lOMoARcPSD|51121651

66%8 
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
9LVFRVLGDGHV GH OXEULFDQWHV

9LVFRVLGDGHV GH /DV PiTXLQDV TXH VH RSHUDQ FRQWLQXDPHQWH GHEHQ

XWLOL]DU DFHLWHV FRQ XQD YLVFRVLGDG PiV DOWD HQ ORV
OXEULFDQWHV \ FDSDFLGDGHV PDQGRV ILQDOHV \ HQ ORV GLIHUHQFLDOHV SDUD PDQWHQHU
HO PD\RU HVSHVRU SRVLEOH GH OD SHOtFXOD GH DFHLWH
GH OOHQDGR &RQVXOWH HO DUWtFXOR ³,QIRUPDFLyQ JHQHUDO GH
OXEULFDQWHV´ ODV WDEODV GH ³9LVFRVLGDG GHO OXEULFDQWH´
\ ODV QRWDV DO SLH FRUUHVSRQGLHQWHV &RQVXOWH D VX
L GLVWULEXLGRU &DW VL QHFHVLWD LQIRUPDFLyQ DGLFLRQDO

9LVFRVLGDGHV GH OXEULFDQWHV $7(1&,21

5HFRPHQGDFLRQHV SHUWLQHQWHV D 6L QR VH VLJXHQ ODV UHFRPHQGDFLRQHV GH HVWH PD
QXDO VH SXHGH FDXVDU XQ UHQGLPLHQWR UHGXFLGR \ ID
ORV FRPEXVWLEOHV OODV GH ORV FRPSDUWLPLHQWRV
&yGLJR 60&6  
(QJLQH 2LO $FHLWH GH PRWRU
,QIRUPDFLyQ JHQHUDO SDUD
OXEULFDQWHV /RV DFHLWHV &DW KDQ VLGR GHVDUUROODGRV \ SUREDGRV
SDUD SURSRUFLRQDU OD YLGD ~WLO \ HO UHQGLPLHQWR
&XDQGR VH RSHUD OD PiTXLQD D WHPSHUDWXUDV FRPSOHWR TXH VH GLVHxDURQ H LQFOX\HURQ HQ OD
LQIHULRUHV D í ƒ& í ƒ)  FRQVXOWH OD 3XEOLFDFLyQ IDEULFDFLyQ GH ORV PRWRUHV &DW 
(VSHFLDO 6(%8 5HFRPHQGDFLRQHV SDUD WLHPSR
IUtR (VWD SXEOLFDFLyQ HVWi GLVSRQLEOH D WUDYpV GH VX /RV DFHLWHV '(28/6 PXOWLJUDGR &DW \ '(2
GLVWULEXLGRU &DW  PXOWLJUDGR &DW HVWiQ IRUPXODGRV FRQ OD FDQWLGDG
FRUUHFWD GH GHWHUJHQWHV GLVSHUVDQWHV \ DOFDOLQLGDG
3DUD DSOLFDFLRQHV GH WLHPSR IUtR HQ ODV TXH VH SDUD SURSRUFLRQDU XQ UHQGLPLHQWR VXSHULRU HQ ORV
UHFRPLHQGD DFHLWH GH WUDQVPLVLyQ 6$( : VH PRWRUHV GLHVHO &DW SDUD ORV TXH VH UHFRPLHQGD VX
UHFRPLHQGD XWLOL]DU HO DFHLWH &DW 7'72 SDUD WLHPSR XVR
IUtR
&RQVXOWH OD VHFFLyQ ³,QIRUPDFLyQ GH OXEULFDQWHV´ HQ OD
YHUVLyQ PiV DFWXDOL]DGD GH OD 3XEOLFDFLyQ (VSHFLDO
6(%8 5HFRPHQGDFLRQHV GH )OXLGRV SDUD
0iTXLQDV &DWHUSLOODU SDUD REWHQHU XQD OLVWD GH
DFHLWHV SDUD PRWRUHV &DW H LQIRUPDFLyQ DGLFLRQDO
(VWH PDQXDO SXHGH HQFRQWUDUVH HQ HO VLWLR ZHE
6DIHW\&DWFRP
/DV QRWDV DO SLH GH SiJLQD VRQ XQD SLH]D FODYH GH ODV
WDEODV /HD 72'$6 ODV QRWDV DO SLH GH SiJLQD
UHODFLRQDGDV FRQ HO FRPSDUWLPLHQWR GH OD PiTXLQD HQ
FXHVWLyQ

&yPR VHOHFFLRQDU OD YLVFRVLGDG

3DUD VHOHFFLRQDU HO DFHLWH FRUUHFWR SDUD FDGD
FRPSDUWLPLHQWR GH OD PiTXLQD FRQVXOWH OD WDEOD
9LVFRVLGDG GHO OXEULFDQWH SDUD WHPSHUDWXUD
DPELHQWH 8VH HO DFHLWH GHO WLSR < OD YLVFRVLGDG SDUD
HO FRPSDUWLPLHQWR HVSHFtILFR D OD WHPSHUDWXUD
DPELHQWH DSURSLDGD
(O JUDGR FRUUHFWR GH YLVFRVLGDG GHO OXEULFDQWH HVWi
GHWHUPLQDGR SRU OD WHPSHUDWXUD H[WHULRU PtQLPD
FXDQGR OD PiTXLQD VH DUUDQFD /D WHPSHUDWXUD
H[WHULRU Pi[LPD WDPELpQ GHWHUPLQD HO JUDGR FRUUHFWR
GH YLVFRVLGDG GHO OXEULFDQWH PLHQWUDV OD PiTXLQD VH
RSHUD 8WLOLFH OD FROXPQD ಮ0tQಯ HQ OD WDEOD SDUD
GHWHUPLQDU HO JUDGR QHFHVDULR GH YLVFRVLGDG GHO
OXEULFDQWH SDUD DUUDQFDU \ RSHUDU XQD PiTXLQD IUtD
8WLOLFH OD FROXPQD ಮ0i[ಯ HQ OD WDEOD SDUD VHOHFFLRQDU
HO JUDGR QHFHVDULR GH YLVFRVLGDG GHO OXEULFDQWH SDUD
RSHUDU OD PiTXLQD D OD WHPSHUDWXUD PiV DOWD
HVSHUDGD &XDQGR DUUDQTXH OD PiTXLQD XWLOLFH HO
DFHLWH FRQ OD YLVFRVLGDG PiV DOWD TXH VH SHUPLWD SDUD
OD WHPSHUDWXUD

Descargado por Alex Madrid P ([email protected])

 lOMoARcPSD|51121651

 66%8
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
9LVFRVLGDGHV GH OXEULFDQWHV

7DEOD

9LVFRVLGDGHV GH OXEULFDQWHV SDUD WHPSHUDWXUDV DPELHQWH

7LSR GH DFHLWH \ UHTXLVLWRV GH 9LVFRVLGDGHV GHO ƒ& ƒ)

&RPSDUWLPLHQWR R VLVWHPD
UHQGLPLHQWR DFHLWH 0tQ 0i[ 0tQ 0i[
&DW '(28/6 SDUD WLHPSR IUtR 6$( : í  í 

&iUWHU GHO PRWRU SDUD WRGDV ODV &DW '(28/6

6$( : í   
PiTXLQDV &DW '(2
&DW '(28/6
6$( : í   
&DW '(2

&XDQGR VH XVDQ FRPEXVWLEOHV FRQ QLYHOHV GH D]XIUH

GHO   SSP R PD\RUHV VH SXHGH XVDU &DW
'(28/6 VL VH VLJXH XQ SURJUDPD GH DQiOLVLV GH
DFHLWH (VWDEOH]FD HO LQWHUYDOR HQWUH FDPELRV GH
DFHLWH HQ EDVH DO DQiOLVLV GH DFHLWH

2WUDV DSOLFDFLRQHV SDUD HO DFHLWH

&RQVXOWH OD VHFFLyQ ³,QIRUPDFLyQ GH OXEULFDQWHV´ HQ OD
YHUVLyQ PiV DFWXDOL]DGD GH OD 3XEOLFDFLyQ (VSHFLDO
6(%8 5HFRPHQGDFLRQHV GH )OXLGRV SDUD
0iTXLQDV &DWHUSLOODU SDUD REWHQHU XQD OLVWD GH
DFHLWHV SDUD PRWRUHV &DW H LQIRUPDFLyQ DGLFLRQDO
(VWH PDQXDO SXHGH HQFRQWUDUVH HQ HO VLWLR ZHE
6DIHW\&DWFRP
/RV IOXLGRV &DW +<'2 $GYDQFHG VRQ ORV DFHLWHV
UHFRPHQGDGRV SDUD ORV VLVWHPDV KLGUiXOLFRV GH ODV
PiTXLQDV &DW 
(O DFHLWH &DW +<'2 $GYDQFHG RIUHFH XQ DXPHQWR
GHO  HQ HO LQWHUYDOR HVWiQGDU GHO GUHQDMH GHO
DFHLWHSDUD ORV VLVWHPDV KLGUiXOLFRV GH ODV PiTXLQDV
 KRUDV FRPSDUDGR FRQ  KRUDV SRU
HQFLPD GH ORV DFHLWHV GH VHJXQGD R WHUFHUD RSFLyQ
FXDQGR VH VLJXH HO SURJUDPD GH LQWHUYDORV GH
PDQWHQLPLHQWR SDUD ORV FDPELRV GH ILOWUR GH DFHLWH \
SDUD OD WRPD GH PXHVWUDV GH DFHLWH HVWDEOHFLGR HQ HO
0DQXDO GH 2SHUDFLyQ \ 0DQWHQLPLHQWR SDUD VX
PiTXLQD HQ SDUWLFXODU (V SRVLEOH SURORQJDU ORV
LQWHUYDORV GH GUHQDMH GHO DFHLWH D  KRUDV FXDQGR
VH XWLOL]D HO DQiOLVLV GH DFHLWH GHO VHUYLFLR 6ā2ā6
&RQVXOWH FRQ VX GLVWULEXLGRU &DW SDUD REWHQHU PiV
GHWDOOHV &XDQGR VH FDPELH D IOXLGRV &DW +<'2
$GYDQFHG OD FRQWDPLQDFLyQ UHFtSURFD HQWUH VLVWHPDV
FRQ HO DFHLWH DQWHULRU GHEH PDQWHQHUVH SRU GHEDMR
GHO 

1RWD 3DUD PiTXLQDV HTXLSDGDV FRQ PDUWLOORV

KLGUiXOLFRV QR XVH DFHLWHV FRQ JUDGR GH YLVFRVLGDG
6$( : R 6$( : &RQVXOWH OD VHFFLyQ
³$SOLFDFLRQHV (VSHFLDOHV´ HQ HVWH DUWtFXOR

Descargado por Alex Madrid P ([email protected])

 lOMoARcPSD|51121651

66%8 
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
9LVFRVLGDGHV GH OXEULFDQWHV

7DEOD

9LVFRVLGDGHV GH OXEULFDQWHV GH ODV UHWURH[FDYDGRUDV FDUJDGRUDV SDUD WHPSHUDWXUDV DPELHQWH

7LSR GH DFHLWH \ UHTXLVLWRV GH ƒ& ƒ)

&RPSDUWLPLHQWR R VLVWHPD 9LVFRVLGDGHV GHO DFHLWH
UHQGLPLHQWR 0tQ 0i[ 0tQ 0i[
&DW 7'72 SDUD WLHPSR IUtR 6$( : í  í 

7UDQVPLVLRQHV GH PDQGR GLUHFWR 6$( : í  í 

&DW 7'72
6HUYRWUDQVPLVLRQHV 6$(     
7'72706 &DW 0XOWLJUDGR    

6$( : í  í 

6$( : í  í 

(MH GHODQWHUR GH WUDFFLyQ HQ WRGDV 6$( : í  í 

&DW 7'72
ODV UXHGDV \ PDQGRV ILQDOHV  6$( :   í 

6$(  7RGDV ODV JDPDV GH WHPSHUDWXUD

6$(     

&DW +<'2 $GYDQFHG  6$( : í  í 

&DW %LR +<'2 $GYDQFHG 6$( : í  í 
6LVWHPDV KLGUiXOLFRV &DW &ROG :HDWKHU 7'72
%) &DW 6$( : í   
72 &DW %LR +<'2 $GYDQFHG í  í 
 &RQVXOWH OD 7DEOD  

(MHV WUDVHURV GH UHWURH[FDYDGRUD

FDUJDGRUD
(VWDV UHFRPHQGDFLRQHV VRQ SDUD ODV
UHWURH[FDYDGRUDV FDUJDGRUDV FRQ XQ HMH WUDVHUR ILMR
GLUHFFLyQ HQ  UXHGDV  3DUD ODV UHWURH[FDYDGRUDV
FDUJDGRUDV FRQ HMHV WUDVHURV GH GLUHFFLyQ HQ WRGDV
ODV UXHGDV $:6  FRQVXOWH ODV UHFRPHQGDFLRQHV GH
OXEULFDQWHV HQ HO 0DQXDO GH 2SHUDFLyQ \
0DQWHQLPLHQWR GH OD PiTXLQD
6H SXHGH XVDU  DGLFLRQDO SDUD UHGXFLU HO
UXLGR GHO IUHQR
1R XVH 072 &DW QL DFHLWH FRPHUFLDO GH
HVSHFLILFDFLyQ 0&' FRQ ORV GLVFRV GH IUHQR
 1R XVH 072 GH &DW R DFHLWH FRPHUFLDO
GH HVSHFLILFDFLyQ 0&' HQ QLQJ~Q HMH WUDVHUR
GH OD UHWURH[FDYDGRUD FDUJDGRUD GH OD 6HULH (
7DEOD

9LVFRVLGDGHV GH OXEULFDQWHV SDUD WHPSHUDWXUDV DPELHQWH SDUD HMHV WUDVHURV GH UHWURH[FDYDGRUDV FDUJDGRUDV

7LSR GH DFHLWH \ UHTXLVLWRV *UDGR GH YLV ƒ& ƒ)

1~PHUR GH SLH]D GH 9ROXPHQ GH DGLWLYR GH IXQFLRQDPLHQWR SDUD FRVLGDG GHO
GLVFR GH IUHQR  HMH WUDVHUR 0tQ 0i[ 0tQ 0i[
DFHLWH
  /  FXDUWRV  072 R 0&' &DW 
6$(  í  í 
  /  FXDUWRV  &DW 7'72  R &DW 72 

FRQWLQ~D

Descargado por Alex Madrid P ([email protected])

 lOMoARcPSD|51121651

 66%8
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
9LVFRVLGDGHV GH OXEULFDQWHV

7DEOD  FRQW

9LVFRVLGDGHV GH OXEULFDQWHV SDUD WHPSHUDWXUDV DPELHQWH SDUD HMHV WUDVHURV GH UHWURH[FDYDGRUDV FDUJDGRUDV

7LSR GH DFHLWH \ UHTXLVLWRV *UDGR GH YLV ƒ& ƒ)

1~PHUR GH SLH]D GH 9ROXPHQ GH DGLWLYR GH IXQFLRQDPLHQWR SDUD FRVLGDG GHO
GLVFR GH IUHQR  HMH WUDVHUR 0tQ 0i[ 0tQ 0i[
DFHLWH
  P/  R]  &DW 7'72  R &DW 72 

  P/  R]  &DW 7'72  R &DW 72 

  P/  R]  &DW 7'72  R &DW 72 

 /D FDQWLGDG Pi[LPD GH  SDUD HVWH IUHQR HV GH  /  FXDUWRV 
 3DUD PiTXLQDV FRQ
16 /%6
\
16 /%)
 HVWH HV HO ~QLFR DFHLWH UHFRPHQGDGR SDUD HO HMH GHODQWHUR \ HO HMH WUDVHUR
 /D FDQWLGDG Pi[LPD GH  SDUD HVWH IUHQR HV GH  P/  R] 
 /D FDQWLGDG Pi[LPD GH  SDUD HVWH IUHQR HV GH  P/  R] 
 /D FDQWLGDG Pi[LPD GH  SDUD HVWH IUHQR HV GH  P/  R] 

$SOLFDFLRQHV GH OD JUDVD
3DUD XVDU XQD JUDVD GLIHUHQWH D &DW HO SURYHHGRU
GHEH FHUWLILFDU TXH HO OXEULFDQWH HV FRPSDWLEOH FRQ OD
JUDVD &DW 
6H GHEH HQMXDJDU FDGD XQLyQ GHO SDVDGRU FRQ OD
JUDVD QXHYD $VHJ~UHVH GH TXLWDU WRGD OD JUDVD
DQWHULRU (O LQFXPSOLPLHQWR GH HVWH UHTXLVLWR SXHGH
RFDVLRQDU XQD IDOOD HQ OD XQLyQ GHO SDVDGRU
7DEOD

7LSR GH JUDVD &DWHUSLOODU SRU FDWHJRUtD GH PiTXLQD

*DPD GH WHPSHUDWXUD
&DUJD \ DPELHQWH
3XQWR GH YHORFL *UDGR
9HKtFXOR )DFWRU GH FDUJD 7LSR GH JUDVD
DSOLFDFLyQ GDG ƒ& ƒ) 1/*,
WtSLFDV
0tQ 0i[ 0tQ 0i[
7UDEDMR GH SURGXFFLyQ FRQ í  í  
$OWD FLFORV ODUJRV \R LPSOHPHQ *UDVD 8OWUD 0RO\
WRV GH IOXMR FRQVWDQWH í  í  
5HWURH[FD
7UDEDMR JHQHUDO FRQ FLFORV
YDGRUDV
7RGRV ORV SXQWRV 0HGLD UHJXODUHV HQ DSOLFDFLRQHV í  í  
&DUJDGR
PHGLDQDV *UDVD $GYDQFHG
UDV
7UDEDMR GH VHUYLFLRV FRQ FL 0RO\
%DMD FORV LQWHUPLWHQWHV HQ DSOLFD í  í  
FLRQHV OLYLDQDV D PHGLDQDV

Descargado por Alex Madrid P ([email protected])

 lOMoARcPSD|51121651

66%8 
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
9LVFRVLGDGHV GH OXEULFDQWHV

5HFRPHQGDFLRQHV GH FRPEXVWLEOH %LRGLHVHO

GLHVHO (O ELRGLHVHO HV XQ FRPEXVWLEOH TXH SXHGH IDEULFDUVH
GH YDULRV UHFXUVRV UHQRYDEOHV TXH LQFOX\HQ DFHLWHV
(O FRPEXVWLEOH GLHVHO GHEH FXPSOLU FRQ OD YHJHWDOHV JUDVD DQLPDO \ GHVSHUGLFLRV GH DFHLWH GH
(VSHFLILFDFLyQ GH &DWHUSLOODU SDUD FRPEXVWLEOH FRFLQD /DV IXHQWHV GH DFHLWHV YHJHWDOHV SULQFLSDOHV
GHVWLODGR \ ODV YHUVLRQHV PiV UHFLHQWHV GH ³$670 VRQ HO DFHLWH GH VR\D \ HO DFHLWH GH FRO]D 3DUD XVDU
'D´ \ ³(1 ´ SDUD JDUDQWL]DU XQ FXDOTXLHUD GH HVWRV DFHLWHV R JUDVDV FRPR
UHQGLPLHQWR ySWLPR GHO PRWRU &RQVXOWH OD FRPEXVWLEOH VH SURFHVDQ TXtPLFDPHQWH HVWHULILFDQ 
3XEOLFDFLyQ (VSHFLDO 66%8 6H HOLPLQDQ HO DJXD \ ORV FRQWDPLQDQWHV
5HFRPHQGDFLRQHV GH )OXLGRV SDUD 0iTXLQDV
&DWHUSLOODU SDUD REWHQHU OD LQIRUPDFLyQ PiV /DV UHJXODFLRQHV GH OD (3$ ³$670 'D´ GH ORV
DFWXDOL]DGD VREUH FRPEXVWLEOHV \ ODV ((88 SDUD FRPEXVWLEOH GLHVHO GHVWLODGR LQFOX\H
HVSHFLILFDFLRQHV GH FRPEXVWLEOHV &DW  (VWH PDQXDO KDVWD XQ QLYHO %  GH ELRGLHVHO $FWXDOPHQWH
SXHGH HQFRQWUDUVH HQ HO VLWLR ZHE 6DIHW\&DWFRP FXDOTXLHU FRPEXVWLEOH GLHVHO HQ ORV ((88 SXHGH
FRQWHQHU KDVWD XQ QLYHO % GH FRPEXVWLEOH ELRGLHVHO
8WLOL]DU FRPEXVWLEOHV FRQ XQ QLYHO GH D]XIUH PiV
DOWR SXHGH WHQHU ORV VLJXLHQWHV HIHFWRV QHJDWLYRV /D HVSHFLILFDFLyQ ³(1 ´HXURSHD SDUD FRPEXVWLEOH
GLHVHO GHVWLODGR LQFOX\H KDVWD XQ QLYHO %   \ HQ
‡ 5HGXFFLyQ GH OD HILFLHQFLD \ OD GXUDELOLGDG GHO DOJXQDV UHJLRQHV KDVWD XQ QLYHO %  GH
PRWRU ELRGLHVHO &XDOTXLHU FRPEXVWLEOH GLHVHO HQ (XURSD
SXHGH FRQWHQHU KDVWD XQ QLYHO % \ HQ DOJXQDV
‡ $XPHQWR GHO GHVJDVWH UHJLRQHV KDVWD XQ QLYHO % GH FRPEXVWLEOH ELRGLHVHO
‡ $XPHQWR GH OD FRUURVLyQ 1RWD /D SRUFLyQ GLHVHO TXH VH XWLOL]D HQ OD PH]FOD GH
ELRGLHVHO GHEH VHU GLHVHO GH XOWUD EDMR D]XIUH  SSP
‡ $XPHQWR GH ORV GHSyVLWRV
GH D]XIUH R PHQRV SRU ³$670 '´  (Q (XURSD OD
‡ 0HQRU HFRQRPtD GH FRPEXVWLEOH SRUFLyQ GH FRPEXVWLEOH GLHVHO TXH VH XWLOL]D HQ OD
PH]FOD GH ELRGLHVHO GHEH VHU GLHVHO OLEUH GH D]XIUH
‡ 'LVPLQXFLyQ GHO SHULRGR HQWUH LQWHUYDORV GH  SSP GH D]XIUH R PHQRV SRU ³(1 ´  /D PH]FOD
GUHQDMH GHO DFHLWH LQWHUYDORV GH GUHQDMH GHO DFHLWH ILQDO GHEH FRQWHQHU  SSP GH D]XIUH R PHQRV
PiV IUHFXHQWHV 
&XDQGR VH XWLOL]D FRPEXVWLEOH ELRGLHVHO VH GHEHQ
‡ $XPHQWR HQ ORV FRVWRV GH RSHUDFLyQ WRWDOHV VHJXLU FLHUWDV SDXWDV (O FRPEXVWLEOH ELRGLHVHO SXHGH
DIHFWDU HO DFHLWH GHO PRWRU ORV GLVSRVLWLYRV GH
/DV IDOODV FDXVDGDV SRU HO XVR GH FRPEXVWLEOHV SRVWUDWDPLHQWR ORV FRPSRQHQWHV GHO VLVWHPD GH
LQFRUUHFWRV QR FRQVWLWX\HQ GHIHFWRV GH IiEULFD GH FRPEXVWLEOH QR PHWiOLFRV \ RWURV (O FRPEXVWLEOH
&DWHUSLOODU 3RU OR WDQWR XQD JDUDQWtD &DWHUSLOODU QR ELRGLHVHO WLHQH XQD YLGD ~WLO GH DOPDFHQDPLHQWR \ XQD
FXEULUtD HO FRVWR GH UHSDUDFLyQ HVWDELOLGDG GH R[LGDFLyQ OLPLWDGDV 6LJD ODV SDXWDV \
ORV UHTXLVLWRV SDUD ORV PRWRUHV TXH RSHUDQ SRU
&DWHUSLOODU QR H[LJH HO XVR GH 'LHVHO 8OWUD %DMR HQ WHPSRUDGDV
$]XIUH 8/6' HQ DSOLFDFLRQHV GH REUDV \ GH
PiTXLQDV HQ ODV TXH QR VH XWLOLFHQ PRWRUHV FRQ 3DUD UHGXFLU ORV ULHVJRV DVRFLDGRV FRQ HO XVR GH
FHUWLILFDFLyQ 7LHU 6WDJH ,,,%6WDJH ,9 \ TXH QR HVWiQ ELRGLHVHO OD PH]FOD ILQDO GH ELRGLHVHO \ HO
HTXLSDGDV FRQ GLVSRVLWLYRV GH SRVWUDWDPLHQWR (Q FRPEXVWLEOH ELRGLHVHO GHEHQ FXPSOLU UHTXLVLWRV
PRWRUHV FRQ FHUWLILFDFLyQ 7LHU 6WDJH ,,,%6WDJH ,9 HVSHFtILFRV GH PH]FOD
VLJD VLHPSUH ODV LQVWUXFFLRQHV GH RSHUDFLyQ \ ODV 7RGDV ODV SDXWDV \ ORV UHTXLVLWRV VH SURSRUFLRQDQ HQ
LQGLFDFLRQHV GH ODV HWLTXHWDV HQ OD DGPLVLyQ GHO OD ~OWLPD YHUVLyQ GH OD 3XEOLFDFLyQ (VSHFLDO
WDQTXH GH FRPEXVWLEOH SDUD DVHJXUDUVH GH TXH VH
66%8 5HFRPHQGDFLRQHV GH )OXLGRV SDUD
XVHQ ORV FRPEXVWLEOHV FRUUHFWRV
0iTXLQDV &DWHUSLOODU (VWH PDQXDO SXHGH
&RQVXOWH OD 3XEOLFDFLyQ (VSHFLDO 66%8 HQFRQWUDUVH HQ HO VLWLR ZHE 6DIHW\&DWFRP
5HFRPHQGDFLRQHV GH )OXLGRV SDUD 0iTXLQDV
&DWHUSLOODU SDUD REWHQHU PiV GHWDOOHV VREUH ,QIRUPDFLyQ GH UHIULJHUDQWH
FRPEXVWLEOHV OXEULFDQWHV \ ORV UHTXLVLWRV GH 1LYHO 
(VWH PDQXDO SXHGH HQFRQWUDUVH HQ HO VLWLR ZHE /D LQIRUPDFLyQ TXH VH SURSRUFLRQD HQ HVWD VHFFLyQ
6DIHW\&DWFRP ³5HFRPHQGDFLRQHV GH UHIULJHUDQWHV´ GHEH XVDUVH
FRQ OD ³,QIRUPDFLyQ GH OXEULFDQWHV´ TXH VH
$GLWLYRV GH FRPEXVWLEOHV SURSRUFLRQD HQ OD UHYLVLyQ PiV UHFLHQWH GH OD
3XEOLFDFLyQ (VSHFLDO 6(%8 5HFRPHQGDFLRQHV
(O DFRQGLFLRQDGRU GH FRPEXVWLEOH GLHVHO &DW \ HO GH )OXLGRV SDUD ODV 0iTXLQDV &DWHUSLOODU (VWH
OLPSLDGRU GHO VLVWHPD GH FRPEXVWLEOH &DW HVWiQ PDQXDO SXHGH HQFRQWUDUVH HQ HO VLWLR ZHE 6DIHW\&DW
GLVSRQLEOHV SDUD VHU XVDGRV FXDQGR VHD QHFHVDULR FRP
(VWRV SURGXFWRV SXHGHQ XWLOL]DUVH FRQ FRPEXVWLEOHV
GLHVHO \ ELRGLHVHO &RQVXOWH D VX GLVWULEXLGRU &DW SDUD /RV GRV WLSRV GH UHIULJHUDQWHV VLJXLHQWHV VH SXHGHQ
FRQRFHU OD GLVSRQLELOLGDG XVDU HQ ORV PRWRUHV GLHVHO &DW 

Descargado por Alex Madrid P ([email protected])

 lOMoARcPSD|51121651

 66%8
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
9LVFRVLGDGHV GH OXEULFDQWHV

5HFRPHQGDGRV ± 5HIULJHUDQWH GH ODUJD GXUDFLyQ

(/& &DW
$FHSWDEOHV ± '($& &DW UHIULJHUDQWH
DQWLFRQJHODQWH SDUD PRWRU GLHVHO

$7(1&,21
1R XVH QXQFD DJXD VROD FRPR UHIULJHUDQWH (O DJXD
VROD HV FRUURVLYD D ODV WHPSHUDWXUDV GH RSHUDFLyQ GHO
PRWRU $GHPiV HO DJXD VROD QR SURSRUFLRQD OD SUR
WHFFLyQ DGHFXDGD FRQWUD OD HEXOOLFLyQ R HO
FRQJHODPLHQWR

Descargado por Alex Madrid P ([email protected])

 lOMoARcPSD|51121651

66%8 
9LVFRVLGDGHV GH OXEULFDQWHV \ FDSDFLGDGHV GH OOHQDGR
&DSDFLGDGHV GH OOHQDGR

L

&DSDFLGDGHV GH OOHQDGR
&yGLJR 60&6   

7DEOD

&DSDFLGDGHV GH OOHQDGR DSUR[LPDGDV

&RPSRQHQWH R VLVWHPD *DO ((

/LWURV 7LSR UHFRPHQGDGR
88
&iUWHU GHO PRWRU  

7DQTXH KLGUiXOLFR  

7UDQVPLVLyQ  

6HUYRWUDQVPLVLyQ  

6LVWHPD GH HQIULDPLHQWR FRQ FDOHQWDGRU  

6LVWHPD GH HQIULDPLHQWR VLQ FDOHQWDGRU  

7DQTXH GH FRPEXVWLEOH  

(MH WUDVHUR   

&RQVXOWH HO 0DQXDO GH 2SHUDFLyQ \ 0DQWHQLPLHQWR ³9LVFRVLGD
0DQGR ILQDO GHO HMH WUDVHUR FDGD ODGR   GHV GHO OXEULFDQWH´

(MH GHODQWHUR GH LPSXOVLyQ  

0DQGR ILQDO GHO HMH GHODQWHUR GH LPSXOVLyQ FD

 
GD ODGR

(MH WUDVHUR    

0DQGR ILQDO GHO HMH WUDVHUR FDGD ODGR   

(MH GHODQWHUR GH LPSXOVLyQ   

0DQGR ILQDO GHO HMH GHODQWHUR GH LPSXOVLyQ FD

 
GD ODGR 

NJ OE

5HIULJHUDQWH    5D

P/ R]

$FHLWH UHIULJHUDQWH FRPSUHVRU    $FHLWH GH SROLDOTXLOHQJOLFRO 3$*

 $xDGD  /  FXDUWRV GH $GLWLYR SDUD $FHLWH GH (MH \ )UHQR DO HMH WUDVHUR 1R DxDGD D ORV PDQGRV ILQDOHV
 3DUD ODV PiTXLQDV
16 /%)
\
16 /%6
VRODPHQWH
 3DUD REWHQHU LQIRUPDFLyQ DGLFLRQDO FRQVXOWH HO 0DQXDO GH 6HUYLFLR ³$LUH DFRQGLFLRQDGR \ FDOHIDFFLyQ 5D SDUD WRGDV ODV PiTXLQDV &DWHU
SLOODU ´

Descargado por Alex Madrid P ([email protected])