Efecto de la raza y la edad sobre las concentraciones de hormonas

(IHFWRGHODUD]D\ODHGDGVREUHODVFRQFHQWUDFLRQHVGHKRUPRQDVWLURLGHDV7\
7GHERYLQRVHQFRQGLFLRQHVWURSLFDOHV
(IIHFWRIWKHEUHHGDQGDJHRQWKHWK\URLGKRUPRQHV7DQG7FRQFHQWUDWLRQVLQERYLQHVXQGHU
WURSLFDOFRQGLWLRQV
5yPXOR&DPSRV*DRQD/HRQLGDV*LUDOGR3
'HSDUWDPHQWRGH&LHQFLD$QLPDO)DFXOWDGGH&LHQFLDV$JURSHFXDULDV8QLYHUVLGDG1DFLRQDOGH&RORPELD$$
3DOPLUD&RORPELD$XWRUSDUDFRUUHVSRQGHQFLDUFDPSRVJ#XQDOHGXFR
5(&
$&(37
5(680(1
3DUDHVWXGLDUHOHIHFWRHQFRQGLFLRQHVGHWUySLFRVHFRGHODHGDG\GHOJUXSRUDFLDOVREUHODVFRQFHQWUDFLRQHVVpULFDVGHODVKRUPRQDVWLURLGHDV7\
7VHPXHVWUHDURQDQLPDOHVGHORVJUXSRVUDFLDOHV+ROVWHLQ/XFHUQD+DUWyQGHO9DOOH&HE~%UDKPDQ\PHVWL]R)&HE~%UDKPDQ[3DUGR
6XL]RGLVWULEXLGRVHQFXDWURJUXSRVGHHGDGGHVGHHOQDFLPLHQWRKDVWDHOGHVWHWHPHVHV/DFRQFHQWUDFLyQPHGLDGH7IXHPPRO/\ODGH
7PPRO//DFRUUHODFLyQHQWUH7\7IXHGH6HHQFRQWUyGLIHUHQFLDHVWDGtVWLFDPHQWHVLJQLÀFDWLYDSDUDHOHIHFWRJUXSRUDFLDOJUXSR
GHHGDG3SHURQRSDUDODLQWHUDFFLyQJUXSRUDFLDO[HGDGS /RVJUXSRVUDFLDOHVFRQFRQFHQWUDFLRQHVPiVHOHYDGDVIXHURQ+ROVWHLQ
\/XFHUQDODFRQFHQWUDFLyQPiVEDMDVHSUHVHQWyHQORVERYLQRVPHVWL]RV/DPD\RUFRQFHQWUDFLyQGHKRUPRQDVWLURLGHDVVHJ~QODHGDGRFXUULyHQ
UHFLpQQDFLGRVOXHJRGHVFHQGLySURJUHVLYD\OLQHDOPHQWH(OWUDEDMRHQFRQWUyTXHHQFRQGLFLRQHVGHWUySLFRVHFRHQ]RQDOtPLWHGHWHUPRQHXWUDOLGDG
VHJ~QHOtQGLFH,7+ORVERYLQRVMyYHQHVSUHVHQWDQURQGLIHUHQFLDVPDUFDGDVHQODVFRQFHQWUDFLRQHVGHKRUPRQDVWLURLGHDV
3DODEUDVFODYHV$GDSWDFLyQ%RYLQRV&UHFLPLHQWR7LURLGHV
$%675$&7
7RVWXG\WKHHIIHFWRIDJHDQGEUHHGRQEORRGFRQFHQWUDWLRQRIWK\URLGKRUPRQHV7DQG7XQGHUWKHGU\WURSLFFRQGLWLRQVDQLPDOVIURPWKH
JURXSV+ROVWHLQ/XFHUQD+DUWyQGHO9DOOH%UDKPDQDQGFURVVEUHG)%UDKPDQ[%URZQ6ZLVVZHUHVDPSOHG7KHDQLPDOVZHUHDOORFDWHGLQIRXU
DJHJURXSVIURPQHZERUQVFDOYHVXQWLOHLJKWPRQWKROG7KHDYHUDJH7FRQFHQWUDWLRQZDVRIPPRO/ñDQGWKH7ZDVRIPPRO/ñ7KH
FRUUHODWLRQEHWZHHQ7DQG7ZDVRI$VWDWLVWLFDOVLJQLÀFDQWGLIIHUHQFHSZDVIRXQGIRUWKHHIIHFWVRIDJHEUHHGDQGJURXSEXWQRW
GLIIHUHQFHZDVIRXQGIRUWKHLQWHUDFWLRQEHWZHHQEUHHGDQGDJHS 7KHEUHHGVZLWKKLJKHUEORRGFRQFHQWUDWLRQVRI7DQG7ZHUH+ROVWHLQ
DQG/XFHUQD7KHORZHVWFRQFHQWUDWLRQZDVIRXQGDPRQJWKHFURVVEUHGJURXS7KHKLJKHUFRQFHQWUDWLRQRI7DQG7RIWK\URLGKRUPRQHVZDV
IRXQGLQWKHQHZERUQJURXS$VWKHFDOYHVJURZWKHFRQFHQWUDWLRQVRI7DQG7GHFUHDVHSURJUHVVLYHO\7KLVVWXG\IRXQGWKDWXQGHUGU\WURSLF
FRQGLWLRQVLQDWKHUPRQHXWUDOERUGHUOLQH]RQHDFFRUGLQJWRWKH7+,LQGH[WKH\RXQJERYLQHVVKRZFOHDUGLIIHUHQFHVLQWKHFRQFHQWUDWLRQRIWKH
WK\URLGKRUPRQHV
.H\ZRUGV$GDSWDWLRQ%RYLQH*URZWK7K\URLGV
,1752'8&&,Ð1
/DVKRUPRQDVWLURLGHDV7\7VHKDQDVRFLDGR
FRQSURFHVRVPHWDEyOLFRVUHODFLRQDGRVFRQHOFRQVXPR
GH R[tJHQR \ OD FDORULJpQHVLV (Q DQLPDOHV HQ FUHFL
PLHQWRODGLQiPLFDGHOGHVDUUROORyVHR\ODJDQDQFLDGH
SHVRHOHYDQODWDVDPHWDEyOLFDHLQFUHPHQWDQORVUHTXH
ULPLHQWRV\JHQHUDQPD\RUFRQVXPRGHR[tJHQR'DYLV
\'UDFNOH\/DHVWULFWDUHJXODFLyQPHWDEyOLFDTXH
GHPDQGD HO FUHFLPLHQWR HVWLPXOD ODV YtDV DQDEyOLFDV
D QLYHO FHOXODU PHGLDQWH DFFLRQHV SHUPLVLYDV GH WLSR
HQGRFULQR&RPRODVKRUPRQDVWLURLGHDVFRQWURODQOD
PLWRFRQGULDORVPDPtIHURVGHSHQGHQGHODUHJXODFLyQ
WLURLGHDSDUDJDUDQWL]DUHODSRUWHGH$730DWDPRURV
HWDO
(OUHWDUGRHQHOFUHFLPLHQWRHQHVSHFLDOGHWHMLGR
QHXUDOVHKDDVRFLDGRFRQODH[SRVLFLyQDFRQGLFLRQHV
$&7$$*5213$/0,5$S
GHVXERKLSRWLURLGLVPRRULJLQDGDHQGHÀFLHQFLDVGH
\RGRRHQDOWHUDFLRQHVSDWRÀVLROyJLFDVGHODJOiQGXOD
WLURLGHV\VHKDQGHÀQLGRYDORUHVPtQLPRVEDVDOHVGH
KRUPRQDV WLURLGHDV SDUD GHVDUUROODU VLQ WURSLH]RV ORV
SURFHVRVÀVLROyJLFRV1RUPDQ\/LWZDFN5XGDV
HWDO
'HELGR D OD HVWUHFKD UHODFLyQ HQWUH OD DGHFXDGD
LQJHVWLyQ GH \RGR \ OD VtQWHVLV GH ORV SUHFXUVRUHV GH
ODV KRUPRQDV WLURLGHDV HQ OD JOiQGXOD WLURLGHV VH KD
XWLOL]DGRFRUULHQWHPHQWHHODQiOLVLVGHODFRQFHQWUDFLyQ
VpULFDGH7\7FRPRLQGLFDGRUGHODIXQFLyQWLURLGHD
\ODLQJHVWLyQGH\RGRUHVSHFWLYDPHQWH\DTXHDQLYHO
FHOXODUOD~QLFDKRUPRQDFRQIXQFLyQELROyJLFDHV7
SHURHOPD\RUSRWHQFLDOGHVtQWHVLVSURYLHQHGHODGHLR
QL]DFLyQGHODPROpFXODGH7SRUWDQWRHVWDPDUFDOD
FRQFHQWUDFLyQ FRPR SUHFXUVRUD \ FRPR GHSyVLWR GHO
\RGRHQFLUFXODFLyQ0DWDPRURVHWDO
(O FUHFLPLHQWR HQ ERYLQRV FRPSUHQGH VHQVLEOHV
FDPELRVHQORVPHFDQLVPRVGHDEVRUFLyQGHDOLPHQWRV
GHELGRDTXHHQSRFRWLHPSRFDPELDGHPRQRJiVWULFR
D SROLJiVWULFR IXQFLRQDO \ HQ ORV SURFHVRV GH GHVWHWH
SLHUGH OD OHFKH FRPR IXHQWH SRWHQFLDO GH \RGR $Vt
PLVPR OD DGHFXDGD LQJHVWLyQ GHSHQGH DKRUD GH ORV
SURFHVRVGHWUDQVIRUPDFLyQEDFWHULDOGHODFDOLGDGGH
ORVVXEVWUDWRV\GHODLQWHJULGDGGHODPXFRVDGHOWUDFWR
JDVWURLQWHVWLQDOQRVLHPSUHHQySWLPDVFRQGLFLRQHVGH
ELGRDODDOWDLQFLGHQFLDGHSDUDVLWLVPRJDVWURLQWHVWLQDO
HQFRQGLFLRQHVWURSLFDOHV
/DWDVDGHFUHFLPLHQWRGLÀHUHVHJ~QODUD]DODV
FRQGLFLRQHVPHGLRDPELHQWDOHVGHOVXPLQLVWURDGHFXD
GRGHDOLPHQWR\GHOHVWDGRGHVDOXG$VtPLVPRHQ
HOPHGLRWURSLFDOODVUD]DVLPSRUWDGDVH[KLEHQFXUYDV
LUUHJXODUHVGHFUHFLPLHQWR5DQGDOOHWDO
$FWXDOPHQWHVHFRQVLGHUDTXHVHGHEHQGXSOLFDUORV
HVIXHU]RVHQORVHVWXGLRVVREUHFUHFLPLHQWR\GHVDUUROOR
GHERYLQRVFRQHOÀQGHGLVPLQXLUODPRUWDOLGDGUHGXFLU
GUiVWLFDPHQWHORVIDFWRUHVQHJDWLYRVDVRFLDGRVFRQODV
EDMDVJDQDQFLDVGHSHVR\SRWHQFLDUHOFUHFLPLHQWRFRQ
HOÀQGHOOHJDUUiSLGDPHQWHDODSXEHUWDG\DOSULPHU
SDUWR HQ OD KHPEUD \ DFRUWDU OD HGDG DO VDFULÀFLR HQ
ORVPDFKRV
7UDEDMRVSUHYLRVVREUHHIHFWRUDFLDOKDQGHPRV
WUDGR YDULDFLyQ HQ OD GLQiPLFD KRUPRQDO WLURLGHD HQ
FRQGLFLRQHVGHWUySLFR&DPSRV,JXDOPHQWHVH
KDHYLGHQFLDGRHIHFWRGHODHGDGVREUHORVYDORUHVGH
7\7HQERYLQRV.KQHHWDO
(O REMHWLYR GHO SUHVHQWH WUDEDMR IXH FRQRFHU HO
HIHFWRGHODHGDG\GHOJUXSRUDFLDOVREUHODGLQiPLFD
GHODVKRUPRQDVWLURLGHDV7\7SULQFLSDOPHFDQLVPR
GHUHJXODFLyQGHFRQVXPRGHR[tJHQR\PRGXODGRUGHO
FUHFLPLHQWRHQERYLQRV
0$7(5,$/(6<0e72'26
&LHQWR FLQFXHQWD \ RFKR DQLPDOHV SHUWHQHFLHQ
WHVDFLQFRJUXSRVUDFLDOHVWUHVGHRULJHQ%RVWDXUXV
+ROVWHLQ/XFHUQD+DUWyQGHO9DOOHXQRGHRULJHQ%
LQGLFXV&HE~%UDKPDQ\XQJUXSR)%LQGLFXV[%
WDXUXV&HE~%UDKPDQ[3DUGR6XL]RVHGLYLGLHURQHQ
FXDWURHGDGHVUHFLpQQDFLGRVKDVWDGtDVQHRQDWRV
JUXSRHQWUH\GtDVJUXSRHQWUH\
GtDVJUXSRHQWUHDGtDVJUXSR(OQ~PHUR
GHDQLPDOHVSRUJUXSRUDFLDO\GHHGDGQRIXHKRPR
JpQHRORVDQLPDOHV+ROVWHLQVHFULDURQFRQXQDGLHWD
GHOLWURVGHOHFKHGtDHQSURPHGLR\FRQFHQWUDGRD
YROXQWDG/RVUHVWDQWHVJUXSRV/XFHUQD+DUWyQ&HE~
%UDKPDQ\HOFUXFH%LQGLFXV[%WDXUXVSHUPDQH
FLHURQFRQODVPDGUHV/DEDVHGHODGLHWDHUDFDORVWUR
\OHFKHUHVLGXDOHQORVPHQRUHVJUXSRV\\OHFKH
UHVLGXDO\SDVWRUHRHQORVPD\RUHVJUXSRV\/RV
VLVWHPDVGHSURGXFFLyQHVWiQVLWXDGRVHQHO9DOOHGHO
&DXFD&RORPELDHQOD]RQDGHYLGDGHERVTXHVHFR
PRQWDQR EDMR ƒ& PVQP KXPHGDG
UHODWLYD HQWUH FODVLÀFDGD FRPR WHUPRQHXWUD
VHJ~Q HO tQGLFH WHPSHUDWXUD KXPHGDG ,7+ 7RUUHV
GH&DPSRVHWDO
/RVJUXSRVUDFLDOHV+ROVWHLQ+DUWyQGHO9DOOH\
/XFHUQDSURYHQtDQGHVLVWHPDVGHSURGXFFLyQLQGHSHQ
GLHQWHVPLHQWUDVHOJUXSR&HE~%UDKPDQ\HOPHVWL]R
FRUUHVSRQGtDQ DO PLVPR VLVWHPD GH SURGXFFLyQ (Q
FDGDJUXSRHWiUHRVHVHOHFFLRQDURQFRPRPtQLPRVHLV
DQLPDOHVVLQFRQVLGHUDUHOVH[RHQWRWDOVHHYDOXDURQHQ
PHGLDDQLPDOHVSRUJUXSRUDFLDO&RQH[FHSFLyQGHO
JUXSR+ROVWHLQORVVLVWHPDVGHSURGXFFLyQPDQHMDEDQ
RIHUWDDOLPHQWDULDDWUDYpVGHSDVWRUHRVLQVXSOHPHQ
WDFLyQHQHUJpWLFDRSURWHLFD~QLFDPHQWHVHSURYHtDVDO
PLQHUDOL]DGD\DJXDDGOLELWXP
/RVDQLPDOHVVHOHFFLRQDGRVHQHOHVWXGLRHVWDEDQ
HQSHUIHFWRHVWDGRGHVDOXG/DVDQJUHVHH[WUDMRXQD
YH]SRUJUXSRHWiUHRPHGLDQWHYHQLSXQFLyQFRFFtJHD
HQWXERVLQDQWLFRDJXODQWHUHFROHFWDGDHQKRUDVGHOD
PDxDQDGHVSXpVGHOFRQVXPRGHOHFKH
\ VH UHIULJHUy HQ KLHOR (O VXHUR VH H[WUDMR PHGLDQWH
FHQWULIXJDFLyQUSP\VHFRQJHOyDƒ&KDVWD
HOPRPHQWRGHODVGHWHUPLQDFLRQHVKRUPRQDOHV
3DUD OD GHWHUPLQDFLyQ GH 7 \ 7 VH XWLOL]y OD
WpFQLFDGHUDGLRLQPXQRDQiOLVLVHQIDVHVyOLGDXVDQGR
UHDFWLYRVFRPHUFLDOHV'3&Š/RV$QJHOHV&$ODV
PXHVWUDVVHWUDEDMDURQHQGXSOLFDGR\ODUDGLDFWLYLGDG
VHOH\yPHGLDQWHFRQWDGRUJDPPD1XFOHXVŠPRGHOR
%/DOHFWXUDHQGHVLQWHJUDFLRQHVSRUPLQXWRVH
LQFRUSRUyDOSURJUDPDGHFiOFXOR5LDFDOFGHOD8QL
YHUVLGDGGH*XHOSKSDUDFDOFXODUODFRQFHQWUDFLyQGH
ODVKRUPRQDVWLURLGHDV
5Ð08/2&$0326*$21$()(&72'(/$5$=$</$('$'62%5(/$6&21&(175$&,21(6'(+25021$67,52,'($6
(OGLVHxRH[SHULPHQWDOVHEDVyHQXQSODQWHDPLHQ
WRFRPSOHWDPHQWHDOD]DUGRQGHVHEXVFyFRPSUREDU
OD SRVLEOH LQÁXHQFLD GH OD HGDG \ OD UD]D VREUH ODV
FRQFHQWUDFLRQHVVpULFDVGH7\76HHPSOHyDQiOLVLV
PXOWLYDULDGRRSFLyQ*/0GHOSDTXHWHHVWDGtVWLFR6$6
9 6$6 ,QVWLWXWH SDUD Q~PHUR GHVLJXDO GH
PXHVWUDV &XDQGR VH HQFRQWUy HIHFWR VLJQLÀFDWLYR VH
GHWHUPLQy OD GLIHUHQFLD PtQLPD VLJQLÀFDWLYD GPV D
WUDYpVGHOWHVWGH6FKHIIHÀQDOPHQWHVHUHDOL]yFRUUH
ODFLyQGH3HDUVRQHQWUHKRUPRQDVWLURLGHDV
5(68/7$'26<',6&86,Ð1
/DFRQFHQWUDFLyQPHGLDGHWUL\RGRWLURQLQD7
IXH“QPRO/VXSHULRUDORVYDORUHVGHUH
IHUHQFLDSDUDDGXOWRVTXHHQSURPHGLRRVFLODQHQWUH
\QPRO/HOYDORUPHGLRGHWLUR[LQD7IXH
“QPRO/SDUD7HQDGXOWRVODOLWHUDWXUD
LQIRUPD YDORUHV HQWUH \ QPRO/ &DPSRV \
5RGDV 6SLFHU HW DO YDORUHV VLPLODUHV
D ORV GH DQLPDOHV MyYHQHV DXQ FRQ SHVRV GLIHUHQWHV
.KQHHWDO*HUULWVHWDOHQXQH[SH
ULPHQWRFRQDQLPDOHVHQOHYDQWHHQWUH\NJ
HQFRQWUDURQYDORUHVGHSDUD7\GHQPRO/
SDUD7\GH\QPRO/SDUDDQLPDOHVHQWUH
NJ/RVLQYHVWLJDGRUHVKDQUHODFLRQDGRHIHFWRV
GHO)DFWRULQVXOtQLFRGHOFUHFLPLHQWR,*),VREUHODV
KRUPRQDVWLURLGHDVHQIDWL]DQGRODLQFLGHQFLDVREUHHO
GHVDUUROOR\HOFUHFLPLHQWRWDOYH]FRPRPRGXODGRUHV
GHODH[SUHVLyQJpQLFDGHODVKRUPRQDVGHOFUHFLPLHQWR
*HUULWVHWDO0RUDOHV\5RGUtJXH]/D
DQWHULRUHYLGHQFLDH[SOLFDUtDODPDUFDGDUHODFLyQHQWUH
GHVDUUROOR \ WLURLGHV FX\D UHODFLyQ LQYHUVD SUHGLV
SRQGUtDDODSUHVHQWDFLyQGHUHWDUGRVGHOFUHFLPLHQWR
FUHWLQLVPRHQODVHVSHFLHVPDPtIHUDV5XGDVHWDO
1RUPDQ\/LWZDFN
(QODV~OWLPDVVHPDQDVGHYLGDIHWDO\HQODVSUL
PHUDVGHYLGDH[WUDXWHULQDODFRQFHQWUDFLyQVpULFDGH
KRUPRQDVWLURLGHDVHVPiVDOWDTXHHQRWURVSHUtRGRV
ÀVLROyJLFRV &DVVDU0DOHN HW DO 5RZQWUHH HW
DO&DPSRVHWDO(QODLQYHVWLJDFLyQVH
UHJLVWUyGUDPiWLFDFDtGDHQODVFRQFHQWUDFLRQHVGH7
\7HQWUHORVJUXSRV\DVtPLVPRH[LVWLyPDUFDGD
GLIHUHQFLD HQWUH DQLPDOHV PiV MyYHQHV GtDV \
PD\RUHVJUXSRV\ORVYDORUHVGHODVKRUPRQDV
GHVFHQGLHURQJUDGXDOPHQWH\VHHVWDELOL]DURQDPHGLGD
TXHODHGDGDXPHQWDEDORFXDOHYLGHQFLDFDPELRVPHWD
EyOLFRVUHODFLRQDGRVFRQHOFUHFLPLHQWR\ORVSURFHVRV
GHPDQHMRQXWULFLRQDOHQODWUDQVLFLyQGHPRQRJiVWULFR
DUXPLDQWH5RZQWUHHHWDO
.KQH HW DO DO FRPSDUDU HO HIHFWR GHO
VXPLQLVWUR GH FDORVWUR \ OD DOLPHQWDFLyQ FRQ ODFWR
UHHPSOD]DGRUHQFRQWUDURQGHVFHQVRSURJUHVLYRGH7
\ 7 HQ DPERV JUXSRV VLQ HPEDUJR ORV GHVFHQVRV
PiVVHQVLEOHVRFXUULHURQHQHOJUXSRDOLPHQWDGRFRQ
ODFWRUHHPSOD]DGRUORTXHDWULEX\HURQDODSUHVHQFLD
GHIDFWRUHVGHFUHFLPLHQWRHQHOFDORVWUR/RVYDORUHV
UHSRUWDGRVSRU.KQH\FRODERUDGRUHVGH
QPRO/ HVWXYLHURQ PiV FHUFDQRV D ORV HQFRQWUDGRV
SDUD DQLPDOHV FX\D SDUWH GH OD GLHWD VH VXPLQLVWUy D
WUDYpVGHOHFKHUHVLGXDO\FDORVWURHQORVSULPHURVGtDV
GHYLGD(OSURPHGLRHQODFRQFHQWUDFLyQGH7SDUD
ORVGRVSULPHURVJUXSRVGHHGDGIXHGHPPRO/
HQHOSUHVHQWHWUDEDMR
(O PRGHOR HVWDGtVWLFR QR PRVWUy VLJQLÀFDQFLD
S HQODLQWHUDFFLyQJUXSRUDFLDOHGDGPLHQ
WUDVTXHSDUDHOHIHFWRHGDGIXHDOWDPHQWHVLJQLÀFDWLYR
S
/DV DOWDV WDVDV PHWDEyOLFDV \ ÀVLROyJLFDV TXH
SUHVHQWDQORVDQLPDOHVUHFLpQQDFLGRVDOWDIUHFXHQFLD
UHVSLUDWRULD \ FDUGLDFD PHQRU WLHPSR GH WUiQVLWR GH
DOLPHQWR DOWDV QHFHVLGDGHV HQHUJpWLFDV VH GHVFULEHQ
FRPRSURFHVRVDGDSWDWLYRVIXQGDPHQWDOHV5DQGDOOHW
DOHQHVSHFLDOODUHJXODFLyQWpUPLFDHQQHRQD
WRVUHTXLHUHVRSRUWHQXWULFLRQDO\PHGLDFLyQKRUPRQDO
DGHFXDGDSDUDSHUPLWLUODKRPHRVWDVLV\HOGHVDUUROOR
0RUDOHV\5RGUtJXH](VWDVWDUHDVÀVLROyJLFDV
UHTXLHUHQFRQWUROHQGRFULQRGRQGHODIXQFLyQWLURLGHD
HMHUFH DOWR HIHFWR SRU HVWD UD]yQ D PD\RU WDVDPHWD
EyOLFDPD\RUFRQFHQWUDFLyQGH7HQFLUFXODFLyQ$
PHGLGDTXHDXPHQWDODHGDGGHODQLPDOODVIXQFLRQHV
YLWDOHV VH UHJXODUL]DQ \ GLVPLQX\HQ ODV H[LJHQFLDV
PHWDEyOLFDV\KRPHRVWiWLFDV(QGLFKDVIDVHVJUXSRV
\ QR VHUtDQ QHFHVDULDV DOWDV FRQFHQWUDFLRQHV GH
UHJXODGRUHVPHWDEyOLFRVVLWXDFLyQTXHVHGHWHUPLQyHQ
HOSUHVHQWHWUDEDMRGRQGHORVYDORUHVVpULFRVGH7\7
GHVFHQGLHURQSURJUHVLYDPHQWHDPHGLGDTXHHODQLPDO
HVWDELOL]DED HO PHWDEROLVPR GHVSXpV GH ODV SULPHUDV
VHPDQDVGHYLGD7DEOD
5RZQWUHH HW DO PXHVWUDQ OD VHFXHQFLD
PiVFODUDGHOGHVFHQVRHQODVFRQFHQWUDFLRQHVGH7
HQODVSULPHUDVVHLVVHPDQDVGHYLGDGLFKRVDXWRUHV
HQFRQWUDURQ YDORUHV GH QPRO/ DO QDFLPLHQWR \
QPRO/HQODVHPDQD/DGUiVWLFDUHGXFFLyQVROR
SXHGHGHEHUVHDORVDMXVWHVPHWDEyOLFRVFRPSHQVDGRV
HQHOWLHPSR/DHVWDELOL]DFLyQKRPHRVWiWLFD\ODUH
JXODFLyQGHODDEVRUFLyQGHQXWULHQWHVDOLJXDOTXHOD
PHMRUWHUPRUUHJXODFLyQSHUPLWHQHODMXVWHHQGRFULQR
UHJXODU\ODGLVPLQXFLyQGHOFRQWUROWLURLGHRVREUHORV
SURFHVRVDGDSWDWLYRV(QODPHGLGDHQTXHDYDQ]yOD
HGDGGHORVDQLPDOHV\VHHVWDELOL]DURQODVJDQDQFLDV
GHSHVRORVYDORUHVGH7\7\DQRPRVWUDURQRVFL
ODFLRQHVVLJQLÀFDWLYDV
$&7$$*5213$/0,5$S
7DEOD9DORUHVPHGLRV\GHVYLDFLyQHVWiQGDUSDUD7\7HQFXDWURJUXSRVGHHGDGHQERYLQRVMyYHQHVHQ
FRQGLFLRQHVGHWUySLFR
*UXSRVGHHGDGGtDV
+RUPRQDVWLURLGHDV
QPRO/
7
Q Q Q D“
E“
D“
E“
)LODVFRQOHWUDVGLIHUHQWHVSUHVHQWDQGLIHUHQFLDHVWDGtVWLFDPHQWHVLJQLÀFDWLYD
3
7
/D WLUR[LQD 7 SUHVHQWy YDORU HOHYDGR SDUD HO
JUXSRUHFLpQQDFLGRVKDVWDGtDV/DFRQFHQWUDFLyQ
VpULFDGHQPRO/IXHPiVHOHYDGDTXHHQRWURV
WUDEDMRVFRQWHUQHURVVLQHPEDUJRFXDQGRVHFRPSDUy
FRQODVFRQFHQWUDFLRQHVGHWHMLGRVIHWDOHV\HQOD~OWLPD
IDVHGHJHVWDFLyQ&DVVDU0DOHNHWDO&DPSRVHW
DOORVYDORUHVIXHURQPD\RUHVDGLFLRQDOPHQWH
HO GH ORV DQLPDOHV TXH FRQIRUPDURQ HVWH JUXSR
WXYLHURQ HQ SURPHGLR FLQFR GtDV GH YLGD 6L ELHQ OD
FRQFHQWUDFLyQGH7IXHHOHYDGDHQHVWDSULPHUDIDVH
QR OOHJy DO GREOH GH OD FRQFHQWUDFLyQ HQ HGDGHV PiV
DYDQ]DGDVJUXSRV\PLHQWUDVTXHODFRQFHQWUDFLyQ
GH7HQHOJUXSRWULSOLFyHOYDORUGHORVJUXSRV\
HVWD FRQFHQWUDFLyQ SXHGH LQGLFDU DOWR GHSyVLWR GH
WLUR[LQDODFXDOÀVLROyJLFDPHQWHVXIUHPRQRGHLRGDFLyQ
HQGLIHUHQWHVWHMLGRVSDUDFRQYHUWLUVHHQWUL\RGRWLURQLQD
71RUPDQ\/LWZDFN/RVYDORUHVGH7\7
HQORVJUXSRV\HGDGHVHQWUHDGtDVIXHURQ
VLPLODUHVDORVYDORUHVHQFRQWUDGRVSDUDDQLPDOHVDGXO
WRV.DQHNRHWDO0DWDPRURVHWDO
(QHOHVWXGLRHOHIHFWRUDFLDOPRVWUyVLJQLÀFDQFLD
HVWDGtVWLFD S 6L ELHQ DOJXQRV WUDEDMRV KDQ
PRVWUDGRTXHORVERYLQRVSURYHQLHQWHVGHOtQHDV%LQ
GLFXVSUHVHQWDQFRQFHQWUDFLRQHVGHKRUPRQDVWLURLGHDV
LQIHULRUHVDORVJUXSRV%WDXUXV7KULIWHWDO
HQWHUQHURVHVWHFRPSRUWDPLHQWRWDPELpQVHHYLGHQFLy
HV SRVLEOH TXH OD IDVH GH FUHFLPLHQWR \ HO HIHFWR GH
HVWDU HQ DPDPDQWDPLHQWRQRSHUPLWLHUDODH[SUHVLyQ
~QLFDGHODUHJXODFLyQWLURLGHDSRUSDUWHGHOQHRQDWR
\DTXHODOHFKHFRQWLHQH\RGR\KRUPRQDVWLURLGHDVHQ
SURSRUFLRQHVUHODWLYDVDODFDQWLGDGGHVyOLGRVWRWDOHV
E“
E“
Q E“
E“
:DOVWUD\-HQQHV/RVPHFDQLVPRVDGDSWDWLYRV
SDUDODFRPSHQVDFLyQGHODUHJXODFLyQGHODWHPSHUD
WXUD HQ FHEXLQRV SXHGHQ JHQHUDU PHQRU GHSHQGHQFLD
GHO FRQWURO WHUPRJpQLFR GH ODV KRUPRQDV WLURLGHDV
7KULIWHWDO6HKDQHQFRQWUDGRGLIHUHQFLDVHQ
ODVFRQFHQWUDFLRQHVGH7\7HQDQLPDOHV%WDXUXV
VRPHWLGRVDGLIHUHQWHVFRQGLFLRQHVPHGLRDPELHQWDOHV
&DPSRV 5RGDV \ HQ DQLPDOHV GH GLYHUVD
FRPSRVLFLyQUDFLDOHQFRQGLFLRQHVVHPHMDQWHVDODVGHO
SUHVHQWHHVWXGLR&DPSRVVLPLODUHVYDORUHVVH
DSUHFLDQHQJUXSRVUDFLDOHVQDWLYRVFRORPELDQRVFRQ
VLGHUDGRV FRPR DGDSWDGRV D FRQGLFLRQHV VHPHMDQWHV
D ODV GHO SUHVHQWH HVWXGLR &DPSRV HW DO 'H
ORVJUXSRVUDFLDOHVDQDOL]DGRVHQHOWUDEDMR+ROVWHLQ
SUHVHQWyORVPD\RUHVYDORUHVHQORVSDUiPHWURVHQGR
FULQRVWLURLGHRVREVHUYDFLyQTXHSHUPLWHSUREDUTXH
ORVPHFDQLVPRVÀVLROyJLFRVGHFRQWUROGHWHPSHUDWXUD
\DGDSWDFLyQDOPHGLRVRQGLIHUHQWHVSDUDHVWDUD]D$Vt
PLVPRHVSRVLEOHPD\RULQÁXHQFLDGHODGLHWDGDGRTXH
HVWHJUXSRVHPDQWXYRHQFRQGLFLRQHVGHFUtDDUWLÀFLDO
/RVUHVWDQWHVJUXSRVUDFLDOHVGHDOJXQDPDQHUDFRPSHQ
VDURQSRUDGDSWDFLyQORVPHFDQLVPRVKRPHRVWiWLFRV
3RVLEOHPHQWHORVDOWRVYDORUHVGH7QPRO/\
GH7QPRO/HQ+DUWyQGHO9DOOHWHQJDTXHYHU
FRQODVH[WUHPDVFRQGLFLRQHVGHPDQHMRSDUDHVWHQ~FOHR
GXUDQWHHOSHUtRGRH[SHULPHQWDO/DVFRQFHQWUDFLRQHV
GHKRUPRQDVWLURLGHDVHQHOJUXSRPHVWL]RIXHURQODV
PiVEDMDV7DEODHYLGHQFLDTXHSRQHGHPDQLÀHVWR
HOYLJRUKtEULGR\ODVYHQWDMDVDGDSWDWLYDVTXHODIXVLyQ
UDFLDOGHOtQHDV%WDXUXV\%LQGLFXVSUHVHQWDSDUDOD
SURGXFFLyQERYLQDHQFRQGLFLRQHVGHWUySLFR
7DEOD9DORUHVPHGLRV\GHVYLDFLyQHVWiQGDUSDUD7\7HQDQLPDOHVHQFUHFLPLHQWRSHUWHQHFLHQWHVDFLQFR
JUXSRVUDFLDOHVERYLQRVHQFRQGLFLRQHVGHWUySLFR
+RUPRQDVWLURLGHDV
QPRO/
7
7
+ROVWHLQ
Q D“
%UDKPDQ
Q EF“
+DUWyQ
Q DE“
D“
E“
E“
%)LODVFRQOHWUDVGLIHUHQWHVSUHVHQWDQGLIHUHQFLDHVWDGtVWLFDPHQWHVLJQL¿FDWLYD
3
/XFHUQD
Q F“
E“
0HVWL]R
Q F“
D“
5Ð08/2&$0326*$21$()(&72'(/$5$=$</$('$'62%5(/$6&21&(175$&,21(6'(+25021$67,52,'($6
/DFRUUHODFLyQHQWUH7\73VH
FRQVLGHUyFRPRPHGLDPLHQWUDVTXHHQRWURVWUDEDMRV
VHHQFRQWUDURQFRUUHODFLRQHVPiVHOHYDGDV0RUDLV\
3pUH]0DWDPRURVHWDO&DPSRVHWDO
(VSRVLEOHTXHODFRUUHODFLyQVHGHEDDORVHOH
YDGRVYDORUHVGH7\DODVEDMDVWDVDVGHGHLRGDFLyQHQ
ODVSULPHUDVFXDWURVHPDQDVGHYLGD7DNDKDVKLHWDO
SURSXVLHURQDOWHUQDWLYDVGHDQiOLVLVEDVDGDVHQOD
UHODFLyQ77FRPRXQDSUREDELOLGDGGHORJUDUPD\RU
YHUDFLGDGELROyJLFDDOPRPHQWRGHODGHWHUPLQDFLyQGH
DOJXQDVVLWXDFLRQHVHVSHFtÀFDVGHODJOiQGXODPDPDULD
(VWDREVHUYDFLyQVHGHEHWHQHUHQFXHQWDHQORVDQiOL
VLVGHOFRPSRUWDPLHQWRWLURLGHRHQWHUQHURVFRPRHQ
HOSUHVHQWHHVWXGLRGRQGHODFRUUHODFLyQQRPRVWUyHO
DOWRYDORULQIRUPDGRHQWUDEDMRVFRQDQLPDOHVDGXOWRV
SUREDEOHPHQWHSRUODDOWHUDFLyQGHODVFRQFHQWUDFLRQHV
GHODVKRUPRQDVWLURLGHDVHQORVQHRQDWRVSURGXFWRGHO
HIHFWRUDFLDO\GHOWLSRGHGLHWDHQODFXDOODSUHVHQFLD
GHOHFKHPDWHUQDSXGRLQÁXLUHQODFRQFHQWUDFLyQGH
7\7
&21&/86,21(6
6HHQFRQWUyGLIHUHQFLDHVWDGtVWLFDHQORVYDORUHV
GHKRUPRQDVWLURLGHDV7\7HQORVFLQFRJUXSRV
UDFLDOHVHVWXGLDGRV
/DLQWHUDFFLyQHQWUHORVJUXSRVUDFLDOHV\HOJUXSR
HWiUHRQRPRVWUyVLJQLÀFDQFLDSRUHOFRQWUDULRODHGDG
IXHHOIDFWRUTXHPiVDIHFWyODFRQFHQWUDFLyQVpULFDGH
7\7HQDQLPDOHVHQFUHFLPLHQWR
%,%/,2*5$)Ì$
&DPSRV5*RQ]iOH])+'5RGDV$&UX]&7K\
URLGKRUPRQHVLQQDWLYH&RORPELDQERYLQHEUHHGV5HY%UDV
&L9HW
&DPSRV 5 5RGDV$ 7UL\RGRWLURQLQD 77LUR[LQD
7\&ROHVWHURO&+2HQFXDWURJUXSRVGHERYLQRV+ROVWHLQ
XELFDGRVHQVLVWHPDVGHSURGXFFLyQHQWUySLFRDOWR\EDMR$FWD
$JURQ3DOPLUD
&DPSRV57UL\RGRWLURQLQDWLUR[LQD\FRPSRUWDPLHQWR
UHSURGXFWLYRHQGLIHUHQWHVJUXSRVUDFLDOHVERYLQRV$FWD$JURQ
3DOPLUD
&DPSRV5'tD]):LOFKHV0+RUPRQDVWLURLGLDQDV
GXUDQWHODJHVWDFLyQQLYHOHVVpULFRVHQODPDGUH\HQHOIHWR
$FWD$JURQ3DOPLUD
&DVVDU0DOHN , 3LFDUG 6 .DKO % +RFTXHWWH -) 5HODWLRQVKLSVEHWZHHQWK\URLGVWDWXVWLVVXHR[LGDWLYHPHWDER
OLVPDQGPXVFOHGLIIHUHQWLDWLRQLQERYLQHIHWXVHV'RP$QLP
(QGRFULQRO,QSUHVV
'DYLV&/'UDFNOH\-.7KHGHYHORSPHQWQXWULWLRQ
DQGPDQDJHPHQWRIWKH\RXQJFDOI$PHV,RZD6WDWH8QLYHUVLW\
3UHVVS
*HUULWV:--'HFX\SHUH(GG\9HUVWHJHQ0:$&DUDEL
QDV9(IIHFWRI3URWHLQDQG3URWHLQ)UHH(QHUJ\,QWDNH
RQ3ODVPD&RQFHQWUDWLRQVRI,QVXOLQ/LNH*URZWK)DFWRU,DQG
7K\URLG +RUPRQHV LQ 3UHUXPLQDQW &DOYHV - $QLP 6FL ²
.DQHNR -- +DUYH\ -: %UXVV 0/ &OLQLFDO ELR
FKHPLVWU\ RI GRPHVWLF DQLPDOV 6DQ 'LHJR$FDGHPLF 3UHVV
S
.KQH6+DPPRQ+0%UXFNPDLHU5050RUHO5
=ELQGHQ<%OXH-:*URZWKSHUIRUPDQFHPHWDEROLF
DQGHQGRFULQHWUDLWVDQGDEVRUSWLYHFDSDFLW\LQQHRQDWDOFDOYHV
IHGHLWKHUFRORVWUXPRUPLONUHSODFHUDWWZROHYHOV-$QLP6FL
0DWDPRURV5*yPH]&$QGDXU70+RUPRQDVGH
XWLOLGDGGLDJQyVWLFDHQ0HGLFLQD9HWHULQDULD$UFK0HG9HW
0RUDLV03pUH]+1LYHOHVGHWLUR[LQD\WULLRGRWLURQLQD
HQYDFDV+ROVWHLQDQWHV\GHVSXpVGHOSDUWR\HQVXVFUtDV5HY
6DOXG$QLPDO
0RUDOHV &$ 5RGUtJXH] 1 +RUPRQDV WLURLGHDV HQ
ODUHSURGXFFLyQ\HQODSURGXFFLyQOiFWHDGHOJDQDGROHFKHUR
UHYLVLyQGHOLWHUDWXUD5HY&RO&LHQF3HF
1RUPDQ$:/LWZDFN*+RUPRQHVQGHG6DQ'LHJR
$FDGHPLF3UHVVS
5DQGDOO'%XUJJUHQ:)UHQFK.)LVLRORJtD$QLPDO
GH(FNHUW0HFDQLVPRVHDGDSWDo}HVWDHG(G*XDQDEDUD
.RRJDQS
5RZQWUHH-(+LOO*0+DZNLQV'5/LQN-(5LQFNHU
0-%HGQDU*:.UHIW-U5$(IIHFWRI6HRQ
VHOHQRSURWHLQDFWLYLW\DQGWK\URLGKRUPRQHPHWDEROLVPLQEHHI
DQGGDLU\FRZVDQGFDOYHV-$QLP6FL
5XGDV35yQDL=V%DUWKD77K\URLGKRUPRQHPHWDER
OLVPLQWKHEUDLQRIGRPHVWLFDQLPDOV'RP$QLP(QGRFULQRO
6$6,QVWLWXWH6$6·8VHU·V*XLGH6WDWLVWLFV&DU\1&
6$6,QVWLWXWHS
6SLFHU /-$ORQVR - &KDPEHUODLQ &6 (IIHFWV RI
WK\URLGKRUPRQHVRQERYLQHJUDQXORVDDQGWKHFDOFHOOIXQFWLRQ
LQYLWURGHSHQGHQFHRQLQVXOLQDQGJRQDGRWURSLQV-'DLU\6FL
7DNDKDVKL.7DNDKDVKL('XFXVLQ5-7DQDEH68]XND
< HW DO &KDQJHV LQ VHUXP WK\URLG KRUPRQH OHYHOV LQ
QHZERUQFDOYHVDVDGLDJQRVWLFLQGH[RIJRLWHU-9HW0HG6FL
7KULIW7$%HUQDO$/HZLV$:1HXHQGRUII'$:LO
ODUG&&5DQGHO5'(IIHFWVRI,QGXFHG+\SRWK\
URLGLVPRU+\SHUWK\URLGLVPRQ*URZWKDQG5HSURGXFWLYH3HU
IRUPDQFHRI%UDKPDQ+HLIHUV-$QLP6FL
7RUUHVGH&DPSRV$ÉYLOD0GH-9HUQHTXH5GD6&DP
SRV$76DQWRV'3URQyVWLFRGHGHFOtQLRQDSURGXomR
GHOHLWHHPIXQomRGRFOLPDSDUDDUHJLmRGH*RLkQLDS
,Q5HXQLmR$QQXDOGD6RFLHGDGH%UDVLOHLUDGH=RRWHFQLD
$QDLV
:DVWUD 3 -HQQHVV 5 4XtPLFD \ )tVLFD /DFWROyJLFD
=DUDJR]D$FULELDS