/26,1',&$'25(6'(/6,67(0$&,(1&,$7(&12/2*Ë$
7(55,725,$/
)UDQFHVF6ROp3DUHOODGD
8QLYHUVLWDW3ROLWqFQLFDGH&DWDOXQ D)5$1&(6&62/(#XSFHV
$QQD06iQFKH]*UDQDGRV
$,',783&830DQQDVJ#ISFXSFHV
-RVHSK&ROO%HUWUiQ
8QLYHUVLWDW2EHUWDGH&DWDOXQ DMFROOE#FDPSXVXRFHV
5HVXPHQ
6HHQWLHQGHSRUVLVWHPDGHLQQRYDFLyQGHXQWHUULWRULR67,HO³FRQMXQWRGHHOHPHQWRV RUJDQL]DFLyQSUHVHQWHV
HQXQWHUULWRULR TXHSURGXFHQWUDQVPLWHQDOPDFHQDQ XWLOL]DQFRQRFLPLHQWRV NQRZKRZFX RREMHWLYRHVOD
PHMRUD GH OD FRPSHWLWLYLGDG GHO VLVWHPD SURGXFWLYR´ &RQRFHU HO 67,HV LPSRUWDQWHSDUDHVWDEOHFHU SRO WLFDV
WHFQROyJLFDVHQHOWHUULWRULR SDUDKDFHUYDORUDFLRQHV VREUHVXSRVLEOHHYROXFLyQ/RVLQGLFDGRUHVXWLOL]DGRV
SDUDGHVFULELU HO 67,VHPXHVWUDQFDGDYH] PHQRV ILDEOHV VH KDFH PDV SDWHQWHOD QHFHVLGDGGH UHFXUULU DO
PRGHOR SDUD PHMRUDUORV /D FRPXQLFDFLyQ RIUHFH GLIHUHQWHV DOWHUQDWLYDV D ORV LQGLFDGRUHV FRQYHQFLRQDOHV
EDVDGDVHQXQDUHLQWHUSUHWDFLyQGHOSURFHVRGHLQQRYDFLyQ
3DODEUDV&ODYH67,WHUULWRULRLQGLFDGRUHV
',$*1Ï67,&2 '( /$ &$3$&,'$' ,1129$'25$ '(/ 7(55,725,2
/26 '$726 $*5(*$'26 2%-(7,926 $/ (6)8(5=2 ,1129$'25 '(
817(55,725,2
/RV GDWRV VREUHHO JDVWR HQ ,'GH SD VHV  UHJLRQHV HLQGXVWULDV HVWiQ HQ JHQHUDOGLVSRQLEOHV  VHKDQ LGR
REWHQLHQGRVHJ~QORVPRGHORVSURSXHVWRVSRUOD2&'((OSULPHUVHWGHLQGLFDGRUHVVHREWXYLHURQVHJ~QHOTXH
VH YLQR D OODPDU PDQXDO GH )UDVFDWL (O PDQXDO GH )UDVFDWL VXSOLy DO SULQFLSLR ODV QHFHVLGDGHV GH GDWRV
HVWDG VWLFRVVREUHHOHVIXHU]RLQQRYDGRUWHUULWRULDOSHURORVLQIRUPHVUHVXOWDGRGHVXDSOLFDFLyQPRVWUDEDQXQ
FRQRFLPLHQWRLQVXILFLHQWHGHOIXQFLRQDPLHQWRGHODFLHQFLD ODWHFQRORJ DFRPRVLVWHPD GHOFRPSRUWDPLHQWR
GHODVHPSUHVDV(O0DQXDOGH)UDVFDWLVHVXVWLWX ySRUHOPDQXDOGH2VORFRQXQDSULPHUDHGLFLyQHQ 
XQD VHJXQGD HQ  (O PDQXDO GH 2VORPHMRUD OD YDORUDFLyQ GH OD FDSDFLGDGLQQRYDGRUD GH ODV HPSUHVDV
DxDGLHQGRQXHYRVLQGLFDGRUHVORTXHKDSURGXFLGRXQDFLHUWDURWXUDHQODFRQWLQXLGDGHVWDG VWLFDFRQUHODFLyQDO
PDQXDOGH)UDVFDWL/DURWXUDHVVLQHPEDUJRPHQRVVLJQLILFDWLYDGHORTXHSRGU DSDUHFHU DTXHODLQWHQFLyQGH
ORVPDQXDOHVSURSXHVWRVSRUOD2&'(HVPiV³KHXU VWLFD´TXHHVWDG VWLFD
(OSURFHGLPLHQWRVHJXLGRSDUDODHYDOXDFLyQGHOHVIXHU]RLQQRYDGRUGLYLGHORVGDWRVHQWUHVJUXSRVORVOODPDGRV
LQSXWVDOVLVWHPDORVRXWSXWV ODSDUWLFLSDFLyQGHOD$GPLQLVWUDFLyQ
 ,13876
/RVGDWRVPDVXWLOL]DGRVUHIHUHQWHVDOHVIXHU]RWHFQROyJLFRVHJ~QORVLQSXWVGHOVLVWHPDGHLQQRYDFLyQGHXQ
WHUULWRULRVHSUHVHQWDQHQODWDEOD
(VIXHU]R
*DVWRVHQ,'HQSHVHWDVPLOHVGHPLOORQHV
*DVWRLQWHUQRWRWDOHQ,'FRQUHODFLyQDO3,%
*DVWRSULYDGRFRQUHODFLyQDO3,%
*DVWR S~EOLFRFRQUHODFLyQDO3,%
1~PHURGHSHUVRQDOGHGLFDGRDOD,'
1~PHURGHLQYHVWLJDGRUHV
1~PHURGHLQYHVWLJDGRUHVSULYDGRVYVS~EOLFRV
7DEOD'DWRV WHQGHQFLDVGHOHVIXHU]RWHFQROyJLFR
6LELHQHVWRVLQGLFDGRUHVSXHGHQGDUQRVXQDLGHDDSUR[LPDGD GHODFDSDFLGDGLQQRYDGRUDGHXQWHUULWRULRFDGD
XQRGHHOORVLQFRUSRUDLQFHUWLGXPEUHV
(OGDWRPiV XWLOL]DGR HVVLQGXGDHO GHOJDVWRWRWDO HQ ,'UHVSHFWRDO3,%TXHLQWHJUDWRGRHOHVIXHU]RHQ
DFWLYLGDGHVGH,'HQXQWHUULWRULR(OVLVWHPDGHFDOFXORSUHVHQWDLPSRUWDQWHVODJXQDV HVGHORVTXHGLFHQ
³YHUGDGHVDPHGLDV´(VWHGDWRHVHOUHVXOWDGRGHODVXPDGHJDVWRVPX GLYHUVRVHOJDVWRHQ,'GHFODUDGRDODV
HPSUHVDVDWUDYpVGHHQFXHVWDVHOJDVWRS~EOLFRUHFRQRFLGRHQORV SUHVXSXHVWRVHOHVIXHU]RHVWLPDGRGHODV
XQLYHUVLGDGHVHWFFRQORTXHUHVXOWDGLI FLOLQIHULUODFDSDFLGDGLQQRYDGRUDUHDOGHXQWHUULWRULR
(QORVSD VHVGHOD2&'(HVWHHVIXHU]RVHVLW~DHQWUHHO HO(QORV~OWLPRVDxRVVHKDSURGXFLGRXQ
HVWDQFDPLHQWRHQODVFLIUDVGHORVSD VHVGHOD8( HQJHQHUDOHQWRGRVORVSD VHVGHOD2&'((VWHKHFKR
WLHQHGRVOHFWXUDVSRUXQ ODGRVHSXHGHSHQVDUTXHHOHVIXHU]RHQ,'VHKDHVWDQFDGRORTXHUHVXOWDSRFR
FUH EOHSRURWUR PiVSUREDEOHTXHSDUWHGHODIXQFLyQGH,'GHODVHPSUHVDVVHKDH[WHQGLGRSRUWRGDOD
HPSUHVDPiVDOOiGHOGHSDUWDPHQWRGH,'TXHSDUWHVHKDH[WHUQDOL]DGRDSHTXHxDVHPSUHVDVHVSHFLDOL]DGDV
HWF$V VHU DOyJLFRSXHGHSHQVDUTXHSDUWHLPSRUWDQWHGHOHVIXHU]RLQQRYDGRUQRVHFRQWDELOL]D
2WURGDWRLQGLFDWLYRGHODFDSDFLGDGLQQRYDGRUDGHXQDHPSUHVDHVHOQ~PHURGHSHUVRQDVTXHVHGHGLFDQD
DFWLYLGDGHVGH,' DVHDHQDFWLYLGDGHVLQGXVWULDOHVFRPRLQYHVWLJDGRUHVSURIHVLRQDOHV(VWHGDWRHVWDPELpQ
SDUWHLPSRUWDQWHGHOPRGHORFRQUHODFLyQDVXLQWHQFLyQKHXU VWLFDDXQTXHVHKDFHGLI FLOODFRPSDUDFLyQHQWUH
SD VHV D TXH D PHQXGR HV JHQHURVD OD FRQVLGHUDFLyQ GH GHWHUPLQDGRV IXQFLRQDULRV S~EOLFRV FRPR
LQYHVWLJDGRUHV
7DPELpQVHFRQVLGHUDFRPRGDWRVLJQLILFDWLYRHOJDVWRHQ,'SRUKDELWDQWH/RVGHIODFWRUHVDSOLFDEOHVDHVWD
FLIUDVHULDQODUHQWD HOQLYHOGHFRPSOHMLGDGGHOVLVWHPDHOFXDOHVSURSRUFLRQDODODVGLIHUHQFLDVHQODVUHQWDV
/DWDVDGHFREHUWXUDGHODVLPSRUWDFLRQHVGHFRQWHQLGRWHFQROyJLFRWDPELpQHVXQGDWRDWHQHUHQFXHQWDSHURHV
GLI FLOGLVSRQHUGHXQDEXHQDGHILQLFLyQGHODH[SUHVLyQ³FRQWHQLGRWHFQROyJLFR´
2WURGDWRVLJQLILFDWLYRHVHOSRUFHQWDMHGHLQYHVWLJDGRUHVFRQUHODFLyQDOQXPHURWRWDOGHSHUVRQDVGHGLFDGDVDOD
,'(QJHQHUDOVHSXHGHSHQVDUTXHFXDQWRPiVJUDQGHHVHVWHSRUFHQWDMHPHQRVFDSDFLGDGGHLQQRYDFLyQ
WLHQH HO WHUULWRULR H[FHSWR HQ PRPHQWRV GHJUDQ WUDQVIRUPDFLyQ GHOVLVWHPDS~EOLFRGHFLHQFLD  WHFQRORJ D
7DPELpQUHVXOWDFRPSOLFDGRHVWDEOHFHUORVHVWDGRVGHWUDQVLFLyQ SRVLEOHVFRUUHFWRUHV
5HVWDQSRUHYDOXDUORVGDWRVUHIHUHQWHVDODWUDQVIHUHQFLDGHWHFQRORJ D ODWUDQVIHUHQFLDSRUELHQHVGHHTXLSR
LPSRUWDFLRQHV  H[SRUWDFLRQHV FRQRFLPLHQWRV DSOLFDGRV HWF (VWDV FLIUDV VRQ PX  GLI FLOHV GH HYDOXDU  OD
FDOLILFDFLyQGHDOWDWHFQRORJ DQRHVHYLGHQWH
(Q ODV WDEODV    VH GHWDOODQ ORV LQGLFDGRUHV TXH WLHQHQ TXH YHU FRQ OD DGTXLVLFLyQ GH LQSXWV  HO FDSLWDO
KXPDQRUHVSHFWLYDPHQWH
$GTXLVLFLyQGHLQSXWVDOH[WHULRU
,PSRUWDFLRQHVGHELHQHVGHHTXLSR
$GTXLVLFLyQH[WHUQDGHSDTXHWHVWHFQROyJLFRV
5R DOWLHV
&RQRFLPLHQWRV TXH LPSRUWD OD FRPXQLGDG
FLHQW ILFD
%DODQFHWHFQROyJLFR
7DEOD'DWRVUHIHUHQWHVDODDGTXLVLFLyQGHLQSXWVTXHSURYLHQHQGHOH[WHULRU
,QSXWVTXHRIUHFHHOFDSLWDOKXPDQR
1LYHOGHIRUPDFLyQ
)RUPDFLyQFRQWLQXD
)RUPDFLyQXQLYHUVLWDULD
)RUPDFLyQSURIHVLRQDO
7DEOD'DWRVUHIHUHQWHVDODVLWXDFLyQGHORVLQSXWVTXHRIUHFHHOFDSLWDOKXPDQR
 2873876
/DWDEODQRVPXHVWUDORVGDWRVFRUUHVSRQGLHQWHVDORVRXWSXWVGHOVLVWHPDGHLQQRYDFLyQGHXQWHUULWRULR
2XWSXWV
3URGXFFLyQ FLHQW ILFD HQ   GH SXEOLFDFLRQHV HQ
UHYLVWDVUHVSHFWRDOGHSXEOLFDFLRQHVHQUHYLVWDV
GHFDOLGDG
3DWHQWHV
9HQWDGHSDTXHWHVWHFQROyJLFRV
9HQWDGHSURGXFWRVGHDOWDWHFQRORJ DDOH[WHULRU
9HQWDGHUR DOWLHV
 GH IDFWXUDFLyQ GH SURGXFWRV QXHYRV FRQ
UHODFLyQDORVDQWLJXRV
7DEOD'DWRVUHIHUHQWHVDODVLWXDFLyQGHORVRXWSXQWVGH67,
3DUDFDGDXQRGHHVWRVGDWRVVHSXHGHQSODQWHDUGXGDVUD]RQDEOHVFRQUHODFLyQDOREMHWLYR SURSRQHUWDPELpQ
FRUUHFWRUHV 6LQ HPEDUJR UHFRQRFLGD OD LPSRVLELOLGDG GH IRUPXODU  GDGR TXH HO REMHWLYR HV KHXU VWLFR HO
PRGHORFRQFHSWXDOSDVDDVHUWDQLPSRUWDQWHFRPRORVGDWRV
 81 (-(03/2 '( ',),&8/7$' '( ,17(535(7$&,Ï1 '( /26 ,1',&$'25(6 /$
3527(&&,Ï1&202287387
¢3RUTXHODSURWHFFLyQ"³/DDGPLQLVWUDFLyQGLVSRQHGHGLYHUVRVLQVWUXPHQWRVSDUDHTXLOLEUDUODHILFLHQFLDHVWiWLFD
GLQiPLFDHOGHUHFKRDSDWHQWDUHVTXL]iVHOPiV LPSRUWDQWH6HWUDWDGHXQDIRUPDLQGLUHFWDGHDWULEXLUXQ
SRGHUHQHOPHUFDGRDODHPSUHVDLQYHQWRUD´>@3RUPHGLRGHODVSDWHQWHVVHFUHDQEDUUHUDVDODVSRVLEOHV
H[WHUQDOLGDGHVSRVLWLYDVTXHJHQHUDODWHFQRORJ D
(OPXQGRGHODSURWHFFLyQHVFRPSOHMR HVWiUHJXODGRDWUDYpVGHXQDH[WHQVDQRUPDWLYD&RPRHMHPSORGHOD
QDWXUDOH]D YDULDGD GH ORV WHPV WHFQROyJLFRV D SURWHJHU FLWDUHPRV OD GHILQLFLyQ GH WHFQRORJ D VHJ~Q OD
RUJDQL]DFLyQ PXQGLDO GH OD SURSLHGDGLQGXVWULDO ³FRQMXQWR GH FRQRFLPLHQWRV VLVWHPiWLFRV TXHVLUYHQ SDUDOD
IDEULFDFLyQGHXQSURGXFWRODXWLOL]DFLyQGHXQSURFHVRRODSUHVWDFLyQGHXQVHUYLFLRWDQWRVLVHWUDWDGHXQD
LQYHQFLyQGHXQGLVHxRLQGXVWULDOGHXQPRGHORIXQFLRQDORGHXQQXHYRWLSRGHHVWDEOHFLPLHQWRLQGXVWULDOGH
LQIRUPDFLRQHV FRQRFLPLHQWRVWpFQLFRVRGHVHUYLFLRVVXPLQLVWUDGRVSRUH[SHUWRVHQODFRQFHSFLyQLQVWDODFLyQ
H[SORWDFLyQPDQWHQLPLHQWRGHXQDHPSUHVDFRPHUFLDORLQGXVWULDO´>@
/DV SDWHQWHV VH FRQVLGHUDQ XQ EXHQ LQGLFDGRU GHO SRWHQFLDO LQQRYDGRU GH ODV HPSUHVDV  WDPELpQ GH ODV
XQLYHUVLGDGHV  LQVWLWXWRV GH LQYHVWLJDFLyQ /D DFWLYLGDG SDWHQWDGRUD GHSHQGH GHO VHFWRULGH DFWLYLGDG  HQ
JHQHUDO GH VX QLYHO WHFQROyJLFR (Q HO FRQWH[WR GH OD FRPSHWLWLYLGDG JOREDO ODV SDWHQWHV LQWHUQDFLRQDOHV VH
FRQVLGHUDQPiVLPSRUWDQWHVTXHODVQDFLRQDOHV
(Q-DSyQORVUHVLGHQWHVVROLFLWDQPXFKDVPiVSDWHQWHVQDFLRQDOHVSRUFiSLWDTXHHQFXDOTXLHURWURSD V(QHO
PXQGRRFFLGHQWDO$OHPDQLDRFXSDHOSULPHUOXJDUHQFDQWLGDGGHSDWHQWHVQDFLRQDOHVSRUFiSLWD(QFXDQWRDOD
FDQWLGDG DEVROXWD GH VROLFLWXGHV GHSDWHQWHVLQWHUQDFLRQDOHV (VWDGRV 8QLGRV SUHVHQWD HOPD RU Q~PHUR SHUR
$OHPDQLDHQFDEH]DHOUDQNLQJHQSDWHQWHVH[WUDQMHUDVSRUFDSLWDVHJXLGDGH-DSyQGH(VWDGRV8QLGRV )UDQFLD
'HODVVROLFLWXGHVGHSDWHQWHVGHOD&RPXQLGDG(XURSHDKHFKDVHQ(VWDGRV8QLGRVHOVRQDOHPDQDVFDVL
ODPLWDGGHWRGDVODVVROLFLWXGHV>@
6LHPHQV ODPDFURHPSUHVDPiV LQQRYDGRUDGHOPXQGRWLHQHXQDVSDWHQWHV FXHQWDFRQDOUHGHGRUGH
HPSOHDGRVSRUORTXHVXUDWLRSRUFDGDHPSOHDGRVHVGHSDWHQWHV)LVFKHUZHUNHFXHQWDFRQOD
LQFUH EOHFLIUDGHSDWHQWHVSRUFDGDHPSOHDGRV
$SHVDUGHTXHODVFLIUDVFRPRHOQXPHURGHSDWHQWHVHWFVRQLQGLFDWLYDVGHXQDUHDOLGDGHOKHFKRHVTXHODV
UHODFLRQHVFDXVDHIHFWRVRQGLI FLOHVGHSUHGHFLU DILUPDU$V SRUHMHPSOROD8(VLJXHHOULWPRGHSDWHQWHVGH
86$SHURORORJUDJUDFLDVDODXPHQWRGHOQXPHURGHSDWHQWHVHQVXVSD VHVPHQRVLQGXVWULDOL]DGRV SRUXQ
FUHFLPLHQWRGHODVSDWHQWHVHQORVVHFWRUHVWUDGLFLRQDOHVFRPRHODXWRPyYLO ODTX PLFDPLHQWUDVTXH(VWDGRV
8QLGRV FUHFHHQ VHFWRUHV FRPRHO GHODV WHFQRORJ DV GHOD LQIRUPDFLyQ(OEDODQFHWHFQROyJLFRQRHVPHQRV
GLI FLOGHDQDOL]DU¢4XHHVSUHIHULEOHFRPSUDUWHFQRORJ D PHMRUDUFRQVWDQWHPHQWHRYHQGHUWHFQRORJ D"'H
KHFKRQRHVWDQLPSRUWDQWHHOLPSRUWHJOREDOGHORTXHVHLPSRUWDRGHORTXHVHH[SRUWDFRPR ODXWLOLGDGTXHVH
OHGD-DSyQGXUDQWHVXVPRPHQWRVPiVJORULRVRVKDVLGRLPSRUWDGRUGHWHFQRORJ D DSHVDUGHODVDFWXDOHV
GLILFXOWDGHVVXHYROXFLyQWHFQROyJLFDKDGHFDOLILFDUVHGHHVSHFWDFXODUSDVDQGRHQXQEUHYHHVSDFLRGHWLHPSR
GHDGDSWDUWHFQRORJ DDFUHDUOD$V  SXHVODUHVSXHVWDFRUUHFWDDHVWDSUHJXQWDHVGHSHQGH QRV GLULJHDOD
FRQFOXVLyQGHTXHHVTXHHOHVWXGLRGHORVPRGHORVFRQFHSWXDOHVVLJXHVLHQGRXQLQJUHGLHQWHLPSUHVFLQGLEOH
(QXQDDSUR[LPDFLyQHVWiWLFDQXHVWUDUHIOH[LyQVREUHHOVLVWHPDGHLQGLFDGRUHVSRGU DFRQFOXLUVHH[SRQLHQGRTXH
XQPRGHORH[SOLFDWLYRGHOFRPSRUWDPLHQWRLQQRYDGRUPDVRPHQRVGHILQLWLYRSURSRUFLRQDU DODSRVLELOLGDGGH
HQFRQWUDUHOVHWFRPSOHWRGHLQGLFDGRUHV,QGHSHQGLHQWHPHQWHGHTXHODDILUPDFLyQSRUVLPLVPDVHDGLVFXWLEOH
WDQWRHOPDUFRFRPSHWLWLYRFRPRHOFRPSRUWDPLHQWRGHODVHPSUHVDV GHOVLVWHPDFDPELDFRQHOWLHPSRSRUOR
TXHHOHVIXHU]RGHUHIOH[LyQFRQWLQXDVLHQGRWDQQHFHVDULRSDUDUHIRU]DUODFDSDFLGDGKHXU VWLFDFRPRORHUDHO
SULPHU G D (Q HO DSDUWDGR VLJXLHQWH RIUHFHPRV XQ PRGHOR TXH VH HQWLHQGH PHMRUD OD FRPSUHVLyQ GH OD
LPSRUWDQFLDGHORVLQGLFDGRUHVEDVDGDHQpOODYLVLyQRUJDQL]DWLYDGHO6LVWHPD&LHQFLD7HFQRORJ D7HUULWRULDO
(/6,67(0$&,(1&,$7(&12/2*Ë$7(55,725,$/
6H HQWLHQGH SRU VLVWHPD GH LQQRYDFLyQ GH XQ WHUULWRULR 67, HO ³FRQMXQWR GH HOHPHQWRV  RUJDQL]DFLRQHV
SUHVHQWHV HQ XQ WHUULWRULR TXH SURGXFHQ WUDQVPLWHQ DOPDFHQDQ  XWLOL]DQ FRQRFLPLHQWRV  NQRZ KRZ FX R
REMHWLYRHVODPHMRUDGHODFRPSHWLWLYLGDGGHOVLVWHPDSURGXFWLYRDWUDYpVGHOD,'7´(OVLVWHPDGHLQQRYDFLyQ
GHXQWHUULWRULRVH FDUDFWHUL]DSRUVX FDSDFLGDGGHDFWXDUHQODPHMRUD UHODWLYDGHOFDPELRWHFQROyJLFR3DUD
)HUQiQGH]GH/XFLR &RQHVD)>@ORVHOHPHQWRVGHO67,
L
LVHDJUXSDQHQXQDVHULHGHHQWRUQRVHOHQWRUQR
FLHQW ILFRHOHQWRUQRWHFQROyJLFRHOHQWRUQRSURGXFWLYRHOHQWRUQRILQDQFLHUR HOHQWRUQRXVXDULR/DFDSDFLGDG
GHLQWHUDFFLyQHQWUHHQWRUQRVHVXQDEXHQDPHGLGDGHODFDSDFLGDGLQQRYDGRUDGHOWHUULWRULR ILQDOPHQWHHO
IRPHQWRGHHVWDLQWHUDFFLyQVHSUHVHQWDFRPRXQSRVLEOHREMHWLYRGHODSRO WLFDGHLQQRYDFLyQ
(OVLVWHPDGHLQQRYDFLyQWHUULWRULDO67,VHGLVWLQJXHGHO6LVWHPD&LHQFLD 7HFQRORJ D7HUULWRULDO6&77HQ
VHQWLGRDPSOLR DTXHHVWH~OWLPRH[FOX HORVDVSHFWRVILQDQFLHURV OHJDOHVGHEDVHPLHQWUDVTXHHO6LVWHPDGH
&LHQFLD7HFQRORJ D7HUULWRULDOHQVHQWLGRHVWULFWR63&77LLL HVXQGLEXMRGHORVHOHPHQWRV ODVLQWHUDFFLRQHV
TXHSDUWLFLSDQHQODSURGXFFLyQGHFRQRFLPLHQWRVFLHQW ILFRV WHFQROyJLFRV1RFDEHGHFLUTXHODGLIHUHQFLD
HQWUH XQ VLVWHPD  RWUR HVWi HQ OD FDSDFLGDG GH DSOLFDELOLGDG WDQWR D FRUWR FRPRD ODUJR SOD]R 3RGU DPRV
GLVWLQJXLUSXHVHQWUHWUHVVLVWHPDVHOVLVWHPDGHLQQRYDFLyQHOVLVWHPDFLHQFLD WHFQRORJ DHQVHQWLGRDPSOLRR
WHUULWRULDO HOVLVWHPDFLHQFLD WHFQRORJ DHQVHQWLGRHVWULFWR
(O6&77VHDQDOL]DFRQD XGDGHXQDGLIHUHQFLDFLyQHQHOWHUULWRULRGHWUHVHOHPHQWRVHOVLVWHPDSURGXFWLYR
WHUULWRULDO637HOHVSDFLRGHVRSRUWH ODRUJDQL]DFLyQ(O637HVWiIRUPDGRSRUWRGDVODVHPSUHVDVVLWXDGDV
HQHOWHUULWRULRFRQHQODFHVRVLQHOORVFRQVHGHVVRFLDOHVRILOLDOHVH[WUDWHUULWRULDOHV(OHVSDFLRGHVRSRUWHOR
IRUPDQODVLQIUDHVWUXFWXUDVI VLFDV 6RIW HQJHQHUDOWRGDVODVRUJDQL]DFLRQHVIRUPDOHVRLQIRUPDOHVSULYDGDVR
S~EOLFDVTXHFRODERUDQHQODVXSHUYLYHQFLDGHODVHPSUHVDV/DRUJDQL]DFLyQHVHOFRQMXQWRGHUHGHVGHUHODFLyQ
MHUiUTXLFDVRQRSUHVHQWHVHQHOWHUULWRULRWHQJDQRQRHQODFHVH[WUDWHUULWRULDOHV&XDQGRHVWHGLEXMRGHOWHUULWRULR
VHDSOLFDDODGHVFULSFLyQGHODFDSDFLGDGWHFQROyJLFDRVHWUDWDQWHPDVGHRUJDQL]DFLyQRDJHQWHVGHLQWHUIDVH
VH LQFOX H D OD DGPLQLVWUDFLyQ FRPRHOHPHQWR VHSDUDGR SRU VX FDSDFLGDG OHJLVODWLYD VREUH OD FLHQFLD R OD
WHFQRORJ D H LQFOXVR VH KDEOD GHO VLVWHPD GH ILQDQFLDFLyQ GH HVWD UHDOLGDG (Q WRGR FDVR HO GLEXMR HV
FRPSUHQVLEOH  VROR HV QHFHVDULD OD DGHFXDFLyQ GH OD LQIRUPDFLyQ GLVSRQLEOH DO HVTXHPD SDUD UHDOL]DU XQD
HYDOXDFLyQ GLDJQyVWLFR
/DFRQVLGHUDFLyQGHORV FXDWURQLYHOHV DGPLQLVWUDWLYRVORFDODXWRQyPLFRHVWDWDO  FRPXQLWDULRVRORDxDGHD
FDUDFWHU VWLFDV FXDOLWDWLYDV GHO SURFHVR GH LQWHUYHQFLyQ GH ORV DJHQWHV HQ HO IRPHQWR GH OD LQQRYDFLyQ 6H OH
DWULEX H SRU HMHPSOR D OD DGPLQLVWUDFLyQ GHO (VWDGR XQD UHVSRQVDELOLGDG QRUPDWLYD  GH FRRUGLQDFLyQ  OD
DGPLQLVWUDFLyQHXURSHDSXHGHIRPHQWDUODFUHDFLyQGHH[WHUQDOLGDGHVSHFXQLDULDVGHEDVHWHFQROyJLFDHQVHFWRUHV
GHDEDVWHFLPLHQWRJOREDO
6HSRGU DQFODVLILFDULQGLFDGRUHVGLYHUVRVHQIXQFLyQGHORVHOHPHQWRVTXHFRPSRQHQHOWHUULWRULRWDO FRPR
LQGLFDOD WDEODHLQWHQWDUVDFDUFRQVHFXHQFLDVFDXVDHIHFWRSHURQRVHUHVXHOYHHOSUREOHPDDXQTXHPHMRUDPRV
VX FRPSUHQVLyQ /RV LQGLFDGRUHV  SXHV PXHVWUDQ VX SHUWLQHQFLD HQ OD GLUHFFLyQ GH OD FRPSUHQVLyQ GH ORV
PHFDQLVPRVGHODLQQRYDFLyQWHUULWRULDOL]DGD
(OHPHQWRVGHOVLVWHPD HMHPSORVGHFULWHULRVGH
HYDOXDFLyQ
637
3RUFHQWDMH GH ODV H[SRUWDFLRQHV FODVLILFDEOHV GH
DOWDWHFQRORJ DFRQUHODFLyQDOWRWDO
,PSRUWDQFLD GH ORV ELHQHV GH HTXLSR HQ OD
LQFRUSRUDFLyQ GH PHMRUDV HQ ORV SURFHVRV
,PSRUWDQFLDUHODWLYDGHORVSURYHHGRUHVGHELHQHV
GHHTXLSRHQODVPHMRUDVWHFQROyJLFDV
6LVWHPDSXEOLFRGH,'(VSDFLRGH6RSRUWH
,PSRUWDQFLDUHODWLYDGHOVLVWHPDSXEOLFRGH,'
&RKHUHQFLD GH OD SRO WLFD JOREDO GH SURPRFLyQ
/HJLVODFLyQFRPSUDVS~EOLFDVHWF
(QODFH HQWUH ORV HOHPHQWRV GHO VLVWHPD
2UJDQL]DFLyQ
3HUPHDELOLGDG GHO VLVWHPD FLHQFLD WHFQRORJ D 
LQQRYDFLyQ (QODFH HQWUH ODV HPSUHVDV  HVSDFLR
GHVRSRUWHFLHQFLDS~EOLFD
,QWHJUDFLyQGHOVLVWHPDGHLQYHVWLJDFLyQDOFLUFXLWR
JOREDOGHODFLHQFLD
&RKHUHQFLD GH ORV GLVHxRV WHUULWRULDOHV GH
LQIUDHVWUXFWXUDVGHVRSRUWHDODLQQRYDFLyQ
%DVH UHVWULFFLRQHVGHOVLVWHPD
)LQDQFLDFLyQ
1LYHOGHIRUPDFLyQGHODSREODFLyQ
6LVWHPDHGXFDWLYR
7DEOD(YDOXDFLyQGHODDSRUWDFLyQJHQHUDOGHOVLVWHPD
 /$ ',),&8/7$' (1 /$ 0(','$ '( /$ &$3$&,'$' ,1129$'25$ '(/ 6,67(0$
352'8&7,927(55,725,$/
(O637HVODSDUWHIXQGDPHQWDOGHOVLVWHPDGHFLHQFLD WHFQRORJ DWHUULWRULDO(Q~OWLPDLQVWDQFLDHOUHFHSWRUGH
WRGRHOVLVWHPDHVHOFRQMXQWRGHHPSUHVDV HVSXHVHOTXHFRQFUHWDUiVXERQGDG GHPRVWUDUiVXHILFDFLD&RQ
UHODFLyQDODFDSDFLGDGLQQRYDGRUDGHO637HQFRQWUDPRVQRWDEOHVGLILFXOWDGHVGHPHGLGD
$V SXHVPXFKDVGHODVHPSUHVDVH[LWRVDVQRFRQVLGHUDQFRPRLQQRYDFLyQDWRGDODVHULHGHDYDQFHVLPSRUWDQWHV
TXHVH GDQHQLQWHUYDORVODUJRV HWDSDVGLVFUHWDV(QVXFDVRODLQQRYDFLyQVHDVHPHMDPiVELHQDXQSURFHVR
FRQWLQXRGHPHMRUD/DDFWLYLGDGFUHDWLYDHQHVWDVHPSUHVDVHVXQSURFHVRGLDULRJUDFLDVDOFXDOFDGDYDULDQWH
GHOSURGXFWRHVXQSRFRPHMRUTXHVXSUHGHFHVRU/RTXHVHWUDWDGHPHGLUQRHVXQWLSRGHDFWLYLGDGFRQFUHWD
VHSDUDGDGHODDFWLYLGDGQRUPDOGHODHPSUHVDVLQRHOQLYHOGHLQQRYDFLyQGHVXDFWLYLGDGFRWLGLDQD&XDQGROD
DFWLYLGDGLQQRYDGRUDVHH[WLHQGHPiVDOOiGHORVGHSDUWDPHQWRVGH,'SRUH[LJHQFLDVGHOPDUFRFRPSHWLWLYRHO
FiOFXORVHYXHOYHFRPSOHMRDOJXQRVVSLQRIIRSHTXHxDVHPSUHVDVQRVRQRWUDFRVDTXHGHSDUWDPHQWRVGH,'
H[WHUQDOL]DGRV (QOD PHGLGD GHODFDSDFLGDGLQQRYDGRUD GHXQDHPSUHVD HO0DQXDO GH2VORGLVWLQJXHGRV
DSUR[LPDFLRQHV ³VXEMHFW DSSURDFK´ TXHWLHQH VX RULJHQ HQ HO FRPSRUWDPLHQWRLQQRYDGRU  TXHSUHVHQWDODV
DFWLYLGDGHVHPSUHVDULDOHVFRPRXQWRGR HO³REMHFWDSSURDFK´TXHVHFRQFHQWUDHQHOQ~PHUR FDUDFWHU VWLFDV
GHODVLQQRYDFLRQHVLQGLYLGXDOL]DGDV
$HIHFWRVGHOGLDJQyVWLFRGHOVLVWHPDFLHQFLD WHFQRORJ DGHXQWHUULWRULR GHODSRO WLFDWHFQROyJLFDGHEHPRV
VXEUD DUTXHHODXPHQWRGHODSURGXFWLYLGDGLQGXVWULDOVHUHODFLRQDEiVLFDPHQWHFRQSHTXHxDVLQQRYDFLRQHVGH
WLSRLQFUHPHQWDOUHDOL]DGDVSRUGLVWLQWDVXQLGDGHVWpFQLFDVGHODHPSUHVD UHODFLRQDGDVPD RULWDULDPHQWHFRQOD
SURGXFFLyQ$VLPLVPRHOQLYHOWHFQROyJLFRGHHVWDVSHTXHxDVLQQRYDFLRQHVHVPX YDULDGR SRUORWDQWRGLI FLO
GHPHGLU

8VXDOPHQWH ODPHMRUD GHODSURGXFWLYLGDGHQXQVHFWRU LQGXVWULDO VHSURGXFHDSDUWLUGHODLQFRUSRUDFLyQGH
LQQRYDFLRQHV DH[LVWHQWHVORTXHLPSOLFDSDUDODHPSUHVDXQHVIXHU]RGHDVLPLODFLyQ3RUHVWDUD]yQVHKDFH
QHFHVDULRTXHODVHPSUHVDVGLVSRQJDQGHGRVHOHPHQWRVLQIRUPDFLyQUHOHYDQWH DFWXDOL]DGDSDUDODWRPDGH
GHFLVLRQHV SHUVRQDOFDSDFLWDGRSDUDFRQFHELUODVHLPSOHPHQWDUODV8QWHUULWRULRDGDSWDGRUGHWHFQRORJ DSXHGH
GLVSRQHUGHHVWRVGRVHOHPHQWRV QRSRGHUPHGLUORV
8QD HPSUHVD HV LQQRYDGRUD FXDQGR UHDOL]D FRVDV VRUSUHQGHQWHV FRQ UHVSHFWR D VX HQWRUQR WHUULWRULDO (V
LPSRUWDQWH OD FRPSUHQVLyQ GH OR TXH HV   OR TXH QR HV XQD HPSUHVD LQQRYDGRUD HQ XQ WHUULWRULR SDUD HO
GLDJQRVWLFRGHODVLWXDFLyQGHXQWHUULWRULRHQORTXHVHUHILHUHDLQQRYDFLyQWHFQROyJLFD1RVHSXHGHMX]JDUXQD
UHJLyQ SRUVXVHPSUHVDVLQQRYDGRUDVVLQRSRUODGLQiPLFDGHFUHFLPLHQWRLQQRYDGRUGHOFRQMXQWRGHHOODVeVWH
HVXQWHPDPDVGHSURPHGLRTXHGHRULJLQDOLGDG
8QVLVWHPDPiVULJXURVRSDUDFRQRFHUODGLVWULEXFLyQGHODLQQRYDFLyQSRWHQFLDOHQHOWHUULWRULRHVDWUDYpVGHOD
XWLOL]DFLyQ GH ODFXUYDGH/RUHQ] TXHUHODFLRQD HOSRUFHQWDMHGHHPSUHVDV FRQHOYDORUGHOHVIXHU]RHQ ,'
DFXPXODGR(VWHJUiILFRSURSRUFLRQDUiLQIRUPDFLyQVREUHODGLVWULEXFLyQGHOHVIXHU]RLQQRYDGRUHQHOWHUULWRULR
/DFXUYDGH/RUHQ]SXHGHUHSOLFDUVHSRUVHFWRUHVSDUDGHILQLUODFRQFHQWUDFLyQVHFWRULDOGHOHVIXHU]RLQQRYDGRU
 ,PSRUWDQFLDGHODGLVWLQFLyQHQWUHLQQRYDFLyQGHSURGXFWR GHSURFHVRSDUDHOGLDJQRVWLFR2ULJHQ
JUDGRGHUHOHYDQFLDGHODVLQQRYDFLRQHV
(QJHQHUDOODLQQRYDFLyQGHSURGXFWRHVXQDDFWLYLGDGTXHFRPSRUWDPiVULHJRTXHODLQQRYDFLyQGHSURFHVR HV
PiVFRPSURPHWLGDGHVGHXQSXQWRGHYLVWDWHFQROyJLFR/DVLQQRYDFLRQHVUDGLFDOHVVRQPiVLPSUREDEOHV ODV
TXHPD RULPSDFWRWLHQHQHQHOGHVDUUROORWHUULWRULDO/DVLQQRYDFLRQHVLQFUHPHQWDOHVGHSURGXFWR GHSURFHVR
VRQHQSURPHGLRSURSLDVGHWHUULWRULRVPHQRVGHVDUUROODGRVWHFQROyJLFDPHQWH(QJHQHUDOHOHVSDFLRGHVRSRUWH
HVWi PHQRV HVSHFLDOL]DGR  VRQ HVFDVRV ORV HQODFHV HQWUH HO HVSDFLR GH VRSRUWH  HO VLVWHPD SURGXFWLYR
WHUULWRULDOL]DGR/DFRQWULEXFLyQDODPHMRUDGHODFDSDFLGDGGHUHVSXHVWDDOPHUFDGRPDUNHWSXOOWLHQHPXFKR
TXH YHU FRQ HO FDSLWDO KXPDQR  OD FDSDFLGDG GH JHQHUDU WHFKQRORJ  SXVK WLHQH PiV TXH YHU FRQ OD
RUJDQL]DFLyQ
 3 PHV JUDQGHVHPSUHVDV¢'LIHUHQWHYROXPHQGLIHUHQWHVUHVXOWDGRV GLIHUHQWHWUDWDPLHQWR"
8Q WHPD DxDGLGR  UHOHYDQWH HV OD GLVWLQFLyQ HQWUH 3<0(  *UDQ HPSUHVD HQ OR TXH KDFH UHIHUHQFLD D VX
FRPSRUWDPLHQWRLQQRYDGRU DODVSRO WLFDVDVRFLDGDVDODRUJDQL]DFLyQ(VLPSRUWDQWHSDUDHOHVWXGLRWHQHUHQ
FXHQWD HVWD GLVWLQFLyQ GHVGH XQSXQWRGHYLVWDREMHWLYR  WDPELpQ SRUHOKHFKRGHTXH DPHQXGR HO 637D
DQDOL]DUHVWiFRQVWLWXLGRSRU3<0(6/DUHDOLGDGVRFLDOTXHUHSUHVHQWDODDILUPDFLyQGHTXHXQWHMLGRFRPSXHVWR
SRU3<0(6HVPiViJLO YHUViWLOTXHRWURFRPSXHVWRSRUJUDQGHVHPSUHVDVSXHGHDFWXDUFRPRSUHMXLFLRSDUD
XQFRUUHFWRGLDJQyVWLFR/DSUHVHQFLDGH3<0(6QRJDUDQWL]DSRUV VRODXQGLDJQyVWLFRSRVLWLYR
/DWDEODPXHVWUDORVLQGLFDGRUHVPiVXVXDOHVSDUDPHGLUODFDSDFLGDGLQQRYDGRUDGHXQDHPSUHVD(VREYLR
TXHVXLQWHJUDFLyQHQHOiPELWRWHUULWRULDOQRHVXQDLPDJHQGHODFDSDFLGDGLQQRYDGRUDGHOWHUULWRULR
9DULDEOHV LQGLFDWLYDV GH OD FDSDFLGDG
LQQRYDGRUDGHXQDHPSUHVD
3RUFHQWDMH GH DXPHQWR VREUH ODV YHQWDV TXH
SUHVHQWDQ ORV SURGXFWRV LQWURGXFLGRV HQ ORV WUHV
~OWLPRV DxRV GLVWULEXLGRV HQWUH ORV SURGXFWRV
UDGLFDOPHQWH QXHYRV ORV PHMRUDGRV  ORV
GLIHUHQFLDGRV
ÈPELWR GH ORV SURGXFWRV UDGLFDOPHQWH QXHYRV
DEVROXWR SDUD HO SD V SDUD HO VHFWRU R SDUD OD
HPSUHVD
5HGXFFLyQ GH FRVWHV REWHQLGRV H[SUHVDGRV HQ
SRUFHQWDMH VREUH HO WRWDO GH ORV FRVWHV GH
SURGXFFLyQ
3RUFHQWDMH GH JDVWRV HQ HO GHVDUUROOR GH QXHYRV
SURGXFWRVUHVSHFWRDOYROXPHQGHYHQWDV
3RUFHQWDMH GH LQYHUVLRQHV HQ LQQRYDFLRQHV GH
SURFHVRUHVSHFWRDOYROXPHQWRWDOHQYHQWDV
3RUFHQWDMHGHWUDEDMDGRUHVHQ,'UHVSHFWRDOWRWDO
GHODHPSUHVD
7DEOD,QGLFDGRUHVSDUDHOGLDJQRVWLFRGHODVLWXDFLyQGHOD,'GHODVHPSUHVDVGHO637
)LQDOPHQWHODFRQVLGHUDFLyQGHODVWLSRORJ DVWHUULWRULDOHVGH3DYLWW ODVRUJDQL]DFLRQHVHVSHF ILFDVWHUULWRULDOHV
SXHGHQ WDPELpQ XWLOL]DUVH HQ HO GLDJQyVWLFR GHO 637 /DV WDEODV    QRV RIUHFHQ XQD PXHVWUD GH SRVLEOHV
SDUiPHWURV SDUD HO GLDJQyVWLFR GHO WHUULWRULR HQ IXQFLyQ GH OD WLSRORJ D GH 3DYLWW  GH OD RUJDQL]DFLyQ GHO
WHUULWRULR
7LSRORJ DGHORV637WHUULWRULDOHV
637FRQHPSUHVDVGRPLQDGDVSRUORVSURYHHGRUHV
637 FRQ HPSUHVDV FRQ XQD IXHUWH LQWHQVLGDG
SURGXFWLYDLQWHQVLYRVHQHFRQRP DVGHHVFDOD
637 FRQ HPSUHVDV TXH VRQ SURYHHGRUHV
HVSHFLDOL]DGRV
637FRQHPSUHVDVEDVDGDVHQODFLHQFLD
7DEOD7LSRORJ DGHORV637WHUULWRULDOHV
2UJDQL]DFLRQHVGHO637SUHVHQWHVHQHOWHUULWRULR
'LVWULWRVLQGXVWULDOHV
0HGLRVLQQRYDGRUHV
0HGLRVLQQRYDGRUHVXUEDQRV
&DGHQDV GH YDORU WHUULWRULDO LGHQWLILFDEOHV 3RVLFLyQ
HQODVFDGHQDVGHYDORU
)LOLDUHVLGHQWLILFDEOHV
0HGLRVLQGXVWULDOHVPHWURSROLWDQRV
1LYHO GH YHUWHEUDFLyQ GHO 637 6HUYLFLRVLQGXVWULD
LQGXVWULDLQGXVWULD
7DEOD2UJDQL]DFLRQHVGHO637SUHVHQWHVHQHOWHUULWRULR
 (63$&,2'(623257(7(55,725,$/<&$3$&,'$',1129$'25$'(/7(55,725,2
(OHVSDFLRGHVRSRUWHVHGHILQHFRPRWRGRORTXHGHIRUPDGLUHFWDRLQGLUHFWDFRQWULEX HDOEXHQIXQFLRQDPLHQWR
GH ODV HPSUHVDV TXH FRQWLHQH GLIHUHQWHV WLSRV GH HOHPHQWRV $VLPLVPR VH SXHGH FODVLILFDU VHJ~Q OD
UHVSRQVDELOLGDGSULYDGDRS~EOLFDVLHVWiIRUPDOL]DGRRHVLQIRUPDO HQLQIUDHVWUXFWXUDVI VLFDV PDWHULDOHV
3DUWH GHO 6&7, HVSHFLDOPHQWH SXEOLFRVH FRPSRQH GH LQYHVWLJDGRUHV  ODERUDWRULRV GH LQYHVWLJDFLyQ 
PD RULWDULDPHQWHS~EOLFRVTXHQRIRUPDQSDUWHGHO6376HVXSRQHTXHHOWUDEDMRGHVDUUROODGRSRUHVWRVXQG D
X RWUR VH YROFDUi HQ HO 637 (O FDPLQR TXH VLJXH HVWH SURFHVR GH WUDQVIHUHQFLD QR HV HYLGHQWH  GDGD VX
LPSRUWDQFLDGHEHVHUDQDOL]DGR
(O SURFHVR VHFXHQFLDO TXH GLULJH OD FLHQFLD DO PHUFDGR SXHGH OHHUVH GH IRUPDVLPSOLILFDGD FRPR OD FLHQFLD
GHVFXEUHODLQGXVWULDLQYHQWD DSOLFDHOKRPEUHXWLOL]D)UHQWHDHVWHPRGHOROLQHDOGHODLQQRYDFLyQODUHDOLGDG
VH SUHVHQWDPiV FRPSOHMDDQWHXQPRGHORLQWHUDFWLYR  PXOWLGLUHFFLRQDO HQ HO FXDOODV LQWHUUHODFLRQHV HQWUH
FLHQFLD WHFQRORJ D DFWLYLGDGLQQRYDGRUDVRQFRQVWDQWHV
3HUVLJXLHQGRXQD PHMRUD HQ OD FRPSUHQVLyQ GH ODV WUDQVIRUPDFLRQHVFLHQW ILFRWHFQROyJLFDV TXHOOHYDQ DXQD
LQQRYDFLyQ WHFQROyJLFDGLVWLQJXLPRVFXDWURQLYHOHVDODFLHQFLDTXHHVWDEOHFHORVIXQGDPHQWRVGHOGRPLQLR
WHFQROyJLFRRGHODDFWLYLGDGFRQVLGHUDGDE/DVWHFQRORJ DVJHQpULFDVTXHWUDWDQODVWHFQRORJ DVIXQGDPHQWDOHV
QHFHVDULDVSDUDXQDDFWLYLGDGGHWHUPLQDGDF/RVFRQFHSWRVWHFQROyJLFRVGHDSOLFDFLyQTXHGHQWURGHOPDUFRGH
XQDWHFQRORJ DFRQWHPSODQODH[LVWHQFLDGHDOJXQRVFRQFHSWRVGHSRVLEOHDSOLFDFLyQGRQGHFDGDXQRGHHOORV
SUHFLVDGHKDELOLGDGHVHVSHF ILFDVG/DVDGDSWDFLRQHVGHRUGHQWpFQLFRTXHUHSUHVHQWDQODVPRGLILFDFLRQHVTXH
QR FRPSRUWDQ UHFXUULU D XQD QXHYD WHFQRORJ D VLQR TXH VH VLW~DQ HQ HO PDUFR GH XQ FRQFHSWR WHFQROyJLFR
GHWHUPLQDGR
(V GH UHOHYDQWH LQWHUpV OD DGHFXDFLyQ GH XQD SRO WLFD HVSHF ILFD VHD FXDO VHD HO DFWRUD FDGD XQD GH ODV
UHDOLGDGHVGHSURJUHVLyQGHOVDEHU GHOVDEHUKDFHUHQWpUPLQRVGHSURPRFLyQ GHUHFXUVRV/DSURPRFLyQGH
OD FLHQFLD KD GH UHVSRQGHU SRU HMHPSOR D XQ PRGHOR PiV D ODUJR SOD]R SHUR HQ QLQJ~Q FDVR SXHGH VHU
³LUUHIOH[LYR DTXHVHU DLQHILFLHQWHSRUPXFKRGLQHURTXHVHLQYLHUWD&RQVLGHUDUODVHFXHQFLDFRQPiVRPHQRV
LQWHQVLGDG HOKHFKRGHTXHUHVSRQGDSDUFLDOPHQWHDODVHVWUXFWXUDVVHFWRULDOHVGHODUHJLyQ DVXVFDGHQDVGH
YDORU WLHQH PiV LPSRUWDQFLD GH OR TXH D SULPHUD YLVWD SXHGD SDUHFHU 6L QR VH OOHYDQ D FDER ODV SRO WLFDV
WHUULWRULDOHVHQFDSLWDOKXPDQR  GHVRSRUWHDODFLHQFLD ODWHFQRORJ DWHQLHQGRSUHVHQWHVODVUHDOLGDGHVGHO
VLVWHPDSURGXFWLYRWHUULWRULDOL]DGRODHYROXFLyQSUREDEOHGHORVHQWRUQRVFRPSHWLWLYRV ODYLVLyQSURVSHFWLYD
DGDSWDGDSDUDFDGDXQRGHORVVHJPHQWRVGHOSURFHVRHOUHVXOWDGRVHUiGHXQDQRWDEOHLQHILFLpQFLDFRQUHODFLyQD
ORVUHFXUVRVSXHVWRVHQMXHJRSXHGHTXHVHREWHQJDDOJ~Qp[LWRDLVODGRIUXWRGHODFDVXDOLGDG
7DPELpQVH KDKDEODGR GHODUHODWLYLGDG HQ ODGLVWLQFLyQ HQWUHLQYHVWLJDFLyQ SXUD  DSOLFDGD6HVXJLHUH TXH
UHVSRQGHPiVDXQDFXHVWLyQGHHWDSDV GHVHFWRUHVTXHDXQDGLVWLQFLyQREMHWLYD(OKHFKRHVTXHHVWDUHDOLGDG
QRVHDFHSWDWRGDY DHQODFXOWXUDGHPXFKRVGHORVFROHFWLYRVLQYROXFUDGRVHQODLQYHVWLJDFLyQ HOGHVDUUROOR
1RH[LVWHFRQVHQVRSRUSDUWHGHORVDJHQWHVGHSRO WLFDWHFQROyJLFDQLGHVGHORVDJHQWHVSURGXFWRUHVGHFLHQFLD
WHFQRORJ D LQQRYDFLyQWHFQROyJLFDHQORTXHUHVSHFWDDHVWDFRQVLGHUDFLyQ(VWDPRVDQWHXQDVLWXDFLyQPX 
SHOLJURVD HQ WpUPLQRV GH GLVFLSOLQD GH LQYHVWLJDFLyQ  VyOR VH SXHGH SHQVDU HQ VROXFLRQHV PRGLILFDQGR HO
VLVWHPDGHVHxDOHVGHVGHORVLQFHQWLYRV
/DGLVWLQFLyQHQWUHORVGRVWLSRVGHSURGXFFLyQGHWHFQRORJ DTXHHVDUWLILFLDOHVVLQHPEDUJR~WLOSDUDHO
DQiOLVLVGHODVLWXDFLyQGHXQWHUULWRULR DTXHSHUPLWHWUHVWLSRVGHDQiOLVLVHODQiOLVLVGHFDGDXQRSRUVHSDUDGR
HO DQiOLVLV GH OD FRPELQDFLyQ GH ORV GRV  ILQDOPHQWH HO DQiOLVLV GH ORV SXHQWHV HQWUH XQR  RWURFXDQGROD
SURGXFFLyQHVWpUHDOPHQWHVHSDUDGD $QWHHVWRVWUHVFDVRVGHEHPRVWUDWDUGRVQLYHOHVGLVWLQWRV DTXHKHPRVGH
LQWURGXFLUODGLPHQVLyQ VRILVWLFDFLyQHLPSRUWDQFLDGH ODDSRUWDFLyQ WHFQROyJLFDSURSLD(VWDGLPHQVLyQHV
GHFLU VX GHWHFFLyQ HV SRVLEOHPHQWH PiV UHOHYDQWH TXH RWUDV D TXH DFW~D FRPR LQGLFDGRU GHO QLYHO GH
JHQHUDFLyQGHWHFQRORJ DSURSLDTXHSDUDOHODPHQWHLQIRUPDGHOQLYHOGHUHVLVWHQFLDFRPSHWLWLYDGHODLQGXVWULD
GHEDVHWHFQROyJLFD'LFKRGHRWURPRGRHVVLJQLILFDWLYRDYHULJXDUFyPR FXDQGRXQDUHJLyQVHHVWiDFHUFDQGR
RDOHMDQGRGHODVUHJLRQHVFUHDGRUDVGHWHFQRORJ D
 &21&/86,21(6
/RVLQGLFDGRUHVGHODFDSDFLGDGLQQRYDGRUDGHXQWHUULWRULRSUHFLVDPHQWHSRUTXHWLHQHQXQDLQWHQFLyQKHXU VWLFD
VRQPiVSRWHQWHVFRPRPHMRUVHFRQRFHQORVPRGHORVSDUFLDOHVH[SOLFDWLYRVGHODLQQRYDFLyQWHUULWRULDOL]DGD/D
FRPSUHQVLyQGHXQIHQyPHQRFRPSOHMRSRUVXPDGHHOHPHQWRVFDXVDHIHFWRHVHQJHQHUDOGLI FLO SXHGHUHVXOWDU
FDUDVLKD UHFXUVRVGLVSRQLEOHV VLDGHPiVVHGLVWULEX HQHQIXQFLyQGHHVWRVLQGLFDGRUHV(QODFRPXQLFDFLyQ
KHPRVGHPRVWUDGRODGLILFXOWDGGHFRPSUHQVLyQGHODFDSDFLGDGLQQRYDGRUDGHOWHUULWRULRFRQHOVRORFRQFXUVRGH
ORV LQGLFDGRUHVPiV XVXDOHV  FRPRVH PHMRUD VX SRGHUH[SOLFDWLYRFRQ ODVRODLQWURGXFFLyQ GHORV PRGHORV
SDUFLDOHVGLVSRQLEOHVSDUDVXFODVLILFDFLyQ
5HIHUHQFLDV
>@ &DEUDO/³(FRQRP D,QGXVWULDO´0F*UDZ+LOO0DGULG
>@ )HUQiQGH]GH/XFLR,&RQHVD)³(VWUXFWXUDGHLQWHUID]HQHOVLVWHPDGHLQQRYDFLyQ6XSDSHOHQ
ODGLIXVLyQGHODWHFQRORJ D´7HVLVGRFWRUDO9DOHQFLD
>@ 5XDFK'.ODW]PDQ-³/DVWUDQVIHUWVGH7HFKQRORJLH´
>@6ROp)2OLYHUDV)³/DFUHDFLyQGHQXHYDVRSRUWXQLGDGHVGHQHJRFLRGHDOWRFRQWHQLGRWHFQROyJLFR
ODSURWHFFLyQLQGXVWULDO´)XQGDFLyQ8QLYHUVLGDG(PSUHVD0DGULG
L$TX HQWHQGHPRVSRUVHFWRUHOFRQMXQWRGHHPSUHVDVGRQGHODGHFLVLyQGHXQDGHHOODV±UHDORLQWXLGDDIHFWDD
ODVRWUDV
LL )HUQiQGH]GH/XFLR &RQHVDKDEODQGH6LVWHPD1DFLRQDOGH,QQRYDFLyQ61,PLHQWUDVTXHQRVRWURV
SUHIHULPRVODGHQRPLQDFLyQPiVJHQHUDOGH6LVWHPD7HUULWRULDOGH,QQRYDFLyQ67,DSOLFDEOHDXQHVWDGRD
XQD UHJLyQ R D FXDOTXLHU RWUR WHUULWRULR GRQGH VX DSOLFDFLyQ WHQJD DOJ~Q VHQWLGR 3UHFLVDPHQWH ORV GRV
FRRUGLQDGRUHV GHO WUDEDMR LQGLFDQ HQ VX REUD TXH ORV VLVWHPDV GH LQWHUID] VRQ PiV HILFDFHV D XQ QLYHO
UHJLRQDOTXHQRHVWDWDOORTXHQRLQYDOLGDVXXVRDiPELWRVWHUULWRULDOHVPiVDPSOLRV
LLL/DVVLJODVFRUUHVSRQGHQD6LVWHPD3URGXFWRUGH&LHQFLD 7HFQRORJ D7HUULWRULDO