Loading ...
Loading ...
Loading ...
862
(QFHQGLGRDSDJDGRGHXQD]RQDGHFRFFLyQ
HVFXFKDUiXQSLWLGRODUJR\HOYDORUDSDUHFHUiHQOD]RQDSUHYLVWD
SDUDLQGLFDUHOQLYHOGHSRWHQFLD
&XDQGRKD\D DOJXQDIDVH GHFRFFLyQ HQ HOYLVXDOL]DGRU VH
DSDJDUiDXWRPiWLFDPHQWHGHVSXpVGHVHJXQGRV\VHHVFXFKDUi
ODVHFXHQFLDDF~VWLFDGHDSDJDGRGH]RQD
&XDQGR KD\D XQD LQGLFDFLyQ GH FDORU UHVLGXDO DFWLYD HQ HO
YLVXDOL]DGRUFRQSRWHQFLDDSDUHFHUiHOYDORUDOWHUQDQWH
/D]RQD QR VH SXHGH HQFHQGHUVL ODIXQFLyQ GHEORTXHR HVWi
DFWLYD
3DUDDSDJDUXQD]RQDGHFRFFLyQWyTXHODGXUDQWHVHJXQGRV6H
HVFXFKDUiQ SLWLGRV FRUWRV\ HOLQGLFDGRU GHOD ]RQDSUHYLVWD QR
PRVWUDUiQDGDRSUHVHQWDUiHOYDORU+FXDQGRKD\DFDORUUHVLGXDO
/D]RQDVHDSDJDUi
&XDQGRKD\D DOJXQDIDVH GHFRFFLyQ HQ HOYLVXDOL]DGRU VH
DSDJDUiDXWRPiWLFDPHQWHGHVSXpVGHVHJXQGRV\VHHVFXFKDUi
&216(-262%5(/2687(16,/,26
'(&2&,1$
(OXVRGHXWHQVLOLRVGHEXHQDFDOLGDGHVIXQGDPHQWDOSDUDTXHOD
SODFDGHFRFFLyQIXQFLRQHGHPDQHUDySWLPD
8WLOLFH VLHPSUH XWHQVLOLRV GH EXHQD FDOLGDG FRQ EDVH
FRPSOHWDPHQWHSODQD\JUXHVD(OXVRGHHVWHWLSRGHXWHQVLOLRVGH
FRFLQDHYLWDUiODFRQFHQWUDFLyQGHFDORUHQGHWHUPLQDGRVSXQWRVOR
TXHKDFHTXHVHSHJXHODFRPLGD/DV ROODV\VDUWHQHV GHPHWDO
JUXHVDVRIUHFHQXQDPHMRUGLVWULEXFLyQGHOFDORU
$VHJ~UHVHGHTXHODEDVHGHODROODRVDUWpQHVWpVHFD&XDQGR
OOHQHORVUHFLSLHQWHVGHOtTXLGRRXWLOLFHXQUHFLSLHQWHTXHKD\DHVWDGR
HQHOIULJRUtILFRDVHJ~UHVHGHTXHODEDVHHVWpFRPSOHWDPHQWHVHFD
DQWHVGHFRORFDUORHQODSODFDGHFRFFLyQ'HHVWDIRUPDVHHYLWDUi
TXHODSODFDGHFRFFLyQVHPDQFKH
8WLOLFHUHFLSLHQWHVFX\RGLiPHWURFXEUDSRUFRPSOHWROD]RQD
GHFRFFLyQ(OUHFLSLHQWHQRGHEHVHUPiVSHTXHxRTXHHOiUHDGH
FRFFLyQ6LHVXQSRFRPiVDQFKRRIUHFHUiXQDHILFLHQFLDHQHUJpWLFD
Pi[LPD
(/(&&,Ï1 '( /26 87(16,/,26 '( &2&,1$ /D VLJXLHQWH
LQIRUPDFLyQ D\XGD D HOHJLU ORV XWHQVLOLRV GH FRFLQD TXH RIUHFHQ
PHMRUHVUHVXOWDGRV
$FHUR LQR[LGDEOH 0X\ UHFRPHQGDEOH (VSHFLDOPHQWH DGHFXDGR
FRQEDVHWLSRViQGZLFK/DEDVHWLSRViQGZLFKFRPELQDODVYHQWDMDV
GHO DFHURLQR[LGDEOH DVSHFWRGXUDFLyQ \ HVWDELOLGDGFRQ ODV GHO
DOXPLQLRRHOFREUHFRQGXFFLyQWpUPLFDGLVWULEXFLyQXQLIRUPH GHO
FDORU
$OXPLQLR3HVDGRUHFRPHQGDGR%XHQDFRQGXFWLYLGDG$XQTXHD
YHFHVORV UHVLGXRVGHDOXPLQLR VHFRQIXQGHQFRQ DUDxD]RVHQOD
SODFDGHFRFFLyQSXHGHQHOLPLQDUVHVLVHOLPSLDGHLQPHGLDWR
'DGD VX EDMD WHPSHUDWXUD GH IXVLyQ QR GHEH XWLOL]DUVH DOXPLQLR
GHOJDGR
+LHUURIXQGLGR3XHGHXWLOL]DUVHSHURQRHVUHFRPHQGDEOH0DORV
UHVXOWDGRV3XHGHDUDxDUODVXSHUILFLH
)RQGRGHFREUHJUHVFHUiPLFR3HVDGRUHFRPHQGDGR%XHQRV
UHVXOWDGRV SHUR HO FREUH SRGUtD GHMDU UHVLGXRV TXH SDUH]FDQ
DUDxD]RV /RV UHVLGXRV SXHGHQ HOLPLQDUVH VLHPSUH OLPSLDQGR OD
SODFDGHFRFFLyQGHLQPHGLDWR1RKD\TXHGHMDUTXHHOFRQWHQLGRGH
HVWDVFD]XHODVKLHUYDVKDVWDHYDSRUDUVH(OPHWDOUHFDOHQWDGRSXHGH
DGKHULUVHDODYLWURFHUiPLFD(OFREUHUHFDOHQWDGRGHMDUiUHVLGXRV
TXHPDQFKDUiQODSODFDGHFRFFLyQGHIRUPDSHUPDQHQWH
3RUFHODQDHVPDOWH %XHQ UHVXOWDGR VROR FRQ EDVH SODQD OLVD \
SHTXHxD
9LWURFHUiPLFD1RUHFRPHQGDGR0DORVUHVXOWDGRV3XHGHDUDxDUOD
VXSHUILFLH
6HOHFFLyQGHXQD]RQD
/DLQWHQVLGDGGHLOXPLQDFLyQGHODV]RQDVVHOHFFLRQDGDVTXHVLJXHQ
HQFHQGLGDVGLVPLQX\H
&RQXQDEUHYHSXOVDFLyQGHODVWHFODVRVHDXPHQWDRVHUHGXFH
ODSRWHQFLDGHOLQGLFDGRUGHODV]RQDVVHOHFFLRQDGDV3
&RQXQDSXOVDFLyQODUJDGHODVWHFODVRVHDXPHQWDGLVPLQX\H
HOQLYHOGHSRWHQFLDGHIRUPDFRQWLQXD&RQXQUiSLGRDXPHQWROD
SRWHQFLD VH GHWLHQH HQ HO QLYHO 3DUD TXH OD SRWHQFLD VLJD
DXPHQWDQGRVHUHTXLHUHRWUDEUHYHSXOVDFLyQGHODWHFOD1RVH
HVFXFKD QLQJ~QSLWLGR FRQ ODV RSHUDFLRQHVGH DXPHQWRUHGXFFLyQ
UiSLGD
8QDYH]TXHVHOOHJDDOQLYHOGHSRWHQFLD3HVWHQRFDPELDDDO
SXOVDUODWHFODGHQXHYR&XDQGRVHDOFDQ]DHOQLYHOGHSRWHQFLD
HVWHWDPSRFRFDPELDD3VLVHSXOVDODWHFODRWUDYH]
&RQ XQD]RQDHQFHQGLGD HQ HOQLYHOGH SRWHQFLDHOYDORU
SDUSDGHDGHIRUPDDOWHUQDVLWRGDYtDHVWiFDOLHQWH'HVSXpVGH
VHJXQGRV OD LQGLFDFLyQ VH VXVWLWXLUi SRU OD OHWUD + ILMD HQ HO
YLVXDOL]DGRU
&XDQGRVHVHOHFFLRQHXQD]RQDGHFRFFLyQ\VHSXOVHQODVWHFODV
\GHIRUPDVLPXOWiQHDHOQLYHOGHSRWHQFLDFDPELDUiD6LQ
HPEDUJROD]RQDGHFRFFLyQVHPDQWHQGUiVHOHFFLRQDGDGXUDQWH
VHJXQGRV 6L VH KD SURJUDPDGR HO WHPSRUL]DGRU GH OD ]RQD GH
FRFFLyQHVWHVHDSDJDUi(VWDDFFLyQVRORSXHGHUHDOL]DUVHHQYDULRV
FDVRVGHSHQGLHQGRGHODFRQILJXUDFLyQGHFRQWUROWiFWLO/RVHMHPSORV
VLJXLHQWHV VRQ PHUDPHQWH LQIRUPDWLYRV /D H[SHULHQFLD SHUVRQDO
SHUPLWLUiDGHFXDUHVWRVDMXVWHVHQIXQFLyQGHORVJXVWRV\ORVKiELWRV
SHUVRQDOHV
(VWDDFFLyQVHUHDOL]DFXDQGRVHSXOVHQODVWHFODV\DOPLVPR
WLHPSR
(OYLVXDOL]DGRUPRVWUDUi/GXUDQWHVHJXQGRVHQFXDQWRVHSXOVH
XQDWHFOD(OHVWDGRGHOD]RQDGHFRFFLyQQRFDPELDUi
3DUD GHVDFWLYDU HO EORTXHR LQIDQWLO UHDOLFH HO SURFHVR TXH VH KD
GHVFULWRDQWHV(VFXFKDUiXQSLWLGRFRUWR\HOYLVXDOL]DGRUPRVWUDUiOD
OHWUDQ/DSODFDGHFRFFLyQSHUPDQHFHUiGHVEORTXHDGD
1RWD (O EORTXHR LQIDQWLO DXWRPiWLFR VH SURGXFLUi HQ PLQXWRV
GHVSXpVGHTXHODSODFDGHFRFFLyQVHDSDJXHSRUFRPSOHWR3DUD
TXHHVWDIXQFLyQVHDSOLTXHGHIRUPDDXWRPiWLFDSULPHURKDEUiTXH
SURJUDPDUOD&RQVXOWHODVHFFLyQGHDMXVWHVGHOXVXDULR
6L VROR KD\ XQD ]RQD HQFHQGLGD VH VHOHFFLRQD GH IRUPD
SUHGHWHUPLQDGD VLQ QHFHVLGDG GH SXOVDU EUHYHPHQWH PV OD
WHFODGHVHOHFFLyQ
$XPHQWRUHGXFFLyQGHOQLYHOGHSRWHQFLD
2SFLyQGHEORTXHRLQIDQWLO
ODVHFXHQFLDDF~VWLFDGHDSDJDGRGH]RQD
(QHOYLVXDOL]DGRUVHXWLOL]DODLQGLFDFLyQ+SDUDDGYHUWLUGHOD
H[LVWHQFLDGHFDORUUHVLGXDOHQXQD]RQDDSDJDGD
/D]RQDVHSXHGHDSDJDUDXQTXHODIXQFLyQGHEORTXHRHVWp
DFWLYD
6LVRORKD\XQD]RQDGHFRFFLyQDFWLYD\VHDSDJDVHHVFXFKDUiQ
SLWLGRVFRUWRVHVWRLQGLFDUiTXHODSODFDHQWHUDHVWiDSDJDGD
(6
Loading ...
Loading ...
Loading ...