' (92/8‡ƒ2 '

'(92/8‡ƒ2 (0
'( (5&$'25,$
0(5&$'25,$
$ 17(6 '
$17(6 $'
'$ ',,

6H SRVVXL DOJXPD SHQG¬QFLD QR 0$175$ VHJXH WHOD QD l S£JLQD GH XP FDVR TXH

WLYHPRV TXH KDYLD SHQG¬QFLD  HQTXDQWR D SHQG¬QFLD Q¥R HVWLYHU EDL[DGD Q¥R
FRQVHJXLPRV HQWUDU FRP SHGLGR GH GHYROX©¥R DQWHV GD 'Δ

(P TXDO DOI¤QGHJD D FDUJD 6( (1&2175$ SRLV D FDUJD SRGH WHU VLGR HQFDPLQKDGR
SDUD ]RQD VHFXQG£ULD '7$

ΔQIRUPDU D GDWD TXH D FDUJD FKHJRX QR %UDVLO SRLV HP =21$ 35Ζ0ƒ5Ζ$ WHP R SUD]R
GH  GLDV H =21$ 6(&81'ƒ5Ζ$ WHP SUD]R GH  GLDV SDUD SHUGLPHQWR GD FDUJD
2 SHGLGR GH GHYROX©¥R WHP TXH VHU IHLWR $17(6 GR SUD]R GH SHUGLPHQWR

6ROLFLWDU HQYLR SRU HPDLO GRV GRFXPHQWRV GH LPSRUWD©¥R LQYRLFH 3/ FRQKHFLPHQWR GH
HPEDUTXH 7HUPR GH RFRUU¬QFLD Ȃ VH DSOLF£YHO H VH SRVVXHP YLDV RULJLQDLV H RQGH VH
HQFRQWUDP

6HPSUH 5(9Ζ6(0 FRP R QRVVR GHVSDFKDQWH GD DOI¤QGHJD R SURFHGLPHQWR GH

GHYROX©¥R DQWHV GD 'Δ SRLV FDGD DOI¤QGHJD WHP VHX SURFHGLPHQWR HP *58 SRU
H[HPSOR M£ SRVVXHP XP PRGHOR GH 3HWL©¥R H QR 3$ SUHFLVD DQH[DU D SURFXUD©¥R H
FµSLD GR 5* GR GHVSDFKDQWH TXH DVVLQRX D SHWL©¥R

(P DOJXPDV DOI¤QGHJDV D DEHUWXUD GR 3$ SRGH VHU IHLWD GLUHWDPHQWH YLD (&$& H

RXWURV GHYHP DEULU QR VHWRU SUµSULR GD DOI¤QGHJD (P *58 SRU H[HPSOR GHYH VROLFLWDU
R 3$ QR VHWRU 6$&7$ DWUDY«V GR HPDLO VDFWDVSDOIJUX#UIEJRYEU

/HPEUHVH TXH R 3$ QR (&$& H[SLUD HP  GLDV FDVR 1…2 DQH[H QHQKXP GRFXPHQWR
QHVWH SHU¯RGR 'HVWD IRUPD SDUD DEULU R 3$ SUHFLVD WHU DOJXP GRFXPHQWR SDUD M£
DQH[DU
 ' (92/8‡ƒ2 '
'(92/8‡ƒ2 (0
'( (5&$'25,$
0(5&$'25,$
$ 17(6 '
$17(6 $'
'$ ',,

2V GRFXPHQWRV GH SUD[H SDUD DSUHVHQWD©¥R VHJXHP DEDL[R SRU«P VHPSUH 5(9Ζ6(0

FRP R QRVVR GHVSDFKDQWH VH KRXYH DOJXPD DWXDOL]D©¥R 

3HWL©¥R FRQIHFFLRQDGD SHOD ΔQWHU Ȃ FRORFDU D OHJLVOD©¥R

&RPSURYDQWH GH $VVLQDWXUD 5* RX &1+ Ȃ GH TXHP DVVLQRX D 3HWL©¥R
([WUDWR GR 0DQWUD Q¥R SRGH VHU R SULQW WHP TXH VHU R H[WUDWR
&RQKHFLPHQWR GH HPEDUTXH RULJLQDO GD LPSRUWD©¥R SUHFLVDPRV GD FµSLD SRU HPDLO SDUD
FRQIHFFLRQDU D '8( H DQH[DU QD PHVPD
&µSLD GR &RQKHFLPHQWR GH (PEDUTXH GH ([SRUWD©¥R
ΔQYRLFH H 3/ RULJLQDLV GD LPSRUWD©¥R SUHFLVDPRV GD FµSLD SRU HPDLO SDUD FRQIHFFLRQDU D
'8( H DQH[DU QD PHVPD
&µSLD GD 3URFXUD©¥R
&µSLD GR 5DGDU
&RPSURYD©¥R GR PRWLYR FRP FµSLD GR 7HUPR GH 2FRUU¬QFLDΔQWHUGL©¥R 6H KRXYHU
LQWHUGL©¥R GH •UJ¥R DQXHQWH
'HFODUD©¥R GR LPSRUWDGRU LQIRUPDQGR TXH DFHLWD GH YROWD D FDUJD HP SDSHO WLPEUDGR
DVVLQDGD FRP WRGRV RV GDGRV GD H[SRUWD©¥R TXH HOH HQYLRX IDWXUD $:% HWF
'HFODUD©¥R GR H[SRUWDGRU UHODWDQGR R RFRUULGR H R PRWLYR GD GHYROX©¥R

7RGRV RV GRFXPHQWRV GHYHU¥R VHU DQH[DGRV QR 3$ YLD (&$& H QD ȊDEDȋ GH DQH[D©¥R GD

'8(

6H DWHQWHP DRV FDVRV TXH D DOI¤QGHJD SRVVXL PRGHOR SUµSULR GH 3HWL©¥R H UHOD©¥R GH
GRFXPHQWRV 1R PRPHQWR GH DQH[DU RV GRFXPHQWRV QR 3$ GHYHU£ 5(63(Ζ7$5 D
RUGHP LPSRVWD SHOD DOI¤QGHJD 2V GRFXPHQWRV FRPSOHPHQWDUHV TXH Q¥R FRQVWHP QD
UHOD©¥R GH GRFXPHQWRV LPSRVWD SHOD DOI¤QGHJD GHYHU¥R VHU DQH[DGRV QR ILQDO

1¥R VH HVTXH©D TXH GHYHPRV WDPE«P DQH[DU D SURFXUD©¥R H R 5* GH TXHP DVVLQRX D

3HWL©¥R

'HYHU£ DFRPSDQKDU R DQGDPHQWR GR SURFHVVR QR (&$& SRLV D DXWRUL]D©¥R GD GHYROX©¥R

VHU£ LQIRUPDGD QR 3$

6HPSUH SHGLU SDUD DV SHVVRDV TXH WHP DFHVVR DR (&$& FRQVXOWDU R DQGDPHQWR