7UDEDMRDWXUQRV\QRFWXUQR ,9;,75$%$-2$785126<12&78512 ,1752'8&&,Ï1 (O WUDEDMR QRFWXUQR \ D WXUQRV HVWi FDGD YH] PiV H[WHQGLGR SRU GLVWLQWDV UD]RQHV HFRQyPLFDV GH SURGXFFLyQ 'HVGHHOSXQWRGHYLVWDGHVDOXGODERUDOHOWUDEDMRDWXUQRVGHEHRUJDQL]DUVHWHQLHQGRHQFXHQWDTXHVH KDQGHSUHYHQLUVXVLPSOLFDFLRQHVVREUHODVDOXGGHORVWUDEDMDGRUHV\DTXHHOWLHPSRGHWUDEDMRHVXQRGH ORV DVSHFWRV GH ODV FRQGLFLRQHV GH WUDEDMR TXH WLHQH XQD UHSHUFXVLyQ PiV GLUHFWD VREUH OD YLGD GLDULD (O Q~PHURGHKRUDVWUDEDMDGDV\VXGLVWULEXFLyQSXHGHQDIHFWDUQRVyORDODFDOLGDGGHYLGDHQHOWUDEDMRVLQR DODYLGDH[WUDODERUDO 0$5&2/(*$/ /DOHJLVODFLyQH[LVWHQWHVREUHHVWHWHPDHVWiUHFRJLGDHQ o 5'GHGHPDU]RSRUHOTXHVHDSUXHEDHOWH[WRUHIXQGLGRGHOD/H\GHO(VWDWXWRGH ORV7UDEDMDGRUHV%2(PDU]R6HGHILQHHOFRQFHSWRGHWUDEDMR\WUDEDMDGRUQRFWXUQR (VWDEOHFH TXH QR GHEHUi WUDEDMDUVH HQ WXUQR GH QRFKH PiV GH GRV VHPDQDV VHJXLGDV VDOYR YROXQWDULDPHQWHTXHORVWUDEDMDGRUHVQRFWXUQRVGHEHUiQJR]DUGHODVPLVPDVFRQGLFLRQHVTXHHO UHVWR GH ORV WUDEDMDGRUHV HQ PDWHULD GH SURWHFFLyQ GH VDOXG \ VHJXULGDG DVt FRPR TXH ORV WUDEDMDGRUHVQRFWXUQRVGHEHUiQWHQHUODJDUDQWtDSRUSDUWHGHOHPSUHVDULRGHTXHVHUHDOLFHXQD HYDOXDFLyQ JUDWXLWD GH OD VDOXG HQ SHUtRGRV UHJXODUHV /RV WUDEDMDGRUHV D ORV TXH VH OHV UHFRQR]FDQSUREOHPDVGHVDOXGOLJDGRVFRQHOWUDEDMRQRFWXUQRWLHQHQGHUHFKRDVHUGHVWLQDGRVD XQSXHVWRGLXUQR'HWHUPLQDHOSHULRGRPtQLPRHQWUHMRUQDGDVHQKRUDV o 5'GHGHVHSWLHPEUHVREUHMRUQDGDVHVSHFLDOHVGHWUDEDMR%2(VHSWLHPEUH (Q HO DUWtFXOR VH SUHYp OD SRVLELOLGDG GH DFXPXODU SRU SHUtRGRV GH KDVWD FXDWUR VHPDQDV HO PHGLR GtD GH GHVFDQVR VHPDQDO \ GH UHGXFLU HO WLHPSR PtQLPR GH GHVFDQVR HQWUH WXUQRV KDVWD XQ PtQLPR GH VLHWH KRUDV SUHYLHQGR OD FRPSHQVDFLyQ KDVWD KRUDV HQ ORV GtDV VLJXLHQWHV o /H\GHGHQRYLHPEUHGH3UHYHQFLyQGH5LHVJRV/DERUDOHV%2(GHGHQRYLHPEUH GH(QHODUWtFXORVREUHSURWHFFLyQDODPDWHUQLGDGLQFOX\HFRPRPHGLGDSDUDSUHYHQLU SRVLEOHVUHSHUFXVLRQHVVREUHHOHPEDUD]RRODODFWDQFLDODQRUHDOL]DFLyQGHOWUDEDMRQRFWXUQRRD WXUQRV '(),1,&,21(6 6HJ~QHOHVWDWXWRGHORVWUDEDMDGRUHVVHGHILQH 7UDEDMR D WXUQRV ³WRGD IRUPD GH RUJDQL]DFLyQ GHO WUDEDMR HQ HTXLSR VHJ~Q OD FXDO ORV WUDEDMDGRUHV RFXSDQ VXFHVLYDPHQWH ORV PLVPRV SXHVWRV GH WUDEDMR VHJ~Q XQ FLHUWR ULWPR FRQWLQXR R GLVFRQWLQXR LPSOLFDQGR SDUD HO WUDEDMDGRU OD QHFHVLGDG GH SUHVWDU VXV VHUYLFLRV HQ KRUDVGLIHUHQWHVHQXQSHUtRGRGHWHUPLQDGRGHGtDVRGHVHPDQDV´ 7UDEDMR QRFWXUQR HO TXH WLHQH OXJDU ³HQWUH ODV GH OD QRFKH \ ODV GH OD PDxDQD´ \ VH FRQVLGHUDWUDEDMDGRUQRFWXUQRDOTXH³LQYLHUWHQRPHQRVGHWUHVKRUDVGHVXWUDEDMRGLDULRRDO PHQRVXQDWHUFHUDSDUWHGHVXMRUQDGDDQXDOHQHVWHWLSRGHKRUDULR´ 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHOVHFWRUGHODJDOYDQL]DFLyQJHQHUDOHQFDOLHQWH 7UDEDMRDWXUQRV\QRFWXUQR 6LVWHPD GLVFRQWLQXR HO WUDEDMR VH LQWHUUXPSH QRUPDOPHQWH SRU OD QRFKH \ HO ILQ GH VHPDQD 6XSRQHSXHVGRVWXUQRVXQRGHPDxDQD\XQRGHWDUGH 6LVWHPDVHPLFRQWLQXRODLQWHUUXSFLyQHVVHPDQDO6XSRQHWUHVWXUQRVPDxDQDWDUGH\QRFKH FRQGHVFDQVRORVGRPLQJRV 6LVWHPDFRQWLQXRHOWUDEDMRVHUHDOL]DGHIRUPDLQLQWHUUXPSLGD(OWUDEDMRTXHGDFXELHUWRGXUDQWH WRGR HO GtD \ GXUDQWH WRGRV ORV GtDV GH OD VHPDQD 6XSRQH PiV GH WUHV WXUQRV \ HO WUDEDMR QRFWXUQR (9$/8$&,Ï1 $SHVDUGHTXHODVDOWHUDFLRQHVGHELGDVDOWUDEDMRDWXUQRVHVWiQPX\HVWXGLDGDVHVGLItFLOHQFRQWUDUHQ QXHVWURSDtVPpWRGRVYDOLGDGRVTXHSHUPLWDQODHYDOXDFLyQGHHVWRVIDFWRUHV 3DUD UHDOL]DU XQD HYDOXDFLyQ GH ULHVJRV GHULYDGRV GHO WUDEDMR D WXUQRV HV UHFRPHQGDEOH UHFXUULU D YHUVLRQHVUHGXFLGDVGHORVPpWRGRVH[LVWHQWHV 8QR GH ORV PpWRGRV PiV FLWDGRV HQ OD ELEOLRJUDItD HVSHFLDOL]DGD HV HO 6WDQGDUG 6KLIWZRUN ,QGH[ 66, TXH FRQVLVWH HQ XQD EDWHUtD GH FXHVWLRQDULRV DXWRDGPLQLVWUDGRV TXH FRQWHPSODQ ODV YDULDEOHV PiV VLJQLILFDWLYDV /RVIDFWRUHVTXHGHEHQDQDOL]DUVHVHSXHGHQRUJDQL]DUHQWUHVJUXSRV 3UREOHPDVGHVDOXGItVLFD\SVLFROyJLFD $OWHUDFLRQHVGHOVXHxR 'LILFXOWDGHVHQODYLGDIDPLOLDU\VRFLDO ,1&219(1,(17(6'(/75$%$-2$785126 (VLPSRUWDQWHGLVHxDUHOWUDEDMRDWXUQRVGHPDQHUDTXHVHDORPHQRVQRFLYRSRVLEOHSDUDODVDOXGGHO WUDEDMDGRU7HQLHQGRHQFXHQWDODVDOWHUDFLRQHVTXHSURGXFH $OWHUDFLRQHVELROyJLFDV (O RUJDQLVPR KXPDQR WLHQH XQRV ULWPRV ELROyJLFRV HV GHFLU ODV IXQFLRQHV ELROyJLFDV VLJXHQ XQDV UHSHWLFLRQHVFtFOLFDV\UHJXODUHV(VWRVULWPRVVXHOHQFODVLILFDUVHHQ 5LWPRVXOWUDGLDQRV6XSHULRUHVDKRUDV 5LWPRVFLUFDGLDQRV'HKRUDV 5LWPRVLQIUDGLDQRV,QIHULRUHVDKRUDV /RV FLUFDGLDQRV VRQ ORV PiV DIHFWDGRV SRU HO WUDEDMR D WXUQRV DO FDPELDU ORV FLFORV GH VXHxR YLJLOLD HVWRVULWPRVVHGHVHTXLOLEUDQSHURUHFXSHUDQODQRUPDOLGDGFXDQGRVHYXHOYHDXQKRUDULRQRUPDO (OWUDEDMRDWXUQRVHVSHFLDOPHQWHHOWUDEDMRQRFWXUQRIXHU]DDODSHUVRQDDLQYHUWLUVXFLFORQRUPDOGH DFWLYLGDGGHVFDQVRORTXHDFDUUHDXQFDPELRHQODVIXQFLRQHVFRUSRUDOHVTXHDXPHQWDFRQHOQ~PHURGH QRFKHVWUDEDMDGDVSHURQROOHJDQXQFDDVHUFRPSOHWR(OFXHUSRHVWiVRPHWLGRDXQDWHQVLyQFRQWLQXDHQ VXLQWHQWRGHDGDSWDUVHDOFDPELRGHULWPR 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHOVHFWRUGHODJDOYDQL]DFLyQJHQHUDOHQFDOLHQWH 7UDEDMRDWXUQRV\QRFWXUQR $OWHUDFLRQHVGHOVXHxR 3DUDUHFXSHUDUVHGHODIDWLJDGLDULDHVQHFHVDULRGRUPLUFRQYDULDFLRQHVLQGLYLGXDOHVDOUHGHGRUGHVLHWH KRUDVGXUDQWHODQRFKHGHPDQHUDTXHSXHGDQGDUVHWRGDVODVIDVHVGHOVXHxR\VHIDFLOLWHODUHFXSHUDFLyQ ItVLFDGXUDQWHODVSULPHUDVKRUDVGHVXHxR\ODUHFXSHUDFLyQItVLFDHQODVKRUDVVLJXLHQWHV (QHOWUDEDMRDWXUQRVHVWRQRHVSRVLEOH\DTXHHOVXHxRVHYHDOWHUDGRQRSURGXFLpQGRVHQXQFDXQD DGDSWDFLyQSOHQDDOFDPELR $OWHUDFLRQHVGHODYLGDVRFLDO /D VRFLHGDG HV XQD FXOWXUD GLXUQD FX\DV DFWLYLGDGHV FRWLGLDQDV VLJXHQ XQD SURJUDPDFLyQ VRFLDO SRU EORTXHV WHPSRUDOHV SRU HMHPSOR ODV WDUGHV QRFKHV R ILQHV GH VHPDQD VH HPSOHDQ SDUD OD LQWHUDFFLyQ IDPLOLDU\VRFLDO (Q FRQVHFXHQFLD HO WUDEDMR D QRFWXUQR QR VyOR VLJQLILFD UHQXQFLDU D XQD FDQWLGDG GH WLHPSR VL QR D FLHUWRVPRPHQWRVTXHWLHQHQPiVYDORUTXHRWURV\DTXHHOWLHPSROLEUHWDPELpQVHYDORUDHQIXQFLyQGHVX VLWXDFLyQDORODUJRGHOGtDRODVHPDQD (O WUDEDMR D WXUQRV HVSHFLDOPHQWH HO WXUQR GH QRFKH \ GH WDUGH GLILFXOWD ODV UHODFLRQHV VRFLDOHV \ IDPLOLDUHVGHELGRDODIDOWDGHFRLQFLGHQFLDFRQORVGHPiV (VWRV WUDEDMDGRUHV VH HQFXHQWUDQ GHVIDVDGRV HQ UHODFLyQ FRQ HO HVWR GH OD VRFLHGDG OR TXH KDFH TXH SXHGD DSDUHFHU XQD VHQVDFLyQ GH YLYLU DLVODGRV \ GH TXH QR VH HV QHFHVDULR SDUD ORV GHPiV FUHDQGR XQ VHQWLPLHQWRGHLQIHULRULGDGRFXOSDELOLGDGTXHGLILFXOWDODDFHSWDFLyQGHOKRUDULRQRFWXUQR ,QFLGHQFLDHQODDFWLYLGDGSURIHVLRQDO /D EDMD DFWLYLGDG GHO RUJDQLVPR GXUDQWH OD QRFKH \ OD SRVLELOLGDG GH TXH ORV WUDEDMDGRUHV QRFWXUQRV DFXPXOHQ IDWLJD SRU XQ VXHxR GHILFLHQWH KDFH TXH VH GHQ XQD VHULH GH UHSHUFXVLRQHV QHJDWLYDV VREUH OD UHDOL]DFLyQ GHO WUDEDMR FRPR DFXPXODFLyQ GH HUURUHV GLILFXOWDG GH PDQWHQHU OD DWHQFLyQ GH SHUFLELU FRUUHFWDPHQWHODLQIRUPDFLyQRGHDFWXDUFRQUDSLGH] *HQHUDOPHQWHHQHOWXUQRGHQRFKHVHREWLHQHXQPHQRUUHQGLPLHQWR\XQDPHQRUFDOLGDGGHOWUDEDMR UHDOL]DGRHVSHFLDOPHQWHHQWUHODV\ODVGHODPDGUXJDGD\DTXHHQHVWDVKRUDVODFDSDFLGDGGHDWHQFLyQ \WRPDGHGHFLVLRQHVDVtFRPRODUDSLGH]\SUHFLVLyQGHORVPRYLPLHQWRVVRQPiVUHGXFLGDV 25*$1,=$&,Ï1'(/26785126<18(9$67(1'(1&,$6 7HQLHQGRHQFXHQWDODVFRQGLFLRQHVH[SXHVWDVDQWHULRUPHQWHVHGHEHHPSUHQGHUXQDSROtWLFDJOREDOHQ ODTXHVHFRQVLGHUHQORVVLJXLHQWHVIDFWRUHV 9 9 /D HOHFFLyQ GH ORV WXUQRV VHUi GLVFXWLGD SRU ORV LQWHUHVDGRV VREUH OD EDVH GH XQD LQIRUPDFLyQ FRPSOHWD\SUHFLVDTXHSHUPLWDWRPDUGHFLVLRQHVGHDFXHUGRFRQODVQHFHVLGDGHVLQGLYLGXDOHV /RVWXUQRVGHEHUiQUHVSHWDUDOPi[LPRHOFLFORGHVXHxRHYLWDQGRTXHHOWXUQRGHPDxDQDHPSLHFH DXQDKRUDGHPDVLDGRWHPSUDQD/RVFDPELRVGHWXUQRSXHGHQVLWXDUVHSRUHMHPSORHQWUHODV\ ODVKODV\ODVK\ODV\DOUHGHGRUGHODVK8QDYDULDEOHTXHVHGHEHWHQHUHQFXHQWD HVODGLVWDQFLDHQWUHHOFHQWURGHWUDEDMR\HOGRPLFLOLRGHORVWUDEDMDGRUHV 9 /RVWXUQRVGHQRFKH\GHWDUGHQXQFDVHUiQPiVODUJRVTXHORVGHPDxDQDSUHIHULEOHPHQWHVHUiQ PiVFRUWRV 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHOVHFWRUGHODJDOYDQL]DFLyQJHQHUDOHQFDOLHQWH 7UDEDMRDWXUQRV\QRFWXUQR 9 (QFXDQWRDODGXUDFLyQGHFDGDFLFORDFWXDOPHQWHVHWLHQGHDUHDOL]DUFLFORVFRUWRVVHUHFRPLHQGD FDPELDUGHWXUQRFDGDGRVRWUHVGtDVSXHVSDUHFHVHUTXHGHHVWDPDQHUDORVULWPRVFLUFDGLDQRV DSHQDVOOHJDQDDOWHUDUVH7DEODV6LQHPEDUJRODYLGDGHUHODFLyQVHKDFHPiVGLItFLOFRQXQULWPR GH URWDFLyQ WDQ FDPELDQWH SRU OR TXH SXHGH H[LVWLU XQD FRQWUDGLFFLyQ HQWUH HO SXQWR GH YLVWD ILVLROyJLFR\ODVQHFHVLGDGHVSVLFRVRFLDOHVGHORVLQGLYLGXRV(VWHHVXQRGHORVDVSHFWRVSRUORVTXH HO SUREOHPD GH OD URWDFLyQ HV WDQ FRPSOHMR \ SRU OR TXH HV QHFHVDULR DGDSWDUOR D ODV QHFHVLGDGHV LQGLYLGXDOHV\FRQWDUFRQODSDUWLFLSDFLyQGHORVLQWHUHVDGRV 9 $XPHQWDU HO Q~PHUR GH SHUtRGRV HQ ORV TXH VH SXHGH GRUPLU GH QRFKH 3RVLELOLGDG GH GHVFDQVR GHVSXpV GH KDFHU HO WXUQR GH QRFKH DFXPXODU GtDV GH GHVFDQVR \ FLFORV GH URWDFLyQ GLVWLQWRV D OR ODUJRGHODxR 9 9 9 )DFLOLWDU FRPLGD FDOLHQWH \ HTXLOLEUDGD LQVWDODU HVSDFLRV DGHFXDGRV SUHYHU WLHPSR VXILFLHQWH SDUD FRPHU 'LVPLQXFLyQ GHO Q~PHUR GH DxRV TXH HO LQGLYLGXR UHDOL]D WXUQRV OLPLWDFLyQ GH HGDG HWF /D 2,7 UHFRPLHQGDTXHDSDUWLUGHORVDxRVHOWUDEDMRQRFWXUQRFRQWLQXDGRVHDYROXQWDULR 5HGXFLUHQORSRVLEOHODFDUJDGHWUDEDMRHQHOWXUQRGHQRFKH3URJUDPDUDTXHOODVDFWLYLGDGHVTXH VH FRQVLGHUDQ LPSUHVFLQGLEOHV LQWHQWDQGR HYLWDU WDUHDV TXH VXSRQJDQ XQD HOHYDGD DWHQFLyQ HQ OD IUDQMDKRUDULDHQWUHODV\ODVKGHODPDGUXJDGD 9 9 9 9 'DUDFRQRFHUFRQDQWHODFLyQHOFDOHQGDULRFRQODRUJDQL]DFLyQGHORVWXUQRV 3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODGHWHUPLQDFLyQGHORVHTXLSRV 0DQWHQHUORVPLVPRVPLHPEURVHQXQJUXSRGHPDQHUDTXHVHIDFLOLWHQODVUHODFLRQHVHVWDEOHV (VWDEOHFHU XQ VLVWHPD GH YLJLODQFLD PpGLFD TXH GHWHFWH OD IDOWD GH DGDSWDFLyQ \ SXHGD SUHYHQLU VLWXDFLRQHVLUUHYHUVLEOHV $OJXQDVH[SHULHQFLDVUHFLHQWHVSURSRQHQODLQWURGXFFLyQGHFRUWRVSHULRGRVGHVXHxRGXUDQWHHOWXUQR GHQRFKHWDQWRSRUVXIXQFLyQSUHYHQWLYDSDUDPDQWHQHUFRQGXFWDVFRUUHFWDVFRPRFRQILQHVUHSDUDGRUHV (OKRUDULR\ODGXUDFLyQGHSHQGHUtDQGHODVQHFHVLGDGHVGHOLQGLYLGXRVLHQGRHVHQFLDOODUHJXODULGDG 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHOVHFWRUGHODJDOYDQL]DFLyQJHQHUDOHQFDOLHQWH