Académique Documents
Professionnel Documents
Culture Documents
(GXFDFLyQ 6(*8,5
6HJXtHVWHWHPD\DRWURVPiV 352%$/2 &yPRIXQFLRQD
0LpUFROHVGHQRYLHPEUHGH_3XEOLFDGRHQHGLFLyQLPSUHVD
&ULVLVHGXFDWLYD
8QDHVFXHODVLQYRFDFLyQWUDQVIRUPDGRUD
&RQPiVDOXPQRVXQDpSRFDTXHFXHVWLRQDVXVVDEHUHV\XQDJUDQLQHTXLGDG
VRFLDOODHGXFDFLyQS~EOLFDQHFHVLWDQRVyORUHFXUVRVHFRQyPLFRVVLQR
GHFLVLRQHVSROtWLFDV
3RU*XLOOHUPLQD7LUDPRQWL_3DUD/$1$&,21
1
LHOFDWHJyULFRDXPHQWRGHO
SUHVXSXHVWRHGXFDWLYRQLHO
HVIXHU]RGHO(VWDGRSDUD
LQFRUSRUDUDODHGXFDFLyQDDPSOLRV
VHFWRUHVTXHDQWHVTXHGDEDQDIXHUD
ORJUDURQGDUYXHOWDHQHVWDGpFDGDOD
VLWXDFLyQFUtWLFDTXHYLYHHOVLVWHPD/RV
PHGLRFUHVUHVXOWDGRVGHODVSUXHEDV
LQWHUQDFLRQDOHV\HOIHQyPHQRGHORV
DOXPQRVTXHDEDQGRQDQODVHVFXHODV
HVWDWDOHVSDUDEXVFDUUHIXJLRHQOD
HGXFDFLyQSULYDGDFRQWUDGLFHQHO
GLVFXUVRRILFLDOTXHVHDWULEX\HOD
UHFXSHUDFLyQGHODHGXFDFLyQS~EOLFD
GXUDQWHORV~OWLPRVDxRV
¢4XpHVORTXHIDOOD"¢3RUTXpSHVHD
ODJUDQFDQWLGDGGHUHFXUVRVQRHQFRQWUDPRVWRGDYtDHOFDPLQRSDUDVDOLUGHOD
FULVLV"/DSUHJXQWDREOLJDDUHYLVDUXQHVFHQDULRDWUDYHVDGRSRUGLVWLQWDVOtQHDV
GHFRQIOLFWR
'HVGHORVDxRVORVVLVWHPDVHGXFDWLYRVGHODUHJLyQHQIUHQWDQXQDVLWXDFLyQ
KDUWRFRPSOHMDTXHUHVXOWDGHODFRQIOXHQFLDGHXQDVHULHGHH[LJHQFLDV3RU
XQDSDUWHKD\XQDGHPDQGDGHHVFRODUL]DUDWRGDODSREODFLyQGXUDQWHXQ
SHUtRGRFDGDYH]PiVODUJRGHODYLGD+DVWDPHGLDGRVGHOVLJORSDVDGRVH
WUDWDEDGHLQFOXLUDWRGRVHQHOQLYHOSULPDULR\VyORDXQRVSRFRVHQHO
KWWSZZZODQDFLRQFRPDUXQDHVFXHODVLQYRFDFLRQWUDQVIRUPDGRUD
8QDHVFXHODVLQYRFDFLyQWUDQVIRUPDGRUDODQDFLRQFRP
VHFXQGDULRSHURKR\VHKDHVWDEOHFLGRODREOLJDWRULHGDGGHODHVFXHODPHGLD
SDUDWRGDODSREODFLyQ6LQHPEDUJRFRPRODHVFXHODVHFXQGDULDHVWi
RUJDQL]DGDSDUDVHOHFFLRQDUDXQRVSRFRV\QRVHKLFLHURQFDPELRVHQVX
PRGHORSHGDJyJLFRWLHQHGLILFXOWDGHVPX\IXHUWHVSDUDVRVWHQHU\HQVHxDUD
WRGRVORVFKLFRVTXHVHLQFRUSRUDQ
3RURWUDSDUWHORVVLVWHPDVHGXFDWLYRVWUDWDQGHFRQVHUYDUVXUHOHYDQFLDHQXQ
HVSDFLRFXOWXUDOPX\GLIHUHQWHDOGHOPRPHQWRGHVXFUHDFLyQ\HQHOTXHD~Q
KR\VHUHIHUHQFLDQ(VWDPRVLQPHUVRVHQXQDFXOWXUDDWUDYHVDGDSRU
PXOWLSOLFLGDGGHOHQJXDMHVFRQSULPDFtDGHODLPDJHQ\GHODFRPXQLFDFLyQ
VLPXOWiQHDTXHKDFHGHQXHVWURVQLxRV\MyYHQHVVXMHWRVKLSHUHVWLPXODGRV\
FRQGLILFXOWDGHVGHDGDSWDUVHDODPRURVDPHWRGRORJtDGHODHVFXHODWUDGLFLRQDO
$HVWDHQFUXFLMDGDGHpSRFDVHOHDJUHJDHQHOFDVRGH$PpULFDODWLQDOD
H[WUHPDGLVSDULGDGGHODVFRQGLFLRQHVVRFLDOHV\FXOWXUDOHVGHODSREODFLyQTXH
OOHJDDODHVFXHOD6RPRVXQFRQWLQHQWHFRQHQRUPHVGHVLJXDOGDGHV\OD
$UJHQWLQDFRPSDUWHHVWDFRQGLFLyQQRVyORSRUTXHQXQFDIXLPRVWDQLJXDOLWDULRV
FRPRSUHWHQGtDPRVVLQRSRUTXHDSDUWLUGHORVDxRVDYDQ]DPRVHQQLYHOHV
FDGDYH]PiVDOWRVGHGHVLJXDOGDGTXHVHSURIXQGL]DURQHQORV\SHVHDO
GLVFXUVRRILFLDOQRKHPRVSRGLGRUHWRPDUORVQLYHOHVGHORVDxRV$GHPiV
HQXQSURFHVRTXHVHKDSURIXQGL]DGRHQORV~OWLPRVDxRVODSREODFLyQTXH
VHLQFRUSRUDDODHVFXHODORKDFHHQFLUFXLWRVGLIHUHQFLDGRVODHVFXHODS~EOLFD
DWLHQGHDORVVHFWRUHVPiVSREUHV\ODVFODVHVPHGLDV\DOWDVFRQFXUUHQD
HVFXHODVSULYDGDV
(VHVWHWULSOHHVFHQDULRPDVLILFDFLyQFDPELRFXOWXUDO\GHVLJXDOGDGVRFLDOHO
TXHKDFHGHODHVFRODUL]DFLyQGHODVQXHYDVJHQHUDFLRQHVXQGHVDItRTXH
UHTXLHUHPRYLOL]DUQRVyORUHFXUVRVHFRQyPLFRVVLQRWpFQLFRV\SROtWLFRV
(QQXHVWURSDtVGHVGHPHGLDGRVGHORVDxRVVHIXHGHOLQHDQGRXQPRGHOR
HGXFDWLYRDXWyFWRQRVREUHODEDVHGHOFXDOVHFRQVWUX\yODSROtWLFDHGXFDWLYD
QDFLRQDOTXHFRPELQDGLIHUHQWHVHOHPHQWRVXQDOHJLVODFLyQGHFRUWH
SURJUHVLVWDTXHHVWDEOHFHXQDDPSOLDFLyQGHOGHUHFKRDODHGXFDFLyQXQD
DOLDQ]DFRQORVVLQGLFDWRVGRFHQWHV\ODFRQVWUXFFLyQGHXQQXHYRGLVFXUVRGH
LQWHUSHODFLyQDORVPDHVWURV
3ULPHUR&LXGDG\1DFLyQGLFWDURQOH\HVGHREOLJDWRULHGDGGHODHVFXHODPHGLD
TXHQRIXHURQDFRPSDxDGDVSRUFDPELRVQLSHGDJyJLFRVQLGHRUJDQL]DFLyQ
HVFRODUSHURVtSRUXQDHVWUDWHJLDGHDOLDQ]DFRQORVVLQGLFDWRVGRFHQWHV(VWH
PDULGDMHVXSXVRVRPHWHUODVSROtWLFDVS~EOLFDVDORVLQWHUHVHVVHFWRULDOHV
KWWSZZZODQDFLRQFRPDUXQDHVFXHODVLQYRFDFLRQWUDQVIRUPDGRUD
8QDHVFXHODVLQYRFDFLyQWUDQVIRUPDGRUDODQDFLRQFRP
(QWpUPLQRVJHQHUDOHVVXSXVRWDPELpQXQFUHFLHQWHDXPHQWRGHORVVDODULRV
GRFHQWHVTXHVLQGXGDKDEtDQHVWDGRLQMXVWDPHQWHUHOHJDGRV+R\OD
$UJHQWLQDGHGLFDDODHGXFDFLyQHOGHVX3%,XQDOWRSRUFHQWDMHVLVHOR
FRPSDUDFRQORVSDtVHVGHODUHJLyQ\DXQFRQPXFKRVHXURSHRV\EXHQD
SDUWHGHHVWHSUHVXSXHVWRVHGHGLFDDORVVDODULRVGRFHQWHV+DVWDDTXtHO
PHMRUFRVWDGRGHHVDSROtWLFDDPSOLDFLyQGHORVGHUHFKRVDODHGXFDFLyQ\
YDORUL]DFLyQVDODULDOGHVXVSULQFLSDOHVDJHQWHV
3HURORFLHUWRHVTXHHVHDFXHUGRWLHQHRWUDVFRQVHFXHQFLDVQRWDQ
EHQHILFLRVDV8QDGHHOODVHVODQHXWUDOL]DFLyQGHWRGDSROtWLFDGHVWLQDGDD
PRGLILFDUHQHOVHQWLGRGHDXPHQWDUODVUHJXODFLRQHVVREUHHOWUDEDMRGRFHQWH
(QOD$UJHQWLQDKLVWyULFDPHQWHVHKDQQHXWUDOL]DGRODVLQVWDQFLDVGH
HYDOXDFLyQGHGRFHQWHV3RUHMHPSORORVGLUHFWRUHVGHODVHVFXHODVGHEHQ
FDOLILFDUDORVPDHVWURVDQXDOPHQWHSHURORVFRQIOLFWRVTXHDFDUUHDXQD
FDOLILFDFLyQEDMDKDQWHUPLQDGRGLVXDGLpQGRORVGHUHDOL]DUODV$SHVDUGHO
HVIXHU]RSUHVXSXHVWDULRTXHUHDOL]yHO(VWDGRSDUDPHMRUDUVXVVDODULRVQRVH
KDQLQVWDXUDGRIRUPDVJHQXLQDVGHHYDOXDFLyQ
'HOPLVPRPRGRVHKDGHVDUUROODGRXQGLVFXUVRGHGHVOHJLWLPDFLyQGHWRGDV
ODVPHGLFLRQHVGHORVUHVXOWDGRVGHORVDSUHQGL]DMHVGHORVDOXPQRV\VH
UHFKD]DFXDOTXLHUDUWLFXODFLyQHQWUHHVWRVUHVXOWDGRV\ORTXHDFRQWHFHHQOD
HVFXHOD/RVVLQGLFDWRVDFRPSDxDGRVSRUHOVHQWLGRFRP~QSURJUHVLVWDKDQ
DVLPLODGRHVWDVPHGLFLRQHVDOPRGHORQHROLEHUDO\ODVFRQVLGHUDQLQFRPSDWLEOHV
FRQXQDSROtWLFDGHPRFUDWL]DGRUD6LELHQHOSDtVSDUWLFLSDGHODVSUXHEDV
LQWHUQDFLRQDOHV\HVWDEOHFLyHQORVDxRVXQVLVWHPDGHHYDOXDFLyQQDFLRQDO
FXDQGROOHJDQORVUHVXOWDGRVVHORVGHVFRQRFHRVHORVLPSXJQD'HOPLVPR
PRGRQRKD\UHYLVLyQGHORVHVWDWXWRVTXHULJHQDOVHFWRUGRFHQWH\WDPSRFR
VHKDQGHVDUUROODGRSROtWLFDVSDUDGLVPLQXLUHODXVHQWLVPR
/DWHUFHUDSDWDGHODFXHUGRFRQORVVLQGLFDWRVH[LJHLQDPRYLOLGDGGHOPRGHOR
SHGDJyJLFRIXQGDPHQWDOPHQWHHQORUHIHUHQWHDOQLYHOPHGLR&RPRODV
LQQRYDFLRQHVTXHDOOtVHLQWURGXFHQGHEHQVHUFRPSDWLEOHVFRQORVLQWHUHVHV
VLQGLFDOHVTXHQRQHFHVDULDPHQWHVRQORVGHORVGRFHQWHVQDGDVHFDPELD\
HQHOQLYHOPHGLRWHQHPRVPDWHULDPiVPDWHULDPHQRVHOPLVPRPRGHORTXH
KDFHDxRV/DDPHQD]DGHFRQIOLFWRTXHSUR\HFWDQORVJUHPLRVDQWHFDGD
LQWHQWRGHPRGLILFDFLyQHVWDOTXHKDLQKLELGRFXDOTXLHUWUDQVIRUPDFLyQ
(OSUHVXSXHVWRILQDQFLDDGHPiVSUR\HFWRVHVSHFLDOHVTXHLQFOX\HQFODVHVGH
DSR\RWXWRUHV\VHJXLPLHQWRGHORVDOXPQRVSHURDGLIHUHQFLDGHORTXH
VXFHGHHQRWURVSDtVHVGRQGHHVWDVHVWUDWHJLDVWDPELpQVHDSOLFDQDTXtVH
IOH[LELOL]DQORVPHFDQLVPRVGHHYDOXDFLyQ\VHDFRPSDxDFRQXQGLVFXUVRTXH
KWWSZZZODQDFLRQFRPDUXQDHVFXHODVLQYRFDFLRQWUDQVIRUPDGRUD
8QDHVFXHODVLQYRFDFLyQWUDQVIRUPDGRUDODQDFLRQFRP
LQWHUSHODDOGRFHQWHGHVGHVXFRQGLFLyQGHPLOLWDQWHGHODFDXVDVRFLDOR
SHGDJyJLFDTXHORLQFLWDDFRPSUHQGHUODVFRQGLFLRQHVGHVIDYRUDEOHVGHVXV
DOXPQRVDDEDQGRQDUVXVSUHMXLFLRVGLVFULPLQDGRUHVVLQTXHHVWRVHDFRPSDxH
FRQXQDSURSXHVWDSHGDJyJLFDVXSHUDGRUD(VWHGLVFXUVRFRPSDVLRQDOVH
WUDGXFHHQXQDHVFXHODTXHWHUPLQDGHVSOD]iQGRVHGHOHVSDFLRGHORFXOWXUDODO
GHODDFFLyQVRFLDO
'HVGHHVWDSHUVSHFWLYDORTXHLPSRUWDHVTXHORVDOXPQRVHVWpQHQODHVFXHOD
TXHODLQVWLWXFLyQHMHU]DVREUHHOORVXQDDFFLyQEHQpILFDDOVDFDUORVGHORV
ULHVJRVGHODFDOOH\GHODGHOLQFXHQFLDSHURQRVHSURSRQHXQDDFFLyQGH
WUDQVIRUPDFLyQFXOWXUDO/DHVFXHODFRQWLHQHXQDSURPHVDPX\SUHVHQWHHQORV
VHFWRUHVSRSXODUHVGHSURSRUFLRQDUORVVDEHUHVODVKDELOLGDGHV\ODV
WLWXODFLRQHVQHFHVDULDVSDUDODVXSHUDFLyQGHODVOLPLWDFLRQHVGHRULJHQVRFLDO
(OSRSXOLVPRQRDVXPHHVWDSURPHVDPRGHUQDFRQVWUX\HHOYtQFXORFRQORV
VHFWRUHVSRSXODUHVDSDUWLUGHVXFRQGLFLyQSRSXODU\SRUORWDQWRSURSRQHXQD
HVFRODUL]DFLyQDFRUGHFRQHVWHSDWUyQGHJREHUQDELOLGDG
(O(VWDGRDVtVHKDFHFDUJRGHODGHVLJXDOGDGGHRULJHQ\SURSRQHXQPRGHOR
GHVWLQDGRDDPSOLDUVXWXWHODVREUHHVWRVVHFWRUHV3HURDEDQGRQDHQHO
FDPLQRDTXHOORTXHODHGXFDFLyQWLHQHGHLPSUHVFLQGLEOHXQDSURSXHVWD
HPDQFLSDGRUD
/$1$&,21
DESDE LA WEB
(Inversor Global)
UHFRPHQGDGRSRU
KWWSZZZODQDFLRQFRPDUXQDHVFXHODVLQYRFDFLRQWUDQVIRUPDGRUD