,VWUX]LRQL SHU OಬXVR 6 & ) 0DQXDO GH LQVWUX©·HV 0DQXDO GH LQVWUXFFLRQHV )ULJRULIHUR )ULJRU¯ILFR )ULJRU¯ILFR
&217(1,'2 ,QIRUPDFLµQ VREUH VHJXULGDG ,QVWUXFFLRQHV GH VHJXULGDG ,QVWDODFLµQ 3DQHO GH FRQWURO 8VR GLDULR &RQVHMRV 0DQWHQLPLHQWR \ OLPSLH]D 6ROXFLµQ GH SUREOHPDV 5XLGRV 'DWRV W«FQLFRV ,QIRUPDFLµQ SDUD ORV LQVWLWXWRV GH SUXHEDV $7(1&,1 $/ &/,(17( < 6(59,&,2 8WLOLFH VLHPSUH SLH]DV GH UHFDPELR RULJLQDOHV &XDQGR VH SRQJD HQ FRQWDFWR FRQ QXHVWUR &HQWUR GH VHUYLFLR W«FQLFR DVHJ¼UHVH GH WHQHU ORV VLJXLHQWHV GDWRV GLVSRQLEOHV 0RGHOR Q¼PHUR GH VHULH /D LQIRUPDFLµQ VH HQF
ವ ವ ವ ವ (V QHFHVDULR PDQWHQHU DOHMDGRV GHO DSDUDWR D ORV QL³RV GH PHQRV GH D³RV VDOYR TXH HVW«Q EDMR VXSHUYLVLµQ FRQWLQXD 1R GHMH TXH ORV QL³RV MXHJXHQ FRQ HO DSDUDWR /D OLPSLH]D \ PDQWHQLPLHQWR GH XVXDULR GHO DSDUDWR QR SRGU£Q VHU UHDOL]DGRV SRU QL³RV VLQ VXSHUYLVLµQ 0DQWHQJD WRGR HO PDWHULDO GH HPEDODMH IXHUD GHO DOFDQFH GH ORV QL³RV \ GHV«FKHOR GH IRUPD DGHFXDGD 6HJXULGDG JHQHUDO ವ ವ ವ ವ ವ ವ (VWH DSDUDWR HVW£ FRQFHELGR SDUD XWLOL]DUVH HQ DSOLFDFLRQHV GRP«VWLFDV \ VLPLODUHV WDOHV FRPR
ವ ವ ವ ವ ವ 1R XWLOLFH SXOYHUL]DGRUHV QL YDSRU GH DJXD SDUD OLPSLDU HO DSDUDWR /LPSLH HO DSDUDWR FRQ XQ SD³R VXDYH KXPHGHFLGR 8WLOLFH VROR GHWHUJHQWHV QHXWURV 1R XWLOLFH SURGXFWRV DEUDVLYRV HVWURSDMRV GXURV GLVROYHQWHV QL REMHWRV PHW£OLFRV &XDQGR HO DSDUDWR HVW« YDF¯R GXUDQWH XQ ODUJR SHU¯RGR DS£JXHOR GHVFRQJ«OHOR O¯PSLHOR V«TXHOR \ GHMH OD SXHUWD DELHUWD SDUD HYLWDU TXH VH GHVDUUROOH PRKR HQ HO LQWHULRU GHO DSDUDWR 1R DOPDFHQH VXVWDQFLDV H[SORVLYDV WDOHV FRPR ODWDV GH DHURVRO FRQ XQ SURSXOV
$'9(57(1&,$ 1R XWLOLFH DGDSWDGRUHV GH HQFKXIHV P¼OWLSOHV QL FDEOHV SURORQJDGRUHV ವ (O DSDUDWR GHEH FRQHFWDUVH D WLHUUD ವ $VHJ¼UHVH GH TXH ORV SDU£PHWURV GH OD SODFD GH FDUDFWHU¯VWLFDV VRQ FRPSDWLEOHV FRQ ORV YDORUHV HO«FWULFRV GHO VXPLQLVWUR HO«FWULFR ವ 8WLOLFH VLHPSUH XQD WRPD FRQ DLVODPLHQWR GH FRQH[LµQ D WLHUUD FRUUHFWDPHQWH LQVWDODGD ವ $VHJ¼UHVH GH QR SURYRFDU GD³RV HQ ORV FRPSRQHQWHV HO«FWULFRV FRPR HQFKXIH FDEOH GH DOLPHQWDFLµQ FRPSUHVRU 3µQJDVH HQ FRQWDFWR FRQ XQ HOHFWULFLVWD R FRQ HO V
ವ $QWHV GH SURFHGHU FRQ HO PDQWHQLPLHQWR DSDJXH HO DSDUDWR \ GHVFRQHFWH HO HQFKXIH GH OD UHG ವ (VWH HTXLSR FRQWLHQH KLGURFDUEXURV HQ OD XQLGDG GH UHIULJHUDFLµQ 6ROR XQD SHUVRQD FXDOLILFDGD GHEH UHDOL]DU HO PDQWHQLPLHQWR \ OD UHFDUJD GH OD XQLGDG ವ ([DPLQH SHULµGLFDPHQWH HO GHVDJ¾H GHO DSDUDWR \ O¯PSLHOR VL IXHUD QHFHVDULR 6L HO GHVDJ¾H VH EORTXHD HO DJXD GHVFRQJHODGD VH DFXPXODU£ HQ OD EDVH GHO DSDUDWR $VLVWHQFLD ವ 3DUD UHSDUDU HO DSDUDWR SµQJDVH HQ FRQWDFWR FRQ HO FHQWUR GH VHUYLFLR DXWRUL]DGR
D3 D1 'LPHQVLRQHV W1 90 D2 ° A W2 B H1 W3 'LPHQVLRQHV JHQHUDOHV { (VSDFLR QHFHVDULR HQ XVR t + PP : PP ' PP { OD DOWXUD DQFKXUD \ SURIXQGLGDG GHO DSDUDWR VLQ HO PDQJR \ ODV SDWDV (VSDFLR QHFHVDULR HQ XVR t + $ % PP : PP ' PP $ PP % PP t OD DOWXUD DQFKXUD \ SURIXQGLGDG GHO DSDUDWR LQFOX\HQGR OD PDQLMD P£V HO HVSDFLR QHFHVDULR SDUD OD OLEUH FLUFXODFLµQ GHO DLUH GH UHIULJHUDFLµQ (VSDFLR WRWDO QHFHVDULR HQ XVR u + $ % PP
QHFHVDULR SDUD SHUPLWLU OD DSHUWXUD GH OD SXHUWD KDVWD HO £QJXOR P¯QLPR TXH SHUPLWD OD H[WUDFFLµQ GH WRGR HO HTXLSR LQWHUQR 8ELFDFLµQ 3DUD JDUDQWL]DU HO PHMRU IXQFLRQDPLHQWR GHO DSDUDWR QR GHEH LQVWDODUOR HQ ODV SUR[LPLGDGHV GH OD IXHQWH GH FDORU KRUQR HVWXIDV UDGLDGRUHV FRFLQDV R IRJRQHV QL HQ XQ OXJDU FRQ OX] VRODU GLUHFWD $VHJ¼UHVH GH TXH HO DLUH SXHGD FLUFXODU OLEUHPHQWH DOUHGHGRU GH OD SDUWH SRVWHULRU GHO JDELQHWH (VWH DSDUDWR GHEH LQVWDODUVH HQ XQD XELFDFLµQ LQWHULRU VHFD \ ELHQ YHQWLODGD
3$1(/ '( &21752/ 1 2 /D WHPSHUDWXUD SURJUDPDGD VH DOFDQ]D HQ XQ SOD]R GH KRUDV 'HVSX«V GH XQ FRUWH GHO VXPLQLVWUR HO«FWULFR OD WHPSHUDWXUD DMXVWDGD VH JXDUGD )XQFLµQ )DVW)UHH]H 4 3 ,QGLFDGRU /(' GH WHPSHUDWXUD ,QGLFDGRU )DVW)UHH]H %RWµQ )DVW)UHH]H 5HJXODGRU GH WHPSHUDWXUD %RWµQ GH HQFHQGLGR DSDJDGR (QFHQGLGR ,QWURGX]FD HO HQFKXIH HQ OD WRPD GH SDUHG 7RTXH HO ERWµQ GHO UHJXODGRU GH WHPSHUDWXUD VL WRGRV ORV /(' HVW£Q DSDJDGRV $SDJDGR 6LJD WRFDQGR HO ERWµQ GHO UHJXODGRU G
862 ',$5,2 &RORFDFLµQ GH ORV HVWDQWHV GH OD SXHUWD 3DUD SRGHU JXDUGDU DOLPHQWRV GH GLVWLQWRV WDPD³RV ORV HVWDQWHV GH OD SXHUWD VH SXHGHQ FRORFDU D GLIHUHQWHV DOWXUDV 7LUH JUDGXDOPHQWH GHO HVWDQWH KDFLD DUULED KDVWD TXH VH VXHOWH 9XHOYD D FRORFDUOR VHJ¼Q VHD QHFHVDULR 1R FRORTXH HO HVWDQWH GH YLGULR SRU HQFLPD GHO FDMµQ GH YHUGXUDV SDUD QR LPSHGLU OD FRUUHFWD FLUFXODFLµQ GHO DLUH &DMµQ SDUD YHUGXUDV (Q OD SDUWH LQIHULRU GHO DSDUDWR KD\ XQ FDMµQ HVSHFLDO SDUD JXDUGDU IUXWDV \ YHUGXUDV ,QGLF
DQWHV GH LQWURGXFLU ORV DOLPHQWRV HQ HO FRPSDUWLPHQWR FRQJHODGRU *XDUGH ORV DOLPHQWRV IUHVFRV GLVWULEXLGRV XQLIRUPHPHQWH HQ WRGRV ORV FRPSDUWLPHQWRV R FDMRQHV /D FDQWLGDG P£[LPD GH DOLPHQWRV TXH SXHGHQ FRQJHODUVH VLQ D³DGLU RWURV DOLPHQWRV IUHVFRV GXUDQWH KRUDV VH LQGLFD HQ OD SODFD GH GDWRV W«FQLFRV XQD HWLTXHWD VLWXDGD HQ HO LQWHULRU GHO DSDUDWR &XDQGR KD\D ILQDOL]DGR HO SURFHVR GH FRQJHODFLµQ HO DSDUDWR YXHOYH DXWRP£WLFDPHQWH DO DMXVWH GH WHPSHUDWXUD DQWHULRU FRQVXOWH )DVW)UHH]H )XQFLµQ
ವ $QWHV GH FRQJHODU HQYXHOYD \ VHOOH ORV DOLPHQWRV IUHVFRV HQ SDSHO GH DOXPLQLR ILOP R EROVDV GH SO£VWLFR HQYDVHV KHUP«WLFRV FRQ WDSD ವ 3DUD FRQJHODU \ GHVFRQJHODU FRQ P£V HILFDFLD GLYLGD OD FRPLGD HQ SRUFLRQHV SHTXH³DV ವ 6H UHFRPLHQGD SRQHU HWLTXHWDV \ IHFKDV HQ WRGRV VXV DOLPHQWRV FRQJHODGRV (VWR D\XGDU£ D LGHQWLILFDU ORV DOLPHQWRV \ D VDEHU FX£QGR GHEHQ XWLOL]DUVH DQWHV GH VX GHWHULRUR ವ /RV DOLPHQWRV GHEHQ VHU IUHVFRV DO FRQJHODUORV SDUD SUHVHUYDU OD EXHQD FDOLGDG (VSHFLDOPHQWH ODV IUXWDV
9LGD ¼WLO HQ HO FRQJHODGRU 7LSR GH DOLPHQWR 9LGD ¼WLO PHVHV 3DQ )UXWDV H[FHSWR F¯WULFRV 9HUGXUDV 6REUDV VLQ FDUQH /£FWHRV 0DQWHTXLOOD 4XHVR EODQGR S HM PR]]DUHOOD 4XHVR GXUR S HM SDUPHVDQR FKHGGDU 0DULVFR 3HVFDGR JUDVR S HM VDOPµQ FDEDOOD 3HVFDGR PDJUR S HM EDFDODR SODWLMD /DQJRVWLQRV $OPHMDV \ PHMLOORQHV GHVFRQFKDGRV 3HVFDGR FRFLQDGR &DUQH $YHV 9DFXQR &HUGR &RUGHUR 6DOFKLFKDV -DPµQ 6REUDV FRQ FDUQH &RQVHMR
ವ ವ ವ ವ GH ODV YHUGXUDV $OPDFHQH OD FDUQH GXUDQWH XQ P£[LPR GH G¯DV )UXWDV \ YHUGXUDV O¯PSLHODV D IRQGR HOLPLQH OD VXFLHGDG \ FROµTXHODV HQ XQ FDMµQ HVSHFLDO FDMµQ SDUD YHUGXUDV (V DFRQVHMDEOH QR JXDUGDU HQ HO IULJRU¯ILFR ODV IUXWDV H[µWLFDV FRPR SO£WDQRV PDQJRV SDSD\DV HWF /DV YHUGXUDV FRPR WRPDWHV SDWDWDV FHEROODV \ DMRV QR GHEHQ JXDUGDUVH HQ HO IULJRU¯ILFR 4XHVR \ PDQWHTXLOOD FROµTXHOR HQ XQ UHFLSLHQWH KHUP«WLFR R HQYX«OYDOR HQ SDSHO GH DOXPLQLR R HQ EROVDV GH SROLHWLOHQR SDUD
'HVFRQJHODFLµQ GHO FRQJHODGRU 35(&$8&,1 1R XWLOLFH KHUUDPLHQWDV PHW£OLFDV DILODGDV SDUD UDVSDU OD HVFDUFKD GHO HYDSRUDGRU \D TXH SRGU¯D GD³DUOR 1R XWLOLFH GLVSRVLWLYRV PHF£QLFRV QL PHGLRV DUWLILFLDOHV SDUD DFHOHUDU HO SURFHVR GH GHVFRQJHODFLµQ H[FHSWR ORV UHFRPHQGDGRV SRU HO IDEULFDQWH 8QDV KRUDV DQWHV GH UHDOL]DU OD GHVFRQJHODFLµQ DMXVWH XQD WHPSHUDWXUD P£V EDMD FRQ HO ILQ GH DFXPXODU IU¯R VXILFLHQWH HQ FDVR GH XQD LQWHUUXSFLµQ GHO IXQFLRQDPLHQWR 6LHPSUH VH IRUPD XQ SRFR GH HVFDUFKD HQ ORV H
4X« KDFHU VL 3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ (O DSDUDWR QR IXQFLRQD (O DSDUDWR HVW£ DSDJDGR (QFLHQGD HO DSDUDWR (O HQFKXIH QR HVW£ ELHQ FRಣ QHFWDGR D OD WRPD GH FRಣ UULHQWH (QFKXIH HO DSDUDWR D OD WRಣ PD GH FRUULHQWH FRUUHFWDಣ PHQWH 1R KD\ WHQVLµQ HQ OD WRPD GH FRUULHQWH &RQHFWH RWUR DSDUDWR D OD GH FRUULHQWH 3µQJDVH HQ FRQಣ WDFWR FRQ XQ HOHFWULFLVWD FXDಣ OLILFDGR (O DSDUDWR KDFH UXLGR (O DSDUDWR QR HVW£ ELHQ DSRಣ \DGR &RPSUXHEH TXH ORV VRSRUಣ WHV GHO DSDUDWR HVW£Q HVWDಣ E
3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ /D SXHUWD HVW£ PDO DOLQHDGD R LQWHUILHUH FRQ OD UHMLOOD GH YHQWLODFLµQ (O DSDUDWR QR HVW£ QLYHODGR &RQVXOWH ODV LQVWUXFFLRQHV GH LQVWDODFLµQ /D SXHUWD QR VH DEUH I£FLOಣ PHQWH +D LQWHQWDGR YROYHU D DEULU OD SXHUWD LQPHGLDWDPHQWH GHVSX«V GH FHUUDUOD (VSHUH XQRV VHJXQGRV HQಣ WUH HO FLHUUH \ OD UHDSHUWXUD GH OD SXHUWD /D ERPELOOD QR IXQFLRQD /D ERPELOOD HVW£ HQ PRGR GH HVSHUD &LHUUH \ DEUD OD SXHUWD /D ERPELOOD HV GHIHFWXRVD 3µQJDVH HQ FRQWDFWR FRQ HO V
3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ (O DJXD IOX\H SRU HO LQWHULRU GHO IULJRU¯ILFR /RV SURGXFWRV LPSLGHQ TXH HO DJXD IOX\D DO FROHFWRU GH DJXD $VHJ¼UHVH GH TXH ORV DOLಣ PHQWRV QR WRFDQ OD SODFD SRVWHULRU /D VDOLGD GH DJXD HVW£ REVಣ WUXLGD /LPSLH OD VDOLGD GH DJXD (O DJXD IOX\H SRU HO VXHOR /D VDOLGD GH DJXD GH GHVಣ FRQJHODFLµQ QR HVW£ FRQHFಣ WDGD D OD EDQGHMD GH HYDSRಣ UDFLµQ VLWXDGD VREUH HO FRPಣ SUHVRU $FRSOH OD VDOLGD GH DJXD GH GHVFRQJHODFLµQ D OD EDQGHMD GH HYDSRUDFLµQ 1R VH SXHGH
3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ /RV /(' GH DMXVWH GH WHPಣ SHUDWXUD SDUSDGHDQ DO PLVಣ PR WLHPSR 6H KD SURGXFLGR XQ HUURU DO PHGLU OD WHPSHUDWXUD 3µQJDVH HQ FRQWDFWR FRQ HO FHQWUR GH VHUYLFLR W«FQLFR P£V FHUFDQR (O VLVWHPD GH UHIULJHUDFLµQ VHJXLU£ PDQWHಣ QLHQGR IU¯RV ORV DOLPHQWRV SHUR QR SRGU£ DMXVWDU OD WHPSHUDWXUD 6L HO FRQVHMR DQWHULRU QR RIUHFH UHVXOWDGRV OODPH DO VHUYLFLR W«FQLFR DXWRUL]DGR P£V FHUFDQR &DPELR GH OD ERPELOOD (O DSDUDWR HVW£ HTXLSDGR FRQ XQD OX] /(' LQWHULRU GH ODUJD GXU
58,'26 SSSRRR! BRRR! CLICK! HISSS! BLUBB! '$726 7&1,&26 /D LQIRUPDFLµQ W«FQLFD VH HQFXHQWUD HQ OD SODFD GH GDWRV W«FQLFRV HQ HO ODGR LQWHULRU L]TXLHUGR GHO DSDUDWR \ HQ OD HWLTXHWD GH HQHUJ¯D (O FµGLJR 45 GH OD HWLTXHWD HQHUJ«WLFD VXPLQLVWUDGD FRQ HO DSDUDWR SURSRUFLRQD XQ HQODFH ZHE D OD LQIRUPDFLµQ UHODFLRQDGD FRQ HO UHQGLPLHQWR GHO DSDUDWR HQ OD EDVH GH GDWRV GH (8 (35(/ *XDUGH OD HWLTXHWD GH HQHUJ¯D FRPR UHIHUHQFLD MXQWR FRQ HO PDQXDO GH XVXDULR \ WRGRV ORV GHP£V GRFXPHQWRV TXH VH SURSRUFLRQDQ
&DS¯WXOR GH HVWH 0DQXDO GH 8VXDULR 3RU IDYRU SµQJDVH HQ FRQWDFWR FRQ HO IDEULFDQWH SDUD FXDOTXLHU RWUD LQIRUPDFLµQ DGLFLRQDO LQFOX\HQGR ORV SODQRV GH FDUJD $63(&726 0(',2$0%,(17$/(6 5HFLFOH ORV PDWHULDOHV FRQ HO V¯PEROR &RORTXH HO PDWHULDO GH HPEDODMH HQ ORV FRQWHQHGRUHV DGHFXDGRV SDUD VX UHFLFODMH $\XGH D SURWHJHU HO PHGLR DPELHQWH \ OD VDOXG S¼EOLFD DV¯ FRPR D UHFLFODU UHVLGXRV GH DSDUDWRV HO«FWULFRV \ HOHFWUµQLFRV 1R GHVHFKH ORV DSDUDWRV PDUFDGRV FRQ HO V¯PEROR MXQWR FRQ ORV UHVLGXRV
