$17(6 '( 321(5 (1 0$5&+$ (/
02725
$'9(57(1&,$ /HD DWHQWD
PHQWH OD LQIRUPDFLyQ VREUH HO FRPEXVWLEOH HQ
ODDV UHJODV GH VHJXULGDG DQWHV GH FRPHQ]DU
6L QR FRPSUHQGH ODV UHJODV GH VHJXULGDG QR
LQWHQWH DEDVWHFHU HO DSDUDWR GH FRPEXVWLEOH
/ODPH DO Q~PHUR
$%$67(&,0,(172 '(/ 02725
$'9(57(1&,$ 5HPXHYD OD WDSD
GHO WDQTXH GH FRPEXVWLEOH OHQWDPHQWH DO UHD
EDVWHFHU FRPEXVWLEOH
,1)250$&,21 87,/
3DUD REWHQHU OD SURSRUFLyQ
FRUUHFWD GH PH]FOD GH
DFHLWH YLHUWD RQ]DV GH
DFHLWH VLQWpWLFR GH FLFORV
GHQWUR GH JDVROLQD IUHVFD
,03257$17( (VWH HTXLSR HVWi GLVHxDGR
SDUD RSHUDU FRQ JDVROLQD VLQ SORPR FRQ XQ
PtQLPR GH RFWDQR PpWRGR 50 FRQ
HWDQRO PH]FODGR KDVWD XQ Pi[LPR SRU
YROXPHQ ( $QWHV GH OD RSHUDFLyQ OD
JDVROLQD VH GHEH PH]FODU FRQ XQ DFHLWH SDUD
PRWRU HQIULDGR SRU DLUH GH FLFORV VLQWpWLFRV GH
EXHQD FDOLGDG GLVHxDGR SDUD PH]FODUVH D XQD
SURSRUFLyQ GH 6H UHFRPLHQGD HO DFHLWHVLQ
WpWLFR GH OD PDUFD 3RXODQ:((' ($7(5 0H]
FOH OD JDVROLQD \ HO DFHLWH D XQD SURSRUFLyQ GH
6H REWLHQH XQD SURSRUFLyQ GH DO PH]
FODU RQ]DV OtTXLGDV PO GH DFHLWH FRQ
JDOyQ OLWURV GH JDVROLQD VLQ SORPR 12 86(
DFHLWH DXWRPRWUL] QL DFHLWH PDUtWLPR (VWRV DF
HLWHV FDXVDUiQ GDxRV DO PRWRU $O PH]FODU FRP
EXVWLEOH VLJD ODV LQVWUXFFLRQHV LPSUHVDV HQ HO
UHFLSLHQWH 8QD YH] TXH HO DFHLWH VHDJUHJXH D OD
JDVROLQD DJLWH HO UHFLSLHQWH PRPHQWiQHDPHQWH
SDUD DVHJXUDU TXH HO FRPEXVWLEOH VH PH]FOH
ELHQ 6LHPSUH OHD \ VLJD ODV UHJODV GH VHJXULGDG
UHODFLRQDGDV FRQ HO FRPEXVWLEOH DQWHV GH OOHQDU
VX XQLGDG FRQ FRPEXVWLEOH &RPSUH FRPEXVWLE
OH HQ FDQWLGDGHV TXH VH SXHGDQ XVDU HQ GtDV
SDUD DVHJXUDU OD IUHVFXUD GHO FRPEXVWLEOH
35(&$8&,Ð1 1XQFD XVH JDVROLQD VROD HQ
VX XQLGDG (VWR FDXVDUi XQ GDxR SHUPDQHQWH
HQ HO PRWRU \ DQXODUi OD JDUDQWtD OLPLWDGD 1R
XVH FRPEXVWLEOHV DOWHUQDWLYRV FRPR PH]FODV
GH HWDQRO SRU DUULED GHO SRU YROXPHQ (
( R FXDOTXLHU FRPEXVWLEOH PH]FODGR FRQ
PHWDQRO (O XVR GH HVWRV FRPEXVWLEOHV SXHGH
FDXVDU XQ PD\RU GHVHPSHxR GHO PRWRU \ SURE
OHPDV GH GXUDELOLGDG
3$5$ '(7(1(5 (/ 02725
6XHOWH HO JDWLOOR DFHOHUDGRU
3DUD GHWHQHU HO PRWRU HPSXMH \ VXHOWH HO LQ
WHUUXSWRU 216723 (O LQWHUUXSWRU YROYHUi
DXWRPiWLFDPHQWH D OD SRVLFLyQ 21 (VSHUH
VHJXQGRV DQWHV GH SRQHU HQ PDUFKD HO
PRWRU RWUD YH] SDUD SHUPLWLU TXH HO LQWHUUXS
WRU VH UHDMXVWH
,QWHUUXSWRU
3$5$ 321(5 (1 0$5&+$
(/ 02725
$'9(57(1&,$ (YLWH HO KDFHU
QLQJ~Q WLSR GH FRQWDFWR FRQ HO VLOHQFLDGRU 8Q
VLOHQFLDGRU FDOLHQWH SRGUtD SURYRFDU TXHPD
GXUDV GH JUDYHGDG VL VH WRFD
3RVLFLyQ GH DUUDQTXH
,1)250$&,21 87,/
6L HO PRWRU GH VX DSDUDWR
QR VH SXVLHUD HQ PDUFKD
GHVSXpV GH KDEHU VHJXLGR
HVWDV LQVWUXFFLRQHV OODPH
DO
3$5$ $55$1&$5 &21 02725
)5,2
$9,62 12 DSULHWH HO JDWLOOR GHO DFHOHUDGRU
KDVWD TXH HO PRWRU DUUDQTXH \ VH SRQJD HQ
PDUFKD
3RQJD HO DSDUDWR HQ XQD VXSHUILFLH SODQD
2SULPD OHQWDPHQWH HO ERPEHDGRU YHFHV
0XHYD OD SDODQFD GHO DUUDQFDGRU D OD SR
VLFLyQ 67$57
%RPEHDGRU
0DQJR GH OD
&XHUGD GH $UUDQTXH
3DODQFD GHO
$UUDQFDGRU
7LUH ILUPHPHQWH GHO PDQJR GH OD FXHUGD
GH DUUDQTXH KDVWD TXH HO PRWRU DUUDQTXH
\ VH SRQJD HQ PDUFKD
$9,62 6L HO PRWRU QR DUUDQFD SUREDEOHPHQWH
VH HQFXHQWUH DKRJDGR 3URFHGD FRQ OD VHFFLyQ
$55$148( '( 02725 $+2*$'2
3HUPLWD TXH HO PRWRU HVWH HQ PDUFKD SRU
VHJXQGRV OXHJR DSULHWH HO JDWLOOR
DFHOHUDGRU SDUD GHVDFWLYDU HO VLVWHPD GHO
DUUDQTXH
3$5$ $55$1&$5 &21 (/ 02725
&$/,(17(
2SULPD \ VRVWHQJD HO JDWLOOR DFHOHUDGRU
0DQWHQJD HO JDWLOOR WRWDOPHQWH RSULPLGR
KDVWDTXHHOPRWRUPDUFKH VLQ SUREOHPDV
7LUH ILUPHPHQWH GHO PDQJR GH OD FXHUGD GH
DUUDQTXH KDVWD TXH HO PRWRU VH SRQJD HQ
PDUFKD
$9,62 1RUPDOPHQWH HO SURFHGLPLHQWRSDUD
DUUDQFDU FRQ HO PRWRU FDOLHQWH SXHGH VHU XWLOL
]DGRGHQWURPLQXWRV GHVSXpV TXH HO PR