M
0DQXWHQ¾R LQWHOLJHQWH $ PDQXWHQ¾R GH DWLYRV HP TXDOTXHU VHWRU GH DWLYLGDGH Ä XP GHVDƬR
124
'H DFRUGR FRP R HVWXGR 0DQXWHQ¾R
HPSUHVD H RQGH DV DÂÐHV GH PD
WRGRV D QHFHVVLGDGH GH UHGX¾R GH
,QWHOLJHQWH s 3U¼WLFDV GH DQ¼OLVH
QXWHQ¾R SUHYHQWLYD V¾R HVSHFLDO
FXVWRV
GH GDGRV GD PDQXWHQ¾R HP 3RUWXJDO
PHQWH LPSRUWDQWHV
¾R GH FXVWRV PDV DR PHVPR WHPSR
PHVWUH GH SRGHPRV DJUXSDU RV
s HPSUHVDV FXMR SHVR GD PDQXWHQ
PDQWHU RX VXELU RV QÈYHLV GH TXDOLGDGH
GLIHUHQWHV VHWRUHV GH DWLYLGDGH HP
¾R DVVXPH JUDQGH LPSRUW½QFLD
GH VHUYLÂR GH PDQXWHQ¾R H[LVWHQWHV
JUDQGHV VHJPHQWRV
UHODWLYD QD HVWUXWXUD GH FXVWRV GD
FRPR WHP UHVROYLGR D VXD HPSUHVD HVWD
x
/LJKW PDLQWHQDQFH s HPSUHVDV
HPSUHVD H RQGH DV DÂÐHV GH PDQX
TXDGUDWXUD GR FÈUFXOR"
FXMR SHVR GD PDQXWHQ¾R DVVXPH
WHQ¾R FRUUHWLYD V¾R HVSHFLDOPHQWH
x
PHQRU LPSRUW½QFLD QD HVWUXWXUD GH
LPSRUWDQWHV
-R¾R 3HTXLWR 36( s 3URGXWRV H 6HUYLÂRV GH (VWDWÈVWLFD /GD
+HDY\
,QVRXUFLQJ &RUUHWLYH
x
5HGX]LQGR R LQYHVWLPHQWR HP HTXL SDPHQWRV H R FXVWR FRP PDWHULDLV"
x
FXVWRV GD HPSUHVD x
74
NOTA TÉCNICA
x
4XDQGR D FRQMXQWXUD REULJD » UHGX s
UHDOL]DGR SHOD 36( QHVWH SULPHLUR WUL
7UDQVIHULQGR R RXWVRXUFLQJ SDUD R
0DLQWHQDQFH LQWHQVLYH s HPSUHVDV
1D )LJXUD UHSUHVHQWDPRV RV VHWRUHV
LQVRXUFLQJ XWLOL]DQGR RV UHFXUVRV
FXMR SHVR GD PDQXWHQ¾R DVVXPH
GH DWLYLGDGH SHUWHQFHQWHV D FDGD XP
LQWHUQRV"
JUDQGH LPSRUW½QFLD UHODWLYD QD HV
GHVWHV JUXSRV
WUXWXUD GH FXVWRV GD HPSUHVD LQGH
¤ LQWHUHVVDQWH YHULILFDU TXH SDUD
(VWDV HVWUDWÄJLDV WÅP WLGR XP UHIOH
SHQGHQWHPHQWH GD HVWUDWÄJLD TXH
FDGD XP GHVWHV VHJPHQWRV SRGHP
[R LPHGLDWR XPD UHGX¾R GH FXVWRV
WHQKDP DGRWDGR
VHU GLIHUHQWHV DV SUHRFXSDÂÐHV s
FRP R DXPHQWR GH RFRUUÅQFLDV H GDV
+HDY\ 2XWVRXUFLQJ 3UHYHQWLYH s
GHVGH D QHFHVVLGDGH GH SUHYHU D
VROLFLWDÂÐHV GDV HTXLSDV LQWHUQDV
s HPSUHVDV FXMR SHVR GD PDQXWHQ
RFRUUÅQFLD GH IDOKDV DWÄ » RWLPL]D¾R
(P VXPD XP DXPHQWR GRV QÈYHLV GH
¾R DVVXPH JUDQGH LPSRUW½QFLD
H SODQHDPHQWR GH SURFHVVRV GH PD
ULVFR
UHODWLYD QD HVWUXWXUD GH FXVWRV GD
QXWHQ¾R s PDV H[LVWH XPD FRPXP D
0DV TXDO Ä R FXVWR GD LQGLVSRQLEL OLGDGH SDUD D VXD HPSUHVD" 4XDO Ä R SUÄPLR GH ULVFR GD PDQXWHQ¾R" 4XDO R FXVWR GD GLVSRQLELOLGDGH" &RPR UH
+HDY\ ,QVRXUFLQJ &RUUHFWLYH
0DLQWHQDQFH ,QWHQVLYH &DOÂDGR H &RXUR
3DSHO H 'HULYDGRV
,QIUDHVWUXWXUDV
VROYHU HVWD HTXD¾R" 7URFDQGR VHUYL ÂRV GH PDQXWHQ¾R SRU P¾R GH REUD LQWHUQD" ( DV HTXLSDV GH PDQXWHQ¾R"
3HVR GD PDQXWHQ¾R FRUUHWLYD
7ÅP P¾RV SDUD WRGDV DV RFRUUÅQFLDV TXH DXPHQWDUDP" &RUWDP VH [ GRV
6LGHUXUJLD H 0HWDORPHF½QLFD
+RVSLWDLV
FXVWRV" 2QGH"
2XWUD ,QGÕVWULD 7UDQVSRUWHV $XWRPÎYHO
4XÈPLFD
0XLWDV HPSUHVDV DGRWDUDP M¼ HVWUD WÄJLDV SUHYHQWLYDV VLVWHP¼WLFDV UHOH YDQWHV $OJXPDV WÅP M¼ WHFQRORJLDV H
$OLPHQWDU
DÂÐHV GH PDQXWHQ¾R SUHGLWLYD 0XL
9HVWX¼ULR
WDV WÅP LQFOXVLYH VLVWHPDV DYDQÂDGRV 0DGHLUD H &RUWLÂD
/LJKW 0DLQWHQDQFH
1D ¼UHD GD PDQXWHQ¾R V¾R PXL WRV RV SURJUHVVRV TXH WÅP VLGR IHLWRV
+HDY\ 2XWVRXUFLQJ 3UHYHQWLYH
GH DODUPHV 6HMD FRP PDLRU RX PHQRU VRƬVWL FD¾R WHFQROÎJLFD D PDQXWHQ¾R VDEH TXH R TXH Q¾R SRGH VHU PHGLGR Q¾R
3HVR GD PDQXWHQ¾R QD HVWUXWXUD GH FXVWRV
SRGH VHU JHULGR 2V JHVWRUHV GH PD QXWHQ¾R FRQKHFHP D LPSRUW½QFLD GH
)LJXUD
UHFROKHU GDGRV GH PDQXWHQ¾R
PDQXWHQ¾R V¾R XPD PDWÄULD SULPD
¤ LQWHUHVVDQWH QRWDU TXH XPD GDV FRQ
0DV D DQ¼OLVH Ä LQÕWLO VH Q¾R VH UH
TXH SHUPLWH DGTXLULU XP QRYR FRQKH
FOXVÐHV GR HVWXGR DWU¼V UHIHUHQFLDGR Ä
ƮHWLU HP FRQKHFLPHQWR H FULD¾R GH
FLPHQWR H GHƬQLU QRYDV HVWUDWÄJLDV GH
TXH D JHQHUDOLGDGH GDV HPSUHVDV DWUL
YDORU SDUD R QHJÎFLR
PDQXWHQ¾R
EXL XPD HOHYDGD LPSRUW½QFLD » DQ¼OLVH
(VWD FDSDFLGDGH GH ID]HU D VÈQWHVH
GH LQIRUPD¾R QD JHVW¾R GD PDQXWHQ
HQWUH D DQ¼OLVH DYDQÂDGD H R QHJÎFLR Ä
¾R H LGHQWLƬFD FRPR SULQFLSDLV DÂÐHV D
PXLWDV YH]HV GHVLJQDGD XPD DUWH
7HU UHSRVLWÎULRV FHQWUDOL]DGRV GH GDGRV H LQIRUPD¾R GLVSRQÈYHO Ä XPD GDV SULRULGDGHV D GHVHQYROYHU SDUD GRV JHVWRUHV SDUD
UHDOL]DU SRU RUGHP GHFUHVFHQWH x x
&DSDFLWDU DV HTXLSDV FRP FRPSH
FRPELQDP HVWDV FDSDFLGDGHV H FRP
WÅQFLDV DQDOÈWLFDV
SHWÅQFLDV ID] FRP TXH PXLWDV YH]HV
,PSOHPHQWDU VLVWHPDV GH LQIRU
DV RUJDQL]DÂÐHV IDOKHP QR GHVHQYROYL
PD¾R ¼JHLV TXH TXHEUHP DV EDU
PHQWR DQDOÈWLFR SRU IDOWD GRV UHFXUVRV
UHLUDV H RV VLORV GH LQIRUPD¾R QD
DGHTXDGRV
HPSUHVD ¤ YHUGDGH TXH WRGR R JHVWRU GH PDQX
x
WHQ¾R M¼ DQDOLVD GDGRV ¤ YHUGDGH TXH M¼ WHP XPD OLVWD LPHQVD GH LQGLFDGRUHV 0DV WDPEÄP Ä YHUGDGH TXH LVVR Ä XP
x
$ HVFDVVH] GHVWHV UHFXUVRV TXH
1HVWH VHQWLGR DV RUJDQL]DÂÐHV GH
,GHQWLƬFDU DV IRQWHV GH LQIRUPD¾R
YHP SRWHQFLDU FDSDFLGDGHV LQWHUQDV
FKDYH SDUD D PDQXWHQ¾R
GH TXH GLVSÐHP H SURPRYHU VLQHUJLDV
3URGX]LU H GLVWULEXLU LQGLFDGRUHV GH
FRP RV SDUFHLURV DQDOÈWLFRV DGHTXDGRV
PDQXWHQ¾R SHOD RUJDQL]D¾R
$V RUJDQL]DÂÐHV TXH FRQMXJDP R TXH PHOKRU VDEHP R VHX QHJÎFLR
UHWUDWR GR TXH M¼ RFRUUHX ( QR IXWXUR" 2 TXH YDL DFRQWHFHU" ( TXH UHODÂÐHV H
1R HVWXGR 0DQXWHQ¾R LQWHOLJHQWH
FRP RV SDUFHLURV DQDOÈWLFRV DGHTXDGRV
FDXVDV H[LVWHP"
Ä FODUD D FRQVFLÅQFLD GRV JHVWR
HVSHFLDOLVWDV HP FRQVXOWRULD DQDOÈWLFD
UHV GH PDQXWHQ¾R SDUD D SHUWLQÅQFLD
GH QHJÎFLR GHVHQYROYHP SURMHWRV GH
H LPSRUW½QFLD GD DQ¼OLVH SDUD D JHVW¾R
VXFHVVR
76
NOTA TÉCNICA
'H DFRUGR FRP R QRVVR HVWXGR FHUFD GH GDV HPSUHVDV Q¾R WÅP DLQGD SURFHVVRV GH GHWH¾R GH DQRPDOLDV QRYRV SDGUÐHV GH IDOKDV RX GH DQ¼OLVH GH URRW FDXVHV VHQGR HVWHV GRV SURFHVVRV GH JHVW¾R LGHQWLƬFDGRV FRPR SULRULW¼ULRV QD DJHQGD SDUD R FXUWR SUD]R
GD PDQXWHQ¾R
2 HQYROYLPHQWR GRV SDUFHLURV DGH TXDGRV SHUPLWH LQWHJUDU H[SHULÅQFLD QR GHVHQYROYLPHQWR DQDOÈWLFR NQRZ
GRV JHVWRUHV GH PDQXWHQ¾R FRQVLGHUDP LPSRUWDQWH RX PXLWR LPSRUWDQWH LQFRUSRUDU D DQ¼OLVH DYDQÂDGD QD JHVW¾R GD PDQXWHQ¾R
KRZ H PHOKRUHV SU¼WLFDV QDV HTXLSDV LQWHUQDV 3URPRYHU VLQHUJLDV H HTXLSDV FRP DV SHVVRDV FHUWDV Ä R FDPLQKR FHUWR SDUD R VXFHVVR
¤ 35(&,62 08'$5 0(17$/,'$'(6 $V ÄSRFDV DGYHUVDV WÅP PXLWDV YH
0DV H[LVWLQGR HVWD FRQVFLÅQFLD TXDLV
'HYH VHU R 1HJÎFLR H Q¾R R ,7 D OLGHUDU
]HV D YDQWDJHP GH QRV ID]HU UHƮHWLU H
DV EDUUHLUDV SDUD TXH D JHVW¾R GD PD
R SURFHVVR
UHLQYHQWDU
QXWHQ¾R DVVXPD GHƬQLWLYDPHQWH XPD
2 HYHQWXDO SUREOHPD VXUJH HP
3HODV SUHVVÐHV HVWUXWXUDLV H FRQ
HVWUDWÄJLD EDVHDGD QR FRQKHFLPHQWR
PXLWDV HPSUHVDV TXDQGR DR LPSOHPHQ
MXQWXUDLV DV HPSUHVDV GHYHP DGRWDU
SDUD GRWDU RV SURFHVVRV GH LQWHOLJÅQFLD
WDUHP HVWH WLSR GH VROXÂÐHV R ID]HP D
HVWUDWÄJLDV GH JHVW¾R GD PDQXWHQ¾R
DQDOÈWLFD"
SDUWLU GRV UHTXLVLWRV WÄFQLFRV RX FRP
EDVHDGDV QR FRQKHFLPHQWR H DEUD
XPD SHUVSHWLYD WÄFQLFD 6¾R DTXHOHV
ÂDU HP GHƬQLWLYR QRYDV HVWUDWÄJLDV H LGHLDV WUDQVIRUPDQGR HP GHƬQLWLYR RV GDGRV GLVSRQÈYHLV HP SRXSDQÂDV HP UDFLRQDOL]D¾R H RWLPL]D¾R GH UHFXUVRV
TXH Y¾R GHƬQLU R FDPLQKR D SHUFRUUHU
2V JHVWRUHV GH PDQXWHQ¾R LGHQWLƬFDP GXDV ¼UHDV FRPR EDUUHLUDV DR GHVHQYROYLPHQWR DQDOÈWLFR
8PD PDQXWHQ¾R LQWHOLJHQWH Ä XPD PDQXWHQ¾R TXH XVD R FRQKHFL PHQWR H D DQ¼OLVH GH GDGRV SDUD x
2WLPL]DU FDSDFLGDGHV
x
7RPDU PHOKRUHV GHFLVÐHV H DWXDU GH IRUPD PDLV SURDWLYD H HƬFD]
x x
,QFRUSRUDU
FRQKHFLPHQWR
QDV
x
QDU D VROX¾R WÄFQLFD DR SUREOHPD GH QHJÎFLR $ OLGHUDQÂD SRU SDUWH GR QHJÎFLR Ä LJXDOPHQWH HVVHQFLDO SDUD R GHVHQ
x $ LQH[LVWÅQFLD GH IHUUDPHQWDV FRPSHWÅQFLDV H FDSDFLGDGHV DQDOÈWLFDV LQWHUQDV
YROYLPHQWR GH XPD FXOWXUD DQDOÈWLFD QD RUJDQL]D¾R 3RU QRUPD RV SURMHWRV TXH FRPH ÂDP GH EDL[R SDUD FLPD QDV RUJDQL]D
x 2 HQYROYLPHQWR GD JHVW¾R H D FXOWXUD RUJDQL]DFLRQDO
ÂÐHV HVW¾R GHVWLQDGRV DR IUDFDVVR $ OLGHUDQÂD H R FRPSURPLVVR GD
RSHUDÂÐHV
JHVW¾R H GR QHJÎFLR V¾R FKDYH WDQ
6XSRUWDU D HVWUDWÄJLD GH PDQXWHQ
WR SDUD D GHƬQL¾R GH REMHWLYRV H
6 2 1(&(66 5,$6 &203(7¥1&,$6 ( &$3$&,'$'(6
HVWUDWÄJLD DQDOÈWLFD FRPR SDUD D LQ
&ULDU SODQRV GH PDQXWHQ¾R H RUÂD PHQWRV DVVHUWLYRV
$ DQ¼OLVH Ä XPD IXQ¾R GHVHPSHQKDGD
DQDOÈWLFD QD RUJDQL]D¾R H QD JHVW¾R GD
0D[LPL]DU D SRXSDQÂD
SRU SHVVRDV Q¾R SRU P¼TXLQDV
PDQXWHQ¾R M
¾R H D JHVW¾R x
TXDQGR R FRUUHWR GHYHULD VHU FRQGLFLR
WHJUD¾R H DGR¾R GH XPD FXOWXUD