3DXOR 5HJR &KHIH GR 6HUYL¸R GH 0DQXWHQ¸¶R éJXDV GR &²YDGR 7HO ZZZ DJXDV FDYDGR SW
'266,(5
$ ,1'ó675,$ '( 352&(662 z 6,67(0$6 '( &$37$Âá2 75$7$0(172 ( $%$67(&,0(172 '( é*8$ ,1752'8Âá2 1XP PRPHQWR HP TXH DV TXHVWÆHV DPELHQWDLV DVVXPHP XP SDSHO GH LPSRUW´QFLD IXOFUDO Q¶R V SHOR FRQWULEXWR SRVLWLYR RX QHJDWLYR TXH SRGHP WHU QD TXHVW¶R GDV DOWHUD¸ÆHV FOLP²WLFDV H QR DTXHFLPHQWR JOREDO D P¹GLR SUD]R PDV WDPE¹P SRUTXH LQWHUIHUHP GLUHFWD PHQWH QR EHP HVWDU H FRQIRUWR GD SRSXOD¸¶R PXQGLDO QR LPHGLDWR LPSRUWD ID]HU XPD EUHYH UHIOH[¶R VREUH RV VLVWHPDV TXH SHUPLWHP TXH WRGRV RV GLDV D TXDOTXHU KRUD SRVVDPRV DEULU XPD WRUQHLUD HP FDVD H GHOD MRUUH ²JXD FRP TXDOLGDGH H HP TXDQWLGDGH VXILFLHQWH SDUD D VDWLVID¸¶R GDV QRVVDV QHFHVVLGDGHV
RX VXEWHUU´QHD 2 SURFHVVR SRGH VHU JUDY½WLFR VHP FRQVXPR GH HQHUJLD RX SRU HOHYD¸¶R FRP XWLOL]D¸¶R GH HTXLSDPHQWR GH ERPEDJHP GH SRW»QFLD YDUL²YHO HP IXQ¸¶R GR GHVQ½YHO D YHQFHU ® QHVWH SURFHVVR WDOYH] R PDLV FRPSOH[R JHQHULFDPHQWH GHVLJQDGR SRU WUDWDPHQWR TXH VH WUDQVIRUPD D ²JXD EUXWD FRQIRUPH HVW² GLVSRQ½YHO QR PHLR QDWXUDO HP ²JXD SUÂSULD SDUD FRQVXPR KXPDQR 2 WUDWDPHQWR ¹ XPD VHTX»QFLD GH SURFHVVRV GH FDU²FWHU I½VLFR TX½PLFR H ELROÂJLFR SURPRYLGRV H FRQWURODGRV SHOD DGL¸¶R GH UHDJHQWHV VHOHFFLRQDGRV HP GRVDJHQV DGHTXDGDV GH PRGR D REWHU XP SURGXWR ILQDO DJUDG²YHO DR FRQVXPLGRU H GH DFRUGR FRP RV SDU´PHWURV GH TXDOLGDGH GHILQLGRV QD OHJLVOD¸¶R SDUD D ²JXD GH FRQVXPR KXPDQR
)LJXUD &DSWD¸¶R QR 5LR &²YDGR z (7$ GH $UHLDV GH 9LODU
$ ,1'ó675,$ '( 352&(662 $ LQGÇVWULD GH SURFHVVR FDUDFWHUL]D VH SHOD FDSDFLGDGH GH SURGX¸¶R GH SURGXWRV ILQDLV RX LQWHUP¹GLRV SHOD DSOLFD¸¶R GH SURFHVVRV I½VLFRV H TX½PLFRV ³ PDW¹ULD SULPD TXH XWLOL]DP 1D PDLRULD GRV FDVRV V¶R SURFHVVRV FRQW½QXRV QR WHPSR GHVGH R VHX LQ½FLR DW¹ DR ILQDO Q¶R H[LVWLQGR WHPSRV HP TXH D PDW¹ULD SULPD GHL[H GH HVWDU VXMHLWD D PDQLSXOD¸¶R ([HPSORV FRUUHQWHV GHVWH WLSR GH SURFHVVRV V¶R D LQGÇVWULD GH UHILQD¸¶R SHWURO½IHUD D LQGÇVWULD GH SURGX¸¶R DOLPHQWDU D LQGÇVWULD GH SURGX¸¶R GH FHOXORVH H D LQGÇVWULD GH SURGX¸¶R GH PHWDLV EHP FRPR GHWHUPLQDGRV VHFWRUHV GD LQGÇVWULD DPELHQWDO QD TXDO VH LQFOXHP R WUDWDPHQWR GH ²JXD SDUD FRQVXPR KXPDQR H R WUDWDPHQWR GH ²JXDV UHVLGXDLV ® VREUH R SULPHLUR GHVWHV TXH HVWH DUWLJR SUHWHQGH GDU XPD YLV¶R PDLV SRUPHQRUL]DGD
2 6,67(0$ '( $%$67(&,0(172 '( é*8$6 8P VLVWHPD GH DEDVWHFLPHQWR GH ²JXD ¹ FRPSRVWR HVVHQFLDOPHQWH SRU WU»V IDVHV 1D FDSWD¸¶R ¹ REWLGD ²JXD D SDUWLU GH XPD RULJHP VXSHUILFLDO VXE VXSHUILFLDO
> @
UREËWLFD
)LJXUD 'HFDQWDGRUHV z (7$ GH $UHLDV GH 9LODU
$ VHTX»QFLD |FO²VVLFD} GH SURFHVVRV XQLW²ULRV D TXH D ²JXD EUXWD ¹ VXEPHWLGD FRPSUHHQGH SURFHVVRV GH R[LGD¸¶R GH FDU²FWHU TX½PLFR H ELROÂJLFR H SURFHVVRV GH FRDJXOD¸¶R IORFXOD¸¶R GHFDQWD¸¶R ILOWUD¸¶R H GHVLQIHF¸¶R &RPSOHPHQWDUPHQWH ¹ IHLWR R FRQWUROR GR HVWDGR FDOFR FDUEÂQLFR GD ²JXD