Professional Documents
Culture Documents
045 PDF
045 PDF
(/ 0(5&$'2'(&21752/ &25325$7,92
-RVp0DQXHO&DPSD
,(6(%XVLQHVV6FKRRO
©0 $VDUHRQHRIQDWXUHVPHWKRGVRIHOLPLQDWLQJGHDGZRRGLQWKHVWUXJJOHIRUVXU
YLYDOª3DXO6DPXHOVRQ
,QWURGXFFLyQ
(OPHUFDGRGHFRQWUROFRUSRUDWLYRHVDQWHWRGRXQPHUFDGR&RPRWDOHVLPSRUWDQWHTXH
VXIXQFLRQDPLHQWRVHDMXVWHGHODPHMRUPDQHUDSRVLEOHDODVFDUDFWHUtVWLFDVGHFXDOTXLHU
RWURPHUFDGR3ULQFLSDOPHQWHTXHVHJDUDQWLFHXQHQWRUQREiVLFRGHFRPSHWHQFLDGH
WUDQVSDUHQFLD\HQODPHGLGDGHORSRVLEOHTXHH[LVWDOLTXLGH]HQHOPLVPR(OPHUFD
GRGHFRQWUROFRUSRUDWLYR MXHJD XQD ODERU IXQGDPHQWDO HQ XQD HFRQRPtD GH PHUFDGR
GHVDUUROODGDSXHVWRTXHHVHOPHFDQLVPREiVLFRSDUDODUHDVLJQDFLyQGHUHFXUVRVJHV
WLRQDGRVSRUXQHTXLSRGHJHVWRUHVHPSUHVDFRPSUDGDKDFLDRWURVHTXLSRVJHVWRUHV
TXHVHFUHHQFRQPHMRUFDSDFLGDGGHH[WUDHUYDORUGHGLFKRVUHFXUVRVHPSUHVDFRP
SUDGRUD(OPHUFDGRGHJRELHUQRFRUSRUDWLYRGHEHIDFLOLWDUHVDWUDQVIHUHQFLDGHUHFXU
VRVFXDQGRVHYDDJHQHUDUYDORU\HYLWDUODWUDQVIHUHQFLDGHORVPLVPRVVLHOUHVXOWDGR
QHWRGHODJHQHUDFLyQGHYDORUHVQHJDWLYR
(VWRVSURFHVRVGHWRPDGHFRQWURODIHFWDQDXQJUDQQ~PHURGHDJHQWHVHQODHFR
QRPtDORVJHVWRUHVDFWXDOHVGHODHPSUHVD\ORVSRVLEOHVJHVWRUHVIXWXURVORVDFFLR
QLVWDV \ DFUHHGRUHV GH ODV HPSUHVDV LQYROXFUDGDV ORV WUDEDMDGRUHV GH ODV PLVPDV
ORVFRQVXPLGRUHV\ODVDGPLQLVWUDFLRQHVS~EOLFDV(OPHUFDGRGHJRELHUQRFRUSRUD
WLYR HV UHDOL]DGR SRU ORV DFFLRQLVWDV R SURSLHWDULRV GH ODV HPSUHVDV LQYROXFUDGDV
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
(VWRV DJHQWHV WRPDQ VXV GHFLVLRQHV HQ IXQFLyQ GH OD FUHDFLyQ GH YDORU R QR SDUD
HOORV 6LQ HPEDUJR HO YDORU QHWR VRFLDO JHQHUDGR SRU ODV HPSUHVDV QR HV VyOR HO
EHQHILFLRSDUDORVDFFLRQLVWDVHVDHVODUHQWDELOLGDGSDUDORVDFFLRQLVWDVVLQRWDP
ELpQ\FRQLJXDOLPSRUWDQFLDGHVGHHOSXQWRGHYLVWDVRFLDOSDUDORVFRQVXPLGRUHV
GHHVRVSURGXFWRVHQHOPHUFDGR(VWRLPSOLFDTXHHQPHUFDGRVGHSURGXFWRVILQD
OHVFRPSHWLWLYRVGRQGHQRH[LVWDQEDUUHUDVGHHQWUDGDSDUDSURGXFWRUHV\HOFRQVX
PLGRUVHVLHQWDELHQVXPLQLVWUDGRGHSURGXFWRVDOWHUQDWLYRVHOELHQHVWDUGHOFRQVX
PLGRUVHHQFXHQWUDEDVWDQWHELHQJDUDQWL]DGRSRUODGLQiPLFDFRPSHWLWLYDGHOVHF
WRU(QHVWRVPHUFDGRVODVGHFLVLRQHVGHORVSURSLHWDULRVRDFFLRQLVWDVHQFXDQWRD
ODFRPSUDYHQWDGHVXVHPSUHVDVVXHOHHVWDUELHQFRUUHODFLRQDGRFRQHOLQFUHPHQWR
GHOELHQHVWDUVRFLDO
3RUHOFRQWUDULRHQPHUFDGRVGRQGHODGLQiPLFDFRPSHWLWLYDQRHVWpJDUDQWL]DGDELHQ
SRUTXHH[LVWHQDOWDVEDUUHUDVGHHQWUDGDRHVWUXFWXUDVFRPSHWLWLYDVTXHSXHGDQRWRUJDU
DORVSURGXFWRUHVSRGHUGHPHUFDGRODPD[LPL]DFLyQGHOYDORUSDUDORVDFFLRQLVWDVQR
WLHQHSRUTXHHVWDUFRUUHODFLRQDGDFRQODPD[LPL]DFLyQGHOELHQHVWDUVRFLDO(QHVWRV
FDVRVODHILFLHQFLDGHODUHJXODFLyQSDUDJDUDQWL]DUODFRPSHWHQFLDHIHFWLYDSRVWHULRUD
ODV DFWLYLGDGHV FRUSRUDWLYDV HV XQD SLH]D IXQGDPHQWDO HQ HO EXHQ IXQFLRQDPLHQWR GHO
VLVWHPD
(OUHVWRGHOWUDEDMRVHHVWUXFWXUDDOUHGHGRUGHWUHVSXQWRV(QODVLJXLHQWHVHFFLyQVHGLV
FXWHQODVFRQGLFLRQHVTXHVHGHEHQSURPRYHUSDUDODH[LVWHQFLDGHXQPHUFDGRFRUSR
UDWLYRiJLO\HILFLHQWHHQHOVHQWLGRGHIDYRUHFHUODFUHDFLyQGHYDORUDWUDYpVGHHVWHWLSR
GHWUDQVDFFLRQHV/DVHFFLyQWHUFHUDUHYLVDODOLWHUDWXUDH[LVWHQWHVREUHODFUHDFLyQGH
YDORUHIHFWLYDSDUDORVDFFLRQLVWDVHQORVSURFHVRVGHRSHUDFLRQHVFRUSRUDWLYDV/DFXDU
WDVHFFLyQRIUHFHODVFDUDFWHUtVWLFDVJHQHUDOHVTXHHPStULFDPHQWHHVWiQFRUUHODFLRQDGDV
FRQXQDPD\RUSUREDELOLGDGGHJHQHUDUYDORUDWUDYpVGHRSHUDFLRQHVFRUSRUDWLYDV(Q
OD~OWLPDVHFFLyQVHRIUHFHQDOJXQDVFRQFOXVLRQHV
D (OPHUFDGRFRPRPHFDQLVPRGHFRQWUROFRUSRUDWLYRSUREOHPDV
FRQFHSWXDOHV\GHDJHQFLD
8QPRGRGHFODVLILFDUODVUD]RQHVSDUDXQFDPELRGHFRQWUROHVVLpVWDVVRQFRPXQHVD
PXFKRVSRVLEOHVRIHUHQWHVRVRQHVSHFtILFDVDXQRHQSDUWLFXODU(VWDFODVLILFDFLyQHV
LPSRUWDQWHDODKRUDGHGHWHUPLQDUODDFWLYLGDGGHWRPDVGHFRQWURO\ODSRVLEOHH[LV
WHQFLDGHSURFHVRVFRPSHWLWLYRVSDUDHOPLVPR
(/ 0(5&$'2'(&21752/ &25325$7,92
L 0RWLYRVHVSHFtILFRVDORIHUHQWH (VWiQOLPLWDGRVDXQQ~PHURUHGXFLGRGHSRVLEOHV
RIHUHQWHV /DV UD]RQHV SDUD HO FDPELR GH FRQWURO SXHGHQ VHU OD UHGXFFLyQ GH ORV
FRVWHVGHWUDQVDFFLyQLQWHJUDFLyQYHUWLFDOODVHFRQRPtDVGHHVFDODRODUHGXFFLyQ
GH OD FRPSHWHQFLD LQWHJUDFLyQ KRUL]RQWDO R OD FRPSUD GH HPSUHVDV FRQ IOXMRV
ILQDQFLHURVFRUUHODFLRQDGRVQHJDWLYDPHQWHFRQODRIHUHQWHSDUDUHGXFLUORVFRVWHV
GHILQDQFLDFLyQRHOULHJRGHORVJHVWRUHV
LL 0RWLYRV JHQHUDOHV 7RGRV ORV SRVLEOHV RIHUHQWHV SXHGHQ EHQHILFLDUVH GH HVWRV
PRWLYRV(QWUHHOORVSXHGHQGHVWDFDUVHUD]RQHVFRPRODLQHILFLHQFLDGHORVJHVWR
UHVGHODHPSUHVDODDOWHUDFLyQGHODHVWUXFWXUDILQDQFLHUDSDUDPD[LPL]DUHOYDORU
GH ODV DFFLRQHV \R H[SURSLDU D ORV DFUHHGRUHV R OD FRQVWUXFFLyQ GH LPSHULRV
HPSUHVDULDOHVSRUSDUWHGHJHVWRUHVGHRWUDVVRFLHGDGHV
([LVWHQSXHVGRVWLSRVGHUD]RQHVSDUDODUHDOL]DFLyQGHWUDQVIHUHQFLDVGHFRQWUROHVSH
FtILFDV SDUD XQ SRVLEOH FRPSUDGRU \ JHQpULFDV SDUD XQ FRQMXQWR GH FRPSUDGRUHV /D
H[LVWHQFLDGHWUDQVIHUHQFLDVGHFRQWUROHVSHFtILFDVSUHVHQWDQPHQRVSRVLELOLGDGHVGHTXH
VHSURGX]FDQSURFHVRVFRPSHWLWLYRV\SRUORWDQWRVHLQFUHPHQWDODSRVLELOLGDGGHTXH
SXHGDQVHUGLVWRUVLRQDGRWDVHQODJHQHUDFLyQGHYDORU$QWHHVWDVVLWXDFLRQHVODUHJXOD
FLyQGHXQPHUFDGRFRUSRUDWLYRHILFLHQWHGHEHLQWHQWDUSURPRYHUTXHVHSURGX]FDQODV
WUDQVDFFLRQHVTXHUHVXOWHQHQJHQHUDFLyQQHWDGHYDORU\GHVLQFHQWLYDUDTXHOODVTXHSXH
GDQUHVXOWDUHQUHDVLJQDGRUDVGHYDORUHQWUHORVGLVWLQWRVDJHQWHVVLQVHUFUHDGRUDVGH
YDORUQHWDV/DIRUPDSUiFWLFDGHUHDOL]DUHVWDGLVFULPLQDFLyQVHKDFHDWUDYpVGHGRV
PHFDQLVPRV
² (OHVWDEOHFLPLHQWRGHPHFDQLVPRVGHWUDQVSDUHQFLDHLQIRUPDFLyQTXHIDFLOLWHQ
ODHILFLHQFLDGLVPLQX\DQORVFRVWHVGHWUDQVDFFLyQ\HYLWHQODH[LVWHQFLDGHSUL
PDVGHFRQWURO
² (OWUDWDPLHQWRLJXDOLWDULRDWRGRVORVDFFLRQLVWDVGHODHPSUHVDHQPHFDQLVPRV
GHWUDQVIHUHQFLDGHSURSLHGDGHTXLSDUDEOHVSDUDWRGRV
(OSULPHURGHHVWRVPHFDQLVPRVVHUHDOL]DDWUDYpVGHH[LJHQFLDVGHWUDQVSDUHQFLD
LQIRUPDWLYDRULHQWDGDVDFRQVHJXLUTXHVHUHDOLFHQWUDQVIHUHQFLDVHILFLHQWHVGHFRQWURO
FXDQGRH[LVWHJUDQGLVSHUVLyQHQODSURSLHGDG'HQWURGHHVWRVPHFDQLVPRVVHHQFXHQ
WUDQORVGHHVWDEOHFHUXPEUDOHVGHSURSLHGDGTXHXQDFFLRQLVWDSXHGHSRVHHUDQWHVGH
FRPXQLFDUVXSDUWLFLSDFLyQDOPHUFDGR\XPEUDOHVHQHOSRUFHQWDMHDSDUWLUGHOFXDOVH
H[LJHHOODQ]DPLHQWRGHXQD23$7DPELpQVHHQFXHQWUDQODVH[LJHQFLDVGHWUDQVSDUHQ
FLDVREUHSDUWLFLSDFLRQHVVLJQLILFDWLYDVHOREMHWLYRTXHVHSUHWHQGHFRQODVPLVPDVH
LQIRUPDFLyQVREUHFRQWUROHIHFWLYRVREUHyUJDQRVGHJHVWLyQ
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
(O VHJXQGR GH HVWRV PHFDQLVPRV VH FRQFUHWD D WUDYpV GH OD H[LJHQFLD GH ODQ]D
PLHQWRGH23$VWRWDOHVRSDUFLDOHVDWRGRVORVDFFLRQLVWDVGHODHPSUHVD(VWDV23$V
JHQHUDOPHQWHGHVLJQDQHOSRUFHQWDMHHQSRGHUGHODGTXLULHQWHDSDUWLUGHOFXDOHVREOL
JDWRULRVXODQ]DPLHQWR\HOSRUFHQWDMHVREUHHOTXHVHGHEHODQ]DUOD23$ HOGHO
FDSLWDOHQHOFDVRGHODV23$VREOLJDWRULDV&XDQWRPD\RUVHDHVWH~OWLPRSRUFHQWDMH\
PHQRUHOQLYHOGHOUHTXLVLWRDQWHULRUPiVVHLQFUHPHQWDUiHOFRVWHSDUDHOFRPSUDGRUGH
HMHUFHUHOFRQWURO\PiVSUREDEOHTXHDOJXQDGHODVWUDQVDFFLRQHVTXHVHUtDQHFRQyPL
FDPHQWHHILFLHQWHVQRVHOOHJXHQDUHDOL]DU
E (YLGHQFLDHPStULFDVREUHODJHQHUDFLyQGHYDORU SDUDORVDFFLRQLVWDV
DWUDYpVGH)XVLRQHV\$GTXLVLFLRQHV
([LVWHPXFKDHYLGHQFLDGHP~OWLSOHVHVWXGLRVVREUHHOLPSDFWRTXHODVIXVLRQHV\DGTXL
VLFLRQHVWLHQHQHQHOSURFHVRGHFUHDFLyQGHYDORU(VWDHYLGHQFLDVHKDFHQWUDGRVREUH
WRGRHQGRVDVSHFWRVELHQGLIHUHQFLDGRVHOLPSDFWRTXHODUHDOL]DFLyQGH) $VWLHQH
VREUH OD UHQWDELOLGDG SDUD ORV DFFLRQLVWDV GH ODV HPSUHVDV LQYROXFUDGDV \ HO WLSR GH
FDUDFWHUtVWLFDV TXH KDFHQ TXH XQD WUDQVDFFLyQ WHQJD FDSDFLGDG GH JHQHUDU R GHVWUXLU
YDORU 1RV FHQWUDUHPRV HQ HVWH UHVXPHQ UiSLGR HQ ORV HVWXGLRV UHDOL]DGRV GXUDQWH OD
~OWLPDGpFDGD8QDUHYLVLyQGHORVHVWXGLRVDQWHULRUHVVHSXHGHHQFRQWUDUHQ-HQVHQ\
5XEDFN'DWWDHWDO \%UXQHU
/DPHGLDPiVXWLOL]DGDSDUDPHGLUODUHDFFLyQDXQDIXVLyQ\VLpVWDHVJHQHUDGRUD
GHYDORURQRHVHO([FHVRGH5HQWDELOLGDGSDUDORVDFFLRQLVWDVGHODVHPSUHVDVLQYR
OXFUDGDVDOUHGHGRUGHODQXQFLRGHODRSHUDFLyQ(VWRVH[FHVRVGHUHQWDELOLGDGVHFDO
FXODQQRUPDOPHQWH FRPR OD GLIHUHQFLD HQWUH ODV UHQWDELOLGDGHV H[SHULPHQWDGDV SRU
ORVDFFLRQLVWDVGXUDQWHXQDYHQWDQDGHWLHPSRDOUHGHGRUGHODQXQFLRGHODWUDQVDF
FLyQ\ODUHQWDELOLGDGHVSHUDGDFDOFXODGDDSDUWLUGHDOJ~QPRGHORILQDQFLHURJHQH
UDOPHQWHHO&$30
/RVDFFLRQLVWDVGHODHPSUHVDFRPSUDGDREWLHQHQH[FHVRVGHUHQWDELOLGDGSRVLWLYRV\
HVWDGtVWLFDPHQWHVLJQLILFDWLYRV/RVUHVXOWDGRVGHHVWXGLRVUHVXPLGRVHQOD7DEOD
PXHVWUDQTXHHVWRVH[FHVRVGHUHQWDELOLGDGVRQLPSRUWDQWHV\UREXVWRVDODPHWRGROR
JtDXWLOL]DGDYHQWDQDGHWLHPSRH[DPLQDGRLQGXVWULDVGHODVTXHVHWUDWHQ\WLSRGH
WUDQVDFFLyQ(VWDHYLGHQFLDWDPELpQHVFRQVLVWHQWHFRQODTXHDSDUHFHHQUHYLVLRQHVGH
HVWXGLRVPiVDQWLJXRV-HQVHQ\5XEDFN'DWWDHWDO \%UXQHU
(VWRV HVWXGLRV VXJLHUHQ H[FHVRV GH UHQWDELOLGDG SDUD ORV DFFLRQLVWDV GH ODV HPSUHVDV
(/ 0(5&$'2'(&21752/ &25325$7,92
FRPSUDGDVGHHQWUHXQ\XQ'HPHGLDHVWRVH[FHVRVGHUHQWDELOLGDGWLHQGHQ
D VHU XQ SRFR PHQRUHV HQ OD LQGXVWULD ILQDQFLHUD (VWRV H[FHVRV GH UHQWDELOLGDG WLHQ
GHQDSURGXFLUVHHQORVGtDVVLJXLHQWHVDODIHFKDGHDQXQFLRGHODWUDQVDFFLyQ\VHHVWD
ELOL]DQDORVSRFRVGtDVSRVWHULRUHVDGLFKRDQXQFLR7DPELpQHVFRP~QGHWHFWDUH[FH
VRV GH UHQWDELOLGDG HQ ORV GtDV SUHYLRV DO DQXQFLR OR TXH VXJLHUH TXH OD LQIRUPDFLyQ
VREUHODSRVLEOHRSHUDFLyQVHWUDQVPLWHDOPHUFDGRDQWHVGHODQXQFLRIRUPDO6RODPHQWH
GRVHVWXGLRVHQFXHQWUDQH[FHVRVGHUHQWDELOLGDGQHJDWLYRVDQWHVGHODQXQFLRGHODWUDQV
DFFLyQ(QUHVXPHQODHYLGHQFLDFODUDPHQWHDSXQWDDTXHH[LVWHQSULPDVVXVWDQFLDOHV
SDUDORVDFFLRQLVWDVGHODVHPSUHVDVFRPSUDGDV
/DHYLGHQFLDVREUHH[FHVRVGHUHQWDELOLGDGSDUDORVDFFLRQLVWDVGHODVHPSUHVDVFRP
SUDGRUDV HV PXFKR PHQRV FODUD /RV HVWXGLRV HVWiQ PiV R PHQRV GLYLGLGRV D SDUWHV
LJXDOHVHQWUHDTXHOORVTXHHQFXHQWUDQUHQWDELOLGDGHVQHJDWLYDV\VLJQLILFDWLYDVSDUDORV
DFFLRQLVWDVGHODFRPSUDGRUD\DTXHOORVTXHHQFXHQWUDQUHQWDELOLGDGHVQXODVRHVFDVD
PHQWHSRVLWLYDVDXQTXHQRVLJQLILFDWLYDV(OSDQHO%GHOD7DEODUHVXPHODHYLGHQFLD
GHHVWXGLRVORVFXDOHVKDQVLGRGLYLGLGRVHQWUHDTXHOORVTXHHQFXHQWUDQH[FHVRVGH
UHQWDELOLGDGQHJDWLYRV\DTXHOORVTXHORVHQFXHQWUDQQXORVRPDUJLQDOPHQWHSRVLWLYRV
(O3DQHO%UHVXPHHVWXGLRVTXHHQFXHQWUDQUHQWDELOLGDGHVQHJDWLYDV(VWDVUHQWDEL
OLGDGHVYDUtDQHQWUHPHQRVXQRSRUFLHQWR\PHQRVFLQFRSRUFLHQWRHQIXQFLyQGHODV
YHQWDQDVGHREVHUYDFLyQ/DPD\RUtDGHHVWRVH[FHVRVGHUHQWDELOLGDGVRQHVWDGtVWLFD
PHQWHVLJQLILFDWLYRV(O3DQHO%UHVXPHRWURVVLHWHHVWXGLRVTXHHQFXHQWUDQUHQWDELOL
GDGHVQXODVRDOJRSRVLWLYH/RVH[FHVRVGHUHQWDELOLGDGHQHVWRVHVWXGLRVVHVLW~DQHQWUH
FHUR\HOVLHWHSRUFLHQWRGHUHQWDELOLGDGDXQTXHHQODPD\RUtDGHORVFDVRVVRQPX\
SHTXHxRVHVSHFLDOPHQWHVLVHFRPSDUDQFRQORVH[FHVRVGHUHQWDELOLGDGSDUDODVHPSUH
VDV FRPSUDGDV GLVFXWLGRV DQWHULRUPHQWH (Q UHVXPHQ OD HYLGHQFLD SDUD ODV HPSUHVDV
FRPSUDGRUDVDXQTXHQRHVWDQFRQFOX\HQWHFRPRSDUDODVHPSUHVDVFRPSUDGDVWLHQGHD
LQFOLQDUVHVREUHODLQH[LVWHQFLDGHH[FHVRVGHUHQWDELOLGDGSRVLWLYRV
/D PD\RUtD GH ORV H[FHVRV GH UHQWDELOLGDG RFXUUHQ VROR DOUHGHGRU GHO DQXQFLR GH OD
WUDQVDFFLyQ/RVHVWXGLRVTXHHYDO~DQUHQWDELOLGDGHVGHODUJRSOD]RSDUDORVDFFLRQLVWDV
GH OD HPSUHVD FRPSUDGRUD WLHQGHQ D HQFRQWUDU H[FHVRV GH UHQWDELOLGDG QHJDWLYRV /R
PLVPR RFXUUH FXDQGR VH HYDO~DQ ORV H[FHVRV GH UHQWDELOLGDG DOUHGHGRU GHO PRPHQWR
SRVWHULRUGHFLHUUHGHODWUDQVDFFLyQ1RREVWDQWHODLQWHUSUHWDFLyQGHH[FHVRVGHUHQWD
ELOLGDGHVDPiVODUJRSOD]RSRUHMHPSORDXQDxRVHFRPSOLFDVXVWDQFLDOPHQWHSXHVWR
TXHGXUDQWHHVHSHUtRGRHVSUREDEOHTXHKD\DQRFXUULGRRWURJUDQQ~PHURGHHYHQWRV
TXHSXHGDQKDEHUDIHFWDGRDODFRWL]DFLyQGHODDFFLyQ\QRHVWpQUHODFLRQDGRVFRQOD
WUDQVDFFLyQ
7$%/$ 5(680(1'((678',26(9$/8$1'2/$ 5(17$%,/,'$'3$5$ /26$&&,21,67$6
'(0 $V
3$1(/ $5(17$%,/,'$'3$5$ /26$&&,21,67$6'(/$ (035(6$ &2035$'$
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
7$%/$ FRQWLQXDFLyQ
(/ 0(5&$'2'(&21752/ &25325$7,92
1RWDV)HFKDGHOHYHQWRHVODGHODQXQFLRH[FHSWRHQORVFDVRVLQGLFDGRV
3$1(/ %5(17$%,/,'$'3$5$ /26$&&,21,67$6'(/$ (035(6$ &2035$'25$
3$1(/ %(678',2648((1&8(175$15(17$%,/,'$'(61(*$7,9$6
1RWDV)HFKDGHOHYHQWRHVODGHODQXQFLRH[FHSWRHQORVFDVRVLQGLFDGRV
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
/DVSULPHUDVUHQWDELOLGDGHVHVWiQEDVDGDVHQXQDPHGLGDVLPSOHGHUHQWDELOLGDGHVODVVHJXQGDVEDVDGDVHQUHQWDELOLGDGHVSRQGHUDGDV
/DVSULPHUDVUHQWDELOLGDGHVHVWiQDMXVWDGDSRUODUHQWDELOLGDGPHGLDGHOPHUFDGRODVVHJXQGDVDMXVWDGDVSRUODVUHQWDELOLGDGHVGHXQDPXHVWUD
GHFRQWUDVWHGHHPSUHVDVVLPLODUHV
3$1(/ %(678',2648((1&8(175$15(17$%,/,'$'(618/$62326,7,9$6
1RWDV)HFKDGHOHYHQWRHVODGHODQXQFLRH[FHSWRHQORVFDVRVLQGLFDGRV
(/ 0(5&$'2'(&21752/ &25325$7,92
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
/DHYLGHQFLDGHH[FHVRVGHUHQWDELOLGDGSRVLWLYDSDUDORVFRPSUDGRUHV\PiVRPHQRV
QXORVSDUDORVFRPSUDGRVKDFHSHQVDUFXiOHVODJDQDQFLDQHWDHQHVWDVWUDQVDFFLRQHV
*HQHUDOPHQWHODHPSUHVDFRPSUDGRUDHVPXFKRPiVJUDQGHTXHODFRPSUDGDFRQOR
TXHVHGHEHWHQHUHQFXHQWDHVWDGLIHUHQFLDGHWDPDxRSDUDHYDOXDUHOLPSDFWRWRWDO8QD
JDQDQFLDSRUFHQWXDODOWDSDUDORVYHQGHGRUHVSRGUtDVHUWRWDOPHQWHFRPSHQVDGDFRQXQD
SpUGLGDSRUFHQWXDOPX\SHTXHxDSDUDORVDFFLRQLVWDVGHODHPSUHVDFRPSUDGRUD+D\
HVWXGLRVTXHKDQHYDOXDGRODJDQDQFLDQHWDSDUDODVXPDGHFRPSUDGRUHV\YHQGHGRUHV
HQODWUDQVDFFLyQHYDOXDQGRODHYROXFLyQGHOYDORUWRWDOSDUDORVDFFLRQLVWDVGHODVGRV
HPSUHVDV&DVLWRGRVORVHVWXGLRVHQFXHQWUDQXQDJDQDQFLDQHWDSRVLWLYD1RREVWDQWH
HOHIHFWRQHWRWRWDOGHFUHDFLyQGHYDORUHVWLPDGRWLHQGHDVHUPX\SHTXHxR
F )XHQWHVGH*HQHUDFLyQGH9DORU \GHEDUUHUDVHQODV)XVLRQHV
\$GTXLVLFLRQHVHQ(XURSD
(VWDSHTXHxDJHQHUDFLyQGHYDORUHQPHGLDSDUDHODFFLRQLVWDGRFXPHQWDGDHQODVHF
FLyQDQWHULRUQRHVVLPpWULFDSDUDWRGDVODVHPSUHVDVVLQRTXHH[LVWHQPXFKDVWUDQVDF
FLRQHVHQODVTXHVHSURGXFHXQLQFUHPHQWRQHWRHQODJHQHUDFLyQGHYDORUGHODVHPSUH
VDV7UHVVRQODVIXHQWHVSULQFLSDOHVGHYDORUODH[LVWHQFLDGHVLQHUJLDVODLPSRUWDQFLD
GHFRPSUDUHQPRPHQWRVGHYDORUDFLRQHVUD]RQDEOHV\HOSDSHOGHOHTXLSRGLUHFWLYR
6LQHUJLDVELHQDWUDYpVGHODH[LVWHQFLDGHHFRQRPtDVGHHVFDODUHGXFFLRQHVGHFRVWHR
ODHOLPLQDFLyQGHDFWLYLGDGHVGXSOLFDGDVVRQFDVLVLHPSUHODVMXVWLILFDFLRQHVGHXQDRSH
UDFLyQFRUSRUDWLYD7UDQVDFFLRQHVTXHLPSOLFDQGLYHUVLILFDFLyQGHDFWLYLGDGHVWLHQGHQD
UHVXOWDUHQPHQRUHVUHQWDELOLGDGHVDIXWXUR(OJUDGRGHSUR[LPLGDGHQWUHODVDFWLYLGD
GHVGHOFRPSUDGRU\HOYHQGHGRUHVWiSRVLWLYDPHQWHFRUUHODFLRQDGRFRQUHQWDELOLGDGHV
SRVLWLYDV 7DPELpQH[LVWHEDVWDQWHHYLGHQFLDTXHHPSUHVDVFRQFDUDFWHUtVWLFDVGHFRQ
JORPHUDGRV HVWiQ JHQHUDOPHQWH LQIUDYDORUDGDV \ TXH H[LVWHQ SRVLELOLGDGHV GH H[WUDHU
YDORUHQRSHUDFLRQHVTXHUHVXOWHQHQRUJDQL]DFLRQHVPiVHQIRFDGDVDXQVXEFRQMXQWR
FODURGHDFWLYLGDGHV+RXVWRQ-DPHV\5\QJDHUWHVWXGLDURQODDVRFLDFLyQHQWUH
ODVSUHYLVLRQHVGHDKRUURGHFRVWHV\ODVPHMRUDVREWHQLGDVGHLQJUHVRVHQIXVLRQHVEDQ
FDULDV\HQFRQWUDURQXQDVLJQLILFDWLYDUHODFLyQHQWUHHOYDORUSUHVHQWHGHHVWRVEHQHIL
FLRV\ORVTXHVHDQXQFLDURQHQVXGtD)LQDOPHQWHODVVLQHUJLDVSURYHQLHQWHVGHDKR
UURVHQFRVWHVVRQPiVIiFLOHVGHUHDOL]DUHQRSHUDFLRQHVFRUSRUDWLYDVTXHDTXHOODVTXH
&RPPHQW\-DUUHOO\+HDO\3DOHSX\5XEDFN\HQWUHRWURVDSRUWDQHYLGLHQFLDVGH
ODH[LVWHQFLDGHGHVWUXFFLyQGHYDORUHQWUDQVDFFLRQHVGHGLYHUVLILFDFLyQGHDYWLYLGDGHV
(/ 0(5&$'2'(&21752/ &25325$7,92
HVWpQPiVHQIRFDGDVHQODJHQHUDFLyQGHVLQHUJLDVDWUDYpVGHLQFUHPHQWRVGHLQJUHVRV
SRUODYHQWDFUX]DGDGHSURGXFWRVGHODVGRVRUJDQL]DFLRQHV
&RPSUDUELHQWDPELpQHVXQGHWHUPLQDQWHLPSRUWDQWHGHJHQHUDUYDORUHQHVWDVRSHUD
FLRQHV$XQTXHVXHQHWULYLDOVXHOHVHUPHQRVFRP~QGHORTXHVHHVSHUDUtD&XDQGRORV
FRPSUDGRUHVVHKDFHQFRQHPSUHVDVDSDUHQWHPHQWHEDUDWDVPHGLGRFRPRHOUDWLRGH
YDORU GH PHUFDGR D YDORU FRQWDEOH HV PiV IiFLO OD JHQHUDFLyQ GH YDORU 5DX DQG
9HUPDHOHQPXHVWUDQTXHFRPSUDVGHFRPSDxtDVFRQYDORUDFLRQHVDOWDVHQWpU
PLQRVGHYDORUGHPHUFDGRDYDORUFRQWDEOHREWLHQHQUHQWDELOLGDGHVQHJDWLYDVFRQSRV
WHULRULGDGDODIXVLyQPLHQWUDVTXHORRSXHVWRHVWiFRUUHODFLRQDGRFRQUHQWDELOLGDGHV
SRVLWLYDV(OSDJDUHQHIHFWLYRWDPELpQHVWiUHODFLRQDGRFRQUHQWDELOLGDGHVSRVLWLYDV
3RU~OWLPRHOJUDGRGHLQYROXFUDFLyQGHORVHTXLSRVGLUHFWLYRVHQWpUPLQRVGHVXJUDGR
GHSURSLHGDGGHODHPSUHVDWDPELpQHVWiUHODFLRQDGRFRQFUHDFLyQGHYDORU7DPELpQ
VXHOHQJHQHUDUYDORUODVFRPSUDVDSDODQFDGDV/%2V\0%2VQRVyORDWUDYpVGHORV
EHQHILFLRVILVFDOHVGHULYDGRVGHODOWRDSDODQFDPLHQWRVLQRWDPELpQDWUDYpVGHJDQDQ
FLDVGHHILFLHQFLD\RSHUDWLYDVGHVDUUROODGDVSRUORVQXHYRVJHVWRUHVTXHVHHQFXHQWUDQ
DOWDPHQWHLQFHQWLYDGRVSDUDLPSOHPHQWDUHVWRVFDPELRVHQODE~VTXHGDGHODJHQHUDFLyQ
GHYDORU
$GLFLRQDOPHQWHODHYLGHQFLDVXJLHUHTXHODVFRPSUDVKHFKDVSRUHPSUHVDVSHTXHxDV
VXHOHQ VHU PiV UHQWDEOHV7DPELpQ DTXHOODV KHFKDV HQ pSRFDV GH UHFHVLyQ HFRQyPLFD
0RHOOHUHWDO /DVWUDQVDFFLRQHVTXHVHUHDOL]DQHQHIHFWLYRVXHOHQWDPELpQVHU
PiVUHQWDEOHVDODUJRSOD]RDXQTXHQRVRUSUHQGHQWHPHQWHHOSRUFHQWDMHGHFRPSUDVHQ
HIHFWLYRHVWiLQYHUVDPHQWHUHODFLRQDGRFRQHOFRPSRUWDPLHQWRGHOPHUFDGREXUViWLO
(Op[LWRGHODIXVLyQHQWpUPLQRVGHODUHQWDELOLGDGSDUDORVDFFLRQLVWDVWDPELpQGHSHQ
GHGHOVHFWRU\GHODQDFLRQDOLGDGGHODVHPSUHVDVLQYROXFUDGDV/RVH[FHVRVGHUHQGL
PLHQWR GH ODV HPSUHVDV LQYROXFUDGDV HQ RSHUDFLRQHV GH FRPSUDYHQWD HQ VHFWRUHV QR
UHJXODGRVVRQPD\RUHVHQPHGLDTXHFXDQGRVHWUDWDGHIXVLRQHVHQVHFWRUHVUHJXODGRV
&DPSD\+HUQDQGR$GHPiVHVWDGLIHUHQFLDHVVLJQLILFDWLYD\GHPD\RUPDJQL
WXG±HQWUHXQ\XQGHSHQGLHQGRGHOSHUtRGRGHHVWLPDFLyQ±FXDQGRVHWUDWDQ
GHIXVLRQHVLQWHUQDFLRQDOHV(QHOFDVRGHODVIXVLRQHVQDFLRQDOHVODGLIHUHQFLDHQWUHORV
H[FHVRVGHUHQGLPLHQWRHQVHFWRUHVUHJXODGRV\QRUHJXODGRVVHVLW~DHQWUHHO\HO
(VWDHYLGHQFLDSDUHFHUHIOHMDUODH[LVWHQFLDGHPDUFRVUHJXODWRULRVHQGHWHUPLQD
GDVLQGXVWULDVTXHFRQILJXUDQXQHQWRUQRKRVWLOSDUDHOGHVDUUROORGHORVSURFHVRVGH
LQWHJUDFLyQ HPSUHVDULDO \ TXH VRQ HVSHFLDOPHQWH UHOHYDQWHV FXDQGR HO FRPSUDGRU HV
H[WUDQMHUR
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
(VWHSURFHVRGHJHQHUDFLyQGHYDORUHQODUHHVWUXFWXUDFLyQGHVHFWRUHVUHJXODGRVVHKDFH
EDVWDQWHFODURHQODFRQFHQWUDFLyQVXIULGDSRUVHFWRUHVWDQLPSRUWDQWHVFRPRHOILQDQ
FLHURRHOGHODHQHUJtD(QHOVHFWRUEDQFDULRVHKDQSURGXFLGRPiVGHFRPSUD
YHQWDVGHHPSUHVDVRWRPDVGHSDUWLFLSDFLRQHVVLJQLILFDWLYDVGHVGHHQOD8QLyQ
(XURSHD'HHVWiVPiVGHOVHKDQSURGXFLGRHQWUHEDQFRVGHXQPLVPRSDtVGHQ
WURGHOD8(\VyORHOVHSURGXMHURQHQWUHEDQFRVHXURSHRVGHGLVWLQWDQDFLRQDOL
GDG (VWD WHQGHQFLD HV XQ UHIOHMR GH OD UHQWDELOLGDG PHGLD HVSHUDGD SRU FDGD WLSR GH
WUDQVDFFLyQ/DVIXVLRQHVHQWUHEDQFRVQDFLRQDOHVGHPHGLDJHQHUDURQXQLQFUHPHQWRGH
YDORUSDUDHODFFLRQLVWDGHHQHODQXQFLRGHODIXVLyQPLHQWUDVTXHODVTXHVHSUR
GXMHURQHQWUHEDQFRVGHGLVWLQWRVSDtVHVWXYLHURQXQDUHQWDELOLGDGGHO%HLWHO\
9HQ
(VWDGLILFXOWDGHQODJHQHUDFLyQGHYDORUDWUDYpVGHWUDQVDFFLRQHVLQWHUQDFLRQDOHVHQ
(XURSDVHKDYHQLGRVXSHUDQGRGXUDQWHORV~OWLPRVGRVDxRV7DQWRHOQ~PHURGHWUDQV
DFFLRQHVFRPRHOWDPDxRGHODVPLVPDVVXSUREDELOLGDGGHp[LWR\ODUHDFFLyQGHORV
PHUFDGRV EXUViWLOHV DQWH HO DQXQFLR GH ODV PLVPDV KDQ LQFUHPHQWDGR SRVLWLYDPHQWH
IDYRUHFLHQGRXQSURFHVRGHLQWHJUDFLyQLQWHUQDFLRQDOHQHVWRVVHFWRUHVTXHPHMRUDOD
FDSDFLGDGGHJHQHUDFLyQGHYDORUGHHVWDVHPSUHVDV
)XHQWHVGHODV%DUUHUDVDODVIXVLRQHVHQ(XURSD
3RU TXp KDQ HVWDGR WUDGLFLRQDOPHQWH WDQ FDVWLJDGDV SRU ORV LQYHUVRUHV ODV IXVLRQHV
FRPXQLWDULDVVLVXSXHVWDPHQWHUHVSRQGHQPiVDXQDHYROXFLyQQDWXUDOGHOFUHFLPLHQWR
GHOPHUFDGR\VXSRQHQXQPHMRUDSURYHFKDPLHQWRGHODVHFRQRPtDVGHHVFDODH[LVWHQ
WHVHQHVWDVLQGXVWULDV 3UHFLVDPHQWHSRUTXHORVLQYHUVRUHVUHDFFLRQDEDQDORTXHFUHtDQ
TXHLEDDVXSRQHUXQVXIULPLHQWRSDUDODHPSUHVDSRGHUFRQVHJXLUODLQWHJUDFLyQ([LVWHQ
P~OWLSOHV GLILFXOWDGHV SDUD UHDOL]DU XQD IXVLyQ LQWHUQDFLRQDO GHQWUR GH OD 8QLyQ
(XURSHD$OJXQDVVRQGHFDUiFWHUFXOWXUDOFRPRODVGLIHUHQFLDVGHOHQJXDODIDOWDGH
PRYLOLGDGJHRJUiILFD ODV SUHVWDFLRQHV VRFLDOHV R OD LPSRUWDQFLD GHO GHVDUUROOR SURIH
VLRQDOHQODDFWLYLGDGKXPDQD(VWDVUD]RQHVVHHQFXHQWUDQPX\DUUDLJDGDVHQODHVHQ
FLDGHORVFLXGDGDQRVHXURSHRV\VRQGHGLItFLOFDPELRDFRUWRSOD]R3HURH[LVWHQRWUDV
GHFDUiFWHUPXFKRPiVOHJDOQRUPDWLYR\GHSROtWLFDHFRQyPLFDTXHGHEHQVHUDGDSWD
GDV SDUD FRQIRUPDU XQ YHUGDGHUR HVSDFLR HFRQyPLFR LQWHJUDGR GHQWUR GH OD 8QLyQ
(XURSHD
/D8QLyQ(XURSHDHVVXSXHVWDPHQWHXQPHUFDGR~QLFRSDUDODFRPSUDGHELHQHV\VHU
YLFLRVFRQOLEUHFLUFXODFLyQGHELHQHV\IDFWRUHVGHSURGXFFLyQTXHVHLQWHUFDPELDQHQ
(/ 0(5&$'2'(&21752/ &25325$7,92
FDVLWRGDOD]RQDFRQXQDPRQHGD~QLFD3HURQRHVXQPHUFDGR~QLFRDODKRUDGHUHD
OL]DUXQDFRPSUDYHQWDHPSUHVDULDO/D8QLyQ(XURSHDDSUREyKDFHWUHVDxRVXQDGLUHF
WLYDFX\RREMHWLYRHUDODQRUPDOL]DFLyQGHOSURFHVRGHFRPSUDYHQWDGHHPSUHVDVGHQ
WUR GH OD 8QLyQ D WUDYpV GH OD FUHDFLyQ GH XQRV SURFHGLPLHQWRV PiV WUDQVSDUHQWHV \
HVWDQGDUL]DGRV(OSURFHVRGHQHJRFLDFLyQGHHVWDGLUHFWLYDKDEtDOOHYDGRTXLQFHDxRV
\HOUHVXOWDGRGHODFXHUGRIXHXQDXWpQWLFRIUDFDVR)ULWV%RONHQVWHLQHOFRPLVDULRHXUR
SHR SDUD HO PHUFDGR LQWHULRU \ SHUVRQD HQFDUJDGD GH UHGDFWDU OD SURSXHVWD LQLFLDO GH
GLUHFWLYD UHVXPLy VX RSLQLyQ VREUH OD YHUVLyQ ILQDOPHQWH DSUREDED SRU ORV HVWDGRV
PLHPEURVFRPRXQJUDQSDVRKDFLDDWUiVHQODFUHDFLyQGHOPHUFDGR~QLFRHXURSHR(Q
HVHQFLDHOFXPSOLPLHQWRGHODPD\RUtDGHODVFOiXVXODVGHODGLUHFWLYDHVRSFLRQDOSDUD
ORVSDtVHVPLHPEURV/DGLUHFWLYDSHUPLWtDDORVHVWDGRVPLHPEURVHOPDQWHQLPLHQWRGH
QRUPDWLYD QDFLRQDO SDUD HYLWDU OD WRPD KRVWLO GH HPSUHVDV QDFLRQDOHV SRU HPSUHVDV
H[WUDQMHUDV\ODXWLOL]DFLyQGHPHGLGDVGHEOLQGDMHTXHDXQTXHIXHUDQLOHJDOHVHQVXSDtV
GHRULJHQHVWXYLHUDQSHUPLWLGDVHQORVSDtVHVGHGRQGHSURYHQLHUDODSRWHQFLDOHPSUH
VDFRPSUDGRUD1RHVVRUSUHQGHTXHOD8QLyQ(XURSHDHQVXHYROXFLyQSRVWHULRUGHO
IXQFLRQDPLHQWRGHODGLUHFWLYDODFRQVLGHUDVHFRPRXQIUDFDVRFXDOLILFDGR
'DGD OD MXQJOD GH WUDPSDV HQUHGDGHUDV OHJDOHV WUDPDV EXURFUiWLFDV \ QDFLRQDOLVPRV
HQFXELHUWRVSRUSDUWHGHORVJRELHUQRVTXHVHVXPDQDODVEDUUHUDVLQVWLWXFLRQDOHVQRHV
VRUSUHQGHQWHTXHORVLQYHUVRUHVDQWLFLSHQHQJHQHUDOTXHHODQXQFLRGHXQDIXVLyQLQWHU
QDFLRQDOYD\DDVXSRQHUXQDWUHPHQGDGLVWUDFFLyQGHUHFXUVRVGHODHPSUHVD\WLHPSRGH
VXHTXLSRGLUHFWLYRTXHXQLGRDOD\DGLItFLOODERUGHLQWHJUDUFXOWXUDVRUJDQL]DWLYDVVLV
WHPDVGHFRPSHQVDFLyQLGLRPDV\UHFHORVSHUVRQDOHVSURSLRVGHWRGDIXVLyQUHVXOWDHQ
XQDSUREDELOLGDGWDQSHTXHxDGHTXHODIXVLyQVHOOHYHDFDERFRQp[LWRTXHKDFHTXHHO
HVIXHU]RQRFRPSHQVHFRQODUHQWDELOLGDGHVSHUDGDGHODIXVLyQ/DHYLGHQFLDUHFLHQWHGH
QXHYDV WUDQVDFFLRQHV LQWHUQDFLRQDOHV FRQ SUHVHQFLD HQ VHFWRUHV UHJXODGRV \ TXH KDQ
VXSXHVWRJHQHUDFLyQGHYDORUSDUDORVDFFLRQLVWDVDSXQWDQHQXQDGLUHFFLyQHVSHUDQ]DGR
UD HQ OD TXH FDGD YH] PiV HVWDV EDUUHUDV QDFLRQDOHV WHQJDQ XQD PHQRU LPSRUWDQFLD HQ
EHQHILFLRGHXQDPD\RUUDFLRQDOL]DFLyQGHODHVWUXFWXUDSURGXFWLYDHXURSHD
G &RQFOXVLRQHV
(OPHUFDGRGHJRELHUQRFRUSRUDWLYRHVXQPHFDQLVPRIXQGDPHQWDOHQXQDHFRQRPtDGH
PHUFDGR SDUD OD UHDVLJQDFLyQ GH UHFXUVRV SURGXFWLYRV KDFLD XVRV PiV HILFLHQWHV 8Q
PHUFDGRHILFLHQWHGHJRELHUQRFRUSRUDWLYRGHEHIDFLOLWDUHVWDWUDQVIHUHQFLDGHUHFXUVRV
SURGXFWLYRV VLHPSUH TXH LPSOLTXH XQD JHQHUDFLyQ GH YDORU \ GHVLQFHQWLYDV DTXHOODV
WUDQVDFFLRQHVTXHSXHGDQUHVXOWDUHQXQDJHQHUDFLyQGHYDORUQHJDWLYD
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
/D HYLGHQFLD VREUH HO PHUFDGR FRUSRUDWLYR PXHVWUD TXH ODV RSHUDFLRQHV FRUSRUDWLYDV
JHQHUDQXQDWUDQVIHUHQFLDGHYDORUGHODHPSUHVDFRPSUDGRUDKDFLDORVDFFLRQLVWDVGH
ODHPSUHVDFRPSUDGD6LQHPEDUJRODJHQHUDFLyQQHWDGHYDORUHQHVWDVWUDQVDFFLRQHV
HV PiV GLItFLO GH H[WUDHU /DV WUDQVDFFLRQHV PiV SURFOLYHV D UHVXOWDU HQ JHQHUDFLRQHV
QHWDVGHYDORUVRQDTXpOODVUHDOL]DGDVSRUHPSUHVDVGHOVHFWRUHQSHTXHxDVRSHUDFLR
QHVHQHIHFWLYR\SRUXQHTXLSRJHVWRUFRQLQFHQWLYRVGLUHFWRVDODJHQHUDFLyQGHYDORU
SDUDHODFFLRQLVWD/DUHFLHQWHHYLGHQFLDHXURSHDLQGLFDTXHFDGDYH]VRQPiVSUREDEOHV
ODVRSHUDFLRQHVLQWHUQDFLRQDOHVGHQWURGHOD8QLyQ(XURSHDTXHVRQFDSDFHVGHJHQHUDU
FDQWLGDGHVVLJQLILFDWLYDVGHYDORUSDUDORVDFFLRQLVWDV
5HIHUHQFLDV
$NWDV 1 ( GH %RGW \ ) 'HFOHUFN ©,V WKHUH ,QIRUPDWLRQ /HDNDJH DURXQG
%XVLQHVV &RPELQDWLRQV RQ WKH )UHQFK 0DUNHWª &DWKROLF 8QLYHUVLW\ RI /RXYDLQ
GRFXPHQWRGHWUDEDMR
%HLWHO 3 ' 6FKLHUHFN \ 0 :DKUHQEXUJ ©([SODLQLQJ WKH 0 $VXFFHVV LQ
(XURSHDQEDQNPHUJHUVDQGDFTXLVLWLRQVª8QLYHUVLW\RI:LWWHQ+HUGHFNH,QVWLWXWH
IRU0HUJHUV\$FTXLVLWLRQVGRFXPHQWRGHWUDEDMR
(/ 0(5&$'2'(&21752/ &25325$7,92
&RPPHQW 5 \ * -DUUHOO ©&RUSRUDWH IRFXV \ VWRFN UHWXUQVª -RXUQDO RI
)LQDQFLDO(FRQRPLFV
'DQEROW - ©7DUJHW &RPSDQ\ &URVV%RUGHU (IIHFWV LQ $FTXLVLWLRQV LQWR WKH
8.ª8QLYHUVLW\RI*ODVJRZPLPHR
'H/RQJ * ©6WRFNKROGHU JDLQV IURP IRFXVLQJ YHUVXV GLYHUVLI\LQJ EDQN PHU
JHUVª-RXUQDORI)LQDQFLDO(FRQRPLFV
(XURSHDQ &RPPLVVLRQ ©)LQDQFLDO 0DUNHW ,QWHJUDWLRQ LQ WKH (8ª LQ 7KH (8
(FRQRP\5HYLHZ(XURSHDQ(FRQRP\1
)DFFLR 0 - 0F&RQQHOO \ ' 6WROLQ ©%HQHILWV RI FRQWURO" (YLGHQFH IURP
:HVWHUQ (XURSHDQ DFTXLVLWLRQVª 3XUGXH 8QLYHUVLW\ 'HSDUWPHQWR GH )LQDQ]DV
.UDQQHUW6FKRRORI0DQDJHPHQWPLPHR
)LUWK 0 ©7DNHRYHUV 6KDUHKROGHU 5HWXUQV DQG WKH 7KHRU\ RI WKH )LUPª
4XDUWHUO\-RXUQDORI(FRQRPLFV
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
*UHJRU\ $ \ 6 0F&RUULVWRQ ©)RUHLJQ $FTXLVLWLRQV E\ 8. /LPLWHG
&RPSDQLHV/RQJUXQ3HUIRUPDQFHLQWKH86&RQWLQHQWDO(XURSHDQGWKH5HVWRI
WKH:RUOGª)LQDQFLDO0DUNHWV5HVHDUFK&HQWUH8QLYHUVLW\RI([HWHUGRFXPHQWRGH
WUDEDMR
-HQVHQ 0 \ 5 5XEDFN ©7KH 0DUNHW IRU &RUSRUDWH &RQWURO 7KH 6FLHQWLILF
(YLGHQFHª-RXUQDORI)LQDQFLDO(FRQRPLFV
.XLSHUV ' ' 0LOOHU \$ 3DWHO ©6KDUHKROGHU :HDOWK (IIHFWV LQ WKH &URVV%RUGHU
0DUNHWIRU&RUSRUDWH&RQWURO©,QGLDQD8QLYHUVLW\PLPHR
(/ 0(5&$'2'(&21752/ &25325$7,92
/DPIDOXVV\$&+HUNVWU|WHU/$5RMR%5\GHQ/6SDYHQWD1:DOWHU\1:LFNV
©)LQDO 5HSRUW RI WKH &RPPLWWHH RI :LVH 0HQ RQ 7KH 5HJXODWLRQ RI
(XURSHDQ6HFXULWLHV0DUNHWVª%UXVHODV)HEUHUR
/DQJ / \ 5 6WXO] ©7RELQV T FRUSRUDWH GLYHUVLILFDWLRQ DQG ILUP SHUIRUP
DQFHª-RXUQDORI3ROLWLFDO(FRQRP\
/\RQ - % %DUEHU \ &/7VDL ©,PSURYHG 0HWKRGV IRU7HVWV RI /RQJ5XQ
&XPXODWLYHDEQRUPDO6WRFN5HWXUQVª-RXUQDORI)LQDQFH
0LGHOIDUW.QDUYLN .+ +* 2YHUPDQ 6- 5HGGLQJ \$- 9HQDEOHV ©7KH
/RFDWLRQRI(XURSHDQ,QGXVWU\ª(XURSHDQ&RPPLVVLRQ(FRQRPLF3DSHUVQ
$EULO
(/ 3$3(/ '(/$6,167,78&,21(63Ò%/,&$6(1/$623(5$&,21(6
'(&21752/ &25325$7,921$&,21$/(6< 75$161$&,21$/(6
6FKZHUW * : ©0DUNXS SULFLQJ LQ PHUJHUV DQG DFTXLVLWLRQVª -RXUQDO RI
)LQDQFLDO(FRQRPLFV
9DUDL\D 1 \ . )HUULV ©2YHUSD\LQJ LQ &RUSRUDWH 7DNHRYHU 7KH :LQQHU¶V
&XUVHª)LQDQFLDO$QDO\VWV-RXUQDO