Diferencias en variables cognitivo-motivacionales, rendimiento académico, implicación familiar en alumnos con y sin dificultades de aprendizaje en Educación Secundaria Obligatoria María del Carmen Girón Calero Mª del Carmen Girón Calero Diferencias en variables cognitivo-motivacionales, rendimiento académico, implicación familiar en alumnos con y sin dificultades de aprendizaje en Educación Secundaria Obligatoria TESIS DOCTORAL Mª del Carmen Girón Calero Alicante, 2012 2012 3URJUDPDGH'RFWRUDGR'LVH 3URJUDPDGH'RFWRUDGR'LVHxR2ULHQWDFLyQH,QWHUYHQFLyQ 'LVHxR2ULHQWDFLyQH,QWHUYHQFLyQ 3VLFRSHGDJyJLFD VLFRSHGDJyJLFD 'HSDUWDPHQWRGH3VLFRORJtD(YROXWLYD\'LGiFWLFD 'HSDUWDPHQWRGH3VLFRORJtD(YROXWLYD\'LGiFWLFD ÉUHDGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ ÉUHDGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ )DFXOWDGGH(GXFDFLyQ )DFXOWDGGH(GXFDFLyQ 7(6,6'2&725$/ 7(6,6'2&725$/ 'LIHUHQFLDVHQYDULDEOHVFRJQLWLYR 'LIHUHQFLDVHQYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVUHQGLPLHQWR DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQDOXPQRVFRQ\VLQ DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQDOXPQRVFRQ\VLQ GLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD 'LULJLGDSRU'U'-XDQ/XLV 'LULJLGDSRU'U'-XDQ/XLV&DVWHMyQ&RVWD &DVWHMyQ&RVWD 3UHVHQWDGDSRU0GHO&DUPHQ*LUyQ&DOHUR 3UHVHQWDGDSRU0GHO&DUPHQ*LUyQ&DOHUR $*5$'(&,0,(1726 $*5$'(&,0,(1726 (&,0,(1726 4XLVLHUD PRVWUDU PL DJUDGHFLPLHQWR D WRGRV ORV TXH PH KDQ DSR\DGR \ FUHtGR HQ Pt TXH FRQ VX DFRPSDxDPLHQWR \ DWHQFLyQ KDQ SXHVWR WRGDV VXV H[SHFWDWLYDVHQHOGHVDUUROOR\ILQDOL]DFLyQGHHVWDLQYHVWLJDFLyQ (Q HVSHFLDO JUDFLDV D PLV SDGUHV \ KHUPDQR D OD GLUHFWRUD GHO &HQWUR HGXFDWLYRHQHOTXHWUDEDMR&ROHJLR1WUD6UDGHORV'RORUHVHQ9LOOHQD$OLFDQWH SRUVXFRPSUHQVLyQ\DFWLWXGVLHPSUHGHD\XGD\DPLVFRPSDxHURVDVGHWUDEDMR TXHPHKDQIDFLOLWDGRODUHFRJLGDGHGDWRV\KDQDOHQWDGRFDGDGtDHVWHSURFHVR /HDJUDGH]FRVXDSR\R\FRQWLQXDPRWLYDFLyQDPLGLUHFWRUGHWHVLV'-XDQ /XLV &DVWHMyQ &RVWD VLQ pO QR KXELHUD SRGLGR OOHJDU KDVWD HO ILQDO eO KD JXLDGR WRGR PL WUDEDMR \ PH KD PRWLYDGR HQ VX HODERUDFLyQ OR TXH GHPXHVWUD XQD YH] PiVVXJUDQKXPDQLGDG\SURIHVLRQDOLGDG $OHTXLSRGLUHFWLYR\'HSDUWDPHQWRGH2ULHQWDFLyQGHO,(61DYDUUR6DQWDIp GH 9LOOHQD $OLFDQWH SRU VX GLVSRQLELOLGDG FRODERUDFLyQ \ JUDWLWXG D OD KRUD GH OOHYDUDFDERODLQYHVWLJDFLyQ $O HTXLSR GH SURIHVRUHV DOXPQRV \ IDPLOLDV GH DPERV &HQWURV HGXFDWLYRV TXH KDQ FRQWULEXLGR D OD UHDOL]DFLyQ GH HVWD LQYHVWLJDFLyQ FRQ VX DSRUWDFLyQ UHVSRQVDEOH\YROXQWDULD*UDFLDV 0GHO&DUPHQ*LUyQ&DOHUR Ì1',&( 1',&( 7HVLV'RFWRUDO VHQWDFLyQ««««««««««««««««««««««««««««««« 3UH 3UHVHQWDFLyQ VHQWDFLyQ ««« 3iJ , 5HYLVLyQ7HyULFD«««««««««««««««««««««««««««« 5HYLVLyQ7HyULFD &RQFHSFLyQGHODSUHQGL]DMH\SDUDGLJPDHGXFDWLYRTXHIXQGDPHQWDOD LQYHVWLJDFLyQ««««««««««««««««««««««««««« 5HFRUULGR KLVWyULFR GHO FRQFHSWR GLILFXOWDGHV GH DSUHQGL]DMH«««« &RQFHSWR \ FODVLILFDFLyQ GH ODV GLILFXOWDGHV GH DSUHQGL]DMH««««««««««««««««««««««««««««« (VWXGLR GH ODV GLIHUHQFLDV HQ YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV LPSOLFDFLyQ IDPLOLDU \ UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMH««««««««««««««««««««« 'LIHUHQFLDVHQHODXWRFRQFHSWRHQDOXPQRVFRQ\VLQGLILFXOWDGHVGH DSUHQGL]DMH««««««««««««««««««««««««« 'LIHUHQFLDVHQODVHVWUDWHJLDVGHDSUHQGL]DMHHQDOXPQRVFRQ\VLQ GLILFXOWDGHVGHDSUHQGL]DMH«««««««««««««««««« 'LIHUHQFLDV HQ ODV PHWDV DFDGpPLFDV HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMH««««««««««««««««« 'LIHUHQFLDVHQODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRGHDSUHQGL]DMH GH ORV DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH««««««««««««««««««««««««« 'LIHUHQFLDV HQ HO UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMH««««««««««««««««« 5 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,, (VWXGLR (VWXGLR(PStULFR«««««««««««««««««««««««««««« (PStULFR ,QWURGXFFLyQ««««««««««««««««««««««««««« ,QWURGXFFLyQ««««««««««««««««««««««««««« 2EMHWLYRVHKLSyWHVLV«««««««««««««««««««««« 2EMHWLYRVHKLSyWHVLV 2EMHWLYRV««««««««««««««««««««««««« +LSyWHVLV««««««««««««««««««««««««« 0pWRGR««««««««««««««««««««««««««««« 0pWRGR 3DUWLFLSDQWHV««««««««««««««««««««« ,QVWUXPHQWRV«««««««««««««««««««««««« (VFDODGH(YDOXDFLyQGHO$XWRFRQFHSWR6'4,,«« &XHVWLRQDULR SDUD OD (YDOXDFLyQ GH ODV 0HWDV $FDGpPLFDV HQ (GXFDFLyQ 6HFXQGDULD &(0$ ,,«««««««««««««««««««««««««««« &XHVWLRQDULR GH (VWUDWHJLDV GH $SUHQGL]DMH &($«««««««««««««««««««««««««« (VFDOD GH (YDOXDFLyQ GH OD &RKHVLyQ \ $GDSWDELOLGDG )DPLOLDU)$&(6,,«««««««««««««««««« (VFDODGH6RFLDOL]DFLyQ)DPLOLDU62&«««««« &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD SHUFHSFLyQ TXHWLHQHQORVHVWXGLDQWHVGHODLPSOLFDFLyQGHVXVSDGUHVHQODV WDUHDVDFDGpPLFDV««««««««««««««««««««« &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ GH ORV SDGUHV HQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH VXV KLMRV««««««««««««««««««««««««««« 6 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RFLHQWH LQWHOHFWXDO %DWHUtD GH $SWLWXGHV *HQHUDOHV \ 'LIHUHQFLDOHV%$'<*0UHQRYDGD«««««««««««« 5HQGLPLHQWR DFDGpPLFR WULPHVWUDO HQ ODV iUHDV LQVWUXPHQWDOHV&DVWHOODQR0DWHPiWLFDV\9DOHQFLDQR«««« 3URFHGLPLHQWR«««««««««««««««««««««««« 'LVHxR\DQiOLVLVGHGDWRV««««««««««««««««««« 5HVXOWDGRV«««««««««««««««««««««««««« 5HVXOWDGRV $QiOLVLV HVWDGtVWLFR GHVFULSWLYR GH ORV FXHVWLRQDULRV«««««««««««««««««««««««« (VFDODGH(YDOXDFLyQGHO$XWRFRQFHSWR6'4,,«««« &XHVWLRQDULRSDUDOD(YDOXDFLyQGH0HWDV$FDGpPLFDVHQ (GXFDFLyQ6HFXQGDULD&(0$,,«««««««««««««« &XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($«« (VFDOD GH (YDOXDFLyQ GH OD &RKHVLyQ \ $GDSWDELOLGDG )DPLOLDU)$&(6,,«««««««««««««««««««« (VFDODGH6RFLDOL]DFLyQ)DPLOLDU62&«««««« &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ GH ORV SDGUHV HQ HO SURFHVR GH HQVHxDQ]D GH VXV KLMRV««««««««««««««««««««««««««« &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD SHUFHSFLyQ TXHWLHQHQORVHVWXGLDQWHVGHODLPSOLFDFLyQGHVXVSDGUHVHQODV WDUHDVDFDGpPLFDV««««««««««««««««««««« 5HQGLPLHQWR DFDGpPLFR WULPHVWUDO HQ ODV iUHDV LQVWUXPHQWDOHV&DVWHOODQR0DWHPiWLFDV\9DOHQFLDQR«««« &RFLHQWH,QWHOHFWXDO%$'<*0UHQRYDGD«««««« 7 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $QiOLVLV'LIHUHQFLDOHV««««««««««««««««««««« $QiOLVLV'LVFULPLQDQWH«««««««««««««««««««« 'LVFXVLyQ««««««««««««««««««««««««««« 'LVFXVLyQ &RQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDV«««««««««««««« &RQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDV ,,, 5HIHUHQFLDV««««««««««««««««««««««««««« 5HIHUHQFLDV ,9 $QH[RV««««««««««««««««««««««««««««««« $QH[RV $QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GH $QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GHILDELOLGDG ILDELOLGDG««««««« $QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GH ILDELOLGDG $QH[R5HVXOWDGRVHVWDGtVWLFRVGHODSUXHED $QH[R5HVXOWDGRVHVWDGtVWLFRVGHODSUXHEDW6WXGHQW«««««««««« WXGHQW $QH[R5HVXOWDGRVGHODQiOLVLVGLVFULPLQDQWH $QH[R5HVXOWDGRVGHODQiOLVLVGLVFULPLQDQWH«««««««««««««« $QH[R5HVXOWDGRVGHODQiOLVLVGLVFULPLQDQWH $QH[R&DVRVPDOFODVLILFDGRV $QH[R&DVRVPDOFODVLILFDGRV««««««««««««««««««««« $QH[R&DVRVPDOFODVLILFDGRV $QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD $QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD««««««««««««««« $QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD &XHVWLRQDULR SDUD DOXPQRV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR««««««««««««««««««««««««««««««««« &XHVWLRQDULR SDUD SDGUHV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR«««««««««««« 8 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3UHVHQWDFLyQ 3UHVHQWDFLyQ 3UHVHQWDFLyQ (VWD LQYHVWLJDFLyQ GH iPELWR HGXFDWLYR SUHWHQGH HVWXGLDU ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV GH UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ IDPLOLDU HQ DGROHVFHQWHV FRQ \ VLQ GLILFXOWDGHV SDUD DSUHQGHU TXH FXUVDQ (GXFDFLyQ 6HFXQGDULD2EOLJDWRULDHQVXVGLIHUHQWHVQLYHOHVHGXFDWLYRVGHVGHDGH(62 \TXpLPSOLFDFLRQHVWLHQHHVWDLQYHVWLJDFLyQHQODPHMRUDGHODSUiFWLFDGRFHQWH\HQ ODRUJDQL]DFLyQSHGDJyJLFDGHORVFHQWURVHGXFDWLYRV (Q HO GHVDUUROOR GH OD LQYHVWLJDFLyQ VH KD WRPDGR FRPR UDQJR GH HGDG UHSUHVHQWDWLYR XQ JUXSR YROXQWDULR GH SDUWLFLSDQWHV FX\DV HGDGHV HVWiQ FRPSUHQGLGDV HQWUH ORV \ DxRV HVFRODUL]DGRV HQ GRV &HQWURV HGXFDWLYRV GH (GXFDFLyQ6HFXQGDULD2EOLJDWRULDXQRFRQFHUWDGR\RWURS~EOLFRGHODSURYLQFLDGH $OLFDQWH (Q WRWDO KDQ SDUWLFLSDGR HVWXGLDQWHV HVFRODUL]DGRV HQ ORV GLIHUHQWHV QLYHOHVHGXFDWLYRVGHVGHDGH(62(GXFDFLyQ6HFXQGDULD2EOLJDWRULDFRQ VXVUHVSHFWLYDVIDPLOLDVWXWRUHVGHDGH(62GHORVGRVFHQWURVHGXFDWLYRV\ PLHPEURVGHORV'HSDUWDPHQWRVGH2ULHQWDFLyQ8QGHORVHVWXGLDQWHVGHFDGD QLYHO HGXFDWLYR SUHVHQWD XQ GLDJQyVWLFR SVLFRSHGDJyJLFR GH GLILFXOWDGHV GH DSUHQGL]DMHVLHQGRHOPLVPRQ~PHURGHDOXPQRVHQDPERV&HQWURV(ORWUR QR KD VLGR GLDJQRVWLFDGR SRU ORV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ FRPR HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SRU QR PDQLIHVWDUODV GXUDQWH OD LQYHVWLJDFLyQ HGXFDWLYDUHDOL]DGD 6HKDHVFRJLGRHVWDHGDGGHHVFRODUL]DFLyQREOLJDWRULDHQWUH\DxRVWDO FRPR HVWDEOHFH OD DFWXDO QRUPDWLYD HGXFDWLYD /2( /H\ 2UJiQLFD GH (GXFDFLyQ GHGHPD\RGHFRQVLGHUDQGRTXHHVWHPRPHQWRHYROXWLYRODDGROHVFHQFLD HV XQD HWDSD GH GHVDUUROOR SHUVRQDO HQOD TXH VH DILDQ]DQ KDELOLGDGHV GHVWUH]DV 9 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FRPSHWHQFLDV \ WpFQLFDV GH WUDEDMR LQWHOHFWXDOHV HQ FDGD HVWXGLDQWH \ GH PDGXUDFLyQ SVLFROyJLFD PRUDO \ GH OD SHUVRQDOLGDG PiV LPSRUWDQWHV HQ HO FUHFLPLHQWR\GHVDUUROORGHXQDSHUVRQD 6H WUDWD GH XQD HWDSD HQ OD TXH OD IDPLOLD FRPR DJHQWH GH VRFLDOL]DFLyQ RFXSDXQOXJDULPSRUWDQWHHQHOSURFHVRHGXFDWLYRGHODGROHVFHQWHVLHQGRUHIHUHQWH HQ H[SHFWDWLYDV DFDGpPLFDV VHJXLPLHQWR HGXFDWLYR HOHFFLRQHV SHUVRQDOHV \ SURIHVLRQDOHVHQWUHRWUDV\WHQLHQGRXQDLQIOXHQFLDLPSRUWDQWHHQHOGHVDUUROORGHO DGROHVFHQWHHOHVWLORHGXFDWLYRGHUHODFLyQHQWUHSDGUHVHKLMRV (Q HVWD HWDSD HO DGROHVFHQWH GHVDUUROOD HO SHQVDPLHQWR R UD]RQDPLHQWR DEVWUDFWR\ODVRFLDOL]DFLyQFRQHOJUXSRGHLJXDOHVFREUDXQDLPSRUWDQFLDYLWDOHQ HOGHVDUUROORGHVXSHUVRQDOLGDG\VXLGHQWLGDGHQHOJUXSR7DPELpQVHSURGXFHXQ SURJUHVR LPSRUWDQWH GHO SHQVDPLHQWR FUtWLFR FUHDWLYR GHO MXLFLR PRUDO \ HO GHVDUUROORGHXQDPRUDODXWyQRPDDVtFRPRPD\RUFDSDFLGDGHQODHOHFFLyQ\WRPD GH GHFLVLRQHV GH IRUPD FRQVFLHQWH \ FUtWLFD SRU OR TXH ODV GLIHUHQFLDV HQWUH HVWXGLDQWHVHQHVWDHGDGWDPELpQVRQPD\RUHV /DVGLIHUHQFLDVHQWUHDGROHVFHQWHVVHKDFHQPiVYLVLEOHVHQWUH\DxRV SRUYDULDEOHVGHWLSRVRFLDODIHFWLYRHLQWHOHFWXDO\SRUWDQWRHVODHGDGDGHFXDGD SDUD PHMRUDU \ DILDQ]DU HVWUDWHJLDV GH DSUHQGL]DMH FRQFUHWDU PHWDV DFDGpPLFDV SURSRQHU XQ PHMRU UHQGLPLHQWR DFDGpPLFR HQ IXQFLyQ GHO SRWHQFLDO LQGLYLGXDO LPSOLFDUDORVSDGUHVHQODODERUGRFHQWH\HQHOWUDEDMRDFDGpPLFRGHVXVKLMRV (O ILQ ~OWLPR GH HVWD LQYHVWLJDFLyQ HGXFDWLYD HV QR VyOR YHULILFDU ODV FRQFOXVLRQHVGHRWUDVLQYHVWLJDFLRQHVUHODFLRQDGDVFRQHOHVWXGLRGHODLQWHUUHODFLyQ HQWUH YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV \ VX LPSOLFDFLyQ HQ HO SURFHVR HGXFDWLYR GHOHVWXGLDQWHHQHGDGDGROHVFHQWH\VXUHQGLPLHQWRDFDGpPLFR*RQ]iOH]3LHQGD VLQRTXHDSDUWLUGHORVUHVXOWDGRVGHHVWDLQYHVWLJDFLyQVHLQWHQWDUi 10 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 2IUHFHUUHFXUVRVSVLFRHGXFDWLYRVDOSURIHVRUDGRVREUHHODOXPQDGRHQHGDG DGROHVFHQWH SDUD VDEHU FyPR GDU UHVSXHVWD SHGDJyJLFD D OD GLYHUVLGDG GH KDELOLGDGHVFRPSHWHQFLDVDSWLWXGHVFRQRFLPLHQWRVH[SHULHQFLDVVRFLRFXOWXUDOHV\ HGXFDWLYDVTXHHVWiSUHVHQWHDFWXDOPHQWHHQODVDXODV 6DEHUFyPRGDUXQDPHMRUUHVSXHVWDHGXFDWLYDPiVSHUVRQDOL]DGDGHVGHHO &HQWUR \ HQ FRODERUDFLyQ FRQ ODV IDPLOLDV D HVWXGLDQWHV DGROHVFHQWHV FRQ \ VLQ GLILFXOWDGHV SDUD DSUHQGHU GHQWUR \ IXHUD GH ODV DXODV RUGLQDULDV SDUD TXH GHVDUUROOHQ DO Pi[LPR GH VXV SRVLELOLGDGHV HGXFDWLYDV \ SHUVRQDOHV WRGDV VXV FRPSHWHQFLDVKDELOLGDGHVGHVWUH]DV\DSWLWXGHVSHUVRQDOHVVRFLDOHV\HGXFDWLYDV TXH OHV SHUPLWDQ DFFHGHU HQ LJXDOGDG GH FRQGLFLRQHV D OD FRQVHFXFLyQ GH OD WLWXODFLyQ PtQLPD H[LJLGD 7tWXOR HQ *UDGXDGR HQ (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD (O FRQRFLPLHQWR SRU SDUWH GH ORV GRFHQWHV GH HVWDV GLIHUHQFLDV TXH VH SURGXFHQ HQ HO FRQWH[WR HGXFDWLYR QRV D\XGDQ HQ OD SUiFWLFD D TXH SRGDPRV JHQHUDU IRUPDV PHWRGROyJLFDV LQQRYDGRUDV \ GLVHxDU SURJUDPDFLRQHV GLGiFWLFDV DGHFXDGDVDODGLYHUVLGDGHQHODXOD\ODUHODFLyQHLPSOLFDFLyQGHODVIDPLOLDVHQ HVWHSURFHVR /RV PHFDQLVPRV GH FRKHVLyQ \ VRFLDOL]DFLyQ HQWUH SDGUHV H KLMRV ODV H[SHFWDWLYDV DFDGpPLFDV SXHVWDV HQ VXV KLMRVDV VX SHUFHSFLyQ GHO VHJXLPLHQWR HGXFDWLYRHOWLHPSRGHRUJDQL]DFLyQ\GHGLFDFLyQDODVWDUHDVHVFRODUHVD\XGDQD VDEHUFyPRGLVHxDUPHMRUODRUJDQL]DFLyQ\SODQLILFDFLyQGLGiFWLFDGHVGHORVFHQWURV HGXFDWLYRV \ OD FRODERUDFLyQ FRQ ODV IDPLOLDV HQ UHODFLyQ D OD FRKHVLyQ \ OD DGDSWDELOLGDGHQWUHVXVPLHPEURVDVtFRPRDODLPSOLFDFLyQGHHVWRVHQHOSURFHVR HGXFDWLYR\ODSHUFHSFLyQTXHVXVKLMRVWLHQHQGHHOOD /DV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV GH HVWXGLR HQ HVWD LQYHVWLJDFLyQ VH UHILHUHQ DO iPELWR DFDGpPLFR SHUR HVWH HVWi LUUHPHGLDEOHPHQWH LQIOXLGR SRU HO FRQWH[WR\SRUWDQWRODLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVRHGXFDWLYRDVtFRPR HQ OD PRWLYDFLyQ YDORUDFLyQ GHO DXWRFRQFHSWR HO UHQGLPLHQWR DFDGpPLFR 11 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HVWUDWHJLDV\PHWDVGHDSUHQGL]DMH\ODVH[SHFWDWLYDVDFDGpPLFDVVRQLPSRUWDQWHV SDUD OD HYROXFLyQ DFDGpPLFD GH ORV HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH (OILQ~OWLPRGHODHGXFDFLyQQRSXHGHVHUVyORTXHORVHVWXGLDQWHVFRQVLJDQ p[LWRDFDGpPLFRRDFFHGDQDXQDWLWXODFLyQPtQLPDVLQRTXHSXHGDQGHVDUUROODUVH GH IRUPD LQWHJUDO SDUWLFLSDU GH IRUPD DFWLYD HQ HO SURFHVR HGXFDWLYR \ VHQWLUVH ~WLOHVHQODVRFLHGDGGHODTXHIRUPDQSDUWH\DVtGLVHxDUVXSURSLRSUR\HFWRGH YLGDSHUVRQDO\SURIHVLRQDO3DUDHOORHVQHFHVDULRODLQWHUUHODFLyQHQWUHGLIHUHQWHV FRQWH[WRV HGXFDWLYR iPELWR IDPLOLDU \ HO JUXSR GH LJXDOHV \D TXH HVWH HV XQ UHIHUHQWHLQPHGLDWRHLPSRUWDQWHHQHVWDHWDSDGHGHVDUUROOR (QHVWDODERUWDPELpQSDUWLFLSDQORVSDGUHVTXLHQHVFRPRDJHQWHVVRFLDOHV \ HGXFDGRUHV FRQ VX DSR\R FRODERUDFLyQ GHVGH XQ WUDEDMR HQ UHG FRQ GLYHUVDV LQVWLWXFLRQHVHLPSOLFDFLyQHQHOSURFHVRGHGHVDUUROORHGXFDWLYR\SHUVRQDOGHVXV KLMRVDV D\XGDQ HQ OD PHGLGD GH VXV SRVLELOLGDGHV HQ HVWH SURFHVR 3RU HOOR WDPELpQ VH KD GH VDEHU FDQDOL]DU HVD D\XGD GH IRUPD FRQMXQWD FRQ HO &HQWUR HGXFDWLYR SDUD TXH VHD XQD D\XGD HILFD] \ GH FDOLGDG \ SHUVLJD ORV PLVPRV ILQHV HGXFDWLYRVFRQHOHVWXGLDQWH (V LPSRUWDQWH FRPHQ]DU D UHIOH[LRQDU VREUH FyPR FXDOTXLHU HVWXGLDQWH SXHGH SUHVHQWDU D OR ODUJR GH VX HVFRODUL]DFLyQ GLILFXOWDGHV SDUD DFFHGHU HQ LJXDOGDG GH FRQGLFLRQHV DO FRQRFLPLHQWR \ OD SUiFWLFD GH ODV GLIHUHQWHV FRPSHWHQFLDVHGXFDWLYDV\SHUVRQDOHVGHVFULWDVHQHOFXUUtFXORTXHVRQUHTXHULGDV SRUHGDG\QLYHOHGXFDWLYRHQFRPSDUDFLyQFRQHOUHVWRGHVXVLJXDOHV3RUHOORHV LPSRUWDQWHFRQRFHU\YDORUDUHVWDVGLIHUHQFLDVFRPRSDUWHLQKHUHQWHGHOSURFHVR\ GHODUHODFLyQFRQHOHVWXGLDQWH\VXIDPLOLD /D HVFXHOD FRPR LQVWLWXFLyQ GH DSUHQGL]DMH \ VRFLDOL]DFLyQ GHEH LU SURJUHVLYDPHQWHFRPRHVWDEOHFHODDFWXDOQRUPDWLYD/2(/H\2UJiQLFD GHGHPD\RGH(GXFDFLyQSHUVRQDOL]DQGRODSURSXHVWDGLGiFWLFDDWHQGLHQGRD ODGLYHUVLGDGGHVLWXDFLRQHVSHUVRQDOHVIDPLOLDUHV\HGXFDWLYDVGHORVHVWXGLDQWHV\ 12 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO SDUD HOOR VH UHTXLHUH GH OD LPSOLFDFLyQ FRRUGLQDFLyQ \ FRODERUDFLyQ GH GLIHUHQWHV DJHQWHV VRFLDOHV \ HGXFDWLYRV GH DKt OD LPSRUWDQFLD GH OD IDPLOLD HQ HVWD LQYHVWLJDFLyQ 3DUD ILQDOL]DU VH SUHVHQWD HVWD WHVLV HVWUXFWXUDGD HQ GRV SDUWHV ELHQ GLIHUHQFLDGDV GH IRUPD TXH QR VyOR VH FRPSUXHEHQ ODV GLIHUHQFLDV HQ UHODFLyQ DO HVWXGLR GH ODV YDULDEOHV FRJQLWLYDV HV GHFLU FDSDFLGDG LQWHOHFWXDO FDSDFLGDG GH UHQGLPLHQWR HVWUDWHJLDV GH DSUHQGL]DMH VLQR WDPELpQ PRWLYDFLRQDOHV HV GHFLU DXWRFRQFHSWR PHWDV DFDGpPLFDV HVWUDWHJLDV GH DSUHQGL]DMH \ RWUDV FRPR HO UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HQWUH HVWXGLDQWHVHQHGDGDGROHVFHQWHFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHTXHFXUVHQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD \ DGHPiV VH FRQFOX\DQ LPSOLFDFLRQHV HGXFDWLYDV SUiFWLFDV SDUD OD PHMRUD GH OD FDOLGDG HGXFDWLYD \ OD SUiFWLFDHVFRODU $FRQWLQXDFLyQVHGHVFULEHEUHYHPHQWHFDGDSDUWH 8QDSULPHUD SDUWHWHyULFDTXHHQJOREDXQDLQWURGXFFLyQVREUHODHYROXFLyQ KLVWyULFD GHO FRQFHSWR DSUHQGL]DMH \ XQD UHYLVLyQ WHyULFD GHO FRQFHSWR GLILFXOWDGHV GH DSUHQGL]DMH \ VX WUDQVIRUPDFLyQ KDFLD HO GH QHFHVLGDGHV HGXFDWLYDV R 1HFHVLGDGHV(VSHFtILFDVGH$SR\R(GXFDWLYR$&1($(VHJ~QHOQXHYRPRGHOR GH(VFXHOD1XHYD\ODQRUPDWLYDHGXFDWLYDDFWXDOXQUHFRUULGRKLVWyULFRSRU ORV SULQFLSDOHV SDUDGLJPDV GH HVWXGLR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH VX WLSRORJtD\ODDSUR[LPDFLyQWHyULFDDORVHVWXGLRVDFWXDOHVTXHUHODFLRQDQGLIHUHQWHV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV GH UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ IDPLOLDUHQDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD 2EOLJDWRULD\ODGHVFULSFLyQGHODVGLIHUHQFLDVPiVVLJQLILFDWLYDVTXHVHHVWDEOHFHQ HQWUHHVWRVHVWXGLDQWHVHQHVDVYDULDEOHVWHQLHQGRHQFXHQWDRWUDVLQYHVWLJDFLRQHV HGXFDWLYDVUHODFLRQDGDV\VXVFRQFOXVLRQHV 13 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 8QDVHJXQGDSDUWHHQODTXHGHVGHXQHQIRTXHHPStULFRSUiFWLFRVHGHILQHQ ORVREMHWLYRVKLSyWHVLVPpWRGRVHDQDOL]DQGHIRUPDHVWDGtVWLFDORVUHVXOWDGRVGH ODLQYHVWLJDFLyQ\VHFRPHQWDQORVPiVVLJQLILFDWLYRV\ILQDOPHQWHVHSUHVHQWDQODV GLVFXVLRQHV \ FRQFOXVLRQHV VREUH OD PLVPD SDUD ILQDOL]DU FRQ XQDV LPSOLFDFLRQHV SUiFWLFDV GH OD LQYHVWLJDFLyQ 3RU WDQWR VH SUHWHQGH UHDOL]DU XQD DSRUWDFLyQ QRYHGRVD HQ HO FRQRFLPLHQWR GH ODV GLIHUHQFLDV HQWUH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHVSDUDDSUHQGHU\VXLPSOLFDFLyQSUiFWLFDDODLQWHUYHQFLyQTXHUHDOL]DHO GRFHQWH HQ HO DXOD HQ ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD DWHQGLHQGR D ODV GLIHUHQFLDV H[LVWHQWHV HQWUH HVWXGLDQWHV \ D OD YDULDEOHLPSOLFDFLyQIDPLOLDU 3RU ~OWLPR HVWH WUDEDMR GH LQYHVWLJDFLyQ GHEH DEULU SDVR D RWUDV LQYHVWLJDFLRQHV IXWXUDV UHODFLRQDGDV FRQ HO GLVHxR GH SURSXHVWDV PHWRGROyJLFDV GLVWLQWDVTXHDWLHQGDQDODVGLIHUHQFLDVDQDOL]DGDVHQHVWHWUDEDMRHQHVWXGLDQWHV HQ HGDG DGROHVFHQWH FRQ \ VLQ GLILFXOWDGHV SDUD DSUHQGHU GH IRUPD TXH VH IDYRUH]FDDWRGRVORVQLYHOHVODLQWHJUDFLyQIXQFLRQDO,QIRUPH:DUQRFN\VH RIHUWHQSURSXHVWDVSHGDJyJLFDVFRQWH[WXDOL]DGDVTXHVHDSUR[LPHQFDGDYH]PiVD ODGLYHUVLGDGGHVLWXDFLRQHVHGXFDWLYDV\IDPLOLDUHV 'HOPLVPRPRGRVHSUHWHQGHRIUHFHUFRQFOXVLRQHVTXHQRVKDJDQUHIOH[LRQDU VREUHODLPSRUWDQFLDGHODLPSOLFDFLyQGHORVSDGUHVHQHVWHSURFHVRHGXFDWLYR\HQ RWURVDVSHFWRVUHODFLRQDGRVFRQODFRQVWUXFFLyQGHXQDLGHQWLGDGIRUPDGD\PDGXUD GHODGROHVFHQWH /DVGLIHUHQFLDVHQFRQWUDGDVHQHVWHWUDEDMRFRQUHVSHFWRDORVDOXPQRVFRQ \VLQGLILFXOWDGHVGHDSUHQGL]DMHWDPELpQGHEHQD\XGDUDIXWXUDVLQYHVWLJDFLRQHV HQHOHVWXGLRGHGLIHUHQWHVSUR\HFWRVGHWUDEDMRHQUHGTXHSHUFLEDDODHVFXHOD\D OD IDPLOLD FRPR XQ UHFXUVR DELHUWR D OD LPSOLFDFLyQ GH WRGDV ODV LQVWLWXFLRQHV TXH HVWiQHQFRQWDFWRFRQHVWRVHVWXGLDQWHVDVtFRPRDRWURVHVWXGLRVUHODFLRQDGRVFRQ ORV SUR\HFWRV GH GHVDUUROOR GH LQWHOLJHQFLDVP~OWLSOHV FRPR IRUPD GH DWHQGHU D OD GLYHUVLGDGHQODVDXODVFRPRXQDPDQHUDGHHQULTXHFLPLHQWRSHUVRQDO\HGXFDWLYR TXH D\XGD D PHMRUDU OD FDOLGDG HQ ORV FHQWURV GHVGH HO QLYHO DXOD OD ODERU GH ORV 14 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO GRFHQWHVODFRODERUDFLyQHLPSOLFDFLyQGHODVIDPLOLDV\PHMRUDODYDORUDFLyQGHOD GLIHUHQFLDFRPRXQDVSHFWRHQULTXHFHGRUHLQKHUHQWHDFDGDDOXPQRD 3RU~OWLPR\FRPRUHIOH[LyQHOp[LWRGHODLQWHJUDFLyQQRSXHGHVHULPSXHVWR SRU XQD OH\ /D HILFDFLD GH OD SXHVWD HQ PDUFKD GH FXDOTXLHU SROtWLFD HGXFDWLYD GHSHQGH GH P~OWLSOHV IDFWRUHV $OJXQRV GH ORV GHVWDFDGRV HQ HVWD LQYHVWLJDFLyQ VHUtDQ ODV DFWLWXGHV GH ORV GRFHQWHV IDPLOLDV \ GH OD VRFLHGDG HQ JHQHUDO KDFLD OD LQWHJUDFLyQ HO GHVDUUROOR GH ODV SRWHQFLDOLGDGHV LQGLYLGXDOHV \ OD DWHQFLyQ D ODV QHFHVLGDGHV HGXFDWLYDV GH ORV HVWXGLDQWHV TXH FXUVDQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD2EOLJDWRULD 15 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO , 5HYLVLyQ7HyULFD 5HYLVLyQ7HyULFD &RQFHSFLyQ GHO DSUHQGL]DMH \ SDUDGLJPD HGXFDWLYR TXH IXQGDPHQWD OD LQYHVWLJDFLyQ LQYHVWLJDFLyQ JDFLyQ 'HVSXpVGHPXFKRVDxRVGHLQYHVWLJDFLyQQRVHWLHQHWRGDYtDXQDGHILQLFLyQ GH DSUHQGL]DMH TXH VHD DFHSWDGD SRU WRGRV 8QD GH ODV TXH KDQ WHQLGR PiV UHOHYDQFLDKDVLGRODGHILQLFLyQGDGDSRU&DVWHMyQ ´(VXQFDPELRLQIHULGR PiVTXHREVHUYDGRHQWUHXQDVFRQGXFWDVRSRWHQFLDOLGDGHVHQXQPRPHQWRGDGR\ HVDVPLVPDVFRQGXFWDVRSRWHQFLDOLGDGHVHQXQPRPHQWRDQWHULRU(ODSUHQGL]DMH HV XQ FRQVWUXFWR QR HV DOJR TXH VH REVHUYH GLUHFWDPHQWH (O FDPELR HVWi GHWHUPLQDGR SRU OD H[SHULHQFLD QR VH WUDWD SXHV GH XQ FDPELR SURGXFLGR SRU IDFWRUHV~QLFDPHQWHLQWHUQRVFRPRSXHGHVHUORXQUHIOHMRLQVWLQWRRPDGXUDFLyQ (O FDPELR WLHQH OXJDU HQ XQ DVSHFWR GH OD SHUVRQD OD FRQGXFWD R ODV FDSDFLGDGHV LQWHUQDVµSS 6HJ~Q %HOWUiQ ´$SUHQGHU HV VREUH WRGR SUREDU \ DSOLFDU ORV FRQRFLPLHQWRV R KDELOLGDGHV DSUHQGLGDV 2OYLGDPRV TXH HO DSUHQGL]DMH \ OD FRQVWUXFFLyQ GHO FRQRFLPLHQWR QR VLJQLILFDQ VROR XQ HVWDGRSDVDU GH QR VDEHU D VDEHUVLQRVREUHWRGRXQDFDSDFLGDGHVGHFLUSRGHUKDFHUDOJRFRQORDSUHQGLGR UHODFLRQDUH[SOLFDUFRPSDUDUFULWLFDU\GHPDQHUDHVSHFLDOFDPELDU\PRGLILFDU OD UHDOLGDG D OD TXH VH UHILHUH HO SURSLR FRQRFLPLHQWRµ &RQJUHVR ('8&$5(' /DV WHRUtDV FRJQLWLYDV GH SURFHVDPLHQWR GH OD LQIRUPDFLyQ HQWLHQGHQ HO DSUHQGL]DMH FRPR XQ SURFHVR HQ HO TXH ORV HVWtPXORV GHO HQWRUQR VRQ DWHQGLGRV SHUFLELGRVWUDQVIRUPDGRVHQLQIRUPDFLyQVLJQLILFDWLYDDOPDFHQDGRVHQODPHPRULD \ UHFXSHUDGRV SRVWHULRUPHQWH \ WUDQVIHULGRV D QXHYDV VLWXDFLRQHV /LQGVD\ \ 1RUPDQ 'HVGH HVWD FRQFHSFLyQ FRQVWUXFWLYLVWD GHO SURFHVR GH HQVHxDQ]D \ 17 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DSUHQGL]DMH &ROO =DEDOD VH SRVWXODQ ORV VLJXLHQWHV SULQFLSLRV VH DVXPH TXH QXHVWUDV HVWUXFWXUDV FRJQRFLWLYDV HVWiQ FRQILJXUDGDV SRU XQD UHG GH HVTXHPDVGHFRQRFLPLHQWR(VWRVHVTXHPDVVHPRGLILFDQDORODUJRGHODYLGD\VH YXHOYHQPiVFRPSOHMRV\DGDSWDGRVDODUHDOLGDGPiVULFRVHQUHODFLRQHV /DQDWXUDOH]DGHORVHVTXHPDVGHFRQRFLPLHQWRGHXQHVWXGLDQWHGHSHQGHGH VXQLYHOGHGHVDUUROOR\GHORVFRQRFLPLHQWRVSUHYLRVTXHKDSRGLGRLUFRQVWUX\HQGR OD VLWXDFLyQGH DSUHQGL]DMH SXHGH VHU FRQFHSWXDOL]DGD FRPR XQ SURFHVR FRQVWDQWH GH UHYLVLyQ \ GH FRQWUXFFLyQ GH HVTXHPDV GH FRQRFLPLHQWR VREUH ORV FRQWHQLGRV HVFRODUHV&XDQGRVHOOHYDDFDERWRGRHVWRVHSXHGHGHFLUTXHVHHVWiSURGXFLHQGR XQDSUHQGL]DMHVLJQLILFDWLYRGHORVFRQWHQLGRVSUHVHQWDGRV3RUWDQWRODHQVHxDQ]D KD GH D\XGDU D HVWDEOHFHU WDQWRV YtQFXORV VXVWDQWLYRV \ QR DUELWUDULRV HQWUH ORV QXHYRVFRQWHQLGRV\ORVFRQRFLPLHQWRVSUHYLRVFRPRSHUPLWDODVLWXDFLyQ $Vt SXHV OD LQWHUYHQFLyQ SHGDJyJLFD VHUtD FRQFHELGD FRPR XQD D\XGD DMXVWDGD DO SURFHVR GH FRQVWUXFFLyQ GHO HVWXGLDQWH XQD LQWHUYHQFLyQ TXH YD FUHDQGR=RQDVGH'HVDUUROOR3Uy[LPR9\JRWVN\TXHD\XGDDUHFRUUHUODV'H HVWH PRGR OD VLWXDFLyQ GH HQVHxDQ]D \ DSUHQGL]DMH SXHGH FRQVLGHUDUVH FRPR XQ SURFHVR HQFDPLQDGR D VXSHUDU UHWRV HQ HOOR LQWHUYLHQHQ IDFWRUHV YLQFXODGRV D ODV FDSDFLGDGHVFRJQLWLYDVHTXLOLEULRSHUVRQDOGHUHODFLyQLQWHUSHUVRQDO\GHLQVHUFLyQ VRFLDO $ FRQWLQXDFLyQ OD ILJXUD PXHVWUD OD UHODFLyQ HQWUH ODV GLIHUHQWHV WHRUtDV GHODSUHQGL]DMH )LJXUD5HODFLyQHQWUHGLIHUHQWHVWHRUtDVGHODSUHQGL]DMH 18 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /D LGHD FHQWUDO GH OD WHRUtD GHO DSUHQGL]DMHVLJQLILFDWLYRGH $XVXEHO HVTXHODLQIRUPDFLyQQXHYDSRWHQFLDOPHQWHVLJQLILFDWLYDVHLQFRUSRUDGHQWURGHOD HVWUXFWXUD FRJQLWLYD GHO HVWXGLDQWH 3DUD HOOR HV LPSUHVFLQGLEOH OD H[LVWHQFLD GH XQD HVWUXFWXUD FRJQLWLYD \ FXDQGR HVWD QR H[LVWH KD\ TXH UHFXUULU D ORV RUJDQL]DGRUHVSUHYLRV :LWWURFN KD VHxDODGR LJXDOPHQWH HO FDUiFWHU JHQHUDWLYR GHO DSUHQGL]DMH 6HJ~Q pO ORV VXMHWRV DSUHQGHQ PDWHULDO VLJQLILFDWLYR JHQHUDQGR R FRQVWUX\HQGRUHODFLRQHVHQWUHODQXHYDLQIRUPDFLyQ\HOFRQRFLPLHQWRDOPDFHQDGR HQODPHPRULDDODUJRSOD]R (VWDV HODERUDFLRQHV YHUEDOHV R LPDJLQDWLYDV RFXUUHQ FXDQGR HO HVWXGLDQWH EXVFD GHVFXEULU ODUHJOD R OD UHODFLyQ VXE\DFHQWHVDFDQGRLQIHUHQFLDV GH ODUHJOD DSOLFiQGROD SUREiQGROD UHODFLRQiQGROD FRQ RWUDV UHJODV \ FRQ OD H[SHULHQFLD (O PHFDQLVPRSULQFLSDOGHHVWDWHRUtDVHUtDODSURGXFFLyQGHLQIHUHQFLDVSRUSDUWHGHO HVWXGLDQWHVREUHODVUHODFLRQHVSRWHQFLDOHV\OXHJREXVFDUDFWLYDPHQWHIHHGEDFN VREUHODDGHFXDFLyQGHHVWDVUHODFLRQHV %UDQVIRUG VXJLHUH TXH OD FRPSUHQVLyQ VLJQLILFDWLYD LPSOLFD OD DGTXLVLFLyQ GH QXHYD LQIRUPDFLyQ TXH HV GLItFLO VL QR LPSRVLEOH H[SOLFDU SRU HO PRGR WUDGLFLRQDO GH OD PHWiIRUD GH OD PHPRULD (VWR HV HO FRQRFLPLHQWR VH DGTXLHUHLQLFLDOPHQWHHQXQFRQWH[WRHVSHFtILFRSDUDFRPSUHQGHUTXpRFXUUHHVWH FRQRFLPLHQWRGHEHVHUPiVDEVWUDFWRGHIRUPDTXHSXHGDVHUUHODFLRQDGRFRQXQD VHULH GH VLWXDFLRQHV GLIHUHQWHV 1R VH VXJLHUH XQ PHFDQLVPR SDUD HVWH SURFHVR GH GHVFRQWH[WXDOL]DFLyQSHURVHVXJLHUHTXHORVFRQFHSWRV\HOFRQRFLPLHQWROOHJXHQD VHUDEVWUDFWRVDILQGHVHUXWLOL]DGRVSDUDFODVLILFDUPiVVLWXDFLRQHV\VtVHxDODOD LPSRUWDQFLDGHTXHHOHVWXGLDQWHHQFXHQWUHHMHPSODUHVUHOHYDQWHV 19 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $FWXDOPHQWHODDXWRUUHJXODFLyQGHODSUHQGL]DMHHVFDGDYH]PiVLPSRUWDQWH HQHOFRQWH[WRHVFRODU(VWRLPSOLFDTXHORVDOXPQRVSDUWLFLSDQDFWLYDPHQWHHQVX SURFHVR GH DSUHQGL]DMH PRQLWRUL]DQGR \ UHJXODQGR HVWRV SURFHVRV KDFLD ORV SURGXFWRV5RVDULR1~xH]\*RQ]iOH]3LHQGD5RVDULR0RXUDR7ULJR1~xH] \ *RQ]iOH]3LHQGD (V SRU WDQWR XQ SURFHVR GH DXWRGLUHFFLyQ D WUDYpV GHO FXDOORVDOXPQRVWUDQVIRUPDQVXVDSWLWXGHVPHQWDOHVHQFRPSHWHQFLDVDFDGpPLFDV \ HQ HVWH SURFHVR SXHGHQ LQWHUYHQLU HQVHxDQGR GLUHFWDPHQWH R PRGHODQGR ORV SDGUHV SURIHVRUHV R ORV FRPSDxHURV 9DOOH &DEDQDFK 5RGUtJXH] 1~xH] \ *RQ]iOH]3LHQGD /RVDOXPQRVDXWRUHJXODGRUHVVHFHQWUDQHQVXSDSHOFRPRDJHQWHHOp[LWR DFDGpPLFR GHSHQGH VREUH WRGR GH OR TXH FRQVWUX\DQ %DQGXUD (Q HVWH VHQWLGR DFWLYDQ DOWHUDQ \ PDQWLHQHQ HVWUDWHJLDV GH DSUHQGL]DMH HQ ORV GLYHUVRV FRQWH[WRV (QFDUDQ HO DSUHQGL]DMH FRPR XQD DFWLYLGDG TXH VH GHVDUUROOD SURDFWLYDPHQWH LPSOLFDQGR SURFHVRV GH DXWRLQLFLDWLYD PRWLYDFLRQDO FRPSRUWDPHQWDO \ PHWDFRJQLWLYRV PiV TXH SURFHVRV UHDFWLYRV HVWLPXODGRV SRU UHDFFLyQDODHQVHxDQ]D &XDQGR ORV DOXPQRV QR HVWiQ YLQFXODGRV D XQ HQWUHQDPLHQWR DXWRUUHJXODWRULRH[SOtFLWRHLQWHQFLRQDOHQHOWUDEDMRGHODXODHQODUHDOL]DFLyQGH ORVGHEHUHV\HQHOHVWXGLRSHUVRQDOJHQHUDOPHQWHGHVDUUROODQWpFQLFDVSHUVRQDOHV SDUD LQFUHPHQWDU VX p[LWR HVFRODU 0XFKRV GH HVWRV DOXPQRV WLHQGHQ HQ OD UHDOL]DFLyQ GH HMHUFLFLRV HVFULWRV \ H[iPHQHV D VREUHHVWLPDU HO SURFHVR GH SUHSDUDFLyQ HM OH\HQGR UHVXPLHQGR UHYLVDQGR ODV PDWHULDV HWFVXEHVWLPDQGR HO SURFHVR GH UHDOL]DFLyQ GH ORV HMHUFLFLRV HVFULWRV HM QR UHOH\HQGR FRQ VXILFLHQWH FXLGDGR ODV FXHVWLRQHV GHO HQXQFLDGR GHO HMHUFLFLR HVFULWR GHMDQGR ROYLGDGDV DOJXQDVSUHJXQWDVGHUHVSXHVWDFRQRFLGDHWF 3RU ~OWLPR SDUHFH GHPRVWUDGR TXH QR VH SURGXFH DSUHQGL]DMH HQ XQ QLYHO VXSHULRU FXDQGR ODV XQLGDGHV LQIHULRUHV QR KDQ VLGR WRGDYtD DGTXLULGDV /D LPSRUWDQFLDGHHVWDHVWUXFWXUDMHUDUTXL]DGDUHVLGHHQODSRVLELOLGDGGHHVWDGLRVGH WUDQVIHUHQFLD GH DSUHQGL]DMH HV GHFLU GHWHFWDU HQ TXp PHGLGD HO GRPLQLR GH ODV FDSDFLGDGHV DQWHULRUHV SHUPLWH DVHJXUDU HO DSUHQGL]DMH GH ODV KDELOLGDGHV 20 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO SRVWHULRUHV \ KDVWD TXp SXQWR DTXHOODV VH WUDQVILHUHQ D HVWDV ~OWLPDV $Vt HO FRQRFLPLHQWR GH OD GLYLVLyQ GHSHQGH GHO FRQRFLPLHQWR GH OD PXOWLSOLFDFLyQ \ HVWD GHOFRQRFLPLHQWRGHODVXPD 3DUHFH OyJLFR SHQVDU TXH HO DSUHQGL]DMH HVFRODU HVWi FRRUGLQDGR FRQ ORV DSUHQGL]DMHV UHDOL]DGRV HQ OD FDOOH R HQ OD IDPLOLD FRRUGLQDFLyQ KRUL]RQWDO \ WDPELpQ FRQ ORV DSUHQGL]DMHV SDVDGRV \ IXWXURV GHO VXMHWR FRRUGLQDFLyQ ORQJLWXGLQDO \ YHUWLFDO SDUD IDYRUHFHU OD DVLPLODFLyQ GH ORV FRQWHQLGRV \ OD LGHQWLGDGGHOHVWXGLDQWHVHSRGUtDORJUDUPHMRUVLHODSUHQGL]DMHSURFHGLHVHQRHQ IRUPD OLQHDO VLQR HQ IRUPD UHFXUUHQWH HQ HVSLUDO SDUWLHQGR GH XQD HVWUXFWXUD EiVLFD TXH VH YD HQVDQFKDQGR SURJUHVLYDPHQWH FRQ HO WLHPSR FRPR FRPHQWD %UXQHU 3DUDTXHHODSUHQGL]DMHIXQFLRQHDGHFXDGDPHQWHHVHVHQFLDOODSDUWLFLSDFLyQ DFWLYD GHO DOXPQR \ OD PHMRU PDQHUD GH ORJUDUOR VHUtD IDYRUHFHU WRGR OR TXH VH SXHGDHODSUHQGL]DMHSRUGHVFXEULPLHQWR3HURHVWRREOLJDDSUHVHQWDUODPDWHULD LQVWUXFFLRQDO FRPR XQ GHVDItR D OD LQWHOLJHQFLD GHO HVWXGLDQWH TXH KDEUi GH HVWDEOHFHU UHODFLRQHV UHVROYHU SUREOHPDV \ WUDQVIHULU OR DSUHQGLGR /R PiV SHUVRQDO GHO KRPEUH HV OR TXH GHVFXEUH SRU Vt PLVPR \ HVWH GHVFXEULPLHQWR GHVDUUROODVXFDSDFLGDGPHQWDO /RV PDWHULDOHV LQVWUXFFLRQDOHV GHEHUtDQ VHU SXHV SUHVHQWDGRV GH PDQHUD KHXUtVWLFD KLSRWpWLFD PiV TXH H[SRVLWLYD 'HVFXEULU DOJR TXH HV GLVWLQWR GH DSUHQGHUDOJRVREUHDOJRFRQYLHUWHDOVXMHWRHQXQVHULQGHSHQGLHQWHDXWyQRPR\ VDWLVIHFKRSRUVXGHVFXEULPLHQWRGHVDUUROOiQGROHDVtODPRWLYDFLyQLQWUtQVHFD 'HHVWDIRUPDODVPDWHULDVHVFRODUHVVHFRQYHUWLUiQHQXQPRGRGHSHQVDU VREUH ORV IHQyPHQRV REMHWR GH HVWXGLR \ HVWR H[LJH HQVHxDU HQ IRUPD GH SURSRVLFLRQHV JHQHUDWLYDV ELHQ VHD XWLOL]DQGR UHJODV H[SOtFLWDV R ELHQ H[LJLHQGR KDFHU LQIHUHQFLDV (Q HVWH VHQWLGR VH SRGtD DILUPDU FRPR OR KDFH %UXQHU TXHVHSXHGHHQVHxDUFXDOTXLHUFRVDDFXDOTXLHUSHUVRQDVLHPSUHTXHVHKDJDGH PDQHUDDGHFXDGD 21 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV UDVJRV SULQFLSDOHV VREUH HO DSUHQGL]DMH VLJQLILFDWLYR VRQ ORV VLJXLHQWHV %UXQHU$XVXEHO (Q SULPHU OXJDU HO DSUHQGL]DMH HV XQ SURFHVR VRFLDOPHQWH PHGLDGR (O HVWXGLDQWH SDUD DSUHQGHU VLJQLILFDWLYDPHQWH GHEH HVWDEOHFHU FRQH[LRQHV HQWUH HO FRQRFLPLHQWR QXHYR \ ORV \D H[LVWHQWHV HQVXHVWUXFWXUD PHQWDO (VWDV FRQH[LRQHV UHTXLHUHQ XQD DFWLYLGDG PHQWDO DFWLYLGDG TXH VH YH IDFLOLWDGD SRU OD PHGLDFLyQ VRFLDOHOLQSXWGHORVSURIHVRUHVDGXOWRVHLJXDOHVTXHHPSXMDDORVHVWXGLDQWHV PiV DOOiGH OR TXH SXHGHQ KDFHUVRORV SHUR QR WDQWR FRPRSDUD LUPiV DOOi GH VX FRPSUHQVLyQ (V HQ HVWD ]RQD GRQGH VH FRQVWUX\H HO DSUHQGL]DMH XQD LQWHUDFFLyQ HQWUHORTXH\DVHFRQRFH\ODVLQWHUSUHWDFLRQHVGHORVRWURV (Q VHJXQGR OXJDU RWUR UDVJR LPSRUWDQWH GHO DSUHQGL]DMH GHO TXH FXHVWD PXFKRFRQYHQFHUDORVHVWXGLDQWHVHVVXFDUiFWHU DFWLYR HVGHFLUODQHFHVLGDGGH TXHHOHVWXGLDQWHSDUDDSUHQGHUHVWpFRPSURPHWLGRDFWLYDPHQWH<HVTXHQRKD\ QLQJXQD SRVLELOLGDG GH HYLWDU OD SDUWLFLSDFLyQ DFWLYD VL XQR TXLHUH FRQVHJXLU HO YHUGDGHUR SURGXFWR GHO DSUHQGL]DMH 6L HO HVWXGLDQWH GHFLGH QR SDUWLFLSDU HO DSUHQGL]DMHQRVHSURGXFH<HVWRDXQTXHVHDREYLRSDUDORVDGXOWRVQRORHVWDQWR SDUDORVHVWXGLDQWHV /D SDUWLFLSDFLyQ HQ HO DSUHQGL]DMH UHTXLHUH OD DFWLYDFLyQ \ UHJXODFLyQ GH PXFKRV IDFWRUHV DGLFLRQDOHV FRPR OD PRWLYDFLyQ HO FRQRFLPLHQWR SUHYLR ODV LQWHUDFFLRQHV OD QXHYD LQIRUPDFLyQ ODV KDELOLGDGHV \ HVWUDWHJLDV $GHPiV ORV HVWXGLDQWHV GHEHQ KDFHU SODQHV FRQWURODU HO SURJUHVR \ HPSOHDU KDELOLGDGHV \ HVWUDWHJLDV DVt FRPR RWURV UHFXUVRV PHQWDOHV SDUD SRGHU DOFDQ]DU VXV PHWDV (O DSUHQGL]DMH UHTXLHUH HVIXHU]R \ VREUH WRGR UHTXLHUH TXH HO HVWXGLDQWH PDQLSXOH PHQWDOPHQWHHOFRQRFLPLHQWR /RVHVWXGLDQWHVTXHQRHVWiQLPSOLFDGRVDFWLYDPHQWHWLHQGHQDTXHGDUVHHQ HO QLYHO GHO SULQFLSLDQWH \ UHVSRQGHQ D ODV WDUHDV DSR\iQGRVH HQ UDVJRV YLVLEOHV VXSHUILFLDOHV \ FRQFUHWRV PiV TXH KDFLHQGR LQIHUHQFLDV R LGHQWLILFDQGR SULQFLSLRV TXHHVPiVWtSLFRGHORVLQGLYLGXRVDYDQ]DGRV6LQXQDLPSOLFDFLyQDFWLYDQRWLHQH 22 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO OXJDUODH[SHULHQFLDGHDSUHQGL]DMHVLJQLILFDWLYR 3DUD TXH HVWD H[SHULHQFLD VH SURGX]FD HO HVWXGLDQWH GHEH FRGLILFDU VHOHFWLYDPHQWH ORV HVWtPXORV LQIRUPDWLYRV RUJDQL]DU ORV PDWHULDOHV VREUH EDVHV REMHWLYDV R VXEMHWLYDV EXVFDU ODV UHVSXHVWDV DSURSLDGDV FRQWURODU HO SURFHVR \ HYDOXDU ORV UHVXOWDGRV ILQDOHV (O DSUHQGL]DMH HV XQ SURFHVR DFWLYR SRUTXH HO HVWXGLDQWHGHEHUHDOL]DUGHWHUPLQDGDVDFWLYLGDGHVPLHQWUDVSURFHVDODLQIRUPDFLyQ HQWUDQWHSDUDDSUHQGHUHOPDWHULDOGHXQDPDQHUDVLJQLILFDWLYD 6L VH WXYLHUD TXH UHVXPLU EUHYHPHQWH ODV GLPHQVLRQHV FHQWUDOHV GH OD LPSOLFDFLyQDFWLYDGHOHVWXGLDQWHHQHODSUHQGL]DMHVHGHVWDFDUtDQHQWUHRWUDVODV VLJXLHQWHV OD IRUPXODFLyQ GH PHWDV OD RUJDQL]DFLyQ GHO FRQRFLPLHQWR OD FRQVWUXFFLyQGHVLJQLILFDGR\ODXWLOL]DFLyQGHHVWUDWHJLDV (Q WHUFHU OXJDU SDUD TXH HO DSUHQGL]DMH WHQJD OXJDU HO HVWXGLDQWH GHEH WHQHU XQD PHWD FRPR SRU HMHPSOR ´FRPSUHQGHU R FRPSOHWDU XQD WDUHD \ HVWDU DFWLYDPHQWH FRPSURPHWLGR WUDWDQGR GH DOFDQ]DU HVD PHWDµ /RV HVWXGLDQWHV DYDQ]DGRV VDEHQ TXH HO SURFHVR GH FRQRFLPLHQWR LPSOLFD DQDOL]DU OD WDUHD GH DSUHQGL]DMHTXHLQFOX\HODPHWD\ODVFRQGLFLRQHVSDUDORJUDUODGLYLGLUODPHWDHQ VXEPHWDV \ GLVHxDU XQ SODQ DSURSLDGR SDUD DOFDQ]DU OD PHWD R OD VXEPHWD /DV PHWDV GHWHUPLQDQ D TXp HVWtPXORV UHVSRQGHUi HO HVWXGLDQWH \ D FXiOHV QR /RV HVWXGLDQWHVHYDO~DQORTXHKDQDSUHQGLGRSDUDGHWHUPLQDUVLKDQORJUDGRRQRODV PHWDVGHODSUHQGL]DMHTXHVHKDEtDQSURSXHVWR/DVPHWDVDFDGpPLFDVGHWHUPLQDQ VLVHSURGXFLUiRQRHODSUHQGL]DMHDVtFRPRODFODVHGHDFWLYLGDGPHQWDOQHFHVDULD SDUDHODSUHQGL]DMH 'HHVWDIRUPDHODSUHQGL]DMHUHVXOWDVHUXQSURFHVRRULHQWDGRDODPHWDHV GHFLULQWHQFLRQDO(VWHFDUiFWHUSURSRVLWLYRGHODSUHQGL]DMHYLHQHDFHQWXDGRSRUODV FRUULHQWHVDFWXDOHVTXHSRQHQGHUHOLHYHODSUHVHQFLDGHLQVWDQFLDVPHWDFRJQLWLYDV UHODWLYDV DO FRQRFLPLHQWR SRU SDUWH GHO VXMHWR GH ORV SURFHVRV LPSOLFDGRV HQ HO DSUHQGL]DMH FRQRFLPLHQWR GHO SURSLR VXMHWR FRPR HVWXGLDQWH GH ODV WDUHDV D UHDOL]DU \ GH ODV HVWUDWHJLDV TXH FRQYLHQH XWLOL]DU HQ FDGD PRPHQWR FRPR D ODV 23 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO LQVWDQFLDV GH FRQWURO TXH SODQLILFDQ UHJXODQ \ HYDO~DQ HO SURFHVR PLVPR GH DSUHQGL]DMH 3DULV \ %\UQHV KDQ VHxDODGR VHLV SULQFLSLRV TXH GHVFULEHQ OD KHUHQFLDFRP~QGHOFRQVWUXFWLYLVPR$FRQWLQXDFLyQVHGHWDOODQ +D\XQDPRWLYDFLyQLQWUtQVHFDSDUDEXVFDULQIRUPDFLyQ6HWUDWDSXHVGH XQRUJDQLVPRDFWLYRTXHDFW~DVREUHHODPELHQWHPiVTXHUHDFWLYRDODPELHQWH /D FRPSUHQVLyQ YD PiV DOOi GH OD LQIRUPDFLyQ GDGD 6H GHVWDFD OD LPSRUWDQFLDGHLUPiVDOOiGHORGDGRHQHOWH[WRPiVDOOiGHOVHQWLGROLWHUDO /DVUHSUHVHQWDFLRQHVPHQWDOHVFDPELDQFRQHOGHVDUUROOR(VWRTXLHUHGHFLU TXHODVH[SHULHQFLDVVHDEVWUDHQ\VHDOPDFHQDQFRPRUHSUHVHQWDFLRQHVPHQWDOHV SHUR OD IRUPD GH HVWD UHSUHVHQWDFLyQ FDPELD FRQ HO GHVDUUROOR GHVGH ODV UHSUHVHQWDFLRQHV VHQVRPRWyULFDV \ SHUFHSWLYDV KDVWD ODV UHSUHVHQWDFLRQHV EDVDGDVHQVtPERORVHLPiJHQHV +D\UHILQDPLHQWRVSURJUHVLYRVHQORVQLYHOHVGHFRPSUHQVLyQ(VWRVLJQLILFD TXHODFRPSUHQVLyQQXQFDHVILQDO/DUHDOLGDGQRTXHGDFRSLDGDHQODPHQWH0iV ELHQ KD\ XQ FLHUWR \ FRQVWDQWH HTXLOLEULR HQWUH HO FRQRFLPLHQWR SUHYLR \ HO FRQRFLPLHQWR QXHYR $OJXQRV GH HVWRV UHILQDPLHQWRV VRQ HVWLPXODGRV SRU OD UHRUJDQL]DFLyQ LQWUtQVHFD R OD UHIOH[LyQ \ RWURV SRU OD H[SHULHQFLD ItVLFD OD RULHQWDFLyQVRFLDORORVGDWRVQXHYRV (ODSUHQGL]DMHHVWiFRQGLFLRQDGRSRUHOGHVDUUROOR(QWUDSRUWDQWRHQMXHJR OD GLVSRVLFLyQ SHUR QR WDQWR OD GLVSRVLFLyQ PDGXUDWLYD FRPR OD GLVSRVLFLyQ FRJQLWLYD HV GHFLU OD LQIOXHQFLD GHO FRQRFLPLHQWR SUHYLR \ GH ODV H[SHULHQFLDV'H KHFKR OD LQWHUDFFLyQ HQWUH HO SRWHQFLDO GHO LQGLYLGXR \ VX DFFLyQ FRQVWLWX\H ´HO FRUD]yQµ PLVPR GHO FRQVWUXFWLYLVPR (V OD =RQD GH 'HVDUUROOR 3Uy[LPR ='3 GH 9\JRWVN\ TXH GHILQH OD GLVSRVLFLyQ FRPR OD GLIHUHQFLD HQWUH OR TXH HO LQGLYLGXR SXHGH KDFHU LQGHSHQGLHQWHPHQWH \ OR TXH SXHGH KDFHU FRQ D\XGD GH RWURV /D UHIOH[LyQ \ OD UHFRQVWUXFFLyQ HVWLPXODQ HO DSUHQGL]DMH 1R VH QLHJD OD LPSRUWDQFLD GH OD RULHQWDFLyQ VRFLDO \ GH OD LQVWUXFFLyQ GLUHFWD SHUR VH DFHQW~D VREUHWRGRODPRWLYDFLyQLQWUtQVHFDSDUDUHH[DPLQDUODFRQGXFWD\HOFRQRFLPLHQWR GHXQRPLVPR 24 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q FXDUWR OXJDU HO DSUHQGL]DMH HV WDPELpQ HVWUDWpJLFR HV GHFLU H[LJH XWLOL]DUGLYHUVDVHVWUDWHJLDVGHSURFHVDPLHQWRTXHIDFLOLWDQHOFRPSRQHQWHGHDXWR JRELHUQRGHODSUHQGL]DMH\HOFRPSRQHQWHGHOSHQVDPLHQWR/RVHVWXGLDQWHVXWLOL]DQ HVWUDWHJLDV JHQHUDOHV FRPR RUJDQL]DU HODERUDU UHSHWLU FRQWURODU HYDOXDU HWF (VWDVHVWUDWHJLDVVRQFUXFLDOHVSDUDHODSUHQGL]DMHHILFD]6LQHOODVHODSUHQGL]DMH SXHGHVXIULUJUDYHVGHWHULRURV (OSURGXFWRGHODSUHQGL]DMHHVXQFDPELRHQODIRUPDGHFRQRFLPLHQWRXQD QXHYD \ SURIXQGD FRPSUHQVLyQ $Vt HO DSUHQGL]DMH PHFiQLFR QR HV XQ HMHPSOR GH DSUHQGL]DMH8WLOL]DUHOYRFDEXODULR\FRQRFHUVXILFLHQWHLQIRUPDFLyQSDUDFRQVHJXLU XQDEXHQDQRWDHQXQDSUXHEDREMHWLYDQRHVHTXLYDOHQWHDFRPSUHQGHUXQFXHUSR GH FRQRFLPLHQWR &XDQGR KD\ FRPSUHQVLyQ XQR SXHGH SHQVDU FRQ \ VREUH HO FRQRFLPLHQWR VXJLULHQGR TXH OD SUXHED UHDO GHO DSUHQGL]DMH HV OD FRPSUHQVLyQ GHPRVWUDGDSRUODKDELOLGDGGHXVDUHOFRQRFLPLHQWR (Q TXLQWR OXJDU HO DSUHQGL]DMH HV XQ SURFHVR VLJQLILFDWLYR \D TXH HQ HO DSUHQGL]DMH OR TXH FRQVWUXLPRV QR VRQ DVRFLDFLRQHV HQWUH XQ HVWtPXOR \ XQD UHVSXHVWD VLQR VLJQLILFDGRV (O VXMHWR DO DSUHQGHU H[WUDH VLJQLILFDGRV GH VX H[SHULHQFLD GH DSUHQGL]DMH 0iV TXH DGTXLULU FRQGXFWDV OR TXH DGTXLULPRV VRQ FRQRFLPLHQWRVGHPDQHUDTXHODFRQGXFWDVHUiXQDFRQVHFXHQFLDGHODSUHQGL]DMH\ QRORDSUHQGLGRGLUHFWDPHQWHGHpO$KRUDELHQHOFRQRFLPLHQWRHVWiUHSUHVHQWDGR SRU HVWUXFWXUDV FRJQLWLYDV FRPSOHMDV R UHGHV VHPiQWLFDV LQIRUPDWLYDV TXH HVSHFLILFDQODVUHODFLRQHVHQWUHGLYHUVRVKHFKRV\DFFLRQHV 3DUDDGTXLULUVLJQLILFDGRVHODSUHQGL]DMHWLHQHTXHVHUQHFHVDULDPHQWHXQ SURFHVRLQWHUDFWLYRSXHVHOFRQRFLPLHQWRTXHVHYDDDSUHQGHUWLHQHTXHHQWUDUHQ UHODFLyQ FRQ ORV FRQRFLPLHQWRV \D DGTXLULGRV SRU HO VXMHWR SRVLELOLWDQGR GH HVWD IRUPDHOFDUiFWHULQWHJUDGRUGHODSUHQGL]DMH (Q HVWH VHQWLGR WDQWR R PiV TXH OR TXH VH YD D DSUHQGHU LPSRUWD OR \D DSUHQGLGR SRU HO VXMHWR FRPR VH VHxDODED DQWHULRUPHQWH /RV HVTXHPDV R HVWUXFWXUDVRUJDQL]DGDVGHOVXMHWRHQHOPRPHQWRGHDSUHQGHUHOQXHYRPDWHULDO 25 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO GHWHUPLQDQ OR TXH HO HVWXGLDQWH DSUHQGHUi \ DGTXLULUi HV GHFLU HO FRQRFLPLHQWR TXHHOVXMHWRYDDFRQVWUXLUDOHVWXGLDUODWDUHD 3RU ~OWLPR HO DSUHQGL]DMH HV XQ SURFHVR FRPSOHMR XQ SURFHVR GH SURFHVRV HVWR VLJQLILFD TXH OD DGTXLVLFLyQ GH XQ FRQRFLPLHQWR GHWHUPLQDGR H[LJH OD UHDOL]DFLyQ GH GHWHUPLQDGDV DFWLYLGDGHV PHQWDOHV TXH GHEHQ VHU DGHFXDGDPHQWH SODQLILFDGDVSDUDFRQVHJXLUODVH[SHFWDWLYDVDELHUWDVHQHOPRPHQWRLQLFLDO$KRUD ELHQQRWRGRVORVVXMHWRVFRQRFHQQLGRPLQDQHVRVSURFHVRVGHDSUHQGL]DMH3RUHVR OD SVLFRORJtD FRJQLWLYD VH KD SUHRFXSDGR HQ ORV ~OWLPRV DxRV SRU LGHQWLILFDU ORV SURFHVRVFRJQLWLYRVGHORVVXMHWRVPLHQWUDVDSUHQGHQ /DLGHQWLILFDFLyQ\GLDJQyVWLFRGHHVWRVSURFHVRVHVORTXHSHUPLWLUiDUELWUDU SURJUDPDV GH PHMRUD \ GH LQWHUYHQFLyQ HGXFDWLYD (VWD HV OD YHUGDGHUD LQWHUSUHWDFLyQ GH OD PHMRUD GH OD FDOLGDG GHO DSUHQGL]DMH \ DTXt HV GRQGH WLHQHQ VHQWLGRODVHVWUDWHJLDV &RPR VH SXHGH REVHUYDU FDGD SURFHVR FRUUHVSRQGH D XQ PRPHQWR R IDVH FRQFUHWD GHO DSUHQGL]DMH \ SXHGH YHUVH IDYRUHFLGR SRU GLYHUVDV LQLFLDWLYDV GHO SURIHVRUH[FHSWRHQHOFDVRGHODUHWHQFLyQ )LJXUD )LJXUD GH SURFHVRV GH DSUHQGL]DMH GHO PRGHOR GH DSUHQGL]DMH \ HQVHxDQ]D 26 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /D FRQVWUXFFLyQ GHO FRQRFLPLHQWR QR HV DOJR LQVWDQWiQHR LQPHGLDWR VLQR PiV ELHQ XQ SURFHVR GHO TXH IRUPDQ SDUWH PXFKRV \ PX\ GLIHUHQWHV HOHPHQWRV 3RGHPRV YHU HVWHSURFHVRGH FRQVWUXFFLyQ DOPHQRVGHVGHFXDWUR SXQWRVGH YLVWD GLIHUHQWHV FRQWH[WXDO FRPSUHQVLYR ©GLVSRVLFLRQDOª \ HVWUDWpJLFR %HOWUiQ \ 9HJD (QSULPHUOXJDUSRGHPRVYHUORGHVGHHOSXQWRGHYLVWDGHTXLHQORWLHQHTXH GLVHxDU HO SURIHVRU TXH KD GH GHILQLU \ DGDSWDU ORV HOHPHQWRV HVHQFLDOHV TXH OR IDYRUHFHQ \ OR KDFHQ SRVLEOH FRPR ODV LGHDV SUHYLDV ODV SUHJXQWDV ODV WDUHDV HVFRODUHVRHOWUDEDMRFRRSHUDWLYR(VWDHVXQDSHUVSHFWLYDFRQWH[WXDOSRUTXHKDFH UHIHUHQFLDDORVHOHPHQWRVGHOFRQWH[WRHGXFDWLYRTXHFRQWULEX\HQDODFRQVWUXFFLyQ GHOFRQRFLPLHQWR (Q VHJXQGR OXJDU HQ HO SURFHVRGH FRQVWUXFFLyQ GHO FRQRFLPLHQWR KD\ TXH WHQHU HQ FXHQWD ORV HIHFWRV TXH WLHQH HQ HO VXMHWRTXH FRQVWUX\H HVH FRQRFLPLHQWR (V GHFLU KD\ TXH WRPDU HQ FRQVLGHUDFLyQ OD FRPSUHQVLyQ GHO FRQRFLPLHQWR TXH HO DOXPQR WLHQH FRPR FRQVHFXHQFLD GH HVD FRQVWUXFFLyQ \ FyPR VH SXHGH IDYRUHFHU GHVGH OD HQVHxDQ]D GLFKD FRPSUHQVLyQ &XDQGR DOJXLHQ DSUHQGH \ FRPSUHQGH SXHGHKDFHUDOJRFRQHVHFRQRFLPLHQWRH[SOLFDUORMXVWLILFDUOR\DSOLFDUOR3HUNLQV (Q WHUFHU OXJDU HO SURFHVR GH FRQVWUXFFLyQ GHO FRQRFLPLHQWR SXHGH FRQVLGHUDUVH GHVGH OD YHUWLHQWH GH ODV GLVSRVLFLRQHV 7RGRV ORV SODQWHDPLHQWRV DQWHULRUHVVHUiQLPSRVLEOHVVLQODGLVSRVLFLyQGHOVXMHWRSDUDHQOXJDUGHUHSHWLUR UHSURGXFLUODLQIRUPDFLyQTXHWLHQHGHODQWHVLQRFRQVWUXLUOD(,FRQVWUXLULPSOLFD HVIXHU]R DXWRQRPtD \ XQD EXHQD FDSDFLGDG SDUD DVXPLU ORV ULHVJRV GH HVD FRQVWUXFFLyQ R LQWHUSUHWDFLyQ SHUVRQDO GH OD UHDOLGDG (VWD HV OD SHUVSHFWLYD GLVSRVLFLRQDO 3RU~OWLPRHOSURFHVRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRSXHGHYHUVHWDPELpQ GHVGH OD SHUVSHFWLYD GH ODV KHUUDPLHQWDV TXH VH HPSOHDQ SDUD UHDOL]DU HVD FRQVWUXFFLyQ HV GHFLU D ODV HVWUDWHJLDV R KHUUDPLHQWDV PHQWDOHV TXH SHUPLWHQ WUDQVIRUPDU OD LQIRUPDFLyQ HQ FRQRFLPLHQWR \ FRQVWUXLUOR VLJQLILFDWLYDPHQWH VHOHFFLRQDURUJDQL]DU\HODERUDUORVGDWRVLQIRUPDWLYRVSDUDH[WUDHUGHHOORVDOJ~Q VLJQLILFDGR 27 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7UDGLFLRQDOPHQWH KD H[LVWLGR XQD VHSDUDFLyQ FDVL DEVROXWD HQWUH ORV DVSHFWRVFRJQLWLYRV\ORVDIHFWLYRPRWLYDFLRQDOHVDODKRUDGHHVWXGLDUVXLQIOXHQFLD HQHODSUHQGL]DMHHVFRODU (QODDFWXDOLGDGQRREVWDQWHH[LVWHXQFUHFLHQWHLQWHUpVHQHVWXGLDUDPERV WLSRV GH FRPSRQHQWHV GH IRUPD LQWHJUDGD 6HSXHGHDILUPDU TXH HO DSUHQGL]DMHVH FDUDFWHUL]D FRPR XQ SURFHVR FRJQLWLYR \ PRWLYDFLRQDO D OD YH] &DEDQDFK HW DO SS HQ FRQVHFXHQFLD HQ OD PHMRUD GHO UHQGLPLHQWR DFDGpPLFR GHEHPRV WHQHUHQFXHQWDWDQWRORVDVSHFWRVFRJQLWLYRVFRPRORVPRWLYDFLRQDOHV 3DUD DSUHQGHU HV LPSUHVFLQGLEOH SRGHU KDFHUOR OR FXDO KDFH UHIHUHQFLD D ODV FDSDFLGDGHV ORV FRQRFLPLHQWRV ODV HVWUDWHJLDV \ ODV GHVWUH]DV QHFHVDULDV FRPSRQHQWHV FRJQLWLYRV 3HUR DGHPiV HV QHFHVDULR TXHUHU KDFHUOR WHQHU OD GLVSRVLFLyQODLQWHQFLyQ\ODPRWLYDFLyQVXILFLHQWHVDVtFRPRHVWDEOHFHUXQDPHWD GH UHQGLPLHQWR R DFDGpPLFD FRPSRQHQWHV PRWLYDFLRQDOHV 1~xH] \ *RQ]iOH] 3XPDULHJD /RV HVSHFLDOLVWDV PiV GHVWDFDGRV HQ HVWH FDPSR GH LQYHVWLJDFLyQ FRPR 3DULV /LSVRQ \ :L[VRQ 3LQWULFK \ 'H *URRW FRQFOX\HQ TXH SDUD WHQHU EXHQRV UHVXOWDGRV DFDGpPLFRV ORV DOXPQRV QHFHVLWDQ SRVHHUWDQWRYROXQWDGZLOOFRPRKDELOLGDGVNLOO 3RU RWUDSDUWH HV QHFHVDULRGHVWDFDU TXH HO DSUHQGL]DMH HVFRODU GHVGH XQD YLVLyQ FRQVWUXFWLYLVWD QR TXHGD HQ DEVROXWR UHGXFLGR H[FOXVLYDPHQWH DO SODQR FRJQLWLYR HQ VHQWLGR HVWULFWR VLQR TXH KD\ TXH FRQWDU WDPELpQ FRQ RWURV DVSHFWRV PRWLYDFLRQDOHV FRPR ODV LQWHQFLRQHV ODV PHWDV ODV SHUFHSFLRQHV \ ODV FUHHQFLDV TXHWLHQHHOVXMHWRTXHDSUHQGH 3RU HOOR HQWHQGHU HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH FRPR XQ SURFHVR VHFXHQFLDOLQWHUDFWLYRHLQWHUGHSHQGLHQWHSXHGHFRQWULEXLUDUHGHILQLU\DHMHFXWDU PHMRU ODV WDUHDV HGXFDWLYDV SRU SDUWH GH ORV DJHQWHV LPSOLFDGRV HQ HVWH SURFHVR SDGUHVSURIHVRUHV\DOXPQRV$ULDVGHOD)XHQWH\-XVWLFLD-XVWLFLD 28 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6LJXLHQGR ODV DSRUWDFLRQHV GH DXWRUHV FRPR %UXQHU \ $XVXEHO TXH FRPSDUWHQ OD LGHD FRQVWUXFWLYLVWD \ FRJQLWLYD GHO DSUHQGL]DMH VH FRQFLEH HO DSUHQGL]DMHHVFRODU FRPR ´XQSURFHVRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRFRJQLWLYR FRPSOHMR VXFHVLYR \ UHFXUUHQWH HQ HO FXDO HO DOXPQR GHEH WRPDU GLYHUVDV GHFLVLRQHVGHFyPRHMHFXWDUGLFKRSURFHVRGHIRUPDFRQVFLHQWHUHJXODUORSDUDTXH VHSURGX]FDXQDLQFRUSRUDFLyQVLJQLILFDWLYDGHOQXHYRFRQRFLPLHQWRDORVHVTXHPDV GHFRQRFLPLHQWRV\DH[LVWHQWHVµ)XHQWH$ULDV\0DUWtQH] 3RUWRGRHOORSDUHFHFRKHUHQWHDVXPLUFRPRXQDPHWDDFDGpPLFDGLVSHQVDU ODD\XGDVXILFLHQWHSDUDTXHORVDOXPQRVDSUHQGDQDHMHFXWDUGHIRUPDFRQVFLHQWH GLFKR SURFHVR \ FRQVHFXHQWHPHQWH SDUD TXH DGTXLHUDQ ODV GHVWUH]DV SDUD DSUHQGHU D DSUHQGHU FRQ LQGHSHQGHQFLD GH VXV SRWHQFLDOLGDGHV SHUVRQDOHV VLWXDFLRQHV IDPLOLDUHV UHQGLPLHQWR DFDGpPLFR \ GLILFXOWDGHV GH DSUHQGL]DMH TXH SUHVHQWHQ 'HVGHHVWHQXHYRPDUFRWHyULFREDVDGRHQXQDSHUVSHFWLYDVRFLRFRJQLWLYD\ GH DSUHQGL]DMH DXWRUUHJXODGR 3LQWULFK ORV SURFHVRV UHJXODGRUHV VH RUJDQL]DQHQIXQFLyQGHFXDWURIDVHVDODSODQLILFDFLyQEODDXWRREVHUYDFLyQVHOI PRQLWRULQJFHOFRQWURO\GODHYDOXDFLyQ$VXYH]GHQWURGHFDGDXQDGHHOODV ODV DFWLYLGDGHV GH DXWRUUHJXODFLyQ VH HQPDUFDQ GHQWUR GH FXDWUR iUHDV OD FRJQLWLYDODPRWLYDFLRQDODIHFWLYDODFRPSRUWDPHQWDO\ODFRQWH[WXDO (VWDV FXDWUR IDVHV UHSUHVHQWDQ SDUD 3LQWULFK XQD VHFXHQFLD JHQHUDO SRUGRQGHHODOXPQRDYDQ]DDPHGLGDTXHUHDOL]DODWDUHDSHURQRHVWiQMHUiUTXLFD R OLQHDOPHQWH HVWUXFWXUDGDV 6HJ~Q HVWH DXWRU HVWDV SXHGHQ GDUVH GH IRUPD VLPXOWiQHD\GLQiPLFDSURGXFLpQGRVHXQDP~OWLSOHLQWHUDFFLyQHQWUHORVGLIHUHQWHV SURFHVRV\FRPSRQHQWHVLQFOXLGRVHQHOODV 3RU ~OWLPR HVWD LQYHVWLJDFLyQ HVWi HQ FRQVRQDQFLD FRQ ORV QXHYRV PRGHORV GHODHQVHxDQ]D\DSUHQGL]DMHEDVDGRVHQXQDSHUVSHFWLYDVRFLRFRQVWUXFWLYLVWDGHO DSUHQGL]DMH WDOHV FRPR ODV FRPXQLGDGHV GH DSUHQGL]DMH %URZQ %URZQ \ &DPSLRQHODHVFXHODFHQWUDGDHQHODSUHQGL]/HDUQHUFHQWHUHGFODVVURRP 29 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0F&RPEV \ :KLVOHU HQ OD TXH VH GHVWDFD TXH ORV HVWXGLDQWHV WLHQHQ OD SRVLELOLGDG GH KDFHU DOJR SRU FDPELDU \ PRGLILFDU VX FRQWH[WR SRU OR TXH HVWH DVSHFWRGHEHFRQVLGHUDUVHFRPRXQDFXHVWLyQLPSRUWDQWHHQODDXWRUUHJXODFLyQGHO DSUHQGL]DMH 5HDOL]DQGR XQD UHYLVLyQ GH OD LQYHVWLJDFLyQ UHODFLRQDGD FRQ OD LPSOLFDFLyQ GH OD IDPLOLD HQ HO SURFHVR HGXFDWLYR GHO DGROHVFHQWH FRQ R VLQ GLILFXOWDGHV SDUD DSUHQGHU VH REVHUYD TXH VRQ QXPHURVRV ORV DXWRUHV TXH GHVWDFDQ OD LPSRUWDQFLD TXHODVDFWLWXGHVH[SHFWDWLYDVHLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVRHGXFDWLYR GH VXV KLMRV WLHQHQ VREUH HO UHQGLPLHQWR DFDGpPLFR HQWHQGLGR QR VyOR FRPR ORJUR GHREMHWLYRVHGXFDWLYRVRp[LWRHVFRODUVLQRFRPRFRQVHFXFLyQWDPELpQGHXQORJUR DFDGpPLFR GH UHQGLPLHQWR \ VDWLVIDFFLyQ SHUVRQDO FRPSHWHQFLD HVIXHU]R PRWLYDFLyQ LQWHUpV HVWUDWHJLD SDUD DSUHQGHU LPSOLFDFLyQ %URRNV*XQQ &KHULDQ.OHEDQRY6PLWK /RV UHVXOWDGRV GH ORV QXPHURVRV HVWXGLRV UHDOL]DGRV VREUH HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH KDQPRVWUDGR TXH H[LVWH XQD UHODFLyQ VLJQLILFDWLYD HQWUH ODLPSOLFDFLyQIDPLOLDU\HOp[LWRDFDGpPLFRGHORVHVWXGLDQWHV*RQ]iOH]3LHQGD\ 1~xH] $Vt VH VDEH TXH OD LPSOLFDFLyQ IDPLOLDU SRVLWLYD LQIOX\H HQ ODV FRQGLFLRQHVGHORVHVWXGLDQWHVSDUDXQRSWLPRDSUHQGL]DMHLQGHSHQGLHQWHPHQWHGHO FXUVRHQTXHVHHQFXHQWUHQ0XOOHU\KDFHGLVPLQXLUODSUREDELOLGDGGHTXH HOHVWXGLDQWHDEDQGRQHOD(QVHxDQ]D6HFXQGDULD0DUWtQH]\$OYDUH] $XWRUHV FRPR *RQ]iOH]3LHQGD HW DO D FRQFOX\H HQ VX LQYHVWLJDFLyQ VREUH FyPR FLHUWDV GLPHQVLRQHV GH OD LPSOLFDFLyQ GH ORV SDGUHV UHVSHFWR D OD HGXFDFLyQ GH VXV KLMRV H[SHFWDWLYDV VREUH HO UHQGLPLHQWR H[SHFWDWLYDV VREUH OD FDSDFLGDG SDUD DOFDQ]DU ORJURV LPSRUWDQWHV LQWHUpV UHVSHFWR GH ORV WUDEDMRV HVFRODUHV GH ORV KLMRV JUDGRGHVDWLVIDFFLyQ R LQVDWLVIDFFLyQFRQ HO QLYHO DOFDQ]DGR SRUORVKLMRVQLYHO\WLSRGHD\XGDTXHSUHVWDQORVSDGUHVDVXVKLMRVDODKRUDGH UHDOL]DUODVWDUHDVDFDGpPLFDVHQHOKRJDU\FRQGXFWDVGHUHIRU]DPLHQWRSRUSDUWH GHORVSDGUHVUHVSHFWRDORVORJURVGHVXVKLMRVLQFLGHQVLJQLILFDWLYDPHQWHVREUHHO UHQGLPLHQWRDFDGpPLFRGHVXVKLMRVQRGLUHFWDPHQWHVLQRLQGLUHFWDPHQWHDWUDYpV 30 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO GH VX LQIOXHQFLD VREUH YDULDEOHV SHUVRQDOHV WDOHV FRPR HO DXWRFRQFHSWR GHO HVWXGLDQWH HO SDWUyQ WtSLFR GH DWULEXFLyQ GH OD FDXVDOLGDG VREUH ORV p[LWRV \ IUDFDVRVDFDGpPLFRVSDUWLFXODUHV (O FDPELR GH SHUVSHFWLYD VREUH HO DSUHQGL]DMH HVFRODU GHVGH HO PRGHOR FRJQLWLYR DO PRGHOR GH DSUHQGL]DMH DXWRUUHJXODGR KDQ LGR RULHQWDQGR OD LQYHVWLJDFLyQVREUHODLPSOLFDFLyQIDPLOLDUHQHOHVWXGLR\HODSUHQGL]DMHHVFRODUGH ORVKLMRV0DUWtQH]3RQVGHILQHODLPSOLFDFLyQGHODIDPLOLDHQHOSURFHVRGH DXWRUUHJXODFLyQ D WUDYpV GH FXDWUR WLSRV GH FRQGXFWDV PRGHODGR FXDQGR OD FRQGXFWD GH ORV SDGUHVRIUHFH HMHPSORV GH DXWRUUHJXODFLyQ HQVXVGLYHUVDV IDVHV \ IRUPDV SDUD SRGHU VHU REVHUYDGRV H LPLWDGRV SRU VXV KLMRV HVWLPXODFLyQ R DSR\R PRWLYDFLRQDO FXDQGR ORV SDGUHV IDYRUHFHQ OD SHUVLVWHQFLD GH ORV KLMRV DQWH FRQGLFLRQHV DGYHUVDV IDFLOLWDFLyQ R D\XGD FXDQGR ORV SDGUHV IDFLOLWDQ HO DSUHQGL]DMH DSRUWDQGR UHFXUVRV \ PHGLRV \ UHFRPSHQVD FXDQGR ORV SDGUHV UHIXHU]DQ DTXHOODV FRQGXFWDV R VHFXHQFLDV TXH LPSOLTXHQ DOJ~Q JUDGR GH DXWRUUHJXODFLyQ $OJXQDVLQYHVWLJDFLRQHVDFWXDOHVUHODFLRQDGDVFRQODLPSOLFDFLyQIDPLOLDU\ VXDSR\RHQODVWDUHDVHVFRODUHVSDUDFDVDKDQFRQFOXLGRTXHORVHVWXGLDQWHVTXH UHFLEHQ HVWH DSR\R SRU SDUWH GH VXV SDGUHV PHMRUDQ VX UHQGLPLHQWR \ VXV FRPSHWHQFLDV DFDGpPLFDV HJ )HKUPDQQ .HLWK \ 5HLPHUV 5RViULR HW DO 6\PHRX8VHHP 1R GHEHPRV ROYLGDU TXH DFWXDOPHQWH VH HVWiQ GHVDUUROODQGR QXHYDV WHQGHQFLDV HQ OD HGXFDFLyQ (Q XQ LQIRUPH HODERUDGR SRU OD 1DWLRQDO 6FLHQFH )RXQGDWLRQ HQ +HI]DOODKVH H[SUHVDED OD JUDQ SUREOHPiWLFD D OD TXH VH HQIUHQWDED HO VLVWHPD HGXFDWLYR HQ (VWDGRV 8QLGRV DO WHQHU TXH UHVSRQGHU D QXHYDV QHFHVLGDGHV DQWH XQD VRFLHGDG FDPELDQWH \ TXH HYROXFLRQDED WHFQROyJLFDPHQWH (VWH LQIRUPH VHxDODED OD H[LVWHQFLD GH PXFKRV LQGLYLGXRV TXH FDUHFtDQGHODVKDELOLGDGHVQHFHVDULDVSDUDSDUWLFLSDUHQXQPXQGRWHFQROyJLFR 31 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWDVKDELOLGDGHVVRQEiVLFDVQRVRORSDUDHOp[LWRDFDGpPLFRVLQRSDUDHO ySWLPRGHVHQYROYLPLHQWRGHOLQGLYLGXRHQXQPHGLRDPELHQWHSDUDODLQWHJUDFLyQ GHODSHUVRQDDXQDQXHYDHUD /DQXHYDHUDDODTXHVHKDGHQRPLQDGRGHGLYHUVDVPDQHUDVFRPRODHUDGH ODLQIRUPDFLyQ1HJURSRQWHODGHQRPLQDHUDGHO´VHUGLJLWDOµ/DHUDGHO´VHU GLJLWDOµVLJQLILFDHODGDSWDUODWHFQRORJtDDOVHUKXPDQR\SDUDHOORHVWHGHEHHVWDU SUHSDUDGRHQWRGDVVXVGLPHQVLRQHVSDUDGDUUHVSXHVWDDODVQXHYDVQHFHVLGDGHV GH XQ PXQGR FDGD YH] PiV WHFQRORJL]DGR GH IRUPD TXH WRGRV ORV VXMHWRV FRQ LQGHSHQGHQFLD GH VXV FDUDFWHUtVWLFDV FDSDFLGDGHV KDELOLGDGHV GHVWUH]DV R FRPSHWHQFLDV SXHGDQ DFFHGHU HQ LJXDOGDG GH FRQGLFLRQHV D OD LQIRUPDFLyQ ORV PHGLRV\ORVUHFXUVRVTXHRIUHFHHVWDQXHYDHUD\DVtORFRPHQWD1HJURSRQWH ´&UHR TXH VRPRV XQD VRFLHGDG FRQ PXFKRV PHQRV QLxRV FRQ GLVFDSDFLGDG GH DSUHQGL]DMH\FRQPXFKRVPiVHQWRUQRVFRQGLVFDSDFLGDGSDUDHQVHxDUGHORTXH JHQHUDOPHQWH FUHHPRV /D FRPSXWDGRUD WLHQGH D FDPELDU HVWD UHDOLGDG EULQGiQGRQRV PHGLRV TXH QRV SHUPLWHQ OOHJDU PHMRU D QLxRV FRQ GLYHUVRV HVWLORV FRJQRVFLWLYRV\GHDSUHQGL]DMHµSS 7RGD OD LQYHVWLJDFLyQ VH FHQWUD HQ HVWD QXHYD SHUVSHFWLYD WHyULFR²SUiFWLFD GHO DSUHQGL]DMH GHVGH XQ HQIRTXH VRFLRFRQVWUXFWLYLVWD \ GH DSUHQGL]DMH DXWRUUHJXODGR TXH SUHWHQGH LQWHJUDU GH IRUPD DUPyQLFD \ GiQGROH OD PLVPD LPSRUWDQFLDDORVFRPSRQHQWHVFRJQLWLYRV\PRWLYDFLRQDOHVGHODSUHQGL]DMHQRVyOR DO LQGLYLGXR FRPR SDUWLFLSDQWH GHO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH VLQR D OD IDPLOLD TXH FRPR SXQWR GH UHIHUHQFLD FRQWH[WXDO \ GH GHVDUUROOR VRFLRSHUVRQDO \ HGXFDWLYR TXH LQWHUYLHQH HQ HO SURFHVR GH FRQVWUXFFLyQ GHO FRQRFLPLHQWR GHO DGROHVFHQWHHLQIOX\HHQODSHUFHSFLyQTXHKDFHpOPLVPRGHHVHSURFHVR (VWD LQYHVWLJDFLyQ VH EDVD HQ HVWH HQIRTXH LQWHJUDGRU GH ORV FRPSRQHQWHV FRJQLWLYRVPRWLYDFLRQDOHV \ FRQWH[WXDOHV FRPR DVSHFWRV TXH FRPR VH KD PHQFLRQDGR DQWHULRUPHQWH HQ OD LQWURGXFFLyQ SHUPLWHQ QR VyOR FRQVWUXLU FRQRFLPLHQWRV VLQR D\XGDU D ORV DGROHVFHQWHV HQ HGDG HVFRODU D IRUPDUVH FRPR 32 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO SHUVRQDV HQ XQ PXQGR FDGD YH] PiV WHFQRORJL]DGR SDUD TXH SXHGDQ GDU XQD UHVSXHVWDDGHFXDGDDODVQHFHVLGDGHV\GHPDQGDVGHOPLVPR $ FRQWLQXDFLyQ VH SDVD D GHVFULELU HO UHFRUULGR KLVWyULFR OD HYROXFLyQ GHO FRQFHSWRGHGLILFXOWDGHVGHDSUHQGL]DMHKDFLDHOGHQHFHVLGDGHVHVSHFtILFDVGHDSR\R HGXFDWLYR 1($( VXV SULQFLSDOHV FDUDFWHUtVWLFDV OD WLSRORJtD DVRFLDGD \ ORV HQIRTXHVGHHVWXGLRPiVLPSRUWDQWHVTXHDERUGDQHOUHFRUULGRKLVWyULFR 5HFRUULGR 5HFRUULGRKLVWyULFRGHOFRQFHSWR KLVWyULFRGHOFRQFHSWRGLILFXOWDGHVGHD GHOFRQFHSWRGLILFXOWDGHVGHDSUHQGL]DMH GLILFXOWDGHVGHDSUHQGL]DMH SUHQGL]DMH 6LJXLHQGR ORV HVWXGLRV \ DSRUWDFLRQHV D OD LQYHVWLJDFLyQ HGXFDWLYD GH ORV DXWRUHV %DUFD \ &DEDQDFK VH GHVFULEH D FRQWLQXDFLyQ XQD EUHYH DSUR[LPDFLyQ KLVWyULFD DO FRQFHSWR TXH RFXSD HVWD LQYHVWLJDFLyQ GLILFXOWDGHV GH DSUHQGL]DMHSS (Q &OHPHQWV SXEOLFD XQ WUDEDMR WLWXODGR ´/D GLVIXQFLyQ FHUHEUDO PtQLPDHQORVQLxRV7HUPLQRORJtDHLGHQWLILFDFLyQµ (Q HO DxR VH FUHD OD ´'LYLVLyQ SDUD QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHµ (VWD GLYLVLyQ IRUPDED SDUWH GHO ´&RQVHMR SDUD QLxRV H[FHSFLRQDOHVµ $OJXQRV GH ORV SULQFLSDOHV REMHWLYRV IXHURQ HO ORJUR GHO IRPHQWR GH OD HGXFDFLyQ \ ELHQHVWDUJHQHUDOGHORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMH (Q VH FUHD HO ´,QVWLWXWR DYDQ]DGR SDUD HO SHUVRQDO DVHVRU HQ ODV GLILFXOWDGHV GH DSUHQGL]DMHµ LQVWLWXWR GHO TXH IRUPDEDQ SDUWH DXWRUHV FRPR &UXLFNVKDQN0\NOHEXVW)URVWLJ.HSKDUW.LUN'RPDQ\'HODFDWR &UXLFNVKDQN VH LQLFLD HQ OD LQYHVWLJDFLyQ GH ODV GLILFXOWDGHV GH DSUHQGL]DMHDSDUWLUGHOHVWXGLRHQQLxRVFRQSDUiOLVLVFHUHEUDOHQORVTXHREVHUYy GLILFXOWDGHVHQODGLVFULPLQDFLyQILJXUDIRQGRHQODIRUPDFLyQGHFRQFHSWRV\HQOD FRRUGLQDFLyQYLVRPRWRUD(VWRVUHVXOWDGRVFRLQFLGHQFRQORVREWHQLGRVSRU:HUQHU\ 6WUDXVVFRQQLxRVTXHSUHVHQWDEDQDOWHUDFLRQHVH[yJHQDV 33 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO .HSKDUWGHVDUUROODVXVLQYHVWLJDFLRQHVHQHOFDPSRGHODSHUFHSFLyQ\ OD PRWULFLGDG 'HILHQGH HO VLVWHPD LQSXW VHQVDFLyQ \ SHUFHSFLyQ TXH VRQ LQVHSDUDEOHV GH ORV RXWSXW PRWULFLGDG .HSKDUW DILUPD ´1R SRGHPRV SHQVDU HQ OD DFWLYLGDG SHUFHSWLYD \ HQ OD DFWLYLGDG PRWRUD FRPR GRV DVSHFWRV GLIHUHQWHVGHEHPRVSHQVDUHQHOWpUPLQRLQWHJUDGRGHSHUFHSWLYRPRWULFLGDGµSS 0\NOHEXVWHVXQRGHORVSULPHURVDXWRUHVTXHLQWHQWDFXDQWLILFDUODV GLILFXOWDGHV GH DSUHQGL]DMH FRPSDUDQGR HO SRWHQFLDO GH H[SHFWDFLyQ FRQ HO QLYHO UHDO GH UHDOL]DFLyQ DFWXDO (Q HVWD OtQHD HODERUy HO FRFLHQWH GH DSUHQGL]DMH TXH SHUPLWtDGLVFULPLQDUHQWUHXQQLxRFRQ /HDUQLQJGLVDELOLWLHV\XQQLxRFRQ UHWUDVR PHQWDO 3RURWUDSDUWHHVWHDXWRULQYHVWLJDODVGLILFXOWDGHVGHOOHQJXDMHRIUHFLHQGR XQ FRQWH[WR SVLFROyJLFR \ QHXURVHQVRULDO GHO PLVPR (O OHQJXDMH UHVXOWD GH OD WUDQVIRUPDFLyQGHXQDLQIRUPDFLyQVHQVRULDOHQFRJQLWLYD(VWHDXWRUFRQVLGHUyTXH HOOHQJXDMHHUDXQGDWRLPSUHVFLQGLEOHSDUDODFRPSUHQVLyQGHODVGLILFXOWDGHVGH DSUHQGL]DMH .LUN KD VLGR XQD GH ODV ILJXUDV PiV UHOHYDQWHV HQ HO FDPSR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH \D TXH VXV WUDEDMRV JLUDURQ HQ WRUQR DO LQWHQWR GH DLVODUYDULDEOHVGHQWURGHOSURFHVRGHFRPXQLFDFLyQLPSOLFDGDHQODIDFLOLWDFLyQGHO DSUHQGL]DMH SRU XQ ODGR \ SRU RWUR HQ OD SURGXFFLyQ GH GLILFXOWDGHV GH DSUHQGL]DMH (VWH DXWRU HODERUy XQ PRGHOR SVLFROLQJtVWLFR LQWHJUDGR SRU GRV QLYHOHV LQWHJUDWLYR \ UHSUHVHQWDWLYR (Q HO SULPHUR OD FRUUHODFLyQ HVWtPXOR UHVSXHVWD LPSOLFDED ORV FRPSRUWDPLHQWRV IXQGDPHQWDOHV FRPR FRUUHU KDEODU JULWDU\ODVIXQFLRQHVGHFRQWLJLGDGWHPSRUDODOPLVPRWLHPSRTXHLQFOXtDHOQLYHO PiVFRPSOHMRGHLQWHJUDFLyQTXHKDFtDUHODFLyQDODIXQFLyQJUDPDWLFDO\VLQWiFWLFD GHO OHQJXDMH (Q EDVH D HVWH PRGHOR .LUN GHVDUUROOD VX SURSXHVWD GH HYDOXDFLyQ GHO OHQJXDMH KXPDQR FUHDQGR HO 7HVW GH +DELOLGDGHV 3VLFROLQJtVWLFDV GH,OOLQRLV,73$ 34 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3DUD'RPDQ\'HODFDWRVHFUHyHQ((88OD2ILFLQDGH(GXFDFLyQ (VWRWXYRXQDUHOHYDQFLDHVSHFLDOHQHOFDPSRGHODVGLILFXOWDGHVGHDSUHQGL]DMH\D TXH GLFKD RILFLQD FRPHQ]y D DEULU SRU WRGR HO SDtV SUR\HFWRV GHPRVWUDWLYRV GH VHUYLFLRDQLxRVFRQGLILFXOWDGHV .RSSLW] SXEOLFD HQ XQD LQYHVWLJDFLyQ TXH OOHYy D FDER GXUDQWH FLQFR DxRV FRQ YDULRV JUXSRV GH QLxRV FRQ GLIHUHQWHV WUDVWRUQRV \ GLILFXOWDGHV GH DSUHQGL]DMH(QHVWHWUDEDMRHPSOHDXQDPXHVWUDGHVXMHWRVGHDPERVVH[RV GLIHUHQFLDGRVHQFXDWURWLSRVQLxRVFRQGHILFLHQFLDFHUHEUDOQLxRVFRQUHWUDVRHQHO DSUHQGL]DMH QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ QLxRV HPRFLRQDOPHQWH SHUWXUEDGRV R FRQ OHVLRQHV FHUHEUDOHV /DV SULQFLSDOHV FRQFOXVLRQHV IXHURQ ODV VLJXLHQWHV (Q SULPHU OXJDU HV SUHFLVR WHQHU HQ PD\RU FRQVLGHUDFLyQ ODV GLIHUHQFLDV LQGLYLGXDOHV /DV GLILFXOWDGHV GH DSUHQGL]DMH QR WLHQHQ XQD FDXVD FRP~Q QL XQD UHFXSHUDFLyQ ~QLFD /D PD\RUtD GH ORV QLxRV FRQ GLILFXOWDGHV VXHOHQ WHQHU SUREOHPDV HQ OD HVFXHOD GHVGH ORV SULPHURV DxRV (O KLQFDSLp TXH VH KDFH HQ OD UHFXSHUDFLyQ\FRUUHFFLyQGHODVGLILFXOWDGHVGHDSUHQGL]DMHGHEHUtDRULHQWDUVHDOD SUHYHQFLyQ /RV QLxRV FRQ DOJXQD GLILFXOWDG HVFRODU GHEHUtDQ GHWHFWDUVH SUHFR]PHQWHHLGHQWLILFDUVHHQHOPRPHQWRGHVXLQFRUSRUDFLyQDODHVFXHOD &KLDUDGtD \ 7XUQHU SXEOLFDQ HQ XQD REUD VREUH HVWD WHPiWLFD HQ OD TXHRIUHFHQXQDRULHQWDFLyQEiVLFDPHQWHQHXURSVLFROyJLFDDXQTXHVHDGHQWUHQHQ HOWHUUHQRGHODLQWHUYHQFLyQHGXFDFLRQDO/DVLGHDVPiVLPSRUWDQWHVGHVXWUDEDMR IXHURQODVVLJXLHQWHV /RV WUDVWRUQRV GH DSUHQGL]DMH HVFRODU FRQVWLWX\HQ XQ HVWHUHRWLSR FXOWXUDO HVGHFLUXQPRGHORSUHILMDGRSRUDOJXQRVGRFHQWHVTXLHQHVHVSHUDQXQDFRQGXFWD WLSLILFDGD GH VXV DOXPQRV $Vt QR HV LQIUHFXHQWH TXH QLxRV LGHQWLILFDGRV SRU ORV PDHVWURVFRPR/HDUQLQJ'LVDELOLWLHVHVWpQIXHUDGHWDOFODVLILFDFLyQ 6HSDUWHGHODDFHSWDFLyQGHTXHKD\PXFKRVFDVRVGHQLxRVFRQGLILFXOWDGHV HVFRODUHV TXH SXHGHQ WHQHU XQD R YDULDV IXQFLRQHV FHUHEUDOHV DOWHUDGDV 3HUR QR VLHPSUH SXHGHQ VHU YDORUDGDV SRU HO SURIHVRU \ UHTXLHUHQ GH XQ HTXLSR GH SURIHVLRQDOHV 35 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6XSXQWRGHSDUWLGDHVHODQiOLVLVGHOSURFHVRJHQHUDOGHODSUHQGL]DMHVREUH WRGRGHEDVHILVLROyJLFDSHURRFXSiQGRVHGHODSUHQGL]DMHHVFRODU &RQVLGHUDQ HVWRV DXWRUHV TXH HO WpUPLQR WUDVWRUQRV GH DSUHQGL]DMH QR HV DGHFXDGRSRUTXHSRFRRQDGDWLHQHTXHYHUFRQODUHDOLGDGGHOHGXFDQGR\DTXHOD SDODEUDWUDVWRUQRLPSOLFDDOWHUDFLyQ\HVWRVHUHILHUHPiVELHQDOHVWDGRHPRFLRQDO GHOGRFHQWHFXDQGRQRREWLHQHHOQLxRORVUHVXOWDGRVHVSHUDGRV'HOPLVPRPRGRHO WpUPLQR GLILFXOWDGHV DOXGH DO SURIHVRU TXH GHEHUi FXPSOLU FRQ XQ SUR\HFWR FRQ HO SURJUDPDHVWDEOHFLGRDOFXDOHOHGXFDQGRGHEHDMXVWDUVH 3UHWHQGHQ H[DPLQDU WDO WLSR GH FRQGXFWD GHO HGXFDQGR LQWHQWDQGR WUDQVPLWLU VX FRPSUHQVLyQ GH OD PLVPD (V LPSRUWDQWH LQLFLDU HO GLiORJR GHO ELQRPLRGRFHQWHDOXPQR (Q RSLQLyQ GH HVWRV DXWRUHV VH SUHWHQGH H[SOLFDU FODUDPHQWH GRV VLWXDFLRQHVGLIHUHQFLDGDV D6LXQQLxRDSUHQGHELHQ\PXHVWUDEXHQDFRQGXFWDDGTXLHUHHOSUHVWLJLR QLxRQRUPD6XHGXFDGRUDOLJXDOTXHVXVSDGUHVVHVLHQWHVDWLVIHFKRGHVXREUD E /D VLWXDFLyQ HV GLIHUHQWH FXDQGR VH WUDWD GH XQ DOXPQR TXH QR VH FRQVLGHUDPRGHOR$HVWHQLYHOVHSODQWHDQODVRSFLRQHVRODVSUHVFULSFLRQHV$KRUD HVWDV RSFLRQHV UHFDHQ VLHPSUH HQ HO HGXFDQGR SUREOHPiWLFD HQ OD IDPLOLD GHILFLHQWH FDSDFLGDG R GLILFXOWDGHV YDULDV 'LItFLOPHQWH VH FXHVWLRQD OD ODERU GHO SURIHVRU (OREMHWLYRHVGHVWDFDUODSDUWLFLSDFLyQGHOGRFHQWHHQWRGDVODVVLWXDFLRQHV HQTXHXQQLxRHQFXHQWUDGLILFXOWDGHVSDUDORJUDUODDGTXLVLFLyQGHFRQRFLPLHQWRV /DDFWLWXGGHOGRFHQWHHVFRPSURPHWLGDHQHVWHHQIRTXHHQHOVHQWLGRGHYHQFHUOD GLILFXOWDGHQIRUPDSRVLWLYD3RUHOORHVWRVDXWRUHVDILUPDQTXH QRKD\QLxRVFRQ GLILFXOWDGHQVXVDSUHQGL]DMHVVLQRTXHKD\ELQRPLRVTXHVHSODQWHDQGHHVWHPRGR 8Q SURIHVRU D TXLHQ OH UHVXOWD SRVLEOH R LPSRVLEOH HQVHxDU \ XQ QLxR R JUXSR GH QLxRVDORVTXHVHOHVKDFHSRVLEOHRLPSRVLEOHDSUHQGHU 36 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (O DXWRU 7RUJHVHQ H[SOLFD ODV GLILFXOWDGHV GH DSUHQGL]DMH UHODFLRQiQGRORDOFRQFHSWRDSUHQGL]LQDFWLYR\UHFXUUHDODVVLJXLHQWHVWHVLV &XDQGRORVDOXPQRVDSUHQGLFHVVRQDFWLYRVDSOLFDQHVWUDWHJLDVDGDSWDWLYDV DGHFXDGDV D ODV WDUHDV FRQFUHWDV FRPR FRQVHFXHQFLD GH XQD FRPELQDFLyQ GH OD FRQFLHQFLDFRJQLWLYDJHQHUDO\GHODGLUHFFLRQDOLGDGLQWHQFLRQDGD 3RU RWUD SDUWH OD FRQFLHQFLD FRJQLWLYD VXSRQH WHQHU HQ FRQVLGHUDFLyQ ORV SURSLRVSURFHVRVFRJQLWLYRV\ODH[LJHQFLDGHODWDUHD (O PLVPR DXWRU FRQFHSWXDOL]D DO QLxR FRQ /HDUQLQJ 'LVDELOLWLHV FRPR XQ DSUHQGL] LQDFWLYR $ SDUWLU GH ODV FRQGLFLRQHV DQWHULRUPHQWH H[SXHVWDV VH GHGXMHURQODVSULQFLSDOHVFDUDFWHUtVWLFDVGHHVWRVQLxRV D ,QPDGXUH]HQHOGHVDUUROORFRJQLWLYR\GHODSHUVRQDOLGDG E 6RQ QLxRV GHSHQGLHQWHV HQ ODV KDELOLGDGHV LQWHOHFWXDOHV FRQ HVFDVD PRWLYDFLyQSDUDHOWUDEDMRHVFRODU F 6XHOHQVHULPSXOVLYRV\FRQGLILFXOWDGHVSDUDFRPSUHQGHULQVWUXFFLRQHV G 3XHGHQFDUHFHUGHSURSyVLWRVSDUDDSUHQGHUGHELGRDODDFXPXODFLyQGH IUDFDVRVHQODVWDUHDVHMHFXFLRQHVDFDGpPLFDV /RV Q~FOHRV FRQFHSWXDOHV XWLOL]DGRV SRU HVWH DXWRU SDUD H[SOLFDU ODV GLILFXOWDGHV GH DSUHQGL]DMH FRLQFLGHQ VXVWDQFLDOPHQWH FRQ ORV HPSOHDGRV SRU )HXHUVWHLQ 3DUD DPERV DXWRUHV IXH LPSRUWDQWH HQ OR UHODFLRQDGR FRQ HO SURFHVR GH LQWHUYHQFLyQ SVLFRSHGDJyJLFD SURFHGHU DO GLVHxR GH SODQHV GH LQWHUYHQFLyQHILFDFHVHQORVTXHVHHYDO~HGHXQDPDQHUDFRPSOHWDODVGLIHUHQWHV IXHQWHVTXHFRQWULEX\HQDODSURGXFFLyQGHGLILFXOWDGHVGHDSUHQGL]DMHRDOIUDFDVR GHOQLxRHQFXDOTXLHUWDUHDHVFRODU 3DUD+ROWORVSURIHVRUHVSDVDQODPD\RUSDUWHGHOWLHPSRTXHHVWiQ HQHODXODGHGLFDGRVDKDEODUVXPLQLVWUDULQIRUPDFLyQKDFHUGHPRVWUDFLRQHVGDU H[SOLFDFLRQHV QRUPDV FULWLFDU HWF ,QFOXVR FXDQGR RUJDQL]DQ GLVFXVLRQHV KDEODQ PiVTXHORVDOXPQRV3DUDDOFDQ]DUORVREMHWLYRVSURSXHVWRVSRUORVSURIHVRUHVORV 37 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DOXPQRV FRPLHQ]DQ D XWLOL]DU GLYHUVDV HVWUDWHJLDV KDVWD TXH ORV SURIHVRUHV OH LQGLFDQLQGLUHFWDPHQWHODVUHVSXHVWDVFRQVLGHUDGDVFRUUHFWDV (O SURIHVRUDGR HQ JHQHUDO PDQWLHQH OD HUUyQHD FRQYLFFLyQ GH TXH OD FODVH DSUHQGHUiPHMRUVLWRGRVORVDOXPQRVVLJXHQHOPLVPRULWPRGHDSUHQGL]DMH1RVH WLHQGHDFRQVLGHUDUDODOXPQRLQGLYLGXDOPHQWH6HPDUFDDVtXQ~QLFRFDPLQRSDUD WRGD XQD FODVH QR FRQVLGHUDQGR OD SRVLELOLGDG GH TXH KD\D RWUDV WDUHDV TXH ORV DOXPQRVSUHILHUDQUHDOL]DU 8QD GH ODV FRQVHFXHQFLDV GH TXH ORV SURIHVRUHV KDEOHQ H[FHVLYDPHQWH HQ FODVH HV OD FRQGXFWD GH GHVFRQH[LyQ SRU SDUWH GH ORV DOXPQRV VXVWLWX\HQ OD DWHQFLyQGHVSLHUWDSRUXQDHVFXFKDGLVWUDtGD3HURDGHPiVORVQLxRVHQODHVFXHOD DSHQDV WLHQHQ RFDVLyQ GH KDEODU GH H[SRQHU VXV LQLFLDWLYDV VXV FUtWLFDV GH HVWD PDQHUDHODSUHQGL]DMHVHFRQYLHUWHHQXQSURFHVRSDVLYR 3RU RWUR ODGR HVWH DXWRU PDQWXYR OD FRQYLFFLyQ GH TXH VH HQFLHUUD HQ OD HVFXHOD D ORV QLxRV VHLV R PiV KRUDV DO GtD FRQ OD ILQDOLGDG GH TXH QRV GHMHQ WUDQTXLORV\QRFDXVHQSUREOHPDV6HJ~QHVWHDXWRUHVWDVFRQGLFLRQHVLPSLGHQXQD DGHFXDGD UHODFLyQ SURIHVRUDOXPQRV FRQYLUWLpQGROD HQ DPHQD]DU \ UHSULPLU SRU PX\ VXWLOHV TXH VHDQ VXV PpWRGRV (Q HVWH FRQWH[WR XQDV UHODFLRQHV DELHUWDV DPLVWRVDV \ GH FRODERUDFLyQ HQWUH SURIHVRU \ HVWXGLDQWHV VRQ SUiFWLFDPHQWH LPSRVLEOHV &RPR FRQFOXVLyQ +ROW DILUPy TXH XQ SODQ GH HVWXGLRV R XQ FXUUtFXOXP QR GHEHQ VHU UtJLGRV R LQIOH[LEOHV \D TXH HQ JHQHUDO OD JHQWH VyOR UHFXHUGD DTXHOOR TXH OH SDUHFH LQWHUHVDQWH \ ~WLO OR TXH D\XGD D HQFRQWUDU XQ VHQWLGR DO PXQGR /D LGHD TXH VH WLHQH GH XQ FRQMXQWR GH FRQRFLPLHQWRV TXH VH GHEHQDGTXLULUHQODHVFXHOD\XWLOL]DUGXUDQWHHOUHVWRGHODYLGDUHVXOWDDOJRYDQR HQXQPXQGRWDQFRPSOLFDGR\FDPELDQWHFRPRHODFWXDO 38 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (O PRGHORGH $GHOPDQ UHFKD]y OD KLSyWHVLVGHO IUDFDVR HVFRODU FRPR XQ GHVRUGHQGHOQLxR/DLQWHUDFFLyQHQWUHHOQLxR\HOSURJUDPDGHLQVWUXFFLyQHV HOHQIRTXHSULPRUGLDOGHHVWHPRGHOR&XDQWRPD\RUVHDODGLVFUHSDQFLDRGHVDMXVWH HQWUH ODV FDUDFWHUtVWLFDV GHO QLxR \ ODV FDUDFWHUtVWLFDV R H[LJHQFLDV GHO SURJUDPD PD\RUVHUiODIDOWDGHDSURYHFKDPLHQWRHVFRODU /D GHVSHUVRQDOL]DFLyQ GHO SURJUDPD HVFRODU FRQVWLWX\H XQ IDFWRU GHWHUPLQDQWH HQ HO SURFHVR GH DSUHQGL]DMH GHO QLxR (O SURJUDPD QR SXHGH LPSRQHUVH DO QLxR SURYRFDQGR X RULJLQDQGR FRPSRUWDPLHQWRV GHVDMXVWDGRV R GHVLQWHUpV /RV SURJUDPDV GHEHQ DFRPRGDUVH D ODV GLIHUHQFLDV LQGLYLGXDOHV TXH FDUDFWHUL]DQ D ORV QLxRV GH XQD FODVH (O SURIHVRU SRU WDQWR WLHQH XQD JUDQ UHVSRQVDELOLGDGHQODIDFLOLWDFLyQRQRGHODSUHQGL]DMHGHORVQLxRVWRGRVHOORVFRQ SHUILOHVLQWUDLQGLYLGXDOHVGHDSUHQGL]DMH&XDQWRPD\RUVHDODSHUVRQDOL]DFLyQGH ODLQVWUXFFLyQPD\RUVHUiHOp[LWRHQHODSUHQGL]DMHORTXHFRQOOHYDTXHHOSURIHVRU WHQJDXQFRQRFLPLHQWRSRUPHQRUL]DGRGHORVDOXPQRV $GHOPDQHVWDEOHFLyWUHVWLSRVGHQLxRVFRQSUREOHPDVGHDSUHQGL]DMH TXHIXHURQWUDGLFLRQDOPHQWHGLDJQRVWLFDGRVFRPR/HDUQLQJ'LVDELOLWLHV 7LSR,QLxRVVLQWUDVWRUQRVRFRQGLILFXOWDGHVHGXFDWLYDVQRIXQFLRQDQELHQ HQSURJUDPDVGHLQVWUXFFLyQQRSHUVRQDOL]DGRV 7LSR ,, QLxRV FRQ SHTXHxRV WUDVWRUQRV WDPELpQ OODPDGRV WUDVWRUQRV HPRFLRQDOHVEDMRFRQGLFLRQHVDSURSLDGDVVRQFDSDFHVGHFRPSHQVDUVXVWUDVWRUQRV PHQRUHV 7LSR ,,, QLxRV FRQ WUDVWRUQRV LPSRUWDQWHV TXH OHV SUHGLVSRQHQ D GLILFXOWDGHV GH DSUHQGL]DMH R OHV LQWHUILHUHQ HQ HO DSUHQGL]DMH (VWRV VHUtDQ ORV /HDUQLQJ'LVDELOLWLHVHVSHFtILFRV (QODLQYHVWLJDFLyQDFWXDOH[LVWHXQGHEDWHVREUHHODOFDQFHUHDOGHOWpUPLQR '$GLILFXOWDGHVGHDSUHQGL]DMH6LQHPEDUJRVHREVHUYDTXHORVDWULEXWRVGHORV VXMHWRV FRQ '$ SXHGHQ YDULDU VHJ~Q HO PRPHQWR HO OXJDU ODV FRQVLGHUDFLRQHV OHJDOHVRHOFULWHULRGHOLQYHVWLJDGRU 39 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DV GLILFXOWDGHV GH DSUHQGL]DMH '$ KD\ TXH HQWHQGHUODV GHVGH ODV UDtFHV KLVWyULFDV TXH OHV GDQ VHQWLGR (O SURFHVR GH FDVL GRVFLHQWRV DxRV KD VXIULGR XQD DFHOHUDFLyQ LPSRUWDQWH GHVGH HQ TXH VH XWLOL]D SRU SULPHUD YH] HO WpUPLQR GLILFXOWDGHVGHDSUHQGL]DMHSRU6DPXHO.LUN /RV H[SHUWRV KDVWD HO PRPHQWR XWLOL]DEDQ QRPEUHV PX\ FRQIXVRV SDUD UHIHULUVH D HVWH WLSR GH QLxRV WDOHV FRPR QLxRV FRQ OHVLyQ FHUHEUDO R QLxRV FRQ GLVIXQFLyQ FHUHEUDO PtQLPD QLxRV FRQ GLVOH[LD \ RWURV SDUHFLGRV 6DPXHO .LUN WUDEDMDED FRQ HVWRV QLxRV TXH SUHVHQWDEDQ XQDV GLILFXOWDGHV LQH[SOLFDEOHV SDUDHODSUHQGL]DMHGHODOHFWXUD\ODSURSXHVWDTXH.LUNKDFtDSDUDHVWRVQLxRVQR HUD PpGLFD VLQR HGXFDWLYD 'H HVWH PRGR GHQRPLQy D HVWRV QLxRV FRQ /HDUQLQJ 'LVDELOLWLHV R GLILFXOWDGHV GH DSUHQGL]DMH UHILULpQGRVH D SUREOHPDV HQ HO DSUHQGL]DMHDFDGpPLFR6HHVWDEOHFLyDVtXQFRQVHQVRWHUPLQROyJLFRTXHJHQHUyXQD GLQiPLFDPX\DFWLYD\SRVLWLYDFRQXQJUDQULJRUFLHQWtILFR (QHQODUHXQLyQGHXQJUXSRGHSDGUHVHQ&KLFDJRFRQKLMRVTXHVLQ UD]yQ DSDUHQWH PDQLIHVWDEDQ GLILFXOWDGHV SHUVLVWHQWHV HQ HO DSUHQGL]DMH GH OD OHFWXUD EXVFDEDQ DOJXQD UHVSXHVWD D VX SUREOHPD \ SDUD HOOR FRQYRFDURQ D ORV H[SHUWRV GHO PRPHQWR TXH GHVGH HVSHFLDOLGDGHV GLVWLQWDV PpGLFRV QHXUyORJRV SVLFyORJRV OHV DSRUWDUDQ DOJXQD OX] DOJXQD HVSHUDQ]D \ H[SOLFDFLyQ D OD SDU GH PRYLOL]DUVH\RUJDQL]DUVHSDUDH[LJLUIRQGRVHQODFUHDFLyQGHVHUYLFLRVHGXFDWLYRV HILFLHQWHV TXH UHPHGLDUDQ GH DOJXQD PDQHUD HO SUREOHPD TXH SUHVHQWDEDQ VXV KLMRVSXHVWRTXHQRVHFRQWHPSODEDQGHQWURGHODHGXFDFLyQHVSHFLDO(VWHDxRSDVy DFRQVLGHUDUVHSRUFRQVHQVRFRPRODIXQGDFLyQRILFLDOGHOFDPSRGHODVGLILFXOWDGHV GHDSUHQGL]DMH /RVSDGUHVVHRUJDQL]DURQHQODQXHYD$VRFLDFLyQGH1LxRVFRQ'LILFXOWDGHV GH $SUHQGL]DMH$VVRFLDWLRQ RI &KLOGUHQZLWK/HDUQLQJ 'LVDELOLWLHV$&/'FRQ VXVUHVSHFWLYDVUDPDVHQWRGR((88\&DQDGi6XVREMHWLYRVHVWDEDQFODURVHO SUHVLRQDU D ODV DXWRULGDGHV JXEHUQDPHQWDOHV SDUD OD REWHQFLyQ GH IRQGRV TXH SRVLELOLWDUDQ OD FUHDFLyQ GH VHUYLFLRV HGXFDWLYRV HVSHFLDOL]DGRV \ GH FDOLGDG FRPR XQDUDPDPiVGHODHGXFDFLyQHVSHFLDOFRQORTXHORVQLxRVTXHSUHVHQWDUDQDOJ~Q 40 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO WLSRGHGLILFXOWDGGHDSUHQGL]DMHVHUtDQDWHQGLGRVHLQVWUXLGRVGHIRUPDSHUWLQHQWH PHGLDQWHHVSHFLDOLVWDVDSR\RVUHFXUVRV\VHUYLFLRVTXHVHSURSRUFLRQDUtDQHQODV SURSLDVHVFXHODV (QHOiPELWRDQJORVDMyQ\HXURSHRHOiUHDGHODVGLILFXOWDGHVGHDSUHQGL]DMH KDWHQLGR\WLHQHFLHUWDHQWLGDGHVVREUHWRGRHQ((88\HQ&DQDGiHQGRQGH HVWD SUHVLyQ GH ODV RUJDQL]DFLRQHV GH SDGUHV GH SHUVRQDV FRQ GLILFXOWDGHV GH DSUHQGL]DMH\GHSURIHVLRQDOHVKDWHQLGRXQDPD\RULQIOXHQFLD (Q QXHVWUR SDtV HO FRQFHSWR GH QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV SHUPDQHQWHVDSHQDVVLFRQVLGHUDDHVWDVSHUVRQDVH[FHSWRDORVFDVRVPiVJUDYHV \ HQ WRGR FDVR VH WUDWDUtD GH QHFHVLGDGHV HGXFDWLYDV WUDQVLWRULDV (VWR FRPR HV HYLGHQWHWLHQHFRQVHFXHQFLDVLPSRUWDQWHVSDUDODGLVSRQLELOLGDGGHVHUYLFLRVSDUD OD H[LVWHQFLD GH SURIHVLRQDOHV SDUD OD GHWHUPLQDFLyQ GHO Q~PHUR GH SHUVRQDV FRQ GLILFXOWDGHVGHDSUHQGL]DMHSUHYDOHQFLDHLQFLGHQFLDSDUDODLQYHVWLJDFLyQHWF &RPR KHPRV YLVWR DQWHULRUPHQWH OD KLVWRULD GHO PRYLPLHQWR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH HV XQD KLVWRULD QRUWHDPHULFDQD ((88 \ &DQDGi (OPRYLPLHQWRGHODVGLILFXOWDGHVGHDSUHQGL]DMHSRGUtDFRQVLGHUDUVHLQLFLDGRHQORV FRPLHQ]RVGH\VHH[WHQGHUtDHQHOWLHPSRKDVWDHOPRPHQWRDFWXDOGHGRQGH SRGHPRV H[WUDHU ODV OtQHDV GH SUR\HFFLyQ KDFLD HO IXWXUR 6HJ~Q XQD FODVLILFDFLyQ DVXPLGDSRGUtDPRVKDEODUGHWUHVJUDQGHVHWDSDVHQODKLVWRULDGHOPRYLPLHQWRGH ODV GLILFXOWDGHV GH DSUHQGL]DMH 8QD SULPHUD HWDSD GH IXQGDFLyQ TXH FRUUHVSRQGHUtDGHVGHKDVWD8QDVHJXQGDHWDSDGHORVSULPHURVDxRVGHO FDPSR TXH LQWHJUDUtD GHVGH KDVWD \ XQD WHUFHUD HWDSD GH SUR\HFFLyQ KDFLDHOIXWXUR (WDSDGHIXQGDFLyQïVHLQFOX\HQODVLGHDVTXHHQPDUFDURQODVEDVHV WHyULFDV ORV SUHFHGHQWHV ORV SLRQHURV FRPR *DOO 2UWRQ R 6WUDXVV (VWD IDVH FRQFOXLUtD FRQ OD FRQVWLWXFLyQ GH OD $VVRFLDWLRQ RI &KLOGUHQ DQG $GXOWV ZLWK /HDUQLQJ 'LVDELOLWLHV HQ DVRFLDFLyQ TXH DKRUD VH GHQRPLQD /HDUQLQJ 'LVDELOLWLHV$VVRFLDWLRQRI$PpULFD 41 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV LQLFLRV GH OD HWDSD GH IXQGDFLyQ GHO FDPSR GH ODV GLILFXOWDGHV GH DSUHQGL]DMHVHSRGUtDQVLWXDUHQWRUQRDFRQODVREVHUYDFLRQHVGH*DOOPpGLFR ILVLyORJRVREUHDGXOWRVFRQOHVLRQHVFHUHEUDOHVTXHSHUGtDQODIDFXOWDGGHH[SUHVDU LGHDV \ VHQWLPLHQWRV D WUDYpV GHO KDEOD \ FRQVHUYDQGR OD LQWHOLJHQFLD 6XSXHVWDPHQWHVHWUDWDEDGHSHUVRQDVDGXOWDVFRQDIDVLD/DOHVLyQHYLGHQFLDEDOD EDVHQHXURSVLFROyJLFDGHOSUREOHPDGHVFDUWDQGRRWUDVFDXVDVFRPRODVGHILFLHQFLDV VHQVRULDOHVRUHWUDVRPHQWDOJHQHUDO (ORIWDOPyORJR+LQVKHOZRRGLQIRUPyHQGHXQFDVRGHGLILFXOWDGHVHQOD OHFWXUD\QRHQRWURVDVSHFWRVDWULEX\pQGRORDDOWHUDFLRQHVFRQJpQLWDVHQODViUHDV FHUHEUDOHV GH OD PHPRULD YLVXDO SDUD ODV SDODEUDVFHJXHUD SDUD ODV SDODEUDVïKLSyWHVLV TXH 2UWRQ UHFKD]y SURSRQLHQGR HO WpUPLQR GH HVWUHIRVLPEROLD OLWHUDOPHQWHDOWHUDFLyQRFDPELRGHVtPERORVWDOHVFRPRLQYHUVLyQGHOHWUDVGHOWLSR ´STGEµFRPRGLILFXOWDGHVGLYHUVDVHQHODSUHQGL]DMHGHODOHFWXUD /D H[SOLFDFLyQ GH OD HVWUHIRVLPEROLD VHUtD OD YDULDELOLGDG ILVLROyJLFD HQ HO HVWDEOHFLPLHQWR GH OD GRPLQDQFLD FHUHEUDO HQ ORV QLxRV 8QD SHUVRQD WHQGUtD LPiJHQHV HQ HVSHMR GH ORV HQJUDPDV YHUEDOHV R SDODEUDV HQ HO KHPLVIHULR QR GRPLQDQWH UHODWLYDV D ODV PHPRUL]DGDV HQ HO GRPLQDQWH &RQ HO GHVDUUROOR ODV LPiJHQHV HQ HVSHMR GHO KHPLVIHULR QR GRPLQDQWH LUtDQ GHVDSDUHFLHQGR R VH LQDFWLYDUtDQORTXHQRRFXUUtDHQODVSHUVRQDVFRQGLILFXOWDGHVGHDSUHQGL]DMHGHOD OHFWXUDSURGXFLHQGRHOIHQyPHQRGHODLQYHUVLyQGHOHWUDVDLVODGDVRHQSDODEUDV /D LQPDGXUH] R UHWUDVR HQ HO HVWDEOHFLPLHQWR GH OD GRPLQDQFLD FHUHEUDO VHUtD OD FDXVD GH ODV GLILFXOWDGHV HQ HO DSUHQGL]DMH GH OD OHFWXUD $GHPiV OD HVWUHIRVLPEROLD DSDUHFH HQ XQ FRQWH[WR HQ TXH VH GD LQWHOLJHQFLD QRUPDO ,JXDOPHQWH FRQVLGHUDED D HVWDV GLILFXOWDGHV HQ HO DSUHQGL]DMH GH OD OHFWXUD FRPR XQ FRQWLQXXP HQ GRQGH KDEUtD TXH VLWXDU D WRGRV ORV FDVRV HQIDWL]DQGR \ SRVWXODQGRXQDLQWHUYHQFLyQSUHFR]HLQWHQVLYDVLJXLHQGRXQHQIRTXHLQVWUXFFLRQDO PXOWLVHQVRULDO\GHVDFRQVHMDQGRXQHQIRTXHYLVXDOGHODSDODEUD 42 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO .HSKDUW SHQVDED TXH HO DSUHQGL]DMH FRJQLWLYR GH RUGHQ VXSHULRU VH FRQVWUXtD VREUH ORV FLPLHQWRV VyOLGRV GHO DSUHQGL]DMH YLVRPRWRU OR TXH MXVWLILFDED VX HQIRTXH HGXFDWLYR FHQWUDGR HQ OD FRRUGLQDFLyQ YLVRPRWUL] \ HQ HO DSUHQGL]DMH PRWRU &UXLFNVKDQNUHSOLFyORVKDOOD]JRVGH6WUDXVV\:HUQHUHQQLxRVFRQ SDUiOLVLV FHUHEUDO FRQ SUREOHPDV GH GLVFULPLQDFLyQ ILJXUDïIRQGR LQGHSHQGLHQWHPHQWHGHOQLYHOGHLQWHOLJHQFLD8WLOL]DQGRPDWHULDOHVLQVWUXFFLRQDOHV GHQLxRVFRQLQWHOLJHQFLDQRUPDOIDFLOLWDQGRODDSOLFDELOLGDGDORVQLxRVFRQUHWUDVR PHQWDO \ WDPELpQ D QLxRV FRQ LQWHOLJHQFLD QRUPDO FRQ JUDYHV SUREOHPDV GH DWHQFLyQFRQSUREOHPDVGHGLVFULPLQDFLyQILJXUDïIRQGR\FRQKLSHUDFWLYLGDG 3URSRQtDTXHVHXWLOL]DUDQPDUFRVGHDSUHQGL]DMHDOWDPHQWHHVWUXFWXUDGRV OR TXH UHGXFLUtD ODV GLILFXOWDGHV DWHQFLRQDOHV &RQVLGHUDED TXH ODV GLILFXOWDGHV GH DSUHQGL]DMHSRGtDQVLWXDUVHDORODUJRGHWRGRHOHVSHFWURGHLQWHOLJHQFLD\TXHVXV EDVHVHUDQGHQDWXUDOH]DSUHFHSWLYD 6X DSRUWDFLyQ GHFLVLYD HQ ODV GLILFXOWDGHV GH DSUHQGL]DMH OR HV SRU OD FUHDFLyQ GH OD $FDGHPLD ,QWHUQDFLRQDO GH ,QYHVWLJDFLyQ HQ ODV 'LILFXOWDGHV GH $SUHQGL]DMH )URVWLJ GLVHxy LQVWUXPHQWRV GH HYDOXDFLyQ H LQVWUXFFLRQDOHV TXH VXSRQHQ XQD DSOLFDFLyQ H[WHQVLYD H LQWHQVLYD GH XQ pQIDVLV HQ ORV SUREOHPDV SHUFHSWLYRVHQODEDVHGHWRGRWLSRGHGLILFXOWDGHVGHDSUHQGL]DMHRDFDGpPLFDV(Q JHQHUDOVHSRGUtDGHFLUTXHOD~OWLPDSDUWHGHHVWDHWDSDKLVWyULFDGHD HVSUyGLJDHQVROXFLRQHVLQVWUXFFLRQDOHV (WDSD GH ORV SULPHURV DxRV ï (VWD HWDSD VH FDUDFWHUL]D SRU OD FRQIXVLyQ WHUPLQROyJLFD \ FRQFHSWXDO DXVHQFLD GH VHUYLFLRV HGXFDWLYRV HQ ODV HVFXHODVILQDQFLDGRVSRUIRQGRVJXEHUQDPHQWDOHVGHVHVSHUDQ]DGHORVSDGUHVDQWH ODVLWXDFLyQGHWHQHUXQRVKLMRVDORVTXHQROHVSDVDEDQDGDSHURQRDSUHQGtDQD OHHUGHPDQGDVHGXFDWLYDVFUHFLHQWHVHQFXDQWRDQHFHVLGDGGHPD\RUHVQLYHOHVGH OHFWXUDH[LJLGRVSRUODH[SDQVLyQLQGXVWULDOGHODSRVWJXHUUDGHORVDxRV\\ XQLyQDQWHHVWRVKHFKRVGHORVSDGUHVHQJUXSRVGHSUHVLyQOREELHV 43 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWDHWDSDFRQVWLWX\yHOQDFLPLHQWRIRUPDOGHOFDPSRGHODVGLILFXOWDGHVGH DSUHQGL]DMH\HVFDUDFWHUL]DGDVHJ~Q7RUJHVHQSRU • /D FRQTXLVWD GH OD LGHQWLGDG GHO FDPSR IUHQWH D RWURV iPELWRV GH OD HGXFDFLyQHVSHFLDO • /D MXVWLILFDFLyQ HQWUH SDGUHV SURIHVLRQDOHV H[SHUWRV \ DXWRULGDGHV HGXFDWLYDV SDUD OD FUHDFLyQ GH VHUYLFLRV \ SURJUDPDV LQVWUXFFLRQDOHV PDVLYRV\HVSHFLDOL]DGRV • /D SXHVWD HQ PDUFKD GH XQ SUR\HFWR GH IRUPDFLyQ GH SURIHVLRQDOHV SURYHQLHQWHV GH FDPSRV FOtQLFRV HGXFDWLYRV SURIHVRUHV PDHVWURV SVLFyORJRVFLHQWtILFRVHQWRUQRDODVGLILFXOWDGHVGHDSUHQGL]DMH /RV UDVJRV UHOHYDQWHV GH HVWD ~OWLPD HWDSD KLVWyULFD VRQ TXH ODV RUJDQL]DFLRQHVGHGLILFXOWDGHVGHDSUHQGL]DMHVHFUHDURQDSDUWLUGHH[FHSWR OD 2UWRQ '\VOH[LD 6RFLHW\ FRQVWLWX\HQGR ODV EDVHV SURIHVLRQDOHV \ SROtWLFDV TXH GHWHUPLQDURQHOJUDQFUHFLPLHQWRGHOFDPSRSXHVWRTXHLPSXOVDURQODSXEOLFDFLyQ GHUHYLVWDVSHULyGLFRVFRQJUHVRV\UHXQLRQHVUHGHVGHSURIHVLRQDOHV\SDGUHVHWF /DV UHGHV GH LQIRUPDFLyQ WHPDV \ FRQRFLPLHQWRV FRPSDUWLGRV SHUPLWLHURQ KDEODU GHOVXUJLPLHQWRGHXQQXHYRSDUDGLJPDFLHQWtILFR$ODSDUGHFRQVWLWXLUVHFRPRXQ YHUGDGHUR OREE\ FRQ JUDQ LQIOXHQFLD JXEHUQDPHQWDO HQ OD SURYLVLyQ GH PiV \ PHMRUHVVHUYLFLRV 8QD GH ODV LQIOXHQFLDV PiV GHFLVLYDV HQ HO FDPSR GH ODV GLILFXOWDGHV GH DSUHQGL]DMHVHUHILULyDODFRQFHSFLyQGHHVWDVGLILFXOWDGHVGHQWURGHXQPRGHORGH SURFHVRVEiVLFRVHQHOTXHKDEtDTXHGLDJQRVWLFDU\FRQVHFXHQWHPHQWHHODERUDUOD LQWHUYHQFLyQ HGXFDWLYD (VWRVSURFHVRVVH UHIHUtDQ D OD PHPRULDODVHFXHQFLDFLyQ ORVSURFHVRVDXGLWLYRVYLVXDOHVWiFWLOHVPRWyULFRVDWHQFLRQDOHVYRFDOHVHWF (VWRV HQIRTXHV SUHGRPLQDURQ HQ OD VHJXQGD PLWDG GH ORV DxRV \ HQ OD SULPHUD PLWDG GH ORV DxRV 6H HMHPSOLILFDURQ HQ ODV GHQRPLQDGDV WHRUtDV SHUFHSWLYDV YLVXDOHV R DXGLWLYDV TXH H[SOLFDUtDQ ORV GpILFLWV GH ODV SHUVRQDV FRQ GLILFXOWDGHVGHDSUHQGL]DMHGHODOHFWXUDRHQODVWHRUtDVSVLFRPRWRUDVDWULEX\HQGR 44 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ODV GLILFXOWDGHV GH DSUHQGL]DMH D GLILFXOWDGHV HQ OD FRRUGLQDFLyQ VHQVRULRPRWUL] HVTXHPDFRUSRUDOHWF 3RVWHULRUHV LQYHVWLJDFLRQHV OOHJDURQ D OD FRQFOXVLyQ GH TXH ORV SURFHVRV IXHUDQ SHUFHSWLYRV R SVLFROLQJtVWLFRV WHQtDQ PX\ SRFR TXH YHU FRQ ODV WDUHDV DFDGpPLFDV GHO OHQJXDMH OD OHFWXUD R ODV PDWHPiWLFDV /DV LQYHVWLJDFLRQHV VH JHQHUDOL]DURQ FRQ UHVXOWDGRV QHJDWLYRV SDUD HO SDSHO GH ORV SURFHVRV HQ ODV GLILFXOWDGHVGHDSUHQGL]DMH (Q OD GpFDGD GH ORV DxRV VH WUDWDED GH HYDOXDU GLUHFWDPHQWH ODV KDELOLGDGHV DFDGpPLFDV \ GH GHVDUUROODU SURJUDPDV FRUUHODWLYRV GH LQVWUXFFLyQ GLUHFWD HQVHxDQGR HO OHQJXDMH OD OHFWRHVFULWXUD R ODV PDWHPiWLFDV (O PRGHOR GH LQVWUXFFLyQGLUHFWDGHUURFyDOGHORVSURFHVRVDOPRGRGHXQFDPELRGHSDUDGLJPD NXKQLDQR $FWXDOPHQWH VH WUDWD GH LQWHUYHQLU SUHFR]PHQWH HQ ODV KDELOLGDGHV TXH VH VXSRQHQ UHVSRQVDEOHV GHO GRPLQLR OHFWRU HQ ORV QLxRV FRQ ULHVJR GH '$ /DV GLILFXOWDGHVGHDSUHQGL]DMHLQFOX\HQGLILFXOWDGHVDFDGpPLFDV\QRDFDGpPLFDV /DVGLILFXOWDGHVGHDSUHQGL]DMHKDQVHUYLGRSDUDGHQRPLQDUEiVLFDPHQWH DORVDOXPQRVFRQGLILFXOWDGHVHQODOHFWXUD 3UHGRPLQLRGHODFRQFHSFLyQOLQJtVWLFDGHODV'$RORTXH0LOOHU GHQRPLQy HO VXUJLPLHQWR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH GHO OHQJXDMH (Q ORV DxRVODHWLTXHWDGLILFXOWDGHVGHDSUHQGL]DMHGHOOHQJXDMHVHUHILULyDORVDOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH TXH PDQLILHVWDEDQ HQ HO KDEOD OD HVFXFKD OD OHFWXUDRODHVFULWXUD (WDSDDFWXDO'HVGHKDVWDODDFWXDOLGDGDOJXQRVGHORVSXQWRVGHOLQHDGRV DQWHVDSXQWDQFXiOHVODQXHYDVLWXDFLyQTXHDSHVDUGHODFRUWDGXUDFLyQHVPX\ ULFD HQ DSRUWDFLRQHV HQIRTXHV LQYHVWLJDFLRQHV GHVDUUROOR GH PpWRGRV GH HYDOXDFLyQ \ GH LQWHUYHQFLyQ \ UHIOHMD OD JUDQ SUHRFXSDFLyQ LQWHUGLVFLSOLQDULD H[LVWHQWHHQHVWHPRPHQWRHQHOFDPSRGHODLQYHVWLJDFLyQHGXFDWLYD 45 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q HVWD HWDSD SRGHPRV REVHUYDU XQ LQFUHPHQWR HQ HO GLDJQyVWLFR GH QLxRV FRQ 'LILFXOWDGHVGH $SUHQGL]DMH '$ HQ HUDQ ïGH OD SREODFLyQ HVFRODU HQ HQWUH ï(Q RFDVLRQHV VH KDEODGH VREUHLGHQWLILFDFLyQ GH FDVRV SHUR :RQJDUJXPHQWDWUHVUD]RQHVHQFRQWUDGHHVWDLGHD /DPHMRUDGHODFRQFLHQFLDVRFLDO (OPHMRUFRQRFLPLHQWRJHQHUDODFHUFDGHODV'$ /DPHMRUD\SHUIHFFLRQDPLHQWRGHODVWpFQLFDVGLDJQyVWLFDV\GHHYDOXDFLyQ (VWDV UD]RQHV SRVLELOLWDURQ TXH VH VXSHUDVHQ IDOVDV FRQFHSFLRQHV \ VH SURGXMHVHXQDPD\RUWROHUDQFLD\DFHSWDFLyQVRFLDOGHHVWHIHQyPHQR 3DUD ILQDOL]DU HVWD SDUWH GH OD UHYLVLyQ KLVWyULFD VH FRQFOX\H OR VLJXLHQWH 7RUJHVHQ ´+DPPLOO UHFRJHODVFDUDFWHUtVWLFDVVREUHVDOLHQWHVGHHVWHPRPHQWR OD SULPHUD KDFH UHIHUHQFLD D ORV LQWHQWRV GH LQFOXLU WRGR WLSR GH GLILFXOWDGHV GH DSUHQGL]DMH GHQWUR GHO FDPSR D WUDYpV GH XQ FRQWLQXXP GH JUDYHGDG \ GH GLIHUHQFLDVHQWUHODVSHUVRQDVDODYH]GHFRQFHELUHOFDPSRFRPRDOJRTXHSXHGH RFXUULU D ODV SHUVRQDV D OR ODUJR GHO FLFOR YLWDO (VWDV SHUVRQDV TXH HQ (VSDxD FRQVWLWXLUtDQHOJUXSRGHDOXPQRVFRQQHFHVLGDGHVFXUULFXODUHV\GHGLYHUVLGDGGH DSUHQGL]DMHV FRQ GHUHFKRV FLYLOHV LJXDO TXH ODV GHPiV QHFHVLWDQ XQ HQWRUQR HQ LQWHJUDFLyQSRUORTXHHVSUHFLVRUHYLVDUHOFRQFHSWRGHDGDSWDFLRQHVFXUULFXODUHV TXHHVWDUtDFHQWUDGRHQODHYDOXDFLyQEDVDGDHQHOFXUULFXOXPµSS (Q QXHVWUR SDtV D SDUWLU GH OD GLVFXVLyQ GHO 3ODQ GH (GXFDFLyQ (VSHFLDO \ FRQ OD SXHVWD HQ PDUFKD GH ORV HTXLSRV PXOWLSURIHVLRQDOHV VH H[WHQGLy HO XVR GHO 3URJUDPD GH 'HVDUUROOR ,QGLYLGXDO 3', TXH VH DSOLFy D SHUVRQDV REMHWR GH OD HGXFDFLyQ HVSHFLDO /RV 3', KDQ GHMDGR SDVR DO FRQFHSWR GH DGDSWDFLRQHV FXUULFXODUHVPXFKRPiVQHXWUDOTXHHOGH3',\TXHHYLWDORVLQFRQYHQLHQWHVGH HVWRV SURJUDPDV DO VLWXDU OD LQWHUYHQFLyQ HGXFDWLYD D OR ODUJR GH XQ FRQWLQXR HQ UHODFLyQFRQHOFXUULFXOXPRUGLQDULRSRUORTXHVHUHTXLHUHODHYDOXDFLyQ\ODWRPD GHGHFLVLRQHVEDVDGDVHQHOFXUULFXOXP 46 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DPELpQVHKDFHUHIHUHQFLDDODVRSLQLRQHVGLYHUVDVHQWUHORVSDUWLGDULRVGH ODLQVWUXFFLyQGLUHFWDHQWUHTXLHQHVSLHQVDQTXHKDGHWUDWDUVHGHXQDHQVHxDQ]D KROtVWLFDHQIRTXHVLVWpPLFR \ JOREDOL]DGRU \HQWUH TXLHQHV SLHQVDQTXH KD GHVHU DWRPtVWLFD$OJXQRVUHSUHVHQWDQWHVGHODHQVHxDQ]DKROtVWLFDVRQ3RSOLQR 5HLG TXLHQHV HQWLHQGHQ D OD SHUVRQD FRPR XQ WRGR FX\DV PRWLYDFLRQHV LQWHUHVHV QHFHVLGDGHV HWF KDQ GH HVWDU SUHVHQWHV HQ OD SURJUDPDFLyQ GH OD LQVWUXFFLyQ VLHQGR HVWDV VLJQLILFDWLYDV \ UHOHYDQWHV )UHQWH D HOORV OD SRVWXUD DWRPtVWLFD SRQH HO pQIDVLV HQ HVWUDWHJLDV HILFDFHV HVSHFtILFDV FRPR HO HQWUHQDPLHQWR DWULEXFLRQDO $PERV HQIRTXHV KDQ GH VHU HQWHQGLGRV FRPR FRPSOHPHQWDULRV &RPRFRQVHFXHQFLDGHORDQWHULRUVHHVWXGLD\SODQWHDODQHFHVLGDGGHXQD PHMRUD PHWRGROyJLFD \ XQ DXPHQWR GH OD YDOLGH] H[WHUQD HQ ODV LQYHVWLJDFLRQHV VREUH ODV GLILFXOWDGHV GH DSUHQGL]DMH (Q JHQHUDO D SHVDU GH OD JUDQ FDQWLGDG GH LQYHVWLJDFLRQHV UHDOL]DGDV GXUDQWH ORV DxRV \ VREUH GLILFXOWDGHV GH DSUHQGL]DMH IDOWDQ GDWRV EiVLFRV FRPR OD GHVFULSFLyQ GH OD SREODFLyQ \ SURFHGLPLHQWRV GH PXHVWUHR HQWRUQRV WUDWDPLHQWRV FULWHULRV GLDJQyVWLFRV XWLOL]DGRVPHGLGDVSURFHGLPLHQWRVHJXLGRWRGRHOORGHIRUPDGHWDOODGDSDUDSRGHU VHUUHSOLFDGDVRYDOLGDGDVH[WHUQDPHQWH 6HJ~Q HO 5HVHDUFK &RPPLWWHH RI WKH &RXQFLO IRU /HDUQLQJ 'LVDELOLWLHV ORV LQIRUPHV GH LQYHVWLJDFLyQ KDEtDQ GH FRQWHQHU DO PHQRV VLHWH DVSHFWRV SDUD SRGHU VHUYDOLGDGRVH[WHUQDPHQWH\VHUUHSOLFDGRVHQUHODFLyQFRQODVGHVFULSFLRQHVGHODV PXHVWUDVGHVXMHWRV D 7DPDxRGHODPXHVWUDQ~PHURGHVXMHWRVPDVFXOLQRV\IHPHQLQRVODHGDG ODUD]DHOQLYHOVRFLRHFRQyPLFR\HOQLYHOLQWHOHFWXDO E (O QLYHO GH ORJUR HQ XQD LQYHVWLJDFLyQ HQ TXH VH UHYLVDURQ HVWXGLRV DSOLFiQGRVHVRORXQRGHORVFULWHULRVHOGHODVFDUDFWHUtVWLFDVGHORVVXMHWRV VHHQFRQWUyTXHVyORFXDWURDUWtFXORVFXPSOtDQORVVLHWHFULWHULRVDQWHULRUHV\ ODPD\RUtDVyORUHFRJtDQDOJXQRGHORVFULWHULRV 47 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /D FRQFOXVLyQ IXH TXH FRQ HVRV GDWRV QR VH SRGtDQ UHSOLFDU ORV HVWXGLRV DGHPiVVLVHKXELHUDQUHYLVDGRODVGHVFULSFLRQHVGHODVFDUDFWHUtVWLFDVGHOHQWRUQR WUDWDPLHQWR PHGLGDV HWF SUREDEOHPHQWH QLQJ~Q DUWtFXOR KXELHUD UHVLVWLGR HO DQiOLVLV3UREOHPDVFRPRODQRGHILQLFLyQGHFULWHULRVXWLOL]DGRVSDUDHOGLDJQyVWLFR RLQFOXVLyQGHODVPXHVWUDVGDWRVGHORVJUXSRVGHFRQWUROHWFVRQSUHFLVRVSDUD SRGHUJHQHUDOL]DUORVUHVXOWDGRVSDUDYDOLGDUHQWHUDPHQWHODVLQYHVWLJDFLRQHVHQHO FDPSRGHODVGLILFXOWDGHVGHDSUHQGL]DMH 8QR GH ORV FDPELRV TXH VH KDQ LGR RSHUDQGR KD VLGR HO SDVR IXQGDPHQWDO GHVGH XQD KLSyWHVLV SHUFHSWLYD GH ODV '$ D XQD KLSyWHVLV OLQJtVWLFD HQIDWL]DQGR ORV SUREOHPDV GH SURFHVDPLHQWR IRQROyJLFR R GH RWURV SUREOHPDV PRUIROyJLFRV \ VLQWiFWLFRV FRPR HO RULJHQ GH ODV '$ GH OD OHFWXUD \ SRU H[WHQVLyQ DO iPELWR JHQHUDOGDGRHOJUDQSRUFHQWDMHGH'$HQODOHFWXUD\RHVFULWXUD ,JXDOPHQWHKDEUtDTXHGHVWDFDUHOFDPELRVXVWDQFLDOGHVGHXQPRYLPLHQWR FHQWUDGRHQODSURYLVLyQGHVHUYLFLRVGHHGXFDFLyQHVSHFLDOSDUDXQJUXSRFUHFLHQWH GH QLxRV HQ ORV RUtJHQHV GHO FDPSR D XQD GLVFLSOLQD FLHQWtILFD HQ TXH ODV LQYHVWLJDFLRQHVWDQWREiVLFDVFRPRDSOLFDGDVKDQFUHFLGRGHIRUPDVLJQLILFDWLYD\ HQ GRQGH ODV SHUVSHFWLYDV PXOWLGLUHFFLRQDOHV PXOWLGLVFLSOLQDULDV H LQFOXVR PXOWLSDUDGLJPiWLFDVVRQSURIXVDV &RPR UHVXPHQ :LHGHUKROW UHDOL]D XQD UHYLVLyQ VLVWHPiWLFD GH ODV IDVHVKLVWyULFDVHQODLQYHVWLJDFLyQVREUHODVGLILFXOWDGHVGHDSUHQGL]DMH\GLVWLQJXH WUHVIDVHVHQVXRUJDQL]DFLyQ D )DVHGH IXQGDPHQWRVTXHVHFDUDFWHUL]DSRUODIRUPXODFLyQ WHyULFD GH ODV GLILFXOWDGHV GH DSUHQGL]DMH IUHQWH D ODV SRVLFLRQHV SUDJPiWLFDV/DVSRVLFLRQHVWHyULFDVVHDSR\DQHQORVGDWRVREWHQLGRVHQ HO HVWXGLR GH LQGLYLGXRV DGXOWRV FRQ OHVLRQHV FHUHEUDOHV R HQ HO GH SDFLHQWHVTXHVXIULHURQDOJ~QWUDXPDItVLFRRSVtTXLFR 48 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO E )DVHGHWUDQVLFLyQ(VWDIDVHVHFDUDFWHUL]DSRUHOLQWHQWRGH WUDQVIHULU ORV SRVWXODGRV WHyULFRV GH OD HWDSD DQWHULRU D OD SUiFWLFD FRQFUHWDGHODLQWHUYHQFLyQGHODFRUUHFFLyQRGHODUHKDELOLWDFLyQ(OIRFR FHQWUDOGHODLQYHVWLJDFLyQSDVDGHORVDGXOWRVDORVQLxRVGHIRUPDTXH ORVGDWRVREWHQLGRVHQODVLQYHVWLJDFLRQHVFRQDGXOWRVVRQWUDQVIHULGRVHQ VX WRWDOLGDG DO HVWXGLR GH ORV QLxRV FRQ WUDVWRUQRV HQ VX GHVDUUROOR /D FRQVHFXHQFLDGHHVWDLQWHUYHQFLyQHVLPSRUWDQWHSDUDHOGLDJQyVWLFR\HO GLVHxRGHSURJUDPDVGHHQWUHQDPLHQWR F )DVHGH LQWHJUDFLyQGHDODDFWXDOLGDG$SDUWLUGHGLFKDIHFKDVH IXQGD HQ :DVKLQJWRQ OD ´$VRFLDFLyQ SDUD QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHµ $&/' (VWD DVRFLDFLyQ FRQWy HQ VX GLUHFWLYD FRQ XQD VHULH GH PLHPEURV FRQ XQD YLVLyQ GLYHUVD GH HVWDV GLILFXOWDGHV OR TXH SRQHGHUHOLHYHODFRUULHQWHGHLQWHJUDFLyQGHGLIHUHQWHVFRQFHSFLRQHV :LHGHUKROW FRQVLGHUy TXH D SDUWLU GH ODV GLILFXOWDGHV GH DSUHQGL]DMH FRPLHQ]DQ D VHU UHFRQRFLGDV FRPR XQD FDWHJRUtD GLDJQyVWLFD HVSHFtILFD \ GLIHUHQFLDGDHVSRUHOORTXHVHxDOyORVVLJXLHQWHVUDVJRVSHFXOLDUHVGHHVWHSHULRGR KLVWyULFR /D XQLILFDFLyQ GH FDWHJRUtDV GLDJQyVWLFDV HQ XQD JHQHUDO /HDUQLQJ 'LVDELOLWLHV (OFUHFLPLHQWRGHODVDVRFLDFLRQHV\RUJDQL]DFLRQHVVRFLDOHV\SURIHVLRQDOHV LQWHUHVDGDVHQODVGLILFXOWDGHVGHDSUHQGL]DMH /D DSDULFLyQ GH ODV SULPHUDV QRUPDV OHJDOHV UHODWLYDV DO GLDJQyVWLFR WUDWDPLHQWR\HVFRODUL]DFLyQGHORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMH 49 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQFHSWR &RQFHSWR &RQFHSWR\FODVLILFDFLyQGHODV \FODVLILFDFLyQGHODVGLILFXOWDGHVGHDSUHQGL]DMH GLILFXOWDGHVGHDSUHQGL]DMH SUHQGL]DMH 6XiUH]<ixH]GHOLPLWDHOFRQFHSWRGHGLILFXOWDGHVGHDSUHQGL]DMHHQ VHQWLGRDPSOLRDODVSURSXHVWDVGHOLQIRUPH:DUQRFNVREUHODDWHQFLyQDODVQLxDV \ QLxRV HQ VLWXDFLyQ GH ´IUDFDVR HVFRODUµ HQ HO VLVWHPD HGXFDWLYR LQJOpV TXH VXSXVLHURQ XQ PRPHQWR DXWpQWLFR GH SXQWR GH LQIOH[LyQ FRQ UHVSHFWR D ODV FRQFHSFLRQHV \ SUiFWLFDV YLJHQWHV HQ OD (GXFDFLyQ (VSHFLDO GHVGH DO PHQRV PHGLDGRVGHOVLJOR;; 'LFKRLQIRUPHSXVRGHUHOLHYHTXHODXWLOL]DFLyQVLVWHPiWLFDGHODVFDWHJRUtDV GLDJQyVWLFDV WUDGLFLRQDOHV HQ (GXFDFLyQ (VSHFLDO FRPR FODYH SDUD GHFLGLU OD SURYLVLyQ GH VHUYLFLRV HGXFDWLYRV GH DSR\R WLHQH HO HIHFWR FRQWUDULR GH TXH HQ OD SUiFWLFDODLQPHQVDPD\RUtDGHDOXPQRVFRQSUREOHPDVHQVXDSUHQGL]DMHHVFRODU TXHGD IXHUD GH FXDOTXLHU WLSR GH FREHUWXUD GHO DSUR[LPDGDPHQWH GH OD SREODFLyQ HVFRODU TXH VHJ~Q HVWLPDFLRQHV GH ORV HVWXGLRV VH HQFRQWUDED HQ HVWD VLWXDFLyQ HQ ORV FHQWURV GRFHQWHV H[DPLQDGRV DSHQDV XQR GH FDGD GLH] DOXPQRV FXPSOtDFRQORVFULWHULRVFOiVLFRVSDUDUHFLELUD\XGDVH[WUD'HPRGRTXHQXHYHGH FDGDGLH]QRUHFLEtDQLQJ~QWLSRGHHGXFDFLyQHVSHFLDO &RPRDOWHUQDWLYDDHVWDVLWXDFLyQHOLQIRUPH:DUQRFNSURSRQtDTXH QR GHEtD SRQHUVH HO DFHQWR HQ OD LGHQWLILFDFLyQ GH HYHQWXDOHV GHILFLHQFLDV GHO DOXPQDGRQLHQVXGHVFULSFLyQVLQRHQODLGHQWLILFDFLyQSUHFLVDGHODVGLILFXOWDGHV FRQFUHWDV TXH FDGD TXLHQ SUHVHQWDED HQ UHODFLyQ FRQ ORV REMHWLYRV HGXFDWLYRV \ HO WLSR GH D\XGD TXH OD VXSHUDFLyQ GH WDOHV GLILFXOWDGHV H[LJtD HVWR HV HQ ODV ´QHFHVLGDGHVHGXFDWLYDVµTXHWDOHVGLILFXOWDGHVLPSOLFDEDQ 'HVGHHVWDSHUVSHFWLYDORGHPHQRVHVHQ~OWLPDLQVWDQFLDVLHORULJHQGHOD GLILFXOWDG HQ HO DSUHQGL]DMH VH GHEH SULPRUGLDOPHQWH R QR D XQD GLVFDSDFLGDG ItVLFDSVtTXLFDVHQVRULDORDRWURVIDFWRUHVSXHVORTXHUHDOPHQWHLPSRUWDHVTXHOD GLILFXOWDGH[LVWH\UHFODPDGHODHVFXHODDOJXQDDFFLyQGLIHUHQWHDODVHPSUHQGLGDV KDVWD HO PRPHQWR 'HO PLVPR PRGR VH GHGXFH GH HVWD FRQFHSFLyQ TXH ODV GLILFXOWDGHV GH DSUHQGL]DMH \ ODV QHFHVLGDGHV HGXFDWLYDV D HOODV DVRFLDGDV QR VRQ 50 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DOJR RSXHVWDV D ODV QHFHVLGDGHVHGXFDWLYDV´QR HVSHFLDOHVµ VLQR TXH WRGDVIRUPDQ XQFRQWLQXR (VWRV SODQWHDPLHQWRV SXHV \D QR FRQVLGHUDQ OD (GXFDFLyQ (VSHFLDO FRPR XQVLVWHPDSDUDOHORDORUGLQDULRVLQRFRPRHOFRQMXQWRGHUHFXUVRVTXHODHVFXHOD SRQH HQ PDUFKD SDUD UHVSRQGHU D ODV QHFHVLGDGHV HVSHFLDOHV GHO DOXPQDGR 0DUFKHVL \ 0DUWtQ GH FXDOTXLHU DOXPQR FRQ FXDOTXLHU GLILFXOWDG HQ VX DSUHQGL]DMH GH PRGR TXH EDMR VX LQIOXHQFLD OD H[SUHVLyQ 1(( 1HFHVLGDGHV (GXFDWLYDV(VSHFLDOHVKDLGRWHQGLHQGRDUHHPSOD]DURWURVWpUPLQRVWUDGLFLRQDOHV ´/RV HVFRODUHV FRQ GLILFXOWDGHV HQ HO DSUHQGL]DMH HVFRODU HQ VHQWLGR UHVWULQJLGR MXQWRFRQORVTXHSUHVHQWDQSUREOHPDVHQHOGHVDUUROORFRQVWLWX\HQHOWRWDOGHWRGRV ORV HVFRODUHV TXH WLHQHQ 1(( R GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR DPSOLRµ 6XiUH]<ixH]SS (QUHVXPHQHVQHFHVDULRWHQHUHQFXHQWDHQSULPHUOXJDUTXHPLHQWUDVHO FRQFHSWR GH GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR UHVWULQJLGR FRQVWLWX\H XQD FDWHJRUtD ´SVLFRSDWROyJLFDµ GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR DPSOLR HV XQD H[SUHVLyQPHUDPHQWHGHVFULSWLYD (Q VHJXQGR OXJDU TXH HO FRQFHSWR GH 1(( QR VH UHILHUH D XQD FRQGLFLyQ SHUVRQDOGHODOXPQRTXHODVSUHVHQWDVLQRTXHH[SUHVDTXHHQODLQWHUDFFLyQHQWUH ODVQHFHVLGDGHVHGXFDWLYDVGHXQDSHUVRQD\HOFRQMXQWRGHD\XGDVTXHODHVFXHOD ´RUGLQDULDµOHRIUHFHSDUDVDWLVIDFHUODVH[LVWHXQDIUDFWXUDGHPRGRTXHDOJXQDVGH WDOHV QHFHVLGDGHV QR HQFXHQWUDQ OD UHVSXHVWD DSURSLDGD &RPR VHxDOD *DUFtD 3DVWRU KDEODU GH 1(( HV VLHPSUH DOJR UHODWLYR H LQWHUDFWLYR \D TXH VXSRQHLQHYLWDEOHPHQWHODUHIHUHQFLDDXQFRQWH[WRHGXFDWLYRGHWHUPLQDGR (QGHILQLWLYDSXHVFXDQGRVHKDEODGHGLILFXOWDGGHDSUHQGL]DMHHQVHQWLGR DPSOLR VH UHILHUH D GHVFULELU XQ KHFKR HV GHFLU TXH XQ GHWHUPLQDGR DOXPQR R DOXPQDQRSURJUHVDHQHOPDUFRGHOFXUUtFXORHVFRODUFRPRVHHVSHUDUtDGHDFXHUGR FRQODVSUHYLVLRQHVLQFOXLGDVHQHVWHVLQQLQJXQDRWUDFRQVLGHUDFLyQRPDWL]DFLyQ &XDQGRKDEODPRVGH1((HQFDPELRTXHUHPRVHQIDWL]DUTXHODVGLILFXOWDGHVHQ 51 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HODSUHQGL]DMHREVHUYDGDVQRGHSHQGHQVRORGHODOXPQRVLQRGHODLQWHUDFFLyQHQWUH HVWH\ORTXHODHVFXHODOHRIUHFHDVtFRPRTXHWDOHVGLILFXOWDGHVH[LJHQFDPELRGH UHVSXHVWDVHVFRODUHVFRQUHVSHFWRDORTXHVHOHYHQtDRIUHFLHQGRDODOXPQRKDVWDHO PRPHQWR $Vt 0ROLQD SURSRQH XQD FODVLILFDFLyQ JHQHUDO GH ODV GLILFXOWDGHV GH DSUHQGL]DMH HQ OD TXH DSDUHFHQ WUHV WLSRV GLIHUHQWHV GH HVWDV DWHQGLHQGR D VX HWLRORJtDODV'$GHELGDVDFDXVDVH[WUtQVHFDVODV'$GHELGDVDFDXVDVLQWUtQVHFDV HQWUHODVTXHVHVLWXDUtDQODV'$HQVHQWLGRUHVWULQJLGR\ODV'$TXHVHGHEHQD XQD LQWHUDFFLyQ HQWUH IDFWRUHV H[WHUQRV H LQWHUQRV DO VXMHWR (YLGHQWHPHQWH QR VXSRQHHVWHDXWRUTXHH[LVWDQFDVRVHQTXHORVIDFWRUHVLQWUtQVHFRV\H[WUtQVHFRVQR LQWHUDFW~HQ HQWUH Vt VLQR TXH WUDWD GH HQIDWL]DU HO KHFKR GH TXH H[LVWHQ FDVRV HQ TXHHOSHVRGHXQRXRWURWLSRGHIDFWRUHVHQODV'$GHODOXPQRHVPX\GLIHUHQWH (QVXVSURSLDVSDODEUDV0ROLQD´/DVGLILFXOWDGHVGHDSUHQGL]DMHVRQ HQWHQGLGDVFRPRXQIHQyPHQRHQHOTXHVHLQWHUILHUHQGLDOpFWLFDPHQWHXQHOHYDGR Q~PHURGHYDULDEOHVWDQWRGHWLSRLQWUtQVHFRFRPRH[WUtQVHFR\FX\DLQWHUIHUHQFLD VyORSXHGHVHULQWHUSUHWDGDDQDOL]DQGRFDGDFDVR\VLWXDFLyQ\DTXHORVHIHFWRVTXH SXHGHQ WHQHU ODV PLVPDV YDULDEOHV HWLROyJLFDV GHSHQGHQ WDQWR GH ODV FDUDFWHUtVWLFDV ELROyJLFDV \ SVLFROyJLFDV GHO DOXPQR FRPR GH ODV FRPSHQVDFLRQHV SRVLWLYDVRQHJDWLYDVTXHSXHGDSURGXFLUHOPHGLRDPELHQWHHQTXHVHGHVHQYXHOYH HOQLxRFXOWXUDOVRFLRIDPLOLDU\SHGDJyJLFR$KRUDELHQ¢TXLHUHHOORGHFLUTXHQR H[LVWHQ QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH FX\DV FDXVDV ~QLFDV VHDQ GH WLSR LQWUtQVHFRRGHWLSRH[WUtQVHFR"µSS $Vt SXHVSRGUtDPRV GHILQLU HO iPELWRGH ODV GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR DPSOLR FRPR HO FRQMXQWR GH WRGRV ORV SUREOHPDV TXH H[SHULPHQWDQ ORV HVFRODUHV HQ OD DGTXLVLFLyQ GH ODV FRPSHWHQFLDV EiVLFDV WHQLHQGR HQ FXHQWD TXH DXQ FXDQGR HQ OD DSDULFLyQ GH XQD GLILFXOWDG GH DSUHQGL]DMH LQWHUDFW~DQ VLHPSUH IDFWRUHV LQWUtQVHFRV \ H[WUtQVHFRV DO VXMHWR HO SHVR GLIHUHQFLDO GH XQRV \ RWURV HV PX\ YDULDEOH \HQGR GHVGH HO FDVR HQ TXH HO PHGLR HV H[WUDRUGLQDULDPHQWH IDYRUHFHGRU \ ODV '$ VH GHEHQ HQ OR HVHQFLDO D FLHUWD FRQGLFLyQ SHUVRQDO GHO 52 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DOXPQR KDVWD DTXHO RWUR HQ TXH RFXUUH H[DFWDPHQWH OR FRQWUDULR XQ DOXPQR FRQ VXVSRWHQFLDOLGDGHVLQGHPQHVHVYtFWLPDGHXQHQWRUQRFXOWXUDOVRFLRIDPLOLDU\R HVFRODUGLVFDSDFLWDQWH 6HJ~QHVWDEOHFH'HILRUVHGHILQHQODV'$´&RPRGLILFXOWDGHVTXHVH FDUDFWHUL]DQ SRU XQ UHQGLPLHQWR HQ XQD R YDULDV PDWHULDV HVFRODUHV TXH HVWi VLJQLILFDWLYDPHQWHSRUGHEDMRGHORHVSHUDGRGDGDODHGDGGHOQLxRXQ&,FRFLHQWH LQWHOHFWXDOHQWRUQRD\ODDXVHQFLDGHGHVyUGHQHVHPRFLRQDOHVVHYHURVGpILFLWV VHQVRULDOHV \R GpILFLWV QHXUROyJLFRVµ (V XQD GHILQLFLyQ SUy[LPD D OD GH 0LUDQGD TXH VHxDOD OD LQWHUDFFLyQ HQWUH VXMHWR \ DPELHQWH FRPR RULJHQ GH DOJXQDV GLILFXOWDGHV HQ ODV TXH QR VROR FRQFXUUHQ VXMHWRV H[FHSFLRQDOHV VLQR WDPELpQ VLWXDFLRQHVH[FHSFLRQDOHV\TXHQHFHVLWDQXQDDWHQFLyQHVSHFLDOL]DGD 3RURWUDSDUWHVHREVHUYDXQDWHQGHQFLDDODGLIHUHQFLDFLyQHQWUHDOXPQRV UHWUDVDGRV HVFRODUPHQWH \ DTXHOORV DIHFWDGRV SRU XQD GLILFXOWDG GH DSUHQGL]DMH HVSHFtILFD UHVSHFWR D OD HYDOXDFLyQ GHWDOODGD GH VXV GLILFXOWDGHV H LJXDOPHQWH HQ FXDQWR D ORV SURJUDPDV GH LQWHUYHQFLyQ \D TXH VXV FRPSRUWDPLHQWRV HQ OD HMHFXFLyQSUHVHQWDQVHPHMDQWHVFDUDFWHUtVWLFDV (QODLQYHVWLJDFLyQGH9DOGLYLHVRODSUHVHQFLDGHODVGLILFXOWDGHVGH DSUHQGL]DMHVHGDHQGLIHUHQWHVQLYHOHV(QHVWDLQYHVWLJDFLyQVHGLFHTXHXQHVFRODU WLHQH GLILFXOWDGHV GH DSUHQGL]DMH FXDQGR VX UHQGLPLHQWR HQ OD HVFXHOD HV VHQVLEOHPHQWH LQIHULRU D OR HVSHUDGR GH DFXHUGR D VXV FRQGLFLRQHV HVWLPXODFLyQ HVFRODULGDG\HGDG%iVLFDPHQWHVHKDQFODVLILFDGRHQ 'LILFXOWDGHVHVSHFtILFDV FXDQGR VHDVRFLDQDOGDxRFHUHEUDO\QRHVSHFtILFR FXDQGR HO HOHFWURHQFHIDORJUDPD \ OD KLVWRULD PpGLFD QR SHUPLWHQ QL GHPXHVWUDQ GDxRVRUJiQLFRV 'LILFXOWDGHV HVSHFtILFDV GH DSUHQGL]DMH VH PDQLILHVWDQ HQ QLxRV FRQ LQWHOLJHQFLD QRUPDO R DOUHGHGRU GH OR QRUPDO TXH FDUHFHQ GH DOWHUDFLRQHV HPRFLRQDOHVVHYHUDV6XDPELHQWHVRFLRFXOWXUDO\HGXFDFLRQDOHVVDWLVIDFWRULR1R ORJUDQ XQ UHQGLPLHQWR HVFRODU QRUPDO \ SUHVHQWDQ GLILFXOWDGHV UHLWHUDGDV HQ 53 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FLHUWDV iUHDV GH DSUHQGL]DMH IXQFLRQDQGR ELHQ HQ XQDV \ PDO HQ RWUDV (VWDV GLILFXOWDGHV GHSHQGHQ GH DOWHUDFLRQHV HQ HO GHVDUUROOR PDGXUDFLyQ SVtTXLFD \ QHXUROyJLFD 5HFHSFLyQ FRPSUHQVLyQ UHWHQFLyQ FUHDWLYLGDG HQ UHODFLyQ FRQ VX HGDG PHQWDO \ DXVHQFLD GH DOWHUDFLRQHV VHQVRULDOHV JUDYHV GH DSUHQGL]DMH DSUHQGH HQ FDQWLGDG\FDOLGDGLQIHULRUDORHVSHUDGRHQUHODFLyQFRQVXFDSDFLGDG(VWHGHVQLYHO HQWUH HO SRWHQFLDO \ OD FDSDFLGDG GH DSUHQGL]DMH VH SURGXFH SRU DOWHUDFLRQHV QHXUROyJLFDV /RV IDFWRUHV TXH LQWHUYLHQHQ HQ ODV GLILFXOWDGHV HVSHFtILFDV GH DSUHQGL]DMH VRQ IDFWRUHV HWLROyJLFRV JHQpWLFRV GLVIXQFLRQDOHV IDFWRUHV SVLFROyJLFRV IDFWRUHV PDGXUDFLRQDOHV IDFWRUHV FRQFRPLWDQWHV R FRUUHODWLYRV SVLFRPRWRUHV LQWHOHFWXDOHV \ HPRFLRQDOHV \R FRQGXFWXDOHV IDFWRUHV LQWHUYLQLHQWHV VRQ GH RUGHQ VRPiWLFR \ IDFWRUHVFRQVHFXHQWHVDQJXVWLDV\GHSUHVLRQHV 'LILFXOWDGHV GH DSUHQGL]DMH QR HVSHFtILFDV FDUDFWHUtVWLFDV GH ORV DSUHQGL]DMHV OHQWRV VH PDQLILHVWDQ HQ XQ UHWDUGR JHQHUDO GH WRGR HO SURFHVR GH DSUHQGL]DMH REVHUYDQGR OHQWLWXG GHVLQWHUpV GHILFLHQFLD HQ OD DWHQFLyQ \ FRQFHQWUDFLyQ7RGRHOORDIHFWDDOUHQGLPLHQWRJOREDO (VWDVFDUDFWHUtVWLFDVVHSUHVHQWDQHQQLxRVFRQXQGHVDUUROORQRUPDO\FRQ LQPDGXUH] HQ HO iUHD FRJQLWLYD TXH SURYRFDUtD XQD OHQWLWXG SDUD DSUHQGHU 7DPELpQ HV SRVLEOH YHU TXH HVWD PDQLIHVWDFLyQ VH SUHVHQWD HQ QLxRV FRQ UHWDUGR PHQWDO\GLILFXOWDGHVDXGLWLYDVVHYHUDV /DVFDUDFWHUtVWLFDVGHORVQLxRVFRQDSUHQGL]DMHOHQWRVHUtDQ /HQWLWXG SDUD SURFHVDU OD LQIRUPDFLyQ HVFRODU \ SDUD VHJXLU HO ULWPR GH DSUHQGL]DMHGHOUHVWRGHVXVFRPSDxHURV ,QDGHFXDFLyQHQWUHHOQLYHOGHGHVDUUROORGHVXVHVWUXFWXUDVFRJQLWLYDV\HO JUDGRGHFRPSOHMLGDGGHODVODERUHVHVFRODUHV %DMDPRWLYDFLyQSDUDDSUHQGHUDFRPSDxDGDGHXQDEDMDDXWRHVWLPD 54 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,QDGHFXDFLyQHQWUHVXVKDELOLGDGHVSVLFROLQJtVWLFDV\HOOHQJXDMHXWLOL]DGR SRUHOSURIHVRU )DOWD GH DXWRQRPtD QHFHVDULD SDUD HO HVWDEOHFLPLHQWR GH VXV SURSLDV HVWUDWHJLDVSDUDHVWXGLDU\PHPRUL]DU /DV FUtWLFDV TXH VH KDQ UHDOL]DGR SULQFLSDOPHQWH GHVGH HO FDPSR GH OD HYDOXDFLyQ H LQWHUYHQFLyQ SVLFRHGXFDWLYD UHVSHFWR D OD XWLOLGDG GHO FRQFHSWR GH /HDUQLQJ'LVDELOLWLHVKDQGHVHPERFDGRHQODIRUPXODFLyQGHXQD~OWLPDGHILQLFLyQ UHVSHFWRDODPLVPD &RPR FRQFOXVLyQ OD GHILQLFLyQ \ OD FODVLILFDFLyQ GH ODV '$ HV XQ DVXQWR QXFOHDU SRU ODV LPSRUWDQWHV UHSHUFXVLRQHV TXH FRQOOHYD $~Q FRQ WRGDV ODV OLPLWDFLRQHV\FUtWLFDVODPD\RUSDUWHGHORVLQYHVWLJDGRUHV\SURIHVLRQDOHVDVXPHQ HO FRQFHSWR UHVWULQJLGRGH DFXHUGRFRQ HO FXDOORV HVWXGLDQWHV FRQ '$ PDQLILHVWDQ XQD GLVFUHSDQFLD VLJQLILFDWLYD HQWUH VX ORJUR DFDGpPLFR \ VX SRWHQFLDO LQWHOHFWXDO HQ XQR R PiV GH ORV VLJXLHQWHV GRPLQLRV \ FRPSHWHQFLDV D H[SUHVLyQ RUDO E H[SUHVLyQ HVFULWD F FRPSUHQVLyQ RUDO G KDELOLGDGHV EiVLFDV GH OHFWXUD H FRPSUHQVLyQGHODOHFWXUDIFiOFXORPDWHPiWLFR\JUD]RQDPLHQWRPDWHPiWLFR (VHVWDODGHILQLFLyQWRPDGDFRPRYiOLGDHQHVWDLQYHVWLJDFLyQ 'HVGH OD FRQFHSFLyQ DPSOLD TXH HV OD TXH VH DVXPH HQ (VSDxD ODV '$ HTXLYDOHQ D ´1HFHVLGDGHV (GXFDWLYDV (VSHFLDOHVµ 1(( WDO \ FRPR VH FRQVWDWD HQODVSXEOLFDFLRQHVHGXFDWLYDVUHODFLRQDGDVFRQODUHIRUPDHGXFDWLYD/2(/H\ 2UJiQLFD GH (GXFDFLyQ $ SHVDU GH ODV GLYHUJHQFLDV TXH FRQOOHYDQ ODV GRV FRQFHSFLRQHV GH ODV '$ DPSOLD \ UHVWULQJLGD DPERV HQIRTXHV FRLQFLGHQ HQ OD QHFHVLGDG GH SURSRUFLRQDU D ORV DOXPQRV FRQ '$ XQD LQVWUXFFLyQ HVSHFLDOL]DGD DGDSWDGDDVXVQHFHVLGDGHV 3RU~OWLPRDOJXQDVGHODVFDUDFWHUtVWLFDVWtSLFDVDVRFLDGDVFRQSUREOHPDVGH DSUHQGL]DMHLQFOX\HQSUREOHPDVHQOHFWXUDPDWHPiWLFDVHVFULWXUD\OHQJXDMHRUDO GpILFLWVHQODLQWHUSUHWDFLyQGHORTXHHVYLVWRXRtGRGLILFXOWDGFRQODVKDELOLGDGHV GHHVWXGLRHODXWRFRQWUROODDXWRHVWLPDODPHPRULD\ODDWHQFLyQ0HUFHU 55 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $FRQWLQXDFLyQVHSUHVHQWDXQUHFRUULGRSRUODVSULQFLSDOHVGHILQLFLRQHVGHO WpUPLQR GLILFXOWDGHV GH DSUHQGL]DMH '$ \ VX HYROXFLyQ DO GH 1HFHVLGDGHV (GXFDWLYDV (VSHFLDOHV 1(( SURSXHVWR HQ VX PRPHQWR SRU OD /2*6( /H\ 2UJiQLFD *HQHUDO GHO 6LVWHPD (GXFDWLYR KDFLD HO GH 1HFHVLGDGHV (VSHFtILFDV GH $SR\R (GXFDWLYR 1(($( GH OD DFWXDO QRUPDWLYD HGXFDWLYD /2( /H\ 2UJiQLFDGH(GXFDFLyQ 6DPXHO.LUNHQVXOLEUR(GXFDWLQJ([FHSWLRQDO&KLOGUHQGHILQHD ORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMHGHOVLJXLHQWHPRGR 8QDGLILFXOWDGGHDSUHQGL]DMHVHUHILHUHDXQUHWUDVRWUDVWRUQRRGHVDUUROOR UHWUDVDGRHQXQRRPiVSURFHVRVGHOKDEODOHQJXDMHOHFWXUDHVFULWXUDDULWPpWLFD X RWUDV iUHDV HVFRODUHV UHVXOWDQWHV GH XQ KDQGLFDS FDXVDGR SRU XQD SRVLEOH GLVIXQFLyQ FHUHEUDO \R DOWHUDFLyQ HPRFLRQDO R FRQGXFWXDO 1R HV HO UHVXOWDGR GH UHWUDVRPHQWDOGHSULYDFLRQVHQVRULDORIDFWRUHVFXOWXUDOHVHLQVWUXFFLRQDOHV.LUN SS /RV QLxRV TXH WLHQHQ GLILFXOWDGHV GH DSUHQGL]DMH VRQ ORV TXH PDQLILHVWDQ XQD GLVFUHSDQFLD HGXFDWLYD VLJQLILFDWLYD HQWUH VX SRWHQFLDO LQWHOHFWXDO HVWLPDGR \ HOQLYHODFWXDOGHHMHFXFLyQUHODFLRQDGRFRQORVWUDVWRUQRVEiVLFRVHQORVSURFHVRVGH DSUHQGL]DMHTXHSXHGHQRQRLUDFRPSDxDGRVSRUGLVIXQFLRQHVGHPRVWUDEOHVHQHO VLVWHPDQHUYLRVRFHQWUDO\TXHQRVRQVHFXQGDULDVDOUHWUDVRPHQWDOJHQHUDOL]DGR %DWHPDQ QR HVWDED VDWLVIHFKR FRQ OD GHILQLFLyQ LQLFLDO GH .LUN H LQWURGXMR HO FRQFHSWR GH GLVFUHSDQFLD DSWLWXGïUHQGLPLHQWR GHSULYDFLyQ FXOWXUDO R HGXFDWLYD DOWHUDFLyQ HPRFLRQDO VHYHUD \ SpUGLGD VHQVRULDO $SHQDV VL LQIOX\H HQ HO FDPSR D GLIHUHQFLDGHODGH.LUN 1$&+& 1DWLRQDO $GYLVRU\ &RPPLWWHH RQ +DQGLFDSSHG &KLOGUHQ /RV QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HVSHFLDOHV HVSHFtILFRV PDQLILHVWDQ XQ WUDVWRUQRHQXQRRPiVGHORVSURFHVRVSVLFROyJLFRVEiVLFRVHQODFRPSUHQVLyQRHQ HOXVRGHOOHQJXDMHKDEODGRRHVFULWR 56 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWRVVHSXHGHQPDQLIHVWDUHQWUDVWRUQRVGHODDXGLFLyQGHOSHQVDPLHQWR GHO KDEOD GH OD OHFWXUD GH OD HVFULWXUD GHO GHOHWUHR R GH OD DULWPpWLFD ,QFOX\HQ FRQGLFLRQHV TXH KDQ VLGR UHIHULGDV FRPR KiQGLFDSV SHUFHSWLYRV OHVLyQ FHUHEUDO GLVIXQFLyQFHUHEUDOPtQLPDGLVOH[LDDIDVLDGHOGHVDUUROORHWF (O 1DWLRQDO $GYLVRU\ &RPPLWWHH RQ +DQGLFDSSHG &KLOGUHQ GLULJLGR SRU .LUN SURSRQH HQ XQD GHILQLFLyQ FRQ VLPLOLWXGHV FRQFHSWXDOHV D ODV GH .LUN GHH[FHSWRHQTXH /RV GpILFLWV VLJQLILFDWLYRV VH GHILQHQ HQ WpUPLQRV GH SURFHGLPLHQWRV DFHSWDGRVGHGLDJQyVWLFRHQHGXFDFLyQ\HQSVLFRORJtDORVSURFHVRVGHDSUHQGL]DMH HVHQFLDOHV VRQ ORV KDELWXDOPHQWH UHIHULGRV HQ OD FLHQFLD GH OD FRQGXFWD FRPR OD SHUFHSFLyQ OD LQWHJUDFLyQ \ OD H[SUHVLyQ VHD YHUEDO R QR YHUEDO /DV WpFQLFDV GH HGXFDFLyQ HVSHFLDO SDUD OD UHPHGLDFLyQ VH UHILHUHQ D OD SODQLILFDFLyQ HGXFDWLYD EDVDGDVHQSURFHGLPLHQWRV\UHVXOWDGRVGLDJQyVWLFRV 8Q QLxR FRQ GLILFXOWDG GH DSUHQGL]DMH HV DTXHO FRQ KDELOLGDG PHQWDO SURFHVRV VHQVRULDOHV \ HVWDELOLGDG HPRFLRQDO DGHFXDGRV TXH SUHVHQWD GpILFLWV HVSHFtILFRVHQORVSURFHVRVSHUFHSWLYRVLQWHJUDWLYRVRH[SUHVLYRVORVFXDOHVDOWHUDQ ODHILFLHQFLDGHODSUHQGL]DMH 3RUGHILQLFLyQXQQLxRFRQGLILFXOWDGHVGHDSUHQGL]DMHQRSXHGHSUHVHQWDUD OD YH] SUREOHPDV HGXFDWLYRV WUDVWRUQRV WpUPLQR GLILFXOWDG GH DSUHQGL]DMH HVSHFLILFD TXLHUH GHFLU XQ WUDVWRUQR HQ XQR R PiV GH ORV SURFHVRV SVLFROyJLFRV EiVLFRV LPSOLFDGRV HQ OD FRPSUHQVLyQ R HQ HO XVR GHO OHQJXDMH KDEODGR R HVFULWR TXH VHSXHGH PDQLIHVWDU HQ XQD KDELOLGDG LPSHUIHFWD SDUD HVFXFKDUKDEODU OHHU HVFULELUGHOHWUHDURKDFHUFiOFXORVPDWHPiWLFRV (O WpUPLQR LQFOX\H FRQGLFLRQHV WDOHV FRPR KiQGLFDSV SHUFHSWLYRV OHVLyQ FHUHEUDOGLVIXQFLyQFHUHEUDOPtQLPDGLVOH[LD\DIDVLDGHOGHVDUUROOR(,WpUPLQRQR LQFOX\HDORVQLxRVTXHSUHVHQWDQSUREOHPDVGHDSUHQGL]DMHTXHVRQSULPDULDPHQWH 57 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HOUHVXOWDGRGHGpILFLWVYLVXDOHVDXGLWLYRVRPRWRUHVRUHWUDVRPHQWDORDOWHUDFLRQHV HPRFLRQDOHVRGHVYHQWDMDVDPELHQWDOHVFXOWXUDOHVRHFRQyPLFDV /D $VRFLDFLyQ GH 'LILFXOWDGHV GH $SUHQGL]DMH GH $PpULFD /HDUQLQJ 'LVDELOLWLHV$VVRFLDWLRQRI$PpULFDVHRSXVRDODIDPRVDGHILQLFLyQGHO1-&/' GH SURSRQLHQGR XQD GHILQLFLyQ GLIHUHQWHHQ TXHVHJ~Q+DPPLOO HVWiHQHVHQFLDGHDFXHUGRFRQODGHO1-&/'DXQTXHVHGLIHUHQFLDHQTXH 1R HVSHFLILFD ORV WLSRV GH GLILFXOWDGHV GH DSUHQGL]DMH TXH SXHGHQ REVHUYDUVHVLQRTXHKDEODGHSUREOHPDVYHUEDOHV\QRYHUEDOHV 6H RPLWH XQD FOiXVXOD GH H[FOXVLyQ FRQ ORTXHQR HVSRVLEOHVDEHU VL VH UHFRQRFHRQRODSRVLELOLGDGGHODSUHVHQFLDGHRWURVSUREOHPDVVXSHUSXHVWRV /DVGLILFXOWDGHVGHDSUHQGL]DMHVRQXQWpUPLQRJHQpULFRTXHVHUHILHUHDXQ JUXSRKHWHURJpQHRGHWUDVWRUQRVPDQLIHVWDGRVSRUGLILFXOWDGHVVLJQLILFDWLYDVHQOD DGTXLVLFLyQ \ XVR GH OD UHFHSFLyQ KDEOD OHFWXUD HVFULWXUD UD]RQDPLHQWR R KDELOLGDGHVPDWHPiWLFDVRGHKDELOLGDGHVVRFLDOHV (VWRVWUDVWRUQRVVRQLQWUtQVHFRVDOLQGLYLGXR\VHSUHVXPHTXHVRQGHELGRVD OD GLVIXQFLyQ GHO VLVWHPD QHUYLRVR FHQWUDO ,QFOXVR DXQTXH XQ SUREOHPD GH DSUHQGL]DMHSXHGHRFXUULUFRQFRPLWDQWHPHQWHFRQRWUDVFRQGLFLRQHVLQFDSDFLWDQWHV SHMGpILFLWVHQVRULDOUHWUDVRPHQWDOWUDVWRUQRHPRFLRQDORVRFLDOFRQLQIOXHQFLDV VRFLRïDPELHQWDOHV SHM GLIHUHQFLDV FXOWXUDOHV LQVWUXFFLyQ LQVXILFLHQWH R LQDSURSLDGD IDFWRUHV SVLFRGpOLFRV \ HVSHFLDOPHQWH WUDVWRUQRV SRU GpILFLW GH DWHQFLyQWRGRVORVFXDOHVSXHGHQFDXVDUGLILFXOWDGHVGHDSUHQGL]DMHXQDGLILFXOWDG GH DSUHQGL]DMH QR HV HO UHVXOWDGR GLUHFWR GH HVWDV LQIOXHQFLDV R FRQGLFLRQHV ,QWHUDJHQF\&RPPLWWHHRQ/HDUQLQJ'LVDELOLWLHVSS (Q SDUHFLGRV WpUPLQRV VH H[SUHVDQ *UHVKDP \ (OOLRWW D DO SRQHU HQ GXGDORDFHUWDGRGHODLQFOXVLyQGHODVGLILFXOWDGHVHQODVKDELOLGDGHVVRFLDOHVFRPR XQD GLILFXOWDG GH DSUHQGL]DMH HVSHFtILFD DO QR KDEHU VLGR DSR\DGR SRU OD LQYHVWLJDFLyQ QL SRU OD HYLGHQFLD HPStULFD ,JXDOPHQWH RFXUULy FRQ HO 1-&/' RSXHVWRPD\RULWDULDPHQWHDHVWDLQFOXVLyQWDO\FRPRVHUHIOHMDHQXQDFDUWDGHO 58 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO GH PDU]R GH $ FRQWLQXDFLyQ UHFRJHPRV OD GHILQLFLyQ GHO ,&/' +DPPLOO DQDOL]D FRPSDUDWLYDPHQWH ODV RQFH GHILQLFLRQHV KLVWyULFDV HQ WRUQR D GLYHUVRVFULWHULRVWDOHVFRPR %DMRUHQGLPLHQWR (WLRORJtDGHGLVIXQFLyQGHO61& 3URFHVRVLPSOLFDGRV 3UREOHPDVSUHVHQWHVGXUDQWHHOFLFORYLWDO 3UREOHPDVGHOHQJXDMHKDEODGRFRPRSRVLEOHGLILFXOWDGGHDSUHQGL]DMH 3UREOHPDVDFDGpPLFRVFRPRSRVLEOHGLILFXOWDGGHDSUHQGL]DMH 3UREOHPDVFRQFHSWXDOHVFRPRSRVLEOHGLILFXOWDGGHDSUHQGL]DMH 6H GD XQ GHVDFXHUGR KLVWyULFR HQ WRUQR D OD GHILQLFLyQ GH OR TXH VHDQ ODV GLILFXOWDGHV GH DSUHQGL]DMH \ VLQ HPEDUJR VH GD XQ DFXHUGR HQ FXDQWR D ODV FDUDFWHUtVWLFDVGHODVSHUVRQDVFRQGLILFXOWDGHVGHDSUHQGL]DMH /D GHILQLFLyQ FRQVHQVXDGD UHQRYDGD GLILFXOWDG GH DSUHQGL]DMH '$ HV XQ WpUPLQRJHQHUDOTXHVHUHILHUHDXQJUXSRKHWHURJpQHRGHWUDVWRUQRVHQHOGHOHWUHR HQ OD OHFWXUD HQ HO DSUHQGL]DMH QR YHUEDO HQ ODV PDWHPiWLFDV HQ JHQHUDO R HQ HO FRQWH[WR GH ORV WUDVWRUQRV GHO GHVDUUROOR \ HQ UHODFLyQ FRQ OD HYDOXDFLyQ H LQVWUXFFLyQHVWUDWpJLFD 6RQ GLILFXOWDGHV LQWUtQVHFDV DO LQGLYLGXR \ VH ODV VXSRQH GHELGDV D XQD GLVIXQFLyQ GHO VLVWHPD QHUYLRVR FHQWUDO PDWL]DQGR PXFKR OR GH LQWUtQVHFR (VWD LGHDHVDSR\DGDSRUORVQHXURSVLFyORJRV\JHQHWLVWDV(VPX\VLJQLILFDWLYRHOPRGHOR GH)ULWKDSOLFDEOHDORVGLIHUHQWHVWUDVWRUQRVGHOGHVDUUROOR 3RGHPRV KDOODU XQ PDUFR WHyULFR FRPSDUWLGR HQ WUHV QLYHOHV FDXVDOHV R H[SOLFDWLYRV GHO SUREOHPD XQ SULPHU QLYHO TXH HV HO QLYHO ELROyJLFR HQ GRQGH VH DVXPHQ GLVIXQFLRQHV FHUHEUDOHV GH EDVH 8Q VHJXQGR QLYHO HO FRJQLWLYR ïLQFOX\HQGR OR HPRFLRQDOï HQ GRQGH SXHGHQ GDUVH GpILFLWV SURFHVXDOHV WDOHV FRPR ORVGpILFLWVIRQROyJLFRVRSREUHFRQRFLPLHQWRJUDIHPDïIRQHPD 59 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO < XQ WHUFHU QLYHO HO FRQGXFWXDO TXH HV HQ GRQGH KD\ XQ DFXHUGR PD\RULWDULR HQ OD LGHQWLILFDFLyQ GH ODV SHUVRQDV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ TXH VH FRUUHVSRQGHUtD FRQ ODV PDQLIHVWDFLRQHV GH GLILFXOWDG HQ HO DSUHQGL]DMH GHO OHQJXDMHOHFWXUDHVFULWXUD\PDWHPiWLFDV(VWHPRGHORHQWUHVQLYHOHVLQFOX\HXQD UHODFLyQ FDXVDO FRPSOHMD \ HQ FDGD XQR GH ORV QLYHOHV OD LQIOXHQFLD GHO HQWRUQR LQWHUDFW~DPDWL]iQGRORSDUWLFXODUL]iQGRORV /DVGLILFXOWDGHVGHDSUHQGL]DMHSXHGHQVHUXQIHQyPHQRTXHDIHFWHDWRGDOD YLGD GH ODV SHUVRQDV SRU OR TXH QR VH SXHGH KDEODU VyOR GH QLxRV FRQ '$ VLQR WDPELpQGHDGROHVFHQWHV\DGXOWRVFRQGLILFXOWDGHVGHDSUHQGL]DMH\TXHHVSUHFLVR FRQVLGHUDUSDUDODSURYLVLyQGHVHUYLFLRV\DSR\RV /RVSUREOHPDVHQODVFRQGXFWDVDXWRUUHJXODWRULDVHQODSHUFHSFLyQVRFLDOR HQ OD LQWHUDFFLyQ VRFLDO SXHGHQ DSDUHFHU HQWUH ODV SHUVRQDV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR QR FRQVWLWX\HQ SRU Vt PLVPRV XQ SUREOHPD GH DSUHQGL]DMH (VWR D\XGDDGLIHUHQFLDUODVGLILFXOWDGHVGHDSUHQGL]DMHGHORVWUDVWRUQRVFRQGpILFLWGH DWHQFLyQ FRQ KLSHUDFWLYLGDG SRU HMHPSOR DXQTXH VH DGPLWD HO GLDJQyVWLFR GH OD FRQFXUUHQFLD HQWUH GLILFXOWDGHV GH DSUHQGL]DMH \ RWUDV GLVFDSDFLGDGHV FRPR GHILFLHQFLDV VHQVRULDOHV UHWUDVR PHQWDO WUDVWRUQR HPRFLRQDO R FRQ FRQGLFLRQHV H[WUtQVHFDVFRPRGLIHUHQFLDVFXOWXUDOHVLQDGHFXDGDRLQVXILFLHQWHLQVWUXFFLyQHWF ODVGLILFXOWDGHVGHDSUHQGL]DMHQRVRQGHELGDVDHVWRVIDFWRUHV (Q HVWD GHILQLFLyQ VH UHFRJH OD HVHQFLD GH OR TXH SRGHPRV HQWHQGHU SRU GLILFXOWDGGHDSUHQGL]DMHGHVGHXQHQIRTXHIXQGDPHQWDOPHQWHHGXFDWLYR\SDUDOD WRPDGHGHFLVLRQHVGHSURYLVLyQGHVHUYLFLRVHVFRODUHVGHHGXFDFLyQHVSHFLDO (VWD GHILQLFLyQ QR JXEHUQDPHQWDO IXH DSR\DGD SRU OD PD\RUtD GH ODV RUJDQL]DFLRQHV SURIHVLRQDOHV \ FLHQWtILFDV LPSOLFDGDV HQ ORV WHPDV GH HGXFDFLyQ HVSHFLDO HQ $PpULFD GHO 1RUWH 2WUD FXHVWLyQ UHFRJLGD SRU HVWD GHILQLFLyQ FRQVHQVXDGDHVTXHVHSUHFLVDGHGLILFXOWDGHVVLJQLILFDWLYDVIUHQWHDRWURVWpUPLQRV FRPR HO GH GLVFUHSDQFLD HQWUH OD FDSDFLGDG LQWHOLJHQFLD \ HO QLYHO HQ OHQJXDMH OHFWXUDHVFULWXUDRPDWHPiWLFDV 60 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (O SUREOHPD GHO XVR GH IyUPXODV GH GLVFUHSDQFLD SDUD GHILQLU ODV '$ KD VLGRPX\FRQWURYHUWLGR\KDGDGROXJDUDPXFKDVLQYHVWLJDFLRQHV/DFXHVWLyQGHO WpUPLQR GH H[FOXVLyQ ODV GLILFXOWDGHV GH DSUHQGL]DMH QR KDQ GH VHU IUXWR GH OD GHILFLHQFLDPHQWDO RGH OD DXVHQFLD GH HVFRODUL]DFLyQ RGH SUREOHPDVHPRFLRQDOHV TXHGDPX\PDWL]DGRSXGLpQGRVHGDUHOFDVRFRPRGHKHFKRRFXUUHGHFRQFXUUHQFLD GHGLILFXOWDGHVGHDSUHQGL]DMH\RWURVWUDVWRUQRVGHOGHVDUUROORRGHODSHUVRQDOLGDG RGHODFRQGXFWD(QWUHODVH[FOXVLRQHVHVWiQODVKDELOLGDGHVVRFLDOHVHQFRQWUDGH ODLQFOXVLyQGHODVPLVPDVSRUOD ,QWHUDJHQF\&RPPLWWHHRQ/HDUQLQJ'LVDELOLWLHV 6RQPXFKRVORVDVSHFWRVGLVFXWLEOHVGHOWpUPLQRGLILFXOWDGHVGHDSUHQGL]DMH WpUPLQR TXH KD VLGR \ HV SURSXHVWR FRPR PiV DFHSWDEOH TXH ORV HVSHFtILFRV GH GLVOH[LD GLVJUDItD GLVFDOFXOLD GLVIDVLD HWF 6LJXLHQGR OD &ODVLILFDFLyQ ,QWHUQDFLRQDO GH 'HILQLFLRQHV 'LVFDSDFLGDGHV \ 0LQXVYDOtDV GH GH OD 2UJDQL]DFLyQ0XQGLDOGHOD6DOXGYHUVLyQFDVWHOODQDHQHO,16(562HQVH KDEOD GH WUHV FRQFHSWRV VXFHVLYRV \ FRQ LPSOLFDFLRQHV GLYHUVDV HO GH GHILFLHQFLD UHIHULGR D OD DQRUPDOLGDG RUJiQLFD HO GH GLVFDSDFLGDG R FRQVHFXHQFLD GH OD GHILFLHQFLDORTXHDIHFWDDODSHUVRQD\HOGHPLQXVYDOtDRKiQGLFDS 8QD WUDGXFFLyQ OLWHUDO GHO WpUPLQR /HDUQLQJ 'LVDELOLWLHV VXSRQGUtD WUDGXFLUOR FRPR GLVFDSDFLGDGHV GH DSUHQGL]DMH FRQ OR TXH LPSOLFDUtD XQD EDVH RUJiQLFD FRQVWDWDEOH RWHRUL]DEOH \ GH XQ WUDVWRUQR IXQFLRQDO REMHWLYDEOH D QLYHO GH OD SHUVRQD /R VHJXQGR SXHGH TXH Vt VHD DGPLVLEOH 'LVDELOLW\ SHUR VLQ OD LPSOLFDFLyQGHORSULPHUR 8QR GH ORV GHEDWHV PiV LQWHUHVDQWHV \ D~Q YLYRV GHQWUR GHO FDPSR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH HV HO SDSHO TXH MXHJD OD LQWHOLJHQFLD WDO \ FRPR OD PLGHQ ORV WHVWV SVLFRPpWULFRV HQ HO GLDJQyVWLFR GH ODV '$ &RPR UHVXOWD TXH OD LGHQWLILFDFLyQGHODVPLVPDVVHEDVDHQODSUHVHQFLDGHGLILFXOWDGHVVLJQLILFDWLYDV XQDGLVFUHSDQFLDDSWLWXGïORJURHVWHGHEDWHHVLQVRVOD\DEOH&XDQGRHVWRVHSODQHD VH SXHGHQ HVWDEOHFHU ODV GLVFUHSDQFLDV DSWLWXGïORJUR GH PXFKDV PDQHUDV TXH VH SXHGHQVLQWHWL]DUHQFXDWUR 61 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DGHVYLDFLyQGHOQLYHOGHJUDGR 1LYHOGHH[SHFWDWLYDV /DVGLIHUHQFLDVHQSXQWXDFLRQHVWtSLFDVVLPSOHV (ODQiOLVLVGHUHJUHVLyQWtSLFR %HUQLQJHU \ $EERWW OOHJDQ D SURSRQHU OD E~VTXHGD GH GRV WLSRV GH GHWHUPLQDQWHV HQ ODV '$ ODV LQIOXHQFLDV JHQpULFDV ODV DPELHQWDOHV GH IRUPD LQWHUDFWLYD WDOHV FRPR OD SUHSDUDFLyQ LQDGHFXDGD GH ORV PDHVWURV HQ PpWRGRV LQVWUXFFLRQDOHV R HQ OD FRPSUHQVLyQ GH ORV OtPLWHV QHXURDQDWyPLFRV (VWXGLRV UHDOL]DGRV SRU $OJR]]LQH \ FRODERUDGRUHV KDQ PRVWUDGR TXH HO XVR GH ORV WHVWV SVLFRPpWULFRV GH OD LQWHOLJHQFLD VRQ LQVXILFLHQWHV SDUD OD REWHQFLyQ GHO GLDJQyVWLFR GLIHUHQFLDO SRU HMHPSOR HQWUH DOXPQRV FRQ '$ \ FRQ EDMRV UHQGLPLHQWRV 3XHGHTXHSHUVRQDVFRQSXQWXDFLRQHVHQORVWHVWGHLQWHOLJHQFLDEDMDV\TXH SUHVHQWHQXQD'$QRFXPSODQHOFULWHULRGHGLVFUHSDQFLDFRQODVLPSOLFDFLRQHVSDUD OD QR SURYLVLyQ GH VHUYLFLRV R VX VDOLGD GH ORV PLVPRV D SHVDU GH QHFHVLWDUORV \ KDFH ODV VLJXLHQWHV UHFRPHQGDFLRQHV VH KD GH VXSULPLU HO HPSOHR GH IyUPXODV GH GLVFUHSDQFLDSDUDODGHWHUPLQDFLyQGHODHOHFFLyQGHVHUYLFLRVSDUDODVSHUVRQDVFRQ '$ (O GLDJQyVWLFR \ OD HYDOXDFLyQ FRPSUHKHQVLYD \ SRU XQ HTXLSR PXOWLGLVFLSOLQDULR KD GH VXVWLWXLU D ODV IyUPXODV GH GLVFUHSDQFLD \ KD GH KDFHUVH XWLOL]DQGRODGHILQLFLyQGHOD1DWLRQDO-RLQW&RPPLWWHHRQ/HDUQLQJ'LVDELOLWLHV $FWXDOPHQWHHOWpUPLQRGLILFXOWDGHVGHDSUHQGL]DMHKDSDVDGRDLQWHJUDUVH GHQWUR GHO GH 1(( 1HFHVLGDG (GXFDWLYD (VSHFLDO 7tWXOR ,, GH (TXLGDG GH (GXFDFLyQ/2( 3RU WDQWR VH HQWLHQGH TXH XQ DOXPQR PDQLILHVWD 1HFHVLGDGHV (GXFDWLYDV (VSHFLDOHV FXDQGR SUHVHQWD GLILFXOWDGHV PD\RUHV TXH HO UHVWR GH VXV FRPSDxHURV SDUD DFFHGHU D ORV DSUHQGL]DMHV TXH VH GHWHUPLQDQ HQ HO FXUUtFXOR TXH OH FRUUHVSRQGH SRU VX HGDG \ QHFHVLWD SDUD FRPSHQVDU GLFKDV GLILFXOWDGHV XQD 62 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO SURYLVLyQGHGHWHUPLQDGRVVHUYLFLRV\D\XGDVSHGDJyJLFDVVHDQHVWDVRUGLQDULDVR H[WUDRUGLQDULDVDOFXUUtFXOR /D/H\2UJiQLFDGH(GXFDFLyQ/2(GHOGHPD\RDERUGDHQVX 7tWXOR,,DO$&1($(DOXPQRVFRQQHFHVLGDGHVHVSHFtILFDVGHDSR\RHGXFDWLYR HV GHFLU DO DOXPQDGR TXH SUHVHQWD QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV FRQ GLILFXOWDGHVHVSHFtILFDVGHDSUHQGL]DMHSRUVXVDOWDVFDSDFLGDGHVLQWHOHFWXDOHVSRU KDEHUVHLQFRUSRUDGRWDUGHDOVLVWHPDHGXFDWLYRRSRUFRQGLFLRQHVSHUVRQDOHVRGH KLVWRULDHVFRODU$UWtFXOR (ODOXPQDGRFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHVHVDTXHOTXHUHTXLHUH SRUXQSHULRGRGHVXHVFRODUL]DFLyQRDORODUJRGHWRGDHOODGHWHUPLQDGRVDSR\RV\ DWHQFLRQHVHGXFDWLYDVHVSHFtILFDVGHULYDGDVGHGLVFDSDFLGDGRWUDVWRUQRVJUDYHVGH FRQGXFWD$UWtFXOR (O FRQFHSWR GH 1(( GHULYDGR GH ODV SURSXHVWDV GH LQWHJUDFLyQ \ QRUPDOL]DFLyQ H[WUDtGDV GHO LQIRUPH :DUQRFN VXSRQH TXH SDUWH GH ORV UHFXUVRV PDWHULDOHV \ SHUVRQDOHV VH WUDVODGHQ D ORV FHQWURV HGXFDWLYRV RUGLQDULRV SHUPDQHFLHQGRHQORVFHQWURVHVSHFtILFRVORVFDVRVGHPD\RUJUDYHGDG $TXHOORV DOXPQRV GH PHQRU JUDYHGDG FRQ HVSHFLDOHV GLILFXOWDGHV HQ HO DSUHQGL]DMHFRPSDUWHQORVDSUHQGL]DMHVLPSDUWLGRVHQHODXODRUGLQDULDFRQHOUHVWR GH FRPSDxHURV VL ELHQ QHFHVLWDQ XQDV DGDSWDFLRQHV SDUD LQWHQWDU FRQVHJXLU HO Pi[LPRGHREMHWLYRVTXHSURSRQHHOFXUUtFXORGHVXJUXSR\DVHDQDGDSWDFLRQHVQR VLJQLILFDWLYDV GH DFFHVR DO FXUUtFXOR PHWRGRORJtD WHPSRUDOL]DFLyQ HVSDFLRV PDWHULDOHV DSR\RV SXQWXDOHV R LQFOXVR VXSUHVLyQ GH XQR R YDULRV REMHWLYRV GHO FXUUtFXORHVHOFDVRGHODVDGDSWDFLRQHVFXUULFXODUHVVLJQLILFDWLYDV $QWH OD QHFHVLGDG GH DWHQFLyQ LQGLYLGXDOL]DGD HVSHFtILFD VH FUHD HO PRGHOR GH DXOD GH $SR\R D OD ,QWHJUDFLyQDXOD GH SHGDJRJtD WHUDSH~WLFD HQ OD TXH HVWRV DOXPQRV FRQ GLILFXOWDGHV VRQ DWHQGLGRV SRU HVSHFLDOLVWDV HQ (GXFDFLyQ (VSHFLDO DVHVRUDGRV SRU SURIHVLRQDOHV HGXFDGRUHV VRFLDOHV PpGLFRV SVLFRSHGDJRJRV SHGDJRJRV SVLFyORJRV ORJRSHGDV DVLVWHQWHV VRFLDOHV SHUWHQHFLHQWHVDXQHTXLSRGHRULHQWDFLyQFUHDGRSDUDWDOILQ 63 ILVLRWHUDSHXWDV 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /D GHQRPLQDFLyQ GH QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV UHIHULGD D ORV DOXPQRVFRQGLILFXOWDGHVLPSRUWDQWHVHQHODSUHQGL]DMHLQWHQWDFUHDUXQHQIRTXHHQ HO TXH VH DFHQW~HQ ODV QHFHVLGDGHV HGXFDWLYDV TXH HVWRV SUHVHQWDQ \ ORV UHFXUVRV TXHVHKDQGHSURSRUFLRQDUHQOXJDUGHUHDOL]DUFDWHJRUtDVGLDJQyVWLFDVSRUHOWLSR GHGLVFDSDFLGDGTXHORVDIHFWDQVLELHQQRVHGHEHQREYLDUORVDVSHFWRVFOtQLFRVHQ OD HYDOXDFLyQ H LQWHUYHQFLyQ GH HVWDV QHFHVLGDGHV /DV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV SXHGHQVHU WHPSRUDOHV \ SHUPDQHQWHV \ D VX YH] SXHGHQVHU GHELGDV D FDXVDV ItVLFDV SVtTXLFDV VLWXDFLyQ VRFLRIDPLOLDU RWURV FDVRV GH LQDGDSWDFLyQ FXOWXUDOOLQJtVWLFD 3RUWDQWRHOFRQFHSWR1((SRVHHODVVLJXLHQWHVFDUDFWHUtVWLFDV • 6X RULJHQ LQWHUDFWLYR /D QHFHVLGDG VH GHILQH HQ UHODFLyQ FRQ HO FRQWH[WR GRQGHVHSURGXFH • 6XFDUiFWHUUHODWLYR/DQHFHVLGDGKDFHUHIHUHQFLDDXQHVSDFLRFRQFUHWR\D XQPRPHQWRGDGRQRHVQLGHILQLWLYRQLGHWHUPLQDQWH 5HVSHFWR D VX GLPHQVLyQ LQWHUDFWLYD VH DILUPD TXH ODV GLILFXOWDGHV GHO DOXPQR GHSHQGHQ WDQWR GH ODV FDUDFWHUtVWLFDV SHUVRQDOHV GHO DOXPQR FRPR GH ODV FDUDFWHUtVWLFDV GHO HQWRUQR HGXFDWLYR HQ TXH VH GHVHQYXHOYH \ OD UHVSXHVWD HGXFDWLYDTXHVHOHRIUHFH 'HULYDGDSXHVGHHVWHRULJHQLQWHUDFWLYRVHSODQWHDODVHJXQGDGLPHQVLyQ /DV 1(( SUHVHQWDQ XQ FDUiFWHU UHODWLYR SXHVWR TXH GHSHQGHQ WDQWR GH ODV GHILFLHQFLDV SURSLDV µGHQWURµ GHO QLxR FRPR GH ODV GHILFLHQFLDV GHO HQWRUQR µIXHUDµHQHOTXHHOQLxRVHGHVHQYXHOYH3RUWDQWRFXDQWRPiVUtJLGD\XQLIRUPH VHD OD RIHUWD HGXFDWLYD GH XQ FHQWUR PiV VH LQWHQVLILFDUi ODV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV GH ORV DOXPQRV $ FRQWLQXDFLyQ VH UHSUHVHQWD JUiILFDPHQWH HO FDUiFWHU LQWHUDFWLYR \ SRU WDQWR UHODWLYR GH ODV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHVWDOFRPRVHPXHVWUDHQODILJXUD 64 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (OODGRL]TXLHUGRGHOFXDGUDGRVHUHILHUHDORVUHFXUVRV\GHILFLHQFLDVGHORV QLxRV KDELOLGDGHV GLVFDSDFLGDGHV PRWLYDFLyQ HWF (O ODGR KRUL]RQWDO GHO FXDGUDGRUHSUHVHQWDORVUHFXUVRV\GHILFLHQFLDVGHOHQWRUQRPpWRGRGHHQVHxDQ]D FRQWH[WR ´GHSULYDGRµ HWF /DV IOHFKDV GLDJRQDOHV HQ ODV HVTXLQDV LQGLFDQ HO HOHPHQWRWHPSRUDOHLPSOLFDTXHDORODUJRGHOGHVDUUROOR\ODHGXFDFLyQGHODOXPQR SXHGHQ YDULDU ODV FDUDFWHUtVWLFDV WDQWR GHO FRQWH[WR HGXFDWLYR FRPR GHO SURSLR DOXPQR /RV VLJQRV PiV \ PHQRV HQ HO FXDGUDGR UHSUHVHQWDQ GLVWLQWRV QLYHOHV GH LQWHUDFFLyQHQWUHODVLQIOXHQFLDVGHODPELHQWH\GHOQLxR )LJXUD &DUiFWHU LQWHUDFWLYR GH ODV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV GH XQQLxR 6HHQWLHQGHSRUDOXPQRFRQ1((DTXHOTXHUHTXLHUDSRUXQSHULRGRGHVX HVFRODUL]DFLyQ R D OR ODUJR GH WRGD HOOD GHWHUPLQDGRV DSR\RV \ DWHQFLRQHV HGXFDWLYDV HVSHFtILFDV GHULYDGDV GH GLVFDSDFLGDG R WUDVWRUQRV JUDYHV GH FRQGXFWD 3RU OR WDQWR HO FRQFHSWR 1($( HQJOREDUtD DOXPQRV FRQ 1(( UHIHULGR D DOXPQRV FRQ GLVFDSDFLGDG \ WUDVWRUQRV JUDYHV GH FRQGXFWD DOXPQRV FRQ DOWDV FDSDFLGDGHVLQWHOHFWXDOHVDOXPQRVFRQLQWHJUDFLyQWDUGtDHQHOVLVWHPDHGXFDWLYR 3RU WDQWR YDORUDQGR VX HYROXFLyQ FDGD YH] WLHQH PHQRV VHQWLGR KDEODU GH QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV WUDQVLWRULDV \ QHFHVLGDGHV HGXFDWLYDV SHUPDQHQWHVWDOFRPRVHYLHQHKDFLHQGRGHVGHVXRULJHQ6LHQWHQGHPRVFRQWDOHV • 1(( SHUPDQHQWHV VRQ DTXHOORV SUREOHPDV TXH SUHVHQWD XQD SHUVRQD GXUDQWH WRGR VX SHUtRGR HVFRODU \ YLGD \D TXH SUHVHQWDQ XQ GpILFLW OHYH PHGLDQR R JUDYH GH OD LQWHOLJHQFLD HQ DOJXQD R HQ WRGDV GH VXV iUHDV VHQVRULDOHV PRWRUDV SHUFHSWLYDV R H[SUHVLYDV GH ODV TXH UHVXOWD XQD LQFDSDFLGDG TXH VH PDQLILHVWD HQ HO HMHUFLFLR GH ODV IXQFLRQHV YLWDOHV \ GH 65 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO UHODFLyQ 3RU WDQWR QHFHVLWDQ GH OD DWHQFLyQ GH HVSHFLDOLVWDV FHQWURV HGXFDWLYRV HVSHFLDOHV \ PDWHULDO DGHFXDGR SDUD DERUGDU VXV QHFHVLGDGHV 'HQWUR GH HVWD FDWHJRUtD VH HQFXHQWUDQ ODV GHILFLHQFLDV YLVXDOHV FHJXHUD GHILFLHQFLDV DXGLWLYDV VRUGHUD GHILFLHQFLDV PRWyULFDV SDUiOLVLV FHUHEUDO UHWDUGRPHQWDO\DXWLVPRHQWUHRWUDV • 1((WUDQVLWRULDVVRQSUREOHPDVGHDSUHQGL]DMHTXHVHSUHVHQWDQGXUDQWH XQ SHULRGR GH VX HVFRODUL]DFLyQ TXH GHPDQGD XQD DWHQFLyQ HVSHFtILFD \ PD\RUHV UHFXUVRV HGXFDWLYRV GH ORV QHFHVDULRV SDUD ORV FRPSDxHURV GH VX HGDG /DDSUREDFLyQ\SRVWHULRUSXEOLFDFLyQHQHO%ROHWtQ2ILFLDOGHO(VWDGRGHOD /H\ 2UJiQLFD GH GH PD\R GH (GXFDFLyQ KD WUDtGR FRQVLJR HQWUH RWURV FDPELRV LPSRUWDQWHV PRGLILFDFLRQHV HQ OD RUJDQL]DFLyQ GH OD DWHQFLyQ D OD GLYHUVLGDG 8QD GH HVWDV PRGLILFDFLRQHV FRQFLHUQH DO FRQFHSWR GH 1HFHVLGDGHV (GXFDWLYDV (VSHFLDOHV UHGHILQLGR HQ HO 7tWXOR ,, (TXLGDG HQ OD (GXFDFLyQ OD DSDULFLyQ GH XQ QXHYR FRQFHSWR PiV JHQHUDO 1HFHVLGDGHV (VSHFtILFDV GH $SR\R (GXFDWLYR \ SRU RWUR D ODV PRGLILFDFLRQHV LQWUtQVHFDV GHO PLVPR (O FRQFHSWR 1HFHVLGDGHV(VSHFtILFDVGH$SR\R(GXFDWLYR1($(HQJOREDGHVGHHOSXQWRGH YLVWDGHOD/2(DODOXPQDGRFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV1(( GHULYDGDVGHGLVFDSDFLGDGRWUDVWRUQRVJUDYHVGHFRQGXFWDDODOXPQDGRFRQDOWDV FDSDFLGDGHV LQWHOHFWXDOHV DO DOXPQDGR FRQ LQFRUSRUDFLyQ WDUGtD HQ HO 6LVWHPD (GXFDWLYR (VSDxRO DO DOXPQDGR FRQ GLILFXOWDGHV HVSHFtILFDV GH DSUHQGL]DMH R DO DOXPQDGRFRQFRQGLFLRQHVSHUVRQDOHVRGHKLVWRULDHVFRODUFRPSOHMD (VWDPRV DFWXDOPHQWH HQ XQ PRGHOR GH (VFXHOD &RPSUHQVLYD TXH VH FDUDFWHUL]D SRU RIUHFHU D WRGRV ORV DOXPQRV GH XQD GHWHUPLQDGD HGDG XQ LPSRUWDQWH Q~FOHR GH FRQWHQLGRV FRPXQHV GHQWUR GH XQD PLVPD LQVWLWXFLyQ \ XQD PLVPDDXODHYLWDQGRRUHWUDVDQGRDOPi[LPRSRVLEOHODVHSDUDFLyQGHDOXPQRVHQ YtDVGHIRUPDFLyQGLIHUHQWHVTXHSXHGDQVHULUUHYHUVLEOHV 66 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 8QD HQVHxDQ]D FRPSUHQVLYD TXH DVSLUH DVXPLU GH IRUPD LQWHJUDGRUD OD GLYHUVLGDG GHEH WRPDU FRPR UHIHUHQFLD EiVLFD OD UHDOLGDG GH ORV DJUXSDPLHQWRV KHWHURJpQHRV GH DOXPQRV (VWD VLWXDFLyQ GH KHWHURJHQHLGDG DGHPiV GH VHU FRKHUHQWH FRQ OD DWHQFLyQ D ODV QHFHVLGDGHV HGXFDWLYDV GH WRGRV ORV DOXPQRV SURSRUFLRQD HO PDUFR GH UHODFLyQ DGHFXDGR SDUD XQD HVFXHOD LQVHUWDGD HQ XQD VRFLHGDGSOXUDO\GHPRFUiWLFD (O WUDWDPLHQWR LQWHJUDGRU GH OD KHWHURJHQHLGDG VXSRQH SRU XQD SDUWH DFHSWDU OD GLYHUVLGDG SRU OR TXH UHSUHVHQWD FRPR ULTXH]D FROHFWLYD \ SRU RWUD DVXPLU OD GLIHUHQFLD SDUD GHVDUUROODU HQ WRGRV ORV DOXPQRV \ DOXPQDV XQDV FDSDFLGDGHV \ KDELOLGDGHV SDUWLHQGR GH VX VLWXDFLyQ SHUVRQDO \ UHIHUHQFLDV VRFLRFXOWXUDOHV FRQFUHWDV GH VX YDULHGDG GH SURFHVRV \ ULWPRV GH DSUHQGL]DMH DGPLWLHQGRODGLVSDULGDGGHUHVXOWDGRV\FRPSHQVDQGRGRQGHIXHUDSUHFLVR /D HGXFDFLyQ FRPSUHQVLYD LPSOLFD GLVHxDU REMHWLYRV FRPXQHV \ PtQLPRV SDUD WRGRV ORV DOXPQRV LQFOXLGRV ORV DOXPQRV FRQ 1(( \ GHVGH HVWH SODQWHDPLHQWR KD GH GHVDUUROODU SUHIHUHQWHPHQWH XQRV DSUHQGL]DMHV IXQFLRQDOHV FDSDFHVGHVHUXWLOL]DGRVSRUHODOXPQRFRPRSHUVRQD\FRPRFLXGDGDQR$VLPLVPR KD\ TXH WHQHU HQ FXHQWD XQD HGXFDFLyQ GLYHUVLILFDGD FDSD] GH DWHQGHU D ODV GLIHUHQFLDVLQGLYLGXDOHVGHORVDOXPQRV\GHORVFRQWH[WRVGRQGHVHUHDOL]D $ FRQWLQXDFLyQ VH SUHVHQWDQ ODV GLIHUHQWHV LQYHVWLJDFLRQHV HGXFDWLYDV UHODFLRQDGDVFRQHOHVWXGLRFRQODVGLIHUHQWHVYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVGH UHQGLPLHQWRDFDGpPLFRHLPSOLFDFLyQIDPLOLDU\VXVFRQFOXVLRQHV\UHVXOWDGRV 67 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWXGLR GH ODV GLIHUHQFLDV HQ YDULDEOHV FRJQLWLYR FRJQLWLYR PRWLYDFLRQDOHV LPSOLFDFLyQ IDPLOLDU \ UHQGLPLHQWR DFDGpPLFR HQ HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD DSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD 3RU OR TXH VH UHILHUH DO iPELWR FRJQLWLYRPRWLYDFLRQDO REMHWR GH QXHVWUR HVWXGLR 3LQWULFK E VHxDOD TXH OD LQWHJUDFLyQ GH ORV HOHPHQWRV FRJQLWLYRV\PRWLYDFLRQDOHVHVQHFHVDULDSDUDWHQHUXQDYLVLyQFRPSOHWDGHOSURFHVR GH DSUHQGL]DMH HQ HO FRQWH[WR HVFRODU DVt FRPR SDUD FRPSUHQGHU ODV GLILFXOWDGHV TXHDSDUHFHQHQHOSURFHVRGHODLQVWUXFFLyQ\HQODFRQVHFXFLyQGHORVDSUHQGL]DMHV (V GHFLU HO FRQRFLPLHQWR \ OD UHJXODFLyQ GH ODV HVWUDWHJLDV FRJQLWLYDV \ PHWDFRJQLWLYDV GHEH LU DVRFLDGR D TXH ORV DOXPQRV HVWpQ PRWLYDGRV H LQWHUHVDGRV SRUODVDFWLYLGDGHVDFDGpPLFDV3LQWULFK\'H*URRW (QQXHVWURSDtV&ROOGHVWDFDTXHHQFRQWUDSRVLFLyQFRQODFRQFHSFLyQ WUDGLFLRQDO GH TXH HO DSUHQGL]DMH GHSHQGH GLUHFWDPHQWH GHO SURIHVRU \ GH OD PHWRGRORJtD GH HQVHxDQ]D XWLOL]DGD HQ ORV ~OWLPRV DxRV VH VHxDOD OD LPSRUWDQFLD TXH GHVHPSHxDQ ORV SURFHVRV GH SHQVDPLHQWR GHO HVWXGLDQWH HV GHFLU WRGD HVD VHULHGHHOHPHQWRVVLJQLILFDWLYRVTXHVHHQFXHQWUDQHQVXPHQWH\TXHDIHFWDQDVX DSUHQGL]DMH FRQRFLPLHQWRV SUHYLRV DXWRFRQFHSWR PHWDV DFDGpPLFDV H[SHFWDWLYDV \ DFWLWXGHV HVWUDWHJLDV HWF« TXH HQJOREDQ WDQWR DVSHFWRV FRQVLGHUDGRV WUDGLFLRQDOPHQWH FRPR FRJQLWLYRV FRPR DTXHOORV RWURV HVWULFWDPHQWH DIHFWLYRV \ PRWLYDFLRQDOHV 'H HVWH PRGR KD LGR VXUJLHQGR XQD LQFLSLHQWH FRUULHQWH LQYHVWLJDGRUD GHQWUR GHO PDUFR GH OR TXH VH KD GHQRPLQDGR ´PRGHORV GH DSUHQGL]DMH DXWRUUHJXODGRµ ORV FXDOHV WUDWDQ GH LQWHJUDU ORV DVSHFWRV FRJQLWLYRV DIHFWLYR PRWLYDFLRQDOHV\FRPSRUWDPHQWDOHVGHOHVWXGLDQWH%RHNDHUWVHWDO (VWRV PRGHORV SHUPLWHQ GHVFULELU ORV GLVWLQWRV FRPSRQHQWHV TXH HVWiQ LPSOLFDGRV HQ HO DSUHQGL]DMH H[LWRVR H[SOLFDU ODV UHODFLRQHV UHFtSURFDV \ UHFXUUHQWHVTXHVHHVWDEOHFHQHQWUHHOORV\UHODFLRQDUGLUHFWDPHQWHHODSUHQGL]DMH FRQ HO \R R OR TXH HV OR PLVPR FRQ ODV PHWDV OD PRWLYDFLyQ OD YROLFLyQ \ ODV 68 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HPRFLRQHV %RHNDHUWV (Q (VSDxD HQ HVWH VHQWLGR VH KDQ GHVDUUROODGR QXPHURVDVLQYHVWLJDFLRQHVHQODVTXHVHKDFRQFOXLGRTXHHODSUHQGL]DMH\HOORJUR DFDGpPLFR GH ORV HVWXGLDQWHV VH LQFUHPHQWD HQ OD PHGLGD HQ TXH HVWRV XWLOL]DQ PD\RU FDQWLGDG GH HVWUDWHJLDV \ VH FRPSRUWDQ GH PRGR DXWRUUHJXODGR 'H OD )XHQWH7RUUDQR\*RQ]iOH]7RUUHV =LPPHUPDQUHFRJHHQVXLQYHVWLJDFLyQTXHORVHVWXGLDQWHVFRQ \VLQGLILFXOWDGHVGHDSUHQGL]DMHDXWRUUHJXODGRPXHVWUDQXQDSDUWLFLSDFLyQDFWLYD HQ HO DSUHQGL]DMH D QLYHO PHWDFRJQLWLYR PRWLYDFLRQDO \ FRPSRUWDPHQWDO /DV FDUDFWHUtVWLFDVTXHVHOHVDWULEX\HDODVSHUVRQDVDXWRUUHJXODGDVFRLQFLGHQFRQODV DWULEXLGDV D ODV SHUVRQDV GH DOWR UHQGLPLHQWR\ GH DOWD FDSDFLGDG IUHQWH D ODV GH EDMRUHQGLPLHQWRRFRQGLILFXOWDGHVGHDSUHQGL]DMH6LQHPEDUJRFRQXQDGHFXDGR HQWUHQDPLHQWRHQHVDVGLPHQVLRQHVWRGRVORVHVWXGLDQWHVSXHGHQPHMRUDUHOJUDGR GH FRQWURO VREUH HO DSUHQGL]DMH \ HO UHQGLPLHQWR \ VH SXHGHQ PHMRUDU PXFKDV GLILFXOWDGHVGHDSUHQGL]DMH 6HJ~Q=LPPHUPDQORVDOXPQRVTXHPXHVWUDQXQDSUHQGL]DMH DXWRUUHJXODGRSUHVHQWDQODVVLJXLHQWHVFDUDFWHUtVWLFDV &RQRFHQ\VDEHQHPSOHDUXQDVHULHGHHVWUDWHJLDVFRJQLWLYDVGHUHSHWLFLyQ HODERUDFLyQ\RUJDQL]DFLyQ 6DEHQ FyPR SODQLILFDU FRQWURODU \ GLULJLU VXV SURFHVRV PHQWDOHV KDFLD HO ORJURGHVXVPHWDVSHUVRQDOHVPHWDFRJQLFLyQ 3UHVHQWDQ XQ FRQMXQWR GH FUHHQFLDV PRWLYDFLRQDOHV \ HPRFLRQHV DGDSWDWLYDV WDOHV FRPR XQ DOWR VHQWLGR GH DXWRHILFDFLD DFDGpPLFD OD DGRSFLyQ GH PHWDVGHDSUHQGL]DMHHOGHVDUUROORGHHPRFLRQHVSRVLWLYDVDQWHODWDUHDDVtFRPROD FDSDFLGDGSDUDFRQWURODUODV\PRGLILFDUODVDMXVWiQGRODVDORVUHTXHULPLHQWRVGHOD WDUHD\DODVLWXDFLyQGHDSUHQGL]DMHFRQFUHWD 3ODQLILFDQ \ FRQWURODQ HO WLHPSR \ HO HVIXHU]R TXH YDQ D HPSOHDU HQ ODV WDUHDV\VDEHQFUHDU\HVWUXFWXUDUDPELHQWHVIDYRUDEOHVGHDSUHQGL]DMHWDOHVFRPR EXVFDUXQOXJDUDGHFXDGRSDUDHVWXGLDU\ODE~VTXHGDGHD\XGDDFDGpPLFDKHOS VHHNLQJGHORVSURIHVRUHV\FRPSDxHURVFXDQGRWLHQHQGLILFXOWDGHV 69 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QODPHGLGDHQTXHHOFRQWH[WRORSHUPLWDPXHVWUDQPD\RUHVLQWHQWRVSRU SDUWLFLSDU HQ HO FRQWURO \ UHJXODFLyQ GH ODV WDUHDV DFDGpPLFDV HO FOLPD \ OD HVWUXFWXUDGHODFODVH 6RQ FDSDFHV GH SRQHU HQ PDUFKD XQD VHULH GH HVWUDWHJLDV YROLWLYDV RULHQWDGDV D HYLWDU ODV GLVWUDFFLRQHV H[WHUQDV H LQWHUQDV SDUD PDQWHQHU VX FRQFHQWUDFLyQ VX HVIXHU]R \ PRWLYDFLyQ GXUDQWH OD UHDOL]DFLyQ GH ODV WDUHDV DFDGpPLFDV 3LQWULFK SURSXVR XQ PDUFR WHyULFR EDVDGR HQ OD SHUVSHFWLYD VRFLRFRJQLWLYD FRQ HO REMHWLYR GH FODVLILFDU \ DQDOL]DU ORV GLVWLQWRV SURFHVRV TXH HVWiQ LPSOLFDGRV HQ HO DSUHQGL]DMH DXWRUUHJXODGR (Q GLFKR PRGHOR ORV SURFHVRV UHJXODGRUHV VH RUJDQL]DQ HQ IXQFLyQ GH FXDWUR IDVHV D OD SODQLILFDFLyQ E OD DXWRREVHUYDFLyQVHOIPRQLWRULQJFHOFRQWURO\GODHYDOXDFLyQ$VXYH]GHQWUR GH FDGD XQD ODV DFWLYLGDGHV GH DXWRUUHJXODFLyQ VH HQPDUFDQ GHQWUR GH FXDWUR iUHDVODFRJQLWLYDODPRWLYDFLRQDODIHFWLYDODFRPSRUWDPHQWDO\ODFRQWH[WXDO (VWDV IDVHV SXHGHQ GDUVH GH IRUPD VLPXOWiQHD \ GLQiPLFD SURGXFLpQGRVH XQD P~OWLSOH LQWHUDFFLyQ HQWUH ORV GLIHUHQWHVSURFHVRV \ FRPSRQHQWHV LQFOXLGRV HQ HOODV $VLPLVPR LQGLFD TXH QR WRGDV ODV WDUHDV DFDGpPLFDV LPSOLFDQ VLHPSUH DXWRUUHJXODFLyQ D YHFHV OD UHDOL]DFLyQ GH FLHUWDV WDUHDV QR H[LJH TXH HO DOXPQR SODQLILTXH FRQWUROH \ HYDO~H HVWUDWpJLFDPHQWH OR TXH YD D KDFHU VLQR TXH PiV ELHQ VX HMHFXFLyQ VH SXHGH OOHYDU D FDER GH IRUPD PiV R PHQRV DXWRPiWLFD R LPSOtFLWDHQIXQFLyQGHODH[SHULHQFLDSUHYLDGHORVDOXPQRV (Q UHVXPHQ HO PRGHOR GH 3LQWULFK VH RIUHFH FRPR XQ PDUFR JOREDO \ FRPSUHQVLYR GHVGH HO TXH SRGHU DQDOL]DU ORV GLVWLQWRV SURFHVRV FRJQLWLYRV PRWLYDFLRQDOHVDIHFWLYRV FRPSRUWDPHQWDOHV \ FRQWH[WXDOHV TXH SURPXHYH HO DSUHQGL]DMHDXWRUUHJXODGR(QFRQVRQDQFLDFRQORVQXHYRVPRGHORVGHHQVHxDQ]D EDVDGRV HQ OD SHUVSHFWLYD VRFLRFRQVWUXFWLYLVWD WDOHV FRPR ODV FRPXQLGDGHV GH DSUHQGL]DMH %URZQ %URZQ \ &DPSLRQH \ OD HVFXHOD FHQWUDGD HQ HO DSUHQGL]OHDUQHUFHQWHUHGFODVVURRP0F&RPEV\:KLVOHU(QHVWHPRGHOR VHGHVWDFDTXHORVHVWXGLDQWHVVtTXHSXHGHQKDFHUDOJRSRUFDPELDU\PRGLILFDUVX 70 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FRQWH[WRSRUORTXHHVWHDVSHFWRVHFRQVLGHUDLPSRUWDQWHHQODDXWRUUHJXODFLyQGHO DSUHQGL]DMH 2WURV HVWXGLRV YDORUDQ HO SDSHO GH OD PRWLYDFLyQ DFDGpPLFD HQ OD DXWRUUHJXODFLyQ GHO DSUHQGL]DMH *RQ]iOH] 7RUUHV \ 7RXUyQ 3LQWULFK 5RFHV \ *RQ]iOH] 7RUUHV (VWRV HVWXGLRV VHxDODQ TXH OD LQWHUYHQFLyQ HQ HVWUDWHJLDV GH DSUHQGL]DMH IDYRUHFH HO DSUHQGL]DMH FRJQLWLYR \ OD PRWLYDFLyQ SDUD DSUHQGHU \ SRU RWUD SDUWH TXH OD PHMRUD GH ODV FUHHQFLDV PRWLYDFLRQDOHV GH ORV HVWXGLDQWHV QR VROR LQIOX\HQ HQ OD PRWLYDFLyQ SDUD DSUHQGHU VLQR WDPELpQ HQ HO PRGR\HQODFDOLGDGFRQTXHORVDOXPQRVSURFHVDQODLQIRUPDFLyQVHOHFFLRQDQGR\ XVDQGRGHWHUPLQDGDVHVWUDWHJLDVGHDSUHQGL]DMH (VWRV HVWXGLRV GHVWDFDQ OD LPSRUWDQFLD GH OD H[SHFWDWLYD GH DXWRHILFDFLD FRQYLFFLyQ TXH WLHQH HO LQGLYLGXR GH SRGHU UHDOL]DU FRQ p[LWR OD FRQGXFWD TXH VH UHTXLHUH SDUD SURGXFLU XQRV UHVXOWDGRV GHWHUPLQDGRV %DQGXUD \ GH ODV PHWDV UD]RQHV SDUD UHDOL]DU ODV WDUHDV FRPR DVSHFWRV FUtWLFRV GH OD PRWLYDFLyQ TXHLQIOX\HQHQHOFRQWURO\UHJXODFLyQGHODSUHQGL]DMH 6HJ~Q %DQGXUD FRQVLGHUD TXH ODV FUHHQFLDV GH DXWRHILFDFLD DO FDUDFWHUL]DUVH SRU VX HVSHFLILFLGDG VLWXDFLRQDO \ FRQGXFWXDO VRQ PHMRUHV SUHGLFWRUHVGHODPRWLYDFLyQ\GHODFRQGXFWDHQXQFDPSRFRQFUHWRTXHORVtQGLFHV JOREDOHV GHO DXWRFRQFHSWR =LPPHUPDQ GHVWDFy HO HIHFWR SRVLWLYR GH ODV FUHHQFLDVGHDXWRHILFDFLDHQWRGRHOSURFHVRGHODDXWRUUHJXODFLyQ $ FRQWLQXDFLyQ VH SUHVHQWDQ QXPHURVDV LQYHVWLJDFLRQHV TXH SRQHQ GH PDQLILHVWR TXH OD LPSOLFDFLyQ DFWLYD GHO VXMHWR HQ HO SURFHVR GH DSUHQGL]DMH DXPHQWD FXDQGR VH VLHQWH DXWRFRPSHWHQWH HV GHFLU FXDQGR FRQItD HQ VXV SURSLDV FDSDFLGDGHV\WLHQHDOWDVH[SHFWDWLYDVGHDXWRHILFDFLDYDORUDODVWDUHDV\VHVLHQWH UHVSRQVDEOHGHORVREMHWLYRVGHDSUHQGL]DMH1~xH]HWDOD 7RGR HOOR LQIOX\H WDQWR HQ ODV HVWUDWHJLDV FRJQLWLYDV \ PHWDFRJQLWLYDV TXH SRQH HQ PDUFKD D OD KRUD GH DERUGDU ODV WDUHDV FRPR VREUH OD UHJXODFLyQ GHO HVIXHU]R\ODSHUVLVWHQFLDORTXHDVXYH]LQFLGHGHIRUPDGLUHFWD\SRVLWLYDVREUHHO UHQGLPLHQWRDFDGpPLFRGHORVDOXPQRV*RQ]iOH]*RQ]iOH]\7RXUyQ 71 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DLQYHVWLJDFLyQKDUHODFLRQDGRDPERVDVSHFWRVFRJQLWLYRV\PRWLYDFLRQDOHV FRQVLGHUDQGRTXHHODXWRFRQFHSWRSRVLWLYRIDYRUHFHODXWLOL]DFLyQGHSURFHGLPLHQWRV HVWUDWpJLFRVGHDSUHQGL]DMHHQHOVHQWLGRGHTXHFXDQWRPD\RUVHDHODXWRFRQFHSWR GHO HVWXGLDQWH PiV HVWUDWHJLDV GH DSUHQGL]DMH XWLOL]D HO DOXPQR ODV FXDOHV OH IDFLOLWDQXQSURFHVDPLHQWRSURIXQGRGHODLQIRUPDFLyQ 3RURWUDSDUWHORVUHVXOWDGRVGHODLQYHVWLJDFLyQDFWXDOYDQWDPELpQHQOD GLUHFFLyQ GH DTXHOORV RWURV UHYLVDGRV SRU :LQHUW \ .OXZH FLW HQ 0RQHUHR GHPRVWUDQGRTXHDPD\RUFRQRFLPLHQWR\FRQWUROVREUHORVSURFHGLPLHQWRVGH DSUHQGL]DMHPD\RUDXWRHVWLPD\PRWLYDFLyQLQWUtQVHFD (QHVWHVHQWLGRODHQVHxDQ]DGHHVWUDWHJLDVGHDSUHQGL]DMHHQODPHGLDTXH SRWHQFLDQODUHJXODFLyQGHOSURSLRSURFHVRGHDSUHQGL]DMHIDYRUHFHHOFRQRFLPLHQWR GHODVSURSLDVFDSDFLGDGHV\OLPLWDFLRQHV\D~QPiVODSRVLELOLGDGGHDFWXDUVREUH HOODV (Q FRQFOXVLyQ QR UHVXOWD GLItFLO GH FRPSUHQGHU OD HVWUHFKD UHODFLyQ HQWUH DXWRFRQFHSWRPRWLYDFLyQFRJQLFLyQ\UHQGLPLHQWRDFDGpPLFR\DTXHXQGpILFLWHQ DOJXQDV GH HVWDV YDULDEOHV LQFLGLUi QRWDEOHPHQWH HQ ORV QLYHOHV GH ODV GHPiV 'H HQWUHWRGDVHOODVHQORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQFRPSDUDFLyQFRQ VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMH VREUHVDOHQ FRPR YDULDEOHV FRJQLWLYR PRWLYDFLRQDOHV\DIHFWLYDVUHOHYDQWHVHQHOHVTXHPDGHIXQFLRQDPLHQWRFRJQLWLYRHO DXWRFRQFHSWR %XWNRZVN\ \ :LOORZV 5RJHUV \ 6DNORIVNH 6WLSHN \ +RIIPDQ OD HVFDVD DXWRFRQILDQ]D 6KHOWRQ HW DO ORV HVWLORV DWULEXFLRQDOHV /LFKW \ 'ZHFN \ OD IDOWD GH SHUVLVWHQFLD RULHQWDGD D ODV WDUHDV HVFRODUHV 0F.LQQH\ 0FNLQQH\ \ )HDJDQV 7RUJHVHQ \ /LFKW /D LQWHUUHODFLyQ HQWUH WDOHV YDULDEOHV VH SXHGH DSUHFLDU HQ OD VLJXLHQWH DILUPDFLyQ GH .LUN \ *DOODJKHU ´/RV IDFWRUHV PRWLYDFLRQDOHV \ DIHFWLYRV WDPELpQFRQWULEX\HQDODDSDULFLyQGHODVGLILFXOWDGHVGHDSUHQGL]DMH8QQLxRTXH KD IUDFDVDGR HQ HO DSUHQGL]DMH SRU XQD X RWUD UD]yQ WLHQGH D WHQHU EDMDV H[SHFWDWLYDV GH ORJUR HVFDVD SHUVLVWHQFLD DQWH WDUHDV HVFRODUHV \ GHVDUUROODU XQD EDMD DXWRHVWLPD 7DOHV DFWLWXGHV UHGXFHQ OD PRWLYDFLyQ \ JHQHUDQ VHQWLPLHQWRV QHJDWLYRVUHVSHFWRGHOWUDEDMRDFDGpPLFRµSS 72 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'LIHUHQFLDV HQ HO DXWRFRQFHSWR HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH 8QDDSUR[LPDFLyQWHyULFDGHILQHHODXWRFRQFHSWR+DUWHUHQUHODFLyQ D ODV SHUFHSFLRQHV TXH WLHQH HO LQGLYLGXR VREUH Vt PLVPR 1R FDEH GXGD GHVGH HO SXQWRGHYLVWDGHODLQYHVWLJDFLyQHGXFDWLYDTXHH[LVWHXQFRPSRQHQWHFRJQRVFLWLYR GHO DXWRFRQFHSWR TXH HV OD DXWRLPDJHQ SXHVWR TXH HO DXWRFRQFHSWR HV HQ JUDQ PHGLGD XQD HVWUXFWXUD FRJQRVFLWLYD TXHFRQWLHQH LPiJHQHV GH OR TXH VRPRV GHOR TXH GHVHDPRV VHU \ GH OR TXH PDQLIHVWDPRV \ GHVHDPRV PDQLIHVWDU D ORV GHPiV FRPRFRQFOX\H *RQ]iOH]\7RXUyQ ([LVWHWDPELpQXQFRPSRQHQWHDIHFWLYR\ HYDOXDEOHTXHHVODDXWRHVWLPDDVtFDGDGHVFULSFLyQGHXQRPLVPRHVWiFDUJDGDGH FRQQRWDFLRQHV HPRWLYDV DIHFWLYDV \ HYDOXDWLYDV VHJ~Q FRQVLGHUDQ GLIHUHQWHV DXWRUHV%XUQV*HFDV0DUZHOO\:HOOV:\OLH $OJXQRV HVWXGLRV VREUH HO DXWRFRQFHSWR KDQ LQYHVWLJDGR VREUH OD FRPSDUDFLyQ GH JUXSRV GH QLxRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH /RV UHVXOWDGRVGHVFULWRVSDUHFHQFRLQFLGLUHQODKLSyWHVLVVHxDODGDSRU/LWFK\.LVWQHU GHO FtUFXOR YLFLRVR R OD DSOLFDFLyQ GH ORV VXSXHVWRV GH OD WHRUtD GHO ´GHVDPSDURDSUHQGLGRµ6HREVHUYDTXHSDUWLHQGRGHDXWRFRQFHSWRVVHPHMDQWHVORV QLxRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQORVSULPHURVDxRVHVFRODUHVDPHGLGD TXH ODV H[SHULHQFLDV GH IUDFDVR VH UHSLWHQ \ DFXPXODQ HQ OD KLVWRULD SHUVRQDO GHO DOXPQR\WRGRHOORIDYRUHFLGRSRUXQDVFUHFLHQWHVFDSDFLGDGHVGHUD]RQDPLHQWR\ DQiOLVLV GH OD UHDOLGDG HQ ORV SULPHURV DxRV GHO SHULRGR GH OD SXEHUWDG ORV HVWXGLDQWHV FRQ GLILFXOWDGHV SDUD HO DSUHQGL]DMH HVFRODU SRVHHQ XQ DXWRFRQFHSWR PXFKR PiV QHJDWLYR TXH VXV LJXDOHV VLQ GLILFXOWDGHV (VWD GLIHUHQFLD HQWUH DXWRFRQFHSWR D ORV DxRV GH HGDG HV SHUIHFWDPHQWH H[SOLFDEOH HQ IXQFLyQ GH OR H[SOLFDGRDQWHULRUPHQWH $XQTXH OD KLVWRULD GH ORV IUDFDVRV GH ORV QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHLPSOLFDFRQIUHFXHQFLDHOGHVDUUROORGHSUREOHPDVPRWLYDFLRQDOHVTXH LQWHUILHUHQHQHOWUDEDMRHVFRODUQRWRGRVORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMH UHVSRQGHQGHODPLVPDIRUPDDQWHHOIUDFDVRSRUHMHPSORODVQLxDVVXHOHQVHUPiV 73 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO YXOQHUDEOHV DO IUDFDVR TXH ORV QLxRV -RKQVRQ /LWFKW HW DO 3RU RWUD SDUWHODYXOQHUDELOLGDGDOIUDFDVRWDPELpQGHSHQGHGHODHGDGGHORVVXMHWRV 6HJ~Q/LFKW\.LWVQHUDPHGLGDTXHDXPHQWDODHGDGGHORVVXMHWRV WDPELpQFUHFHODLPSRUWDQFLDGHODVH[SHULHQFLDVGHIUDFDVR(QFRQFUHWRKDVWDORV DxRV ORV IUDFDVRV QR VXHOHQ GHELOLWDU ORV QLYHOHV GH FRPSHWHQFLD UHIOHMDGRV HQ HO DXWRFRQFHSWR\DTXHORVQLxRVQRSRVHHQXQDLGHDUHDOLVWDGHORTXHHVFDSDFLGDG LQWHOHFWXDOFRQIXQGLpQGRODFRQHVIXHU]R1LFKROOV\0LOOHU6WLSHN\7DQQDWW +DVWD ORV DxRV DSUR[LPDGDPHQWH ORV QLxRV QR YHQ OD FDSDFLGDG LQWHOHFWXDO FRPR DOJR TXH OLPLWD \ FRQGLFLRQD OD XWLOLGDG GHO HVIXHU]R +DUDUL \ &RYLQJWRQ $ SDUWLU GH ORV DxRV HO QLxR \D DGTXLHUH FRQFLHQFLD GH ODV FDXVDV UHDOHV GH VXV IUDFDVRV OR FXDO KDFH TXH VH UHIOHMH HQ ORV QLYHOHV GH DXWRFRQFHSWR (QGHILQLWLYDHQORVSULPHURVDxRVGHHVFRODULGDGODVDXWRFDOLILFDFLRQHVGH ORV QLxRV WLHQGHQ D VHU H[DJHUDGDPHQWH DOWDV SRFR UHDOLVWDV PRVWUDQGR XQ FRQWLQXRGHFOLYH FRQ HOSDVRGHORV DxRV LQFUHPHQWR HQ OD SUHFLVLyQ GH ORV MXLFLRV 1LFKROOV \ XQD FDtGD LPSRUWDQWH KDFLD ORV DxRV 3HUR HO TXH HQ ORV SULPHURVDxRVORVIUDFDVRVQRLQFLGDQVREUHORVVHQWLPLHQWRVGHFRPSHWHQFLD QRTXLHUHGHFLUTXHHVWRVDOXPQRVVHDQLQPXQHVDOIUDFDVR 6HJ~Q 7RUJHUVHQ \ /LFKW DXQTXH ORV QLxRV GH y DxRV QR FRPSUHQGDQODVLPSOLFDFLRQHVDODUJRSOD]RGHVXVIUDFDVRVHOKHFKRGHVHQWLUTXH ODVH[SHULHQFLDVGHIUDFDVRVRQPHQRVSODFHQWHUDVTXHODVGHp[LWRSXHGHVHUFDXVD GLIHUHQWH SDUD TXH HVWRV JHQHUHQ DYHUVLyQ KDFLD ODV WDUHDV DFDGpPLFDV &RQ HO WLHPSRORVHIHFWRVGHUHSHWLGRVIUDFDVRVHQODUHDOL]DFLyQGHWDUHDVHVFRODUHVVXHOH VHU HO LQFUHPHQWR GH OD GHSHQGHQFLD GHO UHIXHU]R H[WHUQR VHQWLPLHQWRV GH LQFRPSHWHQFLDEDMDDXWRHVWLPDDQVLHGDGHQVLWXDFLRQHVGHUHQGLPLHQWRDFDGpPLFR \ GHVFHQVR GH OD PRWLYDFLyQ SDUD HO DSUHQGL]DMH &KDSPDQ 3RFR D SRFR HO QLxRFRQGLILFXOWDGHVGHDSUHQGL]DMHGHVDUUROODXQSDWUyQGHFRQGXFWDIXHUWHPHQWH HVWDEOHFLGR\TXHDSOLFDDODVGLVWLQWDVVLWXDFLRQHVHVFRODUHV 74 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HJ~QORVDXWRUHV*UHVKDP\5HVFKO\HOHVWXGLDQWHFRQGLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUD LQHYLWDEOHPHQWH FDXWLYR HQ XQ FtUFXOR YLFLRVR GH SDVLYLGDG IDOWD GH LQWHUpV SRU UHDOL]DU ODV WDUHDV HVFRODUHV SHQVDPLHQWRV GH LQFRPSHWHQFLD \ GHSHQGHQFLD H[WHUQD OR FXDO QR VROR HV FRQWUDSURGXFHQWH SDUD HO UHQGLPLHQWR DFDGpPLFR VLQR TXH DGHPiV HV SHUMXGLFLDO SDUD ODV UHODFLRQHV LQWHUSHUVRQDOHV\ODDFHSWDFLyQVRFLDO /D LQYHVWLJDFLyQ UHODFLRQDGD FRQ OD QDWXUDOH]D GHO DXWRFRQFHSWR VH KD LGR LQFUHPHQWDQGR GHVGH ORV DxRV VHVHQWD FRQ PRGHORV GH HVWXGLR GH QDWXUDOH]D XQLGLPHQVLRQDOKDVWDODGpFDGDGHORVRFKHQWDGRQGHHQODVLQYHVWLJDFLRQHVTXH DQDOL]DEDQ HO DXWRFRQFHSWR GH QLxRV \ MyYHQHV FRPHQ]DURQ D SUHYDOHFHU ORV PRGHORV PXOWLGLPHQVLRQDOHV RULJLQDOPHQWH SURSXHVWRV SRU 6KDYHOVRQ +XEQHU \ 6WDQWRQ'HQWURGHHVWHPRGHORVHGLVWLQJXHXQDXWRFRQFHSWRJHQHUDOTXHVH VXEGLYLGH HQ DFDGpPLFR LQJOpV KLVWRULD PDWHPiWLFDV \ FLHQFLDV \ QR DFDGpPLFR TXH VH FRPSRQH GH DXWRFRQFHSWR VRFLDO FRPSDxHURV \ RWURV VLJQLILFDWLYRV HPRFLRQDOHVWDGRVHPRFLRQDOHVSDUWLFXODUHV\ItVLFRKDELOLGDGItVLFD\DSDULHQFLD ItVLFD $FWXDOPHQWH GHVGH XQ PRGHOR PXOWLGLPHQVLRQDO HQ HO HVWXGLR GHO DXWRFRQFHSWR VH SURSRQH TXH HO PLVPR SXHGH VHU HYDOXDGR HPSOHDQGR LQVWUXPHQWRV TXH PLGDQ FDGD XQD GH ODV iUHDV SRU VHSDUDGR DSDULHQFLD ItVLFD FRPSHWHQFLD HVFRODU HWF /RV VHJXLGRUHV GH HVWH PRGHOR GH DXWRFRQFHSWR KDQ HVWDEOHFLGR UHFLHQWHPHQWH OD QRFLyQ GH DXWRFRQFHSWR JOREDO TXH VH UHILHUH D FyPR QRVSHUFLELPRVRQRVFRQVLGHUDPRVHQJHQHUDO*RQ]iOH]3LHQGDHWDO (Q HVWRV HVWXGLRV VH KD FRPSUREDGR TXH HO DXWRFRQFHSWR DFDGpPLFR LQFLGH GHIRUPDVLJQLILFDWLYD\SRVLWLYDVREUHODDGVFULSFLyQDXQDFRQFUHWDRULHQWDFLyQD ODPHWDHOXVRGHHVWUDWHJLDVFRJQLWLYDVGHDSUHQGL]DMH1~xH]HWDO9DOOH HWDOHQSUHQVD\HOUHQGLPLHQWRDFDGpPLFR*RQ]iOH]3LHQGDHWDO 75 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV UHVXOWDGRV REWHQLGRV SRU *RQ]iOH]3LHQGD HW DO OOHYDQ D OD FRQFOXVLyQ GH TXH ORV HVWXGLDQWHV TXH PD\RU FRPSRUWDPLHQWR DXWRUUHJXODGR SHUFLEHQ GH VXV SDGUHV FRQItDQ PiV HQ Vt PLVPRV FRPR HVWXGLDQWHV \ SRU WDQWR PD\RU HV HO UHQGLPLHQWR TXH ILQDOPHQWH REWLHQHQ HQ ODV GLIHUHQWHV iUHDV DFDGpPLFDV 6HJ~Q 0XVLWX \ /LOD HQ XQD UHYLVLyQ ELEOLRJUiILFD UHDOL]DGD FRQ HO REMHWRGHLGHQWLILFDUODVYDULDEOHVSURSLDVGHODIDPLOLDTXHPD\RUSHVRWHQtDQHQHO GHVDUUROOR GHO DXWRFRQFHSWR GH ORV KLMRV FRQFOXtDQ TXH HO FOLPD OD FRKHVLyQ \ OD FRPXQLFDFLyQIDPLOLDUHUDQORVWUHVSLODUHVEiVLFRV 7DOHV DVSHFWRV WDPELpQ VRQ OD EDVH GHO 0RGHOR &LUFXPSOHMR GH 2OVRQ 5XVVHOO \ 6SUHQNOH FLWDGR HQ 3RODLQR/RUHQWH SDUD TXLHQHV HO IXQFLRQDPLHQWRIDPLOLDUVHEDVDHQODFRKHVLyQODDGDSWDELOLGDG\ODFRPXQLFDFLyQ GHORVPLHPEURVTXHIRUPDQODIDPLOLD/ySH]/DUURVD 6HJ~Q 1~xH] *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 5RFHV ÉOYDUH]\*RQ]iOH]HODXWRFRQFHSWRHVXQDGHODVYDULDEOHVPiVLPSRUWDQWHV GHQWUR GHO iPELWR PRWLYDFLRQDO OD FXDO LQFLGH VLJQLILFDWLYDPHQWH HQ HO FRUUHFWR IXQFLRQDPLHQWR GHO iPELWR FRJQLWLYR SRU HMHPSOR VREUH OD DFWLYDFLyQ GH GLYHUVDV HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ GHO DSUHQGL]DMH HVFRODU *RQ]iOH] 3LHQGD\1~xH] /DV LQYHVWLJDFLRQHV DFWXDOHV SRQHQ GH PDQLILHVWR TXH OD LPSOLFDFLyQ DFWLYD GHOVXMHWRHQHOSURFHVRGHDSUHQGL]DMHDXPHQWDFXDQGRVHVLHQWHDXWRFRPSHWHQWH HV GHFLU FXDQGR FRQItD HQ VXV SURSLDV FDSDFLGDGHV \ WLHQH DOWDV H[SHFWDWLYDV GH DXWRHILFDFLD YDORUD ODV WDUHDV \ VH VLHQWH UHVSRQVDEOH GH ORV REMHWLYRV GH DSUHQGL]DMH %DQGXUD %HKUHQV \ *UHHQH 0LOOHU 0DUWtQH]3RQV =LPPHUPDQ 76 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7RGRHOORLQIOX\HWDQWRVREUHODVHVWUDWHJLDVFRJQLWLYDVFRPRPHWDFRJQLWLYDV TXH ORV HVWXGLDQWHV OOHYDQ D FDER D OD KRUD GH DERUGDU ODV WDUHDV DVt FRPR HQ UHODFLyQDODUHJXODFLyQGHOHVIXHU]R\ODSHUVLVWHQFLDHVWRLQFLGHGHIRUPDGLUHFWD\ SRVLWLYD VREUH HO UHQGLPLHQWR DFDGpPLFR GH ORV HVWXGLDQWHV *RQ]iOH]3LHQGD HW DO 1~xH] HW DO (VWH SXQWR GH YLVWD HV HO TXH SUHGRPLQD HQ OD DFWXDOLGDG HQ ODV WHRUtDV PHWDFRJQLWLYDV \ VREUH HO TXH VH VXVWHQWD OD IXQGDPHQWDFLyQSVLFRSHGDJyJLFDGHHVWDLQYHVWLJDFLyQ 2WURV DXWRUHV KDQ HVWXGLDGR ODV GLIHUHQFLDV GH JpQHUR HQ DXWRFRQFHSWR HQ VXMHWRVDGROHVFHQWHV$PHVFXD\3LFKDUGROOHJDQGRDODFRQFOXVLyQGHTXHVH HYLGHQFLD XQD LJXDOGDG HQWUH FKLFRV \ FKLFDV HQ DXWRFRQFHSWR DFDGpPLFR JHQHUDO WDO \ FRPR GLYHUVRV HVWXGLRV OR KDEtDQ FRPSUREDGR SUHYLDPHQWH *DEHONR 0HUUHOO:LOJHQEXVFK 6LQ HPEDUJR HVWRV UHVXOWDGRV QR HVWiQ HQ OD OtQHD GH ORV HQFRQWUDGRV HQ RWUDV LQYHVWLJDFLRQHV %DFNHV &RQZD\ \ +LONH 5RGUtJXH] GRQGHVHHVWDEOHFHQGLIHUHQFLDVVLJQLILFDWLYDVDIDYRUGHORVFKLFRVHQDXWRFRQFHSWR DFDGpPLFR &RPR FRQFOXVLRQHV JHQHUDOHV GHO HVWXGLR $PHVFXD \ 3LFKDUGR VH LQGLFDTXHORVFKLFRVDGROHVFHQWHVREWLHQHQPD\RUHVQLYHOHVGHDXWRFRQFHSWRJOREDO \HPRFLRQDOTXHODVFKLFDV6LQHPEDUJRHVWDV~OWLPDVDOFDQ]DQQLYHOHVPiVDOWRV TXHORVFKLFRVHQDXWRFRQFHSWRIDPLOLDU 3RU RWUR ODGR QR VH KDOODURQ GLIHUHQFLDV VLJQLILFDWLYDV GH JpQHUR HQ DXWRFRQFHSWRVRFLDODXWRFRQFHSWRWRWDODFDGpPLFRJHQHUDODFDGpPLFRSHUFLELGRSRU ORV SDGUHV \ DFDGpPLFR SHUFLELGR SRU ORV SURIHVRUHV'HVGH HO SXQWR GH YLVWD GH OD SUiFWLFD HGXFDWLYDHVWDV FRQFOXVLRQHV HYLGHQFLDQ TXH FKLFDV \ FKLFRVDGROHVFHQWHV VH SHUFLEHQ LJXDO WDQWR HQ HO iPELWR HGXFDWLYR FRPR HQ HO VRFLDO 2WURV GDWRV DSRUWDQODVLJXLHQWHLQIRUPDFLyQQRH[LVWHQGLIHUHQFLDVVLJQLILFDWLYDVGHJpQHURHQ DXWRFRQFHSWRVRFLDODXWRFRQFHSWRWRWDODFDGpPLFRJHQHUDODFDGpPLFRSHUFLELGRGH ORVSDGUHV\DFDGpPLFRSHUFLELGRGHORVSURIHVRUHV 77 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QHVWDPLVPDOtQHD5RWKHQEHUJDILUPDTXHODDXWRHVWLPD\HOORJUR DFDGpPLFR GH ODV QLxDV VXIUHQ XQ GHVFHQVR VLJQLILFDWLYR GXUDQWH OD DGROHVFHQFLD WHPSUDQD (Q XQ PHWDDQiOLVLV GH :LOJHQEXVFK \ 0HUUHOO WUDV DQDOL]DU YHLQWLGyV HVWXGLRV VHOHFFLRQDGRV HQ IXQFLyQ GH VX YDOLGH] HPStULFD FX\D WHPiWLFD FRLQFLGHHQHOHVWXGLRGHODVGLIHUHQFLDVGHJpQHURHQDXWRFRQFHSWRKDQFRQVWDWDGR TXHH[LVWHQGLIHUHQFLDVVLJQLILFDWLYDVHQWUHVH[RV\TXHHVWDVGHSHQGHQGHODHGDG GHORVVXMHWRV 6HJ~Q VH HVWDEOHFH HQ ODV LQYHVWLJDFLRQHV UHDOL]DGDV SRU *RQ]iOH]3LHQGD 1~xH] *RQ]iOH]3XPDULHJD \ &DEDQDFK ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH'$HQUHODFLyQDVXVLJXDOHVDGROHVFHQWHVVLQGLILFXOWDGHVSUHVHQWDQ XQD LPDJHQ GH Vt PLVPRV PiV QHJDWLYD D QLYHO JHQHUDO \ HVSHFLDOPHQWH HQ ODV iUHDVDFDGpPLFDV $XQTXH WDPELpQ HQ ODV GLPHQVLRQHV GH QDWXUDOH]D VRFLDO DWULEX\HQ VXV IUDFDVRV PiV D FDXVDV LQWHUQDV TXH H[WHUQDV \ VH UHVSRQVDELOL]DQ PHQRV GH VXV p[LWRVDXQTXHHQDPERVFDVRVFRQVLGHUDQHOHVIXHU]RFRPRIDFWRUIXQGDPHQWDOGH FDUD D VXV UHVXOWDGRV DFDGpPLFRV \ ILQDOPHQWH VH HQFXHQWUDQ PHQRV PRWLYDGRV KDFLDHODSUHQGL]DMHHVFRODU\ODE~VTXHGDGHDSUREDFLyQVRFLDO (QVtQWHVLVVHJ~QORVUHVXOWDGRVGHODLQYHVWLJDFLyQSVLFROyJLFDUHYLVDGDQR VH SXHGH KDEODU GH XQ SDWUyQ DWULEXFLRQDO DXWRFRQFHSWR \ SHUILO PRWLYDFLRQDO FDUDFWHUtVWLFR HQ QLxRV \ DGROHVFHQWHV FRQ '$ \D TXH H[LVWHQ GLIHUHQWHV FRQFOXVLRQHV0HWDDQiOLVLV.DYDOH\)RUQHVVFRQFOX\HQTXHORVHVWXGLDQWHV FRQ GLILFXOWDGHV SDUD DSUHQGHU SUHVHQWDQ GpILFLWV HQ VXV KDELOLGDGHV VRFLDOHV H LQWHUSHUVRQDOHV 6HWWOH \ 0LOLFK HQ OD UHYLVLyQ UHDOL]DGD SRU 0F 3KDLO \ 6WRQH FRQFOX\HQ TXH ORV HVWXGLDQWHV FRQ '$ JHQHUDOPHQWH PXHVWUDQ DXWRFRQFHSWRV JHQHUDOHV SRVLWLYRV \ VH SHUFLEHQ LJXDO GH FDSDFHV TXH VXV LJXDOHV 5HQLFN\+DUWHU:LQQH:RRGODQGV\:RQJ 78 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV HVWXGLRV PXHVWUDQ TXH ORV DOXPQRV FRQ GLILFXOWDGHV SDUD DSUHQGHU SUHVHQWDQ PHQRUHV H[SHFWDWLYDV GH FDSDFLGDG LQWHOHFWXDO %HDU -XYRQHQ \ 0F,QHUQH\&KDSPDQ*UROQLFN\5\DQ.ORRPRN\&RVGHQ 9DXJKQ +DDJHU +RJDQ \ .RX]HNDQDQL 9DXJKQ (OEDXP 6FKXPP \ +XJKHV /DV LQYHVWLJDFLRQHV DFWXDOHV SRQHQ GH PDQLILHVWR TXH OD LPSOLFDFLyQ DFWLYD GHOVXMHWRHQHOSURFHVRGHDSUHQGL]DMHDXPHQWDFXDQGRVHVLHQWHDXWRFRPSHWHQWH HV GHFLU FXDQGR FRQItD HQ VXV SURSLDV FDSDFLGDGHV \ WLHQH DOWDV H[SHFWDWLYDV GH DXWRHILFDFLD YDORUD ODV WDUHDV \ VH VLHQWH UHVSRQVDEOH GH ORV REMHWLYRV GH DSUHQGL]DMH 0LOOHU %HKUHQV \ *UHHQH %DQGXUD \ 0DUWtQH]3RQ =LPPHUPDQ &RPR VH LQGLFD HQ ORV WUDEDMRV GH 1~xH] *RQ]iOH]3LHQGD *DUFtD 5RGUtJXH]*RQ]iOH]3XPDULHJD5RFHV0RQWHURÉOYDUH]3pUH]\*RQ]iOH]7RUUHV OD XWLOL]DFLyQ SRU SDUWH GHO HVWXGLDQWH GH HVWUDWHJLDV PRWLYDFLRQDOHV FRQ HO ILQ GH PDQWHQHU XQD LPDJHQ SRVLWLYD GH Vt PLVPR FRQOOHYD FRQVHFXHQFLDV PRWLYDFLRQDOHVFRJQLWLYDV\DIHFWLYDV (QVXVHVWXGLRV0RQHUHRDSXQWDFRPRFRQFOXVLyQTXHODHQVHxDQ]D GHOXVRHVWUDWpJLFRGHORVSURFHGLPLHQWRVGHDSUHQGL]DMHFRQWULEXLUiDODPHMRUDGHO DXWRFRQFHSWR \ D OD LQYHUVD XQ EXHQ FRQRFLPLHQWR \ FRQWURO VREUH ODV SURSLDV FDSDFLGDGHV FRQWULEXLUi D XQ PD\RU QLYHO GH FRQFLHQFLD \ UHJXODFLyQ QHFHVDULRV SDUDFRQVHJXLUXQFRPSRUWDPLHQWRHVWUDWpJLFRySWLPR 7RGR HVWR YLHQH D UHIOHMDU HO LPSRUWDQWH SDSHO TXH OD HVFXHOD MXHJD HQ HO GHVDUUROORGHODSURSLDLPDJHQ\DTXHFRQVWLWX\HHOHVFHQDULRGRQGHORVHVWXGLDQWHV VH YHQ HQYXHOWRV HQ P~OWLSOHV H[SHULHQFLDV HQ ODV TXH SRQHQ HQ MXHJR VXV KDELOLGDGHV \ GHVWUH]DV GH PDQHUD TXH DTXHOORV TXH IUDFDVDQ H[FHVLYDPHQWH SXHGHQSRQHUHQGXGDVXFDSDFLGDG\FRPSHWHQFLDSDUDVXSHUDUHVDVVLWXDFLRQHV 79 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWR FRQOOHYD QXHYRV IUDFDVRV TXH FRQ HO WLHPSR LQIOXLUiQ VREUH VXV H[SHFWDWLYDV VHQWLPLHQWRV \ FRQGXFWDV KDFLD ODV WDUHDV HVFRODUHV TXH VHUiQ QHJDWLYDV 3RU RWUD SDUWH VXV UHODFLRQHV WDPELpQ VH YHUiQ DIHFWDGDV \D TXH ORV UHVXOWDGRVDFDGpPLFRVWLHQHQSHVRHQODGHWHUPLQDFLyQGHODYDOtDGHOHVWXGLDQWH /R VHxDODGR OOHYD D FRQVLGHUDU HO DXWRFRQFHSWR FRPR XQD YDULDEOH LQWHUPHGLD TXH UHSHUFXWH QR VROR VREUH OD IRUPD FRPR HO HVWXGLDQWH DERUGD ORV DSUHQGL]DMHVHVFRODUHVVLQRWDPELpQVREUHVXPRGRGHHQIUHQWDUVHDODVVLWXDFLRQHV \GHLQWHUDFWXDUFRQORVGHPiVHVGHFLUVREUHVXFRQGXFWDHQJHQHUDO &RPR FRQFOXVLyQ ORV HVWXGLRV GH LQYHVWLJDFLyQ UHODFLRQDGRV FRQ HO DXWRFRQFHSWR SRQHQ GH PDQLILHVWR GHVGH XQ PRGHOR PXOWLGLPHQVLRQDO 6KDYHOVRQ +XEQHU \ 6WDQWRQ TXH HO DXWRFRQFHSWR SXHGH VHU HYDOXDGR HPSOHDQGR LQVWUXPHQWRV TXH PLGDQ FDGD XQD GH ODV iUHDV SRU VHSDUDGR FRPSHWHQFLD VRFLDO FRPSHWHQFLDHVFRODUHWFHVWDEOHFLHQGRXQDXWRFRQFHSWRJOREDO*RQ]iOH]3LHQGD HWDO (Q ORV WUDEDMRV UHDOL]DGRV SRU *RQ]iOH]3LHQGD VH FRQFOX\H TXH ORV DOXPQRV TXH PD\RU FRPSRUWDPLHQWR DXWRUUHJXODGR PXHVWUDQ VRQ DTXHOORV TXH FRQItDQ PiV HQ Vt PLVPRV FRPR HVWXGLDQWHV \ SRU WDQWR REWLHQHQ XQ PD\RU UHQGLPLHQWR HQ ODV iUHDV DFDGpPLFDV /RV WUDEDMRV GH HVWRV DXWRUHV LQWHQWDQ GHPRVWUDUODUHODFLyQHQWUHHOiPELWRGHODXWRFRQFHSWR\VXLQFLGHQFLDVLJQLILFDWLYD HQ HO XVR GH HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ GHO DSUHQGL]DMH HVFRODU *RQ]iOH]3LHQGD\1~xH] /DLQYHVWLJDFLyQDFWXDOVREUHHVWDUHODFLyQHQWUHDXWRFRQFHSWR\HVWUDWHJLDV GH DSUHQGL]DMH VH DSUR[LPD D ORV HVWXGLRV GH RWURV DXWRUHV 0LOOHU %HKUHQV \ *UHHQH =LPPHUPDQ %DQGXUD \ 0DUWtQH]3RQV OOHJDQGR D OD FRQFOXVLyQ GH TXH OD LPSOLFDFLyQ DFWLYD GHO VXMHWR HQ HO SURFHVR GH HQVHxDQ]D DSUHQGL]DMHDXPHQWDFXDQGRVHVLHQWHDXWRFRPSHWHQWHHVGHFLUFXDQGRFRQItDHQ VXVSURSLDVFDSDFLGDGHV\WLHQHDOWDVH[SHFWDWLYDVGHDXWRHILFDFLDYDORUDODVWDUHDV GHDSUHQGL]DMH\VHVLHQWHUHVSRQVDEOHGHORVREMHWLYRVHGXFDWLYRV 80 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 2WUDV LQYHVWLJDFLRQHV $PHVFXD \ 3LFKDUGR FRQVLGHUDQ TXH H[LVWHQ GLIHUHQFLDVGHJpQHURHQDXWRFRQFHSWRHQVXMHWRVDGROHVFHQWHVFRQPD\RUQLYHOGH DXWRFRQFHSWRJOREDO\HPRFLRQDOHQFKLFRV\GHDXWRFRQFHSWRIDPLOLDUHQFKLFDV 6HJ~Q ODV ~OWLPDV LQYHVWLJDFLRQHV UHDOL]DGDV SRU *RQ]iOH]3LHQGD 1~xH] *RQ]iOH]3XPDULHJD \ &DEDQDFK ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHHQUHODFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVSUHVHQWDQXQDLPDJHQGH VtPLVPRVPiVQHJDWLYDDQLYHOJHQHUDO\HVSHFLDOPHQWHHQODViUHDVDFDGpPLFDV WLHQGHQ D PRVWUDU XQD PD\RU E~VTXHGD GH DSUREDFLyQ VRFLDO HQ ILJXUDV VLJQLILFDWLYDV \ VXV PHWDV DFDGpPLFDV HVWiQ UHODFLRQDGDV FRQ DWULEXFLRQHV GH VXV p[LWRVDFDXVDVSRFRHVWDEOHV\H[WHUQDVFRQORTXHWLHQGHQDOIUDFDVRHVFRODUFRQ PD\RUIUHFXHQFLD (Q FXDQWR DO DXWRFRQFHSWR \ VX UHODFLyQ FRQ ORV SURFHVRV \ HVWUDWHJLDV GH DSUHQGL]DMH GLIHUHQWHV HVWXGLRV UHDOL]DGRV 0RQHUHR DSXQWDQ VREUH OD UHODFLyQ VLJQLILFDWLYD H[LVWHQWH HQWUH HO XVR HVWUDWpJLFR GH ORV SURFHGLPLHQWRV GH DSUHQGL]DMH \ OD PHMRUD GHO DXWRFRQFHSWR HQ JHQHUDO \ D OD LQYHUVD XQ EXHQ FRQRFLPLHQWR\FRQWUROVREUHODVSURSLDVFDSDFLGDGHVFRQWULEXLUiDXQPHMRUQLYHO GHUHJXODFLyQ\HPSOHRGHFRPSRUWDPLHQWRHVWUDWpJLFR /D DXWRHILFDFLD \ HO DXWRFRQFHSWR VRQ GRV WpUPLQRV HVWUHFKDPHQWH UHODFLRQDGRV HQWUH Vt DXQTXH KDFHQ UHIHUHQFLD D FRQVWUXFWRV FRQFHSWXDOPHQWH GLIHUHQWHV (Q HVWH VHQWLGR 6KDOYHVRQ +XEQHU \ 6WDQWRQ GHILQHQ HO DXWRFRQFHSWR FRPR HO FRQMXQWR GH DXWRSHUFHSFLRQHV TXH FRQIRUPDQ OD LPDJHQ TXH XQD SHUVRQD WLHQH GH Vt PLVPD IRUPDGD D SDUWLU GH IDFWRUHV FRJQLWLYRV H LQWHUDFFLRQHVVRFLDOHVDORODUJRGHOFLFORYLWDO/DGHILQLFLyQGHVWDFDODLPSRUWDQFLD GH OD FRPSDUDFLyQ VRFLDO SDUD OD IRUPDFLyQ GHO DXWRFRQFHSWR \ VX UHODWLYD HVWDELOLGDG (Q FRQWUDSRVLFLyQ OD DXWRHILFDFLD KDFH UHIHUHQFLD D YDORUDFLRQHV HVSHFtILFDVGHOFRQWH[WRORTXHODKDFHPiVIiFLOPHQWHPRGLILFDEOH0DUVK&UDYHQ \0F,QHUQH\ 81 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'H HVWD IRUPD PLHQWUDV OD DXWRHILFDFLD SHUPLWH HVWDEOHFHU MXLFLRV VREUH WDUHDV R DFWLYLGDGHV FRQFUHWDV SDUD ODV TXH XQ LQGLYLGXR VH VLHQWH FDSDFLWDGR HO DXWRFRQFHSWRLQFOX\HHYDOXDFLRQHVJOREDOHVVREUHODYDOtDHQXQDGHWHUPLQDGDiUHD =LPPHUPDQ \ &OHDU\ 6HJ~Q %DQGXUD (V SRVLEOH WHQHU XQD DOWD DXWRHILFDFLD DFDGpPLFD VREUH XQD WDUHD FRQFUHWD DXQTXH VH WHQJD XQ EDMR DXWRFRQFHSWR DFDGpPLFR JHQHUDO \ REWHQHU EXHQRV UHVXOWDGRV DFDGpPLFRV /D UHODFLyQHQWUHHVWRVFRQVWUXFWRVKDVLGRHYDOXDGDHQGLYHUVRVWUDEDMRVHQORVTXHVH GHVWDFDTXHORVMXLFLRVGHDXWRHILFDFLDDFDGpPLFDFRUUHODFLRQDQGHIRUPDSRVLWLYD\ VLJQLILFDWLYD FRQ HO DXWRFRQFHSWR DFDGpPLFR VLHQGR ODV PDJQLWXGHV GH HVWDV UHODFLRQHVHOHYDGDVHM6NDDOYLN 'LIHUHQFLDV HQ ODV HVWUDWHJLDV GH DSUHQGL]DMH HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMH 9DULDVVRQ ODV GHILQLFLRQHV GHHVWUDWHJLDV GH DSUHQGL]DMH DXQTXHGH IRUPD JHQHUDOORVDXWRUHV0RQHUHR1LVEHW\6FKXFNVPLWKFRLQFLGHQHQORV VLJXLHQWHVSXQWRV • 6RQSURFHGLPLHQWRV • 3XHGHQ LQFOXLU YDULDV WpFQLFDV RSHUDFLRQHV R DFWLYLGDGHV HVSHFtILFDV 3HUVLJXHQ XQ SURSyVLWR GHWHUPLQDGR HO DSUHQGL]DMH \ OD VROXFLyQ GH SUREOHPDVDFDGpPLFRV\RDTXHOORVDVSHFWRVYLQFXODGRVFRQHOORV • 6RQPiVTXHORVKiELWRVGHHVWXGLRµSRUTXHVHUHDOL]DQIOH[LEOHPHQWH • 3XHGHQVHUDELHUWDVS~EOLFDVHQFXELHUWDVSULYDGDV • 6RQLQVWUXPHQWRVVRFLRFXOWXUDOHVDSUHQGLGRVHQFRQWH[WRVGHLQWHUDFFLyQFRQ DOJXLHQTXHVDEHPiV 8QD GHILQLFLyQ FRPSDUWLGD SRU YDULDV LQYHVWLJDFLRQHV VREUH HO FRQFHSWR GH HVWUDWHJLDVGHDSUHQGL]DMHHV´8QDHVWUDWHJLDGHDSUHQGL]DMHHVXQSURFHGLPLHQWR FRQMXQWR GH SDVRV R KDELOLGDGHV TXH XQ DOXPQR DGTXLHUH \ HPSOHD GH IRUPD LQWHQFLRQDO FRPR LQVWUXPHQWR IOH[LEOH SDUD DSUHQGHU VLJQLILFDWLYDPHQWH \ VROXFLRQDU SUREOHPDV \ GHPDQGDV DFDGpPLFDV ´'tD] %DUULJD &DVWDxHGD \ /XOH +HUQiQGH]FDStWXORV\ 82 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV REMHWLYRV SDUWLFXODUHV GH FXDOTXLHU HVWUDWHJLD GH DSUHQGL]DMH SXHGHQ FRQVLVWLU HQ DIHFWDU OD IRUPD HQ TXH VH VHOHFFLRQD DGTXLHUH RUJDQL]D R LQWHJUD HO QXHYRFRQRFLPLHQWRRLQFOXVRODPRGLILFDFLyQGHOHVWDGRDIHFWLYRRPRWLYDFLRQDOGHO DSUHQGL] SDUD TXH HVWH DSUHQGD FRQ PD\RU HILFDFLD ORV FRQWHQLGRV FXUULFXODUHV R H[WUDFXUULFXODUHVTXHVHOHSUHVHQWDQYpDVH'DQVHUFDX:HLQVWHLQ\0D\HU /D HMHFXFLyQ GH ODV HVWUDWHJLDV GH DSUHQGL]DMH RFXUUH DVRFLDGD FRQ RWURV WLSRVGHUHFXUVRV\SURFHVRVFRJQLWLYRVGHTXHGLVSRQHFXDOTXLHUDSUHQGL]'LYHUVRV DXWRUHV FRQFXHUGDQ FRQ OD QHFHVLGDG GH GLVWLQJXLU HQWUH YDULRV WLSRV GH FRQRFLPLHQWR TXH SRVHHPRV \ XWLOL]DPRV GXUDQWH HO DSUHQGL]DMH %URZQ )ODYHOO \ :HOOPDQ 3RU HMHPSOR SURFHVRV FRJQLWLYRV EiVLFRV VH UHILHUHQ D WRGDV DTXHOODV RSHUDFLRQHV \ SURFHVRV LQYROXFUDGRV HQ HO SURFHVDPLHQWR GH OD LQIRUPDFLyQ FRPR DWHQFLyQ SHUFHSFLyQ FRGLILFDFLyQ DOPDFHQDMH \ PQpPLFRV UHFXSHUDFLyQHWF %DVHGHFRQRFLPLHQWRVVHUHILHUHDOEDJDMHGHKHFKRVFRQFHSWRV\SULQFLSLRV TXH SRVHHPRV HO FXDO HVWi RUJDQL]DGR HQ IRUPD GH XQ UHWLFXODGR MHUiUTXLFR FRQVWLWXtGR SRU HVTXHPDV %URZQ KD GHQRPLQDGR VDEHU D HVWH WLSR GH FRQRFLPLHQWRWDPELpQXVXDOPHQWHVHGHQRPLQDFRQRFLPLHQWRVSUHYLRV &RQRFLPLHQWR HVWUDWpJLFR HVWH WLSR GH FRQRFLPLHQWR WLHQH TXH YHU GLUHFWDPHQWH FRQ OR TXH KHPRV OODPDGR DTXt HVWUDWHJLDV GH DSUHQGL]DMH %URZQ GHPDQHUDDFHUWDGDORGHVFULEHFRQHOKRPEUHGHVDEHUFyPRFRQRFHU &RQRFLPLHQWRPHWDFRJQLWLYRVHUHILHUHDOFRQRFLPLHQWRTXHSRVHHPRVVREUH TXp \ FyPR OR VDEHPRV DVt FRPR DO FRQRFLPLHQWR TXH WHQHPRV VREUH QXHVWURV SURFHVRV\RSHUDFLRQHVFRJQLWLYDVFXDQGRDSUHQGHPRVUHFRUGDPRVRVROXFLRQDPRV SUREOHPDV (VWRV FXDWUR WLSRV GH FRQRFLPLHQWR LQWHUDFW~DQ HQ IRUPDV LQWULQFDGDV \ FRPSOHMDV FXDQGR HO DSUHQGL] XWLOL]D ODV HVWUDWHJLDV GH DSUHQGL]DMH 6L ELHQ VH KD SXHVWR DO GHVFXELHUWR D WUDYpV GH OD LQYHVWLJDFLyQ UHDOL]DGD HQ HVWRV WHPDV OD QDWXUDOH]D GH DOJXQDV GH ODV UHODFLRQHV H[LVWHQWHV HQWUH GLFKRV WLSRV GH FRQRFLPLHQWRHVHYLGHQWHTXHD~QQRVKDFHIDOWDPiVLQIRUPDFLyQSDUDFRPSUHQGHU JOREDOPHQWHWRGRHOFXDGURGHUHODFLRQHVSRVLEOHVHQWUHHVWRV(QUHVXPHQDOJXQDV GHODVLQIOXHQFLDV\UHODFLRQHVPiVFODUDVHQWUHHOORVVRQODVVLJXLHQWHV 83 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RVSURFHVRVFRJQLWLYRVEiVLFRVVRQLQGLVSHQVDEOHVSDUDODHMHFXFLyQGHWRGRV ORVRWURVSURFHVRVGHRUGHQVXSHULRU$TXHOORVVHYHQSRFRDIHFWDGRVSRUORVSURFHVRV GH GHVDUUROOR GHVGH HGDG PX\ WHPSUDQD ORV SURFHVRV \ IXQFLRQHV FRJQLWLYDV EiVLFDV SDUHFHQ HVWDU SUHVHQWHV HQ VX IRUPD GHILQLWLYD FDPELDQGR UHODWLYDPHQWH SRFRFRQHOSDVRGHORVDxRV8QDH[FHSFLyQTXHGHVWDFDHVODUHIHULGDDODVXSXHVWD FDSDFLGDGFUHFLHQWHGHODPHPRULDGHWUDEDMRRSHUDGRU0HVSDFLRPHQWDOFRQOD HGDGGHODQLxH]WHPSUDQDDODDGROHVFHQFLDWDOFRPRORKDQGHPRVWUDGRDOJXQRV LQYHVWLJDGRUHVQHRSLDJHWLDQRV (O FRQRFLPLHQWRHVTXHPiWLFR SXHGHLQIOXLUGHFLVLYDPHQWHHQODQDWXUDOH]D\ IRUPDHQTXHVRQHPSOHDGDVODVHVWUDWHJLDVFRJQLWLYDV8QDEDVHGHFRQRFLPLHQWRV ULFD \ GLYHUVLILFDGD TXH KD VLGR SURGXFWR GH DSUHQGL]DMHV VLJQLILFDWLYRV SRU OR JHQHUDOVHHULJHVREUHODEDVHGHODSRVHVLyQ\XVRHILFD]GHHVWUDWHJLDVJHQHUDOHV\ HVSHFtILFDV GH GRPLQLR DVt FRPR GH XQD DGHFXDGD RUJDQL]DFLyQ FRJQLWLYD HQ OD PHPRULD D ODUJR SOD]R 8QD EDVH GH FRQRFLPLHQWRV H[WHQVD \ RUJDQL]DGD HQ GRPLQLRV HVSHFtILFRV PyGXORV SXHGH VHU WDQ SRGHURVD FRPR HO PHMRU GH ORV HTXLSDPLHQWRVGHHVWUDWHJLDVFRJQLWLYDV 6HKDQHQFRQWUDGRYDULRVKDOOD]JRVHQWRUQRDODLQIOXHQFLDUHFtSURFDHQWUH HOFRQRFLPLHQWRHVTXHPiWLFR\ODDSOLFDFLyQGHOFRQRFLPLHQWRHVWUDWpJLFR*DUQHU\ $OH[DQGHU$GHPiVGHODUHODFLyQFDXVDOHQWUHODDSOLFDFLyQGHHVWUDWHJLDV\ HOFRQRFLPLHQWRHVTXHPiWLFRDQWHVPHQFLRQDGDVHVDEHSRUHMHPSORTXHSHUVRQDV FRQXQDPSOLRFRQRFLPLHQWRFRQFHSWXDOHQXQGHWHUPLQDGRGRPLQLRGHDSUHQGL]DMH SXHGHQUHTXHULU PX\SRFR GH HVWUDWHJLDV DOWHUQDWLYDV FXDQGR VH OHVKD LQWHQWDGR LQGXFLUDXWLOL]DUODVDQWHWDUHDVGHHVHGRPLQLRSDUWLFXODU (Q DOJXQRV HVWXGLRV VH KD SXHVWR HQ HYLGHQFLD TXH DO SURSRUFLRQDU HQWUHQDPLHQWRGHHVWUDWHJLDVDHVWXGLDQWHVFRQXQDEDVHGHFRQRFLPLHQWRVVXSHULRU HQ ULTXH]D FRQFHSWXDO D OD TXH SRVHHQ VXV FRPSDxHURV DTXHOORV UHVXOWDQ PiV EHQHILFLDGRVTXHHVWRV~OWLPRV 84 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6H KD HQFRQWUDGR WDPELpQ TXH DOJXQRV DSUHQGLFHV DQWH XQD WDUHD SDUWLFXODU SDUD OD FXDO QR SRVHHQ XQD EXHQD EDVH GH FRQRFLPLHQWRV HVTXHPiWLFD SXHGHQ DFWXDU FRPR QRYDWRV LQWHOLJHQWHV DSOLFDQGR GLVWLQWDV HVWUDWHJLDV TXH FRQRFHQ\TXHWUDQVILHUHQGHRWUDVVLWXDFLRQHVRGRPLQLRVGRQGHOHVKDQUHVXOWDGR HILFDFHV SDUD VXVWLWXLU GLFKD IDOOD \ DVt QR IUDFDVDU DQWH ODV VLWXDFLRQHV GH HYDOXDFLyQIXWXUDV%URZQ\3DOLQFVDU6KXHOO (QSULPHUOXJDUSXHGHGHFLUVHWDPELpQTXHH[LVWHQIRUPDVPiVJHQHUDOHV\ RWUDV PiV HVSHFtILFDV $OJXQDV HVWUDWHJLDV VRQ DSOLFDEOHV D YDULRV GRPLQLRV GH DSUHQGL]DMHPLHQWUDVTXHRWUDVWLHQGHQDUHVWULQJLUVHDWySLFRVRFRQWHQLGRVPX\ SDUWLFXODUHV (VWR KD OOHYDGR D DOJXQRV DXWRUHV D FODVLILFDU HQWUH HVWUDWHJLDV JHQHUDOHV\HVSHFtILFDVDXQTXHHQPXFKDVRFDVLRQHVVHKDLQFXUULGRHQYLQFXODUD ODV HVWUDWHJLDV JHQHUDOHV FRQ ODV OODPDGDV PHWDFRJQLWLYDV 9pDVH SRU HMHPSOR .LUE\ FLWDGR SRU 1LVEHW \ 6FKXFNVPLWK TXLHQ XWLOL]D HO WpUPLQR PLFURHVWUDWHJLDV SDUD ODV HVWUDWHJLDV FRJQLWLYDV R GH DSUHQGL]DMH \ PDFURHVWUDWHJLDVSDUDHOFDVRGHODVHVWUDWHJLDVPHWDFRJQLWLYDV (O DSUHQGL]DMH GH ODV HVWUDWHJLDV GHSHQGH DGHPiV GH IDFWRUHV PRWLYDFLRQDOHVSRUHMHPSORGHSURFHVRVGHDWULEXFLyQLQWHUQRVGHODSUHQGL]\GH TXH HVWH ODV SHUFLED FRPR YHUGDGHUDPHQWH ~WLOHV /D VHOHFFLyQ \ HO XVR GH HVWUDWHJLDV HQ OD VLWXDFLyQ HVFRODU WDPELpQ GHSHQGH HQ JUDQ PHGLGD GH RWURV IDFWRUHV FRQWH[WXDOHV GHQWUR GH ORV FXDOHV VH GLVWLQJXHQ ODV LQWHUSUHWDFLRQHV TXH ORV DOXPQRV KDFHQ GH ODV LQWHQFLRQHV R SURSyVLWRV GH ORV SURIHVRUHV FXDQGR HVWRV HQVHxDQ R HYDO~DQ $\DOD 6DQWLXVWH \ %DUULJXHWH OD FRQJUXHQFLD FRQ ODV DFWLYLGDGHV HYDOXDWLYDV \ ODV FRQGLFLRQHV TXH DIHFWDQ HO XVR HVSRQWiQHR GH ODV HVWUDWHJLDV5RKZHU 6REUH HO FRQRFLPLHQWR PHWDFRJQLWLYR WDO FRPR \D KD VLGR LQVLQXDGR HVWH GHVHPSHxD XQ SDSHO IXQGDPHQWDO HQ OD VHOHFFLyQ \ UHJXODFLyQ LQWHOLJHQWH GH HVWUDWHJLDV\WpFQLFDVGHDSUHQGL]DMH 85 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0RQHUHRUHVXPHODVFDUDFWHUtVWLFDVGHODVHVWUDWHJLDVGHDSUHQGL]DMH DOGHILQLUODVFRPRSURFHVRVGHWRPDGHGHFLVLRQHVHQORVFXDOHVHOHVWXGLDQWHHOLJH\ UHFXSHUD ORV FRQRFLPLHQWRV TXH QHFHVLWD SDUD FXPSOLPHQWDU XQD GHWHUPLQDGD GHPDQGDXREMHWLYR8QDOXPQRHPSOHDXQDHVWUDWHJLDFXDQGRHVFDSD]GHDMXVWDU VX FRPSRUWDPLHQWR OR TXH SLHQVD \ KDFH D ODV H[LJHQFLDV GH XQD DFWLYLGDG HQFRPHQGDGD SRU HO SURIHVRU \ HQ ODV FLUFXQVWDQFLDV HQ ODV TXH HVD WDUHD VH SURGXFH /DLGHDGHHVWUDWHJLDGHDSUHQGL]DMHHQODTXHVHDSR\DHVWHHVWXGLRHVODGHO SURFHVDPLHQWR GH LQIRUPDFLyQ HQWLHQGH TXH ORV SULQFLSDOHV SURFHVRVFRJQLWLYRV GH SURFHVDPLHQWRVRQORVGH DGTXLVLFLyQ FRGLILFDFLyQ\ UHFXSHUDFLyQHQWDQWRTXHODV HVWUDWHJLDV WDO FRPR VH PHQFLRQy VRQ VHFXHQFLDV LQWHJUDGDV GH SURFHGLPLHQWRV R DFWLYLGDGHV PHQWDOHV TXH VH DFWLYDQ FRQ HO SURSyVLWR GH IDFLOLWDU OD DGTXLVLFLyQ DOPDFHQDPLHQWR\RXWLOL]DFLyQGHLQIRUPDFLyQ1LVEHWW\6KXFNVPLWK /D FODVLILFDFLyQ GH HVWUDWHJLDV GH DSUHQGL]DMH SRU $ORQVR \ 3R]R ODV HVWUDWHJLDVGHHODERUDFLyQVXSRQHQEiVLFDPHQWHLQWHJUDU\UHODFLRQDUOD QXHYDLQIRUPDFLyQTXHKDGHDSUHQGHUVHFRQORVFRQRFLPLHQWRVSUHYLRVSHUWLQHQWHV (ORV~D\*DUFtD3XHGHQVHUEiVLFDPHQWHGHGRVWLSRVVLPSOH\FRPSOHMDOD GLVWLQFLyQ HQWUH DPEDV UDGLFD HQ HO QLYHO GH SURIXQGLGDG FRQ TXH VH HVWDEOH]FD OD LQWHJUDFLyQ 7DPELpQ SXHGH GLVWLQJXLUVH HQWUH HODERUDFLyQ YLVXDO LPiJHQHV YLVXDOHV VLPSOHV \ FRPSOHMDV \ YHUEDOVHPiQWLFD HVWUDWHJLD GH SDUDIUDVHR HODERUDFLyQLQIHUHQFLDORWHPiWLFDHWF(VHYLGHQWHTXHHVWDVHVWUDWHJLDVSHUPLWHQ XQWUDWDPLHQWR\XQDFRGLILFDFLyQPiVVRILVWLFDGRVGHODLQIRUPDFLyQTXHVHKDGH DSUHQGHU SRUTXH DWLHQGHQ GH PDQHUD EiVLFD D VX VLJQLILFDGR \ QR D VXV DVSHFWRV VXSHUILFLDOHV/DVHVWUDWHJLDVGHRUJDQL]DFLyQGHODLQIRUPDFLyQSHUPLWHQKDFHUXQD UHRUJDQL]DFLyQ FRQVWUXFWLYD GH OD LQIRUPDFLyQ TXH KD GH DSUHQGHUVH 0HGLDQWH HO XVRGHGLFKDVHVWUDWHJLDVHVSRVLEOHRUJDQL]DUDJUXSDURFODVLILFDUODLQIRUPDFLyQ FRQ OD LQWHQFLyQ GH ORJUDU XQD UHSUHVHQWDFLyQ FRUUHFWD GH OD LQIRUPDFLyQ H[SORWDQGR\DVHDODVUHODFLRQHVSRVLEOHVHQWUHGLVWLQWDVSDUWHVGHODLQIRUPDFLyQ\ R ODV UHODFLRQHV HQWUH OD LQIRUPDFLyQ TXH VH KD GH DSUHQGHU \ ODV IRUPDV GH RUJDQL]DFLyQ HVTXHPiWLFD LQWHUQDOL]DGDV SRU HO DSUHQGL] YpDVH 0RQHUHR 3R]R 86 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DQWRHQODVHVWUDWHJLDVGHHODERUDFLyQFRPRHQODVGHRUJDQL]DFLyQODLGHD IXQGDPHQWDO QR HV VLPSOHPHQWH UHSURGXFLU OD LQIRUPDFLyQ DSUHQGLGD VLQR LU PiV DOOi FRQ OD HODERUDFLyQ X RUJDQL]DFLyQ GHO FRQWHQLGR HVWR HV GHVFXEULHQGR \ FRQVWUX\HQGR VLJQLILFDGRV SDUD HQFRQWUDU VHQWLGR HQ OD LQIRUPDFLyQ (VWD PD\RU LPSOLFDFLyQ FRJQLWLYD \ DIHFWLYD GHO DSUHQGL] D VX YH] SHUPLWH XQD UHWHQFLyQ PD\RU TXH ODSURGXFLGD SRU ODV HVWUDWHJLDVGH UHFLUFXODFLyQ DQWHV FRPHQWDGDV (V QHFHVDULR VHxDODU TXH HVWDV HVWUDWHJLDV SXHGHQ DSOLFDUVH VROR VL HO PDWHULDO SURSRUFLRQDGR DO HVWXGLDQWH WLHQH XQ PtQLPR GH VLJQLILFDWLYLGDG OyJLFD \ SVLFROyJLFD 3RU ~OWLPR KHPRV LQFOXLGR GHQWUR GH OD FODVLILFDFLyQ D ODV HVWUDWHJLDV GH UHFXSHUDFLyQGHODLQIRUPDFLyQODVFXDOHVVRQDTXHOODVTXHSHUPLWHQRSWLPL]DUOD E~VTXHGDGHLQIRUPDFLyQTXHKHPRVDOPDFHQDGRHQQXHVWUDPHPRULDDODUJRSOD]R HSLVyGLFDRVHPiQWLFD $ORQVR GLVWLQJXH GRV WLSRV GH HVWUDWHJLDV GH UHFXSHUDFLyQ /D SULPHUD OODPDGD VHJXLU OD SLVWD SHUPLWH KDFHU OD E~VTXHGD GH OD LQIRUPDFLyQ UHSDVDQGR OD VHFXHQFLD WHPSRUDO UHFRUULGD HQWUH OD TXH VDEHPRV VH HQFXHQWUD OD LQIRUPDFLyQ TXH KD GH UHFRUGDUVH (O HVTXHPD WHPSRUDO GH DFRQWHFLPLHQWRV IXQFLRQDFRPRXQLQGLFLRDXWRJHQHUDGRTXHWHQHPRVTXHVHJXLUKDFLDDGHODQWHR KDFLD DWUiV SDUD UHFRUGDU HO HYHQWR GH QXHVWUR LQWHUpV /D VHJXQGD VH UHILHUH DO HVWDEOHFLPLHQWR GH XQD E~VTXHGD LQPHGLDWD HQ OD PHPRULD GH ORV HOHPHQWRV UHODFLRQDGRV FRQ OD LQIRUPDFLyQ GHPDQGDGD SRU OR TXH VH GHQRPLQD E~VTXHGD GLUHFWD \ OD VHJXQGD VH XWLOL]D FXDQGR OD LQIRUPDFLyQ DOPDFHQDGD HV GH FDUiFWHU VHPiQWLFR \ SXHGH VHU XWLOL]DGD DXQ FXDQGR KD\D RFXUULGR PiV WLHPSR HQWUH ORV SURFHVRVPHQFLRQDGRV 87 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &ODVLILFDFLyQGHHVWUDWHJLDVDSDUWLUGHOWLSRGHFRQWHQLGRVGHFODUDWLYRVTXH VHKDGHDSUHQGHUEDVDGDHQ$ORQVR 7LSR GH PDWHULDO TXH KD GH DSUHQGHUVH 7LSRVGHHVWUDWHJLDV ,QIRUPDFLyQIDFWXDO 5HSHWLFLyQ 'DWRV 6LPSOH 3DUHVGHSDODEUDV 3DUFLDO /LVWDV $FXPXODWLYD 2UJDQL]DFLyQFDWHJRULDO (ODERUDFLyQVLPSOHGHWLSRYHUEDO YLVXDO 3DODEUDFODYH LPiJHQHVPHQWDOHV ,QIRUPDFLyQFRQFHSWXDO 5HSUHVHQWDFLyQJUiILFD &RQFHSWRV 3URSRVLFLRQHV 5HGHV\PDSDVFRQFHSWXDOHV ([SOLFDFLRQHVWH[WRV (ODERUDFLyQ 7RPDUQRWDV (ODERUDUSUHJXQWDV 5HVXPLU (ODERUDFLyQFRQFHSWXDO 3RU ~OWLPR %HOWUiQ KD HODERUDGR XQD FODVLILFDFLyQ H[KDXVWLYD GH KDELOLGDGHVFRJQLWLYDVHQXQVHQWLGRPiVDPSOLRTXHODVDQWHULRUHV\ODGHVDUUROOy HQ IXQFLyQ GH FLHUWRV UHTXHULPLHQWRV TXH GHEH DSUHQGHU XQ HVWXGLDQWH SDUD OD UHDOL]DFLyQ GH XQ HVWXGLR HIHFWLYR GHQWUR GH ODV LQVWLWXFLRQHV HGXFDWLYDV \ HV OD VLJXLHQWH 88 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +DELOLGDGHV GH E~VTXHGD GH LQIRUPDFLyQ FyPR HQFRQWUDU GyQGH HVWi DOPDFHQDGDODLQIRUPDFLyQUHVSHFWRDXQDPDWHULD&yPRKDFHUSUHJXQWDV &yPRXVDUXQDELEOLRWHFD&yPRXWLOL]DUPDWHULDOGHUHIHUHQFLD +DELOLGDGHVGHDVLPLODFLyQ\GHUHWHQFLyQGHODLQIRUPDFLyQ FyPRHVFXFKDU SDUD ORJUDU FRPSUHQVLyQ FyPR HVWXGLDU SDUD ORJUDU FRPSUHQVLyQ FyPR UHFRUGDU FyPR FRGLILFDU \ IRUPDU UHSUHVHQWDFLRQHV FyPR OHHU FRQ FRPSUHQVLyQ\FyPRUHJLVWUDU\FRQWURODUODFRPSUHQVLyQ +DELOLGDGHVRUJDQL]DWLYDVFyPR HVWDEOHFHU SULRULGDGHV FyPR SURJUDPDU HO WLHPSRGHIRUPDFRUUHFWDFyPRGLVSRQHUORVUHFXUVRV\FyPRFRQVHJXLUTXH ODVFRVDVPiVLPSRUWDQWHVHVWpQKHFKDVDWLHPSR +DELOLGDGHVLQYHQWLYDV\FUHDWLYDVFyPRGHVDUUROODUXQDDFWLWXGLQTXLVLWLYD FyPR UD]RQDU LQGXFWLYDPHQWH FyPR JHQHUDU LGHDV KLSyWHVLV SUHGLFFLRQHV FyPRRUJDQL]DUQXHYDVSHUVSHFWLYDVFyPRHPSOHDUDQDORJtDVFyPRHYLWDUOD ULJLGH]\FyPRDSURYHFKDUVXFHVRVLQWHUHVDQWHV\H[WUDxRV +DELOLGDGHV DQDOtWLFDV FyPR GHVDUUROODU XQD DFWLWXG FUtWLFD FyPR UD]RQDU GHGXFWLYDPHQWH\FyPRHYDOXDULGHDVHKLSyWHVLV +DELOLGDGHVHQODWRPDGHGHFLVLRQHVFyPR LGHQWLILFDU DOWHUQDWLYDV \ FyPR KDFHUHOHFFLRQHVUDFLRQDOHV +DELOLGDGHVGHFRPXQLFDFLyQFyPRH[SUHVDULGHDVRUDOPHQWH\SRUHVFULWR +DELOLGDGHVVRFLDOHVFyPRHYLWDUFRQIOLFWRVLQWHUSHUVRQDOHVFyPRFRRSHUDU\ REWHQHUFRRSHUDFLyQFyPRFRPSHWLUOHDOPHQWH\FyPRPRWLYDUDRWURV +DELOLGDGHV PHWDFRJQLWLYDV \ DXWRUUHJXODGRUDV FyPR HYDOXDU OD SURSLD HMHFXFLyQ FRJQLWLYD FyPR VHOHFFLRQDU XQD HVWUDWHJLD DGHFXDGD SDUD XQ SUREOHPD GHWHUPLQDGR FyPR HQIRFDU OD DWHQFLyQ D XQ SUREOHPD FyPR 89 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO GHFLGLUFXiQGRGHWHQHUODDFWLYLGDGHQXQSUREOHPDGLItFLOFyPRGHWHUPLQDU VL XQR FRPSUHQGH OR TXH HVWi OH\HQGR R HVFXFKDQGR FyPR WUDQVIHULU ORV SULQFLSLRV R HVWUDWHJLDV DSUHQGLGRV GH XQD VLWXDFLyQ D RWUD FyPR GHWHUPLQDU VL ODV PHWDV VRQ FRQVLVWHQWHV FRQ ODV FDSDFLGDGHV \ FRQRFHU ODV GHPDQGDVGHODWDUHD&RQRFHUORVPHGLRVSDUDORJUDUODVPHWDVFRQRFHUODV FDSDFLGDGHVSURSLDV\FyPRFRPSHQVDUODVGHILFLHQFLDV. %HOWUiQ GHILQH ODV (VWUDWHJLDV GH $SUHQGL]DMH FRPR ´UHJODV R SURFHGLPLHQWRV TXH QRV SHUPLWHQ WRPDU GHFLVLRQHV DGHFXDGDV HQ FXDOTXLHU PRPHQWR GHO SURFHVR GH DSUHQGL]DMHµ SS 3RGUtDPRV GHFLU TXH ODV HVWUDWHJLDV FXPSOHQ XQD IXQFLyQ IDFLOLWDGRUD GHO DSUHQGL]DMH \ GH OD DGTXLVLFLyQ GHO FRQRFLPLHQWR HQ JHQHUDO (Q HO PLVPR DxR %HOWUiQ HVWDEOHFH XQD FODVLILFDFLyQ H[KDXVWLYDGHODVGLVWLQWDVHVWUDWHJLDVHQUHODFLyQDVXQDWXUDOH]D\IXQFLyQ D (VWUDWHJLDV&RJQLWLYDVUHODFLRQDGDVFRQORVSURFHVRVSVLFROyJLFRVEiVLFRVGH FRGLILFDFLyQDOPDFHQDPLHQWRRUHWHQFLyQFRPSUHQVLyQ\UHSURGXFFLyQGHOD LQIRUPDFLyQ E (VWUDWHJLDV 0HWDFRJQLWLYDV UHODFLRQDGDV FRQ DVSHFWRV GH SODQLILFDFLyQ UHJXODFLyQHYDOXDFLyQ\FRQWUROGHQXHVWURVSURSLRVSURFHVRVFRJQLWLYRV F (VWUDWHJLDV GH $SR\R HVWiQ DO VHUYLFLR GH OD VHQVLELOL]DFLyQ GHO HVWXGLDQWH KDFLD ODV WDUHDV GH DSUHQGL]DMH \ DEDUFDQ WUHV iUHDV IXQGDPHQWDOHV PRWLYDFLyQDFWLWXGHV\HODIHFWR /DVWHRUtDVDFWXDOHVVREUHODVPHWDVGHORJURVHUHILHUHQDORVYtQFXORVHQWUH OD RULHQWDFLyQ D PHWDV \ HO XVR GH HVWUDWHJLDV GH DSUHQGL]DMH /D PD\RUtD GH ORV HVWXGLRV KDQ FRQFOXLGR TXH ORV HVWXGLDQWHV TXH RSWDQ SRU PHWDV GH DSUHQGL]DMH R GRPLQLR WDPELpQ LQIRUPDQ GH XQ XVR PiV DGDSWDWLYR GH HVWUDWHJLDV \ UHFXUVRV &DEDQDFK*RQ]iOH]3LHQGD1~xH]\9DOOH 'LIHUHQWHV LQYHVWLJDFLRQHV KDQ HQFRQWUDGR XQD UHODFLyQ SRVLWLYD HQWUH OD DGRSFLyQGHPHWDVGHDSUHQGL]DMH\HOXVRLQIRUPDGRGHHVWUDWHJLDVFRJQLWLYDV\GH DXWRUUHJXODFLyQ HQ HVWXGLDQWHV XQLYHUVLWDULRV $UFKHU (OOLRW \ 0F*UHJRU 90 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (OOLRW 0F*UHJRU \ *DEOH *UHHQH \ 0LOOHU 0LOOHU %HKUHQV *UHHQH \ 1HZPDQ \ HQ HVWXGLDQWHV GH HWDSDV DQWHULRUHV 0LGGOHWRQ \ 0LGJOH\3LQWULFK:ROWHUV:ROWHUV<X\3LQWULFK5RVDULR 1~xH]*RQ]iOH]3LHQGD$OPHLGD6RDUHV\5XELR 6LQHPEDUJRODUHODFLyQHQWUHODVPHWDVGHUHQGLPLHQWR\HOFRPSURPLVRFRQ HODSUHQGL]DMHSDUHFHVHUPiVDPELJXD%URSK\/RVUHVXOWDGRVGHDOJXQRV WUDEDMRV LQGLFDQ TXH ODV PHWDV GH UHQGLPLHQWR VH DVRFLDUtDQ DO XVR GH GLVWLQWDV HVWUDWHJLDVEDMRFLHUWDVFRQGLFLRQHV%RLVYHUW%RXIIDUG*UHHQH/DURXFKH\0LOOHU 1ROHQPLHQWUDVTXHHQRWURVQRVHKDQHQFRQWUDGRHYLGHQFLDVFODUDV TXHYLQFXOHQODDGRSFLyQGHPHWDVGHUHQGLPLHQWR\HOXVRGHHVWUDWHJLDVFRJQLWLYDV \GHDXWRUUHJXODFLyQ$UFKHU3LQWULFK*DUFtD (VWXGLRV VREUH OD UHODFLyQ HQWUH GLIHUHQWHV HQIRTXHV PRWLYRV \ HVWUDWHJLDV VXSHUILFLDO SURIXQGR \ ORJUR FRQ HO UHQGLPLHQWR DFDGpPLFR (QWZLVWOH %LJJV 3RUWR %DUFD 6DOHV /XLV 5RVDULR \ $OPHLGDDSRUWDQGDWRV+D\DPL]X\:HLQHU%DUFDHQORVTXH VHFRQFOX\HTXHH[LVWHQXQRVSDWURQHVDWULEXFLRQDOHVHQHODOXPQDGRGH(GXFDFLyQ 6HFXQGDULD GH *DOLFLD HQ ORV TXH VH GHVFXEUH TXH ORV DOXPQRV \ DOXPQDV GH UHQGLPLHQWRDOWRWLHQGHQDH[SOLFDUVXp[LWRHQHODSUHQGL]DMHDVXEXHQDFDSDFLGDG \DOHVIXHU]RUHDOL]DGRPLHQWUDVTXHHOIUDFDVRQXQFDORDWULEX\HQDODFDSDFLGDG\ VLHPSUHORKDFHQDODIDOWDGHHVIXHU]RUHDOL]DGR 'HO PLVPR PRGR VH KD FRQFOXLGR TXH OD GLILFXOWDG GH ODV PDWHULDV DVLJQDWXUDV\HOIDFWRUD]DUVXHUWHDSHQDVWLHQHQLPSRUWDQFLDSDUDORVHVWXGLDQWHV FX\R UHQGLPLHQWR DFDGpPLFR HV DOWR 6LQ HPEDUJR SDUD ORV HVWXGLDQWHV GH UHQGLPLHQWR EDMR ORV HVWLORV DWULEXFLRQDOHV GRPLQDQWHV VH UHODFLRQDQ FRQ OD DWULEXFLyQDVXEDMDFDSDFLGDGDOHVFDVRHVIXHU]RUHDOL]DGRDORTXHDWULEX\HQOD HVFDVDDWHQFLyQ\SUHSDUDFLyQGHOSURIHVRUDGR\DOD]DURVXHUWH 91 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 2WURVDXWRUHVFRPR&DQRFRQFOX\HHQVXHVWXGLRVREUHGLIHUHQFLDVGH JpQHURHQHOHPSOHRGHHVWUDWHJLDVGHDSUHQGL]DMHTXH • /DV DOXPQDV VXSHUDQ D ORV DOXPQRV HQ PRWLYDFLyQ LQWHUpV \ DFWLWXG SDUD HVWXGLDU • /RV DOXPQRV HPSOHDQ XQ HVWLOR GH SURFHVDPLHQWR SURIXQGR GH OD LQIRUPDFLyQDSUHQGHUGHPRGRVLJQLILFDWLYRFRQFHSWXDOL]DFLyQHWF • /DV DOXPQDV REWLHQHQ PHMRU SXQWXDFLyQ HQ HO HVWLOR GH HVWXGLR PHWyGLFR DSUHQGHU GH PRGR RUJDQL]DGR DSOLFDQGR ODV FOiVLFDV KDELOLGDGHV GH HVWXGLR • (QUHODFLyQDOHQIRTXHGHDSUHQGL]DMHODVDOXPQDVVXSHUDQDORVDOXPQRV HQ LQWHUUHODFLyQ GH LGHDV OHWUDV \ FLHQFLDV VRFLDOHV DXQTXH WDPELpQ HQ HQIRTXHVXSHUILFLDOHQFLHQFLDV\HVWUDWpJLFRFLHQFLDV\OHWUDV 2WUDVLQYHVWLJDFLRQHVSRQHQHQUHODFLyQHOJpQHURFRQHOXVRGHHVWUDWHJLDV GHDSUHQGL]DMH&DQRFRQFOX\HQGRTXHODVFKLFDVDGROHVFHQWHVVXSHUDQDORV FKLFRV DGROHVFHQWHV HQ PRWLYDFLyQ LQWHUpV \ DFWLWXG SDUD HVWXGLDU HPSOHDQGR XQ HVWLOR GH HVWXGLR PiV PHWyGLFR FRQ XQ HQIRTXH GH DSUHQGL]DMH PiV VXSHUILFLDO \ HVWUDWpJLFR 0LHQWUDV TXH ORV FKLFRV HPSOHDQ XQ HVWLOR GH SURFHVDPLHQWR PiV SURIXQGRHQHOWUDWDPLHQWRGHODLQIRUPDFLyQDSUHQGL]DMHFRQFHSWXDOL]DGR &RQ HOOR FRQFOX\H VX HVWXGLR FRQFUHWDQGR TXH ORV DOXPQRV \ DOXPQDV XWLOL]DQHVWUDWHJLDV\HVWLORVGHDSUHQGL]DMHGLIHUHQWHV\HVWHKHFKRGHEHVHUWHQLGR HQFXHQWDWDQWRHQHOQLYHOGHLQYHVWLJDFLyQHLQWHUYHQFLyQFRPRHQHOSURSLRQLYHO GHPHMRUDGHODHQVHxDQ]DDGDSWDGDDODVGLIHUHQFLDVLQGLYLGXDOHV /RVHVWXGLRVPiVDFWXDOHVUHDOL]DGRV&DEDQDFK*RQ]iOH]3LHQGD1~xH]\ 9DOOHVHxDODQFRPRHVWUDWHJLDVFRJQLWLYDVRGHDXWRUUHJXODFLyQHQHOHVWXGLR HO XVR GH HVWDV VH UHODFLRQD FRQ UD]RQHV H[WHUQDV DVRFLDGDV D UHFRPSHQVDV WDOHV FRPRODE~VTXHGDGHXQEXHQWUDEDMRRXQDEXHQDSRVLFLyQ(OYDORUGHXWLOLGDGHV OD IRUPD HQ OD TXH ODV WDUHDV R DFWLYLGDGHV HQ ODV TXH QRV LPSOLFDPRV VH UHODFLRQDQFRQQXHVWUDVPHWDVIXWXUDV 92 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'LIHUHQFLDVHQODVPHWDVDFDGpPLFDVHQDOXPQRVFRQ\VLQGLILFXOWDGHV GHDSUHQGL]DMH /D PRWLYDFLyQ HQ HO FRQWH[WR DFDGpPLFR HV XQ IDFWRU LQIOX\HQWH HQ HO UHQGLPLHQWRHVFRODUGHORVDGROHVFHQWHV&RQFUHWDPHQWHORVHVWXGLRVDYDODQTXHODV RULHQWDFLRQHV KDFLD PHWDV DFDGpPLFDV SUHVHQWDGDV SRU ORV HVWXGLDQWHV WLHQHQ XQ SDSHO LPSRUWDQWH HQ HOUHQGLPLHQWR HVFRODU 9DOOH*RQ]iOH]&DEDQDFK 5RGUtJXH] \ 3LxHLUR (Q HO FRQWH[WR DFDGpPLFR LQYHVWLJDFLRQHV SUHYLDV (OOLRWW \ 'ZHFN KDQ GHVWDFDGR TXH ORV HVWXGLDQWHV VH LQYROXFUDQ HQ ODV WDUHDV HVFRODUHV SULQFLSDOPHQWH SRU GRV PRWLYRV D DXPHQWDU VX SURSLD FRPSHWHQFLD PHWDV GH DSUHQGL]DMH \ E HYLWDU SDUHFHU LQFRPSHWHQWHV IUHQWH D RWURV VLJQLILFDWLYRVPHWDVGHUHQGLPLHQWR /D HYLGHQFLD HPStULFD SUHYLD KD UHYHODGR VLVWHPiWLFDPHQWH TXH OD DXWRHILFDFLDSHUFLELGDWLHQHXQSDSHOGHVWDFDGRHQODPRWLYDFLyQ\HQODHOHFFLyQGH PHWDV (Q HVWH VHQWLGR GLYHUVRV DXWRUHV (OOLRWW \ 'ZHFN 6PLOH\ \ 'ZHFN KDQ GHPRVWUDGR OD LQWHUDFFLyQ HQWUH FDSDFLGDG SHUFLELGD \ RULHQWDFLyQ GH PHWD HQFRQWUDQGR TXH ORV LQGLYLGXRV FRQ PHWDV GH DSUHQGL]DMH LQGHSHQGLHQWHPHQWH GH VX DXWRHILFDFLD SHUFLELGD HUDQ PiV SHUVLVWHQWHV HQ ODV WDUHDV WUDV XQD H[SHULHQFLD GH IUDFDVR PLHQWUDV TXH HQ ORV LQGLYLGXRV TXH SUHVHQWDEDQ XQD RULHQWDFLyQ KDFLD PHWDV GH UHQGLPLHQWR VH LGHQWLILFDURQ GRV WHQGHQFLDVGHDFWXDFLyQGLIHUHQWHVHQIXQFLyQGHODDXWRHILFDFLDSHUFLELGD &RQFUHWDPHQWH ORV HVWXGLDQWHV TXH SUHVHQWDEDQ XQD DOWD DXWRHILFDFLD SHUFLELGD VH PRVWUDEDQ PiV SHUVLVWHQWHV DXQTXH FRQ PHQRU LPSOLFDFLyQ TXH ORV DOXPQRV FRQ PHWDV GH DSUHQGL]DMH PLHQWUDV TXH DTXHOORV RWURV FX\D DXWRHILFDFLD SHUFLELGD HUD EDMD WUDWDEDQ GH HYLWDU OD WDUHD WUDV OD H[SHULHQFLD GH IUDFDVR \ SUHVHQWDEDQPiVHPRFLRQHVQHJDWLYDV 93 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HJ~Q 3LxHLUR 9DOOH 5RGUtJXH] *RQ]iOH] 6XiUH] \ $EDOGH ODV PHWDV DFDGpPLFDV KDQ VLGR GH JUDQ LPSRUWDQFLD SDUD OD H[SOLFDFLyQ GH OD PRWLYDFLyQ\FRQGXFWDGHORVHVWXGLDQWHV/DLQYHVWLJDFLyQWUDGLFLRQDOHQODWHRUtD GHPHWDVVHKDFHQWUDGRHQGRVPHWDVSUHGRPLQDQWHVODVPHWDVGHDSUHQGL]DMH\ ODVPHWDVGHUHQGLPLHQWR 6LQ HPEDUJR D SULQFLSLRV GH OD GpFDGD GH ORV QRYHQWD ORV WUDEDMRV GH +D\DPL]X,WR\<RVKLD]DNL\GH+D\DPL]X\:HLQHUFRQILUPDURQOD H[LVWHQFLD GH XQD ~QLFD PHWD GH DSUHQGL]DMH SHUR UHYHODURQ GRV GH UHQGLPLHQWR XQDUHODFLRQDGDFRQODREWHQFLyQGHDSUREDFLyQ\UHIXHU]RVRFLDOPHWDGHUHIXHU]R VRFLDO\RWUDOLJDGDDODWHQGHQFLDDDSUHQGHUSDUDREWHQHUEXHQRVUHQGLPLHQWRV\ SURJUHVDU HQ ORV HVWXGLRV PHWD GH ORJUR (VWR KD VLGR FRQILUPDGR HQ YDULDV LQYHVWLJDFLRQHV UHDOL]DGDV HQ QXHVWUR SDtV &DEDQDFK 1~xH] \ *RQ]iOH] 3LHQGD1~xH]HWDO 'HVGHODWHRUtDFRJQLWLYRVRFLDOVHGHILHQGHTXHHQORVFRQWH[WRVGHORJURORV MyYHQHVWUDWDQGHGHPRVWUDUTXHVRQFRPSHWHQWHV\GHHYLWDUGHPRVWUDUORFRQWUDULR $PHV(OOLRWW\'ZHFN1LFKROOV3RUWDQWRVHVXJLHUHTXHVRQ GRV ODV SHUVSHFWLYDV GH PHWD TXH SUHGRPLQDQ HQ HO FRQWH[WR DFDGpPLFR OD RULHQWDFLyQ DO HJR \ OD RULHQWDFLyQ D OD WDUHD /RV VXMHWRV RULHQWDGRV D OD WDUHD MX]JDQ VX QLYHO GH FDSDFLGDG EDViQGRVH HQ XQ SURFHVR GH FRPSDUDFLyQ FRQ HOORV PLVPRVPLHQWUDVTXHORVVXMHWRVRULHQWDGRVDOHJRMX]JDQVLVRQRQRFRPSHWHQWHV FRPSDUiQGRVHFRQRWURV1LFKROOV 'LYHUVDVLQYHVWLJDFLRQHVKDQDSR\DGRODH[LVWHQFLDGHHVWDVGRVSHUVSHFWLYDV GHPHWDHQHOFRQWH[WRDFDGpPLFRFRQILUPDQGRVXLQIOXHQFLDGLUHFWDHQODFRQGXFWD \ HQ ODV UHVSXHVWDV WDQWR FRJQLWLYDV FRPR DIHFWLYDV TXH VH SURGXFHQ HQ ORV FRQWH[WRV GH ORJUR &KHXQJ /DXHU \ 3DWDVKQLFN 1ROHQ 7KRUNLOGVHQ <DFNHO\3DWDVKQLFN&RPRFRQFOXVLyQVXJLHUHTXHORVSHQVDPLHQWRV VHQWLPLHQWRV\FRQGXFWDVGHORVHVWXGLDQWHVVRQH[SUHVLRQHVUDFLRQDOHVROyJLFDVGH VXSHUVSHFWLYDGHPHWDSUHGRPLQDQWH1LFKROOV 94 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV HVWXGLRV HQ HVWD OtQHD GH LQYHVWLJDFLyQ GH &DVWLOOR %DODJXHU \ 'XGD FRQFOX\HQ HQ UHODFLyQ D OD SHUVSHFWLYD GH PHWD GH ORV DGROHVFHQWHV HQ HO FRQWH[WRDFDGpPLFRTXHHVWDVRULHQWDFLRQHVGHPHWDVRQH[SUHVLRQHVOyJLFDVGHVXV FUHHQFLDVVREUHODVFDXVDVGHOp[LWRHQODHVFXHOD 0iV D~Q ODV GLPHQVLRQHV GH PHWDFUHHQFLDV TXH KDQ VLGR LGHQWLILFDGDV HQ HVWXGLRV UHDOL]DGRV FRQ HVWXGLDQWHV DPHULFDQRV VH PDQLILHVWDQ LJXDOPHQWH HQ HVWXGLDQWHV YDOHQFLDQRV SRU OR TXH SRGHPRV KDEODU GH XQD JHQHUDOL]DFLyQ GH ODV RULHQWDFLRQHV GH PHWD HQ HO FRQWH[WR DFDGpPLFR 6XV HVWXGLRV FRQFOX\HQ TXH ORV HVWXGLDQWHVTXHSXQW~DQDOWRHQODPHWDFUHHQFLDWDUHDHQFXHQWUDQODVDFWLYLGDGHV DFDGpPLFDV GHO FROHJLR PiV GLYHUWLGDV PiV LQWHUHVDQWHV \ PHQRV DEXUULGDV PLHQWUDV TXH ORV HVWXGLDQWHV TXH SXQW~DQ DOWR HQ OD PHWDFUHHQFLDHJR SHUFLEHQ TXHVHDEXUUHQHQODHVFXHOD\HQODHMHFXFLyQGHODVDFWLYLGDGHVDFDGpPLFDV 6LJXLHQGRD1LFKROOVHQVXHVWXGLRVHDSRUWDTXHXQDWHRUtDGHORJUR RULHQWDGD D OD WDUHD DVXPH TXH ORV DQWHFHGHQWHV GHO p[LWR HVWiQ EDMR HO SURSLR FRQWURO SHUVRQDO HM WUDEDMDU GXUR \ TXH ORV LQWHUHVHV VRQ LQWUtQVHFRV D OD SURSLD WDUHD 3RU HO FRQWUDULR XQD WHRUtD GH ORJUR RULHQWDGD DO HJR VH FHQWUD HQ HO UHVXOWDGR GH OD DFWLYLGDG (O VLJQLILFDGR GH OR TXH XQR KDFH HV DO ILQ \ DO FDER GHPRVWUDUTXHXQRHVHOPHMRU $FWXDOPHQWH ODV PHWDV DFDGpPLFDV VRQ HVWXGLDGDV GHVGH XQD QXHYD SHUVSHFWLYDODSHUVSHFWLYDGHP~OWLSOHVPHWDVFX\RVSUHVXSXHVWRVEiVLFRVVRQORV HVWXGLDQWHV SXHGHQ SHUVHJXLU VLPXOWiQHDPHQWH PiV GH XQD PHWD (VWH DVSHFWR FRQVWLWXLUtDXQDGHODVFDUDFWHUtVWLFDVGHODSUHQGL]DMHDXWRUUHJXODGRHOFXDOQRHV VROR GHILQLGR SRU OD UHJXODFLyQ FRJQLWLYD \ FRQGXFWXDO VLQR WDPELpQ SRU HO FRPSRQHQWHGH UHJXODFLyQ PRWLYDFLRQDO6HJ~Q HO FDUiFWHUPXOWLGLPHQVLRQDO GH OD PRWLYDFLyQDFDGpPLFDODVUD]RQHV\PRWLYRVSRUORVTXHVHLPSOLFDQORVHVWXGLDQWHV HQ ODV WDUHDV \ DFWLYLGDGHV GH DSUHQGL]DMH VH HQJOREDQ GHQWUR GH XQD GH ODV YDULDEOHV PiV LPSRUWDQWHV GHVGH HO SXQWR GH YLVWD PRWLYDFLRQDO FRPR VRQ ODV PHWDVDFDGpPLFDV 95 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /D PD\RU SDUWH GH ORV HVWXGLRV UHDOL]DGRV VREUH HO WHPD SUHVHQWDQ ORV VLJXLHQWHV WLSRV GH PHWDV PHWDV GH DSUHQGL]DMH R PHWDV GH UHQGLPLHQWR 'ZHFN PHWDV GH DWHQFLyQ D OD WDUHD R PHWDV GH DWHQFLyQ DO \R 1LFKROOV R PHWDV GH GHVDItR R PHWDV GH ORJUR $PHV *HQHUDOPHQWH VH OHV GHQRPLQD FRPRPHWDVGHDSUHQGL]DMHRGHGRPLQLR\PHWDVGHUHQGLPLHQWRRGHHMHFXFLyQ $FWXDOPHQWH HO FRQVWUXFWR PHWDV DFDGpPLFDV VH HPSOHD GHVGH XQD ySWLFD PXOWLGLPHQVLRQDOIRUPDGRDOPHQRVSRUWUHVGLIHUHQWHVGLPHQVLRQHVXQDPHWDGH DSUHQGL]DMH \ GRV GH UHQGLPLHQWR PHWD GH UHIXHU]R VRFLDO \ PHWD GH ORJUR &DEDQDFK*RQ]iOH]3LHQGD1~xH]\9DOOH(QHVWDOtQHDGHLQYHVWLJDFLyQ ORVWUDEDMRVUHDOL]DGRVSRU&DEDQDFK*RQ]iOH]1~xH]3LxHLUR5RGUtJXH]\9DOOH FRQILUPDQ OD KLSyWHVLV GH ODV P~OWLSOHV PHWDV HVWXGLDGDV SRU 0HHFH 3LQWULFK 6HLIHUW \ 9DOOH HVWRV WDPELpQ FRQVLGHUDQ TXH H[LVWHQ GLIHUHQWHVRULHQWDFLRQHVPRWLYDFLRQDOHVHQORVHVWXGLDQWHVDGROHVFHQWHVTXLHQHVVH DGDSWDQPHMRUDODVGHPDQGDVGHOFRQWH[WR\RVLWXDFLRQHVGHDSUHQGL]DMH 6LJXLHQGR OD LQYHVWLJDFLyQ HQ UHODFLyQ DO HVWXGLR GH ODV PHWDV DFDGpPLFDV GHVGH XQD SHUVSHFWLYD PXOWLGLPHQVLRQDO HQ HVWXGLDQWHV DGROHVFHQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH RWURV DXWRUHV &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \ 9DOOH FRQFOX\HQ HQ VXV LQYHVWLJDFLRQHV OR VLJXLHQWH D /RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ VLJQLILFDWLYDPHQWH PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV FRPSDxHURVVLQGLILFXOWDGHVGHDSUHQGL]DMH E /RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ PHQRV PRWLYDGRV KDFLD OD E~VTXHGD GH DSUREDFLyQ VRFLDO SRU SDUWH GH ODV SHUVRQDVVLJQLILFDWLYDVSDUDHOORV F /RVHVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHPXHVWUDQPHQRVLQWHUpV SRUFRQVHJXLUXQORJURDFDGpPLFRHVSHFtILFR 96 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RPRFRQFOXVLyQORVDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHHQFXHQWUDQ PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQ GLILFXOWDGHV (VWRV DOXPQRVH[SHULPHQWDQPiVHOIUDFDVRHVFRODUTXHVXVLJXDOHVSRUORTXHWLHQGHQD GHVFRQILDU GH VX FDSDFLGDG \ GHVDUUROODU EDMDV H[SHFWDWLYDV GH DXWRHILFDFLD 3RU WDQWR PiV TXH RULHQWDUVH PRWLYDFLRQDOPHQWH KDFLD HO DSUHQGHU PHWDV GH DSUHQGL]DMH ORV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH FHQWUDQ HQ HVIRU]DUVHSRUREWHQHUFLHUWRORJURDFDGpPLFRPHWDGHUHQGLPLHQWR (VWR SRGUtD H[SOLFDUVH GHELGR D TXH ORV HVWXGLDQWHV FRQ '$ \ VLQ '$ QR PXHVWUDQGLIHUHQFLDVVLJQLILFDWLYDVHQVXLQWHUpVSRUREWHQHUXQFLHUWRUHQGLPLHQWR PHWDGHUHQGLPLHQWRORTXHHVH[SOLFDEOHDTXHDPERVJUXSRVDWULEX\HQWDQWRVXV p[LWRV FRPR VXV IUDFDVRV SULQFLSDOPHQWH DO HVIXHU]R R IDOWD GH HVIXHU]R HVWR SHUPLWHDORVDOXPQRVFRQ'$PDQWHQHUXQQLYHOPRWLYDFLRQDOPtQLPR 3RU RWUD SDUWH \ HQ UHODFLyQ FRQ OD PRWLYDFLyQ VH KD HQFRQWUDGR HYLGHQFLD HPStULFD &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \ 9DOOHTXHLQGLFDTXHORVHVWXGLDQWHVFRQ'$PXHVWUDQXQLQWHUpVSRUEXVFDU OD DSUREDFLyQ \ UHIXHU]R VRFLDO PHQRU TXH ORV HVWXGLDQWHV VLQ '$ (VWR SXHGH H[SOLFDUVH SRU OD SHUFHSFLyQ TXH WLHQHQ HVWRV HVWXGLDQWHV GH ODV QHJDWLYDV H[SHFWDWLYDV GH ORV GHPiV HVSHFLDOPHQWH GH VXV SDGUHV \ SURIHVRUHV 0HOW]HU UHVSHFWRDVXDSUHQGL]DMH 2WURVWUDEDMRVSUHVHQWDGRVSRU5RGUtJXH]&DEDQDFK3LxHLUR9DOOH1~xH] \*RQ]iOH]3LHQGDDSRUWDQFRPRFRQFOXVLyQTXHH[LVWHXQDOWRSRUFHQWDMHGH LQGLYLGXRV TXH VRQ FDSDFHV GH LQWHJUDU GHQWUR GH XQ PLVPR SDWUyQ PRWLYDFLRQDO XQDPRWLYDFLyQGHDSUR[LPDFLyQ\GHHYLWDFLyQGHXQPLVPRWLSRGHPHWD (QWHQGLHQGR SRU PRWLYDFLyQ GH DSUR[LPDFLyQ DTXHOORV HVWXGLDQWHV TXH GHVDUUROODQ PHWDV GH DSUHQGL]DMH SDUD LQFUHPHQWDU VX FDSDFLGDG \ PHWDV GH UHQGLPLHQWRSDUDGHPRVWUDUVXFDSDFLGDG(OOLRW3DMDUHV%ULWQHU\9DOLHQWH PLHQWUDV TXH ODPHWDGH HYLWDFLyQVH FHQWUD HQHYLWDU MXLFLRV GHVIDYRUDEOHV VREUH OD FRPSHWHQFLD (OOLRW (OOLRW \ &KXUFK (OOLRW \ 97 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +DUDFNLHZLF](OOLRW0F*UHJRU\*DEOH0LGGOHQWRQ\0LGJOH\ 6NDDOYLN 'HVGH HVWD DSRUWDFLyQ D OD LQYHVWLJDFLyQ SRGUtDPRV UHVXPLU TXH ORV HVWXGLDQWHVVLQGLILFXOWDGHVGHDSUHQGL]DMHSXHGHQHVWDUPRWLYDGRVSDUDFRQVHJXLU XQ UHQGLPLHQWR VXSHULRU HQ FRPSDUDFLyQ D ORV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH DVt FRPRSDUD GHPRVWUDU VX FRPSHWHQFLD \ VXSHULRULGDG RULHQWDFLyQ GH DSUR[LPDFLyQ HQ ODV PHWDV GH UHQGLPLHQWR R SXHGHQ HVWDU PRWLYDGRV SDUD HYLWDU HO IUDFDVR \ SDUD HYLWDU SDUHFHU LQFRPSHWHQWHV RULHQWDFLyQ GH HYLWDFLyQ HQ ODV PHWDV GH UHQGLPLHQWR 2WUDV LQYHVWLJDFLRQHV DSRUWDQ VHJ~Q ORV HVWXGLRV GH 9DOOH &DEDQDFK 5RGUtJXH] 1~xH] \ *RQ]iOH]3LHQGD GHVGH XQD SHUVSHFWLYDPXOWLPHWDORVVLJXLHQWHVUHVXOWDGRV (Q UHODFLyQ D ODV PHWDV GH DSUHQGL]DMH FXDQWR PD\RU HV OD PHWD GH DSUHQGL]DMH H[LVWH PD\RU WHQGHQFLD DO HPSOHR GH HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ GHO HVWXGLR \ FXDQWR PiV EDMD HV OD PHWD PHQRU HV HO XVR TXH KDFHQGHHVDVHVWUDWHJLDV &RQ UHODFLyQ D ODV PHWDV RULHQWDGDV DO \R HVWH WLSR GH PHWDV QR SUHVHQWD GLIHUHQFLDVVLJQLILFDWLYDVHQHOXVRGHFDGDXQDGHODVHVWUDWHJLDVHQIXQFLyQGHORV GLVWLQWRVQLYHOHVGHHVWHWLSRGHPHWDV &RQ UHODFLyQ D ODV PHWDV RULHQWDGDV D OD YDORUDFLyQ VRFLDOVH FRQFOX\H TXH QR H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQ HO XVR GH HVWUDWHJLDV VHJ~Q ORV GLVWLQWRV QLYHOHVGHHVWHWLSRGHPHWDVEDMDVPHGLDVRDOWDV (QUHODFLyQDODVPHWDVGHORJURQRVHDSUHFLDQGLIHUHQFLDVVLJQLILFDWLYDVHQ HOXVRGHHVWUDWHJLDV 98 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $OJXQRV DXWRUHV FRQFOX\HQ HQ ORV HVWXGLRV UHDOL]DGRV VREUH ODV PHWDV DFDGpPLFDV$OEDGH*RQ]iOH]3LxHLUR5RGUtJXH]6XiUH]\9DOOHTXHHVWDV KDQ VLGR GH JUDQ LPSRUWDQWDQFLD SDUD H[SOLFDU OD PRWLYDFLyQ \ FRQGXFWD GH ORV HVWXGLDQWHV /RV HVWXGLRV DFWXDOHV GHVGH OD SHUVSHFWLYD GH P~OWLSOHV PHWDV FRQVLGHUDQ TXH ORV HVWXGLDQWHV SXHGHQ SHUVHJXLU VLPXOWiQHDPHQWH PiV GH XQD PHWD&DEDQDFK*RQ]iOH]1~xH]3LxHLUR5RGUtJXH]\9DOOH 3RU WDQWR ORV HVWXGLRV TXH PiV VH DSUR[LPDQ D QXHVWUD LQYHVWLJDFLyQ &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \ 9DOOH QRV DSRUWDQ GH IRUPD UHVXPLGD ODV VLJXLHQWHV FRQFOXVLRQHV ORV HVWXGLDQWHV DGROHVFHQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHHQFXHQWUDQPHQRVPRWLYDGRVKDFLD HODSUHQGL]DMHKDFLDODE~VTXHGDGHODDSUREDFLyQVRFLDO\PXHVWUDQPHQRVLQWHUpV SRU FRQVHJXLU XQ ORJUR DFDGpPLFR HVSHFtILFR HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ GLILFXOWDGHVGHDSUHQGL]DMH &RPR UHVXPHQ GH OR H[SXHVWR KDVWD HVWH PRPHQWR VH DSRUWD TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH PiV TXH RULHQWDUVH PRWLYDFLRQDOPHQWH KDFLD HO DSUHQGL]DMH PHWDV GH DSUHQGL]DMH VH FHQWUDQ HQ HVIRU]DUVH SRU REWHQHU FLHUWRORJURDFDGpPLFRPHWDGHUHQGLPLHQWR ,QYHVWLJDFLRQHV PiV DFWXDOHV &DEDQDFK *RQ]iOH]3LHQGD 1~xH] 5RGUtJXH] \ 9DOOH GHVGH XQD SHUVSHFWLYD PXOWLPHWD FRQFOX\HQ HQ VXV HVWXGLRVTXHFXDQWRPD\RUHVVRQODVPHWDVGHDSUHQGL]DMHH[LVWHPD\RUWHQGHQFLD DOHPSOHRGHHVWUDWHJLDVFRJQLWLYDV\GHDXWRUUHJXODFLyQHQHOHVWXGLR\FXDQWRPiV EDMDV VRQ HVWDV PHQRU HV HO XVR TXH KDFHQ GH HVDV HVWUDWHJLDV $Vt H[LVWHQ GLIHUHQFLDV SRFR VLJQLILFDWLYDV HQ HO HPSOHR GH HVWUDWHJLDV VHJ~Q ORV GLVWLQWRV QLYHOHVGHHVWHWLSRGHPHWDVEDMDVPHGLDVRDOWDV 99 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (O HVWXGLR UHDOL]DGR SRU ORV DXWRUHV GH HVWD YDULDEOH TXHGD UHIOHMDGR HQ OD VLJXLHQWHFODVLILFDFLyQGHODVPHWDVDFDGpPLFDV 0HWDVGH • • $SUHQGL]DMH ([SUHVDQ OD PRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD HQ ODV WDUHDV DFDGpPLFDV GLULJLGD KDFLD OD DGTXLVLFLyQ GH FRPSHWHQFLD • ([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV WDUHDVDFDGpPLFDVLQWUtQVHFD • ([SUHVDQ OD PRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD HQ ODV WDUHDV DFDGpPLFDV KDFLD OD DGTXLVLFLyQ GH FRQWURO SHUVRQDO • 0HWDV • RULHQWDGDV ([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV WDUHDVDFDGpPLFDVKDFLDHOHQJUDQGDPLHQWRGHO´\Rµ DO<R • ([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV WDUHDVDFDGpPLFDVKDFLDODGHIHQVDGHO´\Rµ • 0HWDV • ([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV RULHQWDGDVD WDUHDV DFDGpPLFDV KDFLD OD DGTXLVLFLyQ DFHSWDFLyQ \ ODYDORUDFLyQ YDORUDFLyQVRFLDO VRFLDO • 0HWDV • RULHQWDGDVD OD UHFRPSHQVD ([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV WDUHDVDFDGpPLFDVKDFLDODDGTXLVLFLyQGHUHFRPSHQVDV • ([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV WDUHDV DFDGpPLFDV KDFLD OD DGTXLVLFLyQ GH XQ IXWXUR WUDEDMR (Q UHODFLyQ D ODVPHWDV FHQWUDGDVHQ OD HYLWDFLyQ GH FDVWLJRVVH PXHVWUDQ GLIHUHQFLDV VLJQLILFDWLYDV HQ HO XVR GH HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ (VWRV DXWRUHV FRQFOX\HQ TXH ORV HVWXGLDQWHV SXHGHQ SURSRQHUVH HVWXGLDU FRQ HO REMHWLYR GH HYLWDU TXH VH OHV ´WHQJD PDQtDµ VHU UHFKD]DGRV R SHUGHU HO UHVSHWR GH 100 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ORV GHPiV SRGUtDQ HVWDU SRQLHQGR HQ PDUFKD DFWXDFLRQHV PiV R PHQRV DXWRUUHJXODGDV\SRGUtDQJHVWLRQDUPHMRURSHRUHOPDWHULDOGHHVWXGLR 'LIHUHQFLDVHQODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRGHDSUHQGL]DMHGH ORVDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH (Q UHODFLyQ D OD LPSOLFDFLyQ GH ORV SDGUHV HQ OD HGXFDFLyQ GH ORV KLMRV HV SRVLEOH GLIHUHQFLDU GRV WLSRV GH LQYHVWLJDFLRQHV (Q SULPHU OXJDU VH HQFXHQWUDQ DTXHOORV WUDEDMRV TXH EXVFDQ H[SOLFDU FyPR GLVWLQWDV FRQGXFWDV GH ORV SDGUHV LQIOX\HQ HQ OD PRWLYDFLyQ DXWRFRQFHSWR FRQFHQWUDFLyQ HVIXHU]R DFWLWXG HWF GH VXV KLMRV DVXPLHQGR TXH WDOHV YDULDEOHV VRQ FRQGLFLRQHV IXQGDPHQWDOHV TXH VHQVLELOL]DQGR DO LQGLYLGXR KDFLD OD XWLOL]DFLyQ GH VXV SURFHVRV \ HVWUDWHJLDV FRJQLWLYDV LQFLGLUiQ VLJQLILFDWLYDPHQWH VREUH HO DSUHQGL]DMH \ UHQGLPLHQWR SRVWHULRU %HPSHFKDW &DVWHMyQ \ 3pUH] *RQ]iOH]3LHQGD 1~xH] *RQ]iOH]3XPDULHJD ÉOYDUH] 5RFHV \ *DUFtD +RNRGD \ )LQFKDP .HLWK \ .HLWK .OHEDQRY \ %URRNV*XQQ 0DUMRULEDQNV 3DWULNDNRX5H\QROGV\:DOEHUJ9HLJD 'HVGH HVWD SHUVSHFWLYD *RQ]iOH]3LHQGD HW DO KDQ REWHQLGR HYLGHQFLDGHTXHFLHUWDVGLPHQVLRQHVGHODLPSOLFDFLyQGHORVSDGUHVUHVSHFWRDOD HGXFDFLyQ GH VXV KLMRV H[SHFWDWLYDV VREUH HO UHQGLPLHQWR H[SHFWDWLYDV VREUH OD FDSDFLGDG SDUD DOFDQ]DU ORJURV LPSRUWDQWHV LQWHUpV UHVSHFWR GH ORV WUDEDMRV HVFRODUHV GH ORV KLMRV JUDGRGHVDWLVIDFFLyQ R LQVDWLVIDFFLyQFRQ HO QLYHO DOFDQ]DGR SRUORVKLMRVQLYHO\WLSRGHD\XGDTXHSUHVWDQORVSDGUHVDVXVKLMRVDODKRUDGH UHDOL]DUODVWDUHDVDFDGpPLFDVHQHOKRJDU\FRQGXFWDVGHUHIXHU]RSRUSDUWHGHORV SDGUHV UHVSHFWR D ORV ORJURV GH VXV KLMRV LQFLGHQ VLJQLILFDWLYDPHQWH VREUH HO UHQGLPLHQWR DFDGpPLFR GH VXV KLMRV QR GLUHFWDPHQWH FRPR HV OyJLFR VLQR LQGLUHFWDPHQWH D WUDYpV GH VX LQFLGHQFLD VREUH YDULDEOHV SHUVRQDOHV GH VXV KLMRV WDOHV FRPR VX DXWRFRQFHSWR \ DXWRHVWLPD FRPR HVWXGLDQWHV HO SDWUyQ WtSLFR GH DWULEXFLyQGHODFDXVDOLGDGVREUHORVp[LWRV\IUDFDVRVDFDGpPLFRVSDUWLFXODUHVORV UHVXOWDGRV GH ORV H[iPHQHV \ VX FRPSHWHQFLD DSWLWXGLQDO SDUD ORV DSUHQGL]DMHV DFDGpPLFRV 101 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q VHJXQGR OXJDU HVWiQ ODV HVFDVDV LQYHVWLJDFLRQHV TXH DQDOL]DQ FyPR ORV SDGUHV VH LPSOLFDQ IDYRUHFLHQGR R GLILFXOWDQGR HO SURSLR SURFHVR GH DSUHQGL]DMH PHGLDQWH VX LQIOXHQFLD VREUH ODV FRQGXFWDV GH DXWRUUHJXODFLyQ )HOGPDQQ 0DUWtQH]3RQV \ 6KDKDP 0DUWtQH]3RQV =LPPHUPDQ %DQGXUD \ 0DUWtQH]3RQV(OFDPELRGHSHUVSHFWLYDVREUHHODSUHQGL]DMHHVFRODUGHVGH HO FOiVLFR PRGHOR FRJQLWLYR DO PRGHOR GH DSUHQGL]DMH DXWRUUHJXODGR KD VXSXHVWR WDPELpQXQDQXHYDRULHQWDFLyQSDUDODLQYHVWLJDFLyQVREUHODLPSOLFDFLyQIDPLOLDU HQHOHVWXGLR\HODSUHQGL]DMHHVFRODUGHORVKLMRV /RV PRGHORV GH DSUHQGL]DMH DXWRUUHJXODGR WUDWDQ GH LQWHJUDU ORV DVSHFWRV FRJQLWLYRV DIHFWLYRPRWLYDFLRQDOHV \ FRPSRUWDPHQWDOHV GHO HVWXGLDQWH %RHNDHUWV 3LQWULFK \ =HLGQHU 9DOOH &DEDQDFK 1~xH] *RQ]iOH]3LHQGD 5RGUtJXH] \ 3LxHLUR HQ SUHQVD 6HJ~Q %RHNDHUWV ORV PRGHORV GH DSUHQGL]DMH DXWRUUHJXODGR SHUPLWHQ D GHVFULELU ORV GLVWLQWRV FRPSRQHQWHV TXH HVWiQ LPSOLFDGRV HQ HO DSUHQGL]DMH H[LWRVR E H[SOLFDU ODV UHODFLRQHV UHFtSURFDV \ UHFXUUHQWHV TXH VH HVWDEOHFHQ HQWUH GLFKRV FRPSRQHQWHV \ F UHODFLRQDU GLUHFWDPHQWH HO DSUHQGL]DMH FRQ HO \R R OR TXH HV OR PLVPR FRQ ODV PHWDV OD PRWLYDFLyQODYROLFLyQ\ODVHPRFLRQHV 'HVGH HVWH QXHYR SDUDGLJPD OR TXH HO DOXPQR DSRUWD D ODV VLWXDFLRQHV GH DSUHQGL]DMH QR VH LGHQWLILFD H[FOXVLYDPHQWH FRQ ORV LQVWUXPHQWRV LQWHOHFWXDOHV GH TXH GLVSRQH VLQR TXH WDPELpQ LPSOLFD ORV DVSHFWRV GH FDUiFWHU PRWLYDFLRQDO %RHNDHUWV \ 1LHPLYLUWD &DVWLOOR %DODJXHU \ 'XGD &RYLQJWRQ 6XiUH]&DEDQDFK\9DOOH9DOOH&DEDQDFK1~xH]\*RQ]iOH]3LHQGD 9DOOH&DEDQDFK1~xH]5RGUtJXH]\3LxHLURDIHFWLYRHPRFLRQDO*RQ]iOH] 3LHQGD1~xH]*RQ]iOH]3XPDULHJD\*DUFtD*RQ]iOH]3LHQGDHWDO 0F&RPEV 1~xH] HW DO \ YROLWLYR .XOK UHODFLRQDGRV FRQ ODV FDSDFLGDGHVGHHTXLOLEULRSHUVRQDO 0DUWtQH]3RQV GHILQH OD LPSOLFDFLyQ GH OD IDPLOLD HQ HO SURFHVR GH DXWRUUHJXODFLyQ D WUDYpV GH FXDWUR WLSRV GH FRQGXFWDV PRGHODGR FXDQGR OD FRQGXFWD GH ORV SDGUHVRIUHFH HMHPSORV GH DXWRUUHJXODFLyQ HQVXVGLYHUVDV IDVHV \ IRUPDV SDUD SRGHU VHU REVHUYDGRV H LPLWDGRV SRU VXV KLMRV HVWLPXODFLyQ R DSR\R 102 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO PRWLYDFLRQDO FXDQGR ORV SDGUHV IDYRUHFHQ OD SHUVLVWHQFLD GH ORV KLMRV DQWH FRQGLFLRQHV DGYHUVDV IDFLOLWDFLyQ R D\XGD FXDQGR ORV SDGUHV IDFLOLWDQ HO DSUHQGL]DMH DSRUWDQGR UHFXUVRV \ PHGLRV \ UHFRPSHQVD FXDQGR ORV SDGUHV UHIXHU]DQ DTXHOODV FRQGXFWDV R VHFXHQFLDV TXH LPSOLTXHQ DOJ~Q JUDGR GH DXWRUUHJXODFLyQ (Q HVH WUDEDMR 0DUWtQH]3RQV REWLHQHHYLGHQFLD HPStULFD GH TXH HVWH WLSR GH FRPSRUWDPLHQWR GH ORV SDGUHV LQIOX\H VLJQLILFDWLYDPHQWH VREUH ODV GLIHUHQWHV iUHDV GHO SURFHVR GH DXWRUUHJXODFLyQ GHO DSUHQGL]DMH GH ORV KLMRV \ HVWR VREUH VX UHQGLPLHQWRDFDGpPLFR1RREVWDQWH0DUWtQH]3RQVQRUHODFLRQDODVFRQGXFWDVGH LQFLWDFLyQ SDUHQWDO D OD DXWRUUHJXODFLyQ FRQ FDGD XQD GH ODV iUHDV HVSHFtILFDV GHO SURFHVR GH DXWRUUHJXODFLyQ VLQR FRQ XQD PHGLGD JHQHUDO GHO SURFHVR GH DXWRUUHJXODFLyQGHODSUHQGL]DMH 2WUDVLQYHVWLJDFLRQHVDFWXDOHVUHODFLRQDGDVFRQODUHODFLyQGHODLPSOLFDFLyQ IDPLOLDU 3DWULNDNRX GH OD 8QLYHUVLGDG GH ,OOLQRLV GH &KLFDJR HQ HO UHQGLPLHQWR DFDGpPLFR HQ HVWXGLDQWHV GH (GXFDFLyQ 6HFXQGDULD FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMHFRQVLGHUDQORVVLJXLHQWHVIDFWRUHVJHQHUDOHVHYDOXDEOHV HQ UHODFLyQ D ORV HVWXGLDQWHV OD SHUFHSFLyQ GH ODV H[SHFWDWLYDV GH ORV HVWXGLDQWHV VREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYRHODXWRFRQFHSWR\H[SHFWDWLYDV DFDGpPLFDV GH ORV HVWXGLDQWHV HO UHQGLPLHQWR DFDGpPLFR GH ORV HVWXGLDQWHV \ OD LPSOLFDFLyQGHORVSDGUHVHQHOWLHPSRGHWUDEDMRUHDOL]DGRHQFDVD &RQ UHVSHFWR D ORV SDGUHV ORV IDFWRUHV JHQHUDOHV HYDOXDEOHV VHUtDQ ORV VLJXLHQWHV OD FRPXQLFDFLyQ SDUHQWDO ODV H[SHFWDWLYDV SDUHQWDOHV VREUH VX LPSOLFDFLyQ HQ HO SURFHVR HGXFDWLYR GH VXV KLMRV \ VX UHQGLPLHQWR DFDGpPLFR \ OD LPSOLFDFLyQIDPLOLDUHQORVDVSHFWRVUHODFLRQDGRVFRQODHVFXHOD 2WUDV YDULDEOHV HVWXGLDGDV UHODFLRQDGDV FRQ OD LPSOLFDFLyQ IDPLOLDU HQ DPERV JUXSRV GH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH KDQ VLGR ODV VLJXLHQWHVHOJpQHURHOVWDWXVVRFLRHFRQyPLFR\HOUHQGLPLHQWRDFDGpPLFR 103 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO )LQDOPHQWHHODXWRU3DWULNDNRXFRQFOX\HORVLJXLHQWH D /DVH[SHFWDWLYDVDFDGpPLFDVGHORVHVWXGLDQWHVHQDPERVJUXSRVWLHQHQ XQDLQIOXHQFLDLPSRUWDQWHHIHFWRGLUHFWRHQHOUHQGLPLHQWRDFDGpPLFR E /DVH[SHFWDWLYDVDFDGpPLFDVGHORVSDGUHVWLHQHQXQDLQIOXHQFLDGLUHFWD HQHOUHQGLPLHQWRDFDGpPLFRGHDPERVJUXSRV F /DVH[SHFWDWLYDVGHORVSDGUHVWLHQHQXQDLQIOXHQFLDLPSRUWDQWHVREUHHO UHVWRGHH[SHFWDWLYDVGHORVHVWXGLDQWHV /RVUHVXOWDGRVGHOSUHVHQWHHVWXGLRLQGLFDQODLPSRUWDQFLDGHODSHUFHSFLyQ TXH WLHQHQ ORV HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH GH ODV DFWLWXGHV SDUHQWDOHV \ VX LPSOLFDFLyQ HQ OD YLGD DFDGpPLFD GH ORV PLVPRV DVt FRPR OD LQIOXHQFLDTXHWLHQHQODVVLJXLHQWHVYDULDEOHVODRUJDQL]DFLyQODD\XGDHIHFWLYDHQ ODVWDUHDVHVFRODUHVSRUORVSDGUHVODVH[SHFWDWLYDVDFDGpPLFDV\ODSHUFHSFLyQSRU SDUWHGHORVDOXPQRVGHODVUHODFLRQHVIDPLOLDFHQWURHQHOUHQGLPLHQWRDFDGpPLFR HQ VXV HOHFFLRQHV DFDGpPLFDV \ SURIHVLRQDOHV \ HQ GHILQLWLYD HQ OD PHMRUD GHO SURFHVRHGXFDWLYRGHODOXPQRFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH(VWRHVDFRUGH FRQ ORV HVWXGLRV HQFRQWUDGRV VHJ~Q HO 0RGHOR (FFOHV HJ (FFOHV DVt FRPR (WKLQJWRQ\FRQODWHRUtDDGDSWDGDGH%URIHQEUHQQHU 2WUDV LQYHVWLJDFLRQHV UHODFLRQDGDV FRPR OD UHDOL]DGD SRU 3DXOVRQ VREUHHOHVWLORSDUHQWDOODLPSOLFDFLyQIDPLOLDUHQODVWDUHDVHVFRODUHV\VXUHODFLyQ FRQHOUHQGLPLHQWRDFDGpPLFRHQORVDGROHVFHQWHVFRQFOX\HQFRPR+ROORZD\ ORVLJXLHQWH D /DV DOWDV H[SHFWDWLYDV GH ORV SDGUHV VREUH HO UHQGLPLHQWR GH VXV KLMRV *RWWIULHG \ *RWWIULHG 0DMRULEDQNV 3DUVRQV $GOHU \ .DF]DOD 6HJLQHU 7KRPSVRQ $OH[DQGUH \ (QWZLVOH ODV FUHHQFLDV \ DWULEXFLRQHV SRVLWLYDV DFHUFD GH ODV KDELOLGDGHV GH VXV KLMRV +ROORZD\ \ +HVV 6WHYHQVRQ /HH &KHQ /XPPLV 6WLJOHU )DQ \ *H \ ODV WDUHDV UHDOL]DGDV HQ FDVD LQFOX\HQGR OD D\XGD HQ ODV WDUHDV GHO KRJDU ´KRPHZRUNµ (SVWHLQ6WHLQEHUJ/DPERUQ'RUQEXFK\'DUOLQJ6WHYHQVRQ\%DNHU VH UHODFLRQDQ GH IRUPD SRVLWLYD FRQ HO UHQGLPLHQWR DFDGpPLFR HV GHFLU D 104 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO PD\RU SHUFHSFLyQ SRU ORV DGROHVFHQWHV GH DOWDV H[SHFWDWLYDV DFDGpPLFDV SRU ORV SDGUHV VREUH HVWRV PD\RU LQWHUpV HVIXHU]R PRWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFR JHQHUDO E/DLPSOLFDFLyQIDPLOLDUHQODHVFXHODDFWLYLGDGHVHYHQWRVGHGHSRUWHV\ RWUDV IXQFLRQHV UHODFLRQDGDV WLHQH XQD LQIOXHQFLD SRVLWLYD FRQ HO UHQGLPLHQWR DFDGpPLFRGHVXVKLMRV/LQQH\\9HUQEHUJ6WHYHQVRQ\%DNHU F (O HVWLOR SDUHQWDO GLVFLSOLQDGR WLHQH XQD LQIOXHQFLD SRVLWLYD HQ HO UHQGLPLHQWR DFDGpPLFR GH ORV KLMRV %URQIHQEUHQQHU \ &URXWHU +HVV \ +ROORZD\+RIIPDQ G /RV HVWXGLDQWHV TXH SHUFLEHQ GH VXV SDGUHV TXH HVWRV VH LQWHUHVDQ \ OHV D\XGDQHQODVWDUHDVHVFRODUHVDUHDOL]DUHQFDVDPXHVWUDQXQPD\RUUHQGLPLHQWR DFDGpPLFRTXHRWURVHVWXGLDQWHVFX\RVSDGUHVQRPXHVWUDQHVHLQWHUpV\D\XGD 2WUDV LQYHVWLJDFLRQHV VREUH OD LQIOXHQFLD GH ORV SDGUHV \ VXV H[SHFWDWLYDV VREUHHOUHQGLPLHQWRGHVXVKLMRV.DSODQFRQFOX\HQORVLJXLHQWHH[LVWHXQD UHODFLyQ HQWUH HO QLYHOGH ODHGXFDFLyQ GH ORVSDGUHV \ HO QLYHOGH ODV H[SHFWDWLYDV DFDGpPLFDVVREUHVXVKLMRV7HDFKPDQ\3DDVFK'HHVWDIRUPDSDGUHVFRQ XQ DOWR QLYHO GH HVWXGLRV \ XQDV EDMDV H[SHFWDWLYDV VREUH VXV KLMRV WLHQHQ XQD LQIOXHQFLDQHJDWLYDHQHOUHQGLPLHQWRGHHVWRV ([LVWHXQDUHODFLyQGLUHFWDHQWUHVHQWLPLHQWRVRSHUFHSFLyQGHORVSDGUHV\ UHQGLPLHQWRGHVXVKLMRVHVGHFLUORVSDGUHVTXHSHUFLEHQHQVXVKLMRVTXHSXHGHQ FRQVHJXLU XQ GHWHUPLQDGR ORJUR DFDGpPLFR SUR\HFWDQ VHQWLPLHQWRV GH DSR\R HPRFLRQDOTXHVRQSHUFLELGRVSRUVXVKLMRVFRPRXQSXQWRGHDSR\RSDUDVXSHUDU ODVGLILFXOWDGHVTXHSXHGDQVXUJLUDORODUJRGHOSURFHVRDFDGpPLFR (QODLQYHVWLJDFLyQVHKDQHODERUDGRGRVFXHVWLRQDULRV8QRSDUDYDORUDUOD LPSOLFDFLyQGHORVSDGUHVHQHOSURFHVRDFDGpPLFRGHVXVKLMRV\RWURSDUDYDORUDUOD SHUFHSFLyQTXHORVKLMRVWLHQHQVREUHODLPSOLFDFLyQGHVXVSDGUHVHQHVWHSURFHVR 105 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWRVLQVWUXPHQWRVGHYDORUDFLyQLQWHJUDQORVVLJXLHQWHVIDFWRUHVJHQHUDOHV 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR ([SHFWDWLYDVIXWXURSURIHVLRQDO 5HODFLRQHVFRQHO&HQWUR 7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV &DGDXQRGHHVWRVDVSHFWRVJHQHUDOHVVHFRQFUHWDHQFLQFRtWHPVHVSHFtILFRV TXHVHDOWHUQDQHQODHODERUDFLyQGHDPERVFXHVWLRQDULRV6XVHOHFFLyQVXUJHGHOD UHYLVLyQGHORVWUDEDMRVUHDOL]DGRVHQHVWHFDPSRGHLQYHVWLJDFLyQ D(QUHODFLyQDODSHUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVR HGXFDWLYR GHVWDFDQ ORV WUDEDMRV GH DXWRUHV FRPR 3DWULNDNRX %URQIHQEUHQQHU %RHUVPD \ &KDSPDQ %U\DQ \ 3HDUO 7ROOLVRQ6HJLQHUHQWUHORVPiVLPSRUWDQWHV E(QUHODFLyQDODVH[SHFWDWLYDVVHUHYLVDQORVWUDEDMRVGHORVDXWRUHVFRPR +LHEHUW +XUWHU 'ZHFN 5HSSXFFL /LFKW .LVWQHU 6HJLQHU 7HDFKPDQ3DDVFK7KRPSVRQ$OH[DQGHU(QWZLVOH F(QUHODFLyQFRQODVUHODFLRQHVGHODIDPLOLDFRQHO&HQWURORVWUDEDMRVGH ORV DXWRUHV FRPR 0F&DVOLQ 0XUGRFN :HQW]HO VRQ ORV PiV HVWXGLDGRV G(QUHODFLyQFRQHO WLHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDV HVFRODUHV /DV WDUHDV SDUD FDVD 73& GHILQLGDV SRU &RRSHU FRPR ODV WDUHDVTXHORVSURIHVRUHVSUHVFULEHQDORVDOXPQRVSDUDUHDOL]DUIXHUDGHOKRUDULR OHFWLYRWLHQHQXQDODUJD\DUUDLJDGDWUDGLFLyQHVFRODUVLHQGRXQDSUiFWLFDKDELWXDO HQODPD\RUtDGHODVHVFXHODVDORODUJRGHWRGRPXQGR /DV 73& VRQ SRU GHILQLFLyQ WDUHDV TXH RFXUUHQ IXHUD GHO FRQWURO GLUHFWR GHOSURIHVRU3RUHOORFXDQGRVHHQIUHQWDQFRQVXUHDOL]DFLyQORVDOXPQRVSXHGHQ HOHJLUTXpKDFHU3ULPHURGHFLGLUVLORKDFHQ3RVWHULRUPHQWHTXHGDPXFKDVYHFHV D VX FULWHULR HO WLHPSR \ HO HVIXHU]R D LQYHUWLU HQ ODV WDUHDV SUHVFULWDV ,QFOXVR GHVSXpVGH HVWDWRPDGH GHFLVLyQ VLJXH WHQLHQGR LQQXPHUDEOHV RSFLRQHV UHODWLYDV 106 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DO ´FXiQGRµ ´GyQGHµ ´FyPRµ \ ´FRQ TXLpQµ TXLHUHQ R SXHGHQ UHDOL]DU ODV 73& DVLJQDGDVRSFLRQHVTXHLQHYLWDEOHPHQWHWLHQHQUHSHUFXVLyQHQODFDOLGDGILQDOGHO GHVHPSHxR+RQJ\0LOJUDP 6HJ~Q(SVWHLQ\9RQ9RRUKLV\DHQORVDxRVRFKHQWDLQYHVWLJDGRUHV FRPR &ROHPDQ +RIIHU \ .LOJRUH FRQFOX\HURQ HQ VXV WUDEDMRV TXH XQD PD\RU FDQWLGDGGH73&DVtFRPRGHGLVFLSOLQDVRQGRVGHORVIDFWRUHVPiVLPSRUWDQWHVHQ OD PHMRUD GHO DPELHQWH GH DSUHQGL]DMH \ HO FRQVHFXHQWH p[LWR DFDGpPLFR TXH SUHVHQWDQODVHVFXHODVSULYDGDVHQFRQWUDSRVLFLyQDODVHVFXHODVS~EOLFDV /D GHGLFDFLyQ GH WLHPSR HQ HO HVWXGLR SHUVRQDO \ SDUWLFXODUPHQWH HQ OD UHDOL]DFLyQGHODV73&HVXQIDFWRUGHWHUPLQDQWHHQHOUHQGLPLHQWRDFDGpPLFRGH ORVDOXPQRV/DLQYHVWLJDFLyQVXEUD\DODLPSRUWDQFLDTXHWLHQHHOSDSHOGHO´WLHPSR HQODWDUHDµWLPHRQWDVNWDQWRGXUDQWHODVFODVHVFRPRSRVWHULRUPHQWHHQFDVD FRPSOHWDQGRODV73&\HVWXGLDQGR /D LQYHVWLJDFLyQ FRQFOX\H TXH FXDQGR VH KDEOD GH WLHPSR GHGLFDGR D ODV 73& OD LQYHVWLJDFLyQ DFRQVHMD GLIHUHQFLDU HQWUH OD FDQWLGDG \ OD FDOLGDG GH GLFKR WLHPSR ,QYHUWLU GHPDVLDGR WLHPSR FRQ ODV 73& SXHGH VLJQLILFDU VLPSOHPHQWH LQVXILFLHQWHV FRQRFLPLHQWRV SUHYLRV R GLILFXOWDGHV REYLDV SDUD WUDEDMDU ORV FRQWHQLGRV &RRSHU \ FRODERUDGRUHV GHPXHVWUDQ TXH ODV 73& HMHUFHQ XQD PD\RULQIOXHQFLDHQORVQLYHOHVGHHVFRODULGDGPiVDYDQ]DGRVHQFRPSDUDFLyQFRQ ORVQLYHOHVLQLFLDOHV $ OR ODUJR GH OD HVFRODULGDG ODV 73& MXHJDQ XQ SDSHO FDGD YH] PiV LPSRUWDQWHHQODFRQVROLGDFLyQGHORVDSUHQGL]DMHV(VLPSRUWDQWHTXHDORODUJRGH ODHVFRODULGDGSUHVHQWHQXQQLYHOGHFRPSOHMLGDGDGDSWDGRDODVFDSDFLGDGHVGHORV DOXPQRVSHURWDPELpQXQJUDGRGHGHVDItRHLQFHQWLYRTXHOHVDQLPHDLPSOLFDUVH HQ OD WDUHD /RV DOXPQRV QHFHVLWDQ HQWHQGHU TXH DSUHQGHU QR HV VROR PHPRUL]DU HQWUHQDU\SUDFWLFDU&RUQR 107 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &XDQGR ODV WDUHDV VRQ GHPDVLDGR H[LJHQWHV \ HVWiQ SRU HQFLPD GH OD FDSDFLGDG SHUFLELGD GH ORV DOXPQRV SXHGH TXH pVWRV TXHGHQ HQ XQ HVWDGR R XQD HVSHFLHGHDXWRFRQVFLHQFLDTXHLQKLEHVXDFFLyQ.XKO (Q HVWRV FDVRV OD SHUVRQD HQ HVWH HVWDGR VH ROYLGD GH OD WDUHD TXH WLHQH HQWUH PDQRV \ VH VXPHUJH HQ XQ HVWDGR TXH %DQGXUD S GHVLJQD FRPR ´LGHDFLyQ SHUWXUEDQWH UHSHWLWLYDµ ´UHSHWLWLYH SHUWXUELQJ LGHDWLRQµ FHQWUiQGRVH VREUH VXV IODTXH]DV SHUVRQDOHV H LQIUDYDORUDQGR VXV FDSDFLGDGHV &RUQR (VWD VLWXDFLyQ RFXUUH PiV IUHFXHQWHPHQWH D ORV DOXPQRV FRQ EDMR UHQGLPLHQWR DFDGpPLFR (QXQHVWXGLRGH%XWOHUGRQGHIXHURQUHFRJLGRVUHODWRVSHUVRQDOHVGH DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH XQR GH ORV DOXPQRV GHVFULEtD DVt VXV VHQWLPLHQWRV KDFLD ODV 73& ´PH SRQtD QHUYLRVRµ ´PH GHVFRQFHQWUDED « TXHGDEDFRPRWRQWRQRTXHUtDWHUPLQDUWUDEDMDEDPiVOHQWDPHQWH\GLVWUDtGRµ(O FXDUHQWD\QXHYHSRUFLHQWRGHORVDOXPQRVGHHVWDLQYHVWLJDFLyQUHODWDQUHDFFLRQHV HPRFLRQDOHVGHVDJUDGDEOHVGXUDQWHODUHDOL]DFLyQGHODV73& 3DUDPHMRUDUHVWDVFRPSHWHQFLDVHVQHFHVDULRXQLUORVHVIXHU]RVGHSDGUHV SURIHVRUHV \ GH RWURV DJHQWHV HGXFDWLYRV HQ XQ WUDEDMR FRP~Q SURSRUFLRQDQGR RSRUWXQLGDGHV TXH IDFLOLWHQ DO DOXPQR HO GHVDUUROOR GH VXV FDSDFLGDGHV SRU HMHPSORUHJXODQGRORVDPELHQWHVGHWUDEDMRHVSHFLDOPHQWHDODKRUDGHKDFHUODV WDUHDV GH 73& \ PRQLWRUL]DQGR HO FRQWURO YROLWLYR \ VXV HVWDGRV GH KXPRU GXUDQWHODUHDOL]DFLyQ;X\&RUQR )LQDOPHQWHORVDOXPQRVREWLHQHQJUDQEHQHILFLRGHODH[SHULHQFLDGHKDFHU ODV 73& HQ XQ DPELHQWH IDPLOLDU FXDQGR VRQ D\XGDGRV SRU XQD DQGDPLDMH SDUHQWDO DSURSLDGR ;X \ &RUQR (VWD LGHD GHEHUi HVWDU SUHVHQWH HQ HO HVStULWX GH ORV GRFHQWHV TXH MXQWR D ORV SDGUHV SRGUiQ QHJRFLDU PRGRV YLDEOHV \ ~WLOHV HQ HO GHVHDEOH DFRPSDxDPLHQWR GLDULR GH ODV WDUHDV GH HVWXGLR TXH VXV HGXFDQGRVGHVDUUROODQ\UHDOL]DQHQFDVD 108 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QHVWDLQYHVWLJDFLyQVHKDQHODERUDGRGRVFXHVWLRQDULRV8QRGLULJLGRDORV SDGUHV SDUD YDORUDU FyPR SHUFLEHQ VX LPSOLFDFLyQ HQ HO SURFHVR HGXFDWLYR GH VXV KLMRV\RWURGLULJLGRDORVDOXPQRVSDUDYDORUDUFyPRHVWRVSHUFLEHQODLPSOLFDFLyQ GHVXVSDGUHV6HKDQFRQVLGHUDGRVHVWRVIDFWRUHVJHQHUDOHV 3HUFHSFLyQ GH ODV H[SHFWDWLYDV GH ORV HVWXGLDQWHV VREUH OD LPSOLFDFLyQ IDPLOLDUHQHOSURFHVRHGXFDWLYR $XWRFRQFHSWR\H[SHFWDWLYDVDFDGpPLFDVGHORVHVWXGLDQWHV 5HQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHV ,PSOLFDFLyQGHORVSDGUHVHQHOWLHPSRGHWUDEDMRUHDOL]DGRHQFDVD (VWRV FXDWUR IDFWRUHV FRQILJXUDQ OD EDVH GH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR WHQLHQGR HQ FXHQWD OD YDULDEOH SHUFHSFLyQ H LQWHUpV GH D\XGD H[SHFWDWLYDVDFDGpPLFDVSRUORVSDGUHV\SHUFHSFLyQGHORVKLMRVDVWLHPSRHIHFWLYR GH D\XGD HQ ODV WDUHDV HVFRODUHV \ RUJDQL]DFLyQ HQ HO HVWXGLR \ SRU ~OWLPR HO DVSHFWR UHODFLRQDO R FRQWH[WXDO GHO DSUHQGL]DMH OD UHODFLyQ HQWUH OD IDPLOLD \ HO &HQWUR $FRQWLQXDFLyQVHSUHVHQWDODUHODFLyQGHORVFRPSRQHQWHVVHOHFFLRQDGRVHQ ODLQYHVWLJDFLyQUHODFLRQDGRVFRQODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYR &RPSRQHQWHFRJQLWLYRSHUFHSFLyQGHD\XGDHLQWHUpV &RPSRQHQWH SURIHVLRQDOHV FRJQLWLYRPRWLYDFLRQDO H[SHFWDWLYDV DFDGpPLFDV \ &RPSRQHQWH FRJQLWLYRPRWLYDFLRQDO D\XGDHIHFWLYD HQ ODV WDUHDV HVFRODUHV \WLHPSRGHRUJDQL]DFLyQ &RPSRQHQWH UHODFLRQDO UHODFLyQ GH FRPXQLFDFLyQ LQIRUPDFLyQ \ SDUWLFLSDFLyQHQWUHIDPLOLD\&HQWUR &RPR FRQFOXVLyQ VH DSRUWD TXH HVWRV FXDWUR DVSHFWRV JHQHUDOHV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HVWiQ UHODFLRQDGRV FRQ ODV GLIHUHQWHV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV TXH LQWHUUHODFLRQDQ HQ HO DSUHQGL]DMH HVFRODU 'RPpQHFK %HWRUHW \ *DUFtD %DFHWH 3LQWULFK 3LQWULFK \ 'H *URRW 109 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HVGHFLUVHUHODFLRQDQFRQODSHUFHSFLyQGHD\XGDHLQWHUpVSRUODIRUPDFLyQ TXHWLHQHQORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH\ORVSDGUHVVREUH VXVKLMRVDVFRPRFRPSRQHQWHFRJQLWLYRGHODSUHQGL]DMHHVFRODUUHODFLRQDGRFRQOD DWULEXFLyQGHOORJURDFDGpPLFRTXHKDFHQORVKLMRVVREUHVXp[LWRHVFRODU 3RU RWUR ODGR OD SHUFHSFLyQ GH HOOR R H[SHFWDWLYD GH KDELOLGDG HQ HO DSUHQGL]DMH\VREUHHOIXWXURSURIHVLRQDOGHORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGH DSUHQGL]DMH DVt FRPR FRQ OD KDELOLGDG GH D\XGD ´KDELOLGDGµ ´VNLOOµ HQ * &DEDQDFK HW DO \ WLHPSR GH RUJDQL]DFLyQ HQ ODV WDUHDV HVFRODUHV FRPR FRPSRQHQWH PRWLYDFLRQDO UHODFLRQDGR FRQ HO FRPSRQHQWH GH H[SHFWDWLYD KDFH UHIHUHQFLDDODVFUHHQFLDV\H[SHFWDWLYDVGHORVHVWXGLDQWHVSDUDUHDOL]DUXQDWDUHD 3RU ~OWLPR HO FRPSRQHQWH FRQWH[WXDOGH OD PRWLYDFLyQ KDFHUHIHUHQFLD D OD UHODFLyQ HQWUH IDPLOLD \ &HQWUR FRPXQLFDFLyQ WXWRUtDV \ JUDGR GH LQIRUPDFLyQ VREUHGLILFXOWDGHVRSURJUHVRVHGXFDWLYRVGHVXVKLMRVDVDVtFRPRSDUWLFLSDFLyQGH ORVSDGUHVHQODVDFWLYLGDGHVOOHYDGDVDFDERSRUHO&HQWUR &XDQGR DSDUHFH XQ QLxR FRQ GLILFXOWDGHV GH DSUHQGL]DMH HQ XQD IDPLOLD VH SURGXFH XQD UHDFFLyQ HQ WRGR HO VLVWHPD IDPLOLDU TXH PHGLD ODV H[SHULHQFLDV GH DSUHQGL]DMH \ OH DIHFWD (O VLVWHPD IDPLOLDU SXHGH LQWHUDFFLRQDU GH IRUPD DGDSWDWLYDSURWHFWRUDIXQFLRQDODPHQD]DQWHLQFyPRGDHWFORTXHFRQGLFLRQDODV H[SHULHQFLDVGHDSUHQGL]DMHGHOHVWXGLDQWHPHGLDQWHODVIXQFLRQHVTXHFXPSOHDVt FRPRDWUDYpVGHODVSHUFHSFLRQHVGHODQDWXUDOH]DGHOSUREOHPD)DOLN /D PHGLDFLyQ HQIRFD HO SUREOHPD OR DIHFWD OR WUDVFLHQGH \ FRQOOHYD XQRV VHQWLPLHQWRV GH FRPSHWHQFLD /RV SDWURQHV GH UHVSXHVWD IDPLOLDU GHSHQGHQ GH PXFKRV IDFWRUHV FRPR HO PRPHQWR GH GHWHFFLyQ OD HGDG OD KLVWRULD GH LQWHUYHQFLRQHVODFURQLFLGDGGHOSUREOHPDGHDSUHQGL]DMHHQHOKLMRHWFVHSRGUtD FRQFUHWDUHQ´VpTXHDOJRQRYDELHQµ´VLQRSDVDUDQDGDPDORFRQPLKLMRDµ ´W~HUHVHOH[SHUWR\ORFRQRFHVPHMRUTXH\RµSRUORTXHVHWUDWDUiGHLQWHUYHQLU HQHOVLVWHPDIDPLOLDUPHGLDQGRHQORVDSUHQGL]DMHVGHODOXPQR\PHGLDQGRHQODV UHDFFLRQHVIDPLOLDUHVSDUDKDFHUODVIOH[LEOHV\DGDSWDGDV)DOLN 110 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HKDQLQYHVWLJDGRDVLPLVPRDVSHFWRVFRQFUHWRVGHVGHODSHUVSHFWLYDGHORV SDGUHV \ GH ODV H[SHFWDWLYDV TXH ORV KLMRV WLHQHQ VREUH HOOR HQ UHODFLyQ D OD LPSOLFDFLyQ GH ORV SDGUHV HQ ORV GHEHUHV SDUD FDVD OD RUJDQL]DFLyQ SHUVRQDO HO WLHPSRGHHVWXGLRHQWUHRWURV (Q XQ HVWXGLR GH .D\ )LW]JHUDOG 3DUDGHH \ 0HOOHQFDPS VREUH SDGUHVGHXQD]RQDUXUDOFRQKLMRVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHFRQFOX\HTXH ORV SDGUHV QR VH VLHQWHQ SUHSDUDGRV SDUD D\XGDU D KDFHU ORV GHEHUHV HQ FDVD ORV SDGUHV GHVHDUtDQ WHQHU PiV LQIRUPDFLyQ DFHUFD GH ODV H[SHFWDWLYDV GHO SURIHVRU UHVSHFWRDVXVKLMRV\GHVXVUROHVFRPRSDGUHVHQODD\XGDTXHKDQGHSURSRUFLRQDU HQORVGHEHUHV /RVSDGUHVTXHUUtDQSUHVWDUXQDD\XGDLQGLYLGXDOL]DGDDVXVKLMRVHQFDVD FRQ ORV GHEHUHV \ HO TXH SXGLHUD SDUWLFLSDU WRGD OD IDPLOLD /RV SDGUHV GHVHDUtDQ HQRUPHPHQWHWHQHUXQIHHGEDFNGHVXSDSHOHQHVWHWHPDGHOSURIHVRURGHOHTXLSR LQVWUXFFLRQDO/DVDFWLWXGHVGHORVSDGUHVSDUHFHTXHQRGLILHUHQHQUHODFLyQFRQHO JpQHURGHVXVKLMRVHQFXDQWRDORVORJURVSRVWDFDGpPLFRV/HYLQH\(GJDU ,JXDOPHQWH ODV LQWHUDFFLRQHV HQWUH PDGUHV H KLMRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HQ OD UHODFLyQ GH WDUHDV UHIOHMDQ XQD PHQRU UHVSRQVLYLGDG \ PHQRU DGDSWDFLyQGHVXFRPXQLFDFLyQDODVGHPDQGDVGHODWDUHDTXHORTXHRFXUUHFRQ ODVLQWHUDFFLRQHVHQWUHPDGUHV\QLxRVVLQGLILFXOWDGHVGHDSUHQGL]DMH /D FRPXQLFDFLyQ HQ ODV GLIHUHQWHV WDUHDV YDULy PX\ SRFR HQ ODV LQWHUDFFLRQHVFRQORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQFDPELRODYDULDFLyQ HUD JUDQGH HQ ODV LQWHUDFFLRQHV FRQ ORV QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH /\\WLQHQ5DVNX3XWWRQHQ$KRQHQ3RLNNHXV\/DDNVR 111 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'LIHUHQFLDV HQ HO UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMH 8QDGHODVGHILQLFLRQHVVREUHUHQGLPLHQWRDFDGpPLFRHVODGH7RXURQ TXLHQFRQVLGHUDTXH´HOUHQGLPLHQWRHVXQUHVXOWDGRGHODSUHQGL]DMHSURGXFLGRSRU HO DOXPQR DXQTXH HOUHQGLPLHQWR QR HV HOSURGXFWRGH XQD ~QLFD FDSDFLGDGVLQR PiV ELHQ HO UHVXOWDGR GH XQD VXPD GH IDFWRUHV D~Q QR GHO WRGR FRQRFLGRV TXH DFW~DQVREUH\GHVGHODSHUVRQDTXHDSUHQGH(OUHQGLPLHQWRHVSXHVXQSURGXFWR GHIDFWRUHVTXHVHVLW~DQGHQWUR\IXHUDGHOLQGLYLGXRµFLWDGDSRU&DVWHMyQSS (O UHQGLPLHQWR DFDGpPLFR VH HQWLHQGH FRPR VHxDOD *DUFtD &RUUHD FRPRXQDSDUWHGHOSURGXFWRHGXFDWLYR(VWHSURGXFWRHVHOUHVXOWDGRGHXQDDFFLyQ RGHXQSURFHVRTXHDFW~DVREUHXQDOXPQRTXHORPRGXOD(OSURFHVRHGXFDWLYRHV XQ HOHPHQWR PiV D OD KRUD GH HVWDEOHFHU HO UHQGLPLHQWR DFDGpPLFR LQGLYLGXDO GHO HVWXGLDQWH 'DGR TXH HO UHQGLPLHQWR DFDGpPLFRVH FRQVLGHUD XQ FRQVWUXFWR OD PD\RUtD GH ORV HVWXGLRV VREUH HO WHPD WRPDQ LQGLFDGRUHV GH HYDOXDFLRQHV UHODWLYDPHQWH VLPSOHV FRPR VRQ ODV FDOLILFDFLRQHV HVFRODUHV \ HQ PHQRU PHGLGD ODV SUXHEDV REMHWLYDV /DV FDOLILFDFLRQHV HVFRODUHV VRQ HO FULWHULR GH UHQGLPLHQWR PiV XWLOL]DGR HQ ODHYDOXDFLyQHGXFDWLYDGHORVORJURVGHOHVWXGLDQWH$XQTXHKDQVLGRFULWLFDGDVSRU WUDWDUVHGHPHGLGDVTXHQRJDUDQWL]DQODREMHWLYLGDGQLODILDELOLGDG\DTXHHVWiQ LQIOXLGDV SRU IDFWRUHV VXEMHWLYRV GHO SURIHVRU FRPR YDORUDFLRQHV DWULEXFLRQHV \ H[SHFWDWLYDV 9DOOH \ 1~xH] 1DYDV 6DPSDVFXDO \ &DVWHMyQ H[LVWHQ WDPELpQSUXHEDVDIDYRUGHVXHILFDFLDSDUDODHYDOXDFLyQGHOUHQGLPLHQWR 'HVGHXQFRQFHSWRPXOWLGLPHQVLRQDOGHOUHQGLPLHQWRDFDGpPLFR5RGUtJXH] (VSLQDUVHKDQGHWHQHUHQFXHQWDUHVXOWDGRVWDQWRFRJQRVFLWLYRVFRPRQR FRJQRVFLWLYRV \ XQ FRPSRQHQWH WHPSRUDO TXH FRQVLGHUH WDQWR HO UHQGLPLHQWR LQPHGLDWRFRPRDODUJRSOD]R 112 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'HVGHHVWDSHUVSHFWLYDORVIDFWRUHVHQHOHVWXGLRGHOUHQGLPLHQWRDFDGpPLFR SXHGHQ VHU IDFWRUHV TXH VH VLW~DQ HQ HO DPELHQWH HQ JHQHUDO \ HQ HO PHGLR HGXFDWLYR HQ SDUWLFXODU HQ ORV TXH VH LQFOX\HQ YDULDEOHV FRPR HO QLYHO VRFLRHFRQyPLFR IDPLOLDU \ QLYHO FXOWXUDO HVWUXFWXUD IDPLOLDU HO FOLPD HGXFDWLYR IDPLOLDUHOVLVWHPDGHYDORUHV\FUHHQFLDVKDFLDODHGXFDFLyQHWF\RWURVIDFWRUHV GH WLSR LQGLYLGXDO FRPR VRQ YDULDEOHV SHUVRQDOHV GH UHQGLPLHQWR SUHYLR PRWLYDFLyQ KDELOLGDGHV DFWLWXGHV DXWRFRQFHSWR DSWLWXGHV SHUVRQDOLGDG DQVLHGDGHWF 7HQLHQGR HQ FXHQWD ORV HVWXGLRV UHODFLRQDGRV FRQ OD YDORUDFLyQ GH ORV IDFWRUHV TXH LQIOX\HQ HQ HO UHQGLPLHQWR DFDGpPLFR ELHQ LQGLYLGXDOHV R FRQWH[WXDOHV HQ HVWD LQYHVWLJDFLyQ VH KD WHQLGR HQ FXHQWD ORV VLJXLHQWHV IDFWRUHV DJUXSDGRVVHJ~Q&DVWHMyQHQWUHVFDWHJRUtDVDGHWHUPLQDQWHVFRQWH[WXDOHV GH WLSR VRFLRFXOWXUDO \ IDPLOLDU E GHWHUPLQDQWHV SHUVRQDOHV \ F GHWHUPLQDQWHV HVFRODUHV 'LIHUHQWHV LQYHVWLJDFLRQHV KDQ HVWXGLDGR OD UHODFLyQ HQWUH ORV IDFWRUHV DQWHULRUPHQWH QRPEUDGRV \ HO UHQGLPLHQWR DFDGpPLFR HQ HVWXGLDQWHV /DV FRQFOXVLRQHV JHQHUDOHV D ODV TXH VH KD SRGLGR OOHJDU VRQ ODV VLJXLHQWHV &DVWHMyQ (O PHMRU SUHGLFWRU GHO UHQGLPLHQWR VRQ ODV DSWLWXGHV (O HIHFWR GH OD YDULDEOHDSWLWXGJHQHUDOVREUHODYDULDEOHUHQGLPLHQWRHQPDWHPiWLFDVHVPX\DOWD GH (O HIHFWR GH ODV DSWLWXGHV JHQHUDOHV VREUH HO UHQGLPLHQWR HQ OHQJXD HV PHQRU SHUR PX\ LPSRUWDQWH WDPELpQ GH /DV DVSLUDFLRQHV HGXFDWLYDV \ SURIHVLRQDOHV GH ORV DOXPQRV WLHQHQ DVt PLVPR XQ HIHFWR GLUHFWR VLJQLILFDWLYR DXQTXH PiV PRGHUDGR VREUH HO UHQGLPLHQWR HQ PDWHPiWLFDV \ HQ OHQJXD $ WUDYpV GH OD DSWLWXG JHQHUDO FRPSXHVWD SRU XQ IDFWRU YHUEDO RWUR QXPpULFR\RWURGHUD]RQDPLHQWROyJLFRVHSXHGHSUHGHFLUPHMRUHOUHQGLPLHQWRHQ PDWHPiWLFDVTXHHQOHQJXDMH 113 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (OQLYHOFXOWXUDO\QRHOHFRQyPLFRGHORVSDGUHVWLHQHXQDUHODFLyQFDXVDO FRQ ODV DSWLWXGHV (Q FRQVHFXHQFLD HOHYDQGR HO QLYHO FXOWXUDO GH OD IDPLOLD VH SURSLFLD XQ PD\RU GHVDUUROOR DSWLWXGLQDO \ HQ FRQVHFXHQFLD HO UHQGLPLHQWR HVSHUDGRHQODViUHDVGHOHQJXD\PDWHPiWLFDVVHUiPHQRU $VLPLVPR VH KDQ KDOODGR UHODFLRQHV SRVLWLYDV HQWUH OD DXWRHILFDFLD DFDGpPLFDSHUFLELGDSDUDGHWHUPLQDGDVWDUHDV\HOUHQGLPLHQWRDFDGpPLFRVLHQGR HVWDUHODFLyQGHPD\RUWDPDxRFXDQWRPiVVLPLODUHVVRQODVPHGLGDVHQFXDQWRD OD IRUPD FRQWHQLGR \ PRPHQWR GH UHFRJLGD GH GDWRV /HRQGDUL \ *LDODPDV 0XOWRQ%URZQ\/HQW6NDDOYLN6PLOH\\'ZHFN (QFXDQWRDOSDSHOSUHGLFWLYRGHOUHQGLPLHQWRDFDGpPLFRVREUHODSHUFHSFLyQ GH DXWRHILFDFLD R GH HVWD VREUH HO UHQGLPLHQWR VH FRQVLGHUD OD H[LVWHQFLD GH XQD LQIOXHQFLD ELGLUHFFLRQDO \ UHFtSURFD %DQGXUD (Q HVWH VHQWLGR HVWXGLRV SUHYLRVGHVWDFDQELHQTXHHOUHQGLPLHQWRDFDGpPLFRSUHGLFHODDXWRHILFDFLD%UHVR 6DODQRYD0DUWtQH]*UDX\$JXWELHQTXHHVODSHUFHSFLyQGHDXWRHILFDFLD ODTXHSUHGLFHHOUHQGLPLHQWR+HUUHUD5DPtUH]5RD\+HUUHUD/HRQGDUL\ *LDODPDV0XOWRQHWDO /D LQWHOLJHQFLD \ ODV DSWLWXGHV LQWHOHFWXDOHV HVWiQ HQWUH ORV IDFWRUHV SHUVRQDOHVPiVLQYHVWLJDGRVHQUHODFLyQFRQHODSURYHFKDPLHQWRHVFRODU(QWRGRV ORVWUDEDMRVUHYLVDGRVVHKDQKDOODGRFRQH[LRQHVVLJQLILFDWLYDVHQWUHUHQGLPLHQWRH LQWHOLJHQFLD OR FXDO GHPXHVWUD OD FRQVLVWHQFLD GH HVWD UHODFLyQ 3HOHFKDQR 5LYDV3pUH]6HUUDQR5RGUtJXH](VSLQDU*DUDQWR0DWHR \5RGUtJXH]&DUDEDxD3DUGR0HULQR\2OHD'tD]6LQHPEDUJR ODVFRUUHODFLRQHVREWHQLGDVVRQPRGHUDGDVORTXHHVXQDVHxDOGHTXHODVDSWLWXGHV LQWHOHFWXDOHVSXHGHQHVWDULQIOXLGDVSRUIDFWRUHVIDPLOLDUHV\HVFRODUHV 114 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $Vt :DWNLQV HW DO WUDWDQGR GH HVWDEOHFHU HO RUGHQ FDXVDO HQWUH OD LQWHOLJHQFLD \ HO UHQGLPLHQWR DFDGpPLFR KDOODURQ TXH HVWD HV SUHFHGHQWH HQ HVWH RUGHQPDQWHQLHQGRDGHPiVtQGLFHVGHFDXVDOLGDGEDVWDQWHHOHYDGRV(QHVWDOtQHD VH VLW~DQ ORV WUDEDMRV GH &KDPRUUR3UHPX]LF \ )XUQKDP &RORP \ )ORUHV 0HQGR]D 'HDU\ HW DO 0F0DKRQ HW DO 5LGJHOO \ /RXQVEXU\ 5ROIKXV\$FNHUPDQHWF (QWRGRVHOORVDSDUHFHODLQWHOLJHQFLDRODVDSWLWXGHVGLIHUHQFLDOHVFRPRXQ SUHGLFWRU PRGHUDGRDOWR GHO UHQGLPLHQWR DFDGpPLFR GH ORV HVWXGLDQWHV ,QFOXVR DOJXQRV WUDEDMRV OOHJDQ D KDEODU GH OD LQWHOLJHQFLD FRPR HO PHMRU SUHGLFWRU GHO UHQGLPLHQWR /DLGUD HW DO 2WURV VLQ HPEDUJR VHxDODQ HO HVFDVR SRGHU SUHGLFWLYR GH OD LQWHOLJHQFLD HQ OD GHWHUPLQDFLyQ GH HVWH 'HVFDOV \ 5LYDV 1DYDV HW DO &DVWHMyQ HW DO HQ XQ WUDEDMR VREUH OD DGTXLVLFLyQ GHO DSUHQGL]DMHFRPSOHMRREVHUYDTXHODLQWHOLJHQFLDSRVHHXQDLQIOXHQFLDVLJQLILFDWLYD HQODDGTXLVLFLyQGHORVDVSHFWRVSURFHGLPHQWDOHVGHOFRQRFLPLHQWRSHURQRHQORV DVSHFWRVFRQFHSWXDOHV 2WUDVGHODVYDULDEOHVTXHKDQWHQLGRXQPD\RULPSDFWRHQODLQYHVWLJDFLyQ GHODPRWLYDFLyQGHORVHVWXGLDQWHV\GHVXUHODFLyQFRQHOUHQGLPLHQWRDFDGpPLFR KDQ VLGR \ VRQ ODV PHWDV \ ODV RULHQWDFLRQHV GH PHWD 3LQWULFK D $Vt XWLOL]DQGRFRPRUHIHUHQWHGHFODVLILFDFLyQGHODVPLVPDVODSURSXHVWDSRU+H\PDQ \ 'ZHFN HQ ´PHWDV GH DSUHQGL]DMHµ \ ´PHWDV GH GRPLQLRµ \ WUDV DxDGLU SRVWHULRUPHQWH OD FDWHJRUtD GH ´HYLWDFLyQ GH OD WDUHDµ /LQQHQEULQN \ 3LQWULFK KDQ SURSXHVWR XQ PRGHOR HQ HO TXH VH UHSUHVHQWDQ ODV UHODFLRQHV TXH VH HVWDEOHFHQHQWUHODRULHQWDFLyQJHQHUDODPHWDV\HODSUHQGL]DMHDWUDYpVGHORTXH HOORVGHQRPLQDQ´PHGLDGRUHVµHVWRHVGLVWLQWRVSURFHVRVPRWLYDFLRQDOHVDIHFWLYRV FRQGXFWXDOHV\FRJQLWLYRVTXHFRQGLFLRQDQORVUHVXOWDGRV 6L DQDOL]DPRV HVWDV UHODFLRQHV HQFRQWUDPRV TXH OD RULHQWDFLyQ GH PHWD KDFLD HO DSUHQGL]DMH HV OD TXH FRUUHODFLRQD PiV LQWHQVDPHQWH FRQ PHGLDGRUHV SRVLWLYRV +DUDFNLHZLF] HW DO \ FRQVHFXHQWHPHQWH FRQ PHMRUHV QLYHOHV GH UHQGLPLHQWRHVFRODU*HKOEDFK:ROWHUV9DOOHHWDO'HOPLVPR 115 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO PRGRWDPELpQSDUHFHEDVWDQWHFRQVHQVXDGDODLGHDGHTXHODRULHQWDFLyQKDFLDOD HYLWDFLyQ GH OD WDUHD HV OD TXH FRUUHODFLRQD HQ PD\RU PHGLGD FRQ SHRUHV UHQGLPLHQWRVHQHOHVWXGLR6LQHPEDUJRH[LVWHXQDPHQRUHYLGHQFLDHPStULFDHQHO SDSHO GH ODV PHWDV GH UHQGLPLHQWR HQ ORV UHVXOWDGRV DFDGpPLFRV 'XSH\UDW \ 0DULQH0LGJOH\HWDO3LQWULFKD 3RU VX SDUWH %DUFD HW DO %DUFD \ 3HUDOER 0DQDVVHUR \ 9i]TXH]3LxHLURHWDOUHYHODURQTXHODDWULEXFLyQGHOp[LWRDO HVIXHU]R R D OD FDSDFLGDG IXHURQ SUHGLFWRUHV SRVLWLYRV GHO UHQGLPLHQWR DFDGpPLFR PHGLRPLHQWUDVTXHODDWULEXFLyQDODVXHUWHIXHXQSUHGLFWRUQHJDWLYR$GHPiVVt REVHUYDURQ XQD IXHUWH UHODFLyQ GH HVWDV PLVPDV YDULDEOHV FRQ ORV HQIRTXHV VXSHUILFLDOHV GH DSUHQGL]DMH \ FRQVHFXHQWHPHQWH FRQ HO EDMR UHQGLPLHQWR DFDGpPLFR ,JXDOPHQWH HO DXWRFRQFHSWR HV XQD GH ODV YDULDEOHV PiV UHOHYDQWHV GHQWUR GHO iPELWR GH OD SHUVRQDOLGDG TXH PD\RU LQFLGHQFLD WLHQHQ VREUH HO UHQGLPLHQWR DFDGpPLFRGHORVDOXPQRV6RQQXPHURVDVODVLQYHVWLJDFLRQHVTXHWDQWRHQQXHVWUR SDtVFRPRIXHUDGHpOKDQFRQWUDVWDGRHVWDUHODFLyQWDQWRGHVGHXQSXQWRGHYLVWD FDXVDO FRPR FRUUHODFLRQDO VREUH WRGR GH OD GLPHQVLyQ DFDGpPLFD GHO PLVPR $PH]F~D \ )HUQiQGH] *RQ]iOH] 3LHQGD HW DO DE *XD\ HW DO 0DUVKD1~xH]HWDODE3pUH]\&DVWHMyQ3LHWVFKHWDO VLELHQODWHQGHQFLDDFWXDOHQHODQiOLVLVGHHVWDUHODFLyQVHxDODHIHFWRVUHFtSURFRV DXWRFRQFHSWRUHQGLPLHQWR GH PRGR TXH HO SULPHU DXWRFRQFHSWR DIHFWD VREUH HO SRVWHULRU UHQGLPLHQWR DFDGpPLFR \ HVWH UHQGLPLHQWR DO VLJXLHQWH DXWRFRQFHSWR SURGXFLpQGRVH LJXDOPHQWH HIHFWRV ELGLUHFFLRQDOHV HQWUH HVWRV *XD\ HW DO 0DUVKHWDO 2WUDV LQYHVWLJDFLRQHV UHFLHQWHV VREUH OD PRWLYDFLyQ GH ORV HVWXGLDQWHV \ VX UHODFLyQ FRQ HO UHQGLPLHQWR DFDGpPLFR KDQ VLGR ODV PHWDV \ ODV RULHQWDFLRQHV GH PHWD 3LQWULFK D 6L DQDOL]DPRV HVWDV UHODFLRQHV HQFRQWUDPRV TXH OD RULHQWDFLyQGHPHWDKDFLDHODSUHQGL]DMHHVODTXHFRUUHODFLRQDPiVLQWHQVDPHQWH FRQ PHGLDGRUHV SRVLWLYRV +DUDFNLHZLF] HW DO \ FRQVHFXHQWHPHQWH FRQ 116 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO PHMRUHVQLYHOHVGHUHQGLPLHQWRHVFRODU*HKOEDFK:ROWHUV9DOOHHWDO 'HO PLVPR PRGR WDPELpQ SDUHFH EDVWDQWH FRQVHQVXDGD OD LGHD GH TXH OD RULHQWDFLyQ KDFLD OD HYLWDFLyQ GH OD WDUHD HV OD TXH FRUUHODFLRQD HQ PD\RU PHGLGD FRQ SHRUHV UHQGLPLHQWRV HQ HO HVWXGLR 6LQ HPEDUJR H[LVWH XQD PHQRU HYLGHQFLD HPStULFD HQ HO SDSHO GH ODV PHWDV GH UHQGLPLHQWR HQ ORV UHVXOWDGRV DFDGpPLFRV 'XSH\UDW\0DULQp3LQWULFKD 2WURV DXWRUHV KDQ FRQWUDVWDGR OD DGRSFLyQ GH P~OWLSOHV PHWDV VLPXOWiQHDPHQWH GHVWDFDQGR ODV YHQWDMDV GH ORV HVWXGLDQWHV FRQ SXQWXDFLRQHV HOHYDGDV HQ RULHQWDFLyQ DO DSUHQGL]DMH \ PRGHUDGDV R DOWDV HQ RULHQWDFLyQ DO UHQGLPLHQWR0LGJOH\HWDO3LQWULFKDE6XiUH]HWDO9DOOHHW DO9DOOH\&DEDQDFK)LQDOPHQWHWDO\FRPRVHxDOD%HOWUiQHQ UHODFLyQ FRQ ODV HVWUDWHJLDV GH DSUHQGL]DMH ORV UHVXOWDGRV GHO DSUHQGL]DMH HVWiQ HVWUHFKDPHQWH YLQFXODGRV FRQ HO XVR DGHFXDGR GH HVWUDWHJLDV FRJQLWLYDV \ PHWDFRJQLWLYDV TXH VRQ ODV TXH FRQYLHUWHQ HO PDWHULDO ´HQVHxDGRµ HQ PDWHULDO ´DSUHQGLGRµ $XQTXH FRPR ELHQ VHxDODQ *DUFtD \ 3LQWULFK HO XVR GH HVWH WLSR GH HVWUDWHJLDV QR HO FRQRFLPLHQWR GH ODV PLVPDV HVWi PHGLDWL]DGR R UHODFLRQDGRFRQODPRWLYDFLyQGHOHVWXGLDQWH /RVDOXPQRVTXHWLHQHQXQDRULHQWDFLyQDODSUHQGL]DMH´WLHQHQXQPD\RUGHVHR GHPHMRUDUVXFRPSHWHQFLD\DXPHQWDUORVFRQRFLPLHQWRVDSDUWLUGHXQHVIXHU]RGH DSUHQGL]DMH FRQWLQXR \ XQD PD\RU SHUVHYHUDQFLD HQ HO HVWXGLRµ 0XUSK\ \ $OH[DQGHU (V PiV ORV DOXPQRV TXH SUHVHQWDQ HVWD RULHQWDFLyQ QR VyOR HVWiQSUHRFXSDGRVSRUVXVUHVXOWDGRVDFDGpPLFRVUHVSHFWRDORVGHPiVVLQRTXHVH LQWHUHVDQSRUSURWHJHUVXLPDJHQGHFRPSHWHQFLD9HUPHWWHQHWDO $SHVDUGHTXHDOJXQRVHVWXGLRVQRKDQREWHQLGRXQHIHFWRVLJQLILFDWLYRGHOD RULHQWDFLyQ DO DSUHQGL]DMH VREUH HO UHQGLPLHQWR DFDGpPLFR 0HHFH HW DO +DUDFNLHZLF] HW DO XQ LPSRUWDQWH Q~PHUR GH LQYHVWLJDFLRQHV Vt TXH KDQ HQFRQWUDGR XQ HIHFWR SRVLWLYR \ VLJQLILFDWLYR DPHV 'XGD \ 1LFKROOV 0LOOHU DW HO *UHHQH \ 0LOOHU 'XSH\UDW \ 0DULQp 'HVGH XQ 117 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO SXQWRGHYLVWDWHyULFRHVWHHIHFWRRFXUUHSRUTXHORVHVWXGLDQWHVTXHSUHVHQWDQXQD RULHQWDFLyQ DO DSUHQGL]DMH FUHHQ TXH HO HVIXHU]R \ HO UHVXOWDGR DFDGpPLFR HVWiQ UHODFLRQDGRV SRU OR TXH VH HVIXHU]DQ \ WUDEDMDQ GH IRUPD FRQVWDQWH 9HUPHWWHQ 3HURDGHPiVXQHVWXGLDQWHRULHQWDGRDODSUHQGL]DMHHVWXGLDORVFRQWHQLGRV GH OD DVLJQDWXUD FRQ OD ILQDOLGDG GH FRPSUHQGHUORV EXVFDQGR ODV DSOLFDFLRQHV SRVWHULRUHV \ UHODFLRQDQGR HQWUH Vt ORV GLVWLQWRV FRQFHSWRV TXH YD DGTXLULHQGR .DSODQ\0LGJOH\ /D RULHQWDFLyQ D HYLWDU WDUHDV SXHGH GHILQLUVH FRPR ´OD SUHRFXSDFLyQ SRU UHDOL]DUHOWUDEDMRRWDUHDFRQHOPHQRUHVIXHU]RSRVLEOHµ0HHFHHWDO \HYLWDUOOHYDUDFDERWDUHDVGHVDILDQWHV6HLIHUW\2·NHHIH(OSURSyVLWRGHO DOXPQR FRQ HVWD RULHQWDFLyQ QR HV HYLWDU SDUHFHU LQFRPSHWHQWH VLQR FRPSOHWDU OD WDUHDDFDGpPLFDFRQHOPHQRUHVIXHU]RSRVLEOHSDUDHYLWDUFRQVHFXHQFLDVQHJDWLYDV FRPRHOIUDFDVRDFDGpPLFR (Q FRQFOXVLyQ ORV IDFWRUHV IDPLOLDUHV SHUVRQDOHV \ HVFRODUHV LQFLGHQ GH IRUPDSRVLWLYDVREUHORVORJURVDFDGpPLFRVGHORVHVWXGLDQWHVHQODDGROHVFHQFLD6H GHVWDFD OD LPSRUWDQFLD TXH DGTXLHUHQ ORV IDFWRUHV HVFRODUHV UHODFLRQDGRV FRQ ORV ORJURV DQWHULRUHV HO WLHPSR GHGLFDGR DO DSUHQGL]DMH \ OD FDOLGDG GH OD HQVHxDQ]D VREUHHOUHQGLPLHQWRDFDGpPLFR $FRQWLQXDFLyQVHGHVFULEHHOHVWXGLRHPStULFRGHHVWDLQYHVWLJDFLyQ 118 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,, (VWXGLR(PStULFR (VWXGLR(PStULFR ,QWURGXFFLyQ ,QWURGXFFLyQ ,QWURGXFFLyQ &RPRVHKDGHVFULWRDQWHULRUPHQWHHQODSULPHUDSDUWHFRUUHVSRQGLHQWHDOD UHYLVLyQ WHyULFD HVWD LQYHVWLJDFLyQ GH iPELWR HGXFDWLYR SUHWHQGH SRQHU GH PDQLILHVWRODUHODFLyQHQWUHODVYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVGHUHQGLPLHQWR DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYRGHHVWXGLDQWHVFRQ\VLQ GLILFXOWDGHVGHDSUHQGL]DMHHQHGDGDGROHVFHQWH\ODVGLIHUHQFLDVPiVVLJQLILFDWLYDV HQWUHpVWRVHQHOHVWXGLRGHHVDVYDULDEOHV (OSULQFLSDOREMHWLYRHVGDUDFRQRFHUODVGLIHUHQFLDVPiVVLJQLILFDWLYDVHQWUH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH GH IRUPD TXH HVWR D\XGH D ORV SURIHVLRQDOHV GH OD HGXFDFLyQ HQ VX SUiFWLFD GRFHQWH D SHUVRQDOL]DU SDUD FDGD HVWXGLDQWH OD UHVSXHVWD SHGDJyJLFD TXH SXHGD UHTXHULU D OR ODUJR GH VX HVFRODUL]DFLyQ FRQ HO ILQ GH SRWHQFLDU HQ FDGD DOXPQR VXV FRPSHWHQFLDV KDELOLGDGHV GHVWUH]DV DSWLWXGHV DFWLWXGHV HWF IDYRUHFLHQGR DVt VX GHVDUUROOR LQWHJUDO KDFLHQGR GH HOOR SDUWtFLSHV D ODV IDPLOLDV TXLHQHV FRQ VX FRODERUDFLyQ UHVSRQVDEOHHLPSOLFDFLyQSXHGHQD\XGDUDIDYRUHFHUHVWHSURFHVR +DFLHQGRPHQFLyQDOHVWXGLRGHOUHFRUULGRKLVWyULFRODDSUR[LPDFLyQWHyULFD \ VX HYROXFLyQ GHO FRQFHSWR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH KDFLD HO GH QHFHVLGDGHV HVSHFtILFDV GH DSR\R HGXFDWLYR FRPR VH HVWDEOHFH HQ OD DFWXDO QRUPDWLYD HGXFDWLYD /2( VH KD SURJUHVDGR GHVGH XQ PRGHOR HGXFDWLYR UHGXFFLRQLVWD FOtQLFR \ FHQWUDGR HQ HO GpILFLW GHO DOXPQR KDFLD XQ PRGHOR GH LQWHUYHQFLyQHGXFDWLYDVRFLRFRJQLWLYR\FRQVWUXFWLYRGHODSUHQGL]DMHFRQORTXHODV GLIHUHQFLDVGHVWDFDGDVHQWUHDOXPQRVHQHGDGDGROHVFHQWHQRVSHUPLWHUHIOH[LRQDU 119 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FRPRSURIHVLRQDOHVGHODHGXFDFLyQHQTXpPHGLGDVHDWLHQGHDODGLYHUVLGDGHQODV DXODV\TXpSDSHOOHRWRUJDODHVFXHODDODIDPLOLDHQHVWHSURFHVR (VWHQXHYRPRGHORGHLQWHUYHQFLyQHGXFDWLYDSRQHpQIDVLVHQORVSURFHVRVGH FRQVWUXFFLyQ GHO FRQRFLPLHQWR HQ UHODFLyQ FRQ VX PHGLR WDPELpQ FRQVLGHUD TXH HO FRQWH[WRLQWHUYLHQHFRPRXQDYDULDEOHLPSRUWDQWHHQODLGHQWLILFDFLyQ\GLDJQyVWLFR GHODVQHFHVLGDGHVHGXFDWLYDVTXHSXHGHSUHVHQWDUFXDOTXLHUHVWXGLDQWHDORODUJR GH VX SURFHVR GH HVFRODUL]DFLyQ \ HQ OD UHVSXHVWD SHGDJyJLFD TXH SXHGH OOHYDU D FDERHOFHQWURHGXFDWLYRHQFRODERUDFLyQFRQODLPSOLFDFLyQGHODIDPLOLD /DVLQYHVWLJDFLRQHVHGXFDWLYDVUHODFLRQDGDVFRQHVWHFDPSRGHLQYHVWLJDFLyQ FRQFOX\HQGHODVLJXLHQWHIRUPD &RQ UHVSHFWR DO DXWRFRQFHSWR ORV UHVXOWDGRV DFWXDOHV LQGLFDQ TXH H[LVWHQ GLIHUHQFLDV HQWUH DPERV WLSRV GH HVWXGLDQWHV TXH ORV DOXPQRV FRQ '$ PXHVWUDQ XQD LPDJHQ QHJDWLYD GH Vt PLVPRV TXHVyOR DIHFWD DO DXWRFRQFHSWR DFDGpPLFR HQ UHODFLyQ D OD SHUFHSFLyQ TXH pVWRV WLHQHQ GH OD SODQLILFDFLyQ GH H[iPHQHV \ GH OD HYDOXDFLyQ \D TXH VH SHUFLEHQ PHQRV FDSDFHV TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMH ÉOYDUH] &DEDQDFK *DUFtD *RQ]iOH]3LHQGD +RJDQ NRX]HKDQDQL0F3KDLO0RQWJRPHU\5RFHV6WRQH9DOOH &RQUHVSHFWRDOHVWXGLRGHODVPHWDVGHDSUHQGL]DMHODLQYHVWLJDFLyQDFWXDO FRQFOX\H WHQLHQGR HQ XQD SHUVSHFWLYD PXOWLGLPHQVLRQDO &DEDQDFK *RQ]iOH] 3LHQGD*DUFtD*RQ]iOH]3XPDULHJD1~xH]\9DOOH D /RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ VLJQLILFDWLYDPHQWH PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQGLILFXOWDGHVGHDSUHQGL]DMH E/RVHVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHHQFXHQWUDQPHQRV PRWLYDGRVKDFLDODE~VTXHGDGHDSUREDFLyQVRFLDOSRUSDUWHGHODVSHUVRQDV VLJQLILFDWLYDVSDUDHOORV F /RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH PXHVWUDQ PHQRV LQWHUpVSRUFRQVHJXLUXQORJURDFDGpPLFRHVSHFtILFR 120 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQ GLILFXOWDGHV (VWRV DOXPQRV H[SHULPHQWDQ PiV HO IUDFDVR HVFRODU TXH VXV LJXDOHV SRU OR TXH WLHQGHQ D GHVFRQILDU GH VX FDSDFLGDG \ GHVDUUROODU EDMDV H[SHFWDWLYDV GH DXWRHILFDFLD *RQ]iOH]3LHQGD 1~xH] *RQ]iOH]3XPDULHJD ÉOYDUH] 5RFHV *DUFtD *RQ]iOH] &DEDQDFK\9DOOH (Q UHODFLyQ DO HVWXGLR GH ODV RWUDV PHWDV PHWDV RULHQWDGDV DO \R PHWDV RULHQWDGDVDODYDORUDFLyQVRFLDO\PHWDVRULHQWDGDVDODUHFRPSHQVDVHFRQFOX\H TXHµORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ PHQRV PRWLYDGRV SDUD OOHYDU D FDER DSUHQGL]DMHV VLJQLILFDWLYRV DVt FRPR PHQRV PRWLYDGRV HQ OD HMHFXFLyQ GH WDUHDV TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMHµ *RQ]iOH] 3LHQGD 1~xH] *RQ]iOH]3XPDULHJD ÉOYDUH] 5RFHV *DUFtD *RQ]iOH] &DEDQDFK \9DOOH (Q UHODFLyQ D ORV WUDEDMRV GH &KDSPDQ .LUN \ *DOODJKHU /LFKW\.LWVQHUODYDULDEOHFDSDFLGDGHQWHQGLGDHQWpUPLQRVGHFRHILFLHQWH GH LQWHOLJHQFLD QR HV GHWHUPLQDQWH SDUD H[SOLFDU ORV UHVXOWDGRV PiV QHJDWLYRV D QLYHOGHDSUHQGL]DMHHQDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHFRQUHVSHFWRDVXV LJXDOHVVLQGLILFXOWDGHVVLQRODIDOWDGHHVIXHU]R 2WUDV LQYHVWLJDFLRQHV FRQFOX\HQ UHVXOWDGRV SRVLWLYRV FRQ UHVSHFWR DO QLYHO GHLPSOLFDFLyQGHORVSDGUHVHQHOWLHPSRGHD\XGDTXHpVWRVGHGLFDQDVXVKLMRVFRQ GLILFXOWDGHVGHDSUHQGL]DMHHQODHMHFXFLyQGHWDUHDVHVFRODUHVODRUJDQL]DFLyQHQHO HVWXGLR \ OD SHUFHSFLyQ TXH ORV KLMRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH WLHQHQ GH OD D\XGD GH VXV SDGUHV DXQTXH OD SHUFHSFLyQ GH ODV H[SHFWDWLYDV VREUH VX IXWXUR DFDGpPLFR \ SURIHVLRQDO VHD PHQRU TXH ODV GH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMH (Q FDPELR VH FRQVLGHUD PiV VLJQLILFDWLYD OD UHODFLyQ TXH ORV SDGUHV FRQKLMRVFRQGLILFXOWDGHVGHDSUHQGL]DMHPDQWLHQHQFRQHO&HQWURHGXFDWLYR\FRQ ODILJXUDGHOWXWRUD 121 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (OIDFWRULQWHOLJHQFLDKDVLGRHVWXGLDGRFRPRODYDULDEOHTXHPiVLQIOX\HHQ ODH[SOLFDFLyQGHOUHQGLPLHQWRDFDGpPLFRDHVWRHVQHFHVDULRDxDGLUODPRWLYDFLyQ \PHWDVGHDSUHQGL]DMHDVtFRPRODVYDULDEOHVGHWLSRSHUFHSWLYRIDPLOLDUSXHVWR TXH XQD DGHFXDGD LQWHUYHQFLyQ GHVGH OD HVFXHOD SXHGH WUDQVPLWLU D ORV SDGUHV LQIRUPDFLyQ VREUH ORV DVSHFWRV PiV VXVFHSWLEOHV GH VHU PHMRUDGRV HQ HO KRJDU HQ UHODFLyQ D OD IXQFLyQ \ IRUPD HQ TXH SXHGHQ DSR\DU HQ FDVD &DVWHMyQ \ 3pUH] 6iQFKH] 2WUDV LQYHVWLJDFLRQHV VHxDODQ TXH ODV HVWUDWHJLDV GH DSUHQGL]DMH HVWiQ HVWUHFKDPHQWH UHODFLRQDGDV FRQ OD LQWHOLJHQFLD /DV LQYHVWLJDFLRQHV PiV UHFLHQWHV KDQ GHPRVWUDGR TXH OD LQWHOLJHQFLD QR HV XQD VLQR P~OWLSOH 6WHUQEHUJ 7HRUtDWULiUTXLFD\*DUGQHU7HRUtDSUiFWLFD (VWDVLQYHVWLJDFLRQHVWDPELpQKDQSXHVWRGHPDQLILHVWRTXHODLQWHOLJHQFLD QR HV XQD HQWLGDG ILMD VLQR PRGLILFDEOH FRPR KDQ GHPRVWUDGR ORV \D QXPHURVRV SURJUDPDV GH LQWHUYHQFLyQ HQ VXMHWRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV $GHPiV HO HQIRTXH DFWXDO QR LGHQWLILFD LQWHOLJHQFLD WDQWR FRQ FRQRFLPLHQWRV LQWHOLJHQFLD FDQWLGDGGHFRQRFLPLHQWRVRFRQFDSDFLGDGSRWHQFLDOLQWHOLJHQFLD SRWHQFLDO QHXUROyJLFR FRPR FRQ HO UHSHUWRULR GH KDELOLGDGHV TXH SHUPLWHQ DFWXDU LQWHOLJHQWHPHQWH 'H HVWD IRUPD OD LQWHOLJHQFLD QR HV WDQWR XQD HQWLGDG FRPR XQ FRQMXQWRGHKDELOLGDGHVHVPiVELHQXQVLVWHPDDELHUWR\FRPRWRGRVORVVLVWHPDV SXHGHPHMRUDUFXDQGRPHMRUDFXDOTXLHUDGHORVVXEVLVWHPDVGHTXHFRQVWD 'HVGH HO SXQWR GH YLVWD HGXFDWLYR HVWH QXHYR HQIRTXH SHUPLWH FDPELDU ORV REMHWLYRV GH OD HGXFDFLyQ \ GHVWDFDU PiV TXH OD FRPSUREDFLyQ GH OD FDSDFLGDG SRWHQFLDOGHORVDOXPQRVHOGLVHxRGHSURJUDPDVLQVWUXFFLRQDOHVTXHOHVSHUPLWDQ GHVDUUROODU DO Pi[LPR VXV KDELOLGDGHV R HVWUDWHJLDV LQGHSHQGLHQWHPHQWH GH FXDO VHDVXSRWHQFLDOLQLFLDO(VWHFDPELRGHHQIRTXHSHUPLWHSDVDUGHXQDFRQVLGHUDFLyQ HQWLWDWLYDGHODLQWHOLJHQFLDDXQDFRQVLGHUDFLyQHVWUDWpJLFD 122 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DFRLQFLGHQFLDHQWUHLQWHOLJHQFLD\HVWUDWHJLDVGHDSUHQGL]DMHHVWDOTXHORV WUHV FRPSRQHQWHV TXH 6WHUQEHUJ DWULEX\H D OD LQWHOLJHQFLD FRPSRQHQFLDO R DQDOtWLFD \ TXH GHQRPLQD FRGLILFDFLyQ VHOHFWLYD FRPELQDFLyQ VHOHFWLYD \ FRPSDUDFLyQVHOHFWLYDHTXLYDOHQSUiFWLFDPHQWHDODVHVWUDWHJLDVGHVHQVLELOL]DFLyQ VHOHFFLyQRUJDQL]DFLyQ\HODERUDFLyQ6RQSXHVODVWUHVJUDQGHVKDELOLGDGHVGHOD LQWHOLJHQFLD ODV TXH SHUPLWHQ DQDOL]DU OD UHDOLGDG VHOHFFLRQDQGR RUJDQL]DQGR \ HODERUDQGRODLQIRUPDFLyQ%HOWUiQSS 2WUDV LQYHVWLJDFLRQHV HGXFDWLYDV KDQ HVWXGLDGR OD YDULDEOH UHQGLPLHQWR DFDGpPLFR FRPSDUDQGR DPERV JUXSRV GH DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH'HHOODVVHFRQFOX\HTXHORVHVFRODUHVFRQGLILFXOWDGHVGHDSUHQGL]DMH VRQ HYROXWLYDPHQWH LQPDGXURV PDQLIHVWDQGR GLILFXOWDGHV SDUD SURGXFLU \ XVDU HVWUDWHJLDV GH DSUHQGL]DMH VHOHFFLyQ RUJDQL]DFLyQ HODERUDFLyQ UHWHQFLyQ \ WUDQVIRUPDFLyQ GH OD LQIRUPDFLyQ UHOHYDQWH &RPR FRQVHFXHQFLD GH HOOR QR DGTXLHUHQ R LQWHJUDQ DGHFXDGDPHQWH OD QXHYD LQIRUPDFLyQ \ HQ JHQHUDO ULQGHQ DFDGpPLFDPHQWHPHQRVTXHHOSURPHGLRGHORVDOXPQRV 2WURV DXWRUHV FRPR *RQ]iOH]3LHQGD 1~xH] ÉOYDUH] 5RFHV *RQ]iOH] 3XPDULHJD *RQ]iOH] 0XxL] 9DOOH &DEDQDFK 5RGUtJXH] \ %HUQDUGR KDQ SURIXQGL]DGR HQ OD LQIOXHQFLD GHO FRPSRUWDPLHQWR SDUHQWDO DXWRUUHJXODWRULRVREUH HOSURFHVRGHDXWRUUHJXODFLyQGHVXVKLMRVHQHOFRQWH[WRDFDGpPLFRFHQWUiQGRVHHQ ODV FUHHQFLDV SHUVRQDOHV JHQHUDOHV DFHUFD GH OD FRPSHWHQFLD FRPR HVWXGLDQWH DXWRFRQFHSWRDFDGpPLFR6HKDFRPSUREDGRTXHHODXWRFRQFHSWRDFDGpPLFRLQFLGH VLJQLILFDWLYD\SRVLWLYDPHQWHVREUHODDGVFULSFLyQDXQDPHWDHOXVRGHHVWUDWHJLDV GHDSUHQGL]DMH1~xH]HWDO\HOUHQGLPLHQWRDFDGpPLFR*RQ]iOH]3LHQGD HWDO $ PRGR GH UHIOH[LyQ ILQDO ODV GLIHUHQWHV UD]RQHV TXH PDQLILHVWDQ ORV DOXPQRV SDUD HVWXGLDU TXH HQ HVWH FDVR VH WUDGXFH HQ WHQHU FRPR REMHWLYR SULRULWDULR HO DSUHQGHU R HO WHQHU FRPR PHWD SULQFLSDO OD FRQVHFXFLyQ GH EXHQRV UHVXOWDGRV DFDGpPLFRV PHWDV GH ORJUR QRV GHEHUtD VHUYLU FRPR GRFHQWHV SDUD UHDOL]DUXQDQiOLVLVHQSURIXQGLGDGGHKDVWDTXpSXQWRORVUHVXOWDGRVDFDGpPLFRV 123 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO TXHREWLHQHQORVHVWXGLDQWHVHQWpUPLQRVGHFDOLILFDFLRQHVVRQXQILHOUHIOHMRGHVX DSUHQGL]DMH\GHOJUDGRGHVLJQLILFDWLYLGDGGHOPLVPR 'LFKR HQ RWURV WpUPLQRV ¢EXHQRV UHVXOWDGRV DFDGpPLFRV HV XQD GHPRVWUDFLyQ HYLGHQWH GH KDEHU UHDOL]DGR XQ DSUHQGL]DMH SURIXQGR VLJQLILFDWLYR HQHOTXHODIDPLOLDWLHQHXQDLPSOLFDFLyQLPSRUWDQWHFRQLQGHSHQGHQFLDGHVLVRQ HVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH" /RV UHVXOWDGRV GH DOJXQDV LQYHVWLJDFLRQHV TXH KDQ HVWXGLDGR ODV RULHQWDFLRQHV PRWLYDFLRQDOHV \ VXV UHODFLRQHV FRQ HO XVR GH HVWUDWHJLDV GH DSUHQGL]DMH HO UHQGLPLHQWR DFDGpPLFR \ OD LPSOLFDFLyQ IDPLOLDU QR SDUHFHQ GDU XQDUHVSXHVWDDILUPDWLYDDHVWHLQWHUURJDQWHSRUORTXHHVWHSXHGHVHUXQRGHORV UHWRVGHHVWHRGHRWURVWUDEDMRVGHLQYHVWLJDFLyQ &RPR FRQFOXVLyQ ILQDO YDORUDQGR ORV UHVXOWDGRV GH DOJXQDV GH ODV LQYHVWLJDFLRQHVPHQFLRQDGDVVHGHULYDQDOJXQDVFRQFOXVLRQHVDGHVWDFDUGHFDUDDO DSUHQGL]DMH HVFRODU OD SXHVWD HQ PDUFKD GH HVWUDWHJLDV TXH IDYRUHFHQ XQ DSUHQGL]DMH VLJQLILFDWLYR VH HQFXHQWUD GHWHUPLQDGD PX\ GLUHFWDPHQWH SRU OD PRWLYDFLyQ LQWUtQVHFD GHO VXMHWR &RPR DILUPDQ 6FKQHLGHU \ 3UHVVOH\ DXQTXHHOFRQRFLPLHQWRGHGLIHUHQWHVHVWUDWHJLDVVXHOHVHULQVXILFLHQWHHVSUHFLVR TXH ORV HVWXGLDQWHV HVWpQ PRWLYDGRV KD\DQ GHVDUUROODGR XQD H[SHFWDWLYD SRVLWLYD GHVXVPHWDVGHORJURDFDGpPLFR\UHFLEDQGHIRUPDGLUHFWDODLPSOLFDFLyQIDPLOLDU QR VyOR HQ ODV WDUHDV HVFRODUHV VLQR HQ ODV H[SHFWDWLYDV VREUH VXV SRVLELOLGDGHV DFDGpPLFDV\VREUHWRGRSHUVRQDOHV 'HVGH HO FRQWH[WR HGXFDWLYR HO FRQRFLPLHQWR GH OD LQIOXHQFLD GH HVWDV YDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVUHQGLPLHQWRHLPSOLFDFLyQIDPLOLDUHQHOSURFHVR GH DSUHQGL]DMH GH FDGD HVWXGLDQWH SRVLELOLWDUi XQD PHMRU DWHQFLyQ HGXFDWLYD SRU WRGRVORVPLHPEURVGHODFRPXQLGDGHGXFDWLYDRIUHFLHQGRDFDGDHVWXGLDQWHFRQ\ VLQ GLILFXOWDGHV GH DSUHQGL]DMH ODV UHVSXHVWDV HGXFDWLYDV RUGLQDULDV JHQHUDOHV SUHYHQWLYDV DVt FRPR HO DSR\R H LPSOLFDFLyQ VRFLRIDPLOLDU QHFHVDULR SDUD FRQVHJXLUHOORJURDOPi[LPRGHWRGDV\FDGDXQDGHVXVSRVLELOLGDGHVSHUVRQDOHV 124 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO RIUHFLpQGROH ORV WLSRV GH DJUXSDPLHQWRV UHFXUVRV SHUVRQDOHV PDWHULDOHV GH FRPXQLFDFLyQ QHFHVDULRV DVt FRPR OD RUJDQL]DFLyQ PHWRGROyJLFD HO GLVHxR LQVWUXFFLRQDOODHYDOXDFLyQPiVDGHFXDGDDFDGDFDVR\PHMRUDQGRDVtODFDOLGDG \HOQLYHOGHODSUiFWLFDHGXFDWLYD 2EMHWLYRVH+LSyWHVLV 2EMHWLYRVH+LSyWHVLV 2EMHWLYRV (O REMHWLYR SULQFLSDO GHO SUHVHQWH WUDEDMR GH LQYHVWLJDFLyQ HV HVWDEOHFHU ODV GLIHUHQFLDV TXH H[LVWHQ HQ ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV UHQGLPLHQWR DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYRHQHVWXGLDQWHVFRQ\VLQ GLILFXOWDGHV GH DSUHQGL]DMH '$ TXH FXUVDQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULDHQVXVGLIHUHQWHVQLYHOHVHGXFDWLYRVGHVGHDGH(62(GXFDFLyQ 6HFXQGDULD2EOLJDWRULD &RPR REMHWLYRV HVSHFtILFRV UHODFLRQDGRV FRQ ODV YDULDEOHV D HVWXGLDU VH GHVFULEHQORVVLJXLHQWHV • &RPSUREDUVLH[LVWHQGLIHUHQFLDVHQODVYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHV\ GH UHQGLPLHQWR DFDGpPLFR HQWUH ORV DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD • $QDOL]DU HO SDSHO GH OD LPSOLFDFLyQ VRFLRIDPLOLDU HQ HO SURFHVR GH DSUHQGL]DMH GHO DOXPQR \ VX UHODFLyQ FRQ ODV YDULDEOHV FRJQLWLYR PRWLYDFLRQDOHVGHHVWXGLR\HOUHQGLPLHQWRDFDGpPLFRWDQWRHQDOXPQRVFRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD 125 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +LSyWHVLV /DVKLSyWHVLVGHLQYHVWLJDFLyQIRUPXODGDVVHUtDQODVVLJXLHQWHV D /RV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ XQ DXWRFRQFHSWR DFDGpPLFR PiV DOWR \ XQ PD\RU UHQGLPLHQWR HVFRODU HQ FRPSDUDFLyQ FRQ VXV LJXDOHVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD E/RVDOXPQRVVLQGLILFXOWDGHVGHDSUHQGL]DMHHPSOHDQPiVHVWUDWHJLDVGH DSUHQGL]DMHSURIXQGRHQODUHDOL]DFLyQGHODVWDUHDVHVFRODUHVHQFRPSDUDFLyQFRQ VXVLJXDOHVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD F /RV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH PXHVWUDQ XQD PD\RU PRWLYDFLyQSRUHODSUHQGL]DMHTXHVXVLJXDOHVFRQGLILFXOWDGHVGHDSUHQGL]DMH G /RV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ PiV PHWDV DFDGpPLFDV GH ORJUR TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMH \ HVWRV ~OWLPRV WLHQGHQ D EXVFDU PD\RU DSUREDFLyQ \ HYLWDU HO UHFKD]R GH VXV SDGUHV \ SURIHVRUHVHQFRPSDUDFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH H/DLPSOLFDFLyQVRFLRIDPLOLDUHVPD\RUHQORVDOXPQRVFRQGLILFXOWDGHVGH DSUHQGL]DMHHQFRPSDUDFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH 126 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0pWRGR 0pWRGR 0pWRGR 3DUWLFLSDQWHV 'DGR TXH HQ (VSDxD ODV GLILFXOWDGHV GH DSUHQGL]DMH QR FRQVWLWX\HQ XQD FDWHJRUtDGLDJQyVWLFD-LPpQH]\+HUQiQGH]ODVHOHFFLyQGHORVHVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH KD VLGR UHDOL]DGD XWLOL]DQGR ORV FULWHULRV PtQLPRV HVWDEOHFLGRV SRU 5RVHQEHUJ HW DO GHOWRWDO GH DOXPQRV TXHVH KDQ RIUHFLGR YROXQWDULRVSDUDSDUWLFLSDUHQODLQYHVWLJDFLyQ (OJUXSRWRWDOGHVXMHWRVVHOHFFLRQDGRVSDUDSDUWLFLSDUHQHVWDLQYHVWLJDFLyQ HVWiFRPSXHVWRSRUDOXPQRVTXHFXUVDQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULDHQVXV FXDWUR QLYHOHV HGXFDWLYRV \ GH (62 HVFRODUL]DGRV HQ XQ &HQWUR FRQFHUWDGR \ XQ ,QVWLWXWR S~EOLFR GH (GXFDFLyQ 6HFXQGDULD ,(6 GH OD FRPDUFD GHO$OWR9LQDORSy9LOOHQD$OLFDQWH +DQSDUWLFLSDGRGHIRUPDYROXQWDULDDOXPQRVDVGHORVFXDOHVODPLWDG SUHVHQWDQ GLILFXOWDGHV GH DSUHQGL]DMH GLDJQRVWLFDGDV \ YDORUDGDV HQ XQ LQIRUPH SVLFRSHGDJyJLFR HODERUDGR SRU HO 'HSDUWDPHQWR GH 2ULHQWDFLyQ GH FDGD FHQWUR HGXFDWLYR (O UHVWR GH DOXPQRV QR KDQ VLGR GLDJQRVWLFDGRV SRU HO 'HSDUWDPHQWRGH2ULHQWDFLyQ\DTXHQRSUHVHQWDQGLILFXOWDGHVGHDSUHQGL]DMH /RVDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHDVLVWHQXQPi[LPRGHKRUDV VHPDQDOHVIXHUDGHODXODRUGLQDULDHQDWHQFLyQHGXFDWLYDHQUHIXHU]RSHGDJyJLFR OOHYDGR D FDER SRU ORV SURIHVRUHV HVSHFLDOLVWDV HQ GHVGREOH HGXFDWLYR R OD DVLVWHQFLD DO $XOD GH 3HGDJRJtD 7HUDSpXWLFD ,(6 R $XOD GH $SR\R D OD ,QWHJUDFLyQ &ROHJLR &RQFHUWDGR (VWD DWHQFLyQ HVWi GLULJLGD D WUDEDMDU ODV iUHDV LQVWUXPHQWDOHV&DVWHOODQR/HQJXD\/LWHUDWXUD9DOHQFLDQR/HQJXD\/LWHUDWXUD \0DWHPiWLFDVDOPLVPRQLYHOHGXFDWLYRTXHHOUHVWRGHVXVLJXDOHVVLQGLILFXOWDGHV GHDSUHQGL]DMH 127 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7RGDVHVWDVPHGLGDVSHGDJyJLFDVGHDWHQFLyQDODGLYHUVLGDGGHQWUR\IXHUD GHODXODVRQPHGLGDVGHFDUiFWHURUGLQDULRTXHLPSOLFDQODSXHVWDHQSUiFWLFDGH XQD PHWRGRORJtD GLYHUVLILFDGD \ XQRV REMHWLYRV \ FULWHULRV GH HYDOXDFLyQ PtQLPRV TXH VH WRPDQ FRPR UHIHUHQFLD HQ ODV SURJUDPDFLRQHV GH ODV iUHDV LQVWUXPHQWDOHV WUDEDMDGDV /D ILQDOLGDG GH HVWDV PHGLGDV GH DWHQFLyQ D OD GLYHUVLGDG RUGLQDULDV RUJDQL]DGDV SRU ORV &HQWURV HGXFDWLYRV DVHVRUDGRV SRU HO 'HSDUWDPHQWR GH 2ULHQWDFLyQ FRQ OD FRODERUDFLyQ GH ORV 'HSDUWDPHQWRV 'LGiFWLFRV WXWRUHV \ IDPLOLDV HV SRVLELOLWDU TXH DPERV JUXSRV GH DOXPQRV PHMRUHQ GH IRUPD VLJQLILFDWLYD HO JUDGR GH FRQVHFXFLyQ GH ODV FRPSHWHQFLDV REMHWLYRV HGXFDWLYRV \ FULWHULRVGHHYDOXDFLyQGHOQLYHOHQHOTXHVHHQFXHQWUDQHVFRODUL]DGRV(VGHFLUVH SUHWHQGH TXH DPERV JUXSRV GH DOXPQRV FRQVLJDQ RSWLPL]DU DO Pi[LPR GH VXV SRWHQFLDOLGDGHVLQGLYLGXDOHVQRVyORVXQLYHOGHUHQGLPLHQWRVLQRVXQLYHOGHORJUR PRWLYDFLyQPHWDVDFDGpPLFDVHVWUDWHJLDVGHDSUHQGL]DMHDVtFRPRODLPSOLFDFLyQ GHODVIDPLOLDVHQHVWHSURFHVR (OWLSRGHGLILFXOWDGHVGHDSUHQGL]DMHTXHSUHVHQWDQODPLWDGGHORVDOXPQRV SDUWLFLSDQWHV VH UHODFLRQDQ FRQ UHWUDVR FXUULFXODU HQ HO WUDEDMR GH ODV iUHDV LQVWUXPHQWDOHV 0DWHPiWLFDV &DVWHOODQR /HQJXD \ /LWHUDWXUD \ 9DOHQFLDQR /HQJXD \ /LWHUDWXUD DVt FRPR RWUDV UHODFLRQDGDV FRQ XQ FRQWH[WR VRFLRIDPLOLDU GHSULYDGR\EDMRQLYHOGHFRPSHWHQFLDFXUULFXODUHQHODSUHQGL]DMHGHORVREMHWLYRV PtQLPRV\FRPSHWHQFLDVEiVLFDVHQODViUHDVLQVWUXPHQWDOHV (VWDV GLILFXOWDGHV GH DSUHQGL]DMH VH DVRFLDQ D IDOWD GH RUJDQL]DFLyQ HQ HO HVWXGLRSHUVRQDOFDUHQFLDGHHVWUDWHJLDVGHDSUHQGL]DMH\WpFQLFDVGHHVWXGLREDMD PRWLYDFLyQ SRU HO DSUHQGL]DMH HQ JHQHUDO EDMR DXWRFRQFHSWR DFDGpPLFR DOWHUDFLRQHV HVSHFtILFDV OHYHV HQ HO DILDQ]DPLHQWR GH ODV GHVWUH]DV OHFWRHVFULWRUDV WUD]R OHJLELOLGDG GH OD HVFULWXUD IDOWDV GH RUWRJUDItD GLUHFFLRQDOLGDG IOXLGH] OHFWRUD ULWPR HQWRQDFLyQ H[SUHVLyQ HVFULWD \ RUDO GLILFXOWDGHV SDUD PHPRUL]DU GHIRUPDFRPSUHQVLYDGLILFXOWDGHVHQODUHVROXFLyQGHSUREOHPDVGLILFXOWDGHVSDUD 128 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO H[SUHVDULGHDVDQLYHOHVFULWR\RUDOIDOWDGHFRKHUHQFLDFRKHVLyQ\DGHFXDFLyQGH XQYRFDEXODULRDSURSLDGRDFDGDVLWXDFLyQFRPXQLFDWLYDWH[WRHWF 7DPELpQVHKDWHQLGRHQFXHQWDODVFDOLILFDFLRQHVWULPHVWUDOHVREWHQLGDVHQ ODV iUHDV LQVWUXPHQWDOHV FRQ EDMR UHQGLPLHQWR DFDGpPLFR HQ JHQHUDO \ OD YDORUDFLyQ GH OD FDSDFLGDG LQWHOHFWXDO HQ WRGDV VXV GLPHQVLRQHV D WUDYpV GH OD DGPLQLVWUDFLyQFROHFWLYDGHODSUXHEDJHQHUDOGHLQWHOLJHQFLD%$'<*0 /D VHOHFFLyQ GH ORV DOXPQRV VH KD UHDOL]DGR DWHQGLHQGR D FULWHULRV GH VHPHMDQ]D HQ UHODFLyQ D OD HGDG VH[R VLWXDFLyQ VRFLRIDPLOLDU \ VLPLOLWXG HQ HO GLDJQyVWLFRGHODVGLILFXOWDGHVGHDSUHQGL]DMHVHOHFFLRQiQGRVHHOPLVPRQ~PHURGH DOXPQRV TXH GH DOXPQDV HQ DPERV JUXSRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH (VWRVHKDUHDOL]DGRGHHVWDIRUPDDWHQGLHQGRDODVLPLOLWXGGHSDUWLFLSDQWHVSDUD FRQWURODUDOPi[LPRHVWHWLSRGHYDULDEOHV (OUHVWRKDVLGRVHOHFFLRQDGRHQWUHORVDOXPQRVTXHVHRIUHFLHURQYROXQWDULRV SDUD SDUWLFLSDU HQ OD LQYHVWLJDFLyQ DTXHOORV TXH SUHVHQWDEDQ FDUDFWHUtVWLFDV VHPHMDQWHV HQ UHODFLyQ D ODV YDULDEOHV GHVFULWDV DQWHULRUPHQWH (Q HVWD VHOHFFLyQ KD SDUWLFLSDGR HO WXWRUD \ ODV SVLFyORJDV GH DPERV &HQWURV 'HSDUWDPHQWR GH 2ULHQWDFLyQ /DVHGDGHVGHORVSDUWLFLSDQWHVHVWiQFRPSUHQGLGDVHQWUH\DxRV'HO WRWDOGHDOXPQRVSDUWLFLSDQWHVVHSUHVHQWDQHOPLVPRQ~PHURGHFKLFRVTXHFKLFDV SRU QLYHOHV DFDGpPLFRV\ SDUD DPERV JUXSRV GH DOXPQRVFRQ RVLQ GLILFXOWDGHV GH DSUHQGL]DMHVHJ~QVHGHVFULEHDFRQWLQXDFLyQ $OXPQRV FRQ 'LILFXOWDGHV GH $SUHQGL]DMH GH (62 DOXPQRV FKLFDV \ FKLFRV GH (62 DOXPQRV FKLFRV \ FKLFDV GH (62 DOXPQRVFKLFDV\FKLFRV\GH(62DOXPQRVFKLFRV 129 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $OXPQRVVLQ'LILFXOWDGHVGH$SUHQGL]DMHGH(62DOXPQRVFKLFDV \FKLFRVGH(62DOXPQRVFKLFRV\FKLFDVGH(62DOXPQRV FKLFDV\FKLFRV\GH(62DOXPQRVFKLFRV 7RGRV ORV DOXPQRV GLDJQRVWLFDGRV FRQ '$ LQFOXLGRV HQ OD LQYHVWLJDFLyQ VHJ~Q ORV LQIRUPHV SVLFRSHGDJyJLFRV GH FDGD &HQWUR SUHVHQWDQ XQ UHWUDVR FXUULFXODU QR VLJQLILFDWLYR HQ ODV iUHDV LQVWUXPHQWDOHV 0DWHPiWLFDV &DVWHOODQR /HQJXD \ /LWHUDWXUD \ 9DOHQFLDQR /HQJXD \ /LWHUDWXUD DVRFLDGDV D RWUDV GLILFXOWDGHV UHODFLRQDGDV D IDOWD GH KiELWR GH HVWXGLR PRWLYDFLyQ SODQLILFDFLyQ \ RUJDQL]DFLyQHQHOHVWXGLRSHUVRQDOL]DGR (VWRV GDWRV VH KDQ REWHQLGR GH OD HYDOXDFLyQ UHFRJLGD GHO QLYHO GH FRPSHWHQFLD FXUULFXODU HQ ODV iUHDV LQVWUXPHQWDOHV \ HO HVWLOR GH DSUHQGL]DMH DSRUWDGRSRUORVWXWRUHV\HVSHFLDOLVWDVHQODVSUXHEDVUHDOL]DGDVGHLQLFLRGHFXUVR DFDGpPLFRDVtFRPRGHODYDORUDFLyQUHDOL]DGDSRUHO'HSDUWDPHQWRGH2ULHQWDFLyQ D QLYHO SVLFRSHGDJyJLFR HPSOHiQGRVH SDUD HOOR OD SUXHED GH HYDOXDFLyQ FROHFWLYD GHOD,QWHOLJHQFLD*HQHUDO%$'<*0 (Q HVWDVSUXHEDVGH HYDOXDFLyQGHO QLYHO DFWXDO GH FRPSHWHQFLDFXUULFXODU VH YDORUD TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HVWiQ PHQRV PRWLYDGRV SRU DSUHQGHU PXHVWUDQ XQ HVWLOR GH DSUHQGL]DMH GHSHQGLHQWH GH FDPSR XQ ULWPR OHQWR GH DSUHQGL]DMH GLILFXOWDGHV GH FRPSUHQVLyQ \ UD]RQDPLHQWR UHTXLHUHQ GH UHIXHU]R VRFLDO GH VXV ORJURV DFDGpPLFRV \ DSR\R SHGDJyJLFR SDUD DOFDQ]DU ODV FRPSHWHQFLDV EiVLFDV REMHWLYRV \ FULWHULRV GH HYDOXDFLyQ PtQLPRV GHO QLYHO TXH FXUVDQHQODViUHDVLQVWUXPHQWDOHV /RV UHVXOWDGRV GH OD HYDOXDFLyQ GHO 1$& 1LYHO $FWXDO GH &RPSHWHQFLD &XUULFXODU PXHVWUDQ OD GLILFXOWDG TXH SUHVHQWD DOJXQRV DOXPQRV SDUD FRQVHJXLU VXSHUDU GH IRUPD SRVLWLYD ORV REMHWLYRV PtQLPRV GH ODV SUXHEDV DGPLQLVWUDGDV D SULQFLSLR GH FXUVR HQ ODV iUHDV LQVWUXPHQWDOHV &DVWHOODQR 0DWHPiWLFDV \ 9DOHQFLDQR 130 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q UHODFLyQ D OD PRGDOLGDG GH LQWHJUDFLyQ ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHDVLVWHQDDSR\RIXHUDGHODXODFRPRPi[LPRKRUDVDODVHPDQDSDUD UHDOL]DU UHIXHU]R SHGDJyJLFR HQ ODV iUHDV LQVWUXPHQWDOHV \ WUDEDMDU KiELWRV GH HVWXGLR (VWH VHJXLPLHQWR OR UHDOL]DQ ORV SURIHVRUHV HVSHFLDOLVWDV GH ODV iUHDV LQVWUXPHQWDOHV\HO'HSDUWDPHQWRGH2ULHQWDFLyQTXHFRODERUDFRQORVWXWRUHVHQ OD SODQLILFDFLyQ GHO WLHPSR GH HVWXGLR \ HQ IDFLOLWDUOH D FDGD DOXPQR GH IRUPD SHUVRQDOL]DGDDVtFRPRDVXVIDPLOLDVXQDVWpFQLFDVSDUDPHMRUDUHQHOHVWXGLR\ HQODRUJDQL]DFLyQSHUVRQDOGHOPLVPRIXHUDGHO&HQWURHGXFDWLYR (VWHWLSRGHLQWHUYHQFLyQWDPELpQIRUPDSDUWHGHODVWXWRUtDVUHDOL]DGDVHQ ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV \ SURJUDPDGRV HQ ODV VHVLRQHV GHO 3URJUDPD GH $FFLyQ 7XWRULDO 3$7 GH LQLFLRGH FXUVR TXH VH OOHYDUiQ DFDER GXUDQWH WRGR HO DxRHQODVKRUDVFRUUHVSRQGLHQWHVDODWXWRUtD (O JUXSR GH DOXPQRV VLQ '$ SHUPDQHFH HQ HO DXOD RUGLQDULD \ UHFLEH GH IRUPD GLUHFWD DWHQFLyQ HGXFDWLYD HQ GHVGREOH SHGDJyJLFR HQ ODV iUHDV LQVWUXPHQWDOHV 6H KD REVHUYDGR SRU HO HTXLSR GRFHQWH TXH PXHVWUDQ XQ EXHQ UHQGLPLHQWRDFDGpPLFRHQJHQHUDODXQTXHHQRFDVLRQHVSXHGHQUHQGLUSRUGHEDMR GHVXVSRVLELOLGDGHVSHUVRQDOHV\HGXFDWLYDV (O QLYHO VRFLRHFRQyPLFR \ VRFLRIDPLOLDU GH ORV SDUWLFLSDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH GH DPERV FHQWURV HGXFDWLYRV HV PHGLREDMR (O QLYHO FXOWXUDO GH ODV IDPLOLDV HV SULQFLSDOPHQWH PHGLREDMR HVWXGLRV HOHPHQWDOHV HQFRQWUDQGR XQ Q~PHUR SRFR VLJQLILFDWLYR GH IDPLOLDV FRQ HVWXGLRV \ WUDEDMRV FXDOLILFDGRV SRU RWUR ODGR VH REVHUYD XQD EXHQD GLVSRVLFLyQ GH ORV SDGUHV D SDUWLFLSDUGHIRUPDYROXQWDULDHQODVDFWLYLGDGHVGHO&HQWURHQHOVHJXLPLHQWRGHO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH VXV KLMRV \ HQ OD DGPLQLVWUDFLyQ GH ORV FXHVWLRQDULRV GH LPSOLFDFLyQ IDPLOLDU IDFLOLWDGRV SRU ODV SVLFyORJDV GH DPERV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ SUHYLD LQIRUPDFLyQ DO HTXLSR GLUHFWLYR \ D ORV WXWRUHVGHORVGLIHUHQWHVQLYHOHVHGXFDWLYRV 131 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q UHODFLyQ D OD XELFDFLyQ JHRJUiILFD ORV HVWXGLDQWHV VH HQFXHQWUDQ HVFRODUL]DGRV HQ GLVWLQWRV FHQWURV HGXFDWLYRV XQ &HQWUR FRQFHUWDGR FpQWULFR \ XQ ,QVWLWXWR S~EOLFR GH (GXFDFLyQ 6HFXQGDULD ORFDOL]DGR FHUFD GHO FHQWUR $PERV FHQWURV HVWiQ VLWXDGRV HQ XQD ]RQD VHPLXUEDQD GHO $OWR 9LQDORSy 9LOOHQD/DV DFWLYLGDGHVVRFLRHFRQyPLFDVTXHODFDUDFWHUL]DQVRQHOSHTXHxRPHGLDQRFRPHUFLR OD LQGXVWULD GHO FDO]DGR \ HQ PHQRU SRUFHQWDMH OD DJULFXOWXUD \ IUXWLFXOWXUD PDQ]DQD SLFRWD (O DFFHVR D DPERV FHQWURV QR UHTXLHUH PHGLR GH WUDQVSRUWH DOJXQR\DTXHVRQOXJDUHVGHIiFLODFFHVR ,QVWUXPHQWRV /RV LQVWUXPHQWRV HPSOHDGRV SDUD OD REWHQFLyQ GH ORV GDWRV GH OD LQYHVWLJDFLyQHGXFDWLYDKDQVLGRORVVLJXLHQWHV D &XHVWLRQDULR GH $XWRFRQFHSWR 6'4,, 6HOI 'HVFULSWLRQ 4XHVWLRQQDLUH HODERUDGRSRU0DUVKDGDSWDGRSRU*RQ]iOH]3LHQGDHQ (O 6'4,, HV XQD PHGLGD GH DXWRLQIRUPH GLVHxDGD SDUD HYDOXDU HO DXWRFRQFHSWRHQDGROHVFHQWHVGHDDxRV&RQWLHQHtWHPVGLVWULEXLGRVHQ HVFDODVWUHVDFDGpPLFDV0DWHPiWLFDV9HUEDO\$FDGpPLFD*HQHUDO \VLHWHQR DFDGpPLFDV +DELOLGDGHV )tVLFDV $SDULHQFLD )tVLFD 5HODFLRQHV FRQ HO 6H[R 2SXHVWR UHODFLRQHV FRQ HO 0LVPR 6H[R 5HODFLyQ FRQ ORV 3DGUHV 6LQFHULGDG 9HUDFLGDG\(VWDELOLGDG(PRFLRQDOLQFOX\HQGRDGHPiVXQDHVFDODGH$XWRHVWLPD \ XQD SXQWXDFLyQ WRWDO GH DXWRFRQFHSWR JHQHUDO /RV tWHPVVHSXQW~DQ VHJ~Q XQD HVFDODGHUHVSXHVWDGHSXQWRV WRWDOPHQWHIDOVR WRWDOPHQWHYHUGDGHUR /DV LQYHVWLJDFLRQHV UHDOL]DGDV VREUH HVWH FXHVWLRQDULR HQ SREODFLyQ DGROHVFHQWH HVSDxROD *DUFtD)HUQiQGH] HW DO DSRUWDURQ UHVXOWDGRV TXH UHSOLFDURQ OD HVWUXFWXUD RULJLQDO GHO LQVWUXPHQWR \ DSR\DURQ VX YDOLGH] GH FRQVWUXFWR 3DUD ORV REMHWLYRV GH HVWH HVWXGLR VH KDQ WHQLGR HQ FXHQWD ODV HVFDODV 132 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DFDGpPLFDV \ QR DFDGpPLFDV /D ILDELOLGDG GH ODV HVFDODV DFDGpPLFDV HV OD VLJXLHQWH 0DWHPiWLFDV 9HUEDO \ $FDGpPLFD *HQHUDO FX\RV FRHILFLHQWHV DOID GH &URQEDFKIXHURQ0DWHPiWLFDV9HUEDO\$FDGpPLFR*HQHUDO (O 6'4,, HV XQ LQVWUXPHQWR ILDEOH \ GH FRQVWDWDGD YDOLGH] %\UQH (Q VX DSOLFDFLyQ D OD SREODFLyQ HVSDxROD ORV GDWRV GLVSRQLEOHV LQGLFDQ XQD ILDELOLGDG GH FRQVLVWHQFLD LQWHUQD DOWD 1~xH] *RQ]iOH]3XPDULHJD \ *RQ]iOH] 3LHQGD 5HVSHFWRDODVSURSLHGDGHVSVLFRPpWULFDVGHO6'4,,HQHOWUDEDMRUHDOL]DGR SRU *RQ]iOH]3LHQGD VH REWLHQH SDUD HO WRWDO GH OD HVFDOD GH (V XQD HVFDODILDEOH\HVFDVDPHQWHLQIOXHQFLDEOHSRUODVFLUFXQVWDQFLDVFXOWXUDOHV 6REUH OD YDOLGH] GH FRQVWUXFWR FDEH VHxDODU TXH HQ ORV GRV WUDEDMRV GH 0DUVK OD HVWUXFWXUD IDFWRULDO KLSRWHWL]DGD VH HQFXHQWUD H[FHSFLRQDOPHQWH ELHQ GHILQLGDSRUORFXDOVHGHEHFRQFOXLUTXHGLFKDHVFDODSRVHHXQDH[FHOHQWHYDOLGH] GH FRQVWUXFWR \ SRU WDQWR HV UHFRPHQGDEOH VX XWLOL]DFLyQ SDUD OD HYDOXDFLyQ GHO DXWRFRQFHSWRHQDGROHVFHQWHV E &XHVWLRQDULR SDUD OD (YDOXDFLyQ GH 0HWDV $FDGpPLFDV HQ 6HFXQGDULD &(0$,, (VWH LQVWUXPHQWR HODERUDGR SRU 1~xH] *RQ]iOH]3LHQGD *RQ]iOH]3XPDULHJD*DUFtD\5RFHV &(0$ $FKLHYHPHQW*RDO 7HQGHQFLHV4XHVWLRQQDLUH+D\DPL]X\:HLQHU (O &(0$ HV XQ DXWRLQIRUPH FRPSXHVWR SRU tWHPV GLVHxDGR SDUD PHGLU WUHVWHQGHQFLDVXRULHQWDFLRQHV GHPHWDVLGHQWLILFDGDVPHGLDQWHDQiOLVLVIDFWRULDO D 0HWDV GH $SUHQGL]DMH 0$ LQGLFDQ OD WHQGHQFLD GH ORV HVWXGLDQWHV SRU DSUHQGHUFRQHOSURSyVLWRGHDGTXLULUFRQRFLPLHQWRV\DXPHQWDUVXFRPSHWHQFLDE 0HWDVGH/RJUR 0/UHIOHMDQOD WHQGHQFLDGHORVHVWXGLDQWHVSRUDSUHQGHUFRQOD LQWHQFLyQGHREWHQHUEXHQDVQRWDVHQORV H[iPHQHV\DYDQ]DUHQORVHVWXGLRV\F 0HWDV GH 5HIXHU]R 6RFLDO 056 LQGLFDQ OD WHQGHQFLD GH ORV HVWXGLDQWHV SRU DSUHQGHU SDUD REWHQHU MXLFLRV GH DSUREDFLyQ \ HYLWDU HO UHFKD]R GH SDGUHV \ SURIHVRUHV 133 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &DGD tWHP VH UHVSRQGH PHGLDQWH XQD HVFDOD GH SXQWRV QXQFD VLHPSUH /DV SURSLHGDGHV SVLFRPpWULFDV GHO &(0$ KDQ VLGR DQDOL]DGDV HQ HVWXGLDQWHV HVSDxROHV GH (GXFDFLyQ 3ULPDULD 6HFXQGDULD \ (GXFDFLyQ 6XSHULRU *RQ]iOH]3LHQGD HW DO ,QJOpV HW DO 1DYDV *RQ]iOH] \ 7RUUHJURVD 9DOOH *RQ]iOH] &DEDQDFK &XHYDV \ 1~xH] KDOOiQGRVH QLYHOHV DFHSWDEOHVGHILDELOLGDG\YDOLGH]GHFRQVWUXFWR F &XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($(VWHHVXQLQVWUXPHQWR HODERUDGRSRU%HOWUiQ3pUH]\0,2UWHJD (VWH HV XQ LQVWUXPHQWR HODERUDGR SRU %HOWUiQ 3pUH] \ 2UWHJD TXH SHUPLWH HYDOXDU HO QLYHO GH XWLOL]DFLyQ GH ODV HVWUDWHJLDV GH DSUHQGL]DMH SRU ORV HVWXGLDQWHVGH(GXFDFLyQ6HFXQGDULDHQVXVGLIHUHQWHVQLYHOHVHGXFDWLYRVGHVGH D6XDGPLQLVWUDFLyQHVFROHFWLYD\VXWLHPSRGHDSOLFDFLyQHVDSUR[LPDGDPHQWH GHDPLQXWRV (O FXHVWLRQDULR &($ SDUWH GH XQ FRPSOHWR PRGHOR GHO IXQFLRQDPLHQWR PHQWDO SDUD HVWXGLDU ODV GLIHUHQWHV HVWUDWHJLDV TXH ORV HVWXGLDQWHV SXHGHQ SRQHU HQ MXHJR HQ HO SURFHVR GH DSUHQGL]DMH /D SUXHED HYDO~D FXDWUR JUDQGHV HVFDODVR SURFHVRVHQORVTXHVHDJUXSDQODVHVWUDWHJLDVVHQVLELOL]DFLyQHODERUDFLyQ SHUVRQDOL]DFLyQ\PHWDFRJQLFLyQ\RQFHVXEHVFDODV0RWLYDFLyQ$FWLWXGHV $IHFWLYLGDGFRQWUROHPRFLRQDO6HOHFFLyQGHLQIRUPDFLyQ2UJDQL]DFLyQGHOD LQIRUPDFLyQ(ODERUDFLyQGHODLQIRUPDFLyQ3HQVDPLHQWRFUHDWLYR\FUtWLFR 5HFXSHUDFLyQGHODLQIRUPDFLyQ7UDQVIHUHQFLD3ODQLILFDFLyQ\(YDOXDFLyQ\ 5HJXODFLyQ /RVUHVXOWDGRVGHODSUXHEDLQFOX\HQHOSHUILOGHODOXPQRHQHOHPSOHRGHODV HVWUDWHJLDV DVt FRPR RULHQWDFLRQHV WDQWR SDUD SURIHVRUHV FRPR SDUD HO SURSLR DOXPQRGHVWLQDGDVDIDFLOLWDUODHODERUDFLyQGHSURJUDPDVSDUDFRUUHJLUORVSXQWRV GpELOHVGHODOXPQR 134 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /D ILDELOLGDG GH FDGD XQD GH ODV FXDWUR HVFDODV TXH FRPSRQHQ HO FXHVWLRQDULR DVt FRPR HO WRWDO GHO PLVPR VH FDOFXOy SRU PHGLR GH GRV SURFHGLPLHQWRVHOPpWRGRGHIRUPDVSDUDOHODV\HOFRHILFLHQWHDOIDGH&URQEDFK (O SURFHGLPLHQWR GH IRUPDV SDUDOHODV FRQVWLWX\H XQD HVWLPDFLyQ LQVHVJDGD GH OD ILDELOLGDG DVXPLHQGR YDULDQ]DV LJXDOHV HQ ODV GLIHUHQWHV UpSOLFDV DOHDWRULDV GH ORV HOHPHQWRV TXH FRPSRQHQ OD HVFDOD 0LHQWUDV TXH HO FRHILFLHQWH GH FRQVLVWHQFLD LQWHUQD DOID GH &URQEDFK EDVDGR HQ OD FRUUHODFLyQ PHGLD HQWUH FDGD XQR GH ORV HOHPHQWRV GH OD HVFDOD \ HO WRWDO LQGLFD HO JUDGR HQ TXH WRGRV ORV HOHPHQWRVHVWiQPLGLHQGRXQPLVPRFRQVWUXFWR /RV YDORUHV GH ORV FRHILFLHQWHV GH ILDELOLGDG REWHQLGRV SRU HVWRV SURFHGLPLHQWRV SDUD FDGD XQD GH ODV HVFDODV \ SDUD OD HVFDOD WRWDO VRQ ORV TXH DSDUHFHQHQODWDEOD 7DEOD 9DORUHV GH ORV FRHILFLHQWHV GH ILDELOLGDG GHO &XHVWLRQDULR GH (VWUDWHJLDV GH $SUHQGL]DMH&($ (6&$/$ 1 GH )LDELOLGDGGH &RHILFLHQWHGHILDELOLGDG tWHPV IRUPDVSDUDOHODV α GH&URQEDFK 6HQVLELOL]DFLyQ (ODERUDFLyQ 3HUVRQDOL]DFLyQ 0HWDFRJQLFLyQ (VFDOD7RWDO &RPR VH DSUHFLD HQ OD WDEOD ORV YDORUHV GH ORV FRHILFLHQWHV GH ILDELOLGDG REWHQLGRVSRUXQR\RWURPpWRGRVRQPX\VHPHMDQWHV\EDVWDQWHVDOWRV\DTXHVH VLW~DQHQHOUDQJRGHVGHSDUDODHVFDODGHPHWDFRJQLFLyQKDVWDSDUDOD GHSHUVRQDOL]DFLyQ'HVWDFDHOYDORUGHILDELOLGDGWRWDOGHODHVFDODFDOFXODGRSRU DPERVPpWRGRVTXHDVFLHQGHD 135 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO G (VFDODGH(YDOXDFLyQGHOD&RKHVLyQ\$GDSWDELOLGDG)DPLOLDU)$&(6,, HVS DGDSWDGR SRU 0DUWtQH]3DPSOLHJD )$&(6,, )DPLO\ $GDSWDELOLW\ DQG&RKHVLRQ(YDOXDWLRQ6FDOH9HUVLRQ,, 6H KDSDUWLGRGHORVtWHPVVHOHFFLRQDGRVSRUHOJUXSRGH2OVRQGHOWRWDO GH TXH FRPSRQtDQ HO )$&(6 , HQ VX SURFHVR GH HODERUDFLyQ GHO )$&(6 ,, 2OVRQHWDO'HHVWRVtWHPVGHSDUWLGDHVWiQGHVWLQDGRVDH[SORUDUOD GLPHQVLyQ GH &RKHVLyQ \ ORV UHVWDQWHV OD GH $GDSWDELOLGDG 3UHYLDPHQWH DO HVWXGLR GH YDORUDFLyQ SVLFRPpWULFD VH VRPHWLy DO LQVWUXPHQWR D XQ SURFHVR GH WUDGXFFLyQ DGDSWDFLyQ FRQFHSWXDO D QXHVWUR FRQWH[WR FXOWXUDO \ UHWURWUDGXFFLyQ 0$57Ì1(=3$03/,(*$ HW DO )DPLO\ $GDSWDELOLW\ DQG &RKHVLRQ (YDOXDWLRQ 6FDOH ,QW - &OLQ +HDOWK 3V\FKRO %HKOLQJ \ 0F)LOOHQ %ULVOLQ (Q XQD SULPHUD IDVH GRV PLHPEURV GHO HTXLSR WUDGXMHURQ GH IRUPD LQGHSHQGLHQWH ORV tWHPV RULJLQDOHV $PEDV WUDGXFFLRQHV IXHURQ GLVFXWLGDV VLPXOWiQHDPHQWH HQWUH ORV WUDGXFWRUHV KDVWD DOFDQ]DU XQ FRQVHQVR HYDOXiQGRVH DVLPLVPR OD HTXLYDOHQFLD FRQFHSWXDO \ FODULGDG GHO HQXQFLDGR GH ORV tWHPV KDVWD OOHJDUDXQDYHUVLyQDGDSWDGD (QXQDVHJXQGDIDVHXQDSHUVRQDQDWLYDGH(VWDGRV8QLGRVFRQIRUPDFLyQ HQ )LORORJtD (VSDxROD \ FRQRFLPLHQWRV GH 3VLFRORJtD TXH GHVFRQRFtD OD YHUVLyQ RULJLQDOWUDGXMR OD YHUVLyQ HQ HVSDxRO GH QXHYR DO LQJOpV (Q XQDWHUFHUDIDVH VH FRPSDUy HVWD YHUVLyQ UHWURWUDGXFLGD FRQ OD RULJLQDO D HIHFWRV GH FRQWUDVWDU VX HTXLYDOHQFLD FRQFHSWXDO \ GH FRQWHQLGR DVt FRPR VX FRQVRQDQFLD VLQWiFWLFD \ WpFQLFD (VWH FXHVWLRQDULR HV DSOLFDGR D ORV SDGUHV /D IXQFLRQDOLGDG IDPLOLDU VH PLGHVHJ~QHO)$&(6,,HQWpUPLQRVGHDGDSWDELOLGDG\FRKHVLyQ &RKHVLyQ9LQFXODFLyQHPRFLRQDOHQWUHORVPLHPEURVGHODIDPLOLDHLQFOX\H FHUFDQtDFRPSURPLVRIDPLOLDULQGLYLGXDOLGDG\WLHPSRFRPSDUWLGR/RVQLYHOHVGH FRKHVLyQVRQGHVOLJDGDVHSDUDGDFRQHFWDGRDJOXWLQDGD 136 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $GDSWDELOLGDG +DELOLGDG GHO VLVWHPD IDPLOLDU SDUD FDPELDU VX HVWUXFWXUD GH SRGHUODVUHODFLRQHV GH UROHVODV QRUPDV \ UHJODV HQIXQFLyQGH ODV GHPDQGDV VLWXDFLRQDOHVRGHGHVDUUROOR/RVQLYHOHVGHDGDSWDELOLGDGVRQUtJLGRHVWUXFWXUDGR IOH[LEOH\FDyWLFR (VWH LQVWUXPHQWR KD GHPRVWUDGR WHQHU XQDV EXHQDV FXDOLGDGHV SVLFRPpWULFDV DO KDEHU REWHQLGR XQRV tQGLFHV GH ILDELOLGDG PiV DOWRV TXH ODV KDELWXDOHV DOID GH &URQEDFK GH \ UHVSHFWLYDPHQWH SDUD ODV VXEGLPHQVLRQHVGH&RKHVLyQ\$GDSWDELOLGDG\XQDDGHFXDGDYDOLGH]FRQYHUJHQWH \ GLYHUJHQWH GHPRVWUDGD D WUDYpV GH HVFDODV UHOHYDQWHV /D YDOLGH] GH FRQVWUXFWR UHVXOWD UHVSDOGDGD D WUDYpV GH XQ DQiOLVLV IDFWRULDO FRQILUPDWRULR HO FXDO DUURMy tQGLFHV DGHFXDGRV HQ UHODFLyQ D OD HVWUXFWXUD ELGLPHQVLRQDO HVWDEOHFLGD SRU ORV DXWRUHV*), 1), 506($ (VWDHVFDODVXSHUDODVGLILFXOWDGHV REVHUYDGDVHQYHUVLRQHVHVSDxRODVSUHYLDV H (VFDOD GH 6RFLDOL]DFLyQ )DPLOLDU 62& HODERUDGD SRU +HUUHUR 0XVLWX *DUFtD\*RPLV /DHVFDODGH6RFLDOL]DFLyQ)DPLOLDU62&HVWiFRQIRUPDGDSRU tWHPV GHVWLQDGRV D HYDOXDU OD SHUFHSFLyQ TXH WLHQHQ ORV KLMRV DFHUFD GHO HVWLOR GH VRFLDOL]DFLyQIDPLOLDUHPSOHDGRSRUVXVSDGUHV /D HVFDOD 62& VH KD HODERUDGR D SDUWLU GH OD HVFDOD (0%8 (JQD 0LQQHQDY%DUQGRPV8SSIRVWUDQGHVDUUROODGDSRU3HUULV-DFREVRQ/LQGVWU|PK 9RQ .QRUULQJ \ 3HUULV HQ 6XHFLD FRQ HO ILQ GH GHWHUPLQDU HO URO TXH ODV SUiFWLFDV GH VRFLDOL]DFLyQ SDUHQWDO GHVHPSHxDEDQ HQ OD HWLRORJtD GH GLYHUVRV WUDVWRUQRV SVLFROyJLFRV FRPR OD IRELD R OD GHSUHVLyQ PHGLDQWH HO UHFXHUGR GH DGXOWRV FOtQLFRV VREUH ODV SUiFWLFDV HGXFDWLYDV GH VXV SDGUHV 3RVWHULRUPHQWH $UULQGHOO\9DQGHU(QGHFRPSUREDUtDQTXHODHVFDOD(0%8FRQVHUYDEDVXV SURSLHGDGHVSVLFRPpWULFDVHQSREODFLRQHVLQWDFWDV 137 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DHVFDOD(0%8IXHDGDSWDGDDSREODFLRQHVHVSDxRODVSRU+HUUHUR0XVLWX *DUFtD \ *yPLV /DV GLPHQVLRQHV WHyULFDV GH OD VRFLDOL]DFLyQ IDPLOLDU TXH FRQWHPSOD OD HVFDOD 62& VRQ *DUFtD 0ROSHFHUHV 0XVLWX $OODWW )RQWDLQH &DPSRV\$UDQJR $SR\R ,QFOX\H tWHPV TXH LQGDJDQ VREUH ODV H[SUHVLRQHV \ PXHVWUDV GH DIHFWR GH ORV SDGUHV KDFLD VXV KLMRV WDQWR KDFLD VX FRQGXFWD FRPR D VX SURSLD DFHSWDFLyQ SHUVRQDO SRU HMHPSOR ´PLV SDGUHV PH GHPXHVWUDQ FRQ SDODEUDV \ JHVWRV TXH PH TXLHUHQµ (VWD GLPHQVLyQ VH UHILHUH DO DSR\R HPRFLRQDOSHUFLELGRSRUSDUWHGHORVSDGUHVTXHVHUHIOHMDHQODH[SUHVLyQGH DIHFWR VDWLVIDFFLyQ FRPSUHQVLyQ \ DFHSWDFLyQ GHO KLMR FRPR SHUVRQD DVt FRPR VX D\XGD LQVWUXPHQWDO (VWD VXEHVFDOD SUHVHQWD XQ H[FHOHQWH YDORU SDUD HO tQGLFH DOSKD (O tWHP TXH PiV VDWXUD HQ OD GLPHQVLyQ HV 62&BFRQPLHQWUDVTXHHOtWHPTXHPHQRUVDWXUDFLyQSUHVHQWDHQ HVWHIDFWRUHVHO62&B/DILDELOLGDGGHODVXEHVFDODQRSXHGHVHU LQFUHPHQWDGDPHGLDQWHODVXSUHVLyQGHQLQJ~QtWHP &DVWLJR &RHUFLyQ &RQVWD GH tWHPV TXH LQWHUURJDQ VREUH ODV SUiFWLFDV GLVFLSOLQDUHV XWLOL]DGDV SRU ORV SDGUHV LQFOX\HQGR OD DJUHVLyQ ItVLFD \ HO WUDWR FUXHO SRU HMHPSOR ´PLV SDGUHV PH FDVWLJDQ LQFOXVR SRU FRPHWHU SHTXHxDVIDOWDVµ'HVFULEHXQHVWLORGHVRFLDOL]DFLyQFODUDPHQWHSXQLWLYR\ FRHUFLWLYR KDFLHQGR HVSHFLDO KLQFDSLp HQ HO XVR GHO FDVWLJR ItVLFR \ GHVSURSRUFLRQDGR (Q OD PXHVWUD GH KLMRV HO DOSKD GH OD VXEHVFDOD &DVWLJR HV GH VXSHUDQGR GLFKR YDORU HQ ODV PXHVWUDV GH SDGUHV \ PDGUHV (O tWHP TXH PD\RU VDWXUDFLyQ SUHVHQWD HQ HVWH IDFWRU HV HO 62&B \ HO TXH PHQRUVDWXUDFLyQRIUHFHHVHOtWHP62&B(QHVWDRFDVLyQWDPSRFR VHSRGUtDLQFUHPHQWDUODILDELOLGDGPHGLDQWHODVXSUHVLyQGHDOJ~QtWHP 138 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6REUHSURWHFFLyQ&RQWUROHVWiFRQVWUXLGDPHGLDQWH tWHPV TXHHYDO~DQHO JUDGR GH LPSRVLFLyQ GH QRUPDV SRU SDUWH GH ORV SDGUHV FRPSDUDGDV RFDVLRQDOPHQWHFRQODVQRUPDVGHORVLJXDOHVSRUHMHPSOR´PLVSDGUHVPH GHMDQKDFHUODVPLVPDVFRVDVTXHPLVDPLJRVµ'HVFULEHXQDSUHRFXSDFLyQ H[FHVLYD SRU SDUWH GH ORV SDGUHV KDFLD ODV DFWLYLGDGHV GH VXV KLMRV TXH FRQOOHYD XQDPHUPD HQ OD DXWRQRPtDGH pVWRV\ XQD SHUFHSFLyQ GH SUHVLyQ SRUSDUWHGHODGROHVFHQWH 5HSUREDFLyQ FRQ tWHPV YDORUD HO JUDGR HQ TXH ORV KLMRV SHUFLEHQ OD GHVDSUREDFLyQSDWHUQDO\ORVVHQWLPLHQWRVGHFXOSDELOLGDGTXHJHQHUDGLFKD GHVDSUREDFLyQSRUHMHPSOR´PLVSDGUHVPHGLFHQW~TXHHUHVWDQPD\RUR W~TXHHUHVXQFKLFRRXQDFKLFDQRGHEHUtDVFRPSRUWDUWHGHHVWDIRUPDµ (VWDGLPHQVLyQFRQWHPSODHOJUDGRHQTXHORVSDGUHVXWLOL]DQHODIHFWRSDUD LQIOXLUHQODFRQGXFWDGHORVKLMRV\HOJUDGRHQTXHPXHVWUDQXQDFLHUWDQR DFHSWDFLyQGHOKLMR (OIRUPDWRGHUHVSXHVWDWtSLFRGHHVWDHVFDODHVPHGLDQWHDOWHUQDWLYDVGH UHVSXHVWD 6LQ HPEDUJR HQ QXHVWUD LQYHVWLJDFLyQ KHPRV RIUHFLGR HO WHUPyPHWUR FRQHOILQGHSUHVHQWDUWRGRVORVFXHVWLRQDULRVFRQHOPLVPRVLVWHPDGHUHVSXHVWD\ SDUDLQFUHPHQWDUVXYDOLGH]GLVFULPLQDQWH&RQHOREMHWRGHTXHWRGRVORVtWHPVVH LQWHUSUHWHQHQHOPLVPRVHQWLGRVHLQYLHUWHQWRGRVORVtWHPVGHODGLPHQVLyQ$SR\R \ORVtWHPV\VREUHSURWHFFLyQFRQWUROGHWDOPRGRTXHSXQWXDFLRQHVDOWDV HQ ODV GLPHQVLRQHV &DVWLJR &RHUFLyQ 6REUHSURWHFFLyQ &RQWURO \ 5HSUREDFLyQ LPSOLFDQXQDEDMDRFXUUHQFLDGHGLFKRVIDFWRUHV 139 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO I &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR GH ORVDV KLMRVDV GLULJLGR D HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMH (Q HVWD LQYHVWLJDFLyQ VH KDQ HODERUDGR GRV FXHVWLRQDULRV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR GH ORV KLMRVDV GLULJLGR D SDGUHV \ HVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHFRQHOREMHWLYRGHYDORUDUHOJUDGR GH LPSOLFDFLyQ GH ORV SDGUHV HQ HO SURFHVR HGXFDWLYR GH VXV KLMRVDV DVt FRPR OD SHUFHSFLyQTXHHVWRV~OWLPRVWLHQHQGHHVDLPSOLFDFLyQ $PERV FXHVWLRQDULRV HODERUDGRV VH IXQGDPHQWDQ HQ ODV VLJXLHQWHV LQYHVWLJDFLRQHVDFWXDOHV (Q UHODFLyQ D OD SHUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYR FRPR DSDUHFH HQ ORV WUDEDMRV GH DXWRUHV FRPR 3DWULNDNRX %URQIHQEUHQQHU%RHUVPD\&KDSPDQ%U\DQ\3HDUO7ROOLVRQ 6HJLQHUHQWUHRWURV (QUHODFLyQDODVH[SHFWDWLYDVFRPRVHHVWXGLDHQORVWUDEDMRVGHORVDXWRUHV FRPR +LHEHUW +XUWHU 'ZHFN 5HSSXFFL /LFKW \ .LVWQHU 6HJLQHU7HDFKPDQ\3DDVFK7KRPSVRQ$OH[DQGHU(QWZLVOH (QUHODFLyQFRQ ODVUHODFLRQHVGHODIDPLOLDFRQHO&HQWURORVWUDEDMRVGHORV DXWRUHVFRPR0F&DVOLQ0XUGRFN:HQW]HOHQWUHRWURV ,QYHVWLJDFLRQHV HGXFDWLYDV 3DXOVRQ VREUH HO HVWLOR SDUHQWDO OD LPSOLFDFLyQ IDPLOLDU HQ ODV WDUHDV HVFRODUHV \ VX UHODFLyQ FRQ HO UHQGLPLHQWR DFDGpPLFR HQ ORV DGROHVFHQWHV FRQFOX\HQ FRPR ORV WUDEDMRV GH +ROORZD\ \ &ROOHDJXHVORVLJXLHQWH D /DV DOWDV H[SHFWDWLYDV GH ORV SDGUHV VREUH HO UHQGLPLHQWR GH VXV KLMRV *RWWIULHG \ *RWWIULHG 0DMRULEDQNV 3DUVRQV $GOHU \ .DF]DOD 140 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HJLQHU 7KRPSVRQ $OH[DQGUH \ (QWZLVOH ODV FUHHQFLDV \ DWULEXFLRQHV SRVLWLYDV DFHUFD GH ODV KDELOLGDGHV GH VXV KLMRV +ROORZD\ \ +HVV 6LJHO 6WHYHQVRQ /HH &KHQ /XPPLV 6WLJOHU )DQ \ *H \ ODV WDUHDV UHDOL]DGDV HQ FDVD LQFOX\HQGR OD D\XGD HQ ODV WDUHDV GHO KRJDU ´KRPHZRUNµ (SVWHLQ 6WHLQEHUJ /DPERUQ 'RUQEXFK \ 'DUOLQJ 6WHYHQVRQ \ %DNHU VH UHODFLRQDQ GH IRUPD SRVLWLYD FRQ HO UHQGLPLHQWR DFDGpPLFR HV GHFLU D PD\RU SHUFHSFLyQ SRU ORV DGROHVFHQWHV GH DOWDV H[SHFWDWLYDV DFDGpPLFDV SRU ORV SDGUHV VREUH pVWRV PD\RU LQWHUpV HVIXHU]R PRWLYDFLyQ \ UHQGLPLHQWRDFDGpPLFRJHQHUDO E /DLPSOLFDFLyQIDPLOLDUHQODHVFXHODDFWLYLGDGHVHYHQWRVGHGHSRUWHV\ RWUDV IXQFLRQHV UHODFLRQDGDV WLHQH XQD LQIOXHQFLD SRVLWLYD HQ HO UHQGLPLHQWR DFDGpPLFRGHVXVKLMRV/LQQH\\9HUQEHUJ6WHYHQVRQ\%DNHU F (O HVWLOR SDUHQWDO GLVFLSOLQDGR WLHQH XQD LQIOXHQFLD SRVLWLYD HQ HO UHQGLPLHQWR DFDGpPLFR GH ORV KLMRV +RIIPDQ %URQIHQEUHQQHU \ &URXWHU +HVV\+ROORZD\ G/RV HVWXGLDQWHVTXHSHUFLEHQGHVXVSDGUHVTXHpVWRVVHLQWHUHVDQ\OHV D\XGDQHQODVWDUHDVHVFRODUHVDUHDOL]DUHQFDVDPXHVWUDQXQPD\RUUHQGLPLHQWR DFDGpPLFRTXHRWURVHVWXGLDQWHVFX\RVSDGUHVQRPXHVWUDQHVHLQWHUpV\D\XGD /DV LQYHVWLJDFLRQHV VREUH OD LQIOXHQFLD GH ORV SDGUHV \ VXV H[SHFWDWLYDV VREUH HO UHQGLPLHQWR GH VXV KLMRV .DSODQ DSRUWDQ ODV VLJXLHQWHV FRQFOXVLRQHV H[LVWH XQD UHODFLyQ HQWUH HO QLYHO GH OD HGXFDFLyQ GH ORV SDGUHV \ HO QLYHOGHODVH[SHFWDWLYDVDFDGpPLFDVVREUHVXVKLMRV7HDFKPDQ\3DDVFK'H HVWDIRUPDSDGUHVFRQXQDOWRQLYHOGHHVWXGLRV\XQDVEDMDVH[SHFWDWLYDVVREUHVXV KLMRV HVWR WLHQH FRPR FRQVHFXHQFLD XQD LQIOXHQFLD QHJDWLYD HQ HO UHQGLPLHQWR DFDGpPLFRGHVXVKLMRV 141 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RPR FRQFOXVLyQ VH DSRUWD TXH HVWRV FXDWUR DVSHFWRV JHQHUDOHV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HVWiQ UHODFLRQDGRV FRQ ODV GLIHUHQWHV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV TXH VH UHODFLRQDQ FRQ HO DSUHQGL]DMH HVFRODU 'RPpQHFK %HWRUHW \ *DUFtD %DFHWH 3LQWULFK 3LQWULFK \ 'H *URRW HVGHFLUVHUHODFLRQDQFRQODSHUFHSFLyQGHD\XGDHLQWHUpVSRUODIRUPDFLyQ TXHWLHQHQORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH\ORVSDGUHVVREUH VXVKLMRVDVFRPRFRPSRQHQWHFRJQLWLYRGHODSUHQGL]DMHHVFRODUUHODFLRQDGRFRQOD DWULEXFLyQGHOORJURDFDGpPLFRTXHKDFHQORVKLMRVVREUHVXp[LWRHVFRODU 3RU RWUR ODGR OD SHUFHSFLyQ GH HOOR R H[SHFWDWLYD GH KDELOLGDG HQ HO DSUHQGL]DMH\VREUHHOIXWXURSURIHVLRQDOGHORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGH DSUHQGL]DMH DVt FRPR FRQ OD KDELOLGDG GH D\XGD ´KDELOLGDGµ ´VNLOOµ (Q * &DEDQDFK HW DO \ WLHPSR GH RUJDQL]DFLyQ HQ ODV WDUHDV HVFRODUHV FRPR FRPSRQHQWH PRWLYDFLRQDO UHODFLRQDGR FRQ HO FRPSRQHQWH GH H[SHFWDWLYD KDFH UHIHUHQFLD D ODV FUHHQFLDV \ H[SHFWDWLYDV GH ORV HVWXGLDQWHV SDUD UHDOL]DU XQD GHWHUPLQDGDWDUHD 3RU~OWLPRHOFRPSRQHQWHFRQWH[WXDOGHODPRWLYDFLyQKDFHUHIHUHQFLDDOD UHODFLyQ HQWUH IDPLOLD \ &HQWUR FRPXQLFDFLyQ WXWRUtDV \ JUDGR GH LQIRUPDFLyQ VREUHGLILFXOWDGHVRSURJUHVRVHGXFDWLYRVGHVXVKLMRVDVDVtFRPRSDUWLFLSDFLyQGH ORVSDGUHVHQODVDFWLYLGDGHVOOHYDGDVDFDERSRUDPERVFHQWURVHGXFDWLYRV (OFXHVWLRQDULRSDUDDOXPQRVVREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRGH HQVHxDQ]DDSUHQGL]DMH FRPSUHQGH tWHPV HVSHFtILFRV TXH VH DJUXSDQ HQ IDFWRUHVUDFLRQDOHVYHUDQH[R 3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYR XQ HMHPSORGHHOORHVHOtWHP´SLHQVRTXHPLVSDGUHVVHLQWHUHVDQSRUPLVSURJUHVRV HGXFDWLYRVµ ([SHFWDWLYDV IXWXUR SURIHVLRQDO XQ HMHPSOR GH HOOR HV HO tWHP ´PLV SDGUHVSLHQVDQTXHORJUDUpVXSHUDUORVHVWXGLRVREOLJDWRULRVµ 142 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 5HODFLRQHV FRQ HO &HQWUR XQ HMHPSOR GH HOOR HV HO tWHP µPLV SDGUHV DVLVWHQDWXWRUtDFRQHOODWXWRUDGHIRUPDIUHFXHQWHµ 7LHPSR GH RUJDQL]DFLyQ \ D\XGD HIHFWLYD HQ ODV WDUHDV HVFRODUHV XQ HMHPSORGHHOORHVHOtWHP´PLVSDGUHVPHD\XGDQDRUJDQL]DUHOHVWXGLRHQFDVDµ (Q HVWH FXHVWLRQDULR HO HVWXGLDQWH FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH YDORUD FDGD XQR GH ORV IDFWRUHV DQWHULRUPHQWH PHQFLRQDGRV HQ UHODFLyQ D FyPR SHUFLEHODLPSOLFDFLyQIDPLOLDUGHVXVSDGUHVHQVXSURFHVRHGXFDWLYRHOLJLHQGRHO JUDGR GH DFXHUGR R GHVDFXHUGR SDUD FDGD tWHP VLHQGR HO YDORU DWULEXLEOH D FDGD Q~PHUR HO VLJXLHQWH QXQFD R FDVL QXQFD SRFDV YHFHV D YHFHV FRQ IUHFXHQFLD\ FDVLVLHPSUH /DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHOFXHVWLRQDULRWRWDOVHFDOFXODFRQHO DOID GH &URQEDFK \ HV GH Ĵ $ FRQWLQXDFLyQ VH GHWDOOD OD ILDELOLGDG GH FRQVLVWHQFLDLQWHUQDGHFDGDIDFWRU • )DFWRU 3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYRVXILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ • )DFWRU([SHFWDWLYDVFX\DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ • )DFWRU 5HODFLRQHV FRQ HO &HQWUR FRQ XQD ILDELOLGDG GH FRQVLVWHQFLD LQWHUQDGHĴ • )DFWRU 7LHPSR GH RUJDQL]DFLyQ \ D\XGD HIHFWLYD HQ ODV WDUHDV HVFRODUHVFRQXQDILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHĴ 143 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO J &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR GH ORVDV KLMRVDV GLULJLGR D SDGUHV GH HVWXGLDQWHVFRQ \ VLQGLILFXOWDGHVGHDSUHQGL]DMH 'HHVWHFXHVWLRQDULR\DKDVLGRFRPHQWDGDVXIXQGDPHQWDFLyQWHyULFD(VWH LQVWUXPHQWR GLULJLGR D ORV SDGUHV GH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH YDORUD OD SHUFHSFLyQ TXH ORV SDGUHV WLHQHQ GH VX LPSOLFDFLyQ HQ HO SURFHVRHGXFDWLYRGHVXVKLMRV&RQVWDGHtWHPVHQORVTXHVHHYDO~DQIDFWRUHV YHUDQH[R 3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYR XQ HMHPSOR GH HOOR HV HO tWHP ´FRODERUR HQ WRGR OR TXH SXHGR HQ OD PHMRUD GHO SURJUHVRHGXFDWLYRGHPLKLMRDµ ([SHFWDWLYDV IXWXUR SURIHVLRQDO XQ HMHPSOR GH HOOR VHUtD HO tWHP ´SLHQVRTXHPLKLMRDSXHGHVXSHUDUORVHVWXGLRVREOLJDWRULRVµ 5HODFLRQHV FRQ HO &HQWUR FRPR HMHPSOR VHUtD HO tWHP ´VR\ LQIRUPDGR UHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRVDFDGpPLFRVGHPLKLMRDµ 7LHPSR GH RUJDQL]DFLyQ \ D\XGD HIHFWLYD HQ ODV WDUHDV HVFRODUHV XQ HMHPSORGHHOORVHUtDHOtWHPµD\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRD HQFDVDµ /D YDORUDFLyQ UHDOL]DGD SRU ORV SDGUHV HQ HVWH FXHVWLRQDULR HV HO JUDGR GH DFXHUGR R GHVDFXHUGR HQ UHODFLyQ D FDGD tWHP HVSHFtILFR FRQ HO VLJXLHQWH YDORU DWULEXLEOH QXQFDRFDVLQXQFD SRFDVYHFHV DYHFHV FRQIUHFXHQFLD\ FDVLVLHPSUH (Q HVWH FXHVWLRQDULR VH YDORUD OD SHUFHSFLyQ TXH WLHQHQ ORV SDGUHV FRQ UHVSHFWR D VXV KLMRVDV HQ FDGD XQR GH ORV IDFWRUHV JHQHUDOHV DQWHULRUPHQWH GHVFULWRV /RV FXDWUR IDFWRUHV JHQHUDOHV R VXEHVFDODV FRPSUHQGHQ tWHPV HVSHFtILFRV HM )DFWRU SHUFHSFLyQ GH D\XGDRUJDQL]DFLyQ H LQWHUpVHQ HOSURFHVR HGXFDWLYR tWHP ´D\XGR DPL KLMRD HQ ORV HVWXGLRV HQ WRGR OR TXHSXHGRµ (VWRV FXDWUR IDFWRUHV FRQILJXUDQ OD EDVH GH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR WHQLHQGR HQ FXHQWD OD YDULDEOH SHUFHSFLyQ H LQWHUpV GH D\XGD 144 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO H[SHFWDWLYDVDFDGpPLFDVGHORVSDGUHVVREUHVXVKLMRVDVWLHPSRHIHFWLYRGHD\XGD HQ ODV WDUHDV HVFRODUHV RUJDQL]DFLyQ HQ HO HVWXGLR \ SRU ~OWLPR HO DVSHFWR UHODFLRQDORFRQWH[WXDOGHODSUHQGL]DMHTXHLPSOLFDODUHODFLyQHQWUHODIDPLOLD\HO &HQWUR /DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHOFXHVWLRQDULRWRWDOVHFDOFXODFRQHO DOID GH &URQEDFK \ HV GH Ĵ $ FRQWLQXDFLyQ VH GHWDOOD OD ILDELOLGDG GH FRQVLVWHQFLDLQWHUQDGHFDGDIDFWRU • )DFWRU 3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYRVXILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ • )DFWRU([SHFWDWLYDVFX\DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ • )DFWRU 5HODFLRQHV FRQ HO &HQWUR FRQ XQD ILDELOLGDG GH FRQVLVWHQFLD LQWHUQDGHĴ • )DFWRU7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV FRQXQDILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHĴ K &RFLHQWH LQWHOHFWXDO &, OD LQIRUPDFLyQ IDFLOLWDGD SRU ORV 'HSDUWDPHQWRV GH2ULHQWDFLyQFRUUHVSRQGHDOFRFLHQWHLQWHOHFWXDO&,GHFDGDDOXPQRTXH IXHHYDOXDGRSRUPHGLRGHODDGPLQLVWUDFLyQFROHFWLYDGHODSUXHEDJHQHUDO GHLQWHOLJHQFLD%$'<*0UHQRYDGDGH(GLFLRQHV7($(OWLHPSRWRWDOGH ODDSOLFDFLyQHVGHK\ DSUR[LPDGDPHQWH (VWD SUXHED HV XQD EDWHUtD GH $SWLWXGHV *HQHUDOHV \ 'LIHUHQFLDOHV TXH VH DSOLFDDVXMHWRVHQWUH\DxRVGHHGDG /RVDXWRUHVVRQ<XVWH0DUWtQH]$ULDV \*iOYH &RQVWDGHORVVLJXLHQWHVVXEWHVW5HODFLRQHV$QDOyJLFDV5YR5D]RQDPLHQWR 9HUEDO6HULHV1XPpULFDV5QR5D]RQDPLHQWR1XPpULFR0DWULFHV/yJLFDV5H &RPSOHWDU 2UDFLRQHV 6Y R 6HPiQWLFR 9HUEDO 5HVROXFLyQ GH 3UREOHPDV 6Q (QFDMDU)LJXUDV6HR(VSDFLDO(VWiWLFR0HPRULDGH5HODWR2UDO0D0HPRULD 9LVXDO 2UWRJUiILFD 0Y 'LVFULPLQDFLyQ GH 'LIHUHQFLDV 'H 5DSLGH] 5$ \ (ILFDFLD() 145 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6XPDQGRORVUHVXOWDGRVGHORVVHLVVXEWHVWVEiVLFRV5Y6Y5Q6Q5H6H VHSXHGHREWHQHUXQDHVWLPDFLyQGHOD,QWHOLJHQFLD*HQHUDOTXHDVXYH]VHSXHGH FRQYHUWLUHQXQ&,8QDSXQWXDFLyQHQ5D]RQDPLHQWR/yJLFRVHREWLHQHVXPDQGR ORV VXEWHVWV 5Y5Q5H /D SXQWXDFLyQ Pi[LPD GH OD PDGXUH] LQWHOHFWXDO JOREDO 0,HVSXQWRV $FRQWLQXDFLyQVHGHVFULEHFDGDVXEWHVW /DFDSDFLGDGGHUD]RQDPLHQWR5D]RQDPLHQWR/yJLFRVHFRPSUXHEDFRQ ORVUHVXOWDGRVREWHQLGRVHQODVVLJXLHQWHVSUXHEDV ² 5HODFLRQHV DQDOyJLFDV HV XQD SUXHED TXH PLGH HO UD]RQDPLHQWR D WUDYpVGHODVKDELOLGDGHVGHFRPSUHQVLyQYHUEDO6HGHQRPLQDSUXHED GHUD]RQDPLHQWRYHUEDO ² 6HULHVQXPpULFDV HVXQD SUXHEDHVSHFtILFDGHUD]RQDPLHQWRQXPpULFR /D SXQWXDFLyQPLGH ODFDSDFLGDGGHFiOFXOR PHQWDO HQ HO PDQHMRGH RSHUDFLRQHVPDWHPiWLFDVVXPDUHVWDPXOWLSOLFDFLyQ\GLYLVLyQ\H ²0DWULFHV OyJLFDV PLGHQ HO UD]RQDPLHQWR HVSDFLDO PHGLDQWH OD UHVROXFLyQGHVHULHVGHILJXUDVJHRPpWULFDV ,QWHOLJHQFLD *HQHUDO HV OD FDSDFLGDG JHQHUDO GH UD]RQDPLHQWR PiV HO GRPLQLR R GHVDUUROOR GH ODV VLJXLHQWHV KDELOLGDGHV PHGLGDV SRU ODV SUXHEDV ² &RPSOHWDU RUDFLRQHV HV XQD SUXHED SDUD REVHUYDU HO GRPLQLR GHO YRFDEXODULR \ ORV FRQRFLPLHQWRV SUHYLRV GHO DOXPQR (V XQD SUXHED SRUORWDQWRGHLQWHOLJHQFLDYHUEDO ² 5HVROXFLyQ GH SUREOHPDV PLGHQ OD UDSLGH] GH FiOFXOR PDWHPiWLFR HO UD]RQDPLHQWR QXPpULFR \ FyPR DSOLFDU ODV RSHUDFLRQHV QXPpULFDV D SUREOHPDV([LJHSRUORWDQWRFRQRFLPLHQWRVGHPDWHPiWLFDV\VREUH WRGRUDSLGH]HQODHMHFXFLyQGHRSHUDFLRQHV\SUREOHPDV 146 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ² (QFDMDU ILJXUDV PLGH ODV KDELOLGDGHV HVSDFLDOHV GHO DOXPQR /D SXQWXDFLyQ GH OD LQWHOLJHQFLD JHQHUDO VH REWLHQH DO RSHUDU FRQ ODV SXQWXDFLRQHV VREUH UD]RQDPLHQWR \ ODV REWHQLGDV HQ HVWDV WUHV SUXHEDV 0HPRULD 0HGLGDDWUDYpVGHGRVSUXHEDV ²0HPRULD DXGLWLYD HYDO~D OD FDSDFLGDG SDUD UHWHQHU VLJQLILFDGRV HVFXFKDGRV HQ XQ UHODWR 6H WUDWD GH XQD UHWHQWLYD DXGLWLYD LQPHGLDWDPHQWHSRVWHULRUDODHVFXFKD ²0HPRULD YLVXDO HYDO~D OD GLVFULPLQDFLyQ YLVXDO RUWRJUiILFD GH SDODEUDV TXH GHSHQGHUi GH OD UHWHQWLYD D ODUJR SOD]R DVt FRPR GHO XVR TXH KDFH GH OD RUWRJUDItD ,QGLUHFWDPHQWH HVWDPRV HYDOXDQGR HO GRPLQLRRUWRJUiILFRGH´YEµ´JMµ´[Vµ´Kµ $WHQFLyQ OD FDSDFLGDG GH DWHQFLyQ VH HYDO~D PHGLDQWH OD UDSLGH] HQ OD GLVFULPLQDFLyQYLVXDOGHGLEXMRV 5DSLGH] \ HILFDFLD OD UDSLGH] \ HILFDFLD VRQ GRV YDULDEOHV DxDGLGDV HQ HVWDSUXHED\PLGHQODUDSLGH]HQFRQWHVWDUFRQWUDVWDGDFRQODHILFDFLD REWHQLGD HQ ODV UHVSXHVWDV &RPELQDQGR HVWRV GRV IDFWRUHV REWHQHPRV FXDWURSRVLELOLGDGHVHQORVUHVXOWDGRV ²$OXPQRVUiSLGRV\HILFDFHVJHQHUDOPHQWHLQGLFDQ 4XHJR]DQGHEXHQDLQWHOLJHQFLD 'HDFFHVRUiSLGR\DGHFXDGRDODVSUHJXQWDVFRQXQEXHQtQGLFHGH UHVSXHVWDVFRUUHFWDV 6RQPX\UiSLGRVPHQWDOPHQWH 147 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ²$OXPQRVUiSLGRV\SRFRHILFDFHVJHQHUDOPHQWHLQGLFDQ 'HVLQWHUpVHQODUHDOL]DFLyQGHODVSUXHEDV %DMDFDSDFLGDGGHUD]RQDPLHQWR $SURYHFKDQPDOHOWLHPSRGHGLFDGRDOWUDEDMR 'DQUHVSXHVWDVVLQHQWHQGHUHOSODQWHDPLHQWR (VFDVDFRQFHQWUDFLyQ\SHUVHYHUDQFLDHQUHVROYHUSUREOHPDV – $OXPQRVOHQWRV\HILFDFHVJHQHUDOPHQWHLQGLFDQ ([FHVLYDDXWRFRPSUREDFLyQGHODVUHVSXHVWDV ([FHVRGHSHUIHFFLRQLVPR 7HQDFLGDGDQWHODVGLILFXOWDGHVLQWHOHFWXDOHV 3HUVHYHUDQFLDHQODE~VTXHGDGHVROXFLRQHV ²$OXPQRVOHQWRV\SRFRHILFDFHVJHQHUDOPHQWHLQGLFDQ 0XFKDGLILFXOWDGSDUDHOUD]RQDPLHQWR ([FHVLYDIDOWDGHFRQFHQWUDFLyQ 1RWRULRGHVLQWpUHVSRUHOWUDEDMRLQWHOHFWXDO L 5HQGLPLHQWR DFDGpPLFR GHILQLGR FRPR HO QLYHO GH ORJUR TXH HO HVWXGLDQWH SXHGH REWHQHU HQ XQD DVLJQDWXUD HQ SDUWLFXODU R HQ OD PHGLD GH XQ FRQMXQWR GH HOODV (VWH KD VLGR HYDOXDGR D WUDYpV GH ODV QRWDV PHGLDV REWHQLGDV SRU ORV HVWXGLDQWHV HQ FDGD WULPHVWUH HQ ODV iUHDV LQVWUXPHQWDOHV &DVWHOODQR /HQJXD \ /LWHUDWXUD 9DOHQFLDQR /HQJXD \ /LWHUDWXUD\0DWHPiWLFDV 148 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3URFHGLPLHQWR 6HKDWHQLGRHQFXHQWDHQODVHOHFFLyQGHORVSDUWLFLSDQWHVORVFULWHULRVTXH DSXQWD&DQRHQVXHVWXGLRVREUHODVGLIHUHQFLDVHQHOXVRGHHVWUDWHJLDVGH DSUHQGL]DMHVHJ~QHOJpQHURSRUHOORVHKDQHVFRJLGRHOPLVPRQ~PHURGHDOXPQRV FKLFRV TXH FKLFDV HQ DPERV JUXSRV FRQ \ VLQ '$ WHQLHQGR HQ FXHQWD RWUDV FDUDFWHUtVWLFDV HGDG YDULDEOHV DIHFWLYRFRPSRUWDPHQWDOHV \ VLWXDFLyQ VRFLR IDPLOLDU D OR TXH KD D\XGDGR OD WXWRUD R WXWRU GH FDGD QLYHO HGXFDWLYR \ ODV RULHQWDGRUDVGHDPERV&HQWURVHGXFDWLYRV 7HQLHQGRHQFXHQWDTXHORVFXHVWLRQDULRVVHGHEtDQDSOLFDUHQHO&HQWUR\HQ KRUDVOHFWLYDVHQFRODERUDFLyQFRQORVWXWRUHV\EDMRODVXSHUYLVLyQGHORV-HIHVGH (VWXGLRV VH FRQVLGHUy TXH HO PHMRU PRPHQWR SDUD VX DGPLQLVWUDFLyQ IXHUD ODV IHFKDVGHILQDOGHHYDOXDFLyQGHOSULPHUWULPHVWUHHQODVTXH\DKDEtDQILQDOL]DGR ORVH[iPHQHVWHQLHQGRHQFXHQWDTXHQRVHUHDOL]DUtDQHQKRUDVVHJXLGDVDXQTXH VLSRGtDQVHUHQGtDVFRQWLQXRV\HQODVKRUDVOHFWLYDVTXHPiVEHQHILFLDUDQDFDGD JUXSRGHDOXPQRV5HOLJLyQeWLFD(G3OiVWLFD\9LVXDO\WXWRUtD(VWDGHFLVLyQIXH WRPDGDHQFRODERUDFLyQFRQHOHTXLSRGLUHFWLYR\WXWRUHVGHFDGDFHQWURHGXFDWLYR 7RGRV ORV HVWXGLDQWHV FRPSOHWDURQ GH IRUPD LQGLYLGXDO \ VLQ OtPLWH GH WLHPSR FDGD XQRGHORV FXHVWLRQDULRVHQWUHJDGRV /RV DOXPQRV TXH UHTXLULHURQ GH XQD DFODUDFLyQ GXUDQWH OD SUXHED OD UHFLELHURQ /RV WXWRUHV FRODERUDURQ HQ OD LGHQWLILFDFLyQGHORVDOXPQRVVLQ'$VLJXLHQGRORVFULWHULRVFLWDGRVDQWHULRUPHQWH 'DGRV ORV REMHWLYRV SURSXHVWRV HQ HVWH FDPSR GH OD LQYHVWLJDFLyQ UHODFLRQDGRV FRQ HO HVWXGLR GH ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV UHQGLPLHQWR DFDGpPLFR \ VX UHODFLyQ FRQ OD LPSOLFDFLyQ VRFLRIDPLOLDU HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHVGHDSUHQGL]DMHVHGHVFULEHDFRQWLQXDFLyQHOSURFHGLPLHQWRDVHJXLU 149 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3ULPHUR6HLQIRUPDDOHTXLSRGLUHFWLYRGHORVGLIHUHQWHV&HQWURVHGXFDWLYRV GH(GXFDFLyQ6HFXQGDULDS~EOLFR\FRQFHUWDGRGHORVREMHWLYRVGHODLQYHVWLJDFLyQ SDUD HOOR VH SHGLUi OD FRODERUDFLyQ GH ODV RULHQWDGRUDV GH ORV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ\HVSHFLDOLVWDVGH$WHQFLyQDOD'LYHUVLGDGDVtFRPRWXWRUHVGHFDGD QLYHOHGXFDWLYR 6HJXQGR(O&HQWURHGXFDWLYR,(6HODERUDXQDFDUWDSRUSDUWHGHOHTXLSR GLUHFWLYR FRQ ODV RULHQWDFLRQHV IDFLOLWDGDV SRU OD RULHQWDGRUD SUHYLD UHXQLyQ FRQMXQWD GLULJLGD D FDGD SDGUHPDGUH GH ORV DOXPQRV TXH YDQ D SDUWLFLSDU GH IRUPDYROXQWDULDHQODDGPLQLVWUDFLyQFROHFWLYDGHORVFXHVWLRQDULRV 7HUFHUR6HSURSRQHHQDPERV&HQWURVHGXFDWLYRVHQODUHXQLyQGHSULQFLSLR GH FXUVR OOHYDGD D FDER SRU ORV WXWRUHV FRQ ORV SDGUHVPDGUHV GH ORV DOXPQRV OD DGPLQLVWUDFLyQ FROHFWLYD GH ORV FXHVWLRQDULRV D FDGD IDPLOLD TXHVH UHDOL]D HQ HVH PLVPR PRPHQWR FRQ OD H[SOLFDFLyQ \ D\XGD GH ODV SVLFyORJDV GH FDGD &HQWUR HGXFDWLYR(QHVWDSULPHUDUHXQLyQODVRULHQWDGRUDVGHDPERV&HQWURVHGXFDWLYRV H[SOLFDQDORVSDGUHVHOREMHWRGHODLQYHVWLJDFLyQDOOHYDUDFDERGXUDQWHHVHFXUVR DFDGpPLFRVROLFLWDQGRVXFRODERUDFLyQYROXQWDULD\ODGHVXVKLMRV /RV SDGUHVPDGUHV TXH QR DVLVWHQ D HVWD UHXQLyQ GH LQLFLR GH FXUVR FXPSOLPHQWDQ GH IRUPD YROXQWDULD ORV FXHVWLRQDULRV HQ OD HQWUHJD GH QRWDV GHO SULPHUWULPHVWUHGHIRUPDLQGLYLGXDOL]DGDFRQODD\XGDGHFDGDWXWRUD &XDUWR 6H FRODERUD FRQ ORV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ GH DPERV &HQWURVHGXFDWLYRVHQODDGPLQLVWUDFLyQGHORVFXHVWLRQDULRVSDUDODHYDOXDFLyQGH ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV D ORV DOXPQRV FRQ \ VLQ 'LILFXOWDGHV GH $SUHQGL]DMHHQKRUDVGHWXWRUtDHVWDEOHFLGDV 4XLQWR /RV WXWRUHV IDFLOLWDQ FDGD WULPHVWUH ODV QRWDV REWHQLGDV SRU ORV DOXPQRV VHOHFFLRQDGRV HQ ODV iUHDV LQVWUXPHQWDOHV D ODV RULHQWDGRUDV GH ORV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ TXH VRQ IDFLOLWDGDV HQ IRUPDWR WDEOD D ILQDO GHO FXUVRDFDGpPLFREDMRODVXSHUYLVLyQ\FRODERUDFLyQGHORV-HIHVGH(VWXGLRV 150 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3DUD ILQDOL]DU VH SURFHGLy D IDFLOLWDULQIRUPDFLyQ FXDOLWDWLYD D FDGD FHQWUR HGXFDWLYRHQFRODERUDFLyQFRQHO(TXLSR'LUHFWLYRHO'HSDUWDPHQWRGH2ULHQWDFLyQ \ORVWXWRUHV(VWDLQIRUPDFLyQHVIDFLOLWDGDDSHWLFLyQGHORVSDGUHV\DOXPQRVGH FDGDFHQWURHODERUiQGRVHXQLQIRUPHHGXFDWLYRGHYDORUDFLyQFXDOLWDWLYDVREUHODV GLIHUHQWHV YDULDEOHV GH HVWXGLR H LQIRUPDQGR D SDGUHV \ DOXPQRV HQ WXWRUtD SHUVRQDOL]DGD 'LVHxR\DQiOLVLVGHGDWRV (OGLVHxRGHHVWDSURSXHVWDGHLQYHVWLJDFLyQHVH[SRVWIDFWRUHWURVSHFWLYRGH WLSR FRPSDUDWLYR HQWUH JUXSRV (VWH GLVHxR WDPELpQ HV FRQRFLGR FRPR GLVHxR GH HVWXGLRGHFDVRV\FRQWUROHV /D GLIHUHQFLD HQWUH HO JUXSR GH FDVRV \ HO JUXSR GH FRQWUROHV GHEH VHU ~QLFDPHQWH TXH HO SULPHU JUXSR GHEH SRVHHU OD FDUDFWHUtVWLFD TXH LQWHUHVD LQYHVWLJDU \ HO VHJXQGR FDUHFHU GH HOOD 3RU WDQWR DPERV JUXSRV GHEHQ VHU HTXLYDOHQWHVHQWRGRVORVGHPiVIDFWRUHV (Q HVWD LQYHVWLJDFLyQ OD FDUDFWHUtVWLFD TXH LQWHUHVD HVWXGLDU HV OD FRPSDUDFLyQ HQWUH DOXPQRV FRQ '$ \ VLQ '$ HQ HO XVR GH ODV HVWUDWHJLDV GH DSUHQGL]DMH PHWDV DFDGpPLFDV DXWRFRQFHSWR VRFLDOL]DFLyQ IDPLOLDU FDSDFLGDG LQWHOHFWXDO LPSOLFDFLyQ IDPLOLDU HQ ODV WDUHDV HGXFDWLYDV \ HO UHQGLPLHQWR DFDGpPLFR (O SURFHGLPLHQWR FRQVLVWH HQ FRPSDUDU XQ JUXSR GH VXMHWRV VHOHFFLRQDGRV SRUSRVHHUXQDGHWHUPLQDGDFDUDFWHUtVWLFDORVFDVRVFRQRWURJUXSRGHVXMHWRVTXH QR OD SRVHHQ ORV FRQWUROHV SHUR HVWD FDUDFWHUtVWLFD \D KD RFXUULGR GLVHxR UHWURVSHFWLYR (VWRV JUXSRV VH FRPSDUDQ FRQ UHVSHFWR D XQD VHULH GH SRVLEOHV YDULDEOHV LQGHSHQGLHQWHV TXH VH FRQVLGHUDQ UHOHYDQWHV SDUD OD DSDULFLyQ GH GLFKD 151 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FDUDFWHUtVWLFD &RPR WpFQLFDV GH DQiOLVLV VH HPSOHDQ DGHPiV GH ORV HVWDGtVWLFRV GHVFULSWLYRVODSUXHED WGHGLIHUHQFLDVGHPHGLDVSDUDJUXSRVLQGHSHQGLHQWHV\HO DQiOLVLV GLVFULPLQDQWH GH GRV JUXSRV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ DOXPQRVVLQGLILFXOWDGHVGHDSUHQGL]DMH (Q HVWH DQiOLVLV HO REMHWLYR HV KDOODU GH IRUPD FRQMXQWD ODV GLIHUHQFLDV VLJQLILFDWLYDVHQWUHORVDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQUHODFLyQD ODVYDULDEOHVGHHVWXGLRFRPRVRQDXWRFRQFHSWRPHWDVGHDSUHQGL]DMHHVWUDWHJLDV GH DSUHQGL]DMH VRFLDOL]DFLyQ IDPLOLDU LPSOLFDFLyQ GH ORV SDGUHV HQ HO SURFHVR HGXFDWLYRGHVXVKLMRV\UHQGLPLHQWRDFDGpPLFRHQODViUHDVLQVWUXPHQWDOHV (ODQiOLVLVGLVFULPLQDQWHHVODWpFQLFDHVWDGtVWLFDDSURSLDGDSDUDFRQWUDVWDU OD KLSyWHVLV GH TXH ODV PHGLDV GH ORV JUXSRV GH XQ FRQMXQWR GH YDULDEOHV LQGHSHQGLHQWHV SDUD GRV R PiV JUXSRV VRQ LJXDOHV 3DUD UHDOL]DU HVWR HO DQiOLVLV GLVFULPLQDQWH PXOWLSOLFD FDGD YDULDEOH LQGHSHQGLHQWH SRU VX FRUUHVSRQGLHQWH SRQGHUDFLyQ \ VXPD HVWRV SURGXFWRV (O UHVXOWDGR HV OD ~QLFD SXQWXDFLyQ = GLVFULPLQDQWHSDUD WRGRV ORV LQGLYLGXRV GHQWUR GH XQ JUXSRSDUWLFXODUREWHQHPRV OD PHGLD GHO JUXSR (VWD PHGLD HV FRQRFLGD FRPR FHQWURLGH FXDQGR HO DQiOLVLV HQJOREDGRVJUXSRVH[LVWHQGRVFHQWURLGHV (OFRQWUDVWHSDUDODVLJQLILFDFLyQHVWDGtVWLFDGHODIXQFLyQGLVFULPLQDQWHHV XQD PHGLD JHQHUDOL]DGD GH OD GLVWDQFLD HQWUH ORV FHQWURLGHV GH ORV JUXSRV 6H FDOFXODFRPSDUDQGRODVGLVWULEXFLRQHVGHODVSXQWXDFLRQHVGLVFULPLQDQWHVSDUDORV JUXSRV'HHVWDIRUPDVLHOVRODSDPLHQWRHQODGLVWULEXFLyQHVSHTXHxRODIXQFLyQ GLVFULPLQDQWHVHSDUDELHQORVJUXSRVSRUHOFRQWUDULRVLHOVRODSDPLHQWRHVJUDQGH ODIXQFLyQHVXQPDOGLVFULPLQDGRUHQWUHORVJUXSRV (O DQiOLVLV GLVFULPLQDQWH HV EDVWDQWH VHQVLEOH DO UDWLR HQWUH HO WDPDxR PXHVWUDO\HOQ~PHURGHYDULDEOHVSUHGLFWRUDV(QQXHVWUDLQYHVWLJDFLyQHOQ~PHUR GHSDUWLFLSDQWHVHVPD\RUTXHHOQ~PHURGHYDULDEOHVLQGHSHQGLHQWHVHVGHFLUORV JUXSRVH[FHGHQODVREVHUYDFLRQHV(VWDPXHVWUDVHVXEGLYLGHHQGRVPXHVWUDV 152 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO XQD XWLOL]DGD SDUD OD HVWLPDFLyQ GH OD IXQFLyQ GLVFULPLQDQWH \ RWUD FRQ ILQHV GH YDOLGDFLyQ (VWH WLSR GH WpFQLFD WDPELpQ QRV SHUPLWH H[DPLQDU ODV REVHUYDFLRQHV LQGLYLGXDOHVSRUVXSUHFLVLyQSUHGLFWLYDHLGHQWLILFDUHQFRQFUHWRODVREVHUYDFLRQHV PDOFODVLILFDGDV8QDYH]LGHQWLILFDGRVORVFDVRVPDOFODVLILFDGRVVHSXHGHOOHYDUD FDER XQ DQiOLVLV PiV H[WHQVR SDUD FRPSUHQGHU ODV UD]RQHV GH VX FODVLILFDFLyQ HUUyQHD'DGRHOLQWHUpVSRULQWHUSUHWDUODVYDULDEOHVLQGLYLGXDOHVTXHFXHQWDQFRQ VLJQLILFDFLyQ HVWDGtVWLFD \ SUiFWLFD VH LGHQWLILFDQ ODV YDULDEOHV TXH VRQ VLJQLILFDWLYDV HQ OD IXQFLyQ GLVFULPLQDQWH GH IRUPD TXH VH FRPSUHQGD OR TXH LQGLFDQODVPHGLDVGHORVJUXSRV 5HVXOWDGRV 5HVXOWDGRV 5HVXOWDGRV $QiOLVLVHVWDGtVWLFRGHVFULSWLYRGHORVFXHVWLRQDULRV $QiOLVLVHVWDGtVWLFRGHVFULSWLYRGHORVFXHVWLRQDULRV $QiOLVLVHVWDGtVWLFRGHVFULSWLYRGHORVFXHVWLRQDULRV $FRQWLQXDFLyQVHSUHVHQWDQORVUHVXOWDGRVGHORVDQiOLVLVGHVFULSWLYRVSDUD ORVUHVXOWDGRVREWHQLGRVHQFDGDFXHVWLRQDULR (QSULPHUOXJDUVHSUHVHQWDQORVHVWDGtVWLFRVGHVFULSWLYRVGHOFXHVWLRQDULR GHODXWRFRQFHSWR6'4,, 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGHORVtWHPVGH$XWRFRQFHSWR6'4,, &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 153 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 154 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 155 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, (QODWDEODHQFRQWUDPRVORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ WtSLFDGHORVtWHPVGHODHVFDODGH$XWRFRQFHSWR6'4,,SDUDDOXPQRVFRQ\VLQ GLILFXOWDGHVGHDSUHQGL]DMHDVtFRPRSDUDHOJUXSRFRPSOHWR/DSXQWXDFLyQGHORV VXMHWRVVLQGLILFXOWDGHVGHDSUHQGL]DMH'$KDVLGRVXSHULRUDODGHORVVXMHWRVFRQ '$HQODPD\RUSDUWHGHORVtWHPV \ (Q GH ORV tWHPV TXH FRPSRQHQ HO FXHVWLRQDULRORVDOXPQRVVLQ'$HYLGHQFLDQXQDPD\RUSXQWXDFLyQ 6HDSUR[LPDQPXFKRODVSXQWXDFLRQHVGHODVPHGLDVHQDPERVJUXSRVFRQ\ VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ORV VLJXLHQWHV tWHPV FRQ '$ VLQ'$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ'$VLQ'$tWHPFRQ'$VLQ'$HtWHPFRQ '$ VLQ '$ 'H HVWRV tWHPV HQ ORV TXH ODV PHGLDV GH DPERV JUXSRV HVWiQ FHUFDQRV ORV DOXPQRV FRQ '$ REWLHQHQ PD\RU SXQWXDFLyQ HQ ORV tWHPV \ (Q HO UHVWR GH tWHPV ORV DOXPQRV VLQ '$ REWLHQHQ PD\RU SXQWXDFLyQPHGLD\ 156 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGHODVVXEHVFDODVGH$XWRFRQFHSWR6'4,, &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHPiWLFDV 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHODFLRQHVSDUHVPLVPRVH[R 6'4,,UHODFLRQHVSDUHVVH[RRSXHVWR 6'4,,UHODFLRQHVFRQSDGUHV 6'4,,HVWDELOLGDGHPRFLRQDO 6'4,,DXWRFRQFHSWRJHQHUDO (Q OD WDEOD HQ OD TXH DSDUHFHQ ORV HVWDGtVWLFRV GHVFULSWLYRV GH ODV VXE HVFDODV GHO FXHVWLRQDULR GH $XWRFRQFHSWR VH REVHUYD TXH ORV DOXPQRV VLQ '$ PXHVWUDQPD\RUPHGLDTXHVXVLJXDOHVFRQ'$HQODVVLJXLHQWHVVXEHVFDODVYHUEDO FRQ '$ VLQ '$ KDELOLGDG ItVLFD FRQ '$ VLQ '$ PDWHPiWLFDV FRQ '$ VLQ '$ DFDGpPLFR FRQ '$ VLQ '$ \DXWRFRQFHSWRJHQHUDOFRQ'$VLQ'$ (Q FDPELR ORV DOXPQRV FRQ '$ REWLHQHQ PD\RU PHGLD HQ ODV VLJXLHQWHV VXEHVFDODV $SDULHQFLD ItVLFD FRQ '$ VLQ '$ KRQHVWLGDG FRQ '$ VLQ'$UHODFLRQHVSDUHVPLVPRVH[RFRQ'$VLQ'$ UHODFLRQHVSDUHVVH[RRSXHVWRFRQ'$VLQ'$UHODFLRQHVFRQSDGUHV FRQ '$ VLQ '$ \ HVWDELOLGDG HPRFLRQDO FRQ '$ VLQ '$ 157 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HSXHGHREVHUYDUTXHDOJXQDVPHGLDVVRQFDVLVLPLODUHVHQDPERVJUXSRV GH DOXPQRV FRQ \ VLQ 'LILFXOWDGHV GH DSUHQGL]DMHV \ HVWR VH REVHUYD HQ ODV VLJXLHQWHV VXEHVFDODV KRQHVWLGDG FRQ '$ VLQ '$ UHODFLRQHV FRQ SDGUHV FRQ '$ VLQ '$ \ HVWDELOLGDG HPRFLRQDOFRQ'$ VLQ '$ $FRQWLQXDFLyQVHSUHVHQWDQORVHVWDGtVWLFRVGHVFULSWLYRVGHODHVFDOD0HWDV $FDGpPLFDVHQ6HFXQGDULD&(0$,,\GHODVVXEHVFDODVTXHODFRPSRQHQ 7DEOD 'HVFULSWLYRVHVFDOD0HWDV$FDGpPLFDVHQ6HFXQGDULD&(0$,, &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 158 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QODWDEODHQFRQWUDPRVORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ WtSLFDSDUDORVtWHPVGHODHVFDOD0HWDV$FDGpPLFDVSDUDORVDOXPQRVFRQ'$\VLQ '$ DVtFRPR SDUD HO FRQMXQWR GH ODPXHVWUD/D PHGLD GHO JUXSR FRQ '$ KD VLGR VXSHULRUDOJUXSRVLQ'$HQORVtWHPV\ (QHOUHVWRORVDOXPQRVGHOJUXSRFRQ'$KDQREWHQLGRXQDPHGLDLQIHULRU HQORVVLJXLHQWHVtWHPV\ 1R KD\ QLQJ~Q YDORU GH OD PHGLD TXH VH UHSLWD HQ DPERV JUXSRV FRQ \ VLQ '$SHURVLKD\PHGLDVTXHVRQPX\SUy[LPDVHQDPERVJUXSRVHQORVtWHPVFRQ '$VLQ'$tWHPFRQ'$VLQ'$tWHPFRQ'$ VLQ'$HtWHPFRQ'$VLQ'$ (Q OD HVFDOD HO JUXSR FRQ '$ REWXYR XQD PHGLD GH '7 PLHQWUDVTXHHOJUXSRVLQ'$REWXYRXQDPHGLDGH'7 /DPHGLDGHO JUXSRWRWDOIXHGH'7 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGHODVVXEHVFDODVGH0HWDV$FDGpPLFDVHQ6HFXQGDULD &(0$,, &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 0HWDVDSUHQGL]DMH 0HWDVUHQGLPLHQWR FRQVHJXLUDSUREDFLyQ\HYLWDUUHFKD]R 0HWDVUHQGLPLHQWR REWHQHUEXHQDVFDOLILFDFLRQHV /RVHVWDGtVWLFRVGHVFULSWLYRVGHODVVXEHVFDODVWDEODLQGLFDQTXHHOJUXSR FRQ'$KDREWHQLGRXQDPHGLDVXSHULRUHQ0HWDUHQGLPLHQWRFRQVHJXLUDSUREDFLyQ \HYLWDUUHFKD]RFRQ'$VLQ'$ 159 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QHOUHVWRGHVXEHVFDODVHOJUXSRVLQ'$KDREWHQLGRXQDPHGLDVXSHULRUDO JUXSRGHDOXPQRVFRQ'$(VGHFLUHQODVXEHVFDOD0HWDVGHDSUHQGL]DMHHOJUXSR FRQ'$REWLHQHXQDPHGLDLQIHULRUDOJUXSRGHDOXPQRVVLQ'$FRQ'$'7 VLQ'$'7\HQODVXEHVFDOD0HWDVGHUHQGLPLHQWRREWHQFLyQ GH EXHQDV FDOLILFDFLRQHV HO JUXSR FRQ '$ PXHVWUD XQD SXQWXDFLyQ LQIHULRU HQ OD PHGLD FRQ UHVSHFWR DO JUXSR VLQ '$ FRQ '$ '7 VLQ '$ '7 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGHO&XHVWLRQDULR(VWUDWHJLDVGH$SUHQGL]DMH&($ &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ 160 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ 161 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ (QODHVFDODHOJUXSRFRQ'$KDREWHQLGRXQDPHGLDGH'7 \HO JUXSRVLQ'$GH'7 (OJUXSRWRWDOREWXYRXQDPHGLDGH'7 (QODWDEODVHHQFXHQWUDQORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ WtSLFDGHORVtWHPVGHO&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($(OJUXSR FRQ'$KDREWHQLGRXQDPHGLDVXSHULRUHQORVtWHPVFRQ'$'7VLQ '$'7tWHPFRQ'$'7VLQ'$'7tWHP FRQ '$ '7 VLQ '$ '7 tWHP FRQ '$ '7 VLQ '$ '7 tWHP FRQ '$ '7 VLQ '$ '7 HtWHPFRQ'$'7VLQ'$'7 162 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DPHGLDKDVLGRLJXDOHQORVtWHPVFRQ'$'7VLQ'$ '7tWHPFRQ'$'7VLQ'$'7HtWHPFRQ '$'7VLQ'$'7(QHOUHVWRGHtWHPVHOJUXSRVLQ'$KD REWHQLGRXQDPHGLDVXSHULRU 7DEOD (VFDODV\VXEHVFDODVGHO&XHVWLRQDULR(VWUDWHJLDVGH$SUHQGL]DMH&($ &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD (VFDODGH VHQVLELOL]DFLyQ 3HQVDPLHQWRFUtWLFR\ FUHDWLYR 5HFXSHUDFLyQ (VFDODGH SHUVRQDOL]DFLyQ 3ODQLILFDFLyQ\ HYDOXDFLyQ 5HJXODFLyQ 163 0GHO&DUPHQ*LUyQ&DOHUR (VFDODGH 0HWDFRJQLFLyQ 6XPDWRWDO&($ 7HVLV'RFWRUDO (QODWDEODVHHQFXHQWUDQODVPHGLDV\GHVYLDFLRQHVWtSLFDVGHODVHVFDODV \VXEHVFDODVGHO&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($(QOD(VFDODGH 6HQVLELOL]DFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD VXSHULRU DO JUXSR FRQ'$ FRQ '$ VLQ '$ (Q ODV VXEHVFDODV GH 6HQVLELOL]DFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD LQIHULRU HQ $FWLWXG FRQ '$ VLQ '$ \ VXSHULRUHQHOUHVWR (OJUXSRVLQ'$WDPELpQKDREWHQLGRXQDPHGLDVXSHULRUDOJUXSRFRQ'$ HQOD(VFDODGH(ODERUDFLyQFRQ'$VLQ'$DVtFRPRHQFDGDXQDGH ODVVXEHVFDODV (Q OD (VFDOD GH 3HUVRQDOL]DFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD VXSHULRUDOJUXSRFRQ'$FRQ'$VLQ'$DVtFRPRHQFDGDXQDGH ODVVXEHVFDODV (Q OD (VFDOD GH 0HWDFRJQLFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD VXSHULRU DO JUXSR FRQ '$ FRQ '$ VLQ '$ DO LJXDO TXH HQ ODV VXEHVFDODV (QHOWRWDOGHOFXHVWLRQDULRGHHVWUDWHJLDVGHDSUHQGL]DMHHOJUXSRVLQ'$KD REWHQLGRXQDPHGLDVXSHULRUDOJUXSRFRQ'$ 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGH)$&(6,, &RQ'$ 0HGLD '7 0HGLD '7 0HGLD '7 UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP 164 6LQ'$ 7RWDO 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP (QODWDEODVHHQFXHQWUDQORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ WtSLFD GH ORV tWHPV GH OD HVFDOD GH FRKHVLyQ \ DGDSWDELOLGDG IDPLOLDU )$&(6 ,, SDUD OD PXHVWUD FRPSOHWD \ SDUD HO JUXSR FRQ '$ \ VLQ '$ (O JUXSR FRQ '$ KD REWHQLGR XQD PHGLD VXSHULRU HQ ORV tWHPV FRQ '$ VLQ '$ tWHP FRQ'$VLQ'$tWHPFRQ'$VLQ'$tWHPFRQ'$ VLQ'$tWHPFRQ'$VLQ'$tWHPFRQ'$VLQ '$HtWHP&RQ'$VLQ'$(QHOUHVWRGHtWHPV HOJUXSRVLQ'$KDREWHQLGRXQDPHGLDVXSHULRU 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGHHVFDODVGH)$&(6,, &RQ'$ 0HGLD '7 0HGLD '7 0HGLD '7 )$&(6&RKHVLyQ )$&(6$GDSWDELOLGDG 6XPD)$&(6 165 6LQ'$ 7RWDO 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QODHVFDODGH&RKHVLyQ)DPLOLDUHOJUXSRFRQ'$KDREWHQLGRXQDPHGLD VXSHULRUDOJUXSRVLQ'$FRQ'$VLQ'$(QODHVFDOD$GDSWDELOLGDG HOJUXSRFRQ'$KDREWHQLGRXQDPHGLDLQIHULRUDOJUXSRVLQ'$FRQ'$VLQ '$/DVXPD)$&(6HVLQIHULRUHQHOJUXSRFRQ'$TXHHQHOJUXSRVLQ'$ FRQ'$VLQ'$ 7DEOD (VWDGtVWLFRVGHVFULSWLYRV6RFLDOL]DFLyQ)DPLOLDU62& &RQ'$ 6LQ'$ 0HGLD '7 0HGLD '7 0HGLD 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 166 7RWDO '7 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 62& 62& 62& 62& 62& 62& (Q OD WDEOD VH HQFXHQWUDQ ORV HVWDGtVWLFRV GHVFULSWLYRV PHGLD \ GHVYLDFLyQWtSLFDGHORVtWHPVGHODHVFDODGH6RFLDOL]DFLyQ)DPLOLDUSDUDHOJUXSR FRPSOHWR \ SDUD ORV JUXSRV FRQ '$ \ VLQ '$ (O JUXSR FRQ '$ KD REWHQLGR XQD PHGLDVXSHULRUHQORVtWHPV (QHOUHVWRGHtWHPV\ODPHGLDKDVLGRVXSHULRUSDUD HOJUXSRVLQ'$/RVDOXPQRVFRQ'$\VLQ'$PXHVWUDQODPLVPDSXQWXDFLyQHQ ODPHGLDHQHOtWHPFRQ'$VLQ'$ 7DEOD (VWDGtVWLFRVGHVFULSWLYRVVXEHVFDODV6RFLDOL]DFLyQ)DPLOLDU62& &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ (Q ODV VXEHVFDODV WDEOD HO JUXSR FRQ '$ KD REWHQLGR XQD PHGLD VXSHULRUDOJUXSRVLQ'$HQWRGRVORVFDVRV\HQHOWRWDOGHODHVFDOD/DPHGLDPiV DOWDHQWUHDPERVJUXSRVFRQ\VLQ'$FRPSDUiQGRODFRQHOUHVWRGHVXEHVFDODVKD VLGRHQODVXEHVFDODDSR\RFRQ'$VLQ'$ 167 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD (VWDGtVWLFRV GHVFULSWLYRV &XHVWLRQDULR GH ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORVSDGUHV &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP (Q OD WDEOD VH HQFXHQWUDQ ORV HVWDGtVWLFRV GHVFULSWLYRV PHGLD \ GHVYLDFLyQWtSLFDGHODHVFDOD,PSOLFDFLyQ)DPLOLDUSHUFLELGDSRUORVSDGUHVSDUDHO JUXSRFRPSOHWRDOXPQRVFRQ'$\VLQ'$(OJUXSRFRQ'$KDREWHQLGRXQDPHGLD VXSHULRUHQORVtWHPVFRQ'$VLQ'$FRQ'$VLQ'$ FRQ'$VLQ'$FRQ'$VLQ'$FRQ'$VLQ '$ FRQ'$ VLQ'$ FRQ'$ VLQ '$ FRQ 168 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO '$VLQ'$FRQ'$VLQ'$FRQ'$VLQ'$ FRQ'$VLQ'$FRQ'$VLQ'$\FRQ'$ VLQ'$(QHOUHVWRGHtWHPV\ODPHGLDGHOJUXSR VLQ'$KDVLGRVXSHULRU/DVSXQWXDFLRQHVGHODVPHGLDVHQWUHDPERVJUXSRVFRQ\ VLQ '$ KDQ VLGR PX\ VLPLODUHV HQ ORV VLJXLHQWHV tWHPV FRQ '$ VLQ '$ tWHPFRQ'$VLQ'$HtWHPFRQ'$VLQ'$ $ FRQWLQXDFLyQVHSUHVHQWDQ ORV HVWDGtVWLFRV GHVFULSWLYRV GH ODV VXEHVFDODV GHLPSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVSDGUHVGHDOXPQRVFRQ\VLQ'$ 7DEOD (VWDGtVWLFRV GHVFULSWLYRV VXEHVFDODV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGDSRUORVSDGUHV &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 ,PSOLF)DP3DGUHVSHUFHSFLyQ GHD\XGD ,PSOLF)DP3DGUHV H[SHFWDWLYDVDFDGpPLFDV ,PSOLF)DP3DGUHV\ UHODFLRQHVFRQHO&HQWUR ,PSOLF)DP3DGUHV\WLHPSR GHRUJDQL]DFLyQ 6XPD,PSOLFDFLyQ)DPLOLDU SDGUHV (Q ODV VXEHVFDODV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV SDGUHV HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD VXSHULRU HQ OD VXEHVFDOD ,PSOLFDFLyQ IDPLOLDU GH ORV SDGUHV H[SHFWDWLYDV DFDGpPLFDV FRQ '$ '7 VLQ '$ '7 (O UHVWR GH VXEHVFDODV PXHVWUDQ ORV VLJXLHQWHV UHVXOWDGRV3HUFHSFLyQGHD\XGDHQODVWDUHDVDFDGpPLFDVFRQ'$'7 VLQ '$ '7 UHODFLRQHV FRQ HO &HQWUR FRQ '$ '7 VLQ 169 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO '$ '7 \ WLHPSR GH RUJDQL]DFLyQ FRQ '$ '7 VLQ '$ VLQ '7 (Q JHQHUDO OD PHGLD GHO JUXSR FRQ '$ KD VLGR VXSHULRU D H[FHSFLyQGHODSXQWXDFLyQREWHQLGDHQODVXEHVFDODH[SHFWDWLYDVDFDGpPLFDVFRPR VHKDFRPHQWDGRDQWHULRUPHQWH 7DEOD (VWDGtVWLFRV GHVFULSWLYRV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORVDOXPQRV &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF 170 '7 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QODWDEODVHPXHVWUDQORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ WtSLFD GH OD HVFDOD GH ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV DOXPQRV SDUD HO JUXSR WRWDO SDUD HO JUXSR FRQ'$ \ HO JUXSR VLQ '$ (O SULPHUR KD REWHQLGR XQD PHGLDVXSHULRUHQORVtWHPVFRQ'$'7tWHPFRQ'$'7 VLQ'$'7tWHPFRQ'$'7VLQ'$'7 tWHPFRQ'$'7VLQ'$'7tWHPFRQ'$ '7\$PERVJUXSRVKDQREWHQLGRODPLVPD PHGLDHQHOtWHP(QHOUHVWRHOJUXSRVLQ'$KDREWHQLGRXQDPHGLDVXSHULRU 7DEOD (VWDGtVWLFRV GHVFULSWLYRV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORVDOXPQRV &RQ'$ 6LQ'$ 7RWDO 0HGLD '7 0HGLD '7 0HGLD '7 GH OD UHODFLyQ GH VXV SDGUHV ,PSOLF $OXPQRV SHUFHSFLyQ GHD\XGDHGXFDWLYD ,PSOLF $OXPQRV H[SHFWDWLYDVDFDGpPLFDV ,PSOLF $OXPQRV SHUFHSFLyQ FRQHO&HQWUR ,PSOLF $OXPQRV GHO WLHPSR \ODRUJDQL]DFLyQHGXFDWLYD 6XPD WRWDO DOXPQRV LPSOLFDFLyQ (Q ODV VXEHVFDODV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV DOXPQRV ORV DOXPQRV VLQ '$ WLHQHQ XQD SHUFHSFLyQ PD\RU GH OD LPSOLFDFLyQ IDPLOLDUHQODVXEHVFDODH[SHFWDWLYDVDFDGpPLFDVFRQ'$'7VLQ'$ '7 171 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RVDOXPQRVFRQ'$REWLHQHQPD\RUSXQWXDFLyQHQODPHGLDHQODVXEHVFDOD SHUFHSFLyQGHODD\XGDGHVXVSDGUHVHQODVWDUHDVDFDGpPLFDVHQFRPSDUDFLyQFRQ VLQ LJXDOHV VLQ '$ FRQ '$ '7 VLQ '$ '7 HQ OD VXEHVFDODSHUFHSFLyQGHODUHODFLyQGHVXVSDGUHVFRQHO&HQWURFRQ'$'7 VLQ '$ '7 \ HQ OD SHUFHSFLyQ GHO WLHPSR \ RUJDQL]DFLyQ HGXFDWLYDFRQ'$'7VLQ'$'7 /RV DOXPQRV FRQ '$ REWLHQHQ PD\RU SXQWXDFLyQ HQ OD VXPD WRWDO HQ ODV VXEHVFDODV TXH FRPSRQHQ HO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV DOXPQRVFRQ'$'7VLQ'$'7 7DEOD (VWDGtVWLFRVGHVFULSWLYRVGH5HQGLPLHQWR$FDGpPLFR &RQ'$ 0HGLD 5HQGLPLHQWRDFDGpPLFRHQHOiUHD '7 6LQ'$ 0HGLD 7RWDO '7 0HGLD '7 0DWHPiWLFDV3ULPHU7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD &DVWHOODQR/HQJXD\/LWHUDWXUD 3ULPHU7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD 9DOHQFLDQR/HQJXD\/LWHUDWXUD HQHO3ULPHU7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD 0DWHPiWLFDV7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD &DVWHOODQR/HQJXD\/LWHUDWXUD 7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD 9DOHQFLDQR/HQJXD\/LWHUDWXUD 7ULPHVWUH 172 0GHO&DUPHQ*LUyQ&DOHUR 5HQGLPLHQWRDFDGpPLFRHQHOiUHD 7HVLV'RFWRUDO 0DWHPiWLFDV7HUFHU7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD &DVWHOODQR/HQJXD\/LWHUDWXUD 7HUFHU7ULPHVWUH 5HQGLPLHQWRDFDGpPLFRHQHOiUHD GH9DOHQFLDQR/HQJXD\ /LWHUDWXUD7HUFHU7ULPHVWUH (Q OD WDEOD VH PXHVWUD TXH ODV PHGLDV GHORV DOXPQRV VLQ '$VRQ PiV DOWDV HQ ODV iUHDV LQVWUXPHQWDOHV HQ ORV WUHV WULPHVWUHV VREUH WRGR VH PXHVWUDQ PD\RUHVGLIHUHQFLDVHQODVPHGLGDVHQDPERVJUXSRV\HQORVWUHVWULPHVWUHVHQHO iUHD LQVWUXPHQWDO 9DOHQFLDQR /HQJXD \ /LWHUDWXUD SULPHU WULPHVWUH &RQ '$ VLQ'$VHJXQGRWULPHVWUHFRQ'$VLQ'$WHUFHUWULPHVWUH FRQ'$VLQ'$ (Q FXDQWR D OD SXQWXDFLyQ REWHQLGD HQ OD SUXHED GH LQWHOLJHQFLD OD PHGLD GHOJUXSRFRPSOHWRHQ&,HV'7 (OJUXSRFRQ'$KDREWHQLGRXQD PHGLD GH '7 PLHQWUDV TXH OD PHGLD GHO JUXSRVLQ '$ KD VLGR GH '7 FRPRVHGHWDOODHQODVWDEODV\ $FRQWLQXDFLyQVHPXHVWUDHQIRUPDGHWDEODODPHGLD\ODGHVYLDFLyQWtSLFD SDUDDPERVJUXSRVGHDOXPQRVFRQ\VLQ'LILFXOWDGHVGH$SUHQGL]DMH 7DEOD 0HGLDGHO&,HQDOXPQRVFRQ'LILFXOWDGHVGH$SUHQGL]DMH 1 0HGLD 'HVYWtS &, 1YiOLGRVHJ~QOLVWD 173 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD 0HGLDGHO&,HQDOXPQRVVLQ'LILFXOWDGHVGH$SUHQGL]DMH 1 0HGLD 'HVYWtS &, 1YiOLGRVHJ~QOLVWD $QiOLVLV'LIHUHQFLDOHV $QiOLVLV'LIHUHQFLDOHV $FRQWLQXDFLyQVHPXHVWUDQORVUHVXOWDGRVGHODSUXHED W6WXGHQWSDUDFDGD XQRGHORVFXHVWLRQDULRVDSOLFDGRVHQHVWDLQYHVWLJDFLyQ (Q SULPHU OXJDU VH SUHVHQWDQ ORV GDWRV GHO &XHVWLRQDULR $XWRQFRQFHSWR 6'4,,UHFRJLGRVHQODWDEOD 7DEOD 3UXHEDW&XHVWLRQDULR$XWRFRQFHSWR$FDGpPLFR6'4,, &RQ'$ 6LQ'$ 0HGLD '7 0HGLD '7 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHPiWLFR 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHODFLRQHVSDUHVGHO 6'4,,UHODFLyQFRQSDGUHV 6'4,,HVWDELOLGDGHPRFLRQDO 6'4,,DXWRFRQFHSWRJHQHUDO W S PLVPRVH[R 6'4,,UHODFLRQHVSDUHVVH[R RSXHVWR S 174 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q OD SUXHED 6'4,, HO JUXSR GH QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH KD REWHQLGR XQD PHGLD VXSHULRU D ORV QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ODV HVFDODV YHUEDO W S PDWHPiWLFR W S DFDGpPLFR W S \ DXWRFRQFHSWR JHQHUDO W S (Q HO UHVWR GH HVFDODV QR VH KDQ REVHUYDGR GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDVHQWUHDPERVJUXSRV $ FRQWLQXDFLyQ HQ OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GH OD SUXHED W 6WXGHQWREWHQLGRVHQHO&XHVWLRQDULR0HWDV$FDGpPLFDV&(0$ 7DEOD 3UXHEDW&XHVWLRQDULR0HWDV$FDGpPLFDVHQ6HFXQGDULD&(0$,, &RQ'$ 6LQ'$ 0HGLD '7 0HGLD '7 W S 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR S /RV UHVXOWDGRV GH ODV SUXHEDV W GH 6WXGHQW SDUD PXHVWUDV LQGHSHQGLHQWHV LQGLFDQ TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH KDQ REWHQLGR ODV PLVPDV SXQWXDFLRQHV TXH ORV VXMHWRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ODV VXEHVFDODV GHO &XHVWLRQDULR0HWDV$FDGpPLFDV $ FRQWLQXDFLyQ VH SUHVHQWD OD WDEOD FRQ ORV UHVXOWDGRV GH OD SUXHED W 6WXGHQWSDUDHO&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($ 175 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD 3UXHEDW&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($ &RQ'$ 6LQ'$ 0HGLD '7 0HGLD '7 W S 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQV&UtWLFR\ 5HFXSHUDFLyQ (VFDODGH 3ODQLILFDFLyQ 5HJXODFLyQ (VFDODPHWDFRJQLFLyQ 6XPDWRWDO&($ FUHDWLYLGDG SHUVRQDOL]DFLyQ S /DVSUXHEDVWGH6WXGHQWLQGLFDQTXHODSXQWXDFLyQHQFRQWUROHPRFLRQDOGH ORV QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HV VXSHULRU D DTXHOORV TXH WLHQHQ GLILFXOWDGHVGHDSUHQGL]DMHW S 7DPELpQVHKDREVHUYDGRXQD SXQWXDFLyQ VXSHULRU GH ORV QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ODV HVFDOD GH UHJXODFLyQW S \PHWDFRJQLFLyQW S (Q HO UHVWR GH HVFDODV QR VH KDQ HQFRQWUDGR GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDVHQWUHDPERVJUXSRV 176 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $ FRQWLQXDFLyQ VH PXHVWUDQ ORV UHVXOWDGRV SDUD OD SUXHED W 6WXGHQW REWHQLGRVHQHO&XHVWLRQDULR)$&(6,, 7DEOD 3UXHEDW&XHVWLRQDULR)$&(6,, &RQ'$ 6LQ'$ 0HGLD '7 0HGLD '7 W S )$&(6&RKHVLyQ )$&(6 $GDSWDELOLGDG 6XPD)$&(6 S 1R VH KDQ HQFRQWUDGR GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQWUH ORV JUXSRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQODVHVFDODV)$&(6,, (Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GH OD SUXHED W 6WXGHQW SDUD HO &XHVWLRQDULR62&6RFLDOL]DFLyQIDPLOLDU 7DEOD 3UXHEDW&XHVWLRQDULR6RFLDOL]DFLyQ)DPLOLDU62& &RQ'$ 0HGLD '7 6LQ'$ 0HGLD W '7 S 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ S 1RVHKDQKDOODGRGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHHOJUXSR FRQGLILFXOWDGHVGHDSUHQGL]DMH\VLQGLILFXOWDGHVHQQLQJXQDGHODVHVFDODV62& 177 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GH OD SUXHED W SDUD HO FXHVWLRQDULR,PSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVSDGUHV 7DEOD 3UXHEDW&XHVWLRQDULR,PSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVSDGUHV &RQ'$ '7 6LQ'$ 0HGLD W '7 S 0HGLD ,PSOLF)DP3DGUHV ,PSOLF)DP3DGUHVUHODFLyQ SHUFHSFLyQGHD\XGD ,PSOLF)DPSDGUHV H[SHFWDWLYDV FRQHOFHQWUR ,PSOLF)DP3DGUHVWLHPSR GHRUJDQL]DFLyQ 6XPDWRWDOLPSOLF)DP SDGUHV S /DV SUXHEDV W GH 6WXGHQW LQGLFDQ TXH H[LVWH XQD DVRFLDFLyQ VLJQLILFDWLYD HQWUHODVGLILFXOWDGHVGHDSUHQGL]DMH\ODHVFDODGH H[SHFWDWLYDV W S (OJUXSRVLQGLILFXOWDGHVGHDSUHQGL]DMHKDREWHQLGRXQDPHGLDVXSHULRU $ FRQWLQXDFLyQ VH PXHVWUDQ HQ OD WDEOD ORV UHVXOWDGRV GH OD SUXHED W 6WXGHQWSDUDHO&XHVWLRQDULRGH,PSOLFDFLyQ)DPLOLDUSHUFLELGDSRUORVDOXPQRV 178 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD 3UXHEDW&XHVWLRQDULR,PSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVDOXPQRV &RQ'$ 6LQ'$ '7 0HGLD '7 W S 0HGLD ,PSOLF)DP$OXP SHUFHSFLyQGHD\XGD ,PSOLF)DP$OXP ([SHFWDWLYDV ,PSOLF)DP$OXP 5HODFLyQFRQHO&HQWUR ,PSOLF)DP$OXP 7LHPSRGHRUJDQL]DFLyQ 6XPDWRWDOLPSOLFDFLyQ IDPLOLDU S (Q HO DQiOLVLV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV DOXPQRVVHKDQKDOODGRGLIHUHQFLDVVLJQLILFDWLYDVHQIXQFLyQGHODVGLILFXOWDGHVGH DSUHQGL]DMHHQ UHODFLyQFRQHOFHQWUR W S VLHQGRODPHGLDGH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VXSHULRU DVt FRPR HQ WLHPSR GH RUJDQL]DFLyQ W S GRQGH OD PHGLD GH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH WDPELpQ HV VXSHULRU 3RU ~OWLPR HQ OD WDEOD VH PXHVWUDQORVUHVXOWDGRVGHODSUXHED W6WXGHQWSDUDHOUHQGLPLHQWRDFDGpPLFR\HO &, 179 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD 3UXHEDW5HQGLPLHQWRHVFRODU\&, &RQ'$ 6LQ'$ 0HGLD '7 0HGLD '7 W S 0HGLD0DWHPiWLFDV 0HGLD&DVWHOODQR 0HGLD9DOHQFLDQR &, S 5HVSHFWR DO UHQGLPLHQWR HVFRODU ODV SUXHEDV W GH 6WXGHQW LQGLFDQ TXH ORV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH KDQ REWHQLGR XQ UHQGLPLHQWR VXSHULRU HQ PDWHPiWLFDV W S FDVWHOODQR W S \ YDOHQFLDQR W S /D PHGLD GH HVWH JUXSR WDPELpQ KD VLGR VXSHULRUHQ&,W S $QiOLVLV'LVFULPLQDQWH $QiOLVLV'LVFULPLQDQWH $QiOLVLV'LVFULPLQDQWH &RQ HO REMHWLYR GH HVWDEOHFHU XQ PRGHOR SDUD SURQRVWLFDU HO JUXSR GH SHUWHQHQFLDFRQ '$VLQ '$VH KD UHDOL]DGRXQ DQiOLVLVGLVFULPLQDQWHGRQGH OD YDULDEOH GHSHQGLHQWH HV *UXSR \ ODV YDULDEOHV LQGHSHQGLHQWHV LQLFLDOPHQWH KDQ VLGR 0HWDV GH DSUHQGL]DMH PHWDDSUHQGL]DMH 0HWDV GH UHQGLPLHQWR FRQVHJXLU DSUREDFLyQ \ HYLWDU UHFKD]R PHWDUHQGLPLHQWR 0HWDV GH UHQGLPLHQWR REWHQHU EXHQDV FDOLILFDFLRQHV PHWDUHQGLPLHQWR ,PSOLFDFLyQ )DPLOLDU DOXPQRV SHUFHSFLyQ GH D\XGD ,PSIDPDOXPSHUFSGD\ ,PSOLFDFLyQ )DPLOLDU DOXPQRV H[SHFWDWLYDV DFDGpPLFDV ,PSIDPDOXPH[SHFW ,PSOLFDFLyQ )DPLOLDU DOXPQRV \ UHODFLRQHV FRQ HO &HQWUR ,PSIDPDOXPUHOFHQW ,PSOLFDFLyQ )DPLOLDU DOXPQRV \ WLHPSR GH RUJDQL]DFLyQ ,PSIDPDOXPWLHPSRUJ 62& DSR\R 62& FDVWLJR 62& VREUHSURWHFFLyQ 62& UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWURO HPRFLRQDO (ODERUDFLyQ2UJDQL]DFLyQ6HOHFFLyQ6HOHFF7UDQVIHUHQFLD3HQVDPLHQWRFUtWLFR\ FUHDWLYR 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 180 3ODQLILFDFLyQ \ (YDOXDFLyQ 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,, YHUEDO 6'4,, KDELOLGDGHV ItVLFDV 6'4,, PDWHV6'4,,DFDGpPLFR6'4,,DFDG6'4,,DSDULHQFLDItVLFD6'4,,DSDUItVLFD 6'4,, KRQHVWLGDG 6'4,, 6'4,,UHOSDUHVPVH[ UHODFLRQHV 6'4,, GH UHODFLRQHV SDUHV SDUHV GHO GH PLVPR VH[R VH[R RSXHVWR 6'4,,UHOSDUHVVH[RS 6'4,, UHODFLRQHV FRQ SDGUHV 6'4,,UHOFRQSDGUHV 6'4,, HVWDELOLGDG HPRFLRQDO 6'4,,DXWRFJHQ 6'4,,HVWHPRFLRQDO ,PSOLFDFLyQ )DPLOLDU 6'4,, SDGUHV DXWRFRQFHSWR SHUFHSFLyQ GH JHQHUDO D\XGD ,PSOIDPSDGSHUFD\ ,PSOLFDFLyQ )DP LOLDU SDGUHV H[SHFWDWLYDV DFDGpPLFDV ,PSOIDPSDGH[S ,PSOLFDFLyQ )DPLOLDU SDGUHV \ UHODFLRQHV FRQ HO &HQWUR ,PSOIDPSDGUHOFHQW ,PSOLFDFLyQ )DPLOLDU DOXPQRV \ WLHPSR GH RUJDQL]DFLyQ ,PSOIDPSDGWLHPRUJ )$&(6 &RKHVLyQ )$&(6&RK )$&(6 $GDSWDELOLGDG )$&(6$GDS\&RFLHQWH,QWHOHFWXDO&, &RQHOILQGHVLPSOLILFDUHOPRGHORILQDO\GDGRHODOWRQ~PHURGHYDULDEOHV SUHGLFWRUDV H[LVWHQWHV VH KD DSOLFDGR XQ SURFHGLPLHQWR GH VHOHFFLyQ GH YDULDEOHV SDVR D SDVR HQ HO TXH ODV YDULDEOHV QR VH LQFOX\HQ GH IRUPD VLPXOWiQHD VL QR GH XQD HQ XQD VHJ~Q VX FDSDFLGDG GLVFULPLQDWRULD +DLU HW DO /DV YDULDEOHV LQWURGXFLGDVHQHOPRGHOR WDEODVRQHOFRFLHQWHLQWHOHFWXDO&,OD,PSOLFDFLyQ IDPLOLDU DOXPQRV WLHPSR GH RUJDQL]DFLyQ GH WDUHDV DFDGpPLFDV ,PSOLF)DP$OXPWLHPSRGHRUJDQL]DXWRFRQFHSWRDFDGpPLFR6'4,,DFDGpPLFR \5HJXODFLyQORVHVWDGtVWLFRV/DPEGDGH:LONV\VXDSUR[LPDFLyQD)LQGLFDQTXH HVWDVFXDWURYDULDEOHVVRQVLJQLILFDWLYDVSDUDSURQRVWLFDUHOJUXSRGHSHUWHQHQFLD 7DEOD 9DULDEOHVLQWURGXFLGDVHQHOPRGHORHVWDGtVWLFR/DPEGDGH:LONV\SUXHED) ,QWURGXFLGDV (VWDG JO JO JO )H[DFWD (VWDG JO JO S &, ,PSOLF)DP $OXPQRV WLHPSRGH 2UJDQL]DFLyQ 181 0GHO&DUPHQ*LUyQ&DOHUR 6'4,, 7HVLV'RFWRUDO DFDGpPLFR 5HJXODFLyQ /DVSUXHEDVGHGLIHUHQFLDGHPHGLDVSDUDHVWDVFXDWURYDULDEOHVSUHGLFWRUDV KDQUHVXOWDGRHVWDGtVWLFDPHQWHVLJQLILFDWLYDVDOQLYHOGHVLJQLILFDFLyQGHOWDEOD (Q HO FDVR GHO &, HO DOXPQDGR VLQ '$ PXHVWUD XQD SXQWXDFLyQPHGLD PD\RU TXH HO DOXPQDGR FRQ '$ /D LPSOLFDFLyQ IDPLOLDU HQ OD RUJDQL]DFLyQGHOWLHPSRHVPD\RUHQHOFDVRGHODOXPQDGRFRQ'$TXHHQHO DOXPQDGR VLQ '$ &RQ OD UHJXODFLyQ VXFHGH OR FRQWUDULR HVWR HV HO DOXPQDGR FRQ '$ PXHVWUD XQD PHGLD PHQRU TXH HO DOXPQDGR VLQ '$ 0LHQWUDV TXH HO DXWRFRQFHSWR DFDGpPLFR GHO DOXPQDGR FRQ '$ HV PHQRU TXHHOGHODOXPQDGRVLQ'$ 7DEOD (VWDGtVWLFRVSRUJUXSR\SUXHEDVGHGLIHUHQFLDGHPHGLDV &RQ'$ 6LQ'$ 0HGLD 'HVY 0HGLD WtS 3UXHEDGHLJXDOGDGGHPHGLDV 'HVY /DPEGDGH )JOJO WtS S :LONV &, ,PSOLF 5HJXODFLyQ 6'4,, )DP $OXPQRV WLHPSRGH RUJDQL]DFLyQ DFDGpPLFR /D SUXHED GH %R[ LQGLFD TXH ODV PDWULFHV GH FRYDULDQ]DV SREODFLRQDOHV GH DPERV JUXSRV VRQ LJXDOHV WDEOD OR FXDO HVWi GH DFXHUGR FRQ XQR GH ORV VXSXHVWRVPiVLPSRUWDQWHVHQHOHPSOHRGHODQiOLVLVGLVFULPLQDQWHXQDYH]TXHOD 182 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO IDOWDGHFXPSOLPLHQWRGHHVWHVXSXHVWRSXHGHDIHFWDUQHJDWLYDPHQWHHOSURFHVRGH FODVLILFDFLyQ 7DEOD 3UXHEDGH%R[ 0GH%R[ ) $SUR[ JO JO S /RV FRHILFLHQWHV HVWDQGDUL]DGRV GH OD IXQFLyQ GLVFULPLQDQWH FDQyQLFD VH SUHVHQWDQHQOD WDEOD3DUDHVWDEOHFHUODLPSRUWDQFLDUHODWLYDGHFDGDYDULDEOH HQODGLVFULPLQDFLyQGHORVJUXSRVVHFDOFXODORVFRHILFLHQWHVHVWDQGDUL]DGRVGHOD IXQFLyQ GLVFULPLQDQWH FDQyQLFD /D YDULDEOH TXH PiV FRQWULEX\H D GLVFULPLQDU HQWUH DPERV JUXSRV HV HO &, VHJXLGD GH OD LPSOLFDFLyQ IDPLOLDU HQ OD RUJDQL]DFLyQGHOWLHPSRGHORVDOXPQRVHQHVWHFDVRFRQVLJQRQHJDWLYROR TXH LQGLFD TXH HV PHQRU OD LPSOLFDFLyQ IDPLOLDU HQ HO FDVR GH DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH VLQ '$ $ FRQWLQXDFLyQ HQWUDQ HQ OD HFXDFLyQ ODV YDULDEOHVGHDXWRFRQFHSWRDFDGpPLFR\UHJXODFLyQ 7DEOD &RHILFLHQWHVHVWDQGDUL]DGRVGHODIXQFLyQGLVFULPLQDQWHFDQyQLFD )XQFLyQ ,PSOLFDFLyQIDPLOLDUDOXPQRVWLHPSRGHRUJDQL]DFLyQ 5HJXODFLyQ 6'4,,DFDGpPLFR &, 183 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DIXQFLyQGLVFULPLQDQWHFRQORVFRHILFLHQWHVHVWDQGDUL]DGRVHVODVLJXLHQWH '$ ,PSIDPDOXPWLHPSRUJ5HJXODFLyQ6'4,,DFDG&, 0LHQWUDVTXHODIXQFLyQGLVFULPLQDQWHFRQORVFRHILFLHQWHVQRHVWDQGDUL]DGRVHV OD VLJXLHQWH'$ ,PSIDPDOXPWLHPSRUJ 5HJXODFLyQ 6'4,,DFDG&, (Q OD WDEOD VH SUHVHQWDQ ORV FRHILFLHQWHV GH FRUUHODFLyQ R FDUJDV GH ODV IXQFLRQHV FDQyQLFDV GLVFULPLQDQWHV WDPELpQ GHQRPLQDGD PDWUL] GH HVWUXFWXUD /DV FRUUHODFLRQHV GH HVWUXFWXUD PLGHQ OD FRUUHODFLyQ OLQHDO VLPSOH HQWUH FDGD YDULDEOH LQGHSHQGLHQWH R SUHGLFWRUD \ OD IXQFLyQ GLVFULPLQDQWH \ UHIOHMDQ OD YDULDQ]D TXH ODV YDULDEOHV SUHGLFWRUDV FRPSDUWHQ FRQ OD IXQFLyQ GLVFULPLQDQWH FX\DLQWHUSUHWDFLyQHVVLPLODUDODVFDUJDVRVDWXUDFLRQHVIDFWRULDOHVHQHODQiOLVLV IDFWRULDO 5HFLHQWHPHQWH VH FRQVLGHUD TXH ODVFDUJDVIDFWRULDOHVVRQ UHODWLYDPHQWH PiVDGHFXDGDVTXHODVSRQGHUDFLRQHVSDUDLQWHUSUHWDUORVUHVXOWDGRVGHODIXQFLyQ GLVFULPLQDQWH 7DEOD 0DWUL] GH HVWUXFWXUD &RUUHODFLRQHV HQWUH ODV YDULDEOHV \ OD IXQFLyQ GLVFULPLQDQWH )XQFLyQ &, 6'4,,DFDGpPLFR ,PSOLFDFLyQIDPLOLDUDOXPQRVWLHPSR\RUJDQL]DFLyQ 5HJXODFLyQ 'H ODV FRUUHODFLRQHV PRVWUDGDV HQ OD WDEOD OD YDULDEOH TXH PXHVWUD PD\RU UHODFLyQ FRQ OD IXQFLyQ GLVFULPLQDQWH HV OD LQWHOLJHQFLD &, VHJXLGD GHO DXWRFRQFHSWR DFDGpPLFR PLHQWUDV TXH OD LPSOLFDFLyQ IDPLOLDU HQ OD RUJDQL]DFLyQ WHPSRUDO GH ODV DFWLYLGDGHV GH ORV KLMRVDV RFXSD HO WHUFHU OXJDU HQ LPSRUWDQFLDFRQFRUUHODFLyQQHJDWLYD\SRU~OWLPRODDXWRUUHJXODFLyQWLHQH XQDFRUUHODFLyQXQSRFRPHQRUFRQODIXQFLyQGLVFULPLQDQWH(QHVWHFDVRHO 184 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DXWRFRQFHSWR SDVD D RFXSDU XQ SDSHO PiV LPSRUWDQWH HQ OD GLIHUHQFLDFLyQ GH ORV JUXSRVTXHODLPSOLFDFLyQIDPLOLDUHQODSODQLILFDFLyQGHOWLHPSR\ODRUJDQL]DFLyQ GHODVDFWLYLGDGHVGHORVKLMRV (Q VXPD HO DXWRYDORU GH OD IXQFLyQ GLVFULPLQDQWH FDQyQLFD KD VLGR FRQXQDFRUUHODFLyQFDQyQLFDGH(OYDORU/DPEGDGH:LONVSDUDHVWDIXQFLyQ HVFRQXQDDSUR[LPDFLyQMLFXDGUDGRFRQJUDGRVGHOLEHUWDGGHS TXHLQGLFDTXHODIXQFLyQGLVFULPLQDGHIRUPDHVWDGtVWLFDPHQWHVLJQLILFDWLYD HQWUHORVGRVJUXSRV7DEOD 7DEOD $XWRYDORUGHODIXQFLyQFDQyQLFDFRUUHODFLyQFDQyQLFD\SUXHED-LFXDGUDGR )XQFLyQ $XWRYDORU &RUUHODFLyQ /DPEGD -L FDQyQLFD GH:LONV FXDGUDGR JO S /DV IXQFLRQHV FDQyQLFDV GLVFULPLQDQWHV QR WLSLILFDGDV HYDOXDGDV HQ ODV PHGLDVGHORVJUXSRVDUURMDQORVVLJXLHQWHVFHQWURLGHVWDEOD 7DEOD )XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV )XQFLyQ &RQ'$ 6LQ'$ 3RURWUDSDUWHORVUHVXOWDGRVGHODFODVLILFDFLyQLQGLFDQTXHKD\XQGH ORV FDVRV FODVLILFDGRV FRUUHFWDPHQWH WDEOD (O SRU FLHQWR GH SUHFLVLyQ HQ OD FODVLILFDFLyQHVEDVWDQWHDOWRPXFKRPD\RUTXHXQDFODVLILFDFLyQDOD]DUTXHGDGD OD LJXDOGDG GHO Q~PHUR GH VXMHWRV SRU JUXSR VHUtD GHO SRU FLHQWR 1R REVWDQWH KD\FLHUWRQ~PHURGHFDVRVPDOFODVLILFDGRV 185 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'HORVFDVRVPDOFODVLILFDGRVVRQDOXPQRVDVDORVTXHVHKDQFODVLILFDGR VLQ 'LILFXOWDGHV GH $SUHQGL]DMH \ UHDOPHQWH Vt ODV WLHQHQ R DO PHQRV DVt HVWiQ FRQVLGHUDGRVHQHOFHQWURHVFRODUPLHQWUDVTXHVRQDOXPQRVDVDORVTXHVHKDQ FODVLILFDGRFRPRDOXPQRVDVFRQ'LILFXOWDGHVGH$SUHQGL]DMHFXDQGRUHDOPHQWHQR HVWiQGLDJQRVWLFDGRVFRPRWDOHQHOFHQWUR 7DEOD *UXSRGHSHUWHQHQFLDUHDO\SURQRVWLFDGR 2ULJLQDO &RQR VLQ'$ 5HFXHQWR &RQ'$ 6LQ'$ &RQ'$ 6LQ'$ *UXSRGHSHUWHQHQFLD SURQRVWLFDGR &RQ 6LQ 'LILFXOWDGHV 'LILFXOWDGHV GH GH $SUHQGL]DMH DSUHQGL]DMH 7RWDO D&ODVLILFDGRVFRUUHFWDPHQWHHOGHORVFDVRVDJUXSDGRVRULJLQDOHV &RQYLHQH SRU WDQWR SURIXQGL]DU HQ HO DQiOLVLV GH ORV FDVRV PDO FODVLILFDGRV LGHQWLILFDQGR SULPHUR \ FRQRFLHQGR ODV FDUDFWHUtVWLFDV GH FDGD XQR GH HVWRV DOXPQRV 3RUHOOR HQ OD WDEOD VH KD LQFOXLGR HO Q~PHURGH ORV DOXPQRV PDO FODVLILFDGRV ORV GLDJQRVWLFDGRV HQ HO FHQWUR FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ FODVLILFDGRVFRPRVLQGLILFXOWDGHVFDVRV\\ORVDOXPQRVTXHVH KD SURQRVWLFDGR FRPR DOXPQRV FRQ GLILFXOWDGHV SHUR TXH QR HVWiQ GLDJQRVWLFDGRV FRPRWDOHQHOFHQWURFDVRV\ 186 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7DEOD 'LDJQyVWLFRSRUFDVRVGHDOXPQRVDVPDOFODVLILFDGRV FDVR * U X S R U H D O *UXSRPD\RU *UXSR SURQRVWLFDG 6HJXQGRJUXSRPD\RU 3'!G _* J S 3* J_ ' G J O 'LVWDQF GH 0DKDODQRELV DO FXDGU KDVWD HO FHQWUR * 3* J_ U ' G X S R 3XQW 'LVFULP 'LVWDQF GH 0DKDODQ RELVDO FXDGUDGR KDVWDHO FHQWURLGH )XQF &DVRVPDOFODVLILFDGRV $XQTXH WRGRV ORV FDVRV PDO FODVLILFDGRV SODQWHDQ OD FXHVWLyQ VREUH ODV FDXVDVGHOHUURUHQODFODVLILFDFLyQPHUHFHQHVSHFLDOLQWHUpVORVIDOVRVSRVLWLYRVORV FLQFRFDVRVTXHKDQVLGRGLDJQRVWLFDGRVHQHOFHQWURFRPRDOXPQRVDVTXHVtWLHQHQ GLILFXOWDGHVGHDSUHQGL]DMH\TXHHODQiOLVLVGLVFULPLQDQWHFODVLILFDHQHOJUXSRGH DOXPQRVTXHQRWLHQHQGLILFXOWDGHV (QHOHVWXGLRGHORVFDVRVPDOFODVLILFDGRVWDEODVHSXHGHDQDOL]DUTXH GHORVFDVRVGHDOXPQRVPDOFODVLILFDGRVSHUWHQHFHQDO&ROHJLR&RQFHUWDGR\ FDVRVDO,QVWLWXWRGH(GXFDFLyQ6HFXQGDULD/RVFLQFRSULPHURVFDVRV 187 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO KDQ VLGR GLDJQRVWLFDGRV HQ HO DQiOLVLV GLVFULPLQDQWH FRPR DOXPQRV FRQ GLILFXOWDGHVGHDSUHQGL]DMHHQFDPELRQRSUHVHQWDQHVWDVGLILFXOWDGHV(OUHVWRGH FDVRV \ KDQ VLGR GLDJQRVWLFDGRV HQ OD LQYHVWLJDFLyQ FRPR DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR Vt SUHVHQWDQ GLILFXOWDGHVSDUDDSUHQGHU /DVFDXVDVGHOHUURUHQHOSULPHUFDVRSXHGHGHEHUVHDTXHHODOXPQRHQHO PRPHQWR GH VX HYDOXDFLyQ GLDJQyVWLFD SUHVHQWDUD GLILFXOWDGHV SXQWXDOHV GH DSUHQGL]DMH SRU IDOWD GH KiELWRV GH HVWXGLR GHVLQWHUpV GHVPRWLYDFLyQ SUREOHPDV SHUVRQDOHV HWFTXH QR KD\DQ VLGR SUHYLDPHQWH GLDJQRVWLFDGRV \ SRU WDQWR VH FDUHFtDGHHVWDLQIRUPDFLyQ (O UHVWR GH FDVRV PDO FODVLILFDGRV VHJ~Q HO DQiOLVLV GLVFULPLQDQWH KDFH UHIHUHQFLDDDOXPQRVFX\DHYDOXDFLyQSVLFRSHGDJyJLFDHVQRUPDOL]DGD\SUHVHQWDQ ODJXQDV GH DSUHQGL]DMH LPSRUWDQWHV SRU OR TXH UHTXLHUHQ GH D\XGD HVFRODU \ HV TXL]i SRU HOOR TXH SDVDQ PiV GHVDSHUFLELGRV HV GHFLU QR SUHVHQWDQ GLILFXOWDGHV LQWHOHFWXDOHVSHURVtWLHQHQDVRFLDGDVRWUDVGHDSUHQGL]DMHDQLYHOGHFRPSUHQVLyQ UD]RQDPLHQWR QLYHO DWHQFLRQDO KiELWRV GH WUDEDMR \ HVWXGLR PRWLYDFLyQ SRU ODV WDUHDV HVFRODUHV HQWUH RWUDV OR TXH LQIOX\H VLJQLILFDWLYDPHQWH HQ VX HYDOXDFLyQ SVLFRSHGDJyJLFD 188 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'LVFXVLyQ 'LVFXVLyQ (O REMHWLYR IXQGDPHQWDO GH HVWD LQYHVWLJDFLyQ KD VLGR HO DQiOLVLV GH ODV GLIHUHQFLDV HQ HO HVWXGLR GH ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ IDPLOLDU HQWUH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH TXH FXUVDQ ORV GLVWLQWRV QLYHOHV GH OD (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULDGHVGHDGH(62 $ FRQWLQXDFLyQ VH FRPHQWDUiQ ORV UHVXOWDGRV REWHQLGRV HQ HVWD LQYHVWLJDFLyQSDUDFDGDXQDGHODVYDULDEOHVHVWXGLDGDVFRPSDUDQGRDPERVJUXSRV GH DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH \ UHODFLRQDQGR HVWRV UHVXOWDGRV FRQRWUDVLQYHVWLJDFLRQHVDFWXDOL]DGDV (Q SULPHU OXJDU HO DQiOLVLV GH OD YDULDEOH DXWRFRQFHSWR HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH TXH KD VLGR HVWXGLDGD HQ QXPHURVDV LQYHVWLJDFLRQHV SRU VX LPSRUWDQFLD HQ HO GHVDUUROOR GHO DGROHVFHQWH RIUHFH XQRV UHVXOWDGRV GLIHUHQWHV D ORV UHVXOWDGRV GH OD LQYHVWLJDFLyQ GH *RQ]iOH]3XPDULHJD R GH RWUDV LQYHVWLJDFLRQHV DQWHULRUHV FRPR *RQ]iOH] \ 1~xH] *UROQLFN\5\DQ0RQWJRPHU\\DTXHHVWDLQYHVWLJDFLyQFRQFOX\HTXH /RV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH WLHQHQ XQD LPDJHQ GH Vt PLVPRVPiVQHJDWLYDTXHVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMHVREUHWRGRHQ ODV VLJXLHQWHV HVFDODV TXH FRPSRQHQ HO &XHVWLRQDULR GH HYDOXDFLyQ GHO $XWRFRQFHSWR DGPLQLVWUDGR 6'4,, HVFDOD YHUEDO DXWRFRQFHSWR PDWHPiWLFR \ DXWRFRQFHSWR JHQHUDO (Q FDPELR HQ HO UHVWR GH GLPHQVLRQHV KDELOLGDGHV ItVLFDV DSDULHQFLDItVLFDKRQHVWLGDGUHODFLRQHVSDUHVGHOPLVPRVH[RUHODFLRQHVSDUHVGH VH[R RSXHVWR UHODFLyQ FRQ SDGUHV \ HVWDELOLGDG HPRFLRQDO QR VH REVHUYDQ GLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHDPERVJUXSRV 189 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DV FRQFOXVLRQHV GH HVWD LQYHVWLJDFLyQ FRLQFLGHQ FRQ ORV UHVXOWDGRV REWHQLGRV HQ RWUDV LQYHVWLJDFLRQHV DQWHULRUHV *RQ]iOH]3LHQGD 1~xH] *RQ]iOH] 3XPDULHJD \ &DEDQDFK YDORUDQGR TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMHXQDLPDJHQGHVtPLVPRVPiVQHJDWLYD$XQTXHHVQHFHVDULRSUHFLVDU TXH HQ QXHVWUD LQYHVWLJDFLyQ VH FRQFOX\H TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ XQD LPDJHQ GH Vt PLVPR PiV QHJDWLYD HVSHFLDOPHQWH D QLYHO DFDGpPLFR \ QR HQ RWUDV GLPHQVLRQHV GHO DXWRFRQFHSWR YHUEDO KDELOLGDGHV ItVLFDV PDWHPiWLFDV DSDULHQFLD ItVLFD KRQHVWLGDG UHODFLRQHV SDUHV GHO PLVPR VH[RUHODFLRQHVSDUHVGHVH[RRSXHVWRUHODFLRQHVFRQSDGUHVHVWDELOLGDGHPRFLRQDO \DXWRFRQFHSWRJHQHUDO (Q VHJXQGR OXJDU HQ HO HVWXGLR GH ODV PHWDV DFDGpPLFDV &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \ 9DOOH VH PXHVWUD TXH ORV UHVXOWDGRV QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYRV HQ QLQJXQR GH ORV GRV JUXSRVGHDOXPQRVFRQRVLQGLILFXOWDGHVGHDSUHQGL]DMHSRUORTXHORVHVWXGLDQWHV GH DPERV JUXSRV QR VH GLIHUHQFLDQ HQ HO WLSR GH PHWD GH DSUHQGL]DMH HPSOHDGD DSUHQGL]DMHORJURRUHIXHU]RVRFLDO (V GHFLU ODV FRQFOXVLRQHV GH HVWD LQYHVWLJDFLyQ FRQILUPDQ ORV UHVXOWDGRV REWHQLGRV HQ ORV HVWXGLRV GH &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH] 3XPDULHJD 1~xH] \ 9DOOH TXLHQHV FRQFOX\HURQ TXH ORV DOXPQRV FRQ GLILFXOWDGHVGHDSUHQGL]DMHHPSOHDEDQHQVXVDSUHQGL]DMHVPiVODVPHWDVGHORJUR DFDGpPLFR PHWD GH UHQGLPLHQWR TXH GH DSUHQGL]DMH \ SRU WDQWR HVWDEDQ PHQRV PRWLYDGRVKDFLDHOHVWXGLRTXHVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH (VWRTXHGDUHIOHMDGRHQHVWDLQYHVWLJDFLyQHQODVGLIHUHQFLDVHQHOYDORUGH ODV PHGLDV HQWUH ORV GRV JUXSRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH VLHQGR PD\RUHV HQ HVWXGLDQWHV FRQ '$ HQ ORV tWHPV GH ODV PHWDV GH UHQGLPLHQWR UHODFLRQDGDVFRQHOLQWHUpVGHORVHVWXGLDQWHVSRUFRQVHJXLUODDSUREDFLyQ\HYLWDU HOUHFKD]RGHVXVSDGUHV\SURIHVRUHV 190 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWDVPHWDVKDQVLGRHYDOXDGDVDWUDYpVGHtWHPVHQORVTXHORVDOXPQRV FRQ'$KDQGHVWDFDGRHQ´HVWXGLRSRUTXHTXLHURVHUHORJLDGRDSRUPLVSURIHVRUHV \ SDGUHV tWHP µ ´HVWXGLR SRUTXH TXLHUR TXH PLV DPLJRV PH SUHVWHQ DWHQFLyQµ tWHP ´HVWXGLR SRUTXH QR TXLHUR TXH PLV FRPSDxHURV GH FODVH VH UtDQ GH Ptµ tWHP ´HVWXGLR SRUTXH QR TXLHUR GHVDJUDGDU DO SURIHVRUµ tWHP ´ HVWXGLR SRUTXH TXLHUR TXH OD JHQWH YHD OR OLVWRD TXH VR\µ tWHP ´HVWXGLR SRUTXH PH JXVWDUtDVDFDUPHMRUHVQRWDVTXHPLVFRPSDxHURVµtWHP 6HJ~Q 3LxHLUR 9DOOH 5RGUtJXH] *RQ]iOH] 6XiUH] \ $EDOGH ODV PHWDV DFDGpPLFDV KDQ VLGR GH JUDQ LPSRUWDQFLD SDUD OD H[SOLFDFLyQ GH OD PRWLYDFLyQ\FRQGXFWDGHORVHVWXGLDQWHVHVWRQRVOOHYDDODFRQFOXVLyQHQQXHVWUD LQYHVWLJDFLyQ TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH PXHVWUDQ PHQRV PRWLYDFLyQ LQWUtQVHFD SRU DSUHQGHU SRU VXSHUDUVH FRPR HVWXGLDQWHV SRU VDEHU FRVDVQXHYDVSRUGHVFXEULUORPXFKRTXHKDQPHMRUDGRSRUGHVDILDUSUREOHPDVR VLWXDFLRQHV GLItFLOHV R SRU VDFDU EXHQDV QRWDV \ VHQWLUVH RUJXOORVRD GH HOOR HQ FRPSDUDFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH (Q HO HVWXGLR GH HVWD YDULDEOH MXHJD XQ SDSHO LPSRUWDQWH OD RULHQWDFLyQ DO HJR\ODRULHQWDFLyQDODWDUHD1LFKROOVSRUORTXHVHSXHGHFRQFOXLU VHJ~Q ORV UHVXOWDGRV GH HVWD LQYHVWLJDFLyQ TXH ORV DOXPQRV FRQ '$ HVWiQ PiV RULHQWDGRV DO HJR HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ '$ HV GHFLU ORV SULPHURV WLHQGHQ D MX]JDU VL VRQ FRPSHWHQWHV HQ HO DSUHQGL]DMH FRPSDUiQGRVH FRQ RWURV FRQILUPDQGR ODV FRQFOXVLRQHV REWHQLGDV HQ LQYHVWLJDFLRQHV DQWHULRUHV 1LFKROOV 6LJXLHQGRD1LFKROOVTXLHQFRQFOX\HHQVXVHVWXGLRVTXHODWHRUtDGH ORJUR RULHQWDGD DO HJR SHUFLEH D ORV HVWXGLDQWHV FHQWUDGRV HQ HO UHVXOWDGR GH OD DFWLYLGDG HVWR HV OR TXH LGHQWLILFDUtD DO JUXSR GH HVWXGLDQWHV GLDJQRVWLFDGRV FRQ GLILFXOWDGHVGHDSUHQGL]DMHHQHVWDLQYHVWLJDFLyQ &RPR FRQFOXVLyQ ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH PXHVWUDQ PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMHSRUORTXHH[SHULPHQWDQPiVHOIUDFDVRHVFRODUGHVFRQItDQPiVGHVX FDSDFLGDG\WLHQGHQDGHVDUUROODUEDMDVH[SHFWDWLYDVGHDXWRHILFDFLD\FRPSHWHQFLD 191 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO DFDGpPLFDHVGHFLUVRQORVWtSLFRVHVWXGLDQWHVTXHGLFHQHQGLIHUHQWHVVLWXDFLRQHV GHO FRQWH[WR HVFRODU ´HVWR QR SXHGR KDFHUOR QR OR YR\ D FRQVHJXLU HV PX\ GLItFLO SDUDPtQRVpKDFHUORHWFµ 3RURWUDSDUWH\HQUHODFLyQDOHVWXGLRGHODPRWLYDFLyQQRVHFRQILUPDQORV UHVXOWDGRVREWHQLGRVHQODLQYHVWLJDFLyQUHDOL]DGDSRU&DEDQDFK*RQ]iOH]3LHQGD *DUFtD*RQ]iOH]3XPDULHJD1~xH]\9DOOHSRUORTXHVHFRQFOX\HTXHORV HVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHPXHVWUDQXQPD\RULQWHUpVSRUEXVFDU UHIXHU]R VRFLDO \ DSUREDFLyQ GH ORV GHPiV FRPR HVWXGLDQWHV HQ FRPSDUDFLyQ FRQ VXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMHSRUORTXHVXVPHWDVGHDSUHQGL]DMHVRQ EDMDV \ SRU HOOR WDPELpQ HPSOHDQ XQDV HVWUDWHJLDV GH DSUHQGL]DMH PiV VXSHUILFLDOHVHQHOHVWXGLR (VWDEOHFLHQGRGLIHUHQFLDVHQWUHJUXSRVGHHVWXGLDQWHVFRQ\VLQGLILFXOWDGHV GH DSUHQGL]DMH FRQ UHVSHFWR DO HVWXGLR GH OD YDULDEOH HVWUDWHJLDV GH DSUHQGL]DMH HVWD LQYHVWLJDFLyQ FRQFOX\H TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ PHQRU FRQWURO HPRFLRQDO VREUH HOORV PLVPRV \D TXH WLHQGHQ D VHU PiV LPSXOVLYRVHQODVWDUHDVGHDSUHQGL]DMH\SRUWDQWRWLHQGHQDOHUURUIiFLO 7DPELpQVRQPiVLUUHIOH[LYRVHLQGXFHQSURQWRDOHUURUHQODDFWLYLGDGTXH VH OHV SURSRQH WHQGLHQGR PiV D HPSOHDU HVWUDWHJLDV GH DSUHQGL]DMH PiV VXSHUILFLDOHV \ PHQRV ODV PHWDFRJQLWLYDV GRQGH GHVWDFDQ ORV DOXPQRV VLQ GLILFXOWDGHVGHDSUHQGL]DMH5HJXODFLyQPRWLYDFLyQSODQLILFDFLyQ\DXWRHYDOXDFLyQ GHOHVWXGLDQWHGHVXSURSLDFRJQLFLyQ:HLQVWHLQ\0D\HU. &RQUHVSHFWRDOHVWXGLRGHODYDULDEOHLPSOLFDFLyQIDPLOLDUGHORVSDGUHVHQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH VXV KLMRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMHODLQYHVWLJDFLyQUHDOL]DGDFRQFOX\HTXHORVSDGUHVGHHVWXGLDQWHVFRQ GLILFXOWDGHVGHDSUHQGL]DMHPXHVWUDQXQDVH[SHFWDWLYDVDFDGpPLFDVPHQRUHVVREUH VXV KLMRV HQ FRPSDUDFLyQ FRQ ORV SDGUHV GH DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ UHODFLyQ D OD VXSHUDFLyQ GH HVWXGLRV REOLJDWRULRV FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV GHVHPSHxDU XQ SXHVWR GH WUDEDMR FRQ p[LWR \ HQ OD 192 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO UHODFLyQGHFRPXQLFDFLyQSDGUHVKLMRVDVtFRPRHQHOORJURGHHVWXGLRVVXSHULRUHV HQ FDPELR HQ HO UHVWR GH YDULDEOHV ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH REWLHQHQXQDPD\RUSXQWXDFLyQHQUHODFLRQHVFRQHO&HQWURHGXFDWLYRSHUFHSFLyQ GHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR\WLHPSRGHRUJDQL]DFLyQ\ D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV (VQHFHVDULRGHVWDFDUTXHHQHVWHFDVRODSHUFHSFLyQTXHORVDOXPQRVFRQ\ VLQ GLILFXOWDGDGHV GH DSUHQGL]DMH WLHQHQ VREUH VXV H[SHFWDWLYDV DFDGpPLFDV FRLQFLGHQFRQODVTXHWLHQHQORVSDGUHVGHDPERVDOXPQRV(VGHFLUHQHOFDVRGH DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HOORV SLHQVDQ TXH VXV SDGUHV FUHHQ TXH ORJUDUiQ HVWXGLRV REOLJDWRULRV \ TXH QR VLHPSUH SRGUiQ DFFHGHU D HVWXGLRV SRVWREROLJDWRULRV\DOD8QLYHUVLGDG\ORVSDGUHVGHHVWRVPDQLILHVWDQPiVGXGDVD OD KRUD GH SHQVDU TXH VXV KLMRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SXHGDQ VXSHUDU HVWXGLRV REOLJDWRULRV SRVWREOLJDWRULRV \ HVWXGLRV VXSHULRUHV (VWR VXFHGH GH OD PLVPDIRUPDHQHOFDVRGHSDGUHVFRQKLMRVVLQGLILFXOWDGHVGHDSUHQGL]DMHV /DLQYHVWLJDFLyQFRQILUPDORVUHVXOWDGRVREWHQLGRVHQRWUDVLQYHVWLJDFLRQHV TXHUHODFLRQDQODVDOWDVH[SHFWDWLYDVGHORVSDGUHVVREUHHOUHQGLPLHQWRDFDGpPLFR GHVXVKLMRV*RWWIULHG\*RWWIULHG0DMRULEDQNV$GOHU\.DF]DOD 6HJLQHU 7KRPSVRQ $OH[DQGUH \ (QWZLVOH OR TXH LQIOX\H GH IRUPDVLJQLILFDWLYDGLUHFWD\SRVLWLYDVREUHODPRWLYDFLyQHOLQWHUpVHOHVIXHU]R\ HOUHQGLPLHQWRHVFRODUJHQHUDO 7HQLHQGR HQ FXHQWD ORV UHVXOWDGRV REWHQLGRV HQ HVWD LQYHVWLJDFLyQ ORV HVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHTXHSHUFLEHQGHVXVSDGUHVTXHpVWRV PXHVWUDQ LQWHUpV \ OHV D\XGDQ GH IRUPD GLUHFWD D UHDOL]DU ODV WDUHDVHVFRODUHVHQ FDVD \ VREUH HOORV SUR\HFWDQ XQDV H[SHFWDWLYDV GH UHQGLPLHQWR HVFRODU \ SURIHVLRQDOHVSRVLWLYDVFRQLQGHSHQGHQFLDGHVLHVWDVVHUHILHUHQDORJUDUDFFHGHU\ VXSHUDU HVWXGLRV VXSHULRUHV SRVWREOLJDWRULRV R GHVHPSHxDU XQ WUDEDMR FRQ p[LWR WLHQGHQDPRVWUDUXQPD\RULQWHUpVHLPSOLFDFLyQHQHOSURFHVRGHDSUHQGL]DMHHQ OD HMHFXFLyQ GH ODV WDUHDV HVFRODUHV \ HQ OD SHUFHSFLyQ SRVLWLYD TXH HOORV WLHQHQ VREUHVXSURSLDFDSDFLGDGFRPSHWHQFLD\PHWDVSHUVRQDOHV\SURIHVLRQDOHV 193 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ([LVWH XQD UHODFLyQ HQWUH HO QLYHO GH HVWXGLRV GH ORV SDGUHV \ HO QLYHO GH H[SHFWDWLYDV DFDGpPLFDV SUR\HFWDGDV HQ VXV KLMRV 7HDFKPDQ \ 3DDVFK GH IRUPD TXH VHJ~Q ORV UHVXOWDGRV GH HVWD LQYHVWLJDFLyQORV SDGUHV FRQXQ QLYHO DOWR GHHVWXGLRV\EDMDVH[SHFWDWLYDVVREUHVXVKLMRVHVWRWLHQHXQDLQIOXHQFLDQHJDWLYD VREUHHOUHQGLPLHQWRHVFRODUGHORVPLVPRV (VWD LQYHVWLJDFLyQ KD VLGR UHDOL]DGD FRQ XQ JUXSR GH SDGUHVPDGUHV FX\R QLYHO GH HVWXGLRV HV PHGLREDMR 6HJ~Q ORV UHVXOWDGRV REWHQLGRV HVWRV SDGUHV WLHQGHQ D PRVWUDU XQDV EDMDV H[SHFWDWLYDV DFDGpPLFDV \ SURIHVLRQDOHV VREUH VXV KLMRVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQFRPSDUDFLyQFRQORVSDGUHVFX\RVKLMRVQR PXHVWUDQGLILFXOWDGHVGHDSUHQGL]DMHDXQTXHHVWRQROHVLQIOX\HGHIRUPDGLUHFWD HQODSUiFWLFDHVFRODUGLDULD\DTXHSHUFLEHQHOLQWHUpVODLPSOLFDFLyQHOHVIXHU]R\ OD D\XGD GLUHFWD GH VXV SDGUHV OR TXH OHV PRWLYD HQ OD HMHFXFLyQ HQ ODV WDUHDV HVFRODUHV\DTXHYDORUDQHODSR\R\VXLPSOLFDFLyQHQWRGRHOSURFHVRHGXFDWLYRDVt FRPR ODV H[SHFWDWLYDV TXH HVWRV WLHQHQ VREUH VX UHQGLPLHQWR DFDGpPLFR \ VX HOHFFLyQSURIHVLRQDO /RVDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHTXHREVHUYDQ\YDORUDQHQVXV SDGUHV XQD PD\RU LPSOLFDFLyQ HQ OD UHODFLyQ FRQ HO &HQWUR HGXFDWLYR 0F&DVOLQ 0XUGRFN:HQW]HODVtFRPRFRQUHVSHFWRDODRUJDQL]DFLyQGHOWLHPSR GHHVWXGLRHQFDVD\VLJXLHQGRORVUHVXOWDGRVGHRWUDVLQYHVWLJDFLRQHV'RPpQHFK %HWRUHW\*DUFtD%DFHWH3LQWULFK3LQWULFK\'H*URRWSHUFLEHQ XQD PD\RU FRKHVLyQ IDPLOLDU HQ FXDQWR D OD UHODFLyQ \ FRPXQLFDFLyQ HQWUH ORV PLHPEURV GH OD IDPLOLD \ HVWRV SUR\HFWDQ XQDV H[SHFWDWLYDV SRVLWLYDV VREUH VX HOHFFLyQSURIHVLRQDOGHVXVKLMRV\VXVPHWDVSHUVRQDOHV 7HQLHQGRHQFXHQWDORDQWHULRUVHFRQFOX\HTXHORVDOXPQRVFRQGLILFXOWDGHV GHDSUHQGL]DMHSXHGHQPRVWUDUXQPHQRUUHQGLPLHQWRDFDGpPLFRHQJHQHUDOHQHO WUDEDMR HVFRODU SHUR SXHGHQ OOHJDU D GHVDUUROODU H[SHFWDWLYDV SRVLWLYDV VREUH VX IXWXUR SURIHVLRQDO \ VREUH VX ORJUR DFDGpPLFR HQ IXQFLyQ GHO JUDGR GH LPSOLFDFLyQ GH OD IDPLOLD &HQWUR DVt FRPR GH RWUDV YDULDEOHV FRPR PRWLYDFLyQ LQWHUpV 194 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FDSDFLGDG HVIXHU]R HQ HO WUDEDMR GLDULR HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ GLILFXOWDGHVGHDSUHQGL]DMH (Q HOOR WDPELpQ HVWiQ LPSOLFDGDV RWUDV YDULDEOHV FRPR OD UHODFLyQ GH FRPXQLFDFLyQ HQ WXWRUtD HQWUH SDGUHV \ WXWRUHV \ HO JUDGR GH LQIRUPDFLyQ GHO &HQWURDODVIDPLOLDVVREUHODVGLILFXOWDGHVTXHSUHVHQWDQVXVKLMRV(VWRPHMRUDOD LPSOLFDFLyQ GH ORV SDGUHV HQ OD RUJDQL]DFLyQ GHO WLHPSR GH HVWXGLR \ OD D\XGD HIHFWLYDHQODVWDUHDVHVFRODUHVUHDOL]DGDVSRUVXVKLMRVHQFDVDDVtFRPRPHMRUDHO QLYHO GH H[SHFWDWLYDV GH ORV SDGUHV HQ ORV FDVRV GH DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHTXHDSUHQGHQDDFHSWDUDFRQRFHUODVGLILFXOWDGHVGHVXVKLMRVDVDEHU FyPR D\XGDUOHV HQ FDVD \ OHV PRWLYDQ SDUD FRODERUDU FRQ HO FHQWUR HGXFDWLYR VLHPSUHTXHORVFHQWURVVHPXHVWUHQDELHUWRVDODSDUWLFLSDFLyQ\DSRUWDFLyQGHORV SDGUHV (VWD LQYHVWLJDFLyQ FRQFOX\H TXH VHJ~Q HO HVWXGLR GH )DOLN ORV SDWURQHV GH UHVSXHVWD IDPLOLDU DQWH ODV GLILFXOWDGHV GH DSUHQGL]DMH GH VXV KLMRV GHSHQGHGHPXFKRVIDFWRUHVFRPRHOPRPHQWRGHGHWHFFLyQODHGDGODKLVWRULDGH LQWHUYHQFLRQHVHOQLYHOGHGLILFXOWDGHWF (QUHODFLyQDORVGHWHUPLQDQWHVFRQWH[WXDOHVGHOUHQGLPLHQWRDFDGpPLFRGH WLSRVRFLRFXOWXUDO\IDPLOLDU&DVWHMyQVHKDYDORUDGRTXHQRVHHQFXHQWUDQ UHODFLRQHVHQWUHODVYDULDEOHVGHWLSRVRFLRHFRQyPLFR\UHQGLPLHQWRGDGRTXHWRGRV ORV SDUWLFLSDQWHV SHUWHQHFHQ D XQ QLYHO VRFLRFXOWXUDO PHGLR SRU OR TXH HVWR QR KD VLGR VLJQLILFDWLYR HQ HVWD LQYHVWLJDFLyQ 3RU RWUR ODGR HO OXJDU GRQGH VH VLW~DQ DPERVFHQWURVHGXFDWLYRV\HOHQWRUQRHVGHIiFLODFFHVR8QRGHORVGRVFHQWURVHVWi XELFDGR HQ XQD ]RQD XUEDQD FpQWULFD \ HO RWUR FHUFD GHO FHQWUR SHUR GHQWUR GHO PLVPRHQWRUQRTXHHOSULPHURSRUORTXHODVGLIHUHQFLDVVRFLRFXOWXUDOHVIDPLOLDUHV VRQPtQLPDVHQWUHDPERVFHQWURV 195 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /RV UHVXOWDGRV GH RWURV WUDEDMRV VREUH HO HVWXGLR \ OD HYDOXDFLyQ GH OD LQWHOLJHQFLD LQGLFDQ HQ JHQHUDO TXH OD LQWHOLJHQFLD HV XQ IDFWRU UHOHYDQWH HQ OD SUHGLFFLyQGHOp[LWRHVFRODUSHURQRHVHO~QLFRQLVLTXLHUDHOPiVLPSRUWDQWH(O UHQGLPLHQWR DFDGpPLFR \ ODV YDULDEOHV SHUVRQDOHV \ FRQWH[WXDOHV DSRUWDQ XQD FRQWULEXFLyQPiVVLJQLILFDWLYDDQXHVWUDLQYHVWLJDFLyQ /RV UHVXOWDGRV PXHVWUDQ TXH OD HYDOXDFLyQ GH ODV YDULDEOHV DSWLWXGLQDOHV H[SOLFDQ HQ XQ SRUFHQWDMH PRGHUDGR HO UHQGLPLHQWR HVFRODU \D TXH VRQ ODV YDULDEOHV GH WLSR FRJQLWLYRPRWLYDFLRQDO HQ FRQMXQWR ODV TXH FRQWULEX\HQ D HVWDEOHFHUODVGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHDPERVJUXSRV 3DUD 6QRZ \ /RKPDQ ODV GLIHUHQFLDV LQGLYLGXDOHV HQ DSWLWXG GHEHQ WHQHUVHHQFXHQWDFRQHOREMHWLYRGHPHMRUDGHODLQVWUXFFLyQGDGDODH[LVWHQFLDGH LQWHUDFFLRQHV HQWUH OD FDSDFLGDG GH ORV DOXPQRV \ ORV WUDWDPLHQWRV HGXFDWLYRV QHFHVDULRV3RUORTXHVHSXHGHFRQFOXLUTXHODPHGLDREWHQLGDHQHO&,HQDPERV JUXSRV HV LQIHULRU HQ HO FDVR GH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR HVWR QRV GHEH DSRUWDU VyOR XQD LQIRUPDFLyQ TXH KD GH FRPSOHWDUVH FRQ HO HVWXGLR JOREDOGHFDGDHVWXGLDQWHDQLYHOFRJQLWLYRPRWLYDFLRQDOGHLPSOLFDFLyQIDPLOLDU\ GHUHQGLPLHQWRDFDGpPLFR /RV UHVXOWDGRV GH HVWD LQYHVWLJDFLyQ VRQ VLJQLILFDWLYRV SDUD OD SUiFWLFD GHO GRFHQWH HO GLVHxR LQVWUXFFLRQDO OD RUJDQL]DFLyQ HVFRODU ORV DJUXSDPLHQWRV OD HYDOXDFLyQ OD UHVSXHVWD HGXFDWLYD GDGD D FDGD DOXPQR LQFOXVR SDUD OD UHODFLyQ IDPLOLD&HQWURDSRUWDQGRODVVLJXLHQWHVFRQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDVTXH DFRQWLQXDFLyQVHGHVFULEHQ 196 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQFOXVLRQHV &RQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDV HLPSOLFDFLRQHVSUiFWLFDV /DV FRQFOXVLRQHV GH HVWD LQYHVWLJDFLyQ LQGLFDQ TXH H[LVWHQ GLIHUHQFLDV HVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHHOJUXSRGHDOXPQRVFRQ\VLQGLILFXOWDGHVGH DSUHQGL]DMH TXH FXUVDQ ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV GH OD (GXFDFLyQ 6HFXQGDULD2EOLJDWRULD+DQVLGRHQFRQWUDGDVGLIHUHQFLDVHQDPERVJUXSRVDQLYHO FRJQLWLYRPRWLYDFLRQDO HQ DXWRFRQFHSWR PHWDV DFDGpPLFDV HVWUDWHJLDV GH DSUHQGL]DMH FRHILFLHQWH LQWHOHFWXDO \ WDPELpQ VH KDQ KDOODGR GLIHUHQFLDV VLJQLILFDWLYDVHQUHQGLPLHQWRDFDGpPLFRHLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVR HGXFDWLYRGHVXVKLMRV (O HVWXGLR GH HVWDV YDULDEOHV \ OD FRPSDUDFLyQ GH UHVXOWDGRV HQWUH DPERV JUXSRVGHHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHQRVOOHYDDSURSRQHUODV VLJXLHQWHV LPSOLFDFLRQHV SUiFWLFDV HQ ODPHMRUD GH OD FDOLGDG GH OD HQVHxDQ]DGHO DSUHQGL]DMHTXHKDFHQORVDOXPQRVGHODLPSOLFDFLyQHQHOSURFHVRHGXFDWLYRGHODV IDPLOLDV \ GH QXHVWUD LQWHUYHQFLyQ FRPR GRFHQWHV GH IRUPD TXH HVWRV UHVXOWDGRV SRVLELOLWHQQXHYDVLQYHVWLJDFLRQHVTXHSURIXQGLFHQHQHOHVWXGLRGHHVWDVYDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV\HQFyPRLQQRYDUHQODDFFLyQHGXFDWLYD (QVXVHVWXGLRV0RQHUHRDILUPDTXHODHQVHxDQ]DDORVHVWXGLDQWHV GHOXVRHVWUDWpJLFRGHORVSURFHGLPLHQWRVGHDSUHQGL]DMHFRQWULEXLUiDODPHMRUDGH VX DXWRFRQFHSWR \ TXH XQ EXHQ FRQRFLPLHQWR \ FRQWURO VREUH ODV SURSLDV FDSDFLGDGHVLPSOLFDUiXQPD\RUQLYHOGHFRQFLHQFLD\UHJXODFLyQQHFHVDULRVSDUD FRQVHJXLUXQFRPSRUWDPLHQWRHVWUDWpJLFRySWLPRHQODUHODFLyQFRQHODSUHQGL]DMH 7RGR HVWR YLHQH D UHIOHMDU HO LPSRUWDQWH SDSHO TXH OD HVFXHOD MXHJD HQ HO GHVDUUROOR GH ORV HVWXGLDQWHV GH VX DXWRFRQFHSWR \D TXH FRQVWLWX\H HO HVFHQDULR GRQGHORVHVWXGLDQWHVVHYHQHQYXHOWRVHQP~OWLSOHVH[SHULHQFLDVHQODVTXHSRQHQ HQ MXHJR VXV DSWLWXGHV KDELOLGDGHV \ GHVWUH]DV GH PDQHUD TXH DTXHOORV TXH IUDFDVDQ H[FHVLYDPHQWH SXHGHQ SRQHU HQ GXGD VX FDSDFLGDG \ FRPSHWHQFLD SDUD VXSHUDUHVDVVLWXDFLRQHV(VWRFRQOOHYDUtDFRPRUHVXOWDGRQXHYRVIUDFDVRVTXHFRQ HO WLHPSR LQIOXLUtDQ VREUH VXV H[SHFWDWLYDV VHQWLPLHQWRV \ FRQGXFWDV KDFLD ODV 197 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO WDUHDV HVFRODUHV TXH VHUiQ QHJDWLYDV 3RU RWUD SDUWH VXV UHODFLRQHV WDPELpQ VH YHUtDQDIHFWDGDV\DTXHORVUHVXOWDGRVDFDGpPLFRVLQIOX\HQMXQWRDRWUDVYDULDEOHV SHUVRQDOHV \ FRQWH[WXDOHV HQ OD GHWHUPLQDFLyQ GH OD YDOtD GHO HVWXGLDQWH \ HQ HO JUDGR GH FRPSDUDFLyQ TXH HVWRV KDFHQ FRQ VXV LJXDOHV SUR\HFWDQGR HQ ORV RWURV XQDGHWHUPLQDGDLPDJHQ\FRQFHSWRGHVtPLVPRV /DUHODFLyQIDPLOLDFHQWURLQFOXVRFHQWURHQWRUQRVRFLDOHVLPSRUWDQWHHQHO FOLPDHGXFDWLYRHVGHFLUKDFHSRVLEOHTXHDPERVFDPLQHQHQXQDPLVPDGLUHFFLyQ GRQGH OR LPSRUWDQWH VHD OD SHUVRQD \ HO SURIHVRU VHD XQ YHUGDGHUR HGXFDGRU TXH DSR\DGR SRU OD IDPLOLD VH LPSOLTXHQ DPERV HQ HO DFWR HGXFDWLYR \ HVWR VHD HQ EHQHILFLR~OWLPRGHOHVWXGLDQWHFRQ\VLQGLILFXOWDGHVSDUDDSUHQGHU (V QHFHVDULR GHVWDFDU TXH KD\ HVWXGLRV TXH KDQ HQFRQWUDGR UHODFLRQHV SRVLWLYDVHQWUHIDFWRUHVSURFHVXDOHVGHODHVFXHODGHWLSRRUJDQL]DWLYRSVLFRVRFLDOH LQVWUXFFLRQDO \ HO UHQGLPLHQWR DFDGpPLFR GH ORV DOXPQRV HQ OD (QVHxDQ]D 6HFXQGDULD$HVWRVIDFWRUHVSURFHVXDOHVVHXQHQRWURVFRPRODGLVSRQLELOLGDGGHO SURIHVRU OD SHUFHSFLyQ GH RUGHQ \ GLVFLSOLQD SRU SDUWH GHO DOXPQR HO IRPHQWR GHO GLiORJR \ ODV UHODFLRQHV LQWHUSHUVRQDOHV GH ORV HVWXGLDQWHV \ SURIHVRUHV \ OD PHWRGRORJtDGRFHQWHHLQWHUpVGHOSURIHVRUVRQSHUFLELGRVSRUORVHVWXGLDQWHVFRPR YDULDEOHVHQODSUHGLFFLyQGHOUHQGLPLHQWRDFDGpPLFR\SRUWDQWRFRQVLGHUDEOHVHQ VXLPSOLFDFLyQHQODSUiFWLFDHGXFDWLYDQHFHVDULRVFXLGDUDQWHVGXUDQWH\GHVSXpV GHOSURFHVRGHDSUHQGL]DMH /D ILJXUD GHO SURIHVRU HVWUDWpJLFR HV FODYH HQ HVWH SURFHVR GH PHMRUD HGXFDWLYD0RQHUHR\&ODULDQDFLWDGRSRU0RQHUHRHQWHQGLGRFRPRXQ SURIHVLRQDO FRQ KDELOLGDGHV UHJXODWLYDV SDUD SODQLILFDU RULHQWDU \ HYDOXDU VXV SURSLRVSURFHVRVFRJQLWLYRVVHDQHVWRVGHDSUHQGL]DMHGHORVFRQWHQLGRVDHQVHxDUR VHDQUHODFLRQDGRVFRQVXDFWXDFLyQGRFHQWH /D LGHD GH UHJXODFLyQ HV FODYH HQ HO FRQFHSWR GH HVWUDWHJLD SDUD HVWRV DXWRUHV ,PSOLFD UHIOH[LyQ FRQVFLHQWH \ FRQWURO SHUPDQHQWH GHO SURFHVR GH DSUHQGL]DMH SODQLILFDFLyQ UHDOL]DFLyQ GH OD WDUHD HYDOXDFLyQ GH OD SURSLD 198 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO FRQGXFWD/DDSOLFDFLyQFRQVFLHQWHGHOVLVWHPDGHUHJXODFLyQRULJLQDXQWHUFHUWLSR GHFRQRFLPLHQWRHOFRQGLFLRQDORHVWUDWpJLFR(VWRUHTXHULUtDTXHVHOHRIUHFLHUDQD ORVGRFHQWHVLQVWUXPHQWRVGHLQWHUSUHWDFLyQ\DQiOLVLVGHODVLWXDFLyQHQODTXHVH GHVDUUROODVXDFWLYLGDGTXHOHVSHUPLWDQWRPDUGHFLVLRQHVUHVSHFWRDVXDFWXDFLyQ FRPRDSUHQGLFHV\FRPRGRFHQWHVHVWUDWpJLFRVGHPDQHUDTXHVHYD\DHQULTXHFLHQGR \DPSOLDQGRVXIRUPDFLyQHQODLQWHUDFFLyQFRQODUHDOLGDGFRWLGLDQDGHODSUiFWLFD SURIHVLRQDO3RJJLROL3UHVVOH\\RWURV 3RU HOOR HV QHFHVDULR SRQHU HVSHFLDO DWHQFLyQ HQ OD HILFDFLD GH ORV FHQWURV HGXFDWLYRV HQ UHODFLyQ D ORV SURFHVRV LQVWUXFWLYRV RUJDQL]DWLYRV \ SVLFRVRFLDOHV VHJ~Q ODV SHUFHSFLRQHV GH SURIHVRUHV \ HVWXGLDQWHV \D TXH FXDQGR HO HVWXGLDQWH SHUFLEH TXH HO SURIHVRU RUJDQL]D SODQLILFD HYDO~D \ SRQH HQ SUiFWLFD XQD PHMRU HQVHxDQ]DFXLGDHOFOLPDHGXFDWLYR\PDQHMDDGHFXDGDPHQWHHODXODLQFOX\HQGR HO FRPSRUWDPLHQWR GH ORV DOXPQRV HO RUGHQ \ OD GLVFLSOLQD HVWR PHMRUD HO UHQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHV\HODPELHQWHGHWUDEDMRHQJHQHUDO 'LYHUVDV LQYHVWLJDFLRQHV KDQ FRQVLGHUDGR TXH KD\ RFKR FDUDFWHUtVWLFDV LGHQWLILFDGDV HQ OD OLWHUDWXUD VREUH HVFXHODV HILFDFHV TXH VH SXHGHQ GHVDUUROODU PHGLDQWHXQSURJUDPDGHPHMRUDDODFUHHQFLDHQWUHORVSURIHVRUHV\HVWXGLDQWHV GH TXH WRGRV ORV HVWXGLDQWHV SXHGHQ DSUHQGHU \ TXH OD HVFXHOD HV OD SULPHUD UHVSRQVDEOH GH VX DSUHQGL]DMH E 8Q IXHUWH VHQWLGR GH PLVLyQ DFDGpPLFD F XQ VHQWLGR SURIHVLRQDO DOWR HQWUH HO HTXLSR GH SURIHVRUHV G XQ IXHUWH VHQWLGR GH LGHQWLILFDFLyQ\DILOLDFLyQGHORVHVWXGLDQWHVFRQODHVFXHODHH[SHFWDWLYDVDOWDVHQ FXDQWRDOUHQGLPLHQWRDFDGpPLFRIXQSURJUDPDJHQHUDOTXHDEDUFDDWRGDODFODVH \ XQD HQVHxDQ]D HQ SHTXHxRV JUXSRV TXH SDUWH GHO QLYHO DFWXDO GH KDELOLGDG \ FRPSHWHQFLDGHFDGDHVWXGLDQWHJDXPHQWRGHOWLHPSRGHDSUHQGL]DMHDFWLYRSDUD ORV HVWXGLDQWHV \ K XQ DPELHQWH GH FODVH HVWUXFWXUDGR (VWRV SURJUDPDV LQFLGHQ VREUHODPHMRUDGHWRGRVORVHVWXGLDQWHVYDORUDQGRODGLYHUVLGDGFRPRXQHOHPHQWR GH HQULTXHFLPLHQWR GHO SURFHVR HGXFDWLYR GH VX RUJDQL]DFLyQ \ VX SODQLILFDFLyQ HGXFDWLYD 199 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7HQLHQGR HQ FXHQWD ODV FRQFOXVLRQHV REWHQLGDV SDUD HO DQiOLVLV GH FDGD YDULDEOH\ODVGLIHUHQFLDVHQDPERVJUXSRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHVH VXJLHUHQHQYLUWXGGHORVUHVXOWDGRVREWHQLGRVHVWDVLPSOLFDFLRQHVSUiFWLFDVHQHO SURFHVRHGXFDWLYR D 'LVHxRLQVWUXFFLRQDOGHODVSURJUDPDFLRQHVGLGiFWLFDV (O GLVHxR GH REMHWLYRV GH DSUHQGL]DMH IOH[LEOHV VH KDFH GHO WRGR QHFHVDULR DQWHODGLYHUVLGDGGHDOXPQRVHVFRODUL]DGRVHQODVDXODV\UHTXLHUHSRUSDUWHGHORV SURIHVRUHVODUHIOH[LyQGHTXpHQVHxDU$VtDXQTXHORVREMHWLYRVHGXFDWLYRVEiVLFRV SDUD WRGRV ORV DOXPQRV SXHGDQ VHU ORV PLVPRV ORV REMHWLYRV GH DSUHQGL]DMH FXUULFXODUHVSHFtILFRVGHEHQVHULQGLYLGXDOHVHQDOJXQRVFDVRVSDUDDGHFXDUVHDODV QHFHVLGDGHVGHVWUH]DVLQWHUHVHV\KDELOLGDGHV~QLFDVGHDOJXQRVDOXPQRV (O GLVHxR GH DFWLYLGDGHV PXOWLQLYHO FRQVWLWX\H RWUD IRUPD GH DWHQGHU OD GLYHUVLGDG HQ HO DXOD SRUTXH SRVLELOLWD TXH FDGD DOXPQR HQFXHQWUH UHVSHFWR DO GHVDUUROOR GH XQ FRQWHQLGR DFWLYLGDGHV DFRUGHV D VX QLYHO GH FRPSHWHQFLD FXUULFXODU $QLYHOGHPHWRGRORJtDGRFHQWHHYDOXDQGRELHQORVQLYHOHVGHFRPSHWHQFLD FXUULFXODU GH ORV DOXPQRV HVWXGLDQGR VXV DQWHFHGHQWHV HVFRODUHV VRFLDOHV IDPLOLDUHV SHUVRQDOHV SRGHPRV GLVHxDU QXHVWUDV SURJUDPDFLRQHV PiV FHUFDQDV D OD UHDOLGDG GH ODV DXODV GDQGR XQD UHVSXHVWD HGXFDWLYD GLYHUVLILFDGD D FDGD DOXPQR PDQLILHVWH R QR GLILFXOWDGHV SDUD DSUHQGHU X RWUDV 6H WUDWD GH KDFHU ´DIORUDUµFRPRGLFH6LPRQ:DUGHOSRWHQFLDOGHFDGDHVWXGLDQWH)RPHQWDU HQHOORVHOHVIXHU]RHOGHVDUUROORGHOSHQVDPLHQWRIOH[LEOHGLYHUJHQWH\FUHDWLYR /DVSURJUDPDFLRQHVGLGiFWLFDVKDQGHLQFOXLUODSODQLILFDFLyQRUJDQL]DFLyQ \HYDOXDFLyQGHHVWUDWHJLDVGHDSUHQGL]DMHHILFDFHVHQHOGLVHxRFXUULFXODU&XDQGR ODVHVWUDWHJLDVHVWiQLQFRUSRUDGDVHQHOFXUUtFXORHOGRFHQWHLQWHJUDODHQVHxDQ]D GHOFRQWHQLGRFRQODHQVHxDQ]DGHODVHVWUDWHJLDVSDUDDVtIDFLOLWDUHOSURFHVDPLHQWR GHLQIRUPDFLyQ6HJ~QHOPRGHORLQVWUXFFLRQDO*ODVHU*ODVHUVHGHEH FRPHQ]DU FRQ XQ DQiOLVLV GH OD FRPSHWHQFLD TXH FRQVWLWX\H OD PHWD GH OD LQVWUXFFLyQ\GHEHVHJXLUFRQHOFRQRFLPLHQWRGHOHVWDGRLQLFLDOGHOVXMHWRRVXMHWRV 200 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ODVDFFLRQHVRLQWHUYHQFLRQHVTXHYDQDSHUPLWLUSDVDUGHOHVWDGRLQLFLDODOTXHVH KDHVWDEOHFLGRFRPRPHWD\ODHYDOXDFLyQGHOJUDGRGHFRQVHFXFLyQGHHVDPHWD/D VHFXHQFLD GHO PRGHOR GH LQVWUXFFLyQ GH HVWUDWHJLDV VHUtD HO VLJXLHQWH 3UiFWLFD HQ JUXSRSUiFWLFDLQGHSHQGLHQWHJHQHUDOL]DFLyQWUDQVIHU\HYDOXDFLyQ 3RWHQFLDU XQ FOLPD HGXFDWLYR HQ ODV DXODV TXH SHUPLWD HGXFDU OD HPRFLyQ 6DORYH\ DQG 0D\HU WHQLHQGR FODUR FXiOHV VRQ ORV OtPLWHV \ H[SHFWDWLYDV GH QXHVWURV DOXPQRV FRPR SHUVRQDV \ HVWXGLDQWHV WUDWDQGR D ORV QLxRV FRPR LQGLYLGXRV IRPHQWDQGR HO DSUHQGL]DMH FRRSHUDWLYR HQ HO DXOD \ JHQHUDQGR VLWXDFLRQHVGHFRQILDQ]DTXHOHVD\XGHQDFUHHUHQVtPLVPRV\HQVXVSRVLELOLGDGHV FRPRSHUVRQDV\HVWXGLDQWHV (Q UHODFLyQ FRQ ODV WDUHDV \ DFWLYLGDGHV GH DSUHQGL]DMH VH SURSRQGUtD VHOHFFLRQDU DTXHOODV TXH RIUH]FDQ UHWRV \ GHVDItRV UD]RQDEOHV SRU VX QRYHGDG YDULHGDGRGLYHUVLGDG5HVSHFWRDODGLVWULEXFLyQGHDXWRULGDGRUHVSRQVDELOLGDGVH SURSRQH D\XGDU D ORV DOXPQRV HQ OD WRPD GH GHFLVLRQHV IRPHQWDU VX UHVSRQVDELOLGDGHLQGHSHQGHQFLD\GHVDUUROODUKDELOLGDGHVGHDXWRFRQWURO 3RU ~OWLPR UHVSHFWR D ODV SUiFWLFDV GH HYDOXDFLyQ ODV HVWUDWHJLDV LQVWUXFFLRQDOHV PiV LPSRUWDQWHV TXH VH GHEHUtDQ LPSOHPHQWDU HQ HO DXOD VRQ FHQWUDUVH VREUH HO SURJUHVR \ PHMRUD LQGLYLGXDO UHFRQRFHU HO HVIXHU]R GH ORV DOXPQRV \ WUDQVPLWLU OD YLVLyQ GH TXH ORV HUURUHV VRQ SDUWH GHO SURFHVR GH HQVHxDQ]D\DSUHQGL]DMH 'HVGHKDFHDOJXQRVDxRVVHHVWiQGHVDUUROODQGRHVWXGLRVWUDWDQGRGHLQFLGLU HQ HO DPELHQWH FRPR SRU HMHPSOR HO UHDOL]DGR SRU 0DHKU \ 0LGJOH\ (VWRV DXWRUHV KDQ WUDWDGR GH DSOLFDU OD WHRUtD GH $PHV GHVDUUROODQGR XQ SURJUDPDHQHOTXHSDUWLFLSDQQRVyORORVSURIHVRUHVVLQRWDPELpQORVSDGUHV\OD FRPXQLGDGHQJHQHUDOSRUTXHFRQVLGHUDQTXHHOJUXSRFODVH´QRHVXQDLVODµVLQR TXH IRUPD SDUWH GH RWURV iPELWRV VRFLDOHV PiV DPSOLRV \ HV GLItFLO SURPRYHU FDPELRVHQHODXODVLQFRQWDUFRQHOORV 201 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (O DSUHQGL]DMH FRRSHUDWLYR FRQVWLWX\H XQD H[FHOHQWH HVWUDWHJLD SDUD OD DWHQFLyQDODGLYHUVLGDG/DUD]yQKD\TXHEXVFDUODHQODVFDUDFWHUtVWLFDVGHOWLSR GHWpFQLFDVTXHSHUPLWHQWUDEDMDUFRQJUXSRVKHWHURJpQHRVHVWUXFWXUDUODVWDUHDV PHGLDQWH DFWLYLGDGHV PXOWLQLYHO \ OD FRODERUDFLyQ GH WRGR HO JUXSR TXH UHTXLHUH TXH FDGD XQR GH VXV FRPSRQHQWHV Gp OR PHMRU GH Vt PLVPR -RKQVRQ \ -RKQVRQ 6HUUDQR\&DOYR(QQXHVWURDFWXDOVLVWHPDHGXFDWLYRORVILQHV GHODHGXFDFLyQVRQORVPLVPRVSDUDWRGRVORVDOXPQRVSHURH[LVWHODSRVLELOLGDGGH TXHFDGDDOXPQRORVFRQVWUX\DGHIRUPDGLIHUHQWH3RUFRQVLJXLHQWHODXWLOL]DFLyQ GH ODV WpFQLFDV GH DSUHQGL]DMH FRRSHUDWLYR D\XGD DO SURIHVRU D DGDSWDU HO FXUULFXOXPDODVQHFHVLGDGHVGHWRGRVORVDOXPQRVKDFLHQGRSRVLEOHTXHFDGDXQR GHHOORVDOFDQFHORVREMHWLYRVGHIRUPDGLIHUHQWH /D FODYH GHO p[LWR HVWi HQ OD IRUPD GH RUJDQL]DU ORV JUXSRV \ HQ XQD DGHFXDGD SODQLILFDFLyQ GH ODV H[SHULHQFLDV TXH VH YD\DQ D OOHYDU D FDER $OJXQDV RULHQWDFLRQHV SDUD DJUXSDU DOXPQRV VHUtDQ ODV VLJXLHQWHV FRQVLVWLUi HQ LQFOXLU DO PHQRV XQ DOXPQR FRQ GHVWUH]DV LQWHUSHUVRQDOHV \ GH SDUWLFLSDFLyQ HQ JUXSR \ FRPRPXFKRRWURTXHQHFHVLWHXQDD\XGDLQWHQVLYDFRQHVWDVKDELOLGDGHV $OXPQRV FRQ GLIHUHQWHV KDELOLGDGHV SDUD OD WDUHD VH WUDWDUtD GH HOHJLU DOXPQRV FRQ KDELOLGDGHV GLVWLQWDV FRQ HO ILQ GH REWHQHU XQ HTXLOLEULR HQWUH ORV DOXPQRV TXH UHTXLHUHQ XQD FRQVLGHUDEOH D\XGD SDUD FRPSOHWDU OD WDUHD FRQ DOXPQRV PiV FDSDFHV 1R DLVODU D QLQJ~Q DOXPQR H LQWHQWDU HVWDEOHFHU JUXSRV SLGLHQGR D ORV DOXPQRV TXH HOLMDQ FRPSDxHURV FRQ ORV TXH OH JXVWDUtD HVWXGLDU 7RGRV GHEHUtDQ HVWDU HQ XQ JUXSR TXH WHQJD DO PHQRV XQ FRPSDxHUR HOHJLGR SRU HOORV /RV DOXPQRV D ORV TXH QDGLH KD HOHJLGR GHEHUtDQ HVWDU URGHDGRV GH FRPSDxHURV FDSDFHV TXH OHV SURSRUFLRQHQ DSR\R \ WHQJDQ VXILFLHQWH LQWHUpV SDUD HVWDEOHFHUXQDUHODFLyQ &RPHQ]DU FRQ JUXSRV SHTXHxRV 6H UHFRPLHQGD TXH ORV SURIHVRUHV HVWDEOH]FDQ JUXSRV TXH WHQJDQ DO PHQRV VHLV PLHPEURV FDPELDQGR HO WDPDxR VHJ~Q ODV QHFHVLGDGHV LQGLYLGXDOHV GH ORV DOXPQRV ORV REMHWLYRV GH OD OHFFLyQ \ OD HQHUJtD LQVWUXFWLYD GHO SURIHVRU +DVWD TXH ORV SURIHVRUHV GHVFXEUDQ VXV SURSLDV 202 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO SUHIHUHQFLDV \ OtPLWHV HV PiV IiFLO WUDEDMDU FRQ JUXSRV SHTXHxRV +DFHU TXH ORV DOXPQRVWUDEDMHQFRQWRGRVORVFRPSRQHQWHVGHODFODVHHQGLIHUHQWHVPRPHQWRVGHO VHPHVWUHRGHODxR 0D[LPL]DUODLQWHUGHSHQGHQFLDSRVLWLYD \DTXHKD\GRVUD]RQHVFODYHSDUD OOHYDUDFDERXQDLQVWUXFFLyQFRQJUXSRVKHWHURJpQHRVTXHORVDOXPQRVDSUHQGDQD XWLOL]DU ORV GLVWLQWRV PDWHULDOHV D VX GLVSRVLFLyQ \ FRQVLJDQ ILQDOL]DU OD WDUHD WUDEDMDQGR MXQWRV \ TXH ORV DOXPQRV FRQVWUX\DQ UHODFLRQHV UHFtSURFDV FUHHQ XQ VHQWLGR GH H[SHULHQFLD FRPSDUWLGD DSUHFLHQ OD GLYHUVLGDG KXPDQD \ GHVDUUROOHQ FDSDFLGDGHVGHFRODERUDFLyQ\FRRSHUDFLyQ8QDYH]TXHORVSURIHVRUHVKDQGHFLGLGR OD FRPSRVLFLyQ GHO JUXSR OD VLJXLHQWH UHJOD VHUi RUJDQL]DU ODV H[SHULHQFLDV GH DSUHQGL]DMHGHOJUXSRSDUDTXHORV DOXPQRVDSUHQGDQDGHSHQGHUGHORVGHPiVD FRQVHJXLU ORV REMHWLYRV FRPSDUWLGRV \ D D\XGDUVH PXWXDPHQWH 3DUD HOOR HV DFRQVHMDEOHGLVSRQHUHOHQWRUQRSDUDTXHORVDOXPQRVGHFDGDJUXSRSXHGDQYHUVH FRPSDUWLUORVPDWHULDOHV\D\XGDUVH 5HIRU]DUVRFLDOPHQWHORVORJURVDFDGpPLFRVLQGLYLGXDOHV\GHOJUXSRVXSRQH DQRWDU YDORUDU \ UHFRPSHQVDU ORV ORJURV DFDGpPLFRV LQGLYLGXDOHV \ JUXSDOHV /D WDUHD DFDGpPLFD \ HO FULWHULR GHO p[LWR GHEHQ VHU H[SOLFDGRV SDUD TXH ORV DOXPQRV FRPSUHQGDQ ORV REMHWLYRV GH OD OHFFLyQ /RV DOXPQRV GHEHQ HQWHQGHU TXH ORV REMHWLYRVGHODOHFFLyQVRQFRQVHJXLUVXVSURSLRVREMHWLYRVDFDGpPLFRV\DVHJXUDUVH TXH ORV GHPiV GHO JUXSR WDPELpQ ORV DOFDQFHQ (VWD UHVSRQVDELOLGDG FRPSDUWLGD D\XGDUi D LQFUHPHQWDU OD FRRSHUDFLyQ GHO JUXSR LQGHSHQGLHQWHPHQWH GH OD KDELOLGDG GHO DOXPQR /RV SURIHVRUHV GHEHUtDQ DQLPDU D ORV DOXPQRV D TXH VH D\XGHQ HQWUH Vt \ FRQWURODU ODV SHUFHSFLRQHV TXH XQRV WLHQHQ GH RWURV KD\ TXH DVHJXUDUVH GH TXH WRGRV ORV PLHPEURV GHO JUXSR YHQ D VXV LJXDOHV FRPR SHUVRQDV FRPSHWHQWHV\TXHFRQWULEX\HQDODVDFWLYLGDGHVGHOJUXSR 203 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3URSRUFLRQDU D\XGD SDUD DVHJXUDU HO p[LWR LQGLYLGXDO HVSHFLDOPHQWH HQ UHODFLyQFRQ ORV HUURUHV ,GHQWLILFDUSRU TXp ORV DOXPQRVVH HTXLYRFDQ\ D\XGDUOHV SDUD TXH UHDOLFHQ OD WDUHD FRUUHFWDPHQWH VLQ FRPHWHU HUURUHV 6yOR VH DSUHQGH GH ORV HUURUHV \ GH OD FRQIXVLyQ FXDQGR ORV SURIHVRUHV D\XGDQ D TXH ORV DOXPQRV FRPSUHQGDQODFDXVDGHOLQFLGHQWH )RPHQWDUIRUPDVGHDJUXSDPLHQWRGLIHUHQWHVHVGHFLUHPSOHDUIRUPDVGH DJUXSDPLHQWRV GLYHUVRV TXH DWLHQGDQ D ODV QHFHVLGDGHV UHDOHV GH DOXPQRV \ IDPLOLDV /RV GHVGREOHV SHGDJyJLFRV OD DWHQFLyQ HQ JUXSRV UHGXFLGRV ORV DSR\RV GHQWURGHODVDXODVRUGLQDULDVORVDJUXSDPLHQWRVIOH[LEOHVHQIXQFLyQGHOQLYHOGH FRPSHWHQFLDFXUULFXODUD\XGDUiQDDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHD FRQVHJXLU GH IRUPD SRVLWLYD ORV REMHWLYRV HVWDEOHFLGRV HQ HO FXUUtFXOR SDUD FDGD HWDSD HGXFDWLYD \ D DGTXLULU HVWUDWHJLDV FRPSHWHQFLDV \ GHVDUUROODU DSWLWXGHV \ DFWLWXGHVTXHOHVD\XGHQDVXSHUDUVHFRPRSHUVRQDVHQWRGRVVXVQLYHOHV (VWDV IRUPDV GH DJUXSDPLHQWR IOH[LEOH SXHGHQ IRPHQWDU OD GLVWULEXFLyQ GH ORVDOXPQRVHQDXODVFRPRHVSDFLRVHQORVTXHVHGHVDUUROODQSUR\HFWRVGHWUDEDMR UHODFLRQDGRV FRQ iPELWRV GH FRQRFLPLHQWR OLQJtVWLFR FLHQWtILFR VRFLDO HWF GH IRUPD TXH HO HVWXGLDQWH TXH FXUVD (GXFDFLyQ 6HFXQGDULD SXHGD DSUHQGHU SRU SUR\HFWRVDVLVWLHQGRDFDGDXQRGHHVWRVHVSDFLRV\WUDEDMDQGRFDGDXQRGHHOORV GHVGHXQSODQWHDPLHQWRPHWRGROyJLFRWHyULFRSUiFWLFRTXHDWLHQGDDODGLYHUVLGDG GHLQWHUHVHVQLYHOHVGHDSUHQGL]DMHULWPRVGHDSUHQGL]DMHHVWLORVGHDSUHQGL]DMH SUHIHUHQFLDVKDELOLGDGHVGHVWUH]DVHWFHVXQDIRUPDGHHQULTXHFHUHOFXUUtFXOR\ SRWHQFLDUHQORVDOXPQRVHOGHVDUUROORGHODVGLIHUHQWHVLQWHOLJHQFLDVGH*DGQHUTXH HVWiQUHODFLRQDGDVFRQODVFRPSHWHQFLDVFXUULFXODUHVOLQJtVWLFRVRFLDODSUHQGHUD DSUHQGHULQLFLDWLYDSHUVRQDOPDWHPiWLFDHWF 'HVGH HVWH SODQWHDPLHQWR FXUULFXODU DELHUWR \ IOH[LEOH GH WUDEDMR SRU SUR\HFWRV\GHSDUWDPHQWRVVHDWLHQGHDODGLYHUVLGDGGHQLYHOHVGHFRPSHWHQFLDVH SHUVRQDOL]D OD UHVSXHVWD HGXFDWLYD SRUTXH ORV HVWXGLDQWHV VH GLYHUVLILFDQ HQ GLIHUHQWHV SUR\HFWRV GH WUDEDMR FRQ YDULRV SURIHVRUHV TXH WUDEDMDQ HQ GLIHUHQWHV QLYHOHV GH WUDEDMR LQLFLDGR PHGLR DYDQ]DGR \ ORV SDGUHV WDPELpQ SDUWLFLSDQ HQ 204 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HVWD DFFLyQ IRUPDWLYD DSRUWDQGR QR VyOR VL FDEH VXV FRQRFLPLHQWRV VLQR WDPELpQ VXVH[SHULHQFLDVSURIHVLRQDOHV/DILQDOLGDGHVTXHFDGDXQRGHVDUUROOHXQSUR\HFWR TXH OH PRWLYH \ SXHGD SDUWLFLSDU GH RWURV SDUD GHVDUUROODU RWUDV KDELOLGDGHV \ DGTXLULUHOGHVDUUROORGHRWUDVFRPSHWHQFLDV 7HQLHQGRHQFXHQWDTXHORVDOXPQRVFRQGLILFXOWDGHVSDUDDSUHQGHUSRVHHQ XQ DXWRFRQFHSWR DFDGpPLFR PiV QHJDWLYR TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMHHVQHFHVDULRIRPHQWDUHQHOORVODHGXFDFLyQSHUVRQDOL]DGDGHVGHXQ SODQWHDPLHQWRFXUULFXODUGLYHUVLILFDGRDWHQGLHQGRDODVSURSXHVWDV\RULHQWDFLRQHV H[SOLFDGDVDQWHULRUPHQWH 3RUWDQWRDOJXQRVHOHPHQWRVDWHQHUHQFXHQWDHQHVWHSURFHVRVHUtDQ (O HVWLOR GH DFRPSDxDPLHQWR KD GH VHU HO GH OD SUHVHQFLDDVLVWHQFLD HQ OD YLGDGHODOXPQR /D HPSDWtD \ OD FDSDFLGDG GH HVWDEOHFHU XQ GLiORJR HGXFDWLYR HVSRQWiQHR GLUHFWR\VLQFHUR (OHVWDEOHFLPLHQWRGHXQDVDXWpQWLFDVUHODFLRQHVSHUVRQDOHV (OFRQWDFWRSHULyGLFRFRQODIDPLOLD (OWUDEDMRHQHTXLSRHQIOXLGDFRRUGLQDFLyQFRQHOWXWRUDGHFDGDDOXPQRD \HORULHQWDGRUGHO&HQWUR &RPR HGXFDGRUHV KHPRV GH VHU FDSDFHV GH FRQVWUXLU XQD FRPXQLGDG HGXFDGRUDTXHYD\DPiVDOOiGHOPHURHTXLSRGHSURIHVRUHVVXSHUDUODSHUVSHFWLYD ~QLFDPHQWHODERUDO\RUJDQL]DUHOSURFHVRHGXFDWLYRHQIXQFLyQGHORVDOXPQRV\GH VXV FRQWH[WRV VRFLRIDPLOLDUHV LQWHQWDQGR GDU OD PHMRU UHVSXHVWD SRVLEOH D ODV QHFHVLGDGHVGHHVWRVPiVDOOiGHORVSURJUDPDVRILFLDOHV &RPRHGXFDGRUHVKHPRVGHDFRPSDxDUDODOXPQR\DVXIDPLOLD\RUJDQL]DU ORV HOHPHQWRV FXUULFXODUHV HQ IXQFLyQ GH VXV QHFHVLGDGHV 0HGLDQWH HVWH DFRPSDxDPLHQWR R DWHQFLyQ SHUVRQDOL]DGD IRPHQWDPRV HO FRQRFLPLHQWR GH ORV DOXPQRV GH VX FRQWH[WR VRFLDO IDPLOLDU HGXFDWLYR \ VX SUR\HFWR GH YLGD 6RQ 205 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO PRPHQWRV SURSLFLRV SDUD TXH DQDOLFHQ FLHUWDV VLWXDFLRQHV YLWDOHV \ DSUHQGDQ D WRPDUGHFLVLRQHV (QUHODFLyQDODHYDOXDFLyQFRQWLQXDGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH HVQHFHVDULRHYDOXDUSODQLILFDUSUHYHHURUJDQL]DU\FRQWURODUVLVWHPiWLFDPHQWH OD DFWXDFLyQ GH FDGD DOXPQR DQWHV GXUDQWH \ GHVSXpV GHO SURFHVR HGXFDWLYR /RV GDWRVDHYDOXDUGHEHUtDQUHFRJHUVHHQGtDVGLIHUHQWHV\HQVLWXDFLRQHVLQGLYLGXDOHV \ JUXSDOHV \ VyOR VL VH YDQ D XVDU SDUD WRPDU GHFLVLRQHV R SDUD KDFHU FDPELRV LQVWUXFWLYRVTXHLPSOLFDQODPHMRUDHQHOSURFHVRGHDSUHQGL]DMHGHODOXPQR /DHYDOXDFLyQKDGHUHIOHMDUHOSURJUHVRGHODOXPQRFRQUHVSHFWRDVtPLVPR HYDOXDFLyQ FULWHULDO FXDOTXLHU SURJUHVR HV YDORUDEOH \ SRU WDQWR DVSHFWRV HGXFDWLYRV FRPR OD DFWLWXG GHO HVWXGLDQWH KDFLD HO DSUHQGL]DMH HO HVIXHU]R OD PRWLYDFLyQ HO LQWHUpV SRU DSUHQGHU HO FRPSRUWDPLHQWR OD SDUWLFLSDFLyQ LPSOLFDFLyQ H LQLFLDWLYD HQ HO SURFHVR HGXFDWLYR VRQ DVSHFWRV IXQGDPHQWDOHV GHO ORJUR DFDGpPLFR GHO DOXPQR QR VyOR ODV FDOLILFDFLRQHV HVFRODUHV GHWHUPLQDQ HO UHQGLPLHQWRDFDGpPLFR 7DPELpQ VH KD GH FRQRFHU TXH D OD KRUD GH HYDOXDU HO DSUHQGL]DMH DXWRUUHJXODGR \ ODV HVWUDWHJLDV LPSOLFDGDV HQ WRGD DFWLYLGDG GH HVWXGLR ODV PHGLGDV GH DXWRLQIRUPH FRQVWLWX\HQ XQD KHUUDPLHQWD ~WLO \ YDOLRVD SDUD PHGLU DSWLWXGHV JHQHUDOHV R SURSHQVLRQHV D XVDU GLIHUHQWHV SURFHVRV DXWRUUHJXODWRULR 3LQWULFKS < ILQDOPHQWH HQVHxDU D ORV DOXPQRV D TXH HYDO~HQ VX SURSLR DSUHQGL]DMH DXWRHYDOXDFLyQ VLJXLHQGR XQRV FULWHULRV TXH OHV SHUPLWDQ OOHYDU D FDER UHIOH[LRQHVVREUHVXVORJURV\VREUHFyPRSRGUtDQLQWHQWDUKDFHUDOJRGLIHUHQWHSDUD PHMRUDUORV 206 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO E /DIRUPDFLyQFRQWLQXDGHOGRFHQWH\ODIDPLOLD 8QDGHODVIRUPDVGHLPSOLFDUDODIDPLOLDHQODVDFWLYLGDGHVGHO&HQWURHV TXH HO PLVPR RUJDQLFH HQ FRODERUDFLyQ FRQ HO $03$ $VRFLDFLyQ GH 3DGUHV \ 0DGUHV DFWLYLGDGHV IRUPDWLYDV HQ OD (VFXHOD GH 0DGUHV3DGUHV GHO &HQWUR FX\D FRQYRFDWRULDGLULJHHOWXWRUDGHFDGDQLYHOHGXFDWLYR(VHOWXWRUDGHFDGDJUXSR TXLHQ FRQ D\XGD GH RWURV HVSHFLDOLVWDV \ GHO 'HSDUWDPHQWR GH 2ULHQWDFLyQ HQ (GXFDFLyQ 6HFXQGDULD \ GHO 63( 6HUYLFLR 3VLFRSHGDJyJLFR (VFRODU HQ (GXFDFLyQ 3ULPDULDSXHGHHVWDEOHFHUXQFDOHQGDULRIRUPDWLYRFRQORVWHPDVGHPD\RULQWHUpV SDUD OD IRUPDFLyQ GH SDGUHV HQ IXQFLyQ GH OD HGDG FDUDFWHUtVWLFDV PRPHQWR HYROXWLYRLQWHUHVHVHWFGHVXVKLMRVSDUDHOORWDPELpQHQODVUHXQLRQHVLQLFLDOHV FRQORVWXWRUHVGHSULQFLSLRGHFXUVR\HQFDGDWULPHVWUHVHSXHGHQSODQWHDUHVWDV DFWXDFLRQHVIRUPDWLYDV\DTXHHOREMHWLYRHVSRVLELOLWDUTXHWRGRVVHHQULTXH]FDQ\ VHIDYRUH]FDDVtODLPSOLFDFLyQGHWRGRVHQHOSURFHVRGHHQVHxDQ]D\DSUHQGL]DMH GHVXVKLMRV (VWDV DFWLYLGDGHV IRUPDWLYDV JHVWLRQDGDV \ DQLPDGDV SRU HO (TXLSR 'LUHFWLYR DFHUFDQ D ORV SDGUHV D OD UHDOLGDG GH FDGD &HQWUR \ IRPHQWDQ GHVGH HO LQLFLR GH FDGD FXUVR DFDGpPLFR ´IRUPDV GH KDFHU FRPXQHVµ HQWUH SURIHVRUHV \ SDGUHVGHIRUPDTXHHO~OWLPREHQHILFLDGRVHDHOHVWXGLDQWH .xDOOLQVN\ SURSRQH DOJXQDV VXJHUHQFLDV SDUD LQFUHPHQWDU ORV UHVXOWDGRV SRVLWLYRV GH ODV (VFXHODV GH 3DGUHV 8QD GH HOODV HV HOHJLU XQ KRUDULR DGHFXDGR GHVWDFD OD LPSRUWDQFLD TXH SDUD VX HILFDFLD WLHQH HO FRQIHFFLRQDU HO WHPDULR WHQLHQGR HQ FXHQWD ORV LQWHUHVHV GH ORV SDGUHV 3RU RWUD SDUWH HO SURIHVRUDGR GHEH SURSRUFLRQDU HTXLSRV LQWHUGLVFLSOLQDUHV GH SDGUHV TXH VHDQ FDSDFHV GH GLVHxDU X RUJDQL]DU HVFXHODV GH SDGUHV FRPR SXQWR GH IRUPDFLyQ \ UHIOH[LyQOLEUHYROXQWDULD\DELHUWD /D IRUPDFLyQ GRFHQWH VXV FUHHQFLDV \ VXV DFWLWXGHV KDFLD OD LQFOXVLyQ \ OD IRUPDFLyQ HQ DVSHFWRV GHO GHVDUUROOR SHUVRQDO VRFLDO HGXFDWLYR \ IDPLOLDU GH ORV HVWXGLDQWHV TXH SRVHHQ GLIHUHQWHV QLYHOHV GH DSUHQGL]DMH D ORV TXH LPSDUWHQ 207 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO GRFHQFLDPHMRUDQODLQWHUYHQFLyQHGXFDWLYDGHOGRFHQWH\DTXHHOSURIHVRUTXHHVWi HQIRUPDFLyQFRQWLQXDYDDGTXLULHQGRXQ´EDJDMHµ\XQDVDFWLWXGHVTXHOHD\XGDQ HQVXODERUHGXFDWLYDGLDULD\TXHOHSHUPLWHQRULHQWDUVXDFWXDFLyQQRVyORDVXV DOXPQRVVLQRDODVIDPLOLDLPSOLFiQGRODVHQHOSURFHVRHGXFDWLYR\HQHOGHVDUUROOR SHUVRQDOGHVXVKLMRVDV /RVQXHYRVHVWXGLRVVREUHODVHVFXHODVHILFDFHVGHVWDFDQODVDSRUWDFLRQHVGHO JUXSRGH5XWWHU5XWWHUHWDOHQ,QJODWHUUD\ORVGH%URRNRYHU%URRNRYHU HWDOHQ((88-XQWRDHVWDVHYDOXDFLRQHVGHORVFHQWURVHGXFDWLYRVKD\ TXHFLWDUWDPELpQORVWUDEDMRVHPSUHQGLGRVSDUDYHULILFDUODHILFDFLDGHSURJUDPDV HVSHFtILFRV GH LQQRYDFLyQ FXUULFXODU 3XUNH\ \ 6PLWK ORV FXDOHV UHODFLRQDQ ORV PHMRUHV QLYHOHV GH UHQGLPLHQWR FRQ FDUDFWHUtVWLFDV WDOHV FRPR ODV DOWDV H[SHFWDWLYDVGHOSURIHVRUDGRODIOH[LELOLGDGGHORVDJUXSDPLHQWRV\ODVDFWLYLGDGHV HGXFDWLYDV ORV VLVWHPDV GH HYDOXDFLyQ TXH FRQWLHQHQ HIHFWRV FRUUHFWRUHV VREUH HO SURJUDPD OD LPSOLFDFLyQ GHO GLUHFWRU HQ HO SURFHVR GH HQVHxDQ]D PiV TXH VX DGRSFLyQGHXQURODGPLQLVWUDWLYRODSDUWLFLSDFLyQGHORVSDGUHVHQODHVFXHODHWF $SDUHFHQWDPELpQLPSRUWDQWHV HOHPHQWRV QXHYRV FRPR XQHTXLOLEULR HQWUH ODDXWRQRPtDGHOSURIHVRU\HOVHQWLGRFROHJLDGRGHOWUDEDMRGRFHQWH(VWDV\RWUDV LQYHVWLJDFLRQHV KDQ GRWDGR DO ©PRYLPLHQWR GH HVFXHODV HILFDFHVª GH XQD YLWDOLGDG FODUDPHQWHLOXVWUDGDSRUODSURIXVLyQGHWUDEDMRVGHHVWXGLRSXEOLFDGRV(GPRQGV 0LOOHU 3XUNH\ \ 6PLWK VH GLVSRQH DVLPLVPR GH UHYLVLRQHV GH RWUDV LQYHVWLJDFLRQHV HGXFDWLYDV 'HDO *RRG \ %URSK\ *RRG \ :HLQVWHLQ3XUNH\\6PLWKDE7RGRVHVWRVLQIRUPHVGHPXHVWUDQ OD H[LVWHQFLD GH FHQWURV HGXFDWLYRV FODUDPHQWH HILFDFHV 6LQ HPEDUJR QR KD\ FRQVHQVR GHILQLWLYR DFHUFD GH ODV FDUDFWHUtVWLFDV TXH SHUPLWHQ VX GLIHUHQFLDFLyQ UHVSHFWRDODVHVFXHODVLQHILFDFHV /D OLVWD GH HOHPHQWRV SURWRWtSLFRV SURSXHVWD SRU (GPRQGV VH KDOOD HQWUHODVPiVFLWDGDV$SDUWLUGHVXVSURSLRVHVWXGLRV\GHODFRPSDUDFLyQFRQORV UHVXOWDGRVGHRWUDVLQYHVWLJDFLRQHV(GPRQGVUHVXPLyHQFLQFRORVFRPSRQHQWHVGH ODVHVFXHODVHILFDFHV 208 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO )XHUWH OLGHUD]JR LQVWUXFWLYR GHO GLUHFWRU GHO FHQWUR TXH SUHVWD JUDQ DWHQFLyQDODFDOLGDGGHODHQVHxDQ]D $OWDV H[SHFWDWLYDV HQWUH ORV SURIHVRUHV VREUH ODV SRVLELOLGDGHV GH DSUHQGL]DMH GH WRGRV ORV DOXPQRV FRQFUHWDGDV HQ OD REWHQFLyQ FXDQGR PHQRV GH ORVFRQWHQLGRVPtQLPRV 8QD DWPyVIHUD RUGHQDGD \ VHJXUD IDFLOLWDGRUD \ HVWLPXODQWH WDQWR GHO DSUHQGL]DMHFRPRGHODHQVHxDQ]D 8Q IXHUWH pQIDVLV HQ OD DGTXLVLFLyQ GH ODV KDELOLGDGHV \ FRPSHWHQFLDV EiVLFDV )UHFXHQWHVHYDOXDFLRQHV\FRQWUROHVGHOUHQGLPLHQWRTXHVHXWLOL]DQSDUD PHMRUDUORVSURJUDPDVHGXFDWLYRVTXHLPSOLFDQDORVGLVWLQWRVDJHQWHVGHOSURFHVR HGXFDWLYRSDGUHVSURIHVRUHV\DOXPQRV (Q DOJXQRV FDVRV VH RIUHFHQ GHVFULSFLRQHV PiV SRUPHQRUL]DGDV TXH FRPSOHWDQHVWDOLVWDFRQFDUDFWHUtVWLFDVFRPR • (OXVRHILFLHQWHGHOWLHPSRHQHODXOD • /D DOWD WDVD GH FRQWDFWRV IDPLOLDHVFXHOD \ OD LPSOLFDFLyQ GH ORV SDGUHV HQ ODVWDUHDVGHVXVKLMRV • (O KHFKR GH TXH ORV GLUHFWRUHV KD\DQ VLGR SUHYLDPHQWH SURIHVRUHV HQ HMHUFLFLR • /DDXWRQRPtDGHOFHQWUR\GHOGLUHFWRUSDUDFRQWUDWDUDOSURIHVRUDGR • /DHVWDELOLGDGODERUDOGHOSURIHVRUDGR (VGLItFLOREWHQHUXQDUHODFLyQGHILQLWLYD\SRQGHUDUHOSHVRUHODWLYRGHFDGD XQDGHHVDVFDUDFWHUtVWLFDVGHELGRDODGLYHUVLGDGGHLQGLFDGRUHV\GHPpWRGRVGH LQYHVWLJDFLyQXWLOL]DGRVHQORVGLVWLQWRVHVWXGLRV 209 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QFXDOTXLHUFDVRODLPSRUWDQFLDGHHVWRVKDOOD]JRVQRUDGLFDHQODFDOLGDG GH ORV HVWXGLRV FRQFUHWRV VLQR HQ HO KHFKR GH TXH GLIHUHQWHV LQYHVWLJDGRUHV TXH SDUWHQ GH VXSXHVWRV GLVWLQWRV \ TXH XWLOL]DQ WDPELpQ PpWRGRV GLVWLQWRV OOHJDQ D FRQFOXVLRQHVPX\VLPLODUHV 'H IRUPD VLVWHPiWLFD \ FRQYHUJHQWH HVWRV HVWXGLRV RIUHFHQ XQD OLVWD GH FDUDFWHUtVWLFDV GLIHUHQFLDOHV GH ORV FHQWURV TXH HVWi DVRFLDGD D OD HILFLHQFLD HGXFDWLYD HQWHQGLHQGR SRU HOOR WDQWR HO DOFDQFH GH UHVXOWDGRV DFDGpPLFRV VXSHULRUHV FRPR OD H[LVWHQFLD GH PHMRUHV FRQGLFLRQHV GH WUDEDMR SDUD ORV SURIHVRUHV GH PD\RU FDOLGDG GH ODV UHODFLRQHV FRQ ORV DOXPQRV GH PHQRUHV SUREOHPDVGHGLVFLSOLQD\GHFRPSRUWDPLHQWRHWF $XQ VLHQGR LPSRUWDQWHV HVRV GDWRV GLFHQ PX\ SRFR DFHUFD GH FyPR VH FRPELQDQ WDOHV HOHPHQWRV SDUD LQIOXLU VREUH HO UHQGLPLHQWR ¢SRU TXp DOJXQRV SURIHVRUHV WLHQHQ DOWDV H[SHFWDWLYDV VREUH ODV SRVLELOLGDGHV GH ORV DOXPQRV PLHQWUDVTXHRWURVFDUHFHQGHHOODV"¢TXpKDFHTXHDOJXQRVFHQWURVWHQJDQPHWDV\ REMHWLYRV ©FRQVHQVXDGRVª ELHQ GHILQLGRV \ DVXPLGRV SRU HO FRQMXQWR GHO SURIHVRUDGRPLHQWUDVTXHRWURVVHFDUDFWHUL]DQSRUHOFRQIOLFWR" 3DUDTXHHO©PRYLPLHQWRGHHVFXHODVHILFDFHVªSXHGDLQIOXLUVREUHODPHMRUD HGXFDWLYD GHEHUi UHVSRQGHU D HVWH WLSR GH LQWHUURJDQWHV VXVWLWX\HQGR HO UHWUDWR HVWiWLFR GH ODV HVFXHODV HILFDFHV SRU LPiJHQHV GLQiPLFDV VREUH VXV SURFHVRV \ IXQFLRQHV(VWRQRSXHGHKDFHUVHVLQXQHVIXHU]RWHyULFRH[SOLFDWLYR &RPRFRQFOXVLyQWRPDUHPRVHQFXHQWDSDUDPHMRUDUODLPSOLFDFLyQSUiFWLFD GHOHGXFDGRUORVIDFWRUHVGHHILFDFLDHVWXGLDGRVTXHLQFLGHQHQHOORJURHGXFDWLYR 6HJ~Q HO PRGHOR GH &UHHPHUV \ 6FKHHUHQV ODV FDUDFWHUtVWLFDV GHO FRQWH[WR VLWXDGDV SRU HQFLPD GH OD FODVH DFW~DQ FRPR IDFWRUHV IDFLOLWDGRUHV R FRQGLFLRQDQWHVGHODLQVWUXFFLyQDOQLYHOGHFODVH/RVIDFWRUHVFRQWH[WXDOHVVRQODV FDUDFWHUtVWLFDV GHPRJUiILFDV \ VRFLRHFRQyPLFDV GH OD FLXGDG EDUULR HWF FDUDFWHUtVWLFDV HVSHFtILFDV GH OD HVFXHOD PLVPD ODV FDUDFWHUtVWLFDV VRFLRFXOWXUDOHV GH ORV DOXPQRV ODV GLUHFWULFHV GH SROtWLFD HGXFDWLYD \ ORV UHFXUVRV PDWHULDOHV \ ILQDQFLHURVH[LVWHQWHV\ODDGHFXDFLyQGHORVVLVWHPDVGHIRUPDFLyQGHOSURIHVRUDGR 210 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (Q HO QLYHO GH OD HVFXHOD ODV YDULDEOHV UHODFLRQDGDV FRQ OD HILFDFLD VRQ OD SODQLILFDFLyQ \ RUJDQL]DFLyQ DGHFXDGD OD H[LVWHQFLD GH VLVWHPDV GH FRQWURO \ HYDOXDFLyQ GHO DOXPQR OD RULHQWDFLyQ KDFLD HO ORJUR LQVWUXFFLRQDO GHO DOXPQR OLGHUD]JR LQVWUXFFLRQDO GHO GLUHFWRU \ ORV SURIHVRUHV FOLPD HVFRODU DGHFXDGR PDQLILHVWR HQ XQ EXHQ DPELHQWH GH DSUHQGL]DMH \ UHODFLRQHV LQWHUSHUVRQDOHV LQFOXLGDODH[LVWHQFLDGHRUGHQ\GLVFLSOLQD (Q HO QLYHO GH FODVH ODV YDULDEOHV TXH DGTXLHUHQ UHOHYDQFLD VRQ WLSR GH HQVHxDQ]DWLHPSRHIHFWLYRGHDSUHQGL]DMH\RSRUWXQLGDGHVSDUDDSUHQGHUWLSRGH DJUXSDPLHQWR GH ORV DOXPQRV FRQGXFWD GHO SURIHVRU \ PDWHULDOHV GH DSUHQGL]DMH GLVSRQLEOHV (QUHODFLyQDODVYDULDEOHVGHODSUHQGL]TXHVHFRQVLGHUDQPiVLPSRUWDQWHV SDUD HO ORJUR GH UHVXOWDGRV HGXFDWLYRV VH FRQVLGHUDQ HQ HVWH PRGHOR HO QLYHO GH FRQRFLPLHQWRV SUHYLRV ODV DSWLWXGHV \ OD PRWLYDFLyQ (O WLHPSR GH DSUHQGL]DMH WDPELpQVHFRQYLHUWHHQRWURIDFWRULPSRUWDQWHGHHILFDFLDSXHVWRTXHVHWUDWDPiV TXH DXPHQWDU HO WLHPSR WRWDO GH LQVWUXFFLyQ VH WUDWD GH GDU RSRUWXQLGDGHV HIHFWLYDV GH DSUHQGL]DMH DO DOXPQR D WUDYpV GH OD FRQFHQWUDFLyQ HQ OD WDUHD XQD HQVHxDQ]D GH FDOLGDG TXH IDYRUH]FD HO FRPSURPLVR HILFD] GHO HVWXGLDQWH FRQ OD WDUHD \ XQ DSURYHFKDPLHQWR GHO WLHPSR GLVSRQLEOH SDUD DSUHQGHU TXH LQFOX\H HO DGHFXDGRFRQWURO\PDQHMRGHODFRQGXFWDGHORVDOXPQRVHQODFODVHSRUSDUWHGHO SURIHVRU 6HUtD LQWHUHVDQWH SURSRQHU IXWXUDV LQYHVWLJDFLRQHV TXH HVWXGLDUDQ FRQ PD\RUJUDGRGHSURIXQGLGDGODVGLIHUHQFLDVHQWUHDOXPQRVFRQ\VLQGLILFXOWDGHVGH DSUHQGL]DMH TXH FXUVHQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD SDUD GLVHxDUSURSXHVWDVGLGiFWLFDV\PHWRGROyJLFDVPiVHILFDFHVLQQRYDGRUDVGLYHUVDV \ FRQWH[WXDOL]DGDV TXH UHVSRQGDQ D ORV QXHYRV UHWRV GH OD HGXFDFLyQ \ TXH HQWLHQGDQ D ORV FHQWURV HGXFDWLYRV FRPR XQ HVSDFLR DELHUWR SDUWLFLSDWLYR TXH DFRJHTXHHGXFD\TXHVHLPSOLFDFRQHOUHVWRGHDJHQWHVSDGUHVDJHQWHVVRFLDOHV PpGLFRV HWF SDUD FRQWULEXLU GH IRUPD HILFD] HQ HO GHVDUUROOR LQWHJUDO GH FDGD HVWXGLDQWH YDORUDQGR VXV GLIHUHQFLDV FRPR DVSHFWRV GH HQULTXHFLPLHQWR SHUVRQDO HGXFDWLYRVRFLDO\IDPLOLDU 211 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,,,5HIHUHQFLDV ,,,5HIHUHQFLDV $GHOPDQ + 6 7KH FRQFHSW RI LQWULQVLF 0RWLYDWLRQ ,PSOLFDWLRQV IRU SUDFWLFHUHVHDUFKUHODWHGWROHDUQLQJGLVDELOLWLHV/HDUQLQJ'LVDELOLWLHV4XDUWHUO\ 2), 43-54. $JXLOHUD -LPpQH] $ ,QWURGXFFLyQ D ODV GLILFXOWDGHV GH DSUHQGL]DMH 0DGULG,QWHUDPHULFDQDGH(VSDxD6$8 $OHPDQ\$UUHEROD,/DVDFWLWXGHVGHSURIHVRUDGRDQWHHOUHWRGHLQWHJUDU DDOXPQRVFRQ1((8QDSURSXHVWDGHWUDEDMR3ROLEHD $OJR]]LQH % <VVHOG\NH -( \ (OOLRWW -( 6WUDWHJLHV DQG WDFWLFV IRU HIIHFWLYHLQVWUXFWLRQ/RQJPRQW&26RSULV:HVW $ORQVR 7DSLD - 0RWLYDFLyQ \ DSUHQGL]DMH HQ HO DXOD &yPR HQVHxDU D SHQVDU0DGULG$XOD;;,6DQWLOODQD ÉOYDUR3DJH0HWDO +DFLDXQPRGHORFDVXDOGHOUHQGLPLHQWRDFDGpPLFR 0DGULG&,'( $PHV&&ODVVURRPV*RDOVVWUXFWXUHDQGVWXGHQWPRWLYDWLRQ -RXUQDORI (GXFDWLRQDO3V\FKRORJ\ $PH]FXD -$ 3LFKDUGR 0& 'LIHUHQFLDV GH JpQHUR HQ DXWRFRQFHSWR HQ VXMHWRVDGROHVFHQWHV$QDOHVGH3VLFRORJtD $UFKHU-$FKLHYHPHQWDVDPHDVXUHRIPRWLYDWLRQLQXQLYHUVLW\VWXGHQWV &RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\ 213 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $UQiL] 6iQFKH] 3 (GXFDFLyQ,QFOXVLYD 8QDHVFXHODSDUDWRGRV0iODJD $OMLEH $UQDL] 6iQFKH] 3 *DUULGR *LO & /DV DGDSWDFLRQHV FXUULFXODUHV HQ OD (GXFDFLyQ 6HFXQGDULD (Q 1 ,OOiQ 5RPHX \ $ *DUFtD 0DUWtQH] &RRUG /D GLYHUVLGDG \ OD GLIHUHQFLD HQ OD (GXFDFLyQ 6HFXQGDULD UHWRV HGXFDWLYRV SDUD HO VLJOR;;,SS0iODJD$OMLEH $UQDL] 6iQFKH] 3 ,OOiQ 5RPHX 1 /D LQWHJUDFLyQ HQ HO PDUFR GH OD 5HIRUPD GH OD HQVHxDQ]D (Q -RUQDGDV VREUH OD 5HIRUPD GHO VLVWHPD HGXFDWLYR 0XUFLD,&(6HULH0RGHORVSDUDHOFDPELRHVFRODU $UULQGHO :$ \ 9DQ GHU (QGH - 5HSOLFDELOLW\ DQG LQYDULDQFH RI GLPHQVLRQV RI SDUHQWDO UHDULQJ EHKDYLRU )XWKHU 'XWFK H[SHULHQFHV ZLWK WKH (0%83HUVRQDOLW\DQG,QGLYLGXDO'LIIHUHQFHV $XVXEHO'3(GXFDWLRQDO3V\FKRORJ\$FRJQLWLYHYLHZ+ROW1HZ<RUN %DFHWH)-*DUFtD\'RPpQHFK%HWRUHW)0RWLYDFLyQ$SUHQGL]DMH\UHQGLPLHQWR HVFRODU5HYLVWD(OHFWUyQLFDGH0RWLYDFLyQ\(PRFLyQ %DFNHV -6 %ULGJLQJ GH *HQGHU *DS 6HOIFRQFHSW LQ WKH 0LGGOH *UDGHV 6FKRROLQWKH0LGGOH %DQGXUD$6RFLDO/HDUQLQJ7KHRU\3UHQWLFH+DOO(QJOHZRRG&OLIIV %DQGXUD$6HOIHIILFDF\7KHH[HUFLVHRIFRQWURO1HZ<RUN)UHHPDQ %DQGXUD $ 0XOWLGLPHQVLRQDO VFDOHV RI SHUFHLYHG DFDGHPLF HIILFDF\ 6WDQIRUG&$6WDQIRUG8QLYHUVLW\ %DUFD /R]DQR $ *RQ]iOH] &DEDQDFK 5 'LILFXOWDGHV GH DSUHQGL]DMH HVFRODU/tQHDVGHLQWHUYHQFLyQSVLFRHGXFDWLYD8QLYHUVLGDGGH/D&RUXxD 214 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO %DUFD $ %UHQOOD -& 6DQWDPDUtD 6 \ *RQ]iOH] $ 0 (VWUDWHJLDV \ HQIRTXHV GH DSUHQGL]DMH FRQWH[WRV IDPLOLDUHV \ UHQGLPLHQWR DFDGpPLFR HQ HO DOXPQDGR GH (GXFDFLyQ 6HFXQGDULD ,QGLFDGRUHV SDUD XQ DQiOLVLV FDXVDO 5HYLVWD JDOHJRSRUWXJXHVD GH 3VLFROR[tD \ (GXFDFLyQ 5HYLVWD GH (VWXGLRV H ,QYHVWLJDFLyQ HQ3VLFRORJtD\(GXFDFLyQ %DUFD /R]DQR $ 'LILFXOWDGHV GH DSUHQGL]DMH &RQWHQLGRV WHyULFRV \ DFWLYLGDGHVSUiFWLFDV%DUFHORQD8QLYHUVLWDW%DUFHORQD %DUFD $ 3RUWR $ \ 6DQWRUXP 5 /RV HQIRTXHV GH DSUHQGL]DMH HQ FRQWH[WRV \ VLWXDFLRQHV HGXFDWLYDV XQD DSUR[LPDFLyQ FRQFHSWXDO \ PHWRGROyJLFD (Q $ %DUFD -/ 0DUFRV -& 1~xH] $0 3RUWR \ 05 6DQWRUXP (GV 3URFHVRVGHDSUHQGL]DMHHQDPELHQWHVHGXFDWLYRV SS0DGULG&HQWURGH (VWXGLRV5DPyQ$UHFHV %DUFD/5HJLQD&%UHQOOD-&\6DQWDPDUtD6)DFWRUHVGHDWULEXFLyQ FDXVDO HQIRTXHV GH DSUHQGL]DMH \ UHQGLPLHQWR DFDGpPLFR HQ HO DOXPQDGR GH (GXFDFLyQ 6HFXQGDULD GH *DOLFLD 'DWRV SDUD XQ DQiOLVLV FRUUHODFLRQDO 5HYLVWD JDOHJRSRUWXJXHVDGH3VLFROR[tDH(GXFDFLyQ5HYLVWDGHHVWXGLRVHLQYHVWLJDFLyQHQ 3VLFRORJtD\(GXFDFLyQ %DUQHWW / 0RWLYDFLyQ WUDWDPLHQWR GH OD GLYHUVLGDG \ UHQGLPLHQWR DFDGpPLFRHODSUHQGL]DMHFRRSHUDWLYR%DUFHORQD*5$2 %DUUDOHV /ODPDV 0 $PELHQWH IDPLOLDU \ UHQGLPLHQWR HVFRODU 0DGULG 8QLYHUVLGDG&RPSOXWHQVH %DXWLVWD51HFHVLGDGHV(GXFDWLYDV(VSHFLDOHV0iODJD$OMLEH %HDU**-XYRQHQ-\0F,QHUQH\)6HOISHUFHSWLRQVDQGSHHUUHODWLRQV RI ER\V ZLWK DQG ZLWKRXW OHDUQLQJ GLVDELOLWLHV LQ DQ LQWHJUDWHG VHWWLQJ $ ORQJLWXGLQDOVWXG\/HDUQLQJ'LVDELOLW\4XDUWHUO\ 215 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO %HKOLQJ2\0F)LOOHQ-07UDQVODWLQJTXHVWLRQQDLUHVDQGRWKHUUHVHDUFK LQVWUXPHQWV3UREOHPVDQGVROXWLRQV/RQGUHV6DJH %HOGD - & /LEUR EODQFR GH OD DWHQFLyQ WHPSUDQD 0DGULG (GLWD 5HDO 3DWURQDWRGH3UHYHQFLyQ\GH$WHQFLyQD3HUVRQDVFRQ0LQXVYDOtD %HOWUiQ - &ODYHV SVLFROyJLFDV SDUD OD PRWLYDFLyQ \ HO UHQGLPLHQWR DFDGpPLFR (Q 0 $FRVWD &RRUG &UHDWLYLGDG PRWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFRSS$UFKLGRQD0iODJD$OMLEH %HOWUiQ-$(VWUDWHJLDVGHDSUHQGL]DMH5HYLVWDGH(GXFDFLyQ %HOWUiQ - (VWUDWHJLDV GH DSUHQGL]DMH (Q %HOWUiQ \ %XHQR FRRUG 3VLFRORJtDGHOD(GXFDFLyQSS²0DGULG$OLDQ]D(GLWRULDO %HOWUiQ - 0RWLYDFLyQ (Q - %HOWUiQ(G 3VLFRORJtDHGXFDFLRQDOFDS SS0DGULG81(' %HOWUiQ /OHUD - /D LQWHUDFFLyQ HGXFDWLYD ([SHFWDWLYDV DFWLWXGHV \ UHQGLPLHQWR5HYLVWD(VSDxRODGH3HGDJRJtD %HOWUiQ/OHUD-(QVHxDUDDSUHQGHU&RQIHUHQFLDGH&ODXVXUDGHOVHJXQGR &RQJUHVRGH('8&$5(' %HOWUiQ3pUH]\2UWHJD&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($ 0DGULG7($ %HOWUiQ - $ \ 9HJD 0 /D FRQVWUXFFLyQ GHO FRQRFLPLHQWR HQ HO $XOD ,QWHOLJHQWH (Q ) 6HJRYLD (O $XOD ,QWHOLJHQWH 1XHYDV SHUVSHFWLYDV 0DGULG (VSDVD 216 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO %HQJRHFKHD *DUtQ 3 'LILFXOWDGHV GH DSUHQGL]DMH HVFRODU HQ QLxRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV XQ HQIRTXH FRJQLWLYR 2YLHGR 8QLYHUVLGDG GH 2YLHGR %HUPHMR 05 6WHQEHUJ 5 - \ &DVWHMyQ - / (VWLOR LQWHOHFWXDO \ UHQGLPLHQWRDFDGpPLFR5HYLVWDGHLQYHVWLJDFLyQHGXFDWLYD %HUQDUGR $ % 1~xH] - & *RQ]iOH]3LHQGD - $ 5RViULR 3 ÉOYDUH] / *RQ]iOH]&DVWUR39DOOH$5RGUtJXH]6&HUH]R5ÉOYDUH]'%UHQJHOPDQ -& 'HWHUPLQDQWHV SHUVRQDOHV GHO UHQGLPLHQWR DFDGpPLFR HVFRODU , 6LPSRVLXP VREUH $SUHQGL]DMH \ 0RGLILFDFLy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yQ&DOHUR 7HVLV'RFWRUDO %UDQVIRUG -' \ 9\H 1- 3URFHGXUHV IRU WKH DVVHVVPHQW RI FRJQLWLYH FKDQJH(GXFDWLRQ\'HVDUUROORGHOD,QWHOLJHQFLD&HQWHUSODQ %UDWNR ' &KDPRUUR3UHPX]LF 7 \ 6DNV = (O UHQGLPLHQWR GH OD SHUVRQDOLGDG\ODHVFXHODODYDOLGH]LQFUHPHQWDOGHVtPLVPR\GHLJXDOFDOLILFDFLyQ HQJ/DVGLIHUHQFLDVGHSHUVRQDOLGDG\HOLQGLYLGXR %UDYR 9DOGLYLHVR / 3VLFRORJtD 'H /DV 'LILFXOWDGHV 'HO $SUHQGL]DMH 6DQWLDJR'H&KLOH8QLYHUVLWDULD %UHPEHFN & $PELHQWH \ UHQGLPLHQWR HVFRODU (O DOXPQR HQ GHVYHQWDMD %XHQRV$LUHV3DLGyV %UHQJHOPDQQ -& 'HWHUPLQDQWHV SHUVRQDOHV GHO UHQGLPLHQWR HVFRODU 3ULPHU 6\PSRVLXP VREUH $SUHQGL]DMH \ 0RGLILFDFLyQ GH &RQGXFWD HQ $PELHQWHV (GXFDWLYRVSS0DGULG,1&,( %UHQQDQ :. (O FXUUtFXOR SDUD QLxRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV0DGULG6LJOR;;,0(& %UHVR(6DODQRYD00DUWtQH],0*UDX5\$JXW6e[LWRDFDGpPLFR \ H[SHFWDWLYDV GH p[LWR HO URO PHGLDGRU GH OD DXWRHILFDFLD DFDGpPLFD (Q 0 6DODQRYD 5 *UDX ,0 0DUWtQH] 6 /ORUHQV \ 0 *DUFtD5HQHGR (GV 1XHYRV KRUL]RQWHV HQ OD LQYHVWLJDFLyQ VREUH OD DXWRHILFDFLD SS &DVWHOOy GH OD 3ODQD3XEOLFDFLRQHVGHOD8QLYHUVLGDG-DXPH,'/ %ULVOLQ5:7KHZRUGLQJDQGWUDQVODWLRQRIUHVHDUFKLQVWUXPHQWV(Q: -/RQQHU\:%HUU\(GV)LHOGPHWKRGVLQFURVVFXOWXUDOUHVHDUFKSS %HYHUO\+LOOV6DJH %URF 0$ 0RWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV GH (GXFDFLyQ 6HFXQGDULD2EOLJDWRULD\%DFKLOOHUDWR/2*6(5HYLVWDGH(GXFDFLyQ 218 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO %URF 0$ $XWRFRQFHSWR \ UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV GH GH (GXFDFLyQ6HFXQGDULD2EOLJDWRULD5HYLVWDGH,QYHVWLJDFLyQ(GXFDWLYD %URQIHQEUHQQHU 8 (FRORJ\ RI WKH IDPLO\ DV D FRQWH[W IRU KXPDQ GHYHORSPHQWUHVHDUFKSHUVSHFWLYHV'HYHORSPHQWDO3V\FKRORJ\ %URQIHQEUHQQHU 8 \ &URXWHU $& ´:RUN DQG IDPLO\ WKURXJK WLPH DQG VSDFHµ LQ 6 .DPHUPDQ DQG & +D\HV HGV )DPLOLHV WKDW ZRUN &KLOGUHQ LQ D FKDQJLQJZRUOG:DVKLQJWRQ'&1DWLRQDO$FDGHP\3UHVV %URRNRYHU :% \ /H]RWWH /: &KDQJHV LQ VFKRRO FKDUDFWHULVWLFV FRLQFLGHQW ZLWK FKDQJHV LQ VWXGHQW DFKLHYHPHQW 2FFDVLRQDO 3DSHU 1R (DVW /DQVLQJ 0LFKLJDQ 6WDWH 8QLYHUVLW\ (DVW /DQVLQJ ,QVWLWXWH IRU 5HVHDUFK LQ 7HDFKLQJ(5,&'RFXPHQW5HSURGXFWLRQ6HUYLFH1R(' %URSK\ - *RDO WKHRULVWV VKRXOG PRYH RQ IURP SHUIRUPDQFH JRDOV (GXFDWLRQDO3V\FKRORJLVW %URZQ $/ 'RPDLQVSHFLILFF SULQFLSLHV DIIHFW OHDUQLQJ DQG WUDQVIHU LQ FKLOGUHQ&RJQLWLYH6FLHQFH %URZQ:)0DQXDOGHOHVWXGLDQWHDVHVRU0p[LFR7ULOODV %URZQ$/\&DPSLRQH-&&RPPXQLWLHVRIOHDUQLQJDQGWKLQNLQJRUD FRQWH[WE\DQGRWKHUQDPH&RQWULEXWLRQVWR+XPDQ'HYHORSPHQW %URZQ $/ \ 3DOLQFVDU $6 5HFLSURFDO WHDFKLQJ RI FRPSUHKHQVLRQ VWUDWHJLHV ,Q -' 'D\ \ -* %RUNRZVNL (GV ,QWHOOLJHQFH DQG H[FHSWLRQDOLW\ 1HZ GLUHFWLRQV IRU WKHRU\ DVVHVVPHQW DQG LQVWUXFWLRQDO SUDFWLFH SS 1RUZRRG1-$EOH[ 219 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO %U\DQ7\3HDUO56HOIFRQFHSWVDQGORFXVRIFRQWURORIOHDUQLQJGLVDEOH FKLOGUHQ-RXUQDORI&OLQLFDO&KLOG3V\FKRORJ\ %UXQHU - 7KH3URFHVVRI(GXFDWLRQ&DPEULGJH0$+DUYDUG 8QLYHUVLW\ 3UHVV %UXQHW -HDQ3LHUUH 'HILQLFLyQ GH ODV GLILFXOWDGHV GH DSUHQGL]DMH /D +DEDQD,,(QFXHQWUR0XQGLDOGH(GXFDFLyQ(VSHFLDO %XWNRZVN\,6\:LOORZV'0&RJQLWLYHPRWLYDWLRQDOFKDUDFWHULVWLFV RI FKLOGUHQ YDU\LQJ LQ UHDGLQJ DELOLW\ (YLGHQFH IRU OHDUQHG KHOSOHVVQHVV LQ SRRU UHDGHUV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\ %XWOHU ' / ,Q VHDUFK RI WKH DUFKLWHFW RI OHDUQLQJ $ FRPPHQWDU\ RQ VFDIIROGLQJ DV D PHWDSKRU IRU LQVWUXFWLRQDO LQWHUDFWLRQV -RXUQDO RI /HDUQLQJ 'LVDELOLWLHV %\UQH%0\6KDYHOVRQ5-2QWKHVWUXFWXUHRIDGROHVFHQWVHOIFRQFHSW -RXUQDORI(GXFDWLRQDO3V\FKRORJ\Þ &DEDQDFK5*%DUFD$9DOOH$3RUWR5LRERR$\/HPD6(OSXQWR GHYLVWDGHODOXPQRDFHUFDGHODSUHQGL]DMH/DVDSUR[LPDFLRQHVDODSUHQGL]DMH\ODV RULHQWDFLRQHVDOHVWXGLR(Q)9LFHQWH&DVWURHG3VLFRORJtDGHODHGXFDFLyQ\GHO GHVDUUROOR9RO%DGDMR]3VLFRH[ &DEDQDFK 5* 9DOOH $ 1~xH] -& \ *RQ]iOH]3LHQGD -$ 8QD DSUR[LPDFLyQ WHyULFD DO FRQFHSWR GH PHWDV DFDGpPLFDV \ VX UHODFLyQ FRQ OD PRWLYDFLyQHVFRODU3VLFRWKHPD &DEDQDFK 5 * 9DOOH D 6XiUH] -0 \ )HUQiQGH] $ 3 8Q PRGHOR LQWHJUDGRU H[SOLFDWLYR GH ODV UHODFLRQHV HQWUH PHWDV DFDGpPLFDV HVWUDWHJLDV GH DSUHQGL]DMH \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH ,QYHVWLJDFLyQ (GXFDWLYD 220 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &DPDUHUR 6XiUH] ) 0DUWtQ GHO %XH\ ) \ +HUUHUR 'tH] - (VWLORV \ HVWUDWHJLDV GH DSUHQGL]DMH HQ HVWXGLDQWHV XQLYHUVLWDULRV 3VLFRWKHPD &DPSLRQH -& \ %URZQ $/ /LQNLQJ G\QDPLF DVVHVVPHQW ZLWK VFKRRO DFKLHYHPHQW ,Q &6 /LG] (G '\QDPLF DVVHVVPHQW $Q LQWHJUDWHG DSSURDFK WR HYDOXDWLQJOHDUQLQJSRWHQWLDOSS1HZ<RUN*XLOIRUG &DQR-6(OUHQGLPLHQWRHVFRODU\VXVFRQWH[WRV 5HYLVWD&RPSOXWHQVHGH (GXFDFLyQ &DQR ) 'LIHUHQFLDV GH JpQHUR HQ HVWUDWHJLDV \ HVWLORV GH DSUHQGL]DMH 3VLFRWKHPD &DQR)\-XVWLFLD)/DVHVWUDWHJLDVGHDSUHQGL]DMH(VWDGRGHODFXHVWLyQ 5HYLVWDGH(GXFDFLyQ8QLYHUVLGDGGH*UDQDGD &DQR ) \ -XVWLFLD ) )DFWRUHV DFDGpPLFRV HVWUDWHJLDV \ HVWLORV GH DSUHQGL]DMH5HYLVWDGH3VLFRORJtD*HQHUDO\$SOLFDGD &DQR ) \ -XVWLFLD ) /HDUQLQJ VWUDWHJLHV VW\OHV DQG DSSURDFKHV DQ DQDO\VLVRIWKHLULQWHUUHODWLRQVKLSV+LJKHU(GXFDWLRQ &DUDEDxD-2ULJHQVRFLDOLQWHOLJHQFLD\UHQGLPLHQWRDFDGpPLFRDOILQDOGH OD (*% (Q & /HUHQD (G (GXFDFLyQ \ 6RFLRORJtD HQ (VSDxD SS 0DGULG$.$/ &DUERQHUR 0$ 'LILFXOWDGHV GH DSUHQGL]DMH 7HQGHQFLDV \ RULHQWDFLRQHV DFWXDOHV HQ OD HVFXHOD ,QVWLWXWR GH &LHQFLDV GH OD (GXFDFLyQ 8QLYHUVLGDG GH 9DOODGROLG 221 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &DUERQHUR 0$ 0DUWtQ /- 0DUXJiQ 0 5RPiQ -0 5HODFLyQ HQWUH HVWUDWHJLDV GH DSUHQGL]DMH PRWLYDFLyQ \ FOLPD HVFRODU HQ VHFXQGDULD (Q -XOLR $QWRQLR*RQ]iOH]3LHQGD\-RVp&DUORV1~xH]FRRUGV 3VLFRORJtD\(GXFDFLyQ8Q OXJDUGHHQFXHQWURSS8QLYHUVLGDGGH2YLHGR6HUYLFLRGH3XEOLFDFLRQHV &DVDQRYD$ULDV3)\'HOD7RUUH&UX]0-(OFRPSRUWDPLHQWRGRFHQWH (QFLFORSHGLDGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQYRO,(Q()HUQiQGH]GH +DUR)-XVWLFLD-XVWLFLD0&\3LFKDUGR0DUWtQH](GVSS0iODJD $OMLEH &DVWDQHGR & %DVHV 3VLFRSHGDJyJLFDV 'H /D (GXFDFLyQ (VSHFLDO (YDOXDFLyQHLQWHUYHQFLyQ0DGULG&FV &DVWHMyQ-/'HWHUPLQDQWHVGHOUHQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHV \ GH ORV FHQWURV HGXFDWLYRV 0RGHORV \ )DFWRUHV $OLFDQWH 6DQ 9LFHQWH (GLWRULDO &OXE8QLYHUVLWDULR(&8 &DVWHMyQ-/,QWURGXFFLyQDOD3VLFRORJtDGHOD,QVWUXFFLyQ$OLFDQWH6DQ 9LFHQWH(GLWRULDO&OXE8QLYHUVLWDULR(&8 &DVWHMyQ-/\1DYDV/'HWHUPLQDQWHVGHOUHQGLPLHQWRDFDGpPLFRHQOD HQVHxDQ]DVHFXQGDULD8QPRGHORFDXVDO $QiOLVLV\0RGLILFDFLyQGH&RQGXFWD &DVWHMyQ-/1DYDV/\6DPSDVFXDO*0RGHORVHVWUXFWXUDOHVVREUHOD WHRUtD DWULEXFLRQDO GH OD PRWLYDFLyQ 5HYLVWDGH3VLFRORJtD*HQHUDO\$SOLFDGD &DVWHMyQ -/ 1DYDV / \ 6DPSDVFXDO * 8Q PRGHOR HVWUXFWXUDO GHO UHQGLPLHQWR DFDGpPLFR HQ PDWHPiWLFDV HQ OD HGXFDFLyQ VHFXQGDULD 5HYLVWD GH 3VLFRORJtD*HQHUDO\$SOLFDGD 222 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &DVWHMyQ -/ \ 3pUH] $ 0 8Q PRGHOR FDXVDOH[SOLFDWLYR VREUH OD LQIOXHQFLD GH ODV YDULDEOHV SVLFRVRFLDOHV HQ HO UHQGLPLHQWR DFDGpPLFR %RUGyQ &DVWLOOR*/RVSDGUHV\ORVHVWXGLRVGHVXVKLMRV3DPSORQD(816$ &DVWLOOR , %DODQJXHU , 'XGD - /DV WHRUtDV SHUVRQDOHV VREUH HO ORJUR DFDGpPLFR\VXUHODFLyQFRQODDOLQHDFLyQHVFRODU3VLFRWKHPD &DVWLOOR,%DODQJXHU,'XGD-3HUVSHFWLYDGHPHWDGHORVDGROHVFHQWHV HQHOFRQWH[WRDFDGpPLFR3VLFRWKHPD &HFL - +DQGERRN RI FRJQLWLYH VRFLDO DQG QHXURSV\FKRORJLFDO DVSHFWV RI OHDUQLQJGLVDELOLWLHV9RO+LOOVGDOH/($ &KDOIDQW-& &HQWUDOSURFHVVLQJG\VIXQFWLRQVLQFKLOGUHQ 0RQRJUDJK1 %HWVKHGD0G86 &KDPRUUR3UHPX]LF 7 $UWHFKH $ )XUQKDP $ 1 \ 7ULFNRW /D HYDOXDFLyQ GH OD LQWHOLJHQFLD GH ORV DOXPQRV D WUDYpV GH HVWLPDFLRQHV GH XQR PLVPRORVSDGUHV\PDHVWURV3VLFRORJtDGHOD(GXFDFLyQ &KDPRUUR3UHPX]LF7 \$UWHFKH$&DSDFLGDGLQWHOHFWXDO\UHQGLPLHQWR DFDGpPLFRODYDOLGDFLyQSUHOLPLQDUGHXQPRGHOR,QWHOLJHQFLD &KDPRUUR3UHPX]LF7\)XUQKDP$/DSHUVRQDOLGDGODLQWHOLJHQFLDORV HQIRTXHVGHDSUHQGL]DMH\UHQGLPLHQWRDFDGpPLFR /DVGLIHUHQFLDVGHSHUVRQDOLGDG \HOLQGLYLGXR &KDPRUUR3UHPX]LF 7 )XUQKDP $ $FNHUPDQ 3 E /D YDOLGH] LQFUHPHQWDO GH WUDEDMR WtSLFR LQWHOHFWXDO FRPR IDFWRU GH SUHGLFFLyQ GH GLIHUHQWHV PHGLGDV GH UHQGLPLHQWR DFDGpPLFR 'LDULR GH (YDOXDFLyQ GH OD 3HUVRQDOLGDG 223 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &KDPRUUR3UHPX]LF7\)XUQKDP$D/DDXWRHYDOXDFLyQGHLQWHOLJHQFLD \UHQGLPLHQWRDFDGpPLFR3VLFRORJtDGHOD(GXFDFLyQ &KDPRUUR3UHPX]LF 7 +DUODDU 1 *UHYHQ &8 \ 3ORPLQ 5 0iV TXH LQWHOLJHQFLD 8Q DQiOLVLV ORQJLWXGLQDO GH OD SHUFHSFLyQ VXEMHWLYD KDELOLGDGHV FRPR SUHGLFWRUHVGHOUHQGLPLHQWRDFDGpPLFRHQXQDPXHVWUDJUDQGHGH5HLQR8QLGR ORV JHPHORVGH,QWHOLJHQFLD &KDPRUUR3UHPX]LF 7 4XLURJD 0 $ \ &RORP 5 /D FDSDFLGDG LQWHOHFWXDO \ UHQGLPLHQWR DFDGpPLFR 8Q HVWXGLR HVSDxRO GH DSUHQGL]DMH \ ODV GLIHUHQFLDVLQGLYLGXDOHV &KDSPDQ -: &RJQLWLYHPRWLYDWLRQDO FKDUDFWHULVWLFV DQG DFDGHPLF DFKLHYHPHQW RI OHDUQLQJ GLVDEOHG FKLOGUHQ $ ORQJLWXGLQDO VWXG\ -RXUQDO RI (GXFDWLRQDO3V\FKRORJ\ &KHULDQ 9, 3DUHQWDO DVSLUDWLRQ DQG DFDGHPLF DFKLHYHPHQW RI ;KRVD &KLOGUHQ3V\FKRORJLFDO5HSRUWV &KL 07+ %DVVRN 0 /HZLV 0 5HLPDQQ 3 \ *ODVHU 5 6HOI H[SODQDWLRQV+RZVWXGHQWVVWXG\DQGXVHH[DPSOHVLQOHDUQLQJWRVROYHSUREOHPV &RJQLWLYH6FLHQFH &KLDUDGtD -$ 7XUQHU 0 /RV WUDVWRUQRV GHO DSUHQGL]DMH 0DQXDO GH QHXURORJtDSVLFRORJtD\HGXFDFLyQSDUDPDHVWURV%XHQRV$LUHV3DLGyV &KULVWHQVRQ 6 / 5RXQGV 7 \ *RUQH\ ' )DPLO\ IDFWRUV DQG VWXGHQW DFKLHYHPHQW$QDYHQXHWRLQFUHDVHVWXGHQWVVXFFHVV6FKRRO3V\FKRORJ\4XDUWHUO\ &ROO&6LJQLILFDGR\VHQWLGRHQHODSUHQGL]DMHHVFRODU5HIOH[LRQHVHQWRUQR DOFRQFHSWRDSUHQGL]DMHVLJQLILFDWLYR5HYLVWD,QIDQFLD\$SUHQGL]DMH 224 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RORP 5 \ )ORUHV0HQGR]D &( ,QWHOOLJHQFH SUHGLFWV VFKRODVWLF DFKLHYHPHQW LUUHVSHFWLYH RI 6(6 IDFWRUV (YLGHQFH IURP %UD]LO ,QWHOOLJHQFH &RQWUHUDV)(VSLQRVD-&(VJXHUUD*$+DLNDO$3RODLQD$\5RGUtJXH] $ $XWRHILFDFLD DQVLHGDG \ UHQGLPLHQWR DFDGpPLFR HQ DGROHVFHQWHV 'LYHUVLWDV3HUVSHFWLYDVHQ3VLFRORJtD &RRSHU + 6\QWKHVLV RI 5HVHDUFK RQ +RPHZRUN (GXFDWLRQDO /HDGHUVKLS &RRSHU+ 7KHEDWWOHRYHUKRPHZRUN&RPPRQJURXQGIRUDGPLQLVWUDWRUV WHDFKHUVDQGSDUHQWVQGHG7KRXVDQG2DNV&$6DJH3XEOLFDWLRQV &RRSHU + \ 9DOHQWLQH - 8VLQJ UHVHDUFK WR DQVZHU SUDFWLFDO TXHVWLRQV DERXWKRPHZRUN(GXFDWLRQDO3V\FKRORJLVW &RUQR//RRNLQJDWKRPHZRUNGLIIHUHQWO\(OHPHQWDU\6FKRRO-RXUQDO &RYDGRQJD5XL]GH0)DFWRUHVIDPLOLDUHVYLQFXODGRVDOEDMRUHQGLPLHQWR 5HYLVWD&RPSOXWHQVHGH(GXFDFLyQ &RYLQJWRQ 09 *RDO WKHRU\ PRWLYDWLRQ DQG VFKRRO DFKLHYHPHQW $Q LQWHJUDWLYHUHYLHZ$QQXDO5HYLHZRI3V\FKRORJ\ &UHHPHUV %30 \ 6FKHHUHQV , 'HYHORSPHQW LQ WKH HGXFDWLRQDO HIIHFWLYHQHVV UHVHDUFK SURJUDP ,QWHUQDWLRQDO -RXUQDO RI (GXFDWLRQDO 5HVHDUFK &UXLFNVKDQN:13HUFHSWLRQDQGFHUHEUDOSDUDO\VLV 6\UDFXVH8QLYHUVLW\ 3UHVV6\UDFXVH 225 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &UXLFNVKDQN:0(OQLxRFRQGDxRFHUHEUDOHQODHVFXHODHQHOKRJDU\HQ ODFRPXQLGDG0p[LFR7ULOODV 'DQVHUHDX')/HDUQLQJVWUDWHJ\UHVHDUFK(Q6(*$/\RWURV 7ULQNLQJ DQGOHDUQLQJVNLOOVYRO5HODWLQJLQVWUXFWLRQWRUHVHDUFKSS+LOOVGDOH 1-/($ 'DULDV ( - 6RVD - *RQ]iOH] 3 6RVD -$\ *DUFtD 3 %DVHV PHWRGROyJLFDV GH XQ HVWXGLR GH OD SDUWLFLSDFLyQ GH ORV SDGUHV HQ ORV FHQWURV HGXFDWLYRV3VLFRWKHPD 'DULDV ( 6RVD -- *RQ]iOH] 3 6RVD -$ \ *DUFtD0HGLQD 3 9DOLGDFLyQGHODLPSOLFDFLyQGHORVSDGUHVHQODHGXFDFLyQIRUPDOGHVXVKLMRV¢(V VXILFLHQWH FRQ SUHJXQWDU D XQR GH ORV SDGUHV SDUD GHWHUPLQDU HO JUDGR GH LPSOLFDFLyQ IDPLOLDU" 3RVWHU SUHVHQWDGR D OD 9, &RQIHUHQFLD ,QWHUQDFLRQDO (YDOXDFLyQ 3VLFROyJLFD )RUPDV \ &RQWH[WRV 6DODPDQFD 8QLYHUVLGDG GH 6DODPDQFD1RYLHPEUH&DUiFWHU,QWHUQDFLRQDO 'DZHV / 0HUFHU 1 \ :HJHULI 5 7KLQNLQJ WRJHWKHU D SURJUDPPH RI DFWLYLWLHVIRUGHYHORSLQJVSHDNLQJOLVWHQLQJDQGWKLQNLQJVNLOOVIRUFKLOGUHQDJHG %LUPLQJKDP,PDJLQDWLYH0LQGV/WG 'HDO 7 ( 7KH V\PEROLVP RI HIIHFWLYH VFKRROV 7KH (OHPHQWDU\ 6FKRRO -RXUQDO 'HFDOV $ \ 5LYDV ) &DSDFLGDGHV LQWHOHFWXDOHV \ UHQGLPLHQWR HVFRODU GH HVWXGLDQWHVGH6HFXQGDULD&RQVWDWDFLyQGHXQDOLPLWDGDUHODFLyQ 5HYLVWDJDOHJR SRUWXJXHVD GH 3VLFROR[tD H (GXFDFLyQ 5HYLVWD GH HVWXGLRV H LQYHVWLJDFLyQ HQ 3VLFRORJtD\(GXFDFLyQ 'HILRU &LWROHU 6 /DV GLILFXOWDGHV GH DSUHQGL]DMH XQ HQIRTXH FRJQLWLYR OHFWXUDHVFULWXUDPDWHPiWLFDV0DGULG$OMLEH 226 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'H /D )XHQWH - -XVWLFLD ) $UFKLOOD , \ 6RWR $ )DFWRUHV FRQGLFLRQDQWHV GH ODV HVWUDWHJLDV GH DSUHQGL]DMH \ GHO UHQGLPLHQWR DFDGpPLFR HQ DOXPQRVXQLYHUVLWDULRVDWUDYpVGHODVHVFDODV$&5$ 5HYLVWDGH(GXFDFLyQGHOD 8QLYHUVLGDGGH*UDQDGD 'HOD2UGHQ$\*RQ]iOH]&9DULDEOHVTXHGLVFULPLQDQHQWUHDOXPQRVGH EDMR \ PHGLRDOWR UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH ,QYHVWLJDFLyQ (GXFDWLYD 'H OD 7RUUH & *RGR\ $ ,QIOXHQFLD GH ODV DWULEXFLRQHV FDXVDOHV GHO SURIHVRUVREUHHOUHQGLPLHQWRGHORVDOXPQRV3VLFRWKHPD 'tD]%)\+HUQiQGH]5*(VWUDWHJLDVGRFHQWHVSDUDXQDSUHQGL]DMH VLJQLILFDWLYR0p[LFR0F*UDZ+LOO 'tD]%DUULJD)\+HUQiQGH]* (VWUDWHJLDVGRFHQWHVSDUDXQDSUHQGL]DMH VLJQLILFDWLYRXQDLQWHUSUHWDFLyQFRQVWUXFWLYLVWDµ(GLF0p[LFR0F*UDZ+LOO 'RPDQ*-'HODFDWR&\'RPDQ57KH'RPDQ'HODFDWR'HYHORSPHQWDO 3URILOH 3KLODGHOSKLD ,QVWLWXWH IRU WKH $FKLHYHPHQW RI +XPDQ 3RWHQFLDO 'RUQEXVFK605LWWHU3//HLGHUPDQ3+5REHUWV')DQG)UDOHLJK0- 7KH UHODWLRQ RI SDUHQWLQJ VW\OH WR DGROHVFHQW VFKRRO SHUIRUPDQFH &KLOG 'HYHORSPHQW 'XSH\UDW&\&0DULQp,PSOLFLWRILQWHOOLJHQFHJRDORULHQWDWLRQFRJQLWLYH HQJDJHPHQW DQG DFKLHYHPHQW $ WHVW RI 'ZHFN·V PRGHO ZLWK UHWXUQLQJ WR VFKRRO DGXOWV&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\ 'ZHFN&60RWLYDWLRQDOSURFHVVDIHFWLQJOHDUQLQJ $PHULFDQ3V\FKRORJLVW 227 0GHO&DUPHQ*LUy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~D 0 5 \ *DUFtD ( (VWUDWHJLDVSDUD HQVHxDU \ DSUHQGHU DSHQVDU 0DGULG1DUFHD (QWZLVWOH1-0RWLYDWLRQDOIDFWRUVLQVWXGHQWVDSSURDFKHVWROHDUQLQJ,Q 55 6FKPHFN (G /HDUQLQJ 6WUDWHJLHV DQG OHDUQLQJ VW\OHV 1HZ <RUN 3OHQXP 3UHVV 228 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (QWZLVOH'5\+D\GXN/$/DVWLQJHIIHFWVRIHOHPHQWDU\VFKRRO 6RFLRORJ\RI(GXFDWLRQ (SVWHLQ-/3DUHQWV·UHDFWLRQVWRWHDFKHUSUDFWLFHVRISDUHQWLQYROYHPHQW 7KH(OHPHQWDU\6FKRRO-RXUQDO (SVWHLQ - / \ 9DQ 9RRUKLV ) / 0RUH WKDQ PLQXWHV 7HDFKHUV· UROHV LQ GHVLJQLQJKRPHZRUN(GXFDWLRQDO3V\FKRORJ\ (VFRUL]D 1LHWR - &RQRFLPLHQWR SVLFROyJLFR \ FRQFHSWXDOL]DFLy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yQ GH ODV LQWHOLJHQFLDV P~OWLSOHV HQ ORV SULPHURV QLYHOHV LQVWUXFFLRQDOHV3VLFRWKHPD )LHO 0DUWtQH] $ 6LVWHPD SDUD OD GHWHFFLyQ SUHFR] GH SUREOHPDV HQ HO DSUHQGL]DMH8QLYHUVLGDGGH3DOHUPR5HFXSHUDGRGHKWWSZZZSDOHUPRHGX 229 0GHO&DUPHQ*LUy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yQGHORVGLVWLQWRVHVWDPHQWRVHQODDFWLYLGDG HGXFDWLYD0DGULG&,'( )XQHV - (VWUDWHJLDV SDUD FRQVHJXLU HO p[LWR HQ OD HVFXHOD &XDGHUQRV GH 3HGDJRJtD )XQHV-&ODYHVSDUDOHHUODDGROHVFHQFLD'HSUREOHPDDVXMHWRHGXFDWLYR &XDGHUQRVGH3HGDJRJtD )XUQKDP$\&KDPRUUR3UHPX]LF7/DSHUVRQDOLGDGODLQWHOLJHQFLD\HO FRQRFLPLHQWRJHQHUDO'HDSUHQGL]DMH\ODVGLIHUHQFLDVLQGLYLGXDOHV )XUQKDP$&KDPRUUR3UHPX]LF 7 \0F'RXJDOO)'HODSHUVRQDOLGDG ODFDSDFLGDGFRJQLWLYD\ODVFUHHQFLDVDFHUFDGHODLQWHOLJHQFLDFRPRSUHGLFWRUHVGHO UHQGLPLHQWRDFDGpPLFR'HDSUHQGL]DMH\ODVGLIHUHQFLDVLQGLYLGXDOHV 230 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO )XUQKDP$=KDQJ-\&KDPRUUR3UHPX]LF7/DUHODFLyQHQWUHHOORJUR GH OD LQWHOLJHQFLD OD FUHDWLYLGDG OD SHUVRQDOLGDG \ DFDGpPLFD SVLFRPpWULFD \ OD DXWRHVWLPD,PDJLQDFLyQ&RJQLFLyQ\3HUVRQDOLGDG *DEHONR 1+ $JH DQG JHQGHU GLIIHUHQFHV LQ JOREDO DFDGHPLF VRFLDO VQG DWOKHWLF VHOIFRQFHSWV LQ DFDGHPLFDOO\ WDOHQWHG VWXGHQWV 3DSHU SUHVHQWHG DW WKH $QQXDO0HHWLQJRIWKH$PHULFDQ(GXFDWLRQDO5HVHDUFK$VVRFLDWLRQ&KLFDJR *DOODJKHU -- 7HDFKLQJ DQG OHDUQLQJ 1HZ PRGHOV $QQXDO 5HYLHZ RI 3V\FKRORJ\ *DUDQWR - (GXFDFLyQ SDUD OD GLYHUVLGDG SHUVSHFWLYDV GH IXWXUR (Q * &RPHV \ 0 *LVEHUW &RRUG /D QHFHVLGDG GH XQD HGXFDFLyQSDUD OD GLYHUVLGDG SS7DUUDJRQD8QLYHUVLGDG5XYLUD\9LUJLOL *DUDQWR - 0DWHR - \ 5RGUtJXH] 6 0RGHORV \ WpFQLFDV GH $QiOLVLV GHO 5HQGLPLHQWR$FDGpPLFR5HYLVWDGH(GXFDFLyQ *DUFtD %HUEpQ $ % 'H OD )XHQWH $ULDV - -XVWLFLD -XVWLFLD ) 3LFKDUGR 0DUWtQH] 0& $QiOLVLV GHO DSUHQGL]DMH GHO SURIHVRUDGR HQ IRUPDFLyQ ¢SHUWHQHFHQVXVHQIRTXHV D XQ FRQWLQXR" 5HYLVWD,QWHUXQLYHUVLWDULDGH)RUPDFLyQ GHO3URIHVRUDGR *DUFtD(\GHOD3H]D55HODFLyQGHYDULDEOHVFRJQLWLYRHPRFLRQDOHVFRQ HOUHQGLPLHQWRDFDGpPLFR$FWDVGHODVFRPXQLFDFLRQHVHQHO ,,&RQJUHVR+LVSDQR 3RUWXJXpVGH3VLFRORJtD 231 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *DUFtD)HUQiQGH]-RVp0,QJOpV&iQGLGR-7RUUHJURVD0DUtD65XL](VWHEDQ &HFLOLD 'tD]+HUUHUR ÉQJHOD 3pUH])HUQiQGH] (OHQD 0DUWtQH]0RQWHDJXGR 0DUtD&3URSLHGDGHVSVLFRPpWULFDVGHOD(VFDODGH$XWRHILFDFLD3HUFLELGD (VSHFtILFDGH6LWXDFLRQHV$FDGpPLFDVHQXQDPXHVWUDGHHVWXGLDQWHVHVSDxROHVGH (GXFDFLyQ6HFXQGDULD2EOLJDWRULD(XURSHDQ-RXUQDORI(GXFDWLRQDQG3V\FKRORJ\ *DUFtD)HUQiQGH] -0 7RUUHJURVD 06 ,QJOpV &- 5XL](VWHEDQ & 3DVWRU <0DUWtQH]=DUDJR]D)(VSDGD-3\'HOJDGR% $QDO\VLVRIWKHVHOI FRQFHSW GLPHQVLRQDOLW\LQD6SDQLVKVDPSOHRI6HFRQGDU\6FKRROVWXGHQWV7UDEDMR SUHVHQWDGRHQOWK&RQJUHVVRI$SSOLHG3V\FKRORJ\-XOLR$WHQDV *DUFtD*DUFtD('HOD3H]D&DVDUHV55HODFLyQGHYDULDEOHVFRJQLWLYR PRWLYDFLRQDOHV FRQ HO UHQGLPLHQWR DFDGpPLFR ,EHUSVLFRORJtD 5HYLVWD (OHFWUyQLFD GHOD)HGHUDFLyQ(VSDxRODGH$VRFLDFLyQGH3VLFRORJtD *DUFtD/LQDUHV 0& \ 3HOHJULQD 6 &DUDFWHUtVWLFDV GH ORV SDGUHV \ DXWRFRQFHSWRGHORVDGROHVFHQWHV%ROHWtQGH3VLFRORJtD *DUFtD0HGLQD 3 &XHVWLRQDULR GH DJUDGRGHVDJUDGRDMXVWH HQ OD SHUFHSFLyQ\ODDFWLWXGKDFLDHOFHQWURHVFRODU´$'$&(µ $QiOLVLV\0RGLILFDFLyQ GH&RQGXFWD *DUFtD ) 0ROSHFHUHV 0$ 0XVLWX* $OODW 3 )RQWDLQH $ 0&DPSRV % \ $UDQJR* (YDOXDFLyQGHODVRFLDOL]DFLyQIDPLOLDU(Q*0XVLWX\3$OODW (GV3VLFRORJtDGHODIDPLOLD9DOHQFLD$OEDWURV *DUFtD ) - \ 0XVLWX * D 5HQGLPLHQWR DFDGpPLFR \ DXWRHVWLPD HQ HO &LFOR6XSHULRUGH(*%5HYLVWDGH3VLFRORJtDGHOD(GXFDFLyQ 232 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *DUFtD 06 *RQ]iOH]3LHQGD -$ 1~xH] - & *RQ]iOH]3XPDULHJD 6 ÉOYDUH]/5RFHV&&DEDQDFK5*\9DOOH$(O&XHVWLRQDULRGH0HWDV $FDGpPLFDV &0$ 8Q LQVWUXPHQWR SDUD OD HYDOXDFLyQ GH OD RULHQWDFLyQ PRWLYDFLRQDOGHORVDOXPQRVGH(GXFDFLyQ6HFXQGDULD$XOD$ELHUWD *DUFtD 3DVWRU & 8QD HVFXHOD FRP~Q SDUD QLxRV GLIHUHQWHV %DUFHORQD (8% *DUFtD 7 \ 3LQWULFK 35 5HJXODWLQJ PRWLYDWLRQ DQG FRJQLWLRQ LQ WKH FODVVURRP7KHUROHRI6HOIVFKHPDVDQG6HOIUHJXOWRU\VWUDWHJLHV(Q'+6FKXQN \ %- =LPPHUPDQ (GV 6HOIUHJXODWLRQ RI OHDUQLQJ DQG SHUIRPDQFH ,VVXHV DQG HGXFDWLRQDODSSOLFDWLRQV+LOOVGDOH1-(UOEDXP *DUFtD 6iQFKH] -1 ,QWHUYHQFLyQ SVLFRSHGDJyJLFD HQ ORV WUDVWRUQRV GHO GHVDUUROOR0DGULG3LUiPLGH *DUFtD 6iQFKH] - 1 'LILFXOWDGHV GH DSUHQGL]DMH H LQWHUYHQFLyQ SVLFRSHGDJyJLFD0DGULG$ULHO *DUFtD 9LGDO - *RQ]iOH] 0DQMyQ ' 'LILFXOWDGHV GH DSUHQGL]DMH H LQWHUYHQFLyQ SVLFRSHGDJyJLFD &RQFHSWR HYDOXDFLyQ \ WUDWDPLHQWR 0DGULG (26 YRO, *DUGQHU + ,QWHOLJHQFLDV P~OWLSOHV /D WHRUtD HQ OD SUiFWLFD %DUFHORQD 3DLGyV *DUGQHU 5 :KHQ &KLOGUHQ DQG $GXOWV GR QRW XVH OHDUQLQJ VWUDWHJLHV 7RZDUGDWKHRU\RIVHWWLQJV5HYLHZRI(GXFDWLRQDO5HVHDUFK *DUJDOOR / (VWUDWHJLDV GH $SUHQGL]DMH 3URSXHVWDV SDUD OD ,QWHUYHQFLyQ (GXFDWLYD7HRUtDGHOD(GXFDFLyQ5HYLVWD,QWHUXQLYHUVLWDULD *DUQHU 5 \ $OH[DQGHU 3 0HWDFRJQLWLRQ $QVZHUHG DQG XQDQVZHUHG TXHVWLRQV(GXFDWLRQDO3V\FKRORJLVW² 233 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *HQRYDUG & /DV HVWUDWHJLDV GH DSUHQGL]DMH GHVGH OD SHUVSHFWLYD GH OD 3VLFRORJtD GH OD ,QVWUXFFLyQ (Q & 0RQHUHR FRPSLO (QVHxDU D DSUHQGHU \ D SHQVDUHQODHVFXHOD3RQHQFLDVGHODV,-RUQDGDVGHHVWXGLRVVREUHHVWUDWHJLDVGH DSUHQGL]DMH0DGULG,QIDQFLD\$SUHQGL]DMH *LPHQR 6DFULVWiQ - $XWRFRQFHSWR VRFLDELOLGDG \ UHQGLPLHQWR HVFRODU 0DGULG6HUYLFLRGH3XEOLFDFLRQHVGHO0(& *yPH] 'DFDO 5DVJRV GHO DOXPQR HILFLHQFLD GRFHQWH \ p[LWR HVFRODU 0DGULG/D0XUDOOD *RQ]iOH] 5 (W DO (O DSUHQGL]DMH FRPR SURFHVR FRJQLWLYR \ PRWLYDFLRQDO &RQJUHVR1DFLRQDOVREUH0RWLYDFLyQH,QVWUXFFLyQ$FWDVSS *RQ]iOH] 5 HW DO 9DULDEOHV FRJQLWLYRPRWLYDFLRQDOHV \ DSUHQGL]DMH &RQJUHVR1DFLRQDOVREUH0RWLYDFLyQH,QVWUXFFLyQ$FWDVSS *RQ]iOH]3LHQGD -$ 1~xH] 3pUH] -& 'LILFXOWDGHV GHO DSUHQGL]DMH HVFRODU0DGULG3LUiPLGH3VLFRORJtD *RQ]iOH]3LHQGD -$ \ 1~xH] -& /D LPSOLFDFLyQ GH ORV SDGUHV \ VX LQFLGHQFLDHQHOUHQGLPLHQWRGHORVKLMRV 5HYLVWDGH3VLFRORJtD\(GXFDFLyQ *RQ]iOH]3LHQGD-$1~xH]-&ÉOYDUH]/5RFHV&*RQ]iOH]3XPDULHJD6 *RQ]iOH] 3 0XxL] 5 9DOOH $ &DEDQDFK 5 5RGUtJXH] 6 \ %HUQDUGR $ $GDSWDELOLGDG \ FRKHVLyQ IDPLOLDU LPSOLFDFLyQ SDUHQWDO HQ FRQGXFWDV DXWRUUHJXODWRULDV DXWRFRQFHSWR GHO HVWXGLDQWH \ UHQGLPLHQWR DFDGpPLFR 3VLFRWKHPD *RQ]iOH]3LHQGD-$\1~xH]-&&RQWH[WRIDPLOLDUSURFHVRVFRJQLWLYR PRWLYDFLRQDOHV \ UHQGLPLHQWR DFDGpPLFR ,9 &RQJUHVR GH 3VLFRORJtD ,1)$' %XUJRV 234 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *RQ]iOH]3LHQGD -$ 1~xH] -& \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ LQWUtQVHFD YHUVXV H[WUtQVHFD HQ QLxRV FRQ \ VLQ GLILFXOWDGHV SDUD HO DSUHQGL]DMH HVFRODU0DJtVWHU *RQ]iOH]3LHQGD-$1~xH]-&*RQ]iOH]3XPDULHJD6ÉOYDUH]/5RFHV& *DUFtD0*RQ]iOH]3&DEDQDFK5*9DOOH$$XWRFRQFHSWRSURFHVRGH DWULEXFLyQ FDXVDO \ PHWDV DFDGpPLFDV HQ QLxRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH3VLFRWKHPD *RQ]iOH]3LHQGD -$ 1~xH] -& *RQ]iOH]3XPDULHJD 6 \ *DUFtD 0 $XWRFRQFHSWRDXWRHVWLPD\DSUHQGL]DMHHVFRODU3VLFRWKHPD *RQ]iOH]3LHQGD -$ 1~xH] -& *RQ]iOH]3XPDULHJD 6 \ *DUFtD 0 $XWRFRQFHSWRDXWRHVWLPD\DSUHQGL]DMHHVFRODU3VLFRWKHPD *RQ]iOH]3LHQGD-$1~xH]-&*RQ]iOH]3XPDULHJD6ÉOYDUH]/5RFHV& \ *DUFtD 0 D $ VWUXFWXUDO HTXDWLRQ PRGHO RI SDUHQWDO LQYROYHPHQW PRWLYDWLRQDO DQG DSWLWXGLQDO FKDUDFWHULVWLFV DQG DFDGHPLF DFKLHYHPHQW 7KH -RXUQDORI([SHULPHQWDO(GXFDWLRQ *RQ]iOH]3LHQGD-$1~xH]-&ÉOYDUH]/*RQ]iOH]3XPDULHJD65RFHV& *RQ]iOH] 3 0XxL] 5 \ %HUQDUGR $ E ,QGXFFLyQ SDUHQWDO D OD DXWRUUHJXODFLyQDXWRFRQFHSWR\UHQGLPLHQWRDFDGpPLFR3VLFRWKHPD *RQ]iOH] 0& \ 7RXUyQ - $XWRFRQFHSWR \ UHQGLPLHQWR DFDGpPLFR 6XV LPSOLFDFLRQHVHQODPRWLYDFLyQ\HQODDXWRUUHJXODFLyQGHODSUHQGL]DMH3DPSORQD (816$ *RQ]iOH] 5 9DOOH $ 3LxHLUR , 5RGUtJXH]61~xH] -&(O DMXVWH GH ORV HVWXGLDQWHV FRQ P~OWLSOHV PHWDV D YDULDEOHV VLJQLILFDWLYDV GHO FRQWH[WR DFDGpPLFR3VLFRWKHPD 235 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *RRG 7 \ %URSK\ - ( 0RWLYDFLyQ (Q *RRG 7 \ %URSK\ ( 3VLFRORJtD (GXFDFLRQDO0p[LFR,QWHUDPHULFDQD *RWWIULHG $ ( )OHPLQJ - 6 \ *RWWIULHG $ : &RQWLQXLW\ RI DFDGHPLF LQWULQVLFPRWLYDWLRQIURPFKLOGKRRGWKURXJKODWHDGROHVFHQFH$ORQJLWXGLQDOVWXG\ -RXUQDORI(GXFDWLRQDO3V\FKRORJ\² *UDKDP 6 \ *RODQ 6 0RWLYDWLRQDO LQIOXHQFHV RQ FRJQLWLRQ 7DVN LQYROYHPHQW HJR LQYROYHPHQW DQG GHSWK RI LQIRPDWLRQ SURFHVVLQJ -RXUQDO RI (GXFDWLRQDO3V\FKRORJ\ *UHHQH %$ \ 0LOOHU 5% ,QIOXHQFHV RQ DFKLHYHPHQW JRDOV SHUFHLYHG DELOLW\DQGFRJQLWLYHHQJDJJHPHQW &RQWHPSRUDQ\(GXFDWLRQDO3\FKRORJ\ *UHVKDP)0\5HVFKO\'6RFLDOVNLOOVDQGSHHUDFFHSWDQFHGLIIHUHQFHV EHWZHHQ OHDUQLQJ GLVDEOHG DQG QRQJKDQGLFDSSHG VWXGHQWV /HDUQLQJ 'LVDELOLW\ 4XDUWHUO\ *UROQLFN:6\5\DQ503DUHQWVW\OHVDVVRFLDWHGZLWKFKLOGUHQVVHOI UHJXODWLRQ DQG FRPSHWHQFH LQ VFKRRO -RXUQDORI (GXFDWLRQDO 3V\FKRORJ\ *UROQLFN :HQG\ 6 %HQMHW & .XURZVNL & 2 \ $SRVWROHULV 1 3UHGLFWRUV RI SDUHQW LQYROYHPHQW LQ FKLOGUHQ V VFKRROLQJ -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\ *URWHYDQW + ' \ &RRSHU & 5 3DWWHUQV RI LQWHUDFWLRQ LQ IDPLO\ UHODWLRQVKLSV DQG WKH GHYHORSPHQW RI LGHQWLW\ H[SORUDWLRQ LQ DGROHVFHQFH &KLOG 'HYHORSPHQW 236 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *XD\ ) 0DUVK +: \ %RLYLQ 0 $FDGHPLF VHOIFRQFHSW DQG DFDGHPLF DFKLHYHPHQW GHYHORSPHQWDO SHUVSHFWLYHV RQ WKHLU FDXVDO RUGHULQJ -RXUQDO RI (GXFDWLRQDO3V\FKRORJ\ *XWLpUUH]0 1LYHOHVGHGLVFLSOLQDIDPLOLDDXWRHVWLPD\YDORUHVHVFRODUHV 7HVLV'RFWRUDO9DOHQFLD8QLYHUVLGDGGH9DOHQFLD *XWLpUUH] 0 \ &OHPHQWH $ (VWLORV GH GLVFLSOLQD IDPLOLDU \ DGDSWDFLyQ HVFRODUEDVHVSDUDXQDLQWHUYHQFLyQHGXFDWLYD(Q$&OHPHQWH&DUULyQ'LU %DVHVSDUDODLQWHUYHQFLyQSVLFRSHGDJyJLFDHQODSUiFWLFDGHOD3VLFRORJtDHVFRODU 9DOHQFLD *HQHUDOLWDW 9DOHQFLDQD &RQVHOOHULD G(GXFDFLy L &LHQFLD 'LUHFFLy *HQHUDO G2UGHQDFLy L ,QQRYDFLy (GXFDWLYD 6HUYHL G2UGHQDFLy $FDGpPLFD *XWLpUUH]6DOGDxD 3 &DPDFKR 1 \ 0DUWtQH] 0 $XWRHVWLPD IXQFLRQDOLGDG IDPLOLDU \ UHQGLPLHQWR HVFRODU HQ DGROHVFHQWHV $WHQFLyQ SULPDULD 3XEOLFDFLyQRILFLDOGHOD6RFLHGDG(VSDxRODGH)DPLOLD\&RPXQLWDULD +DJHQ$6\:HLQVWHLQ&( $FKLHYHPHQWJRDOVVHOIUHJXODWHGOHDUQLQJ DQG WKH UROH RI FODVVURRP FRQWH[W (Q 3 5 3LQWULFK (G 8QGHUVWDQGLQJ VHOI UHJXODWHGOHDUQLQJ6DQ)UDQFLVFR-RVVH\%DVV3XE +DLU-)$QGHUVRQ5(7DWKDP5/%ODFN:$QiOLVLVPXOWLYDULDQWHFDSW SS8QLYHUVLGDGGH$OLFDQWH3HDUVRQ3UHQWLFH+DOO +DPPLOO''2Q'HILQLQJ/HDUQLQJ'LVDELOLWLHV$Q(PHUJLQJ&RQVHQVXV -RXUQDORI/HDUQLQJ'LVDELOLWLHV +DQNR * /DV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV HQ ODV DXODV RUGLQDULDV 3URIHVRUHVGHDSR\R%DUFHORQD3DLGyV 237 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +DUW6'LIHUHQWLDWLRQ:D\IRUZDUGRUUHWUHDW" %ULWLVK-RXUQDO R 6SHFLDO (GXFDWLRQ +DUWHU 6 &RPSHWHQFH DV D GLPHQVLRQ RI VHOIHYDOXDWLRQ 7RZDUG D FRPSUHKHQVLYH PRGHO RI VHOIZRUWK (Q 5 /HDK\ (G 7KH GHYHORSPHQW QRI WKH VHOI6DQ'LHJR&$$FDGHPLF3UHVV +DUWHU6\&RQQHOO5 $PRGHORIFKLOGUHQ·VDFKLHYHPHQWDQGUHODWHGVHOI SHUFHSWLRQVRIFRPSHWHQFHFRQWURODQGPRWLYDWLRQDORULHQWDWLRQ(Q-*1LFKROOV (G $GYDQFHV LQ PRWLYDWLRQ DQG DFKLHYHPHQW YRO SS 1HZ <RUN -$,3UHVV +D\DPL]X7\:HLQHU%$WHVWRI'ZHFNVPRGHORIDFKLHYHPHQWJRDOVDV UHODWHGWRSHUFHSWLRQVRIDELOLW\-RXUQDORI([SHULPHQWDO(GXFDWLRQ +D\DPL]X 7 ,WR $ \ <RVKLD]DNL . &RJQLWLYH PRWLYDWLRQDO SURFHVHV PHGLDWHG E\ DFKLHYHPHQW JRDO WHQGHQFLHV -DSDQHVH 3V\FKRORJLFDO 5HVHDUFK +HUEHUW / 3HWUL - 0 *RYHUP 0RWLYDFLyQ WHRUtD LQYHVWLJDFLyQ \ DSOLFDFLRQHV0p[LFR7KRPVRQ +HUQiQGH]3UDGRV0$/ySH]/RUFD+$QiOLVLVGHOHQIRTXHDFWXDOGH ODFRRSHUDFLyQSDGUHV\HVFXHODV$XOD$ELHUWD +HUUHUD 0( 1LHWR 6 5RGUtJXH] 0- \ 6iQFKH] 0& )DFWRUHV ,PSOLFDGRV (Q HO 5HQGLPLHQWR $FDGpPLFR GH ORV DOXPQRV 8QLYHUVLGDG 'H 6DODPDQFD5HYLVWD'H,QYHVWLJDFLyQ(GXFDWLYD +HUUHUD ) 5DPtUH] 0, 5RD -0 \ +HUUHUD , 7UDWDPLHQWRV GH ODV FUHHQFLDV PRWLYDFLRQDOHV HQ FRQWH[WRV HGXFDWLYRV SOXULFXOWXUDOHV 5HYLVWD ,EHURDPHULFDQDGH(GXFDFLyQKWWSZZZULHRHLRUJLQYHVWLJDFLRQ+HUUHUD 238 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +HUUHUD ) 5DPtUH] 0, 5RD -0 \ +HUUHUD , 7UDWDPLHQWRV GH ODV FUHHQFLDV PRWLYDFLRQDOHV HQ FRQWH[WRV HGXFDWLYRV SOXULFXOWXUDOHV 5HYLVWD ,EHURDPHULFDQD GH (GXFDFLyQ UHFXSHUDGR HQ KWWSZZZULHRHLRUJLQYHVWLJDFLRQ+HUUHUD +HUUHUR-0XVLWX**DUFtD)\*RPLV0-/DVSUiFWLFDVHGXFDWLYDV GH ORV SDGUHV HQ OD DGROHVFHQFLD $FWDVGHO ,,, &RQJUHVR1DFLRQDOGHOD3VLFRORJtD VRFLDO +HVV5'\+ROORZD\6')DPLO\DQGVFKRRODVHGXFDWLRQDOLQVWLWXWLRQV ,Q 5' 3DUNH 50 (PGH +3 0F$GRR \ *3 6DFNHWW (GV 5HYLHZLQJ FKLOG GHYHORSPHQW UHVHDUFK 9RO 7KH IDPLO\ SS &KLFDJR 8QLYHUVLW\ RI &KLFDJR3UHVV +H\PDQ*'\'ZHFN&6$FKLHYHPHQW*RDOV$QG,QWULQVHF0RWLYDWLRQ 7KHLU5HODWLRQ$QG7KHLU5ROH,Q$GDSWDWLYH0RWLYDWLRQ0RWLYDWLRQ$QG(PRWLRQ +LQVKHOZRRG - )RXU FDVHV RI FRQJHQLWDO ZRUGEOLQGQHVV RFFXUULQJ LQ WKH VDPH IDPLO\ %ULWLVK 0HGLFDO -RXUQDO FLWHG LQ &ROHV 7KH /HDUQLQJ 0\VWLTXH +RIPHLVWHU $ 0 \ *DOOHU\ 0( 3DUHQWDO LQYROYHPHQW LQ VSHFLDO HGXFDWLRQ5LJKWVDQGUHVSRQVLELOLWLHV5HSRUW1R$&KLFDJR1DWLRQDO(DVWHU 6HDO6RFLHW\IRU&ULSSOHG&KLOGUHQDQG$GXOWV +ROORZD\ 6XVDQ ' 6X]XNL 6DZDNR <DPDPRWR <RNR \ %HKUHQV .D]XNR $XWRHILFDFLD GH ODV PDGUHV MDSRQHVDV 5HYLVWD GH (VWXGLRV GH OD )DPLOLD FRPSDUDWLYRV +ROORZD\ 6XVDQ ' 6X]XNL 6DZDNR <DPDPRWR <RNR \ 0LQGQLFK -HVVLFD ' 5HODFLyQGHFRQFHSWRVGHUROPDWHUQRGHORVSDGUHVODVRSFLRQHVGHHPSOHR \ OD VDWLVIDFFLyQ FRQ OD YLGD GH ODV PXMHUHV MDSRQHVDV 6H[ 5ROHV 8QD UHYLVWD GH LQYHVWLJDFLyQ 239 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +ROW-$SSOLHGIDFWRUDQDO\VLV1HZ<RUN$FDGHPLF3UHVV +RQJ(\0LOJUDP50+RPHZRUN0RWLYDWLRQDQGOHDUQLQJSUHIHUHQFH :HVWSRUW&7%HUJLQ\*DUYH\ -RKVRQ ': 6WXGHQWVWXGHQW LQWHUDFWLRQ WKH QHJOHFWHG YDULDEOH LQ HGXFDWLRQ(GXFDWLRQDO5HVHDUFKHU -XVWLFLD ) 0HWDFRJQLFLyQ < &XUUtFXOXP (Q - %HOWUiQ < & *HQRYDUG (GV 3VLFRORJtDGHODLQVWUXFFLyQ,9DULDEOHV\SURFHVRVEiVLFRV0DGULG 6t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y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©GLVFRXQWLQJª QRQDFDGHPLF VHOIFRQFHSW DQG SHUFHLYHG VRFLDO VXSSRUW /HDUQLQJ 'LVDELOLW\ 4XDUWHUO\ .RSSLW] ( 0 1LxRV FRQ GLILFXOWDGHV HQ HO DSUHQGL]DMH %XHQRV $LUHV *XDGDOXSH .RYDFV 0 7KH LQWHUYLHZ VFKHGXOH IRU FKLOGUHQ ,6& )RUP & DQG WKH IROORZXS IRUP 8QSXEOLVKHG PDQXVFULSW 3LWWEXUJK 8QLYHUVLW\ RI 3LWWVEXUJK :HVWHUQ3V\FKLDWULF,QVWLWXWH .XKO - $ IXQFWLRQDOGHVLJQ DSSURDFK WR PRWLYDWLRQ DQG VHOIUHJXODWLRQ 7KH G\QDPLFV RI SHUVRQDOLW\ V\VWHP DQG LQWHUDFWLRQV (Q 0 %RHNDHUWV 35 3LQWULFK \ 0 =HLGQHU +DQGERRN RI VHOIUHJXODWLRQ 6DQ 'LHJR $FDGHPLF 3UHVV 241 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO .XKO - 9ROLWLRQDO PHGLDWRUV RI FRJQLWLRQEHKDYLRU FRQVLVWHQF\ 6HOI UHJXODWRU\SURFHVVHVDQGDFWLRQYHUVXVVWDWHRULHQWDWLRQ(Q-.XKO\-%HFNPDQQ (GV $FWLRQ FRQWURO )URP FRJQLWLRQ WR EHKDYLRU SS :HVW %HUOLQ 6SULQJHU9HUODJ /HyQ33HOOLFHU&-RUQDGDGH&DOLGDGHGXFDWLYD /DVLQWHOLJHQFLDVP~OWLSOHVHQ OD PHMRUD GHO UHQGLPLHQWR HVFRODU &RQVHOOHULD G(GXFDFLy )RUPDFLy L 2FXSDFLy 9DOHQFLDGHRFWXEUHGH /HRQGDUL $ \ *LDODPDV 9 ,PSOLFLW WKHRULHV JRDO RULHQWDWLRQV DQG SHUFHLYHG FRPSHWHQFH LPSDFW RQ VWXGHQWV DFKLHYHPHQW EHKDYLRU 3V\FKRORJ\ LQ WKH6FKRROV /HYLQH 3 \ (GJDU ( $Q $QDO\VLV E\ *HQGHU RI /RQJ7HUP 3RVWVFKRRO 2XWFRPHVIRU<RXWK ZLWK DQGZLWKRXW'LVDELOLWLHV ([FHSWLRQDO&KLOGUHQ /LQQH\ - $ \ 9HUQEHUJ ( &KDQJLQJ SDWWHUQV RI SDUHQWDO HPSOR\PHQW DQGWKHIDPLO\VFKRROUHODWLRQVKLS,Q&'+D\HV\.DPHUPDQ6(GV&KLOGUHQ RI ZRUNLQJ SDUHQWV ([SHULHQFHV DQG RXWFRPHV SS ² :DVKLQJWRQ '& 1DWLRQDO$FDGHP\3UHVV /LWFKW %* \ .LVWQHU - $ 0RWLYDWLRQDOSUREOHPVRIOHDUQLQJGLVDEOHG FKLOGUHQ,QGLYLGXDOGLIIHUHQFHVDQGWKHLULPSOLFDWLRQVIRUWUHDWPHQW(Q7RUJHVHQ \ :RQJ (GV 3V\FKRHGXFDWLRQDO DQG HGXFDWLRQDO SHUVSHFWLYHV RQ OHDUQLQJ GLVDELOLWLHVSS2UODQGR$FDGHPLF3UHVV /RFKPDQ-(\/DPSURQ/%6LWXDWLRQDOSUREOHPDVROYLQJVNLOOVDQG VHOIVHVWHHP RI DJJUHVVLYH DQG QRQDJJUHVVLYH ER\V -RXUQDO RI $EQRUPDO &KLOG 3V\FKRORJ\ /2(/H\2UJiQLFDGHPD\RGH(GXFDFLyQ 242 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /ySH] /DUURVD 6 (O )$&(6 ,, HQ OD HYDOXDFLyQ GH OD FRKHVLyQ \ OD DGDSWDELOLGDGIDPLOLDU3VLFRWKHPD /ySH] 0DUWtQH] - ,QYHVWLJDFLyQ VREUH IUDFDVR HVFRODU HQ OD IRUPDFLyQ SURIHVLRQDO GH ORV FHQWURV GH OD &RPXQLGDG $XWyQRPD GH 0DGULG 5HYLVWD GH (GXFDFLyQ /R]DQR / /R]DQR /0 1~xH] -& *RQ]iOH]3LHQGD $ \ ÉOYDUH] / (VWUDWHJLDV GH DSUHQGL]DMH JpQHUR \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD JDOHJR SRUWXJXHVD /\\WLQHQ 3 5DVNX3XWWRQHQ + $KRQHQ 7 3RLNNHXV $0 \ /DDNVR 0/ 7DVN UHODWHG YDULDWLRQ LQ FRPPXQLFDWLRQ RI PRWKHUV DQG WKHLU VRQV ZLWK OHDUQLQJ GLVDELOLW\ (XURSHDQ -RXUQDO RI 3V\FKRORJ\ RI (GXFDWLRQ ; ² 0DFFRE\ (( \ 0DUWtQ - $ 6RFLDOL]DWLRQ LQ WKH FRQWH[W RI WKH IDPLO\ 3DUHQWFKLOGLQWHUDFWLRQ,Q3+0XVVHQ(G +DQGERRNRIFKLOGSV\FKRORJ\ 1HZ<RUN:LOH\ 0DHKU 0 / \ 0LGJOH\ & (QKDQFLQJ VWXGHQW PRWLYDWLRQ D VFKRROZLGH DSSURDFK(GXFDWLRQDO3V\FRORJLVW\ 0DQDVVHUR0$\9i]TXH]$/DDWULEXFLyQFDXVDOFRPRGHWHUPLQDQWHGH ODVH[SHFWDWLYDV3VLFRWKHPD 0DUFKHVL$&ROO&3DODFLRV- 'HVDUUROORSVLFROyJLFR\HGXFDFLyQ9RO 7UDVWRUQRVGHOGHVDUUROOR\QHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV0DGULG$OLDQ]D 0DUFKHVL $ \ 0DUWLQ ( 'HO OHQJXDMH GHO WUDVWRUQR D ODV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV (Q $ 0DUFKHVL & &ROO \ 3DODFLRV &RPSV 'HVDUUROOR SVLFROyJLFR \ HGXFDFLyQ --, 1HFHVLGDGHV HGXFDWLYDV HVSHFLDOHV \ DSUHQGL]DMH HVFRODUSS0DGULG$OLDQ]D 243 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0DUMRULEDQNV . 3HUFHSWLRQV RI IDPLO\ HQYLURQPHQWV HGXFDWLRQDO DQG RFFXSDWLRQDO RXWFRPHV 6RFLDOVWDWXV GLIIHUHQFHV 3HUFHSWXDO DQG 0RWRU 6NLOOV 0DUVK+:5HODWLRQVKLSDPRQJGLPHQVLRQVRIVHOIDWWULEXWLRQGLPHQVLRQV RIVHOIFRQFHSWDQGDFDGHPLFDFKLHYHPHQWV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 0DUWtQH] 5$ \ $OYDUH] / )UDFDVR \ DEDQGRQR HVFRODU HQ (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD LPSOLFDFLyQ GH OD IDPLOLD \ ORV FHQWURV HVFRODUHV $XOD $ELHUWD 0DUWtQH] *RQ]iOH] 5 $ &OLPD DIHFWLYR \ UHQGLPLHQWR HVFRODU $XOD $ELHUWD 0DUWtQH] *RQ]iOH] 5 $ )DPLOLD \ HGXFDFLyQ IRUPDO ,PSOLFDFLyQ GH OD IDPLOLD HQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH 7HVLV 'RFWRUDO 8QLYHUVLGDG GH 2YLHGR 0DUWtQH]*RQ]iOH]5$)DFWRUHVIDPLOLDUHVTXHLQWHUYLHQHQHQHOSURJUHVR DFDGpPLFRGHORVDOXPQRV$XOD$ELHUWD 0DUWtQH] *RQ]iOH] 5 ,QVWUXPHQWRV GH UHFRJLGD GH LQIRUPDFLyQ SDUD DQDOL]DUODLPSOLFDFLyQGHODIDPLOLDHQODHGXFDFLyQIRUPDO5HYLVWDGH2ULHQWDFLyQ (GXFDWLYD\9RFDFLRQDO9, 0DUWtQH]2WHUR 9 )DFWRUHV GHWHUPLQDQWHV GHO UHQGLPLHQWR DFDGpPLFR HQ (QVHxDQ]D0HGLD3VLFRORJtD(GXFDWLYD 0DUWtQH]2WHUR 3pUH] 9 /RV DGROHVFHQWHV DQWH HO HVWXGLR FDXVDV \ FRQVHFXHQFLDVGHOUHQGLPLHQWRDFDGpPLFR0DGULG)XQGDPHQWRV 244 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0DUWtQH]3DPSOLHJD$)DPLO\DGDSWDELOLW\DQGFRKHVLRQHYDOXDWLRQVFDOH )$&(6GHVDUUROORGHXQDYHUVLyQHVSDxRODGHtWHPVHQHVSDxRO,QWHUQDWLRQDO -RXUQDORI&OLQLFDODQG+HDOWK3V\FKRORJ\ 0DUWtQH]3RQV07HVWRIDPRGHORISDUHQWDOLQGXFHPHQWRIDFDGHPLFVHOI UHJXODWLRQ7KH-RXUQDORI([SHULPHQWDO(GXFDWLRQ 0DUWRQ )\ 6lOM|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· DGDSWLYH OHDUQLQJ ,Q 0 0DHKU \ 3 3LQWULFK (GV $GYDQFHV LQ PRWLYDWLRQ DQG DFKLHYHPHQW 9RO SS ² *UHHQZLFK&7-$, 245 0GHO&DUPHQ*LUy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yQ&DOHUR 7HVLV'RFWRUDO 0HVRQHUR9DOKRQGR$'LILFXOWDGHVGHDSUHQGL]DMH%DUFHORQD0DUFRPER 0LGGOHWRQ0-0LGJOH\&$YRLGLQJWKHGHPRVWUWLRQRIODFNRIDELOLW\$Q XQGHUH[SORUHG DVSHFW RI JRDO WKHRU\ -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\ 0LGJOH\&.DSODQ$\0LGGOHWRQ03HUIRUPDQFHDSSURDFKJRDOV*RRG IRU ZKDW IRU ZKRP XQGHU ZKDW FLUFXPVWDQFHV DQG DW ZKDW FRVW" -RXUQDO RI (GXFDWLRQDO3V\FKRORJ\ 0LOOD0*$WHQFLyQWHPSUDQDGHODVGLILFXOWDGHVGHDSUHQGL]DMH6LPSRVLR VDWpOLWH GLILFXOWDGHV GHO DSUHQGL]DMH 5HYLVWD GH 1HXURORJtD VXSOHPHQWR 0LOOHU 6 $ 5HVHDUFK RQ H[HPSODU\ VFKRROV $Q KLVWRULFDO SHUVSHFWLYH (Q * 5 $XVWLQ \ + *DUEHU (GV 5HVHDUFK RQ H[HPSODU\ 6FKRROV SS 1HZ <RUN$FDGHPLF3UHVV 0LOOHU 5% %HKUHQV -7 *UHHQH %$ \ 1HZPDQ ' *RDOV DQG SHUFHLYHG DELOLW\ LPSDFW RQ VWXGHQW YDOLQJ VHOIUHJXODWLRQ DQG SHUVLVWHQFH &RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\ 0LUDQGD &DVDV $ 9LGDO$EDUFD *iPH] ( \ 6RULDQR )HUUHU 0 (YDOXDFLyQ H LQWHUYHQFLyQ SVLFRHGXFDWLYD HQ GLILFXOWDGHV GH DSUHQGL]DMH 0DGULG 3VLFRORJtD3LUiPLGH 0ROLQD$-3VLFRORJtD\SRVLWLYLVPRODHQVHxDQ]DGHODSVLFRORJtDGXUDQWH HOSRUILULDWR(QDxRVGHODSVLFRORJtDHQ0p[LFR0p[LFR81$0 0RQHUHR & (QVHxDU D $SUHQGHU \ D 3HQVDU HQ OD (GXFDFLyQ 6HFXQGDULD /DV (VWUDWHJLDV 'H $SUHQGL]DMH (Q &ROO & 3VLFRORJtD GH OD ,QVWUXFFLyQ /D HQVHxDQ]D \ HO DSUHQGL]DMH HQ OD (GXFDFLyQ 6HFXQGDULD SS %DUFHORQD ,&(GHOD8QLYHUVLGDGGH%DUFHORQD\+RUVRUL 247 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0RQHUHR & (VWUDWHJLDV SDUD DSUHQGHU D SHQVDU ELHQ &XDGHUQRV GH 3HGDJRJtD 0RQHUHR & \ &DVWHOOy 0 /DV HVWUDWHJLDV GH DSUHQGL]DMH &yPR LQFRUSRUDUODVDODSUiFWLFDHGXFDWLYD%DUFHORQD(GHEp 0RQVDOYR'tH](\&DUERQHUR0DUWtQ0$'HVFULSFLyQGHORVIDFWRUHV PHGLGRV SRU OD EDWHUtD %$'<*0 \ VX HVWXGLR FRPR YDULDEOHV GH LQWHUYHQFLyQ HGXFDWLYD5HYLVWD,EHURDPHULFDQDGH(GXFDFLyQ 0RUD - 'LILFXOWDGHV GHO DSUHQGL]DMH 3UR\HFWR GRFHQWH 6HYLOOD 8QLYHUVLGDGGH6HYLOOD 0RUD- 'LILFXOWDGHVGH$SUHQGL]DMH\1HFHVLGDGHV(GXFDWLYDV(VSHFLDOHV 6HYLOOD.URQRV 0RUHQR )- /D KLVWRULD GH ODV GLILFXOWDGHV GH DSUHQGL]DMH (Q $JXLOHUD -LPpQH]$QWRQLR,QWURGXFFLyQDODVGLILFXOWDGHVGHDSUHQGL]DMH0DGULG(GLWRULDO ,QWHUDPHULFDQDGH(VSDxD6$8 0RUHQ]D 3DGLOOD / /RV QLxRV FRQ GLILFXOWDGHV HQ HO DSUHQGL]DMH &DUDFWHUtVWLFDV PiV UHOHYDQWHV &RPSHQGLR GH &RQIHUHQFLDV GH 3VLFRORJtD \ 3HGDJRJtD (VSHFLDO SS ,, &RQIHUHQFLD &LHQWtILFD /DWLQRDPHULFDQD GH (GXFDFLyQ(VSHFLDO/D+DEDQD 0XOOHU & *HQGHU GLIIHUHQFHV LQ SDUHQWDO LQYROYHPHQW DQG DGROHVFHQWV PDWKHPDWLFVDFKLHYHPHQW6RFLRORJ\RI(GXFDWLRQ 0XOWRQ .' %URZQ 6' \ /HQW 5: 5HODWLRQ RI VHOIHIILFDF\ EHOLHIV WR DFDGHPLF RXWFRPHV $ PHWDDQDO\WLF LQYHVWLJDWLRQ -RXUQDO RI &RXQVHOOLQJ 3V\FKRORJ\ 248 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0XxR] -0 &DUUHUDV 05 \ %UD]D 3 $SUR[LPDFLyQ DO HVWXGLR GH ODV DFWLWXGHV\HVWUDWHJLDVGHSHQVDPLHQWRVRFLDO\VXUHODFLyQFRQORVFRPSRUWDPLHQWRV GLVUXSWLYRVHQHODXODHQOD(GXFDFLyQ6HFXQGDULD$QDOHVGH3VLFRORJtD 0XVLWX*\/LOD06 $XWRFRQFHSWR\FRPXQLFDFLyQIDPLOLDU8QDQiOLVLV GHVXVLQWHUUHODFLRQHV0DGULG$(2(3 0\HUV3,\+DPPLOO''0pWRGRVSDUDHGXFDUQLxRVFRQGLILFXOWDGHVGH DSUHQGL]DMH0p[LFR/LPXVD 0\OHEXVW+3URJUHVVLQ/HDUQLQJ'LVDELOLWLHV9RO,9RO,,9RO,,, 9RO,91HZ<RUN*UXQHDQG6WUDWWRQ 0\NOHEXVW+57KH3V\FKRORJ\RI'HDIQHVVVHQVRU\GHSULYDWLRQ/HDUQLQJ DQG$GMXVWPHQW1HZ<RUN*UXQH 1DJ\ : %HUQLQJHU 9 : \ $EERWW 5 ' &RQWULEXWLRQV RI PRUSKRORJ\ EH\RQG SKRQRORJ\ WR OLWHUDF\ RXWFRPHV RI XSSHU HOHPHQWDU\ DQG PLGGOHVFKRROVWXGHQWV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 1DWLRQDO -RLQW &RPPLWWHH RQ /HDUQLQJ 'LVDELOLWLHV ,QVHUYLFH SURJUDPV LQ OHDUQLQJGLVDELOLWLHV-RXUQDORI/HDUQLQJ'LVDELOLWLHV 1DYDV / &DVWHMyQ -/ \ 6DPSDVFXDO * ¢6RQ ODV DWULEXFLRQHV FDXVDOHV GHWHUPLQDQWHV GHO UHQGLPLHQWR DFDGpPLFR" (O SDSHO GH ODV DWULEXFLRQHV \ ODV H[SHFWDWLYDV3VLFRORJHPDV 1DYDV/*RQ]iOH]&\7RUUHJURVD*0HWDVGHDSUHQGL]DMH8QDQiOLVLV WUDQVYHUVDO GH ODV HVWUXFWXUDV IDFWRULDOHV TXH SUHVHQWDQ 5HYLVWD GH 3VLFRORJtD *HQHUDO\$SOLFDGD 249 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 1HJURSRQWH1 6HUGLJLWDOSS%XHQRV$LUHV$WOiQWLGDWHUFHUD SDUWHYLGDGLJLWDO 1LFDVLR*DUFtD - 1LFDVLR *DUFtD 6iQFKH]- 0DQXDOGHGLILFXOWDGHVGH DSUHQGL]DMHOHQJXDMHOHFWRHVFULWXUD\PDWHPiWLFDV0DGULG1DUFHD 1LFKROOV - * 'HYHORSPHQW RI SHUFHSWLRQ RI RZQ DWWDLQPHQW DQG FDXVDO DWWULEXWLRQVIRUVXFFHVVDQGIDLOXUHLQUHDGLQJ -RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 1LFKROOV - * $FKLHYHPHQW PRWLYDWLRQ &RQFHSWLRQV RI DELOLW\ VXEMHFWLYH H[SHULHQFHWDVNFKRLFHDQGSHUIRUPDQFH3V\FKRORJLFDO5HYLHZ 1LFKROOV -* &REE 3 :RRG 7 <DFNHO ( \ 3DWDVKQLFN 0 $VVHVVLQJ VWXGHQWV·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yQ&DOHUR 7HVLV'RFWRUDO 1~xH] -& (O DXWRFRQFHSWR &DUDFWHUtVWLFDV HVWUXFWXUDOHV GLIHUHQFLDV HYROXWLYDVLQWHUHLQWUDLQGLYLGXDOHV\VXUHODFLyQFRQHOUHQGLPLHQWRDFDGpPLFRHQ DOXPQRV GH D DxRV 7HVLV 'RFWRUDO QR SXEOLFDGD 8QLYHUVLGDG GH 2YLHGR 'HSDUWDPHQWRGH3VLFRORJtD 1~xH] -& &DEDQDFK 5 9DOOH $ \ )HUQiQGH] 3 &DUDFWHUtVWLFDV DIHFWLYDV \ PRWLYDFLRQDOHV GH ORV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH 5HYLVWD*DOHJDGH3VLFRSHGDJR[tD 1~xH] -& \ *RQ]iOH]3LHQGD -$ 'HWHUPLQDQWHV GHO UHQGLPLHQWR DFDGpPLFR9DULDEOHVFRJQLWLYRPRWLYDFLRQDOHVDWULEXFLRQDOHVXVRGHHVWUDWHJLDV\ DXWRFRQFHSWR2YLHGR6HUYLFLRGH3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH2YLHGR 1~xH]-&*RQ]iOH]3LHQGD-$*RQ]iOH]3XPDULHJD6*DUFtD0\5RFHV& &XHVWLRQDULR SDUD OD HYDOXDFLyQ GH PHWDV DFDGpPLFDV HQ 6HFXQGDULD &(0$,,'HSDUWDPHQWRGH3VLFRORJtD2YLHGR8QLYHUVLGDGGH2YLHGR 1~xH] - & \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ \ DSUHQGL]DMH HVFRODU &RQJUHVR1DFLRQDOVREUH0RWLYDFLyQH,QVWUXFFLyQ$FWDVSS 1~xH]-&*RQ]iOH]3LHQGD-$*DUFtD06*RQ]iOH]3XPDULHJD6\*DUFtD 6,(VWUDWHJLDVGHDSUHQGL]DMHHQHVWXGLDQWHVGHDDxRV\VXUHODFLyQ FRQ ORV SURFHVRV GH DWULEXFLyQ FDXVDO HO DXWRFRQFHSWR \ ODV PHWDV GH HVWXGLR 5HYLVWD*DOHJDGH3VLFRSHGDJR[tD 1~xH] -& *RQ]iOH]3LHQGD -$ *DUFtD , \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ HQ HO iPELWR XQLYHUVLWDULR FRQFHSWR GH LQWHOLJHQFLD PHWDV GH HVWXGLR HOHFFLyQGHWDUHDV\DSUR[LPDFLRQHVDODSUHQGL]DMH5HYLVWDGH(GXFDFLyQ 251 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 1~xH]-&*RQ]iOH]3LHQGD-$*DUFtD6\&DEDQDFK5*(YDOXDFLyQ GH OD PRWLYDFLyQ GH ORJUR ,9 &RQJUHVR GH (YDOXDFLyQ 3VLFROyJLFD 6DQWLDJR GH &RPSRVWHODGH6HSWLHPEUH 1~xH] -& *RQ]iOH]3LHQGD -$ *DUFtD , \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ HQ HO iPELWR XQLYHUVLWDULR FRQFHSWR GH LQWHOLJHQFLD PHWDV GH HVWXGLR HOHFFLyQGHWDUHDV\DSUR[LPDFLRQHVDODSUHQGL]DMH5HYLVWDGH(GXFDFLyQ 1~xH]-&*RQ]iOH]3LHQGD-$*DUFtD0*RQ]iOH]3XPDULHJD65RFHV& ÉOYDUH] / \ *RQ]iOH] 0& (VWUDWHJLDV GH DSUHQGL]DMH DXWRFRQFHSWR \ UHQGLPLHQWRDFDGpPLFR3VLFRWKHPD 1~xH] - & *RQ]iOH]3LHQGD - $ 5RViULR 3 6RODQR 3 $XWRUUHJXODFLyQ GHO DSUHQGL]DMH XQ QXHYR GHVDItR GHO HVWXGLDQWH GH (QVHxDQ]D 6XSHULRU 1~xH]5RGUtJXH]2//DHVWLPXODFLyQWHPSUDQD\VXWUDWDPLHQWR%UDVLO 8QLYHUVLGDGGH)HGHUDO'R0DUDQKDR 1~xH] 5RGUtJXH] 2/ 0RGHOR 7HyULFR 0HWRGROyJLFR SDUD OD DWHQFLyQ SUHYHQWLYD GH ODV GLILFXOWDGHV HQ HO DSUHQGL]DMH GHVGH OD (GDG 7HPSUDQD \ 3UHHVFRODU7HVLVGH0DHVWUtD&DPDJH\ 1~xH] 5RGUtJXH] 2/ $WHQFLyQ SUHYHQWLYD D ORV HVFRODUHV OHQWRV HQ ORV JUDGRV SUHHVFRODUHV SULPHUR \ VHJXQGR GH OD (QVHxDQ]D 3ULPDULD 7UDEDMR SUHVHQWDGR HQ OD ,,, &RQIHUHQFLD &LHQWtILFD /DWLQRDPHULFDQD GH (GXFDFLyQ (VSHFLDO/D+DEDQD 2FKRD6+$2OLYDUHV$PHWDDQDO\VLVRISHHUUDWLQJVRFLRPHWULFVWXGLHV RISXSLOVZLWKOHDUQLQJGLVDELOLWLHV-RXUQDORI6SHFLDO(GXFDWLRQ 2OVRQ'+3RUWQHU-\%HOO54 )$&(6,,6W3DXO018QLYHUVLW\RI 0LQQHVRWD 252 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 2OVRQ ' + 3RUWQHU - \ /DYHH < )DPLO\ $GDSWDELOLW\ DQG &RKHVLyQ (YDOXDWLRQ 6FDOHV )$&(6 ,,, 6W 3DXO 01 8QLYHUVLW\ RI 0LQQHVRWD 'HSDUWDPHQWRI)DPLO\6RFLDO6HUYLFH 3DMDUHV ) %ULWQHU 6 / \ 9DOLHQWH * 5HODWLRQ EHWZHHQ DFKLHYHPHQW JRDOV DQG VHOIEHOLHIV RI PLGGOH VFKRRO VWXGHQWV LQ ZULWLQJ DQG VFLHQFH &RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\ 3DOLQFVDU $6 %URZQ $/ \ &DPSLRQH -& )LUVW JUDGH GLDORJXHV IRU NQRZOHGJH DFTXLVLWLRQ DQG XVH ,Q )RUPDQ 0LQLFN \ 6WRQH (GV &RQWH[WV IRU OHDUQLQJ6RFLRFXOWXUDOG\QDPLFVLQFKLOGUHQ·VGHYHORSPHQWSS1HZ<RUN 2[IRUG8QLYHUVLW\3UHVV 3DUGR 0HULQR $ \ 2OHD 'tD] - 'HVDUUROOR FRJQLWLYRPRWLYDFLRQDO \ UHQGLPLHQWR DFDGpPLFR HQ VHJXQGD HWDSD GH (*% \ %83 (VWXGLRVGH 3VLFRORJtD 3DULV 6 * \ %\UQHV - 3 7KH FRQVWUXFWLYLVW DSSURDFK WR VHOIUHJXODWLRQ DQG OHDUQLQJ LQ WKH FODVVURRP ,Q =LPPHUPDQ \ 6FKXQN (GV 6HOIUHJXODWHG OHDUQLQJ DQG DFDGHPLF DFKLHYHPHQW 7KHRU\ UHVHDUFK DQG SUDFWLFH SS 1HZ<RUN6SULQJHU9HUODJ 3DULV 6* /LSVRQ 0< \ :L[VRQ . %HFRPLQJ D VWUDWHJLF UHDGHU &RPWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\ 3DUVRQV 7 (O DXOD FRPR VLVWHPD VRFLDO DOJXQD GH VXV IXQFLRQHV HQ OD VRFLHGDGDPHULFDQD(GXFDFLyQ\6RFLHGDG 3DUVRQV -( $GOHU 7) \ .DF]DOD &0 6RFLDOL]DWLRQ RI DFKLHYHPHQW DWWLXGHVDQGEHOLHIV3DUHQWDOLQIOXHQFHV&KLOG'HYHORSPHQW 253 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3DVWRU < %DODJXHU , \ *DUFtD0DULWD 0/ (O DXWRFRQFHSWR \ OD DXWRHVWLPD HQ OD DGROHVFHQFLD PHGLD DQiOLVLV GLIHUHQFLDO SRU FXUVR \ JpQHUR 5HYLVWDGH3VLFRORJtD6RFLDO 3DWULNDNRX (YDQWKLD 1 ,QYHVWLJDU HO UHQGLPLHQWR DFDGpPLFR GH ORV DGROHVFHQWHV FRQ SUREOHPDV GH DSUHQGL]DMH 8Q HQIRTXH GH PRGHORV HVWUXFWXUDOHV -RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 3DXOVRQ6($GROHVFHQWVDQGWKHLUSDUHQWVSHUFHSWLRQVRISDUHQWLQJVW\OH 5HODWLRQVZLWKDFKLHYHPHQW5HVRXUFHVLQ(GXFDWLRQ(' 3HDUO5'RQDKXH0\%U\DQ76RFLDOUHODWLRQVKLSVRIOHDUQLQJGLVDEOHG FKLOGUHQ (Q - . 7RUJHVHQ \ % \ / :RQJ (G 3V\FKRORJLFDO DQG HGXFDWLRQDO SHUVSHFWLYHVLQOHDUQLQJGLVDELOLWLHV1XHYD<RUN$FDGHPLF3UHVV 3HHWVPD7,QFOXVLyQHQ(GXFDFLyQ8QDFRPSDUDFLyQGHOGHVDUUROORGHORV DOXPQRV HQ (GXFDFLyQ HVSHFLDO \ RUGLQDULD 6LJOR &HUR 5HYLVWD (VSDxROD VREUH 'LVFDSDFLGDG,QWHOHFWXDO 3HNUXQ57KHLPSDFWRIHPRWLRQVRQOHDUQLQJDQGDFKLHYHPHQW7RZDUGV $ 7KHRU\ RI &RJQLWLYH0RWLYDWLRQDO 0HGLDWRUV $SSOLHG 3V\FKRORJ\ $Q ,QWHUQDWLRQDO5HYLHZ 3HOHFKDQR 9 3HUVRQDOLGDG PRWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH3VLFRORJtD*HQHUDO\$SOLFDGD 3pUH] $ \ &DVWHMyQ -/ 8Q PRGHOR H[SOLFDWLYRVREUH OD LQIOXHQFLD GHODV YDULDEOHV SVLFRVRFLDOHV HQ HO UHQGLPLHQWR DFDGpPLFR 5HYLVWD %RUGyQ 3pUH]6iQFKH]$0 )DFWRUHVSVLFRVRFLDOHV\UHQGLPLHQWRDFDGpPLFR7HVLV 'RFWRUDO$OLFDQWH3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH$OLFDQWH 254 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3pUH] 6HUUDQR * 'HILQLFLyQ GHO UHQGLPLHQWR HVFRODU \ VX UHODFLyQ FRQ HO QLYHOVRFLRFXOWXUDO7HVLVGRFWRUDO0DGULG8QLYHUVLGDG&RPSOXWHQVH 3HUNLQV ' 1 .QRZOHGJH DQG GHVLJQ 7HDFKLQJ WKLQNLQJ WKURXJK FRQWHQW (Q6%%DURQ5-6WHUQEHUJ 7HDFKLQJ7KLQNLQJ6NLOOVWKHRU\DQGSUDFWLFH1 <RUN)UHHPDQ 3HUNLQV'/DFUHDWLYLGDG\VXGHVDUUROOR8QDDSUR[LPDFLyQGLVSRVLFLRQDO (Q-$%HOWUDQ,QWHUYHQFLyQSVLFRSHGDJyJLFD0DGULG3LUiPLGH 3HUULV & -DFREVRQ / /LQGVWU|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tQH] 0& *DUFtD %HUEHQ $ % 'H /D )XHQWH $ULDV - -XVWLFLD -XVWLFLD ) (O (VWXGLR GH ODV H[SHFWDWLYDV HQ OD 8QLYHUVLGDG $QiOLVLV GH WUDEDMRV HPStULFRV \ IXWXUDV OtQHDV GH LQYHVWLJDFLyQ %DMD &DOLIRUQLD 0p[LFR 5HYLVWD(OHFWUyQLFDGH,QYHVWLJDFLyQ(GXFDWLYD 3LQWULFK35 7KHUROHRIJRDORULHQWDWLRQLQVHOIUHJXODWHGOHDUQLQJ(Q0 %RHNDHUWV353LQWULFK\0=HLGQHU(GV+DQGERRNRIVHOIUHJXODWLRQSS 6DQ'LHJR&$$FDGHPLF3UHVV 255 Mª del Carmen Girón Calero Tesis Doctoral Pintrich, P.R. (2000). Multiple goals, multiple pathways: The role of goal orientation in learning and achievement. Journal of Educational Psychology, 25, 544-555. Pintrich, P.R. (2000). An achievement goal theory perspective on issues in motivation terminology, theory, and research. Contemporany Educational Psychology, 99-104. Pintrich, P.R., y De Groot, E.V. (1990). Motivational and self-regulated Learning Components of classroom performance. Journal of Educational Psychology, 82, 3340. Piñeiro, I., Valle, A. Rodríguez, S. González, R. y Núñez, J.C. (2001). Diferencias en la utilización de estrategias de aprendizaje según el nivel motivacional de los estudiantes. Revista de investigación educativa, 19 (1) ,105-126. Poggioli, L. (1989) Estrategias cognoscitivas: Una revisión teórica y empírica. En: A. Puente, L. Poggioli y A. Navarro (Eds.), Psicología Cognoscitiva: Desarrollo y perspectivas. Caracas: McGraw Hill Interamericana de Venezuela. Pokay, P., y Blumenfeld, P.C. (1990). Predicting achievement early and late en the semester: the role of motivation and use of learning strategies. Journal of Educational Psychology, 82(1), 41-50. Polaco, R. (1994). El clima escolar percibido por estudiantes con diferente nivel de rendimiento. Bordón: Revista de Orientación Pedagógica, 6 (1), 89-97. Polaino-Lorente, A. (1998). Evaluación psicológica y psicopatológica de la familia. Pamplona: Instituto de Ciencias para la Familia. Universidad de Navarra. Pons, Díez, J. (1998). El modelado familiar y el papel educativo de los padres en la etiología del consumo de alcohol en los adolescentes. Revista Especializada en Salud Pública, 72 (3), 251-266. 256 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3RWWHPEDXP 6 0 .HLWK 7= \ (+/< 6 : ,V WKHUH D FDXVDO UHODWLRQ EHWZHHQVHOIFRQFHSWDQGDFDGHPLFDFKLHYHPHQW -RXUQDORI(GXFDWLRQDO5HVHDUFK 3R]R -, 0RQHUHR & \ &DVWHOOy 0 (O XVR HVWUDWpJLFR GHO FRQRFLPLHQWR FDS/DHQVHxDQ]DGHHVWUDWHJLDVGHDSUHQGL]DMHHQHOFRQWH[WRHVFRODUFDS (Q&&ROO-3DODFLRV\$0DUFKHVLFRRUG 3VLFRORJtDGHODHGXFDFLyQHVFRODU SS0DGULG$OLDQ]D(GLWRULDO 3UHVVOH\ 0 %RUNRZNL - * \ 2·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pGLFD /DWLQRDPHULFDQD 257 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 5HQLFN 0- \ +DUWHU 6 ,PSDFW RI VRFLDO FRPSDULVRQV RQ WKH GHYHORSLQJ VHOISHUFHSFWLRQVRIOHDUQLQJGLVDEOHGVWXGHQWV -RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 5LGJHOO 6' \ /RXQVEXU\ -: 3UHGLFWLQJ DFDGHPLF VXFFHVV JHQHUDO LQWHOOLJHQFH%LJ)LYHSHUVRQDOLW\WUDLWVDQGZRUNGULYH&ROOHJH6WXGHQW-RXUQDO 5REOHGR 5DPyQ 3 *DUFtD 6iQFKH] 1- (O HQWRUQR IDPLOLDU \ VX LQIOXHQFLD HQ HO UHQGLPLHQWR DFDGpPLFR GH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMHUHYLVLyQGHHVWXGLRVHPStULFRV$XOD$ELHUWD 5RFHV & *RQ]DOH] -$ \ 1~xH] -& 5HODFLRQHV HQWUH 0RWLYDFLyQ (VWUDWHJLDV GH $SUHQGL]DMH \ 5HQGLPLHQWR $FDGpPLFR 0HQWH \ &RQGXFWD HQ 6LWXDFLyQ(GXFDWLYD 5RGUtJXH]6)DFWRUHVGHUHQGLPLHQWRHVFRODU2LNRV7DX%DUFHORQD 5RGUtJXH] & (VWLORV LQWHOHFWXDOHV \ UHQGLPLHQWR DFDGpPLFR XQD SHUVSHFWLYDHYROXWLYD3VLFRWKHPD 5RIKXV (/ \ $FNHUPDQ 3/ $VVHVVLQJ LQGLYLGXDO GLIIHUHQFHV LQ NQRZOHGJH NQRZOHGJH LQWHOOLJHQFH DQG UHODWHG WUDLWV -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\ 5RPHUR 3pUH] 'LILFXOWDGHV GH DSUHQGL]DMH 8QLILFDFLyQ GH FULWHULRV GLDJQyVWLFRV6HYLOOD&RQVHMHUtDGH(GXFDFLyQ 5RViULR 3 0RXUmR 5 6RDUHV 6 &KDOHWD ( *UiFLR / 1~QH] - & \ *RQ]iOH]3LHQGD - E 7UDEDOKR GH FDVD WDUHIDVHVFRODUHV DXWRUHJXODomRH HQYROYLPHQWRSDUHQWDO3VLFRORJLDHP(VWXGR 258 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 5RViULR 3 0RXUmR 5 7ULJR- 1~xH] - & \*RQ]iOH]3LQHGD - 65/ (QKDQFLQJ 1DUUDWLYHV 7HVWDV· PLV DGYHQWXUHV $FDGHPLF ([FKDQJH 4XDUWHUO\ :LQWHU 5RViULR30RXUlR51~xH]-&\*RQ]iOH]3LQHGD-6RODQR3\9DOOH$ (ILFDFLD GH XQ SURJUDPD LQVWUXFFLRQDO SDUD OD PHMRUD GH SURFHVRV \ HVWUDWHJLDVGHDSUHQGL]DMHHQODHQVHxDQ]DVXSHULRU3VLFRWKHPD 5RViULR 3 0RXUlR 5 1~xH] - & \ *RQ]iOH]3LQHGD - 6RODQR 3 (VFXHODIDPLOLD ¢HV SRVLEOH XQD UHODFLyQ UHFtSURFD \ SRVLWLYD" 3DSHOHV GHO 3VLFyORJR 5RViULR31~xH]-&*RQ]iOH]3LHQGD-$$OPHLGD/6RDUHV6\5XELR0 (ODSUHQGL]DMHHVFRODUH[DPLQDGRGHVGHODSHUVSHFWLYDGHO©PRGHOR3ª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ª del Carmen Girón Calero Tesis Doctoral Sánchez-Palomino, A., y Torres, J.A. (1997). Educación especial I. Una perspectiva curricular, organizativa y profesional. Madrid: Pirámide. Santiuste, V., García, E., Ayala, C. y Barriguete, C. (1996). Procesos y estrategias de comprensión lectora. Aplicación a la enseñanza de la filosofía a través de los textos. Madrid: Fugaz. Schilling, E., y Lynch, E D. (1985). Father versus mather custody and Academic Achievement of Eigth Grade Children. Journal of Research and Development in Education, 18 (2), 7-11. Schneider, W., Pressley, M. (1997). Memory development between 2 and 20. Hillsdale, NJ: Erlbaum. Schunk, Dale, H. (1998). Teorías del aprendizaje. México D.F.: Pearson Educación. Seginer, R. (1983). Parents´educational expectations and children´s academic ahievements: A literature review. Merrill Palmer Quarterly, 29, 1-23. Seginer, R. (1985). Family learning environment: The subjective view of adolescent males and females. Journal of Youth and Adolescence, 14 (2), 121-131. Seginer, R., Cohen, Y. B., y Zukerman, S. (1987). Mothers characteristics and firstgrade boys performance: Testing an academic achievement model. Journal of Genetic Psychology, 149 (3), 349-361. Seginer, R., y Vermulst, A. (2002). Family environment, educational aspirations, and academic achievement in two cultural settings. Journal of Cross-Cultural Psychology, 58, 292-307. Segovia, F., y Beltrán, J. A. (1998). El aula inteligente. Madrid: Espasa Calpe. 260 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HLIHUW 7/ \ 2·NHHIH %$ 7KH UHODWLRQVKLS RI ZRUN DYRLGDQFH DQG OHDUQLQJ JRDOV WR SHUFHLYHG FRPSHWHQFH H[WHUQDOLW\ DQG PHDQLQJ %ULWLVK -RXUQDO RI(GXFDWLRQDO3V\FKRORJ\ 6HUUDQR-0&DOYR07*RQ]iOH]+HUUHUR0(\$WR0)RUPDFLyQGH SURIHVRUHV8QDH[SHULHQFLDGHHODERUDFLyQ\DSOLFDFLyQGHPpWRGRVGHDSUHQGL]DMH FRRSHUDWLYR HQ ODV DXODV GH HGXFDFLyQ ,QIDQWLO 3ULPDULD \ 6HFXQGDULD ,QYHVWLJDFLyQEHFDGDSRUOD'*,&<7GHO0LQLVWHULRGH(GXFDFLyQ\&LHQFLD 6HWWOH6K$\0LOLFK56RFLDOSHUVLVWHQFHIROORZLQJIDLOXUHLQER\VDQG JLUOVZLWK/'-RXUQDORI/HDUQLQJ'LVDELOLWLHV 6KDURQ ( 3DXOVRQ %DOO 6WDWH 8QLYHUVLW\ 3DUHQWLQJ 6W\OH DQG 3DUHQWDO ,QYROYHPHQW 5HODWLRQV ZLWK DGROHVFHQW DFKLHYHPHQW 0LG:HVWHUQ (GXFDWLRQDO 5HVHDUFKHU 6KDYHOVRQ 5- +XEQHU -- \ 6WDQWRQ *& 9DOLGDWLRQ RI FRQVWUXFW LQWHUSUHWDWLRQV5HYLHZRI(GXFDWLRQDO5HVHDUFK 6KHULGDQ 60 \ 'RZG 6( /DV IDPLOLDV FRPR FRQWH[WRV SDUD OD DGDSWDFLyQGHORVQLxRV(Q6*ROGVWHLQ\5%URRNV(GV 6LOHV5RMDV&/DFRODERUDFLyQGHORVSDGUHVFRQODHVFXHOD5HYLVWD3DGUHV \0DHVWURV 6NDDOYLN(06HOIHQKDQFLQJDQGVHOIGHIHDWLQJHJRRULHQWDWLRQ5HODWLRQV ZLWK WDVN DQG DYRLGDQFH RULHQWDWLRQ DFKLHYHPHQW VHOISHUFHSWLRQV DQG DQ[LHW\ -RXUQDORI(GXFDWLRQDO3V\FKRORJ\ 6PLOH\ 3$ \ 'ZHFN &6 ,QGLYLGXDO GLIIHUHQFHV LQ DFKLHYHPHQW JRDOV DPRQJ\RXQJFKLOGUHQ&KLOG'HYHORSPHQW 261 Mª del Carmen Girón Calero Tesis Doctoral Smith, T.E. (1991). Agreement of adolescent educational expectations with perceived maternal and paternal educational goals. Youth and Society, 23 (2), 155174. Snow, R.E., y Lohman, D.F. (1984). Toward a theory of cognitive aptitude for learning from instruction. Journal of Educational Psychology, 76, (3), 347-376. Sosa, J.A., Sosa, M.J., Darias, E., y Sánchez, C. R. (1996). The implication of parents on the education of their children (La implicación de los padres en la educación formal de sus hijos: Consideraciones previas y dificultades metodológicas). Comunicación presentada al ECER´96 (The European Educational Resarch Association). In the Faculty of Education Sciences: Universidad de Sevilla, 25-28 de Septiembre. Carácter Internacional. Sprenkle, D.H., y Olson, D.H. (1978). Circumplex model of marital systems. An empirical study of clinic and non-clinic couples. Journal of Marriage and Family Counselling, abril, 59-74. Stein, B.S., Bransford, J.D., Franks, J.J., Owings, R.A., Vye, N.J., y McGaw, W. (1982). Differences in the precision of self-generated elaborations. Journal of Experimental Psychology General, 11, 399-405. Stein, B.S., Bransford, J.D., Franks, J.J., Vye, N.J., y Perfetto, G.A. (1982). Differences in judgments of learning difficulty. Journal of Experimental Psychology General, 11, 406-413. Stein, B.S., Littlefield, J., Bransford, J.D., y Persampieri, M. (1984). Elaboration and knowledge acquisition. Memory and Cognition, 12, 522-529. Steinberg, L., Lamborn, S.D., Dornbusch, S. M., y Darling, N. (1992). Impact of parenting practices on adolescent achievement: Authoritative parenting, school involvement, and encouragement to succeed. Child Development, 63, 1266-1281. 262 Mª del Carmen Girón Calero Tesis Doctoral Stevenson, D. L., y Baker, D. P. (1987). The family-school relation and the child´s school performance. Child Development, 58, 1348-1357. Stevenson, H. W., Lee, S., Y., Chen, C., Lummis, M., Stigler, J., Fan, L., et al. (1990). Mathematics achievement of children in China and the United States. Child Development, 61 (4), 1053–1066. Stigler, J. W., Lee, S. Y., Steven, H. W. (1990). Mathematical knowledge of Japanese, Chinese, and American elementary school children. Reston, VA: National Council of Teachers of Mathematics. Strauss, A., A. (1947). Psychopathology and education of the brain-injured child, (Vol 1).New York: Grume and Stratton. Suárez, Yánez, A. (1995). Dificultades en el aprendizaje. Un modelo de Diagnóstico e Intervención. Madrid: Editorial Aula XXI. Santillana. Suárez Riveiro, J. M., Fernández Suárez, P. y Anaya Nieto, D. (2005). Un modelo sobre la determinación motivacional del aprendizaje autorregulado. Revista de Educación, 338, 295-306. Sun, Y., y Li, Y. (2001). Marital disruption, parental investment, and children’s academic achievement. Journal of Family Issues, 22 (1), 27-62. Switzer, L.S. (1990). Family factors associated with academic progress for children with learning disabilities. Elementary School for children with learning disabilities. Elementary School Guidance and Counseling, 24, 200-206. Symeou, L. (2006). Past and present in the notion of school-family collaboration. Aula Abierta, 85, 165-184. Teachman, J. D., y Paasch, K. (1998, August). The family and educational aspirations. Journal of Marriage and the Family, 60, 704-714. 263 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 7HMHGRU - \ &DQGH - $ ,QIOXHQFLD GH ODV YDULDEOHV FRQWH[WXDOHV HQ HO UHQGLPLHQWRDFDGpPLFR5HYLVWDGH(GXFDFLy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iOH] 7RUUHV 0 & (O DSUHQGL]DMH DXWRUUHJXODGR SUHVHQWH \ IXWXUR GH OD LQYHVWLJDFLyQ 5HYLVWD (OHFWUyQLFD GH ,QYHVWLJDFLyQ 3VLFRHGXFDWLYD 8VHHP ( / 0LGGOH VFKRROV DQG PDWK JURXSV 3DUHQWV· LQYROYHPHQW LQ FKLOGUHQ·VSODFHPHQW6RFLRORJ\RI(GXFDWLRQ 9DOGLYLD )DFWRUHV SVLFROyJLFRV TXH SUHGLVSRQHQ DO EDMR UHQGLPLHQWR DO IUDFDVR\DODGHVHUFLyQHVFRODU(VWXGLRVSHGDJyJLFRV 264 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 9DOOH $ \ &DEDQDFK 5* 2ULHQWDFLRQHV PHWRGROyJLFDV ODV PHWDV DFDGpPLFDV (Q -$ *RQ]iOH]3LHQGD \ - & 1~xH] FRRUGV 'LILFXOWDGHV GH DSUHQGL]DMHHVFRODU0DGULG3LUiPLGH 9DOOH $ &DEDQDFK 5 5RGUtJXH] 6 1~xH] - & *RQ]iOH]3LHQGD $ 0HWDV DFDGpPLFDV HVWUDWHJLDV FRJQLWLYDV \ HVWUDWHJLDV GH DXWRUUHJXODFLyQ GHO HVWXGLR3VLFRWKHPD 9DOOH $ &DEDQDFK 5 * 5RGUtJXH] 6 1~xH] - & *RQ]iOH]3LHQGD -$ \ 5RViULR 3 3HUILOHV PRWLYDFLRQDOHV HQ HVWXGLDQWHV GH 6HFXQGDULD DQiOLVLV GLIHUHQFLDOHQHVWUDWHJLDVFRJQLWLYDVHVWUDWHJLDVGHDXWRUUHJXODFLyQ\UHQGLPLHQWR DFDGpPLFR5HYLVWD0H[LFDQDGH3VLFRORJtD 9DOOH$&DEDQDFK5&XHYDV/<1~xH]-&0HWDVDFDGpPLFDVGHORV HVWXGLDQWHV XQLYHUVLWDULRV \ VX UHODFLyQ FRQ RWUDV YDULDEOHV FRJQLWLYR PRWLYDFLRQDOHV%ROHWtQGH3VLFRORJtD 9DOOH $ &DEDQDFK 5* &XHYDV /0 \ 1~xH] -& 3DWURQHV PRWLYDFLRQDOHV HQ HVWXGLDQWHV XQLYHUVLWDULRV &DUDFWHUtVWLFDV PRWLYDFLRQDOHV 5HYLVWDGH,QYHVWLJDFLyQ(GXFDWLYD 9DOOH $ &DEDQDFK 5* 1~xH] -& 5RGUtJXH] 6 \ 3LxHLUR , 'LIHUHQFLDV HQ OD XWLOL]DFLyQ GH HVWUDWHJLDV GH DSUHQGL]DMH VHJ~Q HO QLYHO PRWLYDFLRQDOGHORVHVWXGLDQWHV5HYLVWDGH,QYHVWLJDFLyQ(GXFDWLYD 9DOOH $ &DEDQDFK 5 5RGUtJXH] 6 1~xH] - & *RQ]iOH]3LHQGD $ 0HWDV DFDGpPLFDV HVWUDWHJLDV FRJQLWLYDV \ HVWUDWHJLDV GH DXWRUUHJXODFLyQ GHO HVWXGLR3VLFRWKHPD 9DOOH $ *RQ]iOH]&DEDQDFK 5 %DUFD $ \ 1~xH] -& 9DULDEOHV FRJQLWLYRPRWLYDFLRQDOHV \ DSUHQGL]DMH HVFRODU $OJXQDV UHIOH[LRQHV GHVGH XQD YLVLyQFRQVWUXFWLYLVWDGHOSURFHVRGHDSUHQGL]DMH%RUGyQ 265 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 9DOOH$*RQ]iOH]&DEDQDFK5%DUFD$\1~xH]-&8QDSHUVSHFWLYD FRJQLWLYRPRWLYDFLRQDO \ DSUHQGL]DMH DXWRUUHJXODGR 5HYLVWD GH (GXFDFLyQ 9DOOH $ *RQ]iOH]&DEDQDFK 5 5RGUtJXH] 6 \ 3LxHLUR , $WULEXFLRQHV FDXVDOHV DXWRFRQFHSWR \ PRWLYDFLyQ HQ HVWXGLDQWHV FRQ DOWR \ EDMR UHQGLPLHQWR DFDGpPLFR5HYLVWD(VSDxRODGH3HGDJRJtD 9DOOH $ *RQ]iOH] 5 1~xH] -5 'LIHUHQFLDV HQ OD XWLOL]DFLyQ GH HVWUDWHJLDVGH DSUHQGL]DMH VHJ~Q HO QLYHO PRWLYDFLRQDO GH ORV HVWXGLDQWHV 5HYLVWD GH,QYHVWLJDFLyQ(GXFDWLYD 9DOOH $ *RQ]iOH] 5 6XiUH] -0 \ )HUQiQGH] $ 3 8Q PRGHOR LQWHJUDGRU H[SOLFDWLYR GH ODV UHODFLRQHV HQWUH PHVWDV DFDGpPLFDV HVWUDWHJLDV GH DSUHQGL]DMH \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH LQYHVWLJDFLyQ HGXFDWLYD 9DOOH $ 1~xH] - & &DEDQDFK 5 * *RQ]iOH]3LHQGD - $ 5RGUtJXH] 6 5RViULR3&HUH]R5\0XxR]&DGDYLG0$6HOIUHJXODWHGSURILOHVDQG DFDGHPLFDFKLHYHPHQW3VLFRWKHPD 9DOOH $ \ 5RGUtJXH] 0DUWtQH] 6 (VWUDWHJLDV GH DSUHQGL]DMH \ UHQGLPLHQWRDFDGpPLFR%ROHWtQGH3VLFRORJtD 9DULRV DXWRUHV 8QD HVFXHOD FRPSUHQVLYD H LQWHJUDGRUD ,QIRUPH GH OD FRPLVLyQ(GXFDFLyQ(VSHFLDO9LWRULD*D]WHL]6HUYLFLRFHQWUDOGH3XEOLFDFLRQHVGHO *RELHUQR9DVFR 9DXJKQ 6 (OEDXP %(6FKXPP -6 \ +XJKHV 07 6RFLDO RXWFRPHV IRUVWXGHQWVZLWKDQGZLWKRXWOHDUQLQJGLVDELOLWLHVLQLQFOXVLYHFODVVURRPV-RXUQDO RI/HDUQLQJ'LVDELOLWLHV 266 0GHO&DUPHQ*LUy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yQ :DUG 6 ,; -RUQDGD SDUD 2ULHQWDGRUHV (VFRODUHV /RV RULHQWDGRUHV DJHQWHV GH FDPELR HGXFDWLYR ,QQRYDWLYH /HDUQLQJ 3URJUDPV 3URPRWLQJ FROODERUDWLYH DQG DXWRQRPRXV OHDUQLQJ PRWLYDWLRQ DQG FODVVURRP PDQDJHPHQW (VFXHODV&DWyOLFDVGHRFWXEUH :DUQRFN 0 6SHFLDO (GXFDWLRQDO 1HHGV 5HSRUW RI WKH FRPPLWWHH RII HQTXLU\ LQWR WKH HGXFDWLRQ RI KDQGLFDSSHG FKLOGUHQ DQG \RXQJ SHRSOH /RQGUHV +062 7UDGXFLGR DO HVSDxRO HQ OD 5HYLVWD 6LJOR &HUR ,QIRUPH VREUH QHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV :DUQRFN0(QFXHQWURVREUHQHFHVLGDGHVGHHGXFDFLyQHVSHFLDO5HYLVWDGH (GXFDFLyQ :HLQHU%$QDWWULEXWLRQDOWKHRU\RIDFKLHYHPHQWPRWLYDWLRQDQGHPRWLRQ 3V\FKRORJLFDO5HYLHZ 267 0GHO&DUPHQ*LUy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²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yQ&DOHUR 7HVLV'RFWRUDO :ROWHUV &$ <X 6/ \ 3LQWULFK 35 7KH UHODWLRQV EHWZHHQ JRDO RULHQWDWLRQDQGVWXGHQWVPRWLYDWLRQDOEHOLHIVDQGVHOIUHJXODWHGOHDUQLQJ/HDUQLQJ DQG,QGLYLGXDO'LIIHUHQFHV :\OLH 5& 7KH 6HOI &RQFHSW (Q 9RO,, 7KHRU\DQG5HVHDUFKRQ6HOHFWHG 7RSLFV/RQGUHV8QLYHUVLW\RI1HEUDVND3UHVV ;X - \ &RUQR / &DVH VWXGLHV RI IDPLOLHV GRLQJ WKLUGJUDGH KRPHZRUN 7HDFKHUV&ROOHJHUHFRUG <XVWH & 0DUWtQH] 5 \ *DOYH -/ %DWHUtD GH $SWLWXGHV *HQHUDOHV \ 'LIHUHQFLDOHV5HQRYDGR%$'<*50DGULG&(3( =DEDOD$/DSUiFWLFDHGXFDWLYD&yPRHQVHxDU%DUFHORQD*5$2 =LPPHUPDQ %- %DQGXUD $ \ 0DWtQH]3RQV 0 6HOIPRWLYDWLRQ IRU DFDGHPLF DWWDLQPHQW 7KH UROH RI VHOI HIILFDF\ EHOLHIV DQG SHUVRQDO JRDO VHWWLQJ $PHULFDQ(GXFDWLRQDO5HVHDUFK-RXUQDO =LPPHUPDQ %- %RQQHU 6 \ .RYDFK 5 'HYHORSLQJ VHOIUHJXODWHG OHDUQHUV%H\RQGDFKLHYHPHQWWRVHOIHIILFDF\:DVKLQJWRQ'&$3$ =LPPHUPDQ %- \ &OHDU\ 7- $GROHVFHQWV GHYHORSPHQW RI SHUVRQDO DJHQF\ (Q ) 3DMDUHV 7 8UGDQ (GV 6HOIHIILFDF\ EHOLHIV RI DGROHVFHQFH SS 86$,QIRUPDWLRQ$JH3XEOLVKLQJ 269 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 9,$1(;26 9,$1(;26 $1(;26 $QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GHILDELOLGDG $QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GHILDELOLGDG LVHVWDGt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yQ&DOHUR 7HVLV'RFWRUDO &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ 272 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0LQLPXP 0D[LPXP 0HDQ 6WG 'HYLDWLRQ &($ &($ &($ &($ &XHVWLRQDULRSDUD DOXPQRVGH(VWUDWHJLDV GH$SUHQGL]DMH 273 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ 274 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ &($ 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH '(6&5,37,9(6 9$5,$%/(6 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF 5HJXODFLyQ(VFDODPHWDFRJQLFLyQ 6XPDWRWDO&($ 67$7,67,&6 0($167''(90,10$; 275 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH $SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0LQLPXP 0D[LPXP 0HDQ 6WG'HYLDWLRQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF 5HJXODFLyQ (VFDODPHWDFRJQLFLyQ 6XPDWRWDO&($ 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH FXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0LQLPXP 0D[LPXP 0HDQ 6WG 'HYLDWLRQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQVDPLHQWRFUtWLFR\ FUHDWLYR 5HFXSHUDFLyQ 276 0GHO&DUPHQ*LUyQ&DOHUR (VFDODGH 7HVLV'RFWRUDO 5HJXODFLyQ (VFDODPHWDFRJQLFLyQ 6XPDWRWDO&($ 9DOLG1OLVWZLVH SHUVRQDOL]DFLyQ 3ODQLILFDFLyQ\ HYDOXDFLyQ D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 63/,7),/(2)) '(6&5,37,9(6 9$5,$%/(6 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF 5HJXODFLyQ(VFDODPHWDFRJQLFLyQ 6XPDWRWDO&($ 67$7,67,&6 0($167''(9 'HVFULSWLYH6WDWLVWLFV 'HVFULSWLYH6WDWLVWLFV 0RWLYDFLyQ 1 0HDQ 6WG'HYLDWLRQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGH VHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQVDPLHQWRFUtWLFR 5HFXSHUDFLyQ (VFDODGH 5HJXODFLyQ (VFDODPHWDFRJQLFLyQ 6XPDWRWDO&($ 9DOLG1OLVWZLVH \FUHDWLYR SHUVRQDOL]DFLyQ 3ODQLILFDFLyQ\ HYDOXDFLyQ 277 0GHO&DUPHQ*LUy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yQIDPLOLDU 6257&$6(6%<&RQRVLQ'$ 63/,7),/(6(3$5$7(%<&RQRVLQ'$ '(6&5,37,9(6 9$5,$%/(6 UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDPUHODFIDP)$&(6&RK)$&(6$GDS 6XPD)$&(6 67$7,67,&6 0($167''(9 278 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 &XHVWLRQDULRSDUDSDGUHV 0HDQ 6WG'HYLDWLRQ UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP )$&(6&RK )$&(6$GDS 6XPD)$&(6 9DOLG1OLVWZLVH VREUHUHODFLyQIDPLOLDU D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD SDGUHVVREUHUHODFLyQ IDPLOLDU 279 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP )$&(6&RKHVLyQ )$&(6$GDSDELOLGDG 6XPD)$&(6 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH '(6&5,37,9(69$5,$%/(6 0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ 0HWDVSUHJPHWDDSUHQGL]DMHPHWDUHQGLPLHQWRPHWDUHQGLPLHQWR 67$7,67,&6 0($167''(9 280 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ &RQ'LILFXOWDGHV &RQ'LILFXOWDGHVGH$SUHQGL]DMH GH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ &XHVWLRQDULR DOXPQRV GH SDUD 0HWDV $FDGpPLFDV 0HWDVSUHJ 0HWDVSUHJ 0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH 281 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD DOXPQRVGH0HWDV $FDGpPLFDV 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 63/,7),/(2)) '(6&5,37,9(69$5,$%/(6 0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ 0HWDVSUHJPHWDDSUHQGL]DMHPHWDUHQGLPLHQWRPHWDUHQGLPLHQWR 67$7,67,&6 0($167''(9 282 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 'HVFULSWLYH6WDWLVWLFV 'HVFULSWLYH6WDWLVWLFV 1 0HDQ 6WG 'HYLDWLRQ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ &XHVWLRQDULRSDUD DOXPQRVGH0HWDV $FDGpPLFDV 0HWDVSUHJ 0HWDVSUHJ 0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR 9DOLG1OLVWZLVH '(6&5,37,9(6 9$5,$%/(6 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,6'4,,6'4,,6'4,,6'4,,6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 283 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV6'4,,DFDG6'4,,DSDUItVLFD6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ 67$7,67,&6 0($167''(9 'HVFULSWLYH6WDWLVWLFV 'HVFULSWLYH6WDWLVWLFV 1 0HDQ 6WG 'HYLDWLRQ 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, &XHVWLRQDULRSDUD DOXPQRVVREUH $XWRFRQFHSWR 284 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 285 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ 9DOLG1OLVWZLVH 6257&$6(6%<&RQRVLQ'$ 63/,7),/(6(3$5$7(%<&RQRVLQ'$ '(6&5,37,9(6 9$5,$%/(6 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,6'4,,6'4,,6'4,,6'4,,6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV6'4,,DFDG6'4,,DSDUItVLFD6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ 67$7,67,&6 0($167''(9 286 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ 6'4,, 6'4,, 6'4,, 6'4,, &XHVWLRQDULRSDUD DOXPQRVVREUH $XWRFRQFHSWR 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 287 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 288 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, DOXPQRVVREUH $XWRFRQFHSWR 6'4,, 6'4,, 6'4,, 6'4,, 289 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 290 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 291 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO '(6&5,37,9(69$5,$%/(6 62&62&62&62&62&62&62&62& 62&62&62&62&62&62&62&62&62&62&62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62&DSR\R 62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ 67$7,67,&6 0($167''(9 &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD DOXPQRVGH6RFLDOL]DFLyQ )DPLOLDU 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 292 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD DOXPQRVGH6RFLDOL]DFLyQ )DPLOLDU 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 293 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 62& 62& 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 63/,7),/(2)) '(6&5,37,9(69$5,$%/(6 62&62&62&62&62&62&62&62& 62&62&62&62&62&62&62&62&62&62&62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62&DSR\R 62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ 67$7,67,&6 0($167''(9 'HVFULSWLYH6WDWLVWLFV 'HVFULSWLYH6WDWLVWLFV 1 0HDQ 6WG 'HYLDWLRQ 62& 62& 62& 62& 62& 62& 62& &XHVWLRQDULRSDUD DOXPQRVGH6RFLDOL]DFLyQ )DPLOLDU 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 294 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 62& 62& 62& 62& 62& 62& 62& 62& 62& 62& 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 9DOLG1OLVWZLVH '(6&5,37,9(69$5,$%/(6 ,PSOLF,PSOLF,PSOLF,PSOLF,PSOLF,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ6XPDWRWDOLPSDOXP 67$7,67,&6 0($167''(9 'HVFULSWLYH6WDWLVWLFV 'HVFULSWLYH6WDWLVWLFV 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF DOXPQRVGHLPSOLFDFLyQ IDPLOLDU 295 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 6XPDWRWDOLPSDOXP 9DOLG1OLVWZLVH 6257&$6(6%<&RQRVLQ'$ 63/,7),/(6(3$5$7(%<&RQRVLQ'$ '(6&5,37,9(6 9$5,$%/(6 ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ6XPDWRWDOLPSDOXP 67$7,67,&6 0($167''(9 &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF DOXPQRVGHLPSOLFDFLyQ IDPLOLDU 296 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 6XPDWRWDOLPSDOXP 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQR QRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF DOXPQRVGHLPSOLFDFLyQ IDPLOLDU 297 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 6XPDWRWDOLPSDOXP 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH '(6&5,37,9(6 9$5,$%/(6 LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDPLPSOLFIDPLPSOLFIDPLPSOLFIDP ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ 6XPDLPSOIDPSDG 67$7,67,&6 0($167''(9 &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP &XHVWLRQDULRSDUD SDGUHVVREUHOD LPSOLFDFLyQHQHOSURFHVR GH(QVHxDQ]D DSUHQGL]DMHGHVXVKLMRV 298 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ 6XPDLPSOIDPSDG 9DOLG1OLVWZLVH D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP SDGUHVVREUHOD LPSOLFDFLyQHQHOSURFHVR GH(QVHxDQ]D DSUHQGL]DMHGHVXVKLMRV 299 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ 6XPDLPSOIDPSDG 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 63/,7),/(2)) '(6&5,37,9(6 9$5,$%/(6 LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDPLPSOLFIDPLPSOLFIDPLPSOLFIDP ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ 6XPDLPSOIDPSDG 67$7,67,&6 0($167''(9 'HVFULSWLYH6WDWLVWLFV HVFULSWLYH6WDWLVWLFV 1 0HDQ 6WG 'HYLDWLRQ &XHVWLRQDULRSDUD LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP SDGUHVVREUHOD LPSOLFDFLyQHQHOSURFHVR GH(QVHxDQ]D DSUHQGL]DMHGHVXVKLMRV 300 0GHO&DUPHQ*LUy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pPLFR HQHOiUHD0DWHPiWLFDV SULPHUWULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHD&DVWHOODQR /HQJXD\/LWHUDWXUD SULPHUWULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHD9DOHQFLDQR /HQJXD\/LWHUDWXUDHQ HOSULPHUWULPHVWUH 301 0GHO&DUPHQ*LUyQ&DOHUR 5HQGLPLHQWRDFDGpPLFR 7HVLV'RFWRUDO PHGLDPDWHPDWLFDV PHGLDFDVWHOODQR PHGLDYDOHQFLDQR 9DOLG1OLVWZLVH HQHOiUHD0DWHPiWLFDV VHJXQGRWULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHD&DVWHOODQR /HQJXD\/LWHUDWXUD VHJXQGRWULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHD 9DOHQFLDQR/HQJXD\ /LWHUDWXUDWHUFHU WULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHD0DWHPiWLFDV WHUFHUWULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHD&DVWHOODQR /HQJXD\/LWHUDWXUD WHUFHUWULPHVWUH 5HQGLPLHQWRDFDGpPLFR HQHOiUHDGH9DOHQFLDQR /HQJXD\/LWHUDWXUD WHUFHUWULPHVWUH 6257&$6(6%<&RQRVLQ'$ 63/,7),/(6(3$5$7(%<&RQRVLQ'$ '(6&5,37,9(69$5,$%/(6 1RWSULP0DW1RWSULP&DVW1RWSULP9DOHQ 1RWVHJ0DW1RWVHJ&DVW1RWVHJ9DO1RWWHUF0DW1RWDWHUF&DVW1RWDWHUF9DO PHGLDPDWHPDWLFDVPHGLDFDVWHOODQRPHGLDYDOHQFLDQR 67$7,67,&6 0($167''( 302 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ PHGLDPDWHPDWLFDV PHGLDFDVWHOODQR 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 0DWHPiWLFDV SULPHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD &DVWHOODQR /HQJXD \ /LWHUDWXUD SULPHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 9DOHQFLDQR /HQJXD \ /LWHUDWXUD HQ HOSULPHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 0DWHPiWLFDV VHJXQGRWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD &DVWHOODQR /HQJXD \ /LWHUDWXUD VHJXQGRWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 9DOHQFLDQR/HQJXD /LWHUDWXUD \ WHUFHU WULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 0DWHPiWLFDV WHUFHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD &DVWHOODQR /HQJXD \ /LWHUDWXUD WHUFHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQHOiUHDGH9DOHQFLDQR /HQJXD \ /LWHUDWXUD WHUFHUWULPHVWUH 303 0GHO&DUPHQ*LUyQ&DOHUR PHGLDYDOHQFLDQR 9DOLG1OLVWZLVH 7HVLV'RFWRUDO D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 'HVFULSWLYH6WDWLVWLFVD 1 0HDQ 6WG 'HYLDWLRQ 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 0DWHPiWLFDV SULPHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD &DVWHOODQR /HQJXD \ /LWHUDWXUD SULPHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 9DOHQFLDQR /HQJXD \ /LWHUDWXUD HQ HOSULPHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 0DWHPiWLFDV VHJXQGRWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD &DVWHOODQR /HQJXD \ /LWHUDWXUD VHJXQGRWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQHOiUHD9DOHQFLDQR /HQJXD \ /LWHUDWXUD WHUFHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD 0DWHPiWLFDV WHUFHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQ HO iUHD &DVWHOODQR /HQJXD \ /LWHUDWXUD WHUFHUWULPHVWUH 5HQGLPLHQWR DFDGpPLFR HQHOiUHDGH9DOHQFLDQR 304 0GHO&DUPHQ*LUyQ&DOHUR /HQJXD \ 7HVLV'RFWRUDO /LWHUDWXUD WHUFHUWULPHVWUH 0HGLDPDWHPiWLFDV 0HGLDFDVWHOODQR 0HGLDYDOHQFLDQR 9DOLG1OLVWZLVH D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH *(7 '$7$6(71$0(&RQMXQWRBGHBGDWRV:,1'2: )5217 '(6&5,37,9(69$5,$%/(6 &, 67$7,67,&6 0($167''(9 (VWDGtVWLFRVGHVFULSWLYRV (VWDGtVWLFRVGHVFULSWLYRV 1 0HGLD 'HVY WtS &, 1YiOLGRVHJ~Q OLVWD 6257&$6(6%<&RQRVLQ'$ 63/,7),/(6(3$5$7(%<&RQRVLQ'$ '(6&5,37,9(69$5,$%/(6 &, 67$7,67,&6 0($167''(9 &RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH &RQ'LILFXOWDGHVGH$SUHQGL]DMH (VWDGtVWLFRVGHVFULSWLYRVD 1 0HGLD 'HVY WtS &, 1YiOLGRVHJ~Q OLVWD D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH 305 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH 6LQ'LILFXOWDGHVGHDSUHQGL]DMH (VWDGtVWLFRVGHVFULSWLYRVD 1 0HGLD 'HVY WtS &, 1YiOLGRVHJ~Q OLVWD D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH VWXGHQW $QH[R5HVXOWDGRVHVWDGtVWLFRVGHODSUXHEDWVWXGHQW 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 PHWDDSUHQGL]DMHPHWDUHQGLPLHQWRPHWDUHQGLPLHQWR &5,7(5,$ &, 3UXHEDW PHWDDSUHQGL]DMH (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR LFRVGHJUXSR &RQRVLQ'$ 1 &RQ'LILFXOWDGHVGH 0HGLD 'HVYLDFLyQWtS $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH PHWDUHQGLPLHQWR &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH PHWDUHQGLPLHQWR &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 306 0GHO&DUPHQ*LUyQ&DOHUR PHWDDSUHQGL]DMH 7HVLV'RFWRUDO (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ (UURUWt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yQ&DOHUR 7HVLV'RFWRUDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDWSDUDODLJXDOGDGGHPHGLDV W JO 6LJ ELODWHUDO PHWDDSUHQGL]DMH 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHWDUHQGLPLHQWR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHWDUHQGLPLHQWR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHWDDSUHQGL]DMH 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDWSDUDODLJXDOGDGGHPHGLDV 'LIHUHQFLDGH (UURUWtSGHOD PHGLDV GLIHUHQFLD 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHWDUHQGLPLHQWR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHWDUHQGLPLHQWR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 308 0GHO&DUPHQ*LUy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tVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 1 0HGLD 'HVYLDFLyQ WtS ,PSIDPDOXPSHUFSGD\ &RQ'LILFXOWDGHV GH$SUHQGL]DMH 6LQ'LILFXOWDGHV GHDSUHQGL]DMH ,PSIDPDOXPH[SHFW &RQ'LILFXOWDGHV GH$SUHQGL]DMH 6LQ'LILFXOWDGHV GHDSUHQGL]DMH ,PSIDPDOXPUHOFHQW &RQ'LILFXOWDGHV GH$SUHQGL]DMH 6LQ'LILFXOWDGHV GHDSUHQGL]DMH 309 0GHO&DUPHQ*LUyQ&DOHUR ,PSIDPDOXPWLHPSRUJ 7HVLV'RFWRUDO &RQ'LILFXOWDGHV GH$SUHQGL]DMH 6LQ'LILFXOWDGHV GHDSUHQGL]DMH 6XPDWRWDOLPSDOXP &RQ'LILFXOWDGHV GH$SUHQGL]DMH 6LQ'LILFXOWDGHV GHDSUHQGL]DMH (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ ,PSIDPDOXPSHUFSGD\ (UURUWt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yQ&DOHUR 7HVLV'RFWRUDO 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPH[SHFW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPUHOFHQW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPWLHPSRUJ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDWRWDOLPSDOXP 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV W JO 6LJ ELODWHUDO ,PSIDPDOXPSHUFSGD\ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPH[SHFW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPUHOFHQW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPWLHPSRUJ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 311 0GHO&DUPHQ*LUyQ&DOHUR 6XPDWRWDOLPSDOXP 6HKDQDVXPLGR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV ,PSIDPDOXPSHUFSGD\ 3UXHED7SDUDODLJXDOGDGGHPHGLDV 6HKDQDVXPLGR 'LIHUHQFLDGH (UURUWtSGHOD PHGLDV GLIHUHQFLD YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPH[SHFW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPUHOFHQW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPWLHPSRUJ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDWRWDOLPSDOXP 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV XHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV ,QWHUYDORGHFRQILDQ]DSDUDOD GLIHUHQFLD ,QIHULRU ,PSIDPDOXPSHUFSGD\ 6HKDQDVXPLGR 6XSHULRU YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 312 0GHO&DUPHQ*LUyQ&DOHUR ,PSIDPDOXPH[SHFW 7HVLV'RFWRUDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPUHOFHQW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSIDPDOXPWLHPSRUJ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDWRWDOLPSDOXP 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 62&DSR\R62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ &5,7(5,$ &, 62&DSR\R (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 1 &RQ'LILFXOWDGHVGH 0HGLD 'HVYLDFLyQWtS $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 62&FDVWLJR &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 62&VREUHSURWHFFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 62&UHSUREDFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 313 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 62&DSR\R (UURUWtSGHODPHGLD &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 62&FDVWLJR &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 62&VREUHSURWHFFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 62&UHSUREDFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGH/HYHQHSDUDODLJXDOGDGGH YDULDQ]DV ) 62&DSR\R 6HKDQDVXPLGR 6LJ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&FDVWLJR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&VREUHSURWHFFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&UHSUREDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 314 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV W JO 6LJ ELODWHUDO 62&DSR\R 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&FDVWLJR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&VREUHSURWHFFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&UHSUREDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&DSR\R 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV 6HKDQDVXPLGR 'LIHUHQFLDGH (UURUWtSGHOD PHGLDV GLIHUHQFLD YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&FDVWLJR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&VREUHSURWHFFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 315 0GHO&DUPHQ*LUyQ&DOHUR 62&UHSUREDFLyQ 6HKDQDVXPLGR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV ,QWHUYDORGHFRQILDQ]DSDUDOD GLIHUHQFLD ,QIHULRU 62&DSR\R 6HKDQDVXPLGR 6XSHULRU YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&FDVWLJR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&VREUHSURWHFFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 62&UHSUREDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF (VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF 5HJXODFLyQ (VFDODPHWDFRJQLFLyQ6XPDWRWDO&($ &5,7(5,$ &, 316 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO HVWDGtVWLFRVGHJUXSR VWDGtVWLFRVGHJUXSR LFRVGHJUXSR &RQRVLQ'$ 1 0HGLD 'HVYLDFLyQ WtS (UURUWtS GHOD PHGLD 0RWLYDFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH $FWLWXG &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH &RQWUROHPRFLRQDO &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH (VFDODGH &RQ'LILFXOWDGHVGH VHQVLELOL]DFLyQ $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH (ODERUDFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 2UJDQL]DFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6HOHFFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH (VFDODGH HODERUDFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 7UDQVIHUHQFLD &RQ'LILFXOWDGHVGH $SUHQGL]DMH 317 0GHO&DUPHQ*LUyQ&DOHUR 6LQ'LILFXOWDGHVGH 7HVLV'RFWRUDO DSUHQGL]DMH 3HQVDPLHQWR &RQ'LILFXOWDGHVGH &UtWLFR\FUHDWLYR $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 5HFXSHUDFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH (VFDOD &RQ'LILFXOWDGHVGH 'HSHUVRQDOL]DFLyQ $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 3ODQLILFDFLyQ\ &RQ'LILFXOWDGHVGH HYDOXDFLyQ $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 5HJXODFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH (VFDOD &RQ'LILFXOWDGHVGH PHWDFRJQLFLyQ $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6XPDWRWDO&($ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 318 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGH/HYHQHSDUDODLJXDOGDGGH YDULDQ]DV ) 0RWLYDFLyQ 6HKDQDVXPLGR 6LJ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV $FWLWXG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV &RQWUROHPRFLRQDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDODGH VHQVLELOL]DFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (ODERUDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 2UJDQL]DFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6HOHFFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDOD 'HHODERUDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 319 0GHO&DUPHQ*LUyQ&DOHUR 7UDQVIHUHQFLD 7HVLV'RFWRUDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3HQVDPLHQWR &UtWLFR\FUHDWLYR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 5HFXSHUDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDOD 6HKDQDVXPLGR 'HSHUVRQDOL]DFLyQ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3ODQLILFDFLyQ\ 6HKDQDVXPLGR HYDOXDFLyQ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 5HJXODFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDOD 6HKDQDVXPLGR PHWDFRJQLFLyQ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDWRWDO&($ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 320 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV WUDVLQGHSHQGLHQWHV 3UXHEDWSDUDODLJXDOGDGGHPHGLDV W JO 6LJ 'LIHUHQFLD ELODWHUDO GHPHGLDV (UURUWtS GHOD GLIHUHQFLD 0RWLYDFLyQ 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV $FWLWXG 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV &RQWURO 6HKDQ HPRFLRQDO DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV (VFDOD 6HKDQ 'H DVXPLGR VHQVLELOL]DFLyQ YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 321 0GHO&DUPHQ*LUyQ&DOHUR (ODERUDFLyQ 6HKDQ 7HVLV'RFWRUDO DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 2UJDQL]DFLyQ 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 6HOHFFLyQ 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV (VFDOD 6HKDQ 'H DVXPLGR HODERUDFLyQ YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 7UDQVIHUHQFLD 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 322 0GHO&DUPHQ*LUyQ&DOHUR 3HQVDPLHQWR 6HKDQ &UtWLFR\ DVXPLGR FUHDWLYR YDULDQ]DV 7HVLV'RFWRUDO LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 5HFXSHUDFLyQ 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV (VFDOD 6HKDQ 'H DVXPLGR SHUVRQDOL]DFLyQ YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 3ODQLILFDFLyQ 6HKDQ HYDOXDFLyQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 5HJXODFLyQ 6HKDQ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 323 0GHO&DUPHQ*LUyQ&DOHUR (VFDOD 6HKDQ PHWDFRJQLFLyQ DVXPLGR 7HVLV'RFWRUDO YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 6XPD 6HKDQ 7RWDO&($ DVXPLGR YDULDQ]DV LJXDOHV 1RVHKDQ DVXPLGR YDULDQ]DV LJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV ,QWHUYDORGHFRQILDQ]DSDUDOD GLIHUHQFLD ,QIHULRU 0RWLYDFLyQ 6HKDQDVXPLGR 6XSHULRU YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV $FWLWXG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV &RQWUROHPRFLRQDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDOD 6HKDQDVXPLGR 'HVHQVLELOL]DFLyQ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (ODERUDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 324 0GHO&DUPHQ*LUyQ&DOHUR 1RVHKDQDVXPLGR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 2UJDQL]DFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6HOHFFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDODGHHODERUDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 7UDQVIHUHQFLD 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3HQVDPLHQWR &UtWLFR\FUHDWLYR 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 5HFXSHUDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDODGH 6HKDQDVXPLGR SHUVRQDOL]DFLyQ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3ODQLILFDFLyQ\ HYDOXDFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 5HJXODFLyQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV (VFDODPHWDFRJQLFLyQ 6HKDQDVXPLGR 325 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDWRWDO&($ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV6'4,,HVWHPRFLRQDO6'4,,DXWRFJHQ &5,7(5,$ &, (VWDGtVWLFRVGHJUXSRV 6'4,,YHUEDO &RQRVLQ'$ 1 &RQ'LILFXOWDGHVGH 0HGLD 'HVYLDFLyQWtS $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,KDELOLGDGHVItVLFDV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,PDWHV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,DFDG &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,DSDUItVLFD &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,KRQHVWLGDG &RQ'LILFXOWDGHVGH $SUHQGL]DMH 326 0GHO&DUPHQ*LUyQ&DOHUR 6LQ'LILFXOWDGHVGH 7HVLV'RFWRUDO DSUHQGL]DMH 6'4,,UHOSDUHVPVH[ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,UHOSDUHVVH[RS &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,UHOFRQSDGUHV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,HVWHPRFLRQDO &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,DXWRFJHQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,YHUEDO (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ (UURUWtSGHODPHGLD &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,, &RQ'LILFXOWDGHVGH +DELOLGDGHVItVLFDV $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,PDWHV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,DFDG &RQ'LILFXOWDGHVGH $SUHQGL]DMH 327 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,DSDUItVLFD &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,KRQHVWLGDG &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,UHOSDUHVPVH[ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,UHOSDUHVVH[RS &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,UHOFRQSDGUHV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,HVWHPRFLRQDO &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6'4,,DXWRFJHQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGH/HYHQHSDUDODLJXDOGDGGH YDULDQ]DV ) 6'4,,YHUEDO 6HKDQDVXPLGR 6LJ YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 328 0GHO&DUPHQ*LUyQ&DOHUR 6'4,, 6HKDQDVXPLGR +DELOLGDGHVItVLFDV YDULDQ]DVLJXDOHV 7HVLV'RFWRUDO 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,PDWHV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DFDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DSDUItVLFD 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,KRQHVWLGDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOSDUHVPVH[ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOSDUHVVH[RS 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOFRQSDGUHV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,HVWHPRFLRQDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DXWRFJHQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 329 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV W JO 6LJ ELODWHUDO 6'4,,YHUEDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,KDELOLGDGHVItVLFDV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,PDWHV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DFDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DSDUItVLFD 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,KRQHVWLGDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOSDUHVPVH[ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOSDUHVVH[RS 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 330 0GHO&DUPHQ*LUyQ&DOHUR 6'4,,UHOFRQSDGUHV 6HKDQDVXPLGR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,HVWHPRFLRQDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DXWRFJHQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,YHUEDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV 6HKDQDVXPLGR 'LIHUHQFLDGH (UURUWtSGHOD PHGLDV GLIHUHQFLD YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,KDELOLGDGHVItVLFDV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,PDWHV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DFDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DSDUItVLFD 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,KRQHVWLGDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 331 0GHO&DUPHQ*LUy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tVLFDV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,PDWHV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 332 0GHO&DUPHQ*LUyQ&DOHUR 1RVHKDQDVXPLGR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 6'4,,DFDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DSDUItVLFD 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,KRQHVWLGDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOSDUHVPVH[ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOSDUHVVH[RS 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,UHOFRQSDGUHV 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,HVWHPRFLRQDO 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6'4,,DXWRFJHQ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 ,PSOIDPSDGSHUFD\ ,PSOIDPSDGWLHPRUJ6XPDLPSOIDPSDG &5,7(5,$ &, ,PSOIDPSDGH[S 333 ,PSOIDPSDGUHOFHQW 0GHO&DUPHQ*LUyQ&DOHUR ,PSOIDPSDGSHUFD\ 7HVLV'RFWRUDO (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 1 &RQ'LILFXOWDGHVGH 0HGLD 'HVYLDFLyQWtS $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,PSOIDPSDGH[S &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,PSOIDPSDGUHOFHQW &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,PSOIDPSDGWLHPRUJ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6XPDLPSOIDPSDG &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,PSOIDPSDGSHUFD\ (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ (UURUWtSGHODPHGLD &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,PSOIDPSDGH[S &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,PSOIDPSDGUHOFHQW &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 334 0GHO&DUPHQ*LUy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yQ&DOHUR 7HVLV'RFWRUDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV ,PSOIDPSDGSHUFD\ W 6HKDQDVXPLGRYDULDQ]DV JO 6LJELODWHUDO LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSOIDPSDGH[S 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSOIDPSDGUHOFHQW 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSOIDPSDGWLHPRUJ 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDLPSOIDPSDG 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV ,QWHUYDORGHFRQILDQ]DSDUDOD GLIHUHQFLD ,QIHULRU ,PSOIDPSDGSHUFD\ 6HKDQDVXPLGR 6XSHULRU YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSOIDPSDGH[S 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSOIDPSDGUHOFHQW 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 336 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV ,PSOIDPSDGWLHPRUJ 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPDLPSOIDPSDG 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 )$&(6&RK)$&(6$GDS6XPD)$&(6 &5,7(5,$ &, 3UXHEDW )$&(6&RK (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ &RQ'LILFXOWDGHVGH 1 0HGLD 'HVYLDFLyQ (UURUWtSGH WtS ODPHGLD $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH )$&(6$GDS &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 6XPD)$&(6 &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 337 0GHO&DUPHQ*LUy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yQ&DOHUR 7HVLV'RFWRUDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV (UURUWtSGH ,QWHUYDORGHFRQILDQ]DSDUDOD ODGLIHUHQFLD GLIHUHQFLD ,QIHULRU )$&(6&RK 6HKDQDVXPLGR 6XSHULRU YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV )$&(6$GDS 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 6XPD)$&(6 6HKDQDVXPLGR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 PHGLDPDWHPDWLFDVPHGLDFDVWHOODQRPHGLDYDOHQFLDQR &5,7(5,$ &, 3UXHEDW (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 0HGLD &RQ'LILFXOWDGHVGH PDWHPDWLFDV $SUHQGL]DMH 1 6LQ'LILFXOWDGHVGH 0HGLD 'HVYLDFLyQWtS DSUHQGL]DMH 0HGLD FDVWHOODQR &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 0HGLD &RQ'LILFXOWDGHVGH YDOHQFLDQR $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 339 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 0HGLD &RQ'LILFXOWDGHVGH PDWHPDWLFDV $SUHQGL]DMH (UURUWtSGHODPHGLD 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 0HGLD &RQ'LILFXOWDGHVGH FDVWHOODQR $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 0HGLD YDOHQFLDQR &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGH/HYHQHSDUDODLJXDOGDGGHYDULDQ]DV PHGLDPDWHPDWLFDV ) 6HKDQDVXPLGRYDULDQ]DV 6LJ LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHGLDFDVWHOODQR 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHGLDYDOHQFLDQR 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV W 0HGLD 6HKDQDVXPLGR PDWHPDWLFDV YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 340 JO 6LJELODWHUDO 0GHO&DUPHQ*LUyQ&DOHUR 0HGLD 6HKDQDVXPLGR FDVWHOODQR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR 7HVLV'RFWRUDO YDULDQ]DVLJXDOHV 0HGLD 6HKDQDVXPLGR YDOHQFLDQR YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV 'LIHUHQFLDGH PHGLDV PHGLDPDWHPDWLFDV 6HKDQDVXPLGRYDULDQ]DV (UURUWtSGHODGLIHUHQFLD LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHGLDFDVWHOODQR 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHGLDYDOHQFLDQR 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV ,QWHUYDORGHFRQILDQ]DSDUDODGLIHUHQFLD ,QIHULRU PHGLDPDWHPDWLFDV 6HKDQDVXPLGRYDULDQ]DV 6XSHULRU LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV PHGLDFDVWHOODQR 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 341 0GHO&DUPHQ*LUyQ&DOHUR PHGLDYDOHQFLDQR 7HVLV'RFWRUDO 6HKDQDVXPLGRYDULDQ]DV LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 77(67*52836 &RQRVLQ'$ 0,66,1* $1$/<6,6 9$5,$%/(6 &, &5,7(5,$ &, 3UXHEDW (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 1 0HGLD 'HVYLDFLyQ (UURUWtS WtS GHOD PHGLD &, &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGH/HYHQHSDUDODLJXDOGDGGHYDULDQ]DV &, ) 6HKDQDVXPLGRYDULDQ]DV 6LJ LJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDWSDUDODLJXDOGDGGHPHGLDV W &, 6HKDQDVXPLGR JO 6LJ 'LIHUHQFLD ELODWHUDO GHPHGLDV YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV 342 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV 3UXHED7SDUDODLJXDOGDGGHPHGLDV (UURUWtSGH ,QWHUYDORGHFRQILDQ]DSDUDOD ODGLIHUHQFLD GLIHUHQFLD ,QIHULRU &, 6HKDQDVXPLGR 6XSHULRU YDULDQ]DVLJXDOHV 1RVHKDQDVXPLGR YDULDQ]DVLJXDOHV $QH[R5HVXOWDGRVGHO$QiOLVLV'LVFULPLQDQWH $QH[R5HVXOWDGRVGHO$QiOLVLV'LVFULPLQDQWH '$7$6(71$0(&RQMXQWRBGHBGDWRV:,1'2: )5217 ',6&5,0,1$17 *52836 &RQRVLQ'$ 9$5,$%/(6 PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ62&DSR\R62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ 0RWLYDFLyQ$FWLWXG&RQWUROHPRFLRQDO(ODERUDFLyQ2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK)$&(6$GDS&, $1$/<6,6$// 6$9( &/$666&25(6352%6 35,2566,=( 67$7,67,&6 81,9)%2;05$:7$%/( 3/27 &20%,1('6(3$5$7(0$3 3/27 &$6(6 &/$66,)< 1210,66,1*322/(' 5HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV &DVRVQRSRQGHUDGRV 1 9iOLGRV ([FOXLGRV &yGLJRVGHJUXSR 3RUFHQWDMH SDUDSHUGLGRVRIXHUD GHUDQJR 3HUGLGDDOPHQRV XQDYDULDEOH GLVFULPLQDQWH 343 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3HUGLGRVRIXHUDGH UDQJRDPERVHO FyGLJRGHJUXSR\DO PHQRVXQDGHODV YDULDEOHV GLVFULPLQDQWHV 7RWDOH[FOXLGRV &DVRV7RWDOHV (VWDGtVWLFRVGHJUXSR VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 1YiOLGRVHJ~QOLVWD 1R 3RQGHUDGRV SRQGHUDGRV &RQ'LILFXOWDGHV 0HWDDSUHQGL]DMH GH$SUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR ,PSOLF)DP$OXPRV SHUFHSFLyQGHD\XGD ,PSOLF)DP$OXP ([SHFWDWLYDV ,PSOLF)DP$OXP5HODFLyQ FRQHO&HQWUR ,PSOLF)DP $OXP7LHPSR\RUJDQL]DFLyQ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ 7UDQVIHUHQFLD 3HQVDPLHQWRFUtWLFR\FUHDWLYR 5HFXSHUDFLyQ 344 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3ODQLILFDFLyQ\HYDOXDFLyQ 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHODFLRQHVSDUHVPLVPR 6'4,,UHODFLyQFRQSDGUHV 6'4,,HVWDELOLGDGHPRFLRQDO 6'4,,DXWRFRQFHSWRJHQHUDO ,PSOLFDFLyQIDPLOLDUSDGUHV VH[R 6'4,,UHODFLRQHVSDUHVVH[R RSXHVWR SHUFHSFLyQGHD\XGD ,PSOLFDFLyQIDPLOLDUSDGUHV H[SHFWDWLYDV ,PSOLFDFLyQIDPLOLDUSDGUHV UHODFLyQFRQHOFHQWUR ,PSOLFDFLyQIDPLOLDUSDGUHV WLHPSR\RUJDQL]DFLyQ )$&(6&RKHVLyQ )$&(6$GDSWDELOLGDG &, 6LQ'LILFXOWDGHV 0HWDDSUHQGL]DMH GHDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR ,PSOLFDFLyQDOXPQRV 62&DSR\R 62&FDVWLJR SHUFHSFLyQ\D\XGD ,PSOLF)DP$OXP H[SHFWDWLYDV ,PSOLFIDPDOXP5HODFLyQFRQ HOFHQWUR ,PSOLFDFLyQIDPLOLDUDOXPQRV WLHPSR\RUJDQL]DFLyQ 345 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ 7UDQVIHUHQFLD 3HQVDPLHQWRFUtWLFR\FUHDWLYR 5HFXSHUDFLyQ 3ODQLILFDFLyQ\HYDOXDFLyQ 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHODFLyQSDUHVGHO 6'4,,UHODFLRQHVFRQSDGUHV 6'4,,HVWDELOLGDGHPRFLRQDO 6'4,,DXWRFRQFHSWRJHQHUDO ,PSOLFDFLyQIDP3DGUHV )$&(6&RKHVLyQ )$&(6$GDSWDELOLGDG PLVPRVH[R 6'4,,UHODFLRQHVSDUHVGHO VH[RRSXHVWR SHUFHSFLyQGHD\XGD ,PSOLFDFLyQIDPSDGUHVGH VH[RRSXHVWR ,PSOLFDFLyQIDP3DGUHV\OD UHODFLyQFRQHOFHQWUR ,PSOLFDFLyQIDP3DGUHV WLHPSR\RUJDQL]DFLyQ &, 7RWDO 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 346 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 0HWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ 7UDQVIHUHQFLD 3HQVDPLHQWRFUtWLFR\FUHDWLYR 5HFXSHUDFLyQ 3ODQLILFDFLyQ\HYDOXDFLyQ 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHODFLyQFRQSDGUHVGH 6'4,,UHODFLyQFRQSDGUHV 6'4,,HVWDELOLGDGPRFLRQDO 6'4,,DXWRFRQFHSWRJHQHUDO ,PSOLFDFLyQIDP3DGUHV VH[RRSXHVWR SHUFHSFLyQ\D\XGD ,PSOLFDFLyQIDP3DGUHV H[SHFWDWLYDV ,PSOLFDFLyQIDP3DGUHV\OD UHODFLyQFRQHOFHQWUR ,PSOLFDFLyQIDP3DGUHV 347 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO WLHPSR\RUJDQL]DFLyQ )$&(6&RKHVLyQ )$&(6$GDSWDELOLGDG &, 3UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV /DPEGDGH ) JO JO 6LJ :LONV 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR ,PSOLFDFLyQIDPLOLDU 62&DSR\R 62&FDVWLJR DOXPQRVSHUFHSFLyQ\ D\XGD ,PSOLFDFLyQIDP $OXPQRVH[SHFWDWLYDV ,PSOLFDFLyQIDPLOLDU DOXPQRVUHODFLyQFRQHO FHQWUR ,PSOLF)DP$OXP 7LHPSR\RUJDQL]DFLyQ 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFDFLyQ\ 5HJXODFLyQ 6'4,,YHUEDO HYDOXDFLyQ 348 0GHO&DUPHQ*LUyQ&DOHUR 6'4,,KDELOLGDGHV 7HVLV'RFWRUDO 6'4,,PDWHV 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHODFLyQSDUHV ItVLFDV GHOPLVPRVH[R 6'4,,UHODFLyQSDUHV GHVH[RRSXHVWR 6'4,,UHODFLyQFRQ SDGUHV 6'4,,HVWDELOLGDG HPRFLRQDO 6'4,,DXWRFRQFHSWR JHQHUDO ,PSOLFDFLyQIDPLOLDU SDGUHVSHUFHSFLyQ\ D\XGD ,PSOLFDFLyQIDPLOLDU SDGUHVH[SHFWDWLYDV ,PSOLFDFLyQIDPLOLDU SDGUHVUHODFLyQFRQHO FHQWUR ,PSOLFDFLyQIDPSDGUH WLHPSR\RUJDQL]DFLyQ )$&(6&RKHVLyQ )$&(6$GDSWDELOLGDG &, $QiOLVLV $QiOLVLV 3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D 3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D FHVGHFRYDULDQ]D /RJDULWPRGHORVGHWHUPLQDQWHV /RJDULWPRGHORVGHWHUPLQDQWHV &RQRVLQ'$ 5DQJR /RJDULWPR GHO GHWHUPLQDQW H &RQ'LILFXOWDGHVGH $SUHQGL]DMH 349 0GHO&DUPHQ*LUyQ&DOHUR 6LQ'LILFXOWDGHVGH 7HVLV'RFWRUDO DSUHQGL]DMH ,QWUDJUXSRVFRPELQDGD /RV UDQJRV \ ORJDULWPRV QDWXUDOHV GH ORV GHWHUPLQDQWHV LPSUHVRV VRQ ORV GH ODV PDWULFHV GHFRYDULDQ]DVGHORVJUXSRV 5HVXOWDGRVGHODSUXHED 5HVXOWDGRVGHODSUXHED 0GH%R[ ) $SUR[ JO JO 6LJ &RQWUDVWD OD KLSyWHVLV QXOD GH TXH ODV PDWULFHV GH FRYDULDQ]DV SREODFLRQDOHV VRQLJXDOHV 5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV 5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV $XWRYDORUHV $XWRYDORUHV )XQFLyQ $XWRYDORU GH &RUUHODFLyQ YDULDQ]D DFXPXODGR FDQyQLFD D D 6H KDQ HPSOHDGR ODV SULPHUDV IXQFLRQHV GLVFULPLQDQWHV FDQyQLFDVHQHODQiOLVLV /DPEGDGH:LONV /DPEGDGH:LONV &RQWUDVWHGH /DPEGDGH &KL ODVIXQFLRQHV :LONV FXDGUDGR JO &RHILFLHQWHVHVWDQGDUL]DGRVGHODVIXQFLRQHV GLVFULPLQDQWHVFDQyQLFDV GLVFULPLQDQWHVFDQyQLFDV )XQFLyQ 0HWDDSUHQGL]DMH 0HWDUHQGLPLHQWR 0HWDUHQGLPLHQWR ,PSOLF)DP$OXP 350 6LJ 0GHO&DUPHQ*LUyQ&DOHUR 3HUFHSFLyQ\D\XGD ,PSOLF)DP$OXP ([SHFWDWLYDV ,PSOLFIDP$OXP 5HODFLyQFRQHOFHQWUR ,PSOLF)DP$OXP7LHPSR GHRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFFLyQ 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDGpPLFR 6'4,,DSDULHQFLDItVLFD 6'4,,KRQHVWLGDG 6'4,,UHODFLyQSDUHVPLVPR VH[R 6'4,,UHODFLyQSDUHVVH[R RSXHVWR 6'4,,UHODFLyQFRQSDGUHV 6'4,,HVWDELOLGDGHPRFLRQDO 6'4,,DXWRFRQFHSWRJHQHUDO ,PSOLFIDPSDGUHV SHUFHSFLyQ\D\XGD ,PSOLF)DP3DGUHV H[SHFWDWLYDV 351 7HVLV'RFWRUDO 0GHO&DUPHQ*LUyQ&DOHUR ,PSOLF)DP3DGUHVUHODFLyQ FRQHOFHQWUR ,PSOLFIDPSDGUHVWLHPSR\ RUJDQL]DFLyQ )$&(6&RKHVLyQ )$&(6$GDSWDELOLGDG &, 0DWUL]GHHVWUXFWXUD 0DWUL]GHHVWUXFWXUD )XQFLyQ &, 6'4,,DFDG ,PSOIDPSDGH[S 6'4,,DXWRFJHQ ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ &RQWUROHPRFLRQDO 5HJXODFLyQ 6'4,,PDWHV 6'4,,YHUEDO 62&UHSUREDFLyQ ,PSIDPDOXPH[SHFW 6'4,,UHOSDUHVPVH[ PHWDUHQGLPLHQWR 0RWLYDFLyQ ,PSIDPDOXPSHUFSGD\ PHWDDSUHQGL]DMH 6'4,,DSDUItVLFD 6HOHFF 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 3HQVDPFUtW\FUHDW ,PSOIDPSDGUHOFHQW 62&DSR\R 2UJDQL]DFLyQ 6'4,,UHOSDUHVVH[RS 6'4,,KDELOLGDGHVItVLFDV PHWDUHQGLPLHQWR 7UDQVIHUHQFLD 352 7HVLV'RFWRUDO 0GHO&DUPHQ*LUyQ&DOHUR $FWLWXG 62&VREUHSURWHFFLyQ )$&(6$GDS 6'4,,KRQHVWLGDG 6'4,,UHOFRQSDGUHV (ODERUDFLyQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGWLHPRUJ )$&(6&RK 6'4,,HVWHPRFLRQDO 62&FDVWLJR &RUUHODFLRQHV LQWUDJUXSR FRPELQDGDV HQWUH ODV YDULDEOHV GLVFULPLQDQWHV \ ODV IXQFLRQHV GLVFULPLQDQWHVFDQyQLFDVWLSLILFDGDV 9DULDEOHV RUGHQDGDV SRU HO WDPDxR GH OD FRUUHODFLyQFRQODIXQFLyQ &RHILFLHQWHVGHODVIXQFLRQHVFDQyQLFDV GLVFULPLQDQWHV GLVFULPLQDQWHV )XQFLyQ PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 353 7HVLV'RFWRUDO 0GHO&DUPHQ*LUyQ&DOHUR 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS &, &RQVWDQWH &RHILFLHQWHVQRWLSLILFDGRV )XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV )XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV &RQRVLQ'$ )XQFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH )XQFLRQHV GLVFULPLQDQWHV FDQyQLFDV QR WLSLILFDGDV HYDOXDGDV HQ ODV PHGLDV GH ORV JUXSRV 354 7HVLV'RFWRUDO 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (VWDGtVWLFRVGHFODVLILFDFLyQ (VWDGtVWLFRVGHFODVLILFDFLyQ FRVGHFODVLILFDFLyQ 5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ 5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ 3URFHVDGRV ([FOXLGRV &yGLJRGHJUXSR SHUGLGRRIXHUDGH UDQJR 3HUGLGDDOPHQRVXQD YDULDEOHGLVFULPLQDQWH 8VDGRVHQORVUHVXOWDGRV 3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV 3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV &RQRVLQ'$ 3UHYLDV &DVRVXWLOL]DGRVHQHODQiOLVLV 1R 3RQGHUDGRV SRQGHUDGRV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH 7RWDO ',6&5,0,1$17 *52836 &RQRVLQ'$ 9$5,$%/(6 PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ62&DSR\R62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ 0RWLYDFLyQ$FWLWXG&RQWUROHPRFLRQDO(ODERUDFLyQ2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK)$&(6$GDS&, $1$/<6,6$// 6$9( &/$666&25(6352%6 0(7+2' :,/.6 ),1 )287 35,2566,=( +,6725< 67$7,67,&6 81,9)%2;05$:)3$,57$%/( 3/27 &20%,1('6(3$5$7(0$3 3/27 &$6(6 355 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &/$66,)< 1210,66,1*322/(' 5HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV 5HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV &DVRVQRSRQGHUDGRV 1 3RUFHQWDM H 9iOLGRV ([FOXLGRV &yGLJRVGHJUXSRSDUD SHUGLGRVRIXHUDGH UDQJR 3HUGLGDDOPHQRVXQD YDULDEOHGLVFULPLQDQWH 3HUGLGRVRIXHUDGH UDQJRDPERVHOFyGLJR GHJUXSR\DOPHQRV XQDGHODVYDULDEOHV GLVFULPLQDQWHV 7RWDOH[FOXLGRV &DVRV7RWDOHV (VWDGtVWLFRVGHJUXSR (VWDGtVWLFRVGHJUXSR &RQRVLQ'$ 1YiOLGRVHJ~QOLVWD 1R 3RQGHUDGRV SRQGHUDGRV &RQ'LILFXOWDGHVGH PHWDDSUHQGL]DMH $SUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 356 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS &, 6LQ'LILFXOWDGHVGH PHWDDSUHQGL]DMH DSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 357 0GHO&DUPHQ*LUyQ&DOHUR 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS &, 7RWDO 7HVLV'RFWRUDO PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO 358 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS &, 3UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV 3UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV OGDGGHODVPHGLDVGHORVJUXSRV /DPEGDGH ) JO JO 6LJ :LONV PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 359 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS &, 360 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $QiOLVLV $QiOLVLV 3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D 3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D /RJDULWPRGHORVGHWHUPLQDQWHV /RJDULWPRGHORVGHWHUPLQDQWHV &RQRVLQ'$ 5DQJR &RQ'LILFXOWDGHVGH /RJDULWPRGHOGHWHUPLQDQWH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH ,QWUDJUXSRVFRPELQDGD /RV UDQJRV \ ORJDULWPRV QDWXUDOHV GH ORV GHWHUPLQDQWHV LPSUHVRV VRQ ORV GH ODV PDWULFHVGHFRYDULDQ]DVGHORVJUXSRV 5HVXOWDGRVGHODSUXHED 5HVXOWDGRVGHODSUXHED 0GH%R[ ) $SUR[ JO JO 6LJ &RQWUDVWDODKLSyWHVLVQXODGHTXHODVPDWULFHVGHFRYDULDQ]DVSREODFLRQDOHVVRQ LJXDOHV (VWDGtVWLFRVSRUSDVRV (VWDGtVWLFRVSRUSDVRV 9DULDEOHVLQWURGXFLGDVH[FOXLGDVDEFG 3DVR ,QWURGXFLGDV /DPEGDGH:LONV (VWDGtVWLFR JO JO JO &, ,PSIDPDOXPWL HPSRUJ 6'4,,DFDG 5HJXODFLyQ 361 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 9DULDEOHVLQWURGXFLGDVH[FOXLGDVDEFG 3DVR /DPEGDGH:LONV )H[DFWD (VWDGtVWLF JO JO 6LJ R (QFDGDSDVRVHLQWURGXFHODYDULDEOHTXHPLQLPL]DODODPEGDGH:LONVJOREDO D(OQ~PHURPi[LPRGHSDVRVHV E/D)SDUFLDOPtQLPDSDUDHQWUDUHV F/D)SDUFLDOPi[LPDSDUDVDOLUHV G(OQLYHOGH)ODWROHUDQFLDRHO9,1VRQLQVXILFLHQWHVSDUDFRQWLQXDUORVFiOFXORV 9DULDEOHVHQHODQiOLVLV 9DULDEOHVHQHODQiOLVLV 3DVR 7ROHUDQFLD )SDUD /DPEGDGH VDOLU :LONV &, &, ,PSIDPDOXPWLHPSRU &, ,PSIDPDOXPWLHPSRU 6'4,,DFDG &, ,PSIDPDOXPWLHPSRU 6'4,,DFDG 5HJXODFLyQ J J J 362 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 9DULDEOHVQRLQFOXLGDVHQHODQiOLVLV 9DULDEOHVQRLQFOXLGDVHQHODQiOLVLV /DPEGDGH 3DVR 7ROHUDQFLD 7ROHUDQFLDPtQ )SDUDHQWUDU :LONV PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW 363 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS &, PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW ,PSIDPDOXPWLHPSRUJ 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S 5HFXSHUDFLyQ 364 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW 365 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK 366 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO )$&(6$GDS PHWDDSUHQGL]DMH PHWDUHQGLPLHQWR PHWDUHQGLPLHQWR ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW ,PSIDPDOXPUHOFHQW 62&DSR\R 62&FDVWLJR 62&VREUHSURWHFFLyQ 62&UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO 6'4,,DXWRFJHQ ,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ )$&(6&RK )$&(6$GDS 367 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO /DPEGDGH:LONV DPEGDGH:LONV 3D 1~PHURGH VR YDULDEOHV /DPEGD JO JO JO 5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV 5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV $XWRYDORUHV $XWRYDORUHV )XQFLyQ $XWRYDORU GH &RUUHODFLyQ YDULDQ]D DFXPXODGR FDQyQLFD D D6HKDQHPSOHDGRODVSULPHUDVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDVHQ HODQiOLVLV /DPEGDGH:LONV /DPEGDGH:LONV &RQWUDVWHGH /DPEGDGH &KL ODVIXQFLRQHV :LONV FXDGUDGR JO 6LJ &RHILFLHQWHVHVWDQGDUL]DGRVGHODVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDV &RHILFLHQWHVHVWDQGDUL]DGRVGHODVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDV IXQFLRQHVGLVFULPLQDQWHVFDQyQLFDV )XQFLyQ ,PSIDPDOXPWLHPSRUJ 5HJXODFLyQ 6'4,,DFDG &, 0DWUL]GHHVWUXFWXUD 0DWUL]GHHVWUXFWXUD )XQFLyQ &, 6'4,,DFDG ,PSIDPDOXPWLHPSRUJ 5HJXODFLyQ ,PSIDPDOXPH[SHFWD 0RWLYDFLyQD 368 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 6'4,,PDWHVD ,PSOIDPSDGH[SD ,PSOIDPSDGSHUFD\D ,PSIDPDOXPSHUFSGD\D 62&FDVWLJRD 6'4,,HVWHPRFLRQDOD 6'4,,YHUEDOD 6'4,,DXWRFJHQD $FWLWXGD &RQWUROHPRFLRQDOD 6HOHFFD 7UDQVIHUHQFLDD PHWDDSUHQGL]DMHD )$&(6&RKD 6'4,,DSDUItVLFDD (ODERUDFLyQD 3ODQLILFHYDOXDFD PHWDUHQGLPLHQWRD )$&(6$GDSD 6'4,,UHOSDUHVPVH[D PHWDUHQGLPLHQWRD 62&VREUHSURWHFFLyQD ,PSOIDPSDGWLHPRUJD 6'4,,KDELOLGDGHVItVLFDV ,PSIDPDOXPUHOFHQWD ,PSOIDPSDGUHOFHQWD 5HFXSHUDFLyQD 62&DSR\RD 2UJDQL]DFLyQD 6'4,,KRQHVWLGDGD 6'4,,UHOFRQSDGUHVD 3HQVDPFUtW\FUHDWD 6'4,,UHOSDUHVVH[RSD 62&UHSUREDFLyQD &RUUHODFLRQHV LQWUDJUXSR FRPELQDGDV HQWUH ODV YDULDEOHV GLVFULPLQDQWHV\ODVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDVWLSLILFDGDV 9DULDEOHVRUGHQDGDVSRUHOWDPDxRGHODFRUUHODFLyQFRQODIXQFLyQ D(VWDYDULDEOHQRVHHPSOHDHQHODQiOLVLV 369 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RHILFLHQWHVGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV &RHILFLHQWHVGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV GHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV )XQFLyQ ,PSIDPDOXPWLHPSRUJ 5HJXODFLyQ 6'4,,DFDG &, &RQVWDQWH &RHILFLHQWHVQRWLSLILFDGRV )XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV )XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV &RQRVLQ'$ )XQFLyQ &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH )XQFLRQHVGLVFULPLQDQWHVFDQyQLFDVQRWLSLILFDGDVHYDOXDGDVHQODV PHGLDVGHORVJUXSRV (VWDGtVWLFRVGHFODVLILFDFLyQ (VWDGtVWLFRVGHFODVLILFDFLyQ 5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ 5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ 3URFHVDGRV ([FOXLGRV &yGLJRGHJUXSR SHUGLGRRIXHUDGH UDQJR 3HUGLGDDOPHQRV XQDYDULDEOH GLVFULPLQDQWH 8VDGRVHQORVUHVXOWDGRV 3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV 3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV &RQRVLQ'$ 3UHYLDV &DVRVXWLOL]DGRVHQHODQiOLVLV 1R 3RQGHUDGRV SRQGHUDGRV &RQ'LILFXOWDGHVGH $SUHQGL]DMH 370 0GHO&DUPHQ*LUyQ&DOHUR 6LQ'LILFXOWDGHVGH 7HVLV'RFWRUDO DSUHQGL]DMH 7RWDO $QH[R&DVRVPDOFODVLILFDGRV $QH[R&DVRVPDOFODVLILFDGRV (VWDGtVWLFRVSRUFDVRV (VWDGtVWLFRVSRUFDVRV *UXSRPD\RU 6HJXQGRJUXSRPD\RU 3XQW 1 * GH U FDVR X QHV S GLVFUL R PLQD U QWHV XDFLR H *UXSR 3'!G_ D SURQRVWLFDGR * J O S 3* J_ J ' G O 'LVWD * QFLD U 3* J_ 'LVWDQFL )XQFL DGH yQ GH X ' G 0DKDODQ 0DKD S RELVDO ODQREL R FXDGUDGR VDO KDVWDHO FXDGU FHQWURLGH DGR KDVWD HO FHQWU RLGH 2 UL JL QD O 371 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 372 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 373 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &DVRPDOFODVLILFDGR 374 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO *UiILFRVSRUJUXSRVVHSDUDGRV *UiILFRVSRUJUXSRVVHSDUDGRV Aprendizaje 375 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO Aprendizaje 2ULJLQDO 5HFXHQWR 5HVXOWDGRVGHODFODVLILFDFLyQ 5HVXOWDGRVGHODFODVLILFDFLyQD &RQRVLQ'$ *UXSRGHSHUWHQHQFLD 7RWDO SURQRVWLFDGR &RQ'LILFXOWDGHVGH &RQ 6LQ 'LILFXOWDGHV 'LILFXOWDGHV GH GH $SUHQGL]DMH DSUHQGL]DMH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH &RQ'LILFXOWDGHVGH $SUHQGL]DMH 6LQ'LILFXOWDGHVGH DSUHQGL]DMH D&ODVLILFDGRVFRUUHFWDPHQWHHOGHORVFDVRVDJUXSDGRVRULJLQDOHV 376 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD $QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD &XHVWLRQDULRVGHHODERUDFLyQSURSLD &XHVWLRQDULR &XHVWLRQDULR SDUD DOXPQRV VREUH OD LPSOLFDFLyQ LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HGXFDWLYR )DFWRUHVVXEHVFDODV 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHL 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR QWHUpVHQHOSURFHVRHGXFDWLYR QWHUpVHQHOSURFHVRHGXFDWLYR ([SHFWDWLYDV ([SHFWDWLYDV 5HODFLRQHVFRQHO&HQWUR 5HODFLRQHVFRQHO&HQWUR 7LHPSRGHRUJDQL]DFLyQ\D\XGDHI 7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV HFWLYDHQODVWDUHDVHVFRODUHV HFWLYDHQODVWDUHDVHVFRODUHV )$&725 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR )$&725 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR Ì7(06 Ì7(06(63(&Ì),&26\ (63(&Ì),&26\ $\XGRDPLKLMRDHQORVHVWXGLRVHQWRGRORTXHSXHGR 'HEHUtDPRV D\XGDU PiV D QXHVWURD KLMRD UHODFLRQDGRV FRQ VX IRUPDFLyQ &RODERURHQWRGRORTXHSXHGRHQODPHMRUDGHOSURJUHVRHGXFDWLYRGH PLKLMRD 3LHQVR TXH HO DSR\R D PL KLMRD PHMRUDUi ODV FDOLILFDFLRQHV GH PL KLMRD 0H LQWHUHVR FRPR SDGUHPDGUH GH ORV SURJUHVRV HGXFDWLYRV GH PL KLMRD )$&725 )$&725([SHFWDWLYDV ([SHFWDWLYDV Ì70(6(63(&Ì),&26 Ì70(6(63(&Ì),&26 &Ì),&26\ \ 3LHQVRTXHPLKLMRDVXSHUDUORVHVWXGLRVREOLJDWRULRVGH(62 3LHQVR TXH PL KLMRD SXHGH FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV %DFKLOOHUDWR&LFORV)RUPDWLYRVGH*UDGR0HGLR 377 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3LHQVR TXH PL KLMRD SXHGH GHVHPSHxDU XQ SXHVWR GH WUDEDMR FRQ p[LWR +DEORFRQPLKLMRDGHORVSODQHVGHHVWXGLRGHVSXpVGHORVHVWXGLRV REOLJDWRULRV%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG 3LHQVRTXHPLKLMRDVXSHUDUiHVWXGLRVVXSHULRUHV8QLYHUVLGDG )$&725 )$&7255HODFLRQHVFRQHO&HQWUR 5HODFLRQHVFRQHO&HQWUR FLRQHVFRQHO&HQWUR Ì7(06(63(&Ì),&26\ Ì7(06(63(&Ì),&26\ (63(&Ì),&26\ $VLVWRDODVWXWRUtDVFRQHOWXWRUGHIRUPDIUHFXHQWH 6R\LQIRUPDGRUHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRV DFDGpPLFRVGHQXHVWURDKLMRD ,QIRUPRDO&HQWURVLPLKLMRDWLHQHGLILFXOWDGHVHQVXDSUHQGL]DMH 0LKLMRDPHLQIRUPDGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR (O&HQWURQRVLQIRUPDGHORVSODQHVGHHVWXGLRRSFLRQHVDFDGpPLFDV \SURIHVLRQDOHVSDUDQXHVWURDKLMRD )$&725 )$&7257LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV 7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV yQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV Ì70(6(63(&Ì),&26\ Ì70(6(63(&Ì),&26\ (63(&Ì),&26\ $\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRDHQFDVD 5HYLVR GLDULDPHQWH HO WUDEDMR UHDOL]DGR SRU PL KLMRD UHDOL]DGR HQ HO &HQWUR 5HYLVR UHJXODUPHQWH OD DJHQGD GH PL KLMRD FRPR IRUPD GH LQIRUPDUPHGHODVDFWLYLGDGHV\IHFKDVGHH[iPHQHV $\XGR D PL KLMRD UHVROYHU GXGDV D OD KRUD GH UHDOL]DU ODV WDUHDV HVFRODUHV $\XGRDPLKLMRDDUHDOL]DUFRQVXOWDVELEOLRJUiILFDVHQGRFXPHQWRV GLFFLRQDULRVHQFLFORSHGLDV,QWHUQHW 378 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &XHVWLRQDULR SDUD DOXPQRV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR /RVGDWRVVRQFRQILGHQFLDOHVSRUIDYRUFXPSOLPHQWDORVGDWRVHQOHWUDPD\~VFXOD\ PDUFDFRQXQDFUX]VHJ~QFRUUHVSRQGD*UDFLDV PDUFDFRQXQDFUX]VHJ~QFRUUHVSRQGD*UDFLDV 'DWRVGHODOXPQRD 'DWRVGHODOXPQRD DOXPQRD $SHOOLGRVBBBBBBBBBBBBBBBBBBBBBBBBBBB1RPEUHBBBBBBBBBBBBBBBBBBBBB &XUVRBBBBBBBBBBBBBBB 2WURVGDWRVHGXFDWLYRV 2WURVGDWRVHGXFDWLYRV ¢+DVUHSHWLGRFXUVR" $VLVWHVDFODVHVSDUWLFXODUHV BBBBQR BBBBVt BBBBQR BBBBVt +RUDV\GtDVBBBBBBBBBBBBBBBBBBBBBBBB $VLJQDWXUDVBBBBBBBBBBBBBBBBBBBBBBBB &RQ HO REMHWLYR GH YDORUDU OD SHUFHSFLyQ TXH WLHQHQ ORV HVWXGLDQWHV GH ODV H[SHFWDWLYDVHGXFDWLYDVGHORVSDGUHVVREUHORVKLMRVDVVHPXHVWUDDFRQWLQXDFLyQ XQQ~PHURGHtWHPVDYDORUDU $FRQWLQXDFLyQVHPXHVWUDHOYDORUDWULEXLEOHDFDGDQ~PHUR 1XQFDRFDVLQXQFD 1XQFDRFDVLQXQFD 3RFDVYHFHV 3RFDVYHFHV &RQIUHFXHQFLD &RQIUHFXHQFLD &DVLVLHPSUH &DVLVLHPSUH 379 $YHFHV $YHFHV 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO 3URFXUDSRUIDYRUOHHUELHQWRGRVORVtWHPV\UHSDVDUHOFXHVWLRQDULRDQWHVGHHQWUHJDUOR GHIRUPDTXHQRTXHGHQLQJXQDDILUPDFLyQVLQFRQWHVWDU*UDFLDVSRUWXFRODERUDFLyQ 1XQFDRFDVLQXQFD 1XQFDRFDVLQXQFD 3RFDVYHFHV 3RFDVYHFHV $YHFHV $YHFHV&RQIUHFXHQFLD &RQIUHFXHQFLD &DVLVLHPSUH &DVLVLHPSUH 3LHQVRTXHPLVSDGUHVPHD\XGDQHQORVHVWXGLRVHQWRGRORTXHSXHGHQ 0LVSDGUHVSLHQVDQTXHORJUDUpVXSHUDUORVHVWXGLRVREOLJDWRULRV 0LVSDGUHVDVLVWHQDWXWRUtDFRQHOODWXWRUDGHIRUPDIUHFXHQWH 0LVSDGUHVPHD\XGDQDRUJDQL]DUHOHVWXGLRHQFDVD 3LHQVRTXHPLVSDGUHVPHGHEHUtDQD\XGDUPiVHQORVDVSHFWRVUHODFLRQDGRVFRQ PLIRUPDFLyQ 0LV SDGUHV SLHQVDQ TXH SRGUp VXSHUDU HVWXGLRV SRVWREOLJDWRULRV %DFKLOOHUDWR &LFORV)RUPDWLYRVGH*UDGR0HGLR 0LV SDGUHV VRQ LQIRUPDGRV UHJXODUPHQWH SRU HO &HQWUR HGXFDWLYR GH PLV UHVXOWDGRVDFDGpPLFRV 0LV SDGUHV GLDULDPHQWH UHYLVDQ HO WUDEDMR TXH KH UHDOL]DGR HQ HO &HQWUR HGXFDWLYR 3LHQVR TXH PLV SDGUHV FRODERUDQ WRGR OR TXH SXHGHQ HQ OD PHMRUD GH PL IRUPDFLyQ 0LVSDGUHVSLHQVDQTXHSRGUpQVXSHUDUXQSXHVWRGHWUDEDMRFRQp[LWR 6L WHQJR GLILFXOWDGHV HGXFDWLYDV D OR ODUJR GHO FXUVR PLV SDGUHV LQIRUPDQ DO FHQWUR 0LV SDGUHV UHYLVDQ UHJXODUPHQWH OD DJHQGD FRPR IRUPD GH LQIRUPDUVH GH DFWLYLGDGHV\IHFKDVGHH[iPHQHV 3LHQVR TXH HO DSR\R UHFLELGR GH PLV SDGUHV PHMRUDUi ODV FDOLILFDFLRQHV REWHQLGDV 0LV SDGUHV KDEODQ FRQPLJR GH ORV SODQHV GH HVWXGLR GHVSXpV GH ORV HVWXGLRV REOLJDWRULRV%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG ,QIRUPRDPLVSDGUHVGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR 0LV SDGUHV PH D\XGDQ D UHVROYHU GXGDV D OD KRUD GH UHDOL]DU ODV WDUHDV HVFRODUHV 3LHQVRTXHPLVSDGUHVVHLQWHUHVDQSRUPLVSURJUHVRVHGXFDWLYRV 0LVSDGUHVSLHQVDQTXHVXSHUDUpHVWXGLRVVXSHULRUHV8QLYHUVLGDG 0LVSDGUHVHVWiQLQIRUPDGRVGHPLVSODQHVGHHVWXGLRVRSFLRQHVHGXFDWLYDV\ SURIHVLRQDOHV 0LV SDGUHV PH D\XGDQ D UHDOL]DU FRQVXOWDV ELEOLRJUiILFDV HQ GRFXPHQWRV GLFFLRQDULRVHQFOLFRSHGLDV,QWHUQHW 380 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &XHVWLRQDULRSDUDSDGUHVVREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYR GHVXVKLMRVDV )DFWRUHVVXEHVFDODV 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHL 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLY QWHUpVHQHOSURFHVRHGXFDWLYR R QWHUpVHQHOSURFHVRHGXFDWLY R ([SHFWDWLYDV ([SHFWDWLYDV 5HODFLRQHVFRQHO&HQWUR 5HODFLRQHVFRQHO&HQWUR 7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV 7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV )$&725 3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR )$&7253HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR Ì7(06 Ì7(06(63(&Ì),&26\ (63(&Ì),&26\ +DELWXDOPHQWHD\XGRDPLKLMRDDUHDOL]DUVXVWDUHDVHVFRODUHV 'HEHUtDPRV D\XGDU PiV D QXHVWURD KLMRD UHODFLRQDGRV FRQ VX IRUPDFLyQ &RODERURHQWRGRORTXHSXHGRHQODPHMRUDGHOSURJUHVRHGXFDWLYRGH PLKLMRD 3LHQVR TXH PL DSR\R PHMRUDUi ODV FDOLILFDFLRQHV HVFRODUHV GH PL KLMRD 0H LQWHUHVR FRPR SDGUHPDGUH GH ORV SURJUHVRV HGXFDWLYRV GH PL KLMRD )$&725 )$&725([SHFWDWLYDV ([SHFWDWLYDV Ì70(6(63(&Ì),&26\ Ì70(6(63(&Ì),&26\ (63(&Ì),&26\ 3LHQVR TXH PL KLMRD SXHGH VXSHUDU ORV HVWXGLRV REOLJDWRULRV GH (62 3LHQVR TXH PL KLMRD SXHGH FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV %DFKLOOHUDWR&LFORV)RUPDWLYRVGH*UDGR0HGLR 3LHQVR TXH PL KLMRD SXHGH GHVHPSHxDU XQ SXHVWR GH WUDEDMR FRQ p[LWR 381 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO +DEORFRQPLKLMRDGHORVSODQHVGHHVWXGLRGHVSXpVGHORVHVWXGLRV REOLJDWRULRV%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG 3LHQVRTXHPLKLMRDVXSHUDUiHVWXGLRVVXSHULRUHV8QLYHUVLGDG )$&725 )$&7255HODFLRQHVFRQHO&HQWUR 5HODFLRQHVFRQHO&HQWUR Ì7(06(63(&Ì), Ì7(06(63(&Ì),&26\ (63(&Ì),&26\ &26\ $VLVWRDODVWXWRUtDVFRQHOWXWRUGHIRUPDIUHFXHQWH 6R\LQIRUPDGRUHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRV DFDGpPLFRVGHQXHVWURDKLMRD ,QIRUPRDO&HQWURVLPLKLMRDWLHQHGLILFXOWDGHVHQVXDSUHQGL]DMH 0LKLMRDPHLQIRUPDGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR (O&HQWURQRVLQIRUPDGHORVSODQHVGHHVWXGLRRSFLRQHVDFDGpPLFDV \SURIHVLRQDOHVSDUDQXHVWURDKLMRD )$&725 )$&7257LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV 7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV RODUHV Ì70(6(63(&Ì),&26\ Ì70(6(63(&Ì),&26\ (63(&Ì),&26\ $\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRDHQFDVD 5HYLVR GLDULDPHQWH HO WUDEDMR UHDOL]DGR SRU PL KLMRD UHDOL]DGR HQ HO &HQWUR 5HYLVR UHJXODUPHQWH OD DJHQGD GH PL KLMRD FRPR IRUPD GH LQIRUPDUPHGHODVDFWLYLGDGHV\IHFKDVGHH[iPHQHV $\XGR D PL KLMRD UHVROYHU GXGDV D OD KRUD GH UHDOL]DU ODV WDUHDV HVFRODUHV $\XGRDPLKLMRDDUHDOL]DUFRQVXOWDVELEOLRJUiILFDVHQ'RFXPHQWRV GLFFLRQDULRVHQFLFORSHGLDV,QWHUQHW 382 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &XHVWLRQDULRSDUDSDGUHVVREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYR &RQ HO ILQ GH D\XGDU D VX KLMRD HQ HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH OH URJDPRV UHVSRQGDQ FRQ VLQFHULGDG DO VLJXLHQWH FXHVWLRQDULR /RV GDWRV VRQ &21),'(1&,$/(6 3RU IDYRU FXPSOLPHQWH ORV GDWRV HQ OHWUD PD\~VFXOD \ PDUTXHFRQXQDFUX]VHJ~QFRUUHVSRQGD*UDFLDV 'DWRVGHODOXPQRD 'DWRVGHODOXPQRD $SHOOLGRVBBBBBBBBBBBBBBBBBBBBBBBBBBB1RPEUHBBBBBBBBBBBBBBBBBBBBB &XUVRBBBBBBBBBBBBBBB 2WURVGDWRVHGXFDWLYRV ¢+DUHSHWLGRFXUVR" BBBBQR BBBBVt $VLVWHDFODVHVSDUWLFXODUHV BBBBQR BBBBVt +RUDV\GtDVBBBBBBBBBBBBBBBBBBBBBBBB $VLJQDWXUDVBBBBBBBBBBBBBBBBBBBBBBBB 'DWRVIDPLOLDUHV 'DWRVIDPLOLDUHV 1RPEUH\DSHOOLGRVGHOSDGUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URIHVLyQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWXGLRVTXHSRVHH BBBBBBBB3ULPDULRV LQGtTXHORV BBBBBB0HGLRV BBBBBBBB%DFKLOOHUDWRBBBBBB6XSHULRUHVLQGtTXHORV (VWDGRGHORVSDGUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\DSHOOLGRVGHODPDGUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URIHVLyQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWXGLRVTXHSRVHH BBBBBBBB3ULPDULRV LQGtTXHORV BBBBBB0HGLRV BBBBBBBB%DFKLOOHUDWRBBBBBB6XSHULRUHVLQGtTXHORV (VWDGRGHORVSDGUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 383 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO &RQHOREMHWLYRGHYDORUDUHOJUDGRGHLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVR GHHQVHxDQ]DDSUHQGL]DMHGHVXVKLMRVVHKDHODERUDGRHVWHFXHVWLRQDULRTXHFRQVWD GHtWHPVDORVTXHGHEHUiQUHVSRQGHUVHJ~QHOJUDGRGHDFXHUGRRGHVDFXHUGR HQUHODFLyQDFDGDDILUPDFLyQ$FRQWLQXDFLyQVHPXHVWUDHOYDORUDWULEXLEOHDFDGD Q~PHUR 1XQFDRFDVLQXQFD 1XQFDRFDVLQXQFD 3RFDVYHFHV 3RFDVYHFHV &RQIUHFXHQFLD &RQIUHFXHQFLD &DVLVLHPSUH &DVLVLHPSUH $YHFHV $YHFHV 3URFXUH SRU IDYRU OHHU ELHQ WRGRV ORV tWHPV \ UHSDVDU HO FXHVWLRQDULR DQWHV GH HQWUHJDUORGHIRUPDTXHQRTXHGHQLQJXQDDILUPDFLyQVLQFRQWHVWDU*UDFLDVSRUVX FRODERUDFLyQ 1XQFDRFDVLQXQFD 1XQFDRFDVLQXQFD 3RFDVYHFHV 3RFDVYHFHV &RQIUHFXHQFLD &RQIUHFXHQFLD &DVLVLHPSUH &DVLVLHPSUH $YHFHV $YHFHV $\XGRDPLKLMRDHQORVHVWXGLRVHQWRGRORTXHSXHGR 3LHQVRTXHPLKLMRDSXHGHVXSHUDUORVHVWXGLRVREOLJDWRULRV(62 $VLVWRDODVWXWRUtDVFRQHOWXWRUGHIRUPDIUHFXHQWH $\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRDHQFDVD 'HEHUtDPRVD\XGDUPiVDQXHWURDKLMRDHQWRGRVORVDVSHFWRVGHVXIRUPDFLyQ 3LHQVR TXH PL KLMR SXHGH FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV %DFKLOOHUDWR &LFORV )RUPDWLYRVGH*UDGR0HGLR 6R\LQIRUPDGRUHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRVDFDGpPLFRV GHPLKLMRD 5HYLVRGLDULDPHQWHHOWUDEDMRUHDOL]DGRSRUPLKLMRDUHDOL]DGRHQHO&HQWUR &RODERURHQWRGRORTXHSXHGRHQHQODPHMRUDGHOSURJUHVRHGXFDWLYRGHPLKLMRD 3LHQVRTXHPLKLMRDSXHGHGHVHPSHxDUXQSXHVWRGHWUDEDMRFRQp[LWR ,QIRUPRDO&HQWURVLPLKLMRDWLHQHGLILFXOWDGHVGHDSUHQGL]DMH 5HYLVR UHJXODUPHQWH OD DJHQGD GH PL KLMRD FRPR IRUPD GH LQIRUPDUPH GH ODV DFWLYLGDGHV\IHFKDVGHH[iPHQHV 3LHQVRTXHPLDSR\RPHMRUDUiODVFDOLILFDFLRQHVHVFRODUHVGHPLKLMRD +DEORFRQPLKLMRDGHORVSODQHVGHHVWXGLRGHVSXpVGHORVHVWXGLRVREOLJDWRULRV %DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG 0LKLMRDPHLQIRUPDGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR 384 0GHO&DUPHQ*LUyQ&DOHUR 7HVLV'RFWRUDO $\XGRDPLKLMRDDUHVROYHUGXGDVDODKRUDGHUHDOL]DUODVWDUHDVHVFRODUHV 0HLQWHUHVRFRPRSDGUHPDGUHGHORVSURJUHVRVHGXFDWLYRVGHPLKLMRD 3LHQVRTXHPLKLMRDVXSHUDUiHVWXGLRVVXSHULRUHV8QLYHUVLGDG (O &HQWUR QRV LQIRUPD GH ORV SODQHV GH HVWXGLR RSFLRQHV DFDGpPLFDV \ SURIHVLRQDOHVSDUDQXHVWURDKLMRD $\XGRDPLKLMRDDUHDOL]DUFRQVXOWDVELEOLRJUiILFDVHQGRFXPHQWRVGLFFLRQDULRV HQFLFORSHGLDV,QWHUQHW 385