81,9(56,'$''(6$1&$5/26'(*8$7(0$/$

)$&8/7$''(2'2172/2*Ë$
'(3$57$0(172'(('8&$&,Ï12'2172/Ï*,&$
%,%/,27(&$















*8Ë$3$5$/$(/$%25$&,Ï1'(%,%/,2*5$)Ë$6
(175$%$-26'(,19(67,*$&,Ï1










'U5LFDUGR$QWRQLR6iQFKH]ÈYLOD

/LFGD+HLGL(OL]DEHWK0ROLQD$UDQD






*XDWHPDODPD\RGH




'LUHFWRU'HSDUWDPHQWRGH(GXFDFLyQ2GRQWROyJLFD

'LUHFWRUD%LEOLRWHFDGHOD)DFXOWDGGH2GRQWRORJtD

 Ë1',&(


,1752'8&&,Ï1          


,(/(0(1726'(/$5()(5(1&,$%,%/,2*5È),&$    


/,%526)2//(726'2&80(1726<7(6,6    

 2%5$6&2181$8725      
 2%5$6&21'26$8725(6       
2%5$6&2175(6$8725(6      
 2%5$6&210$6'(75(6$8725(6     
 $3(//,'26'(08-(5(6&$6$'$6     
 2%5$6'((',725(62&203,/$'25(6&202$8725(6  
 $8725'(/&$3Ë78/223$57('(81/,%52   
 2%5$6'($8725(6,167,78&,21$/(6    
  ,167,78&,21(6'(*2%,(512    
  81,9(56,'$'(6      
  25*$1,6026,17(51$&,21$/(6    
 7(6,6
 2%5$66,1$8725         

(9(1726&,(17Ë),&26        
 '2&80(1726'(&21)(5(1&,$6(,1)250(67e&1,&26 
 ',6(57$&,21(6<&21)(5(1&,$6     

38%/,&$&,21(63(5,Ï',&$6       
 $57Ë&8/26'(5(9,67$6      
  81$8725       
  '26$6(,6$8725(6     
  0È6'(6(,6$8725(6     
  6,1$8725       
 $57Ë&8/26'(3(5,Ï',&26      

'2&80(1726(/(&75Ï1,&26      


,,25*$1,=$&,Ï1%,%/,2*5È),&$<&,7$6'(7(;72   

25*$1,=$&,Ï1'(/$/,67$%,%/,2*5È),&$    

&,7$6(1(/7(;72        

&2081,&$&,21(63(5621$/(6      

/,7(5$785$'(&2168/7$        

$1(;26           



³«6HQWtDODQHFHVLGDGGHVDEHUDOJR\GHHPSH]DUSRUORVQRPEUHVPiV
XQLYHUVDOPHQWHFRQRFLGRV´$XJXVWR0RQWHUURVR



,1752'8&&,Ï1

(O FDUiFWHU VRFLDO GH OD DFWLYLGDG LQWHOHFWXDO GHO KRPEUH HV FDGD YH] PiV HYLGHQWH  /D
WUDQVIRUPDFLyQ GH ORV FRQRFLPLHQWRV QXHYRV HQ PHGLRV PDWHULDOHV GLIHUHQWHV HV WDQ UiSLGD
TXH OD JHQHUDFLyQ GH FRQRFLPLHQWRV \ HO DFFHVR D HOORV HV XQ FRPSRQHQWH HVHQFLDO GHO
GHVDUUROOR
$QWH HVWD VLWXDFLyQ HV LQGLVSHQVDEOH FRQVLGHUDU TXH GXUDQWH OD IRUPDFLyQ XQLYHUVLWDULD QR
EDVWDFRQDSUHQGHUFRQRFLPLHQWRV\WpFQLFDVKD\TXHDSUHQGHUHOSURFHVRGHREWHQFLyQGH
FRQRFLPLHQWRV\SDUDHOORHVIXQGDPHQWDOODSUiFWLFDGHODLQYHVWLJDFLyQFLHQWtILFDGHODOXPQR
FRQHOSURIHVRU
&RPR SDUWH GHO SURFHVR GH LQYHVWLJDFLyQ VH KDFH QHFHVDULR FRQVXOWDU H LGHQWLILFDU ODV
GLIHUHQWHVIXHQWHVGHLQIRUPDFLyQVHDQpVWDVGHFDUiFWHUHVFULWRHOHFWUyQLFRPDJQpWLFR\GH
RWUDtQGROHFRQHOILQGHIXQGDPHQWDUFLHQWtILFDPHQWHORVGLIHUHQWHVDVSHFWRVGHODPLVPD
3RUWDOPRWLYRHOSUHVHQWHGRFXPHQWRVHHODERUyFRQHOSURSyVLWRGHEULQGDUDOHVWXGLDQWH\
SHUVRQDOGRFHQWHGHHVWD&DVDGH(VWXGLRVXQDJXtDSUiFWLFDTXHRULHQWHHOUHJLVWURWpFQLFR
\HVWDQGDUL]DGRGHODVUHIHUHQFLDVELEOLRJUiILFDVFRQVXOWDGDVGHPDQHUDTXHVHDGHFXHQD
ORVOLQHDPLHQWRVDFDGpPLFRV\FLHQWtILFRVDFHSWDGRVLQWHUQDFLRQDOPHQWH
/RVOLQHDPLHQWRVTXHDTXtVHGHVFULEHQIXHURQDGDSWDGRVGHODVQRUPDVTXHVRQXWLOL]DGDV
SRU HQWLGDGHV LQWHUQDFLRQDOHV UHFRQRFLGDV FRPR ,QWHUQDFLRQDO $VVRFLDWLRQ IRU 'HQWDO
5HVHDUFK ,QGH[ 0HGLFXV ,QWHUQDWLRQDO 6WDQGDUG 2UJDQL]DWLRQ ,62 \ GHO ,QVWLWXWR
,QWHUDPHULFDQR GH &RRSHUDFLyQ SDUD OD $JULFXOWXUD ,,&$ )LQDOPHQWH DSDUWH GH OD
LQIRUPDFLyQ SURSRUFLRQDGD HQ HVWH GRFXPHQWR HQ OD %LEOLRWHFD GH OD )DFXOWDG GH
2GRQWRORJtD GH OD 8QLYHUVLGDG GH 6DQ &DUORV GH *XDWHPDOD VH EULQGDUi RULHQWDFLyQ \
DVHVRUtDDORVXVXDULRVTXHVROLFLWHQDPSOLDFLyQDOUHVSHFWR






,(/(0(1726'(/$5()(5(1&,$%,%/,2*5È),&$
(VHOFRQMXQWRGHHOHPHQWRVVXILFLHQWHPHQWHGHWDOODGRVTXHSHUPLWHQODLGHQWLILFDFLyQGHOD
IXHQWHGRFXPHQWDOLPSUHVDRQRGHODTXHVHH[WUDHLQIRUPDFLyQ(VWRLQFOX\HORVUHFXUVRV
HOHFWUyQLFRV HQ ORV GLIHUHQWHV VRSRUWHV (Q WpUPLQRV JHQHUDOHV ORV HOHPHQWRV GH XQD
UHIHUHQFLDELEOLRJUiILFDVRQORVVLJXLHQWHV
• $XWRU
• $xRGHSXEOLFDFLyQ
• 7tWXOR\VXEWtWXOR
• ,QIRUPDFLyQ VREUH HO GRFXPHQWR WDO FRPR QRWDV WLSRJUiILFDV YROXPHQ \ Q~PHUR GH
UHYLVWDHWF

(O RUGHQ \ OD HVSHFLILFDFLyQ GH HVWRV HOHPHQWRV YDUtDQ VHJ~Q HO WLSR GH GRFXPHQWR OLEUR
UHYLVWDVHULHGRFXPHQWRHOHFWUyQLFR\RWURV

/,%526)2//(726'2&80(1726<7(6,6

3RUORJHQHUDOWRGRVORVGDWRVVHHQFXHQWUDQHQODSRUWDGDGHOOLEURRIROOHWRHVGHFLUODKRMD
SULQFLSDOGHOOLEUR6LQHPEDUJRRWUDVSDUWHVGHOGRFXPHQWRSXHGHQLQFOXLUORVGDWRVEiVLFRV
R FRPSOHPHQWDULRV SDUD UHGDFWDU OD UHIHUHQFLD FRPSOHWD WDOHV FRPR OD FXELHUWD OD IDOVD
SRUWDGDHOFRORIyQODVRODSDODLQWURGXFFLyQHWF

(/(0(1726 38178$&,Ï1
$XWRU (Q IRUPD LQYHUWLGD SULPHUR HO ORV DSHOOLGR V
VHSDUDGR SRU XQD FRPD GH ODV LQLFLDOHV GHO
QRPEUH GH SLOD 3XQWR DO ILQDO GH OD LQLFLDO GHO
QRPEUHRQRPEUHV
$xRGHSXEOLFDFLyQ (QWUHSDUpQWHVLV\SXQWRDOILQDO
7tWXOR (QQHJULOODV\SXQWRDOILQDO
6XEWtWXORVLDSDUHFH (Q QHJULOODV VHSDUDGR GHO WtWXOR SRU GRV SXQWRV \
SXQWRDOILQDO
7UDGXFWRUFRPRDSDUHFHHQHOOLEUR 3UHFHGLGRGHODSDODEUD7UDG<SXQWRDOILQDO
(GLFLyQDSDUWLUGHODVHJXQGDHGLFLyQ 1~PHURDUiELJRVHJXLGRGHODSDODEUDHG\SXQWR
DOILQDO
&LXGDG &RPD VL YD VHJXLGD GHO SDtV 6L VH RPLWH HO SDtV
GRVSXQWRVDOILQDO
3DtVHQFDVRQHFHVDULR 'RVSXQWRVDOILQDO
(GLWRULDO VLPSOLILFDGD 0RVE\ 3XQWRDOILQDO
,QWHUDPHULFDQDHWF
9ROXPHQ 3XQWR DO ILQDO WRWDOLGDG GH YRO~PHQHV &RPD DO
ILQDO YROXPHQ FRQVXOWDGR VHJXLGR GH OD
SDJLQDFLyQ
3iJLQDV 3UHOLPLQDUHVFRQQ~PHURVURPDQRVVHSDUDQGRFRQ
FRPDODSDJLQDFLyQHQQ~PHURVDUiELJRV3XQWRDO
ILQDO
1RWDV LPSRUWDQWHV 6HULH FROHFFLyQ (QWUHSDUpQWHVLV\SXQWRDOILQDO
HQSURFHVRGHLPSUHVLyQ\RWURV


$FRQWLQXDFLyQVHLQGLFDFRPRGHEHQRUGHQDUVHORVHOHPHQWRVDQWHVHQXPHUDGRVODVEDUUDV
GLDJRQDOHVLQGLFDQHVSDFLR

$XWRUHV$xR GH SXEOLFDFLyQ7tWXOR VXEWtWXOR7UDGXFWRU(GLFLyQ&LXGDG
3DtV(GLWRULDO9ROXPHQ3iJLQDV1RWDV6HULHR&ROHFFLyQ

(MHPSORV

+RUQHU . 5RXW - DQG 5XVKWRQ 9 (  ,QWHUSUHWLQJ GHQWDO UDGLRJUDSKV /RQGRQ
4XLQWHVVHQFHS4XLQWHVVHQFHRI'HQWDO3UDFWLFH,PDJLQJ

5RVH / ) \ .D\H '  0HGLFLQD LQWHUQD HQ RGRQWRORJtD 7UDG -DYLHU *RQ]iOH]
/DJXQDV%DUFHORQD6DOYDWYSS

2%6(59$&,21(6

(QORVDSHOOLGRVHVSDxROHV\SRUWXJXHVHVTXHLQFOX\HQSDUWtFXODVWDOHVFRPRGHGHOGHOD
GHODV\GDGHGRGRVpVWDVVHSRVSRQHQ
-RVp$QWRQLRGHO%DUFR %DUFR-$GHO
&ORYLV3GRV6DQWRV 6DQWRV&3GRV

9ROXPHQ6LODREUDSUHVHQWDDQRWDUORFRQQ~PHURVDUiELJRVeVWHSXHGHFRPSUHQGHU
D /D WRWDOLGDG GH YRO~PHQHV DTXt VH LQGLFD HO Q~PHUR GH YRO~PHQHV VHJXLGR GH OD
DEUHYLDWXUDYY
E(OYROXPHQFRQVXOWDGRVHLGHQWLILFDFRQHOQ~PHURHVSHFtILFRSUHFHGLGRGHODOHWUDYY


3iJLQDV6HDQRWDFRQQ~PHURVDUiELJRV
D&XDQGRFRQVXOWHWRGRHOGRFXPHQWRSRQJDHOWRWDOGHSiJLQDVGHOOLEURVHJXLGRGHODOHWUD
SS
E6LODFRQVXOWDVHOLPLWyDXQGHWHUPLQDGRQ~PHURGHSiJLQDVSUHFHGHUODVGHODVLQLFLDOHV
SSSS
F6LODREUDQRWLHQHSDJLQDFLyQVHFRQVLJQDVS

'RFXPHQWRVVLQGDWRV
D6LODREUDQRWLHQHOXJDUGHSXEOLFDFLyQFLXGDGRSDtVVOVLQOXJDU
E6LODREUDQRWLHQHQRPEUHGHODHGLWRULDOVHVLQHGLWRULDO
F6LQRWLHQHIHFKDVIVLHVSRVLEOHSXHGHWRPDUVHODIHFKDGHO&RS\ULJKWRDSUR[LPDUVHHO
DxRGHSXEOLFDFLyQFy"
G6LHOGRFXPHQWRTXHVHFRQVXOWDQRWLHQHQLQJXQDLQIRUPDFLyQHQFXDQWRDIHFKDSDtV
HGLWRULDOHWFDQRWHVGHTXHTXLHUHGHFLUVLQGDWRVHGLWRULDOHV








 2%5$6&2181$8725

(OQRPEUHGHODXWRUSHUVRQDOVHDQRWDHQIRUPDLQYHUWLGDSULPHURVHDQRWDHOORVDSHOOLGR
VVHJXLGRGHODVLQLFLDOHVGHOQRPEUHGHSLODVHSDUDGRVHQWUHVtSRUXQDFRPD

(MHPSORV

6WHHOH3)'LPHQVVLRQVRIGHQWDOK\JLHQHHG3KLODGHOSKLD/HD )HELJHU
S

/XFLHQ , ( &RQVWUXFFLyQ GH OD SUyWHVLV SDUFLDO UHPRYLEOH FRODGD 7UDG
0LVHULFRUGLD5RPDQFHV%DUFHORQD'R\PDS

 2%5$6&21'26$8725(6

6HFLWDHO SULPHUDXWRUSULPHURHOORVDSHOOLGRVVHJXLGRGHODVLQLFLDOHVGHOQRPEUH
VHSDUDGRVSRUXQDFRPD\HOVHJXQGRDXWRUVHFLWDGHODPLVPDIRUPDVHSDUiQGRORVHQWUH
Vt SRU OD FRQMXQFLyQ FRSXODWLYD \ FXDQGR HO GRFXPHQWR HVWi HQ (VSDxRO R ³DQG´ FXDQGR
HVWiHQ,QJOpV

(MHPSORV

+HUD]R % \ $JXGHOR 0 /  6HOODQWHV HQ RGRQWRORJtD  6DQWD )H GH %RJRWi
&RORPELD(FRHS6HULH7H[WRV8QLYHUVLWDULRV

$VK 0 0 \ 5DPIMRUG 6  2FOXVLyQ 7UDG -RVp /XLV &DVWLOOR 3DUUD  HG 0p[LFR
0F*UDZ+LOO,QWHUDPHULFDQDS

 2%5$6&2175(6$8725(6

6HFLWDHO SULPHUDXWRUSULPHURHOORVDSHOOLGRVVHJXLGRGHODVLQLFLDOHVGHOQRPEUH
VHSDUDGRV SRUXQDFRPD\SDUDHOVHJXQGRVHVLJXH HOPLVPRSURFHGLPLHQWRVHSDUDQGRHO
SULPHURGHOVHJXQGRFRQSXQWR\FRPD\HOWHUFHURGHOVHJXQGRSRUODFRQMXQFLyQFRSXODWLYD
\R³DQG´
(MHPSORV

6KLOOLQEXUJ + 7 +RER 6 \ :KLWVHWW / '  )XQGDPHQWRV GH SURVWRGRQFLD ILMD
7UDG5RGROIR.UHQQ0p[LFR/D3UHQVD0pGLFD0H[LFDQDS

'RGJH 3 5 3UHQVN\ $ / DQG )HLJLQ 5 '  1XWULWLRQ DQG WKH GHYHORSLQJ
QHUYRXVV\VWHP6DLQW/RXLV0,86$0RVE\S

 2%5$6&210È6'(75(6$8725(6

6HFLWDGHODIRUPDFRQYHQFLRQDOHODXWRUSULQFLSDO\OXHJRVHDQRWDODDEUHYLDWXUDODWLQDHW
DO4XHTXLHUHGHFLU\RWURV



(MHPSORV

0DODJyQ/RQGRxR*HWDO8UJHQFLDVRGRQWROyJLFDV6DQWD)HGH%RJRWi0pGLFD
3DQDPHULFDQDS

5LFNHWWV 5 0 HW DO  7pFQLFD SURJUHVLYD GH 5LFNHWWV 0p[LFR 0pGLFD
3DQDPHULFDQDS

 $3(//,'26'(08-(5(6&$6$'$6

6HFLWDQSRUHODSHOOLGRGHVROWHUDVHJXLGRSRUHOGHFDVDGD

(MHPSORV

-LPpQH]GH&KDQJ'1RUPDVSDUDODHODERUDFLyQGHELEOLRJUDItDVHQWUDEDMRVGH
LQYHVWLJDFLyQ  HG *XDWHPDOD 86$& )DF GH &LHQFLDV (FRQyPLFDV &HQWUR GH
'RFXPHQWDFLyQ9LWDOLQR*LUyQ&RUDGRS

+HUQiQGH] GH &DQDOHV ) $OYDUDGR ( \ 3LQHGD (  0HWRGRORJtD GH OD
LQYHVWLJDFLyQPDQXDOSDUDHOGHVDUUROORGHSHUVRQDOGHVDOXG&RORPELD&DUYDMDO
S3XEOLFDFLyQ3$6&&$31R6HULH3DOWH[236

 2%5$6'((',725(62&203,/$'25(6&202$8725(6

6HFLWDHOQRPEUHGHOORVHGLWRUHVRFRPSLODGRUHVHQODIRUPDFRQYHQFLRQDOVHJXLGRGHO
WpUPLQRHGLWRUHVRFRPSLODGRUHVVHSDUDGRHQWUHVtSRUXQDFRPD

(MHPSORV

'LHQHU + & DQG  :LONLQVRQ 0 HGLWRUV  'UXJ LQGXFHG KHDGDFKH 1HZ <RUN
6SULQJHU9HUODJS

/|H + $QG .OHLQPDQ ' 9 HGLWRUV  'HQWDO SODTXH FRQWURO PHDVXUHV DQG RUDO
K\JLHQHSUDFWLFHVSURFHHGLQJVIURPDVWDWHRIWKHVFLHQFHZRUNVKRS2[IRUG(QJODQG
,5/S

 $8725'(/&$3Ë78/223$57('(81/,%52

6H FLWD GH OD PLVPD PDQHUD HO QRPEUH GHO ORV DXWRU HV GHO FDStWXOR /XHJR GHO WtWXOR VH
SRQHODSDODEUD(QGRFXPHQWRHQ(VSDxRO,QGRFXPHQWRHQ,QJOpV\VHFLWDHOWtWXORGHO
OLEURHQGRQGHVHHQFXHQWUDHOFDStWXORVHJXLGRGHOORVQRPEUHVGHDXWRUHVHGLWRUHV
RFRPSLODGRUHV
(MHPSORV

:HLQVWHLQ / DQG 6ZDUW] 0 1  3DWKRORJLF SURSHUWLHV RI LQYDGLQJ
PLFURRUJDQLVPV,Q3DWKRORJLFSK\VLRORJ\PHFKDQLVPVRIGLVHDVH6RGHPDQ:$HGLWRU
3KLODGHOSKLD6DXQGHUVSS


3LQGERUJ--3DWKRORJ\DQGWUHDWPHQWRIGLVHDVHVLQRUDOPXFRXVPHPEUDQHV
DQG VDOLYDU\ JODQGV ,Q *HULDWULF GHQWLVWU\ +ROP3HGHUVHQ 3 DQG /|H + HGLWRUV
'HQPDUN0XQNVJDDUG0RVE\SS

 2%5$6'($8725(6,167,78&,21$/(6

6H HQWLHQGH SRU DXWRUHV LQVWLWXFLRQDOHV ODV SXEOLFDFLRQHV HPDQDGDV GH XQD HQWLGDG FRPR
RUJDQLVPRV LQWHUQDFLRQDOHV LQVWLWXFLRQHV GHO JRELHUQR XQLYHUVLGDGHV HWF VLHPSUH TXH
UHVSRQGDQDFXDOTXLHUDGHODVVLJXLHQWHVFRQGLFLRQHV

 &XDOTXLHU WLSR GH SXEOLFDFLyQ VLHPSUH \ FXDQGR QR ILJXUH HQ HOOD XQR R PiV DXWRUHV
SHUVRQDOHVHGLWRUHV\RFRPSLODGRUHV

 2EUDV VREUH SROtWLFDV LQWHUQDV SURFHGLPLHQWRV ILQDQ]DV IXQFLRQDULRV SHUVRQDO
FDWiORJRVRLQYHQWDULRV

 ,QIRUPHV GH FRPLVLRQHV FRPLWpV \ RWURV TXH PDQLILHVWDQ HO SHQVDPLHQWR FROHFWLYR GH OD
HQWLGDG

6LHOQRPEUHGHODHQWLGDGDSDUHFHHQGLVWLQWRVLGLRPDVVHXVDODIRUPDHQHOLGLRPDRILFLDOVL
VH GHVFRQRFH HO LGLRPD RILFLDO \ WLHQH XQ QRPEUH HQ HVSDxRO VH XVD HVWD IRUPD  6H FLWD
GLUHFWDPHQWHEDMRODVLJODRILFLDO\HQWUHSDUpQWHVLVHOQRPEUHFRPSOHWRGHODLQVWLWXFLyQ

 ,167,78&,21(6'(*2%,(512

6H FLWD GLUHFWDPHQWH SRU HO QRPEUH GH ODV RILFLQDV GHSDUWDPHQWRV PLQLVWHULR HWF VLQ
QHFHVLGDG GH FRQVLJQDU OD XQLGDG PD\RU D OD TXH SHUWHQHFH (Q OD VHFFLyQ GH HGLWRULDO VH
QRPEUDDODLQVWLWXFLyQHQIRUPDVLPSOLILFDGD(O,QVWLWXWR(O0LQLVWHULRHWF

(MHPSORV

,*66 ,QVWLWXWR *XDWHPDOWHFR GH 6HJXULGDG 6RFLDO  5HJODPHQWR JHQHUDO VREUH
KLJLHQH\VHJXULGDGHQHOWUDEDMR*XDWHPDOD(O,QVWLWXWRS
7ULEXQDO 6XSUHPR (OHFWRUDO  0HPRULD FRQVXOWDV SRSXODUHV 
*XDWHPDOD(O7ULEXQDOS

 81,9(56,'$'(6
6H DQRWD HO QRPEUH GH OD 8QLYHUVLGDG (Q OD VHFFLyQ GH HGLWRULDO VH DQRWDQ ORV
GHSDUWDPHQWRVODVGLUHFFLRQHV VHFFLRQHV SURJUDPDVXQLYHUVLWDULRVXQLGDGHVDFDGpPLFDV
HWF

(MHPSORV

8QLYHUVLGDG GH 6DQ &DUORV GH *XDWHPDOD  &DUDFWHUtVWLFDV VRFLRHFRQyPLFDV GH
HVWXGLDQWHV GH SULPHU LQJUHVR  *XDWHPDOD 'HSDUWDPHQWR GH 5HJLVWUR \
(VWDGtVWLFDS



8QLYHUVLGDG GH 6DQ &DUORV GH *XDWHPDOD  ,QWHUYHQFLRQHV UHDOL]DGDV SRU
LQVWLWXFLRQHVHQOD5HS~EOLFDGH*XDWHPDODGXUDQWHORVDxRVD*XDWHPDOD
'LUHFFLyQ *HQHUDO GH ,QYHVWLJDFLyQ \ 3URJUDPD 8QLYHUVLWDULR GH ,QYHVWLJDFLyQ HQ
$OLPHQWDFLyQ\1XWULFLyQS

 25*$1,6026,17(51$&,21$/(6

6H LQJUHVD SRU ODV LQLFLDOHV GHO RUJDQLVPR \ HQWUH SDUpQWHVLV VH SRQH HO QRPEUH HQ IRUPD
GHVDUUROODGD (Q OD VHFFLyQ GH HGLWRULDO VH QRPEUD OD LQVWLWXFLyQ HQ IRUPD VLPSOLILFDGD /D
)XQGDFLyQ(O,QVWLWXWRHWF

(MHPSORV

:+2 :RUOG +HDOWK 2UJDQL]DWLRQ  2UDO KHDOWK VXUYH\V EDVLF PHWKRGV  HG
*HQHYD7KH2UJDQL]DWLRQS

$'$ $PHULFDQ 'HQWDO $VVRFLDWLRQ  *XLGH WR GHQWDO PDWHULDOV DQG GHYLFHV  HG
&KLFDJR7KH$VVRFLDWLRQS

&XDQGR HO WUDEDMR WLHQH PiV GH XQ DXWRU VH DQRWDQ WRGRV VHSDUDGRV HQWUH Vt SRU SXQWR \
FRPD

(MHPSOR

0$*$ 0LQLVWHULR GH $JULFXOWXUD *DQDGHUtD \ $OLPHQWDFLyQ 86$& 8QLYHUVLGDG GH 6DQ
&DUORVGH*XDWHPDOD«

/RV SURJUDPDV R FRQYHQLRV FRQMXQWRV HQWUH YDULDV LQVWLWXFLRQHV VH DQRWDQ EDMR VX SURSLR
QRPEUHVHSDUDQGRORVQRPEUHVGHODVLQVWLWXFLRQHVSDUWLFLSDQWHVFRQXQDGLDJRQDO

(MHPSOR

,,&$,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDFLyQSDUDOD$JULFXOWXUD*7=$JHQFLD$OHPDQDGH
&RRSHUDFLyQ7pFQLFD

 7(6,6

6HFLWDQFRPRREUDVGHXQDXWRUYpDVHQXPHUDOHOWtWXORVHJXLGRGHODSDODEUDWHVLV\
HQWUHSDUpQWHVLVHOJUDGRDFDGpPLFRHQIRUPDDEUHYLDGD

(MHPSORV

6iQFKH] $YLOD 5 $  &RQWULEXFLyQ GH OD HVWRPDWRORJtD PHGLDQWH HO XVR GH
ELRSVLD GH JOiQGXODV VDOLYDUHV ODELDOHV DO GLDJQyVWLFR GH 6tQGURPH GH 6M|JUHQ 7HVLV
/LF &LUXMDQR 'HQWLVWD *XDWHPDOD 8QLYHUVLGDG GH 6DQ &DUORV )DFXOWDG GH 2GRQWRORJtD
S



&KX\ .ZDQ 6  (YDOXDFLyQ GH ORV QLYHOHV GH S+ GH PHGLFDFLRQHV D EDVH GH
KLGUy[LGRGHFDOFLR XWLOL]DQGR WUHVYHKtFXORVDFXRVRV \ GRVYHKtFXORVROHRVRV 7HVLV
/LF&LUXMDQR'HQWLVWD*XDWHPDOD8QLYHUVLGDGGH6DQ&DUORV)DFXOWDGGH2GRQWRORJtD
S

*RQ]iOH] $YLOD 0  &KHPLFDO NLQHWLFV GHQVLW\ DQG HOHFWURQ PLFURVFRS\ RI
HQDPHO VXUIDFH UHDFWLRQ 7KHVLV 3K ' %LUPLQJKDQ $ODEDPD 8QLYHUVLW\ RI $ODEDPD
'HSDUWPHQWRI3K\VLRORJ\DQG%LRSK\VLFVS

 2%5$66,1$8725

&XDQGR VHD LPSRVLEOH HQFRQWUDU XQ UHVSRQVDEOH DXWRU HGLWRU FRPSLODGRU LQVWLWXFLyQ HWF
GHOGRFXPHQWRTXHVHKDFHUHIHUHQFLDVHGHEHUiLQJUHVDUSRUHOWtWXORGHODREUD\FRQWLQXDU
FRQORVGHPiVGDWRV

(MHPSOR

3RSRO 9XK ODV DQWLJXDV KLVWRULDV GHO 4XLFKp  7UDG $GULiQ 5HFLQRV  HG 6DQ
-RVp&5('8&$S&ROHFFLyQ$XOD






























(9(1726&,(17Ë),&26

 '2&80(1726'(&21)(5(1&,$6(,1)250(67e&1,&26

(MHPSORV

9LYLDQ 9 / HGLWRU  &KLOG DEXVH DQG QHJOHFW D PHGLFDO FRPPXQLW\ UHVSRQVH
3URFHHGLQJVRIWKH)LUVW$0$1DWLRQDO&RQIHUHQFHRQ&KLOG$EXVHDQG1HJOHFW0DU
&KLFDJR,/$PHULFDQ0HGLFDO$VVRFLDWLRQ

)UDQGVHQ$0HFKDQLFDORUDOK\JLHQHSUDFWLFHV3URFHHGLQJVRIWKH'HQWDOSODTXH
FRQWURO PHDVXUHV DQG RUDO K\JLHQH SUDFWLFHV 6WDWH RI WKH VFLHQFH ZRUNVKRS )HE 
0DU\ODQG,5/SS

$NXWVX 7  7RWDO KHDUW UHSODFHPHQW GHYLFH $SU 5HSRUW 1R 1,+1+/,
%HWKHVGD0'1DWLRQDO+HDUWDQG/XQJ,QVWLWXWHRI7KH1DWLRQDO,QVWLWXWHVRI+HDOWK

 ',6(57$&,21(6<&21)(5(1&,$6

%DUFR - / GHO  eWLFD \ XQLYHUVLGDG GLVHUWDFLyQ *XDWHPDOD )DFXOWDG GH
2GRQWRORJtD8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD

<RXVVHI 0 1  6FKRRO DGMXVWPHQW RI FKLOGUHQ ZLWK FRQJHQLWDO KHDUW GLVHDVH
GLVVHUWDWLRQ3LWWVEXUJ3$8QLY2I3LWWVEXUJ

























38%/,&$&,21(63(5,Ï',&$6

/D SXEOLFDFLyQ SHULyGLFD HV DTXHOOD REUD HGLWDGD SRU OR JHQHUDO FRQ WtWXOR GLVWLQWLYR HQ
IDVFtFXORV R SDUWHV DLQWHUYDORV UHJXODUHV HQ RUGHQ QXPpULFR R FURQROyJLFR \ TXH SUHWHQGH
FRQWLQXDULQGHILQLGDPHQWH,QFOX\HWUDEDMRVVREUHWHPDVGLYHUVRVHQXQVRORHMHPSODUFRQOD
FRODERUDFLyQ GH YDULRV DXWRUHV (Q HVWH WLSR GH SXEOLFDFLRQHV HVWiQ FRPSUHQGLGDV ODV
UHYLVWDV\ORVSHULyGLFRVRGLDULRV

 $57Ë&8/26'(5(9,67$6

/D UHIHUHQFLD ELEOLRJUiILFD SDUD ORV DUWtFXORV SXEOLFDGRV HQ UHYLVWDV LQFOX\H ORV VLJXLHQWHV
HOHPHQWRV

(/(0(1726 38178$&,21
$XWRUHV 6H DQRWDQ GH OD PLVPD IRUPD TXH SDUD OLEURV \
$xRGHSXEOLFDFLyQ
7tWXORGHODUWtFXOR
1RPEUHDEUHYLDGRGHODUHYLVWD
LGHQWLILFDUOR HQ OD UHYLVWD FRQVXOWDGD
HQ HO
KWWSZZZSXEOLFLDVWDWHHGXa&<%(5
67$&.6-$6KWPRHQ%LEOLRWHFD
9ROXPHQ\Q~PHURGHODUHYLVWD
IROOHWRVQXPHUDO
(QWUHSDUpQWHVLV\SXQWRDOILQDO
(QQHJULOODV\SXQWRDOILQDO
3XQWRDOILQDO
VLWLR
(OYROXPHQ\Q~PHURGHODUHYLVWDVHPHQFLRQDQHQ
Q~PHURVDUiELJRVGHVSXpVGHOQRPEUHGHOD
UHYLVWD3ULPHURVHUHJLVWUDHOYROXPHQ\OXHJRHO
Q~PHUR(OQ~PHURGHODUHYLVWDVHHVFULEHHQWUH
SDUpQWHVLVVHJXLGRGHGRVSXQWRV
6LODUHYLVWDWLHQHVRODPHQWHYROXPHQVHLQGLFD
GLFKRGDWR(OQ~PHURGHOYROXPHQQRYDSUHFHGLGR
SRUQLQJXQDDEUHYLDWXUD6LODUHYLVWDFDUHFHGH
YROXPHQSHURVLFRQWLHQHQ~PHURVHXWLOL]DOD
DEUHYLDWXUDQRDQWHVGHGLFKRQ~PHUR
3iJLQDLQLFLDO\ILQDOGHODUWtFXOR 6HSDUDGRSRUXQJXLyQPHQRU3XQWRDOILQDO

$FRQWLQXDFLyQVHLQGLFDFRPRGHEHQRUGHQDUVHORVHOHPHQWRVDQWHVHQXPHUDGRVODVEDUUDV
GLDJRQDOHVLQGLFDQHVSDFLR

$XWRUHV$xR GH SXEOLFDFLyQ7tWXOR GHO DUWtFXOR1RPEUH DEUHYLDGR GH OD
UHYLVWD9ROXPHQGHODUHYLVWD1~PHURGHODUHYLVWDSiJLQDLQLFLDOSiJLQDILQDOGHODUWtFXOR









  81$8725

%DVVR0/$SRUWHVGHODSVLFRORJtDJHQpWLFDDODRGRQWRORJtDLQIDQWRMXYHQLO
5$2$

5LYLHUH * 5  ,QIOXHQFH RI 6HUXP RQ &XOWXUHG 0XULQH 7RRWK 2UJDQ
$OORWUDQVSODQWV-'HQW5HV
 '26$75(6$8725(6

/DQGVEHUJ & - DQG %LFKDFKR 1  ,PSODQW SODFHPHQW ZLWKRXW IODSV3DUW 
XWLOL]LQJDWZRVWDJHVXUJLFDOSURWRFRO3UDFW3HULRGRQW$HVWKHW'HQW

)UDQN 5 0 6WHXHU 3 DQG +HPPHUOH -  8OWUDVWUXFWXUDO VWXG\ RQ KXPDQ URRW
FDULHV&DULHV5HVHDUFK

 0È6'(75(6$8725(6

6HFLWDGHODIRUPDFRQYHQFLRQDOHOSULPHUDXWRU\OXHJRVHDQRWDODDEUHYLDWXUDODWLQDHWDO
4XHTXLHUHGHFLU\RWURV

6RFUDQVN\ 6 6 HW DO  0LFURELDO FRPSOH[ LQ VXEJLQJLYDO SODTXH - &OLQ
3HULRGRQWRO

 6,1$8725

&RIIHHGULQNLQJDQGFDQFHURIWKHSDQFUHDVHGLWRULDO%U0HG-

.HHSLQJWKH
FDUH
LQGHQWDOFDUHHGLWRULDO*HQHUDO'HQWLVWU\

 $57Ë&8/26'(3(5,Ï',&26

/DUHIHUHQFLDELEOLRJUiILFDSDUDSHULyGLFRVRGLDULRVLQFOX\HORVVLJXLHQWHVHOHPHQWRV

(/(0(1726 38178$&,Ï1
$XWRUHV 6H DQRWDQ GH OD PLVPD IRUPD TXH SDUD OLEURV \
IROOHWRVQXPHUDO
$xRGHSXEOLFDFLyQ (QWUHSDUpQWHVLV\SXQWRDOILQDO
7tWXORGHODUWtFXOR (QQHJULOODV\SXQWRDOILQDO
1RPEUHGHOSHULyGLFR 3XQWRDOILQDO
&LXGDGGHSXEOLFDFLyQ &RPDDOILQDO
3DtV HQ IRUPD DEUHYLDGD HQ FDVR 3XQWR\XQDFRPDDOILQDO
QHFHVDULR
0HVDEUHYLDGRYJORVDULR 3XQWRDOILQDO
'tD 'RVSXQWRVDOILQDO
3iJLQDV 3XQWRDOILQDO



$XWRU HV$xR GH SXEOLFDFLyQ7tWXOR GHO DUWtFXOR1RPEUH GHO SHULyGLFR &LXGDG 3DtV
DEUHYLDGR0HV'tD3iJLQDV

(MHPSORV

9DOGpV GH $ULDV 0  3REODFLRQHV HQ ULHVJR HQ *XDWHPDOD ORV KRPRVH[XDOHV
KRPEUHVUHJLVWUDQPiVFDVRVGH9,+VLGD(O3HULyGLFR*XDWHPDODMXO

/DDVWHQLDDIHFWDDPiVGHOSRUFLHQWRGHORVSDFLHQWHVWUDWDGRVSRUFiQFHU
(O3HULyGLFR*XDWHPDODMXO

6LHODUWtFXORQRWLHQHUHVSRQVDEOHVHLQLFLDSRUHOWtWXOR





































'2&80(1726(/(&75Ï1,&26

6RQ DTXHOORV GRFXPHQWRV TXH DSDUHFHQ HQ IRUPDWR HOHFWUyQLFR \ HVWiQ FUHDGRV
DOPDFHQDGRV \ GLIXQGLGRV SRU XQ VLVWHPD LQIRUPiWLFR 3XHGHQ VHU GHILQLWLYRV \ QR
PRGLILFDEOHVSHURWDPELpQSXHGHQVHUPRGLILFDEOHVWDQWRHQODIRUPDFRPRHQHOFRQWHQLGR
(VWRV GRFXPHQWRV VH FRQVXOWDQ D WUDYpV GH ,QWHUQHW &'520 '9' \ RWURV 7RGRV ORV
GRFXPHQWRVSXEOLFDGRVHQIRUPDWRHOHFWUyQLFRGHEHQVHUGHVFULWRVHQ ORV PLVPRVWpUPLQRV
TXH ORV GRFXPHQWRV FRQYHQFLRQDOHV GHELGR D TXH FRPSDUWHQ FDUDFWHUtVWLFDV \ DPERV
UHVSDOGDQFLHQWtILFDPHQWHODLQYHVWLJDFLyQ

/D IXHQWH GH LQIRUPDFLyQ SDUD HO GRFXPHQWR HOHFWUyQLFR HV HO GRFXPHQWR PLVPR 6L pVWH
FDUHFH GH LQIRUPDFLyQ SXHGH VHU WRPDGD GHO UHFLSLHQWH FDMD VREUH HWF VLWLR ZHE R
PDWHULDOLPSUHVRFRPSOHPHQWDULR

(/(0(1726 38178$&,Ï1
$XWRU 6H DQRWDQ GH OD PLVPD IRUPD TXH SDUD OLEURV \
IROOHWRVQXPHUDO
$xRGHSXEOLFDFLyQ (QWUHSDUpQWHVLV\SXQWRDOILQDO
7tWXOR\VXEWtWXOR (QQHJULOODVVHSDUDGRVHQWUHVtSRUGRVSXQWRV\
SXQWR DO ILQDO 6L HO PDWHULDO FDUHFH GH WtWXOR VH
UHGDFWDXQRGHDFXHUGRDOWHPDTXHVHGHVFULEH\
DQyWHORHQFHUUDGRHQWUHSDUpQWHVLV
7LSRGHVRSRUWH $JUHJXH HQWUH SDUpQWHVLV   D FRQWLQXDFLyQ GHO
WtWXOR XQD SDODEUD R IUDVH TXH GHVFULED OD IRUPD
GH SUHVHQWDFLyQ HQ OtQHD GLVFR FRPSDFWR
GLVTXHWHFRUUHRHOHFWUyQLFR3XQWRDOILQDO
(GLFLyQ 3XQWRDOILQDO
/XJDUGHSXEOLFDFLyQ 'RV3XQWRVDOILQDO
(GLWRULDO 3XQWRDOILQDO
)HFKD HQ TXH VH FRQVXOWy HO PDWHULDO 3XQWR DO ILQDO SUHFHGLGR GH OD IUDVH &RQVXOWDGR
SDUDORVGRFXPHQWRVHQOtQHD HO  3DUD OD PHQFLyQ GH OD IHFKD VH UHJLVWUD
SULPHUR HO GtD OXHJR HO PHV DEUHYLDGR \ SRU
~OWLPRHODxR
/RFDOL]DFLyQ GHO GRFXPHQWR GLUHFFLyQ 3XQWRDOILQDOSUHFHGLGRGHODIUDVH'LVSRQLEOHHQ
HOHFWUyQLFD
5HTXHULPLHQWR GH HTXLSR HQ FDVR GH 3XQWRDOILQDO
VHUQHFHVDULR
1RWDVTXHVHFRQVLGHUHQQHFHVDULDV 3XQWRDOILQDO

$XWRUHV$xRGHSXEOLFDFLyQ7tWXORVXEWtWXORWLSRGHVRSRUWHHQOtQHDGLVFRFRPSDFWR
'9' GLVTXHWH RWURV(GLFLyQ/XJDU GH 3XEOLFDFLyQ(GLWRULDO  )HFKD GH FRQVXOWD SDUD ORV
GRFXPHQWRV HQ OtQHD'LVSRQLEOH HQ /RFDOL]DFLyQ GHO GRFXPHQWR5HTXHULPLHQWR GHO
HTXLSR1RWDV






(-(03/26
,17(51(7

,,&$ ,QVWLWXWR ,QWHUDPHULFDQR GH &RRSHUDFLyQ SDUD OD $JULFXOWXUD  5HGDFFLyQ GH
UHIHUHQFLDVELEOLRJUiILFDVQRUPDVGHO,,&$HQOtQHDHG&RVWD5LFD&RQVXOWDGRHO
GHIHE'LVSRQLEOHHQKWWSZZZFDWLHDFFUELEOLRWHFDQRUPDVKWP

',6&2&203$&72&'520

&RU]R$\'iYLOD,$WODVGHSDWRORJtD&'520*XDWHPDOD8QLYHUVLGDGGH6DQ
&DUORV )DFXOWDG GH 2GRQWRORJtD $UHD GH 3DWRORJtD 7HUFHU $xR 3DUD :LQGRZV 17
0DFLQWRVK

',648(7(

&&$' &RPLVLyQ &HQWURDPHULFDQD GH $PELHQWH \ 'HVDUUROOR *7 6,&$ 6LVWHPD GH OD
,QWHJUDFLyQ &HQWURDPHULFDQD *7 ,8&1 8QLyQ 0XQGLDO SDUD OD &RQVHUYDFLyQ GH OD
1DWXUDOH]D &5  $OLDQ]D FHQWURDPHULFDQD SDUD HO GHVDUUROOR VRVWHQLEOH
UHFXUVRVQDWXUDOHVELRGLYHUVLGDG \OHJLVODFLyQDPELHQWDOHVWDGRGHFXPSOLPLHQWR
*XDWHPDODGLVTXHWHV+'SXOJDGDV





























 ,,25*$1,=$&,Ï1%,%/,2*5È),&$<&,7$6'(7(;72

25*$1,=$&,Ï1'(/$/,67$%,%/,2*5È),&$

6HUHFRPLHQGDSUHVHQWDUODVUHIHUHQFLDVELEOLRJUiILFDVXWLOL]DGDVGXUDQWHHOGHVDUUROORGHXQ
WUDEDMRFLHQWtILFRRGHLQYHVWLJDFLyQHQXQDOLVWDDOILQDOGHOWH[WR(QHVWHFDVRVHOHDVLJQDHO
HQFDEH]DGR TXH PiV FRQYHQJD 8QD OLVWD ELEOLRJUiILFD DO ILQDO GHO WUDEDMR HV PiV HIHFWLYD
SDUD HO FLHQWtILFR TXH ODV UHIHUHQFLDV ELEOLRJUiILFDV DLVODGDV HQ QRWDV DO SLH GH SiJLQD 6H
VXJLHUHLQFOXLUHQODVQRWDVDOSLHGHSiJLQDODVFRPXQLFDFLRQHVSHUVRQDOHV
+D\ GLYHUVDV IRUPDV GH RUGHQDU XQD OLVWD ELEOLRJUiILFD DOIDEpWLFD VLVWHPiWLFD FURQROyJLFD
JHRJUiILFDSRUWLSRVGHPDWHULDO\RWUDV/DVHOHFFLyQGHXQDGHHOODVVHKDFHVHJ~QHOXVR
TXH VH OH LQWHQWH GDU 1R REVWDQWH HQ WUDEDMRV FLHQWtILFRV \ WpFQLFRV SUHGRPLQD HO DUUHJOR
DOIDEpWLFRSRUDXWRU

 6H DOIDEHWL]D HO DSHOOLGRV H LQLFLDOHV GHO QRPEUH GHO DXWRU R HO QRPEUH GH OD
LQVWLWXFLyQ HQ FDVR GH VHU DXWRU LQVWLWXFLRQDO SDODEUD SRU SDODEUD \ OHWUD SRU OHWUD
GHQWURGHFDGDSDODEUDKDVWDHQFRQWUDUODGLIHUHQFLD(QFDVRTXHODFLWDELEOLRJUiILFD
QRWHQJDDXWRUVHGHEHDOIDEHWL]DUODUHIHUHQFLDSRUHOWtWXORGHOGRFXPHQWR/XHJRVH
DVLJQDXQQ~PHURFRUUHODWLYRDFDGDUHIHUHQFLD

(MHPSOR

 $UUHGRQGR-&
 &DVWLOOR6*
 *XHUUD($
 /LUD7UXMLOOR$
 2OLYD5(
 9HJD/0
 9HOiVTXH]0)

 &XDQGR KD\ YDULDV UHIHUHQFLDV GHO PLVPR DXWRU VH RPLWH D SDUWLU GH OD VHJXQGD HO
QRPEUH GHO DXWRU VXVWLWX\pQGROR SRU  JXLRQHV PD\RUHV \ RUGHQDQGR ORV GHPiV GDWRV
SDODEUDSRUSDODEUDHQIRUPDDOIDEpWLFD

(MHPSORV

7UXFFR 5 (  $OWHUDFLRQHV \ ULHVJRV GHO yUJDQR YLVXDO HQ OD SUiFWLFD
RGRQWROyJLFD6DOXG%XFDO

BBBBBBBB\3UHYHGHOO97R[LFRORJtDGHORVPDWHULDOHVGHQWDOHV5HYLVWD(VSDxROD
(VWRPDWROyJLFD

BBBBBBBB \ 9LWWRU 2 5  (VWXGLR SLORWR VREUH OD HQIHUPHGDG SURIHVLRQDO GHO
RGRQWyORJR6DOXG%XFDO

 6LKD\GRVREUDVFRQHOPLVPRDXWRU\HOPLVPRWtWXORSHURGLIHUHQWHHGLFLyQRDxRVH
RUGHQDQSRUHODxR\SRUODHGLFLyQ


(MHPSOR

/HUPDQ 6  +LVWRULD GH OD RGRQWRORJtD \ VX HMHUFLFLR OHJDO  HG %XHQRV $LUHV
0XQGLS

BBBBBBBBBBBBBBBBHG%XHQRV$LUHV0XQGLS

&,7$6(1(/7(;72

'HELGRDFRQVLGHUDFLRQHVpWLFDV\GHUHFKRVGHDXWRUWRGRLQYHVWLJDGRUGHEHGDUFUpGLWRGH
ORVWUDEDMRVTXHKDXWLOL]DGRSDUDGHVDUUROODUVXLQYHVWLJDFLyQIDFLOLWDQGRFRQHOORLGHQWLILFDUD
ORVDXWRUHVGHORVSODQWHDPLHQWRV\UHVXOWDGRVTXHIXQGDPHQWDQGLFKDLQYHVWLJDFLyQ
+D\GLIHUHQWHVIRUPDVGHKDFHUODVFLWDVHQHOWH[WRODVFXDOHVYDUtDQVHJ~QODVGLVFLSOLQDV
1RREVWDQWHHQHOFDVRGHWUDEDMRVFLHQWtILFRV\WpFQLFRVTXHVHHODERUHQHQOD)DFXOWDGGH
2GRQWRORJtDVHHPSOHDUiHOVLVWHPDTXHDFRQWLQXDFLyQVHGHVFULEH6HFLWDUiXQWUDEDMRHQ
HOWH[WRGHOGRFXPHQWRFRORFDQGRHQWUHSDUpQWHVLVHOQ~PHURGHODUHIHUHQFLDTXHVHGHVHD
KDFHUPHQFLyQVHJ~QHORUGHQFRUUHODWLYRTXHOHFRUUHVSRQGH

(MHPSOR

³(QODHQIHUPHGDGUHQDODYDQ]DGDODH[FUHFLyQXULQDULDGHIOXRUXURVHYHDOWHUDGD´

(Q HO HMHPSOR DQWHULRU VH HVWi LQGLFDQGR TXH VH XWLOL]y FRPR UHIHUHQWH OD IXHQWH Q~PHUR 
FRUUHVSRQGLHQWHDOOLVWDGRELEOLRJUiILFRTXHVHHQFXHQWUDDOILQDOGHOWUDEDMR

&2081,&$&,21(63(5621$/(6

/DV FRPXQLFDFLRQHV SHUVRQDOHV WDQWR RUDOHV FRPR HVFULWDV QR GHEHUtDQ ILJXUDU HQ OD
OLWHUDWXUD FLWDGD VLQR TXH VH GHEHQ PHQFLRQDU HQ QRWD DO SLH GH SiJLQD HQ HO WH[WR GHO
WUDEDMR

$XWRU$xRHQTXHWXYROXJDUODFRPXQLFDFLyQ7tWXORGHODFRPXQLFDFLyQ0HQFLyQGHO
WLSRGH&RPXQLFDFLyQSHUVRQDO/XJDUHLQVWLWXFLyQGRQGHWUDEDMDHODXWRU

6iQFKH] 5$  )OXRUXUDFLyQ GH OD 6DO HQWUHYLVWD *XDWHPDOD )DFXOWDG GH
2GRQWRORJtD8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD

/LPD 9+  (QIHUPHGDG 3HULRGRQWDO FRUUHR HOHFWUyQLFR *XDWHPDOD )DFXOWDG GH
2GRQWRORJtD8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD










 /,7(5$785$'(&2168/7$

 ,,&$,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDFLyQSDUDOD$JULFXOWXUD5HGDFFLyQGH
UHIHUHQFLDVELEOLRJUiILFDVQRUPDVGHO,,&$HQOtQHDHG&RQVXOWDGRHOGHIHE
'LVSRQLEOHHQKWWSZZZFDWLHDFFUELEOLRWHFDQRUPDVKWP

 ,62,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUL]DWLRQ([FHUSWVIURP,62
,QIRUPDWLRQDQGGRFXPHQWDWLRQ%LEOLRJUDSKLFUHIHUHQFHV(OHFWURQLFGRFXPHQWV
RUSDUWVWKHUHRIHQOtQHD&RQVXOWDGRIHEUHUR'LVSRQLEOHHQKWWSZZZQOF
EQFFDLVRWFVFVWDQGDUGHKWP

 -LPpQH] GH &KDQJ '  1RUPDV SDUD OD HODERUDFLyQ GH ELEOLRJUDItD  HQ XQ
WUDEDMRVGHLQYHVWLJDFLyQHG*XDWHPDOD86$&)DFXOWDGGH&LHQFLDV(FRQyPLFDV
&HQWURGH'RFXPHQWDFLyQ9LWDOLQR*LUyQ&RUDGRS

 -RXUQDO RI 'HQWDO 5HVHDUFK  ,QWHUQDWLRQDO  $PHULFDQ $VVRFLDWLRQ IRU WKH
'HQWDO 5HVHDUFK ,QVWUXFWLRQ IRU DXWKRUV HQ OtQHD  &RQVXOWDGR HO  GH HQ 
'LVSRQLEOHHQKWWSZZZLDGUMRXUQDOVRUJPLVFLIRUDVKWPO

 6LQJHU GH /ySH] (VWHOD  1RUPDV \ HMHPSORV SDUD OD SUHSDUDFLyQ GH
UHIHUHQFLDV ELEOLRJUiILFDV  *XDWHPDOD 86$& )DFXOWDG GH &LHQFLDV 0pGLFDV 23&$
8QLGDGGH'RFXPHQWDFLyQS



























 $1(;26


*/26$5,2

$XWRU3HUVRQDTXHWLHQHODUHVSRQVDELOLGDGSULQFLSDOGHODFUHDFLyQGHOFRQWHQLGRLQWHOHFWXDO
RDUWtVWLFRGHXQDREUD

$XWRU ,QVWLWXFLRQDO /D LQVWLWXFLyQ FRUSRUDFLyQ DJUXSDFLyQ HWF FRQ FX\R QRPEUH DSDUHFH
XQDREUD\VHLQVHUWDHQHOFDWiORJREDMRHOQRPEUHRILFLDOGHGLFKRVFXHUSRV

&RPSLODGRU (O TXH SURGXFH XQD FROHFFLyQ VHOHFFLRQDQGR \ UHXQLHQGR PDWHULDOHV GH
GLIHUHQWHV REUDV HVFULWDV SRU YDULDV SHUVRQDV R HQWLGDGHV  7DPELpQ HO TXH VHOHFFLRQD \
UH~QHHQXQDSXEOLFDFLyQPDWHULDOHVGHODVREUDVGHXQDSHUVRQDRHQWLGDG

(GLWRU(OTXHSUHSDUDODSXEOLFDFLyQGHXQDREUDDMHQD(QFLHUWRVFDVRVSXHGHFRPSUHQGHU
DGHPiV OD GLUHFFLyQ WpFQLFD GH XQ JUXSR GH SHUVRQDV HQFDUJDGDV GH HVFULELU R FRPSLODU HO
WH[WR

(YHQWRV&LHQWtILFRV6XFHVRLPSRUWDQWH\SURJUDPDGRGHtQGROHDFDGpPLFD&RQIHUHQFLD
6HPLQDULRHWF

,QIRUPHV7pFQLFRV'HVFULSFLyQRUDORHVFULWDGHODVFDUDFWHUtVWLFDV\FLUFXQVWDQFLDVGHXQ
VXFHVRRDVXQWR

,QVWLWXFLRQHV *XEHUQDPHQWDOHV &DGD XQD GH ODV RUJDQL]DFLRQHV IXQGDPHQWDOHV GH XQ
(VWDGR QDFLyQ R VRFLHGDG 2UJDQLVPR TXH GHVHPSHxD XQD IXQFLyQ GH LQWHUpV S~EOLFR
HVSHFLDOPHQWHEHQpILFRRGRFHQWH\GHSHQGHGHO*RELHUQRGHXQSDtV

2UJDQLVPR,QWHUQDFLRQDO'HVLJQDFLyQXVXDOGHORVRUJDQLVPRVTXHGHVHPSHxDQIXQFLRQHV
LQWHUQDFLRQDOHV

7HVLV 0RQRJUDItD TXH VH RULHQWD HQ WpUPLQRV JHQHUDOHV D OD E~VTXHGD VLVWHPiWLFD GH
SULQFLSLRV R HOHPHQWRV TXH D\XGHQ DO FRQRFLPLHQWR FRPSUHQVLyQ \ VROXFLyQ GH GLYHUVRV
KHFKRV GH OD UHDOLGDG HQ WRGRV ORV iPELWRV GH OD YLGD 5HTXLVLWR SDUD RSWDU D XQ JUDGR
DFDGpPLFRHQOD8QLYHUVLGDG

7UDGXFWRU 3HUVRQD TXH WUDGXFH R VH GHGLFD D WUDGXFLU &RQ UHVSHFWR D XQD REUD SHUVRQD
TXHODKDWUDGXFLGR










 $%5(9,$785$6'(/260(6(6'(/$f2

 

 (QHUR     (Q
 )HEUHUR     )HE
 0DU]R     0DU
 $EULO      $EU
 0D\R      0D\R
 -XQLR      -XQ
 -XOLR      -XO
 $JRVWR     $JR
 6HSWLHPEUH     6HS
 2FWXEUH     2FW
 1RYLHPEUH     1RY
 'LFLHPEUH     'LF