81,9(56,'$'1$&,21$/$87Ï120$'(0e;,&2

)DFXOWDGGH&LHQFLDV

3ODQGHHVWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD



•–ƒ†À•–‹…ƒƒ›‡•‹ƒƒ

&ODYH 6HPHVWUH &UpGLWRV ÈUHD

 X  
&DPSRGH
3UREDELOLGDG\(VWDGtVWLFD
FRQRFLPLHQWR
(WDSD
3URIXQGL]DFLyQ

&XUVR;7DOOHU/DE6HP
0RGDOLGDG  7LSR 7;373

2EOLJDWRULR2SWDWLYR;
&DUiFWHU  +RUDV
2EOLJDWRULR(2SWDWLYR(
 6HPDQD 6HPHVWUH
 7HyULFDV 7HyULFDV
 3UiFWLFDV 3UiFWLFDV
 7RWDO 7RWDO

6HULDFLyQ

1LQJXQD
2EOLJDWRULD
$VLJQDWXUDDQWHFHGHQWH 

$VLJQDWXUDVXEVHFXHQWH 

,QGLFDWLYD;
$VLJQDWXUDDQWHFHGHQWH ,QIHUHQFLD(VWDGtVWLFD

$VLJQDWXUDVXEVHFXHQWH 2SWDWLYDVGHOFDPSRGHSUREDELOLGDG\HVWDGtVWLFD


2EMHWLYRJHQHUDO 
   
x &RQRFHU ORV FRQFHSWRV EiVLFRV GH OD WHRUtD ED\HVLDQD GH OD HVWDGtVWLFD FRQ pQIDVLV HQ OD WHRUtD GH
GHFLVLyQ\VXDSOLFDFLyQDODREWHQFLyQGHLQIHUHQFLDVWDQWRHQHVWLPDFLyQFRPRSUXHEDVGHKLSyWHVLV

2EMHWLYRVHVSHFtILFRV

x ([SOLFDUODPRWLYDFLyQWHyULFDSDUDHOGHVDUUROORGHODHVWDGtVWLFDED\HVLDQD   
x $GTXLULUKHUUDPLHQWDV~WLOHVSDUDODGHGXFFLyQGHGLVWULEXFLRQHVFDUHQWHVGHLQIRUPDFLyQ
x &RPSUHQGHUORVIXQGDPHQWRVGHODLQIHUHQFLDHVWDGtVWLFDGHVGHODSHUVSHFWLYDED\HVLDQD
x &RPSUHQGHUORVWHPDVVHOHFWRV\VXUHODFLyQFRQODHVWDGtVWLFDED\HVLDQD
3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

 


ËQGLFHWHPiWLFR
+RUDV
7HPD VHPHVWUH

7HyULFDV 3UiFWLFDV
 ,QWURGXFFLyQ  
 'HODLQIRUPDFLyQDSULRULDODGLVWULEXFLyQDSULRUL  
 ,QIHUHQFLD  
 7HPDVVHOHFWRV  
7RWDO 

&RQWHQLGR7HPiWLFR
 7HPD\VXEWHPDV
 ,QWURGXFFLyQ

 ,QWURGXFFLyQDOHQIRTXHED\HVLDQR
 7HRUtDGH'HFLVLRQHV
'HILQLFLyQGHXQSUREOHPDGHGHFLVLyQQRWDFLyQ\FRQFHSWRV
UHODFLRQDGRV
$[LRPDVGHFRKHUHQFLD
3UREDELOLGDGFRPRJUDGRGHFUHGLELOLGDG
)XQFLyQGHXWLOLGDG\XWLOLGDGHVSHUDGD
6ROXFLyQDXQSUREOHPDGHGHFLVLyQDFRWDGR\JHQHUDO
3URFHVRGHDSUHQGL]DMH
3UREOHPDVGHGHFLVLyQVHFXHQFLDOHV
,QIRUPDFLyQ
&DQWLGDGHVDOHDWRULDV
&DPSRGHGHFLVLRQHV\XWLOLGDGHV

 'HODLQIRUPDFLyQDSULRULDODGLVWULEXFLyQDSULRUL
 ,QIRUPDFLyQ+LVWyULFD
 'LVWULEXFLRQHVQRLQIRUPDWLYDV
 &ULWHULRGH-HIIUH\V
 0i[LPDHQWURStD
 )DPLOLDVFRQMXJDGDV

 ,QIHUHQFLD

)XQGDPHQWRV
 0HGLGDGHLQIRUPDFLyQJHQHUDOL]DGD
 3UHGLFWLELOLGDG
 ,QWHUFDPELDELOLGDG
 7HRUHPDGHUHSUHVHQWDFLyQGHGH)LQHWWL
 3ULQFLSLRGHYHURVLPLOLWXG
 3ULQFLSLRGHVXILFLHQFLD

3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

  (VWLPDFLyQ3XQWXDO\SRUUHJLRQHV
)XQFLRQHVGHSpUGLGD\UHJODVGHGHFLVLyQ
)XQFLRQHVGHULHVJRIUHFXHQWLVWD\ED\HVLDQD
(VWLPDGRUED\HVLDQR
(VWLPDGRUPLQLPD[
(VWLPDFLyQSXQWXDO
5HJLRQHVGHFUHGLELOLGDG
 3UXHEDVGH+LSyWHVLV
 ,QIHUHQFLDSDUDXQPRGHOROLQHDO
'HSHQGHQFLDOLQHDO
0RGHORVOLQHDOHV
0RGHORVMHUiUTXLFRV
3UHGLFFLyQ
0pWRGRVGH0RQWH&DUOREDVDGRVHQ&DGHQDVGH0DUNRY
6HOHFFLyQGH9DULDEOHV

 7HPDVVHOHFWRV
        
 ,QIHUHQFLDSDUDXQPRGHORGHPH]FODVILQLWDV
 ,QIHUHQFLDSDUDVHULHVGHWLHPSR
 5HGHV%D\HVLDQDV


(VWUDWHJLDVGLGiFWLFDV (YDOXDFLyQGHODSUHQGL]DMH
([SRVLFLyQ; ([iPHQHVSDUFLDOHV  ;
7UDEDMRHQHTXLSR ([DPHQILQDO   ;
/HFWXUDV; 7UDEDMRV\WDUHDV  ;
7UDEDMRGHLQYHVWLJDFLyQ; 3UHVHQWDFLyQGHWHPD  
3UiFWLFDVWDOOHURODERUDWRULR; 3DUWLFLSDFLyQHQFODVH 
3UiFWLFDVGHFDPSR $VLVWHQFLD
$SUHQGL]DMHSRUSUR\HFWRV; 5~EULFDV
$SUHQGL]DMHEDVDGRHQSUREOHPDV 3RUWDIROLRV
&DVRVGHHQVHxDQ]D /LVWDVGHFRWHMR
2WUDVHVSHFLILFDU 2WUDVHVSHFLILFDU
 
6HUHFRPLHQGDHOXVRGHSDTXHWHVHVWDGtVWLFRVFRPR 6HUHFRPLHQGDQGHDH[iPHQHVSDUFLDOHV\XQ
5 6366 6WDWLVWLFD R 63OXV SDUD HO DQiOLVLV \ H[DPHQILQDODVtFRPRODUHDOL]DFLyQGHWDUHDV
PRGHODFLyQGHORVGDWRV VREUHORVWHPDVYLVWRVHQFODVHSDUDUHIRU]DUORV
(V UHFRPHQGDEOH TXH VH LPSDUWDQ FODVHV HQ HO FRQRFLPLHQWRVWHyULFRVDGTXLULGRV
ODERUDWRULRGHFyPSXWRSDUDTXHHODOXPQRDSUHQGD
DXVDUDOPHQRVXQRGHHVWRVSDTXHWHV
$VLPLVPRVHVXJLHUHTXHDOILQDOGHOFXUVRHO
DOXPQRKDJDXQDQiOLVLVFRPSOHWRGHXQFRQMXQWR
GHGDWRV\SUHVHQWHORVUHVXOWDGRVGHPDQHUDRUDO\
HVFULWD
6HUHFRPLHQGDQWDUHDVUHJXODUHVHQODVFXDOHVHO
DOXPQRDSOLTXHHOPDWHULDOYLVWRHQFODVH\HVWp
REOLJDGRDUHYLVDUGLYHUVDVIXHQWHVELEOLRJUiILFDV
SDUDTXHDPSOtHVXVFRQRFLPLHQWRVFRQGLIHUHQWHV
HQIRTXHV


3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0


3HUILOSURIHVLRJUiILFR
7tWXORRJUDGR (JUHVDGRSUHIHUHQWHPHQWHGHODVOLFHQFLDWXUDVHQ$FWXDUtD0DWHPiWLFDVR
DOJXQDDItQ(VGHVHDEOHTXHFXHQWHFRQXQSRVJUDGRHQ(VWDGtVWLFD
([SHULHQFLDGRFHQWH &RQH[SHULHQFLDGRFHQWH
2WUDFDUDFWHUtVWLFD &RQFRQRFLPLHQWRVHQ(VWDGtVWLFD%D\HVLDQDDVtFRPRHQORVPRGHORVXWLOL]DGRV
SDUDHVWHILQ




%LEOLRJUDItDEiVLFD

x %HUJHU-26WDWLVWLFDO'HFLVLRQ7KHRU\DQG%D\HVLDQ$QDO\VLVHG1HZ<RUN6SULQJHU
9HUODJ
x %HUQDUGR-0%LRHVWDGLVWLFD8QD3HUVSHFWLYD%D\HVLDQD%DUFHORQD9LFHQ9LYHV
x %HUQDUGR-0DQG6PLWK$)%D\HVLDQ7KHRU\&KLFKHVWHU(QJODQG:LOH\
x %R[*(3DQG7LDR*&%D\HVLDQ,QIHUHQFHLQ6WDWLVWLFDO$QDO\VLV5HDGLQJ
0DVVDFKXVHWWV$GGLVRQ:HVOH\
x 'H*URRW0+2SWLPDO6WDWLVWLFDO'HFLVLRQV1HZ<RUN0F*UDZ+LOO
x 'H*URRW0+3UREDELOLW\DQG6WDWLVWLFV5HDGLQJ0DVVDFKXVHWWV$GGLVRQ:HVOH\
x 3UHVV6-%D\HVLDQ6WDWLVWLFV3ULQFLSOHV0RGHOVDQG$SSOLFDWLRQV1HZ<RUN:LOH\
x :LQNOHU5/,QWURGXFWLRQWR%D\HVLDQ,QIHUHQFHDQG'HFLVLRQ1HZ<RUN+ROW5LQHKDUW
DQG:LQVWRQ
x -LP$OEHUW%D\HVLDQ&RPSXWDWLRQZLWK56SULQJHU
x +RII3$)LUVW&RXUVHLQ%D\HVLDQ6WDWLVWLFDO0HWKRGV6SULQJHU7H[WVLQ6WDWLVWLFV

%LEOLRJUDItDFRPSOHPHQWDULD

x :HVW0LNH%D\HVLDQIRUHFDVWLQJDQGG\QDPLFPRGHOV1HZ<RUN6SULQJHU
x +DUQH\+DQQV/%D\HVLDQ,QIHUHQFH3DUDPHWHU(VWLPDWLRQDQG'HFLVLRQV6SULQJHU
x 0LQJ+XL&KHQ3HWHU0OOHU'RQJFKX6XQ.H\LQJ<HDQG'LSDN.'H\)URQWLHUVRI
6WDWLVWLFDO'HFLVLRQ0DNLQJDQG%D\HVLDQ$QDO\VLV,QKRQRURI-DPHV2%HUJHU6SULQJHU
x &DUOLQ%UDGOH\3DQG/RXLV7KRPDV$%D\HVDQG(PSLULFDO%D\HV0HWKRGVIRU'DWD
$QDO\VLVHG7D\ORU )UDQFLV
x 0DULQ-DQG5REHUW&%D\HVLDQ&RUH$3UDFWLFDO$SSURDFKWR&RPSXWDWLRQDO%D\HVLDQ
6WDWLVWLFV6SULQJHU7H[WVLQ6WDWLVWLFV
x 9ODGLPLU6DYFKXNDQG&KULV37VRNRV%D\HVLDQ7KHRU\DQG0HWKRGVZLWK$SSOLFDWLRQV
6SULQJHU



 

3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0