El Inversor Inteligente - Capitulo 8

download El Inversor Inteligente - Capitulo 8

of 61

description

El Inversor Inteligente - Capitulo 8

Transcript of El Inversor Inteligente - Capitulo 8

  • (OLQYHUVRU\ODVIOXFWXDFLRQHVGHPHUFDGR

    (Q OD PHGLGD HQ OD TXH ORV IRQGRV GHOLQYHUVRU HVWpQ FRORFDGRV HQREOLJDFLRQHVGHJUDQFDWHJRUtDFRQYHQFLPLHQWRDXQSOD]RUHODWLYDPHQWHFRUWR SRU HMHPSOR VLHWH DxRV R PHQRV GLFKRVIRQGRV QR VH YHUiQ HVSHFLDOPHQWH DIHFWDGRV SRUORVFDPELRVHQ ORVSUHFLRVGHPHUFDGR\QR VHUiQHFHVDULR TXH HO LQYHUVRU ORV WHQJD HQ FXHQWD(VWR WDPELpQHVDSOLFDEOHD ORVERQRVGHDKRUURGH (VWDGRV 8QLGRV TXH WHQJD HQ FDUWHUD TXHVLHPSUHVHSXHGHQOLTXLGDUDVXSUHFLRGHFRVWHRD XQ SUHFLR VXSHULRU /DV REOLJDFLRQHV D PiVODUJR SOD]R TXH WHQJD SXHGHQ H[SHULPHQWDU XQDVYDULDFLRQHV GH SUHFLRV UHODWLYDPHQWH JUDQGHVGXUDQWH VXV FLFORV YLWDOHV \ HV SUiFWLFDPHQWHLQGXGDEOH TXH VX FDUWHUD GH DFFLRQHV RUGLQDULDVIOXFWXDUi HQ YDORU GXUDQWH FXDOTXLHU SHUtRGR TXHGXUHYDULRVDxRV

  • (O LQYHUVRU GHEHUtD VHU FRQVFLHQWH GH HVWDVSRVLELOLGDGHV\GHEHUtDHVWDUSUHSDUDGRSDUDHOODVWDQWR GHVGH XQ SXQWR GH YLVWD ILQDQFLHUR FRPRSVLFROyJLFR 4XHUUi DSURYHFKDUVH GH ORVEHQHILFLRV TXH SXHGD REWHQHU FRPR FRQVHFXHQFLDGHORVFDPELRVHQORVQLYHOHVGHPHUFDGRORTXHFDVLVLHPSUHVHSURGXFLUiPHGLDQWHLQFUHPHQWRVGHYDORU GH VXV FDUWHUDV GH DFFLRQHV D PHGLGD TXHSDVHHOWLHPSR\HVSRVLEOHTXHWDPELpQPHGLDQWHOD UHDOL]DFLyQ GH FRPSUDV \ YHQWDV D SUHFLRVYHQWDMRVRV4XHVLHQWDHVWHLQWHUpVHVLQHYLWDEOH\DEVROXWDPHQWHOHJtWLPR1RREVWDQWHGLFKRLQWHUpVHQWUDxDHOLQGXGDEOHSHOLJURGHTXHDFDEHFD\HQGRHQ DFWLWXGHV \ DFWLYLGDGHV HVSHFXODWLYDV 3DUDQRVRWURVHVIiFLOUHFRPHQGDUOHTXHQRHVSHFXOHORGLItFLOHVTXHXVWHGVLJDHVWHFRQVHMR5HSLWDPRVORTXH GLMLPRV DO SULQFLSLR VL TXLHUH HVSHFXODUKiJDORFRQORVRMRVDELHUWRVVLHQGRFRQVFLHQWHGHTXH SUREDEOHPHQWH DFDEDUi SHUGLHQGR GLQHURDVHJ~UHVH GH TXH OLPLWD HO LPSRUWH TXH SRQH HQMXHJR\VHSiUHORSRUFRPSOHWRGHVXSURJUDPDGHLQYHUVLyQ

  • 1RV RFXSDUHPRV HQ SULPHU OXJDU GH ODFXHVWLyQPiVLPSRUWDQWHGHORVFDPELRVGHSUHFLRVGH ODV DFFLRQHV RUGLQDULDV \ SRVWHULRUPHQWH QRVRFXSDUHPRVGHODFXHVWLyQGHODVREOLJDFLRQHV(QHOFDStWXORRIUHFLPRVXQHVWXGLRKLVWyULFRGH ORTXHKDRFXUULGRHQHOPHUFDGRGHYDORUHVGXUDQWHORV ~OWLPRV DxRV (Q HVWD VHFFLyQUHWRUQDUHPRV D HVH PDWHULDO FDGD FLHUWR WLHPSRSDUDFRPSUREDUTXpSURPHVDVHQFLHUUD HOSDVDGRSDUDHOLQYHUVRU WDQWRHQIRUPDGHUHYDORUL]DFLyQD ODUJR SOD]R GH XQD FDUWHUD TXH VH FRQVHUYHSUiFWLFDPHQWH VLQ PRGLILFDFLRQHV D OR ODUJR GHSHUtRGRV VXFHVLYRV GH VXELGD \ EDMDGD FRPR HQFXDQWRDODVSRVLELOLGDGHVGHFRPSUDUFHUFDGHORVPtQLPRVGXUDQWHSHUtRGRVGHFDtGDGHOPHUFDGR\YHQGHUQRPX\SRUGHEDMRGH ORVPi[LPRVHQ ORVSHUtRGRVGHHYROXFLyQDOFLVWDGHOPHUFDGR

    )OXFWXDFLRQHV GHO PHUFDGR FRPR JXtD SDUD ODVGHFLVLRQHVGHLQYHUVLyQ

  • 'DGRTXHODVDFFLRQHVRUGLQDULDVLQFOXVRODVGH FDWHJRUtD GH LQYHUVLyQ HVWiQ VXMHWDV DIOXFWXDFLRQHVUHFXUUHQWHV\GHDPSOLRUHFRUULGRHQVXV SUHFLRV HO LQYHUVRU LQWHOLJHQWH GHEHUtD HVWDULQWHUHVDGR HQ ODV SRVLELOLGDGHV GH DSURYHFKDUVHGH HVWDV RVFLODFLRQHV GH SpQGXOR +D\ GRVSRVLEOHV IRUPDVGH ORJUDUOR DFWXDU HQ IXQFLyQGHODFR\XQWXUD\DFWXDUHQIXQFLyQGHOSUHFLR&RQODH[SUHVLyQGHDFWXDUHQIXQFLyQGHODFR\XQWXUDQRVUHIHULPRVDOLQWHQWRGHDQWLFLSDUVHDODWUD\HFWRULDTXHYDDVHJXLUHOPHUFDGRGHYDORUHVFRPSUDURFRQVHUYDUODLQYHUVLyQFXDQGRVHFRQVLGHUDTXHODHYROXFLyQIXWXUDVHUiDODO]D\YHQGHURDEVWHQHUVHGHFRPSUDUFXDQGRVHFRQVLGHUHTXHODHYROXFLyQIXWXUD VHUi D OD EDMD &RQ OD H[SUHVLyQ DFWXDU HQIXQFLyQ GHO SUHFLR QRV UHIHULPRV DO LQWHQWR GHFRPSUDUDFFLRQHVFXDQGRFRWL]DQSRUGHEDMRGHVXYDORU MXVWR \ GH YHQGHUODV FXDQGR VXEHQ SRUHQFLPD GH GLFKR YDORU 8QD IRUPD PHQRVDPELFLRVDGHDFWXDUHQIXQFLyQGHOSUHFLRFRQVLVWHVHQFLOODPHQWH HQ SRQHU WRGR GH VX SDUWH SDUD QRSDJDU XQ SUHFLR H[FHVLYR SRU ODV DFFLRQHV HQ HO

  • PRPHQWRGHOOHYDUDFDERODVDGTXLVLFLRQHV(VWRSRGUtD VHU VXILFLHQWH SDUD HO LQYHUVRU GHIHQVLYRFX\RSULQFLSDO LQWHUpV VH FHQWUD HQ OD WHQGHQFLD DODUJR SOD]R SRU OR WDQWR UHSUHVHQWD HO QLYHOPtQLPREiVLFR GH DWHQFLyQ TXH VH GHEH SUHVWDU DORVQLYHOHVGHPHUFDGR

    (VWDPRV FRQYHQFLGRV GH TXH HO LQYHUVRULQWHOLJHQWH SXHGH FRQVHJXLU UHVXOWDGRVVDWLVIDFWRULRVFRQFXDOTXLHUDGHODVGRVIRUPDVGHDFWXDFLyQHQIXQFLyQGHOSUHFLR7DPELpQHVWDPRVVHJXURV HQ LJXDO PHGLGD GH TXH VL VH FHQWUD HQDFWXDUHQIXQFLyQGHODFR\XQWXUDHQHOVHQWLGRGHKDFHU SURQyVWLFRV DFDEDUi DFWXDQGR FRPR XQHVSHFXODGRU \ DFDEDUi WHQLHQGR ORV UHVXOWDGRVSURSLRVGHOHVSHFXODGRUILQDQFLHUR$ODVSHUVRQDVLQH[SHUWDV HVWD GLVWLQFLyQ SXHGH SDUHFHUOHV WHQXH\ GH KHFKR QL VLTXLHUD HQ :DOO 6WUHHW JR]D GHDFHSWDFLyQ JHQHUDOL]DGD 3RU FXHVWLyQ GH SUiFWLFDRSHUDWLYD R WDO YH] FRPR FRQVHFXHQFLD GH XQPLQXFLRVRSURFHVRGHFRQYLFFLyQORVFRUUHGRUHV\ORV DJHQWHV GH EROVD \ ORV VHUYLFLRV GH LQYHUVLyQSDUHFHQ LQVHSDUDEOHPHQWH XQLGRV DO SULQFLSLR GH

  • TXH WDQWR ORV LQYHUVRUHV FRPR ORV HVSHFXODGRUHVHQ DFFLRQHV RUGLQDULDV WHQGUtDQ TXH SUHVWDU XQDSHUPDQHQWH \ GHWHQLGD DWHQFLyQ D ORV SURQyVWLFRVGHPHUFDGR

    &XDQWRPiVVHDOHMDXQRGH:DOO6WUHHWPiVHVFHSWLFLVPR HQFRQWUDUi R SRU OR PHQRV HVRFUHHPRV KDFLD ODV SUHWHQVLRQHVGHSURQRVWLFDU ODHYROXFLyQGHOPHUFDGRGHYDORUHVRGHGHWHUPLQDUHOPRPHQWRDGHFXDGRSDUDRSHUDUHQpOHQIXQFLyQGHODFR\XQWXUD3DUHFHLPSRVLEOHTXHHO LQYHUVRUVH WRPH PX\ HQ VHULR ODV LQQXPHUDEOHVSUHGLFFLRQHVTXHDSDUHFHQSUiFWLFDPHQWHDGLDULR\TXH VHSRQHQD VXGLVSRVLFLyQ VLPSOHPHQWHFRQSHGLUODV 6LQ HPEDUJR HQ PXFKRV FDVRV SUHVWDDWHQFLyQDHVDVSUHGLFFLRQHVHLQFOXVRODVSRQHHQSUiFWLFD3RUTXp"3RUTXHVHOHKDSHUVXDGLGRGHTXHHVLPSRUWDQWHTXHVHIRUPHXQDRSLQLyQGHXQWLSR X RWUR DFHUFD GH OD IXWXUD HYROXFLyQ GHOPHUFDGR GH YDORUHV \ SRUTXH WLHQH OD LPSUHVLyQGHTXHORVSURQyVWLFRVRIUHFLGRVSRU ODVDJHQFLDVGH EROVD R VHUYLFLRV GH SUHYLVLyQ VRQ SRU ORPHQRVPiVILDEOHVTXHVXVSURSLRVSURQyVWLFRV

  • 1RWHQHPRVHQHVWDREUDHOHVSDFLRVXILFLHQWHSDUD H[SRQHU FRQ GHWDOOH ODV YHQWDMDV \ ORVLQFRQYHQLHQWHV GH ORV SURQyVWLFRV GH PHUFDGR(VWD GLVFLSOLQD UHFLEH XQD HQRUPH FDQWLGDG GHFDSDFLGDGLQWHOHFWXDO\HVLQGLVFXWLEOHTXHDOJXQDVSHUVRQDV SXHGHQ JDQDU GLQHUR WUDEDMDQGR FRPREXHQRV DQDOLVWDV GHO PHUFDGR GH YDORUHV 1RREVWDQWH HV DEVXUGR SHQVDU TXH HO S~EOLFR HQJHQHUDO YD\D D SRGHU JDQDU HQ DOJ~Q PRPHQWRGLQHUR FRQ ORV SURQyVWLFRV GH PHUFDGR6LPSOHPHQWH SODQWpHVH OD VLJXLHQWH SUHJXQWD4XLpQYDDFRPSUDUFXDQGRHOS~EOLFRHQJHQHUDOVLJXLHQGR XQD VHxDO FRQFUHWD VH ODQFH D YHQGHUSDUD FRQVHJXLU EHQHILFLRV" 6L XVWHG HO OHFWRUSUHWHQGH HQULTXHFHUVH D OR ODUJR GHO WLHPSRDSOLFDQGR DOJ~Q VLVWHPD R PpWRGR GH DQWHODFLyQUHVSHFWR D ORV SURQyVWLFRV GH PHUFDGR GHEHUtDVXSRQHU TXH HVWi WUDWDQGR GH KDFHU ORPLVPRTXHXQD LQQXPHUDEOH FDQWLGDG GH SHUVRQDV \ TXHSUHWHQGH KDFHUOR PHMRU TXH VXV QXPHURVRVFRPSHWLGRUHV HQ HO PHUFDGR 1R KD\ QLQJ~QIXQGDPHQWRQLHQHOWHUUHQRGHODOyJLFDQLHQHOGH

  • ODH[SHULHQFLDSDUDVXSRQHUTXHFXDOTXLHULQYHUVRUWtSLFR R PHGLR HV FDSD] GH DQWLFLSDU ORVPRYLPLHQWRV GHO PHUFDGR FRQ PiV p[LWR TXH HOS~EOLFRHQJHQHUDOGHOTXHIRUPDSDUWH

    +D\ XQ DVSHFWR GH WRGD HVWD WHRUtD GHODSURYHFKDPLHQWR GH OD FR\XQWXUD TXHDSDUHQWHPHQWH KD SDVDGR LQDGYHUWLGD D WRGR HOPXQGR(O DSURYHFKDPLHQWR GH OD FR\XQWXUD WLHQHXQD JUDQ LPSRUWDQFLD SVLFROyJLFD SDUD ODHVSHFXODGRUSRUTXHGHVHDFRQVHJXLU VXEHQHILFLRHQ XQ SHUtRGR EUHYH GH WLHPSR /D LGHD GH WHQHUTXHHVSHUDUXQDxRSDUDTXHVXVDFFLRQHVVXEDQGHYDORU OH UHVXOWD UHSXJQDQWH 6LQ HPEDUJR HOSHUtRGR GH HVSHUD GH SRU Vt QR WLHQH QLQJXQDWUDVFHQGHQFLDSDUDHOLQYHUVRU4XpYHQWDMDWLHQHSDUDHOLQYHUVRUWHQHUVXGLQHURGHVLQYHUWLGRKDVWDTXH UHFLED DOJXQD VHxDO SUHVXPLEOHPHQWH GLJQDGH FRQILDQ]D GH TXH KD OOHJDGR HO PRPHQWR GHFRPSUDU"QLFDPHQWHWHQGUiDOJXQDYHQWDMDVLFRQOD HVSHUD FRQVLJXH FRPSUDU SRVWHULRUPHQWH D XQSUHFLR VXILFLHQWHPHQWH UHGXFLGR SDUD FRPSHQVDUVXSpUGLGDGHLQJUHVRVSRUGLYLGHQGR/RTXHHVWR

  • VLJQLILFD HV TXH OD UHDOL]DFLyQ GH RSHUDFLRQHV HQIXQFLyQ GH OD FR\XQWXUD QR WLHQH DXWpQWLFR YDORUSDUD HO LQYHUVRU VDOYR TXH GLFKR PRPHQWRGHWHUPLQDGR HQ IXQFLyQ GH OD FR\XQWXUD FRLQFLGDFRQHOGHWHUPLQDGRHQIXQFLyQGHOSUHFLRHVGHFLUVDOYR TXH OH SHUPLWD YROYHU D FRPSUDU VXVDFFLRQHV D XQ SUHFLR VXVWDQFLDOPHQWH LQIHULRU DODQWHULRUSUHFLRGHYHQWD

    (Q HVWH VHQWLGR OD IDPRVD WHRUtD GH 'RZVREUH ODV FRPSUDV \ YHQWDV HQ IXQFLyQ GH ODFR\XQWXUDKDVLGRREMHWRGHXQDKLVWRULDPX\SRFRKDELWXDO (Q SRFDV SDODEUDV HVWD WpFQLFDLQWHUSUHWD FRPR XQD VHxDO GH FRPSUD FLHUWDVVXELGDV HVSHFLDOHV GH PHUFDGR TXH VXSHUHQ ORVQLYHOHV PHGLRV GH FRWL]DFLyQ PLHQWUDV TXHLQWHUSUHWDFRPRXQDVHxDOGHYHQWDFLHUWDVEDMDGDVHVSHFLDOHV GH PHUFDGR VLPLODUHV TXH DWUDYLHVDQORV QLYHOHV PHGLRV GH FRWL]DFLyQ /RV UHVXOWDGRVFDOFXODGRVTXHQRQHFHVDULDPHQWHVRQUHDOHVTXHVH KXELHVHQ REWHQLGR FRQ HO XVR GH HVWH PpWRGRPRVWUDURQXQDVHULHSUiFWLFDPHQWHVLQH[FHSFLRQHVGHEHQHILFLRVHQODVRSHUDFLRQHVGHVGHKDVWD

  • SULQFLSLRV GH OD GpFDGD GH $WHQGLHQGR DHVWDH[SRVLFLyQHOYDORUSUiFWLFRGHODWHRUtD'RZSDUHFHUtD ILUPHPHQWH FRPSUREDGR OD GXGD VL HVTXH OD KXELHVH UHFDHUtD VREUH OD ILDELOLGDG TXHHVWH UHJLVWUR SXEOLFDGR WHQGUtD HQ FXDQWR DUHIOHMR GH OR TXH KDEUtD KHFKR UHDOPHQWH HQ HOPHUFDGR XQD SHUVRQD TXH DSOLFDVH ODV WHRUtDV GH'RZQRHQFXDQWRDODYDOLGH]GHpVWDV

    8QHVWXGLRPiVGHWDOODGRGHODVFLIUDVLQGLFDTXH OD FDOLGDGGH ORV UHVXOWDGRV DUURMDGRVSRU ODWHRUtD GH 'RZ FDPELy UDGLFDOPHQWH GHVSXpV GH XQRV SRFRV DxRV GHVSXpV GH TXH OD WHRUtDKXELHVH HPSH]DGR D VHU WHQLGD VHULDPHQWH HQFXHQWD HQ:DOO 6WUHHW 6X ORJURPiV HVSHFWDFXODUKDEtD VLGR HO GH GDU XQD VHxDO GH YHQWD D DSUR[LPDGDPHQWHXQPHVDQWHVGHTXHVHGHVDWDVHOD FULVLV GH \ HQ KDEHU PDQWHQLGR D VXVVHJXLGRUHV DO PDUJHQ GHO SURORQJDGR SHUtRGR GHGHVFHQVR GHO PHUFDGR KDVWD TXH OD VLWXDFLyQ VHKDEtD FRUUHJLGR SUiFWLFDPHQWH D Vt PLVPD HQ HOQLYHO GH HQ 6LQ HPEDUJR D SDUWLU GH OD WHRUtD GH 'RZ KDEtD IXQFLRQDGR

  • SULQFLSDOPHQWH VDFDQGR GHO PHUFDGR D VXVSDUWLGDULRV D XQ SUHFLR UD]RQDEOHPHQWH EXHQRSHURLQWURGXFLpQGROHVGHQXHYRHQHOPHUFDGRDXQSUHFLR VXSHULRU'XUDQWH FDVLDxRV DSDUWLU GH VH KDEUtDQ REWHQLGR XQRV UHVXOWDGRVVXVWDQFLDOPHQWHPHMRUHVVLPSOHPHQWHFRPSUDQGR\FRQVHUYDQGRHO'-,$

    (QQXHVWUDRSLQLyQTXHVHEDVDHQFXDQWLRVRVHVWXGLRV GH HVWH SUREOHPD HO FDPELR GH ORVUHVXOWDGRV H[SHULPHQWDGRV SRU OD WHRUtD GH 'RZQR HV DFFLGHQWDO 3RQH GH PDQLILHVWR XQDFDUDFWHUtVWLFD LQKHUHQWH GH ODV IyUPXODV GHRSHUDFLyQ\GHORVSURQyVWLFRVHQHOWHUUHQRGHORVQHJRFLRV \ ODV ILQDQ]DV /DV IyUPXODV TXHFRQVLJXHQSDUWLGDULRV\TXHDGTXLHUHQLPSRUWDQFLDOR KDFHQ SRUTXH KDQ IXQFLRQDGR ELHQ GXUDQWH XQSHUtRGR GH WLHPSR R HQ RFDVLRQHV VLPSOHPHQWHSRUTXH KDQ VLGR KiELOPHQWH DGDSWDGDV D ORVUHJLVWURV HVWDGtVWLFRV GHO SDVDGR 6LQ HPEDUJR DPHGLGD TXH DXPHQWD VX DFHSWDFLyQ VX ILDELOLGDGWLHQGH D GLVPLQXLU (VWR RFXUUH SRU GRVPRWLYRVHQSULPHUOXJDUHOSDVRGHOWLHPSRDSRUWDQXHYDV

  • FRQGLFLRQHV TXH OD YLHMD IyUPXOD QR HV FDSD] GHDFRJHU (Q VHJXQGR OXJDU HQ OD HYROXFLyQ GHOPHUFDGRGHYDORUHV ODSRSXODULGDGGHXQD WHRUtDGHRSHUDFLyQWLHQHHQVtPLVPDLQIOXHQFLDVREUHHOFRPSRUWDPLHQWRGHOPHUFDGR\HVWRUHGXFHDODUJRSOD]RVXVSRVLELOLGDGHVGHJHQHUDUEHQHILFLRV/DSRSXODUL]DFLyQ GH XQD WHRUtD FRPR OD GH 'RZSRGUtD DSDUHQWHPHQWH GDU OXJDU D VX SURSLDMXVWLILFDFLyQ \DTXHSURYRFDUtDXQD VXELGDRXQDEDMDGDGHPHUFDGRSRUODVLPSOHDFWXDFLyQGHVXVVHJXLGRUHVFXDQGRVHGLHVHXQDVHxDOGHFRPSUDRGHYHQWD8QDHVWDPSLGDGHHVWH WLSRVHUtDSRUVXSXHVWRPXFKRPiVSHOLJURVDTXHYHQWDMRVDSDUDHOS~EOLFRTXHKDFHRSHUDFLRQHVHQHOPHUFDGR

    (OPpWRGRGHFRPSUDUHQHOSXQWREDMR\YHQGHUHQHOSXQWRDOWR

    (VWDPRV FRQYHQFLGRV GH TXH HO LQYHUVRUPHGLRQRSXHGHWHQHUp[LWRVL WUDWDGHDSURYHFKDUODV YDULDFLRQHV GH SUHFLR HQ VXV RSHUDFLRQHV

  • LQWHQWDQGR SURQRVWLFDUODV 3XHGH EHQHILFLDUVH GHGLFKDV YDULDFLRQHV GHVSXpV GH TXH KD\DQ WHQLGROXJDUHVGHFLUFRPSUDQGRGHVSXpVGHFDGDEDMDGDLPSRUWDQWH \ YHQGLHQGR GHVSXpV GH FDGD VXELGDLPSRUWDQWH"/DV IOXFWXDFLRQHVH[SHULPHQWDGDVSRUHO PHUFDGR GXUDQWH XQ SHUtRGR GH PXFKRV DxRVDQWHVGHKLFLHURQTXHHVDLGHDIXHVHEDVWDQWHSURPHWHGRUD'HKHFKRXQDGHILQLFLyQFOiVLFDGHOLQYHUVRUKiELOGHFtDTXHHVXQDSHUVRQDTXHKDFRPSUDGRHQXQSHUtRGRGHEDMDGDGHPHUFDGRHQHOTXHORVGHPiVYHQGtDQ\KDOLTXLGDGRVXFDUWHUDHQXQSHUtRGRGHDO]DGHOPHUFDGRHQHOTXHWRGRVORV GHPiV FRPSUDEDQ 6L H[DPLQDPRV QXHVWURFXDGUR TXH FXEUH ODV IOXFWXDFLRQHV GHO tQGLFHFRPSXHVWR6WDQGDUG3RRUVHQWUH\\ODVFLIUDVFRUUHVSRQGLHQWHVGHODWDEODSiJLQD SRGHPRV DSUHFLDU FRQ IDFLOLGDG ORV PRWLYRVSRU ORV TXH HVWD WHRUtD SDUHFtD YiOLGD KDVWD QRKDFHPXFKRWLHPSR

    (QWUH\VHSURGXMHURQGLH]FLFORVGH PHUFDGR FRPSOHWRV TXH LEDQ GHVGH XQ SXQWRPtQLPRGHXQSHUtRGRDODEDMDGHOPHUFDGRKDVWD

  • XQSXQWRPi[LPRGHOSHUtRGRDOFLVWDGHPHUFDGR\GH QXHYR KDVWD HO SXQWR PtQLPR GHO SHUtRGREDMLVWD 6HLV GH HVRV FLFORV QR GXUDURQ PiV GHFXDWUR DxRV FXDWUR VH H[WHQGLHURQ GXUDQWH XQSHUtRGRGHVHLVRVLHWHDxRV\XQRHOIDPRVRFLFORGHODQXHYDHUDGHDGXUyRQFHDxRV(OSRUFHQWDMHGHVXELGDGHVGHORVSXQWRVPtQLPRVD ORVSXQWRVPi[LPRVRVFLOyGHODO\OD PD\RUtD HVWXYR HQWUH HO \ HO (OSRUFHQWDMHGHFDtGDVSRVWHULRUHVRVFLOyGHODO\ ODPD\RUtDVHHQFRQWUDURQHQWUHHO\HO6HGHEHWHQHUHQFXHQWDTXHXQDFDtGDGHOFRQWUDUUHVWDFRPSOHWDPHQWHXQDVXELGDSUHYLDGHO

    3UiFWLFDPHQWH WRGRV ORV SHUtRGRV DOFLVWDVFRPSDUWLHURQ XQD VHULH GH FDUDFWHUtVWLFDV ELHQGHILQLGDV FRPR SRU HMHPSOR XQ QLYHO GHSUHFLR Pi[LPR FRQ FULWHULRV KLVWyULFRV HOHYDGDV UHODFLRQHV SUHFLR JDQDQFLDV UHGXFLGRV UHQGLPLHQWRV SRU GLYLGHQGR HQFRPSDUDFLyQ FRQ ORV UHQGLPLHQWRV GH ODVREOLJDFLRQHV DEXQGDQWH DFWLYLGDG GH

  • HVSHFXODFLyQ D PDUJHQ \ QXPHURVDV RIHUWDVS~EOLFDV LQLFLDOHV GH DFFLRQHVGH HVFDVD FDOLGDG3RU OR WDQWR DO HVWXGLRVR GH OD KLVWRULD GHOPHUFDGR GH YDORUHV SRGUtD SDUHFHUOH TXH HOLQYHUVRU LQWHOLJHQWH GHEHUtD KDEHU VLGR FDSD] GHLGHQWLILFDU ORV VXFHVLYRV SHUtRGRV EDMLVWDV \DOFLVWDVGHPHUFDGRSDUDFRPSUDUHQORVSULPHURV\ YHQGHU HQ ORV VHJXQGRV \ KDFHUOR HQ ODPD\RUSDUWH GH ODV RFDVLRQHV FRQ XQRV LQWHUYDORV GHWLHPSRUHODWLYDPHQWHEUHYHV6HHODERUDURQYDULRVPpWRGRVSDUDGHWHUPLQDU ORVQLYHOHVGHFRPSUD\GHYHQWDGHOPHUFDGRJHQHUDOQLYHOHVEDVDGRVHQIDFWRUHV GH YDORU R DOWHUQDWLYDPHQWH HQ HOSRUFHQWDMH GH YDULDFLRQHV GH ORV SUHFLRV R HQDPERVFULWHULRV

    1R REVWDQWH GHEHPRV VHxDODU TXH LQFOXVRDQWHV GHO SHUtRGR DOFLVWD VLQ SUHFHGHQWHV TXHFRPHQ]y HQ VH SURGXMHURQ VXILFLHQWHVYDULDFLRQHV HQ ORV VXFHVLYRV FLFORV GH PHUFDGRSDUD FRPSOLFDU \ HQ RFDVLRQHV IUXVWUDU HOGHVHDEOH SURFHVR GH FRPSUDU HQ HO SXQWR EDMR \YHQGHU HQ HO SXQWR HOHYDGR /D PiV QRWDEOH GH

  • HVWDV GHVYLDFLRQHV SRU VXSXHVWR IXH HO JUDQSHUtRGRDOFLVWDGHPHUFDGRGHILQDOHVGHODGpFDGDGH TXH KL]R TXH WRGRV ORV FiOFXORV VHGHVYLDVHQ HQ JUDQPHGLGD 1L VLTXLHUD HQ SRU OR WDQWRH[LVWtDHQPRGRDOJXQRODFHUWH]DGHTXH HO LQYHUVRU SXGLHVH EDVDU VXV SROtWLFDV \SURFHGLPLHQWRV ILQDQFLHURV SULQFLSDOPHQWH HQ HOLQWHQWRGHFRPSUDUDQLYHOHVEDMRVHQORVSHUtRGRVGHGHVFHQVRGHOPHUFDGR\OLTXLGDUVXVFDUWHUDVHQORV QLYHOHV DOWRV GH ORV SHUtRGRV GH DO]D GHOPHUFDGR

    (Q HO SHUtRGR TXH VLJXLy D HVH DxR RFXUULyH[DFWDPHQWH OR FRQWUDULR (O FRPSRUWDPLHQWR GHOPHUFDGRHQORV~OWLPRVDxRVQRKDVHJXLGRORVSDWURQHVDQWHULRUHVQLKDUHVSHWDGRODVVHxDOHVGHSHOLJUR TXH HQ HO SDVDGR HVWDEDQ ELHQGHWHUPLQDGDV QL KD SHUPLWLGR HO VXFHVLYRDSURYHFKDPLHQWR GH VXV FLFORV PHGLDQWH ODDSOLFDFLyQGHODVYLHMDVUHJODVSDUDFRPSUDUHQORVPRPHQWRV EDMRV \ YHQGHU HQ ORV DOWRV 4XH ODDQWLJXD\UHODWLYDPHQWHSHULyGLFDSDXWDGHIDVHVGHDO]D \ GH EDMD GHOPHUFDGRYD\D D YROYHU FRQ HO

  • SDVRGHO WLHPSR HV DOJR TXH QR VDEHPRV/RTXHQR QRV SDUHFH UHDOLVWD HV TXH HO LQYHUVRU LQWHQWHEDVDU VX SROtWLFD DFWXDO HQ OD IyUPXOD FOiVLFD HVGHFLUTXHHVSHUHDTXHVHSURGX]FDQXQRVQLYHOHVFRQWUDVWDGRVGHEDMDGHPHUFDGRDQWHVGHFRPSUDUFXDOTXLHU DFFLyQ RUGLQDULD 1XHVWUD SROtWLFDUHFRPHQGDGD QR REVWDQWH Vt TXH HVWLSXOD TXH VHLQWURGX]FDQ YDULDFLRQHV HQ OD SURSRUFLyQ HQWUHDFFLRQHV RUGLQDULDV \ REOLJDFLRQHV TXH VH WLHQHQHQ FDUWHUD VL HO LQYHUVRU RSWD SRU DFWXDU GH HVDIRUPDDWHQGLHQGRDOFULWHULRGHTXHHOQLYHOGHORVSUHFLRVGH WUDQVDFFLRQHV OHSDUH]FDPiVRPHQRVDWUDFWLYRHQIXQFLyQGHFULWHULRVGHYDORU

    3ODQHVFRQIyUPXODV(QORVSULPHURVDxRVGHVXELGDGHOPHUFDGR

    GH YDORUHV TXH FRPHQ]DURQ HQ ORVGLYHUVRV PpWRGRV GH DSURYHFKDPLHQWR GH ORVFLFORVGHOPHUFDGRGHYDORUHVDWUDMHURQXQLQWHUpVFRQVLGHUDEOH (VWRVPpWRGRV VH FRQRFLHURQ FRPR

  • SODQHVGH LQYHUVLyQFRQIyUPXOD/DHVHQFLDGHWRGRV HVWRV SODQHV VDOYR HQ HO VHQFLOOR FDVR GHOSURPHGLR GH FRVWHPRQHWDULR HV TXH HO LQYHUVRUUHDOLFH DXWRPiWLFDPHQWH DOJXQDV YHQWDV GHDFFLRQHV FXDQGR HO PHUFDGR H[SHULPHQWD XQDVXELGDVXVWDQFLDO(QDOJXQDGHHVDVIyUPXODVXQDVXELGD EDVWDQWH FXDQWLRVD GHO QLYHO GH PHUFDGRWHQGUtD FRPR FRQVHFXHQFLD OD YHQWD GH WRGD ODFDUWHUD GH LQYHUVLyQ HQ DFFLRQHV RWURV SODQHVHVWLSXODEDQ OD FRQVHUYDFLyQ GH XQD SHTXHxDSURSRUFLyQ GH DFFLRQHV HQ WRGDV ODVFLUFXQVWDQFLDV

    (VWHPpWRGR WLHQH HO GREOH DWUDFWLYRGHTXHDSDUHQWHPHQWHHVOyJLFR\FRQVHUYDGRU\GHTXHPXHVWUD XQRV H[FHOHQWHV UHVXOWDGRV FXDQGR VHDSOLFDUHWURVSHFWLYDPHQWHDOPHUFDGRGHYDORUHVDOR ODUJR GH PXFKRV DxRV GHO SDVDGR 3RUGHVJUDFLDVXDFHSWDFLyQDXPHQWySUHFLVDPHQWHHQHOPRPHQWR HQ HO TXH HVWDED GHVWLQDGR D RIUHFHUSHRUHV UHVXOWDGRV 0XFKDV GH ODV SHUVRQDV TXHDSOLFDEDQ HVWRV SODQHV FRQ IyUPXODV VHHQFRQWUDURQ IXHUD SRU FRPSOHWR R FDVL SRU

  • FRPSOHWR GHO PHUFDGR HQ DOJXQR GH ORV QLYHOHVDOFDQ]DGRVDPHGLDGRVGH ODGpFDGDGH(VLQGXGDEOH TXH REWXYLHURQ XQRV H[FHOHQWHVEHQHILFLRVSHURHQWpUPLQRVJHQHUDOHVHOPHUFDGRVHOHVHVFDSyHQHOPRPHQWRHQHOTXHVDOLHURQGHpO\VXVIyUPXODVQROHVGLHURQODPiVPtQLPDRSRUWXQLGDGGHYROYHUDUHFXSHUDUXQDSRVLFLyQHQDFFLRQHV

    6H GD XQD VLPLOLWXG HQWUH OD H[SHULHQFLD GHTXLHQHV DGRSWDURQ HO PpWRGR GH LQYHUVLyQ FRQIyUPXOD D SULQFLSLRV GH OD GpFDGD GH \ ORVTXH DGRSWDURQ OD YHUVLyQ SXUDPHQWHPHFiQLFD GHOD WHRUtD'RZDxRVDQWHV(QDPERVFDVRV ODSRSXODUL]DFLyQ GH HVRV SRVWXODGRV VHxDOySUiFWLFDPHQWH HO PRPHQWR H[DFWR HQ HO TXH ORVVLVWHPDV UHVSHFWLYRV GHMDURQ GH IXQFLRQDU ELHQ1RVRWURV KHPRV VHJXLGR XQD H[SHULHQFLDVLPLODUPHQWH HPEDUD]RVD FRQ QXHVWUR SURSLRPpWRGR GH YDORU FHQWUDO GH GHWHUPLQDFLyQ GHQLYHOHV LQGLFDGRVGHFRPSUD\GHYHQWDGHO'RZ-RQHV ,QGXVWULDO $YHUDJH $SDUHQWHPHQWH ODOHFFLyQ TXH VH GHEH H[WUDHU HV TXH FXDOTXLHU

  • PpWRGR SDUD JDQDU GLQHUR HQ HO PHUFDGR TXH VHSXHGDH[SOLFDUGHPDQHUDVHQFLOOD\TXHSXHGDVHUVHJXLGR SRU PXFKDV SHUVRQDV HV SRU VX SURSLDQDWXUDOH]D GHPDVLDGR VLPSOH \ GHPDVLDGRVHQFLOORSDUDTXHGXUH/DFRQFOX\HQWHLQGLFDFLyQGH6SLQR]DHVWDQDSOLFDEOHDOPHUFDGRGHYDORUHVFRPRDODILORVRItDWRGRORH[FHOVRHVWDQGLItFLOFRPRUDUR

    )OXFWXDFLRQHV GH PHUFDGR GH OD FDUWHUD GHOLQYHUVRU

    7RGRV ORV LQYHUVRUHV TXH WHQJDQ DFFLRQHVRUGLQDULDVGHEHQHVSHUDUTXHVXYDORUIOXFW~HDORODUJR GH ORV DxRV (O FRPSRUWDPLHQWR GHO '-,$GHVGH QXHVWUD ~OWLPD HGLFLyQ HVFULWD HQ UHIOHMD EDVWDQWH ELHQ OR TXH KD RFXUULGR FRQ ODFDUWHUDGHYDORUHVGHXQLQYHUVRUFRQVHUYDGRUTXHKD\D OLPLWDGR VXV SDUWLFLSDFLRQHV DFFLRQDULDOHV DODVHPSUHVDVJUDQGHVGHVWDFDGDV\ILQDQFLDGDVGHPDQHUD FRQVHUYDGRUD (O YDORU JHQHUDO KDEUi

  • FUHFLGRGHVGHXQQLYHOPHGLRGHDSUR[LPDGDPHQWH KDVWD XQPi[LPR GH HQ \ GH QXHYDPHQWHHQFD\HQGRKDVWDHQ\FRQVLJXLHQGR XQD UHFXSHUDFLyQ SUiFWLFDPHQWHFRPSOHWD KDVWD D SULQFLSLRV GH &RPRODVDFFLRQHV LQGLYLGXDOHVDOFDQ]DQVXVPi[LPRV\VXV PtQLPRV HQ GLIHUHQWHV PRPHQWRV ODVIOXFWXDFLRQHVGHOJUXSRGHO'RZ-RQHVHQFRQMXQWRVRQ PHQRV VHYHUDV TXH ODV GH VXV FRPSRQHQWHVVHSDUDGRV +HPRV UHDOL]DGR XQ VHJXLPLHQWR GHODV IOXFWXDFLRQHV GH SUHFLRV GH RWURV WLSRV GHFDUWHUDV GH DFFLRQHV GLYHUVLILFDGDV \FRQVHUYDGRUDV \ KHPRV GHVFXELHUWR TXH ORVUHVXOWDGRV JHQHUDOHV QR VRQ H[FHVLYDPHQWHGLIHUHQWHV GH ORV LQGLFDGRV DQWHULRUPHQWH (QJHQHUDO ODV DFFLRQHV GH HPSUHVDV GH VHJXQGRRUGHQ IOXFW~DQ PiV TXH ODV GH ODV HPSUHVDVLPSRUWDQWHVSHURHVRQRVLJQLILFDQHFHVDULDPHQWHTXH XQ JUXSR GH HPSUHVDV ELHQ HVWDEOHFLGDVDXQTXHGHPHQRUHVGLPHQVLRQHVYD\DQDFRQVHJXLUXQRVUHVXOWDGRVPHQRVVDWLVIDFWRULRVDORODUJRGHXQSHUtRGRUHODWLYDPHQWHSURORQJDGR(QFXDOTXLHU

  • FDVR HO LQYHUVRU WDPELpQ SRGUtD UHVLJQDUVHDQWLFLSDGDPHQWH D OD SUREDELOLGDG PiV TXH D ODPHUD SRVLELOLGDG GH TXH OD PD\RU SDUWH GH VXVSDUWLFLSDFLRQHV HQ DFFLRQHV DXPHQWHQ HO RPiV SRU HMHPSOR GHVGH VX SXQWR PtQLPR \ VHUHGX]FDQ HQ HO HTXLYDOHQWH GH XQ WHUFLR GHVGH VXSXQWRPi[LPRHQGLIHUHQWHVSHUtRGRVGHORVFLQFRSUy[LPRVDxRV

    1R VHUiPX\ SUREDEOH TXH HO LQYHUVRU VHULRFUHD TXH ODV IOXFWXDFLRQHV GH XQ GtD D RWUR RLQFOXVR ODV IOXFWXDFLRQHV GH XQ PHV D RWUR GHOPHUFDGR GH YDORUHV YD\DQ D HQULTXHFHUOH R DHPSREUHFHUOH3RGUtDQKDFHUORORVFDPELRVDPiVODUJR SOD]R \ GH PD\RU FDODGR" (Q HVWH WHUUHQRVXUJHQGXGDVSUiFWLFDV \SUREOHPDVSVLFROyJLFRVTXH SUREDEOHPHQWH VH FRPSOLFDUiQ 8QD VXELGDVXVWDQFLDO HQ HO PHUFDGR HV VLPXOWiQHDPHQWH XQPRWLYR MXVWLILFDGRGH VDWLVIDFFLyQ \ XQD FDXVD GHSUHRFXSDFLyQ SUXGHQWH SHUR WDPELpQ SXHGHHQWUDxDUXQDJUDQWHQWDFLyQGHHPSUHQGHUDFFLRQHVLPSUXGHQWHV 6XV DFFLRQHV KDQ VXELGR ELHQ (VXVWHGPiV ULFRTXH DQWHV ELHQ3HUR KD VXELGR

  • GHPDVLDGRHOSUHFLR\GHEHUtDSHQVDU HQYHQGHU"2GHEHUtDFDVWLJDUVHSRUQRKDEHUFRPSUDGRPiVDFFLRQHVFXDQGRHOQLYHOHUDPiVEDMR"2\pVWHHVHOSHRUSHQVDPLHQWRGHWRGRVGHEHUtDFHGHUDODDWPyVIHUDDOFLVWD OOHQDUVHGHHQWXVLDVPR\GHOH[FHVRGHFRQILDQ]D\GHODFRGLFLDTXHGRPLQDDOS~EOLFR HQ JHQHUDO GHO FXDO GHVSXpV GH WRGRXVWHG IRUPD SDUWH \ FRQWUDHU PD\RUHV \SHOLJURVRV FRPSURPLVRV" 3ODQWHDGD HQ HVWRVWpUPLQRV VREUH HO SDSHO OD UHVSXHVWD D OD ~OWLPDSUHJXQWD HV HYLGHQWHPHQWH QR SHUR LQFOXVR HOLQYHUVRU LQWHOLJHQWH QHFHVLWDUi XQD FRQVLGHUDEOHIXHU]D GH YROXQWDG SDUD GHMDU GH VHJXLU D ODPXOWLWXG

    3RU HVWDV FDXVDV GH QDWXUDOH]D KXPDQD PiVLQFOXVR TXH SRU ORV FiOFXORV GH SpUGLGDV RJDQDQFLDVILQDQFLHUDVQRVPRVWUDPRVIDYRUDEOHVDDOJ~Q WLSRGHPpWRGRPHFiQLFRSDUDPRGLILFDU ODSURSRUFLyQ HQWUH REOLJDFLRQHV \ DFFLRQHV HQ ODFDUWHUDGHOLQYHUVRU/DSULQFLSDOYHQWDMD WDOYH]HVTXHGLFKDIyUPXODOHRIUHFHUiDOJRTXHKDFHU$PHGLGDTXHVXEDHOPHUFDGRYHQGHUiDFFLRQHVGH

  • VXFDUWHUD\GHVWLQDUiORVLQJUHVRVDREOLJDFLRQHVFXDQGR HOPHUFDGR EDMH KDUi OR FRQWUDULR (VWDVDFWLYLGDGHVRIUHFHUiQXQDVDOLGDDVXVHQHUJtDVTXHGH OR FRQWUDULR HVWDUtDQ H[FHVLYDPHQWHFRQFHQWUDGDV6L HV HO WLSRGH LQYHUVRU DGHFXDGRHQFRQWUDUi VDWLVIDFFLyQ DGLFLRQDO HQ HO KHFKR GHTXHVXVRSHUDFLRQHVVHDQH[DFWDPHQWHFRQWUDULDVDODVTXHUHDOL]DODPXOWLWXG

    9DORUDFLRQHVHPSUHVDULDOHVHQFRQWUDSRVLFLyQDYDORUDFLRQHVGHOPHUFDGRGHYDORUHV

    /D UHSHUFXVLyQ GH ODV IOXFWXDFLRQHV GHPHUFDGR HQ OD YHUGDGHUD VLWXDFLyQ GHO LQYHUVRUWDPELpQVHSXHGHDQDOL]DUGHVGHHOSXQWRGHYLVWDGHODFFLRQLVWDTXHHVSURSLHWDULRSDUFLDOGHYDULDVHPSUHVDV (O WHQHGRU GH DFFLRQHV QHJRFLDEOHVWLHQHHQUHDOLGDGXQDGREOHFRQGLFLyQ\FRQHOODHOSULYLOHJLR GH SRGHU DSURYHFKDU FXDOTXLHUD GH ODVGRV FRQGLFLRQHV D VX HOHFFLyQ 3RU XQD SDUWH VXSRVLFLyQHVDQiORJDDODGHODFFLRQLVWDPLQRULWDULR

  • R VRFLR SDVLYR GH XQD VRFLHGDG QR FRWL]DGD (QHVWH VHQWLGR VXV UHVXOWDGRV GHSHQGHQDEVROXWDPHQWH GH ORV EHQHILFLRV GH OD HPSUHVD RGH ORV FDPELRV TXH H[SHULPHQWHQ ORV YDORUHVVXE\DFHQWHV GH VXV DFWLYRV 1RUPDOPHQWHGHWHUPLQDUtDHOYDORUGHGLFKDSDUWLFLSDFLyQHQXQDHPSUHVD SULYDGD FDOFXODQGR VX FXRWD HQ HOSDWULPRQLRQHWRTXHVHPXHVWUHHQHOEDODQFHPiVUHFLHQWH 3RU RWUD SDUWH HO LQYHUVRU HQ DFFLRQHVRUGLQDULDV WLHQH XQ YDORU PDWHULDOL]DGR HQ XQFHUWLILFDGR R HQ XQD DQRWDFLyQ HQ FXHQWD TXHSXHGH YHQGHU HQ FXHVWLyQ GHPLQXWRV D XQ SUHFLRTXHYDUtDGHXQPRPHQWRDRWURVLHPSUH\FXDQGRHOPHUFDGRHVWpDELHUWR\TXHIUHFXHQWHPHQWHHVWiPX\DOHMDGRGHOYDORUUHIOHMDGRHQHOEDODQFH

    /D HYROXFLyQGHOPHUFDGRGH YDORUHV HQ ORV~OWLPRV DxRV KD KHFKR TXH HO LQYHUVRU WtSLFRGHSHQGDPiV GH OD HYROXFLyQ GH ODV FRWL]DFLRQHVGH ODV DFFLRQHV \ VH PXHVWUH PHQRV GDGR DFRQVLGHUDUVH VLPSOHPHQWH SURSLHWDULR GH XQDHPSUHVD(OPRWLYR HV TXH ODV HPSUHVDV GH p[LWRHQ ODV TXH SUREDEOHPHQWH FRQFHQWUD VXV

  • SDUWLFLSDFLRQHVFRWL]DUiQSUiFWLFDPHQWHGHPDQHUDFRQVWDQWH D SUHFLRVPX\ VXSHULRUHV DO YDORU QHWRGH VX DFWLYR R YDORU FRQWDEOH R YDORU GHEDODQFH$O SDJDU HVWDV SULPDV GH PHUFDGR HOLQYHUVRU HQWUHJD XQRV YDOLRVtVLPRV UHKHQHV D ODIRUWXQD SRUTXH GHSHQGHUi GH TXH HO SURSLRPHUFDGRGHYDORUHVUDWLILTXHVXVFRPSURPLVRV

    eVWHHVXQIDFWRUGHLPSRUWDQFLDFDSLWDOHQODLQYHUVLyQDFWXDO\KDUHFLELGRPHQRVDWHQFLyQGHOD TXH PHUHFH /D HVWUXFWXUD GH ODV FRWL]DFLRQHVGHOPHUFDGR GH YDORUHV HQ VX FRQMXQWR FRQWLHQHXQDFRQWUDGLFFLyQLQWHUQD&XDQWRPHMRUHVVRQORVUHVXOWDGRV \ ODV SHUVSHFWLYDV GH XQD HPSUHVDPHQRV UHODFLyQ WHQGUi HO SUHFLR GH VXV DFFLRQHVFRQVXYDORUFRQWDEOH6LQHPEDUJRFXDQWRPD\RUVHDODSULPDTXHVHSDJDHQUHODFLyQFRQHOYDORUFRQWDEOH PiV LQFLHUWRV VHUiQ ORV FULWHULRV SDUDGHWHUPLQDUVXYDORULQWUtQVHFRHVGHFLUXQDPD\RUSDUWH GH HVWH YDORU GHSHQGHUi GHO FDPELDQWHKXPRU \ GH ODV PHGLFLRQHV GHO PHUFDGR GHYDORUHV3RUORWDQWRGHHVWDPDQHUDOOHJDPRVDODSDUDGRMDILQDOHQYLUWXGGHODFXDOFXDQWRPiVp[LWR

  • WHQJDXQDHPSUHVDPD\RUHVVHUiQODVIOXFWXDFLRQHVHQ HO SUHFLR GH VXV DFFLRQHV (VWR VLJQLILFD D ODKRUD GH OD YHUGDG HQ XQ VHQWLGR PX\ UHDO TXHFXDQWR PD\RU HV OD FDOLGDG GH XQD DFFLyQ PiVHVSHFXODWLYD VHUi SRU OR PHQRV HQ FRPSDUDFLyQFRQ ODV DFFLRQHV SRFR HVSHFWDFXODUHV GH ODVHPSUHVDV LQWHUPHGLDV

    /R TXH KHPRV GLFKR HVDSOLFDEOH HQ HO PDUFR GH OD FRPSDUDFLyQ GH ODVHPSUHVDV HQ FUHFLPLHQWR PiV LPSRUWDQWHV FRQ HOJUXHVR GH ODV HPSUHVDV ELHQ HVWDEOHFLGDVH[FOXLPRVGHQXHVWUDRSLQLyQD ODV HPSUHVDVPX\HVSHFXODWLYDVSRUTXHVRQODVSURSLDVHPSUHVDVODVTXHVRQHVSHFXODWLYDV

    /DH[SRVLFLyQTXHKHPRVKHFKRDQWHULRUPHQWHGHEHUtD H[SOLFDU HO FRPSRUWDPLHQWRIUHFXHQWHPHQWH HUUiWLFR VHJXLGR SRU HO SUHFLR GHODVDFFLRQHVGHODVHPSUHVDVPiVLPSUHVLRQDQWHV\FRQPHMRUHV UHVXOWDGRV1XHVWUR HMHPSOR IDYRULWRHVHOGHOUH\GHWRGDVHOODV,QWHUQDWLRQDO%XVLQHVV0DFKLQHV /D FRWL]DFLyQ GH VXV DFFLRQHVGHVFHQGLy GHVGH D HQ VLHWH PHVHV HQ GHVSXpV GH GRV GHVGREODPLHQWRV VX

  • SUHFLR FD\yGH D HQ 'H ODPLVPDPDQHUD ;HUR[ XQ JHQHUDGRU GH EHQHILFLRV D~QPiVLPSUHVLRQDQWHHQODV~OWLPDVGpFDGDVSDVyGH D HQ \ GH D HQ (VWDV LPSRQHQWHV SpUGLGDV QR HUDQ LQGLFDWLYDV GHTXH HQ HO PHUFDGR H[LVWLHVHQ GXGDV DFHUFD GHOFUHFLPLHQWR IXWXUR D ODUJR SOD]R GH ,%0 R GH;HUR[ DO FRQWUDULR UHIOHMDEDQ OD IDOWD GHFRQILDQ]DHQODSULPDGHYDORUDFLyQTXHHOSURSLRPHUFDGR KDEtD DWULEXLGR D HVDV H[FHOHQWHVSHUVSHFWLYDV

    /D H[SRVLFLyQ DQWHULRU QRV OOHYD D XQDFRQFOXVLyQ GH LPSRUWDQFLD SUiFWLFD SDUD HOLQYHUVRUFRQVHUYDGRUTXH LQYLHUWDHQDFFLRQHV6LTXLHUH SUHVWDU DOJXQD DWHQFLyQ HVSHFLDO D ODVHOHFFLyQ GH VX FDUWHUD VHUtD PHMRU TXH VHFRQFHQWUDVH HQ DFFLRQHV TXH FRWL]DVHQUHODWLYDPHQWH FHUFD GHO YDORU GH VX DFWLYRWDQJLEOH SRU HMHPSOR DOJRPiV GH XQ WHUFLR SRUHQFLPDGHHVDFLIUD/DVDGTXLVLFLRQHV UHDOL]DGDVD HVRV QLYHOHV R QLYHOHV LQIHULRUHV SXHGHQFRQHFWDUVH FRQ FLHUWD OyJLFD DO EDODQFH GH OD

  • HPSUHVD \ SXHGHQ WHQHU XQD MXVWLILFDFLyQ R XQDSR\RLQGHSHQGLHQWHVGHORVIOXFWXDQWHVSUHFLRVGHPHUFDGR/DSULPDUHVSHFWRGHOYDORUFRQWDEOHTXHSXHGD VHU QHFHVDULR DERQDU SRGUtD FRQVLGHUDUVHFRPRXQDHVSHFLHGHYDORUH[WUDRUGLQDULRDERQDGRSRU OD YHQWDMD GH GLVIUXWDU GH FRWL]DFLyQ HQ HOPHUFDGR FRQ OD FRQFRPLWDQWH SRVLELOLGDG GHUHDOL]DURSHUDFLRQHVGHWUiILFRPHUFDQWLO

    /OHJDGRHVWHPRPHQWRHVQHFHVDULRKDFHUXQDDGYHUWHQFLD 8QD DFFLyQ QR HV XQD LQYHUVLyQVHQVDWDVLPSOHPHQWHSRUTXHVHSXHGDFRPSUDUDXQSUHFLR FHUFDQR DO YDORU GH VX DFWLYR(O LQYHUVRUGHEHUtD H[LJLU DGHPiV XQD UHODFLyQ VDWLVIDFWRULDHQWUH ORV EHQHILFLRV \ HO SUHFLR XQD VLWXDFLyQILQDQFLHUD VXILFLHQWHPHQWH VyOLGD \ OD SHUVSHFWLYDGHTXHORVEHQHILFLRVSRUORPHQRVVHPDQWHQJDQDOR ODUJRGH ORVDxRV(VSRVLEOHTXHHVWRSDUH]FDPXFKRH[LJLUDXQDDFFLyQTXHWHQJDXQDFRWL]DFLyQPRGHVWDSHURVHWUDWDGHXQDSUHVFULSFLyQTXHQRUHVXOWD GLItFLO VDWLVIDFHU SUiFWLFDPHQWH HQFXDOTXLHU FRQGLFLyQ GHPHUFDGR FRQ OD VDOYHGDGGH ODV SHOLJURVDPHQWH HOHYDGDV (Q ORV FDVRV HQ

  • ORVTXHHOLQYHUVRUHVWpGLVSXHVWRDUHQXQFLDUDODEULOODQWH] GH ODV SHUVSHFWLYDV HV GHFLU D XQFUHFLPLHQWR SUHYLVWR VXSHULRU DO GH OD PHGLD QRWHQGUi QLQJXQD GLILFXOWDG SDUD HQFRQWUDU XQDDPSOLD VHOHFFLyQ GH DFFLRQHV TXH FXPSODQQXHVWURVFULWHULRV

    (Q QXHVWURV FDStWXORV VREUH OD VHOHFFLyQ GHDFFLRQHV RUGLQDULDV FDStWXORV \ RIUHFHUHPRV GDWRV TXH PRVWUDUiQ TXH PiV GH ODPLWDG GH ODV DFFLRQHV GHO'-,$ FXPSOtDQ QXHVWURFULWHULR GH UHODFLyQ HQWUH DFWLYR\YDORU D ILQDOHVGH /D DFFLyQ TXH HVWi UHSDUWLGD GH IRUPDPiVJHQHUDOL]DGDHQHOPHUFDGR ODGH$77 VHYHQGtDGHKHFKRSRUGHEDMRGHOYDORUGHODFWLYRWDQJLEOHGHODHPSUHVDHQHOPRPHQWRGHUHGDFWDUHVWDV QRWDV /D PD\RU SDUWH GH ODV DFFLRQHV GHHPSUHVDV HQHUJpWLFDV DGHPiV GH VXV RWUDVYHQWDMDV HVWiQ GLVSRQLEOHV HQ OD DFWXDOLGDGSULQFLSLRV GH D SUHFLRV UD]RQDEOHPHQWHFHUFDQRVDORVYDORUHVGHVXDFWLYR

    (O LQYHUVRU FX\D FDUWHUD HVWp LQWHJUDGD SRUDFFLRQHV TXH WHQJDQ HO DSR\R GH WDOHV YDORUHV

  • FRQWDEOHV HVWi HQ FRQGLFLRQHV GH DGRSWDU XQDSRVLFLyQ PXFKR PiV LQGHSHQGLHQWH \ GLVWDQFLDGDGH ODV IOXFWXDFLRQHV GHO PHUFDGR TXH ORVLQYHUVRUHVTXHKDQDERQDGRHOHYDGRVP~OWLSORVGHORV EHQHILFLRV \ GHO DFWLYR WDQJLEOH SRU ODVDFFLRQHV GH VXV FDUWHUDV (Q WDQWR HQ FXDQWR ODFDSDFLGDG GH JHQHUDU EHQHILFLRV GH VXVSDUWLFLSDFLRQHV VLJD VLHQGR VDWLVIDFWRULD SRGUiGHVHQWHQGHUVH HQ OD PHGLGD TXH GHVHH GH ODVRVFLODFLRQHV FDSULFKRVDV GHO PHUFDGR$~Q PiVHQ RFDVLRQHV SRGUi XWLOL]DU HVDV RVFLODFLRQHVFDSULFKRVDV SDUD MXJDU DO MXHJR PDHVWUR GHFRPSUDUEDUDWR\YHQGHUFDUR

    (OHMHPSOR$3/OHJDGRHVWHPRPHQWRLQWURGXFLUHPRVXQRGH

    ORVHMHPSORVRULJLQDOHVGHKDFHPXFKRVDxRVSHURTXH HMHUFH FLHUWD IDVFLQDFLyQ VREUH QRVRWURVSRUTXH FRPELQD PXFKRV DVSHFWRV GH ODH[SHULHQFLD HPSUHVDULDO \ GH LQYHUVLyQ (VWi

  • SURWDJRQL]DGRSRUOD*UHDW$WODQWLF3DFLILF7HD&ReVWDHVODKLVWRULD

    /DV DFFLRQHV GH$ 3 IXHURQ DGPLWLGDV DFRWL]DFLyQ HQ HO PHUFDGR &XUE TXH HQ ODDFWXDOLGDG HV OD $PHULFDQ 6WRFN ([FKDQJH HQ \ OOHJDURQ D FRWL]DU D (Q KDEtDQGHVFHQGLGRKDVWDDXQTXHORVEHQHILFLRVGHODHPSUHVDHUDQSUiFWLFDPHQWHLJXDOGHFXDQWLRVRVHQDTXHODxRFDWDVWUyILFRHQWpUPLQRVJHQHUDOHVGHORTXH OR KDEtDQ VLGR DQWHULRUPHQWH (Q ODFRWL]DFLyQRVFLOyHQWUH\'HVSXpVHQ ODUHFHVLyQ HPSUHVDULDO \ HO SHUtRGR EDMLVWD GHPHUFDGRGHODVDFFLRQHVGHVFHQGLHURQKDVWDXQQXHYRSXQWRPtQLPRGH

    (VH SUHFLR HUD H[WUDRUGLQDULR 6LJQLILFDEDTXH ODV DFFLRQHV RUGLQDULDV \ ODV SUHIHUHQWHVDOFDQ]DEDQHQFRQMXQWRXQSUHFLRGHYHQWDGHPLOORQHV GH GyODUHV DXQTXH OD HPSUHVD DFDEDEDGH GHFODUDU TXH WHQtD PLOORQHV GH GyODUHVVLPSOHPHQWH HQ HIHFWLYR \ XQ FDSLWDO GHH[SORWDFLyQ R DFWLYR FLUFXODQWH QHWR GH PLOORQHVGHGyODUHV$3HUDODPD\RUHPSUHVD

  • PLQRULVWDGH(VWDGRV8QLGRVRLQFOXVRGHOPXQGRFRQ XQ KLVWRULDO FRQWLQXR H LPSUHVLRQDQWH GHJUDQGHVEHQHILFLRVDORODUJRGHPXFKRVDxRV6LQHPEDUJR HQ :DOO 6WUHHW FRQVLGHUDED TXHHVWD H[WUDRUGLQDULD HPSUHVD YDOtD PHQRV TXH VXVDFWLYRV FLUFXODQWHV OR TXH VLJQLILFDED TXH YDOtDPHQRV FRPR HPSUHVD FRQ SHUVSHFWLYD GH IXWXURTXH VL VH OLTXLGDVH 3RU TXp" (Q SULPHU OXJDUHVWDEDQ ODVDPHQD]DVGH LPSRVLFLyQGH LPSXHVWRVHVSHFLDOHV D ODV FDGHQDV GH WLHQGDV HQ VHJXQGROXJDU SRUTXH ORV EHQHILFLRV QHWRV VH KDEtDQUHGXFLGR HQ HO DxR DQWHULRU \ HQ WHUFHU OXJDUSRUTXH HO PHUFDGR HQ JHQHUDO HVWDED GHSULPLGR/D SULPHUD GH HVWDV UD]RQHV HUD XQ WHPRUH[DJHUDGR TXH DFDEy UHVXOWDQGR LQIXQGDGR ODVRWUDV GRV HUDQ HMHPSORV WtSLFRV GH HIHFWRVWHPSRUDOHV

    6XSRQJDPRV TXH HO LQYHUVRU KXELHVHFRPSUDGRDFFLRQHVRUGLQDULDVGH$3HQD SRU HMHPSOR YHFHV VXV EHQHILFLRV PHGLRVTXLQTXHQDOHV R VHD DSUR[LPDGDPHQWH D 1RVDEVWHQGUHPRV PXFKR GH DILUPDU TXH HO SRVWHULRU

  • GHVFHQVR KDVWD QR WXYLHVH LPSRUWDQFLD SDUDQXHVWUR LQYHUVRU +DEUtD KHFKR ELHQ HQ DQDOL]DUFXLGDGRVDPHQWH OD VLWXDFLyQ SDUD FRPSUREDU VLKDEtD FRPHWLGR DOJ~Q HUURU GH FiOFXOR 1RREVWDQWH VL ORV UHVXOWDGRV GH VX HVWXGLR IXHVHQWUDQTXLOL]DGRUHV FRPR GHEHUtD KDEHU RFXUULGRSRGUtDFRQVLGHUDUMXVWLILFDGDPHQWHTXHHOGHFOLYHGHO PHUFDGR HUD XQ FDSULFKR WHPSRUDO GH ODVILQDQ]DV \ TXH GHEtD GHVHQWHQGHUVH GH pO VDOYRTXH WXYLHVH ORV UHFXUVRV \ HO FRUDMH GHDSURYHFKDUOR \ FRPSUDU XQPD\RU Q~PHUR GH ODVDFFLRQHVDSUHFLRGHRSRUWXQLGDGTXHVHOHHVWDEDQRIUHFLHQGR

    $FRQWHFLPLHQWRVSRVWHULRUHV\UHIOH[LRQHV$ODxRVLJXLHQWH ODVDFFLRQHVGH$

    3DVFHQGLHURQKDVWDRORTXHHVORPLVPRWUHV YHFHV HO SUHFLR PtQLPR GH PX\ SRUHQFLPDGHODPHGLDGH'LFKDLQIOH[LyQHQHOFRPSRUWDPLHQWR GH ODV DFFLRQHV RUGLQDULDV QR HV

  • HQDEVROXWRLQIUHFXHQWHSHURHQHOFDVRGH$3IXHPiV OODPDWLYRTXHHQ ODPD\RUtD(QORVDxRVVLJXLHQWHV D OD FDGHQD GH WLHQGDV GHXOWUDPDULQRV DVFHQGLy FRQ HO PHUFDGR JHQHUDOKDVWD TXH HQ VXV DFFLRQHV GHVGREODGDV SRUDOFDQ]DURQXQSXQWRPi[LPRGHTXHHUDHTXLYDOHQWHDVLVHKXELHVHPDQWHQLGRtQWHJUDODDFFLyQGH

    (OSUHFLRGHHUDGHVWDFDEOHSRUHOKHFKRGH TXH VXSRQtDPXOWLSOLFDU SRU ORV EHQHILFLRVGH 8Q 3(5 GH HVH FDOLEUH TXH GHEHFRPSDUDUVHFRQXQ3(5GHSDUDHO'-,$HQHVHDxR GHEHUtD KDEHU GDGR D HQWHQGHU TXH KDEtDH[SHFWDWLYDVGHXQHVSHFWDFXODUFUHFLPLHQWRGHORVEHQHILFLRV (VWH RSWLPLVPR QR WHQtD QLQJXQDMXVWLILFDFLyQ TXH SXGLHVH HQFRQWUDUVH HQ ODFRQWDELOLGDG GH EHQHILFLRV GH OD HPSUHVD GH ORVDxRVDQWHULRUHV\UHVXOWyVHUXQHUURUDEVROXWR(QYH]GHDXPHQWDU UiSLGDPHQWH ODHYROXFLyQGH ORVEHQHILFLRV HQ HO SHUtRGR SRVWHULRU IXH SRU ORJHQHUDODODEDMD(ODxRVLJXLHQWHDOHOSUHFLRVHUHGXMRPiVGH ODPLWDGKDVWD1RREVWDQWH

  • HQ HVWD RFDVLyQ ODV DFFLRQHV QR HUDQ ODRSRUWXQLGDGTXHKDEtDQVLGRHQHOPRPHQWRGH ODFRWL]DFLyQPtQLPDGH'HVSXpVGHGLIHUHQWHVWLSRVGHIOXFWXDFLyQHOSUHFLRGHVFHQGLyKDVWDRWURQLYHOPtQLPR GH HQ \ GH HQ GHVSXpV GH KDEHU GHFODUDGR HO SULPHUGpILFLWWULPHVWUDOGHVXKLVWRULD

    (Q HVWD KLVWRULD SRGHPRV DSUHFLDU ODVGLIHUHQWHV YLFLVLWXGHV TXH SXHGH DWUDYHVDU XQDLPSRUWDQWH HPSUHVD HVWDGRXQLGHQVH HQ SRFR PiVGHXQDVRODJHQHUDFLyQ\WDPELpQFXiQWRVHUURUHVGHFiOFXOR\H[FHVRVGHRSWLPLVPR\GHSHVLPLVPRKD FRPHWLGR HO S~EOLFR D OD KRUD GH HYDOXDU VXVDFFLRQHV(QODHPSUHVDHUDSUiFWLFDPHQWHXQUHJDOR\QDGLHTXLVRDFHSWDUORHQHOS~EOLFRSHGtD D JULWRV DFFLRQHV D SUHFLRV ULGtFXODPHQWHHOHYDGRV'HVSXpVGHHVHPRPHQWRGHKLVWHULD VHSURGXMRXQD UiSLGDSpUGLGDGH ODPLWDGGHOYDORUGH PHUFDGR \ SRFRV DxRV GHVSXpV RWUR GHFOLYHDGLFLRQDOLPSRUWDQWH(QHOtQWHULQODHPSUHVDSDVyGHVHUXQDH[WUDRUGLQDULDJHQHUDGRUDGHEHQHILFLRVD FRVHFKDUPHGLRFUHV UHVXOWDGRV VX EHQHILFLR HQ

  • DxR HQ HO TXH VH SURGXMR XQ HVSHFWDFXODUFUHFLPLHQWRGHODHFRQRPtDIXHLQIHULRUDOGHODxR KDEtD SDJDGR XQD VHULH GH FRQIXVRVGLYLGHQGRV SHTXHxRV TXH QR HVWDEDQ MXVWLILFDGRVSRU ODV DSRUWDFLRQHV DFWXDOHV DO VXSHUiYLW \ DVtVXFHVLYDPHQWH$3HUDXQDHPSUHVDGHPD\RUHVGLPHQVLRQHVHQ\HQTXHHQSHURQRHVWDED WDQELHQGLULJLGDQRHUD WDQ UHQWDEOH\QRHUDWDQDWUDFWLYD

    'H HVWD KLVWRULD VH SXHGHQ H[WUDHU GRVOHFFLRQHV SULQFLSDOHV /D SULPHUD HV TXH HOPHUFDGRGHYDORUHVVHHTXLYRFDPXFKRGHYH]HQFXDQGR \ HQ RFDVLRQHV XQ LQYHUVRU YDOLHQWH TXHHVWp DOHUWD SXHGH DSURYHFKDUVH GH HVRV HUURUHVPDQLILHVWRV/DRWUD HVTXH ODPD\RUSDUWHGH ODVHPSUHVDV FDPELDQ GH QDWXUDOH]D \ FDOLGDG D ORODUJR GH ORV DxRV HQ RFDVLRQHV SDUDPHMRU \ WDOYH] PiV IUHFXHQWHPHQWH SDUD SHRU 1R HVQHFHVDULRTXHHO LQYHUVRUYLJLOH ORV UHVXOWDGRVGHVXV HPSUHVDV FRPR XQ KDOFyQ QR REVWDQWH VtGHEHUtDH[DPLQDUORVDIRQGRGHYH]HQFXDQGR

    9ROYDPRV D QXHVWUD FRPSDUDFLyQ HQWUH HO

  • WHQHGRUGHDFFLRQHVQHJRFLDEOHV\ ODSHUVRQDTXHWLHQHXQDSDUWLFLSDFLyQHQODHPSUHVDQRFRWL]DGD+HPRVDILUPDGRTXHHOSULPHURWLHQHODRSFLyQGHFRQVLGHUDUVHVLPSOHPHQWHHOSURSLHWDULRSDUFLDOGHODVGLIHUHQWHVHPSUHVDVHQ ODVTXHKD LQYHUWLGRRDOWHUQDWLYDPHQWHSXHGHSHQVDUTXHHVHOWHQHGRUGHDFFLRQHV TXH VH SXHGHQ YHQGHU HQ FXDOTXLHUPRPHQWRTXHGHVHHDOSUHFLRDOTXHFRWL]DQHQHOPHUFDGR

    1R REVWDQWH VH GHEH WHQHU HQ FXHQWD HVWHKHFKR LPSRUWDQWH HO YHUGDGHUR LQYHUVRUSUiFWLFDPHQWH QXQFD VH YHREOLJDGRDYHQGHU VXVDFFLRQHV \ VDOYR HQ HVRV FRQWDGRVPRPHQWRV HQTXH SXGLHVH YHUVH IRU]DGR D YHQGHU HVWi HQSHUIHFWDV FRQGLFLRQHV SDUD GHVHQWHQGHUVH GH ODFRWL]DFLyQ YLJHQWH 'HEHUi SUHVWDU DWHQFLyQ D ODVFRWL]DFLRQHV \ OOHYDU D FDER DOJXQD LQWHUYHQFLyQ~QLFDPHQWHHQODPHGLGDHQTXHOHFRQYHQJD\QRPiV 3RU OR WDQWR HO LQYHUVRU TXH SHUPLWD TXHRWURV OH DUUDVWUHQ D ODV HVWDPSLGDV R TXH VHSUHRFXSH LQGHELGDPHQWH SRU ODV UHWUDFFLRQHVLQMXVWLILFDGDV SURYRFDGDV SRU HO PHUFDGR HQ VXV

  • FDUWHUDV HVWDUi WUDQVIRUPDQGR SHUYHUVDPHQWH VXYHQWDMDEiVLFDHQXQDGHVYHQWDMDHVHQFLDO6HWUDWDGHSHUVRQDVTXHHVWDUtDQPHMRUVLVXVDFFLRQHVQRFRWL]DVHQHQDEVROXWRSRUTXHSRGUtDQ OLEUDUVHGHODDQJXVWLDPHQWDOTXHOHVSURYRFDQORVHUURUHVGHMXLFLRFRPHWLGRVSRURWUDVSHUVRQDV

    3RUFLHUWR VHGLRXQD VLWXDFLyQJHQHUDOL]DGDGHHVWHWLSRHQODSUiFWLFDGXUDQWHORVRVFXURVDxRVGH ODGHSUHVLyQGH(Q DTXHOOD pSRFDVHGLVIUXWDEDGHXQDYHQWDMDSVLFROyJLFDFXDQGRVHWHQtDQ SDUWLFLSDFLRQHV GH HPSUHVDV TXH QRFRWL]DEDQ HQ HO PHUFDGR 3RU HMHPSOR ODVSHUVRQDV TXH HUDQ SURSLHWDULDV GH SULPHUDVKLSRWHFDV VREUH ELHQHV LQPXHEOHV TXH VLJXLHURQSDJDQGR LQWHUHVHV HVWXYLHURQ HQ FRQGLFLRQHV GHGHFLUVH D Vt PLVPDV TXH VXV LQYHUVLRQHV KDEtDQPDQWHQLGRWRGRVXYDORUDOQRKDEHUFRWL]DFLRQHVGH PHUFDGR TXH LQGLFDVHQ RWUD FRVD 3RU RWUDSDUWHPXFKDVREOLJDFLRQHVGHHPSUHVDVFRWL]DGDVTXH WHQtDQ XQD FDOLGDG D~QPHMRU \ XQD IRUWDOH]DVXE\DFHQWH D~Q PD\RU VXIULHURQ JUDYHVUHGXFFLRQHV HQ VXV FRWL]DFLRQHV GHPHUFDGR TXH

  • OOHYDURQ D VXV SURSLHWDULRV D FUHHU TXH FDGD YH]HUDQ PiV SREUHV (Q UHDOLGDG ORV SURSLHWDULRVHVWDEDQ HQ PHMRU VLWXDFLyQ FRQ ORV YDORUHVFRWL]DGRV DSHVDUGH VXVSUHFLRV UHGXFLGRV(VWRHV DVt SRUTXH VL OR KXELHVHQ GHVHDGR R VL VHKXELHVHQ YLVWR REOLJDGRV SRGUtDQ SRU OR PHQRVKDEHU YHQGLGR ODV DFFLRQHV WDO YH] SDUDFDPELDUODV SRU RWUDV TXH VXSXVLHVHQ XQD PHMRURSRUWXQLGDG $OWHUQDWLYDPHQWH SRU RWUD SDUWHVLJXLHQGR OD PLVPD OyJLFD SRGUtDQ KDEHUVHGHVHQWHQGLGR GH OD VLWXDFLyQ GHO PHUFDGRDILUPDQGR TXH HUD WHPSRUDO \ EiVLFDPHQWHLUUHOHYDQWH (Q FXDOTXLHU FDVR HV XQ DXWRHQJDxRFRQYHQFHUVH GH TXH QR VH KD VXIULGR QLQJXQDUHGXFFLyQ GH YDORU VLPSOHPHQWH SRUTXH ORVYDORUHVQRFRWL]DQHQHOPHUFDGR

    9ROYLHQGRDQXHVWURDFFLRQLVWDGH$3GH DILUPDPRV TXH HQ WDQWR HQ FXDQWR KXELHUDFRQVHUYDGR VXV DFFLRQHV QR KDEUtD VXIULGRQLQJXQD SpUGLGD SRU OD UHGXFFLyQ GH SUHFLRPiVDOOi GH OR TXH VX SURSLD FDSDFLGDG GH MXLFLRSXGLHVH LQGLFDUOH FRPR FRQVHFXHQFLD GH OD

  • UHGXFFLyQGHOYDORUVXE\DFHQWHRLQWUtQVHFR6LQRVHKDEtDSURGXFLGRQLQJXQDUHGXFFLyQGHHVWHWLSRHODFFLRQLVWDWHQGUtDWRGRHOGHUHFKRDHVSHUDUTXHHQ VX GHELGRPRPHQWR OD FRWL]DFLyQ GHOPHUFDGRYROYLHVH D UHFXSHUDU HO QLYHO GH R XQ QLYHOPHMRU FRPR HQ OD SUiFWLFD DFDEy VXFHGLHQGR DODxRVLJXLHQWH(QHVWHVHQWLGRVXSRVLFLyQHUDSRUOR PHQRV WDQ IDYRUDEOH FRPR VL KXELHVH VLGRSURSLHWDULR GH XQD SDUWLFLSDFLyQ HQ XQD HPSUHVDQRFRWL]DGD3RUTXHHQHVWHFDVR WDPELpQSRGUtDKDEHU WHQLGR R QR PRWLYRV MXVWLILFDGRV SDUDUHFRUWDU PHQWDOPHQWH SDUWH GHO FRVWH GH VXVSDUWLFLSDFLRQHV DWULEX\HQGR HVH UHFRUWH DO HIHFWRGH OD UHFHVLyQ GH GHSHQGLHQGR GH OR TXHKXELHVHSDVDGRFRQVXHPSUHVD

    /RVFUtWLFRVGHOPpWRGRGHYDORUSDUDUHDOL]DULQYHUVLRQHV HQ DFFLRQHV DILUPDQ TXH ODV DFFLRQHVRUGLQDULDV QR VH SXHGHQ FRQVLGHUDU QL HYDOXDUDGHFXDGDPHQWH GH OD PLVPD IRUPD TXH XQDSDUWLFLSDFLyQ HQ XQD HPSUHVD VLPLODU TXH QRFRWLFH SRUTXH OD SUHVHQFLD GH XQ PHUFDGR GHYDORUHV RUJDQL]DGR DSRUWD D OD SURSLHGDG GHO

  • FDSLWDO XQ DWULEXWR QXHYR \ H[WUDRUGLQDULDPHQWHLPSRUWDQWHGH OLTXLGH]6LQHPEDUJR ORTXHHVWDOLTXLGH] VLJQLILFD UHDOPHQWH HV HQ SULPHU OXJDUTXH HO LQYHUVRU WLHQH OD YHQWDMD GH OD HYDOXDFLyQGLDULD \ FDPELDQWH UHDOL]DGD SRU HO PHUFDGR GHYDORUHV UHVSHFWR GH VX FDUWHUDVHD FXDO VHD ODXWLOLGDG TXH SXHGD WHQHU HVD YDORUDFLyQ \ HQVHJXQGR OXJDU TXH HO LQYHUVRU HV FDSD] GHDXPHQWDU R UHGXFLU VX LQYHUVLyQ SRU OD FLIUDFRWL]DGD SRU HO PHUFDGR D GLDULRVL GHVHDKDFHUOR3RUORWDQWRODH[LVWHQFLDGHXQPHUFDGRHQ HO TXH FRWLFHQ ORV YDORUHV RIUHFH DO LQYHUVRUFLHUWDVRSFLRQHVTXHQR WHQGUtD VL VXVYDORUHVQRFRWL]DVHQ (Q FXDOTXLHU FDVR HVD H[LVWHQFLD QRLPSRQH OD FRWL]DFLyQ YLJHQWH D XQ LQYHUVRU TXHSUHILHUD EDVDU VX FRQFHSWR GH YDORU HQ FXDOTXLHURWUDIXHQWH

    &HUUHPRV HVWD VHFFLyQ FRQ DOJR SDUHFLGR DXQDSDUiEROD,PDJLQHTXHXVWHGHVSURSLHWDULRGHXQD SHTXHxD SDUWLFLSDFLyQ HQ XQD HPSUHVD QRFRWL]DGD TXH OH FXHVWD GyODUHV8QRGH VXVVRFLRV OODPDGR 6U 0HUFDGR HV PX\ DWHQWR

  • 7RGRV ORVGtDV OHGLFH ORTXHFRQVLGHUDTXHYDOHVX SDUWLFLSDFLyQ \ DGLFLRQDOPHQWH VH RIUHFH DFRPSUDU VX SDUWLFLSDFLyQ R D YHQGHUOH XQDSDUWLFLSDFLyQ DGLFLRQDO FRQ DUUHJOR D HVDYDORUDFLyQ(QRFDVLRQHVVX LGHDGHYDORUSDUHFHUD]RQDEOH \ MXVWLILFDGD DWHQGLHQGR D ORVDFRQWHFLPLHQWRVHPSUHVDULDOHV\DODVSHUVSHFWLYDVTXHXVWHGFRQRFH)UHFXHQWHPHQWHSRURWUDSDUWHHO6U0HUFDGRVHGHMDOOHYDUSRUVXHQWXVLDVPRRSRUVXVWHPRUHV\HOYDORUTXHOHSURSRQHSDUHFHUD\DQRHQHODEVXUGR

    6L IXHVH XVWHG XQ LQYHUVRU SUXGHQWH R XQHPSUHVDULR VHQVDWR SHUPLWLUtD TXH ODFRPXQLFDFLyQGLDULDGHO6U0HUFDGRGHWHUPLQDVHVX FRQFHSFLyQ GHO YDORU FRQ UHVSHFWR D VXSDUWLFLSDFLyQ GH GyODUHV HQ OD HPSUHVD"QLFDPHQWH OR FRQVHQWLUtD HQ HO FDVR GH TXHHVWXYLHVHGH DFXHUGR FRQ pO R HQ HO FDVRGHTXHTXLVLHVH KDFHU XQD RSHUDFLyQ FRQ pO (V SRVLEOHTXH HVWp XVWHG HQFDQWDGR GH YHQGHUOH VXSDUWLFLSDFLyQ FXDQGR OH RIUH]FD XQ SUHFLRULGtFXODPHQWH HOHYDGR \ TXH HVWp LJXDOPHQWH

  • HQFDQWDGRGHFRPSUDUXQDSDUWLFLSDFLyQDGLFLRQDOFXDQGRHOSUHFLRRIUHFLGRVHDEDMR6LQHPEDUJRHO UHVWR GHO WLHPSR DFWXDUtD GH XQD IRUPD PiVVHQVDWDVL VH IRUPDVHVXSURSLD LGHDGHOYDORUGHVXFDUWHUDDWHQGLHQGRDORVLQIRUPHVGHWDOODGRVGHOD HPSUHVD DFHUFD GH VXV RSHUDFLRQHV \ VXVLWXDFLyQILQDQFLHUD

    (O YHUGDGHUR LQYHUVRU VH HQFXHQWUD HQ HVDSRVLFLyQ FXDQGR HV SURSLHWDULR GH XQD DFFLyQFRWL]DGD3XHGHDSURYHFKDUHOSUHFLRGHPHUFDGRHVWDEOHFLGRDGLDULRRQRKDFHUFDVRGHWDOSUHFLRVHJ~Q OH LQGLTXH VX SURSLD FDSDFLGDG GH MXLFLR \VXV SUHIHUHQFLDV 'HEH WRPDU QRWD GH ODVSULQFLSDOHV YDULDFLRQHV GH SUHFLR SXHVWR TXH GHORFRQWUDULRVXFDSDFLGDGGHMXLFLRQRWHQGUiQDGDFRQ OR TXH HQWUHWHQHUVH (V SRVLEOH TXH HVRVPRYLPLHQWRVOHRIUH]FDQXQDVHxDOGHDGYHUWHQFLDTXHWDOYH]TXLHUDVHJXLUHQURPiQSDODGLQRHVWRTXLHUH GHFLU TXH WLHQH TXH YHQGHU VXV DFFLRQHVSRUTXH HO SUHFLR KD EDMDGR D ILQ GH HYLWDU TXHRFXUUDQ FRVDV SHRUHV (Q QXHVWUD RSLQLyQ WDOHVVHxDOHVLQGXFHQDHUURUSRUORPHQRVFRQODPLVPD

  • IUHFXHQFLDFRQODTXHUHVXOWDQ~WLOHV%iVLFDPHQWHODVIOXFWXDFLRQHVGHSUHFLR~QLFDPHQWHGHEHQWHQHUXQ VLJQLILFDGR SDUD HO YHUGDGHUR LQYHUVRU /HRIUHFHQODRSRUWXQLGDGGHFRPSUDUFRQLQWHOLJHQFLDFXDQGRORVSUHFLRVVHUHGXFHQPXFKR\GHYHQGHUFRQLQWHOLJHQFLDFXDQGRKDQVXELGRWDPELpQPXFKR(QODVGHPiVRFDVLRQHVORPHMRUTXHSXHGHKDFHUHV ROYLGDUVH GHO PHUFDGR GH YDORUHV \ SUHVWDUDWHQFLyQD VX UHQWDELOLGDGSRUGLYLGHQGRV\ D ORVUHVXOWDGRVGHH[SORWDFLyQGHVXVHPSUHVDV

    5HVXPHQ/DGLVWLQFLyQPiVUHDOLVWDHQWUHHO LQYHUVRU\

    HO HVSHFXODGRU VH SXHGH DSUHFLDU HQ VX DFWLWXGKDFLDORVPRYLPLHQWRVGHOPHUFDGRGHYDORUHV(OSULQFLSDO LQWHUpV GHO HVSHFXODGRU FRQVLVWH HQDQWLFLSDU \ H[WUDHU EHQHILFLR GH ODV IOXFWXDFLRQHVGH PHUFDGR (O SULQFLSDO LQWHUpV GHO LQYHUVRUFRQVLVWH HQ DGTXLULU \ PDQWHQHU XQRV YDORUHVDGHFXDGRV D XQRV SUHFLRV DGHFXDGRV /RV

  • PRYLPLHQWRV GHO PHUFDGR VRQ LPSRUWDQWHV HQ XQVHQWLGR SUiFWLFR SRUTXH DOWHUQDWLYDPHQWH FUHDQQLYHOHV GH SUHFLR UHGXFLGR D ORV TXH UHVXOWDLQWHOLJHQWHFRPSUDURQLYHOHVGHSUHFLRHOHYDGRDORV TXH LQGXGDEOHPHQWH GHEHUtD DEVWHQHUVH GHFRPSUDU\SUREDEOHPHQWHKDUtDELHQHQYHQGHU

    'LVWD PXFKR GH VHU VHJXUR TXH HO LQYHUVRUWtSLFRGHEDDEVWHQHUVHGHFRPSUDURUGLQDULDPHQWHKDVWD TXH VH SURGX]FDQ XQRV QLYHOHV EDMRV GHOPHUFDGR SRUTXH HVWR SXHGH HQWUDxDU XQD ODUJDHVSHUD FRQ PXFKD SUREDELOLGDG OD SpUGLGD GHLQJUHVRV\ODSRVLEOHSpUGLGDGHRSRUWXQLGDGHVGHLQYHUVLyQ(QJHQHUDOSXHGHTXHVHDPHMRUTXHHOLQYHUVRU FRPSUH DFFLRQHV VLHPSUH TXH WHQJDGLQHURSDUDGHVWLQDUDDFFLRQHVH[FHSWRFXDQGRHOQLYHO GH PHUFDGR JHQHUDO VHD PX\ VXSHULRU D ORTXH VH SXHGD MXVWLILFDU UHFXUULHQGR D FULWHULRVVHQVDWRVGHYDORUDFLyQ6LTXLHUHPRVWUDUVHDVWXWRSXHGH WUDWDU GH ORFDOL]DU ODV RPQLSUHVHQWHVRSRUWXQLGDGHV RIUHFLGDV SRU DOJXQDV DFFLRQHVLQGLYLGXDOHV

    $GHPiVGHDODSUHYLVLyQGHORVPRYLPLHQWRV

  • GHO PHUFDGR JHQHUDO HQ :DOO 6WUHHW VH GHGLFDPXFKR HVIXHU]R \ FDSDFLGDG D OD HOHFFLyQ GH ODVDFFLRQHV R JUXSRV LQGXVWULDOHV TXH YD\DQ DFRQVHJXLU PHMRUHV UHVXOWDGRV HQ PDWHULD GHSUHFLR TXH HO UHVWR HQ XQ SHUtRGR GH WLHPSRUHODWLYDPHQWHEUHYH3RUOyJLFRTXHSXHGDSDUHFHUHVWHHVIXHU]RQRFUHHPRVTXHVHDDGHFXDGRD ODVQHFHVLGDGHV R DO WHPSHUDPHQWR GHO YHUGDGHURLQYHUVRU HQ HVSHFLDO VL VH WLHQH HQ FXHQWD TXHHVWDUtD FRPSLWLHQGR FRQ XQ JUDQ Q~PHUR GHRSHUDGRUHVGHOPHUFDGR\GHDQDOLVWDVILQDQFLHURVGHSULPHURUGHQTXHHVWDUtDQWUDWDQGRGHORJUDUHOPLVPRREMHWLYR$O LJXDOTXHVXFHGHHQ WRGDV ODVGHPiV DFWLYLGDGHV TXH KDFHQ KLQFDSLp HQ ORVPRYLPLHQWRV GHO SUHFLR HQ SULPHU OXJDU \ HQ ORVYDORUHV VXE\DFHQWHV HQ VHJXQGR OXJDU HO WUDEDMRGH PXFKDV PHQWHV LQWHOLJHQWHV GHGLFDGDVFRQVWDQWHPHQWH D HVWH ILQ WLHQGH D QHXWUDOL]DU ORVHVIXHU]RV GH XQRV \ GH RWURV \ DFDED VLHQGRSHUMXGLFLDOSDUDWRGRVDORODUJRGHORVDxRV

    (OLQYHUVRUTXHWHQJDXQDFDUWHUDGHDFFLRQHVVyOLGDGHEHUtDHVSHUDUTXHVXVSUHFLRVIOXFWXDVHQ

  • \ QR GHEHUtD SUHRFXSDUVH SRU ODV FDtGDVFRQVLGHUDEOHV QL HPRFLRQDUVH SRU ODV VXELGDV GHSUHFLR FRQVLGHUDEOHV 'HEHUtD UHFRUGDU VLHPSUHTXH OD FRWL]DFLyQGHPHUFDGR HV XQDXWLOLGDGTXHWLHQHDVXGLVSRVLFLyQ\DVHDSDUDDSURYHFKDUODRSDUD KDFHU FDVR RPLVR GH HOOD 1XQFD GHEHUtDFRPSUDU XQD DFFLyQ SRUTXH KD\D VXELGR QLYHQGHUOD SRUTXH KD\D EDMDGR 1R VH HTXLYRFDUtDPXFKR VL HVWH OHPD VH UHGDFWDVH HQ WpUPLQRVPiVVHQFLOORV 1R FRPSUH QXQFD XQD DFFLyQLQPHGLDWDPHQWHGHVSXpVGHXQD VXELGD VXVWDQFLDOQL WDPSRFR OD YHQGD LQPHGLDWDPHQWH GHVSXpV GHXQDEDMDGDVXVWDQFLDO

    8QDFRQVLGHUDFLyQDGLFLRQDO'HEHUtDGHFLUVHDOJRVREUHHOVLJQLILFDGRGH

    ORVSUHFLRVPHGLRVGHPHUFDGRFRPRPHGLFLyQGHOD FRPSHWHQFLD GHO HTXLSR GLUHFWLYR GH XQDHPSUHVD (O DFFLRQLVWD YDORUD VL VX LQYHUVLyQ KDWHQLGR p[LWR WDQWR GHVGH HO SXQWR GH YLVWD GH ORV

  • GLYLGHQGRVUHFLELGRVFRPRGHODWHQGHQFLDDODUJRSOD]R GHO YDORU PHGLR GH PHUFDGR /RV PLVPRVFULWHULRV GHEHUtDQ DSOLFDUVH D OD KRUD GHFRPSUREDU OD HILFDFLD GH ORV GLUHFWLYRV GH XQDHPSUHVD \ OD VHQVDWH] GH VX DFWLWXG KDFLD ORVSURSLHWDULRVGHODHPSUHVD

    (VWD DILUPDFLyQ SXHGH SDUHFHU XQDSHURJUXOODGDSHURHVQHFHVDULRGHVWDFDUODSRUTXHWRGDYtD QR VH KD GHVDUUROODGR XQD WpFQLFD R XQPpWRGRTXHJRFHGHDFHSWDFLyQJHQHUDOL]DGDSDUDVRPHWHUODDFWXDFLyQGHORVGLUHFWLYRVDODRSLQLyQGHOPHUFDGR$OFRQWUDULR ORVHTXLSRVGLUHFWLYRVKDQ LQVLVWLGR HQ WRGR PRPHQWR HQ TXH QR WLHQHQUHVSRQVDELOLGDGGHWLSRDOJXQRVREUHORTXHRFXUUHHQHOPHUFDGRFRQHOYDORUGH ODVDFFLRQHVGHVXHPSUHVD (V FLHUWR LQGXGDEOHPHQWH TXH QR VRQUHVSRQVDEOHV GH ODV IOXFWXDFLRQHV GH SUHFLR TXHFRPR YHQLPRV DILUPDQGR QR WLHQHQ QLQJXQDUHODFLyQ FRQ ODV FRQGLFLRQHV \ YDORUHVVXE\DFHQWHV1R REVWDQWH VyOR FDEH DFKDFDU D ODIDOWD GH DWHQFLyQ \ FRQRFLPLHQWR HQWUH XQD JUDQSDUWHGHORVDFFLRQLVWDVHOTXHVHSHUPLWDTXHHVWD

  • LQPXQLGDG VH H[WLHQGD D WRGR HO iPELWR GH ODVFRWL]DFLRQHV GH PHUFDGR LQFOXLGR HOHVWDEOHFLPLHQWR SHUPDQHQWH GH XQ QLYHO GHFRWL]DFLyQ GHSUHFLDGR H LQVDWLVIDFWRULR /RVEXHQRV HTXLSRV GLUHFWLYRV FRQVLJXHQ EXHQDVFRWL]DFLRQHVPHGLDVGHPHUFDGRPLHQWUDVTXHORVPDORV HTXLSRV GLUHFWLYRV FRQVLJXHQ PDODVFRWL]DFLRQHVGHPHUFDGR

    )OXFWXDFLRQHVHQORVSUHFLRVGHODVREOLJDFLRQHV(O LQYHUVRU GHEHUtD VHU FRQVFLHQWH GH TXH

    DXQTXH OD VHJXULGDGGH VXFDSLSDO\ VXV LQWHUHVHVHVWp IXHUD GH WRGD GXGD XQD REOLJDFLyQ D ODUJRSOD]R SXHGH H[SHULPHQWDU JUDQGHV YDULDFLRQHV GHSUHFLR GH PHUFDGR FRPR UHDFFLyQ D ODVYDULDFLRQHVGHORVWLSRVGHLQWHUpV(QODWDEODRIUHFHPRV GDWRV FRUUHVSRQGLHQWHV D YDULRV DxRVTXH VH UHPRQWDQ KDVWD \ TXH FXEUHQ ORVUHQGLPLHQWRV GH ODV REOLJDFLRQHV GH SULPHUDFDWHJRUtDWDQWRODVHPSUHVDULDOHVFRPRODVH[HQWDV

  • GH WULEXWDFLyQ &RPR LOXVWUDFLyQ LQGLYLGXDODxDGLPRV ODV IOXFWXDFLRQHV GH SUHFLR GH GRVREOLJDFLRQHV GH IHUURFDUULO UHSUHVHQWDWLYDV TXHFXEUtDQXQSHUtRGRVLPLODU 6RQ ODVREOLJDFLRQHVKLSRWHFDULDVJHQHUDOHVDOGH$WFKLVRQ7RSHND6DQWD )H FRQ YHQFLPLHQWR HQ GXUDQWHJHQHUDFLRQHVXQDGHQXHVWUDVPHMRUHVHPLVLRQHVGHREOLJDFLRQHV QR VXVFHSWLEOHV GH UHVFDWH \ ODV GH1RUWKHUQ 3DFLILF 5\ DO FRQ YHQFLPLHQWR HQXQYHQFLPLHQWRRULJLQDODDxRVFRQXQSURORQJDGRKLVWRULDOGHREOLJDFLyQGHFDOLILFDFLyQ%DD

    $ FDXVD GH VX UHODFLyQ LQYHUVD ORV EDMRVUHQGLPLHQWRV FRUUHVSRQGHQ D SUHFLRV HOHYDGRV \YLFHYHUVD (O GHFOLYH H[SHULPHQWDGR SRU ODVREOLJDFLRQHVDOGH1RUWKHUQ3DFLILFHQODGpFDGDGH HUD UHSUHVHQWDWLYR SULQFLSDOPHQWH GH ODVGXGDVVREUHVXVHJXULGDG(VH[WUDRUGLQDULRTXHHOSUHFLR VH UHFXSHUDVH KDVWD DOFDQ]DU XQ Pi[LPRKLVWyULFR HQ ORV VLJXLHQWHV DxRV \ SRVWHULRUPHQWHSHUGLHVHGRVWHUFLRVGHVXSUHFLRSULQFLSDOPHQWHDFDXVD GH OD VXELGD GH ORV WLSRV GH LQWHUpV

  • JHQHUDOHV7DPELpQ VHKDQSURGXFLGRDVRPEURVDVYDULDFLRQHV HQ HO SUHFLR LQFOXVR GH ODVREOLJDFLRQHV GH PD\RU FDWHJRUtD GXUDQWH ORV ~OWLPRVDxRV

    +D\ TXH WHQHU HQ FXHQWD TXH ORV SUHFLRV GHODV REOLJDFLRQHV QR IOXFW~DQ HQ OD PLVPDSURSRUFLyQ LQYHUVD TXH ORV UHQGLPLHQWRVFDOFXODGRVSRUTXHVXYDORUILMRDOYHQFLPLHQWRGHO HMHUFH XQD LQIOXHQFLD PRGHUDGRUD 1RREVWDQWH HQ HO FDVRGHYHQFLPLHQWRV DPX\ ODUJRSOD]R FRPR HQ QXHVWUR HMHPSOR GH 1RUWKHUQ3DFLILF ORV SUHFLRV \ ORV UHQGLPLHQWRV FDPELDQFDVLHQODPLVPDSURSRUFLyQ

    'HVGHVHKDQSURGXFLGRYDULDFLRQHVVLQLJXDOHQ DPEDV GLUHFFLRQHV HQ HO PHUFDGR GHREOLJDFLRQHVGHPi[LPDFDWHJRUtD7RPHPRVFRPRHMHPSOR ODV PHMRUHV REOLJDFLRQHV PXQLFLSDOHVH[HQWDV GH WULEXWDFLyQ VX UHQWDELOLGDG VH KDPXOWLSOLFDGRSRUPiVGHGRVSDVDQGRGHHQHQHURGHDOHQMXQLRGH6XtQGLFHGHSUHFLRVVHUHGXMRHQFRUUHVSRQGHQFLDGHD$PHGLDGRVGHODUHQWDELOLGDGGHODV

  • REOLJDFLRQHV D ODUJR SOD]R GH Pi[LPD FDWHJRUtDHUD VXSHULRU D OD TXH KDEtDQ WHQLGRHQ FXDOTXLHUPRPHQWR HQ ORV FDVL DxRV GH KLVWRULDHFRQyPLFDGH(VWDGRV8QLGRV9HLQWLFLQFRDxRVDWUiVMXVWRDQWHVGHOLQLFLRGHOSURORQJDGRSHUtRGRGH DO]D GHO PHUFDGR ODV UHQWDELOLGDGHV GH ODVREOLJDFLRQHV HVWDEDQ HQ VX SXQWRPiV EDMR GH ODKLVWRULD ODV REOLJDFLRQHV PXQLFLSDOHV D ODUJRSOD]R RIUHFtDQ XQ HVFDVR \ ODV REOLJDFLRQHVLQGXVWULDOHV RIUHFtDQ HO HQ FRPSDUDFLyQFRQHORHOTXHKDVWDHOPRPHQWRVHKDEtDFRQVLGHUDGR QRUPDO /RV TXH WHQHPRV XQDSURORQJDGDH[SHULHQFLDHQ:DOO6WUHHWKHPRVYLVWRHQDFFLyQODOH\GH1HZWRQGHDFFLyQ\UHDFFLyQLJXDOHV\RSXHVWRVTXHKDRSHUDGRUHSHWLGDPHQWHHQHOPHUFDGRGHYDORUHV VLHQGRHO HMHPSORPiVOODPDWLYR TXH VH SXHGH PHQFLRQDU OD VXELGD GHO'-,$ GHVGH HQ D HQ VHJXLGDSRU XQD FDtGD KLVWyULFD KDVWD HQ 6LQHPEDUJR HQ HVWD RFDVLyQ HO PD\RU PRYLPLHQWRSHQGXODUWXYROXJDUHQODQRUPDOPHQWHHVWDQFDGD\OHQWD GH PRYLPLHQWRV JDPD GH SUHFLRV \

  • UHQGLPLHQWRV GH REOLJDFLRQHV GH Pi[LPDFDWHJRUtD/HFFLyQ QR VH SXHGH GDU SRU VXSXHVWRTXHQDGDLPSRUWDQWHHQHOPHUFDGRGHYDORUHVYDDWHQHUOXJDUH[DFWDPHQWHGHODPLVPDIRUPDHQTXHVH KD SURGXFLGR HQ HO SDVDGR(VWR UHSUHVHQWD ODSULPHUD SDUWH GH QXHVWUR DIRULVPR SUHIHULGR&XDQWRPiVFDPELDPiVHVORPLVPR

  • (V SUiFWLFDPHQWH LPSRVLEOH KDFHUSUHGLFFLRQHV TXHPHUH]FDQ OD SHQD DFHUFD GH ORVPRYLPLHQWRV GH SUHFLRV GH ODV DFFLRQHV \ HVFRPSOHWDPHQWHLPSRVLEOHKDFHUORHQHOWHUUHQRGHODV REOLJDFLRQHV (Q ORV YLHMRV WLHPSRV SRU ORPHQRV VH SRGtD HQFRQWUDU XQD SLVWD ~WLO VREUH HOLQPLQHQWH ILQDO GH XQ SHUtRGR GH VXELGD R GHEDMDGD GHO PHUFDGR VL VH HVWXGLDED OD DFWXDFLyQVHJXLGD SRU ODV REOLJDFLRQHV HQ ORV PRPHQWRVDQWHULRUHVSHURQRKDEtDSLVWDVVLPLODUHVVREUHORVFDPELRVLQPLQHQWHVHQORVWLSRVGHLQWHUpV\HQORVSUHFLRV GH ODV REOLJDFLRQHV 3RU OR WDQWR HOLQYHUVRU GHEH HOHJLU HQWUH ODV LQYHUVLRQHV HQREOLJDFLRQHV D ODUJR \ D FRUWR SOD]R EDViQGRVHSULQFLSDOPHQWH HQ VXV SUHIHUHQFLDV SHUVRQDOHV 6LTXLHUHHVWDUVHJXURGHTXHORVYDORUHVGHPHUFDGRQR YDQ D UHGXFLUVH VXV PHMRUHV RSFLRQHV VHUiQSUREDEOHPHQWH ORV ERQRV GH DKRUUR GH (VWDGRV8QLGRV GH VHULH ( R + TXH VH GHVFULELHURQDQWHULRUPHQWHHQODSiJLQD&XDOTXLHUHPLVLyQGHHVRVERQRVOHRIUHFHUiXQDUHQWDELOLGDGGHOGHVSXpVGHOSULPHUDxRHQHOFDVRGHODVHULH(

  • GXUDQWH XQ SHUtRGR GH KDVWD FLQFR DxRV \ GLH]PHVHV \ HQ HO FDVR GH OD VHULH + GXUDQWH XQSHUtRGR GH KDVWD GLH] DxRV FRQ XQ YDORU GHUHYHQWDJDUDQWL]DGRLJXDODOFRVWHRPHMRU

    6LHO LQYHUVRUGHVHDDSURYHFKDUHOTXHHVWi DFWXDOPHQWH GLVSRQLEOH HQ ODV REOLJDFLRQHVHPSUHVDULDOHVDODUJRSOD]RGHEXHQDFDWHJRUtDRHO GH ODV REOLJDFLRQHV PXQLFLSDOHV H[HQWDVGH WULEXWDFLyQ GHEHUi HVWDU GLVSXHVWR DH[SHULPHQWDU ODV IOXFWXDFLRQHV GH SUHFLR /RVEDQFRV \ ODV FRPSDxtDV GH VHJXURV WLHQHQ HOSULYLOHJLR GH HYDOXDU ODV REOLJDFLRQHV GH EXHQDFDWHJRUtD GH HVWH WLSR DSOLFDQGR FULWHULRVPDWHPiWLFRV GH FRVWH DPRUWL]DGR TXH KDFHQFDVR RPLVR GH ODV FRWL]DFLRQHV GH PHUFDGR QRVHUtD PDOD LGHD TXH ORV LQYHUVRUHV LQGLYLGXDOHVKLFLHVHQDOJRVLPLODU

    /DV IOXFWXDFLRQHV GH FRWL]DFLyQ GH ODVREOLJDFLRQHVFRQYHUWLEOHV \ GH ODV DFFLRQHVSUHIHUHQWHV VRQ FRQVHFXHQFLD GH WUHV IDFWRUHVGLIHUHQWHV YDULDFLRQHV HQ OD FRWL]DFLyQ GH ODDFFLyQRUGLQDULDFRQODTXHHVWiQUHODFLRQDGDV

  • YDULDFLRQHV GH OD VLWXDFLyQ GH VROYHQFLD GH ODVRFLHGDG\YDULDFLRQHVHQORVWLSRVGHLQWHUpVJHQHUDOHV6HKDQYHQGLGRDEXQGDQWHVREOLJDFLRQHVFRQYHUWLEOHVSRUSDUWHGHHPSUHVDVTXHWHQtDQXQDFDOLILFDFLyQGH VROYHQFLDPX\ LQIHULRU D ODPHMRUSRVLEOH $OJXQDV GH HVWDV HPLVLRQHV VH YLHURQPX\ QHJDWLYDPHQWH DIHFWDGDV SRU ORV SUREOHPDVILQDQFLHURV GH (Q FRQVHFXHQFLD ODVHPLVLRQHV GH DFFLRQHV FRQYHUWLEOHV HQ FRQMXQWRKDQ HVWDGR VXMHWDV D XQDV LQIOXHQFLDV PX\LQTXLHWDQWHVHQORV~OWLPRVDxRV\ODVYDULDFLRQHVGH SUHFLR KDQ VLGR LQXVXDOPHQWH JUDQGHV (Q HOFDVR WtSLFRSRU OR WDQWRHO LQYHUVRUVHHQJDxDUtDVL HVSHUDVH HQFRQWUDU HQ ODV REOLJDFLRQHVFRQYHUWLEOHVODFRPELQDFLyQLGHDOGHODVHJXULGDGGH XQD REOLJDFLyQ GH Pi[LPD FDWHJRUtD \ ODSURWHFFLyQ GH SUHFLR MXQWR FRQ OD SRVLELOLGDG GHEHQHILFLDUVHGHXQDVXELGDGHODFRWL]DFLyQGHODVDFFLRQHVRUGLQDULDV

    (VSRVLEOHTXHpVWHVHDHOPRPHQWRDGHFXDGRSDUDSODQWHDUXQDVXJHUHQFLDVREUH ODREOLJDFLyQD ODUJR SOD]R GHO IXWXUR 3RU TXp QR GHEHUtDQ

  • GLYLGLUVHORVHIHFWRVGHOFDPELRGHWLSRGHLQWHUpVGH DOJXQD IRUPD SUiFWLFD \ HTXLWDWLYD HQWUH HOSUHVWDPLVWD \ HO SUHVWDWDULR" 8QD SRVLELOLGDGFRQVLVWLUtD HQ YHQGHU ODV REOLJDFLRQHV D ODUJRSOD]RFRQXQRVSDJRVGHLQWHUHVHVTXHYDULDVHQHQIXQFLyQGHXQtQGLFHDSURSLDGRGHOWLSRYLJHQWH(OSULQFLSDO UHVXOWDGRGHHVWH WLSRGHDFXHUGR VHUtD OD REOLJDFLyQ GHO LQYHUVRU VLHPSUH WHQGUtD XQYDORU SULQFLSDO FHUFDQR D VL OD HPSUHVDPDQWHQtD VX FDOLILFDFLyQ GH VROYHQFLD SHUR ORVLQWHUHVHV UHFLELGRV YDULDUtDQ SRU HMHPSOR MXQWRFRQ HO WLSR RIUHFLGR HQ ODV QXHYDV HPLVLRQHVFRQYHQFLRQDOHVODHQWLGDGHPLVRUDGLVSRQGUtDGH ODV YHQWDMDV GH OD GHXGD D ODUJR SOD]ROLEUiQGRVH GH ORV SUREOHPDV \ FRVWHV GH ODVIUHFXHQWHVUHQRYDFLRQHVGHODUHILQDQFLDFLyQSHURSRURWUDSDUWHVXVFRVWHVSRULQWHUHVHVFDPELDUtDQGHXQDxRDRWUR

    'XUDQWH OD ~OWLPD GpFDGD HO LQYHUVRU HQREOLJDFLRQHVKDWHQLGRTXHHQIUHQWDUVHDXQGLOHPDFDGDYH]PiVVHULR'HEHUtDRSWDUSRUODDEVROXWDHVWDELOLGDGGHOYDORUGHOSULQFLSDODFHSWDQGRXQRV

  • WLSRVGH LQWHUpVYDULDEOHV\QRUPDOPHQWHEDMRV DFRUWR SOD]R" 2 GHEHUtD RSWDU SRU XQD UHQWD GHWLSR ILMR FRQ FRQVLGHUDEOHV YDULDFLRQHVQRUPDOPHQWH D OD EDMD SRU ORTXHSDUHFH HQ VXYDORUSULQFLSDO"6HUtDEXHQRTXHODPD\RUSDUWHGHORV LQYHUVRUHV OOHJDVHQ D XQD VROXFLyQ GHFRPSURPLVRHQWUHHVWRVH[WUHPRV\SXGLHVHQHVWDUVHJXURVGHTXHQL OD UHQWDELOLGDGSRU LQWHUHVHVQLHOYDORUGHVXSULQFLSDO LEDQDTXHGDUSRUGHEDMRGH XQ PtQLPR GHFODUDGR HQ XQ SOD]R GH SRUHMHPSOR DxRV GH GXUDFLyQ (VWD VLWXDFLyQSRGUtD RUJDQL]DUVH VLQ JUDQGHV GLILFXOWDGHVLQVWUXPHQWiQGRVH HQ XQ FRQWUDWR GH REOLJDFLyQDGHFXDGR TXH WXYLHVH XQD IRUPD QXHYD 1RWDLPSRUWDQWH HQ OD SUiFWLFD OD $GPLQLVWUDFLyQHVWDGRXQLGHQVH KD OOHJDGR D XQD VROXFLyQ VLPLODUDO FRPELQDU ORVFRQWUDWRVGH ORVERQRVGHDKRUURRULJLQDOHV FRQ VXV SUyUURJDV D XQRV WLSRV GHLQWHUpV PiV HOHYDGRV /D VXJHUHQFLD TXHSODQWHDPRVHQHVWDV OtQHDVFXEULUtDXQSHUtRGRGHLQYHUVLyQ ILMR PiV ODUJR TXH HO GH ORV ERQRV GHDKRUUR H LQWURGXFLUtD PiV IOH[LELOLGDG HQ ODV

  • HVWLSXODFLRQHVVREUHORVWLSRVGHLQWHUpV3UiFWLFDPHQWHQRPHUHFHODSHQDKDEODUVREUH

    ODVDFFLRQHVSUHIHUHQWHVQRFRQYHUWLEOHV\DTXHVXHVSHFLDOQDWXUDOH]DWULEXWDULDKDFHTXHODVVHJXUDVVHDQ PXFKR PiV GHVHDEOHV SDUD ODV SHUVRQDVMXUtGLFDV SRU HMHPSOR SDUD ODV FRPSDxtDV GHVHJXURVTXHSDUDODVSHUVRQDVItVLFDV/DVGHSHRUFDOLGDG VLHPSUH H[SHULPHQWDUiQ JUDQGHVIOXFWXDFLRQHV HQ WpUPLQRV SRUFHQWXDOHV QR PX\GLIHUHQWHV GH ODV GH ODV DFFLRQHV RUGLQDULDV 1RSRGHPRVKDFHU QLQJXQD LQGLFDFLyQ~WLO VREUH HVWHLQVWUXPHQWR /D SRVWHULRU WDEOD SiJ RIUHFHFLHUWDLQIRUPDFLyQVREUHODVYDULDFLRQHVGHSUHFLRV H[SHULPHQWDGDV SRU ODV DFFLRQHVSUHIHUHQWHV QR FRQYHUWLEOHV GH SHRU FDOLGDG HQWUHGLFLHPEUH GH \ GLFLHPEUH GH (OGHFOLYH SURPHGLR DVFHQGtD DO HQFRPSDUDFLyQ FRQ HO GHO tQGLFH FRPSXHVWR63FRUUHVSRQGLHQWHDODVDFFLRQHVRUGLQDULDV