUDHODQiOLVLVGHOD
SREUH]D \ OD YXOQHUDELOLGDG &RQVLGpUHVH HO FDVR GH XQ LQGLYLGXR X KRJDU  DOUHGHGRU GH OD OtQHD GH
SREUH]D(QHVWHFDVRODPHMRUFRPELQDFLyQSRVLEOHGHIXQFLRQDPLHQWRV HOYHFWRU[WHyULFR ORFRORFD
MXVWRSRUVREUHHOXPEUDOGHODSREUH]DPXOWLGLPHQVLRQDOSHURSRUIDOORVHQHOSURFHVRGHHOHFFLyQHO
YHFWRU [ VHOHFFLRQDGR REVHUYDGR  GH IXQFLRQDPLHQWRV QR PD[LPL]D VX ELHQHVWDU \ OR SRQHSRU GHEDMR
GHOXPEUDOGHSREUH]DPXOWLGLPHQVLRQDO/RPLVPRSXHGHGHFLUVHHQHOFDVRGHTXHVHFRQVLGHUHFRPR
LQGLFDGRUDODEUHFKDGHSREUH]DSXHVWRTXHODFDSDFLGDGGHHOHFFLyQGHODJHQWHSDUDHOFXDOWRGDVODV
FRPELQDFLRQHVSRVLEOHVGHIXQFLRQDPLHQWRVORFRORFDQEDMRODOtQHDGHSREUH]DVLKDUiXQDGLIHUHQFLDHQ
ODLQWHQVLGDGGHODSREUH]DTXHORDIHFWD
/DUHOHYDQFLDGHORVDVSHFWRVVXEMHWLYRVSDUDODFRPSUHQVLyQGHODVGLQiPLFDVGHODSREUH]D\GH
ODYXOQHUDELOLGDGSXHGHLOXVWUDUVHGLVFXWLHQGRORVYtQFXORVHQWUHODQRFLyQGHODKDELOLGDGSDUDHQIUHQWDU
SUREOHPDV \ HO FRQFHSWR GH FDSDFLGDGHV (Q FXDQWR D HVWDV ~OWLPDV $ONLUH D  ODV GHILQH FRPR
RSRUWXQLGDGHV \ DJHQFLD /DV SULPHUDV VH H[SUHVDQ HQ ODV RSFLRQHV GLVSRQLEOHV \ OD VHJXQGD HV OD
KDELOLGDG GH XQD SHUVRQD SDUD DFWXDU HQ QRPEUH GH OR TXH YDORUD R WLHQH UD]RQHV SDUD YDORUDU /DV
FDSDFLGDGHVWUDQVPLWHQLQIRUPDFLyQVREUHODVRSRUWXQLGDGHV\ODDJHQFLDUHILHUHDODVOLEHUWDGHVGH
SURFHVRRDOURODFWLYRGHODVSHUVRQDV
$ONLUH D  UHFXUUH D OD QRFLyQ GH KDELOLGDG SDUD EXVFDU LQGLFDGRUHV GH DJHQFLD TXH QR
UHTXLHUDQ GHO UHFXUVR D ORV YDORUHV R SUHIHUHQFLDV SHUVRQDOHV $ WUDYpV GH HVWH FRQFHSWR VH KDFH
UHIHUHQFLDDORVSRGHUHVREMHWLYRVTXHXQDSHUVRQDSRVHH\XVDWDOHVFRPRODFDSDFLGDGGHOOHYDUDXQ
QLxRDXQDVDODGHHPHUJHQFLDVRODGHEXVFDU\REWHQHUDVLVWHQFLDOHJDOSDUDHOGLYRUFLRRODGHWRPDU
GHFLVLRQHV GH FRPSUD D QRPEUH GHO KRJDU /RV HMHPSORV TXH SURSRUFLRQD $ONLUH D  LQFOX\HQ
DVSHFWRV GH GHVHPSHxR FRQGXFWDV REVHUYDGDV  SHUR ODKDELOLGDG WDPELpQ SXHGHFRQVLGHUDU HOHPHQWRV
H[DQWHRODFDSDFLGDGSRWHQFLDOSDUDKDFHUFLHUWDVFRVDV3RUHMHPSORHQODKDELOLGDGSDUDOOHYDUD
XQ QLxR D XQ VHUYLFLR GH VDOXG SRGUtDQ LQIOXLU ODV OLPLWDFLRQHV IXQFLRQDOHV TXH SUHVHQWH OD SHUVRQD
UHVSRQVDEOHGHVXFXLGDGR/DVOLPLWDFLRQHVVHYHUDVGHVDOXGPHQWDOSRGUtDQHURVLRQDUODFDSDFLGDGGH
XQD SHUVRQD SDUD WRPDU GHFLVLRQHV GH FRPSUD GH ELHQHV EiVLFRV \ OD SHUFHSFLyQ GH HVWLJPD R
GLVFULPLQDFLyQ SRGUtD UHVWULQJLU HO DFFHVR D ORV VHUYLFLRV VRFLDOHV /DV DVLPHWUtDV GH LQIRUPDFLyQ SRU
HMHPSORHOGHVFRQRFLPLHQWRGHORVVHUYLFLRVHQODUHGS~EOLFD WDPELpQSRGUtDQDIHFWDUODKDELOLGDGGH
ORVKRJDUHVPiVSREUHVSDUDFRQYHUWLUORVUHFXUVRVGLVSRQLEOHVHQIXQFLRQDPLHQWRVHIHFWLYRV
0iV DOOi GH OD XWLOLGDG TXH SXHGDQ WHQHU HVWDV FRQGXFWDV REVHUYDGDV FRPR LQGLFDGRUHV GH
KDELOLGDG QR TXHGD GHO WRGR FODUR HQ ORV WUDEDMRV GH ORV DXWRUHV TXH KDQ GHVDUUROODGR HO HQIRTXH GH
FDSDFLGDGHV VL OD DJHQFLD R ODV OLEHUWDGHV FRPR SURFHVR  H[FHGH DO HMHUFLFLR GH YDORUDFLyQ GH
DOWHUQDWLYDV TXH VH UHYHODQ HQ FRPSRUWDPLHQWR (VWR VH KDFH HYLGHQWH HQ HO WUDEDMR GH )RVWHU  
SDUDTXLHQHODVSHFWRGHSURFHVRGHODVOLEHUWDGHVGLFHUHODFLyQFRQODFDQWLGDG\FDOLGDG HQWHQGLGDHVWD
~OWLPDFRPRODXWLOLGDG GHODVDOWHUQDWLYDVGLVSRQLEOHV3XHVWRTXHODUHJODTXHVHDSOLFDHVODVHOHFFLyQ
GHODPHMRURSFLyQHVWRHTXLYDOHDDVXPLUODGRPLQDQFLDGHODVRSRUWXQLGDGHVSRUVREUHODDJHQFLD
(VWR HV SUREOHPiWLFR SDUD OD SURSRVLFLyQ GH TXH KD\ IXQFLRQDPLHQWRV TXH WLHQHQ YDORU SRU Vt
PLVPRV\DGHPiVWLHQHHOFRVWRGHSHUGHUHOFRQWHQLGREiVLFRGHODQRFLyQGHDJHQFLD/DDJHQFLDHV
XQD LQWHUIDVH TXH VLUYH SDUD H[SOLFDU ORV SURFHVRV GH HVWUXFWXUDFLyQ GRQGH HVWUXFWXUD \ DFWRU VH


 $ONLUH D  SODQWHD TXH OD DJHQFLD \ HO ELHQHVWDU VRQ GLIHUHQWHV SXHVWR TXH OD DJHQFLD QR VLHPSUH FRQGXFH DO ELHQHVWDU HQ
RFDVLRQHVHOHMHUFLFLRGHODDJHQFLDSXHGHHURVLRQDUHOELHQHVWDU 

 2WURHMHPSORHQHOFDPSRGHODYXOQHUDELOLGDGHVODVLWXDFLyQGHXQDIDPLOLDDIHFWDGDSRUHOGHVHPSOHRGHOMHIHGHKRJDUSHURTXH
SDUD SUHVHUYDU VX LGHQWLGDG VRFLDO \ QR VHU YLVWD SRU VXV YHFLQRV FRPR SREUH VHOHFFLRQD HQGHXGDUVH PiV DOOi GH OR QHFHVDULR
FRPSURPHWLHQGRVXELHQHVWDUIXWXUR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

UHFRQILJXUDQPXWXDPHQWHHQODLQWHUDFFLyQVRFLDO(OFRQWUROUHIOH[LYRTXHHODJHQWHPDQWLHQHVREUHVX
FRQGXFWD HV HO LQJUHGLHQWH FODYH GH OD DJHQFLD *LGGHQV   OR FXDO YD PiV PXFKR PiV DOOi GH OD
FDSDFLGDGGHHOHFFLyQHQWUHDOWHUQDWLYDV$GHPiVHODFWRUQRSXHGHVHUUHGXFLGRDODFRJQLFLyQSXHVWR
TXH WRGD H[SHULHQFLD WLHQH XQ FRPSRQHQWH HPRFLRQDO \ ORV SURFHVRV DIHFWLYRV VRQ HVHQFLDOHV SDUD OD
FRPSUHQVLyQGHODDFWLYLGDGFRJQLWLYD =DMRQF 
(VWDGLVFXVLyQQXHYDPHQWHOOHYDDODUDFLRQDOLGDGOLPLWDGDSXHVWRTXHWDQWRODH[SHULHQFLDFRPR
ODWRPDGHGHFLVLRQHVHVWiQVDWXUDGDVGHFRJQLFLRQHV\DIHFWRVSHURYDPiVDOOiGHHVWD6LVHYXHOYH
DOHQIRTXHGHFDSDFLGDGHVODVRSRUWXQLGDGHVLQGLFDQORTXHODVFRVDVKDFHQDODVSHUVRQDV'DGRXQ
VHWGHRSRUWXQLGDGHVODVSHUVRQDVKDFHQRVRQFLHUWDVFRVDV IXQFLRQDPLHQWRV 4XpHVORTXHKDFH
TXH GRV LQGLYLGXRV FRQ XQD PLVPD GRWDFLyQ GH RSRUWXQLGDGHV DOFDQFHQ GLVWLQWRV IXQFLRQDPLHQWRV" (Q
ODVHOHFFLRQHVGHOGtDDGtDORTXHSXHGHKDFHUGLIHUHQFLDVRQORVIDOORVGHUDFLRQDOLGDG(QHOPHGLDQR
SOD]RODVFRJQLFLRQHV\HPRFLRQHVTXHODVSHUVRQDVVRVWHQJDQVREUHVXFDSDFLGDGGHIXQFLRQDU ORTXH
ODVSHUVRQDVFUHHQTXHSXHGHQKDFHUFRQODVFRVDV \VXHQWRUQRSRGUtDQLQFLGLUHQGLVWLQWRVUHVXOWDGRVGH
ELHQHVWDUPDWHULDO
$VtODLQIRUPDFLyQVXEMHWLYDSRGUtDFRQWULEXLUDODQiOLVLVGHODSREUH]DGHFDSDFLGDGHVPHGLDQWH
D ODLGHQWLILFDFLyQGHORVUHFXUVRVSVLFROyJLFRV\SVLFRVRFLDOHVEiVLFRVFX\DFDUHQFLDSRGUtDHURVLRQDUHO
SURFHVR GH HOHFFLyQ \ E  HO HVFODUHFLPLHQWR GH ODV FRPSHWHQFLDV SVLFROyJLFDV EiVLFDV FRJQLWLYDV \
HPRFLRQDOHV SDUDIXQFLRQDUSRVLWLYDPHQWH\TXHSRGUtDQDSRUWDUDFRQVHJXLUXQPHMRUHVWiQGDUGHYLGD
(VWR SXHGH LQFOXLU ODV GHVWUH]DV SDUD DIURQWDU FULVLV \ PDQWHQHUVH IXHUD GH OD SREUH]D \ ODV UHTXHULGDV
SDUDSURFHVRVGHPRYLOLGDGVRFLDO(VWRHTXLYDOHDWUDWDUDORVLQGLFDGRUHVVXEMHWLYRVFRPRFRYDULDQWHV
GHODSREUH]DRFRPRPHGLDGRUHVHQWUHXQDLQWHUYHQFLyQDQWLSREUH]D\VXVUHVXOWDGRVRELHQHQWDQWR
PHGLGDVGHLPSDFWRGHSROtWLFDV

5(&8$'52
/$0(',&,1'(/$62325781,'$'(6(16(1<27526$8725(6

(QODDSUR[LPDFLyQGH6HQ E ODPHGLFLyQGHODVFDSDFLGDGHV\GHORVIXQFLRQDPLHQWRVVHLQVHUWDHQ


XQD VHFXHQFLD WHPSRUDO TXH DUWLFXOD ORV VLJXLHQWHV HOHPHQWRV ORVUHFXUVRV TXH SRVHH XQD SHUVRQD OD FRQYHUVLyQ GH
HVWRVUHFXUVRVHQRSFLRQHVGHYLGDODVHOHFFLyQGHXQDDOWHUQDWLYDRYHFWRUGHIXQFLRQDPLHQWRV\ILQDOPHQWHXQDIXQFLyQ
TXHFRQYLHUWHORVIXQFLRQDPLHQWRVHQXQQLYHOGHVDWLVIDFFLyQRXWLOLGDG6HQ E XWLOL]DODVLJXLHQWHQRWDFLyQSDUD
GHVFULELUODVHFXHQFLD QRVHLQFOX\HDTXtODSDUWHGHODXWLOLGDG 
;L YHFWRUGHUHFXUVRVGLVSRQLEOHV
F   IXQFLyQGHFRQYHUVLyQGHOYHFWRUGHUHFXUVRVHQXQYHFWRUGHFDUDFWHUtVWLFDVGHHVWRV
IL   IXQFLyQGHXWLOL]DFLyQSHUVRQDOGHORVUHFXUVRV)L   HOFRQMXQWRGHIXQFLRQHVGHXWLOL]DFLyQIL  FXDOTXLHUD
GHODVFXDOHVODSHUVRQDSXHGHVHOHFFLRQDU 
6LODSHUVRQDVHOHFFLRQDIL  ORVIXQFLRQDPLHQWRVDOFDQ]DGRVHVWiQGDGRVSRUELGRQGH
EL IL F ;L 
/XHJRODVFDSDFLGDGHV 4L FRUUHVSRQGHQDORVIXQFLRQDPLHQWRVDOFDQ]DGRV
4L ;L >EL_EL IL F ;L SDUDDOJXQDIL  )L\SDUDDOJ~Q[L;L@

6HQ  SODQWHDTXHXQIXQFLRQDPLHQWRSXHGHUHSUHVHQWDUVHSRUXQQ~PHURUHDO/XHJRHOHVWiQGDUGHYLGDGH
XQD SHUVRQD HVWi GDGR SRU XQ YHFWRU GH IXQFLRQDPLHQWRV HQ XQ HVSDFLR GH Q GLPHQVLRQHV \ GH Q IXQFLRQDPLHQWRV
&XDQGRQRHVSRVLEOHODUHSUHVHQWDFLyQQXPpULFDGHWRGRVORVIXQFLRQDPLHQWRVHODQiOLVLVVHUHDOL]DHQWpUPLQRVGHXQD
QWXSODGHIXQFLRQDPLHQWRV XQDOLVWDRUGHQDGDGHIXQFLRQDPLHQWRV GRQGHHOVHWGHFDSDFLGDGHVHVXQVHWGHGLFKDVQ
WXSODV$VtHOVHWGHYHFWRUHVSRVLEOHVGHIXQFLRQDPLHQWRVHVHOVHWGHFDSDFLGDGHV(QWpUPLQRVHVSDFLDOHVHVWRSXHGH
H[SUHVDUVHGHODVLJXLHQWHPDQHUDXQDUHJLyQ.UHSUHVHQWDHOVHWGHFDSDFLGDGHV RSRUWXQLGDGHV GLVSRQLEOHVHQWUHODV
FXDOHVODSHUVRQDVHOHFFLRQDHOYHFWRUGHIXQFLRQDPLHQWRV[FX\RYDORUHVODPD\RUFXUYDGHLQGLIHUHQFLDDOFDQ]DEOH
8QR GH ORV SUREOHPDV GHO HQIRTXH GH 6HQ HV TXH HO YDORU GH ODV FDSDFLGDGHV VH H[SUHVD FRPR OD PHMRU RSFLyQ
GLVSRQLEOH R VHOHFFLRQDGD  OR FXDO UHPLWH D ODV SUHIHUHQFLDV VHDQ HVWDV UHDOHV R SRWHQFLDOHV 3RU HVWD UD]yQ HQ ORV
~OWLPRVDxRVVHKDQUHDOL]DGRLQWHQWRVGHDERUGDUODFXHVWLyQGHODVRSRUWXQLGDGHVHQVtPLVPDVFRQVXSURSLDXQLGDG
GH PHGLGD6LJXLHQGR D 6XJGHQ   HVWRV LQWHQWRV SXHGHQ JUDILFDUVHPiVFODUDPHQWH D WUDYpV GHO HMHPSOR GH XQ
WXULVWDDORMDGRHQXQKRWHOTXHFXHQWDFRQXQWUDPRGHNLOyPHWURVGHSOD\DDOJXQRVGHORVFXDOHVVRQGHOLEUHDFFHVR
\RWURVQR(OEXVGHOKRWHOOOHYDUiDORVKXpVSHGHVDFXDOTXLHUSDUWHGHODSOD\DTXHFXHQWHFRQDFFHVRS~EOLFR&yPR
VHHYDO~DHOQLYHOGHRSRUWXQLGDGHVTXHWLHQHHOWXULVWDSDUDVHOHFFLRQDUODSDUWHGHODSOD\DDGRQGHLU"

FRQWLQ~D 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

5HFXDGUR FRQFOXVLyQ 

/DDSUR[LPDFLyQGHFDUGLQDOLGDGDTXtFDGDVHWGHRSRUWXQLGDGHVXQVHWILQLWRGHRSFLRQHVGRQGHHOQ~PHUR
GH RSFLRQHV GLVSRQLEOHV HQ HO VHW HV OD PHGLGD GH ODV RSRUWXQLGDGHV (Q HO FDVR GHO WXULVWD VXV RSRUWXQLGDGHV VH
PLGHQSRUHOQ~PHURGHORFDFLRQHVGHSOD\DHQWUHODVFXDOHVSXHGHVHOHFFLRQDU3DWWDQDLN\;X  HODERUDQXQ
UDQNLQJGHVHWVGHRSRUWXQLGDGHVHQEDVHDODDSUR[LPDFLyQFDUGLQDO\PXHVWUDQTXHFXPSOHFRQDOJXQRVD[LRPDV
SHUR QR LQGLFDQ D HVWH SURFHGLPLHQWR FRPR XQD EXHQD PHGLGD \ PiV ELHQ OR LQWHUSUHWDQ FRPR OD SUXHED GH OD
LQH[LVWHQFLDGHXQLQGLFDGRUVDWLVIDFWRULRGHFDQWLGDGSXUDGHRSRUWXQLGDGHV
/D DSUR[LPDFLyQ HVSDFLDO PLGH HO WDPDxR GH ODV RSRUWXQLGDGHV  HQ XQ HVSDFLR GH Q GLPHQVLRQHV (Q XQ
HVSDFLRGHXQDGLPHQVLyQODPHGLGDDGHFXDGDHVHOODUJRHQGRVGLPHQVLRQHVHOiUHDHQWUHVHOYROXPHQHWF3DUD
HOWXULVWDODGLPHQVLyQUHOHYDQWHHVVXSRVLFLyQFRQUHVSHFWRDODSOD\D\VXVHWGHRSRUWXQLGDGHVHVWiFRPSXHVWR
SRUXQRRPiVLQWHUYDORVGHGLVWDQFLDDODOtQHDGHODSOD\D6LKD\DFFHVRS~EOLFRVRORDODVHFFLyQGHSOD\DXELFDGD
HQWUH  \  NLOyPHWURV GHO KRWHO VX VHW GH RSRUWXQLGDG HV > @ GRQGH OD RSRUWXQLGDG SURYLVWD SRU HO VHW HV GH 
NLOyPHWURV
/DDSUR[LPDFLyQGHGLYHUVLGDGXWLOL]DXQDPHGLGDQXPpULFDGHGLVLPLOLWXGHQWUHFDGDSDUGHFRQVHFXHQFLDVHQ
HOVHWGHRSRUWXQLGDGHV;/DH[WHQVLyQGHODGLYHUVLGDGGHQWURGHXQVHWILQLWRGHRSRUWXQLGDGHVHVPHGLGDSRUXQD
IXQFLyQ GH ODV GLVLPLOLWXGHV HQWUH ODV RSFLRQHV TXH FRQWLHQH (Q HO FDVR GHO WXULVWD VH SXHGH WRPDU D OD GLVWDQFLD
JHRJUiILFDFRPRODPHGLGDGHGLVLPLOLWXG\VXSRQHUTXHHOVHWGHRSRUWXQLGDGHVHVHOVHWGHORFDFLRQHVFRQDFFHVR
S~EOLFR^[\]`GRQGH[HVNLOyPHWURGHVGHHOKRWHODODSOD\D\HVNLOyPHWURV\]HVNLOyPHWURV/DFRQWULEXFLyQ
GH [ D OD GLYHUVLGDG GHOVHW FRPR XQ WRGR HV GHVFULWD SRU HO YHFWRU   GRQGH  HV OD GLVWDQFLD GHVGH [ D OD RWUD
RSFLyQPiVFHUFDQD\HVODGLVWDQFLDDODVLJXLHQWHRSFLyQPiVFHUFDQD/DFRQWULEXFLyQGH\HV  PLHQWUDVTXH
OD GH ] HV   6REUH HO DQiOLVLV GHO UDQNLQJ OH[LFRJUiILFR GH YHFWRUHV VH HVWLPD TXH \ FRQWULEX\H PHQRV D OD
GLYHUVLGDGGHOVHWVXDSRUWHHV ODGLVWDQFLDDODRSFLyQPiVFHUFDQD 6HVDFDDODORFDFLyQ\GHOVHW\VHUHSLWHHO
SURFHVR$KRUD[\]FRQWULEX\HQHQDODGLYHUVLGDGGH ^[]`6LVHVXVWUDHODORFDFLyQ ] VHWLHQHDKRUDXQVHWGH
XQHOHPHQWR^[`FRQGLYHUVLGDG)LQDOPHQWHODGLYHUVLGDGGH^[\]`  NLOyPHWURV %RVVHUW3DWWDQDLN
\;X 
/DVDSUR[LPDFLRQHVEDVDGDVHQODFDQWLGDGSXUDVGHRSRUWXQLGDGHVKDQVLGRFULWLFDGDVSRULJQRUDUODFDOLGDGGH
ODVRSRUWXQLGDGHV\HQSDUWLFXODUSRUQRFRQVLGHUDUHORUGHQDPLHQWRGHSUHIHUHQFLDVTXHSRGUtDWHQHUXQDJHQWHFRQ
UHVSHFWRDXQFRQMXQWRGHDOWHUQDWLYDV$VtVHKDSURSXHVWRODFRPELQDFLyQGHLQIRUPDFLyQVREUHODFDQWLGDG\OD
FDOLGDGGHODVRSRUWXQLGDGHVFDSWXUDQGRHVWH~OWLPRHOHPHQWRDSDUWLUGHODXWLOLGDGLQGLUHFWD HOPHMRUHOHPHQWRGHO
VHW LGHQWLILFDGR HQ EDVH D ODV SUHIHUHQFLDV  SHUR WDPELpQ FRQVLGHUDQGR OD FDQWLGDG \ ODV FDUDFWHUtVWLFDV GH ODV
RSRUWXQLGDGHVGLVSRQLEOHVHQHOVHW )RVWHU 

)XHQWH(ODERUDFLyQSURSLDHQEDVHD6HQ E 6XJGHQ  3DWWDQDLN\;X  %RVVHUW3DWWDQDLN\;X


 \)RVWHU  


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

,,, /DPHGLFLyQGHOELHQHVWDUD
WUDYpVGHLQGLFDGRUHVVXEMHWLYRV
(QIRTXHVHLQVWUXPHQWRV

(QODVFRQFHSFLRQHVGHVHQWLGRFRP~QVXHOHFRQVLGHUDUVHTXHODIHOLFLGDG
HVXQHVWDGR~QLFRTXHYDUtDGHVGHODGHSUHVLyQWRWDODOPi[LPRELHQHVWDU
VXEMHWLYR6LQHPEDUJRHOELHQHVWDUVXEMHWLYRHV PiVDPSOLRSXHVWRTXH
LQFOX\H IDFWRUHV DGLFLRQDOHV D ORV HVWDGRV GH iQLPR SRVLWLYRV (Q RWUDV
SDODEUDV QR KD\ XQ FRQFHSWR TXH UHSUHVHQWH FRPSOHWDPHQWH DO ELHQHVWDU
VXEMHWLYR OR FXDO LPSOLFD TXH VH GHEHQ PHGLU GLVWLQWDV YDULDEOHV SDUD
GHVFULELUORWRWDOPHQWH$OLJXDOTXHODVLWXDFLyQVRFLRHFRQyPLFDQRSXHGH
VHU GHVFULWD HQ VX WRWDOLGDG D SDUWLU GHO LQJUHVR HO ELHQHVWDU VXEMHWLYR QR
SXHGH VHU FRPSOHWDPHQWH HYDOXDGR D WUDYpV GH XQ LQGLFDGRU FRPR OD
VDWLVIDFFLyQFRQODYLGD 'LHQHU\7RY 
5\DQ \'HFL  GLYLGHQHOFDPSRHQGRVWUDGLFLRQHVXQDTXH
DERUGD OD IHOLFLGDG WUDGLFLyQ KHGyQLFD  \ RWUD HO SRWHQFLDO KXPDQR
WUDGLFLyQGHHXGDPRQLD .H\HV5\II\6KPRWNLQ  GHQRPLQDQDOD
SULPHUDFRPRHOHQIRTXHGHELHQHVWDUVXEMHWLYR %6 \DODVHJXQGDFRPR
HOHQIRTXHGHELHQHVWDUSVLFROyJLFR %3 (VWRSRUUD]RQHVFRQFHSWXDOHV\
HPStULFDV HQ OR FRQFHSWXDO ORV HVWXGLRV VREUH %6 KDQ LQFOXLGR QR VROR
LQGLFDGRUHV GH IHOLFLGDG VLQR WDPELpQ YDORUDFLRQHV FRJQLWLYDV GH
VDWLVIDFFLyQ FRQ OD YLGD \ QR WRGRV ORV DVSHFWRV VXEVXPLGRV HQ %3 SRU
HMHPSOR UHODFLRQHV FRQ RWURV  UHSUHVHQWDQ OD QRFLyQ GH DXWRUHDOL]DFLyQ
SURSLD D OD WUDGLFLyQ GH HXGDPRQLD (Q OR HPStULFR KD\ HYLGHQFLD GH
FRUUHODFLRQHV PRGHUDGDV HQWUH %3 \ %6 OR FXDO LQGLFD TXH VRQ DVSHFWRV
UHODFLRQDGRVSHURGLVWLQWRVGHOIXQFLRQDPLHQWRSVLFROyJLFR .H\HV5\II\
6KPRWNLQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
35,1&,3$/(675$',&,21(6'((678',2'(/%,(1(67$5

%LHQHVWDUVXEMHWLYR %6  )XQFLRQDPLHQWRSVLFROyJLFR )3 
IHOLFLGDGVDWLVIDFFLyQFRQODYLGD  VLJQLILFDGRFRPSURPLVRIUHQWHDORVGHVDItRVGHODYLGD 
,QDGHFXDGR $GHFXDGR
%DMR %DMR,QDGHFXDGR %DMR$GHFXDGR
$OWR $OWR,QDGHFXDGR $OWR$GHFXDGR

)XHQWH$GDSWDGRGH.H\HV5\II\6KPRWNLQ  

$XQTXHODVWUDGLFLRQHVKHGyQLFD\HXGDPyQLFDKDQVLGRORVHQIRTXHVGRPLQDQWHVHQHOFDPSRGH
OD SURGXFFLyQ GH LQGLFDGRUHV VXEMHWLYRV GH ELHQHVWDU HQ HVWD UHYLVLyQ VH LQFOX\HQ PHGLGDV VXEMHWLYDV
DGLFLRQDOHVDWUDYpVGHODVFXDOHVVHSURFXUDFDSWXUDUDOJXQRVDVSHFWRVTXHKDQVLGRPHQFLRQDGRVFRQ
IUHFXHQFLDHQODOLWHUDWXUDHVSHFLDOL]DGD\HQORVGRFXPHQWRVGHSROtWLFDVGHGHVDUUROORVRFLDO\UHGXFFLyQ
GH OD SREUH]D WDOHV FRPR ORV VHQWLPLHQWRV GH PDOHVWDU HO DSR\R VRFLDO \ HO HPSRGHUDPLHQWR (V
LPSRUWDQWHQRWDUTXHORVGRV~OWLPRVFRQFHSWRVYDQPiVDOOiGHORVDVSHFWRVSVLFROyJLFRVGHOELHQHVWDU
SXHVWR TXH VH VLW~DQ HQ HO iPELWR GH ODV UHODFLRQHV HQWUH ORV LQGLYLGXRV \ JUXSRV VRFLDOHV WDQWR HQWUH
FRPRGHQWURGHODVFRPXQLGDGHV

$ %LHQHVWDUVXEMHWLYR6DWLVIDFFLyQFRQODYLGD\IHOLFLGDG
(OELHQHVWDUVXEMHWLYRHVXQFRQFHSWRPXOWLGLPHQVLRQDOHQHOTXHVHLQFOX\HQODVGLVWLQWDVHYDOXDFLRQHV
TXHODVSHUVRQDVUHDOL]DQVREUHVXVYLGDVODVFRVDVTXHOHVVXFHGHQ\ODVFLUFXQVWDQFLDVHQODVTXHYLYHQ
(QHVWHFRQFHSWRFDEHQODVHPRFLRQHV\HVWDGRVGHiQLPRODVDWLVIDFFLyQFRQiPELWRVHVSHFtILFRVGHOD
YLGD \ ORV MXLFLRV JOREDOHV GH VDWLVIDFFLyQ &DGD XQR GH HVWRVFRQFHSWRV GHEH VHU FRPSUHQGLGR HQ VXV
SURSLRVWpUPLQRVDXQFXDQGRH[LVWHQFRUUHODFLRQHVHQWUHHOORV'HHVWHPRGRHOELHQHVWDUVXEMHWLYRHV
XQiUHDJHQHUDOGHLQWHUpVFLHQWtILFRGHQWURGHOFXDOFDEHQORVHOHPHQWRVFRJQLWLYRV\HPRFLRQDOHVGHO
MXLFLRDFHUFDGHODYLGDSHUVRQDO 'LHQHU 
/DVDWLVIDFFLyQFRQODYLGDHVODFDOLILFDFLyQJOREDOTXHUHDOL]DXQHQWUHYLVWDGRGHVXYLGDFRPR
XQ WRGR FRQVLGHUDQGR FRPR UHIHUHQFLD DOJ~Q XPEUDO GH FRPSDUDFLyQ SRU HMHPSOR VXV H[SHFWDWLYDV 
3RU VX SDUWH OD VDWLVIDFFLyQ FRQ HO GRPLQLR FRQVLVWH HQ ODV HYDOXDFLRQHV TXH ODV SHUVRQDV UHDOL]DQ GH
iPELWRV SDUWLFXODUHV GH VX YLGD FRPR OD VDOXG HO WUDEDMR HO WLHPSR OLEUH \ OD IDPLOLD 'LHQHU  
'LVIUXWDUGHORVGLIHUHQWHVGRPLQLRVFRQWULEX\HDODVDWLVIDFFLyQHQODYLGDFRPRXQWRGR HIHFWRGHDEDMR
DUULED \HOGLVIUXWHJOREDOGHODYLGDUHIXHU]DODVDWLVIDFFLyQFRQORVGRPLQLRVSDUWLFXODUHV HIHFWRGH
DUULEDDEDMR 1RREVWDQWHHVWDVYDULDEOHVQRVRQLGpQWLFDVXQDSHUVRQDSXHGHHVWDULQVDWLVIHFKDHQXQ
GRPLQLR\VDWLVIHFKDFRQODYLGDHQJHQHUDORYLFHYHUVD 9HHQKRYHQ 
/DIHOLFLGDGJOREDOHVHOJUDGRHQTXHXQDSHUVRQDGLVIUXWDODYLGDTXHOOHYD$OLJXDOTXHSDUDOD
VDWLVIDFFLyQODIHOLFLGDGJOREDOUHTXLHUHGHXQMXLFLRTXHLQWHJUHWRGRVORVFULWHULRVGHYDORUDFLyQDVtQR
VHSXHGHGHFLUVLXQDSHUVRQDHVIHOL]VLHOODQRSXHGHFRQVWUXLUGLFKRMXLFLRJOREDO 9HHQKRYHQ 
(ODIHFWRSRVLWLYR\HOQHJDWLYRVRQFRPSRQHQWHVGHODIHOLFLGDG(QHOSULPHURFDEHQHPRFLRQHVFRPRHO
DIHFWRHOLQWHUpV\HOJRFH\HQHOVHJXQGRWLHQHQOXJDUHVWDGRVGHiQLPRFRPRODUDELDODWULVWH]DOD
DQVLHGDG OD FXOSD \ OD YHUJHQ]D /DV HPRFLRQHV SRVLWLYDV \ QHJDWLYDV QR VRQ SRORV RSXHVWRV XQD
SHUVRQDSXHGHSXQWXDUDOWRREDMRHQODVGRV 'LHQHU'LHQHU\7RY 
/D VDWLVIDFFLyQ FRQ OD YLGD UHIOHMD OD GLVWDQFLD SHUFLELGD GH ORV LQGLYLGXRV FRQ UHODFLyQ D XQ
XPEUDO GH FRPSDUDFLyQ PLHQWUDV TXH OD IHOLFLGDG UHVXOWD GHO EDODQFH HQWUH ORV DIHFWRV /RV MXLFLRV
FRJQLWLYRVFRPRODVDWLVIDFFLyQFRQODYLGDHQJHQHUDORFRQGRPLQLRVSDUWLFXODUHVGHHVWDSXHGHQQR
FXDGUDU SHUIHFWDPHQWH FRQ ODV HPRFLRQHV GH ODV SHUVRQDV 8QD SHUVRQD SXHGH HVWDU UHODWLYDPHQWH
VDWLVIHFKD\QRH[SHULPHQWDUDOWRVQLYHOHVGHHPRFLRQHVSRVLWLYDV 'LHQHU\7RY (VWDHVWUXFWXUD
WULSDUWLWD GHO ELHQHVWDU VXEMHWLYR LQWHJUDGD SRU OD VDWLVIDFFLyQ FRQ OD YLGD DIHFWR SRVLWLYR \ DIHFWR
QHJDWLYRKDVLGRFRQILUPDGDHQDOJXQRVHVWXGLRVHPStULFRV .H\HV5\II\6KPRWNLQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
%,(1(67$568%-(7,92(9$/8$&,21(6(02&,21$/(6<&2*1,7,9$6

0RGHORWHPSRUDOGHHVWDGRVGHiQLPR\HPRFLRQHV


 (YHQWRV\ 3HUFHSFLRQHVGH 5HDFFLRQHV 5HFXHUGRGH 5HVSXHVWDV
FLUFXQVWDQFLDV ORVHYHQWRV LQPHGLDWDVDORV UHDFFLRQHV\ HYDOXDWLYDV
YLWDOHV HYHQWRV RQOLQH  H[SHULHQFLDV
,QGLFDGRUHV\ ,QGLFDGRUHV (YDOXDFLRQHVGH 0pWRGRGHPXHVWUHR 5HFXHUGRGH 5HSRUWHV
PpWRGRV HFRQyPLFDV\ ORVHYHQWRV GHODH[SHULHQFLD VHQWLPLHQWRV HYDOXDWLYRV
VRFLDOHVREMHWLYRV 0pWRGRGH SODFHQWHURV JOREDOHV
UHFRQVWUXFFLyQGHOGtD GXUDQWH HQFXHVWDV 
SHUtRGRVGH
WLHPSR
(YDOXDFLRQHVFRJQLWLYDVGHODYLGDHQJHQHUDO\HVSHFtILFDVDOGRPLQLR
(YDOXDFLyQGHODYLGDFRPRXQWRGR PLYLGDHVVDWLVIDFWRULD~WLO\VLJQLILFDWLYD
(YDOXDFLyQGHDVSHFWRVHVSHFtILFRVGHODYLGDTXHSXHGHQFXEULUXQiPELWRHQJHQHUDO SRUHMHPSORWUDEDMR RDVSHFWRV
SDUWLFXODUHVGHXQiPELWR HOVDODULRREWHQLGRHQHOWUDEDMR 
(YDOXDFLRQHVGHGRPLQLRVGHOLQGLYLGXR-XLFLRVVREUHDVSHFWRVGHOIXQFLRQDPLHQWRSHUVRQDO\GHORVJUXSRVTXHVRQ
FHQWUDOHVSDUDODLGHQWLGDGGHODSHUVRQDDXWRHILFDFLDDXWRFRQILDQ]DSHUFHSFLRQHVGHDSR\RVRFLDO
2WURVFRQFHSWRVTXHUHIOHMDQELHQHVWDURSWLPLVPRFRQILDQ]DLQYROXFUDPLHQWR

)XHQWH$GDSWDGRGH'LHQHU\7RY  

1RREVWDQWHODIHOLFLGDG\ODVDWLVIDFFLyQFRQODYLGDVRQH[SHULHQFLDVLQWHUQDVGHODSHUVRQDVXV
H[SUHVLRQHVSXHGHQVHUREVHUYDGDVREMHWLYDPHQWH\DVHDSRUPHGLRGHODFRQGXFWDYHUEDO\QRYHUEDO
FRPR D WUDYpV GH PDQLIHVWDFLRQHV ILVLROyJLFDV /RV PpWRGRV PiV HPSOHDGRV VRQ ODV HQWUHYLVWDV \
FXHVWLRQDULRVDSOLFDGRVDWUDYpVGHHQFXHVWDVPHGLDQWHODVFXDOHVVHHOLFLWDQDXWRUHSRUWHVGHFDUiFWHU
UHWURVSHFWLYR GH VDWLVIDFFLyQ R IHOLFLGDG JHQHUDOL]DGD R HVSHFtILFD DO GRPLQLR 7DPELpQ VH KDQ
GHVDUUROODGR SURFHGLPLHQWRV SDUD FDSWDU OD H[SHULHQFLD KHGyQLFD SUHVHQWH UHSRUWHV RQOLQH  \ VH KD
PHGLGRHOELHQHVWDUVXEMHWLYRDWUDYpVGHODVH[SUHVLRQHVIDFLDOHVRODDFWLYLGDGFHUHEUDO
(QODVHQFXHVWDVVHKDQHPSOHDGRLQVWUXPHQWRVSDUDODPHGLFLyQGHOELHQHVWDUVXEMHWLYRGHXQRR
YDULRVtWHPHVFRQGLVWLQWRVIUDVHRVGHSUHJXQWDV\HVFDODVGHUHVSXHVWD$SHVDUGHHVWDKHWHURJHQHLGDG
ODSUiFWLFDKDELWXDOHQORVHVWXGLRVLQWHUQDFLRQDOHV\QDFLRQDOHVKDVLGRHOXVRGHXQDSUHJXQWD\DVHD
SDUDODIHOLFLGDGFRPRSDUDODVDWLVIDFFLyQFRQODYLGD(QHOFDVRGHODIHOLFLGDGODSUHJXQWDIRUPXODGD
RULJLQDOPHQWH SRU *XULQ 9HURII \ )HOG   KD VLGR XWLOL]DGD FRQ DGDSWDFLRQHV SRU OD (QFXHVWD
0XQGLDOGH9DORUHVOD(QFXHVWD6RFLDO,QWHUQDFLRQDOOD(QFXHVWD6RFLDO(XURSHDHO(XUREDUyPHWUR\
ORV3DQHOHVGHOD&RPXQLGDG(XURSHD$OHPiQ \%ULWiQLFR(QFXDQWRDODVDWLVIDFFLyQFRQODYLGDOD
WyQLFDKDVLGRHOXVRGHHVFDODVGHUHVSXHVWDGHDSXQWRV
/D XWLOL]DFLyQ GH XQD SUHJXQWD VH H[SOLFD HQ JUDQ SDUWH SRU VXV PHQRUHV FRVWRV \ VX PD\RU
IDFLOLGDGGHDSOLFDFLyQTXHLQVWUXPHQWRVDOWHUQDWLYRVFRQXQDPD\RUFDQWLGDGGHtWHPHV/DRWUDSDUWHGH
OD H[SOLFDFLyQ VH HQFXHQWUD HQ OD PD\RU FHUFDQtD GH ORV FRQFHSWRV GH IHOLFLGDG R VDWLVIDFFLyQ FRQ OD
QRFLyQ GH XWLOLGDG HQ FRPSDUDFLyQ D PHGLGDV DOWHUQDWLYDV GH XQD SUHJXQWD FRPR OD HVFDOD GH &DQWULO
  6H GHEH QRWDU TXH OD SUiFWLFD GH HPSOHDU XQD SUHJXQWD OLPLWD IXHUWHPHQWH ODV SRVLELOLGDGHV GH
VRPHWHUHPStULFDPHQWHDSUXHEDODYDOLGH]\FRQILDELOLGDGGHODPHGLFLyQGHOELHQHVWDUVXEMHWLYR







 0RGDOLGDGXWLOL]DGDSRUOD(QFXHVWD0XQGLDOGH9DORUHV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
35(*817$6(,167580(17263$5$/$0(',&,1'(/%,(1(67$568%-(7,92

)HOLFLGDGJOREDO*XULQ9HURII\)HOG  &RQVLGHUDQGRWRGRXVWHGGLUtDTXHXVWHGHV


0X\IHOL]   %DVWDQWHIHOL]   3RFRIHOL]  
1RWDVHQOD(QFXHVWD0XQGLDOGH9DORUHV (09 VHDJUHJyODDOWHUQDWLYDGHUHVSXHVWDQDGDIHOL]  (QOD(QFXHVWD
/DWLQREDUyPHWURVHXVDODSUHJXQWD(09
)HOLFLGDGJOREDO(VFDODGH/\XERPLUVN\\/HSSHU  3DUDFDGDXQDGHODVVLJXLHQWHVIUDVHVSRUIDYRUHQFLHUUHFRQXQ
FtUFXORHOSXQWRGHODHVFDODTXH8GFUHHGHVFULEHPHMRUORTXH8GVLHQWH
(QJHQHUDOPHFRQVLGHUR
8QD      8QDSHUVRQD
SHUVRQDQR IHOL]
PX\IHOL]
      
(QFRPSDUDFLyQDODPD\RUtDGHPLVSDUHVPHFRQVLGHUR
0HQRVIHOL]      0iVIHOL]
      
$OJXQDVSHUVRQDVVRQJHQHUDOPHQWHPX\IHOLFHV'LVIUXWDQODYLGDLQGHSHQGLHQWHPHQWHGHORTXHHVWiVXFHGLHQGRVDFDQGRHO
Pi[LPRSURYHFKRGHWRGR(QTXpPHGLGDHVWDFDUDFWHUL]DFLyQORGHVFULEHDXVWHG"

3DUDQDGD      7RWDOPHQWH
      
$OJXQDVSHUVRQDVJHQHUDOPHQWHQRVRQPX\IHOLFHV$XQTXHQRHVWiQGHSULPLGDVHOODVQXQFDSDUHFHQVHUWRGRORIHOLFHV
TXHGHEHUtDQVHU(QTXpPHGLGDHVWDFDUDFWHUL]DFLyQORGHVFULEHDXVWHG"
3DUDQDGD      7RWDOPHQWH
      
$IHFWRVSRVLWLYRV\QHJDWLYRV(VFDODGH%UDGEXUQ\&DSORYLW]  
'XUDQWHODV~OWLPDVVHPDQDVHQDOJ~QPRPHQWR8G 12 6,
6HVLQWLyVDWLVIHFKRSRUKDEHUORJUDGRDOJR"  
6LQWLyTXHODVFRVDVHQVXYLGDLEDQFRPR8GTXHUtD"  
6HVLQWLyRUJXOORVRSRUTXHORIHOLFLWDURQSRUDOJRTXH8GKL]R"  
6HVLQWLyHVSHFLDOPHQWHHVWLPXODGRRLQWHUHVDGRHQDOJR"  
6HVLQWLyHQODFLPDGHOPXQGR"  
6HVLQWLyWDQLQTXLHWRTXHQRSRGtDSHUPDQHFHUVHQWDGR"  
6HVLQWLyDEXUULGR"  
6HVLQWLyGHSULPLGRRPX\LQIHOL]"  
6HVLQWLyPX\VRORRDLVODGRGHODVGHPiVSHUVRQDV"  
6HVLQWLyPROHVWRSRUTXHDOJXLHQORFULWLFy"  
1RWDV OD HVFDOD KD VLGR DGDSWDGD SDUD SREODFLRQHV KLVSDQRSDUODQWHV *RGR\ ,]TXLHUGR 0DUWtQH] \ *RGR\  
HPSOHDURQPiVtWHPV\DOWHUQDWLYDVGHUHVSXHVWD SRFRRQXQFD DYHFHV PXFKDVYHFHV  $OSKDGHODHVFDOD
FRPSOHWD DOSKDGHDIHFWRSRVLWLYR DOSKDGHDIHFWRQHJDWLYR )DFWRU DIHFWRSRVLWLYR  IDFWRU
DIHFWRQHJDWLYR 7DPDxRGHPXHVWUD DDxRVHVSDxROHVXUEDQRV
6$7,6)$&&,1*/2%$/&21/$9,'$(QFXHVWD0XQGLDOGH9DORUHV&RQVLGHUDQGRWRGRFXiQVDWLVIHFKRHVWi8GFRQ
VXYLGDFRPRXQWRGRHQHVWRVGtDV"3RUIDYRUXVHHVWDWDUMHWDSDUDD\XGDUVXUHVSXHVWD
,QVDWLVIHFKR         6DWLVIHFKR
         
FRQWLQ~D 







&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQWLQXDFLyQ 

6DWLVIDFFLyQJOREDOFRQODYLGD(VFDODGH'LHQHU\RWURV  $EDMROHSUHVHQWDPRVIUDVHVFRQODVFXDOHV8GSXHGH


HVWDUGHDFXHUGRRHQGHVDFXHUGR8VDQGRODHVFDODGHDGHDEDMRLQGLTXHVXDFXHUGRFRQFDGDIUDVHFRORFDQGRHO
Q~PHURDSURSLDGRHQODOtQHDDQWHULRUDODIUDVH3RUIDYRUVHDKRQHVWRHQVXUHVSXHVWD
 0X\HQ %DVWDQWHHQ (Q 1LGH /HYHPHQWH %DVWDQWHGH 0X\GH
GHVDFXHUGR GHVDFXHUGR GHVDFXHUGR DFXHUGRQL GHDFXHUGR DFXHUGR DFXHUGR
HQ
GHVDFXHUGR
(QPXFKRV       
DVSHFWRV
PLYLGDVH
DFHUFDDPL
LGHDO
/DV       
FRQGLFLRQHV
GHPLYLGD
VRQ
H[FHOHQWHV
(VWR\       
VDWLVIHFKR
FRQPLYLGD
+HREWHQLGR       
ODVFRVDV
LPSRUWDQWHV
TXHKH
TXHULGRHQ
ODYLGD
6LSXGLHUD       
YLYLU
QXHYDPHQW
HQR
FDPELDUtD
FDVLQDGD

1RWDVFRUUHODFLyQWHVWUHWHVW FRHILFLHQWH$OSKD SULPHU(LJHQYDOXH GHODYDULDQ]DPXHVWUD 


HVWXGLDQWHVGHOD8QLYHUVLGDGGH,OOLQRLV

6$7,6)$&&,1 &21 (/ '20,1,2 (VFDOD GH &]DSLQVNL   ,QGLTXH FXiQ VDWLVIHFKR VH VLHQWH 8G FRQ UHVSHFWR D
FDGD XQR GH ORV VLJXLHQWHV DVSHFWRV GH VX YLGD HQ HVWRV GtDV 3RU IDYRU XVH ODV DOWHUQDWLYDV GH UHVSXHVWD TXH VH
SUHVHQWDQDEDMR

 ([WUHPDGDP 0X\ 0RGHUDGDPH 0RGHUDGDPHQ 0X\ ([WUHPDGDPHQWH 1RHV


HQWH VDWLVIHFKR QWHVDWLVIHFKR WHLQVDWLVIHFKR LQVDWLVIHFKR LQVDWLVIHFKR LPSRUWDQWH
VDWLVIHFKR SDUDPt
6X       
PDWULPRQLR
(OEDUULR       
GRQGHYLYH
/DFDVD       
GRQGHYLYH
6X       
VLWXDFLyQ
ILQDQFLHUD
6XHVWDGR       
GHVDOXG
6XYLGD       
IDPLOLDU
6XWUDEDMR       
6XV       
DPLJRV
FRQWLQ~D 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQFOXVLyQ 

/DPDQHUD       
HQTXH
RFXSDVX
WLHPSR
OLEUH
/D       
HGXFDFLyQ
TXHKD
UHFLELGR
/RVELHQHV       
\VHUYLFLRV
DORVTXH
WLHQH
DFFHVR
$XWRHYDOXDFLyQGHODVFRQGLFLRQHVGHYLGD$GDSWDFLyQHVFDODGH&DQWULO  ,PDJtQHVHXQDHVFDODGHSHOGDxRV
HQTXHHQHOVHXELFDQODVSHUVRQDVPiVSREUHV\HQHOVHXELFDQODVSHUVRQDVPiVULFDVGyQGHVXXELFDUtD8G"

0iV         0iVULFRV
SREUHV
         
1RWDV(QVXIRUPDRULJLQDOVHSLGHDORVHQWUHYLVWDGRVTXHVHxDOHQHQXQDHVFDODGHDHQODTXHHVODPHMRUYLGD
SRVLEOHTXHVHSXHGHLPDJLQDU\HOHVODSHRUYLGDSRVLEOHGyQGHVHHQFXHQWUDQ

)XHQWHHODERUDFLyQSURSLDHQEDVHD*XULQ9HURII\)HOG  /\XERPLUVN\\/HSSHU  *RGR\,]TXLHUGR0DUWtQH]\


*RGR\  %UDGEXUQ\&DSORYLW]  'LHQHU\RWURV  &DQWULO  &]DSLQVNL  \VLWLRZHEGHOD(QFXHVWD
0XQGLDOGH9DORUHVKWWSZZZZYVHYVGEFRPZYV:96'DWDMVS

'DGRV ORV VHVJRV TXH SUHVHQWDQ ORV DXWRUHSRUWHV JOREDOHV UHWURVSHFWLYRV GH ELHQHVWDU
VXEMHWLYR SDUD XQD GLVFXVLyQ PiV GHWDOODGD YpDVH OD VHFFLyQ ,9 HQ HVWH GRFXPHQWR  VH KDQ
GHVDUUROODGR SURFHGLPLHQWRV DOWHUQDWLYRV FRPR HO 0pWRGR GH 0XHVWUHR GH OD H[SHULHQFLD \ HO
0pWRGRGH5HFRQVWUXFFLyQGHO'tD HVWH~OWLPRVHSUHVHQWDHQHOUHFXDGUR (VWDVDSUR[LPDFLRQHV
HVWiQ GLVHxDGDV SDUD HYDOXDU ODV H[SHULHQFLDV KHGyQLFDV SUHVHQWHV GH ODV SHUVRQDV LQFOX\HQGR
GLVWLQWDV DFWLYLGDGHV \ VLWXDFLRQHV HQ OD YLGD GLDULD 'LHQHU (VWRV PpWRGRV SRU UD]RQHV GH
FRVWRVQRKDQVLGRHPSOHDGRVHQHQFXHVWDVPXOWLSURSyVLWRFRQPXHVWUDVGHPD\RUWDPDxR

5(&8$'52
(/0e72'2'(5(&216758&&,1'(/'$ 05' 

3RU PHGLR GHO 05' VH SLGH D ODV SHUVRQDV TXH UHFRQVWUX\DQ HO GtD DQWHULRU D WUDYpV GH OD UHVSXHVWD GH XQ
FXHVWLRQDULRHVWUXFWXUDGRDXWRDGPLQLVWUDGR
&RPR SULPHU SDVR HO HQWUHYLVWDGR GHEH UHJLVWUDU HO GtD DQWHULRU HQ XQ GLDULR EUHYH TXH FRQWLHQH XQD
VHFXHQFLDGHHSLVRGLRV$WUDYpVGHOIRUPDWRGHOGLDULREUHYHVHEXVFDIDFLOLWDUODUHFXSHUDFLyQGHLQIRUPDFLyQGH
OD PHPRULD DXWRELRJUiILFD D WUDYpV GH P~OWLSOHV VHQGHURV \ VH SURFXUD DWHQXDU ORV VHVJRV GH ORV UHSRUWHV
UHWURVSHFWLYRV/RVUHJLVWURVGHORVHQWUHYLVWDGRVHQVXVGLDULRVVRQFRQILGHQFLDOHV\QRVHUHTXLHUHVXGHYROXFLyQ
DORVLQYHVWLJDGRUHV(VWRSHUPLWHDORVHQWUHYLVWDGRVDSXQWDUGHWDOOHVTXHHOORVSRGUtDQQRTXHUHUFRPSDUWLU
(OVHJXQGRSDVRFRQVLGHUDODHQWUHJDDORVHQWUHYLVWDGRVGHXQFXHVWLRQDULRHVWUXFWXUDGR\MXQWRFRQHOORVH
OHVVROLFLWDTXHHPSOHHQODVQRWDVGHVXGLDULRSDUDUHVSRQGHUXQDVHULHGHSUHJXQWDV$WUDYpVGHODVSUHJXQWDV
VH EXVFD TXH ORV HQWUHYLVWDGRV GHVFULEDQ ORV HOHPHQWRV FODYHV GH FDGD HSLVRGLR YLYLGR HQ HO GtD SUHYLR
LQFOX\HQGR   FXDQGR FRPHQ]y \ WHUPLQy HO HSLVRGLR   TXH HVWDEDQ KDFLHQGR  GyQGH HVWDEDQ  FRQ TXLpQ
HVWDEDQ \   FyPR VH VLQWLHURQ HQ GLVWLQWDV GLPHQVLRQHV DIHFWLYDV (O FXHVWLRQDULR HV FXPSOLPHQWDGR HQ RUGHQ
FRPHQ]DQGRFRQHOSULPHUHSLVRGLRGHODPDxDQDKDVWDHO~OWLPRHSLVRGLRHQODQRFKH
(QDGHODQWHVHSUHVHQWDXQHMHPSOR
3RUIDYRUYHDVXGLDULR\VHOHFFLRQHHOSULPHUHSLVRGLRTXHXVWHGDQRWyHQODPDxDQD&yPRVHVLQWLyXVWHG
GXUDQWH HVH HSLVRGLR" 3RU IDYRU FDOLILTXH FDGD VHQWLPLHQWR TXH H[SHULPHQWy HQ OD HVFDOD TXH VH DGMXQWD 8Q
SXQWDMH GH  VLJQLILFD TXH XVWHG QR H[SHULPHQWy SDUD QDGD HVH VHQWLPLHQWR 8Q SXQWDMH GH  VLJQLILFD TXH HVH
VHQWLPLHQWRIXHXQDSDUWHPX\LPSRUWDQWHGHODH[SHULHQFLD3RUIDYRUPDUTXHFRQXQFtUFXORHOQ~PHURHQWUH\
TXHPHMRUGHVFULEHFyPRVHVLQWLyXVWHG

FRQWLQ~D


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

5HFXDGUR FRQFOXVLyQ 
 1DGD      0XFKR
,PSDFLHQWHSRU
      
WHUPLQDUOR
)HOL]       
)UXVWUDGRLUULWDGR       
'HSULPLGRWULVWH       
&RPSHWHQWHFDSD]       
3UHVLRQDGR       
$PLVWRVRDFRJHGRU       
(QRMDGRKRVWLO       
3UHRFXSDGRDQVLRVR       
&ULWLFDGRKXPLOODGR       
&DQVDGR       
5HVXOWDGRVGHOPpWRGRGHUHFRQVWUXFFLyQGHOGtDHQXQDPXHVWUDGHPXMHUHVWUDEDMDGRUDVGH7H[DV
6H[R  
&RPSDUWLUGHVSXpVGHOWUDEDMR  
&HQDFRPLGD  
5HODMR  
$OPXHU]R  
(MHUFLFLR  
2UDFLyQ  
&RPSDUWLUHQHOWUDEDMR  
9HUWHOHYLVLyQ  
+DEODUSRUWHOpIRQRHQFDVD  
'RUPLUODVLHVWD  
&RFLQDU  
,UGHFRPSUDV  
8VDUHOFRPSXWDGRUHQFDVD  
7UDEDMRGRPpVWLFR  
&XLGDGRGHORVQLxRV  
9LDMHGLDULRHQODWDUGH  
7UDEDMR  
9LDMHGLDULRHQODPDxDQD  

)XHQWH(ODERUDFLyQSURSLDHQEDVHD.DKQHPDQ\RWURV DE 

% (OIXQFLRQDPLHQWRSVLFROyJLFRSRVLWLYR
(VWDWUDGLFLyQVHEDVDHQORVSODQWHDPLHQWRVVREUHHOGHVDUUROORKXPDQR\ODUHVROXFLyQDGHFXDGDGHORV
GHVDItRV GH OD YLGD 7HyULFRV GH OD SVLFRORJtD HYROXWLYD FRPR (ULNVRQ   \ 1HXJDUWHQ  
YLQFXODURQ ODV WDUHDV UHODFLRQDGDV FRQ HO FLFOR YLWDO \ ORV PRGRV HQ TXH HVWDV VRQ UHVXHOWDV GH PRGR
H[LWRVR$XWRUHVLQWHUHVDGRVHQHOGHVDUUROOR LQWHJUDOGHORVLQGLYLGXRVSURSXVLHURQFRQFHSWRVFRPROD
DXWRUHDOL]DFLyQ 0DVORZ \HOIXQFLRQDPLHQWRFRPSOHWR 5RJHUV $VXYH]HQODQRFLyQ
GH VDOXG PHQWDO SRVLWLYD VH SURSRQH XQD GHVFULSFLyQ GHO VLJQLILFDGR GH OD VDOXG SVLFROyJLFD -DKRGD
.H\HV5\II\6KPRWNLQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

/DVSULPHUDVFRQFHSFLRQHVGHOIXQFLRQDPLHQWRSVLFROyJLFRWXYLHURQSRFRLPSDFWRHQORVHVWXGLRV
HPStULFRV SRU OD IDOWD GH LQVWUXPHQWRV GH PHGLFLyQ YiOLGRV \ SRU ODV GLILFXOWDGHV SDUD LGHQWLILFDU ORV
DVSHFWRVFHQWUDOHVGHOIXQFLRQDPLHQWRSVLFROyJLFR6LQHPEDUJRHQORVDxRVUHFLHQWHVVHKDQUHDOL]DGR
LQWHQWRV SDUD LGHQWLILFDU ORV SXQWRV GH FRQYHUJHQFLD HQWUH ORV GLVWLQWRV PDUFRV FRQFHSWXDOHV TXH KDQ
DERUGDGR HO IXQFLRQDPLHQWR SVLFROyJLFR SRVLWLYR \ OD FDSDFLGDG GH DIURQWDU SUREOHPDV .H\HV 5\II \
6KPRWNLQ 
(QODDFWXDOLGDGVHFXHQWDFRQXQDDPSOLDYDULHGDGGHLQVWUXPHQWRVTXHSXHGHQVHUHPSOHDGRV
WDQWRSDUDHODQiOLVLVGHSURFHVRVGHPHGLDFLyQ RHOHVWXGLRGHUHVXOWDGRVLQWHUPHGLRVGHORVSURJUDPDV 
FRPRSDUDODHYDOXDFLyQGHOELHQHVWDUSVLFROyJLFRHQVtPLVPR(QJHQHUDOHVWRVLQVWUXPHQWRVFXEUHQ
D ORVQLYHOHVPiVHOHPHQWDOHVGHOIXQFLRQDPLHQWRSVLFROyJLFRFRPRODVFRPSHWHQFLDVPHQWDOHVEiVLFDV
E  OD FDSDFLGDG GH DIURQWDU VLWXDFLRQHV DGYHUVDV \ F  ODV FDSDFLGDGHV YLQFXODGDV FRQ HO VHQWLGR GH
FRPSHWHQFLD\DXWRQRPtD\FRQHOPDQHMRSRVLWLYRGHOHQWRUQR
(O QLYHO PiV EiVLFR GH IXQFLRQDPLHQWR SVLFROyJLFR UHTXLVLWR GH OD UDFLRQDOLGDG GH ODV
HOHFFLRQHV\GHODDXWRQRPtDHQXQVHQWLGRPiVJHQHUDOHVODFRPSHWHQFLDPHQWDOSDUDDQDOL]DU\
VHOHFFLRQDU DOWHUQDWLYDV *RXJK  .DSORZ   &RQ HVWR QR VH TXLHUH GHFLU TXH ORV
LPSHGLPHQWRV PHQWDOHV \ WDPELpQ ORV ItVLFRV  VHDQ SURSLHGDGHV LQWUtQVHFDV GH ORV LQGLYLGXRV /D
GLVFDSDFLGDG UHVXOWD GH XQD FRPELQDFLyQ GH IDFWRUHV LQGLYLGXDOHV LQVWLWXFLRQDOHV \ VRFLHWDOHV TXH
GHILQHQHODPELHQWHHQHOFXDOHYROXFLRQDXQDSHUVRQDFRQLPSHGLPHQWRV\FXDOTXLHUVXMHWRSRGUtD
SUHVHQWDU DOJXQD GHILFLHQFLD GH IXQFLRQDPLHQWR /R TXH LPSRUWD HV TXH HO IXQFLRQDPLHQWR
LQGLYLGXDO SVLFROyJLFR \ ItVLFR HV FODYH HQ ORV UHVXOWDGRV TXH REWLHQHQ ODV SHUVRQDV  7UDQL \
'XERLV 
(QHOFXDGURVHSUHVHQWDODHVFDODGHRULHQWDFLyQGH3IHLIIHUTXHSXHGHVHUHPSOHDGDSDUD
HYDOXDU XQD GLPHQVLyQ GHO IXQFLRQDPLHQWR PHQWDO OD RULHQWDFLyQ FX\D DXVHQFLD FRQVWLWX\H XQ
LPSHGLPHQWR SDUD OD HOHFFLyQ UDFLRQDO HQWUH DOWHUQDWLYDV (VWH QR HV HO ~QLFR DVSHFWR GHO
IXQFLRQDPLHQWR PHQWDOTXH SXHGHVHU PRQLWRUHDGR SHURDTXt VHSUHILULy XQD HVFDODGH RULHQWDFLyQ
SRUODSHUWLQHQFLDTXHWLHQHSDUDHOSURFHVRGHVHOHFFLyQHQWUHRSFLRQHV\WDPELpQSRUVXILDELOLGDG
\ IDFWLELOLGDG GH DSOLFDFLyQ 3RU VX EUHYHGDG YDOLGH] SUHGLFWLYD \ UHSURGXFLELOLGDG OD HVFDOD GH
3IHLIIHU HV XQR GH ORV LQVWUXPHQWRV PiV XWLOL]DGRV HQ OD HYDOXDFLyQ GHO GHWHULRUR FRJQLWLYR HQ
SREODFLRQHVGHKDEODFDVWHOODQD 0HQGR]D3DUUD0HULQR\%DUULJD 
8QVHJXQGRiPELWRGHOIXQFLRQDPLHQWRSVLFROyJLFRHVWiFRQVWLWXLGRSRUODFDSDFLGDGHPRFLRQDO\
DIHFWLYDODFXDOHVLPSRUWDQWHSDUDTXHODSHUVRQDLQLFLHXQDDFFLyQ\ODVRVWHQJDDORODUJRGHOWLHPSR
3DUD*RXJK  HOIXQFLRQDPLHQWRDIHFWLYRHVWiIXHUWHPHQWHYLQFXODGRFRQODUDFLRQDOLGDGSUiFWLFD\
ODUHVSRQVDELOLGDG\SRGUtDVHULQWHUSUHWDGRFRPRXQDFRQGLFLyQSDUDODDXWRQRPtD3RUVXSDUWHHQOD
&,(  ORV SUREOHPDV DIHFWLYRV \ GHO HVWDGR GH iQLPR LQFOX\HQGR ORV HSLVRGLRV GHSUHVLYRV  ORV
GHVyUGHQHVELSRODUHV \ODDQVLHGDGJHQHUDOL]DGD VRQYLVWRVFRPRGHVyUGHQHVPHQWDOHV\FRQGXFWXDOHV
TXHSXHGHQSURYRFDUSUREOHPDVGHIXQFLRQDPLHQWRVRFLDO





 7DQWR HO HQIUHQWDPLHQWR DGHFXDGR GH GHVDItRV FRPR ODV SHUFHSFLRQHV GH FRPSHWHQFLD SHUVRQDO VRQ IDFWRUHV TXH FRQWULEX\HQ DO
ELHQHVWDU\QRVRQLQGLFDGRUHVGLUHFWRVGHHVWH(VWRVIDFWRUHVLQFUHPHQWDQODVRSRUWXQLGDGHVGHVHUIHOL]SHURQRJDUDQWL]DQGLFKR
UHVXOWDGR 9HHQKRYHQ 

 3DUD%XUFKDUGW  HOHQIRTXHGHFDSDFLGDGHVRIUHFHXQPDUFRFRQFHSWXDOSDUDHVWXGLDUODGLVFDSDFLGDGTXHYDPiVDOOiGHORV
PRGHORVSUHYLRV PpGLFRVRFLDOPL[GHORVGRVDQWHULRUHV (VWDYLVLyQFRQVLGHUDHOUDQJRGHSRVLELOLGDGHVGHQWURGHORVFXDOHVOD
SHUVRQDVHOHFFLRQDIXQFLRQDPLHQWRV(QWRGRFDVR\FRPRSODQWHDHOPLVPR6HQODHYDOXDFLyQGHODVFDSDFLGDGHVSXHGHKDFHUVH
VREUHpVWDVRVREUHORVIXQFLRQDPLHQWRVREVHUYDGRV

 8QLQVWUXPHQWRDOWHUQDWLYRSHURGLVHxDGRSDUDIXQFLRQDPLHQWRVH[FOXVLYDPHQWHItVLFRVHVOD(VFDODGH.DW]TXHPLGHODFDSDFLGDG
GH UHDOL]DU DFWLYLGDGHV EiVLFDV GH OD YLGD GLDULD $%9'  FRPR EDxDUVH PRYHUVH YHVWLUVH FRQWURODU ORV HVItQWHUHV LU DO EDxR \
FRPHU $ SHVDU GH TXH HVWH LQVWUXPHQWR KD VXIULGR PRGLILFDFLRQHV \ VH KDQ XWLOL]DGR GLIHUHQWHV HQIRTXHV GH SXQWXDFLyQ KD\
HYLGHQFLD GH VX XWLOLGDG SDUD HYDOXDU HO HVWDGR IXQFLRQDO HQ SREODFLRQHV GH  DGXOWRV PD\RUHV \ VH KD FRQILUPDGR VX YDOLGH] HQ
GLIHUHQWHVJUXSRVpWQLFRV 0HQGR]D3DUUD0HULQR\%DUULJD 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
&8(67,21$5,2$%5(9,$'2'(25,(17$&,13)(,))(5

&XiOHVODIHFKDGHKR\"
4XpGtDGHODVHPDQD"
(QTXpOXJDUHVWDPRV"  
&XiOHVVXQ~PHURGHWHOpIRQR"
6LQRWLHQH &XiOHVVXGLUHFFLyQFRPSOHWD"
&XiQWRVDxRVWLHQH"
'yQGHQDFLy"
&XiOHVHOQRPEUHGHOSUHVLGHQWHGHOSDtV"
&XiOHVHOQRPEUHGHODQWHULRUSUHVLGHQWHGHOSDtV"
5HVWDUHQGHVGH  
5HVXOWDGRV
(UURUHV1RUPDO
(UURUHV'HWHULRUR/HYH
(UURUHV'HWHULRUR0RGHUDGR
RPiV(UURUHV'HWHULRUR6HYHUR

6LHOQLYHOHGXFDWLYRHVEDMR SULPDULDLQFRPSOHWDFRPRPi[LPR VHDGPLWHXQHUURUPiVSDUDFDGDFDWHJRUtD
 9DOHFXDOTXLHUGHVFULSFLyQFRUUHFWDGHOOXJDU
  &XDOTXLHUHUURUKDFHHUUyQHDODUHVSXHVWD

)XHQWH(ODERUDFLyQSURSLDHQEDVHD3IHLIIHU  \KWWSZZZHOPHGLFRLQWHUDFWLYRFRPIWHFSGIISGI

(O PRQLWRUHR GH ORV DVSHFWRV HPRFLRQDOHV WDPELpQ HV UHOHYDQWH SRU ORV HIHFWRV GH ODV
GHVLJXDOGDGHV HQ SDUWLFXODU ODV UHODFLRQDGDV FRQ HO JpQHUR +D\ HYLGHQFLD HPStULFD GH GH TXH ODV
PXMHUHVVRQPXFKRPiVDIHFWDGDVTXHORVKRPEUHVSRUODGHSUHVLyQORFXDOSRGUtDGHEHUVHDODPD\RU
LQFLGHQFLD GH HVWUHVRUHV HQ OD YLGD GH ODV PXMHUHV SRU ODV UHSHUFXVLRQHV GH ODV LQHTXLGDGHV GH JpQHUR
YLROHQFLD PHQRUHV RSRUWXQLGDGHV GH LQWHJUDFLyQ UHFOXVLyQ GRPpVWLFD H[SHFWDWLYDV SXHVWDV HQ HO URO
UHSURGXFWLYR HWF  $VLPLVPR KD\ LQYHVWLJDFLRQHV TXH KDQ FRUURERUDGR OD DVRFLDFLyQ HQWUH SREUH]D \
GHSUHVLyQHQORVSDtVHVLQGXVWULDOL]DGRV\HQYtDVGHGHVDUUROOR %UDVLO&KLOH,QGLD\=LPEDZH \TXH
KDQ HQFRQWUDGR PD\RUHV ULHVJRV GH GHSUHVLyQ HQWUH ORV GHVHPSOHDGRV \ ODV SHUVRQDV DIHFWDGDV SRU
FKRTXHVHFRQyPLFRV 3DWHO 
(O FXHVWLRQDULR GH 6DOXG *HQHUDO GH *ROGEHUJ YpDVH HO FXDGUR   SXHGH VHU XWLOL]DGR SDUD HO
PRQLWRUHR GH OD FDSDFLGDG HPRFLRQDO \ DIHFWLYD (VWH LQVWUXPHQWR IXH HODERUDGR SDUD LGHQWLILFDU OD
VHYHULGDGGHGLVWXUELRVSVLTXLiWULFRVPHQRUHV\QRLQFOX\HVLQWRPDWRORJtDItVLFDSRUORFXDOVHFRQVLGHUD
TXHPLGHVRORVDOXGPHQWDO(VWHFXHVWLRQDULRVHLQVXPHGHODHYDOXDFLyQTXHUHDOL]DHOLQGLYLGXRGHVX
ELHQHVWDU JHQHUDO OD DXWRSHUFHSFLyQ GH VDOXG  \ KD VLGR XWLOL]DGR SDUD DQDOL]DU OD GLPHQVLyQ
SVLFROyJLFD GH OD FDOLGDG GH YLGD HQ HO FRQWH[WR GH OD VDOXG R HO IXQFLRQDPLHQWR PHQWDO VDOXGDEOH
*DUFtD9LQLHJUDV 
(VWHFXHVWLRQDULRKDVLGRXWLOL]DGRHQHVWXGLRVHSLGHPLROyJLFRVVREUHSREODFLyQJHQHUDO\JUXSRV
HVSHFtILFRV MyYHQHV DGXOWRV PD\RUHV PXMHUHV FXLGDGRUHV GH HQIHUPRV  \ WDPELpQ KD VLGR HPSOHDGR
SDUD HO GLDJQyVWLFR HQ SVLFRORJtD FOtQLFD /RV HVWXGLRV KDQ PRVWUDGR OD H[LVWHQFLD GH XQ IDFWRU
VXE\DFHQWHTXHH[SOLFDODPD\RUSDUWHGHODYDULDQ]DHQODVUHVSXHVWDV *DUFtD9LQLHJUDV ORFXDO
VLJQLILFD TXH HO LQVWUXPHQWR HV XQLGLPHQVLRQDO (O LQVWUXPHQWR VH DVRFLD FRQ RWUDV PHGLGDV GH VDOXG
PHQWDOFRPRODHVFDODGH'HSUHVLyQGH%HFN *DUFtD9LQLHJUDV \SRVHHFRQVLVWHQFLDLQWHUQDHO
DOSKDGHFURQEDFKOOHJDDHQXVXDULRVFXEDQRVGHORVVHUYLFLRVGHVDOXG *DUFtD9LQLHJUDV \
HQHJUHVDGRVFKLOHQRVGHWUDWDPLHQWRGHGURJDV (JHQDX\9LOODWRUR 



 (QPXFKRVSDtVHVHQYtDVGHGHVDUUROORODUHGXFFLyQGHODSREUH]DHOFXLGDGRLQIDQWLOODVDOXGUHSURGXFWLYD\ODHUUDGLFDFLyQGHOD
YLROHQFLDVRQSULRULGDGHVODVFXDOHVSXHGHQWHQHUIXHUWHVLPSOLFDFLRQHVGHVDOXGPHQWDOSRUHMHPSORODVGLILFXOWDGHVGHDSUHQGL]DMH
VHDVRFLDQFRQXQSREUHGHVHPSHxRHVFRODU\HODEDQGRQRODSREUH]DVHYLQFXODFRQODGHSUHVLyQ\HOVXLFLGLRODVDOXGUHSURGXFWLYD
VHDVRFLDFRQODGHSUHVLyQSRVWQDWDO\ODYLROHQFLDVHFRUUHODFLRQDFRQXQDPSOLRUDQJRGHSUREOHPDVGHVDOXGPHQWDO 3DWHO 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
D
&8(67,21$5,2*(1(5$/'(6$/8'0(17$/ *2/'%(5* 9(56,1&257$ 

/HDFXLGDGRVDPHQWHHVWDVSUHJXQWDV1RVJXVWDUtDVDEHUVLXVWHGKDWHQLGRDOJXQDVPROHVWLDVRWUDVWRUQRV\FyPRKD
HVWDGRGHVDOXGHQODV~OWLPDVVHPDQDV&RQWHVWHDWRGDVODVSUHJXQWDV0DUTXHFRQXQDFUX]ODUHVSXHVWDTXHXVWHG
HVFRMD4XHUHPRVVDEHUORVSUREOHPDVUHFLHQWHV\DFWXDOHVQRORVGHOSDVDGR
 +DSRGLGRFRQFHQWUDUVHELHQHQORTXHKDFH"
0HMRUTXHORKDELWXDOBBBB,JXDOTXHORKDELWXDOBBBB0HQRVTXHORKDELWXDOBBBBB0XFKRPHQRVTXHORKDELWXDOBBBB
 6XVSUHRFXSDFLRQHVOHKDQKHFKRSHUGHUPXFKRVXHxR"
1RHQDEVROXWRBBBB1RPiVTXHORKDELWXDOBBBB%DVWDQWHPiVTXHORKDELWXDOBBBB0XFKRPiVBBBB
 +DVHQWLGRTXHHVWiMXJDQGRXQSDSHO~WLOHQODYLGD"
0iVTXHORKDELWXDOBBBB,JXDOTXHORKDELWXDOBBBB0HQRV~WLOTXHORKDELWXDOBBBB0XFKRPHQRVBBBB
 6HKDVHQWLGRFDSD]GHWRPDUGHFLVLRQHV"
0iVFDSD]TXHORKDELWXDOBBBB,JXDOTXHORKDELWXDOBBBB0HQRVFDSD]TXHORKDELWXDOBBBB0XFKRPHQRVBBBB
 6HKDVHQWLGRFRQVWDQWHPHQWHDJRELDGR\HQWHQVLyQ"
1RHQDEVROXWRBBBB1RPiVTXHORKDELWXDOBBBB%DVWDQWHPiVTXHORKDELWXDOBBBB0XFKRPiVBBBB
 +DVHQWLGRTXHQRSXHGHVXSHUDUVXVGLILFXOWDGHV"
1RHQDEVROXWRBBBB1RPiVTXHORKDELWXDOBBBB%DVWDQWHPiVTXHORKDELWXDOBBBB0XFKRPiVBBBB
 +DVLGRFDSD]GHGLVIUXWDUVXVDFWLYLGDGHVQRUPDOHVGHFDGDGtD"
0iVTXHORKDELWXDOBBBB,JXDOTXHORKDELWXDOBBBB0HQRVTXHORKDELWXDOBBBB0XFKRPHQRVBBBB
 +DVLGRFDSD]GHKDFHUIUHQWHDVXVSUREOHPDV"
0iVFDSD]TXHORKDELWXDOBBBB,JXDOTXHORKDELWXDOBBBB0HQRVFDSD]TXHORKDELWXDOBBBB0XFKRPHQRVBBBB
 6HKDVHQWLGRSRFRIHOL]\GHSULPLGR"
1RHQDEVROXWRBBBB1RPiVTXHORKDELWXDOBBBB%DVWDQWHPiVTXHORKDELWXDOBBBB0XFKRPiVBBBB
 +DSHUGLGRFRQILDQ]DHQVtPLVPR"
1RHQDEVROXWRBBBB1RPiVTXHORKDELWXDOBBBB%DVWDQWHPiVTXHORKDELWXDOBBBB0XFKRPiVBBBB
 +DSHQVDGRTXHXVWHGHVXQDSHUVRQDTXHQRYDOHSDUDQDGD"
1RHQDEVROXWRBBBB1RPiVTXHORKDELWXDOBBBB%DVWDQWHPiVTXHORKDELWXDOBBBB0XFKRPiVBBBB
 6HVLHQWHUD]RQDEOHPHQWHIHOL]FRQVLGHUDQGRWRGDVODVFLUFXQVWDQFLDV"
0iVIHOL]TXHORKDELWXDOBBBB$SUR[LPDGDPHQWHORPLVPRTXHORKDELWXDOBBBB0HQRVIHOL]TXHORKDELWXDOBBBB0XFKR
PHQRVTXHORKDELWXDOBBBB

)XHQWH([WUDtGRGH*DUFtD9LQLHJUDV  
D
 (O FXHVWLRQDULR LQLFLDO WHQtD  SUHJXQWDV 3RVWHULRUPHQWH VH HODERUDURQ YHUVLRQHV PiV FRUWDV GH   \  tWHPV
UHVSHFWLYDPHQWHTXHKDQPRVWUDGRLJXDOXWLOLGDGVHJ~QORVGLIHUHQWHVHVWXGLRVGHYDOLGDFLyQHIHFWXDGRV

8Q WHUFHU iPELWR GH IXQFLRQDPLHQWR SVLFROyJLFR PX\ LPSRUWDQWH SDUD HO HQIUHQWDPLHQWR GH
HVWUHVRUHV FRPR ODV GLILFXOWDGHV HFRQyPLFDV HQ HO KRJDU  \ GH VLWXDFLRQHV DGYHUVDV VRVWHQLGDV HQ HO
WLHPSR HV OD UHVLOLHQFLD (VWH WpUPLQR FRPHQ]y D VHU XVDGR DQWH OD FRQVWDWDFLyQ GH OD GLYHUVLGDG GH
UHVSXHVWDV GH GLVWLQWRV LQGLYLGXRV DQWH XQ PLVPR IDFWRU GH ULHVJR /D UHVLOLHQFLD VH GHILQH FRPR ORV
PHFDQLVPRVTXHEORTXHDQODVUHVSXHVWDVGHVDGDSWDWLYDVDQWHVLWXDFLRQHVGHULHVJRRFRPRORVIDFWRUHV\
SURFHVRV TXH LQWHUUXPSHQ OD WUD\HFWRULD GHVGH DO ULHVJR KDVWD ODV FRQGXFWDV SUREOHPD \ TXH SHUPLWHQ
UHVXOWDGRVDGDSWDWLYRVIUHQWHDODDGYHUVLGDG =LPPHUPDQ\$UXQNXPDU 
/D UHVLOLHQFLD QR XQ DWULEXWR LQGLYLGXDO ILMR SXHVWR TXH HV UHODWLYD D FLUFXQVWDQFLDV VLHPSUH
FDPELDQWHV3RUWDQWRQRHVXQFRQFHSWRTXHGHEDDSOLFDUVHLJXDOPHQWHDWRGRVORVGRPLQLRVGHODYLGD
VLQR TXH GHEH UHIHULUVH D VLWXDFLRQHV HVSHFtILFDV GH ULHVJR /RV VXMHWRV SXHGHQ VHU UHVLVWHQWHV IUHQWH D
DOJXQRVULHVJRV\PX\YXOQHUDEOHVDRWURV/DUHVLOLHQFLDVHPDQLILHVWDHQODFUHHQFLDGHORVVXMHWRVHQVX
HILFDFLD SHUVRQDO HQ OD KDELOLGDG SDUD SURFXUDU DGDSWDUVH DO FDPELR \ HQ ODV KDELOLGDGHV GH
HQIUHQWDPLHQWR\VROXFLyQGHSUREOHPDV =LPPHUPDQ\$UXQNXPDU 
/DDXWRHILFDFLDHQHOFRQWH[WRGHODUHVLOLHQFLDUHSUHVHQWDODFRJQLFLyQTXHWLHQHQODVSHUVRQDV
VREUH VX FDSDFLGDG SDUD HQIUHQWDU HO ULHVJR VLQ UHFXUULU D FRQGXFWDV GHVDGDSWDWLYDV 6XV EDVHV VH
HQFXHQWUDQHQODWHRUtDGHODSUHQGL]DMHVRFLDO %DQGXUD TXHSODQWHDTXHODDXWRHILFDFLDLQFLGHHQ
HOLQLFLR\ PDQWHQLPLHQWRGHOFDPELRFRQGXFWXDO(OFRQFHSWRKDVLGRXWLOL]DGRHQODUHKDELOLWDFLyQGH
GURJRGHSHQGLHQWHV HQ OD HGXFDFLyQ H LQFOXVR HQ OD HYDOXDFLyQ GH SURJUDPDV GH UHGXFFLyQ GH SREUH]D


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&KLOH6ROLGDULR (QODDFWXDOLGDGVHHVWiXVDQGRPiVODQRFLyQGHDXWRHILFDFLDHVSHFtILFDDO
GRPLQLRTXHHOFRQFHSWRJHQHUDOL]DGRGHHILFDFLDSHUVRQDO
8Q IRFR LPSRUWDQWH GH LQYHVWLJDFLyQ HQ HO FDPSR GH OD UHVLOLHQFLD HVWi FRQVWLWXLGR SRU ODV
PDQHUDV HQ ODV FXDOHV ORV VXMHWRV SURFHVDQ OD LQIRUPDFLyQ VREUH ORV HVWUHVRUHV /R TXH VH GHQRPLQD
JHQpULFDPHQWHFRPRSHQVDPLHQWRSRVLWLYRKDWHQLGRXQUROFHQWUDOHQODVDSUR[LPDFLRQHVFOtQLFDVDO
WUDWDPLHQWRGHODGHSUHVLyQ/DSVLFRORJtDFRJQLWLYDKDHQIDWL]DGRORVEHQHILFLRVGHODUHLQWHUSUHWDFLyQGH
ORVHYHQWRVQHJDWLYRVHQXQDPDQHUDSRVLWLYD =LPPHUPDQ\$UXQNXPDU 8QiUHDGHLQWHUpVHQ
HVWH FDPSR VRQ ORV HVWLORV DWULEXFLRQDOHV (Q OD WHRUtD UHIRUPXODGD GH OD GHVHVSHUDQ]D DSUHQGLGD
$EUDPVRQ6HOLJPDQ\7HDVGDOH VHSODQWHDTXHHVWRVHVWLORVGHWHUPLQDQODVUHVSXHVWDVDQWHORV
HYHQWRV /RV VXMHWRV FRQ HVWLORV QHJDWLYRV DWULEX\HQ ORV HVWUHVRUHV D IDFWRUHV LQWHUQRV HV PL FXOSD 
HVWDEOHV HVWR VXFHGHUi GH QXHYR  \ JOREDOHV HVWi HQ WRGR OR TXH KDJR  \ H[SOLFDQ ORV HYHQWRV
SRVLWLYRVGHODIRUPDRSXHVWD IDFWRUHVH[WHUQRVLQHVWDEOHV\HVSHFtILFRV 
/DVLQYHVWLJDFLRQHVTXHKDQPHGLGRODUHVLOLHQFLDKDQHPSOHDGRGHILQLFLRQHVRSHUDWLYDVFRPROD
UHVLVWHQFLD D OD HQIHUPHGDG PHQWDO DQWH OD DGYHUVLGDG OD LQYHQWLYD HO VHQWLGR GH FRKHUHQFLD OD
FRQILDQ]DHQTXHORVHYHQWRVVRQSUHGHFLEOHV\HQTXHODVFRVDVVDOGUiQELHQ XQDHYDOXDFLyQSRVLWLYDGH
ORVUHFXUVRVSHUVRQDOHVSDUDDIURQWDUODVGHPDQGDV \HO FRQWUROSHUVRQDO/DVHVFDODVHPSOHDGDVHQODV
LQYHVWLJDFLRQHVSXHGHQFODVLILFDUVHHQGRVDSUR[LPDFLRQHVD ODVGHUHVLOLHQFLDTXHPLGHQODFDSDFLGDG
GH ORV LQGLYLGXRV SDUD HQIUHQWDU HO HVWUpV FRPR OD DXWRSHUFHSFLyQ GH OD FDSDFLGDG GH DIURQWDU XQD
VLWXDFLyQGHPDQGDQWH\E ODVGHHVWLORVGHDIURQWDPLHQWRTXHHYDO~DQODVHVWUDWHJLDVTXHORVLQGLYLGXRV
HPSOHDQSDUDDIURQWDUVLWXDFLRQHVGHPDQGDQWHV 1+6+HDOWK6FRWODQG 
(Q FXDQWR D ODV PHGLGDV GH UHVLOLHQFLD ODV (VFDODV *HQHUDO GH $XWRHILFDFLD \ GH 6HQWLGR GH
&RKHUHQFLD KDQ VLGR FRQVLGHUDGDV FRPR ODV PiV DSURSLDGDV WHQLHQGR DPEDV EXHQDV SURSLHGDGHV
SVLFRPpWULFDV 1+6 +HDOWK 6FRWODQG   /D SULPHUD HYDO~D HO VHQWLGR JHQHUDO GH HILFDFLD DXWR
SHUFLELGD SDUD DIURQWDU SUREOHPDV FRWLGLDQRV 6FKZDU]HU \ -HUXVDOHP   $OJXQDV GH VXV
SURSLHGDGHVSVLFRPpWULFDVVHSUHVHQWDQHQHOFXDGUR
&8$'52
D
(6&$/$*(1(5$/'($872(),&$&,$ 6&+:$5=(5<-(586$/(0

3DUDFDGDXQDGHODVVLJXLHQWHVDILUPDFLRQHVPHSRGUtD )DOVD 0iVIDOVD 0iV 9HUGDGHUD


GHFLUFXiQYHUGDGHUDVRIDOVDVVRQSHQVDQGRHQ8G TXH YHUGDGHUD
PLVPR" YHUGDGHUD TXHIDOVD
3XHGRHQFRQWUDUODPDQHUDGHREWHQHUORTXHTXLHUR    
DXQTXHDOJXLHQVHPHRSRQJD
3XHGRUHVROYHUSUREOHPDVGLItFLOHVVLPHHVIXHU]ROR    
VXILFLHQWH
0HHVIiFLOSHUVLVWLUHQORTXHPHKHSURSXHVWRKDVWD    
OOHJDUDDOFDQ]DUPLVPHWDV
7HQJRFRQILDQ]DHQTXHSRGUtDPDQHMDUHILFD]PHQWH    
DFRQWHFLPLHQWRVLQHVSHUDGRV
*UDFLDVDPLVFXDOLGDGHV\UHFXUVRVSXHGRVXSHUDU    
VLWXDFLRQHVLPSUHYLVWDV
&XDQGRPHHQFXHQWURHQGLILFXOWDGHVSXHGRSHUPDQHFHU    
WUDQTXLORDSRUTXHFXHQWRFRQODVKDELOLGDGHVQHFHVDULDV
SDUDPDQHMDUVLWXDFLRQHVGLItFLOHV
9HQJDORTXHYHQJDSRUORJHQHUDOVR\FDSD]GH    
PDQHMDUOR
3XHGRUHVROYHUODPD\RUtDGHORVSUREOHPDVVLPH    
HVIXHU]RORQHFHVDULR
FRQWLQ~D



 (QODHVFDODGHDXWRHILFDFLDHPSOHDGDSDUDHYDOXDUHO&KLOH6ROLGDULRVHFRQVXOWDDORVEHQHILFLDULRVGHOSURJUDPDDFHUFDGHFyPRVH
SHUFLEHQ FRPSDUiQGRVH FRQ HO SDVDGR UHFLHQWH HQ VXV FDSDFLGDGHV SDUD HQIUHQWDU \ UHVROYHU SUREOHPDV H[LJLU GHUHFKRV \ VX
LQIRUPDFLyQVREUHODVIXHQWHVGHDSR\RGLVSRQLEOH6HGHEHQRWDUTXHHOXVRGHSUHJXQWDVGHOWLSRDKRUDYVDQWHVHQHOFRQWH[WRGH
XQDHYDOXDFLyQGHSURJUDPDSXHGHJHQHUDUXQIXHUWHVHVJRGHGHVHDELOLGDGVRFLDO


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQFOXVLyQ 

3DUDFDGDXQDGHODVVLJXLHQWHVDILUPDFLRQHVPHSRGUtD )DOVD 0iVIDOVD 0iV 9HUGDGHUD


GHFLUFXiQYHUGDGHUDVRIDOVDVVRQSHQVDQGRHQ8G TXH YHUGDGHUD
PLVPR" YHUGDGHUD TXHIDOVD
6LPHHQFXHQWURHQXQDVLWXDFLyQGLItFLOJHQHUDOPHQWHVH    
PHRFXUUHTXpGHERKDFHU
$OWHQHUTXHKDFHUIUHQWHDXQSUREOHPDJHQHUDOPHQWHVH    
PHRFXUUHQYDULDVDOWHUQDWLYDVGHFyPRUHVROYHUOR
3URSLHGDGHVSVLFRPpWULFDVGHODHVFDODJHQHUDOGHDXWRHILFDFLDSRUJUXSRVGHSDtVHV
*UXSRVGHSDtVHV Q 8QLGLPHQVLRQDOLGDG &RQVLVWHQFLDLQWHUQD (TXLYDOHQFLD
Q~PHURFRPSRQHQWHV\GH FRHILFLHQWHDOSKD  FRHILFLHQWHGH
YDULDQ]D  6SHDUPDQ%URZQ K
3DtVHVFHQWUR     
HXURSHRVE
3DtVHVDQJORVDMRQHVF     

(XURSDGHOVXUG     


 
(XURSDRULHQWDOH     

$VLDGHOVXUI     

3DtVHVPXVXOPDQHVGH     


$VLDJ  

&RVWD5LFD\3HU~     

)XHQWH/DHVFDODIXHH[WUDtGDGHKWWSXVHUSDJHIXEHUOLQGHaKHDOWKVHOIVFDOKWP/RVDQiOLVLVHVWDGtVWLFRVFRUUHVSRQGHQD
SURFHVDPLHQWRV HIHFWXDGRV SRU HO DXWRU D SDUWLU GH OD EDVH GH GDWRV HQ OtQHD XELFDGD HQ HO VLWLR ZHE KWWSXVHUSDJHIX
EHUOLQGHaKHDOWKVHOIVFDOKWP
D
(YDO~DHOVHQWLGRJHQHUDOGHDXWRHILFDFLDSHUFLELGDSDUDSUHGHFLUDIURQWDPLHQWRGHSUREOHPDVFRWLGLDQRVFRPRELHQOD
DGDSWDFLyQGHVSXpVGHH[SHULPHQWDUHYHQWRVYLWDOHVHVWUHVDQWHV 6FKZDU]HU\-HUXVDOHP 
E
%pOJLFD)UDQFLD$OHPDQLD+RODQGD\6XL]D
F
*UDQ%UHWDxD\(VWDGRV8QLGRV
G
 ,WDOLD*UHFLD3RUWXJDO(VSDxD
H
 +XQJUtD3RORQLD\5XVLD
I
 +RQJ.RQJ-DSyQ&RUHDGHO6XU
J
 ,QGRQHVLD,UiQ\6LULD
K
 &RUUHODFLyQHQWUHPLWDGHVGHOLQVWUXPHQWR

(Q FXDQWR D ORV HVWLORV GH DIURQWDPLHQWR 1+6 +HDOWK 6FRWODQG   VHxDOD TXH HV GLItFLO
GLIHUHQFLDU D ORV LQVWUXPHQWRV GLVSRQLEOHV HQ EDVH D VXV SURSLHGDGHV SVLFRPpWULFDV $GHPiV SDUD OD
HYDOXDFLyQFRQILDEOHGHGLVWLQWRVHVWLORVGHDIURQWDPLHQWRVHUHTXLHUHQEDVWDQWHVtWHPVSDUDFDGDHVWLOR\
SRU HOOR OD PD\RUtD GH ODV HVFDODV WLHQHQ HQWUH  \  tWHPV /D HVFDOD $64 &XHVWLRQDULR GH (VWLORV
$WULEXFLRQDOHV  FRQWLHQH VROR  tWHPV YpDVH '\NHPD \ RWURV   SHUR FRQVXOWD SRU HVFHQDULRV
KLSRWpWLFRV 3RU VX SDUWH OD LQGDJDFLyQ HQ ORV HVWLORV GH SURFHVDPLHQWR GH LQIRUPDFLyQ \ HQ OD
SHUFHSFLyQGHFRQWUROLQWHUQRRH[WHUQR ORFXV SUHVHQWDGLILFXOWDGHVVLPLODUHV
+DVWDDKRUDVHKDQYLVWRDOJXQDVFRQGLFLRQHVSDUDXQIXQFLRQDPLHQWRSVLFROyJLFRSRVLWLYR\TXH
SRGUtDQ VHU DQDOL]DGRV FRPR IDFWRUHV FRYDULDQWHV R PHGLDGRUHV HQ ODV GLQiPLFDV GH OD SREUH]D \ OD
YXOQHUDELOLGDG\DVHDHQVLWXDFLRQHVGHDIURQWDPLHQWRGHFULVLVRHQFRQWH[WRVGHPHMRUDPLHQWRGHODV


 3DUD WHQHU XQD LGHD GH OD H[WHQVLyQ GH HVWH WLSR GH LQVWUXPHQWRV YpDVH OD HVFDOD GH /RFXV GH &RQWURO GH 5RWWHU   HQ
KWWSZLOGHUGRPFRPSV\FKRORJ\ORF5RWWHU/2&KWPO


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

FRQGLFLRQHV GH YLGD (Q DGHODQWH VH SUHVHQWDQ PDUFRV FRQFHSWXDOHV H LQVWUXPHQWRV TXH DERUGDQ HO
IXQFLRQDPLHQWRSVLFROyJLFRWHQLHQGRFRPRKRUL]RQWHODDXWRQRPtD\HOELHQHVWDU
$OUHVSHFWR5\II  VXJLULyXQPRGHORFRPSXHVWRSRUVHLVGLPHQVLRQHVGHHQIUHQWDPLHQWRGH
GHVDItRVQHFHVDULDVSDUDXQEXHQIXQFLRQDPLHQWRSVLFROyJLFR(QHVWHHVTXHPDVHLQFOX\HQD ODDXWR
DFHSWDFLyQODVSHUVRQDVVHVLHQWHQELHQFRQVLJRPLVPDVDSHVDUGHVXVOLPLWDFLRQHVE ODVUHODFLRQHV
SRVLWLYDVFRQRWURVF HOLPSHUDWLYRGHDGDSWDUVHDOHQWRUQRGHXQDPDQHUDTXHSHUPLWDDORVLQGLYLGXRV
VDWLVIDFHU VXV GHVHRV \ QHFHVLGDGHV G  OD DXWRQRPtD R HO VHQWLGR GH DXWRGHWHUPLQDFLyQ \ GH FRQWURO
SHUVRQDO H  HO SURSyVLWR HQ OD YLGD R OD QHFHVLGDG GH HQFRQWUDU VLJQLILFDGR D ORV HVIXHU]RV TXH ODV
SHUVRQDVUHDOL]DQ\G HOFUHFLPLHQWRSHUVRQDOSHUPDQHQWH
3RUVXSDUWHHQVXWHRUtDGHODDXWRGHWHUPLQDFLyQ5\DQ\'HFL  SURSRQHQODH[LVWHQFLDGH
WUHV QHFHVLGDGHV SVLFROyJLFDV LQQDWDV ODV FXiOHV VHUtDQ HO VHQWLGR GH FRPSHWHQFLD SHUVRQDO ORV
VHQWLPLHQWRV GH DXWRQRPtD \ HO VHQWLGR GH LQYROXFUDPLHQWR FRQ RWUDV SHUVRQDV (VWRV DXWRUHV DJUHJDQ
TXH D SHVDU GH TXH HVWDV QHFHVLGDGHV EiVLFDV QR VRQ LJXDOPHQWH YDORUDGDV HQ GLVWLQWDV FXOWXUDV VX
IUXVWUDFLyQ WLHQH FRQVHFXHQFLDV SVLFROyJLFDV QHJDWLYDV HQ WRGDV ODV FXOWXUDV /D VDWLVIDFFLyQ GH HVWDV
QHFHVLGDGHVVHUtDIXQGDPHQWDOSDUDHOFUHFLPLHQWRSVLFROyJLFRODLQWHJULGDG\HOELHQHVWDU
&8$'52
(6&$/$63$5$/$0(',&,1'(/$6$7,6)$&&,1'(/$61(&(6,'$'(6
36,&2/*,&$6%6,&$6

1(&(6,'$'(636,&2/*,&$6%6,&$6(VFDODVGHDXWRQRPtDFRPSHWHQFLD\UHODFLRQHVFRQRWURV3RUIDYRUOHD
FDGDXQDGHODVVLJXLHQWHVIUDVHVSHQVDQGRHQFyPRHVWDVDILUPDFLRQHVVHUHODFLRQDQFRQVXYLGD\OXHJRLQGLTXHFXiQ
YHUGDGHURVRIDOVRVVRQSDUD8G
$ DXWRQRPtD 1DGD   $OJR   7RWDOPHQWH
& FRPSHWHQFLD YHUGDGHUR YHUGDGHUR YHUGDGHUR
5 UHODFLRQHVFRQRWURV
0HVLHQWROLEUHSDUDGHFLGLUFRPR       
YLYLUPLYLGD $ 
0HJXVWDQODVSHUVRQDVFRQODV       
TXHPHUHODFLRQR 5 
&RQIUHFXHQFLDQRPHVLHQWRPX\       
FRPSHWHQWH & 
0HVLHQWRSUHVLRQDGRHQPLYLGD       
$ 
4XLHQHVPHFRQRFHQPHGLFHQ       
TXHVR\EXHQRHQORTXHKDJR & 
0HOOHYRELHQFRQODVQXHYDV       
SHUVRQDVTXHFRQR]FR 5 
6R\UHVHUYDGR\QRWHQJRPXFKDV       
UHODFLRQHVVRFLDOHV 5 
*HQHUDOPHQWHPHVLHQWROLEUHSDUD       
H[SUHVDUPLVLGHDV\RSLQLRQHV $ 
/DPD\RUtDGHODVSHUVRQDVFRQ       
ODVFXDOHVPHUHODFLRQR
UHJXODUPHQWHVRQPLVDPLJDV 5 
+HVLGRFDSD]GHDSUHQGHUFRVDV       
QXHYDVUHFLHQWHPHQWH & 
&RQIUHFXHQFLDWHQJRTXHKDFHUOR       
TXHRWURVPHGLFHQ $ 
/DVSHUVRQDVFHUFDQDVVH       
SUHRFXSDQSRUPt 5 
/DPD\RUSDUWHGHOWLHPSRVLHQWR       
TXHORJURFRVDVHQORTXHKDJR
& 
FRQWLQ~D 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQFOXVLyQ 

1(&(6,'$'(636,&2/*,&$6%6,&$6(VFDODVGHDXWRQRPtDFRPSHWHQFLD\UHODFLRQHVFRQRWURV3RUIDYRUOHD
FDGDXQDGHODVVLJXLHQWHVIUDVHVSHQVDQGRHQFyPRHVWDVDILUPDFLRQHVVHUHODFLRQDQFRQVXYLGD\OXHJRLQGLTXHFXiQ
YHUGDGHURVRIDOVRVVRQSDUD8G
$ DXWRQRPtD 1DGD   $OJR   7RWDOPHQWH
& FRPSHWHQFLD YHUGDGHUR YHUGDGHUR YHUGDGHUR
5 UHODFLRQHVFRQRWURV
/DVSHUVRQDVFRQODVTXHPH       
UHODFLRQRWRPDQHQFXHQWDPLV
VHQWLPLHQWRV 5 
1RWHQJRPXFKDVRSRUWXQLGDGHV       
GHPRVWUDUORFDSD]TXHVR\ & 
1RKD\PXFKDVSHUVRQDVFRQODV       
FXDOHV\RPHVLHQWDFHUFDQR 5 
3XHGRVHUEDVWDQWHDXWpQWLFRHQ       
ODVVLWXDFLRQHVGLDULDV $ 
1RPHJXVWDQPXFKRODV       
SHUVRQDVFRQODVTXHPH
UHODFLRQRGLDULDPHQWH 5 
&RQIUHFXHQFLDQRPHVLHQWRPX\       
FDSD] & 
1RWHQJRPXFKDVRSRUWXQLGDGHV       
SDUDGHFLGLUFyPRKDFHUODV
FRVDVHQPLYLGDGLDULD $ 
/DVSHUVRQDVJHQHUDOPHQWHVRQ       
EDVWDQWHDPLJDEOHVFRQPLJR 5 
)XHQWH7UDGXFFLyQSURSLDH[WUDtGRGHKWWSZZZSV\FKURFKHVWHUHGX6'7PHDVXUHVZRUGQHHGVIXOGRF

8QiPELWRGHOELHQHVWDUHXGDPyQLFRTXHKDFRPHQ]DGRDVHUH[SORUDGRHVHOVHQWLGRGHODYLGD
(QWUHORVLQVWUXPHQWRVGLVSRQLEOHVVHHQFXHQWUDHOHODERUDGRSRU6WHJHU\RWURV  (VWHFXHVWLRQDULR
WLHQHXQDFRQVLVWHQFLDLQWHUQDDSURSLDGDFRQFRHILFLHQWHVDOSKDHQWUH\ /DHVWDELOLGDGGHOD
SUXHEDHVDFHSWDEOH FRUUHODFLRQHVWHVWUHWHVWHQWUHU \U  \VXVUHVXOWDGRVVHFRUUHODFLRQDQ
FRQ OD VDWLVIDFFLyQ FRQ OD YLGD U    FRQ ODV HPRFLRQHV SRVLWLYDV U    \ FRQ OD
UHOLJLRVLGDG U  ORFXDOVXJLHUHYDOLGH]GHFRQVWUXFWR
&8$'52
D
&8(67,21$5,2'(6(17,'2'(/$9,'$

3RU IDYRU SLHQVH HQ OR TXH KDFH VHQWLU D 8G TXH VX YLGD HV LPSRUWDQWH \ VLJQLILFDWLYD 3RU IDYRU UHVSRQGD D ODV
VLJXLHQWHV SUHJXQWDV GH OD PDQHUD PiV KRQHVWD TXH SXHGD \ WDPELpQ UHFXHUGH TXH QR KD\ UHVSXHVWDV FRUUHFWDV R
LQFRUUHFWDV 3RU IDYRU UHVSRQGD GH DFXHUGR D OD HVFDOD GH DEDMR DEVROXWDPHQWH IDOVR HQ VX PD\RU SDUWH IDOVR DOJR
IDOVRQRSRGUtDGHFLUORDOJRYHUGDGHURHQVXPD\RUSDUWHYHUGDGHURWRWDOPHQWHYHUGDGHUR
 $EVROXWD (QVX $OJR 1R $OJR (QVX 7RWDOPHQWH
PHQWH PD\RU IDOVR SRGUtD YHUGDGHUR PD\RU YHUGDGHUR
IDOVR SDUWHIDOVR GHFLUOR SDUWH
YHUGDGHUR
6pFXiOHVHOVHQWLGRGH       
PLYLGD
(VWR\EXVFDQGRDOJRTXH       
PHKDJDVHQWLUTXHPLYLGD
HVLPSRUWDQWH
6LHPSUHHVWR\EXVFDQGR       
PLSURSyVLWRHQODYLGD
0LYLGDWLHQHXQVHQWLGR       
FODUR
FRQWLQ~D 



 (QHOFDVRGHORVMyYHQHVODWLQRDPHULFDQRVVHUtDPiVDGHFXDGRGLVSRQHUGHPHGLGDVTXHGHQFXHQWDGHORVSUR\HFWRVGHYLGDVREUH
WRGR DO PRPHQWR GH DQDOL]DU OD VLWXDFLyQ GH ORV VXMHWRV TXH VH HQFXHQWUDQ HQ FRQGLFLRQHV GH GHVDILOLDFLyQ LQVWLWXFLRQDO &(3$/
E YDOHGHFLUTXLHQHVQRHVWXGLDQQLWUDEDMDQ


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV


&XDGUR FRQFOXVLyQ 

3RU IDYRU SLHQVH HQ OR TXH KDFH VHQWLU D 8G TXH VX YLGD HV LPSRUWDQWH \ VLJQLILFDWLYD 3RU IDYRU UHVSRQGD D ODV
VLJXLHQWHV SUHJXQWDV GH OD PDQHUD PiV KRQHVWD TXH SXHGD \ WDPELpQ UHFXHUGH TXH QR KD\ UHVSXHVWDV FRUUHFWDV R
LQFRUUHFWDV 3RU IDYRU UHVSRQGD GH DFXHUGR D OD HVFDOD GH DEDMR DEVROXWDPHQWH IDOVR HQ VX PD\RU SDUWH IDOVR DOJR
IDOVRQRSRGUtDGHFLUORDOJRYHUGDGHURHQVXPD\RUSDUWHYHUGDGHURWRWDOPHQWHYHUGDGHUR
 $EVROXWD (QVX $OJR 1R $OJR (QVX 7RWDOPHQWH
PHQWH PD\RU IDOVR SRGUtD YHUGDGHUR PD\RU YHUGDGHUR
IDOVR SDUWHIDOVR GHFLUOR SDUWH
YHUGDGHUR
       
6pTXpKDFH
LPSRUWDQWHDPLYLGD
+HGHVFXELHUWRXQ       
SURSyVLWRVDWLVIDFWRULRGH
PLYLGD
6LHPSUHHVWR\       
EXVFDQGRDOJRTXHPH
KDJDVHQWLUTXHPLYLGD
WLHQHVHQWLGR
(VWR\EXVFDQGRXQ       
SURSyVLWRRPLVLyQSDUD
PLYLGD
0LYLGDQRWLHQHXQ       
SURSyVLWRFODUR
(VWR\EXVFDQGRHO       
VHQWLGRGHPLYLGD

)XHQWH6WHJHU\RWURV  
D
6XEHVFDODSUHVHQFLD tWHPV\6XEHVFDODE~VTXHGD tWHPV\

6HGHEHQRWDUTXHORVLQVWUXPHQWRVSDUDODPHGLFLyQGHOIXQFLRQDPLHQWRSVLFROyJLFRQRKDQVLGR
LQFRUSRUDGRV VLVWHPiWLFDPHQWH HQ ODV HQFXHVWDV QDFLRQDOHV LQFOXVR HQ ORV SDtVHV HXURSHRV $GHPiV
WDQWR ORV LQVWUXPHQWRV HODERUDGRV SDUD PHGLU OD VDWLVIDFFLyQ GH ODV QHFHVLGDGHV SVLFROyJLFDV EiVLFDV
FRPRDTXHOORVTXHPLGHQRWURVDVSHFWRVGHOIXQFLRQDPLHQWRSVLFROyJLFRKDQVLGRREMHWRGHSUXHEDVGH
YDOLGH]SHURSULQFLSDOPHQWHFRQPXHVWUDVGHHVWXGLDQWHVGHSDtVHVGHVDUUROODGRV$VtVHQHFHVLWD PiV
LQYHVWLJDFLyQSDUWLFXODUPHQWHHQORVSDtVHVHQGHVDUUROOR 6DPDQ 

& /RVVHQWLPLHQWRVGHPDOHVWDU
/RV VHQWLPLHQWRV GH PDOHVWDU OD RWUD FDUD GH OD PRQHGD GHO ELHQHVWDU KDQ VLGR SDUWH GH ODV
FDUDFWHUL]DFLRQHVWUDGLFLRQDOHVGHORVPiVSREUHVUHWUDWRTXHVHKDEDVDGRHQODQRFLyQGHXQVtQGURPH
GH OD SREUH]D TXH FRQMXQWD DVSHFWRV PDWHULDOHV \ SVLFRVRFLDOHV VXSXHVWDPHQWH FRUUHODFLRQDGRV (VWD
FRPSUHQVLyQ GH OD SREUH]D KD VLGR DOLPHQWDGD HVHQFLDOPHQWH SRU HWQRJUDItDV \ PXFKR PHQRV SRU OD
HYLGHQFLDFXDQWLWDWLYD
/DSRSXODUL]DFLyQGHODQRFLyQGHOVtQGURPHGHODSREUH]DVHGHEHHQEXHQDSDUWHDORVWUDEDMRV
GH/HZLV  (VWHDXWRUDILUPDODH[LVWHQFLDGHXQJUXSRGHSREUHVTXHGLILHUHWDQWRGHOUHVWR
GHODVRFLHGDGTXHFRQIRUPDXQDFXOWXUDGLVWLQWDTXHVHUHSURGXFHHQHOWLHPSR8QIDFWRUFODYHVHUtDOD
IDOWD GH SDUWLFLSDFLyQ VRFLDO SXHVWR TXH HO GHVFRQRFLPLHQWR GH ORV PRGRV GH IXQFLRQDPLHQWR GH ORV
JUXSRV H LQVWLWXFLRQHV PiV DOOi GH OD IDPLOLD SURGXFLUtD HO IUDFDVR GH ORV LQWHQWRV GH LQWHJUDFLyQ (VWR
~OWLPR JHQHUDUtD VHQWLPLHQWRV GH LPSRWHQFLD GHVHVSHUDQ]D GHVDPSDUR \ PDUJLQDFLyQ HQWUH RWURV ORV
FXDOHVFRQWULEXLUtDQDUHSURGXFLUODSREUH]D
(OHQIRTXHGHODFXOWXUDGHODSREUH]DIXHREMHWRGHGXUDVFUtWLFDV3RUHMHPSORHQODSHUVSHFWLYD
KLVWyULFRHVWUXFWXUDO VH SRVWXOy TXH ODV HVWUDWHJLDV GH VXSHUYLYHQFLD GH ORV SREUHV HUDQ IRUPDV GH
DGDSWDFLyQ\QRH[SUHVLRQHVGHXQDVXEFXOWXUDSDUWLFXODU(VWHDUJXPHQWRIXHSURIXQGL]DGRSRU:LOVRQ
 SDUDTXLHQODSHUVLVWHQFLDGHODSREUH]DXUEDQDVHH[SOLFDSRUODFRQFHQWUDFLyQGHODSREUH]D\


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

SRU OD VHJUHJDFLyQ \ HO DLVODPLHQWR VRFLDO TXH FRUWD HO DFFHVR D ODV YtDV GH PRYLOLGDG \ HURVLRQD ODV
SHUFHSFLRQHVGHRSRUWXQLGDGHV(VWRIRPHQWDUtDHVWUDWHJLDVDGDSWDWLYDVTXHUHSURGXFLUtDQODSREUH]D
/XHJRGHXQWLHPSRGHGHVFUpGLWRGHODWHVLVGHODFXOWXUDGHODSREUH]DHOHVWXGLRFXDOLWDWLYRD
HVFDODPXQGLDOGH1DUD\DQ\RWURV  VREUHHOVLJQLILFDGRGHODSREUH]DSDUDORVSREUHVUHSXVRDORV
VHQWLPLHQWRV GH PDOHVWDU HQ OD DJHQGD (Q GLFKD LQYHVWLJDFLyQ VH LGHQWLILFDURQ DOJXQRV HIHFWRV
SVLFROyJLFRV GH OD SULYDFLyQ PDWHULDO H[WUHPD FRPR ORV VHQWLPLHQWRV D  GH DQJXVWLD H LQVHJXULGDG
DVRFLDGRVDQRVDEHUFyPRVHUiQFXELHUWDVODVQHFHVLGDGHVPDWHULDOHVPiVHVHQFLDOHVE GHYHUJHQ]D\
KXPLOODFLyQGHULYDGRVGHODPDODDWHQFLyQTXHUHFLEHQGHODVLQVWLWXFLRQHV\GHODFDUHQFLDGHELHQHVFRQ
DOWR YDORU VLPEyOLFR \ F  GH GHVYLQFXODFLyQ \ DLVODPLHQWR VRFLDO  SURYHQLHQWHV GH OD LQFDSDFLGDG GH
SDUWLFLSDUHQODYLGDFRPXQLWDULD
/RV VHQWLPLHQWRV GH LQVHJXULGDG SRGUtDQ KDEHUVH LQFUHPHQWDGR HQ ORV ~OWLPRV DxRV SRU ORV
FDPELRV DVRFLDGRV D OD JOREDOL]DFLyQ (VWDV WUDQVIRUPDFLRQHV HVWDUtDQ DOWHUDQGR ODV EDVHV GH ODV
H[SHULHQFLDV ELRJUiILFDV HVWDELOLGDG IDPLOLDU \ UROHV GH JpQHUR WUDGLFLRQDOHV HPSOHRV GH SRU YLGD  OR
FXDO DXPHQWDUtD ORV VHQWLPLHQWRV GH LQFHUWLGXPEUH *LGGHQV   (VWDV WHQGHQFLDV SRGUtDQ
DPSOLILFDUVH HQ FRQWH[WRV GH SUHFDULHGDG LQVWLWXFLRQDO \ FXDQGR ODV UHGHV ORFDOHV QR UHJXODQ
DGHFXDGDPHQWHODYLGDFRPXQLWDULD +HUQiQGH]GHO3DGUyQ ,QFOXVRSRGUtDQLQFLGLUODH[SRVLFLyQ
D ORV GHVDVWUHV QDWXUDOHV \ OD YLROHQFLD GHQWUR GH DOJXQDV FRPXQLGDGHV (VWRV IDFWRUHV SRGUtDQ DIHFWDU
PiVDORVSREUHVSXHVWRTXHWHQGUtDQPHQRVKHUUDPLHQWDVSDUDDGDSWDUVHDORVFDPELRV\DORVULHVJRV
(Q OD DFWXDOLGDG VH FXHQWD FRQ PX\ SRFRV LQVWUXPHQWRV SDUD PHGLU ORV VHQWLPLHQWRV GH
LQFHUWLGXPEUHYLQFXODGRVDFRQGLFLRQHVPDWHULDOHVGHYLGDSUHFDULDV+D\DOJXQRVLQVWUXPHQWRVSDUDOD
PHGLFLyQ GH ORV VHQWLPLHQWRV GH LQFHUWLGXPEUH HQ SREODFLRQHV FRQ HQIHUPHGDGHV FUyQLFDV 0F1XOW\
/LYQHK \ :LOVRQ   \ WDPELpQ SDUD HO PRQLWRUHR GH OD LQVHJXULGDG DVRFLDGD D OD YLROHQFLD \ OD
FULPLQDOLGDG 8QD DOWHUQDWLYD DO XVR GH LQGLFDGRUHV GLUHFWRV GH LQFHUWLGXPEUH HV HO PRQLWRUHR GH
YDULDEOHVFRPRHOFRQWUROSHUFLELGRHOFXDOVHSRGUtDHURVLRQDUHQODPHGLGDHQTXHODVSHUVRQDVVLHQWDQ
TXHODVH[LJHQFLDVSURYHQLHQWHVGHVXHQWRUQRYDQPiVDOOiGHVXFDSDFLGDGGHDIURQWDPLHQWR
8Q LQWHQWR UHFLHQWH GH PHGLFLyQ GH ORV VHQWLPLHQWRV GH LQVHJXULGDG \ GH YLQFXODUORV FRQ OD
SREUH]DHVWiFRQVWLWXLGRSRUODLQYHVWLJDFLyQGH6LOYD  HQ0p[LFR(QHVWHWUDEDMRVHHQWLHQGHDOD
VHJXULGDGFRPRODFRQYLFFLyQSHUVRQDOGHIH\FRQILDQ]DHQVtPLVPR/DRSHUDFLRQDOL]DFLyQVHOOHYDD
FDER PHGLDQWH SUHJXQWDV UHODWLYDV D ORV VHQWLPLHQWRV GH LQFRPSHWHQFLD PLQXVYDOtD KXPLOODFLyQ
YHUJHQ]D GHVRULHQWDFLyQ \ WHPRU YpDVH HO FXDGUR   ORV FXDOHV QR QHFHVDULDPHQWH PLGHQ OD
LQVHJXULGDGGHPRGRGLUHFWR3RUHVWDVUD]RQHVVHSUHVHQWDQODVSUHJXQWDVXVDGDVSRU6LOYD  FRPR
LQGLFDGRUHVGHGLVWLQWRVVHQWLPLHQWRVGHPDOHVWDUQROLPLWDGRVDODLQVHJXULGDG
&8$'52
35(*817$63$5$/$0(',&,1'(',67,17266(17,0,(1726'(0$/(67$5

,WHP &RUUHODFLyQFRQHOIDFWRU 6L  


VHJXULGDG
0HGDPLHGRLUDEXVFDUWUDEDMR  
0HGDSHQDSODWLFDUFRQORVGHPiV  
0HVLHQWRLQFDSD]GHFRQVHJXLUWUDEDMR  
4XLVLHUDTXHQDGLHPHYLHUD  
0HVLHQWRPHQRVSRUVHUSREUH  
0HVLHQWRSHUGLGR  
0HVLHQWRKXPLOODGR  

)XHQWH([WUDtGRGH6LOYD  

(OLUSRUODYLGDVLQKXPLOODFLyQ\YHUJHQ]DKDVLGRVHxDODGRSRU6HQ\1XVVEDXPFRPRXQDGH
ODV FDSDFLGDGHV PiV UHOHYDQWHV &DEH SUHFLVDU TXH OD YHUJHQ]D \ OD KXPLOODFLyQ VRQ FRQFHSWRV


 9pDVHSRUHMHPSOROD(QFXHVWDGHOD5HS~EOLFD%ROLYDULDQDGH9HQH]XHODKWWSLQIRYHQH]XHODRUJHQFXHVWD,1(LQVHJXULGDGSGI\
ODGH&KLOHKWWSZZZVHJXULGDGFLXGDGDQDJREFOHQXVFBKWPO


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

UHODFLRQDGRV SHUR GLIHUHQWHV /D YHUJHQ]D VH GHULYD GH OD FUHHQFLD GH TXH VH KD IUDFDVDGR HQ HO
FXPSOLPLHQWRGHORVHVWiQGDUHVSHUVRQDOHV(QFDPELRODKXPLOODFLyQHVUHODFLRQDO\VHH[SUHVDFRPR
XQ VHQWLPLHQWR QHJDWLYR YLQFXODGR D OD SHUFHSFLyQ GH VHU LQMXVWDPHQWH GHJUDGDGR R ULGLFXOL]DGR $ VX
YH]ODVUHVSXHVWDVTXHGLFKRVVHQWLPLHQWRVJHQHUDQQRVRQHTXLYDOHQWHVHQODYHUJHQ]DHOIRFRGHOD
DWHQFLyQHVLQWHUQR\ODVUHVSXHVWDVVRQGHHYLWDFLyQPLHQWUDVTXHHQODKXPLOODFLyQODVUHVSXHVWDVVRQ
GHKRVWLOLGDG UDELDUHVHQWLPLHQWR KDFLDXQIRFRH[WHUQR =DYDOHWD 
=DYDOHWD  SODQWHDODLQH[LVWHQFLDGHGDWRVLQWHUQDFLRQDOHVFRPSDUDEOHVVREUHODYHUJHQ]D\
KXPLOODFLyQ HVSHFLDOPHQWH HQ ORV SDtVHV HQ GHVDUUROOR \ SURSRQH DOJXQRV LQGLFDGRUHV TXH H[WUDH \
DGDSWDGHODOLWHUDWXUD YpDVHHOFXDGUR 
&8$'52
,1',&$'25(6'(9(5*h(1=$<+80,//$&,1

3URSHQVLyQDODYHUJHQ]D
3DUDFDGDXQRGHORVVHQWLPLHQWRVPHQFLRQDGRVSRUIDYRUFRORTXHXQQ~PHURGHDTXHUHIOHMHFXiQFRPXQHVVRQ
GLFKRVVHQWLPLHQWRVSDUDXVWHG
 XVWHGQXQFDVHVLHQWHDVt XVWHGUDUDYH]VHVLHQWHDVt XVWHGVHVLHQWHDVtDOJXQDVYHFHV XVWHGVHVLHQWH
DVtEDVWDQWHVYHFHV XVWHGVHVLHQWHDVtFDVLVLHPSUHRVLHPSUH

6HVLHQWHDYHUJRQ]DGR
6HVLHQWHULGtFXOR
6HVLHQWHKXPLOODGR
6HVLHQWHHVW~SLGR
6HVLHQWHLQIDQWLO
6HVLHQWHLPSRWHQWHSDUDOL]DGR
6HUXERUL]D VHSRQHURMR 
6LHQWHTXHORVGHPiVVHEXUODQGH8G
6LHQWHTXHXVWHGQROHJXVWDDODVGHPiVSHUVRQDV
+XPLOODFLyQ
+XPLOODFLyQH[WHUQDSRUIDYRUHQFLHUUHHQXQFtUFXORHOQ~PHURTXHPHMRUGHVFULEHVXVVHQWLPLHQWRVGRQGH SDUD
QDGD\ WRWDOPHQWH
 8VWHGVLHQWHTXHODVSHUVRQDVORWUDWDQD8GFRQUHVSHFWR"
 8VWHGVLHQWHTXHODVSHUVRQDVORWUDWDQD8GLQMXVWDPHQWH"

1LYHOHVDFXPXODGRVGHKXPLOODFLyQSRUIDYRUHQFLHUUHHQXQFtUFXORHOQ~PHURTXHPHMRUGHVFULEHVXVVHQWLPLHQWRV
GRQGH SDUDQDGD\ WRWDOPHQWH
$ORODUJRGHVXYLGDFXiQVHULDPHQWHVHKDVHQWLGR
 ([FOXtGR"
 +XPLOODGR"
 5LGLFXOL]DGR"
 1RFRQVLGHUDGR"
 &ULWLFDGRFUXHOPHQWH"
 1RPEUDGRFRQDSRGRVRVREUHQRPEUHVGHJUDGDQWHV"
6HQWLPLHQWRVGHYHUJHQ]DDVRFLDGRVDODSREUH]D
8VWHGHVWiGHDFXHUGRRHQGHVDFXHUGRFRQODVVLJXLHQWHVIUDVHV"

  0HVHQWLUtDDYHUJRQ]DGRVLIXHUDSREUH
  0HVHQWLUtDDYHUJRQ]DGRVLDOJXLHQGHPLIDPLOLDIXHUDSREUH
  /DVSHUVRQDVSREUHVGHEHUtDQDYHUJRQ]DUVHGHVtPLVPDV
  /DVSHUVRQDVTXHQRVRQSREUHVKDFHQTXHORVSREUHVVHVLHQWDQPDO

&yPRFUHHXVWHGTXHODPD\RUtDGHODVSHUVRQDVGHVXFRPXQLGDGUHVSRQGHUtDQDODVSUHJXQWDVDQWHULRUHV"

)XHQWH([WUDtGRGH=DYDOHWD  WUDGXFFLyQSURSLD


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

/RVVHQWLPLHQWRVGHKXPLOODFLyQYLQFXODGRVDODSREUH]D\RDODDGVFULSFLyQpWQLFDGHJpQHUROD
HGDGHWFOOHYDQDORVWHPDVGHOHVWLJPD\ODGLVFULPLQDFLyQ6HKDSODQWHDGRTXHODFDWHJRUL]DFLyQGH
ORVLQGLYLGXRVVREUHODEDVHGHFDUDFWHUtVWLFDVREVHUYDEOHVPX\SURPLQHQWHVRFXUUHDXWRPiWLFDPHQWH \
DFWLYD VHVJRV DVRFLDGRV FRQ GLFKDV FDUDFWHUtVWLFDV %UHZHU \ %URZQ   /DV SHUVRQDV XVDQ GLFKDV
GLVWLQFLRQHV HVWHUHRWLSDGDV SDUD FRQVWLWXLU IURQWHUDV VLPEyOLFDV TXH HVWUXFWXUDQ ODV UHODFLRQHV HQWUH ORV
JUXSRV\VLUYHQSDUDSHUSHWXDUODVGHVLJXDOGDGHV %ODQN'DEDG\\&LWUR 
/DVLPSOLFDFLRQHVSVLFROyJLFDVGHVHUREMHWRGHGLVFULPLQDFLyQKDQVLGRPHQRVDQDOL]DGDVTXHODV
DFWLWXGHV \ FRQGXFWDV GH TXLHQHV GLVFULPLQDQ /D QHFHVLGDG GH GHVDUUROODU HQIRTXHV GH DUWLFXOHQ ODV
FRQVHFXHQFLDV SVtTXLFDV GH ORV HYHQWRV QHJDWLYRV GH YLGD DVRFLDGRV FRQ OD YLROHQFLD OD SREUH]D \ OD
GHVLJXDOGDG VRFLDO \ HQ SDUWLFXODU DTXHOORV TXH DIHFWDQ D ODV PXMHUHV TXH SHUWHQHFHQ D ODV PLQRUtDV
pWQLFDVFRPHQ]yDKDFHUVHHYLGHQWHHQORV(VWDGRV8QLGRVDLQLFLRVGHODGpFDGDGHVREUHWRGRHQ
FRQWH[WRVGHILQLGRVSRUODIHPLQL]DFLyQUDFLDOL]DFLyQGHODSREUH]D
/DVSULPHUDVKLSyWHVLVSODQWHDGDVIXHURQODVGHOGREOHGDxRGRQGHVHSRVWXOyTXHHOUDFLVPR\HO
VH[LVPRWLHQHQHIHFWRVGLUHFWRVTXHLPSDFWDQQHJDWLYDPHQWHHQHOELHQHVWDUSVLFROyJLFRGHODVPXMHUHV
DIURDPHULFDQDV3RVWHULRUPHQWHVHHODERUDURQDOJXQRVPDUFRVFRQFHSWXDOHVFRPRHOGHOGDxRP~OWLSOH
GHVGHGRQGHVHDVHYHUDTXHHOUDFLVPRSXHGHLQWHQVLILFDUHOLPSDFWRGHOVH[LVPR\YLFHYHUVD/DQGULQH\
RWURV  GHVFULELHURQHVWDGtVWLFDPHQWHDHVWDDSUR[LPDFLyQFRPRXQHIHFWRGHLQWHUDFFLyQ
/DVH[SHULHQFLDVGHGLVFULPLQDFLyQWDPELpQKDQVLGRDERUGDGDVGHVGHODVWHRUtDVGHOHVWUpV(VWR
SRUTXH ORV QLYHOHV REMHWLYRV GH H[SRVLFLyQ D HVWUHVRUHV VRQ PD\RUHV HQWUH ORV SREUHV ODV PLQRUtDV
pWQLFDV \ ODV PXMHUHV HQWUH RWURV OR FXDO FRQGXFLUtD D SHRUHV UHVXOWDGRV GH VDOXG ItVLFD \ SVLFROyJLFD
HQWUHORVPLHPEURVGHGLFKRVJUXSRV 0\HUV \+ZDQJ $VtODVUHVSXHVWDVDSUHJXQWDVVREUHOD
GLVFULPLQDFLyQSHUFLELGDKDQVLGRLQWHUSUHWDGDVFRPRLQGLFDGRUHVGHHVWUpVSHUFLELGR(VWRSRUTXHOD
HYDOXDFLyQVXEMHWLYDGHORVHYHQWRVFRPRHVWUHVDQWHVGHWHUPLQDUtDODUHVSXHVWDDQWHORVHVWUHVRUHV 5LVFR
\ 0RUDGL   \ WDPELpQ SRUTXH ORV VXMHWRV FRQ DOWR HVWUpV SXHGHQ SHUFLELU PiV GLVFULPLQDFLyQ
%ODQN'DEDG\\&LWUR 
(Q WRGR FDVR OD GLVFULPLQDFLyQ SHUFLELGD SXHGH RSHUDU FRPR XQ PHFDQLVPR SURWHFWRU SRUTXH
LPSOLFD XQD DWULEXFLyQ GH FDXVDOLGDG H[WHUQD 3RU HMHPSOR XQ HVWXGLR PRVWUy TXH ODV PXMHUHV
DIURDPHULFDQDVTXHJXDUGDURQVLOHQFLRIUHQWHDOWUDWDPLHQWRLQMXVWRWXYLHURQXQDPD\RUSUREDELOLGDGGH
KLSHUWHQVLyQ TXH ODV PXMHUHV TXH DVXPLHURQ XQ URO PiV DFWLYR 9LQHV \ RWURV   3HUR SDUD
%UDQVFRPEH\(OOHPHUV  ODGLVFULPLQDFLyQVRFDYDHOVHQWLGRGHFRQWUROSXHVWRTXHODVSHUVRQDV
GLVFULPLQDGDV VLHQWHQ TXH QR SXHGHQ FRQWURODU ODV DFWLWXGHV GH ORV SHUSHWUDGRUHV 'HVGH OR HPStULFR
5\II .H\HV \ +XJKHV   VHxDODQ TXH OD HYLGHQFLD HPStULFD DSR\D OD QRFLyQ GH OD GLVFULPLQDFLyQ
SHUFLELGDFRPRXQHVWUHVRUVRORSDUDODVPXMHUHV\)LVKHU\6KDZ  UHSRUWDQTXHODUHODFLyQHQWUH
GLVFULPLQDFLyQSHUFLELGD\PDOHVWDUSVLFROyJLFRQRHVGLUHFWD
'RVGHORVLQVWUXPHQWRVPiVXWLOL]DGRVSDUDODPHGLFLyQGHODGLVFULPLQDFLyQSHUFLELGDVHJ~QOD
HWQLD\HOVH[RVRQHO&DOHQGDULRGH(YHQWRV5DFLVWDV 65(VLJODHQLQJOpV \HO&DOHQGDULRGH(YHQWRV
6H[LVWDV 66(VLJODHQLQJOpV  YpDVHHOFXDGUR (VWRVLQVWUXPHQWRVKDQVLGRVRPHWLGRVDGLVWLQWRV
HVWXGLRV VREUH VX YDOLGH] \ FRQILDELOLGDG FRQ SREODFLRQHV QRUWHDPHULFDQDV 3DUD HO 65( 'H %ODHUH \
0RUDGL  HQFRQWUDURQXQEXHQDMXVWHGHXQPRGHORXQLGLPHQVLRQDOGHPHGLGDDORVGDWRV &), 
  OR FXDO DSR\D OD H[LVWHQFLD GH XQ IDFWRU JOREDO GH UDFLVPR SHUFLELGR \ REVHUYDURQ TXH HO
LQVWUXPHQWR WXYR XQD DOWD FRQVLVWHQFLD LQWHUQD DOSKD   &RQ UHVSHFWR DO 66( HQ FDPELR VH KDQ
HQFRQWUDGRHVWUXFWXUDVPXOWLGLPHQVLRQDOHV 'H%ODHUH\0RUDGL 



 /RVSULPHURVHQIRTXHVVREUHODGLVFULPLQDFLyQODDQDOL]DURQFRPRXQIHQyPHQRLQWHQFLRQDO\H[SOtFLWR\VHDERFDURQDLGHQWLILFDUOD
VHFXHQFLD LQYROXFUDGD HQ HO FRPSRUWDPLHQWR QHJDWLYR KDFLD ORV PLHPEURV GH H[RJUXSRV DQWDJRQLVPR YHUEDO HYLWDFLyQ
VHJUHJDFLyQ DWDTXH ItVLFR \ H[WHUPLQLR  (Q OD DFWXDOLGDG OD GLVFULPLQDFLyQ HV YLVWD FRPR HQFXELHUWD LQFRQVFLHQWH DXWRPiWLFD \
DPELYDOHQWH

 QGLFH&RQILUPDWRULRGH$MXVWH/RVYDORUHVGHRPiVVRQFRQVLGHUDGRVDFHSWDEOHV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
3(5&(3&,21(6'(',6&5,0,1$&,16(*1/$(71,$<(/6(;2

&DOHQGDULRGHHYHQWRVUDFLVWDVD
(VWDPRV LQWHUHVDGRV HQ VX H[SHULHQFLD FRQ OD GLVFULPLQDFLyQ &XDQGR XVWHG UHVSRQGD ODV SUHJXQWDV GH DEDMR SRU
IDYRUSLHQVHVREUHVXYLGDHQWHUDGHVGHTXHXVWHGHUDQLxRKDVWDDKRUD3DUDFDGDSUHJXQWDPDUTXHFRQXQFtUFXOR
HOQ~PHURTXHPHMRUUHSUHVHQWHODVFRVDVTXHOHKDQVXFHGLGRDXVWHG5HVSRQGDFDGDSUHJXQWDV'269(&(6XQD
SHQVDQGRVREUHORTXHDXVWHGOHVXFHGLyHQHODxRSDVDGR\RWUDSHQVDQGRHQ&02+$6,'2689,'$(17(5$
8VH ORV VLJXLHQWHV Q~PHURV   6t HVWR QXQFD OH VXFHGLy   VL HVWR OH VXFHGLy PX\ UDUD YH] PHQRV GHO  GHO
WLHPSR   VLHVWROHVXFHGLyDOJXQDVYHFHV GHOWLHPSR   VtHVWROHVXFHGLyEDVWDQWHVYHFHV GHO
WLHPSR    Vt HVWR OH VXFHGLy OD PD\RU SDUWH GHO WLHPSR  GHO WLHPSR    Vt HVWR OH VXFHGLy FDVL WRGR HO
WLHPSR PiVGHOGHOWLHPSR 
 &XiQWDVYHFHVIXHWUDWDGRLQMXVWDPHQWHSRUVXVSURIHVRUHVDFDXVDGHTXHXVWHGHV PLQRUtDUDFLDORpWQLFD "
 &XiQWDVYHFHVIXHWUDWDGRLQMXVWDPHQWHSRUVXVHPSOHDGRUHVMHIHVRVXSHUYLVRUHVDFDXVDGHTXHXVWHGHV"
 &XiQWDV YHFHV IXH WUDWDGR LQMXVWDPHQWH SRU VXV FRPSDxHURV GH WUDEDMR FROHJDV R FRPSDxHURV GH HVFXHOD R
XQLYHUVLGDGDFDXVDGHTXHXVWHGHV"
 &XiQWDVYHFHVIXHWUDWDGRLQMXVWDPHQWHSRURWURVHQORFDOHVFRPHUFLDOHVUHVWDXUDQWHVREDQFRVDFDXVDGHTXH
XVWHGHV"
 &XiQWDVYHFHVIXHWUDWDGRLQMXVWDPHQWHSRUSHUVRQDVTXH8GQRFRQRFtDDFDXVDGHTXHXVWHGHV"
 &XiQWDV YHFHV IXH WUDWDGR LQMXVWDPHQWH SRU SHUVRQDV TXH WUDEDMDQ HQ VHUYLFLRV GH DVLVWHQFLD VRFLDO \ GH VDOXG
GRFWRUHVHQIHUPHUDVVLTXLDWUDVWUDEDMDGRUHVVRFLDOHVGHQWLVWDVWHUDSHXWDV DFDXVDGHTXHXVWHGHV"
 &XiQWDVYHFHVIXHWUDWDGRLQMXVWDPHQWHSRUYHFLQRVDFDXVDGHTXHXVWHGHV"
 &XiQWDV YHFHV IXH WUDWDGR LQMXVWDPHQWH SRU ODV LQVWLWXFLRQHV HVFXHODV XQLYHUVLGDGHV SROLFtD MX]JDGRV
PXQLFLSLRVPLQLVWHULRV DFDXVDGHTXHXVWHGHV"
 &XiQWDV YHFHV IXH WUDWDGR LQMXVWDPHQWH SRU SHUVRQDV TXH XVWHG SHQVy HUDQ VXV DPLJRV D FDXVD GH TXH XVWHG
HV"
&XiQWDVYHFHVIXHXVWHGDFXVDGRRSXHVWREDMRVRVSHFKDGHKDFHUDOJRHTXLYRFDGR UREDUHQJDxDUQRKDFHU
VXSDUWHGHOWUDEDMRRLQIULQJLUODOH\ DFDXVDGHTXHXVWHGHV"
&XiQWDVYHFHVODJHQWHQRFRPSUHQGLyVXVLQWHQFLRQHV\PRWLYDFLRQHVDFDXVDGHTXHXVWHGHV"
&XiQWDVYHFHVXVWHGTXLVRGHFLUOHDOJRDDOJXLHQSRUGLVFULPLQDUDORVSHURQRGLMRQDGD"
&XiQWDVYHFHVVHSXVRXVWHGIXULRVRSRUDOJRGLVFULPLQDWRULRTXHOHKLFLHURQDXVWHG"
&XiQWDV YHFHV VH YLR REOLJDGRD WRPDU DFFLRQHV GUiVWLFDV SUHVHQWDU XQD TXHMD R XQD GHPDQGD DEDQGRQDU VX
HPSOHRFDPELDUVHGHFDVD SRUDOJRGLVFULPLQDWRULRTXHOHKLFLHURQ"
&XiQWDVYHFHVOHSXVLHURQDXVWHGVREUHQRPEUHVRDSRGRVUDFLVWDVFRPRRDOJXQRVHPHMDQWH"
&XiQWDVYHFHVXVWHGVHPHWLyHQXQDGLVFXVLyQRHQXQDSHOHDSRUDOJRGLVFULPLQDWRULRTXHOHKLFLHURQDXVWHGRD
DOJXLHQPiV"
&XiQWDVYHFHVIXHXVWHGDPHQD]DGRRJROSHDGRDFDXVDGHTXHXVWHGHV"
&XiQGLIHUHQWHVHUtDVXYLGDDKRUDVtXVWHGQRKXELHUDVLGRWUDWDGRGHXQDIRUPDGLVFULPLQDWRULDDHLQMXVWDHQHO
DxRSDVDGR"
&XiQGLIHUHQWHVHUtDVXYLGDDKRUDVtXVWHGQRKXELHUDVLGRWUDWDGRGHXQDIRUPDGLVFULPLQDWRULDDHLQMXVWDHQVX
YLGDHQWHUD"
&DOHQGDULRVGHHYHQWRVVH[LVWDVE
3RU IDYRU SLHQVH VREUH VX YLGD FXDQGR XVWHG UHVSRQGD ODV SUHJXQWDV GH DEDMR 5HVSRQGD FDGD SUHJXQWDV '26
9(&(6XQDSHQVDQGRVREUH&02+$6,'2689,'$(17(5$\OXHJRSHQVDQGRHQORTXHOHVXFHGLyDXVWHGHQ
HO$f23$6$'26HOHFFLRQHODDOWHUQDWLYDTXHPHMRUGHVFULEDORVHYHQWRVHQVXYLGDHQWHUD\HQHODxRSDVDGR8VH
ORVVLJXLHQWHVQ~PHURV  6tHVWRQXQFDOHVXFHGLy  VLHVWROHVXFHGLyPX\UDUDYH] PHQRVGHOGHOWLHPSR 
 VLHVWROHVXFHGLyDOJXQDVYHFHV GHOWLHPSR   VtHVWROHVXFHGLyEDVWDQWHVYHFHV GHOWLHPSR 
 VtHVWROHVXFHGLyODPD\RUSDUWHGHOWLHPSR GHOWLHPSR   VtHVWROHVXFHGLyFDVLWRGRHOWLHPSR PiV
GHOGHOWLHPSR 
 &XiQWDVYHFHVIXHWUDWDGDLQMXVWDPHQWHSRUVXSDUHMDQRYLRHVSRVRXRWURKRPEUHLPSRUWDQWHHQVXYLGDDFDXVD
GHTXHXVWHGHVPXMHU"
 &XiQWDVYHFHVOHKLFLHURQLQVLQXDFLRQHVVH[XDOHVLQDSURSLDGDVDFDXVDGHTXHXVWHGHVPXMHU"
 &XiQWDVYHFHVIXHWUDWDGDLQMXVWDPHQWHSRUVXIDPLOLDDFDXVDGHTXHXVWHGHVPXMHU"
 &XiQWDV YHFHV VH OH QHJy D XVWHG XQ WUDEDMR XQ DVFHQVR XQ PHMRU VDODULR R FXDOTXLHU RWUD FRVD TXH XVWHG
PHUHFtDHQHOWUDEDMRDFDXVDGHTXHXVWHGHVPXMHU"
 &XiQWDVYHFHVODVSHUVRQDVQROHPRVWUDURQHOUHVSHWRTXH8GPHUHFHDFDXVDGHTXHXVWHGHVPXMHU"
 &XiQWDVYHFHVHVFXFKyDODVSHUVRQDVKDFLHQGREURPDVVH[LVWDVRFKLVWHVVH[XDOHVGHJUDGDQWHV"
)XHQWH(ODERUDFLyQ\WUDGXFFLyQSURSLDHQEDVHD/DQGULQH\.ORQRII  \.ORQRII\/DQGULQH  
D
2ULJLQDOPHQWHHOLQVWUXPHQWRFRQVLGHUDEDODGLVFULPLQDFLyQKDFLDODSREODFLyQDIURDPHULFDQD(QHVWHFDVRVHSUHVHQWD
DGDSWDGDSDUDODSREODFLyQPDSXFKH
E
 (Q HO &DOHQGDULR GH (YHQWRV 6H[LVWDV VH XWLOL]DQ ODV SUHJXQWDV   \  GHO &DOHQGDULR GH
(YHQWRV5DFLVWDVFRQODVDOYHGDGGHTXHVHUHHPSOD]DPDSXFKHSRUPXMHU


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

+D\ RWURV LQVWUXPHQWRV SDUD OD PHGLFLyQ GH OD GLVFULPLQDFLyQ SHUFLELGD TXH VH KDQ XWLOL]DGR
DPSOLDPHQWH HQ ORV SDtVHV GHVDUUROODGRV 8QR GH HOORV HV HO QGLFH GH (VWUpV UHODFLRQDGR FRQ OD 5D]D
,556SRUVXVLJODHQLQJOpV  8WVH\\3RQWHURWWR (VWHLQVWUXPHQWRFRQVLGHUDFRPRGLPHQVLRQHV
HOUDFLVPRLQGLYLGXDOHOFROHFWLYRHOLQVWLWXFLRQDO\HOFXOWXUDO1RREVWDQWHODFRPSOHWLWXGGHO,556\
ODVSURSLHGDGHVSVLFRPpWULFDVDFHSWDEOHVGHVXVVXEHVFDODV YpDVH6HDWRQ WLHQHHOSUREOHPDGH
VXJUDQH[WHQVLyQ tWHPHVHQVXIRUPDUHYLVDGD (QHOFXDGURVHSUHVHQWDQDOJXQRVLQVWUXPHQWRV
GH PHQRU WDPDxR ORV FXDOHV WLHQHQ OD YHQWDMD GH WRPDU PXFKR PHQRV WLHPSR HQ ODV UHVSXHVWDV \ SRU
WDQWRVRQPiVFRPSDWLEOHVFRQHQFXHVWDVPXOWLSURSyVLWRV
&8$'52
,1',&$'25(6'(',6&5,0,1$&,13(5&,%,'$

'LVFULPLQDFLyQSHUFLELGDHQORVVHUYLFLRVGHVDOXGSRUODVLWXDFLyQVRFLRHFRQyPLFDD
3RUIDYRULQGLTXHVXJUDGRGHDFXHUGRRGHVDFXHUGRFRQODVVLJXLHQWHVIUDVHV

 $FDXVDGHTXHVR\SREUHWHQJRXQDDWHQFLyQHQVDOXGTXHQDGLHPiVTXLVLHUDWHQHU
 (QORVVHUYLFLRVGHVDOXGQRVHPHSLGHODRSLQLyQSRUTXHVR\SREUH
 6L\RQRIXHUDSREUHPHWUDWDUtDQFRQPiVGLJQLGDG\UHVSHWR
 6R\YLJLODGRPiVGHFHUFDTXHRWURVSDFLHQWHVDFDXVDGHTXHVR\SREUH
 1RVR\FRQVLGHUDGRRWRPDGRHQFXHQWDSRUHOHTXLSRPpGLFRDFDXVDGHTXHVR\SREUH
3HUFHSFLyQGHGLVFULPLQDFLyQGHORVSDUHVE
&RQTXpIUHFXHQFLDFUHH8GTXHDODVSHUVRQDVGHVXEDUULRRYHFLQGDULR"

 /HVGDQORVSHRUHVWUDEDMRV
 1RVHOHVSLGHVXRSLQLyQ
 6HODVYLJLODPiVGHFHUFDTXHDODJHQWHGHRWURVEDUULRVRYHFLQGDULRV
 6HOHVSDJDQSHRUHVVDODULRV
 6HODVWUDWDPDODFDXVDGHOOXJDUGRQGHYLYHQ
 6HOHVFRORFDQDSRGRVGHJUDGDQWHVGHELGRDOOXJDUGRQGHYLYHQ
 6HODVGLVFULPLQDHQORVVHUYLFLRVGHVDOXG
 6RQPDOWUDWDGDVSRUODSROLFtD

(VFDODGHUHVSXHVWDV 1XQFD 3RFDVYHFHV 0XFKDVYHFHV &DVLVLHPSUHR6LHPSUH
3UHJXQWDVGHGLVFULPLQDFLyQSHUFLELGD

 (Q ORV ~OWLPRV  PHVHV KD VLGR 8G WUDWDGR GH XQD PDQHUD TXH 8G VLQWLy FRPR GLVFULPLQDWRULD" 1R
6tRFDVLRQDOPHQWH6tYDULDVYHFHV 
 4XLpQ OR WUDWy GH XQD PDQHUD TXH 8G VLQWLy FRPR GLVFULPLQDWRULD" SHUVRQDO GH VHUYLFLRV GH VDOXG
HVFXHODWUDEDMR RILFLQD GH FRORFDFLyQ ODERUDO VLVWHPD MXGLFLDO SROLFtD IXQFLRQDULR PXQLFLSDO RWUD RILFLQD GH
JRELHUQREDQFRSDULHQWHVFHUFDQRVDOJXQDSHUVRQDGHVFRQRFLGDHQXQOXJDUS~EOLFRRWUD 
 3RUTXp 8G IXH WUDWDGR GH HVD PDQHUD" DQWHFHGHQWHV pWQLFRV R UDFLDOHV JpQHUR RULHQWDFLyQ VH[XDO HGDG
GLVFDSDFLGDG UHOLJLyQ SUHIHUHQFLDV SROtWLFDV FRQGLFLyQ VRFLRHFRQyPLFD EDUULR R YHFLQGDULR GH UHVLGHQFLD RWUD
QRORVp 

)XHQWH(ODERUDFLyQSURSLDHQEDVHD9LQHV\RWURV  =DYDOHWD  \&KDNUDERUW\\RWURV  


D
 /D (VFDOD GH 5DFLVPR 3HUFLELGR IXH HODERUDGD SDUD HO GRPLQLR ODERUDO \ IXH SRVWHULRUPHQWH DGDSWDGD SDUD HO XVR GH
VHUYLFLRVGHVDOXGPHQWDO(QHVWHFDVRVHODSUHVHQWDDGDSWDGDSHQVDQGRHQODGLVFULPLQDFLyQUHODFLRQDGDFRQODVLWXDFLyQ
VRFLRHFRQyPLFDHQORVVHUYLFLRVGHVDOXGHQJHQHUDO
E
 $GDSWDFLyQ UHDOL]DGD SRU HO DXWRU GH OD HVFDOD GH SHUFHSFLyQ GH GLVFULPLQDFLyQ GH ORV DIURDPHULFDQRV GH 9LQHV \ RWURV
 (QOXJDUGHODVSHUVRQDVGHVXEDUULRSXHGHXVDUVHODVSHUVRQDVFRPR8G

/DV H[SHULHQFLDV GH GLVFULPLQDFLyQ SULQFLSDOPHQWH ODV UHODFLRQDGDV FRQ OD HWQLFLGDG \ HO VH[R
KDQ VLGR YLQFXODGDV D RWURV HVWDGRV DIHFWLYRV QHJDWLYRV FRPR HO SHVLPLVPR \ ORV VHQWLPLHQWRV GH
GHVHVSHUDQ]D 0\HUV\+ZDQJ9LQHV\RWURV (VWRVVHQWLPLHQWRVMXQWRDODVSHUFHSFLRQHV
GHVROHGDG\DLVODPLHQWRWDPELpQKDQVLGRFRQVLGHUDGRVFRUUHODWRVGHODSREUH]DHQGLVWLQWRVHVWXGLRV
HWQRJUiILFRV YpDVH SRU HMHPSOR 1DUD\DQ \ RWURV   6H KD REVHUYDGR XQD DVRFLDFLyQ HQWUH ORV
LQJUHVRVPRQHWDULRV\ORVVHQWLPLHQWRVGHDLVODPLHQWR 6WHZDUW\RWURV $VXYH]HQXQDPXHVWUD


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

GHHVWXGLDQWHVDGROHVFHQWHVGHSDtVHVGHOVXGHVWHDVLiWLFR 7DLSHL)LOLSLQDV\7DLODQGLD ODLQFOXVLyQGH


ODVROHGDGFRPRFRQWUROHVWDGtVWLFRGHELOLWyODDVRFLDFLyQHQWUHODGHVHVSHUDQ]D\ORVLQWHQWRVGHVXLFLGLR
3DJH\RWURV 
/D(VFDODGH'HVHVSHUDQ]DGH%HFN\RWURV  HVXQRGHORVLQVWUXPHQWRVPiVXVDGRVSDUDOD
PHGLFLyQGHODVH[SHFWDWLYDVQHJDWLYDVVREUHHOIXWXUR YpDVHHOFXDGUR 6HKDREWHQLGRHYLGHQFLDGH
VX YDOLGH] SUHGLFWLYD GH GHSUHVLyQ H LGHDFLRQHV VXLFLGDV \ SUHVHQWD XQD DOWD FRQVLVWHQFLD LQWHUQD \
HVWDELOLGDGDORODUJRGHOWLHPSR(VWHLQVWUXPHQWRKDVLGRHPSOHDGRFRQSREODFLRQHVODWLQRDPHULFDQDV
XQLYHUVLWDULRVGH9HQH]XHOD GRQGHVHKDQREVHUYDGRDVRFLDFLRQHVHQWUHODGHVHVSHUDQ]DHLQGLFDGRUHV
GHELHQHVWDUHXGDPyQLFRFRPRHOVHQWLGRGHODYLGD *DUFtD*DOOHJR\3pUH] 
3DUD OD PHGLFLyQ GH OD VROHGDG VH FXHQWD FRQ OD (VFDOD GH OD 8&/$ YHUVLyQ   OD FXDO WLHQH
HYLGHQFLDGHDSR\RHQFXDQWRDVXHVWDELOLGDGFRQVLVWHQFLDLQWHUQD\YDOLGH]REWHQLGDFRQPXHVWUDVGH
HVWXGLDQWHVXQLYHUVLWDULRVHQIHUPHUDVSURIHVRUHV\DGXOWRVPD\RUHVHQ(VWDGRV8QLGRV(QFXDQWRDOD
ILDELOLGDGVHREWXYRXQDFRUUHODFLyQWHVWUHWHVWGH\FRHILFLHQWHVDOSKDHQXQUDQJRGHD
&RQUHVSHFWRDODYDOLGH]VHYHULILFDURQFRUUHODFLRQHVFRQRWUDVPHGLGDVGHVROHGDG\FRQLQGLFDGRUHVGH
ELHQHVWDUSVLFROyJLFR\GHVDOXGItVLFD 5XVVHOO 
&8$'52
/$0(',&,1'(/266(17,0,(1726'('(6(63(5$1=$<62/('$'

(VFDODGHODGHVHVSHUDQ]DGH%HFND
 9HRHOIXWXURFRQHVSHUDQ]D\HQWXVLDVPR
 1RKD\QDGDTXH\RSXHGDKDFHUSDUDPHMRUDUODVFRVDV
 &XDQGRODVFRVDVHVWiQ\HQGRPDOVpTXHQRVHJXLUiQDVtSDUDVLHPSUH
 7HQJRWLHPSRVXILFLHQWHSDUDKDFHUODVFRVDVTXHTXLHURKDFHU
 (QHOIXWXURHVSHURWHQHUp[LWRHQODVFRVDVTXHPiVPHLPSRUWDQ
 (OIXWXURVHYHRVFXURSDUDPt
 &XDQGRSLHQVRHQHOIXWXURHVSHURVHUPiVIHOL]TXHDKRUD
 7HQJRXQDJUDQIHHQHOIXWXUR
 (OIXWXURPHSDUHFHYDJRHLQFLHUWR
(VSHURPiVWLHPSRVEXHQRVTXHPDORVHQHOIXWXUR
1RSXHGRLPDJLQDUFyPRVHUiPLYLGDHQDxRV
7HQJRPXFKDVXHUWH\HVSHURWHQHUPiVGHODVEXHQDVFRVDVGHODYLGDTXHODVSHUVRQDVSURPHGLR
0LVH[SHULHQFLDVSDVDGDVPHKDQSUHSDUDGRELHQSDUDHOIXWXUR
7RGRORTXHSXHGRYHUSDUDPLIXWXURHVPiVGHVDJUDGDEOHTXHDJUDGDEOH
1RFUHRTXHWHQGUpORTXHUHDOPHQWHTXLHUR
/DVFRVDVQRVHVROXFLRQDUiQGHODPDQHUDHQTXH\RTXLHUR
1XQFDREWHQJRORTXHTXLHURSRUORTXHHVWRQWRHVSHUDUDOJR
(VPX\SRFRSRVLEOHTXH\RWHQJDDOJXQDVDWLVIDFFLyQGHYHUGDGHQHOIXWXUR
1RWLHQHVHQWLGRGHTXHWUDWHGHORJUDUDOJRSRUTXHSRVLEOHPHQWHQRORORJUDUp
(VFDODGHVROHGDGGHOD8&/$YHUVLyQ SUHJXQWDVVHOHFFLRQDGDV 
&RQTXpIUHFXHQFLDXVWHG QXQFD SRFDVYHFHV DOJXQDVYHFHV VLHPSUH
6HVLHQWHHQVLQWRQtDFRQODV    
SHUVRQDVTXHHVWiQFRQXVWHG"
6HVLHQWHVROR"    
6HVLHQWHSDUWHGHXQJUXSRGH    
DPLJRV"
6LHQWHTXHWLHQHXQPRQWyQGHFRVDV    
HQFRP~QFRQODVSHUVRQDVTXHHVWiQ
FRQXVWHG"
1RVHVLHQWHFHUFDQDDQLQJXQD    
SHUVRQD"
FRQWLQ~D 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQFOXVLyQ 

&RQTXpIUHFXHQFLDXVWHG QXQFD SRFDVYHFHV DOJXQDVYHFHV VLHPSUH


6LHQWHTXHVXVLQWHUHVHVHLGHDVQR    
VRQFRPSDUWLGRVSRUODVSHUVRQDVTXH
HVWiQFRQ8G"
6HVLHQWHFHUFDQRDODVGHPiV    
SHUVRQDV"
6HVLHQWHH[FOXLGR"    
6LHQWHTXHQDGLHORFRQRFHUHDOPHQWH    
ELHQ"
6HVLHQWHDLVODGRGHORVGHPiV"    
6LHQWHTXHKD\SHUVRQDVTXH    
UHDOPHQWHORFRPSUHQGHQ"
6HVLHQWHWtPLGR"    
6LHQWHTXHODVSHUVRQDVHVWiQ    
DOUHGHGRUVX\RSHURQRFRQ8G"
6LHQWHTXHKD\SHUVRQDVFRQTXLHQHV    
8GSXHGHKDEODU"
6LHQWHTXHKD\SHUVRQDVHQODV    
FXDOHV8GSXHGHFRQILDU"

)XHQWH([WUDtGRGH5XVVHOO  \%HFN\RWURV  WUDGXFFLyQSURSLD


D
(VFDODGHUHVSXHVWDGLFRWyPLFD9HUGDGHUR)DOVRGHFX\DVXPDVHREWLHQHODSXQWXDFLyQWRWDO

' (ODSR\RVRFLDO
(OQ~FOHRFRP~QGHODVPHGLGDVTXHVHSUHVHQWDQHQHVWHDSDUWDGRVHHQFXHQWUDHQODVSHUFHSFLRQHVGH
ODVSHUVRQDVFRQUHVSHFWRDODFDOLGDGGHORVYtQFXORV\UHODFLRQHVVRFLDOHVTXHVRVWLHQHQFRQRWURVVHDQ
HVWRV SHUVRQDV FHUFDQDV R UHSUHVHQWDQWHV GH LQVWLWXFLRQHV HQ XQ VHQWLGR PiV JHQHUDO HQ WDQWR UHFXUVRV
TXHSXHGHQVHUXWLOL]DGRVSDUDDIURQWDUHYHQWRVQHJDWLYRVRSDUDPHMRUDUODVFRQGLFLRQHVGHYLGD
(QODGpFDGDSDVDGDFREUyLPSRUWDQFLDHOFRQFHSWRGHFDSLWDOVRFLDOPHGLDQWHHOFXDOVHVXEUD\y
HOSDSHOGHODFRQILDQ]D\ODUHFLSURFLGDGHQODUHGXFFLyQGHODSREUH]DODSURPRFLyQGHOGHVDUUROOR\HO
FUHFLPLHQWRHFRQyPLFR(OFDSLWDOVRFLDOHVHODJUHJDGRGHUHFXUVRVYLQFXODGRVDODSRVHVLyQGHXQDUHG
GXUDEOH GH UHODFLRQHV LQVWLWXFLRQDOL]DGDV EDVDGDV HQ OD PHPEUHVtD JUXSDO %RXUGLHX   6XSRQH
UHODFLRQHVVRFLDOHVTXHGHILQHQREOLJDFLRQHVVHQWLGDVVXEMHWLYDPHQWH\VXH[LVWHQFLDVHSXHGHFRQVWDWDU
HQODFRQILDQ]DODVQRUPDV\ODVUHODFLRQHVGHDXWRULGDGHQHOJUXSR &ROHPDQ 
8QDGHODVKLSyWHVLVTXHIXQGDPHQWyODDSOLFDFLyQGHOFRQFHSWRGHFDSLWDOVRFLDODODQiOLVLVGHODV
FRQGLFLRQHVGHYLGDHVTXHODIUDFWXUDGHORVOD]RVVRFLDOHVFRQWULEXLUtDDODUHSURGXFFLyQGHODSREUH]D\
ODYXOQHUDELOLGDG6LQHPEDUJRGLVWLQWRVWLSRVGHFDSLWDOVRFLDOSXHGHQFRQGXFLUDGLIHUHQWHVUHVXOWDGRV
GHELHQHVWDU*UDQRYHWWHU  HPSOHyODIUDVHGHODIRUWDOH]DGHORVYtQFXORVGpELOHVSDUDLOXVWUDU
TXH ORV OD]RV QR WDQ ILUPHV HQWUH ORV PLHPEURV GH XQD FRPXQLGDG SREUH MXQWR FRQ OD H[LVWHQFLD GH
YtQFXORVFRQLQWHJUDQWHVGHJUXSRVPHMRUVLWXDGRVVHUtDQPiVHILFDFHVSDUDPHMRUDUODVFRQGLFLRQHVGH
YLGD(VWH~OWLPRWLSRGHFDSLWDOVRFLDOKDVLGRGHQRPLQDGRFRPRGHHVFDOHUD
(OFRQFHSWRGHUHGHVGHDSR\RVRFLDOVHUHODFLRQDHVWUHFKDPHQWHFRQODQRFLyQGHFDSLWDOVRFLDO
(VWDVKDQVLGRDQDOL]DGDVFRPRPRGHUDGRUHVGHORVHIHFWRVQHJDWLYRVGHHVWUHVRUHVHQHOELHQHVWDU\OD
VDOXG PHQWDO (Q OR TXH UHILHUH D ODV FRQGLFLRQHV GH YLGD HVWDV UHGHV SXHGHQ VHU IXQGDPHQWDOHV HQ HO
HQIUHQWDPLHQWRGHFULVLVHQHOKRJDUHVSHFLDOPHQWHSDUDORVJUXSRVPiVYXOQHUDEOHV DGXOWRVPD\RUHV
GLVFDSDFLWDGRVItVLFRV\PHQWDOHV QRFXELHUWRVSRUODSURWHFFLyQVRFLDOIRUPDO &(3$/ 



 6H SXHGHQ HQFRQWUDU GLVWLQWDV KHUUDPLHQWDV SDUD PHGLU HO FDSLWDO VRFLDO HQ KWWSZHEZRUOGEDQNRUJ:%6,7((;7(51$/
723,&6(;762&,$/'(9(/230(17(;7762&,$/&$3,7$/FRQWHQW0'.aPHQX3.aSDJH3.a
SL3.aWKH6LWH3.KWPO


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

$VtORVLQVWUXPHQWRVGHPHGLGDGHODSR\RVRFLDO ODFDOLGDG\FDQWLGDGGHDSR\RRD\XGDTXHOD
SHUVRQDREWLHQHGHODVGHPiVSHUVRQDV VHXELFDQHQXQDWUDGLFLyQHQODFXDOVHFRQVLGHUDQORVSURFHVRV
GH LQWHUDFFLyQ PHGLDQWH ORV FXDOHV VH DFFHGH D UHFXUVRV HPRFLRQDOHV LQVWUXPHQWDOHV R HFRQyPLFRV
&RPR LQGLFDQ )RUEHV \ 5RJHU   HO DSR\R VRFLDO QR HV XQLWDULR R JOREDO HQ UHDOLGDG HV
PXOWLGLPHQVLRQDO\KHWHURJpQHR
/RVDQiOLVLVREMHWLYRVGHOFDSLWDO\ODVUHGHVVRFLDOHVVHKDQFHQWUDGRHQODFDUDFWHUL]DFLyQGHOD
HVWUXFWXUD GH ORV JUXSRV IDPLOLDV YHFLQGDULRV FRPXQLGDGHV  LQFOX\HQGR OD IXHU]D OD GLVWDQFLD \ OD
GHQVLGDG GH ORV YtQFXORV LQWHUSHUVRQDOHV 6LQ HPEDUJR HVWRV LQGLFDGRUHV VRODPHQWH GHVFULEHQ OD
FRQILJXUDFLyQ GH ORV JUXSRV \ PXFKDV YHFHV FDUHFHQ GH VHQWLGR VL HV TXH QR VRQ XWLOL]DGRV MXQWR D
PHGLGDV GHO DSR\R SHUFLELGR &(3$/   &RPXQLGDGHV VRFLDOHV FDUDFWHUL]DGDV SRU OD]RV PX\
IXHUWHV FHUFDQRV \ GHQVRV SXHGHQ GDU OXJDU D IRUPDV QHJDWLYDV GH FDSLWDO VRFLDO \ FRKHVLyQ TXH PiV
ELHQWLHQGHQDODUHSURGXFFLyQGHODSREUH]D\ODH[FOXVLyQVRFLDO .DEHHU 
$ SHVDU GH OD UHOHYDQFLD GHORV FRQFHSWRV GH FDSLWDO \ UHGHV VRFLDOHV HQ HO GLVFXUVRGH SROtWLFDV
S~EOLFDV\VRFLDOHVHQODDFWXDOLGDGQRVHFXHQWDFRQLQGLFDGRUHVSXEOLFDGRVTXHSHUPLWDQPRQLWRUHDUOD
FDOLGDGSHUFLELGDGHODVUHGHVGHDSR\RVRFLDOLQIRUPDOSDUDODPD\RUtDGHORVSDtVHVGHODUHJLyQ1R
REVWDQWHKD\XQDDPSOLDYDULHGDGGHPHGLGDVGHODSR\RVRFLDOTXHSRGUtDQVHUDGDSWDGDV\HPSOHDGDV
HQHOFRQWH[WRODWLQRDPHULFDQRHQWUHORVFXDOHVVHFXHQWDQOD(VFDOD2VOROD(VFDOD0XOWLGLPHQVLRQDO
GH$SR\R6RFLDO3HUFLELGROD(VFDOD026666\OD(VFDODGH$SR\R6RFLDO%HUOtQ
/D(VFDOD2VORHVXQDPHGLGDGHODSR\RVRFLDOSHUFLELGRXWLOL]DGDHQHVWXGLRVHXURSHRVFX\D
JUDQYHQWDMDHVTXHWLHQHtWHPV(VWHLQVWUXPHQWRIXHFRQVWUXLGRDSDUWLUGHODQiOLVLVGHXQDPXHVWUDGH
DGXOWRVXUEDQRVGH1RUXHJD,QLFLDOPHQWHVHHPSOHDURQSUHJXQWDVTXHFXEULHURQODVUHODFLRQHV
VRFLDOHV HQ iPELWRV FRPR OD IDPLOLD ORV DPLJRV \ HO YHFLQGDULR 6H XWLOL]y FRPR FULWHULR SDUD OD
VHOHFFLyQ GH ORV tWHPHV OD FDSDFLGDG H[SOLFDWLYD GH pVWRV VREUH XQD PHGLGD GH SUREOHPDV GH VDOXG
PHQWDO$SDUWLUGHXQDUHJUHVLyQOLQHDOP~OWLSOH2/6VHVHOHFFLRQDURQORVtWHPVTXHPiVVHDVRFLDURQ
FRQORVSUREOHPDVGHVDOXGPHQWDO 'DOJDUG\RWURV 
8QLQVWUXPHQWRPXFKRPiVH[WHQVRTXHOD2VORHVOD(VFDODGH$SR\R6RFLDO%HUOtQ 6FKXO]\
6FKZDU]HU   (VWH LQVWUXPHQWR VH FRQVWUX\y HQ EDVH D XQD DSUR[LPDFLyQ PXOWLGLPHQVLRQDO \
FRQWLHQH  VXEHVFDODV DSR\R SHUFLELGR UHFLELGR SURSRUFLRQDGR QHFHVLGDG GH DSR\R E~VTXHGD GH
DSR\R\SURWHFWLYHEXIIHULQJ3RUUD]RQHVGHHVSDFLRHQHOFXDGURVHH[SRQHQORVtWHPVSDUDDOJXQDV
GHVXVGLPHQVLRQHVODVPiVSHUWLQHQWHVSDUDODPHGLFLyQGHODSR\RVRFLDO
&8$'52
,167580(17263$5$/$0(',&,1'(/$32<262&,$/

(VFDOD2VORD
 &XiQ IiFLO VHUtD SDUD 8G REWHQHU D\XGD GH ORV YHFLQRV VL 8G OOHJDUD D QHFHVLWDUOD" PX\ IiFLO IiFLO GLItFLO PX\
GLItFLO 
 &XiQWDVSHUVRQDVVRQWDQFHUFDQDVD8GTXHSRGUtDFRQWDUFRQHOORVVLWXYLHUDSUREOHPDVVHULRV" QLQJXQD
 
 &XiQWDJHQWHVHSUHRFXSDUHDOPHQWHGHFyPROHHVWi\HQGRD8G" PXFKDDOJXQDQRVDEHSRFDQLQJXQD 
(VFDODPXOWLGLPHQVLRQDOGHDSR\RVRFLDOSHUFLELGRE
6XEHVFDODIDPLOLD
 0LIDPLOLDUHDOPHQWHWUDWDGHD\XGDUPH
 2EWHQJRODD\XGDHPRFLRQDO\HODSR\RTXHQHFHVLWRGHPLIDPLOLD
 3XHGRKDEODUGHPLVSUREOHPDVFRQPLIDPLOLD
 0LIDPLOLDPHD\XGDDWRPDUGHFLVLRQHV
6XEHVFDODDPLJRV
 0LVDPLJRVUHDOPHQWHWUDWDQGHD\XGDUPH
 3XHGRFRQWDUFRQPLVDPLJRVFXDQGRODVFRVDVHVWiQVDOLHQGRPDO
 7HQJRDPLJRVFRQTXLHQHVSXHGRFRPSDUWLUPLVDOHJUtDV\WULVWH]DV
 3XHGRKDEODUGHPLVSUREOHPDVFRQPLVDPLJRV
FRQWLQ~D 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQFOXVLyQ 

6XEHVFDODRWURVVLJQLILFDWLYRV
 +D\DOJXLHQTXHHVWiFHUFDFXDQGRWHQJRDOJXQDQHFHVLGDG
 +D\DOJXLHQHVSHFLDOFRQTXLpQSXHGRFRPSDUWLUPLVDOHJUtDV\WULVWH]DV
 7HQJRXQDSHUVRQDHVSHFLDOTXHHVXQDYHUGDGHUDIXHQWHGHFRQVXHORSDUDPt
 +D\DOJXLHQHVSHFLDOHQPLYLGDTXHVHSUHRFXSDGHPLVVHQWLPLHQWRV
(VFDODGHDSR\RVRFLDO0RVVFSUHJXQWDVVHOHFFLRQDGDV
&XiQWRVDPLJRV\SHUVRQDVFHUFDQDVWLHQHXVWHG" SHUVRQDVFRQODVFXDOHVXVWHGVHVLHQWHDJXVWR\SXHGHKDEODU
VREUHODVFRVDVTXHXVWHGSLHQVD (VFULEDHOQ~PHURGHDPLJRV\SHUVRQDVFHUFDQDV
/DVSHUVRQDVDYHFHVEXVFDQDRWURVSDUDFRPSDxtDRDSR\R6LXVWHGORQHFHVLWyFRQTXHIUHFXHQFLDHVWXYR
GLVSRQLEOHFDGDXQRGHORVVLJXLHQWHVDSR\RVSDUDXVWHG"
$OJXLHQTXHORHVFXFKyFXDQGRXVWHGQHFHVLWyKDEODU
$OJXLHQTXHOHGLRXQEXHQFRQVHMRVREUHDOJXQDFULVLVRSUREOHPD
$OJXLHQTXHOHGHPRVWUyDPRU\DIHFWR
$OJXLHQFRQTXLHQSDVDUXQPRPHQWRDJUDGDEOH
$OJXLHQTXHOHGLRLQIRUPDFLyQTXHORD\XGyDFRPSUHQGHUDOJXQDVLWXDFLyQ
$OJXLHQHQTXLHQFRQILDURSDUDKDEODUVREUHXVWHGPLVPR\VXVSUREOHPDV
$OJXLHQTXHORDEUD]y
$OJXLHQTXHOHSUHSDUyODFRPLGDVLXVWHGQRSXGRKDFHUOR
$OJXLHQTXHOHGLRXQFRQVHMRTXHXVWHGUHDOPHQWHQHFHVLWDED
$OJXLHQFRQTXLHQKDFHUFRVDVSDUDROYLGDUSUREOHPDV
$OJXLHQTXHORD\XGyFRQORVTXHKDFHUHVGLDULRVVLXVWHGHVWXYRHQIHUPR
$OJXLHQFRQTXLHQFRPSDUWLUVXVWHPRUHV\SUHRFXSDFLRQHV
$OJXLHQTXHOHGLRVXJHUHQFLDVVREUHFyPRHQIUHQWDUXQSUREOHPDSHUVRQDO
$OJXLHQTXHHQWHQGLyVXVSUREOHPDV
$OJXLHQDTXLHQTXHUHU\TXHORKL]RVHQWLUVHTXHULGR
(VFDODGHDSR\RVRFLDO%HUOLQG
6XEHVFDODDSR\RHPRFLRQDOSHUFLELGR
+D\SHUVRQDVDODVTXHOHVUHVXOWRDJUDGDEOH
&DGDYH]TXHQRPHVLHQWRELHQRWUDVSHUVRQDVPHGHPXHVWUDQSUHRFXSDFLyQ
&DGDYH]TXHPHVLHQWRWULVWHKD\JHQWHTXHPHOHYDQWDHOiQLPR
6LHPSUHKD\DOJXLHQDOOtFXDQGRQHFHVLWRTXHPHUHFRQIRUWHQ
6XEHVFDODDSR\RLQVWUXPHQWDOSHUFLELGR
&RQR]FRDOJXQDJHQWHHQODTXHVLHPSUHSXHGRFRQILDU
&XDQGRHVWR\SUHRFXSDGRVLHPSUHKD\DOJXLHQTXHPHD\XGD
+D\JHQWHTXHPHRIUHFHD\XGDFXDQGRODQHFHVLWR
&XDQGRWRGRVHKDFHLQWROHUDEOHSDUDPLRWURVHVWiQDOOtSDUDD\XGDUPH
6XEHVFDODQHFHVLGDGGHDSR\R
&XDQGRHVWR\GHFDtGR D QHFHVLWRDOJXLHQSDUDOHYDQWDUPHHOiQLPR
3DUDPLHVLPSRUWDQWHWHQHUVLHPSUHDOJXLHQTXHPHHVFXFKH
$QWHVGHWRPDUXQDGHFLVLyQLPSRUWDQWHQHFHVLWRXQDVHJXQGDRSLQLyQ
0HODVDUUHJORPHMRUVLQQLQJXQDD\XGD
6XEHVFDODE~VTXHGDGHDSR\R
(QVLWXDFLRQHVFUtWLFDVSUHILHURDFXGLUDRWUDVSHUVRQDVSRUVXFRQVHMR
&XDQGRHVWR\GHFDtGR D EXVFRDDOJXLHQTXHPHGHiQLPR
&XDQGRHVWR\SUHRFXSDGR D PHDSUR[LPRDDOJXLHQSDUDKDEODU
6LQRVHFyPRPDQHMDUXQDVLWXDFLyQSUHJXQWRDRWURVTXHKDUtDQ
&DGDYH]TXHQHFHVLWRD\XGDODSLGR
)XHQWHV (ODERUDFLyQ SURSLD HQ EDVH D 'DOJDUG \ RWURV   &KHQJ \ &KDQ   'RQDOG \ 6WHZDUW   \
KWWSXVHUSDJHIXEHUOLQGHaKHDOWKVRFBHKWP
D
(QODIRUPDRULJLQDOGHSURFHVDPLHQWRGHODHVFDODVHFRQVWUX\HXQtQGLFHVXPDWRULRTXHYDUtDHQWUH8QSXQWDMH
GHHVDSR\RSREUHHVDSR\RPRGHUDGR\HVDSR\RIXHUWH
E
(VFDODGHUHVSXHVWDVGHDGHPX\HQGHVDFXHUGRDPX\GHDFXHUGR
F
(VFDODGHUHVSXHVWDV6LHPSUH0XFKDVYHFHV$OJXQDVYHFHV3RFDVYHFHV1XQFD
G
(VFDODGHUHVSXHVWDV)DOVD5DUDYH]YHUGDGHUR0RGHUDGDPHQWHYHUGDGHUR7RWDOPHQWHYHUGDGHUR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

/DPD\RUtDGHORVLQVWUXPHQWRVSUHVHQWDGRVHQHOFXDGURSURFXUDQFDSWDUODVGLIHUHQFLDVHQORV
UHFXUVRVGLVSRQLEOHVSDUDODVSHUVRQDV6LQHPEDUJRHQORV~OWLPRVDxRVVHKDSODQWHDGRTXHHODSR\R
VRFLDO PiV TXH HVWDU UHODFLRQDGR FRQ ODV FDUDFWHUtVWLFDV GHO DPELHQWH VH YLQFXOD FRQ ODV GLIHUHQFLDV
LQGLYLGXDOHV (VWR LPSOLFD TXH HO DSR\R VRFLDO SHUFLELGR SRGUtD FRQVLGHUDUVH XQD FDUDFWHUtVWLFD GH
SHUVRQDOLGDGHQVtPLVPD(QRWUDVSDODEUDVVHUtDODFDSDFLGDGTXHWLHQHHOLQGLYLGXRGHEXVFDU\XVDU
HO DSR\R VRFLDO HILFD]PHQWH DVt FRPR GH H[SUHVDU VXV HPRFLRQHV \ DXWRUHYHODUVH HQ XQD IRUPD
DGDSWDWLYDHQHOFRQWH[WRGHODVUHODFLRQHVLQWHUSHUVRQDOHV )RUEHV\5RJHU  
(QHVWDOtQHD)RUEHV\5RJHU  HODERUDURQHO&XHVWLRQDULRGH&RQILDQ]D,QWHUSHUVRQDO ,74
SRUVXVVLJODVHQLQJOpV (VWHLQVWUXPHQWRHQVXYHUVLyQRULJLQDOFXHQWDFRQFXDUHQWD\RFKRtWHPV\
PLGH OD FDSDFLGDG GH ORV LQGLYLGXRV SDUD XWLOL]DU FRQ HILFLHQFLD HO DSR\R VRFLDO HQ WUHV GLPHQVLRQHV
PLHGRDODUHYHODFLyQDIURQWDPLHQWRVRFLDOHLQWLPLGDGVRFLDO+HDOWK6FRWODQG  KDUHFRPHQGDGR
HVWHLQVWUXPHQWRWDQWRSRUVXVSURSLHGDGHVSVLFRPpWULFDVFRPRSRUVXYDOLGH]GHFRQWHQLGRDXQFXDQGR
ODH[WHQVLyQGHODHVFDODGLILFXOWDVXDSOLFDFLyQHQHOFRQWH[WRGHHVWXGLRVPXOWLSURSyVLWRV
/DYDOLGH]GHOD,74IXHUHFLHQWHPHQWHWHVWHDGDHQXQDPXHVWUDGHXQLYHUVLWDULRVGH&DUDFDV
9HQH]XHOD (Q GLFKR HVWXGLR VH REVHUYDURQ GRV GH ODV WUHV GLPHQVLRQHV SODQWHDGDV HQ HO FXHVWLRQDULR
RULJLQDO PLHGR D OD UHYHODFLyQ \ DIURQWDPLHQWR VRFLDO  \ VH REWXYLHURQ GDWRV TXH LQGLFDQ YDOLGH]
SUHGLFWLYDGHOLQVWUXPHQWR FRUUHODFLRQHVFRQLQGLFDGRUHVGHVDOXGItVLFD\PHQWDO /DVVXEHVFDODVGH
PLHGRDODUHYHODFLyQ\DIURQWDPLHQWRVRFLDOSUHVHQWDURQEXHQRVQLYHOHVGHFRQVLVWHQFLDLQWHUQD DOSKD
GH\UHVSHFWLYDPHQWH  *XDULQR\6RMR 
&8$'52
D
68%(6&$/$'($)5217$0,(17262&,$/  ,74 
9DORUHVHQFRHILFLHQWHVGHFRUUHODFLyQFRQHOIDFWRUGHDIURQWDPLHQWR 

,WHPV &RHILFLHQWHVGHFRUUHODFLyQ
$\XGDKDEODUVREUHXQSUREOHPDDXQFXDQGRVHDLPSRVLEOHOOHJDUD 
XQDVROXFLyQ
&XDQGRPHVLHQWRPROHVWRSRUDOJRVLHQWRODQHFHVLGDGGHKDEODUFRQ 
DOJXLHQDOUHVSHFWR
(VEXHQRKDEODUGHORVSUREOHPDV 
3DUDPtHVLPSRUWDQWHWHQHUDDOJXLHQTXHHVFXFKDUiPLVSUREOHPDV 
(QHOSDVDGRKHSRGLGRUHVROYHUORVSUREOHPDVPiVIiFLOPHQWHVLORVKH 
KDEODGRFRQDOJXLHQ 
0HVLHQWRPHMRUXQDYH]TXHKHKDEODGRFRQPLVDPLJRVGHPLV 
SUREOHPDV
(VEXHQRWHQHUDJHQWHTXHWHGpiQLPR 
+DEODUVREUHODVFRVDVD\XGDDHQIRFDUVHHQORVDVSHFWRVSRVLWLYRVGH 
ODVLWXDFLyQ
8QEXHQDPLJRHVDOJXLHQFRQHOTXHSXHGHVVHUKRQHVWR 
(VLPSRUWDQWHHVWDUDOOtSRUVLDOJXLHQWHQHFHVLWD 
(VLPSRUWDQWHWHQHUDDOJXLHQFRQTXLHQKDEODUGHODVFRVDV 
(VLPSRUWDQWHGDU\UHFLELUHQXQDDPLVWDG 
0HJXVWDVHQWLUTXHODJHQWHSXHGHFRQILDUHQPt 
8QEXHQDPLJRHVDOJXLHQFRPSUHQVLYR 
$OJXQDVSHUVRQDVQHFHVLWDQDDOJXLHQHQTXLHQFRQILDUSHUR\RSUHILHUR 
UHVROYHUPLVSURSLRVSUREOHPDV 
0HJXVWDKDEODUGHPLVSUREOHPDVSDUDVDFiUPHORVGHODFDEH]D 
3UHILHURFRQILDUHQDOJXLHQTXHVLHQWRPHFRQRFHELHQ 
0HJXVWDGLVFXWLUKDVWDORVSUREOHPDVPiVWULYLDOHVSDUDDVHJXUDUPH 
TXHHVWR\WRPDQGRGHFLVLRQHVVHQVDWDV

)XHQWH([WUDtGRGH*XDULQR\6RMR  
D
&DWHJRUtDVGHUHVSXHVWD0X\GHDFXHUGR'HDFXHUGR(QGHVDFXHUGR0X\HQGHVDFXHUGR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

/RVSODQWHDPLHQWRVGH)RUEHV\5RJHU  VLW~DQODFXHVWLyQGHODSR\RVRFLDOHQHOFDPSRGHO


IXQFLRQDPLHQWR SVLFROyJLFR SDUD DIURQWDU HO HVWUpV \ QR HQ HO GH OD PHGLFLyQ GH ORV UHFXUVRV
HIHFWLYDPHQWHGLVSRQLEOHVSDUDODVSHUVRQDV4XL]iVORPiVDSURSLDGRHVDVXPLUXQDSRVLFLyQLQWHUPHGLD
GHVGHODFXDOVHSRGUtDDILUPDUTXHODVPHGLGDVVXEMHWLYDVGHODSR\RVRFLDOFDSWDQDPERVHOHPHQWRVORV
UHFXUVRVGLVSRQLEOHVSDUDODVSHUVRQDV\ODFDSDFLGDGGHpVWDVSDUDEXVFDUORV\XVDUORVGHPRGRHILFD]
0iV DOOi GH ODV SUHFLVLRQHV FRQFHSWXDOHV ODV LGHDV GH )RUEHV \ 5RJHU   VRQ ~WLOHV HQ HO
DQiOLVLVGHORVIDFWRUHVVXEMHWLYRVTXHSRGUtDQLQFLGLUHQHODFFHVR\XWLOL]DFLyQGHODRIHUWDS~EOLFDGH
VHUYLFLRVVRFLDOHVHQORVSDtVHVGHODUHJLyQWHPDPX\UHOHYDQWHSDUDODVLQLFLDWLYDVTXHEXVFDQDPSOLDU
HODFFHVRDODSURWHFFLyQVRFLDOHQWUHORVPiVSREUHV\TXHFDVLQRKDVLGRH[SORUDGRHPStULFDPHQWHHQ
$PpULFD/DWLQD/DSURSHQVLyQDEXVFDUD\XGD\XVDUORVVHUYLFLRVSRGUtDVHUDQDOL]DGDHQVXYLQFXODFLyQ
FRQ HO HVWLJPD VRFLDO \ FRQ ORV VHQWLPLHQWRV QHJDWLYRV DVRFLDGRV D HVWH ~OWLPR OD KXPLOODFLyQ \
YHUJHQ]D 

( (OHPSRGHUDPLHQWR
(O WpUPLQR HPSRGHUDPLHQWR KD VLGR PX\ XWLOL]DGR HQ ORV GRFXPHQWRV RILFLDOHV GH ODV DJHQFLDV
LQWHUQDFLRQDOHV HVSHFLDOPHQWH HO %DQFR 0XQGLDO  HQ WHPDV GH SURPRFLyQ VRFLDO \ VXSHUDFLyQ GH OD
SREUH]D 3RU HMHPSOR HQ  HVWH FRQFHSWR IXH PHQFLRQDGR HQ ORV GRFXPHQWRV GH PiV GH 
SUR\HFWRVLQFOXLGRVHQHOSRUWDIROLRGHSUpVWDPRVGHO%DQFR0XQGLDO/RVREMHWLYRVGHHPSRGHUDPLHQWR
WDPELpQ KDQ VLGR HPSOHDGRV HQ ORV GRFXPHQWRV GH ODV HVWUDWHJLDV GH UHGXFFLyQ GH OD SREUH]D GH ODV
QDFLRQHV SDUWLFLSDQWHV HQ OD ,QLFLDWLYD  GH 3DtVHV 3REUHV $OWDPHQWH (QGHXGDGRV SURJUDPD LPSXOVDGR
SRUHO%DQFR0XQGLDO\HO)RQGR0RQHWDULR,QWHUQDFLRQDO $OVRS%HUWHOVHQ\+ROODQG 
8QR GH ORV DQWHFHGHQWHV GH OD LQVWDODFLyQ GHO FRQFHSWR GH HPSRGHUDPLHQWR HQ OD DJHQGD GH ODV
LQVWLWXFLRQHVLQWHUQDFLRQDOHVIXHODLQYHVWLJDFLyQ/D9R]GHORV3REUHV(QGLFKRHVWXGLRVHFRQFOX\y
TXHORVSREUHVGHGLVWLQWRVSDtVHVUHSRUWDEDQFRPRSDUWHGHVXVH[SHULHQFLDVGHSREUH]DVHQWLPLHQWRVGH
IDOWDGHYR]\GHSRGHU 1DUD\DQ\RWURV /DYLVXDOL]DFLyQGHODEDMDFDSDFLGDGGHLQIOXHQFLD\
QHJRFLDFLyQFRPRXQIDFWRUFUtWLFRSDUDODVSROtWLFDVDQWLSREUH]DVHFRPHQ]yDH[WHQGHUDRWURVJUXSRV
FRPRODVPXMHUHV\ODVPLQRUtDVpWQLFDV $OVRS%HUWHOVHQ\+ROODQG%DQFR0XQGLDO 
(OHPSRGHUDPLHQWRKDVLGRGHILQLGRGHPXFKDVIRUPDV3RUHMHPSORVHORKDHQWHQGLGRFRPROD
H[SDQVLyQGHODOLEHUWDGGHHOHFFLyQFRPRHOLQFUHPHQWRGHOFRQWUROVREUHORVUHFXUVRV\ODVGHFLVLRQHV
TXH LQFLGHQ HQ OD YLGD SHUVRQDO R HQ WDQWR OD DPSOLDFLyQ GH OD FDSDFLGDG GH DJHQFLD %DQFR 0XQGLDO
 ,EUDKLP \ $ONLUH   $OVRS %HUWHOVHQ \ +ROODQG   OR HQWLHQGHQ FRPR XQ SURFHVR GH
IRUWDOHFLPLHQWR GH OD FDSDFLGDG LQGLYLGXDO \R JUXSDO SDUD UHDOL]DU HOHFFLRQHV TXH FRQGX]FDQ D ORV
UHVXOWDGRVHVSHUDGRV7DPELpQKDVLGRGHILQLGRFRPRXQSURFHVRHQHOTXHODVSHUVRQDVRUJDQL]DFLRQHV
\FRPXQLGDGHVDGTXLHUHQFRQWUROVREUHORVSUREOHPDVTXHOHVSUHRFXSDQ\TXHVRQLPSRUWDQWHVSDUDVXV
YLGDV =LPPHUPDQ 
$OVRS%HUWHOVHQ\+ROODQG  SODQWHDQTXHKD\GRVIDFWRUHVTXHLQFLGHQHQODFDSDFLGDGGH
UHDOL]DU HOHFFLRQHV HIHFWLYDV (VWRV VRQ OD DJHQFLD \ OD HVWUXFWXUD GH RSRUWXQLGDGHV /D DJHQFLD HV OD
KDELOLGDG LQGLYLGXDO R JUXSDO SDUD UHDOL]DU HOHFFLRQHV RULHQWDGDV D FRQVHJXLU GHWHUPLQDGRV SURSyVLWRV
PLHQWUDV TXH OD HVWUXFWXUD GH RSRUWXQLGDGHV HV HO FRQWH[WR LQVWLWXFLRQDO GHQWUR GHO FXDO ORV DFWRUHV
RSHUDQ\TXHLQFLGHHQVXKDELOLGDGSDUDWUDQVIRUPDUODDJHQFLDHQDFFLyQ$VtHOFRQWH[WRLQVWLWXFLRQDO
GHILQLUtDODVUHJODVGHOMXHJRSDUDHOHMHUFLFLRGHODDJHQFLD'HVGHHVWDSHUVSHFWLYDODDJHQFLDQRHV
VLQyQLPR GH HPSRGHUDPLHQWR SXHVWR TXH DXQ FXDQGR ODV SHUVRQDV WHQJDQ OD FDSDFLGDG GH VHOHFFLRQDU


 /RTXHVtVHKDDQDOL]DGRHVODSUHGLVSRVLFLyQDXVDUORVVHUYLFLRVGHVDOXGItVLFD\HVSHFLDOPHQWHPHQWDO 0RUD5tRVH,WR6XJL\DPD
5D\*VHOO'XRQJ2KWVXND\2KWVXND \ODSURSHQVLyQDXVDUODPHGLFLQDFRQYHQFLRQDOHQWUHPLHPEURVGHHWQLDV
=RQGR   7DPELpQ KD\ EDVWDQWH OLWHUDWXUDFXDOLWDWLYDTXH DQDOL]D OD UHODFLyQ HO HVWLJPD \ HO XVR GH VHUYLFLRV HQ SREODFLRQHV
SREUHVGHSDtVHVDQJORVDMRQHV -DUUHWW'DYLGVRQ\.LQJ6PLWK0F&RUPDFN 1RVHSXHGHGHFLUORPLVPR
HQHOFDVRGHODLQYHVWLJDFLyQFXDQWLWDWLYD

 (Q XQD GHILQLFLyQ SROtWLFDPHQWH RULHQWDGD HO %DQFR 0XQGLDO   GHILQtD DO HPSRGHUDPLHQWR WHQLHQGR HQ SHUVSHFWLYD OD
LPSOHPHQWDFLyQ GH UHIRUPDV LQVWLWXFLRQDOHV SDUD H[SDQGLU ODV FDSDFLGDGHV GH ORV SREUHV SDUD QHJRFLDU FRQWURODU \ PDQWHQHU OD
UHVSRQVDELOLGDG\UHQGLFLyQGHFXHQWDVGHODVLQVWLWXFLRQHV/RVHOHPHQWRVFODYHVSDUDXQDUHIRUPDLQVWLWXFLRQDOHUDQD HODFFHVRD
ODLQIRUPDFLyQE ODLQFOXVLyQSDUWLFLSDFLyQF ODUHVSRQVDELOLGDG\ODUHQGLFLyQGHFXHQWDV\G ODFDSDFLGDGRUJDQL]DWLYDORFDO


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

RSFLRQHV SRGUtDQ QR VHU FDSDFHV GH XVDU OD DJHQFLD GH PRGR HIHFWLYR SRU ODV UHVWULFFLRQHV
LQVWLWXFLRQDOHV
(O HQIRTXH GH $OVRS %HUWHOVHQ \ +ROODQG   GLILHUH GH ORV SODQWHDPLHQWRV GH ,EUDKLP \
$ONLUH   HQ VX FRQVLGHUDFLyQ H[SOtFLWD GHO URO GH ODV UHJODV GHO MXHJR HQ HO PROGHDPLHQWR GH ODV
LQWHUDFFLRQHV KXPDQDV \ HVSHFLDOPHQWH GH ODV GHFLVLRQHV LQGLYLGXDOHV OR FXDO WLHQH LPSOLFDQFLDV SDUD
ODV H[SUHVLRQHV LQGLYLGXDOHV \ JUXSDOHV GH OD DJHQFLD $Vt HQ OD GLVFXVLyQ VREUH OD DJHQFLD VH GHEH
GLIHUHQFLDU HQWUH HOHFFLRQHVKDELWXDOHV \ UD]RQDGDV /DV HOHFFLRQHV KDELWXDOHV UHDOL]DGDV GHQWURGH
WUDGLFLRQHVQRQHFHVDULDPHQWHVHYLQFXODUiQDXQDPD\RUDJHQFLD $OVRS%HUWHOVHQ\+ROODQG 
(VWRFRORFDHQHOFHQWURODFXHVWLyQGHOSRGHU(O%DQFR0XQGLDO  LQGLFDEDTXHODIDOWDGH
SRGHU HVWi DQFODGD HQ OD QDWXUDOH]D GH ODV UHODFLRQHV LQVWLWXFLRQDOHV \ SRU WDQWR UHFRPHQGDED XQD
GHILQLFLyQ LQVWLWXFLRQDO GH HPSRGHUDPLHQWR (Q OD PLVPD OtQHD $OVRS %HUWHOVHQ \ +ROODQG  
VHxDODQTXHHQWDQWRFRQFHSWRUHODFLRQDOHOHPSRGHUDPLHQWRVLJQLILFDUHYHUWLUORVGHVEDODQFHVGHSRGHU
(VWRSRGUtDLPSOLFDUTXHHOHPSRGHUDPLHQWRHVXQMXHJRGHVXPDFHUR XQJUXSRJDQD\RWURSLHUGH <
DXQTXH HVWR QR VLHPSUH WLHQH TXH VHU DVt ODV LQLFLDWLYDV SDUD HPSRGHUDU D FLHUWRV JUXSRV SRGUtDQ
HQFRQWUDUUHVLVWHQFLDVGHELGRDTXHUHTXHULUtDQFDPELRVHQODVUHJODVGHOMXHJR
$VtHOHPSRGHUDPLHQWRYLVWRGHVGHXQDSHUVSHFWLYDLQVWLWXFLRQDOLQFOX\HORVSURFHVRVWHQGLHQWHV
D OD SURGXFFLyQ GH XQD DOWHUDFLyQ VLJQLILFDWLYD HQ HO EDODQFH GH SRGHU R HQ ODV UHJODV GHO MXHJR
LQVWLWXFLRQDO \ TXH IDYRUHFH D ORV H[FOXLGRV SREUHV DIURGHVFHQGLHQWHV LQGtJHQDV PLQRUtDV VH[XDOHV
GLVFDSDFLWDGRV HWF  (Q HVWi OyJLFD ORV LQGLFDGRUHV VXEMHWLYRV PiV UHOHYDQWHV GHEHUtDQ VHU ODV
SHUFHSFLRQHVUHODWLYDVDORVGHVEDODQFHVGHSRGHURDODVUHJODVGHOMXHJRLQVWLWXFLRQDOHV3RUHMHPSOR
HQHOiPELWRLQVWLWXFLRQDOGHODIDPLOLDLPSRUWDUtDQODVSHUFHSFLRQHVVREUHORVFDPELRVHQORVUROHVGH
JpQHURWUDGLFLRQDOHVDOLQWHULRUGHORVKRJDUHV
/DH[LVWHQFLDGHGLVWLQWRVFRQFHSWRVGHHPSRGHUDPLHQWRQRLPSLGHTXHKD\DFRQVHQVRHQTXHHVWH
VH H[SUHVD HQ GLVWLQWRV QLYHOHV \ GLPHQVLRQHV $Vt SRU HMHPSOR SDUD =LPPHUPDQ   HO
HPSRGHUDPLHQWR LQFOX\H FRPSRQHQWHV LQGLYLGXDOHV RUJDQL]DFLRQDOHV \ FRPXQLWDULRV ORV FXDOHV
UHTXLHUHQLQGLFDGRUHVGLIHUHQWHV3RUVXSDUWHHO%DQFR0XQGLDO  SODQWHDTXHHVWHFRQFHSWRHV
UHOHYDQWHWDQWRHQORVDVSHFWRVLQGLYLGXDOHV\FROHFWLYRV\DJUHJDTXHHOWpUPLQRSXHGHVHUXVDGRSDUD
FDUDFWHUL]DUUHODFLRQHVGHQWURGHORVKRJDUHVRHQWUHORVSREUHV\RWURVDFWRUHVDXQQLYHOPiVDPSOLR
8QD QRFLyQ HPSOHDGD HQ OD RSHUDFLRQDOL]DFLyQ GHO HPSRGHUDPLHQWR HV OD GH DFWLYRV $OVRS
%HUWHOVHQ \ +ROODQG   SODQWHDQ TXH OD FDSDFLGDG GH DJHQFLD VH UHODFLRQD HVWUHFKDPHQWH FRQ OD
GRWDFLyQ GH DFWLYRV R HO VWRFN GH UHFXUVRV TXH ORV DFWRUHV SXHGHQ HPSOHDU SDUD SURWHJHUVH GH ORV
FKRTXHV \ PHMRUDU VXV FRQGLFLRQHV GH YLGD (VWRV DXWRUHV DJUHJDQ TXH HQWUH ORV DFWLYRV TXH GHEHQ
PHGLUVH VH FXHQWDQ ORV UHFXUVRV SVLFROyJLFRV GH LQIRUPDFLyQ RUJDQL]DFLRQDOHV PDWHULDOHV VRFLDOHV
ILQDQFLHURV\KXPDQRV3RUVXSDUWHHO%DQFR0XQGLDO  SURSRQHTXHODVFDSDFLGDGHVKDELOLWDQD



 /DV LQVWLWXFLRQHV IRUPDOHV LQFOX\HQ ORV VHWV GH UHJODV ODV OH\HV \ PDUFRV UHJXODGRUHV TXH JRELHUQDQ OD RSHUDFLyQ GH ORV SURFHVRV
SROtWLFRV ORV VHUYLFLRV S~EOLFRV ODV RUJDQL]DFLRQHV SULYDGDV \ ORV PHUFDGRV /DV LQVWLWXFLRQHV LQIRUPDOHV LQFOX\HQ ODV UHJODV QR
RILFLDOHV TXH HVWUXFWXUDQ ORV LQFHQWLYRV \ JRELHUQDQ ODV UHODFLRQHV GHQWUR GH ODV RUJDQL]DFLRQHV FRPR ODV EXURFUDFLDV \ HPSUHVDV
FRPRELHQODVSUiFWLFDVFXOWXUDOHVLQIRUPDOHVORVVLVWHPDVGHYDORUHV\QRUPDVGHFRQGXFWDTXHRSHUDQHQORVKRJDUHVRHQWUHORV
JUXSRVVRFLDOHVRFRPXQLGDGHV $OVRS%HUWHOVHQ\+ROODQG 

 /DV FUHHQFLDV \ SUiFWLFDV FXOWXUDOHV HPHUJHQ FRPR DGDSWDFLRQHV D FLHUWDV FRQGLFLRQHV SHUR SXHGHQ SHUVLVWLU DXQ FXDQGR GLFKDV
FRQGLFLRQHV\DQRH[LVWDQ 'LHQHU\%LVZDV'LHQHU 

 1RREVWDQWHODVGHILQLFLRQHVGHGLFFLRQDULRKDFHQUHIHUHQFLDDXQDVXHUWHGHSRGHUDEVROXWRHQODOLWHUDWXUDHVSHFLDOL]DGDFDVLWRGRV
ORVHQIRTXHVVREUHHOSRGHUVRQUHODFLRQDOHV3RUHMHPSOR%DUUHWW6WRNKROP\%XUNH  LGHQWLILFDQORVVLJXLHQWHVFRQFHSWRV 
ODFDSDFLGDGGHHJRGHLPSRQHUVXYROXQWDGVREUHDOWHU ODSHUVSHFWLYD:HEHULDQD  HOFRQWUROVREUHORVFRQWH[WRVHQORVFXDOHVODV
SHUVRQDVLQWHUDFW~DQ HOSRGHUWiFWLFRXRUJDQL]DFLRQDO  HVWUXFWXUDOGRQGHHOSRGHURUJDQL]DORVDPELHQWHV\ HOLQKHUHQWHDXQ
LQGLYLGXRGRQGHODYROXQWDGGHSRGHUVHLGHQWLILFDFRQFXDOTXLHUIXHU]DTXHWLHQGHDVXDXWRDILUPDFLyQRDODYROXQWDGGHVHUPiV OD
YLVLyQGH1LHW]FKH 

 ,QWHQFLRQDOHVRQR

 (OHPSRGHUDPLHQWRRUJDQL]DFLRQDOLQFOX\HSURFHVRVTXHD DILDQ]DQODVKDELOLGDGHVGHORVSDUWLFLSDQWHVGHXQDRUJDQL]DFLyQSDUD
HIHFWXDUFDPELRVHQEHQHILFLRGHODFRPXQLGDG\E LQFUHPHQWDQODHIHFWLYLGDGRUJDQL]DFLRQDOSRUODH[SDQVLyQGHVXLQIOXHQFLD\R
PiV DFFHVR D UHFXUVRV (O HPSRGHUDPLHQWR FRPXQLWDULR UHILHUH D VLWXDFLRQHV HQ ODV FXDOHV D  ORV LQGLYLGXRV WUDEDMDQ RUJDQL]DGRV
SDUDPHMRUDUVXVFRQGLFLRQHVGHYLGD\E KD\YtQFXORVHQWUHODVRUJDQL]DFLRQHVGHODFRPXQLGDGTXHD\XGDQDPHMRUDUODFDOLGDGGH
YLGD =LPPHUPDQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

ODV SHUVRQDV SDUD XVDU VXV DFWLYRV SDUD LQFUHPHQWDU VX ELHQHVWDU H LQGLFD FRPR FDSDFLGDGHV VRFLDOHV
UHOHYDQWHVODSHUWHQHQFLDHOOLGHUD]JRODFRQILDQ]D\ODRUJDQL]DFLyQ
'H OR SODQWHDGR HQ HO SiUUDIR SUHYLR QR TXHGD FODUD OD PHGLGD HQ TXH DOJXQRV UHFXUVRV
SVLFROyJLFRV  VREUH WRGR ORV UDVJRV GH SHUVRQDOLGDG  SXHGDQ VHU YLVWRV FRPR DFWLYRV HQ XQ VHQWLGR
HVWULFWR 0iV DOOi GH ODV GLIHUHQFLDV HQWUH OD WHUPLQRORJtD HFRQyPLFD XQ DFWLYR WLHQH YDORU FRQWDEOH \
SXHGH VHU WUDQVIRUPDGR HQ FDSLWDO  \ OD SVLFROyJLFD WDPELpQ KD\ GLIHUHQFLDV HQWUH ORV UHFXUVRV
SVLFROyJLFRV \ VRFLDOHV 3RU HMHPSOR SDUD ORV SREUHV FRPR SDUD FXDOTXLHU RWUR JUXSR H[FOXLGR OD
RUJDQL]DFLyQ\FDSDFLGDGGHPRYLOL]DFLyQHVIXQGDPHQWDO\WDPELpQVHSRGUtDGHFLUTXHHORSWLPLVPR
3HUR HO RSWLPLVPR QR HV WUDQVDEOH D GLIHUHQFLD GH OD PRYLOL]DFLyQ VRFLDO XQD RUJDQL]DFLyQ SXHGH
EDMDUXQDPRYLOL]DFLyQDFDPELRGHODVDWLVIDFFLyQGHXQDSDUWHGHVXVGHPDQGDV 
'H FXDOTXLHU PRGR ORV UHFXUVRV SVLFROyJLFRV VRQ LPSRUWDQWHV \D VHD HQ HO iPELWR GH ODV
LQWHUYHQFLRQHV FRPR HQ OD PHGLFLyQ GH OD DJHQFLD R HO HPSRGHUDPLHQWR \ VLQ HPEDUJR QR KDQ VLGR
FRQVLGHUDGRV KDELWXDOPHQWH HQ ODV LQLFLDWLYDV GH GHVDUUROOR 3RU HMHPSOR ORV DFWRUHV SRGUtDQ UHTXHULU
PiV FRQFLHQFLD FUtWLFD VL HV TXH TXLHUHQ FRQYHUWLU VXV DFWLYRV HQ HOHFFLRQHV VREUH WRGR FXDQGR KDQ
DSUHQGLGRHQVXVFXOWXUDVGHUHIHUHQFLDGHTXHVXVLWXDFLyQGHIDOWDGHSRGHUHVWiELHQ\HVDGHFXDGD$
VX YH] ODV SHUVRQDV SRGUtDQ HIHFWXDU HOHFFLRQHV EDVDGDV HQ H[SHFWDWLYDV PX\ EDMDV ODV FXDOHV
PROGHDUtDQODIRUPDHQODVFXDOHVFRQFHELUtDQVXVRSFLRQHVGHYLGD $OVRS%HUWHOVHQ\+ROODQG 
(VWR OOHYD DO FRQFHSWR GH HPSRGHUDPLHQWR SVLFROyJLFR 3DUD 'LHQHU \ %LVZDV'LHQHU  
HVWH VHUtD XQD IDFHWD GHO ELHQHVWDU VXEMHWLYR SRU VX YLQFXODFLyQ HPStULFD FRQ LQGLFDGRUHV GH DIHFWR
SRVLWLYR 'HVGHHVWD SHUVSHFWLYD HO HPSRGHUDPLHQWR SVLFROyJLFR VHUtD OD FUHHQFLD GH ODV SHUVRQDV GH
TXHWLHQHQORVUHFXUVRVODHQHUJtD\ODFRPSHWHQFLDSDUDORJUDUPHWDV(VWRVDXWRUHVDJUHJDQTXHH[LVWHQ
GLVWLQWDVPDQLIHVWDFLRQHVGHOHPSRGHUDPLHQWRSVLFROyJLFRFRPRODSHUFHSFLyQGHFRQILDQ]DHQHOORJUR
GHPHWDV\ODHILFDFLDFROHFWLYDSHUFLELGD ODFUHHQFLDGHTXHVHSXHGHQDOFDQ]DUODVPHWDVJUXSDOHV 
3RUVXSDUWH=LPPHUPDQ  GHVDJUHJDHOHPSRGHUDPLHQWRSVLFROyJLFRHQWUHVGLPHQVLRQHV
D LQWUDSHUVRQDOE LQWHUDFFLRQDO\F FRQGXFWXDO/DGLPHQVLyQLQWUDSHUVRQDOUHILHUHDODIRUPDHQTXH
ODV SHUVRQDV SLHQVDQ VREUH Vt PLVPDV H LQFOX\H HO FRQWURO SHUFLELGR OD PRWLYDFLyQ GH FRQWURO \ OD
SHUFHSFLyQ GH HILFDFLD HVSHFtILFD DO GRPLQLR (O FRQWURO SHUFLELGR DOXGH D ODV FUHHQFLDV DFHUFD GH OD
FDSDFLGDG SHUVRQDO SDUD LQIOXLU HQ GLIHUHQWHV HVIHUDV GH OD YLGD OD IDPLOLD HO WUDEDMR ORV DVXQWRV
SROtWLFRV HWF  /D PRWLYDFLyQ GH FRQWURO HV OD IXHU]D TXH LPSHOH D ODV SHUVRQDV DHMHUFHU FRQWURO \ OD
FRPSHWHQFLDSHUVRQDOHVHOPLVPRFRQFHSWRH[SXHVWRSUHYLDPHQWH
(OFRPSRQHQWHLQWHUDFFLRQDOHVODFRPSUHQVLyQTXHODVSHUVRQDVWLHQHQVREUHVXFRPXQLGDG\ORV
WHPDVVRFLRSROtWLFRVUHODFLRQDGRVFRQHVWD+D\HPSRGHUDPLHQWRLQWHUDFFLRQDOFXDQGRORVVXMHWRVHVWiQ
FRQFLHQWHVGHODVDOWHUQDWLYDVGHDFFLyQTXHWLHQHQSDUDDOFDQ]DUVXVPHWDV =LPPHUPDQ (QHVWR
WLHQH UHOHYDQFLD OD FRQFLHQFLD FUtWLFD VREUH HO HQWRUQR TXH LQFOX\H OD FRPSUHQVLyQ GH ORV IDFWRUHV
FDXVDOHV GH ORV SUREOHPDV SDUD SDUWLFLSDU HQ VX UHVROXFLyQ HIHFWLYD /D FRQFLHQFLD FUtWLFD UHTXLHUH OD
LGHQWLILFDFLyQGHORVUHFXUVRVSDUDORJUDUXQDPHWDHOFRQRFLPLHQWRGHFyPRDFFHGHUDGLFKRVUHFXUVRV\
ODVKDELOLGDGHVSDUDJHVWLRQDUORV FRPRHOOLGHUD]JR 3RUVXSDUWHHOFRPSRQHQWHFRQGXFWXDOLQFOX\HODV
DFFLRQHV SDUD LQIOXLU HQ ORV UHVXOWDGRV GH ELHQHVWDU SRU HMHPSOR OD SDUWLFLSDFLyQ DFWLYD HQ
RUJDQL]DFLRQHVGHODFRPXQLGDG 
/DFRQFHSWXDOL]DFLyQGHOHPSRGHUDPLHQWRSVLFROyJLFRGH=LPPHUPDQ  HVWiEDVDGDHQ
XQ PDUFR GH DFFLyQ TXH LQFOX\H HO FDPELR HQ OD FRPXQLGDG \ HO GHVDUUROOR FROHFWLYR /XHJR HVWH
FRQVWUXFWRQRGHEHVHULQWHUSUHWDGRVRORFRPRIHQyPHQRLQWUDSVtTXLFR\QRSRGUtDVHUFRQVLGHUDGR
FRPRXQDIDFHWDGHOELHQHVWDUVXEMHWLYR(VWDFDUDFWHUtVWLFDOOHYDD=LPPHUPDQ  DH[FOXLUGH


 /RV IDFWRUHV TXH SUHGLVSRQHQ D ODV SHUVRQDV D ODV HPRFLRQHV SRVLWLYDV WDOHV FRPR ODV FDUDFWHUtVWLFDV GH SHUVRQDOLGDG FRPR OD
H[WUDYHUVLyQWDPELpQODVSUHGLVSRQGUiQDORSWLPLVPR 'LHQHV\%LVZDV'LHQHU 

 'LHQHU\%LVZDV'LHQHU  LQGLFDQTXHVHKDGHPRVWUDGRHQH[SHULPHQWRVTXHODVHPRFLRQHVSODFHQWHUDVWLHQHQFRQVHFXHQFLDV
FRPRODVRFLDELOLGDGODDXWRFRQILDQ]DHOOLGHUD]JRHOLQYROXFUDPLHQWRDFWLYRFRQHODPELHQWH\ODDXWRUHJXODFLyQ$VtORVHVWDGRV
GHiQLPRSRVLWLYRVSURGXFHQDOJRTXHSDUHFHVLPLODUDOHPSRGHUDPLHQWRSVLFROyJLFR

 +D\RWUDVGHILQLFLRQHVGHHPSRGHUDPLHQWRSVLFROyJLFR6SUHLW]HU  HQHOFDPSRGHODSVLFRORJtDODERUDOSURSRQH\PLGHFXDWUR
GLPHQVLRQHVGHOHPSRGHUDPLHQWRSVLFROyJLFRFRQUHVSHFWRDOUROODERUDOGHORVLQGLYLGXRVVLJQLILFDGRFRPSHWHQFLD DXWRHILFDFLD 
DXWRGHWHUPLQDFLyQHLPSDFWR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

HVWHFRQFHSWRDODDXWRHVWLPDSXHVWRTXHHVWDDXQFXDQGRSXHGHYLQFXODUVHDODHYDOXDFLyQTXHODV
SHUVRQDV UHDOL]DQ GH VX HQWRUQR KD VLGR FRQVLGHUDGD FRPR XQ UDVJR GH SHUVRQDOLGDG $VLPLVPR
HVWHDXWRUSODQWHDTXHODVDOXGPHQWDOHVWiUHODFLRQDGDFRQHOHPSRGHUDPLHQWRSVLFROyJLFRSHURHV
GLVWLQWDDpVWH
(Q VXPD OD IDOWD GH FODULGDG UHVSHFWR D OR TXH HV HO HPSRGHUDPLHQWR HQ JHQHUDO \ FRQ
UHODFLyQ D VX H[SUHVLyQ SVLFROyJLFD HQ SDUWLFXODU LQFLGH HQ OD DXVHQFLD GH FRQVHQVR VREUH ODV
PDQHUDVPiVDSURSLDGDVSDUDPHGLUOR(LQFOXVRVLVHRSWDSRUXQDHVWUDWHJLDDQDOtWLFDHVSHFtILFDVH
GHEHQ FRQVLGHUDU ODV SDUWLFXODULGDGHV GH FRQWH[WR HQ HO FXDO VH YHULILFD HO HPSRGHUDPLHQWR SRU
HMHPSORORVLQGLFDGRUHVPiVDGHFXDGRVQRVHUiQORVPLVPRVSDUDPXMHUHVGHIULFD6XE6DKDULDQD
TXH SDUD PXMHUHV ODWLQRDPHULFDQDV YpDVH HO FXDGUR   \ ODV GLIHUHQFLDV GHELGDV D ORV QLYHOHV \
GRPLQLRVREMHWRGHLQYHVWLJDFLyQ
&8$'52
/$65(*/$6'(/-8(*26(*1(/*e1(52$&7,78'(6+$&,$/$9,2/(1&,$
)6,&$&2175$/$08-(5
GHPXMHUHVGHDFXHUGRFRQODVIUDVHV 

6HMXVWLILFDTXHXQHVSRVRJROSHH 5HS~EOLFD 1LFDUDJXD


(WLRStD   %ROLYLD
DVXHVSRVD 'RPLQLFDQD    
3RUTXHPDUORVDOLPHQWRVROD    
FRPLGD
'LVFXWLUFRQpO    
6DOLUGHODFDVDVLQGHFLUOH    
'HVFXLGDUDORVQLxRV    
1HJDUVHDWHQHUUHODFLRQHV    
VH[XDOHV

)XHQWH(ODERUDFLyQSURSLDHQEDVHD$OVRS%HUWHOVHQ\+ROODQG  0LQLVWHULRGH6DOXG\'HSRUWHV,1(%ROLYLD  


&HQWUR GH (VWXGLRV 6RFLDOHV \ 'HPRJUiILFRV &(6'(0  \ 0DFUR ,QWHUQDWLRQDO ,QF   H ,QVWLWXWR 1DFLRQDO GH
(VWDGtVWLFDV\&HQVRVGH1LFDUDJXD ,1(&   

(QHOFDVRGHTXHVHWUDEDMHFRQXQDQRFLyQGHHPSRGHUDPLHQWRSVLFROyJLFRORUHFRPHQGDEOH
HV HO HPSOHR GH HVFDODV GH DXWRHILFDFLD DXWRQRPtD \ VHQWLGR GH FRQWURO SHUR HVSHFtILFDV D DOJ~Q
GRPLQLR SDUWLFXODU TXH GLJD UHODFLyQ FRQ OD VLWXDFLyQ GHO JUXSR TXH HV REMHWR GH DQiOLVLV SRU
HMHPSOR HQ HO FDVR GH ORV SREUHV OD SHUFHSFLyQ GH VX FDSDFLGDG SDUD VXSHUDU SREUH]D R HQ ODV
PXMHUHV OD SHUFHSFLyQ GHO VX QLYHO GH DXWRQRPtD HQ OD WRPD GH GHFLVLRQHV DO LQWHULRU GHO KRJDU 
3DUD WDOHV HIHFWRV SXHGH VHU ~WLO UHDOL]DU DGDSWDFLRQHV GH ODV HVFDODV SUHVHQWDGDV HQ VHFFLRQHV
DQWHULRUHVGHHVWHGRFXPHQWR




 8Q SURFHVR GH HPSRGHUDPLHQWR GH XQD SREODFLyQ FRQ XQD DOWD LQFLGHQFLD GH SUREOHPDV GH VDOXG PHQWDO \ TXH QR KD VLGR
VLVWHPDWL]DGDQLDQDOL]DGD WXYR OXJDU HQ &KLOH DOUHGHGRU GHO  (Q GLFKR DxR ORV KRPHOHVV GH 6DQWLDJR 9DOSDUDtVR \ RWUDV
FLXGDGHV UHDOL]DURQ DVDPEOHDV VH RUJDQL]DURQ \ PDUFKDURQ DO &RQJUHVR 1DFLRQDO GRQGH SODQWHDURQ VXV GHPDQGDV DQWH ORV
UHSUHVHQWDQWHV GHO SRGHU OHJLVODWLYR (VWH SURFHVR TXH QR KXELHUD VLGR SRVLEOH VLQ HO DSR\R GH YDULDV 21* JHQHUy XQD PD\RU
YLVLELOLGDG DQWH OD RSLQLyQ S~EOLFD GH ORV SUREOHPDV TXH DIHFWDQ D OD SREODFLyQ GH FDOOH H LQIOX\y HQ OD SRVWHULRU FUHDFLyQ GHO
SURJUDPDGHFDOOHHQHOPDUFRGHODUHGGHSURWHFFLyQ&KLOH6ROLGDULR

 3RUHMHPSORORVFDPELRVHQHOSRGHUHQWUHORVLQGLYLGXRVSXHGHQRFXUULUUiSLGDPHQWHDXQQLYHOPLFUR\OXHJRVHUEORTXHDGRVSRUOD
UHVLVWHQFLDLQVWLWXFLRQDOHQORVQLYHOHVLQWHUPHGLR\PDFUR/DVPXMHUHVTXLHQHVHVWiQVLHQGRFDGDYH]PiVFDSDFHVGHHMHUFHUVXV
GHUHFKRVVH[XDOHV\UHSURGXFWLYRVGHQWURGHOKRJDUSRGUtDQVHJXLUHQIUHQWDQGRXQDFDQWLGDGPX\OLPLWDGDGHRSFLRQHVGHHPSOHRHQ
HOPHUFDGRGHWUDEDMR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
/$65(*/$6'(/-8(*25(/$&,21$'$6&21(/*e1(52(1',67,17261,9(/(6
,1',&$'25(668%-(7,926
9DORUHVHQSRUFHQWDMHV 

5HS~EOLFD'RPLQLFDQD  
3DtVHVSUHJXQWDV
4XLQWLOLQIHULRU 4XLQWLOHV&XDUWRVXSHULRU
GHPXMHUHVTXHUHVSRQGHHQGHVDFXHUGR
/DVGHFLVLRQHVLPSRUWDQWHVHQHOKRJDUGHEHQVHUWRPDGDV  
SRUORVKRPEUHVGHODIDPLOLD
(OKRPEUHQRGHEHKDFHUORVTXHKDFHUHVGHOKRJDU  
1RVHGHEHSHUPLWLUTXHXQDPXMHUFDVDGDWUDEDMHIXHUDGH  
ODFDVD
/DHVSRVDQRWLHQHGHUHFKRDH[SUHVDUVXRSLQLyQVLQR  
HVWiGHDFXHUGR
8QDHVSRVDGHEHDJXDQWDUTXHVXHVSRVRFRPSDxHUROH  
SHJXHSDUDPDQWHQHUODIDPLOLDXQLGD
(VPHMRUTXHXQKLMRDOFDQFHXQPD\RUQLYHOHGXFDWLYRTXH  
XQDKLMD
GHPXMHUHVTXHUHVSRQGHVt
&RQVLGHUDXVWHGTXHWLHQHLJXDOGHUHFKRTXHORV  
KRPEUHV"
&UHHXVWHGTXHVHOHUHVSHWD\WRPDHQFXHQWDVX  
RSLQLyQ"
6HVLHQWHXVWHGOLEUHGHKDFHUORTXHTXLHUD"  
7LHQHXVWHGWLHPSRGHFRPSDUWLUFRQVXVDPLJDV\VDOLU  
MXQWDV"
6HVLHQWHXVWHGVRPHWLGDXRSULPLGDHQVXKRJDU"  
(VLPSRUWDQWHSDUDXVWHGWUDEDMDUIXHUDGHODFDVD"  
6HUtDLPSRUWDQWHSDUDXVWHGODSRVLELOLGDGGHWHQHUXQ  
SXHVWRGHUHVSRQVDELOLGDGHQHOWUDEDMR"
(VWiLQWHUHVDGDHQFXHVWLRQHVSROtWLFDV"  
%ROLYLDGHPXMHUHVTXHUHVSRQGHSULQFLSDOPHQWHODHQWUHYLVWDGD
3HUVRQDTXLpQGHFLGHFyPRVHJDVWDQORVLQJUHVRVGHOD  
HQWUHYLVWDGD

)XHQWH(ODERUDFLyQSURSLDHQEDVHD0LQLVWHULRGH6DOXG\'HSRUWHV,1(%ROLYLD  \&HQWURGH(VWXGLRV6RFLDOHV\


'HPRJUiILFRV &(6'(0 \0DFUR,QWHUQDWLRQDO,QF  


4XL]iV HO PD\RU GHVDItR VH HQFXHQWUH HQ OD PHGLFLyQ D WUDYpV GH LQGLFDGRUHV VXEMHWLYRV GH ORV
DVSHFWRVUHODFLRQDOHVGHOHPSRGHUDPLHQWR\HVSHFLDOPHQWHDTXHOORVTXHLQGLFDQFDPELRVHQHOEDODQFH
GH SRGHU \ HQ ODV UHJODV GHO MXHJR 6REUH HVWH SDUWLFXODU HQ HO FXDGUR  VH SUHVHQWDQ SUHJXQWDV
HPSOHDGDVHQ(QFXHVWDVGH'HPRJUDItD\6DOXGHQSDtVHVVHOHFFLRQDGRVGH$PpULFD/DWLQD\TXHHVWiQ
RULHQWDGDVDPHGLUHOHPSRGHUDPLHQWRGHODVPXMHUHV/DVSUHJXQWDVTXHPiVGLVFULPLQDQSRUHOHVWUDWR
VRFLRHFRQyPLFRWLHQHQTXHYHUFRQODVGHPDQGDVGHSURPRFLyQODERUDO LPSRUWDQFLDGHXQSXHVWRGH
UHVSRQVDELOLGDG HQ HO WUDEDMR  \ GH UHFRQRFLPLHQWR FRQVLGHUD 8G TXH ODV PXMHUHV WLHQHQ LJXDOHV
GHUHFKRVTXHORVKRPEUHV" \WDPELpQDOJXQDVTXHUHILHUHQDODDXWRQRPtD\SRGHUDOLQWHULRUGHOKRJDU
GHFLVLRQHV VREUH HO JDVWR GH ORV LQJUHVRV JHQHUDGRV SRU ODV PXMHUHV  \ SDUWLFLSDFLyQ GH pVWDV HQ ODV
GHFLVLRQHVLPSRUWDQWHV 







&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

,99DOLGH]\ILDELOLGDGGHORV
LQGLFDGRUHVVXEMHWLYRV
GHELHQHVWDU

/D LQYHVWLJDFLyQ HPStULFD KD SHUPLWLGR HVWDEOHFHU TXH ORV LQGLFDGRUHV


VXEMHWLYRV GH ELHQHVWDU JHQHUDGRV D SDUWLU GH HQFXHVWDV VH FRUUHODFLRQDQ
OHYH R PRGHUDGDPHQWH FRQ PHGLGDV GH ELHQHVWDU VXEMHWLYR SURGXFLGDV D
SDUWLUGHRWURVSURFHGLPLHQWRVFRPRORVLQGLFDGRUHVELROyJLFRVGHHVWDGRV
QHJDWLYRV\SRVLWLYRV IRUWDOH]DGHOVLVWHPDLQPXQHQLYHOHVGHFRUWLVROHV
HVWDGRGHORVSDUiPHWURVGHOVLVWHPDFDUGLRYDVFXODUHWF ORVUHSRUWHVGH
RWURV LQIRUPDQWHV IDPLOLDUHV R DPLJRV  \ FRQGXFWDV TXH LQGLFDQ HVWDGRV
GHiQLPRSRVLWLYRV ODVSHUVRQDVFRQPD\RUELHQHVWDUVXEMHWLYRWLHQGHQD
VRQUHtUFRQPD\RUIUHFXHQFLD (VWRVDQWHFHGHQWHVVXJLHUHQDOJ~QJUDGRGH
YDOLGH]GHORVLQGLFDGRUHVVXEMHWLYRVGHELHQHVWDU 'LHQHU\7RY 
7DPELpQ H[LVWH HYLGHQFLD GH YDOLGH] SUHGLFWLYD GH HVWH WLSR GH
LQGLFDGRUHV3RUHMHPSORODLQVDWLVIDFFLyQFRQODYLGDVHFRUUHODFLRQDFRQ
LGHDFLRQHV \ FRQGXFWDV VXLFLGDV 2WURV IDFWRUHV FRUUHODFLRQDGRV FRQ HO
ELHQHVWDUVXEMHWLYRVRQODVRFLDELOLGDGHOSURJUHVRHQHOWUDEDMR\FLHUWRV
UHVXOWDGRV SRVLWLYRV HQ HO iPELWR GH OD VDOXG YpDVH HO FXDGUR  
,JXDOPHQWHODVPHGLGDVGHELHQHVWDUVXEMHWLYRVRQHVWDEOHVDORODUJRGHO
WLHPSR OR FXDO SRGUtD QR VROR GHEHUVH D OD HVWDELOLGDG HQ ORV
WHPSHUDPHQWRV GH ODV SHUVRQDV VLQR WDPELpQ D OD HVWDELOLGDG GH ODV
FLUFXQVWDQFLDVGHODYLGDGLDULD 'LHQHU\7RY 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&8$'52
5(/$&,21(6(175(,1',&$'25(668%-(7,926'(%,(1(67$5<275$69$5,$%/(6
5(9,6,21(6'(/$/,7(5$785$

,QFLGHQFLDGHODIHFWRSRVLWLYRHQGLVWLQWDVYDULDEOHVPHWDDQiOLVLV
7DPDxRVGHHIHFWRPHGLDV 7DPDxRVGHHIHFWRPHGLDQDV
8QLGDGHV
&DWHJRUtD 1 1R 1R 6LJQLILFDFLyQE
PXHVWUDOHVD 3RQGHUDGRV 3RQGHUDGRV
SRQGHUDGRV SRQGHUDGRV
(VWXGLRVWUDQVYHUVDOHV
9LGDODERUDO       
 
5HODFLRQHV       
VRFLDOHV  
6DOXG       
 
3HUFHSFLRQHV       
SRVLWLYDVGHO  
VHOI\RWURV
6RFLDELOLGDG\       
DFWLYLGDG  
6LPSDWtD\       
FRRSHUDFLyQ  
&RQGXFWDSUR       
VRFLDO  
%LHQHVWDU       
ItVLFR\  
FDSDFLGDGHV
GH
DIURQWDPLHQWR
&UHDWLYLGDG\       
UHVROXFLyQGH  
SUREOHPDV
(VWXGLRVORQJLWXGLQDOHV
9LGDODERUDO       
 
5HODFLRQHV       
VRFLDOHV  
6DOXG       
 
3HUFHSFLRQHV    1$  1$ 1$
SRVLWLYDVGHO
VHOI\RWURV
6RFLDELOLGDG       
 
&UHDWLYLGDG\       
FRQGXFWDSUR  
VRFLDO
%LHQHVWDU       
ItVLFR\  
FDSDFLGDGHV
GH
DIURQWDPLHQWR
FRQWLQ~D 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&XDGUR FRQFOXVLyQ 

,QFLGHQFLDGHODIHFWRSRVLWLYRHQGLVWLQWDVYDULDEOHVPHWDDQiOLVLV
7DPDxRVGHHIHFWRPHGLDV 7DPDxRVGHHIHFWRPHGLDQDV
8QLGDGHV
&DWHJRUtD 1 1R 1R 6LJQLILFDFLyQE
PXHVWUDOHVD 3RQGHUDGRV 3RQGHUDGRV
SRQGHUDGRV SRQGHUDGRV
([SHULPHQWRV
3HUFHSFLRQHV       
SRVLWLYDVGHO
VHOI\RWURV
6RFLDELOLGDG       
1HJRFLDFLyQ\       
UHVROXFLyQGH
FRQIOLFWRV
&RQGXFWDSUR       
VRFLDO
%LHQHVWDU       
ItVLFR\
FDSDFLGDGHV
GH
DIURQWDPLHQWR
&UHDWLYLGDG\       
UHVROXFLyQGH
SUREOHPDV
5HODFLyQHQWUHODSHUFHSFLyQGHVHUREMHWRGHUDFLVPR\ODVDOXG
5HVXOWDGRVGHVDOXG $VRFLDFLyQ $VRFLDFLyQ 1RDVRFLDFLyQ 7RWDO
SRVLWLYD QHJDWLYD
5HVXOWDGRVQHJDWLYRVGHVDOXGPHQWDO            
6tQWRPDVGHSUHVLYRVVtQWRPDV 
REVHVLYRFRPSXOVLYRVVRPDWL]DFLyQ
DQVLHGDGHVWUpV
5HVXOWDGRVSRVLWLYRVGHVDOXGPHQWDO            
6DWLVIDFFLyQFRQODYLGDWUDEDMR G
DXWRHVWLPDVDOXGPHQWDOJHQHUDO
5HVXOWDGRVQHJDWLYRVGHVDOXGItVLFD            
$XPHQWRGHODSUHVLyQVDQJXtQHD 
KLSHUWHQVLyQEDMRSHVRDOQDFHU
HQIHUPHGDGDOFRUD]yQGLDEHWHV
DXPHQWRGHOtQGLFHGHPDVDFRUSRUDO
&RQGXFWDVUHODFLRQDGDVFRQODVDOXG            
7DEDTXLVPRXVRGHDOFRKROXVRGH
VXVWDQFLDVLOHJDOHV

)XHQWHV/\XERPLUVN\.LQJ\'LHQHU  \3DUDGLHV  


D
 9DORUHV HQWUH SDUpQWHVLVFRUUHVSRQGHQ DO WDPDxR GHPXHVWUD SURPHGLR SRU HVWXGLR HQ OD FDWHJRUtD E  S  S
 S S

8QD FXHVWLyQ PiV GLVFXWLEOH HV HO JUDGR HQ TXH ODV PHGLGDV GH ELHQHVWDU VXEMHWLYR DO VHU
FRUUHODFLRQDGDVFRQLQGLFDGRUHVREMHWLYRVGHFRQGLFLRQHVGHYLGDSURSRUFLRQDQXQSDWUyQFRPSUHQVLEOH
\UHSOLFDEOHFRQGLVWLQWDVSREODFLRQHV8QDUHODFLyQVXMHWDDFRQWURYHUVLDHVODH[LVWHQWHHQWUHHOELHQHVWDU
VXEMHWLYR\HO3,%SRUKDELWDQWH3DUDDOJXQRVDXWRUHVORVSDtVHVFRQORVPD\RUHVLQFUHPHQWRVHQHO3,%
SRUKDELWDQWHSUHVHQWDQQLYHOHVHVWDEOHVGHELHQHVWDUVXEMHWLYRHQHOWLHPSR (DVWHUOLQ)UH\
\ 6WXW]HU  'LHQHU \ %LVZDV'LHQHU   \ ORV FDPELRV HQ ORV LQJUHVRV QR VRQ VHJXLGRV SRU
YDULDFLRQHVVLPLODUHVHQHOELHQHVWDUVXEMHWLYR &ODUN\RWURV 3DUDRWURVODIDOWDGHDVRFLDFLyQ



 (VWHHVWXGLRVHUHDOL]yHQEDVHDWUHVURQGDVGHO3DQHOGH+RJDUHVGHOD&RPXQLGDG(XURSHD D VREUHXQDPXHVWUDGH
FDVRV VXMHWRVSDUDFDGDURQGDHQSDtVHV 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

VHKDGHELGRDOLPLWDFLRQHVHQODVPXHVWUDV\DODIRUPDHQTXHVHKDQPHGLGRORVLQJUHVRV\HOELHQHVWDU
VXEMHWLYR 6WHYHQVRQ\:ROIHUV 
(Q VXPD ODDOWDYDULDELOLGDGHQORVKDOOD]JRV \ODLQFHUWLGXPEUHHVWDGtVWLFDHQODV FRQFOXVLRQHV
'LHQHU \ RWURV   KDQ FRQGXFLGR D OD UHDOL]DFLyQ GH XQD VHULH GH FUtWLFDV VREUH OD YDOLGH] GH ORV
LQGLFDGRUHVVXEMHWLYRVGHELHQHVWDUDOJXQDVGHODVFXDOHVVHUiQGLVFXWLGDVDFRQWLQXDFLyQ(VWDUHYLVLyQ
VH HIHFWXDUi SULQFLSDOPHQWH VREUH ORV LQGLFDGRUHV GH ELHQHVWDU VXEMHWLYR VDWLVIDFFLyQ FRQ OD YLGD
IHOLFLGDG  SRU OD FDQWLGDG GH OLWHUDWXUD GLVSRQLEOH \ WHQGUi HQ SHUVSHFWLYD VX DSWLWXG SDUD PHGLU OD
XWLOLGDG H[SHULPHQWDGD SRU ODV SHUVRQDV (O Q~FOHR GH OD GLVFXVLyQ HV HO JUDGR GH FRPSDUDELOLGDG
LQWHUSHUVRQDO GH HVWRV LQGLFDGRUHV (QWUH ORV FXHVWLRQDPLHQWRV PiV IUHFXHQWHV VH HQFXHQWUDQ OD
DGDSWDFLyQGHODVH[SHFWDWLYDVODLQIOXHQFLDGHODFXOWXUDODVXSHUSRVLFLyQRFRQIXVLyQHQWUHFRQVWUXFWRV
\ORVSUREOHPDVGHRSHUDFLRQDOL]DFLyQ\PHGLFLyQ

$ /DDGDSWDFLyQ
/DDGDSWDFLyQHVODUHGXFFLyQGHODLQWHQVLGDGGHODUHVSXHVWDDQWHHVWtPXORVUHSHWLGRVHQHOWLHPSR(V
XQSUREOHPDSXHVWRTXHVLODVSHUVRQDVDMXVWDQVXVH[SHFWDWLYDVLQGLYLGXRVTXHHQIUHQWDQFRQGLFLRQHV
GHYLGDPX\GLIHUHQWHVWHQGUtDQSXQWDMHVVLPLODUHVHQORVLQGLFDGRUHVGHELHQHVWDUVXEMHWLYR%ULFNPDQ\
&DPSEHOO  SURSXVLHURQTXHORVVHUHVKXPDQRVHVWiQDWUDSDGRVHQXQDKHGRQLFWUHDGPLOOOR
FXDO VLJQLILFD TXH QR SXHGHQ FDPELDU VXV QLYHOHV GH VDWLVIDFFLyQ HQ HO ODUJR SOD]R SXHVWR TXH OD
DGDSWDFLyQHVLQHYLWDEOH\QLQJXQDFLUFXQVWDQFLDFRQGXFLUiDFDPELRVSHUGXUDEOHVHQODVDWLVIDFFLyQ/DV
SHUVRQDV UHDFFLRQDQ DQWH ORV HYHQWRV SHUR OXHJR GH XQ WLHPSR UHWRUQDQ D XQ HVWDGR QHXWUDO GH
ELHQHVWDU VXEMHWLYR 'LHQHU /XFDV \ 6FROORQ   %ULFNPDQ &RDWHV \ -DQRII%XOPDQ  
SURSRUFLRQDURQDSR\RHPStULFRLQLFLDODHVWDWHRUtDDOFRQFOXLUTXHORVJDQDGRUHVGHORWHUtDQRHUDQPiV
IHOLFHVTXHORVQRJDQDGRUHV\TXHORVSDUDSOpMLFRVQRHUDQVXVWDQFLDOPHQWHPHQRVIHOLFHVTXHTXLHQHVVL
SXHGHQFDPLQDU
(OHQIRTXHGHODKHGRQLFWUHDGPLOOFRQGXMRDODSUROLIHUDFLyQGHLQYHVWLJDFLRQHVDERFDGDVDOD
LGHQWLILFDFLyQ GH ORV PHFDQLVPRV GH DGDSWDFLyQ 8QR HV OD PRGLILFDFLyQ GH ORV HVWiQGDUHV GH
HYDOXDFLyQ3RUHMHPSORXQDLQYHVWLJDFLyQVROLFLWyDORVHQWUHYLVWDGRVTXHVHxDOHQHOQLYHOGHLQJUHVRV
PRQHWDULRVTXHFRQVLGHUDQVXILFLHQWHSDUDHOORV\HVWDEOHFLyTXHHOSULQFLSDOGHWHUPLQDQWHGHOQLYHOGH
LQJUHVR HYDOXDGR FRPR VXILFLHQWH HV HO LQJUHVR UHDO GH ODV SHUVRQDV DO PRPHQWR GH OD HQWUHYLVWD (O
FRHILFLHQWH GH UHJUHVLyQ DOFDQ]D D  OR FXDO VLJQLILFDUtD TXH OD DGDSWDFLyQ GHVWUXLUtD HO  GH ORV
EHQHILFLRVVXEMHWLYRVGHOLQFUHPHQWRHQHOLQJUHVRUHDO )UH\\6WXW]HU 
2WURVPHFDQLVPRVGHDGDSWDFLyQVRQODIRUPDFLyQGHKiELWRV\ODVDWXUDFLyQ %DXFHOOV\6DULQ
  (O FRQVXPR GH GHWHUPLQDGRV ELHQHV SXHGH SURYRFDU VDWXUDFLyQ OR TXH UHGXFLUi OD VDWLVIDFFLyQ
GHULYDGD GHO FRQVXPR IXWXUR GH ORV PLVPRV ELHQHV /D H[SHULHQFLD SODFHQWHUD WDPELpQ FRQWULEX\H D OD
IRUPDFLyQGHKiELWRV\SXHGHLQFUHPHQWDUODXWLOLGDGPDUJLQDOIXWXUD HODOFRKROHVXQHMHPSORGHELHQ
TXH IRUPD KiELWRV  (Q FXDQWR D OD SREUH]D \ OD GLVFULPLQDFLyQ OD KDELWXDFLyQ HV RWUR PHFDQLVPR GH
DGDSWDFLyQTXHSRGUtDRSHUDUSXHVWRTXHODLQVHQVLELOLGDG\HOIDWDOLVPRFRQGXFLUtDQDODVXEHVWLPDFLyQ
GHODGLVFULPLQDFLyQ\ODSREUH]DVLHVTXHVHODVPLGHVRORDWUDYpVGHLQGLFDGRUHVGHSHUFHSFLRQHV
/DFRPSDUDFLyQVRFLDOHVXQPHFDQLVPRTXHKDVLGRREMHWRGHXQDQiOLVLVFRQVLGHUDEOH(QHVWD
SHUVSHFWLYDODDXWRHYDOXDFLyQGHOELHQHVWDUHVXQDIXQFLyQGHODSRVLFLyQUHODWLYDGHORVLQGLYLGXRV\QR
GHXQQLYHOGHFRQVXPRDEVROXWR,QLFLDOPHQWHVHSODQWHyTXHXQDSHUVRQDGHEHUtDVHUIHOL]VLORVRWURV
VLJQLILFDWLYRVHVWiQSHRUHLQIHOL]VLRWURVVLJQLILFDWLYRVHVWiQPHMRU 'LHQHU\)XMLWD 3RUVXSDUWH
%URZQ\'XWWRQ  LQGLFDQTXHORVLQGLYLGXRVVRORVHFRPSDUDQFXDQGRSLHQVDQTXHGLFKRSURFHVR
ORV KDUi VHQWLU ELHQ /\XERPLUVN\ \ 5RVV   REVHUYDQ TXH ORV LQGLYLGXRV IHOLFHV WLHQGHQ D
FRPSDUDUVHKDFLDDEDMRPLHQWUDVTXHORVLQIHOLFHVVHFRPSDUDQKDFLDDUULED\DEDMR



 (VWDVHEDVDHQXQPRGHORGHKDELWXDFLyQDXWRPiWLFDHQHOFXDOORVVLVWHPDVSVLFROyJLFRVUHDFFLRQDQDODVGHVYLDFLRQHVHQHOQLYHO
GH DGDSWDFLyQ LQGLYLGXDO (VWRV SURFHVRV VRQ DGDSWDWLYRV SRUTXH SHUPLWHQ TXH XQ HVWtPXOR UHSHWLGR SLHUGD VX UHOHYDQFLD SDUD ODV
SHUVRQDVORFXDOOLEHUDUHFXUVRVSDUDUHDFFLRQDUDHVWtPXORVQXHYRV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

(O DVXPLU OD SULPDFtD GH OD FRPSDUDFLyQ VRFLDO HQ OD FRQVWUXFFLyQ GH MXLFLRV DFHUFD GHO ELHQHVWDU
LPSOLFDTXHXQDPHMRUtDHQODVLWXDFLyQVRFLRHFRQyPLFDGHXQLQGLYLGXRQRDSRUWDUiDVXELHQHVWDUVXEMHWLYR
VLHVTXHVXVSDUHVH[SHULPHQWDQXQDPHMRUtDHTXLYDOHQWH .DKQHPDQ\6XJGHQ 6LHVWRIXHUDDVtHO
FUHFLPLHQWRHFRQyPLFRVLQFDPELRVHQODGLVWULEXFLyQGHOLQJUHVRQRWHQGUtDHIHFWRVHQHOELHQHVWDUVXEMHWLYR
+D\ HYLGHQFLD GH TXH ORV SURFHVRV GH FRPSDUDFLyQ LPSRUWDQ SRU HMHPSOR 6ROQLFN \ +HPHQZD\  
VROLFLWDURQDDOXPQRVGHOD(VFXHODGH6DOXG3~EOLFDGH+DUYDUGTXHHOLJLHUDQHQWUHGRVPXQGRVLPDJLQDULRV
GRQGH ORV SUHFLRV HUDQ ORV PLVPRV (Q HO SULPHU PXQGR OD SHUVRQD JDQDUtD XQ SURPHGLR DQXDO GH 86
 PLHQWUDV ODV RWUDV SHUVRQDV WHQGUtDQ LQJUHVRV GH 86  (Q HO VHJXQGR PXQGR OD SHUVRQD
REWHQGUtD LQJUHVRV GH 86  SHUR ORV GHPiV JDQDUtDQ 86  /D PD\RUtD SUHILULy HO SULPHU
PXQGR
7DPELpQ VH KD HVWDEOHFLGR TXH ODV SURVSHFFLRQHV GH ORV LQGLYLGXRV VREUH VXV HVWDGRV KHGyQLFRV QR
FRQVLGHUDQ OD PHGLGD HQ TXH OD DGDSWDFLyQ D QXHYDV FLUFXQVWDQFLDV LQFLGLUi HQ VX ELHQHVWDU IXWXUR $Vt QR
REVWDQWH ORV VHUHV KXPDQRV HVWiQ DWUDSDGRV HQ XQD KHGRQLF WUHDGPLOO WLHQHQ OD LOXVLyQ GH TXH HVWiQ
PHMRUDQGRVXELHQHVWDU+D\GRVUD]RQHVGHHVWRVHUURUHVSURVSHFWLYRV ODVSHUVRQDVQRGLIHUHQFLDQHQWUH
HVWDGRV\SURFHVRV FXDQGRVHOHVSUHJXQWDDQRGLVFDSDFLWDGRVVREUHORVSDUDSOpMLFRVSLHQVDQHQHOSURFHVR
GHKDFHUVHSDUDSOpMLFRVHVWRHVVRQVHQVLEOHVDODVHPRFLRQHVJHQHUDGDVSRUORVFDPELRV\ODVXVDQFRPR
DSUR[LPDFLRQHVDORVHVWDGRV \ ORVVXMHWRVH[DJHUDQODLPSRUWDQFLDGHVXIRFRSUHVHQWHGHDWHQFLyQ(QHO
~OWLPRFDVRVHSXHGHFRQVLGHUDUQXHYDPHQWHFRPRHMHPSORDODSDUDSOHMLDXQDGHODVIRUPDVHQORVFXDOHV
HVWDVSHUVRQDVVHDGDSWDQDVXVLWXDFLyQHVQRSHQVDUHQVXFRQGLFLyQ .DKQHPDQ\6XJGHQ 
8QDLQYHVWLJDFLyQEDVDGDHQXQDHQFXHVWDQDFLRQDOGHKRJDUHVHQ&KLQDVLUYHSDUDLOXVWUDUORDQWHULRU
'LFKRHVWXGLRHQFRQWUyTXHORVQLYHOHVGHIHOLFLGDGGHORVPLJUDQWHVUXUDOXUEDQRVIXHURQPXFKRPHQRUHVD
ORVGHORVUHVLGHQWHVHQ]RQDVUXUDOHVORFXDOVHDWULEX\yDXQLQFUHPHQWRHQVXVH[SHFWDWLYDVXQDYH]OOHJDGRV
DODVFLXGDGHVDXPHQWRYLQFXODGRDODLQIOXHQFLDGHVXVQXHYRVJUXSRVGHUHIHUHQFLD/RVPLJUDQWHVVREUH
HVWLPDURQ OD IHOLFLGDG TXH H[SHULPHQWDUtDQ HQ ]RQDV XUEDQDV SRUTXH QR ORJUDURQ SUHYHHU TXH VXV
H[SHFWDWLYDV XQD YH] OOHJDGRV D ODV FLXGDGHV FUHFHUtDQ $GLFLRQDOPHQWH OD IHOLFLGDG UHSRUWDGD SRU ORV
PLJUDQWHV\SRUORVKDELWDQWHVUXUDOHVVHFRUUHODFLRQyIXHUWHPHQWHFRQORVLQJUHVRVTXHODVSHUVRQDVHVSHUDEDQ
REWHQHU HQ ORV SUy[LPRV  DxRV OR FXDO LQGLFD TXH HVWRV SURFHVRV SURVSHFWLYRV LQIOX\HQ HQ ORV UHSRUWHV
SUHVHQWHVGHELHQHVWDUVXEMHWLYR .QLJKW\*XQDWLODND 
(QWRGRFDVRHQORV~OWLPRVDxRVVHKDHIHFWXDGRXQDUHYLVLyQFUtWLFDGHOUROGHODDGDSWDFLyQHQODV
DXWRHYDOXDFLRQHVGHELHQHVWDUEDVDGDHQSDUWHHQODUHOHFWXUDGHORVKDOOD]JRVGH%ULFNPDQ&RDWHV\-DQRII
%XOPDQ  'LHQHU/XFDV\6FROORQ  VHxDODQTXHHQGLFKRHVWXGLRODVSHUVRQDVFRQOHVLRQHVDOD
PpGXODHVSLQDOSUHVHQWDURQQLYHOHVGHIHOLFLGDGPiVEDMRVTXHHOJUXSRGHFRQWURO\TXHHVWDGLIHUHQFLDIXHGH
 GHVYLDFLRQHV HVWiQGDU XQ WDPDxR GH HIHFWR JUDQGH (VWR FRLQFLGH FRQ ODV LQYHVWLJDFLRQHV TXH KDQ
FRQFOXLGRTXHORVVXMHWRVFRQOHVLRQHVDODPpGXODHVSLQDOVRQPHQRVIHOLFHVTXHODSREODFLyQJHQHUDO$VX
YH]VHJ~Q'LHQHU/XFDV\6FROORQ  ODHYLGHQFLDDFXPXODGDLQGLFDTXHQRKD\XQSXQWRQHXWUDODOFXDO
ODVSHUVRQDVYXHOYHQGHVSXpVGHHYHQWRVHPRFLRQDOHVVLJQLILFDWLYRVODPD\RUtDGHORVLQGLYLGXRVVRQIHOLFHV
ODPD\RUSDUWHGHOWLHPSR\VLH[LVWHQSXQWRVGHUHIHUHQFLDHVWRVYDUtDQHQWUHORVLQGLYLGXRV
$ORDQWHULRUVHDJUHJDHOTXHODDGDSWDFLyQQRHVXQLYHUVDO3RUHMHPSORODVSHUVRQDVWLHQGHQDQR
DGDSWDUVH DO GRORU ItVLFR OR FXDO SXHGH LOXVWUDUVH SRU HO KHFKR GH TXH ODV H[SHULHQFLDV FRQWLQXDV GH GRORU
OOHYDQDODGHSUHVLyQ\SRUODVFRUUHODFLRQHVH[LVWHQWHVHQWUHODVDOXGItVLFD\HOELHQHVWDUVXEMHWLYR 3DUDGLHV
'RODQ3HDVJRRG\:KLWH /RVLQGLYLGXRVWDPSRFRVHDGDSWDQDOUXLGRDOVH[R\DODHPHUJHQFLD
GHXQDGLVFDSDFLGDG 'LHQHU/XFDV\6FROORQ.DKQHPDQ\6XJGHQ 
(Q VtQWHVLV D SHVDU GH TXH OD DGDSWDFLyQ LQIOX\H HQ ODV DXWRHYDOXDFLRQHV GH ELHQHVWDU ODV
LQYHVWLJDFLRQHV UHFLHQWHV KDQ PRVWUDGR TXH GLFKRV SURFHVRV QR VRQ XQLYHUVDOHV 'LHQHU /XFDV \ 6FROORQ
.DKQHPDQ\6XJGHQ $VXYH]GLVWLQWDVSHUVRQDVHPSOHDQGLIHUHQWHVHVWiQGDUHVFXDQGRHYDO~DQ
VXV FRQGLFLRQHV GH YLGD \ SRU WDQWR XQ GHVDItR SDUD OD PHGLFLyQ GHO ELHQHVWDU HV HO H[DPHQ GH GLFKRV
HVWiQGDUHV \ OD GHWHUPLQDFLyQ GH VXV LPSOLFDFLRQHV SDUD ODV SROtWLFDV 'LHQHU \ 7RY   &XDQGR ORV
HVWiQGDUHV VRQ PX\ DOWRV ORV JRELHUQRV SRGUtDQ HQIUHQWDU SUHVLRQHV TXH FRQGX]FDQ D UXSWXUDV VRFLDOHV \
FXDQGRVRQPX\EDMRVSXHGHQFRQGXFLUDXQDGHPDQGDFLXGDGDQDLQVXILFLHQWHSRUPHMRUHVFRQGLFLRQHVGH
YLGD\DODUHSURGXFFLyQGHODSREUH]D\ODH[FOXVLyQ


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

% /DLQIOXHQFLDGHODFXOWXUD
/DFXOWXUDPROGHDODYLVLyQGHPXQGRGHODVSHUVRQDVHLQFLGHHQODVPDQHUDVHQODVFXDOHVHYDO~DQVXV
FLUFXQVWDQFLDVGHYLGD(VWDVGLIHUHQFLDVSXHGHQH[SUHVDUVHHQGLVWLQWRVFRQFHSWRVGHELHQHVWDUIHOLFLGDG
GLVFULPLQDFLyQVDOXGHWF\HQHOXVRGHGLIHUHQWHVWLSRVGHLQIRUPDFLyQ\GHYDULDGDVIRUPDVGHDXWR
FRQFHSWXDOL]DFLyQ \ DXWRSUHVHQWDFLyQ DQFODGDV HQ QRUPDV VRFLDOHV \ FXOWXUDOHV HVSHFtILFDV (VWRV
HOHPHQWRV SXHGHQ OOHYDU D TXH ODV SHUVRQDV GH GHWHUPLQDGDV FXOWXUDV WLHQGDQ D HYDOXDU VXV YLGDV GH
PRGRPiVSRVLWLYRRQHJDWLYRFRQLQGHSHQGHQFLDGHIDFWRUHVFRPRHOHVWiQGDUGHYLGD1RREVWDQWHOR
DQWHULRUODSUiFWLFDKDELWXDOKDVLGRUHSRUWDUHVWDGtVWLFDVLQWHUQDFLRQDOHVVLQKDFHUUHIHUHQFLDDOJXQDDORV
SUREOHPDV GH FRPSDUDELOLGDG LQWHUFXOWXUDO OR FXDO SXHGH DWULEXLUVH HQ SDUWH D ODV GLILFXOWDGHV SDUD
PHGLUODVGLIHUHQFLDVFXOWXUDOHV
*5),&2
D
$0e5,&$/$7,1$<(/&$5,%( 3$6(6 <275$65(*,21(6'(/081'2 6$7,6)$&&,1&21
/$9,'$6(*1(/3,%325+$%,7$17(
9DORUHVHQSURPHGLRVGHXQDHVFDODGHVDWLVIDFFLyQFRQODYLGDGHDEGRQGHHVPX\LQVDWLVIHFKR\PX\
VDWLVIHFKR\HQORJDULWPRVGHO3,%SRUKDELWDQWHF 


)XHQWH&(3$/ E (VWLPDFLRQHVEDVDGDVHQOD(QFXHVWD0XQGLDOGH9DORUHV\/DWLQREDUyPHWUR
D
(XURSD2FFLGHQWDO$PpULFDGHO1RUWH\2FHDQtD $XVWUDOLD1XHYD=HODQGD&DQDGi(VWDGRV8QLGRV$QGRUUD&KLSUH
)LQODQGLD$OHPDQLD,WDOLD+RODQGD1RUXHJD(VSDxD6XHFLD6XL]D\*UDQ%UHWDxD(XURSDRULHQWDO $OEDQLD%RVQLD\
+HU]HJRYLQD %XOJDULD %LHORUUXVLD &URDFLD 5HS~EOLFD &KHFD (VWRQLD +XQJUtD /DWYLD /LWXDQLD 0ROGDYLD 3RORQLD
5XPDQLD )HGHUDFLyQ 5XVD (VORYDTXLD (VORYHQLD 8FUDQLD 0DFHGRQLD 6HUELD \ 0RQWHQHJUR \ 6HUELD $VLD 
$]HUEDL\iQ *HRUJLD +RQJ .RQJ -DSyQ .LUJXLVWiQ %DQJODGHVK $UPHQLD &KLQD ,QGLD ,QGRQHVLD ,UiQ ,UDN ,VUDHO
-RUGDQLD &RUHD GHO 6XU 0DODVLD 3DNLVWiQ )LOLSLQDV $UDELD 6DXGLWD 6LQJDSXU 9LHWQDP 7DLODQGLD \ 7XUTXtD IULFD 
$UJHOLD(WLRStD*DQD0DOL0DUUXHFRV1LJHULD5XDQGD6XGiIULFD=LPEDZH8JDQGD(JLSWR7DQ]DQLD%XUNLQD)DVR\
=DPELD $PpULFD /DWLQD \ &DULEH $UJHQWLQD (VWDGR 3OXULQDFLRQDO GH %ROLYLD %UDVLO &KLOH &RVWD 5LFD &RORPELD
5HS~EOLFD 'RPLQLFDQD (FXDGRU (O 6DOYDGRU *XDWHPDOD +RQGXUDV 0p[LFR 1LFDUDJXD 3DQDPi 3DUDJXD\ 3HU~
3XHUWR5LFR7ULQLGDG\7DEDJR8UXJXD\\5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD
E
6HHPSOHDURQORVGDWRV/DWLQREDUyPHWURSDUDHVWLPDUODVDWLVIDFFLyQFRQODYLGDHQHODxRHQORVVLJXLHQWHVSDtVHV
(VWDGR3OXULQDFLRQDOGH%ROLYLD&RVWD5LFD5HS~EOLFD'RPLQLFDQD(FXDGRU(O6DOYDGRU+RQGXUDV1LFDUDJXD3DQDPi
3DUDJXD\\5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD/DSUHJXQWDXVDGDSRU/DWLQREDUyPHWURQRHVWRWDOPHQWHFRPSDUDEOHD
ODHPSOHDGDSRUOD:96SXHVWRTXHHQODSULPHUDHQFXHVWDVHXVyXQDHVFDODGHDPLHQWUDVTXHHQODVHJXQGDVH
YLHQH XVDQGR GHVGH  XQD HVFDOD GH  D  3RU GLFKD UD]yQ VH FRUULJLHURQ ORV SXQWDMHV REWHQLGRV D WUDYpV GHO
/DWLQREDUyPHWURDXPHQWiQGRVHHOSURPHGLRQDFLRQDOHQXQSXQWR
F
9DORUHVREWHQLGRVFRQ/RJ   86SRUKDELWDQWH 86SRUKDELWDQWH 86SRUKDELWDQWH
 86SRUKDELWDQWH 86SRUKDELWDQWH


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

8QDIRUPDJUXHVDGHDSUR[LPDUVHDODLQFLGHQFLDGHODFXOWXUDHQODDXWRHYDOXDFLyQGHOELHQHVWDU
HVODFRPSDUDFLyQGHODVUHVSXHVWDVDXQDSUHJXQWDVREUHHOQLYHOGHVDWLVIDFFLyQFRQODYLGDSRUUHJLRQHV
JHRJUiILFDV FRQWURODQGRSRU HO3,% SRU KDELWDQWH (Q HO JUiILFR  VHDSUHFLD TXH ORV ODWLQRDPHULFDQRV
WLHQHQ QLYHOHV GH ELHQHVWDU VXEMHWLYR SRU VREUH OR HVSHUDEOH GH DFXHUGR D VX SURGXFWR SRU KDELWDQWH
PLHQWUDVTXHORLQYHUVRVXFHGHHQORVSDtVHVGH(XURSD2ULHQWDO3RUVXSDUWHORVKDELWDQWHVGHORVSDtVHV
DVLiWLFRV FRQ QLYHOHV DOWRV GH 3,% SHU FDSLWD HYLGHQFLDQ SXQWDMHV GH VDWLVIDFFLyQ FRQ OD YLGD
JHQHUDOPHQWH SRU GHEDMR GH ORV DSUHFLDGRV HQ ORV SDtVHV GH (XURSD RFFLGHQWDO \ GH 1RUWHDPpULFD TXH
WLHQHQ SURGXFWRV SRU KDELWDQWH VLPLODUHV (VWDV GLIHUHQFLDV KDQ VLGR REVHUYDGDV HQ RWURV HVWXGLRV
UHFLHQWHV'LHQHU\7RYH,QJOHKDUW\RWURV 
8QD SULPHUD IXHQWH GH SUREOHPDV HQ OD FRPSDUDFLyQ GH ODV UHVSXHVWDV GH SHUVRQDV GH GLVWLQWDV
FXOWXUDVDQWHSUHJXQWDVVREUHVXELHQHVWDUHVODHTXLYDOHQFLDFRQFHSWXDO6HKDGLFKRTXHHOVXSXHVWRGH
TXHODQRFLyQGHELHQHVWDURFFLGHQWDOHVWUDQVYHUVDODODVGLVWLQWDVFXOWXUDV\OHQJXDMHVHVIDOVR$VtSRU
HMHPSOR2LVKL  HQIDWL]DODVGLIHUHQFLDVHQWUHODVQRFLRQHVSRSXODUHVGHIHOLFLGDGHQSDtVHVFRPR
-DSyQ &RUHD &KLQD \ 5XVLD GRQGH VH UHODFLRQDQ FRQ OD VXHUWH \ OD EXHQD IRUWXQD YDOH GHFLU FRQ XQ
FRQGLFLRQDPLHQWR H[WHUQR PLHQWUDV TXH HQ RWURV SDtVHV OD IHOLFLGDG VH YLQFXOD PiV FRQ XQ HVWDGR GH
SODFHULQWHUQR6HGHEHQRWDUTXHODDWULEXFLyQGHVLJQLILFDGRVGLIHUHQWHVDOELHQHVWDUQRVRORWLHQHOXJDU
HQWUHLQGLYLGXRVGHGLVWLQWDVFXOWXUDVVLQRWDPELpQGHQWURGHXQDFXOWXUDFRPRORLOXVWUDHOFXDGUR
&8$'52
',67,1726&21&(3726'()(/,&,'$'(181$08(675$'(0e;,&2
(QSRUFHQWDMHV 

&RQFHSWR )UDVHWtSLFDODIHOLFLGDG GHDGKHVLyQ


(VWRLFLVPR (VDFHSWDUODVFRVDVWDOFRPRVRQ 
9LUWXG (VDFWXDUDSURSLDGDPHQWHFRQORVGHPiV\VHUFRQVHFXHQWHFRQXQR 
PLVPR
'LVIUXWH (VGLVIUXWDUORTXHXQRWLHQHHQODYLGD 
&DUSHGLHP (VGLVIUXWDUFDGDPRPHQWRGHODYLGD 
6DWLVIDFFLyQ (VHVWDUVDWLVIHFKRFRQORTXHXQRWLHQH\FRQORTXHXQRHV 
8WRStD (VXQLGHDODOFXDOVRORSRGHPRVDSUR[LPDUQRV 
7UDQTXLOLGDG (VXQDYLGDWUDQTXLODVLQSUHWHQGHUORTXHQRVHSXHGHDOFDQ]DU 
/RJUR (VHOHMHUFLFLRSOHQRGHQXHVWUDVFDSDFLGDGHV 

)XHQWH5RMDV  

(QHVWHiPELWRVHKDSODQWHDGRTXHODFXOWXUDLQFLGHHQHOHQFXDGUHGHOSURFHVRGHFRQVWUXFFLyQ
GHORVMXLFLRVVREUHHOELHQHVWDUSHUVRQDO(QODVVRFLHGDGHVFROHFWLYLVWDV &KLQD,QGLD ODVDWLVIDFFLyQ
FRQODYLGDVHYLQFXODUtDPiVFRQODVQRUPDVVRFLDOHVPLHQWUDVTXHHQORVSDtVHVPiVLQGLYLGXDOLVWDV
(VWDGRV8QLGRV(XURSDRFFLGHQWDO ODVDWLVIDFFLyQYLWDOVHDVRFLDUtDPiVFRQODH[SHULHQFLDHPRFLRQDO
LQWHUQD HOEDODQFHHQWUHDIHFWRVSRVLWLYRV\QHJDWLYRV  +RIVWHGH (QULJRUODFXOWXUDLQFLGLUtDHQ
HOWLSRGHLQIRUPDFLyQ\HQHOHVWiQGDUHPSOHDGRHQODFRQVWUXFFLyQGHOMXLFLRGHDXWRHYDOXDFLyQDVtHQ
ODV VRFLHGDGHV FROHFWLYLVWDV WHQGUtD PD\RU VDOLHQFLD HO VHOI UHODFLRQDO \ HQ ODV LQGLYLGXDOLVWDV VHUtD
PiVVDOLHQWHHODVSHFWRLQWHUQR 6XK'LHQHU\8SGHJUDII 
$OUHVSHFWRORVGDWRVUHSRUWDGRVSRU&(3$/ E  YpDVHHOFXDGUR SDUHFHQLQGLFDUTXHORV
ODWLQRDPHULFDQRV PHGLRV FRQVWUX\HQ VXV MXLFLRV GH VDWLVIDFFLyQ FRQ OD YLGD GH XQD PDQHUD PHQRV
LQGLYLGXDOLVWDTXHODSREODFLyQGHORVSDtVHVGHVDUUROODGRVSXHVWRTXHHQODUHJLyQODVDWLVIDFFLyQFRQOD
YLGD VH DVRFLD PHQRV FRQ HO HVWDGR LQWHUQR HPRFLRQDO GH IHOLFLGDG (VWR VH YH UHIRU]DGR SRU ORV
SODQWHDPLHQWRVGH'LHQHU\7RY  H,QJOHKDUW\RWURV  TXLHQHVDWULEX\HQORVDOWRVQLYHOHVGH
VDWLVIDFFLyQHQ$PpULFD/DWLQDDORVDOWRVQLYHOHVGHDSR\R\FLHUUHVRFLDO\WDPELpQDODUHOLJLyQ$


 /RV GLVWLQWRV FRQFHSWRV GH IHOLFLGDG TXH VH H[SRQHQ HQ HO FXDGUR  HVWiQ DQFODGRV HQ ORV GLIHUHQWHV VLJQLILFDGRV TXH VH KDQ
DVRFLDGR D OD QRFLyQ GH ELHQHVWDU HQ RFFLGHQWH \ SRU WDQWR ODV FDWHJRUtDV TXH VH SUHVHQWDQ QR QHFHVDULDPHQWH FRUUHVSRQGHQ DO
GLVFXUVRSRSXODUVREUHODIHOLFLGDG$VXYH]DOJXQDVIUDVHV RSDUWHVGHIUDVHV SRGUtDQVHUUHFODVLILFDGDVSRUHMHPSORXQDSDUWHGH
OD SURSRVLFLyQ TXH UHSUHVHQWD HO ELHQHVWDUWUDQTXLOLGDG  VLQ SUHWHQGHU OR TXH QR VH SXHGH DOFDQ]DU  PiV ELHQ SDUHFH FHUFDQD DO
HVWRLFLVPR DFHSWDUODVFRVDVFRPRVRQ 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

VXYH]HQXQDFRPSDUDFLyQHQWUH&RUHD\(VWDGRV8QLGRVVHREVHUYyTXHODFXOWXUDLQFLGHHQGLIHUHQFLDV
HQORVSURFHVRVGHDXWRFRQFHSWXDOL]DFLyQ\TXHHVWRV~OWLPRVLQIOX\HQHQODFRQVWUXFFLyQGHORVMXLFLRV
GHOELHQHVWDU 6XK'LHQHU\8SGHJUDII 
&8$'52
$0e5,&$/$7,1$<&$5,%( 3$6(6 <275$65(*,21(6'(/081'2$62&,$&,1(175(/$
6$7,6)$&&,1&21/$9,'$</$)(/,&,'$'
9DORUHVHQFRUUHODFLRQHVVLPSOHV 

(XURSDGHO (XURSD 3DtVHV 3DtVHV


 $PpULFD/DWLQDD
(VWHE &RQWLQHQWDOF DQJORVDMRQHVG 1yUGLFRVH
&RHILFLHQWHGH     
&RUUHODFLyQ
7DPDxRGH     
PXHVWUD 

)XHQWH&(3$/ E HQEDVHDOD(QFXHVWD0XQGLDOGH9DORUHV


D
%UDVLO3HU~0p[LFR8UXJXD\&RORPELD5HS~EOLFD'RPLQLFDQD(O6DOYDGRU*XDWHPDOD9HQH]XHOD$UJHQWLQD8UXJXD\
\&KLOH
E
$OEDQLD%RVQLD\+HU]HJRYLQD%XOJDULD%LHORUUXVLD5HS~EOLFD&KHFD+XQJUtD0ROGDYLD3RORQLD5XPDQLD)HGHUDFLyQ
5XVD\8FUDQLD
F
)UDQFLD$OHPDQLD+RODQGD\6XL]D
G
,QJODWHUUD(VWDGRV8QLGRV$XVWUDOLD\1XHYD=HODQGD
H
)LQODQGLD1RUXHJD\6XHFLD

2WUD FXHVWLyQ D DQDOL]DU HV OD PHGLGD HQ TXH GLVWLQWDV QRFLRQHV FXOWXUDOHV GH OD IHOLFLGDG R OD
VDWLVIDFFLyQSXHGHQLQFLGLUHQODGHVHDELOLGDGGHODH[SUHVLyQS~EOLFDGHpVWDV 'LHQHU\7RY 6LOD
IHOLFLGDG VH YLQFXOD D ORV ORJURV LQGLYLGXDOHV SRGUtD VHU PiV DFHSWDEOH PDQLIHVWDUOD S~EOLFDPHQWH (Q
FDPELR VL UHILHUH D OD EXHQD IRUWXQD QR VHUtD WDQ GHVHDEOH H[SUHVDUOD HQ S~EOLFR 2LVKL   /D
GHVHDELOLGDGGHODPDQLIHVWDFLyQS~EOLFDQRVHOLPLWDDORVLQGLFDGRUHVWtSLFRVGHELHQHVWDUVXEMHWLYRHQ
ULJRU HO HVWLJPD DVRFLDGR D ORV SUREOHPDV GH VDOXG PHQWDO HQ DOJXQDV FXOWXUDVSRGUtD GHVLQFHQWLYDU OD
H[SUHVLyQ GH VtQWRPDV ItVLFRV H LQFOXVR SVLFROyJLFRV FRPR ORV TXH VH UHFRJHQ HQ HO &XHVWLRQDULR
*HQHUDOGH6DOXG/DVFXOWXUDVWDPELpQSRGUtDQLQGXFLUGLVWLQWDVIRUPDVGHH[SUHVLyQGHODYHUJHQ]D\
ODFXOSD3RUHMHPSORHQODVVRFLHGDGHVPiVLQGLYLGXDOLVWDVSUHGRPLQDUtDQORVVHQWLPLHQWRVGHFXOSDHQ
FDPELR HQ ODV FXOWXUDV FROHFWLYLVWDV VHUtDQ PiV IUHFXHQWHV ORV VHQWLPLHQWRV GH YHUJHQ]D 6FKHUHU \
%URVFK 
+D\YDULRVSURFHGLPLHQWRVSDUDDQDOL]DUODHTXLYDOHQFLDLQWHUFXOWXUDOGHLQGLFDGRUHVVXEMHWLYRVGH
ELHQHVWDU 8Q SULPHU SDVR HV SUHJXQWDUVH SRU OD HTXLYDOHQFLD VHPiQWLFD GHO FRQFHSWR D PHGLU VXV
FRQQRWDFLRQHV \WDPELpQSRUODDGHFXDFLyQGHODWUDGXFFLyQ 2LVKL 8QDSUHJXQWDPiVH[LJHQWH
HVWDGtVWLFDPHQWHHVODHTXLYDOHQFLDGHOPRGHORGHPHGLGD(QWDQWRODHVWUXFWXUDIDFWRULDOVHDUREXVWDD
ORV GLVWLQWRV FRQWH[WRV FXOWXUDOHV \ OLQJtVWLFRV VH SRGUi GHFLU TXH HO FRQVWUXFWR WLHQH HTXLYDOHQFLD
FRQFHSWXDO(QWUHORVSRFRVHVWXGLRVGHHVWHWLSRVHSXHGHPHQFLRQDUHOHIHFWXDGRSRU9LWWHUVR\RWURV
  TXLHQHV HQFRQWUDURQ XQD HVWUXFWXUD OHYHPHQWH GLIHUHQWH SDUD ORV tWHPV GH VDWLVIDFFLyQ HQWUH
GLVWLQWDVFXOWXUDV 'LHQHU2LVKL\/XFDV 
7DPELpQVHGHEHHVWDEOHFHUVLODVUHVSXHVWDVDODVPLVPDVSUHJXQWDVHQGLIHUHQWHVFXOWXUDVWLHQHQ
HTXLYDOHQFLDPpWULFD\DVHDSRUODSRVLEOHLQFLGHQFLDGHHVWLORVQRLGpQWLFRVGHUHVSXHVWDRELHQSRUTXH
ORVHQWUHYLVWDGRVGHDOJXQDVFXOWXUDVSRGUtDQWHQHUXQDWHQGHQFLDPiVIXHUWHKDFLDHOFRQVHQWLPLHQWROR
FXDO SRGUtD DFHQWXDUVH FXDQGR KD\ GHVHTXLOLEULR HQWUH ORV tWHPV SRVLWLYRV \ QHJDWLYRV 6FKPLWW HWDO



 (QXQHVWXGLRLQWHUQDFLRQDOVHREVHUYyXQDSUHYDOHQFLDGHYLGDGHODGHSUHVLyQGHHQ7DLZiQ&RPRKLSyWHVLVVHSURSXVRTXH
HO HVWLJPD VREUH ORV HQIHUPRV PHQWDOHV HQ GLFKR SDtV SXGR KDEHU HPSXMDGR ODV WDVDV KDFLD DEDMR 3DWWHQ   (Q RWUR HVWXGLR
LQWHUQDFLRQDOUHDOL]DGRHQSDtVHVVREUHXQDPXHVWUDGHSDFLHQWHVGHFHQWURVGHVDOXGVHFRQFOX\yTXHODVGLIHUHQFLDVHQWUH
SDtVHVHQODVSUHYDOHQFLDVGHODGHSUHVLyQQRSXHGHQVHUDWULEXLGDVDSUREOHPDVGHYDOLGH]GHORVVtQWRPDVGHSUHVLYRVGHVFDUWiQGRVH
DODIDODFLDGHODFDWHJRUtD 6LPRQ\RWURV 

 (QHVWHFDVRORUHFRPHQGDEOHHVHOXVRGHIDFWRULDOHVFRQILUPDWRULRV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

 /DHTXLYDOHQFLDPpWULFDSXHGHYHULILFDUVHDWUDYpVGHODQiOLVLVGHOIXQFLRQDPLHQWRGLIHUHQFLDOGH
ORV tWHPV 2LVKL   H[DPLQy OD HTXLYDOHQFLD PpWULFD GH XQD HVFDOD GH VDWLVIDFFLyQ FRQ OD YLGD HQ
PXHVWUDVFKLQDV\QRUWHDPHULFDQDVXVDQGROD7HRUtDGH5HVSXHVWDDOWHP ,57 (ODQiOLVLVUHYHOyTXH
FXDWURGHFLQFRSUHJXQWDVWHQtDQIXQFLRQDPLHQWRGLIHUHQFLDOSRUHMHPSORORVHQWUHYLVWDGRVFKLQRVFRQ
DOWRV QLYHOHV GH ELHQHVWDU VXEMHWLYR WHQGLHURQ D QR DSUREDU tWHPV FRPR KDVWD DKRUD KH REWHQLGR ODV
FRVDVLPSRUWDQWHVTXHKHGHVHDGRHQODYLGD\VLYLYLHUDGHQXHYRQRFDPELDUtDFDVLQDGD
8QR GH ORV SURFHGLPLHQWRV HVWDGtVWLFRV PiV VLPSOHV SDUD HVWDEOHFHU OD FRPSDUDELOLGDG LQWHU
FXOWXUDO GH LQGLFDGRUHV VXEMHWLYRV GH ELHQHVWDU HV FRPSDUDU VX FRQVLVWHQFLD LQWHUQD HQWUH ORV GLVWLQWRV
OHQJXDMHV \ FXOWXUDV DQDOL]DGRV 6FKPLWW HWDO   1DWXUDOPHQWH VH HQWLHQGH TXH ODV ILDELOLGDGHV
GHEHUtDQVHUVLPLODUHVHQORVGLVWLQWRVFRQWH[WRV$OUHVSHFWR9LWWHUVR\RWURV  HQFRQWUDURQTXHORV
UHSRUWHV GH VDWLVIDFFLyQ FRQ OD YLGD IXHURQ PHQRV FRQILDEOHV HQ ODV QDFLRQHV PiV SREUHV \ TXH OD
FRUUHODFLyQ HQWUH VDWLVIDFFLyQ FRQ OD YLGD \ HO LQJUHVR SHU FDSLWD VH UHGXMR FXDQGR VH UHDOL]DURQ
FRUUHFFLRQHVSDUDLQFUHPHQWDUODFRQILDELOLGDGGHODPHGLGD 'LHQHU2LVKL\/XFDV 
1RREVWDQWHORDQWHULRUSDUDDOJXQRVLQYHVWLJDGRUHVODLQFLGHQFLDGHODGLIHUHQFLDVFXOWXUDOHVHQ
ORVUHSRUWHVVXEMHWLYRVGHELHQHVWDUHVOLPLWDGD3RUHMHPSOR9HHQKRYHQ  LQGLFDTXHVLODIHOLFLGDG
IXHUD XQ FRQFHSWR QR IDPLOLDU SDUD SREODFLRQHV QR RFFLGHQWDOHV GHEHUtD PDQLIHVWDUVH HQ XQD PiV DOWD
SUHYDOHQFLDGHIDOWDGHUHVSXHVWDVRGHUHVSXHVWDVQRVpHQGLFKRVSDtVHVFRVDTXHQRVXFHGHUtD(QHO
FDPSRGHODVDOXGPHQWDO3DWHO  VHxDODTXHODFXOWXUDWLHQHXQUROOLPLWDGRHQODH[SUHVLyQGHORV
VtQWRPDVFRPXQHVGHGHSUHVLyQ\DJUHJDTXHODPHGLFLyQLQWHUQDFLRQDOGHODGHSUHVLyQSXHGHVHUKHFKD
FRQLQVWUXPHQWRVVLPLODUHVHQGLVWLQWRVFRQWH[WRVFXOWXUDOHVD~QFXDQGRVHGHEHDVHJXUDUXQDWUDGXFFLyQ
DSURSLDGD\ODYDOLGDFLyQGHORVSXQWRVGHFRUWH
/D GLVWLQFLyQ HQWUH VRFLHGDGHV LQGLYLGXDOLVWDV \ FROHFWLYLVWDV TXH IXQGDPHQWD XQD GH ODV SRFDV
KLSyWHVLVVREUHODLQFLGHQFLDGHODFXOWXUDHQORVMXLFLRVVREUHHOELHQHVWDUTXHWLHQHDOJXQDSODXVLELOLGDG
GH YHULILFDFLyQ HPStULFD KD VLGR GXUDPHQWH FULWLFDGD YpDVH 5DWQHU \ +XL   $ VX YH] YDULRV
DXWRUHVKDQVHxDODGRTXHODDWHQFLyQGHEHUtDFRORFDVHHQODYDULDELOLGDGGHQWURGHODVFXOWXUDVORFXDOVH
MXVWLILFDUtD SRUTXH ORV WDPDxRV GH HIHFWR GH ODV FXOWXUDV HQ ORV DXWRFRQFHSWRV VHUtDQ SHTXHxRV
0DWVXPRWR*ULVVRP\'LQQHO 6LQHPEDUJR'LHQHU2LVKL\/XFDV  FRQFOX\HURQHQEDVH
D ORV GDWRV GH OD :96 TXH OD FXOWXUD H[SOLFy HQWUH HO  \ HO  GH OD YDULDQ]D HQ GLVWLQWRV
LQGLFDGRUHVGHELHQHVWDUVXEMHWLYRSHURHQHVWHHVWXGLRODQRFLyQGHFXOWXUDUHILHUHDOHIHFWRGHSDtVHV
(O DQiOLVLV GH OD LQFLGHQFLD GH OD FXOWXUD GHEHUtD FRQVLGHUDU ORV HIHFWRV HQWUH \ GHQWUR GH ODV
QDFLRQHV(VWRHVPX\UHOHYDQWHSDUD$PpULFD/DWLQDGRQGHODVIURQWHUDVQDFLRQDOHVRFXOWDQXQDIXHUWH
YDULDELOLGDGYLQFXODGDDODPHPEUHVtDDSXHEORVRULJLQDULRV\DIURGHVFHQGLHQWHVSRUHMHPSORVHSRGUtD
KDEODUGHXQDFXOWXUDD\PDUiTXHLQFOX\HDSREODFLRQHVTXHUHVLGHQHQ3HU~HO(VWDGR3OXULQDFLRQDO
GH%ROLYLD\HQHOH[WUHPRQRUWHGH&KLOH/RPLVPRRFXUUHFRQORVPDSXFKHVTXHKDELWDQHQHOVXUGH
$UJHQWLQD\GH&KLOH(VSODXVLEOHTXHHVWDVSREODFLRQHVVREUHWRGRODVTXHYLYHQHQ]RQDVUXUDOHVVH
SDUH]FDQPiVHQWUHVtTXHFRQORVUHVLGHQWHVGHODVJUDQGHV]RQDVXUEDQDVGHVXVSURSLRVSDtVHV0XFKDV
GHODVFRPSDUDFLRQHVFXOWXUDOHVUHDOL]DGDVKDVWDDKRUDSRUHOKHFKRGHKDEHUVLGRHIHFWXDGDVHQEDVHD
XQLGDGHV SROtWLFRDGPLQLVWUDWLYDV FRPR ORV SDtVHV KDQ WUDWDGR GH PRGR VLPLODU D SREODFLRQHV
HVHQFLDOPHQWHGLVWLQWDV

& 5HGXQGDQFLDV\FRQIXVLRQHVHQWUHFRQVWUXFWRV
8QFRQVWUXFWRHVXQDHQWLGDGFRQFHSWXDOTXHQRSXHGHYHULILFDUVHGHPRGRGLUHFWRRPiVIRUPDOPHQWH
XQIDFWRURGLPHQVLyQVXE\DFHQWHTXHH[SOLFDRUHVXPHODYDULDELOLGDGHQXQFRQMXQWRGHLQGLFDGRUHV
GH VXSHUILFLH TXH QR VRQ RWUD FRVD TXH ODV UHVSXHVWDV GH ORV HQWUHYLVWDGRV D XQFRQMXQWR GH SUHJXQWDV
SRUHMHPSORTXpWDQIHOL]VHVLHQWH8G"RTXpWDQVDWLVIHFKRHVWi8GFRQVXYLGD" (OFDPSRGHORV
LQGLFDGRUHV VXEMHWLYRV GH ELHQHVWDU HVWi SODJDGR GH FRQVWUXFWRV PX\ VLPLODUHV HQWUH Vt OR FXDO
LQFUHPHQWD HO ULHVJR DO PRPHQWR GH VX PHGLFLyQ GH VXSHUSRVLFLRQHV (Q HVWD VHFFLyQ VH H[DPLQDQ
DOJXQDVGHODVUHGXQGDQFLDV\FRQIXVLRQHVTXHKDQVLGRPiVDQDOL]DGDVHQODDSOLFDFLyQGHLQGLFDGRUHV
VXEMHWLYRVSDUDODPHGLFLyQGHOELHQHVWDU


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

/D SULPHUD VLPLOLWXG HV OD H[LVWHQWH HQWUH ORV LQGLFDGRUHV GH ELHQHVWDU VXEMHWLYR IHOLFLGDG \
VDWLVIDFFLyQ \HQWUHpVWRV\ORVGHELHQHVWDUSVLFROyJLFR'LHQHU.DKQHPDQ\RWURV  SODQWHDQTXH
XQD EXHQD SDUWH GH ORV IUDFDVRV HPStULFRV HQ OD LQYHVWLJDFLyQ FRPSDUDGD SDUD HVWDEOHFHU XQD UHODFLyQ
HQWUH HO 3,% SRU KDELWDQWH \ HO ELHQHVWDU VXEMHWLYR KD VLGR HO XVR LQGLVWLQWR GH PHGLGDV VDWXUDGDV HQ
PD\RURPHQRUJUDGRSRUORVDIHFWRV(VWRVDXWRUHVREVHUYDQTXHODVFRUUHODFLRQHVHQWUHORVLQGLFDGRUHV
PiVFRJQLWLYRVGHELHQHVWDUVXEMHWLYRFRPRODVDWLVIDFFLyQFRQODYLGD\HO3,%SRUKDELWDQWHVRQPiV
DOWDVTXHODVREWHQLGDVPHGLDQWHODVSUHJXQWDVVREUHODIHOLFLGDG(QFXDQWRDODVVXSHUSRVLFLRQHVHQWUH
ORVLQGLFDGRUHVGHELHQHVWDUVXEMHWLYR\GHIXQFLRQDPLHQWRSVLFROyJLFR.H\HV6KPRWNLQ\5\II  
SURYHHQ HYLGHQFLD HPStULFD GH TXH HVWRV FRQVWUXFWRV VRQ GLVWLQWRV HQ EDVH D DQiOLVLV IDFWRULDOHV
FRQILUPDWRULRVVREUHXQDPXHVWUDGHQRUWHDPHULFDQRVGHDDxRV
/D VHJXQGD VXSHUSRVLFLyQ SRVLEOH HV OD GH ORV UDVJRV GH SHUVRQDOLGDG \ ODV H[SUHVLRQHV GH
ELHQHVWDUVXEMHWLYR IHOLFLGDGVDWLVIDFFLyQ \GHIXQFLRQDPLHQWRSVLFROyJLFR(QJHQHUDOODVGLIHUHQFLDV
FRQFHSWXDOHVHQWUHODSHUVRQDOLGDG\ORVRWURVGRVWpUPLQRVSDUHFHQVHUUHODWLYDPHQWHFODUDV/RVUDVJRV
GHSHUVRQDOLGDGVRQSURSHQVLRQHVKDFLDSDWURQHVUHODWLYDPHQWHHVWDEOHVGHSHQVDPLHQWR\FRQGXFWDORV
FXDOHV QR VHUtDQ EXHQRV QL PDORV (Q FDPELR HO ELHQHVWDU VXEMHWLYR \ HO SVLFROyJLFR GHEHUtDQ YDULDU
FRPR UHVSXHVWD DQWH HYHQWRV YLWDOHV \ VRQ HYDOXDWLYRV SXHVWR TXH VRQ HVWDGRV GHVHDEOHV 6FKPXWWH \
5\II DXQFXDQGRODVFRQQRWDFLRQHVHYDOXDWLYDVWDPELpQSRGUtDQHVWDULPSOtFLWDVHQODGHILQLFLyQ
GHDOJXQRVUDVJRVGHSHUVRQDOLGDG
([LVWHXQDDPSOLDHYLGHQFLDGHTXHODSHUVRQDOLGDGHVXQSUHGLFWRUSRWHQWHGHELHQHVWDUVXEMHWLYR
\ SVLFROyJLFR (VWH YtQFXOR VHUtD H[SOLFDGR SRU XQ FRQMXQWR GH PHFDQLVPRV JHQpWLFRV ELROyJLFRV
SVLFROyJLFRV \ VRFLDOHV 'LHQHU 2LVKL \ /XFDV   $O HVWDU FRUUHODFLRQDGDV IXHUWHPHQWH FRQ ORV
UDVJRV GH SHUVRQDOLGDG ODV PHGLGDV GH ELHQHVWDU VXEMHWLYR UHIOHMDUtDQ GLIHUHQFLDV LQGLYLGXDOHV QR
GHELGDVDYDULDFLRQHVDPELHQWDOHV\FRPSOHWDPHQWHIXHUDGHODOFDQFHGHODVSROtWLFDV6LQHPEDUJRXQD
SDUWHGHODDVRFLDFLyQHQWUHHOIXQFLRQDPLHQWRELHQHVWDUSVLFROyJLFR\ORVUDVJRVGHSHUVRQDOLGDGKDVLGR
DWULEXLGDDOXVRGHSUHJXQWDVVREUHORVDVSHFWRVHPRFLRQDOHVGHOELHQHVWDUSVLFROyJLFRORFXDOVXJLHUH
TXH OD UHODFLyQ SRGUtD VHU WDXWROyJLFD 3RU HVWD UD]yQ VH KDQ GHVDUUROODGR HVWXGLRV TXH KDQ WUDWDGR GH
FRQWURODU OD VXSHUSRVLFLyQ GH ORV FRQVWUXFWRV 6FKPXWWH \ 5\II   XVDQGR FRQWUROHV HVWDGtVWLFRV
HQFRQWUDURQFRUUHODFLRQHVIXHUWHVHQWUHHOIXQFLRQDPLHQWRSVLFROyJLFR\UDVJRVGHSHUVRQDOLGDGORFXDO
LQGLFDTXHQRWRGDODDVRFLDFLyQVHH[SOLFDSRUODVXSHUSRVLFLyQHQWUHFRQVWUXFWRV
,JXDOPHQWH VH KD FRQMHWXUDGR VREUH VXSHUSRVLFLRQHV HQ ODV UHODFLRQHV HQWUH GLVFULPLQDFLyQ
SHUFLELGD \ HO HVWUpV UHSRUWDGR /D PD\RUtD GH ODV LQYHVWLJDFLRQHV KDQ FRQFHSWXDOL]DGR DO UDFLVPR
SHUFLELGR\DOHVWUpVFRPRHQWLGDGHVVHSDUDGDVSHURODGLVFULPLQDFLyQUHSRUWDGDSRGUtDVHUXQLQGLFDGRU
GHHVWUpV 3DUDGLHV ([LVWHWDPELpQXQGHEDWHFRQVLGHUDEOHVREUHODPHGLFLyQGHODYHUJHQ]D/D
PD\RUSDUWHGHODFRQWURYHUVLDUHILHUHDODUHODFLyQHQWUHODYHUJHQ]D\ODFXOSD\PiVHVSHFtILFDPHQWH
D OD PHGLGD HQ TXH DPERV FRQVWUXFWRV VRQ GLVWLQWRV &ODHVVRQ \ 6RKOEHUJ  7DQJQH\ \ 'HDULQJ
 7DPSRFRHVFODUDODDSWLWXGGHODVSUHJXQWDVXVDGDVHQODVHQFXHVWDVSDUDGLVFULPLQDUHQWUHHVWDV
HPRFLRQHV $QGUHZVHWDO7DQJQH\\'HDULQJ 
'H OD UHYLVLyQ HIHFWXDGD VH GHVSUHQGH OD QHFHVLGDG GH WRPDU UHVJXDUGRV SDUD HYLWDU OD
VXSHUSRVLFLyQGHORVFRQVWUXFWRVHQODHODERUDFLyQGHORVLQVWUXPHQWRVGHPHGLGD3DUDHOORLGHDOPHQWH
VH UHTXLHUH OD XWLOL]DFLyQ GH PRGHORV GH PHGLFLyQ TXH HVSHFLILTXHQ D SULRUL HQ EDVH D OD WHRUtD OD



 &RVWD\0F&UDH  HQFRQWUDURQUHODFLRQHVHQWUHH[WUDYHUVLyQ\DIHFWRSRVLWLYR\HQWUHQHXURWLFLVPR\DIHFWRQHJDWLYRORFXDOIXH
FRQILUPDGR HQ HVWXGLRV SRVWHULRUHV /XFDV \ )XMLWD   HQXQ PHWDDQiOLVLV HQFRQWUDURQTXH OD H[WUDYHUVLyQ VHFRUUHODFLRQyHQ
 FRQ HO DIHFWR SRVLWLYR \ FXDQGR HPSOHDURQ GLYHUVRV PpWRGRV GH PHGLGD SDUD PRGHODU OD DVRFLDFLyQ HQWUH DPEDV YDULDEOHV
DSUHFLDURQFRUUHODFLRQHVFHUFDQDVD/RVUDVJRVGHSHUVRQDOLGDGWDPELpQVHDVRFLDQFRQODDXWRHYDOXDFLyQGHODVDOXG\FRQHO
IXQFLRQDPLHQWRSVLFROyJLFR .H\HV5\II\6KPRWNLQ 

 $OJXQDV SHUVRQDV WLHQHQ XQD SUHGLVSRVLFLyQ JHQpWLFD D VHU IHOLFHV R LQIHOLFHV FDXVDGD SRU GLIHUHQFLDV LQGLYLGXDOHV HQ HO VLVWHPD
QHUYLRVR /D HYLGHQFLD PiV IXHUWH VREUH XQD GLVSRVLFLyQ WHPSHUDPHQWDO D H[SHULPHQWDU PD\RUHV R PHQRUHV QLYHOHV GH ELHQHVWDU
VXEMHWLYRSURYLHQHGHORVHVWXGLRVGHODKHUHGDELOLGDGTXHKDQHVWLPDGRHOPRQWRGHYDULDQ]DHQHOELHQHVWDUVXEMHWLYRTXHSXHGHQ
H[SOLFDUVHSRUORVJHQHV /DKHUHQFLDSDUHFHWHQHUXQDLQIOXHQFLDPRGHUDGDHQODIHOLFLGDGHQXQPRPHQWRGHOWLHPSR\XQHIHFWR
VXVWDQFLDOHQHOODUJRSOD]R ODIHOLFLGDGSURPHGLRGHODVSHUVRQDVHQXQDGpFDGD SHURWDPELpQVHKDHQIDWL]DGRODLQFLGHQFLDGHORV
IDFWRUHVDPELHQWDOHVHQHOELHQHVWDUVXEMHWLYRHQHOFRUWR\ODUJRSOD]R 'LHQHU2LVKL\/XFDV6FKPXWWH\5\II 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

HVWUXFWXUD GH IDFWRUHV TXH VH HVSHUD HQFRQWUDU HQ ORV GDWRV \ HO HPSOHR GH PpWRGRV HVWDGtVWLFRV PiV
UREXVWRVFRPRORVDQiOLVLVIDFWRULDOHVFRQILUPDWRULRVSDUDODYHULILFDFLyQGHORVPRGHORVGHPHGLFLyQ

' 3UREOHPDVGHRSHUDFLRQDOL]DFLyQ\PHGLFLyQ
/DV GLILFXOWDGHV PHWRGROyJLFDV UHVHxDGDV DQWHV SDUD ODPHGLFLyQ GHO ELHQHVWDU VXEMHWLYR \ SVLFROyJLFR
DVt FRPR SDUD OD REWHQFLyQ GH RWURV LQGLFDGRUHV VXEMHWLYRV SXHGHQ LQWHUDFWXDU FRQ XQD VHULH GH
SUREOHPDV SUiFWLFRV ORV FXDOHV GLFHQ UHODFLyQ FRQ ODV GLIHUHQFLDV HQ OD LQVWUXPHQWDFLyQ SRU HMHPSOR
HVFDODV \ IRUPDWRV GH UHVSXHVWD SURFHGLPLHQWRV GH UHFROHFFLyQ GH LQIRUPDFLyQ HWF  \ FRQ OD
LQHVWDELOLGDG SURYHQLHQWH GH OD VLWXDFLyQ GH ORV HQWUHYLVWDGRV VHVJRV GH PHPRULD GLIHUHQFLDV QR
DOHDWRULDV HQ ORV HVWDGRV GH iQLPR  6H GHEH QRWDU HQ WRGR FDVR TXH DOJXQRV SUREOHPDV TXH VH
GHVFULELUiQDFRQWLQXDFLyQQRVRQH[FOXVLYRVGHORVLQGLFDGRUHVVXEMHWLYRV\WDPELpQSXHGHQYHULILFDUVH
HQODREWHQFLyQGHGDWRVFRQUHVSHFWRSRUHMHPSORDODVLWXDFLyQVRFLRHFRQyPLFDGHORVKRJDUHVDWUDYpV
GHPXHVWUDVQDFLRQDOHVUHSUHVHQWDWLYDV
1LYHOGHPHGLFLyQ\HTXLYDOHQFLDGHODVHVFDODV
8Q SULPHU SUREOHPD HV HO QLYHO GH PHGLFLyQ GH ORV LQGLFDGRUHV VXEMHWLYRV GH ELHQHVWDU /DV SUHJXQWDV
PiV XVDGDV HQ ODV HQFXHVWDV TXH PLGHQ OD VDWLVIDFFLyQ R OD IHOLFLGDG VRQ RUGLQDOHV \ WLHQHQ OtPLWHV
VXSHULRUHVHLQIHULRUHVGRQGHQRVHSXHGHJDUDQWL]DUTXHXQLQGLYLGXRTXHUHSRUWyXQDVDWLVIDFFLyQGH
SXQWRVHQXQDHVFDODGHDHVGRVYHFHVPiVIHOL]TXHDOJXLHQTXHSXQWXy6LQHPEDUJRHQXQD
EXHQD SDUWH GH ODV LQYHVWLJDFLRQHV UHDOL]DGDV SRU SVLFyORJRV \ VRFLyORJRV VH ODV KD WUDWDGR
HVWDGtVWLFDPHQWH FRPR YDULDEOHV FDUGLQDOHV SRU HMHPSOR PHGLDQWH ORV PRGHORV KDELWXDOHV 2/6 
PLHQWUDV TXH HQ YDULRV HVWXGLRV HIHFWXDGRV SRU HFRQRPLVWDV VH KD SODQWHDGR TXH HVWDV SUHJXQWDV VROR
GHEHQVHUDQDOL]DGDVFRPRYDULDEOHVRUGLQDOHV )HUUHUL&DUERQHOO\)ULMWHUV 
$KRUDELHQVHGHEHQRWDUTXHODFRPSDUDELOLGDGRUGLQDOGHORVMXLFLRVVREUHHOELHQHVWDUVXEMHWLYR
RSVLFROyJLFRQRHVWiH[HQWDGHFRQWURYHUVLDSXHVWRTXHSDUDTXHpVWDVHVRVWHQJDVHUHTXLHUHD TXHORV
LQGLYLGXRVWHQJDQXQDRSLQLyQFRP~QVREUHORTXHHVODIHOLFLGDG\E TXHXVHQODPLVPDHVFDODRDO
PHQRV XQD HVFDOD SDUHFLGDHQ OD FRQYHUVLyQ GH VXV HYDOXDFLRQHV GH VDWLVIDFFLyQ R IHOLFLGDG D YDORUHV
QXPpULFRV1RREVWDQWHODH[LVWHQFLDGHXQOHQJXDMHKXPDQRFRP~QVREUHODVDWLVIDFFLyQHVGLVFXWLEOH
KD\ HYLGHQFLD H[SHULPHQWDO GH TXH ORV VXMHWRV VRQ FDSDFHV GH UHFRQRFHU \ SUHGHFLU HO QLYHO GH
VDWLVIDFFLyQ GH RWURV 6DQGYLN HW DO  'LHQHU \ /XFDV   \ TXH WLHQGHQ D H[SUHVDU HWLTXHWDV
YHUEDOHVFRPRPX\EXHQRRPX\PDORHQYDORUHVQXPpULFRVVLPLODUHV .DKQHPDQ\6XJGHQ 
'LHQHU \ 7RY   GHILHQGHQ OD FRPSDUDELOLGDG HQ ORV PRGRV GH XVR GH ODV HVFDODV SRU ORV
HQWUHYLVWDGRVDOVHxDODUTXHODVDXWRHYDOXDFLRQHVGHELHQHVWDUVXEMHWLYRSRVHHQYDOLGH]SUHGLFWLYD(QHO
FDVR GH TXH GLFKRV MXLFLRV QR IXHUDQ FRPSDUDEOHV QR SURGXFLUtDQ FRUUHODFLRQHV SUHGHFLEOHV GHVGH HO
SXQWRGHYLVWDWHyULFR$VtORVPRGRVGHXVRGHODVHVFDODVSRUSDUWHGHODVSHUVRQDVVHUtDQVLPLODUHVOR
FXDOVLJQLILFDUtDXQDPHGLFLyQDSUR[LPDGDPHQWHRUGLQDO(QRWURVWpUPLQRVXQDSHUVRQDTXHUHSRUWD
XQHQXQDHVFDODGHIHOLFLGDGGHSXQWRVSUREDEOHPHQWHWHQGUiPHQRUSUREDELOLGDGGHVXIULUDOJXQD
GHSUHVLyQ FOtQLFD TXH XQ VXMHWR TXH UHSRUWD  SHUR VH GHEH DGPLWLU TXH DOJXLHQ TXH SXQW~D  QR
QHFHVDULDPHQWHVHUiPHQRVIHOL]TXHXQLQGLYLGXRTXHUHSRUWD
'H FXDOTXLHU PRGR pVWD HV XQ iUHD TXH UHTXLHUH PD\RU LQYHVWLJDFLyQ /RV HVFDVRV HVWXGLRV
HIHFWXDGRV KDQ DQDOL]DGR HOHIHFWR GH ORV VXSXHVWRV GH FDUGLQDOLGDG X RUGLQDOLGDG HQ ORV UHVXOWDGRV GH
ELHQHVWDU(QJHQHUDOORVPpWRGRVGHUHJUHVLyQRUGLQDOHV SURELWRORJLW QRKDQOOHYDGRDFRQFOXVLRQHV
VXVWDQFLDOPHQWH GLVWLQWDV GH ODV GHULYDGDV D SDUWLU GH UHJUHVLRQHV 2/6 &ODUN \ RWURV  )HUUHUL
&DUERQHOO\)ULMWHUV'LHQHU\7RY (QFDPELRHOFRQWUROGHORVIDFWRUHVQRREVHUYDGRVD
WUDYpVGHGLVHxRVGHHIHFWRVILMRVSDUDGDUFXHQWDGHODLQFLGHQFLDGHUDVJRVLQGLYLGXDOHVLQYDULDQWHVVL
KDOOHYDGRDFRQFOXVLRQHVGLIHUHQWHV )HUUHUL&DUERQHOO\)ULMWHUV 


 /DGLVFXVLyQUHILHUHDOQLYHOGHPHGLFLyQRFXSDGRGHKHFKRHQODVLQYHVWLJDFLRQHV\QRDODQDWXUDOH]DGHOELHQHVWDUVXEMHWLYRFRPR
IHQyPHQR HQ XQ HVSDFLR FXDQWLWDWLYR GH HYDOXDFLyQ $O UHVSHFWR .URK   LQGLFD TXH HO FRQFHSWR VXE\DFHQWH GH IHOLFLGDG HV
DELHUWR\QRWLHQHOtPLWHVILMRVSXHVWRTXHORVHYHQWRVHPRFLRQDOPHQWHVLJQLILFDWLYRVSXHGHQWHQHUXQLPSDFWRHPRFLRQDOTXHYDUtD
GHODWULVWH]DLQILQLWDDODIHOLFLGDGLQILQLWD


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

 0RGRGHUHFROHFFLyQGHODLQIRUPDFLyQ\IRUPDWR
GHODVUHVSXHVWDV
(OPRGRGHUHFROHFFLyQGHODLQIRUPDFLyQUHILHUHDVtODVUHVSXHVWDVVHHOLFLWDQHQHQWUHYLVWDVFDUDDFDUDSRU
WHOpIRQR YtD FXHVWLRQDULR DXWRDGPLQLVWUDGR R PHGLDQWH ,QWHUQHW HQWUH RWUDV DOWHUQDWLYDV SRVLEOHV /DV
GLIHUHQFLDV HQ HO PRGR GH DGPLQLVWUDFLyQ DPHQD]DQ OD HTXLYDOHQFLD GH ODV PHGLGDV \ SXHGHQ SURYRFDU
YDULDFLRQHVHQODVUHVSXHVWDVQRDWULEXLEOHVDOELHQHVWDUYHUGDGHUDPHQWHH[SHULPHQWDGR
(Q WpUPLQRV SUiFWLFRV KD\ GLIHUHQFLDV DVRFLDGDV DO PRGR GH DGPLQLVWUDFLyQ GH OD SUXHED TXH
SXHGHQ SURYRFDU VHVJRV KDFLD DXWRHYDOXDFLRQHV PiV SRVLWLYDV R PiV QHJDWLYDV FRQ UHVSHFWR D OD YLGD
SHUVRQDOSRUHMHPSORORVLQGLYLGXRVSRGUtDQGHFODUDUVHUPiVIHOLFHVHQHQWUHYLVWDVFDUDDFDUDTXHSRU
WHOpIRQRRHQFXHVWLRQDULRVDXWRDGPLQLVWUDGRVVLWXDFLyQTXHSRGUtDVHUPiVPDUFDGDHQDOJXQRVJUXSRV
VRFLDOHV 'LHQHU\7RY 
$VXYH]ODSUiFWLFDGHXVRGHSRFDVDOWHUQDWLYDVGHUHVSXHVWD SRUHMHPSORPX\IHOL]EDVWDQWHIHOL]
SRFR IHOL] R QDGD IHOL]  KD VLGR MXVWLILFDGD SRUTXH HVWH HVTXHPD VHUtD PiV FRPSUHQVLEOH SDUD ORV
HQWUHYLVWDGRV/DFRQVLGHUDFLyQGHPiVFDWHJRUtDVGHUHVSXHVWD SRUHMHPSORXQDHVFDODGHIHOLFLGDGGHD
 LPSOLFDUtD PiVGHPDQGDVFRJQLWLYDV \SRGUtD OOHYDUD GDUUHVSXHVWDVUiSLGDVFRPR ODDFHSWDFLyQGHOD
SULPHUD FDWHJRUtD GH UHVSXHVWD TXH VH DMXVWH PHMRU D OD DXWRHYDOXDFLyQ UHDO GHO HQFXHVWDGR .URK 
'LHQHU\7RY 6LQHPEDUJRPiVRSFLRQHVGHUHVSXHVWDSRGUtDQSHUPLWLUDORVHQWUHYLVWDGRVWUDQVPLWLU
PiVLQIRUPDFLyQ\PHMRUDUODFDOLGDGGHORVGDWRV
(Q HVWH FDPSR OR UHFRPHQGDEOH HV HO XVR GH ORV IRUPDWRV GH UHVSXHVWD PHQRV VHQVLEOHV D ODV
GLIHUHQFLDVLQGLYLGXDOHV\JUXSDOHVHQHOXVRGHODVHVFDODV'LHQHU\7RY  LQGLFDQTXHODVHVFDODVGHO
WLSRDSRGUtDQVHUDIHFWDGDVSRUODSURSHQVLyQGHDOJXQRVLQGLYLGXRVDXVDUQ~PHURVH[WUHPRVPLHQWUDV
TXHRWURVSRGUtDQLQFOLQDUVHVLVWHPiWLFDPHQWHSRUORVSXQWRVLQWHUPHGLRVGHODHVFDODRVHUDWUDtGRVSRUORV
Q~PHURV GH XVR SRSXODU FRPR HO  (Q FDPELR OD VROLFLWXG D ORV HQWUHYLVWDGRV TXH HYDO~HQ VX HVWDGR GH
iQLPRHQEDVHDODVFDWHJRUtDVEXHQRRPDORQRHVWDUiLQIOXHQFLDGDSRUORVHVWLORVGHXVRGHQ~PHURV
FRPRXQDHVFDODGHD
(O RUGHQ GH ODV SUHJXQWDV SXHGH LQIOXLU HQ ODV UHVSXHVWDV SRUTXH SXHGH KDFHU PiV VDOLHQWH DOJXQD
LQIRUPDFLyQTXHLQIOXLUiHQODUHVSXHVWDDXQDSUHJXQWDSRVWHULRU HIHFWRGHSULPLQJ 'LHQHU\7RY  
VHxDODQTXHHVWRVHIHFWRVQRVRQJUDQGHVHQORVHVWXGLRVGHELHQHVWDUVXEMHWLYRSHURHQHOFDVRGHPHGLGDVGH
IXQFLRQDPLHQWR SVLFROyJLFR FRPR OD GHSUHVLyQ VH KD GLFKR TXH ORV FDPELRV HQ HO RUGHQ GH ODV SUHJXQWDV
LPSDFWDQHQODVHVWLPDFLRQHVGHSUHYDOHQFLD 3DWWHQ 2WUDIXHQWHGHGLIHUHQFLDVHVTXHORVHQFXHVWDGRV
YHDQXQDWDUMHWDGHUHVSXHVWDVRHVFXFKHQODVDOWHUQDWLYDV1RYHUODVDOWHUQDWLYDVLPSRQHPiVFDUJDFRJQLWLYD
\ODFDSDFLGDGSDUDPDQHMDUODYDULDUiHQWUHORVHQWUHYLVWDGRV\SRGUtDDOWHUDUHOSDWUyQGHUHVSXHVWDV
3RFDVLQYHVWLJDFLRQHVKDQDQDOL]DGRODLQFLGHQFLDGHGLVWLQWRVPRGRVGHDGPLQLVWUDFLyQ\HVFDODVGH
UHVSXHVWDHQODILDELOLGDGGHODPHGLFLyQGHOELHQHVWDUVXEMHWLYR8QDH[FHSFLyQHVXQHVWXGLREDVDGRHQHO
3DQHO6RFLRHFRQyPLFRGH$OHPDQLDTXHFRPELQyXQDDSUR[LPDFLyQ0XOWL5DVJR0XOWL0pWRGR 0700
SRUVX VLJOD HQLQJOpV FRQXQ6SOLW%DOORW(QGLFKDLQYHVWLJDFLyQVHFRQFOX\yTXHWDQWRHOIRUPDWRGH
UHVSXHVWDFRPRHOPRGRGHUHFROHFFLyQGHGDWRVLQIOX\HURQHQHOHUURUGHPHGLFLyQ\TXHXQDHVFDODGH
SXQWRV GH VDWLVIDFFLyQ \ XQD HQWUHYLVWD FDUD D FDUD SURGXMHURQ GDWRV GH PHMRU FDOLGDG TXH XQD HVFDOD GH 
SXQWRV\XQFXHVWLRQDULRDXWRDGPLQLVWUDGR .URK 
(QHVWHiPELWRORUHFRPHQGDEOH HV PDQWHQHUGHO PRGR GHDGPLQLVWUDFLyQOR PiVFRQVWDQWHSRVLEOH
SDUDWRGRVORVHQWUHYLVWDGRVGHPDQHUDGHJDUDQWL]DUODFRPSDUDELOLGDGORFXDOLQFOX\HGLVSRQHUODVSUHJXQWDV
VLHPSUH HQ HO PLVPR RUGHQ VDOYR TXH VH SUHWHQGD LPSOHPHQWDU XQ GLVHxR GH LQYHVWLJDFLyQ RULHQWDGR D
HVWDEOHFHUORVHIHFWRVGHORVPRGRVGHDGPLQLVWUDFLyQ\GHODVHVFDODVGHUHVSXHVWD


 /DLGHDEiVLFDGHODDSUR[LPDFLyQ0700HVTXHODREVHUYDFLyQUHSHWLGDGHUDVJRVHVSHFtILFRVDWUDYpVGHGLVWLQWRVPpWRGRVSHUPLWH
FXDQWLILFDU HO HUURU GH PHGLGD HQ ORV LQVWUXPHQWRV GH HQFXHVWD (O VXSXHVWR HV TXH ODV UHVSXHVWDV VRQ XQD IXQFLyQ GHO D  SXQWDMH
YHUGDGHUR GDGR HO IRUPDWR GH UHVSXHVWD TXH SXHGH GHVFRPSRQHUVH HQ HO IDFWRU VXE\DFHQWH GH VDWLVIDFFLyQ FRQ OD YLGD \ HO PpWRGR
XVDGR \E HOHUURUGHPHGLGD/DIUDFFLyQGHODYDULDQ]DDWULEXLEOHDOSXQWDMHYHUGDGHURVXE\DFHQWHGHILQHODILDELOLGDGGHOLQVWUXPHQWR
GHPHGLGD6HGHEHQRWDUTXHHO0700UHTXLHUHTXHDOPHQRVUDVJRVVHDQPHGLGRVHQPRPHQWRVGLVWLQWRVGHOWLHPSR

 (VWH SURFHGLPLHQWR LPSOLFD OD GLYLVLyQ DO D]DU GH OD PXHVWUD HQ JUXSRV D ORV FXDOHV VH OHV SODQWHDQ GLVWLQWDV PRGDOLGDGHV GH
DGPLQLVWUDFLyQ\HVFDODVGHUHVSXHVWD\HV~WLOSDUDHOLPLQDUVHVJRVWtSLFRVGHORVHVWXGLRVGHPHGLGDVUHSHWLGDVFRPRORVHIHFWRVGH
PHPRULD\GHORUGHQGHSUHVHQWDFLyQGHODVSUHJXQWDV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

6HVJRVGHODPHPRULD\HVWDGRVGHiQLPR
/D SUiFWLFD KDELWXDO HQ ODV HQFXHVWDV GRQGH VH LQGDJD HQ HO ELHQHVWDU VXEMHWLYR HV OD XWLOL]DFLyQ GH
SUHJXQWDVTXHUHTXLHUHQODFRQVWUXFFLyQGHMXLFLRVJOREDOHVUHWURVSHFWLYRV SRUHMHPSORFXiQVDWLVIHFKR
HVWi 8G FRQ VX YLGD FRPR XQ WRGR"  (Q HVWRV FDVRV ORV VXMHWRV VXHOHQ  SURPHGLDU HO ELHQHVWDU TXH
H[SHULPHQWDQHQGHWHUPLQDGDVDFWLYLGDGHVRGRPLQLRV/RVUHVXOWDGRVGHHVWHHMHUFLFLRVHFRUUHODFLRQDQ
VRORPRGHUDGDPHQWHFRQODVPHGLGDVHQOtQHD SRUHMHPSORHOPpWRGRGHUHFRQVWUXFFLyQGHOGtD TXH
FDSWXUDQORVIOXMRVKHGyQLFRVGHPRGRLQPHGLDWR
/D PHGLFLyQ GHO ELHQHVWDU VXEMHWLYR D SDUWLU GH UHSRUWHV JOREDOHV UHWURVSHFWLYRV KD VLGR FULWLFDGD
SRUTXHODVSHUVRQDVQRVDEUtDQHQUHDOLGDGFXiQIHOLFHVVRQ\SDUDUHVSRQGHUVXHOHQUHDOL]DUXQDVHULHGH
RSHUDFLRQHVFRJQLWLYDVTXHWHQGUtDQSRFRTXHYHUFRQODXWLOLGDGHIHFWLYDPHQWHH[SHULPHQWDGD .DKQHPDQ
\6XJGHQ (QRWURVWpUPLQRVODXWLOLGDGUHFRUGDGDHVXQDLPSUHVLyQJOREDOHODERUDGDDSDUWLUGHXQD
PXHVWUDUHGXFLGD\IUHFXHQWHPHQWHQRUHSUHVHQWDWLYDGHODH[SHULHQFLDLQGLYLGXDO 5HDG 
/RVLQGLFDGRUHVEDVDGRVHQSUHJXQWDVJOREDOHVWLHQHQXQDFRQILDELOLGDGPRGHVWDHQODHVWLPDFLyQ
GHO ELHQHVWDU VXEMHWLYR DFWXDO GH ODV SHUVRQDV (VWR SRUTXH ORV UHFXHUGRV HVWiQ LQIOXHQFLDGRV SRU ODV
H[SHFWDWLYDV\HVWDGRVGHiQLPR\SRUTXHORVLQGLYLGXRVVXHOHQH[FOXLUDOJXQDVH[SHULHQFLDV\H[DFHUEDU
RWUDV(QFDPELRFXDQGRORVVXMHWRVLQIRUPDQVREUHVXVHPRFLRQHVGHPRGRLQPHGLDWRRSHUDQPHQRV
VHVJRVUHODFLRQDGRVFRQODPHPRULD .DKQHPDQ\6XJGHQ (VWRVVHVJRVSXHGHQLQWHUDFWXDUFRQ
ODV GLIHUHQFLDV FXOWXUDOHV SRU HMHPSOR QR REVWDQWH ORV DVLiWLFRV UHSRUWDQ PHQRV IHOLFLGDG TXH ORV
HXURSHRV \ TXH ORV QRUWHDPHULFDQRV OD GLIHUHQFLD HV PD\RU FXDQGR VH XVDQ UHSRUWHV JOREDOHV
UHWURVSHFWLYRV7DPELpQKD\HYLGHQFLDGHTXHODVSHUVRQDVPiVIHOLFHVUHFXHUGDQVXVHVWDGRVGHiQLPR
GHPRGRPiVSRVLWLYRGHORTXHIXHURQHQUHDOLGDGPLHQWUDVTXHODVSHUVRQDVLQIHOLFHVVXHOHQUHFRUGDU
VXVHVWDGRVGHiQLPRFRPRSHRUHVGHORTXHUHSRUWDURQHQXQDPHGLFLyQHQOtQHD 'LHQHU\7RY 
(Q WRGR FDVR ORV SUREOHPDV GH ILDELOLGDG QR LPSOLFDQ TXH VRODPHQWH GHEHUtDQ VHU HPSOHDGDV
PHGLFLRQHVHQOtQHD/DVPHGLGDVUHWURVSHFWLYDVSURYHHQGHXQDDSUR[LPDFLyQUiSLGDDODVH[SHULHQFLDV
GHODVSHUVRQDV\SXHGHQSURSRUFLRQDUXQDPHMRUSUHGLFFLyQGHODFRQGXFWDIXWXUDGHELGRDTXHUHIOHMDQ
PHMRUORTXHODVSHUVRQDVHVSHUDQGHOIXWXUR(QFDPELRODVPHGLGDVHQOtQHDSXHGHQUHIOHMDUGHPRGR
FRQILDEOH HO IOXMR GH H[SHULHQFLDV KHGyQLFDV GH ODV SHUVRQDV HQ GLVWLQWDV DFWLYLGDGHV VLQ WDQWRV VHVJRV
GHELGRDODVH[SHFWDWLYDVRORVUHFXHUGRVGHODVSHUVRQDV 'LHQHU\7RY 
$VXYH]VHKDDSUHFLDGRTXHORVHIHFWRVGHOHVWDGRGHiQLPRVRQSHTXHxRVHQODPD\RUtDGHODV
LQYHVWLJDFLRQHVSHURHVWRQRVLJQLILFDHQQLQJ~QFDVRTXHQRVHGHEDQWRPDUUHVJXDUGRV/DVHQFXHVWDV
QR GHEHQ UHDOL]DUVH FXDQGR DPSOLRV JUXSRV GH SHUVRQDV WLHQHQ XQD DOWD SUREDELOLGDG GH HVWDU HQ XQ
iQLPRLQXVXDOPHQWH PDORREXHQR8QDHQFXHVWDSRGUtDQRUHSUHVHQWDUHOELHQHVWDUQDFLRQDOQRUPDOVL
IXHUDKHFKDGHVSXpVGHXQJUDQGHVDVWUHRGXUDQWHDOJ~QHYHQWRVLJQLILFDWLYRSDUDHOSDtV&XDQGRODV
HQFXHVWDV VH KDFHQ HQ WLHPSRV QRUPDOHV HV PX\ SUREDEOH TXH ORV HIHFWRV GHO HVWDGR GH iQLPR VHDQ
DOHDWRULRV\QRSURGXFLUiQVHVJRVHQODPXHVWUDWRWDO 'LHQHU\7RY 
'HVHDELOLGDGVRFLDO
(VWH SUREOHPD FRQVLVWH HQ TXH ORV HQWUHYLVWDGRV SRGUtDQ UHVSRQGHU FRQ HO REMHWLYR GH LPSUHVLRQDU
SRVLWLYDPHQWH DO HQFXHVWDGRU SURSRUFLRQDQGR XQD UHVSXHVWD GHVHDEOH HQ XQD FXOWXUD SDUWLFXODU (V
SODXVLEOHTXHODVSUHJXQWDVJOREDOHVDFHUFDGHODVDWLVIDFFLyQFRQODYLGDRDTXHOODVTXHLQGDJDQVREUH
GLPHQVLRQHV PX\ LPSRUWDQWHV GH OD YLGD FRPR HO PDWULPRQLR R HO WUDEDMR JHQHUHQ UHVSXHVWDV
QRUPDWLYDV5HFRQRFHUS~EOLFDPHQWHTXHXQRHVWiPX\LQVDWLVIHFKRFRQODYLGDSXHGHVRQDUFRPRXQD
FRQIHVLyQGHIUDFDVRRDILUPDUDQWHXQHQFXHVWDGRUTXHHOPDWULPRQLRGHXQRHVWiPX\PDOSXHGHVRQDU
FRPRODDWULEXFLyQGHODUHVSRQVDELOLGDGDRWURV .DKQHPDQ\6XJGHQ 
/D H[SUHVLyQ JHQHUDO GHO VHVJR GH GHVHDELOLGDG VRFLDO VHUtD OD VREUHGHFODUDFLyQ GH OD IHOLFLGDG
H[SHULPHQWDGD 9HHQKRYHQ (VWRHQFXHQWUDDOJXQDIXQGDPHQWDFLyQHPStULFDHQHOKHFKRGHTXH
VLVWHPiWLFDPHQWHODPD\RUtDGHODVSHUVRQDVGHGLVWLQWDVFXOWXUDV\FRQWH[WRVGHFODUDQTXHVRQIHOLFHV\
DGHPiVVHYHQDVtPLVPDVFRPRPiVIHOLFHVTXHHOSURPHGLR
/DGHVHDELOLGDGVRFLDOHVPX\GLItFLOGHHYDOXDU\FRQWURODU6HKDSURSXHVWRFRPRPpWRGRSDUDVX
PRQLWRUHR OD YDULDFLyQ GH ORV SURFHGLPLHQWRV GH DGPLQLVWUDFLyQ DVt VH SXHGHQ DSOLFDU D PXHVWUDV
DOHDWRULDV GH UHVSRQGLHQWHV XQ FXHVWLRQDULR  DXWRDGPLQLVWUDGR \ XQD HQWUHYLVWD FDUD D FDUD \ OXHJR
FRPSDUDUODVUHVSXHVWDV 'LHQHU\7RY 


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

9 &RQVLGHUDFLRQHVILQDOHV

&RPR VH VHxDOy HQ OD LQWURGXFFLyQ XQ WHPD HPHUJHQWH HQ OD DJHQGD GH
SROtWLFDV S~EOLFDV HQ ORV SDtVHV GH OD UHJLyQ HV OD QHFHVLGDG GH DYDQ]DU
KDFLD XQ HQIRTXH PiV DPSOLR GHO ELHQHVWDU \ GHO SURJUHVR VRFLDO TXp
LQWHJUHVXVH[SUHVLRQHVPDWHULDOHV\VXEMHWLYDV(VWRUHTXLHUHGHXQDIXHUWH
GRVLV GH WUDEDMR LQWHUGLVFLSOLQDULR HQ RUGHQ D IDFLOLWDU HO GHVDUUROOR GH
QXHYRV PDUFRV FRQFHSWXDOHV \ GH H[SORUDFLRQHV HPStULFDV TXH SHUPLWDQ
FRPSUHQGHU PHMRU ODV UHODFLRQHV HQWUH ODV H[SUHVLRQHV PDWHULDOHV \
VXEMHWLYDVGHOELHQHVWDU
(Q HVWH VHQWLGR XQD FXHVWLyQ UHOHYDQWH HV OD FRQVWUXFFLyQ GH XQD
SHUVSHFWLYDGHELHQHVWDUDSURSLDGDDODUHDOLGDGGHORVSDtVHVGH$PpULFD
/DWLQD(VWRLPSOLFDODE~VTXHGDRODFRQVWUXFFLyQGHLQGLFDGRUHVTXHVHDQ
FDSDFHVGHFDSWXUDUGLFKDVHVSHFLILFLGDGHVWHQLHQGRHQFXHQWDTXHXQRGH
ORV SURSyVLWRV SROtWLFRV GH OD DPSOLDFLyQ GH OD QRFLyQ GH ELHQHVWDU HV OD
YLVLELOL]DFLyQGHVLWXDFLRQHVRH[SUHVLRQHVGHODH[FOXVLyQ\ODSULYDFLyQ
VRFLDO TXH QR VRQ WDQ IiFLOPHQWH FDSWDGDV SRU ORV LQGLFDGRUHV
FRQYHQFLRQDOHV
(Q $PpULFD /DWLQD XQ HQIRTXH GH ELHQHVWDU DGHFXDGR GHEH LU
PXFKRPiVDOOiGHORVFRQFHSWRVSVLFROyJLFRV\PLFURVRFLDOHV IHOLFLGDG
VDWLVIDFFLyQ FRQ OD YLGD DJHQFLD UHVLOLHQFLD FRQILDQ]D LQWHUSHUVRQDO 
DERUGDGRVHQHVWHWH[WR(QODUHJLyQORVWHPDVGHGHVLJXDOGDGVRQPX\
UHOHYDQWHV HQ OR VXEMHWLYR OD &(3$/ D  KD PRVWUDGR TXH ODV
SHUFHSFLRQHVGHGHVLJXDOGDGVHYLQFXODQDODVDVLPHWUtDVSHUFLELGDVHQODV
UHJODV GHO MXHJR \ VH WUDGXFHQ HQ GHVFRQILDQ]DV HQ ODV LQVWLWXFLRQHV
SDUWLFXODUPHQWHODVGHOHVWDGRORFXDOSXHGHFRQVWLWXLUVHHQXQREVWiFXOR
SDUDSDFWRVHQSRVGHODSURWHFFLyQHLQFOXVLyQVRFLDOHV(VWHFDPSRGHEH
VHUPiVH[SORUDGR


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

(Q FXDQWR D ORV WHPDV PHWRGROyJLFRV \ GH UHFROHFFLyQ GH LQIRUPDFLyQ OD OLWHUDWXUD GLVSRQLEOH
VXJLHUH TXH OD LQIRUPDFLyQ SURYHQLHQWH GH LQGLFDGRUHV VXEMHWLYRV SXHGH VHU HPSOHDGD GH PRGR
FRPSOHPHQWDULRDODVPHGLGDVWUDGLFLRQDOHV/RVLQVWUXPHQWRVGHUHFROHFFLyQGHGDWRVVREUHSHUFHSFLRQHV
\ DFWLWXGHV D SHVDU GH VXV OLPLWDFLRQHV FXDQGR VRQ DSOLFDGRV GH PRGR VLVWHPiWLFR SRVHHQ QLYHOHV GH
YDOLGH]\FRQILDELOLGDGDFHSWDEOHVTXHORVKDFHQDSWRVSDUDHOPRQLWRUHR\ODHYDOXDFLyQGHOELHQHVWDU
(QVtQWHVLVODFRQVROLGDFLyQGHXQHQIRTXHGHELHQHVWDUTXHDUWLFXOHVXVH[SUHVLRQHVPDWHULDOHV\
VXEMHWLYDV \ OD UHFROHFFLyQ VLVWHPiWLFD GH LQIRUPDFLyQ VREUH ORV DVSHFWRV VXEMHWLYRV GH ELHQHVWDU
DSRUWDUtD DODFRQVROLGDFLyQGHXQDDSUR[LPDFLyQPXOWLGLVFLSOLQDULDDODWRPDGHGHFLVLRQHV DXQD
PHMRU YLQFXODFLyQ HQWUH JRELHUQR \ FLXGDGDQtD OR FXDO SHUPLWLUtD DYDQ]DU HQ HO FLHUUH GHO GpILFLW
GHPRFUiWLFR \   D OD VXSHUDFLyQ GH OD H[FOXVLyQ VRFLDO LQIRUPDQGR VREUH ORV PHFDQLVPRV
LQVWLWXFLRQDOHVGHH[FOXVLyQ\SURSRUFLRQDQGRYR]DORVH[FOXLGRV











&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

%LEOLRJUDItD

$EUDPVRQ / 0 6HOLJPDQ \ - 7HDVGDOH   /HDUQHG KHOSOHVVQHVV LQ
KXPDQV&ULWLTXHDQGUHIRUPXODWLRQ-RXUQDORI$EQRUPDO3V\FKRORJ\
$OHP $ & 6LOYD -& *yPH] 2 /RD\]D \ 3 5H\HV   %DVH
FRQFHSWXDOSDUDODFRQVWUXFFLyQGHLQGLFDGRUHVFXOWXUDOPHQWHDSURSLDGRV
&%8,&1/D3D]
$ONLUH6  7KHPLVVLQJGLPHQVLRQVRISRYHUW\GDWD$QLQWURGXFWLRQ
23+, :RUNLQJ 3DSHU  H[WUDtGR GH KWWSZZZRSKLRUJXNZRUNLQJ
SDSHUQXPEHU
BBBBB D &RQFHSWVDQGPHDVXUHVRIDJHQF\23+,:RUNLQJ3DSHU
H[WUDtGRGHKWWSZZZRSKLRUJXNZSFRQWHQWXSORDGV23+,ZSSGI
BBBBB E 7KH&DSDELOLW\$SSURDFKDQGWKH&RQFHSWXDO)RXQGDWLRQVRI
+XPDQ 'HYHORSPHQW :KDW GRHV +' DGG WR 0'*V +XPDQ 5LJKWV DQG
6HFXULW\"H[WUDtGRGHZZZRSKLRUJXN
$ONLUH 6 \ - )RVWHU   &RXQWLQJ DQG 0XOWLGLPHQVLRQDO 3RYHUW\
0HDVXUHPHQW 5HYLVHG DQG XSGDWHG 23+, :RUNLQJ 3DSHU  H[WUDtGR
GHKWWSZZZRSKLRUJXNZRUNLQJSDSHUQXPEHU
$OVRS 5 0 %HUWHOVHQ \ - +ROODQG   (PSRZHUPHQW LQ 3UDFWLFH
)URP$QDO\VLVWR,PSOHPHQWDWLRQ:DVKLQJWRQ'&:RUOG%DQN
$OWLPLU 2VFDU   /D GLPHQVLyQ GH OD SREUH]D HQ $PpULFD /DWLQD
&XDGHUQRV GH OD &(3$/  6DQWLDJR GH &KLOH 3XEOLFDFLyQ GH ODV
1DFLRQHV8QLGDV
$WNLQVRQ$\(0DUOLHU  $QDO\VLQJDQG0HDVXULQJ6RFLDO,QFOXVLRQ
LQD*OREDO&RQWH[W1XHYD<RUN1DFLRQHV8QLGDV
%DQFR 0XQGLDO   (PSRZHUPHQW DQG 3RYHUW\ 5HGXFWLRQ $
6RXUFHERRN H[WUDtGR GH KWWSVLWHUHVRXUFHVZRUOGEDQNRUJ,17(0
32:(50(175HVRXUFHVGUDIWSGI
%DQGXUD $   6HOIHIILFDF\ WRZDUG D XQLI\LQJ WKHRU\ RI EHKDYLRUDO
FKDQJH3V\FKRORJLFDO5HYLHZ  


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

%DURQ 5 \ ' .HQQ\   7KH 0RGHUDWRU0HGLDWRU 9DULDEOH 'LVWLQFWLRQ LQ 6RFLDO 3V\FKRORJLFDO
5HVHDUFK &RQFHSWXDO 6WUDWHJLF DQG 6WDWLVWLFDO &RQVLGHUDWLRQV -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO
3V\FKRORJ\
%DUUHWW 6 6 6WRFNKROP \ - %XUNH   7KH LGHD RI SRZHU DQG WKH SRZHU RI LGHDV $ UHYLHZ HVVD\
$PHULFDQ$QWKURSRORJLVW  
%DXFHOOV 0 \ 5 . 6DULQ   3UHGLFWLQJ 8WLOLW\ XQGHU 6DWLDWLRQ DQG KDELW IRUPDWLRQ 0DQDJHPHQW
6FLHQFH
%HFN$7$:HLVVPDQ'/HVWHU\/7UH[OHU  7KHPHDVXUHPHQWRISHVVLPLVP7KHKRSHOHVVQHVV
VFDOH-RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\
%HQWKDP -HUHP\   $Q LQWURGXFWLRQ LQWR WKH SULQFLSOHV RI PRUDOV DQG OHJLVODWLRQ /RQGRQ ~OWLPD
HGLFLyQ$GDPDQW0HGLD&RUSRUDWLRQ
%ODQN 5 0 'DEDG\ \ & &LWUR   0HDVXULQJ 5DFLDO 'LVFULPLQDWLRQ 1DWLRQDO $FDGHPLHV 3UHVV
:DVKLQJWRQ'&
%RVVHUW:33DWWDQDLNH<;X  5DQNLQJ2SSRUWXQLW\6HWV$Q$[LRPDWLF$SSURDFK-RXUQDORI
(FRQRPLF7KHRU\
%RXUGLHX3  )RUPVRIFDSLWDO(Q-*5LFKDUGVRQ HG +DQGERRNRIWKHRU\DQGUHVHDUFKIRUWKH
6RFLRORJ\RI(GXFDWLRQ1HZ<RUN*UHHQZRRG
%UDGEXUQ1\'&DSORYLW]  5HSRUWVRQKDSSLQHVV&KLFDJR$OGLQH
%UDQVFRPEH 1 \ 1 (OOHPHUV   &RSLQJ ZLWK JURXSEDVHG GLVFULPLQDWLRQ ,QGLYLGXDOLVWLF YHUVXV
JURXSOHYHOVWUDWHJLHV,Q-.6ZLP\&6WDQJRU (GV 3UHMXGLFH7KHWDUJHWVSHUVSHFWLYH1HZ<RUN
$FDGHPLF3UHVV
%UHZHU 0 \ 5 %URZQ   ,QWHUJURXS UHODWLRQV (Q ' *LOEHUW 6 )LVNH \ * /LQG]H\ (GV  7KH
KDQGERRNRIVRFLDOSV\FKRORJ\%RVWRQ0F*UDZ+LOO
%ULFNPDQ 3 \ '7 &DPSEHOO   +HGRQLF 5HODWLYLVP DQG 3ODQQLQJ WKH *RRG 6RFLHW\ (Q 0 $SOH\
(G $GDSWDWLRQ/HYHO7KHRU\$6\PSRVLXP1HZ<RUN$FDGHPLF3UHVV
%ULFNPDQ 3 ' &RDWHV \ 5 -DQRII%XOPDQ   /RWWHU\ ZLQQHUV DQG DFFLGHQW YLFWLPV ,V KDSSLQHVV
UHODWLYH"-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\  
%URQIHQEUHQQHU8  7KHHFRORJ\RIKXPDQGHYHORSPHQW&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
%URZQ-\.'XWWRQ  7UXWKDQGFRQVHTXHQFHV7KHFRVWVDQGEHQHILWVRIDFFXUDWHVHOINQRZOHGJH
3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\%XOOHWLQ
%XUFKDUGW 7DQLD   &DSDELOLWLHV DQG GLVDELOLW\ WKH FDSDELOLWLHV IUDPHZRUN DQG WKH VRFLDO PRGHO RI
GLVDELOLW\'LVDELOLW\DQGVRFLHW\  
&DQWULO+  7KH3DWWHUQRI+XPDQ&RQFHUQV1HZ%UXQVZLFN5XWJHUV8QLYHUVLW\3UHVV
&DVDV ) 0 5RVLFK \ & $OVLQHW   (O ELHQHVWDU SVLFROyJLFR GH ORV SUHDGROHVFHQWHV $QXDULR GH
3VLFRORJtD
&HQWUR GH (VWXGLRV 6RFLDOHV \ 'HPRJUiILFRV &(6'(0  \ 0DFUR ,QWHUQDWLRQDO ,QF   (QFXHVWD
VRFLRGHPRJUiILFD \ VREUH 9,+6,'$ HQ ORV %DWH\HV (VWDWDOHV GH OD 5HS~EOLFD 'RPLQLFDQD 
H[WUDtGRGHKWWSZZZPHDVXUHGKVFRPSXEVSGI)5)5SGI
&(3$/   8Q VLVWHPD GH LQGLFDGRUHV SDUD HO VHJXLPLHQWR GH OD FRKHVLyQ VRFLDO HQ $PpULFD /DWLQD
6DQWLDJRGH&KLOH3XEOLFDFLyQGHODV1DFLRQHV8QLGDV/&*
BBBBBB  3DQRUDPD6RFLDOGH$PpULFD/DWLQD6DQWLDJRGH&KLOH3XEOLFDFLyQGHODV1DFLRQHV
8QLGDV/&*3(
BBBBBB D $PpULFD/DWLQDIUHQWHDOHVSHMRGLPHQVLRQHVREMHWLYDV\VXEMHWLYDVGHODLQHTXLGDGVRFLDO\
HOELHQHVWDUHQODUHJLyQ6DQWLDJRGH&KLOH3XEOLFDFLyQGHODV1DFLRQHV8QLGDV/&*(
BBBBBB E 3DQRUDPD6RFLDOGH$PpULFD/DWLQD6DQWLDJRGH&KLOH3XEOLFDFLyQGHODV1DFLRQHV
8QLGDV
&KDNUDERUW\$.0F.HQ]LH*/HDYH\\0.LQJ  0HDVXULQJSHUFHLYHGUDFLVPDQGSV\FKRVLVLQ
$IULFDQ &DULEEHDQ SDWLHQWV LQ WKH 8QLWHG .LQJGRP WKH PRGLILHG SHUFHLYHG UDFLVP VFDOH &OLQLFDO
3UDFWLFHDQG(SLGHPLRORJ\LQ0HQWDO+HDOWK
&KHQJ6\$&KDQ  7KHPXOWLGLPHQVLRQDOVFDOHRISHUFHLYHGVRFLDOVXSSRUWGLPHQVLRQDOLW\DQGDJH
DQGJHQGHUGLIIHUHQFHVLQDGROHVFHQWV3HUVRQDOLW\ ,QGLYLGXDO'LIIHUHQFHV  
&KLOH 6ROLGDULR   6LVWHPD GH SURWHFFLyQ &KLOH 6ROLGDULR VDWLVIDFFLyQ GH XVXDULRV \ IDFWRUHV
SVLFRVRFLDOHV6DQWLDJRGH&KLOH0,'(3/$1
&ODHVVRQ.\66RKOEHUJ  ,QWHUQDOL]HG6KDPHDQG(DUO\,QWHUDFWLRQV&KDUDFWHUL]HGE\,QGLIIHUHQFH
$EDQGRQPHQWDQG5HMHFWLRQ5HSOLFDWHG)LQGLQJV&OLQLFDO3V\FKRORJ\ 3V\FKRWKHUDS\  
&ODUN$)(WLOp)3RVWHO9LQD\&6HQLN\.9DQGHU6WUDHWHQ  +HWHURJHQHLW\LQ5HSRUWHG:HOO
%HLQJ(YLGHQFHIURP7ZHOYH(XURSHDQ&RXQWULHV7KH(FRQRPLF-RXUQDO


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

&ROHPDQ-  6RFLDOFDSLWDOLQWKHFUHDWLRQRI+XPDQ&DSLWDO$PHULFDQ-RXUQDORI6RFLRORJ\


&RVWD3 \50F&UDH  ,QIOXHQFHRIH[WUDYHUVLRQ DQGQHXURWLFLVPRQ VXEMHFWLYH ZHOOEHLQJ+DSS\
DQGXQKDSS\SHRSOH-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
&]DSLQVNL-  ,OOXVLRQVDQG%LDVHVLQ3V\FKRORJLFDO:HOO%HLQJ$Q
2QLRQ
7KHRU\RI+DSSLQHVV
3RQHQFLDSUHVHQWDGDHQHO(QFXHQWURGH7UDEDMR5HFRQFLOLQJ&ROOHFWLYHDQG6HOILQWHUHVW,Q(PHUJLQJ
'HPRFUDFLHV,65 8QLYHUVLGDGGH0LFKLJDQ ,66 8QLYHUVLGDGGH9DUVRYLD $QQ$UERU 86$ 
GHGLFLHPEUH
'DOJDUG26&'RZULFN9/HKWLQHQ-9i]TXH]%DUTXHUR3&DVH\*:LONLQVRQ-$\XVR0DWHRV+
3DJH \ * 'XQQ   1HJDWLYH OLIH HYHQWV VRFLDO VXSSRUW DQG JHQGHU GLIIHUHQFH LQ GHSUHVVLRQ $
PXOWLQDWLRQDOFRPPXQLW\VXUYH\ZLWKGDWDIURPWKH2',1VWXG\6RF3V\FKLDWU\3V\FKLDWU(SLGHPLRO
'DYLGVRQ6\6.LQJ  3XEOLFNQRZOHGJHRIDQGDWWLWXGHVWRZDUGVVRFLDOZRUNLQ6FRWODQGH[WUDtGR
GHKWWSVFRWODQGJRYXN5HVRXUFH'RFSGI
'H%ODHUH&\%0RUDGL  6WUXFWXUHVRIWKHVFKHGXOHVRIUDFLVWDQGVH[LVWHYHQWVFRQILUPDWRU\IDFWRU
DQDO\VLVRIDIULFDQDPHULFDQZRPHQVUHVSRQVHV3V\FKRORJ\RI:RPHQ4XDUWHUO\
'LHQHU ( \ 5 %LVZDV 'LHQHU   3V\FKRORJLFDO HPSRZHUPHQW DQG VXEMHFWLYH ZHOOEHLQJ (Q '
1DUD\DQ HG  0HDVXULQJ (PSRZHUPHQW &URVVGLVFLSOLQDU\ SHUVSHFWLYHV :DVKLQJWRQ '& %DQFR
0XQGLDO
BBBBBB   :LOO PRQH\ LQFUHDVH VXEMHFWLYH ZHOOEHLQJ" $ OLWHUDWXUH UHYLHZ DQG JXLGH WR QHHGHG
UHVHDUFK6RFLDO,QGLFDWRUV5HVHDUFK
'LHQHU ( \ : 7RY   1DWLRQDO $FFRXQWV RI :HOO%HLQJ H[WUDtGR GH KWWSGLHQHU
VRFLDOSV\FKRORJ\RUJ
'LHQHU('.DKQHPDQ:7RY\5$URUD  ,QFRPHVDVVRFLDWLRQZLWKMXGJHPHQWVRIOLIHYHUVXV
IHHOLQJV(Q('LHQHU'.DKQHPDQ\-+HOLZHOO HGV ,QWHUQDWLRQDOGLIIHUHQFHVLQZHOOEHLQJ2[IRUG
8QLYHUVLW\3UHVV
'LHQHU ( 5 (PPRQV 5 /DUVHQ \ 6 *ULIILQ   7KH 6DWLVIDFWLRQ ZLWK /LIH 6FDOH -RXUQDO RI
3HUVRQDOLW\$VVHVVPHQW
'LHQHU ( \ 5 /XFDV   3HUVRQDOLW\ DQG VXEMHFWLYH ZHOOEHLQJ (Q ' .DKQHPDQ ( 'LHQHU \ 1
6FKZDU] (GV :HOOEHLQJ7KHIRXQGDWLRQVRIKHGRQLFSV\FKRORJ\1HZ<RUN5XVVHOO6DJH
'LHQHU (\ ) )XMLWD   6RFLDO FRPSDULVRQV DQG VXEMHFWLYH ZHOOEHLQJ (Q % %XXQN \ 5 *LEERQV
(GV +HDOWKFRSLQJDQGVRFLDOFRPSDULVRQ0DKZDK1-(UOEDXP
'LHQHU(5/XFDV\&6FROORQ  %H\RQGWKH+HGRQLF7UHDGPLOO5HYLVLQJWKH$GDSWDWLRQ7KHRU\RI
:HOO%HLQJ$PHULFDQ3V\FKRORJLVW  
'LHQHU ( 6 2LVKL \ 5 /XFDV   3HUVRQDOLW\ FXOWXUH DQG  VXEMHFWLYH ZHOOEHLQJ (PRWLRQDO DQG
&RJQLWLYH(YDOXDWLRQVRI/LIH$QQX5HY3V\FKRO
'LHQHU(  6XEMHFWLYH:HOO%HLQJ7KH6FLHQFHRI+DSSLQHVVDQGD3URSRVDOIRUD1DWLRQDO,QGH[
H[WUDtGRGHKWWSGLHQHUVRFLDOSV\FKRORJ\RUJ
BBBBBB   *XLGHOLQHV IRU 1DWLRQDO ,QGLFDWRUV RI 6XEMHFWLYH :HOO%HLQJ DQG ,OO%HLQJ $SSOLHG
5HVHDUFKLQ4XDOLW\RI/LIH
'RODQ 3 7 3HDVJRRG \ 0 :KLWH   'R ZH UHDOO\ NQRZ ZKDW PDNHV XV KDSS\" $ UHYLHZ RI WKH
HFRQRPLF OLWHUDWXUH RQ WKH IDFWRUV DVVRFLDWHG ZLWK VXEMHFWLYH ZHOOEHLQJ -RXUQDO RI (FRQRPLF
3V\FKRORJ\
'RQDOG&\$6WHZDUW  7KH026VRFLDOVXSSRUWVXUYH\6RW6FL0HG  
'XRQJ2KWVXND 7 \ . 2KWVXND   'LIIHUHQFHV LQ DWWLWXGHV WRZDUGV SV\FKRORJLFDO KHOS DPRQJ
9LHWQDPHVH DQG $XVWUDOLDQERUQ UHVSRQGHQWV (Q $ %ODV]F]\QVNL (G  &XOWXUH DQG JDPEOLQJ
SKHQRPHQRQ7KHSURFHHGLQJVRIWKHWK1DWLRQDO&RQIHUHQFHRIWKH1DWLRQDO$VVRFLDWLRQIRU*DPEOLQJ
6WXGLHV6\GQH\$OSKLQJWRQ$XVWUDOLD7KH1DWLRQDO$VVRFLDWLRQIRU*DPEOLQJ6WXGLHV
'\NHPD--%HUJERZHU-'RFWRUD\&3HWHUVRQ  $QDWWULEXWLRQDOVW\OHTXHVWLRQQDLUHIRUJHQHUDO
XVH-RXUQDORI3V\FKRHGXFDWLRQDO$VVHVVPHQW
(DVWHUOLQ5  'RHV0RQH\%X\+DSSLQHVV"7KH3XEOLF,QWHUHVW
BBBBBB  'RHV(FRQRPLF*URZWK,PSURYHWKH+XPDQ/RW"6RPH(PSLULFDO(YLGHQFHHQ3'DYLG\
05HGHU (GV 1DWLRQVDQG+RXVHKROGVLQ(FRQRPLF*URZWK(VVD\VLQ+RQRURI0RVHV$EUDPRZLW]
$FDGHPLF3UHVV
(GJHZRUWK )   0DWKHPDWLFDO 3V\FKLFV $Q HVVD\ RQ WKH DSSOLFDWLRQ RI PDWKHPDWLFV WR WKH PRUDO
VFLHQFHV/RQGRQ.HJDQ3DXO &R
(JHQDX3\39LOODWRUR  ,QIRUPH)LQDO(YDOXDFLyQGH5HVXOWDGRVGHODV&RPXQLGDGHV7HUDSpXWLFDV
GHO+RJDUGH&ULVWR6DQWLDJR+RJDUGH&ULVWR81,&()\&21$&(
(ULNVRQ(  ,GHQWLW\DQGWKHOLIHF\FOH3V\FKRORJLFDO,VVXHV


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

)HUUHUL&DUERQHOO $ \ 3 )ULMWHUV   +RZ ,PSRUWDQW ,V 0HWKRGRORJ\ IRU WKH (VWLPDWHV RI WKH
'HWHUPLQDQWVRI+DSSLQHVV"([WUDtGRGHKWWSZZZWLQEHUJHQQOGLVFXVVLRQSDSHUVSGI
)RUEHV $ \ ' 5RJHU   6WUHVV VRFLDO VXSSRUW DQG IHDU RI GLVFORVXUH %ULWLVK -RXUQDO RI +HDOWK
3V\FKRORJ\
)RVWHU -   )UHHGRP 2SSRUWXQLW\ DQG :HOOEHLQJ 23+, :RUNLQJ 3DSHU  ([WUDtGR GH
KWWSZZZRSKLRUJXNZSFRQWHQWXSORDGV23+,B:3SGI
)UH\%\$6WXW]HU  +DSSLQHVVDQG(FRQRPLFV3ULQFHWRQDQG2[IRUG3ULQFHWRQ8QLYHUVLW\3UHVV
*DUFtD 9LQLHJUDV &   0DQXDO SDUD OD XWLOL]DFLyQ GHO FXHVWLRQDULR GH VDOXG JHQHUDO GH *ROGEHUJ
$GDSWDFLyQFXEDQD5HY&XEDQD0HG*HQ,QWHJU  
*DUFtD$ODQGHWH - -) *DOOHJR3pUH] \ ( 3pUH]'HOJDGR   6HQWLGR GH OD YLGD \ GHVHVSHUDQ]D XQ
HVWXGLRHPStULFR8QLY3V\FKRO91R33
*LGGHQV$  7KHFRQVWLWXWLRQRIVRFLHW\2XWOLQHRIWKHWKHRU\RIVWUXFWXUDWLRQ%HUNHOH\8QLYHUVLW\
RI&DOLIRUQLD3UHVV
BBBBBB  0RGHUQLW\DQG6HOI,GHQWLW\6HOIDQG6RFLHW\LQWKH/DWH0RGHUQ$JH&DPEULGJH3ROLW\
*RGR\,]TXLHUGR ' $ 0DUWtQH] \ -) *RGR\   /D (VFDOD GH %DODQFH $IHFWLYR 3URSLHGDGHV
SVLFRPpWULFDV GH XQ LQVWUXPHQWR SDUD OD PHGLGD GHO DIHFWR SRVLWLYR \ QHJDWLYR HQ SREODFLyQ HVSDxROD
&OtQLFD\6DOXG
*RUGRQ ' $ $GHOPDQ . $VKZRUWK - %UDGVKDZ 5 /HYLWDV 6 0LGGOHWRQ & 3DQWD]LV ' 3DWVLRV 6
3D\QH 3 7RZQVHQG \ - :LOOLDPV   3RYHUW\ DQG 6RFLDO ([FOXVLRQ LQ %ULWDLQ <RUN 8QLWHG
.LQJGRP-RVHSK5RZQWUHH)RXQGDWLRQ
*RXJK ,   +XPDQ ZHOOEHLQJ EULGJLQJ REMHFWLYH DQG VXEMHFWLYH DSSURDFKHV ([WUDtGR GH
KWWSZZZVILGNJUDSKLFV(63$QHWSDSHUV*RXJKSGI
*UDQRYHWWHU0DUN6  7KHVWUHQJWKRIZHDNWLHV$PHULFDQ-RXUQDORI6RFLRORJ\  
*XDULQR / \ 9 6RMR   $GDSWDFLyQ \ YDOLGDFLyQ GHO ,74 ,QWHUSHUVRQDO 7UXVW 4XHVWLRQQDLUH  8QD
QXHYDPHGLGDGHODSR\RVRFLDO$YDQFHVHQ3VLFRORJtD/DWLQRDPHULFDQD  
*XULQ*-9HURII\6)HOG  $PHULFDQV9LHZ7KHLU0HQWDO+HDOWK%DVLF%RRNV1HZ<RUN
+DUVDQ\L-  &DUGLQDO:HOIDUH,QGLYLGXDOLVWLF(WKLFVDQG,QWHUSHUVRQDO&RPSDULVRQVRI:HOIDUH-
3ROLW(FRQ
+HOOLZHOO -   +RZV OLIH" &RPELQLQJ LQGLYLGXDO DQG QDWLRQDO YDULDEOHV WR H[SODLQ VXEMHFWLYH ZHOO
EHLQ(FRQRPLF0RGHOOLQJ
+HUQiQGH]GH3DGUyQ0  /DSREUH]DXUEDQDRUJDQL]DFLRQHVGHEDUULR\ODVUHGHVGHVROLGDULGDGHV
ORFDOHV)HUPHQWXP  
+RIVWHGH*  &XOWXUH
VFRQVHTXHQFHV&RPSDULQJ 9DOXHV %HKDYLRUV,QVWLWXWLRQVDQG2UJDQL]DWLRQV
DFURVV1DWLRQV7KRXVDQG2DNV&$6DJH3XEOLFDWLRQV
+RSHQKD\Q 0   /D YR] GH ORV DFWRUHV 3UHYHQFLyQ GHO FRQVXPR \ FRQWURO GHO WUiILFR GH GURJDV HQ
&KLOH ,QIRUPHILQDO&(3$/&21$&( 6HULH0DQXDOHV6DQWLDJR&(3$/
,EUDKLP 6 \ 6 $ONLUH   $JHQF\  HPSRZHUPHQW $ SURSRVDO IRU LQWHUQDWLRQDOO\ FRPSDUDEOH
LQGLFDWRUV23+,:RUNLQJ3DSHU([WUDtGRGHKWWSZZZTHKR[DFXNSGIRSKLZS23+,ZSSGI
,QJOHKDUW5  7KH6LOHQW5HYROXWLRQLQ(XURSH,QWHUJHQHUDWLRQDO&KDQJHLQ3RVW,QGXVWULDO6RFLHWLHV
$PHULFDQ3ROLWLFDO6FLHQFH5HYLHZ  
,QJOHKDUW 5 5 )RD & 3HWHUVRQ \ & :HO]HO   'HYHORSPHQW )UHHGRP DQG 5LVLQJ +DSSLQHVV
([WUDtGR GH KWWSZZZZRUOGYDOXHVVXUYH\RUJZYVDUWLFOHVIROGHUBSXEOLVKHGDUWLFOHBEDVHBILOHV
5LVLQJ+DSSLQHVV336SGI
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDV\&HQVRVGH1LFDUDJXD ,1(&   (1'(6$(QFXHVWD1LFDUDJHQVHGH
'HPRJUDItD\6DOXG0DQDJXD,1(&0,16$
-DKRGD0  &XUUHQWFRQFHSWVRISRVLWLYHPHQWDOKHDOWK1HZ<RUN%DVLF%RRNV
-DUUHWW 5 /   :HOIDUH 6WLJPD DPRQJ /RZ,QFRPH $IULFDQ $PHULFDQ 6LQJOH 0RWKHUV )DPLO\
5HODWLRQV  
.DEHHU 1   6RFLDO H[FOXVLRQ SRYHUW\ DQG GLVFULPLQDWLRQ ([WUDtGR GH KWWSZZZLGVDFXN
,'6SYW\6RFLDO3ROLF\&3SGI
.DKQHPDQ'\56XJGHQ  ([SHULHQFHG8WLOLW\DVD6WDQGDUGRI3ROLF\(YDOXDWLRQ(QYLURQPHQWDO
5HVRXUFH(FRQRPLFV
.DKQHPDQ'$.UXHJHU'6FKNDGH16FKZDUW]\$6WRQH D 7KHGD\UHFRQVWUXFWLRQPHWKRG
LQVWUXPHQW GRFXPHQWDWLRQ ([WUDtGR GH KWWSZZZNUXHJHUSULQFHWRQHGXGUPBGRFXPHQWDWLRQB
MXO\BSGI
BBBBBB E  $ 6XUYH\ 0HWKRG IRU &KDUDFWHUL]LQJ 'DLO\ /LIH ([SHULHQFH 7KH 'D\ 5HFRQVWUXFWLRQ
0HWKRG6FLHQFH


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

.DKQHPDQ'3:DNNHU\56DULQ  %DFNWR%HQWKDP"([SORUDWLRQVRIH[SHULHQFHGXWLOLW\7KH


4XDUWHUO\-RXUQDORI(FRQRPLFV  ,Q0HPRU\RI$PRV7YHUVN\  
.DSORZ /   3ULPDU\ JRRGV FDSDELOLWLHV RU ZHOOEHLQJ 'LVFXVVLRQ 3DSHU  ([WUDtGR GH
KWWSOVUQHOOFRRUJFJLYLHZFRQWHQWFJL"DUWLFOH  FRQWH[W KDUYDUGBROLQ
.H\HV & & 5\II \ ' 6KPRWNLQ   2SWLPL]LQJ :HOO%HLQJ 7KH (PSLULFDO (QFRXQWHU RI 7ZR
7UDGLWLRQV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\  
.ORQRII(\+/DQGULQH  7KH6FKHGXOH2I6H[LVW(YHQWV$0HDVXUHRI/LIHWLPHDQG5HFHQW6H[LVW
'LVFULPLQDWLRQLQ:RPHQ
V/LYHV3V\FKRORJ\RI:RPHQ4XDUWHUO\  
.QLJKW-\5*XQDWLODND  *UHDWH[SHFWDWLRQV"7KHVXEMHFWLYHZHOOEHLQJRIUXUDOXUEDQPLJUDQWVLQ
&KLQD([WUDtGRGHKWWSHFRQRPLFVRXOVR[DFXN,WHPSGI
.URK 0   $Q ([SHULPHQWDO (YDOXDWLRQ RI 3RSXODU :HOO%HLQJ 0HDVXUHV ([WUDtGR GH
KWWSZZZGLZGHGRFXPHQWVSXEOLNDWLRQHQGLZBFGHGSSGI
/DQGULQH+\(.ORQRII  7KH6FKHGXOHRI5DFLVW(YHQWV$PHDVXUHRIUDFLDOGLVFULPLQDWLRQDQGD
VWXG\RILWVQHJDWLYHSK\VLFDODQGPHQWDOKHDOWKFRQVHTXHQFHV-RXUQDORI%ODFN3V\FKRORJ\
/DQGULQH+(.ORQRII5$OFDUD]-6FRWW\3:LONLQV  0XOWLSOHYDULDEOHVLQGLVFULPLQDWLRQ(Q
% /RWW \ ' 0DOXVR (GV  7KH VRFLDO SV\FKRORJ\ RI LQWHUSHUVRQDO GLVFULPLQDWLRQ SS   1HZ
<RUN*XLOIRUG3UHVV
/HZLV 2   /RV KLMRV GH 6iQFKH] $XWRELRJUDItD GH XQD IDPLOLD PH[LFDQD DHG 0p[LFR (G
*ULMDOER  
BBBBBB  /DYLGDGHXQDIDPLOLDSRUWRUULTXHxDHQODFXOWXUDGHODSREUH]D6DQ-XDQ\1XHYD<RUN
0p[LFR(G-RDTXtQ0RUWL]
/XFDV 5 \ ) )XMLWD   )DFWRUV LQIOXHQFLQJ WKH UHODWLRQ EHWZHHQ H[WUDYHUVLRQ DQG SOHDVDQW DIIHFW
-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
/\XERPLUVN\ 6 \ + /HSSHU   $ PHDVXUH RI VXEMHFWLYH KDSSLQHVV SUHOLPLQDU\ UHOLDELOLW\ DQG
FRQVWUXFWYDOLGDWLRQ6RFLDO,QGLFDWRUV5HVHDUFK
/\XERPLUVN\ 6 \ / 5RVV   +HGRQLF FRQVHTXHQFHV RI VRFLDO FRPSDULVRQ $ FRQWUDVW RI KDSS\ DQG
XQKDSS\SHRSOH-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
/\XERPLUVN\ 6 / .LQJ \ ( 'LHQHU (   7KH EHQHILWV RI IUHTXHQW SRVLWLYH DIIHFW 3V\FKRORJLFDO
%XOOHWLQ
0DVORZ$  7RZDUGDSV\FKRORJ\RIEHLQJ QGHG 1HZ<RUN9DQ1RVWUDQG
0DWVXPRWR'5*ULVVRP\''LQQHO  'REHWZHHQFXOWXUHGLIIHUHQFHVUHDOO\PHDQWKDWSHRSOHDUH
GLIIHUHQW"$ORRNDWVRPHPHDVXUHVRIFXOWXUDOHIIHFWVL]H-RXUQDORI&URVV&XOWXUDO3V\FKRORJ\  
0DXUL]LR5  /DYLDELOLGDGGHODFRQVWUXFFLyQGHXQtQGLFHGHFRKHVLyQVRFLDOSDUD$PpULFD/DWLQD
(Q &(3$/ &RKHVLyQ VRFLDO HQ $PpULFD /DWLQD 8QD UHYLVLyQ GH FRQFHSWRV PDUFRV GH UHIHUHQFLD H
LQGLFDGRUHV SS 6DQWLDJRGH&KLOH3XEOLFDFLyQGHODV1DFLRQHV8QLGDV/&*
0F *UHJRU $   5HVHDUFKLQJ ZHOOEHLQJ IURP FRQFHSWV WR PHWKRGRORJ\ :H' :RUNLQJ 3DSHU 
([WUDtGRGHKWWSZZZZHOOGHYRUJXNUHVHDUFKZRUNLQJSDSHUSGIZHGSGI
0F&RUPDFN.  6WUDWLILHG5HSURGXFWLRQDQG3RRU:RPHQ
V5HVLVWDQFH*HQGHUDQG6RFLHW\
0F1XOW\.+/LYQHK\/:LOVRQ  3HUFHLYHG8QFHUWDLQW\6SLULWXDO:HOO%HLQJDQG3V\FKRVRFLDO
$GDSWDWLRQLQ,QGLYLGXDOVZLWK0XOWLSOH6FOHURVLV5HKDELOLWDWLRQ3V\FKRORJ\  
0HQGR]D3DUUD 6 - 0HULQR \ 2 %DUULJD   ,GHQWLILFDFLyQ GH IDFWRUHV GH SUHGLFFLyQ GHO
LQFXPSOLPLHQWR WHUDSpXWLFR HQ DGXOWRV PD\RUHV KLSHUWHQVRV GH XQD FRPXQLGDG GHO VXU GH &KLOH 5HY
3DQDP6DOXG3XEOLFD  
0LQLVWHULR GH 6DOXG \ 'HSRUWHV ,1( %ROLYLD   (QFXHVWD 1DFLRQDO GH 'HPRJUDItD \ 6DOXG 
([WUDtGRGHKWWSZZZPHDVXUHGKVFRPSXEVSGI)5)5%)HE'SGI
0RUD5tRV-\0,WR6XJL\DPD  3DGHFLPLHQWRVHPRFLRQDOHVE~VTXHGDGHD\XGD\H[SHFWDWLYDVGH
DWHQFLyQHQXQDFRPXQLGDGXUEDQRPDUJLQDO6DOXG3XEOLFD0H[
0\HUV+\:+ZDQJ  &XPXODWLYHSV\FKRVRFLDOULVNVDQGUHVLOLHQFH$FRQFHSWXDOSHUVSHFWLYHRQ
HWKQLF KHDOWK GLVSDULWLHV LQ ODWH OLIH (Q 1 $QGHUVRQ 5 %XODWDR \ $ &RKHQ % (GV  &ULWLFDO
3HUVSHFWLYHVRQ5DFLDODQG(WKQLF'LVSDULWLHVLQ+HDOWKLQ/DWHU/LIH SS :DVKLQJWRQ'&
7KH1DWLRQDO$FDGHPLHV3UHVV
1DUD\DQ ' 5 3DWHO . 6FKDIIW $ 5DGHPDFKHU \ 6 .RFK6FKXOWH   9RLFHV RI WKH 3RRU &DQ
$Q\RQH+HDU8V"1HZ<RUN2[IRUG8QLYHUVLW\3UHVV
1HXJDUWHQ%/  3HUVRQDOLW\FKDQJHLQODWHOLIH$GHYHORSPHQWDOSHUVSHFWLYH(Q&(LVGRUIHU\0
3 /DZWRQ (GV  7KH SV\FKRORJ\ RI DGXOW GHYHORSPHQW DQG DJLQJ SS   :DVKLQJWRQ '&
$PHULFDQ3V\FKRORJLFDO$VVRFLDWLRQ


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

1+6+HDOWK6FRWODQG  5HYLHZRIVFDOHVRISRVLWLYHPHQWDOKHDOWKYDOLGDWHGIRUXVHZLWKDGXOWVLQWKH


8. 7HFKQLFDO UHSRUW ([WUDtGR GH KWWSZZZKHDOWKVFRWODQGFRPXSORDGVGRFXPHQWV
+630+6FDOHVUHSRUW%'SGI
1R]LFN5  $QDUFK\VWDWHDQGXWRSLD1HZ<RUN%DVLF%RRNV
1XVVEDXP 0   &DSDELOLWLHV DQG 6RFLDO -XVWLFH ,QWHUQDWLRQDO 6WXGLHV 5HYLHZ    ,QWHUQDWLRQDO
5HODWLRQVDQGWKH1HZ,QHTXDOLW\
2LVKL6  7KHFRQFHSWRIOLIHVDWLVIDFWLRQDFURVVFXOWXUHV$Q,57DQDO\VLV-RXUQDORI5HVHDUFKLQ
3HUVRQDOLW\
BBBBBB  &XOWXUHDQGZHOOEHLQJ&RQFHSWXDODQGPHWKRGRORJLFDOLVVXHV(Q('LHQHU'.DKQHPDQ
\-+HOOLZHOO (GV ,QWHUQDWLRQDOGLIIHUHQFHVLQ ZHOOEHLQJ SS 1HZ<RUN2[IRUG8QLYHUVLW\
3UHVV
3DJH5-<DQDJLVKLWD-6XZDQWHHUDQJNXO(=DUFR&K0HL/HH\1)DQJ0LDR  +RSHOHVVQHVV
DQG/RQHOLQHVV$PRQJ6XLFLGH$WWHPSWHUVLQ6FKRRO%DVHG6DPSOHVRI7DLZDQHVH3KLOLSSLQHDQG7KDL
$GROHVFHQWV6FKRRO3V\FKRORJ\,QWHUQDWLRQDO  
3DUDGLHV <   $ V\VWHPDWLF UHYLHZ RI HPSLULFDO UHVHDUFK RQ VHOIUHSRUWHG UDFLVP DQG KHDOWK
,QWHUQDWLRQDO-RXUQDORI(SLGHPLRORJ\
3DWHO 9   &XOWXUDO IDFWRUV DQG LQWHUQDWLRQDO HSLGHPLRORJ\ 'HSUHVVLRQ DQG SXEOLF +HDOWK %ULWLVK
0HGLFDO%XOOHWLQ
3DWWDQDLN3\<;X  2Q5DQNLQJ2SSRUWXQLW\6HWVLQ7HUPVRI)UHHGRPRI &KRLFH5HFKHUFKHV
(FRQRPLTXHVGH/RXYDLQ
3DWWHQ6  ,QWHUQDWLRQDOGLIIHUHQFHVLQPDMRUGHSUHVVLRQSUHYDOHQFHZKDWGRWKH\PHDQ"-RXUQDORI
&OLQLFDO(SLGHPLRORJ\
3IHLIIHU(  $VKRUWSRUWDEOHPHQWDOVWDWXVTXHVWLRQQDLUHIRUWKHDVVHVVPHQWRIRUJDQLFEUDLQGHILFLWLQ
WKHHOGHUO\SDWLHQWV-$P*HULDWU6RF
5DWQHU&DUO\/XPHL+XL  7KHRUHWLFDODQG0HWKRGRORJLFDO3UREOHPVLQ&URVV&XOWXUDO3V\FKRORJ\
-RXUQDOIRUWKH7KHRU\RI6RFLDO%HKDYLRXU  
5DZOV-  -XVWLFHDVIDLUQHVV7KH3KLORVRSKLFDO5HYLHZ  
BBBBBB  $WKHRU\RIMXVWLFH&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
5D\ *VHOO 0   ,QGLYLGXDO FRQWULEXWLRQV WR VWLJPD DQG DWWLWXGHV WRZDUGV KHOSVHHNLQJ DPRQJ UXUDO
HPHUJLQJ DGXOW FROOHJH VWXGHQWV ([WUDtGR GH KWWSGLJDUFKLYHOLEUDU\YFXHGXELWVWUHDP
*VHOOB0DUJDUHWB3K'SGI
5HDG'  8WLOLW\WKHRU\IURP-HUHP\%HQWKDPWR'DQLHO.DKQHPDQ:RUNLQJ3DSHU/6(25
([WUDtGRGHKWWSHSULQWVOVHDFXNSGI
5LVFR & \ % 0RUDGL   3HUFHLYHG 'LVFULPLQDWLRQ ([SHULHQFHV DQG 0HQWDO +HDOWK RI /DWLQDR
$PHULFDQ3HUVRQV-RXUQDORI&RXQVHOLQJ3V\FKRORJ\  
5RJHUV&5  2QEHFRPLQJDSHUVRQ%RVWRQ+RXJKWRQ0LIIOLQ
5RMDV0  +HWHURJHQHLW\LQWKHUHODWLRQVKLSEHWZHHQLQFRPHDQGKDSSLQHVV$FRQFHSWXDOUHIHUHQW
WKHRU\H[SODQDWLRQ-RXUQDORI(FRQRPLF3V\FKRORJ\  
5XVVHOO '   7KH 8&/$ /RQHOLQHVV 6FDOH 9HUVLRQ   5HOLDELOLW\ YDOLGLW\ DQG IDFWRU VWUXFWXUH
-RXUQDORI3HUVRQDOLW\$VVHVVPHQW
5\DQ 5 \ ( 'HFL   2Q KDSSLQHVV DQG KXPDQ SRWHQWLDOV $ UHYLHZ RI UHVHDUFK RQ KHGRQLF DQG
HXGDLPRQLFZHOOEHLQJ$QQXDO5HYLHZRI3V\FKRORJ\
5\II&  +DSSLQHVVLVHYHU\WKLQJRULVLW"([SORUDWLRQVRQWKHPHDQLQJRISV\FKRORJLFDOZHOOEHLQJ
-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
5\II&&.H\HV\'+XJKHV  6WDWXV,QHTXDOLWLHV3HUFHLYHG'LVFULPLQDWLRQDQG(XGDLPRQLF:HOO
%HLQJ 'R WKH &KDOOHQJHV RI 0LQRULW\ /LIH +RQH 3XUSRVH DQG *URZWK" -RXUQDO RI +HDOWK DQG 6RFLDO
%HKDYLRU
6DPDQ (   3V\FKRORJLFDO DQG 6XEMHFWLYH :HOOEHLQJ $ 3URSRVDO IRU ,QWHUQDWLRQDOO\ &RPSDUDEOH
,QGLFDWRUV23+,:RUNLQJ3DSHU([WUDtGRGHKWWSZZZRSKLRUJXNZRUNLQJSDSHUQXPEHU
6DPXHOVRQ3  )RXQGDWLRQVRIHFRQRPLFDQDO\VLV&DPEULGJH0$+DUYDUG83UHVV
6FKHUHU . \ 7 %URVFK   &XOWXUHVSHFLILF DSSUDLVDO ELDVHV FRQWULEXWH WR HPRWLRQ GLVSRVLWLRQV
(XURSHDQ-RXUQDORI3HUVRQDOLW\
6FKPLWW ' - $OOLN 5 0F&UDH \ 9 %HQHW0DUWtQH]   7KH *HRJUDSKLF 'LVWULEXWLRQ RI %LJ )LYH
3HUVRQDOLW\ 7UDLWV 3DWWHUQV DQG 3URILOHV RI +XPDQ 6HOI'HVFULSWLRQ $FURVV  1DWLRQV ([WUDtGR GH
KWWSZZZGUPLOOVOPXFRPSXEOLFDWLRQV7KHJHRJUDSKLFGLVWULEXWLRQRI%LJ)LYHS
HUVRQDOLW\WUDLWVSGI


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

6FKPXWWH3\&5\II  3HUVRQDOLW\DQG:HOO%HLQJ5HH[DPLQLQJ0HWKRGVDQG0HDQLQJV-RXUQDO


RI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\  
6FKXO]8\56FKZDU]HU  6RFLDOVXSSRUWLQFRSLQJ ZLWKLOOQHVV7KH%HUOLQ6RFLDO6XSSRUW6FDOHV
%666 'LDJQRVWLFD
6FKZDU]HU 5 \ 0 -HUXVDOHP   *HQHUDOL]HG 6HOI(IILFDF\ VFDOH (Q - :HLQPDQ 6:ULJKW \ 0
-RKQVWRQ (GV 0HDVXUHVLQKHDOWKSV\FKRORJ\$XVHUVSRUWIROLR&DXVDODQGFRQWUROEHOLHIV SS
 :LQGVRU8.1)(51(/621
6HDWRQ (   $Q H[DPLQDWLRQ RI WKH IDFWRU VWUXFWXUH RI WKH ,QGH[ RI 5DFH5HODWHG 6WUHVV DPRQJ D
VDPSOHRI$IULFDQ$PHULFDQDGROHVFHQWV-RXUQDORI%ODFN3V\FKRORJ\  
6HQ $   3RYHUW\ WKUHH QRWHV RQ WKH FRQFHSW RI SRYHUW\ LQFRPH GLVWULEXWLRQ DQG HPSOR\PHQW
SURJUDPPH:(3:3:RUNLQJ3DSHU*HQHYD,/2
BBBBBB D (TXDOLW\RIZKDW"7KH7DQQHU/HFWXUHRQ+XPDQ9DOXHV
BBBBBB E ,VVXHVLQWKH0HDVXUHPHQWRI3RYHUW\7KH6FDQGLQDYLDQ-RXUQDORI(FRQRPLFV  
BBBBBB   3RRU 5HODWLYHO\ 6SHDNLQJ 2[IRUG (FRQRPLF 3DSHUV 1HZ 6HULHV 9RO  1R  -XO
 SS
BBBBBB  9DOXHV5HVRXUFHVDQG'HYHORSPHQW+DUYDUG8QLYHUVLW\3UHVV&DPEULGJH
BBBBBB D  $ 6RFLRORJLFDO $SSURDFK WR WKH 0HDVXUHPHQW RI 3RYHUW\ $ 5HSO\ WR 3URIHVVRU 3HWHU
7RZQVHQG2[IRUG(FRQRPLF3DSHUV1HZ6HULHV
BBBBBB E &RPPRGLWLHVDQGFDSDELOLWLHV$PVWHUGDP(OVHYLHU
BBBBBB F :HOOEHLQJDJHQF\DQGIUHHGRPWKH'HZH\/HFWXUHV7KH-RXUQDORI3KLORVRSK\  
BBBBBB  &DSDELOLW\DQGZHOOEHLQJ(Q01XVVEDXP\$6HQ (GV 7KHTXDOLW\RIOLIH SS
 &ODUHQGRP3UHVV2[IRUG
BBBBBB  )URP,QFRPH,QHTXDOLW\WR(FRQRPLF,QHTXDOLW\6RXWKHUQ(FRQRPLF-RXUQDO  
6LOYD0  )DFWRUHVLQWHUQRV\H[WHUQRVGHODSREUH]D0p[LFR7UDEDMR6RFLDO
6LPRQ * ' *ROGEHUJ 0 9RQ .RUII \ 7 8VWQ   8QGHUVWDQGLQJ FURVVQDWLRQDO GLIIHUHQFHV LQ
GHSUHVVLRQSUHYDOHQFH3V\FKRORJLFDO0HGLFLQH
6PLWK6DQGUD6XVDQ  'RQWSXWP\QDPHRQLW6RFLDO&DSLWDO$FWLYDWLRQDQG-RE)LQGLQJ$VVLVWDQFH
DPRQJWKH%ODFN8UEDQ3RRU7KH$PHULFDQ-RXUQDORI6RFLRORJ\  
6REHO'  )XOO,QIRUPDWLRQ$FFRXQWVRI:HOO%HLQJ(WKLFV  
6ROQLFN6\'+HPHQZD\  ,V0RUH$OZD\V%HWWHU"$6XUYH\$ERXW3RVLWLRQDO*RRGV-RXUQDORI
(FRQRPLF%HKDYLRUDQG2UJDQL]DWLRQ  
6SUHLW]HU *   3V\FKRORJLFDO HPSRZHUPHQW LQ WKH ZRUNSODFH GLPHQVLRQV PHDVXUHPHQW DQG
YDOLGDWLRQ$FDGHP\RI0DQDJHPHQW-RXUQDO  
6WHJHU 0 3 )UD]LHU 6 2LVKL \ 0 .DOHU   7KH 0HDQLQJ LQ /LIH 4XHVWLRQQDLUH $VVHVVLQJ WKH
3UHVHQFHRIDQG6HDUFKIRU0HDQLQJLQ/LIH-RXUQDORI&RXQVHOLQJ3V\FKRORJ\  
6WHYHQVRQ%\-:ROIHUV  (FRQRPLF*URZWKDQG6XEMHFWLYH:HOO%HLQJ5HDVVHVVLQJWKH(DVWHUOLQ
3DUDGR[([WUDtGRGHKWWSLGHDVUHSHFRUJSL]DL]DGSVGSKWPO
6WHZDUW 0 ( 0DNZDULPED / 5HXWWHU * 9HHQVWUDG ' 5DSKDHOH \ 5 /RYH  3RYHUW\ 6HQVH RI
%HORQJLQJDQG([SHULHQFHVRI6RFLDO,VRODWLRQ-RXUQDORI3RYHUW\  
6XJGHQ5  5HYLHZ:HOIDUH5HVRXUFHVDQG&DSDELOLWLHV$5HYLHZRI,QHTXDOLW\5HH[DPLQHGE\
$PDUW\D6HQ-RXUQDORI(FRQRPLF/LWHUDWXUH  
BBBBBB  2SSRUWXQLW\ DVD6SDFH IRU,QGLYLGXDOLW\ ,WV9DOXHDQGWKH,PSRVVLELOLW\RI0HDVXULQJ,W
(WKLFV
6XK(('LHQHU\-8SGHJUDII  )URP&XOWXUHWR3ULPLQJ&RQGLWLRQV6HOI&RQVWUXDO,QIOXHQFHVRQ
/LIH6DWLVIDFWLRQ-XGJPHQWV-RXUQDORI&URVV&XOWXUDO3V\FKRORJ\  
6XPQHU/:  7KH6XEMHFWLYLW\RI:HOIDUH(WKLFV  
7DQJQH\-\5'HDULQJ  6KDPHDQG*XLOW1HZ<RUN*XLOIRUG3UHVV
7UDQL -) \ -/ 'XERLV   &DSDELOLW\ DQG 'LVDELOLW\ DQ $SSURDFK IRU D EHWWHU 8QGHUVWDQGLQJ RI
'LVDELOLW\,VVXHV81&RQYHQWLRQRQWKH5LJKWVRI3HUVRQVZLWK'LVDELOLWLHVD&DOOIRU$FWLRQRQ3RYHUW\
/DFNRI$FFHVVDQG'LVFULPLQDWLRQ0D\R$GGLV$EHED(WKLRSLD
8WVH\ 6 2 \ - * 3RQWHURWWR   'HYHORSPHQW DQG YDOLGDWLRQ RI WKH LQGH[ RI UDFHUHODWHG VWUHVV
,556 -RXUQDORI&RXQVHOLQJ3V\FKRORJ\
9DQ 3UDDJ % $ +DJHQDDUV \ + 9DQ :HHUHQ   3RYHUW\ LQ (XURSH 7KH 5HYLHZ RI ,QFRPH DQG
:HDOWK
9HHQKRYHQ5XXW  0HGLGDVGHOD)HOLFLGDG1DFLRQDO%UXWD,QWHUYHQFLyQ3VLFRVRFLDO  
9LQHV$'%DLUG00F1HLOO\,+HUW]3LFFLRWWR./LJKW\-6WHYHQV  6RFLDOFRUUHODWHVRIWKH
FKURQLFVWUHVVRISHUFHLYHGUDFLVPDPRQJEODFNZRPHQ(WKQLFLW\ 'LVHDVH


&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV

9LWWHUV-(5\VDPE \('LHQHU  7KHFRQFHSWRIOLIHVDWLVIDFWLRQDFURVVFXOWXUHVH[SORULQJ LWV


GLYHUVHPHDQLQJDQGUHODWLRQWRHFRQRPLFZHDOWK(Q(*XOORQH\5&XPPLQV (GV 7KH8QLYHUVDOLW\
RI 6XEMHFWLYH :HOO%HLQJ ,QGLFDWRUV $ PXOWLGLVFLSOLQDU\ DQG PXOWLQDWLRQDO SHUVSHFWLYH SS 
7KH1HWKHUODQGV'RUGUHFKW.OXZHU$FDGHPLF
:LOVRQ :   6WXG\LQJ LQQHUFLW\ GLVORFDWLRQV WKH FKDOOHQJH RI SXEOLF DJHQGD UHVHDUFK $PHULFDQ
6RFLRORJLFDO5HYLHZ  
=DMRQF 5 %   )HHOLQJ DQG WKLQNLQJ 3UHIHUHQFHV QHHG QR LQIHUHQFHV $PHULFDQ 3V\FKRORJLVW 

=DYDOHWD '   7KH $ELOLW\ WR JR DERXW ZLWKRXW 6KDPH $ SURSRVDO IRU LQWHUQDWLRQDOO\ FRPSDUDEOH
LQGLFDWRUV RI VKDPH DQG KXPLOLDWLRQ 23+, :RUNLQJ 3DSHU  ([WUDtGR GH KWWSZZZTHK
R[DFXNSGIRSKLZS23+,ZSSGI
=LPPHUPDQ 0 $ \  5 $UXQNXPDU   5HVLOLHQF\ UHVHDUFK ,PSOLFDWLRQV IRU VFKRROV DQG SROLF\
6RFLDO3ROLF\5HSRUW  
=LPPHUPDQ 0 $   7DNLQJ DLP RQ HPSRZHUPHQW UHVHDUFK 2Q WKH GLVWLQFWLRQ EHWZHHQ LQGLYLGXDO
DQGSV\FKRORJLFDOFRQFHSWLRQV$PHULFDQ-RXUQDORI&RPPXQLW\3V\FKRORJ\  
BBBBBB   3V\FKRORJLFDO (PSRZHUPHQW ,VVXHV DQG ,OOXVWUDWLRQV $PHULFDQ -RXUQDO RI &RPPXQLW\
3V\FKRORJ\
=RQGR6  &RQFHSWLRQVRILOOQHVVKHOSVHHNLQJSDWKZD\VDQGDWWLWXGHVWRZDUGVDQLQWHJUDWHGKHDOWKFDUH
V\VWHP SHUVSHFWLYHV IURP SV\FKRORJLFDO FRXQVHORUV WUDGLWLRQDO KHDOHUV DQG KHDOWK FDUH XVHUV ([WUDtGR GH
KWWSUHVHDUFKVSDFHXN]QDF]D[POXLELWVWUHDPKDQGOH)LQDO'RFSGI"VHTXHQFH 



&(3$/6HULH(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV








6HULH
HVWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV
1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV


 /DPHGLFLyQGHOELHQHVWDUDWUDYpVGHLQGLFDGRUHVVXEMHWLYRV8QDUHYLVLyQ3DEOR9LOODWRUR/&/MXOLRGH
 /DYLDELOLGDGGHHUUDGLFDUODSREUH]D8QH[DPHQFRQFHSWXDO\PHWRGROyJLFR/&/PDU]RGH
 (OHPHQWRVSDUDXQD PHWRGRORJtD GH PHGLFLyQGHOVHFWRULQIRUPDOHQODVFXHQWDVQDFLRQDOHV'RFXPHQWRGH7UDEDMR
/&/PDU]RGH
 &RQWULEXFLyQ DO FUHFLPLHQWR HFRQyPLFR GH ODV WHFQRORJtDV GH OD LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV \ GH OD
SURGXFWLYLGDG HQ OD $UJHQWLQD HO %UDVLO &KLOH \ 0p[LFR &ODXGLR $UDYHQD &DUROLQD &DYDGD \ 1DQQR 0XOGHU
/&/HQHURGH
 6HUYLFLRV GH ,QWHUPHGLDFLyQ )LQDQFLHUD 0HGLGRV ,QGLUHFWDPHQWH HQ HO 6&1  *UXSR GH WUDEDMR HQ &XHQWDV
1DFLRQDOHV/&/RFWXEUHGH
 3URSXHVWDGHLQGLFDGRUHVFRPSOHPHQWDULRVSDUDHOPRQLWRUHRGHORV2'0,QGLFDGRUHVGHDFFHVRDODV7HFQRORJtDV
GH OD ,QIRUPDFLyQ \ ODV &RPXQLFDFLRQHV 0DULDQD %DOERQL &pVDU &ULVWDQFKR 3DXOLQH 6WRFNLQV \ 'DQLHO 7DFFDUL
/&/ 86 VHSWLHPEUHGH
 (VFDODV GH HTXLYDOHQFLD HQ ORV SDtVHV GH $PpULFD /DWLQD +D\GHH $ORQ]R ;DYLHU 0DQFHUR /&/3 1 GH
YHQWD6,,* 86 DEULOGH
 (OHPHQWRV SDUD HO GHVDUUROOR GH XQD HVWUDWHJLD LQIRUPiWLFD HQ ODV RILFLQDV UHVSRQVDEOHV GH FRPSLODU ODV FXHQWDV
QDFLRQDOHV0DULDP&RYHU/&/31GHYHQWD6,,* 86 DJRVWRGH
 &RPSDUDFLyQGHO6LVWHPDGH&XHQWDV1DFLRQDOHV\HO6LVWHPDGH&XHQWDVGH6DOXG)HGHULFR'RULQ$PSDUR
*RUGLOOR7REDU/&/31GHYHQWD6,,* 86 PDU]R
 9DFtRV\GLVFUHSDQFLDVHVWDGtVWLFDVHQORVLQGLFDGRUHV2'0KDFLDXQDHVWUDWHJLDUHJLRQDOGHFRQFLOLDFLyQHVWDGtVWLFD
SDUD $PpULFD /DWLQD \ HO &DULEH 5D\pQ 4XLURJD 3DXOLQH 6WRFNLQV ,UHQH $]yFDU /&/3 1 GH YHQWD
6,,* 86 DEULO
 4XDQWLWDWLYH DVVHVVPHQW RI D IUHH WUDGH DJUHHPHQW EHWZHHQ 0(5&2685 DQG WKH (XURSHDQ 8QLRQ ,YDQ %R\HU
$QGUpV6FKXVFKQ\/&/31GHYHQWD(,,* 86 $SULO
 (VWLPDFLyQ GH VHUYLFLRV GH FDSLWDO \ SURGXFWLYLGDG SDUD $PpULFD /DWLQD &ODXGLR $UDYHQD -RVp -RIUp )UDQFLVFR
9LOODUUHDO/&/31GHYHQWD6,,* 86 PDU]R
 (VWDGR GH VLWXDFLyQ GH ODV HVWDGtVWLFDV DPELHQWDOHV HQ $PpULFD /DWLQD \ HO &DULEH DO  DYDQFHV GHVDItRV \
SHUVSHFWLYDV .ULVWLQD 7DERXOFKDQDV \ )UDQFR )HUQiQGH] /&/3 1 GH YHQWD 6,,* 86  
IHEUHUR

 (OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ


 1RPEUH
 $FWLYLGDG

 'LUHFFLyQ
 &yGLJRSRVWDOFLXGDGSDtV

7HO)D[(PDLO






You might also like