&2/81$
(VS½ULWR HPSUHVDULDO
6H 3RUWXJDO TXHU DFHOHUDU D UHFXSHUD¸¶R GR DWUDVR TXH WHP UHODWLYDPHQWH DRV PHOKRUHV SD½VHV HXURSHXV SUHFLVD GH PDLV FUHVFLPHQWR HFRQÂPLFR PDLV QRYDV HPSUHVDV PDLV HPSUHHQGHGRUHV GLVSRVWRV D ODQ¸DU VH HP SURMHFWRV LQRYDGRUHV H PDLV 30( GH FUHVFLPHQWR U²SLGR 2 HVS½ULWR HPSUHVDULDO ¹ D FDSDFLGDGH GRV LQGLY½GXRV GH WUDQVIRUPDU LGHLDV HP DFWRV &RPSUHHQGH D FULDWLYLGDGH D LQRYD¸¶R H D DVVXQ¸¶R GH ULVFRV PDV WDPE¹P D FDSDFLGDGH GH SODQHDU H JHULU SURMHFWRV FRP YLVWD D DWLQJLU REMHFWLYRV 2 HVS½ULWR HPSUHVDULDO ¹ DVVLP XPD FRPSHW»QFLD TXH HQYROYH &21+(&,0(172 LGHLDV (035((1'('25,602 H 5,6&2 FDSDFLGDGH GH DVVXPLU H JHULU R ULVFR *(67á2 SODQHDU H JHULU H (675$7®*,$ GHILQLU XP SODQR SDUD DWLQJLU REMHFWLYRV $V HPSUHVDV SUHFLVDP GH WRGDV HVVDV FRPSRQHQWHV SDUD WHUHP VXFHVVR 1R HQWDQWR DV TXH ID]HP VHQWLGR V¶R DV TXH VH EDVHLDP HP %2$6 ,'(,$6 &21+(&,0(172 DSOLFDGR SRLV V HVVDV SHUPLWLU¶R D YDQWDJHP FRPSHWLWLYD TXH SRGH FRQGX]LU D FUHVFLPHQWR U²SLGR H SURGXWRV LQRYDGRUHV ( LVVR ¹ XPD FRQGL¸¶R QHFHVV²ULD SDUD 3RUWXJDO HPSUHVDV EDVHDGDV QR FRQKHFLPHQWR %HP JHULGDV ,QRYDGRUDV QRV P¹WRGRV $UURMDGDV $V XQLYHUVLGDGHV IRUPDP SHVVRDV HP Y²ULDV ²UHDV PDV SUHRFXSDP VH SRXFR FRP D IRUPD¸¶R HP HPSUHHQGHGRULVPR H ULVFR 1¶R FRORFDP R IRFR QLVVR VHQGR DOJR LUUHOHYDQWH SDUD R VXFHVVR GH XP DOXQR R VHX JUDX GH HPSUHHQGHGRULVPR LVVR Q¶R ¹ LQFHQWLYDGR GHVHQYROYLGR RX GHVDILDGR $V XQLYHUVLGDGHV SRGHP SRU LVVR IRUPDU
- 1RUEHUWR 3LUHV 3URIHVVRU GD 8QLYHUVLGDGH GH &RLPEUD
XWLOL]D WHFQRORJLD LQIRUPD¸¶R H WRPD LQLFLDWLYDV 'HVHQYROYH VROX¸ÆHV SDUD SURGX]LU PHOKRU SDUD LQYHQWDU QRYRV SURGXWRV SDUD LQFRUSRUDU FL»QFLD QD VXD ²UHD GH DFWLYLGDGH '² DOJXP VHQWLGR ³ H[SRVL¸¶R TXH WHYH RX GHYHULD WHU WLGR QD VXD 8QLYHUVLGDGH D SURMHFWRV GH LQYHVWLJD¸¶R ³V QRYDV LGHLDV D QRYRV P¹WRGRV HWF 2X VHMD R VXFHVVR GH XP DJHQWH |PRWRU} HVW² SDUD DO¹P GD ERD XWLOL]D¸¶R PDV WHP D YHU FRP LQRYD¸¶R WUDQVIRUPD¸¶R FULD¸¶R GH FRLVDV QRYDV PDLV VLPSOHV PDLV EDUDWDV GH PHOKRU TXDOLGDGH PDLV HILFLHQWHV PHOKRUHV SDUD R DPELHQWH HWF $ LQRYD¸¶R Q¶R ¹ EHP VHUYLGD SRU DJHQWHV |XWLOL]DGRUHV} 3UHFLVD GH DJHQWHV |PRWRUHV} GH HOHYDGD TXDOLGDGH H HILFL»QFLD ,VWR VLJQLILFD XP QRYR SDUDGLJPD GH HQVLQR $ TXDOLGDGH GD LQIRUPD¸¶R WHP GH VHU DFRPSDQKDGD SHOD TXDOLGDGH GD IRUPD¸¶R HP HPSUHHGHGRULVPR H ULVFR ( LVVR ¹ XPD 129$ $9(1785$
RV REMHFWLYRV V¶R FRORFDGRV GHVVD IRUPD ,VVR GHYHULD PHUHFHU 68),&,(17( 7HP GH H[LVWLU PDUJHP H LQFHQWLYR SDUD LU DO¹P GR SHGLGR 3DUD VXSHUDU H[SHFWDWLYDV 7RWDO DXV»QFLD GH HVW½PXOR DR SODQHDPHQWR RUJDQL]D¸¶R H JHVW¶R GH UHFXUVRV GR WHPSR SRU H[HPSOR 7RWDO DXV»QFLD GR PHUFDGR H GDV VXDV UHJUDV QRV FXUVRV XQLYHUVLW²ULRV 7¹FQLFDV GH FRPXQLFD¸¶R QR¸ÆHV E²VLFDV GR IXQFLRQDPHQWR HFRQÂPLFR GR QRVVR DFWXDO VLVWHPD VLVWHPD HFRQÂPLFR GRPLQDQWH SURFXUD H JHVW¶R GH RSRUWXQLGDGHV HWF 7RWDO DXV»QFLD GH YDORUHV UHODFLRQDGRV FRP D FRPSHWLWLYLGDGH HQVLQR UHVXOWDGRV GRV HVWXGDQWHV GRV GRFHQWHV H GR SURGXWR ILQDO 2X VHMD SUHFLVDPRV GH PDLV HPSUHVDV H DFWLYLGDGH HFRQÂPLFD GH FUHVFLPHQWR U²SLGR PDV LVVR V VH ID] FRP ERDV LGHLDV FRQKHFLPHQWR H FRP HPSUHHQGHGRUHV FDSD]HV GH WUDQVIRUPDU HVVDV LGHLDV HP SURGXWRV GHVHQYROY» ORV H YHQG» ORV
!!!! $JHQWHV |XWLOL]DGRUHV} 8P DJHQWH |XWLOL]DGRU} SUHFLVD GH LQIRUPD¸¶R GH IRUPD YLROHQWD GH XP |0DQXDO GH ,QVWUX¸ÆHV} H GHVGH TXH VDLED OHU DGPLWLQGR TXH D LQIRUPD¸¶R ¹ ERD RX VHMD TXH R |0DQXDO} IRL EHP HVFULWR XWLOL]D EHP RX VHMD WHP VXFHVVR QD VXD SHUVSHFWLYD $JHQWHV |PRWRUHV} 8P DJHQWH |PRWRU}
> @
UREËWLFD
2V SUREOHPDV D UHVROYHU H TXH FRQVWLWXHP XP HQRUPH GHVDILR V¶R D YHUGDGHLUD FXOWXUD DQWLHPSUHVDULDO H GH GHVYDORUL]D¸¶R GR HPSUHHQGHGRULVPR H GR ULVFR SRU SDUWH GD VRFLHGDGH SRUWXJXHVD QD VXD JHQHUDOLGDGH QRPHDGDPHQWH SRU SDUWH GRV PDLV YHOKRV (P TXH VH PDQLIHVWD 1D WRWDO DXV»QFLD GH HVW½PXOR ³ LQLFLDWLYD SHQVDPHQWR LQGHSHQGHQWH H RULJLQDO GRV HVWXGDQWHV
8P HPSUHHQGHGRU ¹ XP UHYROXFLRQ²ULR 'HWHVWD D SDODYUD |Q¶R} 1¶R D DFHLWD 4XDQGR HP HQFRQWUD ROKD HP YROWD H SURFXUD XPD IRUPD GH OKH GDU D YROWD 1¶R GHVLVWH QXQFD 7HP D YHUWLJHP GR ULVFR 'H FHUWD IRUPD GHVHMR R SRLV VDEH TXH DV RSRUWXQLGDGHV UHVXOWDP GH XPD ERD JHVW¶R GR ULVFR 9LYH FRPR SHQVD VHP SHQVDU FRPR YLYHU²
7RWDO DXV»QFLD GR HVW½PXOR DR ULVFR 2V HVWXGDQWHV ID]HP R P½QLPR QHFHVV²ULR SRUTXH
,VVR VLJQLILFD ERDV XQLYHUVLGDGHV VLP FODUR PDV XP HQVLQR GLIHUHQWH EDVHDGR HP GHVDILRV