,16758&&,21(6 '( 862 $17(6 '( 87,/,=$5 (/ $3$5$72 &216(-26 3$5$ 35(6(59$5 (/ 0(',2 $0%,(17( 35(&$8&,21(6 < 68*(5(1&,$6 *(1(5$/(6 ,167$/$&,Ð1 &Ð02 &216(59$5 /26 $/,0(1726 (1 (/ &203$57,0(172 )5,*25Ì),&2 &Ð02 '(6&21*(/$5 (/ &203$57,0(172 &21*(/$'25 6(*Ô1 (/ 02'(/2 &Ð02 &21*(/$5 /26 $/,0(1726 )5(6&26 /,03,(=$ < 0$17(1,0,(172 *8Ì$ '( 62/8&,Ð1 '( 352%/(0$6 6(59,&,2 '( $6,67(1&,$ 7e&1,&$ 46
$17(6 '( 87,/,=$5 (/ $3$5$72 (O DSDUDWR TXH XVWHG KD FRPSUDGR HV SDUD XVR H[FOXVLYDPHQWH GRPpVWLFR 3DUD XWLOL]DU HVWH DSDUDWR GH OD PHMRU PDQHUD OHD DWHQWDPHQWH ODV LQVWUXFFLRQHV GH XVR TXH LQFOX\HQ XQD GHVFULSFLyQ GHO HTXLSR \ DOJXQRV FRQVHMRV ~WLOHV SDUD FRQVHUYDU ORV DOLPHQWRV *XDUGH HVWH PDQXDO SDUD IXWXUDV FRQVXOWDV 7UDV GHVHPEDODU HO DSDUDWR FRPSUXHEH TXH QR HVWi GDxDGR \ TXH ODV SXHUWDV FLHUUDQ FRUUHFWDPHQWH 6L REVHUYD GDxRV SyQJDVH HQ FRQWDFWR FRQ HO YHQGHGRU HQ XQ SOD]R GH K
5(&$8&,21(6 < 68*(5(1&,$6 *(1(5$/(6 8WLOLFH HO FRPSDUWLPHQWR IULJRUtILFR VyOR SDUD FRQVHUYDU DOLPHQWRV IUHVFRV \ HO FRPSDUWLPHQWR FRQJHODGRU ~QLFDPHQWH SDUD FRQVHUYDU SURGXFWRV FRQJHODGRV FRQJHODU DOLPHQWRV IUHVFRV \ SURGXFLU FXELWRV GH KLHOR ,QVWDOH HO DSDUDWR \ FHUFLyUHVH GH TXH QR VH DSR\D VREUH HO FDEOH GH DOLPHQWDFLyQ 1R DOPDFHQH HQYDVHV GH YLGULR FRQ OtTXLGRV HQ HO FRQJHODGRU SRGUtDQ H[SORWDU 1R FRPD FXELWRV GH KLHOR QL SRORV LQPHGLDWDPHQWH GHVSXpV GH VDFDUORV GHO FRQJHODGRU (O
,167$/$&,Ð1 (PSOD]DPLHQWR &RORTXH HO DSDUDWR HQ XQ OXJDU VHFR \ ELHQ YHQWLODGR &RPSUXHEH TXH HO DSDUDWR HVWp ELHQ QLYHODGR 6L IXHUD QHFHVDULR UHJXOH ODV SDWDV GHODQWHUDV &RPSUXHEH TXH HO DSDUDWR QR HVWi FHUFD GH XQD IXHQWH GH FDORU ,QVWDOH \ QLYHOH HO DSDUDWR VREUH XQ VXHOR TXH VRSRUWH VX SHVR \ HQ XQD ]RQD DGHFXDGD SDUD VX WDPDxR \ XVR 'HVSXpV GH OD LQVWDODFLyQ FHUFLyUHVH GH TXH QR HVWp DSR\DGR VREUH HO FDEOH GH DOLPHQWDFLyQ $VHJ~UHVH GH TXH QR HVWpQ REVWUXLGDV ODV UDQXUDV GH YHQWLO
(67$17( $',&,21$/ VHJ~Q HO PRGHOR (O IULJRUtILFR HVWi SURYLVWR GH XQ HVWDQWH DGLFLRQDO GH UHMLOOD PHWiOLFD LGHDO SDUD ODV ERWHOODV 3DUD XWLOL]DUOR H[WUiLJDOR \ FROyTXHOR HQ OD SRVLFLyQ LQGLFDGD HQ ODV ILJXUDV &XDQGR QR OR XWLOLFH OHYiQWHOR \ HPSXMH KDFLD DWUiV 3DUD TXLWDU HO HVWDQWH GHVOLFH ORV WRSHV ODWHUDOHV VL KXELHUD FRPR VH LQGLFD HQ OD ILJXUD \ WLUH KDFLD IXHUD &XDQGR FRORTXH GH QXHYR HO HVWDQWH DGLFLRQDO GHVOLFH ORV WRSHV ODWHUDOHV D OD SRVLFLyQ RULJLQDO (67$17(5Ì$6
&Ð02 '(6&21*(/$5 (/ &203$57,0(172 &21*(/$'25 6(*Ô1 (/ 02'(/2 (Q ORV DSDUDWRV ´1R )URVWµ OD GHVFRQJHODFLyQ GHO FRQJHODGRU HV FRPSOHWDPHQWH DXWRPiWLFD (Q RWURV DSDUDWRV GHVFRQJHOH HO FRPSDUWLPHQWR FRQJHODGRU XQD R GRV YHFHV DO DxR R FXDQGR HO KLHOR HQ ODV SDUHGHV DOFDQFH PP GH HVSHVRU 6H UHFRPLHQGD GHVFRQJHODUOR FXDQGR FRQWHQJD SRFRV DOLPHQWRV 'HVFRQHFWH HO DSDUDWR VH DSDJD WDPELpQ HO FRPSDUWLPHQWR IULJRUtILFR 4XLWH ORV DOLPHQWRV GHO FRQJHODGRU HQYXpOYDORV HQ KRMDV GH SHULyGLFR \ JXiUG
&Ð02 &21*(/$5 /26 $/,0(1726 )5(6&26 (O FRPSDUWLPHQWR FRQJHODGRU SHUPLWH FRQJHODU DOLPHQWRV (Q OD SODFD GH FDUDFWHUtVWLFDV VH LQGLFD OD FDQWLGDG GH DOLPHQWRV IUHVFRV TXH VH SXHGH FRQJHODU HQ KRUDV FRQ XQD WHPSHUDWXUD DPELHQWH GH & &yPR KDFHUOR (QYROYHU \ VHOODU ORV DOLPHQWRV FRQ SDSHO GH DOXPLQLR SOiVWLFR HPEDODMHV LPSHUPHDEOHV GH SOiVWLFR FRQWHQHGRUHV GH SROLHWLOHQR FRQ WDSD R HQYDVHV SDUD FRQJHODGRU 3RQJD ORV DOLPHQWRV HQ HO FRPSDUWLPHQWR VXSHULRU GHMDQGR HVSDFLR VXILFLHQWH DOUH
7$%/$ 3$5$ /$ &216(59$&,Ð1 '( /26 $/,0(1726 /RV WLHPSRV GH FRQVHUYDFLyQ FDPELDQ GHSHQGLHQGR GH OD FDOLGDG GH ORV DOLPHQWRV HO WLSR GH SDTXHWH R HQYROWXUD XVDGRV DQWLKXPHGDG \ DQWLYDSRU \ OD WHPSHUDWXUD GH DOPDFHQDPLHQWR TXH GHEHUtD VHU GH & $/,0(1726 < 7,(032 '( &216(59$&,Ð1 )UXWD &RQFHQWUDGRV GH ]XPR GH IUXWD )UXWD HQ JHQHUDO &tWULFRV \ ]XPRV IUHVFRV 9HUGXUD &RQJHODGD GH IiEULFD &RQJHODGD HQ FDVD &DUQH 6DOFKLFKDV +DPEXUJXHVDV %XH\ WHUQHUD FRUGHUR $VDGRV %XH\ &RUGHUR \ WHUQHUD &HUGR 6
/,03,(=$ < 0$17(1,0,(172 $QWHV GH UHDOL]DU FXDOTXLHU RSHUDFLyQ GH OLPSLH]D GHVFRQHFWH HO DSDUDWR GH OD UHG HOpFWULFD /LPSLH HO LQWHULRU GHO FRQJHODGRU GXUDQWH OD GHVFRQJHODFLyQ /LPSLH SHULyGLFDPHQWH HO LQWHULRU GHO FRPSDUWLPHQWR IULJRUtILFR FRQ XQD HVSRQMD \ DJXD WLELD \ R GHWHUJHQWH QHXWUR $FODUH \ VHTXH FRQ XQ SDxR VXDYH 1R XWLOLFH QXQFD VXVWDQFLDV DEUDVLYDV /LPSLH OD SDUWH H[WHULRU FRQ XQ SDxR VXDYH \ K~PHGR 1R XWLOLFH SDVWDV R HVSRQMDV DEUDVLYDV TXLWDPDQFKDV SRU HMHPSOR DFHWRQD WU
*8Ì$ '( 62/8&,Ð1 '( 352%/(0$6 'HIHFWR &DXVD SUREDEOH )DOWD GH DOLPHQWDFLyQ (O DSDUDWR QR IXQFLRQD 6ROXFLyQ &RPSUXHEH OD LQVWDODFLyQ HOpFWULFD &RPSUXHEH TXH OD FODYLMD HVWp FRUUHFWDPHQWH LQWURGXFLGD HQ HO HQFKXIH (Q FDVR GH IDOWD GH DOLPHQWDFLyQ 6ROLFLWH OD LQWHUYHQFLyQ GH XQ HOHFWULFLVWD )XVLEOH TXHPDGR GLVSRVLWLYR GH &DPELH HO IXVLEOH GLVSRVLWLYR GH VHJXULGDG VHJXULGDG 0DQGR GHO WHUPRVWDWR HQ ´2IIµ R 6HOHFFLRQH OD WHPSHUDWXUD LQGLFDGD HQ OD ILFKD ´ µ GHO IDEULFDQWH &RPSUXHEH TXH O
