Las Inteligencia Múltiples - La Pagina del Profe Tomás Austin M.

Anuncio
,17(/,*(1&,$60Ò/7,3/(6
862635È&7,&26'((16(f$1=$ $35(1',=$-(
/,1'$&$03%(//
%58&(&$03%(//‡'((',&.,1621
75$'8&&,Ï1/$85$&$17(526
(',725,$/75248(/
7tWXORRULJLQDO7HDFKLQJOHDUQLQJWURXJKPXOWLSOHVLQWHOOLJHQFHV&RS\ULJKW2$OO\Q %DFRQ
(GLWRULDO7URTXHO6$3LFKLQFKD&$&,%XHQRV$LUHV$UJHQWLQD7HOO)D[HPDLO
WURTXHO#EDQHW
7UDGXFFLyQ/DXUD&DQWHURV
(GLFLyQ$OHMDQGUD0L]UDKL
,OXVWUDFLyQGHWDSD0DUD-RXEHUW
3ULPHUDHGLFLyQDEULOGH
,6%1
4XHGDKHFKRHOGHSyVLWRTXHHVWDEOHFHODOH\
3ULQWHGLQ$UJHQWLQD
,PSUHVRHQ$UJHQWLQD
7RGRVORVGHUHFKRVUHVHUYDGRV1RSXHGHUHSURGXFLUVHQLQJXQDSDUWHGHHVWHOLEURSRUQLQJ~QPHGLRHOHFWUyQLFRRPHFiQLFRLQFOX\HQGR
IRWRFRSLDGRJUDEDGR[HURJUDILDGRRFXDOTXLHUDOPDFHQDMHGHLQIRUPDFLyQRVLVWHPDGHUHFXSHUDFLyQVLQSHUPLVRHVFULWRGHOHGLWRU
,1752'8&&,Ð1
0XFKDVFODVHVGHLQWHOLJHQFLDV
¢(Q TXp FRQVLVWH OD LQWHOLJHQFLD GH ORV DOXPQRV" ¢7UDEDMD XVWHG FRQ DOXPQRV FDSDFHV GH FUHDU REMHWRV DUWtVWLFRV KHUPRVRV"
¢+D\RWURVTXHWLHQHQWDOHQWRSDUDODDFWLYLGDGGHSRUWLYD\TXHUHDOL]DQFRPSOHMDVVHULHVGHPRYLPLHQWRVFRUSRUDOHVFRQJUDFLD\
VROWXUD" $OJXQRV SXHGHQ HMHFXWDU XQ LQVWUXPHQWR PXVLFDO FRQ WDQWD PDHVWUtD TXH HVFXFKDUORV KDFHYLEUDUODVILEUDVPiVtQWLPDV
2WURV VH VLHQWHQ DWUDtGRV SRU ORV GHVDItRV TXH SODQWHDQ ODV RSHUDFLRQHV PDWHPiWLFDV $OJXQRV SRVHHQ XQD FRPSUHQVLyQ HVSHFLDO
GHO PXQGR QDWXUDO $ RWURV OHV HQFDQWD HVFULELU \ \D FRQRFHQ OD HPRFLyQ GH YHU VXV SURSLRV FXHQWRV \ SRHPDV LPSUHVRV 8QRV
FXDQWRVVHUiQOtGHUHVQDWXUDOHVTXHSURSRUFLRQDQPRGHORVSRVLWLYRVGHURO\FRQVWLWX\HQXQDJXtDFRQILDEOHSDUDVXVFRPSDxHURV
<DOJXQRVGHHOORVSRGUtDQSRVHHUXQDDJXGDSHUFHSFLyQUHVSHFWRGHVXSHUVRQD\GHVXUROFRPRLQGLYLGXRVORTXHORVOOHYDD
ILMDUVHPHWDVLPSRUWDQWHVHQODYLGD(QWUHWRGRVHVWRVJUXSRVGHDOXPQRV¢TXLHQHVVHUtDQORVPiVLQWHOLJHQWHV"5HVXOWDLPSRVLEOH
UHVSRQGHU D HVWD SUHJXQWD GHELGR D TXH FDGD XQR GH ORV HMHPSORV UHSUHVHQWD D DOXPQRV TXH KDQ GHVDUUROODGR GLIHUHQWHV
LQWHOLJHQFLDV&DGDDOXPQRHV~QLFR\WRGRVDVXPDQHUDLQGLYLGXDOEULQGDQFRQWULEXFLRQHVYDOLRVDVDODFXOWXUDKXPDQD
'HILQLFLyQGHLQWHOLJHQFLDKXPDQD
(O'U+RZDUG*DUGQHU&R'LUHFWRUGHO3UR\HFWR&HUR\3URIHVRUGH&LHQFLDVGHOD(GXFDFLyQHQOD8QLYHUVLGDGGH+DUYDUGKD
OOHYDGR D FDER LQYHVWLJDFLRQHV DFHUFD GHO GHVDUUROOR GH OD FDSDFLGDG FRJQLWLYD KXPDQD GXUDQWH PXFKRV DxRV 'LFKDV
LQYHVWLJDFLRQHV OR KDQ DSDUWDGR GH ODV WHRUtDV WUDGLFLRQDOHV UHVSHFWR GH OD LQWHOLJHQFLD KXPDQD TXH VH EDVDQ HQ GRV VXSXHVWRV
IXQGDPHQWDOHVTXHODFRJQLFLyQKXPDQDHVXQLWDULD\TXHHVSRVLEOHGHVFULELUDGHFXDGDPHQWHDORVLQGLYLGXRVFRPRSRVHHGRUHV
GHXQDLQWHOLJHQFLD~QLFD\FXDQWLILFDEOH(QVXHVWXGLRUHIHULGRDODFDSDFLGDGKXPDQD*DUGQHUHVWDEOHFLyFULWHULRVTXHSHUPLWHQ
PHGLU VL XQ WDOHQWR FRQVWLWX\H GH KHFKR XQD LQWHOLJHQFLD &DGD LQWHOLJHQFLD GHEH SRVHHU XQD FDUDFWHUtVWLFD HYROXWLYD GHEH VHU
REVHUYDEOH HQ JUXSRV HVSHFLDOHV GH OD SREODFLyQ WDOHV FRPR SURGLJLRV R WRQWRV VDELRV GHEH SURSRUFLRQDUDOJXQDHYLGHQFLDGH
ORFDOL]DFLyQHQHOFHUHEUR\GLVSRQHUGHXQVLVWHPDVLPEyOLFRRUHSUHVHQWDWLYR
6L ELHQ OD PD\RUtD GH ODV SHUVRQDV FXHQWD FRQ OD WRWDOLGDG GHO HVSHFWUR GH LQWHOLJHQFLDV FDGD LQGLYLGXR UHYHOD FDUDFWHUtVWLFDV
FRJQLWLYDV SDUWLFXODUHV 7RGRV SRVHHPRV GLYHUVRV JUDGRV GH ODV RFKR LQWHOLJHQFLDV \ ODV FRPELQDPRV \ XWLOL]DPRV GH PDQHUD
SURIXQGDPHQWH SHUVRQDO &XDQGR ORV SURJUDPDV GH HQVHxDQ]D VH OLPLWDQ D FRQFHQWUDUVH HQ HO SUHGRPLQLR GH ODV LQWHOLJHQFLDV
OLQJtVWLFD\PDWHPiWLFDVHPLQLPL]DODLPSRUWDQFLDGHRWUDVIRUPDVGHFRQRFLPLHQWR(VSRUHOORTXHPXFKRVDOXPQRVQRORJUDQ
GHPRVWUDU GRPLQLR GH ODV LQWHOLJHQFLDV DFDGpPLFDV WUDGLFLRQDOHV UHFLEHQ HVFDVR UHFRQRFLPLHQWR SRU VXV HVIXHU]RV \ VX
FRQWULEXFLyQDOiPELWRHVFRODU\VRFLDOHQJHQHUDOVHGLOX\H
/DVLQYHVWLJDFLRQHVGH*DUGQHUUHYHODURQQRVyORXQDIDPLOLDGHLQWHOLJHQFLDVKXPDQDVPXFKRPiVDPSOLDGHORTXHVHVXSRQtD
VLQRTXHJHQHUDURQXQDGHILQLFLyQSUDJPiWLFDUHQRYDGDVREUHHOFRQFHSWRGHLQWHOLJHQFLD (QOXJDUGHFRQVLGHUDUODVXSHULRULGDG
KXPDQDHQWpUPLQRVGHSXQWXDFLyQHQXQDHVFDODHVWDQGDUL]DGD*DUGQHUGHILQHODLQWHOLJHQFLDFRPR
‡/DFDSDFLGDGSDUDUHVROYHUSUREOHPDVFRWLGLDQRV
‡/DFDSDFLGDGSDUDJHQHUDUQXHYRVSUREOHPDVSDUDUHVROYHU
‡ /DFDSDFLGDGGHFUHDUSURGXFWRVXRIUHFHUVHUYLFLRVYDOLRVRVGHQWURGHOSURSLRiPELWRFXOWXUDO
/DGHILQLFLyQGHLQWHOLJHQFLDKXPDQDIRUPXODGDSRU*DUGQHUGHVWDFDODQDWXUDOH]DPXOWLFXOWXUDOGHVXWHRUtD
'HVFULSFLyQGHODVRFKRLQWHOLJHQFLDV
(Q VX OLEUR )UDPHV RI 0LQG SXEOLFDGR HQ *DUGQHU SUHVHQWy VX WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV TXH GHVWDFD VX
SHUVSHFWLYD PXOWLFXOWXUDO UHVSHFWR GH OD FRJQLFLyQ KXPDQD /DV LQWHOLJHQFLDV VRQ OHQJXDMHV TXH KDEODQ WRGDV ODV SHUVRQDV \ VH
HQFXHQWUDQ LQIOXHQFLDGDV HQ SDUWH SRU OD FXOWXUD D OD TXH FDGD XQD SHUWHQHFH &RQVWLWX\HQ KHUUDPLHQWDV TXH WRGRV ORV VHUHV
KXPDQRVSXHGHQXWLOL]DUSDUDDSUHQGHUSDUDUHVROYHUSUREOHPDV\SDUDFUHDU$FRQWLQXDFLyQSUHVHQWDPRVXQDEUHYHGHVFULSFLyQ
GHODVRFKRLQWHOLJHQFLDVHQXQFLDGDVSRU*DUGQHU
‡ /D LQWHOLJHQFLD OLQJtVWLFD FRQVLVWH HQ OD FDSDFLGDG GH SHQVDU HQ SDODEUDV \ GH XWLOL]DU HO OHQJXDMH SDUD H[SUHVDU \ DSUHFLDU
VLJQLILFDGRV FRPSOHMRV /RV HVFULWRUHV ORV SRHWDV ORV SHULRGLVWDV ORV RUDGRUHV \ ORV ORFXWRUHV SUHVHQWDQ DOWRV QLYHOHV GH
LQWHOLJHQFLDOLQJtVWLFD
‡ /D LQWHOLJHQFLD OyJLFRPDWHPiWLFD SHUPLWH FDOFXODU PHGLU HYDOXDU SURSRVLFLRQHV H KLSyWHVLV \ HIHFWXDU RSHUDFLRQHV
PDWHPiWLFDV FRPSOHMDV /RV FLHQWtILFRV ORV PDWHPiWLFRV ORV FRQWDGRUHV ORV LQJHQLHURV \ ORV DQDOLVWDV GH VLVWHPDV SRVHHQ XQ
SURIXQGRPDQHMRGHODLQWHOLJHQFLDOyJLFRPDWHPiWLFD
‡ /D LQWHOLJHQFLD HVSDFLDOSURSRUFLRQD OD FDSDFLGDG GH SHQVDU HQ WUHV GLPHQVLRQHV FRPR OR KDFHQ ORV PDULQRV ORV SLORWRV ORV
HVFXOWRUHV ORV SLQWRUHV \ ORV DUTXLWHFWRV3HUPLWHDOLQGLYLGXRSHUFLELULPiJHQHVH[WHUQDVHLQWHUQDVUHFUHDUODVWUDQVIRUPDUODVR
PRGLILFDUODVUHFRUUHUHOHVSDFLRRKDFHUTXHORVREMHWRVORUHFRUUDQ\SURGXFLURGHFRGLILFDULQIRUPDFLyQJUiILFD
‡/DLQWHOLJHQFLDFRUSRUDOFLQHVWpVLFDSHUPLWHDOLQGLYLGXRPDQLSXODUREMHWRV\SHUIHFFLRQDUODVKDELOLGDGHVItVLFDV6HPDQLILHVWD
HQORVDWOHWDVORVEDLODULQHVORVFLUXMDQRV\ORVDUWHVDQRV(QODVRFLHGDGRFFLGHQWDOODVKDELOLGDGHVItVLFDVQRFXHQWDQFRQWDQWR
UHFRQRFLPLHQWR FRPR ODV FRJQLWLYDV DXQ FXDQGR HQ RWURV iPELWRV OD FDSDFLGDG GH DSURYHFKDU ODV SRVLELOLGDGHV GHO FXHUSR
FRQVWLWX\H XQD QHFHVLGDG GH VXSHUYLYHQFLD DVt FRPR WDPELpQ XQD FRQGLFLyQ LPSRUWDQWH SDUD HO GHVHPSHxR GH PXFKRV UROHV
SUHVWLJLRVRV
‡/DLQWHOLJHQFLDPXVLFDOUHVXOWDHYLGHQWHHQORVLQGLYLGXRVVHQVLEOHVDODPHORGtDDOULWPRDOWRQR\DODDUPRQtD(QWUHHOORVVH
LQFOX\HQ ORV FRPSRVLWRUHV ORV GLUHFWRUHV GH RUTXHVWD ORV P~VLFRV ORV FUtWLFRV PXVLFDOHV ORV IDEULFDQWHV GH LQVWUXPHQWRV
PXVLFDOHV\WDPELpQORVR\HQWHVVHQVLEOHV
‡/DLQWHOLJHQFLDLQWHUSHUVRQDOHVODFDSDFLGDGGHFRPSUHQGHUDORVGHPiVHLQWHUDFWXDUHILFD]PHQWHFRQHOORV5HVXOWDHYLGHQWH
HQ ORV GRFHQWHV H[LWRVRV HQ ORV WUDEDMDGRUHV VRFLDOHV HQ ORV DFWRUHV R HQ ORV SROtWLFRV $ PHGLGD TXH OD FXOWXUD RFFLGHQWDO KD
FRPHQ]DGR D UHFRQRFHU OD UHODFLyQ TXH H[LVWH HQWUH OD PHQWH \ HO FXHUSR WDPELpQ KD FRPHQ]DGR D YDORUDU OD LPSRUWDQFLD GH
DOFDQ]DUODH[FHOHQFLDHQHOPDQHMRGHODFRQGXFWDLQWHUSHUVRQDO
‡ /D LQWHOLJHQFLD LQWUDSHUVRQDO VH UHILHUH D OD FDSDFLGDG GH XQD SHUVRQD SDUD FRQVWUXLU XQD SHUFHSFLyQ SUHFLVD UHVSHFWR GH Vt
PLVPD\GHXWLOL]DUGLFKRFRQRFLPLHQWRSDUDRUJDQL]DU\GLULJLUODSURSLDYLGD$OJXQRVLQGLYLGXRVFRQXQDSURIXQGDLQWHOLJHQFLD
LQWUDSHUVRQDOVHHVSHFLDOL]DQFRPRWHyORJRVSVLFyORJRV\ILOyVRIRV
‡/DLQWHOLJHQFLDQDWXUDOLVWDFRQVLVWHHQREVHUYDUORVPRGHORVGHODQDWXUDOH]DHQLGHQWLILFDU\FODVLILFDUREMHWRV\HQFRPSUHQGHU
ORV VLVWHPDV QDWXUDOHV \ DTXHOORV FUHDGRV SRU HO KRPEUH /RV JUDQMHURV ORV ERWiQLFRV ORV FD]DGRUHV ORV HFRORJLVWDV \ ORV
SDLVDMLVWDVVHFXHQWDQHQWUHORVQDWXUDOLVWDVH[LPLRV
*DUGQHU WLHQH HVSHFLDO FXLGDGR HQ VHxDODU TXH OD LQWHOLJHQFLD QR GHEH OLPLWDUVH D DTXHOODV TXH pO KD LGHQWLILFDGR 1R REVWDQWH
FRQVLGHUD TXH ODV RFKR SURSRUFLRQDQ XQ SDQRUDPD PXFKR PiV SUHFLVR GH OD FDSDFLGDG KXPDQD GHO TXH SURSRQHQ ODV WHRUtDV
XQLWDULDV SUHYLDV $ GLIHUHQFLD GHO HVWUHFKR UDQJR GH KDELOLGDGHV TXH PLGHQ ORV WHVWV HVWDQGDUL]DGRV GH &, OD WHRUtD GH *DUGQHU
H[SDQGH OD LPDJHQ GH OR TXH VLJQLILFD VHU KXPDQR $GYLHUWH WDPELpQ TXH FDGDLQWHOLJHQFLDFRQWLHQHGLYHUVDVVXELQWHOLJHQFLDV
3RUHMHPSORH[LVWHQVXELQWHOLJHQFLDVGHQWURGHOGRPLQLRGHODP~VLFDTXHLQFOX\HQODHMHFXFLyQHOFDQWRODHVFULWXUDPXVLFDOOD
GLUHFFLyQRUTXHVWDOODFUtWLFD\ODDSUHFLDFLyQPXVLFDO
&DGDXQDGHODVRWUDVVLHWHLQWHOLJHQFLDVWDPELpQFRPSUHQGHQXPHURVRVFRPSRQHQWHV
2WUR DVSHFWR GH ODV LQWHOLJHQFLDV P~OWLSOHV FRQVLVWH HQ TXH VH ODV SXHGHFRQFHSWXDOL]DUHQWUHVFDWHJRUtDVDPSOLDV&XDWURGHODV
RFKRLQWHOLJHQFLDVHVSDFLDOOyJLFRPDWHPiWLFDFRUSRUDOFLQHVWpVLFD\QDWXUDOLVWDVHFRQVLGHUDQIRUPDVGHLQWHOLJHQFLDREMHWLYDV
UHODFLRQDGDV FRQ HO REMHWR (VWDV FDSDFLGDGHV VH HQFXHQWUDQ FRQWURODGDV \ FRQIRUPDGDV SRU ORV REMHWRV FRQ ORV TXH ORV
LQGLYLGXRVLQWHUDFW~DQHQVXHQWRUQR3RU HOFRQWUDULRODVLQWHOLJHQFLDVDEVWUDFWDVYHUEDOOLQJtVWLFD\PXVLFDOQRGHSHQGHQGHO
PXQGR ItVLFR VLQR GH ORV VLVWHPDV OLQJtVWLFRV \ PXVLFDOHV /D WHUFHUD FDWHJRUtD FRQVLVWH HQ LQWHOLJHQFLDV UHODFLRQDGDV FRQ OD
SHUVRQDHQODTXHODVLQWHOLJHQFLDVLQWHUHLQWUDSHUVRQDOUHIOHMDQXQSRGHURVRMXHJRGHHTXLOLEULRV
&DGDLQWHOLJHQFLDSDUHFHWHQHUVXSURSLDVHFXHQFLDHYROXWLYDTXHHPHUJH\DOFDQ]DVXSXQWRFXOPLQDQWHHQGLIHUHQWHVHWDSDVGHOD
YLGD/DLQWHOLJHQFLDPXVLFDOHVODIRUPDPiVWHPSUDQDHQTXHVHPDQLILHVWDHOWDOHQWRKXPDQRODVUD]RQHVGHTXHHOORRFXUUDVRQ
XQPLVWHULR*DUGQHUVXJLHUHTXHXQGHVHPSHxRPXVLFDOVREUHVDOLHQWHGXUDQWHODLQIDQFLDSXHGHHVWDUFRQGLFLRQDGRSRUHOKHFKR
GHTXHHVWDLQWHOLJHQFLDQRHVFRQWLQJHQWHFRQODDFXPXODFLyQGHH[SHULHQFLDGHYLGD3RURWUDSDUWHODVLQWHOLJHQFLDVSHUVRQDOHV
UHTXLHUHQXQDOWRJUDGRGHLQWHUDFFLyQ\IHHGEDFN SRUSDUWHGHORVGHPiVDQWHVGHDOFDQ]DUVXSOHQRGHVDUUROOR
*DUGQHUFRQVLGHUDTXHODVRFKRLQWHOLJHQFLDVFDUHFHQGHYDORULQWUtQVHFRGHELGRDTXHFDGDXQDGHHOODVSXHGHSRQHUVHDOVHUYLFLR
GH EXHQRV R PDORV SURSyVLWRV 7DQWR *RHEEHOV FRPR *DQGKL SRVHtDQ SURIXQGD LQWHOLJHQFLD LQWHUSHUVRQDO SHUR OD DSOLFDURQ GH
PDQHUDV GLDPHWUDOPHQWH RSXHVWDV /D IRUPD HQ TXH XQ LQGLYLGXR VH PXHYH GHQWUR GH OD VRFLHGDG XWLOL]DQGR VX LQWHOLJHQFLD
FRQVWLWX\HXQDFXHVWLyQPRUDOGHIXQGDPHQWDOLPSRUWDQFLD
5HVXOWDHYLGHQWHTXHODFUHDWLYLGDGSXHGHH[SUHVDUVHSRUPHGLRGHWRGDVODVLQWHOLJHQFLDV6LQHPEDUJR*DUGQHUDGYLHUWHTXHOD
PD\RUtD GH ODV SHUVRQDV VRQ FUHDWLYDV GHQWUR GH XQ GHWHUPLQDGR FDPSR 3RU HMHPSOR VL ELHQ (LQVWHLQ HUD WDOHQWRVR HQ HO iUHD
PDWHPiWLFD \ FLHQWtILFD QR SUHVHQWDED XQ JUDGR VLPLODU GHJHQLDOLGDGOLQJtVWLFDFLQHVWpVLFDRLQWHUSHUVRQDO/DPD\RUSDUWHGH
ORVLQGLYLGXRVVXHOHGHVWDFDUVHHQXQDRGRVLQWHOLJHQFLDV
(VWH OLEUR SURSRQH IRUPDV GH FUHDU VLVWHPDV HGXFDWLYRV DELHUWRV TXH SHUPLWDQ HO GHVDUUROOR SOHQR GHO PiV DELHUWR GH WRGRV ORV
VLVWHPDVODPHQWHKXPDQD1RWRGDVODVSHUVRQDVOOHJDUiQDFRQYHUWLUVHHQJUDQGHVDUWLVWDVP~VLFRVRHVFULWRUHVSHURFDGDYLGD
KXPDQD VH HQULTXHFHUi FRQ HO GHVDUUROOR GH ODV GLIHUHQWHV FODVHV GH LQWHOLJHQFLD HQ OD PD\RU PHGLGD SRVLEOH &XDQGR ORV
LQGLYLGXRVFXHQWHQFRQRSRUWXQLGDGHVSDUDDSUHQGHUXWLOL]DQGRVXVFDSDFLGDGHVVHPDQLIHVWDUiQFDPELRVLQHVSHUDGRV\SRVLWLYRV
HQORVQLYHOHVFRJQLWLYRHPRFLRQDOVRFLDOHLQFOXVRItVLFR
$FHUFDGHORVDXWRUHV
/RV DXWRUHV GH HVWH OLEUR KDQ FRPSDUWLGR FRQ ORV GRFHQWHV IDQWiVWLFRV GHVFXEULPLHQWRV UHODFLRQDGRV FRQ ODV H[SHULHQFLDV GH
DSUHQGL]DMHGHORVDOXPQRVFXDQGRODVHVWUDWHJLDVGLGiFWLFDVLQFRUSRUDEDQODVRFKRLQWHOLJHQFLDV(OORVPLVPRVKDQVLGRGRFHQWHV
GHDXODHQWRGRVORVQLYHOHVHGXFDWLYRV0XFKDVGHVXVH[SHULHQFLDVGHWUDEDMRVHHQWUHOD]DQFRQHOWH[WRDPDQHUDGHHMHPSORGH
OR TXH SXHGH RFXUULU FXDQGR VH H[SDQGH HO UHSHUWRULR GH HVWUDWHJLDV GH HQVHxDQ]D \ VH LQFUHPHQWDQ ODV RSRUWXQLGDGHV GH
DSUHQGL]DMH GH GLIHUHQWHV PDQHUDV &XDQGR ORV DOXPQRV SRQHQ HQ DFFLyQ VXV FDSDFLGDGHV SXHGHQ DFFHGHU D QXHYDV IRUPDV GH
DSUHQGL]DMH\FUHFLPLHQWR
&XDQGR VH GHVHPSHxDED SURIHVLRQDOPHQWH HQ HVFXHODV S~EOLFDV /LQGD &DPSEHOO IXH HOHJLGD GRFHQWH GHO DxR HQ WUHV
RSRUWXQLGDGHV +D DSOLFDGR OR TXH DSUHQGLy GXUDQWH VXV QXPHURVRV DxRV GH HQVHxDQ]D HQ ORV QLYHOHV GH HGXFDFLyQ EiVLFD \
SROLPRGDO D XQ QXHYR PRGHOR GH SURJUDPD GH FDSDFLWDFLyQ GRFHQWH TXH GLVHxy SDUD OD $QWLRFK 8QLYHUVLW\ 6HDWWOH (Q HVWH
SURJUDPDGHJUDGRORVDGXOWRVTXHFXUVDQODFDUUHUDGRFHQWHSDUDORVQLYHOHVGHHGXFDFLyQEiVLFD\SROLPRGDODSUHQGHQDDSOLFDU
ODV RFKR LQWHOLJHQFLDV HQ FDGD XQD GH ODV FODVHV TXH GLFWDQ (VWRV IXWXURV HGXFDGRUHV DGTXLHUHQ QR VyOR HVWUDWHJLDV SDUD OD
SODQLILFDFLyQ\HYDOXDFLyQTXHLQFOX\HQODVRFKRLQWHOLJHQFLDVVLQRWDPELpQPRGHORVLQWHUGLVFLSOLQDULRVEDVDGRVHQSUR\HFWRVSDUD
HOGHVDUUROORFXUULFXODU\IRUPDVGH UHFRQRFHUODVGLYHUVDVLQWHOLJHQFLDVHQORVDOXPQRVFRQTXLHQHVWUDEDMDQ
&RQHOREMHWRGHFRPSUHQGHUODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVVREUHXQDEDVHWDQWRSHUVRQDOFRPRWHyULFDORVDOXPQRVGH
/LQGD GHEHQ LGHQWLILFDU ODV LQWHOLJHQFLDV TXH HPSOHDQHQFDGDPRPHQWR\DTXHOODVTXHSUHVHQWDQXQPHQRUJUDGRGHGHVDUUROOR
FRPRUHTXLVLWRSDUDJUDGXDUVH(QFRQVHFXHQFLDFDGDXQRGLVHxDXQSODQSHUVRQDOSDUDGHVDUUROODUGHVWUH]DVHQXQDLQWHOLJHQFLD
TXHXWLOL]DHVFDVDPHQWH'HQWURGHXQSOD]RGHGLH]PHVHVHOIXWXURGRFHQWHHVWLPXODHOSRWHQFLDOGHXQiUHDODWHQWH3DUDHOOR
WRPDFODVHVGHP~VLFDRFDQWRDGRSWDSURJUDPDVGHHMHUFLFLRItVLFR\GLHWDOOHYDXQGLDULRSHUVRQDOWUDEDMDFRPRYROXQWDULRHQ
LQVWLWXFLRQHVGHODFRPXQLGDGDSUHQGHXQLGLRPDH[WUDQMHURGLVHxDSURJUDPDVGHFRPSXWDFLyQRWRPDFODVHVGHDUWH8QRGHORV
REMHWLYRV GH HVWD H[SORUDFLyQ SHUVRQDO GH ODV LQWHOLJHQFLDV P~OWLSOHV FRQVLVWH HQ DSUHQGHU FRPR GRFHQWH OR TXH VLHQWH XQ QLxR
FXDQGR GHVDUUROOD QXHYDV KDELOLGDGHV $GHPiV D PHGLGD TXH ORV IXWXURV HGXFDGRUHV DXPHQWDQ VX FRPSHWHQFLD HQ XQ PD\RU
Q~PHUR GH LQWHOLJHQFLDV VH YXHOYHQ H[SHUWRV HQ XQD VHULH GH VLVWHPDV VLPEyOLFRV \ FXHQWDQ FRQ XQD PD\RU FDSDFLWDFLyQ SDUD
FRPXQLFDUVH FRQ ORV GLVWLQWRV DOXPQRV FRQ TXLHQHV VH UHODFLRQDQ (VWRV HVWXGLDQWHV GH SURIHVRUDGR DGYLUWLHURQ WDPELpQ TXH QR
VyOR HVWDEDQ HQ FRQGLFLRQHV GH YDORUDU VXV QXHYDV KDELOLGDGHV VLQR TXH WDPELpQVHPDQLIHVWyHQHOORVHOGHVHRGHDERUGDURWUDV
iUHDVFRQHOREMHWRGHDOFDQ]DUORTXHKDGDGRHQOODPDUVHLGHDOUHQDFHQWLVWD
'HH'LFNLQVRQMHIDGHGHSDUWDPHQWRGH/HQJXDGLFWyXQFXUVRJHQHUDOGHOLWHUDWXUDLQJOHVDGXUDQWHPXFKRVDxRV&RQHOREMHWR
GH FUHDU XQ FRQWH[WR HQULTXHFHGRU SDUD OD FRPSUHQVLyQ GH OD OLWHUDWXUD GH FDGD SHUtRGR GLVHxy XQ HQWRUQR GH DSUHQGL]DMH TXH
LQFOXtD WRGDV ODV LQWHOLJHQFLDV &XDQGR ORV DOXPQRV HQWUDEDQ HQ HO DXOD FDGD GtD VH HVFXFKDED P~VLFD GHO SHUtRGR TXH HVWDEDQ
HVWXGLDQGR\VHH[KLEtDQGLDSRVLWLYDVGHJUDQGHVREUDVGHDUWHGHODpSRFD(OSHQVDPLHQWRSROtWLFR\ILORVyILFRWDPELpQIRUPDED
SDUWHGHOGHEDWHGHFODVHMXQWRFRQHODQiOLVLVGHORVKHFKRVKLVWyULFRVPiVLPSRUWDQWHV
3DUDHOHVWXGLRGHFDGDSHUtRGROLWHUDULRVHLQYLWDEDDODFODVHDOMHIHGHOGHSDUWDPHQWRGH&LHQFLDVSDUDH[SOLFDUFXiOHUDHOQLYHO
GHFRQRFLPLHQWRVFRQTXHVHFRQWDEDHQDTXHOODpSRFDDFHUFDGHOFXHUSRKXPDQRGHOPXQGRItVLFR\GHOVLVWHPDVRODUDVtFRPR
WDPELpQORVPpWRGRVTXHVHXWLOL]DEDQSDUDUHDOL]DUGHVFXEULPLHQWRVFLHQWtILFRV(OMHIHGHOGHSDUWDPHQWRGH0DWHPiWLFDH[SOLFDED
ODVWHRUtDVPDWHPiWLFDVGHODpSRFD\SURSRUFLRQDEDDORVDOXPQRVVLWXDFLRQHVSUREOHPiWLFDVTXHGHEtDQUHVROYHUSRUPHGLRGHORV
PpWRGRVXWLOL]DGRVHQHVHPRPHQWRKLVWyULFRSDUWLFXODU
/RV DOXPQRV OHtDQ D SULPHUD YLVWD \ HQWRQDEDQ FDQWRV JUHJRULDQRV \ PDGULJDOHV LQJOHVHV (VFULEtDQ QDUUDFLRQHV GH DYHQWXUDV DO
HVWLORGH%HRZXOI\&KDXFHU6HWUDQVIRUPDEDQHQ6DPXHO3HS\V\HVFULEtDQXQGLDULRGHVXSURSLDpSRFDRFRPRSHULRGLVWDV\
HQWUHYLVWDEDQDDOJ~QFRPSDxHURTXHDVXPtDHOSDSHOGH7KRUHDX7DPELpQGUDPDWL]DEDQD:LOOLDP:RUGVZRUWKFXDQGRHVFULEtD
SRHVtDHQODUHJLyQGHORVODJRVGH,QJODWHUUD\HVFULEtDQSRHPDVDODPDQHUDGH5REHUW)URVW$ILQGHOOHYDUDFDERHVWDVWDUHDV
ORVDOXPQRVOH\HURQPXFKRPiVPDWHULDOGHILFFLyQFRQPD\RUSURIXQGLGDG\PD\RUPRWLYDFLyQGHORTXHSRGUtDQKDEHUKHFKR
HQFXDOTXLHURWUDVLWXDFLyQ<DXQTXHKDQWUDQVFXUULGRPXFKRVDxRVHVWRVH[DOXPQRVTXHDKRUD\DVRQDGXOWRVVLJXHQUHFRUGDQGR
HQGHWDOOH\FRQJUDQHQWXVLDVPRWRGRORTXHDSUHQGLHURQ
(O p[LWR GH H[SHULHQFLDV FRPR OD TXH PHQFLRQDPRV OOHYDURQ D 'HH D IXQGDU HQ 1HZ +RUL]RQV IRU /HDUQLQJ 1XHYRV
KRUL]RQWHV SDUD HO DSUHQGL]DMH XQD UHG HGXFDWLYD LQWHUQDFLRQDO GHGLFDGD D HVWLPXODU ORV ORJURV GH DSUHQGL]DMH GH WRGRV ORV
DOXPQRV (Q OD UHG VH FRQFHQWUy HQ OD LPSOHPHQWDFLyQ GH OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV GH *DUGQHU 6H KDQ
GHVDUUROODGR QXPHURVRV HQFXHQWURV GH 1HZ +RUL]RQV IRU /HDUQLQJ HQ WRUQR GH HVWD WHRUtD ODV SXEOLFDFLRQHV KDQ SUHVHQWDGR
HMHPSORVDFHUFDGHODPDQHUDHQTXHVHLPSOHPHQWD\ODQXHYDUHGHOHFWUyQLFD1+)/RIUHFHGHEDWHVSHUPDQHQWHVFHQWUDGRVHQODV
DSOLFDFLRQHVGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVHQHODXOD/DGLUHFFLyQGHHPDLOHVKWWSZZZQHZKRUL]RQVRUJ
%UXFH &DPSEHOO KD DSOLFDGR OD WHRUtD GH *DUGQHU HQ VX DXOD FRQMXQWD GH WHUFHURFXDUWRTXLQWR DxR GH HGXFDFLyQ JHQHUDO EiVLFD
GXUDQWHVHLVDxRV(VWHPRGHORGLGiFWLFRDOSULQFLSLRFRPSUHQGLyVLHWHFHQWURVGHDSUHQGL]DMH\OXHJRRFKRFDGDXQRGHGLFDGRD
XQD GH ODV LQWHOLJHQFLDV /RV DOXPQRV SDVDEDQ DSUR[LPDGDPHQWH GRV WHUFLRV GH OD MRUQDGD HVFRODU URWDQGR HQWUH ORV FHQWURV /D
PDxDQDFRPHQ]DEDFRQXQDEUHYHFODVHH[SRVLWLYD\XQGHEDWHDFHUFDGHOWHPDTXHVHHVWDEDGHVDUUROODQGRHQHODXOD/XHJRORV
DOXPQRV VH GLYLGtDQ HQ JUXSRV SDUD FRPHQ]DU HO WUDEDMR HQ FDGD FHQWUR \ SDVDEDQ DOUHGHGRU GH PLQXWRV HQ FDGD XQR GH ORV
VLWLRV 'XUDQWH HO ~OWLPR WHUFLR GH OD MRUQDGD ORV DOXPQRV WUDEDMDEDQ HQ SUR\HFWRV LQGHSHQGLHQWHV GH VX SURSLD HOHFFLyQ \
FRPSDUWtDQVXWUDEDMRFRQORVFRPSDxHURV
8QDYH]PiVODDSOLFDFLyQGHODVLGHDVGH*DUGQHUTXH%UXFHOOHYDEDDFDERFRQVXVDOXPQRVGLRSRUUHVXOWDGRQRVyORPHMRUHV
UHVXOWDGRVHQODVSUXHEDVGHHYDOXDFLyQVLQRWDPELpQXQHQULTXHFLPLHQWRHQRWUDViUHDVGHODYLGDGHORVQLxRV(QXQSUR\HFWRGH
LQYHVWLJDFLyQTXH%UXFHGHVDUUROOyGXUDQWHXQDxRHQWHURVHGRFXPHQWDURQORVQXPHURVRVHIHFWRVGHHVWHPRGHORFXUULFXODUORV
DOXPQRV GHVFXEULHURQ GLYHUVDV iUHDV GH FDSDFLGDG \ DSOLFDURQ QXPHURVDV LQWHOLJHQFLDV DO WUDEDMR HQ HO DXOD $GHPiV VH
PLQLPL]DURQ ORV SUREOHPDV GH FRQGXFWD DXPHQWy OD DXWRHVWLPD VH GHVDUUROODURQ KDELOLGDGHV GH FRRSHUDFLyQ \ OLGHUD]JR \ SRU
VREUHWRGRDXPHQWyHODPRUGHORVQLxRVSRUHODSUHQGL]DMH
$ SULQFLSLRV GHO DxR HVFRODU FXDQGR ORV DOXPQRV FRPHQ]DURQ D WUDEDMDU HQ ORV RFKR FHQWURV PXFKRV GH HOORV H[SUHVDURQ VX
GLVFRQIRUPLGDG $ PHGLDGRV GH DxR VLQ HPEDUJR WRGRV ORV DOXPQRV UHDOL]DURQ SUHVHQWDFLRQHV PXOWLPRGDOHV GH VXV SUR\HFWRV
LQGHSHQGLHQWHV SRU PHGLR GHO FDQWR GH OD DFWXDFLyQ GH FRQVWUXFFLRQHV GH OD LQWHUDFFLyQ FRQ HO S~EOLFR GHO GLVHxR GH WDEODV \
GLDJUDPDV\GHODUHIOH[LyQDFHUFDGHVXVSURSLDVH[SHULHQFLDVGHDSUHQGL]DMH$GHPiVHOGRFHQWHGHVFXEULyTXHOXHJRGHWUDEDMDU
HQ IRUPD PXOWLPRGDO GXUDQWH VHLV DxRV VX SURSLD FDSDFLGDG SDUD SHQVDU \ SODQLILFDU HQ ODV LQWHOLJHQFLDV P~OWLSOHV VH KDEtD
GHVDUUROODGR VXVWDQFLDOPHQWH &RPR UHVXOWDGR GHO p[LWR GH HVWH PRGHOR HQHODXODVHKDQLPSOHPHQWDGRSURJUDPDVVLPLODUHVHQ
QXPHURVDV DXODV \ GLVWULWRV HVFRODUHV GH ORV ((88 +DFH SRFR WLHPSR &DPSEHOO IXH VHOHFFLRQDGR SDUD GHVHPSHxDUVH FRPR
'RFHQWH HQ $xR 6DEiWLFR HQ OD 8QLYHUVLGDG GH :HVWHUQ :DVKLQJWRQ GRQGH GLFWy FODVHV D ORV DOXPQRV GH &LHQFLDV GH OD
(GXFDFLyQ DFHUFD GH OR TXH KDEtD DSUHQGLGR HQ VX SURJUDPD SLORWR (Q OD DFWXDOLGDG %UXFH WUDEDMD FRPR HVSHFLDOLVWD HQ
DSUHQGL]DMH\UHHVWUXFWXUDFLyQHQVXGLVWULWRHVFRODU\FRODERUDFRQORVGRFHQWHVSDUDH[SDQGLUODVRSRUWXQLGDGHVGHDSUHQGL]DMHGH
WRGRVORVDOXPQRV
,QYHQWDULRSHUVRQDO
$QWHVGHDQDOL]DUODVHVWUDWHJLDVSURSXHVWDVHQHVWHOLEURUHVXOWDUi~WLOTXHHOOHFWRUDXWRHYDO~HHOXVRSHUVRQDO\SURIHVLRQDOTXH
UHDOL]DHQODDFWXDOLGDGGHFDGDXQDGHODVRFKRLQWHOLJHQFLDV7RGRHOPXQGRUHFXUUHDXQDRPiVLQWHOLJHQFLDVSDUDGHVDUUROODUVX
YLGDGLDULDVDWLVIDFWRULDPHQWH(VSUREDEOHTXHH[LVWDQIDFWRUHVKHUHGLWDULRVDPELHQWDOHV\FXOWXUDOHVTXHLQIOX\DQHQODHOHFFLyQ
GH ODV LQWHOLJHQFLDV (Q QXHVWUD YLGD SURIHVLRQDO FRPR HGXFDGRUHV WDPELpQ UHFXUULPRV D XQD R PiV LQWHOLJHQFLDV SDUD DSOLFDU
HQIRTXHV GLGiFWLFRV 7DOHV HOHFFLRQHV SXHGHQ HVWDU GHWHUPLQDGDV SRU QXHVWUDV SUHIHUHQFLDV LQGLYLGXDOHV SRU QXHVWUD IRUPDFLyQ
GRFHQWH\SRUODVQRUPDVFXOWXUDOHVGHQXHVWUDVHVFXHODV
(O LQYHQWDULR TXH DSDUHFH D FRQWLQXDFLyQ SHUPLWH DO OHFWRU LGHQWLILFDU WDQWR VXV FDSDFLGDGHV FRPR DTXHOODV LQWHOLJHQFLDV TXH
UDUDPHQWH XWLOL]D (VSHUDPRV TXH OD HYDOXDFLyQ OH VLUYD GH JXtD SDUD GHVFXEULU iUHDV GH LQWHOLJHQFLD TXH SRGUtD GHVDUUROODU HQ
PD\RU PHGLGD (O FXDGUR LQFOX\H ODV RFKR LQWHOLJHQFLDV \ FHOGDV SDUD HYDOXDU VX QLYHO DFWXDO GH XVR SHUVRQDO \ SURIHVLRQDO 6H
DVLJQDUi XQD SXQWXDFLyQ GH D WRGD LQWHOLJHQFLD TXH VH XWLOLFH FRQ IUHFXHQFLD XQ D ODV GH XVR HVSRUiGLFR XQ D ODV GH XVR
LQIUHFXHQWH \ XQ D ODVTXHQXQFDVHXWLOLFHQ(QFRQVHFXHQFLDHOWRWDOSDUDFDGDLQWHOLJHQFLDSXHGHYDULDUHQWUHXQPtQLPRGH
FHUR\XQPi[LPRGHVHLVSXQWRV
,17(/,*(1&,$
/yJLFRPDWHPiWLFD
,19(17$5,23(5621$/
862352)(6,21$/
8623(5621$/
727$/
9HUEDOOLQJtVWLFD
9LVXDOHVSDFLDO
&RUSRUDOFLQHVWpVLFD
0XVLFDO
,QWHUSHUVRQDO
,QWUDSHUVRQDO
1DWXUDOLVWD
/XHJR GH FRPSOHWDU HVWD EUHYH HYDOXDFLyQ UHIOH[LRQH DFHUFD GH ORV UHVXOWDGRV ¢([LVWHQ GLIHUHQFLDV HQWUH ODV LQWHOLJHQFLDV TXH
HPSOHD SDUD VX YLGD SHUVRQDO \ SURIHVLRQDO" ¢+D\ DOJXQD LQWHOLJHQFLD TXH TXLVLHUD GHVDUUROODU HVSHFLDOPHQWH HQ VX YLGD
SURIHVLRQDO"¢'HTXpPDQHUD UHFLELyHVWtPXORSDUDVXVFDSDFLGDGHVGXUDQWHODLQIDQFLD\GXUDQWHODYLGDDGXOWD"¢'HTXpPDQHUD
SRGUtDGHVDUUROODURWUDVLQWHOLJHQFLDVTXHVRQGHVXLQWHUpV"¢3RGUtDHVWDEOHFHUXQSOD]RSDUDOOHYDUDFDERHVDWDUHD"¢4XpFODVHV
GHLQWHOLJHQFLDSHUFLEHHQVXVDOXPQRV"¢&XiOHVVRQHQVXRSLQLyQODVLQWHOLJHQFLDVPiVGHVDUUROODGDVHQJHQHUDOHQORVGRFHQWHV"
/DUHIOH[LyQDFHUFDGHHVWDVFXHVWLRQHVOHSHUPLWLUiVRSHVDUFXiOHVVXJUDGRGHFRQFLHQFLDDFHUFDGHODVFDSDFLGDGHVSDUWLFXODUHV
TXHSRVHH\WDPELpQEULQGDUUHFRQRFLPLHQWRDTXLHQHVH[KLEHQWDOHQWRHQRWURVGRPLQLRV
(VWH LQYHQWDULR FRQVWLWX\H XQD SULPHUD DSUR[LPDFLyQ SDUD UHFRQRFHU \ UHVSHWDU ODV GLIHUHQFLDV TXH HQ WpUPLQRV GH LQWHOLJHQFLD
H[LVWHQ HQWUH ORV DOXPQRV \ ORV FROHJDV /D WRPD GH FRQFLHQFLD UHVSHFWR GH GLFKDV GLIHUHQFLDV SXHGH PRWLYDUQRV SDUD EXVFDU
IRUPDVHTXLWDWLYDVGHHQVHxDUDGLYHUVRVJUXSRVGHQLxRVSDUDTXHDVXYH]HOORVSXHGDQFRQWDUFRQLJXDOGDGGHRSRUWXQLGDGHV
SDUDDFFHGHUDODSUHQGL]DMH\SDUDREWHQHUORJURVHQODHVFXHOD
(QWRUQRVLQWHOLJHQWHV
1RVyORHVLPSRUWDQWHTXHORVGRFHQWHVUHFRQR]FDQODLQWHOLJHQFLDGHQXHVWURVLVWHPDPHQWDOFRUSRUDOVLQRTXHFRPSUHQGDQ
TXHHVSRVLEOHFUHDUHQWRUQRVLQWHOLJHQWHVSDUDYLYLU\DSUHQGHU(OQXHYRFDPSRGHLQYHVWLJDFLyQDFHUFDGHODFRJQLFLyQ
GLVWULEXLGDSRVWXODTXHODLQWHOLJHQFLDVXSHUDDORVLQGLYLGXRV\VHH[SDQGHSRUPHGLRGHODVLQWHUDFFLRQHVFRQRWUDVSHUVR
QDVDWUDYpVGHORVUHFXUVRVSURSXHVWRVSRUORVOLEURV\ODVEDVHVGHGDWRV\SRUPHGLRGHODVKHUUDPLHQWDVTXHXWLOL]DPRV
SDUD SHQVDU DSUHQGHU \ VROXFLRQDU SUREOHPDV WDOHV FRPR OiSL] \ SDSHO FXDGHUQRV \ SXEOLFDFLRQHV FDOFXODGRUDV \
FRPSXWDGRUDV
7yPHVH XQ PRPHQWR SDUD UHIOH[LRQDU DFHUFD GHO HQWRUQR GH VX DXOD ¢(Q TXp PHGLGD HV XQ iPELWR LQWHOLJHQWH"
¢3URSRUFLRQDDORVDOXPQRVVXILFLHQWHVRSRUWXQLGDGHVSDUDLQWHUDFWXDUXQRVFRQRWURVSRUSDUHVHQSHTXHxRVJUXSRVRFRQ
ODWRWDOLGDGGHOJUXSRGHSDUHV"¢([LVWHQUHFXUVRVGLVSRQLEOHVHQIRUPDGHOLEURVUHYLVWDVRWUDVSXEOLFDFLRQHVFDUWHOHUDV
REUDVGHDUWHSyVWHUVFRPSXWDGRUDVEDVHVGHGDWRV\UHGHV"¢6HSURSRUFLRQDXQDYDULHGDGGHKHUUDPLHQWDVSDUDXWLOL]DUHQ
HO SURFHVR GH DSUHQGL]DMH \ GH VROXFLyQ GH SUREOHPDV" ¢7LHQHQ ORV DOXPQRV VXV SURSLRV EROHWLQHV LQIRUPDWLYRV" (Q HVWH
OLEURSRGUiHQFRQWUDUGLYHUVDVIRUPDVSDUDFUHDUHQWRUQRVTXHIDYRUH]FDQHOGHVDUUROORGHWRGDVODVLQWHOLJHQFLDV
&RUUHVSRQGH UHFRUGDU TXH QHXURILVLyORJRV FRPR 0DULDQ 'LDPRQG GH OD 8QLYHUVLGDG GH &DOLIRUQLD HQ %HUNHOH\ KDQ
GHVFXELHUWRTXHSXHGHQSURGXFLUVHLPSRUWDQWHVFDPELRVILVLROyJLFRVHQHOFHUHEURFRPRUHVXOWDGRGHODSUHQGL]DMH\GHOD
H[SHULHQFLD WDQWR EHQHILFLRVRV FRPR SHUMXGLFLDOHV (VWR VLJQLILFD TXH D OR ODUJR GH OD YLGD SRGHPRV FRQWLQXDU
GHVDUUROODQGRKDELOLGDGHVPHQWDOHVPiVFRPSOHMDVVLORVHQWRUQRVVRQSRVLWLYRVHQULTXHFHGRUHVHVWLPXODQWHVHLQWHUDFWLYRV
/DSURSXHVWDGHHVWHOLEUR
(VWHOLEURHVWiHVFULWRSDUDORVHGXFDGRUHV\RIUHFHDSOLFDFLRQHVSUiFWLFDVGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVSDUDHO
WUDEDMRHQHODXOD(QHOQLYHOILORVyILFRORVDXWRUHVVRVWLHQHQTXHGHEHQSURSRUFLRQDUVHGLYHUVDVRSRUWXQLGDGHVSDUDTXHORV
DOXPQRV H[SORUHQ FUHDWLYDPHQWH VXV LQWHUHVHV \ WDOHQWRV LQGLYLGXDOHV DO WLHPSR TXH DSUHQGHQ KDELOLGDGHV \ FRQFHSWRV
YDOLRVRV PHGLDQWH UHFXUVRV PXOWLPRGDOHV 1R WRGRV ORV QLxRV SRVHHQ HO PLVPR SHUILO GH LQWHOLJHQFLD QL FRPSDUWHQ ORV
PLVPRVLQWHUHVHV(QXQDpSRFDHQTXHYLYLPRVERPEDUGHDGRVSRUODLQIRUPDFLyQQLQJXQRGHQRVRWURVHVWiHQFRQGLFLRQHV
GH DSUHQGHUOR WRGR SRU OR WDQWR GHEHUHPRV HOHJLU ORV FRQWHQLGRV \ ORV PpWRGRV GH DSUHQGL]DMH (Q HVWH SURFHVR GH
VHOHFFLyQVHUiQODVLQFOLQDFLRQHVHLQWHUHVHVLQGLYLGXDOHVGHORVDOXPQRVORVTXHGHEHUiQVHUYLUGHJXtDSDUDDGRSWDUDOJXQDV
GHODVRSFLRQHVFXUULFXODUHV
/RV FRQRFLPLHQWRV EiVLFRV TXH WRGRV ORV DOXPQRV GHEHQ GRPLQDU DTXHOORV FRUUHVSRQGLHQWHV D ODV iUHDV GH OHQJXD
PDWHPiWLFD FLHQFLDV VRFLDOHV \ QDWXUDOHV QR QHFHVDULDPHQWH GHEHQ HQVHxDUVH GH OD PLVPD PDQHUD D WRGRV /D IUXVWUDFLyQ \ HO
IUDFDVR DFDGpPLFR SRGUtDQ UHGXFLUVH HQ JUDQ PHGLGD VL ORV GRFHQWHV SUHVHQWDUDQ OD LQIRUPDFLyQ EDMR GLYHUVDV PDQHUDV TXH
SURSRUFLRQHQ D ORV DOXPQRV P~OWLSOHV RSFLRQHV SDUD REWHQHU ORJURV 3RU WDQWR HVWH OLEUR IXH HVFULWR SDUD D\XGDU DO GRFHQWH D
LQFRUSRUDU PpWRGRV TXH KDJDQ MXVWLFLD D OD LQWHOLJHQFLD PHGLDQWH OD SHUFHSFLyQ GHO WDOHQWR GH ORV DOXPQRV \ TXH OH SHUPLWDQ
WDQWR GLVHxDU HQIRTXHV FXUULFXODUHV \ HYDOXDWLYRV FRPR HVWLPXODU ODV FDSDFLGDGHV LQGLYLGXDOHV D ILQ GH TXH FDGD QLxR SXHGD
H[SHULPHQWDUHOSODFHUGHDGTXLULUKDELOLGDGHVHQXQiUHDGHLQWHUpVLQWUtQVHFR
$PHGLGDTXHXVWHGDYDQFH HQODOHFWXUDDGYHUWLUiTXHFDGDXQRGHORVFDStWXORVUHIHULGRVDODVRFKRLQWHOLJHQFLDVVHHQFXHQWUD
RUJDQL]DGR GH OD PLVPD PDQHUD FDGD XQR FRPLHQ]D FRQ XQ UHODWR DFHUFD GH XQ LQGLYLGXR TXH HMHPSOLILFD XQD GHWHUPLQDGD
LQWHOLJHQFLD$FRQWLQXDFLyQVHSURSRUFLRQDXQDGHILQLFLyQGHODLQWHOLJHQFLDVHJXLGDGHSURSXHVWDVSDUDHQULTXHFHUHOHQWRUQRGHO
DXOD \ QXPHURVDV HVWUDWHJLDV GLGiFWLFDV /RV WUHV ~OWLPRV FDStWXORV DERUGDQ FXHVWLRQHV UHODFLRQDGDV FRQ HO FXUUtFXOR \ OD
HYDOXDFLyQ\ODVFRQFOXVLRQHVH[WUDtGDVGHSURJUDPDVHVFRODUHVSLORWREDVDGRVHQODVLQWHOLJHQFLDVP~OWLSOHV
/RVDXWRUHVRIUHFHQHVWDUHFRSLODFLyQGHDSOLFDFLRQHVSUiFWLFDVSDUDODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVFRPRUHVSDOGRSDUDHO
H[FHOHQWH WUDEDMRTXHPXFKRVGRFHQWHVOOHYDQDFDER\FRPRIXHQWHGHQXHYDVLGHDVSDUDPXFKRVRWURV7RGDVHVWDVSURSXHVWDV
WLHQHQHOPLVPRREMHWLYROLEHUDUHOSRWHQFLDOGHDSUHQGL]DMH\ODH[SUHVLyQFUHDWLYDGHFDGDXQRGHORVDOXPQRV
&$3Ë78/2
(OSRGHUGHODSDODEUDLQWHOLJHQFLDYHUEDOOLQJtVWLFD
(OSRHWDSRVHHXQDUHODFLyQFRQODVSDODEUDVTXHVXSHUDQXHVWUDFRPSUHQVLyQXQDHVSHFLHGHDUFKLYRGHWRGRVORVXVRVTXHVH
KDQGDGRDGHWHUPLQDGDVSDODEUDVHQSRHPDVDQWHULRUHV(VHFRQRFLPLHQWRGHOXVRKLVWyULFRGHODOHQJXDSUHSDUDROLEHUD DO
SRHWD SDUD SRQHU HQ SUiFWLFD FLHUWDV FRPELQDFLRQHV SURSLDV FXDQGR FRQVWUX\H XQ SRHPD RULJLQDO (V D WUDYpV GH WDOHV
FRPELQDFLRQHV RULJLQDOHV GH SDODEUDV VHJ~Q VRVWLHQH 1RUWKUXS )U\H TXHDOFDQ]DPRVQXHVWUDIRUPDSHUVRQDOGHFUHDUQXHYRV
PXQGRV
+2:$5'*$5'1(5,17(/,*(1&,$60Ò/7,3/(6
8QDYLGDGHGLFDGDDDHVFULWXUD
(Q OD LQWURGXFFLyQ D &RPSOHWH 3RHPV GH &DUO 6DQGEXUJ VH FLWD HVWD IUDVH GHO JUDQ SRHWD &XDQGR WHQtD VHLV DxRV \PLVGHGRV
GHVFXEULHURQFyPRGDUIRUPDDDOIDEHWRGHFLGtFRQYHUWLUPHHQXQKRPEUHGHOHWUDV$ORVGLH]\DKDEtDJDUDEDWHDGROHWUDVHQHO
SL]DUUyQVREUHSDSHOHQFDMDV\SDUHGHV\VHKDEtDGHVDUUROODGRHQPtODDPELFLyQGHFRQYHUWLUPHHQOHWULVWD
$XQTXH QR ORJUy DSUREDU ORV H[iPHQHV GH PDWHPiWLFD \ JUDPiWLFD SDUD LQJUHVDU HQ OD DFDGHPLD PLOLWDU GH :HVW 3RLQW &DUO
6DQGEXUJ VH JUDGXy HQ HO /RPEDUG &ROOHJH \ GHVDUUROOy XQD EULOODQWH FDUUHUD FRPR HVFULWRU 5HFRSLOy FDQFLRQHV IROFOyULFDV
QRUWHDPHULFDQDVHQXQDDQWRORJtD7KH$PHULFDQ6RQJEDJ\UHFLELyGLSORPDVGRFWRUDOHVGHGRFHXQLYHUVLGDGHVSRUVXELRJUDItD
GH$EUDKDP/LQFROQHQFXDWURYRO~PHQHV6LQHPEDUJRQXQFDHVWXYRVDWLVIHFKRFRQVXFDSDFLGDGSDUDODHVFULWXUD\FXDQGRWHQtD
RFKHQWDDxRVHVFULELy
6LJR HVWXGLDQGR ORV YHUERV \ OD PLVWHULRVD PDQHUD HQ TXH VH FRQHFWDQ FRQ ORV VXVWDQWLYRV /RV DGMHWLYRV QXQFD PH KDEtDQ
UHVXOWDGR WDQ VRVSHFKRVRV FRPR HQ HVWH PRPHQWR GH PL YLGD +H ROYLGDGR HO VLJQLILFDGR GH YHLQWH R WUHLQWD GH ORV SRHPDV TXH
HVFULEtKDFHWUHLQWDRFXDUHQWDDxRVPLVSUHIHULGRVVLJXHQVLHQGRXQRVFXDQWRVSRHPDVVHQFLOORVSXEOLFDGRVKDFHPXFKRWLHPSR
TXH VLJXHQ GHVSHUWDQGRHOLQWHUpVGHODVSHUVRQDVVHQFLOODV+HXWLOL]DGRGLIHUHQWHVPpWRGRVSDUDHVFULELU\ORKHKHFKREDMRORV
HIHFWRV GH PX\ GLYHUVDV HPRFLRQHV FDVL QXQFD KH WHQLGR PLHGR GH YLDMDU SRU WLHUUDV \ PDUHV GRQGH KH HQFRQWUDGR SDLVDMHV
DVRPEURVRV \ QXHYDV FDQFLRQHV 7RGD PL YLGD KH WUDWDGR GH DSUHQGHU D OHHU D PLUDU \ D HVFXFKDU \ WDPELpQ D HVFULELU $ ORV
VHVHQWD\FLQFRDxRVFRPHQFpPLSULPHUDQRYHOD\GXUDQWHORVFLQFRDxRVPHQRVXQPHVTXHWDUGpHQWHUPLQDUODVHJXtYLDMDQGR
VHJXtVLHQGRH[SORUDGRU0HJXVWDUtDFUHHUTXHPLHQWUDVVLJDHVFULELHQGRSRGUpFUHDUIUDVHVGRWDGDVGHYLGDFRQYHUERVWUpPXORV
FRQVXVWDQWLYRVFRORULGRV\UHVRQDQWHV6L'LRVDVtORTXLHUHYLYLUpKDVWDORVRFKHQWD\QXHYHDxRVLJXDOTXH+RNXVDL\FXDQGR
SURQXQFLHPLGLVFXUVRGHGHVSHGLGDGHORVHVFHQDULRVWHUUHVWUHVSRGUtDSDUDIUDVHDUORC6L'LRVPHKXELHUDGDGRFLQFRDxRVPiVGH
YLGDKXELHUDVLGRHVFULWRU
'HILQLFLyQLQWHOLJHQFLDYHUEDO OLQJtVWLFD
/DV GHFODUDFLRQHV GH 6DQGEXUJ SURSRUFLRQDQ XQ HMHPSOR GH LQWHOLJHQFLD YHUEDOOLQJtVWLFD FXDQGR GHVFULEH WDQWR VX SURIXQGD
VHQVLELOLGDG D ORV VRQLGRV DO ULWPR \ DO VLJQLILFDGR GH ODV SDODEUDV FRPR VX LQDJRWDEOH SDVLyQ SRU DSUHQGHU D H[SUHVDUVH SRU
HVFULWR*DUGQHUVRVWLHQHTXHHOOHQJXDMHHVXQDLQVWDQFLDSUHHPLQHQWHGHODLQWHOLJHQFLDKXPDQDLQGLVSHQVDEOHSDUDODVRFLHGDG
KXPDQD$VLPLVPRDGYLHUWHODLPSRUWDQFLDGHODVSHFWRUHWyULFRGHODOHQJXDODFDSDFLGDGSDUDFRQYHQFHUDORVGHPiVFRQHOILQ
GH TXH DGRSWHQ XQ GHWHUPLQDGR FXUVR GH DFFLyQ GH VX SRWHQFLDO PQHPyQLFR OD FDSDFLGDG SDUD UHFRUGDU OLVWDV R SURFHVRV SRU
PHGLR GH SDODEUDV GH VX FDSDFLGDG SDUD H[SOLFDU FRQFHSWRV \ GHO YDORU GH OD PHWiIRUD SDUD OOHYDUOR D FDER \ WDPELpQ GH OD
FDSDFLGDGGHODOHQJXDSDUDUHIOH[LRQDUDFHUFDGHVtPLVPDHODQiOLVLVPHWDOLQJtVWLFR
(O HPSOHR GH SDODEUDV SDUD FRPXQLFDU \ GRFXPHQWDU LQIRUPDFLyQ SDUD H[SUHVDU HPRFLRQHV SRGHURVDV \ HQ FRPELQDFLyQ FRQ OD
P~VLFDSDUDIRUPDUFDQFLRQHVGLVWLQJXHDORVVHUHVKXPDQRVGHORVRWURVDQLPDOHV(QORVLQLFLRVGHODKLVWRULDGHODKXPDQLGDGHO
OHQJXDMH FDPELy OD HVSHFLDOL]DFLyQ \ IXQFLyQ GHO FHUHEUR KXPDQR DO RIUHFHUOH SRVLELOLGDGHV SDUD H[SORUDU \ H[SDQGLU OD
LQWHOLJHQFLDKXPDQD/DSDODEUDKDEODGDSHUPLWLyDQXHVWURVDQFHVWURVSDVDUGHOSHQVDPLHQWRFRQFUHWRDODEVWUDFWRDPHGLGDTXH
DYDQ]DEDQGHVGHHODFWRGHVHxDODUREMHWRVDQRPEUDUORV\KDEODUDFHUFDGHREMHWRVTXHQRVHHQFRQWUDEDQSUHVHQWHV/DOHFWXUD
QRV SHUPLWH FRQRFHU REMHWRV OXJDUHV SURFHVRV \ FRQFHSWRV TXH QR KHPRVH[SHULPHQWDGRSHUVRQDOPHQWH\ODHVFULWXUDKDKHFKR
SRVLEOHODFRPXQLFDFLyQFRQSHUVRQDVTXHHOHPLVRUGHOPHQVDMHQXQFDKDYLVWR(VPHGLDQWHODFDSDFLGDGGHSHQVDUHQSDODEUDV
TXHORVVHUHVKXPDQRVSXHGHQUHFRUGDUDQDOL]DUUHVROYHUSUREOHPDVDQWLFLSDU \FUHDU
'HELGRDTXHHOIHWRQRUPDOGHVDUUROODODDXGLFLyQLQWUDXWHULQDPHQWHODVEDVHVGHODLQWHOLJHQFLDYHUEDOOLQJtVWLFDVHHVWDEOHFHQ
DQWHVGHOQDFLPLHQWR1XPHURVRVHVWXGLRVLQFOXLGRVORVGHQHRQDWyORJRVFRPR7KRPDV9HUQH\LQGLFDQTXHORVEHEpV DTXLHQHV
VH OHV KD OHtGR FDQWDGR \ KDEODGR DQWHV GH VX QDFLPLHQWR SRVHHQ XQD LPSRUWDQWH EDVH SDUD HO GHVDUUROOR GH OD LQWHOLJHQFLD
YHUEDOOLQJtVWLFD
9HUQH\DVtFRPRWDPELpQOD 1DWLRQDO$VVRFLDWLRQIRUWKH(GXFDWLRQRI<RXQJ&KLOGUHQ >$VRFLDFLyQ1DFLRQDOSDUDOD(GXFDFLyQGH
1LxRV3HTXHxRV((88@VHxDODODLPSRUWDQFLDGHFUHDUHQWRUQRVOLQJtVWLFDPHQWHULFRVHQORVTXHORVSDGUHVRODVSHUVRQDVTXH
WHQJDQ QLxRV D VX FXLGDGR SURPXHYDQ LQWHUDFFLRQHV YHUEDOHV FRQ ORV SHTXHxRV LQFOX\HQGR MXHJRV GH SDODEUDV QDUUDFLyQ GH
FXHQWRV \ FKLVWHV IRUPXODFLyQ GH SUHJXQWDV VROLFLWXG GH RSLQLRQHV \ H[SOLFDFLyQ GH VHQWLPLHQWRV \ FRQFHSWRV 6H GHEHUi
SURPRYHU OD SDUWLFLSDFLyQ GH ORV QLxRV HQ GHEDWHV \ VH OHV SURSRUFLRQDUiQ RSRUWXQLGDGHV SDUD TXH UHDOLFHQ HOHFFLRQHV \ WRPHQ
GHFLVLRQHV VLJQLILFDWLYDV < QR HV GH H[WUDxDU TXH XQ QLxR QDFLGR HQ XQ iPELWR VHPHMDQWH SRVHD XQD FRPSHWHQFLD VREUHVDOLHQWH
SDUDHVFXFKDUKDEODUOHHU\HVFULELU
/DVDXODVGHWRGDVODViUHDVFXUULFXODUHVHQWRGRVORVQLYHOHVGHHQVHxDQ]DWDPELpQGHEHQVHUiPELWRVOLQJtVWLFDPHQWHULFRVHQORV
TXH ORV DOXPQRV FXHQWHQ FRQ IUHFXHQWHV RSRUWXQLGDGHV SDUD KDEODU GHEDWLU \ H[SOLFDU \ GRQGH SULQFLSDOPHQWH VH HVWLPXOH OD
FXULRVLGDG (O LQWHUpV SRU HO DSUHQGL]DMH DXPHQWD FXDQGR ORV DOXPQRV VH VLHQWHQ VXILFLHQWHPHQWH VHJXURV FRPR SDUD IRUPXODU
SUHJXQWDV H LQWHUFDPELDU SXQWRV GH YLVWD /DH[SUHVLyQYHUEDOGHODVLGHDVHVXQHMHUFLFLRPHWDFRJQLWLYRLPSRUWDQWH\DTXHFRQ
IUHFXHQFLDHQHOSURFHVRGHHVFXFKDUQRVKDEODURGHOHHUORTXHKHPRVHVFULWRREWHQHPRVXQDSHUFHSFLyQPiVSURIXQGDGHORTXH
UHDOPHQWHSHQVDPRV\VDEHPRV
/D DXWRHVWLPD DXPHQWD FXDQGR ORV DOXPQRV DSUHQGHQ D GHIHQGHU VXV RSLQLRQHV HQ GLVFXVLRQHV \ GHEDWHV *XDQGR WLHQHQ
RSRUWXQLGDG GH H[SRQHU R HQVHxDU D ORV GHPiV OR TXH KDQ DSUHQGLGR ORV DOXPQRV DOFDQ]DQ XQD PD\RU FRPSUHQVLyQ GH ORV
FRQWHQLGRV1RREVWDQWHODVREVHUYDFLRQHVGHDXODUHDOL]DGDVSRULQYHVWLJDGRUHVFRPR-RKQ*RRGODQGUHYHODQTXHHQODPD\RUtD
GHORVFDVRVVRUORVGRFHQWHVTXLHQHVKDEODQODPD\RUSDUWHGHOWLHPSRDJUXSRVGHDOXPQRVSDVLYRV
,QFOXVR HQ DTXHOODV DXODV GRQGH HO SDSHO SULQFLSDO GH ORV DOXPQRV HV HO GH R\HQWHV HVWD KDELOLGDG UDUDPHQWH VH HQVHxD 6LQ
HPEDUJR HV SUHFLVDPHQWH HVFXFKDQGR FRPR VH DSUHQGH D XWLOL]DU OD SDODEUD KDEODGD HQ IRUPD FRUUHFWD HILFD] H LQFOXVR
HORFXHQWH/DIDOWDGHGRPLQLRHQODVKDELOLGDGHVSDUDHVFXFKDUGDOXJDUDQXPHURVRVIUDFDVRVHQHODSUHQGL]DMHDPDOHQWHQGLGRV
\DOHVLRQHVItVLFDV+DEODUHVRWUDKDELOLGDGHVHQFLDOTXHQRVHGHVDUUROODHILFD]PHQWHVLQXQDJUDQGRVLVGHSUiFWLFD \HVWLPXOR
8QD HVFULWXUD HILFD] UHTXLHUH SUiFWLFD DVt FRUQR WDPELpQ XQD OHFWXUD SURIXQGD \UHIOH[LYD(QHODXODH[LWRVDHQWRGDVODViUHDV
FXUULFXODUHV HVWDV FXDWUR KDELOLGDGHV VH GHVDUUROODQ HQ IRUPD VRVWHQLGD \ DFWLYD (O GHVDUUROOR GH ORV FXDWUR FRPSRQHQWHV GH OD
LQWHOLJHQFLDYHUEDOOLQJtVWLFDSXHGHWHQHUXQVLJQLILFDWLYRHIHFWRVREUHHODSUHQGL]DMHGHFXDOTXLHUFRQWHQLGRGXUDQWHWRGDODYLGD
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDYHUEDO OLQJtVWLFD
$FRPLHQ]RVGHODKLVWRULDGHORV((88HQODVHVFXHODVGH0DVVDFKXVHWWVODOHFWXUD\ODHVFULWXUDFRPSUHQGtDQORVGRVWHUFLRV
GHOFXUUtFXOR(QODDFWXDOLGDGHOFXUUtFXORVHKDH[SDQGLGR\VLQHPEDUJRODOHFWXUD\ODHVFULWXUDMXQWRFRQODVKDELOLGDGHVSDUD
HVFXFKDU\KDEODUVLJXHQVLHQGRKHUUDPLHQWDVHVHQFLDOHVSDUDHODSUHQGL]DMHGHWRGRVORVFRQWHQLGRV
([SUHVLRQHV WDOHV FRPR FHQWUDGR HQ HO DOXPQR QDWXUDOLVWD HYROXWLYR RUJiQLFR LQWHJUDGR H[SHULHQFLD OLQJtVWLFD \
OHQJXDMHWRWDOVXHOHQDVRFLDUVHFRQHVWDFODVHGHSURFHVRGHHQVHxDQ]DDSUHQGL]DMH6WHSKHQ7FKXGLVHxDODTXHFDGDXQDGHHVWDV
H[SUHVLRQHVVHUHODFLRQDFRQXQDGHODVFDUDFWHUtVWLFDVSULQFLSDOHVGHOPRGHORGHFUHFLPLHQWRSHUVRQDOTXH
‡FRQVLGHUDODOHQJXDGHORVDOXPQRVFRPRSXQWRGHSDUWLGDSDUDODHQVHxDQ]D
‡SHUPLWHHOGHVDUUROORGHKDELOLGDGHVOLQJtVWLFDVHQSURJUHVLyQQDWXUDO
‡FRQVWUX\HODVKDELOLGDGHVHYROXWLYDPHQWHYLQFXODQGRODHQVHxDQ]DFRQHOFUHFLPLHQWRFRJQLWLYR\OLQJtVWLFRGHORVDOXPQRV
‡FRQHFWDRUJiQLFDPHQWHODOHQJXD\ODOLWHUDWXUD
‡ LQWHJUDORVGLYHUVRVFRPSRQHQWHVGHODOHQJXDH[SUHVLYDOHHUHVFULELUHVFXFKDU\KDEODU
‡XWLOL]DODVH[SHULHQFLDVGHYLGDGHORVMyYHQHVFRPRSXQWRGHSDUWLGDSDUDODOHFWXUD\ODHVFULWXUD
‡DERUGDODOHQJXDFRPRXQDWRWDOLGDGHQOXJDUGHGLYLGLUODHQVHxDQ]DHQEORTXHVFRPSXHVWRVSRUKDELOLGDGHVLQFRQH[DV
(VWHHQIRTXHGHODHQVHxDQ]DGHODOHQJXDVHEDVDHQODVLQYHVWLJDFLRQHVDFHUFDGHODSUHQGL]DMH\HOSHQVDPLHQWROOHYDGDVDFDER
SRU SLRQHURV SHGDJyJLFRV FRPR /HY 9\JRWVN\ 6XVDQQH /DQJHU -DPHV %ULWWRQ \ -DPHV 0RIIHWW DVt FRPR WDPELpQ HQ PRGHORV
H[LWRVRVGHHQVHxDQ]DSURJUHVLVWDWDQWRHQORV(VWDGRV8QLGRVFRPRHQ,QJODWHUUD
/DOLVWDTXHDSDUHFHDFRQWLQXDFLyQHQXPHUDDOJXQRVLQGLFDGRUHVGHODLQWHOLJHQFLDYHUEDOOLQJtVWLFD5HFRQRFHPRVTXHTXLHQHV
SUHVHQWDQ LQVXILFLHQFLDV DXGLWLYDV RUDOHVRYLVXDOHVGHVDUUROODUiQHOOHQJXDMH\ODFRPXQLFDFLyQGHRWUDVPDQHUDVPXFKDVYHFHV
SRU PHGLR GH ODV RWUDV LQWHOLJHQFLDV TXH VH H[SRQHQ HQ ORV FDStWXORV VLJXLHQWHV (V PX\ SUREDEOH TXH XQD SHUVRQD FRQ XQD
LQWHOLJHQFLDYHUEDOOLQJtVWLFDELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
(VFXFKD\UHVSRQGHDOVRQLGRULWPRFRORU\YDULHGDGGHODSDODEUDKDEODGD
,PLWDORVVRQLGRV\ODIRUPDGHKDEODUGHOHHU\GHHVFULELUGHRWUDVSHUVRQDV
$SUHQGHHVFXFKDQGROH\HQGRHVFULELHQGR\GHEDWLHQGR
(VFXFKDFRQDWHQFLyQFRPSUHQGHSDUDIUDVHDLQWHUSUHWD\UHFXHUGDORGLFKR
/HHHQIRUPDHILFD]FRPSUHQGHVLQWHWL]DLQWHUSUHWDRH[SOLFD\UHFXHUGDOROHtGR
6H GLULJH HILFD]PHQWH D GLYHUVRV DXGLWRULRV FRQ GLIHUHQWHV SURSyVLWRV \ VDEH FyPR H[SUHVDUVH GH PDQHUD VHQFLOOD HORFXHQWH
SHUVXDVLYDRDSDVLRQDGDHQHOPRPHQWRDSURSLDGR
(VFULEH HQ IRUPD HILFD] FRPSUHQGH \ DSOLFD ODV UHJODV JUDPDWLFDOHV RUWRJUiILFDV \ GH SXQWXDFLyQ \ XWLOL]D XQ YRFDEXODULR
DPSOLR\DSURSLDGR
([KLEHFDSDFLGDGSDUDDSUHQGHURWUDVOHQJXDV
(PSOHD ODV KDELOLGDGHV SDUD HVFXFKDU KDEODU HVFULELU \ OHHU SDUD UHFRUGDU FRPXQLFDU GHEDWLU H[SOLFDU SHUVXDGLU FUHDU
FRQRFLPLHQWRVFRQVWUXLUVLJQLILFDGRV\UHIOH[LRQDUDFHUFDGHORVKHFKRVGHOOHQJXDMH
6HHVIXHU]DSRUSRWHQFLDUHOHPSOHRGHVXSURSLROHQJXDMH
'HPXHVWUDLQWHUpVHQODDFWLYLGDGSHULRGtVWLFDODSRHVtDODQDUUDFLyQHOGHEDWHODFRQYHUVDFLyQODHVFULWXUDRODHGLFLyQ
&UHDQXHYDVIRUPDVOLQJtVWLFDVXREUDVRULJLQDOHVPHGLDQWHODFRPXQLFDFLyQRUDORHVFULWD
3URFHVRVGHDSUHQGL]DMHYHUEDO OLQJtVWLFR
(QHVWHOLEURHOOHFWRUHQFRQWUDUiFRQH[LRQHVHQWUHFDGDXQDGHODVRWUDVLQWHOLJHQFLDV\HOGHVDUUROOR\HPSOHRGHOOHQJXDMH
$OJXQRVGRFHQWHVVXHOHQHQVHxDUKDELOLGDGHVOLQJtVWLFDVHQIRUPDDLVODGDRIXHUDGHFRQWH[WRHVWDWHQGHQFLDSRGUtDVHUXQDGHODV
UD]RQHV SRU ODV FXDOHV PXFKRV DOXPQRV QR ORJUDQ LQFRUSRUDUODV 6L ELHQ DTXt HQXPHUDPRV FDGD XQD GH GLFKDV KDELOLGDGHV SRU
VHSDUDGRGHVHDPRVVHxDODUTXHVHHQFXHQWUDQHVWUHFKDPHQWHYLQFXODGDV\TXHVHGHEHQLQWHJUDUDWRGDVODViUHDVFXUULFXODUHV
'HELGRDTXHH[LVWHDEXQGDQWHELEOLRJUDItDUHIHUHQWHDODVKDELOLGDGHVOLQJtVWLFDVQRVHH[SRQHQHQHVWHFDStWXORFXHVWLRQHV
UHODFLRQDGDVFRQODLQWURGXFFLyQ\HQVHxDQ]DGHVXVIXQGDPHQWRVVLQRTXHVHGHVWDFDQHVWUDWHJLDVVLJQLILFDWLYDVSDUDOD
HMHUFLWDFLyQ\HOGHVDUUROORGHGLFKDVKDELOLGDGHV
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYHUEDOOLQJtVWLFR
(VFXFKDUSDUDDSUHQGHU
&ODYHVSDUDHVFXFKDUGHPDQHUDHILFD]
(VFXFKDU\OHHUFXHQWRVHQYR]DOWD
(VFXFKDUSRHVtD
(OGRFHQWHFRPRQDUUDGRU
(VFXFKDUFODVHVH[SRVLWLYDV
+DEODU
(ODOXPQRFRPRQDUUDGRU
'HEDWHHQFODVH
0HPRUL]DFLyQ
,QIRUPHV
(QWUHYLVWDV
/HHU
6HOHFFLyQGHPDWHULDO
/DSDODEUDHQHODXOD
/HHUSDUDFRPSUHQGHU
(VFULELU
&DWHJRUtDVGHODHVFULWXUD
/DHVFULWXUDHQWRGDVODViUHDVFXUULFXODUHV
&RPHQ]DUDHVFULELU
/DYHUGDGHUDWDUHDGHODHVFULWXUD
*UXSRVGHHVFULWXUD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDYHUEDOOLQJtVWLFD
5HVXPHQ
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYHUEDO OLQJtVWLFR
/D LQWHOLJHQFLD YHUEDOOLQJtVWLFD VH HQFXHQWUD SURIXQGDPHQWH HQUDL]DGD HQ QXHVWURV VHQWLPLHQWRV GH FDSDFLGDG \
DXWRHVWLPD &XDQGR ORV QLxRV FXHQWDQ FRQ RSRUWXQLGDGHV SDUD HMHUFLWDU HVWD LQWHOLJHQFLD HQ XQ iPELWR VHJXUR GHVGH PX\
WHPSUDQDHGDGGHVDUUROODQFRQPD\RUIDFLOLGDGODVFRPSHWHQFLDVOLQJtVWLFDVTXHHPSOHDUiQGXUDQWHWRGDODYLGD&RQHOILQ
GHSURSRUFLRQDUPRGHORVGHSURIXQGDLQIOXHQFLDORVGRFHQWHVSRGUiQSURSRQHUMXHJRVGHSDODEUDVFRPSDUWLUVXVWUDEDMRV
HVFULWRVSUHIHULGRVSDUWLFLSDUHQGHEDWHVFRQHQWXVLDVPRRUJDQL]DUH[FXUVLRQHVSDUDDVLVWLUDIXQFLRQHVWHDWUDOHVORFDOHV\
QDUUDUFXHQWRV
/D QDUUDFLyQ GH KLVWRULDV HV XQD GH ODV DFWLYLGDGHV OLQJtVWLFDV PiV DQWLJXDV \ DWUDFWLYDV 1R VH VXHOH VDFDU VXILFLHQWH
SURYHFKRGHHVWDHVWUDWHJLDGLGiFWLFDSDUDPRWLYDUDORVDOXPQRVSDUDH[SOLFDUKHFKRVRSURFHVRVRVLPSOHPHQWHSDUDFUHDU
XQD DWPyVIHUD SODFHQWHUD (Q WRGDV ODV UHOLJLRQHV GHO PXQGR VH KD UHFXUULGR D QDUUDFLRQHV HQ IRUPD GH SDUiEROD SDUD
LQWURGXFLUSULQFLSLRV\HQVHxDQ]DV7RGDVODVVRFLHGDGHVGHODDQWLJHGDGFUHDURQ\UHODWDURQPLWRVSDUDH[SOLFDUIHQyPHQRV
FLHQWtILFRV\OH\HQGDVTXHSURSRUFLRQDURQXQDIXHQWHGHGLYHUVLyQLQVSLUDFLyQ\PRWLYDFLyQSDUDVXVR\HQWHV/DWUDGLFLyQ
RUDOHVPX\DQWLJXD\JR]DGHUHFRQRFLPLHQWRFRPRXQDGHODVIRUPDVPiVHILFDFHVGHFRPXQLFDFLyQ$PHGLGDTXHDYDQFH
HQODOHFWXUDGHHVWHFDStWXORHOOHFWRUHQFRQWUDUiSURSXHVWDVSDUDLQFRUSRUDUODQDUUDFLyQGHKLVWRULDVDODVDFWLYLGDGHVGHO
DXOD
/DOHFWXUDHQYR]DOWDWUDQVPLWHDORtGRHOVRQLGRHOULWPR\ODP~VLFDGHOOHQJXDMH/DVJUDEDFLRQHVGHDXGLR\YLGHRHQODV
TXHDFWRUHVLQWHUSUHWDQREUDVGHJUDQGHVGUDPDWXUJRVSRHWDV\FXHQWLVWDVGDQYLGDDODSDODEUDHVFULWD/RVDXWRUHVTXHOHHQ
VXVSURSLRVWUDEDMRVVXHOHQSURSRUFLRQDUXQDFRPSUHQVLyQPiVSURIXQGDGHODVREUDV/RVGRFHQWHVTXHOHHQHQYR]DOWDFRQ
VHQVLELOLGDG \ HQWXVLDVPR VXV WUDEDMRV HVFULWRV SUHIHULGRV SXHGHQ GHVSHUWDU XQ LQWHUpV TXH VH SURORQJD HQ HO WLHPSR /RV
DOXPQRV TXH OHHQ SDUD DOJXQR GH VXV SDUHV DQWHV KDFHUOR IUHQWH D WRGD OD FODVH SXHGHQ GHVDUUROODU XQ PD\RU JUDGR GH
FRQILDQ]DHQVtPLVPRV
/RVGRFHQWHVSXHGHQSURSRUFLRQDUPRGHORVSDUDGHVDUUROODUODVKDELOLGDGHVSURSLDVGHXQR\HQWHHILFD]SRQLHQGRHVSHFLDO
DWHQFLyQDORVFRPHQWDULRVTXHIRUPXODQORVDOXPQRVXRWUDVSHUVRQDVGHODFODVH/RVDOXPQRVVHVLHQWHQHVWLPXODGRVSDUD
HVFXFKDU D ORV GHPiV FRQ PD\RU LQWHUpV FXDQGR VLHQWHQ TXH VH ORV HVFXFKD DWHQWDPHQWH (Q HVWH FDStWXOR VH GHVFULEHQ
QXPHURVDVIRUPDVSDUDGHVDUUROODUGLFKDVKDELOLGDGHV
&XDQGR VH GLVSRQH GH P~OWLSOHV RSRUWXQLGDGHV SDUD OOHYDU D FDER XQD OHFWXUD HVFULWXUD H LQWHUFDPELR YHUEDO
LQGLYLGXDOL]DGRVVHSURGXFHQHIHFWRVSRVLWLYRVHQHOQLYHOGHORJURTXHVXHOHQ H[WHQGHUVHDODVDFWLYLGDGHVUHFUHDWLYDV/RV
DOXPQRV TXH SRVHHQ OLPLWDGRV FRQRFLPLHQWRV DFHUFD GH OD HQRUPH RIHUWD TXH SURSRUFLRQD OD OLWHUDWXUD UHTXLHUHQ JXtD \
PRWLYDFLyQ SDUD FRQYHUWLUVH HQ OHFWRUHV HQWXVLDVWDV /RV SDGUHV \ ORV GRFHQWHV SXHGHQ GHVSHUWDU VX LQWHUpV VXJLULpQGROHV
OLEURV R DUWtFXORV UHODFLRQDGRV FRQ WHPiWLFDV TXH OHV UHVXOWHQ DWUDFWLYDV QR REVWDQWH WDPELpQ GHEHUiQ FRQRFHU RWURV
SURSyVLWRVGHODOHFWXUD
(OHVWXGLRGHJUDQGHVREUDVQDUUDWLYDVGUDPiWLFDVRSRpWLFDVSXHGHFRPSOHPHQWDUVH FRQGHVDItRVSURSXHVWRVSRUWDUHDVGH
HVFULWXUD6LVHVROLFLWDXQLQIRUPHDFHUFDGHXQOLEURHQHOTXHKD\DTXHHQXPHUDUORVSHUVRQDMHV\VLQWHWL]DUHOFRQWHQLGR
QR VH JHQHUDUi HQWXVLDVPR HQ ORV DOXPQRV 8Q HQVD\R DFHUFD GHO VLJQLILFDGR GH XQ SRHPD R GHO WHPD GH XQD REUD WHDWUDO
WDPSRFRHVWLPXODUDHOLQWHUpV/RVGRFHQWHVGHEHUiQSURSRQHUDFWLYLGDGHVGHHVFULWXUDTXHUHVXOWHQLQWHUHVDQWHVSDUDHOORVPLVPRV
\TXHSXHGDQGHVSHUWDULQWHUpVHQORVDOXPQRV
&RQHOREMHWRGHLQWHJUDUXQDH[SHULHQFLDHGXFDWLYDTXHGHRWURPRGRSRGUtDUHVXOWDUIUDJPHQWDULDHVLPSRUWDQWHTXHORVGRFHQWHV
D\XGHQ D ORV DOXPQRV D GHVFXEULU ODV FRQH[LRQHV TXH H[LVWHQ HQWUH ODV GLVWLQWDV iUHDV /RV GRFHQWHV GH PDWHPiWLFD \ FLHQFLDV
QDWXUDOHVGHEHQH[LJLUXQQLYHOGHFRPSHWHQFLDHQODVKDELOLGDGHVSDUDHVFXFKDUKDEODUOHHU\HVFULELUVLPLODUDOTXHUHTXLHUHQORV
GRFHQWHV GHO iUHD GH OHQJXD < ORV GRFHQWHV GH OLWHUDWXUD SRGUiQ FUHDU FRQWH[WRV VLJQLILFDWLYRV SDUD OD OHFWXUD GH XQ OLEUR
HVWDEOHFLHQGRUHODFLRQHVFRQORVREMHWRVGHHVWXGLRGHRWUDViUHDV
/RV DOXPQRV UHTXLHUHQ XQD DPSOLD YDULHGDG GH H[SHULHQFLDV TXH FRPSURPHWDQ VX LQWHOLJHQFLD YHUEDOOLQJtVWLFD FRPR VH
HMHPSOLILFD HQ HVWH OLEUR /D SUiFWLFD GH KDELOLGDGHV SDUD HVFXFKDU KDEODU OHHU \ HVFULELU FRQGXFH D XQ GHVDUUROOR KXPDQR HQ
SOHQLWXG \ DO GRPLQLR GH KDELOLGDGHV LPSRUWDQWHV HQ OD YLGD SHQVDU DSUHQGHU VROXFLRQDU SUREOHPDV FRPXQLFDUVH \ FUHDU
DVXPLHQGRXQURODFWLYRHQODVRFLHGDG
(VFXFKDUSDUDDSUHQGHU
3DUD TXLHQHV QR WLHQHQ SUREOHPDV GH DXGLFLyQ OD YR] KXPDQD SURSRUFLRQD HO SULPHU FRQWDFWR FRQ HO OHQJXDMH $OJXQRV
LQYHVWLJDGRUHV FRPR HO 'U /\PDQ 6WHLO SURIHVRU GH UHWyULFD GHOD8QLYHUVLGDGGH0LQQHVRWDKDQHVWLPDGRTXHORVLQGLYLGXRV
GHGLFDQHOGHVXWLHPSRGHYLJLOLDDFRPXQLFDUVH\TXHHOGHHVHWLHPSRVHHPSOHDSDUDHVFXFKDU6WHLOFRQVLGHUDTXHHQ
PXFKDVDXODVWUDGLFLRQDOHVORVDOXPQRVGHGLFDQPiVGHOGHOWLHPSRTXHSHUPDQHFHQHQHOODVDHVFXFKDU\VLQHPEDUJRHV
PX\HVFDVRHOWLHPSRTXHVHGHGLFDDHQVHxDUOHVHVWUDWHJLDVTXHOHVSHUPLWDQ HVFXFKDUGHPDQHUDHILFD]
6WHLOVRVWLHQHTXHODPD\RUtDGHODVSHUVRQDVVRQR\HQWHVLQHILFLHQWHV(QXQDSUHVHQWDFLyQRUDODOFDERGHGLH]PLQXWRVODPD\RU
SDUWH GH ORV R\HQWHV HVFXFKD FRPSUHQGH HYDO~D \ UHWLHQH VRODPHQWH OD PLWDG GH OR GLFKR 'XUDQWH ODV VLJXLHQWHV KRUDV
SHUGHUiQ RWUR (Q RWUDV SDODEUDV OD PD\RUtD GH ODV SHUVRQDV ORJUD UHWHQHU VyOR XQ FXDUWR GH OR TXH HVFXFKD D PHQRV TXH
KD\DQGHVDUUROODGRKDELOLGDGHVSDUDHVFXFKDUFRQHILFDFLD
&ODYHVSDUDHVFXFKDUGHPDQHUDHILFD]
$OUHGHGRUGHGLH]DxRVDWUiVOD6SHUU\&RUSRUDWLRQFRQWUDWyDO'U6WHLOSDUDWUDEDMDUFRQVXVHPSOHDGRVFRQHOILQGHSHUIHFFLRQDU
VXVKDELOLGDGHVSDUDHVFXFKDU(VWDVKDELOLGDGHVSXHGHQGHVDUUROODUVHDFXDOTXLHUHGDG\UHVXOWDQDSURSLDGDVSDUDTXHORVDOXPQRV
ODV SUDFWLTXHQ HQ HO DXOD&RQD\XGDGHO'U6WHLOOD6SHUU\&RUSRUDWLRQGHVDUUROOyGLH]FODYHVSDUDHVFXFKDUGHPDQHUDHILFD]
TXHSURSRUFLRQDQKHUUDPLHQWDVGHDSUHQGL]DMHSDUDXWLOL]DUGXUDQWHWRGDODYLGD/RVGRFHQWHVSXHGHQDQDOL]DUODVGLH]FODYHVFRQ
VXVDOXPQRV\SUDFWLFDUHVSHFLDOPHQWHXQDRPiVGHHOODVVHJ~QORFRQVLGHUHQDSURSLDGR
&/$9(63$5$(6&8&+$5'(0$1(5$(),&$=
(VWDVFODYHVSURSRQHQIRUPDVSDUDLQFUHPHQWDUODFDSDFLGDGGHHVFXFKDU
&ODYHV
2\HQWHVLQFRPSHWHQWHV
2\HQWHVFRPSHWHQWHV
6HGHVFRQHFWDQFXDQGRHOWHPDHV
3HUVRQDOL]DQVHSUHJXQWDQ¢TXpPH
'HVFXEULUiUHDVGHLQWHUpV
iULGR
DSRUWD"
6HGHVFRQHFWDQVLODIRUPDHV
MX]JDQHOFRQWHQLGRSDVDQSRUDOWRORV
-X]JDUHOFRQWHQLGR\QRODIRUPD
GHIHFWXRVD
HUURUHVGHSURGXFFLyQ
(YLWDQHPLWLUMXLFLRKDVWDWDQWRKD\DQ
&RQWURODUORVLPSXOVRV
6XHOHQSURYRFDUGLVFXVLRQHV
FRPSOHWDGRODFRPSUHQVLyQ
3UHVWDUDWHQFLyQDODVLGHDV
3UHVWDQDWHQFLyQDORVGDWRV
3UHVWDQDWHQFLyQDODVLGHDVIXQGDPHQWDOHV
6HUIOH[LEOH
(VFXFKDUHQIRUPDDFWLYD
5HVLVWLUVHDODVGLVWUDFFLRQHV
7RPDQQRWDVH[KDXVWLYDVXWLOL]DQGRXQ 7RPDQSRFDVQRWDV8WLOL]DQRVLVWHPDV
~QLFRVLVWHPD
VHJ~QHOKDEODQWHDTXLHQHVFXFKDQ
6LPXODQSUHVWDUDWHQFLyQ
6HGLVWUDHQFRQIDFLOLGDG
6HFRPSURPHWHQH[KLEHQXQDDFWLWXG
FRUSRUDODFWLYD
+DFHQIUHQWHRHYLWDQODVGLVWUDFFLRQHVVRQ
WROHUDQWHVFRQORVPDORVKiELWRVVDEHQ
FyPRORJUDUODFRQFHQWUDFLyQ
6HUHVLVWHQDPDWHULDOHVFRPSOHMRVVH 8WLOL]DQPDWHULDOHVFRPSOHMRVSDUDHMHUFLWDUHO
LQFOLQDQ SRUPDWHULDOVLPSOLILFDGR
LQWHOHFWR
&RQFXHUGDQFRQODLQIRUPDFLyQVLpVWD 7LHQHQHQFXHQWDGLYHUVRVSXQWRVGHYLVWD
0DQWHQHUODPHQWHDELHUWD
DSR\DLGHDVSUHFRQFHELGDV
DQWHVGHHPLWLURSLQLyQ
&DSLWDOL]DUORVKHFKRV\DTXHHO
3RQHQDSUXHEDDQWLFLSDQVLQWHWL]DQ
6HGLVSHUVDQFXDQGRHOULWPRGHOKDEODQWH
SHQVDPLHQWRHVPiVUiSLGRTXHHO
VRSHVDQODVSUXHEDVFRQVLGHUDQORGLFKR\
HVOHQWR
KDEOD
ORQRGLFKR
(MHUFLWDUODFDSDFLGDGLQWHOHFWXDO
'HELGRDTXHH[LVWHXQDQRWDEOHGLIHUHQFLDHQWpUPLQRVGHWLHPSRHQWUHHOQ~PHURGHSDODEUDVTXHXQKDEODQWHSURPHGLRHPLWHSRU
PLQXWR\HOSURPHGLRGHSDODEUDVTXHXQR\HQWHSXHGHSURFHVDUHQHOPLVPRWLHPSRDORVEXHQRVR\HQWHVXWLOL]DQ
HO WLHPSR H[WUD SDUD DFWLYDU VX SHQVDPLHQWR &XDQGR ORV DOXPQRV HVFXFKDQ XQD H[SOLFDFLyQXQDFODVHH[SRVLWLYDRXQGLVFXUVR
SXHGHQ HPSOHDU OD GLIHUHQFLD GH WLHPSR SDUD GHWHUPLQDU HO SURSyVLWR GHO KDEODQWH ORV SXQWRV SULQFLSDOHV GH OD H[SRVLFLyQ \ ODV
LGHDVFHQWUDOHV3XHGHQUHYLVDU\HYDOXDUORGLFKRDQWLFLSDUORTXHVHYDDGHFLU\UHIOH[LRQDUDFHUFDGHOVLJQLILFDGRSHUVRQDOGHO
GLVFXUVR 3RGUtDQ WRPDU QRWDV VREUH DVSHFWRV VLJQLILFDWLYRV XWLOL]DQGR HO PHQRU Q~PHUR GH SDODEUDV SRVLEOH R UHDOL]DU PDSDV
FRQFHSWXDOHV HQ HO FDStWXOR UHIHULGR D OD LQWHOLJHQFLD YLVXDOHVSDFLDO VHSURSRUFLRQDQDOJXQRVHMHPSORV6LORVGRFHQWHVGHVHDQ
TXH ORV DOXPQRV UHFXHUGHQ OR TXH KDQ RtGR VH OHV GHEHUi SURSRUFLRQDU RSRUWXQLGDGHV SDUD VLQWHWL]DURGHEDWLUHOFRQWHQLGRFRQ
DOJXLHQHQXQODSVRQRPD\RUDODVRFKRKRUDVVLJXLHQWHV
(VFXFKDU\OHHUFXHQWRVHQYR]DOWD
/DQDUUDFLyQGHFXHQWRV\ODOHFWXUDHQYR]DOWDVRQIRUPDVHILFDFHVSDUDGHVSHUWDUHOLQWHUpV\IDFLOLWDUHODSUHQGL]DMHHQWRGDVODV
iUHDVGHFRQWHQLGR3RUHMHPSORHVSRVLEOHWRUQDUPiVDPHQDXQDFODVHGHKLVWRULDPHGLDQWHDQpFGRWDVFDUWDVRGLDULRVSHUVRQDOHV
HVFULWRVSRUSHUVRQDMHVKLVWyULFRVIDPRVRVFRPRH[SORUDGRUHVRPLHPEURVGHOD$VDPEOHD&RQVWLWX\HQWH/DVFODVHVGHFLHQFLDV
QDWXUDOHV SXHGHQ LQLFLDUVH FRQ UHODWRV VREUH GHVFXEULPLHQWRV LPSRUWDQWHV FRPR ORV GH 0DGDPH &XULH R 7KRPDV (GLVRQ 3RU
HMHPSOR VL VH HVWXGLD OD YLGD GH (GLVRQ ORV GRFHQWHV SXHGHQ OHHU IUDJPHQWRV GH DOJXQD GH ODV QXPHURVDV IXHQWHV ELRJUiILFDV R
ILFFLRQDOL]DUORVGDWRV
/RVUHFXUVRVELRJUiILFRVFRPRFRQWHQLGRVGHDSUHQGL]DMH
([LVWHQ QXPHURVDV FROHFFLRQHV TXH SUHVHQWDQ ELRJUDItDV GH KRPEUHV \ PXMHUHV GH WRGR HO PXQGR TXH UHDOL]DURQ LPSRUWDQWHV
FRQWULEXFLRQHVDODKXPDQLGDGHQGLVWLQWRVFDPSRV(VWRVOLEURVFRQVWLWX\HQXQH[FHOHQWHUHFXUVRSDUDHOGRFHQWHHQHO HVWXGLRGH
ODVYLGDVGHDUWLVWDVPDWHPiWLFRVFLHQWtILFRV\RWURVFUHDGRUHV
(VFXFKDUSRHVtD
/D SRHVtD FRQVWLWX\H XQ UHFXUVR PRWLYDGRU VLPLODU D OD QDUUDFLyQ R D OD OHFWXUD GH LQIRUPDFLyQ ELRJUiILFD 3XHGHQ XWLOL]DUVH
SRHPDVEUHYHVSDUDSUHVHQWDUXQLGDGHVFXUULFXODUHV/RVGRFHQWHVSRGUtDQUHFRSLODUHLQWHUFDPELDUSRHPDVFRQVXVFROHJDVSDUD
XWLOL]DUORV FRPR PDWHULDO FRPSOHPHQWDULR HQ WRGDV ODV iUHDV $OJXQDV DQWRORJtDV LQWHUHVDQWHV VRQ 3RHVtD 6LHPSUH9LYDODWLQWD
(GLWRULDO7URTXHO%UHYHDQWRORJtDGHSRHVtDGHYDQJXDUGLD 6XGDPHULFDQD\3RHVtDDUJHQWLQDGHOVLJOR;; &ROLKXHVHOHFFLyQ
GH'HOILQD0XVFKLHWWL
0XFKRVDOXPQRVHVFULEHQSRHPDV\HVWiQGLVSXHVWRVDFRPSDUWLUORVFRQORVGHPiV(OSRHPDVLJXLHQWHIXHHVFULWRSRUXQDDOXPQD
GHDxRVOXHJRGHDSUHQGHUDFHUFDGHODVLQWHOLJHQFLDVP~OWLSOHV/RHVFULELyXQDWDUGHVyORSDUDGLYHUWLUVH\ORSUHVHQWyDVX
GRFHQWHDODPDxDQDVLJXLHQWH(VWHSRHPDFRQVWLWX\HXQDH[FHOHQWHLQWURGXFFLyQDODWHRUtDGH+*DUGQHUSDUDQLxRVRDGXOWRV
'HKHFKRORVDXWRUHVGHHVWHOLEURORXWLOL]DPRVFRQIUHFXHQFLDHQORVWDOOHUHVSDUDGRFHQWHVHQORVTXHVHWUDEDMDQODVLQWHOLJHQFLDV
P~OWLSOHV
7KH,QWHOOLJHQFH5DS
6KDZQD0XQVRQ
7KHHLJKWLQWHOOLJHQFHVDUHUHDOO\FRRO:HDOOKDYHWKHPVRQRRQHLVDIRRO
/LQJXLVWLFGHDOVZLWKZULWLQJDQGZLWKZRUGV:HKDYHODQJXDJHZH
UHQRWOLNHDQLPDOVRUELUGV
/RJLFDOPDWKHPDWLFDOGRHVQ
WQHHGWREHDVKRFN,I\RXVWXG\UHDOKDUG\RX
OOEHVPDUWHUWKDQ6SRFN
6SDWLDOLQYROYHVVHHLQJGUDZLQJDQGDUW&UHDWLQJGLIIHUHQWWKLQJVDQGWDNLQJWKHPDSDUW
,QFDVH\RXGLGQ
WNQRZNLQHVWKHWLFLV3(*HWOLWDQGFRRUGLQDWHGDWKOHWLFDOO\
1DWXUDOLVWVDUHFROOHFWRUVRIDQLPDOVDQGSODQWV7KH\OLNHWRSUHVVIORZHUVDQGFRXQWOLPHDQWV
$OORIWKHVHVRIDUDUHUHDOO\QHDW%XWOLNHPXVLFDOCFDXVHLWKDVDEHDW
6RPHWLPHVIHHOORQHO\ZLWKRXWDQ\IULHQGV%XWLQWHUSHUVRQDOVNLOOVSXWWKDWWRDQHQG
,QWUDSHUVRQDOVNLOOVDUHZKHQ\RXZDQWWRUHIOHFW)RU\RXUVHOI\RXVKRXOGDOZD\VKDYHUHVSHFW
1RZ
YHFRPHWRWKHHQGRIP\UDS/HDUQLQPDQ\ZD\VDQG\RX
OOQHYHUEHDVDS
>(OUDSGHODLQWHOLJHQFLD /DVRFKRLQWHOLJHQFLDVVRQUHDOPHQWHIDQWiVWLFDV7RGRVODVWHQHPRVQRKD\QDGLHTXHVHDWRQWR/D
LQWHOLJHQFLD OLQJtVWLFD WUDWD GH HVFULWXUD \ GH SDODEUDV 7HQHPRV XQD OHQJXD QR VRPRV DQLPDOHV R DYHV /D LQWHOLJHQFLD
OyJLFRPDWHPiWLFDQRQRVGHEHDVXVWDU£6LHVWXGLDV\WHHVIXHU]DVVHUiVPiVVDELRTXH6SRFN/DLQWHOLJHQFLDHVSDFLDOFRQVLVWH
HQPLUDUGLEXMDU\FRQRFHUHODUWHHQFUHDUFRVDVGLIHUHQWHV\HQDQDOL]DUODV3RUVLQRORVDEtDQODLQWHOLJHQFLDFLQHVWpVLFDHV
HGXFDFLyQ ItVLFD £6HDPRV VDQRV \ FRRUGLQDGRV DWOpWLFDPHQWH /RV QDWXUDOLVWDV FROHFFLRQDQ DQLPDOHV \ SODQWDV /HV JXVWD
MXQWDU IORUHV \ FRQWDU KRUPLJXLWDV 7RGDV ODV TXH QRPEUR VRQ PX\ LQWHUHVDQWHV SHUR SUHILHUR OD LQWHOLJHQFLD PXVLFDO SRUTXH
WLHQHULWPR$YHFHVPHVLHQWRVRODVLQDPLJRVSHURODVKDELOLGDGHVLQWHUSHUVRQDOHVPHD\XGDQDVXSHUDUOR/DVKDELOLGDGHV
LQWUDSHUVRQDOHVVLUYHQSDUDUHIOH[LRQDU6LHPSUHGHEHUiVWHQHUUHVSHWRSRUWLPLVPR%XHQR\DKHOOHJDGRDOILQDOGHPLUDS
$SUHQGHGHPXFKDVPDQHUDV\QXQFDVHUiVERER@
(OGRFHQWHFRPRQDUUDGRU
&XDQGRQRVHGLVSRQHGHUHFXUVRVRFXDQGRHOGRFHQWHGHVHDSRQHUHQSUiFWLFDXQDHQVHxDQ]DYDULDGDODQDUUDFLyQGHKLVWRULDV
SURSRUFLRQD XQD RSFLyQ DWUDFWLYD WDQWR SDUD QLxRV FRPR SDUD DGXOWRV 7RGRV ORV FRQWHQLGRV R WHPDV FREUDQ YLGD FXDQGR VH ORV
SUHVHQWDHQIRUPDGHFXHQWR$GHPiVSDUDODVSHUVRQDVGHWRGDVODVHGDGHVUHVXOWDPiVVHQFLOORUHFRUGDULQIRUPDFLyQTXHVHKD\D
SUHVHQWDGR GH HVWD PDQHUD $XQTXH PXFKRV GH QRVRWURV QR QRV FRQVLGHUHPRV QDUUDGRUHV GH KHFKR OR VRPRV 7RGRV WHQHPRV
DQpFGRWDVGHQXHVWUDYLGDTXHQRVJXVWDUtDFRPSDUWLUDPXFKRVQRVJXVWDFRQWDUFKLVWHVUHODWDUQXHVWURVVXHxRVRLQFOXVRKDEODU
DFHUFDGHORVGHPiVFRVWXPEUHTXHSRGUtDVHUODEDVHSDUDIXWXURVFXHQWRVIROFOyULFRVROH\HQGDV
&XHQWRVUHODFLRQDGRVFRQFRQWHQLGRVGHODHQVHxDQ]D
¢'HGyQGHVXUJHQODVKLVWRULDVGHODXOD"0XFKDVYHFHVSURYLHQHQGHQXHVWUDVSURSLDVH[SHULHQFLDV&XDQGRUHFRUGDPRVQXHVWUDV
UHDFFLRQHV IUHQWH D WHPDV FXUULFXODUHV GH OD LQIDQFLD SRGHPRV REWHQHU PDWHULDO SDUD FRPSDUWLU FRQ ORV DOXPQRV TXH HVWpQ
HVWXGLDQGRHOPLVPRFRQWHQLGR6LVHDERUGDXQFRQWHQLGR\VHORWUDEDMDHQIRUPDGHKLVWRULDHVSRVLEOHFRQWDUFRQRWUDRSFLyQ
TXH UHVXOWD PiV VLPSOH GH OR TXH SDUHFH /DV OtQHDV QDUUDWLYDV VH GHVDUUROODQ FRQ IDFLOLGDG FXDQGR VH LGHQWLILFDQ ORV SHUVRQDMHV
SULQFLSDOHV\ODWDUHDTXHGHEHQOOHYDUDFDER/RVGRFHQWHVSRGUtDQUHIOH[LRQDUVREUHHOFRQWHQLGRTXHWLHQHQSHQVDGRHQVHxDU\
FRQVLGHUDU FXiOHV VRQ ORV SHUVRQDMHV \ HO DUJXPHQWR TXH SURSRUFLRQDQ SRVLELOLGDGHV QDUUDWLYDV $VLPLVPR ORV DOXPQRV VXHOHQ
PRVWUDUVHGLVSXHVWRVDFUHDU\UHODWDUKLVWRULDVTXHLQFOX\HQFRQWHQLGRVDFDGpPLFRV
'LPHQVLyQFXOWXUDOGHOD QDUUDFLyQ
/D QDUUDFLyQ FRQVWLWX\H WDPELpQ XQ PHGLR SRGHURVR SDUD SURSRUFLRQDU D ORV DOXPQRV XQD SHUVSHFWLYD GH OD KLVWRULD \ GH ODV
GLIHUHQWHVFXOWXUDV/HVUHVXOWDUiLQWHUHVDQWHVDEHUTXHODQDUUDFLyQHVPiVDQWLJXDTXHODKLVWRULDHVFULWD$QWHVGHTXH ODOHFWXUD\
OD HVFULWXUD VH GLIXQGLHUDQ ORV FXHQWRV WUDQVPLWtDQ OD KLVWRULD RUDO GH XQD FXOWXUD LQFOX\HQGR ODV H[SHFWDWLYDV ORV WHPRUHV ORV
YDORUHV\ORVORJURVGHORVSXHEORV
3RUHMHPSORGXUDQWHODpSRFDGHODHVFODYLWXGHQORV((88ORVFXHQWRVDVXPLHURQWDPELpQRWURSURSyVLWR&RPRDORVHVFODYRV
QRVHOHVSHUPLWtDUHXQLUVHHQJUXSRVGHPiVGHFLQFRSHUVRQDVKDEODURHVFULELUHQVXOHQJXDDIULFDQDQDWLYDQLHVFULELUHQLQJOpV
FUHDURQ FXHQWRV GH DQLPDOHV SDUD HVWDEOHFHU HO VHQWLGR GH FRPXQLGDG TXH VH OHV KDEtD QHJDGR (O DQLPDO TXH HOLJLHURQ FRPR
SURWDJRQLVWDGHODPD\RUtDGHVXVFXHQWRVIXHHOFRQHMRXQDFULDWXUDWDQLQGHIHQVDFRPRHOORVPLVPRVSHURTXHVDEtDWRGRORTXH
RFXUUtDDVXDOUHGHGRU\TXHSRUQHFHVLGDGGHEtDSHUPDQHFHUHQVLOHQFLR/ROODPDURQ+HUPDQR&RQHMR(VFXFKDUODVKLVWRULDV
GHO+HUPDQR&RQHMRSHUPLWHDORVDOXPQRVFRPSUHQGHUDORVHVFODYRVTXHORFUHDURQFRPRSURWDJRQLVWDGHVXIROFORUH
5HFXUVRVQDUUDWLYRVPXOWLFXOWXUDOHV
([LVWHQQXPHURVRVUHFXUVRVGLVSRQLEOHVSDUDHO GRFHQWHTXHGHVHHWUDEDMDUHOHPHQWRVGHRWUDVFXOWXUDVFRQORVDOXPQRVHQSDUWH
PHGLDQWH OD QDUUDFLyQ &XDQGR VH QDUUHQ KLVWRULDV PXOWLFXOWXUDOHV HO GRFHQWH SRGUi VROLFLWDU D ORV DOXPQRV TXH LGHQWLILTXHQ \
UHFRSLOHQ LQIRUPDFLyQ DFHUFD GH ODV GLYHUVDV FXOWXUDV $ ILQDOL]DU OD QDUUDFLyQ VH SRGUi GHEDWLU DFHUFD GH OD HVWUXFWXUD \ HO
PHQVDMH GH OD KLVWRULD DVt FRPR WDPELpQ VREUH VXV LPSOLFDQFLDV FXOWXUDOHV $OJXQRV GH ORV HOHPHQWRV TXH SRGUtDQ WHQHUVH HQ
FXHQWDVRQORVVLJXLHQWHV
‡¢(QTXpiPELWRVHGHVDUUROODODKLVWRULD"
‡¢&XiOHVVRQORVYDORUHVTXHWUDQVPLWH"
‡¢&XiOHVHOOHQJXDMHTXHVHXWLOL]D"
‡¢([LVWHQHVWHUHRWLSRVTXHVHPDQWLHQHQHQODKLVWRULD"
‡¢&RQWULEX\HODKLVWRULDDGHUULEDUHVWHUHRWLSRVDFHUFDGHHVWDFXOWXUD"
/RVELEOLRWHFDULRVHVFRODUHVRORFDOHVSXHGHQEULQGDUDVHVRUDPLHQWRUHVSHFWRGHUHFXUVRVSDUDODQDUUDFLyQ\SURSRUFLRQDUKLVWRULDV
SDUD FRPSOHPHQWDU WRGRV ORV WHPDV GH HVWXGLR $ FRQWLQXDFLyQ RIUHFHPRV XQ OLVWDGR SDUFLDO GH OLEURV GH FXHQWRV GH GLYHUVRV
RUtJHQHV
&XHQWRVSRSXODUHVDUJHQWLQRV
&XHQWRVSRSXODUHVGHOD$UJHQWLQDFRPSLODFLyQGH6XVDQD,W]FRYLFK7URTXHO
&XHQWRV\OH\HQGDVSRSXODUHVGHOD$UJHQWLQDFRPSLODFLyQGH%HUWD9LGDOGH%DWWLQL(&$
&XHQWRVUHJLRQDOHVDUJHQWLQRV&ROLKXH&XHQWRVGHOLQWHULRU$QWRORJtD&ROLKXH
&XHQWRVGHORVDERUtJHQHVDUJHQWLQRV
/RTXHFXHQWDQORVRQDV0È3DOHUPR6XGDPHULFDQD
/RTXHFXHQWDQORVJXDUDQtHV0È3DOHUPR6XGDPHULFDQD
/RTXHFXHQWDQORVWHKXHOFKHV0È3DOHUPR6XGDPHULFDQD
&XHQWRVODWLQRDPHULFDQRV
)iEXODV \OH\HQGDVDPHULFDQDV&LUR$OHJUtD
$QWRORJtDGHFXHQWRVSRSXODUHVODWLQRDPHULFDQRV7URTXHO
$QWRORJtDGHFXHQWLVWDVODWLQRDPHULFDQRVVHOHFFLyQGH6DUDK0DXUHU&ROLKXH
7UDGLFLRQHVSHUXDQDV5LFDUGR3DOPD.DSHOXV]
/H\HQGDVGH*XDWHPDOD0È$VWXULDV6DOYDW
&XHQWRVRULHQWDOHV
/D,QGLDOLWHUDULDDQWRORJtD7(5RGKH3RUU~D
/DVPLO\XQDQRFKHV(GLFRPXQLFDFLyQ9RFHVGH2ULHQWHFRPSLODFLyQGH$0*DULED\3RUU~D
&XHQWRVMXGtRV
&XHQWRVMXGtRVGHODDOGHDGH&KHOP,VDDF%DVKHYLV6LQJHU/XPHQ
6DELGXUtDGH,VUDHOFRPSLODFLyQGH$0*DULED\3RUU~D
$QWRORJtDVGHFXHQWRVGHGLYHUVDVFXOWXUDV
&XHQWRVQHJURVSDUDQLxRVEODQFRV%ODLVH&HQGUDUV
&XHQWRVEHUHEHUHV0RXORXG0DPPHUL
/H\HQGDVDQGDOX]DV/XLV-LPpQH]0DUWRV
&XHQWRVHVTXLPDOHV0DXULFH0HWD\HU
&XHQWRVSRSXODUHVUXVRV$IDQDVLHY
5HFXUVRVSDUDHODUWHGHODQDUUDFLyQ
*UDPiWLFDGHODIDQWDVtD*LDQQL5RGDUL
/DDYHQWXUDGH RtU$QD3HOHJUtQ
(VFXFKDUFODVHVH[SRVLWLYDV
6LELHQHQODVDXODVGHOIXWXURKDEUiPX\SRFDVFODVHV HQIRUPDWRH[SRVLWLYRGHEHPRVUHFRQRFHUTXHODSUHVHQWDFLyQRUDOVLJXH
VLHQGR XQ PHGLR HILFD] SDUD SURSRUFLRQDU LQIRUPDFLyQ D XQ JUXSR QXPHURVR GH DOXPQRV PD\RUHV /D FODVH H[SRVLWLYD GH OD
PDQHUD HQ TXH OD FRQRFHPRV VH VHJXLUi LPSOHPHQWDQGR HQ PXFKRV iPELWRV HGXFDWLYRV \ HV LPSRUWDQWH TXH ORV DOXPQRV
GHVFXEUDQODPHMRUPDQHUDGHHVFXFKDU\DSUHQGHUGHHOODV$XQTXHQRHVIUHFXHQWHTXHVHHQVHxHQHVWDVKDELOLGDGHVIRUPXODPRV
DOJXQDVSURSXHVWDVTXHSHUPLWLUiQSHUIHFFLRQDUODVKDELOLGDGHVSDUDHVFXFKDUHQORVDOXPQRV
/RVGRFHQWHVSRGUiQSUHVHQWDUDORVDOXPQRVXQDPLQLH[SRVLFLyQDFHUFDGHXQWHPDVLJQLILFDWLYRTXHQROHVUHVXOWHFRQRFLGR
3DUDFRPHQ]DUVHPHQFLRQDUiHOWtWXOR\VHVROLFLWDUiDORVDOXPQRVTXHHPSOHHQODVVLJXLHQWHVHVWUDWHJLDVGHFRPSUHQVLyQDFWLYD
\HVFULEDQ
‡DTXHOORTXH\DVDEHQDFHUFDGHOWHPD
‡ODVSUHJXQWDVTXHGHVHDQIRUPXODUVREUHHOWHPD
‡ORVVHQWLPLHQWRVTXHGHVSLHUWDHQHOORVODH[SRVLFLyQ
$OFRPHQ]DUODH[SRVLFLyQVHVROLFLWDUiDORVDOXPQRVTXH
‡VLQWHWLFHQRUHDOLFHQXQPDSDFRQFHSWXDOGHORVSXQWRVSULQFLSDOHV
‡GHVWDTXHQORVFRQFHSWRVPiVLPSRUWDQWHV
‡VHxDOHQGHDOJ~QPRGRSRUPHGLRGHDVWHULVFRVRFUXFHVWRGRSXQWRTXHQRUHVXOWHFODURRTXHFRQVLGHUHQGHSDUWLFXODULQWHUpV
‡DQRWHQHQHOPDUJHQODVSUHJXQWDVTXHGHVHDUtDQTXHIXHUDQFRQWHVWDGDV
8QDYH]ILQDOL]DGDODH[SRVLFLyQVHOHVVROLFLWDUiTXHHVFULEDQRH[SOLTXHQ
‡ORVQXHYRVFRQWHQLGRVTXHKDQDSUHQGLGR
‡GHTXpPDQHUDVHUHODFLRQDHOWHPDFRQVXVFRQRFLPLHQWRVSUHYLRV
‡ODLPSRUWDQFLDTXHUHYLVWHSDUDVXVYLGDV
(O GRFHQWH UHVSRQGHUi WRGDV ODV SUHJXQWDV TXH IRUPXOHQ ORV DOXPQRV OXHJR GH OD H[SRVLFLyQ \ OHV VXJHULUi WRPDU QRWD GH ODV
UHVSXHVWDV/XHJROHVSURSRQGUiGHEDWLUORVUHVXOWDGRVGHODWDUHDFRQDOJXQRGHVXVSDUHV
2WUDHVWUDWHJLD~WLOFRQVLVWHHQVROLFLWDUDORVDOXPQRVTXHHVFXFKHQODH[SRVLFLyQVLQWRPDUQRWDVRUHDOL]DUPDSDVFRQFHSWXDOHV
8QD YH] ILQDOL]DGD VH OHV SURSRQGUi TXH FRQIHFFLRQHQ XQ PDSD FRQFHSWXDO GH WRGR OR TXH UHFXHUGHQ \ TXH FODVLILTXHQ OD
LQIRUPDFLyQSRU WHPDV
/XHJRVHOHVSURSRQGUiTXHWUDEDMHQMXQWRDXQRGHVXVSDUHVSDUDFRPSDUDUORVPDSDV\FRPSOHWDUDTXHOORVSXQWRVTXHKD\DQ
RPLWLGR(VWHHMHUFLFLRUHVXOWD~WLOSDUDGHVDUUROODUODVKDELOLGDGHVGHFRPSUHQVLyQ\PHPRULD (OGLVHxRGHPDSDVFRQFHSWXDOHV
VHH[SOLFLWDHQHOFDSLWXORGHGLFDGRDODLQWHOLJHQFLDYLVXDO
+DEODU
(OKDEODHILFD]LQFOX\HQRVyORODVSDODEUDVTXHXWLOL]DPRVVLQRWDPELpQODPDQHUDHQTXHODVSURQXQFLDPRVQXHVWURWRQRGHYR]
ODVH[SUHVLRQHVIDFLDOHVODSRVWXUD\ORVJHVWRV TXHDGRSWDPRV$OEHUW0HKUDELDQDXWRUGH6LOHQW 0HVVDJHV >0HQVDMHVVLOHQFLRVRV@
SRVWXODTXHVyORHOORGHORTXHFRPXQLFDPRVSRUPHGLRGHOKDEODVHUHODFLRQDFRQODVSDODEUDVTXHHPSOHDPRVHOHVWi
LPSOtFLWR HQ QXHVWUR WRQR GH YR] \ HO HQ QXHVWUD H[SUHVLyQ IDFLDO \ HQ HO OHQJXDMH FRUSRUDO £'H HOORVHGHVSUHQGHTXHXQD
SURGXFFLyQRUDOHILFD]LQFOX\HWRGDVODVLQWHOLJHQFLDV
5HVXOWDHVHQFLDOTXHORVGRFHQWHVSURSRUFLRQHQPRGHORVSDUDODVKDELOLGDGHVFRPXQLFDWLYDVHILFDFHV\DTXHWDOHVPRGHORVWLHQHQ
XQSURIXQGRLPSDFWRVREUHORVKiELWRVGHORVDOXPQRV
(O DXOD SXHGH SURSRUFLRQDU XQ HQWRUQR UHFHSWLYR SDUD DSUHQGHU D KDEODU GH PDQHUD HILFD] HQ OD PHGLGD HQ TXH ORV GRFHQWHV
JHQHUHQ XQD DWPyVIHUD GLVWHQGLGD \ SRVLWLYD SDUD TXH ORV DOXPQRV SXHGDQ H[SRQHU H LQWHUFDPELDU LGHDV 6H DGYHUWLUi TXH QR VH
WUDWD GH DXODV HQ ODV TXH HO GRFHQWH PRQRSROL]D HO XVR GH OD SDODEUD /DV SUHJXQWDV TXH HVWLPXOHQ HO GHEDWH GHEHUiQ SURSRQHU
GHVDItRV SDUD HO SHQVDPLHQWR \ GHEHUiQ SRGHU UHVSRQGHUVH IiFLOPHQWH HQ SRFDV SDODEUDV 7DPELpQ HV LPSRUWDQWH TXH HO GRFHQWH
IRUPXOHSUHJXQWDVDELHUWDVLQWHUHVDQWHVSDUDODVFXDOHVQRFRQR]FDODUHVSXHVWD&RPRUHVXOWDGRVXUJLUiXQGHEDWHHVWLPXODQWHTXH
SRGUtDGDUOXJDUDSHUVSHFWLYDVVRUSUHQGHQWHV\DQXHYDVSRVLELOLGDGHVSDUDHODSUHQGL]DMHGHWRGRVORVLQWHJUDQWHVGHOJUXSR
6HKDGHPRVWUDGRTXHORVDOXPQRVREWLHQHQJUDQGHVEHQHILFLRVGHODSUiFWLFD\HOGHVDUUROORGHKDELOLGDGHVSDUDODFRPXQLFDFLyQ
RUDOSRUPHGLRGHHMHUFLFLRVFRPRORVTXHH[SOLFDPRVDFRQWLQXDFLyQ
(ODOXPQRFRPRQDUUDGRU
$OJXQRV DOXPQRV VH RIUHFHQ YROXQWDULDPHQWH FRQ HQWXVLDVPR SDUD QDUUDU KLVWRULDV D VXV FRPSDxHURV 3DUD RWURV OD VROD LGHD
UHVXOWDDWHUUDGRUD6LQHPEDUJRHVFXFKDUQDUUDFLRQHVLQFOX\HQXPHURVDVKDELOLGDGHVSDUDHVFXFKDUPLHQWUDVTXHQDUUDU KLVWRULDV
UHTXLHUH GRPLQLR OLQJtVWLFR /D QDUUDFLyQ HV XQD IRUPD GH FRPXQLFDFLyQ OLQJtVWLFD SRGHURVD \ DPHQD TXH SURSRUFLRQD D ORV
DOXPQRVHOHPHQWRVDFHUFDGHOULWPRODHQWRQDFLyQ\ODVVXWLOH]DVGHODOHQJXD/RVHGXFDGRUHVTXHWHQJDQLQWHUpVHQSURPRYHUOD
QDUUDFLyQHQVXVDXODVSRGUtDQWHQHUHQFXHQWDORVVLJXLHQWHVOLQHDPLHQWRV
/LQHDPLHQWRVSDUDODQDUUDFLyQ
(OGRFHQWHSURSRUFLRQDUiPRGHORVSDUDODQDUUDFLyQ
6HLQYLWDUiDQDUUDGRUHVGHOiPELWRORFDODYLVLWDUODFODVH
6HJXLDUiDORVDOXPQRVHQODVHOHFFLyQGHPDWHULDOSDUDODQDUUDFLyQVHSRGUiQLQFOXLUFRQWHQLGRVWUDEDMDGRVHQFODVH
DQpFGRWDVIDPLOLDUHVRHVFRODUHVFXHQWRVFRQRFLGRVDQWRORJtDVRHQWUHYLVWDVUHDOL]DGDVDFLXGDGDQRVQRWDEOHV
6HHQVHxDUiDORVDOXPQRVDOJXQDVGHODVKDELOLGDGHVLQKHUHQWHVDODQDUUDFLyQWDOHVFRPR
‡FRPHQ]DUFRQXQDIRUPXODLQWHUHVDQWH
‡ILMDUOtPLWHVSDUDHOQ~PHURGHSHUVRQDMHV
‡DVHJXUDUVHGHTXHODKLVWRULDLQFOX\DLPiJHQHVTXHORVR\HQWHVSXHGDQYHURUHSUHVHQWDUVH
‡SURPRYHUHOHPSOHRGHFRPSDUDFLRQHV\PHWiIRUDV
‡DQLPDUORVPRPHQWRVFODYHGHODQDUUDFLyQSRUPHGLRGHHIHFWRVVRQRURVYRFDOHVRJHVWXDOHV\PRYLPLHQWRVFRUSRUDOHV
‡PDQWHQHUXQWRQRGHYR]FODURH[SUHVLYR\UtWPLFR
‡HVWDEOHFHUFRQWDFWRYLVXDOFRQODDXGLHQFLD
‡FRQVLGHUDUODSRVLELOLGDGGHFRQWDUFRQODSDUWLFLSDFLyQGHODDXGLHQFLD
3UDFWLFDUODQDUUDFLyQFRQODWRWDOLGDGGHODFODVH(OGRFHQWHSRGUiVHOHFFLRQDUXQDKLVWRULD\OHHUODSRUSDUWHVDODFODVH
VROLFLWDQGRDVXVLQWHJUDQWHVTXHSURSRQJDQGHWDOOHVSDUDDXPHQWDUVXULTXH]DHLQWHUpV6HSRGUiGLYLGLUDORVDOXPQRVHQ
SHTXHxRVJUXSRVDORVTXHVHDVLJQDUiXQDSDUWHGHODKLVWRULDSDUDPHPRUL]DU\OXHJRQDUUDUSRUWXUQR
3RGUiDOLYLDUVHODWHQVLyQGHORVQDUUDGRUHVSULQFLSLDQWHVSURSRQLHQGRDORVDOXPQRVTXHUHODWHQXQDKLVWRULDDXQSHTXHxR
JUXSRGHVXVSDUHVHQOXJDUGHKDFHUORIUHQWHDWRGDODFODVH
'HEDWHHQFODVH
(OGHEDWHHQFODVHWLHQHOXJDUHQFDVLWRGDVODViUHDVFXUULFXODUHVGHWRGRVORVQLYHOHVGHHQVHxDQ]D([LVWHXQDORJtVWLFDSDUDVX
DERUGDMH TXH LQFOX\H OD RUJDQL]DFLyQ GHO HVSDFLR ItVLFR \ OD PDQHUD GH LQVWDU D WRGRV ORV PLHPEURVGHOJUXSRDOLQWHUFDPELRGH
RSLQLRQHV DQWHV GH TXH HO GHEDWH SURGX]FD UHVXOWDGRV SRVLWLYRV\VDWLVIDFWRULRV3RUHMHPSORVLVHRUJDQL]DUDDOJUXSRHQIRUPD
FLUFXODURGH8¢QRVHIDYRUHFHUtDODLQWHUDFFLyQHQWUHORVDOXPQRV"
([LVWH XQD DPSOLD GLQiPLFD KXPDQD TXH LQIOX\H VREUH OD FDOLGDG GHO GLVFXUVR HQ HO DXOD $OJXQRV DOXPQRV GHEHQ DSUHQGHU D
FRQWHQHU VXV LPSXOVRVSRUPRQRSROL]DUODFRQYHUVDFLyQ2WURVQHFHVLWDQHVWtPXORSDUDSDUWLFLSDU3DUDHOGRFHQWHFRQVWLWX\HXQ
GHVDItRPDQWHQHUODOtQHDGHOGHEDWHIRUPXODUSUHJXQWDVGHDOWRQLYHO\HQVHxDUDORVDOXPQRVDDVXPLUXQDPD\RUUHVSRQVDELOLGDG
HQ OD FRQGXFFLyQ GHO GHEDWH HQ FODVH &RQ HO REMHWR GH DERUGDU HVWDV \ RWUDV FXHVWLRQHV SUHVHQWDPRV DOJXQDV VXJHUHQFLDV SDUD
LQLFLDULPSOHPHQWDU\UHIOH[LRQDUVREUHHOGHEDWH\DOPLVPRWLHPSRGDUSDUWLFLSDFLyQDWRGRVSRULJXDO
/DVFLQFRHWDSDVGHOGHEDWHHQFODVH
6HJ~QVHxDOD5LFKDUG$UHQGVHQVXOLEUR/HDUQLQJWR7HDFK>$SUHQGHUDHQVHxDU@HOGHEDWHHILFD]HQODFODVHFRQVWDJHQHUDOPHQWH
GH FLQFR HWDSDV (VWDV HWDSDV FXDQGR VH SODQLILFDQ H[SUHVDPHQWH IRUWDOHFHQ HO GLVFXUVR GHO DOXPQR \ UHYHODQ HQ TXp PHGLGD
SXHGHJDUDQWL]DUVHODSDUWLFLSDFLyQ&XDQGRGHEDFRQGXFLUGHEDWHVHQODFODVHVHUiQHFHVDULRTXHHOGRFHQWHSODQLILTXHODVFLQFR
HWDSDV VLJXLHQWHV SDUD SRGHU DVHJXUDU TXH PDQWHQGUi XQ GLDORJR VLJQLILFDWLYR FRQ ORV DOXPQRV \ TXH WDPELpQORVHUiHOTXHORV
DOXPQRVPDQWHQJDQHQWUHVt
([SOLFDU HO SURSyVLWR GHO GHEDWH (O GRFHQWH GHEHUi H[SOLFDU DTXHOOR TXH VH GHEDWLUi DVt FRPR WDPELpQ ORV SDUiPHWURV
DSURSLDGRV SDUD OD FRQGXFWD GH ORV DOXPQRV 6H IRUPXODUiQ SUHJXQWDV VH H[SRQGUiQ DUJXPHQWRV R VH SUHVHQWDUi XQD VLWXDFLyQ
SUREOHPiWLFDSDUDLQLFLDUHOLQWHUFDPELRGHRSLQLRQHV
&RQGXFLU HO GHEDWH (O GRFHQWH SRGUi IRUPXODU SUHJXQWDV HVSHFtILFDV R VROLFLWDU YROXQWDULRV SDUD GDU FRPLHQ]R D ODV
LQWHUYHQFLRQHV GH ORV DOXPQRV (V LPSRUWDQWH JDUDQWL]DU TXH VH HVFXFKHQ UHVSHWXRVDPHQWH WRGDV ODV RSLQLRQHV 8Q YROXQWDULR
SRGUtDHQXPHUDURUHDOL]DUXQPDSDFRQFHSWXDOFRQORVDSRUWHVSDUDHOGHEDWHHQHOSL]DUUyQHQXQDILFKDRHQHOUHWURSUR\HFWRU
7DOHVSURFHVRVPDQWLHQHQODIOXLGH]GHOGHEDWH\HYLWDQODUHGXQGDQFLDHQORVDSRUWHV
(O GRFHQWH SXHGH SURSRUFLRQDU PRGHORV SDUDODVKDELOLGDGHVQHFHVDULDVHQXQGHEDWHHILFD]UHVSRQGLHQGRDODVSUHJXQWDVGHORV
DOXPQRVGHPDQHUDYDULDGD3RUHMHPSORSDUDUHIOH[LRQDUDFHUFDGHODVLGHDVH[SXHVWDVUHVXOWD~WLOIRUPXODUFRPHQWDULRVFRPR
0HSDUHFLyTXHGLMLVWHR (VRHVPX\LQWHUHVDQWHSRUTXH3DUDDOHQWDUDORVDOXPQRVDFRQVLGHUDUGLYHUVRVSXQWRVGHYLVWDR
SRVLELOLGDGHV DOWHUQDWLYDV HO GRFHQWH SRGUtD DVXPLU HO SDSHO GH DERJDGR GHO GLDEOR R IRUPXODU REVHUYDFLRQHV FRPR <D
FRQRFHPRVWXSXQWRGHYLVWDVREUHHVWHWHPD¢([LVWHQRWURVSXQWRVGHYLVWD"R¢&XiOHVVRQORVSXQWRVGHFRLQFLGHQFLDHQWUHWXV
LGHDV\ODVGH"
0DQWHQHU OD OtQHD GHO GHEDWH /RV DOXPQRV VXHOHQ SODQWHDU FXHVWLRQHV QR UHODFLRQDGDV FRQ HO WHPD TXH VH HVWi WUDWDQGR (O
GRFHQWHVHxDODUiDPDEOHPHQWHTXHVHHVWiQGHVYLDQGRGHOWHPD\TXHHOLQWHUFDPELRGHEHUHRULHQWDUVHKDFLDHOREMHWRRULJLQDO6L
ODPD\RUtDGHORVDOXPQRVGHPXHVWUDLQWHUpVSRUXQWHPDSODQWHDGRSRUDOJXQRGHVXVSDUHVHOGRFHQWHSRGUiGHVWLQDUWLHPSRSDUD
TXHSXHGDQ FRQWLQXDUHOGHEDWHHQRWURPRPHQWR
)LQDOL]DUHOGHEDWH/RVGHEDWHVWDOFRPRFXDOTXLHURWUDWDUHDGHODFODVHGHEHQWHQHUXQPRPHQWRGHFLHUUH(OGRFHQWHSRGUi
VLQWHWL]DUORGLFKRUHODFLRQDUHOWHPDGHOGHEDWHFRQRWURVDSUHQGL]DMHVGHODFODVHR XWLOL]DUORFRPRSXHQWHSDUDGHVWDFDUQXHYD
LQIRUPDFLyQ
5HIOH[LRQDUDFHUFDGHOGHEDWH7DQWRSDUDHOGRFHQWHFRPRSDUDORVDOXPQRVUHVXOWDUiEHQHILFLRVRGLDORJDUDFHUFDGHOSURFHVR
GH GHEDWH SRU PHGLR GH SUHJXQWDV SRU HMHPSOR ¢&yPR VH GHVDUUROOy HO GHEDWH KR\" ¢'H TXp PDQHUD SRGUtD KDEHU VLGR PiV
HILFD]"¢7XYLHURQRSRUWXQLGDGGHSDUWLFLSDUWRGRV"¢3XGLPRVHVFXFKDUDWRGRVGHPDQHUDHILFD]"
8QD YH] TXHORVDOXPQRVKD\DQREVHUYDGRXQDFRQGXFFLyQHILFD]GHOGHEDWHSRUSDUWHGHOGRFHQWH\FRPSUHQGDQODVHWDSDVGHO
GLVFXUVRHVWDUiQHQFRQGLFLRQHVGHDVXPLUODUHVSRQVDELOLGDGGHFRQGXFLUGHEDWHVHQSHTXHxRVJUXSRVRFRQODWRWDOLGDGGHOJUXSR
GHSDUHV
0HPRUL]DFLyQ
6LELHQODPHPRUL]DFLyQKDSHUGLGRSUHVWLJLRHQPXFKDVDXODVODPHMRUPDQHUDTXHH[LVWHSDUDOLEHUDUODPHQWHSDUDTXHSXHGD
FRQFHQWUDUVH HQ ODV H[SRVLFLRQHV RUDOHV R HQ ODV KDELOLGDGHV GH HVFULWXUD FRQVLVWH HQ PHPRUL]DU GDWRV EiVLFRV XQ SRHPD R XQ
IUDJPHQWR GH XQD REUDWHDWUDO6XEHQHILFLRDGLFLRQDOFRQVLVWHHQTXHPXFKRVGHHVWRVHOHPHQWRVSHUPDQHFHQHQODPHPRULDGH
SRUYLGD\SURSRUFLRQDQGLVWUDFFLyQGLYHUVLyQRLQVSLUDFLyQFXDQGRVHORVHYRFD
/RV DOXPQRV PiV SHTXHxRV SXHGHQ PHPRUL]DU FDQFLRQHV GH FXQD UHWDKtODV SRHPDV EUHYHV \ UtWPLFRV FRPR ORV GH 0DUtD
(OHQD :DOVK HQ =RR /RFR ORV TXH DO SULQFLSLR SRGUiQ UHFLWDU HQ JUXSR KDVWD TXH DGTXLHUDQ VXILFLHQWH FRQILDQ]D FRPR SDUD
SUHVHQWDUORV IUHQWH D WRGD OD FODVH /RV DOXPQRV PD\RUHV SRGUtDQ PHPRUL]DU REUDV PiV H[WHQVDV FRPR DOJ~Q SRHPD GHO
5RPDQFHUR JLWDQR GH )HGHULFR *DUFtD /RUFD R GH 9HLQWH SRHPDV GH DPRU \ XQD FDQFLyQ GHVHVSHUDGD GH 3DEOR 1HUXGD \
SUHVHQWDUORDODFODVHLQFRUSRUDQGRHIHFWRVGHVRQLGRP~VLFDGHIRQGRRGLVIUDFHV/DOHFWXUDFRUDODFXDOTXLHUHGDGGHVDUUROODXQD
PD\RUIOH[LELOLGDGSDUDHOPDQHMRGHODPRGXODFLyQ\HO WRQRGHYR]WUDQVPLWHHOULWPRGHODOHQJXD\HVWLPXODODH[SUHVLyQGH
HPRFLRQHV<DTXHHOFDQWRLQFUHPHQWDODFDOLGDG\IOH[LELOLGDGYRFDOHVUHVXOWDDSURSLDGRFDQWDUSRHPDVDORVTXHVHKD\DSXHVWR
P~VLFDHQFODVH
/RV DOXPQRV R HO GRFHQWH SRGUiQ HVFULELU SRHPDV R ULPDV TXH VH HPSOHDUiQ FRPR UHFXUVRV PQHPRWpFQLFRV SDUD UHFRUGDU
LQIRUPDFLyQGHGLIHUHQWHViUHDVFRPRKLVWRULDFLHQFLDVQDWXUDOHVRJHRJUDItD
(VWUDWHJLDVSDUDHVWLPXODUODPHPRULD
&XDQGRVHVROLFLWDDORVDOXPQRVTXHPHPRULFHQDOJ~QFRQWHQLGRHVLPSRUWDQWHUHFRUGDUTXHODUHSHWLFLyQSRUVtVRODFDUHFHGH
YDORU D PHQRV TXH YD\D DFRPSDxDGD SRU OD SDUWLFLSDFLyQ DFWLYD GHO VXMHWR /D LQIRUPDFLyQ HQWUDUi OLWHUDOPHQWH SRU XQ RtGR \
VDOGUiSRUHORWURVLQRVHSURGXFHXQDHIHFWLYDFRGLILFDFLyQHQODPHPRULD/DVVLJXLHQWHVHVWUDWHJLDVWLHQHQFRPRREMHWLYRD\XGDU
DORVDOXPQRVDPHPRUL]DULQIRUPDFLyQLPSRUWDQWH
/RVDOXPQRVUHDOL]DUiQXQDSULPHUDOHFWXUDGHODWRWDOLGDGGHOPDWHULDOTXHGHEHQPHPRUL]DU(OOROHVSURSRUFLRQDXQSDQRUDPD
JHQHUDOGHODWDUHD\HVWDEOHFHKLWRVPHQWDOHVSDUDHOSRVWHULRUDSUHQGL]DMH
/RVDOXPQRVSRGUiQDJUXSDURFRPSDFWDUORVHOHPHQWRVGHOFRQWHQLGRTXHGHEHQPHPRUL]DU\FUHDULPiJHQHVYLVXDOHVSDUD
FDGDJUXSR/DVLPiJHQHVYLVXDOHVSXHGHQJUDILFDUVHRVLPSOHPHQWHLPDJLQDUVH
6HSRGUiSRQHUP~VLFDDOFRQWHQLGRSDUDIDFLOLWDUODPHPRULDDODUJRSOD]R
/RVDOXPQRVSRGUiQJUDEDUDTXHOORTXHGHVHDQPHPRUL]DU\UHWURFHGHUODFLQWDFRQIUHFXHQFLDSDUDLQFUHPHQWDUOD
PHPRUL]DFLyQGHOFRQWHQLGR
/DVVHVLRQHVEUHYHVGHPHPRUL]DFLyQVXHOHQUHVXOWDUPiVSURGXFWLYDVTXHODVSURORQJDGDV6HH[SOLFDUiDORVDOXPQRVTXHHO
WUDEDMRPHPRUtVWLFRQRGHEHVXSHUDUORVWUHLQWDPLQXWRVSRUYH]
6HUi QHFHVDULR RUJDQL]DU DFWLYLGDGHV GH UHYLVLyQ SDUD OD LQIRUPDFLyQ TXH VH GHEH UHWHQHU 6H H[SOLFDUi D ORV DOXPQRV TXH OD
FDSDFLGDG GH PHPRUL]DFLyQ VH LQFUHPHQWD FXDQGR ORV FRQWHQLGRV VH UHYLVDQ DO GtD VLJXLHQWH XQD VHPDQD GHVSXpV XQ PHV PiV
WDUGH\DVtGHVHJXLGR
,QIRUPHV
&RQIUHFXHQFLDVHVROLFLWDDORVDOXPQRVTXHSUHVHQWHQLQIRUPHVHQFODVH3RUORJHQHUDOODSURGXFFLyQGHLQIRUPHVFRPLHQ]DHQ
ORV SULPHURV DxRV GH OD HGXFDFLyQ EiVLFD FRQ DFWLYLGDGHV FRPR 0RVWUDU \ FRQWDU \ DYDQ]D KDVWD OD UHGDFFLyQ IRUPDO GH
PRQRJUDItDVTXHH[SRQHQORVUHVXOWDGRVGHLQYHVWLJDFLRQHVHQODVFODVHVGHQLYHOSROLPRGDO/RVGRFHQWHVVROLFLWDQLQIRUPHVFX\R
FRQWHQLGR IRUPDWR \ FULWHULR GH HYDOXDFLyQ YDUtDQ DPSOLDPHQWH 5HVXOWD EHQHILFLRVR SDUD ORV DOXPQRV DSUHQGHU D GDU IRUPDWRD
VXVSUHVHQWDFLRQHV
/LQHDPLHQWRVSDUDHODERUDULQIRUPHV
‡ 6HOHFFLRQDUXQWHPDDSURSLDGRSDUDHOUHFHSWRU
‡2UJDQL]DUODSUHVHQWDFLyQ
‡3ODQLILFDUXQDLQWURGXFFLyQTXHDWUDLJDODDWHQFLyQ
‡,QFOXLUDQpFGRWDVDPHQDV\HMHPSORVHVSHFtILFRV
‡'LVHxDUDOJXQDDFWLYLGDGSDUDHOUHFHSWRU
‡3ODQLILFDUXQDFRQFOXVLyQ HILFD]
$HVWRVSXQWRVVHDJUHJDQVXJHUHQFLDVSDUDODVSUHVHQWDFLRQHVRUDOHV
‡6HOHFFLRQDUXQYRFDEXODULRDSURSLDGRSDUDHOWHPD\SDUDODDXGLHQFLD
‡$WUDHUODDWHQFLyQGHODDXGLHQFLDSRUPHGLRGHOFRQWDFWRYLVXDO\HOOHQJXDMHFRUSRUDO
‡(PSOHDUXQDGLFFLyQFODUD\ODVLQWD[LVFRUUHFWD
‡(YLWDUODVIUDVHVODUJDV\HQWUHFRUWDGDV
‡8WLOL]DUH[SUHVLRQHVFRQFLVDV\YDULDGDV
‡(YLWDUHOHPSOHRGHPXOHWLOODV
&RQ HO ILQ GH HVWLPXODU HO LQWHUpV GH ORV DOXPQRV SRU HO GHVDUUROOR GH DFWLYLGDGHV GH LQYHVWLJDFLyQ SDUD VXV LQIRUPHV VH OHV
VROLFLWDUi TXH LGHQWLILTXHQ ORV GDWRV VXSXHVWRV H LQWHUURJDQWHV UHIHUHQWHV DO WHPD TXH KD\DQ HOHJLGR 3RGUiQ IRUPXODUVH ODV
VLJXLHQWHVSUHJXQWDV
‡¢&XiOHVODLQIRUPDFLyQVREUHODTXHHVWR\VHJXUR"
‡¢&XiOHVODTXHFUHR VDEHU"
‡¢4XpGHVHRDYHULJXDU"
$VtFRPRVXFHGHFRQODUHYLVLyQGHOWUDEDMRHVFULWRHQWUHSDUHVODUHVSXHVWDGHODDXGLHQFLDDXQDSUHVHQWDFLyQRUDOGHEHVHU
DQWH WRGR SRVLWLYD 3RGUi SURSRUFLRQDUVH IHHGEDFN HQ XQ IRUPDWR GH ViQGZLFK GH YDORUDFLyQ PHGLDQWH HO FXDO VH FRPHQ]DUi
HQXPHUDQGR ORV HOHPHQWRV SRVLWLYRV GH OD SUHVHQWDFLyQ OXHJR VH RIUHFHUiQ VXJHUHQFLDV SDUD PHMRUDUOD \ VH FRQFOXLUi FRQ RWUR
FRPHQWDULRSRVLWLYR
(QWUHYLVWDV
/DVHQWUHYLVWDVFRQVWLWX\HQXQDGHODVPDQHUDVHQTXHORVDOXPQRVSXHGHQGHVDUUROODUVXVKDELOLGDGHVSDUDUHFRSLODULQIRUPDFLyQ
RUDO8QDDFWLYLGDGSUHYLDFRQVLVWHHQGLVWLQJXLUXQDHQWUHYLVWDGHXQDFRQYHUVDFLyQ6LELHQDPEDVVRQIRUPDVGHFRPXQLFDFLyQ
RUDOODVFRQYHUVDFLRQHVGHVDUUROODQXQDFKDUODLQIRUPDORXQLQWHUFDPELRGHLGHDVDFHUFDGHWHPDVGHLQWHUpVSDUDORVKDEODQWHV
3RUHOFRQWUDULRODVHQWUHYLVWDVWLHQHQXQREMHWLYRSUHGHWHUPLQDGRHOHQWUHYLVWDGRUVROLFLWDLQIRUPDFLyQHVSHFLILFD\HYLWDORV
WHPDVLUUHOHYDQWHV3DUDORVDOXPQRVSRGUtDUHVXOWDULQWHUHVDQWHUHDOL]DUHQWUHYLVWDVDSHUVRQDVGHGLIHUHQWHVPHGLRVFXOWXUDOHV
SURIHVLRQHVRJUDGRGHFDSDFLWDFLyQFRPRFRPSOHPHQWRGHVXVHVWXGLRVDFDGpPLFRV$VLPLVPRUHVXOWD~WLOTXHORVDOXPQRV
FRQR]FDQFXiOHVVRQODVKDELOLGDGHVQHFHVDULDVSDUDOOHYDUDFDERXQDHQWUHYLVWDHILFD]/RVFULWHULRVTXHPHQFLRQDPRVD
FRQWLQXDFLyQSRGUiQXWLOL]DUVHSDUDTXHORVDOXPQRVSUHSDUHQVXVHQWUHYLVWDVRSDUDHYDOXDUODVXQDYH]UHDOL]DGDV
+DELOLGDGHVSDUDXQDHQWUHYLVWDHILFD]
‡3UHSDUDUVHSDUDODHQWUHYLVWD,GHQWLILFDUORTXH VHTXLHUHSUHJXQWDU\HOSURSyVLWRGHODHQWUHYLVWD
‡3URJUDPDUODIHFKDGHODHQWUHYLVWDGHFRP~QDFXHUGR
‡'HFLGLUHOPpWRGRTXHVHHPSOHDUiSDUDODWRPDGHQRWDV6LVHJUDEDODHQWUHYLVWDVROLFLWDUODDXWRUL]DFLyQSUHYLDGHOHQWUHYLVWDGR
‡3URSRUFLRQDUHVWtPXORDOHQWUHYLVWDGRSDUDTXHKDEOH
‡0DQWHQHUXQDH[SUHVLyQIDFLDODJUDGDEOHDGRSWDUXQDDFWLWXGFRUSRUDOSRVLWLYD\VHUDPDEOH
‡(VFXFKDUFRQDWHQFLyQ\QRIRUPXODURSLQLRQHVRFRPHQWDULRV
‡)RUPXODUSUHJXQWDVDELHUWDVFX\DUHVSXHVWDQRVHD XQVLPSOHVtRQR
‡0DQWHQHUHOKLORGHODHQWUHYLVWD
‡&XPSOLUFRQORVOtPLWHVGHWLHPSRILMDGRVSDUDODHQWUHYLVWD
‡8QDYH]ILQDOL]DGDODHQWUHYLVWDUHYLVDUODVQRWDVDILQGHUHWHQHUODLQIRUPDFLyQHQODPHPRULDDODUJRSOD]R
‡(QYLDUXQDQRWDGHDJUDGHFLPLHQWRDOHQWUHYLVWDGR
&RQHOREMHWRGHSUHSDUDUDORVDOXPQRVSDUDTXHUHDOLFHQHQWUHYLVWDVHOGRFHQWHSRGUiGLYLGLUDODFODVHHQSHTXHxRVJUXSRVSDUD
GUDPDWL]DUGLIHUHQWHVVLWXDFLRQHVGHSRVLEOHVHQWUHYLVWDV7DOYH]ORVDOXPQRVHQWUHYLVWHQDQLxRVGHRWURVDxRVHQVXHVFXHODD
DWOHWDVRDUWLVWDVIDPRVRVDPLHPEURVDFWLYRVGHVXFRPXQLGDGRLQFOXVRDVXVFRPSDxHURVGHFODVH(OWUDEDMRHQSHTXHxRV
JUXSRVOHVSHUPLWLUiHODERUDUSUHJXQWDVDSURSLDGDVDFDGDFLUFXQVWDQFLD\SUDFWLFDUODFRQGXFFLyQGHXQDHQWUHYLVWD0LHQWUDVGRV
GHORVPLHPEURVGHOJUXSRGUDPDWL]DQODHQWUHYLVWDORVGHPiVORVREVHUYDUiQ\OXHJRIRUPXODUiQFRPHQWDULRVDFHUFDGHVX
HILFDFLD\VXJHULUiQIRUPDVSDUDHQULTXHFHUOD(VWDVDFWLYLGDGHVSHUPLWHQDORVDOXPQRVGHVDUUROODUKDELOLGDGHVTXHDSOLFDUiQHQ
ODVDXWpQWLFDVHQWUHYLVWDVTXHUHDOLFHQ
/HHU
/D OLWHUDWXUD VLHQWD ODV EDVHV SDUD HMHUFLWDU \ GHVDUUROODU OD LQWHOLJHQFLD YHUEDOOLQJtVWLFD HQ WRGD VX YDULHGDG /RV FXHQWRV ODV
QRYHODVODVELRJUDItDVORVHQVD\RVODVREUDVGHWHDWUR\ORVSRHPDVEULQGDQXQSXQWRGHSDUWLGDSDUDHOGHVDUUROORGHKDELOLGDGHV
SDUD HVFXFKDU DFWLYDPHQWH GH SUR\HFWRV RUDOHV \ GH HVFULWXUD FUHDWLYD R FULWLFD (VWRV PDWHULDOHV QXWUHQ HO SHQVDPLHQWR \D TXH
SURSRUFLRQDQPRGHORVSDUDXQXVRHILFD]GHODOHQJXD\HVWLPXODQHOGHVDUUROORLQWHOHFWXDO
&DGDYH]VRQPiVORVH[SHUWRVHQSODQLILFDFLyQFXUULFXODU\ORVGRFHQWHVTXHUHHPSOD]DQORVOLEURVGHWH[WRSRUOLEURVGHILFFLyQ
TXH SURSRUFLRQDQ HMHPSORV GH OD PHMRU HVFULWXUD HQORVGLYHUVRVJpQHURV\TXHSXHGHQUHVXOWDUPiVLQWHUHVDQWHV\VLJQLILFDWLYRV
SDUDORVLQWHUHVHVGHORVDOXPQRV
6HOHFFLyQGHPDWHULDO
6WHSKHQ7FKXGLDXWRUGH3ODQQLQJDQG$VVHVVLQJWKH&XUULFXOXPLQ(QJOLVK/DQJXDJH$UWV>3ODQLILFDFLyQ\HYDOXDFLyQFXUULFXODU
HQHOiUHDGHOHQJXD@VHxDODTXHSDUDTXHORVGRFHQWHVSXHGDQVHOHFFLRQDUPDWHULDOGHOHFWXUDDSURSLDGRSDUDVXWUDEDMRHQHODXOD
GHEHUiQFRQYHUWLUVHHQHVSHFLDOLVWDVHQOLEURVSDUDQLxRV\MyYHQHV\FRQWDUFRQHOHPHQWRVSDUDDQDOL]DUORVQXHYRVWtWXORV\ORV
OLEURVFOiVLFRVWDQWRLQIRUPDWLYRVFRPRGHILFFLyQ
,QFOXVR HQ HO WUDEDMR FRQ JUXSRV QXPHURVRV HV LPSRUWDQWH TXH HO GRFHQWH LGHQWLILTXH OD HWDSD HYROXWLYD \ ORV LQWHUHVHV GH FDGD
DOXPQR HQ SDUWLFXODU $TXHOORV TXH QR PXHVWUDQ HQWXVLDVPR SRU OD OHFWXUD SXHGHQ FDPELDU GH DFWLWXG VL VH OHV EULQGD OD
RSRUWXQLGDG GH OHHU OLEURV DFHUFD GH WHPDV HVSHFtILFRV FRPR KpURHV GH KLVWRULHWD SDVDWLHPSRV PDVFRWDV LQYHQWRV
GHVFXEULPLHQWRV FLHQWtILFRV GHSRUWHV IDYRULWRV JUXSRV PXVLFDOHV R SDtVHV H[WUDQMHURV 'HEHUi UHDOL]DUVH HO PD\RU HVIXHU]R SDUD
GLVSRQHU GH UHFXUVRV TXH SHUPLWDQ FDSLWDOL]DU VXV LQWHUHVHV SRU PHGLR GH PDWHULDO GH OHFWXUD DSURSLDGR SDUD ODV GLVWLQWDV HWDSDV
HYROXWLYDV
/DSDODEUDHQHODXOD
(Q WRGDV ODV DXODV HQFRQWUDPRV WH[WRV HQ ODV SDUHGHV HQ ODV FDUWHOHUDV \ HQ HO SL]DUUyQ SDUD H[SOLFDU ODV UHJODV GH OD FODVH
HQXPHUDU WDUHDV \ GHWDOODU HO KRUDULR HVFRODU /RV GRFHQWHV SXHGHQ SUHVWDU HVSHFLDO DWHQFLyQ DOHPSOHRGHODOHQJXDHQHODXODH
LGHQWLILFDUODPDQHUDGHREWHQHUEHQHILFLRVGHODKDELOLGDGHVHQFLDOTXHUHSUHVHQWDODOHFWXUD
8QUHFXUVRLPSRUWDQWHSDUDODOHFWXUDVRQODVILFKDVGHHMHUFLFLRVTXHXWLOL]DQORVDOXPQRV&RQWDQWDIUHFXHQFLDFRPRVHDSRVLEOH
HOGRFHQWHGHEHUiSUHSDUDUVXVSURSLDVILFKDVGHHMHUFLFLRV\WDUHDVEDVDGDVHQODVH[SHULHQFLDV\HOYRFDEXODULRTXHVHPDQHMDQHQ
HO DXOD 'LFKRV PDWHULDOHV UHVXOWDQ PiV VLJQLILFDWLYRV SDUD ORV DOXPQRV TXH ORV OLEURV GH WH[WR HVFULWRV GH PDQHUD LPSHUVRQDO
&RPRORVDOXPQRVDSUHQGHQDGLIHUHQWHULWPR\GHGLYHUVDVPDQHUDVVHUiQHFHVDULR DGDSWDU\HQULTXHFHUORVOLEURVGHWH[WR\ODV
FDUSHWDVGHHMHUFLFLRVDOPDUJHQGHVXFDOLGDG
6LELHQFDGDGRFHQWHGHEHUHDOL]DUPRGLILFDFLRQHVDFRUGHVDVXJUXSRGHDOXPQRVDORVFRQWHQLGRVGHODHQVHxDQ]D\DVXHVWLOR
SHGDJyJLFR FUHHPRV TXH ODV SUHJXQWDV TXH VH HQXQFLDQ D FRQWLQXDFLyQ SXHGHQ D\XGDU D ORV HGXFDGRUHV D RSWDU SRU OD PHMRU
HVWUDWHJLDSDUDODHQVHxDQ]DGHODOHFWXUDHQWRGDVODViUHDVFXUULFXODUHV
5HIOH[LRQHVDFHUFDGHODOHFWXUDHQHODXOD
¢&XiOHVVRQODVDFWLYLGDGHVGHODXODTXH LQFRUSRUDQQDWXUDOPHQWHODOHFWXUD\GHTXpPDQHUDSXHGHQREWHQHUVHEHQHILFLRVGHHOODV"
¢'HTXpPDQHUDSXHGRDERUGDUODVGLIHUHQFLDVHQHOQLYHOGHOHFWXUDGHPLVDOXPQRV"
¢&XiOHVVRQORVLQWHUHVHV\FRQRFLPLHQWRVTXHSRVHR\SRGUtDXWLOL]DUSDUDPRWLYDUDORVDOXPQRVHQODOHFWXUDGHORVPDWHULDOHVGHFODVH"
¢&XiOHVODLQIRUPDFLyQDFHUFDGHPLVDOXPQRVTXHSRGUtDXWLOL]DUSDUDSURPRYHUVXDFHUFDPLHQWRDODOHFWXUD"
¢'HTXpPDQHUDSXHGRYLQFXODUHILFD]PHQWHODVH[SHULHQFLDVGHODXODFRQHOPDWHULDOGHOHFWXUD"
¢'HTXpPDQHUDSXHGRHQVHxDUKDELOLGDGHVGHOHFWXUDHVSHFtILFDVTXHUHVXOWHQDSURSLDGDVSDUDGHWHUPLQDGRVFRQWHQLGRV"
¢'HTXpPDQHUDSXHGRD\XGDUDORVDOXPQRVTXHSUHVHQWDQGLILFXOWDGHVSDURHODSUHQGL]DMHGHODOHFWXUD"
/HHUSDUD FRPSUHQGHU
-DPHV 0RIIHWW UHFRQRFLGR HVSHFLDOLVWD HQ HO iUHD GH OHQJXD \ FRDXWRU GH 6WXGHQW&HQWHUHG /DQJXDJH $UWV . >3URJUDPD GH
HQVHxDQ]DGHODOHQJXDFHQWUDGRHQHODOXPQR@VRVWLHQHTXHODPD\RUtDGHORVSUREOHPDVUHODFLRQDGRVFRQODOHFWXUDVHGHEHQD
XQDIDOWDGHPRWLYDFLyQSRUSDUWHGHODOXPQR0RIIHWGHVWDFDODIXQGDPHQWDOLPSRUWDQFLDGHSURSRUFLRQDURSRUWXQLGDGHVSDUDTXH
ORVDOXPQRVVHFRQFHQWUHQHQORTXHOHHQDQDOLFHQHOFRQWHQLGRHLQILHUDQHOSURSyVLWRGHODXWRUSDUDLQFUHPHQWDUODFRPSUHQVLyQ
'LFKDVKDELOLGDGHVSXHGHQHQVHxDUVHGHPDQHUDHVWLPXODQWH\PRWLYDGRUD3DUDHOOR0RIIHWWSURSRQHORVLJXLHQWH
3URPRFLyQGHODFRPSUHVLyQOHFWRUD
&RQHOILQGHD\XGDUDORVDOXPQRVDFRQFHQWUDUODDWHQFLyQ\UHFRQRFHUODLQIRUPDFLyQTXHSURSRUFLRQDHOPDWHULDOGHOHFWXUD
GHWRGDVODViUHDVUHVXOWDEHQHILFLRVRRUJDQL]DUODFODVHHQSHTXHxRVJUXSRVSDUDOOHYDUDFDERGHEDWHVLQWHUDFWLYRV(QODPHGLGD
GH OR SRVLEOH VH UHFXUULUi D DFWLYLGDGHV GH GUDPDWL]DFLyQ SDUD GDU YLGD DO WH[WR (OOR UHTXLHUH QR VyOR TXH ORV DOXPQRV OHDQ OD
LQIRUPDFLyQVLQRWDPELpQTXHODVLQWHWLFHQ\WUDQVPLWDQ
7DQWR OD GUDPDWL]DFLyQ FRPR HO GHEDWH HQ SHTXHxRV JUXSRV UHVXOWDQ ~WLOHV SDUDHQVHxDUDORVDOXPQRVODPDQHUDGHIRUPXODU
LQIHUHQFLDV 6H OHV SRGUi VROLFLWDU TXH XWLOLFHQ ORV DUJXPHQWRV TXH SURSRUFLRQD HO WH[WR SDUD SDUWLFLSDU GHO GHEDWH R OD
GUDPDWL]DFLyQ(OSURFHVRGHFRQVWUXFFLyQ\IRUPXODFLyQGHLQIHUHQFLDVFRQFLHQWL]DDORVDOXPQRVDFHUFDGHVXSURSLRSURFHVRGH
SHQVDPLHQWR DO WLHPSR TXH SRQH GH PDQLILHVWR ODV UD]RQHV TXH JHQHUDQ PDOHQWHQGLGRV &XDQGR VH LGHQWLILFDQ \ DVXPHQ ORV
GLYHUVRVSXQWRVGHYLVWDTXHDSDUHFHQHQHOWH[WRVXUJHXQQXHYRHQIRTXHSDUDDERUGDUODLQIHUHQFLD
&XDQGR HO DOXPQR GHVDUUROOD OD WDUHD GH HVFULWXUD SXHGH H[SHULPHQWDU OD LQIHUHQFLD HQ DFFLyQ /RV DOXPQRV SXHGHQ H[SORUDU
WDQWRORVSURSyVLWRVGHODXWRUFRPRORVVXSXHVWRVGHOOHFWRUFXDQGRHVFULEHQDFHUFDGHVXVOHFWXUDV\OXHJRFRPSDUWHQVXVVtQWHVLV
\ FULWLFDV FRQ HO JUXSR GH SDUHV (Q FDGD FDVR VH GHEHUi GLVSRQHU GHO WH[WR RULJLQDO SDUD XWLOL]DUOR FRPR UHIHUHQFLD /DV
DFWLYLGDGHVGHHVFULWXUDSURSRUFLRQDQXQSDQRUDPDDFHUFDGHODLQWHUGHSHQGHQFLDGHODFRPSRVLFLyQ\ODFRPSUHQVLyQFRQODWDUHD
GHO OHFWRU &XDQGR HVFULEHQ ORV DOXPQRV GHEHQ WRPDU GHFLVLRQHV DFHUFD GH DTXHOOR TXH GHVHHQ LQFOXLU RPLWLU GHVWDFDU R
GHVHVWLPDU(OOROHVSHUPLWHGDUVHFXHQWDGHTXHGXUDQWHODOHFWXUDGHEHQLQWHUDFWXDUFRQHOWH[WRSDUDSRGHUGLVFHUQLUHOSURSyVLWR
GHODXWRU
(VFULELU
1RHVSRVLEOHVHSDUDUODHVFULWXUDGHODVGHPiVDFWLYLGDGHVOLQJtVWLFDV\DTXHKDEODUHVFXFKDU\OHHUFRQWULEX\HQDUHVSDOGDUOD
/D LQFRUSRUDFLyQ SOHQD GH DFWLYLGDGHV GH HVFULWXUD D WRGDV ODV iUHDV GH FRQWHQLGR D\XGD D ORV DOXPQRV D HVWDEOHFHU XQD
FRPXQLFDFLyQ HILFD]\DDSUHQGHUGHPDQHUDPiVVLVWHPiWLFD$VHPHMDQ]DGHOGLVFXUVRRUDOODHVFULWXUDWUDQVPLWHLGHDVGHXQD
SHUVRQD D RWUD FRQ GLIHUHQWHV SURSyVLWRV \ VLJQLILFDGRV 0HGLDQWH XQD DPSOLD YDULHGDG GH DFWLYLGDGHV GH HVFULWXUD ORV DOXPQRV
SXHGHQ GHVDUUROODU VX VHQWLGR GH GHVWLQDWDULRV GH OD LQIRUPDFLyQ \ FRPHQ]DUiQ D FRQVLGHUDU D OD HVFULWXUD FRPR XQ DFWR
VLJQLILFDWLYRTXHWLHQHOXJDUHQWUHHOORVHQWUHRWUDVSHUVRQDV\HQODVRFLHGDGHQVXFRQMXQWR
$VtFRPRRFXUUHHQODVRWUDViUHDVGHODLQWHOLJHQFLDYHUEDOOLQJtVWLFDHVIXQGDPHQWDOTXHORVGRFHQWHV\ ORVSDGUHVSURSRUFLRQHQ
PRGHORV HILFDFHV GH KDELOLGDGHV GH HVFULWXUD TXH GHPXHVWUHQ LQWHUpV SRU HO SURFHVR GH HVFULWXUD \ TXH UHDOLFHQ HVIXHU]RV SRU
SHUIHFFLRQDUVXVKDELOLGDGHV/RVGRFHQWHVTXHWHQJDQLQWHUpVSRULQFUHPHQWDUVXFDSDFLGDGGHHVFULWXUDSRGUiQUHFXUULUDIXHQWHV
FRPR¢&yPRORHVFULER" GH-&.UHLPHUHO'LFFLRQDULRGHGXGDV\GLILFXOWDGHVGHODOHQJXDHVSDxROD GH06HFR\HO0DQXDOGHHVSDxRO
XUJHQWH GHOD$JHQFLD()(HQEXVFDGHUHIHUHQFLDHLQVSLUDFLyQ(QWRGDVODVDXODVVHGHEHUiGLVSRQHUGHGLFFLRQDULRVJORVDULRV\
PDQXDOHVGHHVWLOR
/RVGRFHQWHVSXHGHQSURSRUFLRQDUPRGHORVSDUDKDELOLGDGHVGHHVFULWXUDHVSHFtILFDVWRGDYH]TXHUHIOH[LRQHQHQYR]DOWDDFHUFD
GHODPDQHUDGHHOHJLUXQWHPDTXHVRPHWDQDODRSLQLyQGHORVDOXPQRV HMHPSORVGHVXVSURSLRVHVFULWRVKHFKRTXHUHTXLHUHXQD
EXHQD GRVLV GH FRUDMH R TXH LQFOX\DQ FRPHQWDULRV H[WHQVRV \ PHGXORVRV DFHUFD GH ORV WUDEDMRV SUHVHQWDGRV SRU ORV DOXPQRV
7DPELpQ SRGUtDQ SURSRUFLRQDU D ORV DOXPQRV XQ IUDJPHQWR GH DOJXQRGHVXVWUDEDMRVHVFULWRVHQGLIHUHQWHVHWDSDVVHxDODQGRHO
Q~PHURGHUHYLVLRQHV\FRUUHFFLRQHVDTXHVHVRPHWLyHOPDQXVFULWRRULJLQDO
&DWHJRUtDVGHODHVFULWXUD
$ FRQWLQXDFLyQ SUHVHQWDPRV OD GHVFULSFLyQ GH ODV FXDWUR FDWHJRUtDV TXH IRUPXOD -DPHV %ULWWRQ SDUD LGHQWLILFDU ORV GLYHUVRV
HQIRTXHVGHODHVFULWXUD
/DVFDWHJRUtDVGH%ULWWRQLQFOX\HQHOXVRPHFiQLFRGHODHVFULWXUDWDOFRPRVHPDQLILHVWDHQORVHMHUFLFLRVFRQIRUPDWR PXOWLSOH
FKRLFH HQ ORV HMHUFLFLRV GH FRPSOHWDPLHQWR HQ ODV SUHJXQWDV FHUUDGDV HQ ODV RSHUDFLRQHV PDWHPiWLFDV HQ OD WUDQVFULSFLyQ GH
PDWHULDOHVFULWRXRUDO\HQODWUDGXFFLyQ(VWDIRUPDGHHVFULWXUDHVODTXHSUHGRPLQDHQPXFKDVDXODV
/D VHJXQGD FDWHJRUtD VH UHILHUH D ORV XVRV LQVWUXPHQWDOHV GH OD HVFULWXUD FRPR OD WRPD GH QRWDV OD GRFXPHQWDFLyQ GH XQ
H[SHULPHQWRHQXQLQIRUPHRGLDULRODVtQWHVLVHODQiOLVLVODWHRUL]DFLyQRORVXVRVSHUVXDVLYRVGHODHVFULWXUD
/DWHUFHUDFRPSUHQGHORVXVRVSHUVRQDOHVGHODHVFULWXUDFRPRGLDULRVtQWLPRV\FUyQLFDVFDUWDV\QRWDV
/D~OWLPDLQFOX\HORVXVRVFUHDWLYRVGHODHVFULWXUDFRPRFXHQWRV\SRHPDV
6L ELHQ HV LPSRUWDQWH TXH ORV DOXPQRV HVFULEDQ FRQ SUHFLVLyQ \ FRUUHFFLyQ FXDQGR UHDOLFHQ WDUHDV UHODFLRQDGDV FRQ OD SULPHUD
FDWHJRUtDQRORHVPHQRVHOKHFKRGHTXHVHFRQFHQWUHQHQLQFUHPHQWDUVXQ~PHURGHH[SHULHQFLDVHQODVRWUDVWUHVFDWHJRUtDV\D
TXHVRQpVWDVODVTXHEULQGDQPD\RUHVSRVLELOLGDGHVSDUDHMHUFLWDU\GHVDUUROODUODLQWHOLJHQFLDYHUEDOOLQJtVWLFD
/DHVFULWXUDHQWRGDVODViUHDVFXUULFXODUHV
0XFKRVGRFHQWHVGHiUHDVGHFRQWHQLGRQRHVWiQGLVSXHVWRVDDVXPLUHOSDSHOGHGRFHQWHVGHOHFWXUD\HVFULWXUDGHELGRDODJUDQ
FDQWLGDGGHWHPDVTXHGHEHQGHVDUUROODUHQVXVUHVSHFWLYDVGLVFLSOLQDV6LQHPEDUJRH[LVWHQQXPHURVDVPDQHUDVGHSURPRYHUODV
DFWLYLGDGHVOLQJtVWLFDVHQWRGDVODViUHDVORTXHUHGXQGDUiHQXQDPD\RUFRPSUHQVLyQGHORVFRQWHQLGRV
/RVDOXPQRVSXHGHQVHQWLUVHHVSHFLDOPHQWHPRWLYDGRVSDUDHVFULELUHQWRGDVODViUHDVGHFRQWHQLGRGHVSXpVGHUHDOL]DUXQDVDOLGD
GH FDPSR GH DVLVWLU D XQD H[KLELFLyQ R D XQD SUR\HFFLyQ GH YLGHR R OXHJR GH HVFXFKDU XQD FRQIHUHQFLD LQWHUHVDQWH TXH KD\D
SURQXQFLDGRXQRUDGRULQYLWDGR(QHOPRPHQWRHQTXHVHDQDOLFHQHVDVH[SHULHQFLDVHOGRFHQWHSRGUiDQRWDUORVFRPHQWDULRVGH
ORV DOXPQRV HQ HO SL]DUUyQ \ FODVLILFDUORV SRU WHPD 3RU HMHPSOR OXHJR GH TXH XQ JUXSR SHUWHQHFLHQWH D ORV SULPHURV DxRV GH
HQVHxDQ]DEiVLFDUHDOLFHXQDYLVLWDDO]RROyJLFRHOGRFHQWHSRGUtDIRUPXODUSUHJXQWDVDFHUFDGHORVDQLPDOHVTXHVHKD\DQYLVWR
GHODVFDUDFWHUtVWLFDVGHVXKiELWDW\GHORTXH ORVDOXPQRVKD\DQDSUHQGLGRGHODREVHUYDFLyQGHGLVWLQWDVHVSHFLHV/RVDOXPQRV
SXHGHQHPSOHDUYRFDEXODULRHVSHFtILFRWUDEDMDGRSUHYLDPHQWH\DSRUWDUVXVLGHDVSDUDOOHYDUDFDERXQDWDUHDGHHVFULWXUDHQXQ
GHWHUPLQDGRIRUPDWR
2WURVHVWtPXORV
7DPELpQUHVXOWDDWUDFWLYRSDUDORVDOXPQRVHVFULELUFRQHOHVWtPXORGHJUDEDFLRQHVGHHIHFWRVVRQRURVRP~VLFDDOHJUHGUDPiWLFD
R PLVWHULRVD FRPR VH SURSRQH HQ HO FDStWXORGHGLFDGRDODLQWHOLJHQFLDPXVLFDO/DVDFWLYLGDGHVGHSDQWRPLPD\GUDPDWL]DFLyQ
FUHDWLYDTXHVHGHVFULEHQHQHOFDStWXORGHGLFDGRDODLQWHOLJHQFLDFLQHVWpVLFDWDPELpQSURSRUFLRQDQLQWHUHVDQWHVRSFLRQHVSDUDOD
HVFULWXUD/RVDOXPQRVGHWRGDVODVHGDGHVSXHGHQJHQHUDUWHPDVSRVLEOHVSRUPHGLRGHODHVFULWXUDYHOR]TXHVHLQLFLDFRQXQD
FKLVSDWDOFRUQR(OSULPHUGtDGHODxR\RR1RYDQDSRGHUFUHHUORTXHOHVFXHQWRSHUR\FRQWLQ~DGXUDQWHFLQFRR
GLH] PLQXWRV FRQ WDQWD UDSLGH] FRPR VHD SRVLEOHVLQWHQHUHQFXHQWDDVSHFWRVPHFiQLFRV(VWRVSURFHGLPLHQWRVVXHOHQGHVSHUWDU
LGHDVRFXOWDVHQORPiVSURIXQGRGHODPHQWHFUHDWLYD
/RVGRFHQWHVSRGUiQSURSRQHUQXPHURVDVDOWHUQDWLYDVSDUDODVWDUHDVGH
HVFULWXUD(QOLQDUGHUHFXUULUDSURFHGLPLHQWRVWUDGLFLRQDOHVHQORVTXHWRGRVORVDOXPQRVUHDOL]DQODPLVPDDFWLYLGDGVHUiQORV
DOXPQRV TXLHQHV GHFLGDQ FXiO HV OD RSFLyQ TXH PHMRU VH DGDSWD DO WHPD TXH KDQ HOHJLGR \ D VXV LQWHUHVHV $ FRQWLQXDFLyQ
LQFOXLPRVDOJXQDVVXJHUHQFLDVSDUDODVWDUHDVGHHVFULWXUDTXHSRGUtDQUHVXOWDU~WLOHVSDUDGLYHUVDViUHDVGHFRQWHQLGR
2SFLRQHVGHHVFULWXUDSDUDORVDOXPQRV
‡*XLRQHVSDUDREUDVWHDWUDOHVRSURGXFFLRQHVWHOHYLVLYRV\UDGLDOHV
‡&RQVLJQDV
‡6ROLFLWXGHV
‡'LDULRVSHUVRQDOHVLPDJLQDULRV
‡,QVWUXFFLRQHV
‡$QpFGRWDVEDVDGDVHQODVSURSLDVH[SHULHQFLDV
‡(VFULWRVGHVGHGLIHUHQWHVSXQWRVGHYLVWD
‡&DQFLRQHV
‡*UDIILWLV
‡&DUWHOHUDVLQIRUPDWLYDV
‡(WLTXHWDV\OHWUHURV
‡3URJUDPDV
‡$YLVRVSXEOLFLWDULRV
‡%ROHWLQHVLQIRUPDWLYRVGHODXOD
‡3RHPDV
‡0DQXDOHVGHLQVWUXFFLRQHV
‡$QWRORJtDVGHPDWHULDOIROFOyULFRDFHUWLMRVFKLVWHVGHILQLFLRQHV
‡)ROOHWRVYRODQWHV
‡&DUWDV
‡'LiORJRV
‡'LVFXUVRV
‡$ILFKHV
‡7DSDVRVRODSDVGHOLEURV
‡*XtDVGHD\XGDSDUDiUHDVGHFRQWHQLGR
‡(VFULWRVFRQWHPDOLEUH
‡$XWRHYDOXDFLRQHV
‡OLVWDGRV
‡&RQWLQXDFLyQGHKLVWRULDV
‡(QWUHYLVWDV
‡*XtDV
‡'LFWDGRV
‡1RWDVSHULRGtVWLFDV\HGLWRULDOHV
(VWHOLVWDGRGHRSFLRQHVDVtFRPRWDPELpQRWURVHMHPSODUHVGHWUDEDMRVUHDO]DGRVSUHYLDPHQWHSRUORVDOXPQRVSURSRUFLRQDQXPHURVDV
VXJHUHQFLDVSDUDHODERUGDMHGHXQPLVPRWHPDODSUHVHQWDFLyQGHOSURSLRWUDEDMRGHHVFULWXUDDOUHVWRGHODFODVHSURSRUFLRQDXQDLPSRUWDQWH
RSRUWXQLGDGGHDSUHQGL]DMHSDUDTXHHODXWRU\VXVFRPSDxHURVSXHGDQREVHUYDUXQPLVPRWHPDGHVGHGLIHUHQWHVSRVWXUDVOLQJtVWLFDV
&RPHQ]DUDHVFULELU
$XQ FXDQGR FXHQWHQ FRQ PXFKDV LGHDV LQWHUHVDQWHV SDUD GLYHUVRV WHPDV SRVLEOHV ORV HVFULWRUHV GHWRGDVODVHGDGHVVXHOHQWHQHU
GLILFXOWDGHV SDUD FRPHQ]DU VX WDUHD /RV HVFULWRUHV SURIHVLRQDOHV EULQGDQ VXJHUHQFLDV SDUD VXSHUDU HVWH REVWiFXOR 8QD DXWRUD
FRPLHQ]D FDGD VHVLyQ GH WUDEDMR EDLODQGR VXV LGHDV DO ULWPR GH XQD P~VLFD DOHJUH 2WUD FRPSDFWD VXV LGHDV R OOHQD KRMDV GH
SDSHOFRQPDSDVFRQFHSWXDOHVDWDQWDYHORFLGDGFRPRVHSURGXFHHOOLEUHIOXLUGHVXSHQVDPLHQWR8QDGHODVDXWRUDVGHHVWHOLEUR
WUDVODGDGLUHFWDPHQWHVXVPDSDVFRQFHSWXDOHVDODFRPSXWDGRUD2WURVSUHILHUHQXWLOL]DUGHWHUPLQDGDVFODVHVGHSDSHO\OiSLFHVX
RWURV LQVWUXPHQWRV HVSHFLDOHV 7DPELpQ HVWiQ DTXHOORV TXH SUHILHUHQ FDPELDU GH iPELWR LU D RWUR FXDUWR UHDOL]DU XQD EUHYH
SUHSDUDFLyQItVLFDR WUDEDMDUHQXQOXJDUTXHOHVUHVXOWHFRQIRUWDEOH\JUDWR8QFRQRFLGRHVFULWRUGHGLFDGLH]RTXLQFHPLQXWRVDOD
OHFWXUDGHXQRGHVXVDXWRUHVIDYRULWRVDQWHVGHFRPHQ]DUDHVFULELU6HJ~QDILUPDHOOROHSURSRUFLRQDHOLPSXOVRQHFHVDULRSDUD
XQGtDGHWUDEDMR
2WUDV SRVLELOLGDGHV SDUD FRQHFWDUVH FRQ OD HVFULWXUD LQFOX\HQ VDOWHDU HO SULQFLSLR \ HVFULELU SULPHUR HO ILQDO R HO GHVDUUROOR GH OD
REUD HVFULELU FRQ P~VLFD R VLQ HOOD SUHSDUDU QRWDV FRQ WLQWD GH GLIHUHQWHV FRORUHV R HQ SDSHOHV GH YDULRV FRORUHV HVFULELU
UiSLGDPHQWH HQ OD FRPSXWDGRUD UHFXUULU DO SURFHVR HO IOXLU GH OD FRQFLHQFLD LQWHUFDPELDU LGHDV FRQ XQ DPLJR JUDEDU ORV
FRQFHSWRVRUHDOL]DUXQDWRUPHQWDGHLGHDVFRQXQFRPSDxHURGHFODVH
2WUDLGHDSDUDHVWLPXODUODHVFULWXUDHVORVXILFLHQWHPHQWHH[WUDxDFRPRSDUDSURGXFLUDVRPEURVRVUHVXOWDGRV/DJORVDODOLDHVXQ
OHQJXDMH LQYHQWDGR R JDOLPDWtDV /RV DOXPQRV SRGUtDQ LQWHQWDU HVFULELU XQ SiUUDIR FRPSOHWR HQ JORVDODOLD FRQ ODV SDODEUDV PiV
UDUDV TXH SXHGDQ LQYHQWDU \ OXHJR WUDGXFLUOR 5HVXOWDUi ~WLO LQWURGXFLU OD DFWLYLGDG SURSRUFLRQiQGROHV ODV VLJXLHQWHV IUDVHV SDUD
TXHODVWUDGX]FDQDQWHVGHFUHDUODVVX\DV
£:HLQVWKJXHNHLQFHL3WLRQVLXGIHWNMDWLQHWWHSWVOLHUDHDGVHWLRMDVHLQW/DHOWLMLDHOWLMLDHOWLJLDM6NORLDH=/DZHLGLOHWL"
(VWD DFWLYLGDG GH PRWLYDFLyQ SXHGH UHDOL]DUVH FRQ OiSL] R FRQ WLQWD SHUR UHVXOWD PiV GLYHUWLGD HQ OD FRPSXWDGRUD \ EULQGD XQ
VLQJXODUHVWtPXORSDUDHVFULWRUHVGHWRGDVODVHGDGHV
/DYHUGDGHUDWDUHDGHODHVFULWXUD
0XFKRVDOXPQRVKDQSDVDGR SRUODKXPLOODQWHH[SHULHQFLDGHUHFLELUODFRUUHFFLyQGHVXVWUDEDMRV\HQFRQWUDUODKRMDFXELHUWDGH
PDUFDVURMDV6LQGXGDKDEUiQWHQLGRODLPSUHVLyQGHTXHFRUUHJLUHUURUHVGHVLQWD[LVRUWRJUDItDRSXQWXDFLyQHVHOSDVRILQDOGHOD
HVFULWXUD6LQHPEDUJRFRPRWRGRVKHPRVDSUHQGLGRGHQXHVWURVHVIXHU]RVHVFULELUHVXQSURFHVRHQHOTXHFDGDYHUVLyQLQFOX\H
QRVyORFRUUHFFLRQHVVLQRWDPELpQQXPHURVDVUHYLVLRQHV\DMXVWHV(VLPSRUWDQWHTXHORVDOXPQRVVHGHQFXHQWDGHTXHODPD\RUtD
GHORVHVFULWRUHV SURIHVLRQDOHVGHGLFDPXFKRWLHPSRDODWDUHDGHUHHVFULELUUHYLVDUVXSULPLUDJUHJDUVXVWLWXLUSiUUDIRV\SXOLUORV
DQWHVGHSUHVHQWDUVXWUDEDMR DOHGLWRU([LVWHQPXFKDVPDQHUDVGHFRPSURPHWHUDORVDOXPQRVFRQHOSURFHVRGHHVFULWXUD$TXt
RIUHFHPRVDOJXQDVVXJHUHQFLDV
(VWLPXORSDUDODYDORUDFLyQGHOSURFHVRGHHVFULWXUD
/RVGRFHQWHVSXHGHQDQDOL]DUHMHPSORVGHHVFULWXUDSURIHVLRQDOFRQORVDOXPQRV3RGUtDQSRUHMHPSORIRWRFRSLDUXQDUWtFXOR
SHULRGtVWLFR GH SDODEUDV UHGDFWDGR GH PDQHUD iJLO \VXFLQWDTXHHVWLPXOHDOOHFWRUSDUDFRQWLQXDUODOHFWXUD/RVDOXPQRV
SXHGHQDQDOL]DUORVHOHPHQWRVTXHRWRUJDQGLQDPLVPRDODVHOHFFLyQ\SURSRQHURSFLRQHVTXHSRGUtDKDEHUFRQVLGHUDGRHODXWRU
GXUDQWHHOSURFHVRGHFUHDFLyQ
$OJXQRVHVFULWRUHV ORFDOHVSRGUtDQSURSRUFLRQDUERUUDGRUHVGHVXVWUDEDMRVSXEOLFDGRV\H[SOLFDUFyPRUHDOL]DURQFDPELRV\
ODV UD]RQHV TXH ORV PRWLYDURQ /RV DOXPQRV SRGUtDQ DQDOL]DU ERUUDGRUHV GH VXV SURSLRV WUDEDMRV SDUD LGHQWLILFDU PDQHUDV GH
SHUIHFFLRQDUVXVHVIXHU]RVLQLFLDOHV
(V LPSRUWDQWH SURSRUFLRQDU IHHGEDFN RSRUWXQR \ IUHFXHQWH FXDQGR ORV DOXPQRV VH HQFXHQWUDQ SUDFWLFDQGR KDELOLGDGHV GH
HVFULWXUD(QSULQFLSLROHVUHVXOWDUi~WLOUHFLELU IHHGEDFN SRUSDUWHGHVXVSDUHVHLQFOXVRHVFULELUHQFRODERUDFLyQSHURGHEHUiQ
FRQWDUWDPELpQFRQODSRVLELOLGDGGHUHXQLUVHFRQHOGRFHQWHHQIRUPDLQGLYLGXDOGXUDQWHODVGLVWLQWDVHWDSDVGHVXWUDEDMRDILQGH
REWHQHUJXtD\DSR\R
/RV GRFHQWHV SXHGHQ SURSRUFLRQDU VXJHUHQFLDV FRQVWUXFWLYDV SDUD ORV SULPHURV ERUUDGRUHV \ SRVSRQHU OD FDOLILFDFLyQ KDVWD
WDQWR VH KD\DQ UHDOL]DGR ODV UHYLVLRQHV ILQDOHV 'XUDQWH HO SURFHVR GH DQiOLVLV \ FRUUHFFLyQ ORV DOXPQRV VH PXHVWUDQ PiV
UHFHSWLYRV D DSUHQGHU VREUH OD PHFiQLFD GH OD OHQJXD /D HQVHxDQ]D GH UHJODV GH SXQWXDFLyQ VLQWD[LV \ RUWRJUDItD QR VXHOH VHU
HILFD]FXDQGRVHODGHVDUUROODIXHUDGHFRQWH[WR
/RVDOXPQRVTXHXWLOL]DQSURFHVDGRUHVGHWH[WRVXHOHQSUHVHQWDUWUDEDMRVGHDVSHFWRH[FHVLYDPHQWHFXLGDGRSRUKDEHUOHVGDGR
IRUPDWR SRU FRPSXWDGRUD SHUR QR REVWDQWH SXHGHQ UHTXHULU SRVWHULRU UHYLVLyQ /HVUHVXOWDUi~WLOLPSULPLUVXSULPHUERUUDGRUD
GREOH HVSDFLR \ OXHJR UHDOL]DU OD UHYLVLyQ D PDQR 'H HVWD PDQHUD SRGUiQ FRQVHUYDU XQ UHJLVWUR GH ODV UHYLVLRQHV TXH OOHYHQ D
FDER
&XDQGRVHFRQVHUYDQRUGHQDGDPHQWHODVGLVWLQWDVYHUVLRQHVGHXQWUDEDMRHQXQDFDUSHWDWDQWRORVGRFHQWHVFRPRORVDOXPQRV
SXHGHQHYDOXDUORVSURJUHVRVJOREDOHVGHOSURFHVRGHHVFULWXUD(QHOFDStWXORGHGLFDGRDODHYDOXDFLyQVHHQFRQWUDUiLQIRUPDFLyQ
HVSHFtILFDDFHUFDGHOWUDEDMRFRQFDUSHWDV\ SRUIROLRV
*UXSRVGHHVFULWXUD
/D PD\RUtD GH ORV GRFHQWHV QR GLVSRQH GH WLHPSR VXILFLHQWH FRPR SDUD FRUUHJLU OD WRWDOLGDG GH OD SURGXFFLyQ HVFULWD GH VXV
DOXPQRV 'HELGR D TXH QR H[LVWH PHMRU PDQHUD GH DSUHQGHU D HVFULELU TXH HVFULELHQGR OD SURYLVLyQ GH IHHGEDFN D ORV DOXPQRV
FRQVWLWX\H XQ LPSRUWDQWH GHVDItR 8QD PDQHUD GH JDUDQWL]DU TXH ORV DOXPQRV UHFLEDQ IHHGEDFN \ TXH GHVDUUROOHQ VXV KDELOLGDGHV
SDUD D OHQJXD HVFULWD FRQVLVWH HQRUJDQL]DUJUXSRVGHHVFULWXUD3RUORJHQHUDOHVWRVJUXSRVHVWiQLQWHJUDGRVSRUWUHVRFXDWUR
DOXPQRVTXHWUDEDMDQMXQWRVGXUDQWHHOGHVDUUROORGHXQSUR\HFWRGXUDQWHXQSHUtRGRGHOFLFORHVFRODURHQDOJXQRVFDVRVGXUDQWH
ODSVRV PiV SURORQJDGRV (O JUXSR RSHUD FRPR FDMD GH UHVRQDQFLD SDUD OD SURYLVLyQ GH LGHDV SDUD XQ SUR\HFWR GH HVFULWXUD
SURSRUFLRQD IHHGEDFN SDUD ODV SULPHUDV DSUR[LPDFLRQHV D XQ WHPD IRUPXOD VXJHUHQFLDV SDUD LQWURGXFLU PHMRUDV \ DQDOL]D HO
SUR\HFWR GH SULQFLSLR D ILQ IORU VREUH WRGDV ODV FRVDV HO JUXSR GH HVFULWXUD EULQGD DSR\R \ HVWtPXOR SDUD OD GLItFLO WDUHD GH
SHUIHFFLRQDPLHQWRGHOWUDEDMRHVFULWR
8QDYH]TXHVHKD\DQIRUPDGRORVJUXSRVGHHVFULWXUDHVLPSRUWDQWHDQDOL]DUODPDQHUDFRPRORVDOXPQRVSXHGHQSURSRUFLRQDUVH
IHHGEDFN FRQVWUXFWLYR PXWXDPHQWH /RV GRFHQWHV H[SOLFDUiQ ORV HIHFWRV QHJDWLYRV GHO WUDXPD GH UHFKD]R LQFLGHQWDO \ GH OD
LPSRUWDQFLDTXHDVXPHHOKHFKRGHIRUPXODUVXJHUHQFLDVGHPDQHUDSRVLWLYD
/RV DOXPQRV \ HO GRFHQWH SRGUiQ LGHQWLILFDU MXQWRV ODV UHDFFLRQHV DSURSLDGDV IUHQWH DO WUDEDMR GH ORV GHPiV $ FRQWLQXDFLyQ
SUHVHQWDUQRVDOJXQDVVXJHUHQFLDV
‡(VFXFKDUDWHQWD\UHIOH[LYDPHQWHGXUDQWHODOHFWXUDGHOWUDEDMR
‡'HVWDFDUORTXHUHVXOWDHVSHFLDOPHQWHEXHQRHQXQWUDEDMR\VHUWDQHVSHFtILFRFRPRVHDSRVLEOHFRQUHVSHFWRDOFRQWHQLGRORV
SURFHGLPLHQWRVHOWHPDHOWRQRHOYRFDEXODULRHOIRUPDWR\HOHIHFWRJHQHUDO
‡)RUPXODUODGHYROXFLyQDODXWRUSRUWXUQRFRPHQ]DQGRVLHPSUHFRQFRPHQWDULRVSRVLWLYRV
‡(ODXWRUHVFXFKDUiDWHQWDPHQWH\WRPDUiQRWDVTXHOHUHVXOWDUiQGHXWLOLGDGSDUDODUHYLVLyQGHVXWUDEDMR
/RV JUXSRVGHHVFULWXUDDVtFRPRRWUDVHVWUDWHJLDVTXHVHSURSRQHQHQHVWHOLEURGHVSOD]DQHOUROGHOGRFHQWHKDFLDHOGHJXtD
REVHUYDGRU &XDQGR ORV DOXPQRV FRPSDUWHQ XQD PD\RU UHVSRQVDELOLGDG SRU VX WUDEDMR DFDGpPLFR GHEHQ RUJDQL]DU FRQGXFLU \
SHUIHFFLRQDU VX DSUHQGL]DMH DVt FRPR WDPELpQ SURSRUFLRQDU DSR\R D VXV SDUHV $ DVXPLU WDOHV UHVSRQVDELOLGDGHV ORV DOXPQRV
VXHOHQSRQHUVHDODDOWXUDGHODVFLUFXQVWDQFLDVORTXHUHGXQGDHQEHQHILFLRSHUVRQDO\HQVDWLVIDFFLyQSDUDHOGRFHQWH
7HFQRORJtDTXHS URPXHYHODLQWHOLJHQFLDYHUEDO OLQJtVWLFD
'HO PLVPRPRGRTXHODLPSUHQWDUHYROXFLRQyHODSUHQGL]DMH\HOSHQVDPLHQWRGXUDQWHHOVLJOR;9HQODDFWXDOLGDGDVLVWLPRVD
XQDUHYROXFLyQVHPHMDQWHPDUFDGDSRUODFRPSXWDGRUD3RUPHGLRGHEDVHVGHGDWRV\UHGHVLQIRUPiWLFDVGHDOFDQFHPXQGLDOORV
DOXPQRV WLHQHQ DFFHVR GLUHFWR D LQIRUPDFLyQ DFWXDOL]DGD (Q WRGRV ORV FDPSRV GHO FRQRFLPLHQWR ORV VLVWHPDV HGXFDWLYRV VH
WUDQVIRUPDQDPHGLGDTXHORVGRFHQWHV\ORVDOXPQRVDSUHQGHQDXWLOL]DUODWHFQRORJtDPXOWLPHGLD/RVQLxRVTXHWRGDYtDQRKDQ
DSUHQGLGRDOHHUHVFULEHQFXHQWRVHQODFRPSXWDGRUDXWLOL]DQGRXQVRIWZDUHTXHHQDOJXQRVFDVRVOHVOHHORTXHKDQHVFULWR/RV
QXHYRVSURJUDPDVSHUPLWHQDORVQLxRVHVFULELUHLQVHUWDULPiJHQHVHQSLFWRJUDPDVGHVDUUROODUSUR\HFWRVGHHVFULWXUDHQGLYHUVRV
IRUPDWRV HVFULELU SDODEUDV HQ WLSRJUDItDV SRFR FRUULHQWHV DJUHJDU HIHFWRV GH VRQLGR \ FRORFDU LOXVWUDFLRQHV DOUHGHGRU GHO WH[WR
7DOHVSURJUDPDVUHVXOWDQDOWDPHQWHPRWLYDGRUHVSDUDORVHVFULWRUHVSULQFLSLDQWHVWDQWRFRPRSDUDORVDYDQ]DGRV
(QODDFWXDOLGDGORVEDQFRVGHGDWRVLQIRUPiWLFRVFRQWLHQHQLQIRUPDFLyQDFHUFDGHORVWHPDVPiVGLYHUVRVHLQFOX\HQFRQWDFWRHQ
OtQHD FRQ H[SHUWRV HQWUH ORV TXH VH FXHQWDQ SURIHVRUHV XQLYHUVLWDULRV LQYHVWLJDGRUHV \ FLHQWtILFRV TXLHQHV EULQGDQ XQ DPSOLR
VXPLQLVWUR GH LQIRUPDFLyQ D ORV DOXPQRV /RV FRQWHQLGRV GH WRGDV ODV iUHDV FXUULFXODUHV SXHGHQ HQULTXHFHUVH \DFWXDOL]DUVHFRQ
LQIRUPDFLyQ SURYHQLHQWH GH GLFKDV IXHQWHV \ FRQ IUHFXHQFLD VRQ ORV PLVPRV DOXPQRV TXLHQHV DFFHGHQ D HOOD \ OD DSRUWDQ D OD
FODVH
(O XVR GH ORV SURJUDPDV GH FRPSXWDFLyQ VH YXHOYH FDGDGtDPiVVHQFLOOR\SHUPLWHFRPELQDULQIRUPDFLyQHQGLIHUHQWHVIRUPDV
LQFOX\HQGR WH[WRV LPiJHQHV \ VRQLGRV /RV DOXPQRV SXHGHQ DOPDFHQDU FODVLILFDU \ FRPSDUDU GDWRV QRWDV UHIHUHQFLDV
ELEOLRJUiILFDV\FUHDULQIRUPHVPXOWLPHGLDSDUDWUDQVIRUPDUHODSUHQGL]DMHHQXQDDYHQWXUD/RVGRFHQWHVHVWiQHQFRQGLFLRQHVGH
JHQHUDUDUFKLYRVFRQHOPDWHULDOFRUUHVSRQGLHQWHDVXiUHDGHWUDEDMRFUHDUEDVHVGHGDWRVSDUDYLQFXODUGRFXPHQWRVGHVDUUROODU
SUHVHQWDFLRQHV FRQ WUDQVSDUHQFLDV SUHSURJUDPDGDV WRPDGDV GH GLVFRV GH YLGHR \ HQULTXHFHU VXV FODVHV SRU PHGLR GH OD YDULDGD
WHFQRORJtDTXHVHGHVFULEHHQORVFDStWXORVGHGLFDGRVDFDGDXQDGHODVLQWHOLJHQFLDV
/DFRPSXWDGRUDHVWLPXODDORVDOXPQRVSDUDUHYLVDU\UHHVFULELUHQVD\RV\OHVSHUPLWHGHVDUUROODUPD\RUIOXLGH]\XWLOL]DUXQHVWLOR
PiVHILFD](OKHFKRGHFRSLDUDPDQRRDPiTXLQDLQKLEHODFRUUHFFLyQ\UHYLVLyQSHUPDQHQWHVSHURODFRPSXWDGRUDIDFLOLWDHVWRV
SURFHVRV\SURSRUFLRQDDORVDOXPQRVXQPD\RUVHQWLGRGHFRQWUROVREUHVXHVFULWXUD&XDQGRORVDOXPQRVYHQVXWUDEDMRHQXQ
IRUPDWR SURIHVLRQDO DXPHQWD VX LQWHUpV SRU DSUHQGHU \ GRPLQDU OD PHFiQLFD TXH OHV SHUPLWLUi REWHQHU XQ PHMRU UHVXOWDGRILQDO
$OJXQRVGHORVSURFHVDGRUHV GHWH[WRPiVFRPXQHVVRQ0LFURVRIW:RUG:RUG3HUIHFW\$PL3URSDUD:LQGRZV
$FWXDOPHQWH DSUHQGHU D XWLOL]DU HO WHFODGR GH FRPSXWDGRUD HQ HO QLYHO GH HQVHxDQ]D EiVLFD HV WDQ LPSRUWDQWH FRPR DSUHQGHU D
HVFULELUDPDQR\DSUHQGHUDXWLOL]DUXQSURFHVDGRU GHWH[WRUHVXOWDWDQLPSRUWDQWHSDUDORVDOXPQRVFRPRDSUHQGHUPHFDQRJUDItD
/RVQLxRVVHVLHQWHQHVWLPXODGRVSDUDSRQHUHQSUiFWLFDHVWDVKDELOLGDGHVFXDQGRWLHQHQRSRUWXQLGDGGHFRPXQLFDUVH\FRODERUDU
HQ GLVWLQWRV SUR\HFWRV FRQ RWURV DOXPQRV D GLVWDQFLD D WUDYpV GH XQ FUHFLHQWH Q~PHUR GH UHGHV HOHFWUyQLFDV 3DUD HVWH SURFHVR
UHVXOWDHVHQFLDOFRQWDUFRQWHOpIRQRV\PyGHPVTXHGHEHUtDQFRQYHUWLUVHHQHTXLSRVEiVLFRVHQWRGDVODVDXODV
/DWHFQRORJtDRIUHFHQXHYDVRSRUWXQLGDGHVSDUDODFRPXQLFDFLyQ\HO DSUHQGL]DMHGHORVDOXPQRVFRQGLVFDSDFLGDGHVP~OWLSOHV\
QHFHVLGDGHVHVSHFLDOHV3RUHMHPSORORVDOXPQRVFRQGLVFDSDFLGDGHVPRWRUDVSXHGHQKDEODUDXQDFRPSXWDGRUDTXHHVFULEHOR
TXH GLFHQ $TXHOORV TXH SUHVHQWDQ GLILFXOWDGHV HQ HO KDEOD SXHGHQ HVFULELU HQODFRPSXWDGRUDODTXHOXHJRGLUiORTXHKD\DQ
HVFULWR (O GHVDUUROOR GH ODV KDELOLGDGHV OLQJtVWLFDV HQ WRGRV ORV JUXSRV GH SREODFLyQ SXHGH RULHQWDUVH SRU PHGLR GH QXHYDV \
SRGHURVDV KHUUDPLHQWDV HOHFWUyQLFDV TXH SHUPLWHQ HO DFFHVR \ PDQHMR GH LQIRUPDFLyQ OD FRPXQLFDFLyQ HO DSUHQGL]DMH \ HO
GHVDUUROORGHODLQWHOLJHQFLDGHXQDPDQHUDTXHQRUHJLVWUDDQWHFHGHQWHV
5HVXPHQ
¢'HTXpPDQHUDSRGHPRVD\XGDUDORVDOXPQRVDHQDPRUDUVHGHODVSDODEUDV"/DSDVLyQSRUODOHQJXDSXHGHOOHYDUORVDVDERUHDU
HOVRQLGRGHODVSDODEUDVDUHVSHWDU\XWLOL]DUVXSRGHUGHPDQHUDUHVSRQVDEOHDH[SORUDUODVXWLOH]DGHVXVDFHSFLRQHV\DUHFXUULU
DHOODVFRPRIXHQWHLQDJRWDEOHGHUHFXUVRVSDUDH[SUHVDUDPRURFRPSUHQVLyQSDUDVDOLUYLFWRULRVRGHXQDGLVFXVLyQSDUDH[SOLFDU
XQSURFHGLPLHQWRFRPSOHMRSDUDHQVHxDUDOJRDXQQLxRRVLPSOHPHQWHSDUDGLVIUXWDUGHODFRPXQLFDFLyQFRQORVGHPiV
$xRVDWUiV5REHUW)URVWSURQXQFLDEDXQDFRQIHUHQFLDIUHQWHDXQJUXSRGHHVWXGLDQWHVTXHORHVFXFKDEDQH[WDVLDGRV\FRQDUUXJDV
HQ OD IUHQWH PLHQWUDV LQWHQWDEDQ WRPDU QRWD GH WRGR OR TXH GHFtD 'H SURQWR HO SRHWD KL]R XQD SDXVD HQ PHGLR GH OD IUDVH \
H[FODPy£'HMHQORVOiSLFHV\OLPtWHQVHDHVFXFKDU1RLPSRUWDVLYDQDVHUHVFULWRUHVRPDWHPiWLFRVFLHQWtILFRVRDUWLVWDV 6LQR
SXHGHQMXJDUFRQODVLGHDV\GLVIUXWDUGHHOODV£XVWHGHVQRHQWLHQGHQQDGDGHQDGD
(VWDUHIOH[LyQUHVXOWyDIRUWXQDGDSDUDPXFKRVGHORVR\HQWHVGHHVDWDUGH(VFULELU\KDEODUGHPDQHUDHILFD]WHQHUVHQVLELOLGDG
SDUD HVFXFKDU \ OHHU FRQ HO SURSyVLWR GH DOFDQ]DU XQD FRPSUHQVLyQ SURIXQGD VRQ XQD WDUHD DUGXD6LQHPEDUJRQRYDOHODSHQD
LQWHQWDUOD D PHQRV TXH OD UHFRPSHQVD VHD JHQHURVD \ HOSURFHVRUHVXOWHGLYHUWLGR'HEHPRVD\XGDUDORVDOXPQRVDGLVIUXWDUGH
HVWDV UHFRPSHQVDV OR DQWHV SRVLEOH \D TXH FDGD SHTXHxR p[LWR VH FRQVWUX\H VREUH HO DQWHULRU \ VLUYH GH EDVH SDUD QXHYRV
HVIXHU]RV
(VWHFDStWXORSURSRQHH[SHULHQFLDVOLQJtVWLFDVFUHDWLYDV\DSOLFDFLRQHVSUiFWLFDVSDUDHVFXFKDUKDEODUOHHU\HVFULELU3RUPHGLR
GH HVWDV H[SHULHQFLDV ORV HGXFDGRUHV SXHGHQ D\XGDU D ORV DOXPQRV D DSUHFLDU HO YDORU GH VX WUDEDMR OLQJtVWLFR QR VyOR SDUD VX
SURSLDYLGDVLQRWDPELpQFRPRFRQWULEXFLyQDVXFRPXQLGDG\DOYDVWRPXQGRTXHORVURGHD
(Q XQ DUWtFXOR UHFLHQWH /HRQ %RWVWHLQ SUHVLGHQWH GHO %DUG &ROOHJH VHxDOD TXH HO LQVWUXPHQWR FODYH GH QXHVWUD WUDGLFLyQ
HGXFDWLYDHVODDOIDEHWL]DFLyQ\HOXVRGHOOHQJXDMH$GYLHUWHTXHODHVSHUDQ]DHVFRQWLQJHQWHFRQODSRVHVLyQGHOOHQJXDMH(O
DQLPDOQRSXHGHWHQHUHVSHUDQ]DVSRUTXHQRSRVHHXQOHQJXDMH/DHVSHUDQ]DQRHVXQDHPRFLyQVLQRXQDIXQFLyQGHOOHQJXDMH\
FRPRWDOFRQWLQJHQWHFRQODHGXFDFLyQ3DUDFUHDUODHVSHUDQ]DHQXQDVRFLHGDGGHEHH[LVWLUODHGXFDFLyQ
&$3Ì78/2
/DPHQWHTXHFDOFXODLQWHOLJHQFLDOyJLFR PDWHPiWLFD
(VHYDVWROLEURHWHUQDPHQWHDELHUWRIUHQWHDQXHVWURVRMRVHOXQLYHUVRQRSRGUiOHHUVHKDVWDTXHQRKD\DPRVDSUHQGLGRHO
OHQJXDMHHQTXHHVWiHVFULWR\QRVKD\DPRVIDPLOLDUL]DGRFRQVXVFDUDFWHUHV(VWiHVFULWRHQOHQJXDMHPDWHPiWLFRVLQHOFXDOHV
KXPDQDPHQWHLPSRVLEOH FRPSUHQGHUXQDVRODSDODEUD
*DOLOHR
3RUDPRUDORVQ~PHURV
$ORVGRVDxRVGHHGDG'DQLHOJULWDEDHQWXVLDVPDGRFDGDYH]TXHVXPDGUHSURQXQFLDEDXQDVHULHGHQ~PHURVHOHJLGRVDOD]DU
FRPR
1RVyOROHUHVXOWDEDDJUDGDEOH HOVRQLGRGHORVQ~PHURVWDPELpQORVVtPERORVDEVWUDFWRVSURSLDPHQWHGLFKRVRFXOWDEDQPLVWHULRV
SDUDUHVROYHU(UDQHFHVDULRFRQWDUORVWUR]RVGHFHUHDOHQHOERO\HVFULELUODFLIUDUHVXOWDQWHDVtFRPRUHFRQRFHUODVSLHGUDVGHO
FDPLQRGHHQWUDGDDODFDVD\ORVMXJXHWHVGHODFDMDSRUVXFDQWLGDG&XDQGR'DQLHOWHQtDWUHVDxRVODVFXHVWLRQHVUHODFLRQDGDV
FRQ HO WLHPSR OD VHFXHQFLD \ HO FRQFHSWR GH PXOWLSOLFDFLyQ GRPLQDEDQVXLQWHUpV3DUDpOPHGLDKRUDVLJQLILFDEDHOSHUtRGRGH
GXUDFLyQ GH VX SURJUDPD IDYRULWR GH WHOHYLVLyQ R ELHQ HOWLHPSRTXHGHPDQGDEDOOHJDUDODOPDFpQ3DUDVRUSUHVDGHVXVSDGUHV
SRGtDDEULUXQSURJUDPDGHFRPSXWDFLyQVLJXLHQGRXQDVHULHGHSDVRVTXHHUDFDSD]GHPHPRUL]DUFRQVyORREVHUYDUORVPLHQWUDV
WUDEDMDEDQ/DPXOWLSOLFDFLyQOHUHVXOWDEDPiVLQWHUHVDQWHTXHORVQ~PHURVDLVODGRVDPHGLGDTXHFRPHQ]DEDDSHUFLELU\XWLOL]DU
PRGHORVSUHGHFLEOHV(QVXMXHJRGHEiVTXHWEROLQIDQWLOFDGDFDQDVWDWHQtDXQQ~PHURGLIHUHQWH\'DQLHOSUDFWLFDEDODVWDEODVGH
PXOWLSOLFDU PLHQWUDV ODQ]DED OD SHORWD 6X GHVWUH]D HQ HO EiVTXHWERO DXPHQWDED FRQVWDQWHPHQWH DVt FRPR WDPELpQ VX
PHPRUL]DFLyQGHORVPHFDQLVPRVGHODPXOWLSOLFDFLyQ
'XUDQWHHOSULPHUDxRGHHQVHxDQ]DEiVLFDHVWDEDIDVFLQDGRFRQHOFRQFHSWRGHQ~PHURVQHJDWLYRV/DGRFHQWHFUHyFRQGLFLRQHV
IDYRUDEOHVSDUDODVDYDQ]DGDVDSWLWXGHVGH'DQLHOOHSURSRUFLRQDEDOLEURVGHWH[WRFRUUHVSRQGLHQWHVDOiUHDGHPDWHPiWLFDSDUD
FXDUWR\TXLQWRDxRGHHQVHxDQ]DEiVLFD\OHIRUPXODEDSUHJXQWDVDELHUWDVTXHGHVDILDEDQVXVKDELOLGDGHVGHSHQVDPLHQWRGHDOWR
QLYHO'XUDQWHWRGRVORVDxRVGHHQVHxDQ]DEiVLFDODPDWHPiWLFDIXHFRPRHUDGHHVSHUDUVHODDVLJQDWXUDSUHIHULGDGHOQLxR
)XHUDGHODHVFXHODVXUJLHURQQXHYDVIDFHWDVGHLQWHUpVFyPSXWRGHHVWDGtVWLFDVGHSRUWLYDVFODVLILFDFLyQGHREMHWRVHQFDWHJRUtDV
VLPLODUHVFiOFXORGHGLIHUHQFLDVKRUDULDVHQWRGRHOPXQGRHLQYHVWLJDFLyQDFHUFDGHOFRVPRV
(Q OD DFWXDOLGDG 'DQLHO FXUVD HO WHUFHU FLFOR GH HQVHxDQ]D EiVLFD \ VX LQWHUpV VH SRQH GH PDQLILHVWR QR VyOR HQ ODV FODVHV GH
PDWHPiWLFDVXSHULRUDODVTXHDVLVWHVLQRWDPELpQHQVXHQWXVLDVPRSRUUHVROYHUVLWXDFLRQHVSUREOHPiWLFDVTXHVXUJHQHQODYLGD
FRWLGLDQD6yORSDUDGLYHUWLUVHVXHOHSHGLUDVXPDGUHTXHOHWRPHH[DPHQFRQVLWXDFLRQHVSUREOHPiWLFDVPDWHPiWLFDV\GLVIUXWD
D\XGDQGR D VX IDPLOLD D WRPDU GHFLVLRQHV UHODFLRQDGDV FRQ FXHVWLRQHV GH SUHVXSXHVWR $ ORV DxRV 'DQLHO KD GHVDUUROODGR
QXPHURVDV HVWUDWHJLDV SDUD UHVROYHU SUREOHPDV PDWHPiWLFRV \ ORJUD VXSHUDU FRQ IDFLOLGDG D ORV DGXOWRV H LQFOXVR D ODV
FDOFXODGRUDVHQWDUHDVGHFiOFXOR&RQIUHFXHQFLDGHGLFDVXWLHPSROLEUHDFODVLILFDU\HYDOXDUVXFROHFFLyQGHWDUMHWDVGHSRUWLYDV\
D PHGLU GLVWDQFLDV \ HQ OD HVFXHOD REWLHQH ODV PiV DOWDV FDOLILFDFLRQHV HQ FRPSHWHQFLDV PDWHPiWLFDV GH QLYHO QDFLRQDO (V
VXPDPHQWH H[LJHQWH UHVSHFWR GH FXHVWLRQHV UHODFLRQDGDV FRQ HO WLHPSR VH EXUOD GH ORV IDOVRV UD]RQDPLHQWRV \ WRGDYtD VRQUtH
FXDQGRVHPHQFLRQDQQ~PHURVHQXQDFRQYHUVDFLyQ&XDOTXLHUDVHDODFDUUHUDTXH'DQLHOHOLMDHQHOQLYHOVXSHULRUGHHQVHxDQ]D
HVPX\SUREDEOHTXHODPDWHPiWLFDRFXSHXQOXJDUGHSUHIHUHQFLDHQVXVLQWHUHVHV
'HILQLFLyQLQWHOLJHQFLDOyJLFRPDWHPiWLFD
+ *DUGQHU SRVWXOD TXH HO PRGHOR GH GHVDUUROOR FRJQLWLYR GH 3LDJHW TXH DYDQ]D GHVGH ODV DFWLYLGDGHV VHQVRPRWRUDV KDVWD ODV
RSHUDFLRQHV IRUPDOHV FRQVWLWX\y SUREDEOHPHQWH XQD GHVFULSFLyQ GHO GHVDUUROOR HQ XQ VROR FDPSR HO GH OD LQWHOLJHQFLD
OyJLFRPDWHPiWLFD3LDJHWGHVFULELyHOSURJUHVRGHODLQWHOLJHQFLDOyJLFDFRPLHQ]DFRQODVLQWHUDFFLRQHVGHOQLxRFRQORVREMHWRV
GHVXHQWRUQRVLJXHFRQHOGHVFXEULPLHQWRGHOQ~PHURFRQODWUDQVLFLyQGHORVREMHWRVFRQFUHWRVDORVVtPERORVDEVWUDFWRVFRQOD
PDQLSXODFLyQ GH DEVWUDFFLRQHV \ OOHJD ILQDOPHQWH D OD FRQVLGHUDFLyQ GH IyUPXODV KLSRWpWLFDV FRQ VXVUHODFLRQHVHLPSOLFDQFLDV
*DUGQHUH[SUHVDVXVGXGDVDFHUFDGHTXHODVLGHDVGH3LDJHWUHVSHFWRGHOGHVDUUROORFRJQLWLYRVHDSOLTXHQGHODPLVPDPDQHUDD
RWUDViUHDVGHODFRPSHWHQFLDKXPDQD
7DO FRPR VH GHVSUHQGH GH OD KLVWRULD GH 'DQLHO OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD LQFOX\H QXPHURVRV FRPSRQHQWHV FiOFXORV
PDWHPiWLFRV SHQVDPLHQWR OyJLFR VROXFLyQ GH SUREOHPDV UD]RQDPLHQWR GHGXFWLYR H LQGXFWLYR \ GLVFHUQLPLHQWR GH PRGHORV \
UHODFLRQHV(QHOFHQWURPLVPRGHODFDSDFLGDGPDWHPiWLFDVHHQFXHQWUDODFDSDFLGDGSDUDUHFRQRFHU\UHVROYHUSUREOHPDV6LELHQ
HVWD LQWHOLJHQFLD KD WHQLGRJUDQLPSRUWDQFLDSDUDODVRFLHGDGRFFLGHQWDO\VXHOHDWULEXtUVHOHHOPpULWRGHJXLDUORVGHVWLQRVGHOD
KLVWRULD GH OD KXPDQLGDG *DUGQHU VRVWLHQH TXH OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD QR HV QHFHVDULDPHQWH VXSHULRU D RWUDV
LQWHOLJHQFLDV QL TXH VH OH RWRUJXH XQLYHUVDOPHQWH HO PLVPR SUHVWLJLR ([LVWHQ RWURV SURFHVRV OyJLFRV \ PpWRGRV GH VROXFLyQ GH
SUREOHPDVLQKHUHQWHVDFDGDXQDGHODVLQWHOLJHQFLDV&DGDLQWHOLJHQFLDSRVHHVXSURSLRPHFDQLVPRRUGHQDGRUVXVSULQFLSLRVVXV
RSHUDFLRQHVIXQGDPHQWDOHV\VXVUHFXUVRVORVTXHODLQWHOLJHQFLDOyJLFRPDWHPiWLFDQRSXHGHUHYHODU
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDOyJLFRPDWHPiWLFD
*DUGQHU VHxDOD TXH OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD DEDUFD QXPHURVDV FODVHV GH SHQVDPLHQWR (Q VX RSLQLyQ HVWD LQWHOLJHQFLD
FRPSUHQGHWUHVFDPSRVDPSOLRVDXQTXHLQWHUUHODFLRQDGRVODPDWHPiWLFDODFLHQFLD\ODOyJLFD6LELHQHVLPSRVLEOHUHGXFLUDXQ
OLVWDGRHOUDQJRGHH[SUHVLyQPDWHPiWLFDGHXQLQGLYLGXRDFRQWLQXDFLyQVHHQXPHUDQDOJXQRVGHVFULSWRUHV(VSUREDEOHTXHXQD
SHUVRQDFRQXQDLQWHOLJHQFLDOyJLFRPDWHPiWLFDSURIXQGDPHQWHGHVDUUROODGDSUHVHQWHDOJXQDGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
3HUFLEHORVREMHWRV\VXIXQFLyQHQHOHQWRUQR
'RPLQDORVFRQFHSWRVGHFDQWLGDGWLHPSR\FDXVDHIHFWR
8WLOL]DVtPERORVDKVWUDFWRVSDUDUHSUHVHQWDUREMHWRV\FRQFHSWRVFRQFUHWRV
'HPXHVWUDKDELOLGDGSDUDHQFRQWUDUVROXFLRQHVOyJLFDVDORVSUREOHPDV
3HUFLEHPRGHORV\UHODFLRQHV
3ODQWHD\SRQHDSUXHEDKLSyWHVLV
(PSOHD GLYHUVDV KDELOLGDGHV PDWHPiWLFDV FRUQR HVWLPDFLyQ FiOFXOR GH DOJRULWPRV LQWHUSUHWDFLyQ GH HVWDGtVWLFDV \
UHSUHVHQWDFLyQYLVXDOGHLQIRUPDFLyQHQIRUPDJUiILFD
6H HQWXVLDVPD FRQ RSHUDFLRQHV FRPSOHMDV FRPR HFXDFLRQHV IyUPXODV ItVLFDV SURJUDPDV GH FRPSXWDFLyQ R PpWRGRV GH
LQYHVWLJDFLyQ
3LHQVD HQ IRUPD PDWHPiWLFD PHGLDQWH OD UHFRSLODFLyQ GH SUXHEDV OD HQXQFLDFLyQ GH KLSyWHVLV OD IRUPXODFLyQ GH PRGHORV HO
GHVDUUROORGHFRQWUDHMHPSORV\ODFRQVWUXFFLyQGHDUJXPHQWRVVyOLGRV
8WLOL]DODWHFQRORJtDSDUDUHVROYHUSUREOHPDVPDWHPiWLFRV
'HPXHVWUDLQWHUpVSRUFDUUHUDVFRPRFLHQFLDVHFRQyPLFDVWHFQRORJtDLQIRUPiWLFDGHUHFKRLQJHQLHUtD\TXtPLFD
&UHDQXHYRVPRGHORVRSHUFLEHQXHYDVIDFHWDVHQFLHQFLDRPDWHPiWLFD
3URFHVRVGHDSUHQGL]DMHOyJLFRPDWHPiWLFRV
'XUDQWH ODV GRV ~OWLPDV GpFDGDV QXPHURVRV LQIRUPHV \ WHRUtDV HODERUDGRV SRU SURIHVLRQDOHV \ RUJDQL]DFLRQHV DFDGpPLFDV
LPSXOVDURQQXHYDVIRUPDVGHHQVHxDQ]DGHODPDWHPiWLFD(O1DWLRQDO&RXQFLORI7HDFKHUVRI0DWKHPDWLFV>&RQVHMR1DFLRQDOGH
'RFHQWHVGH0DWHPiWLFDGHORV((8817&0@UHFRPLHQGDTXHODHQVHxDQ]DGHHVWDGLVFLSOLQDGHEHGHVWDFDUODFRQFLHQFLD\HO
DSUHFLR SRU HO URO GH OD PDWHPiWLFD HQ OD VRFLHGDG OD FDSDFLGDG SDUD UD]RQDU \ FRPXQLFDUVH PDWHPiWLFDPHQWH SDUD UHVROYHU
SUREOHPDV\SDUDDSOLFDUOD PDWHPiWLFDDODYLGDFRWLGLDQDGHORVDOXPQRV
(O SURSyVLWR GH HVWH FDStWXOR FRQVLVWH HQ SURSRQHU HVWUDWHJLDV GH HQVHxDQ]D TXH LQWHJUHQ HO SHQVDPLHQWR PDWHPiWLFR \ OyJLFR D
GLYHUVDViUHDVGHFRQWHQLGR7HQLHQGRHQFXHQWDHVHREMHWLYRODLQWHOLJHQFLDOyJLFDSXHGHGHVHPSHxDUXQUROPiVVLJQLILFDWLYRHQ
HOSHQVDPLHQWR\HQHODSUHQGL]DMH/RVJUiILFRVSRUHMHPSORSRGUiQXWLOL]DUVHSDUDSUHVHQWDULQIRUPDFLyQHQWRGDVODVDXODV/D
WHRUtDGHODSUREDELOLGDGSRGUiSUHGHFLUORVUHVXOWDGRVGHXQHMHUFLFLRItVLFRRGHKHFKRVKDELWXDOHV/DVHVWUDWHJLDVGHVFULWDVHQ
HVWHFDStWXORVRQODVVLJXLHQWHV
&yPRHVWDEOHFHUXQHQWRUQRGHDSUHQGL]DMHOyJLFRPDWHPiWLFR
/DHQVHxDQ]DGHODOyJLFD
(OPpWRGRFLHQWtILFR
(OSHQVDPLHQWRFLHQWtILFRHQWRGDVODViUHDVFXUULFXODUHV
/yJLFDGHGXFWLYD
6LORJLVPRV
'LDJUDPDVGH9HQQ
/yJLFDLQGXFWLYR
$QDORJtDV
(VWLPXODFLyQGHOSHQVDPLHQWR\HODSUHQGL]DMH
,QWHUPHGLDFLyQSDUDHODSUHQGL]DMH
(VWUDWHJLDVSDUDODLQWHUURJDFLyQ
3URFHVRVGHSHQVDPLHQWRPDWHPiWLFR
&UHDFLyQGHPRGHORV
%ORTXHV OyJLFRV
0RGHORVGHLQIRUPDFLyQ
&yGLJRV
*UiILFRV
7UDEDMRFRQQ~PHURV
3URPHGLRV\SRUFHQWDMHV
0HGLGD
&iOFXOR
3UREDELOLGDG
*HRPHWUtD
6LWXDFLRQHVSUREOHPiWLFDVSDUDWRGDVODViUHDVFXUULFXODUHV
6HFXHQFLDFLyQ
7HPDVPDWHPiWLFRVSDUDWRGDVODViUHDVGHFRQWHQLGR
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDOyJLFRPDWHPiWLFD
5HVXPHQ
&yPRHVWDEOHFHUXQHQWRUQRGHDSUHQGL]DMHOyJLFR PDWHPiWLFR
(QHO1&70HPLWLyXQH[WHQVRGRFXPHQWRGHQRPLQDGR&XUUtFXORV\HVWiQGDUHVSDUDODHYDOXDFLyQGHODPDWHPiWLFDHQOD HVFXHOD
GRQGHGHVFULEHQXHYRVSDUiPHWURV\FRQWHQLGRVSDUDHOiUHD$GHPiVGHIRUPXODUUHFRPHQGDFLRQHVUHODWLYDVDFDPELRV
FXUULFXODUHV\SHGDJyJLFRVVHGHILQLHURQQXHYRVUROHVSDUDORVDOXPQRV
(O DSUHQGL]DMH GHEHUi ORJUDU HO FRPSURPLVR WDQWR LQWHOHFWXDO FRPR ItVLFR SRU SDUWH GHO DOXPQR TXLHQ GHEHUi FRQYHUWLUVH HQ
VXMHWRDFWLYRGHODSUHQGL]DMHVHQWLUVHHVWLPXODGRSDUDDSOLFDUVXVVDEHUHVSUHYLRV\HVWDUGLVSXHVWRDH[SHULPHQWDUVLWXDFLRQHV
QXHYDV GH FUHFLHQWH GLILFXOWDG /RV HQIRTXHV GLGiFWLFRV GHEHUiQ LQFRUSRUDU OD SDUWLFLSDFLyQ GHO DOXPQR HQ HO SURFHVR GH
HQVHxDQ]DDSUHQGL]DMHHQOXJDUGHOLPLWDUVHDWUDQVPLWLUOHLQIRUPDFLyQ
(VWDUHFRPHQGDFLyQHVSHFtILFDVLUYHFRPROLQHDPLHQWRSDUDORVGRFHQWHVTXHGHVHHQSURPRYHUODQDWXUDOH]DOyJLFRPDWHPiWLFDGH
VXVDXODV(QWRGDVHOODVORVVLJXLHQWHVSURFHVRVGHDSUHQGL]DMHDFWLYRHVWLPXODQHOSHQVDPLHQWROyJLFR
‡8WLOL]DUGLYHUVDVHVWUDWHJLDVGHLQWHUURJDFLyQ
‡3ODQWHDUSUREOHPDVFRQILQDODELHUWRSDUDTXHORVDOXPQRVORVUHVXHOYDQ
‡&RQVWUXLUPRGHORVSDUDORVFRQFHSWRVFODYH
‡6ROLFLWDUDORVDOXPQRVTXHGHPXHVWUHQVXFRPSUHQVLyQXWLOL]DQGRREMHWRVFRQFUHWRV
‡3URQRVWLFDU\YHULILFDUORVUHVXOWDGRVOyJLFRV
‡'LVFHUQLUPRGHORV\FRQH[LRQHVHQGLYHUVRVIHQyPHQRV
‡6ROLFLWDUDORVDOXPQRVTXHMXVWLILTXHQVXVDILUPDFLRQHVXRSLQLRQHV
‡%ULQGDURSRUWXQLGDGHVSDUDODREVHUYDFLyQ\ODLQYHVWLJDFLyQ
‡(VWLPXODUDORVDOXPQRVSDUDFRQVWUXLUVLJQLILFDGRVDSDUWLUGHVXREMHWRGHHVWXGLR
‡9LQFXODUORVFRQFHSWRVRSURFHVRVPDWHPiWLFRVFRQRWUDViUHDVGHFRQWHQLGR\FRQDVSHFWRVGHODYLGDFRWLGLDQD
$PHGLGDTXHDYDQFHHQODOHFWXUDGHHVWHFDStWXORHOOHFWRUGHVFXEULUiTXHFLHUWRVHOHPHQWRVPDWHPiWLFRVSXHGHQLQFRUSRUDUVHD
WRGDVODViUHDVFXUULFXODUHV(OWUDEDMRFRQREMHWRVFRQFUHWRVSHUPLWHDORVDOXPQRVDERUGDUDFWLYDPHQWHODVROXFLyQGHSUREOHPDV
5HVXOWDUi~WLOSDUDORVGRFHQWHVFRQWDUHQVXVDXODVFRQEORTXHVOyJLFRVMXHJRVDFHUWLMRV\HQLJPDVSDSHOFXDGULFXODGRUHJODV
FRPSDVHVWUDQVSRUWDGRUHVFDOFXODGRUDVFRPSXWDGRUDV\GLYHUVRVSURJUDPDV GHVRIWZDUH
(VWDVVXJHUHQFLDVDVtFRPRWDPELpQORVSURFHVRVGHDSUHQGL]DMHTXHVHH[SRQHQDFRQWLQXDFLyQH[SDQGHQHOFRQFHSWRWUDGLFLRQDO
GHHQVHxDQ]DGHODPDWHPiWLFD$OUHHPSOD]DUODFRQFHSFLyQGHODPDWHPiWLFDFRPRDVLJQDWXUDGHVWLQDGDVRODPHQWHDGHVDUUROODU
KDELOLGDGHVSDUDHOFiOFXOR\HOiOJHEUDDGYHUWLUHPRVTXHODPDWHPiWLFDDFWXDOLQFOX\HODVROXFLyQGHSUREOHPDVHOUD]RQDPLHQWR
\ OD HODERUDFLyQ GH FRQH[LRQHV KDELOLGDGHV ~WLOHV SDUD WRGRV ORV FDPSRV GH HVWXGLR /RV DXWRUHV HVSHUDPRV TXH ORV VLJXLHQWHV
SURFHVRVGHDSUHQGL]DMHFRQWULEX\DQDODWDUHDTXHOOHYDQDFDERORVHGXFDGRUHVGHPDWHPiWLFD\FLHQFLDVQDWXUDOHVSDUDJXLDUDORV
DOXPQRVHQODDSOLFDFLyQGHOSHQVDPLHQWROyJLFRFRQPD\RUFRQILDQ]DHQODWRWDOLGDGGHVXVRSRUWXQLGDGHVGHDSUHQGL]DMH
/DHQVHxDQ]DGHODOyJLFD
/D OyJLFD FRPR GLVFLSOLQD DFDGpPLFD IXH LQYHQWDGD SRU $ULVWyWHOHV \ VH UHODFLRQD FRQ OD DUJXPHQWDFLyQ OD YDOLGDFLyQ OD
FRPSUREDFLyQ OD GHILQLFLyQ \ OD FRKHUHQFLD 6LQ OXJDU D GXGDV DQWHV GH TXH VH RWRUJDUD UHFRQRFLPLHQWR D OD OyJLFD IRUPDO ODV
SHUVRQDVUD]RQDEDQGHPDQHUDOyJLFD\FRKHUHQWH1RREVWDQWH$ULVWyWHOHVIXHHOSULPHUILOyVRIRHQLGHQWLILFDU\GDUIRUPDDODV
UHJODVGHHVWDUDPDGHODILORVRItD'XUDQWHOD(GDG0HGLDODVFXOWXUDViUDEH\HXURSHDUHDOL]DURQDSRUWHVDHVWHFDPSR\HQORV
~OWLPRVGRVVLJORVVHSURGXMHURQQXPHURVRVGHVDUUROORVHQHOiUHDGHODOyJLFDPDWHPiWLFD
&RQHOREMHWRGHLQWURGXFLUDORVDOXPQRVHQHOFRQFHSWRGHOyJLFDIRUPDOUHVXOWD~WLOH[SOLFDUOHVTXHODOyJLFDH[DPLQDHOPRGR
FRPR VH FRQVWUX\HQ ORV DUJXPHQWRV /RV DUJXPHQWRV OyJLFRV FRQVWDQ JHQHUDOPHQWH GH GRV FODVHV GH HQXQFLDGRV SUHPLVDV TXH
SUHVHQWDQHYLGHQFLDV\FRQFOXVLRQHVTXHVHH[WUDHQGHODVSUHPLVDV/DOyJLFDVHSURSRQHGHFLUQRVTXHDOJRHVYHUGDGHURVLODV
SUHPLVDV VRQ YHUGDGHUDV &XDQGR VH HQVHxDQ SURFHVRV GH UD]RQDPLHQWR OyJLFR ORV DOXPQRV DFFHGHQ D XQD GLVFLSOLQD PHQWDO
SUHFLVD\SXHGHQGLVWLQJXLUVLXQDFDGHQDGHUD]RQDPLHQWRHVYiOLGDRLQYiOLGD
([LVWHQYDULDVFODVHVGHOyJLFDODOyJLFDGHGXFWLYD\ODOyJLFDLQGXFWLYDVRQODVPiVFRPXQHV(QOyJLFDGHGXFWLYDODFRQFOXVLyQ
VH GHVSUHQGH GH ODV SUHPLVDV HVWDEOHFLGDV (Q OyJLFD LQGXFWLYD OD FRQFOXVLyQ VH H[WUDH SDVR D SDVR \HQGR GH OR SDUWLFXODU D OR
JHQHUDO(OPpWRGRFLHQWtILFRXWLOL]DDPEDVFODVHVGHOyJLFDODVKLSyWHVLVVXHOHQGHVDUUROODUVHSRUPHGLRGHOUD]RQDPLHQWRGHGXFWL
YR\ODVWHRUtDVVHFRQVWUX\HQVREUHODEDVHGHOSHQVDPLHQWRLQGXFWLYR
(OPpWRGRFLHQWtILFR
(OPpWRGRFLHQWtILFRXQDIRUPDGHSHQVDUORVSUREOHPDV\GHUHVROYHUORVDVXPHXQXVRH[WHQVLYRGHODOyJLFD/RVFLHQWtILFRVKDQ
GHVDUUROODGRHOSURFHVRJHQHUDOGHOPpWRGRFLHQWtILFRHPStULFRXQDVHULHGHFLQFRSDVRVSDUDH[SOLFDUXQSUREOHPD\VXVROXFLyQ
GHPDQHUDRUGHQDGD
3ODQWHDUHOSUREOHPD
)RUPXODUXQDKLSyWHVLVRH[SOLFDFLyQ
2EVHUYDU\H[SHULPHQWDU
,QWHUSUHWDUORVGDWRV
([WUDHUFRQFOXVLRQHV
(OPpWRGRFLHQWtILFRVHSURSRQHH[SOLFDUORVIHQyPHQRVPHGLDQWHHODQiOLVLVGHFDXVDV\HIHFWRV3RUORJHQHUDOXQH[SHULPHQWR
FRPSUHQGHODPDQLSXODFLyQGHXQDYDULDEOHPDQWHQLHQGRFRQVWDQWHVWRGDVODVGHPiVFRQHOILQGHDLVODUORVHIHFWRVGHODYDULDEOH
FRQ OD TXH VH WUDEDMD 6L OXHJR GH UHSHWLGRV LQWHQWRV ORV UHVXOWDGRV VRQ SUHGHFLEOHV HQWRQFHV HO PpWRGR FLHQWtILFR SHUPLWH D ORV
LQYHVWLJDGRUHV UHVSRQGHU OD SUHJXQWD ¢&XiO HV HO IXQGDPHQWR SDUD QXHVWUD WHRUtD" /RV FLHQWtILFRV SURFXUDQ GLVHxDU
H[SHULPHQWRVFRQHOPHQRUQ~PHURSRVLEOHGHYDULDEOHVGHELGRDTXHVHFRQVLGHUDTXHORVVXSXHVWRVVRQFRQILDEOHVVLVHEDVDQHQ
H[SHULPHQWRVTXHPLQLPL]DQHOQ~PHURGHYDULDEOHVLQFRQWURODEOHV
(OSHQVDPLHQWRFLHQWtILFRHQWRGDVODViUHDVFXUULFXODUHV
¢'HTXpPDQHUDSXHGHLQFRUSRUDUVHHVWDFODVHGHSHQVDPLHQWRHPStULFRDOWUDEDMRHQHODXOD"
&XDOTXLHUD VHD HO iUHD GH FRQWHQLGR HQ OD TXH VH WUDEDMH HV SRVLEOH SUHVHQWDU LQIRUPDFLyQ IRUPXODU KLSyWHVLV R H[SOLFDFLRQHV
HQFRQWUDU HMHPSORV SRU PHGLR GH OD LQYHVWLJDFLyQ H[SHULPHQWDFLyQ X REVHUYDFLyQ H[DPLQDU ORV GDWRV \ H[WUDHU FRQFOXVLRQHV
UHOHYDQWHV/DVVLJXLHQWHVSUHPLVDVTXHVHLQFOX\HQFRPRHMHPSORSRGUiQXWLOL]DUVHSDUDSURPRYHUHOSHQVDPLHQWRFLHQWtILFRGH
ORVDOXPQRVHQWRGDVODViUHDVFXUULFXODUHV/DWDUHDGHORVDOXPQRVFRQVLVWLUiHQSRQHUDSUXHEDODVSUHPLVDVSDUDGHWHUPLQDUVL
VXVKLSyWHVLVWLHQHQIXQGDPHQWR\SDUDH[SOLFDUFyPRDUULEDURQDWDOHVFRQFOXVLRQHV
3UHPLVDVSDUDODLQYHVWLJDFLyQSRUPHGLRGHOPpWRGRFLHQWtILFR
(VGHFLUPDQLSXODQGRXQDYDULDEOH\REVHUYDQGRORVUHVXOWDGRVGHQWURGHXQDYDULDEOHGHUHVSXHVWD
‡6LVHFRORFDXQDDVSLULQDRXQDPRQHGDHQXQIORUHURODVIORUHVVHPDQWHQGUiQIUHVFDVSRUPiVWLHPSR
‡/RVJDWRVVLHPSUHURQURQHDQFXDQGRVHORVDFDULFLD
‡/RVHMHUFLFLRVDHUyELFRVUHGXFHQORVtQGLFHVGHDIHFFLRQHVFDUGtDFDV
‡/DOX]GHFRORUD]XOUHGXFHODWHQVLyQQHUYLRVD
‡/DVWDVDVGHLQWHUpVPiVHOHYDGDVGHSULPHQHOPHUFDGRLQPRELOLDULR
$GHPiV GHO PpWRGR HPStULFR GH LQYHVWLJDFLyQ H[LVWHQ QXPHURVDV FODVHV GH SUREOHPDV OyJLFRV TXH FXHVWLRQDQ OD YDOLGH] GH ODV
LQIHUHQFLDV(QHOWUDEDMRFRQOyJLFDGHGXFWLYDORVDOXPQRVSRGUiQXWLOL]DUVLORJLVPRV\GLDJUDPDVGH9HQQSDUDGHWHUPLQDUVLODV
SUHPLVDV VRQ YiOLGDV PLHQWUDV TXH HQ HO WUDEDMR FRQ OyJLFD LQGXFWLYD SRGUiQ FUHDU DQDORJtDV SDUD UHYHODU UHODFLRQHV
SURSRUFLRQDOHV(VWRVWUHVSUREOHPDVOyJLFRVVLORJLVPRVGLDJUDPDVGH9HQQ\DQDORJtDV SXHGHQDSOLFDUVHDQXPHURVDViUHDVGH
FRQWHQLGR 3RU HMHPSOR ODV DQDORJtDV VRQ ~WLOHV SDUD TXH ORV DOXPQRV GHVDUUROOHQ FLHUWRV FRQFHSWRV HQ HO iUHD GH FLHQFLDV
QDWXUDOHVPLHQWUDVTXHORVVLORJLVPRV\ORVGLDJUDPDVGH9HQQSRGUtDQXWLOL]DUVHHQFLHQFLDVVRFLDOHVSDUDFRPSDUDURFRQWUDVWDU
GLIHUHQWHVFXOWXUDVRUHJLRQHVJHRJUiILFDV
/yJLFDGHGXFWLYD
(O UD]RQDPLHQWR GHGXFWLYR SDUWH GH XQD UHJOD JHQHUDO \ VH SURSRQH FRPSUREDU TXH ORV GDWRV FRQFXHUGDQ FRQ OD JHQHUDOL]DFLyQ
&RQIUHFXHQFLDORVDOXPQRVREVHUYDQHVWDOyJLFDHQDFFLyQ6LHOGLUHFWRU HVWLSXODTXHWRGRDTXHOTXHDUURMHSLHGUDVHQHOSDWLRGH
OD HVFXHOD VXIULUi ODV FRQVHFXHQFLDV GH VXV DFWRV \ XQ DOXPQR QR DFDWD OD UHJOD ORV UHVXOWDGRV VRQ SUHGHFLEOHV 2 ELHQ VL ODV
LQVWUXFFLRQHV HQ XQD FODVH GH DUWH LQGLFDQ TXH XWLOL]DU GHPDVLDGR SHJDPHQWR GHVWLxH HO SDSHO EDUULOHWH FXDQGR DOJXLHQ HPSOHD
JUDQGHVFDQWLGDGHVGHSHJDPHQWRQRGHEHUiVRUSUHQGHUVHVLHQFXHQWUDUDVWURVGHWLQWXUDHQVXVPDQRVRHQVXFDPLVD(VWDFODVH
GH UD]RQDPLHQWRV VRQ VLORJLVPRV HQ DFFLyQ /RV VLORJLVPRV VRQ DUJXPHQWRV HVWUXFWXUDGRV FRPSXHVWRV SRU GRV SUHPLVDV \ XQD
FRQFOXVLyQ\FRQVWLWX\HQHMHPSORVGHOyJLFDGHGXFWLYD
6LORJLVPRV
6HJ~Q VDEHPRV $ULVWyWHOHV IXH HO SULPHU ILOyVRIR TXH XWLOL]y VLORJLVPRV FRPR IRUPD OyJLFD GH VROXFLyQ SDUD ORV SUREOHPDV \
VHxDOy TXH HO VLORJLVPR HUD HO SULQFLSDO LQVWUXPHQWR SDUD DUULEDU D FRQFOXVLRQHV FLHQWtILFDV $ULVWyWHOHV GHWHUPLQy TXH SXHGH
LQIHULUVHODYHUDFLGDGGHFLHUWDVSURSRVLFLRQHVVLVXVSUHPLVDVVRQYHUGDGHUDV3RUHMHPSOR
7RGRVORVKRPEUHVVRQPRUWDOHV
6yFUDWHVHVKRPEUH
3RUORWDQWR6yFUDWHVHVPRUWDO
/DHVWUXFWXUDGHORVVLORJLVPRVHVLQYDULDEOH/DSULPHUDIUDVHSURSRUFLRQDXQDSDUWHGHODLQIRUPDFLyQRSUHPLVDTXHGHVFULEH
DO VXVWDQWLYR KRPEUHV FRPR PLHPEUR GH XQ FRQMXQWR PRUWDOHV /D VHJXQGD IUDVH SURSRUFLRQD XQD SUHPLVD DGLFLRQDO TXH
GHVFULEH XQ QXHYR VXVWDQWLYR 6yFUDWHV HQ UHODFLyQ FRQ HO VXEFRQMXQWR KRPEUH /D FRQFOXVLyQ HV HO WHUFHU HQXQFLDGR GHO
VLORJLVPRTXHQRVSHUPLWHH[WUDHUFRQFOXVLRQHVOyJLFDVEDVDGDVHQODSHUWHQHQFLDDXQGHWHUPLQDGRFRQMXQWRR VXEFRQMXQWRGDGR
TXH ORV KRPEUHV VRQ PRUWDOHV \ 6yFUDWHV HV XQ KRPEUH HQWRQFHV 6yFUDWHV GHEH VHU PRUWDO (Q HVWH FDVR OD FRQFOXVLyQ VH
HQFXHQWUDIXQGDPHQWDGDRVXVWHQWDGDSRUODVSUHPLVDV\HOVLORJLVPRVHFRQVLGHUDYiOLGR
/DHQXQFLDFLyQGHORVVLORJLVPRVHVPX\SUHFLVD3RUHMHPSORODVSUHPLVDVFRPLHQ]DQFRQSDODEUDVWDOHVFRPRWRGRVQLQJXQR
RDOJXQRV\HPSOHDQODVIRUPDVYHUEDOHVHVRVRQRVXQHJDFLyQ/DFRQFOXVLyQFRPLHQ]DFRQODIUDVHSRUORWDQWR(OGHVDItRGH
WUDEDMDUFRQVLORJLVPRVFRQVLVWHHQGHWHUPLQDUVLODFRQFOXVLyQHVYiOLGD0XFKRVVLORJLVPRVVRQLQYiOLGRV3RUHMHPSOR
7RGDVODVPDOH]DVVRQYHJHWDOHV
(OiUEROHVXQYHJHWDO
3RUORWDQWRWRGRVORViUEROHVVRQPDOH]DV
(Q HO VLORJLVPR DQWHULRU OD FRQFOXVLyQ QR VH HQFXHQWUD VXVWHQWDGD SRU ODV SUHPLVDV \ VH OD FRQVLGHUD LQYiOLGD 6H WHQGUi HQ
FXHQWD TXH ORV VLORJLVPRV VRQ YiOLGRV VL HO REMHWR GH ODVHJXQGDSUHPLVDVHUHILHUHDOVXMHWRGHODSULPHUD/RVDOXPQRVSRGUiQ
UHSUHVHQWDUORVSRUPHGLRGHXQGLDJUDPDTXHPXHVWUHVXFHVLYRVVXEFRQMXQWRVEDVDGRVHQODVSUHPLVDV
/RVVLORJLVPRVHQVHxDQDORVDOXPQRVDHVWDEOHFHUSUHPLVDV\DGHWHUPLQDUVLODVFRQFOXVLRQHVVRQOyJLFDVRLOyJLFDV3RUHMHPSOR
ORV GRFHQWHV \ ORV DOXPQRV SRGUiQ DSOLFDU VLORJLVPRV D GLIHUHQWHV iUHDV (Q XQD XQLGDG GH FLHQFLDV VRFLDOHV VREUH JHRJUDItD
HXURSHDXQGRFHQWHSRGUtDSODQWHDUHOVLJXLHQWHSUREOHPD
7RGRVORVSDtVHVGH(XURSDVHHQFXHQWUDQDOQRUWHGHOHFXDGRU
(VSDxD,WDOLD\*UHFLDIRUPDQSDUWHGH(XURSD
3RUORWDQWR
3DUD UHVROYHU VLORJLVPRV HV QHFHVDULR GHWHUPLQDU VX YDOLGH] R LQYDOLGH] (O HMHPSOR SUHVHQWDGR HV YiOLGR SHUR SDUD HYDOXDU ODV
GXGDVGHORVDOXPQRVHOGRFHQWHSRGUiSUHVHQWDUYDULRVVLORJLVPRVWDQWRYiOLGRVFRPRLQYiOLGRVDILQGHFRPSUREDUODHILFDFLD
GHODSUHQGL]DMH/DOyJLFDGHXQVLORJLVPRSXHGHVHUYiOLGDDXQFXDQGRHOFRQWHQLGRGHOVLORJLVPRVHDLQYiOLGR(OGRFHQWHGHEHUi
WHQHU HVSHFLDO FXLGDGR HQ HYDOXDU HO FRQRFLPLHQWR GH ORV FRQWHQLGRV \ HO UD]RQDPLHQWR OyJLFR SRU VHSDUDGR FXDQGR XWLOLFH
VLORJLVPRV
'LDJUDPDVGH9HQQ
/RV GLDJUDPDV GH 9HQQ VRQ VLORJLVPRV YLVXDOHV -RKQ 9HQQ GLVHxy HVWRV GLDJUDPDV XWLOL]DQGR FtUFXORV TXH VH VXSHUSRQHQ SDUD
HVWDEOHFHUFRPSDUDFLRQHVRFRQWUDVWHVHQWUHFRQMXQWRVGHLQIRUPDFLyQ3RUORJHQHUDOVHGLEXMDQGRVFtUFXORVTXHVHLQWHUVHFDQ\
SUHVHQWDQWUHViUHDVLQGLYLGXDOHV
(QHVWHHMHPSORHOFtUFXORGHODL]TXLHUGDUHSUHVHQWDDWRGRVORVSDtVHVHXURSHRV\HOFtUFXORGHODGHUHFKDUHSUHVHQWDDWRGRVORV
SDtVHVVLWXDGRVDOQRUWHGHOHFXDGRU(OiUHDUHVXOWDQWHGHODVXSHUSRVLFLyQGHEHUiUHSUHVHQWDUDORVSDtVHVTXHFXPSODQFRQDPEDV
FRQGLFLRQHVVHUSDtVHVHXURSHRV\HVWDUVLWXDGRVDOQRUWHGHOHFXDGRU/RVSDtVHVTXHQRVHHQFXHQWUDQDOQRUWHGHOHFXDGRUQL
HVWiQVLWXDGRVHQHOFRQWLQHQWHHXURSHRVHXELFDUiQIXHUD
/RV GLDJUDPDV GH 9HQQ VRQ HVSHFLDOPHQWH HILFDFHV SDUD D\XGDU DORVDOXPQRVDFRQFHQWUDUVHHQORVDWULEXWRV\SDUDSHUPLWLUOHV
HVWDEOHFHUVLPLOLWXGHV\GLIHUHQFLDV/RVDOXPQRVSRGUiQIDPLOLDUL]DUVHFRQVXHPSOHRPHGLDQWHODLQFRUSRUDFLyQGHHOHPHQWRVD
GLDJUDPDV GH 9HQQ GLVHxDGRV SUHYLDPHQWH &XDQGR DGTXLHUDQ GRPLQLR HQ HVWD KDELOLGDG VH OHV SURSRQGUi FUHDU VXV SURSLRV
GLDJUDPDVGH9HQQ6HSRGUiQWUDEDMDUDOJXQRVGHORVVLJXLHQWHVDWULEXWRV
‡&DUDFWHUtVWLFDVGHORVYHJHWDOHV FDUDFWHUtVWLFDVGHORVDQLPDOHV
‡&XHQWRV QRYHODV
‡7~ XQFRPSDxHURGHFODVH
‡'HPRFUDFLD GLFWDGXUD
‡3URJUDPDVGHRSLQLyQ SURJUDPDVGRFXPHQWDOHV
6XVWDQWLYRV6XVWDQWLYRV YHUERV
‡5HJODVGHOI~WERO UHJODVGHOUXJE\
(QGLDJUDPDVGH9HPHLUiVFRPSOHMRVVHSRGUiUHSUHVHQWDUODLQWHUVHFFLyQGHWUHVFtUFXORVORTXHUHVXOWDUiHQVLHWHUHJLRQHV
LQGLYLGXDOHVGHKHFKRHOQ~PHURGHFtUFXORVSXHGHDXPHQWDULQGHILQLGDPHQWH
3DUD ORV DOXPQRV UHVXOWD GLYHUWLGR WRPDU SDUWH HQ DFWLYLGDGHV RFDVLRQDOHV FRPR $GLYLQDU OD UHJOD 6H GLEXMDQ GRV JUDQGHV
FtUFXORVLQWHUVHFDQWHVHQHOSLVRGHODXOD$PHGLGDTXHORVDOXPQRVYD\DQHQWUDQGRVHORVDJUXSDUiSRUFDWHJRUtDVVHFUHWDVSRU
HMHPSORFDPLVHWDVGHPDQJDODUJD]DSDWLOODV\DPEDV 6HOHVVROLFLWDUiTXHDGLYLQHQFXiOHVVRQORVFULWHULRVTXHHPSOHDHOGR
FHQWHSDUDXELFDUORVHQFDGDXQDGHODVUHJLRQHV
/yJLFDLQGXFWLYD
$ULVWyWHOHVHOSDGUHGHODOyJLFDVHUHIHUtDDODOyJLFDLQGXFWLYDFRPRXQSDVDMHGHORLQGLYLGXDODORXQLYHUVDO/DOyJLFD
LQGXFWLYD LPSOLFD UD]RQDU SDUWLHQGR GH KHFKRV SDUWLFXODUHV SDUD OOHJDU D XQD FRQFOXVLyQ JHQHUDO (PSOHDPRV OyJLFD LQGXFWLYD
FXDQGR LQWHQWDPRV UHVROYHU XQ SUREOHPD SDUD HO TXH QR H[LVWH XQD VROXFLyQ ~QLFD SRU HMHPSOR HOHJLU OD LQVWLWXFLyQ HQ OD TXH
FXUVDUHPRV HVWXGLRV VXSHULRUHV HVWDEOHFHU HO PRPHQWR PiV RSRUWXQR HQ TXH VH GHEH OHYDQWDU XQD FRVHFKD R SODQLILFDU OD PHMRU
PDQHUD GH SUHVHQWDU XQD QXHYD XQLGDG HQ FODVH HO SUy[LPR OXQHV &XDQGR VH HPSOHD HO SHQVDPLHQWR LQGXFWLYR ORV GLIHUHQWHV
HOHPHQWRVGHODLQIRUPDFLyQVHRUJDQL]DQHQXQDJHQHUDOL]DFLyQ
8QDFODVHGHUD]RQDPLHQWRLQGXFWLYRHVODDQDORJtD8QDDQDORJtDPDQLILHVWDUHODFLRQHVSURSRUFLRQDOHVSRUHMHPSOR$HVD%
FRPR&HVD'(VXQPpWRGRTXHFRPSDUDXQHOHPHQWRRXQDFLUFXQVWDQFLDFRQRFLGRVFRQRWUR /DVDQDORJtDVVXHOHQXWLOL]DUVH
SDUDHYDOXDUODFDSDFLGDGGHUD]RQDPLHQWRHQORVLQVWUXPHQWRVGHHYDOXDFLyQHVWDQGDUL]DGRV\FRQVWLWX\HQKHUUDPLHQWDVHILFDFHV
SDUDHVWLPXODUHOSHQVDPLHQWROyJLFRHQHODXOD
$QDORJtDV
/DVDQDORJtDVVHHVWUXFWXUDQFRPRGRVSDUHVRFRQMXQWRVGHSDODEUDV(OSULPHUSDUPDQLILHVWDXQDUHODFLyQ(OVHJXQGRJUXSR
XQD YH] TXH VH OR KD FRPSOHWDGR PDQLILHVWD XQD UHODFLyQ VLPLODU /RV VXMHWRV GH DPERV SDUHV SXHGHQ VHU GLIHUHQWHV SHUR ODV
UHODFLRQHVVRQODVPLVPDV3DUDHVWDEOHFHUXQDDQDORJtDVHUiQHFHVDULRDQDOL]DUHOSULPHUSDUGHSDODEUDVFRQHOILQGHGHWHUPLQDU
VXUHODFLyQ/XHJRVHFRQVLGHUDUiODWHUFHUDSDODEUDSDUDGHWHUPLQDUGHTXpPDQHUDVHUHODFLRQDFRQODSULPHUD\FXiOGHEHUtDVHU
ODSDODEUDTXHIDOWD&XDQGRVH LGHQWLILTXHXQDSDODEUDSDUDFRPSOHWDUODLQFyJQLWDpVWDGHEHUiH[SUHVDUODPLVPDUHODFLyQTXHVH
PDQLILHVWDHQHOSULPHUJUXSR3RUHMHPSOR
$XWRPyYLOHVDWLHUUDFRPREDUFRHVDBBBBBBBBBBBBBBBBB>DJXD@
8Q HOHPHQWR DGLFLRQDO TXH HV QHFHVDULR WHQHU HQ FXHQWD SDUD ODV DQDORJtDV FRQVLVWH HQ TXH ODV SDODEUDV GH DPERV JUXSRV GHEHQ
FRQVHUYDUHOPLVPRRUGHQ(QPDWHPiWLFDHOVtPERORVLJQLILFDHVD\HOVtPERORVLJQLILFDFRPR3RUORWDQWR3iMDUR
QLGRDEHMDBBBBBBBBBBBBBBBBBB>FROPHQD@
8QUD]RQDPLHQWRDQiORJRSXHGHDSOLFDUVHDWHPDVGLYHUVRV
&KXUFKLOO,QJODWHUUD6WDOLQBBBBBBBBBBBBB
(OHFWUyQ1~FOHR3ODQHWDBBBBBBBBBBBBB
2VR0DPtIHUR<DUDUiBBBBBBBBBBBBBBB
5HVLVWHQFLD&KDFR6DQWD5RVDBBBBBBBBBBBBB
8OLVHV/D2GLVHD5RGULJR'tD]GH9LYDUBBBBBBBBBBBBBBBB
(VWDPLVPDWpFQLFDSXHGHXWLOL]DUVHFRQLOXVWUDFLRQHVHQOXJDUGHSDODEUDVRFRQXQDFRPELQDFLyQGHDPEDV
/DV DQDORJtDV GH ODV SUXHEDV GH HYDOXDFLyQ HVWDQGDUL]DGDV VXHOHQ VHU RSFLRQHV FHUUDGDV FRQ IRUPDWR PXOWLSOHFKRLFH SDUD ODV TXH
VyORH[LVWHXQDUHVSXHVWDFRUUHFWD7DQWRORVDOXPQRVFRPRORVGRFHQWHVSXHGHQFUHDUQXPHURVDVDQDORJtDVDELHUWDVSDUDWUDEDMDU
HQHODXOD$OSULQFLSLRUHVXOWDUiPiVVHQFLOORTXHORVDOXPQRVDJUHJXHQODVHJXQGDSDUWH HQOXJDUGHFUHDUXQDDQDORJtDFRPSOHWD
3RUHMHPSOR
&ODURHVDRVFXURFRPRBBBBBBBBBBBBBBBBHVDBBBBBBBBBBBBBBBBBBBBBB
0LQXWRHVDKRUDFRPRBBBBBBBBBBBBBBBBHVDBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0DGDJDVFDUÈIULFDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VWLPXODFLyQGHOSHQVDPLHQWR\HODSUHQGL]DMH
3DUD DOJXQRV DOXPQRV ORV VLORJLVPRV ODV DQDORJtDV \ RWURV SURFHVRV GH SHQVDPLHQWR HVWUXFWXUDGRV SXHGHQ UHVXOWDU GLILFXOWRVRV
(QWDOHVFDVRVORVGRFHQWHVVXHOHQVHQWLUVHIUXVWUDGRVHQVXVHVIXHU]RVSRUHQFRQWUDUODPHMRUPDQHUDGHD\XGDUDDOJ~QDOXPQRHQ
HO SURFHVR GH DSUHQGL]DMH (O SUREOHPD VH FRPSOLFD FXDQGR ORV GRFHQWHV QR HVWiQ HQ FRQGLFLRQHV GH HVSHFLILFDU FXiOHV VRQ ODV
KDELOLGDGHV FRJQLWLYDV TXH HV QHFHVDULR GHVDUUROODU (O 'U 5HXYHQ )HXHUVWHLQ XQ SVLFyORJR FOtQLFR LVUDHOt KD LGHQWLILFDGR ODV
KDELOLGDGHV FRJQLWLYDV HVHQFLDOHV TXH VXE\DFHQ DOSHQVDPLHQWR\DSUHQGL]DMHKXPDQRV)HXHUVWHLQ\RWURVSURIHVLRQDOHVTXHKDQ
WUDEDMDGR FRQ VXV SURJUDPDV GHVWLQDGRV D HQVHxDU ODV KDELOLGDGHV GH OD LQWHOLJHQFLD FRPR ,QVWUXPHQWDO (QULFKPHQW
>(QULTXHFLPLHQWR ,QVWUXPHQWDO@ \ /HDUQLQJ 3RWHQWLDO $VVHVVWXHQW 'HYLFH >5HFXUVR SDUD OD (YDOXDFLyQ GHO 3RWHQFLDO GH
$SUHQGL]DMH VRVWLHQHQ TXH OD PHGLDFLyQ LQWHQFLRQDO GH SURFHVRV LQWHOHFWXDOHV IXQGDPHQWDOHV UHGXQGD HQ QRWDEOHV EHQHILFLRV
FRJQLWLYRV (Q PXFKRV FDVRV ORV PpWRGRV GH )HXHUVWHLQ IXQFLRQDQ FRPR GLVSDUDGRUHV SDUD HO DSUHQGL]DMH FXDQGR pVWH VH
HQFXHQWUDHVWDQFDGR&RQHOREMHWRGHHVWLPXODUHOSHQVDPLHQWRGHVXVDOXPQRVORVHGXFDGRUHVGHWRGRHOPXQGRVHHQFXHQWUDQ
DQDOL]DQGRXQRGHORVSURJUDPDVFRJQLWLYRVGH)HXHUVWHLQGHQRPLQDGR0HGLDWHG/HDUQLQJ>$SUHQGL]DMHLQWHUPHGLDGR@
,QWHUPHGLDFLyQSDUDHODSUHQGL]DMH
(OGHVDUUROORLQLFLDOGHODUHYROXFLRQDULDH[SHULHQFLD GHDSUHQGL]DMHLQWHUPHGLDGR($,GH)HXHUVWHLQWXYRSRUREMHWRDERUGDUODV
QHFHVLGDGHV HGXFDWLYDV GH GHFHQDV GH PLOHV GH WUDXPDWL]DGRV QLxRV UHIXJLDGRV TXH KDEtDQ VREUHYLYLGR DO +RORFDXVWR R D
FRQGLFLRQHVGHSREUH]DH[WUHPDHQÈIULFDGHO1RUWH6XVKDELOLGDGHVFRJQLWLYDVHUDQH[WUHPDGDPHQWHGHILFLWDULDVFRPRUHVXOWDGR
GHODVFDUHQFLDVGHVXHQWRUQR\GHVXVH[SHULHQFLDVYLWDOHVSRUORTXH)HXHUVWHLQFUHyHVWUDWHJLDVGHDSUHQGL]DMHSDUDHVWLPXODUHO
SHQVDPLHQWR OyJLFR \ ODV FDSDFLGDGHV GH DSUHQGL]DMH GH HVWRV MyYHQHV 'XUDQWH ORV ~OWLPRV FXDUHQWD DxRV ORV PpWRGRV GH
)HXHUVWHLQKDQGHPRVWUDGRXQDVRVWHQLGDHILFDFLDHQHOWUDEDMRWDQWRFRQSREODFLRQHVPXOWLFXOWXUDOHVFRPRFRQDTXHOODVLQWHJUDGDV
SRUJUXSRVGHGLIHUHQWHVHGDGHV\QLYHOHVGHFDSDFLGDG
/RV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ DTXHOORV TXH SUHVHQWDQ XQ DOWR QLYHO GH FDSDFLGDG KDQ REWHQLGR QRWDEOHV ORJURV
DFDGpPLFRVSRUPHGLRGHODSUHQGL]DMHLQWHUPHGLDGR
)HXHUVWHLQ GHVFULEH HODSUHQGL]DMHLQWHUPHGLDGRFRPRXQDFDOLGDGGHLQWHUDFFLyQ>-FXDQGR\RPHFRORFRHQWUHHODOXPQRHO
QLxR \ HO PXQGR HQWHUR \ ORJUR TXH HO PXQGR VHD DFFHVLEOH SDUD HO QLxR /D ($, VH SURGXFH FDGD YH] TXH XQ LQGLYLGXR DFW~D
GHOLEHUDGDPHQWHHQWUHORVHVWtPXORV\HODOXPQRSDUDWUDQVPLWLURPHGLDUHQODFRPSUHQVLyQ
0XFKRV SDGUHV GRFHQWHV H LQVWUXFWRUHV PHGLDQ HQ HO DSUHQGL]DMH GH ORV GHPiV HQ IRUPD LQWXLWLYD R H[SOtFLWD 3RU GHVJUDFLD
H[LVWHQ PXFKRV TXH QR OR KDFHQ \ HQ FRQVHFXHQFLD OLPLWDQ HO GHVHPSHxR FRJQLWLYR HILFD] GH XQ LQGLYLGXR)HXHUVWHLQVRVWLHQH
TXH WRGDV ODV SHUVRQDV UHTXLHUHQ ODV PLVPDV KDELOLGDGHV LQWHOHFWXDOHV EiVLFDV SDUD GHFRGLILFDU LQIRUPDFLyQ \ FRPSUHQGHU HO
PXQGR
/D WHRUtD GH )HXHUVWHLQ HV DPSOLD \ FRPSOHMD 1R REVWDQWH XQD GRFHQWH XQLYHUVLWDULD H LQYHVWLJDGRUD HVWDGRXQLGHQVH OD 'UD
.DWKHULQH *UHHQEHUJ KD DGDSWDGR GLFKD WHRUtD SDUD TXH UHVXOWH DFFHVLEOH SDUD ORV SDGUHV \ VLUYD FRPR UHFXUVR SDUD ORV
SURIHVLRQDOHV (O SURJUDPD GH *UHHQEHUJ WLWXODGR &RJQHW 7KH &RJQLWLYH (QULFKPHQW 3URJUDP >3URJUDPD GH (QULTXHFLPLHQWR
&RJQLWLYR@WLHQHVXVHGHHQOD8QLYHUVLGDGGH7HQQHVVHHHQ.QR[YLOOH
*UHHQEHUJDGYLHUWHTXH)HXHUVWHLQLGHQWLILFyRULJLQDOPHQWHPiVGHIXQFLRQHVFRJQLWLYDVHVGHFLUODVKDELOLGDGHVHQODVTXHVH
EDVDQORVSURFHVRVGHSHQVDPLHQWR&XDQGRDSOLFDHODSUHQGL]DMHLQWHUPHGLDGRHOPHGLDGRUHYDO~DODVFDSDFLGDGHVFRJQLWLYDVGHO
DOXPQR \ SURFXUD GHVDUUROODU DTXHOODV TXH SUHVHQWHQ FDUHQFLDV *UHHQEHUJ KD FRQGHQVDGR HQ GLH] HO Q~PHUR GH FDSDFLGDGHV
FRJQLWLYDV D ODVTXHGHQRPLQDEORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWR8QDGHODVPXFKDVPDQHUDVFRPRHOSURJUDPD&RJQHW
SRQH HQ SUiFWLFD OD WHRUtD GH DSUHQGL]DMH LQWHUPHGLDGR FRQVLVWH HQ GHVWDFDU OD PDQHUD GH D\XGDU D ORV DOXPQRV D FRPSUHQGHU \
XWLOL]DUORVGLH]EORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWR
/RVGLH]EORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWRGH*UHHQEHUJ
(QIRTXHGHODWDUHDVHUHILHUHDODPDQHUDFRPRXQLQGLYLGXRFRPLHQ]DGHVDUUROOD\ILQDOL]DXQDWDUHD/DUHFRSLODFLyQGHLQIRUPDFLyQOD
UHIOH[LyQDFHUFDGHODVLWXDFLyQ\ODH[SUHVLyQGHLGHDV\DFFLRQHVDFHUFDGHOSURSLRHVIXHU]RGHDSUHQGL]DMHVRQWDPELpQFRPSRQHQWHVGHVX
HQIRTXHGHODWDUHD
3UHFLVLyQ \ H[DFWLWXG VH UHILHUH DOD FDSDFLGDG GH HPSOHDU HO OHQJXDMH FRQ SUHFLVLyQ GH LPLWDU FRUUHFWDPHQWH FXDQGR VHD QHFHVDULR \
FRPSUHQGHUH[DFWDPHQWHHQTXpFRQVLVWHODDFWLYLGDGGHDSUHQGL]DMHTXHVHDERUGD
&RQFHSWRVGHHVSDFLR\WLHPSRVHUHILHUHDODFRPSUHQVLyQGHFRQFHSWRVHVSDFLDOHVEiVLFRVDFHUFDGHODPDQHUDFRPRVHUHODFLRQDQORV
REMHWRV HQ WpUPLQRV GH WDPDxR IRUPD GLVWDQFLD \ VHFXHQFLD (VWH EORTXH WDPELpQ LQFOX\H OD FDSDFLGDG GH FRPSUHQGHU HO WLHPSR \R ORV
FDPELRVTXHVHPDQLILHVWDQHQHOWLHPSR
,QWHJUDFLyQGHOSHQVDPLHQWRVHUHILHUHDODFDSDFLGDGGHRUJDQL]DUVH\XWLOL]DUP~OWLSOHVIXHQWHVGHLQIRUPDFLyQDOPLVPRWLHPSR
$WHQFLyQVHOHFWLYDVHUHILHUHDODFDSDFLGDGGHVHOHFFLRQDUHOHPHQWRVVLJQLILFDWLYRVGHODLQIRUPDFLyQHQHODQiOLVLVGHLGHDVRKHFKRVDVt
FRPRWDPELpQDODFDSDFLGDGGHLJQRUDUORTXHQRHVLPSRUWDQWH
)RUPXODFLyQGHFRPSDUDFLRQHVVHUHILHUHDODFDSDFLGDGGHLGHQWLILFDUVHPHMDQ]DV\GLIHUHQFLDV
5HODFLyQHQWUHKHFKRVVHUHILHUHDODFDSDFLGDGGHFRQHFWDUXQDDFWLYLGDGFRQRWUD\GHXWLOL]DUHVWDVUHODFLRQHVGHPDQHUDVLJQLILFDWLYD
0HPRULD RSHUDWLYD VH UHILHUH DOD FDSDFLGDG GH FRGLILFDU \ GHFRGLILFDU LQIRUPDFLyQ GH OD PHPRULD \ GH HVWDEOHFHU FRQH[LRQHV HQWUH ODV
LQIRUPDFLRQHVTXHVHKDQUHXQLGR
,GHQWLILFDFLyQGHODLGHDSULQFLSDOVHUHILHUHDODFDSDFLGDGGHLGHQWLILFDUHOHOHPHQWRIXQGDPHQWDOTXHWLHQHHQFRP~QXQDVHULHGHGDWRV
,GHQWLILFDFLyQGHSUREOHPDVVHUHILHUHDODFDSDFLGDGGH H[SHULPHQWDU\GHILQLUDTXHOORTXHFDXVDXQDVHQVDFLyQGHGHVHTXLOLEULRHQXQD
GHWHUPLQDGDVLWXDFLyQ
$OJXQRVGHORVEORTXHVFRQVWUXFWLYRVDUULEDPHQFLRQDGRVSRGUtDQUHVXOWDUGLILFXOWRVRVSDUDORVDOXPQRVHVSHFLDOPHQWHVLGHEHQ
HQIUHQWDUVH D XQD WDUHD QXHYD R FRPSOHMD &XDQGR VH PDQLILHVWDQ IUXVWUDFLyQ DQVLHGDG R IDOWD GH PRWLYDFLyQ WDOHV VHQWLPLHQWRV
VXHOHQVHULQGLFDGRUHVGHDXVHQFLDGHGHVDUUROORRXVRLQFRUUHFWRGHXQRRPiVEORTXHV(OOLVWDGRGHEORTXHVFRJQLWLYRVLGHQWLILFD
ORVEORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWRTXHSXHGHQSUHVHQWDUGLILFXOWDGHVSDUDORVDOXPQRV\DTXHOORVTXHSXHGHQGRPLQDU(O
GRFHQWHSRGUiXWLOL]DUHOOLVWDGRSDUDREVHUYDUDDOJ~QDOXPQRGXUDQWHHOSURFHVRGHDSUHQGL]DMHRVROLFLWDUOHTXHFRPSOHWHODOLVWD
HQIRUPDLQGHSHQGLHQWH3RGUiQGLVHxDUVHDFFLRQHVGHVWLQDGDVDDERUGDUXQiUHDGHQHFHVLGDGFRJQLWLYDHVSHFLILFD
(OOLVWDGRSXHGHUHYHODUXQDRPiVIXQFLRQHVFRJQLWLYDVTXHUHTXLHUHQXQPD\RUGHVDUUROOR&RQIUHFXHQFLDORVGRFHQWHVWUDEDMDQ
FRQ QLxRV TXH SUHVHQWDQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR QR SXHGHQ LGHQWLILFDU VXV PRWLYRV /RV EORTXHV FRQVWUXFWLYRV GHO
SHQVDPLHQWR D\XGDQ D ORV GRFHQWHV \ D ORV DOXPQRV D UHFRQRFHU QHFHVLGDGHV FRJQLWLYDV HVSHFtILFDV \ SURSRUFLRQDQ LPSRUWDQWHV
HOHPHQWRVSDUDGLVPLQXLUORVHIHFWRVGHODVGLILFXOWDGHVGHDSUHQGL]DMH(ODSUHQGL]DMHLQWHUPHGLDGRSXHGHLQWHJUDUVHDODVFODVHV
GHWRGDVODViUHDVQRREVWDQWHUHTXLHUHXQDDPSOLDVLQFURQL]DFLyQGHPXFKDVGHODVLQWHUDFFLRQHVGLDULDVGHHODXOD
(V SUREDEOH TXH ORV GRFHQWHV GH PDWHPiWLFD \ FLHQFLDV QDWXUDOHV UHFRQR]FDQ TXH ORV EORTXHV FRQVWUXFWLYRV GHO SHQVDPLHQWR GH
*UHHQEHUJVHDVHPHMDQDODVKDELOLGDGHVGHUD]RQDPLHQWRPDWHPiWLFRHVWLSXODGDVSRUORVHVWiQGDUHVQDFLRQDOHVHVWDGRXQLGHQVHV\
D ODV KDELOLGDGHV SURFHGLPHQWDOHV GH OD FLHQFLD /RV EORTXHV FRQVWUXFWLYRV GHO SHQVDPLHQWR EiVLFDPHQWH UHIRUPXODQ GLFKRV
SURFHVRVGHSHQVDPLHQWRGHXQDPDQHUDDEVROXWDPHQWHLQWHUGLVFLSOLQDULD/RVGRFHQWHVSXHGHQXWLOL]DUORVEORTXHVFRQVWUXFWLYRV
FRPRKHUUDPLHQWDVSDUDHVWLPXODUHOGHVDUUROORGHODLQWHOLJHQFLDOyJLFRPDWHPiWLFDLQGHSHQGLHQWHPHQWHGHOFRQWHQLGRRWHPDGH
HQVHxDQ]D
(VWUDWHJLDVSDUDODLQWHUURJDFLyQ
(O DUWH GH HQVHxDU VXE\DFH SULQFLSDOPHQWH HQ XQ KiELOPDQHMRGH ODLQWHUURJDFLyQ\DTXHWDOUHFXUVRQRVSURSRUFLRQDODJXtD
KDFLDLGHDVFODUDV\YtYLGDVHOUiSLGRLPSXOVRSDUDODLPDJLQDFLyQHOHVWtPXORSDUDHOSHQVDPLHQWRHOLQFHQWLYRSDUDODDFFLyQ
&+$5/(6'(*$502
0XFKRWLHPSRDQWHVGHTXH6yFUDWHVODDSOLFDVHODLQWHUURJDFLyQFRQVWLWXtDXQDGHODVSUiFWLFDVGRFHQWHVPiVFRPXQHV/DVJUDQ
YDULHGDGGHSUHJXQWDVTXHVXHOHIRUPXODUVHHQODVDXODVLPSRQHGLIHUHQWHVGHPDQGDVDORVQLxRV\DVXVSURFHVRVGHSHQVDPLHQWR
0XFKDVSUHJXQWDVWLHQHQXQD~QLFDUHVSXHVWDFRUUHFWD¢&XiQGRRFXUULHURQODV*XHUUDV0pGLFDV"¢&XiOHVHOVtPERORTXtPLFRGHO
KLGUyJHQR"¢&XiOHVODGHILQLFLyQGHSURSRVLFLyQ"'HELGRDTXHHOGHVHPSHxRFRJQLWLYRGHOQLxRVHHQFXHQWUDYLQFXODGRFRQOD
FDSDFLGDG SHGDJyJLFD GHO GRFHQWH HV LPSRUWDQWH HQFRQWUDU IRUPDV GH SURSRQHU GHVDItRV SDUD HOSHQVDPLHQWRGHODOXPQR\SDUD
VXV UHVSXHVWDV /DV SUHJXQWDV TXH UHTXLHUHQ OD PHQFLyQ GH GDWRV VRQ QHFHVDULDV \D TXH ORV QLxRV GHEHQ PDQHMDU LQIRUPDFLyQ
EiVLFD 6LQ HPEDUJR SDUD HVWLPXODU VXV SURFHVRV GH SHQVDPLHQWR GH DOWR QLYHO GHEHUiQ HPSOHDUVH YDULDGDV HVWUDWHJLDV SDUD OD
LQWHUURJDFLyQ
&LHUWDVHVWUDWHJLDVGHFRQGXFFLyQSHUPLWHQWDPELpQLQFUHPHQWDUODFDOLGDGGHOSHQVDPLHQWRHQHODXOD3RUORJHQHUDOORVGRFHQWHV
VXHOHQ HVSHUDU PHQRV GH WUHV VHJXQGRV OXHJR GH IRUPXODU XQD SUHJXQWD \ DQWHV GH VROLFLWDU D XQ DOXPQR TXH OD UHVSRQGD R GH
UHVSRQGHUODHOORVPLVPRV6LQHPEDUJRVLHOGRFHQWHHVSHUDGLH]VHJXQGRVRPiVVHSURGXFHXQLQFUHPHQWRFXDOLWDWLYRWDQWRHQOD
FDSDFLGDGGHUHVSXHVWDGHORVDOXPQRVFRPRHQODVUHDFFLRQHVGHOGRFHQWH(QWUHORVEHQHILFLRVGHOWLHPSRGHHVSHUDVHLQFOX\HQ
XQDSDUWLFLSDFLyQPiVDFWLYDHQHOGHEDWHXQDSURIXQGL]DFLyQGHOUD]RQDPLHQWRFRQHOILQGHMXVWLILFDUODVUHVSXHVWDV\XQPD\RU
Q~PHUR GH LQIHUHQFLDV 6H SURGXFHQ EHQHILFLRV VLPLODUHV FXDQGR VH HPSOHD WLHPSR GH HVSHUD DQWHV GH TXH HO GRFHQWH IRUPXOH
FRPHQWDULRVDFHUFDGHODUHVSXHVWDSURSRUFLRQDGDSRUXQRGHORVDOXPQRV
$VLPLVPR SXHGH LQFUHPHQWDUVH OD FDOLGDG GH ODV UHVSXHVWDV VROLFLWDQGR D ORV DOXPQRV TXH VH DJUXSHQ SRU SDUHV \ FRWHMHQ OD
LQIRUPDFLyQ TXH SURSRUFLRQDUiQ DQWHV GH IRUPXODUOD SDUD WRGD OD FODVH (VWD HVWUDWHJLD HVWLPXOD OD SDUWLFLSDFLyQ GH XQ PD\RU
Q~PHURGHDOXPQRVSHUPLWHDORVDOXPQRVRtUVXSURSLRSHQVDPLHQWR\ORVPRWLYDSDUDHVFXFKDU\FRPSUHQGHURWURVSXQWRVGH
YLVWD
-D\ 0F7LJKH \ VXV FROHJDV GHO PLQLVWHULR GH (GXFDFLyQ GHO HVWDGR GH 0DU\ODQG ((88 KDQ GHVDUUROODGR XQ UHFXUVR
D\XGDPHPRULDPX\VHQFLOORVHWUDWDGHXQVHxDODGRUSDUDOLEURVTXHORVGRFHQWHVSXHGHQXWLOL]DUHQHODXODGXUDQWHORVSHUtRGRV
GH GHEDWH R FRPR FXHVWLRQDULR 8QD GH ODV FDUDV GHO VHxDODGRU HQXPHUD GLYHUVRV PRGHORV LQWHUURJDWLYRV EDVDGRV HQ HO OLEUR
'LPHQVtRQV RI 7KLQNLQJ >'LPHQVLRQHV GHO SHQVDPLHQWR@ GH %RE 0DU]DQR (Q OD RWUD FDUD VH LQFOX\HQ HVWUDWHJLDV SDUD HO GHEDWH
$TXtORSUHVHQWDPRV6XJHULPRVFRSLDUOR\XWLOL]DUORFRPRKHUUDPLHQWDSDUDXQDUiSLGDUHIHUHQFLDGXUDQWHODVDFWLYLGDGHVGHODXOD
$<8'$0(025,$
,17(552*$&,Ï1
3DUDXQDPD\RUFDOLGDGGHSHQVDPLHQWR
(92&$5
¢4XLpQTXpFXiQGRGyQGHFyPR
&203$5$5
¢(QTXpVHSDUHFHQGLIHUHQFLDQ
,'(17,),&$5$75,%8726<&20321(17(6
¢&XiOHVVRQODVFDUDFWHUtVWLFDVSDUWHVGH
&/$6,),&$5
¢'HTXpPDQHUDSRGHPRVRUJDQL]DUHQFDWHJRUtDV"
25'(1$5
'LVSRQHUHQXQDVHFXHQFLDGHDFXHUGRFRQ
,'(17,),&$55(/$&,21(6<02'(/26
'HVDUUROODUXQDHVTXHPDGLDJUDPDUHGGH
5(35(6(17$5
¢'HTXpRWUDVPDQHUDVSRGUtDPRVGHPRVWUDULOXVWUDU
(675$7(*,$6
3DUDH[SDQGLUHOSHQVDPLHQWR
5(&25'$5
7,(032'((63(5$,<,,
3URSRUFLRQDUDOPHQRVFLQFRVHJXQGRVGHWLHPSRGHUHIOH[LyQOXHJRGHIRUPXODUXQDSUHJXQWD\OXHJRGHREWHQHUODUHVSXHVWD
'$5(/3,(
3RUHMHPSOR¢3RUTXp"¢&yPRORVDEHV"¢(VWiVGHDFXHUGR"¢3RGUtDVGDUXQHMHPSOR"¢3RGUtDVDJUHJDU DOJRPiV"
25,(17$5/$65(638(67$6$35(*817$6$%,(57$6
3RUHMHPSOR1RKD\XQDVRODUHVSXHVWDFRUUHFWD0HJXVWDUtDTXHWXYLHUDQHQFXHQWRORVDOWHUQDWLYDV
(03/($5/$5()/(;,Ï1&203$57,'$
2WRUJDUWLHPSRGHUHIOH[LyQLQGLYLGXDO\WLHPSRSDUDHOLQWHUFDPELRFRQXQRGHORVSDUHVDQWHVGHOOHYDUDFDERHOGHEDWHFRQOD
WRWDOLGDGGHOJUXSR
62/,&,7$5/$3$57,&,3$&,Ï1'(72'26/26$/80126
6HHYLWDUiFDHUHQODSUiFWLFDGHVROLFLWDUVyORODLQWHUYHQFLyQGHORVDOXPQRVTXHOHYDQWDQODPDQR
,'(17,),&$5/$6,'($635,1&,3$/(6
¢&XiOHVHOFRQFHSWRDVSHFWRFODYHHQ
,'(17,),&$5(5525(6
¢&XiOHVHOSUREOHPDHQ
,1)(5,5
¢4XpSRGUtDPRVLQIHULUGH
¢4XpFRQFOXVLRQHVSRGUtDQH[WUDHUVHGH
35('(&,5
¢4XpSDVDUtDVL
(/$%25$5
¢4XpLGHDVGHWDOOHVSRGUtDVDJUHJDUD
3URSRUFLRQDXQHMHPSORGH
6,17(7,=$5
¢3RGUtDVVLQWHWL]DU (67$%/(&(5&5,7(5,26
¢4XpFULWHULRVHPSOHDUtDVSDUDMX]JDUHYDOXDU
9(5,),&$5
¢&XiOHVVRQODVSUXHEDVTXHUHVSDOGDQ
¢'HTXpPDQHUDSRGHPRVSUREDUFRQILUPDU
62/,&,7$5$/26$/8012648('(6$552//(1685$=21$0,(172
3RUHMHPSOR'HVFULEHODPDQHUDFRPRREWXYLVWHHVDUHVSXHVWD
62/,&,7$581$6Ë17(6,63$5$352029(5/$&2035(16,Ï1$&7,9$
3RUHMHPSOR¢3RGUtDVVLQWHWL]DUORVWHPDVGHQXHVWURGHEDWHKDVWDHOPRPHQWR"
$680,5(/3$3(/'($%2*$'2'(/',$%/2
3URPRYHUHQORVDOXPQRVODGHIHQVDGHVXVUD]RQDPLHQWRVIUHQWHDGLIHUHQWHVSXQWRVGHYLVWD
(1&8(67$5$/*5832
3RUHMHPSOR¢4XLpQHVVRQORVTXHFRQFXHUGDQFRQODRSLQLyQGHODXWRU"£3XHGHH[SUHVDUVHOHYDQWDQGRODPDQR
3(50,7,5$/26$/8012625*$1,=$5/$3$57,&,3$&,Ï1'(6863$5(6
3RUHMHPSOR5RGULJR¢SRGUtDVQRPEUDUDDOJXLHQSDUDTXHUHVSRQGD"
352029(5/$)2508/$&,Ï1'(35(*817$63253$57('(/$/8012
3URSRUFLRQDURSRUWXQLGDGHVSDUDTXHORVDOXPQRVJHQHUHQVXVSURSLDVSUHJXQWDV
0LQLVWHULRGH(GXFDFLyQGHOHVWDGRGH0DU\ODQG((88
3URFHVRVGHSHQVDPLHQWRPDWHPiWLFR
/D PDWHPiWLFD DVLJQDWXUD TXH SRU OR JHQHUDO VXHOH FRQVLGHUDUVH DEVWUDFWD \ DEXUULGD SXHGH VHUYLU FRPR IRFR LQWHJUDGRU
HVWLPXODQWHSDUDPXFKRVWHPDV\XQLGDGHVFXUULFXODUHV/DVVLJXLHQWHVDFWLYLGDGHVTXHLQFOX\HQODFUHDFLyQGHPRGHORVHOGLVHxR
GHJUiILFRV\ODFUHDFLyQ\GHVFLIUDGRGHFyGLJRVSRGUtDQFRQWULEXLUDGHVSHUWDUODFXULRVLGDGVREUHHOPRGRFRPRIXQFLRQDQODV
FRVDV\VHUHVXHOYHQORVSUREOHPDVHQDTXHOORVDOXPQRVTXHSUHYLDPHQWHQRGHPRVWUDEDQQLQJ~QLQWHUpVSRUODPDWHPiWLFD/RV
GRFHQWHVSRGUiQVHOHFFLRQDU\SRQHUHQSUiFWLFDXQDJUDQYDULHGDGGHLGHDVSURSXHVWDVHQORVQXPHURVRVSURFHVRVTXHDSDUHFHQD
FRQWLQXDFLyQ\DGDSWDUWRGDVODVTXHSURPXHYDQHODSUHFLRSRUORVSURFHVRVGH SHQVDPLHQWRPDWHPiWLFR
&UHDFLyQGHPRGHORV
&XDQGR ORV DOXPQRV DQDOL]DQ \UHVXHOYHQSUREOHPDVTXHLQFOX\HQODDSOLFDFLyQGHPRGHORVFRPLHQ]DQDDGYHUWLUODVUHODFLRQHV
LPSOtFLWDV TXH VXE\DFHQ HQ OD OyJLFD HQ OD QDWXUDOH]D \ HQ HO XQLYHUVR ([LVWHQ PRGHORV HQ WRGR FXDQWR QRV URGHD GHVGH OD
GLVSRVLFLyQ GH ODV EDOGRVDV HQ HO SLVR KDVWD HQ OD IRUPD GH ODV JDOD[LDV GHVGH ODV FROPHQDV GH ODV DEHMDV KDVWD HQ OD SLQWXUD
PRGHUQDGHVGHHOFRUWHWUDQVYHUVDOGHOWURQFRGHXQiUEROKDVWDHQHOGLVHxRGHXQMDUGtQ\GHVGHODIRUPDGHXQDKXHYHUDKDVWDHQ
ORV iWRPRV GH XQD PROpFXOD /D PDWHPiWLFD VH VXVWHQWD HQ ORV PRGHORV /D FDSDFLGDG GH UHFRQRFHU \ XWLOL]DU PRGHORV HV XQD
KHUUDPLHQWD YDOLRVD SDUD OD VROXFLyQ GH SUREOHPDV 0HGLDQWH HO WUDEDMR FRQ PRGHORV HQ WRGDV ODV iUHDV ORV DOXPQRV SRGUiQ
H[SORUDUGHVFXEULU\FUHDUXQDDUPRQtDGHGLVHxRDOWLHPSRTXHSURIXQGL]DQVXDSUHFLRSRUHVWHIXQGDPHQWRPDWHPiWLFR
%ORTXHVOyJLFRV
/RVEORTXHVOyJLFRVFRQMXQWRVGHSLH]DVFRQIRUPDJHRPpWULFDGHPDGHUDRSOiVWLFRTXH VHFRPELQDQSDUDIRUPDULQILQLWRV
GLVHxRV VRQ PDWHULDO FRQFUHWR GH XVR FRUULHQWH HQ ODV FODVHV GH PDWHPiWLFD GHO QLYHO GH HQVHxDQ]D EiVLFD $OJXQRV JUXSRV GH
EORTXHVVLUYHQFRPRVHOORVRSODQWLOODVFRQORVTXHORVDOXPQRVGLEXMDQRHVWDPSDQORVGLVHxRVHQSDSHO(VWHPDWHULDOHVXQD
UHSUHVHQWDFLyQFRQFUHWDGHVtPERORVPDWHPiWLFRVDEVWUDFWRV\UHVXOWDDOWDPHQWHPRWLYDGRUSDUDTXHORVDOXPQRVOOHYHQDFDERHO
DSUHQGL]DMHWRFDQGRPLUDQGR\H[SHULPHQWDQGR
6LELHQVHORVVXHOHXWLOL]DUSULQFLSDOPHQWHSDUDSUHVHQWDUFRQFHSWRVGHJHRPHWUtDRVLPHWUtDORVEORTXHVOyJLFRVFRQVWLWX\HQ
KHUUDPLHQWDVHILFDFHVSDUDQXPHURVDVDFWLYLGDGHVUHODFLRQDGDVFRQODVROXFLyQGHSUREOHPDVHQIRUPDFRQFUHWD3RUHMHPSORXQ
GRFHQWH GH TXtPLFD PX\ FUHDWLYR VROLFLWy D VXV DOXPQRV TXH UHSURGXMHUDQ ORV iWRPRV GH ORV HOHPHQWRV GH OD WDEOD SHULyGLFD
XWLOL]DQGR EORTXHV OyJLFRV /RV EORTXHV GH FRORUHV EULOODQWHV SXHGHQ WDPELpQ UHSUHVHQWDU REUDV GH DUWH FXELVWD FDUUHWDV TXH
DWUDYLHVDQODOODQXUDRHOHFWURQHVHQWRUQRGHXQQ~FOHR&XDQGRORVDOXPQRVUHDOL]DQDFWLYLGDGHVGHVROXFLyQGHSUREOHPDVFRQ
SUHJXQWDVDELHUWDVSXHGHQXWLOL]DULQQXPHUDEOHVGLVHxRVYLVXDOHVSDUDUHSUHVHQWDUODVSRVLEOHVVROXFLRQHV/DOLVWDTXHDSDUHFHD
FRQWLQXDFLyQSURSRQHVyORDOJXQDVGHODVSRVLEOHVPDQHUDVGHLQWHJUDUORVEORTXHVOyJLFRVDWRGDVODViUHDVFXUULFXODUHV
5HSUHVHQWDUODFRQILJXUDFLyQGHGLIHUHQWHVWLSRVGHJDOD[LDVHQHOHVSDFLR
3UHVHQWDUODJHRPHWUtDLQWHUQDGHXQDFROPHQD
7UD]DUXQPDSDGHORVFRQWLQHQWHV
,QYHQWDUXQVLVWHPDGHQRWDFLyQPXVLFDO
'LVHxDUXQHGLILFLRHQHOTXHORVFRORUHVRODVIRUPDVUHSUHVHQWHQGLIHUHQWHVSODQWDVRKDELWDFLRQHV
5HFUHDUHODVSHFWRGHXQDFpOXODEDMRHOPLFURVFRSLR
(VFULELUXQDFHUWLMRTXHLQFOX\DEORTXHVOyJLFRV
&UHDUXQGLDJUDPDGH9HQQSDUDFODVLILFDUORVEORTXHVOyJLFRV
5HSUHVHQWDUXQGHWHUPLQDGRVLORJLVPRXWLOL]DQGREORTXHVOyJLFRV&UHDUDQDORJtDVSRUPHGLRGHSDUHVGHEORTXHVOyJLFRV
0RGHORVGHLQIRUPDFLyQ
'HVGHODUHFXUUHQFLDGHODVJXHUUDVDORODUJRGHODKLVWRULDKDVWDORVFDPELRVTXHVHSURGXFHQHQODEROVDGHYDORUHVGHVGHORV
SDWURQHVFOLPiWLFRVKDVWDODPDWUtFXODHVFRODUH[LVWHQPRGHORVREVHUYDEOHVHQODVLQVWLWXFLRQHV\ORVIHQyPHQRVTXHQRVURGHDQ
/RV DOXPQRV R GRFHQWHV TXH GHVHHQ GHVFXEULU R DQDOL]DU WDOHV PRGHORV VyOR WLHQHQ TXH UHFXUULU D ORV GLDULRV R D PDWHULDO GH
FRQVXOWDGHIiFLODFFHVRRELHQSRQHUVHHQFRQWDFWRFRQDOJ~QJUXSRGHDOXPQRVRGRFHQWHV
(Q PXFKDV DXODVVHUHDOL]DXQVHJXLPLHQWRGHORVIHQyPHQRVPHWHRUROyJLFRVSRUPHGLRGHXQUHJLVWURGHODWHPSHUDWXUDGHODV
SUHFLSLWDFLRQHVRGHOQ~PHURGHGtDVGHVRO7DOHVGDWRVSXHGHQDQDOL]DUVHFXDQWLWDWLYDPHQWHSDUDGLVWLQJXLUWHQGHQFLDVPHQVXDOHV
RHVWDFLRQDOHV
/RVPRGHORVUHVXOWDQHYLGHQWHVHQODWRWDOLGDGGHODVSULQFLSDOHVGLVFLSOLQDV(QFLHQFLDVQDWXUDOHVH[LVWHQPRGHORVHQODVHFFLyQ
WUDQVYHUVDOGHOWURQFRGHXQiUEROHQHOFLFORGHODJXD\HQODGLVSRVLFLyQGHODVFpOXODV(QODHGXFDFLyQDUWtVWLFDORVPRGHORVVH
PDQLILHVWDQ HQ OD SLQWXUD PRGHUQD HQ ORV JpQHURV SRpWLFRV GH XQD GHWHUPLQDGD pSRFD HQ OD HVWUXFWXUD GH ODV QRYHODV \ HQ ODV
FRPSRVLFLRQHVPXVLFDOHV([LVWHQPRGHORVHQODDUTXLWHFWXUDHQORVWHMLGRVHQORVGLVHxRVGHLQGXPHQWDULDHQHODOIDEHWREUDLOOH
\HQORVVXUFRVGHORVQHXPiWLFRVQXHYRV$OPDUJHQGHODDVLJQDWXUDORVGRFHQWHVSXHGHQLGHQWLILFDURVROLFLWDUDORVDOXPQRVTXH
GHVFXEUDQ ORV PRGHORV HYLGHQWHV HQ VX REMHWR GH HVWXGLR /RV DOXPQRV SRGUiQ FUHDU FROODJHV EDVDGRV HQ ORV PRGHORV TXH
REVHUYHQTXL]iGHGLFDQGRFDGDXQRGHHOORVDXQWHPDGLIHUHQWHSRU HMHPSORDORVPRGHORVGHODQDWXUDOH]DRGHODOLWHUDWXUD
&yGLJRV
$OJXQRVPLHPEURVGHODV)XHU]DV$UPDGDVVRQH[SHUWRVHQGHVFLIUDUFyGLJRV1RREVWDQWHH[LVWHQPXFKDVRWUDVDSOLFDFLRQHVSDUD
ORV FyGLJRV DGHPiV GH ODPLOLWDU/RVJRELHUQRVSXHGHQHQYLDULQIRUPHVDVXVFRQVXODGRVHQHOH[WHULRURDRWURVJRELHUQRVSRU
PHGLR GH FyGLJRV /DV HPSUHVDV VXHOHQ XWLOL]DU FyGLJRV SDUD HYLWDU TXH VXV FRPSHWLGRUHV DFFHGDQ D OD LQIRUPDFLyQ UHODWLYD D
QXHYRV SURGXFWRV $OJXQRV FRPHUFLRV FXHQWDQFRQLQIRUPDFLyQFRGLILFDGDHQODVHWLTXHWDVGHSUHFLRGHORVDUWtFXORVSDUDSRGHU
UHDOL]DUVXVHJXLPLHQWRHQPRPHQWRVHQTXHVHSURGXFHQIOXFWXDFLRQHV
/RV FyGLJRV SXHGHQ FRQWULEXLU D HVWLPXODU HO DSUHQGL]DMH HQ HO DXOD \ DVHJXUDU OD SDUWLFLSDFLyQ DFWLYD GH ORV DOXPQRV HQ OD
LGHQWLILFDFLyQGHPRGHORV
/RVGRFHQWHVSRGUiQFUHDUFyGLJRVFRQIDFLOLGDGHPSOHDQGRDOJXQDGHODVIyUPXODVTXHVHHMHPSOLILFDQDFRQWLQXDFLyQ
‡ 3XHGHQ FUHDUVH FyGLJRV DOIDEpWLFRV HQ ORV TXH FDGD OHWUD GHO DEHFHGDULR UHSUHVHQWD D OD SUHFHGHQWH D OD SRVWHULRU R D OD TXH
DSDUHFHGRVOXJDUHVDQWHV
‡(QXQFyGLJRQXPpULFRHOSXHGHUHSUHVHQWDUDODOHWUD$HODODOHWUD%HWF([LVWHQLQILQLWDVYDULDQWHV/RVQ~PHURVSXHGHQ
OHHUVHGHDWUiVSDUDDGHODQWHRFRQWDUVHGHFLQFRHQFLQFR
‡(OFyGLJRPRUVHOHQJXDMHWUDGLFLRQDOGHOWHOpJUDIRLQWHJUDGRSRUUD\DV\SXQWRVSXHGHXWLOL]DUVHFRQVRQLGRVOX]LQWHUPLWHQWHR
SXOVRVHOHFWUyQLFRV
‡ /RV FyGLJRV VLPEyOLFRV HVWiQ IRUPDGRV SRU tFRQRV R MHURJOtILFRV TXH UHSUHVHQWDQ OHWUDV R Q~PHURV (O VLVWHPD GH VtPERORV
RSFLRQDOHQODPD\RUSDUWHGHORVWHFODGRVGHFRPSXWDGRUDDVtFRPRWDPELpQFLHUWRVFDUDFWHUHVVLPEyOLFRVGHORVSURFHVDGRUHVGH
WH[WRSXHGHQXWLOL]DUVHSDUDFUHDUH[FHOHQWHVFyGLJRV
*UiILFRV
/RVJUiILFRVIDFLOLWDQHQJUDQPHGLGDODFRPSUHQVLyQGHWRGDFODVHGHLQIRUPDFLyQ8QJUiILFRJHQHUDOPHQWHHVWiFRPSXHVWRSRU
GRV YDULDEOHV HQ GRV FRRUGHQDGDV &XDQGR VH WUDQVSRUWD OD LQIRUPDFLyQ D ORV GLVWLQWRV HMHV UHVXOWD PiV VHQFLOOR FRPSUHQGHU ODV
UHODFLRQHV PDWHPiWLFDV (O GRFHQWH SXHGH HPSOHDU HVWH SURFHGLPLHQWR SDUD SUHVHQWDU LQIRUPDFLyQ FRQFUHWD \ HO DOXPQR SRGUi
XWLOL]DUOR SDUD H[SRQHU LQIRUPDFLyQ TXH KD\D REWHQLGR PHGLDQWH LQYHVWLJDFLRQHV R HQFXHVWDV $ FRQWLQXDFLyQ VH HQXPHUDQ
HMHPSORVGHLQIRUPDFLyQTXHSXHGHUHSUHVHQWDUVHSRUPHGLRGHHMHVGHFRRUGHQDGDVRJUiILFRVGHEDUUDV
‡(OQ~PHURGHDOXPQRVTXHDVLVWLyDXQDGHWHUPLQDGDHVFXHODGXUDQWHORV~OWLPRVGLH]DxRV
‡/DFDQWLGDG\FODVHGHDQLPDOHVDXWyFWRQRVGHXQDGHWHUPLQDGDUHJLyQ
‡/DFODVHGHHUURUHVRUWRJUiILFRVPiVFRPXQHVTXHFRPHWHQORVDOXPQRV
$OJXQRVJUiILFRVLOXVWUDQGRVRPiVFXUYDVFRUUHVSRQGLHQWHVDXQSHUtRGRGHWLHPSRHOORUHVXOWDYDOLRVRSDUDHVWXGLDUODUHODFLyQ
HQWUHDPEDVFXUYDV2WURVJUiILFRVVRQVLPSOHVWDEODVGHIUHFXHQFLDTXHODPD\RUtDGHORVDOXPQRVQRWHQGUiGLILFXOWDGSDUDFUHDU
/RVJUiILFRVGHEDUUDVRGHWRUWDWDPELpQSXHGHQUHSUHVHQWDUHVWDFODVHGHLQIRUPDFLyQ3XHGHQFXPSOLUFRQHOPLVPRSURSyVLWR
TXH ORV JUiILFRV OLQHDOHV SHUR VH ORV VXHOH HPSOHDU SDUD FRPSDUDU GLIHUHQWHV FDWHJRUtDV GH LQIRUPDFLyQ (Q OXJDU GH VHJXLU XQD
OtQHD HQ HO JUiILFR HO REVHUYDGRU VyOR GHEH WHQHU HQ FXHQWD ODV ORQJLWXGHV R WDPDxRV UHODWLYRV GH ODV EDUUDV 3DUD ORV QLxRV
SHTXHxRVORVJUiILFRVGHEDUUDVVRQORVPiVVHQFLOORVGHFRPSUHQGHU\FRQVWUXLU\DTXHSURSRUFLRQDQXQDH[SHULHQFLDTXHVLJXH
ODVHFXHQFLDHYROXWLYDDSDUWLUGHODUHSUHVHQWDFLyQFRQFUHWDFRORFDUJRORVLQDVHQXQDJULOODSDUDSDVDUOXHJRDODUHSUHVHQWDFLyQ
JUiILFDGLEXMDUODVJRORVLQDVHQXQDJULOODKDVWDOOHJDUDOJUiILFRDEVWUDFWR
7UDEDMRFRQQ~PHURV
'HELGR D TXH OD PD\RU SDUWH GH OD FXUUtFXOD HVFRODU VH HQFXHQWUD RUJDQL]DGD HQiUHDVGHFRQWHQLGRLQGHSHQGLHQWHVORVDOXPQRV
WLHQHQ HVFDVDV RSRUWXQLGDGHV GH HQIUHQWDUVH D SUREOHPDV UHODFLRQDGRV FRQ FLIUDV D PHQRV TXH HVWpQ WUDEDMDQGR HQ PDWHPiWLFD R
HVWXGLDQGRFRQORVOLEURVGHWH[WRFRUUHVSRQGLHQWHVDHVDiUHD6LQHPEDUJRHQUHDOLGDGORVQ~PHURV\HOUD]RQDPLHQWRQXPpULFR
HVWiQSUHVHQWHVHQWRGDVODViUHDVDFDGpPLFDV'HKHFKRPXFKRVDOXPQRVDSUHFLDQODSUHFLVLyQTXHLPSOLFDODPDWHPiWLFD\OHV
UHVXOWDHVSHFLDOPHQWHSODFHQWHURWUDEDMDUFRQORVDVSHFWRVQXPpULFRVGHODVGLYHUVDVDVLJQDWXUDV/DVDFWLYLGDGHVTXHVHSUHVHQWDQ
D FRQWLQXDFLyQ LQFOX\HQ SURPHGLRV \ SRUFHQWDMHV PHGLGD FiOFXOR SDUD iUHDV FXUULFXODUHV SUREDELOLGDG \ VLWXDFLRQHV
SUREOHPiWLFDV7RGDVHOODVSURSRUFLRQDQDORVDOXPQRVXQSXQWRGHSDUWLGDQXPpULFRSDUDDERUGDUHOiUHDGHKXPDQLGDGHVXRWUDV
TXHQRVXHOHQDVRFLDUVHFRQHOHVWXGLRGHODPDWHPiWLFD
3URPHGLRV\SRUFHQWDMHV
/RV FiOFXORVGHSURPHGLRV\SRUFHQWDMHVFRQVWLWX\HQSURFHGLPLHQWRVPDWHPiWLFRVTXHSXHGHQDSOLFDUVHDQXPHURVDVVLWXDFLRQHV
FRWLGLDQDV 8Q SLQWRU SXHGH FDOFXODU FRQ SUHFLVLyQ HOSRUFHQWDMHGHFRORUHVFiOLGRVHQUHODFLyQFRQHOGHFRORUHVIUtRVQHFHVDULR
SDUD SURGXFLU XQ GHWHUPLQDGR HIHFWR HQ XQ FXDGUR 8Q MRYHQ DILFLRQDGR D ORV GHSRUWHV VXHOH FDOFXODU HO SURPHGLR GH JROHV HO
SRUFHQWDMHGHWLURVOLEUHVHIHFWXDGRVHOQ~PHURGHJROHVDWDMDGRVSRUHODUTXHURGXUDQWHXQFDPSHRQDWRGHI~WERORHOSRUFHQWDMH
GH VDTXHV GXUDQWH XQSDUWLGRGHWHQLV3DUDDOJXQRVDOXPQRVXQHQIRTXHFXDQWLWDWLYRGHODLQIRUPDFLyQOHVSHUPLWHFRPSUHQGHU
ODVUHODFLRQHV\FDQWLGDGHVFRQPD\RUIDFLOLGDG(VSRVLEOHFDOFXODUSURPHGLRV\SRUFHQWDMHVHQGLYHUVDViUHDVGHFRQWHQLGR
‡(OSRUFHQWDMHGHSURYLQFLDVDUJHQWLQDVTXHERUGHDQHOOLWRUDOPDUtWLPR
‡(OSURPHGLRGHFpOXODVGHXQDKRMDHQXQDVXSHUILFLHGHPP]
‡(OSRUFHQWDMHGHSDODEUDVHVFULWDVFRUUHFWDPHQWHHQORVHMHUFLFLRVGHRUWRJUDItDUHDOL]DGRVGXUDQWHXQDVHPDQD
‡(OSRUFHQWDMHGHDOXPQRVTXHYLHQHDODHVFXHODGLDULDPHQWHDSLHHQyPQLEXV\HQDXWRPyYLO
‡(OSRUFHQWDMHGHGHPRFUDFLDV\GLFWDGXUDVTXHH[LVWHQHQHOPXQGR
0HGLGD
(OWDPDxRODIRUPDHOSHVRHOYROXPHQOtTXLGRODGLVWDQFLDODYHORFLGDGHOPRYLPLHQWRODWHPSHUDWXUD\HOWLHPSRVRQDOJXQDV
GH ODV PDQHUDV FRPR PHGLPRV R FXDQWLILFDPRV HO PXQGR TXH QRV URGHD 3DUD GHVDUUROODU ODV KDELOLGDGHV GH ORV DOXPQRV HQ
UHODFLyQ FRQ OD PHGLGD VH OHV VROLFLWDUi TXH GHWHUPLQHQ FXiOHV GH ODV XQLGDGHV UHVXOWDQ PiV DSURSLDGDV SDUD PHGLU \ GH TXp
PDQHUDVHUHDOL]DODFRQYHUVLyQHQWUHODVGLVWLQWDVFODVHVGHXQLGDGHV7DPELpQUHVXOWDYDOLRVRTXHORVDOXPQRVGLVWLQJDQHQWUHODV
VLWXDFLRQHV HQ TXH HV QHFHVDULR PHGLU FRQ SUHFLVLyQ \ DTXHOODV HQ ODV TXH VH GHEH UHDOL]DU XQD HVWLPDFLyQ /D PHGLGD \ OD
HVWLPDFLyQSXHGHQH[WHQGHUVHDQXPHURVDViUHDVGHFRQWHQLGR
‡'HWHUPLQDUFyPRPHGLUODDFHOHUDFLyQPLHQWUDVVHKDFHURGDUEROLWDVVREUHXQDVXSHUILFLHGXUDQWHODFODVHGHItVLFD
‡0HGLUHOFUHFLPLHQWRGLDULRGHXQDVVHPLOODVGHSRURWRTXHVHKD\DQSXHVWRDJHUPLQDUHQHODXOD
‡$SUHQGHUWULDQJXODFLyQVLPSOHSDUDPHGLUODDOWXUDGHORViUEROHV
‡7RPDUHOWLHPSRHPSOHDGRHQGDUXQDYXHOWDDOSDWLRGHUHFUHRFDPLQDQGRFRUULHQGRRHQELFLFOHWD
‡0HGLUGLVWDQFLDVUHFRUULGDVSRUGLIHUHQWHVH[SORUDGRUHVHQXQPDSD
&iOFXOR
(OXVRGHODFDOFXODGRUDHQHODXODVLJXHVLHQGRWHPDGHGLVFXVLyQ6LQHPEDUJRHQODDFWXDOLGDGODPD\RUtDGHORVHGXFDGRUHV
FRQFXHUGDHQTXHODVFDOFXODGRUDVGHEHQLQWHJUDUVHDORVSURJUDPDVHVFRODUHVGHWRGRVORVQLYHOHVWDQWRSDUDHOWUDEDMRHQHODXOD
FRPRSDUDODWDUHDSDUDHOKRJDU\ODHYDOXDFLyQ(QODVHVFXHODVODFDOFXODGRUDVHXWLOL]DHQPXFKRPHQRUPHGLGDGHORTXHVHOD
HPSOHDHQHOPXQGRUHDO
(O1&70UHFRPLHQGDHOXVRGHFDOFXODGRUDVSDUDWRGRVORVDOXPQRVFRQHOREMHWRGH
‡
‡
‡
‡
‡
FRQFHQWUDUVHHQHOSURFHVR GHVROXFLyQGHSUREOHPDVDQWHVTXHHQORVFiOFXORVQHFHVDULRVSDUDREWHQHUODVROXFLyQ
DFFHGHUDQRFLRQHVPDWHPiWLFDVTXHVXSHUDQHOQLYHODOFDQ]DGRSRUHODOXPQRHQHOPDQHMRGHODVKDELOLGDGHVSDUDHOFiOFXOR
H[SORUDUGHVDUUROODUHLQFRUSRUDUFRQFHSWRVFRPRHVWLPDFLyQFyPSXWRDSUR[LPDFLyQ\SURSLHGDGHV
H[SHULPHQWDUFRQQRFLRQHVPDWHPiWLFDV\GHVFXEULUPRGHORV
HIHFWXDUORVWHGLRVRVFiOFXORVTXHVXUJHQGHOWUDEDMRFRQGDWRVUHDOHVHQODVROXFLyQGHVLWXDFLRQHVSUREOHPiWLFDV
&XDQGRVHGLVSRQHGHFDOFXODGRUDVHQHODXODVHODVSXHGHXWLOL]DUSDUDUHVROYHUSUREOHPDVSDUDGHVDUUROODUHOSHQVDPLHQWRGHDOWR
QLYHOSDUDFRPSUHQGHURSHUDFLRQHVPDWHPiWLFDV\SDUDDSUHQGHUDUHDOL]DUHVWLPDFLRQHV3RUORJHQHUDODORVDOXPQRVOHVUHVXOWD
~WLO WUDEDMDU FRQ FDOFXODGRUDV \D TXH OHV VLPSOLILFDQ ODV WDUHDV PDWHPiWLFDV H[WHQVDV /D FDOFXODGRUD RWRUJD DO DOXPQR OLEHUWDG
SDUDSRQHUHQSUiFWLFDKDELOLGDGHVGHSHQVDPLHQWRGHDOWRQLYHOFRPRODLGHQWLILFDFLyQGHSDWURQHVQXPpULFRVRODYHULILFDFLyQGH
HVWLPDFLRQHVHKLSyWHVLV/RVGRFHQWHVVXHOHQIDYRUHFHUHOXVRGHFDOFXODGRUDVGHELGRDTXHSHUPLWHQFRQFHQWUDUODDWHQFLyQHQORV
SURFHVRVSDUDODVROXFLyQGHSUREOHPDVDQWHVTXHHQODDSOLFDFLyQPHFiQLFDGHORVPHFDQLVPRVSDUDHOFiOFXOR$TXtSUHVHQWDPRV
DOJXQDVSRVLELOLGDGHVSDUDDSOLFDUHQHODXOD
‡(ODERUDUXQSUHVXSXHVWRSHUVRQDORJUXSDO
‡&UHDUSUREOHPDVQXPpULFRVEDVDGRVHQORVLQWHUHVHVRH[SHULHQFLDVSHUVRQDOHVGHODOXPQR\XWLOL]DUFDOFXODGRUDVSDUDHQFRQWUDU
VROXFLRQHVDOSURSLRWUDEDMRRDOWUDEDMRGHORVGHPiV
‡7RPDUSDUWHHQMXHJRVFRQFDOFXODGRUD3RUHMHPSOR
(OLPLQDFLyQ
>-XHJRSDUDGRVSDUWLFLSDQWHVFRQXQDFDOFXODGRUD
DORVMXJDGRUHVFRPLHQ]DQLQJUHVDQGRHOQ~PHURHQODFDOFXODGRUD
E3RUWXUQRVFDGDXQRGHHOORVUHVWRR \RSULPH F(OMXJDGRUTXHREWLHQHRXQQ~PHURPHQRUQHJDWLYRSLHUGH
‡ (QYLDU PHQVDMHV HQ FyGLJR R HVFULELU VLWXDFLRQHV SUREOHPiWLFDV SDUD ORV GHPiV TXH FRQWHQJDQ DFHUWLMRV PDWHPiWLFRV /RV
DOXPQRVGHEHUiQUHVSRQGHUODVSUHJXQWDVSDUDSRGHUGHFRGLILFDUHOSUREOHPD/HVXJHULPRVHOVLJXLHQWHDFHUWLMR
$\HUFXDQGRVDOtGHODHVFXHODHVFRQGtEDMRXQDSLHGUD(VDSLHGUDHVWiHQHOMDUGtQGHHQWUDGDDXQDFDVDGHOR
FDOOH3DQDPiORGLUHFFLyQGHODFDVDHV
3DQDPiBBBBBBBBBBBBBBBBBBBBB
‡'HVDUUROODUXQSUR\HFWRSHUVRQDO6ROLFLWDUDORVDOXPQRVTXHOOHYHQFRQVLJRXQDFDOFXODGRUDGHEROVLOORGXUDQWHXQD
VHPDQDSDUDH[SORUDUODGLYHUVLGDGGHXVRVTXHSRVHHHVWHLQVWUXPHQWRHQVLWXDFLRQHVFRWLGLDQDV
6LELHQDSUHQGHUDXVDUXQDFDOFXODGRUDFRQVWLWX\HXQDKDELOLGDGYDOLRVDGHQLQJXQDPDQHUDVXVWLWX\HDOGRPLQLRGHORV
PHFDQLVPRVPDWHPiWLFRV'LFKRFRQRFLPLHQWRVLJXHVLHQGRHVHQFLDOSRUORTXHHQHVWHOLEURSURSRQHPRVGLYHUVDVPDQHUDV
SDUDIDFLOLWDUHODSUHQGL]DMHGHFRQFHSWRVPDWHPiWLFRV
3UREDELOLGDG
/DPD\RUtDGHODVSHUVRQDVVHDUULHVJDGHDOJXQDPDQHUDWLHQHDOJXQDLGHDDFHUFDGHORTXHSXHGHRFXUULU\GHORTXHQR
SXHGHRFXUULU&RUUHUULHVJRV\HVSHFXODUVREUHHOIXWXURVHUHODFLRQDQFRQORTXHORVPDWHPiWLFRVOODPDQSUREDELOLGDGOD
SRVLELOLGDGGHTXHXQKHFKRVHSURGX]FD6LXVWHGFRPSUDXQELOOHWHGHORWHUtDEDMDHOWHFKRGHVXFRQYHUWLEOHFRQWUDWDXQD
SyOL]DGHVHJXURVRVLPSOHPHQWHUHYROHDXQDPRQHGDHVWDUiSRQLHQGRHQSUiFWLFDVXSURSLDWHRUtDGHODSUREDELOLGDG
6LELHQODSUREDELOLGDGLQFOX\HXQDGRVLVGHD]DUODLQWHQFLyQFRQVLVWHHQIRUPXODUVXSRVLFLRQHVRHVWLPDFLRQHVFRUUHFWDV\
HOORUHTXLHUHGHOUD]RQDPLHQWROyJLFR/RVFLHQWtILFRVFRQItDQHQODSUREDELOLGDGGHOPLVPRPRGRTXHORKDFHQORVRILFLDOHV
GHOHMHUFLWRORVSROtWLFRVORVDUWLVWDV\ORVFRPSRVLWRUHV/RVGRFHQWHVWDPELpQGHSHQGHQGHODSUREDELOLGDGGHTXHVXVSOD
QHVGHFODVHUHVXOWHQHILFDFHV
6H FRPHQ]DUi WUDEDMDQGR OD SUREDELOLGDG LQWXLWLYD GH FLHUWRV UHVXOWDGRV FRQ ORV DOXPQRV 6ROLFtWHOHV TXH GHWHUPLQHQ ODV
FRQGLFLRQHVIDYRUDEOHVSDUDREWHQHUXQGHWHUPLQDGRUHVXOWDGRXWLOL]DQGRODVLJXLHQWHHVFDODDQWHVGHWUDEDMDUFRQPRGHORV
PDWHPiWLFRVGHSUREDELOLGDG
$ FRQWLQXDFLyQ SUHVHQWDPRV DOJXQRV HMHPSORV GH SUHJXQWDV TXH SXHGHQ VHUYLU GH JXtD SDUD TXH ORV DOXPQRV SLHQVHQ HQ
WpUPLQRVGHSUREDELOLGDGLQWXLWLYD
‡6LVHFRORFDQMXQWDVGRVEDUUDVLPDQWDGDV¢VHDWUDHUiQRVHUHSHOHUiQ"
‡¢&XiOHVODSUREDELOLGDGGHTXHORVFDVTXHWHVGHKLHORSRODUVHGHUULWDQ"
‡¢6RQVHJXUDVODVSODQWDVGHHQHUJtDQXFOHDU"
‡¢3RGUHPRVYHUEDOOHQDVIUDQFDVHQ3HQtQVXOD9DOGpVHVWHDxR"
‡¢(OSUy[LPRSUHVLGHQWHVHUiUDGLFDOSHURQLVWDRLQGHSHQGLHQWH"
/DSUREDELOLGDGPDWHPiWLFDGHTXHVHSURGX]FDXQUHVXOWDGRVHUHSUHVHQWDDVt
3RUHMHPSORVLXVWHGODQ]DXQDPRQHGDXQDVRODYH]ODSUREDELOLGDGGHREWHQHUFDUDHVLJXDODRXQUHVXOWDGR
FDUDGRVSRVLEOHVUHVXOWDGRVFDUDRFHFD
3UHJXQWDVFRPRODVVLJXLHQWHVD\XGDUiQDORVDOXPQRVDLGHQWLILFDUKHFKRVTXHFRQVLVWHQHQXQVRORSDVR
‡¢&XiOHVODSUREDELOLGDGGHTXHVDFDUiVXQDVGHXQPD]RGHFDUWDV"
‡¢&XiOHVODSUREDELOLGDGGHTXHHOVHPiIRURSHDWRQDOWHSHUPLWDFUX]DUODSULPHUDYH]TXHORPLUHV"
‡¢&XiOHVODSUREDELOLGDGGHTXHHOSUy[LPREHEpTXHQD]FDHQWXIDPLOLDVHD YDUyQ"
*HRPHWUtD
(QFRQWUDPRV HMHPSORV GH ORV SULQFLSLRV GH OD JHRPHWUtD HQ HO FXELVPR \ HQ ODV FDWHGUDOHV HQ ODV FpOXODV \ HQ ORV
UDVFDFLHORVHQHO3DUWHQyQ\HQODVSLUiPLGHVHQODVGXQDVGHDUHQD\ODVHVWUHOODVGHPDU7DQWRHOPXQGRGHODQDWXUDOH]D
FRPR HO PXQGR TXH KDQ FUHDGR ORV VHUHV KXPDQRV UHIOHMDQ VLPHWUtD WRSRORJtD SXQWRV OtQHDV SODQRV FXUYDV VyOLGRV \
REYLDPHQWH GLPHQVLRQHV \ SULQFLSLRV PDWHPiWLFRV (Q DPERV HQFRQWUDPRV FtUFXORV KH[iJRQRV UHFWiQJXORV HVIHUDV
WULiQJXORVFXERV FLOLQGURVFRQRVSLUiPLGHV\SULVPDV
/DSDODEUD JHRPHWUtD GHULYDGHGRVWpUPLQRVODWLQRVTXHVLJQLILFDQWLHUUD\PHGLGD(QXQSULQFLSLRODJHRPHWUtDVH
RFXSDEDGHODPHGLFLyQGHORVWHUUHQRVFXOWLYDEOHVHQOXJDUHVFRPR(JLSWRGRQGHHO1LORLQXQGDEDORVYDOOHVFDGDDxR\HUD
QHFHVDULRUHVWDEOHFHUORVOtPLWHV,QFOXVRHQODDFWXDOLGDGODDJULPHQVXUDHVXQDDSOLFDFLyQGHODVSULPLWLYDVIRUPDVGHOD
JHRPHWUtD
/RVDUTXLWHFWRVORVPHFiQLFRVORVGLVHxDGRUHVGHPRGDORVLQJHQLHURVORVFRQVWUXFWRUHVORVSLORWRVORVQDYHJDQWHV
ORV DUWLVWDV SOiVWLFRV \ ODV PRGLVWDV HPSOHDQ OD JHRPHWUtD HQ VX WUDEDMR 'DGD OD LPSRUWDQFLD GH OD JHRPHWUtD HQ QXHVWUR
PXQGRVXVDSOLFDFLRQHVHQODWRWDOLGDGGHODFXUUtFXODHVFRODUVRQQXPHURVDV$TXtSUHVHQWDPRVDOJXQDVVXJHUHQFLDVSDUD
LQFRUSRUDUHOHPHQWRVGHJHRPHWUtDHQODVGLYHUVDViUHDVFXUULFXODUHV
(VWXGLDU ORV GLVHxRV JHRPpWULFRV GH ODV EDQGHUDV GH WRGR HO PXQGR \ VROLFLWDU D ORV DOXPQRV TXH FUHHQ VXV SURSLDV
EDQGHUDVXWLOL]DQGRIRUPDVJHRPpWULFDVFRPXQHV
2EVHUYDUODHYROXFLyQGHODVHVWUXFWXUDVDUTXLWHFWyQLFDVDWUDYpVGHODKLVWRULDSLUiPLGHVWHPSORVPH]TXLWDVVHGHVGH
JRELHUQR FDWHGUDOHV EyYHGDV R UDVFDFLHORV \ FRPSDUDU ORV HVWLORV DVt FRPR WDPELpQ ODV VLPLOLWXGHV \ GLIHUHQFLDV
JHRPpWULFDV
&UHDUVLOXHWDVVLPpWULFDVGHORVSHUILOHVGHSHUVRQDMHVKLVWyULFRVIDPRVRV
(VWXGLDUORVXVRVHVWLOtVWLFRVGHODJHRPHWUtDHQHOFXELVPRXRWURPRYLPLHQWRDUWtVWLFRTXHLQFRUSRUHIRUPDVJHRPpWULFDV
H[SOtFLWDPHQWH
5HDOL]DU XQ FROODJH FRQ IRUPDV JHRPpWULFDV UHFRUWDQGR FtUFXORV WULiQJXORV UHFWiQJXORV R URPERV GH SDSHO DILFKH GH
GLIHUHQWHVFRORUHV\SHJiQGRORVDUWtVWLFDPHQWH$PRGRGHHMHPSORSRGUiQSUHVHQWDUVHREUDVGHSLQWRUHVIDPRVRV
(VWXGLDUODKLVWRULDGHODJHRPHWUtD6HUHPRQWDDWLHPSRVDQWLJXRVFXDQGRORVEDELORQLRV\ORVHJLSFLRVODXWLOL]DEDQSDUD
HVWXGLDUORVSODQHWDV\ODVHVWUHOODVSDUDGLVHxDUVXVFLXGDGHVSDUDPHGLUiQJXORV\FRQVWUXLUJLJDQWHVFDVHVWUXFWXUDV/XHJR
ORVJULHJRVHPSOHDURQORVSULQFLSLRVGHODJHRPHWUtDSDUDGHVDUUROODUHOUD]RQDPLHQWR\ODOyJLFDHQTXHVHEDVDQORV
SULQFLSLRVPDWHPiWLFRVTXHVHJXLPRVDSOLFDQGRHQODDFWXDOLGDG
6LWXDFLRQHVSUREOHPiWLFDVSDUDWRGDVODViUHDVFXUULFXODUHV
/DVRODPHQFLyQGHOQRPEUHVLWXDFLyQSUREOHPiWLFDLQIXQGHWHUURUHQORVFRUD]RQHV\ODVPHQWHVGHPXFKRVDOXPQRV6LQ
HPEDUJRODFUHDFLyQGHVLWXDFLRQHVSUREOHPiWLFDVLQWHUHVDQWHV\VLJQLILFDWLYDVSHUPLWHDORVGRFHQWHVLQFRUSRUDUHO
SHQVDPLHQWROyJLFRPDWHPiWLFRDWRGDVODViUHDVFXUULFXODUHV$TXtSUHVHQWDPRVDOJXQRVHMHPSORV
‡ 6L WUDQVFXUUHQ GtDV GHVGH HO PRPHQWR GH ODSXHVWDGHXQKXHYRGHUDQDKDVWDTXHVDOHHOUHQDFXDMR¢FXiQWRWLHPSR
SDVDUiDQWHVGHTXHVDOJDQORVUHQDFXDMRVGHKXHYRVGHUDQD"
‡6L-DYLHUGHEHHVFULELURFKRRUDFLRQHVWRGDVODVQRFKHVGXUDQWH XQDVHPDQDSHURVXQRYLD0HOLVDKDFHODPLWDGGHODWDUHD
\VXKHUPDQDHVFULEHFDWRUFHRUDFLRQHV\VL-DYLHUSHUGLyODPLWDGGHOWUDEDMRGHXQGtD¢FXiQWDVRUDFLRQHVKDFRPSOHWDGR"
‡ 6L 0RQHW *DXJLQ \ 9DQ *RJK SUHSDUDURQ SLQWXUD MXQWRV \ 0RQHW SUHSDUy ORV FRORUHV SULPDULRV *DXJLQ ORV FRORUHV
VHFXQGDULRV\ILQDOPHQWHREWXYLHURQWDUURVGHSLQWXUD¢FXiQWRVFRORUHVSUHSDUy9DQ*RJK"
‡6L/D3LQWD\/D1LxD]DUSDURQGH(VSDxDHOMXHYHV\OD6DQWD0DUtDXQGtDGHVSXpV\VL/D3LQWDKDEtDUHFRUULGR
PLOODVSDUD HOOXQHVVLJXLHQWH\/D1LxDKDEtDUHFRUULGRPLOODVHQHOPLVPRWLHPSR¢DTXpGLVWDQFLDVHHQFRQWUDEDOD
6DQWD0DUtDVLVXYHORFLGDGGHQDYHJDFLyQHUDODPLVPDTXHODGH/D1LxD"
6HFXHQFLDFLyQ
'LVSRQHUREMHWRVGHDFXHUGRFRQXQRUGHQ OyJLFRHVXQDKDELOLGDGIXQGDPHQWDOSDUDUHDOL]DUWRGDFODVHGHWDUHDV7DQWRSDUD
SUHSDUDUXQViQGZLFKGHMDPyQFRPRSDUDFXOWLYDUXQMDUGtQHVLPSRUWDQWHVHJXLUODVHFXHQFLDDGHFXDGD(QODHVFXHOD
HVFULELPRVHQXQFLHUWRRUGHQOyJLFRSUHVHQWDPRVXQDGUDPDWL]DFLyQHQIRUPDVHFXHQFLDOUHDOL]DPRVFRQVWUXFFLRQHVHQ
RUGHQOOHYDPRVDFDERH[SHULPHQWRVVLJXLHQGRXQRUGHQSUHHVWDEOHFLGR\GHVDUUROODPRVODVDFWLYLGDGHVHVFRODUHVGHPDQHUD
SUHGHWHUPLQDGD$FRQWLQXDFLyQSUHVHQWDPRVYDULRVHMHUFLFLRVTXHSHUPLWHQDORVDOXPQRVSUDFWLFDUODKDELOLGDGGH
VHFXHQFLDFLyQ(VWDVDFWLYLGDGHVSXHGHQUHDOL]DUVHGHPDQHUDWDQVLPSOHRWDQFRPSOHMDFRPRORUHTXLHUDODVLWXDFLyQ
5HGDFFLyQGHXQDFDUWDFRPHUFLDO
(QXPHUDU ORV VLJXLHQWHV SDVRV HQ HO RUGHQ FRUUHFWR D (VFULELU OD IHFKD D PDQR R D PiTXLQD E (VFULELU OD IyUPXOD GH FLHUUH D PDQR R D
PiTXLQDF7RPDUXQVREUHGHOHVFULWRULRG'REODUORFRUWD\FRORFDUODGHQWURGHOVREUHH(VFULELUDPiTXLQDHOQRPEUH\ODGLUHFFLyQGHO
GHVWLQDWDULRGHODFDUWDI3HJDU HOVREUHJ([SRQHUHOSURSyVLWRGHODFDUWDK'HVSDFKDUODFDUWDHQODRILFLQDGHFRUUHRVL&RORFDUXQD
HVWDPSLOODHQHOVREUHM(VFULELUXQDIyUPXODGHWUDWDPLHQWRN(VFULELUHOQRPEUH\ODGLUHFFLyQHQHOVREUH
2UGHQGHODVHFXHQFLD 7HPDVPDWHPiWLFRVSDUDWRGDVODViUHDVGHFRQWHQLGR
6LELHQORVHGXFDGRUHVVXHOHQLQFRUSRUDUODOHFWXUD\ODHVFULWXUDDWRGDVODViUHDVFXUULFXODUHVHVPHQRVFRP~QHQFRQWUDUWHPDV
PDWHPiWLFRV HQ HOODV /D PDWHPiWLFD SHUPDQHFH DLVODGD GH ODV RWUDV iUHDV GH HVWXGLR DXQ FXDQGR VXV SULQFLSDOHV IXQFLRQHV
FRPSUHQGHQ SURFHVRV GH SHQVDPLHQWR YDOLRVRV SDUD WRGDV ODV GLVFLSOLQDV FRPR PRGHORV \ UHODFLRQHV GH LGHQWLILFDFLyQ \
UHSUHVHQWDFLyQ VROXFLyQ GH SUREOHPDV \ HOHPHQWRV SDUD ORJUDU XQD FRPXQLFDFLyQ ILHO 8QD IRUPD GH LQWURGXFLU HO SHQVDPLHQWR
PDWHPiWLFRHQODViUHDVGHFRQWHQLGRFRQVLVWHHQDERUGDUWHPDVVLJQLILFDWLYRVH[WUDtGRVGHFRQFHSWRVPDWHPiWLFRV/RVGRFHQWHV
SRGUtDQ RUJDQL]DU XQD XQLGDG FXUULFXODU HQ WRUQR D HVWRV WHPDV R VROLFLWDU D ORV DOXPQRV TXH LQYHVWLJXHQ DFHUFD GH FRQWHQLGRV
FRPRORVTXHVHHQXQFLDQDFRQWLQXDFLyQHQODPHGLGDTXHVHUHODFLRQHQFRQORVTXHVHGHVDUUROODQHQHODXOD
6,0(75Ë$
$=$5
3(563(&7,9$
6,0%2/,=$&,Ï1
5(3(7,&,Ï1
08/7,3/,&$&,Ï1
(-(03/,),&$&,Ï1
,1),1,72
(63$&,2
2326,&,Ï1
(48,/,%5,2
352*5(6,Ï1
&5(&,0,(172
&$26
&219(5*(1&,$
',9,6,Ï1
,1),1,7(6,0$/
,*8$/'$'
&XDQGRVHRWRUJDLPSRUWDQFLDDORVWHPDVPDWHPiWLFRVHQWRGDVODViUHDVFXUULFXODUHVORVDOXPQRVSXHGHQVXSHUDUORVOtPLWHVGH
VXVOLEURVGHWH[WRSDUDPDWHPiWLFD\FLHQFLDVQDWXUDOHV\FRQHFWDUVHFRQHOPXQGRUHDOGHODFRQVWUXFFLyQ\HOGLVHxRUHFRSLODU
GDWRV\DVLJQDUUHFXUVRVWRPDUSDUWHHQGHSRUWHV\MXHJRV\H[SORUDUHOXQLYHUVRItVLFR
5HVXPHQ
/D LQWHOLJHQFLD OyJLFRPDWHPiWLFD SXHGH HMHUFHUVH \ GHVDUUROODUVH SRU PHGLR GH ORV QXPHURVRV UHFXUVRV HVWLPXODQWHV H
LQQRYDGRUHV TXH SURSRUFLRQD OD WHFQRORJtD PXOWLPHGLD /RV DOXPQRV GH WRGRV ORV QLYHOHV GH FRPSHWHQFLD SXHGHQ DSUHQGHU GH
PDQHUD HILFD] HPSOHDQGR SURJUDPDV GH VRIWZDUH LQWHUHVDQWHV TXH RIUHFHQ IHHGEDFN LQPHGLDWR \ VXSHUDQ D ODV WDUHDV GH
HMHUFLWDFLyQ \ SUiFWLFD \ D ODV FDUSHWDV GH WUDEDMR SRU FRPSXWDGRUD 0XFKRV GH HOORV RIUHFHQ LQWHUHVDQWHV RSRUWXQLGDGHV SDUD
HMHUFLWDU \ GHVDUUROODU KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO TXH UHVXOWDQ HVHQFLDOHV SDUD OD VROXFLyQ GH SUREOHPDV 3RU RWUD
SDUWHXQFUHFLHQWHQ~PHURGHSURJUDPDVGHVRIWZDUHPXOWLPHGLDVHFRQFHQWUDQHQHOGHVDUUROORGHODVKDELOLGDGHVGHSHQVDPLHQWR
FUtWLFR\FUHDWLYRGHORVDOXPQRV
(Q HO FLHQWtILFR LQJOpV 5RJHU %DFRQ HVFULELy /D PDWHPiWLFD HV OD SXHUWD \ OD OODYH GH ODV FLHQFLDV +R\ HQ GtD ORV
FLHQWtILFRVTXHXWLOL]DQFRPSXWDGRUDVSRGHURVDVHQODERUDWRULRVGHItVLFDRPLFURVFRSLRVHOHFWUyQLFRVSDUDUHDOL]DUH[SHULPHQWRV
JHQpWLFRV \ ORV PDWHPiWLFRV TXH FUHDQ IyUPXODV SDUD SURQRVWLFDU ODV WHQGHQFLDV HFRQyPLFDV R HO FUHFLPLHQWR GH OD SREODFLyQ
HPSOHDQ HO SHQVDPLHQWR OyJLFRPDWHPiWLFR \ VX VLVWHPD OLQJtVWLFR VLPEyOLFR DEVWUDFWR SDUD UHVROYHU PXFKRV GH ORV GHVDItRV D
TXHVHHQIUHQWDODKXPDQLGDG
0XFKRVRWURVSURIHVLRQDOHVWDPELpQGHSHQGHQGHOGRPLQLRGHHVWDGLVFLSOLQD/DLQGXVWULD\HOFRPHUFLRODDJULFXOWXUDODVDUWHV\
ODV iUHDV WpFQLFDV GHSHQGHQ GHO SHQVDPLHQWR OyJLFRPDWHPiWLFR GH WRGRV VXV PLHPEURV < HQ OD YLGD FRWLGLDQD OD PD\RUtD GH
QRVRWURVXWLOL]DPRVODLQWHOLJHQFLDOyJLFRPDWHPiWLFDSDUDFDOFXODUHOSUHVXSXHVWRIDPLOLDUSDUDUHFRUGDUGyQGHGHMDPRVXQREMHWR
TXH QR HVWi HQ VX OXJDU KDELWXDO SDUD WRPDU GHFLVLRQHV \ SDUD VROXFLRQDU SUREOHPDV 1R REVWDQWH PXFKRV DOXPQRV UHKX\HQ HO
HVWXGLRGHODPDWHPiWLFDGHVDOHQWDGRVSRUODWHGLRVDHMHUFLWDFLyQIUHFXHQWHPHQWHDVRFLDGDFRQHVWDiUHD
(VWH FDStWXOR RIUHFH XQD YDULHGDG GH HVWUDWHJLDV SDUD D\XGDU D ORV DOXPQRV D DOFDQ]DU HO GRPLQLR GH ODV KDELOLGDGHV EiVLFDV \ D
GHVDUUROODUKDELOLGDGHVGHSHQVDPLHQWRGHDOWRQLYHOUHODFLRQDGDVFRQODLQWHOLJHQFLDOyJLFRPDWHPiWLFD1RVHLQFOX\HQHMHUFLFLRV
GH SUiFWLFD PHFiQLFD UHSHWLWLYD \ DEXUULGD /RV DOXPQRV WHQGUiQ RSRUWXQLGDGHV YDULDGDV SDUD GHVDUUROODU VX LQWHOLJHQFLD
OyJLFRPDWHPiWLFD PHGLDQWH OD SUiFWLFD GH OD OyJLFD GHGXFWLYD H LQGXFWLYD HO GLVHxR GH JUiILFRV \ PRGHORV HO HPSOHR GH
KHUUDPLHQWDV GH WHFQRORJtD HOHFWUyQLFD \ OD SDUWLFLSDFLyQ HQ H[SHULHQFLDV GH DSUHQGL]DMH DXWpQWLFR \ HQ MXHJRV \ DFWLYLGDGHV
HVWLPXODQWHV (V SUREDEOH TXH GHPXHVWUHQ LQWHUpV SRU FRQWLQXDU VXV HVWXGLRV GH PDWHPiWLFD \ FLHQFLDV QDWXUDOHV \ SRU VX
SUHSDUDFLyQSDUDFXUVDUFDUUHUDVHQODVTXHSXHGDQDSOLFDUORTXHKDQDSUHQGLGR
&$3Ì78/2
0RYLPLHQWRSDUDHODSUHQGL]DMHLQWHOLJHQFLDFLQHVWpVLFD
$KVLSXGLHUDVEDLODUWRGRORTXHDFDEDVGHGHFLUHQWRQFHVORHQWHQGHUtD
1,.26.$=$17=$.,6=25%$(/*5,(*2
/D
DGGDQ]
Q]D
DGGH
H33DXOD
$3DXODOHKDEtDQGLDJQRVWLFDGRGLILFXOWDGHVGHDSUHQGL]DMHFXDQGRFXUVDEDHOSULPHUDxRGHHQVHxDQ]DEiVLFD'XUDQWHORV
FXDWURDxRVVLJXLHQWHVDVLVWLyDDXODVGHHGXFDFLyQHVSHFLDOGRQGHVXVORJURVDFDGpPLFRVIXHURQSUiFWLFDPHQWHQXORV
‡3DXODVHPDQWHQtDHQXQQLYHOPX\LQIHULRUDOGHVXVSDUHVFRQUHVSHFWRDOGRPLQLRGHODVKDELOLGDGHVEiVLFDV(QODPHGLGDTXH
GLVPLQXtDVXDXWRHVWLPDDXPHQWDEDVXGLVJXVWRSRUODHVFXHOD3DUDILQHVGHTXLQWRDxR3DXODVHHVFRQGtDGHEDMRGHODFDPDSRU
ODVPDxDQDVSDUDHYLWDULUDFODVH\GXUDQWHHOYHUDQRDQWHULRUDOFRPLHQ]RGHVH[WRDxRLQWHQWyVXLFLGDUVH6XVSDGUHVDGYLUWLHURQ
ODQHFHVLGDGGHSURSRUFLRQDUOHXQDH[SHULHQFLDHVFRODUVDWLVIDFWRULD\ODLQWHJUDURQDXQDXODGHVH[WRDxRGHHGXFDFLyQJHQHUDOD
FDUJRGHXQDGRFHQWHSURIXQGDPHQWHFRPSURPHWLGDFRQVXURO
/XHJRGHREVHUYDUDODQLxDGXUDQWHORVSULPHURVGtDVODGRFHQWHDGYLUWLyTXHSRVHtDXQDJUDFLDH[FHSFLRQDO3DXODVHPRYtDFRQ
HTXLOLEULR \ GLJQLGDG (UD DOWD SDUD VX HGDG \ FDPLQDED \ FRUUtD FRQ VROWXUD PLHQWUDV VX ODUJR SHOR LPLWDED VXV PRYLPLHQWRV
&XDQGRODGRFHQWHPLUDEDD3DXODVHLPDJLQDEDDXQDEDLODULQD\XQGtDOHSUHJXQWyVLDOJXQDYH]KDEtDHVWXGLDGRGDQ]D3DXODOH
H[SOLFyTXHHIHFWLYDPHQWHKDEtDWRPDGRFODVHVGHEDOOHW\TXHKDEtDGLVIUXWDGRPXFKRGHHOODVSHURTXHVHKDEtDYLVWRREOLJDGDD
DEDQGRQDUODV GHELGR D VX DOWR FRVWR (VWD LQIRUPDFLyQ OOHYy D OD GRFHQWH D SUHJXQWDUVH VL DFDVR 3DXOD QR SRGUtD DSUHQGHU GH
PDQHUDHILFD]SRUPHGLRGHOPRYLPLHQWR
6LELHQ3DXODFXUVDEDHOVH[WRDxRVXGHVHPSHxRHQRUWRJUDItDHUDLJXDODOGHXQDOXPQRGHVHJXQGR6HQHJDEDDOHHUHVFULELUR
SUDFWLFDUODVUHJODVRUWRJUiILFDV/DGRFHQWHHVWDEDFRQYHQFLGDGHTXH3DXODHUDFLQHVWpVLFDPHQWHWDOHQWRVDSRUORTXHOHVXJLULy
TXHFUHDUDXQDOIDEHWRHQPRYLPLHQWRXWLOL]DQGRVXFXHUSRSDUDGDUIRUPDDFDGDXQDGHODVOHWUDV3RUHMHPSORSDUDSUHVHQWDUOD
OHWUDWSRGUtDPDQWHQHUVHHUJXLGDFRQODVSLHUQDVMXQWDV\ORVEUD]RVDELHUWRV2EYLDPHQWHDOJXQDVGHODVOHWUDVFRPRODPODE
RODZOHUHVXOWDUtDQFRPSOLFDGDVSDUDUHSUHVHQWDUSHURFRQVWLWXtDQXQGHVDItRLQWHOHFWXDOTXHYDOtDODSHQDDVXPLU
3DXODSURPHWLy UHIOH[LRQDUDFHUFDGHODSURSXHVWDGHODGRFHQWH
$GtDVLJXLHQWHDQWHVGHFRPHQ]DUODMRUQDGDHVFRODUODQLxDHQWUyFRUULHQGRHQHODXOD\OHGLMRDODGRFHQWHTXHWHQtDDOJRSDUD
PRVWUDUOH3DXODFRPHQ]yVXSUHVHQWDFLyQEDLODQGRODVOHWUDVGHODOIDEHWRXQDDXQD\OXHJRHQXQDVHFXHQFLDTXHLQFOXtDDWRGDV
/DFRUHRJUDItDHMHFXWDGDFRQFRQILDQ]D\GHVWUH]DVHGHVDUUROOyHQDEVROXWRVLOHQFLR3DXODVHVHQWtDLQGXGDEOHPHQWHVDWLVIHFKD
SRU HO UHVXOWDGR GH VX HVIXHU]R \ OD GRFHQWH VH KDEtD TXHGDGR PXGD GH DVRPEUR /D QLxD HUD XQD DXWpQWLFD EDLODULQD /XHJR OD
GRFHQWH OH SUHJXQWy D 3DXOD VL SRGUtD EDLODU VX QRPEUH /D GDQ]D VXUJLy FRQ HVSRQWDQHLGDG H LQFOX\y WDPELpQ HO DSHOOLGR $
FRQWLQXDFLyQ3DXODEDLOyODVSDODEUDVTXHHVWDEDQHVFULWDVHQHOSL]DUUyQ\HVDWDUGHSUDFWLFyXQDOLVWDGHYRFDEXODULRHQVXFDVD\
ODSUHVHQWyDVXVFRPSDxHURVDOGtDVLJXLHQWH
(QHOODSVRGHXQDVHPDQD3DXODSDVyUiSLGDPHQWHGHODGDQ]DDODHVFULWXUD3ULPHUREDLODEDODVSDODEUDV\OXHJRODVHVFULEtD
/XHJR HVWXYR HQ FRQGLFLRQHV GH EDLODU IUDVHV FRPSOHWDV $ PHGLGD TXH PHMRUDED VX UHQGLPLHQWR HQ RUWRJUDItD \ UHGDFFLyQ
DXPHQWDEDQVXDXWRHVWLPD\VXLQWHUpVSRUDSUHQGHU
$OFDERGHFXDWURPHVHVSDUDGHVLOXVLyQGHWRGRV>
DXODGHMyGHEDLODUVXVWH[WRV6HOLPLWDEDDSHUPDQHFHUVHQWDGD\UHGDFWDED
ODVWDUHDVMXQWRDOUHVWRGHODFODVH$OILQDOL]DUHODxRHVFRODUHVFULEtD\OHtDHQHOQLYHOFRUUHVSRQGLHQWHDVH[WRDxR
&XDWUR PHVHV GH DSUHQGL]DMH FLQHVWpVLFR XQ DSUHQGL]DMH GRWDGR GH QRWDEOH SRWHQFLDO WUDQVIRUPDURQ OD H[SHULHQFLD HVFRODU GH
3DXOD\ODLPDJHQTXHHOODWHQtDGHVtPLVPD3DXODVHLQWHJUyDXQDHVFXHODGHQLYHOLQWHUPHGLRORFDOGRQGHFXUVyVpSWLPRDxR\
REWXYRFDOLILFDFLRQHVVXSHULRUHVDOSURPHGLRHQWRGDVODViUHDV
'HILQLFLyQLQWHOLJHQFLDFLQHVWpVLFD
3DXODQRHVOD~QLFDTXHWLHQHQHFHVLGDGGHH[SHULPHQWDUItVLFDPHQWHORVFRQWHQLGRVGHODSUHQGL]DMH3DUDPXFKRVQLxRV\DGXOWRV
OD YLVLyQ \ OD DXGLFLyQ UHVXOWDQ FDQDOHV VHQVRULDOHV LQVXILFLHQWHV SDUD FRPSUHQGHU H LQFRUSRUDU LQIRUPDFLyQ (VWRV LQGLYLGXRV
UHFXUUHQDSURFHVRVWiFWLOHV\FLQHVWpVLFRV\GHEHQPDQLSXODURH[SHULPHQWDUORTXHDSUHQGHQSDUDSRGHUFRPSUHQGHUHLQWHULRUL]DU
OD LQIRUPDFLyQ /RV DOXPQRV TXH SUHVHQWDQ FDUDFWHUtVWLFDV WiFWLOHV DSUHQGHQ SRU PHGLR GHO WDFWR \ OD PDQLSXODFLyQ GH REMHWRV
PLHQWUDV TXH ORV DOXPQRV FRQ FDUDFWHUtVWLFDV FLQHVWpVLFDV LQFRUSRUDQ OD WRWDOLGDG GHO FXHUSR D ODV DFWLYLGDGHV R SUHILHUHQ WRPDU
SDUWHHQH[SHULHQFLDVFRQFUHWDV\YLQFXODGDVFRQODYLGDFRWLGLDQD$PERVJUXSRVGHLQGLYLGXRVDSUHQGHQPHGLDQWHHOKDFHU\
SRUPHGLRGHH[SHULHQFLDVPXOWLVHQVRULDOHV
(Q OD HVFXHOD QR VXHOH RWRUJDUVH GHPDVLDGD LPSRUWDQFLD D ORV SURFHVRV GH DSUHQGL]DMH FLQHVWpVLFR GHELGR D TXH VH YDORUDQ PiV
RWURVHQIRTXHVSDUDODVROXFLyQGHSUREOHPDV(Q ,QWHOLJHQFLDVP~OWLSOHV *DUGQHUDGYLHUWHXQDWHQGHQFLDHPHUJHQWHDODVHSDUDFLyQ
GHODPHQWH\HOFXHUSRHQODVWUDGLFLRQHVFXOWXUDOHVDFWXDOHV$VLPLVPRODPHQWDODSpUGLGDGHOLGHDOJULHJRGHDUPRQtDHQWUH
PHQWH \ FXHUSR HQ OD TXH OD PHQWH HVWi HQWUHQDGD SDUD XWLOL]DU HO FXHUSR DGHFXDGDPHQWH \ HO FXHUSR HVWi HQWUHQDGR SDUD
UHVSRQGHUDORVSRGHUHVH[SUHVLYRVGHODPHQWH
/D LQWHOLJHQFLD FRUSRUDOFLQHVWpVLFD LQFOX\H OD FDSDFLGDG GH XQLU HO FXHUSR \ OD PHQWH SDUD ORJUDU HO SHUIHFFLRQDPLHQWR GHO
GHVHPSHxRItVLFR&RPLHQ]DFRQHOFRQWUROGHORVPRYLPLHQWRVDXWRPiWLFRV\YROXQWDULRV\DYDQ]DKDFLDHOHPSOHRGHOFXHUSRGH
PDQHUD DOWDPHQWH GLIHUHQFLDGD \ FRPSHWHQWH 7RGD SXHVWD HQ HVFHQD WDOHQWRVD UHTXLHUH XQ DJXGR VHQWLGR GHO ULWPR \ XQD
WUDQVIRUPDFLyQ GH OD LQWHQFLyQ HQ DFFLyQ 3RGHPRV UHFRQRFHU FRQ IDFLOLGDG XQD LQWHOLJHQFLD FLQHVWpVLFD DOWDPHQWH GHVDUUROODGD
FXDQGR REVHUYDPRV D ORV DFWRUHV DWOHWDV R EDLODULQHV 7DPELpQ VH SRQH GH PDQLILHVWR HQ ORV FLHQWtILFRV HQ ORV MR\HURV HQ ORV
PHFiQLFRV \ HQ RWUDV SHUVRQDV KiELOHV SDUD HO WUDEDMR PDQXDO /D LQWHOLJHQFLD FRUSRUDOFLQHVWpVLFD VLHQWD ODV EDVHV GHO
FRQRFLPLHQWR \D TXH HV SRU PHGLR GH ODV H[SHULHQFLDV VHQVRPRWRUDV TXH H[SHULPHQWDPRV OD YLGD /DV DFWLYLGDGHV ItVLFDV
FRQFHQWUDQ OD DWHQFLyQ GHO DOXPQR HQ HO DXOD \ D\XGDQ D OD PHPRULD HQ HO DSUHQGL]DMH SRU PHGLR GHO VLVWHPD FRUSRUDO
QHXURPXVFXODU 7RGRV SRVHHPRV XQD PHPRULD FRUSRUDO TXH SRGHPRV DSOLFDU HILFD]PHQWH DO DSUHQGL]DMH GH FRQWHQLGRV
DFDGpPLFRV
5REHUW 0F.LP HQ VX OLEUR ([SHULHQFHV LQ 9LVXDO 7KLQNLQJ ([SHULHQFLDV GH SHQVDPLHQWR YLVXDO GHVFULEH HO SRGHU GHO
SHQVDPLHQWRFLQHVWpVLFRGHODVLJXLHQWHPDQHUD
&RQVLGHUHPRV DO HVFXOWRU TXH SLHQVD HQ WpUPLQRV GH DUFLOOD DO TXtPLFR TXH SLHQVD PHGLDQWH OD PDQLSXODFLyQ GH PRGHORV
PROHFXODUHVWULGLPHQVLRQDOHVRDOGLVHxDGRUTXHSLHQVDPHGLDQWHHOPRQWDMH\GLVSRVLFLyQGHFRQVWUXFFLRQHVGHFDUWyQ&DGDXQR
GH HOORV HVWi SHQVDQGR SRU PHGLR GH OD YLVWD GHO WDFWR \ GH OD PDQLSXODFLyQ GH PDWHULDOHV PHGLDQWH OD H[WHUQDOL]DFLyQ GH VXV
SURFHVRVPHQWDOHVHQXQREMHWRItVLFR
(OSHQVDPLHQWRH[WHUQDOL]DGRSUHVHQWDYDULDVYHQWDMDVVREUHODUHIOH[LyQLQWHUQDOL]DGD(QSULPHUOXJDUHOFRPSURPLVRVHQVRULDO
GLUHFWR FRQ ORV PDWHULDOHV SURSRUFLRQD HVWLPXODFLyQ VHQVLEOH OLWHUDOPHQWH DOLPHQWR SDUD HO SHQVDPLHQWR (Q VHJXQGR OXJDU HO
KHFKR GH SHQVDU SRU PHGLR GHO PDQLSXOHR GH XQD HVWUXFWXUD FRQFUHWD EULQGD QXHYDV SRVLELOLGDGHV XQ DFFLGHQWH DIRUWXQDGR XQ
GHVFXEULPLHQWRLQHVSHUDGR(QWHUFHUOXJDUSHQVDUHQHOFRQWH[WRGLUHFWRGHODYLVWDHOWDFWR\HOPRYLPLHQWRJHQHUDXQVHQWLGRGH
SUR[LPLGDGGHYLJHQFLD\GHDFFLyQ
3RU ~OWLPR OD HVWUXFWXUD GH SHQVDPLHQWR H[WHUQDOL]DGR SURSRUFLRQD XQ REMHWR D OD FRQWHPSODFLyQ FUtWLFD DVt FRPR WDPELpQ XQD
IRUPDYLVLEOHTXHSXHGHFRPSDUWLUVHFRQXQFROHJDRLQFOXVRIRUPXODUVHPXWXDPHQWH
3RUGHVJUDFLDHODSUHQGL]DMH VHWRUQDFDGDYH]PiVLQWHUQDOL]DGR\PHQRVH[WHUQDOL]DGRDPHGLGDTXHORVDOXPQRVDYDQ]DQHQHO
QLYHO HGXFDWLYR 'HELGR D TXH H[LVWHQ HVFDVDV RSRUWXQLGDGHV SDUD GHVDUUROODU XQ DSUHQGL]DMH DFWLYR \ SDUWLFLSDWLYR PXFKRV
DOXPQRV VH VLHQWHQ FDGD YH] PHQRV PRWLYDGRV FXDQGR UHFLEHQ HQVHxDQ]D SRU PHGLR GH SURFHVRV SDVLYRV \ DEVWUDFWRV /D
HGXFDFLyQ ItVLFD HQ VX VHQWLGR PiV DPSOLR HV XQ HOHPHQWR IXQGDPHQWDO HQ WRGDVODViUHDV/DVDFWLYLGDGHVTXHVHSURSRQHQHQ
HVWHFDStWXORSXHGHQXWLOL]DUVHHQFXDOTXLHUiPELWRSDUDFRQWULEXLUDXQDSUHQGL]DMHPiVHVWLPXODQWHGLQiPLFR\VLJQLILFDWLYR
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDWiFWLO FLQHVWpVLFD
6HJ~QPDQLILHVWD*DUGQHUODVSHUVRQDVTXHWLHQHQODFDSDFLGDGGHXWLOL]DUVXFXHUSRRFLHUWDVSDUWHVGHOPLVPRFRPRSRU HMHPSOR
ODV PDQRV SDUD UHVROYHU SUREOHPDV SRVHHQ XQD LQWHOLJHQFLD FLQHVWpVLFD ELHQ GHVDUUROODGD /RV DWOHWDV ORV EDLODULQHV ORV
FRUHyJUDIRVORVPLPRVORVDFWRUHVORVFLUXMDQRV\ORVDUWHVDQRVSUHVHQWDQDOWRVQLYHOHVGHLQWHOLJHQFLDFRUSRUDOFLQHVWpVLFD(V
LPSRUWDQWH UHFRUGDU TXH OD KDELOLGDG FLQHVWpVLFD HQ XQ GHWHUPLQDGR FDPSR QR QHFHVDULDPHQWH LQGLFD OD SUHVHQFLD GH WDOHQWR HQ
RWUR 3RU HMHPSOR XQ LQGLYLGXR SXHGH VREUHVDOLU HQ HO DUWH GH OD PtPLFD \ H[KLELU HVFDVR R QXOR WDOHQWR SDUD ORVGHSRUWHV RODV
PDQXDOLGDGHV
(OVLJXLHQWHOLVWDGRLGHQWLILFDSRWHQFLDOHVFDUDFWHUtVWLFDVGHORVLQGLYLGXRVFRQDSWLWXGHVFLQHVWpVLFDV1RREVWDQWHVHGHEHUiWHQHU
HQ FXHQWD TXH QLQJ~Q DOXPQR SUHVHQWDUi OD WRWDOLGDG GH ODV FDUDFWHUtVWLFDV $OJXQDV iUHDV SRGUtDQHQFRQWUDUVHPiVGHVDUUROODGDV
TXHRWUDV(VSUREDEOHTXHXQDSHUVRQDFRQLQWHOLJHQFLDFLQHVWpVLFDELHQGHVDUUROODGD
([SORUHHOHQWRUQR\ORVREMHWRVSRUPHGLRGHOWDFWR\HOPRYLPLHQWR3UHILHUDWRFDUSDOSDU\PDQLSXODUDTXHOORTXHGHEH
DSUHQGHU
'HVDUUROOHVXFRRUGLQDFLyQ\VHQWLGRGHOULWPR
$SUHQGDPHMRUSRUPHGLRGHODH[SHULHQFLDGLUHFWD\ODSDUWLFLSDFLyQ5HFXHUGHFRQPD\RUFODULGDGORTXHKD\DKHFKR\QROR
TXHKD\DRtGRXREVHUYDGR
'LVIUXWHGHODVH[SHULHQFLDVFRQFUHWDVGHDSUHQGL]DMHWDOHVFRPRVDOLGDVGHFDPSRFRQVWUXFFLyQGHPRGHORVRSDUWLFLSDFLyQHQ
GUDPDWL]DFLRQHV\MXHJRVPRQWDMHGHREMHWRV\HMHUFLFLRItVLFR
'HPXHVWUHGHVWUH]DHQWDUHDVTXHUHTXLHUHQHOHPSOHRGHPRWULFLGDGILQDRJUXHVD
6HDVHQVLEOH\UHVSRQGDDODV FDUDFWHUtVWLFDVGHORVGLIHUHQWHVHQWRUQRV\VLVWHPDVItVLFRV
'HPXHVWUHFRQGLFLRQHVSDUDODDFWXDFLyQHODWOHWLVPRODGDQ]DODFRVWXUDHOPRGHODGRRODGLJLWDFLyQ
([KLEDHTXLOLEULRJUDFLDGHVWUH]D\SUHFLVLyQHQODDFWLYLGDGItVLFD
7HQJD FDSDFLGDGSDUDDMXVWDU\SHUIHFFLRQDUVXUHQGLPLHQWRItVLFRPHGLDQWHODLQWHJUDFLyQGHODPHQWH\HOFXHUSR
&RPSUHQGD\YLYDGHDFXHUGRFRQKiELWRVItVLFRVVDOXGDEOHV
'HPXHVWUHLQWHUpVSRUFDUUHUDVFRPRODVGHDWOHWDEDLODUtQFLUXMDQRRFRQVWUXFWRU
,QYHQWHQXHYDVPDQHUDVGHDERUGDUODVKDELOLGDGHVItVLFDVRQXHYDVIRUPDVGHGDQ]DGHSRUWHXRWUDDFWLYLGDGItVLFD
7RGRV QRVRWURV PDQLIHVWDPRV DOJXQD WHQGHQFLDRQHFHVLGDGFLQHVWpVLFDVLQHPEDUJRDTXHOORVTXHOLWHUDOPHQWHGHEHQWRFDUODV
LGHDVSDUDDSUHQGHUFXHQWDQFRQPX\HVFDVDVRSRUWXQLGDGHVSDUDOOHYDUORDFDER(ODSUHQGL]DMHPXOWLVHQVRULDOSUiFWLFDPHQWHQR
VHSURGXFHHQODVDXODVGHELGRDTXHORVGRFHQWHVGHVFRQRFHQGLFKRVSURFHVRV&RPRHGXFDGRUHVFDUHFHPRVGHPRGHORVGHURO
TXH SRGDPRV HPXODU \ GH UHFXUVRV SDUD FDSDFLWDUQRV < HV SUHFLVDPHQWH HO DSUHQGL]DMH FLQHVWpVLFR HO TXH FRQ IUHFXHQFLD
SURSRUFLRQDODH[SHULHQFLDHGXFDWLYDPiVSRGHURVDSODFHQWHUD\PHPRUDEOHSDUDWRGRVORVDOXPQRV
3URFHVRVGHDSUHQGL]DMHWiFWLO\FLQHVWpVLFR
([LVWHXQDDPSOLDYDULHGDGGHDFWLYLGDGHVWiFWLOFLQHVWpVLFDVTXHSHUPLWHQHQULTXHFHUODHQVHxDQ]DGHVWLQDGDDDOXPQRVGHWRGDV
ODVHGDGHV(QHVWHFDStWXORGHVFULELPRVH[SHULHQFLDVGHDSUHQGL]DMHItVLFRTXHVHLQFOX\HQHQODVVLJXLHQWHVFDWHJRUtDV
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHItVLFR
(OiPELWRItVLFR
=RQDVGHODXOD
$FWLYLGDGGUDPiWLFD
7HDWURIRUPDO
5ROSOD\
'UDPDWL]DFLyQFUHDWLYD
6LPXODFURV
0RYLPLHQWRFUHDWLYR
5HIOH[LyQDFHUFDGHOFRQRFLPLHQWRFRUSRUDO
3UHVHQWDFLyQGHDFWLYLGDGHVGHPRYLPLHQWRFUHDWLYR
$SOLFDFLyQGHOPRYLPLHQWRFUHDWLYRDOiUHDGHKDELOLGDGHVEiVLFDV
&UHDFLyQGHDFWLYLGDGHVGHPRYLPLHQWRHVSHFtILFDVSDUDiUHDVGHFRQWHQLGR
'DQ]D
(OHPHQWRVGHLQLFLDFLyQDODGDQ]D
6HFXHQFLDSDUDHODSUHQGL]DMHSRUPHGLRGHODGDQ]D
0DWHULDOFRQFUHWR
)LFKDVGHDFWLYLGDGHV
5RPSHFDEH]DVFRQILFKDVGHDFWLYLGDGHV
0DWHULDOGHGHVHFKR
)DEULFDFLyQGHVHOORVHQHODXOD
-XHJRVHQHODXOD
%~VTXHGDGHOWHVRUR
-XHJRVGHPRYLPLHQWRUHVSXHVWDItVLFD\UHYLVLyQ
(GXFDFLyQItVLFD
&DUDFWHUtVWLFDVGHXQDSHUVRQDItVLFDPHQWHHGXFDGD
(GXFDFLyQSRUODDYHQWXUD
7HODGHDUDxD
3LUiPLGHGHGLH]SHUVRQDV
$YHQWXUDVHQHODXOD
5HFUHRVGHHMHUFLFLR
(QHUJL]DQWHVUiSLGRV
7HQVKLQJRVR
/RVRFKRWHVRURV
(MHUFLFLRVRFXODUHV
'HVSHUWDU\UHODMDFLyQ
6DOLGDVGHFDPSR
/LQHDPLHQWRVSDUDODVVDOLGDVGHFDPSR
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDFLQHVWpVLFD
5HVXPHQ
(VWHOLVWDGRGLVWDPXFKRGHVHUH[KDXVWLYR3RUHOFRQWUDULRSUHVHQWDDORVGRFHQWHVGLYHUVRVSURFHVRVFLQHVWpVLFRVTXHSXHGHQ
LQFRUSRUDUVHFRQIDFLOLGDGDWRGDVODViUHDVDFDGpPLFDV8QDYH]TXHORVGRFHQWHVVHKDQIDPLOLDUL]DGRFRQGLFKDVWpFQLFDVVH
VLHQWHQORVXILFLHQWHPHQWHVHJXURVFRPRSDUDLQFRUSRUDURSRUWXQLGDGHVFLQHVWpVLFDVHQPXFKDVGHVXVFODVHV
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHItVLFR
/RViPELWRVHQTXHYLYLPRV\WUDEDMDPRVQRVDIHFWDQWDQWRHQHOQLYHOILVLROyJLFRFRPRSVLFROyJLFR&DVLWRGRVQRVRWURV
SUHVWDPRV VXPD DWHQFLyQ D QXHVWUR iPELWR KRJDUHxR (OHJLPRV HO EDUULR HQ TXH YLYLPRV HO FRORU FRQ TXH SLQWDPRV ODV
SDUHGHV LQWHULRUHV \ H[WHULRUHV GH QXHVWUD YLYLHQGD ORV PXHEOHV IRWRJUDItDV \ REUDV GH DUWH GH FDGD FXDUWR HO GLVHxR \
GLVWULEXFLyQGHOHVSDFLRLQWHULRU\H[WHULRU7DOHVFRQVLGHUDFLRQHVVRQLJXDOPHQWHLPSRUWDQWHVHQHODXOD\VLQHPEDUJRQR
VXHOHSUHVWDUVHGHPDVLDGD DWHQFLyQDOGLVHxRGHORViPELWRVHVFRODUHV
&XDQGRVHRUJDQL]DRGLVHxDXQDXODFXLGDGRVDPHQWHHOHQWRUQROLPLWDGRSRUVXVFXDWURSDUHGHVRIUHFHXQLPSUHVLRQDQWH
SRWHQFLDO SDUD FRQWULEXLU DO SURFHVR GH DSUHQGL]DMH $QQH 7D\ORU DUTXLWHFWD GH OD 8QLYHUVLGDG GH 1XHYR 0p[LFR
HVSHFLDOL]DGD HQ iPELWRV GH DSUHQGL]DMH VRVWLHQH TXH XQ DXOD GHEH VHU XQ OLEUR GH WH[WR R KHUUDPLHQWD GH DSUHQGL]DMH
DFWLYR\WULGLPHQVLRQDODQWHVTXHXQHVSDFLRSDVLYRTXHDORMHXQDGLYHUVLGDGGHREMHWRVGHVRUGHQDGRV
/DVDXODVSXHGHQWUDQVIRUPDUVHHQiPELWRVTXHHVWLPXOHQHODSUHQGL]DMHSRUPHGLRGHODUHIOH[LyQHOHQWXVLDVPR\HOGLVHxR
SODQLILFDGR 7D\ORU \ RWURV DUTXLWHFWRV UHFRPLHQGDQ HVWDEOHFHU YDULDV ]RQDV GHQWUR GH ODV DXODV HQ ORV QLYHOHV GH
HQVHxDQ]D EiVLFD \ SROLPRGDO &DGD XQD GH ODV ]RQDV GHO DXOD GHVHPSHxD XQD IXQFLyQ HVSHFtILFD \ SRVHH FDUDFWHUtVWLFDV
YLVXDOHV \ IXQFLRQDOHV SDUWLFXODUHV 0HGLDQWH HO GLVHxR GH ]RQDV HQ HO DXOD ORV HGXFDGRUHV SXHGHQ VDWLVIDFHU GH PDQHUD
HILFD]ODVQHFHVLGDGHVWiFWLOHV\GHPRYLPLHQWRGHORVQLxRVTXHSUHVHQWDQFDUDFWHUtVWLFDVFLQHVWpVLFDV
6L VH SURSRUFLRQD D ORV DOXPQRV OD RSRUWXQLGDG GH GHVSOD]DUVH GH XQ VLWLR D RWUR VH KDEUi VDWLVIHFKR VX QHFHVLGDG GH
HVWLUDUVHPRYHUVH\PDQWHQHUVHDFWLYRV6HUtDLGHDOTXHODVDXODVGHWRGRVORVQLYHOHVGHHQVHxDQ]DLQFOX\HUDQODVVLJXLHQWHV
]RQDV SRWHQFLDOHV ]RQD GH HQWUDGD GH WUDEDMR GH GHSyVLWR GH PDWHULDOHV GH H[KLELFLyQ GH ELEOLRWHFD GH GHVFDQVR \ GH
PRYLPLHQWR
/D RUJDQL]DFLyQ GHO DXOD HQ GLIHUHQWHV ]RQDV SHUPLWH VDWLVIDFHU ODV QHFHVLGDGHV ItVLFDV DFDGpPLFDV \ SVLFROyJLFDV GH
DOXPQRV \ GRFHQWHV 3DUD ORV HGXFDGRUHV UHVXOWDUi ~WLO LGHQWLILFDU ODV ]RQDV DSURSLDGDV SDUD VX DXOD /D SODQLILFDFLyQ GHO
HVSDFLRGHODXODGDOXJDUDXQDRUJDQL]DFLyQPX\GLIHUHQWHGHODVWUDGLFLRQDOHVKLOHUDVGHPHVDV\XQDWUDQVIRUPDFLyQGHODV
HVFXHODV HQ iPELWRV GH DSUHQGL]DMH VDOXGDEOHV KXPDQRV \ HVWLPXODQWHV &XDQGR VH OHV SURSRUFLRQD OD RSRUWXQLGDG ORV
DOXPQRVVXHOHQVHUDUTXLWHFWRVHQWXVLDVWDVFDSDFHVGHGLVHxDUXQHVSDFLRDODPHGLGDGHVXVQHFHVLGDGHV
$FWLYLGDGGUDPiWLFD
/D DFWLYLGDG GUDPiWLFD KD VHUYLGR FRPR PpWRGR GH DSUHQGL]DMH \ FUyQLFD GHVGH HO FRPLHQ]R GHO UHJLVWUR KLVWyULFR /DV
SLQWXUDV UXSHVWUHV GRFXPHQWDQ ODV JUDQGHV FDFHUtDV \ KHFKRV KHURLFRV GH VX pSRFD /DV REUDV GH ORV DQWLJXRV JULHJRV VH
HVFULELHURQ QR VyOR SDUD SURSRUFLRQDU HQWUHWHQLPLHQWR \ FDWDUVLV HPRFLRQDO VLQR WDPELpQ FRQ SURSyVLWRV HGXFDWLYRV /DV
SLH]DV GUDPiWLFDV TXH VH RIUHFtDQ HQ ODV HVFDOLQDWDV GH ODV LJOHVLDV \ WHPSORV PHGLHYDOHV HQVHxDEDQ D ODV SHUVRQDV
DQDOIDEHWDV ORV IXQGDPHQWRV PRUDOHV \ODKLVWRULDGHVXUHOLJLyQ/DVSURGXFFLRQHVWHDWUDOHV\WHOHYLVLYDVFRQWHPSRUiQHDV
WDPELpQFRQVWLWX\HQSRGHURVDVIXHU]DVHGXFDWLYDVWDQWRSRVLWLYDVFRPRQHJDWLYDVHQQXHVWUDVRFLHGDG
/RVDXWRUHVGHHVWHOLEURHQHOUROGH GRFHQWHVGHDXODVROHPRVSUHJXQWDUQRVFyPRHVSRVLEOHHQVHxDUDOJRVLQHOUHFXUVR
GHODDFWLYLGDGGUDPiWLFD6XDSOLFDFLyQSURSRUFLRQDDORVDOXPQRVODRSRUWXQLGDGGHWUDQVIRUPDUVHHQVXREMHWRGHHVWXGLR
\FRQVWLWX\HXQPHGLRSRGHURVRSDUDGDUYLGDDOFRQWHQLGRDFDGpPLFR(ODSUHQGL]DMHSRUPHGLRGHODDFWLYLGDGGUDPiWLFD
UHVXOWD YDOLRVR HQ WRGRV ORV QLYHOHV GH HQVHxDQ]D SHUR DVXPH SDUWLFXODU LPSRUWDQFLD GXUDQWH ORV ~OWLPRV DxRV GH OD
HQVHxDQ]D EiVLFD FXDQGR ORV FDPELRV KRUPRQDOHV ItVLFRV \ SVLFROyJLFRV TXH H[SHULPHQWDQ ORV DOXPQRV GLILFXOWDQ HO
DSUHQGL]DMHGHDEVWUDFFLRQHV
6XUJLUiQQXHYDVSRVLELOLGDGHVSDUDHODSUHQGL]DMHWDQWRVLORVDOXPQRVRIUHFHQXQDSUHVHQWDFLyQIRUPDOIUHQWHDOS~EOLFR
FRPRVLWRPDQSDUWHHQMXHJRVWHDWUDOHVQRGHVWLQDGRVDXQDDXGLHQFLD
7HDWURIRUPDO
/DV SURGXFFLRQHV GH WHDWUR IRUPDO LQFOX\HQ WRGDV ODV LQWHOLJHQFLDV HQ XQD UHODFLyQ GLQiPLFD /HHU OD REUD DVXPLU ORV
SHUVRQDMHVPHPRUL]DUHOWH[WR\ODVDFFLRQHVFUHDUORVWUDMHVHQVD\DUODP~VLFD\HQDOJXQRVFDVRVOD FRUHRJUDItD\SRU
~OWLPRLQWHUSUHWDUODIUHQWHDXQS~EOLFRLQYLWDGRIRUPDQSDUWHGHXQSURFHVRTXHGDSRUUHVXOWDGRH[SHULHQFLDVPHPRUDEOHV
XQLQFUHPHQWRHQODDXWRHVWLPD\HOHTXLOLEULRHPRFLRQDO\XQDSUHQGL]DMHTXHGXUDUiWRGDODYLGD
/D PHPRUL]DFLyQ GH WH[WRV HVFULWRV SRU JUDQGHV GUDPDWXUJRV SXHGH FRPHQ]DU D XQD HGDG PX\ WHPSUDQD +DFH SRFR
WLHPSRXQJUXSRGHVHJXQGRDxRGHHQVHxDQ]DEiVLFDSUHVHQWyFRQJUDQVDWLVIDFFLyQVXSURSLDYHUVLyQDEUHYLDGDGHO 6XHxR
GHXQDQRFKHGHYHUDQR GH:LOOLDP6KDNHVSHDUH/RVSDGUHVHVWDEDQDWyQLWRVFXDQGRHVFXFKDEDQFLWDVGH6KDNHVSHDUHGXUDQWH
ODFHQD¢([LVWHDFDVRXQDEDVHGHPD\RUULTXH]DSDUDHOSRVWHULRUHVWXGLRGHHVWDVREUDVFRQPD\RUSURIXQGLGDG"
$OJXQRVGRFHQWHVXWLOL]DQXQDGHWHUPLQDGDREUDGH6KDNHVSHDUHSRUHMHPSOR 5RPHR\-XOLHWDR(OUH\/HDU FRPRWHPD
FXUULFXODU LQWHUGLVFLSOLQDULR DQXDO (Q HVWDV FODVHV ODV WDUHDV GHO iUHD GH PDWHPiWLFD VH LQWHJUDQ D OD FRQVWUXFFLyQ GH
GHFRUDGRVHOiUHDGHFLHQFLDVVRFLDOHVVHEDVDHQHOSHUtRGRLVDEHOLQRHOiUHDGHFLHQFLDVQDWXUDOHVDERUGDORVFRQRFLPLHQWRV
GHODpSRFDDFHUFDGHDVWURQRPtDDQDWRPtD\ELRORJtDHOiUHDDUWtVWLFDHVWiGHGLFDGDDODFRQIHFFLyQGHWUDMHV\HOiUHDGH
FXLGDGRGHODVDOXGDQDOL]DODVHQIHUPHGDGHVFRQWDJLRVDVGHOSHUtRGR
/RV GRFHQWHV TXH LQWHJUDQ HO WHDWUR WUDGLFLRQDO D VXV DXODV PDQLILHVWDQ TXH ORV DOXPQRV DSUHQGHQ PXFKR PiV TXH HO
JXLyQODDFWLWXGHVFpQLFD\ORVFRQWHQLGRVDFDGpPLFRVLQWHJUDGRV/DGLVFLSOLQDPHQWDOItVLFD\WpFQLFDQHFHVDULDSDUDXQ
GHVHPSHxR DFWRUDO H[LWRVR HV WDPELpQ IXQGDPHQWDO SDUD WULXQIDU HQ OD YLGD $GHPiV SRU PHGLR GHO HQVD\R \ OD
LQWHUSUHWDFLyQ VH GHVDUUROODQ LPSRUWDQWHV KDELOLGDGHVFRJQLWLYDVTXHLQFOX\HQODFDSDFLGDGSDUDRUJDQL]DUHOSHQVDPLHQWR
SDUD SHUFLELU \ DQDOL]DU SDUD HYDOXDU \ UD]RQDU SDUD GLIHUHQFLDU HO WRGR GH ODV SDUWHV SDUD DERUGDU OD FRPSOHMLGDG \ OD
DPELJHGDG\SDUDFRODERUDUFRQORVGHPiVHQHOORJURGHXQREMHWLYRFRP~Q/DDFWLYLGDGGUDPiWLFDSURSRUFLRQDDORVDOXPQRV
XQDH[SHULHQFLDHGXFDWLYDULJXURVDTXHORVSUHSDUD HILFD]PHQWHSDUDODVROXFLyQGHSUREOHPDVGHODYLGDFRWLGLDQD
5ROSOD\
(O UROSOD\ HV PHQRV HVWUXFWXUDGR TXH HO WHDWUR \ EULQGD D ORV GRFHQWHV \ D ORV DOXPQRV OD OLEHUWDG GH GUDPDWL]DU FRQWHQLGRV
HVWXGLDGRVHQFODVH$GLIHUHQFLDGHOWHDWURIRUPDOHO SURFHVRHVPiVLPSRUWDQWHTXHHOSURGXFWR&DVLWRGDVODViUHDVFXUULFXODUHV
SXHGHQ WUDEDMDUVH SRU PHGLR GH HVWD WpFQLFD LQFOX\HQGR SUREOHPDV PDWHPiWLFRV SURFHVRV FLHQWtILFRV IXQFLRQHV OLQJtVWLFDV R
KHFKRVKLVWyULFRV(OUROSOD\SRQHHOOHQJXDMHHQDFFLyQ\FRQVWLWX\HXQDKHUUDPLHQWDSRGHURVDQRVyORSDUDWUDQVPLWLULQIRUPDFLyQ
VLQRWDPELpQSDUDGHVDUUROODUKDELOLGDGHVLQWHUSHUVRQDOHVLQWUDSHUVRQDOHV\DTXHOODVQHFHVDULDVSDUDODVROXFLyQGHSUREOHPDV
([LVWHQWUHVSDVRVSULQFLSDOHVSDUDODSUHSDUDFLyQGHDFWLYLGDGHVGHUROSOD\SODQLILFDFLyQHQVD\RHLQWHUSUHWDFLyQ\HYDOXDFLyQ
$TXt SUHVHQWDPRV ORV OLQHDPLHQWRV SDUD VX LPSOHPHQWDFLyQ TXH UHVXOWDUiQ HVSHFLDOPHQWH ~WLOHV SDUD ORV GRFHQWHV TXH QR KD\DQ
WUDEDMDGRHVWHSURFHVRDQWHV
3DVR,SODQLILFDFLyQ
&RQ HO REMHWR GH SUHSDUDU D ORV DOXPQRV SDUD OD DFWLYLGDG GH UROSOD\ HO GRFHQWH FRPHQ]DUi SRU HVWDEOHFHU ORV REMHWLYRV
HGXFDWLYRVFRUUHVSRQGLHQWHV6HHVSHFLILFDUiQORVORJURVGHDSUHQGL]DMHHVSHUDEOHV
8QD YH] TXH VH KD\DQ HVWDEOHFLGR ORV REMHWLYRV HO GRFHQWH R ORV DOXPQRV GHOLQHDUiQ OD DFWLYLGDG 'HEHUiQ LGHQWLILFDUVH OD
VLWXDFLyQHOSUREOHPDRHOWHPDIXQGDPHQWDO
$FRQWLQXDFLyQVHGHVDUUROODUiQORVUROHV\XQSURFHVRSDUDVHOHFFLRQDUDORVLQWpUSUHWHV
6HGHFLGLUiVLORVDFWRUHVGHEHUiQPHPRUL]DUXQWH[WRRSRGUiQSUHSDUDUVXSURSLRJXLyQ
6HHVSHFLILFDUiHOWLHPSRGHSUHSDUDFLyQQHFHVDULD
7DPELpQVLDOJ~QJUXSRGHDOXPQRVREVHUYDUiODDFWLYLGDGVHH[SOLFDUiFXiOHVVRQHOSDSHO\ODFRQGXFWDTXHDVXPHHO
S~EOLFR
6HRUJDQL]DUiHOHQWRUQRItVLFRVHJ~QVHDQHFHVDULR
6HGLVSRQGUiGHORVUHFXUVRVQHFHVDULRVFRPRHTXLSRVGLVIUDFHVRHOHPHQWRVGHXWLOHUtD
3DVR,,HQVD\RHLQWHUSUHWDFLyQ
8QDYH]TXHVHKD\DQGLVHxDGRODVHVFHQDV\VHKD\DLQIRUPDGRDOJUXSRDFHUFDGHORVREMHWLYRV\FRQWHQLGRVORVDOXPQRVHVWDUiQ
HQ FRQGLFLRQHV GH FRPHQ]DU D HQVD\DU 6H UHTXLHUH EDVWDQWH WLHPSR GH SUHSDUDFLyQ DQWHV GH SUHVHQWDU ODV REUDV 6H UHFRUGDUi D
WRGRV ORV DOXPQRV TXH QR WRPHQ SDUWH HQ OD LQWHUSUHWDFLyQ TXH GHEHQ FRQIRUPDU XQ S~EOLFR FRODERUDGRU \ XQ JUXSR HYDOXDGRU
FRQVWUXFWLYR
&XDQGRVHKD\DQILQDOL]DGRORVHQVD\RVVHDFRUGDUiQODIHFKDODKRUD\HOOXJDUHQTXHVHUHDOL]DUiODSUHVHQWDFLyQ6HSUHJXQWDUi
DORVDFWRUHVVLOHVJXVWDUtDLQYLWDUDDOXPQRVGHRWURVFXUVRVRDVXVSDGUHV6LODUHVSXHVWDHVQHJDWLYDVHUHVSHWDUiVXYROXQWDGGH
LQWHUSUHWDUVyORSDUDORVPLHPEURVGHODFODVH
(OGRFHQWHSRGUiIRUPXODUREVHUYDFLRQHVGXUDQWHORVHQVD\RVVLDGYLHUWHTXHDOJ~QDFWRUVHVLHQWHLQFyPRGRRTXHODLQWHUDFFLyQ
HVLQDSURSLDGD(QWDOHVFDVRVSRGUiRIUHFHUXQDEUHYHUHIOH[LyQDFHUFDGHORTXHHVWpRFXUULHQGR\OXHJRVROLFLWDUDOJUXSRTXH
FRQWLQ~HFRQODGUDPDWL]DFLyQDODTXHVHKDEUiQUHDOL]DGRORVDMXVWHVLQGLFDGRVSDUDHOORVHGLVSRQGUiGHWLHPSRGHHQVD\RH[WUD
3DVR,,,HYDOXDFLyQ
/XHJR GH OD SUHVHQWDFLyQ HV QHFHVDULR TXH ORV DOXPQRV DQDOLFHQ VX H[SHULHQFLD 3RU PHGLR GH SUHJXQWDV VH SRGUiQ HYDOXDU ORV
FRQWHQLGRVDFDGpPLFRVHOQLYHOGHGHVHPSHxRODVUHDFFLRQHVGHORVDOXPQRVIUHQWHDODH[SHULHQFLD\WDPELpQODVUHDFFLRQHVGHOD
DXGLHQFLD \D TXH ORV REVHUYDGRUHV SRGUiQ GHVWDFDU WDQWR ORV ORJURV FRPR DTXHOORV DVSHFWRV VREUH ORV TXH KDEUi TXH VHJXLU
WUDEDMDQGR(OGRFHQWHSRGUiRSWDUSRUDVXPLUXQSDSHOHQHOSURFHVRGHHYDOXDFLyQRQRKDFHUOR
8QHMHPSORDGHFXDGRSDUDWUDEDMDUHQHOQLYHOGHHQVHxDQ]DEiVLFDDERUGDODGLVSRVLFLyQHVFRODUTXHSURKLEHMXJDUDODSHORWD
GXUDQWHORVUHFUHRV\FRQODTXHORVDOXPQRVJHQHUDOPHQWHGLVFUHSDQ/RVUROHVTXHVHLGHQWLILFDQLQFOX\HQDOXPQRVTXHHVWiQD
IDYRUGHODPHGLGDDOXPQRVTXHVHRSRQHQDHOODDOXPQRVLPSDUFLDOHVHOSHUVRQDOGLUHFWLYRORVSDGUHV\ORVYHFLQRV&DGDXQR
GHORVSDUWLFLSDQWHVH[SOLFDUiVXSXQWRGHYLVWD5HVXOWD~WLOTXHORVDOXPQRVH[SRQJDQXQDRSLQLyQGLIHUHQWHGHODSURSLD8QDYH]
ILQDOL]DGDOD DFWLYLGDGHOJUXSRSRGUiUHGDFWDU\HQYLDUVXVFRQFOXVLRQHVDOD'LUHFFLyQGHODHVFXHOD
'UDPDWL]DFLyQFUHDWLYD
/D GUDPDWL]DFLyQ FUHDWLYD HV PHQRV IRUPDO TXH HO UROSOD\ \D TXH HO GLVFXUVR \ ODV DFFLRQHV VH LPSURYLVDQ D PHGLGD TXH VH
GHVDUUROODODREUD RODHVFHQD8QFRPSRQHQWHLPSRUWDQWHGHHVWDFODVHGHH[SHULHQFLDGUDPiWLFDHVODUHSHWLFLyQGHXQDHVFHQDD
ILQGHLQFRUSRUDUVXJHUHQFLDVTXHFRQWULEX\DQDHQULTXHFHUOD6XHOHVHUQHFHVDULRWUDEDMDUVLQS~EOLFRSDUDSHUPLWLUDORVDOXPQRV
FRQFHQWUDUVH\ DFWXDUVLQWHQHUHQFXHQWDIDFWRUHVH[WHUQRV
8QD PDQHUD VHQFLOOD GH FRPHQ]DU HO WUDEDMR GH GUDPDWL]DFLyQ FUHDWLYD HQ HO DXOD FRQVLVWH HQ VROLFLWDU D ORV DOXPQRV TXH
GHVHPSHxHQSHUVRQDMHVJUXSDOHV3RUHMHPSORHOGRFHQWHSRGUiOHHUXQFXHQWRFX\RVSHUVRQDMHVVHDQXQDQFLDQRXQDQLxD\XQ
JLJDQWH /RV QLxRV SXHGHQ UHSUHVHQWDU ORV GLIHUHQWHV SHUVRQDMHV HQ JUXSRV SRU PHGLR GH PtPLFD DFRPSDxDGRV SRU XQD P~VLFD
DSURSLDGD\FRPHQ]DUDJDQDUFRQILDQ]DSDUDGHVHPSHxDUHOSDSHOLQGLYLGXDOPHQWH
/XHJRGHTXHHOGRFHQWHKD\DOHtGRHOFXHQWRORVDOXPQRVLGHQWLILFDUiQORVHOHPHQWRVGHODWUDPDLQWHUFDPELDUiQLGHDVDFHUFDGH
VX SXHVWD HQ HVFHQD VH RIUHFHUiQ SDUD GHVHPSHxDU ORV GLIHUHQWHV SDSHOHV GLVHxDUiQ HO HVFHQDULR \ RUJDQL]DUiQ ODV DFFLRQHV 6H
SRGUiFRQWDU FRQXQGLUHFWRUGHHVFHQDTXLHQLQGLFDUiHOSULQFLSLR\HOILQGHFDGDDFWRDQXQFLDQGRTXHVHOHYDQWDRFDHHOWHOyQ
$ ILQDOL]DU OD DFWXDFLyQ WRGRV ORV DOXPQRV SRGUiQ SDUWLFLSDU GH XQ GHEDWH FUtWLFR HQ HO TXH DQDOL]DUiQ ORV DVSHFWRV TXH OHV
UHVXOWDURQ VDWLVIDFWRULRV\ORVTXHD~QUHTXLHUHQPD\RUDMXVWH
8QDYH]TXHHOJUXSRKD\DDGTXLULGRH[SHULHQFLDHQDFWLYLGDGHVVHPHMDQWHVSRGUiFRPHQ]DUDLPSURYLVDU\GUDPDWL]DU
VLWXDFLRQHVFRQILQDODELHUWRFRPRODRUJDQL]DFLyQGHODVLQVWDQFLDVFtHJRELHUQRGHOSDtVFX\RVPLHPEURVVHDQHOHFWRVR
QRPEUDGRV R ODV FDXVDV \ HIHFWRV GH OD H[WLQFLyQ GH HVSHFLHV GH OD DWUDFFLyQ PDJQpWLFD HQWUH ORV FXHUSRV R GHO
HQYHMHFLPLHQWRGHODSREODFLyQDGXOWDHQHOQLYHOQDFLRQDO
8QHMHPSORGHOSRGHUGHODGUDPDWL]DFLyQFUHDWLYDVXUJLyHQXQDFODVHGHFLHQFLDVQDWXUDOHVGHFXDUWRDxRGHHGXFDFLyQ
EiVLFDFXDQGRHOGRFHQWHDGYLUWLyTXHORVDOXPQRVQRFRPSUHQGtDQHOSURFHVRGHIRWRVtQWHVLVWDOFRPRHVWDEDH[SOLFDGRHQ
VXVOLEURVGHWH[WR'HFLGLyHQWRQFHVSRQHUHQSUiFWLFDXQHQIRTXHFLQHVWpVLFR\VROLFLWyYROXQWDULRVSDUDGHVHPSHxDUORV
FLQFRSHUVRQDMHVSULQFLSDOHVHQODIRWRVtQWHVLVXQDSODQWDFORURSODVWRVDJXDGLy[LGRGHFDUERQR\OX]VRODU
&DGD SHUVRQDMH VH LGHQWLILFy FRQ XQD WDUMHWD GH FDUWyQ SUHQGLGD HQ OD URSD (O GRFHQWH DVXPLy HO SDSHO GH QDUUDGRU
PLHQWUDVORVDOXPQRVGUDPDWL]DEDQDORVFORURSODVWRVSUHVHQWHVHQODKRMDGHXQDSODQWDFX\DVUDtFHVDEVRUEtDQDJXDGHOD
WLHUUD(OSHUVRQDMHGHODJXDVHGHUUDPDEDVREUHHOVXHOR\DORVSLHVGHODSODQWD'HSURQWRODOX]GHOVROUHSUHVHQWDGD
FRQ XQD OLQWHUQD LOXPLQDED OD KRMD \ SHUPLWtD D ORV FORURSODVWRV DEVRUEHU HQHUJtD HMHPSOLILFDGR PHGLDQWH IOH[LyQ
PXVFXODU
/RVFORURSODVWRVLPSXOVDGRVSRUODOX]VRODUDEVRUEtDQDJXD\XQJDVGHODLUHOODPDGRGLy[LGRGHFDUERQRORVKDFtDQ
JLUDUSDUDFRPELQDUORV\SURGXFLUHOD]~FDUXQDEDUUDGHFDUDPHORTXHVLUYHGHQXWULHQWHDODSODQWD
'LVWLQWRVJUXSRVGHDOXPQRVUHSLWLHURQWUHVYHFHVODHVFHQDTXHGXUDEDDSUR[LPDGDPHQWHFLQFRRVHLVPLQXWRV\HOOR
SHUPLWLy SURIXQGL]DU OD FRPSUHQVLyQ GHO FRQFHSWR /XHJR GH ODV DFWXDFLRQHV ORV DOXPQRV GLEXMDURQ HO SURFHVR GH
IRWRVtQWHVLV HQ XQD KRMD GH SDSHO \ OR H[SOLFDURQ RUDOPHQWH D VXV FRPSDxHURV 8QD VHPDQD PiV WDUGH HO GH ORV
DOXPQRVGHVFULELyODIRWRVtQWHVLVFRQSUHFLVLyQHQXQHMHUFLFLRHVFULWR
6LPXODFURV
/RVVLPXODFURVVRQWDPELpQSRGHURVDVKHUUDPLHQWDVGHDSUHQGL]DMH\DTXHSHUPLWHQVLWXDUDORVDOXPQRVHQXQHQWRUQR
RFLUFXQVWDQFLDTXHGHEHQGHVDUUROODUSRUVtPLVPRV(VWHUHFXUVRSXHGHGLVHxDUVHIiFLO\UiSLGDPHQWHSDUDYLQFXODUORFRQ
ORVFRQWHQLGRVTXHVHWUDEDMHQHQHODXOD$FRQWLQXDFLyQVHQRPEUDQDOJXQRVHMHPSORVGHVLPXODFURVHPSOHDGRVHQHODXOD
‡,UDFRPHUDXQUHVWDXUDQWHIUDQFpVGRQGHORVDOXPQRVGHEHQIRUPXODUVXSHGLGRHQOHQJXDH[WUDQMHUD
‡'HGLFDUXQDKRUDGHFODVHDYLYLUHQXQGHWHUPLQDGRSHUtRGRKLVWyULFRSRUHMHPSORHO5HQDFLPLHQWROD5HYROXFLyQGH
0D\RRODGLFWDGXUDGH6WDOLQ
‡'HVDUUROODUXQSURFHVRMXGLFLDOFRPRHOGHOD,QTXLVLFLyQXQGHEDWHHQHO6HQDGRRDFHUFDGHODSDUWLFLSDFLyQGHOD
FLXGDGDQtDHQORVHVIXHU]RVGHJXHUUD
‡([SHULPHQWDUGLYHUVRVVLVWHPDVHFRQyPLFRV\VRFLDOHV
‡(VWDEOHFHUXQPLQLIRURGHODV1DFLRQHV8QLGDVHQHODXOD
‡9LYLUHQXQDFRORQLDOXQDUFRQUHFXUVRVKXPDQRV\PDWHULDOHVOLPLWDGRV
‡7RPDUGHFLVLRQHVGXUDQWHVLWXDFLRQHVGHFULVLVVDQLWDULDVRDPELHQWDOHV
'LVHxRGHVLPXODFURV
/RV VLPXODFURV JHQHUDGRV SRU HO GRFHQWH R SURGXFLGRV FRPHUFLDOPHQWH SXHGHQ XWLOL]DUVH \ DGDSWDUVH SDUD HQVHxDU GLYHUVRV
FRQWHQLGRVDFDGpPLFRV/RVVLJXLHQWHVSDVRVLQGLFDQODPDQHUDGHFUHDUVLPXODFURV
(QSULPHUOXJDUVHGHEHUiQHVWDEOHFHUORVREMHWLYRVGHDSUHQGL]DMHWDOFRPRHQHOFDVRGHODVDFWLYLGDGHVGHUROSOD\
$FRQWLQXDFLyQVHLQGLFDUiQODVUHJODVGHOVLPXODFURDILQGHUHSURGXFLUORVFRQGLFLRQDPLHQWRVLPSXHVWRVSRUODVVLWXDFLRQHV
GHODYLGDUHDO
6HGHEHUiQUHFRSLODU\RUJDQL]DUORVPDWHULDOHV\UHFXUVRVQHFHVDULRV
6HUiQHFHVDULRSUHGHWHUPLQDUODORJtVWLFDGHOVLPXODFURTXHLQFOX\HGLYLGLUDORVDOXPQRVHQSHTXHxRVJUXSRVDVLJQDU]RQDVGH
WUDEDMR \HVWLSXODUHOOtPLWHGHWLHPSR66HSURJUDPDUiXQSHUtRGRSDUDHOGHEDWHRSDUDODUHGDFFLyQGHXQLQIRUPHHQHOTXHORV
DOXPQRVDQDOLFHQODVH[SHULHQFLDVOOHYDGDVDFDER
7DQWR HQ HO WUDEDMR FRQ WHDWUR IRUPDO FRPR FRQ UROSOD\ GUDPDWL]DFLyQ FUHDWLYD R VLPXODFUR UHVXOWD HVHQFLDO XQD SODQLILFDFLyQ
FXLGDGRVDDILQGHHYLWDUHOFDRVHQHODXOD/DOLEHUWDGFUHDWLYDGHEHPDQLIHVWDUVHGHQWURGHXQDHVWUXFWXUDFODUDPHQWHHVWDEOHFLGD
\ JXLDGD SRU H[SHFWDWLYDV ELHQ GHILQLGDV (O SULQFLSDO REMHWLYR GH HPSOHDU HVWUDWHJLDV GUDPiWLFDV FRQVLVWH HQ HVWLPXODU D ORV
DOXPQRVSDUDTXHSRQJDQHQSUiFWLFDODLQIRUPDFLyQTXHKDQDSUHQGLGR3DUDDOJXQRVDOXPQRVpVWDVHUiODIRUPDHQTXHSRGUiQ
LQFRUSRUDU\FRPSUHQGHUHIHFWLYDPHQWHORVFRQWHQLGRV3DUDWRGRVVHUiODPDQHUD GHUHFRUGDUORV
0RYLPLHQWRFUHDWLYR
/RV WHyULFRV GHO PRYLPLHQWR FRPR 5XGROI /DEDQ \+HQUL%HUJVRQGHVWDFDQODUHODFLyQHQWUHODVH[SHULHQFLDVQRYHUEDOHV\GH
PRYLPLHQWR\HOSHQVDPLHQWRVLPEyOLFRDEVWUDFWR(OPRYLPLHQWRQRVSHUPLWHWDQWRH[SUHVDUFRPRFRPSUHQGHUHOVLJQLILFDGRGH
QXHVWUDV H[SHULHQFLDV &XDQGR VH LQFRUSRUD HO PRYLPLHQWR FUHDWLYR DO DXOD ORV DOXPQRV UHVXHOYHQ SUREOHPDV \ DQDOL]DQ
VLWXDFLRQHVItVLFDPHQWH\DOPLVPRWLHPSRSRQHQHQSUiFWLFDVXLPDJLQDFLyQFUHDWLYD
6HJ~QVHxDODHOQRWDEOHDQWURSyORJR(GZDUG7+DOOHQVXOLEUR %H\RQG &XOWXUH0iVDOOiGHODFXOWXUDHOKRPEUHRFFLGHQWDO
KD FUHDGR HO FDRV DO QHJDU HVD SDUWH GH VX VHU TXH SURSRUFLRQD LQWHJULGDG DO WLHPSR TXH YHQHUD ODV SDUWHV GH HVD H[SHULHQFLD
IUDJPHQWDULD&RQ HOREMHWRGHLQWHJUDUHOFXHUSR\ODPHQWHHVQHFHVDULRTXHYROYDPRVDFRQHFWDUQRVFRQHOFRQRFLPLHQWRItVLFR
&RQIUHFXHQFLDORVGRFHQWHVVHVLHQWHQLQFyPRGRVSDUDXWLOL]DUHOPRYLPLHQWRHQHODXOD$OJXQRVGHORVPRWLYRVSXHGHQVHUOD
HVFDVD LPSRUWDQFLD SHUVRQDO TXH RWRUJDQ D OD DFWLYLGDG ItVLFD VXV SURSLDV OLPLWDFLRQHV ItVLFDV R VX GHVFRQRFLPLHQWR GH WDOHV
SURFHVRV /DV HVWUDWHJLDV GH PRYLPLHQWR FUHDWLYR TXH SUHVHQWDPRV HQ ODV VHFFLRQHV VLJXLHQWHV GHVDUUROODQ GLFKRV FRQFHSWRV GH
PDQHUD DFFHVLEOH WDQWR SDUD HO GRFHQWH FRPR SDUD ORV DOXPQRV (QWUH HOODV VH LQFOX\HQ OD UHIOH[LyQ DFHUFD GHO FRQRFLPLHQWR
FRUSRUDODFWLYLGDGHVLQLFLDOHVGHPRYLPLHQWRFUHDWLYRMXHJRVWHDWUDOHV\DSOLFDFLRQHVGHOPRYLPLHQWRFUHDWLYRSDUDODHQVHxDQ]D
GHKDELOLGDGHVEiVLFDV 6XJHULPRVODOHFWXUDGHWRGDVHOODVDILQGHTXHHOGRFHQWHSXHGDHOHJLUODVTXHOHUHVXOWHQPiVDSURSLDGDV
3HJJ\+DFNQH\XQDUHFRQRFLGDDXWRULGDGHVWDGRXQLGHQVHHQODWHRUtDGH/DEDQDFHUFDGHO$QiOLVLVGHO0RYLPLHQWRUHFRPLHQGD
TXHORVGRFHQWHV\DOXPQRVDERUGHQORVVLJXLHQWHVSXQWRVSDUDSURPRYHUODVHQVLELOLGDGFLQHVWpVLFDHLQFUHPHQWDUVXFRQFLHQFLD
FRUSRUDO
5HIOH[LyQDFHUFDGHOFRQRFLPLHQWRFRUSRUDO
9ROFDUHQXQDKRMDGHSDSHODVRFLDFLRQHVLPiJHQHVVHQWLPLHQWRVLGHDVFRQFHSWRVFUHHQFLDV\REOLJDFLRQHVSDUDODSDODEUD
FXHUSR
5HDOL]DUXQGLEXMRGHVtPLVPR,QGLFDUHQHOGLEXMRTXpSDUWHVGHOFXHUSRUHSUHVHQWDQORVGLIHUHQWHVDVSHFWRVGHODYLGDGHFDGD
XQRHVFXHODKRJDUGHSRUWHVIDPLOLDDPLJRVPDVFRWDVSDVDWLHPSRV\WUDEDMR
$FRQWLQXDFLyQVHFRQVLGHUDUiQIRUPDVHVSHFtILFDVGHFRQRFLPLHQWRDWUDYpVGHOFXHUSR
¢(QTXpOXJDUGHOFXHUSRVHUHJLVWUDQODVVHQVDFLRQHVFXDQGRQRVHQRMDPRVFRQDOJXLHQ"
2EVHUYDUDRWUDSHUVRQDGXUDQWHXQPRPHQWR¢4XpFRPXQLFDHOFXHUSRGHpORHOODHQIRUPDQRYHUEDO"
&XDQGRWRPDPRVXQDGHFLVLyQ¢HQTXp]RQDFRUSRUDOVHQWLPRVTXHHVFRUUHFWDRLQFRUUHFWD"
&XDQGRGHVDUUROODPRVLGHDVSDUDODHQVHxDQ]DRSDUDXQSUR\HFWRHVFRODU¢GHGyQGHVXUJHQGLFKDVLGHDV"
/DVSUHJXQWDVTXHDQWHFHGHQVHxDODQGLPHQVLRQHVGHODLQWHOLJHQFLDFLQHVWpVLFD\GHODVDELGXUtDTXHHPDQDGHOFRQRFLPLHQWRSRU
HO FXHUSR &XDQGR VH UHDOL]D FXDOTXLHU DFWLYLGDG VXHOH UHVXOWDU ~WLO UHIOH[LRQDU SRU XQ PRPHQWR DFHUFD GH OD PDQHUD HQ TXH HO
FXHUSRWRPDSDUWHHQHOODGHVXVVHQVDFLRQHV\GHVXPDQHUDSDUWLFXODUGHFRQFLHQFLDItVLFD(OFRQRFLPLHQWRVHVLHQWHGHPDQHUD
FLQHVWpVLFD\HVSRVLEOHDFFHGHUDpOHVFXFKDQGRDOFXHUSR\PRYLpQGRVHSDUDDSUHQGHU
$SOLFDFLyQGHOPRYLPLHQWRFUHDWLYRDOiUHDGHKDELOLGDGHVEiVLFDV
/DVDFWLYLGDGHVGHPRYLPLHQWRFUHDWLYRUHVXOWDQPX\DWUDFWLYDVSDUDPXFKRVDOXPQRV(OGRFHQWHSRGUiFRPHQ]DUODVDFWLYLGDGHV
GHPRYLPLHQWRIRUPXODQGRDORVDOXPQRVSUHJXQWDVWDOHVFRPR¢'HTXpPDQHUDSRGHPRVGHVWDFDUHVWHFRQFHSWRSRUPHGLRGHO
PRYLPLHQWR" ¢&yPR SRGUtDPRV XWLOL]DU HO HVSDFLR GHO DXOD SDUD GHVDUUROODU OD VLWXDFLyQ SUREOHPiWLFD PDWHPiWLFD GH KR\" R
¢&yPRSRGUtDVH[SUHVDUORTXHKDVDSUHQGLGRDWUDYpVGHOPRYLPLHQWR"$PHGLGDTXHHOGRFHQWHVHIDPLOLDULFHFRQHOHPSOHR
GHOPRYLPLHQWRFRPRKHUUDPLHQWDGHDSUHQGL]DMHODVUHVSXHVWDVVXUJLUiQFRQPD\RUIDFLOLGDG
$TXHOORV GRFHQWHV TXH GHVHHQ HQVHxDU FRQWHQLGRV DFDGpPLFRV SRU PHGLR GHO PRYLPLHQWR FUHDWLYR SRGUiQ XWLOL]DU ODV VLJXLHQWHV
SUHJXQWDVFRPRJXtDSDUDIRUPXODUDFWLYLGDGHVDSURSLDGDV
&UHDFLyQGHDFWLYLGDGHVGHPRYLPLHQWRHVSHFLILFDVSDUDiUHDVGHFRQWHQLGR
¢&yPRVHSXHGHLQFRUSRUDUHOPRYLPLHQWRItVLFRDHVWDFODVH"¢'HTXpPDQHUDSXHGHQXWLOL]DUVXFXHUSRORVDOXPQRVSDUDWUDQVIRUPDUVH
HQHOWHPDGHHVWXGLR"
¢&XiOHVVRQ ODVRSRUWXQLGDGHVGHDSUHQGL]DMHTXHSXHGHQSURSRUFLRQDUVHDORVDOXPQRVTXHQHFHVLWDQPRYHUVHSDUDDSUHQGHUDOWLHPSR
TXHVHVDWLVIDFHQODVQHFHVLGDGHVGHORVDOXPQRVQRFLQHVWpVLFRV"
¢&XiOHVVRQODVFRQVLJQDVQHFHVDULDVSDUDH[SOLFDUFRQFODULGDGDFWLYLGDGHVTXHVHGHVDUUROODUiQFLQHVWpVLFDPHQWH"
¢'HTXpPDQHUDVHHVWLPXODDORVDOXPQRVSDUDTXHGHVFULEDQORTXHKDQDSUHQGLGROXHJRGHXQDH[SHULHQFLDFLQHVWpVLFD"
¢'HTXpPDQHUDVHSURPXHYHODSDUWLFLSDFLyQGHORVDOXPQRVHQXQDWRUPHQWDGHLGHDVUHODWLYDDVXVSURSLDVRSRUWXQLGDGHVFLQHVWpVLFDVD
ILQGHD\XGDUORVDDOFDQ]DUXQDSUHQGL]DMHPiVHILFD]"
¢4XpHVWUDWHJLDVGHFRQGXFFLyQGHODXODSURPRYHUiQXQDPD\RUSDUWLFLSDFLyQ"
'DQ]D
/DGDQ]DHVRWUDIRUPDGHPRYLPLHQWRFUHDWLYR3RUPHGLRGH ODGDQ]DORVDOXPQRVWLHQHQODRSRUWXQLGDGGHDSUHQGHUVLQWHWL]DU\
GHPRVWUDU VXV FRQRFLPLHQWRV XWLOL]DQGR OD FRUHRJUDItD FRPR UHFXUVR 'HO PLVPR PRGR TXH RFXUUH FRQ ODV RWUDV IRUPDV GH
PRYLPLHQWRFUHDWLYRHVLPSRUWDQWHUHDOL]DUDFWLYLGDGHVLQWURGXFWRULDVDQWHVGHTXHORVDOXPQRVFRPLHQFHQDH[SORUDUHOOHQJXDMH
GH OD GDQ]D /DV VLJXLHQWHV DFWLYLGDGHV GH LQLFLDFLyQ SHUPLWHQ SUHSDUDU D ORV DOXPQRV SDUD OD DFWLYLGDG FLQHVWpVLFD \ DO PLVPR
WLHPSRLQWURGXFHQORVHOHPHQWRVSURSLRVGHODGDQ]D6XDXWRUDHV 'HEELH*LOEHUWGLUHFWRUDHMHFXWLYDGH9HU\6SHFLDO$UWVHQHO
(VWDGRGH:DVKLQJWRQ((88\FRGLUHFWRUDMXQWRFRQ-RDQQH3HWURIIGHOD:KLVWOHVWRS'DQFH&RPSDQ\
(OHPHQWRVGHLQLFLDFLyQDODGDQ]D
7LHPSR
3DUD WUDEDMDU HO HOHPHQWR GH WLHPSR VH VROLFLWDUi D ORV DOXPQRV TXH FDPLQHQ D GLIHUHQWHV YHORFLGDGHV FRPR UiSLGD PHGLD \
OHQWD6HOHVSURSRQGUiXWLOL]DURWUDVIRUPDVGHGHVSOD]DPLHQWRSRUHMHPSORGHVOL]DUVHVDOWDUUHSWDU\WURWDU6HSRGUiUHDOL]DUXQD
VHOHFFLyQ GH P~VLFD SDUD PDUFDU GLIHUHQWHV YHORFLGDGHV GXUDQWH HVWD DFWLYLGDG PDUFDU GLYHUVRV ULWPRV FRQ XQ SDQGHUR R FRQWDU
FRQODFRODERUDFLyQGHXQP~VLFRSDUDDFRPSDxDUORVPRYLPLHQWRV
6HVHOHFFLRQDUiXQSHUVRQDMHTXHKD\DQFUHDGRORVDOXPQRV\DVHDXQDSHUVRQDXQOXJDURXQREMHWR/RVDOXPQRVVH
GHVSOD]DUiQSRUPHGLRGHPRYLPLHQWRVTXHUHVXOWHQDSURSLDGRVSDUDGLFKRSHUVRQDMH
(VSDFLR
/RVDOXPQRVFUHDUiQ\H[SORUDUiQSRUPHGLRGHVXFXHUSRHVSDFLRVGHGLIHUHQWHVGLPHQVLRQHVSHTXHxRJUDQGHDOWR\
EDMR
6HSURSRQGUiDORVDOXPQRVH[SORUDUXQDFDYHUQDLPDJLQDULDFRQSDVDGL]RVHVWUHFKRVJUXWDVH[WHQVDVURFDVHVFDUSDGDV
\W~QHOHVSURIXQGRV6HSRGUiQLQFRUSRUDUHIHFWRVGHVRQLGRSURGXFLGRVFRQODYR]RFRQLQVWUXPHQWRVPXVLFDOHV
)RUPD
/RV DOXPQRV VH GHVSOD]DUiQ SRU HO iPELWR GHO DXOD DO ULWPR GH OD P~VLFD \ VH FRQJHODUiQ FXDQGR VH OD GHWHQJD 6H
REVHUYDUiQODVGLYHUVDVIRUPDVGHODVHVWDWXDVFRQJHODGDV
/RVDOXPQRVWUDEDMDUiQHQJUXSR\FUHDUiQIRUPDVGLIHUHQWHVTXHFDPELDUiQFDGDYH]TXHVHHVFXFKHXQJROSHGH
SDQGHURXRWUDLQGLFDFLyQVRQRUD
(QSHTXHxRVJUXSRVORVDOXPQRVFUHDUiQIRUPDVFRUUHVSRQGLHQWHVDFRQWHQLGRVWUDEDMDGRVHQODFODVHSRUHMHPSORXQ
WULiQJXORLVyVFHOHVXQDPROpFXODGHKLGUyJHQRVLJQRVGHLQWHUURJDFLyQRXQDIHFKDKLVWyULFD
6HVHOHFFLRQDUiXQDIRUPDJUDQGH\FRPSOHMDWRPDGDGHORVFRQWHQLGRVDFDGpPLFRV\VHVROLFLWDUiDORVDOXPQRVTXHOD
UHSUHVHQWHQSRUJUXSRV$OJXQRVWHPDVSRVLEOHVVRQXQWHRUHPDGHJHRPHWUtDXQVLVWHPDGHJRELHUQRXQDHVWUXFWXUD
PROHFXODUODVSDUWHVHQTXHVHGLYLGHXQHQVD\RRODSURSDJDFLyQGHXQDHQIHUPHGDGFRQWDJLRVD
(QHUJtD
6H XWLOL]DUi P~VLFD R SHUFXVLyQ FRPR DFRPSDxDPLHQWR PLHQWUDV ORV DOXPQRV FRPLHQ]DQ D PRYHUVH FRQ HQHUJtD
RVFLODQWH \ OXHJR FRQ HQHUJtD YLEUDQWH SDUD WHUPLQDU FRQ HQHUJtD VHUHQD 6H SRGUiQ LQYHQWDU VRQLGRV TXH
LGHQWLILTXHQFDGDFDOLGDGGHHQHUJtD
/RVDOXPQRVVHXELFDUiQHQFtUFXORDILQGHTXHWRGRVSXHGDQYHUVH\SRUWXUQRFDGDXQRFRQGXFLUiODGDQ]D(OOtGHU
HOLJHXQDFDOLGDGGHHQHUJtD\HMHFXWDXQDFRUHRJUDItDHVSRQWiQHDTXHORVGHPiVGHEHUiQLPLWDU
6H VHOHFFLRQDUiQ DFFLRQHV WRPDGDV GH ORV FRQWHQLGRV GH DSUHQGL]DMH WDOHV FRPR GLYLGLU WUDQVSRUWDU H[SORUDU
LQYHVWLJDU R HGLWDU \ VH XWLOL]DUiQ DOJXQDV GH ODV FDOLGDGHV GH HQHUJtD R WRGDV HOODV SDUD WUDQVIRUPDU ODV DFFLRQHV HQ
GDQ]D
8QDYH]TXHORVDOXPQRVKD\DQSUDFWLFDGRODVDFWLYLGDGHVGHLQLFLDFLyQSRGUiQXWLOL]DUHOHPHQWRVGHODGDQ]DSDUDFUHDU
FRUHRJUDItDVDSDUWLUGH
FXHQWRVSRHPDVKHFKRVKLVWyULFRV\IRUPXODVPDWHPiWLFDV$FRQWLQXDFLyQ
SUHVHQWDPRVXQSURFHGLPLHQWRVHQFLOOR
6HFXHQFLDSDUDHODSUHQGL]DMHSRUPHGLRGHODGDQ]D
(OHJLU XQ FXHQWR XQ VXFHVR R XQ SURFHVR SDUD WUDQVIRUPDUOR HQ GDQ]D 6H GHEHUi GLVSRQHU GH XQD VHOHFFLyQ PXVLFDO R GH XQ
SDQGHURTXHORVDOXPQRVSXHGDQ XWLOL]DU
'LYLGLUODVHOHFFLyQHQHVFHQDVRVHFFLRQHV
$VLJQDUFDGDVHFFLyQDXQJUXSRGHDOXPQRV
&DGD JUXSR GLVSRQGUi GH WLHPSR SDUD H[SORUDU GLIHUHQWHV IRUPDV GH XWLOL]DU ORV HOHPHQWRV GH OD GDQ]D \ SDUD FUHDU VX
FRUHRJUDItD
7RGRVORVPLHPEURVGHOJUXSRWUDEDMDUiQMXQWRVSDUDFUHDUXQDIRUPDGHFRPLHQ]RRHQWUDGD\XQDIRUPDGHFLHUUHRVDOLGD
6HGHVLJQDUiXQQDUUDGRUSDUDOHHURH[SOLFDUFDGDVHFFLyQ
2UJDQL]DU WRGRV ORV HOHPHQWRV 0LHQWUDVHOQDUUDGRUH[SOLFDODDFFLyQORVDOXPQRV EDLODQODLQIRUPDFLyQ(VSUREDEOHTXHHO
QDUUDGRU GHFLGD DFRPSDxDU VX H[SRVLFLyQ FRQ P~VLFD R SHUFXVLyQ D ILQ GH GHVWDFDU FRQWHQLGRV R PRYLPLHQWRV FUHDU HO FOLPD R
LQVSLUDU D ORV EDLODULQHV 6H UHFRPLHQGD JUDEDU HQYLGHRODFRUHRJUDItDSDUDSRGHUYHUODPiVDGHODQWH\SUHSDUDUXQDIXQFLyQHQ
YLYRRXQDSUR\HFFLyQGHODFLQWDSDUDSUHVHQWDUHQS~EOLFR
0XFKRV JUXSRV KDQ GHVFXELHUWR IRUPDV FUHDWLYDV GH LQFRUSRUDU OD GDQ]D D ODV iUHDV FXUULFXODUHV WUDGLFLRQDOHV 8QD GRFHQWH GH
WHUFHUDxRGHHGXFDFLyQEiVLFD FUHyXQDFRUHRJUDItDSDUDORVSODQHWDVGXUDQWHHOGHVDUUROORGHXQDXQLGDGDFHUFDGHOHVSDFLR/RV
DOXPQRV VH GHVSOD]DEDQ LPLWDQGR OD URWDFLyQ GH ORV SODQHWDV PLHQWUDV VH PRYtDQ FRUUHFWDPHQWH HQ VHQWLGR DQWLKRUDULR HQ VXV
yUELWDV $TXHOORV TXH UHSUHVHQWDEDQ DO VRO D OD OXQD D ORV FRPHWDV \ D ORV PHWHRULWRV WDPELpQ PDQWHQtDQ OD UHODFLyQ HQWUH VXV
PRYLPLHQWRV\ORVGHORVGHPiV
$ORVDOXPQRVGHWRGDVODVHGDGHVOHVHQFDQWDPRYHUVHUtWPLFDPHQWH3RGUiYHQFHUVHODUHVLVWHQFLDDEDLODUIUHQWHDORVGHPiV VL
VHLQLFLDODDFWLYLGDGFRQXQDSURSXHVWDVHQFLOOD\VHHPSOHDQUHFXUVRVGHSUHFDOHQWDPLHQWR\MXHJRVGHPRYLPLHQWR1RREVWDQWH
HV QHFHVDULR WHQHU HQ FXHQWD TXH HO PRYLPLHQWR FUHDWLYR GHEH FRPHQ]DU HQ HO GRFHQWH FRQ VX iUHD FXUULFXODU \ XQD SL]FD GH
FUHDWLYLGDG1RH[LVWHXQDPDQHUDFRUUHFWDGHPRYHUVHREDLODU7RGRVSRGHPRVGHVFXEULUQXHVWUDIRUPDSUHIHULGDGHPRYHUQRV
GHEDLODU\GHDSUHQGHU
0DWHULDOFRQFUHWR
$ -DYLHU XQ DOXPQR GH WHUFHU DxR GH HQVHxDQ]D EiVLFD OH HQFDQWDED KDFHU FRQVWUXFFLRQHV FRQ EORTXHV FRQ ODGULOORV OHJR FRQ
HVFDUEDGLHQWHVFRQSDOLWRVGHKHODGR\FRQWRGRPDWHULDOTXHVHSXGLHUDHQVDPEODU'XUDQWHHOGHVDUUROORGHODXQLGDGGHKLVWRULD
DQWLJXD-DYLHUGLVHxyXQREMHWRSDUDFDGDXQDGHODVFXOWXUDVTXHKDEtDHVWXGLDGR$VtFRQVWUX\y]LJXUDWVEDELORQLRVFRQODGULOORV
OHJR SLUiPLGHV HJLSFLDV FRQ HVFDUEDGLHQWHV \ SODVWLOLQD OD *UDQ 0XUDOOD FKLQD FRQ GLPLQXWRV ODGULOORV GH DUFLOOD TXH pO PLVPR
KDEtDIDEULFDGRHO3DUWHQyQJULHJRFRQHOWHOJRSRUTXHVHFRORFDFRPRSURWHFFLyQHQHOHPEDODMHGHODVFRPSXWDGRUDVSXHQWHV
URPDQRV FRQ SDOLWRV GH KHODGR \ FKLQFKHV \ WHPSORV PD\DV FRQ SODQFKDV GH SOiVWLFR PROGHDGR TXH IRUPDEDQ SDUWH GH XQ YLHMR
MXHJR GH TXtPLFD 6L ELHQ -DYLHU QR GHPRVWUDED GHPDVLDGR LQWHUpV SRU ODV DFWLYLGDGHV GHO DXOD VH OR YHtD PX\ HQWXVLDVPDGR
FXDQGROOHYDEDDFDERVXVSUR\HFWRV/D+LVWRULDFREUDEDYLGDSDUDpOFXDQGRFRQVWUXtDODVHVWUXFWXUDVSHUWHQHFLHQWHVDFDGDpSRFD
\FXOWXUDHVWXGLDGDV
3LDJHW\RWURVLQYHVWLJDGRUHVKDQGHVWDFDGRODLPSRUWDQFLDGHOWUDEDMRFRQPDWHULDOFRQFUHWRSDUDHOSURFHVRGHDSUHQGL]DMH&RQ
IUHFXHQFLD HO HPSOHR GH EORTXHV OyJLFRV FXERV SOiVWLFRV EDUUDV GH FRORUHV PDSDV \ SODQRV URPSHFDEH]DV \ RWUDV FODVHV GH
PDWHULDOFRQFUHWRVDWLVIDFHQHFHVLGDGHVQRVyORWiFWLOHVVLQRWDPELpQ HYROXWLYDVHQORVDOXPQRV(VWRVPDWHULDOHVSXHGHQXWLOL]DUVH
SDUD UHSURGXFLU WRGR WLSR GH REMHWRV GHVGH IRUPDV JHRPpWULFDV D PXHVWUDV GH DUTXLWHFWXUD JULHJD R PROpFXODV FRPSOHMDV GHO
D]~FDU$TXHOORVHOHPHQWRVGHVXHQWRUQRTXHHODOXPQRSXHGHYHU\WRFDUSHUPLWHQHODSUHQGL]DMHGHPDQHUDVWDOHVTXHVXSHUDQ
ODVSRVLELOLGDGHVGHODOHFWXUD\ODHVFULWXUD
([LVWH XQD JUDQ FDQWLGDG GH PDWHULDO GLGiFWLFR TXH SHUPLWH PHMRUDU OD FDOLGDG GHO DSUHQGL]DMH GH FRQWHQLGRV HQ PDWHPiWLFD
RUWRJUDItD FLHQFLDV OHFWXUD R JHRJUDItD 6LQ HPEDUJR PXFKDV YHFHV ORV GRFHQWHV QHFHVLWDQ PDWHULDOHV SDUD HO GHVDUUROOR GH XQD
GHWHUPLQDGDXQLGDGTXHQRVHHQFXHQWUDQDODYHQWD/DVILFKDVGHDFWLYLGDGHV\ORVURPSHFDEH]DVTXHSUHVHQWDPRVDFRQWLQXDFLyQ
EULQGDQXQDRSFLyQSDUDIDEULFDUPDWHULDOGHWUDEDMRHQHODXODTXHQRUHVXOWDFRVWRVR
)LFKDVGHDFWLYLGDGHV
5LWD\.HQQHWK'XQQHQVXOLEUR 7HDFKLQJ6WXGHQWVWKURXJK7KHLU,QGLYLGXDO/HDUQLQJ6W\OHV 'LVHxRGHODHQVHxDQ]DGHDFXHUGRFRQ
HO HVWLOR LQGLYLGXDO GH FDGD DOXPQR UHFRPLHQGDQ OD FUHDFLyQ GH ILFKDV GH DFWLYLGDGHV FRPR UHFXUVR GLGiFWLFR (VWDV ILFKDV
HQULTXHFHQ OD HQVHxDQ]DHQWRGDVODViUHDV\SHUPLWHQSUHVHQWDUHMHUFLWDU\UHYLVDUFRQWHQLGRVGHDSUHQGL]DMH/DFRQIHFFLyQGH
HVWDFODVHGHPDWHULDOHVVHQFLOOD\VDWLVIDFHHOGHVHRGHYHU\WRFDUDOPLVPRWLHPSR
6HUHTXLHUHQSRFRVPDWHULDOHVSDUDIDEULFDUILFKDVGHDFWLYLGDGHV/RVHOHPHQWRVEiVLFRVVRQWDUMHWDVGH[FPRGH[
FPWLMHUDV\XQDFDMDGHPDUFDGRUHVGHFRORUHV&DGDWDUMHWDVHGLYLGHHQGRVSDUWHVFRQHOGLVHxRGHXQURPSHFDEH]DV(QXQDGH
ODVSDUWHVVHHVFULEHXQDSUHJXQWDRXQDSDODEUD\HQODRWUDODUHVSXHVWDRODGHILQLFLyQ$TXtSUHVHQWDPRVDOJXQRVHMHPSORV
8QDYH]TXHVHKD\DSUHSDUDGRXQFRQMXQWRGHILFKDVORVDOXPQRVWUDEDMDUiQSRUSDUHVRHQSHTXHxRVJUXSRVSDUDKDFHU
FRLQFLGLU ODV SDUWHV VROLFLWDQGR OD LQIRUPDFLyQ SRU WXUQR D VXV SDUHV $GHPiV GH KDFHU FRLQFLGLU ODV ILFKDV GH PDQHUD
HVSDFLDO\WiFWLOORVDOXPQRVGHEHUiQSRGHUH[SOLFDURUDOPHQWHORVFRQWHQLGRVGHFDGDXQDDILQ GHUHIRU]DUHODSUHQGL]DMH
(QDOJXQRVFDVRVVHSRGUiQRUGHQDUODVILFKDVHVWDEOHFLHQGRXQGHWHUPLQDGRFULWHULR
&XDQGR VH KD\D FRPSOHWDGR HO WUDEDMR FRQ HO SULPHU FRQMXQWR GH ILFKDV VXUJLUiQ QXPHURVDV PDQHUDV LQJHQLRVDV SDUD
SUHSDUDURWURV$OJXQDVSRGUiQLQFOXLUSLH]DVPyYLOHVFyGLJRVGHFRORUHVXRSFLRQHVSDUDDXWRFRUUHFFLyQ(VSUREDEOHTXH
ORV DOXPQRV VH RIUH]FDQ SDUD GLVHxDU VXV SURSLDV ILFKDV HOOR OHV SHUPLWLUi UHIRU]DU HO DSUHQGL]DMH R XWLOL]DUODV SDUD
SURSRUFLRQDUHQVHxDQ]DDVXVSDUHV6HSRGUiQFRQVWUXLUFDMDVGHFRUDGDVRHWLTXHWDGDVSDUDJXDUGDUFDGDFRQMXQWRGHILFKDV
5RPSHFDEH]DVFRQILFKDVGHDFWLYLGDGHV
8QDYDULDQWHSDUDHOWUDEDMRFRQILFKDVGHDFWLYLGDGHVFRQVLVWHHQRUJDQL]DUODVHQXQURPSHFDEH]DVFRQVWUXLGRFRQXQD
SODQFKDGHFDUWyQGH[FPRGHPD\RUHVGLPHQVLRQHV(QODSLH]DFHQWUDOVHHVFULEHHOWHPDSULQFLSDO\ORVVXEWHPDVR
GHWDOOHVDFFHVRULRVVHXELFDQDVXDOUHGHGRU/XHJRVHUHFRUWDQODVSLH]DV\VHODVPH]FOD8QDYH]TXHHODOXPQRKDDUPDGR
HOURPSHFDEH]DVGHEHGLVSRQHUGHWLHPSRSDUDHVWXGLDU\UHIOH[LRQDUDFHUFDGHODLQIRUPDFLyQTXHFRQWLHQH7DPELpQSRGUi
DJUHJDUOH LQIRUPDFLyQ DGLFLRQDO UHHPSOD]DU DOJXQD GH ODV SLH]DV SDUDIUDVHDQGR OD LQIRUPDFLyQ R XWLOL]DU ORV GDWRV TXH
SURSRUFLRQDHOURPSHFDEH]DVSDUDFUHDUXQFRQMXQWRGHILFKDV
$ PRGR GH HMHPSOR LQFOXLPRV XQ URPSHFDEH]DV HQ HO TXH VH SURSRUFLRQD LQIRUPDFLyQ DFHUFD GH ORV SURFHVRV GH
DSUHQGL]DMH FLQHVWpVLFR TXH VH DERUGDQ HQ HO SUHVHQWH FDStWXOR 8QD YH] PiVSRGHPRVDILUPDUTXHHVSRVLEOHSUHVHQWDUR
UHYLVDUP~OWLSOHViUHDVGHFRQWHQLGRSRUPHGLRGHHVWDHVWUDWHJLDWiFWLO
6HOORV
/RV VHOORV VRQ PDWHULDOHV SDUD HO WUDEDMR HQ HO DXOD FX\D IDEULFDFLyQ HV PX\ VHQFLOOD 3XHGHQ XWLOL]DUVH PDWHULDOHV GH XVR GLDULR
WDOHVFRPRYHUGXUDVSODQWDVHVSRQMDVWHOJRSRUKXHYHUDV\HVROLQyOHRWDFRVGHPDGHUD\FDUWyQ6LVHDGKLHUHFRQSHJDPHQWR
XQWUR]RGHFRUGyQDXQDYDULOODDXQFDUUHWHODXQURGLOORRDXQSDORGHDUUDVDUVHREWHQGUiXQVHOORVLQItQ,QFOXVRORVGHGRV
SXHGHQXWLOL]DUVHHILFD]PHQWHFRPRVHOORV
)DEULFDFLyQGH VHOORVHQHODXOD
8QDGHODVIRUPDVPiVEDUDWDV\VHQFLOODVSDUDIDEULFDUVHOORVGXUDEOHV\UHVLVWHQWHVFRQVLVWHHQXWLOL]DUHOFDXFKRGHODVFiPDUDV
GHQHXPiWLFRV(QWRGDVODVJRPHUtDVSXHGHQREWHQHUVHFiPDUDVJUDWXLWDPHQWH
&RUWDUHOFDXFKRFRQWLMHUDHQFXDGUDGRVGHFPGHODGR\UHSDUWLUORVHQWUHORVDOXPQRV
&RUWDU SHTXHxRV EORTXHV GH PDGHUD XQR SDUD FDGD DOXPQR /RV UHFRUWHV GH DOJ~Q WDOOHU GH FDUSLQWHUtD HQ OLVWRQHV GH XQRV
FLQFRFHQWtPHWURVGHODUJRUHVXOWDUiQDSURSLDGRV
/RVDOXPQRVFRPHQ]DUiQSRUGLEXMDUVREUHSDSHOXQPRGHORRVLOXHWDSDUDHOVHOOR&XDQGRORKD\DQWHUPLQDGRORUHFRUWDUiQ
HQFDXFKRXWLOL]DQGRXQLQVWUXPHQWRDILODGR
$ FRQWLQXDFLyQ VH SHJDUiQ ORV GLVHxRV VREUH ORV EORTXHV GHPDGHUD6HUHFRUGDUiTXHHOVHOORLPSULPHODILJXUDLQYHUWLGD
FRPR VL VH OD HVWXYLHUD YLHQGR HQ XQ HVSHMR (VSUREDEOHTXHORVDOXPQRVFRORTXHQXQVHOORHQDPERVH[WUHPRVGHOEORTXHGH
PDGHUD3RGUiXWLOL]DUVHFXDOTXLHUFODVHGHSHJDPHQWRSHURVHUiIXQGDPHQWDOTXHVHVHTXHELHQSUHIHUHQWHPHQWHGHXQGtDSDUD
RWUR
/DVDOPRKDGLOODV\ODWLQWDSDUDVHOORVUHVXOWDQHILFDFHVSDUDHVWDPSDUORVGLVHxRV\UHTXLHUHQPX\SRFDOLPSLH]D/DWLQWDSDUD
LPSULPLU HV PiV GXUDGHUD \ RWRUJD XQ DVSHFWR SURIHVLRQDO DO WUDEDMR PLHQWUDV TXH OD WHPSHUD HV EDUDWD SHUR VXHOH RFDVLRQDU
DFFLGHQWHV /RV DOXPQRV GHO SULPHU FLFOR GH HGXFDFLyQ EiVLFD SXHGHQ XWLOL]DU PDUFDGRUHV SDUD SLQWDU HO VHOOR GLUHFWDPHQWH \
UHDOL]DUHVWDPSDGRVVHQFLOORV
7DQWRORVVHOORVGHIDEULFDFLyQFDVHUDFRPRORVTXHVHYHQGHQHQORVFRPHUFLRVRIUHFHQLQQXPHUDEOHVSRVLELOLGDGHVGHXVR/XHJR
GH IDEULFDUORV ORV DOXPQRV SRGUiQ HPSOHDUORV GH PX\ GLYHUVDV PDQHUDV ORV SUREOHPDV \ ODV VROXFLRQHV PDWHPiWLFDV SXHGHQ
HVWDPSDUVH FDGD DOXPQR SRGUi VHOODU VXV WUDEDMRV VH SRGUiQ HVWXGLDU PRGHORV HQ DUWH P~VLFD R PDWHPiWLFD HQ FLHQFLDV
QDWXUDOHV ORV VHOORV SHUPLWLUiQ FUHDU FDGHQDV PROHFXODUHV FLUFXLWRV HOpFWULFRV R FRPSRQHQWHV GH XQD FpOXOD HQ OHQJXD SRGUiQ
XWLOL]DUVH VHOORV SDUD SXQWXDU ORV WH[WRV /DV XQLGDGHV UHODFLRQDGDV FRQ KLVWRULD GHO DUWH R SHUVSHFWLYDV PXOWLFXOWXUDOHV HVWDUiQ
LQFRPSOHWDV VL QR VH WUDEDMD FRQ VHOORV \D TXH D WUDYpV GHO WLHPSR WRGDV ODV FXOWXUDV ORV KDQ LQFRUSRUDGR HQ XVRV TXH DEDUFDQ
GHVGH OD FDOLJUDItD GH PDQXVFULWRV KDVWD OD GHFRUDFLyQ GH WUDMHV GH ERGD /RV DOXPQRV SRGUiQ XWLOL]DU GLVHxRV FRPXQHV FRPR
IOHFKDVHVWUHOODVFRUD]RQHVXRWURVVtPERORVSDUDFUHDUORJRVRVLPSOHPHQWHSDUDHPEHOOHFHUHOWUDEDMRGHODXOD
-XHJRVHQHODXOD
/DHQVHxDQ]DEDVDGDHQHOMXHJRFXHQWDFRQQXPHURVRVDGHSWRV-RKQ'HZH\VRVWHQtDTXHORVMXHJRVGHEHQVHUSDUWHLQWHJUDOGHOD
HVFRODULGDG GHELGR D TXH SURSRUFLRQDQ H[SHULHQFLDV SRVLWLYDV GH DSUHQGL]DMH DFWLYR *HRUJH +HUEHUW 0HDG FROHJD GH 'HZH\
UHFRQRFLyVXLPSRUWDQFLDSDUDORJUDUXQDVDOXGDEOHVRFLDOL]DFLyQGHORVQLxRV$WUDYpVGHOMXHJRORVQLxRVDSUHQGHQDLPLWDU\
DVXPLUGLYHUVRVUROHVVRFLDOHV$VLPLVPR-HDQ3LDJHWGHVWDFyODLPSRUWDQFLDGHODDFWLYLGDGO~GLFDHQHOGHVDUUROORFRJQLWLYR
/RV MXHJRV SURSRQHQ D ORV DOXPQRV VLWXDFLRQHV LPDJLQDWLYDV \ GHVDItRV TXH OHV SHUPLWHQ DXPHQWDU VXV FRQRFLPLHQWRV WRPDU
GHFLVLRQHV \ GHVDUUROODU KDELOLGDGHV LQWHUSHUVRQDOHV &XDQGR HO DSUHQGL]DMH VH SURGXFH D WUDYpV GHO MXHJR OD PD\RUtD GH ORV
DOXPQRVHQFXHQWUDHVWLPXOR\PRWLYDFLyQSDUDFRQWLQXDUORVHVWXGLRV
/RV MXHJRV H[LVWHQ HQ GLYHUVDV IRUPDV TXH LQFOX\HQ GHVGH VLWXDFLRQHV WDQ VLPSOHV FRPR OD PDQFKD R ODV HVFRQGLGDV \ KDVWD
H[SHULHQFLDV WHFQROyJLFDV PX\ HODERUDGDV -XHJRV WDOHV FRPR OD ORWHUtD R HO DKRUFDGR VRQFRPXQHVHQHODXOD6LQHPEDUJRORV
GRFHQWHV VXHOHQ UHTXHULU MXHJRV TXH SHUPLWDQ HQVHxDU FRQWHQLGRV DFDGpPLFRV HVSHFtILFRV /RV TXH VH GHVFULEHQ HQ OD VLJXLHQWH
VHFFLyQ VRQ IiFLOHV GH RUJDQL]DU \ VH DGDSWDQ D WRGDV ODV iUHDV GH FRQWHQLGR 6H LQFOX\HQ E~VTXHGDV GHO WHVRUR MXHJRV GH
PRYLPLHQWRMXHJRVGHUHVSXHVWDItVLFDWRWDOTXHDSOLFDQHOPRGHORGHVDUUROODGRSRU-DPHV$VKHUSDUDHODSUHQGL]DMHGHOHQJXDV
H[WUDQMHUDV\XQMXHJRGHUHYLVLyQJHQHUDO
-XHJRVGHPRYLPLHQWR
/RV MXHJRV GH PRYLPLHQWR SHUPLWHQ UHIRU]DU WRGD FODVH GH FRQWHQLGR DFDGpPLFR 3DUD SUHSDUDU ORV MXHJRV TXH VH GHVFULEHQ D
FRQWLQXDFLyQVyORVHQHFHVLWDQHOHPHQWRVWDQVLPSOHVFRPRSODWRVGHSDSHO\PDUFDGRUHVGHFRORUHV
-XHJRVFRQSODWRVGHSDSHO
8QIRUPDWRGHDSUHQGL]DMHItVLFRHILFD]HVHOMXHJRFRQSODWRVGHSDSHO(OGRFHQWHHVFULEHLQIRUPDFLyQHQSODWRVGHSDSHOTXHVH
FRORFDQHQHOSLVRDPHGLRPHWURGHGLVWDQFLDXQRGHORWUR3RUHMHPSORHOGRFHQWHGHFLHQFLDVQDWXUDOHVRUJDQL]DXQMXHJRSDUD
UHDOL]DUODUHYLVLyQGHORVQRPEUHV\VtPERORVGHORVHOHPHQWRVTXtPLFRV(VFULELUi&SDUDHOFDUERQRHQWUHVRFXDWURSODWRV&D
SDUDHOFDOFLR+SDUDHOKLGUyJHQR\0JSDUDHOPDJQHVLRHQGLVWLQWRVSODWRV(VQHFHVDULRHVFULELUFDGDVtPERORWUHVRFXDWUR
YHFHVDILQGHGLVSRQHUGHYDULRVHMHPSODUHVLJXDOHV/XHJRHOGRFHQWHIRUPDXQJUXSRFRQFXDWURRVHLVDOXPQRVTXHVHRIUH]FDQ
SDUDSDUWLFLSDUHQHOMXHJR
(OMXHJRFRQVWDGHGRVUHJODVPX\VLPSOHVORVDOXPQRVQRGHEHUiQKDEODURWRFDUDQDGLHPLHQWUDVHVWpQMXJDQGR\GHEHUiQVDOWDU
HQ VLOHQFLR KDFLD OD UHVSXHVWD TXH FUHDQ FRUUHFWD &XDQGR HVWpQ OLVWRV SDUD FRPHQ]DU HO GRFHQWH QRPEUDUi XQ HOHPHQWR \ ORV
DOXPQRV VDOWDUiQVREUHHOSODWRGHSDSHOTXHFRQWHQJDHOVtPERORFRUUHFWR/RVDOXPQRVTXHQRHVWpQMXJDQGRYHULILFDUiQVLORV
SDUWLFLSDQWHVKDQHOHJLGRODUHVSXHVWDFRUUHFWD
$ ORV DOXPQRV OHV JXVWD HVWH MXHJR TXH SXHGH DGDSWDUVH IiFLOPHQWH SDUD WUDEDMDU FRQWHQLGRV GH FLHQFLDV QDWXUDOHV PDWHPiWLFD
OHQJXDDUWHOHQJXDVH[WUDQMHUDVRFXLGDGRGHODVDOXG
'LDJUDPDVGHIOXMRFLQHVWpVLFRV
(VSRVLEOHFUHDUQXPHURVRVMXHJRVGHPRYLPLHQWRGHWRGDVFODVHVDSDUWLUGHIRUPDWRVVLPSOHVGHGLDJUDPDGHIOXMR(OFRQWHQLGR
DFDGpPLFR TXH PHMRU VH DGDSWD SDUD HVWH MXHJR HV OD VHFXHQFLD WDO FRPR VH SUHVHQWD HQ OD HVWUXFWXUD QDUUDWLYD HQ ODV IRUPXODV
PDWHPiWLFDV HQ ODV UHFHWDV GH FRFLQD HQ ORV SURFHVRV FLHQWtILFRV R HQ ORV VXFHVRV KLVWyULFRV GRV GRFHQWHV R ORV DOXPQRV
FRPHQ]DUiQSRUGLVHQDUXQGLDJUDPDGHIOXMRHQXQDKRMDGHFXDGHUQR\OXHJRORWUDQVIHULUiQDXQDVXSHUILFLHPiVJUDQGHHQSDSHO
PDGHUDRYLQtOLFRSDUDFUHDUXQGLDJUDPDGHIOXMRFLQHVWpVLFRVHFRPHQ]DUiSRUFRQVLGHUDUODLQIRUPDFLyQTXHGHEHLQFOXLUVHHQ
FDGDXQDGHODVFHOGDVTXHDSDUHFHQDFRQWLQXDFLyQ
6HUHFRUWDUiQODVFHOGDV\VHODVRUJDQL]DUiHQXQDVHFXHQFLDOyJLFD6HXWLOL]DUiQIOHFKDVSDUDLQGLFDUHORUGHQGHORVSDVRV8QD
YH]TXHVHKD\DFRPSOHWDGRHOGLVHxRVHORWUDQVIHULUiDXQDOiPLQDGHSDSHOPDGHUDRYLQtOLFRGHODVLJXLHQWHPDQHUD
&XDQGR HO GLDJUDPD HVWp OLVWR ORV DOXPQRV OR UHFRUUHUiQ FDPLQDQGR R VDOWDQGR PLHQWUDV YHUEDOL]DQ OD LQIRUPDFLyQ TXH HVWiQ
SLVDQGR(VWDYHUEDOL]DFLyQUHIXHU]DHODSUHQGL]DMHFLQHVWpVLFRGHOFRQWHQLGRDFDGpPLFR(QHOFDSLWXORGHGLFDGRDODLQWHOLJHQFLD
YLVXDOHVSDFLDOVHLQFOX\HQHMHPSORVGHGLDJUDPDVGHIOXMR
-XHJRVGHUHVSXHVWDILVLFDWRWDO
(O 'U -DPHV $VKHU SURIHVRU GH OD 8QLYHUVLGDG (VWDWDO GH 6DQ -RVp &DOLIRUQLD GHVDUUROOy XQ PpWRGR SDUD HO DSUHQGL]DMH GH
OHQJXDV H[WUDQMHUDV GHQRPLQDGR 5HVSXHVWD )tVLFD 7RWDO 5)7 (VWH PpWRGR EDVDGR HQ HO PRYLPLHQWR SURSRQH D ORV DOXPQRV
MXHJRV \ DFWLYLGDGHV FLQHVWpVLFDV SDUD HO DSUHQGL]DMH GH XQD VHJXQGD OHQJXD (O HQIRTXH GH $VKHU UHIOHMD OD PDQHUD HQ TXH ORV
QLxRV DGTXLHUHQ VX OHQJXD PDWHUQD SRU PHGLR GH FRQVLJQDV RUDOHV DFRPSDxDGDV GH PRYLPLHQWRV DSURSLDGRV TXH H[SOLFDQ \
UHIXHU]DQODVFRQVLJQDV/RVJHVWRVGHOGRFHQWH\VXVLQWHUDFFLRQHVFRQORVREMHWRVWUDQVPLWHQHOVLJQLILFDGRGHODSDODEUDHVFULWD
/RV DOXPQRV LPLWDQ ORV PRYLPLHQWRV GHO GRFHQWH \ FXHQWDQ FRQ HVWtPXOR SDUD HPSOHDU SDODEUDV HQ OD PHGLGD HQ TXH VH VLHQWHQ
VHJXURVSDUDKDFHUOR'HELGRDVXp[LWRORVFRPSRQHQWHVGHOD5)7VHKDQDGDSWDGRDODHGXFDFLyQJHQHUDO6XQDWXUDOH]DO~GLFD
VHWUDQVILHUHIiFLOPHQWHDODHQVHxDQ]DGHWRGDVODViUHDVGHFRQWHQLGReVWRVVRQDOJXQRVGHORVMXHJRVSURSXHVWRVSDUDiUHDVGH
KDELOLGDGHVEiVLFDV
0DWHPiWLFDGLYLGLUDORVDOXPQRVHQWUHVJUXSRVGHFLPDOHVIUDFFLRQHV\SRUFHQWDMHV2WRUJDUDFDGDJUXSRXQRVPLQXWRVSDUD
LGHQWLILFDUODVYHQWDMDVGHVHUXQDIUDFFLyQXQQ~PHURGHFLPDORXQSRUFHQWDMH/XHJRFDGDJUXSRLQWHQWDUiFRQYHQFHUDORVRWURV
GRVDFHUFDGHODVXSHULRULGDGGHVXSURFHVRPDWHPiWLFR
/RVDOXPQRVIRUPDQXQFtUFXOR\VHDUURMDXQDSHORWDDDOJXQRGHVXVLQWHJUDQWHV8QRGHORVDOXPQRVRHOGRFHQWHHQXQFLDXQD
RSHUDFLyQPDWHPiWLFDORVDOXPQRVTXHVHSDQODUHVSXHVWDOHYDQWDUiQODPDQR\VHDUURMDUiODSHORWDDTXLHQGHEDSURSRUFLRQDUOD
UHVSXHVWD/XHJRVHIRUPXODRWUDSUHJXQWD(ODOXPQRTXHWLHQHODSHORWDVHODSDVDDDOJXQRGHORVTXHKD\DOHYDQWDGRODPDQR
&DGDYH]TXHVHUHVSRQGHFRUUHFWDPHQWHXQDSUHJXQWDVHSDVDODSHORWDDRWURDOXPQR/RVDOXPQRVTXHWHQJDQGLILFXOWDGHVSDUD
UHVSRQGHUFRUUHFWDPHQWHSRGUiQHQFDUJDUVHGHIRUPXODUODVSUHJXQWDVDQWHVGHFRPHQ]DUDMXJDU(OREMHWLYRGHOMXHJRFRQVLVWHHQ
EULQGDUODRSRUWXQLGDGGHTXHWRGRVWHQJDQXQDH[SHULHQFLDGHDSUHQGL]DMHH[LWRVD
&LHQFLDV QDWXUDOHV ORV DOXPQRV VH GLYLGLUiQ HQ JUXSRV FX\RV LQWHJUDQWHV UHSUHVHQWDUiQ D HOHPHQWRV TXtPLFRV TXH VH FRPELQDQ
SDUD IRUPDU GLIHUHQWHV PROpFXODV 3RU HMHPSOR XQ JUXSR SRGUtD VHU PHWDQR &+ RWUR JUXSR DJXD + \ RWUR WULy[LGR GH
D]XIUH 6 &DGD JUXSR GHEHUi GHFLGLU OD FDQWLGDG GH iWRPRV GH FDGD HOHPHQWR TXHSUHVHQWDUiDODFODVH/RVGHPiVDOXPQRV
GHEHUiQUHFRQRFHUODLGHQWLGDGGHFDGDFRPSXHVWRDOYHUODIyUPXOD\HOJUXSRTXHODUHSUHVHQWDSRGUiUHDOL]DUXQJUiILFRGHOD
PLVPDHQHOSL]DUUyQ
2WUDViUHDVFXUULFXODUHVGLEXMDUFRQWL]DVREUHXQSLVRGHFHPHQWRRDOIRPEUDXQGLDJUDPDSDUDMXJDUDODUD\XHOD'HQWURGHFDGD
FDVLOODVHHVFULELUiXQDSDODEUDFX\DRUWRJUDItDVHHVWpHVWXGLDQGRHQFODVH/RVDOXPQRVUHFRUUHUiQHOGLDJUDPDVHJ~QODVUHJODV
GHO MXHJR SHUR VyOR SRGUiQ DYDQ]DU VL GHILQHQ FRUUHFWDPHQWH GHOHWUHDQ VHSDUDQ HQ VtODEDV R SURSRUFLRQDQXQVLQyQLPRSDUDOD
SDODEUDGHODFDVLOODHQODTXHVHKDQGHWHQLGR
6LVHVROLFLWDODFRODERUDFLyQGHORVDOXPQRVSDUDFUHDUMXHJRVEDVDGRVHQORVWHPDVGHHVWXGLRVHJHQHUDUiQP~OWLSOHVLGHDV
'HYH]HQFXDQGRHOGRFHQWHSRGUtDDVLJQDUODFUHDFLyQGHXQMXHJRSDUDODFODVHFRPRWDUHDRSWDWLYD
MXHJRFKHUHYLVLyQJHQHUDO
6LHOGRFHQWHGHFLGHUHDOL]DUXQDUHYLVLyQFLQHVWpVLFDGHPDWHULDODFDGpPLFRFRQVXVDOXPQRVVyORGHEHUiUHXQLUXQRV
SRFRV PDWHULDOHV \ SUHSDUDU HO VLJXLHQWH MXHJR 6H QHFHVLWDUiQ XQD WDUMHWD SDUD FDGD DOXPQR PDUFDGRUHV GH GLIHUHQWHV
FRORUHV\XQRYLOORJUDQGHGHKLORJUXHVR(QODVWDUMHWDVORVDOXPQRVHVFULEHQDOJ~QHOHPHQWRGHYRFDEXODULRXQDIHFKDR
XQ QRPEUH TXH KD\DQ DSUHQGLGR HQ FODVH UHFLHQWHPHQWH (Q OD PHGLGD GH OR SRVLEOH FDGD WDUMHWD GHEHUi FRQWHQHU
LQIRUPDFLyQGLVWLQWDGHWRGDVODVGHPiV
8QDYH]OLVWDVODVWDUMHWDVVHGDUiFRPLHQ]RDOMXHJR/DVWDUMHWDVVHDJUXSDUiQPH]FODUiQ\UHSDUWLUiQHQWUHORVDOXPQRV
TXHVHVHQWDUiQHQHOVXHORIRUPDQGRXQFLUFXOR(OGRFHQWHDUURMDUiHORYLOORGHKLORDXQRGHORVDOXPQRVTXLHQOHHUiOD
LQIRUPDFLyQ TXH FRQWLHQH VX WDUMHWD \ DJUHJDUi WRGRV ORV GDWRV TXH SXHGD 6L QR UHFXHUGD QDGD DFHUFD GHO WHPD SRGUi
VROLFLWDUD\XGDDODOXPQRRDOXPQDTXHVHHQFXHQWUHDVXL]TXLHUGDRDVXGHUHFKD/XHJRGHTXHVHKD\DSURSRUFLRQDGROD
LQIRUPDFLyQDOJUXSRRWURVDOXPQRVSRGUiQOHYDQWDUODPDQRSDUDH[SOLFDUGHTXpPDQHUDVHUHODFLRQDHOWHPDFRQORVGDWRV
TXHFRQWLHQHQVXVWDUMHWDV(ODOXPQRTXHWLHQHHORYLOORHQURVFDUiHOH[WUHPRGHOKLORDOUHGHGRUGHXQRGHVXVGHGRV\OXHJR
ORDUURMDUiDDOJ~QDOXPQRGHORVTXHKD\DQOHYDQWDGRODPDQR(OVHJXQGRDOXPQRUHODFLRQDUiODLQIRUPDFLyQGHVXWDUMHWD
FRQODTXHVHKDPHQFLRQDGRDQWHV\DJUHJDUiGDWRVTXHRWURVDOXPQRVSXHGHQRIUHFHUVHSDUDFRPSOHWDU
'XUDQWH OD SULPHUD URQGD FDGD DOXPQR SDUWLFLSDUi \ UHFLELUi HO RYLOOR GH KLOR VRODPHQWH XQD YH] 3RGUiQ DJUHJDUVH
URQGDV DGLFLRQDOHV VL ORV DOXPQRV \ HO GRFHQWH OR FUHHQ QHFHVDULR (O KLOR TXH FRQHFWD D ORV SDUWLFLSDQWHV GHPXHVWUD GH
PDQHUD YLVXDO \FLQHVWpVLFDODVUHODFLRQHVTXHH[LVWHQHQWUHORVGLVWLQWRVHOHPHQWRVGHODLQIRUPDFLyQ\SURSRUFLRQDDORV
DOXPQRVXQDHQWUHWHQLGDDFWLYLGDGGHUHYLVLyQ
'XUDQWH HO GHVDUUROOR GHO MXHJR HO GRFHQWH SRGUi YDULDU HO PRGR GH LQWHUURJDFLyQ D ILQ GH SURPRYHU KDELOLGDGHV GH
SHQVDPLHQWRGHDOWRQLYHO/XHJRGHTXHKD\DQSDUWLFLSDGRVHLVRVLHWHDOXPQRVRGXUDQWHXQDVHJXQGDURQGD HOGRFHQWH
SRGUiVROLFLWDUDDOJ~QDOXPQRTXHVHxDOHODVGLIHUHQFLDVHQWUHODLQIRUPDFLyQLQFOXLGDHQVXWDUMHWD\ODTXHVHKDSUHVHQWDGR
KDVWD HVH PRPHQWR WDQWR VL HV FRUUHFWD FRPR LQFRUUHFWD \R TXH SUHVHQWH QXHYDV UHVSXHVWDV TXH VHDQ RULJLQDOHV H
LPDJLQDWLYDV(OMXHJRILQDOL]DFXDQGRWRGRVKDQSDUWLFLSDGR$OJXQRGHORVDOXPQRVSRGUiHQFDUJDUVHGHUHERELQDUHOKLORD
ILQGHXWLOL]DUORHQRWUDRFDVLyQ
(GXFDFLyQItVLFD
/DV DVRFLDFLRQHV GHSRUWLYDV \ HGXFDWLYDV SURSRQHQ UHGHILQLU HO FRQFHSWR GH HGXFDFLyQ ItVLFD (Q OXJDU GH FRQVLGHUDUOD XQD
DVLJQDWXUDTXHVHGLFWDHQHOJLPQDVLRWUHVRPiVYHFHVSRUVHPDQDPXFKRVGHHVWRVJUXSRVVRVWLHQHQTXHGHEHGHVDUUROODUVHXQD
SHUVSHFWLYD PiV DPSOLD SDUDHVWDiUHD(QHO&RPLWpGH/RJURGHOD$VRFLDFLyQ1DFLRQDOSDUDHO'HSRUWH\OD(GXFDFLyQ
)tVLFD GH ORV (VWDGRV 8QLGRV HVWDEOHFLy OD GHILQLFLyQ GH SHUVRQD ItVLFDPHQWH HGXFDGD 'LFKD GHILQLFLyQ GHVWDFD XQ DVSHFWR
IXQGDPHQWDOGHODLQWHOLJHQFLDFLQHVWpVLFDODLPSRUWDQFLDGHFRQRFHU\SDUWLFLSDUGHDFWLYLGDGHVGHSURPRFLyQGHODVDOXG$VtVH
GHILQLHURQFXDWURFDUDFWHUtVWLFDVSULQFLSDOHVGHODSHUVRQDItVLFDPHQWHHGXFDGD
8QDSHUVRQDItVLFDPHQWHHGXFDGDKDDSUHQGLGRODVKDELOLGDGHVQHFHVDULDVSDUDUHDOL]DUXQDJUDQYDULHGDGGHDFWLYLGDGHVItVLFDV
6HPXHYHDSOLFDQGRORVFRQFHSWRVGHFRQFLHQFLDFRUSRUDOFRQFLHQFLDHVSDFLDOHVIXHU]R\UHODFLRQHVGHPXHVWUDFRPSHWHQFLDHQ
XQDVHULHGHKDELOLGDGHVLQGLYLGXDOHV\JUXSDOHVSRVHHGRPLQLRGHDOJXQDVIRUPDVGHDFWLYLGDGItVLFD\KDDSUHQGLGRIRUPDVGH
DSUHQGHUQXHYDVKDELOLGDGHVItVLFDV
8QDSHUVRQDItVLFDPHQWHHGXFDGDVHHQFXHQWUDHQEXHQHVWDGRItVLFR\SXHGHHYDOXDUDOFDQ]DU\PDQWHQHUWDOHVWDGRGLVHxDQGR
SURJUDPDVSHUVRQDOHVTXHFRQWHPSOHQXQHQWUHQDPLHQWRDGHFXDGR\SULQFLSLRVRULHQWDGRUHV
8QDSHUVRQDItVLFDPHQWHHGXFDGDSDUWLFLSDUHJXODUPHQWHGHDFWLYLGDGHVGH SURPRFLyQ GH OD VDOXG DO PHQRV WUHV YHFHV SRU
VHPDQD\VHOHFFLRQD\OOHYDDFDERDFWLYLGDGHVItVLFDVGXUDQWHWRGDODYLGD
8QDSHUVRQDItVLFDPHQWHHGXFDGDLGHQWLILFDORVEHQHILFLRVFRVWRVREOLJDFLRQHV\IDFWRUHVGHULHVJR\VHJXULGDGLQKHUHQWHVDVX
DFWLYLGDG ItVLFD (VWD SHUVRQD FRQRFH ODV UHJODV HVWUDWHJLDV \ FRQGXFWDV DSURSLDGDV SDUD ODV DFWLYLGDGHV TXH KD HOHJLGR \
FRPSUHQGHTXHHOELHQHVWDULPSOLFDPXFKRPiVTXHFRQWDUFRQXQEXHQHVWDGRItVLFR$GHPiVUHFRQRFHUiTXHODSDUWLFLSDFLyQHQ
XQD DFWLYLGDG ItVLFD SURPXHYH OD FRQFLHQFLD PXOWLFXOWXUDO H LQWHUQDFLRQDO \ SURSRUFLRQD RSRUWXQLGDGHV SDUD OD UHFUHDFLyQ OD
DXWRH[SUHVLyQ\ODFRPXQLFDFLyQ
$PHGLGDTXHVHH[SDQGHODGHILQLFLyQGHHGXFDFLyQItVLFDVHGHVDUUROODXQVLJQLILFDWLYRWUDEDMRSDUDSHUIHFFLRQDUHOGHVHPSHxR
HQWDUHDVItVLFDVHVSHFtILFDV/RVSULQFLSDOHVLQYHVWLJDGRUHVTXHVHGHGLFDQDDVSHFWRVUHODFLRQDGRVFRQHOUHQGLPLHQWRItVLFRKDQ
DSUHQGLGRPXFKRDFHUFDGHODHGXFDFLyQRULHQWDGDDSHUIHFFLRQDUODVKDELOLGDGHVItVLFDV\DFDGpPLFDV8QREMHWLYRDGLFLRQDOTXH
GHVWDFDQSDUDODHGXFDFLyQItVLFDHVODQHFHVLGDGGHXQLyQGHOFXHUSR\ODPHQWHSDUDSURPRYHUWRGDKDELOLGDGItVLFD3DUWHGHHVWD
LQIRUPDFLyQVHH[SRQHHQHOFDStWXORGHGLFDGRDODLQWHOLJHQFLDLQWUDSHUVRQDO
(GXFDFLyQSRUODDYHQWXUD
/RV SURJUDPDV GH $SUHQGL]DMH GH DYHQWXUD TXH LQFOX\HQ SUHOLPLQDUHV UHFRUULGRV SRU FLUFXLWRV GH VRJDV QXHYRV MXHJRV R
DFWLYLGDGHVDODLUHOLEUHSURSRQHQDORVDOXPQRVGHVDItRVItVLFRV3HTXHxRVJUXSRVFRRSHUDWLYRVDERUGDQODVROXFLyQGHVLWXDFLRQHV
SUREOHPiWLFDV TXH HQWUDxDQ ULHVJRV ItVLFRV VRFLDOHV HPRFLRQDOHV \R LQWHOHFWXDOHV /RV SURPRWRUHV GH OD HGXFDFLyQ SDUD OD
DYHQWXUDVRVWLHQHQTXHODPD\RUSDUWHGHOFXUUtFXORHVFRODUHVLQQHFHVDULDPHQWHDEXUULGD\TXHXQDSUHQGL]DMHVLJQLILFDWLYRVyORVH
SURGXFHFXDQGRORVULHVJRV\ODVROXFLyQGHSUREOHPDVRFXSDQHOFHQWURGHOSURFHVR
(QHOFXUUtFXORGHDYHQWXUDLPSHUDHOVHQWLGRGHORLQVyOLWRGHORGUDPiWLFR\GHOVXVSHQVRORTXHVXHOHPDQLIHVWDUVHDWUDYpVGH
XQDGHWHUPLQDGDVLWXDFLyQWDOFRPRODVROXFLyQGHXQSUREOHPDHQODVHOYDHQXQEDUULRFDUHQFLDGRRGXUDQWHXQYLDMHHQFDQRD
/D DYHQWXUD VXUJH WDPELpQ HQ HO DXOD FXDQGR HO GRFHQWH FRQVWUX\H OD H[SHULHQFLD GH DSUHQGL]DMH SRU PHGLR GH OD PtVWLFD HO
VXVSHQVR \ OD H[SHFWDWLYD &XDQGR ORV DOXPQRV VXSHUDQ ORV GHVDItRV GH OD DYHQWXUD DSUHQGHQ DFHUFD GH ODV OLPLWDFLRQHV
DXWRLPSXHVWDV \ ODV SRWHQFLDOHV FDSDFLGDGHV FRQ TXH FXHQWDQ (Q HO WUDEDMR HQSHTXHxRVJUXSRVDSUHQGHQ WDPELpQDFHUFDGHOD
FRODERUDFLyQ \ FXDQGR VH HQIUHQWDQ D ORV PLHGRV D ORV FDPELRV \ D OD LQFHUWLGXPEUH GHVDUUROODQ LPSRUWDQWHV KDELOLGDGHV GH
VXSHUYLYHQFLDTXHHPSOHDUiQGXUDQWHWRGDODYLGD
$OJXQDVDFWLYLGDGHVGHDYHQWXUD
/D PD\RUtD GH ODV DFWLYLGDGHV GH DYHQWXUD WLHQH XQ IRUPDWR VLPLODU 6H SUHVHQWD OD DYHQWXUD D ORV DOXPQRV HO JUXSR HQIUHQWD HO
GHVDItR VH DQDOL]D OD H[SHULHQFLD \ VH JHQHUDOL]D HO KHFKR D ILQ GH ORJUDU XQD PD\RU FRPSUHQVLyQ DFHUFD GH Vt PLVPR \ GH ORV
GHPiV$FRQWLQXDFLyQSUHVHQWDPRVXQDDFWLYLGDGDGDSWDGDGHOOLEURGH5RKQNHOD3LUiPLGHGHGLH]SHUVRQDV
3LUiPLGHGHGLH]SHUVRQDV
8QD DFWLYLGDG GH OD HGXFDFLyQ SRU OD DYHQWXUD HV OD OODPDGD 3LUiPLGH GH GLH] SHUVRQDV 6XREMHWLYRFRQVLVWHHQFRQVWUXLUXQD
SLUiPLGH VLPpWULFD FRQXQJUXSRGHGLH]SHUVRQDVWDQUiSLGD\HILFD]PHQWHFRPRVHDSRVLEOH6HGHEHUiQREVHUYDUHVWDVFXDWUR
UHJODV
(QODPHGLGDGHORSRVLEOHHOJUXSRVHUiPL[WR
6HFRPHQ]DUiDFRQWDUHOWLHPSRHQHOPRPHQWRHQTXHVHKD\DDFDEDGRGHH[SOLFDUOD~OWLPDUHJOD\VHLQWHUUXPSLUiODFXHQWD
FXDQGR OD ~OWLPD SHUVRQD VH FRORTXH HQ HO YpUWLFH GH OD SLUiPLGH (O HMHUFLFLR VH OOHYDUi D FDER VREUH XQ SLVR EODQGR \
DFROFKDGRHQXQiPELWRLQWHULRURVREUHXQDVXSHUILFLHEODQGDDODLUHOLEUH
/D ~QLFD SLUiPLGH DFHSWDEOH VHUi DTXHOOD HQ OD TXH ORV SDUWLFLSDQWHV VH GLVWULEX\DQ GH DEDMR KDFLD DUULED VHJ~Q HO HVTXHPD
&DVLWRGRVORVJUXSRVVXHOHQDGRSWDUXQHQIRTXHIUHQpWLFRSDUDODVROXFLyQGHSUREOHPDV'HKHFKRORVJUXSRVSXHGHQUHVROYHU
HVWD DFWLYLGDG HQ FLQFR VHJXQGRV DFRVWiQGRVH HQ HO SLVR R IRUPDQGR XQD KLOHUD TXH FXPSOD FRQ OD FRQVLJQD VLQHPEDUJRHQHO
PRPHQWR GH OD UHIOH[LyQ ORV SDUWLFLSDQWHV DSUHQGHUiQ TXH HV QHFHVDULD XQD FXLGDGRVD SODQLILFDFLyQ SDUD DUULEDU D XQD VROXFLyQ
HILFD] 7DPELpQ SRGUiQ LQWHUFDPELDU RSLQLRQHV DFHUFD GH OD WRPD GH GHFLVLRQHV HO OLGHUD]JR \ OD FRODERUDFLyQ \ DERUGDU ODV
LQTXLHWXGHVLQGLYLGXDOHVTXHSXGLHUDQVXUJLU
$YHQWXUDVHQHODXOD
7DPELpQSXHGHQFUHDUVHDYHQWXUDVHQHODXOD/RVDOXPQRVSRGUtDQSODQWHDUVHWDUHDVWDOHVFRPRFRQVWUXLUXQHQWUHSLVRHQHODXOD
GH DFXHUGR FRQ GHWHUPLQDGRV UHTXLVLWRV GLVHxDU XQD KXHUWD \ VHPEUDU \ FRVHFKDU ODV YHUGXUDV TXH VH FRQVXPHQ HQ HO FRPHGRU
HVFRODU HVFULELU \ SRQHU HQ HVFHQD XQD REUD WHDWUDO DWUDFWLYD SDUD ORV DOXPQRV PiV SHTXHxRV R DSUHQGHU ORV FRQWHQLGRV
IXQGDPHQWDOHVGHXQiUHDFXUULFXODUHQXQSOD]RLJXDORLQIHULRUDGRVPHVHV/DLQWHJUDFLyQGHXQIDFWRUGHGHVDItRGHULHVJRGH
DFFLyQ\GHUHDOLGDGDOWUDEDMRHQHODXODOHDxDGHXQLQJUHGLHQWHQRYHGRVRTXHUHVXOWDHVSHFLDOPHQWHDWUDFWLYRSDUDORVDOXPQRV
TXHEXVFDQDYHQWXUD\PRYLPLHQWRHQVXYLGD
5HFUHRVGHHMHUFLFLR
/RV DOXPQRV VXHOHQ SHUPDQHFHU VHQWDGRV WUDV VXV PHVDV GXUDQWH SHUtRGRV SURORQJDGRV HQ SRVLFLRQHV TXH QR IDYRUHFHQ XQD
UHVSLUDFLyQDGHFXDGD\ QDWXUDO/DUHVSLUDFLyQSRFRSURIXQGDHVVXILFLHQWHSDUDFRQVHUYDUODYLGDSHURQRORHVSDUDPDQWHQHUHO
FXHUSR UHODMDGR \ OD PHQWH DOHUWD 8Q EUHYH UHFUHR GH HMHUFLFLR FRQ ODV YHQWDQDV DELHUWDV GH DSHQDV XQRV PLQXWRV GH GXUDFLyQ
SURSRUFLRQDUHQRYDGDDWHQFLyQ\HQHUJtD,QFOXVRSHUPLWHXQDPHMRUFRQFHQWUDFLyQ
/DV DFWLYLGDGHV FLQHVWpVLFDV TXH VH SUHVHQWDQ D FRQWLQXDFLyQ QR WLHQHQ SRU REMHWR UHIOHMDU FRQWHQLGRV DFDGpPLFRV VL ELHQ HQ
DOJXQRVFDVRVHOORHVSRVLEOH6XREMHWLYRFRQVLVWHHQSURSRUFLRQDUHQHUJtDDOVLVWHPDPHQWDOFRUSRUDO\GHHVWDIRUPDIDFLOLWDUHO
DSUHQGL]DMH GH ORV DOXPQRV 5HFRPHQGDPRV D ORV GRFHQWHV VHOHFFLRQDU \ SUDFWLFDU ORV HMHUFLFLRV DQWHV GH SUHVHQWDUORV D ORV
DOXPQRV
7HQ6KLQ*R6R
8QD DFWLYLGDG VLPSOH DXQTXH GH SRGHURVR HIHFWR VREUH OD FRQFHQWUDFLyQ ItVLFD \ PHQWDO VH GHQRPLQD 7HQ 6KLQ *R 6R (VWH
HMHUFLFLRHVXQGHVDUUROORFRQMXQWRGHPDHVWURVGH7DL&KL\$LNLGR
/RVPRYLPLHQWRVItVLFRVFXHQWDQXQDKLVWRULDHQODTXHVHSRQHHOSURSLRWDOHQWRDOVHUYLFLRGHORVGHPiV$OSULQFLSLRVHSRGUi
HQXQFLDUODVHFXHQFLDQDUUDWLYD\DTXHD\XGDDPHPRUL]DUODVHFXHQFLDGHPRYLPLHQWRV3HURVLDOJXLHQFRQVLGHUDTXHHOUHODWRHV
LQQHFHVDULR OR SRGUi RPLWLU 7HQ 6KtQ *R 6R EULQGD JUDQ HQHUJtD DO FXHUSR FDOPD \ RULHQWD OD DWHQFLyQ PHQWDO \ UHTXLHUH
DOUHGHGRUGHWUHVPLQXWRV
&RPHQ]DU GH SLH FRQ ORV SLHV HQ FRQWDFWR /D PDQR GHUHFKD URGHD DO GHGR SXOJDU GH OD PDQR L]TXLHUGD /D FDEH]D HVWi
LQFOLQDGDODPHQWHHVWiGHVSHMDGD\HQSD]6HFXHQFLDQDUUDWLYD+DVDVXPLGRODSRVLFLyQIHWDO
,QKDODU\DEULUORVSLHVHQXQDOtQHDFRQORVKRPEURV%DODQFHDUORVEUD]RVKDFLDDGHODQWH\KDFLDDWUiVFRQORVGHGRVGHODV
PDQRVFRPSOHWDPHQWHDELHUWRV6HFXHQFLDQDUUDWLYD(VWiVFHOHEUDQGRODYLGD
([KDODU\EDMDUORVEUD]RVGLEXMDQGRFRQHOORVODILJXUDGHXQDPRQWDxDRWULiQJXORHQHODLUHIUHQWHDVt5HODMDUORVKRPEURV
\EDMDUORVEUD]RVKDVWDFRORFDUORVGHWUiVGHODHVSDOGD6HFXHQFLDQDUUDWLYD&RQWHPSODVODVPRQWDxDVTXHHVFDODUiVHQODYLGD
,QKDODU\FRORFDUORVEUD]RVDODDOWXUDGHOSHFKRFRQODVPDQRVMXQWDV8QLUORVtQGLFHV\ORVSXOJDUHVHQWUHVtSDUDIRUPDUXQ
WULiQJXOR \ HOHYDU ORV EUD]RV 0LUDU D WUDYpV GHO WULiQJXOR PLHQWUDV VH FRQWLQ~D HPSXMDQGR KDFLD DUULED FRQ ODV SDOPDV GH ODV
PDQRV6HFXHQFLDQDUUDWLYD&RQWHPSODVHOFDPLQRTXHWUDQVLWDUiVGXUDQWHODYLGD
([WHQGHU ORV EUD]RV KDFLD DUULED \ OXHJR EDMDUORV ([KDODU \ PRYHU ORV EUD]RV KDFLD DWUiV \ KDFLD DEDMR LQFOLQDQGR HO WRUVR
OLJHUDPHQWH KDFLD DGHODQWH D PHGLGD TXH VH YD JDQDQGR HQHUJtD KDVWD TXH ODV PDQRV VH HQFXHQWUHQ D OD DOWXUD GH OD FLQWXUD
6HFXHQFLDQDUUDWLYD7HSUHSDUDVSDUDODVWDUHDVTXHOOHYDUiVDFDERHQODYLGD
,QKDODU\HOHYDUODVPDQRVXQLGDVSRUODVPXxHFDVFRQODVSDOPDVDELHUWDV\ORVGHGRVDSXQWDQGRKDFLDDEDMRKDVWDODDOWXUDGHO
SHFKR5RWDUORVEUD]RVGHVGHORVFRGRV\PDQWHQHUORVXQLGRV\H[WHQGLGRVHQDFWLWXGGHRIUHQGD6HFXHQFLDQDUUDWLYD&RORFDVWXV
WDOHQWRVDOVHUYLFLRGHORVGHPiV([KDODU\UHODMDU9ROYHUDODSRVLFLyQLQLFLDOFRQODFDEH]DOLJHUDPHQWHLQFOLQDGDHOSXOJDU
L]TXLHUGRGHQWURGHODPDQRGHUHFKDORVSLHVMXQWRVORVKRPEURVUHODMDGRV\ODPHQWHHQSD]6HFXHQFLDQDUUDWLYD'HVFDQVDVGH
WXVHVIXHU]RV
$OJXQRVGRFHQWHVHPSOHDQ7HQ6KLQ*R6RDOFRPHQ]DUODFODVHSDUD
FRQFHQWUDUODVHQHUJtDVGHORVDOXPQRVRGXUDQWHODFODVH
SDUDSURSRUFLRQDUOHVXQDPHUHFLGDVHVLyQGHHVWLUDPLHQWR/DHQXQFLDFLyQGHODVOtQHDVQDUUDWLYDVSHUPLWHLQFRUSRUDUODVHFXHQFLD
GH PRYLPLHQWRV D OD PHPRULD ODV SULPHUDV YHFHV TXH VH ORV UHDOLFH 1R REVWDQWH XQD YH] TXH VH GRPLQD HO SURFHVR HV PHMRU
GHVDUUROODUORHQVLOHQFLR
/RVRFKRWHVRURV
$FRQWLQXDFLyQVHGHVFULEHQDOJXQRVDQWLJXRVHMHUFLFLRVSUHSDUDWRULRVGH7DL&KLOODPDGRV/RVRFKRWHVRURV(VWRVHMHUFLFLRV
KDQ VLGR HPSOHDGRV HQ &KLQD SRU SHUVRQDV GH WRGDV ODV HGDGHV GXUDQWH FLHQWRV GH DxRV 5HVXOWDQ DSURSLDGRV SDUD WUDEDMDU FRQ
DOXPQRVGHWRGDVODVHGDGHVDOFRPLHQ]RGHODMRUQDGDHVFRODUDILQGHGHVSHUWDUODPHQWH\HOFXHUSRHQORVPRPHQWRVHQTXHOD
DWHQFLyQGHOJUXSRVHGLVSHUVD\OXHJRGHODOPXHU]RFXDQGRODHQHUJtDGLVPLQX\H
6RVWHQHU HO FLHOR FRQ ODV PDQRV 6H FRPHQ]DUi LQFOLQDQGR HO WRUVR KDFLD DGHODQWH FRQ ODV URGLOODV OLJHUDPHQWH
IOH[LRQDGDV(QWUHOD]DUORVGHGRVGHODVPDQRVFRPRSDUDIRUPDUXQDFDQDVWD\FRPHQ]DUJUDGXDOPHQWHDHQGHUH]DUHOWRUVR
LQKDODQGRSURIXQGDPHQWH&XDQGRODVPDQRVVHHQFXHQWUHQDODDOWXUDGHODFLQWXUDURWDUODVSDOPDVKDFLDDUULEDFRQWLQXDU
HOHYDQGRORVEUD]RVKDVWDHVWLUDUORVFRPSOHWDPHQWHSRUVREUHODFDEH]D\VHJXLUHPSXMDQGRKDFLDDUULEDFRQODVSDOPDVGH
ODVPDQRV$XQTXHVHVLHQWDQORVSXOPRQHVOOHQRVGHDLUHVHLQWHQWDUiOOHQDUORVD~QPiV6HSDUDUODVPDQRVEDMDUORVEUD]RV
\UHSHWLU
'LVSDUDUHODUFRKDFLDODL]TXLHUGD\KDFLDODGHUHFKD&RQORVSLHVSDUDOHORVDXQDGLVWDQFLDHTXLYDOHQWHDODQFKRGHORV
KRPEURVIOH[LRQDUODVURGLOODV\VRVWHQHUXQDUFRLPDJLQDULRFRQXQDPDQR&RORFDUXQDIOHFKDLPDJLQDULDHQpOFRQODRWUDPDQR
\WHQVDUODFXHUGDSRUVREUHHOSHFKRLQKDODQGRSURIXQGDPHQWHWRGRHOWLHPSR5HSHWLUHOPRYLPLHQWRKDFLDHORWURODGR
(OHYDU ODV PDQRV VHSDUDGDV FRQ XQD GH ODV SDOPDV KDFLD DUULED \ OD RWUD KDFLD DEDMR(OHYDU DPEDV PDQRV VREUH OD
FDEH]DXQDFRQODSDOPDKDFLDDUULED\ODRWUDFRQODSDOPDKDFLDHOVXHOR(VWLUDUVHUHVSLUDQGRSURIXQGDPHQWH\OXHJRLQYHUWLUOD
SRVLFLyQGHODVPDQRV\UHSHWLU
0LUDUKDFLDDWUiVSRUVREUHHOKRPEUR*LUDUOHQWDPHQWHODFDEH]DKDFLDXQODGR\DEULUELHQORVRMRVSDUDPLUDUKDFLD
DWUiV,QKDODUOHQWDPHQWH\H[KDODUPLHQWUDVODFDEH]DYXHOYHDOIUHQWH5HSHWLUHOPRYLPLHQWRVREUHHORWURKRPEUR
$SUHWDUORVSXxRV\PLUDUFRQHQRMR6HSDUDUORVSLHVDXQDGLVWDQFLDHTXLYDOHQWHDODQFKRGHORVKRPEURVIOH[LRQDUODV
URGLOODV\FHUUDUORVSXxRVVREUHHOSHFKR([WHQGHUXQRGHHOORVKDFLDDGHODQWHH[KDODU\HQWUHFHUUDUORVRMRV,QKDODUFXDQGRHO
SXxRYXHOYHDOSHFKR\UHSHWLUHOPRYLPLHQWRFRQHORWURSXxR6HUiQHFHVDULRTXHORVDOXPQRVVHXELTXHQDODPD\RUGLVWDQFLD
SRVLEOHXQRVGHRWURVSDUDHVWHHMHUFLFLRDILQGHTXHQDGLHPLUHFRQHQRMRDRWUR
6DOWR OLYLDQR 6DOWDU \ FDHU VXDYHPHQWH VREUH ODV SXQWDV GH ORV SLHV GLH] YHFHV 6L VH SURSRQH D ORV DOXPQRV TXH VH
LPDJLQHQVDOWDQGRVREUHXQDQXEHHOGRFHQWHVHVRUSUHQGHUiDQWHORVLOHQFLRVDTXHUHVXOWDODDFWLYLGDG
6DFXGLU OD FDEH]D \ PRYHU OD FROD&RQ ORV SLHV VHSDUDGRV D XQD GLVWDQFLD HTXLYDOHQWH DO DQFKR GH ORV KRPEURV UHDOL]DU XQ
PRYLPLHQWRFLUFXODUFRQHOWRUVRH[KDODQGRDOGHVSOD]DUVHKDFLDXQODGRHLQKDODQGRDOOOHJDUDOODGRRSXHVWR5HSHWLUYDULDVYHFHV
\OXHJRUHDOL]DUORVJLURVHQODGLUHFFLyQRSXHVWD
7RFDUODVSXQWDV GHORVSLHVFRQODVGRVPDQRV)OH[LRQDUHOWRUVRKDFLDDGHODQWH\GHMDUFDHUORVEUD]RVVLQWHQVLRQDUORV
)OH[LRQDU OLJHUDPHQWH ODV URGLOODV \ WUDWDU GH WRFDU ORV GHGRV GH ORV SLHV ROOHJDUWDQDEDMRFRPRVHSXHGDVLQWHQVDUODHVSDOGD
,QKDODUSURIXQGDPHQWHPLHQWUDVVHUHFXSHUDOHQWDPHQWHODSRVLFLyQYHUWLFDO
3RGUiUHDOL]DUVHWRGDODVHFXHQFLDGHHMHUFLFLRVRVyORDOJXQRVSRUYH]
3URGXFHQUHVXOWDGRVVRUSUHQGHQWHVHQFXDQWRDUHODMDFLyQFRUSRUDO\FRQFHQWUDFLyQPHQWDO
6DOLGDVGHFDPSR
/DVVDOLGDVGH FDPSRELHQSODQLILFDGDVSURSRUFLRQDQH[SHULHQFLDVVLJQLILFDWLYDVGHDSUHQGL]DMHSDUDODPD\RUtDGHORV
DOXPQRVHVSHFLDOPHQWHVLVHODVLQWHJUDFRQFRQWHQLGRVWUDEDMDGRVHQHODXOD7DQWRXQDFDPLQDWDSDUDREVHUYDUOD
QDWXUDOH]DFRPRXQDYLVLWDJXLDGDDXQPXVHRRXQSURJUDPDGHLQWHUFDPELRLQWHUQDFLRQDOEULQGDQRSRUWXQLGDGHVGH
DSUHQGL]DMHH[SHULHQFLD\FRQFUHWR/RVFDPSDPHQWRV\YLDMHVGHHVWXGLRVDUHJLRQHVIXHUDGHOFLUFXLWRWXUtVWLFR\ODV
YLVLWDVDHPSUHVDVRUJDQL]DFLRQHVFXOWXUDOHV\FHQWURVGH LQYHVWLJDFLyQFRQVWLWX\HQH[SHULHQFLDVTXHUHYLWDOL]DQHO
DSUHQGL]DMH
$TXHOORV DOXPQRV TXH SUHVHQWDQ HVFDVR LQWHUpV SRU HO WUDEDMR GHO DXOD VXHOHQ PRVWUDUVH DOWDPHQWH PRWLYDGRV SDUD UHFRSLODU
LQIRUPDFLyQGXUDQWHXQDVDOLGDGHFDPSR\SDUDSUHVHQWDUODOXHJRHQIRUPDWRGHLQIRUPHDXGLRYLVXDOREDVHGHGDWRVRELHQSDUD
XWLOL]DUODFRPRSXQWRGHSDUWLGDHQXQSUR\HFWRGHLQYHVWLJDFLyQ
3DUDTXHXQDH[FXUVLyQVHDH[LWRVDVHGHEHUiQSODQLILFDUFXLGDGRVDPHQWHORVREMHWLYRVGHDSUHQGL]DMH\VHORVGHEHUiH[SOLFLWDUD
ORVDOXPQRV
&XDQGRORVDOXPQRVLJQRUDQORVREMHWLYRVVXHOHQUHVWDUYDORUDODVVDOLGDVGHFDPSRSRUFRQVLGHUDUODVPHUDPHQWHUHFUHDWLYDV(Q
FDPELRVLORVDOXPQRVSDUWLFLSDQGHODHODERUDFLyQGHDFWLYLGDGHVSUHSDUDWRULDV\GHHYDOXDFLyQGHODWDUHDFRQVHJXLUiQDSUHFLDU
HOYDORUGHODSUHQGL]DMHDFWLYR\UHDO
'HELGR D TXH PXFKDV HVFXHODV VXHOHQ OLPLWDU HO Q~PHUR GH VDOLGDV GH FDPSR SRU PRWLYRV SUHVXSXHVWDULRV X RUJDQL]DWLYRV FRQ
IUHFXHQFLD ORV GRFHQWHV GHEHQ GLVHxDU IRUPDV FUHDWLYDV SDUD H[SDQGLU HO DSUHQGL]DMH GHQWUR GH ODV FXDWUR SDUHGHV GHO DXOD 8QD
GRFHQWHGHLGLRPDDOHPiQRUJDQL]yFDPLQDWDVVHPDQDOHVGXUDQWHODVFXDOHVORVDOXPQRVVHFRPXQLFDEDQHQDOHPiQHPSOHDEDQHO
YRFDEXODULRTXHFRQRFtDQSDUDQRPEUDUREMHWRVGHVXHQWRUQRHLQFOXVR FRQMXJDEDQYHUERVDULWPRGHPDUFKDPLHQWUDVWUDQVLWDEDQ
SRUODFDOOH
8QD GRFHQWH GH DUWH HQ HO QLYHO GH HQVHxDQ]D EiVLFD UHDOL]D VDOLGDV SHULyGLFDV FRQ VXV DOXPQRV SDUD UHFROHFWDU H PDWHULDO TXH
HPSOHDUiQ HQ SUR\HFWRV HQ HO DXOD WDOORV JUXHVRV GHSDVWRVODUJRVSDUDUHDOL]DUHQWUHWHMLGRVSLHGUDVSDUDSLQWDUUDPLWDV\RWURV
REMHWRV LQFOX\HQGR PDWHULDO GH GHVHFKR SDUD FRQVWUXLU PyYLOHV \ GLYHUVDV KRMDV IORUHV \ WUR]RV GH FRUWH]D SDUD UHDOL]DU
LPSUHVLRQHV\FUHDUWH[WXUDV
8QGRFHQWHGHP~VLFDHQHO QLYHOGHHQVHxDQ]DEiVLFDVDOHFRQVXVDOXPQRVOXHJRGHXQDWRUPHQWDDUHFROHFWDUUDPDVFDtGDVGHORV
iUEROHV TXH OXHJR VH FRUWDQ R GLYLGHQ SDUD XWLOL]DUFRPRWRFWRFV&DGDDOXPQRFRQVWUX\HVXSURSLRSDUGHSDOLOORV\ORVXWLOL]D
UHJXODUPHQWHSDUDDSUHQGHUULWPRVSRUPHGLRGHODSHUFXVLyQ
7DQWR HQ iUHDV XUEDQDV VXEXUEDQDV FRPR UXUDOHV ODV FDPLQDWDV R ODV H[FXUVLRQHV UHDOL]DGDV HQ XQ PHGLR GH WUDQVSRUWH
SURSRUFLRQDQ XQD JUDQ YDULHGDG GH RSRUWXQLGDGHV SDUD OOHYDU D FDER H[SHULHQFLDV HQ ODV iUHDV GH FLHQFLDV QDWXUDOHV VRFLDOHV \
OHQJXD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDFLQHVWpVLFD
$SUHQGHU SRU PHGLR GH OD WHFQRORJtD FRQVWLWX\H XQ SURFHVR VXPDPHQWH DFWLYR H LQWHUDFWLYR FXDQGR VH OR GHVDUUROOD GH PDQHUD
DSURSLDGD (O PDQHMR GH OD FRPSXWDGRUD UHTXLHUH IXQGDPHQWDOPHQWH XQD SUHFLVD FRRUGLQDFLyQ yFXORPDQXDO SDUD XWLOL]DU HO
WHFODGRHOPRXVHRODSDQWDOODLQWHUDFWLYD(VWDDFWLYLGDGFLQHVWpVLFDUHIXHU]DORVFRQWHQLGRVLQFRUSRUDGRV\SHUPLWHDODOXPQRXQD
SDUWLFLSDFLyQDFWLYDHQHOSURFHVRGHDSUHQGL]DMH
/DSRSXODULGDGGHORVMXHJRVGHYLGHRVHGHEHDTXHH[LJHQXQFRPSURPLVRWRWDOSRUSDUWHGHOMXJDGRU\XQDJUDQFDSDFLGDGGH
UHVSXHVWD ItVLFD SDUD ORV GHVDItRV TXH SURSRQHQ -XHJRV WDOHV FRPR 3RQJ \ %UHDNRXW IXHURQ ORV SULPHURV HQ SRQHU GH
PDQLILHVWR HO DWUDFWLYR GH HVWD FODVH GH WHFQRORJtD /XHJR VXUJLy 7HWULV GLVHxDGR SRU $OH[H\ 3DMLWQRY XQ PDWHPiWLFR UXVR
LQYHVWLJDGRU HQ HO FDPSR GH OD LQWHOLJHQFLD DUWLILFLDO \ PLHPEUR GH OD $FDGHPLD GH &LHQFLDV GH OD 8566 HQ OD DFWXDOLGDG HV
FRPHUFLDOL]DGR SRU $SSOH VRIWZDUH 'HPDQGD XQD UiSLGD WRPD GH GHFLVLRQHV \ JUDQ FRRUGLQDFLyQ yFXORPDQXDO MXQWR FRQ XQD
YHOR]HYDOXDFLyQGHSRVLEOHVKLSyWHVLV
6LQGXGDHVHVWDFODVHGHGHVDItRRULHQWDGRDODDFFLyQHOTXHFRQVLJXHPRWLYDUDDTXHOORVDOXPQRVTXHVHPXHVWUDQDEXUULGRVHQ
ODV FODVHV FRQYHQFLRQDOHV GH PDWHPiWLFD DXQ FXDQGR VXV GHPDQGDV HQ WpUPLQRV GH SHQVDPLHQWR HVSDFLDO \ OyJLFR VHDQ ODV
PLVPDV
$OJXQRVSURJUDPDVYLUWXDOHVSHUPLWHQDORVDOXPQRVH[SHULPHQWDUVLWXDFLRQHVQRKDELWXDOHVHQODYLGDFRWLGLDQD/DREVHUYDFLyQ\
VROXFLyQ GH SUREOHPDV HQ XQD SODQWD QXFOHDU HO VXUJLPLHQWR GH QXHYDV IRUPDV GH YLGD HO FRQWURO GH GLIHUHQWHV YHKtFXORV \
PiTXLQDVRHOGHVDUUROORGHODVHUDVJHROyJLFDVHQULTXHFHQHOSURFHVRGHDSUHQGL]DMHHQHODXOD
/DWHFQRORJtDPXOWLPHGLDWDPELpQLQFOX\HXQDOWRJUDGRGHDFWLYLGDGItVLFD\DTXHHVQHFHVDULRUHFRSLODULQIRUPDFLyQSURYHQLHQWH
GH EDVHV GH GDWRV OLEURV \ IRWRJUDItDV JHQHUDU QXHYD LQIRUPDFLyQ SRU PHGLR GH YLGHRFiPDUDV \ ILQDOPHQWH RUJDQL]DUOD
HOHFWUyQLFDPHQWHSRUPHGLRGHSURJUDPDVKLSHUPHGLD<HVHYLGHQWHTXHODILOPDFLyQGHSUHVHQWDFLRQHVGUDPiWLFDVRSURJUDPDV
GHGDQ]DWDPELpQLQFOX\H\HMHUFLWDODLQWHOLJHQFLDFLQHVWpVLFD
6KLUOH\ 5LULH \ -RDQ :RREXU\ FRGLUHFWRUDV GH OD &RPSDxtD GH 'DQ]D 5LULH:RRGEXU\ HQ 6DOW /DNH &LW\ ((88 KDQ
GHVFXELHUWR HVWLPXODQWHV DSOLFDFLRQHV GH OD WHFQRORJtD HQ OD HQVHxDQ]D GH OD GDQ]D 8WLOL]DQ WUDQVSDUHQFLDV JHQHUDGDV SRU
FRPSXWDGRUDSDUDHQULTXHFHUXQDFRUHRJUDItDRILOPDQXQDVHFXHQFLDHQIRUPDWRGHYLGHRODHGLWDQLQPHGLDWDPHQWH\ODSUR\HFWDQ
HQ XQD SDQWDOOD TXH VH HQFXHQWUD GHWUiV GH ORV EDLODULQHV (VWH HVWLOR GH FRODERUDFLyQ HQWUH HO FRUHyJUDIR HO FDPDUyJUDIR \ ORV
EDLODULQHV GD RULJHQ D XQD IRUPD GH GDQ]D FRPSOHWDPHQWH QXHYD /DV SURGXFFLRQHV GUDPiWLFDV WDPELpQ KDQ LQFRUSRUDGR HVWDV
FRPELQDFLRQHV GH WHFQRORJtD \ DFWLYLGDG ItVLFD 3RU HMHPSOR HQ XQD SURGXFFLyQ UHFLHQWH GH 0DFEHWK DSDUHFtD HQ HVFHQD XQ
KRORJUDPDLPDJHQJHQHUDGDSRUOiVHUTXHSDUHFHIORWDUHQHODLUHGH%DQTXRHQWUHORVDFWRUHV
(QXQDpSRFDHQTXHODWHFQRORJtDIDFLOLWDODSRVLELOLGDGGHTXHQRVWUDQVIRUPHPRVHQREVHUYDGRUHVSDVLYRVRVLPSOHVUHFHSWRUHV
GH LQIRUPDFLyQ QR VyOR HV SRVLEOH VLQR WDPELpQ HVHQFLDO ORJUDU TXH ORV DOXPQRV VHDQ SDUWtFLSHV DFWLYRV GHO DSUHQGL]DMH VHJ~Q
TXHGDGHPRVWUDGRHQORVHMHPSORVSUHFHGHQWHV
5HVXPHQ
6LQRVVROLFLWDQTXHUHFRUGHPRVXQDH[SHULHQFLDHGXFDWLYDODPD\RUtDGHQRVRWURVPHQFLRQDUiXQDFODVHHQODTXHQRVKD\DPRV
VHQWLGRSDUWtFLSHVGLUHFWRVXQDDFWLYLGDGTXHKD\DHVWLPXODGRQXHVWURVVHQWLGRVTXHQRVKD\DSURSRUFLRQDGRDSUHQGL]DMHDFWLYR\
TXHQRVKD\DHQULTXHFLGRFRQQXHYRVVLJQLILFDGRVRSHUVSHFWLYDV'LFKRDSUHQGL]DMHVHSURGXFHFLQHVWpVLFDPHQWHFXDQGRODPHQWH
HVWi HQ FRQGLFLRQHV GH UHFRUGDU FRQ SUHFLVLyQ DTXHOOR TXH HO FXHUSR H[SHULPHQWD (Q VX OLEUR $ 0RYLQJ ([SHULHQFH 8QD
H[SHULHQFLDPRYLOL]DGRUD7HUHVD%HQ]ZLHH[SOLFD
&XDQWRPiVVDEHPRVDFHUFDGHODHGXFDFLyQ\GHODPDQHUDHQTXHHOFHUHEURSURFHVDODLQIRUPDFLyQHQPD\RUPHGLGD
FRPSUHQGHPRVTXHHOPRYLPLHQWRHVIXQGDPHQWDOSDUDHODSUHQGL]DMH6LQ HPEDUJRWHQGHPRVDLQPRYLOL]DUDORVQLxRVGHWUiVGH
XQSXSLWUHHQOXJDUGHXWLOL]DUHOSRWHQFLD£GHVXWUHPHQGDYLWDOLGDGQDWXUDO3DUDFRPSUHQGHUVtPERORVWDOHVFRPROHWUDV\
Q~PHURVRFRQFHSWRVHQHOFDPSRGHDFLHQFLD\ORVHVWXGLRVVRFLDOHVORVQLxRVQRVyORSXHGHQHPSOHDUORVRMRV\ORVRtGRVVLQR
WRGRVXVHU(OQLxRH[SHULPHQWDODVQRFLRQHVGHGLVWDQFLDRFHUFDQtDGHVGHODSHUVSHFWLYDGHOSURSLRFXHUSR(VSRUPHGLRGHWDOHV
UHODFLRQHVTXHODVDEVWUDFFLRQHVVHYXHOYHQPiVFRQFUHWDV\HODSUHQGL]DMHVHWUDQVIRUPDHQXQSURFHVRLQWHUQR
(QHVWHFDStWXORVHKDQGHVWDFDGRXQDVHULHGHHVWUDWHJLDVGLGiFWLFDVDFWLYDVTXHSXHGHQLQFRUSRUDUVHIiFLOPHQWHDODWDUHDGHODXOD
$ PXFKRV DOXPQRV TXH QR FRQVLJXHQ DOFDQ]DU ORJURV GH DSUHQGL]DMH SRU PpWRGRV WUDGLFLRQDOHV OHV UHVXOWD PiV VHQFLOOR
FRPSUHQGHU\UHFRUGDUDEVWUDFFLRQHVFRPSOHMDVGHPDQHUDFLQHVWpVLFD
&RQHOREMHWRGHUHIOH[LRQDUDFHUFDGHODVHVWUDWHJLDVHLGHQWLILFDUODVPiVDSURSLDGDVSDUDVXDSOLFDFLyQHQHODXODGHOHGXFDGRU
RIUHFHPRVXQDDGHFXDGDJXtD
&$3Ë78/2
7RGRVVRPRVDUWLVWDVLQWHOLJHQFLDYLVXDOHVSDFLDO
'HVFXEUtTXHKDEtDFRVDVTXHSRGtDH[SUHVDUSRUPHGLRGHOFRORU\GHODIRUPDSDUDODVFXDOHVQRWHQtDSDODEUDV
*(25*,$2
.(()(
/DKLVWRULDGH6DUDK
6DUDK FDUHFtD GH PRWLYDFLyQ VH VHQWtD LQVDWLVIHFKD FRQ VX WDUHD HVFRODU \ HQWUHJDED WUDEDMRV TXH QR UHIOHMDEDQ VXV YHUGDGHUDV
DSWLWXGHV
/D~QLFDiUHDHQODTXHVHGHVWDFDEDHUDHOGLEXMRVLELHQPX\SRFDVWDUHDVGHODXODUHTXHUtDQGHVXVKDELOLGDGHV6DUDKVHYHtD
REOLJDGD D GLEXMDU D HVFRQGLGDV \ DGRUQDED ORV PiUJHQHV GH VXV WUDEDMRV FRQ DELJDUUDGRV GLVHxRV DUWtVWLFRV R OOHQDED KRMDV GH
SDSHO FRQ LOXVWUDFLRQHV FRPSOHMDV &RQ IUHFXHQFLD ORV GRFHQWHV GHEtDQ SHGLUOH TXH VH DEVWXYLHUD GH GLEXMDU \ SUHVWDUD PiV
DWHQFLyQ
'XUDQWH ORV SULPHURV DxRV GH HQVHxDQ]D EiVLFD 6DUDK HUD FRQVLGHUDGD XQD DOXPQD LQTXLHWD \ SHUWXUEDGRUD DGHPiV FDVL QXQFD
UHFRUGDEDORTXHKDEtDHVWXGLDGRGHXQGtDSDUDRWUR&XDQGRFXUVDEDTXLQWRDxRVXGRFHQWHDGYLUWLyTXHVLOHSHUPLWtDD6DUDK
GLEXMDUGXUDQWHODFODVHQRVyORSHUPDQHFtDFDOODGDVLQRTXHSUHVWDEDPiVDWHQFLyQDOPDWHULDOTXHVHHVWDEDWUDEDMDQGR$OJXQDV
YHFHVLQFOXVROHYDQWDEDODPDQRSDUDUHVSRQGHUSUHJXQWDV\UHFRUGDEDODLQIRUPDFLyQGHPDQHUDSUHFLVD
8QGtDPLHQWUDVKDEODEDFRQODGRFHQWHDFHUFDGHXQDXQLGDGGHFLHQFLDVQDWXUDOHVGHGLFDGDDODHVWUXFWXUDGHOD7LHUUD6DUDK
HQWXVLDVPDGD OH PRVWUy XQ GLEXMR TXH KDEtD KHFKR GXUDQWH OD FODVH GH OD PDxDQD $OOt HQ XQ OHQJXDMH YLVXDO TXH KDEtD
GHVDUUROODGR\TXHVyORHOODFRPSUHQGtDDSDUHFtDQLPiJHQHVTXHUHSUHVHQWDEDQHOQ~FOHRGHOD7LHUUDHOPDQWR\ODFRUWH]DFRQ
ODVFDUDFWHUtVWLFDV\SURSRUFLRQHVFRUUHVSRQGLHQWHVRUJDQL]DGDVGHDFXHUGRFRQXQFyGLJRDUWtVWLFR/RVGLEXMRVGH6DUDKKDEtDQ
FDSWXUDGRODHVHQFLDPLVPDGHOWHPD
6LHPSUH TXH 6DUDK SXGLHUD GLEXMDU GLVHxDU JUiILFRV R VLPEROL]DU YLVXDOPHQWH OD LQIRUPDFLyQ HO DSUHQGL]DMH FREUDED YLGD SDUD
HOOD 3RVHtD KDELOLGDGHV FRJQLWLYDV GLIHUHQWHV TXH OH SHUPLWtDQ YLVXDOL]DU OD LQIRUPDFLyQ \ VLQWHWL]DU GDWRV \ FRQFHSWRV SDUD
WUDQVIRUPDUORVHQPHWiIRUDVYLVXDOHV(VWDVFDSDFLGDGHVVHxDODQDOJXQRVGHORVFRPSRQHQWHVGHODLQWHOLJHQFLDYLVXDOHVSDFLDO
'HILQLFLyQLQWHOLJHQFLDYLVXDOHVSDFLDO
/DVLPiJHQHVYLVXDOHVFRQVWLWX\HQXQPHGLRSDUDFRQRFHUHOPXQGRPXFKRPiVDQWLJXRTXHHOVLPEROLVPROLQJtVWLFR/RVUHVWRV
IyVLOHVLQGLFDQTXHPXFKRDQWHVGHTXHKXELHUDQHYROXFLRQDGRORVPHFDQLVPRVKXPDQRVSDUDHOKDEODORVyUJDQRVGHODYLVLyQVH
HQFRQWUDEDQDOWDPHQWHGHVDUUROODGRV\VHUYtDQFRPRLPSRUWDQWHVKHUUDPLHQWDVGHFRQRFLPLHQWR SDUDORVSULPHURVVHUHVKXPDQRV
/D LQWHOLJHQFLD YLVXDOHVSDFLDO LQVSLUy ODV SULPHUDV PDQLIHVWDFLRQHV JUiILFDV KXPDQDV 'XUDQWH OD pSRFD GH OD JODFLDFLyQ HQWUH
\ DxRV D& ORV KDELWDQWHV GH ODV FDYHUQDV HQ )UDQFLD (VSDFLD ÈIULFD \ (VFDQGLQDYLD UHDOL]DURQ GLEXMRV GH
DQLPDOHV\HVFHQDVTXHUHIOHMDEDQVXVH[SHULHQFLDV(VWDVLPiJHQHVSLFWyULFDVROLHURQOXJDUDOSRVWHULRUGHVDUUROORGHODHVFULWXUD\
OD PDWHPiWLFD (O OHQJXDMH HYROXFLRQy D SDUWLU GH ODV LPiJHQHV \ ORV SLFWRJUDPDV KDVWD FyGLJRV VLPEyOLFRV FDGD YH] PiV
DEVWUDFWRV(QODDFWXDOLGDGODPD\RUtDGHORVSURJUDPDVHGXFDWLYRVGHVWDFDODLPSRUWDQFLDGHORVVtPERORVDEVWUDFWRVHQODViUHDV
GHOHFWXUDHVFULWXUD\DULWPpWLFDSHURVXHOHRPLWLURWURVDVSHFWRVGHDLQWHOLJHQFLDYLVXDOHVSDFLDO
/D LQWHOLJHQFLD YLVXDOHVSDFLDO FRPSUHQGH XQD VHULH GH KDELOLGDGHV DILQHV TXH LQFOX\HQ GLVFULPLQDFLyQ YLVXDO UHFRQRFLPLHQWR
SUR\HFFLyQ LPDJHQ PHQWDO UD]RQDPLHQWR HVSDFLDO PDQHMR \ UHSURGXFFLyQ GH LPiJHQHV LQWHUQDV R H[WHUQDV DOJXQDV GH HVWDV
KDELOLGDGHV R WRGDV HOODV SXHGHQ PDQLIHVWDUVH HQ XQD PLVPD SHUVRQD (Q LQGLYLGXRV FRPR /HRQDUGR GD 9LQFL OD LQWHOLJHQFLD
YLVXDOHVSDFLDOVHH[SUHVDHQJUDQGHVREUDVGHDUWH2WURVFRPR1HZWRQYLVXDOL]DQHOXQLYHUVRFRPRXQPHFDQLVPRFRPSXHVWR
SRUGLIHUHQWHVSDUWHVLQWHUUHODFLRQDGDV\ODLQWHOLJHQFLDYLVXDOHVSDFLDOVHSRQHGHPDQLILHVWRHQXQDVXWLOLPDJHQLQWHULRU
6LELHQODYLVXDOL]DFLyQHVIXQGDPHQWDOSDUDODLQWHOLJHQFLDHVSDFLDOQRVHHQFXHQWUDGLUHFWDPHQWHUHODFLRQDGDFRQHOVHQWLGRGHOD
YLVWD\GHKHFKRSXHGHDOFDQ]DUXQDOWRJUDGRGHGHVDUUROORHQLQGLYLGXRVFLHJRV(QHVWHFDStWXORGHILQLPRVDHVWDLQWHOLJHQFLD
WDQWRYLVXDOFRPRHVSDFLDO\DTXHODVSHUVRQDVSHUFLEHQ\SURFHVDQODLQIRUPDFLyQSRUPHGLRGHDPEDVPRGDOLGDGHV
(QODVDXODVGH HQVHxDQ]DEiVLFD\SROLPRGDOPXFKRVDOXPQRVRULHQWDGRVDODSUHQGL]DMHYLVXDOWLHQHQXQDUHVSXHVWDIDYRUDEOHD
HVWtPXORV FRPR SHOtFXODV SURJUDPDV GH WHOHYLVLyQ GLDSRVLWLYDV DILFKHV JUiILFRV GLDJUDPDV FRPSXWDGRUDV \ PDWHULDOHV
RUJDQL]DGRV VHJ~Q XQ FyGLJR GH FRORUHV 0iV DOOi GH OD REVHUYDFLyQ HO DSUHQGL]DMH WDPELpQ SXHGH SURPRYHUVH SRU PHGLR GH
KHUUDPLHQWDV YLVXDOHV FRPR FRPSXWDGRUDV WHOHVFRSLRV YLGHRFiPDUDV SODQWLOODV VLJQRV UHFXUVRV DUWtVWLFRV \ HOHPHQWRV SDUD
UHDOL]DU FRQVWUXFFLRQHV \ ERFHWRV $OJXQRV DOXPQRV RULHQWDGRV DO DSUHQGL]DMH YLVXDO VXHOHQ HQFRQWUDU VROXFLRQHV SURSLDV \ QR
FRQYHQFLRQDOHVSDUDSUREOHPDVDUWtVWLFRVSRUPHGLRGHKHUUDPLHQWDVTXHOHVSHUPLWHQH[SUHVDUVXSDUWLFXODUYLVLyQ
(OiPELWRGHODXODSXHGHVHUPXFKRPiVUHFHSWLYR\HVWLPXODQWHFXDQGRHOKXPRUJUiILFRIRUPDSDUWHGHOHQWRUQR/DVKLVWRULHWDV
ORVDILFKHVLPDJLQDWLYRV\ODVIRWRJUDItDVRGLEXMRVKXPRUtVWLFRVUHODFLRQDGRVFRQHOWHPDTXHVHHVWpGHVDUUROODQGRWUDQVPLWHQD
ORV DOXPQRV PHQVDMHV DJUDGDEOHV DFHUFD GH ORV FRQWHQLGRV GH DSUHQGL]DMH /D LQWHOLJHQFLD YLVXDOHVSDFLDO WDPELpQ SXHGH
GHVDUUROODUVHFXDQGRORVDOXPQRVVHHQFXHQWUDQPRWLYDGRVSDUDUHDOL]DUVXVSURSLDVKLVWRULHWDVXRWUDVLOXVWUDFLRQHVKXPRUtVWLFDV
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDYLVXDO HVSDFLDO
5REHUW 0F.LP HQ VX OLEUR ([SHULHQFHV LQ 9LVXDO 7KLQNLQJ >([SHULHQFLDV GH SHQVDPLHQWR YLVXDO@ VRVWLHQH TXH HO SHQVDPLHQWR
YLVXDO HV LQKHUHQWH D WRGD DFWLYLGDG KXPDQD 1R HV SDWULPRQLR H[FOXVLYR GH ORV DUWLVWDV WDPELpQ VH PDQLILHVWD HQ FLUXMDQRV
LQJHQLHURV FRPHUFLDQWHV DUTXLWHFWRV PDWHPiWLFRV FDUSLQWHURV PHFiQLFRV HQWUHQDGRUHV GHSRUWLYRV SHUVRQDV TXH SODQLILFDQ VX
YHVWXDULRGLDULDPHQWH\HQTXLHQHVVXHxDQGHVSLHUWRV
(O SHQVDPLHQWR YLVXDOHVSDFLDO VXE\DFH HQ ORV PRYLPLHQWRV GH ODV SLH]DV GXUDQWH XQD SDUWLGD GHDMHGUH]HQODRUJDQL]DFLyQGHO
FURQRJUDPDGLDULRHQODGLVSRVLFLyQGHORVPXHEOHVHQXQFXDUWRRHQODOHFWXUDGHPDSDVGXUDQWHXQYLDMH1RWRGRVORVDOXPQRV
RULHQWDGRV DO DSUHQGL]DMH YLVXDO SUHVHQWDQ ODV PLVPDV KDELOLGDGHV $OJXQRV SRGUiQ VHU WDOHQWRVRV SDUD OD SLQWXUD RWURV SDUD OD
FRQVWUXFFLyQGHPRGHORVWULGLPHQVLRQDOHV\KDEUiTXLHQHVVHGHVWDFDUiQFRPRFUtWLFRVGHDUWH(VSUREDEOHTXHXQDSHUVRQDFRQ
XQDLQWHOLJHQFLDYLVXDOHVSDFLDOELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
$SUHQGHSRUPHGLRGHODYLVWD\ODREVHUYDFLyQ5HFRQRFHFRQIDFLOLGDGFDUDVREMHWRVIRUPDVFRORUHVGHWDOOHV\HVFHQDV
3XHGHGHVSOD]DUVH\WUDQVSRUWDUREMHWRVHQHOHVSDFLRGHPDQHUDHILFD]SRUHMHPSORSDUDDWUDYHVDUDEHUWXUDVSDUDHQFRQWUDUHO
FDPLQRHQXQERVTXHGRQGHQRKD\DVHQGHURVSDUDFRQGXFLUHQPHGLRGHOWUiQVLWRRSDUDUHPDUHQFDQRDSRUHOUtR
3HUFLEH\SURGXFHLPiJHQHVPHQWDOHVSLHQVDHQWpUPLQRVJUiILFRV\YLVXDOL]DGHWDOOHV8WLOL]DLPiJHQHVYLVXDOHVFRPRUHFXUVR
SDUDUHFRUGDULQIRUPDFLyQ
'HFRGLILFDJUiILFRVWDEODVPDSDV\GLDJUDPDV$SUHQGHSRUPHGLRGHODUHSUHVHQWDFLyQJUiILFDRORVPHGLRVYLVXDOHV
'LVIUXWD KDFLHQGR JDUDEDWRV GLEXMDQGR SLQWDQGR HVFXOSLHQGR R SRU PHGLR GH WRGD RWUD DFWLYLGDG TXH OH SHUPLWD UHSURGXFLU
REMHWRVGHPDQHUDVYLVXDOHV
'LVIUXWDFRQVWUX\HQGRSURGXFWRVWULGLPHQVLRQDOHVFRPRILJXUDVGHRULJDPLPRGHORVGHSXHQWHVFDVDVRUHFLSLHQWHV(VFDSD]
GH FDPELDU PHQWDOPHQWH OD IRUPD GH XQ REMHWR SRU HMHPSOR SOHJDU XQ WUR]R GH SDSHO SDUD REWHQHU XQD IRUPD FRPSOHMD \
YLVXDOL]DU OD QXHYD IRUPD R PRYHU PHQWDOPHQWH REMHWRV HQ HO HVSDFLR SDUD GHWHUPLQDU OD PDQHUD FRPR LQWHUDFW~DQ FRQ RWURV
REMHWRVFRPRORVHQJUDQDMHVTXHWUDQVPLWHQPRYLPLHQWRDODVSLH]DVGHXQDPiTXLQD
3XHGH YHU XQ REMHWR GH GLIHUHQWHV PDQHUDV R GHVGH QXHYDV SHUVSHFWLYDVSRUHMHPSORHOHVSDFLRQHJDWLYRDOUHGHGRUGHXQD
ILJXUDDVtFRPRWDPELpQODILJXUDPLVPDRGHWHFWDXQDIRUPDHVFRQGLGDHQRWUD
3HUFLEHPRGHORVH[SOtFLWRVHLPSOtFLWRV
'LVHxDUHSUHVHQWDFLRQHVFRQFUHWDVRYLVXDOHVSDUDODLQIRUPDFLyQ
'HPXHVWUDGRPLQLRSDUDHOGLVHxRUHSUHVHQWDWLYRRDEVWUDFWR
0DQLILHVWD LQWHUpV R FRQGLFLRQHV SDUD FRQYHUWLUVH HQ DUWLVWD SOiVWLFR IRWyJUDIR LQJHQLHUR YLGHDVWD DUTXLWHFWR GLVHxDGRU
FUtWLFRGHDUWHSLORWRRSDUDDERUGDURWUDVFDUUHUDVFRQFDUDFWHUtVWLFDVYLVXDOHV
&UHDQXHYDVIRUPDVGHPHGLRVYLVXDOHVSDFLDOHVXREUDVGHDUWHRULJLQDOHV
eVWDV VRQ VyOR DOJXQDV GH ODV SRVLEOHV H[SUHVLRQHV GH OD LQWHOLJHQFLD YLVXDOHVSDFLDO (V LPSRUWDQWH WHQHU HQ FXHQWD TXH OD
LQWHOLJHQFLD HVSDFLDO HVWi SUHVHQWH HQ WRGD DFWLYLGDG KXPDQD \ TXH QR HV SRVLEOH OLPLWDUOD D XQD OLVWD GH FXDOLGDGHV R
FDUDFWHUtVWLFDV
3URFHVRVGHDSUHQGL]DMHYLVXDO HVSDFLDO
(Q ORV iPELWRV DFDGpPLFRV OD LQWHOLJHQFLD YLVXDO VXHOH UHOHJDUVH DO GRPLQLR GH ODV DUWHV YLVXDOHV &RPR FRQVHFXHQFLD PXFKRV
DOXPQRV SLHUGHQ OD RSRUWXQLGDG GH GHVDUUROODU KDELOLGDGHV SHUFHSWXDOHV LPDJLQDWLYDV \ HVWpWLFDV (Q HO OLEUR GH 0F.LP VH
LGHQWLILFDQWUHVDPSOLRVFRPSRQHQWHVGHODLPDJLQDFLyQYLVXDOLPiJHQHVH[WHUQDVTXHSHUFLELPRVLPiJHQHVLQWHUQDVTXHVREDPRV
R LPDJLQDPRV \ OD FODVH GH LPiJHQHV TXH FUHDPRV FXDQGR KDFHPRV JDUDEDWRV GLEXMDPRV R SLQWDPRV 6HJ~Q 0F.LP HO
SHQVDPLHQWRYLVXDOHVWiFRPSXHVWRSRUDTXHOORTXHYHPRVLPDJLQDPRVRGLEXMDPRV/DVHVWUDWHJLDVGLGiFWLFDVTXHVHLQFOX\HQHQ
HVWHFDSLWXORSURSRQHQDFWLYLGDGHVSDUDFDGDXQDGHHVWDVWUHVFDSDFLGDGHV
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYLVXDO
+HUUDPLHQWDVYLVXDOHV
ÈUHDVGHVWLQDGDVDH[KLELFLyQ
(VWtPXORVSHULIpULFRV
&DPELRGHSHUVSHFWLYDPHGLDQWHXQFDPELRGHXELFDFLyQ
&RPXQLFDFLyQQRYHUEDO
5HSUHVHQWDFLyQJUiILFD
'LDJUDPDVGHIOXMR
(VTXHPDVYLVXDOHV
*UiILFRVSRUXQLGDG
0RGHORVSDUDUHDOL]DURUJDQL]DGRUHVJUiILFRV
+HUUDPLHQWDVYLVXDOHVSDUDODWRPDGHQRWDV\ODWRUPHQWDGHLGHDV
0DSDVFRQFHSWXDOHV
0DSDVPHQWDOHV
$VRFLDFLRQHV
3DLVDMHVPHQWDOHV
9LVXDOL]DFLyQ
,PiJHQHVHQHODXOD
7pFQLFDVGHPHPRULDYLVXDO
9DULHGDGYLVXDOHQPDWHULDOHVGLGiFWLFRV
8VRGHOFRORUSDUDGHVWDFDULQIRUPDFLyQ)RUPDVYDULDGDV$FRPSDxDPLHQWRYLVXDOSDUDFODVHVH[SRVLWLYDVGHEDWHVROHFWXUDV
-XHJRVGHWDEOHUR\GHFDUWDV
OLQHDPLHQWRVSDUDFUHDUMXHJRVGHWDEOHUR
MXHJDVGHFDUWDV
$UTXLWHFWXUD
$SUHQGHUDSHQVDUFRPRDUTXLWHFWR
$UWHVYLVXDOHV
(ODUWHFRPDKHUUDPLHQWDGLGiFWLFD
5HODFLRQHVHQWUHDUWHVYLVXDOHV\OHQJXD
,QWHJUDFLyQGHODUWH\ODPDWHPiWLFD
,QWHJUDFLyQGHODVDUWHVHQHOQLYHOSROLPRGDO
(ODUWHHQWRGDVODViUHDVFXUULFXODUHV
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDYLVXDOHVSDFLD
5HVXPHQ
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYLVXDO
&RQ XQD SHTXHxD FXRWD GH SODQLILFDFLyQ HVIXHU]R \ FRODERUDFLyQ SRU SDUWH GH ORV PLVPRV DOXPQRV HV SRVLEOH WUDQVIRUPDU ODV
DXODV HQ iPELWRV HVWpWLFDPHQWH DJUDGDEOHV 6H SXHGH PHMRUDU OD LOXPLQDFLyQ SRU PHGLR GH DUWHIDFWRV GLUHFFLRQDOHV \ XQD R GRV
OiPSDUDVGHSLH(VSUHIHULEOHGLVSRQHUODVPHVDVGHWUDEDMRHQIRUPDFLUFXODURVHPLFLUFXODUHQOXJDUGHFRORFDUODVHQKLOHUDSDUD
TXHORVDOXPQRVSXHGDQYHUVHHLQWHUDFWXDUFRQPD\RUIDFLOLGDG7DPELpQSRGUiQLQFRUSRUDUVHDODXODDOJXQRVPXHEOHV\REMHWRV
DWUDFWLYRV FRPR XQ VRIi PXOOLGR VLOODV R DOPRKDGRQHV 8QD DOIRPEUD R FXELHUWD FRORULGD SDUD HO SLVR XQD H[KLELFLyQ
UHSUHVHQWDWLYD \ ELHQ RUJDQL]DGD GH ORV WUDEDMRV DUWtVWLFRV DILFKHV \ SODQWDV VRQ WRGRV HOHPHQWRV TXH FRQWULEX\HQ D FUHDU XQ
DPELHQWHSRVLWLYRTXHFRQWDJLDDORVDOXPQRVYLWDOLGDGYLVXDO&RQWLHPSRHVIXHU]R\UHVSHWRSRUHOiPELWRYLVXDOORVGRFHQWHV
SXHGHQ WUDQVIRUPDU HILFD]PHQWH HO DXOD HQ XQD SRGHURVD KHUUDPLHQWD GH DSUHQGL]DMH $ FRQWLQXDFLyQ SUHVHQWDPRV DOJXQDV
VXJHUHQFLDVSDUDSURPRYHUODGLPHQVLyQYLVXDOGHODXOD
+HUUDPLHQWDVYLVXDOHV
/RV DOXPQRV \ ORV GRFHQWHV GHEHUtDQ SRGHU GLVSRQHU GH XQD VHULH GH KHUUDPLHQWDV QHFHVDULDV SDUD HO DSUHQGL]DMH YLVXDO FRPR
SDSHO WL]DV OiSLFHV PDUFDGRUHV SLQWXUDV FiPDUDV FRPSXWDGRUDV \ UHWURSUR\HFWRUHV (V QHFHVDULR RUJDQL]DU ORV OXJDUHV
GHVWLQDGRV D JXDUGDU PDWHULDOHV FRQ HO ILQ GH FRQWDU FRQ ORV HOHPHQWRV QHFHVDULRV \ OLPLWDU ODV SRVLELOLGDGHV GH GLVWUDFFLyQ TXH
SXHGDEULQGDUXQHVSDFLRYLVXDOGHVRUGHQDGR
ÈUHDVGHVWLQDGDVDH[KLELFLyQ
$ILQGHHYLWDUODVREUHFDUJDGHOFDPSRYLVXDOVHDVLJQDUiQHVSDFLRVHVSHFLDOHVSDUDODH[KLELFLyQGHWUDEDMRVDUWtVWLFRVPHQVDMHV
RIRWRJUDItDV/DVSDUHGHVFDUWHOHUDVRWDELTXHVGHVWLQDGRVDH[KLELFLyQSXHGHQDVXPLUFDUDFWHUtVWLFDVGHPXVHRVHJ~QODPDQHUD
FRPRVHGLVSRQJDQORVWUDEDMRV
(VWtPXORVSHULIpULFRV
/D WHRUtD GHO DSUHQGL]DMH DFHOHUDGR SRVWXOD TXH HO ULWPR \ OD FDQWLGDG GH DSUHQGL]DMH SXHGHQ LQFUHPHQWDUVH QRWRULDPHQWH 8QD
HVWUDWHJLDDFHOHUDGDDSURYHFKDODSHUFHSFLyQSHULIpULFDKXPDQDWDQWRSDUDHQVHULDUFRPRSDUDIDFLOLWDUODPHPRULDDODUJRSOD]R(O
'U*HRUJL/R]DQRYFUHDGRUGHORVPpWRGRVGHDSUHQGL]DMHDFHOHUDGRVRVWLHQHTXHHOPDWHULDOYLVXDOSHULIpULFRVHUHJLVWUDHQHO
QLYHOVXEFRQVFLHQWH\SXHGHUHFRUGDUVHFRQIDFLOLGDGFXDQGRVHORDFWLYDSRVWHULRUPHQWHGXUDQWHXQDFODVH(OXVRGHPDWHULDOHV
SHULIpULFRV SDUD HO DSUHQGL]DMH DFHOHUDGR VH FRQVLGHUD XQ FRPSRQHQWH YLVXDO LPSRUWDQWH SDUD TXH HO DOXPQR VH FRQHFWH FRQ XQ
GHWHUPLQDGRWHPD
/RVGRFHQWHVLQWHUHVDGRVHQH[SHULPHQWDUFRQHVWtPXORVSHULIpULFRVGHEHUiQUHFRSLODU\OXHJRH[KLELUUHSURGXFFLRQHVGHREUDVGH
DUWHDILFKHVIRWRJUDItDVJUiILFRVPDSDVRFLWDVWH[WXDOHVTXHUHIXHUFHQORVFRQWHQLGRVHQVHxDGRV1RREVWDQWHVHGHEHUiWHQHUHQ
FXHQWD TXH XQD YH] H[KLELGD OD LQIRUPDFLyQ YLVXDO SLHUGHUiSLGDPHQWHVXLQWHUpVHLPSDFWR$ILQGHPDQWHQHUVXDWUDFWLYRORV
HOHPHQWRVYLVXDOHVGHEHUiQUHHPSOD]DUVHRWUDQVIRUPDUVHGHDOJ~QPRGRXQDYH]SRUVHPDQD(VWDWDUHDSXHGHUHVXOWDUDJRWDGRUD
DPHQRVTXHVHODFRPSDUWDFRQORVDOXPQRVXRWURVGRFHQWHV
&DPELRGHSHUVSHFWLYDPHGLDQWHXQFDPELRGHXELFDFLyQ
(VFRP~QTXHPXFKRVDOXPQRVVHVLHQWHQRWUDEDMHQVLHPSUHHQHOPLVPROXJDUGHODXOD6LVHOHVVROLFLWDTXHFDPELHQGHDVLHQWR
VXSHUVSHFWLYDYLVXDO\VRFLDOGHODXODWDPELpQFDPELDUi(OiPELWRDVXPHDSDULHQFLDVGLIHUHQWHVVHJ~QODSHUVSHFWLYDYLVXDOGHVGH
OD TXH VH OR FRQWHPSOH LQFOXVR OD GLQiPLFD JUXSDO VH WUDQVIRUPD D PHGLGD TXH DXPHQWDQ ODV LQWHUDFFLRQHV GH ORV DOXPQRV /D
LQWHUDFFLyQ GRFHQWHDOXPQR HV WDPELpQ VXVFHSWLEOH GH FDPELRV FRPR UHVXOWDGR GH OD QXHYD RUJDQL]DFLyQ $GHPiV ORV GRFHQWHV
SRGUtDQ HVWDU LQWHUHVDGRV HQ PRGLILFDU OD GLVSRVLFLyQ GHO PRELOLDULR HQ HO DXOD \ WUDEDMDU FRQ ORV SXSLWUHV HQ FtUFXOR HQ 8 R HQ
SHTXHxRVJUXSRV
&RPXQLFDFLyQQRYHUEDO
/DSUHVHQFLDItVLFD\ORVJHVWRVGHOGRFHQWHFRPXQLFDQQXPHURVRVPHQVDMHVPHGLDQWHHOOHQJXDMHFRUSRUDOTXHORVDOXPQRVFDSWDQ
HLQWHUSUHWDQPLHQWUDVREVHUYDQHQVLOHQFLR6LVHORJUDODFRKHUHQFLDHQWUHORVJHVWRV\ODVSDODEUDVVHSURGXFLUiXQHIHFWRSRVLWLYR
HQ OD HQVHxDQ]D \ HQ OD FRPXQLFDFLyQHQJHQHUDO&XDQGRXQGRFHQWHVHPXHVWUDHQWXVLDVPDGRSRUWUDEDMDUFRQVXVDOXPQRVXQ
GHWHUPLQDGR WHPD VXV JHVWRV UHIOHMDQ HVRV VHQWLPLHQWRV \ HVWLPXODQ HO HQWXVLDVPR GH ORV DOXPQRV 3RU HO FRQWUDULR FXDQGR XQ
GRFHQWHVHVLHQWHFDQVDGRRWHQVRVXVJHVWRVVXSRVWXUD\VXH[SUHVLyQIDFLDOUHYHODQWDOHVVHQWLPLHQWRV\SURYRFDQVHQVDFLRQHV
VLPLODUHVHQORVDOXPQRV
0X\SRFDVSHUVRQDVVXHOHQVHUFRQVFLHQWHVGHOOHQJXDMHFRUSRUDOTXHDFRPSDxDVX H[SUHVLyQRUDO'tDDGtDORVDOXPQRVREVHUYDQ
ODH[SUHVLyQIDFLDOORVJHVWRVODSRVWXUDFRUSRUDOORVPRYLPLHQWRVHQHOHVSDFLRHOFRQWDFWRYLVXDOHOWRQRHLQIOH[LyQGHODYR]
HO ULWPR GHO GLVFXUVR ORV KiELWRV FDUDFWHUtVWLFRV OD ULVD \ GHPiV PDQLIHVWDFLRQHV GHO GRFHQWH D WUDYpV GH ODV FXDOHV VH UHYHODQ
DFWLWXGHV \ VHQWLPLHQWRV &RQ HO ILQ GH ORJUDU XQD FRUUHFWD FRPXQLFDFLyQ GH ORV PHQVDMHV QR YHUEDOHV ORV GRFHQWHV SRGUtDQ
ILOPDUVH HQ YLGHR GXUDQWH XQD FODVH /DUHIOH[LyQVREUHORVSURSLRVJHVWRVUHYHODORTXHORVDOXPQRVREVHUYDQFDGDGtD\SXHGH
LQGLFDUIRUPDVGHSHUIHFFLRQDUODFRPXQLFDFLyQQRYHUEDOSDUDDOFDQ]DUPHMRUHVORJURVHQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH
5HSUHVHQWDFLyQJUiILFD
&XDQGRODVWDUHDVGHOHQJXDHVFULWDXRUDOFXHQWDQFRQHODSR\RGHJUiILFRVGLDJUDPDVRIRWRJUDItDVVHIDFLOLWDHODSUHQGL]DMH\VH
UHIXHU]D OD UHWHQFLyQ HQ PXFKRV DOXPQRV /D IUDVH8QDLPDJHQYDOHPiVTXHPLOSDODEUDVWLHQHQRWDEOHDSOLFDFLyQHQHODXOD
/DVUHSUHVHQWDFLRQHVJUiILFDVGHODLQIRUPDFLyQ FXPSOHQYDOLRVDVIXQFLRQHVHGXFDWLYDVVLUYHQSDUDSUHVHQWDUGHILQLULQWHUSUHWDU
PDQLSXODU VLQWHWL]DU \ GHPRVWUDU GDWRV /RV PDWHULDOHV YLVXDOHV HQULTXHFHQ OD HQVHxDQ]D SXHV SHUPLWHQ FODULILFDU ORV FRQFHSWRV
TXHHOGRFHQWHHVWiH[SOLFDQGR\SURSRUFLRQDQDORVDOXPQRVPHGLRVYLVXDOHVSDUDFRPSUHQGHU\FRPXQLFDUORTXHKDQDSUHQGLGR
1R REVWDQWH PXFKRV GRFHQWHV \ DOXPQRV QR VH DQLPDQ D XWLOL]DU OD UHSUHVHQWDFLyQ JUiILFD GHELGR D VX GHVFRQRFLPLHQWR GH ODV
WpFQLFDVJUiILFDV\DODHUUyQHDVXSRVLFLyQGHTXHWDOHVLPiJHQHVGHEHQWHQHUFDUiFWHUDUWtVWLFR(OHPSOHRGHHVWDVKHUUDPLHQWDV
WLHQHFRPRREMHWLYRSHUPLWLUDOGRFHQWH\DODOXPQRH[SORUDUXQGHWHUPLQDGRFRQWHQLGRDQWHVTXHGHVWDFDUSURGXFFLRQHVHVWpWLFDV
([LVWHQ PXFKDV IRUPDV GH UHSUHVHQWDFLyQ JUiILFD TXH SXHGHQ HPSOHDUVH HILFD]PHQWH HQ HO DXOD (Q HVWD VHFFLyQ VH GHVFULEHQ
GLDJUDPDVGHIOXMRHVTXHPDVYLVXDOHVJUiILFRVSRUXQLGDGSODQWLOODVSDUDJUiILFRVYLVXDOHV\QXPHURVDVHVWUDWHJLDVSDUDODWRPD
GHQRWDV
'LDJUDPDVGHIOXMR
/RV GLDJUDPDV GH IOXMR GHVFULEHQ OD HVWUXFWXUD GH ORV FRQFHSWRV \ VLPEROL]DQ OD GLUHFFLyQ GHO IOXMR HQWUH LGHDV7RGRIHQyPHQR
FDXVDHIHFWR\DVHDHQHOiUHDGHPDWHPiWLFDKLVWRULDFLHQFLDVQDWXUDOHV\VRFLDOHVFXLGDGRGHODVDOXGROLWHUDWXUDRELHQXQD
VHULH GH FRQVLJQDV SXHGH LOXVWUDUVH IiFLOPHQWH SRU PHGLR GH ORV IRUPDWRV GH GLDJUDPD GH IOXMR $OJXQRV DOXPQRV SRGUiQ
LQFRUSRUDUFRQFHSWRVVLQGLILFXOWDGFXDQGRVHORVSUHVHQWHGHHVWDPDQHUD
/RVGLDJUDPDVGHIOXMRWDQWRVLPSOHVFRPRFRPSOHMRVSXHGHQWHQHUGLYHUVDVIRUPDV\WDPDxRV6HSXHGHGLEXMDUXQGLDJUDPDGH
IOXMR VREUH XQ SOLHJR GH SDSHO PDGHUD XQD FRUWLQD GH EDxR X RWUR PDWHULDO \ FRORFDUOR VREUH HO SLVR SDUD TXH ORV DOXPQRV OR
H[SHULPHQWHQ FLQHVWpVLFD \ YLVXDOPHQWH PLHQWUDV UHFRUUHQ VXV SDVRV 3RGUiQ XWLOL]DUVH IRUPDV JHRPpWULFDV R OLEUHV FRPR
UHFWiQJXORVFtUFXORVWULiQJXORVRQXEHVSDUDGLDJUDPDUHOIOXMRGHOFRQFHSWRTXHVHHVWiH[SOLFDQGR$GHPiVGHORVGLDJUDPDV
HQ ORV TXH XQ SDVR FRQGXFH DO VLJXLHQWH SXHGHQ SUHVHQWDUVH H[WHQVLRQHV GREOHV R P~OWLSOHV TXH VXUMDQ GH DOJXQR GH ORV
FRPSRQHQWHVGHOGLDJUDPDVHJ~QVHHMHPSOLILFDDFRQWLQXDFLyQ(OVLJXLHQWHGLDJUDPDLOXVWUDHOSURFHGLPLHQWRSDUDODDGLFLyQGH
Q~PHURVGHPiVGHXQGtJLWR
/RV GRFHQWHV SRGUiQ WUDQVIRUPDU ORV FRQWHQLGRV GH OD HQVHxDQ]D HQ GLDJUDPDV GH IOXMR \ ORV DOXPQRV ORV SRGUiQ XWLOL]DU SDUD
GHPRVWUDUVXQLYHOGHFRPSUHQVLyQGHDOJXQDVHFXHQFLDFRQFHSWXDO&RQVWUXLUORVHVXQSURFHVRVHQFLOOR3DUDFUHDUXQGLDJUDPDGH
IOXMR VH GLYLGH XQ FXDGUDGR R XQ UHFWiQJXOR HQ FHOGDV SHTXHxDV \ VH HOLJH XQ FRQFHSWR SDUD GHVDUUROODU YLVXDOPHQWH /XHJR VH
LGHQWLILFDQ ORV HOHPHQWRV TXH FRQIRUPDQ HO FRQFHSWR \ VH ORV HVFULEH VHSDUDGDPHQWH HQ FDGD XQD GH ODV FHOGDV 8QD YH]
LQFRUSRUDGRV WRGRV ORV HOHPHQWRV VH UHFRUWDQ ODV FHOGDV \ VH ODV RUJDQL]D PHGLDQWH IOHFKDV X RWURV VtPERORV SDUD LQGLFDU OD
GLUHFFLyQGHODVHFXHQFLD
(VTXHPDVYLVXDOHV
2WURPpWRGRGHUHSUHVHQWDFLyQJUiILFDFRQVLVWHHQVROLFLWDUDORVDOXPQRVTXHFRPSOHWHQORVFXDGURVGHXQSiUUDIRLQIRUPHR
HQVD\RFRPRDFWLYLGDGSUHYLDDODHVFULWXUD(VWRVHVTXHPDVYLVXDOHVOHVSHUPLWHQLGHQWLILFDUORVFRPSRQHQWHVQHFHVDULRVSDUDOD
WDUHDGHHVFULWXUD\FODULILFDUHOSURSyVLWRGHOWUDEDMR
$ FRQWLQXDFLyQ SUHVHQWDPRV GRV HVTXHPDV YLVXDOHV (O SULPHUR H[SOLFD ORV FRPSRQHQWHV GH XQ SiUUDIR \ HO VHJXQGR ORV
FRPSRQHQWHV GH XQ LQIRUPH 1R REVWDQWH ORV GRFHQWHV WLHQHQ OD OLEHUWDG SDUD GHVDUUROODU DTXHOORV TXH PHMRU VH DGDSWHQ D VXV
QHFHVLGDGHV
$ FRQWLQXDFLyQ SUHVHQWDPRV XQ PRGHOR GH HVTXHPD YLVXDO 3RU HMHPSOR ORV DOXPQRV GHO QLYHO GH HQVHxDQ]D EiVLFD TXH HVWpQ
HVWXGLDQGRODVHOYDHVFULELUiQVHOYDHQHOFXDGURVXSHULRUUHVHUYDGRDOWtWXOR(QORVFXDGURVGHGLFDGRVDODVIUDVHVWHPiWLFDV
LQFOXLUiQ ODV DYHV ORV DQLPDOHV TXH YLYHQ HQ ORV iUEROHV \ ODV SODQWDV ~WLOHV SDUD ORV VHUHV KXPDQRV /RV FRPHQWDULRV
VXEVLJXLHQWHVVHDJUHJDUiQHQORVUHFXDGURVFRUUHVSRQGLHQWHV0DVWDUGHSRGUiQDJUHJDUVHXQDLQWURGXFFLyQ\XQDFRQFOXVLyQ\
VHSRGUiWUDQVIHULUHOJUiILFRDXQIRUPDWRWUDGLFLRQDOGHHVFULWXUD$PXFKRVDOXPQRVOHVDVXVWDODWDUHDGHUHDOL]DUWUDEDMRVGH
HVFULWXUD \ VH VLHQWHQ PHQRV LQVHJXURV FXDQGR RUJDQL]DQ VXV LGHDV HQ XQ IRUPDWR YLVXDO FRPR XQ ERUUDGRU TXH OXHJR
WUDQVIRUPDQ HQ XQ LQIRUPH HVFULWR HVWiQGDU /D DSOLFDFLyQ GH HVWRV SURFHVRV YLVXDOHVSHUPLWHDODOXPQRQRVyORFODULILFDUVX
FRPSUHQVLyQ UHVSHFWR GH OD WDUHD HVFULWD \ GH ODV H[SHFWDWLYDV GHO GRFHQWH VLQR WDPELpQ LQFRUSRUDU HQIRTXHV YLVXDOHV SDUD
RUJDQL]DUVXSHQVDPLHQWR
/RVDOXPQDVTXHWHQJDQXQEXHQGRPLQLRGHODOHQJXDHVFULWDHQFRQWUDUiQ~WLOHOVLJXLHQWHHVTXHPDSDUDRUJDQL]DUXQ
LQIRUPHHVFULWRRXQHQVD\R
*UiILFRVSRUXQLGDG
3XHGHQSUHSDUDUVHJUiILFRVGHJUDQWDPDxRSDUDH[KLELUHQHOSL]DUUyQRHQODFDUWHOHUDRSHTXHxRVSDUDLQFOXLUHQORVFXDGHUQRV
GH ORV DOXPQRV \ DVt GRFXPHQWDU ORV SURJUHVRV UHDOL]DGRV HQ HO GHVDUUROOR GH FDGD XQLGDG GH HVWXGLR &XDQGR VH SUHVHQWD XQ
QXHYR WHPD R XQD QXHYD XQLGDG VH SXHGH GHVWDFDU OD LQIRUPDFLyQ HVSHFLILFD TXH WUDEDMDUiQ ORV DOXPQRV 3RU HMHPSOR SDUD
SUHVHQWDU OD VLJXLHQWH XQLGDG VH GHWDOODUiQ ORV WHPDV \ FRQFHSWRV SULQFLSDOHV HQ XQ IRUPDWRGHGLDJUDPDGHIOXMRRGHHVTXHPD
YLVXDO $ PHGLGD TXH VH DYDQFH HQ HO GHVDUUROOR GH OD XQLGDG ORV DOXPQRV SRGUiQ HQFDUJDUVH GH LQFOXLU HQ HO JUiILFR OD QXHYD
LQIRUPDFLyQGHTXHGLVSRQJDQ(VWDKHUUDPLHQWDGHDSUHQGL]DMHSHUPLWHDORVDOXPQRVDGYHUWLUFRQUDSLGH]FXiOHVODRULHQWDFLyQ
GHVXVHVWXGLRVFXiOHVVRQORVWHPDVTXH\DVHKDQWUDEDMDGR\FXiOHVORVTXHTXHGDQSRUDSUHQGHU$FRQWLQXDFLyQSUHVHQWDPRV
XQHMHPSORGHJUiILFRTXHSXHGHH[KLELUVHHQHODXODRLQFOXLUVHHQODVFXDGHUQRV
0RGHORVSDUDUHDOL]DURUJDQL]DGRUHVJUiILFRV
([LVWHQ LQQXPHUDEOHV IRUPDV GHO UHSUHVHQWDU OD LQIRUPDFLyQ JUiILFDPHQWH 6L ORV GRFHQWHV \ DOXPQRV DSUHQGHQ D XWLOL]DU YDULDV
SODQWLOODVVLPSOHVSDUDUHDOL]DUJUiILFRVDXPHQWDUiQVXVRSFLRQHVSDUDPDQLSXODU\FRPXQLFDULQIRUPDFLyQHQIRUPDYLVXDO
%HDX )O\ -RQHV GLUHFWRU GHO 3URJUDPD GHO 1RUWK &HQWUDO 5HJLRQDO (GXFDWLRQDO /DERUDWRU\ >/DERUDWRULR (GXFDWLYR 5HJLRQDO
1RU&HQWUDO@ KD GHVDUUROODGR QXPHURVRV PDUFRV GH SHQVDPLHQWR YLVXDOHV GH XVR VHQFLOOR (VWDV UHSUHVHQWDFLRQHV JUiILFDV VRQ
KHUUDPLHQWDV ~WLOHV SDUD IDYRUHFHU OD FRPSUHQVLyQ GHO PDWHULDO DFDGpPLFR -RQHV VHxDOD TXH ORV RUJDQL]DGRUHV JUiILFRV GHEHQ
UHIOHMDUDSURSLDGDPHQWHODHVWUXFWXUDGHOWH[WRTXHVHHVWXGLD3RUHMHPSORFXDQGRORVDOXPQRVGHEHQVLQWHWL]DUXQFDStWXORGHVXV
OLEURV GH WH[WR GHEHUiQ FRPHQ]DU SRU DQDOL]DU HO PDWHULDO D ILQ GH GHWHUPLQDU VX HVWUXFWXUD 3RGUiQ IRUPXODUVH SUHJXQWDV SDUD
HVWDEOHFHU VL OD LQIRUPDFLyQ HVWi RUJDQL]DGD MHUiUTXLFDPHQWH FRPR FRPSDUDFLyQ R FRQWUDVWH R HQ XQD OtQHD GH WLHPSR 8QD YH]
GHWHUPLQDGDODHVWUXFWXUDJUiILFDFRUUHVSRQGLHQWHSRGUiOHHUVHHOPDWHULDOWHQLHQGRHQPHQWHHOIRUPDWRYLVXDO/XHJRORVDOXPQRV
SRGUiQ SUR\HFWDU OD LPDJHQ YLVXDO VREUH SDSHO FRPSDUDU VX HVWUXFWXUD JUiILFD FRQ OD GH ORV GHPiV PLHPEURV GH OD FODVH \ SRU
~OWLPRVLQWHWL]DURIRUPXODUXQFRPHQWDULRFUtWLFRDWUDYpVGHXQLQIRUPHRUDORHVFULWR
(QODVSiJLQDVVLJXLHQWHVVHSUHVHQWDQGLYHUVRVRUJDQL]DGRUHVJUiILFRVTXHORVGRFHQWHV\ORVDOXPQRVSXHGHQDGDSWDUDOPDWHULDO
DFDGpPLFR
(VWRVJUiILFRVEULQGDQDORVDOXPQRV\DORVGRFHQWHVGLYHUVDVRSFLRQHVSDUDYLVXDOL]DUODLQIRUPDFLyQHVFULWDQRREVWDQWHFXDQGR
VHDOFDQ]DHOGRPLQLRGHHVWDVHVWUDWHJLDVHVLPSRUWDQWHDYDQ]DUHQODFUHDFLyQGHPRGHORVGHJUiILFRV\GLDJUDPDVRULJLQDOHV(O
GLVHUWR GH XQD UHSUHVHQWDFLyQ JUiILFD SHUVRQDO UHTXLHUH XQD H[SUHVLyQ VLQWpWLFD GH OD LQIRUPDFLyQ HQ FO IRUPDWR TXH PHMRU VH
DGDSWH D ODV QHFHVLGDGHV LQGLYLGXDOHV &XDQGR HO GRFHQWH UHYLVH ORV JUiILFRV FUHDGRV SRU ORV DOXPQRV WHQGUi RSRUWXQLGDG GH
LGHQWLILFDUSURFHVRVGHSHQVDPLHQWRLQFRPSOHWRVRLQFRUUHFWRV\SURSRUFLRQDUVXJHUHQFLDVSDUDVXSHUIHFFLRQDPLHQWR(QDOJXQDV
iUHDV WDPELpQ UHVXOWDUi ~WLO IXH HO GRFHQWH VROLFLWH D ORV DOXPQRV MXQWR FRQ OD UHSUHVHQWDFLyQ JUiILFD GH OD LQIRUPDFLyQ XQ
LQIRUPHILQDOGRQGHVHH[SOLFLWHSRUHVFULWRODLQIRUPDFLyQLQFOXLGDHQHOJUiILFR
/DVUHSUHVHQWDFLRQHVJUiILFDVVRQHMHPSORVYLVXDOHVGHH[SUHVLRQHVYHUEDOHV/RVPDUFRVVRQJUXSRVGHSUHJXQWDVRFDWHJRUtDV
GHIXQGDPHQWDOLPSRUWDQFLDSDUDODFRPSUHQVLyQFtHXQGHWHUPLQDGRWHPD$TXtSUHVHQWDPRVQXHYHIRUPDVJUiILFDVJHQpULFDV
FRQVXVFRUUHVSRQGLHQWHVPDUFRV
0DSDFRQFHSWXDOHQIRUPDGHDUDxD
6HXWLOL]DSDUDGHVFULELUXQDLGHDFHQWUDO
XQREMHWRXQDUHJLyQJHRJUiILFD@XQSURFHVRPLWRVLV@XQFRQFHSWRDOWUXLVPRRXQDSURSXHVWDFRQVXIXQGDPHQWRODVYtFWLPDVGHOVLGDGHEHUtDQ
SRGHUUHFLELUGURJDVH[SHULPHQWDOHV
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVODLGHDFHQWUDO"¢&XiOHVVRQVXVDWULEXWRV""&XiOHVVRQVXVIXQFLRQHV"
3URJUHVLyQGHKHFKRV
6HXWLOL]DSDUDGHVFULELUODVHWDSDVGHXQSURFHVRHOFLFORYLWDOGHORVSULPDWHVORVSDVRVGHXQSURFHGLPLHQWROLQHDOFyPRQHXWUDOL]DUXQiFLGRXQD
VHFXHQFLDGHKHFKRVGHTXpPDQHUDHOUpJLPHQIHXGDOGLROXJDUDODIRUPDFLyQGHODVQDFLRQHVRORVREMHWLYRVDFFLRQHV\ORJURVGHXQDILJXUDKLVWyULFDR
GHXQSHUVRQDMHGHILFFLyQDXJH\GHFDGHQFLDGH1DSROHyQ
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVHOREMHWRSURFHGLPLHQWRRKHFKRLQLFLDO"¢&XiOHVVRQODVHWDSDVRORVSDVRV"¢&yPRVHSURGXFHHOSDVDMHGH
XQRDRWUR"¢&XiOHVHOUHVXOWDGRILQDO"
&RQWLQXR(VFDOD
6HXWLOL]DSDUDFUHDUOLQHDVGHWLHPSRTXHH[KLEDQKHFKRVRHWDSDVKLVWyULFDVFXUVRVHVFRODUHVSURSLHGDGHVGHORVREMHWRVSHVRDFHSFLRQHVGHO
OHQJXDMHVLJQLILFDGRVRHVFDODVGHGHVHPSHxRUHQGLPLHQWRHVFDODU
3ULQFLSDOHVSUHJXQWDVGHOPDUFR4XpHOHPHQWRVVHFODVLILFDQ"&XiOHVVRQORV3DUiPHWURV"
0DWUL]GHFRPSDUDFLyQFRQWUDVWH
$WULEXWR
$WULEXWR
$WULEXWR
'HQRPLQDFLyQ
'HQRPLQDFLyQ
6HXWLOL]DSDUDSUHVHQWDUVLPLOLWXGHV\GLIHUHQFLDVHQWUHGRVHOHPHQWRVSHUVRQDVOXJDUHVKHFKRVLGHDVHWF
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVVRQORVHOHPHQWRVTXHVHFRPSDUDQ"¢(QTXpVHSDUHFHQ"¢(QTXpVHGLIHUHQFLDQ"
(VTXHPDGHSUREOHPD6ROXFLyQ
6HXWLOL]DSDUDUHSUHVHQWDUXQSUREOHPDODVVROXFLRQHVTXHVHKD\DQSXHVWRHQSUiFWLFD\ORVUHVXOWDGRVODGHXGDH[WHUQD
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢3RUTXpFRQVWLWX\HXQSUREOHPD"¢&XiOHVIXHURQORVLQWHQWRVSDUDVROXFLRQDUOR"¢5HVXOWDURQH[LWRVRV"
3URJUHVLyQGHKHFKDV
6H XWLOL]D SDUD GHVFULELU ODV HWDSDV GH XQSURFHVRHOFLFORYLWDOGHORVSULPDWHVORVSDVRVGHXQSURFHGLPLHQWROLQHDOFyPRQHXWUDOL]DUHOiFLGRXQD
VHFXHQFLDGHKHFKDVGHTXpPDQHUDHOUpJLPHQIHXGDOGLROXJDUDODIRUPDFLyQGHODVQDFLRQHVRORVREMHWLYRVDFFLRQHV\RJURVGHXQDILJXUDKLVWyULFDR
GHXQSHU
VRQDMHGHILFFLyQDXJH\GHFDGHQFLDGH1DSROHyQ
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVHOREMHWRSURFHGLPLHQWRRKHFKRLQLFLDO"¢&XiOHVVRQODVHWDSDVRORVSDVRV"¢&yPRVHSURGXFHHOSDVDMHGHXQRD
RWUD"&XiOHVHOUHVXOWDGRILQDO"
3URJUHVLyQGHKHFKRV
6HXWLOL]DSDUDGHPRVWUDUODQDWXUDOH]DGHXQDLQWHUDFFLyQHQWUHSHUVRQDVDJUXSRVORVFRORQL]DGRUHVHXURSHRV\ORVLQGtJHQDVDPHULFDQRV
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVVRQODVSHUVRQDVRJUXSRV"
¢&XiOHVHUDQVXVREMHWLYRV"¢6HPDQLIHVWDURQFRQIOLFWRVRDFWLWXGHVGHFRODERUDFLyQ"¢&XiOHVIXHURQORVORJURVDOFDQ]DGRVSRUFDGDSHUVRQDRJUXSR"
0DSDFRQFHSWXDOHQIRUPDGHHVSLQDVGHSHVFDGR
6HXWLOL]DSDUDGHPRVWUDUODLQWHUDFFLyQFDXVDGHXQKHFKRFRPSOHMR@XQDHOHFFLyQXQDH[SORVLyQQXFOHDU@RXQIHQyPHQRFRPSOHMRGHOLQFXHQFLDMXYHQLO
GLILFXOWDGHVGHDSUHQGL]DMH
3ULQFLSDOHVSUHJXQWDVGHOPDUFR&XiOHVVRQORVIDFWRUHVTXHSURGXFHQ;"¢'HTXpPDQHUDVHLQWHUUHODFLRQDQ"
¢6RQORVPLVPDVIDFWRUHVTXHSURGXFHQ;ORVTXHSHUPLWHQVXYLJHQFLD"
&LFOR
6HXWLOL]DSDUDGHPRVWUDUGHTXpPDQHUDLQWHUDFW~DXQDVHULHGHKHFKRVSDUDSURGXFLUXQFRQMXQWRGHUHVXOWDGRVXQD\RWUDYH]IHQyPHQRVFOLPiWLFRV
FLFORVGHp[LWRV\IUDFDVRVHOFLFORGHODYLGD
3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVVRQORVKHFKRVIXQGDPHQWDOHVGHOFLFOR"¢'HTXpPDQHUDVHUHODFLRQDQ"¢(QTXpPHGLGDVHDXWRSRWHQFLDQ"
+HUUDPLHQWDVYLVXDOHVSDUDODWRPDGH QRWDV\ODWRUPHQWDGHLGHDV
/DPD\RUtDGHODVSHUVRQDVFRQVLGHUDTXHODWRPDGHQDWDVJDUDQWL]DPD\RUHVSRVLELOLGDGHVSDUDUHFRUGDUODLQIRUPDFLyQ0LFKDHO
+RZHLQYHVWLJDGRUGHOD([HWHU8QLYHUVLW\OOHYyDFDERXQHVWXGLDDFHUFDGHODVDOXPQRV\ODWRPDGHQRWDV\GHVFXEULyTXHOD
SRVLELOLGDGGHUHFRUGDUHOPDWHULDOLQFOXLGDHQODVQDWDVHUDVHLVYHFHVPD\RUUHVSHFWRGHOPDWHULDOTXHQRVHKXELHVHDQRWDGD/D
WRPD GH QRWDV D GLIHUHQFLD GH OD WDTXLJUDItD GHVHPSHxD YDULDV IXQFLRQHV YDOLRVDV TXH LQFOX\HQ HO DOPDFHQDPLHQWR GH
LQIRUPDFLyQ OD FRGLILFDFLyQ \ RUJDQL]DFLyQ GH GDWRV OD IRUPXODFLyQ GH DVRFLDFLRQHV LQIHUHQFLDV H LQWHUSUHWDFLRQHV \ OD
FRQFHQWUDFLyQGHODDWHQFLyQHQORVDVSHFWRVLPSRUWDQWHV
/DWRPDGHQRWDVFRQYHQFLRQDOTXHVXHOHHVWDUFRPSXHVWDSRUIUDVHV\RUDFLRQHVJUDPDWLFDOPHQWHFRUUHFWDVUHVXOWDFRPSOLFDGDH
LQHILFD]FXDQGRVHODFRPSDUDFDQQRWDVLQWHJUDGDVSDUSDODEUDVFODYH(VWDVSDODEUDVFODYHVXVWDQWLYDVRYHUEDVTXHVHGHVWDFDQ
FRQ PD\RU IDFLOLGDG HQ HO PDWHULDO RUDO D HVFULWD JHQHUDQ LPiJHQHV SRGHURVDV \ VXHOHQ UHFRUGDUVH GXUDQWH SHUODGDV PiV
SURORQJDGRV6LUHIOH[LRQDPRVVREUHHOPXGRFRPRORVQLxRVDSUHQGHQDKDEODUDGYHUWLUHPRVODLPSRUWDQFLDGHODVSDODEUDVFODYH
3RU HMHPSOR XQ FKLFR GH GRV DxRV SRGUtD GHFLU 'DQ\ SHORWD SDUD FRPXQLFDU VXV LQWHQFLRQHV HPSOHDQGR VyOR ODV SDODEUDV
LQGLVSHQVDEOHV 7LHPSR GHVSXpV HO PLVPR FKLFR VHUi FDSD] GH FRPSOHWDU HO PHQVDMH FRQ SDODEUDV TXH QR VH FRQVLGHUDQ FODYH
4XLHURMXJDUDODSHORWD
6HJ~QDOJXQDVHVWDGtVWLFDVVyORHQWUHXQ\XQƒRGHODOHQJXDHVWiFRPSXHVWRSDUSDODEUDVFODYH/RVDOXPQRVTXHVHEDVDQ
HQ QRWDV FRQYHQFLRQDOHV H[WHQVDV \ HQ IRUPDWR GH UHVXPHQ SRGUtDQ HQFRQWUDUVH HQ GHVYHQWDMD (VWD FODVH GH WRPD GH QRWDV
FRQVWLWX\H XQD SpUGLGD GH WLHPSR \ HQHUJtD OD LQIRUPDFLyQ VHSLHUGHODVUHYLVLRQHVGHPDQGDQGHPDVLDGRWLHPSR\ODVSDODEUDV
FODYHVHHQFXHQWUDQYLVXDOPHQWHGHVFRQHFWDGDVGHODVUHODFLRQHVLPSRUWDQWHV
(Q ORV ~OWLPRV WLHPSRV VH GHVDUUROODURQ IRUPDV YLVXDOHV SDUD OD WRPD GH QRWDV TXH RIUHFHQ QXPHURVDV YHQWDMDV SRU VREUH ORV
IRUPDWRV FRQYHQFLRQDOHV (VWRV HQIRTXHV VH EDVDQ HQ YDULRV IDFWRUHV TXH SURPXHYHQ OD PHPRULD 6H DQRWDQ ODV SDODEUDV FODYH
HVHQFLDOHVVHGHVWDFDQODVDVRFLDFLRQHV\UHODFLRQHVVHUHTXLHUHXQFRPSURPLVRFRQVFLHQWH\VHLPSRQHXQDRUJDQL]DFLyQYLVXDO
VXEMHWLYD $ FRQWLQXDFLyQ GHVFULELUHPRV FXDWUR WpFQLFDV SDUD OD WRPD GH QRWDV YLVXDOHV PDSDV FRQFHSWXDOHV PDSDV PHQWDOHV
DVRFLDFLRQHV\SDLVDMHVPHQWDOHV
0DSDVFRQFHSWXDOHV
(Q VX OLEUR /HDUQLQJ WR /HDUQ >$SUHQGHU D DSUHQGHU@ -RVHSK 1RYDN \ %RE *RZLQ SURSRQHQ HO XVR GH XQ RUJDQL]DGRU JUiILFR
OODPDGRPDSDFRQFHSWXDO1RYDNSURIHVRUGHELRORJtDHQ&RUQHOOXWLOL]DHVWDWpFQLFDYLVXDOSDUDHQVHxDUSURFHVRVFLHQWtILFRVD
VXVDOXPQRV\WDPELpQSDUDLQGLFDUODVHFXHQFLD\ODVUHODFLRQHVGHORVFRQFHSWRV$VLPLVPR1RYDNHPSOHDPDSDVFRQFHSWXDOHV
FRPRUHFXUVRSDUDODHYDOXDFLyQ\DTXHSHUPLWHQGHVFXEULUODH[LVWHQFLDGHXQDFRPSUHQVLyQSURIXQGDDFHUFDGHXQGHWHUPLQDGR
SURFHVRELROyJLFR$XQTXHHQXQSULQFLSLRVHGHVDUUROOySDUDHOiUHDGHFLHQFLDVQDWXUDOHVHVWDHVWUDWHJLDWDPELpQUHVXOWD~WLOHQ
RWURVFDPSRVDTXtLQFOXLPRVGRVHMHPSORVGHPDSDVFRQFHSWXDOHV(OSULPHURIXHFUHDGRSRUXQJUXSRGHDOXPQRVGHXQDFODVH
GHFLHQFLDVQDWXUDOHVGHVpSWLPRDxRGHHGXFDFLyQEiVLFD\HORWURSRUXQDOXPQRGHODFDUUHUDGH+LVWRULD1yWHVHHOHPSOHRGH
ORVYHUERV\SDODEUDVFODYHTXHVHUHDOL]DHQDPERV
3DUDFUHDUPDSDVFRQFHSWXDOHVORVDOXPQRVGHEHQOHHUXQWH[WRRHVFXFKDUXQDFODVHH[SRVLWLYDHLGHQWLILFDUORVFRQFHSWRVFODYH
TXHVHSUHVHQWDQ/XHJRSRGUiQFRPSLODUXQDOLVWDGHGLFKRVFRQFHSWRVRUJDQL]iQGRORVGHVGHORVPiVJHQHUDOHV\DPSOLRVDORV
PiVHVSHFtILFRV(VWDFODVLILFDFLyQGHORVFRQFHSWRVUHTXLHUHTXHHODOXPQRGLVWLQJDHOFRQWHQLGRGHODLQIRUPDFLyQ\OHSHUPLWH
OHHURHVFXFKDUFRPSUHQVLYDPHQWH
/RVPDSDVFRQFHSWXDOHVVHFRQVWUX\HQFRQIRUPDGHiUERO\HOFRQFHSWRPiVJHQHUDOVHFRORFDHQHOYpUWLFHVXSHULRU(QWUHGRV\
FLQFR FRQFHSWRV JHQHUDOHV VH FRQHFWDQ SRU PHGLR GH OtQHDV DO SULPHU FRQFHSWR (VWDV OtQHDV GH FRQH[LyQ VH QRPEUDQ FRQ ORV
YHUERVFRUUHVSRQGLHQWHVDILQGHGHVWDFDUHOVLJQLILFDGRGHODVUHODFLRQHV3XHGHDJUHJDUVHXQWHUFHUQLYHODODMHUDUTXtDSDUDLQFOXLU
WRGDV ODV LGHDV LPSRUWDQWHV H LGHQWLILFDU WRGDV ODV SULQFLSDOHV UHODFLRQHV 7DPELpQ SXHGHQ HVWDEOHFHUVH UHODFLRQHV HQWUH GRV
VHFFLRQHV GHO PDSD FRQFHSWXDO HQ XQ PLVPR QLYHO GH MHUDUTXtD ODV TXH VH H[SOLFLWDUiQ SRU PHGLR GH OtQHDV 7DQWR ORV GRFHQWHV
FRPR ORV DOXPQRV QR WDUGDUiQ HQ GHVFXEULU TXH ORV PDSDV FRQFHSWXDOHV VRQ KHUUDPLHQWDV ~WLOHV SDUD LGHQWLILFDU FRQFHSWRV
LPSRUWDQWHV\VXVUHODFLRQHVGHQWURGHODVFRQWHQLGDVDFDGpPLFDV
0DSDVPHQWDOHV
8QDHVWUDWHJLDYLVXDOHILFD]SDUDODWRUQDGHQDWDVHVODWpFQLFDSDUDUHDOL]DU PDSDVPHQWDOHVTXHSUHVHQWD7RQ\%X]DQHQVXOLEUD
8VH %RWK6LGHVRI <RXU %UDLQ >8WLOLFH DPEDV KHPLVIHULRV GHO FHUHEUR@ %X]DQ UHFRPLHQGD XQ HQIRTXH HVSDFLDO QR OLQHDO SDUD OD
WRPD GH QRWDV TXH DSURYHFKD OD FDSDFLGDG QDWXUDO GH OD PHQWH SDUD WUDEDMDU GH PDQHUD LQWHJUDGD YLQFXODGD \ FRPSOHMD 'HO
PLVPR PRGR FODF ORV PDSDV FRQFHSWXDOHV DQWHV GHVFULWDV ODV PDSDV PHQWDOHV SUHVHQWDQ UDPLILFDFLRQHV GH LQIRUPDFLyQ TXH
H[KLEHQODVFRQFHSWRVFODYH\ODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHHOORV6LQHPEDUJDDGLIHUHQFLDGHPDSDVFRQFHSWXDOHVPiV
OLQHDOHV ODV PDSDV PHQWDOHV VH FDUDFWHUL]DQ SDU VX HQIRTXH JOREDO GH ODV WHPDV$SDUWLUGHXQDLGHDFRQWUROORVDOXQDVSXHGHQ
FUHDUFDQIDFLOLGDGXQDYLVWDSDQRUiPLFDGHVXWHPD
/DVPDSDVPHQWDOHVUHVXOWDQ~WLOHVSRUYDULRVPRWLYRV3HUPLWHQRUJDQL]DU\UHFRUGDULQIRUPDFLyQRUDORHVFULWDHVWXGLDUSDUDXQD
HYDOXDFLyQ HVFULWD SODQLILFDU \ HYDOXDU SUR\HFWRV D DFRQWHFLPLHQWRV R UHDOL]DU XQ LQIRUPH YLVXDO GXUDQWH HO WUDQVFXUVR GH XQD
UHXQLyQ &XDQGR VH ORV XWLOL]D HQ UHXQLRQHV VDQ H[WUHPDGDPHQWH ~WLOHV SDUD OOHYDU UHJLVWUR GHO GHEDWH RUJDQL]DU ODV
LQWHUYHQFLRQHVHOLPLQDUODUHGXQGDQFLD\D\XGDUDODVSDUWLFLSDQWHVDUHWDPDUODVLGHDVGHORVGHPiV(VWDHVWUDWHJLDHVGHXWLOLGDG
WDQWRSDUDDOXPQRVFRPRSDUDGRFHQWHV%X]DQVHxDORODLPSRUWDQFLDGHOFDORU\HOGLVHxRDVtFDPDWDPELpQORIRUPDSDUDGHVWDFDU
ODLQIRUPDFLyQLPSRUWDQWH
0XFKRV DOXPQRVRULHQWDGRVDODSUHQGL]DMHYLVXDOGLVIUXWDQFUHDQGRPDSDVPHQWDOHV\SXHGHQGLVHxDUVtPERORVRLPiJHQHVSDUD
LOXVWUDUVXVFRQFHSWRV\SDUDHPEHOOHFHUVXWUDEDMR1RREVWDQWHODFUHDFLyQGHPDSDVPHQWDOHVUHVXOWDUiDWUDFWLYDSDUDWRGRVORV
DOXPQRV\DTXHORVGHWDOOHVVHRUJDQL]DQHQFDWHJRUtDV\HOPRGHORYLVXDOXQLILFDODVGLIHUHQWHVSDUWHVHQXQWRGR
3DUDFUHDUXQPDSDPHQWDO\DVHDFRQHOSURSyVLWRGHWRPDUQRWDVRGHSDUWLFLSDUHQXQDWRUPHQWDGHLGHDVVHGHEHHVFULELUXQ
FRQFHSWRIXQGDPHQWDOHQHOFHQWURGHODSiJLQD6HWUDEDMDDSDUWLUGHHVWHFRQFHSWRHQWRGDVGLUHFFLRQHV\VHLQFRUSRUDQSDODEUDV
FODYHRLPiJHQHVTXHSXHGHQLGHQWLILFDUVHPHGLDQWHXQFyGLJRGHFRORUHVHQODViUHDVWHPiWLFDVFRUUHVSRQGLHQWHV/DVSDODEUDV
TXH VH LQFOX\DQ HQ XQ PDSD PHQWDO GHEHUiQ HVFULELUVH FRQ OHWUDV PD\~VFXODV \D TXH HOORIDYRUHFHODPHPRULDYLVXDOVREUHODV
OtQHDVGHFRQH[LyQ/RVFRORUHVORVGLEXMRV\ORVFyGLJRVSXHGHQXWLOL]DUVHFRPRUHFXUVRVPQHPyQLFRVFRPRIRUPDGHH[SUHVLyQ
LQGLYLGXDO\FRPRPHGLRSDUDWUDQVIRUPDU\VLQWHWL]DULQIRUPDFLyQHQIRUPDWRYLVXDO$FRQWLQXDFLyQSUHVHQWDPRVXQHMHPSORGH
PDSDPHQWDOGLVHxDGRSRU6DUDK:HOVKHQHOTXHVHUHVHxDQORVFRQWHQLGRVGHOSUHVHQWHFDStWXOR
$VRFLDFLRQHV
/DV DVRFLDFLRQHV WDO FRPR ODV GHVDUUROOD *DEULHOH 5LFR HQ VX OLEUR :ULWLQJ WKH 1DWXUDO :D\ >&yPR HVFULELU GH PDQHUD QDWXUDO@
FRQVWLWX\HQXQSURFHVRDELHUWRSDUDJHQHUDULGHDVFUHDWLYDV6RQHILFDFHVFRPRDFWLYLGDGSUHOLPLQDUSDUDFDVLWRGDV ODVIRUPDVGH
HVFULWXUD \ VH ODV SXHGH XWLOL]DU FRPR HOHPHQWR PRWLYDGRU SDUD SUR\HFWRV GH HVFULWXUD FUHDWLYD DUWtFXORV LQIRUPHV H[iPHQHV H
LQFOXVR OLEURV 5LFR HVFULEH VXV SURSLRV OLEURV FUHDQGR DVRFLDFLRQHV \ OXHJR HVFULELHQGR GLUHFWDPHQWH D SDUWLU GH HOODV HQ XQ
SURFHVDGRUGHWH[WR
&XDQGRVHXWLOLFHQDVRFLDFLRQHVFRQSURSyVLWRVGHHVFULWXUDFUHDWLYDVHFRPLHQ]DHVFULELHQGRHOFRQFHSWRSULQFLSDOHQHOFHQWURGH
OD SiJLQD \ VH OR URGHD FRQ XQ WUD]R FLUFXODU (VWH WHPD VHUYLUi GH WUDPSROtQ SDUD DVRFLDU OLEUH \ UiSLGDPHQWH WRGDV ODV LGHDV
SRVLEOHVDODVTXHVHHQFHUUDUiFRQFtUFXORV\VHFRQHFWDUiFRQHOFRQFHSWRFHQWUDO$VtFRPRRFXUUHHQWRGRSURFHVRGHWRUPHQWD
GH LGHDV HV LPSRUWDQWH DQRWDU WRGR DTXHOOR TXH YLHQH D OD PHQWH DXQ FXDQGR SDUH]FD LUUHOHYDQWH 0XFKDV YHFHV ODV LGHDV
LUUHOHYDQWHV VXHOHQ RSHUDU FRPR GLVSDUDGRU GH RWUDV PiV ~WLOHV 8QD YH] TXH VH KD FRPSOHWDGR OD SiJLQD £$TXt QR FXHQWD OD
SUROLMLGDGSRGUiVXUJLUXQWHPD5LFRORGHQRPLQDVHQVDFLyQGHWXUQR(QHVHPRPHQWRVHSURFHGHDHVFULELUXQSDUGHOtQHDV
GHEDMRGHOHVTXHPD 3DUDPXFKDVSHUVRQDVHVWHSURFHVRFRQVWLWX\HXQUHFXUVRHQRUPHPHQWHYDOLRVRSDUDODHVFULWXUDFUHDWLYDTXH
VXHOH H[KLELU XQD JUDQ ULTXH]D GH PHWiIRUDV H LPiJHQHV $TXt SUHVHQWDPRV ODV DVRFLDFLRQHV UHDOL]DGDV SRU XQ DOXPQR \ VX
SURGXFWRGHHVFULWXUD
(OFRUUHGRU
(VWiLQPyYLO&RQJHODGRSRUODOHQWHGHOIRWyJUDIR&XDQGRHVWiDSXQWRGHOOHJDUDODPHWD0tUHQORPiVGHFHUFD0LUHQVX
H[SUHVLyQ/DFDUDFRQWUDtGD(QDJRQtD0LUHQVXFXHUSR/RVP~VFXORVWHQVRV&RPREDUUDVGHDFHUR/DSLHOHPSDSDGD'H
VXGRU/RVEUD]RVTXHFXHOJDQFRQLQGLIHUHQFLD0LUHQVXSDVR(SDVRFRUWRGHXQFRUUHGRUFDQVDGR6HHQFXHQWUDFDVLHQHO
OtPLWH'HVXVIXHU]DV&DVL3HURQRWRWDOPHQWH(VWiLQPyYLO&RQJHODGRSRUODOHQWHGHOIRWyJUDIR
67(9(6DQR
3DLVDMHVPHQWDOHV
1DQF\ 0DUJXOLHV GHVDUUROOy XQ PpWRGR SDUD GRFXPHQWDU LQIRUPDFLyQ SURYHQLHQWH GH FODVHV H[SRVLWLYDV R OLEURV SRU PHGLR GH
LPiJHQHVFRQPX\SRFDVSDODEUDV6XOLEUD0DSSLQJ,QQHU6SDFH>0DSDVGHOHVSDFLRLQWHULRU@HQVHULDDODVSHUVRQDVTXHQRVRQ
DUWLVWDVDFUHDULPiJHQHVYLVXDOHVTXHWUDQVIRUPDQODLQIRUPDFLyQGHXQIRUPDWRYHUEDOHQXQIRUPDWRYLVXDO/DPLVPD0DUJXOLHV
VXHOHFUHDUSDLVDMHVPHQWDOHVGXUDQWHVXVFRQIHUHQFLDVHQXQDWULOTXHFRORFDMXQWR DOSRGLR\HOORSHUPLWHFRQWDUFRQUHJLVWURV
YLVXDOHV GH FDGD SUHVHQWDFLyQ $VWDV FRORULGDV FUHDFLRQHV VH H[KLEHQ HQ ODV SDUHGHV GH OD VDOD \ SURSRUFLRQDQ XQ PHGLRJUiILFR
SDUDOOHYDUDFDERODUHYLVLyQGHFDGDXQRGHORVFRQFHSWRVSUHVHQWDGRVDPHGLGDTXHVHGHVDUUROODODFRQIHUHQFLD
/RVSDLVDMHVPHQWDOHVRIUHFHQQRVyORQXHYDVSRVLELOLGDGHVSDUDHDSUHQGL]DMH\ODPHPRULDVLQRTXHWDPELpQSXHGHQXWLOL]DUVH
SDUD RUJDQL]DU ODV DFWLYLGDGHV GHO GtD SDUD SODQLILFDU FODVHV SDUD FUHDU UHYLVLRQHV LQWHUHVDQWHV R SDUD SURPRYHU QXHYDV LGHDV
0DUJXOLHVRIUHFHORVVLJXLHQWHVVtPERORVYLVXDOHVTXHODPD\RUtDGHODVSHUVRQDVQRWHQGUiGLILFXOWDGHVSDUDUHSURGXFLUFRQHO
REMHWRGHLQLFLDUHOWUDEDMRFRQUHSUHVHQWDFLRQHVJUiILFDV
&DGD XQR GH ORV HQIRTXHV JUiILFRV HVTXHPDV YLVXDOHV RUJDQL]DGRUHV HVSDFLDOHV PDSDV FRQFHSWXDOHV PDSDV PHQWDOHV
DVRFLDFLRQHV R SDLVDMHV PHQWDOHV UHVXOWD LQGXGDEOHPHQWH ~WLO SDUD GLIHUHQWHV SURSyVLWRV \ SUHIHUHQFLDV $OJXQRV GH HVWRV
SURFHVRVVRQGHQDWXUDOH]DPiVOLQHDO\UHVXOWDQ PiVDSURSLDGRVSDUDWDUHDVDQDOtWLFDVPLHQWUDVTXHRWURVVRQPiVJOREDOHV
\ VH DMXVWDQ PHMRU D SURSyVLWRV FUHDWLYRV 1LQJXQR GH HOORV UHVXOWD GLItFLO SDUD HQVHxDU R DSUHQGHU \ WRGRV RIUHFHQ D ORV
GRFHQWHV \ D ORV DOXPQRV XQD JUDQ GLYHUVLGDG GH KHUUDPLHQWDV SDUD OOHYDU D FDER ODV GLYHUVDV WDUHDV TXH FRPSUHQGH HO
SURFHVRGHDSUHQGL]DMH
9LVXDOL]DFLyQ
/DYLVXDOL]DFLyQHVODFDSDFLGDGSDUDFRQVWUXLUDHYRFDULPiJHQHVYLVXDOHVPHQWDOPHQWH0XFKDVGHODVJUDQGHVGHVFXEULPLHQWRV
FRPLHQ]DQFDQXQDLQWXLFLyQXQDLPDJHQFODUDDXQDYLVLyQ 3RUHMHPSOR(LQVWHLQFRQFLELySDUSULPHUDYH]VXWHRUtDJHQHUDOGHOD
UHODWLYLGDG PLHQWUDV VRxDED GHVSLHUWR XQ GtD GH VDO \ VH LPDJLQDED YRODQGR SRU H HVSDFLR PRQWDGR HQ XQ UD\R GH OX] (O
TXtPLFRDOHPiQ)UHGULFK$XJXVW.HNXOHUHVROYLyRWURSUREOHPDFLHQWtILFRDODKRUDGHOFUHS~VFXORPLHQWUDVFRQWHPSODEDHOOXHJR
GHODFKLPHQHD\VHLPDJLQDEDXQDURQGDGHVHUSLHQWHVFDGDXQDGHODVFXDOHVPRUGtDODFRODGHODTXHODSUHFHGtD(VWDLPDJHQ
UHYHOy OD HVWUXFWXUD PROHFXODU GHO EHQFHQR /HRQDUGR GD 9LQFL LPDJLQy \ GLEXMy PDUDYLOODV WHFQROyJLFDV FDUHR HO KHOLFySWHUR
WLHQWDV GH DxDO DQWHV GH VX LQYHQFLyQ (Q GLYHUVRV FDPSDV GH OD DFWLYLGDG KXPDQD VH KDQ SURGXFLGR DYDQFHV FRPR UHVXOWDGR GH
SHUFHSFLRQHV RULJLQDGDV SRU LPiJHQHV LQWHULRUHV &XDQGR VH WUDEDMD LQWHQFLRQDOPHQWH OD YLVXDOL]DFLyQ HQ OD FODVH ODV DOXPQRV
FRQWDUiQFRQQXHYDVKHUUDPLHQWDVSDUDHODSUHQGL]DMHHOFRQRFLPLHQWR\HOGHVFXEULPLHQWR6LVHHVWLPXODDORVDOXPQRVSDUDTXH
SURGX]FDQ VXVSURSLDVLPiJHQHVPHQWDOHVVHJDUDQWL]DUiWDPELpQVXFDSDFLGDGSDUDOOHYDUODVDFDER\DTXHHOPXQGRVHYXHOYH
FDGD YH] PiV YLVXDO FRQ ODV LPiJHQHV TXH ODV GHPiV WUDQVPLWHQ SRU PHGLR GH OD WHOHYLVLyQ ODV SHOtFXODV OD FRPSXWDGRUD \ HO
YtGHR
,PiJHQHVHQHODXOD
/DV YLVXDOL]DFLRQHV VLPSOHV SXHGHQ XWLOL]DUVH HVSRQWiQHDPHQWH HQ OD PD\RUtD GH ODV VLWXDFLRQHV GH DSUHQGL]DMH (Q XQ
GHWHUPLQDGRPRPHQWRGHODFODVHVHSRGUiVROLFLWDUDORVDOXPQRVTXHJHQHUHQ\PDQLSXOHQLPiJHQHV/DFUHDFLyQGHLPiJHQHV
WDQWRLQWHUQDVFRPRH[WHUQDVSHUPLWHDORVDOXPQRVQRVyORDSUHQGHUFRQWHQLGRVDFDGpPLFRVVLQRWDPELpQFUHDU\H[SUHVDUVHSRU
PHGLRGHVLVWHPDVGHVLJQRVYLVXDOHV\VLPEyOLFRVSURSLRV
7pFQLFDVGHPHPRULDYLVXDO
/RV DQWLJXRV JULHJRV H[SOLFDEDQ HO IHQyPHQR GH OD PHPRULD KXPDQD SRU PHGLR GHO PLWR GH OD JUDQ GLRVD 0QHPRVLQH (O PLWR
UHODWD TXH HQ HO FRPLHQ]R GH ORV WLHPSRV ORV 'LRVHV 0D\RUHV HUDQ VREHUDQRV DEVROXWRV GHO XQLYHUVR \ HVWDEDQ GRWDGRV GH XQ
HQRUPHWDPDxR\XQHQRUPHSRGHU0QHPRVLQHXQDGHODVGLRVDVRULJLQDOHVSRVHtDXQGRQHVSHFLDOVXPHPRULDHUDWDQH[WHQVD
FRPRVXFDEHOOHUD0QHPRVLQHFRQRFtDWRGRVORVKHFKRVTXHKDEtDQRFXUULGRGHVGHHOFRPLHQ]RGHOWLHPSR8QGtDGHFLGLyTXH
GHEtDFRPSDUWLUVXVFRQRFLPLHQWRV\SDUDHOORUHXQLyDVXVKLMDVODVQXHYHPXVDV\OHVFRQWyKLVWRULDVDFHUFDGHOXQLYHUVR/HV
H[SOLFy FyPR VH KDEtDQ FUHDGR OD 7LHUUD ODV HVWUHOODV \ OD /XQD /HV KDEOy VREUH ORV JORULRVRV GLRVHV \ ORV JUDQGHV KpURHV \
KHURtQDVTXHKDEtDQSREODGROD7LHUUD/DVQXHYHPXVDVRWRUJDURQJUDQLPSRUWDQFLDDWRGRORTXH VXPDGUHOHVKDEtDHQVHxDGR\
VLQWLHURQGHVHDVGHSUHVHUYDUODVPDUDYLOORVDVKLVWRULDV3DUDHOORWUDQVIRUPDURQORVUHODWRVGH0QHPRVLQHHQSRHPDVFXHQWRV\
FDQFLRQHV D ILQ GH DVHJXUDUVH GH TXH QXQFD VHULDQ ROYLGDGRV 'H HVWD PDQHUD ODV PXVDV SXGLHURQ FRPSDUWLU VXV FRQRFLPLHQWRV
FRQORVPRUWDOHV\SHUPLWLHURQDODKXPDQLGDGDSUHQGHU\UHFRUGDUWRGRDTXHOORTXHHUDLPSRUWDQWH
$ SDUWLU GH HVWD H[SOLFDFLyQ DFHUFD GH OD PHPRULD ORV JULHJRV FUHDURQ WpFQLFDV TXH HPSOHDEDQ KLVWRULDV \ DVRFLDFLRQHV SDUD
LQFUHPHQWDUODPHPRULW\OOHYDUDFDERODDSDUHQWHSURH]DVREUHKXPDQDGHODPHPRUL]DFLyQ/RVDQWLJXRVRUDGRUHVHUDQFDSDFHV
GH UHFRUGDU FLHQWRV GH REMHWRV FRPR PD]RV GH FDUWDV FRORFDGDV HQ XQ GHWHUPLQDGR RUGHQ GHVFHQGHQWH DVFHQGHQWH R DO D]DU
IHFKDV Q~PHURV H LQFOXVR OD WRWDOLGDG GH XQ FDPSR GHO FRQRFLPLHQWR 7DOHV KDELOLGDGHV HUDQ SRVLEOHV GHELGR DO HPSOHR GH OD
PQHPRWHFQLDWpUPLQRTXHGHULYDGHODSDODEUDJULHJDPQHPHTXHVLJQLILFDPHPRULD/DPQHPRWHFQLDHVXQFRQMXQWRGHWpFQLFDV
TXH IDFLOLWDQ OD UHWHQFLyQ \ HYRFDFLyQ GH LQIRUPDFLyQ PHGLDQWH HO HMHUFLFLR GH OD LQWHOLJHQFLD YLVXDOHVSDFLDO (VWRV SURFHVRV
IDFLOLWDQ WDPELpQ OD FDSDFLGDG GH WUDEDMDU FRQ LPiJHQHV PHQWDOHV OR TXH VXHOH VHU XQD FDUDFWHUtVWLFD GH ORV JUDQGHV JHQLRV
FUHDWLYRV
(Op[LWR GHORVDQWLJXRVVLVWHPDVGHPHPRUL]DFLyQVHEDVDEDHQXQSULQFLSLRFRP~QODDVRFLDFLyQTXHFRQVLVWHHQWRPDUXQDLGHD
R LPDJHQ \ YLQFXODUOD FRQ RWUD /DV LQYHVWLJDFLRQHV KDQ GHPRVWUDGR TXHHODSUHQGL]DMHGHWpFQLFDVGHPHPRUL]DFLyQTXHSRQHQ
pQIDVLVHQODVLQWHUFRQH[LRQHVQRVSHUPLWHDOPDFHQDU\UHFRUGDUPXFKDPiVLQIRUPDFLyQGHORTXHVXSRQtDPRV(QHODXODSXHGHQ
HPSOHDUVH ODV WpFQLFDV DVRFLDWLYDV FXDQGR VH GHEDQ PHPRUL]DU ORV QRPEUHV GH ODV SURYLQFLDV DUJHQWLQDV ODV GLQDVWtDV FKLQDV HO
VLVWHPD GH FDWDORJDFLyQ ELEOLRJUiILFD GH 'HZH\ ORV DUWtFXORV GH OD &RQVWLWXFLyQ ODV UHJODV RUWRJUiILFDV R OLVWDV GH HMHPSORV
&XDQGR VH FRPLHQFH D HQVHxDU XQ UHFXUVR PHPRUtVWLFR VHHOHJLUiXQDOLVWD\VHJHQHUDUiMXQWRFRQORVDOXPQRVXQDDQpFGRWD
SDUDPHPRUL]DUVXFRQWHQLGRSRUPHGLRGHLPiJHQHVFODUDV\GHILQLGDV
3RUHMHPSORVHSRGUiVROLFLWDUDORVDOXPQRVTXHPHPRULFHQHO6LVWHPD'HFLPDOGH'HZH\(VWHVLVWHPDGHFODVLILFDFLyQGLYLGHD
ORVOLEURVHQGLH]FDWHJRUtDVSULQFLSDOHV
*HQHUDOLGDGHVHQFLFORSHGLDVSXEOLFDFLRQHVSHULyGLFDVPDWHULDOSHULRGtVWLFR
)LORVRItD
5HOLJLyQ
&LHQFLDVVRFLDOHV
/HQJXD
&LHQFLDVQDWXUDOHV
7HFQRORJtD
$UWH
OLWHUDWXUD
*HRJUDItD
&RQHOILQGHPHPRUL]DUODOLVWDDQWHULRUVHFUHyHOVLJXLHQWHDUJXPHQWRFRPSXHVWRSRUDVRFLDFLRQHVHLPiJHQHV
)XLDODOPDFpQGHUDPRVJHQHUDOHV*HQHUDOLGDGHVGRQGHSRGtDFRPSUDUKDVWDDUWtFXORV/DSULPHUDSHUVRQDTXHPHDWHQGLy
IXH6RItD)LORVRItDODGXHxDTXLHQPHPRVWUyGRVFLHQWDV%LEOLDVQXHYDV5HOLJLyQ<ROHGLMHTXHTXHUtDOOHYDUWUHVWDMRVGH
FDUDPHORVVXUWLGRVPDUFD&6&LHQFLDVVRFLDOHV&XDQGRUHFRUUtDODFXDUWRJyQGRODHVFXFKpTXHKDEtDPXFKDVSHUVRQDV
KDEODQGRHQGLIHUHQWHVLGLRPDV/HQJXD\FRPSUpFLQFRMXHJRVSDUDKDFHUH[SHULPHQWRV&LHQFLDVQDWXUDOHV(QODVH[WD
JyQGRODYLFRPSXWDGRUDV7HFQRORJtDSHURSUHIHUtFRPSUDUVLHWHFXDGURV$UWH+DEtDRFKRFDMRQHVOOHQRVGHOLEURV
/LWHUDWXUDHQHOSLVR&RPSUpQXHYHSODQLVIHULRV*HRJUDItD\OXHJRPHIXL
8QDKLVWRULDVHPHMDQWHJHQHUDGDSRUORVDOXPQRVSXHGHVHUYLUFRPRSRGHURVRGLVSDUDGRUSDUDODPHPRULD6HSXHGHQDQDOL]DUODV
LPiJHQHV SDUD TXH UHVXOWHQ PiV FODUDV \ VH UHSLWH HO DUJXPHQWR XQD R GRV YHFHV 0iV WDUGH ORV DOXPQRVQRWHQGUiQGLILFXOWDG
SDUD UHFRUGDU OD KLVWRULD HQ VLOHQFLD PLHQWUDV HVFULEHQ HO 6LVWHPD 'HFLPDO GH 'HZH\ LQFOX\HQGR ODV QXPHUDFLRQHV \ OD
FODVLILFDFLyQSRUFDWHJRUtDV
(Q~OWLPDLQVWDQFLDHVWDVWpFQLFDVUHVXOWDQPiVHILFDFHVFXDQGRFDGDXQRGHORVDOXPQRVSXHGHFUHDUVXVSURSLDVLPiJHQHV&RPR
GHPXHVWUDHOHMHPSORDQWHULRUXQDYH]TXHORVDOXPQRVKDQGRPLQDGRODWpFQLFDHOGRFHQWH\DQRGHEHUiSURSRUFLRQDUOLVWDGRV
SDUDUHVROYHUHMHUFLGRVHVFULWRVRSUXHEDVGHHYDOXDFLyQVLQRTXHSRGUiVROLFLWDUDORVDOXPQRVTXHXWLOLFHQVXVSURSLRVUHFXUVRV
SDUDODPHPRUL]DFLyQ
/DV DOXPQRV VXHOHQ DGYHUWLU TXH VRQ FDSDFHV GH UHFRUGDU ODV KLVWRULDV D\XGDPHPRULD GXUDQWH ODUJR WLHPSR \ DOJXQRV H[SUHVDQ
SUHRFXSDFLyQSRUHOKHFKRGHTXHVXPHQWHHVWpRFXSDGDFRQWRQWHUtDV\ TXHSXHGDQRTXHGDUHVSDFLRSDUDFRVDVPiVLPSRUWDQWHV
6HOHVSRGUiGHPRVWUDUTXHWDOSRVLELOLGDGQRHVUHDO$OJXQRVLQYHVWLJDGRUHVVRVWLHQHQTXHVLVHLQFRUSRUDUDQDOFHUHEURKXPDQR
GLH]QXHYDVLQIRUPDFLRQHVSRUVHJXQGRGXUDQWHWRGDODYLGDDXQTXHGDUiHVSDFLROLEUHHQODPHPRULD/DVWpFQLFDVDVRFLDWLYDVQR
FRQGLFLRQDQQXHVWUDFDSDFLGDGGHPHPRULDVRODPHQWHODIRUWDOHFHQ
/DVWpFQLFDVPHPRUtVWLFDVTXHUHVXOWDQHILFDFHVSDUDUHFRUGDU\HYRFDUKHFKRVVRQSDUWLFXODUPHQWHYDOLRVDVFXDQGRORVDOXPQRV
GHEHQDSUHQGHUWDEODVGHPXOWLSOLFDUUHJODVRUWRJUiILFDVSULQFLSLRV\IyUPXODV6LELHQODHMHUFLWDFLyQ\ODSUiFWLFDUHVXOWDQ~WLOHV
SDUDPHPRUL]DUGHWHUPLQDGRVGDWRV\SURFHGLPLHQWRVSXHGHQOOHJDUDPLQLPL]DUODLPSRUWDQFLDGHOVLJQLILFDGR\ODFRPSUHQVLyQ
(VLPSRUWDQWHHQVHxDUGDWRVKDELOLGDGHV\FRQFHSWRVFRPRSDUWHGHH[SHULHQFLDVPXOWLVHQVRULDOHVHLQWHUDFWLYDVGHJUDQULTXH]D
/DVWpFQLFDVPHPRUtVWLFDVSXHGHQLQFRUSRUDUVHDOFRQWHQLGR\GHQLQJXQDPDQHUDGHEHUiQFRQVLGHUDUVHREMHWRGHHQVHxDQ]DHQVt
PLVPDV /DV RSRUWXQLGDGHV GH DSUHQGL]DMH YDULDGDV \ SUiFWLFDV HVWLPXODQ OD WRWDOLGDG GHO FDPSR GH OD PHPRULD KXPDQD \
WUDQVIRUPDQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHHQXQDH[SHULHQFLDIDVFLQDQWH\VLJQLILFDWLYD
9DULHGDGYLVXDOHQPDWHULDOHVGLGiFWLFRV
(VSRVLEOHJHQHUDULQWHUpV\HQWXVLDVPRSRUHOPDWHULDOGLGiFWLFRPHGLDQWHODPRGLILFDFLyQYLVXDOGHOFRORUODIRUPD\OD
LPDJHQ(OFRORUFRQVWLWX\HXQFRPSRQHQWHLPSRUWDQWHGHOSHQVDPLHQWRYLVXDO3HUPLWHGLVWLQJXLULGHDVRULHQWDUODDWHQFLyQ
\ IDYRUHFHU OD UHWHQFLyQ 3XHGH XWLOL]DUVH FRORU SDUD GHVWDFDU LQIRUPDFLyQ HQ FLWDV WH[WXDOHV WUDEDMRV GH ORV DOXPQRV
WUDQVSDUHQFLDVPDWHULDOTXHVHFRORTXHHQHOSL]DUUyQRHQODFDUWHOHUDQRWDVDFHUFDGHODVFODVHV\HMHUFLFLRVGHSUiFWLFD
8VRGHOFRORUILDUDGHVWDFDULQIRUPDFLyQ
(O FRORU WDPELpQ SXHGH XWLOL]DUVH FRPR LPSRUWDQWH KHUUDPLHQWD GLGiFWLFD /RV SDVRV SDUD UHVROYHU RSHUDFLRQHV PDWHPiWLFDV
SXHGHQ FODULILFDUVH PHGLDQWH HO XVR GHO FRORU 3RU HMHPSOR HO SULPHU SDVR GH XQD GLYLVLyQ SRU YDULDV FLIUDV SXHGH HVFULELUVH HQ
FRORUURMRHOVHJXQGRHQD]XO\HOWHUFHURHQYHUGH
/RV HUURUHV RUWRJUiILFRVSXHGHQFRUUHJLUVHXWLOL]DQGRFRORUHV 6HSRGUiHVFULELUFRQXQGHWHUPLQDGRFRORUODSDUWHGHODSDODEUD
TXHQRSUHVHQWHHUURUHVRUWRJUiILFRV\VHGHVWDFDUiQFRQURMRRQDUDQMDODVFRUUHFFLRQHVTXHGHEHQUHFRUGDUVH(VLPSRUWDQWHTXHHO
GRFHQWH SURSRUFLRQH PRGHORV SDUD HO HPSOHR GHO FRORU HQ HO DXOD \ TXH SHUPLWD D ORV DOXPQRV GHVDUUROODU VXV SURSLRV FyGLJRV
YLVXDOHVPHGLDQWHODHOHFFLyQGHORVFRORUHV\ ORVHQIRTXHVSDUDDERUGDUVXWDUHD
7DPELpQ SRGUiQ GHVWDFDUVH FRQ FRORU ORV SDVRV SDUD XQD VROXFLyQ FUHDWLYD \ DELHUWD GH ORV SUREOHPDV FRPR VH H[SOLFD D
FRQWLQXDFLyQ
1HJUD(OSULPHUSDVRGHXQDVROXFLyQGHSUREOHPDVFUHDWLYDFRQVLVWHHQGHWHUPLQDUORVSHUVRQDMHVHOPRWLYRHOPRPHQWR\HO
OXJDUTXHFUHDQXQDVLWXDFLyQ(VWRVGDWRVSXHGHQHVFULELUVHFRQWLQWDQHJUD
5DMR(OVHJXQGRSDVRFRQVLVWHHQGHILQLUORVSUREOHPDVSULQFLSDOHVTXHSXHGHQHVFULELUVHFRQURMR
9HUGH1XPHURVDVVROXFLRQHVSXHGHQSUHVHQWDUVHHQYHUGH
$]XOHVHOHFFLRQDODPHMRUVROXFLyQ\VHODHQFLHUUDFRQXQDOtQHDD]XO
1DUDQMD6HGHVDUUROODUiXQSODQGHDFFLyQHQFRORUQDUDQMD
3RGUi XWLOL]DUVH XQ SURFHGLPLHQWR GH VHFXHQFLD GH FRORUHV VLPLODU SDUD HO FXPSOLPLHQWR GH FRQVLJQDV OD WRPD GH QRWDV R OD
PHPRUL]DFLyQ GH XQ SURFHVR HQ WRGDV ODV iUHDV GH FRQWHQLGR &XDQGR VH WUDEDMH FRQ FRORUHV GH PDQHUD VHFXHQFLDO HO GRFHQWH
SRGUiDGYHUWLUIiFLOPHQWHTXpHWDSDGHOSURFHVRGHVROXFLyQGHSUREOHPDVUHVXOWDPiVGLILFXOWRVDSDUDORVDOXPQRV
)RUPDVYDULDGDV
/DFRPSXWDGRUDSURSRUFLRQDXQUHFXUVRPX\FRQYHQLHQWHSDUDDJUHJDUYDULHGDGYLVXDODOWUDEDMRHQHODXOD0HGLDQWHXQVHQFLOOR
SURFHGLPLHQWR VH SRGUiQ LQFRUSRUDU LOXVWUDFLRQHV WLSRJUDItDV GH GLYHUVRV WDPDxRV FXDGURV VtPERORV \ ERUGHV DO PDWHULDO GH
HVWXGLR 3RU HMHPSOR SDUD SUDFWLFDU RUWRJUDItD VH SXHGH DXPHQWDU HO WDPDxR GH ODV OHWUDV TXH VXHOHQ HVFULELUVH LQFRUUHFWDPHQWH
SDUDDWUDSDUYLVXDOPHQWHODDWHQFLyQ\HVWLPXODUODUHWHQFLyQ
7DPELpQUHVXOWDVHQFLOORD\XGDUDORVDOXPQRVDFRQFHQWUDUVHHQFRQFHSWRVRSDODEUDVFODYH\HQODVUHJODVRUWRJUiILFDVVLVHOHV
VXJLHUHTXHYLVXDOLFHQODVSDODEUDV\VXVIRUPDV/DVIRUPDVRFRQILJXUDFLRQHVGHODVSDODEUDVSRGUiQGHVWDFDUVHGHODVLJXLHQWH
PDQHUD
/DVDOXPQRVSXHGHQGLEXMDUODVFRQILJXUDFLRQHVH[WHUQDVGHODVSDODEUDV\OXHJRVROLFLWDUDDOJXQRGHVXVSDUHVTXHODVFRPSOHWH
FRQ OD SDODEUD TXH FRUUHVSRQGD 7DPELpQ SXHGHQ FUHDU FRQILJXUDFLRQHV SDUWt IUDVHV R WHRUHPDV PDWHPiWLFRV TXH OHHUiQ \
VROLFLWDUiQTXHORVGHPiVOHDQ
$FRPSDxDPLHQWRYLVXDOSDUDODVFODVHVH[SRVLWLYDVGHEDWHVROHFWXUDV
$Vt FRPR PXFKRV GRFHQWHV VXHOHQ VHQWLUVH LQFyPRGRV UHVSHFWR GH VXV KDELOLGDGHV SDUD GLEXMDU DOJXQRV DOXPQRV VH RIUHFHUiQ
YROXQWDULDPHQWHSDUDLOXVWUDUORVFRQWHQLGDVGHDSUHQGL]DMH\SDUDFUHDUDILFKHVSDUDHODXOD
7DPELpQ VH SXHGH VROLFLWDU D ODV DOXPQRV TXH GHFRUHQ VXV WUDEDMRV HVFULWRV SRU PHGLD GH FRODUHV JUDILVPRV VtPERORV \ IRUPDV
YDULDV$QWHVGHFRPHQ]DUXQDWDUHDGHOHFWXUDVHSXHGHSURSRQHUDODVDOXPQRVTXHREVHUYHQODVIRWRJUDILDU\ORVJUiILFRVTXH
DSDUHFHQHQHOPDWHULDOLPSUHVR\DTXHODH[SORUDFLyQYLVXDOFUHDJDQFKRVPHQWDOHVSDUDODLQIRUPDFLyQHVFULWDHLQFUHPHQWDOD
FRPSUHQVLyQ8QDYH]TXHORVDOXPQRVKD\DQFRPHQ]DGRODOHFWXUDVHOHVVXJLHUHTXHWUDQVIRUPHQODVSDODEUDVRVXFHVRVFODYHHQ
VXVSURSLDVSHOtFXODVPHQWDOHVFRQHOILQGHSURPRYHUODSRVWHULRUUHHODERUDFLyQ
-XHJRVGHWDEOHURV\GHFDUWDV
/RV MXHJRV GH WDEOHUR VRQ XQR GH ORV SDVDWLHPSRV PiV DQWLJXRV TXH VH FRQRFHQ $OUHGHGRU GHO DxR D& ODV WDOODV GH ODV
WXPEDVHJLSFLDVUHSUHVHQWDEDQMXHJRVGHWDEOHURHQGHVDUUROOR8QPXUDOGHODWXPEDGH1HIHUWDULPXHVWUDDODUHLQDWRPDQGRSDUWH
HQ XQ MXHJR GH WDEOHUR FRQ SLH]DV PyYLOHV /RV DQWLJXRV EDELORQLRV FKLQRV URPDQRV \ D]WHFDV GHVDUUROODURQ MXHJRV TXH WHQtDQ
SURSyVLWRV HGXFDWLYRV \ UHTXHUtDQ KDELOLGDGHV GH SHQVDPLHQWR OyJLFR $OJXQRV MXHJRV HUDQ HVSDFLDOHV \ RIUHFtDQ XQD JXtD SDUD
UHFRUUHU OD FLXGDG R ODV GLYHUVDV PDQHUDV GH FD]DU XQ DQLPDO 'HELGR D TXH ORV MXHJRV GH WDEOHUR VRQ WDQ SRSXODUHV KR\ HQ GtD
FRPRORHUDQHQODDQWLJHGDGVHORVSXHGHXWLOL]DUSDUDGHVSHUWDUHOHQWXVLDVPRGHORVDOXPQRVSRUHODSUHQGL]DMH
/RV MXHJRV FRQ SLH]DVPyYLOHVVXHOHQFRQVWLWXLUXQGHVDItRSDUDODLQWXLFLyQ\ODLPDJLQDFLyQGHOMXJDGRU\OHSHUPLWHQWDPELpQ
HMHUFLWDUVXVKDELOLGDGHVGHPHPRULD\VXLQWHOLJHQFLDYLVXDOHVSDFLDO(ODMHGUH]HVXQMXHJRPX\DQWLJXRTXHVXUJLyHQ$VLDVH
GLIXQGLy SRU 3HUVLD HQ HO VLJOR 9 D& OXHJR SRU 0HGLR 2ULHQWH (VSDxD \ HO UHVWR GH (XURSD (Q OD DFWXDOLGDG VL ELHQ VH OR
FRQVLGHUD XQR GH ORV PiV GLIXQGLGRV SDVDWLHPSRV DOJXQRV HGXFDGRUHV FRPLHQ]DQ D DSUHFLDU VX YDORU FRPR KHUUDPLHQWD SDUD
SURPRYHUODVKDELOLGDGHVGHSHQVDPLHQWR\DSUHQGL]DMHGHORVDOXPQRV
/RVGRFHQWHVTXHHVWpQLQWHUHVDGRVHQFUHDUVXVSURSLRVMXHJRVSDUDHODXODSRGUiQFRPHQ]DUFRQXQGLVHxDVHQFLOORVLPLODUDOGHO
0RQRSRO\HQHOTXHORVSDUWLFLSDQWHVVLJXHQXQUHFRUULGRHQHOTXHHQFXHQWUDQREVWiFXORVRUHFRPSHQVDVHQUHODFLyQFRQHOWHUQD
HQFXHVWLyQ&RQVLJQDVVLPSOHVFRPR7HHQIUHQWDVDVROGDGRVHVSDxROHVUHWURFHGHFDVLOOHURV1RPEUDODUDt]FXDGUDGDGH
\ WLUD QXHYDPHQWH HO GDGR +XFN )LQQ \ -LP VRQ GHVFXELHUWRV 3LHUGHV XQ WXUQR R &RSpUQLFR UHDOL]D XQ LPSRUWDQWH
GHVFXEULPLHQWR 5HWLUD XQD FDUWD GH SUHPLR VLUYHQ SDUD VXPLQLVWUDU LQIRUPDFLyQ R UHYLVDU FRQWHQLGRV 6XJHULPRV FRQVXOWDU ORV
OLQHDPLHQWRVSDUDGLVHxDUMXHJRVGHVWLQDGRVDSUHVHQWDUWHPDVDWUDEDMDUFRQWHQLGRVRDHYDOXDUHODSUHQGL]DMH
/LQHDPLHQWRVSDUDFUHDUMXHJRVGHWDEOHUR
'HWHUPLQDU ORV REMHWLYRV GH DSUHQGL]DMH \ HO SURSyVLWR GHO MXHJR ¢&RQVLVWH HQ IDPLOLDUL]DU D ORV DOXPQRV FRQ QXHYD
LQIRUPDFLyQUHYLVDULQIRUPDFLyQFRQRFLGDHYDOXDUXQDXQLGDGRWRGRHOOR"
&RQVLGHUDU GH TXp PDQHUD SXHGHQ HQVHULDUVH OD LQIRUPDFLyQ \ ODV KDELOLGDGHV SRU PHGLR GH XQ MXHJR /RV MXHJRV TXH VH
YHQGHQHQORVFRPHUFLRVSXHGHQLQVSLUDUODHVWUXFWXUD\HOIRUPDWRGHPXFKRVMXHJRVSDUDHODXODSRUHMHPSOR&DUUHUDGH0HQWH
,QGLFLRV \ 6FUDEEOH ([LVWH DOJ~Q MXHJR GLVWULEXLGR FRPHUFLDOPHQWH TXH FRQ DOJXQD PRGLILFDFLyQ SXHGD SURSRUFLRQDU XQD
HVWUXFWXUDDSWDSDUDHOWUDEDMRHQHODXOD"¢([LVWHXQIRUPDWRRULJLQDOTXHVHDPiVDSURSLDGR"
3DUDIDEULFDUXQMXHJRGHWDEOHURVHGLEXMDUiXQERFHWRGHOGLVHxRRUHFRUULGRTXHVDWLVIDJDODVQHFHVLGDGHVGHOWHPDHQXQD
KRMDJUDQGHGHSDSHO6XVIRUPDVSXHGHQVHUPX\YDULDGDVXQSODQLVIHULRXQDPROpFXODGH$'1HOVLVWHPDVRODUXQODEHULQWR
XQSXHEORRFLXGDGRVLPSOHPHQWHXQFDPLQR
8QD YH] TXH HO UHFRUULGR R HO GLVHxR HVWpQ OLVWRV VH GHWHUPLQDUi OD PDQHUD GH ILQDOL]DU HO MXHJR ¢6HUi FXDQGR XQR GH ORV
SDUWLFLSDQWHV FRPSOHWH SULPHUR HO UHFRUULGR FXDQGR DOJXLHQ REWHQJD XQD GHWHUPLQDGD FDQWLGDG GH SXQWRV X REMHWRV R FXDQGR
DOJXLHQVHDHOSULPHURHQRFXSDUGLYHUVRVOXJDUHVHQHOWDEOHURUHVSRQGLHQGRSUHJXQWDVFRUUHFWDPHQWH"
/RVMXJDGRUHVQHFHVLWDQXQDIRUPDGHGHVSOD]DUVHSRUHOWDEOHUR3RUORJHQHUDOVHVXHOHQXWLOL]DUGLVFRVTXHVHFRQVWUX\HQ
IiFLOPHQWHFRQFtUFXORVGLYLGLGRVHQVHFFLRQHVQXPHUDGDV6HSRGUiILMDUHOGLVFRGLUHFWDPHQWHHQHOWDEOHURFRQXQEURFKHSDUD
SDSHOHV \ VH GLEXMDUi XQD IOHFKD TXH LQGLFDUi HO Q~PHUR GH FDVLOODV TXH DYDQ]DUi HO MXJDGRU OXHJR GH KDFHUOR JLUDU /RV
PRYLPLHQWRV VREUH HO WDEOHUR WDPELpQ SXHGHQ HIHFWXDUVH XWLOL]DQGR GDGRV R WDUMHWDV FRQ FRQVLJQDV R ELHQ ODV FRQVLJQDV SRGUiQ
DSDUHFHUGLUHFWDPHQWHHQHOWDEOHUR
6L VH SUHILHUH UHDOL]DU ORV GHVSOD]DPLHQWRV VREUH HO WDEOHUR SRU PHGLR GH GDGRV ORV DOXPQRV SRGUiQ FRQVWUXLUORV XWLOL]DQGR
FXERV GH PDGHUD /D QXPHUDFLyQ SXHGH GLVHxDUVH IiFLOPHQWH FRQ PDUFDGRUHV R SDSHO GH OLMD ORV TXH WDPELpQ SXHGHQ XWLOL]DUVH
SDUD FUHDU SLH]DV HVSHFLDOHV DGDSWDGDV D ODV QHFHVLGDGHV GH XQ GHWHUPLQDGR MXHJR 3RU HMHPSOR ORV GDGRV SXHGHQ H[KLELU
GLIHUHQWHV FODVHV GH DQLPDOHV HQ FDGD FDUD SDtVHV SUHVLGHQWHV VLJQRV GH SXQWXDFLyQ R VtPERORV WDOHV FRPR ODV OHWUDV
FRUUHVSRQGLHQWHVDORVHOHPHQWRVTXtPLFRV
6LHVQHFHVDULRVHKDUiQWDUMHWDVSDUDLQFOXLUSUHJXQWDVUHFRPSHQVDVRSUHQGDV
(OSDVRILQDOFRQVLVWHHQWUDQVIHULUHOERFHWDGHOMXHJRDXQWUR]RJUDQGHGHFDUWXOLQDFDUWyQPDGHUDEDOVDRFXDOTXLHURWUDFODVH
GHPDWHULDOGXUDEOH
/RV GRFHQWHV VH EHQHILFLDUiQ PHGLDQWH HO LQWHUFDPELR GH MXHJRV FRQ VXV FROHJDV \ ORV DOXPQRV VXHOHQ PRVWUDUVH HQWXVLDVPDGRV
FXDQGRGHEHQFUHDUVXVSURSLRVMXHJDVUHODFLRQDGRVFRQHOPDWHULDOTXHHVWiQHVWXGLDQGR&XDQGRORVDOXPQRVGLVHxHQVXVMXHJRV
HVFRQYHQLHQWHTXHORVFRPSDUWDQFRQVXVFRPSDxHURVDILQGHDXPHQWDUODVRSRUWXQLGDGHVGHDSUHQGL]DMHDWUDYpVGHODDFWLYLGDG
O~GLFD
-XHJRVGHFDUWDV
/RV MXHJRV GH FDUWDV WDPELpQ VLUYHQ FRPR HILFDFHV KHUUDPLHQWDV YLVXDOHV SDUD HO DSUHQGL]DMH (O MXHJR $XWRUHV KD SHUPLWLGR D
PXFKRV QLxRV \ DGXOWRV FRQRFHU ILJXUDV OLWHUDULDV \ ORV WtWXORV GH VXV REUDV (Q HVWH MXHJR ORV SDUWLFLSDQWHV GHEHQ UHFROHFWDU
JUXSRVGHFXDWURFDUWDVFRUUHVSRQGLHQWHVDFDGDDXWRUFDGDXQDGHODVFXDOHVWLHQHHOQRPEUHGHXQDREUDGLIHUHQWH\XQUHWUDWRGHO
DXWRU*DQDUiHOMXJDGRUTXHKD\DFRQVHJXLGRODPD\RUFDQWLGDGGHJUXSRVGHFDUWDVDOILQDOL]DUODSDUWLGD
8Q MXHJR GH FDUWDV VLPLODUSXHGHDGDSWDUVHSDUDODPD\RUtDGHODViUHDVFXUULFXODUHV(QOXJDUGHXWLOL]DUQRPEUHVGHGLIHUHQWHV
DXWRUHV XQ MXHJR GH iOJHEUD SRGUtD SUHVHQWDU HFXDFLRQHV FXDGUiWLFDV R SROLQRPLRV /RV SDUWLFLSDQWHV WHQGUtDQ TXH UHFROHFWDU
JUXSRVGHFXDWURFDUWDVGHFDGDFODVH2WURMXHJRGHFDUWDVVHQFLOORSRGUtDHVWDULQWHJUDGRSRUGLIHUHQWHVFODVHVGHSDODEUDV/RV
SDUWLFLSDQWHVWHQGUtDQTXHUHFROHFWDUFXDWURYHUERVFXDWURDGMHWLYRVFXDWURVXVWDQWLYRVRFXDWURDGYHUELRV6HSRGUiVROLFLWDUDORV
DOXPQRVTXHGHFRUHQVXVPD]RVGHFDUWDVFRQGLIHUHQWHVGLVHxRV\TXHORVSODVWLILTXHQSDUDKDFHUORVPiVGXUDEOHV
$UTXLWHFWXUD
8QGtDGXUDQWHXQDH[FXUVLyQÈ[HOVHGHWXYRPLHQWUDVVXVFRPSDxHURVFUX]DEDQHOHVWDFLRQDPLHQWR\VHGLULJtDQDODHQWUDGDGHO
PXVHR(VWDEDFRQWHPSODQGRXQDOWRSXHQWHFROJDQWHVXVSHQGLGRVREUHXQUtRFHUFDQR/DGRFHQWHTXHIXHDEXVFDUORHVFXFKyXQD
HQWXVLDVPDGD H[SOLFDFLyQ VLQ OD PHQRU WHUPLQRORJtD WpFQLFD DFHUFD GH OD PDQHUD HQ TXH OD FRQILJXUDFLyQ GH ODV YLJDVGHDFHUR
GLVWULEXtDODFDUJD\VRVWHQtDHOHQRUPHSHVRGHODHVWUXFWXUD/DIDVFLQDFLyQGHÈ[HOSRUORVSXHQWHVQRIXHXQLQWHUpVSDVDMHUR
'XUDQWHORVGRVPHVHVVLJXLHQWHVGLVHxyXQDVHULHGHSXHQWHVFRPSOHMRV(OLQWHUpVGHOQLxRGHVSHUWyHOGHODGRFHQWHTXLHQXQ
GtDVROLFLWyDORVDOXPQRVTXHUHIOH[LRQDUDQDFHUFDGHODVUD]RQHVTXHSHUPLWHQFRQVWUXLUHGLILFLRV\SXHQWHV(OORGLRRULJHQDXQD
E~VTXHGDGHH[SOLFDFLRQHVTXHLQFOX\HURQODH[SORUDFLyQGHSULQFLSLRVPDWHPiWLFRV\ItVLFRVTXHQRVXHOHQLQWURGXFLUVHHQDXODV
GHTXLQWRDxRGHHGXFDFLyQEiVLFD
/RV REMHWLYRV GHO FXUUtFXOR GH DUTXLWHFWXUD HQ OD HVFXHOD H[FHGHQ OD FDSDFLWDFLyQ GH IXWXURV DUTXLWHFWRV R OD SURPRFLyQ GH XQD
FRQFLHQFLD HVWpWLFD $OJXQRV HGXFDGRUHV VRVWLHQHQ TXH OD DUTXLWHFWXUD SURSRUFLRQD XQ PHGLR HILFD] SDUD DSUHQGHU \ DSOLFDU
KDELOLGDGHV PDWHPiWLFDV ItVLFDV \ GH SHQVDPLHQWR FULWLFR \ FUHDWLYR UD]RQDPLHQWR HVSDFLDO HVWUDWHJLDV SDUD OD VROXFLyQ GH
SUREOHPDV \ GH FRODERUDFLyQ D SUR\HFWRV SUiFWLFRV 3DUD PXFKRV DOXPQRV OD DUTXLWHFWXUD RIUHFH XQD SXHUWD GH HQWUDGD D
FRQWHQLGRVTXHSUHYLDPHQWHKDEODQUHVXOWDGRDEVWUDFWRVRSRFRVDWLVIDFWRULRV3RUHMHPSORORVDOXPQRVTXHDSUHQGHQDFDOFXODU
iUHDV\YRO~PHQHVGHVFXEULUiQTXHWDOHVDEVWUDFFLRQHVDGTXLHUHQIRUPDWDQJLEOHHQORVPRGHORVDUTXLWHFWyQLFRV
(OHVWXGLRGHODDUTXLWHFWXUDSXGHLQWHJUDUVHDGLYHUVDViUHDVGHFRQWHQLGR\UHVXOWDDSURSLDGRSDUDWRGRVORVQLYHOHVGHHQVHxDQ]D
/DV YLQFXODFLRQHV FRQ OD DUTXLWHFWXUD VH SRQGUiQ HQ HYLGHQFLD FXDQGR ORV GRFHQWHV UHIOH[LRQHQ DFHUFD GH OD PDQHUD FRPR ODV
GLIHUHQWHV XQLGDGHV GLGiFWLFDV KDFHQ UHIHUHQFLD DO HQWRUQR FRQVWUXLGR $GHPiV FXDQGR VH FRQVLGHUD D OD KXPDQLGDGFRPRSDUWH
GHODPELHQWHODDUTXLWHFWXUDDVXPHXQDLPSRUWDQFLDIXQGDPHQWDOHQWRGRVORVyUGHQHVGHODYLGD\GHMDGHFRQVLGHUDUVHXQREMHWR
LQGHSHQGLHQWH
+DQ VXUJLGR QXPHURVRV SURJUDPDV GH DUTXLWHFWXUD HQ OD HVFXHOD HQ ORV TXH VH HQVHxD D ORV DOXPQRV OD PDQHUD GH DGTXLULU
KDELOLGDGHV GH SHQVDPLHQWR HVSDFLDO VLPLODUHV D ODV GH XQ DUTXLWHFWR \ D WUDQVIHULU \ GHPRVWUDU VXV FRQRFLPLHQWRV SRU PHGLR GH
DSOLFDFLRQHV HQ OD YLGD FRWLGLDQD /D LQWHUUHODFLyQ GH PDWHPiWLFD FLHQFLD \ DUWH SHUPLWH D ORV DOXPQRV UHVROYHU SUREOHPDV
FUHDWLYDPHQWHPLHQWUDVHODERUDQ\OOHYDQDFDERDFWLYLGDGHVGHGLVHxRSDUDHOHQWRUQRItVLFR
$SUHQGHUDSHQVDUFRUQRXQDUTXLWHFWR
(O SURJUDPD /D DUTXLWHFWXUD \ ORV QLxRV GH $QQH 7D\ORU VLUYH GH JXtD D ORV DOXPQRV HQ OD UHVROXFLyQ GH XQD VHULH GH SUREOHPDV
PHGLDQWHORVFXDOHVVHHQVHxDQORVSDVRVGHOSURFHVRGHGLVHxR(VWHHQIRTXHGHSUiFWLFDFRJQLWLYDSDUDHODSUHQGL]DMHQRFDSDFLWD
DORVDOXPQRVHQODVKDELOLGDGHVTXHVHUHTXLHUHQSDUDVHUDUTXLWHFWRVLQRTXHSRUPHGLRGHSUR\HFWRVUHODFLRQDGRVFRQODYLGD
FRWLGLDQD JXtD DO QLxR SDUD DERUGDU OD VROXFLyQ GH SUREOHPDV GHO PRGR FRPR OR KDUtD XQ H[SHUWR $OJXQDV GH ODV DFWLYLGDGHV
LQWURGXFWRULDV GHO SURJUDPD SDUD SHQVDU FRPR XQ DUTXLWHFWR SURSRQHQ D ORV DOXPQRV YLVXDOL]DU HVWUXFWXUDV TXH SXGLHUDQ
FRQWHQHU XQD SHORWD GH SLQJSRQJ XQ UHVWDXUDQWH GH FRPLGD UiSLGD R XQ WHDWUR SDUD QLxRV 7DPELpQ VH OHV VROLFLWD TXH GLEXMHQ
VLPEyOLFDPHQWHORTXHOHVXFHGHDXQDEXUEXMDFXDQGRVHIRUPDIORWD\H[SORWD0LHQWUDVHOGRFHQWHSURGXFHXQDVGLH]EXUEXMDVR
PiV ORV DOXPQRV GHEHUiQ H[DPLQDU VX IRUPD \ FRPSRUWDPLHQWR /D FRQVLJQD LQGLFD TXH QR VH GHEH GLEXMDU OD EXUEXMD VLQR XQ
HVTXHPD TXH UHSUHVHQWH ORV KHFKRV GH VX FLFOR YLWDO 8QD WDUHD VLPLODU /D JUDQ FDUUHUD GH ORV JORERV FRQVLVWH HQ GLVSDUDU
FXDWURJORERVHQGLVWLQWDVGLUHFFLRQHVGHQWURGHODXOD\HQGLEXMDUIOHFKDV\OtQHDVTXHUHSUHVHQWHQHOPRYLPLHQWRGHORVREMHWRVHQ
HOHVSDFLR\ODVUHODFLRQHVHVSDFLDOHVTXHVHHVWDEOHFHQ
3DUD SURPRYHUHOUD]RQDPLHQWRHVSDFLDOORVDOXPQRVDSUHQGHQDGHVDUUROODUORVSODQRVGHXQDHVWUXFWXUDDUTXLWHFWyQLFDTXHOXHJR
FRQVWUXLUiQFRPRPRGHOR/DSULPHUDWDUHDFRQVLVWHHQGLEXMDUGLDJUDPDVGHODViUHDVGHXQDFDVD$FRQWLQXDFLyQORVDOXPQRV
GHVDUUROODQHOGLDJUDPDHQXQDSODQWDGHODHVWUXFWXUDTXHOXHJRVHWUDQVIRUPDHQXQDYLVWDGHHOHYDFLyQSDUDDSUHFLDUHODVSHFWR
TXH WHQGUtD HO HGLILFLR VL VH OR FRQVWUX\HUD /XHJR ORV DOXPQRV GLEXMDQ XQD SHUVSHFWLYD SDUD UHSUHVHQWDU HO HVSDFLD \ OD
SURIXQGLGDG HQ XQD KRMD GH SDSHO 8QD YH] UHDO]DGD HVWD WDUHD ORV DOXPQRV WRPDQ VXV SODQWDV \ GHVDUUROODQ XQ PRGHOR
WULGLPHQVLRQDO GH ODV HVWUXFWXUDV 6L ORV UHFXUVRV OR SHUPLWHQ DOJXQRV DOXPQRV SRGUiQ GLEXMDU VX PRGHOR HQ XQD FRPSXWDGRUD
PHGLDQWHXQ VRIWZDUH GH GLVHxR8QDYH]WHUPLQDGRVORVPRGHORVVHSUHVHQWDQDWRGDODFODVH9LVWHHVXQSDVRLPSRUWDQWHHQHO
SURFHVRGHGLVHxR\DTXHSURPXHYHHO IHHGEDFN SRUSDUWHGHOJUXSRGHSDUHVODDXWRHYDOXDFLyQGHODOXPQR\GDSRUUHVXOWDGRXQ
SRUIROLRYLVXDO
0XGDRV SURJUDPDV GLGiFWLFRV GH DUTXLWHFWXUD VROLFLWDQ OD SDUWLFLSDFLyQ GH ORV DOXPQRV SDUD UHGLVHxDU HO HVSDFLR GH VX DXOD 8Q
GRFHQWH GH TXLQWR DxR GH HGXFDFLyQ EiVLFD HQ :KLWH 3ODLQV HVWDGR GH 1XHYD <RUN GLR HQWHUD OLEHUWDG D VXV DOXPQRV SDUD
PRGLILFDUHOiPELWRGHODXOD3DUDOOHYDUDFDERVXVSUR\HFWRVORVDOXPQRVGHEtDQUHDOL]DUPHGLFLRQHVFUHDUGLEXMRVHQHVFDOD\
PRGHORVWULGLPHQVLRQDOHVSUHSDUDUXQSUHVXSXHVWRHLPSOHPHQWDUVXVLGHDV$QWHVGHODQ]DUVHDODDUTXLWHFWXUDHOGHVHPSHxRGH
ORV DOXPQRV HQ HO iUHD GH PDWHPiWLFD HUD EDVWDQWH LQIHULRU DO TXH FRUUHVSRQGtD D VX QLYHO GH HVFRODULGDG /XHJR GH GHGLFDU VXV
HVIXHU]RVDODUHPRGHODFLyQGHODXODVHSURGXMRXQLQFUHPHQWRHQHOSURPHGLRGHODVFDOLILFDFLRQHVHQPDWHPiWLFDWDQWRHQORV
LQVWUXPHQWRVGHHYDOXDFLyQSUHSDUDGDVSRUHOGRFHQWHFRPRHQORVWHVWVHVWDQGDUL]DGRV1RREVWDQWHGLFKRVUHVXOWDGRVQRSXHGHQ
PHGLUODVDFWLWXGHVSRVLWLYDVGHORVDOXPQRVRVXPRWLYDFLyQIUHQWHDODSUHQGL]DMHHQHODXOD
$UWHVYLVXDOHV
/DV DUWHV GHVHPSHxDQ XQ SDSHO IXQGDPHQWDO HQ OD PRWLYDFLyQ GH ORV DOXPQRV HQ VXV KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO
WDPELpQ HQ OD FUHDFLyQ GH FOLPDV HVFRODUHV SRVLWLYRV H LQFUHPHQWDQ HO QLYHO GH ORJUR DFDGpPLFR (OLRW (LVQHU SURIHVRU GH
3HGDJRJtD HQ 6WDQIRUG DILUPD /DV WDUHDV DUWtVWLFDV D GLIHUHQFLD GH PXFKR GH OR TXH VH HQVHxD KR\ HQ GtD HQ ODV HVFXHODV
GHVDUUROODQ OD FDSDFLGDG SDUD MX]JDU SDUD HYDOXDU SDUD H[SHULPHQWDU XQD DPSOLD JDPD GH VLJQLILFDGRV TXH QR HVWDPRV HQ
FRQGLFLRQHVGHH[SUHVDUFRQSDODEUDV/RVOtPLWHVGHOOHQJXDMHQRVRQORVOtPLWHVGHQXHVWUDFRQFLHQFLD
0XFKDVHVFXHODVDERUGDQHODUWHGHGRVPDQHUDVODHQVHxDQFRPRDVLJQDWXUDLQGHSHQGLHQWHRODLQWHJUDQDWRGDVODViUHDVFRPR
KHUUDPLHQWDGHHQVHxDQ]D\DSUHQGL]DMH/DVDUWHVYLVXDOHVFRPRHOGLEXMRODSLQWXUDODHVFXOWXUDHOGLVHxR\HOFROODJH VHLQWHJUDQ
D ODV DFWLYLGDGHV GHO DXOD GXUDQWH ORV SULPHURV DxRV GH OD HQVHxDQ]D EiVLFD 6LQ HPEDUJR D PHGLGD TXH ORV QLxRV FUHFHQ HVWDV
DFWLYLGDGHVVXHOHQH[FOXLUVHGHORVSODQHVGHHVWXGLRV\VHODVRIUHFHHQWDOOHUHVGHDUWHH[WUDFXUULFXODUHVDORVTXHFRQIUHFXHQFLD
FRQFXUUHQDTXHOORVDOXPQRVVXILFLHQWHPHQWHRVDGRVFRPRSDUDDWULEXLUVHDOJ~QWDOHQWRDUWtVWLFR
(ODUWHFRPRKHUUDPLHQWDGLGiFWLFD
(Q OD FLXGDG GH 1XHYD <RUN VH KDQ LPSOHPHQWDGR GRV SURJUDPDV GHQRPLQDGRV /HDUQLQJ WKURXJK DQ ([SDQGHG $UWV 3URJUDP
>$SUHQGL]DMHPHGLDQWHXQSURJUDPDFRPSUHQVLYRGHDUWHV@/($3\5HDGLQJ,QVWUXFWLRQWKURXJKWKH $UWV>(QVHxDQ]DGHOHFWXUDSRU
PHGLR GHO DUWH@ 5,7$ PHGLDQWH ORV FXDOHV TXHGy GHPRVWUDGR TXH ODV H[SHULHQFLDV DUWtVWLFDV SDUWLFLSDWLYDV IDYRUHFHQ HO
DSUHQGL]DMHGHFRQWHQLGRVDFDGpPLFRVHQWRGRVORVQLYHOHVGHHQVHxDQ]D
/($3HVXQDRUJDQL]DFLyQHGXFDWLYDVLQILQHVGHOXFURFX\DPLVLyQFRQVLVWHHQPHMRUDUODFDOLGDGGHODHGXFDFLyQHQORVQLYHOHV
FRPSUHQGLGRV HQWUH LQLFLDO \ SROLPRGDO HQ ORV FLQFR PXQLFLSLRV GH OD FLXGDG GH 1XHYD <RUN 'XUDQWH VXV TXLQFH DULRV FKH
KLVWRULD/($3KDFRODERUDGRFRQFDVLPHGLRPLOOyQGHDOXPQRVDWUDYpVGHVXVFRQVXOWRUHVTXLHQHVWUDEDMDQGLUHFWDPHQWHFRQ
ORVGRFHQWHV\VXVJUXSRV7RGRVORVSUR\HFWRVGH/($3HVWiQGHVWLQDGRVDLQFUHPHQWDUHOQLYHOGHORJURHQODViUHDVGHOHQJXD\
PDWHPiWLFDPHGLDQWHDFWLYLGDGHVUHODFLRQDGDVFRQODVDUWHV
5HODFLRQHVHQWUHDUWHVYLVXDOHV\OHQJXD
WRQHOILQGHSURPRYHUODDOIDEHWL]DFLyQHQWUHORVDOXPQRVGHOQLYHOGHHQVHxDQ]DEiVLFDODOLWHUDWXUDORVWtWHUHV\ODSLQWXUDPXUDO
UHTXLHUHQ OD SDUWLFLSDFLyQ DFWLYD GH ORV QLxRV HQ DFWLYLGDGHV GH OHFWXUD HVFULWXUD FRQYHUVDFLyQ \ GUDPDWL]DFLyQ 8QR GH ORV
SUR\HFWRVGH/($3HQUHODFLyQFRQODVDUWHVVHLQLFLDFRQODOHFWXUDHQYR]DOWDGHXQFXHQWRHQODFODVH/XHJRORVDOXPQRVVH
GLYLGHQHQGRVJUXSRVGHDFXHUGRFRQVXVSUHIHUHQFLDVWLQRGHHOORVFRQIHFFLRQDUiWtWHUHV\HORWURSLQWDUiXQPXUDO
7RGDVORVDOXPQRVDSUHQGHQDGLEXMDUILJXUDVHVTXHPiWLFDV\DFUHDUVHFXHQFLDVJUiILFDVTXHFDSWXUHQYLVXDOPHQWHODLGHDFHQWUDO
GHFDGDHVFHQD$FRQWLQXDFLyQVHHIHFW~DXQDUHOHFWXUDOHQWDGHOFXHQWR\VHLQVHUWDQSDXVDVDOILQDOGHFDGDHVFHQD/RVDOXPQRV
FUHDQVXVVHFXHQFLDVJUiILFDVFXDGURSRUFXDGURPLHQWUDVHVFXFKDQODOHFWXUD\OXHJRUHODWDQODKLVWRULDVHFXHQFLDOPHQWH8QDYH]
TXHHVWiQHQFRQGLFLRQHVGHUHSURGXFLURUDOPHQWHODVHFXHQFLDGHODKLVWRULDVHOHVVROLFLWDTXHUHFRQR]FDQODLGHDFHQWUDOHQFDGD
HVFHQD 6L HVWD WDUHD OHV UHVXOWD GLItFLO ORV DOXPQRV SXHGHQ UHFXUULU D VXV VHFXHQFLDV JUiILFDV ODV TXH OHV SURSRUFLRQDUiQ
SRWHQFLDOHV UHVSXHVWDV $VLPLVPR HO GRFHQWH OHV SURSRQH TXH FXDQGR GHEDQ LGHQWLILFDU OD LGHD FHQWUDO HQ XQD HVFHQD R HQ XQ
FXHQWRSRGUtDQLPDJLQDUVHOD PDQHUDGHGLEXMDUODHQXQDVRODLPDJHQ/XHJRORVDOXPQRVVHOHFFLRQDQHOVXFHVRPiVLPSRUWDQWH
GHOFXHQWR\GHILHQGHQVXSXQWRGHYLVWD
/DFRQIHFFLyQGHWtWHUHVUHTXLHUHDFWLYLGDGHVDGLFLRQDOHVTXHLQFOX\HQODUHOHFWXUDGHOFXHQWRODIDEULFDFLyQGHORVPXxHFRVRHO
GLEXMR GH ORV SHUVRQDMHV SULQFLSDOHV SDUD UHIOHMDU WDQWR ORV UDVJRV GH VX SHUVRQDOLGDG FRPR VXV FDUDFWHUtVWLFDV ItVLFDV 6H SXHGH
VROLFLWDU D ORV DOXPQRV TXH LPDJLQHQ GH TXp PDQHUD FDPELDUtD OD KLVWRULD VL FDPELDUD OD SHUVRQDOLGDG GHO SURWDJRQLVWD R TXH
DVXPDQ HO SXQWR GH YLVWD GH ORV GLYHUVRV SHUVRQDMHV (VWDV DFWLYLGDGHV DXPHQWDQ OD FRPSHWHQFLD OHFWRUD \ ODV KDELOLGDGHV GH
SHQVDPLHQWR GH DOWR QLYHO /RV DOXPQRV TXH DVt OR GHVHHQ SRGUiQ HVFULELU GLiORJRV SDUD ODV GLIHUHQWHV HVFHQDV GHO FXHQWR
HPSOHDQGRHOYRFDEXODULRDSURSLDGR2WURVSRGUiQOHHUODKLVWRULDHQYR]DOWD\GUDPDWL]DUODFRQORVWtWHUHV
0LHQWUDV WDQWR ORV PXUDOLVWDV LGHQWLILFDQ ODV HVFHQDV GHO FXHQWR SUHSDUDUiQ XQD OLVWD GH DGMHWLYRV SDUD WLHPSR \ HVSDFLR \
GHVFULSFLRQHVGHFDGDiPELWR3HTXHxRVJUXSRVGHDOXPQRVVHOHFFLRQDQHVFHQDVSDUDLOXVWUDU\FRPLHQ]DQDGLVHxDUHOIRQGRFRQ
WL]DVGHFRORUHVVREUHSOLHJRVGHSDSHOPDGHUDTXHOXHJRSLQWDUiQRUHOOHQDUiQFRQFROODJHVGHSDSHOEDUULOHWH
$FRQWLQXDFLyQVHSURFHGHDSUHVHQWDUORVSHUVRQDMHVGHOFXHQWRGHOPLVPRPRGRTXHVHOOHYyDFDERFRQHOJUXSRGHORVWtWHUHV
/RVPXUDOLVWDVUHFRUWDQHQSDSHOORVSHUVRQDMHVGHFDGDHVFHQD\ORVSHJDQDORVIRQGRVTXHKD\DQSUHSDUDGR8QDYH]UHDOL]DGRV
ORVPXUDOHVSUHOLPLQDUHVVHYXHOYHDOHHUHOFXHQWRFRQHOREMHWRGHUHYHODUGHWDOOHVDGLFLRQDOHVTXHVHLQFOXLUiQHQFDGDXQDGHODV
HVFHQDV/RVDOXPQRVUHFRQRFHUiQORVGHWDOOHVTXHGHEHQLQFOXLUVH\ORVPRWLYRVSRUORVFXDOHVGHEHQHVWDUSUHVHQWHV\OXHJRORV
GLEXMDUiQ UHFRUWDUiQ \ SHJDUiQ D ODV HVFHQDV /XHJR VH DJUXSDQ ODV HVFHQDV \ ORV DOXPQRV VHxDODQ ODV LGHDV SULQFLSDOHV \ ORV
GHWDOOHVGHFDGDXQDPLHQWUDVVHOHHQXHYDPHQWHHOFXHQWR6HSXHGHHQVD\DUODQDUUDFLyQ\SRU~OWLPRLQYLWDUDORVDOXPQRVGH
RWURVFXUVRVDHVFXFKDUOD\DYHUODIXQFLyQGHWtWHUHV\HOPXUDO
,QWHJUDFLyQGHODUWH\ODPDWHPiWLFD
8Q HQIRTXH HVSHFLDOPHQWH HIHFWLYR SDUD LQWHJUDU ODV iUHDV GH PDWHPiWLFD \ DUWHV HV HO TXH SUHVHQWD HO SUR\HFWR HODERUDGR SRU
/($3SDUDODFRQIHFFLyQGHDFROFKDGRVDSOLFDQGRHOFRQFHSWRGHIUDFFLyQ3DUDLQWURGXFLUGLFKRFRQFHSWRORVDOXPQRVGHOQLYHO
GH HQVHxDQ]D EiVLFD WUDEDMDQ FRQ WLMHUDV XQ OiSL] \ FXDWUR FXDGUDGRV GH SDSHO PDGHUD 1R VH OHV SURSRUFLRQDQ SDSHOHV
SUHYLDPHQWH FRUWDGRV VLQR TXH FDGD DOXPQR GHEH FRUWDU ODV ILJXUDV SRU Vt PLVPR SDUD FRPSUHQGHU HO FRQFHSWR GH Q~PHUR
IUDFFLRQDULR/DSULPHUDIUDFFLyQTXHVHHQVHxDHVXQPHGLR6HVROLFLWDDORVDOXPQRVTXHGREOHQXQDGHODVILJXUDVGHSDSHOSRU
ODPLWDG\ODUHFRUWHQSRUHOGREOH]/XHJRGHEHQWUD]DUXQDOtQHDSRUHOFHQWURGHFDGDXQDGHODVPLWDGHVGHSDSHOPLHQWUDVHO
GRFHQWHH[SOLFDTXHHVWDOtQHDLQGLFDTXH\DQRHVWiQWUDEDMDQGRFRQXQHQWHURVLQRFRQXQDSDUWH6HVROLFLWDDORVDOXPQRVTXH
UHFRQR]FDQODFDQWLGDGGHSDUWHVTXHWLHQHQ\TXHHVFULEDQHOQ~PHURGRVFRPRGHQRPLQDGRUHOFXDOLQGLFDHOQ~PHURGHWUR]RV
HQTXHVHKDGLYLGLGRHOSDSHO/RVDOXPQRVWRPDQXQRGHORVWUR]RVGHSDSHO\HVFULEHQHOQ~PHURXQRFRPRQXPHUDGRUORTXH
OHVSHUPLWHFRPSUHQGHUTXHORVQXPHUDGRUHVLQGLFDQODSDUWHGHOWRWDOTXHUHSUHVHQWDQ3DUDFRPSUREDUFXDQWDVPLWDGHVIRUPDQXQ
WRGR ORV DOXPQRV FRORFDUiQ DPEDV PLWDGHV VREUH XQ WUR]R HQWHUR GH SDSHO PDGHUD (O SURFHVR GH GREODU FRUWDU HVFULELU \
VXSHUSRQHUSDUWHVDXQWRGRVHUHSLWHSDUDHOWUDEDMRFRQFXDUWRV\RFWDYRV\HQDOJXQRVFDVRVUHVXOWD~WLOSDUDWUDEDMDUWDPELpQ
RWUDVIUDFFLRQHV
8QD YH] TXH KD\DQ DOFDQ]DGR XQD FRPSUHQVLyQ EiVLFD GH OD QRFLyQ GH IUDFFLyQ ORV DOXPQRV HVWDUiQ HQ FRQGLFLRQHV GH
FRQIHFFLRQDUXQDFROFKDGR6REUHXQFXDGUDGRGHSDSHOPDGHUDGHJUDQGHVGLPHQVLRQHVVHFRORFDQWUR]RVGHSDSHOGHGLIHUHQWHV
WDPDxRV SDUD IRUPDU GLYHUVRV GLVHxRV \ FRPELQDFLRQHV 6H DJUXSDQ WRGRV ORV PRGHORV FRPSXHVWRV SRU GLYHUVDV IUDFFLRQHV \ VH
H[KLEHQVREUHXQDGHODVSDUHGHVGHODXODFRPRXQWDSL]6HGHMDQHVSDFLRVHQWUHORVPRGHORVHQTXHVHKDQDSOLFDGRODVIUDFFLRQHV
SDUD TXH ORV DOXPQRV HVFULEDQ ODV HFXDFLRQHV FRUUHVSRQGLHQWHV (VWDV HFXDFLRQHV SXHGHQ UHVROYHUVH SRU UHGXFFLyQ DO PHQRU
GHQRPLQDGRUFRP~Q
,QWHJUDFLyQGHODVDUWHVHQHOQLYHOSROLPRGDO
2WURHILFD] DERUGDMHGHOHQJXDMHVDUWtVWLFRVLQWHJUDGRVVHLPSOHPHQWyFRQDOXPQRVGHQLYHOSROLPRGDOHQOD-RKQ(.HQQHG\+LJK
6FKRRO GHO %URQ[ 1XHYD <RUN /D IUXVWUDFLyQ TXH SURYRFDED HQ HO SHUVRQDO GRFHQWH OD GHFOLQDFLyQ HQ ODV FDOLILFDFLRQHV
FRUUHVSRQGLHQWHV DO iUHD GH OHFWXUD OH OOHYy D GLDJQRVWLFDU HO IUDFDVR GH OD HQVHxDQ]D FRQYHQFLRQDO SDUD LQFUHPHQWDU HO QLYHO GH
ORJURGHORVDOXPQRV(QHORWRxRGHVHLPSOHPHQWyHOSURJUDPD 5HDGLQJ,PSURYHPHQWWKURXJK$UW >3URPRFLyQGHODOHFWXUD
SRUPHGLRGHODUWH@5,7$ FX\RREMHWLYRFRQVLVWtDHQSUHVWDUD\XGDDORVDOXPQRVGHQLYHOSROLPRGDOFX\RVQLYHOHVGHORJURHQHO
iUHDGHOHFWXUDQRKXELHUDQH[SHULPHQWDGRSURJUHVRVRKXELHVHQGHFOLQDGRGXUDQWHXQSHUtRGRGHGRVDxRVRPD\RU
(OJUXSRTXHLQWHJUDHO 5,7$ VHUH~QHXQDYH]SRUGtDHQXQWDOOHUFRQXQGRFHQWHGHDUWHTXLHQGHVDUUROODODVFODVHVMXQWRFRQXQ
HVSHFLDOLVWD HQ OHFWXUD (VWDV FODVHV VH EDVDQ HQ H[SHULHQFLDV DUWtVWLFDV \ DERUGDQ FXDWUR KDELOLGDGHV HVSHFtILFDV SDUD OD OHFWXUD
UHFRQRFLPLHQWRGHSDODEUDVFRPSUHQVLyQHVWUDWHJLDVGHHVWXGLR\EDUULGR8QDGHODVXQLGDGHVUHODWLYDVDODFRPSUHQVLyQLQFOX\H
XQDDFWLYLGDGTXHFRQVLVWHHQIRUPXODUFRPSDUDFLRQHV/RVDOXPQRVOHHQVREUH3LFDVVR\GLDORJDQDFHUFDGHODVWUDQVIRUPDFLRQHV
TXHH[SHULPHQWyVXHVWLOR DUWtVWLFR&RPSDUDQREUDVILJXUDWLYDV\QRILJXUDWLYDVHQIRUPDHVFULWD\SLQWDQXQDYHUVLyQDEVWUDFWDGH
XQDQDWXUDOH]DPXHUWD
&DGD XQD GH ODV FODVHV HQ HO WDOOHU GH DUWH FRPLHQ]D FRQODHQVHxDQ]DGHYRFDEXODULR\FRQVLJQDVHVFULWDVTXHVHH[KLEHQHQXQ
DWULO /RV DOXPQRV DQRWDQ HQ VXV GLDULRV SHUVRQDOHV HO YRFDEXODULR GH OD FODVH \ HVFULEHQ HQ HOORV ORV SODQHV SDUD GHVDUUROODU
SUR\HFWRV\ORVOLEURVTXHKDQVHOHFFLRQDGRGHODELEOLRWHFDGHOWDOOHUXQFRPSRQHQWHSHUPDQHQWHGHWRGDVODVDXODVGHOSURJUDPD
5,7$ 8QDYH]SRUVHPDQDORVDOXPQRVUHGDFWDQ8QLQIRUPHEDVDGRHQVXVQRWDVSODQHV\OHFWXUDV(VWRVWUDEDMRVVHFRQVHUYDQ
HQXQSRUIROLRGHHVFULWXUD\VHSUHSDUDWDPELpQXQSRUIROLRGHDUWHTXHFRQWLHQHHMHPSORVGHORVSUR\HFWRVYLVXDOHV3DUDGHVWDFDU
ORVORJURVREWHQLGRVHQHOiUHDGHOHFWXUDFDGDSUR\HFWRFXOPLQDFRQGRVJUXSRVGHUHJLVWURV
(VWD LQWHJUDFLyQ GH OHQJXD \ DUWHV YLVXDOHV GLR FRPR UHVXOWDGR QRWDEOHV SURJUHVRV HQ HO QLYHO GH ORJUR GHO iUHD GH OHFWXUD /D
'LYLVLyQGH(YDOXDFLyQ(GXFDWLYDGHODFLXGDGGH1XHYD<RUNHVWDEOHFLyTXHSRUFDGDVHLVPHVHVGHSDUWLFLSDFLyQHQHOSURJUDPD
5,7$ HODOXPQRSURPHGLRLQFUHPHQWDEDHQXQDxRVXQLYHOGHOHFWXUDVHJ~QGHPRVWUDEDQODVPHGLFLRQHVFRUUHVSRQGLHQWHVDORV
WHVWVHVWDQGDUL]DGRV
(VWRVp[LWRVDOHQWDURQDO'U$QGUHZ-DQRYVN\GRFHQWHGHPDWHPiWLFDHQHOQLYHOSROLPRGDODH[SHULPHQWDUODLQWHJUDFLyQGHODV
iUHDVGHPDWHPiWLFD\DUWH/RVDOXPQRVWUDEDMDQHQEORTXHVGLDULRVGHGRVKRUDVHOSULPHUSHUtRGRORGHGLFDQDODSUHQGL]DMHGH
FRQFHSWRV PDWHPiWLFRV TXH OHV SHUPLWHQ FRQVWUXLU PRGHORV 'XUDQWH HO VHJXQGR SHUtRGR XQ GRFHQWH GH DUWH VXSHUYLVD OD
FRQVWUXFFLyQ GH GLVHxRV PDWHPiWLFRV (Q HVWH HQIRTXH ORV DOXPQRV DSUHQGHQ FRQFHSWRV \ OXHJR FRQVWUX\HQ SURGXFWRV TXH
GHPXHVWUDQ VXV FRQRFLPLHQWRV DFHUFD GH Q~PHURV SULPRV DULWPpWLFD PRGXODU IRUPDV JHRPpWULFDV \ WHRUHPDV $VLPLVPR HO
DSUHQGL]DMH VH FDUDFWHUL]D SRU VHU FRRSHUDWLYR \ FRPSDUWLGR \D TXH ORV DOXPQRV UHFXUUHQ XQRV D RWURV HQ EXVFD GH LGHDV \
IHHGEDFN /DV DFWLYLGDGHV GH FRQVWUXFFLyQ H[LJHQ TXH ORV DOXPQRV HPSOHHQ \ GRPLQHQ KDELOLGDGHV RSHUDWLYDV \ FRQFHSWXDOHV
EiVLFDV
&RPRGHPXHVWUDQORVHMHPSORVSUHFHGHQWHVHVSRVLEOHGLVHxDUFODVHVHVWLPXODQWHVVREUHXQDEDVHDUWtVWLFDVLORVGRFHQWHVGHiUHDV
GHFRQWHQLGR\ORVHVSHFLDOLVWDVHQDUWHVGHVDUUROODQODHQVHxDQ]DHQHTXLSRRSODQLILFDQGHPDQHUDFRQMXQWD1RVHWUDWDVRODPHQWH
GH RIUHFHU FRQGLFLRQHV IDYRUDEOHV SDUD HO DSUHQGL]DMH VLQR WDPELpQ GH ORJUDU TXH ORV DOXPQRV VH EHQHILFLHQ FRQ ORV SURFHVRV
DUWtVWLFRV IXQGDPHQWDOHV GH VROXFLyQ GH SUREOHPDV DXWRH[SUHVLyQ H LQYHQFLyQ 1R REVWDQWH DXQTXH ORV GRFHQWHV QR SXHGDQ
IRUPDU XQ HTXLSR FRQ HVSHFLDOLVWDV HQ DUWHV VH SRGUiQ JHQHUDU RSRUWXQLGDGHV SDUD TXH ORV DOXPQRV DSUHQGDQ \ GHPXHVWUHQ VXV
FRQRFLPLHQWRV SRU PHGLR GH ODV DUWHV YLVXDOHV $ FRQWLQXDFLyQ SUHVHQWDPRV XQD VHULH GH SURSXHVWDV SDUD LQWHJUDU HO DUWH D ODV
GLYHUVDViUHDVFXUULFXODUHV
(ODUWHHQWRGDVODViUHDVFXUULFXODUHV
&DGDDXODGHEHGLVSRQHUGHXQFHQWURGHDUWHHTXLSDGRFRQPDUFDGRUHVSLQWXUDVSDSHOHVGHFRORUHVGH GLYHUVRVWDPDxRV\
WH[WXUDVWHODVREMHWRVQDWXUDOHV\DUWLILFLDOHV(VQHFHVDULRUHQRYDUORVPDWHULDOHVFRQIUHFXHQFLD\HVWLPXODUDORVDOXPQRVSDUD
TXHORVXWLOLFHQ
/RV SUR\HFWRV GHO DXOD TXH FRPSUHQGHQ GLEXMR FRQVWUXFFLyQ SUXHEDV IRWRJUiILFDV YLGHRJUDItD \ FUHDFLyQ GH PRGHORV
GLQDPL]DQ HO DSUHQGL]DMH GH WRGDV ODV iUHDV GH FRQWHQLGR 6H GHEH SURSRQHU DO PHQRV XQD RSFLyQ DUWtVWLFD SDUD FDGD XQLGDG GH
HVWXGLR
/D WpFQLFD GHO FROODJH SURSRUFLRQD RSRUWXQLGDGHV SDUD OD LQWHUSUHWDFLyQ YLVXDO GHODVLGHDV\SXHGHVHUYLUFRPRLOXVWUDFLyQ
SDUDHOWUDEDMRHQHODXOD6HSXHGHQUHFROHFWDUFRQVHUYDU\SRQHUDGLVSRVLFLyQGHORVDOXPQRVUHYLVWDV\SHULyGLFRVYLHMRVTXH
UHVXOWHQDSURSLDGRVSDUDHOWUDEDMRHQODVGLYHUVDViUHDVGHFRQWHQLGR
/DVOtQHDVGHWLHPSRORVPDSDV\ORVJUiILFRVGHFRUDGRVSRUORVDOXPQRVFRQFRORUHVGLEXMRV\IRQGRVRULJLQDOHVGHVSLHUWDQ
ODDWHQFLyQ\HVWLPXODQODPHPRULD
6 /RV IULVRV HQ HO DXOD RWRUJDQ LPSRUWDQFLD D OD LQIRUPDFLyQ 8Q GRFHQWH GH SULPHU DxR GH QLYHO SROLPRGDO FRORFy XQ IULVR
DOUHGHGRU GHO DXOD TXHFRQWHQtDSDODEUDVJULHJDV\ODWLQDV&DGDDOXPQRDSRUWyXQDRPiVLPiJHQHVYLVXDOHVSDUDUHSUHVHQWDUHO
VLJQLILFDGRGHODVSDODEUDV6HSRGUiQGLVHxDU\H[KLELUIULVRVFRORULGRVSDUDWRGDVODViUHDVGHFRQWHQLGR
/RV PXUDOHV TXH RFXSDQ SDUHGHV HQWHUDV SHUVRQDOL]DQ HO DXOD \ SHUPLWHQ D ORV DOXPQRV REVHUYDU ORV FRQFHSWRV TXH HVWiQ
HVWXGLDQGR /RV DOXPQRV FRQ FRQGLFLRQHV DUWtVWLFDV SXHGHQ GLEXMDU ORV PXUDOHV \ VXV FRPSDxHURV SRGUiQ SLQWDUORV R FRORFDU
OH\HQGDV
6H SXHGHQ FUHDU OiPLQDV GLQiPLFDV JUDQGHV R SHTXHxDV FRQ SDSHO DILFKH \ URGLOORV GH PDGHUD OR TXHFRQVWLWX\HXQPHGLR
H[FHOHQWHSDUDH[KLELUJUDQFDQWLGDGGHLQIRUPDFLyQ8QJUXSRGHVpSWLPRDxRGHHGXFDFLyQEiVLFDGLVHxyODKLVWRULDGHOXQLYHUVR
VREUH PHWURVGHSDSHOGHPHWURVGHDQFKR/DVHVFHQDVVHUHIHUtDQDORULJHQGHOXQLYHUVRDODVSULPHUDVIRUPDVGHYLGD
VREUH OD 7LHUUD D ODV SULPHUDV FLYLOL]DFLRQHV \ D ORV DSRUWHV VLJQLILFDWLYRV UHDOL]DGRV HQ HO FDPSR GH OD FXOWXUD /RV DOXPQRV
HVFULELHURQ WDPELpQ SRHPDV DFHUFD GH FDGD XQR GH ORV WHPDV \ ORV LQFOX\HURQ HQ OD OiPLQD $ PHGLGD TXH VH GHVDUUROODED HO
SUR\HFWRIXHURQVXUJLHQGRGLIHUHQWHVUROHVHQWUHORVDOXPQRVSODQLILFDGRUHVGLEXMDQWHVSLQWRUHVHVFULWRUHVHLQFOXVRPHFiQLFRV
TXLHQHVGHEtDQGLVHxDU\FRQVWUXLUODEDVH
/RVDOXPQRVSXHGHQUHSURGXFLUREUDVGHDUWHIDPRVDVPDSDVXRWURVREMHWRVYLVXDOHVPHGLDQWHODVWpFQLFDVGHURPSHFDEH]DV
R JULOOD 3RU HMHPSOR XQ JUXSR UHDOL]y GRV PDSDV GH ORV KHPLVIHULRV RULHQWDO \ RFFLGHQWDO VREUH XQD VXSHUILFLH GH WUHV PHWURV
FXDGUDGRV /XHJR GH GLEXMDU ORV FRQWLQHQWHV HQ XQD KRMD JUDQGH GH SDSHO WUD]DURQ XQ GLVHxR GH URPSHFDEH]DV HQ HO UHYHUVR \
GLYLGLHURQ FDGD PDSD HQ SDUWHV TXH FRUUHVSRQGtDQ DO Q~PHUR GH DOXPQRV GH OD FODVH /XHJR GH UHFRUWDU ODV SLH]DV FDGD
DOXPQRWRPDEDXQD\DFRQWLQXDFLyQGHEtDGHFLUDTXpSDUWHGHOPDSDFRUUHVSRQGtDVLLQWHJUDEDWLHUUDDJXDRFRQWLQHQWHV\GH
TXpPDQHUDVHHQVDPEODEDFRQFDGDXQDGHODVSLH]DVTXHWHQtDDOUHGHGRU(QRWUDHVFXHODVHGHVDUUROOyXQSUR\HFWRJUXSDOSDUD
UHDOL]DUXQPXUDOJLJDQWHGH/DQRFKHHVWUHOODGD GH9DQ*RJK(OPXUDORFXSDEDXQDSDUHGHQWHUDHQODELEOLRWHFD\VHOOHYyDFDER
FRQGRFHQDVGHFXDGUDGRVGHSDSHOFDGDXQRGHORVFXDOHVFRUUHVSRQGtDDXQFXDGUDGRPiVSHTXHxRGHODJULOODHQTXHVHKDEtD
GLYLGLGRODSLQWXUDRULJLQDO&DGDDOXPQRSLQWyXQDYHUVLyQDPSOLDGDGHORTXHDSDUHFtDHQXQRGHORVFXDGUDGRVQXPHUDGRVGHOD
JULOOD 8QD YH] PiV OD FRRUGLQDFLyQ HUD XQ UHTXLVLWR LQGLVSHQVDEOH HVSHFLDOPHQWH FXDQGR XQD HVWUHOOD FDVD R iUERO HQ XQ
FXDGUDGRGHODJULOODVHSURORQJDEDHQRWUR
/DVUHSURGXFFLRQHVORVDILFKHV\ODVIRWRJUDItDVUHODFLRQDGRVFRQXQWHPDVLUYHQSDUDGHFRUDUHODXOD\DODYH]SURSRUFLRQDQ
HOHPHQWRVSDUDUHDOL]DUGHEDWHVHLQVSLUDFLyQSDUDHOWUDEDMRDUWtVWLFRGHORVDOXPQRV+ROW5HLQKDUW\:LQVWRQ,QFKDQSUHSDUDGR
XQD FDUSHWD GHQRPLQDGD $UW :RUNV >2EUDV GH DUWH@ TXH RIUHFH XQD DPSOLD YDULHGDG GH REUDV DUWtVWLFDV SURYHQLHQWHV GH GLYHUVDV
FXOWXUDV FRQ HTXLOLEULR HQ HO JpQHUR /RV GRFHQWHV SXHGHQ HVFULELU D ORV PXVHRV \ VROLFLWDU HO HQYtR GH FDWiORJRV TXH OHV
SURSRUFLRQDUiQ XQD LPSRUWDQWH IXHQWH GH UHFXUVRV /DV REUDV DUWtVWLFDV SXHGHQ LQFRUSRUDUVH GLUHFWDPHQWH DO DXOD HQ IRUPD GH
SRVWDOHVRGHUHSURGXFFLRQHVHQWDPDxRUHDO/DVJDOHUtDV\WDOOHUHVGHPDUFRVORFDOHVWDPELpQFXHQWDQFRQXQDEXHQDVHOHFFLyQGH
UHSURGXFFLRQHV
(OVRIWZDUHLQIRUPiWLFRTXHIDFLOLWDHOGLEXMRODVOtQHDVGHWLHPSR\HOPDWHULDOJUiILFRSXHGHQDxDGLUXQDGLPHQVLyQYLVXDODODV
WDUHDV\H[KLELFLRQHVGHODXOD
(QHOQLYHOSROLPRGDOORVDOXPQRVFRQQRWDEOHVFRQGLFLRQHVDUWtVWLFDVSXHGHQGLVHxDUXQDDFWLYLGDGUHODFLRQDGDFRQDUWHVSDUD
UHDOL]DUHQHODXOD\HQVHxDUODDVXVFRPSDxHURV
/RVGRFHQWHVSXHGHQFUHDUXQOLVWDGRGHDUWLVWDVGHODFRPXQLGDGRGHDJHQWHVDUWtVWLFRVDTXLHQHVSRGUiQLQYLWDUDFRPSDUWLU
VXVH[SHULHQFLDVFRQORVDOXPQRVGHODHVFXHOD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDYLVXDOHVSDFLDO
/RV DOXPQRV GH KR\ HQ GtD KDQ FUHFLGR PLUDQGR WHOHYLVLyQ \ VH HQFXHQWUDQ QRWRULDPHQWH RULHQWDGRV KDFLD HODSUHQGL]DMHYLVXDO
/DV GLDSRVLWLYDV WUDQVSDUHQFLDV ILOPLQDV \ SHOtFXODV FRQVWLWX\HQ FRPSOHPHQWRV VLJQLILFDWLYRV SDUD VX DSUHQGL]DMH /DV
IRWRFRSLDGRUDV \ ODV LPSUHVRUDV VRQ WDPELpQ UHFXUVRV GH DSR\R HVHQFLDOHV SDUD WRGD FODVH GH WDUHDV DFDGpPLFDV $VLPLVPR
FXDQGR ORV VLVWHPDV LQWHUDFWLYRV IRUPDQ SDUWH GHO SURFHVR GH DSUHQGL]DMH ORV DOXPQRV GHMDQ GH VHU REVHUYDGRUHV SDVLYRV SDUD
FRQYHUWLUVHHQSHQVDGRUHVDFWLYRV3RUHMHPSORODYLGHRFDVHWHUDHVXQHOHPHQWRTXHVXHOHHVWDUDODOFDQFHGH
ODPD\RUtDGHORVGRFHQWHV\EULQGDQXPHURVDVSRVLELOLGDGHVSDUDHODSUHQGL]DMHDFWLYR(QOXJDUGHSUHVHQWDUXQYLGHRGHVGHHO
SULQFLSLRKDVWDHOILQVHSXHGHDSURYHFKDUODRSRUWXQLGDGSDUDGHWHQHUUHERELQDU\YROYHUDH[KLELUODFLQWD/DVRSRUWXQLGDGHV
IUHFXHQWHVSDUDGHEDWLUORTXHVHKDYLVWRHLQIHULUORTXHVHYHUiDFRQWLQXDFLyQGDQOXJDUDXQDSUHQGL]DMHDQWLFLSDWRULR\
SDUWLFLSDWLYRTXHDVXPHIXQGDPHQWDOLPSRUWDQFLDSDUDHOSURFHVRHGXFDWLYR
&XDQGRVHSUHVHQWHQSURGXFFLRQHVGUDPiWLFDVHVFRQYHQLHQWHTXHORVGRFHQWHVKD\DQYLVWRODSHOtFXODFRQDQWHULRULGDGSDUDWRPDU
QRWD GH GLYHUVDV HVFHQDV TXH SXHGDQ UHSUHVHQWDUVH IXHUD GH FRQWH[WR SDUD UHDOL]DU DFWLYLGDGHV GH FRPSDUDFLyQ \ FRQWUDVWH
7DPELpQ SXHGH GHWHQHUVH OD SHOtFXOD DQWHV GH TXH ILQDOLFH \ VROLFLWDU D ORV DOXPQRVTXHLQYHQWHQXQILQDORLQILHUDQORTXHYDD
RFXUULU(OIRUPDWRGHYLGHRHVXQDKHUUDPLHQWDIOH[LEOH\DGDSWDEOHTXHSXHGHXWLOL]DUVHSDUDLQQXPHUDEOHVSURSyVLWRVHGXFDWLYRV
/DGLVSRQLELOLGDGGHFiPDUDVGHYLGHRSHUPLWHDORVDOXPQRVSURGXFLUVXVSURSLDVFLQWDVFRPRDOWHUQDWLYDGHORVLQIRUPHVHVFULWRV
/RV GRFHQWHV WDPELpQ SXHGHQ SURGXFLU YLGHRV SDUD XWLOL]DU FRPR SUHVHQWDFLyQ GH FRQWHQLGRV 'H HVWD PDQHUD HO GRFHQWH SRGUi
FORQDUVH\UHGXFLUHOWLHPSRGLDULRGHFODVHH[SRVLWLYD
/DV FRPSXWDGRUDV SHUPLWHQ D ORV DOXPQRV RULHQWDGRV DO DSUHQGL]DMH YLVXDO LQWHUDFWXDU FRQ OD WHFQRORJtD 3XHGHQ DSURYHFKDU ODV
RSRUWXQLGDGHV SDUD YHU \ PDQLSXODU HO PDWHULDO DO TXHWLHQHQDFFHVRRTXHKD\DQFUHDGRGHPXFKDVPDQHUDVGLIHUHQWHVDQWHVGH
SUHSDUDUHORULJLQDOGHXQSUR\HFWRHVFULWR/RVGLVFRVGHYLGHRLQWHUDFWLYRVUHVXOWDQFDGDYH]PiVDFFHVLEOHVSDUDVXXVRHQHODXOD
DPHGLGDTXHVHDEDUDWDQORVSUHFLRVGHORVHTXLSRV\HOVRIWZDUH
(QHOKRUL]RQWHVHHQFXHQWUDODWHFQRORJtDGHUHDOLGDGYLUWXDODQWHODFXDOWRGRVORVRWURVUHFXUVRVVXFXPEHQHQODFRPSDUDFLyQ
6L ELHQ VX GHVDUUROOR WRGDYtD HV LQFLSLHQWH HVWH PXQGR JHQHUDGR SRU FRPSXWDGRUD SURSRUFLRQD XQ DSUHQGL]DMH PHPRUDEOH HQ
QXHYDVGLPHQVLRQHV8QDOXPQRVHFRORFDXQFDVFRRDQWHRMRVTXHFRQWLHQHQPRQLWRUHVGHWHOHYLVLyQHQPLQLDWXUDDXULFXODUHV\
XQJXDQWHHOHFWUyQLFR(VWHHTXLSRHVWiFRQHFWDGRDXQDFRPSXWDGRUDTXHFRRUGLQDORVHVWtPXORVVHQVRULDOHVFRQHOPRYLPLHQWR
ItVLFR /D FRPSXWDGRUD PRQLWRUHD OD XELFDFLyQ GH OD PDQR HQJXDQWDGD \ FUHDUi H[SHULHQFLDV UHDOHV 8QR GH ORV SULPHURV
SURJUDPDVSHUPLWtDDOSDUWLFLSDQWHFDPLQDUSRUXQDFDOOHHQODFLXGDGGH$VSHQREVHUYDUORVDOUHGHGRUHVHLQFOXVRFDPELDUODV
HVWDFLRQHVGHODxR&XDQGRHOVXMHWROOHJDDXQDHVTXLQDSXHGHGREODUDODGHUHFKDRDODL]TXLHUGDSRUPHGLRGHLQGLFDFLRQHVTXH
UHDOL]D FRQ HO JXDQWH HOHFWUyQLFR SDUD FRQWLQXDU VX UHFRUULGR \ H[SORUDU HO LQWHULRU GH DOJXQRV HGLILFLRV 'XUDQWH XQ WLHPSR ORV
SLORWRVDHURQiXWLFRVVHHQWUHQDQSDUDKDFHUIUHQWHDVLWXDFLRQHVGHHPHUJHQFLD\SDUDDSUHQGHUDXWLOL]DUHTXLSRVQXHYRVSRUPHGLR
GHUHDOLGDGYLUWXDO(QODDFWXDOLGDGORVHVWXGLDQWHVGHPHGLFLQDUHDOL]DQVXVSULPHUDVRSHUDFLRQHVTXLU~UJLFDVYLUWXDOPHQWH&RQ
XQSRFRGHLPDJLQDFLyQSRGUHPRVSUR\HFWDUODVH[SHULHQFLDVGHDSUHQGL]DMHYLUWXDOTXHDOJ~QGtDVHRIUHFHUiQHQODVHVFXHODVSDUD
ORVDOXPQRVGHItVLFDTXtPLFDELRORJtDRDUTXLWHFWXUD
6L ELHQ HVWDV KHUUDPLHQWDV YLVXDOHVSDFLDOHV QR VRQ HVHQFLDOHV SDUD HO SURFHVR GH DSUHQGL]DMH GH KHFKR RIUHFHQ IRUPDV
HVWLPXODQWHV\PRWLYDGRUDVSDUDTXHHODOXPQRHMHUFLWHVXLQWHOLJHQFLDYLVXDOHVSDFLDO\WRUQDQPiVDFFHVLEOHVORVFRQWHQLGRVGH
WRGDV ODV iUHDV SDUD OD PD\RUtD GH ORV DOXPQRV &RQ VHJXULGDG UHVXOWDUiQ HQ H[WUHPR YDOLRVDV SDUD ORV DOXPQRV FRQ
GLVFDSDFLGDGHVItVLFDVXRWUDVQHFHVLGDGHVHVSHFLDOHV<VLQOXJDUDGXGDVWUDQVIRUPDUiQHQXQDUHDOLGDGFRPSUHQVLEOH\YLVLEOH
DTXHOORTXHGHRWUDIRUPDSDUDPXFKRVVHJXLUtDVLHQGRXQFRQMXQWRGHDEVWUDFFLRQHVVLQVHQWLGR
5HVXPHQ
(O SHQVDPLHQWR YLVXDOHVSDFLDO FRQVWLWX\H XQ PHGLR IXQGDPHQWDO SDUD DFFHGHU D OD LQIRUPDFLyQ SDUD SURFHVDUOD \ SDUD
UHSUHVHQWDUOD (VWH FDStWXOR SUHVHQWD XQ DPSOLR SDQRUDPD DFHUFD GH ODV GLYHUVDV HVWUDWHJLDV GHVWLQDGDV D GHVDUUROODU KDELOLGDGHV
SDUD OD REVHUYDFLyQ OD YLVXDOL]DFLyQ \ HO GLEXMR &XDQGR WDOHV SURFHVRV VH HPSOHDQ FRQ FUHFLHQWH IUHFXHQFLD \ GHVWUH]D UHVXOWD
HYLGHQWH TXH HO SHQVDPLHQWR YLVXDO SURPXHYH RSHUDFLRQHV PHQWDOHV TXH QR VXHOHQ PDQLIHVWDUVH PHGLDQWH PRGDOLGDGHV YHUEDOHV
6HJ~QDILUPD5REHUW0F.LPHQ([SHULHQFHVLQ9LVXDO7KLQNLQJ>([SHULHQFLDVGHSHQVDPLHQWRYLVXDO@/DVSHUVRQDVTXHDSOLFDQ
HO SHQVDPLHQWR FUHDWLYR OOHYDQ D FDER DTXHOOR TXH ODV FRPSXWDGRUDV QR SXHGHQ UHDOL]DU $EDQGRQDQ HO OHQJXDMH FXDQGR ODV
FLUFXQVWDQFLDV OR H[LJHQ \ DGRSWDQ RWURV PRGRV GH SHQVDPLHQWR (VSHFtILFDPHQWH TXLHQHV DSOLFDQ HO SHQVDPLHQWR FUHDWLYR VRQ
DPELGH[WURV>@$SUHQGHUDSHQVDUGHPDQHUDYLVXDOHVHVHQFLDOSDUDHVWDIRUPDLQWHJUDGDGHDFWLYLGDGPHQWDO
$ FRQWLQXDFLyQ VH HQXPHUDQ ODV WpFQLFDV YLVXDOHVSDFLDOHV GHVDUUROODGDV HQ HO SUHVHQWH FDStWXOR D ILQ GH TXH HO GRFHQWH SXHGD
VLQWHWL]DUFRQFHSWRVHLGHQWLILFDUODVPiVDSURSLDGDVSDUDVXDSOLFDFLyQHQHODXOD
&$3Ì78/2
6LQWRQLFpPRQRVLQWHOLJHQFLDPXVLFDO
/DP~VLFDHVXQDPDQLIHVWDFLyQGHOHVStULWXKXPDQRVLPLODUDOOHQJXDMH6XVPiVJUDQGHVUHSUHVHQWDQWHVKDQWUDVPLWLGRDOD
KXPDQLGDGPHQVDMHVLPSRVLEOHVGHH[SUHVDUHQQLQJ~QRWUROHQJXDMH6LGHVHDPRVTXHWRGRHOORQRVHWUDQVIRUPHHQXQWHVRUR
PXHUWRGHEHPRVHVIRU]DUQRVDOPi[LPRSDUDORJUDUTXHHOPD\RUQ~PHURSRVLEOHGHSHUVRQDVFRPSUHQGDVXLGLRPD
=2/7$1.2'$/<$=DQHL,UDV2OYDVDV0RGV]HUWDQD
/DFDQFLyQGH 'DQQ\
(OMRYHQFDQWDQWH\FRPSRVLWRUHVWDGRXQLGHQVH'DQQ\'HDUGRUIISDGHFLySROLRPLHOLWLVHQVXSULPHUDLQIDQFLD/DHQIHUPHGDGOH
SURYRFyGHIRUPLGDGHV\GLVFDSDFLGDGHVItVLFDVSHURGHVGHORVSULPHURVDxRVVXIRUWDOH]DGHHVStULWXVHPDQLIHVWyHQODFDQFLyQ
&XDQGRHUDQLxRLQYHQWDEDFDQFLRQHVDFHUFDGHOFDUWHURTXHUHFRUUtDODFDOOHRGHOPRVTXLWHURTXHSHUPLWtDHOSDVRGHDLUHIUHVFR\
PDQWHQtDDORVLQVHFWRVIXHUDGHODFDVD7RGRFXDQWR'DQQ\YHtDOHLQVSLUDEDOHWUD\P~VLFD
(QODDFWXDOLGDGJR]DGHUHFRQRFLPLHQWRLQWHUQDFLRQDOSRUVXODERUFRPRFRPSRVLWRUHMHFXWDQWH\SURGXFWRU\SRUVXLQVSLUDGRUD
HORFXHQFLD +D UHFLELGR QXPHURVRV SUHPLRV HQ ORV (VWDGRV 8QLGRV\HVWiFRQYHQFLGRGHTXHODP~VLFDFRQVWLWX\HXQDSRGHURVD
IRUPD GH FRPXQLFDFLyQ FRQ OD FDSDFLGDG GH OOHJDU D OD PHQWH D WUDYpV GHO FRUD]yQ /D P~VLFD GH 'DQQ\ WUDQVPLWH LPSRUWDQWHV
PHQVDMHVVRFLDOHVDSUHQGHUDDPDUFRQPD\RULQWHQVLGDGDFXLGDUQXHVWURPHGLR\DDSUHFLDUODVGLIHUHQFLDVTXHH[LVWHQHQWUHORV
LQGLYLGXRV
+DFHSRFRWLHPSR'DQQ\HVFULELy\JUDEyMXQWRFRQ/RUUDLQH%D\HVXQDFDQFLyQTXHVHWLWXOD7RGRHOPXQGRWLHQHGLIHUHQWHV
FDSDFLGDGHV
(Q HVWD FDQFLyQ 'DQQ\ KD UHHPSOD]DGR HO WpUPLQR GLVFDSDFLGDGHV SRU OD H[SUHVLyQ GLIHUHQWHV FDSDFLGDGHV TXH VH DSOLFD D
WRGRHOPXQGR\GHVWDFDQXHVWURVORJURVHQOXJDUGHQXHVWUDVOLPLWDFLRQHV
/DFDQFLyQUHIOHMDODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVGH+RZDUG*DUGQHUFXDQGRDILUPDTXHWRGRHOPXQGRWLHQHFDSDFLGDGHV
GLIHUHQWHV
(YHU\RQHLV'LIIHUHQWO\$EOHG
(YHU\RQHKDVDELOLWLHV
(YHU\RQHLV'LIIHUHQWO\$EOHG
0DNLQJWKHLUOLYHVZRUNGLIIHUHQWO\
<RXPLJKWXVHDFKDLUZLWKZKHHOVWRJHWDURXQG
2U\RXPLJKWXVH\RXUKDQGVWRVSHDNZLWKRXWDVRXQG
C&DXVHWKHUHDUHDPLOOLRQZD\VWRGRPRVWDQ\WKLQJ
6RPHSHRSOHORYHWRGDQFH6RPHSHRSOHSUHIHUWRVLQJ
1RZ\RXFDQXVHDZRUNLQJGRJWRKHOS\RXVHH
2U\RXFDQXVH\RXUPRXWKRUIHHWWRSDLQWDQGZULWHSRHWU\
7KHUHDUHDPLOOLRQZD\VWKDW\RXFDQEH
,W
VWUXHWKDWDOORIXVOLYHLQWHUGHSHQGHQWO\
,ZLOOQRWEHGHILQHGE\P\OLPLWDWLRQV
%XWUDWKHUE\P\SRVVLELOLWLHV
:HFDQUHVSRQGWRWKHQHHGVRIWKRVHDURXQGXV
7KHEHVWDELOLW\ UHVSRQVHDELOLW\
(YHU\RQHLV'LIIHUHQWO\$EOHG
(YHU\RQHKDVDELOLWLHV
(YHU\RQHLV'LIIHUHQWO\$EOHG
0DNLQJWKHLUWYHVZRUIWGLIIHUHQWO\
>7RGRHPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV7RGRHOPXQGRWLHQHFDSDFLGDGHV7RGRHOPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV
TXHKDFHQQXHVWUDVYLGDVGLIHUHQWHV
3XHGHVPRYHUWHHQXQDVLOODFRQUXHGDV2XVDUODVPDQRVSDUDKDEODUVLQVRQLGRSRUTXHH[LVWHXQPLOOyQGHPDQHUDVSDUDKDFHU
FDVLWRGR$DOJXQDVSHUVRQDVOHVHQFDQWDEDLODU2WUDVSUHILHUHQFDQWDU
3RGUiV WHQHU XQ SHUURTXHWHD\XGHDYHU2XVDUODERFDRORVSLHVSDUDSLQWDU\HVFULELUSRHVtD([LVWHXQPLOOyQGHIRUPDV
GLIHUHQWHVGHVHU(QYHUGDGWRGRVYLYLPRVHQIRUPDLQWHUGHSHQGLHQWH1RTXLHURTXHPHGHILQDQSRUPLVOLPLWDFLRQHVVLQR
SRUPLVSRVLELOLGDGHV3RGHPRVUHVSRQGHU DODVQHFHVLGDGHVGHTXLHQHVQRVURGHDQ/DPHMRUFDSDFLGDGHVODFRPSUHQVLyQ
7RGRHOPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV7RGRHOPXQGRWLHQHFDSDFLGDGHV7RGRHOPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV
TXHKDFHQQXHVWUDVYLGDVGLIHUHQWHV@
(VWDFDQFLyQIRUPDSDUWHGHOiOEXPWLWXODGR/HWV%H)ULHQGV>6HDPRVDPLJRV@GHOODXUHDGRJUXSRPXVLFDOSDUDQLxRV7LFNOH7XQH
7\SKRRQ
'HILQLFLyQLQWHOLJHQFLDPXVLFDO
/D P~VLFD LQGXGDEOHPHQWH XQD GH ODV PiV DQWLJXDV IRUPDV GH DUWH XWLOL]D OD YR] \ HO FXHUSR KXPDQRV FRPR LQVWUXPHQWRV
QDWXUDOHV \ PHGLRV SDUD OD DXWRH[SUHVLyQ (V XQ DUWH TXH QDFH FRQ QRVRWURV 9LYLPRV GXUDQWH QXHYH PHVHV FRQ HO ODWLGR GHO
FRUD]yQ GH QXHVWUD PDGUH DQWHV GH QDFHU 9LYLPRV FRQ ORV ULWPRV GH QXHVWURV ODWLGRV \ GH QXHVWUD UHVSLUDFLyQ \ ORV ULWPRV PiV
VXWLOHV GH OD DFWLYLGDG PHWDEyOLFD \ GH ODV RQGDVFHUHEUDOHV7RGRVVRPRVLQWUtQVHFDPHQWHPXVLFDOHV\SRGHPRVGHVDUUROODUHVWD
FDSDFLGDGHQQRVRWURV\HQORVGHPiV
/RVSULPHURVDxRVGHODLQIDQFLDUHVXOWDQFUXFLDOHVSDUDHOGHVDUUROORPXVLFDO3DUHFHH[LVWLUXQSHUtRGRFUtWLFRGHVHQVLELOLGDGDO
VRQLGR\DOWRQRHQWUHORVFXDWUR\VHLVDxRV'XUDQWHHVHSHUtRGRXQHQWRUQRPXVLFDOHVWLPXODQWHSXHGHSURSRUFLRQDUODEDVHSDUD
OD SRVWHULRU KDELOLGDG PXVLFDO (Q VX OLEUR 'HYHORSLQJ 7DOHQW LQ <RXQJ &KLOGUHQ >'HVDUUROOR GHO WDOHQWR HQ QLxRV SHTXHxRV@
%ORRPVHxDODTXHPXFKRVGHORVSLDQLVWDVWDOHQWRVRVTXHKDHVWXGLDGRQRSURFHGtDQGHIDPLOLDVGHP~VLFRV1RREVWDQWHWRGRV
WHQtDQSDGUHVTXHDSR\DEDQORVLQWHUHVHVPXVLFDOHVGHVXVKLMRV$GHPiVORVSULPHURVPDHVWURVGHORVP~VLFRVKDEtDQVLGRVLQ
H[FHSFLyQ SHUVRQDV FiOLGDV FRPSUHQVLYDV \ UHFHSWLYDV (O HQWUHQDPLHQWR ULJXURVR \ H[LJHQWH IXH XQ FDStWXOR SRVWHULRU HQ VXV
FDUUHUDV
(Q ODV HVFXHODV FDQWDQWHV GH +XQJUtD EDVDGDV HQ ORV WUDEDMRV GH =ROWDQ .RGDO\ ORV QLxRV FDQWDQ WRGRV ORV GtDV $O OOHJDU DO
WHUFHUDxRGHHQVHxDQ]D EiVLFDVRQSRFRVORVTXHQRFDQWDQHQWRQDGDPHQWHRSURGXFHQVRQLGRVDUPyQLFRV6HKDDGYHUWLGR
TXH ORV DOXPQRV K~QJDURV KDQ H[KLELGR WDPELpQ XQ QRWDEOH GHVHPSHxR HQ PDWHPiWLFD \ FLHQFLDV FRPR UHVXOWDGR GH VX
FRQVWDQWHSUiFWLFDPXVLFDO
/D LQWHOLJHQFLD PXVLFDO WLHQH VXV SURSLDV UHJODV \ HVWUXFWXUDV GH SHQVDPLHQWR ODV TXH QR QHFHVDULDPHQWH VH HQFXHQWUDQ
YLQFXODGDV D RWUDV FODVHV GH LQWHOLJHQFLD 6WUDYLQVN\FRPHQWyHQXQDRSRUWXQLGDGTXH/DP~VLFDVHH[SUHVDDVtPLVPD
SDUD GHVWDFDU OD LQGHSHQGHQFLD GH HVWD IRUPD GH DSWLWXG KXPDQD /D P~VLFD HV XQ OHQJXDMH DXGLWLYR TXH HPSOHD WUHV
FRPSRQHQWHV EiVLFRV WRQR ULWPR \ WLPEUH 6H ORV VXHOH DQRWDU FRQ VLVWHPDV GH VtPERORV HVSHFLDOHV /DV QXPHURVDV
FRPELQDFLRQHVGHHVWRVWUHVHOHPHQWRVKDQGDGROXJDUDODQRWDEOHYDULHGDGPXVLFDOTXHHQFRQWUDPRVHQHOPXQGR
+RZDUG*DUGQHUDILUPDHQ,QWHOLJHQFLDVP~OWLSOHV TXHFXDOTXLHULQGLYLGXRQRUPDOTXHKD\DWHQLGRXQFRQWDFWRIUHFXHQWHFRQOD
P~VLFDSXHGHPDQHMDUHOWRQRHOULWPR\HOWLPEUHSDUDSDUWLFLSDUHQDFWLYLGDGHVPXVLFDOHVFRQXQFLHUWRJUDGRGHGHVWUH]D
\D VHD SDUD OD FRPSRVLFLyQ HO FDQWR R OD HMHFXFLyQ GH LQVWUXPHQWRV /DV EDVHV GH WDOHV LQWHUHVHV SXHGHQ LQFHQWLYDUVH D
WHPSUDQDHGDGSRUPHGLRGHODVDFWLYLGDGHVTXHVHLQFOX\HQHQHVWHFDStWXOR/DSUHVHQFLDGHP~VLFDHQHOKRJDU\HQHO
SULPHUiPELWRGHSHUWHQHQFLDGHOQLxRSURSRUFLRQDXQDEDVHLPSRUWDQWHSDUDHVWDVH[SHULHQFLDVPXVLFDOHVTXHOXHJRSXHGHQ
LQWHJUDUVHPHGLDQWH HOFXUUtFXORHVFRODU
'HELGRDODHVWUHFKDFRQH[LyQHQWUHODP~VLFD\ODVHPRFLRQHVODP~VLFDHQHODXODFRQWULEX\HDFUHDUXQHQWRUQRHPRFLRQDO
SRVLWLYRDSWRSDUDHODSUHQGL]DMH/DP~VLFDSXHGHXWLOL]DUVHWDPELpQSDUDGHVWDFDUPRPHQWRVGHVXVSHQVRWULVWH]DWUDJHGLD
RDOHJUtDHQUHODWRVOLWHUDULRVRKLVWyULFRV,QFOXVRVHSXHGHXWLOL]DURFUHDUP~VLFDSDUDH[SUHVDUKXPRU-XHJRVPXVLFDOHV
FRPR ORV GH 3 ' 4 %DFK VRQ LQWHUHVDQWHV KHUUDPLHQWDV SDUD SHUIHFFLRQDU ODV KDELOLGDGHV SDUD HVFXFKDU \ SDUD
FRQFHQWUDUVH$VLPLVPRODVFDQFLRQHVKXPRUtVWLFDVFRQWULEX\HQDFUHDUXQDDWPyVIHUDFiOLGD\DJUDGDEOHHQHODXOD
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDPXVLFDO
0XFKRVILOyVRIRVGHODDQWLJHGDGFRQVLGHUDQDODP~VLFDFyPRSDUWHLPSRUWDQWHGHODHGXFDFLyQ 3ODWyQVRVWHQtDTXH(O
ULWPR\ODDUPRQtDGHVFLHQGHQSURIXQGDPHQWHDWRGDVODV]RQDVGHODOPD\WRPDQSRVHVLyQGHHOODVRWRUJDQGRODJUDFLDGH
FXHUSR \ PHQWH TXH VyOR VH HQFXHQWUD HQ TXLHQ KD VLGR HGXFDGR GH PDQHUDFRUUHFWD$ULVWyWHOHVIXHWDPELpQXQRGHORV
SULPHURVSURPRWRUHVGHXQDHGXFDFLyQPXVLFDOLQWHJUDO\DTXHHVWDED FRQYHQFLGRGHTXH$OFDQ]DPRVXQDGHWHUPLQDGD
FXDOLGDGGHSHUVRQDOLGDGGHELGRDHOOD
&RQIXFLR FRQVLGHUDED TXH OD P~VLFD HMHUFtD XQD LQIOXHQFLD WDQWR SHUVRQDO FRPR SROtWLFD (O KRPEUH VXSHULRU LQWHQWD
SURPRYHUODP~VLFDFRPRPHGLRGHSHUIHFFLyQSDUDODFXOWXUDKXPDQD&XDQGRGLFKDP~VLFDSUHYDOH]FD\VHFRQGX]FDDODV
SHUVRQDVKDFLDLGHDOHV\DVSLUDFLRQHVSRGUHPRVFRQWHPSODUHOSDQRUDPDGHXQDJUDQQDFLyQ'XUDQWHOD(GDG0HGLD\HO
5HQDFLPLHQWRODP~VLFDHVWDEDFRQVLGHUDGDXQRGHORVFXDWURSLODUHVGHODSUHQGL]DMHMXQWRFRQODJHRPHWUtDODDVWURQRPtD
\ODDULWPpWLFD
1R REVWDQWH HQ QXHVWUD pSRFD OD P~VLFD KD VLGR XQD GH ODV SULPHUDV DVLJQDWXUDV TXH VH UHFRUWDURQ GH ORV SURJUDPDV
HVFRODUHVFXDQGRVHUHDOL]DURQUHGXFFLRQHVSUHVXSXHVWDULDV/RVSURPRWRUHVGHODWHQGHQFLDGHUHWRUQRDORVFRQWHQLGRVEiVLFRV
WDPELpQ KDQ HOLPLQDGR OD HGXFDFLyQ PXVLFDO GH PXFKDV HVFXHODV FRQ HO REMHWR GH GHGLFDU PiV WLHPSR D ODV iUHDV GH OHFWXUD
PDWHPiWLFD \ FLHQFLDV ,UyQLFDPHQWH OD P~VLFD SXHGH VHU XQR GH ORV UHFXUVRV LPSRUWDQWHV SDUD GHVDUUROODU HVDV PLVPDV
KDELOLGDGHVWDQUHTXHULGDVSDUDWRGRVORVDOXPQRV
$FWLYLGDGHV WDOHV FRPR FRQVWUXLU \ HMHFXWDU LQVWUXPHQWRV WRPDU FODVHV SDUD PHMRUDU ODV KDELOLGDGHV GH HMHFXFLyQ SDUWLFLSDU HQ
JUXSRVGHP~VLFDRFDQWREDLODU\DVLVWLUDFRQFLHUWRVVXHOHQVHUFRQVLGHUDGDVGHVDItRVSRVLWLYRVSRUORVDOXPQRVFXDQGRIRUPDQ
SDUWHLQWHJUDOGHVXHGXFDFLyQ
+DEUi DOXPQRV TXH WHQJDQ PD\RU KDELOLGDG PXVLFDO TXH RWURV \ TXH KD\DQ PDQLIHVWDGR VX WDOHQWR D XQD HGDG PX\ WHPSUDQD
6HJ~QVHxDOD+RZDUG*DUGQHUHOWDOHQWRPXVLFDOHPHUJHLQH[SOLFDEOHPHQWHDQWHVTXHODVDSWLWXGHVHQRWUDViUHDVGHLQWHOLJHQFLD
KXPDQD (VWRV QLxRV HQ SDUWLFXODU VLHQWHQ HO LPSXOVR GH KDFHU P~VLFD \ HV HVHQFLDO TXH FXHQWHQ FRQ RSRUWXQLGDGHV WDQWR SDUD
H[SHULPHQWDUFRPRSDUDFUHDUP~VLFD1RREVWDQWHFRPR\DVHKDDGYHUWLGRYLUWXDOPHQWHWRGRVORVDOXPQRVLQFOX\HQGRTXLHQHV
SUHVHQWDQVRUGHUDRKLSRDFXVLDWLHQHQHOSRWHQFLDOSDUDGHVDUUROODUVXVFDSDFLGDGHVPXVLFDOHV
0XFKRV QLxRV \ DGXOWRV GLVIUXWDQ GHO ULWPR \ OD PHORGtD HVFXFKDQ P~VLFD SRU JXVWR R SDUWLFLSDQ HQ DFWLYLGDGHVPXVLFDOHV/RV
LQGLYLGXRV VLQ FRQWDFWR SUHYLR FRQ OD P~VLFD VXHOHQ GLVIUXWDU GHO DSUHQGL]DMH SRU PpWRGRV PXVLFDOHV R DSUHFLDQ OD SUHVHQFLD GH
P~VLFDHQHOHQWRUQRGHDSUHQGL]DMHPLHQWUDVGHVDUUROODQWDUHDVQRYHUEDOHV
/RVLQWHQWRVGHLGHQWLILFDUDORVDOXPQRVTXHSRVHHQDSWLWXGHVPXVLFDOHVRLQWHOLJHQFLDPXVLFDOELHQGHVDUUROODGDVRQFRPSOHMRV
([LVWHXQDPSOLR UDQJRGHKDELOLGDGHVPXVLFDOHV\HVSRFRSUREDEOHTXHVHPDQLILHVWHQWRGDVHQHOPLVPRLQGLYLGXR3RUHMHPSOR
H[LVWHQPXFKRVFDVRVGHP~VLFRVFRQRFLGRVTXHREWHQtDQp[LWRVHQGHWHUPLQDGDVDFWLYLGDGHVPXVLFDOHVSHURIUDFDVDEDQHQRWUDV
6H UXPRUHD TXH 7FKDLNRYVN\ HVWXYR D SXQWR GH SURYRFDU XQ IUDFDVR GXUDQWH HO HVWUHQRGHVX6H[WD6LQIRQtDGHELGRDVXHVFDVD
FDSDFLGDG SDUD OD GLUHFFLyQ RUTXHVWDO &KRSLQ HUD XQ WDOHQWRVR FRPSRVLWRU SDUD SLDQR SHUR FDUHFtD GH LQWHUpV SRU HVFULELU SDUD
FXDOTXLHURWURLQVWUXPHQWR$OJXQRVLQGLYLGXRVQRDOFDQ]DQORJURVHQODVFODVHVGHWHRUtDPXVLFDOSHURH[KLEHQFDSDFLGDGSDUDHO
FDQWR2WURVFRPR/RXLV$UPVWURQJSXHGHQWHQHUXQDQRWDEOHFDSDFLGDGSDUDLPSURYLVDUGHQWURGHFLHUWRVHVWLORVPXVLFDOHVVLQ
KDEHU DSUHQGLGR D OHHU P~VLFD 3RU OR WDQWR HV LPSRVLEOH GHWHUPLQDU OD LQWHOLJHQFLD PXVLFDO PHGLDQWH XQ OLVWDGR TXH FRQWHPSOH
VRODPHQWH DOJXQDV GH ODV GLPHQVLRQHV GHHVWDFRPSOHMDLQWHOLJHQFLD6LQHPEDUJRXQDOLVWDFRPRODTXHDSDUHFHDFRQWLQXDFLyQ
SXHGHD\XGDUDLGHQWLILFDUDOJXQDVGHODVFDUDFWHUtVWLFDVGHORVDOXPQRVFRQFRQGLFLRQHVPXVLFDOHV(VSUREDEOHTXHXQDSHUVRQD
FRQXQDLQWHOLJHQFLDPXVLFDOELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
(VFXFKD\GHPXHVWUDLQWHUpVSRUXQDYDULHGDGGHVRQLGRVTXHLQFOX\HQODYR]KXPDQDORVVRQLGRVDPELHQWDOHV\ODP~VLFD\HV
FDSD]GHRUJDQL]DUWDOHVVRQLGRVHQPRGHORVVLJQLILFDWLYRV
'LVIUXWD\EXVFDRFDVLRQHVSDUDHVFXFKDUP~VLFDRVRQLGRVDPELHQWDOHVHQHOiPELWRGHDSUHQGL]DMH0XHVWUDGLVSRVLFLyQSRU
H[SORUDU\DSUHQGHUGHODP~VLFD\GHORVP~VLFRV
5HVSRQGH FLQHVWpVLFDPHQWH D OD P~VLFD PHGLDQWH OD GLUHFFLyQ HMHFXFLyQ FUHDFLyQ R GDQ]D HPRFLRQDOPHQWH
LQWHUSUHWDQGRORVFOLPDV\WHPSRVGHODP~VLFDLQWHOHFWXDOPHQWHPHGLDQWHHOGHEDWH\DQiOLVLV\RHVWpWLFDPHQWHPHGLDQWH
ODHYDOXDFLyQ\H[SORUDFLyQGHOFRQWHQLGR\VLJQLILFDGRGHODP~VLFD
5HFRQRFH \ H[SRQH ODV FDUDFWHUtVWLFDV GH GLIHUHQWHV HVWLORV \ JpQHURV PXVLFDOHV \ YDULDFLRQHV FXOWXUDOHV 'HPXHVWUD
LQWHUpVSRUHOSDSHODFWXDO\IXWXURTXHGHVHPSHxDODP~VLFDHQODYLGDKXPDQD
5HFRSLOD P~VLFD H LQIRUPDFLyQ DFHUFD GH HOOD HQ GLYHUVRV IRUPDWRV WDQWR JUDEDGRV FRPR LPSUHVRV \ SRVLEOHPHQWH
FROHFFLRQD\HMHFXWDLQVWUXPHQWRVPXVLFDOHVLQFOXLGRVORVVLQWHWL]DGRUHV
'HVDUUROOD KDELOLGDGSDUDFDQWDU\RHMHFXWDUXQLQVWUXPHQWRVyORRHQFRPSDxtDGHRWUDVSHUVRQDV
(PSOHDHOYRFDEXODULR\ODVQRWDFLRQHVPXVLFDOHV
'HVDUUROODXQPDUFRGHUHIHUHQFLDSHUVRQDOSDUDHVFXFKDUP~VLFD
'LVIUXWDLPSURYLVDQGR\HMHFXWDQGRVRQLGRV\GDGDXQDIUDVHPXVLFDOSXHGHFRPSOHWDUODFRQVHQWLGR
2IUHFH VX SURSLD LQWHUSUHWDFLyQ GHO PHQVDMH TXH XQ FRPSRVLWRU FRPXQLFD SRU PHGLR GH OD P~VLFD 3XHGH WDPELpQ
DQDOL]DU\FULWLFDUVHOHFFLRQHVPXVLFDOHV
3XHGHH[SUHVDULQWHUpVSRUFDUUHUDVUHODFLRQDGDVFRQODP~VLFDWDOHVFRPRFDQWDQWHLQVWUXPHQWLVWDLQJHQLHURGHVRQLGR
SURGXFWRUFUtWLFROXWKLHU GRFHQWHRGLUHFWRUGHRUTXHVWD
3XHGHFUHDUFRPSRVLFLRQHV\RLQVWUXPHQWRVPXVLFDOHVRULJLQDOHV
3URFHVRVGHDSUHQGL]DMHPXVLFDO
/DV DFWLYLGDGHV TXH VH SURSRQHQ HQ HVWH FDStWXOR QR WLHQHQ SRU REMHWR SURSRUFLRQDU XQ FXUVR FRPSUHQVLYR R JUDGXDO GH
HGXFDFLyQPXVLFDORUHHPSOD]DUORVSURJUDPDVTXHORVHGXFDGRUHVHVSHFLDOL]DGRVHQP~VLFDGHVDUUROODQHQODVHVFXHODV/RV
QLxRV\MyYHQHVSXHGHQ GHVDUUROODUVXVKDELOLGDGHVPXVLFDOHVSRUPHGLRGHSURJUDPDVGLVHxDGRVSDUDORJUDUXQHTXLOLEULR
HQWUHODVKDELOLGDGHVSDUDHMHFXWDUHVFXFKDU\FUHDUP~VLFD\WDPELpQSDUDUHIOH[LRQDUDFHUFDGHHOOD
'H KHFKR HO REMHWLYR GH ODV VLJXLHQWHV DFWLYLGDGHV PXVLFDOHV FRQVLVWH HQ IDFLOLWDU HO DSUHQGL]DMH GH RWURV FRQWHQLGRV
DFDGpPLFRV 0XFKRV HGXFDGRUHV HYLWDQ OD HQVHxDQ]D GH HVWUDWHJLDV PXVLFDOHV GHELGR D VX SURSLD IDOWD GH H[SHULHQFLD
PXVLFDO 6LQ HPEDUJR QR HV QHFHVDULR FRQWDU FRQ FDSDFLWDFLyQ HVSHFLDO SDUD LQFRUSRUDU HVWDV DFWLYLGDGHV DO WUDEDMR HQ HO
DXOD/DVHVWUDWHJLDVTXHVHSUHVHQWDQDTXtSURSRUFLRQDQPHGLRVHILFDFHVSDUDSURPRYHUWDQWRHQORVGRFHQWHVFRPRHQORV
DOXPQRVDFWLWXGHVSRVLWLYDVKDFLDODP~VLFD\HOUHFRQRFLPLHQWRGHVXUHODFLyQFRQRWURVFRQWHQLGRVGHDSUHQGL]DMH&XDQGR
ORV GRFHQWHV LQFRUSRUDQ P~VLFD DO WUDEDMR HQ HO DXOD SXHGHQ OOHJDU D REWHQHU XQ EHQHILFLR DGLFLRQDO OD DSUHFLDFLyQ \
KDELOLGDGPXVLFDOHVSXHGHQGHVDUUROODUVHHQGRFHQWHV\DOXPQRVTXHSUHYLDPHQWHQRKD\DQWHQLGRFRQWDFWRFRQODP~VLFD
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHPXVLFDO
,QFRUSRUDFLyQGHP~VLFDHQHODXOD
/LQHDPLHQWRVSDUDXWLOL]DUP~VLFDGHIRQGR
9DULHGDGGHVHOHFFLRQHVPXVLFDOHV
(VFXFKDUP~VLFD
3UHJXQWDVSRURHOGHEDWHOXHJRGHHVFXFKDUP~VLFD
&DQFLRQHVSDUDiUHDVGHFRQWHQLGR
0~VLFDSDUDODFRQVWUXFFLyQGHKDELOLGDGHV
2UWRJUDItDPXVLFDO
(QVHxDQ]DGHOHFWXUDSRUPHGLRGHODP~VLFD
0~VLFDSDUDWRGDVODViUHDVFXUULFXODUHV
3UHFDOHQWDPLHQWRSDUDFDQWDU
1RWDFLyQPXVLFDO
9RFDOL]DFLyQ
/HFWXUDFRUDO
,QWURGXFFLyQGHOFRQFHSWRGHQRWDFLyQPXVLFDO
&UHDFLyQGHFDQFLRQHVSDUDiUHDVFXUULFXODUHV
6HOHFFLRQHVPXVLFDOHVIDPLOLDUHV
&yPRGHVSHUWDUODFUHDWLYLGDGSRUPHGLRGHODP~VLFD
&RQVWUXFFLyQGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD
8VRFUHDWLYRGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDPXVLFDO
5HVXPHQ
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHPXVLFDO
/DP~VLFDSXHGHGHVHPSHxDUXQSDSHOLPSRUWDQWHHQWRGRiPELWRHGXFDWLYR%ULQGDXQFOLPDDJUDGDEOHHQHOPRPHQWRHQTXHORV
DOXPQRVHQWUDQFUHDXQHIHFWRGHGLVWHQVLyQOXHJRGHSHUtRGRVGHDFWLYLGDGItVLFDFRQWULEX\HDKDFHUPiVIOXLGDVODVWUDQVLFLRQHV
GHQWURGHODXODGHYXHOYHODHQHUJtDHQGtDVQXEODGRV\UHGXFHODWHQVLyQTXHVXHOHDFRPSDxDUDODVHYDOXDFLRQHV\RWUDVSUHVLRQHV
DFDGpPLFDV
8QD P~VLFD GH IRQGR VXDYHSDUDDFRPSDxDUODHQWUDGDGHORVDOXPQRVHQHODXODWLHQHODFDSDFLGDGGHFRQFHQWUDUODDWHQFLyQ\
HOHYDU ORV QLYHOHV GH HQHUJtD ItVLFD 3RU OR JHQHUDO ORV DOXPQRV OOHJDQ DO DXOD FRQ XQD VHULH GH SUHRFXSDFLRQHV VHQVDFLRQHV H
LQWHUHVHVLQGLYLGXDOHV/DP~VLFDSXHGHFUHDUXQDDWPyVIHUDSRVLWLYDTXHOHVD\XGDUiDFRQFHQWUDUVHHQHODSUHQGL]DMH
,QFRUSRUDFLyQGHP~VLFDHQHODXOD
/RVGRFHQWHVTXHGHVHHQXWLOL]DUP~VLFDGHIRQGRSDUDHQULTXHFHUHOiPELWRGHODXODSRGUiQFRPHQ]DUSRUVROLFLWDUDORVDOXPQRV
TXHUHIOH[LRQHQVREUHODVPDQHUDVFRPRODP~VLFDSXHGHHQULTXHFHUODFDOLGDGGHQXHVWUDVYLGDV(VWDPRVURGHDGRVSRUHOVRQLGR
GHUDGLRVMXHJRVGHYLGHRFDVHWHVGLVFRVOiVHUWHOHYLVLyQ\P~VLFDTXHDFRPSDxDPXFKDVGHQXHVWUDVDFWLYLGDGHVGLDULDV3DUD
SURPRYHU OD FRQFLHQFLD DFHUFD GH OD P~VLFD \ GH VX LQIOXHQFLD HQ QXHVWUDV YLGDV HO GRFHQWH SXHGH RUJDQL]DU XQ GHEDWH JUXSDO
VREUH ODV IRUPDV \ ORV PRPHQWRV HQ TXH ORVDOXPQRVHVFXFKDQP~VLFD/RPiVSUREDEOHHVTXHORVDOXPQRVHVFXFKHQURFNDQG
UROO FRPR SDVDWLHPSR SRU OR TXH HO GRFHQWH SXHGH SURSRQHUOHV H[SDQGLU VXV FRQRFLPLHQWRV KDFLD RWUDV FODVHV GH P~VLFD SDUD
GHVFXEULUGHTXpPDQHUDLQIOX\HQORVGLIHUHQWHVHVWLORVPXVLFDOHVVREUHODFDOLGDGGHYLGD
+D\ YDULDV FXHVWLRQHV TXH HO GRFHQWH GHEH WHQHU HQ FXHQWD DQWHV GH KDFHU TXH OD P~VLFD IRUPH SDUWH GHO DXOD SRU HMHPSOR
FRQVHJXLUXQHTXLSRGHVRQLGRVHOHFFLRQDUORVWLSRVGHP~VLFDTXHVHHVFXFKDUiQ\ORVPRPHQWRVHQTXHHOORUHVXOWDDSURSLDGR$
FRQWLQXDFLyQ RIUHFHPRV XQD VHULH GH OLQHDPLHQWRV ~WLOHV SDUD DTXHOORV GRFHQWHV TXH GHVHHQ WUDQVIRUPDU HO DXOD HQ XQ iPELWR
PXVLFDO
/LQHDPLHQWRVSDUDXWLOL]DUP~VLFDGHIRQGR
&RQVHJXLUHLQVWDODUHQHODXODXQHTXLSRPXVLFDOGHODPHMRUFDOLGDGSRVLEOH(VLPSRUWDQWHWHQHUHQFXHQWDTXHHOVRQLGRGH
XQJUDEDGRUGHEDMDFDOLGDGJHQHUDGLVWUDFFLyQ\IUXVWUDFLyQ
'HELGRDTXHHQPXFKRVKRJDUHVQRVHGLVSRQHGHJUDEDFLRQHVGHGLIHUHQWHVFODVHVGHP~VLFDORVGRFHQWHVSXHGHQFRPSDUWLU
FRQVXVDOXPQRVXQDVHOHFFLyQUHSUHVHQWDWLYDGHREUDVFRQWHPSRUiQHDVURPiQWLFDVEDUURFDV\FOiVLFDVHMHFXWDGDVSRURUTXHVWDV
JUXSRVGHFiPDUDRVROLVWDV7DPELpQGHEHQLQFOXLUVHH[FHOHQWHVJUDEDFLRQHVGHP~VLFDLQWHUQDFLRQDOHQODVHFFLyQVLJXLHQWHVH
SURSRQHQDOJXQDV
(V LPSRUWDQWH GHWHUPLQDU HO PRPHQWR \ HO PRGR FRPR VH XWLOL]DUi OD P~VLFD GH IRQGR HQ HO DXOD &RQ IUHFXHQFLD UHVXOWD
HIHFWLYD HQ HO PRPHQWR GH OD HQWUDGD \ GXUDQWH SHUtRGRV GH OHFWXUD VLOHQFLRVD HMHUFLWDFLyQ LQGLYLGXDO HVWXGLR HYDOXDFLyQ \
WUDQVLFLyQ (Q ~OWLPD LQVWDQFLD ORV GRFHQWHV \ ORV DOXPQRV SXHGHQ H[SHULPHQWDU GXUDQWH GLVWLQWRV PRPHQWRV SRU HMHPSOR DO
FRPLHQ]R HQ OD PLWDG R DO ILQDO GH XQ GtD RSHUtRGRGHFODVHDILQGHGHWHUPLQDUFXiOUHVXOWDPiVDSURSLDGRSDUDFDGDJUXSR
3XHGHQVHOHFFLRQDUVHREUDVTXHLPSRQJDQFDOPDDJUXSRVPX\DFWLYRVRLQGLVFLSOLQDGRVRTXHEULQGHQHQHUJtDDORVDOXPQRVTXH
HVWpQFDQVDGRVRVRPQROLHQWRV
$OJXQDVLQYHVWLJDFLRQHVVHxDODQTXHODP~VLFDSXHGHLQWHUIHULUFRQODVWDUHDVGHOiUHDGHOHQJXD\TXHDOJXQRVDOXPQRVSRGUtDQ
GLVWUDHUVH GXUDQWH GHWHUPLQDGDVFODVHVGHWUDEDMRDFDGpPLFR(QJHQHUDOVHUHFRPLHQGDXWLOL]DUP~VLFDGHIRQGRVyORHQFLHUWDV
RFDVLRQHV8QRVSRFRVPLQXWRVGHP~VLFDDSURSLDGDUHVXOWDUiQ~WLOHVSDUDHOSDVDMHGHXQWHPDDRWURRGHXQDDFWLYLGDGDRWUD
(VH PtQLPR ODSVR SHUPLWH D ORV DOXPQRV TXH GLVIUXWDQ GH XQ HQWRUQR PXVLFDO WHQHU DFFHVR D HVWtPXORV UtWPLFRV VLQ SURYRFDU
LQFRPRGLGDGHQDTXHOORVVREUHTXLHQHVGHVSLHUWDGLVWUDFFLyQ
6LHOGRFHQWHWLHQHSODQHDGRKDEODUFRQXQIRQGRPXVLFDOVHUiQHFHVDULRDMXVWDUHOYROXPHQHQXQQLYHOTXHQRHQWUHHQ
FRPSHWHQFLDFRQVXYR]
8QD YH] TXH ORV DOXPQRV \ ORV GRFHQWHV KD\DQ H[SHULPHQWDGR FRQ XQ IRQGR PHOyGLFR HQ HO DXOD SRGUiQ H[SORUDUVH SURSyVLWRV
DGLFLRQDOHVSDUDHOHPSOHRGHODP~VLFD/DVLQYHVWLJDFLRQHVGHO'U*HRUJL/R]DQRYSVLTXLDWUD\HGXFDGRUHQ6RItD%XOJDULD
VHxDODQ TXH OD P~VLFD HMHUFH XQD SURIXQGD LQIOXHQFLD HQ QXHVWUD FDSDFLGDG SDUD UHODMDUQRV UHMXYHQHFHU \ FRQFHQWUDUQRV /RV
WUDEDMRVGH/R]DQRYVRVWLHQHQTXHODP~VLFDLQWHJUDODVGLPHQVLRQHVHPRFLRQDOItVLFD\FRJQLWLYDGHODOXPQR\SHUPLWHWDPELpQ
LQFUHPHQWDUHOYROXPHQGHLQIRUPDFLyQTXHVHDSUHQGH\VHUHWLHQH
$GHPiVGHFUHDUXQFOLPDSODFHQWHURHQHODXODODP~VLFDSXHGHXWLOL]DUVHFRQSURSyVLWRVHVSHFtILFRV0XFKRVGRFHQWHVKDQXVDGR
P~VLFDLQWHQFLRQDOPHQWHGHFXDWURPDQHUDVSDUDIDYRUHFHUHOUHODMDPLHQWRSDUDDXPHQWDUODHQHUJtDSDUDFRQFHQWUDUODDWHQFLyQ
GHORVDOXPQRV\SDUDIDFLOLWDUODVWUDQVLFLRQHV3RUHMHPSORFXDQGRORVDOXPQRVSDUHFHQVREUHHVWLPXODGRVREUDVFRPR0~VLFD
DFXiWLFDGH+DHQGHORHO&RQFLHUWRSDUDWUHVYLROLQHV\RUTXHVWDGH7HOHPDQVXHOHQFRQWULEXLUDFDOPDUORV/XHJRGHODOPXHU]R
FXDQGRSDUHFHLQVWDODUVHHOOHWDUJRRWUDVREUDVSXHGHQGHYROYHUODHQHUJtDSRUHMHPSOR'LYHUWLPHQWRGH0R]DUWR(OYXHORGHO
PRVFDUGyQ GH 5LPVN\.RUVDNRY &XDQGR VHD QHFHVDULD XQD DEVROXWD FRQFHQWUDFLyQ VH SXHGH UHFXUULU D FRPSRVLFLRQHV FRPR
/DVFXDWURHVWDFLRQHVGH9LYDOGLR&RQFLHUWRSDUDSLDQRHQ'RPD\RUGH0R]DUW6LHOGRFHQWHGHVHDWUDEDMDUFRQP~VLFDSDUD
WDOHV SURSyVLWRV GHEHUi FODVLILFDU VX SURSLD FROHFFLyQ GH GLVFRV \ FDVHWHV HQ ODV FXDWUR FDWHJRUtDV DQWHV PHQFLRQDGDV R ELHQ
UHFXUULUDRWUDVIXHQWHVSDUDFRQVHJXLUP~VLFDTXHVHDGHFXHDGLFKRVSURSyVLWRV
&XDQGR VH OD XWLOL]D DGHFXDGDPHQWH OD P~VLFD VH WUDQVIRUPD HQ XQ SRGHURVR DOLDGR HQ HO DXOD WDQWR SDUD GRFHQWHV FRPR SDUD
DOXPQRV
(VFXFKDUP~VLFD
&XDQGRVHFRPSDUWHQXQDYDULHGDGGHHVWLORV\FRPSRVLFLRQHVPXVLFDOHVHQHODXODHVSRVLEOHVHQWDUODVEDVHVSDUDGHVDUUROODUHO
JXVWR\ODDSUHFLDFLyQPXVLFDO(VLPSRUWDQWHSURSRUFLRQDURSRUWXQLGDGHVSDUDTXHWRGRVORVQLxRVHVFXFKHQFDQWHQ\EDLOHQODV
FDQFLRQHVIROFOyULFDVGHVXSDtV\GHRWURVSDtVHV6HOHVGHEHUiSUHVHQWDUEXHQDP~VLFDHMHFXWDGDSRUVROLVWDV\FRQMXQWRVJUDQGHV
\SHTXHxRVFX\RUHSHUWRULRLQFOX\DWDQWRFRPSRVLFLRQHVFOiVLFDVFRPRPRGHUQDV/RVLQWHUHVHVPXVLFDOHVGHORVDOXPQRVSRGUiQ
HVWLPXODUVH PHGLDQWH HO HVWXGLR GHO SDSHO TXH GHVHPSHxD OD P~VLFD HQ ODV FXOWXUDVGHWRGRHOPXQGR\GHODVYLGDVGHGLYHUVRV
FRPSRVLWRUHV\HMHFXWDQWHV/RVGRFHQWHVSRGUiQFUHDUXQFHQWURGHDSUHQGL]DMHGHGLFDGRDXQFRPSRVLWRUSRUPHVTXHFXHQWHFRQ
JUDEDFLRQHVELRJUDItDVLOXVWUDFLRQHV\PDWHULDOLPSUHVRSDUDOOHYDUDFDERE~VTXHGDVHLQYHVWLJDFLRQHVLQGLYLGXDOHV
&RQ HO ILQ GH TXH ORV DOXPQRV VH EHQHILFLHQ FRQ XQ HQWRUQR GH DSUHQGL]DMH PXVLFDO GHEHUiQ KDFHU DOJR PiV TXH HVFXFKDU
SDVLYDPHQWH QXPHURVDV VHOHFFLRQHV PXVLFDOHV 'HEHUiQ WDPELpQ DSUHQGHU D HVFXFKDU DFWLYDPHQWH \ D FRQFHQWUDUVH HQ OD P~VLFD
SURSLDPHQWH GLFKD 3DUD DYDQ]DU GHVGH OD DXGLFLyQ GH P~VLFD GH IRQGR D XQD DFWLWXG DFWLYD \ HVWUXFWXUDGD HO GRFHQWH SRGUtD
SURPRYHU HO GHEDWH DFHUFD GH XQD FRPSRVLFLyQ PXVLFDO VXV FXDOLGDGHV \ HO LPSDFWR TXH SURGXFH HQ HOORV FRPR LQGLYLGXRV 6H
SRGUi D\XGDU D ORV DOXPQRV HQ OD DXGLFLyQ HVWUXFWXUDGD PHGLDQWH OD VHOHFFLyQ GH XQD SLH]D PXVLFDO TXH VH HVFXFKDUi XQD RGRV
YHFHV\ODDQWLFLSDFLyQGHODVVLJXLHQWHVSUHJXQWDVTXHSHUPLWLUiQDORVDOXPQRVSUHSDUDUVHSDUDVXH[SHULHQFLDDXGLWLYD
3UHJXQWDVSDUDHOGHEDWHOXHJRGHHVFXFKDUP~VLFD
¢(QTXpWHKL]RSHQVDUHVWDP~VLFD"¢7HVXJLULyFRORUHVLPiJHQHVPRGHORVRHVFHQDV"
¢4XpVHQWLPLHQWRVWHHYRFyHVWDVHOHFFLyQ"
¢4XpLQVWUXPHQWRVRYRFHVHVFXFKDVWH"
¢+D\DOJ~QSDWUyQGHVRQLGRUHSHWLWLYRTXHKD\DXWLOL]DGRHOFRPSRVLW RU"¢3XHGHVFDQWDUORRPDUFDUORFRQORVGHGRV"
¢4XpSDVDMHVGHODP~VLFDWHJXVWDURQPiV"¢4XpORVKDFHDWUDFWLYRV"
¢3RGUtDVSHQVDUHQDOJXQDVLWXDFLyQSDUDODTXHHVWDP~VLFDUHVXOWHHVSHFLDOPHQWHDSURSLDGD"
¢7HUHFXHUGDHVWDP~VLFDDOJXQDRWUDVHOHFFLyQ"¢4XpWLHQHQHQFRP~Q"
¢3XHGHVLPDJLQDUXQPRYLPLHQWRREDLOHSDUDDFRPSDxDUHVWDP~VLFD"6LHVDVt¢SXHGHVPRYHUWHREDLODUGHHVDPDQHUD"
6LIXHUDSRVLEOH¢FDPELDUtDVDOJRHQHVWDP~VLFD"¢&yPR"
¢4XpFUHHVTXHHOFRPSRVLWRUTXHUtDFRPXQLFDUFXDQGRHVFULELyHVWDREUD"¢(VSRVLEOHTXHHOR\HQWHHVFXFKHDOJRFRPSOHWDPHQWH
GLIHUHQWH"
/DVSUHJXQWDVDQWHVHQXPHUDGDVQRWLHQHQSRUREMHWLYRGHVDUUROODUXQDFRPSUHQVLyQHODERUDGDGHODP~VLFD'HKHFKR
HVWiQ GHVWLQDGDV D D\XGDU D ORV DOXPQRV D FRQYHUWLUVH HQ R\HQWHV DFWLYRV \ FUtWLFRV /RV GRFHQWHV SRGUiQ DJUHJDU RWUDV
SUHJXQWDV GH DFXHUGR FRQ VXV LQWHUHVHV \ VXV FRQRFLPLHQWRV /RV DOXPQRV WDPELpQ UHVSRQGHQ D OD P~VLFD HQ IRUPD QR
YHUEDO 0LHQWUDV HVFXFKDQ XQD FRPSRVLFLyQ \ HPSOHDQ OD P~VLFD FRPR IXHQWH GH LQVSLUDFLyQ SRGUiQ GLEXMDU R SLQWDU
PRGHODUFRQDUFLOODRDODPEUHRPRYHUVH\EDLODU
6LHPSUH TXH VHD SRVLEOH ORV DOXPQRV GHEHUiQ WHQHU RSRUWXQLGDG GH DVLVWLU D IXQFLRQHV HQ ODV TXH SXHGDQ HVFXFKDU D
P~VLFRVGHVWDFDGRV<TXL]iDOJXQRVGHHOORVSHUFLEDQODSRGHURVDHLQVSLUDGRUDFXDOLGDGGHODP~VLFDWDOFRPROHRFXUULy
D-RVHSK.QHFKWDORVGRFHDxRVHQHOOLEUR0DJLVWHU/XGL GH+HUPDQ+HVVH
(OQLxRPLUDEDORViJLOHVGHGRVEODQFRVGHOSLDQLVWDYHtDHOFXUVRGHOGHVDUUROOROLJHUDPHQWHUHIOHMDGRHQVXFRQFHQWUDGDH[SUHVLyQ
PLHQWUDVVXVRMRVSHUPDQHFtDQTXLHWRVEDMRORVSiUSDGRVHQWUHFHUUDGRV(OFRUD]yQGH-RVHSKUHERVDEDGHYHQHUDFLyQGHDPRUSRUHO
PDHVWURVXRtGRVHHPEHEtDGHODIXJD
/HSDUHFtDTXHHVWDEDHVFXFKDQGRP~VLFDSRUSULPHUDYH]HQODYLGD'HWUiVGHODP~VLFDTXHVHLEDFUHDQGRHQVXSUHVHQFLD
VHQWtDHOPXQGRGHODVLGHDVODJR]RVDDUPRQtDGHODOH\\ODOLEHUWDGGHOVHUYLFLR\HORUGHQ6HULQGLy\MXUyVHUYLUDHVHPXQGR\D
HVWHPDHVWUR(QHVRVEUHYHVLQVWDQWHVSXGRYHUVHDVLPLVPR\YHU VXYLGDYLRHOFRVPRVHQWHURJXLDGRRUGHQDGRHLQWHUSUHWDGRSRU
HOHVStULWXGHODP~VLFD
&DQFLRQHVSDUDiUHDVGHFRQWHQLGR
/DVOHWUDVGHFDQFLRQHVTXHFRQWLHQHQLQIRUPDFLyQFXUULFXODUVRQLQYDORUDEOHVKHUUDPLHQWDVGLGiFWLFDV/DPD\RUtDGHORVDOXPQRV
QRWLHQHGLILFXOWDGHVSDUDPHPRUL]DUOHWUDVGHFDQFLRQHV\OHVUHVXOWDUiLJXDOPHQWHVHQFLOORUHFRUGDUFRQWHQLGRVDFDGpPLFRVDORV
TXH VHKD\DSXHVWRP~VLFD1RKDFHPXFKRWLHPSRFRQRFLPRVDXQLQVWUXFWRUGHYHQGHGRUHVGHELHQHVUDtFHV HQ(XURSD'HEtD
KDFHUIUHQWHDXQDWDUHDGLItFLOGHELGRDTXHFDGDSDtVWLHQHVXVSURSLDVOH\HVSDUDHOQHJRFLRLQPRELOLDULR\QRUHVXOWDEDVHQFLOOR
UHFRUGDUODOHJLVODFLyQTXHVHDSOLFDHQFDGDXQR(OLQVWUXFWRUDERUGyHOSUREOHPDSRQLHQGRP~VLFDUHSUHVHQWDWLYDGHFDGDQDFLyQ
DODVOH\HV3RUHMHPSORODVOH\HVGH(VSDxDOOHYDEDQP~VLFDIODPHQFDODVGH,WDOLDODP~VLFDGHXQDFDQFLyQSRSXODULWDOLDQDODV
GH$OHPDQLDUHFRUGDEDQXQ OLHG\ODV GH)UDQFLDXQDEDODGDURPiQWLFD(OWLHPSRGHOFXUVRGHFDSDFLWDFLyQVHUHGXMRDODPLWDG\
ODUHWHQFLyQGHODLQIRUPDFLyQFODYHDXPHQWyFRQVLGHUDEOHPHQWH
0~VLFDSDUDODFRQVWUXFFLyQGHKDELOLGDGHV
/DPD\RUtDGHODVSHUVRQDVWLHQHSOHQDFRQFLHQFLDGHODQRWDEOHFDSDFLGDGGHODP~VLFDSDUDIDYRUHFHUGLYHUVDVKDELOLGDGHVItVLFDV
FRPR PHFDQRJUDItD QDWDFLyQ R HMHUFLFLRV DHUyELFRV (O ULWPR \ HO IOXMR PXVLFDOHV GDQ SRU UHVXOWDGR PD\RU FRRUGLQDFLyQ
UHJXODULGDG \ YHORFLGDG HQ OD DFWLYLGDG GH PDQHUDV GLYHUWLGDV /RV QLxRV SHTXHxRV GHVDUUROODQ ULWPR \ JUDFLD FXDQGR VDOWDQ
PDUFKDQ FRUUHQ R EDLODQ DO ULWPR GH OD P~VLFD 3DUD ORV QLxRV PD\RUHV \ ORV DGXOWRV HO DFRPSDxDPLHQWR PXVLFDO SHUPLWH
WUDQVIRUPDU HMHUFLFLRV WHGLRVRV \ UXWLQDV GLDULDV HQ PRPHQWRV JUDWRV 7DPELpQ UHVXOWD ~WLO SDUD GHVDUUROODU XQ VHQWLGR GH
FRRUGLQDFLyQ\DVHDSDUDSUHSDUDUVHSDUDHO£\DHQGHSRUWHRSDUDDSUHQGHUDSUHVHQWDUHOUHPDWHGHXQFKLVWHFRPRHQHO
FDVRGHODVFDQFLRQHVKXPRUtVWLFDV1RREVWDQWHODLQIOXHQFLDGHODP~VLFDSDUDODFRQVWUXFFLyQGHKDELOLGDGHVVXSHUDORVOLPLWHV
GHOFDPSRFLQHVWpVLFR\VHH[WLHQGHDODFDGpPLFR
2UWRJUDItDPXVLFDO
$SUHQGHU D HVFULELU QXHYDV SDODEUDV FRQ P~VLFD QR HV VyOR XQD DFWLYLGDG GLYHUWLGD VLQR TXH WDPELpQ SHUPLWH DFHOHUDU HO
DSUHQGL]DMH3RUHMHPSORDGRVQLxDVGHRFWDYRDxRTXHWHQtDQGLILFXOWDGHVHQRUWRJUDItDOHVJXVWDEDPXFKRWRFDUHOSLDQR8QRGH
ORV DXWRUHV GH HVWH OLEUR OHV VROLFLWy TXH FRORFDUDQ D FDGD XQD GH ODV WHFODV GH XQ SLDQR ODV OHWUDV GHO DEHFHGDULR D ILQ GH TXH
SXGLHUDQWRFDUODVSDODEUDVHQHOWHFODGR0iVWDUGHGXUDQWHODVSUXHEDVGHHYDOXDFLyQVHOHVVROLFLWyTXHUHFRUGDUDQORVWRQRV\
VRQLGRVGHFDGDSDODEUD\TXHHVFULELHUDQODVOHWUDVFRUUHVSRQGLHQWHV/DVGRVSLDQLVWDVPHMRUDURQQRWDEOHPHQWHVXUHQGLPLHQWR\
DGHPiV FRPHQ]DURQ D SHQVDU HQ RWURV WH[WRV VRQRURV D ORV FXDOHV SRGUtDQ SRQHU P~VLFD 0X\ SURQWR SXGLHURQ HMHFXWDU DO
SLDQR ORV QRPEUHV GH WRGRV VXV FRPSDxHURV \ WUDQVPLWLU IUDVHV HQWHUDV SRU HO PLVPR PHGLR 3DUD VRUSUHVD GH WRGRV ODV
SLDQLVWDV\VXVFRPSDxHURVH[SHULPHQWDURQODSRGHURVDFRQH[LyQHQWUHHOOHQJXDMH\ODP~VLFD7DPELpQHVSRVLEOHGHOHWUHDU
SDODEUDVSRUPHGLRGHULWPRVTXHDFHQW~HQGHWHUPLQDGDVOHWUDVTXHVXHOHQRPLWLUVHRFRQIXQGLUVH
6LELHQPXFKRVGRFHQWHVQRVRQP~VLFRVH[LVWHQIRUPDVVHQFLOODVGHHPSOHDUODP~VLFDFRPRHVWUDWHJLDGLGiFWLFD6KHLOD
)LW]JHUDOG GH OD 0LFKLJDQ 6WDWH 8QLYHUVLW\ KD GHVDUUROODGR XQ HQIRTXH PXVLFDO SDUD OD HQVHxDQ]D GH OD OHFWXUD TXH QR
UHTXLHUH LQVWUXFFLyQ PXVLFDO IRUPDO )LW]JHUDOG SURSRQH ORV VLJXLHQWHV SURFHGLPLHQWRV D ORV GRFHQWHV LQWHUHVDGRV HQ HO
GHVDUUROORGHKDELOLGDGHVSDUDODOHFWXUDSRUPHGLRGHOULWPR\ODP~VLFD
(VWLPXODUDORVQLxRVSDUDTXHFDQWHQGLDULDPHQWH/RVGRFHQWHVGHHQVHxDQ]DEiVLFDSXHGHQEXVFDUFDQFLRQHVTXHJXVWHQ
DORVQLxRV\HQVHxiUVHODVFRPRSDUWHGHODDFWLYLGDGGLDULD6HGHEHQVHOHFFLRQDUFDQFLRQHVYLQFXODGDVDODH[SHULHQFLD
\DOHQWRUQRGHORVDOXPQRVRFDQFLRQHVFRPSXHVWDVSRUHOORVPLVPRV
8QDYH]TXHORVQLxRVVHKD\DQIDPLOLDUL]DGRFRQHOYRFDEXODULRGHODFDQFLyQVHOHVSRGUiSUHVHQWDUODOHWUDSRUHVFULWR
6HODSXHGHWUDQVFULELUHQHOSL]DUUyQRHQXQFDUWHO3RUORJHQHUDOFXDQGRVHOHHODOHWUDSRUSULPHUDYH]VHSURGXFH
JUDQH[SHFWDWLYDSRUSDUWHGHORVDOXPQRV(OKHFKRGHTXHVHKD\DQIDPLOLDUL]DGRFRQODVSDODEUDVIDFLOLWDODWUDQVLFLyQD
ODOHFWXUD
/XHJR ORV DOXPQRV DYDQ]DQ KDFLD OD OHFWXUD GH SDODEUDV HVSHFtILFDV HQ OD OHWUD GH OD FDQFLyQ 3XHGHQ RIUHFHUVH SDUD
VHxDODU GHWHUPLQDGDV SDODEUDV TXH VH KD\DQ GHVWDFDGR R SDUD XELFDUODVSDODEUDVTXHDSDUH]FDQPiVGHXQDYH]HQOD
FDQFLyQ $GHPiV ORV GRFHQWHV SXHGHQ SURSRUFLRQDU SDODEUDV R IUDVHV HVFULWDV HQ WDUMHWDV GH FDUWXOLQD TXH WHQJDQ HO
PLVPRWDPDxRTXHODVSDODEUDVTXHDSDUHFHQHQHOFDUWHO'HHVDPDQHUDORVQLxRVSRGUiQKDFHUFRLQFLGLUVXVWDUMHWDV
FRQHOFDUWHOFRORFiQGRODVHQORVOXJDUHVFRUUHVSRQGLHQWHV
6HSXHGHSURSRUFLRQDUDORVDOXPQRVXQFXDGHUQLOORSDUDTXHSXHGDQDSUHQGHUODVOHWUDVGHODVFDQFLRQHV&RQHOILQGH
SHUIHFFLRQDU ODV KDELOLGDGHV SDUD OD OHFWXUD DSULPHUDYLVWDORVDOXPQRVSXHGHQVHxDODUODVSDODEUDVDPHGLGDTXHODV
FDQWHQOHHURFDQWDUODVOHWUDVFRQXQDPLJROHHUODVRFDQWDUODVDDOJXLHQTXHQRFRQR]FDODFDQFLyQRVHxDODUODVSD
ODEUDVFXDQGRDOJXLHQFDQWDODFDQFLyQ/RVDOXPQRVSXHGHQXWLOL]DUVXVFDQFLRQHURVFRPRUHIHUHQFLD\FRQYHUWLUVHHQ
GHWHFWLYHVTXHEXVFDQODVSDODEUDVTXHDSDUHFHQHQODFDQFLyQHQRWURVWH[WRVLPSUHVRV
&XDQGRORVQLxRVKD\DQFDQWDGR\OHtGRVXFDQFLyQIDYRULWDPXFKDVYHFHVHVWDUiQHQFRQGLFLRQHVGHHVFULELUGHPHPRULD
DO PHQRV XQD SDUWH GH OD OHWUD /DV FDQFLRQHV GH FXQD IXQFLRQDQ ELHQ SDUD HVWD DFWLYLGDG 6H SXHGH HVWLPXODU D ORV
DOXPQRVHQODVROXFLyQGHSUREOHPDVFRPRODFUHDFLyQ\XVRGHOHQJXDMHVFRGLILFDGRV\HOGRFHQWH\HOJUXSRGHSDUHV
GHEHUiQDFHSWDU\YDORUDUWRGRHVIXHU]RUHDOL]DGRHQODHWDSDLQLFLDOGHHVFULWXUDVLQWHQHUHQFXHQWDODFRUUHFFLyQQLOD
H[WHQVLyQ
([LVWHQ PXFKRV OLEURV SDUD QLxRV H[FHOHQWHV HQ ORV TXH VH LOXVWUDQ FDQFLRQHV \R VH LQFOX\HQ WHPDV PXVLFDOHV /D
HVWLPXODFLyQ TXH SURSRUFLRQDQ ODV LOXVWUDFLRQHV LQFUHPHQWD OD ULTXH]D HVWpWLFD \ SURSRUFLRQD XQ FRQWH[WR SDUD OD
FRPSUHQVLyQ
/D HQVHxDQ]D LQLFLDO GH OHFWXUD FRQ XQ HQIRTXH EDVDGR HQ OD P~VLFD QR VyORLQWURGXFHDOQLxRHQODVKDELOLGDGHVSDUDODOHFWXUD
VLQRWDPELpQHQORVFRQFHSWRVPXVLFDOHVGHWRQR\PHORGtD\ODVVXWLOH]DVGHULWPR \FRQFRUGDQFLDHQHOOHQJXDMH
0~VLFDSDUDWRGDVODViUHDVFXUULFXODUHV
(O DXWRU GH FDQFLRQHV 'RQ 6FKLOW] EULQGy VX WHVWLPRQLR DQWH OD &RPLVLyQ 1DFLRQDO VREUH (GXFDFLyQ 0XVLFDO HQ 1DVKYLOOH
7HQQHVVHH ((88HQ(QVXDORFXFLyQGHVFULELyODLPSRUWDQFLDTXHWHQtDODP~VLFDSDUDpOFXDQGRHUDDOXPQRGHQLYHO
SROLPRGDO
/HVYR\DFRQWDUDFHUFDGHXQDPDWHULDTXHFXUVp$SUHFLDFLyQPXVLFDO5HDOPHQWHQRSHQVDEDHQHOODFRPRHQXQDPDWHULDFRPR
ODV GHPiV &UHtD TXH HUD XQD KRUD SDUD FDQWDU (VWiEDPRV DSUHQGLHQGR TXH OD OHQJXD WLHQH FRPR IXQFLyQ SUHVHQWDU ORV
SHQVDPLHQWRV\VHQWLPLHQWRVGHXQDXWRUTXHODVFDQFLRQHVVRQXQDIRUPDGHFRPXQLFDFLyQ(VWiEDPRVDSUHQGLHQGRKLVWRULDSRU
PHGLR GH ODV FDQFLRQHV GHO SDtV (UD PHMRU TXH FXDOTXLHU RWUD FODVH GH KLVWRULD D OD TXH KD\D DVLVWLGR HQ Pt YLGD$SUHQGtDPRV
PDWHPiWLFDDOGHVFXEULUODVUHODFLRQHVHQWUHODVSDUWHV\HOKHFKRGHTXHODFRPSRVLFLyQVHJXtDUHJODVPDWHPiWLFDV<HVWiEDPRV
DSUHQGLHQGR D HVFXFKDU VL QR HVFXFKDPRV QR SRGHPRV DSUHQGHU /D DSUHFLDFLyQ PXVLFDO HVWDEOHFLyODFRQH[LyQHQWUHWRGDVODV
iUHDVGHPLVHVWXGLRV
6HJ~Q H[SOLFD 'RQ 6FKLOW] OD P~VLFD HQULTXHFH HO DSUHQGL]DMH GH WRGDV ODV iUHDV FXUULFXODUHV 3RU HMHPSOR OD P~VLFD HV XQ
FRPSRQHQWHLQWHJUDOGHWRGDpSRFDKLVWyULFD\FRPRWDOSURSRUFLRQDXQHQIRTXHHILFD]SDUDLGHQWLILFDUWHPDVDFWLWXGHVKHFKRV\
YDORUHVGHXQSHUtRGRGHWHUPLQDGR/RVDOXPQRVSRGUiQDQDOL]DUFXHVWLRQHVSROtWLFDV\VRFLDOHVHVFXFKDQGRFDQFLRQHVySHUDVR
FRPHGLDVPXVLFDOHV
'HELGRDTXHODP~VLFDHVXQOHQJXDMHTXHVHKDEODHQWRGDVODVFXOWXUDVRIUHFHXQDIRUPDHVWLPXODQWHHLPSRUWDQWHSDUDDSUHQGHU
DFHUFDGHRWURVSDtVHV3RUHMHPSORVLVHHVFXFKDP~VLFDMDSRQHVDVHREWLHQHXQDULFDSHUVSHFWLYDSDUDHOHVWXGLRGHORVSULQFLSLRV
MDSRQHVHV GH VLPSOLFLGDG RUGHQ \ HTXLOLEULR /RV KDLNXV SRGUtDQ KDEHUVH HVFULWR SDUD LOXVWUDU GLFKRV SULQFLSLRV HQ SDODEUDV (O
JROSHWHR GH ORV WDPERUHV DIULFDQRVODP~VLFDJDPHORQEDOLQHVDRODVFDPSDQDVWLEHWDQDVSURSRUFLRQDQHODFRPSDxDPLHQWRSDUD
PRYLPLHQWRV UtWPLFRV \ SHUPLWHQ XQD PD\RU FRPSUHQVLyQ GH ODV FXOWXUDV TXH SURGXMHURQ GLFKDVIRUPDVPXVLFDOHV/RVDOXPQRV
SRGUiQWDPELpQHVFXFKDUP~VLFDIROFOyULFDGHXQDFXOWXUDTXHVHKD\DVHOHFFLRQDGR\DQDOL]DUODLQWHUSUHWDFLyQTXHEULQGDGHORV
VXFHVRVHVSHUDQ]DV\DVSLUDFLRQHVKXPDQDV
(VSRVLEOHHQVHxDUPDWHPiWLFDSRUPHGLRGHODP~VLFD\SDUDDOJXQRVDOXPQRVDTXHOORTXHGHRWURPRGRKXELHUDUHVXOWDGRXQD
DEVWUDFFLyQGHVFRQFHUWDQWHVHYXHOYHFODUDPHQWHFRPSUHQVLEOH3RUHMHPSORSDUDHODSUHQGL]DMHGHIUDFFLRQHVORVDOXPQRV SXHGHQ
WUDEDMDU FRQ XQD FDQFLyQ VLPSOH WDO FRPR $UUR] FRQ OHFKH 0LHQWUDV FDQWDQ OD FDQFLyQ XQ JUXSR DSODXGH HQ FDGD VtODED HQ
QHJUDV2WURJUXSRDSODXGHHQHOSULPHUWLHPSRGHFDGDFRPSiVRWURJUXSRORKDFHFDGDGRVWLHPSRV\XQFXDUWRJUXSRDSODXGH
RFKR YHFHV SRU FRPSiV /XHJR ORVDOXPQRVSRGUiQFRPSDUDUODVILJXUDVUHGRQGDEODQFDQHJUD\FRUFKHD\UHODFLRQDUODV
FRQ XQ FtUFXOR DO TXH VH KD\D GLYLGLGR HQ ODV PLVPDV SRUFLRQHV 3DUD DSUHQGHU PHFDQLVPRV PDWHPiWLFRV ORV DOXPQRV
SRGUiQFDQWDURUHFLWDURSHUDFLRQHVGHDGLFLyQVXVWUDFFLyQPXOWLSOLFDFLyQRGLYLVLyQFRQPHORGtDVFRQRFLGDV/RVDOXPQRV
PD\RUHVSRGUiQSRQHUP~VLFDDIyUPXODVJHRPpWULFDVRDOJHEUDLFDV
3UHFDOHQWDPLHQWRSDUDFDQWDU
7DQWRORVDOXPQRVFRPRORVGRFHQWHVVXHOHQPRVWUDUVHWtPLGRVDODKRUDGHFDQWDU&XDQGRHOGRFHQWHGHFLGDLQFRUSRUDUHO
FDQWRDODDFWLYLGDGGHODXODGHEHUiGHVWDFDUTXHVXREMHWLYRQRFRQVLVWHHQWUDQVIRUPDUDWRGRVHQYLUWXRVRVGHOFDQWRVLQR
HQGLQDPL]DU\SURIXQGL]DUHOSURFHVRGHDSUHQGL]DMH$GHPiVODV SHUVRQDVDSUHQGHQDFDQWDUFDQWDQGR/RVGRFHQWHVSXH
GHQSHUIHFFLRQDUODSUHFLVLyQGHOFDQWRHVWDEOHFLHQGRHOWRQRLQLFLDOGHXQDFDQFLyQSRUPHGLRGHODYR]RXQLQVWUXPHQWR
PXVLFDOODPD\RUtDGHORVQLxRVSXHGHFDQWDUFRQFRPRGLGDGHQODHVFDODGHGRFHQWUDODOGRVLJXLHQWH(OPHWUR\IOXLGH]
GHODFDQFLyQSXHGHQHVWDEOHFHUVHPHGLDQWHODFXHQWD\SDUDXQDFDQFLyQHQPHWURR\\SDUDXQDFDQFLyQ
HQPHWUR6HHVWLPXODUiDORVDOXPQRVSDUDTXHFDQWHQFRQHQHUJtDHQOXJDUGHKDFHUOR HQYR]PX\DOWD\SDUDTXHXQDQ
VXVYRFHVDODVGHVXVFRPSDxHURV
$ ILQ GH DOLYLDU ODV SUHRFXSDFLRQHV DFHUFD GHO VRQLGR GH OD SURSLD YR] ORV DOXPQRV \ GRFHQWHV SRGUtDQ DERUGDU HO FDQWR
PHGLDQWH HO UHFLWDGR GH VRQLGRV GLYHUVRV (VWDV DFWLYLGDGHV GHVWDFDQ OD FXDOLGDG O~GLFD GH OD SURGXFFLyQ GH VRQLGRV \
UHGXFHQHOWHPRUDFDQWDUHQWRQDGDPHQWHRDVRQDUFXDOXQYRFDOLVWDWDOHQWRVR&RQHOWLHPSRHOGRFHQWHSURSRQGUiDYDQ]DU
GHVGH HO UHFLWDGR D OD H[DJHUDFLyQ GH VRQLGRV HQ XQD HVSHFLH GH GLVFXUVR DOWLVRQDQWH DQWHV GH FRPHQ]DU D FDQWDU (V
LPSRUWDQWHHVWLPXODUDORVQLxRVSDUDTXHDGYLHUWDQODVGLIHUHQFLDVHQWUHVXYR]KDEODGD\VXYR]FDQWDGD
9RFDOL]DFLyQ
/DVLJXLHQWHFDQFLyQLQFRUSRUDVtODEDVVLQVHQWLGR\SXHGHXWLOL]DUVHVDWLVIDFWRULDPHQWHFRQDOXPQRVGHWRGDVODVHGDGHV
6H GLYLGH OD FODVH HQ FXDWUR JUXSRV GH LJXDO Q~PHUR GH LQWHJUDQWHV /RV JUXSRV VH QXPHUDUiQ GH XQR D FXDWUR (O SULPHU JUXSR
UHFLWD
3$5$3$3$
3$5$3$3$ 3$5$3$3$
&XDQGRHOSULPHUJUXSRKDWHUPLQDGRVXSDUWH\FRPLHQ]DDUHSHWLUODVHLQFRUSRUDHOVHJXQGRJUXSRFRQ
320320
0LHQWUDVORVGRVSULPHURVJUXSRVFRQWLQ~DQHOWHUFHURVHLQFRUSRUDFRQ
320320
320320
0,0,0,0Ë0,0,0,0Ë0,0,0,0Ë
/XHJR HO FXDUWR JUXSR FRPLHQ]D D FDQWDU HO DEHFHGDULR FRQ OD PHORGtD GH $UUR] FRQ OHFKH /XHJR GH TXH ORV DOXPQRV KD\DQ
SUDFWLFDGRGRVRWUHVYHFHVVXFDQFLyQDFXDWURYRFHVHOGRFHQWHSRGUiJUDEDUODSURGXFFLyQ&RQIUHFXHQFLDHVWDFDQFLyQVXHQD
PHMRUGHORTXHVHSRGUtDLPDJLQDU\ODJUDEDFLyQSURSRUFLRQDXQLPSRUWDQWHHVWtPXORSDUDODFRQILDQ]D
6LELHQHVWDSDUWLFXODUFDQFLyQLPSOLFDFDQWDUHODEHFHGDULRFRPRSURSXHVWDLQLFLDOXQDYH]TXHVHGRPLQDODWpFQLFDVHSRGUiQ
LQFRUSRUDUWHPDVPiVFRPSOHMRV\UHHPSOD]DUODVOHWUDVSRUORVQRPEUHVGHODVFDSLWDOHVGHORVSDtVHVDPHULFDQRVORVSDVRVGHXQ
SURFHVRSDUDUHVROYHUFRQIOLFWRVYRFDEXODULRVHQLQJOpVRORVHOHPHQWRVGHODWDEODSHULyGLFD2WURHQIRTXHGHOFDQWRSRUPHGLRGH
OD YRFDOL]DFLyQ FRQVLVWH HQ FUHDU XQ HVWULELOOR TXH SXHGDQ LPLWDU DTXHOODV SHUVRQDV TXH QR VH DQLPDQ D FDQWDU 3RU HMHPSOR HO
DJUHJDGR GH VRQLGRV WDOHV FRPR HHRRHHDKDKGLQJGRQJSDSDSDSDELQJEDQJ EULQGD LQWHUHVDQWHV HIHFWRV VRQRURV GXUDQWH OD
OHFWXUDGHWH[WRVHQYR]DOWD/RVQLxRVPiVSHTXHxRVSXHGHQDSUHQGHUVXGLUHFFLyQ\WHOpIRQR FRQXQDPHORGtD'HHVWHPRGROD
P~VLFD VH WUDQVIRUPD HQ HO KLOR FRQGXFWRU TXH SHUPLWH XQLILFDU \ PHPRUL]DU DEVWUDFFLRQHV GHO PLVPR PRGR TXHVHLQVHUWDQODV
FXHQWDVHQXQFROODU
/HFWXUDFRUDO
8QDYH]TXHORVDOXPQRVKDQDOFDQ]DGRORJURVFRQHOWDUDUHRSRGUiQDYDQ]DUKDFLDODOHFWXUDFRUDO6HSRGUiQVHOHFFLRQDUSRHPDV
EUHYHVIUDJPHQWRVOLWHUDULRVRIUDVHVIDPRVDVTXHUHTXLHUDQYDULDFLRQHVYRFDOHVHQHOULWPRODDOWXUDODHPRFLyQRHOUHJLVWURSDUD
HVWLPXODUDORVDOXPQRVDXWLOL]DUVXYR]GHQXHYDVPDQHUDVHOORFRQWULEX\HDDJUHJDUIOXLGH]FRQILDQ]D\H[SUHVLyQDODOHFWXUD
HQYR]DOWD(O5RPDQFHGHOSULVLRQHURGHO5RPDQFHURHVSDxRO/DSDORPLWDYHUGHGH0LJXHOÈQJHO$VWXULDV<RHQHOIRQGR
GHOPDUGH$OIRQVLQD6WRUQLRHOSRHPDGH (VSDQWDSiMDURV GH2OLYHULR*LURQGRVRQDOJXQRVHMHPSORVGHREUDVSRpWLFDVTXHVH
SUHVWDQDLQWHUHVDQWHVLQWHUSUHWDFLRQHVFRUDOHV
/D OHFWXUD FRUDO SXHGH OOHYDUVH D FDER GLYLGLHQGR D ORV DOXPQRV HQ JUXSRV GH FKLFRV \ FKLFDV DJUHJDQGR SDVDMHV HQ ORV TXH VH
GHEDYDULDUHOWRQRGHYR]\PRGLILFDQGRHOULWPR8QDVSHFWRLPSRUWDQWHWDQWRSDUDODYRFDOL]DFLyQFRPRSDUDODOHFWXUDFRUDO
FRQVLVWH HQ ORJUDU TXH ORV DOXPQRV XWLOLFHQ VX YR] FRQ PD\RU H[SUHVLYLGDG UDQJR YRFDO \ KDELOLGDG (VWDV DFWLYLGDGHV
LQWURGXFWRULDVSUHSDUDQDORVDOXPQRVSDUDGLVIUXWDUGHOFDQWRFRQSOHQDFRQILDQ]D
1RWDFLyQPXVLFDO
/DP~VLFDHV@VLPLODUDODPDWHPiWLFDSUiFWLFDPHQWHXQPXQGRHQVLFRQWLHQHODWRWDOLGDGGHXQDJDPDGHH[SHULHQFLDV
GHVGHHOHPHQWRVVHQVLEOHVDHODERUDGDDUPRQtDVLQWHOHFWXDOHVª
*(25*(6$17<$1$
$ PHQRV TXH ORV DOXPQRV WRPHQ FODVHV IRUPDOHV GH P~VLFD HVSRFRSUREDEOHTXHDSUHQGDQDOHHUQRWDFLyQPXVLFDO(OVLVWHPD
PXVLFDO GH VtPERORV DEVWUDFWRV VHJXLUi VLHQGR XQD OHQJXD H[WUDQMHUD GHVFRQRFLGD GXUDQWH WRGD OD YLGD GHELGR D OD IDOWD GH
FRQWDFWR3DUDUHYHODUHOPLVWHULRGHODQRWDFLyQPXVLFDOORVDOXPQRVSXHGHQFRPHQ]DUSRUFUHDUVXVSURSLRVVLVWHPDVGHVtPERORV
SDUD OXHJR HVWDU HQ FRQGLFLRQHV GH LQFRUSRUDU FRQ PD\RU IDFLOLGDG OD QRWDFLyQ PXVLFDO FRQYHQFLRQDO 'H ODV LQYHVWLJDFLRQHV GH
5HQD 8SLWLV VH GHVSUHQGH TXH HO GHVDUUROOR GH VLVWHPDV SHUVRQDOHV SDUD OD QRWDFLyQ PXVLFDO SURPXHYH HO GHVDUUROOR GHO
SHQVDPLHQWRPXVLFDO
,QWURGXFFLyQGHOFRQFHSWRGHQRWDFLyQPXVLFDO
3DUDSUHVHQWDUDORVDOXPQRVHOFRQFHSWRGHTXHGLIHUHQWHVIRUPDVUHSUHVHQWDQGLIHUHQWHVVRQLGRVHOOLEURGH'RQ.DSODQ6HHZLWK
<RXU(DUV>0LUDFRQORVRtGRV@SURSRQHGLIHUHQWHVPDQHUDVGHGLEXMDUHOVRQLGR$DKSDUDGHPRVWUDUHOVRVWpQGHXQDQRWD/RV
GRFHQWHV \ ORV DOXPQRV SXHGHQ H[SHULPHQWDU FRQ OD DOWXUD HO WLPEUH HO YROXPHQ \ OD GXUDFLyQ GHO VRQLGR SRU PHGLR GH ORV
VLJXLHQWHVDDKV
8QD YH] TXH ORV DOXPQRV KD\DQ FDQWDGR \ DSUHQGLGR HVWRV VRQLGRV \ VXV FRUUHVSRQGLHQWHV QRWDFLRQHV VH OHV SRGUi
HQWUHJDU XQD ILFKD FRQ HO GLVHxR GH DOJXQD GH ODV QRWDFLRQHV DQWHULRUHV /RV DOXPQRV IRUPDQ JUXSRV GH FLQFR R VHLV
LQWHJUDQWHVTXLHQHVSXHGHQOHHU\SUDFWLFDUVXVQRWDFLRQHV\FRPSRQHUXQDPHORGtDSDUDSUHVHQWDUDOUHVWRGHODFODVH
(OHQIRTXHTXHSUHVHQWDPRVDFRQWLQXDFLyQSHUPLWHDYDQ]DUFRQORVDOXPQRVKDFLDODUHSUHVHQWDFLyQJUiILFDGHQRWDFLyQ
PXVLFDO(OGRFHQWHSXHGHGHPRVWUDUTXHXQVHQFLOORVLVWHPDGHXQDOtQHDSXHGHUHSUHVHQWDUODGXUDFLyQGHFDGDQRWDHQXQD
FDQFLyQ3RUHMHPSOR$VHUUtQDVHUUiQSRGUtDUHSUHVHQWDUVHGHODVLJXLHQWHPDQHUD
3DUDWUDVODGDUHVWHVLVWHPDDODQRWDFLyQFRQYHQFLRQDOSRGUiQFRORFDUVHODVPLVPDVOtQHDVHQXQSHQWDJUDPD
/RVDOXPQRVSRGUiQFUHDUVXVSURSLRVVtPERORVJUiILFRVSDUDWUDQVFULELUFDQFLRQHVVLPSOHVFRPRSRUHMHPSOR$UURUUy
$UUR]FRQOHFKHR9DPRVDUHPDU2WURHQIRTXHVHQFLOOR\HQWUHWHQLGRSDUDDERUGDUODQRWDFLyQPXVLFDOTXHFRPELQD
P~VLFD\DUWHHVHOVLJXLHQWH
/XHJRGHVHOHFFLRQDUXQDSLH]DGHP~VLFDLQVWUXPHQWDOPRWLYDGRUDVHH[SOLFDDORVDOXPQRVTXHHVFXFKDUiQXQSDVDMH
PXVLFDO\TXHPLHQWUDVORHVFXFKHQGHEHUiQGLEXMDUVtPERORVVLPSOHVSDUDORTXHYD\DQHVFXFKDQGR6HOHVGLVWULEXLUiQ
KRMDVGHSDSHOHQEODQFR\PDUFDGRUHVRFUD\RQHVGHGLVWLQWRVFRORUHV0LHQWUDVVHSUHSDUDQSDUDHVFXFKDUVHOHVSURSRQH
TXHLPDJLQHQOtQHDVIRUPDV\FRORUHVTXHODP~VLFDSXHGDVXJHULU
6HOHVLQIRUPDTXHHVFXFKDUiQODP~VLFDGRVYHFHV\TXHGLEXMDUiQORTXHKD\DQRtGRGXUDQWHODVHJXQGD
(V SUREDEOH TXH ORV DOXPQRV SUHVWHQ HVSHFLDO DWHQFLyQ D SDWURQHV PXVLFDOHV TXH VH UHSLWHQ \ XWLOLFHQ ORV PLVPRV
VtPERORVYLVXDOHVSDUDHVDVSDUWHVGHODFRPSRVLFLyQ 2ELHQSRGUtDQFRQFHQWUDUVHHQUHSUHVHQWDUORVWLHPSRVODPpWULFDR
ORV SDWURQHV UtWPLFRV 6L HO FDPELR GLQiPLFR IXHUWH \ VXDYH HV HVSHFLDOPHQWH GRPLQDQWH ORV DOXPQRV SRGUtDQ GLEXMDU
GLFKRVFDPELRV$OJXQDVREUDVPXVLFDOHVFRPR&DQRQGH3DFKHOEHOSURSRQHQFRQFHQWUDUODDWHQFLyQHQOLQHDVPHOyGLFDV
R HVWUDWRV GH PHORGtDV /DV FDUDFWHUtVWLFDV SDUWLFXODUHV GH FDGD FRPSRVLFLyQ PXVLFDO HVWDUiQ DO DOFDQFH GH XQ DXGLWRULR
DWHQWR 3DUD UHFRQRFHU \ UHSUHVHQWDU HILFD]PHQWH OR TXH RFXUUH HQ OD P~VLFD ORV DOXPQRV GHEHUtDQ SRGHU HVFXFKDU OD
VHOHFFLyQYDULDVYHFHV
/XHJRGHKDEHUHVFXFKDGR\GLEXMDGRODP~VLFDVHRUJDQL]DUiXQEUHYHGHEDWHFRQORVDOXPQRV\VHOHVVROLFLWDUiTXH
WUDGX]FDQ VXV GLEXMRV HVSHFLILFDQGR FXiO GH ORV VtPERORV R ORV FRORUHV UHSUHVHQWD D FDGD VRQLGR $OJXQRV DOXPQRV
SRGUtDQ RIUHFHUVH SDUD FDQWDU SDUWH GH VX QRWDFLyQ PXVLFDO $ FRQWLQXDFLyQ SUHVHQWDPRV XQ HMHPSOR GH QRWDFLyQ PXVLFDO
JUiILFDUHDOL]DGDSRUXQDOXPQRGHVH[WRDxRGHHGXFDFLyQEiVLFD
6LELHQORVVLVWHPDVPXVLFDOHVJHQHUDGRVSRUORVDOXPQRVSXHGHQUHVXOWDUDEVWUDFWRVHLOHJLEOHVSDUDORVGHPiVVXHOHQ
SURSRUFLRQDUOHVIRUPDVYiOLGDVSDUDFRPHQ]DUDOHHUP~VLFDPHGLDQWHODLQWURGXFFLyQGHOFRQFHSWRGHVtPERORVPXVLFDOHV
2WURHQIRTXHSDUDWUDEDMDUODQRWDFLyQPXVLFDOSHUPLWHDORVDOXPQRVDSUHQGHUDXWLOL]DUHOWHFODGR6HSXHGHOOHYDUXQ
SHTXHxR VLQWHWL]DGRU R WHFODGR DO DXOD FRQ ODV WHFODV QXPHUDGDV GH D 'H HVWD PDQHUD VH SRGUiQ HMHFXWDU PHORGtDV
VHQFLOODV/DFDQFLyQ$VHUUtQDVHUUiQVHOHHUiDVt
(OQ~PHURUHSUHVHQWDDOGRFHQWUDOHQODHVFDODHODOUH\DVtVXFHVLYDPHQWH(OXVRGHHVWHVHQFLOORVLVWHPDQXPpULFR
SHUPLWH D ORV DOXPQRV HMHFXWDU FRQ VROWXUD XQD VHULH GH PHORGtDV \ WDPELpQ FUHDU VXV SURSLRV VLVWHPDV QXPpULFRV SDUD
DFRPSDxDUODVFDQFLRQHVTXHVHWUDEDMHQHQHODXOD
<D VHD TXH ORV DOXPQRV VH HQFXHQWUHQ WUDEDMDQGR FRQ Q~PHURV OtQHDV RQGXODGDV X RWURV VtPERORV SDUD OD QRWDFLyQ
PXVLFDO HQ WRGRV ORV FDVRV YHUiQ IDYRUHFLGD OD WUDQVLFLyQ D OD OHFWXUD GH QRWDFLyQ FRQYHQFLRQDO &RQ IUHFXHQFLD ORV
DOXPQRVJDQDQFRQILDQ]DHQHOWUDEDMRFRQVLVWHPDVGHVtPERORVDEVWUDFWRVOXHJRGHKDEHUFUHDGRORVVX\RV
&UHDFLyQGHFDQFLRQHVSDUDiUHDVFXUULFXODUHV
'HELGR D TXH QR VLHPSUH HV SRVLEOH HQFRQWUDU JUDEDFLRQHV FRQ FDQFLRQHV UHODFLRQDGDV FRQ WRGDV ODV iUHDV FXUULFXODUHV ORV
DOXPQRV\GRFHQWHVSXHGHQFRPSRQHUFDQFLRQHVTXHUHVXOWHQDSURSLDGDVSDUDWRGDiUHDGHFRQWHQLGR1RVHUHTXLHUHGHPDVLDGR
WDOHQWRPXVLFDOSDUDFRPHQ]DUDFUHDUFDQFLRQHVRULJLQDOHVHVFULELHQGRXQDOHWUDSDUDXQDPHORGtDFRQRFLGD\VLPSOH
6HJ~QORVQLYHOHVGHHGDG\PDGXUH]GHORVDOXPQRVVHSXHGHQHVFULELU\PHPRUL]DUFDQFLRQHVPiVH[WHQVDV/RVGRFHQWHV\ORV
DOXPQRVSRGUiQUHDOL]DUXQDWRUPHQWDGHLGHDVSDUDSUHSDUDUXQDOLVWDGHFRPSRVLFLRQHVPXVLFDOHVIDPLOLDUHVTXHSURSRUFLRQDUiQ
ULWPRV\PHORGtDVDODVTXHORVDOXPQRVDJUHJDUiQOHWUDVRULJLQDOHV\YLQFXODGDVFRQHOFXUUtFXOR$VLPLVPRQRGHEHGHVFDUWDUVH
ODSRVLELOLGDGGHFRPSRQHUP~VLFDRULJLQDOSDUDDFRPSDxDUODVOHWUDVDFWLYLGDGTXHDxDGHXQDQXHYDGLPHQVLyQDOSUR\HFWRVLQ
HPEDUJR HV SUREDEOH TXH ORV GRFHQWHV \ ORV DOXPQRV SUHILHUDQ UHFXUULU D FRPSRVLFLRQHV FRQRFLGDV SDUD SURSRUFLRQDU ULWPR \
PHORGtDDVXVOHWUDV$FRQWLQXDFLyQSUHVHQWDPRVXQDVHOHFFLyQGHFDQFLRQHVDPSOLDPHQWHFRQRFLGDV
6HOHFFLRQHVPXVLFDOHV
/DERPEDODFXFDUDFKD
$UUR]FRQOHFKH&DPEDODFKH
=DPEDGHPLHVSHUDQ]D
0DPEUVHIXHDODJXHUUD
<RYHQGRXQRVRMRVQHJURV
6REUHHOSXHQWHGH$YLJQRQ
6H YDVHYDODEDUFD
(O GRFHQWH SXHGH DVLJQDU HO FRQWHQLGR TXH LOXVWUDUiQ ODV FDQFLRQHV 3RU HMHPSOR VL ORV DOXPQRV KDQ HVWXGLDGR ORV FRQIOLFWRV
PXQGLDOHV TXH WLHQHQ OXJDU HQ OD DFWXDOLGDG R KDQ OHtGR PDWHULDO GH ILFFLyQ TXH H[SORUD FRQIOLFWRV HQWUH LQGLYLGXRV R JUXSRV HO
GRFHQWH SRGUtD VROLFLWDUOHV TXH HVFULEDQ XQD FDQFLyQ DFHUFD GH HVWUDWHJLDV SDUD UHVROYHU FRQIOLFWRV /DV OHWUDV TXH HVFULEDQ ORV
DOXPQRVGHEHQWHQHUODVVLJXLHQWHVFDUDFWHUtVWLFDV
,GHQWLILFDUODVDFFLRQHVOOHYDGDVDFDERSRUORVDFWRUHVHQHOFRQIOLFWR
3URSRUFLRQDUPRWLYRVSDUDODVDFFLRQHV\ORVVHQWLPLHQWRVGHWRGRVORVLPSOLFDGRV
3URSRQHUVROXFLRQHVDOWHUQDWLYDV\HYDOXDUODVSRVLEOHVFRQVHFXHQFLDVPHGLDQWHXQDWRUPHQWDGHLGHDV
6HOHFFLRQDUODPHMRUVROXFLyQ
7HQHUHQFXHQWDVLWXDFLRQHVVLPLODUHV\HYDOXDUODVDFFLRQHVTXHFRQWULEX\HURQDUHVROYHUHOFRQIOLFWRRDH[DFHUEDUOR
'HWHUPLQDUVLVHSXHGHDSUHQGHUGHORVHVIXHU]RVUHDOL]DGRVSDUDUHVROYHUFRQIOLFWRVSUHYLRV
0RGLILFDUODVROXFLyQTXHFDGDXQRSURSXVRVLHVQHFHVDULR
*HQHUDOL]DUODVSURSLDVFRQFHSFLRQHVDFHUFDGHORVFRQIOLFWRV\GHODPHMRUPDQHUDGHUHVROYHUORV
/DPD\RUtDGHORVDOXPQRVGLVIUXWDGHHVWHHQIRTXHGHOFDQWR\ODHVFULWXUDGHFDQFLRQHV &XDQGRXQFXUVRHQWHURFDQWDFDQFLRQHV
UHODFLRQDGDV FRQ HO FXUUtFXOR VH SURGXFH HO DSUHQGL]DMH VH OLEHUD OD FUHDWLYLGDG \ VH FUHD XQ FOLPD GH PD\RU DIHFWLYLGDG &RQ
IUHFXHQFLD VH HVWDEOHFH XQ OD]R LQWDQJLEOH HQWUH TXLHQHV FDQWDQ OD PLVPD FDQFLyQ SDUD GLYHUWLUVH \ DSUHQGHU < QR GHEH
VRUSUHQGHUQRV HO KHFKR GH TXH PXFKRV DOXPQRV DILUPHQ DO ILQDOL]DU HO DxR HVFRODU TXH WRGDYtD UHFXHUGDQ ODV FDQFLRQHV TXH
HVFULELHURQ\FDQWDURQYDULRVPHVHVDQWHV
&yPRGHVSHUWDUDODFUHDWLYLGDGSRUPHGLRGHODP~VLFD
6HVXSRQHTXHODVHVFXHODVGHEHQVHUFDSDFHVGHD\XGDUQRVDORJUDUQXHVWUDDXWRH[SUHVLyQ6LQFRQRFLPLHQWRVGHP~VLFDQRV
YHPRVSULYDGRVGHXQDIRUPD~QLFDGHFRPXQLFDFLyQ
.(11<%,5'DOXPQRTXHKL]RXVRGHODSDODEUDHQOD1DVKYLOOH&RPPLVVLRQRQ0XVLF(GXFDWLRQGH
&RQIUHFXHQFLDFXDQGRVH OHVVROLFLWDTXHHVFULEDQXQFXHQWRRXQSRHPDORVDOXPQRVVXHOHQTXHMDUVHGHTXHQRVDEHQFyPRR
SRU GyQGH HPSH]DU /D P~VLFD SXHGH VHUYLU FRPR IXHQWH GH LQVSLUDFLyQ TXH HVWLPXOD LPiJHQHV \ VHQWLPLHQWRV \ SURSRQH OtQHDV
DUJXPHQWDOHV SDUD H[SORUDU &XDQGR ORV QLxRV WUDEDMDQ FRQ P~VLFD HQ HO DXOD VH OLEHUDQ HQHUJtDV FUHDWLYDV TXp OHV SHUPLWHQ
HVFULELU PiV SUROtILFDPHQWH \ FRQ PD\RU SODFHU IDFLOLGDG \ SURIXQGLGDG 2IUHFHPRV ODV VLJXLHQWHV DFWLYLGDGHV PRGHOR SDUD
PRWLYDUODHVFULWXUDFUHDWLYDHQHODXOD
3DUDSUHVHQWDUDORVDOXPQRVHOSRWHQFLDOIOXMRGHLPiJHQHVHLGHDVJHQHUDGDVSRUODP~VLFDVHOHVVROLFLWDTXHDVXPDQHOUROGH
SURGXFWRUHVGHSHOtFXODV\FUHHQXQDUJXPHQWRDSURSLDGRSDUDDOJ~QSDVDMHGHODVVLJXLHQWHVFRPSRVLFLRQHV3HGUR\HOORERGH
3URNRILHY&XDGURVGHXQDH[SRVLFLyQGH0RXVVRUJVN\1XEHV)XHJRVGHDUWLILFLRR*ROOLZRJtV&DNHZDONGH'HEXVV\R
VHOHFFLRQHV PiV DEVWUDFWDV FRPR XQ SUHOXGLR GH &KRSLQ XQD IXJD GH %DFK R XQ YDOV GH 6WUDXVV /XHJR GH HVFXFKDUODV ORV
DOXPQRV GHEHQ H[SRQHU ODV LPiJHQHV \ ORV JXLRQHV SDUD SHOtFXODV TXH KD\DQ LPDJLQDGR \ D FRQWLQXDFLyQ JHQHUDU SRHPDV R
SiUUDIRVGHVFULSWLYRVEDVDGRVHQHVWHSURFHVRGHWRUPHQWDGHLGHDV
7DPELpQSXHGHQGHVDUUROODUVHFXHQWRVDSDUWLUGHJUDEDFLRQHVSUHVHQWDGDVHQVHFXHQFLD6HSXHGHFRPHQ]DUWDQWRFRQP~VLFD
FRPR FRQ XQD JUDEDFLyQ DPELHQWDO FRPR 7RUPHQWD WURSLFDO $PDQHFHU HQ OD FDPSLxD LQJOHVD X 2FpDQR WUDQTXLOR \ VH
VROLFLWD D ORV DOXPQRV TXH UHDOLFHQ XQ PDSD PHQWDO R HVFULEDQ XQD GHVFULSFLyQ GHO iPELWR HQ TXH VH GHVDUUROOD OD KLVWRULD $
FRQWLQXDFLyQVHHVFXFKDXQDJUDEDFLyQTXHVXJLHUHHOSULPHUSHUVRQDMH3XHGHVHUDOJ~QSDVDMHPXVLFDODOHJUHRLQFOXVRXQDSLH]D
GHP~VLFDSRSXODU/XHJRORVDOXPQRVUHDOL]DQXQPDSDPHQWDORHVFULEHQXQDGHVFULSFLyQGHOSHUVRQDMHTXHYHQHQODP~VLFD
6HGHEHUiWHQHUHVSHFLDOFXLGDGRGHSUHVHQWDUHOSHUVRQDMHVLQLQGLFDUVLHVIHPHQLQRRPDVFXOLQRQLVXJHULUTXHVHWUDWDGHXQD
SHUVRQD /RV DOXPQRV SRGUtDQ YHU DQLPDOHV YLHQWR X REMHWRV LPDJLQDULRV HQ OD P~VLFD $ FRQWLQXDFLyQ VH SUHVHQWD XQD SLH]D
PXVLFDO GH FDUDFWHUtVWLFDV DELHUWDPHQWH RSXHVWDV \ VH SURFHGH GH OD PLVPD PDQHUD SDUD GHVFXEULU HO VHJXQGR SHUVRQDMH 3RU
~OWLPR VH YXHOYH D ORV VRQLGRV R PHORGtD LQLFLDOHV TXH LQGLFDURQ HO iPELWR PLHQWUDV ORV DOXPQRV GHVDUUROODQ HO DUJXPHQWR HQ
WRUQR GH ORV SHUVRQDMHV TXH KDQ FUHDGR 3XHGHQ HPSOHDUVH SURFHGLPLHQWRV VLPLODUHV SDUD HVWLPXODU OD HVFULWXUD GH SRHVtD FRQ
P~VLFD(VWRVHMHUFLFLRVGHHVFULWXUDPRWLYDUiQDODPD\RUtDGHORVDOXPQRVSDUDH[SUHVDUVHGHPDQHUDVQRWDEOHPHQWHFUHDWLYDV
6H SXHGH VROLFLWDU D ORV DOXPQRV TXH JHQHUHQ JUXSRV GH SDODEUDVGHVFULSWLYDVFRPRUHVSXHVWDDJUDEDFLRQHVPXVLFDOHVOXHJR
SRGUiQ HPSOHDUVH GLFKRV WpUPLQRV SDUD HVFULELU SRHVtD TXH GHVFULED OD P~VLFD /RV SRHPDV SRGUiQ LQFOXLU HO QRPEUH GH OD
FRPSRVLFLyQ\HOGHVXFUHDGRU
$GHPiVGHODVDFWLYLGDGHVGHHVFULWXUDORVDOXPQRVSXHGHQH[SORUDURWUDVIRUPDVSDUDVDFXGLUHOOHWDUJR\GHVSHUWDUODFUHDWLYLGDG
FRQ P~VLFD 6H SXHGH HVFXFKDU P~VLFD FXDQGR VH SUHSDUDQ SUR\HFWRV HQ HO DXOD GXUDQWH ORV SHULRGRV GH OHFWXUD VLOHQFLRVD GH
WUDEDMR HQ JUXSRV FRRSHUDWLYRV R GH WRPD GH SUXHEDV GH HYDOXDFLyQ SDUD PHPRUL]DU GDWRV R JXLRQHV \ SDUD WUDEDMDU HQ OD
FRPSXWDGRUD&XDQGRORVDOXPQRVVHFRQHFWDQFRQVXVSURSLRVULWPRVLQWHULRUHV\QHFHVLGDGHVHVWiQHQFRQGLFLRQHVGHLGHQWLILFDU
ORVPRPHQWRVHQTXHODP~VLFDOHVSHUPLWHRSWLPL]DUVXDSUHQGL]DMH
&RQVWUXFFLyQGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD
&XDQGR ORV DOXPQRV WLHQHQ RSRUWXQLGDG GH FRQVWUXLU VXV SURSLRV LQVWUXPHQWRV QR VyOR GLVIUXWDQ GHO SURFHVR VLQR TXH WDPELpQ
DXPHQWD VX FRPSUHQVLyQ UHVSHFWR GH OD P~VLFD SURSLDPHQWH GLFKD (V SRVLEOH FRQVWUXLU LQVWUXPHQWRV VHQFLOORV FRQ REMHWRV
FRPXQHV GH XVR GLDULR 7DSDV GH ROODV SDSHO GH OLMDODWDVGHFRQVHUYDVFODYRVFDMDVWDQ]DFDxD PDGHUDGXUDFDxRVFXHUR\
WXERV ODUJRV GH FDUWyQ VRQ WRGRV HOHPHQWRV FRQ SRWHQFLDO PXVLFDO 6L VH OHV QRWLILFD FRQ DQWLFLSDFLyQ ORV SDGUHV DSRUWDUiQ FRQ
JXVWR PDWHULDO GH GHVHFKR REMHWRV TXH \D QR VH XWLOLFHQ HQ HO KRJDU \ HOHPHQWRV GH XVR SRFR IUHFXHQWH PXFKRV GH ORV FXDOHV
SXHGHQFRQYHUWLUVHHQSLH]DVLPSRUWDQWHVGHXQLQVWUXPHQWRPXVLFDO
$OJXQRV GRFHQWHV DERUGDQ OD FRQVWUXFFLyQ GH LQVWUXPHQWRV ILMDQGR XQ GtD HQ HO TXH ORV DOXPQRV SXHGHQ GLVSRQHU GH WRGR HO
PDWHULDOUHFROHFWDGRHQHOKRJDU\HQOD HVFXHODHLPSRQLHQGRXQDFRQGLFLyQFDGDDOXPQRGHEHLQYHQWDUXQLQVWUXPHQWRFDSD]GH
SURGXFLUVRQLGR(VSRVLEOHFRQVWUXLULQVWUXPHQWRVVLJXLHQGRODVLQVWUXFFLRQHVTXHDSDUHFHQHQDOJXQRGHORVQXPHURVRVOLEURVTXH
DERUGDQHOWHPD
8QD YH] FRQVWUXLGRV ORV LQVWUXPHQWRV VH ORV SRGUi HMHFXWDU LQGLYLGXDOPHQWH HVFXFKDU \ DQDOL]DU HQWUH WRGRV ORV PLHPEURV GHO
JUXSR 6H SRGUi XWLOL]DU WHUPLQRORJtD PXVLFDO SDUD GHVFULELU VXV VRQLGRV SRU HMHPSOR DOWREDMR DJXGRJUDYH VRQRURVRUGR
KXHFRYLEUDQWHHVWULGHQWH\SHUFXVLYR(OSDVRVLJXLHQWHSRGUtDFRQVLVWLUHQRUJDQL]DUXQSHTXHxRJUXSRPXVLFDORXQDRUTXHVWD
FRQWRGDODFODVH
/RVGRFHQWHVSRGUiQSURSRQHUDORVDOXPQRVTXHFRQVWUX\DQLQVWUXPHQWRVUHSUHVHQWDWLYRVGHORVFXDWURJUXSRVLQVWUXPHQWDOHVTXH
FRPSRQHQODVRUTXHVWDVVLQIyQLFDVFXHUGDVYLHQWRVPHWDOHV\SHUFXVLyQ2WUDSRVLELOLGDGFRQVLVWHHQDJUXSDUORVLQVWUXPHQWRVGH
DFXHUGR FRQ ODV FDWHJRUtDV TXH XWLOL]DQ ORV HWQRPXVLFyORJRV SDUD GHVFULELU LQVWUXPHQWRV GH WRGR HO PXQGR PHPEUDQyIRQRV
YLEUDFLyQ GH PHPEUDQD FRUGyIRQRV YLEUDFLyQ GH FXHUGDV LGLyIRQRV YLEUDFLyQ GH VXSHUILFLHV DHUyIRQRV YLEUDFLyQ GH XQD
FROXPQDGHDLUH\HOHFWUDQyIRQRVYLEUDFLyQGHFRUULHQWHHOpFWULFD
8VRFUHDWLYRGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD
&XDQGRVHGLVSRQHGHLQVWUXPHQWRVHQHODXODORVDOXPQRV\ORVGRFHQWHVSXHGHQH[SHULPHQWDUFRQODFUHDFLyQGHFRPSRVLFLRQHV
RULJLQDOHV DJUHJDU DFRPSDxDPLHQWR PXVLFDO D ODV FDQFLRQHV R HMHFXWDU WUDEDMRV LQVWUXPHQWDOHV /RV DOXPQRV SXHGHQ IRUPDU
SHTXHxRVJUXSRVSDUDFRPSRQHUSODQHVVRQRURVEUHYHVSDUDFRPSRVLFLRQHVPXVLFDOHVRWUDEDMDUFRQLQVWUXPHQWRVVROLVWDV\OXHJR
FRPELQDU ORV VRQLGRV 3DUD LQLFLDU HO SURFHVR GH FRPSRVLFLyQ ORV DOXPQRV SXHGHQ FRPHQ]DU FRQ VX REUD GH OLWHUDWXUD LQIDQWLO
IDYRULWD R FRQ XQ YLGHR TXH KD\DQ YLVWR HQ OD HVFXHOD SRFR DQWHV 3XHGHQ LPSURYLVDU VX SURSLD ySHUD SDUD HO GLiORJR \ DJUHJDU
LQVWUXPHQWRVTXHRWRUJXHQFRORULGR\PRYLPLHQWRUtWPLFR
/RVDOXPQRVSXHGHQWUDEDMDUWDPELpQFRQFDQFLRQHVTXHOHVUHVXOWHQIDPLOLDUHV3RUHMHPSORXQDUUHJORPXVLFDOSRGUtDFRQVLVWLU
HQTXHORVDOXPQRVDJUHJXHQGLIHUHQWHVVRQLGRVDFDGDYHUVR3XHGHQWDPELpQSURGXFLUVRQLGRVVLJXLHQGRHOSXOVRRHODFHQWRRGH
DFXHUGRFRQHOULWPRGHODVSDODEUDV/RVVRQLGRVGHEHQVHOHFFLRQDUVHFXLGDGRVDPHQWHFRQHOILQGHTXHVHDMXVWHQDODFDOLGDG\
ODVFDUDFWHUtVWLFDVGHODP~VLFD\TXHQRVHVXSHUSRQJDQDODPHORGtDRULJLQDO
7DPSRFRHVQHFHVDULRTXHWRGRVORVDOXPQRVSURGX]FDQVRQLGRVFRQVWDQWHPHQWH0XFKDVYHFHVHODUUHJORUHVXOWDPiVPXVLFDOVL
VyORVHDJUHJDQSRFRVLQVWUXPHQWRV
6H SXHGHQ H[SORUDU DUUHJORV RUTXHVWDOHV /RV GRFHQWHV SXHGHQ GLYLGLU D ORV DOXPQRV HQ GRV JUXSRV SDUD FUHDU HFRV RPLWLHQGR
FLHUWRV LQVWUXPHQWRV H LQFRUSRUiQGRORV D PHGLGD TXH DYDQ]D OD FDQFLyQ X RPLWLHQGR LQVWUXPHQWRV JUDGXDOPHQWH KDVWD TXH VyOR
TXHGHVRQDQGRVXDYHPHQWHXQRGHHOORV$GHPiVVHSRGUiGHVSHUWDUODFXULRVLGDGGHORVDOXPQRVUHVSHFWRGHODPDQHUDHQTXH
HVWi HVWUXFWXUDGD ItVLFDPHQWH XQD RUTXHVWD ¢HQ TXp OXJDU VH XELFD FDGD LQVWUXPHQWR" 8QD YLVLWD D XQD FODVH GH P~VLFD GH QLYHO
SROLPRGDORDODRUTXHVWDVLQIyQLFDGHODORFDOLGDGUHVXOWDUiPXFKRPiVLQWHUHVDQWHOXHJRGHODVH[SHULHQFLDVYLYHQFLDOHVGHODXOD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDPXVLFDO
(O GHVDUUROOR GH OD LQWHOLJHQFLD PXVLFDO SXHGH SURPRYHUVH PHGLDQWH OD WHFQRORJtD GHO PLVPR PRGR TXH VH SURPXHYH OD IOXLGH]
OLQJtVWLFDSRUPHGLRGHORVSURFHVDGRUHVGHSDODEUD/RVFRPSRVLWRUHVHQIRUPDFLyQSRGUiQWDUDUHDUXQDPHORGtD\JUDEDUODHQ
VLQWHWL]DGRUHV FRPR HO (36 GH (QVRQLT R HO 6= GH &DVLR SDUD TXH VXHQH FRPR DOJXQR GH ORV GLIHUHQWHV LQVWUXPHQWRV \
DFRPSDxDUOD FRQ XQ ULWPR HOHFWUyQLFR /D ,QWHUID] 'LJLWDO GH ,QVWUXPHQWR 0XVLFDO 0,', SHUPLWH FRPSRQHU SDUD PXFKRV
LQVWUXPHQWRV\RUTXHVWDUORVSRUPHGLRGHXQDFRPSXWDGRUD 0XVLF:ULWH GH3\ZDUH\0XVLF 6WXGLR GH$FWLYLVLRQVRQHMHPSORVGH
SURJUDPDVGHVRIWZDUHTXHWDPELpQSHUPLWHQKDFHUUHDOLGDGODPDJLD
7DO YH] QRV SUHJXQWHPRV VL GLFKD P~VLFD DUWLILFLDO H[FOX\H OD QHFHVLGDG GH FRPSUHQGHU \ DSUHQGHU DUPRQtD QRWDFLyQ
RUTXHVWDFLyQ \ OHFWXUD PXVLFDO 'H KHFKR PXFKRV DOXPQRV VH VLHQWHQ WDQ PRWLYDGRV SRU OR TXH SXHGHQ FUHDU SRU PHGLR GH OD
WHFQRORJtD PXVLFDO TXH HQFXHQWUDQ HVWtPXOR SDUD DSUHQGHU PiV VREUH FDGD XQD GH GLFKDV iUHDV /RV ORJURV DOFDQ]DGRV VH
FRQYLHUWHQHQPRWRUSDUDHOSRVWHULRUDSUHQGL]DMH
6HKDGHVFXELHUWRTXHODWHFQRORJtDGLJLWDOTXHFRPELQDHOHPHQWRVGHDXGLR\YLGHRGLJLWDOIDFLOLWDHODSUHQGL]DMHGHDVSHFWRVGH
ODP~VLFDTXHVXHOHQUHVXOWDUGHPDVLDGRFRPSOLFDGRVSDUDODFRPSUHQVLyQGHORVSULQFLSLDQWHV8QHMHPSORHVHOGLVFRFRPSDFWR
PXOWLPHGLD LQWHUDFWLYR GH OD 1RYHQD 6LQIRQtD GH %HHWKRYHQ SURGXFLGR SRU 9R\DJHU &RPSDQ\ TXH SHUPLWH DO R\HQWH
FRPSUHQGHUODREUDGHVGHHOSXQWRGHYLVWDPXVLFDOKLVWyULFRFXOWXUDO\SROtWLFR/DFRQVDJUDFLyQGHODSULPDYHUDGH6WUDYLQVN\
HVLQFOXVRPiVFRPSUHQVLEOH\DTXHDYDQ]DGHFRQFHSWRVVLPSOHVDFRPSOHMRV\SXHGHDFFHGHUVHDHOODGHVGHWRGRVORVQLYHOHVGH
FRQRFLPLHQWR/RVHVFDVRVSURJUDPDVTXHH[LVWHQHQODDFWXDOLGDGQRVRQPiVTXHHOFRPLHQ]RGHHVWDIDQWiVWLFDQXHYDIRUPDGH
HQVHxDU\FUHDUP~VLFD
(VWHVLVWHPDGHDSR\RWHFQROyJLFRSDUDHODSUHQGL]DMHGHODP~VLFD\ODDSUHFLDFLyQPXVLFDOFRQGXFHQRVRODPHQWHDODPDHVWUtD
VLQR WDPELpQ D XQD SURIXQGD FRPSUHQVLyQ 'H HVWD PDQHUD HV SRVLEOH HQULTXHFHU \ H[SDQGLU HO GHVDUUROOR GHO SHQVDPLHQWR \ OD
FUHDWLYLGDGPXVLFDOHVHVGHFLUODLQWHOLJHQFLDPXVLFDOHQVtPLVPD
5HVXPHQ
(QOD&RQIHUHQFLD1DFLRQDOGH(GXFDGRUHVGH0~VLFDGHORV((88HODERUyORVIXQGDPHQWRVSDUDODHGXFDFLyQPXVLFDO
¢3RUTXpGHEHODP~VLFDIRUPDUSDUWHGHOFXUUtFXOR"$OSDUHFHUKD\PXFKDVUD]RQHV
/DP~VLFDHVDOJRTXHYDOHODSHQDFRQRFHU
/DP~VLFDWUDQVPLWHQXHVWUDKHUHQFLDFXOWXUDO(VWDQLPSRUWDQWHFRQRFHUD%HHWKRYHQ\/RXLV$UPVWURQJFRPRD1HZWRQ\D
(LQVWHLQ
/DP~VLFDHVXQDLQWHOLJHQFLDLQKHUHQWH DWRGDVODVSHUVRQDV\PHUHFHVHUGHVDUUROODGD
/D P~VLFD HV FUHDWLYD \ DXWRH[SUHVLYD \ SRU WDO PRWLYR SHUPLWH OD H[SUHVLyQ GH QXHVWURV PiV QREOHV SHQVDPLHQWRV \
VHQWLPLHQWRV
/D P~VLFD SHUPLWH D ORV DOXPQRV DSUHQGHU DFHUFD GH VXV UHODFLRQHV FRQ ORV GHPiV WDQWR HQ VX FXOWXUD FRPR HQ FXOWXUDV
H[WUDQMHUDV
/DP~VLFDSURSRUFLRQDDORVDOXPQRVRSRUWXQLGDGHVGHORJURTXHQRH[SHULPHQWDUiQHQRWUDViUHDVFXUULFXODUHV
/DP~VLFDHQULTXHFHHODSUHQGL]DMHHQWRGDVODViUHDVGHFRQWHQLGR
/DP~VLFD D\XGDDORVDOXPQRVDFRPSUHQGHUTXHQRWRGRHQODYLGDHVFXDQWLILFDEOH
/DP~VLFDH[DOWDHOHVStULWXKXPDQR
&$3Ë78/2
3DUDFRPSUHQGHUQRVPXWXDPHQWH LQWHOLJHQFLD
LQWHUSHUVRQDO
3DUD TXH OD FLYLOL]DFLyQ VREUHYLYD GHEHUQRV SHUIHFFLRQDU DO Pi[LPR OD FLHQFLD GH ODV UHODFLRQHV KXPDQDV OD FDSDFLGDG GH
WRGRVORVSXHEORVVLQGLVWLQFLRQHVSDUDYLYLUMXQWRV\HQSD]HQHOPLVPRPXQGR
)5$1./,1'(/$125226(9(/7
/RV+HUPDQRV.DUDPD]RY9RODGRUHVVRQXQIDPRVRJUXSRGHPDODEDULVWDV\FRPHGLDQWHVLQWHJUDGRSRUFXDWURLQGLYLGXRV
FRQYHQFLGRVGHTXHFXDQGRODVSHUVRQDVWUDEDMDQMXQWDVVHSXHGHORJUDUORLPSRVLEOH
&XDQGR DVLVWLPRV D XQD SUHVHQWDFLyQ GH HVWRV GLHVWURV \ GLYHUWLGRV DUWLVWDV SRGUtDPRV OOHJDU DVXSRQHUTXHORVPDODEDUHV\OD
FRPHGLD QR UHSUHVHQWDQ XQD GLILFXOWDG SDUD HO FXDUWHWR 3DUWH GH VX GHVWUH]D SDUHFH GHULYDU GH VXV DxRV GH WUDEDMR FRQMXQWR
0LHQWUDVOOHYDQDFDERFRPSOHMRVMXHJRVPDODEDUHVHLQJHQLRVRVLQWHUFDPELRVYHUEDOHVORV.DUDPD]RYSDUHFHQFRQHFWDGRVHQWUH
VtHQSHQVDPLHQWR\ DFFLyQ$ILUPDQTXHVHFRQFHQWUDQH[DFWDPHQWHORQHFHVDULR\QRPiV'HDFXHUGRFRQHVWRVDUWLVWDVHVHVWD
LQWHQVDQRFRQFHQWUDFLyQORTXHSHUPLWHVXVDSDUHQWHPHQWHLPSRVLEOHVSURH]DV
3DXO0DJLG\+RZDUG3DWWHUVRQVHFRQRFLHURQHQODXQLYHUVLGDGKDFHYHLQWHDxRV\FRPHQ]DURQDUHDOL]DUPDODEDUHVHQIXQFLRQHV
HVWXGLDQWLOHV$xRVPiVWDUGH6DP:LOOLDPV\7LPRWK\)XUVWVHXQLHURQDHOORV/RVFXDWURFRQVLGHUDQTXHHOKXPRUFRQVWLWX\HHO
KLOR FRQGXFWRU GH VXV SUHVHQWDFLRQHV (O KXPRU QR VyOR LPSUHJQD FDGD XQD GH ODV DFWXDFLRQHV VLQR TXH LQVSLUD VX WUDEDMR
FRQMXQWR&DGDLQGLYLGXRDFW~DGHDFXHUGRFRQXQSODQSHURWDPELpQLPSURYLVDFRPRUHVSXHVWDDFRPHQWDULRVTXHVXSXHVWDPHQWH
IRUPXODUiQORVRWURVDFWRUHVRDVXFHVRVLQHVSHUDGRV(OORVOODPDQVXUIHDUDHVWDFODVHGHLPSURYLVDFLyQIUHQWHDODFXDOWRGRV
ORVHVSHFWDGRUHVUHDFFLRQDQFRQDVRPEUR(QFDGDSUHVHQWDFLyQORV+HUPDQRV.DUDPD]RY9RODGRUHVVLHPSUHHQFXHQWUDQIRUPDV
GH LQWHUDFWXDU FRQ HO S~EOLFR 6XHOHQ LQYLWDU D VXV PLHPEURV D FDQWDU KDFHU P~VLFD VXPLQLVWUDU REMHWRV SDUD KDFHU PDODEDUHV R
FRQWDU FKLVWHV 6XV KDELOLGDGHV LQWHUSHUVRQDOHV VH H[WLHQGHQ WDPELpQ D OD UHODFLyQ FRQ RWURV FROHJDV +DFH SRFR WLHPSR ORV
.DUDPD]RY LGHQWLILFDURQ D YDULRV DUWLVWDV GHO HVSHFWiFXOR SULQFLSLDQWHV D TXLHQHV LQYLWDQ D WRPDU SDUWH HQ VXV JLUDV 'H HVWD
PDQHUD VH DPSOtD HO SDQRUDPD GH ORV DUWLVWDV MyYHQHV \ ORV +HUPDQRV .DUDPD]RY WLHQHQ OD SRVLELOLGDG GH FUHDU QXHYRV
HVSHFWiFXORV TXH LQFOX\HQ D QXPHURVRV DUWLVWDV GH YDULHGDGHV LQYLWDGRV \ FXHQWDQ FRQ XQD DFWLYD SDUWLFLSDFLyQ GHO S~EOLFR WDO
FRPRRFXUULyHQ
¢4Xp RSLQDQ ORV .DUDPD]RY DFHUFD GHO GHVDUUROOR GH VX LQWHOLJHQFLD LQWHUSHUVRQDO" (Q VX LQIDQFLD WRGRV HOORV HUDQ QLxRV
VROLWDULRV D TXLHQHV DEXUUtDQ ODV UXWLQDV HVFRODUHV 6XV KDELOLGDGHV LQWHUSHUVRQDOHV IORUHFLHURQ FXDQGR FRPHQ]DURQ D WUDEDMDU
MXQWRV 4XL]i OD HVFXHOD OHV KXELHUD UHVXOWDGR PiV LQWHUHVDQWH \ HVWLPXODQWH VL KXELHUDQ WHQLGR RSRUWXQLGDGHV SDUD SRQHU HQ
SUiFWLFDODLQWHOLJHQFLDLQWHUSHUVRQDOPHGLDQWHSUR\HFWRVJUXSDOHVVLPLODUHVDORVTXHVHGHVFULEHQHQHOSUHVHQWHFDStWXOR
'HILQLFLyQLQWHOLJHQFLDLQWHUSHUVRQDO
/D LQWHOLJHQFLD LQWHUSHUVRQDO QRV SHUPLWH FRPSUHQGHU D ORV GHPiV \ FRPXQLFDUQRV FRQ HOORV WHQLHQGR HQ FXHQWD VXV GLIHUHQWHV
HVWDGRVGHiQLPRWHPSHUDPHQWRVPRWLYDFLRQHV\KDELOLGDGHV,QFOX\HODFDSDFLGDGSDUDHVWDEOHFHU\PDQWHQHUUHODFLRQHV\SDUD
DVXPLUGLYHUVRVUROHVGHQWURGHJUXSRV\DVHDFRPRPLHPEURVRFRPROtGHUHV(VWDLQWHOLJHQFLDUHVXOWDHYLGHQWHHQSHUVRQDVFRQ
KDELOLGDGHVVRFLDOHVPX\GHILQLGDVFRPRORVSROtWLFRVOtGHUHVUHOLJLRVRVSDGUHVH[SHULPHQWDGRVGRFHQWHVWHUDSHXWDV\DVHVRUHV
/RV LQGLYLGXRV TXH GHPXHVWUDQ JHQXLQR FRPSURPLVR \ FDSDFLGDG SDUD PHMRUDU ODV YLGDV GH ORV GHPiV H[KLEHQ XQD LQWHOLJHQFLD
LQWHUSHUVRQDOSRVLWLYDPHQWHGHVDUUROODGD
/RV DOXPQRV FRQ FDUDFWHUtVWLFDV LQWHUSHUVRQDOHV GLVIUXWDQ GH OD LQWHUDFFLyQ FRQ ORV GHPiV WDQWRHQVXJUXSRGHSDUHVFRPRFRQ
SHUVRQDVGHGLVWLQWDVHGDGHV7LHQHQFDSDFLGDGSDUDLQIOXLUVREUHORVGHPiV\VXHOHQGHVWDFDUVHHQHOWUDEDMRJUXSDO\FXDQGRVH
OOHYDQ D FDER HVIXHU]RV FRQMXQWRV \ SUR\HFWRV HQ FRODERUDFLyQ $OJXQRV VH PXHVWUDQ VHQVLEOHV IUHQWH D ORV VHQWLPLHQWRV GH ORV
GHPiVFXULRVRVDFHUFDGHODVYDULDQWHVPXOWLFXOWXUDOHVHQORVHVWLORVGHYLGDRLQWHUHVDGRVHQODVLJQLILFDFLyQVRFLDOGHORVHVWXGLRV
DFDGpPLFRV$OJXQRVVRQFDSDFHVGHFRQVLGHUDUGLYHUVRVSXQWRVGHYLVWDHQFXHVWLRQHVVRFLDOHVRSROtWLFDV\VXHOHQD\XGDUDORV
GHPiVDDSUHFLDUYDORUHV\RSLQLRQHVGLIHUHQWHVGHODVSURSLDV
/D LQWHOLJHQFLD LQWHUSHUVRQDO VH PDQLILHVWD WDPELpQ D WUDYpV GHO KXPRU WRGD YH] TXH ORV DOXPQRV SURYRFDQ OD ULVD HQ DPLJRV \
GRFHQWHV FXDQGR FUHDQ VLWXDFLRQHV KXPRUtVWLFDV R FXDQGR DQDOL]DQ YLGHRV GH DQWLJXRV FRPHGLDQWHV FRPR ORV KHUPDQRV 0DU[ R
/DXUHO\+DUG\TXHSUHVHQWDQFDULFDWXUDVGHKDELOLGDGHVtQWHUSHUVRQDOHV
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDLQWHUSHUVRQDO
(OSVLFyORJREULWiQLFR1.+XPSKUH\VRVWLHQHTXHODLQWHOLJHQFLDVRFLDOHVODFDUDFWHUtVWLFDPiVLPSRUWDQWHGHOLQWHOHFWRKXPDQR
+XPSKUH\VHxDODTXHHOPD\RUXVRFUHDWLYRGHODPHQWHKXPDQDFRQVLVWHHQPDQWHQHUHILFD]PHQWHODVRFLHGDGKXPDQD'HELGRD
VX FODULYLGHQFLD \ FRPSUHQVLyQ VRFLDOHV PXFKDV SHUVRQDV VRQ FDSDFHV GH SRQGHUDU ODV FRQVHFXHQFLDV GH VXV SURSLRV DFWRV
DQWLFLSDU HO FRPSRUWDPLHQWR GH ORV GHPiV GHWHUPLQDU EHQHILFLRV \ SpUGLGDV SRWHQFLDOHV \ DERUGDU FXHVWLRQHV LQWHUSHUVRQDOHV
VDWLVIDFWRULDPHQWH HQ VX HQWRUQR \ IXHUD GH pO (Q OD PD\RUtD GH ORV FDVRV XQD YLGD SOHQD GHSHQGH HQ JUDQ PHGLGD GH OD
LQWHOLJHQFLDLQWHUSHUVRQDO
(VSUREDEOHTXHXQDSHUVRQDFRQXQDLQWHOLJHQFLDLQWHUSHUVRQDOELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
6HHQFXHQWUDOLJDGRDVXVSDGUHVHLQWHUDFW~DFRQORVGHPiV
(VWDEOHFH\PDQWLHQHUHODFLRQHVVRFLDOHV
5HFRQRFH\XWLOL]DGLYHUVDVPDQHUDVSDUDUHODFLRQDUVHFRQORVGHPiV
3HUFLEHORVVHQWLPLHQWRVSHQVDPLHQWRVPRWLYDFLRQHVFRQGXFWDV\HVWLORVGHYLGDGHORVGHPiV
3DUWLFLSDHQHPSUHQGLPLHQWRVFRODERUDWLYRV\DVXPHGLYHUVRVUROHVGHVXERUGLQDGRDOtGHUVHJ~QODVFLUFXQVWDQFLDV\ODVWDUHDV
TXHVHGHPDQGHQ
LQIOX\HVREUHODVRSLQLRQHVRDFFLRQHVGHORVGHPiV
&RPSUHQGHPHQVDMHVYHUEDOHV\QRYHUEDOHV\SXHGHFRPXQLFDUVHDWUDYpVGHHOORVHQIRUPDHILFD]
$GDSWDVXFRQGXFWDDGLIHUHQWHVPHGLRVRJUXSRV\DSDUWLUGHOIHHGEDFNTXHUHFLEHGHORVGHPiV
3HUFLEHGLYHUVDVSHUVSHFWLYDVHQWRGDFXHVWLyQVRFLDORSROtWLFD
'HVDUUROOD KDELOLGDGHV SDUD OD PHGLDFLyQ RUJDQL]DFLyQ GH XQ JUXSR FRQ ILQHV FRPXQHV R WUDEDMR FRQ SHUVRQDV GH GLVWLQWDV
HGDGHVRSURYHQLHQWHVGHGLYHUVRVPHGLRV
([SUHVDLQWHUpVSRUFDUUHUDVFRQRULHQWDFLyQLQWHUSHUVRQDOFRPRGRFHQFLDWUDEDMRVRFLDODVHVRUtDDGPLQLVWUDFLyQRSROtWLFD
'HVDUUROODQXHYRVSURFHVRV\PRGHORVVRFLDOHV
3URFHVRVGHDSUHQGL]DMHLQWHUSHUVRQDO
/D LQWHOLJHQFLD tQWHUSHUVRQDO VH HQFXHQWUD WDQ HVWUHFKDPHQWH OLJDGD D OD LQWHUDFFLyQ FRQ ORV GHPiV TXH OD PD\RUtD GH ORV
HGXFDGRUHVVRVWLHQHTXHQRSRGUtDHQVHxDUVLQIRUPDUSDUHVRJUXSRVGHDOXPQRV(VWHFDStWXORGHVFULEHSURFHVRVGHDSUHQGL]DMH
FRODERUDWLYRTXHHQODDFWXDOLGDGVHGHVDUUROODQHQPXFKDVDXODVDVtFRPRWDPELpQQXPHURVDVRWUDVFDWHJRUtDVGHDFWLYLGDGHVSDUD
HODSUHQGL]DMHLQWHUSHUVRQDO
&yPRHVWDEOHFHUXQiPELWRLQWHUSHUVRQDOSRVLWLYR
&ULWHULRVSDUDHOIXQFLRQDPLHQWRGHJUXSRVRSHUDWLYRV'HWHUPLQDFLyQGHYDORUHV\UHJODVHQHODXOD5HXQLRQHVHQHODXOD
$SUHQGL]DMHHQFRODERUDFLyQ
&RQVLGHUDFLRQHVDFHUFDGHORVJUXSRVFRODERUDGRUHV5ROHVGHODOXPQR+DELOLGDGHVVRFLDOHV$FWLYLGDGHVGHDSUHQGL]DMHFRRSHUDWLYR
&RODERUDFLyQHQWUHORVDOXPQRVHQXQDXODKHWHURJpQHD
0DQHMRGHFRQIOLFWRV
$OJXQDVFDXVDVFRPXQHVGHFRQIOLFWR3URFHVRGHPDQHMRGHFRQIOLFWRVGH*RUGRQ
$SUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO
,QWHJUDFLyQGHOWUDEDMRVRFLDODXQSURJUDPDHVFRODU5HIOH[LyQVREUHHODSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO5HFXUVRVSDUDLPSOHPHQWDUHO
WUDEDMRVRFLDO
9DORUDFLyQGHODVGLIHUHQFLDV
$FWLYLGDGHVSDUDWUDEDMDUFRQFHSWRVGHHVWLORGHDSUHQGL]DMHFRQORVDOXPQRV
'HVDUUROORGHSHUVSHFWLYDVP~OWLSOHV
¢4XLpQHVVRPRV"
&RPSUHQVLyQGHGLIHUHQWHVSXQWRVGHYLVWD
3HUVSHFWLYDVJOREDOHVHQHOFXUULFXORHVFRODU
5XHGDGHVLVWHPDV
6ROXFLyQGHSUREOHPDVHQHOQLYHOORFDO\JOREDO
(GXFDFLyQPXOWLFXOWXUDO
(QVHxDQ]DFRQXQDSHUVSHFWLYDPXOWLFXOWXUDO
&RPSUHQVLyQGHODGLYHUVLGDGFXOWXUDODWUDYpVGHODUWH
&XOWXJUDPRV
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWHUSHUVRQDO5HVXPHQ
&yPRHVWDEOHFHUXQiPELWRLQWHUSHUVRQDOSRVLWLYR
(QQXHVWUDVRFLHGDGDFWXDOFDUDFWHUL]DGDSRUVXVDFHOHUDGRVFDPELRVPXFKRVDOXPQRVVHYHQSULYDGRVGHUHODFLRQHVHVWUHFKDV\
HVWDEOHVFRQDGXOWRVDIHFWXRVRV$OJXQRVQLxRVOOHJDQDODXODFRQQHFHVLGDGHVLQVDWLVIHFKDVGHELGRDTXHFDUHFHQGHODSR\RGHXQD
IDPLOLD VyOLGD 6L ELHQ ODV HVFXHODV VH HQFXHQWUDQ DFRVDGDVSRUQXPHURVDVGHPDQGDV\SUHIHULUtDQSDVDUSRUDOWRODVQHFHVLGDGHV
VRFLDOHV\HPRFLRQDOHVGHORVDOXPQRVHQODDFWXDOLGDGQXHVWUDVLQVWLWXFLRQHVHGXFDWLYDVGHEHQFRPSHQVDUODVWUDQVIRUPiQGRVHHQ
FRPXQLGDGHVFDSDFHVGHEULQGDUDSR\R\FRQWHQFLyQ
$XQTXHORVDOXPQRVSDVHQVXHWDSDHVFRODUHQJUXSRVD~QQRVHKDFUHDGRSOHQDFRQFLHQFLDDFHUFDGHORVEHQHILFLRVSRWHQFLDOHV
GHODYLGDJUXSDO &XDQGRHOSULQFLSDOLQWHUpVVHFRQFHQWUDHQHOORJURGHREMHWLYRVFRPSHWLWLYRVHLQGLYLGXDOLVWDVORVDOXPQRVVH
VLHQWHQDLVODGRV\QRHQFXHQWUDQUHVSXHVWDDVXVQHFHVLGDGHVDIHFWLYDV\VRFLDOHV1RREVWDQWHODPD\RUtDGHODVLQYHVWLJDFLRQHV
PiVUHFLHQWHVLQGLFDQTXHHODSUHQGL]DMHUHVXOWDPiVSURGXFWLYR\SODFHQWHURFXDQGRORVDOXPQRVH[SHULPHQWDQXQDVHQVDFLyQGH
SHUWHQHQFLD\HODXODIXQFLRQDFRPRFRPXQLGDGSURWHFWRUD¢'HTXpPDQHUDVHSXHGHHVWDEOHFHUXQiPELWRVHPHMDQWH"(OSXQWRGH
SDUWLGD FRQVLVWH HQ WUDQVIRUPDU ODV QXPHURVDV LQGLYLGXDOLGDGHV GH XQ DXOD HQ XQ JUXSR HILFD] \ FRKHVLRQDGR $ FRQWLQXDFLyQ
SUHVHQWDPRVDOJXQDVSURSXHVWDV
&ULWHULRVSDUDHOIXQFLRQDPLHQWRGHJUXSRVRSHUDWLYRV
/DV LQYHVWLJDFLRQHV UHODWLYDV D JUXSRV RSHUDWLYRV KDQ SHUPLWLGR LGHQWLILFDU DOJXQDV FRQVWDQWHV (O VLJXLHQWH OLVWDGR QR HV
H[KDXVWLYRORVGRFHQWHVSRGUiQDJUHJDURWURVFRPSRQHQWHVVXUJLGRVGHVXVH[SHULHQFLDV1RREVWDQWHHVWRVFULWHULRVSHUPLWHQDO
GRFHQWHHYDOXDUHOHQWRUQRDFWXDOGHVXDXOD
8QDUHYLVLyQGHOOLVWDGRTXHDSDUHFHDFRQWLQXDFLyQOHUHVXOWDUi~WLOSDUDLGHQWLILFDUODVFDUDFWHUtVWLFDVSUHVHQWHVHQHODXOD\SDUD
RULHQWDUVXVHVIXHU]RVFRQHOILQGHTXHHOJUXSRDGRSWHDTXHOODVTXHVHHQFXHQWUHQDXVHQWHV
(O HQWRUQR GHO DXOD GHEH VHU FiOLGR \ UHFHSWLYR HOOR VLHQWD ODV EDVHV SDUD OD IRUPDFLyQ GH XQ JUXSR FX\RV PLHPEURV SXHGDQ
EULQGDUVHDSR\RPXWXR6HSRQHGHPDQLILHVWRXQDLQWHUDFFLyQVRVWHQLGD\SRVLWLYDHQWUHORVDOXPQRV\HOGRFHQWH\VHSURPXHYH
XQDFRQFLHQWL]DFLyQGHHVFXHODFRPRIDPLOLD
/DV UHJODV GHO DXOD HVWDEOHFLGDV FRQMXQWDPHQWH SRU ORV DOXPQRV \ HO GRFHQWH GHEHQ GHILQLU FyGLJRV GH FRQGXFWD DSURSLDGD
EDVDGRV HQ YDORUHV KXPDQRV FRPR HVStULWX GH FRODERUDFLyQ \ HTXLGDG -XQWRV ORV DOXPQRV \ HO GRFHQWH GHVDUUROODQ VROXFLRQHV
SDUDORVSUREOHPDVGHFRQGXFWD
/D LPSRUWDQFLD RWRUJDGD DO DSUHQGL]DMH FRODERUDWLYR GHVWLHUUD HO PRGHOR JDQDGRUSHUGHGRU LPSHUDQWH HQ PXFKDV DXODV (O
DSUHQGL]DMH FRPSHWLWLYR LQGHSHQGLHQWH \ FRQYHQFLRQDO VXHOH UHHPSOD]DUVH SRU SURFHVRV LQWHUGHSHQGLHQWHV TXH UHTXLHUHQ OD
SDUWLFLSDFLyQ\HODSRUWHGHWRGRVORVDOXPQRV
(O DSUHQGL]DMH GHEH VHU XQD PLVLyQ ELHQ DUWLFXODGD HQ HO DXOD (O GRFHQWH \ ORV DOXPQRV VRQ FRQVFLHQWHV GH TXH VX SULQFLSDO
REMHWLYRFRQVLVWHHQDSUHQGHUGHORVFRQWHQLGRVFXUULFXODUHVGHORVGHPiV\GHODVH[SHULHQFLDVYLYHQFLDOHV
6/DVIXQFLRQHVGHOLGHUD]JRGHEHQVHUGLVWULEXLGDVHTXLWDWLYDPHQWH/DUHVSRQVDELOLGDGSRUODVWDUHDVTXHGHVDUUROODQSHTXHxRV
JUXSRVRODWRWDOLGDGGHORVPLHPEURVGHODFODVHVHFRPSDUWHSRULJXDOGHPRGRTXHORVDOXPQRVSXHGDQFRQVLGHUDUVHPLHPEURV
HVWLPDGRVHQODFRPXQLGDGGHODXOD
/DVDFWLYLGDGHVGHDSUHQGL]DMHGHEHQVHUSODFHQWHUDV6HSXHGHQHPSOHDUGLYHUVRVPpWRGRVSDUDODHQVHxDQ]D\ODHYDOXDFLyQ
$OJXQDVYHFHVORVDOXPQRVWRPDQGHFLVLRQHVUHVSHFWRGHORVFRQWHQLGRV\PHGLRVGHDSUHQGL]DMH\HOMXHJR\HOKXPRUIRUPDQ
SDUWHGHODXOD
/RVDOXPQRVGHEHQWHQHURSRUWXQLGDGHVSDUDGHVDUUROODUKDELOLGDGHVVRFLDOHVDIHFWLYDV\pWLFDVDGHPiVGHODVDFDGpPLFDV
8QD SHUVSHFWLYD LQWHUHVDQWH GH XQ JUXSR LPSRUWDQWH OD IDPLOLD HV OD TXH RIUHFH HO 'U 0LKDO\ &]LN]VHQWPLKDO\L SURIHVRU GH
FLHQFLDVGHOFRPSRUWDPLHQWRHQOD8QLYHUVLGDGGH&KLFDJR(O'U&]LN]VHQWPLKDO\LKDLQYHVWLJDGRORVDQWHFHGHQWHVIDPLOLDUHVGH
SHUVRQDV TXH DOFDQ]DQ XQ DOWR QLYHO GH ORJUR \ GHVFXEULy TXH ORV DOXPQRV FRQ PD\RU UHQGLPLHQWR \ PiV IHOLFHV SURYLHQHQ GH
HQWRUQRVFRPSOHMRVGRQGHVHILMDQUHJODVFODUDV\H[SHFWDWLYDVDOWDVVLQGHMDUSRUHOORGHVHUFiOLGRVSRVLWLYRV\HVWLPXODQWHVQL
GHRIUHFHURSRUWXQLGDGHVSDUDHOHJLU'HELGRDTXHHODXODVXHOHVXVWLWXLUDOKRJDUVHUiQHFHVDULROOHYDUDFDERHOPi[LPRHVIXHU]R
SDUD FUHDU HQWRUQRV FRPSOHMRV WDPELpQ HQ OD HVFXHOD /DV VLJXLHQWHV DFWLYLGDGHV SURSRQHQ QXPHURVDV IRUPDV SDUD GHVDUUROODU
HQWRUQRVRSHUDWLYRVLQWHUSHUVRQDOHV\FRPSOHMRVHQODHVFXHOD
'HWHUPLQDFLyQGHYDORUHV\UHJODVHQHODXOD
6HJ~QVHKDVHxDODGRHVLPSRUWDQWHTXHHQFDGDDXODVHHVWDEOH]FDQFyGLJRVH[SOtFLWRVGHFRQGXFWDEDVDGRVHQYDORUHVKXPDQRV
IXQGDPHQWDOHV
&XDQGRORVDOXPQRVVDEHQORTXHVHHVSHUD GHHOORV\GHVXVSDUHVHVSRVLEOHGHVDUUROODUUHODFLRQHVSRVLWLYDVFRQPD\RUIDFLOLGDG
&RQ IUHFXHQFLD ODV UHJODV PiV HILFDFHV VRQ DTXHOODV TXH GHVDUUROODQ ORV PLVPRV DOXPQRV 0HGLDQWH OD DSOLFDFLyQ GH
SURFHGLPLHQWRV GHPRFUiWLFRV SDUD GHWHUPLQDU ORV YDORUHV \ OD FRQGXFWD DSURSLDGD TXH UHJLUiQ HQ HO DXOD ORV DOXPQRV SXHGHQ
UHVSRQVDELOL]DUVHSRUVXFRPSRUWDPLHQWR\SRUXQDSDUWLFLSDFLyQVDWLVIDFWRULDFRPRPLHPEURVGHOJUXSR
0XFKRV GRFHQWHV VXHOHQGHWHUPLQDUORVYDORUHV\UHJODVGHODXODFRQVXVDOXPQRV DFRPLHQ]RVGHODxRHVFRODURGHFDGDQXHYR
SHUtRGR 8QD IRUPD FDH DERUGDMH VHQFLOOD FRQVLVWH HQ VROLFLWDU D ORV DOXPQRV TXH LGHQWLILTXHQ ODV FRQGXFWDV TXH IDYRUHFHQ HO
DSUHQGL]DMH ¢'H TXp PDQHUD GHEHUtDQ FRPSRUWDUVH ORV PLHPEURV GH OD FODVH D ILQ GH HVWDEOHFHU \ PDQWHQHU XQ iPELWR GH DXOD
SRVLWLYR"¢4XpYDORUHVVRFLDOHVWDOHVFRPRMXVWLFLDFRPSUHQVLyQRFRODERUDFLyQHVLPSRUWDQWHGHVWDFDU"
/RVDOXPQRVUHVSRQGHUiQODVSUHJXQWDVLQGLYLGXDOPHQWHSRUHVFULWRSDUDH[SRQHUVXVLGHDVDFHUFDGHORVYDORUHV\FRQGXFWDVGHO
DXOD 6H SRGUiQ IRUPDU JUXSRV GH WUHV D FLQFR LQWHJUDQWHV SDUD GHEDWLU ODV RSLQLRQHV &DGD JUXSR SUHSDUDUi XQ JUiILFR SDUD
HQXPHUDUODVLGHDVSUHVHQWDGDV'LFKRVJUiILFRVVHH[KLELUiQSDUDWRGDODFODVH\SHUPLWLUiQHVWDEOHFHUORVSURFHVRVGHFRQGXFFLyQ
HQ HO DXOD HODERUDGRV FRQ HO DSRUWH GH WRGRV ORV DOXPQRV (O GRFHQWH GHVWDFDUi TXH OD YLGD JUXSDO VDWLVIDFWRULD UHTXLHUH GHO
HTXLOLEULR HQWUH ODV QHFHVLGDGHV LQGLYLGXDOHV \ ODV QHFHVLGDGHV GH ORV GHPiV /D OLVWD GH UHJODV \ YDORUHV GHVDUUROODGD HQ
FRODERUDFLyQSRGUiH[KLELUVHHQXQOXJDUGHVWDFDGRGHQWURGHODXOD
+DFH SRFR WLHPSR XQ JUXSR GH TXLQWR DxR GH HGXFDFLyQ EiVLFD GHFLGLy JXLDU VX FRPSRUWDPLHQWR SRU PHGLR GH ODV VLJXLHQWHV
UHJODV
‡7RGRVORVDOXPQRVGHHVWDDXODWLHQHQGHUHFKRDDSUHQGHU
‡&DGDDOXPQRVHUiFUHDWLYR\RULJLQDO
‡&DGDDOXPQRSHQVDUi\DSUHQGHUiGHGLYHUVDVPDQHUDV
‡1RVGLYHUWLUHPRVGXUDQWHHODSUHQGL]DMH
‡&RRSHUDUHPRVFRQORVPLHPEURVGHOJUXSR
‡1RVUHVSHWDUHPRVPXWXDPHQWH
‡6HUHPRVDPLJRV
(VWRVQLxRVGHPRVWUDURQDODYH]VXFRPSURPLVRFRQODVRSRUWXQLGDGHVGHDSUHQGL]DMHFUHDWLYR\VXH[SHFWDWLYDGHVDWLVIDFHUVXV
QHFHVLGDGHVVRFLDOHV\HPRFLRQDOHVHQHODXOD
8QD YH] HVWDEOHFLGDV ODV UHJODV H LQLFLDGDV ODV DFWLYLGDGHV VH SRGUi SURPRYHU XQ GHEDWH H[SOtFLWR DFHUFD GH ORV YDORUHV \
FRQGXFWDVJUXSDOHVTXHSHUPLWHQUHIRU]DULPSRUWDQWHVKDELOLGDGHVVRFLDOHV/RVDOXPQRV\HOGRFHQWHSRGUtDQRUJDQL]DUUHXQLRQHV
SHULyGLFDVFRQHOREMHWRGHGHVDUUROODUVROXFLRQHVSDUDORVSUREOHPDVGHGLVFLSOLQD(QDOJXQDVDXODVVXHOHHOHJLUVHRQRPEUDUVH
XQDFRPLVLyQSDUDVXSHUYLVDUHOIXQFLRQDPLHQWRGHODFODVH&RPLVLRQHVURWDWLYDVGHDSUR[LPDGDPHQWHFLQFRRVHLVDOXPQRV
IRUPXODQUHFRPHQGDFLRQHVDORVPLHPEURVGHOJUXSR\DOGRFHQWHDFHUFDGHFXHVWLRQHVVRFLDOHV
5HXQLRQHVHQHODXOD
8QDYH]HVWDEOHFLGDVODVUHJODV\ORVYDORUHVGHODXODVHSRGUiQIRUWDOHFHUODVUHODFLRQHVHQWUHORVDOXPQRV&RQIUHFXHQFLDHOORVH
OOHYD D FDER SRU PHGLR GH UHXQLRQHV JUXSDOHV GLDULDV R VHPDQDOHV 'LFKDV UHXQLRQHV VXHOHQ FRQWDU FRQ XQ RUGHQ GHO GtD DELHUWR
SDUDTXHORVDOXPQRVH[SRQJDQVXVGLIHUHQFLDVUHVXHOYDQSUREOHPDVSHUVRQDOHVRDFDGpPLFRV\DSUHQGDQDHVFXFKDUDORVGHPiV
\DEULQGDUVHDSR\RPXWXDPHQWH/DVUHXQLRQHVHQHODXODSURPXHYHQHOGHVDUUROORDIHFWLYRVRFLDO\pWLFRGHWRGRVORVDOXPQRV
(Q HO QLYHO GH HQVHxDQ]D EiVLFD PXFKRV GRFHQWHV GHVWLQDQ YDULRV PLQXWRV DO FRPLHQ]R GH FDGD MRUQDGD SDUD TXH ORV DOXPQRV
FXHQWHQVXVQRYHGDGHVGHEDWDQFXHVWLRQHVLPSRUWDQWHV\FRQFHQWUHQVXDWHQFLyQHQODVWDUHDVGLDULDVGHDSUHQGL]DMH(QHOQLYHO
SROLPRGDO DOJXQRV GRFHQWHV GHGLFDQ PLQXWRV GH XQ SHULRGR GH FODVH SRU VHPDQD SDUD UHDOL]DU XQD UHXQLyQ IDPLOLDU /RV
WHPDVGHODUHXQLyQVHH[KLEHQGXUDQWHWRGDODVHPDQDHQXQDFDUWHOHUD\ORVDOXPQRVSXHGHQLQFOXLUFXHVWLRQHVTXHGHVHHQWUDWDU
$ ILQ GH JDUDQWL]DU UHXQLRQHV VDWLVIDFWRULDV \ SRVLWLYDV HV LPSRUWDQWH HVWDEOHFHU UHJODV GH SURFHGLPLHQWR $ FRQWLQXDFLyQ
SUHVHQWDPRVDOJXQRVOLQHDPLHQWRV
/LQHDPLHQWRVSDUDODFRQGXFFLyQGH UHXQLRQHVHQHODXOD
(VWDEOHFHUXQFURQRJUDPDUHJXODUSDUDODVUHXQLRQHV\VXGXUDFLyQDSUR[LPDGD
6ROLFLWDUDORVDOXPQRVTXHFRORTXHQVXVPHVDVRVLOODVHQFtUFXORDILQGHTXHWRGRVVHHQFXHQWUHQLQFOXLGRV
6HOHFFLRQDU XQ FRRUGLQDGRU SDUD OD UHXQLyQ 6L ORV DOXPQRV VRQ SHTXHxRV FRQ IUHFXHQFLD HVWH URO VHUi GHVHPSHxDGR SRU HO
GRFHQWHRXQSDGUH/RVDOXPQRVPD\RUHVHVWDUiQHQFRQGLFLRQHVGHDVXPLUHOUROGHFRRUGLQDGRUHV
([SOLFDUTXHHOSURSyVLWRGHODUHXQLyQFRQVLVWHHQPHMRUDUHOFOLPDGHODXOD\SURSRUFLRQDUDORVDOXPQRVODRSRUWXQLGDGGH
DERUGDUVXVLQWHUHVHV\SUHRFXSDFLRQHV
2WRUJDUDWRGRVODSRVLELOLGDGGHLQWHUYHQLU&XDQGRXQDOXPQRHVWpKDEODQGRORVGHPiVQRGHEHUiQLQWHUUXPSLUOR$OJXQRV
GRFHQWHV HVWUXFWXUDQ HO GLDORJR PHGLDQWH OD WUDGLFLyQ LQGtJHQD DPHULFDQD GHO EiFXOR SDUODQWH XQD UDPLWD R WUR]R GH PDGHUD
OLYLDQDGHFRUDGD6HKDUiHQWUHJDGHOEiFXORDTXLHQGHVHHLQWHUYHQLU(ODOXPQRTXHORWHQJDHQVXSRGHUGHEHUiKDFHUXVRGHOD
SDODEUDHQIRUPDEUHYHYHUD]\VLQFHUD/XHJRORSDVDUiDODVLJXLHQWHSHUVRQDTXHKD\DSHGLGRODSDODEUD
([SOLFDUTXHWRGRVORVDOXPQRVWLHQHQODOLEHUWDGGHH[SUHVDUVXVVHQWLPLHQWRV\RSLQLRQHVHQODUHXQLyQ\TXHQRVHWROHUDUiQ
FRPHQWDULRVQHJDWLYRVUHVSHFWRGHQLQJXQRGHORVPLHPEURVGHOJUXSR
6ROLFLWDUTXHWRGRVVHSUHGLVSRQJDQSDUDODUHXQLyQFRQODPHQWH\HOFRUD]yQDELHUWRV6HGHEHUiKDFHUXQHVIXHU]RSRUWHQHU
HQFXHQWDORVGLYHUVRVSXQWRVGHYLVWDSUHVHQWDGRVSRUORVPLHPEURVGHODFODVH
$O FHUUDU FDGD UHXQLyQ VH DJUDGHFH D WRGRV SRU VX SDUWLFLSDFLyQ VH SDVD UHYLVWD D WRGRV ORV WHPDV GHO GHEDWH \ VH VHxDODQ
DTXHOORVTXHQRVHKD\DQUHVXHOWRSDUDUHWRPDUORVHQODSUy[LPDVHVLyQ
/DVUHXQLRQHVQXWUHQHOVHQWLGRGHLQWHUFRQH[LyQ\GDQOXJDUDOHVWDEOHFLPLHQWRGHUHODFLRQHVGHFRODERUDFLyQHQWUHORVDOXPQRV\
FRQ ORV GRFHQWHV &XDQGR VH HVFXFKD D ORV GHPiV \ VH ORV UHVSHWD VXUJH XQ VHQWLPLHQWR SRVLWLYR GH LGHQWLGDG JUXSDO (VWDV
UHXQLRQHVSHUPLWHQWUDQVIRUPDUODVDXODVHQFRPXQLGDGHVUHVSHWXRVDV\DIHFWLYDV
$SUHQGL]DMHFRODERUDWLYR
(O DSUHQGL]DMH HQ FRODERUDFLyQ HV XQD GH ODV WpFQLFDV GLGiFWLFDV VREUH ODV TXH PiV VH KD LQYHVWLJDGR HQ ORV (VWDGRV 8QLGRV
([LVWHQ QXPHURVRV PRGHORV WHyULFRV \ UHFXUVRV FRQ GLYHUVDV SHUVSHFWLYDV DFHUFD GH HVWH WHPD $OJXQDV GH ODV REUDV PiV
FRQRFLGDV TXH DERUGDQ HO WHPD VRQ &LUFOHV RI /HDUQLQJ >&tUFXORV GH DSUHQGL]DMH@ /HDUQLQJ 7RJHWKHU DQG $ORQH >$SUHQGL]DMH
FROHFWLYRHLQGLYLGXDO@\&RRSHUDWLRQ LQWKH&ODVVVPRP >&RRSHUDFLyQHQHODXOD@GH'DYLG\5RJHU-RKQVRQ &RRSHUDWLYH/HDUQLQJ
5HVRXUFHV IRU 7HDFKHUV >$SUHQGL]DMH FRRSHUDWLYR UHFXUVRV SDUD HO GRFHQWH@ GH 6SHQFHU .DJDQ 'HVtJQLQJ *URXSZRUN IRU WKH
+HWHURJHQHDXV&ODVVURRP >'LVHxRGHOWUDEDMRJUXSDOSDUDDXODVKHWHURJpQHDV@GH(OL]DEHWK&RKHQ\&RRSHUDWLYH /HDUQLQJ7KHRU\
5HVHDUFK DQG 3UDFWLFH >$SUHQGL]DMH FRRSHUDWLYR WHRUtD LQYHVWLJDFLyQ \ SUiFWLFD@ GH 5REHUW 6ODYLQ ([LVWH XQ DPSOLR FRQVHQVR
UHVSHFWR GH TXH ORV PpWRGRV GH DSUHQGL]DMH HQ FRODERUDFLyQ TXH GHVWDFDQ ODV LQYHVWLJDFLRQHV SHUPLWHQ SURPRYHU ORV ORJURV GHO
DOXPQR DFHOHUDU HO DSUHQGL]DMH PHMRUDU OD UHWHQFLyQ \ WUDQVIHUHQFLD GH LQIRUPDFLyQ \ JHQHUDU DFWLWXGHV SRVLWLYDV KDFLD HO
DSUHQGL]DMH /RV KHUPDQRV -RKQVRQ KDQ LGHQWLILFDGR GRV FRPSRQHQWHV HVHQFLDOHV GH WRGRV ORV HQIRTXHV GH DSUHQGL]DMH HQ
FRODERUDFLyQH[LWRVRV
‡ &UHGLELOLGDG LQGLYLGXDOHO p[LWR GH XQ JUXSR VH EDVD HQ OD FDSDFLGDG GH FDGD XQR GH VXV PLHPEURV SDUD GHPRVWUDU TXH KDQ
DSUHQGLGRHOPDWHULDOHVSHFLILFDGR6HKDGHPRVWUDGRTXHORVORJURVGHODOXPQRDXPHQWDQFXDQGRHOp[LWRGHOJUXSRGHSHQGHGH
XQSXQWDMHTXHFRPELQDORVUHVXOWDGRVREWHQLGRVSRUWRGRVVXVPLHPEURVHQXQDHYDOXDFLyQRFXDQGRVHHYDO~DQLQGLYLGXDOPHQWH
ORV DSRUWHV UHDOL]DGRV SRU FDGD XQR GH VXV PLHPEURV D XQ SUR\HFWR JUXSDO (Q DSDULHQFLD ORV ORJURV VRQ PHQRUHV FXDQGR VH
HQWUHJDVRODPHQWHXQDSODQLOODGHWUDEDMRRXQSUR\HFWRDXQJUXSRGH DOXPQRVVLQDVLJQDUWDUHDV\UHVSRQVDELOLGDGHVLQGLYLGXDOHV
‡,QWHUGHSHQGHQFLDSRVLWLYDHOp[LWRGHOJUXSRGHSHQGHGHVXFDSDFLGDGSDUDWUDEDMDUFRQMXQWDPHQWHHQHOORJURGHORVUHVXOWDGRV
GHVHDGRVSRUHMHPSORUHFRQRFLPLHQWRFDOLILFDFLRQHVUHFRPSHQVDVRWLHPSROLEUH(OVLPSOHKHFKRGHVROLFLWDUFRODERUDFLyQQR
JDUDQWL]DTXHVHDSUHQGHUiQODVKDELOLGDGHVVRFLDOHVVHODVGHEHHQVHxDUH[SOtFLWDPHQWH
&RQVLGHUDFLRQHVDFHUFDGHORVJUXSRVFRODERUDGRUHV
&XDQGRORVDOXPQRVVHLQLFLDQHQHODSUHQGL]DMHGHKDELOLGDGHVSDUDODFRODERUDFLyQVHWUDEDMDHQSHTXHxRVJUXSRVGHHQWUHGRV\
FXDWUR LQWHJUDQWHV (Q OD PHGLGD HQ TXH VH GHVDUUROOHQ ODV KDELOLGDGHV VRFLDOHV ORV DOXPQRV HVWDUiQ HQ FRQGLFLRQHV GH IRUPDU
JUXSRVPiVQXPHURVRV7DPELpQHVLPSRUWDQWHWHQHUHQFXHQWDHOODSVRGXUDQWHHOFXDOORVPLHPEURVGHOJUXSRWUDEDMDUiQMXQWRV
/RVJUXSRVTXHVHUH~QHQUHJXODUPHQWHGXUDQWHXQSHUtRGRGHWLHPSRSURORQJDGRREWLHQHQPD\RUHVORJURVTXHDTXHOORVTXHVyOR
WUDEDMDQMXQWRVHQGHWHUPLQDGDVRFDVLRQHV
6HSRGUiDJUXSDUDORVDOXPQRVGHGLIHUHQWHVPDQHUDVFRQGLVWLQWRVSURSyVLWRV$OJXQRVLQYHVWLJDGRUHVGLVWLQJXHQHQWUHJUXSRVGH
ORJUR \ JUXSRV GH WUDEDMR /RV JUXSRV GH ORJUR VRQ IRUPDFLRQHV KRPRJpQHDV RUJDQL]DGDV GH DFXHUGR FRQ VXV QLYHOHV GH
GHVHPSHxR\FRQHOREMHWRGHDMXVWDUODHQVHxDQ]DDODVQHFHVLGDGHVGHORVDOXPQRV/RVJUXSRVGHWUDEDMRVRQPiVKHWHURJpQHRV
\HVWiQRUJDQL]DGRVSDUDSURPRYHUWDQWRODLQWHUDFFLyQVRFLDOFRPRORVORJURVDFDGpPLFRV$PERVVHEDVDQHQODFRODERUDFLyQ
$OJXQRVGRFHQWHVH[SHULPHQWDQIRUPDQGRJUXSRVSRUJpQHURSHURORVJUXSRVPL[WRVKDQGHPRVWUDGRPD\RUHILFDFLD/RVJUXSRV
IRUPDGRVSRUDOXPQRVGHGLVWLQWDVHGDGHVWDPELpQVXHOHQVHUHILFDFHVGHOPLVPRPRGRTXHORVRQORVTXHUH~QHQLQWHJUDQWHVFRQ
GLVWLQWRVQLYHOHVGHGHVHPSHxR(QDSDULHQFLDORVDOXPQRVFRQEDMRVQLYHOHVGHORJURPHMRUDQVXGHVHPSHxRFXDQGRIRUPDQSDUWH
GH JUXSRV KHWHURJpQHRV PLHQWUDV TXH ORV DOXPQRV WDOHQWRVRV VH EHQHILFLDQ FXDQGR WUDEDMDQ DO PHQRV GXUDQWH GHWHUPLQDGRV
SHUtRGRVFRQSDUHVTXHVHHQFXHQWUDQHQ HOPLVPRQLYHO/RVGRFHQWHVSXHGHQH[SHULPHQWDUFRQGLYHUVDVIRUPDVGHDJUXSDPLHQWR
FRQHOILQGHGHWHUPLQDUFXiOHVODPiVDSURSLDGDSDUDHOWUDEDMRHQVXDXOD
5ROHVGHODOXPQR
&XDQGR VH DVLJQDQ UROHV LQGLYLGXDOHV D ORV DOXPQRV GHQWUR GH XQ JUXSR VH OHV SHUPLWH VHU SDUWLFLSDQWHV DFWLYRV GHO SURFHVR GH
DSUHQGL]DMH \ SHUVRQDV UHVSRQVDEOHV SRU ODV WDUHDV TXH GHEHQ UHDOL]DU /RV UROHV SXHGHQ DVXPLU OD IRUPD GH WDUHDV HVSHFtILFDV
FRPRLOXVWUDGRUUHGDFWRUHQFDUJDGRGHUHFXUVRVFRRUGLQDGRURUJDQL]DGRU FURQRPHWULVWDPRGHUDGRUHLQYHVWLJDGRU(QDOJXQRV
FDVRVORVDOXPQRVSXHGHQQXPHUDUVHSDUDTXHHOGRFHQWHSXHGDQRPEUDUSRUHMHPSORDOQ~PHURTXLHQVHUiUHVSRQVDEOHGH
VXPLQLVWUDU OD LQIRUPDFLyQ JHQHUDGD SRU HO JUXSR /RVUROHVSXHGHQDVLJQDUVHGHDFXHUGRFRQODXELFDFLyQGHORVDOXPQRVHQHO
DXODSRUPHGLRGHILFKDVGHWDUHDVVHJ~QHOFULWHULRGHOGRFHQWHRSRUFRQVHQVRJUXSDO
+DELOLGDGHVVRFLDOHV
(VHVHQFLDOTXHWRGDVODVKDELOLGDGHVVRFLDOHVVHHQVHxHQFRPRSDUWHGHODVH[SHULHQFLDVGHDSUHQGL]DMHFRRSHUDWLYR/RVDOXPQRV
QRSRVHHQKDELOLGDGHVLQWHUSHUVRQDOHVLQQDWDV\QRVHGHEHVXSRQHUTXHVXUMDQSRUHOVyORKHFKRGHRUJDQL]DUORVHQJUXSRV3RUOR
WDQWR HV QHFHVDULR TXH ORV DOXPQRV DSUHQGDQ DFHUFD GH VX LPSRUWDQFLD \ OD LQWHUQDOLFHQ /DV KDELOLGDGHV VRFLDOHV FRPXQHV
LQFOX\HQ RUJDQL]DU JUXSRV HILFDFHV H[KLELU XQD FRQGXFWD DSURSLDGD XWLOL]DU KDELOLGDGHV GH DSUHQGL]DMH HILFDFHV \ FULWLFDU \
HYDOXDU ODV LGHDV HQ FRQMXQWR 7RGDV HOODV UHTXLHUHQ UHIOH[LyQ SUiFWLFD \ SHUIHFFLRQDPLHQWR \ UHVXOWDQ DSURSLDGDV SDUD VX
DSOLFDFLyQHQHODXODFRQDOXPQRVGHQLYHOLQLFLDODSROLPRGDO$QWHVGHOOHYDUDFDERFXDOTXLHUWDUHDJUXSDOORVGRFHQWHVGHEHQ
LGHQWLILFDU XQD KDELOLGDG VRFLDO SDUD TXH ORV JUXSRV OD LQFRUSRUHQ D VXV DFWLYLGDGHV 8QD YH] TXH VH KDQ LQWHUQDOL]DGR ODV
KDELOLGDGHV VRFLDOHV ORV DOXPQRV HVWiQ HQ FRQGLFLRQHV GH WUDEDMDU HILFD]PHQWH XQRV FRQ RWURV GH LQFUHPHQWDU VX GHVHPSHxR
DFDGpPLFR\GHGHVDUUROODUKDELOLGDGHVLPSRUWDQWHVTXHDSOLFDUiQGXUDQWHWRGDODYLGD
$FWLYLGDGHVGHDSUHQGL]DMHFRRSHUDWLYR
8QUHFXUVR~WLOSDUDHODSUHQGL]DMHFRRSHUDWLYRHQHODXODHVHOTXHSUR
SRQHQ 5RJHU \ 'DYLG -RKQVRQ HQ 6WUXFWXULQJ &RRSHUDWLYH /HDUQLQJ /HVVRQ 3ODQV IRU 7HDFKHUV >(VWUXFWXUDFLyQ GHO DSUHQGL]DMH
FRRSHUDWLYR SODQHV GH FODVH SDUD GRFHQWHV@ /DV GRV DFWLYLGDGHV VLJXLHQWHV HO URPSHFDEH]DV \ ORV GHEDWHV FRRSHUDWLYRV VREUH
OLWHUDWXUDUHVXOWDQHVSHFLDOPHQWHHILFDFHVDFULWHULRGHVXVDXWRUHV
(OURPSHFDEH]DV
(O URPSHFDEH]DV HV XQD WpFQLFD HILFD] SDUD SURPRYHU XQD LQWHUGHSHQGHQFLD SRVLWLYD HQWUH ORV PLHPEURV GHO JUXSR 5HVXOWD
DSURSLDGD SDUD HO HVWXGLR GH IUDJPHQWRV GH WH[WRV X RWUR PDWHULDO LPSUHVR HQ WRGDV ODV iUHDV GH FRQWHQLGR /RV SDVRV SDUD
GHVDUUROODUXQDDFWLYLGDGGHURPSHFDEH]DVVRQORVVLJXLHQWHV
6HOHFFLRQDU DOJXQD KDELOLGDG VRFLDO TXH ORV DOXPQRV GHEDQ SUDFWLFDU SRU HMHPSOR DOJXQD GH ODV TXH VH PHQFLRQDQ PiV
DUULED (QWUH RWUDV VH LQFOX\HQ HO PDQHMR GH FRQIOLFWRV OD SDUiIUDVLV R OD VtQWHVLV GHO GLVFXUVR GH DOJXLHQ (V QHFHVDULR
SURSRUFLRQDUDORVDOXPQRVIXQGDPHQWRVSDUDSUDFWLFDUODKDELOLGDGHVSHFtILFD
2UJDQL]DUDORVDOXPQRVHQSHTXHxRVJUXSRVGHHQWUHWUHV\FLQFRLQWHJUDQWHV
'LVWULEXLUXQFRQMXQWRGHPDWHULDOHVDFDGDJUXSR'LFKRFRQMXQWRGHEHUiSRGHUGLYLGLUVHHQWUHORVPLHPEURVGHOJUXSR&DGD
XQRGHHOORVWUDEDMDUiXQDSDUWHGHOPDWHULDO
$VLJQDU D ORV DOXPQRV OD WDUHD GH UHXQLUVH FRQ DOJ~Q PLHPEUR GH OD FODVH TXH SHUWHQH]FD D RWUR JUXSR GH DSUHQGL]DMH \
GLVSRQJDGHOPLVPRPDWHULDO(VWRVSDUHVGHDOXPQRVDSUHQGHQMXQWRVVXPDWHULDO\SODQLILFDQODPDQHUDGHH[SRQHUORIUHQWHDORV
PLHPEURVGHOJUXSRDOTXHSHUWHQHFHQ
/RV DOXPQRV YXHOYHQ D VX JUXSR RULJLQDO GRQGH SUHVHQWDQ SRU WXUQR D ORV GHPiV PLHPEURV ORV WHPDV HQ TXH VH KDQ
FDSDFLWDGR
6ROLFLWDU D FDGD LQWHJUDQWH GHO JUXSR TXH LQWHUURJXH D ORV GHPiV KDVWD FRPSUREDU TXH KD\DQ DSUHQGLGR OD LQIRUPDFLyQ
SURSRUFLRQDGD
(YDOXDU HO GHVHPSHxR GH FDGD DOXPQR HQ HO PDQHMR GH OD LQIRUPDFLyQ \ HQ OD KDELOLGDG VRFLDO FRUUHVSRQGLHQWH GH PDQHUD
DSURSLDGD
*UXSRVFRRSHUDWLYRVSDUDHOGHEDWHVREUHOLWHUDWXUD
(QHOQLYHOSROLPRGDOORVDOXPQRVHVWiQHQFRQGLFLRQHVGHSUDFWLFDU
KDELOLGDGHV VRFLDOHV DYDQ]DGDV (Q OD DFWLYLGDG VLJXLHQWH ORV DOXPQRV DSUHQGHQ D LQWHUYHQLU HQ GHEDWHV DO WLHPSR TXH IRUPXODQ
FULWLFDVDODVLGHDVGHORVGHPiV
6HOHFFLRQDUXQD REUDOLWHUDULDSDUDTXHORVDOXPQRVODOHDQ
3UHSDUDUILFKDVGHH[SRVLFLyQ\FUtWLFD/DVILFKDVSDUDODH[SRVLFLyQSXHGHQFRQIHFFLRQDUVHFRQWUR]RVFXDGUDGRVGH
SDSHORGHSOiVWLFRGHFRORUURMRHQXQDFDQWLGDGWDOTXHDOFDQFHSDUDUHSDUWLUWUHV DFDGDDOXPQR/DVILFKDVGHFULWLFDVHUiQ
GHOPLVPRWDPDxR\IRUPDSHURGHFRORUD]XO\VHHQWUHJDQFLQFRDFDGDDOXPQR
3UHSDUDUSUHJXQWDVTXHHVWLPXOHQODLQWHUSUHWDFLyQLQGLYLGXDOGHORVSHUVRQDMHVWHUQDV\KHFKRVGHOWH[WR/RVDOXPQRVVH
GLYLGHQHQSHTXHxRVJUXSRV\FDGDXQRGHHOORVGHEHWHQHUXQHMHPSODUGHOFXHVWLRQDULRSDUDHOGHEDWH
([SOLFDUDORVJUXSRVTXHFDGDYH]TXHXQRGHORVDOXPQRVUHVSRQGDXQDSUHJXQWDVHGHEHUiFRORFDUXQDILFKDURMDHQHO
FHQWURGHODPHVD&XDQGRVHIRUPXOHXQDFULWLFDVHGHEHUiFRORFDUXQDILFKDD]XO(VQHFHVDULRGHVWDFDUTXHODVFULWLFDV
GHEHUiQLUGLULJLGDVDODVLGHDVTXHVHSUHVHQWHQ\QRDORVLQGLYLGXRVHQSDUWLFXODU\TXHQRVHGHEHUiPHQRVSUHFLDUQLQJXQD
GHHOODV&DGDDOXPQRGHEHUHVSRQGHUWRGDVODVSUHJXQWDV\FDGDYH]TXHDOJXLHQKDJDXVRGHODSDODEUDGHEHUiGHSRVLWDU
XQDILFKDHQODPHVD'HELGRDTXHHOQ~PHURGHILFKDVHQWUHJDGDVHVOLPLWDGRQDGLHSXHGHGRPLQDUHOLQWHUFDPELR
(V FRQYHQLHQWH TXH HO GRFHQWH VXSHUYLVH ORV JUXSRV GXUDQWH HO GHEDWH SDUD JDUDQWL]DU TXH VH FULWLTXHQ ODV LGHDV \ QR D ODV
SHUVRQDV\TXHWRGRVORVDOXPQRVUHDOLFHQDSRUWHVSRULJXDO
/DHYDOXDFLyQSXHGHOOHYDUVHDFDERHQIRUPDLQGLYLGXDOJUXSDORGHDPEDVPDQHUDV
/DV DFWLYLGDGHV TXH DFDEDPRV GH H[SRQHU FRQVWLWX\HQ XQDSULPHUDDSUR[LPDFLyQDODVLQQXPHUDEOHVSRVLELOLGDGHVGHO
DSUHQGL]DMH FRRSHUDWLYR HQ HO DXOD 'HELGR D OD HILFDFLD GH ODV WpFQLFDV FRRSHUDWLYDV SDUD OD HQVHxDQ]D GH KDELOLGDGHV
VRFLDOHV\HOLQFUHPHQWRHQHOQLYHOGHORJURDFDGpPLFRDOJXQRV LQYHVWLJDGRUHVODVUHFRPLHQGDQFRPRPRGRGHHQVHxDQ]D
GRPLQDQWH TXH GHEHUtD FRPSUHQGHU HO GHO WLHPSR HQ HO DXOD 7DQWR VL ORV GRFHQWHV GHGLFDQ XQD FDQWLGDGGHWLHPSR
VLJQLILFDWLYDGHVXSUiFWLFDSURIHVLRQDODHVWHPpWRGRFRPRVLQRORKDFHQHVLPSRUWDQWHGHVWDFDUTXHHODSUHQGL]DMHFRR
SHUDWLYRFXDQGRVHORDSOLFDFUHDXQFOLPDHVFRODUSODFHQWHUR\SURPXHYHHOORJURHQWUHORVDOXPQRV\HQWUHORVGRFHQWHV
/RVDOXPQRVVXHOHQPRVWUDUVHVLHPSUHGLVSXHVWRVDWUDEDMDUFRQVXVSDUHV\VXHQWXVLDVPRSRU WDOHVDFWLYLGDGHVWUDQVIRUPD
ODHQVHxDQ]DHQXQDH[SHULHQFLDJUDWD
&RODERUDFLyQHQWUHDOXPQRVHQXQDXODKHWHURJpQHD
2WUR HQIRTXH SDUD HO WUDEDMR JUXSDO GHVDUUROODGR SRU (OL]DEHWK &RKHQ HQ OD 8QLYHUVLGDG GH 6WDQIRUG DERUGD ODV
GLIHUHQFLDV OLQJtVWLFDV pWQLFDV \ GH KDELOLGDG HQ DXODV KHWHURJpQHDV (O PRGHOR GH &RKHQ VH GHQRPLQD HQVHxDQ]D
FRPSOHMD\SURPXHYHODFRQILDQ]DLQWHUUDFLDOHLQWHUpWQLFDDPHGLDTXHORVDOXPQRVDSUHQGHQDUHFXUULUDVXVSDUHVFRPR
PRGHORV OLQJtVWLFRV \ DFDGpPLFRV /D GHQRPLQDFLyQ HQVHxDQ]D FRPSOHMD VH DSOLFD D GLIHUHQWHV JUXSRV GH QLxRV TXH
WUDEDMDQ HQ GLIHUHQWHV HVWDFLRQHV GH DSUHQGL]DMH HQ HO DXOD DO PLVPR WLHPSR &DGD FHQWURSRVHHXQOLVWDGRGHDFWLYLGDGHV
SDUDHOJUXSR\ILFKDVGHWUDEDMRLQGLYLGXDO(OJUXSRQRSXHGHWUDVODGDUVHDRWURFHQWURKDVWDWDQWRWRGRVVXVLQWHJUDQWHV
KD\DQFRPSOHWDGRODWDUHD/DVWDUHDVVRQGHQDWXUDOH]DPXOWLPRGDO\HQIDWL]DQHODSUHQGL]DMHSRUPHGLRGHODDFFLyQ/DV
SUHJXQWDV TXH VH IRUPXODQ R ORV SUREOHPDV TXH GHEHQ UHVROYHUVH WLHQHQ ILQDO DELHUWR \ QR VXSRQHQ XQD ~QLFD UHVSXHVWD
FRUUHFWD
&DGD LQWHJUDQWH GHO JUXSR GHVHPSHxD XQ URO TXH SHUPLWH DVHJXUDU VX UHVSRQVDELOLGDG 8QD SHUVRQD GH FDGD JUXSR DFW~D
FRPRFRRUGLQDGRUTXLHQGHEHJDUDQWL]DUTXHWRGRVORVPLHPEURVUHFLEDQODD\XGDTXHQHFHVLWHQ/RVUROHVVRQURWDWLYRVD
ILQGHFRPSDUWLUHOOLGHUD]JR6HHQVHxDDORVDOXPQRVDFRQVLGHUDUDORVGHPiVFRPRIXHQWHGHUHFXUVRV\ODVUHJODVGHODXOD
HVWLSXODQ HO GHUHFKR GH VROLFLWDU D\XGD D FXDOTXLHU SHUVRQD GHO JUXSR \ D DVXPLU OD UHVSRQVDELOLGDG GH D\XGDU D TXLHQ OR
VROLFLWH
/RV GRFHQWHV SUHVHQWDQ ODV WDUHDV GLDULDV GHVFULELHQGR ODV GLIHUHQWHV KDELOLGDGHV LQWHOHFWXDOHV TXH FDGD XQD UHTXLHUH 6H
LQIRUPDDORVDOXPQRVTXHQDGLHUHDOL]DUiWRGDVODVWDUHDVDODSHUIHFFLyQSHURTXHFDGD PLHPEURGHOJUXSRSUREDEOHPHQWH
VHGHVWDFDUiDOPHQRVHQXQDGHHOODV/RVGRFHQWHVUHDOL]DQWDPELpQXQHVSHFLDOHVIXHU]RSDUDLGHQWLILFDUODVKDELOLGDGHVGH
DTXHOORVQLxRVTXHVXHOHQFDUHFHUGHUHFRQRFLPLHQWRRSUHVWLJLRHQHODXOD8QDYH]TXHFRPLHQ]DHOWUDEDMRHQFDGDFHQWUR
ODDXWRULGDGVHGHOHJDDORVDOXPQRVVLWXDFLyQTXHSURPXHYHODFRQILDQ]DHQWUHORVSDUHV\QRVRODPHQWHHQHOGRFHQWH'LH]
DxRVGHLQYHVWLJDFLyQHQOD8QLYHUVLGDGGH6WDQIRUGLQGLFDQTXHODHQVHxDQ]DFRPSOHMDSURGXFHVLJQLILFDWLYRVEHQHILFLRV
HQ ORV QLYHOHV GH GHVHPSHxR \ UHGXFH ORV SUREOHPDV GH LQWHJUDFLyQ SDUD ORV DOXPQRV SURYHQLHQWHV GH PHGLRV FXOWXUDOHV
GLIHUHQWHV/DVGLIHUHQFLDVOLQJtVWLFDVpWQLFDV\GHKDELOLGDGHQHODXODQRGHEHQFRQVLGHUDUVHGHVYHQWDMDVVLQRDSRUWHVTXH
FRQWULEX\HQDFUHDUXQHQWRUQRULFRHQHOFXDOORVDOXPQRVDSUHQGHQORVXQRVGHORVRWURV
0DQHMRGHFRQIOLFWRV
'XUDQWHODSULPHUDLQIDQFLDVXUJHQXHVWURVHQWLGRGHLQGLYLGXDOLGDG\VHGHVDUUROODQQXHVWUDVFDSDFLGDGHVSDUDKDFHUIUHQWH
D OD IUXVWUDFLyQ \ D ORV FRQIOLFWRV 'HELGR D TXH ODV HVFXHODV VRQ HO VHJXQGR iPELWR FRQ UHVSHFWR OD IDPLOLD GRQGH VH
FRQIRUPDQODVDFWLWXGHV\ORVYDORUHVGHORVQLxRVODVLQVWLWXFLRQHVHGXFDWLYDVSXHGHQGHVHPSHxDUXQUROLPSRUWDQWHHQOD
HQVHxDQ]DGHIRUPDV SDUDPDQHMDUFRQIOLFWRV(OFRQIOLFWRFRPRSDUWHLQHYLWDEOHGHODYLGDSXHGHFRQVLGHUDUVHXQGHVDItR
GHOTXHVHGHVSUHQGHQIRUPDVSRVLWLYDV\FRQVWUXFWLYDVSDUDDERUGDUODVGHVDYHQHQFLDV
8QD IRUPD GH FRPHQ]DU D WUDEDMDU HQ HO PDQHMR GH FRQIOLFWRV FRQVLVWH HQ LGHQWLILFDU VXV FDXVDV FRPXQHV /RV GRFHQWHV
SXHGHQ VROLFLWDU D ORV DOXPQRV TXH FRQIHFFLRQHQ XQD OLVWD GH WRGDV ODV FDXVDV TXH SURYRFDQ FRQIOLFWRV TXH SXHGDQ
LGHQWLILFDU8QDYH]TXHORVDOXPQRVKD\DQHODERUDGRVXVOLVWDVVHODVSRGUiFRPSDUDUFRQODTXHRIUHFHPRVDFRQWLQXDFLyQ
$OJXQDVFDXVDVFRPXQHVGHFRQIOLFWR 1RVHVDWLVIDFHQODVQHFHVLGDGHVLQGLYLGXDOHV(OSRGHUVHHQFXHQWUDGLVWULEXLGR
GHPDQHUDQRHTXLWDWLYD/DFRPXQLFDFLyQHVLQHILFD]RLQH[LVWHQWH/RVYDORUHVRSULRULGDGHV GLILHUHQ([LVWHQ
GLIHUHQFLDVHQODPDQHUDGHSHUFLELUXQDVLWXDFLyQ/RVHQIRTXHVSDUDODHQVHxDQ]DRODVSHUVRQDOLGDGHVGLILHUHQ
/XHJR GHO GHEDWH VH SRGUiQ DJUHJDU QXHYDV FDXVDV D OD OLVWD 3RGUiQ DQDOL]DUVH VLWXDFLRQHV SHUVRQDOHV HVFRODUHV QDFLRQDOHV R
PXQGLDOHVSDUDGHWHUPLQDUODVFDXVDVGHFRQIOLFWRV0HGLDQWHODFRPSUHQVLyQ\YHUEDOL]DFLyQGHODIXHQWHGHFRQIOLFWRHOWUDEDMR
GHORVDOXPQRVSDUDODE~VTXHGDGHVROXFLRQHVSRVLWLYDVUHVXOWDUiPiVVHQFLOOR
2WUR DVSHFWR LQWHUHVDQWH GH ORV FRQIOLFWRV HV ODPDQHUDFRPRORVLQGLYLGXRVUHDFFLRQDQIUHQWHDHOORV/DVSHUVRQDVPDQHMDQORV
FRQIOLFWRV GH GLYHUVDV PDQHUDV SRU HMHPSOR PHGLDQWH OD FRPSHWHQFLD OD FRODERUDFLyQ OD QHJDFLyQ HO DFRPRGDPLHQWR R HO
FRPSURPLVR
/XHJRGHXQGHEDWHVREUHODVUHDFFLRQHVDQWHVPHQFLRQDGDVUHVXOWDLQWHUHVDQWHTXHORVDOXPQRVUHFRQR]FDQFXiOHVHOHVWLORTXH
XWLOL]DQFRQPD\RUIUHFXHQFLDSDUDHQIUHQWDUVLWXDFLRQHVGHFRQIOLFWR(OGHEDWHSXHGHWDPELpQLQFOXLUHVWLORVDOWHUQDWLYRVTXHORV
DOXPQRVSRGUtDQHVWDULQWHUHVDGRVHQGHVDUUROODUFRQVFLHQWHPHQWH
([LVWHQPXFKRVHQIRTXHVSDUDHOPDQHMRGHFRQIOLFWRV&XDQGRVHHQVHxDDORVDOXPQRVXQSURFHVRVHQFLOORSDUDODVROXFLyQGH
FRQIOLFWRV VH ORV KDELOLWD SDUD UHVROYHU VXV GLIHUHQFLDV SDFtILFDPHQWH \ VLQ LQWHUYHQFLyQ GH DGXOWRV (O VLJXLHQWH SURFHVR HQ VHLV
SDVRVHVWiWRPDGRGHOOLEURGHO'U7KRPDV*RUGRQ3DUHQW(IIHFWLYHQHVV7UDLQLQJ>&DSDFLWDFLyQSDUDODHILFDFLDSDWHUQD@\WLHQH
XQXVRPX\GLIXQGLGRWDQWRFRQQLxRVFRPRFRQDGXOWRV(VXQPRGHORHILFD]SDUDXWLOL]DUHQHODXODFXDQGRVXUJHQFRQIOLFWRV
3URFHVR
RGGH
HP
PDQHMR
RGGH
HFFRQIOLFWRV
VGGH
H**RUG
UGRRQ
3DVR,GHQWLILFDU\GHILQLUHOFRQIOLFWR
3DVR3URSRQHUSRVLEOHVVROXFLRQHVHQXQDWRUPHQWDGHLGHDV
3DVR$QDOL]DUODVVROXFLRQHVSRWHQFLDOHVPHGLDQWHHOLQWHUFDPELRGHLGHDV
3DVR6HOHFFLRQDUODPHMRUVROXFLyQ
3DVR'HVDUUROODUXQSODQSDUDLPSOHPHQWDUODVROXFLyQ
3DVR,PSOHPHQWDU\OXHJRUHYLVDU\PRGLILFDUODVROXFLyQ
&XDQGRSUHVHQWHDORVDOXPQRVHOSURFHVRSDUDHOPDQHMRGHFRQIOLFWRVTXHVHHQXQFLDPiVDUULEDHOGRFHQWHSRGUtDVROLFLWDUDO
JUXSR TXH PHQFLRQH XQ SUREOHPD TXH VXHOH SURGXFLUVH HQ OD HVFXHOD SRU HMHPSOR HO FDVR GH XQ DOXPQR TXH IDOWD D FODVH
UHLWHUDGDPHQWH R TXH VLHPSUH LQWHUUXPSH D TXLHQ HVWi KDEODQGR /RV DOXPQRV SXHGHQ RIUHFHUVH SDUD GUDPDWL]DU OD FRQGXFWD GH
LQGLYLGXRV ILFWLFLRV FRPR XQ DOXPQR TXH KD IDOWDGR D FODVH \ XQ GRFHQWH TXH HVWi SUHRFXSDGR GHELGR D VX DXVHQWLVPR /D
GUDPDWL]DFLyQGHEHUtDLQFRUSRUDUHOSURFHVRHQVHLVSDVRVGH*RUGRQPLHQWUDVORVGHPiVDOXPQRVDFW~DQFRPRREVHUYDGRUHVGHO
SURFHGLPLHQWR$FRQWLQXDFLyQHOGRFHQWHSXHGHGLYLGLUDORVDOXPQRVHQSHTXHxRVJUXSRV\VROLFLWDUDFDGDXQRTXHVHOHFFLRQH
XQD VLWXDFLyQ FRQIOLFWLYD GLIHUHQWH \ OD UHVXHOYD SRU PHGLR GHOSURFHGLPLHQWRHQVHLVSDVRV8QDSUiFWLFDVHPHMDQWHFRQPDQHMR
HVWUXFWXUDGRGHOFRQIOLFWRSUHSDUDDORVDOXPQRVSDUDODVVLWXDFLRQHVDQyPDODVTXHVXUJHQHQODHVFXHOD\IXHUDGHHOOD&XDQGRORV
DOXPQRV KD\DQ DSUHQGLGR HVWH SURFHVR VH ORV SRGUi HVWLPXODU SDUD TXH OR DSOLTXHQ HQ GLYHUVDV VLWXDFLRQHV GH KHFKR PXFKRV
DOXPQRVORDSOLFDQHVSRQWiQHDPHQWH
(QHOGHVHPSHxRGHVXUROSURIHVLRQDOHQHO~OWLPRFLFORGHOQLYHOGHHQVHxDQ]DEiVLFDXQDGHODVDXWRUDVGHHVWHOLEURWUDEDMyFRQ
GRV DOXPQRV GH VpSWLPR DxR TXH SUHVHQWDEDQ GLIHUHQFLDV GH RSLQLyQ VHULDV \ FUyQLFDV $O PHQRV XQD YH] SRU VHPDQD VXV
FRQIOLFWRVGDEDQSRUUHVXOWDGRXQDSHOHD6LELHQDOEHUJDEDFLHUWDVGXGDVUHVSHFWRGHORVUHVXOWDGRVODGRFHQWHHQVHxyHOSURFHVR
HQVHLVSDVRV\DPHQFLRQDGRDWRGRHOFXUVRFRQODHVSHUDQ]DGHTXHUHVXOWDUDGHXWLOLGDGSDUDUHVROYHUODVGLIHUHQFLDVHQWUHORVGRV
FKLFRV8QRVGtDVPiVWDUGHORVHVFXFKyPLHQWUDVPDQWHQtDQXQDGLVFXVLyQIXHUDGHODXOD$OSULQFLSLRVXSXVRTXHXQDYH]PiV
OH VHUtD QHFHVDULR LQWHUYHQLU SHUR VH VRUSUHQGLy DO DGYHUWLU TXH ORV DOXPQRV HVWDEDQ DSOLFDQGR ORV VHLV SDVRV GHO SURFHVR GH
*RUGRQ6HHYLWyODSHOHD\ODGRFHQWHVHGLRFXHQWDGHTXHQRVyORKDEtDQDSUHQGLGRODHVWUDWHJLDVLQRTXHWDPELpQHUDQFDSDFHV
GHDSOLFDUODHQIRUPDHILFD]
$SUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO
<RXWK6HUYLFH$PHULFD>6HUYLFLRMXYHQLOGHORV(VWDGRV8QLGRV@HVXQFHQWURGHGLVWULEXFLyQGHLQIRUPDFLyQDFHUFDGHSURJUDPDV
GHWUDEDMRFRPXQLWDULRFX\DVHVWDGtVWLFDVLQGLFDQTXHORVDOXPQRVGHOQLYHOGHHQVHxDQ]DVXSHULRUGRQDQPLOORQHVGHKRUDVGH
WUDEDMR YROXQWDULR DQXDO SRU XQ YDORU HVWLPDGR HQ DOUHGHGRU GH PLOORQHV GH GyODUHV 1R REVWDQWH HO YDORU UHDO GHO WUDEDMR
FRPXQLWDULRQRVHSXHGHPHGLUHQWpUPLQRVPRQHWDULRV6LELHQHOVHUYLFLRTXHSUHVWDQORVDOXPQRVDODFRPXQLGDGHVLPSRUWDQWH
QR OR VRQ PHQRV ORV HIHFWRV TXH GLFKR VHUYLFLR SURGXFH HQ ORV PLVPRV DOXPQRV (VWRV MyYHQHV VH EHQHILFLDQ SRU HO KHFKR GH
EULQGDU VLJQLILFDWLYDV FRQWULEXFLRQHV D VX FRPXQLGDG GH DSUHQGHU DFHUFD GHO HMHUFLFLR UHVSRQVDEOH GH VXV GHUHFKRV FtYLFRV HQ
IRUPD SUiFWLFD GH DSOLFDU ORV FRQWHQLGRV DFDGpPLFRV D VLWXDFLRQHV GH OD YLGD UHDO GH HMHUFHU OD LQLFLDWLYD LQGLYLGXDO \ GH
H[SHULPHQWDU XQD WUDQVLFLyQ SRVLWLYD D OD DGXOWH] ,QYHVWLJDFLRQHV UHFLHQWHV LQGLFDQ WDPELpQ TXH HO WUDEDMR VRFLDO SURPXHYH HO
DSUHQGL]DMHDFDGpLQLFRLQFUHPHQWDODFDSDFLGDGVRFLDO\HVWLPXODODDXWRFRQILDQ]D
,QWHJUDFLyQGHOWUDEDMRVRFLDODXQSURJUDPDHVFRODU
0XFKRV GRFHQWHV \ PLHPEURV GHO SHUVRQDO GLUHFWLYR KDQ HQFRQWUDGR IRUPDV FUHDWLYDV SDUD LQFRUSRUDU HO WUDEDMR VRFLDO D ORV
SURJUDPDVHVFRODUHV(QDOJXQDVHVFXHODVHOWUDEDMRFRPXQLWDULRFRQVWLWX\HXQDVSHFWRLQWHJUDGR\QHFHVDULRGHOFXUUtFXORHVFRODU
(Q RWUDV VH OR SUHVHQWD D ORV DOXPQRV FRPR RSFLyQ /RV GRFHQWHV TXH WHQJDQ LQWHUpV HQ GHVDUUROODU HO DSUHQGL]DMH PHGLDQWH HO
WUDEDMRFRPXQLWDULRSRGUtDQLPSOHPHQWDUXQRRPiVGHORVVLJXLHQWHVPRGHORVTXHHQODDFWXDOLGDGVHOOHYDQDODSUiFWLFDHQORV
(VWDGRV8QLGRV
‡ &HQWUR GH LQIRUPDFLyQ SDUD YROXQWDULRV $OJXQDV HVFXHODV DERUGDQ HO DSUHQGL]DMH PHGLDQWH HO WUDEDMR FRPXQLWDULR
HVWDEOHFLHQGRXQFHQWURHQODLQVWLWXFLyQGRQGHVHRIUHFHQRSRUWXQLGDGHVDTXLHQHVGHVHHQLQFRUSRUDUVHFRPRYROXQWDULRV&XDQGR
ORV DOXPQRV FRQVLGHUDQ FRQYHQLHQWH XQD GH ODV RSRUWXQLGDGHV TXH VH DQXQFLDQ HQ GLFKR FHQWUR VH GLULJHQ D OD RILFLQD \ VL OHV
LQWHUHVD ILUPDQ XQ FRQWUDWR SDUD WRPDU SDUWH HQ OD SURYLVLyQ GH VHUYLFLRV (O VHJXLPLHQWR \ HYDOXDFLyQ HVWDUiQ D FDUJR GHO
HQFDUJDGRGHFDGDFHQWURSRUORJHQHUDOGRFHQWHVYROXQWDULRVGHODFRPXQLGDGRORVPLVPRVDOXPQRV
‡$FWLYLGDGGHFOXERFRFXUULFXODU&RQIUHFXHQFLDORVDOXPQRVGHVDUUROODQWUDEDMRVFRPXQLWDULRVDWUDYpVGHFOXEHVHVFRODUHVX
RUJDQL]DFLRQHVFRFXUULFXODUHV$OJXQRVGHHVWRVSURJUDPDVSRUHMHPSORHOGHO.H\&OXEFRQVLGHUDQHOWUDEDMRYROXQWDULRFRPR
VXREMHWLYRFHQWUDOPLHQWUDVTXHRWURVFRPR+RQRU6RFLHW\VXHOHQLQFOXLUORFRPRXQDGHODVUHVSRQVDELOLGDGHVGHVXVPLHPEURV
(QHVWHPRGHORXQGRFHQWHVHGHVHPSHxDFRPRDVHVRU\ORVDOXPQRVQRREWLHQHQFDOLILFDFLRQHVQLWLHPSRH[WUDSRUVXVHVIXHU]RV
HQHOWUDEDMRFRPXQLWDULR
‡ &DOLILFDFLRQHV RWRUJDGDV SRU HO WUDEDMR FRPXQLWDULR0XFKDV HVFXHODV QR VH OLPLWDQ D SURPRYHU HO DSUHQGL]DMHPHGLDQWHHO
WUDEDMR VRFLDO VLQR TXH WDPELpQ RWRUJDQ FDOLILFDFLRQHV D ORV DOXPQRV TXH UHDOL]DQ WUDEDMR YROXQWDULR GH DFXHUGR FRQ ORV
OLQHDPLHQWRVLQVWLWXFLRQDOHV(QDOJXQRVSURJUDPDVORVDOXPQRVOOHYDQDFDERWUDEDMRFRPXQLWDULRDHOHFFLyQGXUDQWHXQQ~PHUR
SUHHVWDEOHFLGR GH KRUDV (Q RWURV VH VROLFLWD D ORV DOXPQRV TXH UHDOLFHQ XQ Q~PHUR GHWHUPLQDGR GH KRUDV GH WUDEDMR YROXQWDULR
FRPRUHTXLVLWRSDUDVXJUDGXDFLyQ3DUDREWHQHUFDOLILFDFLRQHVSRUHOWUDEDMRVRFLDOORVDOXPQRVVXHOHQUHGDFWDUXQDSURSXHVWDHQ
OD TXH HVSHFLILFDQ ODV DFWLYLGDGHV ORV SOD]RV HO SURSyVLWR \ HO SURGXFWR X REMHWLYR TXH GHEHUi ORJUDUVH 8Q DVHVRU GHO FXHUSR
GRFHQWH R XQ FRRUGLQDGRU GHO SURJUDPD HYDO~D ODV SURSXHVWDV GHO DOXPQR \ UHDOL]D HO VHJXLPLHQWR GHO SUR\HFWR KDVWD VX
ILQDOL]DFLyQ /RV DOXPQRV GHVDUUROODQ VXV SUR\HFWRV GH WUDEDMR FRPXQLWDULR IXHUD GHO KRUDULR HVFRODU FRPR DFWLYLGDG
LQGHSHQGLHQWH
‡7UDEDMRFRPXQLWDULRFRPRDSOLFDFLyQSUiFWLFDGHXQDDVLJQDWXUD(QHVWHPRGHORORVDOXPQRVUHDOL]DQWUDEDMRFRPXQLWDULR
FRPRPHGLRSDUDUHFRSLODUSRQHUDSUXHED\DSOLFDUODLQIRUPDFLyQTXHKDQDSUHQGLGRHQXQDDVLJQDWXUDHVFRODU3RUHMHPSORORV
DOXPQRVGHXQFXUVRGHOHQJXDH[WUDQMHUDSXHGHQVHUYLUGHJXtDDORVLQPLJUDQWHVTXHKDEOHQODOHQJXDTXHHVWiQHVWXGLDQGRORV
DOXPQRVGHXQFXUVRGHFLHQFLDVVRFLDOHVSRGUtDQWUDEDMDUFRQIDPLOLDVVLQKRJDUSDUDDSUHQGHUHQIRUPDGLUHFWDXQWHPDSROtWLFR\
HFRQyPLFR FRPSOHMR ORV DOXPQRV FRQ RULHQWDFLyQ LQGXVWULDO SXHGHQ GLVHxDU \ FRQVWUXLU PXHEOHV SDUD SHUVRQDV FRQ QHFHVLGDGHV
HVSHFLDOHV (Q HVWRV FDVRV ODV DFWLYLGDGHV GH WUDEDMR YROXQWDULR SXHGHQ VHU SUR\HFWRV DLVODGRV R FRQVWLWXLU XQ FRPSURPLVR
SHUPDQHQWH\VHUFRQVLGHUDGDVWDQWRXQPHGLRSDUDREWHQHUFDOLILFDFLRQHVH[WUDFRPRXQUHTXLVLWRGHOFXUVR
‡&XUVRGHWUDEDMRVRFLDO$OJXQDVHVFXHODVEULQGDQXQFXUVRGHWUDEDMRVRFLDOTXHJHQHUDOPHQWHVHGHVDUUROODHQXQFXDWULPHVWUH
0XFKDV GH ODV FODVHV WLHQHQ XQD GXUDFLyQ GH GRV KRUDV SDUD RWRUJDU D ORV DOXPQRV WLHPSR VXILFLHQWH FRPR SDUD GHVDUUROODU VXV
SUR\HFWRV (VWDV FODVHV GH KRUDULR PiV H[WHQVR SURSRUFLRQDQ XQD FDOLILFDFLyQ GREOH DO DOXPQR \ VH FXHQWDQ FRPR GRV KRUDV GH
WUDEDMRSDUDHOGRFHQWHTXHODVGLFWD3RUORJHQHUDOVHGHGLFDQFXDWURGtDVVHPDQDOHVDOWUDEDMRGHFDPSR\XQGtDDOWUDEDMRHQHO
DXODSDUDSRGHUUHIOH[LRQDUVREUHODVH[SHULHQFLDVKDELOLGDGHVLQIRUPDFLyQ\SULQFLSLRVTXHSHUPLWHQOOHYDUDFDERDFWLYLGDGHVGH
WUDEDMRVRFLDOH[LWRVDV
‡(OWUDEDMR VRFLDOFRPRFRPSURPLVRLQVWLWXFLRQDO(QPXFKDVHVFXHODV\GLVWULWRVHVFRODUHVHOWUDEDMRVRFLDOQRFRQVWLWX\HXQD
DFWLYLGDGDLVODGDVLQRTXHHVXQDSDUWHLQWHJUDOGHOSURJUDPDHVFRODUHQVXWRWDOLGDG3RUHMHPSORFDGDXQRGHORVGHSDUWDPHQWRV
GHODHVFXHODSXHGHHVWDEOHFHUPDQHUDVGHDSOLFDUORVFRQRFLPLHQWRV\KDELOLGDGHVFRUUHVSRQGLHQWHVDVXVGLVFLSOLQDVFRQHOREMHWR
GHPHMRUDUODFDOLGDGGHYLGDGHODFRPXQLGDGORFDO'HHVWDPDQHUDORVDOXPQRVGHODFODVHGHLQIRUPiWLFDSRGUtDQSURSRUFLRQDU
VHUYLFLRV D RUJDQL]DFLRQHV VLQ ILQHV GH OXFUR ORV DOXPQRV GH OHQJXD SRGUtDQ HVFULELU FDUWDV SDUD ODV SHUVRQDV PD\RUHV R FRQ
GLVFDSDFLGDGHVORVDOXPQRVGHFLHQFLDVQDWXUDOHVSRGUtDQWRPDUPXHVWUDVGHDJXDGHXQUtRFHUFDQR\HQYLDUODVDXQDGHSHQGHQFLD
RILFLDO\ORVDOXPQRVGHODFODVHGHDUWHSRGUtDQGLVHxDUDILFKHVSDUDDQXQFLDUHYHQWRVGHODFRPXQLGDG
5HIOH[LyQVREUHHODSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO
/RVGRFHQWHVTXHLPSOHPHQWHQDOJXQDIRUPDGHDSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDOWHQGUiQLQWHUpV HQHVWLPXODUDVXVDOXPQRV
SDUD TXH OOHYHQ DFDERXQDUHIOH[LyQVREUHVXVH[SHULHQFLDVHQIRUPDUHJXODU(VDUHIOH[LyQSURPXHYHODVROXFLyQGHSUREOHPDV
FRWLGLDQRV DUWLFXOD ORV LQWHUHVHV GH ORV DOXPQRV \ OHV SHUPLWH LGHQWLILFDU HQIRTXHV SRVLWLYRV \ H[WUDHU EHQHILFLRV GH VXV
H[SHULHQFLDV0XFKRVDOXPQRVVHPRVWUDUiQGLVSXHVWRVDSUDFWLFDUVXVKDELOLGDGHVSDUDODOHFWXUDHVFULWXUD\SURGXFFLyQRUDOHQHO
PDUFR GH VXV DFWLYLGDGHV GH WUDEDMR VRFLDO /D UHIOH[LyQ VREUH ODV SURSLDV H[SHULHQFLDV SXHGH SURPRYHUVH GH YDULDV PDQHUDV
GXUDQWHUHXQLRQHVVHPDQDOHVHQHODXODPHGLDQWHHQWUHYLVWDVLQGLYLGXDOHVFRQORVGRFHQWHV\RPLHPEURVGHODFRPXQLGDG\SRU
PHGLRGHODUHGDFFLyQGHDUWtFXORVSHULRGtVWLFRV([LVWHQOLQHDPLHQWRVTXHSHUPLWHQD\XGDUDORVDOXPQRVDHVWUXFWXUDUVXUHIOH[LyQ
\DUHGDFWDUODFRQPD\RUSUHFLVLyQ$OJXQRVGHORVDVSHFWRVTXHSXHGHQWHQHUVHHQFXHQWDVRQORVVLJXLHQWHV
‡¢&XiOHVHODVSHFWRPiVVDWLVIDFWRULRGHWXSUR\HFWRGHWUDEDMRVRFLDO"
‡¢&XiOHVHODVSHFWRPiVDUGXRGHWXSUR\HFWRGHWUDEDMRVRFLDO"
‡¢&XiOHVVRQODVFXDOLGDGHVSHUVRQDOHVTXHVHUHTXLHUHQSDUDOOHYDUDFDERWXWUDEDMRVDWLVIDFWRULDPHQWH"
‡¢4XpHVWiVDSUHQGLHQGRVREUHWLPLVPRVREUHODFRPXQLGDG\VREUHORVGHPiVHQWXWUDEDMR"
‡¢&XiOHVHODVSHFWRPiVLQHVSHUDGRDTXHWHKDVHQIUHQWDGRHQODSXHVWDHQSUiFWLFDGHWXSUR\HFWR"
‡¢6HKDSURGXFLGRXQFDPELRHQWXSHUVRQDDSDUWLUGHOWUDEDMRTXHHVWiVUHDOL]DQGR"6LHVDVt¢FXiO"
‡6LIXHUDVHOMHIHHQWXWUDEDMR¢TXpFDPELDUtDVSDUDPHMRUDUORVVHUYLFLRVTXHVHSURSRUFLRQDQRHOSURJUDPD"
5HFXUVRVSDUDLPSOHPHQWDUHOWUDEDMRVRFLDO
(O DSUHQGL]DMH PHGLDQWH HO WUDEDMR VRFLDO SURPXHYH XQD pWLFD GH OD DVLVWHQFLD \ XQ VHQWLGR GH FRPXQLGDG GHQWUR GH OD HVFXHOD
$VLPLVPR HVWDEOHFH UHODFLRQHV SRVLWLYDV HQWUH ODV HVFXHODV \ VXV FRPXQLGDGHV /RV DOXPQRV DSUHQGHQ TXH OD HGXFDFLyQ HV DOJR
PiV TXH OD DVLPLODFLyQ GH LQIRUPDFLyQ HV XQ PHGLR SDUD PHMRUDU OD YLGD GH ORV GHPiV 0XFKRV DOXPQRV DGTXLHUHQ WDPELpQ
SURIXQGRVYDORUHVDSDUWLUGHVXVH[SHULHQFLDVGHWUDEDMRVRFLDO&UHHPRVTXHHOPHMRUHMHPSORGHHOORHVHOTXHSURSRUFLRQDQORV
IUDJPHQWRV WRPDGRV GH VXV UHIOH[LRQHV HVFULWDV TXH SUHVHQWDPRV DTXt 8Q DOXPQR TXH WUDEDMy HQ XQ UHIXJLR SDUD SHUVRQDV VLQ
KRJDUVHxDODED
3DUDPtHVWDH[SHULHQFLDPHSHUPLWLyDEULUORVRMRVGHUULEDUHVWHUHRWLSRV\FDPELDUGHDFWLWXG5HDOPHQWHOOHJXpDHQFDULxDUPH
FRQDOJXQRVGHORVFKLFRVTXHYLYtDQHQHOUHIXJLR\PHGLFXHQWDGHTXHWHQtDJDQDVGHYROYHUDYHUORV6R\XQDGHODVSHUVRQDV
TXHDOSULQFLSLRVHRSXVRDWRGRORTXHWHQtDTXHYHUFRQHODSUHQGL]DMHSRUPHGLRGHOWUDEDMRVRFLDOSHURFDPELpGHDFWLWXGFDVL
SRUFRPSOHWRDOJRTXHQRKDJRFRQIUHFXHQFLD7HSXHGHQFRQWDUORTXHHVODSREUH]DKDVWDTXHOOHJDVDFUHHUTXH\DVDEHVWRGR
DO UHVSHFWR 6LQ HPEDUJR KDVWD TXH QR PLUDV D OD SREUH]D \ D OD LQGLJHQFLD D OD FDUD QR WH SURGXFLUi QLQJ~Q LPSDFWR 1R HV
QHFHVDULR SDVDU GHPDVLDGR WLHPSR IUHQWH D XQD QHFHVLGDG KXPDQD SDUD VHQWLUVH SHUVRQDOPHQWH FRPSURPHWLGR \ FRPHQ]DU D
SUHRFXSDUVH SRU OD VLWXDFLyQ (VWR\ FRQYHQFLGR GH TXH HO HVFDVR WLHPSR TXH GHPDQGD HO WUDEDMR VRFLDO WH LPSXOVD D GHGLFDUWH D
D\XGDUDORVGHPiVGXUDQWHWRGDODYLGD
2WURDOXPQRTXHKDEtDWUDEDMDGRHQXQUHIXJLRSDUDFKLFRVGHODFDOOHHVFULELy
/DIRUPDHQTXHREWXYHHOPD\RUEHQHILFLRSHUVRQDOIXHODTXHVH PHUHSUHVHQWyDO ILQGHDTXHOODQRFKHGHViEDGR0HVHQWtDVDRVIHFKRFRQPLJR
PLVPR\HVRHUDGHKHFKRXQDHVSHFLHGHUHJRFLMRSDUDHOHJR$OILQGHFXHQWDVPLUHQWRGDVODVFRVDVTXHKDEtDKHFKRPHGHERGHKDEHUSDVDGR
WUHFHKRUDVMXQWDQGRURSD\FL QFRKRUDVDOSLHGHXQKRUQRFRFLQDQGR\FRPLHQGRJDOOHWLWDVGHPDQt)XQGDPHQWDOPHQWHGHGLTXpXQViEDGR
FRPSOHWRDDOLPHQWDUDORVKDPEULHQWRV3HUROXHJRGHREVHUYDUDHVRVDGROHVFHQWHVTXHWHQtDQWDQSRFDVFRVDVPDWHULDOHVFRPSDUDGRVFRQPLJR\
TXHSRGUtDQHVWDUVDWLVIHFKRVFRQORTXH\RFRQVLGHUDEDEDVXUDFRPHQFpDGDUPHFXHQWDGHODYHUGDG<XQDVHQVDFLyQEDVWDQWHLQFyPRGDVH
DSRGHUyGHPLPHQWHODLGHDGHTXHHVWRVFKLFRVHUDQHQXOWLPDLQVWDQFLDVXSHULRUHVDPt1RWDQWRSRUORTXHSRVHtDQVLQR SRUTXLHQHVHUDQHQ
UHDOLGDG
9DORUDFLyQGHODVGLIHUHQFLDV
+HQU\'DYLG7KRUHDXDILUPyHQXQDRSRUWXQLGDG6LXQKRPEUHQRVHPXHYHDOFRPSiVGHVXVFRPSDxHURVTXL]iVHGHEDDTXH
HVWiHVFXFKDQGRXQDPHORGtDGLIHUHQWH'HMpPRVOREDLODUDOVRQGHODP~VLFDTXHHVFXFKDFXDOTXLHUDVHDVXULWPRRVXHVWLOR/D
GLYHUVLGDGDODTXHVHUHILHUH7KRUHDXKDIDVFLQDGRDORVSVLFyORJRVGXUDQWHVLJORV+LSyFUDWHVGHILQLyORVWLSRVGHSHUVRQDOLGDG
FRPRPHODQFyOLFRVDQJXtQHRFROpULFR\IOHPiWLFR$SULQFLSLRVGHO VLJOR;;HOSVLFyORJR&DUO-XQJGHVFULELyODVYDULDQWHVTXH
PDQLILHVWDQORVLQGLYLGXRVSDUDSHUFLELUHOPXQGRSRUPHGLRGHODVHQVDFLyQRODLQWXLFLyQ\SDUDWRPDUGHFLVLRQHVEDVDGDVHQ
VHQWLPLHQWRVRSHQVDPLHQWRV
/RVWpUPLQRVSDUDFRPSUHQGHUODVGLIHUHQFLDVKXPDQDVHQHODSUHQGL]DMHKDQVLGRDPSOLDPHQWHGHVFULWRVFRPRWLSRVSVLFROyJLFRV
WLSRVGHSHUVRQDOLGDGHVWLORVFRJQLWLYRV\HVWLORVGHDSUHQGL]DMH'HVGHODGpFDGDGHORVHGXFDGRUHVVHKDQLQWHUHVDGRHQODV
DSOLFDFLRQHVGHORVHVWLORVGHDSUHQGL]DMHDODWDUHDGHODXOD/RVHVWLORVGHDSUHQGL]DMHVHUHILHUHQDODVGLIHUHQFLDVLQGLYLGXDOHVHQ
ODPDQHUDGHSHUFLELUSURFHVDU\FRPXQLFDUODLQIRUPDFLyQ
&RQ HO REMHWR GH D\XGDU ORV DOXPQRV D GHVDUUROODU OD FDSDFLGDG GH YDORUDU ODV GLIHUHQFLDV HV LPSRUWDQWH WDQWR SURSRUFLRQDU
PRGHORVGHFRQGXFWDFRPRXWLOL]DUHVWUDWHJLDVTXHDUWLFXOHQORVFRQFHSWRVGHHVWLORGHDSUHQGL]DMH&XDQGRVHWRPDQHQFXHQWDODV
GLIHUHQFLDVLQGLYLGXDOHVHVWDPELpQIXQGDPHQWDOKDFHUQRWDUDORVDOXPQRVODQHXWUDOLGDGGHODVYDULDQWHVGHHVWLOR/RVKiELWRVR
UDVJRVFDUDFWHUtVWLFRVGHDOJXLHQQRVRQPHMRUHVTXHORVGHRWUDSHUVRQDVLPSOHPHQWHVRQGLIHUHQWHV$FRQWLQXDFLyQVXJHULPRV
DOJXQDVLGHDVVREUHHOPRGRGHSUHVHQWDUORVFRQFHSWRVGHHVWLORDORVDOXPQRV
$FWLYLGDGHVSDUDWUDEDMDUFRQFHSWRVGHHVWLORGHDSUHQGL]DMHFRQORVDOXPQRV
‡ ([LVWH XQD JUDQ FDQWLGDG GH DFWLYLGDGHV SHUFHSWXDOHV \ DFHUWLMRV TXH SHUPLWHQ D ORV DOXPQRV FRPSUHQGHU ODV GLIHUHQFLDV GH
HVWLOR8QDGHHOODVHVODVLPSOHDVRFLDFLyQGHSDODEUDV (OGRFHQWHGLFHXQDSDODEUDFRPRQDUDQMDFDUDFROMXHJRRPHVD
ORV DOXPQRV DQRWDQ OD SDODEUD R IUDVH TXH GLFKR WpUPLQR OHV VXJLHUD \ OXHJR FRPSDUDQ VXV UHVSXHVWDV FRQ ODV GH TXLHQHV VH
HQFXHQWUDQ D VX DOUHGHGRU 'H HVWD PDQHUD ODV GLIHUHQFLDV UHVXOWDUiQ HYLGHQWHV \ GDUiQ OXJDU D XQ GHEDWH HQ WRUQR GH ODV
FRQFHSFLRQHVLQGLYLGXDOHV
‡ ([LVWHQPXFKDVWDUHDVUHODFLRQDGDVFRQODLOXVLyQySWLFD\ODSHUFHSFLyQYLVXDOTXHLOXVWUDQHOPLVPRFRQFHSWRSRUHMHPSOR
HOFRQRFLGRGLEXMRTXHLQFOX\HIORUHURV \FDUDVTXHVHHQFXHQWUDHQPXFKRVOLEURVGHLOXVLRQHVySWLFDV
‡ 6HSXHGHSURSRUFLRQDUDORVDOXPQRVXQURPSHFDEH]DVRXQSUREOHPDOyJLFREUHYH\HYROXWLYDPHQWHDSURSLDGR(OREMHWLYR
HVTXHSUHVWHQDWHQFLyQDOSURFHVRTXHHPSOHDQSDUDUHVROYHUODVLWXDFLyQHQOXJDUGHFRQFHQWUDUVHHQREWHQHUXQD~QLFDUHVSXHVWD
FRUUHFWD 0HGLDQWH OD FRPSDUDFLyQ GH VXV HVWUDWHJLDV SDUD OD VROXFLyQ GH SUREOHPDV ORV DOXPQRV SXHGHQ UHFRQRFHU GLIHUHQFLDV
VLJQLILFDWLYDVHQODPDQHUDFRPRODVSHUVRQDVDERUGDQXQDPLVPDWDUHD
‡ /RV DOXPQRV SXHGHQ FRQYHUVDU VREUH WHPDV VLJQLILFDWLYRV SDUD VX SURSLD YLGD FRPR P~VLFD IDYRULWD IRUPDV GH DSUHQGHU D
DQGDU HQ ELFLFOHWD MXHJRV GH YLGHR X RWURV SDVDWLHPSRV &XDQGR VH OHV SUHJXQWD SRU TXp FLHUWDV DFWLYLGDGHV OHV UHVXOWDQ
SODFHQWHUDVORVDOXPQRVDGYLHUWHQTXHODVSUHIHUHQFLDVLQGLYLGXDOHVVRQSULYDWLYDVGHFDGDXQR\QRFRUUHFWDVRLQFRUUHFWDV
‡ &XDQGRORVDOXPQRVILQDOL]DQXQSUR\HFWRHV~WLOVROLFLWDUOHVTXHH[SRQJDQODPDQHUDFRPRGHVDUUROODURQODWDUHD6HSRGUtDQ
IRUPXODUSUHJXQWDVFRPR¢'HTXpPDQHUDFRPHQ]DVWH"¢&yPRWRPDVWHHVDGHFLVLyQ"¢&XiOHVIXHURQORVSDVRVHQHOGHVDUUROORGH
OD WDUHD" 6L YROYLHUDV D WUDEDMDU HQ HVWH SUR\HFWR ¢FDPELDUtDV DOJR" ¢&XiOHV IXHURQ ODV SDUWHV PiV GLItFLOHV" ¢&XiOHV ODV PiV
IiFLOHV" (VWDV SUHJXQWDV SRGUiQ UHVSRQGHUVH HQ SHTXHxRV JUXSRV GH GHEDWH \ HO LQWHUFDPELR SHUPLWLUi GHVWDFDUTXHODVSHUVRQDV
DSUHQGHQGHGLIHUHQWHVPDQHUDV
‡ 0XFKRV GRFHQWHV SURSRUFLRQDQ LQYHQWDULRV \ HMHUFLFLRV GH DXWRHYDOXDFLyQ D ORV DOXPQRV D ILQ GH TXH SXHGDQ LGHQWLILFDU
PRGHORVHQVXSURSLRDSUHQGL]DMH\WDPELpQDFWLYLGDGHVIRUPDOHVTXHLOXVWUHQODVDSOLFDFLRQHVGHGLFKRVPRGHORV
4XL]i OR PiV LPSRUWDQWH VHD TXH HO GRFHQWH SURSRUFLRQH PRGHORV GH FRQGXFWD SDUD YDORUDU ODV GLIHUHQFLDV LQGLYLGXDOHV GXUDQWH
WRGDOD MRUQDGDHVFRODU6LELHQHVHVSHUDEOHTXHWRGRVORVDOXPQRVGHVDUUROOHQODVPLVPDVKDELOLGDGHV\DOFDQFHQHOPLVPRQLYHO
GH FRPSHWHQFLD SRU HMHPSOR HQ HO DSUHQGL]DMH GH OD OHFWXUD HQ OD PXOWLSOLFDFLyQ GH IUDFFLRQHV HQ OD DSOLFDFLyQ GH UHJODV
RUWRJUiILFDV R HQ OD FRPSUHQVLyQ GH OD LPSRUWDQFLD KLVWyULFD GH GHWHUPLQDGRV KHFKRV ORV GRFHQWHV GHEHQ DFHSWDU TXH QR WRGRV
HOORVDSUHQGHQ\GHVDUUROODQVXVFDSDFLGDGHVGHODPLVPDPDQHUD/RVHGXFDGRUHVTXHSRQJDQGHPDQLILHVWRHVWDGLVWLQFLyQSRU
PHGLR GH VXV DFWLWXGHV \ PDQWHQJDQ H[SHFWDWLYDV DOWDV SDUD WRGRV ORV DOXPQRV DO WLHPSR TXH DSUHFLDQ \ FHOHEUDQ VXV GLYHUVDV
PDQHUDVGHDSUHQGHUHQVHxDUiQPXFKRPiVSRUPHGLRGHVXFRQGXFWDTXHPHGLDQWHODDSOLFDFLyQGHHVWUDWHJLDV
'HVDUUROORGHSHUVSHFWLYDVP~OWLSOHV
1XHVWUDV FRQFHSFLRQHV FRQ UHVSHFWR D ORV GHPiV \ D GLIHUHQWHV VLWXDFLRQHV GHULYDQ GH QXHVWUD H[SHULHQFLD GH YLGD GH QXHVWURV
VLVWHPDVGHYDORUHVGHQXHVWURVVXSXHVWRV\GHQXHVWUDVH[SHFWDWLYDV6LELHQHVIiFLODILUPDUTXHWRGRVSHUFLELPRVHOPXQGRGH
PDQHUDGLIHUHQWHUHVXOWDGLItFLOLQWHUQDOL]DUWDOFRQFHSWR6HUHTXLHUHXQHVIXHU]RVRVWHQLGR\FRQVWDQWHSDUDOOHJDUDYHUHOPXQGR
D WUDYpV GH ORV RMRV GH ORV GHPiV \ SDUD FRPSUHQGHU VLWXDFLRQHV GHVGH GLYHUVRV SXQWRV GH YLVWD (Q XQ PXQGR FDGD YH] PiV
FRPSOHMR HV QHFHVDULR TXH ORV DOXPQRV GHVDUUROOHQ DTXHOOR TXH 6WHYHQ /iP\ GHVWDFDGR HGXFDGRU JOREDO HVWDGRXQLGHQVH
GHQRPLQD SOXUDOLVPR LQWHOHFWXDO (O SOXUDOLVPR LQWHOHFWXDO HV OD FDSDFLGDG SDUD DQDOL]DU R HYDOXDU FRQFHSFLRQHV GLIHUHQWHV X
RSXHVWDV
/DVHFFLyQSUHFHGHQWHSUHVHQWDDORVDOXPQRVODFRQFHSFLyQGHTXHWRGDVODVSHUVRQDVDERUGDQHODSUHQGL]DMHGHPDQHUDGLIHUHQWH
/DVVLJXLHQWHVDFWLYLGDGHVUHTXLHUHQTXHORVDOXPQRVWHQJDQHQFXHQWDSHUVSHFWLYDVP~OWLSOHVHQVXVLQWHUDFFLRQHVFRQORVGHPiV
/DV HVWUDWHJLDV LQFOX\HQ HO UHFRQRFLPLHQWR GH ODV FRQFHSFLRQHV GH ORV GHPiV OD FRPSUHQVLyQ GH GLYHUVRV SXQWRV GH YLVWD OD
UHIOH[LyQVREUHKHFKRVGHDFWXDOLGDGGHVGHYDULDVSHUVSHFWLYDVODFRQVLGHUDFLyQGHLPSOLFDQFLDVJOREDOHV\ODLQFRUSRUDFLyQGHXQ
SHQVDPLHQWR VLVWHPiWLFR TXH WHQJD HQ FXHQWD HO LPSDFWR GH OD DFWLYLGDG KXPDQD VREUH ORV VLVWHPDV QDWXUDOHV \ KXPDQRV /D
SULPHUDHVWUDWHJLDVHFRQFHQWUDHQORVDOXPQRV\HQORVPRGRVFRPRVHSHUFLEHQPXWXDPHQWH
¢4XLpQHVVRPRV"
/RV DOXPQRV VXHOHQ VRUSUHQGHUVH FXDQGR GHVFXEUHQ TXH FRQ IUHFXHQFLD ODV SHUFHSFLRQHV GH ORV GHPiV GLILHUHQ GH OD PDQHUD
FRPR FDGD XQR GH QRVRWURV VH SHUFLEH D Vt PLVPR /D DFWLYLGDG VLJXLHQWH SUHVHQWD D ORV QLxRV HO FRQFHSWR GH SHUVSHFWLYDV
P~OWLSOHVPHGLDQWHODH[SORUDFLyQGHODVGLVFUHSDQFLDVHQWUHODDXWRSHUFHSFLyQ\ODVSHUFHSFLRQHVGHORVFRPSDxHURVGHODXOD
5HWUDWRVHQFROODJH
6H VROLFLWDUi D ORV DOXPQRV TXHGLVHxHQHQVXFDVDXQ5HWUDWRHQFROODJHHQHOTXHGHEHUiQRPLWLUWRGRQRPEUHRLPDJHQTXH
VLUYD SDUD LGHQWLILFDUORV &XDQGR ORV WUDLJDQ DO DXOD \ ORV H[KLEDQ ORV PLHPEURV GH OD FODVH GHEHUiQ DGLYLQDU D TXLHQ SHUWHQHFH
FDGD XQR /XHJR VH SXHGH OOHYDU D FDER XQ GHEDWH HQ WRUQR GH OD SURIXQGLGDG FRQ TXH FDGD XQR GH ORV DOXPQRV FRQRFH D ORV
GHPiV
3DUDLQLFLDUODDFWLYLGDGVHVROLFLWDDORVDOXPQRVTXHUHFROHFWHQHQVXFDVDHOHPHQWRVTXHSXHGDQXWLOL]DUHQHOFROODJH (OGRFHQWH
SURSRUFLRQD OiPLQDV GH FDUWyQ \ UHYLVWDV XVDGDV D TXLHQHV GHVHHQ WUDEDMDU FRQ HVRV PDWHULDOHV 8QD YH] TXH VH KD\D UHXQLGR HO
PDWHULDO FDGD DOXPQR UHDOL]DUi VX FROODJH HQ HO KRJDU HQ pO UHSUHVHQWDUi VXV SDVDWLHPSRV IDYRULWRV IRWRJUDItDV GH VX SULPHUD
LQIDQFLDH[SHULHQFLDVGHYLDMHKpURHVRKHURtQDVXRSLQLRQHVSHUVRQDOHVDFHUFDGHWHPDVLPSRUWDQWHV&DGD FROODJH VHUiDQyQLPR
\QRGHEHUi LQFOXLUQRPEUHVLPiJHQHVRVtPERORVTXHSHUPLWDQLGHQWLILFDUDODXWRUGHOWUDEDMRDUWtVWLFR
6HDVLJQDXQGtDSDUDTXHORVDOXPQRVWUDLJDQVXVFROODJHV DODXODGHQWURGHXQDEROVDGHVXSHUPHUFDGRRFXDOTXLHURWURHQYROWRULR
0LHQWUDVORVDOXPQRVVHHQFXHQWUDQIXHUDGHODXODHOGRFHQWHSUHSDUDUiODH[KLELFLyQGHORVWUDEDMRV\FRORFDUiXQVREUHGHEDMRGH
FDGD XQR $ VX UHJUHVR ORV DOXPQRV REVHUYDUiQ ORV UHWUDWRV H LQWHQWDUiQ DGLYLQDU TXLHQHV VRQ ORV DUWLVWDV /DV RSLQLRQHV VH
HVFULELUiQ HQ XQWUR]RGHSDSHO\VHFRORFDUiQGHQWURGHOVREUHFRUUHVSRQGLHQWH8QDYH]TXHVHKD\DQYLVWRWRGRVORVFROODJHV
FRPHQ]DUiHOSURFHVRGHHYDOXDFLyQ/DVVLJXLHQWHVVRQSRVLEOHVSUHJXQWDVSDUDHOGHEDWHJUXSDO
‡¢5HVXOWDIiFLORGLItFLOLGHQWLILFDUDORVFRPSDxHURVSRUPHGLRGHVXVFROODJHV"
‡¢$TXLHQHVUHVXOWyPiVIiFLOLGHQWLILFDUFRPRDXWRUHVGHVXVFROODJHV"¢3RUTXp"
‡¢4XpDSUHQGLVWHDFHUFDGHORVGHPiVTXHWHKD\DUHVXOWDGRQXHYRRVRUSUHQGHQWH"
‡¢(QTXpPHGLGDFUHHVFRQRFHUDWXVFRPSDxHURV"
‡¢(VSRVLEOHGHVFXEULUXQHOHPHQWRHVSHFLDO\~QLFRHQFDGDFROODJH"
‡¢3XHGHVDKRUDFRQVLGHUDUDFDGDFRPSDxHURGHPDQHUDGLIHUHQWH"6LHVDVt¢FyPR"
/RVDOXPQRVSRGUiQFRQFOXLUHOGHEDWHFRQXQDUHIOH[LyQVREUHORVSUREOHPDVTXHVXUJHQFXDQGRDOJXLHQVHEDVDHQVXSRVLFLRQHV
DFHUFDGHRWUDSHUVRQDVLQFRQRFHUODUHDOPHQWH
&RPSUHQVLyQGHGLIHUHQWHVSXQWRVGHYLVWD
8QDPDQHUDGHWUDEDMDUHOFRQFHSWRGHSHUVSHFWLYDVP~OWLSOHVFRQORVDOXPQRVGHOQLYHOGHHQVHxDQ]DEiVLFDFRQVLVWHHQHVWXGLDU
WH[WRVGHILFFLyQGHVGHGLYHUVRVSXQWRVGHYLVWD8QUHFXUVRLQWHUHVDQWHHVHOTXHSURSRUFLRQDHOOLEUR 7KH7UXH6WRU\RIWKH7KUHH
/LWWOH3LJV >/DYHUGDGHUDKLVWRULDGHORVWUHVFKDQFKLWRV@GH-RQ6FLHV]ND(QHVWHWH[WRVHH[SRQHHOSXQWRGHYLVWDGHOORERHQHO
FXHQWR/RVWUHVFKDQFKLWRV$GLIHUHQFLDGHOUHWUDWRTXHRIUHFHODYHUVLyQRULJLQDOGHODKLVWRULDHQHOTXHVHORSLQWDFRPRXQVHU
HJRtVWD \ VDQJXLQDULR HO 6U $ /RER H[SOLFD TXH VX SUREOHPDFRQVLVWHHQTXHSDGHFHGHDOHUJLDVTXHORREOLJDQDHVWRUQXGDU\
UHVRSODU/RVQLxRVSHTXHxRVGLVIUXWDQFRQODOHFWXUDGHDPEDVKLVWRULDV\HODQiOLVLVGHSXQWRVGHYLVWDRSXHVWRV
2WUD IRUPD GH D\XGDU D ORV DOXPQRV D H[SORUDU GLIHUHQWHV SXQWRV GH YLVWD FRQVLVWH HQ HVWLPXODUORV SDUD TXH FRPSDUWDQ VXV
UHDFFLRQHV IUHQWH D GLYHUVDV VLWXDFLRQHV 6H FRPLHQ]D SRU GHVDUUROODU XQD OLVWD GH KHFKRV FRPR OD DVLVWHQFLD D XQ HQFXHQWUR
GHSRUWLYR RODOHFWXUDGHXQHQLJPDFRPRWDUHDSDUDHOKRJDU(OGRFHQWHOHHHQYR]DOWDFDGDXQRGHORVKHFKRVDOJUXSR\ORV
DOXPQRVH[SRQHQVXVUHDFFLRQHVIUHQWHDWDOHVVLWXDFLRQHV 6( GHEHHVWLPXODUODIRUPXODFLyQGHGLYHUVDVRSLQLRQHV/XHJRGHTXH
YDULRVDOXPQRVKD\DQH[SUHVDGRVXVUHDFFLRQHVVHHOLJHDDOJ~QDOXPQRSDUDTXHOHDHQVLOHQFLRHOVLJXLHQWHKHFKRGHODOLVWD\
IRUPH VX RSLQLyQ $ FRQWLQXDFLyQ ORV PLHPEURV GH OD FODVH IRUPXODQ KLSyWHVLV DFHUFD GH OD UHDFFLyQ GH GLFKR DOXPQR /D
DFWLYLGDGSXHGHFRQWLQXDUPLHQWUDVORVDOXPQRVGLVIUXWHQFRPSDUDQGR\FRQWUDVWDQGRODVGLYHUVDVUHDFFLRQHV
/LVWDGHKHFKRV
*DQDVXQYLDMHD(JLSWR
7HLQYLWDQDSUHVHQFLDUXQSDUWLGRGHEDVTXHW
7HHOLJHQSDUDHVFULELUXQDUWLFXORSDUDHOSHULyGLFRHVFRODU
7XPDGUHWHFRPSUDXQSLDQR
8QSDULHQWHWHVXJLHUHTXHHVWXGLHVPHGLFLQD
7HSURSRQHQSDUDDVXPLUHOSDSHOSURWDJyQLFRHQXQDREUDGHWHDWURHVFRODU
7XGRFHQWHWHVROLFLWDTXHHOLMDVXQOLEURFRPROHFWXUDH[WUDHVFRODU
8QUHJDORGHFXPSOHDxRVTXHWHJXVWDUtDUHFLELUHV
3DUD FHUUDU OD DFWLYLGDG VH VROLFLWDUi D ORV DOXPQRV TXHDQDOLFHQVLVXVSUHGLFFLRQHVDFHUFDGHODVUHDFFLRQHVGHVXVFRPSDxHURV
IXHURQFRUUHFWDV6LQRHVDVt¢DTXpVHGHEH"7DPELpQHVLPSRUWDQWHDQDOL]DUVLORVDOXPQRVUHFRQRFHQODYDOLGH]GHOSXQWRGH
YLVWDGHORVGHPiV
8QDYH]TXHVHKD\DLQWHUSUHWDGRHOFRQFHSWRGHSXQWRGHYLVWDVHSRGUiVROLFLWDUDORVDOXPQRV TXHUHIOH[LRQHQDFHUFDGHKHFKRV
GHVXSURSLDYLGD3RUHMHPSOR¢TXpSHQVDUtDHOFRQGXFWRUGHXQDXWRE~VHVFRODUDFHUFDGHORVQLxRVTXHJULWDQVLQSDUDUGXUDQWHHO
YLDMH" ¢'H TXp PDQHUD SRGUtDQ SHUFLELUOR ORV DOXPQRV" ¢$ TXp REHGHFH HO KHFKR GH TXH JULWHQ" ¢3RU TXp SRGUtD TXHUHU HO
FRQGXFWRUTXHKDEODVHQHQYR]EDMD"
3HUVSHFWLYDVJOREDOHVHQHOFXUUtFXORHVFRODU
2WURHQIRTXHTXHSHUPLWHYHUFRQORVRMRVODPHQWH\HOFRUD]yQGHORVGHPiVFRQVLVWHHQLQFRUSRUDUSHUVSHFWLYDVJOREDOHVDWRGDV
ODV iUHDV GH FRQWHQLGR LQFOX\HQGR DUWHV \ FLHQFLDV OLWHUDWXUD \ DFWLYLGDGHV H[WUDFXUULFXODUHV $ PHGLGD TXH HO PXQGR VH YXHOYH
PiV LQWHUGHSHQGLHQWH \ ORV DOXPQRV GLVSRQHQ GH XQ PD\RU Q~PHUR GH RSRUWXQLGDGHV SDUD FRPXQLFDUVH FRQ SHUVRQDV GH RWUDV
FXOWXUDV HV LPSRUWDQWH QR IRUPXODU MXLFLRV DFHUFD GH ODV GLIHUHQFLDV FXOWXUDOHV TXH SXHGDQ FDOLILFDUODV FRPR FRUUHFWDV R
LQFRUUHFWDV
/RV HGXFDGRUHV SRGUiQ UHIOH[LRQDU VREUH HO HVWtPXOR TXH EULQGDQ D VXV DOXPQRV HQ OD DGTXLVLFLyQ GH PiV GH XQD SHUVSHFWLYD
UHVSHFWR GH ODV GLIHUHQFLDV \ ORV WHPDV FXOWXUDOHV &RQ HO REMHWR GH GHWHUPLQDU VL ODV SHUVSHFWLYDV JOREDOHV IRUPDQ SDUWH GHO
FXUUtFXORORVGRFHQWHVSRGUtDQSODQWHDUVHORVVLJXLHQWHVLQWHUURJDQWHV
‡¢6RQFDSDFHVORVDOXPQRVGHYDORUDUQXPHURVDVRSLQLRQHVPXQGLDOHV"
‡¢'LVSRQHQORVDOXPQRVGHLQIRUPDFLyQDFHUFDGHKHFKRV\FXHVWLRQHVPXQGLDOHV"
‡¢&RPSUHQGHQORVDOXPQRVTXHORVVHUHVKXPDQRVVHGLIHUHQFLDQSRUVXVDWULEXWRVFXOWXUDV\H[SHULHQFLDV\DOPLVPRWLHPSR
FRPSDUWHQQHFHVLGDGHV\REMHWLYRV"
‡¢3XHGHQLGHQWLILFDU\FRPSUHQGHUODLQWHUGHSHQGHQFLDGHORVQXPHURVRVVLVWHPDVPXQGLDOHV"
‡¢$SUHQGHQHVWUDWHJLDVSDUDSDUWLFLSDUHQHYHQWRV\HQWRUQRVORFDOHVQDFLRQDOHVHLQWHUQDFLRQDOHV"
‡ ¢(VWiQ DGTXLULHQGR ODV KDELOLGDGHV QHFHVDULDV SDUD OD WRPD GH GHFLVLRQHV HO DQiOLVLV GH OD LQIRUPDFLyQ \ OD SDUWLFLSDFLyQ
FLXGDGDQD"
0HGLDQWHHOHPSOHRGHORVUHFXUVRVGLVSRQLEOHVHQODPD\RUtDGHODVFRPXQLGDGHVORVDOXPQRVSXHGHQH[SORUDUODVGLIHUHQFLDV\
VHPHMDQ]DV FXOWXUDOHV TXH VH PDQLILHVWDQ HQ OD P~VLFD OD OLWHUDWXUD ORV MXHJRV R ODV DUWHV GH GLYHUVRV SDtVHV /RV DUWLVWDV ORV
RUDGRUHVLQYLWDGRVORVHVWXGLDQWHVGHLQWHUFDPELRORVFRRUGLQDGRUHVGHGHEDWHV\ODELEOLRJUDItDGHUHIHUHQFLDSXHGHQHQULTXHFHU
WRGRVORVFRQWHQLGRV
5XHGDGHVLVWHPDV
2WUDGLPHQVLyQSDUDJDQDUSHUVSHFWLYDFRQVLVWHHQDQDOL]DUODVFRQVHFXHQFLDVGHODVSURSLDVDFFLRQHV'XUDQWHORV~OWLPRVDxRVVH
KDSURGXFLGRXQFUHFLHQWHDXPHQWRHQODFRQFLHQFLDDFHUFDGHOLPSDFWRHQHOODUJRSOD]RGHODFFLRQDUKXPDQRVREUHORVVLVWHPDV
QDWXUDOHV\DTXHOORVFUHDGRVSRUHOKRPEUH0XFKRVDVXQWRVFRQWHPSRUiQHRVUHYHODQODLQWHUFRQH[LyQGHORVVLVWHPDVFXOWXUDOHV
HFROyJLFRVHFRQyPLFRVSROtWLFRV\WHFQROyJLFRV&RQHOREMHWRGHH[WHQGHUHOSHQVDPLHQWRGHODOXPQRPiVDOOiGHODVVROXFLRQHV
DFRUWRSOD]RVHOHVSXHGHVROLFLWDUTXHLGHQWLILTXHQORVP~OWLSOHVIDFWRUHV\FRQVHFXHQFLDVSRWHQFLDOHVSHUWLQHQWHVDFDGDWHPD(O
VLJXLHQWHHMHUFLFLRHQFLQFRSDVRVVHGHQRPLQDUXHGDGHVLVWHPDV\FRQVWLWX\HXQDKHUUDPLHQWD~WLOSDUDSUHGHFLUFRQVHFXHQFLDV
SRWHQFLDOHV
6ROLFLWDUDORVDOXPQRVTXHLGHQWLILTXHQXQWHPDRUHDOLFHQXQSURQyVWLFRSHUWLQHQWHDORVFRQWHQLGRVTXHVHGHVDUUROODQHQHO
DXOD8QDYH]VHOHFFLRQDGRHOWHPDRSURQyVWLFRVHOHVVROLFLWDTXHGLEXMHQXQFtUFXORHQXQDKRMDJUDQGHGHSDSHOHQEODQFR\TXH
HVFULEDQHVHWHPDGHQWURGHOFtUFXOR3RUHMHPSORORVDOXPQRVGHXQFXUVRGHFLHQFLDVQDWXUDOHVSXHGHQHOHJLUODFRQWDPLQDFLyQ
GHODLUHFRPRWHPDSDUDDERUGDU
$FRQWLQXDFLyQORVDOXPQRVUHDOL]DQXQDWRUPHQWDGHLGHDVSDUDLGHQWLILFDUORVVLVWHPDVJOREDOHVTXHVHYHUiQDIHFWDGRVSRU
ODFUHFLHQWHFRQWDPLQDFLyQGHODLUH/RVHMHPSORVSRGUtDQLQFOXLUHOHQWRUQRQDWXUDOODVUHODFLRQHVLQWHUQDFLRQDOHVODWHFQRORJtD
ODV HFRQRPtDV PXQGLDOHV R ORV VLVWHPDV SROtWLFRV 8QD YH] LGHQWLILFDGRV ORV VLVWHPDV JOREDOHV ORV DOXPQRV GLEXMDQ HO Q~PHUR
FRUUHVSRQGLHQWHGHUD\RVTXHSDUWHQGHOSULPHUFtUFXOR\HQHOH[WUHPRGHFDGDXQRGHHOORVGLEXMDUiQRWURFtUFXOR'HQWURGHFDGD
QXHYRFtUFXORVHDQRWDXQVLVWHPDJOREDODIHFWDGRSRUODFRQWDPLQDFLyQGHODLUH
6HGLEXMDOXHJRXQWHUFHUJUXSRGHUD\RV\FtUFXORVDSDUWLUGHOVHJXQGRJUXSRSDUDLQGLFDUFRQVHFXHQFLDVSRWHQFLDOHVGH
ODFRQWDPLQDFLyQGHODLUH(OWHUFHUDQLOORGHFtUFXORVSUHGLFHHOSUREDEOHLPSDFWRGHODFRQWDPLQDFLyQGHODLUHVREUHORVVLVWHPDV
JOREDOHVLGHQWLILFDGRVHQHOVHJXQGRDQLOOR
/RVDOXPQRVFRQWLQ~DQH[WHQGLHQGRORVDQLOORVGHFRQVHFXHQFLDVPLHQWUDVSXHGDQVHJXLUIRUPXODQGRSURQyVWLFRV
7DPELpQSRGUiQSUHGHFLUHOQ~PHURGHDxRVTXHWUDQVFXUULUiQDQWHVGHTXHVHDGYLHUWDQWDOHVHIHFWRV
/XHJRORVDOXPQRVLGHQWLILFDQODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHDOJXQRVGHORVFtUFXORVGHVWDFiQGRORVFRQXQPLVPR
FRORURGLEXMDQGROtQHDVGHFRQH[LyQ
3DUDSRQHUFLHUUHDODDFWLYLGDGORVDOXPQRVSXHGHQSUHVHQWDUVXVUXHGDVGHVLVWHPDVHQSHTXHxRVJUXSRV\WRPDQQRWDGHODV
VHPHMDQ]DV\GLIHUHQFLDVHQWUHVXVSURQyVWLFRV\ORVGHVXVFRPSDxHURV3RU~OWLPRSXHGHGHVDUUROODUVHXQGHEDWHFRQWRGRVORV
PLHPEURVGHODFODVHHQHOTXHORVDOXPQRVVLQWHWLFHQ\UHYLVHQVXVSURQyVWLFRVHLGHQWLILTXHQORVFXUVRVGHDFFLyQDSURSLDGRV
6ROXFLyQGHSUREOHPDVHQHOQLYHOORFDO\JOREDO
3RU OR JHQHUDO ORV DOXPQRV PXHVWUDQ SUHGLVSRVLFLyQ SDUD HQFDUDU SUREOHPDV GH OD YLGD UHDO &XDQGR GLVSRQHQ GH LQIRUPDFLyQ
VREUHSUREOHPDVQDFLRQDOHVHLQWHUQDFLRQDOHV GHDFWXDOLGDG\FXDQGRKDQDSUHQGLGRSURFHVRVSDUDODVROXFLyQGHSUREOHPDVORV
QLxRV VXHOHQ VRUSUHQGHU D ORV DGXOWRV FRQ LQJHQLRVDV SURSXHVWDV SDUD DERUGDU QHFHVLGDGHV DFXFLDQWHV 3RU HMHPSOR GXUDQWH OD
GpFDGDGHXQJUXSRGHDOXPQRVUXVRV\HVWDGRXQLGHQVHVWUDEDMDURQMXQWRVSDUDSURPRYHUOLPLWDFLRQHVDODSUROLIHUDFLyQGH
DUPDV QXFOHDUHV &RQ HO REMHWR GH GDU SXEOLFLGDG D VX FDXVD GLVHxDURQ ELMRXWHULH FRQ SLH]DV SHUWHQHFLHQWHV D ERPEDV
GHVPDQWHODGDV \ ODV YHQGLHURQ FRPR VtPERORV GH OD SD] PXQGLDO 7DPELpQ FUHDURQ XQD EDQGHUD FRQ XQ SRGHURVR VLPEROLVPR
YLVXDOODPLWDGGHODHQVHxDGHODH[8QLyQ6RYLpWLFD\ODPLWDGGHODHQVHxDHVWDGRXQLGHQVH/DVGRVPLWDGHVVHFRPELQDEDQ\XQ
JUDQ FRUD]yQ HQPDUFDED ORV ERUGHV /DV LPiJHQHV YLVXDOHV\ODVMR\DVFUHDGDVSRUORVDOXPQRVDWUDMHURQODDWHQFLyQWDQWRGHOD
FLXGDGDQtDORFDOFRPRGHODUDGLR\WHOHYLVLyQQDFLRQDOHV
/RVDOXPQRVSXHGHQDSUHQGHUSURFHVRVSDUDODVROXFLyQGHSUREOHPDVGHVWLQDGRVDDERUGDUVLWXDFLRQHVFDXVDQWHVGHSUHRFXSDFLyQ
HQ ORV QLYHOHV QDFLRQDO \ JOREDO \ TXL]iV KHFKR GH PD\RU LPSRUWDQFLD SXHGDQ OOHYDU D FDER DFFLRQHV SDUD LPSOHPHQWDU VXV
SURSLDVVROXFLRQHVFUHDWLYDV/DVHVWUDWHJLDVSDUDODVROXFLyQGHSUREOHPDVTXHVHVXJLHUHQDFRQWLQXDFLyQVRQGHtQGROHQDWXUDOLVWD
\VHKDQH[WUDtGRGHXQDFROHFFLyQSDUDODHGXFDFLyQJOREDOWLWXODGD 2XU2QO\(DUWK >1XHVWUD~QLFD7LHUUD@SXEOLFDGDSRU=HSK\U
3UHVV(VWDVHVWUDWHJLDVIRUPDQSDUWHGHXQSURFHVRGHQRPLQDGR&XPEUH-XYHQLO\VHKDQDSOLFDGRSDUDHODERUGDMHGHSUREOHPDV
UHDOHV HQ JUXSRV GH DOXPQRV GH QXHYH SDtVHV D QLYHO WDQWR GH DXOD FRPR GH HVFXHOD (O SURFHVR FRPLHQ]D FRQ OD LQYHVWLJDFLyQ
LQGLYLGXDORGHSHTXHxRVJUXSRVGHDOXPQRVDFHUFDGHXQWHPDORFDORJOREDO/XHJRGHOOHYDUDFDERODLQYHVWLJDFLyQVHSXHGHQ
VHJXLURFKRSDVRV SDUDODVROXFLyQGHSUREOHPDV
3DVR/RVDOXPQRVVHRUJDQL]DQHQSHTXHxRVJUXSRV\VHOHVSURSRQHTXHFRPSDUWDQVXVRSLQLRQHVVHQWLPLHQWRVHLGHDVDFHUFD
GHOSUREOHPDTXHKD\DQLQYHVWLJDGR'LFKRLQWHUFDPELREULQGDRSRUWXQLGDGHVSDUDTXHORVPLHPEURVGHOJUXSRVHFRQR]FDQ\DOD
YH]H[SUHVHQVXVUHDFFLRQHVDIHFWLYDVIUHQWHDOSUREOHPDTXHHVWiQDQDOL]DQGR
3DVR$FRQWLQXDFLyQORVPLHPEURVGHOJUXSRUHYLVDQVXVFRQRFLPLHQWRVDFHUFDGHOWHPD\FODVLILFDQODVLGHDVSULQFLSDOHVTXH
VHKD\DQJHQHUDGR HQWUHWRGRV3XHGHQFRSLDUODWDEODGHUHFRSLODFLyQGHGDWRVTXHDSDUHFHPiVDEDMRHQXQDKRMDJUDQGHGHSDSHO
REUD\XWLOL]DUODSDUDVLQWHWL]DUODLQIRUPDFLyQGHTXHGLVSRQHHOJUXSR
1RPEUH
4XLpQ
&XiQGR
'yQGH
3RUTXp
/DWDEODSXHGHFRPSOHWDUVHGHGRVPDQHUDV
D&DGDXQRGHORVDOXPQRVVLQWHWL]DHLQFRUSRUDLQIRUPDFLyQHQODFDWHJRUtDFRUUHVSRQGLHQWHSDUDHOORHVFULEHVXQRPEUHHQOD
SULPHUDFROXPQDGHODL]TXLHUGD\FRPSOHWDXQDILODGHODWDEOD/XHJRGHTXHWRGRVORVPLHPEURVGHOJUXSRKD\DQUHDOL]DGRVXV
DSRUWHVODWDEODH[KLELUiODLQIRUPDFLyQGLVSRQLEOHSDUDXQDUiSLGDUHIHUHQFLD
E 2WUR GH ORV XVRV GH OD WDEOD GH UHFRSLODFLyQ GH GDWRV FRQVLVWH HQ DQDOL]DU HO WHPD GHVGH GLYHUVDV SHUVSHFWLYDV /RV DOXPQRV
UHDOL]DQ XQD WRUPHQWD GH LGHDV DFHUFD GH ORV LQGLYLGXRV RUJDQL]DFLRQHV R SDtVHV UHODFLRQDGRV FRQ HO SUREOHPD \ FRQVLGHUDQ ODV
GLYHUVDV SHUVSHFWLYDV &DGD DOXPQR HVFULEH HO QRPEUH GHO JUXSR R SDtV HQ OD FROXPQD FRUUHVSRQGLHQWH \ OXHJR FRPSOHWD ODV
SUHJXQWDV KRUL]RQWDOHV GHVGH VX SHUVSHFWLYD $ FRQWLQXDFLyQ VH OOHYD D FDER XQ GHEDWH HQ WRUQR GH ODV GLIHUHQWHV SHUVSHFWLYDV
UHSUHVHQWDGDVHQODWDEOD
8QDYH]TXHVHKD\DFRPSOHWDGRODWDEODVHFRQWLQ~DFRQORVVLJXLHQWHVSDVRVSDUDODVROXFLyQGHSUREOHPDV
3DVR/RVDOXPQRV GHEHQLGHQWLILFDUHOSUREOHPDHVSHFtILFRTXHGHVHDQDERUGDU&RQIUHFXHQFLDORVWHPDVVRQGHPDVLDGRYDJRV
R FRPSOHMRV SDUD TXH ORV DOXPQRV ORV WUDEDMHQ 3RU HMHPSOR ORV DOXPQRV SRGUtDQ SODQWHDU TXH GHVHDQ FRQWULEXLU D UHVROYHU HO
SUREOHPD GH OD FRQWDPLQDFLyQ GHO DLUH SHUR VH WUDWD GH XQ WHPD GHPDVLDGR DPSOLR FRPR SDUD TXH SXHGDQ PDQHMDUOR 6L VH
FRQFHQWUDQHQODFRQWDPLQDFLyQGHODLUHHQUHODFLyQFRQODVHQIHUPHGDGHVUHVSLUDWRULDVKXPDQDVRORVFRQWDPLQDQWHVLQGXVWULDOHV
TXHWUDVSDVDQODVIURQWHUDVOD PD\RUHVSHFLILFLGDGRWRUJDUiPD\RUHVSRVLELOLGDGHVGHORJURDVXSUR\HFWR
&RQHOREMHWRGHFLUFXQVFULELUVXWHPDORVDOXPQRVSRGUiQFRQVLGHUDUHOSUREOHPDGHVGHGLYHUVRViQJXORV¢&XiOHVODYLVLyQTXH
WLHQHQ ODV SHUVRQDV ORV DQLPDOHV ODV SODQWDV ODV HPSUHVDV R ORV SDtVHV DFHUFD GH HVWH SUREOHPD" ¢4Xp RWURV SUREOHPDV
UHODFLRQDGRV VH SRQHQ HQ HYLGHQFLD FXDQGR VH DQDOL]D OD FXHVWLyQ GHVGH GLYHUVRV SXQWRV GH YLVWD" (V FRQYHQLHQWH UHDOL]DU XQD
WRUPHQWD GH LGHDV SDUD LGHQWLILFDU ORV SUREOHPDV UHODFLRQDGRV FRQ HO WHPD RULJLQDO /XHJR VH GHEHQ UHYLVDU ODV OLVWDV SDUD
VHOHFFLRQDUORVSUREOHPDVTXHSUHVHQWDQPD\RULQWHUpVSDUDGHVDUUROODUJUXSDOPHQWH
8QDYH]HOHJLGRXQRGHORVSUREOHPDVUHODFLRQDGRVFRQHOWHPDRULJLQDOORVDOXPQRVGHEHQSODQWHDUORFODUDPHQWH6XHOHUHVXOWDU
PiVVHQFLOORIRUPXODUORSRUPHGLRGHLQWHUURJDFLRQHVHQOXJDUGHKDFHUORPHGLDQWHSRVWXODGRV3RUHMHPSORVLORVDOXPQRVYDQD
DERUGDU HO WHPD GH OD FRQWDPLQDFLyQ GHO DLUH SRGUtDQ SODQWHDUVH SUHJXQWDV FRPR ¢'H TXp PDQHUD SRGHPRV FRQVHJXLU TXH
QXHVWUDV IDPLOLDV UHGX]FDQ HO XVR GH ORV DXWRPyYLOHV" R ¢&yPR SRGHPRV LQIRUPDU D OD FRPXQLGDG DFHUFD GH ORV SHOLJURV TXH
HQWUDxD HO HPSOHR GH SURGXFWRV TXtPLFRV SDUD OD DOLPHQWDFLyQ" 6H SXHGH VROLFLWDU D ORV DOXPQRV TXH H[SHULPHQWHQ HO XVR GH
GLIHUHQWHVWLHPSRVYHUEDOHVDPHGLGDTXHVHJHQHUDQODVSUHJXQWDV8QDYH]TXHORVDOXPQRVKD\DQIRUPXODGRODVSUHJXQWDVVLQ
GXGD DGYHUWLUiQ TXH QHFHVLWDQ LQYHVWLJDFLyQ DGLFLRQDO (Q HVH FDVR ORV JUXSRV GHEHQ GLVHxDU XQD HVWUDWHJLD SDUD UHFRSLODU
LQIRUPDFLyQ\DVLJQDUWLHPSRSDUDUHDOL]DUODWDUHD
3DVR &DGD XQR GH ORV JUXSRV GHEH JHQHUDU ODV SRVLEOHV VROXFLRQHV SDUD ODV SUHJXQWDV SODQWHDGDV HQ HO SDVR PHGLDQWH XQD
WRUPHQWDGHLGHDV
3DVR /RV DOXPQRV FRQIHFFLRQDQ XQD OLVWD GH VROXFLRQHV \ VHOHFFLRQDQ DTXHOODV GRV TXH SXHGDQ LPSOHPHQWDU HIHFWLYDPHQWH
&DGDJUXSRHYDO~DODVYHQWDMDV\GHVYHQWDMDVGHFDGDVROXFLyQFRQD\XGDGHODWDEODTXHDSDUHFHDFRQWLQXDFLyQ'LFKRDQiOLVLV
SHUPLWH FRPSUREDU TXH PXFKDV YHFHV ODV LGHDV ELHQ LQWHQFLRQDGDV SXHGHQ WUDHU DSDUHMDGDV FRQVHFXHQFLDV QHJDWLYDV (V
LPSRUWDQWHFRQVLGHUDUODVFRQVHFXHQFLDVGHWRGDVODVVROXFLRQHVHQHOFRUWR\ODUJRSOD]RDQWHVGHLPSOHPHQWDUODV
352&(62'((9$/8$&,Ï1'(62/8&,21(6(1/$&80%5(-89(1,/
62/8&,21(6
$QRWDUODV
VROXFLRQHV
SULQFLSDOHVSRU
RUGHQGH
LPSRUWDQFLD
62/8&,Ï1
62/8&,Ï1
5(68/7$'26
326,7,926
(QXPHUDU
UHVXOWDGRVSRVLWLYRV
SDUDFDGDVROXFLyQ
5(68/7$'26
1(*$7,926
(QXPHUDU
UHVXOWDGRVQHJDWLYRV
SDUDFDGDVROXFLyQ
326,%/(6&216(&8(1&,$6(1(/&2572</$5*23/$=2
(QXPHUDUODVFRQVHFXHQFLDVTXHSRGUtDQUHVXOWDUGHOD
LPSOHPHQWDFLyQGHODVVROXFLRQHVHQXQODSVRGH\
DxRV&RORFDUXQVLJQRR± MXQWRDFDGDFRQVHFXHQFLDSDUD
LQGLFDUVLHVSRVLWLYDRQHJDWLYD
DxR
DxRV
DxRV
DxRV
&XDQGRORVJUXSRVKD\DQFRPSOHWDGRHODQiOLVLVVHOHFFLRQDUiQODPHMRUVROXFLyQWDQWRHQWpUPLQRVGHUHVXOWDGRVSRVLWLYRV\
QHJDWLYRVFRPRGHFRQVHFXHQFLDVHQHOFRUWR\ODUJRSOD]R/XHJRFDGDJUXSRUHYLVDODVROXFLyQHOHJLGD\UHDOL]DORVDMXVWHV
QHFHVDULRVSDUDPLQLPL]DUWRGRHIHFWRQHJDWLYR
3DVR /RV DOXPQRV SODQLILFDQ OD LPSOHPHQWDFLyQ GH OD VROXFLyQ $XQTXH HVWH SDVR UHTXLHUH XQD SURIXQGD UHIOH[LyQ
KDELOLWDDORVDOXPQRVSDUDUHDOL]DUDFFLRQHVTXHSHUPLWDQLPSOHPHQWDUODVROXFLyQHQXQPDUFRFRPXQLWDULRPiVDPSOLR
3DUDRUJDQL]DUODSODQLILFDFLyQGHVXVDFFLRQHVORVDOXPQRVSRGUtDQXWLOL]DUODSODQLOODGHSODQLILFDFLyQGHDFFLRQHVJUXSDOHV
\ORVIRUPXODULRVGHFRPSURPLVRSHUVRQDOTXHDSDUHFHQDFRQWLQXDFLyQ
3DVR&DGDJUXSRSUHSDUDXQDSUHVHQWDFLyQSDUDORVPLHPEURVGHVXFXUVR\RGHODHVFXHODORVSDGUHV\ORVPLHPEURVGH
ODFRPXQLGDGDFHUFDGHORVSUREOHPDVTXHKDQLGHQWLILFDGR\GHORVSODQHVGHDFFLyQ
3DVR6HSRQHQHQSUiFWLFDORVSUR\HFWRV\VHSODQLILFDXQDFWRGHUHFRQRFLPLHQWRSDUDORVHVIXHU]RVTXHKDQUHDOL]DGRORV
DOXPQRV
/RV DOXPQRV TXH SDUWLFLSDURQ GHO SURFHVR GH VROXFLyQ GH SUREOHPDV HQ OD &XPEUH MXYHQLO KDQ JHQHUDGR QXPHURVRV
HQIRTXHVSDUDFXHVWLRQHVGHRUGHQQDFLRQDO\JOREDO6XVSODQHVGHDFFLyQLQFOX\HQXQMXHJRUHIHULGRDORVHIHFWRVGHORV
SOiVWLFRVVREUHHOPHGLRDPELHQWHSUHVHQWDFLRQHVDQWHJUXSRVGHODV1DFLRQHV8QLGDVGHODHVFXHODGHODFRPXQLGDG\GH
OD LJOHVLD TXH GHVWDFDQ OD LPSRUWDQFLD GH ORV LQWHUFDPELRV MXYHQLOHV LQWHUQDFLRQDOHV SDUD SURPRYHU OD SD] PXQGLDO
SDEHOORQHV HQ IHULDV ORFDOHV SDUD HGXFDU D ORV DVLVWHQWHV VREUH OD FRQWDPLQDFLyQ GH ORV RFpDQRV LPSOHPHQWDFLyQ GH
SURJUDPDV SDUD SURPRYHU OD DXWRHVWLPD HQHOQLYHOHVFRODUDILQGHFRPEDWLUHOFRQVXPRGHGURJDV\ODFUHDFLyQGHXQD
SHOtFXOD DFHUFD GH OD OXFKD GH OD YLGD VLOYHVWUH SDUD VREUHYLYLU 7DOHV SUR\HFWRV FRQWULEX\HQ D TXH ORV DOXPQRVDGTXLHUDQ
KDELOLGDGHVTXHOHVSHUPLWDQDERUGDUFXHVWLRQHVFRPSOHMDVGHQWURGHODFRPXQLGDG-DVRQ6FKPLGWGHDxRVOXHJRGHVX
SDUWLFLSDFLyQHQXQD&XPEUHMXYHQLODILUPy
$SUHQGtDLQWHUHVDUPHPXFKRPiVSRUHOPXQGR0HGR\FXHQWDGHTXHWRGRVSRGHPRVVHUDJHQWHVGHFDPELR
(GXFDFLyQPXOWLFXOWXUDO
/D QDWXUDOH]D FDPELDQWH GH OD GHPRJUDItD HV HO SULQFLSDO IXQGDPHQWR SDUD OD HGXFDFLyQ PXOWLFXOWXUDO 6HJ~Q DILUPy HQ XQD
RSRUWXQLGDG5REHUW0D\QDUG+XWFKLQVH[UHFWRUGHOD8QLYHUVLGDGGH&KLFDJR/DPHMRUHGXFDFLyQSDUDDOFDQ]DUODH[FHOHQFLD
FRQVLVWHHQEULQGDUODPHMRUHGXFDFLyQSDUDWRGRV3RUORWDQWRHVHYLGHQWHTXHODPHMRUHGXFDFLyQUHTXLHUHODLQFRUSRUDFLyQGH
HGXFDFLyQ PXOWLFXOWXUDO SDUD WRGRV ORV DOXPQRV GH WRGR JUXSR UDFLDO pWQLFR \ VRFLDO GHELGR D TXH FDGD XQR GH HOORV GHEHUi
GHVHPSHxDUVXSDSHOHQXQIXWXURFUHFLHQWHPHQWHPXOWLpWQLFR
0XFKRVGRFHQWHVFRQVLGHUDQODHGXFDFLyQPXOWLFXOWXUDOFRPRXQFRQWHQLGROLPLWDGRDGHWHUPLQDGRVJUXSRVpWQLFRVRFXOWXUDOHVH
LUUHOHYDQWH SDUD OD PD\RUtD GH ODV GLVFLSOLQDV DFDGpPLFDV QR REVWDQWH OD UHDOLGDG QRV SURSRUFLRQD RWURV GDWRV (Q WHRUtD OD
HGXFDFLyQPXOWLFXOWXUDOGHEHUtDVHUXQSURFHVRSHUPDQHQWHLQWHJUDGR\PXOWLGLVFLSOLQDULRSDUDWRGRVORVDOXPQRV-DPHV%DQNV
XQR GH ORV SULQFLSDOHV H[SHUWRV HVWDGRXQLGHQVHV HQ HO iUHD \ DXWRU GH 0XOWLHWKQLF (GXFDWLRQ 7KHRU\ DQG 3UDFWLFH >(GXFDFLyQ
PXOWLpWQLFD WHRUtD \ SUiFWLFD@ DILUPD TXH OD HGXFDFLyQ PXOWLFXOWXUDO UHTXLHUH FDPELRV HQ ORV HQIRTXHV GH OD HQVHxDQ]D \ HQORV
iPELWRV HGXFDWLYRV $QWHV GH TXH ORV HGXFDGRUHV LQFRUSRUHQ GLYHUVDV SHUVSHFWLYDV FXOWXUDOHV D VX SUiFWLFD GRFHQWH GH PDQHUD
DGHFXDGD %DQNV UHFRPLHQGD DMXVWDU ORV FRQWHQLGRV GH OD HQVHxDQ]D D\XGDU D ORV DOXPQRV D LGHQWLILFDU SUHMXLFLRV HQ OD PDQHUD
FRPRVHFRQVWUX\HHOFRQRFLPLHQWRDVHJXUDUHOORJURDFDGpPLFRGHWRGRVORVDOXPQRV\FUHDUXQFOLPDHVFRODUTXHHQVXWRWDOLGDG
UHVSHWH\YDORUHODGLYHUVLGDG$FRQWLQXDFLyQSUHVHQWDPRVODVSURSXHVWDVGH%DQNVSDUDLQFRUSRUDUODHGXFDFLyQPXOWLFXOWXUDODO
FXUUtFXORHVFRODU
(QVHxDQ]DFRQXQDSHUVSHFWLYDPXOWLFXOWXUDO
,QWHJUDU LQIRUPDFLyQ PXOWLFXOWXUDO D ODV iUHDVGHFRQWHQLGR3DUDLQWHJUDUDGHFXDGDPHQWHODHGXFDFLyQPXOWLFXOWXUDODWRGDV
ODViUHDVFXUULFXODUHVUHVXOWDUi~WLOTXHORVGRFHQWHVUHFXUUDQDHMHPSORV\FRQWHQLGRVWRPDGRVGHGLYHUVDVFXOWXUDVHQWRGDVODV
GLVFLSOLQDV$QWHVGHTXHVHDSRVLEOHOOHYDUORDFDERORVHGXFDGRUHVGHEHQFRPHQ]DUSRU LQIRUPDUVHVREUHDSRUWHVPXOWLFXOWXUDOHV
\VROLFLWDUDVXVDOXPQRVTXHSURSRUFLRQHQHMHPSORVDGLFLRQDOHVSURYHQLHQWHVGHVXSDWULPRQLRFXOWXUDOpWQLFR([LVWHQQXPHURVRV
UHFXUVRVSDUDORVGRFHQWHVGHODViUHDVGHOHQJXDFLHQFLDVVRFLDOHV\DUWH
5HIOH[LRQDUVREUHODFRQVWUXFFLyQHOFRQRFLPLHQWR/RVGRFHQWHVSXHGHQD\XGDUDORVDOXPQRVDUHFRQRFHUODIRUPDHQTXHORV
VXSXHVWRV \ SUHMXLFLRV FXOWXUDOHV LQIOX\HQ VREUH OD PDQHUD FRPR VH FRQVWUX\H HO FRQRFLPLHQWR GHQWUR GH XQD GLVFLSOLQD /RV
FRQFHSWRV KHFKRV \ WHPDV TXH VH HQVHxDQ HQ HO DXOD GHEHUtDQ DQDOL]DUVH D SDUWLU GH ODV SHUVSHFWLYDV \ H[SHULHQFLDV GH GLYHUVRV
JUXSRVFXOWXUDOHVpWQLFRV\UDFLDOHV3RUHMHPSORFXDQGRVHWUDEDMHXQDXQLGDGUHODFLRQDGDFRQHOGHVFXEULPLHQWRGH$PpULFDORV
DOXPQRVSRGUtDQOHHUIUDJPHQWRVGHOOLEURGH)HOLSH*XDPiQ3RPDGH$\DOD1XHYDFUyQLFD\EXHQJRELHUQR \GHO'LDULRGH&ULVWyEDO
&ROyQ SDUD GLVWLQJXLU HO SXQWR GH YLVWD GH ORV HXURSHRV GHO GH ORV LQGtJHQDV DFHUFD GHO PLVPR KHFKR 3RU PHGLR GH WDOHV
FRPSDUDFLRQHVORVDOXPQRVGHVDUUROODQKDELOLGDGHVGHSHQVDPLHQWRFUtWLFR\FRQVWUX\HQDFWLYDPHQWHVXVFRQRFLPLHQWRVHQOXJDU
GHFRQVXPLUOLEURVGHWH[WRHQIRUPDSDVLYD
%ULQGDU HTXLGDG SHGDJyJLFD 8QD SHGDJRJtD HTXLWDWLYD LPSOLFD DMXVWDU ORV PpWRGRV GH HQVHxDQ]D D ILQ GH DVHJXUDU HO ORJUR
DFDGpPLFRGHWRGRVORVDOXPQRVVLQGLVWLQFLyQGHJUXSRVRFLDOFXOWXUDOUDFLDORJpQHUR
0HGLDQWHHODSUHQGL]DMHFRRSHUDWLYRODHQVHxDQ]DPXOWLPRGDO\ODVRSFLRQHVSHUVRQDOL]DGDV\DXWRGLULJLGDVORVDOXPQRVWLHQHQ
PD\RUHV RSRUWXQLGDGHV GH ORJUR /DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH ORV ORJURV DFDGpPLFRV GH ORV LQWHJUDQWHV GH JUXSRV
PLQRULWDULRV DXPHQWDQ FXDQGR VH DSOLFDQ PRGHORV GH HQVHxDQ]D FRODERUDWLYRV \ QR FRPSHWLWLYRV (O DSUHQGL]DMH FRRSHUDWLYR
D\XGD D ORV DOXPQRV LQFOXVR D TXLHQHV SHUWHQHFHQ D JUXSRV PD\RULWDULRV D GHVDUUROODU DFWLWXGHV UDFLDOHV PiV SRVLWLYDV (V
LPSRUWDQWH QR REVWDQWH TXH ORV GRFHQWHVDVHJXUHQTXHWRGRVORVDOXPQRVVHHQFXHQWUHQHQSLHGHLJXDOGDGHQODVLQWHUDFFLRQHV
LQWHUJUXSDOHV
&UHDU XQD FXOWXUD HVFRODU UHLYLQGLFDWRULD /RV GRFHQWHV SXHGHQ FRQWULEXLU D FUHDU XQ FOLPD HVFRODU SRVLWLYR PHGLDQWH OD
SUHYHQFLyQ R VXSUHVLyQ GH SUiFWLFDV FRPR HO WUDWR LQMXVWR OD GLVFULPLQDFLyQ R HO PHQRVSUHFLR D TXH GDQ OXJDU GHWHUPLQDGRV
SURJUDPDV\HVWLPXODQGRODLQWHUDFFLyQSRVLWLYDGHORVDOXPQRV\GRFHQWHVSRUVREUHODVEDUUHUDVpWQLFDV\UDFLDOHV
8Q REMHWLYR LPSRUWDQWH GH OD HGXFDFLyQ PXOWLFXOWXUDO FRQVLVWH HQ D\XGDU D ORV DOXPQRV DDVXPLUHOFRQRFLPLHQWR\FRPSURPLVR
QHFHVDULRV SDUD WRPDU GHFLVLRQHV UHIOH[LYDV \ SRQHU HQ SUiFWLFD DFFLRQHV SHUVRQDOHV VRFLDOHV \ FtYLFDV TXH SURPXHYDQ OD
GHPRFUDFLD \ OD YLGD GHPRFUiWLFD &XDQGR ORV DOXPQRV DSUHQGHQ FRQWHQLGRV DFHUFD GH VX SDtV \ GHO PXQGR GHVGH ODV GLYHUVDV
SHUVSHFWLYDVGHTXLHQHVKDQGDGRIRUPDDODVFXOWXUDVORFDOHLQWHUQDFLRQDOVHHQFXHQWUDQPHMRUFDSDFLWDGRVSDUDSDUWLFLSDUFRPR
FLXGDGDQRVGHXQDQDFLyQ\XQPXQGRSOXUDOLVWDV
&RPSUHQVLyQGHODGLYHUVLGDGFXOWXUDODWUDYpVGHODUWH
0XFKRVVRFLyORJRV\DQWURSyORJRVVRVWLHQHQTXHHODUWHVXUJHGHXQFRQWH[WRFXOWXUDO /DVFRVWXPEUHVORVJXVWRV\ODVFRUULHQWHV
LGHROyJLFDV \ ILORVyILFDV WLHQHQ XQD SURIXQGD LQIOXHQFLD VREUH ODV H[SUHVLRQHV DUWtVWLFDV &XDQGR H[DPLQDPRV ORV DUWHIDFWRV
FXOWXUDOHV GHEHPRV FRQVLGHUDU ODV IXHU]DV VRFLDOHV TXH DIHFWDQ VX FUHDFLyQ 3RU HO FRQWUDULR FXDQGR DQDOL]DPRV HO DUWH GH XQD
FXOWXUDREWHQHPRVXQDSHUVSHFWLYDGHODVWUDGLFLRQHVTXHFRQWULEX\HURQDVXFRQIRUPDFLyQ
( 0DUJDUHW $QGUHZV XQD HGXFDGRUD FDQDGLHQVH SURIXQGDPHQWH LQWHUHVDGD HQ HO LPSDFWR FXOWXUDO GHO DUWH KD GHVDUUROODGR XQ
SURJUDPDGHHGXFDFLyQPXOWLFXOWXUDOTXHDFHUFDDORVQLxRVDODGLYHUVLGDGFXOWXUDOSRUPHGLRGHODVDUWHV/RVDOXPQRVDVXPHQHO
URO GH DQWURSyORJRV R GHWHFWLYHV FXOWXUDOHV SDUD LQWURGXFLUVH HQ RWUD FXOWXUD D WUDYpV GH VX DUWH /RV SURFHGLPLHQWRV GH HVWH
SURJUDPDGHEDVHFXOWXUDOFRQVWDQGHORVVHLVSDVRVTXHVHGHVFULEHQDFRQWLQXDFLyQ
6H VROLFLWD D ORV DOXPQRVTXHVHWUDQVIRUPHQHQDQWURSyORJRVRGHWHFWLYHVFXOWXUDOHVFX\DPLVLyQFRQVLVWHHQLQYHVWLJDU
RWUDFXOWXUDPHGLDQWHODUHFRSLODFLyQ RUJDQL]DFLyQHLQWHUSUHWDFLyQGHGDWRVDUWtVWLFRV
3DUD FRPHQ]DU HO GRFHQWH \ ORV DOXPQRV LGHQWLILFDQ XQ WHPDGHLQYHVWLJDFLyQSRUHMHPSORODFXOWXUD\HODUWHFKLQDV8QDYH]
DFRUGDGRHOWHPDVHHVSHFLILFDQORVREMHWLYRVGHDSUHQGL]DMHLQGLYLGXDOHVSDUDFDGDDOXPQR
/RV DOXPQRV FRPLHQ]DQ D GHVDUUROODU OD XQLGDG UHFRSLODQGR PXHVWUDV YLVXDOHV FRPR IRWRJUDItDV DILFKHV UHYLVWDV FXDGURV
LOXVWUDFLRQHVGHOLEURV\RWURVREMHWRV7DPELpQVHSXHGHQUHXQLUFXHQWRVOH\HQGDVFDQFLRQHV\GDQ]DVSDUDSUHVHQWDUDORVGHPiV
8QDYH]TXHVHKD\DQWUDtGRDODXODORVDUWHIDFWRVORVDOXPQRVDQDOL]DQ\GHEDWHQDFHUFDGHODFROHFFLyQTXHVHKDUHXQLGR6H
OHVVROLFLWDTXHREVHUYHQGHVFULEDQ\DQDOLFHQORVVLJQLILFDGRVGHORVGDWRVREWHQLGRV
(OGHEDWH\SRVWHULRULQYHVWLJDFLyQSRGUtDQFRQFHQWUDUVHHQORVVLJXLHQWHVWySLFRV
‡
ORVWLSRVGHDUWHUHSUHVHQWDGRVSRUHMHPSOREHOODVDUWHVDUWHIROFOyULFRDUWHXWLOLWDULRDUWHWXUtVWLFRRDUWHLQGtJHQD
‡ ODV IXQFLRQHV GHO DUWH HQ ODV GLYHUVDV FXOWXUDV FRPR DGRUQR SHUVRQDO R LQGXPHQWDULR SURSyVLWRV FRWLGLDQRV PXHEOHV \
YDVLMDVUHFUHDFLyQ\WLHPSROLEUHULWXDO\FHUHPRQLDOSURPRFLyQGHDFFLRQHVSROtWLFDVHFRQyPLFDVRFRPHUFLDOHV
‡ ODKLVWRULDDVRFLDGDFRQODVIRUPDVDUWtVWLFDVFXOWXUDOHVODPRWLYDFLyQVXE\DFHQWHHQODFUHDFLyQGHFDGDIRUPDDUWtVWLFD\ORV
YDORUHV\FUHHQFLDVTXHVHUHIOHMDQHQHODUWH
‡ FRPSDUDFLRQHV HQWUH GLVWLQWDV FXOWXUDV TXH SHUPLWDQ DQDOL]DU ODV VLPLOLWXGHV \ GLIHUHQFLDV HQWUH ORV HVWLORV VtPERORV R
PDWHULDOHV
‡
ORVPDWHULDOHV\WpFQLFDVHPSOHDGRVHQORVDUWHIDFWRV
'XUDQWH HO DQiOLVLV GH ORV DUWHIDFWRV \ VXV LPSOLFDQFLDV FXOWXUDOHV ORV GRFHQWHV LGHQWLILFDQ \ RUJDQL]DQ SUR\HFWRV GH
SURGXFFLyQ/RVDOXPQRVDSUHQGHQDFHUFDGHORVPDWHULDOHV\SURFHVRVGHODDUWHVDQtDGHXQD FXOWXUDDPHGLGDTXHDYDQ]DQHQVXV
HVWXGLRV(QHVWDHWDSDXQUHFXUVRLQGXGDEOHPHQWHYDOLRVRFRQVLVWHHQLQYLWDUDODFODVHDSHUVRQDVFRQHVSHFLDOL]DFLyQDUWtVWLFD
3DUD OD HYDOXDFLyQ ORV DOXPQRV SDUWLFLSDUiQ GH JUXSRV GH GHEDWH \ FRQIHFFLRQDUiQ LQYHQWDULRV HQ ORV TXH VH LQFOX\DQ ORV
HOHPHQWRV PiV LPSRUWDQWHV TXH KDQ DSUHQGLGR (O LQYHQWDULR SXHGH UHIOHMDU FRQFHSFLRQHV SHUVRQDOHV VLJQLILFDGRV FXOWXUDOHV \
ORJURVGHREMHWLYRVLQGLYLGXDOHV
/DVSUHVHQWDFLRQHVSHULyGLFDVSDUDWRGDODHVFXHODHQODVTXHVHH[SRQHQWHPDVFXOWXUDOHVHQIXQFLRQHVGHWtWHUHVRHYHQWRV
UHODFLRQDGRV FRQ OD FXOWXUD FRQVWLWX\HQ XQD SDUWH IXQGDPHQWDO GHO SURFHVR GH DSUHQGL]DMH /RV DOXPQRV SRGUtDQ RUJDQL]DU XQ
IHVWLYDO PXOWLFXOWXUDO GH ODV DUWHV SDUD ORV RWURV FXUVRV ORV SDGUHV \R PLHPEURV GH OD FRPXQLGDG HQ ORV TXH VH H[KLEDQ ORV
UHVXOWDGRVGHVXVLQYHVWLJDFLRQHVFXOWXUDOHV
(O HQIRTXH GH OD HGXFDFLyQ PXOWLFXOWXUDO EDVDGR HQ OD LQGDJDFLyQ GH $QGUHZV SHUPLWH IDPLOLDUL]DU D ORV DOXPQRV FRQ GLYHUVDV
SHUVSHFWLYDV \ SUiFWLFDV FXOWXUDOHV $VLPLVPR ORV QLxRV DGTXLHUHQ LPSRUWDQWHV KDELOLGDGHV GH DSUHQGL]DMH D PHGLGD TXH
FRPLHQ]DQDUHFRQRFHU\FHOHEUDUODGLYHUVLGDGFXOWXUDO
&XOWXJUDPDV
RWURHQIRTXHSDUDH[SORUDUODGLYHUVLGDGFXOWXUDOHVHOTXHSURSRQHHO'DYLG0.HQQHG\&HQWHUIRU,QWHUQDWLRQDO6WXGLHV>&HQWUR
GH (VWXGLRV ,QWHUQDFLRQDOHV 'DYLG 0 .HQQHG\@ GH OD 8QLYHUVLGDG %ULJKDP <RXQJ 6X SURFHVR GH LQYHVWLJDFLyQ GHQRPLQDGR
FXOWXJUDPD GHVDUUROOD SHUILOHV GH GLYHUVRV JUXSRV FXOWXUDOHV FRQ HO REMHWR GH SURPRYHU HO HQWHQGLPLHQWR LQWHUFXOWXUDO 'LFKR
&HQWUR KD UHOHYDGR DSUR[LPDGDPHQWH FXOWXUDV HQ HO PXQGR \ KD FUHDGR FXOWXJUDPDV SDUD PiV GH FLHQ SDtVHV TXH VH
DFWXDOL]DQDQXDOPHQWH'HELGRDODPDJQLWXGGHODWDUHDTXHLPSOLFDFRPSUHQGHUDXQQ~PHURVHPHMDQWHGHFXOWXUDVKXPDQDVVH
GHVDUUROOyHOFXOWXJUDPDFRPRPHGLRSDUDRUJDQL]DU\UHSUHVHQWDUGLIHUHQWHVFXOWXUDV\VXVFDUDFWHUtVWLFDV
8QFXOWXJUDPDHVXQWUDEDMRGHLQYHVWLJDFLyQGHVWLQDGRDUHFRSLODULQIRUPDFLyQVREUHODVQXPHURVDVGLPHQVLRQHVGHXQDPLVPD
FXOWXUD 8QD YH] TXH VH KD OOHYDGR D FDER OD LQYHVWLJDFLyQ \ VH KD FRPSLODGR OD LQIRUPDFLyQ VH OD FRQYDOLGD SRU PHGLR GH OD
H[SHULHQFLD SHUVRQDO \R HQWUHYLVWDV FRQ LQGLYLGXRV SHUWHQHFLHQWHV D OD FXOWXUD HQ HVWXGLR 'HELGR D TXH ODV LQWHUSUHWDFLRQHV GHO
FRPSRUWDPLHQWRFXOWXUDOSXHGHQYDULDUGHXQDSHUVRQDDRWUDODDFWXDOL]DFLyQ\FRQYDOLGDFLyQFRQVWLWX\HQXQDSDUWHIXQGDPHQWDO
GHOSURFHVRGHLQYHVWLJDFLyQ
([LVWHQ iUHDV DPSOLDV GH HVWXGLR HQ XQ FXOWXJUDPD /RV GRFHQWHV LQWHUHVDGRV HQ TXH VXV DOXPQRV FRPLHQFHQ D WUDEDMDU FRQ
GLFKRV SHUILOHV FXOWXUDOHV SRGUiQ VROLFLWDUOHV TXH VHOHFFLRQHQ XQD R PiV iUHDV GH LQYHVWLJDFLyQ HQ OXJDU GH WUDWDU GH FRPSLODU OD
WRWDOLGDG GH XQ FXOWXJUDPD 3DUD OOHYDU D FDER OD LQYHVWLJDFLyQ VH SRGUi FRQVXOWDU PDWHULDO HQ ELEOLRWHFDV HPEDMDGDV VHUYLFLRV
FRQVXODUHV RUJDQL]DFLRQHV GH UHODFLRQHV FXOWXUDOHV \ UHDOL]DU HQWUHYLVWDV $ FRQWLQXDFLyQ UHSURGXFLPRV ODV FDWHJRUtDV GH ORV
FXOWXJUDPDVFRQDXWRUL]DFLyQGHO&HQWURGH(VWXGLRV,QWHUQDFLRQDOHV'DYLG0.HQQHG\GHOD8QLYHUVLGDG%ULJKDP<RXQJ
6DOXGRV
9LGDVRFLDO
&RQYHUVDFLRQHVRGLVFXUVR
5HXQLRQHV
5HODFLRQHVGHURO
*HVWRV
$VSHFWRSHUVRQDO
([SUHVLyQGHDFWLWXGHVJHQHUDOHVSRUHGDGVH[RRFDUJR
/HQJXDV
5HOLJLyQ\ILORVRItD
)HULDGRVHVSHFLDOHV\UHOLJLRVRV
)DPLOLD
&LWDVDPRURVDVQRYLD]JR\PDWULPRQLR
1LYHOHVVRFLDOHV\HFRQyPLFRV
'LVWULEXFLyQJUXSDO
7UDEDMR
'LHWD\KiELWRVDOLPHQWDULRV
5HFUHDFLyQWLHPSROLEUHGHSRUWHVDUWH
+LVWRULD\IRUPDGHJRELHUQR
(GXFDFLyQ
6LVWHPDVGHWUDQVSRUWH\FRPXQLFDFLyQ
6DOXGVDQLGDG\VHUYLFLRVPpGLFRV
*HRJUDItD\FOLPD
2WUDVFRVWXPEUHVFRQGLFLRQHV\FHUHPRQLDVFDUDFWHUtVWLFDV
/XHJR GH TXH ORV DOXPQRV KD\DQ UHFRSLODGR ORV GDWRV GHEHQ HQWUHYLVWDU D XQ UHSUHVHQWDQWH GH OD FXOWXUD HVWXGLDGD D ILQ GH
YHULILFDU OD LQIRUPDFLyQ TXH FRPSLODUiQ HQ XQ IRUPDWR HVFULWR R YLVXDO \ DUFKLYDUiQ SDUD TXH SXHGDQ FRQVXOWDUOD TXLHQHV HVWpQ
LQWHUHVDGRV HQ DSUHQGHU DFHUFD GH HOOD /D LQYHVWLJDFLyQ GH DOJXQR R WRGRV ORV FRPSRQHQWHV GH XQ FXOWXJUDPD SHUPLWH D ORV
DOXPQRVFRPSUHQGHUPXFKRVDVSHFWRVHVHQFLDOHVGHXQDFXOWXUD/RVFXOWXJUDPDVHVSHFLDOPHQWHFXDQGRHVWiQFRQYDOLGDGRVSRU
LQWHJUDQWHVGHODFXOWXUDHQFXHVWLyQSURPXHYHQXQPD\RUHQWHQGLPLHQWR\FRPXQLFDFLyQFRQORVGHPiV
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWHUSHUVRQDO
&RQ IUHFXHQFLD ORV DOXPQRV XWLOL]DQ OD WHFQRORJtD LQGLYLGXDOPHQWH SURFHGHU TXH VXHOH VHU ~WLO SDUD SURSyVLWRV UHPHGLDOHV R GH
H[SORUDFLyQ SHUVRQDO 1R REVWDQWH ODV LQYHVWLJDFLRQHV DFWXDOHV LQGLFDQ TXH FXDQGR ORV DOXPQRV XWLOL]DQ ODV FRPSXWDGRUDV SRU
SDUHMDVRHQSHTXHxRVJUXSRVVHIDFLOLWDQ\DFHOHUDQODFRPSUHQVLyQ\HODSUHQGL]DMH3XHGHQSURGXFLUVHH[SHULHQFLDVSRVLWLYDVGH
DSUHQGL]DMH FXDQGR ORV DOXPQRV FRPSDUWHQ VXVGHVFXEULPLHQWRV VH EULQGDQ DSR\R SDUD UHVROYHU SUREOHPDV \ WUDEDMDQ HQ
SUR\HFWRVFRQMXQWRV(QORVSXHVWRVGHWUDEDMRDFWXDOHVGLFKDVKDELOLGDGHVKDQDGTXLULGRXQDLPSRUWDQFLDFUHFLHQWH
([LVWHQPXFKDVIRUPDVGHXWLOL]DUODWHFQRORJtD HQHODXODSDUDSURPRYHUODVKDELOLGDGHVLQWHUSHUVRQDOHV3RUHMHPSORVHSXHGH
UHDOL]DU XQD JUDEDFLyQ HQ YLGHR PLHQWUDV ORV DOXPQRV GHVDUUROODQ XQD SUHVHQWDFLyQ R XQD GUDPDWL]DFLyQ /XHJR HOORV SRGUiQ
REVHUYDUVXVH[SUHVLRQHVIDFLDOHV\VXVPRYLPLHQWRVFRUSRUDOHVSDUDGHWHUPLQDUVLFRQWULEX\HURQDGHVWDFDURGHVPHUHFHUDTXHOOR
TXH GHVHDEDQ FRPXQLFDU *UXSRV GH DOXPQRV SRGUiQ GLVFXWLU OR TXH KD\DQ REVHUYDGR UHVSHFWR GH FDGD XQR WHQLHQGR HQ FXHQWD
TXH GHEHUiQ FRPHQ]DU \ ILQDOL]DU FRQ XQ FRPHQWDULR SRVLWLYR \ TXH VyOR VH DGPLWLUiQ FUtWLFDV VL VH ODV IRUPXOD GH PDQHUD
FRQVWUXFWLYD
/DVKDELOLGDGHVLQWHUSHUVRQDOHVSXHGHQSURPRYHUVHPHGLDQWHODRUJDQL]DFLyQGHSHTXHxRVJUXSRVSDUDHOWUDEDMRFRQODWHFQRORJtD
HQHODXOD\WDPELpQPHGLDQWHHOHVWDEOHFLPLHQWRGH UHGHVLQIRUPiWLFDVFRQDOXPQRVGHRWURVFXUVRVHVFXHODVRSDtVHV$~QPiV
GUDPiWLFDHVODFUHFLHQWHIUHFXHQFLDFRQTXHVHOOHYDQDFDERWHOHFRQIHUHQFLDVPHGLDQWHWUDQVPLVLRQHVVDWHOLWDOHV(OFRQWDFWRFDUD
D FDUD HQWUH QLxRV TXH SXHGHQ YHUVH \ RtUVH SRU PHGLR GH OD WHFQRORJtD HV XQD IRUPD DOWDPHQWH PRWLYDGRUD SDUD GHVDUUROODU
KDELOLGDGHV SDUD OD FRPXQLFDFLyQ \D TXH HOOR SHUPLWH TXH DOXPQRV GH GLIHUHQWHV ]RQDV GH XQ SDtV R GHO PXQGR VH XQDQ HQ OD
E~VTXHGDGHVROXFLRQHVDSUREOHPDVHFROyJLFRVHFRQyPLFRVR SROtWLFRV
/D DFFLyQ GH OD &RSHQ )DPLO\ )XQG GH 1XHYD <RUN KD UHVXOWDGR GHFLVLYD SDUD SURPRYHU HO GHVDUUROOR GH UHGHV LQIRUPiWLFDV
HVFRODUHV ($51 YLQFXOD FLQFR FHQWURV HQ ORV (VWDGRV 8QLGRV FRQ SUR\HFWRV GH TXLQFH SDtVHV HQ HO H[WUDQMHUR 7KH *OREDO
(GXFDWLRQ 0RGHOGH<RUNWRZQ+HLJKWV1XHYD<RUNYLQFXODDDOXPQRVGHWRGRVORVQLYHOHVGHHQVHxDQ]DFRQSDUHVHQ
+RODQGD(VSDxDH,QGRQHVLD7KH$OEXTXHUTXH3XEOLF6FKRROVYLQFXODDXVXDULRVGHODVHVFXHODVGHOGLVWULWRSRUPHGLR
GH XQD UHG GH FRUUHR HOHFWUyQLFR HQ GLFKR QLYHO < HO3DFLILF1RUWKZHVW&HQWHUYLQFXODDODV(VFXHODVSDUDHO6LJOR;;,GHO
HVWDGRGH:DVKLQJWRQ/D)XQGDFLyQ&RSHQFRQGXFHWHOHFRQIHUHQFLDVLQIRUPiWLFDVRQOLQHGHEDMRFRVWRSDUDWDOHVSUR\HFWRV
(QWUHODVQXPHURVDVUHGHVH[LVWHQWHVSRGHPRVFLWDUD.LGVQHWGH1DWLRQDO*HRJUDSKLF/HDUQLQJ1HWZRUNGH$77\3HDFHQHW/D
,QWHUQHWXQDUHGGHUHGHVLQIRUPiWLFDVLQFOX\HPLOHVGHUHGHVXWLOL]DGDVSRUPLOORQHVGHSHUVRQDVGHWRGDVODVHGDGHV/DVUHGHV
GH WHOHFRPXQLFDFLRQHV FRQVWLWX\HQ XQ LPSRUWDQWH UHFXUVR \ XQ VLVWHPD GH DSR\R SDUD ORV HGXFDGRUHV 6H KD FUHDGR XQ JUDQ
Q~PHUR GH UHGHV FRPR $PHULFD 7RPRUURZ FRQ HO REMHWR GH YLQFXODU D ORV HGXFDGRUHV \ GH EULQGDU LQIRUPDFLyQ SHGDJyJLFD
DFWXDOL]DGD\UHFXUVRVSDUDOOHYDUDFDERLQQRYDFLRQHV\UHHVWUXFWXUDFLRQHV
'LVWDQFH /HDUQLQJ IDFLOLWD OD FRPXQLFDFLyQ HQWUH GRFHQWHV \ DOXPQRV GH GLIHUHQWHV FRPXQLGDGHV UHJLRQHV R SDtVHV (VWD
WHFQRORJtDLQWHUDFWLYDSHUPLWHGHVDUUROODUH[WHQGHU\SURIXQGL]DUODVKDELOLGDGHVLQWHUSHUVRQDOHV\SHQHWUDODVEDUUHUDVFXOWXUDOHVD
PHGLGDTXHORVDOXPQRV\ORVGRFHQWHVDSUHQGHQDFRPXQLFDUVHPHGLDQWHODVQXHYDVIRUPDVTXHSURSRQHHVWHPHGLR
5HVXPHQ
6HJ~Q VHxDOD +RZDUG *DUGQHU HO GHVDUUROOR SRVLWLYR GH ODV LQWHOLJHQFLDV SHUVRQDOHV GHWHUPLQD VL XQ LQGLYLGXR OOHYDUi XQD YLGD
DGXOWD SOHQD \ VDWLVIDFWRULD /D LQWHOLJHQFLD LQWHUSHUVRQDO UHVXOWD HVHQFLDO SDUD YLYLU \ WUDEDMDU FRQ ORV GHPiV HQ QXHVWUR HQWRUQR
LQPHGLDWR HQ QXHVWUD FRPXQLGDG \ HQ HO PXQGR $SUHQGHU D YLYLU FRRSHUDWLYDPHQWH \ DSUHQGHU D PDQHMDU FRQIOLFWRV HQ IRUPD
HILFD]VRQKDELOLGDGHVQHFHVDULDVWDQWRSDUDORVLQGLYLGXRVFRPRSDUDODVQDFLRQHV
$OEHUW(LQVWHLQDILUPyHQXQDRSRUWXQLGDG
(OQLYHOJHQHUDOGHLQIRUPDFLyQPXQGLDOHVDOWRSHURJHQHUDOPHQWHWHQGHQFLRVRLQIOXHQFLDGRSRUSUHMXLFLRVQDFLRQDOHVTXHQRV
WUDQVIRUPDQHQFLXGDGDQRVGHQXHVWUDQDFLyQSHURQRGHQXHVWURPXQGR
(V SRVLEOH DPSOLDU OD SHUVSHFWLYD GHO DOXPQR UHVSHFWR GH FXHVWLRQHV ORFDOHV \ JOREDOHV D ILQ GH SHUPLWLUOH DVXPLUVH FRPR
FLXGDGDQR WDQWR GH VX QDFLyQ FRPR GHO PXQGR 6L QRV KDOODPRV ILUPHPHQWH FRQVXVWDQFLDGRV FRQ QXHVWUDV UDtFHV FXOWXUDOHV HV
SRVLEOH WUDVSDVDU ODV IURQWHUDV QDFLRQDOHV FRQ HO ILQ GH FRODERUDU FRQ ORVGHPiVSDUDUHVROYHUORVFRPSOHMRVSUREOHPDVDTXHVH
HQIUHQWDODKXPDQLGDG
(VWH FDStWXOR SUHVHQWD QXPHURVDV HVWUDWHJLDV LQWHUSHUVRQDOHV QHFHVDULDV SDUD YLYLU HQ XQ PXQGR GH FUHFLHQWH LQWHUGHSHQGHQFLD
HQWUHHOODVHVWDEOHFHUJUXSRVHILFDFHVDSUHQGL]DMHHQFRODERUDFLyQPDQHMRGHFRQIOLFWRVDSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO
DSUHFLDFLyQ GH ODV GLIHUHQFLDV PHGLDQWH HO DSUHQGL]DMH VREUH ORV GLIHUHQWHV HVWLORV SDUD DSUHQGHU GHVDUUROOR GH SHUVSHFWLYDV
P~OWLSOHVVROXFLyQGHSUREOHPDVHQHOQLYHOORFDO\JOREDOHGXFDFLyQPXOWLFXOWXUDO\XVRVLQWHUSHUVRQDOHVGHODWHFQRORJtD&RQHO
REMHWRGHUHVXPLUUHIOH[LRQDU\VLQWHWL]DUHOFRQWHQLGRGHOSUHVHQWHFDStWXORRIUHFHPRVODVLJXLHQWHJXtD
&$3Ì78/2
(OPXQGRTXHOOHYDPRVGHQWURLQWHOLJHQFLD
LQWUDSHUVRQDO
$TXHOORTXHGHMDPRVDWUiV\DTXHOORTXHWHQHPRVSRUGHODQWHQRVRQPiVTXHLQVLJQLILFDQFLDVFRPSDUDGRVFRQORTXHOOHYDPRV
GHQWUR
2/,9(5:(1'(//+R/0(6
&XDQGR%LOOHUDSHTXHxRVXPDGUHORFRQVLGHUDEDXQQLxRGLItFLO$SUHQGtDFRQPXFKDOHQWLWXGWHQtDIUHFXHQWHVFRQYXOVLRQHV\
SUHVHQWDEDWUDVWRUQRVGHFRQGXFWD
/D SUHVHQFLD GH GRV QLxRV GH FRUWD HGDG HQ HO KRJDU XQ PDWULPRQLR GHVKHFKR \ OD QHFHVLGDG GH YROYHU D FRQVHJXLU HPSOHR
KDFtDQTXHODPDGUHGH%LOOVHVLQWLHUDVREUHSDVDGDSRUODDWHQFLyQTXHUHTXHUtDVXKLMR3RFRGHVSXpVGHVXQRYHQRFXPSOHDxRV
%LOOIXHLQWHUQDGRHQXQDLQVWLWXFLyQHVWDWDOSDUDLQGLYLGXRVFRQUHWUDVRPHQWDOGRQGHSDVyORVVLJXLHQWHVGRFHDxRVGHVXYLGD
(OLQJUHVRHQODLQVWLWXFLyQVLJQLILFySDUD%LOOODSpUGLGDGHODVH[SHULHQFLDVFRPXQHVHQODLQIDQFLD6HHQFRQWUDEDDLVODGRGHVX
IDPLOLDGHVXVDPLJRV\GHOSHTXHxRSXHEORGRQGHKDEtDQDFLGR(ODLVODPLHQWRGH%LOOLQFOXtDWDPELpQHODQDOIDEHWLVPR'HELGR
DTXHSUHVHQWDEDXQ&,LQIHULRUDVHORLQFOX\yHQODFDWHJRUtDGHLQHGXFDEOH\QXQFDVHOHHQVHxyDOHHURHVFULELU6XVGtDV
HQODLQVWLWXFLyQWUDQVFXUULHURQHQWUHWDUHDVGHOLPSLH]D
$O ILQDOL]DU VX HWDSD HQ OD LQVWLWXFLyQ %LOO VXEVLVWLy FRQ HO DSR\R TXH OH EULQGDED XQ RUJDQLVPR FRPXQLWDULR GHGLFDGR D OD
UHLQVHUFLyQ GH H[ LQWHUQRV DGXOWRV FX\R REMHWLYR FRQVLVWtD HQ D\XGDUORV D GHVDUUROODU XQD YLGD SOHQD H LQGHSHQGLHQWH 'LFKR
RUJDQLVPRH[LJtDTXH%LOOHVWDEOHFLHUD\FXPSOLHUDPHWDVSHUVRQDOHVDQXDOHVTXHOHSHUPLWLHUDQFRQYHUWLUVHHQXQPLHPEURDFWLYy
GHODFRPXQLGDGORFDO&XDQGR%LOOFXPSOLyDxRVVHSURSXVRXQQXHYRREMHWLYRDSUHQGHUDOHHU\HVFULELU
6XWUDEDMDGRUVRFLDOVHSXVRHQFRQWDFWRFRQXQDGRFHQWHGHOHQJXDTXHHPSOHDEDXQHQIRTXHPXOWLPRGDOSDUDODHQVHxDQ]DGHOD
OHFWXUD %LOO H[SUHVy LQPHGLDWDPHQWH VX GHVHR GH HVFULELU XQD FDUWD D VX PDGUH GH TXLHQ YLYtD VHSDUDGR GHVGH KDFtD PXFKR
WLHPSR \ GLFWy FRQ JUDQ SUHFLVLyQ VXV SHQVDPLHQWRV D OD GRFHQWH \ OXHJR SUDFWLFy OHHU SDUWHV GH OD FDUWD %LOO \ VX LQVWUXFWRUD
WUDEDMDURQ WDPELpQ OD OHFWXUD SRU PHGLR GH XQD FROHFFLyQ GH OLEURV OODPDGD %DOO 6WLFN %LUG 3HORWD %DVWyQ 3iMDUR GH 5HQH
)XOOHU-XQWRVOH\HURQORVWH[WRVTXHDSDUHFtDQHQSDTXHWHVGHFLJDUULOORVFDMDVGHFHUHDOVHxDOHVYLDOHVDQXQFLRVGHDOLPHQWRV\
PHGLFDPHQWRV\WLWXODUHVGHSHULyGLFRV%LOOSUDFWLFyODHVFULWXUDGHSDODEUDV\IUDVHVXWLOL]DQGRDOSULQFLSLRPDUFDGRUHVGHFRORUHV
\OXHJRXQDPiTXLQDGHHVFULELUTXHOHSURSRUFLRQyODGRFHQWH
%LOOWUDEDMDEDLQFDQVDEOHPHQWHHQIRUPDLQGLYLGXDO\OOHQDEDFXDGHUQRVFRQIUDVHVTXHPRVWUDEDRUJXOORVRDVXGRFHQWHGXUDQWHOD
FODVH VLJXLHQWH (O KHFKR GH HVFULELU DFHUFD GHO PDWHULDO GHOHFWXUDTXHpOPLVPRHOHJtD\GHILMDUVH\DOFDQ]DUPHWDVSHUVRQDOHV
SURGXMHURQUHVXOWDGRVSRVLWLYRV
7DQWRODVKDELOLGDGHVGH%LOOFRPRVXDXWRFRQILDQ]DVHLQFUHPHQWDURQQRWRULDPHQWH$OFDERGHXQPHVGHDSUHQGL]DMHGH
OHFWRHVFULWXUD%LOOVHSURSXVRXQQXHYRREMHWLYRHVFULELUXQOLEUR
&XDQGR%LOOOHLQIRUPyDFHUFDGHHVWHSURSyVLWRODGRFHQWHH[SHULPHQWyGXGDV\VHSUHJXQWyVLODLGHDGH%LOOSRGUtDFRQVLGHUDUVH
UHDOLVWD&RPRUHVSXHVWDDHVDVGXGDVQRIRUPXODGDV%LOOPDQLIHVWyTXH\DKDEtDGHFLGLGRFXiOVHUtDHOWtWXORGHOOLEUR6HOODPDUtD
7KH LQVLGH ZRUOG >(O PXQGR LQWHUQR@ \ QDUUDUtD VX YLGD HQ OD LQVWLWXFLyQ 6HLV PHVHV PiV WDUGH KDEtD FRQFOXLGR VX WUDEDMR /RV
IUDJPHQWRVVLJXLHQWHVSHUWHQHFHQDOOLEUR7KHLQVLGHZRUOGGH%LOO.QDNH
0HJXVWDUtDVHUFDSD]GHHQVHxDUDOHHUDRWUDVSHUVRQDV&UHRTXHVHULDXQEXHQPDHVWUR/HVHQVHxDUtDORTXHVp\OHVD\XGDUtDDHQFRQWUDUODV
SDODEUDVTXHTXLHUDQVDEHU7HQJRFRQGLFLRQHVSDUDWUDEDMDUFRQODVSHUVRQDV3XHGRFRPSUHQG HUODV\FRPSUHQGHUVXVSUREOHPDV0HJXVWDUtD
VDEHUVLSXHGRD\XGDUDORVGHPiVRQR&RQR]FRDPXFKDVSHUVRQDVTXHQRVDEHQOHHUQLHVFULELU0HJXVWDUtD
IXQGDUXQDHVFXHODSDUDHQVHxDUOHV/HHUHVGLYHUWLGR1XQFDVHHVGHPDVLDGRYLHMRSDUDDSUHQGHUDO HHU0HJXVWDUtDWUDEDMDUFRQSHUVRQDV
DQDOIDEHWDV\WUDQVIRUPDUODVSDUDTXHIXHUDQFDSDFHVGHOHHU
'HVGHTXHDSUHQGtDOHHUPHVLHQWRPHMRUFRQPLJRPLVPR6LHPSUHTXLVHOHHU(VWR\RUJXOORVRGHPt'HVHRVHJXLUSHUIHFFLRQiQGRPHHQOHFWXUD\
HVFULWXUD\ TXLHURHVFULELUPiVOLEURV<DQRWHQJRQDGDPiVSDUDGHFLUDFHUFDGHODVLQVWLWXFLRQHV4XLVLHUDHVFULELUDFHUFDGHRWUDVFRVDVGH
FRVDVEXHQDVFRPRODPDQHUDGHTXHWRGRVQRVOOHYHPRVPXFKRPHMRU0HVLHQWRDJXVWRFRQPLJRPLVPR\PHVLHQWRDJXVWRFRQ ODYLGDTXHOOHYR
/DSHUVHYHUDQFLDHLQWHUpVSRUORVGHPiVTXHGHPXHVWUD%LOO.QDNHGRVDVSHFWRVGHODLQWHOLJHQFLDLQWUDSHUVRQDOKDQVHUYLGRGH
LQVSLUDFLyQDQXPHURVDVSHUVRQDVSDUDHVWDEOHFHU\FXPSOLUREMHWLYRVTXHSUHYLDPHQWHFRQVLGHUDEDQLPSRVLEOHV(QODDFWXDOLGDG
%LOOYLYH\WUDEDMDHQ0W9HUQRQHVWDGRGH:DVKLQJWRQ(VWDGRV8QLGRV
'HILQLFLyQLQWHOLJHQFLDLQWUDSHUVRQDO
(Q HO FRUD]yQ GH QXHVWUR PXQGR LQWHULRU VH HQFXHQWUDQ ODV FDSDFLGDGHV D ODV TXH UHFXUULPRV SDUD FRPSUHQGHUQRV D QRVRWURV
PLVPRV\DRWUDVSHUVRQDVSDUDLPDJLQDUSODQLILFDU\UHVROYHUSUREOHPDV$OOtKDELWDQWDPELpQFXDOLGDGHVWDOHVFRPRPRWLYDFLyQ
FDSDFLGDGGHGHFLVLyQpWLFDLQWHJULGDGHPSDWtD\DOWUXLVPR6LQHVWRVUHFXUVRVLQWHULRUHVUHVXOWDGLItFLOOOHYDUXQDYLGDSURGXFWLYD
HQHOSOHQRVHQWLGRGHODH[SUHVLyQ
/D PD\RUtD GH ORV LQYHVWLJDGRUHV FRQVLGHUD TXH WDQ SURQWR OOHJDPRV DO PXQGR FRPLHQ]DQ D GHVDUUROODUVH ODV LQWHOLJHQFLDV
SHUVRQDOHVDSDUWLUGHXQDFRPELQDFLyQGHHOHPHQWRVUHODFLRQDGRVFRQODKHUHQFLDHODPELHQWH\ODH[SHULHQFLD/DUHODFLyQHQWUH
HO EHEp \ OD PDGUH R OD SHUVRQD TXH VH HQFDUJD GH VX FXLGDGR HVWDEOHFH HO HTXLOLEULR HPRFLRQDO \ VX FRQVWDQWH IRUWDOHFLPLHQWR
SURPXHYHXQFUHFLHQWHVHQWLGRGHLGHQWLGDGSHUVRQDO\VLHQWDODVEDVHVSDUDHVWDEOHFHU RWUDVUHODFLRQHVVRFLDOHVSRVLWLYDV3RUOR
WDQWRGHVGHXQSULQFLSLRODVLQWHOLJHQFLDVLQWUDSHUVRQDOHLQWHUSHUVRQDOVRQLQWHUGHSHQGLHQWHV
/RV SDGUHV X RWUDV SHUVRQDV TXH VH HQFDUJDQ GHO FXLGDGR GH ORV QLxRV \ ORV GRFHQWHV GHVHPSHxDQ XQD IXQFLyQ FUtWLFD FRPR
PRGHORV GH URO SDUD GLFKDV LQWHOLJHQFLDV HQ HO GHVDUUROOR GHO QLxR \ ORV HQWRUQRV SRVLWLYRV HQULTXHFHGRUHV \ HVWLPXODQWHV TXH
FRQWULEX\HQDFUHDUSURSRUFLRQDQHOIXQGDPHQWRSDUDXQGHVDUUROORVDOXGDEOHGHOVHUKXPDQRHQODViUHDVLQWHOHFWXDOHPRFLRQDO\
ItVLFD
/D LQWHOLJHQFLD LQWUDSHUVRQDO FRPSUHQGH QXHVWURV SHQVDPLHQWRV \ VHQWLPLHQWRV (Q OD PHGLGD HQ TXH SRGDPRV FRQFLHQWL]DUORV
PiVVyOLGDVHUiODUHODFLyQHQWUHQXHVWURPXQGRLQWHULRU\HOPXQGRH[WHULRUGHODH[SHULHQFLD
(Q DOJXQRV FDVRV FXDQGR QRV HQFRQWUHPRV KDFLHQGR DOJR HQ IRUPD DXWRPiWLFD UHVXOWDUi ~WLO LQWHUUXPSLU HVWH HVTXHPD \
UHFRPHQ]DUODWDUHDFXLGDGRVD\UHIOH[LYDPHQWHSUHVWDQGRDWHQFLyQDQXHVWUDFRQGXFWD7DODXWRREVHUYDFLyQFUtWLFDHVXQDPDQHUD
GHDXPHQWDUQXHVWUDFRQFLHQFLDUHVSHFWRGHQXHVWURPXQGRLQWHULRUXQDDFWLWXGWDQYDOLRVDHQORVGRFHQWHVFRPRHQORVDOXPQRV
(QHVWHFDStWXORH[SORUDPRVIRUPDVSDUDDOFDQ]DUXQDPHMRUFRPSUHQVLyQGHQRVRWURVPLVPRVGHQXHVWURVGHVHRV\PHWDV\GH
QXHVWUD QDWXUDOH]D HPRFLRQDO FRQ HO REMHWLYR ~OWLPR GH SODQLILFDU QXHVWUDV H[SHULHQFLDV GH PDQHUD HILFD] EDViQGRQRV HQ XQ
PRGHOR RSHUDWLYR SUHFLVR GHO \R 7DOHV KDELOLGDGHV LQWUDSHUVRQDOHV DVXPHQ XQD LPSRUWDQFLD GHWHUPLQDQWH SDUD HO GHVDUUROOR GH
DOXPQRVH[LWRVRVFDSDFHVGHWUDQVIRUPDUVHHQVHUHVKXPDQRVFDGDYH]PiVpWLFRVSURGXFWLYRV\FUHDWLYRVHQVXGHVHPSHxRWDQWR
LQGHSHQGLHQWHFRPRFRODERUDGRU
/D LQWHOLJHQFLD LQWUDSHUVRQDO QR GHEH DVXPLU FDUDFWHUtVWLFDV VROHPQHV 'H KHFKR OD FDSDFLGDG SDUD FRPSUHQGHU PHMRU QXHVWUD
QDWXUDOH]D \ HVWDU HQ FRQGLFLRQHV GH UHtUQRV GH QXHVWUDV GHELOLGDGHV R GH QXHVWURV HUURUHV FRQVWLWX\H XQ PHGLR LQRIHQVLYR SDUD
LQWHQVLILFDUODDXWRFRPSUHQVLyQ$ORVDOXPQRVOHVUHVXOWDUiGHVXPDXWLOLGDGFRPSUHQGHUTXHXQHUURUFRPHWLGRGHEXHQDIHQR
GHEH GDU RULJHQ D VHQWLPLHQWRV GH LQIHULRULGDG YHUJHQ]D R LUD 6L HVWDPRV HQ FRQGLFLRQHV GH UHtUQRV GH QRVRWURV PLVPRV
PD\RUHV VHUiQ QXHVWUDV SRVLELOLGDGHV GH VXSHUDU PRPHQWRV GLItFLOHV &XDQGR ORV GRFHQWHV SRQHQ GH PDQLILHVWR HVWD FDSDFLGDG
IUHQWHDVXVDOXPQRVOHV HVWiQRIUHFLHQGRHOPRGHORGHXQDKDELOLGDGEiVLFDSDUDODVXSHUYLYHQFLD
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDLQWUDSHUVRQDO
/RV QLxRV VXHOHQ GHPRVWUDU LQWHUpV SRU VXV H[SHULHQFLDV LQWHUQDV \ REWLHQHQ JUDQGHV EHQHILFLRV FXDQGR SDUWLFLSDQ GH GLYHUVDV
DFWLYLGDGHV LQWUDSHUVRQDOHV (VWDV DFWLYLGDGHV LQFOX\HQ ORV HQIRTXHV SDUD HO DSUHQGL]DMH LQGHSHQGLHQWH \ DXWRGLULJLGR ODV
RSRUWXQLGDGHVSDUDXWLOL]DUODLPDJLQDFLyQ\ODSRVLELOLGDGGHGLVSRQHUGHPRPHQWRVWUDQTXLORV\OXJDUHVSULYDGRVGRQGHWUDEDMDU
\UHIOH[LRQDU$VLPLVPRUHVXOWDEHQHILFLRVRDSUHQGHUDSURFHVDUORVSURSLRVVHQWLPLHQWRVDILMDU\FXPSOLUPHWDVSHUVRQDOHV\D
DOFDQ]DU HO DXWRFRQRFLPLHQWR \ OD DXWRHVWLPD )RUPXODU LQWHUURJDQWHV DFHUFD GH OD YLGD \ ODV DPELFLRQHV SHUVRQDOHV \ OXHJR
HQFRQWUDUUHVSXHVWDVSDUDWDOHVPLVWHULRVRWRUJDVDWLVIDFFLyQWDQWRDORVDGXOWRVFRPRDORVQLxRV
&XDQGRVHLQWHQWDGHVFULELUODVFDUDFWHUtVWLFDVGHTXLHQHVSRVHHQXQDLQWHOLJHQFLDLQWUDSHUVRQDOGHVDUUROODGDHVLPSRUWDQWHWHQHUHQ
FXHQWDTXHQRWRGRVVXVDVSHFWRVSXHGHQPDQLIHVWDUVHHQXQPLVPRLQGLYLGXR
3RUHMHPSORXQDSHUVRQDSXHGHSRVHHUXQDSUHFLVDLPDJHQLQWHULRUGHVtPLVPD\QRSRUHOORKDEHUGHVDUUROODGRXQDOWRQLYHOGH
DXWRHVWLPD 2WUR LQGLYLGXR SRGUtD VHQWLUVH VDWLVIHFKR GH Vt PLVPR \ QR LQWHQWDU OD DXWRDFWXDOL]DFLyQ (O VLJXLHQWH OLVWDGR
SURSRUFLRQD DOJXQRV LQGLFDGRUHV GH HVWD FRPSOHMD LQWHOLJHQFLD (V SUREDEOH TXH XQD SHUVRQD FRQ XQD LQWHOLJHQFLD LQWUDSHUVRQDO
ELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
7LHQHFRQFLHQFLDGHOUDQJRGHVXVHPRFLRQHV
(QFXHQWUDHQIRTXHV\PHGLRVSDUDH[SUHVDUVXVVHQWLPLHQWRV\RSLQLRQHV
'HVDUUROODXQPRGHORSUHFLVRGHO\R
6HVLHQWHPRWLYDGDSDUDHVWDEOHFHU\ORJUDUREMHWLYRV
(VWDEOHFH\YLYHGHDFXHUGRFRQXQVLVWHPDGHYDORUHVpWLFRV
(VFDSD]GHWUDEDMDUHQIRUPDLQGHSHQGLHQWH
6LHQWHFXULRVLGDGSRUORVJUDQGHVHQLJPDVGHODYLGDVHQWLGRLPSRUWDQFLD\SURSyVLWR
/OHYDDFDERXQFRQVWDQWHSURFHVRGHDSUHQGL]DMH\FUHFLPLHQWRSHUVRQDO
,QWHQWDGLVWLQJXLU \FRPSUHQGHUODVH[SHULHQFLDVLQWHULRUHV
5HIOH[LRQD\H[WUDHFRQFOXVLRQHVDFHUFDGHODFRPSOHMLGDGGHOVHU\GHODFRQGLFLyQKXPDQD
%XVFDRSRUWXQLGDGHVSDUDDFWXDOL]DUVH
7LHQHFRQILDQ]DHQORVGHPiV
3URFHVRVGHDSUHQGL]DMHLQWUDSHUVRQD O
/DV DFWLYLGDGHV GH DSUHQGL]DMH TXH VH SUHVHQWDQ HQ HVWH FDStWXOR VH DJUXSDQ HQ ODV VLJXLHQWHV FDWHJRUtDV JHQHUDOHV DXWRHVWLPD
ILMDFLyQ GH PHWDV KDELOLGDGHV SDUD HO SURFHVDPLHQWR HPRFLRQDO HVFULWXUD SHUVRQDO GLVWLQFLyQ GH YDORUHV \ SURSyVLWRV PRGHOR
FXUULFXODU SDUD HO DSUHQGL]DMH DXWRGLULJLGR \ IRUPDV LQWUDSHUVRQDOHV GH WHFQRORJtD (VWRV HQIRTXHV GLGiFWLFRV SURSRUFLRQDQ XQD
YDULHGDGGHHVWUDWHJLDVSDUDFRPHQ]DUDHVWLPXODUODLQWHOLJHQFLDLQWUDSHUVRQDO1RREVWDQWHVHDGYLHUWHDOHGXFDGRUTXHQRGHEHUi
HVSHUDU FDPELRV LQPHGLDWRV HQ ORV DOXPQRV GHELGR D TXH HO GHVDUUROOR GH XQ DXWRFRQRFLPLHQWR SURIXQGR UHTXLHUH XQD YLGD
RULHQWDGDDWDODSUHQGL]DMH/DVHVWUDWHJLDVHVSHFtILFDVTXHVHGHVFULEHQHQHOSUHVHQWHFDStWXORVRQODVVLJXLHQWHV
&yPRHVWDEOHFHUXQiPELWRTXHQXWUDHOVHQWLGRGHO\R
&DUDFWHUtVWLFDVGHODVHVFXHODVTXHQXWUHQODDXWRHVWLPD
5HFXUVRVSDUDLQFUHPHQWDUODDXWRHVWLPD
&tUFXORVGHHORJLR5HFRQRFLPLHQWRLQGLYLGXDO$SR\RHQWUHSDUHVOLQHDPLHQWRVSDUDSURPRYHUODDXWRHVWLPD
)LMDFLyQ\ORJURGHPHWDV
+DELOLGDGHVGHSHQVDPLHQWR
5HOHYDPLHQWRGHORVLQWHUHVHVGHORVDOXPQRV
3ODQLOODGHREMHWLYRVLQGLYLGXDOHVGHODOXPQR
3ODQWHRGHGHVDItRVSDUDHODSUHQGL]DMHDORVDOXPQRV
&UHDFLyQGHPHWDVROtPSLFDV
0HWDFRJQLFLyQ
)LFKDSDUDHOSODQHDPLHQWR\ODUHIOH[LyQVREUHODVWDUHDV
(GXFDFLyQHPRFLRQDOPHQWHLQWHOLJHQWHHQHODXOD
&yPRHVWDEOHFHUXQiPELWRTXHSHUPLWDODH[SUHVLyQHPRFLRQDO
5HFRQRFLPLHQWRGHVHQWLPLHQWRV
,QYHQWDULRGHVHQWLPLHQWRV
0DQLIHVWDFLyQGHORVVHQWLPLHQWRVDWUDYpVGHODVDUWHV
5HFXUVRVGHDXWRD\XGD
(GXFDFLyQSDUDORVYDORUHVKXPDQRV
(VFULWXUDGHGLDULRVSHUVRQDOHV
3URSXHVWDVSDUDODHVFULWXUDGHGLDULRVSHUVRQDOHVHQHODXOD
(VFULWXUDGHXQGLDULRSHUVRQDOFRPRPHGLRSDUDODDXWRUUHIOH[LyQ
&RQRFLPLHQWRGHO\RDWUDYpVGHORVGHPiV
&yPRREWHQHUSHUFHSFLRQHVLQWUDSHUVRQDOHVSRUPHGLRGHOIHHGEDFNLQWHUSHUVRQDO
5HIOH[LyQVREUHHOPLVWHULR\HOVHQWLGRGHODYLGD
$FWLYLGDGHVGHODXODTXHHVWLPXODQHOVHQWLGRGHORPDUDYLOORVR
5HFRQRFLPLHQWRGHSURSyVLWRVHQODHVFXHOD\HQODYLGD
$SUHQGL]DMHDXWRGLULJLGRHQIRTXHHGXFDWLYRLQWUDSHUVRQDO
&RQWUDWRGHDSUHQGL]DMHDXWRGLULJLGR
6XJHUHQFLDVSDUDLPSOHPHQWDUHODSUHQGL]DMHDXWRGLULJLGR
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWUDSHUVRQDO
5HVXPHQ
&yPRHVWDEOHFHU XQiPELWRTXHQXWUDHOVHQWLGRGHO\R
0XFKRVSURJUDPDVHGXFDWLYRVVHKDQGHVDUUROODGRFRQHOREMHWRGHSURPRYHUODDXWRHVWLPDGHODOXPQR6LELHQQRH[LVWHFRQVHQVR
DFHUFDGHODGHILQLFLyQGHDXWRHVWLPDSRUORJHQHUDOVHODFRQVLGHUDODVXPDGHORVSURSLRVVHQWLPLHQWRVDFHUFDGHO\RLQFOX\HQGR
HO VHQWLGR GH UHVSHWR \ YDORUDFLyQ GH OD SURSLD SHUVRQD 3DUD DOFDQ]DU XQ DOWR QLYHO GH DXWRHVWLPD XQD SHUVRQD GHEH VHQWLUVH
YDOLRVDGLJQDGHVHUDPDGDFRPSHWHQWHGHQWURGHVXHQWRUQR\FDSD]GHUHDOL]DUFRQWULEXFLRQHVVLJQLILFDWLYDVSDUDORVGHPiV/RV
DOXPQRV TXH SUHVHQWDQ XQ DOWR QLYHO GH DXWRHVWLPD FRQILDQ HQ Vt PLVPRV \ HQ VXV FDSDFLGDGHV WRPDQ SDUWH HQ DFWLYLGDGHV
HVFRODUHV\H[WUDHVFRODUHVSXHGHQDSUHQGHUGHVXVHUURUHV\VHVLHQWHQFyPRGRVFRQHOKHFKR GHQRVHUSHUIHFWRV
(V SRVLEOH RUJDQL]DU iPELWRV HVFRODUHV TXH SURPXHYDQ OD DXWRHVWLPD GH WRGRV ORV DOXPQRV /D FUHDFLyQ GH XQD DWPyVIHUD
FDUDFWHUL]DGD SRU VX FDOLGH] \ FRQWHQFLyQ OD SXHVWD HQ SUiFWLFD GH SURFHGLPLHQWRV GHPRFUiWLFRV HO HVWtPXOR GH OD GLJQLGDG
KXPDQD\HOUHFRQRFLPLHQWRGHODGLYHUVLGDGFXOWXUDOSHUPLWHQDODVHVFXHODVD\XGDUDORVDOXPQRVDVHQWLUTXHVRQELHQYHQLGRV\
DFHSWDGRV([LVWHQFLQFRFXDOLGDGHVHVHQFLDOHVTXHFDUDFWHUL]DQDODVHVFXHODVGRQGHVHQXWUHHOVHQWLGRGHODDXWRHVWLPDHQIRUPD
H[LWRVD (V SUREDEOH TXH ORV HGXFDGRUHV GHVHHQ DQDOL]DU HVWDV FXDOLGDGHV D ILQ GH GHWHUPLQDU FXiOHV VRQ ODV TXH VH HQFXHQWUDQ
SUHVHQWHVHQVXViPELWRVGHWUDEDMR\FXiOHVVRQODVTXHUHTXLHUHQIRUWDOHFLPLHQWR
&DUDFWHUtVWLFDVGHODVHVFXHODVTXHQXWUHQODDXWRHVWLPD
‡ (TXLGDG 6H VRVWLHQH XQ VLVWHPD LQVWLWXFLRQDO GH YDORUHV TXH UHFRQRFH D WRGRV DOXPQRV HO GHUHFKR GH DSUHQGHU \ TXH RIUHFH D
WRGRVHOORVRSRUWXQLGDGHVHGXFDWLYDVGHDOWDFDOLGDG
‡ 6HQWLGR GH FRPXQLGDG/RV DOXPQRV HO SHUVRQDO GRFHQWH ORV SDGUHV \ ORV PLHPEURV GH OD FRPXQLGDG FRPSDUWHQHOSURSyVLWR
FRP~QGHWUDQVIRUPDUODHVFXHODHQXQiPELWRSRVLWLYRVLJQLILFDWLYR\HQULTXHFHGRU
‡3DUWLFLSDFLyQ/RVDOXPQRVSDUWLFLSDQDFWLYDPHQWHHQODVWDUHDVGHJRELHUQRGHODHVFXHODSODQLILFDFLyQFXUULFXODU\HYDOXDFLyQ
‡)RUPDFLyQGHJUXSRVFRRSHUDWLYRV/RVDOXPQRVVHDJUXSDQGHPDQHUDKHWHURJpQHD\VHOHVHQVHxDDYDORUDUODLQWHUGHSHQGHQFLD
\ODGLYHUVLGDGFXOWXUDO
‡3URFHVRVGHDSUHQGL]DMHDFWLYR6HWUDEDMDXQFXUUtFXORSUiFWLFRFHQWUDGRHQODVROXFLyQGHSUREOHPDVREDVDGDHQSUR\HFWRVTXH
GHVWDFDQODLPSRUWDQFLDSHUVRQDO\VRFLDOGHORVFRQWHQLGRVGHDSUHQGL]DMH
/DV FRQGLFLRQHV HVFRODUHV TXH VRFDYDQ OD DXWRHVWLPD LQFOX\HQ UHFKD]R D ORV DOXPQRV DPELJHGDG DFHUFD GH ODV H[SHFWDWLYDV
DFDGpPLFDV \ GLVFLSOLQDULDV IDOWD GH UHVSHWR QLYHOHV H[FHVLYDPHQWH DOWRV GH FRPSHWHQFLD \ H[SHFWDWLYDV QHJDWLYDV 3UiFWLFDV
FRPXQHVWDOHVFRPRODIRUPDFLyQGHJUXSRVKRPRJpQHRVSRUVXDSDUHQWHQLYHOGHFDSDFLGDGORVSURFHGLPLHQWRVDXWRULWDULRVOD
FRPSHWHQFLD\HOWUDEDMRFRQXQFXUUtFXORPRQRFXOWXUDOSXHGHQOLPLWDUHOVHQWLGRGHDXWRYDORUDFLyQ8QDVSHFWRLPSRUWDQWHGHORV
HVIXHU]RV HVFRODUHV HQ HO QLYHO LQVWLWXFLRQDO FRQVLVWH WDPELpQ HQ SURPRYHU OD DXWRLPDJHQ GH ORV GRFHQWHV D ILQ GH TXH SXHGDQ
VHQWLU TXH VH ORV UHFRQRFH DSR\D \ HVWLPXOD /RV GRFHQWHV TXH VH UHVSHWDQ \VHSUHRFXSDQSRUVtPLVPRVQRWLHQHQGLILFXOWDGHV
SDUDSURSRUFLRQDUDWHQFLyQUHVSHWR\DFHSWDFLyQDORVGHPiV\SDUDDFWXDUFRPRPRGHORVGHUROTXHHVWLPXODQHQORVDOXPQRVHO
ORJURGHXQPD\RUQLYHOGHDXWRDFHSWDFLyQ
/D$SROOR+LJK6FKRROGH6LPL9DOOH\&DOLIRUQLDVHKDILMDGRFRPRSURSyVLWRODSURPRFLyQGHODDXWRHVWLPDHQVXVDOXPQRV
HQ VLWXDFLyQ GH ULHVJR \ KD ORJUDGR PRWLYDU D OD PD\RUtD GH HOORV SDUD HO ORJUR GH PHWDV DO RIUHFHU DOWHUQDWLYDV D TXLHQHV QR
KXELHUDQH[SHULPHQWDGRSURJUHVRVHQiPELWRVGHDSUHQGL]DMHWUDGLFLRQDOHV
&RQHOREMHWRGHHVWLPXODUHOVHQWLGRGHDXWRYDORUDFLyQHQORVDOXPQRVORVGRFHQWHVGHODHVFXHOD$SROOREDVDQVXVSURJUDPDVHQ
FXDWURSULQFLSLRVGHQRPLQDGRV/DVFXDWUR$HVDWHQFLyQDFHSWDFLyQDSUHFLR\DIHFWR
/RVDOXPQRVGHODHVFXHOD$SROORFRODERUDQSDUDHVWDEOHFHU\SRQHUHQSUiFWLFDODVUHJODVHVFRODUHV\WLHQHQSDUWLFLSDFLyQHQOD
VHOHFFLyQ GH VXV H[SHULHQFLDV GH DSUHQGL]DMH (Q ODV UHXQLRQHV SHULyGLFDV HQWUH GRFHQWHV \ DOXPQRV HVWRV ~OWLPRV WLHQHQ
RSRUWXQLGDG GH H[SRQHU VXV RSLQLRQHV \ VHQWLPLHQWRV DFHUFD GH OD HVFXHOD (O SHUVRQDO GRFHQWH YDORUD \ UHVSHWD VXV LGHDV \
SURSXHVWDV\VXHOHUHDOL]DUDMXVWHVFXUULFXODUHVFRQHOREMHWRGHLQFRUSRUDUODV
(OPRGHOR$SROORVHEDVDHQODWHRUtDGHOFRQWUROGH:LOOLDP*ODVVHUTXHVRVWLHQHTXHHOFRPSRUWDPLHQWRKXPDQRHVWiPRWLYDGR
SRU FLQFR QHFHVLGDGHV VXSHUYLYHQFLD SHUWHQHQFLD SRGHU OLEHUWDG \ GLYHUVLyQ %UDG *UHHQH H[ GLUHFWRU GH OD HVFXHOD $SROOR \
DFWXDO FRQVXOWRU HGXFDWLYR FRODERUy FRQ ORV GRFHQWHV \ HO SHUVRQDO GLUHFWLYR SDUD HVWUXFWXUDU XQ iPELWR HVFRODU TXH SXGLHUD
VDWLVIDFHUHVWDVFLQFRQHFHVLGDGHV(QODHVFXHOD$SROORODGLVFLSOLQDQRVHPDQHMDGHPDQHUDWUDGLFLRQDO
(VWDPRGDOLGDGKDSHUPLWLGRUHVROYHUXQDVHULHGHSUREOHPDVFRPXQHVHQHOQLYHOSROLPRGDO
‡+DQGHVDSDUHFLGRORVJUDIILWLV GHODVSDUHGHVGHODHVFXHODOXHJRGHTXHORVDOXPQRVSLQWDURQPXUDOHV
‡1RVHDSOLFDQVXVSHQVLRQHVDORVDGLFWRVDODOFRKRO\ODVGURJDV\VHOHVRWRUJDQFDOLILFDFLRQHVH[WUDSRUSDUWLFLSDUGHJUXSRVGH
DSR\RTXHOHVSHUPLWDQDEDQGRQDUGLFKDVSUiFWLFDV
‡ 6H EXVFD PRWLYDU D ORV DOXPQRV QR SURGXFWLYRV PHGLDQWH FODVHV RUJDQL]DGDV GH DFXHUGR FRQ VXV HVWLORV GH DSUHQGL]DMH H
LQWHUHVHV
(OHQIRTXHGHODHVFXHOD$SROORKDGHPRVWUDGRHILFDFLD&XDQGRORVDOXPQRVLQJUHVDQHQHOODVHSURGXFHQQRWDEOHVGHVFHQVRVHQ
ORV QLYHOHV GH FRQVXPR GH GURJDV DXVHQWLVPR \ DFWLYLGDG GHOLFWLYD \ HO GH OD SREODFLyQ HVFRODU FRPSOHWD HO FLFOR 7RGDV
HVWDVUD]RQHVOOHYDURQD:LOOLDP*ODVVHUDGHGLFDUVXOLEUR7KH4XDOLW\6FKRRO >/DHVFXHODGHODFDOLGDG@DOD$SROOR+LJK6FKRRO
5HFXUVRVSDUDLQFUHPHQWDUODDXWRHVWLPD
$GHPiVGHORVHVIXHU]RVTXHVHOOHYDQDFDERHQHOQLYHOLQVWLWXFLRQDOH[LVWHQPXFKRV UHFXUVRVTXHSXHGHQDSOLFDUORVGRFHQWHV
FRQHOREMHWRGHSURPRYHUHOFRQFHSWRTXHORVDOXPQRVWLHQHQGHVtPLVPRV(QHVWDVHFFLyQVHGHVWDFDQGLYHUVRVHQIRTXHVGHDXOD
TXHSHUPLWHQLQFUHPHQWDUODDXWRHVWLPDGHORVDOXPQRV1RREVWDQWHHVLPSRUWDQWHWHQHUHQFXHQWDTXHGHELGRDGLIHUHQFLDVWDQWR
SHUVRQDOHVFRPRFXOWXUDOHVDOJXQRVDOXPQRVVHVLHQWHQHVWLPXODGRVFXDQGRUHFLEHQUHFRQRFLPLHQWRSRUSDUWHGHOJUXSRPLHQWUDV
TXH RWURV SUHILHUHQ HO IHHGEDFN \ OD LQWHUDFFLyQ LQGLYLGXDO (OOR QR VLJQLILFD TXH SDUD WRGRV ORV DOXPQRV QR UHVXOWH EHQHILFLRVR
UHFLELUDSR\R\IHHGEDFN SRUSDUWHGHVXVSDUHV
&tUFXORVGHHORJLR
8QRGHORVDXWRUHVGHHVWHOLEURSDUWLFLSySRUSULPHUDYH]GHHVWDDFWLYLGDGGXUDQWHXQDUHXQLyQGHSHUVRQDOGRFHQWH(OGLUHFWRUGH
OD HVFXHOD IRUPy JUXSRV GH HQWUH VHLV \ RFKR LQWHJUDQWHV FRQ OD SUHFDXFLyQ GH LQFOXLU HQ HOORV D TXLHQHV WHQtDQ HVFDVDV
RSRUWXQLGDGHVGHLQWHUDFWXDUHQHVDHVFXHODGHQLYHOSROLPRGDOVXEXUEDQDTXHFRQWDEDFRQXQDSREODFLyQPX\QXPHURVD
6HVROLFLWyDFDGDXQRGHORVGRFHQWHVTXHUHFLELHUD\H[SUHVDUDHORJLRVSDUDWRGRVORVPLHPEURVGHVXJUXSRSRUWXUQR£<DOJXQRV
GHHVRVVLQFHURVFRPHQWDULRVVHUHFXHUGDQ\DSUHFLDQKR\HQGtD
$QWHV GH RUJDQL]DU XQ FtUFXOR GH HORJLR FRQ XQ JUXSR GH DOXPQRV GHEHUiQ FRQVLGHUDUVH LPSRUWDQWHV UHJODV GH SURFHGLPLHQWR
&DGDXQRGHORVDOXPQRVGHEHUiVHUUHFHSWRUGHHORJLRVDOPHQRVXQDYH]GXUDQWHHODxRHVFRODU/RVIDFWRUHVGHWLHPSRUHYLVWHQ
HVSHFLDO LPSRUWDQFLD\DTXHHQXQDFODVHFRQYHLQWLFLQFRRWUHLQWDDOXPQRVHOFtUFXORGHPDQGDUiDSUR[LPDGDPHQWHPHGLDKRUD
$OJXQRVGRFHQWHVRUJDQL]DQXQFtUFXORSDUDFHOHEUDUORVFXPSOHDxRVDLQWHUYDORVUHJXODUHVGXUDQWHHODxR2WURVORVSODQLILFDQ
SDUDILQHVGHODxRHVFRODUPLHQWUDVTXHRWURJUXSRGHGRFHQWHVSUHILHUHRUJDQL]DUORVVREUHODEDVHGHODQHFHVLGDGSRUHMHPSOR
HQHOPRPHQWRTXHDOJXQRGHORVDOXPQRVUHTXLHUHHVWtPXORSVLFROyJLFR
3DUDFRPHQ]DUODDFWLYLGDGVHFRORFDUiQORVDVLHQWRVHQFtUFXOR\HODOXPQRTXHUHFLELUiORVHORJLRVVHXELFDUiHQHOFHQWUR/RV
DOXPQRV GHEHUiQ WHQHU HQ FXHQWD ORV VLJXLHQWHV SURFHGLPLHQWRV D PHGLGD TXH VH H[SUHVHQ ORV HORJLRV HO UHFHSWRU VH OLPLWDUi D
VRQUHtURGHFLU*UDFLDVORVLQWHJUDQWHVGHOFtUFXORGHEHQSHQVDUHQXQFRPHQWDULRKRQHVWR\VLQFHURQRVHSHUPLWLUiQVDOWHRV
QL UHSHWLFLRQHV $OJXQRV GRFHQWHV SUHILHUHQFRQVHUYDUXQUHJLVWURHVFULWRGHORVFRPHQWDULRV\SDUDHOORGHVLJQDQDGRVDOXPQRV
SDUD TXH WRPHQ QRWD GH OR GLFKR /D YHUVLyQ HVFULWD VH SUHVHQWD OXHJR DO UHFHSWRU (VWRV GRFXPHQWRV VXHOHQ FRQVHUYDUVH FRQ
DSUHFLRGXUDQWHWRGDODYLGD
2WUR HQIRTXH SDUD OD FRQGXFFLyQ GH FtUFXORV GH HORJLR FRQVLVWH HQ JUDEDU ORV PHQVDMHV GH ORV PLHPEURV GHO JUXSR 6H SRGUi
FRORFDU XQ JUDEDGRU HQ XQ ULQFyQ GHO DXOD \ ORV DOXPQRV WHQGUiQ OD OLEHUWDG GH JUDEDU HORJLRV SDUD DOJXQR GH VXV FRPSDxHURV
GXUDQWHODMRUQDGDHVFRODU$OILQGHOGtDHOGRFHQWHHQWUHJDUiHOFDVHWHDOGHVWLQDWDULRGHORVHORJLRVSDUDTXHOROOHYHDVXFDVD
3DUDDOJXQRVDOXPQRVORVFtUFXORVGHHORJLRFRQVWLWX\HQLPSUHVLRQDQWHVHVWtPXORVPRUDOHVTXHDFW~DQFRPRWUDQVIRUPDGRUHVGH
VXDXWRLPDJHQ8QDOXPQRGHRFWDYRDxRGH(*%OODPDGR$ULHOKDEtDSDUWLFLSDGRGHYDULDVSHOHDV\WHQtDPX\SRFRVDPLJRVHQ
OD HVFXHOD 8QR GH VXV GRFHQWHV RUJDQL]y XQ FtUFXOR GH HORJLR SDUD pO TXH OR FRQPRYLy QRWDEOHPHQWH FXDQGR HVFXFKy ORV
YHLQWLRFKR FRPHQWDULRV TXH IRUPXODURQ VXV SDUHV /XHJR PDQLIHVWy DO GRFHQWH £1R FUHt TXH QDGLH SHQVDUD HVR GH Pt /D
FRQGXFWD\HODVSHFWRGH$ULHOH[SHULPHQWDURQXQFDPELRSRVLWLYROXHJRGHTXHVHYLHUDDWUDYpVGHORVRMRVGHVXVFRPSDxHURV\
GHVFXEULHUDGHQWURGHVtQXHYDVFXDOLGDGHVTXHSRGtDDSUHFLDU
5HFRQRFLPLHQWRLQGLYLGXDO
$OJXQRVDOXPQRVSUHILHUHQQRUHFLELUUHFRQRFLPLHQWRS~EOLFRPLHQWUDVTXHRWURVGHVHDQREWHQHUORWDQWRHQIRUPDS~EOLFDFRPR
SULYDGD(OGRFHQWHSXHGHSURPRYHUODDXWRHVWLPDGHXQDOXPQRFXDQGROHFRPXQLFDLQGLYLGXDOPHQWHVXLQWHUpV\VXDSR\R6LHO
GRFHQWH GHGLFD XQRV PLQXWRV H[WUD D XQ DOXPQR HQ IRUPD RFDVLRQDO FRQWDUi FRQ LPSRUWDQWHV RSRUWXQLGDGHV SDUD EULQGDUOH
UHFRQRFLPLHQWR\FRQWULEXLUDDILUPDUVXYDORUFRPRLQGLYLGXR6HSRGUiQPHQFLRQDUORVORJURVTXHHOQLxRKD\DDOFDQ]DGRHQXQD
VLWXDFLyQ DFDGpPLFD VRFLDO R GH OD YLGD UHDO \ SURSRUFLRQDUOH D\XGD SDUD WUDQVIHULU ODV FXDOLGDGHV \ KDELOLGDGHV DSURSLDGDV DO
WUDEDMRHQHODXOD
'XUDQWHORVHQFXHQWURVLQGLYLGXDOHVHODOXPQRSRGUiUHYHODUVXVSUHRFXSDFLRQHVHLQTXLHWXGHVDXQR\HQWHDFWLYR(Q
PXFKRVFDVRVFXDQGRHOGRFHQWHLQWHQWHFRPSUHQGHUORVVHQWLPLHQWRVRFXOWRVWUDVODVSDODEUDVSRGUiSDUDIUDVHDUORGLFKR
SRU HO DOXPQR D ILQ GH YHULILFDU HO FRQWHQLGR GHO PHQVDMH (V LPSRUWDQWH TXH ORV GRFHQWHV HYLWHQ DJUHJDU VXV SURSLRV
PHQVDMHV HQ IRUPD GH FRQVHMRV RSLQLRQHV MXLFLRV FXHVWLRQDPLHQWRV R VROXFLRQHV (Q HO URO GH R\HQWH DFWLYR HO GRFHQWH
H[SUHVDFRQODPD\RUSUHFLVLyQSRVLEOHDTXHOORTXHHODOXPQRGLFH\HQODPD\RUtDGHORVFDVRVVHHVWDEOHFHXQDUHODFLyQ
SHUVRQDOSRVLWLYD(OUHVXOWDGRGHHOODVXHOHVHUXQPD\RUQLYHOGHSDUWLFLSDFLyQHQODVDFWLYLGDGHVHVFRODUHVSRUSDUWHGHO
DOXPQR
&XDQGRVHOOHYHQDFDERLQWHUFDPELRVGHLGHDVLQGLYLGXDOHVRJUXSDOHVHVLPSRUWDQWHFRPXQLFDUDOWDVH[SHFWDWLYDVGH
ORJUR SDUD ORV DOXPQRV 6L ELHQ DOJXQRV GH HOORV GHEHQ KDFHU IUHQWH D LPSRUWDQWHV GHVDItRV SHUVRQDOHV R DFDGpPLFRV ORV
GRFHQWHV SRQGUiQ GH PDQLILHVWR VX FRQILDQ]D HQ TXH ORV DOXPQRV SXHGHQ FXPSOLU VDWLVIDFWRULDPHQWH FRQ ORV REMHWLYRV GH
DSUHQGL]DMH7DOYH]VHDQHFHVDULRH[SOLFDURHQVHxDUODVKDELOLGDGHVTXHVHUHTXLHUHQSDUDGHVDUUROODUXQDWDUHDHVSHFtILFD
/XHJR GH TXH ORV DOXPQRV KD\DQ LQWHUYHQLGR DFWLYDPHQWH HQ ODV WDUHDV GHO DXOD HO UHFRQRFLPLHQWR SULYDGR \ VLQFHUR
VXHOHHVWLPXODUODSDUWLFLSDFLyQFRQWLQXDSRURWUDSDUWHGHEHUiHYLWDUVHODPDQLIHVWDFLyQH[FHVLYDRLQDSURSLDGDGHHORJLRV
RLQTXLHWXGHV$OJXQRVDOXPQRVLQWHUSUHWDQWDOHVGHPRVWUDFLRQHVFRPRLQGLFDGRUHVGHEDMDVH[SHFWDWLYDV/RVHORJLRVTXH
VHSURSRUFLRQHQVHUiQVLQFHURVDGHFXDGRVDODWDUHDUHDOL]DGD\HVSHFtILFDPHQWHGHVFULSWLYRVGHDTXHOORTXHHODOXPQRKD\D
OOHYDGRDFDER'HOPLVPRPRGRTXHRFXUUHFRQRWURVDVSHFWRVGHODHQVHxDQ]DODSURPRFLyQGHODDXWRHVWLPDHVXQDWDUHD
FRPSOHMD\ORVGRFHQWHVGHEHQSURFHGHUFRQVHQVLELOLGDGDQWHODVFXDOLGDGHV\QHFHVLGDGHVLQGLYLGXDOHVGHVXVDOXPQRV
$SR\RHQWUHSDUHV
$OJXQRV DOXPQRV TXH SUHVHQWDQ GLILFXOWDGHV HQ HO WUDEDMR DFDGpPLFR VXHOHQ DOFDQ]DU ORJURV FXDQGR VH GHVHPSHxDQ
FRPRWXWRUHVGHDOXPQRVPiVSHTXHxRV0XFKDVHVFXHODVKDQDGRSWDGRIRUPDOPHQWHSURJUDPDVGHWXWRUtDHQWUHSDUHVTXH
OOHYDQ D FDER DOXPQRV GH ORV QLYHOHV SROLPRGDO \ HOHPHQWDO R PLHPEURV GH GLVWLQWRV FXUVRV GH OD PLVPD HVFXHOD 3RU OR
JHQHUDOODVRSRUWXQLGDGHVSDUDHMHUFHUHOOLGHUD]JRVHUHVHUYDQDORVDOXPQRVTXHDOFDQ]DQDOWRVQLYHOHVGHGHVHPSHxR\
UHVXOWDGLItFLOSDUDTXLHQHVH[KLEHQXQEDMRQLYHOGHDXWRHVWLPDHVWDEOHFHUUHODFLRQHVFRQVXVSDUHV/DWXWRUtDHQWUHSDUHVGH
GLVWLQWDV HGDGHV PXOWLSOLFD ODV RSRUWXQLGDGHV SDUD TXH HO DOXPQR H[SHULPHQWH OD VDWLVIDFFLyQ GH D\XGDU D ORV GHPiV \ DO
PLVPRWLHPSRSURPXHYDVXDXWRHVWLPD
$OJXQRV GRFHQWHV KDQ SXHVWR HQ SUiFWLFD UHGHV GH DSR\R HQWUH SDUHV LQWHJUDGDV SRU DOXPQRV TXH FDUHFHQ GH
DXWRFRQILDQ]D \ SRU TXLHQHV GLVIUXWDQ GH ODV LQWHUDFFLRQHV VRFLDOHV 'LFKDV UHGHV SURSRUFLRQDQ XQ HQIRTXH JUXSDO
DJOXWLQDQWHSDUDLQFUHPHQWDUHOQLYHOGHDXWRHVWLPD\ORJURDFDGpPLFR\ODRSRUWXQLGDGGHGHVDUUROODUOD]RVGHDPLVWDG$
FRQWLQXDFLyQHQXPHUDPRVDOJXQRVOLQHDPLHQWRVSDUDHVWDEOHFHUUHGHVSRVLWLYDVHQWUHORVMyYHQHV
5HGHVGHDSR\RHQWUHSDUHV
2UJDQL]DUXQJUXSRGHDOXPQRVIRUPDGRSRUXQQ~PHURSDUGHLQWHJUDQWHVTXHHVWpQGLVSXHVWRVDUHXQLUVHXQDYH]SRUVHPDQD
DOILQDOL]DUHOKRUDULRHVFRODUGXUDQWHHODOPXHU]RRDQWHVGHFRPHQ]DUODMRUQDGDFRQHOSURSyVLWRGHEULQGDUDSR\RDVXVSDUHV
/RV DOXPQRV GHEHUiQ WDPELpQ FRPXQLFDUVH WHOHIyQLFDPHQWH FRQ VX FRPSDxHUR WRGDV ODV WDUGHV /D SDUWLFLSDFLyQ HQ HVWH JUXSR
DEDUFDUiXQODSVRPtQLPRGHXQPHV
'XUDQWH HO SULPHU HQFXHQWUR ORV DOXPQRV HQXPHUDQ ODV TXH FRQVLGHUHQ VXV FDSDFLGDGHV VRFLDOHV \ DFDGpPLFDV HQ KRMDV GH
SDSHOTXHOXHJRVHGLVWULEXLUiQFRPRIXHQWHGHUHFXUVRVDORVRWURVPLHPEURVGHOJUXSR/RVDOXPQRVWLHQHQODOLEHUWDGGHVROLFLWDU
D\XGDDFXDOTXLHUDGHODVSHUVRQDVTXHLQWHJUDQHOHTXLSRGHUHFXUVRV
'XUDQWH HO SULPHU HQFXHQWUR FDGD DOXPQR UHIOH[LRQDUi VREUH VXV GLILFXOWDGHV DFDGpPLFDV \R VRFLDOHV \ FUHDUi XQ SODQ GH
DFFLyQSDUDSURPRYHUVXVH[SHULHQFLDVHVFRODUHV
(O SDVR VLJXLHQWH FRQVLVWH HQ DVLJQDU D FDGD DOXPQR XQ FRPSDxHUR FRQ TXLHQ WUDEDMDUi GXUDQWH XQ PHV R XQ SHUtRGR PiV
SURORQJDGR&DGDSDUHMDGHEHHODERUDUXQOLVWDGRGHWRGDVODVWDUHDV\RDFWLYLGDGHVVRFLDOHVTXHVHUiQDERUGDGDV&DGDLQWHJUDQWH
WLHQH OD UHVSRQVDELOLGDG GH FRPXQLFDUVH WHOHIyQLFDPHQWH FRQ VX FRPSDxHUR WRGDV ODV WDUGHV SDUD VROXFLRQDU ORV SUREOHPDV TXH
VXUMDQ\SDUDGHWHUPLQDUVLORVSODQHVGHDFFLyQTXHVHKDQILMDGRSURGXFHQUHVXOWDGRVSRVLWLYRV
'XUDQWHODVUHXQLRQHVVHPDQDOHVDODVTXHFRQFXUUHQORVLQWHJUDQWHVGHODUHG\HOGRFHQWHGHDXODVHDQDOL]DQ\DMXVWDQODV
WDUHDVGHDSR\R6HFHOHEUDQODVGHPRVWUDFLRQHVGHSURJUHVRVDOFDQ]DGRV\DPHGLGDTXHVHFXPSOHQORVSODQHVGHDFFLyQ\ODV
PHWDVORVDOXPQRVTXHORGHVHHQSXHGHQGHVYLQFXODUVHGHODUHG
/DVUHGHVGHDSR\RSHUPLWHQTXHORVDOXPQRVUHFRQR]FDQ\SRQJDQHQSUiFWLFDKDELOLGDGHVYDOLRVDVSDUDORVGHPiV3RUPHGLRGH
ODLQWHUGHSHQGHQFLDSRVLWLYDQRVyORVHSURPXHYHODDXWRHVWLPDGHODOXPQRVLQRWDPELpQVXVKDELOLGDGHVDFDGpPLFDV\VRFLDOHV
/LQHDPLHQWRVSDUDSURPRYHUODDXWRHVWLPD
'HELGR D TXH ORV HQIRTXHV GHVWLQDGRV D SURPRYHU OD DXWRHVWLPD HQ HO DXOD VRQ LQQXPHUDEOHV QRV OLPLWDUHPRV D SURSRUFLRQDU
DOJXQRVOLQHDPLHQWRVSDUDFRODERUDUFRQORVGRFHQWHVHQVXVHVIXHU]RVSRUDERUGDUHVWHVLJQLILFDWLYRDVSHFWRGHODSUHQGL]DMH
%ULQGDUUHFRQRFLPLHQWRGLDULDPHQWHDWRGRVORVDOXPQRVGHODXODHQIRUPDYHUEDORQRYHUEDO
0DQWHQHUH[SHFWDWLYDVDOWDVSDUDFDGDQLxR
6ROLFLWDUODSDUWLFLSDFLyQGHORVDOXPQRVSDUDRWRUJDUUHOHYDQFLD\VLJQLILFDFLyQDODSUHQGL]DMHHQHODXOD
3URPRYHUODSDUWLFLSDFLyQGHORVDOXPQRVSDUDHVWDEOHFHUODVUHJODVGHODXODORVFRQWHQLGRVGHODHQVHxDQ]D\ORVHQIRTXHVSDUD
ODHYDOXDFLyQ
3URSRUFLRQDUH[SHULHQFLDVGHDSUHQGL]DMHSUiFWLFDV\PXOWLPRGDOHV
$SOLFDUGLYHUVRVSURFHVRVJUXSDOHVTXHLQFOX\DQRSFLRQHVSDUDHOWUDEDMRSRUSDUHMDV\HQJUXSRVWDQWRSHTXHxRVFRPRJUDQGHV
$\XGDUDORVDOXPQRVDUHFRQRFHUVXVFDSDFLGDGHVGHQWURGHODXOD\IXHUDGHHOOD
%ULQGDUUHFRQRFLPLHQWRSDUDODVFXDOLGDGHV\ORVDSRUWHVSRVLWLYRVLQGLYLGXDOHVGHODPDQHUDPiVDSURSLDGDSDUDFDGDDOXPQR
$\XGDU D ORV DOXPQRV D FRPSUHQGHU TXH ORV IUDFDVRV VRQ SDUWH GHO SURFHVR GH DSUHQGL]DMH \ TXH SURSRUFLRQDQ IHHGEDFN
LPSRUWDQWHVREUHORVPRGRVGHSURFHGHUFRQPD\RUHILFDFLDHQHOIXWXUR
$VXPLUXQUROSRVLWLYRFRQUHVSHFWRDODSURSLDDXWRHVWLPD
/RV HVIXHU]RV GH PXFKRV HGXFDGRUHV SDUD SURPRYHU OD DXWRYDORUDFLyQ GHO DOXPQR VXSHUDQ ORV OtPLWHV GHO DXOD (Q DOJXQDV
HVFXHODVGHHQVHxDQ]DEiVLFD\SROLPRGDOVHLGHQWLILFDDORVQLxRVTXHUHTXLHUHQWLHPSR\DWHQFLyQH[WUD/RVGRFHQWHVDVXPHQHO
URO GH WXWRUHV GH XQR R PiV DOXPQRV HQ IRUPD SHUPDQHQWH /DV VLJXLHQWHV VRQ DOJXQDV GH ODV UHVSRQVDELOLGDGHV GH OD WXWRUtD
UHXQLUVH FRQ HO DOXPQR GXUDQWH HO SHUtRGR GH SUHSDUDFLyQ GH FODVHV UHJXODUPHQWH HVWDEOHFLGR FRPXQLFDUVH WHOHIyQLFDPHQWH R
UHDOL]DU YLVLWDV D VX KRJDU HQ IRUPD HVSRUiGLFD DVLVWLU D DFWLYLGDGHV H[WUDFXUULFXODUHV GH ODV TXH SDUWLFLSH HO DOXPQR
SURSRUFLRQDUOHHQVHxDQ]DH[WUDGHVHPSHxDUVHFRPRVXYRFHURHQOD HVFXHODHVWDEOHFHUFRQWDFWRHQWUHHODOXPQR\RVXIDPLOLD\
ORVRUJDQLVPRVFRPXQLWDULRVSHUWLQHQWHVVDOLURFDVLRQDOPHQWHDDOPRU]DUFRQHODOXPQR\OOHYDUDFDERWRGDRWUDDFWLYLGDGTXHVH
FRQVLGHUH DSURSLDGD (VWD HQWUHJD GH WLHPSR DWHQFLyQ \ FDULxR TXH UHDOL]DQ PXFKRV GRFHQWHV SHUPLWH D ORV DOXPQRV DVXPLUVH
FRPRSHUVRQDVYDOLRVDV\GLJQDVGHDSUHFLR/DSRVLELOLGDGGHIRUMDUXQDLGHQWLGDGSRVLWLYDEHQHILFLDUiDORVDOXPQRVHQWRGRVORV
DVSHFWRVGHVXYLGD
)LMDFLyQ\ORJURGHPHWDV
/RV DOXPQRV SXHGHQ GHVFXEULU DVSHFWRV GH VX \R LQWHULRU FXDQGR H[SOLFLWDQ VXV LQWHUHVHV FDSDFLGDGHV \ IRUPDV SUHIHULGDV SDUD
REWHQHUUHFRQRFLPLHQWR/DFRQFLHQWL]DFLyQGHGLFKDLQIRUPDFLyQUHVXOWDYDOLRVDQRVyORSRUDTXHOORTXHUHYHODDORVDOXPQRVVLQR
WDPELpQ SRUTXH SURSRUFLRQD HOHPHQWRV DO GRFHQWH TXH OH SHUPLWLUiQ LQGLYLGXDOL]DU OD HQVHxDQ]D (O VLJXLHQWH UHOHYDPLHQWR
SURSRQH D ORV DOXPQRV UHIOH[LRQDU VREUH VXV GHVHRV LQTXLHWXGHV \ IRUPDV SUHIHULGDV SDUD UHFLELU HORJLRV (VWH PDWHULDO SXHGH
XWLOL]DUVH GH GLYHUVDV PDQHUDV FRPR UHFXUVR SDUD URPSHU HO KLHOR FXDQGR VH IRUPDQ QXHYRV JUXSRV FRPR IXHQWH SDUD OD
UHFRSLODFLyQGHGDWRVFRQILGHQFLDOHVHQWUHHOGRFHQWH\HODOXPQRRFRPRKHUUDPLHQWDSDUDHOGHEDWHHQSHTXHxRVJUXSRV$QWHVGH
VXPLQLVWUDUOR D ORV DOXPQRV HV FRQYHQLHQWH VROLFLWDUOHV TXH PDUTXHQ DTXHOORV SXQWRV TXH GHVHDQ PDQWHQHU FRPR LQIRUPDFLyQ
FRQILGHQFLDO
8QDYH]TXHORVDOXPQRVKD\DQFRPSOHWDGRODHQFXHVWDSRGUtDQDQDOL]DUODLQIRUPDFLyQTXHHVWpQGLVSXHVWRVDFRPSDUWLUFRQRWUD
SHUVRQDFRQORVLQWHJUDQWHVGHXQSHTXHxRJUXSRRFRQHOGRFHQWH6HOHVVROLFLWDUiTXHUHIOH[LRQHQVREUHORTXHKD\DQDSUHQGLGR
GHVtPLVPRV\GHORVGHPiVSRUPHGLRGHHVWDDFWLYLGDGGHODVVHPHMDQ]DV\GLIHUHQFLDVTXHKD\DQGHVFXELHUWRHQWUHHOORV\RWUDV
SHUVRQDV \ GH ORV HOHPHQWRV TXH SODQWHDQ HO FRQWUDVWH /D LQIRUPDFLyQ UHFRSLODGD PHGLDQWH HO UHOHYDPLHQWR GH LQWHUHVHV GH ORV
DOXPQRV IDFLOLWDUi WDPELpQ DO GRFHQWH OD SODQLILFDFLyQ GHO FXUUtFXOR \ ORV SUR\HFWRV SHUVRQDOL]DGRV TXH UHVXOWHQ DWUDFWLYRV SDUD
FDGDXQRGHORVDOXPQRV
8QD YH] TXH VH KD\DQ LGHQWLILFDGR ODV iUHDV GH LQWHUpV \ QHFHVLGDG ORV DOXPQRV SRGUiQ HVWDEOHFHU FRQ PD\RU IDFLOLGDG ODV
PHWDVTXHGHVHDQDOFDQ]DU/DILMDFLyQGHPHWDVHVXQSURFHVRLPSRUWDQWHSXHVpVWDVRIUHFHQHVWiQGDUHVFRQFUHWRV\WDQJLEOHVSDUD
UHFRQRFHU\PRQLWRUHDUORVSURJUHVRV&XDQGRORVDOXPQRVVHVLHQWHQFDSDFHVGHHVWDEOHFHUPHWDVLQGLYLGXDOHVVXDFWLWXGKDFLDHO
DSUHQGL]DMHVXHOHH[SHULPHQWDUXQFDPELRSRVLWLYR\HOORGDSRUUHVXOWDGRXQPD\RUQLYHOGHORJURDFDGpPLFR
&RQHOILQGHTXHODVPHWDVILMDGDVSRUORVDOXPQRVUHVXOWHQHILFDFHVGHEHUiQFXPSOLUFRQYDULRVFULWHULRVVHUHVSHFtILFDV\QR
JHQHUDOHVGHVDUUROODUVHHQHOFRUWRSOD]RDQWHVTXHHQSOD]RVSURORQJDGRVVHUGLItFLOHV\QRVHQFLOODVUHDOLVWDV\QRLGHDOLVWDV\
SURPRYHU OD DFFLyQ \ QR OD SDVLYLGDG /D SODQLOOD TXH VH SUHVHQWD D FRQWLQXDFLyQ SXHGH XWLOL]DUVH SDUD D\XGDU D ORV DOXPQRV D
HVWDEOHFHU\ILMDUVXVREMHWLYRVSHUVRQDOHV
3/$1,//$'(2%-(7,926,1',9,'8$/(6'(/$/8012
1RPEUHGHODOXPQR)HFKD
'HVFULEHWXREMHWLYRHVSHFtILFRSDUDKR\HVWDVHPDQDOHVWHSUR\HFWR
ODVKDELOLGDGHVQHFHVDULDVSDUDORJUDUHVWHREMHWLYRVRQ
ODUD]yQSRUODTXHFUHRTXHSXHGRDOFDQ]DUHVWHREMHWLYRHV
ORVSRVLEOHVLQFRQYHQLHQWHVTXHVHPHSXHGHQSUHVHQWDUVRQ
ORVUHFXUVRV\SHUVRQDVDORVTXHSXHGRUHFXUULUHQEXVFDGHD\XGDVRQ
6HUXHJDFRPSOHWDUORVVLJXLHQWHVSXQWRVDOILQDOL]DUODDFWLYLGDG
&XPSOtRQRFXPSOtFRQPLREMHWLYRSRUTXH
'HHVWDH[SHULHQFLDDSUHQGt
0LQLYHOGHVDWLVIDFFLyQFRQORTXHKHORJUDGRHV
ORTXHVLHQWRUHVSHFWRGHOSUR\HFWRHV
(OSURFHVR GHILMDFLyQGHPHWDVSXHGHDSOLFDUVHHQWRGRVORVQLYHOHVGHHQVHxDQ]D\SDUDWRGRVORVFRQWHQLGRV$GHPiVGH
YLQFXODUVHFRQWHPDVDFDGpPLFRVSXHGHQHVWDEOHFHUVHPHWDVSDUDKDELOLGDGHVVRFLDOHVWDOHVFRPRDPDELOLGDGFRODERUDFLyQ
RVROXFLyQFRPSDUWLGDGH SUREOHPDVRSDUDFXHVWLRQHVUHODFLRQDGDVFRQHOPDQHMRGHODGLVFLSOLQDFRPROHYDQWDUODPDQR
DQWHVGHKDEODUHQWUHJDUODVWDUHDVDWLHPSRRDVLVWLUUHJXODUPHQWHDFODVH
8QDYH]TXHORVDOXPQRVVHKD\DQSURSXHVWR\KD\DQFXPSOLGRVXVPHWDVHVLPSRUWDQWHGHVWDFDUTXHWRGRORJURVDWLVIDFWRULRHV
UHVXOWDGRGHOHVIXHU]RRODFDSDFLGDGSHUVRQDOHV7DPELpQUHVXOWD~WLODQDOL]DUODVWpFQLFDVTXHORVDOXPQRVKD\DQHPSOHDGRFRQ
p[LWR3RUHOFRQWUDULRFXDQGRQRVHDOFDQFHQORJURVVHH[SOLFDUiTXHGLFKDVLWXDFLyQVHGHELyDXQDIDOODHQODDSOLFDFLyQGHODV
HVWUDWHJLDV DSURSLDGDV \ QR D XQD IDOWD GH LQWHOLJHQFLD R SRWHQFLDO 'HELGR D TXH PXFKRV DOXPQRV QR ORJUDQ FRPSUHQGHU ODV
UD]RQHVSRUODVTXHIUDFDVDQUHVXOWDIXQGDPHQWDOTXHUHIOH[LRQHQVREUHHOPRGRFRPRSRGUtDQLQFUHPHQWDUVXQLYHOGHGHVHPSHxR
HQHOIXWXUR
3ODQWHRGHGHVDItRVSDUDHODSUHQGL]DMHGHORVDOXPQRV
(QDOJXQRVFDVRVORVDOXPQRVLQWHQWDQDOFDQ]DUPHWDVTXHQRJXDUGDQUHODFLyQFRQVXVSRVLELOLGDGHVGHORJUR&XDQGRODVWDUHDV
TXH UHDOL]DQ HQ HO DXOD OHV UHVXOWDQ GHPDVLDGR VHQFLOODV VXHOHQ DWULEXLU VXV p[LWRV D OD IDFLOLGDG GH ODV DFWLYLGDGHV &XDQGR
REWLHQHQORJURVHQWDUHDVH[WUHPDGDPHQWHGLItFLOHVVXHOHQFRQVLGHUDUTXHKDQWHQLGRVXHUWH1LQJXQDGHHVWDVFODVHVGHORJURVLUYH
SDUD SURPRYHU OD DXWRYDORUDFLyQ HQ HO DOXPQR /RV VHQWLPLHQWRV GH RUJXOOR \ VDWLVIDFFLyQ SRU OD WDUHD FXPSOLGD UHVXOWDQ GH
REWHQHU p[LWR HQ DFWLYLGDGHV TXH VH HQFXHQWUDQ HQ HO OtPLWH GHO QLYHO GH OD SURSLD FDSDFLGDG R SDUD H[SUHVDUOR PHGLDQWH OD
WHUPLQRORJtD GHO SVLFyORJR VRYLpWLFR /HY 9\JRWVN\ HQ OD ]RQD GH GHVDUUROOR SUy[LPR /RV DOXPQRV UHTXLHUHQ RSRUWXQLGDGHV
SDUDDSUHQGHUTXHVHHQFXHQWUHQDSHQDVSRUHQFLPDGHVXDOFDQFH
&XDQGRVHSURSRQJDQGHVDItRVHQHODXODHOGRFHQWHSRGUiDQDOL]DUFRQORVDOXPQRVODV PDQHUDVGHHVWDEOHFHUPHWDVHVWLPXODQWHV
/RVDOXPQRVSRGUiQUHIOH[LRQDUVREUHVXVPHWDVLQGLYLGXDOHVSDUDGHWHUPLQDUVLVHHQFXHQWUDQDSHQDVSRUHQFLPDGHVXDOFDQFH
6HOHVSRGUiQIRUPXODUODVVLJXLHQWHVSUHJXQWDVTXHOHVSHUPLWLUiQDSUHQGHUDUHFRQRFHUGHVDItRVDGHFXDGRV\GDUiQSRUUHVXOWDGR
XQDSUHQGL]DMHPXFKRPiVHVWLPXODQWH
¢(QTXpQLYHOGHGLILFXOWDGPHSODQWHDXQGHVDItR"
¢'HTXpPDQHUDSXHGRDSUHQGHUSRUPHGLRGHMXHJRVVLPXODFURVRVHVLRQHVGHSUiFWLFD"
¢4XpDERUGDUtDHQSURIXQGLGDGVLWXYLHUDODRSRUWXQLGDG"
¢4XpFODVHGHRSRUWXQLGDGHVGHDSUHQGL]DMHPHUHVXOWDPiVVLJQLILFDWLYD"
¢4XpPHPRWLYDSDUDOOHYDUDFDERHOPi[LPRHVIXHU]R"
¢&XiOHVVRQORVSURFHVRVGHDSUHQGL]DMHTXHXWLOL]R"
¢([LVWHQRWURVSURFHVRVGHDSUHQGL]DMHTXHSRGUtDQUHVXOWDUPiVHILFDFHV"¢'HTXpPDQHUDSXHGRDSUHQGHUGHPLVHUURUHV"
¢4XpFODVHGHIHHGEDFNPHUHVXOWD~WLO"¢4XLpQGHEHSURSRUFLRQiUPHOR"¢'HTXpPDQHUDGHVHRTXHPHHYDO~HQ"
/RVGRFHQWHVTXHREWLHQHQp[LWRVFXDQGRSODQWHDQGHVDItRVDVXVDOXPQRVOHVSURSRUFLRQDQIHHGEDFN SRUVXVHVIXHU]RVVLQSRQHUHQ
SHOLJUR OD DXWRFRQILDQ]D \ OHV GHOHJDQ HO FRQWURO GH VX DSUHQGL]DMH SURPXHYHQ VX FDSDFLGDG SDUD DVXPLU ULHVJRV \ FHOHEUDQ ORV
ORJURV(VWDDFWLWXGGRFHQWHWLHQHHOSRGHUGH LQVSLUDUHQORVDOXPQRVXQDPRUSRUHODSUHQGL]DMHTXHORVHVWLPXODSDUDPRYHUVHHQ
HOPXQGRFRQFRQILDQ]D\FXULRVLGDGHQORVDxRVVLJXLHQWHV
&UHDFLyQGHPHWDVROtPSLFDV
/D H[ DWOHWD ROtPSLFD 0DULO\Q .LQJ KD LQYHVWLJDGR ORVIDFWRUHVTXHSURGXFHQHOSHUILOFRPSHWLWLYRGHORVFDPSHRQHV/DPLVPD
0DULO\QLQWHJUyHOHTXLSRROtPSLFRGHORV(VWDGRV8QLGRVHQ\\FRPSLWLy HQHOSHQWDWOyQ0LHQWUDVVHHQWUHQDEDSDUDORV
-XHJRV2OtPSLFRVGH VXIULyXQDOHVLyQHQODHVSDOGDTXHODREOLJyDSHUPDQHFHUFXDWURPHVHVHQFDPD'XUDQWHHVHSHUtRGR
VL ELHQ QR HVWDED HQ FRQGLFLRQHV GH GHVDUUROODU SUiFWLFD ItVLFD PLUy SHOtFXODV VREUH SHQWDWOHWDV H[LWRVRV \ REVHUYy \ VH HMHUFLWy
PHQWDOPHQWHHQODVPLVPDVGLVFLSOLQDV$SHVDUGHVXIDOWDGHSUHSDUDFLyQItVLFD0DULO\QREWXYRHOVHJXQGRSXHVWRHQODVSUXHEDV
\HVWiFRQYHQFLGDGHTXHVXVORJURVIXHURQUHVXOWDGRGHXQEXHQHVWDGRSVLFROyJLFR
$OFDERGHVXVDxRVGHHQWUHQDPLHQWR\FRPSHWHQFLDHQODV2OLPStDGDV0DULO\QFRPHQ]yDSUHJXQWDUVHFXiOHVHUDQODVUD]RQHV
TXH OH SHUPLWtDQ REWHQHU XQ QLYHO HOHYDGR GH ORJUR ItVLFR FXDQGR HQ UHDOLGDG VXV KDELOLGDGHV DWOpWLFDV VH HQFRQWUDEDQ VyOR
OLJHUDPHQWH SRU VREUH HO SURPHGLR 3DUD HQFRQWUDU OD UHVSXHVWD GHFLGLy HQWUHYLVWDU D RWURV DWOHWDV ROtPSLFRV DFHUFD GH VXV
H[SHULHQFLDVGHGHVHPSHxRHQHOQLYHOVXSHULRU0DULO\QHVSHUDEDGHVFXEULUODVFDUDFWHUtVWLFDVFRPXQHVGHORVFDPSHRQHV
(QHOFXUVRGHODVFRQYHUVDFLRQHVORVDWOHWDVHVWDEOHFLHURQWUHVIDFWRUHVFRQVWDQWHV(QDSDULHQFLDHOPi[LPRGHVHPSHxRVHEDVD
HQ OD SDVLyQ OD YLVLyQ \ OD DFFLyQ /D SDVLyQ VH GHILQLy FRPR VDEHU OR TXH HV UHDOPHQWH LPSRUWDQWH HQ XQ QLYHO YLVFHUDO /RV
DWOHWDV ROtPSLFRV PDQLIHVWDURQ TXH DTXHOOR TXH ORV GHPiV FRQVLGHUDEDQ IXHU]D GH YROXQWDG \ GLVFLSOLQD HUD HQ UHDOLGDG SDVLyQ
LQWHULRU\FRPSURPLVRHPRFLRQDO6HJ~QHOORVDSDVLRQDUVHSRUDOJROLEHUDEDODHQHUJtD\FUHDWLYLGDGQHFHVDULDVSDUDDOFDQ]DUODV
SURSLDVPHWDV
(OVHJXQGRFRPSRQHQWHGHXQGHVHPSHxRVREUHVDOLHQWHVHLGHQWLILFyFRPRYLVLyQ(OORDOXGHDODFDSDFLGDGGHSUHYHUORVSURSLRV
ORJURV HQ GHWDOOH MXQWR FRQ ODV LPiJHQHV GH ORV PHGLRV SDUD DOFDQ]DU OD PHWD /RV DWOHWDV PDQLIHVWDURQ TXH HUD LPSRUWDQWH
FRPSUHQGHUODLQIOXHQFLDGHODVSURIHFtDVGHDXWRUUHDOL]DFLyQ\DSUHQGHUDFRQWURODUODSURSLDLPDJLQDFLyQ
(O WHUFHU FRPSRQHQWH OD DFFLyQ GHVWDFDED OD QHFHVLGDG GH OOHYDU D FDER DFFLRQHV GLDULDV GH DFXHUGR FRQ XQ SODQ TXH SHUPLWD
DFHUFDUVHDODSURSLDPHWD/RVSODQHVGHDFFLyQHVWLSXODQPHWDVHQHOFRUWRPHGLDQR\ODUJRSOD]RV\SODQWHDQWDPELpQGHVDItRV
GLDULRV 6L ELHQ ODV KDELOLGDGHV ItVLFDV UHVXOWDEDQ LPSRUWDQWHV ORV DWOHWDV ROtPSLFRV WDPELpQ FRQVLGHUDEDQ TXH XQ QLYHO GH
H[FHOHQFLDHQGLFKDVKDELOLGDGHVQRFRQVWLWXtDHOIDFWRUSULQFLSDOSDUDDOFDQ]DUHOPi[LPRUHQGLPLHQWR/DSDVLyQODYLVLyQ\OD
GHGLFDFLyQHQHOWUDEDMRGLDULRHUDQPXFKRPiVLPSRUWDQWHVSDUDHOORJURGHODVSURSLDVPHWDV
2WUR DVSHFWR LQWHUHVDQWH GHO GHVHPSHxR HQ HO QLYHO VXSHULRUFRQVLVWHHQHODSR\RVRFLDO/RVDWOHWDVROtPSLFRVPDQLIHVWDURQTXH
VXVIDPLOLDVQRORVSUHVLRQDEDQSDUDTXHDERUGDUDQODVDFWLYLGDGHVVLQRTXHOHVEULQGDEDQHVWtPXORSDUDTXHWXYLHUDQFRQILDQ]DHQ
VX FDSDFLGDG SDUD DOFDQ]DU ODV PHWDV TXH VH KDEtDQ SURSXHVWR (Q RWURV FDVRV HQ OXJDU GH VXV IDPLOLDV HUD XQ HQWUHQDGRU R XQ
DPLJR TXLHQ PDQLIHVWDED VX DSR\R DO LQGLYLGXR \ SHUPDQHFtD D VX ODGR SDUD FHOHEUDU VXV ORJURV /RV DWOHWDV OOHJDURQ D OD
FRQFOXVLyQ GH TXH ORV FDPSHRQHV QR VRQ LQGLYLGXRV H[FHSFLRQDOHV GRWDGRV GH XQ WDOHQWR VLQJXODU 3RU HO FRQWUDULR SRVHHQ
KDELOLGDGHVLQQDWDVFRPXQHVDWRGRVQRVRWURVVLHOLJLpUDPRVGHVDUUROODUODV
(QODDFWXDOLGDG0DULO\Q.LQJVHGHGLFDDHQVHxDUDRWUDVSHUVRQDVODPDQHUDGHDSOLFDUODVKDELOLGDGHVGHGHVHPSHxRFXPEUHD
WRGD FODVH GH DFWLYLGDG +D WUDEDMDGR HQ QXPHURVRV HVWDEOHFLPLHQWRV \ GLVWULWRV HVFRODUHV FRQ HO ILQ GH D\XGDU D ORV DOXPQRV D
GHVWDFDUVHHQHOQLYHODFDGpPLFR0HGLDQWHODXQLyQGHFXHUSRPHQWH\HVStULWXFRQHOSURSyVLWRGHDOFDQ]DUXQREMHWLYRFRP~Q
0DULO\Q UHFRPLHQGD TXH ORV DOXPQRV \ RWUDV SHUVRQDV DGRSWHQ HO VLJXLHQWH SURFHGLPLHQWR SDUD HOHYDU ORV OtPLWHV GH VX Pi[LPD
FDSDFLGDGHQWRGDVODVDFWLYLGDGHV
/LQHDPLHQWRVSDUDXQGHVHPSHxRFXPEUH
5HFRQRFHUDTXHOORTXHWHLPSRUWDYHUGDGHUDPHQWHTXHGHVHDVKDFHURVHU
'HWHUPLQDUODVKDELOLGDGHVFDUDFWHUtVWLFDV\UDVJRVQHFHVDULRVSDUDDOFDQ]DUHOREMHWLYRSURSXHVWR
,GHQWLILFDUODVFXDOLGDGHVTXH\DSRVHDV\ODVTXHHVQHFHVDULRGHVDUUROODU
6HOHFFLRQDUORVUDVJRVTXHGHVHDVDGTXLULU
6HOHFFLRQDUXQH[SHUWRHQHVWDiUHDTXHHVWpGLVSXHVWRDGHVHPSHxDUVHFRPRWXWRUSDUDHOGHVDUUROORGHORVQXHYRVUDVJRV
%XVFDURWUDSHUVRQDTXHWDPELpQVHSURSRQJDDOFDQ]DUHOp[LWR\DFHSWHVHUWXFRPSDxHURHQODFDSDFLWDFLyQ
(VSHFLILFDUORVPD\RUHVREVWiFXORVTXHGHEHUiQVXSHUDUVH\GHVDUUROODUSODQHVGHDFFLyQSDUDDERUGDUORV
&UHDU DOJXQD IRUPD GH WDEOD GH FRQWURO R UHFRPSHQVD SDUD RWRUJDU UHFRQRFLPLHQWR SRU ORV ORJURV TXH VH REWHQJDQ GXUDQWH HO
SURFHVR
(ODERUDUXQFRQWUDWRSDUDDOFDQ]DUWXREMHWLYRHQHOFRUWRSOD]R0DQLIHVWDUFDGDGtDTXH\DHUHVORTXHTXLHUHVVHU
(VWH SURFHVR GHVWLQDGR D DOFDQ]DU HO GHVHPSHxR FXPEUH VH KD DSOLFDGR H[LWRVDPHQWH FRQ DWOHWDV ROtPSLFRV DVWURQDXWDV \
HMHFXWLYRVGHHPSUHVDV7DPELpQKDSURGXFLGRUHVXOWDGRVVDWLVIDFWRULRVFRQMyYHQHVGH]RQDVXUEDQDVPDUJLQDOHVTXLHQHVDSHVDU
GHVXVPXFKDVGLILFXOWDGHVORJUDURQREWHQHUHOGLSORPDGHQLYHOSROLPRGDO/RVLQGLYLGXRVH[LWRVRVFRPSDUWHQODVFXDOLGDGHVGH
SDVLyQ YLVLyQ \ DFFLyQ /DV SHUVRQDV FRPXQHV VRQ FDSDFHV GH DOFDQ]DU ORJURV H[WUDRUGLQDULRV FXDQGR LQFRUSRUDQ HVWDV PLVPDV
FXDOLGDGHVDVXFRQGXFWD(QODDFWXDOLGDGHOSURJUDPD'DUHWR,PDJLQH>$QtPDWHDLPDJLQDU@GH0DULO\Q.LQJVHLPSOHPHQWDHQ
HVWDEOHFLPLHQWRV HGXFDWLYRV GH HQVHxDQ]D EiVLFD \ SROLPRGDO SDUD D\XGDU D ORV DOXPQRV D HOHYDU VX QLYHO GH UHQGLPLHQWR WDQWR
GHQWURGHODHVFXHODFRPRIXHUDGHHOOD
+DELOLGDGHVGHSHQVDPLHQWR
0XFKRV HGXFDGRUHV ILOyVRIRV \ SVLFyORJRV FRQFXHUGDQ HQ TXH XQ LPSRUWDQWH REMHWLYR GH OD HGXFDFLyQ FRQVLVWH HQ HQVHxDU D
SHQVDU /D VRFLHGDG DFWXDO H[LJH SHQVDGRUHV FUHDWLYRV \ FUtWLFRV 6LQ HPEDUJR ORV VLVWHPDV HGXFDWLYRV TXH VH FRQFHQWUDQ HQ OD
E~VTXHGDGHUHVSXHVWDVXQtYRFDV\DVHDFRUUHFWDVRLQFRUUHFWDVQRSURGXFHQHVWDFODVHGHSHQVDPLHQWR/RVDOXPQRVGHEHQHVWDU
SUHSDUDGRV SDUD HQIUHQWDU XQ PXQGR GH FDPELRV YHUWLJLQRVRV SUHJXQWDV DSDUHQWHPHQWH LQVROXEOHV \ FRPSOHMDV GHFLVLRQHV
SHUVRQDOHV
(QVHxDUDSHQVDUSXHGHFRQWULEXLUDVDWLVIDFHUODVQHFHVLGDGHVGHOLQGLYLGXR\GHODVRFLHGDG\SURSRUFLRQDUEHQHILFLRVDDPERV
(Op[LWRGHQXHVWUDVLQVWLWXFLRQHVHPSUHVDVSULYDGDV\VLVWHPDVGHPRFUiWLFRVVHEDVDHQODFDSDFLGDGGH ODSREODFLyQSDUDDQDOL]DU
SUREOHPDVWRPDUGHFLVLRQHVUHIOH[LYDV\FUHDUVROXFLRQHVRSHUDWLYDV8QSHQVDPLHQWRpWLFRDOWUXLVWDFUHDWLYR\DYDQ]DGRSRVHH
DWULEXWRV GHVHDEOHV \ QHFHVDULRV HQ XQD SHUVRQD HGXFDGD HQ ORV DOERUHV GHO VLJOR ;;, 0HGLDQWH OD DGTXLVLFLyQ GH SURFHVRV GH
SHQVDPLHQWR HILFDFHV ORV DOXPQRV SXHGHQ LQGDJDU HQ VX SURSLD QDWXUDOH]D LQWHULRU DSUHQGHU D FRQWURODU \ DMXVWDU VX SURSLD
FRQGXFWD\GLVFHUQLUTXLpQHVVRQ\TXpSXHGHQOOHJDUDVHUHQVXYLGDWDQWRSHUVRQDOFRPRSURIHVLRQDO
([LVWHQ PXFKDV FODVHV GH KDELOLGDGHV GH SHQVDPLHQWR (QWUH HOODV SRGHPRV FLWDU KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO
KDELOLGDGHVSDUDDSUHQGHUDDSUHQGHUHVWUDWHJLDVSDUDODLQGDJDFLyQWRPDGHGHFLVLRQHVVROXFLyQGHSUREOHPDV\PHWDFRJQLFLyQ
6L ELHQ HO SURSyVLWR GH HVWHOLEURQRFRQVLVWHHQH[SORUDUODWRWDOLGDGGHOHVSHFWURGHODVKDELOLGDGHVGHSHQVDPLHQWRODVHFFLyQ
VLJXLHQWHSUHVHQWDDFWLYLGDGHVGHDXODTXHUHTXLHUHQSURFHVRVPHWDFRJQLWLYRV
0HWDFRJQLFLyQ
8QDVSHFWRTXHGLIHUHQFLDDORVVHUHVKXPDQRVGHRWUDVIRUPDVGHYLGDHVQXHVWUDFDSDFLGDGSDUDUHIOH[LRQDUVREUHQXHVWURSURSLR
SHQVDPLHQWR (O WpUPLQR PHWDFRJQLFLyQ VLJQLILFD OLWHUDOPHQWH SHQVDU DFHUFD GHO SURSLR SHQVDPLHQWR /D UHIOH[LyQ VREUH OD
PDQHUD FRPR DSUHQGHQ HQ OD HVFXHOD SHUPLWH D ORV DOXPQRV REWHQHU XQD SHUVSHFWLYD PHWDFRJQLWLYD UHVSHFWR GH VXV SURFHVRV GH
SHQVDPLHQWRLQGLYLGXDO([LVWHQYDULRVDVSHFWRVGHODPHWDFRJQLFLyQ$OJXQRVGHHOORVVRQODFRQFLHQFLDGHOPRGRGHDSUHQGL]DMH
SUHIHULGRGHFDGDLQGLYLGXRHOFRPSURPLVR\SHUVHYHUDQFLDHQODVWDUHDVODILMDFLyQGHPHWDVODDFWLWXGKDFLDHODSUHQGL]DMHOD
FDSDFLGDG SDUD DVXPLU ULHVJRV \ OD FRQFHQWUDFLyQ GH OD DWHQFLyQ &RQ HO ILQ GH D\XGDU DORVDOXPQRVDGHVDUUROODUODFRQFLHQFLD
PHWDFRJQLWLYDORVGRFHQWHVSRGUiQRUJDQL]DU GHEDWHVHQHODXODRGLVHxDUFXHVWLRQDULRVTXHOHVSHUPLWDQUHIOH[LRQDUDFHUFDGHVX
DXWRFRQRFLPLHQWRFRPRVXMHWRVGHODSUHQGL]DMH'LFKRVSURFHVRVSURPXHYHQODFRQFLHQWL]DFLyQGHFDUDFWHUtVWLFDVLQGLYLGXDOHVGH
ORVDOXPQRV\GHDFWLWXGHVTXHEHQHILFLDQR HQWRUSHFHQVXSHQVDPLHQWR
0HGLDQWH OD DXWRREVHUYDFLyQ ORV DOXPQRV FRPLHQ]DQ D SHUFLELU HO FRQWURO TXH SRVHHQ VREUH VLWXDFLRQHV DFDGpPLFDV \ QR
DFDGpPLFDV 3XHGHQ DSUHQGHU TXH OD UHVSRQVDELOLGDG IXQGDPHQWDO FRQ HO FRPSURPLVR OD DFWLWXG OD DWHQFLyQ \ OD SHUVHYHUDQFLD
UHVLGHHQHOORV(VWDFRQFLHQFLDPHWDFRJQLWLYDSXHGHHVWLPXODUORVHQODWRPDGHGHFLVLRQHVDFHUWDGDVSDUDRULHQWDUVXFRQGXFWDHQ
IRUPDHILFD]
&yPRDVXPLUHOFRQWUROGHOSURFHVRGHDSUHQGL]DMH
2WUR DVSHFWR GH OD PHWDFRJQLFLyQ LPSOLFD RWRUJDU D ORV DOXPQRV ODV KHUUDPLHQWDV QHFHVDULDV SDUD FRQWURODU VXV SURSLDV
H[SHULHQFLDVGHDSUHQGL]DMH$LQLFLDUXQDWDUHDUHVXOWD~WLOTXHORVDOXPQRVWHQJDQXQSDQRUDPDGHORTXHVHHVSHUDGHHOORV\
GH OD PHMRU PDQHUD GH SURFHGHU (Q WHRUtD ORV DOXPQRV GHEHUtDQ HVWDU LQIRUPDGRV DFHUFD GH ORV GDWRV \ FRQFHSWRV TXH VH
WUDEDMDUiQ\GHODVHVWUDWHJLDV\SURFHGLPLHQWRVTXHOHVSHUPLWLUiQOOHYDUDFDERODWDUHDFRQp[LWR(QODPD\RUtDGHORVFDVRVVLVH
VROLFLWD D ORV DOXPQRV TXH DQWLFLSHQ OR TXH RFXUULUi DQWHV GH FRPHQ]DU XQD WDUHD GXUDQWH VX GHVDUUROOR \ OXHJR GH FRQFOXLUOD
REWHQGUiQLQIRUPDFLyQSDUDFRQGXFLUHILFD]PHQWHVXDSUHQGL]DMH3RUHMHPSORVLVHVROLFLWDDORVDOXPQRVTXHLOXVWUHQHOSURFHVR
GH OD IRWRVtQWHVLV SRGUtDQ FRPHQ]DU SRU SUHJXQWDUVH VL GLVSRQHQ GH VXILFLHQWH LQIRUPDFLyQFRPRSDUDUHDOL]DUODWDUHDVLGHEHQ
LQYHVWLJDUPiV\HQFDVRDILUPDWLYRGHTXpPDQHUD\GyQGHGHEHQKDFHUOR'XUDQWHHOGLEXMRGHOPRGHORGHIRWRVtQWHVLVSRGUtDQ
HVWDEOHFHU VL OD LQIRUPDFLyQ FRQ OD TXH FXHQWDQ HV DGHFXDGD VL HO PRGHOR HV H[DFWR \ VL QR OR HV FXiO VHUtD OD PHMRU IRUPD GH
UHYLVDUOR8QDYH]TXHKD\DQFRPSOHWDGRHOGLEXMRSRGUtDQUHIOH[LRQDUVREUHORTXHKXELHUDQDSUHQGLGR\VREUHRWURVWHPDVTXH
TXLVLHVHQSURIXQGL]DU
&RQ HO REMHWR GH HQVHxDU D ORV DOXPQRV D FRQGXFLU HILFD]PHQWH VXV WDUHDV VH OHV SXHGH SURSRUFLRQDU XQD ILFKD FRPR OD GH OD
SiJLQDVLJXLHQWHHQODTXHVHLQFOX\HQSUHJXQWDV~WLOHVSDUDRUJDQL]DUVXDSUHQGL]DMH
+DVWD KDFH SRFR WLHPSR VH FRQVLGHUDED TXH QR HUD SRVLEOH HQVHxDU \ DSUHQGHU KDELOLGDGHV GH SHQVDPLHQWR /D LQIRUPDFLyQ TXH
SUHVHQWDPRV PiV DUULED FRQVWLWX\H XQD SULPHUD DSUR[LPDFLyQ DO UHFRQRFLPLHQWR GH ORV FRPSRQHQWHV FODYH GHO SHQVDPLHQWR TXH
SRGUtDQLQWHJUDUVHDODHQVHxDQ]D/DDSOLFDFLyQGHGLFKDLQIRUPDFLyQDODVDFWLYLGDGHVGHODXODSHUPLWHXQDSUHQGL]DMHPiVHILFD]
SURPXHYHORVSURFHVRVLQWHOHFWXDOHVGHORVDOXPQRV\OHVSURSRUFLRQDHOHPHQWRVSDUDXQDYDOLRVDWRPDGHFRQFLHQFLDDFHUFDGHVX
QDWXUDOH]DFRPRVXMHWRVGHODSUHQGL]DMH\FRPRLQGLYLGXRV
(GXFDFLyQHPRFLRQDOPHQWHLQWHOLJHQWHHQHODXOD
/DV LQYHVWLJDFLRQHV UHFLHQWHV HQ HO FDPSR GH ODV QHXURFLHQFLDV UHYHODQ TXH ODV HPRFLRQHV \ OD FRJQLFLyQ WLHPSR DWUiV
FRQVLGHUDGDViUHDVLQGHSHQGLHQWHV\GLVWLQWDVXQDGHRWUDVHHQFXHQWUDQHVWUHFKDPHQWHYLQFXODGDV/RVHVWXGLRVUHDOL]DGRVSRUHO
'U3DXO0DF/HDQHQHO1DWLRQDO,QVWLWXWHRI0HQWDO+HDOWK>,QVWLWXWR1DFLRQDOGH6DOXG0HQWDOGHORV(VWDGRV8QLGRV@SRVWXODQ
TXHODLQIRUPDFLyQQRVRODPHQWHVHSURFHVDHQODQHRFRUWH]DTXHFRQWURODORVSURFHVRVGHSHQVDPLHQWRGHDOWRQLYHOVLQRWDPELpQ
HQHOVLVWHPDOtPELFRFHQWURHPRFLRQDOGHOFHUHEUR
0DF/HDQ VRVWLHQH TXH HPRFLRQHV SRVLWLYDV FRPR HO DPRU \ HO KXPRU IDFLOLWDQ ORV SURFHVRV GH SHQVDPLHQWR GH DOWR QLYHO GH OD
QHRFRUWH]D PLHQWUDV TXH HPRFLRQHV QHJDWLYDV FRPR OD WHQVLyQ HO PLHGR OD LUD R OD GHVFRQILDQ]D LQKLEHQ HO DSUHQGL]DMH \ HO
SHQVDPLHQWRGHDOWRQLYHO(OKHFKRGHTXHXQDOXPQRORJUHDSUHQGHUSRGUtDGHSHQGHUGHODVHPRFLRQHVTXHDIHFWDQDWRGRVORV
SURFHVRV GH SHQVDPLHQWR \ FRQVWLWX\HQ XQ FRPSRQHQWH FODYH GH OD LQWHOLJHQFLD LQWUDSHUVRQDO /RV GRFHQWHV SXHGHQ D\XGDU D ORV
DOXPQRV D WRPDU FRQFLHQFLD GH VXV HPRFLRQHV \ D HQFRQWUDU IRUPDV SRVLWLYDV SDUD H[SUHVDUODV 'H HVWD PDQHUD HVWDUiQ
SURPRYLHQGRHOSURFHVRGHDSUHQGL]DMH
0DQLIHVWDFLyQGHORVVHQWLPLHQWRVHQHODXOD
6LELHQHQDOJXQDVDXODVQRVHRWRUJDLPSRUWDQFLDDODVFXHVWLRQHVHPRFLRQDOHVFRQIUHFXHQFLDHVHVWHDVSHFWRGHODLQWHOLJHQFLD
LQWUDSHUVRQDO HO TXH GHWHUPLQD QXHVWUD UHODFLyQ FRQ QXHVWURV SDUHV \ FRQ QRVRWURV PLVPRV 'HELGR D ORV FDPELRV TXH VH
PDQLILHVWDQ HQ OD HVWUXFWXUD IDPLOLDU HQ OD DFWXDOLGDG PXFKRV QLxRV OOHJDQ D OD HVFXHOD FRQ QHFHVLGDGHV TXH QR KDQ SRGLGR
VDWLVIDFHUHQHOKRJDU3DUDHVWDUHQFRQGLFLRQHVGHDOFDQ]DUORJURVDFDGpPLFRVDOJXQRVQLxRVUHTXLHUHQYtDVGHHVFDSHHPRFLRQDO
SRVLWLYDV/RVGRFHQWHVTXHWHQJDQLQWHUpVSRUFRODERUDUHQHOGHVDUUROORGHHVWHDVSHFWRGHODLQWHOLJHQFLDLQWUDSHUVRQDOFXHQWDQ
FRQUHFXUVRVSDUDLQFRUSRUDU\GHVDUUROODUXQDH[SUHVLyQHPRFLRQDOVDQDHQHOiPELWRHGXFDWLYR$OJXQRVHQIRTXHVSRVLEOHV VRQOD
FUHDFLyQ GH XQ HQWRUQR SRVLWLYR HQ HO DXOD HO UHFRQRFLPLHQWR GHO UDQJR GH VHQWLPLHQWRV TXH ORV DOXPQRV H[SHULPHQWDQ OD
HQVHxDQ]D GH PpWRGRV DSURSLDGRV SDUD OD H[SUHVLyQ HPRFLRQDO \ OD SURYLVLyQ GH IHHGEDFN SDUD OD FRQGXFWD HPRFLRQDO /DV
VXJHUHQFLDVTXHDSDUHFHQDFRQWLQXDFLyQSHUPLWHQDERUGDUHOGRPLQLRDIHFWLYRGHODH[SHULHQFLDKXPDQDHQHODXOD
&yPRHVWDEOHFHUXQiPELWRTXHSHUPLWDODH[SUHVLyQHPRFLRQDO
(OiPELWRGHODXODSXHGHIDFLOLWDUODH[SUHVLyQHPRFLRQDOWDQWRGHORVDOXPQRVFRPRGHO GRFHQWH&RQHOILQGHGHWHUPLQDUVLVH
FRQWHPSODDGHFXDGDPHQWHHOGRPLQLRDIHFWLYRHQHODXODHVFRQYHQLHQWHTXHORVGRFHQWHVUHIOH[LRQHQVREUHVXSURSLDUHFHSWLYLGDG
DODVHPRFLRQHV/DVVLJXLHQWHVSUHJXQWDVFRQWULEX\HQDIDFLOLWDUODUHIOH[LyQ
‡¢6H GLFWDQODVFODVHVFRQH[SUHVLYLGDGHPRFLRQDO"
‡¢4XpFODVHGHVHQWLPLHQWRVVHSURPXHYHQHQHODXOD"¢3RUSDUWHGHTXLpQ"
‡¢&XiOHVVRQODVFRQGXFWDVRVHQWLPLHQWRVTXHVHGHVDOLHQWDQ"¢3RUTXp"
‡¢&yPRVHH[SUHVDQODVHPRFLRQHVRUDOItVLFDRYLVXDOPHQWH"
‡¢&RQTXpKHUUDPLHQWDVFXHQWDQORVDOXPQRVSDUDH[SUHVDUVXVVHQWLPLHQ
WRV"¢4XpRWUDVSRGUtDQUHTXHULU"
‡¢&XiQGRVHH[SUHVDQORVVHQWLPLHQWRVGXUDQWHHODOPXHU]RRORVUHFUHRV
GXUDQWHDOJXQDFODVHHQHVSHFLDO"
‡¢&yPRSRGUtDHVWLPXODUVHODH[SUHVLyQDGHFXDGDGHHPRFLRQHVHQHODXOD"
/D UHIOH[LyQ VREUH HVWDV FXHVWLRQHV SHUPLWH D ORV GRFHQWHV WRPDU FRQFLHQFLD UHVSHFWR GHO FOLPD HPRFLRQDO GH VXV DXODV\GHVXV
SURSLDVVHQVDFLRQHVGHFRQILDQ]DSDUDODH[SUHVLyQHPRFLRQDOHQHOiPELWRHVFRODU
8Q UHFXUVR SDUD ORV GRFHQWHV TXH HVWpQ LQWHUHVDGRV HQ SURPRYHU XQD DWPyVIHUD DIHFWLYD HQ VX DXOD FRQVLVWH HQ
LQFUHPHQWDU H[SOtFLWDPHQWH HO LPSDFWR HPRFLRQDO GH OD HQVHxDQ]D /RV DOXPQRV UHVSRQGHQ WDQWR DORVFRQWHQLGRVTXHVH
HQVHxDQFRPRDODPDQHUDHQTXHVHORVSUHVHQWD&XDQGRHOGRFHQWHSODQLILTXHODVFODVHVSRGUiGHVWDFDUORVVHQWLPLHQWRV
SRWHQFLDOHVDVRFLDGRVDORVGLIHUHQWHVWHPDVRiUHDV¢(VSRVLEOHFRPSURPHWHUODVPHQWHV\ORVFRUD]RQHVGHORVDOXPQRV
FRQHODSUHQGL]DMHSRUPHGLRGHOKXPRUODWUDJHGLDHOFRUDMHRODLQWULJDTXHSRQHQGHPDQLILHVWR"
8QGRFHQWHGHPDWHPiWLFDHQHOQLYHOSROLPRGDOHVWDEDKDUWRGHODVUHDFFLRQHVQHJDWLYDVTXHPDQLIHVWDEDQVXVDOXPQRV
FXDQGRGHEtDQUHVROYHUSUREOHPDV\WRPyODGHFLVLyQGHDOLYLDUODDQVLHGDGLPSHUDQWH&RQWDOSURSyVLWROOHJyXQGtDDOD
FODVH FRQ OD FDEH]D FXELHUWD SRU XQD PiVFDUD \ DQXQFLy TXH VH KDEtD WUDQVIRUPDGR HQ HO PRQVWUXR GH ORV SUREOHPDV
5HFRUULy HO DXOD FRQ SDVRV ODUJRV PLHQWUDV SURWHVWDED FRQ YR] DWHUUDGRUD \ UHWXPEDQWH SRU OD UHSXOVLYD QDWXUDOH]D GH ORV
SUREOHPDVUHSLWLHQGRODVTXHMDVWtSLFDVGHORVDOXPQRVUHVSHFWRGHODWDUHD$ORVDOXPQRVOHVHQFDQWyHOGHVSOLHJXHGHEXHQ
KXPRU\GLYHUVLyQTXHOHVRIUHFLyHOGRFHQWH\HVHGtDDERUGDURQODWDUHDELHQSUHGLVSXHVWRV\VLJXLHURQULpQGRVHGXUDQWH
VHPDQDVPLHQWUDVUHDOL]DEDQHMHUFLFLRVVLPLODUHV
$GHPiV GH SURSRUFLRQDU HQVHxDQ]D FRQ VHQVLELOLGDG ORV HGXFDGRUHV SXHGHQ SURPRYHU OD H[SUHVLyQ HPRFLRQDO GH ORV
DOXPQRVFXDQGROHVSURSRUFLRQDQXQDSURSLDGRPRGHORGHURO6LSXHGHQUHFRQRFHU\H[SUHVDUVXVSURSLRVVHQWLPLHQWRVORV
DOXPQRV DSUHQGHQ TXH HO DXOD SXHGH DOEHUJDU HVWD GLPHQVLyQ GH OD H[SHULHQFLD KXPDQD &DGD GRFHQWH SRGUtD UHIOH[LRQDU
VREUHFXHVWLRQHVRKHFKRVHPRFLRQDOHVGHDFWXDOLGDGTXHUHVXOWHQVLJQLILFDWLYRVSDUDORV DOXPQRV\OXHJRDVXPLUHOULHVJR
GHH[SRQHUIUDQFDPHQWHVXSXQWRGHYLVWD([LVWHQJUDQGHVSRVLELOLGDGHVGHTXHORVDOXPQRVUHVSRQGDQDGRSWDQGRODPLVPD
DFWLWXG
&XDQGRVHVROLFLWDDORVDOXPQRVTXHFRPSDUWDQVXVVHQWLPLHQWRVUHVSHFWRGHODVDFWLYLGDGHV GHODXODFRQORVPLHPEURV
GH OD FODVH VH OHV HVWi SURSRUFLRQDQGR OD RSRUWXQLGDG GH PDQLIHVWDU UHDFFLRQHV HPRFLRQDOHV VLQ FRUUHU JUDQGHV ULHVJRV
'XUDQWH HO GHEDWH VXHOHQ UHYHODUVH DVSHFWRV LQVRVSHFKDGRV GH ODV FODVHV HQ HO DXOD \ VH FUHD XQ HVSDFLR SDUD OD UHIOH[LyQ
VREUHODSURSLDH[SHULHQFLDDIHFWLYDHQHOiPELWRHVFRODU&XDQGRVHHVWLPXODQODVUHVSXHVWDVKRQHVWDVORVGRFHQWHVSXHGHQ
UHDOL]DU HO VHJXLPLHQWR \ DMXVWH GH ODV WDUHDV SDUD UHGXFLU OD DQVLHGDG R HO DEXUULPLHQWR 7DPELpQ SXHGHQ OOHYDUVH D FDER
FRQYHUVDFLRQHVDFHUFDGHODLPSRUWDQFLDGHODVHPRFLRQHVSRVLWLYDVSDUDSURPRYHUHODSUHQGL]DMH\ORVGRFHQWHV\DOXPQRV
SRGUtDQWUDEDMDUMXQWRVSDUDFUHDUXQFOLPDWDQSRVLWLYRFRPRVHDSRVLEOHHQHODXOD\GXUDQWHODVDFWLYLGDGHV
3XHGHDVLJQDUVH XQDIUHFXHQFLDVHPDQDOPHQVXDORODTXHVHDQHFHVDULDSDUDUHDOL]DUUHXQLRQHVHQHODXODHQODVTXHORV
DOXPQRVGRFHQWHV\RGLVHUWDQWHVLQYLWDGRVDERUGHQDELHUWDPHQWHFXHVWLRQHVHPRFLRQDOHVTXHSUHRFXSDQDOJUXSR&XDQGR
HOGRFHQWHGHVWLQDWLHPSRDWHPDVFRQXQDJUDQFDUJDHPRFLRQDOHVWiGHPRVWUDQGRTXHFRQVLGHUDWDOHVLQWHUFDPELRVFRPR
RSRUWXQLGDGHV GH DSUHQGL]DMH YDOLRVDV /RV VXFHVRV HPRFLRQDOHV HVSRQWiQHRV TXH VH SURGXFHQ HQ HO DXOD SURSRUFLRQDQ
WDPELpQULFDVRSRUWXQLGDGHVSDUDODUHIOH[LyQ
&XDQGR ORV GRFHQWHV DVXPHQ DFWLWXGHV DSURSLDGDV SDUD OD H[SUHVLyQ HPRFLRQDO \ SURPXHYHQ HO GLiORJR VREUH FXHVWLRQHV
DIHFWLYDVWLHQHQRSRUWXQLGDGGHFUHDUXQFOLPDTXHHVWLPXODWRGDVODViUHDVGHSHUVRQDOLGDGGHODOXPQRGHQWURGHODXOD&XDQGR
ORV DOXPQRV WRPDQ FRQFLHQFLD GH VX QDWXUDOH]D HPRFLRQDO VH FRQHFWDQ FRQ XQD IXHQWH GH HQHUJtD TXH SXHGHQ DSOLFDU SDUD
DSUHQGHU\UHFRUGDUORTXHKDQDSUHQGLGR
5HFRQRFLPLHQWRGHVHQWLPLHQWRV
&XDQGR ORV DOXPQRV UHFRQRFHQ \ H[SHULPHQWDQ XQD DPSOLD YDULHGDG GH VHQWLPLHQWRV VH GHVDUUROOD HQ HOORV XQD ILUPH EDVH
HPRFLRQDO TXH HQULTXHFH VX YLGD 6LQ HPEDUJR HV PX\ IUHFXHQWH TXH ORV QLxRV FDUH]FDQ GHO YRFDEXODULR SDUD UHFRQRFHU VXV
HPRFLRQHV\VyORSXHGDQUHIHULUVHDXQOLPLWDGRQ~PHURGHVHQWLPLHQWRVTXHKD\DQH[SHULPHQWDGRFRPRIHOLFLGDGRWULVWH]D
/DFUHDFLyQGHXQYRFDEXODULRHPRFLRQDOD\XGDDORVDOXPQRVDQRPEUDU\FRPHQ]DUDFRPSUHQGHUVXVH[SHULHQFLDVLQWHUQDV$
FRQWLQXDFLyQSUHVHQWDPRVDOJXQDVLGHDVSDUDH[SDQGLUHOYRFDEXODULRDIHFWLYR
6HSXHGHVROLFLWDUDORVDOXPQRVTXHQRPEUHQGLYHUVRVVHQWLPLHQWRV8QUHFXUVRFRQVLVWHHQUHFRQRFHUXQDRPiVHPRFLRQHVSDUD
FDGD OHWUD GHO DEHFHGDULR 2WUD SRVLELOLGDG HV FUHDU VHLV FDWHJRUtDV JHQHUDOHVGHVHQWLPLHQWRVSRUHMHPSORIHOL]WULVWHHQRMDGR
FRQIXQGLGRIXHUWHGpELO\DVXVWDGR/RVDOXPQRVUHDOL]DQOXHJRXQDWRUPHQWDGHLGHDVSDUDLGHQWLILFDUDOPHQRVGLH]VLQyQLPRV
SDUD FDGD FDWHJRUtD 3RU HMHPSOR SDUD WUDEDMDU OD FDWHJRUtD FRQIXQGLGR VH SXHGHQ DJUHJDU ORV WpUPLQRV DWXUGLGRD]RUDGRFRQIXVR
FRQVWHUQDGRGHVFRQFHUWDGRGHVRULHQWDGRGHVSLVWDGRH[WUDxDGRLQGHFLVR\SHUSOHMR
8QDYH]TXHVHKD\DQLGHQWLILFDGRGLYHUVDVHPRFLRQHVORVDOXPQRVSXHGHQUHIOH[LRQDUVREUHODPDQHUDHQTXHKDQH[SHULPHQWDGR
SHUVRQDOPHQWHORVVHQWLPLHQWRVHQXPHUDGRVORVHIHFWRVGHGLFKRVVHQWLPLHQWRVHQVXVQLYHOHVItVLFRHLQWHOHFWXDOHOPRPHQWRHQ
TXHORVKDQH[SHULPHQWDGR\ODVUD]RQHVRPRGRVSRUORVFXDOHVGLFKRVVHQWLPLHQWRVVHPRGLILFDURQ
6HUtD LQWHUHVDQWH H[KLELU HO DEHFHGDULR GH HPRFLRQHV R ODV FDWHJRUtDV GH VHQWLPLHQWRV HQ HO DXOD SDUD IDFLOLWDU HO DFFHVR D HOORV
GXUDQWH SHUtRGRV GH GHEDWH R GH SURGXFFLyQ HVFULWD /D H[KLELFLyQ VLUYH WDPELpQ FRPR UHFRUGDWRULR GHO UDQJR GH H[SHULHQFLDV
HPRFLRQDOHVTXHSXHGHQOOHJDUDSURGXFLUVHLQWHUQDPHQWH
([SUHVLyQGHHPRFLRQHV
/RV DOXPQRVUHTXLHUHQRSRUWXQLGDGHVSDUDH[SUHVDUVXVVHQWLPLHQWRV\SDUDFDQDOL]DUORVFRQVWUXFWLYDPHQWH6HJ~QGHPXHVWUDQODV
LQYHVWLJDFLRQHV GH 0DF/HDQ ODV HPRFLRQHV LQKLEHQ R IDFLOLWDQ HO DSUHQGL]DMH 8QD YH] TXH ORV DOXPQRV KD\DQ LGHQWLILFDGR VXV
H[SHULHQFLDV DIHFWLYDV UHVXOWDUi DSURSLDGR SURSRUFLRQDUOHV GLYHUVDV RSFLRQHV SDUD OD DXWRH[SUHVLyQ &RQ HO ILQ GH REWHQHU XQ
SDQRUDPDGHODVFRQGXFWDVHPRFLRQDOHVHOGRFHQWHSXHGHVROLFLWDUOHVTXHFRPSOHWHQHOVLJXLHQWHLQYHQWDULR
8QDYH]TXHORVDOXPQRVKD\DQFRPSOHWDGRHOLQYHQWDULRSRGUiQUHOHHUOR\DJUHJDUHOQRPEUHGHDOJXQDSHUVRQDTXHORV
KDJDVHQWLUIHOLFHVSUHRFXSDGRVRHQWXVLDVPDGRV$FRQWLQXDFLyQSXHGHQRUJDQL]DUVHSHTXHxRVJUXSRVSDUDGHEDWLUVREUH
ODVPDQHUDVPiVFRPXQHVFRPRFDGDDOXPQRH[SUHVDODVHPRFLRQHV\DQDOL]DUGRVRPiVVHQWLPLHQWRVTXHHVWpQGLVSXHVWRV
DFRPSDUWLUFRQVXVFRPSDxHURV1RHVHVSHUDEOHTXHGHVHHQPHQFLRQDUORVQRPEUHVGHORVLQGLYLGXRVTXHKD\DQLQFOXLGR
HQ OD OLVWD $VLPLVPR ORV DOXPQRV SRGUtDQ DQDOL]DU GH TXp PDQHUDVXVUHDFFLRQHVHPRFLRQDOHVDIHFWDQDRWUDVSHUVRQDV
/XHJR SRGUtDQ JHQHUDUVH UHVSXHVWDV JUXSDOHV DOWHUQDWLYDV SDUD FDGD XQR GH ORV SXQWRV GHO LQYHQWDULR &XDQGR VH OR KD\D
FRPSOHWDGRVHSRGUiQSUHVHQWDUODVUHVSXHVWDVGHFDGDJUXSRDOUHVWRGHOD FODVHDILQGHLGHQWLILFDUP~OWLSOHVRSFLRQHVSDUD
H[SUHVDUVHQWLPLHQWRVFRPXQHV8QJUXSRGHDOXPQRVGHRFWDYRDxRGHHGXFDFLyQEiVLFDTXHKDEtDHVWDGRDQDOL]DQGRVXV
UHDFFLRQHVDQWHGLIHUHQWHVKHFKRVGHODYLGDFRQIRUPyODVLJXLHQWHOLVWDSDUDH[KLELUHQHODXOD
&XDQGRHVWpVHQRMDGRSRGUtDV
‡&RQYHUVDUFRQDOJXLHQDTXLHQWHQJDVFRQILDQ]D
‡6DOLUDFDPLQDUFRUUHURKDFHUDOJXQDFODVHGHDFWLYLGDGItVLFD
‡£/ORUDU
‡(VFXFKDUWXP~VLFDSUHIHULGD
‡5HDOL]DUDOJXQDDFWLYLGDGDUWtVWLFDTXHHOLMDV
‡(VFULELUHQWXGLDULRSHUVRQDO
‡'DUWHXQDGXFKD
‡6DOLUGHFRPSUDV
‡5HDOL]DUXQDWRUPHQWDGHLGHDVHLGHQWLILFDUWRGDVODVIRUPDVSRVLEOHVSDUDUHDFFLRQDUDQWHODVLWXDFLyQ\HOHJLUXQD
‡(MHFXWDUXQLQVWUXPHQWRPXVLFDO
‡'HVFULELUODVLWXDFLyQDWXPDVFRWD
‡-XJDUDXQMXHJR
‡3HGLUD\XGD
‡0LUDUXQDSHOtFXODHQYLGHRRLUDOFLQH
‡5HFRQRFHUTXHWXVVHQWLPLHQWRVSXHGHQPRGLILFDUVH\FDPELDUGDUWHWLHPSR
0DQLIHVWDFLyQGHORVVHQWLPLHQWRVDWUDYpVGHODVDUWHV
/D HQVHxDQ]D GLUHFWD GH FRQGXFWDV HPRFLRQDOHV SXHGH SURPRYHU XQ LPSRUWDQWH GHVDUUROOR LQWUDSHUVRQDO ([LVWHQ QXPHURVRV
HQIRTXHVFUHDWLYRVSDUDHGXFDUODVHPRFLRQHVHQHODXOD/DVDUWHVLQFOX\HQGRDUWHVYLVXDOHVDFWLYLGDGHVGUDPiWLFDVPRYLPLHQWR
R P~VLFD SHUPLWHQ D ORV DOXPQRV DERUGDU VXV VHQWLPLHQWRV \ GHVSHMDU OD WHQVLyQ HO HQRMR R HO H[FHVLYR QHUYLRVLVPR (VWDV
SRGHURVDV KHUUDPLHQWDV SHUPLWHQ FDQDOL]DU ORV VHQWLPLHQWRV KDFLD H[SUHVLRQHV SRVLWLYDV \ FUHDWLYDV \ SXHGHQ LQWHJUDUVH D ODV
DFWLYLGDGHV GHO DXOD HQ ORV PRPHQWRV DSURSLDGRV &XDQGR XQ GRFHQWH FRQVLGHUH TXH HV QHFHVDULR SURFHVDU ODV FXHVWLRQHV
HPRFLRQDOHV TXH VXUJHQ HQ HO DXOD SXHGH UHFXUULU D ODV SURSXHVWDV VLJXLHQWHV \ GHWHUPLQDU FXiO GH HOODV UHVXOWD ~WLO SDUD XQD
GHWHUPLQDGDVLWXDFLyQ
$UWHV YLVXDOHV 3URSRQHU ORV DOXPQRV TXH GLEXMHQ VXV VHQWLPLHQWRV SRU PHGLR GH FRORUHV IRUPDV DEVWUDFWDV R LPiJHQHV SDUD
UHSUHVHQWDU ODV FXHVWLRQHV TXH HVWpQ DERUGDQGR 6H SXHGH SUR\HFWDU XQD SHOtFXOD R XQ YLGHR TXH DERUGH DOJXQD GH VXV
SUHRFXSDFLRQHV
0~VLFD 3DUD REWHQHU UHOD[ ORV DOXPQRV SXHGHQ HVFXFKDU P~VLFD GH IRQGR HQ IRUPD JUXSDO R LQGLYLGXDOPHQWH D WUDYpV GH
DXULFXODUHV 7DPELpQ SXHGHQ FRPSRQHU P~VLFD R HVFULELU OHWUDV GH FDQFLRQHV FRPR IRUPD GH H[SUHVDU VHQWLPLHQWRV $OJXQRV
DOXPQRV SXHGHQ FUHDU XQD FRUHRJUDItD SDUD XQD PHORGtD FRQRFLGD X RULJLQDO 3XHGHQ HVFXFKDUVH FLHUWDV REUDV PXVLFDOHV SDUD
HYRFDUVHQWLPLHQWRVHVSHFtILFRVSRUHMHPSOROD6XLWHGH&DVFDQXHFHVGH7FKDLNRYVN\SDUDODIHOLFLGDGOD6LQIRQtD1ƒHQ0L
PHQRUGH'YRUDNSDUDODWULVWH]D\OD6XLWHGH3HHU*\QWGH(GYDUG*ULHJSDUDHOPLHGR
-XHJR GH UROHV 3XHGHQ GUDPDWL]DUVH VLWXDFLRQHV KLSRWpWLFDV \ HVSRQWiQHDV FUHDGDV SRU ORV DOXPQRV R HO GRFHQWH SDUD DERUGDU
FXHVWLRQHVHPRFLRQDOHV3HTXHxRVFXDGURVGUDPiWLFRVSRGUtDQWUDWDUKHFKRVUHDOHVSRUPHGLRGHSHUVRQDMHVILFWLFLRV&RQVXOWDUHO
FDStWXORGHGLFDGRDODLQWHOLJHQFLDFLQHVWpVLFDSDUDYHUFRQLGHDVDGLFLRQDOHV
(VFULWXUD FUHDWLYD/RVDOXPQRVSXHGHQFUHDUPDSDVPHQWDOHVRGLDJUDPDVXVDQGRVXVVHQWLPLHQWRVFRPRFRQFHSWRFHQWUDO/DV
DVRFLDFLRQHVSXHGHQVLQWHWL]DUVHHQXQSRHPDRHQXQIUDJPHQWRQDUUDWLYR(QDOJXQRVFDVRVVHSXHGHUHFXUULUDODWpFQLFDGHIOXLU
GHODFRQFLHQFLDSDUDHVFULELUHQHOGLDULRSHUVRQDORDODFUHDFLyQGHFXHQWRVFRPRYiOYXODVGHHVFDSHDSURSLDGDV
(VFXOWXUD6HSXHGHXWLOL]DUDUFLOODSDUDHVFXOSLUIRUPDVDEVWUDFWDVRUHSUHVHQWDWLYDVGHODVHPRFLRQHVTXHVHH[SHULPHQWHQFRPR
ILJXUDVHQRMDGDVRDOHJUHV
6LELHQODVDUWHVSURSRUFLRQDQXQOHQJXDMHSDUDORVVHQWLPLHQWRVDOJXQRVDOXPQRVUHTXLHUHQRWUDVIRUPDVGHUHVSXHVWDHPRFLRQDO
3DUD TXLHQHV DVXPDQ DFWLWXGHV QRWRULDPHQWHDJUHVLYDVRLUDFXQGDVVHSXHGHQRIUHFHURSFLRQHVGHUHFUHRWDOHVFRPRFDUUHUDVGH
SRVWDV R VHVLRQHV GH ER[HR HQ HO JLPQDVLR TXH SXHGHQ FRQWULEXLU D DOLYLDU OD H[FHVLYD WHQVLyQ HQ HO FDVR GH HVWRV DOXPQRV HV
HVSHFLDOPHQWHLPSRUWDQWHHQVHxDUOHVODVWpFQLFDVGHPDQHMRGHFRQIOLFWRVTXHVHGHVFULEHQHQHOFDStWXORGHGLFDGRDODLQWHOLJHQFLD
LQWHUSHUVRQDO$OJXQRVDOXPQRVQHFHVLWDQSURFHVDUVXVVHQWLPLHQWRVFRQYHUVDQGRXQRVFRQRWURVHQXQOXJDUDSDUWDGRGHODXODR
IXHUD GH HOOD /DIDQWDVtDODLPDJLQDFLyQJXLDGD\ODVWpFQLFDVGHUHODMDFLyQVRQUHFXUVRVWUDQTXLOL]DGRUHV\GHVHVWUHVDQWHVWDQWR
GHQWURGHODXODFRPRIXHUDGHHOOD
/D OLWHUDWXUD TXH DERUGD FXHVWLRQHV FRQ JUDQ FDUJD HPRFLRQDO HQ FXHQWRV OLEURV R DUWtFXORV GH ILFFLyQ R QRILFFLyQ RIUHFH XQ
SXQWR GH SDUWLGD SDUD HO GHEDWH \ OD H[SUHVLyQ GH VHQWLPLHQWRV 8QD YH] TXH VH KD\D VHOHFFLRQDGR HO PDWHULDO TXH VH WUDEDMDUi
KDEUiTXHFRPHQ]DUFRQXQDDFWLYLGDGLQWURGXFWRULDHQODTXHVHSUHVHQWHHOFRQWH[WRUHDOL]DUOXHJRODOHFWXUD\ILQDOPHQWHLQLFLDU
HOGHEDWHHQFODVH
(Q FLHUWRV FDVRV ODV QHFHVLGDGHV HPRFLRQDOHV GH DOJ~Q DOXPQR UHTXLHUHQ OD D\XGD GH XQ DVHVRU HVFRODU R OD LQWHUYHQFLyQ GH XQ
HVSHFLDOLVWD HQ VLWXDFLRQHV GH ULHVJR SVLFyORJR R SVLTXLDWUD 7DQWR ORV GRFHQWHV FRPR ORV DOXPQRV GHEHQ VDEHU D TXLpQ GHEHQ
UHFXUULU SDUD VROLFLWDU D\XGD LQFOX\HQGR ODGLVSRQLELOLGDGGHUHFXUVRVTXHSXHGHSURYHHUODFRPXQLGDG$VLPLVPRORVGRFHQWHV
SRGUiQ VROLFLWDU D ORV DOXPQRV TXH FRQIHFFLRQHQ XQD OLVWD GH SHUVRQDV GH VX FRQILDQ]D SDUD UHFXUULU D HOODV HQ PRPHQWRV GH
QHFHVLGDG/DILFKDTXHDSDUHFHDFRQWLQXDFLyQSRGUtDUHVXOWDU~WLOSDUDHQXPHUDUGLFKRVUHFXUVRV
&RQ IUHFXHQFLD HQ ODV DXODV VXHOH SULYLOHJLDUVH HO PDWHULDO DFDGpPLFR \ HO GHVDUUROOR FRJQLWLYR SRU VREUH HO GHVDUUROOR DIHFWLYR
&XDQGRORVSURJUDPDVHGXFDWLYRVEULQGDQRSRUWXQLGDGHVSDUDODFRQFLHQWL]DFLyQGHOFRQRFLPLHQWRHPRFLRQDO\ORVVXSXHVWRVORV
DOXPQRVH[SHULPHQWDQXQFUHFLPLHQWRHPRFLRQDOVDOXGDEOH/DVDFWLYLGDGHVDQWHVGHVFULWDVSHUPLWHQFUHDUXQiPELWRGHDXODTXH
HVWLPXODODH[SUHVLyQHPRFLRQDOSURPXHYHODFRQFLHQFLDDIHFWLYDGHORVDOXPQRVSURSRUFLRQDRSRUWXQLGDGHVSDUDTXHORVQLxRV
UHFXUUDQDRWUDVSHUVRQDVHQEXVFDGHLGHDVSDUDODH[SUHVLyQHPRFLRQDO \RIUHFHQXPHURVDVRSFLRQHVSDUDODDXWRH[SUHVLyQ1R
REVWDQWHH[LVWHQRWURVDVSHFWRVGHODHGXFDFLyQDIHFWLYDTXHQRVHKDQDERUGDGRD~Q/RVDOXPQRVQHFHVLWDQRSRUWXQLGDGHVSDUD
FRPSUHQGHUODQDWXUDOH]DGHORVYDORUHV\OOHJDUDGHVDUUROODUVXVSURSLRV VLVWHPDVGHYDORUHV(QODVHFFLyQVLJXLHQWHFRPLHQ]DQD
DERUGDUVHHVWDVQHFHVLGDGHV
(GXFDFLyQSDUDORVYDORUHVKXPDQRV
/DSDODEUDYDORUGHULYDGHOWpUPLQRODWLQRYDOHUHTXHVLJQLILFDVHUGLJQRRSRGHURVR/RVYDORUHVDOXGHQDLGHDOHVVLJQLILFDWLYRV
SDUD QXHVWUDV YLGDV /RV HVWDEOHFHQ OD IDPLOLD OD HVFXHOD OD VRFLHGDG OD UHOLJLyQ \ QXHVWURV VLVWHPDV LGHROyJLFRV SHUVRQDOHV
$OJXQRV YDORUHV SXHGHQ PDQWHQHUVH D OR ODUJR GH WRGD OD YLGD \ RWURV SXHGHQ FDPELDU FRPR UHVXOWDGR GH OD H[SHULHQFLD \R OD
PDGXUH]
6LELHQODFXHVWLyQGHTXHODVHVFXHODVGHEDQHQVHxDUYDORUHVHVPDWHULDRSLQDEOHGHKHFKRORVDOXPQRVVHHQIUHQWDQDXQDVHULHGH
WHQWDFLRQHV \ HOHPHQWRV SHUWXUEDGRUHV 'H HOOR UHVXOWD TXH ODV HVFXHODV GHEHQ DERUGDU DOJXQD IRUPD GH HGXFDFLyQ pWLFD H[LVWD
GLVSRVLFLyQIDYRUDEOHDOUHVSHFWRRQR8QHQIRTXHFRQVLVWHHQHQVHxDUORVYDORUHVFRP~QPHQWHDFHSWDGRVTXHVXE\DFHQWUDVORV
SULQFLSLRV WUDGLFLRQDOHV WDQWR UHOLJLRVRV FRPR VHFXODUHV HQWUH ORV TXH VH LQFOX\HQ OD LQWHJULGDG HO DOWUXLVPR OD MXVWLFLD OD
KRQHVWLGDGODGLJQLGDGKXPDQD\ODGLOLJHQFLD7RGRVORVDOXPQRVUHTXLHUHQRSRUWXQLGDGHVSDUDUHFRQRFHUVXSHUVSHFWLYDpWLFD
HQFRQWUDU VXSURSyVLWR\RULHQWDFLyQSDUWLFXODUHVDSDUWLUGHVXSURSLRVLVWHPDGHYDORUHV\OXHJRWUDVODGDUHVHFRPSURPLVRDVX
FRQGXFWDGLDULD
0XFKDVPDWHULDVHVFRODUHVWUDGLFLRQDOHVLQFOX\HQHOWUDWDPLHQWRGHQXPHURVDVFXHVWLRQHVpWLFDV/RVGRFHQWHVSRGUtDQSURPRYHU
OD SDUWLFLSDFLyQ GH ORV DOXPQRV HQ GHEDWHV TXH HVWLPXOHQ VX SHQVDPLHQWR HQ ODV FODVHV GH OLWHUDWXUD VROLFLWiQGROHV SRU HMHPSOR
TXHUHIOH[LRQHQDFHUFDGHORVGLOHPDVpWLFRVGHORVSHUVRQDMHVGHXQDREUD(QHOiUHDGHFLHQFLD\WHFQRORJtDORVDOXPQRVSRGUtDQ
DQDOL]DUODVLPSOLFDQFLDV\SRVLEOHVFRQVHFXHQFLDVIXWXUDVGHORVDYDQFHVWHFQROyJLFRVDVtFRPRWDPELpQODVSULRULGDGHVVRFLDOHV\
SROtWLFDV TXH ULJHQ HQ OD DFWXDOLGDG (Q OD FODVH GH KLVWRULD SRGUtDQ FRPSDUDUVH FUyQLFDV GH XQ PLVPR KHFKR \ FRQWUDVWDU OD
SHUVSHFWLYDpWLFDTXHVXE\DFHWUDVFDGDXQD
'H PDQHUD PiV LQWHQFLRQDGD ODV HVFXHODV SXHGHQ D\XGDU D ORV DOXPQRV D GLVFHUQLU VXV YDORUHV SHUVRQDOHV PHGLDQWH HO
UHFRQRFLPLHQWR\GHILQLFLyQGHWDOHVFRQFHSWRV6HSXHGHQRUJDQL]DUSHTXHxRVJUXSRVGHDOXPQRV\VROLFLWDUOHVTXHSURSRUFLRQHQ
GHILQLFLRQHVSDUDORVWpUPLQRVTXHDSDUHFHQHQHOOLVWDGRVLJXLHQWH\HMHPSORVGHODPDQHUDFRPRWDOHVYDORUHVVHH[SUHVDQHQOD
YLGDFRWLGLDQD
$OWUXLVPR
+XPLOGDG
&RUDMH
MXVWLFLD
'HFLVLyQ
/HDOWDG
(PSDWtD
3D]
)LGHOLGDG
$XWRGLVFLSOLQD
*HQHURVLGDG
$OJXQRVYDORUHVFRPXQHV
+RQHVWLGDG
&RQVLGHUDFLyQ
,QWHUGHSHQGHQFLD
&UHDWLYLGDG
$PRU
'LOLJHQFLD
3DFLHQFLD
([FHOHQFLD
5HVSRQVDELOLGDG
&RUGLDOLGDG
&RQILDELOLGDG
9HUDFLGDG
&RPSDVLyQ
,QWHJULGDG
&RUWHVtD
$PDELOLGDG
'LJQLGDG
0LVHULFRUGLD
(QWXVLDVPR
5HVSHWR
,QGXOJHQFLD
7ROHUDQFLD
(VStULWXVHUYLFLDO
/DUHIOH[LyQLQGLYLGXDOHQWRUQRGHHVWHOLVWDGRSHUPLWHDORVDOXPQRVLGHQWLILFDUORVYDORUHVTXHHIHFWLYDPHQWHVXVWHQWDQ\ORVTXH
SRGUtDQ GHVDUUROODU 0HGLDQWH OD SXHVWD HQ SUiFWLFD GH ORV SURFHVRV SDUD OD ILMDFLyQ GH PHWDV DQWHV PHQFLRQDGRV ORV DOXPQRV
SRGUtDQHOHJLUXQ QXHYRYDORUSDUDLQWHJUDUORDVXFRQGXFWD5HVXOWDREYLRVHxDODUTXHORVPRGHORVTXHOHVRIUH]FDQORVGRFHQWHV\
ORVSDGUHVVRQPXFKRPiVSRGHURVRVTXHFXDOTXLHUOLVWDGRGHWpUPLQRV$VLPLVPRSRGUiQOOHYDUVHDFDERFRQYHUVDFLRQHVFRQORV
SDGUHV D QLYHO LQVWLWXFLRQDO FRQ HO ILQ GH HVWDEOHFHU ORV YDORUHV PiV LPSRUWDQWHV TXH GHEHUiQ LQFXOFDUVH HQ HO iPELWR GH OD
FRPXQLGDGHVFRODU7DPELpQVHUiQHFHVDULRKDFHUQRWDUDORVDOXPQRVTXHVLGHVHDQHVWDEOHFHU\YLYLUGHDFXHUGRFRQXQVLVWHPD
GHYDORUHVHVQHFHVDULRDFWXDUHQFRQIRUPLGDGFRQVXVLVWHPDLGHROyJLFR/DGHIHQVDGHODVSURSLDVFRQFHSFLRQHVODFRKHUHQFLD
HQODDFFLyQ\ODDGKHVLyQDHOODVDWUDYpVGHOWLHPSRVRQSUXHEDIHKDFLHQWHGHXQLQGLYLGXRFX\DYLGDVHIXQGDHQODLQWHJULGDG
SHUVRQDO
(Q WDQWR ORV DOXPQRV FODULILFDQ \ H[SUHVDQ ORV YDORUHV TXH VXVWHQWDQ WDPELpQ VH HQIUHQWDQ H LQWHUDFW~DQ FRQ ORV VLVWHPDV GH
YDORUHVGHORVGHPiV$SUHQGHUDGHIHQGHUORVSURSLRVYDORUHVVLQGHVPHUHFHUORVGHTXLHQHVVRVWLHQHQSXQWRVGHYLVWDGLIHUHQWHV
VHFRQYLHUWHHQXQDKDELOLGDGLPSRUWDQWH2MDOiQXHVWUDVDXODVSXHGDQFRPHQ]DUDGHPRVWUDUODUHVSHWXRVDOLEHUWDGGHH[SUHVLyQ
TXH UHTXLHUH OD GHPRFUDFLD /DV RSRUWXQLGDGHV SDUD LQWHUDFWXDU FRQ GLIHUHQWHV VLVWHPDV GH YDORUHV SHUPLWHQ D ORV DOXPQRV
FRPSUHQGHUTXHHVSRVLEOHIRUWDOHFHUVXVLQWHOLJHQFLDVLQWHUSHUVRQDOHLQWUDSHUVRQDO
¢$FDVRKDVDSUHQGLGRVRODPHQWHGHDTXHOORVTXHWHDGPLUDEDQ\TXHWHDPDEDQ\TXHWHGHPRVWUDEDQVXUHVSHWR"¢1RKDVDGTXLULGRLPSRUWDQWHVHQVHxDQ]DV
GHDTXHOORVTXHVHYROYtDQFRQWUDWL\ GLVSXWDEDQVXOXJDUFRQWLJR"
:$/7:+,70$1
(VFULWXUDGHGLDULRVSHUVRQDOHV
+DFH DOJXQRV DxRV VH OOHYR D FDER XQ HVWXGLR FRQ ORV DOXPQRV SHUWHQHFLHQWHV D XQD SURPRFLyQ GH OD 8QLYHUVLGDG GH <DOH TXH
DOFDQ]DEDQXQQLYHOGHGHVHPSHxRVREUHVDOLHQWHFRQHOREMHWRGHGHWHUPLQDUVLH[LVWtDQGHQRPLQDGRUHVFRPXQHVSDUDVXVORJURV
6HGHVFXEULyTXHHOGHORVDOXPQRVPiVGHVWDFDGRVHVWDEDFRPSXHVWRSRUDTXHOORVTXHKDEtDQHVWDEOHFLGRFRQFODULGDGVXV
PHWDV\DPELFLRQHV<HOGHHVWHJUXSRVHGLVWLQJXtDSRUHOKHFKRGHTXHGHGLFDEDWLHPSRDH[SUHVDUSRUHVFULWRVXVPHWDV\
DPELFLRQHV(OVHJXLPLHQWRGHGLFKRVDOXPQRVGXUDQWHORVGLH]DxRVVLJXLHQWHVUHYHOyTXHTXLHQHVKDEtDQH[SUHVDGRFRQFODULGDG
VX YLVLyQ SDUD HO IXWXUR IRUPDEDQ SDUWH GHO JUXSR PiV H[LWRVR HQ OD SURIHVLyQ TXH KDEtDQ HOHJLGR \ ORV PiV H[LWRVRV GH HOORV
VHJXtDQHVFULELHQGRVXVPHWDV\DPELFLRQHV
$OJXQRV GH ORV PiV JUDQGHV SHQVDGRUHV LQYHQWRUHV \ JHQLRV FUHDWLYRV GH OD KLVWRULD KDQ HVFULWR GLDULRV SHUVRQDOHV /RV
FXDGHUQRVGH/HRQDUGR GD9LQFLHVWiQOOHQRVGHLGHDVREVHUYDFLRQHVHLPSUHVLRQHVGLDJUDPDV\SODQRVSDUDVXVREUDVGH
DUWHHLQYHQWRV$6DPXHO3HS\VVHORVLJXHUHFRUGDQGRSRUHOGLDULRTXHOOHYyGXUDQWHHOVLJOR;9,,(LQVWHLQ\6FKZHLW]HU
WDPELpQHVFULELHURQGLDULRVSHUVRQDOHV
$OSDUHFHUHOVLPSOHKHFKRGHHVFULELUWLHQHHOSRGHUGHWUDQVIRUPDUODVDEVWUDFFLRQHVHQUHDOLGDG*DEULHOH5LFRDXWRUGH:ULWLQJ
WKH1DWXUDO:D\ >&yPRHVFULELUHQIRUPDQDWXUDO@VHxDOyHQXQDHQWUHYLVWDUHFLHQWHTXHHODFWRGHHVFULELUVHHQFXHQWUDVLHPSUHD
QXHVWUDGLVSRVLFLyQSDUDOOHYDUDFDERODFODVHGHH[SORUDFLyQTXHFRQGXFHDOGHVFXEULPLHQWRUHFRQRFLPLHQWR\QXHYRDSUHQGL]DMH
DFHUFDGHQRVRWURVPLVPRVQXHVWURVVHQWLPLHQWRV\HOPXQGRHQJHQHUDO
&XDQGRVHHVWLPXODDORVDOXPQRVSDUDODSURGXFFLyQGHGLDULRVSHUVRQDOHVHQDOJXQDGHODViUHDVGHFRQWHQLGRVXHOHQWHQHUOXJDU
HVWDFODVHGHGHVFXEULPLHQWRVDFHUFDGHOSURSLR\R'HHVWDPDQHUDODVSHUFHSFLRQHVTXHSURYLHQHQGHORVLOLPLWDGRVUHFXUVRVGH
ODLQWHOLJHQFLDLQWUDSHUVRQDOWLHQHQODSRVLELOLGDGGHWRPDUFRQWDFWRFRQODFRQFLHQFLD\FRQODUHDOLGDG
3URSXHVWDSDUDODHVFULWXUDGHGLDULRVSHUVRQDOHVHQHODXOD
/DV VLJXLHQWHV SURSXHVWDV HVWiQ GLULJLGDV D TXLHQHV GHVHHQ LQFRUSRUDU OD SURGXFFLyQ GH GLDULRV SHUVRQDOHV D ODV DFWLYLGDGHV GHO
DXOD
(QWHRUtDVHGHEHUtDSHUPLWLUDORVDOXPQRVPDQWHQHUODFRQILGHQFLDO£aGDGGHVXVGLDULRVLQFOXVRFXDQGRVHGHGLTXHWLHPSRGH
FODVHDVXHVFULWXUD&RPRWRGRVVDEHPRVJUDQSDUWHGHOYDORUGHODHVFULWXUDSHUVRQDOGHSHQGHGHODFRQILDQ]DGHODOXPQRGHTXH
VXVGLDULRVQRVHUiQREMHWRGHHYDOXDFLyQ\H[SRVLFLyQS~EOLFD1RREVWDQWHXQDYH]SRUVHPDQDVHSRGUiVROLFLWDUDORVDOXPQRV
TXH UHOHDQ VXV HVFULWRV GH ORV GtDV SUHYLRV \ IRUPXOHQ REVHUYDFLRQHV DFHUFD GH VXV SURJUHVRV R TXH FLWHQ VL OR GHVHDQ
GHWHUPLQDGRV FRPHQWDULRV TXH OHV JXVWDUtD FRPSDUWLU FRQ HO GRFHQWH R FRQ ORV PLHPEURV GH OD FODVH £< GHEH TXHGDU FODUR
QXHYDPHQWHTXHQRVHORVGHEHFDOLILFDU
/D HVFULWXUD GH GLDULRV SHUVRQDOHV SXHGH FRPSOHPHQWDU FRQ IDFLOLGDG ORV REMHWLYRV GHO GRFHQWH \ D\XGDU DO DOXPQR D OOHYDU XQ
UHJLVWUR GH VXV SURJUHVRV /RV GLDULRV SXHGHQ XWLOL]DUVH SDUD H[SORUDU HO SURSLR SHQVDPLHQWR DFHUFD GH WRGRV ORV WHPDV &RQ
IUHFXHQFLDFXDQGRUHOHHPRVORTXHKHPRVHVFULWRQRVVRUSUHQGHGHVFXEULUQXHVWURSURFHVR GHSHQVDPLHQWR
6LVHVROLFLWDDORVDOXPQRVTXHHVFULEDQORTXHVDEHQDFHUFDGHXQWHPDDQWHVGHFRPHQ]DUDHVWXGLDUORHVSRVLEOHHVWDEOHFHUXQ
XPEUDODQWLFLSDWRULRTXHUHVXOWDHVHQFLDOSDUDHODSUHQGL]DMH1RPiVGHFLQFRPLQXWRVGHGLFDGRVDHVWDDFWLYLGDGGHHVFULWXUDDO
FRPLHQ]RGHODSUHQGL]DMHGHXQQXHYRWHPDEULQGDDOWDVSRVLELOLGDGHVGHSDUWLFLSDFLyQSRUSDUWHGHODOXPQR
$O ILQDOL]DU OD FODVH FLQFR PLQXWRV GH HVFULWXUD SHUVRQDO SXHGHQ WDPELpQ UHVXOWDU JUDWLILFDQWHV HQ WpUPLQRV GH FRQVROLGDFLyQ GH
DSUHQGL]DMHVSUHYLRV\GHUHYLVLyQHQHOPRPHQWRPiVRSRUWXQR$QWHVGHFRPHQ]DUODDFWLYLGDGHOGRFHQWHSRGUiVXJHULUDOJXQDV
SUHJXQWDV TXH SHUPLWLUiQ HQFHQGHU OD FKLVSD 3RU HMHPSOR ¢4Xp HVWXGLDVWH KR\ \ TXH DQWHV QR VDEtDV" ¢&XiO HV WX RSLQLyQ
DFHUFDGHODH[SHULHQFLDGHDSUHQGL]DMH"¢'HTXpPDQHUDSRGUtDVDSOLFDUORTXHKDVDSUHQGLGRDRWURVWHPDVRHQRWUDViUHDVGHWX
YLGD"6HJ~QORTXHKDVDSUHQGLGRKR\¢TXpSRGUtDVDQWLFLSDUTXHDSUHQGHUiVDFRQWLQXDFLyQ"¢3RGUtDVSUHSDUDUFLQFRSUHJXQWDV
DSURSLDGDVSDUDIRUPXODUPDxDQD"¢4XpSRGUtDVDJUHJDUDOWHPDTXHSURYHQJDGHWXH[SHULHQFLDSHUVRQDO"
0iV WDUGH XQD YH] TXH ORV DOXPQRV KD\DQ DGTXLULGR FRQILDQ]D SDUD OD HVFULWXUD SHUVRQDO HO GRFHQWH SRGUtD VROLFLWDUOHV TXH
GHGLTXHQ FLQFR R GLH] PLQXWRV D OD HVFULWXUD DXWRPiWLFD /D HVFULWXUD DXWRPiWLFD FRQVLVWH HQ HVFULELU WDQ UiSLGR FRPR VHD
SRVLEOH WRGR OR TXH VH SXHGD UHFRUGDU DFHUFD GH ORV FRQWHQLGRV GH DSUHQGL]DMH 2 ELHQ VH SRGUi VROLFLWDU D ORV DOXPQRV TXH
UHDOLFHQXQPDSDPHQWDORXQHVTXHPDDQWHVGHFRPHQ]DUDHVFULELU6HJ~Q\DVHKDH[SXHVWRSDUDPXFKRVDOXPQRVHVWHSURFHVR
SXHGHVHUYLUGHSXQWRGHDUUDQTXHSDUDHODFFHVRDVHQWLPLHQWRVSHUFHSFLRQHV\FRQH[LRQHVDODVTXHSRGUtDQQRKDEHUDUULEDGR
FRQVFLHQWHPHQWH 6HUtD ~WLO FUHDU XQ IRUPDWR SDUD ORV GLDULRV SHUVRQDOHV SRU HMHPSOR XWLOL]DU OD SiJLQD GH OD L]TXLHUGD SDUD
UHDOL]DU PDSDV PHQWDOHV \ OD SiJLQD GH OD GHUHFKD SDUD HVFULELU $OJXQDV SHUVRQDV FRPELQDQ ODV GRV DFWLYLGDGHV HQ OD PLVPD
SiJLQD WDO FRPR OR KDFH HO SUROtILFR HVFULWRU GH GLDULRV SHUVRQDOHV %RE 6DPSOHV DXWRU GH 7KH 0HWDSKRULF 0LQG /D PHQWH
PHWDIyULFD@\GHQXPHURVRVRWURVOLEURV
0XFKRV GRFHQWHV \ DOXPQRV KDQ GHVFXELHUWR TXH OD HVFULWXUD GH XQ GLDULR SHUVRQDO SURGXFH XQ VLJQLILFDWLYR LQFUHPHQWR HQ OD
FRPSUHQVLyQ\UHWHQFLyQGHFRQRFLPLHQWRVTXHGDFRPRUHVXOWDGRFDOLILFDFLRQHVPiVDOWDVWDQWRHQORVWHVWREMHWLYRVFRPRHQORV
LQVWUXPHQWRVGHHYDOXDFLyQFRQIRUPDWRGHHQVD\R$GHPiVORVDOXPQRVSXHGHQUHFRQRFHUVXVSURSLDVUHDFFLRQHVHPRFLRQDOHV\
SHUFHSFLRQHVSHUVRQDOHVUHVSHFWRGHODSUHQGL]DMHHQHODXOD
(VFULWXUDGHXQGLDULRSHUVRQDOFRPRPHGLRGHDXWRUUHIOH[LyQ
3XHGH WDPELpQ SURSRQHUVH OD FUHDFLyQ GH XQ GLDULR SHUVRQDO SDUD VRQGHDU HQ SURIXQGLGDG OD LQWHOLJHQFLD LQWUDSHUVRQDO /RV
DOXPQRV SRGUiQ H[SORUDU VX SURSLD LGHQWLGDG PHGLDQWH XQD HVFULWXUD TXH EULQGH DFFHVR D OD DXWRFRQFLHQFLD DXWRDFHSWDFLyQ
DXWRDFWXDOL]DFLyQ \ DXWRUUHYHODFLyQ /RV GRFHQWHV SRGUtDQ GLVHxDU SHUtRGRV GH WUDEDMR SDUD ORV DOXPQRV PD\RUHV HQ ORV TXH VH
H[SORUHQODVVLJXLHQWHVFXHVWLRQHVPHGLDQWHORVGLDULRVSHUVRQDOHV
6ROLFLWDU D ORV DOXPQRV TXH HVFULEDQ GLH] IUDVHV TXH FRPLHQFHQ FRQ <R VR\ HQ ODV TXH SRQJDQ GH PDQLILHVWR VXV
FRQRFLPLHQWRVDFHUFDGHVtPLVPRV&RPRDFWLYLGDGSUHSDUDWRULDSDUDODHVFULWXUDSRGUtDQDQDOL]DUODDXWRFRQFLHQFLDTXH
KDQ GHVSHUWDGR HQ HOORV VXV H[SHULHQFLDV GH YLGD VXV LQWHUDFFLRQHV FRQ RWUDV SHUVRQDV \ VXV SXQWRV GH YLVWD DFHUFD GHO
PXQGR\FRPSDUDUODLPDJHQGHODFODVHGHSHUVRQDTXHOHVJXVWDUtDOOHJDUDVHUFRQODTXHUHVSRQGHDVXUHDOLGDGDFWXDO
3DUD DERUGDU OD DXWRDFHSWDFLyQ ORV DOXPQRV SRGUtDQ UHIOH[LRQDU DFHUFD GH ODV FXDOLGDGHV SRVLWLYDV TXH SRVHHQ \ GH
DTXHOORV DVSHFWRV TXH OHV JXVWDUtD FDPELDU /XHJR GH UHGDFWDU ODV GLH] IUDVHV TXH FRPLHQ]DQ FRQ <R VR\ GHEHUiQ
FODVLILFDUODVGHDFXHUGRFRQYDULDVFDWHJRUtDVVXVDWULEXWRVItVLFRVDWULEXWRVHPRFLRQDOHVFXDOLGDGHVPHQWDOHV
UROHVHQUHODFLyQFRQORVGHPiVFRPRKHUPDQDKLMRRDPLJR/RVDOXPQRVSXHGHQHYDOXDUVXVUHVSXHVWDVHQWpUPLQRVGH
SRWHQFLDO SDUD SURPRYHU VX FUHFLPLHQWR /XHJR SXHGHQ HODERUDU IUDVHV DGLFLRQDOHV HQ ODV TXH VH PDQLILHVWH <R FDUH]FR
GHODFRUUHODFLyQLGHDOHQWUH<RGHER\<RGHVHR\SRU~OWLPR<RHVWR\
/RV DOXPQRV SXHGHQ WDPELpQ UHIOH[LRQDU VREUH RWURV DVSHFWRV LPSRUWDQWHV GH OD DXWRDFHSWDFLyQ FRPR OD LPDJHQ TXH
LQWHQWDQPDQWHQHUORVFRQVWDQWHVFDPELRVDORVTXHGHEHQKDFHUIUHQWH\ODVUHVSXHVWDVSDUDDOJXQDVGHODVSUHJXQWDVGHOD
YLGD TXH WRGDYtD QR KDQ HQFRQWUDGR 7DPELpQ SXHGHQ HYDOXDU VX SURSLR QLYHO GH DXWRHVWLPD \ HVWDEOHFHU OD PDQHUD GH
LQFUHPHQWDUOR
/RV DOXPQRV SXHGHQ UHIOH[LRQDU VREUH VXV PRWLYDFLRQHV LQWHUQDV SDUD HO FUHFLPLHQWR 6H OHV GHEH H[SOLFDU TXH OD
DXWRDFWXDOL]DFLyQFRQVLVWHHQFDSLWDOL]DUODVSURSLDVFDSDFLGDGHV\GHVWUH]DVHQWRPDUGHFLVLRQHVTXHVLUYDQDORVPHMRUHV
LQWHUHVHVSURSLRV\GHORVGHPiV\HQDGRSWDUXQDDFWLWXGIOH[LEOH\DELHUWDIUHQWHDODVSRVLELOLGDGHV\ORVKHFKRVGHODYLGD
'XUDQWH HO SURFHVR GH DQiOLVLV GH VX FDSDFLGDG SDUD DXWRDFWXDOL]DUVH ORV DOXPQRV SXHGHQ H[SOLFLWDU VX SRWHQFLDO ODV
PDQHUDV TXH SRGUtDQ GLVHxDU SDUD DFWXDOL]DUOR \ ORV HIHFWRV GH GLFKD DFWXDOL]DFLyQ VREUH HO ELHQHVWDU GH ORV GHPiV 3DUD
D\XGDUDORVDOXPQRVDWUDEDMDUHQODGLUHFFLyQTXHSODQWHDQHVWDVSRVLELOLGDGHVHVQHFHVDULRTXHGRFXPHQWHQVXVPHWDV\
HODERUHQXQDOLVWDGHDFFLRQHVTXHSRGUtDQIDYRUHFHUVXORJUR
8QDYH]TXHVHKD\DQFRPSOHWDGRODVDFWLYLGDGHVDQWHVHQXQFLDGDVORVDOXPQRVGHFLGLUiQVLGHVHDQFRPSDUWLURUHYHODU
DOJRDXQSHTXHxRJUXSRGHSDUHV(QHVWRVJUXSRVORVDOXPQRVSXHGHQDVXPLUXQHIHFWLYRFRPSURPLVRFRQHOFUHFLPLHQWR
SHUVRQDO OD H[SUHVLyQ HPRFLRQDO OD FRQILDQ]D OD PDQLIHVWDFLyQ SUHFLVD GH VXV SHQVDPLHQWRV \ OD SRVLELOLGDG GH DVXPLU
ULHVJRV (VWRV JUXSRV SURSRUFLRQDQ XQ HVSDFLR SDUD FRPSDUWLU GHEDWLU \ UHFLELU IHHGEDFN SRU ODV REVHUYDFLRQHV TXH FDGD
DOXPQRKD\DLQFOXLGRVXGLDULR
&RQRFLPLHQWRGHO\RDWUDYpVGHORVGHPiV
+RZDUG*DUGQHUVRVWLHQHTXHODVLQWHOLJHQFLDVSHUVRQDOHVVHHQFXHQWUDQLQGLVROXEOHPHQWHYLQFXODGDV\TXHHQ
FLUFXQVWDQFLDVFRUULHQWHV QLQJXQDGHHOODVSXHGHGHVDUUROODUVHVLQODRWUD6yORDWUDYpVGHODUHODFLyQFRQORVGHPiVXQ
LQGLYLGXRSXHGHDOFDQ]DUHOFRQRFLPLHQWRGHVX\R/DREVHUYDFLyQGHODPDQHUDFRPRRWUDVSHUVRQDVFRQVLGHUDQ\
UHDFFLRQDQIUHQWHDXQLQGLYLGXRSURSRUFLRQDLQIRUPDFLyQYDOLRVDSDUDFRQIRUPDUHOSURSLRVHQWLGRGHOVHU&XDQGROD
LQWHOLJHQFLDLQWUDSHUVRQDOVHHQFXHQWUDELHQGHVDUUROODGDHOSURSyVLWRGHODXWRFRQRFLPLHQWRFRQVLVWHHQDQWHSRQHUORV
HVIXHU]RVGHVWLQDGRVDJDUDQWL]DUXQIXQFLRQDPLHQWRPiVDUPRQLRVRGHODFRPXQLGDGDORVSURSLRVLQWHUHVHV0HGLDQWHOD
LQWHUDFFLyQFRQORVGHPiVREWHQHPRVXQPD\RUDSUHFLRSRUQXHVWUDLGHQWLGDGSHUVRQDO\VLWHQHPRVFRQFLHQFLDUHVSHFWRGH
TXLHQHVVRPRVSRGHPRVFRQWULEXLUDOSHUIHFFLRQDPLHQWRGHORVGHPiV(Q~OWLPDLQVWDQFLDQXHVWURVHQWLGRGHOVHUVHJ~Q
SRVWXOD*DUGQHUHVUHVXOWDGRGHODIXVLyQGHOSURSLRFRQRFLPLHQWRLQWHUSHUVRQDOHLQWUDSHUVRQDO
0XFKDVGHODVHVWUDWHJLDVTXHVHVXJLHUHQDORODUJRGHHVWHOLEUREULQGDQSHUFHSFLRQHVLQWUDSHUVRQDOHV&DGDYH]TXHORV
DOXPQRVLQWHUDFW~DQFRQORVGHPiVSXHGHQH[SDQGLUVXFRQRFLPLHQWRLQWUDSHUVRQDOPHGLDQWHODUHIOH[LyQVREUHORTXHKDQ
DSUHQGLGR ¢4Xp IHHGEDFN KDQ UHFLELGR GH ORV GHPiV" ¢&XiO IXH VX UHDFFLyQ DO PLVPR" ¢&RQVLGHUDQ TXH UHFLELHURQ HO
IHHGEDFN DSURSLDGR" ¢3RUTXpHVDVtRSRUTXpQRORHV"¢4XpDSUHQGLHURQDFHUFDGHVtPLVPRVDSDUWLUGHVXVUHDFFLRQHV
IUHQWH D XQD DFWLYLGDG" ¢&XiOHV GH HVDV UHDFFLRQHV ORV KDQ GHMDGR FRQIRUPHV" ¢4Xp DVSHFWR OHV JXVWDUtD VHJXLU
GHVDUUROODQGR"
/RV GRFHQWHV SXHGHQ WDPELpQ GLVHxDU DFWLYLGDGHV SDUD TXH ORV DOXPQRV WUDEDMHQ FRQ XQR GH VXV SDUHV R HQ SHTXHxRV
JUXSRVHQODVTXHVHORVHVWLPXOHSDUDIRUPXODUSUHJXQWDVUHIOH[LYDVTXHFRQWULEX\DQiHVFODUHFHUVXFUHFLHQWHVHQWLGRGHO
VHU
&yPRREWHQHUSHUFHSFLRQHVLQWUDSHUVRQDOHV SRUPHGLRGHO IHHGEDFNLQWHUSHUVRQDO
8Q UHFXUVR SDUD URPSHU HO KLHOR GHQWUR GH XQ JUXSR HV TXH ORV DOXPQRV VH HQWUHYLVWHQ PXWXDPHQWH /D LQIRUPDFLyQ
REWHQLGDSXHGHXWLOL]DUVHOXHJRSDUDSUHVHQWDUDOHQWUHYLVWDGRDOUHVWRGHORVPLHPEURVGHODFODVH'XUDQWHODHQWUHYLVWD
SRGUtDQIRUPXODUVHODVSUHJXQWDVVLJXLHQWHV
‡¢&XiOVHUtDWXOHPDGHYLGD"
‡¢&XiOHVVRQORVWUHVGHVHRVTXHWHJXVWDUtDTXHWHRWRUJDUDQ"
‡¢&XiOHVHOYDORUPiVLPSRUWDQWHTXHULJHWXYLGD"
‡¢4XLpQHVWXKpURHRKHURtQD"
‡¢&XiOHVXQRGHWXVPLHGRV"
‡6LSXGLHUDVFDPELDUDOJRHQWXSHUVRQD¢TXpVHUtD"
‡6LSXGLHUDVFDPELDUDOJRHQHOPXQGR¢TXpVHUtD"
8QDYH]TXHVHKD\DQUHDOL]DGRODVSUHVHQWDFLRQHVORVDOXPQRVWHQGUiQODOLEHUWDGGHIRUPXODUSUHJXQWDVDGLFLRQDOHVDO
FRPSDxHUR TXHVHKDSUHVHQWDGR
/RV DOXPQRV VH GLYLGHQ HQ SDUHMDV SDUD H[SORUDU SHUFHSFLRQHV SHUVRQDOHV DFHUFD GH Vt PLVPRV \ GH VXV FRPSDxHURV (O
LQWHUFDPELRSRGUtDJLUDUHQWRUQRGHORVWHPDVVLJXLHQWHV
‡4XLpQFUHRVHU
‡4XLpQFUHHVTXHVR\
‡4XLpQFUHRTXHW~FUHHVTXHVR\
‡4XLpQFUHHVVHU
‡4XLpQFUHRTXHHUHV
‡4XLpQFUHHVTXH\RFUHRTXHHUHV
$OILQDOL]DUODFRQYHUVDFLyQORVDOXPQRVSRGUtDQLQFOXLUXQDUHIOH[LyQHQVXGLDULRSHUVRQDODFHUFDGHODVFRPSDUDFLRQHVTXHVH
HVWDEOHFHQHQWUHVXVSHUFHSFLRQHV\ODVGHORVGHPiV
6ROLFLWDUDORVDOXPQRVTXHSUHSDUHQXQDEUHYHH[SRVLFLyQDFHUFDGHXQREMHWRTXHWHQJDXQVLJQLILFDGRSURIXQGR\SHUVRQDOHQ
VX YLGD (VH REMHWR SRGUtD KDEHU LQIOXLGR HQ VX GHVDUUROOR SHUVRQDO WHQHU YDORU VHQWLPHQWDO R VLPEROL]DU VX IXWXUR (O GtD GH OD
SUHVHQWDFLyQFDGDDOXPQRGHEHWUDHUHOREMHWRDFODVHGHVFULELUVXIXQFLRQDPLHQWRRVXVLJQLILFDGR\QDUUDUXQDDQpFGRWDDFHUFD
GHOUROTXHFXPSOHHQVXYLGD8QDYH]PiVHOJUXSRSXHGHIRUPXODUSUHJXQWDVXQDYH]FRQFOXLGDVODVSUHVHQWDFLRQHV
6ROLFLWDUDORVDOXPQRVTXHUHGDFWHQXQERVTXHMRDXWRELRJUiILFRFRPRWDUHDSDUDHOKRJDU<DTXHVHORVFRPSDUWLUiFRQHOUHVWR
GHODFODVHVHUiQHFHVDULRXWLOL]DUQRPEUHVILFWLFLRVSDUDPDQWHQHUHODQRQLPDWRHQXQSULPHUPRPHQWR(QODGHVFULSFLyQGHVX
SHUVRQDORVDOXPQRVGHEHUiQLQFOXLUGHWDOOHVSHUVRQDOHVPXOWLVHQVRULDOHVVXVFRQGXFWDV\ODVUD]RQHVTXHODVPRWLYDQVXVGHVHRV
\ PHWDV \ VX LQIOXHQFLD VREUH RWUDV SHUVRQDV 6H DFRUGDUi XQ GtD SDUD OD SUHVHQWDFLyQ GH ORV WUDEDMRV TXH LQFOXLUiQ HO QRPEUH
YHUGDGHUR GHVXVDXWRUHVRFXOWRHQHOUHYHUVRGHODKRMD(OGRFHQWHRUJDQL]DUiSHTXHxRVJUXSRVGHDOXPQRV\OHVHQWUHJDUiORV
HVFULWRV GH VXV PLHPEURV SDUD TXH ORV OHDQ \ DQDOLFHQ &DGD JUXSR GHEHUi GHFLGLU D TXLpQ FRUUHVSRQGH FDGD XQD GH ODV
GHVFULSFLRQHV\H[SOLFDUODVUD]RQHVGHORVDFLHUWRVRGHVDFLHUWRV
5HIOH[LyQVREUHHOPLVWHULR\HOVHQWLGRGHODYLGD
/DYLGDHVSDUDWRGRVQRVRWURVXQ*UDQ0LVWHULR3UHJXQWDVIXQGDPHQWDOHVFRPR¢4XpHVHOXQLYHUVR"¢'HGyQGHVXUJH"
¢4XLpQVR\\R"¢&XiOHVPLSURSyVLWRHQODYLGD"6RQODVFXHVWLRQHVDODVTXHWRGRV'HEHPRVHQIUHQWDUQRVWDUGHRWHPSUDQR
3URIHVRU+(5%(570$57,1
'HSDUWDPHQWRGH)RUPDFLyQ'RFHQWH
&DOLIRUQLD6WDWH8QLYHUVLW\6DFUDPHQWR
/DSDODEUDHGXFDFLyQSURYLHQHGHOYRFDEORODWLQR HGXFDUH TXHVLJQLILFDH[WUDHURFRQGXFLU3RUORWDQWRODGHILQLFLyQRULJLQDOGHO
WpUPLQR VXJLHUH TXH OD HVFRODULGDG SXHGH IDFLOLWDU OD H[SUHVLyQ GH DTXHOOR TXH KDELWD OD PHQWH HO FRUD]yQ \ ODV ]RQDV PiV
UHFyQGLWDV GHO VHU 7DQWR ORV QLxRV FRPR ORV DGXOWRV LQWHQWDQ HQFRQWUDU VLJQLILFDGRV D VXV H[SHULHQFLDV \ UHVSXHVWDV SDUD ORV
DQFHVWUDOHVLQWHUURJDQWHVTXHVHKDSODQWHDGRODKXPDQLGDG6LELHQFDGDLQGLYLGXRDUULEDDFRQFOXVLRQHVSHUVRQDOHVDFHUFDGHORV
PLVWHULRV GH OD YLGD HV SRVLEOH FUHDU FRQGLFLRQHV HQ HO DXOD TXH SHUPLWDQ FUHDU XQ YLJRURVR VHQWLPLHQWR GH OR PDUDYLOORVR \ OR
LQFRQPHQVXUDEOH &XDQGR VH HVWLPXOD OD H[SUHVLyQ GHODVDELGXUtDGHORVQLxRV\VHORVD\XGDDDERUGDUODFRQVWUXFFLyQGH
VLJQLILFDGRVVHORVHVWiHGXFDQGRGHPDQHUDSHUVRQDOSURIXQGD\VLJQLILFDWLYD¢'HTXpPDQHUDSRGHPRVFXOWLYDUHOVHQWLGR
GH OR PDUDYLOORVR HQ ORV QLxRV" ¢&yPR SRGHPRV D\XGDUORV D H[SUHVDU FRQ SUHFLVLyQ VXV SHUFHSFLRQHV \ D IRUPXODU VXV
LQWHUURJDQWHV" 8QD SRVLEOH UHVSXHVWD VHUtD KDFHUORV SDUWtFLSHV GH XQ FXUUtFXOR HQULTXHFLGR FRQ ODV RFKR LQWHOLJHQFLDV /D
OHQJXD SXHGH XWLOL]DUVH SDUD UHIOHMDU \ H[SUHVDU VHQWLPLHQWRV SHQVDPLHQWRV H LGHDOHV VLJQLILFDWLYRV SDUD FDGD DOXPQR OD
PDWHPiWLFDUHYHODSULQFLSLRVQXPpULFRVHQIXQFLRQDPLHQWRSRUPHGLRGHODQDWXUDOH]D\HQXQDHVFDODXQLYHUVDOORVMXHJRV
SURSRQHQGHVDItRV\HQWUHWHQLPLHQWRDOWLHPSRTXHODUHODMDFLyQ\ODYLVXDOL]DFLyQSUHSDUDQQXHVWURFXHUSR\QXHVWUDPHQWH
SDUD OD FRQWHPSODFLyQ OD MDUGLQHUtD R HO FXLGDGR GH DQLPDOHV UHYHODQ OD LQWHUGHSHQGHQFLD GH OD YLGD OD GDQ]D ODV DUWHV
YLVXDOHV \ OD P~VLFD H[SUHVDQ SHUFHSFLRQHV SRU PHGLR GH VLVWHPDV VLPEyOLFRV DUWtVWLFRV \ ODV LQWHOLJHQFLDV SHUVRQDOHV
EULQGDQ RSRUWXQLGDGHV SDUD OD LQWHUDFFLyQ TXH QRV SHUPLWHQ FRQRFHU \ FRPSUHQGHU PHMRU QXHVWUD QDWXUDOH]D \ OD GH ORV
GHPiV/DHQVHxDQ]D\HODSUHQGL]DMHSRUPHGLRGHWRGDVODVLQWHOLJHQFLDVQRVD\XGDQDSHUFLELUODWRWDOLGDGLQWHULRUDWUDYpV
GH P~OWLSOHV OHQWHV $VLPLVPR OD HQVHxDQ]D KROtVWLFD SHUPLWH D ORV QLxRV GHVFXEULU XQ iUHD LQKHUHQWH GH LQWHUpV \
IDVFLQDFLyQ SHUVRQDOHV TXH SXHGH FRQVWLWXLUVH HQ OD FKLVSD GH XQD YLGD GH UHDOL]DFLyQ SHUVRQDO \ SURIHVLRQDO $OJXQRV
GRFHQWHV GHVHDQ HVWLPXODU D ORV DOXPQRV SDUD TXH VH PDUDYLOOHQ FXHVWLRQHQ \ FRQVWUX\DQ VLJQLILFDGRV SDUD VX YLGD /DV
VXJHUHQFLDVTXHOHVRIUHFHPRVDFRQWLQXDFLyQSHUPLWHQDORVDOXPQRVXVDUVXLPDJLQDFLyQSDUDSRQGHUDUODVSRVLELOLGDGHV
GHODYLGD
$FWLYLGDGHVGHODXODTXHHVWLPXODQHOVHQWLGRGHORPDUDYLOORVR
/DFUHDFLyQGHSRHPDVPLWRVOH\HQGDV\VLQVHQWLGRV SHUPLWHDORVDOXPQRVUHIOH[LRQDUVREUHORVPLVWHULRVGHODYLGD\
EXVFDUVXVSURSLDVUHVSXHVWDV\H[SOLFDFLRQHV
/RVQLxRVSXHGHQHVFULELUGLEXMDURFRPSRQHUXQDFDQFLyQDFHUFDGHXQKHFKRTXHKD\DPRGLILFDGRVXVYLGDV\VREUHOR
TXHKDQDSUHQGLGRGHHVDH[SHULHQFLD
/RV GRFHQWHV SXHGHQ FUHDU XQ HMHUFLFLR GH YLVXDOL]DFLyQ HQ HO FXDO ORV DOXPQRV YLDMHQ D WUDYpV GHO WLHPSR SDUD
FRQWHPSODUVH D Vt PLVPRV \ VXV LQTXLHWXGHV GHVGH XQD SHUVSHFWLYD GLVWDQWH LPDJLQDQGR TXH KDQ OOHJDGR D XQ OXJDU
VHJXUR\KHUPRVRHQHOTXHSXHGHQVROXFLRQDUSUREOHPDV\YHUXQSHULyGLFRGHOIXWXURFX\RVWLWXODUHVVHUHILHUDQDORV
ORJURVTXHKDQDOFDQ]DGR
6HSXHGHQLQLFLDUORVGHEDWHVHQHODXODFRQXQLQWHUFDPELRDFHUFDGHDTXHOORTXHHVLPSRUWDQWH\YDOLRVRHQODYLGD
6HSXHGHVROLFLWDUDORVDOXPQRVTXHH[SUHVHQVXVUHDFFLRQHVUHVSHFWRGHODVFXDOLGDGHVORVYDORUHV\ODVDFFLRQHVGHORV
SHUVRQDMHVGHUHODWRVRSRHPDV
6HSXHGHVROLFLWDUDORVDOXPQRVTXHH[SUHVHQVXRSLQLyQDFHUFDGHREUDVGHDUWHHQIRUPDYHUEDORQRYHUEDO
/RVDOXPQRVSXHGHQHVFULELUXQDFDUWDDXQDSHUVRQDGHVFRQRFLGDHQODTXHVHSUHVHQWHQPHGLDQWHGHVFULSFLRQHVGHVX
DVSHFWRItVLFRDFWLYLGDGHVLQWHUHVHVSHUVRQDVLPSRUWDQWHVHQVXYLGDDVSLUDFLRQHV\VXHxRVSDUDHOIXWXUR/DFDUWD
SXHGHHVWDUGLULJLGDDXQIXWXURDPLJRSRUFRUUHVSRQGHQFLDHPSOHDGRUXRWUDSHUVRQDTXHGHVHHQFRQRFHU
/RVDOXPQRVSXHGHQGLEXMDUXQHVFXGRGHIRUPDFXDGUDGDFLUFXODUXRYDOTXHORVUHWUDWHGLYLGLGRHQYDULDVSDUWHVTXH
LQFOX\DDOJXQRVGHORVVLJXLHQWHVDVSHFWRVDWULEXWRVItVLFRVTXHSRVHHQFXDOLGDGHVLQWHOHFWXDOHVKDELOLGDGHVDUWtVWLFDV
FDUDFWHUtVWLFDVHPRFLRQDOHVFXDOLGDGHVVRFLDOHVWHPRUHVTXHH[SHULPHQWDQGHVHRV\VXHxRVTXHDOLPHQWDQPRPHQWRV
GHFLVLYRVGHVXYLGD\YDORUHVHVHQFLDOHV/XHJRSXHGHQGLEXMDURHVFULELUHQFDGDVHFFLyQGHVXHVFXGRDTXHOORTXHVHD
PiVUHSUHVHQWDWLYRGHVtPLVPRV\FRPSDUWLUORFRQORVGHPiVPLHPEURVGHODFODVHVLORGHVHDQ(VWDPLVPDDFWLYLGDG
SXHGHUHDOL]DUVHWDPELpQHQWLHPSRIXWXUR\GLEXMDUORVDWULEXWRV\FXDOLGDGHVTXHHVSHUDQGHVDUUROODUHQXQODSVRGHXQ
DxRRGHFLQFRDxRVDSDUWLUGHODIHFKD
6HSXHGHHVWLPXODUDORVDOXPQRVSDUDTXHVHFRQFHQWUHQHQVXVSUHVHQWLPLHQWRV\XWLOLFHQODUD]yQSDUDYHULILFDUOD
H[DFWLWXGGHVXVLQWXLFLRQHV
5HFRQRFLPLHQWRGHSURSyVLWRVHQODHVFXHOD\HQODYLGD
&XDQGR UHDOLFHQ OD SODQLILFDFLyQ GH FODVHV SDUD OD HQVHxDQ]D GH DOJ~Q WHPD R FRQFHSWR ORV HGXFDGRUHV GHEHUiQ
UHIOH[LRQDU VREUH XQD FXHVWLyQ LPSRUWDQWH ¢< HVWR SDUD TXp VLUYH" /RV DOXPQRV GHVHDQ \ PHUHFHQ FRQRFHU FXiO HV OD
VLJQLILFDFLyQ TXH DVXPH DTXHOOR TXH DSUHQGHQ SDUD VXV YLGDV 6LQ GXGD VH SUHJXQWDUiQ ¢4Xp SXHGR KDFHU FRQ HVWD
LQIRUPDFLyQ" ¢3XHGR XWLOL]DUOD HQ OD YLGD FRWLGLDQD" ¢4Xp EHQHILFLRV RIUHFH D ORV GHPiV" $O FRPHQ]DU XQ QXHYR
WHPD R XQD QXHYD XQLGDG HO GRFHQWHSXHGHSURPRYHUXQGHEDWHHQFODVHDFHUFDGHOSURSyVLWR~OWLPRTXHVXE\DFHWUDVHO
WUDEDMRGHOFXUVR$GHPiVGHFRQRFHUHOSXQWRGHYLVWDGHOHGXFDGRUORVDOXPQRVSXHGHQIRUPXODUVXVRSLQLRQHVDFHUFDGH
ODLPSRUWDQFLDGHODVWDUHDVGHODXOD(QWHRUtDFDGDXQRGHORVDOXPQRVGHEHUtDHQFRQWUDUXQDUD]yQYiOLGDSDUDLQYHUWLU
WLHPSRHQHUJtD\HVIXHU]RHQUHDOL]DUODVWDUHDVHVFRODUHV
$OJXQRVGRFHQWHVWLHQHQLQWHUpVSRUDERUGDUMXQWRFRQVXVDOXPQRVXQDGHODVFXHVWLRQHVHVHQFLDOHVHOSURSyVLWRGHOD
YLGD3DUDLQLFLDUHOGHEDWHUHVXOWD~WLOGHILQLUXQSURSyVLWRFRPRDOJRTXHHVWDPRVREOLJDGRVDFRQFUHWDU\FRPRXQSURFHVR
SHUPDQHQWH D OR ODUJR GH QXHVWUDV YLGDV (O SURSyVLWR SURSRUFLRQD XQ VHQWLGR GH GLUHFFLyQ \ XQ PHGLR SDUD FRQWULEXLU DO
SHUIHFFLRQDPLHQWRGHORVGHPiV
8QD PDQHUD GH IDFLOLWDU HO DFFHVR GH ORV DOXPQRV D VX SURSLR VHQWLGR LQWHULRU GH SURSyVLWR FRQVLVWH HQ UHGDFWDU
UHIOH[LRQHVVREUHDFWLYLGDGHVUHODFLRQDGDVFRQDOJXQDRWRGDVODVSUHJXQWDVTXHVHHQXQFLDQPiVDEDMR
(O WUDEDMR SUHOLPLQDU FRQVLVWH HQ VROLFLWDU D ORV DOXPQRV TXH SUHSDUHQ OiSL]\SDSHO\SHUPDQH]FDQHQVLOHQFLRHQVXV
OXJDUHV 6H OHV H[SOLFD TXH HO GRFHQWH IRUPXODUi XQD VHULH GH SUHJXQWDV TXH SXHGHQ GDU OXJDU D XQ VHQWLGR GH GLUHFFLyQ
LQGLYLGXDO /RV DOXPQRV VyOR GHEHQ HVFULELU ODV SDODEUDV \ IUDVHV FODYH R WRPDU QRWD GH DOJXQD LPDJHQ TXH VXUMD
LQVWDQWiQHDPHQWH(OGRFHQWHGHEHGHMDUFODURTXHSUHVHQWDUiODVSUHJXQWDVXQDDXQD\OHVSURSRUFLRQDUiWLHPSRSDUDEXVFDU
ODVUHVSXHVWDV PHGLDQWHXQSURFHVRGHLQWURVSHFFLyQ
‡¢&XiOHVVRQVXVFDSDFLGDGHV"
‡¢4XpHVORTXHVLHPSUHOHVKDJXVWDGR"
‡¢4XpHVORTXHPiVOHVSUHRFXSD"
‡¢4XpHVDOJRTXHVLHPSUHKDQVDELGR"
‡¢&XiOHVVLHQWHQTXHVRQVXVREOLJDFLRQHV"
/XHJR GH TXH ODV SUHJXQWDV VHDQ IRUPXODGDV ORV DOXPQRV GHEHQ SHUPDQHFHU VHQWDGRV HQ VLOHQFLR GXUDQWH XQ ODSVR EUHYH SDUD
DFODUDUVXVLGHDVRLPiJHQHVDQWHVGHH[SRQHUIUHQWHDXQRGHVXVSDUHVRDQWHXQSHTXHxRJUXSRWRGRSXQWRGHYLVWDTXHGHVHHQ
FRPSDUWLU $ TXLHQHV QR KD\DQ SUHFLVDGR LPiJHQHV R SHUFHSFLRQHV GXUDQWH HVWH HMHUFLFLR VH OHV SURSRQGUi TXH GLVHxHQ ODV
UHVSXHVWDVTXHOHVUHVXOWHQPiVDSURSLDGDV7DPELpQSRGUiQDQDOL]DUFXiOHVVRQORVDVSHFWRVGHODHVFRODULGDGTXHFRQWULEX\HQDO
ORJURGHVXSURSyVLWRHQODYLGD
6L ELHQ HQ DSDULHQFLD VRQ ORV SUHDGROHVFHQWHV \ DGROHVFHQWHV TXLHQHV REWLHQHQ PD\RUHV EHQHILFLRV GH XQD UHIOH[LyQ VREUH HO
SURSyVLWRGHODYLGDORVQLxRVVXHOHQHVWDEOHFHUXQHVWULFWRVHQWLGRGHGLUHFFLyQ$ORVFXDWURDxRVGHHGDGXQDGHODVDXWRUDVGH
HVWH OLEUR LQIRUPy D ORV PLHPEURV GH VX IDPLOLD TXH GHVHDED VHU GRFHQWH \ MDPiV VH DSDUWy GH DTXHOOD FHUWH]D LQIDQWLO &RQ
IUHFXHQFLD ORV QLxRV SHTXHxRV GLVIUXWDQ IDQWDVHDQGR DFHUFD GH OR TXH OHV JXVWDUtD OOHJDU D VHU \ H[SRQLHQGR VXV LQWHUHVHV D ORV
DGXOWRV \ YDORUDQ HO UHFRQRFLPLHQWR TXH VH OHV EULQGD FRPR SUXHED GH TXH SRGUiQ KDFHU UHDOLGDG VXV VXHxRV /RV HGXFDGRUHV
WLHQHQHOSRGHUGHDEULUODVSXHUWDVDORPDUDYLOORVR
$SUHQGL]DMHDXWRGLULJLGRHQIRTXHHGXFDWLYRLQWUDSHUVRQDO
(ODSUHQGL]DMHDXWRGLULJLGRHVXQGHVWDFDGRHMHPSORGHHGXFDFLyQLQWUDSHUVRQDO\DTXHVHVXVWHQWDHQODHOHFFLyQ\DXWRQRPtDGHO
DOXPQR /RV HQIRTXHV HGXFDWLYRV FRQYHQFLRQDOHV VH EDVDQ HQ SULQFLSLRV DXWRFUiWLFRV TXH FRORFDQ D ORV GRFHQWHV HQ HO URO GH
DXWRULGDGHV\SURSRUFLRQDQHVFDVDV RSRUWXQLGDGHVSDUDTXHHODOXPQRUHDOLFHHOHFFLRQHVRSDUWLFLSHHQODWRPDGHGHFLVLRQHV3RU
HOFRQWUDULRHQODVDXODVHQTXHVHSRQHHQSUiFWLFDHODSUHQGL]DMHDXWRGLULJLGRHVHODOXPQR\QRHOGRFHQWHTXLHQVHHQFXHQWUDHQ
HOFHQWURGHOSURFHVRSDUDODWRPDGHGHFLVLRQHV\ODDXWRPRWLYDFLyQ\DXWRGLVFLSOLQDFRQVWLWX\HQODVFODYHVGHOp[LWR&RQODJXtD
GHO GRFHQWH ORV DOXPQRV VHOHFFLRQDQ \ RUJDQL]DQ VXV SURSLRV SURFHVRV GH DSUHQGL]DMH LQFOX\HQGR ORV WHPDV GH HVWXGLR ORV
REMHWLYRVTXHVHDOFDQ]DUiQODVHVWUDWHJLDV\DFWLYLGDGHVGHDSUHQGL]DMHTXHVHDSOLFDUiQ\ORVUHFXUVRVTXHVHXWLOL]DUiQ7DPELpQ
SRGUiQ SURSRQHU RSFLRQHV SDUD OD SUHVHQWDFLyQ \ HYDOXDFLyQ GH VXV ORJURV (O URO GHO GRFHQWH VH H[SDQGH GH OD HQVHxDQ]D GH
FRQWHQLGRV D OD HQVHxDQ]D GH SURFHVRV GH DSUHQGL]DMH FRQ HO ILQ GH TXH ORV DOXPQRV SXHGDQ REWHQHU p[LWR HQ HO GLVHxR \
FRQGXFFLyQGHODSUHQGL]DMHLQGHSHQGLHQWH
$OJXQRV GRFHQWHV HPSOHDQ HO DSUHQGL]DMH DXWRGLULJLGR FRPR PRGHOR SULQFLSDO GH HQVHxDQ]D PLHQWUDV TXH RWURV OR SRQHQ HQ
SUiFWLFDFRQPHQRUIUHFXHQFLDSRUHMHPSORXQDRGRVYHFHVGXUDQWHXQSHUtRGRDFDGpPLFR/DPD\RUSDUWHGHORVSURJUDPDVGH
DSUHQGL]DMHDXWRGLULJLGRVHRUJDQL]DQGHDFXHUGRFRQXQFRQWUDWRGHDSUHQGL]DMH&RQIUHFXHQFLDORVFRQWUDWRVVHHVWDEOHFHQFRQ
ODSDUWLFLSDFLyQGHORVDOXPQRVORVSDGUHV\HOGRFHQWH$FRQWLQXDFLyQSUHVHQWDPRVXQPRGHORGHFRQWUDWR
6HJ~Q VH SRQH GH PDQLILHVWR HQ HO FRQWUDWR ORV DOXPQRV GHWHUPLQDQ ORV FRQWHQLGRV \ HVWUDWHJLDV GH DSUHQGL]DMH XQ
FURQRJUDPDODVPDQHUDVGHGHPRVWUDU ODVQXHYDVGHVWUH]DVDGTXLULGDV\ODVSHUVRQDVTXHORVHYDOXDUiQ(OUROGHOGRFHQWH
FRQVLVWHHQWUDEDMDUFRQLQGLYLGXRVRJUXSRVGLDJQRVWLFDUODVKDELOLGDGHVGHODOXPQRD\XGDUDHVWDEOHFHUORVWpUPLQRVGHO
FRQWUDWRTXHREVHUYDUiHODOXPQR\RUJDQL]DUOR\FRODERUDUFRQORVDOXPQRVHQODVROXFLyQGHSUREOHPDVUHODFLRQDGRVFRQ
ODSODQLILFDFLyQHOPDQHMRGHOWLHPSR\HOHPSOHRGHORVUHFXUVRV
'HELGR D TXH OD PRWLYDFLyQ SDUD HO DSUHQGL]DMH VXUJH IXQGDPHQWDOPHQWH GH ODV QHFHVLGDGHV ORV LQWHUHVHV \ ODV
DVSLUDFLRQHV GH ORV DOXPQRV ORV GRFHQWHV TXH DSOLTXHQ HO PRGHOR GH DSUHQGL]DMH DXWRGLULJLGR QR WLHQHQ QHFHVLGDG GH
UHFXUULU D UHFRPSHQVDV PDWHULDOHV R DFWLYLGDGHV FRPSHWLWLYDV &XDQGR ORV DOXPQRV WLHQHQ OD RSRUWXQLGDG GH HOHJLU ORV
FRQWHQLGRVTXHGHVHDQHVWXGLDUVXHOHQGHVDUUROODUVXVLQWHUHVHVDOPi[LPR
7DQWR ODV DXODV FRPR ORV GRFHQWHV \ ORV DOXPQRV GHEHUiQ DMXVWDUVH JUDGXDOPHQWH D PHGLGD TXH DERUGHQ IRUPDWRV
DXWRGLULJLGRV 0XFKRV DOXPQRV FDUHFHQ GH SUiFWLFD HQ OD HOHFFLyQ \ HO FRQWURO GH VX DSUHQGL]DMH \ PXFKRV GRFHQWHV
H[SHULPHQWDQGLILFXOWDGHVFXDQGRGHEHQSHUPLWLUDORVDOXPQRVWRPDUGHFLVLRQHVDFHUFDGHORVFRQWHQLGRVGHDSUHQGL]DMH\
DVXPLU OD UHVSRQVDELOLGDG SRU ORV UHVXOWDGRV /D PD\RUtD GH ODV DXODV QR HVWiQ SUHSDUDGDV SDUD DOEHUJDU ODV UHGHV
FRPSUHQVLYDVHLQFRUSRUDUORVUHFXUVRVSURYLVWRVSRUOD FRPXQLGDGTXHUHTXLHUHHODSUHQGL]DMHLQGHSHQGLHQWH/DVVXJHUHQFLDV
TXHDSDUHFHQDFRQWLQXDFLyQHVWiQGHVWLQDGDVDDTXHOORVGRFHQWHVLQWHUHVDGRVHQWUDEDMDUHVWHHQIRTXHLQWUDSHUVRQDO
6XJHUHQFLDV SDUDLPSOHPHQWDUHODSUHQGL]DMHDXWRGLULJLGR
(VWLPXODUDORVDOXPQRVGHWRGRVORVQLYHOHVGHVGHODHQVHxDQ]DLQLFLDODOFLFORSROLPRGDOSDUDTXHSURSRQJDQWHPDVGHLQWHUpV
SHUVRQDOTXHGHVHHQGHVDUUROODUDORODUJRGHODxRHVFRODU
(QVHxDU KDELOLGDGHV GH DSUHQGL]DMH LQGHSHQGLHQWH TXH LQFOX\DQ WRPD GH GHFLVLRQHV VROXFLyQ GH SUREOHPDV ILMDFLyQ GH PHWDV
PDQHMRGHOWLHPSR\DXWRHYDOXDFLyQ
(QXPHUDUORVUHFXUVRVWDQWRHVFRODUHVFRPRFRPXQLWDULRVDORVTXHORVDOXPQRVSRGUiQWHQHUDFFHVR
3DUDORVQLxRV GHOSULPHUFLFORGHODHGXFDFLyQEiVLFDVHSXHGHQHVWDEOHFHUFHQWURVGHDSUHQGL]DMHHQHODXODFDGDXQRGHHOORV
GHGLFDGRDXQiUHDGHLQWHOLJHQFLDGLIHUHQWH/RVDOXPQRVSRGUiQVHOHFFLRQDUXQRSDUDWUDEDMDUGLDULDPHQWHGXUDQWHHOSHUtRGRGH
DFWLYLGDGDHOHFFLyQ
$VLJQDUSUR\HFWRVLQGHSHQGLHQWHVDORVDOXPQRVGHWRGRVORVQLYHOHVGHHQVHxDQ]DSHULyGLFDPHQWHSRUHMHPSORFDGDGRVPHVHV
6HORVSXHGHRUJDQL]DUPHGLDQWHFRQWUDWRVGHDSUHQGL]DMH
5HRUJDQL]DUHOKRUDULRHVFRODUGHORVQLYHOHVGHHQVHxDQ]DEiVLFD\SROLPRGDOFRQHOILQGHGHGLFDUXQDPLWDGGHODMRUQDGDDOD
HQVHxDQ]DDFDGpPLFDWUDGLFLRQDO\ODRWUDDODSUHQGL]DMHDXWRGLULJLGR
$OJXQDVHVFXHODVVHSURSRQHQFUHDUXQSURJUDPDGHDSUHQGL]DMHHQWHUDPHQWHDXWRGLULJLGRFRQDSR\RGHORVSDGUHV\ HOSHUVRQDO
GLUHFWLYR /DV PDWHULDV WUDGLFLRQDOHV ORV VLVWHPDV GH SURPRFLyQ \ ODV DFWLYLGDGHV GH DSUHQGL]DMH VH UHHPSOD]DQ SRU ODV TXH
GLVHxDQFRQMXQWDPHQWHORVDOXPQRVORVGRFHQWHV\ORVSDGUHV(QODPHGLGDGHORSRVLEOHVHFUHDQRSRUWXQLGDGHVSDUDHOWUDEDMR
HQJUXSRVLQWHJUDGRVSRUDOXPQRVGHGLVWLQWDVHGDGHVRLQFOXVRSRUQLxRV\DGXOWRV/RVDOXPQRVWLHQHQOLEHUWDGSDUDFLUFXODUSRU
ODVLQVWDODFLRQHVGHODHVFXHOD\XWLOL]DUHOSDWLRODELEOLRWHFDORVODERUDWRULRVHODXOD\ORVUHFXUVRVGHOD FRPXQLGDGGHQWURGH
OtPLWHV GHPRFUiWLFDPHQWH HVWDEOHFLGRV (VWD FODVH GH SURJUDPDV HVWLPXOD OD FRQFHQWUDFLyQ HQ HO ODUJR SOD]R HO GHVDUUROOR GH
LQWHUHVHV SHUVRQDOHV OD GLYHUVLyQ \ OD LPDJLQDFLyQ &RQ IUHFXHQFLD VXHOHQ FUHDUVH RSFLRQHV SDUD UHDOL]DU WXWRUtDV R SDVDQWtDV
EDVDGDV HQ ORV LQWHUHVHV GH ORV DOXPQRV $ ORV HIHFWRVGHODHYDOXDFLyQORVDOXPQRVVHUH~QHQUHJXODUPHQWHFRQORVGRFHQWHVX
RWUDV SHUVRQDV SDUD UHDOL]DU XQD SUHVHQWDFLyQ GH OR TXH KDQ DSUHQGLGR \ RUJDQL]DU ORV FRQWHQLGRV TXH DERUGDUiQ D SDUWLU GH HVH
PRPHQWR
&XDQGR VH HVWDEOHFHQ RSFLRQHV GH DSUHQGL]DMH DXWRGLULJLGR HV LPSRUWDQWH WHQHU HQ FXHQWD ODV GLILFXOWDGHV TXH SODQWHDQ GLFKRV
HQIRTXHV$OFRPLHQ]RFXDQGRORVDOXPQRVDVXPHQODUHVSRQVDELOLGDGSRUVXSURSLRDSUHQGL]DMHVXHOHPDQLIHVWDUVHXQDOWRQLYHO
GHHQWXVLDVPR1RREVWDQWHFXDQGRVHHQIUHQWDQDODHQRUPLGDGGHODWDUHDSXHGHQOOHJDUDVHQWLUVHLQFDSDFHVGHOOHYDUODDFDERR
VREUHSDVDGRV SRU OD UHVSRQVDELOLGDG \ UHTXHULU D\XGD SDUD OD SODQLILFDFLyQ \ VROXFLyQ GH SUREOHPDV $VLPLVPR ORV GRFHQWHV
H[SHULPHQWDQ GLILFXOWDGHV SDUD PRGLILFDU VX URO GH SURYHHGRUHV GH LQIRUPDFLyQ D IDFLOLWDGRUHV \ VXSHUYLVRUHV GHO WUDEDMR GH ORV
DOXPQRV
(Q WDQWR HO REMHWLYR ~OWLPR GH WRGD H[SHULHQFLD HGXFDWLYD FRQVLVWH HQ IRUPDU DOXPQRV LQGHSHQGLHQWHV \ FDSDFHV UHVXOWD LUyQLFR
TXHPXFKRVGHHOORVQRWHQJDQRSRUWXQLGDGGHUHDOL]DUHOHFFLRQHVRHMHUFHUHOFRQWUROGHVXDSUHQGL]DMHGXUDQWHODHWDSDHVFRODU
7RGRV ORV SURJUDPDV HVFRODUHV VH EHQHILFLDUiQ FRQ OD LPSOHPHQWDFLyQ GH SURFHGLPLHQWRV GH DSUHQGL]DMH DXWRGLULJLGR TXH
FRQGXFHQ DO GHVDUUROOR GH DOXPQRV DXWyQRPRV TXH HVWpQ HQ FRQGLFLRQHV GH HVWLPXODU VX FUHFLPLHQWR SHUVRQDO \ SURIHVLRQDO
GXUDQWHWRGDODYLGD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWUDSHUVRQDO
(OGHVDUUROORGHODLQWHOLJHQFLDLQWUDSHUVRQDOSXHGHIDFLOLWDUVHPHGLDQWHHOHPSOHRGHWHFQRORJtDTXHH[SORUH\H[SDQGDODPHQWH
KXPDQD /D WHFQRORJtD SURSRUFLRQD UHFXUVRV WDQWR SDUD GHVDUUROODUHQSURIXQGLGDGXQDOtQHDGHSHQVDPLHQWRFRPRSDUDDFFHGHU
FRQ IDFLOLGDG D LGHDV GLYHUJHQWHV /D SRVLELOLGDG GH TXH ORV DOXPQRV OOHYHQ D FDER HVWD FODVH GH HOHFFLRQHV HV XQ HOHPHQWR
IXQGDPHQWDOSDUDRWRUJDUOHVHOFRQWUROVREUHVXSURSLRDSUHQGL]DMH\GHVDUUROORLQWHOHFWXDO
6L ELHQ HQ OD DFWXDOLGDG HO XVR PiV IUHFXHQWH GH ODWHFQRORJtDHQHODXODHVWiUHODFLRQDGRFRQODHMHUFLWDFLyQ\SUiFWLFDPXFKRV
GRFHQWHVFRPLHQ]DQDGHVFXEULUDSOLFDFLRQHVVDWLVIDFWRULDVGHODLQIRUPiWLFDSDUDHOGHVDUUROORGHKDELOLGDGHVGHSHQVDPLHQWRGH
DOWRQLYHO/DVDXODVHQODVTXHVHXWLOL]DODWHFQRORJtDLQIRUPiWLFDGHHVWDPDQHUDVHWUDQVIRUPDQHQFHQWURVGHLQGDJDFLyQ/RV
DOXPQRVQRVHOLPLWDQDFUHDUEDVHVGHGDWRVWDPELpQDSUHQGHQDFUHDUODV/DWHFQRORJtDSXHGHXWLOL]DUVHSDUDH[SORUDU\H[SDQGLU
OD LQWHOLJHQFLD \D TXH SHUPLWH D ORV DOXPQRV FRQVWUXLU PRGHORV PHQWDOHV PHGLDQWH ORV FXDOHV YLVXDOL]DQ FRQH[LRQHV HQWUH ODV
LGHDVHQGLIHUHQWHVFRQWHQLGRV
%RE2OVRQPLHPEURGHO'LUHFWRULRGHO,QVWLWXWHIRU$OWHUQDWLYH)XWXUHV>,QVWLWXWRSDUD)XWXURV$OWHUQDWLYRV@GH$OH[DQGULDHVWDGR
GH9LUJLQLD(VWDGRV8QLGRVVHxDODTXHODKLSHUPHGLDSHUPLWHH[SDQGLUODFDSDFLGDGGHSHQVDUKROtVWLFDPHQWHODFDSDFLGDGGHLU
\ YROYHU GH ORSDUWLFXODUDORJHQHUDO\GHOOHJDUDSRQGHUDUHOXQLYHUVR/DKLSHUPHGLDRUJDQL]DPDWHULDOPXOWLPHGLDHQIRUPD
VLPLODUDOFHUHEURKXPDQRPHGLDQWHFRQH[LRQHVHQWUHLGHDVHLPiJHQHVDVtFRPRRFXUUHFRQHOKLSHUWH[WR\ODVSDODEUDV
(O DSUHQGL]DMH LQGLYLGXDO R ORV SODQHV GH FUHFLPLHQWR SHUVRQDO GHO DOXPQR GHVDUUROODGRV HQ FRODERUDFLyQ FRQ HO GRFHQWH
SURPXHYHQ HO GHVDUUROOR GH OD LQWHOLJHQFLD LQWUDSHUVRQDO 6H ORV SXHGH IDFLOLWDU HQ JUDQ PHGLGD SRU PHGLR GH SURJUDPDV GH
FRPSXWDFLyQ TXH SHUPLWDQ PRGLILFDFLRQHV R UHYLVLRQHV FRQVWDQWHV DVt FRPR WDPELpQ HO DUFKLYR GH ORV ORJURV DOFDQ]DGRV HQ ODV
WDUHDVGHODOXPQRHQIRUPDWRGHSRUWIROLRVHOHFWUyQLFRVRPXOWLPHGLD/DVLQYHVWLJDFLRQHVUHDOL]DGDVSRU$OOHQ7RXJKGHO2QWDULR
,QVWLWXWH IRU 6WXGLHV LQ (GXFDWLRQ >,QVWLWXWR GH (VWXGLRV VREUH (GXFDFLyQ GH 2QWDULR@ LQGLFDQ TXH ORV SUR\HFWRV GH DSUHQGL]DMH
LQGLYLGXDO UHSUHVHQWDQ DOUHGHGRU GHO GHO WRWDO GH DSUHQGL]DMH GXUDQWH WRGD OD YLGD 'H HOOR VH GHVSUHQGH TXH DSUHQGHU D
DSUHQGHUFRQVWLWX\HXQHOHPHQWRHVHQFLDOHQODSUHSDUDFLyQSDUDHODSUHQGL]DMHDORODUJRGHODYLGD
/RVVLVWHPDVGHWXWRUtDLQWHOLJHQWHGLILHUHQGHORVSULPHURVPRGHORVGHDSUHQGL]DMHDVLVWLGRSRUFRPSXWDGRUDHQHOKHFKRGHTXH
SURSRUFLRQDQ D ORV DOXPQRV RSFLRQHV SDUD HO DSUHQGL]DMH GH GLYHUVRV FRQWHQLGRV DOPDFHQDQ LQIRUPDFLyQ DFHUFD GH VXV IRUPDV
SUHIHULGDVGHDSUHQGL]DMH\HQVXPDEULQGDQLQIRUPDFLyQHQIRUPDWRVTXHOHVSHUPLWHQDSUHQGHUSRUPHGLRGHVXVFDSDFLGDGHV\
HMHUFLWDU\SHUIHFFLRQDUKDELOLGDGHVPHQRVGHVDUUROODGDV
-RKQ 6FXOOH\ JHUHQWH JHQHUDO GH $SSOH VRVWLHQH TXH GHQWUR GH XQ SDU GH GpFDGDV ODV SHUVRQDV PLUDUiQ KDFLD DWUiV \ VH
DVRPEUDUiQ GH TXH HQ HO SDVDGR DOJXLHQ KXELHUD SRGLGR LQFRUSRUDU FRQRFLPLHQWRV VLQ OD D\XGD GH UHFXUVRV LQIRUPiWLFRV R
H[SORUDGRUHV GH FRQRFLPLHQWRV (VWDV SRGHURVDV KHUUDPLHQWDV SXHGHQ OOHJDU D FRQYHUWLUVH HQ XQD H[WHQVLyQ GHO FHUHEUR KXPDQR \
IDFLOLWDUODH[SORUDFLyQ\H[SDQVLyQGHODLQWHOLJHQFLDLQWUDSHUVRQDOVLVHODVXWLOL]DGHPDQHUDVDSURSLDGDVHLQWHUDFWLYDVTXHVHDQ
VHQVLEOHVDODVQHFHVLGDGHVGHODOXPQR
5HVXPHQ
(Q VX OLEUR 2Q %HFRPLQJ D 3HUVRQ >&yPR WUDQVIRUPDUVH HQ SHUVRQD@ &DUO 5RJHUV GHVFULEH GH HVWD PDQHUD HO GHVDUUROOR TXH
H[SHULPHQWDXQDVSHFWRGHODLQWHOLJHQFLDLQWUDSHUVRQDOGXUDQWHWRGDODYLGD
7UDQVIRUPDUVHHQSHUVRQDVLJQLILFDTXHHOLQGLYLGXRVHRULHQWDKDFLDHOVHUHOFRQRFLPLHQWR\ODDFHSWDFLyQSURFHVRHQHOTXHVH
HQFXHQWUDLQWHUQD\HIHFWLYDPHQWH6HDOHMDGHORTXHQRHVGHOKHFKRGHVHUXQDIDFKDGD1RLQWHQWDVHUPiVGHORTXHHVFRQORV
VHQWLPLHQWRVGHLQVHJXULGDGRDPSXORVDLQGHIHQVLyQTXHHOORFRQOOHYD1RLQWHQWDVHUPHQRVGHORTXHHVFRQORVFRQFRPLWDQWHV
VHQWLPLHQWRVGHFXOSDRDXWRFRQPLVHUDFLyQ(VWiDOHUWDDORVPHQVDMHVTXHSURYLHQHQGHORPiVSURIXQGRGHVXVHUSVLFROyJLFR\
HPRFLRQDO\VHPXHVWUDSHUPDQHQWHPHQWHGLVSXHVWRDDVXPLUFRQPD\RUSUHFLVLyQ\SURIXQGLGDGVX\RDXWpQWLFR
3DUD OOHJDU D DOFDQ]DU HO SURIXQGR FRQRFLPLHQWR LQWHULRU GHO VHU \ OD SD] TXH GLFKR FRQRFLPLHQWR SURSRUFLRQD VH UHTXLHUH XQD
FRQVLGHUDEOHH[SHULHQFLDGHYLGD/DLQWHOLJHQFLDLQWUDSHUVRQDOVHGHVDUUROODJUDGXDOPHQWHDORODUJRGHOWLHPSR\HQHODXODORV
SURFHVRV LQWUDSHUVRQDOHV GHPDQGDQ WLHPSR SDUD OD SODQLILFDFLyQ \ OD HQVHxDQ]D DVt FRPR WDPELpQ WLHPSR SDUD GHVDUUROODUVH
GHQWURGHODOXPQR1RREVWDQWHHQVHxDUDQXWULUHOFRQRFLPLHQWRGHOSURSLR\RUHYLVWHXQDLPSRUWDQFLDIXQGDPHQWDOGHELGRDTXH
GLFKR FRQRFLPLHQWR HV OD EDVH GHO p[LWR \ OD SOHQLWXG HQ OD YLGD (Q HVWH FDStWXOR VH KDQ DERUGDGR QXPHURVRV DVSHFWRV GH OD
LQWHOLJHQFLD LQWUDSHUVRQDO TXH LQFOX\HQ FUHDFLyQ GH XQ iPELWR TXH QXWUD HO VHQWLGR GHO \R UHFXUVRV SDUD LQFUHPHQWDU OD
DXWRHVWLPD ILMDFLyQ \ ORJUR GH PHWDV KDELOLGDGHV GH SHQVDPLHQWR KDELOLGDGHV HPRFLRQDOHV HVFULWXUD GH GLDULRV
SHUVRQDOHV FRQRFLPLHQWR GHO \R D WUDYpV GH ORV GHPiV UHIOH[LyQ VREUH HO PLVWHULR \ HO VHQWLGR GH OD YLGD DSUHQGL]DMH
DXWRGLULJLGRIRUPDVGHWHFQRORJtD~WLOHVSDUDHOGHVDUUROORGHODLQWHOLJHQFLDLQWUDSHUVRQDO&RQHOREMHWRGHTXHHOOHFWRUWHQJD
ODRSRUWXQLGDGGHUHVXPLUUHIOH[LRQDU\VLQWHWL]DUHOFRQWHQLGRGHOSUHVHQWHFDStWXORRIUHFHPRVODVLJXLHQWHJXtD
&$3Ë78/2
(OPXQGRTXH QRVURGHD LQWHOLJHQFLDQDWXUDOLVWD
(OELHQHVWDUKXPDQRGHSHQGHGHODVLQWHUUHODFLRQHVTXHH[LVWHQHQWUHWRGRVORVVHUHVYLYLHQWHV
*5(*25<%$7(6210,1'$1'1$785(
(OOHJDGRGH5DFKHO&DUVRQ
5DFKHO&DUVRQIXHHVFULWRUDFLHQWtILFD\PXFKRDQWHVGHTXHVHSRSXODUL]DUDHOWpUPLQRHFRORJLVWD 5DFKHOGHVDUUROOyXQDPRULPSHUHFHGHURSRU
ODQDWXUDOH]D\GXUDQWHVXV~OWLPRVDxRVUHFRUGDED1RKXERPRPHQWRHQTXHQRPHVLQWLHUDLQWHUHVDGDSRUORTXHVXFHGtDHQPLMDUGtQ\HQ
WRGRVORViPELWRVGHOPXQGRQDWXUDO
‡6LELHQKDEtDUHFLELGRSUHPLRVSRUVXVWUDEDMRVFRPRHVFULWRUDFXDQGRHUDQLxD5DFKHOQRGHMyGHVRUSUHQGHU\GHVLOXVLRQDUD
VXV DPLJRV FXDQGR GHFLGLy FDPELDU OD RULHQWDFLyQ GH VXV HVWXGLRV VXSHULRUHV GHO iUHDGHOHQJXDDODGH]RRORJtDFDPSRTXHVH
FRQVLGHUDEDLQDSURSLDGRSDUDODVPXMHUHVHQ /XHJRVXJUDGXDFLyQHQOD-RKQV+RSNLQV8QLYHUVLW\&DUVRQIXHFRQWUDWDGDSRU
OD 6HFUHWDUtD GH 3HVFD GH ORV (VWDGRV 8QLGRV SDUD UHGDFWDU JXLRQHV UDGLRIyQLFRV DFHUFD GH WHPDV PDUtWLPRV 5DFKHO VH SURSXVR
DYDQ]DUHQVXFDUUHUD\SDUDHOORULQGLyORVH[iPHQHVGHLQJUHVRHQODDGPLQLVWUDFLyQS~EOLFDFRQHOREMHWLYRGHWUDQVIRUPDUVHHQ
ODSULPHUDELyORJDTXHRFXSDUDXQFDUJRHQOD6HFUHWDUtDGH3HVFD(QHOHMHUFLFLRGHVXVIXQFLRQHVFRPRMHIDGHSXEOLFDFLRQHV
UHGDFWyIROOHWRVVREUHODFRQVHUYDFLyQGHORVUHFXUVRVQDWXUDOHV\FRPSLOyDUWtFXORVFLHQWtILFRV'XUDQWHVXWLHPSROLEUHHVFULELy
YDULRVOLEURV 8QGHUWKH6HD >%DMRHOPDU@HQ 7KH6HD$URXQG 8V>(OPDUTXHQRVURGHD@HQ TXHSHUPDQHFLyHQODOLVWDGH
EHVWVpOOHUGHO 1HZ<RUN7LPHV GXUDQWHVHPDQDV\7KH(GJpRIWKH6HD >/DRULOODGHOPDU@HQ RWUR EHVWVpOOHU GHO 1HZ<RUN
7LPHV
7RGDVODVREUDVGH&DUVRQWLHQHQHOSURSyVLWRGHHVWLPXODUHOLQWHUpVGHOOHFWRUSRUODEHOOH]D\PDUDYLOODTXHHQFLHUUDHOPXQGR
YLYLHQWH$VLPLVPRODDXWRUDGHVWDFDEDTXHODKXPDQLGDGHVXQDGHODVSDUWHVGHXQWRGRPD\RUFRPSXHVWRSRUODQDWXUDOH]DSHUR
TXHQRVGLVWLQJXLPRVGHODVGHPiVSRUQXHVWURSRGHUSDUDPRGLILFDUODQDWXUDOH]DHQDOJXQRVFDVRVGHPDQHUDLUUHYHUVLEOH
6L ELHQ VXV REUDV SUHYLDV KDEtDQRWRUJDGRIDPDD5DFKHO&DUVRQHOOLEUR 6LOHQW6SULQJ >3ULPDYHUDVLOHQFLRVD@SXEOLFDGRHQ HVWDEDGHVWLQDGRDPRGLILFDUHOFXUVRGHODKLVWRULDGHODKXPDQLGDGDOGHVSHUWDUODFRQFLHQFLDDPELHQWDOHQHOPXQGRHQWHUR6LOHQW
6SUtQJ GRFXPHQWDEDODVFRQVHFXHQFLDVQHJDWLYDVGHOXVRGHSHVWLFLGDV&DUVRQGHVDILyODVSUiFWLFDVFRP~QPHQWHDFHSWDGDVSRUORV
DJUyQRPRV\HOJRELHUQR\H[LJLyFDPELRVHQHOHPSOHRGHTXtPLFRVVLQWpWLFRV$OFXPSOLUVHXQDxRGHODSXEOLFDFLyQGHOOLEUR\D
VHKDEtDQYHQGLGRPiVGHHMHPSODUHV(OMXH]:LOOLDP2'RXJODVGHOD6XSUHPD&RUWHGHORV(VWDGRV8QLGRVFRQVLGHUyTXH
ODREUDHUDODFUyQLFDPiVLPSRUWDQWHGHHVWHVLJORSDUDODUD]DKXPDQD
6LOHQW6SULQJGLROXJDUDODLPSRVLFLyQGHUHVWULFFLRQHVHQ HOXVRGHORVSHVWLFLGDVHQORV(VWDGRV8QLGRV\IXQGDPHQWDOPHQWHDXQ
FDPELRHQQXHVWUDVFRQFHSFLRQHVDFHUFDGHOPXQGRQDWXUDO
5DFKHO &DUVRQ UHFLELy QXPHURVRV SUHPLRV SRU VXV WUDEDMRV LQFOX\HQGR OD PHGDOOD 6FKZHLW]HU GHO $QLPDO :HOIDUH ,QVWLWXWH
>,QVWLWXWR SDUD HO %LHQHVWDU $QLPDO@ \ HO WtWXOR GH &RQVHUYDFLRQLVWD GHO $xR RWRUJDGR SRU OD 1DWLRQDO :LOGOLIH )HGHUDWLRQ
>)HGHUDFLyQ 1DFLRQDO SDUD OD 9LGD 6LOYHVWUH@ $VLPLVPR IXH OD SULPHUD PXMHU D TXLHQ OD 1DWLRQDO $XGXERQ 6RFLHW\ RWRUJy OD
0HGDOOD $XGXERQ OD PiV DOWD GLVWLQFLyQ GH HVWH JUXSR SRU ORJURV HQ HO FDPSR GH OD FRQVHUYDFLyQ (O 5DFKHO &DUVRQ :LOGOLIH
5HIXJH>5HIXJLR1DFLRQDOSDUDOD9LGD6LOYHVWUH5DFKHO&DUVRQ@GHKHFWiUHDVVLWXDGRHQODVLQPHGLDFLRQHVGH:HOOV0DLQH
IXHEDXWL]DGRFRQVXQRPEUHHQ'HORVUHIXJLRVTXHH[LVWHQHQORV(VWDGRV8QLGRVVRODPHQWHWUHVOOHYDQQRPEUHVGH
PXMHUHV LQFOX\HQGR pVWH (Q VH OD GLVWLQJXLy SyVWXPDPHQWH FRQ OD FRQGHFRUDFLyQ FLYLO GH PiV DOWR KRQRU GH VX SDtV OD
0HGDOODGHOD/LEHUWDGRWRUJDGDSRUOD3UHVLGHQFLDGHOD1DFLyQ(QHOGLVFXUVRGHKRPHQDMHVHGHVFULELyDVtD5DFKHO&DUVRQ
8QDELyORJDFRQYR]FODUD\VXDYHTXHWUDQVPLWtDDOS~EOLFRVXDPRUSRUHOPDU\FRQODPLVPDFODULGDGHQODYR]DGYHUWtDDVXV
FRPSDWULRWDVDFHUFDGHORVSHOLJURVTXHORVSURSLRVVHUHVKXPDQRVLPSRQHQHQVXHQWRUQR6LHPSUHDWHQWDVLHPSUHHORFXHQWHFUHy
XQDFRUULHQWHGHFRQFLHQFLDDPELHQWDOFX\DIXHU]DQRVHKDDJRWDGR
'HILQLFLyQLQWHOLJHQFLDQDWXUDOLVWD
(Q+RZDUG*DUGQHUH[SDQGLyVXOLVWDRULJLQDOGHVLHWHLQWHOLJHQFLDVDODJUHJDUXQDRFWDYDODLQWHOLJHQFLDQDWXUDOLVWD(QXQ
SULQFLSLR *DUGQHU KDEtD LQFOXLGR GLFKD LQWHOLJHQFLD FRPR SDUWH GH ODV LQWHOLJHQFLDV OyJLFRPDWHPiWLFD \ YLVXDOHVSDFLDO 1R
REVWDQWHEDViQGRVHHQORVFULWHULRVTXHKDEtDHVWDEOHFLGRSDUDLGHQWLILFDUXQDLQWHOLJHQFLDKDELOLGDGHV\RSHUDFLRQHVHVSHFtILFDV
KLVWRULD HYROXWLYD VLVWHPD VLPEyOLFR VHFXHQFLDV GH GHVDUUROOR H LQGLYLGXRV TXH VH GHVWDFDQ HQ HOODV R TXH VRQ QRWDEOHPHQWH
GHILFLHQWHV HQ WDOHV FDSDFLGDGHV *DUGQHU IRUPXOy OD KLSyWHVLV GH TXH OD LQWHOLJHQFLD QDWXUDOLVWD PHUHFtD UHFRQRFLPLHQWR FRPR
LQWHOLJHQFLDLQGHSHQGLHQWH/DVFDSDFLGDGHVGHOQDWXUDOLVWDVHGHVFULEHQFRPRODVGHDOJXLHQFRPSHWHQWHSDUDUHFRQRFHUIORUD\
IDXQD SDUD HVWDEOHFHU GLVWLQFLRQHV WUDVFHQGHQWHV HQ HO PXQGR QDWXUDO \ SDUD XWLOL]DU SURGXFWLYDPHQWH VXV KDELOLGDGHV HQ
DFWLYLGDGHVGHFD]DJUDQMDRFLHQFLDVELROyJLFDV0iVDXQORVQDWXUDOLVWDVVXHOHQVHUKiELOHVSDUDLGHQWLILFDUDORVPLHPEURVGH
XQJUXSRRHVSHFLHUHFRQRFHUODH[LVWHQFLDGHRWUDVHVSHFLHV\SHUFLELUODVUHODFLRQHVTXHH[LVWHQHQWUHYDULDVHVSHFLHV
7RGRV QRVRWURV DSOLFDPRV ODV KDELOLGDGHV GH OD LQWHOLJHQFLD QDWXUDOLVWD FXDQGR UHFRQRFHPRV SHUVRQDV SODQWDV DQLPDOHV \ RWURV
HOHPHQWRVGHQXHVWURHQWRUQR/DLQWHUDFFLyQ FRQHOPHGLRItVLFRQRVSHUPLWHGHVDUUROODUXQVHQWLGRGHFDXVDHIHFWR\UHFRQRFHU
PRGHORV SUHGHFLEOHV GH LQWHUDFFLyQ \ FRPSRUWDPLHQWR FRPR ORV FDPELRV FOLPiWLFRV TXH VH SURGXFHQ FRQ HO WUDQVFXUVR GH ODV
HVWDFLRQHVGHODxR\VXLQIOXHQFLDVREUHSODQWDV\ DQLPDOHV3RUPHGLRGHODVKDELOLGDGHVSHUFHSWXDOHVQDWXUDOLVWDVFRPSDUDPRV
GDWRVFODVLILFDPRVFDUDFWHUtVWLFDVH[WUDHPRVVLJQLILFDGRV\IRUPXODPRV\SRQHPRVDSUXHEDKLSyWHVLV
*DUGQHU SRVWXOD TXH OD LQWHOLJHQFLD QDWXUDOLVWD WLHQH VX RULJHQ HQ ODV QHFHVLGDGHV GH ORV SULPHURV VHUHV KXPDQRV FX\D
VXSHUYLYHQFLD GHSHQGtD GHO UHFRQRFLPLHQWR GH HVSHFLHV ~WLOHV R SHUMXGLFLDOHV GH ODV FRQGLFLRQHV FOLPiWLFDV \ GH ORV UHFXUVRV
DOLPHQWDULRVGLVSRQLEOHV1RREVWDQWHHQORVDOERUHVGHOVLJOR;;,HOHQWRUQRGHPXFKRVGHQRVRWURVGLILHUHHQJUDQPHGLGD
GHO TXH H[LVWtD KDFH PLO R LQFOXVLYH FLHQ DxRV 0X\ SRFDV SHUVRQDV WLHQHQ SRVLELOLGDGHV GH DFFHGHU D JUDQGHV H[WHQVLRQHV
LQH[SORUDGDVGHWLHUUDSREODGDSRUGLYHUVDVHVSHFLHVGHIORUD\IDXQD+R\HQGtDORVQLxRV\MyYHQHVVXHOHQSDVDUVXWLHPSRHQ
HVSDFLRV FHUUDGRV R FDPLQDU VREUH VXHORV DUWLILFLDOHV\QRWLHQHQRSRUWXQLGDGGHLQWHUDFWXDUFRQODQDWXUDOH]D6LQHPEDUJRWDO
LQWHUDFFLyQQRHVUHTXLVLWRLQGLVSHQVDEOHSDUDHOGHVDUUROORGHHVWDLQWHOLJHQFLD/DVKDELOLGDGHVSDUDREVHUYDUFODVLILFDU\VHULDU
SXHGHQGHVDUUROODUVH\DSOLFDUVHHQHOWUDEDMRFRQREMHWRVDUWLILFLDOHV(VORTXHRFXUUHFXDQGRORVQLxRVRUJDQL]DQFROHFFLRQHVGH
ILJXULWDVHVWDPSLOODVRDGRUQRV6LELHQHOGHVDUUROORGHODVKDELOLGDGHVGHOQDWXUDOLVWDQRGHSHQGHGHODLQWHUDFFLyQGLUHFWDFRQHO
PXQGRQDWXUDOWDPSRFRVHUHODFLRQDFRQODREVHUYDFLyQYLVXDOWDOFRPRSRGUtDVXSRQHUVH*DUGQHUVHxDODTXHODVSHUVRQDVFLHJDV
SXHGHQ HVWDEOHFHU GLIHUHQFLDV HQWUH HVSHFLHV X REMHWRV IDEULFDGRV SRU HO KRPEUH SRU PHGLR GHO WDFWR \ TXH RWURV OR KDFHQ SRU
PHGLRGHORtGR
/D LQWHOLJHQFLD QDWXUDOLVWD VH SRQH GH PDQLILHVWR HQ PXFKDV iUHDV GH LQYHVWLJDFLyQ FLHQWtILFD &LHQFLDV FRPR OD ELRORJtD OD
ERWiQLFDOD]RRORJtDRODHQWRPRORJtDHVWiQGHGLFDGDVDHVWDLQWHOLJHQFLDHQVXWRWDOLGDG'LFKDVFLHQFLDVLQYHVWLJDQORVRUtJHQHV
HO GHVDUUROOR \ OD HVWUXFWXUD GH RUJDQLVPRV YLYLHQWHV < KDQ SURGXFLGR WDPELpQ HODERUDGRV VLVWHPDV SDUD FODVLILFDU SODQWDV \
DQLPDOHV
/DVKDELOLGDGHVQDWXUDOLVWDVVHH[WLHQGHQPiVDOOiGHODVWD[RQRPtDVSDUDLQFOXLUODFDSDFLGDGGHWUDEDMDUHILFD]PHQWHFRQGLYHUVDV
SODQWDV \ DQLPDOHV \ TXL]i SDUD GLVFHUQLU SDWURQHV HQ WRGD iUHD GH DFWLYLGDG KXPDQD *DUGQHU HVSHFXOD TXH ODV DFWLYLGDGHV
DUWtVWLFDV \ ODV SUiFWLFDV HVSLULWXDOHV TXH FRPSUHQGHQ DVSHFWRV GHO PXQGR QDWXUDO H[KLEHQ ODV KDELOLGDGHV SHUFHSWXDOHV GHO
QDWXUDOLVWD7DPELpQVHSUHJXQWDVLDFDVRVXSURSLDHODERUDFLyQGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVQRKDEUiVXUJLGRFRPR
FRQVHFXHQFLDGHODDSOLFDFLyQGHODVFDSDFLGDGHVQDWXUDOLVWDVSDUDGLVWLQJXLU\FODVLILFDUSDWURQHV
(QWRGDVODVFXOWXUDVVHYDORUDODFDSDFLGDGGHORVLQGLYLGXRVSDUDUHFRQRFHUHVSHFLHV~WLOHV\SHUMXGLFLDOHVRSDUDFODVLILFDUVXV
SURSLHGDGHV\XVRV$VLPLVPRWRGDVODVFXOWXUDVYDORUDQODVKDELOLGDGHVGHOFRFLQHURGHOMDUGLQHURGHOJUDQMHUR\GHOFD]DGRU
WRGDV HOODV VXVWHQWDGDV SRU OD LQWHOLJHQFLD QDWXUDOLVWD $OJXQRV LQGLYLGXRV FRQ XQD LQWHOLJHQFLD QDWXUDOLVWD DOWDPHQWHGHVDUUROODGD
SXHGHQFUHDUSURGXFWRVRWHRUtDVFDSDFHVGHDWUDYHVDUODVIURQWHUDVFXOWXUDOHV\SHUSHWXDUVHGXUDQWHJHQHUDFLRQHV&KDUOHV'DUZLQ
*HRUJH :DVKLQJWRQ &DUYHU 5DFKHO &DUVRQ /XWKHU %XUEDQN \ -DQH *RRGDOO VRQ HMHPSORV GH LQGLYLGXRV FRQ XQ FRQRFLPLHQWR
VREUHVDOLHQWHDFHUFDGHOPXQGRQDWXUDO\GHVXVFULDWXUDV
/DFXULRVLGDG\HOSURIXQGRDQiOLVLVGHWDOHVLQGLYLGXRVQRVSHUPLWHQSHUFLELUWDQWRORVIHQyPHQRVTXHWLHQHQOXJDUHQHOHVSDFLR
LQILQLWRGHOPDFURFRVPRVFRPRDTXHOORVTXHVHSURGXFHQHQHOPLFURFRVPRVGHXQDFpOXOD
&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDQDWXUDOLVWD
7RGRVVRPRVQDWXUDOLVWDVQDWRV\GLVSXHVWRVDH[SORUDUHOPXQGRSRUPHGLRGHORVVHQWLGRV&XDQGRSRQHPRVHQSUiFWLFDODV
IDFXOWDGHVLQKHUHQWHVDOFXHUSR\PHQWHKXPDQRVH[SHULPHQWDPRVQXHVWURHQWRUQRSRUPHGLRGHODSHUFHSFLyQVHQVRULDOOD
REVHUYDFLyQDFWLYD\ODUHIOH[LyQ\FXHVWLRQDPLHQWRGHQXHVWUDVSHUFHSFLRQHV
/RV QLxRV SRQHQ GH PDQLILHVWR HVWD LQWHOLJHQFLD GH GLYHUVDV PDQHUDV $OJXQRV VH SURSRQHQ GHVFXEULU GH TXp PDQHUD
IXQFLRQDQODVFRVDVDRWURVOHVPDUDYLOODQORVSURFHVRVGHFUHFLPLHQWRDOJXQRVGHVHDQH[SORUDUiPELWRVQDWXUDOHV\KDFHUVH
FDUJR GHO FXLGDGR GH VXV KDELWDQWHV \ WDPELpQ KDEUi TXLHQHV GLVIUXWHQ FODVLILFDQGR REMHWRV H LGHQWLILFDQGR SDWURQHV
$OJXQRVDOXPQRVVHGHVWDFDQSRUVXFDSDFLGDGSDUDUHFRQRFHU\PHPRUL]DUFDWHJRUtDVSRUVXDPRUSRUODQDWXUDOH]D\R
SRUVXLQWHUpVSRULQWHUDFWXDUFRQVXVFULDWXUDVRVLVWHPDV6LELHQQRHVSRVLEOHFLUFXQVFULELUHODPSOLRUDQJRGHODH[SUHVLyQ
QDWXUDOLVWDDXQOLVWDGRSRGHPRVHVER]DUXQDGHVFULSFLyQ(VSUREDEOHTXHXQDSHUVRQDFRQXQDLQWHOLJHQFLDQDWXUDOLVWDELHQ
GHVDUUROODGDSUHVHQWHDOJXQDGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
([SORUDiPELWRVKXPDQRV\QDWXUDOHVFRQLQWHUpV\HQWXVLDVPR
$SURYHFKDRSRUWXQLGDGHVSDUDREVHUYDULGHQWLILFDULQWHUDFWXDUFRQREMHWRVSODQWDVRDQLPDOHV\SDUD HQFDUJDUVHGHVX
FXLGDGR
(VWDEOHFHFDWHJRUtDVRFODVLILFDREMHWRVVHJ~QVXVFDUDFWHUtVWLFDV
5HFRQRFHSDWURQHVHQWUHPLHPEURVGHXQDHVSHFLHRFODVHVGHREMHWRV
$ERUGDHODSUHQGL]DMHDFHUFDGHORVFLFORVYLWDOHVGHODIORUDRODIDXQDRODVHWDSDVGHSURGXFFLyQGHREMHWRVIDEULFDGRV
SRUHOKRPEUH
0DQLILHVWDGHVHRVGHHQWHQGHUFyPRIXQFLRQDQODVFRVDV
6HLQWHUHVDSRUODPDQHUDHQTXHFDPELDQ\HYROXFLRQDQORVVLVWHPDV
'HPXHVWUDLQWHUpVSRUODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHODVHVSHFLHV\RODLQWHUGHSHQGHQFLDGHORVVLVWHPDVQDWXUDOHV
\KXPDQRV
8WLOL]DKHUUDPLHQWDVWDOHVFRPRPLFURVFRSLRVELQRFXODUHVWHOHVFRSLRVFXDGHUQRVGHQRWDVRFRPSXWDGRUDVSDUDHVWXGLDU
RUJDQLVPRV R VLVWHPDV ,QFRUSRUD WD[RQRPtDV GH SODQWDV \ DQLPDOHV X RWURV VLVWHPDV GHFODVLILFDFLyQSDUDHVWUXFWXUDV
OLQJtVWLFDVRSDWURQHVPDWHPiWLFRVSRUHMHPSORORVQ~PHURVGH)LERQDFFLRORVIUDFWDOHV
'HPXHVWUDLQWHUpVSRUODVFDUUHUDVGHELRORJtDHFRORJtDTXtPLFD]RRORJtDLQJHQLHUtDIRUHVWDORERWiQLFD
'HVDUUROOD QXHYDV WD[RQRPtDV WHRUtDV DFHUFD GH ORV FLFORV YLWDOHV R UHYHOH QXHYRV SDWURQHV H LQWHUFRQH[LRQHV HQWUH
REMHWRVRVLVWHPDV
3URFHVRVGHDSUHQGL]DMHQDWXUDOLVWD
(OSULQFLSDOREMHWLYRGHHVWHFDStWXORFRQVLVWHHQSURSRQHUHVWUDWHJLDVGLGiFWLFDVTXHLQWHJUHQODVKDELOLGDGHVGHSHQVDPLHQWR
QDWXUDOLVWDDGLYHUVDVGLVFLSOLQDV5HVXOWDVHQFLOOROOHYDUDFDERHVWDLQWHJUDFLyQVLVHWLHQHHQFXHQWDTXH*DUGQHUVRVWLHQHTXH
ODVFDSDFLGDGHVHVHQFLDOHVGHHVWDLQWHOLJHQFLDLQFOX\HQODREVHUYDFLyQUHIOH[LyQHVWDEOHFLPLHQWRGHFRQH[LRQHVFODVLILFDFLyQ
LQWHJUDFLyQ\FRPXQLFDFLyQGHSHUFHSFLRQHVDFHUFDGHOPXQGRQDWXUDO\KXPDQR'LFKDVKDELOLGDGHVGHSHQVDPLHQWRSXHGHQ
HQULTXHFHUHODSUHQGL]DMHHQWRGDVODVGLVFLSOLQDV
/DV DFWLYLGDGHV QDWXUDOLVWDV WUDQVIRUPDQ HO DSUHQGL]DMH GHO DXOD HQ XQ SURFHVR SHUVRQDO \ GH LQYHVWLJDFLyQ 0XFKDV GH ODV
VLJXLHQWHV HVWUDWHJLDV VH IXQGDQ HVHQFLDOPHQWH HQ XQD SUHJXQWD ~QLFD H LQWHUGLVFLSOLQDULD ¢3RU TXp HVWH REMHWR XQD RSHUDFLyQ
PDWHPiWLFD OD GLVSRVLFLyQ GH XQD KRMD OD OtQHD GH XQ SRHPD HWF HV FRPR HV" (VWD SUHJXQWD TXH SXHGH IRUPXODUVH
UHSHWLGDPHQWH SDUD GLVWLQWRV WHPDV HVWLPXOD D ORV DOXPQRV SDUD FRQVWUXLU VXV SURSLRV VLJQLILFDGRV 8QD YH] TXH FRPLHQFHQ D
IRUPXODUVXVWHRUtDVDFHUFDGHODVFDXVDVTXHKDFHQTXHORVREMHWRVVHDQORTXHVRQORVDOXPQRVSRGUiQFRPSDUDUVXVLGHDVFRQODV
GHVXVFRPSDxHURV\FRQHOFRQRFLPLHQWRGLVFLSOLQDULRHVWDEOHFLGR0HGLDQWHWDOHVLQYHVWLJDFLRQHVHQHODXODORVDOXPQRVDFFHGHQ
DO FRQRFLPLHQWR JHQHUDO GHO PXQGR D ORV SULQFLSLRV TXH JXtDQ VX IXQFLRQDPLHQWR \ D PDUFRV \ HVWUXFWXUDV DPSOLRV TXH OHV
SHUPLWHQFRPSUHQGHUOR
5HFRQRFHPRVTXHODHGXFDFLyQDPELHQWDOGHVHPSHxDXQUROLPSRUWDQWHHQHOGHVDUUROORGHODLQWHOLJHQFLDQDWXUDOLVWD(ODERUGDMH
GHHVWDiUHDFRQXQJUDGRVLJQLILFDWLYRGHHVSHFLILFLGDGH[FHGHORVOtPLWHV\SURSyVLWRVGHHVWHFDStWXOR1RREVWDQWHFRQFRUGDPRV
FRQ5DFKHO&DUVRQFXDQGRDILUPD6LGHVHDPRVTXHXQQLxRPDQWHQJDYLYRVXLQQDWRVHQWLGRGHORPDUDYLOORVRQHFHVLWDUiGHOD
FRPSDxtDGH DOPHQRVXQDGXOWRFRQTXLHQSXHGDFRPSDUWLUORFRQTXLHQSXHGDUHGHVFXEULUODDOHJUtDHOHQWXVLDVPR\HOPLVWHULR
GHOPXQGRHQTXHYLYLPRV
/DVVLJXLHQWHVDFWLYLGDGHVFRQVWLWX\HQXQDSURSXHVWDTXHSURSRUFLRQDHOHPHQWRVDORVGRFHQWHVSDUDHVWLPXODUHO HQWXVLDVPR\HO
PLVWHULRTXHH[SHULPHQWDQORVQLxRVFXDQGRH[SORUDQORVPXQGRVQDWXUDOHV\KXPDQRV
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHQDWXUDOLVWD
9LVWDSDQRUiPLFD
0XVHRVHQHODXOD
7HPDVFXUULFXODUHVQDWXUDOLVWDV
7HPDVGHFLHQFLDVQDWXUDOHV
ODQDWXUDOH]DFRPRFXUUtFXOR
7HPDVVXSUDGLVFLSOLQDULRV
3HUIHFFLRQDPLHQWRGHODFDSDFLGDGGHREVHUYDFLyQ
2EVHUYDFLRQHVDFLHJDV
2EVHUYDFLyQDWHQWD
(OGLEXMRFRPRIRUPDGHREVHUYDFLyQDWHQWD
&XDGHUQRVGHFDPSR
3HUFHSFLyQGHUHODFLRQHV
5HFRQRFLPLHQWR GHGLIHUHQFLDVHQWUHREMHWRVVLPLODUHV
£(VWiFODVLILFDGR
2UJDQL]DFLyQGHFROHFFLRQHV
2WUDVVXJHUHQFLDVSDUDUHDOL]DUFODVLILFDFLRQHV
,QWURGXFFLyQDOFRQFHSWRGHLQWHUGHSHQGHQFLD
&RQVROLGRFLyQGHUHODFLRQHVHVWUHFKDVFRQODFRPXQLGDG
)RUPXODFLyQGHKLSyWHVLV\H[SHULPHQWDFLyQ
6LHPEUDGHLQWHUURJDQWHVHQHODXOD
'HVDUUROORGHXQPDUFRGHSHQVDPLHQWRLQGDJDWRULR
&HQWURVGHDSUHQGL]DMHQDWXUDOLVWD
(TXLSDPLHQWRGHXQFHQWURQDWXUDOLVWD
$FWLYLGDGHVGHFHQWURQDWXUDOLVWD
$FWLYLGDGHVQDWXUDOLVWDVDODLUHOLEUH
8QUHFRUULGRQDWXUDO
$GRSFLyQGHXQiUERO
$SUHQGL]DMHQDWXUDO
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDQDWXUDOLVWD
5HVXPHQ
&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHQDWXUDOLVWD
1R HV QHFHVDULR GLVSRQHU GH SRVLELOLGDGHV FRQFUHWDV SDUD DFFHGHU D ]RQDV SDQWDQRVDV R UHVHUYDV QDWXUDOHV SDUD GHVDUUROODU HO
SHQVDPLHQWR QDWXUDOLVWD /RV DOXPQRV SXHGHQ H[SORUDU IiFLOPHQWH HO LQWHULRU \ H[WHULRUGHVXVHVFXHODVVXVKRJDUHV\KHODGHUDV
ORVDOPDFHQHVORVFKDUFRVGHDJXDVXVPDQRVRHODPSOLRHVSDFLRGHOFLHOR<WDPELpQYLDMDUDODVSURIXQGLGDGHVPDULQDVROOHJDU
DODFLPDGHODVPRQWDxDVPHGLDQWHHOHPSOHRGHGLYHUVDVRSFLRQHVWHFQROyJLFDV
7DPSRFRHVQHFHVDULRVXSRQHUTXHXQHQWRUQRQDWXUDOLVWDVHOLPLWDDDOJRTXHHVWiDOOtDIXHUDRDOPXQGRGHODQDWXUDOH]D3RUHO
FRQWUDULRVLH[SDQGLPRVQXHVWURFRQFHSWRGHHQWRUQRSRGUHPRVDERUGDUHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHWHQLHQGRHQFXHQWD
ODVUHFRPHQGDFLRQHVGHOD)XQGDFLyQ&DUQHJLHSDUDHO3HUIHFFLRQDPLHQWRGHOD(QVHxDQ]DDILQGHFRPSUHQGHUODLQWHUFRQH[LyQ
GH WRGDV ODV FRVDV (GZDUG 7 &ODUN H[ SURIHVRU GH HGXFDFLyQ DPELHQWDO \ DXWRU GH DUWtFXORV SUHPLDGRV SURSRQH XQ PDUFR
FRQFHSWXDODOWHUQDWLYRSDUDHOHQWRUQR&XDQGRSRUCHQWRUQR
VHHQWLHQGHHOFRQWH[WRWRWDOHQQXHVWUDVYLGDVODLQWHUFRQH[LyQHQWUH
ELRORJtD WHFQRORJtD \ FXOWXUD HQWRQFHV OD HGXFDFLyQ DPELHQWDO GHEH FRQVLGHUDUVH FRPR HO PDUFR PiV DPSOLR TXH SURSRUFLRQD
VLJQLILFDGRDWRGDODVGLVFLSOLQDVGHHVWXGLR
9LVWDSDQRUiPLFD
8QPDQHUDGHD\XGDUDORVDOXPQRVDSHUFLELUHO PDUFRPiVDPSOLR\ODLQWHUFRQH[LyQGHWRGDVODVFRVDVFRQVLVWHHQFRPSDUWLU
FRQHOORVXQDLPDJHQPX\HVSHFLDOODIDPRVDIRWRJUDItDGHOD7LHUUDWRPDGDGHVGHHOHVSDFLR
(VWDSRGHURVDLPDJHQPXHVWUDDOSODQHWDFRPRXQVLVWHPD~QLFRHLQWHUFRQHFWDGR7RGRVORVIHQyPHQRVQDWXUDOHV\KXPDQRVVRQ
VXEVLVWHPDV GH XQ VLVWHPD SODQHWDULR PD\RU $VtFRPRHOFRUD]yQ\ORVSXOPRQHVGHXQDSHUVRQDVRQVXEVLVWHPDVGHXQPLVPR
RUJDQLVPRGHOPLVPRPRGRORVVLVWHPDVQDWXUDOHV\KXPDQRVLQWHJUDQXQVLVWHPDPD\RUHOGH OD7LHUUD7RGRVORVVLVWHPDVVRQ
LQWHUGHSHQGLHQWHV$XQTXHFDGDXQDGHODVGLVFLSOLQDVDFDGpPLFDVVHDXQVLVWHPDHQVtPLVPDWRGDVHOODVIRUPDQSDUWHGHODPSOLR
VLVWHPDGHOHVIXHU]RKXPDQRSRUFRPSUHQGHUHOVLJQLILFDGRGHQXHVWUDVH[SHULHQFLDV\QXHVWUD UHODFLyQFRQHOHQWRUQR
/RVGRFHQWHVSRGUiQUHFXUULUDODLPDJHQGHQXHVWURSODQHWDHQHOHVSDFLR\VROLFLWDUDORVDOXPQRVTXHGHWHUPLQHQSRUPHGLRGH
XQDWRUPHQWDGHLGHDVWRGDVODVPDQHUDVHQTXHORVWHPDVGHHVWXGLRVHLQWHJUDQDOVLVWHPDSODQHWDULR PD\RU6HSRGUiDYDQ]DUHQ
WDO VHQWLGR VROLFLWiQGROHV TXH UHIOH[LRQHQ DFHUFD GH OD LQWHUGHSHQGHQFLD GH HVWH WHPD FRQ RWURV \ GH ODV LQWHUFRQH[LRQHV TXH VH
HVWDEOHFHQ
/RVDOXPQRVSRGUiQSHUFLELUUHODFLRQHVHLQWHUFRQH[LRQHVPHGLDQWHHOGHVDUUROORGHVXVKDELOLGDGHVGHSHQVDPLHQWRQDWXUDOLVWD$
PHGLGD TXH VH DYDQFH HQ OD OHFWXUD GH HVWH FDStWXOR VH HQFRQWUDUiQ VXJHUHQFLDV GHVWLQDGDV D GHVDUUROODU KDELOLGDGHV SDUD OD
REVHUYDFLyQ FODVLILFDFLyQ H LQYHVWLJDFLyQ 1R REVWDQWH DQWHV GH HQXQFLDU HVWRV SURFHVRV UHFRPHQGDPRV TXH ORV DOXPQRV VH
KDJDQFDUJRDFWLYDPHQWHGHVXHQWRUQRGHDXODLQPHGLDWR(VQHFHVDULRTXHGHMHQGHODGRODH[SORUDFLyQVHGHQWDULD\DVXPDQOD
UHVSRQVDELOLGDGSRUHOSURSLRDSUHQGL]DMH\SRUHOGHORVGHPiVPHGLDQWHHOUROGHFXUDGRUHVGH ODVH[SRVLFLRQHVTXHRUJDQLFHQHQ
UHODFLyQFRQiUHDVDFDGpPLFDV'HHVWDPDQHUDSRGUiQWUDQVIRUPDUHODXODHQPXVHRVFUHDGRVSRUHOORVPLVPRV
0XVHRVHQHODXOD
/D SDODEUD PXVHR GHULYD GHO PLWR JULHJR GH OD QXHYH PXVDV /DV PXVDV SRVHtDQ OD WRWDOLGDG GHO FRQRFLPLHQWR KXPDQR \ OR
FODVLILFDURQ HQ DUWHV \ FLHQFLDV 3RU OR WDQWR PXVHR DOXGtD RULJLQDOPHQWH D XQ OXJDU GH UHIOH[LyQ \ HVWXGLR +R\ HQ GtD OD
PD\RUtDGHORVGLFFLRQDULRVGHILQHQHOWpUPLQRFRPRXQDLQVWLWXFLyQTXHH[KLEHRSUHVHUYDREMHWRVYDOLRVRV
(Q WDQWR VROHPRV FRQVLGHUDU D ORV PXVHRV HGLILFLRV TXH FRQWLHQHQ YDOLRVDV FROHFFLRQHV GH REMHWRV DUWtVWLFRV FLHQWtILFRV R
KLVWyULFRV HV SRVLEOH WUDQVIRUPDU ODV DXODV HQ VLWLRV VLPLODUHV TXH SURSRUFLRQHQ IXHQWHV GH LQVSLUDFLyQ \ HVWXGLR 3DUD HOOR ORV
DOXPQRVGHEHUiQDVXPLUORVUROHVGHFROHFFLRQLVWDVLQYHVWLJDGRUHV\FXUDGRUHV(OUROGHFXUDGRUSHUPLWHPRGLILFDUODDFWLWXG
GHO DOXPQR <D QR VH WUDWD GH UHFHSWRUHV GH FRQRFLPLHQWRV VLQR GH FUHDGRUHV GH HQWRUQRV TXH SHUPLWHQ OD LQGDJDFLyQ \ HO
DSUHQGL]DMHGHORVGHPiV
$GHPiV PHGLDQWH ODFUHDFLyQGHFROHFFLRQHVORVDOXPQRVSRQHQHQSUiFWLFDQXPHURVDVKDELOLGDGHVGHSHQVDPLHQWRQDWXUDOLVWD
5HFRQRFHQ \ SURFHVDQ LQIRUPDFLyQ FODVLILFDQ \ RUJDQL]DQ FDWHJRUtDV GH GDWRV \ H[WLHQGHQ HO DOFDQFH GH ODV WHRUtDV TXH KDQ
DSUHQGLGRHQFODVHPHGLDQWHODGHPRVWUDFLyQGHVXVFRQRFLPLHQWRVHQIRUPDSURIXQGDPHQWHSHUVRQDO$FRQWLQXDFLyQVXJHULPRV
DOJXQRVSDVRVVHQFLOORVSDUDODFUHDFLyQGHXQPXVHRHQHODXOD
/LQHDPLHQWRVSDUDFUHDUXQPXVHRHQHODXOD
5HDOL]DUXQDUHYLVLyQFRQORVDOXPQRVGHDOJ~QFRQFHSWRLPSRUWDQWHTXHKD\DQHVWXGLDQGR
$VLJQDUDORVDOXPQRVODWDUHDGHFUHDUXQDH[SRVLFLyQHQIRUPDLQGLYLGXDORFROHFWLYDSDUDGHPRVWUDUVXFRPSUHQVLyQGHO
FRQFHSWR
(VSHFLILFDUORVFULWHULRVUHVSHFWRGHOFRQWHQLGRGHXQDH[SRVLFLyQHILFD]TXHSRGUiQLQFOXLUWRGRVRDOJXQRVGHORV
VLJXLHQWHV
‡
8QDGHILQLFLyQGHOFRQFHSWR
‡
7UHVRPiVHMHPSORVGHOFRQFHSWRHQIRUPDWRHVFULWRJUiILFRRIRWRJUiILFR
‡
8QDEUHYHH[SOLFDFLyQDFHUFDGHODVUD]RQHVRORVPHFDQLVPRVTXHSHUPLWHQTXHHOFRQFHSWRIXQFLRQHGH
GHWHUPLQDGDPDQHUD
‡
8QDGHVFULSFLyQGHVXVVHPHMDQ]DV\GLIHUHQFLDVFRQRWURVFRQFHSWRVTXHORVDOXPQRVKD\DQHVWXGLDGR
‡
8QDH[SOLFDFLyQGHODVLJQLILFDFLyQGHOFRQFHSWRHQODYLGDGHORVDOXPQRV
‡
8QIROOHWRRJUDEDFLyQEUHYHTXHVLUYDGHJXtDDTXLHQYLVLWHODH[SRVLFLyQ
(VSHFLILFDUORVFULWHULRVYLVXDOHVGHXQDH[SRVLFLyQHILFD]TXHSRGUiQLQFOXLUWRGRVRDOJXQRVGHORVVLJXLHQWHV
‡
/DFDSDFLGDGGHODH[SRVLFLyQSDUDFRPXQLFDUHO FRQFHSWR
‡
6XHILFDFLDSDUDDWUDHUODDWHQFLyQGHOYLVLWDQWH
‡
6XDWUDFWLYRHLQWHUpVYLVXDO
‡
8QDVHOHFFLyQDSURSLDGDGHREMHWRV
‡
8QDVHFXHQFLDOyJLFDGHORVFRQWHQLGRV
‡ /DFDOLGDGGHODRUJDQL]DFLyQPRQWDMHXRWUDVFDUDFWHUtVWLFDVGHODH[SRVLFLyQ
$VLJQDUDORVDOXPQRVODUHVSRQVDELOLGDGGHUHFRSLODULQYHVWLJDU\RFUHDUVXVH[SRVLFLRQHV3URSRUFLRQDUSDSHODILFKH
FDUWyQPDUFDGRUHVGHFRORUHV\UHYLVWDVDTXLHQHVUHTXLHUDQGLFKRVPDWHULDOHV
'HOLPLWDUHOHVSDFLRHQODSDUHGHVFULWRULRRPHVDTXHVHGHVWLQHDODH[SRVLFLyQ6ROLFLWDUDORVDOXPQRVTXHGHWHUPLQHQ
VXV QHFHVLGDGHV GH HVSDFLR FRQ DQWLFLSDFLyQ D ILQ GH TXH HQ OD IHFKD HVWDEOHFLGD SXHGDQ UHDOL]DU HO PRQWDMH GH ODV
FROHFFLRQHVFRQIDFLOLGDG
'HVLJQDUDODPLWDGGHORVDOXPQRVFRPRFXUDGRUHVTXHSUHVHQWHQVXVH[SRVLFLRQHVXQGtDGHWHUPLQDGR8QDYH]TXHVH
KD\D PRQWDGR OD H[SRVLFLyQ ORV PLHPEURV GH OD FODVH TXH DVXPDQ HO URO GHS~EOLFRSRGUiQUHFRUUHUOD\SURSRUFLRQDU
IHHGEDFNHVFULWRXRUDOEDViQGRVHHQORVFULWHULRVSURSXHVWRVSRUFDGDFXUDGRU(QXQVHJXQGRGtDSUHGHWHUPLQDGRVHLQ
YHUWLUiQORVUROHVGHORVDOXPQRV
6LDVtORGHVHDHOGRFHQWHSXHGHPDQWHQHUODVFROHFFLRQHVHQH[KLELFLyQGHQWURGHODXODGXUDQWHXQDVHPDQDRPiV
WLHPSR\TXL]iRUJDQL]DUXQDVHULHGHH[SRVLFLRQHVGHPXVHRSDUDORVSULQFLSDOHVFRQFHSWRVTXHORVDOXPQRVDSUHQGDQ
6HSXHGHLQYLWDUDDOXPQRVGHRWURVJUXSRV\DORVSDGUHVDYLVLWDUODVH[SRVLFLRQHV6LHVSRVLEOHORVDOXPQRVUHDOL]DUiQ
YLVLWDVDPXVHRVFRQHOREMHWLYRGHUHXQLUVHFRQFXUDGRUHV\DSUHQGHUDFHUFDGHFyPRVHRUJDQL]DQODVH[SRVLFLRQHV
SURIHVLRQDOHVSDUDGHVSHUWDUHOLQWHUpVGHORVYLVLWDQWHVSRUDUWHIDFWRVSRSXODUHV\EULQGDULQIRUPDFLyQHQIRUPDWRV
RULJLQDOHV
7HPDVFXUULFXODUHVQDWXUDOLVWDV
/RV FRQFHSWRV TXH VXUJHQ GH ODV FLHQFLDV QDWXUDOLVWDV SXHGHQ UHIRU]DU \ HQULTXHFHU HO HVWXGLR GH RWUDV GLVFLSOLQDV 3RU
HMHPSORVLVHFRQVLGHUDXQIHQyPHQRQDWXUDOHVSHFtILFRFRPRHOGHODVHVWDFLRQHVGHODxRSXHGHQHVWDEOHFHUVHQXPHURVDV
FRQH[LRQHV LQWHUGLVFLSOLQDULDV (Q FLHQFLDV VRFLDOHV ORV DOXPQRV SXHGHQ DERUGDU FXHVWLRQHV UHODFLRQDGDV FRQ RIHUWDV GH
HPSOHR WHPSRUDULR SDWURQHV GH WUiQVLWR UXUDO \ XUEDQR DFWLYLGDGHV UHFUHDWLYDV ILHVWDV UHOLJLRVDV \ GtDV IHULDGRV \ DFWRV
SROtWLFRV$VLPLVPRHQHOiUHDGHHGXFDFLyQSDUDODVDOXGVHSXHGHQDERUGDUODVFRQGLFLRQHVItVLFDV\HPRFLRQDOHVSURGXFWR
GH ORV FDPELRV HVWDFLRQDOHV SDWURQHV GH VXHxR R GLVSRQLELOLGDG GH IUXWDV \ YHUGXUDV (O WUDEDMR FRQ WHPDV GH FLHQFLDV
QDWXUDOHVSHUPLWHDORVDOXPQRVH[SHULPHQWDUXQPD\RU VHQWLPLHQWRGHFRQH[LyQFRQODWRWDOLGDGGHOPHGLR
7HPDVGHFLHQFLDVQDWXUDOHV
$OJXQRV SRVLEOHV WHPDV QDWXUDOLVWDV VRQ OD LQWHUGHSHQGHQFLD HO FDPELR OD DGDSWDFLyQ HO HTXLOLEULR ORV UHFXUVRV OD
GLYHUVLGDGODFRPSHWHQFLDODFRODERUDFLyQODVLQWHUUHODFLRQHVORVFLFORVORVSDWURQHV\ODSREODFLyQ
/DQDWXUDOH]DFRPRFXUUtFXOR
$GHPiVGHLQWHJUDUWHPDVGHFLHQFLDVQDWXUDOHVDOFXUUtFXORORVIHQyPHQRVQDWXUDOHVSRGUiQGDURULJHQDOFXUUtFXOR&XDQGR
SODQLILTXHPRVXQDFODVHXQLGDGRGLVHxRFXUULFXODUDQXDOSRGUtDPRVSUHJXQWDUQRV¢&XiOHVHOSDSHOTXHGHVHPSHxDOD
QDWXUDOH]DHQHOWHPDTXHYR\DHQVHxDU"'HHVWDPDQHUDSRGUHPRVHVWLPXODUDORVDOXPQRVSDUDTXHDQDOLFHQORVPRWLYRV
SRUORVFXDOHVODVFLYLOL]DFLRQHVDQWLJXDVVHGHVDUUROODURQHQGHWHUPLQDGRViPELWRVJHRJUiILFRVRFXiOHVODLQIOXHQFLDGHODV
FRQGLFLRQHVFOLPiWLFDVHQODDUTXLWHFWXUDODVHFRQRPtDVPXQGLDOHVODDOLPHQWDFLyQRHOGLVHxRGHLQGXPHQWDULD&XDQGRVH
FRORFDDODQDWXUDOH]DHQHOFHQWURGHODHVFHQDGHODXODWDQWRORV DOXPQRVFRPRORVGRFHQWHVLQWHUQDOL]DQXQVHQWLGRPiV
SURIXQGRGHLQWHUFRQH[LyQFRQHOPXQGRTXHORVURGHD
7HPDVVXSUDGLVFLSOLQDULRV
/DPD\RUtDGHORVDOXPQRVGHODFDUUHUDGHSHULRGLVPRHQHOQLYHOWHUFLDULRVDEHTXHH[LVWHQFLQFRSUHJXQWDVVLPSOHVDODV
TXHGHEHUHVSRQGHUWRGRDUWtFXOR¢4XpRFXUULy"¢'yQGH"¢4XLpQHVSDUWLFLSDURQHQHOKHFKR"¢&XiQGRRFXUULy"¢3RUTXp"
(QHVHVHQWLGRODDXWRUD0DULRQ%UDG\VRVWLHQHTXHSDUDFRPSUHQGHUXQDH[SHULHQFLDHVQHFHVDULRGLVSRQHUGHLQIRUPDFLyQ
DFHUFD GHO WLHPSR HO iPELWR ORV SDUWLFLSDQWHV ODV DFFLRQHV \ HO PRWLYR VL ORV DFWRUHV VRQ SHUVRQDV 8QD H[SHULHQFLD UHVXOWDUi
VLJQLILFDWLYDXQDYH]TXHVHSDPRVTXLpQKL]RDOJRFXiQGRGyQGH\SRUTXpORKL]R%UDG\VXJLHUHTXHWRGRFRQRFLPLHQWR
GLVFLSOLQDULR \ GH KHFKR OD UHDOLGDG PLVPD VH RUJDQL]D GH DFXHUGR FRQ XQD HVWUXFWXUDFRQFHSWXDOTXHDEDUFDHVRVFLQFR
FRPSRQHQWHV EiVLFRV
(OSXQWRGHYLVWDVXSUDGLVFLSOLQDULRGH%UDG\ DFHUFDGHODUHDOLGDGEULQGDORVIXQGDPHQWRVSDUDGLVHxDUWRGRFXUUtFXORGH
HGXFDFLyQ JHQHUDO (VWH VHQFLOOR PDUFR SHUPLWH OOHYDU D FDER OD E~VTXHGD GH SDWURQHV HVWUXFWXUDV\UHODFLRQHV6HSXHGH
VROLFLWDUDORVDOXPQRVTXHUHFRQR]FDQ ODVFLQFRiUHDVHQDOJXQDRHQWRGDVODVGLVFLSOLQDV$GHPiVVHSXHGHSURPRYHUOD
LQYHVWLJDFLyQ GH LQWHUDFFLRQHV HQWUH ODV FLQFR FDWHJRUtDV \ ORV FDPELRV VLVWHPiWLFRV UHVXOWDQWHV SURYRFDGRV SRU HVDV
LQWHUDFFLRQHV&XDQGRORVDOXPQRVLQFRUSRUDQORVHOHPHQWRVFRPXQHVTXHVXE\DFHQDODH[SHULHQFLDKXPDQD\DOHVWXGLR
DFDGpPLFRSXHGHQFRPSUHQGHUHOIXQFLRQDPLHQWRGHOPXQGR$VtFRPRORKDFHQORVQDWXUDOLVWDVHVWDUiQHQFRQGLFLRQHVGH
FRQHFWDUVXVREVHUYDFLRQHV\SHUFLELULQWHUUHODFLRQHVFRPSOHMDV
3HUIHFFLRQDPLHQWRGHODFDSDFLGDGGHREVHUYDFLyQ
&RQ IUHFXHQFLD FXDQGR ORV GRFHQWHV VROLFLWDQ D ORV DOXPQRV TXH LQWHUSUHWHQ XQ SRHPD TXH UHFXHUGHQ ORV SDVRV SDUD
PXOWLSOLFDUIUDFFLRQHVRTXHUHSURGX]FDQXQDVHOHFFLyQGHXQDQDWXUDOH]DPXHUWDVXHOHQVHQWLUVHIUXVWUDGRVIUHQWHDOHVFDVR
GHVDUUROORGHVXVKDELOLGDGHVSDUDODREVHUYDFLyQ0LHQWUDVDOJXQRVFXOSDQSRUHOORDODWHOHYLVLyQRDODIDOWDGHPRWLYDFLyQ
R LPDJLQDFLyQ HV SUREDEOH TXH HVWD GHVYHQWDMD QR VHD UHVSRQVDELOLGDG H[FOXVLYD GH ORV DOXPQRV 1XHVWURV VHQWLGRV
LQFRUSRUDQ FDGD GtD PXFKD PiV LQIRUPDFLyQ GH OD TXH WHQHPRV FRQFLHQFLD 6yOR SRGHPRV KDFHU XVR GH QXHVWUDV
REVHUYDFLRQHV GHO PLVPR PRGR TXH OR KDFHQ ORV QDWXUDOLVWDV VL ODV YDOLGDPRV FRQFLHQWL]DPRV \ GRFXPHQWDPRV 3DUD
IRUWDOHFHU QXHVWUDV SHUFHSFLRQHV GHEHPRV FRQWDU FRQ SURSXHVWDV QRYHGRVDV \ DELHUWDV TXH QRV UHVXOWHQ DWUDFWLYDV /DV
VLJXLHQWHVDFWLYLGDGHVSHUPLWHQDWUDSDUODDWHQFLyQGHODOXPQR
2EVHUYDFLRQHVDFLHJDV
(]UD 3RXQG GHVFULELy OD JHQLDOLGDG FRPR OD FDSDFLGDG SDUD YHU GLH] FRVDV HQ HO OXJDU GRQGH HO KRPEUHFRP~QVyORYH
XQD 0XFKDV YHFHV SRGHPRV SURPRYHU QXHVWUD SHUFHSFLyQ VHQVRULDO GHVSRMiQGRQRV GH XQR GH ORV VHQWLGRV (Q ODV GRV
DFWLYLGDGHV VLJXLHQWHV QR VH SHUPLWH D ORV DOXPQRV XWLOL]DU HO VHQWLGR GH OD YLVWD D ILQ GH TXH REVHUYHQ VX HQWRUQR SRU
PHGLRGHORVRWURVVHQWLGRV'HHVWDPDQHUDYHUiQFRPRORKDFHQORVQDWXUDOLVWDVPHGLDQWHWRGRVORVyUJDQRVVHQVRULDOHV
\FRQFRQFHQWUDFLyQ\FRQVWDQFLD
&DPLQDWDFLHJD
6HHOHJLUiQVLWLRVSDUDUHDOL]DUFDPLQDWDVFLHJDVEUHYHVGHDOUHGHGRUGHFLQFRPLQXWRVGHGXUDFLyQ6LELHQORVOXJDUHVPiV
DSURSLDGRV VRQ ORV TXH VH HQFXHQWUDQ HQ ORV HVSDFLRV DELHUWRVGHOHGLILFLRHVFRODUWDPELpQSRGUiQOOHYDUVHDFDERHQORV
FRUUHGRUHVRHQGHWHUPLQDGRVVHFWRUHVGHODXOD/RVDOXPQRVVHDJUXSDUiQSRUSDUHMDVXQRGHFX\RVLQWHJUDQWHVVHYHQGDUi
ORVRMRV\HORWUROHVHUYLUiGHJXtD(VWRVUROHVVHDOWHUQDUiQDILQGHTXHWRGRVWHQJDQRSRUWXQLGDGGHGHVHPSHxDUDPERV
/RVDOXPQRVVHWUDVODGDUiQDOOXJDUGRQGHVHGHVDUUROODUiODDFWLYLGDG\HOJXtDFRQGXFLUiDVXFRPSDxHUROHQWD\FXLGDGRVDPHQWH
SRUHOFLUFXLWRHVWDEOHFLGR(ODOXPQRTXHWLHQHORVRMRVYHQGDGRVXWLOL]DUiORVVHQWLGRVGHOWDFWRHOROIDWR\HORtGRSDUDUHFRQRFHU
HO WHUUHQR $ YROYHU DO SXQWR GH SDUWLGD VH LQYLHUWHQ ORV UROHV &XDQGR DPERV DOXPQRV KD\DQ FRPSOHWDGR OD DFWLYLGDG SRGUiQ
LQWHUFDPELDU RSLQLRQHV DFHUFD GH VXV REVHUYDFLRQHV D FLHJDV /DV VLJXLHQWHV VRQ SUHJXQWDV JXtD SDUD OD UHIOH[LyQ OXHJR GH OD
DFWLYLGDG
‡
‡
‡
‡
¢&XiOHVIXHURQODVUHDFFLRQHVGHORVDOXPQRVIUHQWHDODDFWLYLGDG"
¢&XiOGHORVVHQWLGRVOHVUHVXOWyGHPD\RUXWLOLGDGSDUDUHFRSLODUGDWRV"
¢4XpGHWDOOHVOHVKXELHUDQSDVDGRLQDGYHUWLGRVVLKXELHVHQSRGLGRXWLOL]DUODYLVWD"
‡
¢&XiQWDVFODVHVGLIHUHQWHVGHREMHWRVSXGLHURQUHFRQRFHU"
¢3RGUtDQGHVFULELUODVFDUDFWHUtVWLFDVGHORVREMHWRV"
3DUD H[WHQGHU HVWD DFWLYLGDG VH SXHGH VROLFLWDU D ORV DOXPQRV TXH GHVFULEDQ SRU HVFULWR VXV UHDFFLRQHV IUHQWH D ORV UROHV TXH
GHELHURQ GHVHPSHxDU ODV FDUDFWHUtVWLFDV TXH VH UHTXLHUHQ SDUD FDGD XQR \R UHDFFLRQHV UHODFLRQDGDV FRQ VXV H[SHULHQFLDV (O
GRFHQWHSRGUiSURSRUFLRQDUOHVXQPDSDGHOUHFRUULGRSDUDTXHGLEXMHQORVREMHWRVTXHUHFRQRFLHURQ\SDUDTXHLQFOX\DQHOQ~PHUR
GHSDVRVRXQLGDGHVHPSOHDGDVSDUDPHGLUODGLVWDQFLD
%ROVDVPLVWHULRVDV
2WUD DFWLYLGDG D FLHJDV FRQVLVWH HQ UHXQLU REMHWRV QDWXUDOHV FRPR SLxDV FDUDFROHV SOXPDV IORUHV R YHUGXUDV \ FRORFDUORV HQ
VHQGDV EROVDV GH SDSHO GH PRGR TXH ORV DOXPQRV QR SXHGDQ YHUORV /XHJR VH HOLJH XQD GH ODV EROVDV SDUD FRPHQ]DU OD SULPHUD
URQGDGHSUHJXQWDV
/RV DOXPQRV VH GLYLGHQ HQ JUXSRV GH WUHV R FXDWUR LQWHJUDQWHV \ HOLJHQ D XQR GH HOORV FRPR REVHUYDGRU /RV REVHUYDGRUHV VH
GLULJHQDOIUHQWHGHODFODVH\PLUDQGHQWURGHODEROVDVLQSURSRUFLRQDUSLVWDVDORVGHPiVDFHUFDGHVXFRQWHQLGR/XHJRYXHOYHQD
VXVJUXSRV/RVGHPiVLQWHJUDQWHVGHEHQDGLYLQDUFXiOHVHOREMHWRTXHFRQWLHQHODEROVD IRUPXODQGRSUHJXQWDVDOREVHUYDGRUTXH
SXHGDQFRQWHVWDUVHFRQVtRQR
8QDYH]DGLYLQDGRHOREMHWRVHHOLJHXQQXHYRREVHUYDGRU\FRPLHQ]DXQDQXHYDURQGD/DUHIOH[LyQDFHUFDGHODDFWLYLGDGSRGUi
OOHYDUVHDFDERSRUPHGLRGHSUHJXQWDVFRPRODVVLJXLHQWHV
‡
¢&XiOHVIXHURQODVSUHJXQWDVPiV~WLOHV"
‡
¢4XpFDUDFWHUtVWLFDVWHSHUPLWLHURQUHFRQRFHUHOREMHWR"
‡
‡
¢&XiOHVQRUHVXOWDURQGHXWLOLGDG"
¢4XpDSUHQGLVWHDFHUFDGHHVWHREMHWRTXHDQWHVQRVDEtDV"
3DUD H[WHQGHU HO DOFDQFH GH HVWD DFWLYLGDG ORV DOXPQRV SRGUiQ FUHDU XQ JUiILFR SDUD LOXVWUDU OD PDQHUD GH IRUPXODU SUHJXQWDV
HILFDFHVUHGDFWDUUHVSXHVWDVSDUDODVSUHJXQWDVSUHFHGHQWHVRFUHDUVXVSURSLDVEROVDVPLVWHULRVDVLSDUDVXVFRPSDxHURV
/DV KDELOLGDGHV GH SHQVDPLHQWR TXH UHTXLHUHQ ODV EROVDV PLVWHULRVDV LQFOX\HQ UHFRQRFLPLHQWR GH SDWURQHV LGHQWLILFDFLyQ GH
FDUDFWHUtVWLFDV LQIHUHQFLD \ IRUPXODFLyQ GH KLSyWHVLV (V SRVLEOH DSOLFDU HVWH MXHJR \ VXV SURFHVRV GH SHQVDPLHQWR D WRGRV ORV
WHPDVDFDGpPLFRVSRUPHGLRGHILFKDVHQODVTXHVHHVFULEHQFRQFHSWRV\VHFRORFDQGHQWURGHEROVDVRGLUHFWDPHQWHVHUHSDUWHQD
ORV DOXPQRV 3RU HMHPSOR HQ PDWHPiWLFD ORV DOXPQRV UHFRQRFHUiQ GLIHUHQWHV FODVHV GH HFXDFLRQHV PDWHPiWLFDV R DOJHEUDLFDV
XQLGDGHVGHPHGLGDRIRUPDVJHRPpWULFDV(QFLHQFLDVVRFLDOHVHVWHSURFHVRSXHGHXWLOL]DUVHSDUDUHFRQRFHUSHUVRQDMHVRKHFKRV
KLVWyULFRVIDPRVRVRFRQFHSWRVFRPRGHPRFUDFLDRLQGXVWULDOL]DFLyQ
2EVHUYDFLyQDWHQWD
3DUDFRPHQ]DUDDGTXLULUKDELOLGDGHVQDWXUDOLVWDVHVQHFHVDULRVXSHUDUODPHUDFRQWHPSODFLyQ\DGRSWDUXQDDFWLWXGLQWHUURJDGRUD
DFWLYD/RVDOXPQRVSRGUiQDSUHQGHUDSUHJXQWDUVH¢4XpHVWR\PLUDQGR"¢&yPRSXHGRGHVFULELUPLVREVHUYDFLRQHV"¢4Xp
HVWi RFXUULHQGR" ¢3RU TXp" /RV SURFHVRV GH REVHUYDFLyQ H LQWHUURJDFLyQ H[SOtFLWD SHUPLWHQ WDQWR D ORV QLxRV FRPR D ORV
DGXOWRVFRQVWUXLUVLJQLILFDGRV\JHQHUDUQXHYRVLQWHUURJDQWHVSDUDUHVROYHU
5HFXUVRV SDUD GHVWDFDU OD LPSRUWDQFLD GH ORV REMHWRV ODV OHQWHV GH DXPHQWR \ ODV OXSDV GH MR\HUR VRQ KHUUDPLHQWDV SHTXHxDV \
EDUDWDVTXHVLUYHQSDUDDXPHQWDUODLPDJHQGHORVREMHWRV&RQHOODVORVGRFHQWHVSXHGHQFUHDUXQQXHYRPXQGRYLVXDOHQHODXOD
(O XVR GH XQ GLVSRVLWLYR GH DXPHQWR FRQ REMHWRV GH XVR FRWLGLDQR SHUPLWH FRQFHQWUDU OD DWHQFLyQ GH ORV DOXPQRV HQ IRUPD
LQPHGLDWDHLQWHQVLILFDU\MHUDUTXL]DUODH[SHULHQFLDYLVXDO
/DVOXSDVGHMR\HURVRQSHTXHxDVKHUUDPLHQWDVGHDXPHQWRFRQIRUPDVLPLODUDODGHXQVRPEUHURGHFRSDTXHVXHOHQXWLOL]DUORV
MR\HURV FXDQGR DQDOL]DQ SLHGUDV SUHFLRVDV (V SRVLEOH FRQVHJXLU FRQMXQWRV GH OXSDV EDUDWDV GH ; SDUD XWLOL]DU HQ HO DXOD 8QD
H[FHOHQWH IXHQWH GH UHFXUVRV SDUD WUDEDMDU FRQ OXSDV \ RWURV PDWHULDOHV GH DSUHQGL]DMH QDWXUDOLVWD HV 7KH 3ULYDWH (\H3URMHFW>(O
SUR\HFWRGHWHFWLYHSULYDGR@GH.HUU\5XHII
'HVDUUROOR GH XQD PHQWH LQWHUGLVFLSOLQDULD SRU PHGtR GH OD REVHUYDFLyQ (Q 7KH 3ULYDWH (\H 3URMHFW 5XHII SUHVHQWD XQ HQIRTXH
LQWHUGLVFLSOLQDULR SDUD HO XVR GH OXSDV \ OD DSOLFDFLyQ GH KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO (VWH IRUPDWR FXUULFXODU HVWi
FRPSXHVWRSRUXQSURFHVRHQFXDWURSDVRV
3DVR/RVDOXPQRVREVHUYDQXQREMHWRGHXVRFRWLGLDQRFRQOXSDDILQGHGHVWDFDUODFRQFLHQFLDYLVXDO\ODVKDELOLGDGHVSDUDOD
REVHUYDFLyQ\SDUDHVWLPXODUHOVHQWLGRGHOGHVFXEULPLHQWR\HOHQWXVLDVPRSRUHOPXQGRQDWXUDO
3DVR/RVDOXPQRVFUHDQDQDORJtDVSDUDVXVREVHUYDFLRQHVPDJQLILFDGDVFRQHOREMHWRGHSHUVRQDOL]DUVXDSUHQGL]DMH\UHIRU]DU
ODFRQFHQWUDFLyQ
3DVR/RVDOXPQRVGLEXMDQORTXHYHQDWUDYpVGHODOXSDDGLIHUHQWHVHVFDODVSDUDREWHQHUXQDSHUVSHFWLYDHVWpWLFD
3DVR/RVDOXPQRVWHRUL]DQ¢3RUTXpWLHQHHVWHREMHWRHODVSHFWRTXHWLHQH"SDUDFRPSUHQGHUTXHHQODQDWXUDOH]DODIXQFLyQ
GHWHUPLQDODIRUPD\SDUDDSOLFDUHOSURFHVRGHWHRUL]DFLyQGHORVFLHQWtILFRV
,QIHUHQFLD\WHRUt]DFLyQ
/XHJRGHFXDWURDxRVGHH[LWRVRWUDEDMRSLORWRHQHO'LVWULWR(VFRODUGH6HDWWOHORVGRFHQWHVGHORVQLYHOHVGHHQVHxDQ]DEiVLFD\
SROLPRGDOKDQGHWHUPLQDGRTXHPHGLDQWHHOHPSOHRGHPDWHULDOHVGHXVRFRWLGLDQRXQDOXSDGHMR\HUR\XQFXHVWLRQDULREiVLFRHV
SRVLEOHDOFDQ]DUUHVXOWDGRVWDOHQWRVRVFRQVXVDOXPQRV
(OGLEXMRFRPRIRUPDGHREVHUYDFLyQDWHQWD
+HDSUHQGLGRTXHDTXHOORTXHQRGLEXMpHVDOJRTXHHQUHDOLGDGQXQFDKHYLVWR\TXHFXDQGRFRPLHQ]RDGLEXMDUXQREMHWR
FRP~QDOFDQ]DDFRPSUHQGHUFXiQH[WUDRUGLQDULRHV
)5('(5,&.)5$1&.7+(=(12)6((,1*
&XDQGR GLEXMDPRV LQWHQVLILFDPRV QXHVWUD FRQFHQWUDFLyQ (VWH SURFHVR QRV SHUPLWH FRPELQDU LPiJHQHV PHQWDOHV LQWHULRUHV FRQ
LPiJHQHVH[WHUQDV\GDSRUUHVXOWDGRXQDREVHUYDFLyQDWHQWD(OGLEXMRFRQVWLWX\HXQPHGLRHILFD]SDUDGRFXPHQWDULQWHUSUHWDU\
PDJQLILFDU QXHVWUDV REVHUYDFLRQHV 6L ELHQ PXFKRV DOXPQRV PD\RUHV GH RFKR R QXHYH DxRV DILUPDUiQ TXH QR VDEHQ GLEXMDU OD
PD\RUtD GH HOORV GLVIUXWDQ GH WDO DFWLYLGDG VL VH GHGLFD WLHPSR D OD WDUHD \ VH PLQLPL]DQ ORV UHTXLVLWRV UHVSHFWR GHO DVSHFWR GHO
SURGXFWRILQDO
([LVWHQDOJXQRVUHFXUVRVTXHSHUPLWHQWUDQVIRUPDUODVDFWLYLGDGHVGHGLEXMRHQXQDH[SHULHQFLDSODFHQWHUDSDUDDOXPQRVGHWRGDV
ODV HGDGHV (Q SULPHU OXJDU HO GRFHQWH H[SRQGUi DOJXQRV GH ORV IXQGDPHQWRV GHO GLEXMR 8Q PpWRGR SDUD OD HQVHxDQ]D GH VXV
HOHPHQWRVEiVLFRVIXHGHVDUUROODGRSRU0RQD%URRNHV(QVXOLEUR'UDZLQJZLWK&KLOGUHQ>'LEXMDQGRFRQORVQLxRV@H[SOLFDTXH
H[LVWHQVRODPHQWHFLQFRIRUPDVEiVLFDVTXHHVQHFHVDULRGRPLQDUSDUDSRGHUGLEXMDUFXDOTXLHUREMHWR'LFKDVIRUPDVVRQHOSXQWR
ODOtQHDUHFWDODOtQHDTXHEUDGDODOtQHDFXUYD\HOFtUFXOR/DWpFQLFDGH%URRNHVSHUPLWHDORVDOXPQRVGLEXMDUHOHPHQWRVGHOD
QDWXUDOH]D
8QRGHORVSULPHURVSDVRVSDUDOLEHUDUQXHVWUDFDSDFLGDGSDUDHOGLEXMRFRQVLVWHHQVXSHUDUORVHVWHUHRWLSRV\HYLWDUFDHUHQHO
VROLORTXLR VLQ PLUDU FXDQGR GLEXMDPRV SRU HMHPSOR eVWH HV XQ RMR R $TXt KD\ XQD UDPD 3RU HO FRQWUDULR VL QRV
FRQFHQWUDPRVHQODVFXUYDVORViQJXORVORVFtUFXORVORVSXQWRV\ODVOtQHDVUHFWDVGHXQRMRRXQDUDPDSRUHMHPSORSRGHPRV
SHUFLELU\UHSURGXFLUXQDUHSUHVHQWDFLyQPiVSUHFLVDGHORVREMHWRV
8QDIRUPDVHQFLOODGHHVWLPXODUODVKDELOLGDGHVSDUDHOGLEXMRHQORVDOXPQRVFRQVLVWHHQVROLFLWDUOHVTXHUHDOLFHQXQERFHWRUiSLGR
GHXQREMHWRFRP~QTXHVHOHVRFXUUDWDOFRPRXQDPDQ]DQDRXQOiSL]/XHJRVHOHVSURSRUFLRQDUiXQDPDQ]DQDRXQOiSL]
SDUD TXH REVHUYHQ \ VH OHV SHGLUi TXH GLEXMHQ HO REMHWR WHQLHQGR HQ FXHQWD ODV FLQFR IRUPDV EiVLFDV /D PD\RUtD GH ODV
SHUVRQDVREWHQGUiORJURVVRUSUHQGHQWHV
([LVWHQLQQXPHUDEOHVSURFHGLPLHQWRVGHGLEXMRTXHSHUPLWHQSHUIHFFLRQDUODVKDELOLGDGHVSDUDODREVHUYDFLyQ$OJXQRV
GHHOORVVRQGLEXMDUXQSULPHUSODQRGHXQDSDUWHGHOREMHWRXWLOL]DUXQDKHUUDPLHQWDGHDXPHQWR\GLEXMDUORTXHVH
REVHUYHGLEXMDUXQREMHWRGHVGHXQDGHWHUPLQDGDGLVWDQFLDRGHVGHGLIHUHQWHViQJXORVRSHUVSHFWLYDVODWHUDOVXSHULRUR
SRVWHULRU2WUDHVWUDWHJLDHILFD]FRQVLVWHHQVROLFLWDUDORVDOXPQRVTXHUHFRUWHQSHTXHxRVPDUFRVGHFDUWyQGHXQWDPDxR
DSUR[LPDGRDORV[FPR[FP(VWRVPDUFRVVHXWLOL]DUiQSDUDGHOLPLWDUXQHVSDFLRGHGLEXMRSDUDHOLPLQDUORV
HOHPHQWRV YLVXDOHV TXH FDXVDQ GLVWUDFFLyQ \ SDUD GHVWDFDU HO IRFR YLVXDO &XDQGR ORV DOXPQRV VHDQ FDSDFHV GH GLEXMDU
FXDOTXLHUREMHWR\FRQVLGHUHQDJRWDGDODDFWLYLGDGVHOHVSXHGHVROLFLWDUTXHUHDOLFHQXQDQXHYDREVHUYDFLyQTXHDJUHJXHQ
GHWDOOHVTXHVHDFHUTXHQDOREMHWRTXHREVHUYDQ\TXHHQFRQVHFXHQFLDDQDOLFHQ\FXHVWLRQHQDTXHOORTXHHVWiQYLHQGR
&XDGHUQRVGHFDPSR
3DUD XQ QDWXUDOLVWD XQD SDUWH LPSRUWDQWH GH OD LQWHUDFFLyQ FRQ OD QDWXUDOH]D FRQVLVWH HQ OOHYDU XQ UHJLVWUR VXV
REVHUYDFLRQHV /D FRQIHFFLyQ GH XQ FXDGHUQR GH FDPSR SHUPLWH UHDOL]DU XQD UHYLVLyQ SRVWHULRU GH GDWRV ERFHWRV
LQWHUURJDQWHV\UHDFFLRQHVRELHQFRPSDUWLUORVFRQRWUDVSHUVRQDVEHELGRDTXHORVQDWXUDOLVWDVVXHOHQIRUPXODUVHSUHJXQWDV
DFHUFD GH OR TXH YHQ HV LPSRUWDQWH FUHDU XQ IRUPDWR SDUD HO UHJLVWUR GH GDWRV TXH UHIOHMH WDQWR ORV KHFKRV FRPR ODV
HVSHFXODFLRQHV8QDSRVLELOLGDGFRQVLVWHHQFRQIHFFLRQDUXQDWDEODGHGRVFROXPQDVFRPRODVLJXLHQWH
/OHYDUXQUHJLVWURGHODVSURSLDVREVHUYDFLRQHVHVXQDWDUHDTXHUHTXLHUHSUiFWLFD5HVXOWD~WLOFRPHQ]DUSRUREVHUYDUXQDHVFHQDR
KHFKREUHYH\OLPLWDGRHLUH[WHQGLHQGRJUDGXDOPHQWHHODOFDQFHGHO UHJLVWURDH[SHULHQFLDVPiVFRPSOHMDV/RVDOXPQRVSRGUiQ
PRGLILFDUHOIRUPDWRGHOFXDGHUQRGHFDPSRVHJ~QORFUHDQFRQYHQLHQWH3RUHMHPSORDOJXQRVSUHIHULUiQLQFOXLUXQDFROXPQDR
YDULDVSiJLQDVSDUDUHDOL]DUERFHWRVDUWtVWLFRV
*XtDGHREVHUYDFLyQSDUDWUDEDMRVGHFDPSR
&XDQGRVHOOHYHDFDERXQDFDPLQDWDJUXSDOFRPRSDUWHGHOWUDEDMRHVFRODURVLVHODDVLJQDFRPRWDUHDSDUDHOKRJDUVHSRGUi
SURSRUFLRQDUDORVDOXPQRVODVLJXLHQWHJXtDSDUDHOUHJLVWURGHGDWRV\ODFUHDFLyQGHERFHWRVGXUDQWHODDFWLYLGDGGHFDPSR
‡¢&XiOHVODWHPSHUDWXUDKXPHGDG\FDQWLGDGGHOX]VRODUGHOOXJDU"
‡¢&XiOHVHODVSHFWRGHOWHUUHQR"¢(VRQGXODGROODQRRHVWiFXELHUWRGHKLHUED"
‡'HVFULELUODFDOLGDGGHOVXHOR¢(VURFRVRRVFXURDUHQRVRREDUURVR"
‡¢&XiQWDVSODQWDVRDQLPDOHVVHSXHGHQYHU"¢6RQWRGRVGHODPLVPDFODVH"
‡¢7LHQHQDVSHFWRVDOXGDEOH"
‡¢4XpWHGLFHVXSUHVHQFLDDFHUFDGHODVSURSLHGDGHVGHOHQWRUQRORFDO"
‡¢3RUTXpFUHHVTXHHVWDVSODQWDV\HVWRVDQLPDOHVYLYHQHQHVWHKiELWDW"
‡¢(QTXpVHGLIHUHQFLDQODVSODQWDV\ORVDQLPDOHVGHXQD]RQDGHORVGHRWUD"
‡'LEXMDXQDRPiVSODQWDVRDQLPDOHVTXHWHJXVWDUtDVHJXLUHVWXGLDQGR
‡0HQFLRQDDOJ~QREMHWRTXHWHKD\DOODPDGRODDWHQFLyQGXUDQWHWXVREVHUYDFLRQHV
$OYROYHUDODXODVHD\XGDUiDORVDOXPQRVDUHFRQRFHUODIORUD\ODIDXQDTXHKD\DQREVHUYDGR\VHSURPRYHUiODLQYHVWLJDFLyQ
SDUDUHVSRQGHUDODVSUHJXQWDVLQGLYLGXDOHV
&XDGHUQRVGHGLiORJR
(Q DOJXQRV FDVRV HO XVR GH FXDGHUQRV GH GLiORJR UHVXOWD PRWLYDGRU SDUD GRFHQWHV \ DOXPQRV (VWRV UHJLVWURV SURPXHYHQ HO
LQWHUFDPELRHQWUHVXGXHxR\HOGRFHQWHRXQFRPSDxHURTXLHQSRGUiFRPHQWDUODVREVHUYDFLRQHVRORVLQWHUURJDQWHVTXHDSDUHFHQ
HQ HOOD (O IRUPDWR GH ORV FXDGHUQRV GH GLiORJR SXHGH LQFOXLU XQD FROXPQD SDUD ORV FRPHQWDULRV R GLUHFWDPHQWH VH ORV SRGUi
HVFULELUHQORVPiUJHQHVRHOUHYHUVRGHODKRMD&XDQGRHOGRFHQWHGHFLGDWUDEDMDUORVHQHODXODVHUiLPSRUWDQWHJDUDQWL]DUDORV
DOXPQRVHOGHUHFKRDODSULYDFLGDGGHODVSiJLQDVTXHQRGHVHHQFRPSDUWLUFRQORVGHPiV
(OWUDEDMRFRQFXDGHUQRVGHFDPSRQRGHEHOLPLWDUVHDOUHJLVWURGHGDWRVHLQWHUURJDQWHVDFHUFDGHOPXQGRQDWXUDO6HODVSXHGH
XWLOL]DUSDUDGRFXPHQWDULQWHUDFFLRQHVGHQWURGHODXODSURFHVRVSDUDODVROXFLyQGHSUREOHPDV\RSLQLRQHVGHORVDOXPQRVDFHUFD
GHORVFRQWHQLGRVTXHHVWiQHVWXGLDQGR$OJXQRVGRFHQWHVFRQVLGHUDQTXHODVELWiFRUDVVLUYHQFRPRKHUUDPLHQWDVLQIRUPDOHVSDUD
ODHYDOXDFLyQGHELGRDTXHSURSRUFLRQDQLQIRUPDFLyQDFHUFDGHOQLYHOGHFRQRFLPLHQWRGHORVFRQWHQLGRVTXHKDQDOFDQ]DGRORV
DOXPQRV\HQIRTXHVSDUDODVROXFLyQGHSUREOHPDV
3HUFHSFLyQGHUHODFLRQHV
1XHVWUD FDSDFLGDG SDUD SHUFLELU UHODFLRQHV GHSHQGH GH WUHV SURFHVRV FRJQLWLYRV HVHQFLDOHV UHFRQRFLPLHQWR GH VLPLOLWXGHV \
GLIHUHQFLDVFODVLILFDFLyQGHREMHWRVGHDFXHUGRFRQGLYHUVRVFULWHULRSHUFHSFLyQGHLQWHUUHODFLRQHV0XFKRVQDWXUDOLVWDVVRQ
DOWDPHQWH FRPSHWHQWHV HQ HVWRV WUHV SURFHVRV GH SHQVDPLHQWR ([LVWHQ SHQVDGRUHV GH VLVWHPDV TXH VH VLHQWHQ IDVFLQDGRV FRQODV
LQWHUUHODFLRQHVTXHVHPDQLILHVWDQHQWUHORVREMHWRV\DOPLVPRWLHPSRHOLJHQDERUGDUORSDUWLFXODU'HVHDQFRQRFHUORVQRPEUHV
GHORVVHUHVYLYLHQWHVVXVFDUDFWHUtVWLFDVLQGLYLGXDOHV\HOOXJDUTXHRFXSDQHQODDPSOLDUHGGHODYLGD/DVVLJXLHQWHVDFWLYLGDGHV
SURPXHYHQHQORVDOXPQRVORVSURFHVRVGHSHQVDPLHQWRQDWXUDOLVWDTXHOHVSHUPLWHQHVWDEOHFHUFRPSDUDFLRQHV\FRQWUDVWHVHQWUH
GLYHUVRVREMHWRVFODVLILFDUORV\SHUFLELUVXLQWHUGHSHQGHQFLD
5HFRQRFLPLHQWRGHGLIHUHQFLDVHQWUHREMHWRVVLPLODUHV
(VWD DFWLYLGDG SHUPLWH D ORV DOXPQRV WRPDU FRQFLHQFLD DFHUFD GH ODV VXWLOHV GLIHUHQFLDV TXH H[LVWHQ HQWUH REMHWRV
VLPLODUHV/RVDOXPQRVHVWDEOHFHUiQFRPSDUDFLRQHV\FRQWUDVWHVHQWUHGRVREMHWRVTXHDSULPHUDYLVWDSDUH]FDQLGpQWLFRV
3DUDFRPHQ]DUVHOHVSURSRUFLRQDXQDFRSLDGHOJUiILFRGHFRPSDUDFLyQ\FRQWUDVWHTXHDSDUHFHHQODSiJLQDDQWHULRU6HOR
DQDOL]D MXQWR FRQ ORV DOXPQRV \ VH H[SOLFD TXH HO SULPHU SDVR FRQVLVWH HQ HVFULELU HO QRPEUH GH ORV REMHWRV TXH HVWpQ
REVHUYDQGR SLHGUDV SOXPDV PDQ]DQDV FWH HQ OD SDUWH VXSHULRU GH OD KRMD /XHJR SDUD GLVWLQJXLU D FDGD XQR GH ORV
HOHPHQWRVGHOSDUVHGHEHLQYHQWDUXQQRPEUHHVSHFLDOSDUDFDGDREMHWR(OWHUFHUSDVRFRQVLVWHHQHQXPHUDUODVVLPLOLWXGHV
HQWUHORVREMHWRV\OXHJRUHFRQRFHUFDUDFWHUtVWLFDVHVSHFLILFDVTXHSHUPLWDQFRPSDUDUORVFRPRIRUPDORQJLWXGSHVRFRORU
PDUFDV SDUWLFXODUHV \ WDPDxR 3RU ~OWLPR ORV DOXPQRV GHEHQ FRPSOHWDU HO VHFWRU GHO JUiILFR FRUUHVSRQGLHQWH D ODV
GLIHUHQFLDV
/RV DOXPQRV SXHGHQ IRUPDU SDUHMDV R SHTXHxRV JUXSRV SDUD UHDOL]DU HVWD DFWLYLGDG $ FDGD JUXSR VH OH HQWUHJDQ GRV
REMHWRVFRPR]DQDKRULDVPDQ]DQDVHVSLJDVFDUDFROHVSLHGUDVRSOXPDVGHDYH\VHOHVROLFLWDTXHFRPSOHWHHOJUiILFR(O
FXHVWLRQDULR TXH DSDUHFH D FRQWLQXDFLyQ HV XQD JXtD SDUD OD UHIOH[LyQ XQD YH] ILQDOL]DGD OD DFWLYLGDG6LVHRGHVHDORV
DOXPQRVSXHGHQDQDOL]DUSULPHURVXVJUiILFRVHQSHTXHxRVJUXSRV\OXHJRLQFRUSRUDUVHDXQGHEDWHFRQWRGRVORVPLHPEURV
GHODFODVH
‡¢&XiOIXHODSULPHUDLPSUHVLyQDFHUFDGHOSDUGHREMHWRV"
‡¢'HTXpPDQHUDVHPRGLILFyHVDLPSUHVLyQ"
‡¢&XiOHVGHORVVHQWLGRVXWLOL]DURQSDUDREVHUYDUHOSDUGHREMHWRV"
‡¢6HHQFRQWUDURQPD\RUHVVLPLOLWXGHVRGLIHUHQFLDVHQWUHORVREMHWRV"
‡¢(QTXpVHEDVDQODVVLPLOLWXGHV"
‡¢(QTXpVHEDVDQODVGLIHUHQFLDV"
‡¢([LVWHDOJXQDIRUPDGHYHULILFDUORVVXSXHVWRV"
3DUDDYDQ]DUHQHOWUDEDMRFRQODVKDELOLGDGHVGHREVHUYDFLyQHOGRFHQWHSRGUiURWDUGLYHUVRVSDUHVGHREMHWRVHQWUHORV
DOXPQRV/XHJRGHUHDOL]DUYDULDVREVHUYDFLRQHVGHHVWDFODVHORVDOXPQRVSRGUiQUHIOH[LRQDUDFHUFDGHORVFDPELRVTXH
KD\DQQRWDGRHQVXFDSDFLGDGSDUDREVHUYDUGHWDOOHV
(VSRVLEOHDSOLFDUSURFHVRVVLPLODUHVHQWRGDVODViUHDVFXUULFXODUHV/RVGRFHQWHVSRGUiQFRSLDUHOJUiILFRTXHDSDUHFH
PiV DUULED \ VROLFLWDU D ORV DOXPQRV TXH FRPSDUHQ \ FRQWUDVWHQ SRU HMHPSOR ORV FDUJRV HOHFWLYRV \ QR HOHFWLYRV GHO
JRELHUQRQDFLRQDOORVVXVWDQWLYRV\ORVYHUERVRORVDQLPDOHVKHUEtYRURV\FDUQtYRURV
£(VWiFODVLILFDGR
/D FODVLILFDFLyQ HV XQ SURFHVR FRJQLWLYR IXQGDPHQWDOTXHVHUHODFLRQDFRQODFDSDFLGDGSDUDDJUXSDUREMHWRVKHFKRV
VHUHVYLYLHQWHV\IHQyPHQRVGHDFXHUGRFRQVXVFDUDFWHUtVWLFDVFRPXQHV8QDVSHFWRDGLFLRQDOGHODFODVLILFDFLyQFRQVLVWHHQ
RWRUJDU D XQ JUXSR GH REMHWRV XQD GHQRPLQDFLyQ TXH FRPXQLTXH VXV FDUDFWHUtVWLFDV HVHQFLDOHV WDO FRPR VH SRQH GH
PDQLILHVWRHQODWDEODSHULyGLFDGHORVHOHPHQWRV3RUPHGLRGHODFODVLILFDFLyQVHUHGXFHODFRPSOHMLGDGGHOHQWRUQR(V
SRVLEOHUHFRQRFHUORVREMHWRVFRQFHQWUDUODDWHQFLyQRUJDQL]DUODLQIRUPDFLyQ\SHUFLELUUHODFLRQHV
/RVELyORJRVKDQGHVDUUROODGRVLVWHPDVGH FODVLILFDFLyQTXHSURSRUFLRQDQXQDGLVSRVLFLyQRUGHQDGDGHWRGRVORVVHUHVYLYLHQWHV
'XUDQWHPLOHVGHDxRVVHLQWHQWyFODVLILFDUDQLPDOHV\SODQWDV6HJ~Q5LFKDUG9DQ*HOGHUFXUDGRUGHOVHFWRUGHPDPtIHURVHQHO
0XVHR 1DFLRQDO GH +LVWRULD 1DWXUDO GH ORV (VWDGRV 8QLGRV ORV SULPHURV VLVWHPDV GH FODVLILFDFLyQ GLYLGtDQDORVVHUHVYLYRVHQ
GRVJUXSRV~WLOHV\SHUMXGLFLDOHV$PHGLGDTXHVHGHVFXEUtDQQXHYDVHVSHFLHVVHLQYHQWDURQQXHYDVIRUPDVSDUDDJUXSDUORV
IHQyPHQRVQDWXUDOHV$ULVWyWHOHVGLVHxyXQVLVWHPDTXHGLYLGtDDORVDQLPDOHVTXHWLHQHQHVSLQDGRUVDOGHORVTXHQRODWLHQHQ
7DPELpQ GLYLGtD D ODV SODQWDV SRU VX WDPDxR \ DVSHFWR FULWHULR TXH SHUPLWtD FODVLILFDUODV HQ KLHUEDV DUEXVWRV \ iUEROHV (O
HVTXHPDGH$ULVWyWHOHVVHXWLOL]yGXUDQWHDSUR[LPDGDPHQWHGRVPLODxRV
(OGLVHxREiVLFRGHODFODVLILFDFLyQTXHXWLOL]DPRVHQODDFWXDOLGDGIXHGHVDUUROODGRSRUHOQDWXUDOLVWDVXHFR/LQQHRTXLHQHQHO
VLJOR;9,,,VHSDUyDODVSODQWDV\DORVDQLPDOHVGHDFXHUGRFRQVXHVWUXFWXUD\RWRUJyQRPEUHVFDUDFWHUtVWLFRVDFDGDXQDGHODV
HVSHFLHV6XVLVWHPDGHFODVLILFDFLyQSDUDSODQWDV\DQLPDOHVHVHOTXHXWLOL]DPRVKR\HQGtD\VHORFRQVLGHUDXQDWD[RQRPtD$Vt
FRPRRFXUUHFRQORVDGXOWRVDPXFKRVQLxRVOHVHQFDQWDDSUHQGHUORVQRPEUHVGHORVIHQyPHQRVQDWXUDOHVTXHVHPDQLILHVWDQHQ
VX HQWRUQR 'H KHFKR DOJXQRV GH HOORV H[KLEHQ XQ HOHYDGR QLYHO GH FRQRFLPLHQWRV VREUH XQ GHWHUPLQDGR REMHWR QDWXUDO SRU
HMHPSOR DUDxDV R GLQRVDXULRV \ VH RIUHFHQ HVSRQWiQHDPHQWH SDUD EULQGDU LQIRUPDFLyQ R HQVHxDU D ORV GHPiV OR TXH VDEHQ
$OJXQDV GH ODV DFWLYLGDGHV TXH VH VXJLHUHQ D FRQWLQXDFLyQ SURPXHYHQ OD SDUWLFLSDFLyQ DFWLYD GH ORV DOXPQRV SDUD FODVLILFDU \
GHQRPLQDUREMHWRVDFWLYLGDGHVTXHOHVSHUPLWHQLQFUHPHQWDUVXVFRQRFLPLHQWRVDFHUFDGHORVFRQWHQLGRV\ DSOLFDUXQLPSRUWDQWH
SURFHVRFRJQLWLYR
2UJDQL]DFLyQGHFROHFFLRQHV
8QDPDQHUDSUiFWLFDSDUDHQVHxDUDFODVLILFDU\SDUDHVWLPXODUODREVHUYDFLyQDWHQWDGHIHQyPHQRVQDWXUDOHV\KXPDQRVFRQVLVWH
HQ RUJDQL]DU FROHFFLRQHV /RV DOXPQRV SXHGHQ FUHDU FROHFFLRQHV GH IORUD R IDXQD OLEURV RSHUDFLRQHV PDWHPiWLFDV GDWRV
FLHQWtILFRV DOLPHQWRV SUHIHULGRV DXWRPyYLOHV P~VLFD R WRGR DTXHOOR TXH UHVXOWH VLJQLILFDWLYR SDUD ORV FRQWHQLGRV TXH VH HVWpQ
WUDEDMDQGR8QDYH]TXHKD\DQUHXQLGRVXVHMHPSODUHVSRGUiQFRPHQ]DUDFODVLILFDUORVGHDFXHUGRFRQQXPHURVDVFDWHJRUtDV
(ODOXPQRFRPRFROHFFLRQLVWD
([LVWHQ FXDWUR SDVRV VLPSOHV SDUD RUJDQL]DU XQD FROHFFLyQ 6HOHFFLRQDU HO REMHWR GH OD FROHFFLyQ &RQVHJXLU HQYDVHV
DSURSLDGRVSDUDFRQVHUYDUHOPDWHULDOROLEURV5HFROHFWDUFRQUHVSRQVDELOLGDG&ODVLILFDU\RUGHQDUODFROHFFLyQSRUQRPEUH
$QWHVGHTXHORVDOXPQRVFRPLHQFHQDRUJDQL]DUFROHFFLRQHVLQGLYLGXDOHVUHVXOWDUi~WLOFUHDUXQDFROHFFLyQJUXSDOHQHODXOD3RU
HMHPSORFDGDDOXPQRSXHGHDSRUWDU XQDIORURXQDKRMD(OGRFHQWHOHVSURSRUFLRQDXQHQYDVHSRUHMHPSORXQDFDMDGHIRUPD
REORQJD FRQ R GLYLVLRQHV SDUD FRORFDU ORV HMHPSODUHV 8QD YH] TXH VH ORV KD\D UHXQLGR VHUi QHFHVDULR RUGHQDUORV H
LGHQWLILFDUORVSRUVXVQRPEUHVWDQWRFRPXQHVFRPRFLHQWtILFRV(VWRV~OWLPRVSXHGHQHQFRQWUDUVHHQGLYHUVDVJXtDV/RVDOXPQRV
SXHGHQSURSRQHUFDWHJRUtDVSDUDRUJDQL]DUODFROHFFLyQ8QRRGRVPLHPEURVGHODFODVHVHHQFDUJDUiQGHDJUXSDUORVHVSHFtPHQHV
GHDFXHUGRFRQODFDWHJRUtDTXHVHKD\DHVWLSXODGR/XHJRWRGRHOJUXSRSRGUtDFODVLILFDUORVWLSRVGHHOHPHQWRVYHJHWDOHVTXHVH
KD\DQ UHXQLGR \ FUHDU JUiILFRV GH EDUUDV R GH WRUWD SDUD FRPSDUDU HO SRUFHQWDMH TXH FDGD YDULHGDG UHSUHVHQWD GHQWUR GH OD
FROHFFLyQ
$FRQWLQXDFLyQGHVFULELPRVHQGHWDOOHORVFXDWURSDVRVSDUDODFUHDFLyQGHFROHFFLRQHV
3DVR3DUDFRPHQ]DUXQDFROHFFLyQHVQHFHVDULRHOHJLUXQREMHWRDSURSLDGR(QFLHQFLDVVRFLDOHVSRGUtDQVHUIRWRJUDItDVR
WDUMHWDVSRVWDOHVPDQXVFULWDVGHFLXGDGHVSURYLQFLDVSDtVHVPXMHUHVIDPRVDVRGLIHUHQWHVHVWUXFWXUDVGHJRELHUQR(QFLHQFLDV
QDWXUDOHVVHSRGUtDQUHFROHFWDUWDUMHWDVRILJXULWDVTXHLQFOX\DQLPiJHQHVGHFpOXODVQXEHVHVWUHOODVRJDOD[LDV(QPDWHPiWLFD
ORVDOXPQRVSRGUtDQUHFRSLODUUHFHWDVGHFRFLQDSURVSHFWRVGHPHGLFDPHQWRVWDEODVGHYDULDFLyQGHODWHPSHUDWXUDUHFRUWDGDVGHO
SHULyGLFROLVWDVGHFRWL]DFLRQHVHQOD%ROVDRDQXQFLRVSXEOLFLWDULRV3DVR6HOHFFLRQDUORVHQYDVHVDSURSLDGRVSDUDFRQVHUYDUOD
FROHFFLyQ$OJXQRVGHHOORVSXHGHQVHUFXDGHUQRVKXHYHUDVFDMDVSHTXHxDVSRUHMHPSORGH]DSDWRVSUHIHUHQWHPHQWHGLYLGLGDV
HQVHFFLRQHVSRUPHGLRGHWLUDVGHFDUWyQUHFLSLHQWHVGHSOiVWLFRMR\HURVROLEUHWDVGHIDEULFDFLyQFDVHUDFRQODVKRMDVHQEODQFR
/RViOEXPHVUHVXOWDQPX\FRQYHQLHQWHVSDUDJXDUGDUREMHWRVSODQRVFRPRIORUHVXKRMDVGLVHFDGDVILJXULWDVHVWDPSLOODV\
OiPLQDV3DVR&XDQGRORVDOXPQRVHVWpQOLVWRVSDUDFRPHQ]DUVXFROHFFLyQVHH[SOLFLWDUiQODVUHJODVTXHGHEHUiQREVHUYDU6L
VHFROHFFLRQDQHVSHFtPHQHVQDWXUDOHVVHHYLWDUiH[WUDHUREMHWRVTXHVHHQFXHQWUHQHQ]RQDVSURWHJLGDVRGHSURSLHGDGSULYDGD\
QRVHUHFROHFWDUiQSODQWDVRDQLPDOHVYHQHQRVRVVHXWLOL]DUiQJXDQWHVXRWURVHOHPHQWRVGHVHJXULGDGVHJ~QVHDQHFHVDULR\VH
PRVWUDUiUHVSHWRSRUWRGDVODVIRUPDVGHYLGD6LODFROHFFLyQLQFOX\HREMHWRVFUHDGRVSRUHOKRPEUHVHGHEHUiVROLFLWDU
DXWRUL]DFLyQDQWHVGHWRPDUHOHPHQWRVGHVXVKRJDUHVHVFXHODVXRWURViPELWRV3DVR8QDYH]TXHVHKD\DQUHFROHFWDGRORV
REMHWRVVHORVGHEHUiRUJDQL]DUHQGLIHUHQWHVFDWHJRUtDVSRU HMHPSORVHPLOODVIORUHVKRMDVRFRUWH]D1RH[LVWHOtPLWHSDUDOD
FDQWLGDG\FODVHGHODVFDWHJRUtDVGHFODVLILFDFLyQ3DUDFROHFFLRQHVQRUHODFLRQDGDVFRQODIORUD\ODIDXQDDOJXQDVGHODVSRVLEOHV
FDWHJRUtDVVRQDQWLJHGDGYDULHGDGPDUFDIXQFLyQUHQGLPLHQWRSDtVGHRULJHQJUXSR\SURPHGLRGHHILFDFLD/RVREMHWRV
QDWXUDOHVSXHGHQDJUXSDUVHSRUIXQFLyQWDPDxRIRUPDFRORUHGDGRYDULHGDG/RVHMHPSODUHVGHEHUiQFRQVHUYDUVHFXLGDGRVD\
DUWtVWLFDPHQWHHQORVHQYDVHV/RVDOXPQRVGHEHUiQFRQIHFFLRQDUHWLTXHWDVSDUD£GHQWLILFDUFDGDXQRGHORVREMHWRV6LVHWUDEDMD
FRQIORUDRIDXQDVHOHVVROLFLWDUiTXHLQFOX\DQORVQRPEUHVFRPXQHV\FLHQWtILFRVGHORVHVSHFtPHQHV([LVWHQGHFHQDVGHJXtDV
GLVSRQLEOHVHQOLEUHUtDV\ELEOLRWHFDVTXHOHVSHUPLWLUiQUHFRQRFHUSODQWDV\DQLPDOHV
&ROHFFLRQHVPXOWLVHQVRULDOHV
1RHVQHFHVDULRTXHWRGDVODVFROHFFLRQHVWHQJDQFDUDFWHUtVWLFDVYLVXDOHV$OJXQDVGHHOODVSRGUtDQHVWDUFRPSXHVWDVSRUDURPDV
VDERUHV VRQLGRV R WH[WXUDV 3RU HMHPSOR XQ FXUVR GH TXtPLFD GH VHJXQGR DxR GH QLYHO SROLPRGDO HVWXGLy ODV SULQFLSDOHV
YDULHGDGHV GH Wp TXH H[LVWHQ HQ HO PXQGR HQWUH ODV TXH VH LQFOX\HQ WDQWR ORV WpV YHUGH \ QHJUR GH $VLD FRPR ODV LQIXVLRQHV
SRSXODUHVGHKLHUEDV/RVDOXPQRVFUHDURQDGMHWLYRVSDUDHOVDERU\HODURPDGHORVGLIHUHQWHVWpVFRQHOREMHWRGHHYDOXDUORV\
FODVLILFDUORV/XHJRFRQVXOWDURQOLEURVDQWLJXRVVREUHHOWHPDDILQGHIDPLOLDUL]DUVHFRQORVFULWHULRVGHVDUUROODGRVSDUDMX]JDUVX
FDOLGDG (V SRVLEOH SURPRYHU QXHVWUD FRQFLHQFLD VHQVRULDO \ H[SDQGLU QXHVWUR YRFDEXODULR FXDQGR UHFXUULPRV D RWURV VLVWHPDV
VHQVRULDOHV
2WUDVVXJHUHQFLDVSDUDUHDOL]DUFODVLILFDFLRQHV
6HJ~Q VH KD VHxDODGR HQ HO FDStWXOR GHGLFDGR D OD LQWHOLJHQFLD YLVXDOHVSDFLDO HO HPSOHR GH KHUUDPLHQWDV JUiILFDV SHUPLWH D ORV
DOXPQRV LQFRUSRUDU VLQ GLILFXOWDG XQ FRQFHSWR \ ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH LGHDV YLQFXODGDV /RV VLVWHPDV GH
FODVLILFDFLyQSXHGHQFRPXQLFDUVHGHPDQHUDHILFD]DWUDYpVGHPHGLRVYLVXDOHV'DGRTXHODVWD[RQRPtDVVHUDPLILFDQHQIRUPD
VLPLODUDORViUEROHVJHQHDOyJLFRVVHODVSXHGHUHSUHVHQWDUYLVXDOPHQWHXWLOL]DQGRHVHIRUPDWR
&ULDWXUDVLPDJLQDULDV
/RV DOXPQRV SXHGHQ WDPELpQ LQYHQWDU VXV SURSLRV DQLPDOHV \ FODVLILFDUORV 6H WUDEDMDUi LQGLYLGXDOPHQWH R HQ SHTXHxRV JUXSRV
SDUDLQYHQWDUFULDWXUDV\VHWHQGUiQHQFXHQWDORVVLJXLHQWHVSDUiPHWURVSDUDHVWDEOHFHUVXVFDUDFWHUtVWLFDV
¢&yPRVHPXHYH"
‡¢&XiOHVVRQODVSDUWHVGHVXFXHUSR"
¢&XiOHVVRQVXVyUJDQRVGHORVVHQWLGRV"
‡¢4XpFODVHGHHVTXHOHWRRHVWUXFWXUDFRUSRUDOSRVHH"
‡¢'HTXpHVWiFXELHUWRVXFXHUSR"
8QD YH] TXH VH KD\DQ UHVSRQGLGR HVWDV SUHJXQWDV ORV DOXPQRV SRGUiQ GLEXMDU HO DQLPDO HQXPHUDU VXV FDUDFWHUtVWLFDV SRQHUOH
QRPEUH \ FODVLILFDUOR GH DFXHUGR FRQ OD WD[RQRPtD FLHQWtILFD 6LQ OXJDU D GXGDV pVWD VHUi XQD H[SHULHQFLD GH DSUHQGL]DMH
LQROYLGDEOHSDUDHOORV
,QWURGXFFLyQDOFRQFHSWRGHLQWHUGHSHQGHQFLD
1LQJXQD FULDWXUD YLYLHQWH \D VHD YHJHWDO R DQLPDO YLYH DLVODGD &DGD IRUPD GH YLGD GHSHQGH GH RWUDV IRUPDV YLYLHQWHV \ QR
YLYLHQWHV$ILQGHTXHORVDOXPQRVSXHGDQLQFRUSRUDUHVWHFRQFHSWRVLQGLILFXOWDGVHOHVVROLFLWDUiTXHQRPEUHQDOJXQRVGHORV
VHUHV\REMHWRVGHORVFXDOHVGHSHQGHVXYLGD(VWDWDUHDUHVXOWDPiVVHQFLOODSDUDHQXQFLDUTXHSDUDOOHYDUDODSUiFWLFDGHELGRDOD
H[LVWHQFLDGHP~OWLSOHVLQWHUUHODFLRQHV
&DGHQDVDOLPHQWDULDVFRPRHMHPSORGHLQWHUGHSHQGHQFLD
(V SUREDEOH TXH HO GRFHQWH SUHILHUD IDPLOLDUL]DU D ORVDOXPQRVFRQORVFRPSRQHQWHVEiVLFRVGHXQDFDGHQDDOLPHQWDULDDQWHVGH
OOHYDU D FDER ODV DFWLYLGDGHV TXH VH SURSRQHQ D FRQWLQXDFLyQ6HOHVH[SOLFDTXHH[LVWHXQDFDGHQDDOLPHQWDULDFXDQGRORVVHUHV
YLYRV GH XQ HFRVLVWHPD RUJDQLVPRV TXH YLYHQ MXQWRV HQ XQD GHWHUPLQDGD iUHD VH DOLPHQWDQ XQRV GH RWURV 3RU OR JHQHUDO ORV
DQLPDOHVPiVJUDQGHVVHDOLPHQWDQGHORVPiVSHTXHxRV\HOORGDRULJHQD ODFDGHQD3RUHMHPSORXQSXPDSRGUtDFRPHUVHXQ
YHQDGRTXHVHDOLPHQWDGHOSDVWRTXHWRPyVXVQXWULHQWHVGHOVXHORTXHVHGHVDUUROOyDSDUWLUGHODGHVFRPSRVLFLyQGHSODQWDV\
DQLPDOHV([LVWHQWUHVUROHVSULQFLSDOHVHQODVFDGHQDVDOLPHQWDULDV
ORVSURGXFWRUHVFRPRHOSDVWR\ODVSODQWDVTXHVLUYHQGHDOLPHQWR
‡ORVFRQVXPLGRUHVHVGHFLUTXLHQHVFRPHQHODOLPHQWR
‡ORVGHVFRPSRQHGRUHVKRQJRV\EDFWHULDVTXHFDXVDQODGHVFRPSRVLFLyQGHSODQWDV\DQLPDOHVPXHUWRVFRQHOREMHWRGHGHYROYHU
ORVQXWULHQWHVDOVXHOR
&DVLWRGDVODVFDGHQDVDOLPHQWDULDVFRPLHQ]DQFRQHVROGRQGHVHSURGXFHODHQHUJtDTXHQHFHVLWDQODVSODQWDVSDUDFUHFHU8QD
FDGHQDWtSLFDLUtDGHVGHHOVRODODVSODQWDV\GHORVFRQVXPLGRUHVGHSODQWDVDORVFDUQtYRURV
$FWLYLGDGHVSDUDHOWUDEDMRFRQFDGHQDVDOLPHQWDULDV
ORV DOXPQRV SXHGHQ FUHDU FDGHQDV DOLPHQWDULDV VLPSOHV FRQ PDWHULDO FRQFUHWR 3DUD HOOR SUHSDUDQ ILFKDV FRQ ORV QRPEUHV GH
SURGXFWRUHVFRQVXPLGRUHV\GHVFRPSRQHGRUHVTXHSXHGDQHQFRQWUDUHQVXHQWRUQR\ODVGLVSRQHQHQHORUGHQFRUUHFWR3XHGHQ
UHDOL]DUVDOLGDVGHFDPSR\REVHUYDUFDGHQDVVLPSOHVHQDFFLyQ3RUHMHPSORORVDOXPQRVSRGUtDQWHQHURSRUWXQLGDGGHREVHUYDU
VDOWDPRQWHVTXHFRPHQKRMDV\UDQDVTXHFRPHQVDOWDPRQWHV
/RVDOXPQRVSRGUiQOXHJRGLEXMDUODVFDGHQDVDOLPHQWDULDVTXHFRQR]FDQ\VLORVGHVHDQUHIOHMDUHQXQSRHPDRHQXQDILFKHOD
LQWHUFRQH[LyQGHODYLGD
&RQVROLGDFLyQGHUHODFLRQHVHVWUHFKDVFRQODFRPXQLGDG
&RPRWRGRVORVGRFHQWHVVDEHQORVDOXPQRVVXHOHQIRUPXODUSUHJXQWDVSDUDODVFXDOHVQRH[LVWHQUHVSXHVWDVVHQFLOODV'HKHFKR
PX\SRFDVSHUVRQDVVLODVKD\VHGHVWDFDQHQODVRFKRLQWHOLJHQFLDV\SRUHOORUHVXOWD~WLOSRQHUVHHQFRQWDFWRFRQH[SHUWRVTXH
SXHGDQDERUGDUODVLQTXLHWXGHVGHORVDOXPQRV\GHVHPSHxDUVHFRPRWXWRUHVGH ORVQDWXUDOLVWDVHQIRUPDFLyQ/DPD\RUtDGHODV
FRPXQLGDGHV WLHQH DFFHVR D GLYHUVDV RUJDQL]DFLRQHV /RV DOXPQRV SXHGHQ SUHSDUDU XQ OLVWDGR WHOHIyQLFR GH ODV LQVWLWXFLRQHV H
LQGLYLGXRV FRQ TXLHQHV WHQJDQ LQWHUpV HQ FRPXQLFDUVH 'H HVWD PDQHUD HO JUXSR GH DOXPQRV SRGUi HVWDEOHFHU LQWHUHVDQWHV
UHODFLRQHVFRQDOJXQDVGHODVGLYHUVDVLQVWLWXFLRQHV\RUJDQL]DFLRQHVTXHGHWDOODPRVDFRQWLQXDFLyQ
‡$FXDULRV\RFHDQDULRV
‡MDUGLQHVERWiQLFRV\YLYHURV
‡'HSDUWDPHQWRV GH ELRORJtD IRUHVWDFLyQ ]RRORJtD ELRORJtD PDULQD FLHQFLDV DPELHQWDOHV R HFRORJtD GH LQVWLWXWRV GH HQVHxDQ]D
VXSHULRURXQLYHUVLGDGHV
6HUYLFLRVFRRSHUDWLYRVGHH[WHQVLyQSDUDODFRPXQLGDG
‡2UJDQL]DFLRQHVHFRORJLVWDV
‡,QGXVWULDVIRUHVWDOHV
‡3DLVDMLVWDV
‡0XVHRV
‡'LUHFFLRQHVGHSDUTXHV\ SDVHRVORFDOHVSURYLQFLDOHV\QDFLRQDOHV
‡&HQWURVQDWXUDOLVWDV
‡'HSHQGHQFLDVRILFLDOHVGHGLFDGDVDODDJULFXOWXUDIRUHVWDFLyQRUHFXUVRVQDWXUDOHV
‡3DUTXHVQDFLRQDOHV
‡=RROyJLFRV
$VLPLVPR ORV GRFHQWHV \ DOXPQRV SXHGHQ KDFHU XVR HIHFWLYR GH ,QWHUQHW SDUD REWHQHU PiV LQIRUPDFLyQ DFHUFD GHWRGRWHPDGH
LQWHUpV 'H KHFKR ORV QXHYRV SURJUDPDV WHFQROyJLFRVPXFKRVGHORVFXDOHVVHGHVFULEHQPiVDGHODQWHHQHVWHFDSLWXORSXHGHQ
PRWLYDUDORVDOXPQRVSDUDH[SORUDUODVPDUDYLOODVGHOPXQGRQDWXUDO
)RUPXODFLyQGHKLSyWHVLV\H[SHULPHQWDFLyQ
/RVQDWXUDOLVWDVXWLOL]DQVXVREVHUYDFLRQHVSDUDJHQHUDUWDQWRSUHJXQWDV
FRPR SRVLEOHV H[SOLFDFLRQHV \ VXHOHQ WHQHU LQWHUpV SRU EXVFDU ODV UHVSXHVWDV D VXV LQWHUURJDQWHV /RV DOXPQRV SXHGHQ IRUPXODU
SUHJXQWDVHLQWHQWDUUHVSRQGHUODVSRUPHGLR
GHGLYHUVDVH[SHULHQFLDVHQHODXOD(QHOFDStWXORGHGLFDGRDODLQWHOLJHQFLDOyJLFRPDWHPiWLFDGHVFULELPRVHOPpWRGRFLHQWtILFR\
SURSRUFLRQDPRV HMHPSORV GH KLSyWHVLV TXH ORV DOXPQRV SRGUtDQ SRQHU D SUXHED 'H KHFKR ORV PLVPRV SURFHGLPLHQWRV SXHGHQ
DSOLFDUVHDOHVWXGLRGHORVIHQyPHQRVQDWXUDOHV$FRQWLQXDFLyQVXJHULPRVDOJXQDVH[SHULHQFLDVPRGHORUHODFLRQDGDVFRQSODQWDV
6LHPEUDGHLQWHUURJDQWHVHQHODXOD
/RV DOXPQRV SXHGHQ H[SHULPHQWDU GLIHUHQWHV PpWRGRV SDUD KDFHU FUHFHU SODQWDV D SDUWLU GH VHPLOODV EXOERV R JDMRV 3XHGHQ
DYHULJXDUFXiOGHHVWRVPpWRGRVSHUPLWHXQFUHFLPLHQWRPiVUiSLGR
/RVDOXPQRVSXHGHQFRPSDUDUHOFUHFLPLHQWRH[SHULPHQWDGRSRUSODQWDVDODVTXHVHOHVKD\DDJUHJDGRIHUWLOL]DQWHVFRQDTXHOODV
DODVTXHQRVHOHVKD\DDJUHJDGR3XHGHQHVSHFXODUDFHUFDGHODFDQWLGDGGHIHUWLOL]DQWHQHFHVDULDSDUDLQIOXLUHQHOFUHFLPLHQWRGH
XQDSODQWD3DUDUHVSRQGHUHVWHLQWHUURJDQWHVHUiQHFHVDULROOHYDUDFDERFRQWUROHVSHULyGLFRV\H[SHULPHQWRVTXHSRQJDQDSUXHED
ODVYDULDEOHV
/RVDOXPQRVSXHGHQFRPSDUDUHOULWPRGHFUHFLPLHQWRGHSODQWDVH[SXHVWDVDGLIHUHQWHVYDULDEOHV3RGUtDQSUHJXQWDUVHFXiOHV
HOHIHFWRGHODKXPHGDGHOFDORURHODJXDVREUHODVSODQWDV8QDYH]PiVVHUiQHFHVDULRFUHDUXQH[SHULPHQWRFRQWURODGR\SRQHU
DSUXHEDXQDYDULDEOHSRUYH]
3RU OR JHQHUDO ODV RSRUWXQLGDGHV TXH SURSRUFLRQDQ ODV LQYHVWLJDFLRQHV SDUD UHDOL]DU H[SHULHQFLDV SUiFWLFDV VXHOHQ UHVXOWDU
DWUDFWLYDVSDUDWRGRVORVDOXPQRV1RREVWDQWHDXQTXHHVWRVHVWXGLRVUHVXOWDQYDOLRVRVSDUDODPD\RUtDGHORVJUXSRVQRVROHPRV
FRQWDU FRQ SRVLELOLGDGHV SDUD DERUGDU SUR\HFWRV GH LQYHVWLJDFLyQ FRQ GHPDVLDGD IUHFXHQFLD $OJR TXH Vt SRGHPRV SRQHU HQ
SUiFWLFDGLDULDPHQWHFRQVLVWHHQHQVHxDUDQXHVWURVDOXPQRVDIRUPXODUSUHJXQWDV\DOLEHUDUVXFXULRVLGDGLQQDWD
'HVDUUROORGHXQPDUFRGHSHQVDPLHQWRLQGDJDWRULR
/DH[SORUDFLyQGHOPDUFRPHQWDOLQGDJDWRULRGHORVQDWXUDOLVWDVSHUPLWHHVWLPXODUDORVDOXPQRVHQODIRUPXODFLyQGHSUHJXQWDV
FX\DVUHVSXHVWDVGHPDQGHQXQSURFHVRGHLQYHVWLJDFLyQ$WDOILQVHSXHGHQSURPRYHUGHEDWHV\GLVHxDUSUHJXQWDVDELHUWDVHQODV
GLVFLSOLQDV TXH FDGD GRFHQWH DERUGH $O FRPHQ]DU HO DxR HVFRODU VH SODQWHDQ XQD R GRV SUHJXQWDV FRPSOHMDV TXH SHUPLWDQ
GHVDUUROODUXQSURFHVRGHUHIOH[LyQGXUDQWHWRGRHOSHUtRGR(OGRFHQWHSXHGHVROLFLWDUDORVDOXPQRVTXHIRUPXOHQVXVRSLQLRQHVR
KLSyWHVLVFXDQGRFRPLHQFHQDWUDEDMDUXQDXQLGDGGLGiFWLFD\TXHODVUHYLVHQDPHGLGDTXHDYDQ]DQHQVXVHVWXGLRV/RVDOXPQRV
SRGUiQ GHVDUUROODU XQ PDUFR GH SHQVDPLHQWR LQGDJDWRULR VL VH OHV SURSRUFLRQD XQ HQWRUQR GH DSUHQGL]DMH GRQGH VH UHVSHWHQ HO
PLVWHULR\HOGHVFXEULPLHQWR
&HQWURVGHDSUHQGL]DMHQDWXUDOLVWD
/DVDXODVSXHGHQUHIOHMDUHOPXQGRQDWXUDOPHGLDQWHODLQFRUSRUDFLyQGHFHQWURVQDWXUDOLVWDVVHQFLOORV(VWRVFHQWURVSURSRUFLRQDQ
HQVHxDQ]D ORV DOXPQRV VREUH ORV IHQyPHQRV QDWXUDOHV \ ORV HVWLPXODQ SDUD H[WHQGHU HO FRQRFLPLHQWR VREUH OD QDWXUDOH]D D RWUDV
iUHDV FXUULFXODUHV 7DPELpQ SURPXHYHQ OD REVHUYDFLyQ H[SORUDFLyQ \ H[SHULPHQWDFLyQ 8Q ULQFyQ GHO DXOD VXHOH FRQVWLWXLU XQD
EXHQD XELFDFLyQ SDUD XQ FHQWUR QDWXUDOLVWD 6H OR SXHGH RUJDQL]DU IiFLOPHQWH FRQ XQD PHVD 6L HV SRVLEOH UHVXOWD ~WLO FRORFDUOD
MXQWRDXQDYHQWDQDSDUDSHUPLWLUHOFUHFLPLHQWRGHSODQWDV\GLVSRQHUGHHVWDQWHVSDUDJXDUGDUPDWHULDORUHDOL]DUH[KLELFLRQHV6H
VROLFLWD D ORV DOXPQRV TXH WUDLJDQ REMHWRV TXH KD\DQ GHVFXELHUWR FRQ HO ILQ GH H[KLELUORV HQ HO FHQWUR 7DPELpQ HV LPSRUWDQWH
GLVSRQHU GH ELEOLRJUDItD GH UHIHUHQFLD GH IiFLO DFFHVR HQ HO FHQWUR FRQ HO REMHWR GH H[WHQGHU ORV LQWHUHVHV GH ORV DOXPQRV R GH
D\XGDUORVDHQFRQWUDUUHVSXHVWDVDODVSUHJXQWDVTXHIRUPXOHQ&DGDGRVPHVHVSXHGHQDJUHJDUVHQXHYDVDFWLYLGDGHVTXHSHUPLWDQ
PDQWHQHU\GHVSHUWDUODFXULRVLGDG6HSXHGHVROLFLWDUDORVDOXPQRVTXHSUHSDUHQLQIRUPHVRGLDJUDPDVFRQ ODLQIRUPDFLyQTXH
KD\DQ UHFRSLODGR HQ HO FHQWUR R TXH HVFULEDQ FRPHQWDULRV HQ VXV FXDGHUQRV GH QRWDV $QWHV GH TXH ORV DOXPQRV FRPLHQFHQ D
WUDEDMDU HQ HVWH FHQWUR VHUi QHFHVDULR KDFHU XQD UHYLVLyQ GH ODV LQVWUXFFLRQHV SDUD HO XVR GH ORV PDWHULDOHV \ GHWHUPLQDU HO
FRPSRUWDPLHQWRDSURSLDGRTXHGHEHUiREVHUYDUVHDOOt
(OHTXLSRHVWiQGDUGHOFHQWURQDWXUDOLVWDHVWiFRPSXHVWRSRUREMHWRVVLPSOHV\GHXVRFRWLGLDQR
(TXLSDPLHQWRGHXQFHQWURQDWXUDOLVWD
+HUUDPLHQWDVSDUD (TXLSDGH
ODUHFROHFFLyQGH REVHUYDFLyQ
PDWHULDO
\PHGLFLyQ
(TXLSRSDUDHO
WUDEDMRFRQ
DQLPDOHV
(TXLSRGH
MDUGLQHUtD
9DVRVGHSDSHO\GH OXSDVGH
SOiVWLFR
MR\HUR
OHQWHVGH
5ROORGHSROLHWLOHQR DXPHQWR
7HUPyPHWURV
'LIHUHQWHVFODVHVGH 0LFURVFRSLRV
UHFLSLHQWHV
%LQRFXODUHV
WUDQVSDUHQWHV
&RQMXQWRVGH
FXFKDUDV\
$OLFDWHV
WD]DV
*RWHURV
%DODQ]DV
5HJODV
&DOFXODGRUDV
MDXODVFDMDV\
WXERV
-DXODV\IUDVFRV
SDUDLQVHFWRV
3DMDUHUDV
3HFHUD
+XHYHUDVGH
FDUWyQ
&DMDVGHOHFKH
FRUWDGDVSRUOD
PLWDG
0DFHWDV
7LHUUDSDUD
SODQWDU
+HUUDPLHQWDV
GHMDUGtQ
7HUUDULR
(TXLSRSDUD
ODPHVDGH
DJXD
RSWDWLYR
7XERV
5HFLSLHQWHVGH
SOiVWLFRV
&RODGRUHV
0DQJDV
(VSRQMDV
FRUFKRV
FXEHWDV
&RORUDQWHV
FRPHVWLEOHV
0DWHULDOSDUDOD
GRFXPHQWDFLyQ
GHH[SHULHQFLDV
(MHPSODUHV
0DUFDGRUHV
)LFKDVGHFDUWXOLQD
3LHGUDV
&DUDFROHV
$OPiFLJRV
0ROXVFRV
%URWHV
YHJHWDOHV
,QVHFWRV
GLVHFDGRV
*UDEDGRU
&iPDUDGHYLGHR
3DSHO
%ORFVGHGLEXMR
)LEUDV
*UDQRV
6HPLOODV
+RMDV
+XHVRV
3OXPDV
8QDYH]HVWDEOHFLGRHOFHQWURQDWXUDOLVWDHQHODXODORVDOXPQRVSRGUiQGHVDUUROODUGLYHUVDVDFWLYLGDGHVUHODFLRQDGDVFRQWRGDVODV
GLVFLSOLQDV $ FRQWLQXDFLyQ SUHVHQWDPRV HMHPSORV TXH SURPXHYHQ HQ ORV DOXPQRV ODV KDELOLGDGHV QDWXUDOLVWDV GH REVHUYDFLyQ
UHFRQRFLPLHQWRGHSDWURQHVFODVLILFDFLyQ\H[SHULPHQWDFLyQ
$FWLYLGDGHVGHOFHQWURQDWXUDOLVWD
6ROLFLWDUDORVDOXPQRVTXHFRORTXHQORVHMHPSODUHVEDMRHOPLFURVFRSLRRTXHORVREVHUYHQFRQXQDOXSD3DUDGHVDUUROODUODV
KDELOLGDGHVGHFODVLILFDFLyQUHFRQRFLPLHQWRGHSDWURQHVFRQVWUXFFLyQGHDQDORJtDVHLQIHUHQFLDORVDOXPQRVSRGUiQUHVSRQGHUD
SUHJXQWDVFRPRODVVLJXLHQWHV
‡¢(QTXpSLHQVRFXDQGRYHR"
‡¢4XpFRPSDUDFLyQSXHGRHVWDEOHFHUHQWUHHVWHREMHWR\"
‡¢(QTXpVHDVHPHMDD"
‡¢3RUTXpWLHQHHVWHREMHWRHVWDVFDUDFWHUtVWLFDV"
8QD YDULDQWH SDUD HVWD DFWLYLGDG FRQVLVWH HQ SURSRQHU D ORV DOXPQRV TXH IRUPHQ XQDFROHFFLyQSHUVRQDOLQWHJUDGDSRUDOPHQRV
WUHVREMHWRVGHOFHQWURQDWXUDOLVWD/RVHOHPHQWRVGHVXVFROHFFLRQHVOHVVHUYLUiQGHLQVSLUDFLyQSDUDHVFULELUFRPSDUDFLRQHVHQWUH
HOORV\ ORVFRQWHQLGRVTXHHVWpQHVWXGLDQGR
3DUD FLHQFLDV VRFLDOHV ODV QHUYDGXUDV GH HVWD KRMD VH RUJDQL]DQ \ PXOWLSOLFDQ FRPR OD SREODFLyQ GH $PpULFD GXUDQWH OD pSRFD
FRORQLDO
3DUDFLHQFLDVQDWXUDOHV HOYHOORGHODFRUWH]DWLHQHHODVSHFWRGHODVOLPDGXUDV GHKLHUURFXDQGRVHHQFXHQWUDQEDMRODDWUDFFLyQGH
XQLPiQ
6ROLFLWDU D ORV DOXPQRV TXH REVHUYHQ GLYHUVRV HMHPSODUHV HQ HO FHQWUR QDWXUDOLVWD (Q OXJDU GH
UHFRQRFHU ORV REMHWRV SRU VXV GHQRPLQDFLRQHV FRPXQHV WDOHV FRPR SLHGUDV SOXPDV R VHPLOODV GHEHUiQ LQYHQWDU QRPEUHV
RULJLQDOHVSDUDFDGDHOHPHQWR(VWDDFWLYLGDGOHVSHUPLWLUiUHODFLRQDUVHFRQORVREMHWRVFRPRVLORVYLHUDQSRUSULPHUDYH]6HOHV
H[SOLFDUiTXHORVFLHQWtILFRVVXHOHQGHQRPLQDUDORVREMHWRVGHDOJXQDGHODVVLJXLHQWHVPDQHUDV
‡&RQUHIHUHQFLDDVXSURSLRQRPEUH
‡&RQHOQRPEUHGHOOXJDUGRQGHVHORHQFRQWUyRGHVXKiELWDW
‡&RQUHIHUHQFLDDXQFRORURWH[WXUD
‡&RQUHIHUHQFLDDRWURREMHWRDOTXHVHDVHPHMHRFRQHOTXHHOFLHQWtILFRRGHVFXEULGRUORDVRFLH
/XHJRGHHVWD DFWLYLGDGORVDOXPQRVVXHOHQGHVDUUROODUPD\RULQWHUpVSRUODVWD[RQRPtDV\SRUODPDQHUDFRPRORVREMHWRVKDQ
DVXPLGR VXV QRPEUHV /RV GRFHQWHV SXHGHQ SURSRQHU D ORV DOXPQRV TXH UHFRQR]FDQ FDWHJRUtDV HQ GLYHUVDV GLVFLSOLQDV SRU
HMHPSORFODVHVGHSDODEUDVRHOHPHQWRVGHODWDEODSHULyGLFD\TXHIRUPXOHQKLSyWHVLVSDUDH[SOLFDUWDOHVFODVLILFDFLRQHV
$FWLYLGDGHVQDWXUDOLVWDVDODLUHOLEUH
(O WUDEDMR DO DLUH OLEUH FRQVWLWX\H XQD IRUPD HILFD] SDUD HQWUDU HQ HO PXQGR GHO QDWXUDOLVWD (VWDV DFWLYLGDGHV GDQ UHVSXHVWD D
QHFHVLGDGHVTXHVXHOHQSODQWHDUORVDOXPQRVHVWDUDODLUHOLEUHPRYHUVHLQWHUDFWXDU\UHIOH[LRQDU/DVSRVLELOLGDGHVVRQLQILQLWDV
$TXtVXJHULPRVGRVDFWLYLGDGHVTXHSXHGHQDSOLFDUVHHQHOWUDEDMRFRQODPD\RUtDGHORVJUXSRV
8Q UHFRUULGR QDWXUDO 'LVHxDU XQD FDPLQDWD DO DLUH OLEUH GH DSUR[LPDGDPHQWH PLQXWRV GH
GXUDFLyQHQXQiPELWRFRQYHQLHQWH3RGUiGHVDUUROODUVHGHQWURGHOSUHGLRGHODHVFXHODRIXHUDGHpO$QWHVGHVDOLUGHODXODVH
DQDOL]DUiQORVVLJXLHQWHVHOHPHQWRVTXHVHHVSHUDTXHORVDOXPQRVWHQJDQHQFXHQWDGXUDQWHODFDPLQDWD
‡2EVHUYDUXQHOHPHQWRQDWXUDOGHPHQRUWDPDxRTXHODSURSLDPDQR\UHDOL]DUXQERFHWR
‡2EVHUYDUXQHOHPHQWRGHPD\RUWDPDxRTXHXQDFDVD'HGLFDUHOWLHPSRQHFHVDULRSDUDLQFRUSRUDUODLPDJHQ5HDOL]DUXQERFHWR
PtQLPRGHVXFRQWRUQR
‡5HDOL]DUHOLQWHQWRGHPRGLILFDUHOSXQWRGHREVHUYDFLyQ0LUDUKDFLDORVODGRVDFHUFDUVH\DOHMDUVH5HJLVWUDUORVFDPELRVTXHVH
SURGXFHQHQODSHUFHSFLyQSRUPHGLRGHQRWDVEUHYHV
‡(VFXFKDUXQVRQLGRGLVWDQWH\RWURFHUFDQR'HVFULELUSRUHVFULWRORTXHVHKD\DRtGR
‡7RFDUXQREMHWRUXJRVR\XQREMHWRVXDYH'HVFULELUEUHYHPHQWHSRUHVFULWRODVSURSLDVVHQVDFLRQHV
8QDYH]ILQDOL]DGDODFDPLQDWDHOJUXSRYXHOYHDODXOD\UHIOH[LRQDHQWRUQRDODVVLJXLHQWHVSUHJXQWDV
‡¢&XiOGHODVH[SHULHQFLDVVHQVRULDOHVOHVJXVWyPiV\SRUTXp"
‡¢&XiOGHODVH[SHULHQFLDVOHVUHVXOWyLQHVSHUDGD"
‡¢&XiOGHHOODVOHVUHVXOWyGLItFLO"
‡¢&XiOHVVRQODVSUHJXQWDVTXHVXUJHQGHHVWDDFWLYLGDG"
‡¢4XpDSUHQGLHURQDFHUFDGHOSHQVDPLHQWR\ODVWDUHDVQDWXUDOLVWDV"
‡ ¢(Q TXp RWUDV iUHDV SRGUtDQ DSOLFDUVH DOJXQDV GH ODV DFWLYLGDGHV UHDOL]DGDV GXUDQWH OD FDPLQDWD FRQ HO REMHWR GH SURPRYHU HO
DSUHQGL]DMH"
$GRSFLyQGHXQiUERO(OHJLUXQiUEROTXHVHHQFXHQWUHGHQWURGHOSUHGLRGHODHVFXHODSDUDTXH
ORV DOXPQRV YLVLWHQ FRQ IUHFXHQFLD GXUDQWH HO DxR HVFRODU 6H SXHGHQ IRUPXODU SURQyVWLFRV DFHUFD GH ORV FDPELRV TXH
H[SHULPHQWDUi GXUDQWH HO DxR \ OXHJR REVHUYDU \ GRFXPHQWDU OR TXH HIHFWLYDPHQWH RFXUUD /RV DOXPQRV SXHGHQ UHFROHFWDU \
GLEXMDUKRMDVUDPDVEURWHVHLQVHFWRVTXHHQFXHQWUHQHQHOiUEROFODVLILFDUORV\UHFRQRFHUFDGHQDVDOLPHQWDULDV7DPELpQSXHGHQ
HVWDEOHFHUFRPSDUDFLRQHVHQWUHHOFLFORYLWDOGHOiUERO\ORVFDPELRVHVWDFLRQDOHVTXHH[SHULPHQWDQORVVHUHVKXPDQRV
$SUHQGL]DMHQDWXUDO
(QXQDpSRFDHQTXHORVHTXLSRVWHFQROyJLFRVIRUPDQSDUWHGHOHQWRUQRGHXQQ~PHURFUHFLHQWHGHHVFXHODVHVIXQGDPHQWDOFUHDU
ODV PLVPDV RSRUWXQLGDGHV GH DFFHVR DO PXQGR QDWXUDO (Q DOJXQDV FRPXQLGDGHV HVFRODUHV ORV DOXPQRV KDQ FRPHQ]DGR D WRPDU
SDUWH HQ OD SODQLILFDFLyQ GH VXV iPELWRV GH DSUHQGL]DMH PHGLDQWH XQ SURFHVR GH GLVHxR SDUWLFLSDWLYR \ VLVWHPiWLFR RULJLQDO
HODERUDGR SRU HO DUTXLWHFWR 6WHYHQ %LQJOHU GH 1XHYD 2UOHDQV %LQJOHU SURPXHYH QXHYRV FDQDOHV GH FRPXQLFDFLyQ HQWUH
HGXFDGRUHV SVLFyORJRV DUTXLWHFWRV XUEDQLVWDV GLVHxDGRUHV GH VRIWZDUH DOXPQRV SDGUHV \ UHSUHVHQWDQWHV GH HPSUHVDV \
RUJDQL]DFLRQHVVLQILQHVGHOXFURGHODFRPXQLGDG(QVXRSLQLyQHOSURGXFWRILQDOVHUiXQDQXHYDFODVHGHiPELWRGHDSUHQGL]DMH
TXHGHVSOLHJXHXQHVSHFWURGHFRQWHQLGRVWDQULFR\YDULDGRFRPRORVDOXPQRVTXHORFUHDQ\XWLOL]DQGXUDQWHWRGDODYLGD
9DULRVGLVWULWRVHVFRODUHVHQORV(VWDGRV8QLGRV\DKDQLPSOHPHQWDGRHVWHSURFHVR(QOD/LQFROQ+LJK:HVW&DPSXV6FKRROGH
6WRFNWRQ&DOLIRUQLDORVDOXPQRVGHFLGLHURQTXHHOiPELWRGHDSUHQGL]DMHGHPD\RUULTXH]DTXHSRGtDQLPDJLQDUHUDXQDJUDQMD
$PHGLGDTXHDYDQ]DEDHOSURFHVRGHSODQLILFDFLyQGHODQXHYDHVFXHODVHSXVRGHPDQLILHVWRTXHXQHQWRUQRFDPSHVWUHGRQGH
ORV DOXPQRV HVWXYLHUDQ URGHDGRV SRU OD EHOOH]D \ OD SD] GH OD QDWXUDOH]D HUD VX LGHDO GH LQVWLWXFLyQ HGXFDWLYD /DV REUDV
FRPHQ]DURQDILQHVGH\DVXWpUPLQRODHVFXHODTXHGDUiHVWDEOHFLGDHQXQiPELWRUXUDOSHURWDPELpQFRQWDUiFRQXQDPSOLR
FHQWUR LQIRUPiWLFR \ WHFQROyJLFR FRQ FDSDFLGDG SDUD GHVDUUROODU WHOHFRQIHUHQFLDV XQ DXGLWRULR \ DPSOLDV VDODV GH UHXQLyQ 8Q
FHQWURGHFRQIHUHQFLDVHPSUHVDULDVVXPLQLVWUDUiIRQGRVSDUDILQDQFLDUHOFRVWRGHODFRQVWUXFFLyQ\XQFHQWURGHSRUWLYRXELFDGR
GHQWURGHOHGLILFLREULQGDUiVHUYLFLRVDODFRPXQLGDG\JHQHUDUiLQJUHVRVH[WUD
7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDQDWXUDOLVWD
1R KDFH PXFKR WLHPSR VH UHDOL]y HQ -DSyQ XQ VLPSRVLR DFHUFD GH ORV HIHFWRV GH OD WHFQRORJtD PXOWLPHGLD VREUH HO GHVDUUROOR
KXPDQR'XUDQWHODSULPHUDMRUQDGDVHSUHVHQWDURQORVUHVXOWDGRVGHLQYHVWLJDFLRQHVUHODFLRQDGDVFRQHODSUHQGL]DMHSRUPHGLR
GHQXHYDVWHFQRORJtDVHOORJURHGXFDWLYRHOGLVHxR\XWLOL]DFLyQGHQXHYDVFODVHVGHiPELWRGHDSUHQGL]DMHHOXVRGHOD,QWHUQHW
ORVSUR\HFWRVGHUHDOLGDGYLUWXDOODVFLHQFLDVGHODHGXFDFLyQHQODHUDGH,QWHUQHWHOFUHFLPLHQWRHQXQHQWRUQRPXOWLPHGLD\HO
IXWXUR GHO ©FLEHUQLxR $O ILQDOL]DU OD VHVLyQ VROLFLWy ODSDODEUDXQDGRFHQWHMDSRQHVDTXHIRUPDEDSDUWHGHODDXGLHQFLD\GLMR
/DVHPDQDSDVDGDQHYyHQ7RNLR)XHKHUPRVR\UHFRUGpTXHFXDQGRHUDQLxDPHHQFDQWDEDMXJDUHQODQLHYHVHQWLUORVFRSRV
TXHFDtDQVREUHPLFDUDFRQVWUXLUPXxHFRV\DUURMDUERODV&XDQGRPLUpSRUODYHQWDQDQRKDEtDKXHOODVGHSLVDGDVHQODQLHYH
$Vt FRPR HVWD GRFHQWH PXFKRV HGXFDGRUHV PDQLILHVWDQ XQD FUHFLHQWH SUHRFXSDFLyQ UHVSHFWR GHO JUDQ Q~PHUR GH QLxRV FX\DV
RSFLRQHVSDUDHOWLHPSROLEUHVHOLPLWDQDORVSURJUDPDVGHWHOHYLVLyQ\ORVMXHJRVSDUDFRPSXWDGRUDVLQHVWDEOHFHUXQHTXLOLEULR
DSURSLDGR FRQRWUDVDFWLYLGDGHV
$ PHGLGD TXH OD WHFQRORJtD HOHFWUyQLFD VH WRUQD PiV DFFHVLEOH \ VH LQWHJUD D QXHVWUDV YLGDV HQ PD\RU PHGLGD UHVXOWD HVHQFLDO
ORJUDU TXH QR UHHPSODFH OD LQWHUDFFLyQ \ H[SHULHQFLD KXPDQDV HQ HO PXQGR QDWXUDO 1R REVWDQWH GHEHPRV UHFRQRFHU TXH
FRQVWLWX\HXQDKHUUDPLHQWDH[FHOHQWHSDUDIDFLOLWDUODLQYHVWLJDFLyQ\ODH[SORUDFLyQFLHQWtILFDV\RWUDVDFWLYLGDGHVQDWXUDOLVWDV/DV
WHFQRORJtDVGHWHOHFRPXQLFDFLRQHVSHUPLWHQDORVDOXPQRVFRPSUHQGHUHOPXQGRTXHVHHQFXHQWUDIXHUDGHVXHQWRUQRLQPHGLDWR\
HO DOFDQFH TXH SXHGHQ WHQHU VXV DFFLRQHV GHQWUR GH VX PHGLR &RPR VH SRGUi DSUHFLDU HQ ORV HMHPSORV TXH DSDUHFHQ D
FRQWLQXDFLyQHVWDVKHUUDPLHQWDVSURPXHYHQHQORVDOXPQRVXQDFRPSUHQVLyQSRUPHQRUL]DGD\SURIXQGDGHH[SHULHQFLDVUHDOHV
1R VLHPSUH HV SRVLEOH SURSRUFLRQDU D ORV DOXPQRV OD SRVLELOLGDG GH H[SORUDU GLUHFWDPHQWH DOJXQRV iPELWRV WDOHV FRPR ODV
SURIXQGLGDGHVGHO0HGLWHUUiQHRORVFUiWHUHVGHYROFDQHVHQDFWLYLGDGODVLVODV*DOiSDJRVRHOWHUULWRULRGH,VODQGLD3RUPHGLRGHO
3UR\HFWR-$621ORVDOXPQRVGHORV(VWDGRV8QLGRVSXHGHQLQWHUDFWXDUGLUHFWDPHQWHFRQH[SORUDGRUHVTXHVHHQFXHQWUDQHQHVRV
OXJDUHV(O'U5REHUW%DOODUGGHVFXEULGRUGHOVLWLRGRQGHVHKXQGLyHO7LWDQLFIXHHOFUHDGRUGHO3UR\HFWR-$621\VLJXHVLHQGR
XQDFWLYRSDUWLFLSDQWHHQpOFX\RREMHWLYRFRQVLVWHHQHQULTXHFHUHOHQWRUQRGHDSUHQGL]DMHSDUDHOiUHDGHFLHQFLDVQDWXUDOHV/D
DSOLFDFLyQ GH WHFQRORJtD SHUPLWH D ORV DOXPQRV SDUWLFLSDU XQD YH] SRU DxR GH XQD H[SHGLFLyQ FLHQWtILFD GH GRV VHPDQDV GH
GXUDFLyQLQWHJUDGDDOFXUUtFXORDQXDO(QFDGDFLFOROHFWLYRVHHOLJHQXQRVWUHLQWDDOXPQRV\VHLVGRFHQWHVSDUDDFRPSDxDUDORV
FLHQWtILFRVGHO3UR\HFWR-$621DOGHVWLQRGHODH[SHGLFLyQ\GHVHPSHxDUVHFRPRPRGHORVGHUROHQWUHSDUHVRQOLQH\GXUDQWHODV
WUDQVPLVLRQHVHQYLYR
(Q ORV VLWLRV LQWHUDFWLYRV SULPDULRV 3,16 ORV DOXPQRV WLHQHQ DFFHVR D XQD UHG GH PXVHRV LQVWLWXFLRQHV HGXFDWLYDV \
RUJDQL]DFLRQHVGHGLFDGDVDODLQYHVWLJDFLyQTXHVHYLQFXODQYtDVDWpOLWHSDUDFRPXQLFDUVHFRQFLHQWtILFRVPDQHMDU URERWV\HTXLSR
FLHQWtILFRPHGLDQWHFRQWUROUHPRWRHQYLYR\SDUDSDUWLFLSDUGHODFREHUWXUDHQYLYRGHODVDFWLYLGDGHVGHODH[SHGLFLyQPLQXWRD
PLQXWR /DV ~OWLPDV RFKR H[SHGLFLRQHV LQFOX\HURQ OD SDUWLFLSDFLyQ HQ HO SURJUDPD GH PiV GH GRV PLOORQHV GH DOXPQRV HQ ORV
3,16 \ PXFKtVLPRV PiV KDQ GHVFXELHUWR XQD YHQWDQD YLUWXDO DO PXQGR SRU PHGLR GH XQ VLWLR HQ OD :HE \ OD DSOLFDFLyQ GH
WHFQRORJLDVZHEHPHUJHQWHVHQKWWSZZZMDVRQSURMHFWRUJ!
0XFKDVHVFXHODVKDQFRPHQ]DGRDGHUULEDUORVPXURVGHODXODGHRWUDVPDQHUDV3RUHMHPSORHQOD&OHDU9LHZ&KDUWHU6FKRROGH
&KXOD9LVWD&DOLIRUQLDORVDOXPQRVGHFXDUWR\TXLQWRDULRVGHODHGXFDFLyQEiVLFDSDUWLFLSDQGHVHVLRQHVURQOLQHFRQOD(OHFWURQ
0LFURVFRSH )DFLOLW\ GH OD 8QLYHUVLGDG (VWDWDO GH 6DQ 'LHJR /RV DOXPQRV UHFROHFWDQ LQVHFWRV ORV FODVLILFDQ \ OHHQ \ HVWXGLDQ
GLYHUVRV PDWHULDOHV VREUH HO WHPD OD FRQH[LyQ OHV SHUPLWH H[DPLQDU HQ GHWDOOH REMHWRV PX\ SHTXHxRV IRUPXODU SUHJXQWDV H
LQWHUFDPELDU RSLQLRQHV FRQ XQ HQWRPyORJR GH OD XQLYHUVLGDG (Q HO YLGHR /HDUQ DQG /LYH >$SUHQGHU \ YLYLU@ SURGXFLGR SRU OD
)XQGDFLyQ (GXFDWLYD *HRUJH /XFDV VH SXHGH YHU HVWD FODVH HQ DFFLyQ DVt FRPR WDPELpQ RWUDV SURSXHVWDV SDUD DFWLYDU HO
DSUHQGL]DMHSRUPHGLRGHODWHFQRORJtD(OOLEURFRPSOHPHQWDULRTXHLQFOX\HHMHPSORVDFWXDOL]DGRVDFHUFDGHHVFXHODVTXHXWLOL]DQ
ODVQXHYDVWHFQRORJtDVSXHGHKDOODUVHHQVXVLWLRGHOD:HEKWWSJOHIRUJ!
(Q1HZ+DPSVKLUHORVDOXPQRVGHVHJXQGRDRFWDYRDxRGHODHGXFDFLyQEiVLFDWRPDQSDUWHHQWUHVSUR\HFWRVGHFLHQFLDVSRFR
FRPXQHV GHQRPLQDGRV %DWQHW >5HG GH PXUFLpODJRV@ %LUGQHW >5HG GH SiMDURV@ \ 7UHHQHW >5HG GH iUEROHV@ 'LFKRV SUR\HFWRV
IXHURQ GLVHxDGRV SRU XQ JUXSR GH GRFHQWHV FRQ HO DXVSLFLR GHO 3UR\HFWR 5,6( ILQDQFLDGR SRU OD 1DWLRQDO 6FLHQFH )RXQGDWLRQ
7HDFKHU(QKDQFHPHQW*UDQW/RVDOXPQRVFXHQWDQORVPXUFLpODJRVTXHSDVDQYRODQGRGXUDQWHXQGHWHUPLQDGRSHULRGRGHWLHPSR
GRFXPHQWDQ VXV REVHUYDFLRQHV OD WHPSHUDWXUD GHO DLUH \ OD YHORFLGDG HVWLPDGD GHO YLHQWR \ OXHJR YXHOFDQ ORV GDWRV HQ XQD UHG
HOHFWUyQLFDTXHORVYLQFXODFRQODUHJLyQVXGRHVWHGHOHVWDGR2WURVDOXPQRVFRQIHFFLRQDQUHJLVWURVDFHUFDGHODVPLJUDFLRQHVGH
ORVSiMDURV\RWURJUXSRVHHQFDUJDGHPHGLUHOGLiPHWURGHORVDUEROHVFRQHOREMHWRGHGHWHUPLQDUODHGDGGHORVERVTXHVGH1HZ
+DPSVKLUH 7RGRV HVWRV SUR\HFWRV FRPELQDQ HO HPSOHR GH WHFQRORJtD FRQ H[SHULHQFLDV GLUHFWDV PHGLDQWH IRUPDV TXH QR VyOR
UHYLWDOL]DQ HO DSUHQGL]DMH VLQR TXH WDPELpQ EULQGDQ XQ DSRUWH D OD EDVH GH FRQRFLPLHQWRV GH ORV DGXOWRV DFHUFD GHO PHGLR /RV
GRFHQWHV KDQ OOHJDGR D OD FRQFOXVLyQ GH TXH ODV UHGHV GH FLHQFLD SURPXHYHQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH GLYHUVDV
PDQHUDV
9HQWDMDVGHOWUDEDMRHQUHGSDUDHOiUHDGHFLHQFLDVQDWXUDOHV
‡2WRUJD DFWXDOLGDG\IDFLOLGDGGHDFFHVRDORVWHPDVFLHQWtILFRV
‡%ULQGDSRVLELOLGDGHVSDUDVXPLQLVWUDUGDWRV\DERUGDUODVSUHJXQWDVTXHIRUPXODQORVDOXPQRVHQIRUPDLQPHGLDWD
‡/RVDOXPQRVUHDOL]DQYDOLRVDVFRQWULEXFLRQHVDODLQYHVWLJDFLyQFLHQWtILFD\H[SDQGHQVXVFRQFHSWRVDFHUFDGHHOOD
‡/RVDOXPQRVDSUHQGHQTXHORVGDWRVSHUPLWHQIRUPXODUKLSyWHVLV
‡/RVDOXPQRVDSUHQGHQTXHODFLHQFLDVHFRPSRQHGHSUHJXQWDVQRGHUHVSXHVWDV\TXHSXHGHQH[LVWLUPXFKDVUHVSXHVWDVSDUD
XQDPLVPDSUHJXQWD
‡/RVDOXPQRVXWLOL]DQODWHFQRORJtDSDUDLQWHJUDUGLYHUVRVWHPDVGHWRGDVODViUHDVFXUULFXODUHV
‡(OSURFHVRGHFUHDFLyQGHUHGHVGHFLHQFLDSURPXHYHODFRPXQLFDFLyQHQWUHORVDOXPQRV\FRQORVGRFHQWHV\SHUPLWHHYDOXDUHO
QLYHOGHFRQRFLLHQWRVDOFDQ]DGRSRUORVDOXPQRVHQORVFRQFHSWRVHVHQFLDOHV
/RVSUR\HFWRVTXHVHGHVDUUROODQHQYDULRVOXJDUHVGHORV(VWDGRV8QLGRVHVWLPXODQDORVDOXPQRVSDUDTXHDSRUWHQLQIRUPDFLyQ
LPSRUWDQWHDVXFRPXQLGDG3RUHMHPSOROD*OREDO5LYHUV(QYLURQPHQWDO(GXFDWLRQ1HWZRUN>5HGGH(GXFDFLyQ$PELHQWDOVREUH
ORV5tRVHQHO1LYHO*OREDO@UHTXLHUHODSDUWLFLSDFLyQGHORVDOXPQRVHQODHYDOXDFLyQGHODFDOLGDGGHODJXDGHORVUtRVGHWRGRHO
PXQGR \ SURSRUFLRQD VRIWZDUH SDUD HO SURFHVDPLHQWR GH GDWRV YpDVH KWWSZZZLJFDSFRUJJUHHQª (O *OREH 3URJUDP HV XQ
SUR\HFWR GH HGXFDFLyQ \ FLHQFLDV DPELHQWDOHV GHO TXH SDUWLFLSDQ DOXPQRV \ GRFHQWHV GH PiV GH SDtVHV FRQ HO REMHWR GH
SURIXQGL]DUVXVFRQRFLPLHQWRVDFHUFDGHQXHVWURSODQHWDYpDVHKWWSZZZJOREHJRYJKRPHLQYLWHKWPOª
7DPELpQ H[LVWHQ QXPHURVRV UHFXUVRV HQ IRUPDWR GH &'520 WDOHV FRPR OD VHULH GHO $XWRE~V PiJLFR GH 6FKRODVWLF TXH
WUDQVSRUWDDORVDOXPQRVHQVDOLGDVGHFDPSRHOHFWUyQLFDVDODVHOYDOOXYLRVDGH&RVWD5LFDDORFpDQRDOVLVWHPDVRODU\DODpSRFD
GHORVGLQRVDXULRV/DVHULH6,0LQFOX\H6LP/LOHTXHSHUPLWHDORVDOXPQRVGLVHxDUVXVSURSLRVHFRVLVWHPDV\6LP $QW&ODV VLF
PHGLDQWHHOFXDOVHFUHDXQPXQGRGHKRUPLJDV6S\>9HRYHR@\'LJLWDO)LHOG7ULSWR:HW,DQGV >6DOLGDGHFDPSRGLJLWDOD ORV
SDQWDQRV@VRQRWURVH[FHOHQWHVHMHPSORVGH&'520HGXFDWLYRV
3DUD ORV GRFHQWHV HO VLWLR GH OD :HE GH 1HZ +RUL]RQV IRU /HDUQLQJ RIUHFH QXPHURVDV SURSXHVWDV SDUD DSOLFDU OD LQWHOLJHQFLD
QDWXUDOLVWD HQ IRUPD GH XQ HGLILFLR YLUWXDO YpDVH *URXQGV DQG *DUGHQV (QYLURQPHQWDO (GXFDWLRQ IORRU >&LPLHQWRV \ MDUGLQHV
IXQGDPHQWRVSDUDODHGXFDFLyQDPELHQWDO@HQKWWSZZZQHZKRUL]RQVRUJª
$QWHV GH FRQFOXLU HVWH SDQRUDPD GH ODV WHFQRORJtDV HOHFWUyQLFDV TXH SURPXHYHQ HO GHVDUUROOR GH OD LQWHOLJHQFLD QDWXUDOLVWD
UHIOH[LRQHPRV XQ PRPHQWR VREUH ORV HVWXGLRV QDWXUDOLVWDV IXQGDPHQWDOHV HO HVWXGLR GH OD QDWXUDOH]D KXPDQD \ OD HFRORJtD GHO
FHUHEUR +DVWD KDFH SRFR WLHPSR OD PD\RU SDUWH GH ODV LQYHVWLJDFLRQHV VH OOHYDEDQ D FDER SRU PHGLR GH OD FLUXJtD R GH OD
REVHUYDFLyQ GH SHUVRQDV FRQ OHVLRQHV FHUHEUDOHV (Q OD DFWXDOLGDG QR VyOR HV SRVLEOH YHU OD HVWUXFWXUD GHO FHUHEUR PHGLDQWH
WHFQRORJtDVQRLQYDVLYDVFRPRODHFRJUDItD\WRPRJUDItDFRPSXWDGDVLQRWDPELpQREVHUYDUODDFWLYLGDGFHUHEUDOSRUPHGLRGHOD
UHVRQDQFLD PDJQpWLFD IXQFLRQDO (O DQiOLVLV GH ORV DSRUWHV TXH SXHGD SURSRUFLRQDU HVWD LQIRUPDFLyQ SDUD FRPSUHQGHU ODV
GLIHUHQFLDVLQGLYLGXDOHVHQHODSUHQGL]DMHVHHQFXHQWUDHQVXVFRPLHQ]RV
/DV KHUUDPLHQWDV \ ORV UHFXUVRV TXH VH KDQ PHQFLRQDGR VRQ VyOR DOJXQRV HMHPSORV GH ODV HVWUDWHJLDV HQ UiSLGR DVFHQVR TXH
SHUPLWHQGLQDPL]DUDFWLYDUHQULTXHFHU\SURIXQGL]DUHODSUHQGL]DMHDXWHQWLFRSRUPHGLRGHODWHFQRORJtD'HKHFKRORVPXURVGHO
DXOD GH FLHQFLDV VH YDQ GHUULEDQGR D PHGLGD TXH WRGR XQ PXQGR GH DSUHQGL]DMH VH WRUQD DFFHVLEOH D ORV DOXPQRV \ GRFHQWHV
TXLHQHVSXHGHQDVRFLDUVHFRQFLHQWtILFRV\H[SORUDGRUHVSDUDGHVFXEULU\FRQVWUXLUHOFRQRFLPLHQWRDFHUFDGHQXHVWURSODQHWD\VXV
KDELWDQWHV
5HVXPHQ
4XHUtDFRQRFHUFDGDSLHGUDIORULQVHFWRDYHREHVWL DH[WUDxD
*(25*(:$6+,1*721&$59(5
*HRUJH:DVKLQJWRQ&DUYHUFRQVWLWX\HXQHMHPSORGHOQDWXUDOLVWDTXHWDQWRQHFHVLWDPRVHQQXHVWURPXQGRFRQWHPSRUiQHR)UHQWH
DODDODUPDQWHWDVDGHFUHFLPLHQWRGHODSREODFLyQDODVHVWDGtVWLFDVGHOKDPEUHHQHOPXQGR \DODJRWDPLHQWRGHORVUHFXUVRVOD
KXPDQLGDG UHTXLHUH GH ODV KDELOLGDGHV GH TXLHQHV REVHUYDQ UHFRQRFHQ FRQH[LRQHV IRUPXODQ \ SRQHQ D SUXHED KLSyWHVLV \
HODERUDQIRUPDVSDUDPHMRUDUODFDOLGDGGHYLGD&DUYHUQRIXHVRODPHQWHXQQDWXUDOLVWDXQDUWLVWD \XQLQYHQWRUVXWUDEDMRHVWDED
PRWLYDGR SRU HO GHVHR GH D\XGDU D ORV GHPiV 6HJ~Q GRFXPHQWD HO ELyJUDIR *HQH $GDLU HQ *HRUJH:DVKLQJWRQ&DUYHUERWiQLFR
&DUYHUH[SOLFDED
/DLGHDSULPRUGLDOHQWRGRPLWUDEDMRFRQVLVWHHQD\XGDUDOSREUHDOOHQDUODROODYDFtDDODKRUDGHODFHQD0L
LGHD FRQVLVWH HQ D\XGDUCDOPiVSREUHHQWUHORVSREUHV
eVWHHVHOPRWLYRSRUHOFXDOKHIRUPXODGRFDGDSURFHVRGHPDQHUDWDQ
VHQFLOODFRPRSDUDSRGHUSRQHUORDVXDOFDQFH
/RV REMHWLYRV GH &DUYHU UHIOHMDEDQ OD HILFLHQFLD GH OD QDWXUDOH]D PLVPD 4XLpQ SRGUtD SUHGHFLU OR TXH FDGD XQR GH QRVRWURV
GHVFXEULUtDVLVLJXLpUDPRVVXFRQVHMRSDUDFRPHQ]DUDKRUDDHVWXGLDUODVSHTXHxDVFRVDVGHWXSURSLRSDWLR\HQGRGHORFRQRFLGR
DDOJRHVWUHFKDPHQWHUHODFLRQDGR\GHVFRQRFLGR
/DV DFWLYLGDGHV GH HVWH FDSLWXOR GHVWDFDQ DOJXQDV GH ODV KDELOLGDGHV \ DFWLWXGHV GH ORV QDWXUDOLVWDV SRU PHGLR GH OD
REVHUYDFLyQ LQGDJDFLyQ\H[SHULPHQWDFLyQ6HDGYHUWLUiTXHORVQDWXUDOLVWDVSRVHHQWDPELpQXQSURIXQGRUHVSHWR\DPRU
SRUODQDWXUDOH]D(OORVVLHQWHQXQDHQRUPHREOLJDFLyQ\UHVSRQVDELOLGDGIUHQWHDOPXQGRQDWXUDO&RQHOREMHWRGHUHVXPLU
UHIOH[LRQDU\VLQWHWL]DUHOFRQWHQLGRGHOSUHVHQWHFDStWXORRIUHFHPRVODVLJXLHQWHJXtD
&$3Ì78/2
'HVDUUROORFXUULFXODUSRUPHGLRGHODVLQWHOLJHQFLDV
P~OWLSOHV
(Q~OWLPDLQVWDQFLDODSOHQDFRPSUHQVLyQGHWRGRFRQFHSWRFXDOTXLHUDVHDVXJUDGRGHFRPSOHMLGDGQRSXHGHUHVWULQJLUVHDXQ~QLFRPRGHORGH
FRQRFLPLHQWRRIRUPDGHUHSUHVHQWDFLyQ +2:$5'*$5'1(5/DPHQWHQRHVFRODUL]DGD
(ODUWHGHODFLHQFLD
ORVFXDWURFLHQWRVDVLVWHQWHVDDFRQIHUHQFLDVHSXVLHURQGHLSLHHQWXVLDVPDGRVSDUDRYDFLRQDUDORVDOXPQRVGHOFXUVRGHFLHQFLDVTXHVHKDEODQ
WUDQVIRUPDGRHQDFWRUHV
‡8QFXUVRGHSULPHUDxRGHQLYHOSROLPRGDODERUGyHOHVWXGLRGHODV HUDVJHROyJLFDV\ODHYROXFLyQGHODYLGDYHJHWDO\DQLPDO(O
GRFHQWH KDEtD RUJDQL]DGR HO FXUUtFXOR WHPiWLFDPHQWH \ GHQRPLQDGR 2UtJHQHV D HVD XQLGDG FRQ OD LQWHQFLyQ GH GHVSHUWDU HO
LQWHUpV GH ORV DOXPQRV UHVSHFWR GH ORV SURFHVRV \ WUDQVIRUPDFLRQHV TXH DWUDYHVDURQ HO SODQHWD \ ODV IRUPDVGHYLGD8QRGHORV
UHTXLVLWRV GH OD XQLGDG FRQVLVWtD HQ TXH ORV DOXPQRV HODERUDVHQ SUR\HFWRV LQGLYLGXDOHV R JUXSDOHV $QWHV GH FRPHQ]DU OD
LQYHVWLJDFLyQ ORV DOXPQRV IRUPXODURQ SUHJXQWDV SDUD RUJDQL]DU \ FRQFHQWUDU VXV HVIXHU]RV 6H UHFXUULy D QXPHURVDV IXHQWHV GH
UHFXUVRVWDQWRGHQWURGHODXODFRPRIXHUDGHHOODHQEXVFDGHUHVSXHVWDV$OFDERGHGRVVHPDQDVVHSUHVHQWDURQORVSUR\HFWRVHQ
FODVHHQHVHPRPHQWRFRPHQ]yHOYHUGDGHURWUDEDMR/RVDOXPQRVUHFRQRFLHURQODFDOLGDG\HODOWRQLYHOGHORVFRQWHQLGRVGHORV
WUDEDMRV GH WRGR HO JUXSR \ VH QHJDURQ D GDU FLHUUH D OD WDUHD 6REUH OD EDVH GH TXH HO PDWHULDO HUD LQWHUHVDQWH \ HVWDED ELHQ
SUHVHQWDGRVHSUHJXQWDURQFXiOSRGUtDVHUODPHMRUPDQHUDSDUDFRPSDUWLUVXVFRQRFLPLHQWRVFRQRWUDVSHUVRQDV
/DSURSXHVWDGHRUJDQL]DUXQDSUHVHQWDFLyQGUDPiWLFDFRQWyFRQXQDHQWXVLDVWDDFHSWDFLyQVHFRPELQDUtDQWRGRVORVSUR\HFWRVHQ
XQD REUD XQLILFDGRUD SDUD FRPSDUWLU ORV FRQRFLPLHQWRV FRQ ORV DOXPQRV GH RWURV FXUVRV \ FRQ ORV SDGUHV 6H UHIRUPXODURQ ORV
LQIRUPHVSDUDWUDQVIRUPDUORVHQEUHYHVFXDGURVLPSURYLVDGRV&DGDXQRGHORVFXDGURVFRPHQ]DEDFRQODVSUHJXQWDVTXHKDEtDQ
GDGROXJDUDODVLQYHVWLJDFLRQHV\HVWDEDQRUGHQDGRVVHFXHQFLDOPHQWHHQUHODFLyQFRQXQDOtQHDGHWLHPSR/DHVFHQRJUDItDHVWDED
FRPSXHVWD SRU XQD JUDQ OiPLQD GHVSOHJDEOH GH PHWURV GH ORQJLWXG HQ OD TXH DSDUHFtDQ HVFHQDV GH OD YLGD YHJHWDO \ DQLPDO
SRHPDV GHGLFDGRV D VXFHVRV SUHKLVWyULFRV \ JUDIILWLV JHROyJLFRV 8Q FRUHyJUDIR ORFDO FRODERUy FRQ D FUHDFLyQ GH XQD GDQ]D
WLWXODGD(QHOFRPLHQ]R\XQP~VLFRSDGUHGHXQDOXPQRWUDEDMyMXQWRFRQXQJUXSRTXHVHRIUHFLySDUDFRPSRQHUXQDFDQFLyQ
FX\RWtWXORIXH9LDMHHQHOWLHPSR
/D FUHDFLyQ ILQDO WLWXODGD /D YLGD \ WRGR OR TXH XVWHGTXHUtDVDEHUVR EUHHOOD VH SUHVHQWy IUHQWH D ORV DOXPQRV GH OD HVFXHOD \ ORV
SDGUHV \ WLHPSR GHVSXpV HQ HO PDUFR GH XQD FRQIHUHQFLD LQWHUQDFLRQDO VREUH HGXFDFLyQ GRQGH FXDWURFLHQWRV DVLVWHQWHV VH
SXVLHURQGHSLHHQWXVLDVPDGRVSDUDRYDFLRQDUDORVDOXPQRVGHOFXUVRGH FLHQFLDVTXHVHKDEtDQWUDQVIRUPDGRHQDFWRUHV
)XHURQ QXPHURVRV ORV PRWLYRV SRU ORV FXDOHV OD XQLGDG 2UtJHQHV VH WUDQVIRUPy HQ XQ p[LWR /RV DOXPQRV DSUHQGLHURQ H
LQWHUDFWXDURQFRQHOPDWHULDOGHGLIHUHQWHVPRGRV1DUUDURQKLVWRULDV\GLEXMDURQOLQHDV GHWLHPSRSLQWDURQFDQWDURQ\EDLODURQ
ORVFRQWHQLGRV5HFLELHURQDVHVRUDPLHQWRSRUSDUWHGHSHUVRQDVFRQPD\RUH[SHULHQFLD\ IHHGEDFN GHVXVSDGUHV\GHPLHPEURVGH
ODFRPXQLGDGHQUHFRQRFLPLHQWRSRUVXODERU
&XDQGR ORV DOXPQRV SDUWLFLSDQ GH H[SHULHQFLDV GH DSUHQGL]DMH DELHUWDV VRQ FDSDFHV GH FRQWHPSODU ORV FRQFHSWRV D WUDYpV GH
GLYHUVDV OHQWHV \ GH DSOLFDU HQ QXHYRV FRQWH[WRV OR TXH KDQ DSUHQGLGR HQ OXJDU GHOLPLWDUVHDLPLWDUORTXHVHOHVKDHQVHxDGR
$VLPLVPRFXDQGRVHLQFRUSRUDQODVLQWHOLJHQFLDVP~OWLSOHVDODVXQLGDGHVFXUULFXODUHVVHPXOWLSOLFDQODVSRVLELOLGDGHVGHTXHDO
PHQRVXQRGHORVPRGRVIDFLOLWHHODSUHQGL]DMHGHFDGDXQRGHORVDOXPQRV
(Q ORV FDStWXORV SUHYLRV VH UHVHxDURQ IDFWRUHV DPELHQWDOHV \ HVWUDWHJLDV GLGiFWLFDV SDUD H[SDQGLU HO UHSHUWRULR SURIHVLRQDO \
SURSRUFLRQDURSFLRQHVTXHLQFUHPHQWHQODVSRVLELOLGDGHVGHDSUHQGL]DMHGHORVDOXPQRV3HURHVDLQIRUPDFLyQHVWDUtDLQFRPSOHWD
VLQXQDUHIOH[LyQDFHUFDGHXQDVSHFWRDGLFLRQDOGHODSUiFWLFDGRFHQWHHOGHVDUUROORFXUULFXODU$VtFRPRODWHRUtDGH+*DUGQHU
SRVHHSURIXQGDVLPSOLFDQFLDVSDUDODSHGDJRJtDWDPELpQRIUHFHRSFLRQHVHVWLPXODQWHVSDUDHOGLVHxRGHFODVHVXQLGDGHVGLGiFWLFDV
\SURJUDPDVHVFRODUHV
,PSOLFDQFLDVGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVSDUDHOFXUUtFXOR
0XFKRV HGXFDGRUHV LQWHUSUHWDQ TXH HO WUDEDMR GH *DUGQHU SURSRQH QXPHURVRV SXQWRV GH DFFHVR DO FXUUtFXOR WUDGLFLRQDO /DV
LQWHOLJHQFLDVP~OWLSOHVVHFRQVLGHUDQSURFHVRVGLGiFWLFRVFDSDFHVGHSURPRYHUHODSUHQGL]DMHGHODOXPQRHQWRGDVODVGLVFLSOLQDV
/D SXHVWD HQ SUiFWLFD GH GLFKD SHUVSHFWLYD WDPELpQ SHUPLWH DO GRFHQWH WUDEDMDU HQ HTXLSR MXQWR FRQ RWUDV SHUVRQDV TXH SRVHDQ
KDELOLGDGHV SURIHVLRQDOHV GLIHUHQWHV GH ODV VX\DV R LQFRUSRUDU GLYHUVRV PHGLRV \ UHFXUVRV WHFQROyJLFRV DO FXUUtFXOR GH XQD
GHWHUPLQDGDDVLJQDWXUD
$OJXQRV GRFHQWHV FRQVLGHUDQ TXH OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SURPXHYH OD HVSHFLDOL]DFLyQ WHPSUDQD SRU PHGLR GH
DFFLRQHV RULHQWDGDV D GHVDUUROODU FDGD XQD GH ODV iUHDV GH DSWLWXG GHO DOXPQR GHVGH OD SULPHUD LQIDQFLD 2WURV VRVWLHQHQ TXH OD
WHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVHVXQDH[FXVDSDUDH[WHQGHUHODOFDQFHGHOFXUUtFXORFRQHOREMHWRGHLQFOXLUHQpOXQDPD\RU
YDULHGDGGHDVLJQDWXUDV+D\PXFKRVTXHSURPXHYHQODDVLJQDFLyQGHPD\RUWLHPSRDODVDUWHVYLVXDOHV\HVFpQLFDVGHELGRDTXH
GLFKDVDUWHVPHUHFHQGLVSRQHUGHOPLVPRWLHPSRTXHODVGHPiVDVLJQDWXUDV3RUHMHPSORHQOD.H\6FKRROODSULPHUDHVFXHODGH
LQWHOLJHQFLDVP~OWLSOHVGHORV(VWDGRV8QLGRVVHH[WHQGLyHOFXUUtFXORSDUDLQFOXLUDUWHVYLVXDOHVP~VLFDDUWHGUDPiWLFR\GDQ]D
SDUD WRGRV ORV DOXPQRV GHVGH HO QLYHO GH HQVHxDQ]D LQLFLDO $GHPiV GH FRQWDU FRQ GRFHQWHV GH HGXFDFLyQ JHQHUDO TXLHQHV VH
GHVHPSHxDQ HQ ODV iUHDV EiVLFDV OD .H\ 6FKRRO KD FUHDGR FDUJRV SDUD GRFHQWHV HVSHFLDOL]DGRV HQ iUHDV DUWtVWLFDV D ILQ GH
JDUDQWL]DUTXHORVDOXPQRVUHFLEDQHQVHxDQ]DDUWtVWLFDGHEXHQQLYHO
/XHJR GH WRPDU FRQWDFWR FRQ HO WUDEDMR GH *DUGQHU VXUJHQ HQ DOJXQRV GRFHQWHV LQTXLHWXGHV IXQGDPHQWDOHV WDOHV FRPR VL ODV
HVFXHODVQRHVWiQGHVWLQDGDVDSURPRYHUODVFDSDFLGDGHVGHORVDOXPQRVHQODPD\RUPHGLGDSRVLEOHHQWRQFHV¢SDUDTXpVLUYHQ"
(O PLVPR *DUGQHU HVER]D XQ FXUUtFXOR FHQWUDGR HQ HO LQGLYLGXR HQ HO TXH HO LGHDO GH ODV HVFXHODV FRQVLVWH HQ SURSRUFLRQDU
RSFLRQHV HGXFDWLYDV TXH UHVSRQGDQ D ODV QHFHVLGDGHV GH FDGD XQR GH ORV DOXPQRV /RV GRFHQWHV LQWHUHVDGRV HQ UHFRQRFHU \
HVWLPXODU ODV FDSDFLGDGHV LQWHOLJHQWHV GH WRGRV ORV QLxRV VXHOHQ FUHDU RSRUWXQLGDGHV SDUD TXH VXV DOXPQRV UHDOLFHQ WXWRUtDV \
SDVDQWtDV
7DPELpQ HVWiQ DTXHOORV TXH FRQVLGHUDQ TXH HO WUDEDMR GH *DUGQHU GHVWDFD OD LPSRUWDQFLD GH TXH HO DOXPQR DOFDQFH SOHQD
FRPSUHQVLyQ GH ORV FRQWHQLGRV FXUULFXODUHV IXQGDPHQWDOHV 1R REVWDQWH JDUDQWL]DU TXH HO DOXPQR GRPLQH ORV FRQWHQLGRV
DFDGpPLFRV \ VHD FDSD] GH DSOLFDU VXV FRQRFLPLHQWRV DQWH QXHYDV VLWXDFLRQHV QR FRQVWLWX\H XQD PHWD HGXFDWLYD VHQFLOOD /D
HQVHxDQ]D EDVDGD HQ SUR\HFWRV OD SURYLVLyQ GH P~OWLSOHV SXQWRV GH DFFHVR D ORV FRQWHQLGRV \ OD UHGXFFLyQ GH OD SUHVLyQ SDUD
FXPSOLUFRQXQSURJUDPDSUHHVWDEOHFLGRVRQDOJXQRVGHORVPpWRGRVTXHDGRSWDQORV HGXFDGRUHVSDUDSURPRYHUODFRPSUHQVLyQ
GHODOXPQR
6HJ~QDILUPD+RZDUG*DUGQHUHQWpUPLQRVGHHQIRTXHVFXUULFXODUHVODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVVHDVHPHMDDXQWHVW
GH5RUVFKDFK&DGDGRFHQWH\ODWRWDOLGDGGHOSHUVRQDOGHODVHVFXHODVSXHGHQDSOLFDUFRQFHSFLRQHVFXUULFXODUHVGHLQWHOLJHQFLDV
P~OWLSOHV GH PDQHUDV GLYHUVDV \ HQ RFDVLRQHV FRQIOLFWLYDV *DUGQHU VRVWLHQH TXH QLQJXQD DSOLFDFLyQ GH VX WHRUtD HV
QHFHVDULDPHQWH FRUUHFWD FRPSDUDGD FRQ RWUD TXH SXHGD FRQVLGHUDUVH LQFRUUHFWD 3RU OR JHQHUDO WRGRV ORV HQIRTXHV SXHGHQ
MXVWLILFDUVH\GHPRVWUDUVXYDOLGH]HQFDGDFRQWH[WR
(VWHFDStWXORH[SORUDQXPHURVRVPRGHORVFXUULFXODUHVGHLQWHOLJHQFLDVP~OWLSOHV$TXHOORVHGXFDGRUHVTXHVHSURSRQJDQDGRSWDU
OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SRGUiQ UHIOH[LRQDU DFHUFD GH ORV HQIRTXHV TXH SURGXFLUiQ PD\RUHV EHQHILFLRV SDUD VXV
DOXPQRV\VXFRPXQLGDGHVFRODU$FRQWLQXDFLyQVHHQXPHUDQORVWHPDVFXUULFXODUHVHVSHFtILFRVTXHVHDERUGDQHQHVWHFDStWXOR
3ODQHDPLHQWRGHFODVHVSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV
0HQ~VGLGiFWLFRV
0DWUL]GHSODQHDPLHQWRGHFODVH
&ODVHVPRGHOR
8QLGDGHVLQWHUGLVFLSOLQDULDV
3ODQHDPLHQWRLQWHUGLVFLSOLQDULRSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV
3ODQHDPLHQWRLQWHUGLVFLSOLQDULRFRQVHFXHQFLDVGHGHVDUUROOR
(QIRTXHVLQWHUGLVFLSOLQDULRVLQVWLWXFLRQDOHVHQHOQLYHOSROLPRGDO
(TXLSRVGHLQWHOLJHQFLD
%HQHILFLRVGHOWUDEDMRHQHTXLSR
'HVDUUROORFXUULFXODUSDUDGHVDUUROODUODLQWHOLJHQFLD
)RUPDWRGLGiFWLFRHQFHQWURVGHDSUHQGL]DMH
3UR\HFWR6SHFWUXP
'HVFXEULPLHQWRGHODRULHQWDFLyQFXUULFXODU
&XUUtFXODEDVDGDHQSUR\HFWRV
OLQHDPLHQWRVSDUDFUHDUSUR\HFWRVHILFDFHV
2FKRSDVRVSDUDODFUHDFLyQGHSUR\HFWRV
3DVDQWtDV
3URJUDPDVPRGHORLQWHJUDGRVDODMRUQDGDHVFRODUFRP~Q
3DVDQWtDVH[WUDFXUULFXODUHV
3RVLELOLGDGHVSDUDUHDOL]DUSDVDQWtDV
(QVHxDQ]DSDUDODFRPSUHQVLyQ
3ULQFLSLRVGHORHQVHxDQ]DSDUDODFRPSUHQVLyQ
8QDILFKDGHUHIHUHQFLDGHODHQVHxDQ]DSDURODFRPSUHQVLyQ
0DWULFHVGHGHVDUUROORFXUULFXODUTXHIDYRUHFHQODFRPSUHQVLyQGHODOXPQR
5HVXPHQ
3ODQHDPLHQWRGHFODVHVSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV
/DWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVSHUPLWHDORVGRFHQWHVWUDQVIRUPDUODVDFWXDOHVFODVHV\XQLGDGHVGLGiFWLFDVHQDFWLYLGDGHV
GH DSUHQGL]DMH PXOWLPRGDO SDUD ORV DOXPQRV 'HELGR D TXH PXFKRV GRFHQWHV WUDEDMDQ GRV R WUHV LQWHOLJHQFLDV VLQ GLILFXOWDG
UHDOL]DUHOLQWHQWRGHLQFRUSRUDUFDSDFLGDGHVDGLFLRQDOHVLPSOLFDFRUUHUULHVJRV\VHUIOH[LEOH1RREVWDQWHWDOHVHVIXHU]RVEULQGDQ
UHFRPSHQVDVFRQFUHWDV5HVXOWDJUDWLILFDQWHFRQWHPSODUORVDYDQFHVHQHOHQWXVLDVPRFRPSURPLVR\QLYHOGHORJURGHORVDOXPQRV
PLHQWUDVH[SHULPHQWDQODH[SDQVLyQGHVXSURSLDFDSDFLGDGLQWHOHFWXDO
(QORVFDStWXORVSUHFHGHQWHVVHVXJLHUHQQXPHURVDVHVWUDWHJLDVSDUDODSODQLILFDFLyQGLDULDRVHPDQDO6LQHPEDUJRPXFKRV
GRFHQWHVVHVLHQWHQLQWLPLGDGRVIUHQWHDODVLWXDFLyQSRUORTXHTXLVLpUDPRVGHVWDFDUTXHQRHVQHFHVDULRGLVHxDUFODVHVTXH
LQFRUSRUHQODVRFKRiUHDV/RVDXWRUHVGHHVWHOLEURUHFRPHQGDPRVHPSOHDUFXDWURLQWHOLJHQFLDVTXHVLUYDQFRPRYHQWDQDVD
FDGD XQR GH ORV FRQWHQLGRV 'H HVWD PDQHUD ORV DOXPQRV SRGUiQ GLVSRQHU GH FXDWUR RSRUWXQLGDGHV SDUD DFFHGHU D OD
LQIRUPDFLyQ \ D OD YH] ORV GRFHQWHV H[SHULPHQWDUiQ HO GHVDItR GH WUDEDMDU GH QXHYDV PDQHUDV /RV HGXFDGRUHV VXHOHQ
VHxDODUTXHHOKHFKRGHDSOLFDUP~OWLSOHVPRGRVGHSHQVDPLHQWRSDUDHOSODQHDPLHQWRGHFODVHVHWUDQVIRUPDHQXQDVHJXQGD
QDWXUDOH]DGXUDQWHHOSULPHUDxRGHHQVHxDQ]DSRUPHGLRGHODVRFKRLQWHOLJHQFLDVRDOFDERGHGLFKRSHUtRGR
3DUD FRPHQ]DU OD SODQLILFDFLyQ ORV HGXFDGRUHV SRGUiQ UHIOH[LRQDU DFHUFD GHO FRQFHSWR TXH GHVHDQ HQVHxDU H LGHQWLILFDU ODV
LQWHOLJHQFLDV TXH UHVXOWDQ PiV DSURSLDGDV SDUD FRPXQLFDU GLFKR FRQWHQLGR 7DPELpQ SRGUiQ VROLFLWDU OD RSLQLyQ GH ORV DOXPQRV
DFHUFDGHOPRGRHQTXHSUHIHULUtDQDSUHQGHU&RQHOREMHWRGHLQIXQGLUYDULHGDGHQHOWUDEDMRGHODXODVLQGLILFXOWDGHVSUHVHQWDPRV
ORVVLJXLHQWHV0HQ~VGLGiFWLFRVHQORVTXHHOGRFHQWHHQFRQWUDUiRSFLRQHVDFFHVLEOHVSDUDH[SDQGLUVXUHSHUWRULRSHGDJyJLFR
0(1Ò6','È&7,&26
0HQ~OLQJtVWLFR
8WLOL]DU ODQDUUDFLyQFRPRUHFXUVRSDUD
2UJDQL]DUXQGHEDWHDFHUFDGH
5HODWDUXQFXHQWRRXQDQRYHODSDUD
5HDOL]DUXQDSUHVHQWDFLyQDFHUFDGH
&RQGXFLUXQGHEDWHJUXSDOVREUH
&UHDUXQSURJUDPDGHUDGLRGHGLFDGRD5HGDFWDUXQEROHWtQRÄIROOHWRDFHUFDGH,QYHQWDUHVOyJDQHVSDUD*UDEDUXQFDVHWHGH5HDOL]DU
XQDHQWUHYLVWDDDFHUFDGH(VFULELUXQDFDUWDDVREUH
8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDHVFULELU
2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~OyJLFRPDWHPiWLFR
&UHDUVLWXDFLRQHVSUREOHPiWLFDVSDUD
7UDGXFLUDXQDIyUPXOD
&UHDUXQDOLQHDGHWLHPSRGH
'LVHxDU\UHDOL]DUXQH[SHULPHQWRVREUH
,QYHQWDUXQMXHJRGHHVWUDWHJLDTXH
8WLOL]DUXQ'LDJUDPDGH9HQQSDUDH[SOLFDU
&UHDUVLORJLVPRVSDUDGHPRVWUDU
&UHDUDQDORJtDVSDUDH[SOLFDU
$SOLFDUKDELOLGDGHVGHSHQVDPLHQWRSDUD
'LVHxDUXQFyGLJRSDUD
&ODVLILFDUGDWRVDFHUFDGH
'HVFULELUPRGHORVRVLPHWUtDVHQ
8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDFDOFXODU
2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~FRUSRUDOFLQHVW~VLFR
5HDOL]DUXQDDFWLYLGDGGH
UROSOD\RXQVLPX
ODFURSDUD
&UHDUPRYLPLHQWRVSDUDH[SOLFDU
&UHDUXQDFRUHRJUDItDGH
,QYHQWRUXQMXHJRGHWDEOHURRGH
PRYLPLHQWRFRQ
)DEULFDUILFKDVRURPSHFDEH]DVGHWDUHDV
SDUD
$UPDUR FRQVWUXLUXQ
5HDOL]DUXQDVDOLGDGHFDPSR
FRQHOREMHWRGH
(PSOHDUODVFXDOLGDGHVGHXQDSHUVRQDItVLFD PHQWHHGXFDGDSDUDGHPRVWUDU 'LVHxDUXQDE~VTXHGDGHOWHVRURSDUD
5HDOL]DUXQPRGHORGH
8WLOL]DUPDWHULDOGHGHVHFKRSDUD
'LVHxDUXQSURGXFWRSDUD
8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDMXJDUD
2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~LQWHUSHUVRQDO
&RRUGLQDUXQDUHXQLyQSDUD
&UHDUDQXQFLRVSXEOLFLWDULRVSDUD9DULDUODIRUPD\HOWDPDxRGH8WLOL]DUXQFyGLJRGHFRORUHVSDUDLOXVWUDUHOSURFHVRGH,QYHQWDUXQ
MXHJRSDUDGHPRVWUDU,OXVWUDUSLQWDUHVFXOSLURFRQVWUXLU8WLOL]DUHUHWURSUR\HFWRUSDUDHQVHxDU8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUD
GLEXMDU2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~PXVLFDO
5HDOL]DUXQDSUHVHQWDFLyQFRQDFRPSDxDPLHQWRPXVLFDOVREUH(VFULELUODOHWUDGHXQDFDQFLyQSDUD&DQWDUXQDFDQFLyQTXHH[SOLTXH
5HFRQRFHUORVSDWURQHVUtWPLFRVHQ5HODFLRQDUOROHWUDGHXQDFDQFLyQFRQ([SOLFDUODVVHPHMDQ]DVHQWUHXQDREUDPXVLFDO\3UHVHQWDUXQ
EUHYHHVSHFWiFXORPXVLFDODFHUFDGH)DEULFDUXQLQVWUXPHQWR\XWLOL]DUORSDUD8WLOL]DUP~VLFDSDUDIDFLOLWDUHODSUHQGL]DMHGH5HFRSLODU\
SUHVHQWDUFDQFLRQHVDFHUFDGH(VFULELUXQQXHYRILQDOSDUDXQDFRPSRVLFLyQPXVLFDOSDUDH[SOLFDU&UHDUXQFROODJHPXVLFDOTXH
HMHPSOLILTXH8WLOL]DUUHFXUVRVWHFQROyJLFRVPXVLFDOHVSDUD2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~YLVXDOHVSDFLDO
'LVHxDUWDEODVPDSDVDVRFLDFLRQHVRJUiILFRV&UHDUXQHVSHFWiFXORFRQGLDSRVLWLYDVYtGHRVRXQiOEXPGH IRWRJUDItDVGH'LVHxDUXQ
SyVWHUXQDFDUWHOHUDRXQPXUDOGH(PSOHDUVLVWHPDVPQHPRWpFQLFRVSDUDDSUHQGHU&UHDUREMHWRVDUWtVWLFRVTXH5HDOL]DUGLEXMRV
DUTXLWHFWyQLFRVSDUD
-XQWRFRQXQFRPSDxHURDSOLFDUODHVWUDWHJLDGHGHEDWHSDUDODVROXFLyQGHSUREOHPDVSDUD'UDPDWL]DUGLIHUHQWHVSHUVSHFWLYDVDFHUFDGH
,QWHJUDUXQJUXSRSDUD$SOLFDUGHOLEHUDGDPHQWHKDELOLGDGHVVRFLDOHVSDUDTXHIDFLOLWHQHODSUHQGL]DMHGH'LVHxDUXQSUR\HFWRGHWUDEDMR
VRFLDOGHVWLQDGRD(QVHxDUDDOJXLHQDFHUFDGH3ODQLILFDUFRQMXQWDPHQWHUHJODVGHSURFHGLPLHQWRSDUD$ERUGDUXQSUREOHPDORFDORJOREDO
PHGLDQWH3URSRUFLRQDU\UHFLELUIHHGEDFNSRU$SRUWDUDOJXQDFDSDFLGDGSURSLDDXQWUDEDMRJUXSDSDUDORJUDU&UHDUXQFXOWXJUDPDR
UXHGD GHVLVWHPDVYpDVHFDStWXORGHGLFDGRDODLQWHOLJHQFLDLQWHUSHUVRQDOGH8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDLQWHUDFWXDUFRQ
2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~LQWUDSHUVRQDO
'HVFULELUODVFXDOLGDGHVTXHWHD\XGDUiQDOHYDUDFDERVDWLVIDFWRULDPHQWH&UHDUXQDDQDORJtDSHUVRQDOSDUD(VWDEOHFHU\
DOFDQ]DUXQREMHWLYRGH'HVFULELUFXiOHVVRQWXVVHQWLPLHQWRVUHVSHFWRGH([SOLFDUWXILORVRItDUHVSHFWRGH'HVFULELUWXV
YDORUHVSHUVRQDOHVDFHUFDGH$SOLFDUHVWUDWHJLDVGHDSUHQGL]DMHDXWRGLULJLGRSDUDORJUDU(VFULELUXQSDVDMHGHXQGLDULR
SHUVRQDODFHUFDGH([SOLFDUWXVPRWLYRVSDUDHVWXGLDU/OHYDUDFDERXQSUR\HFWRDHOHFFLyQVREUH5HFLELUIHHGEDFNSRUSDUWH
GHRWUDSHUVRQDSRU$XWRHYDOXDUWXWUDEDMRHQ
8WLOL]DU UHFXUVRVWHFQROyJLFRVSDUDUHIOH[LRQDUDFHUFDGH2WURVUHFXUVRVGHVXSUHIHUHQFLD
0HQ~QDWXUDOLVWD
5HFRSLODU\FODVLILFDULQIRUPDFLyQ&RQIHFFLRQDUXQGLDULRGHREVHUYDFLRQHVVREUH&RPSDUDUIHQyPHQRVPHWHRUROyJLFRVFRQ
,QYHQWDUFDWHJRUtDVSDUD([SOLFDUODVVHPHMDQ]DVGHXQDHVSHFLHYHJHWDORDQLPDOFRQ&UHDUXQDWD[RQRPtDGH8WLOL]DU
ELQRFXODUHVPLFURVFRSLRVOXSDVRWHOHVFRSLRVSDUD5HFRQRFHUODVUHODFLRQHVHQWUH(QFDUJDUVHGHOFXLGDGRGHSODQWDVR
DQLPDOHVSDUDDSUHQGHUDFHUFDGH'HVFULELUORVFLFORVRSDWURQHVGH(VSHFLILFDUODVFDUDFWHUtVWLFDVGH3DUWLFLSDUGHXQYLDMH
GHHVWXGLRVSDUD8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDH[SORUDU2WURVUHFXUVRVGHVXSUHIHUHQFLD
6LELHQHVWHOLVWDGRRIUHFHQXPHURVDVRSFLRQHVGLGiFWLFDVORVGRFHQWHVKDQKDOODGRRWUDVPDQHUDVGHXWLOL]DUORVPHQ~V$OJXQRV
HQWUHJDQ FRSLDV GH HOORV D VXV DOXPQRV \ OHV VROLFLWDQ TXH HOLMDQ ODV RSFLRQHV TXH OHV UHVXOWHQ PiV DSURSLDGDV SDUD DERUGDU HO
DSUHQGL]DMHGHFRQWHQLGRVDFDGpPLFRV'HHVWDPDQHUDSDUWHGHODUHVSRQVDELOLGDGSRUODHQVHxDQ]DPXOWLPRGDOVHWUDQVPLWHHQ
ODPD\RUtDGHORVFDVRVGHOGRFHQWHDXQDOXPQRELHQSUHGLVSXHVWR
2WURVGRFHQWHVXWLOL]DQORVPHQ~VSDUDRUJDQL]DUODWDUHDSDUDHOKRJDU(QDOJXQRVFDVRVHOGRFHQWHVHOHFFLRQDXQGHWHUPLQDGR
PHQ~ SRU HMHPSOR HO OLVWDGR PXVLFDO \ VROLFLWD D ORV DOXPQRVTXHUHDOLFHQVXVWDUHDVPXVLFDOPHQWHGXUDQWHXQDVHPDQD3RUOR
JHQHUDOORVGtDVYLHUQHVORVDOXPQRVUHYLVDQRSUHVHQWDQVXVWDUHDVPXVLFDOHVHQFODVH$OFRPHQ]DU ODVHPDQDVLJXLHQWHUHFLEHQ
XQQXHYRPHQ~\SUHSDUDQVXVWDUHDVGHDFXHUGRFRQODVRSFLRQHVHQXPHUDGDV/DURWDFLyQDWUDYpVGHODVRFKRLQWHOLJHQFLDVHQHO
FXUVR GH RFKR VHPDQDV SODQWHD D WRGRV ORV DOXPQRV HO GHVDItR GH DERUGDU VXV iUHDV GH QHFHVLGDG \ GH GLVIUXWDU DSOLFDQGR VXV
FDSDFLGDGHV D OD WDUHD $OJXQRV GRFHQWHV SURSRQHQ D ORV DOXPQRV TXH LGHQWLILTXHQ VXV HVWUDWHJLDV GH WUDEDMR SUHIHULGDV SDUD OD
QRYHQDVHPDQD'HHVWDPDQHUDHOGRFHQWHWLHQHRSRUWXQLGDGGHFRQRFHUODVSUHIHUHQFLDVGHORVDOXPQRV \GHIRUPDUVHXQDLGHD
DFHUFD GH VXV FDSDFLGDGHV LQWUtQVHFDV R GH ODV iUHDV HQ ODV TXH VH HQFXHQWUDQ HVSHFLDOPHQWH PRWLYDGRV SDUD FRUUHU ULHVJRV /RV
SDGUHV VXHOHQ LQIRUPDU TXH SRFDV YHFHV KDQ YLVWR D VXV KLMRV WDQ HQWXVLDVPDGRV FRQ VX WDUHD /DV HVWUDWHJLDV PXOWLPRGDOHV
SHUPLWHQFUHDUQXHYRVGHVDItRVTXHPXFKRVDOXPQRVGLVIUXWDQDODVXPLU
/RVGRFHQWHVWDPELpQKDQXWLOL]DGRORVPHQ~VFRPRRSFLRQHVSDUDODHYDOXDFLyQ/XHJRGHXQDUHYLVLyQGHORVOLVWDGRV
ORV DOXPQRV VHOHFFLRQDQ OD PDQHUD FRUQR GHPRVWUDUiQ OR TXH KDQ DSUHQGLGR 6LHPSUH \ FXDQGR VH HVWDEOH]FDQ FULWHULRV
FODURV UHVSHFWR GH OD FDOLGDG GHO WUDEDMR ORV FRQRFLPLHQWRV \ ODV KDELOLGDGHV TXH GHEHQ SUHVHQWDUVH ORV DOXPQRV SRGUiQ
FRPXQLFDUVXVORJURVSRUPHGLRGHJUiILFRVVHFXHQFLDVGHPRYLPLHQWRVDFWLYLGDGHVGUDPiWLFDVRFDQFLRQHVRULJLQDOHV
/RV PHQ~V \ ODV DFWLYLGDGHV GH DSUHQGL]DMH GHVFULWDV HQ ORV FDStWXORV SUHFHGHQWHV WDQWR VL VH ODV XWLOL]D FRPR
KHUUDPLHQWDV SDUD HO DSUHQGL]DMH OD HYDOXDFLyQ R HO WUDEDMR LQGLYLGXDO GHO DOXPQR SHUPLWHQ FRPSUHQGHU TXH ODV RFKR
LQWHOLJHQFLDVVRQHVWUDWHJLDVHILFDFHVSDUDODVROXFLyQGHSUREOHPDVFXDQGRVHKDFHIUHQWHDORVGHVDItRVGHODHVFXHOD\GHOD
YLGD
0DWUL]GHSODQHDPLHQWRGHFODVH
1R H[LVWH XQ PRGHOR ~QLFR \ SUHGHWHUPLQDGR SDUD HO GLVHxR GH FODVHV EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV /RV
GRFHQWHVSUHILHUHQFUHDUORVHQIRTXHVTXHPHMRUVHDGDSWDQDVXHVWLORGHHQVHxDQ]D\DODVQHFHVLGDGHVGHVXVDOXPQRV$O
FRPHQ]DUDDSOLFDUXQHQIRTXHGHLQWHOLJHQFLDVP~OWLSOHVFRPRPDUFRGLGiFWLFRGHEHUiQHVWDEOHFHUVHH[SHFWDWLYDVUHDOLVWDV
(VSRFRSUREDEOHTXHORVHGXFDGRUHVGHQLYHOSROLPRGDOTXLHQHVWUDEDMDQGHQWURGHORVOtPLWHVLPSXHVWRVSRUSHUtRGRVGH
FODVHGHPLQXWRVSXHGDQDERUGDUODVRFKRiUHDVGHQWURGHXQDVRODFODVH(QOXJDUGHHOORUHVXOWDUiPiVRSHUDWLYRLQFOXLU
XQDHVWUDWHJLDGHFDGDLQWHOLJHQFLDGXUDQWHXQSHUtRGRGHXQDDGRVVHPDQDV/RVGRFHQWHVGHOQLYHOGHHQVHxDQ]DEiVLFD
GHVFXEULUiQTXHHQHOFXUVRGHGRVGtDVSXHGHQLQWHJUDUVHIiFLOPHQWHODVRFKRLQWHOLJHQFLDVDODVDFWLYLGDGHVGHODXOD2WURV
GRFHQWHVDERUGDQODHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHVLGHQWLILFDQGRXQDLQWHOLJHQFLDSDUDGHVWDFDUFDGDGtD$O
FDERGHRFKRGtDVORVDOXPQRVKDEUiQWUDEDMDGRFRQODWRWDOLGDGGHORVRFKRPRGRV$OJXQRVGRFHQWHVSHUPLWHQTXHVXV
DOXPQRVFRQWLQ~HQODVWDUHDVHQODLQWHOLJHQFLDTXHKD\DQHOHJLGRGXUDQWHHOQRYHQRGtDGHFODVH
(V LPSRUWDQWH WHQHU HQ FXHQWD TXH VL ELHQ ODV LQWHOLJHQFLDV P~OWLSOHV SURSRUFLRQDQ XQ PDUFR HILFD] QR HV GHVHDEOH
WUDQVIRUPDUODWHRUtDGH*DUGQHUHQXQDIyUPXODSHGDJyJLFDUtJLGD8QGRFHQWHTXHGHVHDEDHQVHxDUWRGRVORVFRQWHQLGRV
SRUPHGLRGHORVRFKRPRGRVDGPLWLyTXHVROtDGHMDUSUHQGLGDVFRQDOILOHUHVDOJXQDVDFWLYLGDGHVSDUDSRGHUFRPSOHWDUVXV
FODVHV GLDULDV (VWD SUiFWLFD VH LQWHUUXPSLy D FDXVD GH ODV TXHMDV GH ORV DOXPQRV TXLHQHV PDQLIHVWDURQ TXH FLHUWRV
FRQWHQLGRVDSDUHFtDQUHDOPHQWHIRU]DGRV/RPiVLPSRUWDQWHGHODHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHVFRQVLV
WH HQ TXH ODV KHUUDPLHQWDV GH HQVHxDQ]D GHEHQ DGHFXDUVH D ORV FRQWHQLGRV 1R REVWDQWH HOOR QR VLJQLILFD TXH HO GRFHQWH
GHEDH[FOXLUGHOLEHUDGDPHQWHXQDLQWHOLJHQFLDGHELGRDTXHVHHQFXHQWUDIXHUDGHOD]RQDHQTXHVHVLHQWHVHJXUR3RUHO
FRQWUDULRHOWUDEDMRHQHTXLSRFRQXQFROHJDSHUPLWHLQFUHPHQWDUODVRSFLRQHVGHDSUHQGL]DMHWDQWRSDUDORVDOXPQRVFRPR
SDUDORVGRFHQWHV
$OJXQRVHGXFDGRUHVSUHILHUHQGHVDUUROODUXQDFDSDFLGDGODWHQWHDQWHVGHDSOLFDUODDODHQVHxDQ]DHQHODXOD(QWRQFHV
SRUHMHPSORWRPDQFODVHVGHGLEXMRROOHYDQDFDERDFWLYLGDGHV GHPRYLPLHQWRRPXVLFDOHVGHPDQHUDIRUPDORLQIRUPDO
8QD YH] TXH KDQ DGTXLULGR FRQILDQ]D ORV HGXFDGRUHV HQVHxDQ D ORV DOXPQRV OR TXH KDQ DSUHQGLGR R LQFRUSRUDQ VXV QXHYRV
FRQRFLPLHQWRV\KDELOLGDGHVDODVFODVHVTXHGHVDUUROODQHQHODXOD
8QD GH ODV DXWRUDV GH HVWH OLEUR GLULJHXQSURJUDPDGHIRUPDFLyQGRFHQWHXQRGHFX\RVUHTXLVLWRVFRQVLVWHHQTXHORVDOXPQRV
VHOHFFLRQHQXQDLQWHOLJHQFLDODWHQWHTXHGHEHUiQGHVDUUROODUGXUDQWHHOSHUtRGRGHXQDxR$GHPiVORVFDQGLGDWRVDODGRFHQFLD
GHEHQLQFRUSRUDUVXVLQFLSLHQWHVFDSDFLGDGHVDODWDUHDTXHGHVDUUROODQHQHODXODGXUDQWHVXSHUtRGRGHSUiFWLFDGHODHQVHxDQ]D
5HVXOWDLQWHUHVDQWHDQDOL]DUODVHOHFFLRQHVTXHUHDOL]DQORVDGXOWRVUHVSHFWRGHODVLQWHOLJHQFLDVTXHGHVHDQGHVDUUROODU'XUDQWHXQ
FXUVRGHORVFXDUHQWDDOXPQRVGHOSURJUDPDGRVHOLJLHURQWUDEDMDUVXVKDELOLGDGHVOLQJtVWLFDVSRUPHGLRGHFODVHVGHGLFFLyQ\
GHXQDLQYHVWLJDFLyQHQOLWHUDWXUDLQIDQWLO6HLVDOXPQRVVHGHGLFDURQDODLQWHOLJHQFLDOyJLFRPDWHPiWLFDPHGLDQWHODDVLVWHQFLD D
FODVHVGHIRELDDODPDWHPiWLFDGHDQiOLVLVGHFXUUtFXORFRUUHVSRQGLHQWHDHVDiUHD\GHHVWXGLRGHPRGHORVSDUDODVROXFLyQGH
SUREOHPDV &LQFR GH HOORV UHDOL]DURQ XQ UHOHYDPLHQWR GH SURJUDPDV GH HGXFDFLyQ DPELHQWDO SDUD VX DSOLFDFLyQ HQ HO DXOD 'LH]
DOXPQRV WRPDURQ FODVHV GH DUWHV YLVXDOHV 6HLV H[SHULPHQWDURQ FRQ OD LQWHOLJHQFLD FLQHVWpVLFD PHGLDQWH SURJUDPDV GHHGXFDFLyQ
ItVLFD2FKRWRPDURQFODVHVGHFDQWRRHMHFXFLyQPXVLFDO'RVHVWXGLDURQSURFHVRVGHDSUHQGL]DMHFRRSHUDWLYR\XQRVHGHGLFyDOD
HVFULWXUD GH XQ GLDULR SHUVRQDO HQ IRUPD UHJXODU /RV HGXFDGRUHV TXH HVWiQ GLVSXHVWRV DFRQWLQXDUH[SDQGLHQGRVXVFDSDFLGDGHV
KXPDQDV FRQVWLWX\HQ LPSRUWDQWHV PRGHORV GH URO SDUD ORV DOXPQRV \D TXH FRQ VX DFWLWXG SRQHQ GH PDQLILHVWR ODV SUiFWLFDV TXH
GHVHDQHVWLPXODUHQORVGHPiV
$FRQWLQXDFLyQVHSUHVHQWDXQDPDWUL]PRGHORFRPRRSFLyQSDUDRUJDQL]DUODHQVHxDQ]DSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV
(OOHFWRUDGYHUWLUiTXHVHSURSRUFLRQDQWDPELpQGRVFODVHVPRGHOR/DSULPHUDHVWiGHGLFDGDDODIRWRVtQWHVLVHLQFRUSRUDODVRFKR
LQWHOLJHQFLDVPLHQWUDVTXHODVHJXQGDFODVHSURSRQHHOHPSOHRGHVHLVGHHOODV
6HJ~QGHPXHVWUDQODVFODVHVPRGHORXQPLVPRFRQFHSWRVHHQVHxDGHGLIHUHQWHVPDQHUDV(VWRSHUPLWHHYLWDUXQSUREOHPDFRP~Q
GH OD HQVHxDQ]D EDVDGD HQ ODV LQWHOLJHQFLDV P~OWLSOHV &RQ IUHFXHQFLD ORV GRFHQWHV OOHYDQ D FDER XQD WRUPHQWD GH LGHDV SDUD
LGHQWLILFDU QXPHURVDV H[SHULHQFLDV PXOWLPRGDOHV \ VXHOHQ DSDUWDUVH GH ORV REMHWLYRV \ ORJURV TXH KDEtDQ HVWDEOHFLGR
RULJLQDOPHQWH /RV DOXPQRV VXHOHQ VHQWLUVH SHUGLGRV FXDQGR OOHYDQ D FDER H[SHULHQFLDV LQWHUHVDQWHV DXQTXH IUDJPHQWDUtDV 'HO
PLVPRPRGRTXHRFXUUHFRQWRGRRWURPpWRGRGLGiFWLFRHVHVHQFLDOTXHORVHGXFDGRUHVGHWHUPLQHQFXiOHVVRQORVFRQFHSWRVPiV
VLJQLILFDWLYRVTXHORVDOXPQRVGHEHQLQFRUSRUDU\TXHOXHJRGHVDUUROOHQODHQVHxDQ]DGHGLFKRVFRQWHQLGRVGHPDQHUDLQWHJUDGD
8QLGDGHVLQWHUGLVFLSOLQDULDV
$ OR ODUJR GHO WLHPSR ODV GLVFLSOLQDV DFDGpPLFDV VH KDQ HQVHxDGR VLQ HVWDEOHFHU FRQH[LRQHV VLJQLILFDWLYDV HQWUH Vt QL FRQ HO
HQWRUQRHQTXHVHGHVDUUROODODYLGDGHORVDOXPQRV&XDQGRVHOOHYDDFDERXQDHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHV
QXPHURVDVGLIHUHQFLDVFRPLHQ]DQDGLVROYHUVHHQWUHODVGLVFLSOLQDV\OHVSHUPLWHQDORVGRFHQWHVRHTXLSRVGHFROHJDVTXHDVtOR
GHVHHQODSODQLILFDFLyQGHXQLGDGHVLQWHUGLVFLSOLQDULDV0DWHPiWLFDOHFWXUDP~VLFDDUWHPRYLPLHQWRFLHQFLDVQDWXUDOHV\WUDEDMR
WDQWRFRRSHUDWLYRFRPRLQGLYLGXDOSXHGHQHQWUHWHMHUVHSDUDODHQVHxDQ]DGHWRGRVORVWHPDV
8Q JUXSR GH GRFHQWHV GH QLYHO SROLPRGDO GHO 'LVWULWR (VFRODU GH 6HDWWOH ((88 H[SUHVy VX LQWHUpV SRUFRQWDUFRQXQDPDWUL]
PXOWLSURSyVLWR SDWD HO SODQHDPLHQWR GH FODVHV FXDQGR VXV HVFXHODV VH YROFDURQ DODHQVHxDQ]DLQWHUGLVFLSOLQDULD$GHPiVGHODV
LQWHOLJHQFLDVP~OWLSOHVORVGRFHQWHVGHVHDEDQGHVWDFDUODVKDELOLGDGHVGHSHQVDPLHQWRFUtWLFR\FUHDWLYRODSDUWLFLSDFLyQIDPLOLDU
ODV SUHIHUHQFLDV GH ORV DOXPQRV \ ODV FRQH[LRQHV FRQ OD YLGD FRWLGLDQD HQ VXV XQLGDGHV GH WUDEDMR (QWRQFHV GHVDUUROODURQ OD
VLJXLHQWHPDWUL]SDUDRUJDQL]DU ODSODQLILFDFLyQFXUULFXODU
3ODQHDPLHQWRLQWHUGLVFLSOLQDULRFRQVHFXHQFLDVGHGHVDUUROOR
/D PDWUL] LQWHUGLVFLSOLQDULD SUHFHGHQWH SURSRUFLRQD D ORV DOXPQRV QXPHURVDV RSRUWXQLGDGHV SDUD HQULTXHFHU VX DSUHQGL]DMH 1R
REVWDQWHHQDOJXQRVFDVRVORVGRFHQWHVSUHILHUHQSURIXQGL]DUXQDVHFXHQFLDGHFRQRFLPLHQWRV\FRQFHQWUDUVHHQHOGHVDUUROORGH
KDELOLGDGHV LQKHUHQWHV D XQD R PiV LQWHOLJHQFLDV 3DUD SODQLILFDU OD XQLGDG ORV GRFHQWHV WHQGUiQ TXH HVWDEOHFHU ORV ORJURV TXH
GHEHUi DOFDQ]DU HO DOXPQR DO ILQDOL]DU HO SURFHVR OD VHFXHQFLD GH WDUHDV HQ ODV FRUUHVSRQGLHQWHV LQWHOLJHQFLDV\ODVDFWLYLGDGHV
HVSHFtILFDVTXHVHOOHYDUiQDFDER$FRQWLQXDFLyQSUHVHQWDPRVXQHMHPSOR
&XDQGRVHOOHYDDFDERXQDSODQLILFDFLyQFXLGDGRVDWDOFRPRODTXHUHTXLHUHQODVXQLGDGHVLQWHUGLVFLSOLQDULDVTXHVHDFDEDQGH
FLWDUUHVXOWD~WLOWUDEDMDUMXQWRFRQRWURVFROHJDV'HKHFKRDOJXQRVGRFHQWHV\HVFXHODVGLVHxDQHTXLSRVGLGiFWLFRVTXHLQFOX\HQ
WRGRVORVUHFXUVRVQHFHVDULRVXQDEUHYHJXtDSDUDHOGRFHQWH\XQ OLVWDGRGHFRQWUROGHORVPDWHULDOHVSDUDVXUHSRVLFLyQ0XFKDV
HVFXHODV\GLVWULWRVHVFRODUHVFRQIHFFLRQDQXQFDWiORJRGHGLFKDVFODVHVTXHVHHQFXHQWUDDGLVSRVLFLyQGHORVFROHJDVTXHGHVHHQ
XWLOL]DUORDILQGHHYLWDUODSURYHUELDO\GHVJDVWDQWHUHLQYHQFLyQGHODJXDWLELD
(QIRTXHVLQWHUGLVFLSOLQDULRVLQVWLWXFLRQDOHVHQHOQLYHOSROLPRGDO
6L ELHQ OD PD\RU SDUWH GH ORV SURJUDPDV SLORWR GH LQWHOLJHQFLDV P~OWLSOHV GH ORV (VWDGRV 8QLGRV VH GHVDUUROODQ HQ HVFXHODV GH
HQVHxDQ]D EiVLFD OD WHRUtD GH *DUGQHU SXHGH DSOLFDUVH VLQ GLILFXOWDG HQ HO QLYHO SROLPRGDO GHELGR D TXH ORV GRFHQWHV GH FDGD
DVLJQDWXUD VRQ HVSHFLDOLVWDV HQ FDGD XQD GH ODV LQWHOLJHQFLDV UHODFLRQDGDV FRQ ORV FRQWHQLGRV TXH WUDEDMDQ &RQ HO REMHWR GH
DOFDQ]DU XQ FRQRFLPLHQWR PiV SURIXQGR GH ORV FRQWHQLGRV \ GH GLVPLQXLU OD IUDJPHQWDFLyQ HQ OD H[SHULHQFLD FXUULFXODU GH ORV
DOXPQRVORVGRFHQWHVSRGUiQSODQLILFDUXQLGDGHVLQWHUGLVFLSOLQDULDVTXHDEDUTXHQODWRWDOLGDGGHOiPELWRLQVWLWXFLRQDO
(QOD1HZ&LW\6FKRROGH6W/RXLVORVGRFHQWHVGHQLYHOSROLPRGDOWUDEDMDQODVKDELOLGDGHVEiVLFDVSDUDiUHDVGHFRQWHQLGRHQ
EORTXHVGHPLQXWRV'LFKRVEORTXHVVHGLYLGHQHQWUHVSHUtRGRVGHLJXDOGXUDFLyQPLQXWRVGHHQVHxDQ]DGLUHFWDPLQXWRV
GH DSUHQGL]DMH FRRSHUDWLYR \ PLQXWRV GH DSUHQGL]DMH LQGLYLGXDO /D SODQLILFDFLyQ GH FDGDEORTXHLQFOX\HXQDUHYLVLyQGHODV
RFKRLQWHOLJHQFLDVDILQGHFRPSUREDUTXHKDQVLGRLQFRUSRUDGDVHQWRGDVODVFODVHVVLQRGLDULDPHQWHDOPHQRVHQIRUPDVHPDQDO
6L ELHQ ORV EORTXHV QR GHPDQGDQ FDPELRV FXUULFXODUHV VLJQLILFDWLYRV HVWD PRGDOLGDG OHV RWRUJD XQD QDWXUDOH]D PXFKR PiV
LQWHUGLVFLSOLQDULD
/RV GRFHQWHV GH QLYHO SROLPRGDO VH UH~QHQ SDUD GLVHxDU ODV SULQFLSDOHV XQLGDGHV TXH FDGD XQR GHVDUUROODUi GXUDQWH HO DxR /RV
WHPDVSXHGHQYDULDUDPHGLGDTXHWUDQVFXUUHQORVPHVHVGHDFXHUGRFRQXQFDOHQGDULRJHQHUDOTXHLQIRUPDDWRGRVDFHUFDGHODV
IHFKDVHQTXHVHGHVDUUROODODHQVHxDQ]DGHGHWHUPLQDGRVFRQWHQLGRV&XDQGRVHGLVSRQHGHLQIRUPDFLyQUHVSHFWRGHOFXUUtFXORGH
ORV GHPiV UHVXOWD PiV VHQFLOOR FRRUGLQDU OD HQVHxDQ]D GH WHPDV TXH VH FRPSOHPHQWDUiQ PXWXDPHQWH (OOR SHUPLWH SODQLILFDU HO
WUDEDMRFRQGLFKRVWHPDVHQIRUPDSDUDOHOD3RUHMHPSORHOGHSDUWDPHQWRGHFLHQFLDVVRFLDOHVGHXQDHVFXHODSRGUtDGHVDUUROODU
XQD XQLGDG DFHUFD GHO FRQVXPR GXUDQWH HO WHUFHU WULPHVWUH (O GHSDUWDPHQWR GH 0DWHPiWLFD DGYHUWLUi TXH ORV FRQFHSWRV GH
SRUFHQWDMHSURSRUFLRQHV\SUREDELOLGDGVHWUDEDMDQHQHOSULPHUWULPHVWUH6LVHGHVSOD]DODHQVHxDQ]DGHORVWHPDVPDWHPiWLFRVDO
~OWLPR WULPHVWUH \ VH DJUHJDQ FODVHV DFHUFD GH DFFLRQHV \ ERQRV ORV GRV GHSDUWDPHQWRV SXHGHQ HQULTXHFHU ORV FRQWHQLGRV TXH
WUDEDMDFDGDXQRGHHOORV$VLPLVPRHOGHSDUWDPHQWRGH$UWHSRGUtDVROLFLWDUDORVDOXPQRVTXHDQDOLFHQDQXQFLRVSXEOLFLWDULRV\
TXHGLVHxHQHQYDVHVSDUDSURGXFWRVGHFRQVXPRPDVLYR(QHOiUHDGHOHQJXDORVDOXPQRVSRGUiQUHIOH[LRQDUSRUHVFULWRDFHUFD
GH ODV FRPSUDV TXH UHDOL]DQ \ HO VLJQLILFDGR TXH DVXPHQ WDOHV SURGXFWRV SDUD VX VLVWHPD GH YDORUHV /RV GRFHQWHV GH HVWD iUHD
WDPELpQSRGUiQVXSHUYLVDUSUR\HFWRVGHDSUHQGL]DMHLQGLYLGXDOTXHORVDOXPQRVGHVHHQOOHYDUDFDER(QODVFODVHVGHHGXFDFLyQ
ItVLFDVHSRGUiHVWXGLDUODRIHUWDGHSURJUDPDV\SURGXFWRVGHVWLQDGRVDORJUDUXQEXHQHVWDGRItVLFR\ORVUHVXOWDGRVTXHSURGXFHQ
(QFLHQFLDVQDWXUDOHVORVDOXPQRVSRGUiQRUJDQL]DUSHTXHxRVJUXSRVSDUDHOHVWXGLRGHORVHIHFWRVDPELHQWDOHVGHOFRQVXPLVPR
(QODFODVHGHP~VLFDVHSRGUiQDQDOL]DUORVYDORUHVVRFLDOHVTXHSURPXHYHQODVFDQFLRQHV\FUHDUOHWUDVFX\RVWHPDVVHUHODFLRQHQ
FRQHOFRQVXPR(QHOiUHDGHWDOOHUVHSRGUiQ FRQVWUXLUHVWDQWHUtDVSDUDJXDUGDUORVHOHPHQWRVGHWUDEDMRGHWRGRVORVDOXPQRVGH
OD HVFXHOD \ HQ HFRQRPtD GRPpVWLFD ORV DOXPQRV SRGUiQ FRPSDUDU SURGXFWRV VLQWpWLFRV \ QDWXUDOHV /DV XQLGDGHV
LQWHUGLVFLSOLQDULDVEDVDGDVHQODVLQWHOLJHQFLDVP~OWLSOHVVXUJHQQDWXUDOPHQWHFXDQGRVHDSURYHFKDQORVUHFXUVRVLQWUtQVHFRVGHTXH
GLVSRQHWRGRHOSHUVRQDOGHODHVFXHOD
(Q XQD HVFXHOD GH QLYHO SROLPRGDO GH 6HDWWOH TXH FXHQWD FRQ XQD SREODFLyQ KHWHURJpQHD VH GHFLGLy LPSOHPHQWDU XQ SURJUDPD
SLORWR LQVWLWXFLRQDO GH LQWHOLJHQFLDV P~OWLSOHV GXUDQWH XQD VHPDQD SDUD DERUGDU HO WHPD GH OD FRQFLHQFLD LQWHUQDFLRQDO /RV
GRFHQWHV GH OLWHUDWXUD WUDEDMDURQ FXHQWRV SHUWHQHFLHQWHV D ODV FXOWXUDV UHSUHVHQWDGDV SRU VXV DOXPQRV /RV GRFHQWHV GH ODV iUHDV
FRPHUFLDOHVDERUGDURQWHPDVGHFRPHUFLRLQWHUQDFLRQDO/RVGRFHQWHVGHPDWHPiWLFDGLFWDURQFODVHVVREUHPRQHGDH[WUDQMHUD/RV
GRFHQWHV GH HGXFDFLyQ ItVLFD HQVHxDURQ MXHJRV GH WRGR HO PXQGR \ HQ ODV FODVHV GH FLHQFLDV QDWXUDOHV ORV DOXPQRV HVWXGLDURQ
WHPDVDPELHQWDOHVORFDOHV\ JOREDOHV/RVGRFHQWHVGHFLHQFLDVVRFLDOHVDERUGDURQWHPDVUHODFLRQDGRVFRQODVGLYHUVDVIRUPDVGH
JRELHUQR \ ORV GHUHFKRV FLYLOHV /RV GRFHQWHV GH HGXFDFLyQ SDUD OD VDOXG GHVDUUROODURQ XQD XQLGDG DFHUFD GH HQIHUPHGDGHV
LQIHFFLRVDVHQGpPLFDVHQPXFKRVSDtVHV/RVGRFHQWHVGHDUWH\P~VLFDWUDEDMDURQFRQVXVDOXPQRVGLYHUVRVPHGLRVDXGLRYLVXDOHV
\HWQRPXVLFRORJtD'XUDQWHODHWDSDGHSODQLILFDFLyQGHODVHPDQDGHLQWHOLJHQFLDVP~OWLSOHVORVGRFHQWHVVHHQWXVLDVPDURQWDQWR
FRQODVSRVLELOLGDGHVTXHRIUHFtD FDGDXQDGHODVXQLGDGHVTXHGHFLGLHURQLQYLWDUDORVSDGUHVDSDUWLFLSDUGHOHYHQWR$DGYHUWLU
TXH PXFKRV GH HOORV QR SRGUtDQ FRQFXUULU D OD HVFXHOD GXUDQWH HO KRUDULR KDELWXDO GH FODVHV GHFLGLHURQ PRGLILFDUOR GXUDQWH HVD
VHPDQD\RUJDQL]DURQFDGDMRUQDGDHQWUHODVWUHVGHODWDUGH\ODVQXHYHGHODQRFKH(OHYHQWRQRVyORREWXYRXQWUHPHQGRp[LWR
HQWUH ORV DOXPQRV VLQR TXH QXQFD DQWHV VH KDEtD FRQWDGR HQ OD HVFXHOD FRQ OD SUHVHQFLD GH OLWHUDOPHQWH FLHQWRV GH SDGUHV TXH
DVLVWLHURQDODVFODVHVMXQWRFRQVXVKLMRV
(UDODSULPHUDYH]HQODH[SHULHQFLDUHFLHQWHGHODHVFXHODTXHWDQWRVSDGUHV\HVSHFLDOPHQWHSDGUHVLQPLJUDQWHVFRQFXUUtDQDODV
DXODV
(VIXHU]RVSLORWRSDUDHOFRUWRSOD]RVHPHMDQWHVDOTXHVHSUHVHQWDPiVDUULEDSHUPLWHQODFRODERUDFLyQLQWHUGLVFLSOLQDULDHQWUHHO
SHUVRQDOGRFHQWH\HYLWDQORVWtSLFRVUHSDURVTXHVXHOHQLPSRQHUVHDORVFRPSURPLVRVDQXDOHV'HHVWDPDQHUDORVGRFHQWHVGH
QLYHO SROLPRGDO FRQWLQ~DQ HO WUDEDMR HQ VXV iUHDV GH HVSHFLDOLGDG \ QR GHEHQ GHGLFDU GHPDVLDGR WLHPSR D OD SODQLILFDFLyQ GH
QXHYDV FODVHV 1R REVWDQWH ORV DOXPQRV REWLHQHQ JUDQGHV EHQHILFLRV FXDQGR GLVSRQHQ GH RSRUWXQLGDGHV SDUD DQDOL]DU WHPDV R
FRQWHQLGRV PHGLDQWH QXPHURVDV SHUVSHFWLYDV \ SDUD SRQHU HQ SUiFWLFD ODV FRQH[LRQHV TXH H[LVWHQ HQWUH iUHDV GH FRQWHQLGR TXH
VXHOHQSUHVHQWDUVHVHSDUDGDPHQWH&XDQGRORVGRFHQWHVKDQH[SHULPHQWDGRODHQVHxDQ]D\HYDOXDFLyQGHGLFKDVXQLGDGHVPXFKRV
GH HOORV GHVDUUROODQ PD\RU DSUHFLR SRU HO FRQRFLPLHQWR SURIXQGR TXH KDQ DGTXLULGR VXV DOXPQRV 0DQLILHVWDQ TXH ODV XQLGDGHV
LQWHUGLVFLSOLQDULDV SHUPLWHQ PHMRUDU OD FDOLGDG GH OD HQVHxDQ]D \ HO DSUHQGL]DMH \ DOJXQRV KDQ GHFLGLGR GHVFDUWDU ODV EDUUHUDV
DUWLILFLDOHVWUDGLFLRQDOHVTXHVHSDUDQODVGLIHUHQWHViUHDVGHFRQWHQLGR
(TXLSRVGHLQWHOLJHQFLD
(QOXJDUGHWUDEDMDUHQHTXLSRVEDVDGRVHQiUHDVGHFRQWHQLGRDOJXQDVHVFXHODVSUHILHUHQRUJDQL]DUHTXLSRVGHLQWHOLJHQFLDDORV
TXHFDGDXQRGHVXVPLHPEURVDSRUWDVXFDSDFLGDGHQFDGDiUHDGHLQWHOLJHQFLD(VWRVHTXLSRVVXHOHQHVWDULQWHJUDGRVSRUGRVD
FXDWUR HGXFDGRUHV TXH VH UHVSRQVDELOL]DQ LQGLYLGXDOPHQWH SRU XQD R PiV LQWHOLJHQFLDV SDUD OD SODQLILFDFLyQ GH FODVHV R OD
HQVHxDQ]DGLDULD'HHVWHPRGRWDQWRVLVHWUDEDMDXQFXUUtFXORWHPiWLFRRWUDGLFLRQDOFDGDGRFHQWHDFW~DFRPRIXHQWHGHUHFXUVRV
SDUDVXVFROHJDV
([LVWHQ LQQXPHUDEOHV PDQHUDV SDUD TXH ORV GRFHQWHV RUJDQLFHQ VXV HTXLSRV GH WUDEDMR FRQ HO REMHWR GH LQFRUSRUDU WRGDV ODV
LQWHOLJHQFLDV D ORV SURJUDPDV HVFRODUHV (Q HVFXHODV WDOHV FRPR OD 6HYHQ (OHPHQWDU\ GH /DFH\ HVWDGR GH :DVKLQJWRQ \ OD .H\
6FKRRO GH,QGLDQDSROLV,QGLDQDORVHVSHFLDOLVWDVHQODVRFKRLQWHOLJHQFLDVWUDEDMDQGLUHFWDPHQWHFRQORVGRFHQWHVDILQGHLQWHJUDU
FDGD FDSDFLGDG HQ OD HQVHxDQ]D GLDULD (Q OD HVFXHOD :KHHOHU (OHPHQWDU\ GH /RXLVYLOOH .HQWXFN\ ORV GRFHQWHVGHOPLVPRDxR
IRUPDQHTXLSRVHQORVTXHFDGDLQGLYLGXRDVXPHODUHVSRQVDELOLGDGSRUXQDRPiVLQWHOLJHQFLDV7RGRVORVDOXPQRVGHXQPLVPR
DxRDVLVWHQDFODVHHQGLVWLQWDVDXODV\WUDEDMDQFRQGRFHQWHVTXHVHHQFDUJDQGHSURSRUFLRQDUOHVRSRUWXQLGDGHVGHDSUHQGL]DMHHQ
OD WRWDOLGDG GHO HVSHFWUR 2WUD RSFLyQ LQFOX\H OD FR SODQLILFDFLyQ GH FODVHV EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV SRU SDUWH GH
GRFHQWHV TXH FRQVHUYDQ OD UHVSRQVDELOLGDG GH OD HQVHxDQ]D HQ FDGD XQD GH VXV DXODV (Q DOJXQRV FDVRV ORV HTXLSRV GRFHQWHV
UHSDUWHQODVWDUHDVGHHQVHxDQ]DHQWUHFXDWURSHUVRQDVFDGDXQDGHODVFXDOHVVHUHVSRQVDELOL]DSRUGRVLQWHOLJHQFLDV
%HQHILFLRVGHOWUDEDMRHQHTXLSR
(O WUDEDMR HQ HTXLSR RIUHFH QXPHURVRV EHQHILFLRV &XDQGR VH GHVDUUROODQ ODV WDUHDV VH FRRUGLQDQ ODV FODVHV VH
FRPSDUWHQ ORV p[LWRV \ VH DERUGDQ ORV GHVDItRV FRQMXQWDPHQWH ORV LQJHQWHV ORJURV TXH REWLHQHQ ORV HTXLSRV VXSHUDQ
DPSOLDPHQWH ORV HVIXHU]RV DLVODGRV WHQGLHQWHV D PHMRUDU OD HQVHxDQ]D /D FRODERUDFLyQ HYLWD HO SUREOHPD GH TXH ORV
GRFHQWHV SXHGDQ OOHJDU D VHQWLUVH UHFKD]DGRV SRU ORV FROHJDV TXH DSOLFDQ XQD PHWRGRORJtD GH HQVHxDQ]D GLIHUHQWH \ OHV
SHUPLWH UHFRJHU ORV EHQHILFLRV GH OD SUiFWLFD FROHFWLYD (OOR JDUDQWL]D XQ GLiORJR VRVWHQLGR DFHUFD GH OD HQVHxDQ]D OD
HGXFDFLyQ \ ODV SURSLDV FDSDFLGDGHV SHUVRQDOHV \ SURIHVLRQDOHV \ HO DSURYHFKDPLHQWR GH WRGRV ORV UHFXUVRV $GHPiV OD
SODQLILFDFLyQ FRQMXQWD GH ODV FODVHV EULQGD RSRUWXQLGDGHV D ORV GRFHQWHV SDUD UHIOH[LRQDU \ HVWDEOHFHU FRQ FODULGDG ORV
FRQWHQLGRVORVREMHWLYRV\ODVHVWUDWHJLDVGHODSUHQGL]DMH
7RGRVORVJUXSRVGHDOXPQRVWLHQHQPXFKRSRUJDQDUDSDUWLUGHHVWHGLiORJRSURIHVLRQDO8QQ~PHURFDGDYH]PD\RUGH
DOXPQRV HQ PXFKDV PiV DXODV VH EHQHILFLD FRQ OD SXHVWD HQ SUiFWLFD GH ODV FDSDFLGDGHV FRPELQDGDV GH ORV HTXLSRV GH
LQWHOLJHQFLD\ORVGRFHQWHVFRPLHQ]DQDDVXPLUODUHVSRQVDELOLGDGGHSURPRYHUHOFUHFLPLHQWRWDQWRGHVXVFROHJDVFRPRGH
VXVDOXPQRV
0XFKRVHTXLSRVKDQGHVFXELHUWRTXHODVFODVHVTXHLQFOX\HQODVRFKRLQWHOLJHQFLDVQRVHOLPLWDQDSURSRUFLRQDUPD\RU
SURIXQGLGDG HQ HO WUDWDPLHQWR GH ORV FRQWHQLGRV VLQR TXH WDPELpQ GHPDQGDQ PD\RU WLHPSR GH HQVHxDQ]D 'H HOOR VH
GHVSUHQGHQ LPSRUWDQWHV LPSOLFDQFLDV SDUD ORV SURJUDPDV FXUULFXODUHV /RV LQWHUURJDQWHV TXH VH IRUPXODQ FRQ PD\RU
IUHFXHQFLD LQFOX\HQ ¢&XiOHV VRQ ORV FRQFHSWRV HVHQFLDOHV TXH ORV DOXPQRV GHEHQ LQFRUSRUDU" ¢4Xp GHEH RPLWLUVH HQ HO
FXUUtFXOR TXp VH GHEH FRQVHUYDU R DJUHJDU" ¢&XiOHV VRQ ORV ORJURV TXH GHEHUi DOFDQ]DU XQ DOXPQR DO ILQDOL]DU HO DxR
OHFWLYR"¢'HTXpPDQHUDSXHGHQWUDEDMDUVHHQHODXODODVSUHIHUHQFLDVGHORVDOXPQRV"\¢&XiQWRVWHPDVSXHGHQHQVHxDUVH
GXUDQWH XQ DxR HVFRODU" (O DERUGDMH GH WDOHV FXHVWLRQHV HVWLPXOD D ORV HTXLSRV GRFHQWHV SDUD FRPHQ]DU D UHIRUPXODU VX
FXUUtFXOR&RQHOWLHPSRSRGUiQSURGXFLUVHFDPELRVHQODWRWDOLGDGGHORVSURJUDPDVTXHSHUPLWLUiQGHWHUPLQDUFXiOHVVRQ
ORVFRQWHQLGRVTXHVHFRQVHUYDUiQFXiOHVORVTXHVHPRGLILFDUiQGHTXpPDQHUDVHHYDOXDUiHOWUDEDMRGHODOXPQR\TXpFR
QH[LRQHV VH HVWDEOHFHUiQ HQWUH ODV iUHDV GH FRQWHQLGR /D HQVHxDQ]D SRU PHGLR GH ODV LQWHOLJHQFLDV P~OWLSOHV VXHOH
WUDQVIRUPDUVHHQHOPRWRUKDFLDXQDSURIXQGDUHIRUPDFXUULFXODUGHQWURGHODHVFXHOD
'HVDUUROORFXUULFXODUSDUDHVWLPXODUODVLQWHOLJHQFLDV
6L ELHQ OD PD\RUtD GH ORV GRFHQWHV DSOLFD OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV FRPR UHFXUVR SDUD SURPRYHU HO
DSUHQGL]DMHGHORVDOXPQRVDOJXQRVGHHOORVVHSURSRQHQGHVDUUROODUFDGDXQDGHODVLQWHOLJHQFLDVSURSLDPHQWHGLFKDV1R
VHWUDWDGHXQDWDUHDPHQRU\DTXHFDGDLQWHOLJHQFLDFRPSUHQGHXQFRQMXQWRFRPSOHMRGHFRQRFLPLHQWRV\KDELOLGDGHV\OD
HQRUPH H[WHQVLyQ GH OD FXUUtFXOD GHVHVWLPD OD LQFRUSRUDFLyQ GH REMHWLYRV DGLFLRQDOHV 1R REVWDQWH DOJXQRV GRFHQWHV
RULHQWDQVXVHVIXHU]RVKDFLDHOGHVDUUROORGHXQDRPiVLQWHOLJHQFLDVHQVXVDOXPQRV\ORKDFHQGHGLYHUVRVPRGRV
$OJXQRVGRFHQWHVVHFLUFXQVFULEHQDXQDRPiVLQWHOLJHQFLDVTXHGHVWDFDUiQHQHOFXUVRGHXQSHUtRGRRGXUDQWHWRGRHO
DxR OHFWLYR 3RU HMHPSOR XQD GRFHQWH GHO WHUFHU FLFOR GH HQVHxDQ]D EiVLFD VH SURSXVR GHVDUUROODU HQ WRGDV VXV FODVHV XQ
DVSHFWRGHODVLQWHOLJHQFLDVFLQHVWpVLFD\PXVLFDOODGDQ]D3DUDHOORVHOHFFLRQyORVVLJXLHQWHVHOHPHQWRV\KDELOLGDGHVEiVLFDVGHO
PRYLPLHQWRSDUDDSOLFDUORVDOFXUUtFXORJHQHUDO
0RYLPLHQWRVGHORFRPRFLyQEiVLFRVWDOHVFRPRFDPLQDUFRUUHUGHVOL]DUVHVDOWDUDYDQ]DUUHWURFHGHUGHVSOD]DUVHHQGLDJRQDO
\JLUDU
3DVRVSRVLFLRQHV\VHFXHQFLDVGHGLIHUHQWHVHVWLORVGHGDQ]DRWUDGLFLRQHV
(OFRQWH[WRKLVWyULFR\FXOWXUDOGHODVGDQ]DVVHOHFFLRQDGDV
(VWRVWUHVFRPSRQHQWHVLQWHOLJHQWHVEiVLFRVUHDSDUHFtDQHQODVFODVHVHQIRUPDUHJXODU3RUHMHPSORORVDOXPQRVHVWXGLDURQORV
FXHUSRV JHRPpWULFRV H LPSURYLVDURQ FRUHRJUDItDV FRQ PRYLPLHQWRV GH ORFRPRFLyQ EiVLFRV (Q ODV FODVHV GH FLHQFLDV VRFLDOHV
DSUHQGLHURQGDQ]DVIROFOyULFDVGH$OHPDQLD\(VFDQGLQDYLD\DQDOL]DURQHOFRQWH[WRKLVWyULFRHQTXHVHKDEtDQGHVDUUROODGR/RV
PRPHQWRVGHUHFUHRRWUDQVLFLyQGHQWURGHODXODVROtDQLQFOXLUDFWLYLGDGHVGHPRYLPLHQWR
/RJURVGHLQWHOLJHQFLDVP~OWLSOHV
8QRGHORVDXWRUHVGHHVWHOLEURGHVDUUROOyRFKRSURGXFWRVSDUDHOWUDEDMRDQXDOGHODVLQWHOLJHQFLDVP~OWLSOHVORVTXHLQFRUSRUyDO
FXUUtFXORGHODXODGRQGHWUDEDMDEDFRQDOXPQRVGHYDULRVJUXSRVGHHGDGSHUWHQHFLHQWHVDORVFXUVRVGHWHUFHURDTXLQWRDxRGHO
QLYHOGHHQVHxDQ]DEiVLFD$FRQWLQXDFLyQVHSUHVHQWDQDOJXQRVGHHVRVORJURV
,QWHOLJHQFLDOLQJtVWLFD
(OSURFHVRGHHVFULWXUD
,QWHOLJHQFLDOyJLFRPDWHPiWLFD
5HFRQRFLPLHQWRGHPRGHORVHQORVSURFHVRVPDWHPiWLFRV
,QWHOLJHQFLDYLVXDOHVSDFLDO
8VRGHOFRORUODIRUPD\HOGLVHxR
,QWHOLJHQFLDFRUSRUDOFLQHVWpWLFD
&RRUGLQDFLyQRFXODUPDQXDO\FRUSRUDOSRUPHGLRGHPDODEDUHV
,QWHOLJHQFLDPXVLFDO
5LWPRVGHGRVFRPSDVHV
,QWHOLJHQFLDLQWHUSHUVRQDO
0HGLDFLyQHQFRQIOLFWRV
,QWHOLJHQFLDLQWUDSHUVRQDO
)LMDFLyQGHPHWDVSHUVRQDOHV
,QWHOLJHQFLDQDWXUDOLVWD
5HFRQRFLPLHQWRGHORVFDPELRVHVWDFLRQDOHVHQiPELWRVH[WHULRUHVHLQWHULRUHV
$OJXQDVHVFXHODVKDQHVWDEOHFLGRORJURVGHLQWHOLJHQFLDVP~OWLSOHVHQWRUQRGHORVFXDOHVGLVHxDQODWRWDOLGDGGHVXVSURJUDPDVGH
HVWXGLRV (VWDV HVFXHODV KDQ GHWHUPLQDGR ODV WDUHDV ORJURV \ KiELWRV PHQWDOHV HVHQFLDOHVTXHWRGRVORVDOXPQRVGHEHQSRQHUGH
PDQLILHVWR (O FXUUtFXOR \ORVPpWRGRVGHHYDOXDFLyQHVWiQJXLDGRVSRUORVORJURVGHODVLQWHOLJHQFLDVP~OWLSOHV3RUHMHPSOROD
.H\ 6FKRRO HVWDEOHFH TXH HQ HO PRPHQWR GH VX JUDGXDFLyQ FDGD XQR GH ORV DOXPQRV GRPLQDUi ODV VLJXLHQWHV KDELOLGDGHV
IXQGDPHQWDOHV
‡&RPXQLFDUVHFRQFODULGDGSRUHVFULWR
‡([SUHVDUVHRUDOPHQWH\FRQIOXLGH]HQGRVLGLRPDV
‡&DQWDURHMHFXWDUXQLQVWUXPHQWRPXVLFDOFRQGHVWUH]D
‡8WLOL]DUHOHPHQWRVGHPDWHPiWLFD\OyJLFDHQGLYHUVDVDSOLFDFLRQHV
‡5HFUHDUHOPXQGRWULGLPHQVLRQDOPHGLDQWHODVDUWHVYLVXDOHVRSUiFWLFDV
‡0DQWHQHUXQEXHQHVWDGRItVLFR
‡6HOHFFLRQDUXQiUHDDSOLFDGDSDUDGHVDUUROODUODLQGDJDFLyQODUHIOH[LyQ\ODSUiFWLFDSURIHVLRQDO
‡3DUWLFLSDUGHDFWLYLGDGHVDGPLQLVWUDWLYDVTXHGHPXHVWUHQXQDHVWUHFKDUHODFLyQFRQODQDWXUDOH]D
‡([SUHVDUFDSDFLGDGSDUDLQWHUHVDUVHSRUFXHVWLRQHVJOREDOHV
‡,QWHJUDUSURSXHVWDVGHJUXSRV\RUJDQL]DFLRQHVGHODFRPXQLGDG
‡6LHODOXPQR\DWLHQHGLHFLRFKRDxRVVHUXQYRWDQWHUHVSRQVDEOH
&XDQGR OD WDUHD GRFHQWH VH RULHQWD KDFLD HO GHVDUUROOR GH OD LQWHOLJHQFLD HV QHFHVDULR TXH ORV HGXFDGRUHV UHFRQR]FDQ WDQWR ORV
DVSHFWRVFHQWUDOHVGHOFXUUtFXORFRPRORVFRPSRQHQWHVSULQFLSDOHVGHFDGDLQWHOLJHQFLD'HHVWDPDQHUDKDEUiQGHMDGRGHHQVHxDU
SRUPHGLRGHODVLQWHOLJHQFLDV(VWDUiQHQVHxDQGRSDUDODLQWHOLJHQFLD
2&+2&(17526'($35(1',=$-(%$6$'26(1/$7(25Ë$'(/$6,17(/,*(1&,$6
0Ò/7,3/(6
&(17523$%/21(58'$RWURVLQGLYLGXRV
&(1752$67253,$==2//$RWURV
LQFOX\HQD:L,OLDP6KDNHVSHDUH/L3R
LQGLYLGXRVLQFOX\HQD0R]DUW-RKQ/HQQRQ
,QWHOLJHQFLDOLQJtVWLFD
,QWHOLJHQFLDPXVLFDO
&(1752$/%(57(,167(,1RWURVLQGLYLGXRV
LQFOX\HQD0DULH&XULH6WHSKHQ+DZNLQJ
,QWHOLJHQFLDOyJLFRPDWHPiWLFD
&(17520$'5(7(5(6$RWURVLQGLYLGXRV
LQFOX\HQD0DKDWPD*DQGKL)ORUHQFH
1LJKWLQJDOH,QWHOLJHQFLDLQWHUSHUVRQDO
&(17529$6/$91,-,16.,RWURVLQGLYLGXRV
LQFOX\HQDOVDGRUD'XQFDQ*XLOOHUPR9LODV
,QWHOLJHQFLDFRUSRUDOFLQHVWpVLFD
&(1752&+$5/(6'$5:,1RWURV
LQGLYLGXRVLQFOX\HQD)ORUHQWLQR$PHJKLQR
-DFTXHV&RXVWHDX,QWHOLJHQFLDQDWXUDOLVWD
&(17523$%/23,&$662RWURVLQGLYLGXRV
LQFOX\HQD'LHJR5LYHUDOH&RUEXVLHU
,QWHOLJHQFLDYLVXDOHVSDFLDO
&(1752$/)216,1$67251,RWURV
LQGLYLGXRVLQFOX\HQD$QD)UDQN6LJPXQG
)UHXG,QWHOLJHQFLDLQWUDSHUVRQDO
)RUPDWRGLGiFWLFRHQFHQWURVGHDSUHQGL]DMH
8QRGHORVDXWRUHVGHHVWHOLEURKDGHVDUUROODGRHLPSOHPHQWDGRFRQp[LWRXQPRGHORGHDXODSDUDHVFXHODVS~EOLFDVRUJDQL]DGRHQ
RFKR FHQWURV GH DSUHQGL]DMH \ GHVWLQDGR D JUXSRV LQWHJUDGRV SRU DOXPQRV GH GLYHUVDV HGDGHV GHO QLYHO GH HQVHxDQ]D EiVLFD $O
SULQFLSLRORVFHQWURVOOHYDEDQHOQRPEUHGHODVLQWHOLJHQFLDVLGHQWLILFDGDVSRU*DUGQHUVLQHPEDUJRGHVGHKDFHSRFRWLHPSRVH
OHVDWULEX\HURQORVQRPEUHVGHLQGLYLGXRVTXHHMHPSOLILFDQDFDGDLQWHOLJHQFLDHQSDUWLFXODU$VXYH]HVWRVQRPEUHVVHFDPELDQ
XQDYH]SRUDxR(OFRPLHQ]RGHOFLFOROHFWLYRHVWiGHGLFDGRDOHVWXGLRGHORVH[SHUWRVHQLQWHOLJHQFLD\DODPDQHUDHQTXHODV
GHVDUUROODURQ\DSOLFDURQ'HHVWDPDQHUDRFKRJHQLRVVHWUDQVIRUPDQHQWXWRUHVLQDEVHQWLD GHORVDOXPQRVGHODFODVH/DWDEODGH
ODSiJLQDDQWHULRUGHVFULEHORVQRPEUHVGHORVFHQWURV
(O FXUUtFXOR VH RUJDQL]D WHPiWLFDPHQWH SRU PHGLR GH ORV FHQWURV GH DSUHQGL]DMH $ FRPHQ]DU HO DxR HVFRODU ORV DOXPQRV
FRQIHFFLRQDQXQDOLVWDGHORVWHPDVTXHGHVHDQHVWXGLDU(OGRFHQWHFRQVXOWDUiORVREMHWLYRVGHDSUHQGL]DMHILMDGRVSRUHOGLVWULWR
HVFRODU \ ORV OLEURV GH WH[WR /RV WHPDV TXH VH VHOHFFLRQHQ LQWHJUDUiQ ORV UHTXLVLWRV TXH HVWLSXOD HO GLVWULWR \ ORV UHFXUVRV
GLVSRQLEOHVGHDFXHUGRFRQORVLQWHUHVHVGHORVDOXPQRV3RUORJHQHUDOODVXQLGDGHVWHPiWLFDVVHGHVDUUROODQGXUDQWHXQSHUtRGR
GH FXDWUR D VHLV VHPDQDV \ DERUGDQ WHPDV WDOHV FRPR (O DUWH GH WRGR HO PXQGR (O XQLYHUVR /RV SUREOHPDV GH QXHVWUR
SODQHWD\/DYLGDHQODDQWLJHGDG/RVREMHWLYRVGHDSUHQGL]DMHVHHQVHxDQH[SUHVDPHQWHHQODVXQLGDGHVWHPiWLFDV\VLQDWDUVH
DODVVHFXHQFLDVTXHSURSRQHQORVOLEURVGHWH[WR
&/$6(02'(/2(03/($1'22&+2&(17526
&RQIHUHQFLD/RVFRPHWDV
(OGRFHQWHSUHVHQWDXQDEUHYHH[SRVLFLyQFRQLOXVWUDFLRQHV\GLDJUDPDVHQODTXHGHVFULEHORVFRPHWDV
VX WDPDxR FRPSRVLFLyQ \ yUELWDV 6H LQFOX\H XQD DFWLYLGDG FLQHVWpVLFD HQ OD TXH XQR GH ORV DOXPQRV
SHUVRQLILFD DO 6RO \ ORV GHPiV UHSUHVHQWDQ D ODV GLIHUHQWHV SDUWHV GHO FRPHWD \ FDPLQDQ VX yUELWD
DOUHGHGRUGHO6RO
&(1752 3$%/2 1(58'$ ORV DOXPQRV OHHQ DFHUFD GH ORV FRPHWDV HQ OLEURV GH WH[WR GHO iUHD GH
FLHQFLDV \ HQ OLEURV GH DVWURQRPtD R HQFLFORSHGLDV TXH VH KDQ VROLFLWD GR HQ OD ELEOLRWHFD \ UHVSRQGHQ
FXHVWLRQDULRVDFHUFDGHORTXHKDQOHtGR
&(1752 $/%(57 (,167(,1 ORV DOXPQRV GLEXMDQ YDULRV FRPHWDV D GLIHUHQWHV HVFDODV XWLOL]DQGR SDSHO
FXDGULFXODGR\UHJODVODFRODWHQGUiXQDORQJLWXGHTXLYDOHQWHD\YHFHVHOWDPDxRGHOD
FDEH]D
&(1752 3$%/2 3,&$662 ORV DOXPQRV FRQVWUX\HQ FRPHWDV FRQ SDSHOHV GH FRORUHV SHJDPHQWR \
EULOODQWLQD\QRPEUDQFRUUHFWDPHQWHWRGDVVXVSDUWHV
&(17529$6/$91,-,16.,ORVDOXPQRVIDEULFDQVXVSURSLRVFRPHWDVFRQSDOLWRVSODVWLOLQD\FLQWDVSDUD
ODFROD/XHJRHQHOSDSHOGHFRPHWDVUHFRUUHQFDPLQDQGRXQDyUELWDHOtSWLFDFXLGDQGRGHPDQWHQHUOD
FRODDOHMDGDGHOVRO
&(1752 $6725 3,$==2,/$ SHTXHxRV JUXSRV GH DOXPQRV FRPSRQHQ FDQFLRQHV TXH LQFOX\HQ YDULRV
FRQFHSWRVDFHUFDGHORVFRPHWDVXWLOL]DQGRODPHORGtDGH$UUR]FRQOHFKH
&(1752 0$'5( 7(5(6$ FDGD JUXSR GH DOXPQRV FUHD XQ MXHJR TXH LQFOX\H LPiJHQHV \ ILFKDV FRQ
SUHJXQWDVSDUDRUJDQL]DUXQWRUQHRHQHOTXHVHSRQGUiQDSUXHEDORVFRQRFLPLHQWRVDFHUFDGHOXQLYHUVR
/DV SUHJXQWDV TXH VH SODQWHHQ GHEHQ UHTXHULU TXH ORV SDUWLFLSDQWHV DSOLTXHQ VXV KDELOLGDGHV GH
SHQVDPLHQWRGHDOWRQLYHO
&(1752$/)216,1$67251,ORVDOXPQRVHVFULEHQLQGLYLGXDOPHQWHDFHUFDGHORVDVSHFWRVHQTXHVH
DVHPHMDQRGLIHUHQFLDQGHORVFRPHWDV
&(1752&+$5/(6'$5:,1GHELGRDTXHQRUHVXOWDIDFWLEOHXWLOL]DUWHOHVFRSLRVSDUDREVHUYDUFRPHWDV
VHSURSRUFLRQDUiQLPiJHQHVGHORVFXHUSRV\VXVyUELWDVDORVDOXPQRV\VHOHVVROLFLWDUTXHFODVLILTXHQD
ORVFRPHWDVGHDFXHUGRFRQ FDUDFWHUtVWLFDVFRPXQHV
8QDYH]TXHVHKDGHFLGLGRWUDEDMDUXQWHPDVHORGLYLGHHQXQDVHULHGHFODVHVHVSHFtILFDV3RUHMHPSORXQDXQLGDGDFHUFDGHO
XQLYHUVRSRGUtDLQFOXLUFODVHVVREUHODVJDOD[LDVHOVLVWHPDVRODUORVFRPHWDVSODQHWDV\VDWpOLWHV&DGDGtDDOLQLFLDUODMRUQDGD
HO GRFHQWH SUHVHQWDUi XQ DVSHFWR GH OD XQLGDG SRU PHGLR GH XQD FRQIHUHQFLD TXH SURSRUFLRQDUi XQ SDQRUDPD GHO WHPD TXH VH
GHVDUUROOH HVH GtD $ FRQWLQXDFLyQ ORV DOXPQRV VH GLYLGLUiQ HQ SHTXHxRV JUXSRV SDUD WUDEDMDU HQ ORV FHQWURV GRQGH DSUHQGHUiQ
DFHUFDGHOWHPDGHRFKRPDQHUDVGLIHUHQWHV$OOtSRGUiQOHHUHVFULELUHVFXFKDUFDQWDUUHDOL]DUFRQVWUXFFLRQHV\GUDPDWL]DFLRQHV
OOHYDU D FDER WDUHDV HQ FRODERUDFLyQ LQYHQWDU GLVHxDU OLEURV \ PRGHORV FRQGXFLU GHEDWHV UHVROYHU VLWXDFLRQHV SUREOHPiWLFDV \
GHVDUUROODU SUR\HFWRV DUWtVWLFRV \ DPELHQWDOHV $OJXQRV DOXPQRV SUHILHUHQ UHFRUUHU ORV RFKR FHQWURV GH PDQHUD RUGHQDGD \
HVWUXFWXUDGD2WURVGLVIUXWDQSDVDQGRGHXQRDRWURVLQXQSODQSUHHVWDEOHFLGR6HHVSHUDTXHWRGRVHOORVFRPSOHWHQGHWHUPLQDGDV
WDUHDVGXUDQWHHOGtDSHURFDGDXQRSRGUiKDFHUORDVXPRGR
/DFODVHTXHDSDUHFHHQHOFXDGURDQWHULRUHVXQHMHPSORGHODPDQHUDHQTXHVHSXHGHFLUFXQVFULELUHOWHPDGHOXQLYHUVRDXQRGH
VXVDVSHFWRVORVFRPHWDVSDUDSUHVHQWDUORGHP~OWLSOHVPDQHUDV
'HELGR D OD YDULHGDG GLDULD GH ODV DFWLYLGDGHV TXH UHDOL]DQ ORV DOXPQRV ODV WDUHDV GH SUiFWLFD \ HMHUFLWDFLyQ GHMDQ GH VHU
PRQyWRQDV \ UHSHWLWLYDV /DV KDELOLGDGHV VH DSUHQGHQ \ DSOLFDQ GH QXPHURVDV PDQHUDV (O WUDEDMR HQ ORV FHQWURV SHUPLWH D ORV
QLxRV UHDOL]DU SUHVHQWDFLRQHV LQIRUPDWLYDV PXOWLPRGDOHV GH ORV WHPDV TXH KDQ HVWXGLDGR GHVWLQDGRV D VXV FRPSDxHURV X RWUDV
SHUVRQDV 'H HVWH PRGR HV OD QRUPD DQWHV TXH OD H[FHSFLyQ TXH ORV DOXPQRV FDQWHQ EDLOHQ GLEXMHQ UHDOLFHQ GUDPDWL]DFLRQHV
REVHUYHQ FDOFXOHQ \ HVFULEDQ OR TXH KDQ DSUHQGLGR (V WDPELpQ FRP~Q TXH FDGD QLxR H[SHULPHQWH DOJXQD IRUPD GH ORJUR
DFDGpPLFRGLDULRGHELGRDTXHH[LVWHQQXPHURVDVRSRUWXQLGDGHVSDUDDSUHQGHUSRUPHGLRGHODVSURSLDVFDSDFLGDGHV'XUDQWHORV
QXHYHDxRVWUDQVFXUULGRVGHVGHTXHFRPHQ]yDLPSOHPHQWDUVHHVWHSURJUDPDQLQJ~QDOXPQRKDGHMDGRGHHQFRQWUDUDOPHQRVXQ
iUHDHQODTXHSXHGHGHVWDFDUVH
/DFODVHH[SRVLWLYD\HOWUDEDMRHQORVFHQWURVLQVXPHQODSULPHUDPLWDGGHODMRUQDGDHVFRODU$OILQDOL]DUODVH[SHULHQFLDVHQORV
FHQWURV VH GHGLFD WLHPSR DO LQWHUFDPELR GHO WUDEDMR LQGLYLGXDO \ JUXSDO /RV DOXPQRV SRGUiQ RIUHFHUVH SDUD FDQWDU R HMHFXWDU
P~VLFD OHHU SRHPDV SUHVHQWDU WUDEDMRV DUWtVWLFRV R H[SOLFDU MXHJRV TXH KD\DQ FUHDGR /RV PLHPEURV GH OD FODVH IRUPXODUiQVXV
RSLQLRQHV DFHUFD GH ORV SURGXFWRV GH ORV GHPiV \ VH JHQHUDUi XQ GHEDWH DFHUFD GHO WHPD GH OD FDOLGDG GH ORV WUDEDMRV \ GH ORV
FRQWHQLGRVTXHVHDERUGDUiQSRVWHULRUPHQWH
(O UHVWR GH OD MRUQDGD HVFRODU VH GHGLFD DO GHVDUUROOR GH SUR\HFWRV LQGLYLGXDOHV TXH UHIOHMDQ ORV LQWHUHVHV GH ORV DOXPQRV /D
FRPELQDFLyQ GHO WUDEDMR HQ ORV FHQWURV \ HO GHVDUUROOR GH SUR\HFWRV LQGLYLGXDOHV SURSRUFLRQD D ORV DOXPQRV XQ PDUFR D OD YH]
HVWUXFWXUDGR \ IOH[LEOH HQ VX UXWLQD GLDULD $GHPiV SHUPLWH DO GRFHQWH JXLDU HO FUHFLPLHQWR WDQWR SHUVRQDO FRPR DFDGpPLFR GH
WRGRVVXVDOXPQRV
(OWUDEDMRFRQSUR\HFWRVIDYRUHFHODDGTXLVLFLyQGHLPSRUWDQWHVKDELOLGDGHVGHDSUHQGL]DMHDXWRGLULJLGR/RVDOXPQRVDSUHQGHQD
IRUPXODU SUHJXQWDV FX\DV UHVSXHVWDV GHPDQGDQ LQYHVWLJDFLyQ D UHFRQRFHU QXPHURVDV IXHQWHV GH UHFXUVRV D FUHDU FURQRJUDPDV
UHDOLVWDV \ D LQLFLDU LPSOHPHQWDU \ FHUUDU XQD DFWLYLGDG GH DSUHQGL]DMH 7LHQHQ OD UHVSRQVDELOLGDG GH SUHVHQWDU XQ SUR\HFWR
PHQVXDO'XUDQWHOD~OWLPDVHPDQDGHFDGDPHVVHGHVWLQDWLHPSRSDUDODSUHVHQWDFLyQGHORVSUR\HFWRV7DQWRORVWHPDVFRPR
ORV VRSRUWHV HQ TXH ORV DOXPQRV SUHVHQWDQ VXV LGHDV D VXV FRPSDxHURV \ D RWUDVSHUVRQDVVRQQXPHURVRV\YDULDGRV/DV
GLYHUVDVKDELOLGDGHVDFDGpPLFDV\SDUDODFRPXQLFDFLyQTXHVHGHVDUUROODURQGXUDQWHHOWUDEDMRHQORVFHQWURVVHPDQLILHVWDQ
OXHJRGHPDQHUDSURIXQGDPHQWHSHUVRQDOHQHOWUDEDMRFRQSUR\HFWRVLQGLYLGXDOHV
3DUDGHVDUUROODUXQSUR\HFWRORVDOXPQRVVXHOHQHOHJLUWHPDVWUDWDGRVHQFODVHSDUDH[SORUDUORVFRQPD\RUSURIXQGLGDG
6LQHPEDUJRFRPRWDPELpQWLHQHQODOLEHUWDGSDUDWUDEDMDUWHPDVQRFXUULFXODUHVDOJXQRVGHHOORVDERUGDQXQDGHWHUPLQDGD
iUHDGHLQWHUpVSHUVRQDOGXUDQWHYDULRVPHVHV3RUHMHPSORXQDFKLFDHVWDEDIDVFLQDGDFRQORVSURFHVRVPHFiQLFRV\WRGRV
VXV SUR\HFWRV PHQVXDOHV VH UHODFLRQDEDQ FRQ OD PDQHUD FRPR IXQFLRQDQ ODV FRVDV /D OLEHUWDG GH HOHFFLyQ SHUPLWH D ORV
DOXPQRVSURIXQGL]DUVXFRPSUHQVLyQGHOFXUUtFXORHVFRODURGHVDUUROODUODLQWHOLJHQFLDTXHSUHILHUDQ
6LQ GXGD HO GRFHQWH TXH GHVHH LQFRUSRUDU D VX DXOD ODV RFKR LQWHOLJHQFLDV SRU PHGLR GHO WUDEDMR GLDULR HQ FHQWURV GH
DSUHQGL]DMH VH HQIUHQWDUi D QXPHURVRV GHVDItRV 6L ELHQ OD SODQLILFDFLyQ FRQVWLWX\H HQ Vt PLVPD XQ GHVDItR ORV GRFHQWHV
PDQLILHVWDQTXHGLFKDWDUHDVHYXHOYHJUDGXDOPHQWHPiVVHQFLOODPHGLDQWHODSUiFWLFDFRQVWDQWH\HOGHVDUUROORGHXQDPSOLR
UHSHUWRULR GH HQIRTXHV GLGiFWLFRV /RV GRFHQWHV WDPELpQ DSOLFDQ HVWUDWHJLDV SDUD VLPSOLILFDU OD SODQLILFDFLyQ GLDULD WDOHV
FRPRRUJDQL]DUSUR\HFWRVDODUJRSOD]RHQXQRRGRVGHORVFHQWURVRVROLFLWDUDORVDOXPQRVTXHVHKDJDQFDUJRGHODSOD
QLILFDFLyQGHOWUDEDMRHQGHWHUPLQDGRVFHQWURV
(QODPHGLGDGHORSRVLEOHUHVXOWD~WLOFUHDUSODQHVVHPDQDOHVTXHSHUPLWHQDOGRFHQWHFRQFHQWUDUVHHQODVHFXHQFLDGH
WHPDV\SUR\HFWRVGLDULRV$TXtVHSUHVHQWDXQPRGHORGHJULOODSDUDODSODQLILFDFLyQVHPDQDO
0LHQWUDV OD PD\RUtD GH ORV DOXPQRV WUDEDMD HQ ORV FHQWURV R HQ VXV SUR\HFWRV HO GRFHQWH GLVSRQH GH WLHPSR SDUD
LQWHUDFWXDUFRQLQGLYLGXRVRSHTXHxRVJUXSRV3RGUiDWHQGHUFRQVXOWDVHYDOXDUWUDEDMRVLQGLYLGXDOHVVXJHULUPRGLILFDFLRQHV
SDUDREWHQHUPHMRUHVORJURVSURSRUFLRQDUHQVHxDQ]DDGLFLRQDODTXLHQHVSUHVHQWHQGLILFXOWDGHVHQODViUHDVGHPDWHPiWLFDR
OHFWXUD DVHVRUDU D ORV DOXPQRV WDOHQWRVRV SDUD HO GHVDUUROOR GH SUR\HFWRV DPELFLRVRV \ WUDEDMDU FRQ SHTXHxRV JUXSRV GH
DOXPQRVSDUDGLVHxDUHVWUXFWXUDVFUHDUEDLOHV\SODQLILFDUSUR\HFWRV3DUDUHVXPLUORVFXDWURFRPSRQHQWHVSULQFLSDOHVGH
HVWHPRGHORGHDXODVRQ
6L ELHQ OD PD\RUtD GH ODV DXODV TXH VH RUJDQL]DQ VHJ~Q HO PRGHOR GH FHQWURV GH DSUHQGL]DMH SHUWHQHFHQ DO QLYHO GH
HQVHxDQ]DEiVLFDDOJXQRVGRFHQWHVGHOD/LQFROQ+LJK6FKRROGH6WRFNWRQ&DOLIRUQLDWDPELpQXWLOL]DQFHQWURVEDVDGRVHQ
ODVRFKRLQWHOLJHQFLDV1RWRGRVVHRUJDQL]DQHOPLVPRGtDGHELGRDODVOLPLWDFLRQHVGHHVSDFLRTXHVXUJHQGHQWURGHODXOD
/RV DOXPQRV HOLJHQ ORV FHQWURV GRQGH GHVDUUROODUiQ VX WDUHD GLDULD \ OXHJR VH UHDJUXSDQ SDUD GHEDWLU DFHUFD GH VXV
H[SHULHQFLDV(VWRVGRFHQWHV\RWURVTXHWUDEDMDQHQHOQLYHOSROLPRGDOUHFRQRFHQTXH HOPRGHORGHFHQWURVGHDSUHQGL]DMH
GHVFHQWUDOL]DHODXOD\DxDGHODIOH[LELOLGDGTXHPXFKRVDOXPQRVUHTXLHUHQSDUDXQDSUHQGL]DMHHILFD]
(QGLFKRPRGHORHOGRFHQWHGHDXODDEDQGRQDHOUROGHGLUHFWRU\DVXPHHOGHIDFLOLWDGRUJXtD\SURYHHGRUGHUHFXUVRV
$GHPiVFRQIUHFXHQFLDVXHOHQGHVDUUROODUVHQXHYDVFDSDFLGDGHVGRFHQWHV\VXUJHQKDELOLGDGHVTXHSHUPLWHQREVHUYDUDORV
DOXPQRVDWUDYpVGHRFKROHQWHV8QDSODQLILFDFLyQSDUDGLYHUVRVPRGRVGHDSUHQGL]DMHVXHOHGDUSRUUHVXOWDGRXQDXPHQWR
HQODVSURSLDVFDSDFLGDGHVFUHDWLYDV8QGRFHQWHTXHH[SHULPHQWyHOGHVDUUROORGHQXHYDVFDSDFLGDGHVGHQWURGHVtPLVPR
OXHJR GH WUDEDMDU FRQ ODV LQWHOLJHQFLDV P~OWLSOHV VH SUHJXQWDED ¢HQ TXLpQ VH HVWiQ SURGXFLHQGR PD\RUHV FDPELRV HQ ORV
DOXPQRVRHQPt"
3UR\HFWR6SHFWUXP
2WURHQIRTXHGHODHQVHxDQ]DEDVDGDHQFHQWURVGHDSUHQGL]DMHHVHOTXHSURSRQHHO3UR\HFWR6SHFWUXPXQGHVDUUROORSLORWRSDUD
ODSULPHUDLQIDQFLDGHODV8QLYHUVLGDGHVGH+DUYDUG\7XIWV(QXQDXOD6SHFWUXPORVQLxRVLQWHUDFW~DQFRQGLYHUVRVPDWHULDOHV\
HQ QXPHURVRV FHQWURV GLDULDPHQWH (Q OXJDU GH DERUGDU GLUHFWDPHQWH ODV RFKR LQWHOLJHQFLDV VH HVWDEOHFHQ FHQWURV TXH UHIOHMDQ
UROHV VRFLDOHV SUHVWLJLRVRV R VHJ~Q OD WHUPLQRORJtD GH *DUGQHU HVWDGRV DGXOWRV ILQDOHV /RV HVWDGRV ILQDOHV VRQ KDELOLGDGHV
FX\DXWLOLGDGQRVHOLPLWDDORVSURJUDPDVHVFRODUHVVLQRTXHSHUPLWHQDVXPLUUROHVDGXOWRVJUDWLILFDQWHV0XFKDVLQWHOLJHQFLDVVH
FRPELQDQ PHGLDQWH HO WUDEDMR HQ ORV FHQWURV TXH LQFOX\HQ DFWLYLGDGHV GH HVWDGRV ILQDOHV 3RU HMHPSOR HO FHQWUR GH FLHQFLDV
QDWXUDOHV GHQRPLQDGR ULQFyQ GHO QDWXUDOLVWDGLVSRQHGHGLYHUVDVSODQWDV\DQLPDOHVSDUDVXREVHUYDFLyQ\FRPSDUDFLyQ(VWH
FHQWUR GHPDQGD OD DSOLFDFLyQ GH FDSDFLGDGHV VHQVRULDOHV \ OyJLFRPDWHPiWLFDV MXQWR FRQ OD SXHVWD HQ SUiFWLFD GH KDELOLGDGHV \
DFWLYLGDGHVWtSLFDVGHORVQDWXUDOLVWDV
8QDXOD6SHFWUXPFXHQWDFRQRFKRFHQWURV/RVFHQWURV\ODVFDSDFLGDGHVFODYHVUHODWLYDVDHOORVVHGHVFULEHQDFRQWLQXDFLyQ
&(1752663(&7580
$UWHUHFRQRFLPLHQWRSURGXFFLyQ\FRPSRVLFLyQGHODVDUWHVYLVXDOHV
/HQJXDQDUUDFLyQSHULRGLVPR\MXHJRVGHSDODEUDV
0DWHPiWLFDUD]RQDPLHQWRQXPpULFRUD]RQDPLHQWRHVSDFLDO\VROXFLyQGHVLWXDFLRQHVSUREOHPiWLFDV
0HFiQLFD KDELOLGDGHV GH PRWULFLGDG ILQDKDELOLGDGHVYLVXDOHVSDFLDOHVVROXFLyQGHSUREOHPDVFRQREMHWRVPHFiQLFRV\UHFRQRFLPLHQWRGH
UHODFLRQHVFDXVDOHV
0RYLPLHQWRFRQWUROFRUSRUDOVHQVLELOLGDGDOULWPRH[SUHVLyQLGHDVSDUDJHQHUDUPRYLPLHQWRVFRPSUHQVLyQGHOOHQJXDMHPXVLFDO
0~VLFDDSUHFLDFLyQSURGXFFLyQ\FRPSRVLFLyQPXVLFDO
&LHQFLDV QDWXUDOHV REVHUYDFLRQHV UHFRQRFLPLHQWR GH VHPHMDQ]DV \ GLIHUHQFLDV IRUPXODFLyQ GH KLSyWHVLV \ H[SHULPHQWDFLyQ LQWHUpV SRU
FRQRFHUHOPHGLRQDWXUDORORVIHQyPHQRVFLHQWtILFRV
&LHQFLDVVRFLDOHVFRQFLHQFLDGHO\R\GHORVGHPiVDVXQFLyQ GHGLYHUVRVUROHVVRFLDOHVOtGHUIDFLOLWDGRUHQFDUJDGRDPLJR
/RVHVWDGRVILQDOHVDGXOWRVVHDMXVWDQDOQ~FOHRGHODVDFWLYLGDGHVGHOFHQWUR3RUHMHPSORHQHOFHQWURGHOHQJXDVHSUHVHQWDHO
SHUILO GH ODV KDELOLGDGHV GH XQ QDUUDGRU XQ QRYHOLVWD XQ SHULRGLVWD XQ DERJDGR XQ GUDPDWXUJR \ XQ SRHWD VHJ~Q GLIHUHQWHV
RFDVLRQHV $ ILQ GH TXH ORV UROHV DGXOWRV UHVXOWHQ PiV FODURV HO 3UR\HFWR 6SHFWUXP FXHQWD FRQ &RQQHFWLRQV &RQH[LRQHV XQ
SURJUDPD FRPXQLWDULR GH WXWRUtD GHVWLQDGR D QLxRV GH FRUWD HGDG /RV DOXPQRV WUDEDMDQ FRQ DGXOWRV GH VX EDUULR TXLHQHV VH
GHVHPSHxDQ HQ ODV GLYHUVDV SURIHVLRQHV TXH VH HVWiQ DQDOL]DQGR HQ HO DXOD 'H HVWD PDQHUD ORV QLxRV RWRUJDQ VLJQLILFDGR D ORV
PDWHULDOHV\KDELOLGDGHVTXHVHSUHVHQWDQHQODHVFXHOD
(OFXUUtFXORGHO3UR\HFWR6SHFWUXPHVWiRUJDQL]DGRHQEORTXHVWHPiWLFRVTXHDEDUFDQWRGRHOHVSHFWURGHLQWHOLJHQFLDV$OJXQRV
GH ORV WHPDV LQFOX\HQ /D QRFKH \ HO GtD R $FHUFD GH Pt \ SHUPLWHQ DERUGDU IiFLOPHQWH FDGD XQD GH ODV LQWHOLJHQFLDV (O
IRUPDWR WHPiWLFR D\XGD D ORV QLxRV D HVWDEOHFHU UHODFLRQHV HQWUH ODV GLVFLSOLQDV \ D H[DPLQDU XQ WHPD GHVGH GLVWLQWRV SXQWRV GH
YLVWD(QXQLQWHQWRSRUH[SDQGLUODHVIHUDGHDSUHQGL]DMHGHORVQLxRVVHHVWDEOHFHQYLQFXODFLRQHVFXUULFXODUHVHQWUHHOKRJDUOD
HVFXHOD\OD FRPXQLGDG$VLPLVPRVHSURSRQHQDFWLYLGDGHVTXHFRPSOHPHQWDQHOWUDEDMRGHODXODSDUDORVSDGUHV\ORVPXVHRV
ORFDOHVODVTXHWLHQHQSRUREMHWRKDFHUPiVDFFHVLEOHVODVH[SRVLFLRQHV\PXHVWUDVSDUDORVQLxRV/DLQWHJUDFLyQGHORVUHFXUVRV
GHO KRJDU OD HVFXHOD \ OD FRPXQLGDG SHUPLWH TXH ORV DOXPQRV TXH SDUWLFLSDQ GHO 3UR\HFWR 6SHFWUXP OOHJXHQ D LQWHUQDOL]DU ORV
VLJQLILFDGRVSURIXQGRVTXHVHGHVSUHQGHQGHODSUHQGL]DMH
'HVFXEULPLHQWRGHODRULHQWDFLyQFXUULFXODU
$ OR ODUJR GH ORV DxRV KDQ SUROLIHUDGR QXPHURVDV WHQGHQFLDV FXUULFXODUHV FDGD XQD FRQ VXV SURSLRV SRVWXODGRV ILORVyILFRV
REMHWLYRV \ SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH &RQ HO VXUJLPLHQWR GH OD WHRUtD GH + *DUGQHU ORV HGXFDGRUHV FXHQWDQ FRQ
HOHPHQWRV SDUD DQDOL]DU FXDOTXLHU PRGHOR FXUULFXODU D WUDYpV GH RFKR OHQWHV D ILQ GH YHULILFDU VL LQFOX\H WRGR HO HVSHFWUR GH
FDSDFLGDGHV KXPDQDV 'H HVWD PDQHUD UHVXOWD IiFLO DGYHUWLU TXH PXFKRV SURJUDPDV VRQ SURIXQGDPHQWH WHQGHQFLRVRV (Q
DSDULHQFLDSULYLOHJLDQXQDRGRVLQWHOLJHQFLDV\H[FOX\HQODVGHPiV3RUHMHPSORHODSUHQGL]DMHFRRSHUDWLYRJXDUGDXQDHVWUHFKD
UHODFLyQ FRQ ODV LQWHOLJHQFLDV LQWHUSHUVRQDO \ OLQJtVWLFD &RQ HO REMHWR GH JDUDQWL]DU TXH ORV DOXPQRV WHQJDQ DFFHVR D ORV
FRQWHQLGRV D WUDYpV GH RWURV PRGRV ORV SURFHVRV FRRSHUDWLYRV GHEHQ DGDSWDUVH SDUD LQFOXLU DFWLYLGDGHV FLQHVWpVLFDV YLVXDOHV
PXVLFDOHVOyJLFDVQDWXUDOLVWDVHLQWHUSHUVRQDOHV(VWDDGDSWDFLyQSHUPLWHTXHORVDOXPQRVDSUHQGDQSRUPHGLRGHORVSXQWRVGH
DFFHVRLQWHOHFWXDOHVTXHOHVSURSRUFLRQDQVXViUHDVGHPD\RUFRPSHWHQFLD
8Q DQiOLVLV GH WHQGHQFLDV FXUULFXODUHV WDOHV FRPR OD UHODFLyQ GH OD HVFULWXUD FRQ WRGDV ODV iUHDV GH FRQWHQLGR OD WHFQRORJtD
LQWHJUDGD \ RWUDV SRQH GH PDQLILHVWR TXH H[LVWHQ HOHPHQWRV WHQGHQFLRVRV LQKHUHQWHV D FDGD IRUPDWR 'H KHFKR SRGUtDPRV
SUHJXQWDUQRVVLDFDVRORVWHyULFRVGHOFXUUtFXORQRJHQHUDUiQPRGHORVTXHUHIOHMHQVXViUHDVLQGLYLGXDOHVGHFDSDFLGDGLQWHOLJHQWH
&XDQGR XQ GRFHQWH HVFXHOD R GLVWULWR HVFRODU DQDOLFH OD SRVLELOLGDG GH DGRSWDU XQ GHWHUPLQDGRFXUUtFXOROHUHVXOWDUiDSURSLDGR
SODQWHDUVH YDULRV LQWHUURJDQWHV DQWHV GH LPSOHPHQWDU XQ QXHYR SURJUDPD /DV VLJXLHQWHV SUHJXQWDV SHUPLWHQ GHWHUPLQDU ODV
YHQWDMDV\GHVYHQWDMDVGHXQPRGHOR
‡¢&XiOHVODSHUVSHFWLYDILORVyILFDTXHSURPXHYHHOFXUUtFXOR"
‡¢&XiOHVVRQVXVSRVWXODGRV"
‡¢&XiOHVVRQORVFRPSRQHQWHVSULQFLSDOHVGHOFXUUtFXORSRUHMHPSORSURFHGLPLHQWRVLQVWUXPHQWRVGHHYDOXDFLyQ\PDWHULDOGH
UHIHUHQFLD"
‡¢&XiOHVVRQODVLQWHOLJHQFLDVTXHGHVWDFDHOSURJUDPD"
‡¢4XpLQWHOLJHQFLDVGHEHQSRVHHUORVDOXPQRVDILQGHDOFDQ]DUORJURV"
‡¢4XpLQWHOLJHQFLDVUHTXLHUHHOFXUUtFXORGHOGRFHQWH"
‡¢4XpLQWHOLJHQFLDVQRVHHQFXHQWUDQFRQWHPSODGDV"
‡¢'HTXpPDQHUDSRGUtDDGDSWDUVHHOFXUUtFXORSDUDLQFOXLUODVRFKRLQWHOLJHQFLDV"
&XDQGRVHLQWHJUDODWHRUtDGH*DUGQHUDORVSURJUDPDVHVFRODUHVQRHVQHFHVDULRGHVFDUWDUDTXHOORVTXHVHHVWpQGHVDUUROODQGRR
SURJUDPDU QXHYRV 'HO PLVPR PRGR FRPR ORV GRFHQWHV DGDSWDQ ODV FODVHV \ XQLGDGHV SDUD HO WUDEDMR HQ HO DXOD ORV SURJUDPDV
FXUULFXODUHV JHQHUDOHV WDPELpQ SXHGHQ HQULTXHFHUVH 'H KHFKR QR HV DFRQVHMDEOH GHVFDUWDU DTXHOOR TXH IXQFLRQD R TXH WLHQH
SRWHQFLDO SDUD IXQFLRQDU ELHQ (V SUHIHULEOH FRQVHUYDU XQ FXUUtFXOR TXH KD\D GHPRVWUDGR VX HILFDFLD \ RULHQWDU ORV HVIXHU]RV D
SURPRYHUXQPD\RUQLYHOGHORJUR
&XUUtFXODEDVDGDHQSUR\HFWRV
$ODGYHUWLUTXHHOWUDEDMRKXPDQRPiVSURGXFWLYRVHPDQLILHVWDHQIRUPDGHSUR\HFWRVVLJQLILFDWLYRV\FRPSOHMRV*DUGQHUVXJLHUH
TXHODFXUUtFXODGHEHLQFOXLUSUR\HFWRVGHVWLQDGRVDSUHSDUDUDORVDOXPQRVSDUDODYLGDDGXOWD/DLQFRUSRUDFLyQGHFRQRFLPLHQWRV
\KDELOLGDGHVWLHQHOXJDUFXDQGRVHORVDGTXLHUHHQFRQWH[WRVGHILQLGRVSRUPHGLRGHODH[SORUDFLyQDFWLYD\ODSDUWLFLSDFLyQHQ
H[SHULHQFLDV YLQFXODGDV FRQ OD SURSLD YLGD 7DQWR ORV SUR\HFWRV GH WUDEDMR FRPXQLWDULR FRPR ODV VDOLGDV GH FDPSR R ODV
H[SHULHQFLDV GH ODERUDWRULR LQFRUSRUDQ D ORV DOXPQRV HQ WDUHDV VLJQLILFDWLYDV SDUD HOORV PLVPRV \ YDOLRVDV SDUD ORV GHPiV /D
QDWXUDOH]DDELHUWDGHORVSUR\HFWRVSHUPLWHGLVHxDUP~OWLSOHVVROXFLRQHVHLQWHJUDDORVDOXPQRVHQXQDVLWXDFLyQFRPSUHQVLYD
TXHSURPXHYHHOGHVFXEULPLHQWRGHVXVSDUWHVUHODFLRQHVVLJQLILFDGRV\GHVHQODFH
-RKQ'HZH\VRVWHQtDTXHHOLGHDOGHODHVFRODULGDGGHEHUtDFRQVLVWLUHQH[SHULHQFLDVWRWDOHV\SHUPDQHQWHVDQWHVTXHHQXQDVHULH
GH FXUVRV DEVWUDFWRV \ IUDJPHQWDULRV GLFWDGD SRU YDULRV HGXFDGRUHV 'HZH\ VH RSRQtD D TXH OD FXUUtFXOD VH RUJDQL]DUD SDUD
FRQYHQLHQFLD GH ORV DGXOWRV \ GHVWDFDED HO YDORU GH ODV H[SHULHQFLDV UHDOHV TXH SRQtDQ HQ MXHJR OD QDWXUDOH]D PXOWLIDFpWLFD GHO
QLxR(QVXOLEUR(VFXHOD\VRFLHGDG H[SUHVy
1LQJXQDFODVHIRUPDOFRQVWUXLGDFRPRFODVHIRUPDOFRQHOREMHWRGHVXPLQLVWUDULQIRUPDFLyQSXHGHWHQHUODPiVUHPRWD
SUHWHQVLyQGHFRQVWLWXLUVHHQVXVWLWXWRGHOFRQRFLPLHQWRGHSODQWDV\DQLPDOHVGHODJUDQMD\GHOMDUGtQTXHVHDGTXLHUHSRU
PHGLRGHOFRQWDFWRGLUHFWRFRQHOORV\GHVXFXLGDGR1LQJ~QHQWUHQDPLHQWRGHORVyUJDQRVGHORVVHQWLGRVTXHVHOOHYHD
FDERHQODHVFXHODLQVWLWXLGRFRPRILQHQVtPLVPRSXHGHOOHJDUDFRPSHWLUFRQODFRQFLHQFLD\SOHQLWXGGHYLGDTXHVXUJH
GH OD FRQYLYHQFLD GLDULD \ GHO LQWHUpV SRU ODV WDUHDV IDPLOLDUHV /D PHPRULD OLQJtVWLFD SXHGH HQWUHQDUVH SRU PHGLR GHO
FRPSURPLVR XQD FLHUWD GLVFLSOLQD HQ OD FDSDFLGDG GH UD]RQDPLHQWR SXHGH DGTXtULUVH D WUDYpV GH ODV FODVHV GH FLHQFLDV \
PDWHPiWLFDSHURDOILQGHFXHQWDVWRGRHOORUHVXOWDEDVWDQWHUHPRWR\GLIXVRFRPSDUDGRFRQODFDSDFLWDFLyQGHODDWHQFLyQ
\HOMXLFLRTXHVHDGTXLHUHQFXDQGRHVQHFHVDULROOHYDUDFDERWDUHDVUHVSDOGDGDVSRUXQDXWpQWLFRPRWLYR\FRQXQDXWpQWLFR
REMHWLYRSRUGHODQWH
6L ELHQ PXFKDV HVFXHODV QR VH RUJDQL]DQ HQ WRUQR GH OR TXH 'HZH\ GHQRPLQD XQD H[SHULHQFLD WRWDO \ SHUPDQHQWH PXFKRV
GRFHQWHV LQFRUSRUDQ SUR\HFWRV TXH FRPELQDQ ODV H[SHULHQFLDV GHO DXOD FRQ OD YLGD 3RU HMHPSOR XQ JUXSR GH TXLQWR DxR GH
HGXFDFLyQEiVLFDVHSURSXVRYLDMDUD:DVKLQJWRQFRQHOREMHWRGHREVHUYDUHOIXQFLRQDPLHQWRGHOJRELHUQRGHORV(VWDGRV8QLGRV
3DUD DOFDQ]DU HVWH REMHWLYR ORV DOXPQRV GLVHxDURQ XQ HPSUHQGLPLHQWR FRPHUFLDO PHGLDQWH XQ SUR\HFWR GH UHFLFODMH TXH OHV
SHUPLWLUtD UHXQLU ORV IRQGRV QHFHVDULRV (O SUR\HFWR LPSOLFDED UHDOL]DU XQ UHOHYDPLHQWR GH OD SREODFLyQ ORFDO GH OD FDQWLGDG GH
UHFLSLHQWHVPHWiOLFRVTXHVHGHVFDUWDEDQHQXQKRJDUSURPHGLRGHOQ~PHURGHSHUVRQDVTXHSDUWLFLSDUtDQHQODVWDUHDVGHUHFLFODMH
\ GHO SHVR TXH DOFDQ]DUtD OD SUR\HFFLyQ QXPpULFD GH UHFLSLHQWHV UHFROHFWDGRV D ILQ GH HVWLPDU VXV JDQDQFLDV 7DPELpQ HUD
QHFHVDULR FDOFXODU ORV JDVWRV TXH GHPDQGDUtD OD RSHUDFLyQ /D SODQLILFDFLyQ H LPSOHPHQWDFLyQ GH HVWH SUR\HFWR FRPSOHMR \
FRQFUHWRSHUPLWLyDORVDOXPQRVFXPSOLUFRQHOREMHWLYRGH UHDOL]DUXQYLDMHJUXSDODODVHGHGHOJRELHUQRQDFLRQDO
/RV DOXPQRV GHO QLYHO GH HQVHxDQ]D EiVLFD GHO 3UR\HFWR 6SHFWUXP HVWXGLDQ ORV SiMDURV GH VX ]RQD \ VXV KiELWRV SDUD OD
QLGLILFDFLyQFRPRSUR\HFWRGHWUDEDMRHQHODXOD
'LVHxDQ \ FRQVWUX\HQ QLGRV \ OXHJR REVHUYDQ VL VXV GLVHxRV VDWLVIDFHQ ODV QHFHVLGDGHV GH ORV SiMDURV R VL VH UHTXLHUHQ
PRGLILFDFLRQHV
/RVDOXPQRVGHOWHUFHUFLFORGHHQVHxDQ]DEiVLFDGH/DNHZRRGHVWDGRGH:DVKLQJWRQDSUHQGHQFRQFHSWRVGHELRORJtDSRUPHGLR
GHXQSUR\HFWRTXHSURSRQHUHVROYHUXQVXSXHVWRGHOLWR/DVDFWLYLGDGHVTXHOOHYDQDFDERLQFOX\HQLQYHVWLJDFLRQHVUHFRSLODFLyQ
GH SUXHEDV \ HODERUDFLyQ GH XQD H[SOLFDFLyQ 8QD YH] UHVXHOWR HO FDVR ORV DOXPQRV DQDOL]DQ ORV HQIRTXHV SDUD OD VROXFLyQ GH
SUREOHPDVTXHVHKDQDSOLFDGR\TXHFRQGXMHURQDODUHVSXHVWDFRUUHFWD
/RV DOXPQRV GH QLYHO SROLPRGDO GH 3DOR $OWR &DOLIRUQLD VH SURSXVLHURQ HVWDEOHFHU XQ GHVWLQR SDUD XQ WHUUHQR XELFDGR HQ XQD
]RQD GH OD FLXGDG TXH VH HQFRQWUDED HQ SURFHVR GH UHFXSHUDFLyQ 3DUD SUHVHQWDU VX SURSXHVWD D OD 0XQLFLSDOLGDG SUHSDUDURQ
GRFXPHQWDFLyQHQIRUPDWRGHYLGHRTXHLQFOXtDVXJHUHQFLDVUHVSHFWRGHOXVRTXHGHEHUtDGDUVHDOWHUUHQR
2WURJUXSRGHDOXPQRVGHQLYHOSROLPRGDOGH,WKDFD1XHYD<RUNGHFLGLyDERUGDUHOWHPDGHODVWHUDSLDVRQFROyJLFDVOXHJRGH
TXH D XQR GH VXV FRPSDxHURV VH OH GLDJQRVWLFDUD OHXFHPLD /RV DOXPQRV OOHYDURQ D FDER SUR\HFWRV GH LQYHVWLJDFLyQ UHDOL]DURQ
HQWUHYLVWDVDPLHPEURVGHODFRPXQLGDGPpGLFD\YLVLWDURQKRVSLWDOHVDILQGHLQWHULRUL]DUVHDFHUFDGHODHQIHUPHGDGHLGHQWLILFDU
PpWRGRVWHUDSpXWLFRVWUDGLFLRQDOHV\QRWUDGLFLRQDOHV
(VWDFODVHGHSUR\HFWRVVXHOHGHVDUUROODUVHGXUDQWHSHULRGRVGHGRVVHPDQDVDGRVPHVHVGHGXUDFLyQ$OJXQRVGRFHQWHVLQFOX\HQ
WUHVRPiVSUR\HFWRVHQHOFXUUtFXORDQXDOEDViQGRVHHQHOKHFKRGHTXHGLFKDVDFWLYLGDGHVSHUPLWHQDORVDOXPQRVDGTXLULUPD\RU
FDQWLGDGGHLQIRUPDFLyQGHODTXHREWHQGUtDQPHGLDQWHHQIRTXHVWUDGLFLRQDOHVHQHODXOD$VLPLVPRORVSUR\HFWRVVXHOHQVHUGH
QDWXUDOH]D LQWHUGLVFLSOLQDULD \ UHTXLHUHQ OD DSOLFDFLyQ GH XQ DPSOLR UDQJR GH LQWHOLJHQFLDV SDUD VX HMHFXFLyQ /RV GRFHQWHV
LQWHUHVDGRVHQLPSOHPHQWDUSUR\HFWRVHQVXFXUUtFXORSRGUiQWHQHUHQFXHQWDORVVLJXLHQWHVOLQHDPLHQWRV
/LQHDPLHQWRVSDUDFUHDUSUR\HFWRVHILFDFHV
5HFRQRFHUFRQFHSWRV\HVWUDWHJLDVLP SRUWDQWHV\HVWDEOHFHUSUR\HFWRVDELHUWRVTXHDEDUTXHQGLFKRFRQRFLPLHQWR
3URPRYHUODSDUWLFLSDFLyQGHORVDOXPQRVSDUDODSODQLILFDFLyQGHORVGLYHUVRVDVSHFWRVGHOSUR\HFWR(QDOJXQRVFDVRV
ORVPLVPRVDOXPQRVGHEHUiQGHWHUPLQDUVXVSUR\HFWRV
(QXPHUDU ORV PDWHULDOHV \ UHFXUVRV QHFHVDULRV HQWUH HOORV H[SHUWRV GH OD FRPXQLGDG SDGUHV R DOXPQRV GH DxRV \
QLYHOHVVXSHULRUHVGHHQVHxDQ]D
*XLDUDORVDOXPQRVHQODVGLYHUVDVHWDSDVGHOSUR\HFWRLQLFLRLPSOHPHQWDFLyQUHIRUPXODFLyQSUHVHQWDFL yQUHIOH[LyQ
HYDOXDFLyQ\SODQLILFDFLyQGHDFWLYLGDGHVQXHYDVRGHH[WHQVLyQ
6 6HOHFFLRQDUERUUDGRUHV\YHUVLRQHVILQDOHVGHOWUDEDMRGHORVDOXPQRVSDUDFRQVHUYDUFRPRGRFXPHQWDFLyQGXUDQWHHO
GHVDUUROORGHOSUR\HFWR\OXHJRGHVXILQDOL]DFLyQ
6ROLFLWDU D ORV DOXPQRV TXH UHIOH[LRQHQ DFHUFD GH ORV SURFHVRV GH DSUHQGL]DMH \ GH FUHFLPLHQWR SHUVRQDO TXH KDQ
H[SHULPHQWDGRFRPRUHVXOWDGRGHOSUR\HFWR
2UJDQL]DUXQDSUHVHQWDFLyQGHORVSUR\HFWRVGHORVDOXPQRVIUHQWHDXQDDXGLHQFLDFRPSXHVWDSRUJU XSRVGHSDUHV
SDGUHVPLHPEURVGHODFRPXQLGDGXRWUDVSHUVRQDVTXLHQHVEULQGDUiQVXDSR\R\SRGUiQIRUPXODUFUtWLFDVFRQVWUXFWLYDV
UHVSHFWRGHORVHVIXHU]RVUHDOL]DGRV
(YDOXDUORVSUR\HFWRVGHVGHQXPHURVDVySWLFDV*DUGQHUUHFRPLHQGDODVVLJXLHQWHV ‡FDOLGDGHQODSODQLILFDFLyQSUHVHQWDFLyQ\HMHFXFLyQGHOSUR\HFWR
‡SUHFLVLyQ
‡QLYHOGHGLILFXOWDG
‡FUHDWLYLGDG\RULJLQDOLGDG
‡HPSOHRGHORVUHFXUVRV
‡IHHGEDFNSURSRUFLRQDGRSRUSDUWHGHH[SHUWRVUHVSHFWRGHORVORJURVDOFDQ]DGRV
‡QLYHOGHDSUHQGL]DMHGHORVDOXPQRV
‡FDOLGDGGHODUHIOH[LyQOOHYDGDDFDERSRUORVDOXPQRV
&XDQGRORVDOXPQRVKD\DQILQDOL]DGRVXVSUR\HFWRVVHUiQHFHVDULRUHIOH[LRQDUDFHUFDGHDTXHOORTXHHOWUDEDMRUHYHOD
VREUHHOORVVXVLQWHUHVHVFDSDFLGDGHV GLILFXOWDGHVFRQGLFLRQHVSDUDHOWUDEDMRFRRSHUDWLYRRLQGHSHQGLHQWHHLQWHUHVHVTXH
KD\DQVXUJLGR\SXHGDQGDURULJHQDIXWXURVSUR\HFWRV
/DVKDELOLGDGHVLQKHUHQWHVDODSUHQGL]DMHEDVDGRHQSUR\HFWRVGHEHUiQHQVHxDUVHHQIRUPDGLUHFWD/RVDOXPQRVGL VSRQHQ
GHHVFDVDVRSRUWXQLGDGHVSDUDODFRQGXFFLyQGHVXSURSLRDSUHQGL]DMHHQODHVFXHOD\VXHOHQUHTXHULUDVHVRUDPLHQWRSDUD
OOHYDUOR D FDER (Q HO OLEUR GH %UXFH &DPSEHOO 7KH 0XOWLSOH ,QWHOOLJHQFLHV +DQGERRN /HVVRQ 3ODQV DQG 0RUH 0DQXDO GH
LQWHOLJHQFLDV P~OWLSOHV 3ODQHV GH FODVH \ DOJR PiV VH GHWDOODQ ORV VLJXLHQWHV RFKR SDVRV SDUD HQVHxDU D ORV DOXPQRV D
GHVDUUROODUSUR\HFWRV
2&+23$6263$5$/$&5($&,Ð1'(
352<(&726
(67$%/(&(782%-(7,924XLHURHQWHQGHUHQTXpFRQVLVWHQODVLOXVLRQHVySWLFDV
(181&,$ 78 2%-(7,92 (1 )250$ '( ,17(552*$17( ¢4Xp VRQ ODV LOXVLRQHV ySWLFDV \ SRU TXp
HQJDxDQDODYLVWR"Ä
(180(5$$/0(12675(6)8(17(6'(,1)250$&,Ï1$/$648(5(&855,5
OLEURVGHODELEOLRWHFDDFHUFDGHODVLOXVLRQHVySWLFDV2IWDOPyORJRVRGRFHQWHVXQLYHUVLWDULRV
5HSURGXFFLRQHVGHREUDVGH0&(VFKHU'RFHQWHVGH$UWH
'(6&5,%(/263$62648(//(9$5È6$&$%23$5$$/&$1=$5782%-(7,92
6ROLFLWDUDOELEOLRWHFDULRTXHPHSURSRUFLRQHOLEURVDFHUFDGHODVLOXVLRQHVySWLFDV
/HHUGLFKRVOLEURV
%XVFDUHOWpUPLQRLOXVLyQySWLFDHQXQDHQFLFORSHGLD\OHHUODLQIRUPDFLyQ
6ROLFLWDUODRSLQLyQGHXQGRFHQWHGHDUWH\GHRWUDVSHUVRQDVDFHUFDGHOWHPD
2EVHUYDUODVREUDVGH0&(VFKHU
(180(5$ $/ 0(126 &,1&2 &21&(3726 ,'($6 ,03257$17(6 $&(5&$ '( /26 &8$/(6
'(6($6,19(67,*$5
¢4XpVRQODVLOXVLRQHVySWLFDV"¢&yPRVHFRQVWUX\HQ"
¢&yPRVHHQJDxDHORMRKXPDQR"
¢TXLpQHVVRQDOJXQRVGHORVDUWLVWDVTXHKDQFUHDGRXQDUWHEDVDGRHQODVLOXVLRQHVySWLFDV"
¢3XHGRDSUHQGHUDFUHDULOXVLRQHVySWLFDV"
(180(5$$/0(12675(60e72'2648((03/($5È63$5$35(6(17$578352<(&72
([SOLFDUHQTXpFRQVLVWHQODVLOXVLRQHVySWLFDV5HDOL]DUXQGLDJUDPDDFHUFDGHOIXQFLRQDPLHQWRGHORMR
KXPDQR&UHDUSyVWHUVFRQLOXVLRQHVySWLFDVIDPRVDV,QWHQWDUODFUHDFLyQGHXQD LOXVLyQySWLFDSURSLD
5HSDUWLUXQDKRMDFRQLOXVLRQHVySWLFDVDFDGDPLHPEURGHODFODVH6ROLFLWDUDOJUXSRTXHLQWHQWHFUHDU
DOJXQD
25*$1,=$/$6(&8(1&,$3$5$'(6$552//$5(O352<(&726HPDQDOHHUODVIXHQWHVGH
UHIHUHQFLD6HPDQDHQWUHYLVWDUDDGXOWRV6HPDQDREVHUYDUGLYHUVDVLOXVLRQHVySWLFDV6HPDQD
WUDWDUGHFUHDUPLVSURSLDVLOXVLRQHVySWLFDV6HPDQDUHDOL]DUXQGLDJUDPDGHORMR6HPDQDSUHSDUDU
PDWHULDOSDUDHQWUHJDUHQFODVH6HPDQDHQVD\DUODSUHVHQWDFLyQ6HPDQDUHDOL]DUODSUHVHQWDFLyQ
IUHQWHDODFODVH
'(&,'('(48e0$1(5$(9$/8$5È678352<(&723UHVHQWDUORDPLVSDGUHV\REWHQHUVX
IHHGEDFN3UHVHQWDUORDGRVDPLJRV\REWHQHUVXIHHGEDFN6ROLFLWDUIHHGEDFNDORVPLHPEURVGHODFODVH
SDUDPLSUHVHQWDFLyQ\HOPDWHULDOTXHLQFOX\D&RPSOHWDUXQDSODQLOODGHDXWRHYDOXDFLyQ/HHUORV
FRPHQWDULRVGHOGRFHQWH$QDOL]DUXQDJUDEDFLyQHQYLGHR
([LVWHQQRWDEOHVGLIHUHQFLDVHQWUHODVDXODVEDVDGDVHQSUR\HFWRV\ODVFRQYHQFLRQDOHV/RVDOXPQRVVHWUDQVIRUPDQHQSURPRWRUHV
DFWLYRV GH VX SURSLR DSUHQGL]DMH \ RWRUJDQ PD\RU LPSRUWDQFLD DO iPELWR HVFRODU 3DUD OD PD\RUtD GH ORV DOXPQRVORVSUR\HFWRV
HVWLPXODQ QDWXUDOPHQWH VXV FDSDFLGDGHV DFDGpPLFDV \ SHUVRQDOHV \ OHV SURSRUFLRQDQ HOHPHQWRV SDUD DERUGDU ORV QXPHURVRV
SUR\HFWRV GHYLGDTXHOOHYDUiQDFDERGXUDQWHVXHWDSDDGXOWD
3DVDQWtDV
$OJXQRVGRFHQWHV\DOJXQDVHVFXHODVTXHGHVHDQHVWLPXODUHOWDOHQWRLQGLYLGXDOGHORVDOXPQRVHVWDEOHFHQSURJUDPDVGHWXWRUtD\
SDVDQWtDV /DV SDVDQWtDV RIUHFHQ D ORV DOXPQRV SRGHURVDV RSRUWXQLGDGHV SDUD WUDEDMDU MXQWR FRQ DOXPQRV PD\RUHV R DGXOWRV TXH
KDQGHVDUUROODGRH[SHULHQFLDVHQXQDGLVFLSOLQDXRILFLR/RVDOXPQRVFRPLHQ]DQDDGYHUWLUODGLUHFFLyQKDFLDODTXHVHRULHQWDQ
VXVHVIXHU]RVFXDQGRVHHQFXHQWUDQLQPHUVRVHQODVWDUHDVHVSHFtILFDVTXHLQFOX\HXQDSDVDQWtD'LFKRVSURJUDPDVVXHOHQDGRSWDU
DOJXQR GH ORV GRV IRUPDWRV VLJXLHQWHV R ELHQ VRQ FRPSRQHQWHV GHO FXUUtFXOR HVFRODU FRP~Q R UHSUHVHQWDQ RSRUWXQLGDGHV GH
HQULTXHFLPLHQWRH[WUDFXUULFXODU$FRQWLQXDFLyQSUHVHQWDPRVDOJXQRVHMHPSORV
3URJUDPDVPRGHORLQWHJUDGRVDOKRUDULRHVFRODUFRP~Q
/RV PLHPEURV GH OD FRPXQLGDG UXUDO GH &RQFUHWH HVWDGR GH :DVKLQJWRQ VH GHVHPSHxDQ FRPR LQVWUXFWRUHV YROXQWDULRV HQ XQ
SURJUDPDGHSDVDQWtDVGLVHxDGRSDUDDOXPQRVGHTXLQWRDVpSWLPRDxRGHOQLYHOGHHQVHxDQ]DEiVLFD/RVDOXPQRVFRQFXUUHQXQ
GtDSRUPHVDVXVSXHVWRVGHWUDEDMRHQPHGLRVGHWUDQVSRUWHSURYLVWRVSRUODFRPXQLGDG7RGRVORVDOXPQRVWLHQHQRSRUWXQLGDG
GHLQWHJUDUVHDOSURJUDPDSDUDWRPDUSDUWHHQODVSDVDQWtDVGHVXHOHFFLyQ
0XFKDV HVFXHODV KDQ LPSOHPHQWDGR SURJUDPDV GH WXWRUtD HQWUH DOXPQRV GH GLVWLQWDV HGDGHV PHGLDQWH ORV FXDOHV ORV PD\RUHV
D\XGDQDORVPHQRUHVFRQVXVWDUHDVHVFRODUHV'HHVWDPDQHUDQRVyORVHGHVDUUROODQUHODFLRQHVSRVLWLYDVHQWUHORVDOXPQRVVLQR
TXHWDPELpQVHIRUWDOHFHQODVKDELOLGDGHVDFDGpPLFDVGHWRGRVHOORV\ORVDOXPQRVPD\RUHVVXHOHQVHQWLUVHVDWLVIHFKRVDOEULQGDU
VXFRODERUDFLyQDODHVFXHODGHXQDPDQHUDFRQFUHWD
/D .H\ 6FKRRO GH ,QGLDQDSROLV KD GLVHxDGR GLHFLVLHWH WDOOHUHV YRFDFLRQDOHV FRRUGLQDGRV SRU GRFHQWHV SDGUHV R PLHPEURV GH OD
FRPXQLGDGGRQGHORVDOXPQRVWLHQHQRSRUWXQLGDGGHUHDOL]DUSUiFWLFDVHQGLYHUVRVRILFLRV\GLVFLSOLQDV&DGDDOXPQRFRQFXUUHDO
WDOOHUFXDWURYHFHVSRUVHPDQD\WUDEDMDPDWHULDOUHODFLRQDGRFRQXQDRPiVLQWHOLJHQFLDVDILQGHDGTXLULUKDELOLGDGHVTXHOXHJR
SRGUi DSOLFDU HQ VLWXDFLRQHV FRWLGLDQDV $ FDGD WDOOHU FRQFXUUHQ QLxRV GH GLYHUVDV HGDGHV \D TXH HVWiQ DELHUWRV D WRGRV ORV
DOXPQRV GH OD HVFXHOD /RV WHPDV TXH DERUGDQ LQFOX\HQ HQWUH RWURV DUTXLWHFWXUD FRFLQD \ MDUGLQHUtD DOJXQRV OOHYDQ QRPEUHV
HVSHFLDOHV WDOHV FRPR 7DOOHU GH FDQFLRQHV /RJRHVFULWRU ,PDJtQDWH ,QGLDQDSROLV WDOOHU GH SODQHDPLHQWR XUEDQR \ MyYHQHV
DVWURQDXWDV &RPR FRPSOHPHQWR GH ODV DFWLYLGDGHV LQWHUQDV GH OD HVFXHOD XQR GH ORV PXVHRV ORFDOHV RIUHFH D VXV DOXPQRV
SDVDQWtDVHQFRQVWUXFFLRQHVQDYDOHVSHULRGLVPRDQLPDFLyQ\PHWHRURORJtD
3DVDQWtDVH[WUDFXUULFXODUHV
-REVIRUWKH)XWXUH(PSOHRVSDUDHOIXWXURHVXQDRUJDQL]DFLyQGH&DPEULGJH0DVVDFKXVHWWVDWUDYpVGHODFXDOVHRUJDQL]DQ
SDVDQWtDV SDUD MyYHQHV GH WRGR HO WHUULWRULR GH ORV (VWDGRV 8QLGRV ODV YLQFXODFLRQHV TXH VH HVWDEOHFHQ HQWUH HPSOHDGRUHV \
HVFXHODV GH QLYHO SROLPRGDO WLHQHQ FRPR REMHWLYR SURPRYHU HO ORJUR DFDGpPLFR GH ORV DOXPQRV \ FUHDU FDQDOHV HILFDFHV SDUD OD
WUDQVLFLyQ GH OD HVFXHOD KDFLD HO PXQGR ODERUDO -)) FRQVWLWX\H XQ HPSUHQGLPLHQWR SHUPDQHQWH SDUD HVWDEOHFHU XQ VLVWHPD
QDFLRQDOGHSDVDQWtDVGHVWLQDGRHVSHFLDOPHQWHDOGHORVDOXPQRVTXHQRFRPSOHWDQHOFLFORSROLPRGDO
8QD HVFXHOD GH HQVHxDQ]D EiVLFD GH .HQW :DVKLQJWRQ RUJDQL]y XQ SURJUDPD H[WUDHVFRODU VHPDQDO GXUDQWH HO FLFOR OHFWLYR
FRRUGLQDGRSRUSDGUHVGHDOXPQRV\FX\RREMHWLYRFRQVLVWHHQSURSRUFLRQDURSRUWXQLGDGHVHQULTXHFHGRUDV
(QWDOVHQWLGRSDUDODFRQWHQFLyQGHORVDOXPQRVTXHSDVDQPXFKRWLHPSRVRORVHQVXVKRJDUHVGHELGRDORVH[WHQVRVKRUDULRVGH
WUDEDMRGHVXVSDGUHVORVGRFHQWHVGHOQLYHOGHHQVHxDQ]DEiVLFDGHRWUDHVFXHODFUHDURQRFKRFOXEHVH[WUDHVFRODUHVGHGLFDGRVD
FDGDXQDGHODVRFKRLQWHOLJHQFLDV/DPD\RUtDGHHVWRVFOXEHVRUJDQL]DUHXQLRQHVVHPDQDOHV\SURSRUFLRQDDORVQLxRVDOWHUQDWLYDV
LQWHUHVDQWHVSDUDGHVDUUROODUGXUDQWHVXWLHPSROLEUH
(O ODXUHDGR SURJUDPD %UHDNRXW 6DOLGD GH OD 6N\YLHZ -XQLRU +LJK GH %RWKHOO :DVKLQJWRQ HVWLPXOD D ORV DOXPQRV SDUD TXH
DERUGHQXQiUHDGHLQWHUpVSHUVRQDO\VHFRQYLHUWDQHQH[SHUWRVHQHOWHPD(OREMHWLYRSULQFLSDOGH%UHDNRXWFRQVLVWHHQTXHORV
DOXPQRVOOHJXHQDVHUDJHQWHVGHFDPELRGHQWURGHVXFRPXQLGDG$OJXQRVHOLJHQWUDEDMDUHQKRVSLWDOHVDVLORVRHVFXHODVORFDOHV
2WURV UHFDXGDQ IRQGRV GHVWLQDGRV D FDXVDV TXH DSR\DQ RUJDQL]DQ GHEDWHV UHDOL]DQ SUHVHQWDFLRQHV FUHDQ REMHWRV DUWtVWLFRV
PHGLDQWH ORV TXH FRPXQLFDQ VXV LQWHUHVHV HQ XQ GHWHUPLQDGR WHPD HVFULEHQ FXHQWRV ILOPDQ YLGHRV R GLVHxDQ VRIWZDUH
LQIRUPiWLFR &DGD DOXPQR FXHQWD FRQ XQ WXWRU TXLHQ OH D\XGD D RULHQWDU VXV HVIXHU]RV \ HYDO~D HO SUR\HFWR XQD YH] ILQDOL]DGR
0LHQWUDVORVDOXPQRVRUJDQL]DQORVFRQWHQLGRVGHVXSUR\HFWRFRPXQLWDULRORVGRFHQWHVGHWHUPLQDQODVKDELOLGDGHVTXHGHEHUiQ
DERUGDU 'LFKDV KDELOLGDGHV VH YLQFXODQ FRQ WRGDV ODV GLVFLSOLQDV H LQFOX\HQ HQWUHYLVWDV WRPD GH QRWDV DQiOLVLV HVWDGtVWLFR
HODERUDFLyQGHREMHWLYRV\WpFQLFDVSDUDHOGHVHPSHxRHQFDGDXQDGHODViUHDV
&XDQGR ORV GRFHQWHV DQDOLFHQ OD LPSOHPHQWDFLyQ GH SDVDQWtDV VHUi QHFHVDULR FRPHQ]DU SRU LGHQWLILFDU ORV UHFXUVRV PDWHULDOHV \
KXPDQRVGHTXHGLVSRQHODHVFXHOD+DEUiPXFKRVLQGLYLGXRVGLVSXHVWRVDEULQGDUVXWLHPSR\H[SHULHQFLDSURIHVLRQDO(VWDFODVH
GH SURJUDPDV UHTXLHUH LPDJLQDFLyQ \ FRRUGLQDFLyQ SDUD SRGHU JHVWDUVH \ PDQWHQHUVH $VLPLVPR ODV SDVDQWtDV QR GHEHQ
WUDQVIRUPDUVHHQXQDUHVSRQVDELOLGDGDGLFLRQDOSDUDORVGRFHQWHV(QDOJXQDVHVFXHODVVRQORVJUXSRVGHSDGUHVTXLHQHVRUJDQL]DQ
WDOHVDFWLYLGDGHVPLHQWUDVTXHHQRWUDVVHFRQWUDWDDFRRUGLQDGRUHVFRQGHGLFDFLyQVHPLH[FOXVLYDSDUDLPSOHPHQWDU\VXSHUYLVDU
ORVSURJUDPDV
8QJUXSRHPSUHQGHGRUGHGRFHQWHVGHOQLYHOGHHQVHxDQ]DEiVLFDTXHWUDEDMDEDFRQXQPRGHORGHDXODEDVDGRHQORVFHQWURVGH
LQWHOLJHQFLDVP~OWLSOHVGHFLGLyVROLFLWDUODFRODERUDFLyQGHPLHPEURVGHODFRPXQLGDGSDUDTXHVHGHVHPSHxDUDQFRPRWXWRUHVGH
VXV DOXPQRV $ PRGR GH LQFHQWLYR ORV GRFHQWHV H[SOLFDURQ HQ OD FRQYRFDWRULD TXH ORV FHQWURV GHO DXOD OOHYDUtDQ HO QRPEUH GH
TXLHQHVDFHSWDUDQWUDEDMDUFRQORVDOXPQRV/DHVFXHODUHFLELyQXPHURVDVRIHUWDV\HOWUDEDMRHQHVWUHFKDUHODFLyQFRQORVWXWRUHV
TXHYROFDURQVXH[SHULHQFLDHQHODXODGXUDQWHSHUtRGRVELPHQVXDOHVUHVXOWyDOWDPHQWHEHQHILFLRVRSDUDORVDOXPQRV
3RVLELOLGDGHVSDUDUHDOL]DUSDVDQWtDV
*DUGQHUVXJLHUHTXHODVHVFXHODVGHEHUtDQSHUVRQDOL]DUVXVSURJUDPDVSDUDORVDOXPQRVPHGLDQWHODRIHUWDGHSDVDQWtDVGXUDQWHORV
DxRVGHHQVHxDQ]DEiVLFD/DVSDVDQWtDVTXHUHFRPLHQGDQRWLHQHQSRUREMHWRRULHQWDUDORVDOXPQRVKDFLDXQDGHWHUPLQDGDFDUUHUD
GHVGHXQDHGDGWHPSUDQD3RUHOFRQWUDULRFRQWULEXLUtDQDOGHVDUUROORGHXQDHGXFDFLyQSROLIDFpWLFDFRQHOpQIDVLVSXHVWRHQODV
KXPDQLGDGHV \ DEDUFDUtDQ DSUR[LPDGDPHQWH XQ WHUFLR GH OD H[SHULHQFLD HVFRODU GH ORV DOXPQRV (Q WHRUtD FDGDDOXPQRGHEHUtD
WRPDUSDUWHHQWUHVSDVDQWtDV
‡XQD GHGLFDGDDODH[SUHVLyQDUWtVWLFDRDUWHVDQDO
‡XQDHQXQiUHDDFDGpPLFD
‡\XQDWHUFHUDGHVWLQDGDDXQDGLVFLSOLQDItVLFDWDOFRPRODGDQ]DRHOGHSRUWH
/RV DOXPQRV GHEHUtDQ LQWHULRUL]DUVH DFHUFD GH ODV SDVDQWtDV TXH OOHYHQ D FDER 3RU PHGLR GH HOODV DSUHQGHUtDQ DOJR TXH FRQ
IUHFXHQFLDVHSDVDSRUDOWRHQQXHVWUDDFHOHUDGDVRFLHGDGDFWXDOHOKHFKRGHTXHHOGRPLQLRGHXQDKDELOLGDGYDOLRVDVHDOFDQ]D
JUDGXDOPHQWHFRQHVIXHU]R\GLVFLSOLQD\TXHWRGRHOORGHPDQGDWLHPSR8QDYH]TXHORVDOXPQRVKD\DQDOFDQ]DGRXQQLYHOGH
FRPSHWHQFLD VDWLVIDFWRULR HQ ODV GLVFLSOLQDV TXH HVWpQ HVWXGLDQGR SRGUiQ SRQHU HQ SUiFWLFD VXV SURSLRV HQIRTXHV \ YDULDQWHV
FUHDWLYDV/RVWXWRUHV\GRFHQWHVGHEHUiQHVWLPXODU\SURPRYHUODDXWRH[SUHVLyQ\ODFUHDWLYLGDGHQFDGD XQRGHVXVDOXPQRVL
ODVSDVDQWtDVVHWUDQVIRUPDQHQSDUWHGHODSUiFWLFDHVFRODUQRVyORFRQWULEXLUiQDHQULTXHFHUHOFRQWH[WRGHDSUHQGL]DMHVLQRTXH
SHUPLWLUiQGLVROYHUODVEDUUHUDVDUWLILFLDOHVTXHVHSDUDQHOPXQGRUHDOGHODVLQVWLWXFLRQHVHGXFDWLYDV\IRUPDUJUDGXDGRVFRQXQD
VLJQLILFDWLYDFXRWDGHKDELOLGDGHV\FRQRFLPLHQWRVDGTXLULGRVGXUDQWHVXVDxRVHVFRODUHV
(QVHxDQ]DSDUDODFRPSUHQVLyQ
(QFDVLWRGRVORVDOXPQRVH[LVWHXQDPHQWHCQRHVFRODUL]DGD
GHFLQFRDxRVTXHOXFKDSRUGDUVHDFRQRF HU\H[SUHVDUVH
+2:$5'*$5'1(5
/DPHQWHQRHVFRODUL]DGD&yPRSLHQVDQORVQLxRV\FyPRGHEHUtDQHQVHxDUODVHVFXHODV
'XUDQWHORVSULPHURVFLQFRDxRVGHYLGDHOQLxRLQFRUSRUDXQF~PXORGHLQIRUPDFLyQ\WDPELpQGHGHVLQIRUPDFLyQ(OSHTXHxR
DOXPQRLQWXLWLYRVHJ~QGHILQH*DUGQHUDORVQLxRVGHHVWDHGDGGHVDUUROODWHRUtDVJHQHUDOHV\FDVHUDVSDUDHQWHQGHUHOPXQGR
(Q /D PHQWH QR HVFRODUL]DGD *DUGQHU VRVWLHQH TXH HVWDV QRFLRQHV WHPSUDQDV VRQ UHHPSOD]DGDV PiV WDUGH SRU OD HQVHxDQ]D TXH
SURSRUFLRQDQ ODV HVFXHODV &XDQGR XQ DOXPQR VH HQIUHQWD D XQ DSUHQGL]DMH UXWLQDULR \ D H[SHULHQFLDV HGXFDWLYDV FDUHQWHV GH
LQWHUpVUHVXUJHQVXVWHRUtDVPpWRGRV\HVWHUHRWLSRVRULJLQDOHVQRUHVXOWDIiFLOGHVWHUUDUORVSRUPHGLRGHODHQVHxDQ]D(QWDQWROD
HGXFDFLyQGHEHSURSRQHUVHSUHVHUYDUORVDWULEXWRVSRVLWLYRVGHODPHQWHMRYHQHVWDPELpQUHVSRQVDELOLGDGGHODVHVFXHODVUHYLVDU
ORVHUURUHVGHFRQFHSWRTXHKDQGHVDUUROODGRORVDOXPQRV<HOORVyORSXHGHOOHYDUVHDFDERFXDQGRORVHGXFDGRUHVHQVHxDQSDUDOD
FRPSUHQVLyQ
¢4Xp HV OD FRPSUHQVLyQ" 'DYLG 3HUNLQV FRGLUHFWRU MXQWR D +RZDUG *DUGQHU GHO 3UR\HFWR &HUR HQ OD 8QLYHUVLGDG GH +DUYDUG
DERUGD HVWD HQLJPiWLFD QDWXUDOH]D GH OD SHUFHSFLyQ KXPDQD 3HUNLQV GLIHUHQFLD ORV FRQFHSWRV GH FRPSUHQVLyQ \ FRQRFLPLHQWR
&XDQGR XQD SHUVRQD FRQRFH DOJR OD IUDVH VXHOH LQGLFDU TXH pO R HOOD KD DOPDFHQDGR LQIRUPDFLyQ PHQWDOPHQWH \ TXH HVWi HQ
FRQGLFLRQHVGHHYRFDUODFRQIDFLOLGDG3RUHOFRQWUDULRFXDQGRXQDOXPQRFRPSUHQGHDOJRVHDVXPHTXHVXVKDELOLGDGHVVXSHUDQ
D OD LQIRUPDFLyQ TXH KD LQFRUSRUDGR 3HUNLQV VRVWLHQH TXH OD FRPSUHQVLyQ VH UHODFLRQD FRQ DTXHOOR TXH ORV LQGLYLGXRV SXHGHQ
KDFHUFRQODLQIRUPDFLyQPiVTXHFRQDTXHOORTXHKDQPHPRUL]DGR/DSHUFHSFLyQLPSOLFDDFFLyQDQWHVTXHSRVHVLyQ&XDQGRORV
DOXPQRVFRPSUHQGHQDOJRSXHGHQH[SOLFDUFRQFHSWRVFRQVXVSURSLDVSDODEUDVXWLOL]DUDSURSLDGDPHQWHODLQIRUPDFLyQHQQXHYRV
FRQWH[WRV\FUHDUDQDORJtDV\JHQHUDOL]DFLRQHVRULJLQDOHV/DPHPRUL]DFLyQ\ODUHSHWLFLyQQRVRQLQGLFDGRUHVGHFRPSUHQVLyQ
¢'HTXpPDQHUDSRGHPRVDERUGDUODHQVHxDQ]D\HODSUHQGL]DMHSDUDODFRPSUHQVLyQ"6LELHQODHQVHxDQ]DLQWHUGLVFLSOLQDULDJR]D
GHSUHVWLJLR*DUGQHUWRPDODSUHFDXFLyQGHUHFRUGDUDORVHGXFDGRUHVTXHODVGLVFLSOLQDVEiVLFDVSURSRUFLRQDQDODKXPDQLGDGHO
PiV DOWR JUDGR GH FRQRFLPLHQWR DFUHFHQWDGR GXUDQWH VLJORV 'H KHFKR DQWHV GH FRPHQ]DU D SHQVDU LQWHUGLVFLSOLQDULDPHQWH
GHEHPRV FRPHQ]DU SRU SRVHHU FRQRFLPLHQWRV UHODWLYRV D FDGD GLVFLSOLQD 6L ORV HGXFDGRUHV GHVHDPRV WUDVFHQGHU OD SRVHVLyQ GH
LQIRUPDFLyQ SDUD OOHJDU D FRPSUHQGHUOD YHUGDGHUDPHQWH SRGUHPRV UHFXUULU D GLYHUVRV HQIRTXHV 6H GLVWLQJXHQ VHLV DVSHFWRV
LPSRUWDQWHVGHODHQVHxDQ]DSDUDODFRPSUHQVLyQ\ORVH[SOLFDPRVHQHOVLJXLHQWHSXQWR
3ULQFLSLRVGHODHQVHxDQ]DSDUDODFRPSUHQVLyQ
/RV HGXFDGRUHV LGHQWLILFDUiQ KDELOLGDGHV FRQRFLPLHQWRV \ ORJURV HVHQFLDOHV TXH ORV DOXPQRV GHEHUiQ DERUGDU 3RGHPRV
SUHJXQWDUQRV¢FXiOHVVRQODVLGHDV\FXHVWLRQHVIXQGDPHQWDOHVTXHORVDOXPQRVQRSXHGHQLJQRUDU"(QOXJDUGHHVIRU]DUQRVSRU
DEDUFDU HO PD\RU Q~PHUR SRVLEOH GH FRQWHQLGRV SRGHPRV EXVFDU OD SURIXQGLGDG $OJXQRV WHPDV RIUHFHQ PD\RUHV SRVLELOLGDGHV
TXH RWURV SDUD DOFDQ]DU XQ FRQRFLPLHQWR SURIXQGR 3RU HMHPSOR HQ FLHQFLDV VRFLDOHV ORV DOXPQRV SRGUtDQ FRQFHQWUDUVH HQ
FRQFHSWRV FODYHV WDOHV FRPR OD GHPRFUDFLD \ HQ FLHQFLDV QDWXUDOHV HQ ORV GH FDPELR \ HYROXFLyQ (Q PDWHPiWLFD \ P~VLFD
SRGUtDQ DERUGDU HO HVWXGLR GH PRGHORV \ WUDQVIRUPDFLRQHV \ HODERUDU FRQFHSWRV DFHUFD GH OD SURSLD LGHQWLGDG \ ORV YDORUHV HQ
OLWHUDWXUD 8QD YH] TXH ORV GRFHQWHV KD\DQ LGHQWLILFDGR FRQFHSWRV HVHQFLDOHV SRGUiQ SODQLILFDU VX HQVHxDQ]D SRU PHGLR GH
GLYHUVRVPRGRV\UHFXUVRV
8QDYH]GHWHUPLQDGRVORVWHPDVFHQWUDOHV\ORVREMHWLYRVHVHQFLDOHVORVGRFHQWHVSURFHGHUiQDDERUGDUODPHMRUPDQHUDSDUD
D\XGDUDVXVDOXPQRVDDOFDQ]DUODFRPSUHQVLyQ(OSDVRVLJXLHQWHFRQVLVWHHQGHOLQHDUODVVHFXHQFLDV\DFWLYLGDGHVFXUULFXODUHV
$OJXQRV GRFHQWHV RUJDQL]DQ HO FXUUtFXOR HQ WRUQR GH WHPDV JHQHUDOHV 1RREVWDQWHSRGUtDPRVSUHJXQWDUQRVVLQRVSURSRQHPRV
HQVHxDU WHPiWLFDPHQWH ¢GH GyQGH VXUJHQ ORV WHPDV" /D .H\ 6FKRRO VXJLHUH LGHQWLILFDU WHPDVSRUPHGLRGHFRQYHUVDFLRQHVFRQ
GLIHUHQWHV JUXSRV GRFHQWHV LQYHVWLJDGRUHV H[SHUWRVOtGHUHVHPSUHVDULRV\IXQFLRQDULRVGHJRELHUQRSHUVRQDVTXHWUDEDMDQHQ
LQVWLWXFLRQHVFXOWXUDOHVSDGUHV\DOXPQRV&XDQGRHVWHSURFHVRVHOOHYDDFDERFRQSDUWLFLSDFLyQGHODFRPXQLGDGUHVXOWDPiV
VHQFLOOR REWHQHU PD\RU DFHSWDFLyQSDUD XQ FXUUtFXOR LQQRYDGRU \ PD\RU FRPSURPLVR SRU SDUWH GH VXV PLHPEURV$OJXQRVGH
ORVWHPDVTXHVHDERUGDQHQOD.H\6FKRROLQFOX\HQ
‡&DPELRVHQWLHPSR\HVSDFLR
‡3DVDGR\SUHVHQWHGHO5HQDFLPLHQWR
‡&yPRWUDEDMDUHQDUPRQtDDTXt\DKRUD
‡&yPRWUDEDMDUHQDUPRQtDFRQRWUDVFXOWXUDV
‡&yPRWUDEDMDUHQDUPRQtDFRQODQDWXUDOH]D
‡6HDPRVDJHQWHVGHFDPELR
0XFKRV GRFHQWHV SUHILHUHQRUJDQL]DU HO FXUUtFXOR HQ WRUQR DSUHJXQWDVDELHUWDVTXHORVDOXPQRVGHEHQUHVSRQGHUDOILQDOL]DU
FDGD XQLGDG 3RU HMHPSOR HO QXHYR SURJUDPD GH OD 2ILFLQD GH ,QVWUXFFLyQ 3~EOLFD GH 0RQWDQD ((88 )UDPHZRUN IRU
$HVWKHWLF /LWHUDF\ 0DUFR SDUD OD $OIDEHWL]DFLyQ (VWpWLFD SURSRQH HQVHxDU OHQJXD \ OLWHUDWXUD SRU PHGLR GH DUWHV YLVXDOHV \
HVFpQLFDV$VtFDGDXQLGDGFRPLHQ]DFRQXQDSUHJXQWDFHQWUDOTXHSURSRUFLRQDHOIDFWRUGHFRKHVLyQSDUDHOWUDEDMRGHODOXPQR
\HQWUHODVSUHJXQWDVTXHSODQWHDHO0DUFR SDUDOD$OIDEHWL]DFLyQ(VWpWLFDVHLQFOX\HQ
‡¢4XpHVODEHOOH]D"¢4XLpQGHWHUPLQDORVHVWiQGDUHVGHOREHOOR"
‡¢&XiOHVODLQIOXHQFLDGHOSDVDGRVREUHHOSUHVHQWH"
‡¢(QTXpPHGLGDVHUHIOHMDQODVFXOWXUDVHQVXDUWH"
‡¢4XpSRGHPRVDSUHQGHUGHXQD GHVJUDFLD"
‡¢3RUTXpORVDXWRUHVHVFULEHQXQDGHWHUPLQDGDREUD"¢'HTXpPDQHUDORKDFHQ"
(OWUDEDMRFRQSUHJXQWDVDELHUWDVVHPHMDQWHVDODVFLWDGDVSHUPLWHDORVDOXPQRVDSUHQGHUKDELOLGDGHVEiVLFDV\SURIXQGL]DUVX
FRPSUHQVLyQDFHUFDGHORVFRQWHQLGRV DOJHQHUDU\GHIHQGHUVXVUHVSXHVWDVHQHOPDUFRGHRWUDVFXHVWLRQHVPiVLQWHUHVDQWHVSDUD
ODYLGD
&XDQGR KDQ LGHQWLILFDGR ORV FRQWHQLGRV HVHQFLDOHV GHO DSUHQGL]DMH \ VXV SUHJXQWDV JXtD ORV GRFHQWHV GH 0RQWDQD TXH
SDUWLFLSDQGHOSURJUDPDSLORWRGHVDUUROODQODHQVHxDQ]DSRUPHGLRGHXQPRGHORHQWUHVHWDSDV3DUDSUHVHQWDUODVXQLGDGHV
RIUHFHQDORVDOXPQRVXQDH[SHULHQFLDHVWpWLFDIXHUDGHOPDUFRHVFRODUSRUHMHPSORXQDYLVLWDDOPXVHRXQDIXQFLyQGHFLQHR
XQDHQWUHYLVWDFRQXQDXWRU/XHJRORVDOXPQRVHVWXGLDQFRQFHSWRVGHOHQJXD\OLWHUDWXUDPLHQWUDVSRQHQHQSUiFWLFDGLYHUVDV
KDELOLGDGHVGHSHQVDPLHQWR\FRPXQLFDFLyQ/DIDVHFXUULFXODUILQDOUHTXLHUHTXHORVDOXPQRVJHQHUHQVXVSURSLRVSURGXFWRV\
VXVSURSLDVUHVSXHVWDVSDUDODSUHJXQWDJXtDGHODXQLGDG
$GHPiVGHWUDEDMDUFRQXQFXUUtFXORRUJDQL]DGRSRUHOGRFHQWHORVDOXPQRVVXHOHQWHQHURSRUWXQLGDGGHJHQHUDUVXSURSLR
FXUUtFXOR6LXQRGHORVREMHWLYRVSDUDORVQLYHOHVGHHQVHxDQ]DEiVLFD\SROLPRGDOFRQVLVWHHQIRUPDUDOXPQRVYLWDOLFLRVVHUi
QHFHVDULR EULQGDUOHV RSRUWXQLGDGHV GXUDQWH VXV DxRV HVFRODUHV SDUD TXH DGTXLHUDQ \ DSOLTXHQ KDELOLGDGHV GH DSUHQGL]DMH
DXWRGLULJLGR (V SRVLEOH ORJUDUOR PHGLDQWH HO GHVDUUROOR GH SUR\HFWRV X REMHWLYRV DFDGpPLFRV SHUVRQDOHV HVWDEOHFLGRV SRU ORV
PLVPRVDOXPQRV/DVH[SHULHQFLDVDFDGpPLFDVDXWRJHQHUDGDVQRVyOROHVSHUPLWHQSURIXQGL]DUVXFRPSUHQVLyQGHORVFRQWHQLGRV
VLQRWDPELpQWUDQVIRUPDUVHHQDOXPQRVSHQVDGRUHV\FUHDGRUHVDXWyQRPRV
2WUD HVWUDWHJLD SDUD OD HGXFDFLyQ SDUD OD FRPSUHQVLyQ FRQVLVWH HQ SURSRUFLRQDU D ORV DOXPQRV RSRUWXQLGDGHV SDUD UHDOL]DU
SDVDQWtDV HQ ODV TXH SXHGDQ REVHUYDU H LQWHUDFWXDU FRQ H[SHUWRV TXH OOHYHQ D OD SUiFWLFD ORV FRQRFLPLHQWRV \ WpFQLFDV GH FDGD
GLVFLSOLQD(OWLHPSRTXHFRPSDUWHQFRQHVWRVLQGLYLGXRVSHUPLWHDORVDOXPQRVSHUIHFFLRQDUVXVKDELOLGDGHVHQPHQRVWLHPSRGHO
TXHORFRQVHJXLUtDQUHVROYLHQGRHMHUFLFLRVRUHVSRQGLHQGRFXHVWLRQDULRVOXHJRGHHVWXGLDUHOFDStWXORGHXQOLEURGHWH[WR
(Q OXJDU GH GHPRVWUDU VXV FRQRFLPLHQWRV PHGLDQWH HMHUFLFLRV GH FRPSOHWDPLHQWR R HQ IRUPDWR PXOWLSOH FKRLFH WRGRV ORV
DOXPQRV GHEHQ HPSOHDU KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO HQ VXV HVWXGLRV 'H HVWH PRGR GHEHUiQ VHU FDSDFHV GH
JHQHUDOL]DU ORV FRQWHQLGRV GHO DSUHQGL]DMH SURSRUFLRQDU HMHPSORV UHODFLRQDU ORV FRQWHQLGRV FRQ VXV H[SHULHQFLDV SHUVRQDOHV \
DSOLFDU VXV FRQRFLPLHQWRV D QXHYDV VLWXDFLRQHV 3RU HMHPSOR FXDQGR VH HVWXGLHQ ORV FULWHULRV SDUD GHILQLU D ORV VHUHV YLYRV VH
VROLFLWDUiDORVDOXPQRVTXHGHWHUPLQHQVLXQYLUXVRXQDEDFWHULDHVXQRUJDQLVPRYLYLHQWH7DPELpQSRGUtDQH[SOLFDUHOLPSDFWR
SRWHQFLDOGHGLFKRRUJDQLVPRVREUHVXSURSLDVDOXGRODGHORVGHPiVHVWDEOHFHUVHPHMDQ]DV\GLIHUHQFLDVFRQHQWHVVLPLODUHV\
DSOLFDUVXVFRQRFLPLHQWRVDFHUFDGHORUJDQLVPR\ORVFULWHULRVTXHGHILQHQODYLGDDRWURVWHPDVVLPLODUHV
/D HYDOXDFLyQ VH LQWHJUDUi QDWXUDOPHQWH D WRGDV ODV DFWLYLGDGHV GH DSUHQGL]DMH 6H GHEHUi VROLFLWDU HO DSRUWH GH ORVDOXPQRV
SDUDHVWDEOHFHUORVFULWHULRVPHGLDQWHORVFXDOHVVHHYDOXDUiVXWUDEDMRDQWHVGHOOHYDUDFDERHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH
'LFKRVFULWHULRVFRPSDUWLGRVOHVVHUYLUiQSDUDRULHQWDUVXVHVIXHU]RVGHOPLVPRPRGRTXHRFXUUHFRQORVHMHPSORVGHWUDEDMRVGH
DOWR QLYHO JHQHUDGRV SRU RWUDV SHUVRQDV $VLPLVPR HO WUDEDMR GHO DOXPQR GHEHUi HYDOXDUVH WHQLHQGR HQ FXHQWD P~OWLSOHV
SHUVSHFWLYDV HO GRFHQWH HYDOXDUi DO DOXPQR ORV DOXPQRV VH HYDOXDUiQ PXWXDPHQWH \ WDPELpQ UHDOL]DUiQ VX DXWRHYDOXDFLyQ
$GHPiVHVLPSRUWDQWHTXHORVDOXPQRVSURSRUFLRQHQ IHHGEDFN DORVGRFHQWHVHQFDGDXQDGHODVSULQFLSDOHVXQLGDGHVFXUULFXODUHV
\TXHSURSRQJDQIRUPDVGHHQULTXHFHUODH[SHULHQFLDGHDSUHQGL]DMHHQODVIXWXUDVFODVHV
0DWULFHVGHGHVDUUROORFXUULFXODUTXHIDYRUHFHQODFRPSUHQVLyQGHODOXPQR(QHVWDSiJLQD\ODVLJXLHQWHSUHVHQWDPRVGRV
PDWULFHVPRGHOR/DSULPHUDUHVXPHXQDXQLGDGFX\RWHPDHVODFRRSHUDFLyQHQHOQLYHOGHHQVHxDQ]DEiVLFD(QODDFWXDOLGDG
HVWDXQLGDGIRUPDSDUWHGHXQSURJUDPDSLORWRTXHVHGHVDUUROODHQWUHVHVFXHODVGHQLYHOEiVLFRHQ<DNLPDHVWDGRGH
:DVKLQJWRQ((88/DVHJXQGDHVXQDPDWUL]HQ EODQFRTXHWLHQHSRUREMHWRVHUYLUGHJXtDSDUDORVGRFHQWHVTXHGHVHHQ
SODQLILFDUXQLGDGHVGLGiFWLFDVHQODVTXHVHLQFOX\DQORVSULQFLSLRVGHODHGXFDFLyQSDUDODFRPSUHQVLyQ
5HVXPHQ
/RV HGXFDGRUHV TXH KD\DQ GHFLGLGR DGRSWDU XQ FXUUtFXOR GH LQWHOLJHQFLDV P~OWLSOHV GHEHUiQ SODQLILFDU XQ GHEDWH FRQ VXV
FROHJDV DFHUFD GH OD SRVLELOLGDG GH DSOLFDUOR HQ VX HVFXHOD 6HJ~Q VHxDODPRV DO FRPLHQ]R GH HVWH FDStWXOR OD WHRUtD GH ODV
LQWHOLJHQFLDVP~OWLSOHVP~OWLSOHVQRSURSRQHXQ~QLFRHQIRTXHSDUDHOGLVHxR GHFODVHVRXQLGDGHV3RUHOFRQWUDULRODWHRUtDGH
*DUGQHU SODQWHD D ORV HGXFDGRUHV QXPHURVRV GHVDItRV FXUULFXODUHV $OJXQRV GH HOORV FRPSUHQGHQ OD VHOHFFLyQ GH HVWUDWHJLDV
SDUD GLVHxDU FODVHV PXOWLPRGDOHV SDUD UHFRQRFHU HOHPHQWRV HVHQFLDOHV SDUD IRUPDU HTXLSRV GH FROHJDV GRFHQWHV SDUD
HVWLPXODUHODSUHQGL]DMHDXWRGLULJLGRSRUPHGLRGHSUR\HFWRVSDUDQXWULUHOWDOHQWRLQGLYLGXDOGHORVDOXPQRV\SRU~OWLPR
SDUD EULQGDU UHFRQRFLPLHQWR \ HQVHxDU GH PDQHUD HILFD] D OD PHQWH GH FLQFR DxRV FRQ HO REMHWR GH TXH OD HGXFDFLyQ Gp SRU
UHVXOWDGRXQDJHQXLQDFRPSUHQVLyQ
&$3Ë78/2
/HFFLRQHVTXHDSUHQGLPRV
3RUWDQWRQRVHGHEHUiJXLDUDORDMyYHQHVHQHODSUHQGL]DMHSRUPHGLRGHODIXHU]D\ODFRDFFLyQVLQRTXHVHORVFRQGXFLUiDpO
PHGLDQWHDTXHOORTXHUHVXOWHSODFHQWHURDVXVPHQWHVDILQGHHVWDUHQPHMRUHVFRQGLFLRQHV GHGHVFXEULUFRQSUHFLVLyQODLQFOLQDFLyQ
SHFXOLDUGHOJHQLRHQUDGDXQR
3/$7Ð1
(GXFDUSDUDODLQWHOLJHQFLD
‡ 'HVGH TXH +RZDUG *DUGQHU SXEOLFy SRU SULPHUD YH] )UDPHV RI 0LQG 7KH 7KHRU\ RI 0XOWLSOH ,QWHOOLJHQFHV ^,QWHOLJHQFLDV
P~OWLSOHV@HQORVHGXFDGRUHVKDQDGYHUWLGRFRQIDFLOLGDGODVLPSOLFDQFLDVGHHVWHWUDEDMRSDUDVXSUiFWLFDSURIHVLRQDO'LFKDV
LPSOLFDQFLDVLQFOX\HQORVPLVPRVWHPDVTXHDERUGDHVWHOLEURODPDQHUD HQTXHVHSHUFLEHQ\HVWLPXODQODVGLYHUVDVFDSDFLGDGHV
GHORVDOXPQRVODPDQHUDHQTXHGHEHGHVDUUROODUVHODHQVHxDQ]DSDUDKDFHUODDFFHVLEOHDWRGRVHOORVODPDQHUDGHGHVDUUROODUXQ
FXUUtFXOREDVDGRHQODVLQWHOLJHQFLDVP~OWLSOHV\ODPHMRUPDQHUDGH HYDOXDUHODSUHQGL]DMHGHORVDOXPQRV
$ PHGLDGRV GH OD GpFDGD GH QXPHURVDV HVFXHODV GH ORV (VWDGRV 8QLGRV LPSOHPHQWDURQ SURJUDPDV SLORWR EDVDGRV HQ ODV
LQWHOLJHQFLDVP~OWLSOHV$OPDUJHQGHVXVGLIHUHQFLDVWRGRVHVWRViPELWRVPRGHORFRPSDUWHQPXFKDVFDUDFWHUtVWLFDV\HQWRGRVVH
KDSURGXFLGRXQVLJQLILFDWLYRDSUHQGL]DMHDFHUFDGHODWUDQVIRUPDFLyQFXUULFXODU(VWHFDStWXORILQDOUHVHxDORVDVSHFWRVFRPXQHV
GHODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV\ODVOHFFLRQHVTXHVHKDQDSUHQGLGRDFHUFDGHOD WUDQVIHUHQFLDGHOWUDEDMRGH*DUGQHUGHO
FDPSRSVLFROyJLFRDODSUiFWLFDHGXFDWLYDHQDXODVSHUWHQHFLHQWHVDiPELWRVUXUDOHVVXEXUEDQRV\]RQDVXUEDQDVFDUHQFLDGDV
9LQFXODUDORVDOXPQRVFRQORVWDOHQWRV
8QR GH ORV SULQFLSDOHV GHVDItRV TXH SODQWHD OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV VH UHODFLRQD FRQ OD UHVSRQVDELOLGDG GH ODV
LQVWLWXFLRQHV HGXFDWLYDV SDUD HVWLPXODU HO WDOHQWR GH FDGD QLxR (Q DOJ~Q PRPHQWR GH VX YLGD HVFRODU HV YLWDO TXH FDGD DOXPQR
GHVFXEUD DO PHQRV XQ iUHD GH FDSDFLGDG (Q HVWH SURFHVR ORV DOXPQRV GHVDUUROODUiQ iYLGDPHQWH VXV LQWHUHVHV SHUVRQDOHV 7DO
GHVDUUROORQRVyORLQ\HFWDDOHJUtDHQHODSUHQGL]DMHWDPELpQVLUYHGHPRWRUSDUDODFRQVWDQFLD\HOHVIXHU]RTXHGHPDQGDDOFDQ]DU
ODPDHVWUtD\ODFUHDWLYLGDGHQXQDGLVFLSOLQD3RUHOFRQWUDULRVLORVDOXPQRVQRGHVFXEUHQXQiUHDRYDULDViUHDVGHLQWHUpVWDO
YH]QXQFDOOHJXHQDGHVDUUROODUDPRUSRUHODSUHQGL]DMH\WUDQVLWDUiQODHWDSDHVFRODUVLQLQFHQWLYRVRDEDQGRQDUiQODHGXFDFLyQ
IRUPDOGHILQLWLYDPHQWH
¢'H TXp PDQHUD SXHGH OD HVFXHOD HVWLPXODU HVWD UHODFLyQ IXQGDPHQWDO HQWUH ORV DOXPQRV \ VXV WDOHQWRV H LQWHUHVHV" &RPR VH KD
VHxDODGRDORODUJRGHHVWHOLEURVLELHQQRH[LVWHQLQJXQDIRUPXODSDUDDGRSWDUXQHQIRTXHEDVDGRHQODVLQWHOLJHQFLDVP~OWLSOHV
KD\ FLHUWRV OLQHDPLHQWRV TXH ODV HVFXHODV SRGUtDQ DGRSWDU SDUD LQLFLDU ORV HVIXHU]RV HQ HVD GLUHFFLyQ (Q SULPHU OXJDU ORV
HGXFDGRUHV SRGUtDQ LGHQWLILFDU HOHPHQWRV GH ODV LQWHOLJHQFLDV P~OWLSOHV HQ ORV SURJUDPDV FXUULFXODUHV \ H[WUDFXUULFXODUHV TXH
PDQHMDQ3XHGHQWUDEDMDUSDUDJDUDQWL]DUODDPSOLDGLVSRQLELOLGDGGHHVWDRIHUWDSDUDWRGRVORVDOXPQRV3RUHMHPSORFRPDRFXUUH
HQODPD\RUtDGHORVFDVRVFXDQGRODVFODVHVGHDUWH\P~VLFDVHSUHVHQWHQFRPRDVLJQDWXUDVLQGHSHQGLHQWHVGHVWLQDGDVVyORDXQ
JUXSRUHGXFLGRGHDOXPQRVKDEUiTXHKDFHUHOHVIXHU]RSRULQFRUSRUDUODVGLVFLSOLQDVDUWtVWLFDVDWRGDVODViUHDVFXUULFXODUHV6H
GHEHQDQDOL]DUORVVLVWHPDVWHFQROyJLFRV\ORVSURJUDPDVGHVRIWZDUHHGXFDWLYRDILQGHGHWHUPLQDUODVLQWHOLJHQFLDVTXHDERUGDQ\
DTXHOODVTXHRPLWHQ(VQHFHVDULRSODQLILFDUODH[SDQVLyQGHODVRSFLRQHVWHFQROyJLFDV/RVGRFHQWHVSRGUtDQUHIOH[LRQDUVREUHVX
SURSLDFDSDFLGDG\RIUHFHUVHSDUDLQWHJUDUXQHTXLSRGHSODQLILFDFLyQMXQWRFRQRWURVFROHJDV6HGDUiSUHIHUHQFLDDORVPpWRGRV
GLGiFWLFRV GH DSUHQGL]DMH EDVDGR HQ SUR\HFWRV R HQ H[SHULHQFLDV SUiFWLFDV (O LQWHUFDPELR GH LGHDV FRQ ORV SDGUHV \ RWURV
PLHPEURV GH OD FRPXQLGDG SHUPLWH GHVFXEULU RSRUWXQLGDGHV GH FDSDFLWDFLyQ SDUD ORV DOXPQRV 0HGLDQWH XQD HYDOXDFLyQ GH ORV
SURJUDPDV DFWXDOHV FRQ HO ILQ GH GHWHUPLQDU FXiOHV VRQ ORV DVSHFWRV TXH HV QHFHVDULR SURPRYHU R DJUHJDU ODV HVFXHODV SXHGHQ
RIUHFHURSFLRQHVGHLQWHOLJHQFLDVP~OWLSOHVDVXVDOXPQRV
/HFFLRQHVTXHDSUHQGLPRVGHH[SHULHQFLDVSLORWR
'XUDQWH ORV ~OWLPRV GLH] DxRV GH LPSOHPHQWDFLyQ GH H[SHULHQFLDV HQ LQWHOLJHQFLDV P~OWLSOHV ODV HVFXHODV SLORWR KDQ REWHQLGR
p[LWRV KDQ HQIUHQWDGR GHVDItRV \ KDQ LGHQWLILFDGR FXHVWLRQHV LPSRUWDQWHV SDUD WHQHU HQ FXHQWD HQ HO WUDEDMR FRQ ODV LGHDV GH
*DUGQHU/DVOHFFLRQHVTXHHVWDVHVFXHODVKDQDSUHQGLGRFRPSUHQGHQFLQFRJUDQGHViUHDVODPDQHUDFRPRFRQFHSWXDOL]DPRVD
ORV DOXPQRV HO PRGR FRPR VH SURSRUFLRQD OD HQVHxDQ]D OD IRUPD HQ TXH VH RUJDQL]D HO FXUUtFXOR ODV IRUPDV GH
HYDOXDFLyQ OD PDQHUD FRPR VH GHVDUUROOD HO HGXFDGRU FXDQGR WUDEDMD FRQ LQWHOLJHQFLDV P~OWLSOHV /DV H[SHULHQFLDV GH ODV
HVFXHODVSLORWRSXHGHQUHVXOWDULQVWUXFWLYDVSDUDORVGHPiV\VHUHVXPHQDFRQWLQXDFLyQ
/HFFLyQ,
1XHVWUDFRQFHSFLyQDFHUFDGHORVDOXPQRVGHEHFDPELDU
8QD GH ODV SULQFLSDOHV LPSOLFDQFLDV GHO WUDEDMR GH *DUGQHU HV OD PDQHUD FRPR VH SHUFLEH D ORV DOXPQRV $ GLIHUHQFLD GH ODV
SXQWXDFLRQHV \ HWLTXHWDV HVWDEOHFLGDV SRU ORV WHVWV GH &, VXSHULRU SURPHGLR R LQIHULRU OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV
SHUPLWHDORVHGXFDGRUHVFRQVLGHUDUODVGLYHUVDVIRUPDVHQODVTXHORVQLxRVUHVXHOYHQVLWXDFLRQHVSUREOHPiWLFDV\DSOLFDQORTXH
KDQ DSUHQGLGR 3RGHPRV DSUHFLDU DO PHQRV WHyULFDPHQWH TXH ORV DOXPQRV SRVHHQ SHUILOHV FRJQLWLYRV LQGLYLGXDOHV FRQ
FDSDFLGDGHV GLYHUVDV 6LQ HPEDUJR DO WUDWDU GH OOHYDU D OD SUiFWLFD HVWH FRQRFLPLHQWR D PXFKRV GRFHQWHV OHV UHVXOWD GLItFLO
REVHUYDU D FDGD QLxR D WUDYpV GH ODV RFKR IDFHWDV GH HVD OHQWH /RV GRFHQWHV GHEHQ SURSRUFLRQDU RSRUWXQLGDGHV GH DSUHQGL]DMH
HQULTXHFLGDV SHUIHFFLRQDU VXV KDELOLGDGHV SDUD OD REVHUYDFLyQ VROLFLWDU D ORV DOXPQDV \ D ODV SHUVRQDV GH VX HQWRUQR TXH
PDQLILHVWHQ VXV WDOHQWRV H LQWHUHVHV \ GHVWLQDU WLHPSRSDUDDSUHQGHUDFHUFDGHLQWHOLJHQFLDVTXHQROHVUHVXOWHQIDPLOLDUHV'HOR
FRQWUDULRQXHVWUDHVWLPDFLyQDFHUFDGHOSRWHQFLDOGHORVDOXPQRVVHJXLUiVLHQGRLQQHFHVDULDPHQWHOLPLWDGDSRUODSHUSHWXDFLyQGH
XQDWHQGHQFLDDIDYRUGHODVKDELOLGDGHVEiVLFDV
/HFFLyQ
/RVGRFHQWHVUHTXLHUHQDSR\R\WLHPSRSDUDH[SDQGLUVXUHSHUWRULRGLGiFWLFR
8QDVHJXQGDLPSOLFDQFLDGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVFRQFLHUQHDODPDQHUDFRPRVHSURSRUFLRQDODHQVHxDQ]D&DGD
XQRGHORVFDStWXORVGHGLFDGRDODVRFKRLQWHOLJHQFLDVHQHVWHOLEURGHVFULEHIRUPDVGHH[SDQGLUQXHVWURUHSHUWRULRGLGiFWLFR6REUH
OD EDVH GH TXH OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV DILUPD TXH WRGR FRQWHQLGR SXHGH HQVHxDUVH GH QXPHURVDV PDQHUDV ORV
HGXFDGRUHV GHVDUUROODQ ORV PpWRGRV GLGiFWLFRV TXH UHVXOWDQ PiV DSURSLDGRV SDUD VXV DOXPQRV \ VX HQWRUQR &XDOTXLHUD VHD HO
HQIRTXHSHGDJyJLFRTXHDGDSWHXQGRFHQWHODVLQWHOLJHQFLDVP~OWLSOHVSURSRUFLRQDQXQHVTXHPDPHQWDOSDUDHYDOXDUODQDWXUDOH]D
PXOWLPRGDOGHODHQVHxDQ]D3RUHMHPSORHQOD1HZ&LW\6FKRROGH6W/RXLV((88ORVGRFHQWHVGHOiUHDGHOHQJXDWUDEDMDQ
HQ EORTXHV GH PLQXWRV $OJXQRV GH HOORV GLYLGHQ HVWRV EORTXHV HQ WUHV SDUWHV LJXDOHV PLQXWRV GH HQVHxDQ]D GLUHFWD PLQXWRVGHDSUHQGL]DMHFRRSHUDWLYR\PLQXWRVGHDSUHQGL]DMHLQGLYLGXDO&XDQGRUHDOL]DQVXSODQLILFDFLyQSDUDORVPLQXWRV
GHFODVHHYDO~DQVLVHKDQLQFRUSRUDGRODVRFKRLQWHOLJHQFLDVDODHQVHxDQ]DVLQRGLDULDPHQWHDOPHQRVHQIRUPDVHPDQDO/DV
RFKRLQWHOLJHQFLDVVHFRQYLHUWHQHQXQDKHUUDPLHQWDRUJDQL]DWLYDTXHSHUPLWHDORVHGXFDGRUHVGHWHUPLQDUODFDQWLGDGGHYHQWDQDV
SRUODVTXHORVDOXPQRVVHDVRPDUiQDOFRQWHQLGR GHHQVHxDQ]D
3URSRUFLRQDUDSR\RSDUDPRGLILFDUODSUiFWLFD
$SHVDUGHWRGRPXFKRVGRFHQWHVVLHQWHQWHPRUGHLQFRUSRUDUODVRFKRLQWHOLJHQFLDVDODHQVHxDQ]D/DVH[SHULHQFLDVSLORWRKDQ
GHPRVWUDGR TXH UHDOL]DU FDPELRV SHGDJyJLFRV UHTXLHUH XQ GLDORJR SHUPDQHQWH HQWUH ORV FROHJDV RSRUWXQLGDGHV SDUD HO
FUHFLPLHQWR SURIHVLRQDO \ XQD H[SDQVLyQ HQ HO FtUFXOR GH TXLHQHV VRQ UHVSRQVDEOHV SRU OD HGXFDFLyQ GH ORV DOXPQRV (Q ~OWLPD
LQVWDQFLDORVGRFHQWHVQHFHVLWDQDSR\RSDUDPRGLILFDUVXSUiFWLFDSURIHVLRQDO(QODVHVFXHODVSLORWRGHLQWHOLJHQFLDVP~OWLSOHVVH
KDQGHVDUUROODGRDOJXQDVIRUPDVGHDSR\RSURIHVLRQDO
‡ 2UJDQL]DUJUXSRVGHHVWXGLRLQWHJUDGRVSRUWRGRHOSHUVRQDOGRFHQWHSDUDOHHU )UDPHVRI0LQGX RWUDGHODVREUDVGH*DUGQHU
3RUHMHPSORORVGRFHQWHVGHOD1HZ&LW\6FKRROGH6W/RXLV((88IRUPDURQJUXSRVGHHVWXGLRGXUDQWHXQDxRRPiVWLHPSR
DQWHVGHFUHDUXQSURJUDPDGHLQWHOLJHQFLDVP~OWLSOHV
‡ 6ROLFLWDU D PLHPEURV GHO SHUVRQDO TXH VH KD\DQ HVSHFLDOL]DGR HQ XQD GHWHUPLQDGD LQWHOLJHQFLD TXH RUJDQLFHQ WDOOHUHV
YLYHQFLDOHVSDUDVXVFROHJDV
‡ ,QWHJUDUDHVSHFLDOLVWDVGHSODQWDFDSDFLWDGRVHQHGXFDFLyQItVLFDDUWHROHFWXUDSDUDTXHSDUWLFLSHQHQHOGLVHxRFXUULFXODUR
SDUDTXHSURSRUFLRQHQVXVVHUYLFLRVHQODFODVH\HQVHxDQ]DDORVDOXPQRV
‡
,QYLWDUDH[SHUWRVSRUHMHPSORDUWLVWDVSURIHVLRQDOHVSDUDTXHVHGHVHPSHxHQFRPRWXWRUHVGHORVGRFHQWHVRGHORVDOXPQRV
‡ 5HDOL]DU YLVLWDV D RWURV iPELWRV GRQGH VH KD\DQ SXHVWR HQ SUiFWLFD ODV LQWHOLJHQFLDV P~OWLSOHV D ILQ GH REVHUYDU OD PDQHUD
FRPRRWURVGRFHQWHVKDQDSOLFDGRODVLGHDVGH*DUGQHUHQVXVSURJUDPDVHVFRODUHV
&UHDUWLHPSRSXUDGLVHxDUSURJUDPDVSLHLQWHOLJHQFLDVP~OWLSOHV
/DV GHPDQGDV TXH LPSRQH OD HQVHxDQ]D GLDULD VRQ GH WDO PDJQLWXG TXH UHVXOWD GLItFLO HQFRQWUDU WLHPSR SDUD OOHYDU D FDER
WUDQVIRUPDFLRQHV HQ ODV SUiFWLFDV GHO DXOD R GH OD HVFXHOD 1R REVWDQWH HQ OXJDU GH HQFRQWUDU WLHPSR DOJXQRV SURJUDPDV GH
LQWHOLJHQFLDV P~OWLSOHV SHUPLWHQ FUHDU WLHPSR SDUD TXH ORV GRFHQWHV FRQVLJDQ HO DSR\R QHFHVDULR SDUD TXH WUDEDMHQ HQ IRUPD
LQGHSHQGLHQWH \ SDUD TXH FRODERUHQ FRQ VXV SDUHV $OJXQDV GH ODV HVWUDWHJLDV SDUD DGPLQLVWUDU HO WLHPSR TXH KDQ GHPRVWUDGR
HILFDFLDVRQODVVLJXLHQWHV
‡ 'HVWLQDUMRUQDGDVFRPSOHWDVSDUDHOWUDEDMR6HSRGUiFRQWDUFRQSHUVRQDOVXSOHQWHDILQGHSHUPLWLUDORVGRFHQWHVGHDXOD
GLVSRQHUGHXQDMRUQDGDRVHOHVSRGUiSDJDUSDUDTXHWUDEDMHQGXUDQWHODVYDFDFLRQHV
‡ 0RGLILFDUHOKRUDULRHVFRODU&DGDMRUQDGDHVFRODUSRGUiSURORQJDUVHXQRVPLQXWRVSDUDLQFUHPHQWDUXQDMRUQDGDVLPSOHGH
SODQLILFDFLyQGRFHQWHXQDRGRVYHFHVSRUPHV2ELHQHQFDVRVGHHQVHxDQ]DHQHTXLSRORVPLHPEURVGHFDGDHTXLSRSXHGHQ
DOWHUQDU ORV SHUtRGRV GH GLFWDGR GH FODVH \ GH SODQLILFDFLyQ 3RGUiQ PRGLILFDUVH ORV FURQRJUDPDV D ILQ GH TXH YDULRV GRFHQWHV
FRPSDUWDQHOPLVPRKRUDULRGHSODQLILFDFLyQ7DPELpQSRGUiUHRUJDQL]DUVHHOFDOHQGDULRHVFRODUSDUDSURSRUFLRQDUDORVGRFHQWHV
XQPD\RUQ~PHURGHGtDVGHSODQLILFDFLyQ
‡ ,QYHQWDU WLHPSR /RV HVWXGLDQWHV GH SURIHVRUDGR ORV SDGUHV ORV PLHPEURV GH OD FRPXQLGDG \ PLHPEURV GHO SHUVRQDO
YROXQWDULRRGLUHFWLYRSXHGHQDVXPLUWDUHDVGHHQVHxDQ]DRGLFWDUFODVHVDILQGHSHUPLWLUTXHORVGRFHQWHVWUDEDMHQMXQWRVGXUDQWH
ODMRUQDGDHVFRODU
‡ 8WLOL]DU ODV UHXQLRQHV GH SHUVRQDO GH PDQHUD GLIHUHQWH 8QD R GRV GH ODV UHXQLRQHV PHQVXDOHV GH SHUVRQDO SXHGHQ
GHGLFDUVHDODFRSODQLILFDFLyQRDVROXFLRQDUSUREOHPDVUHODFLRQDGRVFRQFXHVWLRQHVSHGDJyJLFDVFXUULFXODUHVRHYDOXDWLYDV
‡ 3URSRUFLRQDUUHFRQRFLPLHQWRSRUHOWLHPSRGHGLFDGR6HSRGUiFRPSHQVDUDORVGRFHQWHVSRUVXVHVIXHU]RVHQWpUPLQRVGH
WLHPSR SURSRUFLRQiQGROHV GHWHUPLQDGRV VHUYLFLRV (O SHUVRQDO GLUHFWLYR SRGUi RUJDQL]DU FXUVRV TXH LQFOX\DQ FDVRV GH SUiFWLFD
VREUHORVTXHORVHGXFDGRUHVSRGUiQUHIOH[LRQDU\DSOLFDUQXHYRVHQIRTXHVGLGiFWLFRV
'HKHFKRYDOHODSHQDHQIUHQWDUHOGHVDItRGHHQVHxDUGHPDQHUDPXOWLPRGDO\DTXHVRQPXFKRVORVGRFHQWHVTXHUHFRQRFHQ
KDEHUREWHQLGREHQHILFLRVGHVXWUDEDMRFRQODVLQWHOLJHQFLDVP~OWLSOHV$OJXQRVDSUHFLDQHOPDUFRLQWHOHFWXDO\HOOHQJXDMHFRP~Q
TXHSURSRUFLRQDODWHRUtD$OJXQRV VHxDODQTXHYDOLGDVXSUiFWLFDSURIHVLRQDODODXWRUL]DUORVDHQVHxDUGHODPDQHUDFRPRVLHPSUH
ORKDQKHFKRRKDQTXHULGRKDFHUOR$DOJXQRVOHVJXVWDHOHVTXHPDPHQWDOFKHODVRFKRLQWHOLJHQFLDVKRUTXHFRQVLGHUDQTXH
SRQHGHPDQLILHVWREUHFKDVGLGiFWLFDV&DVLWRGRVDSUHFLDQHOLQFUHPHQWRHQODKDELOLGDGSDUDUHFRQRFHUGLYHUVDVFDSDFLGDGHVHQ
VXVDOXPQRV$OJXQRVGLVIUXWDQDOGHVDUUROODUVXVSURSLDVLQWHOLJHQFLDVODWHQWHVDOWLHPSRTXHHQVHxDQDORVDOXPQDVGHPDQHUDV
TXHORVPRWLYDQ\FRPSURPHWHQ
/HFFLyQ
(OFXUUtFXORGHFDGDHVFXHWDGHLQWHOLJHQFLDVP~OWLSOHVHVGLIHUHQWH
2WUDLPSOLFDQFLDGHOWUDEDMRGH*DUGQHUSDUDODHGXFDFLyQFRQVLVWHHQXQDUHIRUPXODFLyQGHOFXUUtFXORHVFRODU(VHYLGHQWHTXHHQ
OD PD\RUtD GH ORV FDVRV HQ OXJDU GH UHGLVHxDUOR FRPSOHWDPHQWH ORV GRFHQWHV DGDSWDQ HO FXUUtFXOR SDUD LQFRUSRUDU ODV GLYHUVDV
LQWHOLJHQFLDV3RUORJHQHUDOHVWRVFDPELRVFXUULFXODUHVVHFRQVLGHUDQDFWXDOL]DFLRQHVDQWHVTXHPRGLILFDFLRQHVVXVWDQFLDOHV8QD
HVFXHOD&RQFUHWH(OHPHQWDU\GH&RQFUHWHHVWDGR GH:DVKLQJWRQ((88 VHxDOyTXHODVDGDSWDFLRQHVUHIHUHQWHVDLQWHOLJHQFLDV
P~OWLSOHVFRQVWLWXtDQXQDIRUPDVHQFLOODGHHQULTXHFHUVXFXUUtFXOR
*XDQGR DQDOL]DPRV ODV H[SHULHQFLDV SLORWR GH ORV (VWDGRV 8QLGRV UHVXOWD HYLGHQWH TXH WRGDV ODV HVFXHODV GH LQWHOLJHQFLDV
P~OWLSOHV KDQ DVXPLGR HO FRPSURPLVR GH HVWLPXODU ODV PHQWHV PXOWLIDFpWLFDV GH VXV DOXPQRV 1R REVWDQWH ODV IRUPDV HQ TXH
DERUGDQHVWHREMHWLYRVRQDEVROXWDPHQWHGLYHUVDV/RVDXWRUHVKDQDGYHUWLGRTXHH[LVWHQFXDWURHQIRTXHVFXUULFXODUHVGHULYDGRV
GHORVSURJUDPDVSLORWR$FRQWLQXDFLyQORVGHVFULELPRVEUHYHPHQWH
'LVHxRFXUULFXODUPXOWLPRGDO
(QODDFWXDOLGDGDSDUHFHFRPRHOHQIRTXHVLQJXODU\PiVFRP~QGHODVH[SHULHQFLDVGHDXODRGHOiPELWRHVFRODUHQVXWRWDOLGDG
HQ HO TXH ODV LQWHOLJHQFLDV P~OWLSOHV VH XWLOL]DQ FRPR KHUUDPLHQWDV GH HQVHxDQ]D SDUD SURSRUFLRQDU RFKRSXQWRVGHDFFHVRDORV
FRQWHQLGRVFXUULFXODUHV0XFKRVGRFHQWHVDSOLFDQODWHRUtDGH*DUGQHUHQIRUPDLQGLYLGXDOHQVXWUDEDMRGLDULRFRQORVDOXPQRV
$OJXQRVXWLOL]DQFHQWURVGHDSUHQGL]DMHHVSRUiGLFDPHQWHRHQIRUPDVHPDQDORGLDULD2WURVSURSRUFLRQDQHQVHxDQ]DGLUHFWDSRU
PHGLRV PXOWLPRGDOHV 2WURV IRUPDQ HTXLSRV FRQ FROHJDV \ HVSHFLDOLVWDV SDUD EULQGDU D VXV DOXPQRV XQD H[SHULHQFLD HGXFDWLYD
LQWHJUDGRUD
$OJXQDVHVFXHODVDVXPHQHOFRPSURPLVRGHHQVHxDUSRUPHGLRGHODVRFKRLQWHOLJHQFLDVHQHOQLYHOLQVWLWXFLRQDO(QHVWHFDVROD
PD\RUtDRODWRWDOLGDGGHORVGRFHQWHVSRQHHQSUiFWLFDXQDHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHV(OORSXHGHOOHYDUVHD
FDER GLDULDPHQWH R FRPR SDUWH GH XQ SURJUDPD GH HYHQWRV HVSHFLDOHV 8Q HMHPSOR GH HVWH ~OWLPR HV HO TXH WLHQH OXJDU HQ OD
(VFXHOD(OHPHQWDO)DLUYLHZGH3RUW$QJHOHV:DVKLQJWRQ((88&DGDDxRGXUDQWHHOPHVGHPD\RWRGDODHVFXHODSDUWLFLSDGH
XQD VHPDQD GHGLFDGD D ODV LQWHOLJHQFLDV P~OWLSOHV 'LFKD VHPDQD VH HVWUXFWXUD WHPiWLFDPHQWH \ VXHOH GHVWDFDU DOJXQD GH ODV
FXOWXUDVGHODVTXHORVDOXPQRVVRQUHSUHVHQWDQWHV/RVGRFHQWHVHVSHFLILFDQHOFRQWHQLGR\ORVPHGLRVFRQORVTXHFRQWULEXLUiQDO
HYHQWRVHJ~QVXV FDSDFLGDGHVHLQWHUHVHV6HIRUPDQJUXSRVGHDOXPQRVGHGLVWLQWDVHGDGHVTXHUHFRUUHQHOHGLILFLR\SDUWLFLSDQGH
ODVGLYHUVDVDFWLYLGDGHVFRQHYLGHQWHHQWXVLDVPR
/D HVFXHOD +DUW5DQVRP GH 0RGHVWR &DOLIRUQLD ((88 RIUHFH RWUR HMHPSOR GH GLVHxR FXUULFXODU PXOWLPRGDO 6L ELHQ HO
FRPSURPLVR LQVWLWXFLRQDO FRQ ODV LQWHOLJHQFLDV P~OWLSOHV VH SRQH GH PDQLILHVWR HQ OD HQVHxDQ]D ORV GRFHQWHV VRVWLHQHQ TXH OD
PLVLyQ GH OD HVFXHOD FRQVLVWH EiVLFDPHQWH HQ SURSRUFLRQDU HGXFDFLyQ (O SHUVRQDO QR FRQVLGHUD TXH ODV LQWHOLJHQFLDV P~OWLSOHV
FRQVWLWX\DQORJURVHQVLPLVPDV3RUHOFRQWUDULRVHFRQFHQWUDQHQODVKDELOLGDGHVEiVLFDVHQHOSHQVDPLHQWRFULWLFR\FUHDWLYR\
HQODFRPXQLFDFLyQHIHFWLYD(Q+DUW 5DQVRPUHVXOWDFODURGHOPLVPRPRGRTXHHQPXFKDVRWUDVHVFXHODVGHODV(VWDGRV8QLGRV
TXHODVLQWHOLJHQFLDVP~OWLSOHVVLUYHQFRPRKHUUDPLHQWDSDUDSURSRUFLRQDUHQVHxDQ]D
&XUUtFXORGHLQWHOLJHQFLDVP~OWLSOHVEDVDGRHQHOGHVDUUROORHYROXWLYR
(OQ~FOHRGHHVWHPRGHORFXUULFXODUHVWiFRQVWLWXLGRSRUODSURIXQGL]DFLyQGHORVFRQRFLPLHQWRV\HOGHVDUUROORGHKDELOLGDGHV/DV
GRFHQWHVDSOLFDQODFRQVLJQD0HQRVHVPiVDODSUiFWLFDHQHODXOD$ORULHQWDUVXFXUUtFXORSDUDGHVWDFDUFRQFHSWRVHVHQFLDOHV
ORV GRFHQWHV GHMDQ GH ODGR HO DSUHQGL]DMH JHQHUDO \ SULYLOHJLDQ OD FRPSUHQVLyQ SURIXQGD SRU SDUWH GH ORV DOXPQRV /DV
LQWHOLJHQFLDVP~OWLSOHVVLJXHQVLHQGRKHUUDPLHQWDVGHHQVHxDQ]DHQXQFXUUtFXORPHQRVH[WHQVR\PiVSURIXQGR$GHPiVDOJXQDV
HVFXHODV SURPXHYHQ HO DSUHQGL]DMH EDVDGR HQ SUR\HFWRV FRQ HO REMHWR GH TXH ORV DOXPQRV DGTXLHUDQ KDELOLGDGHV SDUD HO WUDEDMR
LQGHSHQGLHQWH\RWUDVHVWDEOHFHQHVWiQGDUHVEDVDGRVHQHOGHVHPSHxRSDUDORVORJURVGHORVDOXPQRV
/DHVFXHODGHQLYHOSROLPRGDO/LQFROQGH6WRFNWRQ&DOLIRUQLD((88RIUHFHXQPRGHORGHLQWHOLJHQFLDV P~OWLSOHVEDVDGRHQHO
GHVDUUROOR HYROXWLYR 6XV DOXPQRV WUDEDMDQ HQ SUR\HFWRV TXH UHIOHMDQ HVWiQGDUHV GHWHUPLQDGRV SRU HO HVWDGR GH &DOLIRUQLD /RV
PDUFRVFXUULFXODUHVGHGLFKRHVWDGRGHVWDFDQTXHORVFRQWHQLGRVGHODHQVHxDQ]DGHEHQDERUGDUVHHQSURIXQGLGDG/RVHVWiQGDUHV
GHVDOLHQWDQODSUiFWLFDGHVXPLQLVWUDUDORVDOXPQRVXQF~PXORGHLQIRUPDFLyQTXHQRSXHGHQUHWHQHUQLFRPSUHQGHU(QODHVFXHOD
/LQFROQORVGRFHQWHVVHxDODQH[SOtFLWDPHQWHORVFRQFHSWRVHVHQFLDOHVGHVXVDVLJQDWXUDV/RVDOXPQRVVDEHQH[DFWDPHQWHTXpHV
ORTXHVHHVSHUDTXHDSUHQGDQ\GHTXpPDQHUDGHEHQGHPRVWUDU\DSOLFDUVXVFRQRFLPLHQWRV$GHPiVORVGRFHQWHVVHFRQFHQWUDQ
HQ ORV SURFHVRV PHGLDQWH ORV FXDOHV ORV DOXPQRV DSUHQGHQ (Q DOJXQRV FDVRV ORV DOXPQRV WUDEDMDQ HQ FHQWURV GH DSUHQGL]DMH
FRRSHUDWLYR\WDPELpQHQSUR\HFWRVGHVXHOHFFLyQTXHOHVSHUPLWHQSURIXQGL]DUODFRPSUHQVLyQGHORVFRQFHSWRVIXQGDPHQWDOHV
/RV DOXPQRV GH OD HVFXHOD /LQFROQ QR VH OLPLWDQ D DSUHQGHU \ DSOLFDU FRQWHQLGRV FXUULFXODUHV WDPELpQ HVWiQ HQ FRQGLFLRQHV GH
LGHQWLILFDUVXVFDSDFLGDGHV\QHFHVLGDGHVLQWHOHFWXDOHV$SUHQGHQTXHODLQWHOLJHQFLDSXHGHPRGLILFDUVH\FDPELDUDORODUJRGHOD
YLGD/RVGRFHQWHVGHVWDFDQTXHHVSRVLEOHLQFUHPHQWDUFXDOTXLHUiUHDGHODLQWHOLJHQFLDTXHVHHQFXHQWUHSRFRGHVDUUROODGDVLVH
RULHQWDQ ORV HVIXHU]RV HQ HVD GLUHFFLyQ \ VH FXHQWD FRQ OD JXtD DSURSLDGD 3RU PHGLR GH HVWH HQIRTXH HYROXWLYR ORV DOXPQRV
DSUHQGHQDUHVSHWDUODGLYHUVLGDGLQWHOHFWXDOGHVXVSDUHV\GHRWUDVSHUVRQDV\WDPELpQDYLVOXPEUDUQXHYDVSRVLELOLGDGHVSDUDVt
PLVPRV
&XUUtFXORGHLQWHOLJHQFLDVP~OWLSOHVEDVDGRHQGLVFLSOLQDVDUWtVWLFDV
$OJXQDVHVFXHODVLQWHUSUHWDQODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVFRPRIXQGDPHQWRSDUDHOGHVDUUROODGHSURJUDPDVEDVDGRVHQ
DUWHV7HQLHQGRHQFXHQWDODV GHFODUDFLRQHVGH*DUGQHUUHVSHFWRGHTXHODVFDSDFLGDGHVYLVXDOPXVLFDOFLQHVWpWLFDHLQWHUSHUVRQDO
FRQVWLWX\HQ IRUPDV HIHFWLYDV GH LQWHOLJHQFLD ORV SURPRWRUHV GH ODV DUWHV UHFRPLHQGDQ TXH VH DWULEX\D OD PLVPD FDWHJRUtD \ VH
DVLJQHHOPLVPRWLHPSRDODGDQ]DODP~VLFDODDFWLYLGDGGUDPiWLFDHOFLQHODVDUWHVYLVXDOHV\ODFUHDFLyQOLWHUDULDTXHDOUHVWR
GH ODV iUHDV FXUULFXODUHV (Q VX RSLQLyQ ODV DUWHV SURSRUFLRQDQ LPSRUWDQWHV VLVWHPDV VLPEyOLFRV TXH UHSUHVHQWDQ LQWHUSUHWDQ \
DQDOL]DQHOPXQGR/DPDWHPiWLFDODVFLHQFLDVQDWXUDOHV\ODOHQJXDVyORFRPXQLFDQSDUWHGHODH[SHULHQFLDKXPDQD/DVDUWHVVRQ
QHFHVDULDV SDUD H[SOLFDU RWURV DVSHFWRV GH OD YLGD /RV DOXPQRV TXH DSUHQGHQ ODV KDELOLGDGHV EiVLFDV \ ORV VLVWHPDV VLPEyOLFRV
DUWtVWLFRV DGTXLHUHQ XQD YLVLyQ JOREDO GHO PXQGR DO WLHPSR TXH GHVDUUROODQ VXV LQWHOLJHQFLDV HQ PD\RU PHGLGD (VFXHODV GH
LQWHOLJHQFLDVP~OWLSOHVFRPD$VKOH\5LYHU(OHPHQWDU\6FKDROGH&KDUOHVWRQ&DUROLQDGHO6XU([SRIDU([FHOOHQFH6FKRROGH6W
3DXO0LQQHVRWD\6HYHQ4DNV(OHPHQWDU\6FKRROGH/DFH\:DVKLQJWRQKDQLQWHJUDGRODVLQWHOLJHQFLDVDUWtVWLFD"DVXFXUUtFXOR
\ HQVHxDQ DUWHV FDPD DVLJQDWXUDV FXUULFXODUHV OHJLWLPDV 7RGDV ORV DOXPQRV GH HVWDV HVFXHODV HVWXGLDQDUWHVYLVXDOHV\HVFpQLFDV
GLDULDPHQWHRFDVLWRGRVORVGtDVFRQHOREMHWRGHDOFDQ]DUXQDPD\RUFRPSUHQVLyQGHOPXQGR\GHREWHQHUXQPD\RUGHVDUUROOR
GHOHVSHFWURGHODLQWHOLJHQFLD
&XUUtFXOREDVDGRHQODLQWHOLJHQFLD
7DO YH] HO HQIRTXH FXUULFXODU GH LQWHOLJHQFLDV P~OWLSOHV PHQRV FRP~Q VHD DTXHO TXH VH SURSRQH GHVDUUROODU OD FDSDFLGDG GH
LQWHOLJHQFLDGHFDGDDOXPQD/RVSULQFLSLRVREMHWLYRV\SURJUDPDVHVFRODUHVVHUHRUJDQL]DQVLJQLILFDWLYDPHQWHSDUDGDUFDELGDD
ORV LQWHUHVHV LQGLYLGXDOHVGHODOXPQR(QOXJDUGHUHVDOWDUODHQVHxDQ]DSRUPHGLRGHODVLQWHOLJHQFLDVODVHVFXHODVSRQHQpQIDVLVHQ
ODHQVHxDQ]DSDUDODLQWHOLJHQFLD
/D .H\ 6FKRRO GH ,QGLDQDSROLV DVXPH HO FRPSURPLVR GH SURPRYHU OD FDSDFLGDG LQWHOHFWXDO GH FDGD DOXPQR -XQWR FRQ HO
DSUHQGL]DMH GH FRQWHQLGRV DFDGpPLFRV SRU PHGLR GH ODV RFKR LQWHOLJHQFLDV WRGRV ORV DOXPQRV LGHQWLILFDQ VXV FDSDFLGDGHV \
UHIOH[LRQDQDFHUFDGHODPDQHUDFRPRSRGUiQXWLOL]DUODVSDUDJXLDUVXVHOHFFLRQHVGHYLGD(QHVWDHVFXHODORVDOXPQRVFXHQWDQ
FRQ QXPHURVDV RSRUWXQLGDGHV SDUD SURIXQGL]DU VXV LQWHOLJHQFLDV SUHIHULGDV 3RU HMHPSOR VHOHFFLRQDQ VXV FXUVRV RSWDWLYRV HQ
JUXSRV TXH VH UH~QHQ GLDULDPHQWH (VWRV JUXSRV SURSRUFLRQDQ HQVHxDQ]D DGLFLRQDO HQ iUHDV HQ ODV TXH ORV DOXPQRV GHPXHVWUDQ
LQWHUpV \ FRQGLFLRQHV /RV DOXPQRV FRQFXUUHQ WDPELpQ D XQ DXOD GHVWLQDGD HVSHFLDOPHQWH SDUD DFWLYLGDGHV YRFDFLRQDOHV YDULDV
YHFHVSDUVHPDQDGRQGHVHGHGLFDQDDFWLYLGDGHVHOHFWLYDVTXHORVPRWLYDQGHVDItDQ\JUDWLILFDQSHUVRQDOPHQWH'HELGRDODJUDQ
FDQWLGDGGHWLHPSRFXUULFXODUGHGLFDGRDODVDFWLYLGDGHVHOHFWLYDVGHORVDOXPQRVORVGRFHQWHVFXHQWDQFRQPHQRVWLHPSRSDUDOD
HQVHxDQ]DGHKDELOLGDGHVEiVLFDVWUDGLFLRQDOHV/DIRUPDGHFDSLWDOL]DUHOWLHPSRSDUDODHQVHxDQ]DGHKDELOLGDGHVEiVLFDVFRQVLVWH
HQEXVFDUIRUPDVDOWDPHQWHHIHFWLYDVSDUDHQVHxDUORVVDEHUHVWUDGLFLRQDOHV1RREVWDQWHHVWDRULHQWDFLyQKDFLDXQPRGHOREDVDGR
HQODLQWHOLJHQFLDDQWHVTXHKDFLDXQPRGHORGHKDELOLGDGHVEiVLFDVSDUHFHGDUIUXWRVHQWpUPLQRVGHORJURVDFDGpPLFRV\DTXHD
H[FHSFLyQ GH XQ SHTXHxR JUXSR GH DOXPQRV GH OD HVFXHOD WRGRV REWLHQHQ FDOLILFDFLRQHV SURPHGLR R VXSHULRUHV HQ ORV WHVWV
HVWDQGDUL]DGRV
2WURHQIRTXHTXHVHSURSRQHHGXFDUSDUDODLQWHOLJHQFLDHVHOTXHVHPDQLILHVWDHQ&ODUD%DUUDQ.%6FKRROGH0LQQHDSROLV(Q
HO SHUVRQDO GHFLGLy LQGLYLGXDOL]DU OD WHRUtD GH *DUGQHU SDUD FDGD DOXPQD SRU PHGLD GH UHXQLRQHV HQ ODV TXH VH ILMDQ
REMHWLYRV\GHODVTXHSDUWLFLSDQDOXPQRVGRFHQWHV\SDGUHV'XUDQWHHOSULPHUPHVGHFODVHODVGRFHQWHVUHDOL]DQHQWUHYLVWDVFRQ
HODOXPQR\XQDGHVXVSDGUHV(OGRFHQWHFRPLHQ]DODUHXQLyQSUHJXQWDQGRFXiOHVVRQODVREMHWLYDVTXHHODOXPQRGHVHDDOFDQ]DU
FXiOHVVDQLPSRUWDQWHVSDUDHOSDGUH\FXiOHVVDQODVTXHUHFRPLHQGD'XUDQWHHVWHLQWHUFDPELRWULSDUWLWDVHLGHQWLILFDQXQRDPiV
REMHWLYRV SDUD FDGD XQD GH ODV RFKR LQWHOLJHQFLDV $OJXQRV GH HOORV HVWLPXODQ ORV LQWHUHVHV GHO DOXPQD PLHQWUDV TXH FHWURV VH
FRQFHQWUDQ HQ VXV GLILFXOWDGHV /D SULPHUD LQWHOLJHQFLD TXH VH FRQVLGHUD GXUDQWH OD UHXQLyQ HV OD LQWHOLJHQFLD LQWUDSHUVRQDO
$OJXQRV GH ORV REMHWLYRV LQWUDSHUVRQDOHV TXH ORV DOXPQRV KDQ LGHQWLILFDGR LQFOX\HQ FRPSOHWDU VXV WDUHDV D WLHPSR IRUPXODU
SUHJXQWDV FXDQGR ODV FRQVLJQDV GHO GRFHQWH QR UHVXOWHQ FODUDV \ REWHQHU VDWLVIDFFLyQ SDU HO SURSLR WUDEDMR /D UHXQLyQ FRQWLQ~D
KDVWDWDQWDHOGRFHQWHHOSDGUH\HODOXPQDKD\DQLGHQWLILFDGRREMHWLYDVSDUDODVRFKRLQWHOLJHQFLDV
$ OR ODUJR GHO DxR HVFDODU VH HVWLPXOD ODV DOXPQRV SDUD TXH FXPSODQ FRQ VXV REMHWLYRV FRQVFLHQWHPHQWH 3DUD HOOR GHEHUiQ
LGHQWLILFDUODVSDVDVTXHOHVSHUPLWLUiQDOFDQ]DUORJUDVUHIOH[LRQDUiQDFHUFDGHVXVHVIXHU]RVHQVXVGLDULDVSHUVRQDOHV\GLDORJDUiQ
VREUHVXVSURJUHVRVRIUXVWUDFLRQHVFRQORVGRFHQWHV\RWUDVSHUVRQDV
$O ILQDOL]DU OD SULPHUD PLWDG GHO DxR HO GRFHQWH HO SDGUH \ HO DOXPQR UHDOL]DQ XQD QXHYD UHXQLyQ SDUD HYDOXDU ORV SURJUHVRV
REWHQLGRVHQ HOORJUDGHORVREMHWLYRV(VWDVUHXQLRQHVVLUYHQSDUDUHDILUPDUUHGHILQLUUHYLVDU\FHOHEUDUODVORJURVGHODOXPQR$O
ILQDOL]DUHODxRHVFRODUVHLQYLWDDORVSDGUHVDSDUWLFLSDUGHODVMRUQDGDVGH/RJURHQODVTXHVHSUHVHQWDQORVSRUWIROLRVGHORV
DOXPQRV\OHVSHUPLWHQDSUHFLDUORVHIHFWRVTXHKDSURGXFLGRHOSURFHVRGHHODERUDFLyQGHREMHWLYRVHQODH[SHULHQFLDHGXFDWLYDGH
VXVKLMRV6LELHQHVHYLGHQWHTXHHVWHSURFHVRGHPDQGDJUDQFDQWLGDGGHWLHPSRGRFHQWHODFRPXQLGDGHVFRODUGH&ODUD%DUWRQ
DSR\D GHFLGLGDPHQWH HVWH FRPSRQHQWH GHO SURJUDPD (O SHUVRQDO GRFHQWH VHxDOD TXH ORV REMHWLYRV LQGLYLGXDOHV DOLHQWDQ D ORV
DOXPQRV D SHUIHFFLRQDU FDGD LQWHOLJHQFLD GH PDQHUD VLJQLILFDWLYDPHQWH SHUVRQDO \ OHV HQVHxDQ D RUJDQL]DU VX DSUHQGL]DMH
LQGHSHQGLHQWH$GHPiVORVSDGUHVGHPXHVWUDQXQPD\RUUHVSHWRSRUODVFDSDFLGDGHVGHVXVKLMRVDOYHUTXHVXVGHVWUH]DVVHKDQ
HOHYDGR KDVWD DOFDQ]DU OD FDWHJRUtD GH LQWHOLJHQFLD /RV GRFHQWHV GH OD HVFXHOD &ODUD %DUWRQ WDPELpQ DSUHFLDQ TXH OD HVFXHOD
GHPXHVWUHLQWHUpVSRUWRGDVODViUHDVGHFUHFLPLHQWRKXPDQR\TXHVHFHOHEUHQHQHOODODVGLYHUVDVIRUPDVGHH[FHOHQFLD
/HFFLyQ
6HUHTXLHUHQQXHYRVHQIRTXHVSDUDODHYDOXDFLyQ
([LVWHQ DO PHQRV FXDWUR LPSOLFDQFLDV GHO WUDEDMR GH *DUGQHU SDUD OD HYDOXDFLyQ OD PDQHUD GH HYDOXDU OD LQWHOLJHQFLD GHO
DOXPQR OD PDQHUD GH SHUIHFFLRQDU OD HYDOXDFLyQ HQ JHQHUDO OD PDQHUD GH LQFRUSRUDU D ORV DOXPQRV D ORV SURFHVRV GH
HYDOXDFLyQODPDQHUDGHHYDOXDUORVSURJUDPDVGHLQWHOLJHQFLDVP~OWLSOHV\VXHILFDFLD
(YDOXDFLyQFX
QFXOOWXU
XUDDOPHQWHH
HHTX
TXLLWDWLYD
DGGH
HOOD
DLLQWHOLJHQF
QFLLD
6L ELHQ HV SRFR SUREDEOH TXH OD PD\RU SDUWH GH ORV GRFHQWHV VH LQWHUHVH SRU XQD HYDOXDFLyQ IRUPDO GH OD LQWHOLJHQFLD GH VXV
DOXPQRVVHOOHYyDFDERXQWUDEDMDIDVFLQDQWHHQUHODFLyQFDQODWDUHDGHHYDOXDFLyQGHLQWHOLJHQFLDHQ$UL]RQD'XUDQWHHOWULHQLR
TTT VH GHVDUUROOy XQ SUR\HFWR GHVWLQDGR D RWRUJDU EHFDV SDUD OD HVFRODULGDG 3URMHFW6WHS8S*UDQWTXHFRQWDEDFRQHO
ILQDQFLDPLHQWR GHO 0LQLVWHULR GH (GXFDFLyQ GH ORV (VWDGRV 8QLGRV \ TXH WHQLD SRU REMHWLYR LGHQWLILFDU DOXPQRV WDOHQWRVDV
SHUWHQHFLHQWHVDPLQRUtDVFDUHQFLDGDV-XQH0DNHULQYHVWLJDGRUDGHOD8QLYHUVLGDGGH$WL]RQDWUDEDMyFRQQLxRVGHDVFHQGHQFLD
QDYDMDHQWUHViPELWRVGLIHUHQWHV0DNHUSDUWtDGHODSUHPLVDGHTXHORVQLxDVQDYDMDVVRQWDOHQWRVDVDXQFXDQGRJHQHUDOPHQWHORV
UHVXOWDGRVGHVXVHYDOXDFLRQHVHVFRODUHVVHDQLQIHULRUHVDO62GHOSURPHGLRHQWpUPLQRVGHFDSDFLGDG\ORJUD/DLQYHVWLJDGRUD
GLVHxDWDUHDVSDUDODVROXFLyQGHSUREOHPDVUHODFLRQDGRVFRQODVRFKRLQWHOLJHQFLDVGHDFXHUGRFRQHOPRGHODGH*DUGQHU$QWHV
GH TXH VH OOHYDUD D FDER HVWH WUDEDMR QXQFD VH KDEtD LGHQWLILFDGD D XQ VROR QLxD LQGtJHQD DPHULFDQR FRPD WDOHQWRVR HQWUH OD
SREODFLyQ HVFDODU GH OD &KLQOH %RDUGLQJ 6FKRDO XQR GH ORV iPELWRV SLORWR GH $WL]RQD /XHJR GH HYDOXDU D ODV DOXPQRV GHO
HVWDEOHFLPLHQWR SRU PHGLD GH KHUUDPLHQWDV WDOHV FRPR WUDEDOHQJXDV \ QDUUDFLRQHV OD 'UD 0DNHU LGHQWLILFy D … GH HOODV WDPR
SRVHHGRUHVGHXQDOWDSRWHQFLDO
/D LQYHVWLJDGRUD VHxDOD TXH DSUHQGLy PXFKD GH VX WUDEDMR FRQ ODV QLxRV QDYDMDV 0DNHU REVHUYy TXH HVWRV DOXPQRV REWLHQHQ
PHMRUHVORJURVFXDQGRUHDOL]DQHYDOXDFLRQHVHQSHTXHxRVJUXSRVHQOXJDUGHKDFHUODVLQGLYLGXDOPHQWH/RVUHVXOWDGRVREWHQLGRV
HQ HVDV HYDOXDFLRQHV SUHVHQWDQ XQ DJXGR FRQWUDVWH FRQ ORV GH ORV WHVWV GH LQWHOLJHQFLD LQGLYLGXDOL]DGRV TXH SURSRQH H 3UDMHFW
6SHFWUXP (O HQIRTXH GH 0DNHU FXHVWLRQD OD YDOLGH] GH OD DGPLQLVWUDFLyQ GH WHVWV GH LQWHOLJHQFLD R GH WRGD RWUD IRUPD GH
HYDOXDFLyQ HVWDQGDUL]DGD HQ IRUPD FXOWXUDOPHQWH HTXLWDWLYD $GHPiV 0DNHU DSUHQGLy D FRPHQ]DU VX WUDEDMR FRQ ORV DOXPQRV
QDYDMRVFRQWDUHDVWULGLPHQVLRQDOHVWDOHVFRPRHQKHEUDGRGHFROODUHVRHVFXOWXUDDQWHVGHUHDOL]DUODVDFWLYLGDGHVGHHYDOXDFLyQ
(O GHVDUUROOR GH WDUHDV SDUD ODV FXDOHV ORV DOXPQRV VH VHQWtDQ VHJXURV GH VX FDSDFLGDG ORV PRWLYDED HQ HO SRVWHULRU DERUGDMH GH
DFWLYLGDGHVDGLFLRQDOHVWDQWRHQODViUHDVTXHGHVSHUWDEDQVXFRQILDQ]DFRPRHQRWUDV0DNHUVHxDODWDPELpQTXHHOPRGHORGH
LQWHOLJHQFLD GH *DUGQHU QR SDUHFH IDYRUHFHU R GHVHVWLPDU D QLQJ~Q JUXSR FXOWXUDO pWQLFR R OLQJtVWLFR (O WUDEDMR UHDOL]DGR HQ
$WL]RQD DVt FRPR HQ RWURV OXJDUHV GH ORV (VWDGRV 8QLGRV UHYHOD OD QHFHVLGDG GH HOLPLQDU ORV HVWHUHRWLSRV \ FRQFHSFLRQHV
QHJDWLYDVDFHUFDGHORVQLxRVSHUWHQHFLHQWHVDGHWHUPLQDGRVPHGLRV0XFKRVDOXPQRVDTXLHQHVQRVHFRQVLGHUDFRPSHWHQWHVVRQ
HQUHDOLGDGH[WUDRUGLQDULRV\WDOHQWRVRV
7HQGHUXQSXHQWHHQWUHODVFDSDFLGDGHV\ODVQHFHVLGDGHV
8QDHVFXHODTXHWUDEDMDFRQODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVVHIXQGDHQHOVXSXHVWRGHTXHWRGRVORVQLxRVVRQWDOHQWRVRV
&XDQGRORVGRFHQWHVGHULYDQDXQDOXPQRSDUDTXHUHFLEDVHUYLFLRVGHHGXFDFLyQHVSHFLDOGHEHQSURSRUFLRQDUSULPHURXQLQIRUPH
GHWDOODGR GH VXV FDSDFLGDGHV MXQWR FRQ ODV UD]RQHV TXH PRWLYDQ OD GHULYDFLyQ 3RU OR WDQWR ORV VHUYLFLRV GH HGXFDFLyQ HVSHFLDO
WLHQHQFRPRREMHWLYRHVWDEOHFHUXQYtQFXORVyOLGRHQWUHODViUHDVGHFDSDFLGDG\ODVGHQHFHVLGDG&XDQGRODVHVFXHODVGHVWDFDQODV
FDSDFLGDGHV XQ DOXPQR HQ VLWXDFLyQ GH ULHVJR QR VHUiFRQVLGHUDGRVRODPHQWHXQLQGLYLGXRFRQSUREOHPDV3RUHOFRQWUDULRORV
GRFHQWHV SXHGH JHQHUDU XQ SHUILO PiV DPSOLR GH FDGD DOXPQD DO WRPDU GHFLVLRQHV HGXFDWLYDV /D WHRUtD GH ODV LQWHOLJHQFLDV
P~OWLSOHVQRVSHUPLWHSHUFLELUORPHMRUTXHSRVHHQQXHVWURVDOXPQRV\QRVSURSRUFLRQDFODYHVSDUDDERUGDUDTXHOODViUHDVHQODV
TXHSUHVHQWDQGLILFXOWDGHV
0RGLILFDFLRQHVHQODVHYDOXDFLRQHVGHDXOD
/DVSUiFWLFDVGHHYDOXDFLyQHQFDVLWRGDVODVHVFXHODVSLODUDGHLQWHOLJHQFLDVP~OWLSOHVKDQH[SHULPHQWDGR XQDWUDQVIRUPDFLyQ6H
DGYLUWLHUDQ FXDWUR FDPELRV SULQFLSDOHV (Q SULPHU OXJDU ORV EROHWLQHV GH FDOLILFDFLRQHV GH DOJXQRV HVFXHODV VH KDQ PRGLILFDGR
SDUD LQFRUSRUDU ODV GLYHUVDV LQWHOLJHQFLDV (Q VHJXQGD OXJDU ODV GRFHQWHV XWLOL]DQ SRUIROLRV SDUD GRFXPHQWDU WDQWR ORV SURFHVRV
FRUQR ORV SURGXFWRV GHO DSUHQGL]DMH GH FDGD DOXPQR (Q WHUFHU OXJDU VH GHVDUUROODURQ SODQLOODV GH FRQWURO EDVDGDV HQ ODV
LQWHOLJHQFLDV P~OWLSOHV TXH ORV GRFHQWHV HPSOHDQ SDUD LGHQWLILFDU XQ UDQJR GH WDOHQWRV GH FDGD DOXPQR PXFKR PiV DPSOLR 3RU
~OWLPR ORV DOXPQRV SDUWLFLSDQ DFWLYDPHQWH HQ OD HODERUDFLyQ GH ODV FULWHULRV GH HYDOXDFLyQ \ VRQ FDSDFHV GH DXWDHYDOXDUVH \
HYDOXDUHOWUDEDMRGHORVGHPiV
(QODPD\RUSDUWHGHODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHVVHVLJXHQXWLOL]DQGRODVWHVWVHVWDQGDUL]DGDV\RWURVLQVWUXPHQWRVGH
HYDOXDFLyQ WUDGLFLRQDOHV 'HELGR D HVWH HPSOHR FRQMXQWR GH PpWRGRV GH HYDOXDFLyQ QXHYDV \ FRQYHQFLRQDOHV ORV SDGUHV \ HO
SHUVRQDOGLUHFWLYRUHFLEHQLQIRUPDFLyQDFHUFDGHORVSURJUHVRVGHODOXPQRSRUPHGLRVFRQRFLGRVDOWLHPSRTXHDSUHQGHQDFHUFD
GH UHFXUVRV DOWHUQDWLYRV GH HYDOXDFLyQ 3DUD PXFKRV SDGUHV UHVXOWDQ LQWHUHVDQWHV ORV YtGHRV TXH GRFXPHQWDQ ORV SUR\HFWRV
GHVDUUROODGRVSRUVXVKLMRV\DTXHOHVSHUPLWHQYHUORTXHKDQDSUHQGLGR\ODPDQHUDHQTXHDSOLFDURQORVFRQRFLPLHQWRV
/HFFLyQ6
/DSUiFWLFDSURIHVLRQDOSDUHFHWUDQVIRUPDUVHHYROXWLYDPHQWH
$OJXQRVGRFHQWHVGHLQWHOLJHQFLDVP~OWLSOHVH[SHULPHQWDQXQDSURJUHVLyQHYROXWLYDDOLPSOHPHQWDUODVLGHDVGH*DUGQHU6LELHQ
ODH[SHULHQFLDSHUVRQDOGHXQLQGLYLGXRQRVLUYHSDUDH[SOLFDUDSURSLDGDPHQWHODGHQLQJ~QRWUR DOJXQRVGRFHQWHVGHLQWHOLJHQFLDV
P~OWLSOHV SDUHFHQHQIUHQWDUGHVDItRVVLPLODUHVHQXQDVHFXHQFLDPHGLDQDPHQWHSUHGHFLEOH(OGHVDItRLQLFLDOSDUDORVHGXFDGRUHV
GHLQWHOLJHQFLDVP~OWLSOHVFRQVLVWHHQGHWHUPLQDUTXpFODVHGHSURJUDPDVPRGHORGHEHUiQFUHDU SDUDVXVDXODV8QDYH]GHFLGLGRHO
FXUVRGHDFFLyQ\DVHDSRUPHGLRGHFHQWURVGHDSUHQGL]DMHGHOWUDEDMRFRQXQDLQWHOLJHQFLDSRUGtDRPHGLDQWHHQVHxDQ]DGLUHFWD
PXOWLPRGDO HO GHVDItR VLJXLHQWH FRQVLVWH HQDSUHQGHUDHQVHxDUFRQWHQLGRVGHQXHYDVPDQHUDV(OQ~FOHRSULQFLSDOSDUDPXFKRV
GRFHQWHV GH LQWHOLJHQFLDV P~OWLSOHV GXUDQWH ORV SULPHURV DxRV GH LPSOHPHQWDFLyQ GH VXV SURJUDPDV HQ HO DXOD \ HQ HO iPELWR
HVFRODUFRQVLVWHHQGLVHxDUDGDSWDU\RSHUIHFFLRQDUODVHVWUDWHJLDVGHHQVHxDQ]D7DPELpQGHGLFDQWLHPSR\HVIXHU]RDUHFRSLODU
QXHYRVHOHPHQWRVGLGiFWLFRVFRPRPDWHULDOFRQFUHWR\UHFXUVRVDUWtVWLFRV\PXVLFDOHV$GHPiVDOJXQRVGRFHQWHVVXHOHQGHVWLQDU
PD\RU FDQWLGDG GH WLHPSR D ORV SUR\HFWRV GH ORV DOXPQRV R FRPLHQ]DQ D LPSOHPHQWDU HQ VXV DXODV HO DSUHQGL]DMH EDVDGR HQ
SUR\HFWRV3RUORJHQHUDOWDPELpQODVWpFQLFDVGHHYDOXDFLyQVHWRUQDQPXFKRPiVYDULDGDV
$OJXQRVGRFHQWHVVRVWLHQHQTXHDOFDERGHOSULPHUDxRFRQVLGHUDUODSODQLILFDFLyQGHFODVHGHRFKRPDQHUDVGLIHUHQWHVVHYXHOYH
XQDVHJXQGDQDWXUDOH]D(QPXFKRVFDVRVH[SHULPHQWDQHOGHVDUUROORGHQXHYDVKDELOLGDGHVHQVtPLVPRV\GHOPLVPRPRGRTXH
VXV DOXPQRV HVWiQ GLVSXHVWRV D FRUUHU ULHVJRV SDUD H[SORUDU FRQ PD\RU LQWHQVLGDG LQWHOLJHQFLDV TXH DQWHV QR XWLOL]DEDQ /RV
GRFHQWHVVXHOHQGLVHxDUPDQHUDVSDUDUHGXFLUHOWLHPSRGHSODQLILFDFLyQGHODFODVH\DVHDUHFXUULHQGRDHVWUDWHJLDVTXHXWLOL]DURQ
DQWHULRUPHQWHFUHDQGRSUR\HFWRVDODUJRSOD]DSDUDHOWUDEDMRGHORVDOXPQRVXRUJDQL]DQGRHTXLSRVFRQRWURVFROHJDV
8QDYH]TXHVHKDDOFDQ]DGRXQFLHUWRJUDGRGHFRQILDQ]DHQODHQVHxDQ]DPXOWLPRGDODOJXQRVGRFHQWHVGLULJHQVXDWHQFLyQKDFLD
FXHVWLRQHVFXUULFXODUHV6HFRQFHQWUDQHQLGHQWLILFDUODVFRQFHSWRVYHUGDGHUDPHQWHLPSRUWDQWHV\ODVIRUPDVPiVDSURSLDGDVSDUD
HQVHxDUORV 6XV KDELOLGDGHV GH REVHUYDFLyQ GH ORV DOXPQRV VH SHUIHFFLRQDQ \ UHDOL]DQ HVIXHU]RV FRQVWDQWHV SDUD YLQFXODU ODV
FDSDFLGDGHV \ ODV QHFHVLGDGHV \ SDUD HVWLPXODU ORV ORJURV GH VXV DOXPQRV GH PDQHUD PiV HIHFWLYD 6H LQFUHPHQWD VX FDSDFLGDG
SDUDHQVHxDUDORVDOXPQRVDGHVDUUROODUXQDSUHQGL]DMHDXWRGLULJLGRSRUPHGLRGHSUR\HFWRV\HVWiQHQFRQGLFLRQHVGHFRPSDUWLU
VXVH[SHULHQFLDV\SURFHVRVHQLQWHOLJHQFLDVP~OWLSOHVFRQRWURVFROHJDVGHPDQHUDIRUPDORLQIRUPDO$OJXQRVGRFHQWHVVHVLHQWHQ
LQVDWLVIHFKRV FRQ ORV PpWRGRV GH GRFXPHQWDFLyQ WUDGLFLRQDO \ FRPLHQ]DQ D PRGLILFDU ORV LQIRUPHV \ ORV EROHWLQHV GH
FDOLILFDFLRQHVGHVWLQDGRVDSDGUHV\DOXPQRVFRQHOILQGHTXHUHIOHMHQFRQPD\RUSUHFLVLyQODVORJURVGHDSUHQGL]DMH
8QD YH] TXH VH KDQ DERUGDGR HO FXUUtFXOR \ ORV LQVWUXPHQWRV GH HYDOXDFLyQ DOJXQRV GRFHQWHV DGYLHUWHQ TXH HO GHVDItR TXH
SODQWHDQ ODV LQWHOLJHQFLDV P~OWLSOHV \D QR VH FHQWUD HQ ODV HVWUDWHJLDV GH HQVHxDQ]D \ HYDOXDFLyQ SRU PHGLR GH ODV LQWHOLJHQFLDV
VLQRPiVELHQHQODPDQHUDGHHGXFDUSDUDODLQWHOLJHQFLD3XHGHQFRPHQ]DUDLGHQWLILFDUORJURVGHLQWHOLJHQFLDSDUDSODQWHDUVXV
DOXPQRV $OJXQRV LQYLWDQ D LQGLYLGXRV FRQ DPSOLD H[SHULHQFLD DO DXOD R D OD HVFXHOD SDUD SURSRUFLRQDU D ORV DOXPQDV
RSRUWXQLGDGHV GH WXWRUtD 0XFKRV GRFHQWHV TXH KDQ WUDEDMDGR FRQ OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV DGYLHUWHQ WDPELpQ
VLJQLILFDWLYRV FDPELRV HQ VX URO SURIHVLRQDO HQ HO DXOD (Q OXJDU GH OLPLWDUVH D SURSRUFLRQDU LQIRUPDFLyQ DFW~DQ FRPR
IDFLOLWDGRUHV FRRUGLQDGRUHV UHVSRQVDEOHV GH UHFXUVRV WXWRUHV PRWLYDGRUHV \ FUHDGRUHV GH UHGHV TXH SURPXHYHQ HO DSUHQGL]DMH
DFWLYR GHO DOXPQR \ HVWLPXODQ GLYHUVDV IRUPDV GH FUHFLPLHQWR LQWHOHFWXDO 0XFKRV GRFHQWHV H[SHULPHQWDGRV HQ LQWHOLJHQFLDV
P~OWLSOHVVRQUHTXHULGRVSDUDWUDQVPLWLUORTXHKDQDSUHQGLGRDORVGHPiV\SDUDD\XGDUDRUJDQL]DUFDPELRVHQORVQLYHOHVHVFRODU
\GHGLVWULWR
6HPHMDQ]DVTXHSUHVHQWDQODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV
6LELHQFDGDGRFHQWH\HVFXHODGHLQWHOLJHQFLDVP~OWLSOHVHVGLIHUHQWHH[LVWHQVHPHMDQ]DVHQWUHORVSURJUDPDVHVFRODUHV7RGDVODV
HVFXHODVGHLQWHOLJHQFLDVP~OWLSOHVVHSURSRQHQHQVHxDUDODVPHQWHVPXOWLIDFpWLFDVGHVXVDOXPQRV3DUDORJUDUORODPD\RUtDGH
HOODVVLHQWHQHFHVLGDGGHOOHYDUDFDERXQDUHYLVLyQGHORVHQWRUQRVGHFODVHGHOFXUUtFXORGHODVUHODFLRQHVFRQORVSDGUHV\GHODV
WpFQLFDVGHHYDOXDFLyQ/RVDXWRUHVGHHVWHOLEURKDQLGHQWLILFDGRGLH]FDUDFWHUtVWLFDVFRPXQHVDODVHVFXHODVSLORWRGHLQWHOLJHQFLDV
P~OWLSOHV TXH VH HQXPHUDQ D FRQWLQXDFLyQ 1R WRGDV ODV HVFXHODV SUHVHQWDQ OD WRWDOLGDG GH HOODV SHUR OD PD\RUtD LQFOX\H JUDQ
SDUWHGHHVWDVFDUDFWHUtVWLFDV
&DUDFWHUtVWLFDVGHODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV
(OHQWRUQRGHDSUHQGL]DMHSURSRUFLRQDIDFLOLGDGGHDFFHVRDODVKHUUDPLHQWDVTXHUHTXLHUHFiHODXQDGHODVRFKRLQWHOLJHQFLDV
SDUDWRGRVORVDOXPQRV
(O FXUUtFXOR HQ HO QLYHO HVFRODU HV FRPSUHQVLYR \ SURSRUFLRQD RSRUWXQLGDGHV SDUD TXH FDGD DOXPQR H[SORUH \ GHVDUUROOH ODV
RFKRLQWHOLJHQFLDVHQVXWRWDOLGDG
(OSHUVRQDOGRFHQWHXWLOL]DODVRFKRLQWHOLJHQFLDVFRPRKHUUDPLHQWDVGHHQVHxDQ]D
/RV SDGUHV \ ORV GRFHQWHV IXQFLRQDQ FRPR HTXLSR HGXFDWLYR /RV SDGUHV HQVHxDQ KDELOLGDGHV VRFLDOHV HQ HO KRJDU \
GHVDUUROODQXQLQWHUpVDFWLYRSRUODSUiFWLFDHVFRODUGHVXVKLMRV7DOLQWHUpVVHSRQHGHPDQLILHVWRHQHOLQWHUFDPELRGHRSLQLRQHV
HQWUHHOORV\VXVKLMRVDFHUFDGHODVDFWLYLGDGHVHVFRODUHVHQHOKRJDUHQODLQIRUPDFLyQTXHEULQGDQDORVGRFHQWHVUHVSHFWRGHODV
FDSDFLGDGHVGHORVQLxRVHQVXSDUWLFLSDFLyQHQHQFXHVWDVHYDOXDWLYDVRHQWUHYLVWDVHQVXGLVSRVLFLyQSDUDFRODERUDUFRQODVWDUHDV
GHODXODHQVXSDUWLFLSDFLyQHQDVRFLDFLRQHVHVFRODUHVRGHVHPSHxiQGRVHFRPRWXWRUHV
/DSURSXHVWDFXUULFXODULQFOX\HWDUHDVHQJUXSRVLQWHJUDGRVSRUDOXPQRVGHGLVWLQWDVHGDGHVFRQHOILQGHSHUPLWLUOHVREVHUYDU
\ WUDEDMDU MXQWR D SDUHV FRQ GLYHUVD JUDGR GH KDELOLGDG /RV DOXPQDV LQFRUSRUDQ FRQWHQLGRV EiVLFRV FRPSHQHWUiQGRVH GH
SHUVSHFWLYDVPXOWLFXOWXUDOHV/DVOHFFLRQHVGHODXODSUHVHQWDQDFWLYLGDGHVTXHVHH[WLHQGHQGHVGHHOiPELWRHVFRODUDOFRPXQLWDULR
(Q HO QLYHO SROLPRGDO ODV DOXPQRV HVWXGLDQ ORV SULQFLSLRV \ SUREOHPDV GH ODV GLYHUVDV GLVFLSOLQDV \ WLHQHQ RSRUWXQLGDG SDUD
H[SORUDU\FXHVWLRQDUORVFRQRFLPLHQWRVWUDGLFLRQDOHV6HHVWLPXODQWDPELpQVXVLQWHUHVHVYRFDFLRQDOHV
8QR GH ORV REMHWLYRV FXUULFXODUHV HVSURSRUFLRQDUXQDHQVHxDQ]DGLULJLGDDODFRPSUHQVLyQGHODOXPQR6HOLPLWDHODOFDQFH
FXUULFXODUSDUDSHUPLWLUTXHORVDOXPQRVDOFDQFHQXQFRQRFLPLHQWRSURIXQGRGHFRQFHSWRVDFDGpPLFRVIXQGDPHQWDOHV
/RVDOXPQRVGHVDUUROODQKDELOLGDGHVGHDSUHQGL]DMHDXWyQRPRSODQLILFDQGR\OOHYDQGRDFDERSUR\HFWRVGHVXHOHFFLyQ
(O SURJUDPD HVFRODU DOWHUQD OD H[SORUDFLyQ QR HVWUXFWXUDGD GH ORV LQWHUHVHV GHO DOXPQR FRQ HO GHVDUUROOR SODQLILFDGR GH
KDELOLGDGHV6HSURPXHYHQWDQWRORVFRQRFLPLHQWRVJHQHUDOHVFRPRODFUHDWLYLGDG
6H LGHQWLILFDQ \ HVWLPXODQ ORV WDOHQWRV H LQWHUHVHV LQGLYLGXDOHV GH ORV DOXPQRV 6H OHV SURSRUFLRQDQ RSRUWXQLGDGHV SDUD
SDUWLFLSDUGHSURJUDPDVGHWXWRUtDRFDSDFLWDFLyQH[WUDFXUULFXODUHVDODUJRSOD]RDVXHOHFFLyQ
OLG (Q FRODERUDFLyQ FRQ HO GRFHQWH ORV DOXPQRV LGHQWLILFDQ ORV FULWHULRV PHGLDQWH ORV FXDOHV VH ORV HYDOXDUi 5HFLEHQIHHGEDFN\
VXSHUYLVLyQ SURYHQLHQWHGHQXPHURVDVIXHQWHVGHVXVGRFHQWHVGHVXVSDUHVXRWURVLQGLYLGXRV\GHVXDXWRUUHIOH[LyQ$GHPiVVH
XWLOL]DQKHUUDPLHQWDVGHHYDOXDFLyQTXHKDFHQMXVWLFLDDODLQWHOLJHQFLDSDUDFDOLILFDUHOWUDEDMDGHODOXPQR/RVLQIRUPHVTXHVH
SURSRUFLRQDQDSDGUHV\DOXPQRVLQFOX\HQVXJHUHQFLDVSDUDHOVHJXLPLHQWRHQHOKRJDUODHVFXHOD\HOiPELWRFRPXQLWDULRWDQWRGH
ODVFDSDFLGDGHVFRPR GHODVQHFHVLGDGHVGHODOXPQR
6HJ~Q VH GHVSUHQGH GH ODV FDUDFWHUtVWLFDV GH ODV HVFXHODV GH LQWHOLJHQFLDV P~OWLSOHV DUULED HQXPHUDGDV DVt FRPR WDPELpQ GH ORV
SURJUDPDVGHVFULWRVDQWHULRUPHQWHPXFKDVGHODVH[SHULHQFLDVGHODVHVFXHODVUHVSRQGHQHQJUDQ PHGLGDDORVWDOHQWRVHLQWHUHVHV
GHORVDOXPQRV/DVRSRUWXQLGDGHVSDUDDGTXLULUFRQRFLPLHQWRVJHQHUDOHV\HVSHFLDOL]DFLyQSDUDUHDOL]DUXQDH[SORUDFLyQFUHDWLYD
\ FRQVWUXLU KDELOLGDGHV DFDGpPLFDV \ SDUD FRPELQDU ORV LQWHUHVHV GHO DOXPQR FRQ ORV UHTXLVLWRV FXUULFXODUHV GDQ OXJDU D
PRYLPLHQWRV GH IOXMR \ UHIOXMR GXUDQWH ORV DxRV HVFRODUHV &XDQGR ODV LQVWLWXFLRQHV HGXFDWLYDV WUDQVIRUPDQ VXV iPELWRV VX
SUiFWLFD GLGiFWLFD VX FXUUtFXOR \ VXV LQVWUXPHQWRV GH HYDOXDFLyQ SDUD GDU OXJDU D OD GLYHUVLGDG LQWHOHFWXDO HV FXDQGR VH
PDQLILHVWDQODDOHJUtDGHDSUHQGHU\ODHGXFDFLyQSDUDODLQWHOLJHQFLD6LQHPEDUJRHOYtQFXORFUtWLFRSDUDTXHXQDOXPQRDOFDQFH
ORJURV HVWi FRQVWLWXLGR SRU OD LQWHUDFFLyQ HQWUH HO GRFHQWH \ VXV DOXPQRV /RV SURIHVLRQDOHV TXH VH GHVHPSHxDQ HQ HVFXHODV
EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV GHEHQ QHFHVDULDPHQWH VHJXLU VLHQGR HOORV PLVPRV DOXPQRV GHVFXEULU KDELOLGDGHVODWHQWHV
H[SUHVDU\SHUIHFFLRQDUVXVWDOHQWRVHLGHQWLILFDUQXHYRVWDOHQWRVSDUDGHVDUUROODU(Q~OWLPDLQVWDQFLDODSULQFLSDOLQIOXHQFLDSDUD
HODSUHQGL]DMHGHODOXPQRHVORTXHHOGRFHQWHSRQHGHPDQLILHVWRSRUPHGLRGHVXVFRQFHSFLRQHVLGHDV\FRQGXFWDV
3URJUDPDVSDUDHYDOXDUODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV
<D KD FRPHQ]DGR OD HYDOXDFLyQ IRUPDO GH ODV H[SHULHQFLDV SLORWR HQ LQWHOLJHQFLDV P~OWLSOHV GH WRGRV ORV (VWDGRV 8QLGRV 'RV
LQYHVWLJDGRUDV GHO 3UR\HFWR &HUR GH +DUYDUG 0LQG\ .RUQKDEHU \ 0DUD .UHFKHYVN\ KDQ DQDOL]DGR DSUR[LPDGDPHQWH RQFH
SURJUDPDVPRGHORSDUDGHWHUPLQDUGHTXpPDQHUDORViPELWRVHGXFDWLYRVHYDO~DQVXVH[SHULHQFLDV\FXiOHVVRQORVUHVXOWDGRVTXH
SURSRUFLRQDQ /DV LQYHVWLJDGRUDV GH +DUYDUG KDQ DGYHUWLGR TXH OD PD\RU SDUWH GH ORV PpWRGRV GH HYDOXDFLyQ FRQVLVWH HQ
HQWUHYLVWDVGHODVTXHSDUWLFLSDQHOGRFHQWHHODOXPQR\HOSDGUH/RVUHVXOWDGRVSUHOLPLQDUHVTXHSURSRUFLRQDQHVWDVHQWUHYLVWDV
UHYHODQTXHWRGRVORVJUXSRVGRFHQWHVSDGUHV\DOXPQRVPDQLILHVWDQDFWLWXGHVSRVLWLYDVKDFLDODVH[SHULHQFLDVUHODFLRQDGDVFRQ
LQWHOLJHQFLDVP~OWLSOHV
/RVGRFHQWHV\HOSHUVRQDOGLUHFWLYRVHxDODQTXHODVLQWHOLJHQFLDVP~OWLSOHVLQFUHPHQWDQHOGLiORJRHQODHVFXHOD\HQULTXHFHQODV
SUiFWLFDVGHDXOD/RVGRFHQWHVVHFRQFHQWUDQHQPD\RUPHGLGDHQODVFDSDFLGDGHVGHODOXPQR\WRPDQHQFXHQWDXQDJDPDPiV
DPSOLD GH KDELOLGDGHV (O OHQJXDMH TXH SURSRUFLRQD OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SHUPLWH D ORV GRFHQWHV FDUDFWHUL]DU
FRPSUHQVLYDPHQWHDORVDOXPQRV\VXVFDSDFLGDGHVIUHQWHDHOORVPLVPRVDVXVFROHJDVDORVSDGUHV\DRWUDVSHUVRQDV0XFKDV
HVFXHODVKDQOOHYDGRDFDERPRGLILFDFLRQHVFRQHOILQGHTXHORVEROHWLQHVGHFDOLILFDFLRQHVUHIOHMHQHVWDQXHYDYLVLyQUHVSHFWRGH
ORVDOXPQRV
(O FRPSURPLVR GH XQD HVFXHOD FRQ OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV VXHOH JHQHUDU HQWRUQRV GH DSUHQGL]DMH \ H[SHULHQFLDV
PXFKR PiV ULFDV SDUD WRGRV ORV QLxRV &RQ IUHFXHQFLD ORVSURJUDPDVGHDUFHVVHH[SDQGHQDWRGRHOFXUUtFXORHVFRODU0XFKRV
GRFHQWHV VH VLHQWHQ HVWLPXODGRV SDUD WUDEDMDU HQ HTXLSR FRQ HO ILQ GH DSRUWDU VX WDOHQWR DO WUDEDMR GH RWURV FROHJDV \ GH
FRPSOHPHQWDUVXVQHFHVLGDGHVFRQODVFDSDFLGDGHVGHORVGHPiV$VLPLVPRPXFKRVGRFHQWHVVHVLHQWHQLQVSLUDGRVSDUDDERUGDU
QXHYRVFDPLQRVTXHFRQWULEX\DQDVXGHVDUUROODSURIHVLRQDO
/RV SDGUHV DGYLHUWHQ ORJURV FDQWR DFDGpPLFRV FRPR DIHFWLYRV (QFXHQWUDQ XQD PD\RU GLVSRVLFLyQ SRU SDUWH GH VXV KLMRV SDUD
DVXPLUULHVJRVDFDGpPLFRVSRVLWLYRV\QRWDQXQDXPHQWRHQVXDXWRHVWLPD\XQJUDQHQWXVLDVPRSRUFRQFXUULUDODHVFXHODTXHVH
PDQLILHVWDLQFOXVRFXDQGRHVWiQHQIHUPRV\VHVLHQWHQGHVLOXVLRQDGRVSRUWHQHUTXHTXHGDUVHHQFDVD
'XUDQWH ODV HQWUHYLVWDV FRQ DOXPQRV VH HVFXFKDQ H[SUHVLRQHV VLPLODUHV D ODV IRUPXODGDV SRU ORV SDGUHV /RV DOXPQRV GH ODV
HVFXHODV GH LQWHOLJHQFLDV P~OWLSOHV VH VLHQWHQ RUJXOORVRV GH VX WUDEDMR \ HVWiQ GLVSXHVWRV D FRPSDUWLUOR FRQ ORV GHPiV /RV
SURJUHVRV REWHQLGDV HQ ODV iUHDV DFDGpPLFDV VH KDQ GRFXPHQWDGR SRU PHGLR GH WHVWV HVWDQGDUL]DGDV HQ YDULRV HVWDEOHFLPLHQWRV
HGXFDWLYRV &DVFDUOH (OHPHQWDU\ 6FKRRO GH 0DU\VYLOOH :DVKLQJWRQ 7KH .H\6FKRROGH,QGLDQDSROLV\1HZ&LW\6FKRROGH6W
/RXLV
&RPRFRPSOHPHQWRGHHVWRVUHVXOWDGRVSUHOLPLQDUHVSRVLWLYRVWDPELpQVHKDQWRPDGRHQFXHQWDODVGLILFXOWDGHV&XDOTXLHUDVHD
HO HQIRTXH GH LQWHOLJHQFLDV P~OWLSOHV TXH DGRSWH XQ GRFHQWH HQ SDUWLFXODU R HO SHUVRQDO GH XQD HVFXHOD HQ VX WRWDOLGDG ODV
H[SHULHQFLDV SLORWR KDQ GHPRVWUDGR TXH FXDQGR ODV LQWHOLJHQFLDV P~OWLSOHV VH LPSRQHQ SRU PHGLR GH GHFLVLRQHV YHUWLFDOLVWDV
DOJXQRV GRFHQWHV VH UHVLVWHQ D PRGLILFDU VX FXUUtFXOR (Q DTXHOODV HVFXHODV GRQGH VyOR SDUWH GHO SHUVRQDO GRFHQWH WUDEDMD FRQ
LQWHOLJHQFLDVP~OWLSOHVVXUJHQSUREOHPDVUHODFLRQDGRVFRQFXHVWLRQHVGHMHUDUTXtDVHVSHFLDOHV
5HVXOWDIXQGDPHQWDOTXHORVGRFHQWHVGLDORJXHQDFHUFDGHODVHVWUDWHJLDVTXHSRQHQHQSUiFWLFD\GHVXVPRWLYRVSDUDKDFHUOR\
TXHWUDEDMHQSDUDPDQWHQHUOtQHDVDELHUWDVGHFRPXQLFDFLyQFXDQGRH[LVWDQGLIHUHQWHVPpWRGRV\ILORVRItDVHQWUHHOORV5HDOL]DUXQ
FDPELRHQORVHQIRTXHVGLGiFWLFRV\FXUULFXODUHVSDUDDGRSWDUIRUPDWRVEDVDGRVHQODVLQWHOLJHQFLDVP~OWLSOHVHVVLPLODUDWRGDRWUD
H[SHULHQFLD GH UHIRUPD GRQGH PXFKR GHSHQGH GH ODV DFFLRQHV DGPLQLVWUDWLYDV GH OD FDWHJRUtD GHO SURJUDPD \ GH TXH VX
LPSOHPHQWDFLyQFRPSURPHWDDSDUWHGHODHVFXHODRDVXWRWDOLGDG
(OWLHPSRDGLFLRQDOTXHVHUHTXLHUHSDUDPRGLILFDUODVSUiFWLFDVGHHQVHxDQ]D\HYDOXDFLyQFRQVWLWX\HXQDYHUGDGHUDSUHRFXSDFLyQ
SDUD ORV GRFHQWHV 2WUR PRWLYR GH SUHRFXSDFLyQ HV HO KHFKR GH TXH VL ELHQ ORV PLHPEURV GH OD FRPXQLGDG TXH VH GHVHPSHxDQ
FRPRWXWRUHVFRQVWLWX\HQXQUHFXUVRLQYDORUDEOHQRHQWRGRVORVFDVRVFRPSUHQGHQORVSURFHGLPLHQWRVHVFRODUHVRHOGHVDUUROOR
HYROXWLYR GH ORV QLxRV \ XQD LQWHJUDFLyQ H[LWRVD GH H[SHUWRV DO DXOD SXHGH OOHJDU D UHVXOWDU SUREOHPiWLFD 3RU OR WDQWR UHVXOWD
LQGLVSHQVDEOH TXH HO SHUVRQDO HVFRODU \ ORV PLHPEURV GH OD FRPXQLGDG FRRUGLQHQVXVHVIXHU]RVSDUDTXHODVRSRUWXQLGDGHVSDUD
SRQHU HQ SUiFWLFD OD WXWRUtD UHVXOWHQ HYROXWLYDPHQWH DSURSLDGDV $GHPiV SDUHFH H[LVWLU XQD WHQGHQFLD HQ YDULDVHVFXHODVDFUHDU
QXHYDVHWLTXHWDVRHVWHUHRWLSRVSDUDORVQLxRVTXHGLVWLQJXHQDTXLHQHVVRQDOXPQRVYLVXDOHVSDFLDOHVGHTXLHQHVVRQFLQHVWpVLFRV
7DOHV SUiFWLFDV GHPXHVWUDQ LJQRUDQFLD GH OD SURIXQGD ULTXH]D GH ODV LQWHOLJHQFLDV P~OWLSOHV \ VyOR VLUYHQ SDUD FUHDU FDWHJRUtDV
LQQHFHVDULDV
'HELGRDTXHODVSURJUDPDVGHLQWHOLJHQFLDVP~OWLSOHVFRPHQ]DURQDDSOLFDUVHGXUDQWHORV~OWLPRVDxRVGHODGpFDGDGHO
QR
GHEH VRUSUHQGHUQRV HO KHFKR GH TXH VX HYDOXDFLyQ VHD D~Q OLPLWDGD (Q UHDOLGDG VH UHTXLHUH XQD HYDOXDFLyQ DGLFLRQDO 1R
REVWDQWH GH DFXHUGR FRQ ORV SURJUDPDV PRGHOR H[LVWHQWHV UHVXOWD HYLGHQWH TXH ODV LGHDV GH *DUGQHU PRGLILFDQ QXHVWUDV
FRQFHSFLRQHV DFHUFD GH OD HVFXHOD 6X WUDEDMR FXHVWLRQD OD HVWUXFWXUD HVFRODU WDO FRPR OD FRQRFHPRV /D PDQHUD HQ TXH
FRQFHSWXDOL]DPRVDORVDOXPQRVODPDQHUDHQTXHHQVHxDPRVRUJDQL]DPRVHOFXUUtFXORHYDOXDPRVHODSUHQGL]DMHGHORVDOXPQRV
HLQFOXVRODVSHUVRQDVHQFDUJDGDVGHSURSRUFLRQDUHQVHxDQ]DHQGHWHUPLQDGDVRFDVLRQHVWRGRHOORGHEHUtDUHFRQVLGHUDUVH
¢&XiOHVVRQQXHVWURVSUy[LPRVSDVRV"
(OWUDEDMRGH*DUGQHUGHVWDFDTXHHOGHVDUUROODKXPDQRHVPiVFRPSOHMR\IOH[LEOHGHORTXHPXFKRVSVLFyORJRVHLQYHVWLJDGRUHV
KDQH[SXHVWRWHyULFDPHQWHHQHOSDVDGR6LFRQVLGHUDPRVODPDQHUDGHGDUUHVSXHVWDDODVQXPHURVDVLPSOLFDQFLDVGHODWHRUtDGH
ODV LQWHOLJHQFLDV P~OWLSOHV SRGHPRV FRPHQ]DU SRU FRQWHPSODU D QXHVWURV DOXPQRV FRQ UHQRYDGD FXULRVLGDG \ DSUHFLR 3RGHPRV
H[SOLFDUOHV DVt FRPR WDPELpQ D FROHJDV \
SDGUHV TXH FDGD XQR GH QRVRWURV SRVHH XQ SHUILO FRJQLWLYR ~QLFR GH WDOHQWRV
LQGLYLGXDOHV3RGHPRVRIUHFHURSRUWXQLGDGHVGHGHVDUUROORWDQWRDHVWXGLDQWHVGHSURIHVRUDGRFRPRDGRFHQWHVHQDFWLYLGDGSDUD
H[SDQGLU QXHVWUD YLVLyQ DFHUFD GH OR TXH VLJQLILFD VHU KXPDQR \ OR TXH VLJQLILFD VHU HGXFDGR 3RGHPRV GLVHxDU SURJUDPDV
HGXFDWLYRVTXHHVWLPXOHQODVGLIHUHQFLDVLQGLYLGXDOHVSRUPHGLRGHXQDSURSXHVWDKROtVWLFD3RGHPRVFRPSDUWLUQXHVWUDVLGHDVFRQ
ORV GHPiV \ WRPDUQRV OD OLEHUWDG GH H[SRQHU WDQWR QXHVWURV p[LWRV FRPR QXHVWURV IUDFDVRV 3RGHPRV FUHDU FRPXQLGDGHV GH
DSUHQGL]DMHFDSDFHVGHDXWRWUDQVIRUPDUVH3RGHPRVWRPDUFRQFLHQFLDGHTXHODHVFXHODSXHGHVHUDOJRPX\GLIHUHQWHGHDTXHOOR
TXHUHFRUGDPRV
<TXL]iSRGUtDPRVWDPELpQRSWDUSRUUHIOH[LRQDUDFHUFDGHXQDFXHVWLyQ&XiOHVODPLVLyQGHODHGXFDFLyQ"(QODDFWXDOLGDGQR
H[LVWHFRQVHQVRDOUHVSHFWRHQORV(VWDGRV8QLGRV+D\TXLHQHVDILUPDQTXHVXSURSyVLWRFRQVLVWHHQSURSRUFLRQDULQVWUXFFLyQHQ
KDELOLGDGHV EiVLFDV 2WURV VHxDODQ TXH VH GHEH SUHSDUDU D ORV JUDGXDGRV SDUD FRPSHWLU HQ HO PHUFDGR JOREDO 6HJ~Q RWURV OD
HGXFDFLyQWLHQHFRPRREMHWLYRWUDQVPLWLUQXHVWUDKHUHQFLDFXOWXUDO<DOJXQRVRSLQDPRVTXHODPLVLyQGHODHGXFDFLyQFRQVLVWHHQ
GHVDUUROODU SOHQDPHQWH HO UDQJR GH ODV FDSDFLGDGHV KXPDQDV HQ LGHQWLILFDU HO WDOHQWR TXH SRVHHQ QXHVWURV DOXPQRV \ OXHJR
GHVDUUROODUOR SRU PHGLR GH OD HGXFDFLyQ 7RGRV ORV QLxRV \ DGXOWRV PHUHFHQ RSRUWXQLGDGHV SDUD H[SORUDU VXV FDSDFLGDGHV SDUD
SURIXQGL]DU VXV LQWHUHVHV \ SDUD OOHJDU D VHU OHJtWLPDPHQWH H[WUDRUGLQDULRV 7DO REMHWLYR UHGXQGDUi HQ EHQHILFLR GH OD VRFLHGDG
SHURSDUDOOHYDUDFDERWDOPLVLyQODVRFLHGDGGHEHSDUWLFLSDU\DSR\DUQXHYDVHPSUHVDVHGXFDWLYDV
&RQ HO REMHWLYR GH WUDQVIRUPDU OR TXH HV OD HVFRODULGDG HQ OR TXH SRGUtD OOHJDU D VHU QHFHVLWDUHPRV FRQWDU FRQ HO DSR\R GHO
SHUVRQDOGLUHFWLYRGHORVSDGUHVGHORVHPSUHVDULRV\GHORVH[SHUWRVHQSROtWLFDVHGXFDWLYDV
+DEUi WDPELpQ RWUDV SHUVRQDV TXH GHEHUiQ WRPDU FRQFLHQFLD GH TXH ODHGXFDFLyQHVUHVSRQVDELOLGDGSULRULWDULDGHODVRFLHGDG\
GHEHUiQHVWDUGLVSXHVWDVDLQYHUWLUWLHPSRGLQHUR\FUHDWLYLGDGSDUDWUDQVIRUPDUHOGHVDUUROORGHODFDSDFLGDGKXPDQDHQQXHVWUD
Pi[LPD SULRULGDG 8Q HMHPSOR SLRQHUR TXH LOXVWUD OD SXHVWD HQ SUiFWLFD GHO GHVDUUROOR KXPDQR FRPR SULRULGDG JXEHUQDPHQWDO
SURYLHQH GH $PpULFD /DWLQD $ SULQFLSLRV GH ORV DQRV HO JRELHUQR GH 9HQH]XHOD VH SODQWHy FRUQR REMHWLYR LQFUHPHQWDU OD
LQWHOLJHQFLD GH FDGD XQR GH ORV KDELWDQWHV /RV LQWHJUDQWHV GH ODV IXHU]DV DUPDGDV ORV PHGLRV ODV HPSUHVDV \ ORV RUJDQLVPRV
HGXFDWLYRV SDUWLFLSDURQ GH HVWD HPSUHVD GHVWLQDGD D DOFDQ]DU GLFKD REMHWLYR /XLV 0DFKDGR 0LQLVWUR GH 'HVDUUROOR GH OD
,QWHOLJHQFLDGH9HQH]XHODVHxDODED
+R\HQGtDHVSRVLEOHSODQLILFDUFRQVFLHQWH\KXPDQDPHQWHXQDVXFLHGDGGH\SDUDODLQWHOLJHQFLD1RVHWUDWDGHXQDWHRUtDVLQR
GHXQDUHDOLGDGWUDQVIRUPDGRUDM(QSRVHVLyQGHPHQWHVPiVGHVDUUROODGDVODVSHUVRQDVVHUiQFDSDFHVGHHQFRQWUDUGHQWURGHVt
ORVHOHPHQWRVQHFHVDULRVSDUDFRQWUXLUXQDQXHYDVXFLHGDG
6LQ GXGD VL XQ SDtV HQWHUR SXHGH GHGLFDU VXV HVIXHU]RV D SURPRYHU OD LQWHOLJHQFLD GH VXV KDELWDQWHV \ HQ FRQVHFXHQFLD FUHDU
PHMRUHVFRQGLFLRQHVSDUDODVRFLHGDGHQWHUDQRVRWURVHQQXHVWUDVDXODVHVFXHODVGLVWULWRV\SURYLQFLDVHVWDPRVHQFRQGLFLRQHV GH
KDFHUORPLVPR
3DUWHGHODGHILQLFLyQGHLQWHOLJHQFLDIRUPXODGDSRU+RZDUG*DUGQHULQFOX\HODFDSDFLGDGSDUDUHVROYHUSUREOHPDV/RVDXWRUHVGH
HVWH OLEUR UtRV DEVWHQHPRV GH SUHVFULELU HQIRTXHV HVSHFtILFRV SDUD LPSOHPHQWDU OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV (V SRU
PHGLRGHODSXHVWDHQSUiFWLFDGHDTXHOODVVROXFLRQHVTXHPHMRUVDWLVIDJDQODVQHFHVLGDGHVGHVXVFRPXQLGDGHVHGXFDWLYDVTXHORV
GRFHQWHV GHVDUUROODUiQ SURJUDPDV PRGHOR HILFDFHV \ DO PLVPR WLHPSR GHVDUUROODUiQ HQ PD\RU PHGLGD VXV FDSDFLGDGHV
LQWUtQVHFDV(QOXJDUGHRIUHFHUUHFHWDVFRQFOXLPRVHVWHOLEURFRQYDULDVSUHJXQWDVFX\DUHVSXHVWDWRGDYtDQRKHPRVKDOODGR
¢'HTXpPDQHUDSXHGHQDGDSWDUVHQXHVWURViPELWRVHVFRODUHVSDUDRIUHFHUSURJUDPDVGHPD\RUULTXH]D"
¢'HTXpPDQHUDSXHGHQSHUIHFFLRQDUVHQXHVWUDVFRQFHSFLRQHVDFHUFDGHORVDOXPQRV"
¢&XiOHV VRQ ORV FRQFHSWRV HVHQFLDOHV TXH ORV DOXPQRV GHEHUtDQ DSUHQGHU" ¢4Xp iUHDV FXUULFXODUHV SXHGHQ HOLPLQDUVH" &XiOHV
GHEHUiQLQFOXLUVH"
¢4XLpQHVVRQORVPLHPEURVGHODFRPXQLGDGTXHHVWiQGLVSXHVWRVDGHVHPSHxDUVHFRPRWXWRUHVRDEULQGDUFDSDFLWDFLyQ"
< SRU ~OWLPR ¢GH TXp PDQHUD XWLOL]DUtD XVWHG OD LQIRUPDFLyQ TXH FRQWLHQH HVWH OLEUR SDUD HVWLPXODU VX SURSLD FUHDWLYLGDG HQ OD
E~VTXHGDGHQXHYDVPDQHUDVSDUDGHVDUUROODUHQSOHQLWXGODWRWDOLGDGGHODVLQWHOLJHQFLDVGHVXVDOXPQRV"
%LEOLRJUDItD
$UHQGV5/HDUQLQJWRWHDFK1<0F*UDZ+LOO,QF
%DUDWWD/RUWRQ00DWKHPDWLFV7KHLU:D\0HQOR3DUN&$$GGLVRQ:HVOH\3XEOLVKLQJ&RPSDQ\
%ODFN+DUDG%ODFN6%XLOGLQJ7KLQO]LQJ6NLOOV%RRN3DFLILF*UDYH&$0LGZHVW3XEOLFDWLRQV
%ULWWRQ-"/DQJXDJHDUDG/FDUQLQJ+DUWQRQGVZRUWK(QJODQG3HQJXLQ
%URRNHV0'UDZLQJZLWKFKGUHQ/RV$QJHOHV7DUFKHU
%XUUDV07KHO+DWR0DWKHPDWLFV%RRO]%RVWRQ/LWWOH%URZQ&RPSDQ\
%X]DQ78VH%RWK6LGHVRI\RXU%UDLQ1<(3'XWWRQ
&KHQIHOG0%7HDFKLQJ/DQJXDJH$UWV&UHDWLYHO\1<+DUFRXUWDUDG%UDFH
&ODUN-3DWWHUQVRIWKLQNLQJ,QWHJUDWLQJ/HDUQLQJ 6NLOOVLQ&RQWHQW7HDFKLQJ1HHGKDP ,,HLJKWV0$$OO\Q%DFRQ
'HZH\-7KH6FKRRODUDG6RFLHW\&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV
'XUDQ5DUDG'XUDQ.7HDFKLQJ6WXGHQWVWKURXJK7KHLU,QGLYLGXDO/HDUQLQJ6W\OHV5HVWDQ9$5HVWDQ3XEOLVKLQJ&R
(OERZ3:ULWLQJZLWK3RZHU7HFKQLTXHVIRU0DVWHULQJWKH:ULWtQJ3URFHVV1<2[IRUG8QLYHUVLW\3UHVV
)HXHUVWHLQ5,QVWUXPHQWDO(QULFKPHQW$Q,QWHUYHQWLRQ3URJUDPIRU&RJQLWLYH0RGLILDELOLW\%DOWLPRUH8QLYHUVLW\3DUN
3UHVV
)RUHVWHU$'DUDG5HLQKDUG02QWKH0RYH0DQLWRED&DQDGD3HJXLV3XEOLVKHUV
*DUGQHU+)UDPHVRI 0LUDG7KHWHRU\RI0XOWLSOH,QWHOOLJHQFHV1<%DVLF%RRNV
*DUGQHU+$UH7KHUH$GGLWLRQDO,QWHOOLJHQFHV"7KH&DVHIRUWKH1DWXUDOLVW,QWHOOLJHQFH+DUYDUG3URMHFW=HUR
&DPEULGJH0$3UHVLGHQWDUDG)HOORZVRI+DUYDUG&ROOHJH
*LOEHUW$*7HDFKtQJWKHWKUHH5
VWKURXJK0RYHPHQW1<0DF0LOODQ
*RRGODG-$3ODFHFDOOHG6FKRRO3URVSHFWVIRUWKHIXWXUH1<0H*UDZ+LOO%RRN&RPSDQ\
+RUQH63DWWHUQVDUDG3UREOHPVLQ0DWKHPDWLFV&KLFDJR)UDQNOLQ3XEOLHDWLRQV,QF
.REULQ%HYHUO\(\HRSHQHUV+RZWR&KRRVHDUDG8VH&KLOGUHQ
V%RRNV$ERXW5HDO3HRSOH3ODFHVDUDG7KLQJV1<
9LNLQJ3HQJXLQ
.D\H3HJJ\*DPHVIRU0DWFK1<3DQWKHRQ
0F.LP5([SHULHQFHVLQ9LVXDO7KLQO]LQJ0RQWHUH\&$%URRNV&ROH
2OOLSKDQW-7RWDO3K\VLFDO)XQOWK6W6:7DFRPD:$
3LDJHW-HDQ 7KH/DQJXDJH DUDG7KRXJKWRIWKHFKLOG1<+DUFRXUW%UDFH
3RVW%DUDG(DGV6/RJtF$Q\RQH"%HOPRQW&$'DYLG6/DNH3XEOLVKHUV
5XHI.7KH3UtYDWH(\H/RRNLQJ7KLQNLQJE\$QDORJ\6HDWWOH:$7KH3UtYDWH(\H3URMHFW
6PLWK)8QGHUVWDQGLQJ5HDGLQJ1<+ROW5LQHKDUWDUDG:LQVWRQ
6WUXQN:DUDG:KLWH(%7KHHOHPHQWVRI6W\OH 1<0FPLOODQ3XEOLVKLQJ&R,QF
7UR\ND/4DUDG1XGHOPDQ-7DNtQJ$FWLRQ:UtWLQJ5HDGtQJ6SHDNLQJDUDG/LVWHQLQJ7KURXJK6LPXODWLRQ*DPHV
(QJOHZRRG&OLIIV1-3UHQWLFH+DOO
Descargar