Curso Basico de ArcView

&8562%É6,&2
$5&9,(:
7HRUtD\3UiFWLFD
9,5*,1,$%(+0
&$5$&$6
&XUVR%iVLFRGH$UF9LHZ
,1',&(
,QWURGXFFLyQ
&DSLWXOR &RQFHSWRV%iVLFRV
(MHUFLFLR±8QHMHPSORHQ$UFYLHZ
&DSLWXOR±'DWRVHQ$UF9LHZ
(MHUFLFLR±$JUHJDUWHPDVDXQDYLVWD
&DSLWXOR±/RVDUFKLYRV6KDSHV
(MHUFLFLR±(GLFLyQGHDUFKLYRVVKDSHV
&DSLWXOR±'HVSOLHJXHGHWHPDV
(MHUFLFLR±0DQHMRGHO(GLWRUGHOD/H\HQGD
&DSLWXOR±3URSLHGDGHVGHORVWHPDV
(MHUFLFLR±0DQHMRGHODVSURSLHGDGHVGHORVWHPDV
&DSLWXOR± 0DQHMRGHOD7DEODV
(MHUFLFLR±0DQHMRGHODV WDEODV
&DSLWXOR±/RV*UiILFRV
(MHUFLFLR±&UHDFLyQGH*UiILFRV
&DSLWXOR±$QiOLVLVHVSDFLDO
(MHUFLFLR±$QiOLVLVHVSDFLDO
&DSLWXOR±/RV/D\RXWV
(MHUFLFLR±&UHDFLyQGHXQ/D\RXW
%LEOLRJUDItD
$/868$5,2
/DHGLFLyQGHHVWHPDWHULDOVHUHDOL]DFRQODLQWHQFLyQGHHIHFWXDUXQDSRUWHDODGLYXOJDFLyQ
GH ORV VLVWHPDV GH LQIRUPDFLyQ JHRJUiILFD PHGLDQWH HO DSUHQGL]DMH GH XQ VRIWZDUH FRPR
KHUUDPLHQWD GH DSOLFDFLyQ (VWH FXUVR HVWi RULHQWDGR D XVXDULRV TXH SRVHHQ HVFDVD R
QLQJXQD H[SHULHQFLD HQ HO PDQHMR GHO VRIWZDUH $UF9LHZ PDUFD UHJLVWUDGD GH (65,
(QYLURQPHQW6\VWHPV5HVHDUFK,QVWLWXWH
/DDXWRUtDGHORVGDWRVXWLOL]DGRVHQORVHMHUFLFLRVHVHOVLJXLHQWH
,QWURGXFFLyQ(ODUFKLYRGHJHRORJtDSUHVHQWDGRFRPRHMHPSORHQOD,QWURGXFFLyQKDVLGR
SURGXFLGRSRUOD)XQGDFLyQ9HQH]RODQDGH,QYHVWLJDFLRQHV6LVPROyJLFDV)XQYLVLVSDUDHO
3UR\HFWR $YLOD 0DSD GH 5LHVJR HODERUDGR SRU HO ,QVWLWXWR *HRJUiILFR GH 9HQH]XHOD
6LPyQ%ROtYDU,*96%HQHODxR
(MHUFLFLR'DWRVSXEOLFDGRVSRU(65,
(MHUFLFLR/tPLWHVGH(VWDGRV,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(
(MHUFLFLR0DSDEDVHYLDOLGDGHKLGURJUDItDGLJLWDOL]DGRDSDUWLUODVFDUWDVHVFDOD
SURGXFLGDV SRU 6HUDYHQFD GHO DxR 2UWRLPDJHQ GH OD FXHQFD DOWD GH OD TXHEUDGD
3LHGUD$]XO(VWDGR9DUJDV3UR\HFWR&DUWRFHQWURHVFDODGHODxR
(MHUFLFLR \ /tPLWHV GH (VWDGRV ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD ,1( GDWRV GH
SREODFLyQ WRWDO VHJ~Q HO &HQVR GH 3REODFLyQ \ 9LYLHQGD GHO DxR SXEOLFDGRV HQ OD
SiJLQDZHEGHO ,1(
(MHUFLFLR 0DSD EDVH KLGURJUDItD OtQHD GH FRVWD YLDOLGDG KLSVRPHWUtD GLJLWDOL]DGR D
SDUWLU ODV FDUWDV HVFDOD SURGXFLGDV SRU 6HUDYHQFD GHO DxR /RV HYHQWRV
QDWXUDOHV UHJLVWUDGRV HQ HO (VWDGR 9DUJDV VRQ DXWRUtD GHO ,QJ 0LJXHO /XJR SDUD HO
3UR\HFWR $YLOD 0DSD GH 5LHVJR HODERUDGR SRU HO ,QVWLWXWR *HRJUiILFR GH 9HQH]XHOD
6LPyQ%ROtYDU,*96%HQHODxR
(MHUFLFLR /tPLWHV GH (VWDGRV ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD ,1( ORV GDWRV GH
SREODFLyQIXHURQREWHQLGRVGHXQDFRPSLODFLyQHODERUDGDSRUHO 3URI(UDVPR5DPtUH]³/D
3REODFLyQ GH 9HQH]XHOD 3DVDGR 3UHVHQWH \ )XWXUR LQpGLWR´ SXEOLFDGD SRU HO ,QVWLWXWR GH
,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV8QLYHUVLGDGGHORV$QGHV
(MHUFLFLR D $UFKLYRV GH KLGURJUDItD \ FXHQFDV GLJLWDOL]DGRV D SDUWLU GH OD LQIRUPDFLyQ
SXEOLFDGDHQ³,PDJHQ$WODVGH9HQH]XHOD±8QDYLVLyQHVSDFLDO´3HWUyOHRVGH9HQH]XHOD
6$
(MHUFLFLRE$UFKLYRVGHLVR\HWDVHLVRWHUPDVFRUUHVSRQGLHQWHVDODKRMD1&HVFDOD
HODERUDGRVSRU3HWUyOHRVGH9HQH]XHOD$XWRUtDGHOHMHUFLFLR,QJ'HXG'XPLWK
(MHUFLFLR/tPLWHVGH(VWDGRV,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(ORV OtPLWHVGH ODV
UHJLRQHV VH REWXYLHURQ D SDUWLU GH OD GLYLVLyQ GH (VWDGRV VH HIHFWXy OD VXPDWRULD GH ORV
GDWRVGHSREODFLyQVHJ~QHO&HQVRGH3REODFLyQ\9LYLHQGDDxRSDUDREWHQHUGLFKD
LQIRUPDFLyQ DQLYHOUHJLRQDO
(VWHPDWHULDOKDVLGRGLVHxDGR\HODERUDGRSRUODJHyJUDIR9LUJLQLD%HKP
3DUDLQIRUPDFLyQUHODFLRQDGDFRQHVWHFXUVRYLVLWHKWWSZZZYLUJLQLDEHKPEORJVSRWFRP
/DPDUFD$UF9LHZSHUWHQHFHDVXFRUUHVSRQGLHQWHSURSLHWDULR\IDEULFDQWH(65,
/DPDUFD0LFURVRIW2IILFHSHUWHQHFHDVXFRUUHVSRQGLHQWHSURSLHWDULR\IDEULFDQWH
0,&5262)7
&XUVR%iVLFRGH $UF9LHZ ,QWURGXFFLyQ±6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
,1752'8&&,Ï1
6,67(0$'(,1)250$&,Ï1*(2*5È),&$6,*
'HILQLFLyQGHVLVWHPDGHLQIRU PDFLyQJHRJU iILFD
(QODFHGHODVFDU DFWHU tVWLFDVHVSDFLDOHV\VXVDWU LEXWRV
2U JDQL]DFLyQGHODGDWDJHRJU iILFD
&RPSRQHQWHVGHXQ6,*
)XQFLRQHVGHXQ6,*
3DVRVHQ ODLPSODQWDFLyQGHXQ6,*
)RU PXODFLyQGHREMHWLYRV
(VWLPDFLyQGHFRVWRV
,PSODQWDFLyQILQDO
9LUJLQLD%HKP ± &DUDFDV

'HILQLFLyQGHVLVWHPDGHLQIRU PDFLyQJHRJU iILFD6,*
8QFRQMXQWRGHKDUGZDU HVRIWZDUHGDWRV
JHRJUiILFRV\SHUVRQDOFDSDFLWDGR
RUJDQL]DGRVSDUDFDSWXUDUDOPDFHQDU
FRQVXOWDUDQDOL]DU\SUHVHQWDUWRGRWLSR
GHLQIRU PDFLyQTXHSXHGD WHQHUXQD
UHIHU HQFLDJHRJUiILFD
'HILQLFLyQGHXQ 6H WUDWD GH XQD KHUUDPLHQWD GH DQiOLVLV TXH RIUHFH OD SRVLELOLGDG GH
VLVWHPDGH LGHQWLILFDUODVUHODFLRQHVHVSDFLDOHVGHORVIHQyPHQRVTXH VHHVWXGLDQ
LQIRUPDFLyQ
JHRJUiILFD± 6,* /D GLIHUHQFLD TXH H[LVWH HQWUH XQ 6,* \ RWURV SDTXHWHV GH VRIWZDUH
JUiILFRVHV TXHXQ6,* HV HVHQFLDOPHQWHXQDEDVHGHGDWRV HVSDFLDOOR
TXH OH RWRUJD XQD FXDOLGDG LQFRPSDUDEOH HQ HO GHVDUUROOR GH DQiOLVLV
HQIRFDGRVDUHVROYHUSUREOHPDVUHDOHVTXHDIHFWDQHOHVSDFLRJHRJUiILFR
(QODFHGHODVFDU DFWHU tVWLFDVHVSDFLDOHV\ VXVDWU LEXWRV

&DGDFDUDFWHUtVWLFDHVSDFLDOWLHQHXQRVDWULEXWRVDVRFLDGRV
&DGDHOHPHQWRJHRPpWULFRVHYLQFXODFRQXQUHJLVWURGHODWDEOD
'DWRVJHRJU iILFRV 'DWRVGHVFU LSWLYRV
0DSDV 7DEODDWU LEXWLYD
(QODFHGHODV (O6,*DOPDFHQDXQDLQIRUPDFLyQFDUWRJUiILFDGLJLWDODODFXDOVHDQH[D
FDUDFWHUtVWLFDV XQD LQIRUPDFLyQ DWULEXWLYD HQ IRUPD GH WDEODV TXH FRQWLHQHQ ORV GDWRV
HVSDFLDOHV\VXV GHVFULSWLYRV TXH SHUPLWHQ UHDOL]DU ODV FRQVXOWDV DQiOLVLV JUiILFRV \
DWULEXWRV UHSRUWHVGHODGDWDHVSDFLDO

/DLQIRU PDFLyQVHDJUXSDGHDFXHUGR 9LDOLGDG

DVXVVLPLOLWXGHVWHPiWLFDV 3DU FHODV
7UHVIRU PDVGHDOPDFHQDPLHQWR 8VRGHODWLHU U D
GHODGDWDYHFWRULDO +LGU RJU DItD
3XQWRVHVFXHODV /tQHDVYLDOLGDG 3ROtJRQRVSDU URTXLDV
2UJDQL]DFLyQGHOD /D GDWD JHRJUiILFD VH RUJDQL]D VHJ~Q VXV VLPLOLWXGHV WHPiWLFDV GDGR TXH
GDWDJHRJUiILFD XQDUFKLYRJHRJUiILFRYDDFRPSDxDGRGHXQDWDEODDWULEXWLYDTXHDOPDFHQD
ORVFRUUHVSRQGLHQWHVGDWRVGHVFULSWLYRV/DDEVWUDFFLyQJUiILFDHQ$UF9LHZ
SDUDODUHSUHVHQWDFLyQGHODGDWDJHRJUiILFDHVSXQWROtQHD\SROtJRQR
/RV&RPSRQHQWHVGHXQ6,*
3(5621$/
(63$&,2),6,&2
6,*
'$726 62)7:$5(6
352&(',0,(1726
/RVFRPSRQHQWHVGH 8Q 6,* HVWi FRPSXHVWR SRU XQ XVXDULR XQ VRIWZDUH TXH HV OD
XQ6,* KHUUDPLHQWD GH WUDEDMR ORV GDWRV DOPDFHQDGRV HQ IRUPD FDUWRJUiILFD \
WDEXODU EDVHV GH GDWRV ORV HTXLSRV GH FRPSXWDFLyQ \ ORV
SURFHGLPLHQWRVTXHVHGHILQHQSDUDUHDOL]DUORVDQiOLVLVFRUUHVSRQGLHQWHV
7RGRV HVWRV FRPSRQHQWHV GHEHQ HVWDU XELFDGRV HQ XQ HVSDFLR ItVLFR
DFRUGH FRQ ORV UHTXHULPLHQWRV GH LOXPLQDFLyQ WHPSHUDWXUD \ KXPHGDG
DPELHQWH\PRELOLDULRGHRILFLQD

/DVIXQFLRQHVGHXQ6,*
2UJDQL]DFLyQ\ $OPDFHQDPLHQWR
FDSWXUDGHODGDWD GHODGDWD &RQVXOWDGHODGDWD
$QiOLVLVGHODGDWD 'HVSOLHJXHGHODGDWD 6DOLGDGHODGDWD
/DVIXQFLRQHVGHXQ &XDOTXLHU VLVWHPD GH LQIRUPDFLyQ JHRJUiILFD GHEH VHU FDSD] GH UHDOL]DU
6,* HVWDV RSHUDFLRQHV IXQGDPHQWDOHV SDUD TXH UHVXOWH ~WLO HQ OD E~VTXHGD GH
VROXFLRQHVDSUREOHPDVUHDOHV
3DVRVHQODLPSODQWDFLyQGHXQ6,*
)RUPXODFLyQGHREMHWLYRVGHO6,*GHWHUPLQDFLyQGHUHTXHULPLHQWRV
(VWLPDFLyQGHFRVWRVKDUGZDUHVRIWZDUHGDWRVSHUVRQDO
,QGXFFLyQHQHOPDQHMRGHODVKHU UDPLHQWDVGH6,*
'LVHxRFRQFHSWXDO\OyJLFR\ItVLFRGHODEDVHGHGDWRVGHO6,*
'HILQLFLyQ\HMHFXFLyQGHXQ3UR\HFWRSLORWR
3ODQGHDXWRPDWL]DFLyQGHLQIRU PDFLyQ
'HWHU PLQDFLyQGHSURFHVRVSDUDODFRPXQLFDFLyQGHGDWRV
3ODQGHPDQWHQLPLHQWR
3ODQGHHQWUHQDPLHQWR
3DVRVHQOD (Q OD LPSOHPHQWDFLyQ GH XQ 6,* VH GHILQHQ XQD VHULH GH SDVRV TXH
LPSODQWDFLyQGHXQ UHSUHVHQWDQ XQD JXtD SDUD DFRPHWHU HVWD WDUHD HQ IRUPD HILFLHQWH \
6,* RUJDQL]DGD

)RU PXODFLyQGHREMHWLYRV
¢4XpSURGXFWRVVHHVSHUDREWHQHUGHO6,*"
¢&XiOHVVRQORVUHFXU VRVGLVSRQLEOHV"
¢4XpWDUHDVVHHMHFXWDQFRQGDWRVHVSDFLDOHV"
¢4XpWDUHDVPHMRUDUtDQDOPDQHMDU ODVFRQXQ6,*"
¢4XpDSOLFDFLRQHVVHQHFHVLWDQ"
¢&XiOHVODGDWDUHTXHULGDSDUDDFRPHWHUHVWDVDSOLFDFLRQHV"
¢&XiOHVVRQODVFDUDFWHUtVWLFDVGHODVEDVHVGHGDWRVH[LVWHQWHV"
¢&XiOHVODSUHSDUDFLyQGHOSHUVRQDOSDUDPDQHMDUXQ6,*"
(QWU HYLVWDV
'$726
%DVHGH'DWRV 7DU HDVGH

8VXDU LRV 6,* 6,*
) RUPXODFLyQGH /RSULPHURHVLGHQWLILFDUODVQHFHVLGDGHVGHXQDLQVWLWXFLyQTXHSXHGHQ
REMHWLYRV VHUFXELHUWDVSRUXQ6,*
'HILQLUORVREMHWLYRVSDUDORVFXiOHVVHUHTXLHUHXQ6,*
&RQRFHUODHVWUXFWXUDRUJDQL]DWLYDGHODHPSUHVD
,GHQWLILFDUORVGDWRVTXHLQYROXFUDQXQDUHSUHVHQWDFLyQHVSDFLDO
(VWLPDFLyQGHFRVWRV
- XVWLILFDUODLQYHUVLyQ
%XVFDUODVRSFLRQHVGHKDUGZDUH
3UHYHUORVUHTXHULPLHQWRVGHVRSRUWHWpFQLFRDQLYHO
GHKDUGZDUH
(YDOXDUODVDOWHUQDWLYDVHQODDGTXLVLFLyQGHVRIWZDUHV
GH6,*
3UHYHUODVRSFLRQHVGHDFWXDOL]DFLyQGHVRIWZDU HV
&RQVLGHUDUHOWLHPSRHVWLPDGRSDUDODLPSODQWDFLyQILQDO
&RQVLGHUDUHOSHUVRQDOHQIXQFLyQGHOD
GLVSRQLELOLGDGGHLQIUDHVWUXFWXUDItVLFD
HVSDFLRItVLFR\HTXLSDPLHQWRGHRILFLQD
(VWLPDFLyQGHFRVWRV (VWH HV XQ IDFWRU GHWHUPLQDQWH HQ OD FRQILJXUDFLyQ GHO 6,* GDGR TXH
WRGRV ORV FRPSRQHQWHV GH pVWH SHUVRQDO KDUGZDUH VRIWZDUH GDWRV
HVSDFLR ItVLFR HQWUHQDPLHQWR \ PDQWHQLPLHQWR UHTXLHUHQ GHO UHFXUVR
ILQDQFLHURSDUDVXDGHFXDGRIXQFLRQDPLHQWR

,PSODQWDFLyQILQDO
2ILFLQD6,*FRQSHUVRQDOFDSDFLWDGR
&RRUGLQDGRU
$GPLQLVWUDGRUGHOD5'%06
'DWRVEiVLFRVLQFRUSRUDGRVDOVLVWHPD
'DWRVDGLFLRQDOHVSDUDPHMRUDUODVWDUHDVGH6,*
'HVDU UROORGHWDUHDVGH6,*
'HVDU UROORGHDSOLFDFLRQHV
0DQWHQLPLHQWRGHOVLVWHPD
R KDUGZDUHVRIWZDUH\SHUVRQDO
3ODQGH (OHQWUHQDPLHQWRDOSHUVRQDO TXHHVWDUiDOIUHQWHGHO6,*HV LPSRUWDQWH

HQWUHQDPLHQWR SDUDORJUDUODLPSOHPHQWDFLyQVDWLVIDFWRULD\ODSHUPDQHQFLDGHO6,*HQ
HOWLHPSR
0DQWHQLPLHQWRGHO 6H GHEHQ FRQVLGHUDU ORV UHFXUVRV ILQDQFLHURV SDUD ORJUDU XQ DGHFXDGR
VLVWHPD PDQWHQLPLHQWR WDQWR GH ORV GDWRV FRPR GHO SHUVRQDO ORV HTXLSRV GH
KDUGZDUH\ODVDFWXDOL]DFLRQHVGHVRIWZDUHV

&XUVR%iVLFRGH$UF9LHZ &DStWXOR ± &RQFHSWRV%iVLFRV
&$3,78/2
&21&(3726%È6,&26
R 8QVRIWZDU HSDU DWU DEDMDU HQ6LVWHPDGH
,QIRU PDFLyQ*HRJU iILFD
R $U F9LHZ*,6
R $SOLFDFLRQHVGH$U F9LHZ
R /D,QWHU IDFHGH$U F9LHZ
R /RVGRFXPHQWRVGH$U F9LHZ
R (O3U R\HFWR GH$U F9LHZ
R /DV9LVWDV\ORV7HPDV
R $FFLRQHVU HDOL]DGDVHQORVWHPDV
R /DV7DEODV
R /RV*U iILFRV
R /RV³/D\RXWVÚ HSU HVHQWDFLRQHV
R /RV³6FU LSWV´
R $\XGDHQOtQHDGH$U F9LHZ
8QVRIWZDU HSDU DWU DEDMDU HQ6LVWHPDGH,QIRU PDFLyQ*HRJU iILFD
(VWDEOHFHXQHQODFHHQWUHODLQIRU PDFLyQJUiILFD\ORVGDWRVGHVFULSWLYRV
5HDOL]DORVDQiOLVLVPHGLDQWHODLQIRU PDFLyQDWU LEXWLYDUHODFLRQDGD
8Q7(0$GH$UF9LHZHVODGHQRPLQDFLyQSDUDLGHQWLILFDUXQDUFKLYR
GDWRVHVSDFLDOHV\DWULEXWLYRV
8QVRIWZDUH (Q$UF9LHZORVGDWRVHVSDFLDOHVHVWiQYLQFXODGRVFRQGDWRVDWULEXWLYRVTXH
SDUDWUDEDMDUHQ SHUPLWHQFDUDFWHUL]DUODLQIRUPDFLyQ HVWHHV HOSULQFLSLREiVLFRTXHGHILQH
6LVWHPDVGH XQVLJ
,QIRUPDFLyQ (VWHHQODFHSHUPLWHKDFHUFRQVXOWDV\DQiOLVLVVREUHODLQIRUPDFLyQ JUiILFD
*HRJUiILFD HQIXQFLyQGHORVGDWRVLQFRUSRUDGRVFRPRDWULEXWRV
$U F9LHZ*,6
(VXQVRIWZDU HGLVHxDGRSDUDWUDEDMDUHQVLVWHPDVGHLQIRUPDFLyQJHRJUiILFD
(VWiFRQVWLWXLGRSRUXQFRQMXQWRGHKHUUDPLHQWDVSDUDYLVXDOL]DUH[SORUDU
FRQVXOWDUHGLWDU\DQDOL]DULQIRU PDFLyQDVRFLDGDDXQDORFDOL]DFLyQJHRJUiILFD
(VXQSURGXFWRGH(65,(QYLURQPHQW6\VWHP5HVHDUFK,QVWLWXWH
$UF9LHZ*,6 $UF9LHZ *,6 HV XQ VRIWZDUH SDUD WUDEDMDU HQ VLVWHPDV GH LQIRUPDFLyQ
JHRJUiILFD6,*
(VWDKHUUDPLHQWDKDVLGRGHVDUUROODGDSRUODHPSUHVD(QYLURQPHQW6\VWHPV
5HVHDUFK ,QVWLWXWH ,QF (65, OtGHU HQ OD IDEULFDFLyQ GH SURGXFWRV
UHODFLRQDGRVFRQ6,*
/DYHUVLyQTXHVHHVWXGLD\PDQHMDHQHVWHFXUVRHVODYHUVLyQ

$SOLFDFLRQHVGH$U F9LHZ
0DSHRGHLQIRUPDFLyQFRQUHIHU HQFLDHVSDFLDO
&UHDFLyQ\HGLFLyQGHGDWRVHVSDFLDOHV\DWULEXWLYRV
'HVDU UROORGHDQiOLVLVHVSDFLDOHV
$FFHVRDEDVHVGHGDWRVH[WHUQDV
3HUVRQDOL]DFLyQFRQHOOHQJXDMHGHSURJUDPDFLyQ$9(18(
$SOLFDFLRQHVGH $UF9LHZ SURYHH KHUUDPLHQWDV SDUD LQFRUSRUDU LQIRUPDFLyQ HVSDFLDO \

$UF9LHZ DWULEXWLYD FUHDU PDSDV GHVDUUROODU DQiOLVLV HVSDFLDOHV UHDOL]DU FRQVXOWDV \
FiOFXORV VREUH GDWRV GHVFULSWLYRV DFFHGHU D EDVH GH GDWRV H[WHUQDV H
LPSOHPHQWDUDSOLFDFLRQHVPHGLDQWHODSURJUDPDFLyQHQOHQJXDMH$YHQXH
,QWHU IDFHGH$UF9LHZ
,QWHU IDFH
*UiJLFDGHO
8VXDULR
*8,
9HQWDQDGHO
3UR\HFWR
'RFXPHQWR
/DLQWHUIDFHGH 3RUWUDWDUVHGHXQVRIWZDUH TXHWUDEDMDEDMR:LQGRZVOD DSOLFDFLyQSRVHH

$UF9LHZ XQDLQWHUIDFH JUiILFDTXHXVWHGLUiFRQRFLHQGRDOR ODUJR GH HVWHFXUVR6H
WUDWDGHXQDVHULH GH0HQ~V%RWRQHV\+HUUDPLHQWDVDFRPRGDGRV HQWUHV
EDUUDVGLIHUHQWHV\TXHFDPELDQVHJ~QVHDHOGRFXPHQWRTXHHVWpDFWLYR

/RVGRFXPHQWRVGH$U F9LHZ
9LVWDD 7DEODD *UiILFRR
/D\RXW 6FULSW
/RVGRFXPHQWRV /RV GRFXPHQWRV GH $UF9LHZ LGHQWLILFDQ ORV GLIHUHQWHV IRUPDWRV GH GDWRV
GH$UF9LHZ TXHHVWHVRIWZDUHPDQHMDFDGDWLSRGHGRFXPHQWRSRVHHVXSURSLDLQWHUIDFH
JUiILFD
(VWRVGRFXPHQWRVVRQODV9LVWDVGHVSOLHJXHGHGDWRVHVSDFLDOHVODV7DEODV
GHVSOLHJXH GH GDWRV DWULEXWLYRV ORV *UiILFRV ORV /D\RXWV VDOLGDV GH
PDSDV\ORV6FULSWVDSOLFDFLRQHVSURJUDPDGDV
(O3U R\HFWR GH$U F9LHZ

&RQWLHQHORVGRFXPHQWRVGH$UF9LHZ
$OPDFHQDHO WUDEDMRHQXQDUFKLYRDSUTXHKDFHUHIHUHQFLDORVGDWRV
/LVWDWRGRVORVGRFXPHQWRVHQOD9HQWDQDGHO3U R\HFWR
9LVWD
9HQWDQD
7DEOD
GHO
*U iILFR 3U R\HFWR
/D\RXW
6FU LSW
(O3UR\HFWRGH 6HGHQRPLQD3UR\HFWRXQDUFKLYR2'%2EMHFW'DWD%DVHTXHDOPDFHQDHO

$UF9LHZ WUDEDMR UHDOL]DGR GHQWUR GH OD DSOLFDFLyQ (VWH DUFKLYR JXDUGD OD
FRQILJXUDFLyQ GH YHQWDQDV \ DUFKLYRV LQFRUSRUDGRV HQ XQ SUR\HFWR DVt
FRPRODGLUHFFLyQGH ORVDUFKLYRVXWLOL]DGRV
8QSUR\HFWRHVXQDUFKLYRTXH SRVHHODH[WHQVLyQDSU$UF9LHZ3URMHFW

/DV9LVWDV\ORV7HPDV
8Q 7(0$HVXQDFROHFFLyQGHFDUDFWHUtVWLFDVJHRJUiILFDVVLPLODUHV\VXV
DWULEXWRVDVRFLDGRV
&DGDWHPDSRVHHXQ QRPEUHTXHORLGHQWLILFDHOFXDOVHHVSHFLILFDHQOD7DEOD
GH&RQWHQLGRGHOD9LVWD
*8,GHOD9LVWD
7HPDV
'HVSOLHJXHGH
7DEODGH&RQWHQLGR PDSDV
/DV9LVWDV\ORV (O GRFXPHQWR GHQRPLQDGR 9LVWD HV HO TXH VH XWLOL]D SDUD DJUHJDU \
7HPDV GHVSOHJDUORV7HPDV(QXQD9LVWD VHSXHGHGHVSOHJDUPiVGHXQWHPDGHOD
PLVPD iUHD JHRJUiILFD OD LGHQWLILFDFLyQ GH ORV 7HPDV DSDUHFH HQ OD SDUWH
L]TXLHUGDGHOD9LVWD OODPDGD7DEODGH&RQWHQLGR
6H GHQRPLQD 7HPD D OD LQIRUPDFLyQ JHRJUiILFD \ DWULEXWLYD GH
FDUDFWHUtVWLFDVVLPLODUHVHVXQDFDSDGHLQIRUPDFLyQ/RV7HPDVSXHGHQVHU
GHSXQWRVOtQHDVRSROtJRQRV
$FFLRQHVU HDOL]DGDVHQORVWHPDV
3UHQGHURDSDJDUORVWHPDV
$FWLYDUXQWHPD
0RGLILFDUHORUGHQGHGHVSOLHJXHGHORVWHPDV
2SHUDFLRQHVHQ 3UHQGHURDSDJDUXQ 7HPD FDXVDHOHIHFWRYLVXDOGHYHURQRHO 7HPD

ORVWHPDV (O 7HPD DFWLYRHVHO 7HPD VREUHHOFXDOVHSXHGHQHMHFXWDURSHUDFLRQHV
'HVSOD]DUXQ7HPD SRUVREUHRWURPRGLILFDHORUGHQGHGHVSOLHJXHGHpVWRV
\SHUPLWHYHUORVWHPDVGHOtQHDV\SXQWRVSRUHQFLPDGHORVGHSROtJRQRV

/DV7DEODV
(VHOGRFXPHQWRXWLOL]DGRSDUDDOPDFHQDU\GHVSOHJDUORVDWULEXWRV
GHVFULSWLYRVGHORV7HPDV
(VXQDWDEODHQIRUPDWRG%DVHFRQFDPSRVFROXPQDV\UHJLVWURVILODV
&RQWLHQHLQIRUPDFLyQGHVFULSWLYDVREUHODVFDUDFWHUtVWLFDVGHORVWHPDV
*8,GHOD7DEOD
&DPSRV
5HJLVWU RV
/DV7DEODV /D 7DEOD FRQWLHQH LQIRUPDFLyQ GHVFULSWLYD VREUH ODV FDUDFWHUtVWLFDV GH XQ
WHPD HMFLXGDGHVSDtVHVHVWDGRVSDUURTXLDV&DGDILODRUHJLVWURGHILQH
XQHOHPHQWRGHOJUXSRUHSUHVHQWDGR&DGDFROXPQDRFDPSRUHSUHVHQWDXQD
YDULDEOH R FDUDFWHUtVWLFD HVSHFtILFD GH WRGRV ORV HOHPHQWRV WDO FRPR HO
QRPEUHGHORVSDtVHVFLXGDGHVSDUURTXLDVRHVWDGRV
/RV*U iILFRV
8QJUiILFRGHVSOLHJDGDWRVWDEXODUHVHQIRUPDJUiILFD
/DSULQFLSDOIXQFLyQGHHVWRVJUiILFRVHVHIHFWXDUFRPSDUDFLRQHVHQWU HORV
GDWRVGHVFULSWLYRV DQDOL]DGRV
*8,, GHOO*UiILFR
,QWURGXFFLyQD /RVJUiILFRVSHUPLWHQLQWHUSUHWDUORVGDWRVGHVFULSWLYRVFRQPD\RUIDFLOLGDG
ORV*UiILFRV HOORV UHSUHVHQWDQ GDWRV FXDQWLWDWLYRV HQ IRUPD FRPSDUDWLYD 3XHGHQ
XWLOL]DUVH DGHPiV SDUD FRPSDUDU GDWRV HQ IXQFLyQ GH XQLGDGHV HVSDFLDOHV
GLVWULEX\pQGRORVHQGLFKDVXQLGDGHV

/RV³/D\RXWV´
/RV³OD\RXWV´SURSRUFLRQDODVKHU UDPLHQWDVSDUDIDFLOLWDUODFUHDFLyQGH
VDOLGDVFDUWRJUiILFDVGHFDOLGDG
(QORVOD\RXWVVHLQFRUSRUDQORVGLVWLQWRVGRFXPHQWRVYLVWDVWDEODVJUiILFRV\
DUFKLYRVUDVWHUIRWRJUDItDV
*8,GHO/D\RXW
/RV/D\RXWV (O /D\RXW HV HO GRFXPHQWR GH $UF9LHZ GLVHxDGR SDUD HODERUDU PDSDV GH
SUHVHQWDFLyQ (Q OD LQWHUIDFH JUiILFD VH SUHVHQWDQ ODV KHUUDPLHQWDV
DSURSLDGDV SDUDLQFRUSRUDUXQDOH\HQGDXQDHVFDODJUiILFDHOVtPEROR GHO
QRUWH\IXQFLRQHVDGLFLRQDOHVTXHIDFLOLWDQpVWDV\RWUDVWDUHDVUHODFLRQDGDV
/RV³6FU LSWV´
/RV³VFULSWVÚHSUHVHQWDQHOGRFXPHQWRGRQGHVHHVFULEHQORVSURJUDPDVGH
$YHQXH
/RV³VFULSWV´VHXWLOL]DQSDUDDXWRPDWL]DUWDUHDVDJUHJDUQXHYDVIXQFLRQHV\
FU HDUDSOLFDFLRQHVHVSHFtILFDV
*8,GHO6FU LSW
/RV6FULSWV (O 6FULSWV HV XQ HGLWRU GH WH[WR TXH SHUPLWH LQFRUSRUDU SURJUDPDV
GHVDUUROODGRVFRQHOOHQJXDMHGH$UF9LHZ$YHQXH&RQHODGPLQLVWUDGRUGH
6FULSWV VH SXHGHQ EXVFDU ORV SURJUDPDV EDVH GHO VRIWZDUH \ HQ OD SiJLQD
ZHE GH (65, ZZZHVULFRP VH HQFXHQWUDQ VFULSWV DGLFLRQDOHV
GHVDUUROODGRVSRUORVXVXDULRVDQLYHOPXQGLDO

$\XGDHQOtQHDGH$U F9LHZ
$\XGDHQ/tQHD $\XGDSDUD%RWRQHV
+HU UDPLHQWDV\0HQ~V
7ySLFRVGH$\XGD&RQWHQLGR,QGLFH%XVFDU
$\XGDHQOtQHD &RPRWRGRVRIWZDUHGHVDUUROODGREDMR:LQGRZV$UF9LHZSRVHHXQDD\XGD
GH$UF9LHZ HQ OtQHD GH IiFLO DFFHVR 'HVGH HO PHQ~ ³+HOS´ VH DFFHGH D ORV GLIHUHQWHV
FDStWXORVRPHGLDQWHODVSHVWDxDVGH³&RQWHQLGR´³,QGLFH´\³%XVFDU´
(MHU FLFLR±,QWU RGXFFLyQDODLQWHU IDFHGH$U F9LHZ
,QLFLH$UF9LHZ\DEUDXQ3UR\HFWR
'HVSOLHJXHGHYLVWDV\WHPDV
,QIRU PDFLyQVREUHODVFDUDFWHUtVWLFDV
$\XGDHQOtQHD

&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ±,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
(MHU FLFLR±,QWU RGXFFLyQDODLQWHU IDFHGH$U F9LHZ
(VWH HMHUFLFLR OR LQWURGXFH HQ OD LQWHUIDFH GH $UF9LHZ \ DOJXQDV GH VXV RSHUDFLRQHV PiV
FRPXQHV
,QLFLH$UF9LHZ\DEUDXQ3UR\HFWR
+DJD FOLF HQ ³$EULU XQ 3UR\HFWR ([LVWHQWH´ (Q OD FDMD GH GLiORJR GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR F?FXU VRDUFYLHZ?HMHUFLFLRV \
DEUDHO3UR\HFWRGHQRPLQDGRHMHUFLFLRDSU
'HVSOLHJXHGHYLVWDV\WHPDV
$ OD L]TXLHUGD GH OD DSOLFDFLyQ VH PXHVWUD OD 9HQWDQD GHO 3UR\HFWR TXH
FRQWLHQHXQDYLVWDGHQRPLQDGD³0XQGR´
+DJDFOLFHQHOQRPEUHGHOD9LVWD³0XQGR´
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH WHPDV /RV WHPDV GHQRPLQDGRV
3DtVHVVKS\6LVFRRUGVKSHVWiQSUHQGLGRV\VHYLVXDOL]DQHQWDQWRTXHHOWHPD
&LXGDGHVPVKSHVWiDSDJDGR\QRVHGHVSOLHJDHQODYLVWD

+DJDFOLFHQODFDMDGHHQFHQGLGRGHHVWHWHPD
$KRUDVHGLEXMDSHURTXHGDRFXOWRSRUORVRWURV
GRVWHPDV
&DPELHHORUGHQGHGHVSOLHJXHGHORVWHPDV&RORTXHHOFXUVRUVREUHHOWHPD
GHODVFLXGDGHV\DUUiVWUHORDODSDUWHVXSHULRUGHOD7DEODGH&RQWHQLGR
3DUDUHDOL]DUXQDDSUR[LPDFLyQKDJDFOLF HQHO ERWyQ ³=RRP,Q´+DJDXQD

FDMDFRQHOFXUVRUHQODUHJLyQQRUWHGH6XGDPpULFD
3DUD REWHQHU LQIRUPDFLyQ VREUH ODV FLXGDGHV TXH VH YLVXDOL]DQ HQ OD 9LVWD
KDJD FOLF HQ HO ERWyQ GH ,GHQWLILFDFLyQ OXHJR KDJD FOLF VREUH HO SXQWR TXH
UHSUHVHQWDDODFLXGDGGH&DUDFDV
3DUDGHVSOD]DUVHKDFLDRWURVHFWRUGHOPDSDXWLOLFHHOERWyQ³3DQ´KDJDFOLF
HQHVWHERWyQ\OXHJRVREUHODYLVWDDUUDVWUHODLPDJHQSDUDYLVXDOL]DUODSDUWH
VXUGHOFRQWLQHQWHDPHULFDQR
,QIRU PDFLyQVREUHODVFDUDFWHUtVWLFDV
&XDQGRVHGHVHDFRQRFHUODORFDOL]DFLyQHVSDFLDOGHDOJ~QHOHPHQWRVHXWLOL]D
HO ERWyQ GH %~VTXHGD +DJD FOLF HQ HO WHPD GH ORV SDtVHV SDUD DFWLYDUOR \
OXHJR KDJD FOLF HQ HO ERWyQ LGHQWLILFDGR FRQ XQRV ELQRFXODUHV SDUD HMHFXWDU
HVWDWDUHD(QODOtQHDGHFRPDQGRLQWURGX]FDHOQRPEUH $QJROD\SUHVLRQH
2.
2WUDIRUPDGHVHOHFFLRQDUFDUDFWHUtVWLFDVHQ OD YLVWDHVXWLOL]DQGRHOERWyQGH

6HOHFFLyQ +DJD FOLF HQ HVWH ERWyQ \ OXHJR KDJD XQD FDMD HQ OD YLVWD SDUD
VHOHFFLRQDUDOJXQRVSDtVHV
$KRUD H[DPLQH OD WDEOD GH DWULEXWRV +DJD FOLF HQ HO ERWyQ TXH DEUH OD WDEOD
DWULEXWLYDSDUDGHVSOHJDUOD
3DUDOHHUHQODSDUWHVXSHULRUGHODWDEODORVUHJLVWURVVHOHFFLRQDGRVXWLOLFHOD
RSFLyQ ³3URPRWH´ 3URPRYHU +DJD FOLF HQ HVWH ERWyQ \ ORV UHJLVWURV
VHOHFFLRQDGRVVHXELFDUiQODSDUWHVXSHULRUGHODWDEOD
3DUDHOLPLQDUODVHOHFFLyQKDJDFOLFHQHOERWyQ ³ 6HOHFW1RQH´6HOHFFLRQDU

1DGD(VWDIXQFLyQHOLPLQDFXDOTXLHUVHOHFFLyQTXHVHKD\DUHDOL]DGR\DVHD
GHVGHODYLVWDRGHVGHODWDEODGHDWULEXWRV
$\XGDHQOtQHD
3DUD REWHQHU LQIRUPDFLyQ VREUH ORV WySLFRV GH OD DSOLFDFLyQ KDJD FOLF HQ HO
ERWyQGHD\XGD\OXHJRFRORFDQGRHOFXUVRUHQODYLVWDKDJDFOLFQXHYDPHQWH
'HHVWDIRUPDHVSRVLEOHREWHQHULQIRUPDFLyQVREUH¢TXpHVXQDYLVWD"

+DFLHQGR FOLF VREUH FXDOTXLHU RWUR HOHPHQWR VH REWLHQH OD LQIRUPDFLyQ
FRUUHVSRQGLHQWH
2WUD IRUPD GH EXVFDU D\XGD HV XWLOL]DQGR OD RSFLyQ ³+

+ HOS´ GHO PHQ~ HQ OD
SDUWHVXSHULRUGHODSDQWDOODGH$UF9LHZ
/DVWUHVSHVWDxDV³&RQWHQLGR´³ËQGLFH´\³%XVFDUÓHSHUPLWHQFRQRFHUPiV
GHWDOOHVVREUHHOIXQFLRQDPLHQWRGHOVRIWZDUH+DJDFOLFHQODSHVWDxD , QGLFH\
OXHJRHVFULEHODSDODEUD7KHPHHQHOHVSDFLRFRUUHVSRQGLHQWH
6HGHVSOLHJDRWUDSDQWDOODHQODFXDOVHPXHVWUDODGHVFULSFLyQGHORTXHHVXQ
WHPDHQ$UF9LHZ
&LHUUHWRGDVODVSDQWDOODVGHD\XGDKDFLHQGRFOLFHQHOVtPERORGHFUX]HQOD
SDUWHVXSHULRUGHUHFKDGHFDGDYHQWDQD

&XUVR%iVLFRGH$UF9LHZ &DStWXOR± 'DWRVHQ$UF9LHZ
&$3,78/2
'$726(1$5&9,(:
R /DV9LVWDV
R /RV7HPDV
R )RU PDWRVGHDU FKLYRVSDU DORVWHPDV
R )RU PDWRVGHGDWRVDGLFLRQDOHV
R &U HDFLyQGHXQDYLVWDQXHYD
R ,QFRU SRU DFLyQGHWHPDVHQXQDYLVWD
R ,QFRU SRU DFLyQ GHXQDU FKLYRGHLPDJHQ
R ,QFRU SRU DFLyQGHXQDU FKLYRGHWH[WRGH
FRRU GHQDGDV
R *XDU GDU ORVFDPELRVGHO3U R\HFWR
/DV9LVWDV
/D 9LVWD HVHOGRFXPHQWRGH$UF9LHZSDUDLQFRUSRUDU\GHVSOHJDUORVWHPDV
(QXQD YLVWD VHDJUHJDQ WHPDVGHXQDPLVPDiUHDJHRJUiILFD
8Q 3UR\HFWRSXHGHDOPDFHQDUPiVGHXQD YLVWD
/DV9LVWDV /D 9LVWD HV HO GRFXPHQWR GH $UF9LHZ XWLOL]DGR SDUD LQFRUSRUDU \
GHVSOHJDU OD LQIRUPDFLyQ JHRJUiILFD HQ IRUPD GHWHPDV (Q XQ 3UR\HFWR
SXHGHQH[LVWLUYDULDVYLVWDVHQFDGDXQDGHODVFXDOHVVHDJUHJDQWHPDVGH
XQDPLVPDiUHDJHRJUiILFD
/RV7HPDV
(O WHPD UHSUHVHQWDFDUDFWHUtVWLFDVJHRJUiILFDVVLPLODU HVFRQGDWRVDVRFLDGRV
(O WHPD HVXQDFDSDGHLQIRU PDFLyQTXHVHGHVSOLHJDHQOD YLVWD
/RVWHPDVSXHGHQVHUGHSXQWRVOtQHDVRSROtJRQRV
6tPERORSXQWXDO
(VWLORGHOtQHD 3XQWRV
&RORU HVSDU DORV
/tQHDV
SROtJRQRV
3ROtJRQRV
/RV7HPDV (O7HPD HVODGHQRPLQDFLyQHQ$UF9LHZSDUDLGHQWLILFDUORVDUFKLYRVTXH

FRQWLHQHQLQIRUPDFLyQJHRJUiILFD\DWULEXWLYDHVXQDFDSDGHLQIRUPDFLyQ
GH FDUDFWHUtVWLFDV VLPLODUHV /RV WHPDV UHSUHVHQWDQ OD LQIRUPDFLyQ HQ
IRUPDGHSXQWRVOtQHDVRSROtJRQRV

)RU PDWRVGHDU FKLYRVSDU DORVWHPDV

$UFKLYRV6+$3(GH$UF9LHZ
&REHUWXUDVGH$5&,1)2
$UFKLYRV&$'$XWRFDG0LFURVWDWLRQGZJG[IGJQ
$UFKLYRVGH0DSLQIRPLI
) RUPDWRVGH /RV IRUPDWRV GH DUFKLYRV DTXt PHQFLRQDGRV VRQ DTXHOORV TXH $UF9LHZ
DUFKLYRVSDUDORV SXHGHFDUJDUFRPRWHPDVHQXQDYLVWD QRREVWDQWHVyORHODUFKLYRVKDSH
WHPDV QDWLYR GH HVWH VRIWZDUH SXHGH VHU HGLWDGR \ PRGLILFDGR HQ VXV
FDUDFWHUtVWLFDV JHRJUiILFDV /RV GHPiV IRUPDWRV VRQ VyOR OHFWXUD \ HQ HO
FDVR TXH VH UHTXLHUD HIHFWXDU DOJXQD PRGLILFDFLyQ GHEHUiQ VHU
FRQYHUWLGRVDDUFKLYRVVKDSHVGH$UF9LHZ
)RU PDWRVGHGDWRVDGLFLRQDOHV
'DWRVHQIRU PDGHLPiJHQHVIRUPDWRUDVWHU

$UFKLYRVGHEDVHGHGDWRVG%DVH)R[3UR
$UFKLYRVGHWH[WRGHOLPLWDGRSRUFRPDV
'DWRVGHPDQHMDGRUHVGHEDVHVGHGDWRV
$&&(6625$&/(FUHDQGRXQDFRQH[LyQ64/
) RUPDWRVGH /RV DUFKLYRV GH LPiJHQHV IRUPDWR UDVWHU SXHGHQ LQFRUSRUDUVH FRPR
GDWRVDGLFLRQDOHV WHPDV
/RV GDWRV GH FRRUGHQDGDV SURSRUFLRQDGRV SRU XQ *36 *OREDO 3RVLWLRQ
6\VWHPVHDOPDFHQDQFRPRWH[WR GHOLPLWDGRSDUDREWHQHUXQDUFKLYRGH
SXQWRVGHGLFKDVFRRUGHQDGDV
/RV IRUPDWRV GH GDWRV WDEXODUHV SURYHQLHQWHV GH PDQHMDGRUHV GHEDVH GH
GDWRVVRQFRPSDWLEOHVFRQ$UF9LHZPHGLDQWHXQDFRQH[LyQ64/

&U HDFLyQGHXQDYLVWDQXHYD
$EULUXQSUR\HFWRQXHYRRH[LVWHQWH
&RQHOLFRQRGHODYLVWDDFWLYRSUHVLRQDUODRSFLyQ³1HZ´±1XHYR
/DYLVWDQXHYDDSDUHFHHQODOLVWDGHGRFXPHQWRVHQODYHQWDQDGHOSUR\HFWR
9,67$
9$&,$
&UHDFLyQGHXQD 3DUDFUHDUXQDYLVWDQXHYDSUHVLRQHHOERWyQ³1HZ´QXHYRHQODYHQWDQD

YLVWDQXHYD GHO SUR\HFWRFRQHOLFRQRGHODYLVWD DFWLYRVHGHVSOLHJDXQDYLVWD YDFtDTXH
SRUGHIHFWRVHGHQRPLQD³9LHZ´8VWHGSXHGHSRVWHULRUPHQWHFDPELDUHO
QRPEUHGHODYLVWDSDUDLGHQWLILFDUVXFRQWHQLGRFRQPD\RUIDFLOLGDG
5HFXHUGHTXHHQXQ SUR\HFWRVHSXHGHFUHDUPiVGHXQDYLVWD
,QFRU SRU DFLyQGHWHPDVHQXQDYLVWD
%RWyQ³$JUHJDUWHPD´ 6HOHFFLRQDU ODIXHQWHGHGDWRV
7HPDVQXHYRVGHDJUHJDQDODYLVWD
,QFRUSRUDFLyQ 3DUD LQFRUSRUDU WHPDV HQ XQD YLVWD XWLOLFH HO ERWyQ FRQ HO VLJQR PiV
GHWHPDVHQXQD XELFDGRHQODLQWHUIDFHJUiILFDGHODYLVWD(VWDRSFLyQOHSHUPLWHDFFHGHUD
YLVWD ORV DUFKLYRV DOPDFHQDGRV HQ ORV GLUHFWRULRV GH VX FRPSXWDGRUD /RV
DUFKLYRVLQFRUSRUDGRVVRQRULJLQDOHVQRVRQGXSOLFDFLRQHVRFRSLDVGHpVWRV
SRUORTXHFXDOTXLHUPRGLILFDFLyQGHORVPLVPRVVHUHIOHMDUiHQHO SUR\HFWR
$OJXQRV IRUPDWRV GH DUFKLYRV UHTXHULUiQ OD DFWLYDFLyQ GH XQD H[WHQVLyQ
SDUDSHUPLWLUVXDFFHVR
7HQJDSUHVHQWDTXHHOSUR\HFWRVyORDOPDFHQDODXELFDFLyQGHORVDUFKLYRV
XWLOL]DGRV FDUSHWDV \ GLUHFWRULRV PDV QR ORV DUFKLYRV FRPR WDO &RQ OD
SUiFWLFDXVWHGDSUHQGHUiDRUJDQL]DUORVDUFKLYRVDGHFXDGDPHQWHSDUDORJUDU
FRQVLVWHQFLDHQVXWUDEDMR

,QFRU SRU DFLyQ GHXQDU FKLYRGHLPDJHQ
%RWyQ³$JUHJDUWHPD´
6HOHFFLRQDUODIXHQWHGHGDWRV
6HDJUHJDXQWHPDGH
LPDJHQDODYLVWD
,QFRUSRUDFLyQGH 8QDLPDJHQHVXQDUFKLYRUDVWHUFHOGDVXQLIRUPHVRUJDQL]DGDVHQILODV\

XQDLPDJHQFRPR FROXPQDV DXQTXH $UF9LHZ HV XQ VRIWZDUH SDUD HO PDQHMR GH DUFKLYRV
XQWHPDHQXQD YHFWRULDOHV HO IRUPDWR UDVWHU SXHGH LQFRUSRUDUVH SDUD VHU YLVXDOL]DGR
YLVWD 'HSHQGLHQGRGHOWLSRGHDUFKLYRDOJXQDVH[WHQVLRQHVGHEHQVHUDFWLYDGDV
SDUDDFFHGHUDODOHFWXUDGHHVWRVDUFKLYRV
&U HDFLyQGHXQ DU FKLYRGHWH[WRGHFRRU GHQDGDV
$UFKLYRRGHHFRRUGHQDGDVV $JUHJDUHODUFKLYRDO &UHDUXQWHPDD

SUR\HFWRFRPRXQDWDEOD SDUWLUGHODWDEOD
(OWHPDTXHGDLQFRUSRUDGRDODYLVWD
&UHDFLyQ GHXQ $UF9LHZSRVHHXQDKHUUDPLHQWDSDUDFUHDUXQWHPDGHSXQWRVDSDUWLUGHXQ

WHPDDSDUWLUGH DUFKLYR GH WH[WR GH FRRUGHQDGDV [\ &RQ HVWH DUFKLYR GH FRRUGHQDGDV VH
XQOLVWDGRGH JHQHUD XQD WDEOD TXH VH FRQYLHUWH OXHJR HQ XQ DUFKLYR GH SXQWRV /DV
FRRUGHQDGDV[\ FRRUGHQDGDVSXHGHQVHUJHRJUiILFDVRXWP

*XDU GDU ORVFDPELRVGHO3UR\HFWR
(O SUR\HFWRVHJXDUGDFRPRXQDUFKLYR2'%GHH[WHQVLyQ$35
(O SUR\HFWRDOPDFHQDLQIRUPDFLyQVREU HORVDUFKLYRVXWLOL]DGRVSRVLFLyQGHODV
YHQWDQDVGRFXPHQWRVFUHDGRVVHOHFFLyQGHFDU DFWHUtVWLFDV\GHVSOLHJXHGHORV
WHPDV
*XDUGDU ORV *XDUGDUXQSUR\HFWRHVDOPDFHQDUHQXQDUFKLYR2'%2EMHFW'DWD%DVH

FDPELRVGHO WRGRVORVGRFXPHQWRVYLVWDVWDEODVJUiILFRVOD\RXWV\VFULSWVFUHDGRVHQ
3UR\HFWR pVWH (VWRV GRFXPHQWRV SUHVHQWDQ OD LQIRUPDFLyQ GH ORV WHPDV GH XQD
PDQHUD HVSHFtILFD UHSUHVHQWDFLyQ GH FDUDFWHUtVWLFDV JHRJUiILFDV FRQ
FRORUHV\VLPERORJtDSDUWLFXODUJUiILFRVWDEODVOD\RXWV\VFULSW
(O SUR\HFWR DOPDFHQD OD XELFDFLyQ GH ORV DUFKLYRV GH PRGR TXH ODV
PRGLILFDFLRQHVTXHVHKDJDQVREUHHVWRVDUFKLYRVHVWDUiQUHIOHMDGDVHQHO
SUR\HFWRFXDQGRpVWHVHDEUDQXHYDPHQWH
(MHU FLFLR±$JU HJDU WHPDVDXQDYLVWD
&UHDUXQSUR\HFWRQXHYR
$JUHJDUWHPDVDOD9LVWD
5HQRPEUDUOD9LVWD
*XDUGDUHO3U R\HFWR

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± $JUHJDUWHPDVDXQDYLVWD
(MHU FLFLR±$JU HJDU WHPDVDXQDYLVWD
(QHVWHHMHUFLFLRXVWHGFUHDUiXQSUR\HFWRXQDYLVWDYDFtD\DJUHJDUiWHPDVDODYLVWD
&UHDUXQSUR\HFWRQXHYR
6L KD FHUUDGR OD DSOLFDFLyQ GH $UF9LHZ LQtFLHOD QXHYDPHQWH 6L HVWi HQ
$UF9LHZVHOHFFLRQHHQHO PHQ~ ³)LOH´ ODRSFLyQ ³1HZ3URMHFW´3UR\HFWR
QXHYR
6H GHVSOLHJD XQD YHQWDQD GH SUR\HFWR VLQ WtWXOR (O LFRQR GH OD 9LVWD HVWi
UHVDOWDGR\HOERWyQ³1
1HZ´1XHYRHVWiDFWLYR+DJDFOLFHQHOERWyQ³1 1HZ´
SDUDDEULUXQDYLVWDYDFtD
$JUHJDUWHPDVDOD9LVWD
(Q $UF9LHZ XQ WHPD HV XQ FRQMXQWR GH FDUDFWHUtVWLFDV JHRJUiILFDV VLPLODUHV
TXHVHUHSUHVHQWDQ\DVHDHQIRUPDGHSXQWRVOtQHDVRSROtJRQRV+DJDFOLFHQ
HOERWyQGHDJUHJDUWHPDVSDUDLQFRUSRUDULQIRUPDFLyQDODYLVWD
6HGHVSOLHJDXQDYHQWDQDGHGLiORJRSDUDVHOHFFLRQDUORVDUFKLYRVDGHFXDGRV
&ROyTXHVH HQ HO GLUHFWRULR F?FXUVRDUFYLHZ?GDWRV?YHQH]XHOD /RV DUFKLYRV
GLVSRQLEOHVDSDUHFHQHQODYHQWDQDGHODL]TXLHUGDGHHVWDFDMDGHGLiORJR
9LUJLQLD %HKP ± &DUDFDV

6HOHFFLRQHHODUFKLYRGHORVHVWDGRVGH9HQH]XHOD+DJDFOLFHQ HVWDGRVVKS\
SUHVLRQH 2.(OWHPDTXHGDUiLQFRUSRUDGRDODYLVWDSHURDSDJDGR+DJDFOLF
HQODFDMDGHHQFHQGLGRSDUDYLVXDOL]DUODLQIRUPDFLyQ
9XHOYDDHMHFXWDUHVWDWDUHDKDFLHQGRFOLFHQHO ERWyQGHDJUHJDUWHPDVSHUR
HVWD YH] PDQWHQJD RSULPLGD OD WHFOD ³6KLIW´ PLHQWUDV VHOHFFLRQD ORV WHPDV
2SULPLHQGRHVWDWHFODXVWHGSXHGHVHOHFFLRQDUYDULRVWHPDVVLPXOWiQHDPHQWH
6HOHFFLRQHORVDUFKLYRVFLXGDGHVFDSVKS\YLDOLGDGVKS
8QDYH]LQFRUSRUDGRVORVWHPDVHQODYLVWDKDJDFOLFHQODFDMDGHHQFHQGLGR
GHORVWHPDVTXHDFDEDGHLQFRUSRUDUSDUDYLVXDOL]DUORVHQODYLVWD

$EUD OD WDEOD GH DWULEXWRV GHO WHPD (VWDGRVVKS +DJD FOLF HQ HO ERWyQ GH
³2SHQ 7KHPH 7DEOH´ $EULU OD WDEOD GHO WHPD SDUD GHVSOHJDU HVWD
LQIRUPDFLyQ
5HYLVH OD LQIRUPDFLyQ GH GLFKD WDEOD UHFRUULHQGR OD PLVPD KDFLD DEDMR \
KDFLD OD GHUHFKD /XHJR FLHUUH OD WDEOD KDFLHQGR FOLF HQ HO VtPEROR GH FUX]
XELFDGRHQODSDUWHVXSHULRUGHUHFKDGHHVWDWDEOD
&DPELHHORUGHQGHGHVSOLHJXHGHORVWHPDV&RORTXHHOFXUVRUVREUHHOWHPD
GHODVFLXGDGHV\DUUiVWUHORDODSDUWHVXSHULRUGHOD7DEODGH&RQWHQLGR

5HQRPEUDUOD9LVWD
3DUD TXH OD LQIRUPDFLyQ TXH VH DOPDFHQD HQ XQ SUR\HFWR VHD PiV IiFLO GH
LGHQWLILFDU H[LVWH OD IRUPD GH FRORFDU QRPEUHV D ORV GLIHUHQWHV GRFXPHQWRV
TXHVHFUHDQHQXQSUR\HFWR
6HOHFFLRQHODRSFLyQ³3URSHUWLHV´3URSLHGDGHVHQHOPHQ~GHODYLVWDSDUD

GHVSOHJDUODYHQWDQDGHGLiORJRGHODVSURSLHGDGHVGHYLVWD
(Q OD OtQHD GH GLiORJR GHO QRPEUH ³1DPH´ FDPELH OD SDODEUD ³9LHZ´ SRU
³(VWDGRVGH9HQH]XHOD´(OQXHYRQRPEUHDSDUHFHHQODSDUWHVXSHULRUGHOD
9LVWD
&LHUUH OD 9LVWD KDFLHQGR FOLF HQ OD FUX] DUULED D OD GHUHFKD +DJD FOLF HQ HO
LFRQRGHOD9LVWDHQODYHQWDQDGHO3UR\HFWRHOQRPEUHGHOD9LVWDDSDUHFHHQ
HVWDYHQWDQD

*XDUGDUHO3U R\HFWR
(OWUDEDMRTXHVHKDKHFKRKDVWDDKRUDHQ$UF9LHZD~QQRKDVLGRJXDUGDGR
1RWHTXHHOQRPEUHGHOSUR\HFWRGLFH³8QWLWOHG´VLQWtWXOR
3DUD JXDUGDU HO SUR\HFWR DFWLYH OD YHQWDQD GHO SUR\HFWR VLQR HVWi DFWLYD
KDFLHQGRFOLFHQODSDUWHVXSHULRUGHpVWD/XHJRHQHOPHQ~³)LOH´$UFKLYR
VHOHFFLRQHODRSFLyQ ³ 6DYH3URMHFW$V´JXDUGDUHOSUR\HFWRFRPR
6H GHVSOLHJD OD FDMD GH GLiORJR GH GLUHFWRULRV FROyTXHVH HQ HO GLUHFWRULR
FUHDGR SDUD HVWH FXUVR \ HVFULED FRPR QRPEUH GHO SUR\HFWR (MHUFLFLRDSU
3UHVLRQH2.
2EVHUYHTXHHOQRPEUHGHO3UR\HFWRDSDUHFHHVFULWRHQODYHQWDQDGHpVWHFRQ
ODH[WHQVLyQ DSU ODFXDOLQGLFDTXHVHWUDWDGHXQSUR\HFWRGH$UF9LHZ


&XUVR%iVLFRGH$UF9LHZ &DStWXOR ± /RVDUFKLYRV6KDSHV
&$3,78/2
/26$5&+,9266+$3(6
R /RVDU FKLYRVVKDSHV
R &RQYHU WLU RWU RVIRU PDWRVYHFWRU LDOHVHQXQ
DU FKLYRVKDSH
R &U HDFLyQGHXQDU FKLYRVKDSHQXHYR
R 7ROHU DQFLDGHDMXVWHGHFDU DFWHU tVWLFDV
R 'HILQLFLyQGHODWROHU DQFLDGHDMXVWH
R ,QFRU SRU DFLyQGHFDU DFWHU tVWLFDV
R ,QFRU SRU DFLyQGHDWU LEXWRV
R +HU U DPLHQWDVDGLFLRQDOHVGHHGLFLyQ
R *XDU GDU ORVFDPELRV
9LUJLQLD%HKP ± &DUDFD

/RVDU FKLYRVVKDSHV
6HGHQRPLQDVKDSHDOIRU PDWRGHDUFKLYRQDWLYRGH$UF9LHZ
&DGDDUFKLYRVKDSHHVXQDFROHFFLyQGHDUFKLYRVFRQODVH[WHQVLRQHV
VKS±ODGDWDHVSDFLDOJHRPHWUtDGHODUFKLYRVKDSH
VK[ ±tQGLFHGHODGDWDHVSDFLDO
GEI ±ORVGDWRVDWULEXWLYRV
9HQWDMDVGHORVDUFKLYRVVKDSHV
2FXSDPHQRVHVSDFLRHQGLVFRFRPSDUDGRFRQRWURVIRU PDWRV
2WURVIRU PDWRVSXHGHQFRQYHUWLUVHIiFLOPHQWHHQVKDSHV
(ODUFKLYRVKDSHSXHGHVHUHGLWDGRHQVXGDWDHVSDFLDO
/RVDUFKLYRV (O DUFKLYR VKDSH HV HO IRUPDWR GH DOPDFHQDPLHQWR GH LQIRUPDFLyQ
VKDSHV JHRJUiILFD\DWULEXWLYDQDWLYRGH $UF9LHZ6HWUDWDGHXQDFROHFFLyQGH
DUFKLYRVTXHSRVHHQLJXDOQRPEUHSHURGLVWLQWDH[WHQVLyQ(VWRVDUFKLYRV
SXHGHQ VHU PRGLILFDGRV \ RWURV IRUPDWRV &$' \ 0,) SXHGHQ
FRQYHUWLUVHDVKDSHV
&RQYHU WLU RWU RVIRU PDWRVYHFWRU LDOHVHQXQDU FKLYRVKDSH
&RQYHU WLU HOWHPD 1RPEU HGHODU FKLYR ,QFRU SRU DFLyQGHO

DFWLYRHQXQVKDSH QXHYR DU FKLYRDODYLVWD
&RQYHUWLURWURV /RVDUFKLYRV&$'$XWR&DG0LFURVWDWLRQSXHGHFRQYHUWLUVHHQVKDSHV

IRUPDWRV GH PDQHUD VHQFLOOD \ UiSLGD HVWH SURFHGLPLHQWR VHUi QHFHVDULR VL VH
YHFWRULDOHVHQ GHVHDQKDFHUPRGLILFDFLRQHVVREUHHODUFKLYRHQFXHVWLyQ
DUFKLYRVKDSH
(Q HO FDVR GH ODV FREHUWXUDV GH $5&,1)2 \ DUFKLYRV GH 0DS,QIR OD
FRQYHUVLyQ VH HMHFXWD FRQ RSFLRQHV H[WHUQDV LQFRUSRUDGDV HQ HO PHQ~
SULQFLSDOGHDFFHVRDOVRIWZDUH

&U HDFLyQXQDU FKLYRVKDSHQXHYR
3U RSRU FLRQDU XQQRPEU H\

(VSHFLILFDU HOWLSRGHFDU DFWHU tVWLFD
XELFDFLyQ DOWHPD
(ODU FKLYRVKDSHVHDJU HJDDODYLVWD (OQXHYRWHPDTXHGDDFWLYR\HGLWDEOH
&UHDFLyQGHXQ &XDQGRVHFUHDXQDUFKLYRVKDSHpVWHVHXELFDHVSDFLDOPHQWHHQODPLVPD
DUFKLYRVKDSH SRVLFLyQ JHRJUiILFDTXH HODUFKLYRXWLOL]DGRFRPRUHIHUHQFLD HVWHDUFKLYR
QXHYR SRGUi VHU GH SXQWRV OtQHDV R SROtJRQRV \ $UF9LHZ OH SURSRUFLRQD ODV
KHUUDPLHQWDV DGHFXDGDV SDUD LQFRUSRUDU ORV HOHPHQWRV HVSDFLDOHV OD WDEOD
DWULEXWLYD VH JHQHUD DXWRPiWLFDPHQWH SDUD DOPDFHQDU ORV GDWRV DWULEXWLYRV
GHVHDGRV
/DWROHU DQFLDGHDMXVWHGHFDU DFWHU tVWLFDV

(VWDWROHUDQFLDU HSUHVHQWDODGLVWDQFLDDGHFXDGDSDUDDVHJXUDUHODMXVWH
GHODVFDUDFWHUtVWLFDVLQFRUSRUDGDV
$MXVWHGHVDFWLYDGR $MXVWHDFWLYDGR
'HILQLFLyQGHOD $QWHV GH FRPHQ]DU OD LQFRUSRUDFLyQ GH FDUDFWHUtVWLFDV OtQHDV R

WROHUDQFLDGH SROtJRQRV HV FRQYHQLHQWH GHILQLU XQD WROHUDQFLD GH DMXVWH GH ODV
DMXVWH FDUDFWHUtVWLFDVTXHQRHVPiVTXHXQDGLVWDQFLDPtQLPDSDUDDVHJXUDUTXH
ODVFDUDFWHUtVWLFDVLQFRUSRUDGDVVHDMXVWHQDGHFXDGDPHQWH

'HILQLFLyQGHODWROHU DQFLDGHODMXVWH
8WLOL]DU ODWROHU DQFLD LQWHU DFWLYD SRU FXU VRU GHOU DWyQ
$FWLYDU ODRSFLyQGHO DMXVWHKDFLHQGRFOLFHQHO
ERWyQGHU HFKRGHOU DWyQVREU HODYLVWD
$UU DVWU DU HOFXU VRU SDU DHVSHFLILFDU XQDGLVWDQFLD
TXHVHLQGLFDHQODEDU U DGHHVWDGR
'HILQLFLyQ GHOD /D IRUPD LQWHUDFWLYD SDUD GHILQLU HVWD GLVWDQFLD HV KDFHU FOLF HQ HO ERWyQ
WROHUDQFLDGHO GHUHFKR GHO UDWyQ VREUH OD YLVWD SDUD GHVSOHJDU HO PHQ~ GH RSFLRQHV $O
DMXVWH DUUDVWUDHO FXUVRUVH PDUFDUiQGRV SXQWRV FX\D GLVWDQFLDVH PRVWUDUiHQOD
SDUWH LQIHULRU GH OD DSOLFDFLyQ %DUUD GH (VWDGR /DV FDUDFWHUtVWLFDV TXH
TXHGHQ D XQD GLVWDQFLD LQIHULRU D OD HVSHFLILFDGD HQ OD WROHUDQFLD VH
DMXVWDUiQDXWRPiWLFDPHQWH
,QFRU SRU DFLyQGHFDU DFWHU tVWLFDV

8WLOLFHODKHU UDPLHQWDGHGLEXMRSDUDFUHDUQXHYDVFDUDFWHUtVWLFDV
3XQWR
0XOWLOtQHD
5HFWiQJXOR
&tU FXOR
3ROtJRQR
/tQHDFRU WDGD
3ROtJRQR
$XWRFRPSOHWDU
,QFRUSRUDFLyQ 6HJ~Q VHDHOWLSRGHDUFKLYRTXHVHKD\DGHILQLGRSXQWROtQHDRSROtJRQR

GH VHDFWLYDUiQODV KHUUDPLHQWDV FRUUHVSRQGLHQWHV QR REVWDQWHVHUHFRPLHQGD
FDUDFWHUtVWLFDV XWLOL]DU XQ VRIWZDUH PiV DGHFXDGR SDUD HO FDVR GHXQD GLJLWDOL]DFLyQ PiV
FRPSOLFDGD

,QFRU SRU DFLyQGHDWU LEXWRV

7DEODGHOWHPDQXHYR
8QU HJLVWU RSDU DFDGDFDU DFWHU tVWLFD $JUHJDU FDPSRV
$JUHJDU YDORU HV
,QFRUSRUDFLyQGH &RPRVHKDPHQFLRQDGRHODUFKLYRFUHDGRJHQHUDDXWRPiWLFDPHQWHOD
DWULEXWRV WDEODDWULEXWLYDFRUUHVSRQGLHQWHODFXDOSXHGHVHUOOHQDGDFRQGDWRVHQ
HO PRPHQWR GH LQFRUSRUDU ODV FDUDFWHUtVWLFDV HVSDFLDOHV 5HFXHUGH TXH
XQUHJLVWURGHODWDEODFRUUHVSRQGHDXQHOHPHQWRHVSDFLDO
+HU U DPLHQWDVDGLFLRQDOHVGHHGLFLyQ
6HOHFFLRQDU OD FDU DFWHU tVWLFD
0RGLILFDU ODIRU PD

&RU WDU ODVFDU DFWHU tVWLFDV
0RGLILFDU ODVFDU DFWHU tVWLFDV
8QLyQ
&RPELQDFLyQ
,QWHU VHFFLyQ
6XVWU DFFLyQ
(GLFLyQGHORV $UF9LHZ SRVHH KHUUDPLHQWDV DGLFLRQDOHV GH HGLFLyQ TXH SHUPLWHQ UHDOL]DU
DUFKLYRVVKDSHV WDUHDVFRPRPRGLILFDUODIRUPDGHXQDFDUDFWHUtVWLFDDOWHUDQGRODSRVLFLyQ
GHORV YpUWLFHVXQLUGRVSROtJRQRVDG\DFHQWHVGLYLGLUXQSROtJRQRHQGRV
FUHDUODLQWHUVHFFLyQGHGRVSROtJRQRVRHOLPLQDUXQSROtJRQRGHQWURGHRWUR
SROtJRQR

*XDU GDU ORVFDPELRV

'XUDQWHODVHVLyQGHHGLFLyQ
*XDUGDUODHGLFLyQDFWXDO
*XDUGDUODHGLFLyQFRPR
'HVSXpVGHFRPSOHWDUODHGLFLyQ
7HUPLQDU ODHGLFLyQ
,QLFLDU ODHGLFLyQGHRWURWHPD
*XDUGDUORV /RV FDPELRV SXHGHQ VHU JXDUGDGRV GXUDQWH R DO ILQDOL]DU OD VHVLyQ GH
FDPELRV HGLFLyQ (V FRQYHQLHQWH JXDUGDU ORV FDPELRV FDGD FLHUWR WLHPSR D ILQ GH
HYLWDU OD SpUGLGD GH LQIRUPDFLyQ SRU UD]RQHV TXH HVFDSDQ DO FRQWURO GHO
XVXDULRHVSHFLDOPHQWHVLVHWUDWDGHXQDGLJLWDOL]DFLyQH[WHQVD
(MHU FLFLR±(GLFLyQGHDU FKLYRVVKDSHV
,QLFLDU$UF9LHZDEULUXQ3UR\HFWR
$JUHJDUQXHYRVHOHPHQWRVHQXQWHPDH[LVWHQWH
'HILQLUODWROHUDQFLDGHDMXVWH
(GLWDUODVFDUDFWHUtVWLFDVXWLOL]DQGR³8QLRQ´\³6SOLW´
&DOFXODUODVXSHU ILFLHGHORVSROtJRQRVGHILQLGRV
7HUPLQDUODHGLFLyQ\JXDUGDUORVFDPELRV
&HU U DUHOSUR\HFWR

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± /RVDUFKLYRVVKDSHV
(MHU FLFLR±/RVDU FKLYRVVKDSHV
6H UHDOL]DUi XQ HVWXGLR VRFLRHFRQyPLFR HQ HO (VWDGR 9DUJDV SDUD OR FXDO VH UHTXLHUH
HODERUDUXQ PDSDGHXVRGHODWLHUUDGH OD]RQD6HKDQGHWHFWDGRiUHDVGHFXOWLYRVHQ ODV
FDEHFHUDVGHODFXHQFDGHODTXHEUDGD3LHGUD$]XOSRUORTXHXVWHGSURFHGHUiDDFWXDOL]DU
ORVOtPLWHVGHHVWDViUHDV\FDOFXODUiOXHJRODVXSHUILFLHTXHpVWDVRFXSDQ
+DJDFOLFHQ ³ 2SHQDQH[LVWLQJSURMHFW´DEULUXQSUR\HFWRH[LVWHQWH
(Q OD FDMD GH GLiORJR GH GLUHFWRULRV FROyTXHVH HQ HO GLUHFWRULR GHO FXUVR
F?FXUVRDU FYLHZ?HMHUFLFLRV\DEUDHO3UR\HFWRGHQRPLQDGRHMHUFLFLRDSU

$JUHJDUQXHYRVHOHPHQWRVHQXQWHPDH[LVWHQWH
6HKDGHVSOHJDGRXQDYLVWDTXHFRQWLHQHWUHVWHPDV9LDOLGDGVKSSULQFLSDOHV
YtDV GHO iUHD XUEDQD +LGURJUDItDVKS 5HG GH GUHQDMH /DVIORUHVVKS
SROtJRQRGHDVHQWDPLHQWRKXPDQR\ GRVLPiJHQHVHVFDODGHODxR
3UR\HFWR &DUWRFHQWUR /D YLVWD WLHQH XQ DFHUFDPLHQWR HQ HO VHFWRU
GHQRPLQDGR³/DV)ORUHV´
6HGHVHDGHWHUPLQDUODVXSHUILFLHTXHRFXSDHVWHDVHQWDPLHQWRTXHSRVHHiUHDV
GH FXOWLYRV GDGR TXH HVWDV iUHDV HVWiQ XELFDGDV HQ ODV FDEHFHUDV GH OD
TXHEUDGD3LHGUD$]XO
6H KDQ GHILQLGR XQRV SROtJRQRV HQ HO PHQFLRQDGR VHFWRU TXH GHOLPLWDQ ODV
iUHDV GH FXOWLYR VLQ HPEDUJR HVWD LQIRUPDFLyQ HV DQWHULRU D OD IHFKD GH OD
LPDJHQ TXH DTXt VH PXHVWUD SRU OR TXH VH REVHUYD XQ FUHFLPLHQWR HQ OD
VXSHUILFLHLQWHUYHQLGD8VWHGDFWXDOL]DUiORVOtPLWHVGHHVWRVSROtJRQRV\OXHJR
FDOFXODUiHOiUHDWRWDOTXHHOORVRFXSDQ
6HHGLWDUiHO WHPD³/DV)ORUHV´SDUDUHDOL]DUHVWRVFDPELRV
'HVGH HO PHQ~ GHO WHPD VHOHFFLRQH ³6WDU (GLWLQJ´ ,QLFLDU HGLFLyQ SDUD
FRORFDUDOWHPDHQPRGRGHHGLFLyQ

'HILQ LU OD W ROHU D Q FLD G HD M X VW H
3DUD ORJUDU TXH ORV SROtJRQRV GLEXMDGRV VHDQ DG\DFHQWHV HQ VXV ERUGHV VH
UHTXLHUHGHILQLUXQDGLVWDQFLDGHWROHUDQFLDGHHVWHDMXVWH8VWHGGHILQLUiHVWD
WROHUDQFLDPHGLDQWHHOUDWyQ
&RORTXH HO FXUVRU GHO UDWyQ HQ OD YLVWD \ SUHVLRQH HO ERWyQ GHUHFKR SDUD
GHVSOHJDUHOPHQ~GHRSFLRQHVFRUUHVSRQGLHQWH6HOHFFLRQHODRSFLyQ ³ ( Q D E OH
* HQ HU D O 6Q D S S LQ J´ 3HUPLWLUDMXVWHJHQHUDO8QQXHYRERWyQVHLQFRUSRUDUi
HQODEDUUDGHKHUUDPLHQWDVGHODYLVWD
6HGHILQLUiODWROHUDQFLDGHDMXVWHGHVGHODYLVWDSDUDIDFLOLWDUODWDUHDDSDJXH
HO WHPD GH OD LPDJHQ KDFLHQGR FOLF HQ OD FDMD GH FKHTXHR FRUUHVSRQGLHQWH \
OXHJRKDJDXQDFHUFDPLHQWR³ ]RRP LQ ´ HQ XQDSHTXHxDiUHDGHODYLVWD
+DJDFOLFHQHO ERWyQGHGHILQLFLyQGH ODWROHUDQFLDVREUH OD YLVWD0DQWHQJD

SUHVLRQDGR HO ERWyQ L]TXLHUGR GHO UDWyQ \ KDJD XQ FtUFXOR FRQ XQ UDGLR
DSUR[LPDGRGHPHWURVHOYDORUGHOUDGLRGHOFtUFXORVHPXHVWUDHQODSDUWH
LQIHULRU GH OD DSOLFDFLyQ EDUUD GH HVWDGR (VWD VHUi OD WROHUDQFLD GH DMXVWH
JHQHUDO

$KRUD XVWHG SXHGH FRPHQ]DU OD DFWXDOL]DFLyQ GH ORV SROtJRQRV HQ HO WHPD
+DJDFOLFHQODRSFLyQ ³=RRPWR3U HYLRXV([WHQW´]RRPDODYLVWDSUHYLD
SDUDYROYHUDYLVXDOL]DUWRGDODLQIRUPDFLyQ\SUHQGDODLPDJHQSDUDYLVXDOL]DU
ODV iUHDV GH FXOWLYRV +DJD XQD YHQWDQD GH DFHUFDPLHQWR SDUD IDFLOLWDU OD
LQFRUSRUDFLyQGHLQIRUPDFLyQFRPRVHPXHVWUDDFRQWLQXDFLyQ
$JUHJXHXQSROtJRQRQXHYRHQODSDUWHQRUHVWHGHUHFKDDUULEDHQODLPDJHQ
3XHVWR TXH VH WUDWD GH XQ SROtJRQR VHSDUDGR VHOHFFLRQH OD KHUUDPLHQWD
DGHFXDGD HQ HO PHQ~ GH GLEXMR \ GLJLWDOLFH XQ SROtJRQR FRPR VH LQGLFD D
FRQWLQXDFLyQ +DJD FOLF SDUD LQFRUSRUDU FDGD YpUWLFH \ GREOH FOLF SDUD
ILQDOL]DUHOSROtJRQR

$ FRQWLQXDFLyQ XVWHG LQFRUSRUDUi XQ SROtJRQR DG\DFHQWH DO H[LVWHQWH HQ OD
SDUWHVXURHVWHLQIHULRUL]TXLHUGDHQODLPDJHQGRQGHVHKDH[WHQGLGRHOiUHD
FXOWLYDGD8WLOLFHODKHUUDPLHQWD ³3DQ´SDUDPRYHUVHKDFLDHVWHVHFWRU\HQOD
OLVWD GH RSFLRQHV GH GLEXMR VHOHFFLRQH HO ERWyQ GH ³$XWRFRPSOHWDU´ SDUD
HMHFXWDUHVWDWDUHD
,QLFLRR
)LQ
(GLWDUODVFDUDFWHUtVWLFDVFRQODVRSFLRQHV³8QLRQ´\³6SOLW´
2SFLyQ³8QLRQ´
3URFHGHUi DKRUD D XQLU HO SROtJRQR DG\DFHQWH TXH DFDED GH GLEXMDU FRQ OD
RSFLyQ ³8QLRQ´FRQHOUHVWRGHOiUHDGHOLPLWDGD+DJDXQDOHMDPLHQWRHQ OD
YLVWD KDFLHQGR FOLF YDULDV YHFHV HQ HO ERWyQ ³]RRP RXW´ KDVWD YLVXDOL]DU
DPERVSROtJRQRV6HOHFFLRQHpVWHSROtJRQRFRQHOERWyQGHDSXQWDUKDFLHQGR
FOLFGHQWURGHpO\SUHVLRQDQGRODWHFOD ³6KLIW´KDJDFOLFGHQWURGHOSROtJRQR
DG\DFHQWHSDUDVHOHFFLRQDUDPERVDODYH]WDOFRPRVHLQGLFDDFRQWLQXDFLyQ

'HVGH HO PHQ~ GH HGLFLyQ ³(GLW´ VHOHFFLRQH OD RSFLyQ ³8QLRQ )HDWXUHV´
8QLyQGHFDUDFWHUtVWLFDV
2EVHUYHTXHODOtQHDTXHGLYLGtDORVSROtJRQRVKDGHVDSDUHFLGRGHWDOPDQHUD
TXHORVGRVSROtJRQRVVHKDQFRQYHUWLGRDKRUDHQXQRVROR
2SFLyQ³6SOLW´
([LVWH XQ SROtJRQR GHOLPLWDGR TXH HQJORED XQ iUHD ERVFRVD TXH GHEH VHU
H[FOXLGD 8VWHG SURFHGHUi D FRUWDU HVWH SROtJRQR SRU HO OtPLWH GHO iUHD
FXOWLYDGD\OXHJRHOLPLQDUiHOSROtJRQRTXHFRUUHVSRQGHDOERVTXH8WLOLFHOD
KHUUDPLHQWD ³3DQ´ SDUD PRYHUVH KDFLD HVWH VHFWRU XELFDGR DO HVWH D OD
L]TXLHUGDGHODLPDJHQGHOiUHDHVWXGLDGD
$FWLYHODYLVWD\VHOHFFLRQHHOERWyQ ³ 3RO\JRQ6SOLW´FRUWDUSROtJRQRGHVGH

OD OLVWD GH RSFLRQHV GH GLEXMR +DJD XQD OtQHD TXH FRUWH HO PHQFLRQDGR
SROtJRQRHQGRVWDOFRPRVHPXHVWUDDFRQWLQXDFLyQ,QLFLH\WHUPLQHODOtQHD
XQRVPLOtPHWURVIXHUDGHOiUHDGHOSROtJRQRDFRUWDU

3URFHGD D HOLPLQDU HO SROtJRQR TXH FRUUHVSRQGH DO iUHD ERVFRVD 6HOHFFLRQH
pVWH FRQ HO ERWyQ GH DSXQWDU \ KDJD FOLF GHQWUR GHO SROtJRQR HQ FXHVWLyQ
OXHJRSUHVLRQHODWHFOD³6XSULPLU´
&DOFXODUODVXSHU ILFLH GHORVSROtJRQRVGHILQLGRV
7HQJD HQ FXHQWD TXH HO WHPD YLHQH DFRPSDxDGR GH XQD WDEOD DWULEXWLYD
7RGDV ODV PRGLILFDFLRQHV KHFKDV HQ HO GLEXMR PRGLILFDQ LJXDOPHQWH OD
FRUUHVSRQGLHQWHWDEODGHDWULEXWRV
5HFXHUGH TXH HO REMHWLYR GH DFWXDOL]DU ORV SROtJRQRV HV HO GH FDOFXODU OD
VXSHUILFLHTXHHVWRVRFXSDQ
+DVWD DKRUD XVWHG KD KHFKR FDPELRV HQ HO GLEXMR \ HV PRPHQWR GH DEULU OD
WDEODSDUDDFWXDOL]DUORVGDWRV
$EUD OD WDEOD GH DWULEXWRV KDFLHQGR FOLF HO ERWyQ FRUUHVSRQGLHQWH 2EVHUYH
TXH H[LVWHQ WUHV FDPSRV GHILQLGRV OODPDGRV ³6KDSH´ ³9HJHWDBLG´ \
³$UHDKD´8VWHGDJUHJDUiORVGDWRVUHTXHULGRVHQHVWDWDEOD

,QFRUSRUHXQLGHQWLILFDGRUSDUDFDGDSROtJRQRVHOHFFLRQHHOERWyQGHHGLFLyQ
\ FRORFiQGRVH VREUH OD FHOGD FRUUHVSRQGLHQWH LQFRUSRUH XQ Q~PHUR SDUD
LGHQWLILFDUFDGDSROtJRQRFRPRVHPXHVWUDDFRQWLQXDFLyQ
(OVLJXLHQWHSDVRHVFDOFXODUHOiUHDGHHVWRVSROtJRQRV+DJDFOLFHQHOFDPSR
³$UHDKD´\VHOHFFLRQHHOERWyQGHODFDOFXODGRUD
(VWD KHUUDPLHQWD SHUPLWH KDFHU FiOFXORV GH GLYHUVD tQGROH FX\R UHVXOWDGR VH
DOPDFHQDHQXQFDPSRYDFtR(QHVWHFDVRXWLOL]DUiODH[SUHVLyQOyJLFDTXHGD
FRPRUHVXOWDGRHOFiOFXORGHODVXSHUILFLHGHORVSROtJRQRVHQKHFWiUHDV(QOD
YHQWDQD GH OD FDOFXODGRUD KDJD GREOH FOLF HQ HO FDPSR ³6KDSH´ SDUD
LQFRUSRUDUORD ODH[SUHVLyQ/XHJRHVFULEDHOFRPDQGR ³UHWXUQDU HD´(Q OD
YHQWDQDGHODGHUHFKDVHOHFFLRQHHOVtPERORGHODGLYLVLyQKDFLHQGRGREOHFOLF
HQpVWHSDUDLQFRUSRUDUORDODH[SUHVLyQ3RU~OWLPRHVFULED ³´VHJXLGR
GHOVtPERORGHODGLYLVLyQ'HEHUiTXHGDUODH[SUHVLyQGHODVLJXLHQWHIRUPD
5HYLVH TXH OD H[SUHVLyQ HVWp HVFULWD FRUUHFWDPHQWH SUHVLRQH ³2.´ SDUD
HMHFXWDUODRSHUDFLyQ

(O FiOFXOR GH OD VXSHUILFLH KD TXHGDGR LQFRUSRUDGR HQ OD FROXPQD
FRUUHVSRQGLHQWHWDOFRPRVHPXHVWUDDTXt8VWHGGHVHDDKRUDVDEHUHOWRWDOGH
OD VXSHUILFLH RFXSDGD SRU ORV FXOWLYRV (Q HO PHQ~ GH ORV FDPSRV ³)LHOG´
VHOHFFLRQH OD RSFLyQ ³6WDWLVWLFV´ (VWDGtVWLFD SDUD GHVSOHJDU OD HVWDGtVWLFD
EiVLFDGHOFDPSRVHOHFFLRQDGR³$UHDKD´
/DVXSHUILFLHWRWDOTXHRFXSDQORVSROtJRQRVTXHGHOLPLWDQHOiUHDFXOWLYDGDHV
GHKHFWiUHDV
7HUPLQDUODHGLFLyQ\JXDUGDUORVFDPELRV
6X HGLFLyQ \D HVWi OLVWD \ HV UHFRPHQGDEOH JXDUGDU ORV FDPELRV UHDOL]DGRV
'HVGHHO PHQ~GH ODWDEOD ³7DEOH´VHOHFFLRQH ³6WRS(GLWLQJ´7HUPLQDU OD
HGLFLyQ2SULPD³<HV´6LDODSUHJXQWD³'HVHDJXDUGDUODHGLFLyQ´

&HU U DUHOSUR\HFWR
+DJD FOLF HQ OD YHQWDQD GHO SUR\HFWR SDUD DFWLYDUOD \ GHVGH HO PHQ~ ³)LOH´
$UFKLYRVHOHFFLRQH ³6DYH3URMHFW´*XDUGDUHO3UR\HFWR+DJDFOLFHQ OD
RSFLyQ ³ <HV´6LSDUDJXDUGDUORVFDPELRVUHDOL]DGRV

&XUVR%iVLFRGH$UF9LHZ &DStWXOR± (O 'HVSOLHJXHGH7HPDV
&$3,78/2
(/'(63/,(*8('(7(0$6
R (O(GLWRU GHOD/H\HQGD
R 7LSRVGHOH\HQGDVSDU DGDWRVFXDOLWDWLYRV
R 7LSRVGHOH\HQGDVSDU DGDWRVFXDQWLWDWLYRV
R 0pWRGRVGHFODVLILFDFLyQHVWDGtVWLFD
R 0pWRGRVGHORV4XLHEU HV1DWXU DOHV
R &XDQWLOHV,QWHU YDORVLJXDOHV\ÈU HDVLJXDOHV
R 'HVYLDFLyQHVWiQGDU
R 1RU PDOL]DFLyQGHORVGDWRV
R $GPLQLVWU DFLyQGHFODVHV
R 0RGLILFDFLyQGHORVHOHPHQWRVGHODOH\HQGD
R 3DOHWDVGHVtPERORV
R (VFDODORVVtPERORV
R $U FKLYRVGHOH\HQGDV

(O(GLWRU GHOD/H\HQGD
5HSUHVHQWDUORVGDWRVVHJ~QVXVFDUDFWHUtVWLFDVDWULEXWLYDV
'DWRVFXDOLWDWLYRV\FXDQWLWDWLYRV
,QFRUSRUDFLyQGHWH[WRH[SOLFDWLYRVGHODOH\HQGD
'REOHFOLF
HQHOWHPD
SDU D
DEU LU HO
(GLWRU GH
OD
/H\HQGD
(O (GLWRUGHOD (O (GLWRU GH OD /H\HQGD HV OD KHUUDPLHQWD TXH SHUPLWH UHSUHVHQWDU ORV
/H\HQGD GDWRVDWULEXWLYRVLQFRUSRUDGRVGHODWDEODGHOWHPD/DVGLIHUHQWHVSDOHWDV
GH VtPERORV SXQWXDOHV OtQHDV FRORUHV \ OHWUDV IDFLOLWDQ OD WDUHD GH
SUHVHQWDUODLQIRUPDFLyQGHVHDGDHQIRUPDDGHFXDGD
7LSRVGHOH\HQGDVSDU DGDWRVFXDOLWDWLYRV
6tPERORVHQFLOORGHIHFWR 9DORU ~QLFR
7LSRVGH (O HGLWRU GH OD OH\HQGD WUDEDMD FRQ ORV GDWRV DOPDFHQDGRV HQ OD WDEOD
OH\HQGDVSDUD DWULEXWLYDGHOWHPDDQDOL]DGR$OLQFRUSRUDUXQWHPDHQXQDYLVWDpVWHVH
GDWRV SUHVHQWDFRQXQFRORURVtPERORDOHDWRULRSDUDWRGDVODVFDUDFWHUtVWLFDV
FXDOLWDWLYRV
([LVWHQGRVWLSRVGHGDWRVTXHSXHGHQVHUUHSUHVHQWDGRVFRQHOHGLWRUGH
ODOH\HQGDFXDOLWDWLYRV\FXDQWLWDWLYRV/RVGDWRVFXDOLWDWLYRVVRQORVTXH
LQGLYLGXDOL]DQ ORV HOHPHQWRV PHGLDQWH XQ QRPEUH R GHILQHQ FODVHV
QRPLQDOHV FRPR SRU HMHPSOR FDSLWDOHV GH HVWDGRV PXQLFLSLRV \
SDUURTXLDV(QHVWRVFDVRVODRSFLyQTXHDSOLFDHQHOHGLWRUGHODOH\HQGD
HV³9DORUÒQLFR´

7LSRVGHOH\HQGDVSDU DGDWRVFXDQWLWDWLYRV
&RORU JU DGXDGR 6tPERORJU DGXDGR
6tPERORJU iILFR 'HQVLGDGGHSXQWRV
7LSRVGH (Q HO FDVR GH GDWRV FXDQWLWDWLYRVODV RSFLRQHV GLVSRQLEOHVVRQ HOFRORU
OH\HQGDVSDUD JUDGXDGRVtPERORJUDGXDGRVtPEROR JUiILFR \GHQVLGDG GHSXQWRV/D
GDWRV DSOLFDFLyQ GH XQD X RWUD RSFLyQ GHSHQGHUi GHO WLSR GH GDWR VX
FXDQWLWDWLYRV GLVWULEXFLyQHVWDGtVWLFD\ORTXHVHGHVHHUHVDOWDUFRPRLQIRUPDFLyQ
0pWRGRVGHFODVLILFDFLyQ HVWDGtVWLFD
3DUDHOFDVRGHGDWRVFXDQWLWDWLYRV
&LQFRPpWRGRVGHFODVLILFDFLyQHQ$UF9LHZ
4XLHEUHV1DWXUDOHVSRUGHIHFWR
&XDQWLOHV
,QWHUYDORVLJXDOHV
$UHDVLJXDOHV
'HVYLDFLyQHVWiQGDU
0pWRGRVGH /D FODVLILFDFLyQ GH ORV GDWRV VH UHILHUH D OD GHILQLFLyQ GH FODVHV TXH
FODVLILFDFLyQ DJUXSDQORV GDWRVVHJ~QFLHUWRFULWHULR(VWDFODVLILFDFLyQVHDSOLFDSDUD
HVWDGtVWLFD HO FDVR GH FRORUHV \ VtPERORV JUDGXDGRV (V LPSRUWDQWH FRQRFHU HO
KLVWRJUDPD GH GLVWULEXFLyQ GH ORV GDWRV SDUD VHOHFFLRQDU HO Q~PHUR GH
FODVHV\HOWLSRGHFODVLILFDFLyQPiVDGHFXDGR

0pWRGRGHORV4XLHEU HV1DWXU DOHV

(VHOPpWRGRGHFODVLILFDFLyQXWLOL]DGRSRUGHIHFWR
,GHQWLILFDORVSXQWRVGHTXLHEUHHQORVYDORUHVGHXQDWULEXWR
(VWDEOHFHORVOtPLWHVGHFODVHVVHJ~QODFRQFHQWU DFLyQGHORVYDORUHV
0pWRGRGHORV (VWH PpWRGR HV DGHFXDGR FXDQGR ORV GDWRV QR VH GLVWULEX\HQ
4XLHEUHV XQLIRUPHPHQWHODVFODVHVVHFUHDQGRQGHORVYDORUHV GHDJUXSDQ(VXQ
1DWXUDOHV PpWRGRLQDGHFXDGRSDUDKDFHUFRPSDUDFLRQHV SXHVWR TXHVHEDVDHQ HO
FRPSRUWDPLHQWRLQWUtQVHFRGHORVYDORUHVGHXQDWULEXWR
&XDQWLOHV,QWHU YDORVLJXDOHV\$U HDVLJXDOHV

$UHDVLJXDOHVFDGD
&XDQWLOHVFDGDFODVH ,QWHU YDORVLJXDOHV FODVHFRQWLHQH
DSU R[LPDGDPHQWHOD
FRQWLHQHHOPLVPRQ~PHU R GLYLGHORVYDORU HVHQ
GHFDU DFWHU tVWLFDV U DQJRVLJXDOHV PLVPDiU HD
&XDQWLOHV (O PpWRGR GH ORV FXDQWLOHV HV DSURSLDGR SDUD UHSUHVHQWDU GDWRV TXH
,QWHUYDORV WLHQGHQDGLVWULEXLUVHXQLIRUPHPHQWH
LJXDOHV$UHDV (O PpWRGR GH ORV LQWHUYDORV LJXDOHV HV HO TXH VH LQWHUSUHWD FRQ PD\RU
LJXDOHV IDFLOLGDGSRUORTXHHVLQGLFDGRSDUDSUHVHQWDULQIRUPDFLyQDS~EOLFRQR
HVSHFLDOL]DGR
(O PpWRGR GH ODV iUHDV LJXDOHV FODVLILFD ODV FDUDFWHUtVWLFDV GH ORV
SROtJRQRVHQFRQWUDQGRSXQWRVGHTXLHEUHGHWDOPDQHUDTXHHOiUHDWRWDO
GHORVSROtJRQRVHQFDGDFODVHHVDSUR[LPDGDPHQWHHOPLVPR

'HVYLDFLyQHVWDQGDU
0XHVWUDORVYDORUHVGHXQDYDULDEOHSRUHQFLPD\SRUGHEDMRGHODPHGLD
'HVYLDFLyQ &RQHVWHPpWRGRVHUHSUHVHQWDQODVFDUDFWHUtVWLFDVHQFODVHVEDVDGDVHQ
HVWiQGDU ODGLVWDQFLDGHORVYDORUHVFRQUHVSHFWRDODPHGLD(VDGHFXDGRFXDQGR
ODPD\RUtDGHORVYDORUHVWLHQGHQDXELFDUVHSUy[LPRVDODPHGLD\SRFRV
YDORUHV VH DOHMDQ GH pVWD (Q HVWH FDVR QR VH HVWiQ UHSUHVHQWDQGR ORV
YDORUHVFRPRWDOVLQRODGLVWDQFLDGHORVYDORUHVFRQUHVSHFWRDODPHGLD
1RU PDOL]DFLyQGHORVGDWRV
/RVYDORU HVGHXQDWULEXWRVHSUHVHQWDQHQIXQFLyQGHRWURGDWR
'RVIRU PDVGHQRU PDOL]DU
3RU ORVYDORU HVGHRWU RDWU LEXWR
&RPRXQSRU FHQWDMHGHOWRWDO VXSHU ILFLH
1RUPDOL]DFLyQ 1RUPDOL]DU ORV GDWRV VLJQLILFD TXH ORV YDORUHV GH XQ DWULEXWR HVWiQ HQ
GHORVGDWRV IXQFLyQGHRWURGDWRXWLOL]DGRFRPRUHIHUHQFLD/RV GDWRVFXDQWLWDWLYRVVH
QRUPDOL]DQ\DVHDFRPRXQDSURSRUFLyQGHOWRWDOSRUFHQWDMHRVHJ~QORV
GDWRV DOPDFHQDGR HQ RWUDYDULDEOHGHQVLGDG YDORU ? VXSHUILFLH(OXVR
GH HVWDV RSFLRQHV GHSHQGHUi GH OR TXH VH GHVHH LQGLFDU DO PRPHQWR GH
LQWHUSUHWDUORVGDWRVSUHVHQWDGRV
(Q DOJXQRV FDVRV ORV GDWRV SXHGHQ HVWDU QRUPDOL]DGRV GH DQWHPDQR
HMHPSORV GH HVWRV GDWRV VRQtQGLFH GH QDWDOLGDGtQGLFH GHGLYRUFLRVWDVD
GHFUHFLPLHQWR

$G P LQ LVW U D FLyQ G HFOD VHV

0 RG LILFD U HOQ ~ P HU RG HFOD VHV
( G LW D U ORVYD ORU HV\OD VHW LT X HW D V
$GPLQ LVWU D FLyQ 3RU GHIHFWRHOHGLWRUGHODOH\HQGDHVWDEOHFHFLQFRFODVHVFXDQGRVH

GHFOD VHV VHOHFFLRQDQ ODV RSFLRQHV GH FRORU R VtPEROR JUDGXDGR (VWH Q~PHUR
SXHGHVHU PRGLILFDGR LQFUHPHQWDQGR RUHGXFLHQGR HOQ~PHUR GHFODVHV
$GLFLRQDOPHQWH ORV YDORUHV OtPLWHV GH FDGD FODVH SXHGHQ DOWHUDUVH HQ
IRUPDLQGLYLGXDODGHPiVGHFRORFDUXQWH[WRH[SOLFDWLYRSDUDORJUDUXQD
PHMRUFRPSUHQVLyQGHODLQIRUPDFLyQ UHSUHVHQWDGD
0 RG LILFD FLyQ G HORVHOHP HQ W RVG HOD OH\HQ G D

( VW D E OHFHU X Q RU G HQ HVS HFtILFRG HOD VFOD VHV
$VLJQ D U FRORU HVS D U W LFX OD U HVD FD G D O HR
$VLJQ D U X Q D U D P S D G HFRORU HV
0RGLILFD FLyQ GH (O RUGHQ GH ODV FODVHV HV DOIDEpWLFR HQ HO FDVR GH GDWRV DOIDQXPpULFRV \
ORVHOHPHQ WRVGH FUHFLHQWH HQ HO FDVR GH GDWRV QXPpULFRV HVWH RUGHQ SXHGH PRGLILFDUVH
OD OH\HQ GD DUUDVWUDQGRODVFODVHVKDFLDDUULEDRKDFLDDEDMRVHJ~Q VHGHVHH
([LVWHODSRVLELOLGDGGHDVLJQDU XQDUDPSDGHFRORUHVGLIHUHQWHDSDUWLUGH
OD OLVWD TXH VH GHVSOLHJD HQ OD RSFLyQ ³&RORU 6FKHPH´ 7RGRV HVWRV
FDPELRVVHJXDUGDQHQXQ DUFKLYRGHOH\HQGDGHH[WHQVLyQDYO$UF9LHZ
/HJHQG

3 D OHW D VG HVtP E RORV
3 D OHWD VGH $UF9LHZ SRVHH XQD OLEUHUtD GH SDOHWDV SRU GHIHFWR TXH VH GHVSOLHJDQ
VtPERORV VHJ~Q HO WLSR GH VtPEROR TXH VH XWLOLFH (Q HO GLUHFWRULR «V\PEROV VH
DOPDFHQDQSDOHWDVDGLFLRQDOHVGHFRORUHVOtQHDV\SXQWRVDODVFXDOHVVH
DFFHGHGHVGHHODGPLQLVWUDGRUGHSDOHWDV
3DUDREWHQHUXQDOLVWDGHHVWDVSDOHWDVDGLFLRQDOHVXWLOLFHODD\XGD+HOS
7RSLF ± $UF9LHZ 3DOHWWHV )LOHV 8VWHG SXHGH DGHPiV FRQ HVWH
DGPLQLVWUDGRU GH SDOHWDV LPSRUWDU XQ DUFKLYR GH LFRQR HQ XQR GH ORV
VLJXLHQWHV IRUPDWRV*,)0DF3DLQW:LQGRZV ELWPDS6XQ5DVWHU7,))
\;%LWPDS
( VFD OD G HORVVtP E RORV

+ D FHU ]RRP VLQ HVFD OD U
+ D FHU ]RRP HVFD OD Q G RORVVtP E RORV
( VFD OD GHORV /DHVFDODGHORVVtPERORVVHUHILHUHDODSRVLELOLGDGGHTXHORVVtPERORV

VtPERORV SXQWXDOHV PRGLILTXHQ VX WDPDxR HQ IRUPD SURSRUFLRQDO D ORV
DFHUFDPLHQWRV TXH VH KDJDQ VREUH ODV FDUDFWHUtVWLFDV GH XQ WHPD
GHVSOHJDGR /D RSFLyQ ³$GYDQFHG´ GHO HGLWRU GH OD OH\HQGD SHUPLWH
LQFRUSRUDUHVWDHVFDODSDUDDVHJXUDUODDGHFXDGDUHSUHVHQWDFLyQGHHVWRV
VtPERORV

$U FKLYRVGHOH\HQGDV
/RVFDPELRVHIHFWXDGRVHQHOHGLWRUGHODOH\HQGDSXHGHQJXDUGDUVHHQXQ
DUFKLYRGHOH\HQGDGHH[WHQVLyQDYO ±$UF9LHZ/HJHQG
6LHODUFKLYRGHODOH\HQGDWLHQHHOPLVPRQRPEUHGHODU FKLYRpVWDVHFDUJD
DXWRPiWLFDPHQWHDODJU HJDUHOWHPDHQXQDYLVWD
5HFXSHUDUODVOH\HQGDV
*XDUGDU\ /DV OH\HQGDV HODERUDGDV HQ HO (GLWRU GH OD /H\HQGD SXHGHQ JXDUGDUVH
UHFXSHUDUODV SDUD XWLOL]DUODV SRVWHULRUPHQWH HYLWDQGR OD HODERUDQGR OD PLVPD HQ FDGD
OH\HQGDV RFDVLyQ
6L OD OH\HQGD VH JXDUGD XWLOL]DQGR HO PLVPR QRPEUH GHO DUFKLYR GH
$UF9LHZ7HPDHVWDVHFDUJDDXWRPiWLFDPHQWHDOPRPHQWRGHLQFRUSRUDU
HOWHPDHQXQD9LVWD(VWRVDUFKLYRVGHOH\HQGDVTXHGDQDOPDFHQDGRVFRQ
ODH[WHQVLyQDYO$UF9LHZ/HJHQG
(MHU FLFLR±0DQHMRGHO(GLWRU GHOD/H\HQGD
,QLFLDU$UF9LHZ\DEULUXQ3UR\HFWR
&DPELDUHOFRORU\HOWLSRGHOH\HQGD
&ODVLILFDUORVGDWRVGHSREODFLyQXWLOL]DQGRTXLHEUHVQDWXUDOHV
&DPELDUHOPpWRGRGHFODVLILFDFLyQHOQ~PHURGHFODVHV\ODVHWLTXHWDV
'HVSOHJDUORVYDORUHVFRQVLPERORJtDGHJUiILFRV

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR ± (O(GLWRUGHOD/H\HQGD
(MHU FLFLR±(O(GLWRU GHOD/H\HQGD
(Q pVWH HMHUFLFLR XVWHG XWLOL]DUi HO (GLWRU GH OD /H\HQGD SDUD KDFHU PDSDV WHPiWLFRV FRQ
GLIHUHQWHVWLSRVGHOH\HQGDV\PpWRGRVGHFODVLILFDFLyQHVWDGtVWLFD
,QLFLDU$UF9LHZ\DEULUXQSUR\HFWR
6L KDVDOLGRGH ODDSOLFDFLyQUHLQLFLH OD PLVPD6HOHFFLRQH ODRSFLyQ ³2SHQ

DQ H[LVWLQJ SURMHFW´ $EULU XQ SUR\HFWR H[LVWHQWH GHVGH OD YHQWDQD GH
GLiORJR TXH VH GHVSOLHJD DO HQWUDU D $UF9LHZ (Q OD FDMD GH GLiORJR GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR F?FXU VRDUFYLHZ?HMHUFLFLRV \
DEUDHO3UR\HFWRGHQRPLQDGRHMHUFLFLRDSU
&DPELDUHOFRORU\HOWLSRGHOH\HQGD
(Q HO SUR\HFWR TXH KD DELHUWR VH SUHVHQWD XQD YLVWD FRQ XQ VROR 7HPD
(VWDGRVVKS
&XDQGRVHDJUHJDXQWHPDDXQDYLVWD$UF9LHZGHVSOLHJDHOWHPDXWLOL]DQGR
XQVRORFRORUSDUDWRGDVODVFDUDFWHUtVWLFDVVHOHFFLRQDGRHQIRUPDDOHDWRULD

+DJD GREOH FOLF HQ HO QRPEUH GHO WHPD HQ OD 7DEOD GH &RQWHQLGR SDUD
GHVSOHJDU ODFDMDGHGLiORJRGHO(GLWRUGHOD/H\HQGD3DUDFDPELDUHOFRORU
KDJDGREOHFOLFHQHOUHFWiQJXORGHOFRORUSDUDGHVSOHJDUODSDOHWDGHFRORUHV
+DJDFOLFHQHOERWyQGHODEURFKDSDUDPRVWUDUORVFRORUHV
5HYLVHORVFRORUHVKDFLDDEDMR\VHOHFFLRQHXQRGLIHUHQWHDOTXHSUHVHQWD
DFWXDOPHQWHHOWHPDGHORVHVWDGRV3UHVLRQH³$SSO\´DSOLFDU
2EVHUYHTXHHOFRORUGHOWHPDKDFDPELDGRHQODYLVWD
$KRUDXVWHGDSOLFDUiXQFRORUGLIHUHQWHVHJ~QHOQRPEUHGHFDGDHVWDGR (QHO
(GLWRUGHOD/H\HQGDVHOHFFLRQH³8QLTXH9DOXH´9DORU~QLFRHQODRSFLyQ
GHOWLSRGHOH\HQGD³/HJHQG7\SH´'HVSXpVHQODRSFLyQ ³ 9DOXHV)LHOG´
YDORUHVGHOFDPSRGHVSOLHJXHODOLVWDGHFDPSRV\VHOHFFLRQH³(QWLIHGHUD´


(O (GLWRU GHOD /H\HQGD GHVSOLHJD FDGD HVWDGR FRQ XQ FRORU GLIHUHQWH VHJ~Q
XQ HVTXHPD GH FRORUHV XWLOL]DGR SRU GHIHFWR 3DUD FDPELDU HVWH JUXSR GH
FRORUHV RSULPD OD RSFLyQ ³&RORU 6FKHPHV´ (VTXHPDV GH FRORUHV XELFDGD
HQODSDUWHLQIHULRUGHODFDMDGHGLiORJRGHO(GLWRUGHOD/H\HQGD\VHOHFFLRQH
RWURJUXSRGHODOLVWDGLVSRQLEOH+DJDFOLFHQ ³ $SSO\´$SOLFDU
&DGDHVWDGRTXHGDDKRUDSUHVHQWDGRFRQRWUDVHULHGHFRORUHV
&ODVLILFDUORVGDWRVGHSREODFLyQXWLOL]DQGRTXLHEUHVQDWXUDOHV
$KRUD XVWHG H[SHULPHQWDUi UHSUHVHQWDQGR ORV GDWRV GH SREODFLyQ VHJ~Q

GLIHUHQWHVPpWRGRVGHFODVLILFDFLyQ
(Q HO (GLWRU GH OD /H\HQGD FDPELH HO WLSR GH OH\HQGD ³/HJHQG 7\SH´ D
³*
* UDGXDWHG &RORU´ &RORU JUDGXDGR \ HQ HO FDPSR SDUD OD FODVLILFDFLyQ
³&ODVVLILFDWLRQ)LHOG´VHOHFFLRQH3RE
$UF9LHZGLYLGHORVYDORUHVGHSREODFLyQHQFLQFRFODVHVXWLOL]DQGRHOPpWRGR
GH ORV TXLHEUHV QDWXUDOHV \ XQD UDPSD GH FRORU URMR PRQRFURPiWLFR SRU
GHIHFWR 3DUD FDPELDU OD UDPSD GH FRORUHV KDJD FOLF HQ ³&RORU 5DPS´
UDPSDGHFRORUHV\VHOHFFLRQHRWURJUXSRGHFRORUHV

8QD YH] VHOHFFLRQDGR HO JUXSR GH FRORUHV KDJD FOLF HQ ³$SSO\´ DSOLFDU
SDUDYLVXDOL]DUORVFDPELRVHQODYLVWD
/DFODVLILFDFLyQKDTXHGDGRUHSUHVHQWDGDHQODYLVWD
8VWHG GHVHD DKRUD UHSUHVHQWDU OD SREODFLyQ HQ IXQFLyQ GH OD VXSHUILFLH GH
FDGD HQWLGDG IHGHUDO 8VWHG YD D QRUPDOL]DU ORV GDWRV GH SREODFLyQ FRQ
UHVSHFWR D ORV GDWRV GH VXSHUILFLH GH ORV HVWDGRVOD FXDO HVWi DOPDFHQDGD HQ
RWURFDPSRHQODEDVHGHGDWRV
(Q HO (GLWRU GH OD /H\HQGD DVHJ~UHVH TXH HO FDPSR GH FODVLILFDFLyQ HV
3RE(QODOtQHDGHGLiORJRUHIHUHQWHDODQRUPDOL]DFLyQ ³ 1RU PDOL]H%\´
KDJD FOLF HQ OD RSFLyQ SDUD GHVSOHJDU OD OLVWD GH FDPSRV GLVSRQLEOHV \
VHOHFFLRQH 6XSHU INP +DJD FOLF HQ ³$SSO\´ DSOLFDU SDUD HMHFXWDU HVWD
FODVLILFDFLyQ

/RVGDWRVGHSREODFLyQHVWiQUHSUHVHQWDGRVDKRUDSRUNPHVGHFLUGHQVLGDG
GH SREODFLyQ 2EVHUYH TXH OD UHSUHVHQWDFLyQ GH ORV GDWRV VH KD PRGLILFDGR
VXVWDQFLDOPHQWH
&DPELDUHOPpWRGRGHFODVLILFDFLyQHOQ~PHURGHFODVHV\ODVHWLTXHWDV
$FWLYHODYHQWDQDGHO(GLWRUGHOD/H\HQGDKDJDFOLFHQHOERWyQ ³&ODVVLI\´
FODVLILFDU \ FDPELH HO WLSR GH FODVLILFDFLyQ D ³4XDQWLOH´ &XDQWLO (VWH
PpWRGRFUHDFODVHVTXHWLHQHQHOPLVPRQ~PHURGHFDUDFWHUtVWLFDV
6HOHFFLRQHWUHVSDUDHOQ~PHURGHFODVHV3UHVLRQH2.
(O FRORU GH ORV UDQJRV GH FODVHV VH KD FRORFDGR HQ URMR PRQRFURPiWLFR
QXHYDPHQWH VL GHVHD FDPELDU HVWRV FRORUHV KDJD FOLF HQ OD RSFLyQ ³&RORU
5DPSV´5DPSDGHFRORUHVSDUDVHOHFFLRQDURWUDVHULH/XHJRKDJDFOLFHQ
³$SSO\´DSOLFDUSDUDYLVXDOL]DUORVFDPELRVHQODYLVWD

6XSRQJD DKRUD TXH GHVHD XQD LQWHUSUHWDFLyQ PiV IiFLO \ UiSLGD GH ORV GDWRV
(QOXJDUGHWHQHUYDORUHVQXPpULFRVSDUDLQGLFDUODVGLIHUHQWHVGHQVLGDGHVGH
SREODFLyQXVWHGSXHGHHWLTXHWDUODVWUHVFODVHVHQ$OWD0HGLD\%DMD
(Q HO (GLWRU GH OD /H\HQGD EDMR OD FROXPQD LGHQWLILFDGD FRQ OD SDODEUD
³/DEHO´KDJDFOLFFRQHOFXUVRUHQODSULPHUDILODSDUDDFWLYDUOD\HVFULEDOD
SDODEUD ³%DMD´5HSLWDHOSURFHGLPLHQWRSDUDODVHJXQGD\WHUFHUDILODGRQGH
HVFULELUi ODVSDODEUDV ³0HGLD´ \ ³$OWDÚHVSHFWLYDPHQWHSUHVLRQH ³(QWHU´
/XHJRKDJDFOLFHQHOERWyQ ³ $SSO\´
$UF9LHZ GLEXMD QXHYDPHQWH OD YLVWD DFWXDOL]DQGR ORV GDWRV HQ OD 7DEOD GH
&RQWHQLGRFRQODVPRGLILFDFLRQHVUHDOL]DGDV
'HVSOHJDUORVYDORUHVFRQVLPERORJtDGHJUiILFRV
$KRUD XVWHG YD D UHSUHVHQWDU GDWRV GH VXSHUILFLH GHIRUHVWDGD SRU HQWLGDGHV
IHGHUDOHVXWLOL]DQGRJUiILFRVGHEDUUDV
&LHUUHODYLVWDGHOD3REODFLyQGH9HQH]XHOD(QODYHQWDQDGHOSUR\HFWRKDJD
GREOHFOLFHQOD9LVWDGHQRPLQDGD³'HIRU HVWDFLyQ´SDUDGHVSOHJDUOD

6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH XQ VROR WHPD OODPDGR
³'HIRUHVWDFLyQVKS´ &RQ HVWH DUFKLYR XVWHG SURFHGHUi D UHSUHVHQWDU ORV
GDWRVGHVXSHUILFLHGHIRUHVWDGDSRUHQWLGDGHVIHGHUDOHVXWLOL]DQGRJUiILFRVGH
EDUUDV
+DJDGREOHFOLFHQHOiUHDGHOQRPEUHGHOWHPDHQOD7DEODGH&RQWHQLGRSDUD
GHVSOHJDU OD YHQWDQD GH GLiORJR GHO (GLWRU GH OD /H\HQGD +DJD FOLF HQ OD
RSFLyQ ³/HJHQJ 7\SH´ WLSR GH OH\HQGD SDUD VHOHFFLRQDU ³&KDUW´
*UiILFR
(QODOLVWDGHFDPSRV)LHOGVDODL]TXLHUGDGHODFDMDGHGLiORJRKDJDFOLFHQ

HO FDPSR GHQRPLQDGR ³'HIRU´ \ PDQWHQLHQGR SUHVLRQDGD OD WHFOD
³6KLIW´VHOHFFLRQH³'HIRU ´3UHVLRQHHOERWyQ ³ $GG´
$KRUD HVWRV FDPSRV VH PXHVWUDQ HQ OD YHQWDQD GH OD GHUHFKD GH OD FDMD GH
GLiORJRGHO(GLWRUGHOD/H\HQGD
(Q OD RSFLyQ ³1RU PDOL]H E\´ 1RUPDOL]DU SRU VHOHFFLRQH HO FDPSR
³6XSHUILFLH´ GH HVWD IRUPD ORV GDWRV SUHVHQWDGRV VHUiQ SURSRUFLRQDOHV D OD
VXSHUILFLHGHODVHQWLGDGHVDGPLQLVWUDWLYDV

3URFHGD D FRQWLQXDFLyQ D PRGLILFDU HO WLSR GH JUiILFR D XWLOL]DU (O WLSR GH
JUiILFR SRU GHIHFWR TXH PDQHMD HO VRIWZDUH HV OD WRUWD &DPELH OD RSFLyQ D
JUiILFRGHEDUUDVHQ ODSDUWH LQIHULRU L]TXLHUGDGH ODFDMDGHGLiORJR ³&KDUW
7\SH´WLSRGHJUiILFR
6L HO FRORU GH IRQGR GHO PDSD HV PX\ RVFXUR SURFHGD D FDPELDUOR SRU XQR
PiVFODUR+DJDGREOHFOLFHQODRSFLyQ ³%DFNJU RXQG6\PERO´VtPERORGH
IRQGRSDUDGHVSOHJDUODSDOHWDGHVtPERORV\SUHVLRQHOXHJRODRSFLyQGHOD
EURFKDGHFRORUHVSDUDVHOHFFLRQDUXQFRORUPiVFODUR
8QDYH]VHOHFFLRQDGRHOFRORUGHVHDGRSUHVLRQH ³$SSO\´$SOLFDUHQODFDMD

GHGLiORJRGHO(GLWRUGHOD/H\HQGDSDUDHMHFXWDUORVFDPELRVHQOD9LVWD

&XUVR%iVLFRGH$UF9LHZ &DStWXOR ± /DV3URSLHGDGHVGHORV7HPDV
&$3,78/2
/$63523,('$'(6'(/267(0$6
R /DV3U RSLHGDGHVGHORV7HPDV
R 6HOHFFLyQ GHFDU DFWHU tVWLFDV
R (VFDODGHGHVSOLHJXHGHORVWHPDV
R ,GHQWLILFDFLyQGHODVFDU DFWHU tVWLFDVGHXQWHPD
R 2SFLyQGHDXWRHWLTXHWDU
R 9LQFXODFLyQGHOWHPDFRQRWU RVDU FKLYRV
R &U HDFLyQGHOYtQFXOR
R $FFHVRU HVWU LQJLGRDODVSU RSLHGDGHVGHOWHPD

/DV3U RSLHGDGHVGHORV7HPDV
'HILQLUXQVXEJUXSRGHFDUDFWHUtVWLFDV
(WLTXHWDUODVFDUDFWHUtVWLFDVGHORVWHPDV
'HWHU PLQDUODHVFDODSDUDUHSUHVHQWDUORVWHPDV
&UHDUHQODFHVDODVFDUDFWHUtVWLFDVGHORVWHPDV
&RORFDUOODYHDODVSURSLHGDGHVGHORVWHPDV
/DVSURSLHGDGHV /DV SURSLHGDGHV GH ORV WHPDV VRQ IXQFLRQHV TXH SURSRUFLRQDQ PD\RU
GHORV7HPDV YHUVDWLOLGDGHQHOGHVSOLHJXHGHHVWRV(QODFDMDGHGLiORJRFDGDSURSLHGDG
VHLGHQWLILFDFRQXQLFRQR XELFDGRDODGHUHFKD8WLOLFHHVWDVIXQFLRQHVSDUD
GHVSOHJDUXQDVHOHFFLyQ GH FDUDFWHUtVWLFDVHWLTXHWDUDSDUWLUGH ORV YDORUHV
GH XQD YDULDEOH GHILQLU OD HVFDOD GH UHSUHVHQWDFLyQ R FUHDU HQODFHV SDUD
OODPDULQIRUPDFLyQDGLFLRQDODOKDFHUFOLFVREUHHOWHPD
6HOHFFLyQ GHFDU DFWHU tVWLFDV

7RGDVODVFDU DFWHU tVWLFDVGHOWHPD 6HOHFFLyQ GHFDU DFWHU tVWLFDV
0XQLFLSLRVGH9HQH]XHOD (VWDGR ³0LU DQGD´
6HOHFFLyQGH $SDUWLUGHODLQIRUPDFLyQDOPDFHQDGDHQODWDEODGHDWULEXWRVGHXQWHPD
FDUDFWHUtVWLFDV XVWHG SXHGH KDFHU XQD VHOHFFLyQ GH FDUDFWHUtVWLFDV SRU XQ FULWHULR
HVSHFtILFR 'LFKD VHOHFFLyQ VH UHIOHMD VLPXOWiQHDPHQWH HQ OD WDEOD \ HQ OD
YLVWDVREUHHOWHPDDFWLYR&XDOTXLHUVHOHFFLyQSXHGHDOPDFHQDUVHFRPRXQ
DUFKLYRVKDSHGLIHUHQWH

(VFDODGHGHVSOLHJXHGHORVWHPDV
'HILQLFLyQGH
HVFDODPi[LPDGH
U HSU HVHQWDFLyQ
'HQRPLQDGRU

'HQRPLQDGRU GHODHVFDOD 'HQRPLQDGRU GHODHVFDOD
(VFDODGH /D HVFDOD GH GHVSOLHJXH GH XQ WHPD RIUHFH OD SRVLELOLGDG GH FRQWURODU OD
GHVSOLHJXHGH HVFDOD D OD FXDO VH GHVHD TXH XQ WHPD VHD R QR YLVLEOH HQ OD YLVWD (VWD
ORVWHPDV IXQFLyQ HV ~WLO FXDQGR VH WUDEDMD FRQ DUFKLYRV D GLIHUHQWHV HVFDODV \ VH
TXLHUHPDQWHQHUODOHJLELOLGDGGHODLQIRUPDFLyQGHVSOHJDGD
,GHQWLILFDFLyQGHODVFDU DFWHU tVWLFDVGHXQWHPD

6HOHFFLRQDU XQDFDPSRSDU DHWLTXHWDU ODVFDU DFWHU tVWLFDV (WLTXHWDU ODV
GHOWHPD FDU DFWHU tVWLFDV
LQWHU DFWLYDPHQWH
(WLTXHWDUODV &RQ ORV GDWRV DOPDFHQDGRV HQ OD WDEOD DWULEXWLYD GH XQ WHPD VH SXHGHQ
FDUDFWHUtVWLFDV LGHQWLILFDU ODV FDUDFWHUtVWLFDV HVSDFLDOHV HQ OD YLVWD PHGLDQWH HO XVR GH
GHXQWHPD HWLTXHWDV (VWDV HWLTXHWDV SHUPLWHQ OHHU H LQWHUSUHWDU OD LQIRUPDFLyQ
GHVSOHJDGDFRQPD\RUIDFLOLGDG

2SFLyQGHDXWRHWLTXHWDU
(QFRQWUDUODPHMRUXELFDFLyQGHOWH[WR
$GPLQLVWUDFLyQGHWH[WRVVRODSDGRV\WH[WRVGXSOLFDGRV
2SFLyQGHDXWR /D LGHQWLILFDFLyQ GH FDUDFWHUtVWLFDV SXHGH HIHFWXDUVH HQ IRUPD LQWHUDFWLYD
HWLTXHWDU KDFLHQGR FOLF HQ ORV HOHPHQWRV HVSDFLDOHV SDUD FRORFDU VX HWLTXHWD
$GLFLRQDOPHQWH H[LVWH OD RSFLyQ GH TXH HO VLVWHPD LQFRUSRUH ORV WH[WRV
XWLOL]DQGRODSRVLFLyQTXHVHKDHVSHFLILFDGRHQODVSURSLHGDGHVGHOWHPDR
HWLTXHWH ORV HOHPHQWRV HQ IRUPD DXWRPiWLFD EXVFDQGR OD PHMRU XELFDFLyQ
SDUDpVWRV
9LQFXODFLyQGHOWHPDFRQRWU RVDU FKLYRV
%RWyQGHOHQODFH
,PDJHQ
$UFKLYRGHWH[WR
'RFXPHQWR
3U R\HFWR
6FU LSW
9LQFXODFLyQGHO &UHDUXQHQODFHRIUHFHODSRVLELOLGDGGHYLQFXODUDOHOHPHQWRHVSDFLDORWUR
WHPDFRQRWURV WLSR GH LQIRUPDFLyQ TXH HVWi DVRFLDGD GH DOJXQD IRUPD D GLFKR HOHPHQWR
DUFKLYRV (VWD LQIRUPDFLyQ SXHGH XQ VHU XQD LPDJHQ IRWRJUDItDV XQ DUFKLYR GH
WH[WRXQGRFXPHQWRGH$UF9LHZ9LVWD7DEOD*UiILFR/D\RXW\6FULSWR
XQSUR\HFWR

&U HDFLyQGHOYtQFXOR
6HOHFFLRQDUXQFDPSR\XQDDFFLyQ
&UHDFLyQGHO (OYtQFXORGHODVFDUDFWHUtVWLFDVGHXQWHPDFRQRWURDUFKLYRVHGHILQHHQOD
YtQFXOR RSFLyQ³+RW/LQN´GHODVSURSLHGDGHVGHOWHPD/DFDMDGHGLiORJRVROLFLWD
OD HVSHFLILFDFLyQ GHO FDPSR GH OD WDEOD DWULEXWLYD PHGLDQWH OD FXDO VH
HMHFXWDUiHOYtQFXOR\HOWLSRGHDUFKLYRGHVHYLQFXODUi
$FFHVRU HVWU LQJLGRDODVSU RSLHGDGHVGHOWHPD

$VLJQDU XQDFRQWUDVHxD
5HVWULQJLU HODFFHVRDODVSURSLHGDGHVGHOWHPD
$FFHVR 6H SXHGH UHVWULQJLU HO DFFHVR D ODV SURSLHGDGHV GHO WHPD DVLJQDQGR XQD
UHVWULQJLGRDODV FRQWUDVHxD TXH VHUi VROLFLWDGD DO HMHFXWDU OD IXQFLyQ GH DEULU OD FDMD GH
SURSLHGDGHVGHO GLiORJRGHpVWDVSURSLHGDGHV
WHPD

(MHU FLFLR±/DV3U RSLHGDGHVGHORV7HPDV
(WLTXHWDUODVFDUDFWHUtVWLFDVGHXQWHPD
(VWDEOHFHUXQHQODFH+RW/LQN

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± /DVSURSLHGDGHVGHORV7HPDV
(QHVWHHMHUFLFLRXVWHG PDQHMDUiDOJXQDVGH ODVSURSLHGDGHVGH ORVWHPDVSDUDDGPLQLVWUDU

DGHFXDGDPHQWHHOGHVSOLHJXHGHpVWRV
+DJDFOLFHQ³2SHQDQH[LVWLQJSURMHFW´DEULUXQSUR\HFWRH[LVWHQWH(QOD

FDMD GH GLiORJR GH GLUHFWRULRV FROyTXHVH HQ HO GLUHFWRULR GHO FXUVR
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH GRV WHPDV FLXGDGHVFDSVKS \
HVWDGRVVKS8VWHGYDDHWLTXHWDUODVFLXGDGHVFRQVXQRPEUH
(WLTXHWDUODVFDUDFWHUtVWLFDVGHXQWHPD
/DV FDUDFWHUtVWLFDV GH XQ WHPD SXHGHQ HWLTXHWDUVH XWLOL]DQGR ORV YDORUHV
DOPDFHQDGRV HQ FXDOTXLHUD GH ORV FDPSRV GH OD WDEOD DWULEXWLYD
FRUUHVSRQGLHQWH D GLFKR WHPD ([LVWHQ GRV PDQHUDV GH HWLTXHWDU ODV
FDUDFWHUtVWLFDV LQWHUDFWLYDPHQWH \ DXWRHWLTXHWDU 3ULPHUR XVWHG SURFHGHUi
FRQHOPpWRGRLQWHUDFWLYR
9HULILTXHTXHHVWpDFWLYRHOWHPDGHODVFLXGDGHV+DJDFOLFHQHOERWyQGHODV
SURSLHGDGHVGHOWHPD ³7KHPH3URSHUWLHV´SDUDGHVSOHJDUODFDMDGHGLiORJR
FRUUHVSRQGLHQWH /XHJR KDJD FOLF HQ HO LFRQR ³7H[W /DEHOV´ (WLTXHWDV GH
WH[WRFRQHOFXDOVHGHVSOLHJDQODVSURSLHGDGHVGHOWHPDSDUDODVHWLTXHWDV
(Q OD RSFLyQ ³/DEHO )LHOG´ FDPSR SDUD HWLTXHWDU VHOHFFLRQH HO FDPSR
GHQRPLQDGR ³1RPEUH´SDUDHWLTXHWDUODVFDUDFWHUtVWLFDV3XHGHVHUTXHHVWH
FDPSRHVWpVHOHFFLRQDGRSRUGHIHFWR3UHVLRQH2.
$QWHV GH HWLTXHWDU XVWHG GHILQLUi OD DSDULHQFLD GHO WH[WR WDPDxR \ WLSR GH
OHWUD 'HVGH HO PHQ~ GH :LQGRZ VHOHFFLRQH OD RSFLyQ ³6KRZ 6\PERO
:LQGRZ´ 0XHVWUH YHQWDQD GH VtPERORV SDUD GHVSOHJDU OD SDOHWD GH
VtPERORV+DJDFOLFHQODRSFLyQGHODVIXHQWHVGHWH[WRV6HOHFFLRQH³$ULDO´
SDUDODIXHQWHGHOWH[WR\SDUDHOWDPDxRHQODRSFLyQ³6L]H´VHOHFFLRQH
/XHJRFLHUUHODSDOHWDGHORVWH[WRV
$KRUDKDJDFOLFHQHOERWyQGHODHWLTXHWDXELFDGRHQODEDUUDGHKHUUDPLHQWDV
GH OD YLVWD &RORTXH OXHJR HO FXUVRU HQ OD YLVWD \ KDJD FOLF HQ HO SXQWR TXH
UHSUHVHQWD OD FLXGDG GH &DUDFDV SDUD TXH OD SDODEUD ³&DUDFDV´ DSDUH]FD
HVFULWD+DJDFOLFHQRWURVSXQWRVHQODYLVWDSDUDHWLTXHWDURWUDVFLXGDGHV
8VWHGSXHGHWDPELpQXWLOL]DUODRSFLyQGHDXWRHWLTXHWDUFRQODTXH$UF9LHZ
UHDOL]D OD PD\RU SDUWH GHO WUDEDMR XELFDQGR ORV WH[WRV HQ ORV HOHPHQWRV
HVSDFLDOHVHQIRUPDVLPXOWiQHD
'HVGH HO PHQ~ GHO WHPD VHOHFFLRQH OD RSFLyQ ³5HPRYH /DEHOV´ UHPRYHU
HWLTXHWDVSDUDHOLPLQDUODVHWLTXHWDVFRORFDGDVHQIRUPDLQWHUDFWLYD
'HVGHHVWHPLVPR PHQ~GHOWHPDVHOHFFLRQHDKRUD ODRSFLyQ ³$XWR/DEHO´

DXWRHWLTXHWDUSDUDGHVSOHJDUODYHQWDQDGHGLiORJRGHHVWDIXQFLyQ0DUTXH
ODRSFLyQ ³$OORZ2YHU ODSSLQJ/DEHOV´3HUPLWLUHOVRODSHGHHWLTXHWDV \
PDQWHQJDODVRWUDVRSFLRQHVSRUGHIHFWR3UHVLRQH2.
/DV HWLTXHWDV TXH VH VRODSDQ DSDUHFHQ HQ FRORU YHUGH FODUR 2EVHUYH HQ OD
UHJLyQ FHQWUR QRUWH GHO SDtV ODV HWLTXHWDV GH ODV FLXGDGHV GH 9DOHQFLD
0DUDFD\ /RV 7HTXHV \ 6DQ -XDQ GH ORV 0RUURV VH VRODSDQ +DJD XQ
DFHUFDPLHQWRHQHVWD]RQDSDUDYLVXDOL]DUPHMRUHVWDFRQGLFLyQ
+DJD FOLF HQ OD RSFLyQ ³)XOO ([WHQW´ ([WHQVLyQ FRPSOHWD 'HVGH HO PHQ~
GHO WHPD VHOHFFLRQH ³5HPRYH /DEHOV´ UHPRYHU HWLTXHWDV SDUD HOLPLQDU
WRGDVODVHWLTXHWDV
'HVGH HO PHQ~ :LQGRZ VHOHFFLRQH ³6KRZ 6\PERO :LQGRZ´ PXHVWUH

YHQWDQDGHVtPERORVSDUDGHVSOHJDUODSDOHWDGHVtPERORV3UHVLRQHHOERWyQ
GHOWH[WR\HQODRSFLyQ ³ 6L]H´WDPDxRFDPELHHOYDORUD
9XHOYD D HMHFXWDU OD RSHUDFLyQ GH DXWRHWLTXHWDU +DJD FOLF HQ HO PHQ~ GHO
WHPD \ VHOHFFLRQH ³$XWR/DEHO´ DXWRHWLTXHWDU (Q OD FDMD GH GLiORJR GH
HVWDRSHUDFLyQ PDUTXH QXHYDPHQWH ODRSFLyQ ³$OORZ2YHU ODSSLQJ/DEHOV´
SHUPLWLUHOVRODSHGHHWLTXHWDV3UHVLRQH2.
(VWDYH]ORVWH[WRVQRVHKDQVRODSDGR
(VWD YH] ORV WH[WRV QR VH VRODSDQ 6L OR GHVHD KDJD XQ DFHUFDPLHQWR SDUD
YLVXDOL]DUPHMRUHOUHVXOWDGRGHHVWDRSHUDFLyQ

(VWDEOHFHUXQHQODFH+RW/LQN
(VWDRSHUDFLyQFRQHFWDODVFDUDFWHUtVWLFDVGHXQWHPDDRWURDUFKLYRTXHSXHGH
VHU XQ WH[WR XQD LPDJHQ X RWUR GRFXPHQWR GH $UF9LHZ (Q HVWH HMHUFLFLR
XVWHG HVWDEOHFHUi HO HQODFH GH ORV HVWDGRV GH 9HQH]XHOD HQ HO WHPD
³9]ODIRWRVVKS´FRQIRWRJUDItDVGHGLVWLQWDVUHJLRQHVGHOSDtV
$FWLYH OD YHQWDQD GHO SUR\HFWR \ YHULILTXH TXH HO LFRQR GH OD YLVWD HV HOTXH
HVWi UHVDOWDGR +DJD GREOH FOLF HQ OD YLVWD GHQRPLQDGD ³)RWRJUDItDV GH
9HQH]XHOD´SDUDGHVSOHJDUOD
9HUi XQD YLVWD FRQ XQ VROR WHPD TXH UHSUHVHQWD ORV HVWDGRV GH 9HQH]XHOD
GLIHUHQFLDQGRORVTXHWLHQHQIRWRGHORVTXHQRODWLHQHQ
+DJDFOLFHQODRSFLyQ³2SHQ7KHPH7DEOH´$EULU7DEODGHO7HPD5HYLVH

OD WDEOD \ REVHUYH TXH VH KD FUHDGR XQ FDPSR GHQRPLQDGR ³,PDJHQ´ HQ HO
FXDO VH KDQ DOPDFHQDGR ORV QRPEUHV GH ODV LPiJHQHV TXH UHSUHVHQWDQ ODV
IRWRJUDItDV
&LHUUHODWDEODGHDWULEXWRV\DFWLYHODYLVWD2EVHUYHTXHHOERWyQSDUDHMHFXWDU
HOHQODFHHVWiLQDFWLYR(VWHERWyQQRHVWDUiGLVSRQLEOHKDVWDTXHHOHQODFHQR
KD\DVLGRGHILQLGRHQODVSURSLHGDGHVGHOWHPD

'HVGHHOPHQ~GHO7HPDVHOHFFLRQH ³3U RSHUWLHV´3URSLHGDGHV\HQODFDMD

GHGLiORJRGHVSOHJDGDKDJDFOLFHQHOLFRQRGHOHQODFH³+RW/LQN´
(Q ODRSFLyQ ³)LHOG´&DPSRGHVSOLHJXH OD OLVWDSDUDVHOHFFLRQDUHOFDPSR

GHQRPLQDGR ³,PDJHQ´ HQ HO FXDO VH KDQ DOPDFHQDGR ORV QRPEUHV GH ODV
LPiJHQHVTXHFRQWLHQHQODVIRWRJUDItDV
(QODRSFLyQ³3UHGHILQHG$FWLRQ´$FFLyQSUHGHILQLGDVHOHFFLRQH ³/LQNWR

LPDJHILOHW´HQOD]DUDXQDUFKLYRGHLPDJHQ+DJDFOLFHQ 2 .
$KRUDREVHUYHTXHHOERWyQGHOHQODFHVHKDDFWLYDGRKDJDFOLFHQpVWHERWyQ
\OXHJRHQODYLVWDKDJDFOLFHQXQRGHORVHVWDGRVGHFRORUSDUDGHVSOHJDUOD
IRWRJUDItD FRUUHVSRQGLHQWH 3UXHEH HQ RWURV HVWDGRV SDUD GHVSOHJDU VXV IRWRV
/RVHVWDGRVVLQ FRORUQRWLHQHQIRWRVDVRFLDGDV

&XUVR%iVLFRGH$UF9LHZ &DStWXOR ± 0DQHMRGHODV7DEODV
&$3,78/2
0$1(- 2'(/$67$%/$6
R /DV7DEODVHQ$U FYLHZ
R $JU HJDU WDEODV
R &U HDU XQDWDEODQXHYD
R $JU HJDU FDPSRV\U HJLVWU RVDODWDEOD
R ,QFRU SRU DU GDWRVHQODWDEOD
R )XQFLyQGHOD&DOFXODGRU D
R &RQVXOWDU ORVGDWRVGHODWDEOD
R 9LVXDOL]DU ODVHOHFFLyQ
R 0RGLILFDU ODVHOHFFLyQ
R (VWDGtVWLFDEiVLFDGHGDWRVQXPpU LFRV
R 5HVXPHQGHGDWRV
R &RQVWU XFFLyQGHU HODFLRQHVHQWU HWDEODV
R %DVHGHGDWRVU HODFLRQDO
R 8QLyQGHWDEODV
R (QODFHGHWDEODV
/DV7DEODVGH$U FYLHZ
&UHDUWDEODVQXHYDV
$JUHJDUFDPSRV\U HJLVWURVDODV
WDEODV
(GLWDUORVYDORUHVGHODVWDEODV
&RQVXOWDU \UHSUHVHQWDU
HVSDFLDOPHQWH
'HILQLU U HODFLRQHVHQWU HWDEODV
/DVWDEODVGH /D WDEOD GH $UF9LHZ HV HO GRFXPHQWR XWLOL]DGR SDUD DOPDFHQDU OD
$UF9LHZ LQIRUPDFLyQ DWULEXWLYD GH ORV WHPDV 6H SXHGHQ FUHDUWDEODV DGLFLRQDOHV
SDUDUHODFLRQDUODVFRQODWDEODDWULEXWLYDGHXQWHPDPHGLDQWHXQFDPSR
FRP~Q /D LQWHUIDFH JUiILFD GH OD WDEOD SHUPLWH FUHDU WDEODV QXHYDV
DJUHJDU FDPSRV \ UHJLVWURV WUDQVFULELU R DFWXDOL]DU GDWRV H[SRUWDU
FRQVXOWDU\UHSUHVHQWDUHVSDFLDOPHQWHODLQIRUPDFLyQ
$JU HJDU WDEODV

&RQH[LyQ64/DXQD
$JUHJDU XQDWDEOD'%DVH EDVHGHGDWRVH[WHU QD
,1)2RDU FKLYRGHWH[WR
$JUHJDUWDEODV G%DVH,1)2\DUFKLYRVGHWH[WRVRQORVIRUPDWRVGHWDEODVTXH$UF9LHZ
OHH GLUHFWDPHQWH XWLOL]DQGR OD IXQFLyQ ³DJUHJDU WDEOD´ 0HGLDQWH XQD
FRQH[LyQ64/6HUYHU HV SRVLEOHOHHU GDWRV DOPDFHQDGRV HQ PDQHMDGRUHV
GH EDVHV GH GDWRV FRPR $FFHVV ,QIRUPL[ \ 2UDFOH HQWUH RWUDV (VWD
IXQFLyQSUHVHQWDODLQIRUPDFLyQFRPRXQDWDEODYLUWXDOGH$UF9LHZFX\RV
GDWRVQRSXHGHQVHUHGLWDGRV

&U HDU XQDWDEODQXHYD

1RPEU H\XELFDFLyQGH 'HVSOLHJXHGHODWDEOD
2SFLyQ³1HZ´ OD7DEOD QXHYDYDFtD
7DEODD YDFtDD
&UHDUXQDWDEOD 8QD WDEOD QXHYD FUHDGD HQ $UF9LHZ WLHQH IRUPDWR G%DVH /DV WDEODV
QXHYD DGLFLRQDOHV HODERUDGDV VH UHODFLRQDQ FRQ ODV WDEODV DWULEXWLYDV GH ORV
WHPDV PHGLDQWH XQ FDPSR FRP~Q SDUD HQULTXHFHU OD UHSUHVHQWDFLyQ
HVSDFLDOGHODLQIRUPDFLyQ
$JU HJDU FDPSRV\U HJLVWU RVD ODWDEOD

'HILQLFLyQGHORVFDPSRV
$JUHJDU ORV
FDPSRV
/RVFDPSRVGHILQLGRVVH
YLVXDOL]DQHQ ODWDEOD 6HDJU HJDQ ORVU HJLVWU RVFWU O$
$JUHJDUFDPSRV /DWDEOD FUHDGD TXHGDDXWRPiWLFDPHQWH HQ PRGR GH HGLFLyQ(OVLJXLHQWH

\UHJLVWURVDOD SDVRHVDJUHJDUORVFDPSRV\UHJLVWURVTXHODWDEODFRQWHQGUi
WDEOD

,QFRU SRU DU ORVGDWRVHQ ODWDEOD

,QFRU SRU DFLyQ GH
6HOHFFLyQGHOERWyQ &HOGDDFWLYD ORVQXHYRVGDWRV
GHHGLFLyQ
)LQDOL]DFLyQGHOD
HGLFLyQ
,QFRUSRUDUORV &RQ ORV FDPSRV \ ORV UHJLVWURV GHILQLGRV VH SXHGH FRPHQ]DU OD
GDWRVHQODWDEOD LQFRUSRUDFLyQ GH GDWRV XWLOL]DQGR HO ERWyQ GH HGLFLyQ OD IXQFLyQ FRSLDU
SHJDUFWUO&±FWUO9\HOERWyQGHODFDOFXODGRUDIDFLOLWDQpVWDWDUHD(Q
HOFDVRGHEDVHVGHGDWRVH[WHQVDV\FRPSOHMDVHVFRQYHQLHQWHXWLOL]DUXQ
PDQHMDGRUGHEDVHGHGDWRVSDUDOXHJRUHODFLRQDUpVWDVWDEODVFRQODVWDEODV
DWULEXWLYDVGHORVWHPDV
)XQFLyQGHOD&DOFXODGRU D
%RWyQGHOD &U HDFLyQGHXQFDPSRYDFtR 'HILQLFLyQGHXQD
&DOFXODGRU D H[SU HVLyQ OyJLFD
5HVXOWDGRVDOPDFHQDGRV
HQHOFDPSRQXHYR
) XQFLyQGHOD &LHUWRV GDWRV SXHGHQVHUFDOFXODGRV PHGLDQWH ODV RSHUDFLRQHV GLVSRQLEOHV

&DOFXODGRUD HQODIXQFLyQGHODFDOFXODGRUDSDUDDJLOL]DUODLQFRUSRUDFLyQGHGDWRV

&RQVXOWDU ORVGDWRVGHODWDEOD
8WLOL]DUODIXQFLyQ³4XHU\%XLOGHU´FRQVWUXFWRUGHFRQVXOWD
'HILQLU XQFULWHULRGHVHOHFFLyQ
6HOHFFLRQDUHOFDPSRXQRSHUDGRUOyJLFR\XQYDORU
(MHPSORVGHFRQVXOWDVTXHU\
>3DU U RTXLD@ ³/D*XDLUD´
>9HJHW@ ³%RVTXH´DQG>3HQGLHQWH@!
&RQVXOWDUORV (O SULQFLSDO REMHWLYR GH XQ 6,* HV SRGHU KDFHU FRQVXOWDV D OD EDVH GH
GDWRVGHODWDEOD GDWRV GHVGH OD LQIRUPDFLyQ JHRJUiILFD /D IXQFLyQ ³4XHU\ %XLOGHU´
SHUPLWHDFFHGHUDORVGDWRVGHODVWDEODVSDUDFRQVWUXLUXQDFRQVXOWDTXH
GHILQHXQDVHOHFFLyQ GHFDUDFWHUtVWLFDV VHJ~QXQFULWHULRSDUDYLVXDOL]DU
HVSDFLDOPHQWH GLFKD VHOHFFLyQ (O DFFHVR D OD IXQFLyQ GH FRQVXOWD VH
UHDOL]D LQGLVWLQWDPHQWH GHVGH OD WDEOD R GHVGH HO DUFKLYR JHRJUiILFR
DVRFLDGR
9LVXDOL]DU ODVHOHFFLyQ
/DVHOHFFLyQGHFDUDFWHUtVWLFDVVHSU HVHQWDWDQWRHQODYLVWDFRPRHQODWDEOD
PHGLDQWHXQFRORUGHVHOHFFLyQ
/RVU HJLVWURVVHOHFFLRQDGRVVHDJUXSDQ\VHGHVWDFDQHQODSDUWHVXSHULRUGHOD
WDEOD
9LVXDOL]DUOD /D VHOHFFLyQ GH FDUDFWHUtVWLFDV VH UHIOHMD HQ OD WDEOD \ HQ HO DUFKLYR
VHOHFFLyQ JHRJUiILFRGHOWHPDFRQVXOWDGR

0RGLILFDU ODVHOHFFLyQ
&UHDUXQDVHOHFFLyQQXHYD
$JUHJDUU HJLVWURVDODVHOHFFLyQ
6HOHFFLRQDUUHJLVWURVGHODVHOHFFLyQ
(OLPLQDUFXDOTXLHUVHOHFFLyQ
,QWHUFDPELDUODVHOHFFLyQ
0RGLILFDUOD /D FDMD GH GLiORJR SDUD UHDOL]DU ODV FRQVXOWDV SUHVHQWD WUHV RSFLRQHV
VHOHFFLyQ FUHDU XQD VHOHFFLyQ QXHYD DJUHJDU UHJLVWURV D OD VHOHFFLyQ FUHDGD \
VHOHFFLRQDU UHJLVWURV GHQWUR GH pVWD /RV ERWRQHV GH OD LQWHUIDFH JUiILFD
SHUPLWHQ HOLPLQDU FXDOTXLHU VHOHFFLyQ R LQYHUWLU ORV UHJLVWURV
VHOHFFLRQDGRV
(VWDGtVWLFDEiVLFDSDU DGDWRVQXPpU LFRV
6HOHFFLyQGHXQFDPSR 6HOHFFLyQGH
ODRSFLyQ 'HVSOLHJXHGHOD
³6WDWLVWLFV´ HVWDGtVWLFDGHOFDPSR
'HVSOLHJXHGHOD (VWDIXQFLyQSHUPLWHGHVSOHJDUODHVWDGtVWLFDEiVLFDSDUDGDWRVQXPpULFRV
HVWDGtVWLFD /DLQIRUPDFLyQHVWDGtVWLFDGHVSOHJDGDHVODVLJXLHQWH
6XPD
1~PHURGHUHJLVWURV
0HGLD
9DORUPi[LPR
9DORUPtQLPR
5DQJR
9DULDQ]D
'HVYLDFLyQHVWiQGDU

5HVXPHQGHGDWRV
6XSHU ILFLHFXOWLYDGDSRU %RWyQ³5HVXPHQ´ 1RPEU HGHODWDEODU HVXOWDQWH
(VWDGRV
7DEODU HVXOWDQWH
5HVXPHQGH (VWDIXQFLyQFRQVLVWHHQXQFRQWHRGHUHJLVWURVSRUXQDYDULDEOHRFDPSR
GDWRV GH OD WDEOD DWULEXWLYD FRQ OD RSFLyQ GH HMHFXWDU XQD RSHUDFLyQ VXPDU
SURPHGLDU HWF VREUH RWUD YDULDEOH (Q HO HMHPSOR H[SXHVWR ORV GDWRV
RULJLQDOHV UHSUHVHQWDQ OD VXSHUILFLH FXOWLYDGD SRU PXQLFLSLR OD WDEOD
UHVXOWDQWHSUHVHQWDHOQ~PHURGHPXQLFLSLRVSRUHVWDGR\HOFiOFXORGHODV
VXSHUILFLHVSDUFLDOHVVXPDGDSRUHVWDGR
&RQVWU XFFLyQGHU HODFLRQHVHQWU HWDEODV

3URYHHLQIRU PDFLyQDGLFLRQDOSDUDGHVSOHJDUJUDILFDU\DQDOL]DU
8QLURHQOD]DUUHJLVWURVPHGLDQWHXQFDPSRFRP~Q
&RQVWUXFFLyQGH (QPXFKRVFDVRVHVQHFHVDULRLQFRUSRUDUGDWRVH[WHUQRVSDUDXWLOL]DUORVHQ
UHODFLRQHVHQWUH UHSUHVHQWDFLRQHV HVSDFLDOHV \ IDFLOLWDU OD OHFWXUD H LQWHUSUHWDFLyQ GH OD
ODVWDEODV LQIRUPDFLyQ (Q $UF9LHZ OD UHODFLyQ HQWUH WDEODV VH HIHFW~D PHGLDQWH OD
H[LVWHQFLDGHXQFDPSRFRP~QHQWUHGRVRPiVWDEODV

%DVHGHGDWRVU HODFLRQDO
(OGLVHxRGHODVUHODFLRQHVVHEDVHHQHOPRGHORGHEDVHGHGDWRVUHODFLRQDO
8QFDPSRFRP~QSHUPLWHXQLURHQOD]DUODVWDEODV
/RVU HJLVWURVTXHSRVHHQHOPLVPRYDORUHQHOFDPSRFRP~QVHUHODFLRQDQ
%DVHGHGDWRV (Q HO PRGHOR GHEDVH GH GDWRV UHODFLRQDOORV YDORUHVGHXQFDPSR GH OD
UHODFLRQDO WDEODGHGHVWLQRVHYLQFXODQFRQYDORUHVLJXDOHVHQFRQWUDGRVHQHOFDPSR
GH OD WDEOD GH RULJHQ (VWD UHODFLyQ SXHGH VHU XQRDXQR PXFKRVDXQR
XQRDPXFKRV\PXFKRVDPXFKRV
8QLyQGHWDEODV
6HOHFFLyQGHOFDPSRFRP~Q
/DUHODFLyQHQWUHODVWDEODVHVXQRDXQRRPXFKRVDXQR
/DWDEODGHRULJHQVHDQH[DDODWDEODGHGHVWLQR
8QLyQGHWDEODV (VWDRSHUDFLyQIXQFLRQDFXDQGRODUHODFLyQHQWUHODVWDEODVGHXQRDXQR
RPXFKRVDXQR(OFRQWHQLGRGHODWDEODGHRULJHQVHDQH[DDODWDEODGH
GHVWLQR TXH HV OD WDEOD DWULEXWLYD GHO WHPD &RPR UHVXOWDGR ORV GDWRV
DQH[DGRV SXHGHQ VHU YLVXDOL]DGRV HQ IRUPD GH FRORUHV R VtPERORV
JUDGXDGRVRSRUJUiILFRVFRPSDUDWLYRVGLVWULEXLGRVHVSDFLDOPHQWH

(QODFHGHWDEODV
/DUHODFLyQHQWUHORVUHJLVWURVHVGHXQRDPXFKRV
/RVGDWRVQRVHDQH[DQDODWDEODGHGHVWLQR
/DVHOHFFLyQGHVSOLHJDHOHQODFHGHORVGDWRV
(QODFHGHWDEODV (Q pVWH WLSR GH UHODFLyQ OD WDEOD GH RULJHQ QR VH DQH[D D OD WDEOD GH
GHVWLQR FXDQGR VH HMHFXWD XQD VHOHFFLyQ \D VHD HQ ODV WDEODV R HQ HO
DUFKLYR JHRJUiILFR OD UHODFLyQ VH GHVWDFD VLPXOWiQHDPHQWH HQ ORV WUHV
GRFXPHQWRV\VHDFWXDOL]DDOPRGLILFDUGLFKDVHOHFFLyQ

(MHU FLFLR±0DQHMRGHOD7DEODV
$JUHJDUXQDWDEOD
(MHFXWDUODVXPDWRULDGHXQDWDEOD
8WLOL]DUODRSFLyQ- 2,1
'HVSOHJDUHOWHPDVHJ~QORVGDWRVXQLGRV
$JUHJDUXQWHPD
(GLWDUODWDEOD\DFWXDOL]DUVXVYDORU HV
$JUHJDUXQDWDEOD
8WLOL]DU ODRSFLyQ/,1.
&RQVXOWDUORVGDWRVHQOD]DGRV

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± 0DQHMRGHODV 7DEODV
(MHU FLFLR±0DQHMRGHODV7DEODV
(Q OD SULPHUD SDUWH GH HVWH HMHUFLFLR XVWHGREWHQGUi ORV GDWRV GH VXSHUILFLH FXOWLYDGD SRU
HVWDGRV D SDUWLU GH XQD WDEOD TXH SUHVHQWD HVWD LQIRUPDFLyQ D QLYHO GH PXQLFLSLRV /XHJR
XQLUiHVWRVGDWRVGHVXSHUILFLHGHXVR GH ODWLHUUDSRUHVWDGRVDXQDUFKLYRGH9HQH]XHOD
SDUDUHSUHVHQWDUHVSDFLDOPHQWHHVWDLQIRUPDFLyQ
(QXQDVHJXQGDSDUWHXVWHGUHODFLRQDUiGDWRVGHHYHQWRVQDWXUDOHVTXHKDQRFXUULGRHQHO
(VWDGR9DUJDVGHVGHKDVWDHOSUHVHQWHFRQXQWHPDGHSXQWRVTXHUHSUHVHQWDORVVLWLRV
JHRJUiILFRVGRQGHHVWRVHYHQWRVKDQRFXUULGR

6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH XQ WHPD UHIHULGR D ORV HVWDGRV GH
9HQH]XHODY]ODWLHUUDVKSFRQVXUHVSHFWLYDWDEODDWULEXWLYD

$JUHJDU XQDWDEOD
$JUHJXHODWDEODGHORVGDWRVGHVXSHUILFLHFXOWLYDGDSRUPXQLFLSLRV$FWLYHOD
YHQWDQD GHO SUR\HFWR \ UHVDOWH HO LFRQR GH OD WDEOD /XHJR SUHVLRQH HO ERWyQ
³$GG´DJUHJDUSDUDDJUHJDUXQDWDEOD(QODFDMDGHGLiORJRGHGLUHFWRULRV
EXVTXH OD WDEOD GHQRPLQDGD ³8VRWLHU U DSRUPXQLFLSLRVGEI´ HQ HO GLUHFWRULR
F?FXUVRDU FYLHZ?GDWRV?YHQH]XHOD
(MHFXWDUODVXPDWRULDGHXQDWDEOD
8VWHGYDDFUHDUXQDWDEODTXHSUHVHQWDODVXPDWRULDSRUHVWDGRVGHORVGDWRV
GHVXSHUILFLHWRWDO\FXOWLYDGD
&RPR XVWHG GHVHD ORV GDWRV VXPDGRV SRU HVWDGRV KDJD FOLF HQ HO FDPSR
³&RGHVWDGR´HQODWDEOD³8VRGHODWLHU UDSRU PXQLFLSLRVGEI´

+DJD FOLF HQ HO ERWyQ GH OD VXPDWRULD SDUD GHVSOHJDU OD FDMD GH GLiORJR
FRUUHVSRQGLHQWH$VLJQHHQSULPHUOXJDUHOQRPEUH\GLUHFWRULRSDUDODQXHYD
WDEOD
+DJD FOLF HQ HO ERWyQ ³6DYH $V´ *XDUGDU FRPR \ HQ OD YHQWDQD GH
GLUHFWRULRVFROyTXHVHHQ F?FXU VRDUFYLHZ?GDWRVHVFULEDFRPRQRPEUHGHOD
WDEOD³8VRWLHU UDSRUHVWDGRVGEI´3UHVLRQH2.
/XHJR HQ OD RSFLyQ ³)LHOG´ FDPSR VHOHFFLRQH ³67RWDO´ \ HQ OD RSFLyQ
³6XPPDUL]H E\´ UHVXPLU SRU VHOHFFLRQH ³6XP´ 3UHVLRQH ³$GG´ SDUD
LQFRUSRUDUHVWDRSHUDFLyQHQODYHQWDQDGHODGHUHFKD5HSLWDHOSURFHGLPLHQWR
VHOHFFLRQDQGR ³6&XOWLYDGD´ RSFLyQ ³6XPPDUL]H E\´ ³6XP´ \ ³$GG´
$PERV FiOFXORV GHEHQ XELFDUVH HQ OD YHQWDQD GH OD GHUHFKD SDUD TXH HO
VLVWHPD HMHFXWH OD VXPDWRULD GH OD VXSHUILFLH WRWDO \ FXOWLYDGD SRU HVWDGRV
3UHVLRQH2.

8QDWDEODQXHYDVHKDFUHDGRGRQGHORVGDWRVGHVXSHUILFLHDSDUHFHQVXPDGRV
SRUHOFyGLJRGHOHVWDGR$KRUDXVWHGSURFHGHUiDXQLUHVWDWDEODDODUFKLYRGH
9HQH]XHODSDUDUHSUHVHQWDUHVSDFLDOPHQWHHVWDLQIRUPDFLyQ
8WLOL]DUODRSFLyQ- 2,1
&LHUUDODWDEODGHVXSHUILFLHFXOWLYDGDSRUPXQLFLSLRV&RORTXHODWDEODQXHYD
³8VRWLHU U DSRUHVWDGRVGEI´GHWDOPDQHUDGHSRGHUYLVXDOL]DUODVGRVWDEODV\
ODYLVWDVLPXOWiQHDPHQWH
+DJD FOLF HQ HO FDPSR ³&RGHVWDGR´ HQ OD WDEOD GH
³8VRWLHU U DSRUHVWDGRVGEIÓXHJRKDJDFOLF\HQHOFDPSR ³&RGHVWDGR´GH
ODWDEODGHDWULEXWRVGHOWHPD ³Y]ODWLHU UDVVKS´HVWHHVHOFDPSRGHXQLyQ\
YHULILTXHTXHTXHGHDFWLYDODWDEODGHDWULEXWRVGHY]ODWLHU UDVVKSpVWDGHEH
VHUODWDEODGHGHVWLQR

+DJDFOLFHQHOERWyQ - 2,1SDUDHMHFXWDUODXQLyQGHODVWDEODV
2EVHUYH TXH OD WDEOD GH RULJHQ VH KD DQH[DGR D OD WDEOD GH GHVWLQR $KRUD
SURFHGD DUHSUHVHQWDU HVSDFLDOPHQWH OD VXSHUILFLH FXOWLYDGD FRQ UHVSHFWR D OD
VXSHUILFLHWRWDOGHFDGDHVWDGRSRUFRORUHVJUDGXDGRV
'HVSOHJDUHOWHPDVHJ~QORVGDWRVXQLGRV
+DJD GREOH FOLF HQ HO QRPEUH GHO WHPD HQ OD 7DEOD GH &RQWHQLGR SDUD
GHVSOHJDUODFDMDGHGLiORJRGHO(GLWRUGHOD/H\HQGD

(Q HO (GLWRU GH OD /H\HQGD FDPELH HO WLSR GH OH\HQGD ³/HJHQG 7\SH´ D
³*
* UDGXDWHG &RORU´ &RORU JUDGXDGR HQ HO FDPSR SDUD OD FODVLILFDFLyQ
³&ODVVLILFDWLRQ)LHOG´VHOHFFLRQH ³6 6XSFXOWLY´VXSHUILFLHFXOWLYDGD \ HQHO
FDPSRSDUDODQRUPDOL]DFLyQGHORVGDWRV³1RUPDOL]HE\´VHOHFFLRQH³$ $U HD´
VXSHUILFLH WRWDO GH FDGD HVWDGR (Q OD RSFLyQ ³&RORU UDPSV´ 5DPSD GH
FRORUHV VHOHFFLRQH XQD VHFXHQFLD GH FRORUHV PiV DGHFXDGD 3UHVLRQH
³$SSO\´SDUDHMHFXWDUORVFDPELRV
$JUHJDUXQWHPD
&LHUUH OD YLVWD \ ODV WDEODV GHVSOHJDGDV $FWLYH OD YHQWDQD GHO SUR\HFWR
SUHVLRQHHOERWyQGHODYLVWD\DEUDODYLVWD³(YHQWRV1DWXUDOHV´
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH FXDWUR WHPDV YLDOLGDG FRVWD
KLGURJUDItD H KLSVRPHWUtD FRUUHVSRQGLHQWHV DO iUHD GH HVWXGLR 8VWHG YD D
DJUHJDU HO WHPD GH SXQWRV TXH UHSUHVHQWD ORV VLWLRV JHRJUiILFRV GRQGH KDQ
RFXUULGRVHYHQWRVQDWXUDOHV

$JUHJXHHOWHPDGHORVVLWLRVJHRJUiILFRVFRUUHVSRQGLHQWHVDODRFXUUHQFLDGH
HYHQWRV QDWXUDOHV +DJD FOLF HQ HO ERWyQ GH DJUHJDU WHPD \ GHVGH OD FDMD GH
GLiORJRGHGLUHFWRULRVVHOHFFLRQHHODUFKLYRGHQRPLQDGR ³6LWLRVHYHQWRVVKS´
XELFDGRHOGLUHFWRULR³F?FXUVRDUFYLHZ?GDWRV?YDU JDV?´
3UHQGDHOWHPDSDUDYLVXDOL]DUHVWDLQIRUPDFLyQ
(GLWDUODWDEOD\DFWXDOL]DUVXVYDORU HV
8WLOLFH HO ERWyQ GH OD WDEOD SDUD DEULU OD WDEOD GH DWULEXWRV FRUUHVSRQGLHQWH D
HVWHWHPD

2EVHUYH TXH OD FROXPQD GRQGH GHEH LU HO QRPEUH GHO VLWLR JHRJUiILFR HVWi
YDFtD3ULPHURXVWHGLQFRUSRUDUiHVWRVGDWRV
$FWLYH OD WDEOD VL QR OR HVWi \ HQ HO PHQ~ GH OD WDEOD VHOHFFLRQH OD RSFLyQ
³6WDUW(GLWLQJ´,QLFLDUHGLFLyQ(VWDIXQFLyQFRORFDDODWDEODHQFRQGLFLyQ
GHVHUPRGLILFDGD
+DJDFOLFHQHOERWyQGHHGLFLyQ\FRORTXHHOFXUVRUHQODSULPHUDFHOGDYDFtD
SDUDLQFRUSRUDUHOGDWRFRUUHVSRQGLHQWH3UHVLRQH³(QWHU´SDUDLUDODVHJXQGD
ILOD \ WUDQVFULED HO GDWR FRUUHVSRQGLHQWH (VFULED OD LQIRUPDFLyQ HQ OHWUDV
PD\~VFXODVVHJ~QFRPRVHPXHVWUDHQODVLJXLHQWHWDEOD
,G 6LWLR
&$%2%/$1&2
$6,021%2/,9$5
%$55,2(/&$1721
6(&725(/5,1&21
*8$5$&$580%2
%$55,2&$1$,0$
%$55,20217(6$12
48(%5$'$2625,2
&2/,1$6'(3$5,$7$
3UHVLRQH ³(QWHU´ DO ILQDO GH FDGD GDWR QR ROYLGH KDFHU OR PLVPR FRQ HO
~OWLPRGDWR/DWDEODGHEHTXHGDUFRPRODTXHVHPXHVWUDDTXt

3DUDJXDUGDU ORVFDPELRV HIHFWXDGRVHQ ODWDEOD VHOHFFLRQH ³6WRS(GLWLQJ´

)LQDOL]DU OD HGLFLyQ GHVGH HO PHQ~ GH OD WDEOD 3UHVLRQH OD RSFLyQ ³<
<HV´
SDUDJXDUGDUORVFDPELRVUHDOL]DGRV
$JUHJDUXQDWDEOD
$ FRQWLQXDFLyQ XVWHG SURFHGHUi D LQFRUSRUDU XQD WDEOD DO SUR\HFWR TXH

FRQWLHQH ORV GDWRV GH ORV HYHQWRV QDWXUDOHV TXH KDQ RFXUULGR HQ OD ]RQD
HVSHFtILFDPHQWH HQ ORV VLWLRV VHxDODGRV HQ HO WHPD GH ORV SXQWRV
³6LWLRVHYHQWRVVKS´
$FWLYHODYHQWDQDGHOSUR\HFWR\UHVDOWHHOLFRQRGHODWDEOD/XHJRSUHVLRQHHO
ERWyQ ³$GG´ DJUHJDU SDUD DJUHJDU XQD WDEOD (Q OD FDMD GH GLiORJR GH
GLUHFWRULRV EXVTXH OD WDEOD GHQRPLQDGD ³(YHQWRVGEI´ HQ HO GLUHFWRULR
F?FXUVRDU FYLHZ?GDWRV?YDUJDV

/DWDEODGHVSOHJDGDPXHVWUDORVHYHQWRVQDWXUDOHVRFXUULGRVHQHVWRVVLWLRV6H
WUDWDGHUHODFLRQDUODVGRVWDEODVGHWDOPDQHUDTXHDOVHOHFFLRQDUXQSXQWRGHO
WHPD ³6LWLRVHYHQWRVVKS´HQODYLVWDVHVHOHFFLRQHQORVHYHQWRVRFXUULGRVHQ
GLFKROXJDU
8WLOL]DUODRSFLyQ/,1.
2UJDQLFHORVGRFXPHQWRVHQODSDQWDOODGHWDOPDQHUDGHSRGHUYLVXDOL]DUODV
GRV WDEODV\ODYLVWDVLPXOWiQHDPHQWH
+DJDFOLFHQHOFDPSR ³6LWLRBQDWX´HQODWDEODGH ³HYHQWRVGEIÓXHJRKDJD

FOLF \ HQ HO FDPSR ³6LWLR´ GH OD WDEOD GH DWULEXWRV GHO WHPD
³6LWLRVHYHQWRVVKS´HVWHHVHOFDPSRGHHQODFH\YHULILTXHTXHTXHGHDFWLYD
OD WDEOD GH DWULEXWRV GH ORV VLWLRV GH HYHQWRV pVWD GHEH VHU OD WDEOD GH
GHVWLQR

'HVGHHOPHQ~GHODWDEOD³7DEOH´VHOHFFLRQHODRSFLyQ³/LQN´HQODFHSDUD

FUHDUHOHQODFHHQWUHDPEDVWDEODV
&RQVXOWDUORVGDWRVHQOD]DGRV
6HOHFFLRQHXQHOHPHQWRHQODYLVWDHQHOWHPD ³6LWLRVHYHQWRVVKS´\REVHUYH
TXHHQDPEDVWDEODVODVHOHFFLyQVHHMHFXWDLJXDOPHQWH
$O VHOHFFLRQDU HO SXQWR FRUUHVSRQGLHQWH D OD 4XHEUDGD 2VRULR VH KDQ
VHOHFFLRQDGRORVHYHQWRVTXH VHKDQUHJLVWUDGRHQHVWHOXJDUGHVGH

&XUVR%iVLFRGH$UF9LHZ &DStWXOR ±/RV*UiILFRV
&$3,78/2
/26*5$),&26
R /RVJU iILFRV
R &U HDU XQJU iILFR
R 7LSRVGHJU iILFR
R /RVHOHPHQWRVGHOJU iILFR
R (GLWDU ODOH\HQGD
R ,QFRU SRU DU XQWtWXOR
R 0RGLILFDU HOHMH;
R 0RGLILFDU HOHMH<
R ,QWHU FDPELDU ORVFDPSRV\ODOH\HQGD
R $JU HJDU XQQRPEU HDOJU iILFR

/RVJU iILFRV
/RVJUiILFRVVHDVRFLDQHQIRU PDGLQiPLFDDODVWDEODV\ODVYLVWDV
/RVJUiILFRVSHU PLWHQSUHVHQWDU ORVGDWRVGHXQDWDEODHQIRUPDJUiILFDSDUD
IDFLOLWDUVXOHFWXUDHLQWHUSU HWDFLyQ
/RVHOHPHQWRVGHO JUiILFRVHSXHGHQHGLWDU
/RVJUiILFRV (Q$UF9LHZHOJUiILFRHVXQDUHSUHVHQWDFLyQGLQiPLFDGHORV GDWRVGHODV

WDEODV (VWRV JUiILFRV SHUPLWHQ SUHVHQWDU ORV GDWRV HQ IRUPD JUiILFD SDUD
OHHUHLQWHUSUHWDUIiFLOPHQWHODLQIRUPDFLyQ GHLQWHUpV
&U HDU XQJU iILFR

8QJUiILFRVHFU HDDSDUWLUGHORVGDWRVGHXQDWDEOD
/DFDMDGHGLiORJRGHOJUiILFRSHUPLWHHGLWDUORVSDUiPHWURVGHpVWH
%RWyQSDU DFU HDU JU iILFRV
&UHDU XQ /DFDMDGHGLiORJRGHVSOHJDGDSDUDHODERUDUXQJUiILFRSHUPLWHGHILQLUORV

JUiILFR FDPSRVTXHVHUiQJUDILFDGRV\HOFDPSRTXHVHXWLOL]DUiFRPROH\HQGD

7LSRVGHJU iILFR
([LVWHQVHLVWLSRVGHJUiILFRV
&DGDWLSRGHJUiILFRPDQHMDXQDJDOHUtDGHHVWLORV
$UHD %DU U DV &ROXPQDV /tQHDV 7RU WD 3XQWRV
7LSRVGH /DLQWHUIDFHGH$UF9LHZSDUDHODERUDUJUiILFRVRIUHFHVHLVWLSRVGLIHUHQWHV
JUiILFRV $UHD %DUUDV &ROXPQDV /tQHDV 7RUWD \ 3XQWRV 6HOHFFLRQH HO WLSR GH
JUiILFRDGHFXDGRDODQiOLVLV \EXVTXH HO HVWLORPiV FRQYHQLHQWHHQOD FDMD
GHGLiORJRGHVSOHJDGD
(OJUiILFRGHiUHDVHXWLOL]DSDUDUHSUHVHQWDUFDQWLGDGGHFDPELRPLHQWUDV
TXHORVGHOtQHDVLUYHQSDUDLQGLFDUXQDWHQGHQFLDHQHOWLHPSR6HOHFFLRQH
ORV GHEDUUDV \FROXPQDV SDUDFRPSDUDUYDORUHV LQGLYLGXDOHVODWRUWDSDUD
YLVXDOL]DUSURSRUFLRQHV\ORVSXQWRVSDUDPRVWUDUXQDWHQGHQFLDRSDWUyQGH
FRPSRUWDPLHQWRGHORVGDWRV
/ RVHOHPHQWRVGHOJU iILFR
/RVHOHPHQWRVGHOJUiILFR
3RVLFLyQ\OHFWXUDGHODOH\HQGD
7tWXOR
,GHQWLILFDFLyQGHORVHMHV;\<
&DPELDUHOFRORUGHFXDOTXLHUHOHPHQWRGHOJUiILFR
0RGLILFDUORV /RVHOHPHQWRVGHOJUiILFRVRQHOWtWXORODOH\HQGDHOFRQWHQLGRGHORVHMHV
HOHPHQWRVGHO \HOJUiILFRHQVt&DGDHOHPHQWRSRVHHVXFRUUHVSRQGLHQWHFDMDGHGLiORJR
JUiILFR PHGLDQWH OD FXDO HVWD LQIRUPDFLyQ SXHGH PRGLILFDUVH SDUD PHMRUDU \
IDFLOLWDUODOHFWXUDGHOJUiILFR

(GLWDU ODOH\HQGD
0RGLILFDU HOWH[WRGHODOH\HQGD
&DPELDUODSRVLFLyQGHODOH\HQGD±DU ULEDDEDMRL]TXLHUGDGHUHFKDFHQWUR
(GLWDUOD &RQ HO JUiILFR HODERUDGR HO ERWyQ GH HGLFLyQ GH ORV HOHPHQWRV GH pVWH
OH\HQGD SHUPLWHPRGLILFDUORV HOHPHQWRV$OKDFHUFOLFFRQHOFXUVRUHQFXDOTXLHUD
GHHVWRVHOHPHQWRVVHDEUHODFDMDGHGLiORJRFRUUHVSRQGLHQWHHQHOFDVRGH
ODOH\HQGDVHSXHGHPRGLILFDUODSRVLFLyQGHpVWD\HOWH[WRH[SOLFDWLYR
,QFRU SRU DU XQWtWXOR

0RGLILFDUHOWH[WRGHOWtWXOR
,QFRUSRUDUXQ 8Q FOLF VREUH OD SDODEUD ³7LWOH´ HMHFXWD OD DFFLyQ GH HGLWDU HO WtWXOR SDUD
WtWXOR PRGLILFDUOR(QODFDMDGHGLiORJRGHOWtWXORVHLQFRUSRUDHOWH[WRGHVHDGR

0RGLILFDU HOHMH;
(GLWDU ODVHWLTXHWDVGHORVJUXSRV
(WLTXHWDUORVYDORUHVGHOHMH;
(WLTXHWDUHOHMH;\ODVPDUFDV
0RGLILFDUHOHMH /DV HWLTXHWDV GH ORV JUXSRV TXHVHSUHVHQWDQ HQ HO JUiILFRFRUUHVSRQGHQD
; ORVQRPEUHVGHORVFDPSRVHVWDVHWLTXHWDVSXHGHQHGLWDUVHSDUDHVFULELUXQ
WH[WR GH IiFLO FRPSUHVLyQ (V IDFWLEOH DJUHJDU XQD LGHQWLILFDFLyQ GH ORV
YDORUHVUHSUHVHQWDGRVHQHOHMH;HLQFRUSRUDUPDUFDVHQpVWH
0RGLILFDU HOHMH<
&DPELDUORVYDORUHVPtQLPR\
Pi[LPRGHODHVFDOD
(WLTXHWDUHOHMH<\ODVPDUFDV
$JUHJDUXQDJULOODSDUDIDFLOLWDU
ODFRPSDUDFLyQGHGDWRV
0RGLILFDUHOHMH (Q HO HMH < VH SXHGH FDPELDU OD HVFDOD GH YDORUHV LQFRUSRUDU XQD
< LGHQWLILFDFLyQGHORVGDWRV\DJUHJDUXQDJULOODSDUDIDFLOLWDUODFRPSDUDFLyQ
GHYDORUHV

,QWHU FDPELDU ORVFDPSRV\ODOH\HQGD
%RWyQGHLQWHU FDPELR
,QWHUFDPELRGH (O ERWyQ ³6HULHV IURP 5HFRUGV RU )LHOG´ 6HULHV \ 5HJLVWURV R &DPSRV
FDPSRV\ LQWHUFDPELDODIRUPDFRPRHVWiQUHSUHVHQWDGRVORVFDPSRVHQHOHMH;\OD
OH\HQGDV OH\HQGDHQXQJUiILFR&DGDUHJLVWURHQODOH\HQGDVHFRQYLHUWHHQ XQFDPSR
GHOHMH;\pVWRVGHYLHQHQUHJLVWURVGHODOH\HQGD
$JU HJDU XQQRPEU HHOJU iILFR

3RUGHIHFWRXQJUiILFRVHLGHQWLILFDFRPR³&KDU W´
&DPELDUHOQRPEUHHQODVSURSLHGDGHVGHOJUiILFR
$JUHJDUXQ (OJUiILFRHVXQGRFXPHQWRGH$UF9LHZ\FRPRWDOVHSXHGHLGHQWLILFDUFRQ
QRPEUHDO XQQRPEUHDGHFXDGRDOFRQWHQLGRGHOPLVPRHVWRIDFLOLWDODLGHQWLILFDFLyQ
JUiILFR GHORVGRFXPHQWRVJUiILFRVTXHVHHODERUDQHQXQSUR\HFWR\TXHDSDUHFHQ
OLVWDGRHQODYHQWDQDGHOSUR\HFWR

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± &UHDFLyQGH*UiILFRV
(MHU FLFLR±&U HDFLyQGH*U iILFRV
&UHDUXQJUiILFRSDUDORVHVWDGRVVHOHFFLRQDGRV
*UDILFDUYDULRVFDPSRV
&DPELDUHOWLSRGHJUiILFR
0RGLILFDUORVHOHPHQWRVGHOJUiILFR
$JUHJDUOtQHDVGHUHIHUHQFLD
&DPELDU ORVFDPSRV\ODOH\HQGD
$JUHJDUXQWtWXORDOJUiILFR
(Q HVWH HMHUFLFLR XVWHG PDQHMDUi ODV IXQFLRQDOLGDGHV GH $UF9LHZ SDUD FUHDU JUiILFRV
8WLOL]DUi GLIHUHQWHV WLSRV GH JUiILFRV FDPELDUi ODV SURSLHGDGHV GH ORV HOHPHQWRV \
PRGLILFDUiODOH\HQGDFRQUHVSHFWRDORVGDWRVGHOHMH</RVGDWRVTXHVHXWLOL]DQHQHVWH
HMHUFLFLRVHUHILHUHQDODPDWUtFXODEiVLFDHQ9HQH]XHODSDUDYDULRVDxRV

9LUJLQLD%HKP &DUDFDV

&UHDUXQJUiILFRSDUDORVHVWDGRVVHOHFFLRQDGRV
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH XQ WHPD ³Y]ODSREODFLyQVKS´
SREODFLyQGH9HQH]XHOD\VXFRUUHVSRQGLHQWHWDEODGHDWULEXWRV
+DJDODYLVWDDFWLYD\VHOHFFLRQHHOERWyQGHDFHUFDPLHQWR ³=RRPLQ´+DJD
XQDFDMDHQODSDUWHQRURFFLQGHWDOGHOSDtV
+DJDFOLFHQHOERWyQGHVHOHFFLyQ\PDQWHQLHQGRSUHVLRQDGDODWHFOD³6KLIW´
PDUTXH FRQ HO FXUVRU ORV HVWDGRV =XOLD /DUD $UDJXD 'WWR )HGHUDO \
0LUDQGD

/DVHOHFFLyQVHGHVWDFDWDQWRHQODYLVWDFRPRHQODWDEODGHDWULEXWRV$FWLYH
OD WDEOD \ SUHVLRQH HO ERWyQ ³3URPRWH´ 3URPRYHU SDUD FRORFDU HQ OD SDUWH
VXSHULRUGHODWDEODORVUHJLVWURVVHOHFFLRQDGRV
+DJDFOLFHQHOERWyQ ³&UHDWH&KDUW´&UHDUJUiILFRSDUDGHVSOHJDUODFDMD

GHGLiORJRFRUUHVSRQGLHQWH
(QODFROXPQD³)LHOGV´FDPSRVVHOHFFLRQH³3RE´SREODFLyQWRWDODxR

KDJDFOLFHQHOERWyQ³$GG´$JUHJDUSDUDDJUHJDUHVWDYDULDEOHHQOD
YHQWDQDGHORVJUXSRV 3UHVLRQH³2.´ SDUDHMHFXWDUODRSHUDFLyQ
3RU GHIHFWR $UF9LHZ FUHD XQ JUiILFR GH FROXPQDV FRQ ORV YDORUHV
VHOHFFLRQDGRV\FRORFDHOQ~PHURGHOUHJLVWURFRUUHVSRQGLHQWHFRPROH\HQGD
*UDILFDUYDULRVFDPSRV
$KRUDXVWHGFUHDUiXQJUiILFRGHSREODFLyQ SDUDYDULRVDxRV
$FWLYH HO JUiILFR TXH VH KD FUHDGR VL QR OR HVWi \ SUHVLRQH HO ERWyQ
³3URSHUWLHV´ 3URSLHGDGHV SDUD GHVSOHJDU OD FDMD GH GLiORJR GH ODV
SURSLHGDGHVGHOJUiILFR
(Q OD OLVWD ³*URXSV´ PDUTXH ³3RE´ \ SUHVLRQH ³'HOHWH´ /XHJR HQ OD
OLVWD GH FDPSRV ³)LHOGV´ VHOHFFLRQH ³3RE´ PDQWHQJD OD WHFOD ³6KLIW´
SUHVLRQDGD \ VHOHFFLRQH WDPELpQ ³3RE´ ³3RE´ \ ³3RE´
3UHVLRQH OD RSFLyQ ³$GG´ $JUHJDU SDUD DJUHJDU HVWDV YDULDEOHV HQ OD
FROXPQDGHORVJUXSRV

(QODRSFLyQ³/DEHOVHULHVXVLQJ´(WLTXHWDUODVVHULHVXWLOL]DQGRVHOHFFLRQH

³(VWDGR´ HV GHFLU HO QRPEUH GH ORV HVWDGRV VHOHFFLRQDGRV HVWD IXQFLyQ
SHUPLWH GHILQLU DGHFXDGDPHQWH OD OH\HQGD GHO JUiILFR 3UHVLRQH 2. SDUD
YLVXDOL]DUORVFDPELRVRFXUULGRVHQHOJUiILFR
&DPELDUHOWLSRGHJUiILFR
3URFHGD D FDPELDU HO WLSR GH JUiILFR +DJD FOLF HQ OD RSFLyQ ³3LH &KDUW
*DOOHU\´ *DOHUtD GH WRUWDV 8VWHG YHUi FXDWUR LFRQRV TXH UHSUHVHQWDQ
FXDWUR WLSRV GLIHUHQWHV GH WRUWDV 6HOHFFLRQH HO JUiILFR DO H[WUHPR GHUHFKR \
YHDORVFDPELRV
9XHOYDDFDPELDUHOWLSRGHJUiILFRDFROXPQDV
0RGLILFDUORVHOHPHQWRVGHOJUiILFR
0RGLILTXHODOH\HQGDHOWtWXOR\ORVHMHV&RQHOJUiILFRDFWLYDGRKDJDFOLFHQ
HO ERWyQ ³&KDUW (OHPHQW 3URSHUWLHV´ 3URSLHGDGHV GH ORV HOHPHQWRV GHO
JUiILFR3ULPHURPRGLILTXHODSRVLFLyQGHODOH\HQGD
+DJDFOLFVREUHODOH\HQGDSDUDDEULUODFDMDGHGLiORJRGHODVSURSLHGDGHVGH
ODOH\HQGD
3DUD HVSHFLILFDU XQD QXHYD SRVLFLyQ KDJD FOLF HQ DOJXQD GH ODV FLQFR
SRVLFLRQHVGLVSRQLEOHVFHQWURDUULEDDEDMRGHUHFKDL]TXLHUGD/DRSFLyQDO
FHQWURSHUPLWHDUUDVWUDUODOH\HQGDSDUDXELFDUODHQFXDOTXLHUSDUWHGHOJUiILFR
&RORTXHODOH\HQGDGHEDMRGHOJUiILFR3UHVLRQH2.
0RGLILTXHDKRUDHOWtWXORGHOJUiILFR+DJDFOLFHQ ODSDODEUD³7LWOH´WtWXOR

SDUDDEULUODFDMDGHGLiORJRGHODVSURSLHGDGHVGHOWtWXOR\FDPELHHOWtWXORSRU
³9DULDFLyQ 3REODFLRQDOHQFLQFR (VWDGRV´0DQWHQJD ODSRVLFLyQGHOWtWXOR
HQODSDUWHVXSHULRUGHOJUiILFR3UHVLRQH2.
3RUGHIHFWR$UF9LHZHVFULEHFRPRHWLTXHWDVHQHOHMH³;ÓRVQRPEUHVGHORV
FDPSRV XVWHG PRGLILFDUi HVWRV SDUD KDFHUORV PiV FRPSUHQVLEOHV DO OHFWRU
&DPELH ODV HWLTXHWDV TXH DSDUHFHQ HQ HO HMH ³;´ KDFLHQGR FOLF VREUH XQR GH
HVWRVWH[WRVSDUDGHVSOHJDUODFDMDGHGLiORJRFRUUHVSRQGLHQWH
(OLPLQH OD DEUHYLDWXUD ³3RE´ GHMDQGR VyOR HO DxR WDO FRPR VH LQGLFD D
FRQWLQXDFLyQ 3UHVLRQH ³(QWHU´ HQ FDGD RSFLyQ 3UHVLRQH 2. SDUD HMHFXWDU
ORVFDPELRV
2EVHUYH TXH ORV WH[WRV GHO HMH ³;´ VH KDQ PRGLILFDGR H LJXDOPHQWH KD
RFXUULGR FRQ ORV QRPEUHV GH ORV FDPSRV VHOHFFLRQDGRV HQ OD WDEOD GH
DWULEXWRV
$JUHJDUOtQHDVGHUHIHUHQFLD
3DUD DEULU OD FDMD GH GLiORJR GH ODV SURSLHGDGHV GHO HMH ³<´ KDJD FOLF HQ
DOJXQDSDUWHGH ODVHWLTXHWDVFRORFDGDVHQHOHMH ³<´GHOJUiILFR$TXtXVWHG
SXHGH DJUHJDU OtQHDV GH UHIHUHQFLD SDUD XQD OHFWXUD PiV IiFLO GHO JUiILFR \
PRGLILFDUORVYDORUHVPi[LPR\PtQLPR

+DJD FOLF HQ OD RSFLyQ ³0DMRU JULG´

SDUDHQFHQGHUOD
&DPELDU ORVFDPSRV\ODOH\HQGD
(V SRVLEOH UHSUHVHQWDU OD PLVPD LQIRUPDFLyQ LQWHUFDPELDQGR ORV FDPSRV

DQDOL]DGRV+DJDFOLFHQHOERWyQ ³6HULHVIURP5HFRUGV)LHOG´SDUDHMHFXWDU
HVWDPRGLILFDFLyQ
$O FRORFDU OD OH\HQGD FRPR GDWRV GHO HMH ³;´ \ ORV GDWRV GHO HMH ³;´ HQ OD
OH\HQGD VH REWLHQH XQ JUiILFR FRPSDUDWLYR GH SREODFLyQSDUD WUHV DxRV SDUD
FLQFRHVWDGRVGH9HQH]XHOD
&RORFDUXQWtWXORDOJUiILFR
3DUDWHUPLQDUDVLJQHXQWtWXORDOJUiILFR'HVGHHOPHQ~GHOJUiILFR ³&KDUW´
VHOHFFLRQH OD RSFLyQ ³3URSHUWLHV´ 3URSLHGDGHV HQ OD FDMD GH GLiORJR
GHVSOHJDGD HVFULED FRPR WtWXOR ³3REODFLyQ GH FLQFR (VWDGRV´ HQ OD RSFLyQ
³1DPH´1RPEUH3UHVLRQH³2.´ SDUDHMHFXWDUORVFDPELRV

&XUVR%iVLFRGH$UF9LHZ &DStWXOR ±$QiOLVLV(VSDFLDO
&$3,78/2
$1$/,6,6(63$&,$/
R $QiOLVLVHVSDFLDO
R 6HOHFFLyQGHWHPDVREU HWHPD
R $QiOLVLVGHSU R[LPLGDG%8))(5
R )XQFLRQHVGH³*HR3U RFHVVLQJ´
R )XQFLyQ³'LVVROYH´'LVROYHU
R )XQFLyQ³0HU JH´$JU HJDU
R )XQFLyQ ³&OLS´&RU WDU
R )XQFLyQ³,QWHU VHFW´±,QWHU FHSWDU
R )XQFLyQ³8QLRQ´8QLyQ

$QiOLVLVHVSDFLDO
/DKHU UDPLHQWDPiVSRGHURVDGHVRIWZDUHGH6,*
$QiOLVLVHVSDFLDO /D SULQFLSDO YHQWDMD GH XQ 6,* HV TXH SHUPLWH LGHQWLILFDU ODV UHODFLRQHV
HVSDFLDOHV HQWUH ODV FDUDFWHUtVWLFDV GH XQ PDSD (VHQFLDOPHQWH XQ 6,*
SURSRUFLRQDODSRVLELOLGDGGHFUHDUQXHYDVUHODFLRQHVDOFRPELQDUDWULEXWRV
GHYDULRVDUFKLYRVHQXQRQXHYR
6HOHFFLyQGHWHPDVREU HWHPD
,GHQWLILFDUODVUHODFLRQHVHVSDFLDOHVHQWUHWHPDV
(QFRQWUDUHOHPHQWRVTXH
(VWiQGHQWURGH
&RQWLHQHQFRPSOHWDPHQWH
7LHQHQVXFHQWURHQ
,QWHUFHSWDQD
(VWiQDXQDGLVWDQFLDGH
6HOHFFLyQGH 8QD IRUPD GH HVWDEOHFHU ODV UHODFLRQHV HVSDFLDOHV HQWUH ORV GDWRV GH GRV
WHPDVREUHWHPD DUFKLYRV HV OD VHOHFFLyQ GH WHPD VREUH WHPD (VWD IRUPD GH DQiOLVLV QR
JHQHUDDUFKLYRVQXHYRVVLQRTXHFUHDXQDVHOHFFLyQGHFDUDFWHUtVWLFDVHQXQ
DUFKLYRVHJ~QGHOWLSRGHUHODFLyQTXHVHKD\DGHILQLGRFRQUHVSHFWRDRWUR
DUFKLYR/RVDUFKLYRVGHSXQWRVOtQHDV\SROtJRQRVVHFRPELQDQGHDFXHUGRD
FULWHULRVGHILQLGRVSDUDHVWDEOHFHUVXV UHODFLRQHVHVSDFLDOHV

$QiOLVLVGHSU R[LPLGDG%8))(5
'HILQLUXQiUHDGHLQIOXHQFLDGHDIHFWDFLyQGHSURWHFFLyQ«
$QiOLVLVGH 8QR GH ORV DQiOLVLV HVSDFLDOHV GH PD\RU UHOHYDQFLD HV OD GHWHUPLQDFLyQ GH
SUR[LPLGDG SUR[LPLGDG HVSDFLDO R FHUFDQtD GH GLYHUVDV FDUDFWHUtVWLFDV JHRJUiILFDV (O
%8) )(5 iUHDEXIIHUVHHVWDEOHFHPHGLDQWHXQDGLVWDQFLDHVSHFtILFDRVHJ~QORV GDWRV
DOPDFHQDGRV HQXQFDPSRGH ODWDEODDWULEXWLYDGHODUFKLYRDQDOL]DGR(VWH
DUFKLYRSXHGHVHUGHSXQWRVOtQHDVRSROtJRQRV
)XQFLRQHVGH³*HR3U RFHVVLQJ´
)XQFLyQ³'LVVROYH´'LVROYHU
)XQFLyQ³0HUJH´$JUHJDU
)XQFLyQ³&OLS´&RUWDU
)XQFLyQ³,QWHUVHFW´±,QWHUFHSWDU
)XQFLyQ³8QLRQ´± 8QLyQ
³*HR3URFHVVLQJ´ /DV IXQFLRQHV GH ³*HR3URFHVVLQJ´ VRQ KHUUDPLHQWDV GH DQiOLVLV TXH
SHUPLWHQ SURFHVDU ORV GDWRV GH GRV R PiV DUFKLYRV SDUD DOPDFHQDU HO
UHVXOWDGR HQ XQ WHUFHUR /D LQIRUPDFLyQ JHRPpWULFD \ DWULEXWLYD GH ORV
DUFKLYRV GH RULJHQ VH FRPELQDQ VHJ~Q HO WLSR GH SURFHVDPLHQWR TXH VH
KD\D HMHFXWDGR HO UHVXOWDGR HV XQ DUFKLYR QXHYR TXH SUHVHQWD HVWD
LQIRUPDFLyQFRPELQDGD

)XQFLyQ³'LVVROYH´'LVROYHU
) XQFLyQ (VWD IXQFLyQ HMHFXWD OD XQLyQ GH SROtJRQRV DG\DFHQWHV FX\RV YDORUHV VRQ
³'LVVROYH´ LJXDOHV HQ HO FDPSR GH OD WDEOD DWULEXWLYD TXH VH KD VHOHFFLRQDGR SDUD
HMHFXWDUpVWDWDUHD
)XQFLyQ³0HU JH´$JU HJDU
) XQFLyQ (VWDIXQFLyQSHUPLWHFUHDUXQDUFKLYRQXHYRDSDUWLUGHGRV RPiVDUFKLYRV

³0HUJH´ GHHQWUDGDGHLJXDOHVFDUDFWHUtVWLFDV/RVGDWRVHQODVWDEODVDWULEXWLYDVGHEHQ
HVWDU FRQILJXUDGRV GH LJXDO IRUPD SDUD PDQWHQHU OD FRQVLVWHQFLD HQ HO
UHVXOWDGR'HORFRQWUDULRDOJXQRVGDWRVVHSHUGHUiQ

)XQFLyQ³&OLS´±&RU WDU ´
) XQFLyQ³&OLS´ &RQ HVWD IXQFLyQ VH FRUWD XQ DUFKLYR VHJ~Q XQ SHUtPHWUR GHILQLGR HQ RWUR
DUFKLYR(OUHVXOWDGRVHDOPDFHQDHQXQWHUFHUDUFKLYR
(O DUFKLYR GH HQWUDGD SXHGH VHU GH SXQWRV OtQHDV R SROtJRQRV (O DUFKLYR
UHTXHULGRSDUDFRUWDUGHEHVHUGHSROtJRQRV
)XQFLyQ³,QWHU VHFW´,QWHU FHSWDU
) XQFLyQ (VWD IXQFLyQ SHUPLWH REWHQHU HQ XQ DUFKLYR QXHYR GRQGH ORV GDWRV
³,QWHUVHFW´ HVSDFLDOHV SUHVHQWDQ DO iUHD LQWHUFHSWDGD \ OD WDEOD DWULEXWLYD DJUHJD ORV
FDPSRV GH DPERV DUFKLYRV FRUUHVSRQGLHQWHV D pVWD iUHD (Q HO FDVR GH OD
LQWHUVHFFLyQ GH GRV DUFKLYRV GH SROtJRQRV /RV SROtJRQRV GHO DUFKLYR GH
HQWUDGD VHUiQ IUDFFLRQDGRV SRU ORV OtPLWHV GH ORV SROtJRQRV GHO DUFKLYR GH
LQWHUVHFFLyQFXDQGRpVWRVQRFRLQFLGDQ

)XQFLyQ³8QLRQ´8QLU
7HPSHUDWXUD\
3UHFLSLWDFLyQ
=RQDVGHYLGDGH+ROGULGJH
) XQFLyQ /D XQLyQ GH DUFKLYRV FRQVLVWH HQ VXSHUSRQHU GRV DUFKLYRV GHO PLVPR WLSR
³8QLRQ´ SDUDREWHQHUXQDUFKLYRTXHDOPDFHQDWDQWRODLQIRUPDFLyQHVSDFLDOFRPROD
DWULEXWLYDFRUUHVSRQGLHQWHDDPERVDUFKLYRVXWLOL]DGRVFRPRHQWUDGD
$VLJQDFLyQGHGDWRVSRU ORFDOL]DFLyQ
$VLJQDFLyQGH (VWDIXQFLyQSHUPLWHUHDOL]DUXQDXQLyQ HVSDFLDOSRUORFDOL]DFLyQ ORV GDWRV

GDWRVSRU GHXQDUFKLYR VHDQH[DQD ORV GDWRV GH RWURDUFKLYRFXDQGR OD ORFDOL]DFLyQ
ORFDOL]DFLyQ JHRJUiILFDHVFRLQFLGHQWH(ODUFKLYRDOFXDOVHODDQH[DQORVGDWRVSXHGHVHU
SXQWRVOtQHDVRSROtJRQRV

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± $QiOLVLV(VSDFLDO
(MHU FLFLR±$QiOLVLV(VSDFLDO
(MHU FLFLRD±+LGU RJU DItDSRU FXHQFDV«««««SDJ
(MHU FLFLRE±=RQDVGHYLGDGH+ROGU LGJH««««SDJ

(MHU FLFLRD±$QiOLVLV(VSDFLDO ±,QWHUVHFFLyQGHKLGURJUDItD\FXHQFDV
6XSRQJD TXH OH KDQ SURSRUFLRQDGR XQDUFKLYR GH KLGURJUDItD \ XVWHG GHVHD DOPDFHQDU HQ OD
WDEODDWULEXWLYDGHpVWHDUFKLYRODFXHQFDDODFXDOHVWRVFXUVRVGHDJXDSHUWHQHFHQ
$EULUHO3UR\HFWR³(MHUFLFLRD´
,QLFLH$UF9LHZ\GHVGHODFDUSHWDGHOFXUVR³FF?FXU VRDUFYLHZ?HMHUFLFLRV´DEUDHO
SUR\HFWROODPDGR³(MHUFLFLRD´
6HGHVSOLHJDXQDYLVWDTXHFRQWLHQHGRVWHPDVXQRUHIHULGRDODKLGURJUDItDGHOD
UHJLyQ FHQWUDO \ HO RWUR FRUUHVSRQGLHQWH D ODV FXHQFDV GH OD FRUGLOOHUD FHQWUDO GH
9HQH]XHOD 2EVHUYH TXH OD WDEOD DWULEXWLYD GHO DUFKLYR GH KLGURJUDItD QR FRQWLHQH
QLQJXQDLQIRUPDFLyQGHVFULSWLYD

)XQFLyQ³,QWHUVHFW´
8VWHGXWLOL]DUiODIXQFLyQ³,QWHUVHFW´SDUDDOPDFHQDUHQHODUFKLYRGHODKLGURJUDItD
HOGDWRFRUUHVSRQGLHQWHDODFXHQFDDODFXDOHVWRVFXUVRVGHDJXDSHUWHQHFHQ
'HVGH HO PHQ~ ³)LOH´ VHOHFFLRQH OD RSFLyQ ³([WHQVLRQV´ PDUTXH

³*HRSURFHVVLQJ´HQODOLVWDGHH[WHQVLRQHVGHVSOHJDGD\SUHVLRQH2.
$FWLYH OD YLVWD \ GHVGH HO PHQ~ ³9LHZ´ VHOHFFLRQH ³*

* HRSURFHVVLQJ :L]DUG´
SDUD DEULU OD FDMD GH GLiORJR FRUUHVSRQGLHQWH 0DUTXH OD IXQFLyQ ³,QWHU VHFW WZR
WKHPHV´,QWHUFHSWDUGRVWHPDV3UHVLRQH³1H[W´SDUDSDVDUDODVLJXLHQWHSDQWDOOD
(Q OD VLJXLHQWH SDQWDOOD YHULILTXH TXH ORV DUFKLYRV ³+LGURUHJFHQWUDOVKS´ \
³&XHQFDVUHJFHQWUDOVKS´ HVWpQ VHOHFFLRQDGRV HQ OD SULPHUD \ VHJXQGD RSFLyQ
UHVSHFWLYDPHQWH

(Q OD WHUFHUDRSFLyQ HVSHFLILFDU HO DUFKLYR GH VDOLGD KDJD FOLF HQ HO ERWyQ GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR ³F?FXUVRDU FYLHZ?GDWRV?YHQH]XHOD´
\ HVFULED FRPR QRPEUH GHO DUFKLYR GHO VDOLGD ³+LGURFXHQFDVVKS´ 3UHVLRQH
³)LQLVK´SDUDHMHFXWDUODIXQFLyQ
(OUHVXOWDGRHVXQDUFKLYRGH KLGURJUDItDHQFX\DWDEOD DWULEXWLYDVH KDDQH[DGRHO

GDWR GHO QRPEUH GH OD FXHQFD D OD FXDO FRUUHVSRQGH FDGD VHJPHQWR GH OtQHD GHO
DUFKLYRGHKLGURJUDItDRULJLQDO

$EUDODWDEODDWULEXWLYDGHpVWHDUFKLYRUHVXOWDQWHSDUDYHULILFDUVXFRQWHQLGR
8WLOLFH HO (GLWRU GH OD OH\HQGD SDUD

UHSUHVHQWDUORVUtRVVHJ~QODFXHQFDDOD
TXHSHUWHQHFHQ+DJDGREOHFOLFVREUHHO
WHPD UHVXOWDQWH SDUD DEULU OD SDQWDOOD GH
GLiORJR GHO (GLWRU GH OD OH\HQGD (Q OD
RSFLyQ ³/HJHQG 7\SH´ WLSR GH
OH\HQGD VHOHFFLRQH ³8QLTXH 9DOXH´
YDORU ~QLFR HQ OD RSFLyQ ³9DOXHV
)LHOG´ 9DORUHV GHO FDPSR VHOHFFLRQH
³1RPFXHQFD´
$SDUHFHUi XQD VHFXHQFLD DOHDWRULD GH

FRORUHVSDUDFDGDJUXSRGHOtQHDV(Q OD
RSFLyQ ³&RORU 6FKHPHV´ HVTXHPDV GH
FRORUHV VHOHFFLRQH OD ~OWLPD RSFLyQ
³7KH +LJK 6HDV´ SDUD DVLJQDU XQD
VHFXHQFLDPiVDGHFXDGD
3UHVLRQH³$SSO\´DSOLFDUSDUDHMHFXWDUORVFDPELRV

(MHU FLFLRE±$QiOLVLV(VSDFLDO ±=RQDVGH9LGDGH+ROGJULGJH
6XSRQJDTXHOHKDQSURSRUFLRQDGRGRVDUFKLYRVXQRGHLVROtQHDVGHSUHFLSLWDFLyQLVR\HWDV\
RWUR GH LVROtQHDV GH WHPSHUDWXUD LVRWHUPDV SDUD HODERUDU XQ DUFKLYR FRPELQDGR TXH
UHSUHVHQWHODV]RQDVGHYLGDVHJ~Q+ROGULGJH
$EULUHO3UR\HFWR³(MHUFLFLRE´
,QLFLH$UF9LHZ\GHVGHODFDUSHWDGHOFXUVR³FF?FXU VRDUFYLHZ?HMHUFLFLRV´DEUDHO
SUR\HFWROODPDGR³(MHUFLFLRE´
6HGHVSOLHJDXQDYLVWDTXHFRQWLHQHGRVWHPDVXQRUHIHULGRDODVLVR\HWDV\RWUR
TXH UHSUHVHQWD ODV LVRWHUPDV DJUXSDGDV VHJ~Q OD FODVLILFDFLyQ GH +ROGULGJH
FRUUHVSRQGLHQWHVDODKRMD1&HVFDOD
/DVUHVSHFWLYDVWDEODVDWULEXWLYDVGHHVWRVGRVWHPDVSRVHHQXQFDPSRTXHLQGLFD
HOUDQJRFRUUHVSRQGLHQWHDORVOtPLWHVGHODV]RQDVGHYLGDVHJ~Q+ROGULGJH$EUD
HVWDVWDEODV\H[DPLQHVXFRQWHQLGR

8QLyQGH7HPSHUDWXUD \3UHFLSLWDFLyQ
$FRQWLQXDFLyQXWLOL]DUiODIXQFLyQ³8QLRQ´GHVGHHOPHQ~GH³*HRSURFHVVLQJ´SDUD
XQLUORVDUFKLYRVGHWHPSHUDWXUD\SUHFLSLWDFLyQ\DOPDFHQDUHOUHVXOWDGRHQXQWHUFHU
DUFKLYRTXHUHSUHVHQWDUiODV]RQDVGHYLGDVHJ~Q+ROGULGJH
$FWLYH OD YLVWD \ GHVGH HO PHQ~ ³9LHZ´ VHOHFFLRQH ³*

* HRSURFHVVLQJ :L]DUG´
SDUD DEULU OD FDMD GH GLiORJR FRUUHVSRQGLHQWH 0DUTXH OD IXQFLyQ ³8QLRQ WZR
WKHPHV´8QLyQGHGRVWHPDV3UHVLRQH³1H[W´SDUDSDVDUDODVLJXLHQWHSDQWDOOD
(Q OD VLJXLHQWH SDQWDOOD YHULILTXH TXH ORV DUFKLYRV ³,VRWHUPDVKROGVKS´ \
³,VR\HWDVKROGVKS´ HVWpQ VHOHFFLRQDGRV HQ OD SULPHUD \ VHJXQGD RSFLyQ
UHVSHFWLYDPHQWH
(Q OD WHUFHUDRSFLyQ HVSHFLILFDU HO DUFKLYR GH VDOLGD KDJD FOLF HQ HO ERWyQ GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR ³F?FXUVRDU FYLHZ?GDWRV?YHQH]XHOD´
\ HVFULED FRPR QRPEUH GHO DUFKLYR GHO VDOLGD ³=RQDVGHYLGDVKS´ 3UHVLRQH
³)LQLVK´SDUDHMHFXWDUODIXQFLyQ

(O DUFKLYR UHVXOWDQWH VH KD LQFRUSRUDGR HQ OD YLVWD KDJD FOLF HQ VX FDMD GH
HQFHQGLGR SDUD YLVXDOL]DUOR $EUD OD WDEOD DWULEXWLYD FRUUHVSRQGLHQWH SDUD
YHULILFDUTXHWDQWRORVGDWRVGHODUFKLYRGHWHPSHUDWXUDFRPRORVGHODUFKLYRGH
SUHFLSLWDFLyQKDQTXHGDGRDOPDFHQDGRVHQODWDEODUHVXOWDQWHGHODXQLyQ
$VLJQDFLyQGHGDWRVGHODFODVLILFDFLyQGH+ROGULGJH
3DUDORJUDUXQUHVXOWDGRGHIiFLOLQWHUSUHWDFLyQXVWHGDJUHJDUiXQFDPSRDGLFLRQDOHQ
ODWDEODDWULEXWLYDHQHOFXDODOPDFHQDUiODFRPELQDFLyQGHUDQJRVGHWHPSHUDWXUD\
SUHFLSLWDFLyQ\RWURFDPSRSDUDGHVFULELUHVWDFRPELQDFLyQ

$FWLYH OD WDEOD DWULEXWLYD GHO DUFKLYR ³=RQDVGHYLGDVKS´ \ GHVGH HO PHQ~
³7DEOH´KDJDFOLFHQODRSFLyQ ³ 6WDUW(GLWLQJ´
'HVGH HO PHQ~ ³(GLW´ VHOHFFLRQH OD RSFLyQ ³$GG )LHOG´ 'HILQD XQ FDPSR
QXHYR TXH VH GHQRPLQDUi ³7HPSUHFLS´ WLSR ³6WULQJ´ DOIDQXPpULFR FRQ
GtJLWRVGHH[WHQVLyQ3UHVLRQH2.
(OFDPSRQXHYRTXHGDLQFRUSRUDGRHQODWDEODDWULEXWLYD3DUDDJUHJDUORVGDWRV
HQHOFDPSR³7HPSUHFLS´XWLOL]DUiODFDOFXODGRUD
(OFDPSR ³7HPSUHFLS´GHEHHVWDUDFWLYDGRSUHVLRQHHOERWyQGHODFDOFXODGRUD
SDUDDEULUODYHQWDQDGHGLiORJRFRUUHVSRQGLHQWH
(Q OD FDMD GH GLiORJR GH OD FDOFXODGRUD KDJD GREOH FOLF VREUH HO FDPSR
GHQRPLQDGR ³'HVF7HPS´ HQ OD OLVWD GH FDPSRV KDJD FOLF HQ OD DFFLyQ
FRQFDWHQDU \ OXHJR KDJD GREOH FOLF HQ HO FDPSR ³'HVF3UHFLS´ /D H[SUHVLyQ

OyJLFD GHEH TXHGDU DOPDFHQDGD HQ OD YHQWDQD LQIHULRU WDO FRPR VH PXHVWUD D
FRQWLQXDFLyQ3UHVLRQH2.
$FFLyQFRQFDWHQDU
&RQHVWDDFFLyQVHDJUHJDQORVGDWRVGHORVUDQJRVGHWHPSHUDWXUD\SUHFLSLWDFLyQORV
FXDOHVTXHGDQDOPDFHQDGRVHQHOFDPSRFUHDGR
&LHUUHODHGLFLyQGHODWDEODKDFLHQGRFOLFHQHOPHQ~ ³7DEOH´³6WRS(GLWLQJ´
2SULPD³<HV´DODSUHJXQWD³6DYH(GLWV"´JXDUGDUODHGLFLyQSDUDJXDUGDUORV
FDPELRV

=RQDVGH9LGDGH+ROGULGJH
8WLOLFHDKRUDODIXQFLyQ³'LVVROYH´SDUDDJUXSDUORVSROtJRQRVFRUUHVSRQGLHQWHVD
FDGD ]RQD GH YLGD $FWLYH OD YLVWD GHVGH HO PHQ~ ³9LHZ´ VHOHFFLRQH
³*
* HRSURFHVVLQJ :L]DUG´ SDUD DEULU OD FDMD GH GLiORJR FRUUHVSRQGLHQWH 0DUTXH OD
IXQFLyQ ³ 'LVVROYH´'LVROYHU3UHVLRQH³1H[W´SDUDSDVDUDODVLJXLHQWHSDQWDOOD
(Q OD VLJXLHQWH SDQWDOOD VHOHFFLRQH ³=RQDVGHYLGDVKS´ HQ OD SULPHUD RSFLyQ
VHOHFFLRQH ³7HPSUHFLS´HQ ODVHJXQGDRSFLyQFDPSRSRUHOFXDOGLVROYHU(Q
ODWHUFHUDRSFLyQ KDJDFOLFHQHO ERWyQGHGLUHFWRULRVFROyTXHVHHQHOGLUHFWRULR
GHO FXUVR ³F?FXU VRDUFYLHZ?GDWRV?YHQH]XHOD´ \ HVFULED FRPR QRPEUH GHO
DUFKLYRGHVDOLGD ³=YKROGULGJHVKS´3UHVLRQH ³1H[W´SDUDSDVDUDODVLJXLHQWH
SDQWDOOD
8VWHG QR GHVHD DJUHJDU FDPSRV DGLFLRQDOHV HQ OD WDEOD DWULEXWLYD GHO DUFKLYR
UHVXOWDQWHSUHVLRQH³)LQLVK´SDUDHMHFXWDUODIXQFLyQ(ODUFKLYRUHVXOWDQWHVHKD
LQFRUSRUDGR HQ OD YLVWD KDJD FOLF HQ VX FDMD GH HQFHQGLGR SDUD YLVXDOL]DUOR (O

UHVXOWDGR HV DSDUHQWHPHQWH LJXDO DO DUFKLYR GH HQWUDGD VLQ HPEDUJR HQ HVWH
DUFKLYRORVSROtJRQRVKDQVLGRDJUXSDGRVSRU]RQDGHYLGD
$EUD OD WDEOD DWULEXWLYD FRUUHVSRQGLHQWH SDUD YHULILFDU HO UHVXOWDGR REWHQLGR
2EVHUYHTXHH[LVWHQUHJLVWURVTXHSRVHHQVyORHOGDWRGHUDQJRGHWHPSHUDWXUD\
RWURVGRQGHVyORHOH[LVWHHOGDWRGHUDQJRGHSUHFLSLWDFLyQHVWRVHGHEHDTXHORV
OtPLWHVGH OD KRMD QRVRQH[DFWDPHQWH LJXDOHV8VWHGSURFHGHUiDHOLPLQDUHVWRV
SROtJRQRV\DTXHHOORVQRDIHFWDUiQHOUHVXOWDGRGHODQiOLVLV
$ FRQWLQXDFLyQ XVWHG DJUHJDUi XQ FDPSR SDUD GHVFULELU ODV ]RQDV GH YLGD
UHSUHVHQWDGDV'HVGHHOPHQ~ ³(GLW´VHOHFFLRQHODRSFLyQ ³$GG)LHOG´'HILQD
XQ FDPSR QXHYR TXH VH GHQRPLQDUi ³=RQDGHYLGD´ WLSR ³6WULQJ´
DOIDQXPpULFRFRQ GtJLWRVGHH[WHQVLyQ3UHVLRQH2.

+DJDFOLFHQHOERWyQGHHGLFLyQGHGDWRV\WUDQVFULEDORVWLSRVGH]RQDVGHYLGD
GHDFXHUGRDODVLJXLHQWHWDEOD
&LHUUHODHGLFLyQGHODWDEODKDFLHQGRFOLFHQHOPHQ~ ³7DEOH´³6WRS(GLWLQJ´
2SULPD ³<HV´DODSUHJXQWD³6DYH(GLWV"´JXDUGDUODHGLFLyQSDUDJXDUGDUORV
FDPELRV
8WLOLFH DKRUD HO (GLWRU GH OD OH\HQGD SDUD UHSUHVHQWDU ODV ]RQDV GH YLGD FRQ
GLIHUHQWHVFRORUHV+DJDGREOHFOLFVREUHHOWHPDUHVXOWDQWHSDUDDEULUODSDQWDOOD
GH GLiORJR GHO (GLWRU GH OD OH\HQGD (Q OD RSFLyQ ³/HJHQG 7\SH´ WLSR GH
OH\HQGDVHOHFFLRQH³8QLTXH9DOXHÝDORU~QLFRHQODRSFLyQ ³ 9DOXHV)LHOG´
9DORUHVGHOFDPSRVHOHFFLRQH³=RQDGHYLGD´

$SDUHFHUi XQD VHFXHQFLD DOHDWRULD GH FRORUHV SDUD FDGD JUXSR GH OtQHDV (Q OD
RSFLyQ ³&RORU 6FKHPHV´ HVTXHPDV GH FRORUHV VHOHFFLRQH OD ~OWLPD RSFLyQ
³7KH+LJK6HDV´SDUDDVLJQDUXQDVHFXHQFLDPiVDGHFXDGD

&XUVR%iVLFR GH$UF9LHZ &DStWXOR ±/RV/D\RXWV
&$3,78/2
/26/$<2876
R /RV/D\RXWV
R &U HDU XQ /D\RXW
R 'HILQLU ODVFDU DFWHU tVWLFDVGHODSiJLQD
R ,QFRU SRU DU ORVHOHPHQWRV
R $JU HJDU HOFRQWHQLGRGHXQDYLVWD
R /DVSU RSLHGDGHVGHOU HFXDGU RGHODYLVWD
R (VFDODGHOPDSD
R ,QFRU SRU DU ODOH\HQGD
R 'HILQLU ODHVFDODJU iILFD
R 2WU RVHOHPHQWRVGHOPDSD
R 7tWXOR\PDU FR
R 1RPEU HGHOOD\RXW
R ,PSU LPLU RH[SRU WDU HO/D\RXW

/RV/D\RXWV
8QGRFXPHQWR\XQDLQWHUIDFHJUiILFDSDUDFUHDUPDSDVGHSUHVHQWDFLyQ
8QDFROHFFLyQGHGRFXPHQWRV\RWURVJUiILFRV
/RV/D\RXWV (O /D\RXW HV HO GRFXPHQWR GH $UF9LHZ TXH VH XWLOL]D SDUD FUHDU PDSDV GH
SUHVHQWDFLyQ6XLQWHUIDFHJUiILFDSUHVHQWDXQDKRMDGHSDSHOYLUWXDOVREUHOD
FXDOVHLQFRUSRUDFXDOTXLHUGRFXPHQWRGHXQSUR\HFWRYLVWDVWDEODVJUiILFRV
DVt FRPR ORV HOHPHQWRV GH XQ PDSD HVFDOD JUiILFD VtPEROR GHO QRUWH H
LPiJHQHV
8QD YH] HODERUDGR HO OD\RXW VH HQYtD D LPSULPLU GLUHFWDPHQWH D XQD
LPSUHVRUD R SORWWHU R VH DOPDFHQD FRPR XQ DUFKLYR GH LPSUHVLyQ SDUD
XWLOL]DUORSRVWHULRUPHQWH
&U HDU XQ/D\RXW

$FWLYDUHOLFRQRGHOOD\RXW
'HVGHHOPHQ~³9LHZ´±³/D\RXW´
6HOHFFLRQDUXQIRUPDWRSUHGHILQLGR
&UHDU XQ 3DUDDEULU OD LQWHUIDFH GHO OD\RXW XVWHG SXHGH KDFHU FOLF VREUH HO LFRQR GHO
/D\RXW OD\RXW HQ OD YHQWDQD GHO SUR\HFWR R SUHVLRQDU OD RSFLyQ ³OD\RXW´ GHVGH HO
PHQ~ ³9LHZ´ SDUD VHOHFFLRQDU XQ IRUPDWR GH SUHVHQWDFLyQ SUHGHILQLGR
³WHPSODWH´

'HILQLU ODVFDU DFWHU tVWLFDVGHODSiJLQD

7DPDxRGHOSDSHO
2ULHQWDFLyQ
0iUJHQHV
'HILQLUODV &XDQGR VH KD GHVSOHJDGR XQ OD\RXW YDFtR HO WDPDxR GH OD KRMD GH SDSHO
FDUDFWHUtVWLFDV YLUWXDO TXH VH SUHVHQWD TXHGD GHILQLGD SRU GHIHFWR VHJ~Q HO GLVSRVLWLYR GH
GHODSiJLQD VDOLGD TXH HVWp FRQILJXUDGR HQ OD FRPSXWDGRUD (VWD FRQILJXUDFLyQ SXHGH
PRGLILFDUVH GHVGH OD FDMD GH GLiORJR TXH SHUPLWH GHILQLU pVWD FDUDFWHUtVWLFD
DGHPiVGHODRULHQWDFLyQ\ORVPiUJHQHV
,QFRU SRU DU ORVHOHPHQWRV

3DUDFDGDHOHPHQWRH[LVWHXQERWyQGHVHOHFFLyQ 9LVWD
6HGHILQHXQUHFXDGURHQHOOD\RXWSDUDOD /H\HQGD
SRVLFLyQ\WDPDxRGHOHOHPHQWRDLQFRUSRUDU
(VFDOD
/DSRVLFLyQ\WDPDxRVHPRGLILFDQ
1RUWH
*UiILFRV
7DEOD
,PiJHQHV
,QFRUSRUDUORV /RV HOHPHQWRV TXHVHSXHGHQLQFRUSRUDUHQXQOD\RXWVRQYLVWDVOH\HQGDV

GRFXPHQWRV HVFDODJUiILFDVtPERORGHOQRUWHJUiILFRVWDEODVHLPiJHQHV3DUDLQFRUSRUDU
HVWRV HOHPHQWRV VH VHOHFFLRQD HO LFRQR FRUUHVSRQGLHQWH \ VH GHILQH XQ
UHFXDGUR TXH PDUFDODSRVLFLyQ \WDPDxR TXHpVWHWHQGUi/DSRVLFLyQ \ HO
WDPDxRSXHGHQPRGLILFDUVHSRVWHULRUPHQWH

$JU HJDU HOFRQWHQLGRGHXQDYLVWD

6HOHFFLRQDU HOLFRQRGHODYLVWD
'LEXMDUXQUHFWiQJXORHQHOOD\RXW
'HILQLUODVSURSLHGDGHVGHOUHFXDGURGHODYLVWD
$JUHJDUHO (O SULPHU SDVR HQ OD FUHDFLyQ GHO OD\RXW HV LQFRUSRUDU HO FRQWHQLGR GH XQD
FRQWHQLGRGH YLVWD VHOHFFLRQDQGR HO LFRQR FRUUHVSRQGLHQWH /D FDMD GH GLiORJR GH ODV
XQDYLVWD SURSLHGDGHV GHO UHFXDGUR GH OD YLVWD SHUPLWH VHOHFFLRQDU OD YLVWD TXH VH
GHVHDLQFRUSRUDUODHVFDODODH[WHQVLyQHOWLSR\FDOLGDGGHOGHVSOLHJXH
/DVSU RSLHGDGHVGHOU HFXDGU RGHOD9LVWD

6HOHFFLyQGHODYLVWD
(QODFHFRQHOFRQWHQLGRGHODYLVWD
2SFLRQHVGHHVFDOD
$XWRPiWLFD
0DQWHQHUODHVFDODGHODYLVWD
(VFDODHVSHFLILFDDVLJQDGDSRUHOXVXDULR
/DVSURSLHGDGHV (Q OD FDMD GH GLiORJR GH ODV SURSLHGDGHV GHO UHFXDGUR GH OD YLVWD VH
GHOUHFXDGURGH VHOHFFLRQDODYLVWDGHVHDGD/DRSFLyQ³/LYH/LQN´PDQWLHQHXQHQODFHHQWUH
ODYLVWD HO FRQWHQLGR GH OD YLVWD \ HO OD\RXW DO GHVDFWLYDU HVWD RSFLyQ ODV
PRGLILFDFLRQHV TXHVH HMHFXWHQ HQ ODYLVWDQRVHUHIOHMDUiQHQ HO OD\RXW/D
GHILQLFLyQ GH OD HVFDOD SXHGH VHU DXWRPiWLFD GHILQLGD GHVGH OD YLVWD R
DVLJQDGDSRUHOXVXDULR

(VFDODGHOPDSD
$XWRPiWLFD
(VFDODGHODYLVWD WDPDxRGHOU HFXDGU R
0DQWHQHU ODHVFDODGHOD9LVWD
(VFDOD
(VFDODHVSHFtILFDGHILQLGDSRU HOXVXDU LR

(VFDOD
(VFDODGHO /D HVFDOD DXWRPiWLFD VLJQLILFD TXH HO FRQWHQLGR GH OD YLVWD VH GHVSOLHJD HQ
PDSD WRGRHOUHFXDGURVLQDWHQGHUDXQDHVFDODHVSHFtILFDGHOPDSD
0DQWHQHUODHVFDODGH ODYLVWDLQGLFDTXHODHVFDOD GHO PDSD VHUiODPLVPD
TXHVHGHILQDHQODYLVWD
/D HVFDOD GHILQLGD SRU HO XVXDULR UHTXLHUH TXH HO XVXDULR LQWURGX]FD XQD
HVFDODHVSHFtILFDHQODFDMDGHGLiORJRGHODVSURSLHGDGHVGHOUHFXDGURGHOD
YLVWD
,QFRU SRU DU ODOH\HQGD

3URSLHGDGHVGHOUHFXDGURGHODOH\HQGD
7DPDxR\SRVLFLyQ
,QFRUSRUDUOD 3DUDLQFRUSRUDUODOH\HQGDFRUUHVSRQGLHQWHDOFRQWHQLGRGHOPDSDVHOHFFLRQH
OH\HQGD HOERWyQTXHDEUHODFDMDGHGLiORJRGHOUHFXDGURGHODOH\HQGD\PDUTXHXQD
FDMDHQHOOD\RXW TXHGHILQHODSRVLFLyQ\WDPDxRGHODOH\HQGD/DOH\HQGD
HQ HO OD\RXW VH YLQFXOD FRQ HO FRQWHQLGR GH OD YLVWD OD LQIRUPDFLyQ
GHVSOHJDGDFRUUHVSRQGHDOD7DEODGH&RQWHQLGRGHpVWD

'HILQLU ODHVFDODJU iILFD

3URSLHGDGHVGHOUHFXDGURGHODHVFDOD
(VWLOR8QLGDGHV,QWHUYDOR1~PHURGH
LQWHUYDORV
'HILQLUOD /DHVFDODJUiILFDHVWDEOHFHODUHODFLyQHQWUHODGLVWDQFLDUHDO\GLVWDQFLDHQHO
HVFDODJUiILFD PDSD'HVGHODFDMDGHGLiORJRFRUUHVSRQGLHQWHVHGHILQHHOHVWLORXQLGDGHV
UHDOHV\Q~PHURGHLQWHUYDORVTXHWHQGUiHVWDHVFDODPDQWHQLHQGRXQYtQFXOR
FRQHOUHFXDGURGHODYLVWD
2WU RVHOHPHQWRVGHOPDSD
6tPERORGHO1RUWH
*UiILFRV
7DEODV
,PiJHQHV
2WURVHOHPHQWRV (O VtPEROR GHO 1RUWH ORV JUiILFRV ODV WDEODV H ODV LPiJHQHV VRQ RWURV
GHOPDSD HOHPHQWRVTXHVHSXHGHQLQFRUSRUDUHQXQOD\RXW
/RV JUiILFRV \ ODV WDEODV TXH VRQ GRFXPHQWRV GH $UFYLHZ GHEHQ HVWDU
GHVSOHJDGRV SDUD YLVXDOL]DUORV HQ HO OD\RXW HO JUiILFR PDQWLHQH XQ YtQFXOR
FRQORVGDWRVGHODWDEOD
/DFDMDGHGLiORJRGHOVtPERORGHOQRUWHSUHVHQWDXQDJDOHUtDGHHVWLORVSDUD
VHOHFFLRQDU
/DV LPiJHQHV TXH SXHGHQ VHU LQFRUSRUDGDV DFHSWDQ ORV IRUPDWRV PiV
FRP~QPHQWHXWLOL]DGRVSDUDHVWHILQJLIWLIEPSZPIHQWUHRWURV

7tWXORV\PDU FRV
+HU U DPLHQWD +HU U DPLHQWD

GHWH[WR GHGLEXMR
7tWXORV\ 3DUDLQFRUSRUDUWH[WRV \GLEXMR H[LVWHXQ FRQMXQWR GHERWRQHVTXHSHUPLWH

PDUFRV HMHFXWDUHVWDV WDUHDV0HGLDQWH ODSDOHWDGHVtPERORV VH FRQWUROD HOWDPDxR
FRORU \ HVWLOR GH OHWUD DVt FRPR HO FRORU HVWLOR \ JURVRU GH ODV OtQHDV /DV
ILJXUDV JHRPpWULFDV SXHGHQ WHQHU XQ FRORU GH IRQGR ([LVWH OD RSFLyQ GH
FRORFDU XQD OODPDGD D XQ WH[WR H LQFRUSRUDU WH[WRV VLJXLHQGR XQD OtQHD
VLQXRVD
1RPEU HGHO/D\RXW
$VLJQDUXQQRPEU HDOGRFXPHQWRGHVGHODVSURSLHGDGHVGHOOD\RXW
(OOD\RXWTXHGDDOPDFHQDGR\VHOLVWDHQODYHQWDQDGHOSUR\HFWR
1RPEUHGHO 3RU GHIHFWR DO FUHDU XQ OD\RXW pVWH VH LGHQWLILFD FRPR ³/D\RXW´8Q
OD\RXW SUR\HFWR SXHGH DOPDFHQDU PiV GH XQ OD\RXW SRU OR WDQWR HV LPSRUWDQWH
DVLJQDUXQQRPEUHDOOD\RXWTXHLQGLTXHHOFRQWHQLGRGHpVWHSDUDIDFLOLWDUOD
FRPSUHVLyQ GH OD LQIRUPDFLyQ TXH SUHVHQWD XQ SUR\HFWR 'HVGH OD FDMD GH
GLiORJR GH ODV SURSLHGDGHV GHO OD\RXWVH LQFRUSRUDXQ QRPEUH TXHDSDUHFH
HQODSDUWHVXSHULRUGHODYHQWDQDGHOOD\RXW

,PSU LPLU RH[SRU WDU HO/D\RXW

,PSULPLUHOOD\RXWDOGLVSRVLWLYRGHVDOLGDFRQILJXUDGR
&UHDU XQDU FKLYRGHLPSUHVLyQ
([SRUWDUHOOD\RXWDXQDUFKLYRGHLPDJHQSDUDLQVHUWDUHQRWUDDSOLFDFLyQ
,PSULPLUR 6HLPSULPHHOOD\RXWGLUHFWDPHQWHGHVGHODDSOLFDFLyQGH$UF9LHZRVHFUHD
H[SRUWDU HO XQDUFKLYR GH LPSUHVLyQ HQ HOFDVR TXHVHWHQJDTXH LPSULPLU HO OD\RXW HQ
/D\RXW RWUR GLVSRVLWLYR GHVDOLGD(OOD\RXW SXHGHWDPELpQ H[SRUWDUVHDXQDUFKLYR
GHLPDJHQSDUDLQVHUWDUORHQRWUDDSOLFDFLyQ
(MHU FLFLR±(ODERU DU XQ³/D\RXW´
&UHDUXQOD\RXWHQHOSUR\HFWR
$JUHJDUXQDYLVWD\XQDOH\HQGD
$JUHJDU ODHVFDODJUiILFD\HO VtPERORGHO1RUWH
$JUHJDUXQJUiILFR\XQDWDEOD
$JUHJDUXQWtWXOR\ODIXHQWHGHODLQIRUPDFLyQ
$JUHJDUXQERUGH\XQFRORUGHIRQGR
&RORFDUXQWtWXORDO³/D\RXW´
&HU U DUHOSUR\HFWRJXDUGDQGRORVFDPELRV

&XUVR%iVLFRGH$UF9LHZ (MHUFLFLR± (ODERUDUXQ³/D\RXW´
(MHU FLFLR±(ODERU DU XQ³/D\RXW´
(Q HVWH HMHUFLFLR XVWHG DSUHQGHUi D PDQHMDU ODV KHUUDPLHQWDV GHO VRIWZDUH SDUD FUHDU XQ
PDSD SDUD LPSUHVLyQ D XQD HVFDOD HVSHFtILFD LQFRUSRUDQGR ORV HOHPHQWRV QHFHVDULRV SDUD
ORJUDUXQDVDOLGDGHFDOLGDG

&UHDUXQOD\RXWHQHOSUR\HFWR
6HKDGHVSOHJDGRXQDYLVWDTXHFRQWLHQHFXDWURWHPDVXQDWDEODFRQORVGDWRV
GHSREODFLyQWRWDOSDUDHODxRVHJ~QHO&HQVRGH3REODFLyQ\9LYLHQGD\
XQJUiILFRTXHUHSUHVHQWDHVWRVGDWRVHQIRUPDFRPSDUDWLYD

+DJD FOLF HQ OD YHQWDQD GHO SUR\HFWR SDUD DFWLYDUOD +DJD GREOH FOLF HQ HO
LFRQRGHO ³ /D\RXW´SDUDFUHDUXQOD\RXWQXHYR+DJDFOLFHQHOERWyQ³1HZ´
1XHYR SDUD GHVSOHJDU OD SiJLQD GHO OD\RXW GRQGH VH LQFRUSRUDUi OD
LQIRUPDFLyQ
'HVGHHOPHQ~GHOOD\RXWVHOHFFLRQH ³3DJH6HWXS´'HILQLFLyQGHODSiJLQD

SDUD GHILQLU HO WDPDxR GHO SDSHO D XWLOL]DU VHOHFFLRQH OD RSFLyQ ³/HWWHU´\
FDPELHODRULHQWDFLyQ GHOSDSHO D³+RUL]RQWDO´+RUL]RQWDO3UHVLRQH2.
+DJDFOLFHQ ODRSFLyQ ³=RRPWRSDJH´]RRPHQ ODSiJLQDSDUDYLVXDOL]DU

WRGDODH[WHQVLyQGHODKRMD

$JUHJDUXQDYLVWD\XQDOH\HQGDDOOD\RXW
3DUDDJUHJDUODLQIRUPDFLyQTXHDSDUHFHHQODYLVWDHOSULPHUSDVRHVDJUHJDU
XQUHFXDGURGHODYLVWD+DJDFOLFHQODRSFLyQ ³9LHZ)UDPH´5HFXDGURGH
ODYLVWDSDUDHMHFXWDUHVWDWDUHD&ROyTXHVHHQHOOD\RXW\KDJDXQDFDMDFRPR
VHPXHVWUDDFRQWLQXDFLyQPDUTXHXQSXQWRDUULEDDODL]TXLHUGD\DUUDVWUHHO
UDWyQHQGLDJRQDOKDFLDDEDMRSDUDPDUFDURWURSXQWRDEDMRDODGHUHFKD
(QODFDMDGHGLiORJRGHOUHFXDGURGHODYLVWDVHOHFFLRQHODYLVWD ³3REODFLyQ
GH 9HQH]XHOD´ OD RSFLyQ ³6FDOH´ (VFDOD VHOHFFLRQH ³8VHU 6SHFLILHG
6FDOH´ (VFDOD HVSHFLILFDGD SRU HO XVXDULR \ HVFULED ³´ SDUD
HVWDEOHFHU GLH] PLOORQHV FRPR OD HVFDOD GH VDOLGD GHO PDSD 3UHVLRQH ³2.´
SDUDHMHFXWDUODRSHUDFLyQ
/DYLVWDGHODSREODFLyQGH9HQH]XHODVHKDGHVSOHJDGRHQHOOD\RXW

3URFHGDDLQFRUSRUDUODOH\HQGD+DJDFOLFHQODRSFLyQFRUUHVSRQGLHQWHHQOD
EDUUD GH KHUUDPLHQWDV GHO OD\RXW \ PDQWHQJD HO FXUVRU SUHVLRQDGR SDUD
GHVSOHJDU OD OLVWD GH ERWRQHV VHOHFFLRQH HO GH OD OH\HQGD (Q HO OD\RXW KDJD
QXHYDPHQWHXQDFDMDHQHO VLWLRGRQGH VHUi LQFRUSRUDGDOD OH\HQGD FRPRVH
LQGLFDDFRQWLQXDFLyQ(OSURFHGLPLHQWRSDUDHODERUDUHOUHFXDGURHV LJXDODO
TXHUHDOL]ySDUDODYLVWD
(Q OD FDMD GH GLiORJR GHVSOHJDGD PDUTXH ³9LHZ)UDPH ³3REODFLyQ GH
9HQH]XHOD´ HQ OD RSFLyQ ³9LHZ )UDPH´ 5HFXDGUR GH OD YLVWD 3UHVLRQH
2.3DUDTXHODOH\HQGDFRUUHVSRQGLHQWHDODYLVWDDSDUH]FDHQHOOD\RXW

$JUHJDUODHVFDODJUiILFD\HOVtPERORGHO1RUWH
$FWLYHQXHYDPHQWHHOOD\RXWKDFLHQGRFOLFHQODEDUUDVXSHULRUGHODYHQWDQD
GHOOD\RXW+DJDFOLFHQODKHUUDPLHQWDGHORVUHFXDGURV\PDQWHQJDHOFXUVRU
SUHVLRQDGR SDUD GHVSOHJDU OD OLVWD VHOHFFLRQH HO ERWyQ FRUUHVSRQGLHQWH D OD
HVFDODJUiILFD'LEXMHQXHYDPHQWHXQDFDMDFRPRVHLQGLFDDFRQWLQXDFLyQHO
SURFHGLPLHQWRSDUDHODERUDUHOUHFXDGURHVLJXDODOTXHUHDOL]ySDUDODYLVWD\
ODOH\HQGD
6HGHVSOLHJDODFDMDGHGLiORJRGHODHVFDOD3DUDHQOD]DUODHVFDODJUiILFDDOD
YLVWD VHOHFFLRQH ³9LHZ)UDPH 3REODFLyQ GH 9HQH]XHOD´ HQ OD RSFLyQ
³9LHZ)UDPH´5HFXDGURGHODYLVWD3UHVLRQH2.
/D HVFDOD JUiILFD KD VLGR LQFRUSRUDGD DO OD\RXW6L OR GHVHD SXHGH KDFHU XQ
DFHUFDPLHQWR SDUD YHULILFDU OD FRORFDFLyQ GH pVWD LQIRUPDFLyQ XWLOL]DQGR HO
ERWyQGH³]RRPLQ´+DJDFOLFHQHVWHERWyQOXHJRKDJDXQDFDMDURGHDQGROD
HVFDODJUiILFDSDUDHMHFXWDUODRSHUDFLyQ

6L HMHFXWy XQ DFHUFDPLHQWR KDJD FOLF HQ HO ERWyQ ³=RRP WR SDJH´ SDUD
YLVXDOL]DU QXHYDPHQWH WRGR HO PDSD $KRUD DJUHJXH HO VtPEROR GHO 1RUWH
+DJDFOLFHQODKHUUDPLHQWDGHORVUHFXDGURV\PDQWHQJDHOFXUVRUSUHVLRQDGR
SDUDGHVSOHJDU OD OLVWD VHOHFFLRQHHO ERWyQGHO1RUWH(QHO OD\RXWKDJDXQD
FDMDFRPRODVDQWHULRUHVHQHOVLWLRGRQGHGHVHDFRORFDUHOVtPERORGHO1RUWH
(QODYHQWDQDGHGLiORJRGHVSOHJDGDVHOHFFLRQHXQRGHORVVtPERORVFRPRVH
PXHVWUDDFRQWLQXDFLyQFRQVLGHUHHOGHpVWHPDQXDOFRPRXQDVXJHUHQFLD
$JUHJDUXQJUiILFR\XQDWDEOD
+DJD FOLF HQ HO ERWyQ ³=RRP WR SDJH´ SDUD YLVXDOL]DU QXHYDPHQWH WRGR HO
PDSD +DJD FOLF HQ OD KHUUDPLHQWD GH ORV UHFXDGURV \ PDQWHQJD HO FXUVRU
SUHVLRQDGR SDUD GHVSOHJDU OD OLVWD VHOHFFLRQH HO ERWyQ FRUUHVSRQGLHQWH DO
JUiILFR 'LEXMH QXHYDPHQWH XQD FDMD HQ HO OXJDU GRQGH VHUi LQFRUSRUDGR HO
JUiILFRFRPRVHLQGLFDDFRQWLQXDFLyQ

6HGHVSOLHJDODFDMDGHGLiORJRGHOJUiILFRVHOHFFLRQHHOJUiILFRGHQRPLQDGR
³&KDUW´3UHVLRQH2.
+DJDFOLFQXHYDPHQWHHQODKHUUDPLHQWDGHORVUHFXDGURV\PDQWHQJDHOFXUVRU
SUHVLRQDGR SDUD GHVSOHJDU OD OLVWD VHOHFFLRQH HO ERWyQ FRUUHVSRQGLHQWH D OD
WDEOD'LEXMHXQDFDMDFRPRODVDQWHULRUHVHQHOOXJDUGRQGHVHUiLQFRUSRUDGD
ODWDEODWDOFRPRVHLQGLFDDFRQWLQXDFLyQ
6H GHVSOLHJD OD FDMD GH GLiORJR GH OD WDEOD VHOHFFLRQH OD WDEOD GHQRPLQDGR
³3REODFU HJLRQ´3UHVLRQH2.

$JUHJDUXQWtWXOR\ODIXHQWHGHODLQIRUPDFLyQ
$QWHVGHDJUHJDUHOWtWXORGHO OD\RXWHVFRQYHQLHQWHGHILQLUHOWLSR\WDPDxR
GHODOHWUD'HVGHHOPHQ~GH³:LQGRZ´VHOHFFLRQHODRSFLyQ ³ 6KRZ6\PERO
:LQGRZ´ +DJD FOLF HQ HO ERWyQ ³)RQW 3DOHWWH´ 3DOHWD GH )XHQWHV SDUD
GHVSOHJDUVXVRSFLRQHV'HILQDFRPRIXHQWHODOHWUD ³$ULDO´\WDPDxR ³6L]H´

&LHUUHODSDOHWDGHODVIXHQWHV+DJDFOLFHQHOERWyQGHOWH[WRHQODEDUUDGH
KHUUDPLHQWDVGHOOD\RXW+DJDFOLFHQHOOD\RXWHQXQSXQWRGRQGHGHVHpTXH
FRPLHQFH HO WtWXORHQ OD FDMD GH GLiORJR GHVSOHJDGD HVFULED FRPR WtWXOR GHO
OD\RXW ³',675,%8&,21 '( /$ 32%/$&,21 '( 9(1(=8(/$ ±
$f2´ 3UHVLRQH³2.´
(OWtWXORVHSUHVHQWDDKRUDHQHO OD\RXW6LQRHVWiVDWLVIHFKRFRQODSRVLFLyQ
GHO PLVPR SURFHGD D UHXELFDUOR KDFLHQGR FOLF HQ HO ERWyQ GHO DSXQWDGRU \
DUUDVWUDQGRHOWtWXORDRWUDSRVLFLyQ

3URFHGD DKRUD D LQFRUSRUDU OD IXHQWH GH OD LQIRUPDFLyQ 3ULPHUR FDPELH HO
WDPDxR GH OD OHWUD GHVGH HO PHQ~ GH ³:LQGRZ´ VHOHFFLRQDQGR OD RSFLyQ
³6KRZ6\PERO:LQGRZ´+DJDFOLFHQHOERWyQ ³)RQW3DOHWWH´3DOHWDGH
)XHQWHVSDUDGHVSOHJDUVXVRSFLRQHV'HILQDFRPRIXHQWHODOHWUD ³$ULDO´ \
WDPDxR ³6L]H´
+DJDFOLFHQ HO ERWyQGHOWH[WRHQ OD EDUUDGH KHUUDPLHQWDVGHO OD\RXW+DJD

FOLFHQHO OD\RXW HQXQSXQWR HQ ODSDUWH LQIHULRUGHUHFKDGH ODSiJLQD HQ OD
FDMD GH GLiORJR GHVSOHJDGD HVFULED FRPR IXHQWH GH LQIRUPDFLyQ ³)XHQWH
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVRGH3REODFLyQ\9LYLHQGD $xR
´3UHVLRQH³2.´
$JUHJDUXQERUGH\XQFRORUGHIRQGRDOOD\RXW
3DUD ILQDOL]DU XVWHG LQFRUSRUDUi XQD OtQHD GH ERUGH \ XQ FRORU GH IRQGR DO
OD\RXW'HVGHHOPHQ~GHOOD\RXWVHOHFFLRQHODRSFLyQ ³ $GG1HDWOLQH´

(QODYHQWDQDGHGLiORJRGHVSOHJDGDPDQWHQJDODRSFLyQSRUGHIHFWR ³3ODFH
DURXQGDOOJUDSKLFV´FRORTXHDOUHGHGRUGHWRGRVORVJUiILFRV6LORGHVHD
VHOHFFLRQHXQHVWLORGH OtQHD HQ ODRSFLyQ ³&OLFNRQDERUGHUVW\OH´KDJD
FOLF HQ XQ HVWLOR GH ERUGH (Q OD RSFLyQ ³)LOO &RORU´ FRORU GH UHOOHQR
EXVTXHXQFRORUGHVXDJUDGR3UHVLRQH2.SDUDHMHFXWDUODRSHUDFLyQ
&RORFDUXQWtWXORDO³/D\RXW´
'HVGHHOPHQ~GHO ³/D\RXW´VHOHFFLRQH ³3URSHU WLHV´3URSLHGDGHV\HQOD

FDMDGHGLiORJRGHVSOHJDGDLQWURGX]FDFRPRWtWXORGHOOD\RXW ³3REODFLyQGH
9HQH]XHOD´ 'H HVWD IRUPD XVWHG LGHQWLILFD ORV GRFXPHQWRV TXH TXHGDQ
DOPDFHQDGRVHQHOSUR\HFWR

&HU U DUHOSUR\HFWRJXDUGDQGRORVFDPELRV
+D UHDOL]DGR VXILFLHQWH WUDEDMR SRU OR TXH HV UHFRPHQGDEOH TXH JXDUGH ORV
FDPELRV $FWLYH OD YHQWDQD GHO SUR\HFWR \ GHVGH HO PHQ~ ³)LOH´ $UFKLYR
VHOHFFLRQH ³&ORVH 3URMHFW´ &HUUDU HO SUR\HFWR +DJD FOLF HQ OD RSFLyQ
³<HV´6LSDUDJXDUGDUORVFDPELRVHIHFWXDGRV
),1

%,%/,2*5$),$
♦ (QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,QF(65, , QWURGXFWLRQWR

$UF9LHZ*,6(VUL(GXFDWLRQDO6HUYLFHV
♦ (QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,QF(65, , QWURGXFWLRQWR

$5&,1)2XVLQJ$UF0DS$UF&DWDORJDQ$UF7RRO%R[(VUL
(GXFDWLRQDO6HUYLFHV
♦ (QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,1&(65, 0RGHOLQJ2XU

:RU OG7KH(VUL*XLGHWR*HR'DWDEDVH'HVLJQ (VUL3UHVV
♦ (QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,QF(65, * ,6$QDO\VLV9RO

*HRJUDSKLFSDWWHUQDQGUHODWLRQVKLS (VUL3UHVV
♦ 0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR&RORPELD,QVWLWXWR*HRJUiILFR
$JXVWtQ&RGD]]L&RQFHSWRV%iVLFRVVREUH6LVWHPDVGHLQIRUPDFLyQ
*HRJUiILFD\$SOLFDFLRQHVHQ/DWLQRDPpULFD&RORPELD

Curso Basico de ArcView

Загружено:

Сведения о документе

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Curso Basico de ArcView

Загружено:

Авторское право:

Доступные форматы

&8562%É6,&2

'HILQLFLyQGHVLVWHPDGHLQIRU PDFLyQJHRJU iILFD

(QODFHGHODVFDU DFWHU tVWLFDVHVSDFLDOHV\VXVDWU LEXWRV

9LUJLQLD%HKP ± &DUDFDV 

'HILQLFLyQGHVLVWHPDGHLQIRU PDFLyQJHRJU iILFD6,*

(QODFHGHODVFDU DFWHU tVWLFDVHVSDFLDOHV\ VXVDWU LEXWRV

'DWRVJHRJU iILFRV 'DWRVGHVFU LSWLYRV

0DSDV 7DEODDWU LEXWLYD

9LUJLQLD%HKP ± &DUDFDV 

 /DLQIRU PDFLyQVHDJUXSDGHDFXHUGR  9LDOLGDG

 7UHVIRU PDVGHDOPDFHQDPLHQWR  8VRGHODWLHU U D

GHODGDWDYHFWRULDO  +LGU RJU DItD

3XQWRVHVFXHODV /tQHDVYLDOLGDG 3ROtJRQRVSDU URTXLDV

9LUJLQLD%HKP ± &DUDFDV 

$QiOLVLVGHODGDWD 'HVSOLHJXHGHODGDWD 6DOLGDGHODGDWD

9LUJLQLD%HKP ± &DUDFDV 

%DVHGH'DWRV 7DU HDVGH

9LUJLQLD%HKP ± &DUDFDV 

3ODQGH (OHQWUHQDPLHQWRDOSHUVRQDO TXHHVWDUiDOIUHQWHGHO6,*HV LPSRUWDQWH

9LUJLQLD%HKP ± &DUDFDV 

R 8QVRIWZDU HSDU DWU DEDMDU HQ6LVWHPDGH

,QIRU PDFLyQ*HRJU iILFD

R /D,QWHU IDFHGH$U F9LHZ

R (O3U R\HFWR GH$U F9LHZ

R /RV³/D\RXWV´ U HSU HVHQWDFLRQHV

8QVRIWZDU HSDU DWU DEDMDU HQ6LVWHPDGH,QIRU PDFLyQ*HRJU iILFD

9LUJLQLD%HKP ± &DUDFDV  

$SOLFDFLRQHVGH $UF9LHZ SURYHH KHUUDPLHQWDV SDUD LQFRUSRUDU LQIRUPDFLyQ HVSDFLDO \

/DLQWHUIDFHGH 3RUWUDWDUVHGHXQVRIWZDUH TXHWUDEDMDEDMR:LQGRZVOD DSOLFDFLyQSRVHH

9LUJLQLD%HKP ± &DUDFDV  

9LVWDD 7DEODD *UiILFRR

(O3U R\HFWR GH$U F9LHZ

(O3UR\HFWRGH 6HGHQRPLQD3UR\HFWRXQDUFKLYR2'% 2EMHFW'DWD%DVH TXHDOPDFHQDHO

9LUJLQLD%HKP ± &DUDFDV  

2SHUDFLRQHVHQ 3UHQGHURDSDJDUXQ 7HPD FDXVDHOHIHFWRYLVXDOGHYHURQRHO 7HPD 

9LUJLQLD%HKP ± &DUDFDV  

9LUJLQLD%HKP ± &DUDFDV  

9LUJLQLD%HKP ± &DUDFDV  

(MHU FLFLR±,QWU RGXFFLyQDODLQWHU IDFHGH$U F9LHZ

 ,QIRU PDFLyQVREUHODVFDUDFWHUtVWLFDV

9LUJLQLD%HKP ± &DUDFDV  

(MHU FLFLR±,QWU RGXFFLyQDODLQWHU IDFHGH$U F9LHZ

9LUJLQLD%HKP ± &DUDFDV 

 3DUDUHDOL]DUXQDDSUR[LPDFLyQKDJDFOLF HQHO ERWyQ ³=RRP,Q´+DJDXQD

 ,QIRU PDFLyQVREUHODVFDUDFWHUtVWLFDV

 2WUDIRUPDGHVHOHFFLRQDUFDUDFWHUtVWLFDVHQ OD YLVWDHVXWLOL]DQGRHOERWyQGH

 3DUDHOLPLQDUODVHOHFFLyQKDJDFOLFHQHOERWyQ ³ 6HOHFW1RQH´ 6HOHFFLRQDU

9LUJLQLD%HKP ± &DUDFDV 

2WUD IRUPD GH EXVFDU D\XGD HV XWLOL]DQGR OD RSFLyQ ³+

9LUJLQLD%HKP ± &DUDFDV 

R )RU PDWRVGHDU FKLYRVSDU DORVWHPDV

R ,QFRU SRU DFLyQGHWHPDVHQXQDYLVWD

R ,QFRU SRU DFLyQ GHXQDU FKLYRGHLPDJHQ

R ,QFRU SRU DFLyQGHXQDU FKLYRGHWH[WRGH

R *XDU GDU ORVFDPELRVGHO3U R\HFWR

/RV7HPDV (O7HPD HVODGHQRPLQDFLyQHQ$UF9LHZSDUDLGHQWLILFDUORVDUFKLYRVTXH

9LUJLQLD%HKP ± &DUDFDV  

)RU PDWRVGHDU FKLYRVSDU DORVWHPDV

 'DWRVHQIRU PDGHLPiJHQHV IRUPDWRUDVWHU

9LUJLQLD%HKP ± &DUDFDV  

&UHDFLyQGHXQD 3DUDFUHDUXQDYLVWDQXHYDSUHVLRQHHOERWyQ³1HZ´ QXHYR HQODYHQWDQD

,QFRU SRU DFLyQGHWHPDVHQXQDYLVWD

%RWyQ³$JUHJDUWHPD´ 6HOHFFLRQDU ODIXHQWHGHGDWRV

9LUJLQLD%HKP ± &DUDFDV  

9LUJLQLD%HKP ± &DUDFDV

'HILQLFLyQGHVLVWHPDGHLQIRU PDFLyQJHRJU iILFD6,*

9LUJLQLD%HKP ± &DUDFDV

/DLQIRU PDFLyQVHDJUXSDGHDFXHUGR 9LDOLGDG

7UHVIRU PDVGHDOPDFHQDPLHQWR 8VRGHODWLHU U D

GHODGDWDYHFWRULDO +LGU RJU DItD

3XQWRVHVFXHODV /tQHDVYLDOLGDG 3ROtJRQRVSDU URTXLDV

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

3ODQGH (OHQWUHQDPLHQWRDOSHUVRQDO TXHHVWDUiDOIUHQWHGHO6,*HV LPSRUWDQWH

9LUJLQLD%HKP ± &DUDFDV

R /RV³/D\RXWV´U HSU HVHQWDFLRQHV

9LUJLQLD%HKP ± &DUDFDV

/DLQWHUIDFHGH 3RUWUDWDUVHGHXQVRIWZDUH TXHWUDEDMDEDMR:LQGRZVOD DSOLFDFLyQSRVHH

9LUJLQLD%HKP ± &DUDFDV

(O3UR\HFWRGH 6HGHQRPLQD3UR\HFWRXQDUFKLYR2'%2EMHFW'DWD%DVHTXHDOPDFHQDHO

9LUJLQLD%HKP ± &DUDFDV

2SHUDFLRQHVHQ 3UHQGHURDSDJDUXQ 7HPD FDXVDHOHIHFWRYLVXDOGHYHURQRHO 7HPD

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

(MHU FLFLR±,QWU RGXFFLyQDODLQWHU IDFHGH$U F9LHZ

,QIRU PDFLyQVREUHODVFDUDFWHUtVWLFDV

9LUJLQLD%HKP ± &DUDFDV

(MHU FLFLR±,QWU RGXFFLyQDODLQWHU IDFHGH$U F9LHZ

9LUJLQLD%HKP ± &DUDFDV

3DUDUHDOL]DUXQDDSUR[LPDFLyQKDJDFOLF HQHO ERWyQ ³=RRP,Q´+DJDXQD

,QIRU PDFLyQVREUHODVFDUDFWHUtVWLFDV

2WUDIRUPDGHVHOHFFLRQDUFDUDFWHUtVWLFDVHQ OD YLVWDHVXWLOL]DQGRHOERWyQGH

3DUDHOLPLQDUODVHOHFFLyQKDJDFOLFHQHOERWyQ ³ 6HOHFW1RQH´6HOHFFLRQDU

9LUJLQLD%HKP ± &DUDFDV

2WUD IRUPD GH EXVFDU D\XGD HV XWLOL]DQGR OD RSFLyQ ³+

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

'DWRVHQIRU PDGHLPiJHQHVIRUPDWRUDVWHU

9LUJLQLD%HKP ± &DUDFDV

&UHDFLyQGHXQD 3DUDFUHDUXQDYLVWDQXHYDSUHVLRQHHOERWyQ³1HZ´QXHYRHQODYHQWDQD

9LUJLQLD%HKP ± &DUDFDV

,QFRUSRUDFLyQGH 8QDLPDJHQHVXQDUFKLYRUDVWHUFHOGDVXQLIRUPHVRUJDQL]DGDVHQILODV\

9LUJLQLD%HKP ± &DUDFDV

XDUGDU ORV XDUGDUXQSUR\HFWRHVDOPDFHQDUHQXQDUFKLYR2'%2EMHFW'DWD%DVH

(MHU FLFLR±$JU HJDU WHPDVDXQDYLVWD

*XDUGDUHO3U R\HFWR

9LUJLQLD%HKP ± &DUDFDV

(MHU FLFLR±$JU HJDU WHPDVDXQDYLVWD

9LUJLQLD %HKP ± &DUDFDV

9LUJLQLD %HKP ± &DUDFDV

9LUJLQLD %HKP ± &DUDFDV

6HOHFFLRQHODRSFLyQ³3URSHUWLHV´3URSLHGDGHVHQHOPHQ~GHODYLVWDSDUD

9LUJLQLD %HKP ± &DUDFDV

*XDUGDUHO3U R\HFWR

9LUJLQLD %HKP ± &DUDFDV

9LUJLQLD %HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFD

&RQYHU WLU HOWHPD 1RPEU HGHODU FKLYR ,QFRU SRU DFLyQGHO

&RQYHUWLURWURV /RVDUFKLYRV&$'$XWR&DG0LFURVWDWLRQSXHGHFRQYHUWLUVHHQVKDSHV

9LUJLQLD%HKP ± &DUDFD

9LUJLQLD%HKP ± &DUDFD

$FWLYDU ODRSFLyQGHO DMXVWHKDFLHQGRFOLFHQHO

$UU DVWU DU HOFXU VRU SDU DHVSHFLILFDU XQDGLVWDQFLD

,QFRUSRUDFLyQ 6HJ~Q VHDHOWLSRGHDUFKLYRTXHVHKD\DGHILQLGRSXQWROtQHDRSROtJRQR

9LUJLQLD%HKP ± &DUDFD

$JUHJDU YDORU HV

6HOHFFLRQDU OD FDU DFWHU tVWLFD

0RGLILFDU ODIRU PD

9LUJLQLD%HKP ± &DUDFD

(MHU FLFLR±(GLFLyQGHDU FKLYRVVKDSHV

&DOFXODUODVXSHU ILFLHGHORVSROtJRQRVGHILQLGRV

&HU U DUHOSUR\HFWR

9LUJLQLD%HKP ± &DUDFD

(MHU FLFLR±/RVDU FKLYRVVKDSHV

+DJDFOLFHQ ³ 2SHQDQH[LVWLQJSURMHFW´DEULUXQSUR\HFWRH[LVWHQWH

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

'HILQ LU OD W ROHU D Q FLD G HD M X VW H

+DJDFOLFHQHO ERWyQGHGHILQLFLyQGH ODWROHUDQFLDVREUH OD YLVWD0DQWHQJD

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV

9LUJLQLD%HKP ± &DUDFDV