81$0,5$'$(&21Ï0,&$ ,167,78&,21$/'(/ 352&(62'(&$0%,2'(/ 6(&7256$/8'(1 $5*(17,1$♦ &DUORV9DVVDOR\(UQHVWR%iVFROR 1 ,QWURGXFFLyQ (OSUHVHQWHWUDEDMRWLHQHHOSURSyVLWRGHDQDOL]DUHOSURFHVRGHUHFRQYHUVLyQ GHO VHFWRU GH VHUYLFLRV GH VDOXG HQ $UJHQWLQD ILQDQFLDGR SRU HO VLVWHPD GH OD VHJXULGDGVRFLDO\HOVHFWRUSULYDGR6HGDUipQIDVLVDOSURFHVRGHFDPELRGHOD GLQiPLFD GHO PHUFDGR FRQ OD DSDULFLyQ GH QXHYDV IRUPDV GH RUJDQL]DFLyQ GHO VLVWHPD SUHVWDFLRQDO QXHYRV PHFDQLVPRV GH FRQWUDWDFLyQ \ YtQFXORV HQWUH ORV DJHQWHVLQWHUYLQLHQWHV &RQFHSWXDOPHQWH ODV LQQRYDFLRQHV GHO PRGHOR GH JHVWLyQ VHUiQ FRQVLGHUDGDV FRPR XQ IDFWRU GHWHUPLQDQWH GH XQ VHQGHUR GH PD\RU HILFLHQFLD GHO VLVWHPD SRQLHQGR pQIDVLV HQ ORV IDFWRUHV FRQGLFLRQDQWHV GH OD JHQHUDFLyQ GHWDOHVLQQRYDFLRQHVFDUDFWHUL]DQGRVXQDWXUDOH]D\UHVXOWDGRV (VWH DERUGDMH SUHWHQGH XQD YLVLyQ DOWHUQDWLYD WDQWR DO PRGHOR QHRFOiVLFR FRPR WHRUtD HFRQyPLFD KHJHPyQLFD HQ HO DQiOLVLV GHO IXQFLRQDPLHQWR GH ORV PHUFDGRVFRPRWDPELpQDODHODERUDFLyQVLVWpPLFDHVSHFtILFDGHOVHFWRUTXHVH UHVWULQJHDODPRGHOL]DFLyQGHWLSRORJtDVDOWHUQDWLYDVGHIRUPDVGHRUJDQL]DFLyQ GHO ILQDQFLDPLHQWR \ SUHVWDFLyQ GH VHUYLFLRV GH VDOXG D ODV UHODFLRQHV GH LQWHJUDFLyQFRQWUDWDFLyQHQWUHORVDJHQWHVHFRQyPLFRVSUHVHQWHVHQHOVHFWRU (Q HO SUHVHQWH WUDEDMR HO FRPSRQHQWH HYROXFLRQLVWD ± LQVWLWXFLRQDO FRQVWLWXLUiXQDPLUDGDDQDOtWLFDGHODVUXWLQDVRUJDQL]DWLYDVGHODVFRUSRUDFLRQHV SURWDJyQLFDV GHO SUHVHQWH SURFHVR GH UHFRQYHUVLyQ D FDUJR GH OD DUWLFXODFLyQ GHO VLVWHPD GH VHUYLFLRV GH VDOXG \ VX YLQFXODFLyQ FRQ HO UHVWRGHORVDJHQWHV HFRQyPLFRV\VRFLDOHV/DWUDPDGHUHODFLRQHVLQVWLWXFLRQDOHVVHUiQREVHUYDGDV WDPELpQ D WUDYpV GH VXV H[SUHVLRQHV FRQWUDFWXDOHV FRPR H[SUHVLRQHV GH ODV EDVHVGHXQPRGHORGHPHUFDGRFDUDFWHUL]DGRFRPRUHODFLRQDO 0iV HVSHFtILFDPHQWH HVWD PLUDGD SUHWHQGH UHGHILQLU ORV IXQGDPHQWRV WHyULFRV GH XQD QXHYD PLFURHFRQRPtD UHFRQFHSWXDOL]DQGR D OD ILUPD FRPR H[SUHVLyQ RUJDQL]DWLYD GH ORV SURFHVRV SURGXFWLYRV LQYROXFUDGRV HQ OD SUHVWDFLyQ GH VHUYLFLRV GH VDOXG /D UDFLRQDOLGDG GH ORV DJHQWHV HFRQyPLFRV ♦ 3UHVHQWDGR HQ ,; -RUQDGDV 1DFLRQDOHV 9,,, -RUQDGDV ,QWHUQDFLRQDOHV GH (FRQRPtD GH OD 6DOXG $(6 $EULO GH (UQHVWR %iVFROR &(66 &DUORV 9DVVDOOR ± )XQGDFLyQ ,VDOXG (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR GHEHUi VHU DQDOL]DGD D OD OX] GH OD FXOWXUD RUJDQL]DFLRQDO OD KLVWRULD YLQFXODU HQWUHODVLQVWLWXFLRQHVILQDQFLDGRUDV\SUHVWDGRUDV\HOPDUFRUHJXODWRULRFRPR IDFWRU GH UHVWULFFLyQ \ D OD YH] PRGHODGRU GH ODV FRQGXFWDV \ HVWUDWHJLDV HPSUHVDULDOHV 0DUFR7HyULFR&RQFHSWXDO 3DUDODWHRUtDQHRFOiVLFDODHPSUHVDHVWDQVRORXQQ~FOHRPiVGHXQVLVWHPD GRQGH ODV VHxDOHV SUHFLRV FRQ XQD WHFQRORJtD GDGD FRQVWLWX\HQ ODV ~QLFDV LQIRUPDFLRQHV TXH SHUPLWHQ DO HPSUHVDULR GHFLGLU FXiQWR SURGXFLU \ DO FRQVXPLGRUTXpSURGXFWRDGTXLULU 7RGRV ORV H[SHUWRV GH PDQDJHPHQW TXH HVFULEHQ VREUH RUJDQL]DFLyQ \ GHO UROGHOHPSUHVDULRQRFXHVWLRQDQHQWpUPLQRVDQDOtWLFRVORVIXQGDPHQWRVGHXQD WHRUtD QHRFOiVLFD TXH FRQVLGHUD HO PHUFDGR \ HO VLVWHPD GH SUHFLRV FRPR ORV LQVWUXPHQWRV LGHDOHVQHFHVDULRV\VXILFLHQWHVSDUDDOFDQ]DUODVVROXFLRQHVPiV HILFLHQWHVFRPRVROXFLyQDODSUREOHPiWLFDGHODDVLJQDFLyQGHORVUHFXUVRV 1XHVWUR PDUFR WHyULFR HVWi FRQVWLWXtGR SRU XQ HGLILFLR FRQ FRPSRQHQWHV LQVWLWXFLRQDOHV XELFDQGR D &RDVH FRPR XQR GH VXV SLRQHURV (V pO TXLHQ JHQHUDXQDSXHUWDDHVWDDYHQLGDGHLQYHVWLJDFLyQFXDQGRQRVDGYLHUWHTXHORV PHUFDGRV FRPR LQVWLWXFLyQ DVLJQDGRUD GH UHFXUVRV WLHQHQ FRVWRV GH IXQFLRQDPLHQWR (Q HO FDVR GH FRVWRV HOHYDGRV HQ WpUPLQRV UHODWLYRV HVWR MXVWLILFDUtD OD FRRUGLQDFLyQ JHVWLRQDGD \ QR YLD SUHFLRV FRPR DOWHUQDWLYD LQVWLWXFLRQDOPiVHILFLHQWH /DV SUHJXQWDV GLVSDUDGRUDV VRQ ¢ 3RUTXp H[LVWHQ HPSUHVDV HQ XQD HFRQRPtD GH LQWHUFDPELR HVSHFLDOL]DGD ¢ /D HPSUHVD UHSUHVHQWD XQD PHMRU DOWHUQDWLYDDOPHUFDGRFRPRPHFDQLVPRDVLJQDGRUGHUHFXUVRVTXHVXSRQHHQ SULQFLSLR TXH HO PD\RU JUDGR GH HVSHFLDOL]DFLyQ GH FDGD XQR SURGXFH PD\RU HILFLHQFLD HQ OD SURGXFFLyQ" 3RU FRQVLJXLHQWH GHVDItD HVWD YLVLyQ DO VDFDU DFWLYLGDGHVGHOPHUFDGRHLQFRUSRUDQGRWDOHVWUDQVDFFLRQHVHQODHPSUHVDFRQ ORVFRVWRVGHLQHILFLHQFLDFRUUHVSRQGLHQWHV ¢3RU TXp ODV HPSUHVDV VH LQWHJUDQ HQWRQFHV YHUWLFDOPHQWH GHVDILDQGR HVWD YHUGDGQHRFOiVLFDGHODHILFLHQFLDGHOPHFDQLVPRGHSUHFLRV"&RDVHGLFHTXHOD H[LVWHQFLD GH FRVWRV GH WUDQVDFFLyQ KDFH HQ WpUPLQRV FRPSDUDWLYRV PiV HFRQyPLFRXQPRGHORGHFRRUGLQDFLyQJHVWLRQDGDDOLQWHULRUGHODHPSUHVDTXH QHJRFLDUHQHOPHUFDGR ([LVWH HQ HVWH FDVR XQ FRVWR GH FRRUGLQDFLyQ \ WDPELpQ XQ FRVWR GH LQFHQWLYR GDGR SRU ORV SUREOHPDV GH FRQWURODU HO FRPSRUWDPLHQWR RSRUWXQLVWD GHILQLGRSRU:LOOLDPVRQFRPRSDUWHGHODFRQGXFWDKXPDQD /D PD\RUtD GH ORV WUDEDMRV DQDOtWLFRV GHO VLVWHPD GH VDOXG HQ OD $UJHQWLQD WRPDQ FRPR EDVH XQ PRGHOR GH HTXLOLEULR JHQHUDO GH ORV VHFWRUHV TXH FRPR FRQVHFXHQFLDGHVXDOWRJUDGRGHDJUHJDFLyQ\ODDXVHQFLDGHODQiOLVLVGHORV FRVWRV GH OD RUJDQL]DFLyQ GH ORV SURFHVRV SURGXFWLYRV \ VXV LQFLGHQFLDV LQVWLWXFLRQDOHV QR SHUPLWHQ H[SORUDU GH PDQHUD VDWLVIDFWRULD OD WUDQVIRUPDFLyQ GH ORV PRGHORV GH RUJDQL]DFLyQ HPSUHVDULDO HQ HO VHFWRU VDOXG ORV FXDOHV (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' MXHJDQ XQ SDSHO IXQGDPHQWDO SDUD H[SOLFDU OD GLQiPLFD \ OD HYROXFLyQ GHO VLVWHPD (VWRVHQIRTXHVSURYLHQHQGHXQDWUDGLFLyQLQWHOHFWXDOEDVDGDHQHOHTXLOLEULR JHQHUDO TXH VL ELHQ FRQVLGHUD TXH DOJXQRV IDOORV LPSLGHQ HO SHUIHFWR IXQFLRQDPLHQWR GHO PHUFDGR H LQWURGXFHQ GXGDV UHVSHFWR GH OD H[LVWHQFLD GH H[SHFWDWLYDVUDFLRQDOHVGHOFRQVXPLGRUVXSRQHQGHPDQHUDOLQHDOXQDFRQGXFWD PD[LPL]DGRUD GHO EHQHILFLR SRU SDUWH GH ORV DJHQWHV GHO VHFWRU LJQRUDQGR HVWXGLRV TXH KDQ GHPRVWUDGR TXH HO DJHQWH FRQVWUX\H H[SHFWDWLYDV \ HVWUDWHJLDVDGDSWDQGRVXVFRQGXFWDVDODVPLVPDV /DVPRWLYDFLRQHVGHORVDJHQWHVVRQYDULDGDVDOJXQRVSHUPDQHFHQSRUXQD FXHVWLyQGHLQYHUVLyQIDPLOLDURWUDVVyORSRUTXHFRQVWLWX\HQVX~QLFDIXHQWHGH WUDEDMR\RWUDVHQFDPELRSRUTXHEXVFDQXQDGHWHUPLQDGDWDVDGHJDQDQFLD /DV YLQFXODFLRQHV KLVWyULFDV HQWUH ORV DFWRUHV UHSUHVHQWDQ HQ HVWH PDUFR XQ DVSHFWR IXQGDPHQWDO SDUD LQWHQWDU FRPSUHQGHU FyPR VH FRRUGLQDQ HVWRV PHUFDGRV 6L ELHQ H[LVWH XQD LPSRUWDQWH ELEOLRJUDItD TXH QRV SHUPLWH FRPSUHQGHU ODV RUJDQL]DFLRQHVTXHDFW~DQHQORVGLVWLQWRVVHFWRUHVHFRQyPLFRVHOVHFWRUVDOXG FRQVWLWX\H XQ HVSDFLR SRFR H[SORUDGR GHVGH OD GHQRPLQDGD HFRQRPtD GH OD HPSUHVD (OVHFWRU6DOXG (O VHFWRU VDOXG GHEH VHU DQDOL]DGR WHQLHQGR HQ FXHQWD VXV SURSLDV HVSHFLILFLGDGHV DEDUFDQGR ³ILUPDV´ LQGHSHQGLHQWHV ULYDOHV R FRPSHWLGRUDV H[SOtFLWDV R LPSOtFLWDPHQWH \ GH P~OWLSOHV FDQDOHV GH FRRUGLQDFLyQ \ DUWLFXODFLyQHQWUHFDGDXQLGDGPLFURGHSURGXFFLyQ (OVHFWRUVDOXGVHFDUDFWHUL]DSRUVHUXQPHUFDGRUHODFLRQDOHLGLRVLQFUiVLFR GRQGH ORV GLVWLQWRV DFWRUHV VXV KLVWRULDV VX WUD\HFWRULD GH DSUHQGL]DMH VXV FRPSRUWDPLHQWRV HVWUDWpJLFRV FRQVWLWX\HQ DVSHFWRV IXQGDPHQWDOHV SDUD FRPSUHQGHUVXIXQFLRQDPLHQWRFRPRPHUFDGR $ GLIHUHQFLD GH ORV PHUFDGRV DQyQLPRV GRQGH OD SHUVRQD FRQ LQIRUPDFLyQ SUHYLD GHFLGH TXp SURGXFWR FRPSUDU \ GRQGH FDVL QR H[LVWH FRQWDFWR HQWUH SURYHHGRU \ FRPSUDGRU OD WUDQVDFFLyQ EiVLFD HQ HO VLVWHPD GHVDOXGUHTXLHUH XQD VHULH GH GLiORJRV QHJRFLDFLRQHV TXH FRQILJXUDQ XQD PRGDOLGDG FRPSOHMD GHFRRUGLQDFLyQ 1RHVVLPSOHPHQWHHOSUHFLRFRQVXGHVWDFDGDIXQFLyQLQIRUPDWLYDTXHUH~QH D RIHUWD \ GHPDQGD DOFDQ]DQGR HO HTXLOLEULR VLQR TXH HQ PHUFDGRV UHODFLRQDOHV OD FRRUGLQDFLyQ HQWUH RIHUWD \ GHPDQGD SRQH IUHQWH D IUHQWH D GRV DFWRUHV TXH GHEHQ FRQVLGHUDU QR VyOR HO SUHFLR VLQR DVSHFWRV WDQ GLItFLOHV GH GHILQLU \ SUHFLVDU HQ XQ FRQWUDWR FRPR OD FDOLGDG R ORV ULHVJRV GHO LQFXPSOLPLHQWR GH ODV DFFLRQHV FRPSURPHWLGDV /D UHODFLyQ GH DJHQFLD TXH DWUDYLHVD ODV WUDQVDFFLRQHV HQ VDOXG FRQVWLWX\H XQ HOHPHQWR GH LQFHUWLGXPEUH TXH LPSLGH SHQVDU TXH VRODPHQWH OD HVWDELOLGDGPDFURHFRQyPLFD\ODFRPSHWHQFLDSXHGHQJHQHUDUSUHFLRVHILFLHQWHV (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR \ REOLJD D SHQVDU GH PDQHUD SDUDOHOD OD QHFHVLGDG GH XQPDUFRUHJXODWRULR TXH HYLWH FRVWRV GH WUDQVDFFLyQ FRPR FRQVHFXHQFLD GHO XVR GH OD DVLPHWUtD LQIRUPDWLYDH[LVWHQWH (VWD HVSHFLILFLGDG VH DVLHQWD HQ ODV SDUWLFXODULGDGHV PLFUR GH ODV UHODFLRQHV GH DJHQFLD FRQWHQLGDV HQWUH SURIHVLRQDO SDFLHQWH \ FRPSUDGRU GH VHUYLFLRV 0iV HVSHFtILFDPHQWH FRPR LQVWLWXFLyQ GH FRQWHQLGR UHODFLRQDO QRV UHIHULPRVDOLQHYLWDEOHYtQFXORFRPSOHMRGHODUJRSOD]R\HYROXWLYRTXH VHFRQVWUX\HHQWUHORVDJHQWHVTXHLQWHUYLHQHQHQHOVHFWRUVDOXG (VWD FDUDFWHUL]DFLyQ GHEH VXEUD\DUVH \D TXH OD LGHQWLILFDFLyQGHORVDFWRUHV DUWLFXODGRV HQ HO PRGHOR LQVWLWXFLRQDO GH RUJDQL]DFLyQ GHO ILQDQFLDPLHQWR \ OD SUHVWDFLyQGHVHUYLFLRVGHVDOXGFRQGLFLRQDODLGLRVLQFUDVLDGHOYtQFXORHQWUHORV PLVPRV \ SRU HQGH OD SHUIRUPDQFH GHO IXQFLRQDPLHQWR GHO VHFWRU (VWD DILUPDFLyQ QRV FRQGXFH D VHU FDXWHORVRV HQ OD LQWHUSUHWDFLyQ GH PRGHORV DQDOtWLFRV FRQ HVFDVR SURWDJRQLVPR D OD KRUD GH XQD YLVLyQ HQGyJHQD GHO IXQFLRQDPLHQWRGHODVLQVWLWXFLRQHV (Q WpUPLQRV FRQFUHWRV OD KLVWRULD \ OD OyJLFD SROtWLFD GH ORV DFWRUHV FRQVWUX\HQYtQFXORVFRQVXVSURSLRVFRQWHQLGRV (Q HVWH PHUFDGR PiV TXH HQ QLQJXQR ORV DJHQWHV QR VRQ DQyQLPRV LPSRUWD GHPDVLDGR VX QRPEUH \ DSHOOLGR VX KLVWRULD \ FRPSRUWDPLHQWR VDELHQGR TXH VX FRQGXFWD QR VHUi KRPRJpQHDPHQWH PD[LPL]DGRUD (Q OD PLVPD GLUHFFLyQ QR HV SRVLEOH LPDJLQDU PHUFDGRV FRPSHWLWLYRV FRQ DJHQWHV ULYDOHV\QHXWUDOHVHQVXVYtQFXORVFRPHUFLDOHV/DFRQVWUXFFLyQGHHVWUDWHJLDV GHDSUHKHQGHUGHKDFHUDOLDQ]DVDFXHUGRV\ODFRQFHQWUDFLyQGHOSRGHUVXUJHQ FRPRSURFHVRVLQQDWRVDODRUJDQL]DFLyQGHORVSURFHVRVSURGXFWLYRVGHOVHFWRU /DVUHODFLRQHVFRQWUDFWXDOHVQRVRQLQVWDQWiQHDV\GHFRUWRSOD]RODGHILQLFLyQ GHO WLHPSR UHVXOWD XQD YDULDEOH FODYH GH OD FRQVWUXFFLyQ GHO YLQFXOR UHODFLRQDO HQWUHORVDFWRUHVLQYROXFUDGRV (VWR ~OWLPR VXPDGR D OD DVLPHWUtD GH LQIRUPDFLyQ ODV FRQGLFLRQHV GH RSRUWXQLVPRHQWUHODVSDUWHV\HOFDUiFWHULQFRPSOHWRGHORVFRQWUDWRVJHQHUD YLQFXODFLRQHV QR QHXWUDOHV \ GH LQHYLWDEOH FRPSOHMLGDG PDGXUDQGR \ HQULTXHFLpQGRVH HQ OD PHGLGD TXH VH GHVDUUROODQ ODV UHODFLRQHV HQWUH ORV DJHQWHV FRQWUDWDQWHV SUHYLHQGR FLUFXQVWDQFLDV FRQWLQJHQWHV PHFDQLVPRV GH FRQWURO\VDQFLRQHV (O DQiOLVLV GHO IXQFLRQDPLHQWR GHO PHUFDGR GHEHUi SRU OR WDQWR SURIXQGL]DU ODV FDUDFWHUtVWLFDV FRQWUDFWXDOHV VX LQWHQVLGDG FRPSOHMLGDG FRQVROLGDFLyQ RHVWDELOLGDGHQGHILQLWLYDVXLGHQWLGDGLQVWLWXFLRQDO (O HVWXGLR GH OD GLQiPLFD GHO PHUFDGR GHEHUi LQFRUSRUDU DO DQiOLVLV OD LQQRYDFLyQFRPRHMHGHOSURFHVRGHFDPELRFRQFLELHQGRGHHVDIRUPDOD JHQHUDFLyQGHQXHYRVSURGXFWRVSURFHVRVHLQQRYDFLRQHVRUJDQL]DFLRQDOHV 7DQWRFRPRGHVDUUROORJUDGXDO\HYROXWLYRRFRPRSURFHVRVGHUHFRQYHUVLyQ OD PDQLIHVWDFLyQ GH WDOHV FDPELRV GHEHUi H[SUHVDUVH HQ ORV SURFHVRV GH LQWHJUDFLyQYHUWLFDOXKRUL]RQWDOODFRQVWUXFFLyQGHUHGHVRWUDPDVGHDJHQWHV (O HVWXGLR GH VXV UD]RQHV QRV SHUPLWLUiQ UHVJXDUGDUQRV GH HVTXHPDV VLVWpPLFRV GH UHSURGXFFLyQ OLQHDO \ VLQ DQHVWHVLD D OD KRUD GH UHSURGXFLU (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' HVWUDWHJLDV GH LQWHUYHQFLyQ HQ HO VLVWHPD GH VDOXG 8QD DSUR[LPDFLyQ LQVWLWXFLRQDO QRV LQWURGXFLUi HQ XQD PLUDGD PLFURHFRQyPLFD PiV FHUFDQD D OD FRPSOHMLGDGGHODUHDOLGDGGHQXHVWUR³VLVWHPD´GHVDOXG 6LJXLHQGR HO UHFRUULGR GH ORV FRVWRV GH WUDQVDFFLyQ FRPR FDWHJRUtD GH DQiOLVLV TXH LGHQWLILFD ODV IDOODV UHVXOWDQWHV GH DOWHUQDWLYDV LQVWLWXFLRQDOHV PHUFDGR X RUJDQL]DFLyQ FRPR DVLJQDGRUDV GH UHFXUVRV HO JUDQ HVSDFLR GH SURGXFFLyQGHVHUYLFLRVGHVDOXGGHOVHFWRUSULYDGRVHGHVHQYXHOYHHQORTXHVH SRGUtDFRQFHELUFRPRXQPHUFDGRKtEULGRUHJXODGRSRUQRUPDVLQVWLWXFLRQDOHV \ OD OyJLFD GH VXV SURSLRV PRGHORV GH DXWRRUJDQL]DFLyQ GH ORV SURFHVRV GH SURGXFFLyQ (OSURFHVRGHFDPELR\ODVLQQRYDFLRQHV 3DUD LQYHVWLJDU ODV FRQGLFLRQHV ODV YDULDEOHV R IDFWRUHV GHO SURFHVR GH UHFRQYHUVLyQGHOVLVWHPDGHVDOXGDVtFRPRVXVFRQVHFXHQFLDVHFRQyPLFDVSDUD ORV DJHQWHV LQYROXFUDGRV \D VHD ORV LQWHJUDQWHV GHO PLVPR SURFHVR GH SURGXFFLyQ GH VHUYLFLRV GH VDOXG FRPR ORV EHQHILFLDULRV GH WDOHV SURGXFWRV HV QHFHVDULRDQDOL]DUODGLQiPLFDGHFDPELRGHOIXQFLRQDPLHQWRGHVXVPHUFDGRV (O IXQFLRQDPLHQWR GHO PHUFDGR JHQHUD GHVHTXLOLEULRV H LQHYLWDEOH WUDQVIRUPDFLyQ QR QHFHVDULDPHQWH SRU FDXVDVH[yJHQDVVLQRSRUODOyJLFDGH VX SURSLD GLQiPLFD 6HJ~Q 6FKXPSHWHU HVWH SURFHVR VH JHQHUD D SDUWLU GH GRV IDFWRUHV FODYHV ODV LQQRYDFLRQHV FRPR PRWRU GH FDPELR \ OD FRPSHWHQFLDFRPRFRQGLFLyQQHFHVDULDSHURQRVXILFLHQWH (Q SULPHU OXJDU GHEHPRV VHxDODU OD REYLHGDG GH OD LQH[LVWHQFLD GH FRPSHWHQFLDSHUIHFWDFRQUHQWDVQRUPDOHVFRQWHFQRORJtDGDGD\XQGRPLQLR DEVROXWR SRU SDUWH GH ORV GHVHRV GH ORV FRQVXPLGRUHV FRPR RULHQWDGRUHV GHO PL[GHSURGXFWRVGHOVHFWRUVDOXG /RV DFWRUHV HQ E~VTXHGD FRQWLQXD GH UHQWDV GLIHUHQFLDOHV SURGXFHQ FRQGLFLRQHV PRQRSyOLFDV FRQ OD D\XGD GHO SURFHVR GH LQQRYDFLyQ 1XHYRV SURGXFWRV SURFHVRV \ IRUPDV RUJDQL]DWLYDV SHUPLWHQ DSURYHFKDU XQ FRQRFLPLHQWR DVLPpWULFR \ RSRUWXQLVWD OHMDQR D XQD FRQFHSFLyQ PDUVKDOLDQD HVWiWLFD \ HQ HTXLOLEULR HQ GRQGH HO VLVWHPD GH SUHFLRV SURGXFH LQIRUPDFLyQ FRPRKHUUDPLHQWDGHFRRUGLQDFLyQLQFRQVFLHQWHHQHOPHUFDGR (Q VDOXG HV QHFHVDULR KDFHU DOJXQRV FRPHQWDULRV DFHUFD GH ODV LQQRYDFLRQHV FRPR JHQHUDGRUDV GHO FDPELR \ OD FRPSHWHQFLD FRPR FRQGLFLyQQHFHVDULD (QSULPHUOXJDUHVQHFHVDULRUHODWLYL]DUXQDOHFWXUDHTXLYRFDGDTXHVHxDODD OD FRPSHWHQFLD FRPR FRQGLFLyQ VXILFLHQWH SDUD FUHDU FRQGLFLRQHV GH HILFLHQFLD HQ HO VLVWHPD GH VDOXG 1XHVWUR DUJXPHQWR VH VXVWHQWD SRU OD H[LVWHQFLD GH OD GREOHFRQGLFLyQGH D 5HODFLyQ GH DJHQFLD HQWUH ORV DFWRUHV UHODFLRQDGRV HQ HO SURSLR SURFHVR GH SURGXFFLyQ PpGLFRSDFLHQWH (VWD UD]yQ SRGUtDPRV FDWHJRUL]DUOD FRPR FDXVD PLFUR GH XQD HVSHFLILFLGDG TXH LPSLGH FRQVLGHUDU RIHUWD \ GHPDQGD FRQ IXQFLRQHV REMHWLYRV LQGHSHQGLHQWHV 3RU HO FRQWUDULR ODV (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR GHFLVLRQHVGHFRQVXPRGHODGHPDQGDVRQWRPDGDVSRUODSURSLDRIHUWD HQXQDSUHVFULSFLyQSURIHVLRQDOGHSUiFWLFDVGLDJQyVWLFDVRWHUDSpXWLFDV E /DFDUDFWHUtVWLFDGHPHUFDGRUHODFLRQDOHQWUHORVDFWRUHVYLQFXODGRVFRQHO PRGHOR GH ILQDQFLDFLyQ \ SUHVWDFLyQ GH VHUYLFLRV 0iV HQIiWLFDPHQWH HO FRPSRQHQWH UHODFLRQDO DERUGD QR VyOR OD LQWHQVLGDG GH OD FRPSHWHQFLD FDUDFWHUL]DQGR PHUFDGRV FRPR PiV R PHQRV FRPSHWLWLYRV VLQR DERUGDQGRHODQiOLVLVPLVPRGHVXQDWXUDOH]D(QHVWHFDVRQRVUHIHULPRV D ODV FDUDFWHUtVWLFDV LQVWLWXFLRQDOHV GH ORV DJHQWHV TXH UHDOPHQWH LQWHUDFW~DQ WRPDQGR GHFLVLRQHV FRQVWUX\HQGR YtQFXORV FRQWUDWRV IXVLRQHVRDOLDQ]DV(VWRVYtQFXORVHVWDUiQDIHFWDGRVSRUODOyJLFDGHORV SURSLRV DFWRUHV \ SRU HQGH ODV UHODFLRQHV HQWUH ORV PLVPRV LQFRUSRUDQ IRUPDV GH RUJDQL]DU \ FRRUGLQDU ODV WUDQVDFFLRQHV HQ IXQFLyQ GH VXV SURSLDVLGLRVLQFUDVLDV 7DO FRPR SHQVDPRV OD FRPSHWHQFLD UHVXOWD GHWHUPLQDQWH D OD KRUD GH SUHJXQWDUQRV ODV FDUDFWHUtVWLFDV GHO PDUFR UHJXODWRULR QHFHVDULR 8QD FRQFHSFLyQ LQJHQXD GH FRQVWUXLU FRQGLFLRQHV SDUD SURYRFDU FRPSHWHQFLD SHUIHFWDSDUDPHMRUDUORVUHVXOWDGRVHQWpUPLQRVGHHILFLHQFLDHQODDVLJQDFLyQ GH ORV UHFXUVRV VLJQLILFD SRU XQ ODGR DVHJXUDU UHTXHULPLHQWRV GH FDOLGDG PtQLPD DVLVWHQFLDO FRPR KRPRJHQL]DGRU GH SURGXFWRV \ PHMRUDU OD WUDQVSDUHQFLD GH OD LQIRUPDFLyQ GHO PHUFDGR GHOHJDQGR SRGHU GH GHFLVLyQ DO FRQVXPLGRU ILQDO 3HUR SRU RWUR ODGR VLJQLILFD GHVFRQRFHU HVSHFLILFLGDGHV LQQDWDV TXH HVWiQ YLQFXODGDV D ODV FDUDFWHUtVWLFDV GH OD SURGXFFLyQ PLVPD GHO VHUYLFLR (OFRQVXPLGRUQRVyORQRGHFLGHVLQRTXHIRUPDSDUWHGHOSURSLRSURFHVRGH SURGXFFLyQ ³FRPR LQVXPR FODYH GH OD PLVPD FDGHQD GH PRQWDMH´ 3RU HQGH JHQHUDU FRPSHWHQFLD QR QHFHVDULDPHQWH LPSOLFD JHQHUDU HILFLHQFLD DVLJQDWLYD 6LQHPEDUJRVLHOPHUFDGRUHODFLRQDOSDUWLFLSDHQHOSURFHVRGHFRRUGLQDFLyQGHO VHFWRUVHUiQHFHVDULRHYLWDUORVULHVJRVGHLQIRUPDFLyQDVLPpWULFD³FXLGDQGR´DO FRQVXPLGRU ILQDO HO SDFLHQWH \ PLQLPL]DQGR ORV FRVWRV GH WUDQVDFFLyQ \ RUJDQL]DFLyQGHOVLVWHPDHQVXFRQMXQWR 6H SRGUtD GHILQLU TXH ORV FDPELRV TXH VH SURGXFHQ HQ ORV PHUFDGRV GHO VHFWRU VDOXG VH H[SUHVDQ FRPR WUDQVIRUPDFLRQHV GHO SRVLFLRQDPLHQWR GH ORV DJHQWHV(QFDPELRODUHFRQYHUVLyQGHOVLVWHPDLPSOLFDUtDODPRGLILFDFLyQGHO PRGHORDVLVWHQFLDOORFXDOQRVyORUHSUHVHQWDXQQXHYRPDSDGHDFWRUHVVLQR ODFRQVWUXFFLyQGHQXHYDVUHODFLRQHV\IRUPDVGHUHJXODFLyQGHOVHFWRU &RQ UHVSHFWR D ODV LQQRYDFLRQHV FRPR E~VTXHGD GH UHQWD GLIHUHQFLDO VHUi QHFHVDULR DUWLFXODU VX DQiOLVLV FRQ VXV H[SUHVLRQHV HVSHFtILFDVHQHOVHFWRUVDOXG (Q HVWH SXQWR HV LPSRUWDQWH DQDOL]DU OD YLQFXODFLyQ HQWUH GRV IHQyPHQRV FRQFXUUHQWHVSHURGLVWLQWRV 1XHYDVPRGDOLGDGHVFRQWUDFWXDOHVHQWUHORVDJHQWHVGHOVHFWRU 'HVDUUROORGHQXHYRVPRGHORVDVLVWHQFLDOHV (Q HO SULPHU FDVR ODV QXHYDV PRGDOLGDGHV FRQWUDFWXDOHV H[SUHVDQ OD WUDQVIRUPDFLyQ GHO PDUFR LQVWLWXFLRQDO LQYROXFUDQGR WDQWR OD GHILQLFLyQ GH OD (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' UHODFLyQ HQWUH ILQDQFLDGRUHV \ SUHVWDGRUHV R UHGHV FRPR OD UHODFLyQ HQWUH ORV SUHVWDGRUHV HQWUH Vt (VWH SXQWR LGHQWLILFD GLVWLQWRV QLYHOHV GH YtQFXORV FRQWUDFWXDOHV D VX YH] GH GLYHUVD QDWXUDOH]D TXH YDQ GHVGH FRPSRQHQWHV FRQWUDFWXDOHV TXH FRQGLFLRQDQ FRPHUFLDOPHQWH D ODV SDUWHV \ GLVWULEX\HQ HO ULHVJR HFRQyPLFR KDVWD OD GHILQLFLyQ GH ORV PHFDQLVPRV GH FRRUGLQDFLyQ GHO PRGHORDVLVWHQFLDO2GLFKRHQRWURVWpUPLQRVXQSURFHVRGHUHFRQYHUVLyQGHOD RUJDQL]DFLyQGHORVSURFHVRVRUXWLQDVGHSURGXFFLyQGHORVGLIHUHQWHVVHUYLFLRV GHVDOXG (Q HO VHJXQGR FDVR SRGHPRV GHFLU TXH HO GHVDUUROOR GH QXHYRV PRGHORV DVLVWHQFLDOHV UHTXLHUH XQD UHJXODFLyQ LQWHUQD GHO VLVWHPD TXH LQYROXFUDQ ORV IDFWRUHVTXHFRQGLFLRQDQODRUJDQL]DFLyQGHOSURFHVRGHSURGXFFLyQGHODWUDPD SURGXFWLYD 'H HVWD IRUPD QRV UHIHULPRV D PHFDQLVPRV PiV FHUFDQRV D ORV PRGHORV GH PDQDJHG FDUH FRQRFLGRV LQWHUQDFLRQDOPHQWH HQ ORV FXDOHV ORV LQVWUXPHQWRV GH JHVWLyQ LQWHUYLHQHQ GLUHFWDPHQWH VREUH OD PRGDOLGDG GH OD SUHVWDFLyQGHORVVHUYLFLRV 6LQ HPEDUJR GDGD OD FRPSOHMLGDG \ KHWHURJHQHLGDG GHO SURFHVR GH FDPELR HVLPSRVLEOHGLVWLQJXLUFRQFODULGDGIHQyPHQRVFODURVRSXURV3RURWURODGRODV LQQRYDFLRQHV RUJDQL]DFLRQDOHV VH GLIXQGHQ FRQ SDUWLFXODULGDGHV SURSLDV (V SRVLEOH SHQVDU TXH HVWRV IHQyPHQRV QR VH JHQHUDQ LQGHSHQGLHQWHPHQWH \D TXHHOVHJXQGRSXHGHJHQHUDUVHGDGDODVFRQGLFLRQHVGHOSULPHUR 9ROYLHQGR DO GLOHPD GH &RDVH GH SURGXFLU R FRPSUDU OD PLUDGD VH IRFDOL]D FRQHOPHUFDGR\ODRUJDQL]DFLyQFRPRLQVWLWXFLRQHVDOWHUQDWLYDVGHXQDQiOLVLV FRPSDUDWLYR GH FRVWRV GH WUDQVDFFLyQ YHUVXV FRVWRV RUJDQL]DFLRQDOHV HQ XQ PRPHQWRGDGR6LQHPEDUJRHVWHPDUFRQRLQFRUSRUDDODVLQQRYDFLRQHVFRPR YDULDEOH TXH SHUPLWD DEULU HO FRQRFLPLHQWR GH OD UHODFLyQ HQWUH SURFHVR GH FDPELRLQWHJUDFLyQYHUWLFDO\FDPELRWHFQROyJLFR 6LOYHU QRV DFHUFD XQD SHUVSHFWLYD PiV GLQiPLFD GDGR TXH SODQWHD PiV GLUHFWDPHQWHTXHHOSURFHVRGHLQWHJUDFLyQYHUWLFDOTXHSUDFWLFDQODVHPSUHVDV HVFRQVHFXHQFLDGHODVLQQRYDFLRQHVTXHVHSURGXFHQHQHOPHUFDGR\QRGHOD HVSHFLILFLGDGGHORVDFWLYRVQHFHVDULDPHQWH 3HQVDU OD LQWHJUDFLyQ FRPR XQD FRQVHFXHQFLD GH OD LQQRYDFLyQ HV XQ FRQFHSWR PiV GLQiPLFR HQ HO VHQWLGR GH TXH HO ERPEDUGHR FRQWLQXR GH LQQRYDFLRQHV QR VLHPSUH WLHQH PHUFDGR SDUD VHU FRPSUDGR \ YHQGLGR \ WLHQH TXHVHUSURGXFLGRLQWHUQDPHQWHHQXQDSULPHUDHWDSDSDUDOXHJRUHFLpQFRQXQ FLHUWRGHVDUUROORGHPHUFDGRSRGHUH[WHUQDOL]DUVH /DILUPDQRLQQRYDHQHODLUHORKDFHHQXQFRQWH[WRLQVWLWXFLRQDOLQVHUWDHQ XQD UHG SURGXFWLYD HQ XQ SURFHVR GH SURGXFFLyQ TXH DEDUFD YtQFXORV LQWHUILUPDV &XDQGR OD ILUPD H[SHULPHQWD XQD LQQRYDFLyQ HQ E~VTXHGD GH EHQHILFLRVH[WUDRUGLQDULRVPRQRSyOLFRVpVWRVVRQSRVLEOHVJUDFLDVDFRQGLFLRQHV GHOyJLFDDVLPpWULFDGHLQIRUPDFLyQ\DTXHODILUPDH[SORWDUiVXFRQRFLPLHQWR GLIHUHQFLDO &XDQGR QXHYRV SURGXFWRV SURFHVRV R LQQRYDFLRQHV RUJDQL]DFLRQDOHV JHQHUDQ LQQRYDFLRQHV HQ ORV UHTXHULPLHQWRV GH VXV UHODFLRQHV LQWHUILUPD SURGXFHQXHYDVH[LJHQFLDVHQODUHGSURGXFWLYDQRQHFHVDULDPHQWHVDWLVIHFKDV (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR GDGRTXHHVDVQXHYDVGHPDQGDVUHSUHVHQWDQLQYHUVLRQHVFRQDOWDHVSHFLILFLGDG ODVTXHHQVLWXDFLRQHVGHDVLPHWUtDGHLQIRUPDFLyQHOFRQRFLPLHQWRUHVSRQVDEOH GHODLQQRYDFLyQQRVHUiUHYHODGRFRQVWLWX\HQODVFRQGLFLRQHVGHRSRUWXQLVPR (VWRVHOHPHQWRVGHVLQFHQWLYDUiQDORVDJHQWHVYLQFXODGRVHQODPLVPDFDGHQD GH SURGXFFLyQ D DFRPSDxDU ORV GHVDUUROORV UHTXHULGRV HQ VXV SURSLRV HVODERQHV (O LQQRYDGRU LQLFLDO QR WLHQH RWUD RSFLyQ TXH LQWHJUDUVH JHQHUDQGR ORVLQVXPRV\HQODVFRQGLFLRQHVQHFHVDULDV\RSDUWLFLSDQGRDJXDVDUULEDSDUD JDUDQWL]DUVXFRPHUFLDOL]DFLyQ (V SRVLEOH DUWLFXODU HVWH DQiOLVLV FRPR GLQDPL]DGRU GH FRVWRV WUDQVDFFLRQDOHV\DTXHORVPLVPRVDXPHQWDQGXUDQWHHOSURFHVRGHLQQRYDFLyQ \ SRU HQGH SURGXFHQ LQWHJUDFLyQ YHUWLFDO R HQ WpUPLQRV GH &RDVH OD RUJDQL]DFLyQ UHVXOWD FRPR DOWHUQDWLYD LQVWLWXFLRQDO 6LQ HPEDUJR HO SURFHVR GH LQQRYDFLyQHVGLQiPLFR\ODVUHQWDVGLIHUHQFLDOHVVHUHGXFHQDPHGLGDTXHVH LQFUHPHQWD OD GLIXVLyQ GH ODV LQQRYDFLRQHV H[SHULPHQWDGDV /D DSDULFLyQ GH FRPSHWLGRUHV \ OD VRFLDOL]DFLyQ GHO FRQRFLPLHQWR WHFQROyJLFR TXH FRQVWLWXtD HO IXQGDPHQWR GH ODV UHQWDV GLIHUHQFLDOHV GLVPLQX\H SDUWH GH OD HVSHFLILFLGDG GH ORV UHTXHULPLHQWRV GH OD FDGHQD \ IXQGDPHQWDOPHQWH GH OD DVLPHWUtD GH OD LQIRUPDFLyQSUHYLD(OGHVDUUROORGHOPHUFDGRVHUiSURGXFWRGHPHQRUHVFRVWRV WUDQVDFFLRQDOHV6HJ~Q6LOYHUODGHVLQWHJUDFLyQYHUWLFDODSDUHFHXQDYH]DJRWDGD ODLQQRYDFLyQTXHOHGLRVXVWHQWR (Q SRFDV SDODEUDV GLUtDPRV TXH OD SURGXFFLyQ LQWHUQD QR HV SDUD VLHPSUH VyOR GXUD HO WLHPSR TXH WDUGD HQ GLIXQGLUVH OD LQQRYDFLyQ \ TXH DSDUH]FDQ FRPSUDGRUHV \ YHQGHGRUHV HQ HO PHUFDGR FRQ FDSDFLGDG GH RIUHFHU ORV UHTXHULPLHQWRVGHOSURGXFWRFRQVLGHUDGRJHQHUDGRUGHOSURFHVRLQQRYDGRU 6LQHPEDUJRODH[SOLFDFLyQGH6LOYHUQRHVH[FOX\HQWHGHRWUDVUD]RQHVVyOR SUHWHQGH VHU XQR GH ORV SULQFLSDOHV IDFWRUHV TXH H[SOLFDQ OD LQWHJUDFLyQ \ GHVLQWHJUDFLyQ YHUWLFDO D WUDYpV GHO WLHPSR SHUPLWLHQGR HYDOXDU HO JUDGR GH GHVDUUROORRPDGXUH]GHXQPHUFDGRSDUDXQGHWHUPLQDGRSURGXFWR 'DGR TXH HQ HO VHFWRU VDOXG OD RUJDQL]DFLyQ GHO VLVWHPD DVLVWHQFLDO GHEH LQFRUSRUDUHOILQDQFLDPLHQWRGHWDOHVSUHVWDFLRQHVODLQWHJUDFLyQYHUWLFDOSRGUtD SHQVDUGLIHUHQWHVWLSRORJtDVGHLQWHJUDFLyQ\DVHDLQWHJUDFLyQHQODSURGXFFLyQ GH ODV GLVWLQWDV HWDSDV SURGXFWLYDV GH OD SUHVWDFLyQ GH VHUYLFLRV GH VDOXG R FRPRLQWHJUDFLyQGHODIXQFLyQGHILQDQFLDPLHQWR\SUHVWDFLyQ (Q HO FDVR GHO VHFWRU VDOXG H[LVWHQ SUHVWDGRUHV SXURV R VH KDQ LQWHJUDGR YHUWLFDOPHQWH HQ HVWH FDVR DJXDV DUULED FUHDQGR XQ SUHSDJR TXH OHV SHUPLWH WHQHUSREODFLyQTXHORVWLHQHGLUHFWDPHQWHFRPRUHIHUHQWHV\DUPDQGRXQDUHG SDUD HO UHVWR GH VHUYLFLRV TXH QR WLHQH FRQWHQLGRV HQ VX SURSLD RUJDQL]DFLyQ (VWH HV HO FDVR GH ORV +RVSLWDOHV GH &RPXQLGDG HO ,WDOLDQR HO )UDQFpV HO $OHPiQ R HO %ULWiQLFR ,QLFLDOPHQWH IXHURQ PXWXDOHV TXH WHQtDQ D VX FDUJR OD DWHQFLyQ LQWHJUDO OXHJR FRQ HO GHVDUUROOR DPSOLR GH OD VHJXULGDG VRFLDO SHUGLHURQ HVSDFLR FRPR DVHJXUDGRUHV \ VH FRQVROLGDURQ FRPR SUHVWDGRUHV GHVGH KDFH XQRV DxRV OD GLVFRQIRUPLGDG GH OD SREODFLyQ FRQ ORV VHUYLFLRV ORV OOHYR D FUHDU VLVWHPDV GH DVHJXUDFLyQ SULYDGD TXH WLHQH FRPR FDEHFHUD DO KRVSLWDO GH OD FRPXQLGDG \ KR\ YHQ IRUWDOHFLGD HVD RSFLyQ DQWH OD SRVLELOLGDG TXHVHDEUHFRQODOLEUHHOHFFLyQGHOXVXDULRHQWUHREUDVVRFLDOHV\SUHSDJRV (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' Innovaciones organizativas y tecnologicas. 6FKXPSHWHU GHVFULEH HO SURFHVR GH LQQRYDFLyQ LGHQWLILFDQGR IRUPDV FODUDPHQWHGLIHUHQWHVFRQLPSOLFDQFLDVGLVWLQWDVHQORVFDPELRVGHODHVWUXFWXUD GHORVPHUFDGRV /D LQQRYDFLyQ RUJDQL]DWLYD D GLIHUHQFLD GH OD WHFQRORJtD TXH DXPHQWD OD DVLPHWUtD LQIRUPDWLYD \ JHQHUD GLIHUHQFLDFLyQ GH SURGXFWR WLHQGH D DKRUUDU FRVWRV PHGLDQWH HO UHSODQWHR GH ORV GHUHFKRV GH SURSLHGDG \ GHO PRGHOR GH JHVWLyQ /D PLVPD VL ELHQ WLHQH FDUiFWHU GH ELHQ S~EOLFR \ SRU HQGH HV DSURSLDEOH IiFLOPHQWH 2GHSHQGHUiHQJUDQPHGLGDGHODFDSDFLGDG\ODFXOWXUDRUJDQL]DWLYD DVtFRPRODVUXWLQDVGHODVHPSUHVDVLQWHUHVDGDVHQSURGXFLULQQRYDFLRQHV &RULDW\'RVLVHSUHJXQWDQDFHUFDGHSRUTXpODVHPSUHVDVVDELHQGRTXHHO PRGHOR MDSRQpV X RWUDV LQQRYDFLRQHV JHUHQFLDOHV VRQ H[LWRVDV HQ RWUDV SDUWHV GHO PXQGR QR FRSLDQ ODV PLVPDV \ ORJUDQ HILFLHQWL]DU VXV SURSLDV RUJDQL]DFLRQHV$TXtHVGRQGHFRPLHQ]DDMXJDUORVDVSHFWRVLQVWLWXFLRQDOHVGHO FDPELRODVFXOWXUDVODVWUDGLFLRQHVODVOH\HVORVSURFHGLPLHQWRVODSROtWLFDHWF TXHWDQELHQKDGHVDUUROODGR'RXJODV1RUWK\ORVQHRLQVWLWXFLRQDOLVWDV 6L FRQVLGHUDPRV TXH ODV LQQRYDFLRQHV RUJDQL]DWLYDV LPSOLFDQ HO GLVHxR GH LQVWLWXFLRQHV TXH WLHQGHQ D PLQLPL]DU ORV FRVWRV GH WUDQVDFFLyQ FRVWRV GH FRRUGLQDU \ PRWLYDU DO PHUFDGR SDUD TXH UHDOLFH OD WUDQVDFFLyQ SRGHPRV HQWRQFHV VXSRQHU TXH HVWD WHQGHQFLD D JHQHUDU QXHYDV RUJDQL]DFLRQHV HQ HO VHFWRUVDOXGHVWiGLUHFWDPHQWHUHODFLRQDGDFRQORVFRVWRVTXHVHREVHUYDQHQ HO PHUFDGR SDUD SURGXFLU 2WUD SRVLELOLGDG D FRQVLGHUDU HV TXH HQ FDPELR VH WUDWD GH LQQRYDFLRQHV GH SURFHVR \ SURGXFWR FRQ XQ LPSRUWDQWH PDUJHQ GH ULHVJR H LQFHUWLGXPEUH \ HVSHFLILFLGDG GH DFWLYRV KXPDQRV UHFRQYHUVLyQ GH PpGLFRV GHVGH HVSHFLDOLVWDV D JHQHUDOLVWDV3 TXH KDVWD HO PRPHQWR QR HV SRVLEOHHQFRQWUDUODVHQODRIHUWDGHOPHUFDGR 2UW~Q 5XELR PHQFLRQD TXH HQ HO VHFWRU VDOXG VH DSUHFLD XQD LQWHQVD LQQRYDFLyQWHFQROyJLFD\XQDHVFDVDLQQRYDFLyQRUJDQL]DWLYD\HVWRVHGHEHDOR HVFDVDPHQWHFRPSHWLWLYRVTXHUHVXOWDQHVWRVPHUFDGRV &RPR REVHUYDPRV FRQ DQWHULRULGDG OD SUHVHQFLD GH DFXHUGRV ROLJRSyOLFRV DVHQWDGRVHQODGLIHUHQFLDFLyQGHSURGXFWRVWLHQHXQDIXHUWHLPSOLFDQFLDVREUH ODLQQRYDFLyQWDQWRRUJDQL]DWLYDFRPRWHFQROyJLFD (QHVHVHQWLGRODVLQVWLWXFLRQHVGHFDGDSDtVFRQVWLWX\HQHOPDUFRGRQGHVH GDQ ODV LQQRYDFLRQHV \ OD KLVWRULD GHPXHVWUD TXH OD IXHUWH FDSDFLGDG GH OD RIHUWD HQ GLIHUHQFLDU SURGXFWR IDYRUHFLy OD LQQRYDFLyQ WHFQROyJLFD HQ PD\RU PHGLGDTXHODRUJDQL]DWLYDPLHQWUDVTXHODRIHUWDLPSXVRFRQGLFLRQHV /D GLIHUHQFLD HQWUH XQD \ RWUD UDGLFD HQ TXH PLHQWUDV OD LQQRYDFLyQ WHFQROyJLFDHVDSURSLDEOHSDWHQWDEOHSRUODVHPSUHVDV\D\XGDDOSURIHVLRQDO 3RU HMHPSOR XQD HVWUDWHJLD GH DWHQFLyQ SULPDULD R ELHQ XQ HVTXHPD GH RUJDQL]DFLyQ GH PpGLFRV GH SULPHU QLYHO :LOOLDPVRQ ± DFWLYRV HVSHFLILFRV (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR \ HPSUHVDV D LQFUHPHQWDU OD DVLPHWUtD LQIRUPDWLYD \ GLIHUHQFLDU SURGXFWR OD LQQRYDFLyQRUJDQL]DWLYDWLHQHFDUDFWHUtVWLFDVGHELHQS~EOLFR /D SULPHUD WLHQGH D LQFUHPHQWDU ORV IDOORV GH PHUFDGR PLHQWUDV TXH OD LQQRYDFLyQ RUJDQL]DWLYD VH YH IUHQDGD SRU OD DXVHQFLD GH FRPSHWHQFLD OD FDUWHOL]DFLyQ GH OD PHGLFLQD XQR GH FX\RV REMHWLYRV HVSHFtILFRV FRPR VHxDOD 2UW~Q5XELRHVOLPLWDUHODFFHVRDORVPHUFDGRV (O FDUiFWHU UHODFLRQDO GHO PHUFDGR GH VDOXG HQ OD $UJHQWLQD FRQVWLWX\H XQD WUDED IXQGDPHQWDO SDUD LQWURGXFLU LQQRYDFLRQHV RUJDQL]DWLYDV TXH DFW~HQ PRGHUQL]DQGRODDVLJQDFLyQGHUHFXUVRVGHOVHFWRU /DV LQQRYDFLRQHV SUHGRPLQDQWHV HQ HO VHFWRU KDQ VLGR ILQDQFLHUDV R WHFQROyJLFDV VLQ GHPDVLDGDV SURIXQGL]DFLRQHV HQWHQGLpQGRODV FRPR XQD UHVSXHVWD D OR TXH HVWD SLGLHQGR HQ HVWH PRPHQWR HO PHUFDGR FRQWURO GHO JDVWR &DUDFWHUtVWLFDVGHOPHUFDGRGHODVDOXGHQOD$UJHQWLQD 6RQ HVFDVRV ORV WUDEDMRV HQ OD $UJHQWLQD TXH KDQ EXFHDGR HQ FXHVWLRQHV PLFURHFRQyPLFDV GHO VHFWRU VDOXG VXSHUDQGR XQD VHULH GH VXSXHVWRV JHQHUDOLVWDV UHIHULGRV D ODV LQVWLWXFLRQHV \ GHWHUPLQDGRV FRPSRUWDPLHQWRV DXWRPiWLFRVGHORVDJHQWHVHFRQyPLFRVLQGLYLGXDOHV\ORVPHUFDGRV /DVWUDQVIRUPDFLRQHVTXHVHKDQHVWDGRSURGXFLHQGRHQQXHVWURVLVWHPDGH VDOXG FRQ XQD GLQiPLFD FDVL HVSRQWiQHD H LQGHSHQGLHQWH GH OD HVFDVD HIHFWLYLGDG SROtWLFD HQ OD PDWHULD UHTXLHUHQ D QXHVWUR HQWHQGHU UHSHQVDU HO HVTXHPD GH IXQFLRQDPLHQWR PLFURHFRQyPLFR TXH SHUPLWLy H[SOLFDU DGHFXDGDPHQWHODOyJLFDGHORVPHUFDGRVGHVDOXGKDVWDILQDOHVGHORVRFKHQWD (O WUDEDMR GH .DW] \ 0XxR] DSDUHFLGR HQ FRQVWLWXtD XQD PLUDGD GLIHUHQWH VREUH HO VLVWHPD GH VDOXG DUJHQWLQR TXH DEDQGRQDED HO WtSLFR HVTXHPD GH DQiOLVLV HQ VXEVHFWRUHV SDUD DYDQ]DU HQ XQD OHFWXUD HFRQyPLFD GHVGH OD RUJDQL]DFLyQ LQGXVWULDO DFHUFD GH OD PRUIRORJtD \ FRPSRUWDPLHQWR GH ORV PHUFDGRV SUHVWDGRUHV \ GH ODV LQWHUGHSHQGHQFLDV TXH HQWUH HOORV VH REVHUYDEDQ(QHVWDSHUVSHFWLYDWRPDUHOHYDQFLDHODQiOLVLVGHODHVWUXFWXUDGHO PHUFDGR GRQGH VH GHVFULEH FODUDPHQWH OD PRUIRORJtD ROLJRSyOLFD \ OD FDSDFLGDGGHODRIHUWDGHLQIOXLUVREUHHOVLVWHPDGHSUHFLRV\ODVGHFLVLRQHVGH OD GHPDQGD 0iV HVSHFtILFDPHQWH VH SURIXQGL]D HQ HO HVWXGLR GH ODV KHUUDPLHQWDV LQVWLWXFLRQDOHV UHJXODGRUDV QRPHQFODGRU QDFLRQDO TXH VH XWLOL]DURQHQODGHILQLFLyQGHORVSURGXFWRV\VXVSUHFLRVUHODWLYRV 'H PDQHUD UiSLGD SRGHPRV LGHQWLILFDU HQ OD HYROXFLyQ GHO VLVWHPD GH VDOXG DUJHQWLQR WUHV HWDSDV GHVGH HO SXQWR GH YLVWD GH ODV WUDQVIRUPDFLRQHV\ORVLQVWUXPHQWRVGHLQQRYDFLyQXWLOL]DGRVHQFDGD XQDGHHOODV &XDGUR7UDQVIRUPDFLRQHVGHOVLVWHPDGHVDOXGHQ$UJHQWLQD 3HUtRGR )XWXUR (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' 3HUtRGR ,QQRYDFLRQHV $VLVWHQFLDOHV )XWXUR ,QQRYDFLRQHV ,QQRYDFLRQHV PDFUR ,QQRYDFLRQHV WHFQROyJLFDV \ PHVR ILQDQFLHUDV RUJDQL]DWLYDV \ FOLQLFDV ,QQRYDFLRQHV &RQWUDWRV HPHUJHQWHV &RQWUDWRV LQWHJUDOHV 7HQGHQFLD D OD HQ HO GLVHxR FRQ LGHQWLILFDFLyQ GH FRQ LQFOXVLyQ GHO FREHUWXUD GH OD GH ORV SUHVWDFLRQHV FRQMXQWR GH DVLVWHQFLD GH SUHVWDFLRQHV \ GH SUREOHPDV GH VDOXG FRQWUDWRV PD\RU DOFDQFH SRU VREUH OD JHRJUiILFR UHDOL]DFLyQ GH SUiFWLFDV 'HILQLFLyQ GHO 1RPHQFODGRU 1DFLRQDO SURGXFWR DVLVWHQFLDO 'HVUHJXODFLyQ GH 0RGXOR '5* ± 30& SUHFLRV VHJ~Q ODV YLQFXODQGR FRQGLFLRQHV GH GLDJQyVWLFR \ QHJRFLDFLyQ GH FDGD QRUPDV VLWXDFLyQ ± 9DORUHV DVLVWHQFLDOHV JOREDOL]DGRV R PRGXORV Modalidade s de pago y distribución del riesgo. Pagos por prestaciones, con riesgo económico asumido totalmente por el financiador Pagos capitados y segmentación como distribución del riesgo Contratos complejos, que identifican la modalidad de pago como componente de un modelo detallado técnico asistencial. )XHQWH (ODERUDFLyQ SURSLD (Q HO PDUFR GH XQ HVWDGR PX\ GpELO HQ VX FDSDFLGDG GH HMHUFHU SRGHU UHJXODWRULRUHDOHOFRPSRQHQWHUHODFLRQDOGHORVPHUFDGRVKDFHTXHORVDFWRUHV VH WHUPLQHQ FRPLHQGR DO UHJXODGRU FRQVLGHUDQGR OD IRUWDOH]D TXH DOFDQ]DQ OD YLQFXODFLyQ \ ORV DFXHUGRV GH PHUFDGR PRQRSyOLFRV IUHQWH DO HVFDVR SRGHU TXHWLHQHHO(VWDGRDUJHQWLQRSDUDUHJXODU /DLGLRVLQFUDVLDGHORVDFWRUHV\VXtQWLPDUHODFLyQFRQODWUDPDSROtWLFDORV XELFD FRPR YDULDEOHV SURWDJyQLFDV GH OD HYROXFLyQ GH ³ORV HVSDFLRV GH UHJXODFLyQ´TXHVHFRQVWUX\HQDOLQWHULRUGHOVLVWHPD (O DFWXDO SUHGRPLQLR GH OD GHPDQGD FRQVWLWX\H XQD LPSRUWDQWH WUDQVIRUPDFLyQHQSULPHUOXJDUSRUTXH\DQRHVHODJHQWHSUHVWDGRUPpGLFRV FOtQLFDV \ VDQDWRULRV FHQWURV HVSHFLDOL]DGRV TXLHQ LPSRQH HO SDWUyQ GH LQQRYDFLyQ VLQR HO DJHQWH ILQDQFLHUR < HQ HVWH VHQWLGR DO DJHQWH SULQFLSDO ILQDQFLDGRUOHLQWHUHVDIXQGDPHQWDOPHQWHHILFLHQWL]DUHOJDVWRGHDVHJXUDFLyQ \QRPD[LPL]DUSUHVWDFLRQHVVREUHHOSDFLHQWHRVREUHIDFWXUDUSDUDLQFUHPHQWDU VXV LQJUHVRV FRPSRUWDPLHQWR WtSLFR HQ HO DJHQWH SUHVWDGRU HQ HO HVTXHPD DQWHULRU (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR /D GHPDQGD LQGLUHFWD UHSUHVHQWDGD SRU ODV DVHJXUDGRUDV QR WLHQH PiV DVSLUDFLRQHVSRUDKRUDTXHHOFRQWUROGHOJDVWRTXHVXPDGRDODDXVHQFLDGHXQ SRGHU UHJXODWRULR HIHFWLYR TXH OD REOLJXH D FXPSOLU FRQ OD OHJLVODFLyQ SRU HMHPSORH[LJLUODFREHUWXUDGHO3URJUDPD0pGLFR2EOLJDWRULRRTXHHOLPLQHQGH ODV UHGHV DTXHOORV SUHVWDGRUHV TXH QR VXSHUDUtDQ XQD VLPSOH DFUHGLWDFLyQ FRQIRUPDXQDPELHQWHFRQHVFDVRVLQFHQWLYRVDLQQRYDUSDUDPHMRUDUHOVHUYLFLR GHVDOXGTXHVHDVHJXUD\SUHVWD /DFRPSUDGHVHUYLFLRVIUDJPHQWDGDQRHVWiPRGLILFDQGRODVHVSHFLILFLGDGHV GHODFRPSUDQRSODQWHDXQQXHYRPRGHORDVLVWHQFLDOTXHREOLJDUtDDUHSHQVDU HO PRGHOR SUHVWDGRU GH VHUYLFLRV GH VDOXG LQWURGXFLHQGR XQD VHULH GH LQQRYDFLRQHVTXHKR\VHHQFXHQWUDQHQHVWDGRODWHQWHVLQVHULQFRUSRUDGDVSRU TXHORVRSHUDGRUHVQRWLHQHQQLLQFHQWLYRVQLUHJXODFLyQSDUDFDPELDU /D OOHJDGD GH LQYHUVRUHV H[WUDQMHURV DO VHFWRU SRGUtD KDFHU VXSRQHU GH OD PDQR GH ORV FDPELRV GH SURSLHGDG XQD WUDQVIRUPDFLyQ LPSRUWDQWH GHO PDQDJHPHQW GH ODV HPSUHVDV 6LQ HPEDUJR ODV LQQRYDFLRQHV JHUHQFLDOHV \ RUJDQL]DWLYDV VRQ DQWH WRGR XQ FDPELR GH FXOWXUD LQWHUQD GH ODV HPSUHVDV \ HVDVPRGLILFDFLRQHVVRQJUDGXDOHV\WRPDQVXWLHPSR4 &RQVLGHUHPRV SRU HMHPSOR OD FDQWLGDG GH FRQWUDWRV TXH H[LVWHQ WRGDYtD VREUH OD EDVH GHO QRPHQFODGRU \ UHIHUHQFLDQGR HO SUHFLR HQ ~OWLPR DUDQFHO ,126\SHUFLELUHPRVODVHVFDVDVWUDQVIRUPDFLRQHVTXHVHKDQPDWHULDOL]DGRHQ HOPRGHORGHDWHQFLyQPpGLFDDVLVWHQFLDO /DV LQQRYDFLRQHV TXH HVWDPRV SUHVHQFLDQGR HQ HO VHFWRU VRQ EiVLFDPHQWH PHVR \ PDFUR SRU HQGH VH H[SUHVDQ PHGLDQWH HO FDPELR GHO HVTXHPD GH ILQDQFLDPLHQWR OD GLVWULEXFLyQ GHO ULHVJR GH OD FiSLWD DO LQWHULRU GH OD UHG DXWRVHOHFFLyQ GH OD RIHUWD WHUFHUL]DFLyQ GHO PDQDJHPHQW WUDQVIRUPDFLyQ GH HQWLGDGHVVLQILQHVGHOXFURHQVRFLHGDGHVFRPHUFLDOHVHWF /D RIHUWD SUHVWDGRUD QR HVWD REOLJDGD WRGDYtD D LQWURGXFLU LQQRYDFLRQHV RUJDQL]DWLYDV TXH OH SHUPLWLUtDQ XQD DVLJQDFLyQ GLVFULPLQDQWH \ HILFLHQWH GH GLIHUHQWHVIRUPDVRUJDQL]DWLYDVDGLVWLQWRVWLSRVGHWUDQVDFFLRQHVSRUDKRUDOH DOFDQ]D\VREUDSDUDODVXSHUYLYHQFLDFRQODDPSOLDFLyQGHOSRGHUPRQRSyOLFR ODHOLPLQDFLyQGHSUHVWDGRUHV\ODLQWURGXFFLyQGHDOJXQRVFULWHULRVHLQFHQWLYRV ILQDQFLHURVGHGLVWULEXFLyQGHOULHVJR /DV UHGHV SUHVWDGRUDV TXH VH KDQ HVWDGR RUJDQL]DQGR SDUD UHVSRQGHU D OD GHPDQGD GH 3$0, X RWURV UHTXHULPLHQWRV GH VHUYLFLRV GH VDOXG LQWHJUDOHV FRQVWLWX\HQ XQ UHVXOWDGR GH DFXHUGRV HVWUDWpJLFRV TXH GDQ RULJHQ D XQD LQWHJUDFLyQYLUWXDOLQFRPSOHWD 6L ELHQ VXSRQHQ HQ FRQMXQWR OD DILUPDFLyQ GH XQD FRQFHSFLyQ GH ULHVJR HPSUHVDULRHQODDGPLQLVWUDFLyQGHODVSUHVWDFLRQHVGHVDOXG\KDQHVWLPXODGR WpFQLFDV GH DXGLWRUtD \ FRQWURO D~Q QR KDQ WRPDGR IRUPD GH HPSUHVD DVXPLHQGRSOHQDVIXQFLRQHVGHFRRUGLQDFLyQ\PRWLYDFLyQ /D YR] GHO LQWHULRU (FRQRPLD RFWXEUH 3DJH (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' &XiOHVVRQODVLQQRYDFLRQHVTXHVHREVHUYDQHQHOPHUFDGR 3RUWRGRORDQWHGLFKRFRQVLGHUDPRVTXHVRQHVFDVDVODVLQQRYDFLRQHVTXHVH KDQSURGXFLGRHQHOVHFWRU\TXHD~QIDOWDXQODUJRFDPLQRSRUUHFRUUHUSDUD PRGHUQL]DUODHPSUHVDGHVDOXGDVHJXUDGRUD\RSUHVWDGRUD /DVLQQRYDFLRQHVLQWURGXFLGDVWLHQHQFRPRFODYHGHOHFWXUDODUHGXFFLyQGH FRVWRV SDUD OR FXDO HV QHFHVDULR FRQWDU FRQ VLVWHPDV GH FRQWURO GRQGH VH ILVFDOLFHQODVSUHVWDFLRQHVTXHORVPpGLFRVRUGHQDQDVXVSDFLHQWHVGXUDQWHODV FRQVXOWDVGHULYDFLRQHVHVWXGLRVGHDOWDFRPSOHMLGDG\DQiOLVLV $OJXQDVGHODVLQQRYDFLRQHVTXHREVHUYDPRVVRQODVVLJXLHQWHV &DPELRHQHOHVTXHPDGHILQDQFLDPLHQWRFiSLWDVPRGHORVFRQWUDFWXDOHV 'LVWULEXFLyQGHOULHVJRGHODFiSLWDDOLQWHULRUGHODUHGIRUPDVGHSDJRSRU FRVWRSRUHJUHVRRVHJ~QWLSRGHSUiFWLFD $XWRVHOHFFLyQGHODRIHUWD 7HUFHUL]DFLyQGHOPDQDJHPHQW &DPELRGHILJXUDMXUtGLFDFUHDFLyQGHVRFLHGDGHVDQyQLPDV 9DORUHVJOREDOL]DGRVRPyGXORV /RV FRQWUDWRV FDSLWDGRV SHUPLWLHURQ D ODV REUDV VRFLDOHV VREUHOOHYDU OD JUDYHFULVLVILQDQFLHUDSRUODTXHDWUDYHVDEDQ(QSULPHUOXJDUODFiSLWDSHUPLWH XQD PHMRU SURJUDPDFLyQ GH ORV UHFXUVRV GLVSRQLEOHV FRQVLGHUDQGR TXH OD HQWLGDGDVHJXUDGRUDFRQRFHSUHYLDPHQWHHOFRVWRIXWXURGHODDWHQFLyQGHVXV EHQHILFLDULRV HQ HO ODSVR FRQWUDWDGR $GHPiV VXSRQH SDUD OD REUD VRFLDO OD SRVLELOLGDG GH OLEHUDUVH GHO ULHVJR ILQDQFLHUR GHULYDGR GH OD VREUHSUHVWDFLyQ \ VREUHIDFWXUDFLyQGHVHUYLFLRVWUDVODGiQGRORDODHQWLGDGTXHWRPDDVXFDUJRHO FRQWUDWR \ FRQ pVWH OD UHVSRQVDELOLGDG GHULYDGD GH OD JHVWLyQ GH ORV YDORUHV FDSLWDGRV (VWRVQXHYRVFRQWUDWRVJHQHUDURQFRQIOLFWRV\QHJRFLDFLRQHVHQHOLQWHULRUGH ODV UHGHV SUHVWDGRUDV TXH VH IXHURQ DUPDQGR HQ DOJXQRV FDVRV \D VLQ XQD OyJLFD GH ³LGHQWLGDG SURIHVLRQDO´ FRRUGLQDGRV PHGLDQWH OD FRUSRUDFLyQ VLQR PHGLDQWHXQDQXHYDILJXUDPiVFHUFDQDDO³HPSUHVDULRFDSLWDOLVWD´RUJDQL]DGRU GHODUHGGHVHUYLFLRV /DV FRUSRUDFLRQHV SURIHVLRQDOHV WXYLHURQ \ VLJXHQ WHQLHQGR VHULDV GLILFXOWDGHVSDUDORJUDUPDQWHQHUHOHTXLOLEULRILQDQFLHURGHORVQXHYRVFRQWUDWRV FRQVLGHUDQGRTXHHQHOPDUFRGHORVFRQWUDWRVIHHIRUVHUYLFHODH[LJHQFLD\ORV LQFHQWLYRVGHOFRQWUROGHOJDVWRHUDLQH[LVWHQWH\HVWRVHUHIOHMDEDHQXQPRGHOR GH JHVWLyQ TXH SRGHPRV GHQRPLQDU ³IUHH ULGHU´ \ UHVXPLU HQ TXH OD RUJDQL]DFLyQGHOSURFHVRGHWUDEDMRVHKDFHVLQOLPLWDFLyQGHFRVWRV 3DUD ORJUDU PDQWHQHU ORV FRQWUDWRV UDFLRQDOL]DQGR HO FRQIOLFWR LQWHUQR FRPLHQ]DQDSDUHFHUIRUPDVGHSDJRSRUVHUYLFLRSHURTXHWLHQGHQDGLIHUHQFLDU HQEDVHDGLIHUHQWHVFULWHULRVSRUHMHPSORDFUHGLWDFLyQXELFDFLyQJHRJUDILFDR iPELWR GH OD SUHVWDFLyQ ELRTXLPLFD GH LQWHUQDFLyQ VH SDJD PHMRU TXH DPEXODWRULD (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR 0XFKDV FRUSRUDFLRQHV SURIHVLRQDOHV SRU GLIHUHQWHV PRWLYDFLRQHV PDQWLHQHQ XQD FRQYLYHQFLD HQWUH VX URO JUHPLDO \ OD FUHDFLyQ GH VRFLHGDGHV FRPHUFLDOHV TXH KDQ FUHDGR SDUD RIUHFHU \ VHJXLU SUHVWDQGR VHUYLFLRV D ODV REUDV VRFLDOHV DQWHODDSDULFLyQGHGHFUHWRVTXHLPSHGtDQODILUPDGHFRQWUDWRVFRQHQWLGDGHV PRQRSROLFDVGHSURIHVLRQDOHV ,QQRYDFLRQHVODWHQWHV ([LVWH XQD JUDQ FDQWLGDG GH LQQRYDFLRQHV TXH VH GLVFXWHQ HQ HO VHQR GHO VHFWRU DOJXQDV SURYHQLHQWHV GH OD LQIOXHQFLD GH ORV (VWDGRV 8QLGRV R ELHQ GH (XURSD HVWDQGR YLQFXODGDV IXQGDPHQWDOPHQWH D ORV FDPELRV TXH KDQ SURGXFLGR ORV VLVWHPDV SDUD UHVSRQGHU D ODV QHFHVLGDGHV \ H[SHFWDWLYDV GHO XVXDULR SDUD PHMRUDU OD JHVWLyQ FOtQLFD GH ORV VHUYLFLRV R SDUD UHVSRQGHU D OD GLQiPLFDGHORVFDPELRVWHFQROyJLFRV /D PD\RUtD GH HOODV SHUPDQHFH ³HQ FDUSHWD´ SDUD VHU DSOLFDGD HQ DOJ~Q PRPHQWRVLQIHFKDFLHUWDGHLQWURGXFFLyQ 0DQDJHGFDUH 6H HPSLH]D D DQDOL]DU H LPSOHPHQWDU HQ DOJXQRV FDVRV VLQ VHU WRGDYtD GHPDVLDGRH[WHQGLGDODH[SHULHQFLD/RV*UXSRVGH3ULPHU1LYHOGH$WHQFLyQVH HVWiQ FUHDQGR HQ DOJXQDV REUDV VRFLDOHV 5 HQ WDQWR TXH HO VHFWRU S~EOLFR D WUDYpV GHO *RELHUQR GH OD &LXGDG GH %XHQRV $LUHV PHGLDQWH HO DFFLRQDU GH OD 6HFUHWDUtDGH6DOXGFUHyUHFLHQWHPHQWHXQHVTXHPDGHPpGLFRGHIDPLOLDSDUD GDU FREHUWXUD D ORV KDELWDQWHV GH OD FLXGDG \ WDPELpQ HQ DOJXQDV SURYLQFLDV FRPR SRU HMHPSOR -XMX\ GRQGH WLHQHQ FHQWURV GH DWHQFLyQ SULPDULD GHSHQGLHQGR GHO KRVSLWDO GHVGH KDFH PXFKRV DxRV VL ELHQ ORV SUREOHPDV GH LQHVWDELOLGDG SROtWLFD \ GHVILQDQFLDPLHQWR QR KDQ IDFLOLWDGR OD FRQVROLGDFLyQ \ DILUPDFLyQGHXQPRGHORDUWLFXODGRHQWUHODDWHQFLyQSULPDULD\ODGHULYDFLyQ (Q HO iPELWR GH ORV SUHVWDGRUHV \ DVHJXUDGRUHV SULYDGRV HVWiQ DYDQ]DQGR HQ OD LQWURGXFFLyQ GH PHFDQLVPRV GH PDQDJHG FDUH 3RU HMHPSOR HO *UXSR &OtQLFD%D]WHUULFDGHODPDQRFRQXQDLPSRUWDQWHLQYHUVLyQGHFDSLWDOFRPHQ]y D LQWURGXFLU PDQDJHG FDUH WHQGLHQWH D RSWLPL]DU OD FDOLGDG PpGLFD \ GH UHFXUVRV (Q WpUPLQRV SUiFWLFRV HVWR VH WUDGXFH HQ PHQRUHV WLHPSRV GH LQWHUQDFLyQ FLUXJtD DPEXODWRULD HQ IXQFLyQ GH ORV DYDQFHV GH OD WHFQRORJtD PD\RU DWHQFLyQ GRPLFLOLDULD SDUD QR VDFDU DO SDFLHQWH GH VX KDELWDW QDWXUDO H LQWHJUDFLyQGHOPpGLFRGHIDPLOLDFRPRUHIHUHQWHSHUPDQHQWHGHFRQVXOWD6 /RV SUHVWDGRUHV SULYDGRV DJUXSDGRV HQ OD &$(6 &iPDUDV GH (PSUHVDV GH 6DOXGGHVDUUROODURQXQPRGHOREDVDGRHQHOPpGLFRGHIDPLOLDGRQGHODLGHD FHQWUDOKDFtDHMHHQUHWRUQDUDOPpGLFRGHFDEHFHUDTXHFRQRFHDOSDFLHQWH\VX 263(&21 ± 2EUD 6RFLDO GHO 3HUVRQDO GH OD &RQVWUXFFLyQ DWLHQGH D VXV EHQHILFLDULRV PHGLDQWH XQD UHG GH FHQWURV GH DWHQFLyQ PpGLFD GLVWULEXLGRV HQ WRGR HO SDtV D WUDYpV GH OD DSOLFDFLyQ GHO PRGHOR GH DWHQFLyQ SULPDULD SDUD OD VDOXG EDVDGR HQ OD SUiFWLFD GH OD PHGLFLQD IDPLOLDU 6 El Grupo Clinica Bazterrica invirtió $ 4 millones para mejorar su infraestructura. Consultor de Salud. 16 de mayo 1997, pag.27 (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' IDPLOLD'HHVWDIRUPDVHGHVDUUROODUtDXQDPHMRUDWHQFLyQ\EDMDUtDQORVFRVWRV SRUTXHQRKDEUtDHVWXGLRVLQQHFHVDULRVQLLQWHUQDFLRQHVHYLWDEOHV7 ([LVWHQ WDPELpQ XQD VHULH GH LQQRYDFLRQHV WHFQROyJLFDV \ RUJDQL]DWLYDVLPSRUWDQWHVTXHVLQHPEDUJRQRHVWiQVLHQGRLQWURGXFLGDVSRU ORV RSHUDGRUHV TXLHQHV VyOR ODV XWLOL]DQ SDUD SRVLFLRQDUVH HQ HO PHUFDGR DQXQFLiQGRODV (V HO FDVR GH WHOHPHGLFLQD FLUXJtD DPEXODWRULD LQWHUQDFLyQ GRPLFLOLDULDXKRVSLWDOGHGtD (QPDWHULDGHJHVWLyQFOtQLFDHVVRUSUHQGHQWHHOFRQWUDVWHHQWUHHODYDQFH GHODWHFQRORJtDORVSURFHGLPLHQWRVGLDJQyVWLFRV\ODVLQWHUYHQFLRQHVPpGLFDV \ OD HVFDVD HYLGHQFLD ULJXURVDPHQWH IXQGDPHQWDGD DFHUFD GH VX HILFDFLD \ HIHFWLYLGDG8 (O 3URIHVRU $UFKLEDOG &RFKUDQH KD VHxDODGR HVWH GLOHPD HQ SDUWLFXODU OD HVFDVD GLVSRVLFLyQ GH LQIRUPDFLyQ UHOHYDQWH VREUH OD HYDOXDFLyQ GH WHUDSLDV DOWHUQDWLYDV IXQGDPHQWDGDV HQ OD H[SHULPHQWDFLyQ FRQWURODGD \ OD LQIHUHQFLD FDXVDO (QQXHVWURSDtVODHVFDVDRQXODSURGXFFLyQ\DJJLRUQDPLHQWRGHSURWRFRORV FOtQLFRV SRU XQD SDUWH \ GH DFFHVR D OD LQIRUPDFLyQ SRU SDUWH GHO SDFLHQWH DFHUFD GH GHO FRPSRUWDPLHQWR UHODWLYR GH ORV KRVSLWDOHV HQ WpUPLQRV GH PRUWDOLGDGUHFLGLYDVHLDWURJHQLDSRUODRWUDFRQVWLWX\HQXQDPXHVWUDPiVGH ODHVFDVDSURIXQGLGDGTXHKDQDOFDQ]DQGRORVFDPELRVGHOVHFWRUVDOXG (OGLVFXUVRGHLQYHUWLUHQORVUHFXUVRVKXPDQRVHVWiPX\JHQHUDOL]DGRVLQ HPEDUJR KDVWD DKRUD HV VROR GHFODPDWRULR \ QR VH KD KHFKR HIHFWLYR /DV HPSUHVDV GH VDOXG LQYLHUWHQ PX\ SRFR HQ FDSDFLWDFLyQ GH VXV UHFXUVRV KXPDQRVORFXDOVLQGXGDVHVXQDDSXHVWDDODUJRSOD]R\WRGRHVWDEDVDGRHQ ODE~VTXHGDHQXQPHUFDGRGHVREUHRIHUWDSHURGRQGH\DHPSLH]DQDHVFDVHDU GHWHUPLQDGDV SURIHVLRQDOLGDGHV \ TXH UHTXLHUH FDGD YH] PiV OD FRPSOHMLGDG RUJDQL]DWLYDGHODVHPSUHVDVSUHVWDGRUDV\RDVHJXUDGRUDVGHVDOXG (Q PDWHULD GH FRQWUDWRV ODERUDOHV HQ HO VHFWRU SULYDGR GH VDOXG HV WDPELpQHVFDVDODLQQRYDFLyQTXHXQRSXHGHHQFRQWUDUHQSULPHUOXJDUSRUTXH HVWi PX\ YLQFXODGD D OD GLVFXVLyQ VREUH OD PRGHUQL]DFLyQ GH ODV UHODFLRQHV ODERUDOHV HQ WpUPLQRV JHQHUDOHV TXH VH HVWD GLVFXWLHQGR HQ HO SDtV SHUR QR REVWDQWH VRQ HVFDVDV ODV H[SHULHQFLDV GH LQWURGXFLU QXHYDV IRUPDV GH SDJR H LQFHQWLYRV D SURIHVLRQDOHV R HVTXHPDV GH SDUWLFLSDFLyQ HQ ODV JDQDQFLDV TXH SHUPLWDQSHQVDUHQXQPD\RULQYROXFUDPLHQWRGHORVDFWRUHV 5HVSHFWR D OD HVWUDWHJLD GH DFUHGLWDFLyQ GH HVWDEOHFLPLHQWRV VL ELHQ KDQ H[LVWLGR LQWHQWRV SRU FUHDU HQWLGDGHV VLPLODUHV D OD -RLQW &RPLVVLRQ GH ORV (VWDGRV 8QLGRV FRQ FDUiFWHU YROXQWDULR SDUD FRPHQ]DU XQ WUDEDMR GH DFUHGLWDFLyQ GH HVWUXFWXUD \ OXHJR SDVDU HQ XQD HWDSD PiV HYROXFLRQDGD D SURFHVRV WRGDYtD QR UHVXOWD XQD H[LJHQFLD GHO PHUFDGR SDUD SRGHU YHQGHU VHUYLFLRV SRU FRQVLJXLHQWH HV H[LJXR HO GHVDUUROOR DOFDQ]DGR 'RV H[SHULHQFLDV GLJQDV GH PHQFLyQ VRQ ,7$(6 \ OD )HGHUDFLyQ %LRTXtPLFD GH OD 3URYLQFLD GH &ODULQ ± (FRQRPLD (PSUHVDULRV FRQWUD HO DFWXDO PRGHOR GH DWHQFLyQ PpGLFD 3DJ 1RUEHUWR /DUURFD SUHVLGHQWH &$(6 1XHYRV ,QVWUXPHQWRV \ 7HQGHQFLDV GH *HVWLyQ HQ +RVSLWDOHV 3DJ - $UWHOOV (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR %XHQRV $LUHV TXH VLQ HPEDUJR VH OLPLWD D XQ Q~PHUR PX\ UHGXFLGR GH SUHVWDGRUHV /D H[SHULHQFLD GH LQWHJUDFLyQ GH UHGHV HV PX\ GHFODPDGD SHUR H[LVWHQ HVFDVDV H[SHULHQFLDV GH UHGHV TXH IXQFLRQHQ FRPR WDOHV HV GHFLU FRQ XQ HVTXHPD GH JRELHUQR HQFDUJDGR GH FRRUGLQDU H LQWURGXFLU ORV LQFHQWLYRV DGHFXDGRV D ORV SUHVWDGRUHV TXH SHUPLWDQ FXPSOLU DGHFXDGDPHQWH FRQ ORV FRQWUDWRV SDXWDGRV 6H GHQRPLQD UHGHV VLPSOHPHQWH D OD UHXQLyQ GH SUHVWDGRUHV HQ XQD 87( TXH VLQ HPEDUJR WLHQHQ VHULDV GLILFXOWDGHV SDUD LQWHJUDUVHUHDOPHQWH\DUWLFXODUVHSDUDEULQGDUXQVHUYLFLRHILFLHQWH\GHFDOLGDG /DH[SHULHQFLDGHXQD83,SUHVWDGRUDGH3$0,LQWHJUDGDSRUORV+RVSLWDOHVGHO *RELHUQR GH OD &LXGDG GH %XHQRV $LUHV \ SUHVWDGRUHV SULYDGRV OOHYD DOJXQRV DxRV \ FRQVWLWX\HXQDH[SHULHQFLDLQWHUHVDQWHTXHKDVXSHUDGRODLQVWDQFLDGH ORVFDPELRVGHJRELHUQRTXHVXHOHQDFWXDUQHJDWLYDPHQWH\DTXHHQHVWHFDVR VHSXGRPDQHMDUODWUDQVLFLyQ\FRQWLQXDUFRQHOHPSUHQGLPLHQWRFRQMXQWR /DQXHYDPLFURHFRQRPtDGHOVHFWRUVDOXG (O VLVWHPD GH VDOXG SUHYDOHQWH HQ OD $UJHQWLQD GH ORV DxRV VH FDUDFWHUL]DED SRU OD SUHVHQFLD GH FRUSRUDFLRQHV FRQ IXHUWH FDSDFLGDG GH QHJRFLDFLyQWDQWRSRUHOODGRGHODGHPDQGDREUDVVRFLDOHVFRPRGHODRIHUWD HQWLGDGHVJUHPLDOHVSURIHVLRQDOHV (O HTXLOLEULR HQWUH XQR \ RWUR HUD OD FRQVHFXHQFLD GH OD QHJRFLDFLyQ GH SUHFLRV\SUHVWDFLRQHVTXHWHQtDQFRPRPDUFRHO,QVWLWXWR1DFLRQDOGH2EUDV\ HO1RPHQFODGRU1DFLRQDOFRPRLQVWUXPHQWRMXUtGLFRGRQGHVHOHJLWLPDEDODSXMD GLVWULEXWLYDHQWUHILQDQFLDGRUSUHVWDGRU\HQWUHORVSUHVWDGRUHVHQWUHVL9 (OVLVWHPDGHVDOXGHVWiIXHUWHPHQWHFRQGLFLRQDGRSRUHOLQJUHVRUHFXUUHQWH GHQXHYRVSURGXFWRVSURFHVRV\PRGHORVGHRUJDQL]DFLyQGHODFWRPpGLFR/DV VHxDOHV GH UHQWDELOLGDG TXH GDED HO PHUFDGR LQGXFtDQ XQ UiSLGR LQJUHVR GH QXHYRV SUHVWDGRUHV TXH WHUPLQDEDQ VDWXUDQGR HO PHUFDGR \ HURVLRQDQGR HQ FRQVHFXHQFLDODUHQWDELOLGDGGHORVRSHUDGRUHV10 6H JHQHUDEDQ DVt ODV FRQGLFLRQHV SDUD XQD FRQWLQXD FDUUHUD LQQRYDGRUD WHQGLHQWHDGLIHUHQFLDUVHUYLFLRV\SRVLFLRQDUVHHQFLHUWRVQLFKRVGHPHUFDGR /D RIHUWD GH VDOXG WXYR GHVGH ORV DxRV FLQFXHQWD D ILQDOHV GH ORV RFKHQWD XQD JUDQ FDSDFLGDG GH GLIHUHQFLDU VXV SURGXFWRV SDUD PDQWHQHU R FDSWXUDU UHQWDV DGLFLRQDOHV (Q XQD SULPHUD IDVH ORV PpGLFRV LPEXLGRV SRU XQD IXHUWH SUHVLyQ DFDGpPLFD SURIHVLRQDO \ GH LQJUHVR WHQGLHURQ D LQFUHPHQWDU ODV HVSHFLDOLGDGHV\VXEHVSHFLDOLGDGHVJHQHUDQGRXQDPD\RUDVLPHWUtDLQIRUPDWLYD PpGLFRSDFLHQWH (Q XQD VHJXQGD HWDSD HO SURWDJRQLVPR GH OD GLIHUHQFLDFLyQ GH SURGXFWR HVWXYR DFDUJRGHORVHVWDEOHFLPLHQWRVDVLVWHQFLDOHVTXLHQHVLQFRUSRUDURQXQD VHULH GH VHUYLFLRV DPHQLGDGHV X RWURV SHULIpULFRV TXH WHQGLHURQ D SHUPLWLU XQD UHFXSHUDFLyQGHOHVSDFLRSHUGLGRSRUODJUDQFDQWLGDGGHFDPDVGHLQWHUQDFLyQ H[LVWHQWH 7UDEDMR GH 7HVLV GH (UQHVWR %iVFROR -RUJH .DW] (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' 3RU~OWLPRHQXQDWHUFHUDIDVHODLQFRUSRUDFLyQDFUtWLFDGHWHFQRORJtDPpGLFD \IDUPDFROyJLFDQRHVWXYRDFRPSDxDGDGHXQLQFUHPHQWRGHSURGXFWLYLGDGGHO VHFWRU VLQR DVRFLDGD DO SURFHVR GH GLIHUHQFLDFLyQ GH SURGXFWR \ VHUYLFLRV GH DWHQFLyQPpGLFD (VWH FRPSRUWDPLHQWR GH OD RIHUWD FRODERUy D FRQILJXUDU XQ PHUFDGR GRQGH OD LQQRYDFLyQ FRQVWLWXtD XQ IHQyPHQR FHQWUDO SDUD SRGHU PDQWHQHU LQJUHVRV R DPSOLDUORVDH[SHQVDVGHRWURVLQVXPRVGHOVHFWRUJHQHUDQGRXQDIXHUWHSXMD GLVWULEXWLYDGHLQJUHVRV (VWH PHUFDGR IXH GHILQLGR GH PDQHUD DFHUWDGD11 FRPR XQ ROLJRSROLR FRQ GLIHUHQFLDFLyQ GH SURGXFWR DOHMDGR GH XQ PHFDQLVPR GH WLSR FRPSHWLWLYR TXH VH UHIOHMDUD HQ XQD FDtGD GH FRVWRV R PHMRUHV VHUYLFLRV SHUFLELGRV SRU OD JHQWH (OGHVILQDQFLDPLHQWRGHOVLVWHPDSRUHYDVLyQGHDSRUWHV\EDMRVVDODULRV FRVWRV SUHVWDFLRQDOHV FUHFLHQWHV OD HVFDVD HILFLHQFLD DVLJQDWLYD GH ODV REUDV VRFLDOHV WHUPLQy DIHFWDQGR VHULDPHQWH DO VHFWRU TXH VH YLR VXPHUJLGR GXUDQWH ORV DxRV RFKHQWD HQ SURIXQGRV FRQIOLFWRV TXH HQYROYtDQ D SUHVWDGRUHV \ REUDV VRFLDOHV SHUR TXH HQ GHILQLWLYD WHUPLQDEDQ SHUMXGLFDQGR IXHUWHPHQWH OD FREHUWXUDGHORVXVXDULRVGHOVHFWRU /D SXMD HUD RUGHQDGD \ FRQWURODGD PLHQWUDV ORV UHFXUVRV FUHFtDQ SDUD HO VHFWRU VDOXG FXDQGR VH OOHJy D OD PHVHWD \ OXHJR FRPHQ]y HO GHFOLYH FRPHQ]DURQODVSXMDVVDOYDMHVSRUPDQWHQHUODVUHQWDVJDQDGDV (VWD SXMD HQWUH DVHJXUDGRU \ SUHVWDGRU \ GH ORV SUHVWDGRUHV HQWUH Vt IXH OOHYDQGR D XQD SpUGLGD LPSRUWDQWH GHO SRGHU GH QHJRFLDFLyQ GH HVWRV ~OWLPRV GDGD OD VREUHRIHUWD H[LVWHQWH \ WHUPLQy IUDJPHQWDQGR ODV FRUSRUDFLRQHV SURIHVLRQDOHV 'XUDQWH OD FULVLV FDGD SUHVWDGRU LQWHQWy PD[LPL]DU VX LQJUHVR FRQYLUWLHQGR HQFRQGXFWDVQRUPDOHVODVREUHIDFWXUDFLyQ\VREUHSUHVWDFLyQ (QHIHFWRVLELHQORVDVHJXUDGRUHVWHQtDQSUREOHPDVGHILQDQFLDPLHQWRSRUOD FDtGDGHORVDSRUWHV\FRQWULEXFLRQHVVXPDGDVDODPDODJHVWLyQ\DOLQFUHPHQWR GH ORV GHVYtRV GH UHFXUVRV KDFLD UXEURV QR SUHVWDFLRQDOHV OD GHELOLGDG GH OD RIHUWD GDGD SRU OD FDQWLGDG TXH LQJUHVDEDQ DO PHUFDGR LQFHQWLYDGRV SRU ODV VHxDOHV GH UHQWDELOLGDG \ HO HVFDVR SRGHU GH FRQWURO GH ODV RUJDQL]DFLRQHV SUHVWDGRUDV FRQVWLWX\HURQ GHELOLGDGHV TXH WHUPLQDURQ DIHFWDQGR \ GHVFRPSHQVDQGRDODRIHUWD .DW] (O 0LQLVWHULR GH 7UDEDMR GHWHFWy XQD DOWD SURSRUFLyQ GH WUDEDMDGRUHV HQ QHJUR QR VRQ HPSOHDGRV GH FRPSDQLDV LQYLVLEOHV VLQR GH DTXHOODV UHJLVWUDGDV \ TXH VH GHVHPSHxDQ HQ EODQFR 'HO LQIRUPH GHO 0GH 7UDEDMR VXUJH TXH HO GH ORV WUDEDMDGRUHV UHOHYDGRV LQFOXVLYH GHVSXHV GH OD LQVSHFFLyQ QR HVWDEDQ UHJLVWUDGRV HQ OD HPSUHVD (O GH ORV DVDODULDGRV HQWUHYLVWDGRV HQ &DSLWDO )HGHUDO \ *UDQ %XHQRV $LUHV GHFODUy TXH VXV HPSOHDGRUHV QR OH KDFHQ QLQJ~Q WLSR GH GHVFXHQWRV VDODULDO QL WDPSRFR FXPSOHQ FRQ HO SDJR GH ORV DSRUWHV MXELOWRULRV &ODULQ GH RFWXEUH Según los datos del Indec correspondientes a los ingresos de la población ocupada de mayo último en 27 regiones de todo el país, se determinó que el salario medio de los argentinos en relación de dependencia, autónomos, cuentapropistas y pequeños patrones es de $ 635 Clarin, Economia , 20 octubre 1997 pag.20 (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR 0LHQWUDV ODV REUDV VRFLDOHV SXGLHURQ UHVLVWLU SRU OD SUHVLyQ VLQGLFDO ORV LQWHQWRVGHOLEUHHOHFFLyQTXHOHVKDEUtDTXLWDGRHOPRQRSROLRGHODGHPDQGD ORV SUHVWDGRUHV LQVWLWXFLRQDOHV IXHURQ GHVDUWLFXODGRV 14 HQ SDUWH SRU VX SURSLD LQFDSDFLGDG GH SRQHUOH IUHQR D XQD RIHUWD TXH FUHFtD GtD D GtD15 /D IUDJPHQWDFLyQ GH OD RIHUWD FRQWULEX\y D VX GHVDUWLFXODFLyQ \ GHELOLGDG HQ WpUPLQRVGHSRGHUQHJRFLDGRUVLHQGRHVFDVRVORVLQWHQWRVGHLQLFLDUXQSURFHVR GHUHFRQYHUVLyQLQVWLWXFLRQDO (Q DTXHOORV FDVRV GRQGH SRU FDSDFLGDG GLULJHQFLDO VH LQLFLDURQ SURFHVRV GH FDPELR \ WUDQVIRUPDFLyQ RUJDQL]DWLYD OD VHJPHQWDFLyQ GHO SRGHU LQWHUQR H[LVWHQWH DVt FRPR ORV GLYHUVRV JUDGRV GH SHUMXLFLR GH ORV FRPSRQHQWHV GH GLFKDV HQWLGDGHV SURIXQGL]DURQ ORV SUREOHPDV LQWHUQRV \ OD FRQVLJXLHQWH GHELOLGDG SDUD GHVDUUROODU QXHYRV PRGHORV RUJDQL]DWLYRV \ SUHVWDFLRQDOHV PiV DFRUGHVFRQORVQXHYRVWLHPSRV /D GHVUHJXODFLyQ GHFUHWDGD HQ VLPSOHPHQWH SXVR HQ FODUR XQD VLWXDFLyQ TXH GH KHFKR VH HVWDED GDQGR HQ HO PHUFDGR /D QHJRFLDFLyQ SDUWLFXODU HQWUH REUDV VRFLDOHV \ HQWLGDGHV JUHPLDOHV R JUXSRV GH SUHVWDGRUHV HVFLQGLGRVSDFWDEDQFRQWUDWRVVLQWHQHUHQFXHQWDORVYDORUHVGHO1RPHQFODGRU 1DFLRQDO\QHJRFLDQGRSUHFLRVVHJ~QODIXHU]D\QHFHVLGDGGHFDGDREUDVVRFLDO SDUDREWHQHUVHUYLFLRV(QDOJXQRVFDVRVVHFDPELDEDHOSDJRSRUSUHVWDFLRQHV FDSLWDGDV TXH HUDQ IXHUWHPHQWH UHVLVWLGDVSRUODVJUHPLDOHVSURIHVLRQDOHVTXH FRQVLGHUDEDQGLFKRVFRQWUDWRVFRPRSDVRVDWUiVHQODQHJRFLDFLyQ 'HPDQGDGHVHUYLFLRVGHVDOXG 0LHQWUDVTXHODRIHUWDVHFRQWLQXyIUDJPHQWDQGRODVREUDVVRFLDOHVVLQGLFDOHV FRPHQ]DURQ HO SURFHVR GH OLEUH HOHFFLyQ HQWUH HOODV /RV DFXHUGRV GH ORV VLQGLFDWRV DFHUFD GH QR KDFHU SXEOLFLGDG \ SURPRFLyQ SDUD UREDUVH FOLHQWHOD LPSLGLyTXHXQPD\RUGHQ~PHURGHSHUVRQDVHMHUFLHUDHOGHUHFKRDFDPELDUGH DVHJXUDGRU7DQVRORDILOLDGRVGHXQDDRWUDREUDVRFLDOFDPELDURQGH DVHJXUDGRUD /RV UHVXOWDGRV PXHVWUDQ XQD SpUGLGD GH ODV PiV JUDQGHV %DQFDULRV ,QGXVWULD 0HWDO~UJLFD 6DQLGDG 'RFHQWHV GHO SHUVRQDO UXUDO \ HVWLEDGRUHV GH SHUVRQDO GH HQWLGDGHV GHSRUWLYDV \ FLYLOHV GH FRQGXFWRUHV GH WUDQVSRUWH FROHFWLYR GH SDVDMHURV HWF FRQ H[FHSFLyQ GH 26(&$& \ HO IRUWDOHFLPLHQWR GH DOJXQDV REUDV VRFLDOHV PiV FKLFDV TXH WUDEDMDQ DVRFLDGDV FRQ HPSUHVDV GH PHGLFLQDSUHSDJD'XSHULDO2UEHDSHUVRQDOGHORUJDQLVPRGHFRQWUROH[WHUQR HPSOHDGRV GH FRPHUFLR \ DFWLYLGDGHV FLYLOHV GH OD DFWLYLGDG GH VHJXURV UHDVHJXURV FDSLWDOL]DFLyQ \ DKRUUR GHO SHUVRQDO DHURQDXWLFR GH GRFHQWHV SDUWLFXODUHVHWF16 (O RUGHQDPLHQWR \ PD\RU FRQWURO GH ORV LQJUHVRV TXH LPSOLFD OD FDMD ~QLFD DGPLQLVWUDGD SRU OD '*, HO LQFUHPHQWR GH OD UHFDXGDFLyQ \ OD LPSRUWDQFLD incluso prohibiendo la contratación de los mismos por parte de las obras sociales /DV HQWLGDGHV IRUPDOPHQWH GHPRFUiWLFDV WXYLHURQ VHULRV LQFRQYHQLHQWHV SDUD LQWURGXFLU ODV WUDQVIRUPDFLRQHV TXH OH KXELHUDQ SHUPLWLGR DGHFXDUVH D ORV QXHYRV WLHPSRV VLQ SHUGHU HO PHUFDGR )XHURQ HVFDVRV ORV p[LWRV HQ ORV LQWHQWRV GH PRGLILFDU ODV IRUPDV GH SDJR D ORV SURIHVLRQDOHV OD GLVWULEXFLyQ GH ORV GHUHFKRV GH SURSLHGDG GH ODV UHQWDV \ HO GLVHxR RUJDQL]DWLYR H LQVWLWXFLRQDO GH ODV JUHPLDOHV SURIHVLRQDOHV Cuadro con ganadores y perdedores de la libre elección – Clarin 20 de octubre 1997 (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' HFRQyPLFD TXH FRPLHQ]D D WHQHU SDUD OD SREODFLyQ FRQWDU FRQ FREHUWXUD GH VDOXG OHV IXH KDFLHQGR JDQDU XQ PD\RU SRGHU HQ OD QHJRFLDFLyQ D ORV DVHJXUDGRUHV GH VDOXG FRQ SREODFLyQ FDXWLYD REUDV VRFLDOHV VLQGLFDOHV \ SURYLQFLDOHV3$0, (O ,QVWLWXWR 1DFLRQDO GH 6HUYLFLRV 6RFLDOHV SDUD -XELODGRV \ 3HQVLRQDGRV VH FRQVROLGy FRQ VXV PiV GH GH DILOLDGRV \ ODV REUDV VRFLDOHV SURYLQFLDOHV FRQWLQXDURQ FRQ VXV PiV GH GH DILOLDGRV VLHQGR ORV FRPSUDGRUHVGHVHUYLFLRVPiVLPSRUWDQWHVHQWRGDVODVSURYLQFLDVGHOSDtV (QHOFDVRGHORVVLVWHPDVSUHSDJRVTXHHVWDQEiVLFDPHQWHDVHQWDGRVHQOD &DSLWDO )HGHUDO \ HO &RQXUEDQR ERQDHUHQVH VH GLR WDPELpQ XQ SURFHVR GH FUHFLPLHQWRLPSRUWDQWHGHVXFREHUWXUDGXUDQWHHOSHULRGR\TXHOXHJR VHYLRDIHFWDGRHQSDUWHSRUHOHIHFWRWHTXLOD17([LVWHHQHVWHVHFWRUXQDIXHUWH WHQGHQFLDDODFRQFHQWUDFLyQGHODVSREODFLRQHVHQORVFXDWURRFLQFROtGHUHVGHO VHFWRU (QFRQVHFXHQFLDHVWHGHVHTXLOLEULRHQWUHRIHUWD\GHPDQGDDIDYRUGHHVWD ~OWLPDOHEULQGyODVFRQGLFLRQHVSDUDUHSODQWHDUODUHODFLyQFRQORVSUHVWDGRUHV HLPSRQHUORVQXHYRVSDWURQHVGHLQQRYDFLyQDQWHVPHQFLRQDGRV /DRIHUWDSUHVWDGRUD (QXQHQFXHQWURHQWUHSUHVWDGRUHV\DVHJXUDGRUHVUHDOL]DGRHQ&yUGREDHQ ORV PLVPRV DVXPtDQ DXWRFUtLWLFDPHQWH TXH VH WXYR UHVSRQVDELOLGDG HQ KDEHU VRVWHQLGR XQ PRGHOR PpGLFR TXH DO GHVFRQRFHU OD FDXVDOLGDG IDFLOLWD OD UHSURGXFFLyQ GH HQIHUPHGDGHV \ TXH DO DEXVDU GHO UHFXUVR WHFQROyJLFR PHGLFDPHQWRV \ DSDUDWRORJtD IDYRUHFLy HO FUHFLPLHQWR GHO FRPSOHMR PpGLFR LQGXVWULDOHQGHVPHGURGHOWUDEDMRPDQRGHREUDLQWHQVLYRGHORVSURIHVLRQDOHV TXHHVODEDVHGHODSUiFWLFDPpGLFDFLHQWtILFDSRUORWDQWRVHDFWXyHQFRQWUD GHODFDOLGDG\GHODVDOXGGHODJHQWH´18 (Q HO HVTXHPD DQWHULRU OD LQQRYDFLyQ HUD LPSXHVWD SRU OD RIHUWD FRQ HO REMHWLYR GH FDSWXUDU QXHYDV UHQWDV LQFUHPHQWR GH ODV HVSHFLDOLGDGHV WHFQRORJtDV DPHQLGDGHV HQ LQWHUQDFLyQ PHGLFDPHQWRV TXH WHQGLHURQ D FRQVROLGDUXQPRGHORFXUDWLYR\H[FHVLYDPHQWHPHGLFDOL]DGRGRQGHSUHGRPLQy ODLQQRYDFLyQWHFQROyJLFD19 (QHOQXHYRHVTXHPDODGHPDQGDLPSRQHFRQGLFLRQHVDODRIHUWDSDUD FRPSUDU VXV VHUYLFLRV (O QXHYR LQVWUXPHQWR FRQWUDFWXDO VRQ ORV FRQWUDWRV FDSLWDGRVTXHVLJQLILFDQXQDWUDQVIHUHQFLDGHULHVJRDOSUHVWDGRUXRUJDQL]DGRU GH OD RIHUWD TXLHQ VH FRQYLHUWH HQ HO UHVSRQVDEOH GH OD JHVWLyQ GH OD FiSLWD (VWH RSHUDGRU HV DKRUD TXLHQ GHEH GHVDUUROODU FDSDFLGDG SDUD JHUHQFLDU FRQWUDWRVWHQLHQGRHQFXHQWDTXHVLJQLILFDXQULHVJRILQDQFLHURLPSRUWDQWH 17 18 19 Ver articulo del diario que menciona las anulaciones de fichas por parte de afiliados a prepagas con el efecto tequila $OHQWDGRU &UHFLPLHQWR 3ULPHU HQFXHQWUR &RVVSUD&RPUD (O 0pGLFR RFWXEUH SDJ &RPR ELHQ VHxDOD 2UWXQ 5XELR OD LQQRYDFLyQ WHFQROyJLFD WLHQGH D LQFUHPHQWDU ODV DVLPHWULDV LQIRUPDWLYDV HQWUH PpGLFR \ SDFLHQWH RWRUJDQGROH PD\RU SRGHU DO SULPHUR (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR 6HIRPHQWDQHQDOJXQDPHGLGDHVTXHPDVLQWHJUDOHVGRQGHVHDWLHQGHGHVGH HOSULPHUQLYHOKDVWDHO~OWLPRFRQWRGDVODVHVSHFLDOLGDGHV(OSRGHUFRPSUDGRU QR GHPXHVWUD LQWHUpV HQ PHMRUDU SRU DKRUD OD FDOLGDG GH ORV VHUYLFLRV \ HO HVWDGR FDUHFH GH SRGHU UHJXODGRU TXH SHUPLWLUtD H[LJLU OD DFUHGLWDFLyQ GH ORV HVWDEOHFLPLHQWRV\SURIHVLRQDOHVTXHIRUPDQSDUWHGHODUHG /DV LQQRYDFLRQHV VRQ VLPSOHPHQWH OD LQWURGXFFLyQ GH HVTXHPDV GH FRQWURO GHO JDVWR HQ PHGLFDPHQWRV VLQ OOHJDU WRGDYtD D LQWHQWDU FRPSUDU XQ QXHYR PRGHORGHDWHQFLyQPpGLFD $Vt FRPR VXFHGH HQ PXFKRV VHFWRUHV LQGXVWULDOHV GRQGH HO REMHWLYR HV SURYHHU SURGXFWRV \ VHUYLFLRV HQ FRQVRQDQFLD FRQ HO PHGLR DPELHQWH \ HFROyJLFDPHQWHVRVWHQLEOHVHOVHFWRUVDOXGHVWiLQWURGXFLHQGRFRPRFULWHULRGH VHOHFFLyQHOFRQWUROGHFRVWRV20 (O SDWUyQ GH LQQRYDFLyQ TXH OD GHPDQGD LPSRQH D OD RIHUWD UHVXOWD GpELO FRPR FRQVHFXHQFLD GH TXH OD FRPSHWHQFLD HQWUH DVHJXUDGRUDV QR HV WDO 7RGDYtD OD SREODFLyQ VLJXH VLHQGR FDXWLYD SRU GHFLVLyQ GH XQ (VWDGR TXH QR H[LJHHOFXPSOLPLHQWRGHXQPDUFRUHJXODWRULRQXHYRPD\RULQIRUPDFLyQDORV XVXDULRVDSRUWDQWHV H[LJHQFLDV SDUD ODV REUDV VRFLDOHV \ ORVSUHSDJRVHWFHQ FRQVHFXHQFLD OD FRPSHWHQFLD HV ODUYDGD \ ODV HVWUDWHJLDV SDVDQ PiV SRU HO DSRGHUDPLHQWR GH SRVLFLRQHV GHQWUR GHO PHUFDGR TXH SRU YHUGDGHUDV LQQRYDFLRQHVSDUDFDSWDUXVXDULRVGHVHUYLFLRVGHVDOXG (VWD SUHRFXSDFLyQ SRU HO DKRUUR ILQDQFLHUR \ OD PD\RU HILFLHQFLD HQ OD XWLOL]DFLyQ GH ORV UHFXUVRV WXYR DVSHFWRV IXHUWHPHQWH QHJDWLYRV TXH VH H[SUHVDURQ HQ OD DSDULFLyQ GH HQWLGDGHV LQWHUPHGLDULDV VLQ QLQJ~Q WLSR GH HVWUXFWXUD SURSLD \ FRQ UHODWLYD FDSDFLGDG GH PDQDJHPHQW TXH VH KLFLHURQ FDUJR GH FRQWUDWRV FDSLWDGRV VXEFRQWUDWDQGR XQD UHG SUHVWDGRUD GH VHUYLFLRV GH DWHQFLyQ DSURYHFKDQGR OD VREUHRIHUWD GHO VHFWRU \ REWHQLHQGR XQ LPSRUWDQWHPDUJHQGHEHQHILFLRFRQODVRODLQWHUPHGLDFLyQ (VWRV FDVRV WHUPLQDURQ HQ IUDFDVR FXDQGR OD REUD VRFLDO SRU FLHUWDV LQFDSDFLGDGHV ILQDQFLHUDV GHMy GH WUDQVIHULU UHFXUVRV R ELHQ SRU LPSHULFLD R HVFDVDUHVSRQVDELOLGDGHPSUHVDULDOSRUSDUWHGHODVLQWHUPHGLDULDVTXLHQHVSRU SDJDUEDMRVKRQRUDULRVRDUDQFHOHVWHQGtDQDTXHGDUVHVLQUHGSUHVWDGRUDSDUD DWHQGHUDORVXVXDULRVGHODREUDVRFLDO /D SHUPLVLYLGDG GH HVWDV VLWXDFLRQHV FRQVWLWX\H XQ HMHPSOR PiV GHO HVFDVR SRGHU UHJXODGRU S~EOLFR HQ HO VHFWRU DO SHUPLWLU TXH HQ HVWH PHUFDGR GH FDUDFWHUtVWLFDV WDQ SDUWLFXODUHV GRQGH HO ELHQ D SURWHJHU HV OD VDOXG GH OD SREODFLyQ VH SHUPLWD GH PDQHUD OLYLDQD FRPSRUWDPLHQWRV DOWDPHQWH RSRUWXQLVWDV\HQDOJXQRVFDVRVLOtFLWRVFRPRHQHOVHxDODGR (Q FLHUWRV FDVRV HVWH URO GH JHVWRU GH ODV SREODFLRQHV GH FLHUWDV REUDV VRFLDOHV OR FXPSOLHURQ ORV SUHSDJRV TXH LQFRUSRUDQ D ORV EHQHILFLDULRV D VX SURSLR SDGUyQ \ TXH UHFLEHQ XQD FiSLWD GH OD REUD VRFLDO (O URO GH OD REUDV VRFLDOHV HQ HVWH FDVR HV HO GH XQD VLPSOH JHVWRUD GH SDGURQHV21 TXH QR 20 0DUFR 0HQHJX]]R \ &DUORV 9DVVDOOR ± 5HLQYHQWDQGR HO VLVWHPD GH VDOXG HQ (VWDGRV 8QLGRV LQHGLWR (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' LQWHUYLHQH HQ OR PiV PtQLPR HQ OD RUJDQL]DFLyQ GHOHVTXHPDSUHVWDGRUGHVXV EHQHILFLDULRV $OJXQDVREUDVVRFLDOHVFRQWUDWDQVXJHUHQFLDPLHQWRFRQFRQVXOWRUDVGHVDOXG SULYDGDVFRQIRUPDGDVSRUJUDQGHVJUXSRVGHLQYHUVRUHVGHOH[WHULRUHQORTXH SDUHFH VHU OD FRQILJXUDFLyQ GH QXHYRV HVTXHPDV DVRFLDWLYRV SDUD JHUHQFLDU OD VHJXULGDGVRFLDO /DV UHGHV SUHVWDGRUDV GH OD PHGLFLQD SUHSDJD SDVDQ DVt D VHU ORV SUHVWDGRUHVGHODVREUDVVRFLDOHVHQORTXHFRQVWLWX\HXQMXHJRPX\RVFXURGH WRPD GH PHUFDGR (O REMHWLYR GH HVWH DYDQFH GH DOJXQRV SUHSDJRV VREUH ODV REUDVVRFLDOHVFRQVWLWX\HXQLQJUHVRDQWLFLSDGRDODDSHUWXUDGHODFRPSHWHQFLD REUDV VRFLDOHV \ SUHSDJRV \ SHUPLWH TXH HVWRV ~OWLPRV VH SRVLFLRQHQ FRQ DQWLFLSDFLyQDODOLEUHHOHFFLyQ22 /RV FDSLWDOHV TXH HVWiQ OOHJDQGR DO VHFWRU QR YLHQHQ D SUHVWDU VHUYLFLRV GH VDOXG SRU HO FRQWUDULR $UJHQWLQD WLHQH XQD WDVD GH VREUHRIHUWD DOWtVLPD HQ WpUPLQRV GH PpGLFRV FDPDV WHFQRORJtD /RV FDSLWDOHV YLHQHQ D RUJDQL]DU OD RIHUWDFRQXQVRIWZDUHGHVDUUROODGRHQRWURVSDtVHVTXHSHUPLWHFRQWUDWDUFRQ REUDV VRFLDOHV R DVHJXUDU D OD JHQWH \ FRQWUDWDU XQD UHGGHVHUYLFLRVSDUDGDU SUHVWDFLRQHV $VLVWLPRV HQ SULPHU OXJDU D XQ LPSRUWDQWH SURFHVR GH FRQFHQWUDFLyQ GH OD DVHJXUDFLyQHQVDOXGDFDUJRGHRSHUDGRUHVLQWHUQDFLRQDOHVFRPR([[HO*URXS 23SHUR WDPELpQ GH DOJXQRV RSHUDGRUHV ORFDOHV24TXH LQFRUSRUDQ SHTXHxRV SUHSDJRV FRQ ORV FXDOHV FRQIRUPDU XQ SRRO GH ULHVJR TXH OH EULQGH XQD LPSRUWDQWHWDVDGHEHQHILFLR 'LYHUVRV *UXSRV 3UHYLVLRQDOHV \ FRPSDxtDV GH VHJXUR 3URYLQFLD 2PHJD &RQVROLGDU\)HFXQGDDQXQFLDURQRORHVWiQSRUKDFHUHOGHEXWGHVXVUDPDV HQVDOXG25 /DV SUHVHQFLDV GH RSHUDGRUHV LQWHUQDFLRQDOHV \ FRPSDxtDV GH VHJXUR SULYDGDV VH KDQ GDGR IXQGDPHQWDOPHQWH HQ HO iUHD GH DVHJXUDFLyQ FRQVLGHUDQGRTXHHQODPLVPDVHSODQWHDQLQQRYDFLRQHVPXFKRPiVIiFLOHVGH FRQFUHWDUTXHFXDQGRVHWUDWDGHFDPELDUODFXOWXUDRUJDQL]DWLYD\JHUHQFLDOGH /D QXHYD HVWUDWHJLD GH DOLDQ]DV GH ORV VLQGLFDWRV &RQVXOWRU GH 6DOXG GH PD\R SDJ Se encuentra presente en el sector salud mediante las empresas Sistema de Protección Médica SPM (Tim y Galeno), life y vesalio. Cuenta con servicios propios: Clinica del Sol-Arenales, Clinica del Sol-Coronel Diaz, Sanatorio Jockey Club, Sanatorio La Trinidad. Tiene un total de 160.000 adherentes titulares y en 1996 facturó 205 millones de pesos. SPM por su facturación integra el lote de las 10 empresas lideres de salud y es la mayor prepaga del país. (Clarin, El Cronista, Revista Mercado) 24 ASE, la obra social de los Ejecutivos se dispone a competir por el mercado privado de la salud en el interior del país. Con más de 4.600 empresas afiliadas y 20 años de vida institucional, ASE desarrolla su plan de expansión con la participación en Medlife (Mendoza), Medinea (Misiones) Boreal(Tucuman) y varios sanatorios en Rosario. Además participa junto con la Federación Agraria de Solidez, la única aseguradora para casos de alta complejidad. (El médico, octubre 1997) Swiss Medical luego de integrarse con el Banco Santander, adquiriendo Optar, la prepaga con la cuota más cara del mercado e incorpora de esta manera 13.000 afiliados. Swiss Medical Group esta entre los primeros entre cantidad de afiliados y alcanza una facturación de 240 millones al año, tiene prevista fortalecer su situación financiera con la participación en la Bolsa de Comercio.. El Banco Provincia de Buenos Aires esta lanzando una prepaga para competir en la provincia por las poblaciones que hoy se atienden en las empresas prepagas y obras sociales y tiene como meta llegar a una cobertura de 1.200.000 personas (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR XQSUHVWDGRUGHVHUYLFLRVPpGLFRDVLVWHQFLDOHV$TXtHVGRQGHVHHQFXHQWUDQORV YHUGDGHURVDFWLYRVHVSHFtILFRVTXHVXUJHQGHORLQWULQFDGRGHODQHJRFLDFLyQ GHODVSDUWLFXODULGDGHVGHOJUXSRSURIHVLRQDO\GHODFXOWXUDRUJDQL]DWLYD ,GHQWLILFDFLyQGHHVFHQDULRVIXWXURV (OSUHVHQWHVHFDUDFWHUL]DSRUXQDJUDQKHWHURJHQHLGDGHQWUHORVGLIHUHQWHV PHUFDGRV GH VDOXG \ VXEVHFWRUHV DVHJXUDGRUHV \ SUHVWDGRUHV (O UDVJR VREUHVDOLHQWH GH HVWH HVFHQDULR GH PHUFDGR VDOYDMH HV OD FRQYLYHQFLD GH XQ SURFHVRGHFRPSHWHQFLDDFRWDGR\VLQJHVWLyQUHJXODGRUDSRUSDUWHGHOHVWDGR FRQ SURFHVRV GH UHDGHFXDFLyQ GH ODV RUJDQL]DFLRQHV GHO VHFWRU PHGLDQWH XQD EDWHULD GH LQQRYDFLRQHV GH FDUiFWHU ILQDQFLHUR \ HQ PHQRU PHGLGD RUJDQL]DWLYDV 8QRGHORVHVFHQDULRVSRVLEOHVGHOVHFWRUHVXQDYDQFHHQODFRQFHQWUDFLyQ GH OD GHPDQGD IXVLyQ GH REUDV VRFLDOHV DFXHUGRV GH REUDV VRFLDOHV FRQ SUHSDJDV HWF TXH XWLOL]DQGR OD HVWUDWHJLD GH GLIHUHQFLDFLyQ GH SURGXFWR LQWHQWDU ³HVFDSDU´ GHO HVTXHPD GH FREHUWXUD PLQLPD TXH OHV LPSRQH HO 302 PHGLDQWH HO ODQ]DPLHQWR GH SODQHV DGLFLRQDOHV TXH WLHQGHQ D LQFUHPHQWDU OD LQHTXLGDGIUDJPHQWDFLyQ\VHJPHQWDFLyQGHODSREODFLyQFXELHUWD 8Q PRGHOR LQVWLWXFLRQDO GHO HVWDGR VLPLODU DO SUHVHQWH HV GHFLU VLQ HMHUFLFLR GHODUHJXODFLyQVREUHHOSURFHVRGHFRPSHWHQFLD\OLEUHHOHFFLyQ (Q HVWH PDUFR VH SURIXQGL]DUtD OD UHFRPSRVLFLyQ GH OD FRQFHQWUDFLyQ \ RUJDQL]DFLyQ GH ORV SUHVWDGRUHV SULYDGRV TXH VH LQWHJUDQ YHUWLFDOPHQWH KDFLD DUULED DVXPLHQGR OD DGPLQLVWUDFLyQ GHO ILQDQFLDPLHQWR GH REUDV VRFLDOHV PHGLDQWH FRQWUDWRV FDSLWDGRV (Q HVWH PRGHOR VH FRQVROLGDQ ORV PRGHORV DVLVWHQFLDOHV LQWHJUDOHV GHVGH HO SULPHUQLYHOGHDWHQFLyQDPEXODWRULDKDVWDOD DOWDFRPSOHMLGDGGLDJQyVWLFD\TXLU~UJLFD(QHVWHFDVRODIXQFLyQGHFRPSUDGH VHUYLFLRVHVDVXPLGDSRUHOPLVPRJUXSRSUHVWDGRUFRPRHVWUDWHJLDGHSRGHU\ PHFDQLVPR GH DXWRUUHJXODFLyQ GHO PRGHOR DVLVWHQFLDO /D RUJDQL]DFLyQ GH OD RIHUWD WRPD QXHYDV IRUPDV LQVWLWXFLRQDOHV DOHMDGDV DO PRGHOR FRQIRUPDGR SRU ODVWUDGLFLRQDOHVLQVWLWXFLRQHVUHSUHVHQWDWLYDVGHODRIHUWD(OSURFHVRGHDMXVWH\ UHFRQYHUVLyQ HVWi GHWHUPLQDGR SRU OD SXMD GLVWULEXWLYD GH ORV PLVPRV 6X UHVXOWDGRHVSURGXFWRGHOSRGHUUHODWLYRGHORVDJHQWHVHFRQyPLFRVLQWHUQRVGHO JUXSRSUHVWDGRUSULYDGR (QWKRYHQ SODQWHD TXH OD HVWUDWHJLD GH OLEUH FRPSHWHQFLD HQ ORV PHUFDGRV GH VDOXG LQFOX\HQ VHOHFFLyQ GH ULHVJR OD VHJPHQWDFLyQ GHO PHUFDGR OD GLIHUHQFLDFLyQGHSURGXFWRVTXHHOHYDHOFRVWRGHSURGXFWRVFRPSDUDEOHVOD GLVFRQWLQXLGDG GH OD FREHUWXUD HO UHFKD]R GHO DVHJXUDPLHQWR GH FLHUWRV LQGLYLGXRV OD H[FOXVLyQ GH FREHUWXUD SDUD FRQGLFLRQHV SUHH[LVWHQWHV OD LQIRUPDFLyQVHVJDGDHQUHODFLyQFRQODFREHUWXUD\ODFDOLGDG\ODFRQVWUXFFLyQ GHEDUUHUDVGHHQWUDGDDOPHUFDGR /D LQWHQVLGDG \ OD YRFDFLyQ GH UHJXODFLyQ SRU SDUWH GH ORV JRELHUQRV FRQVWLWX\H XQ DVSHFWR IXQGDPHQWDO SDUD SHQVDU XQ HVFHQDULR DOWHUQDWLYR DO (FRQRPtD GH OD 6DOXG ,QVWLWXWR 8QLYHUVLWDULR ,6$/8' SUHVHQWH $OJXQDV GH ODV IXQFLRQHV FODYHV SDUD DVHJXUDU XQ PHFDQLVPR GH FRPSHWHQFLD UHJXODGD VHULDQ GHWHUPLQDFLyQ GH UHJODV GH HTXLGDG PDQHMDU OD VHOHFFLyQ GH ULHVJR DVHJXUDU SHULyGLFR SURFHVR GH DILOLDFLyQ YLJLODQFLD GH ORV DVHJXUDGRUHV FRQWUROHV GH FDOLGDG SURPRYHU OD HQWUDGD GH QXHYRV FRPSHWLGRUHV\PDQHMRGHORVVXEVLGLRV /DV HOHFFLRQHV SUHVLGHQFLDOHV SUHYLVWDV SDUD SHUPLWLUiQ FRQRFHU ODV SRVLFLRQHV GH OD VRFLHGDG H[SUHVDGDV D WUDYpV GH ODV GLIHUHQWHV H[SUHVLRQHV SROLWLFDV\HQHVWHGHEDWHHQFRQWUDUORVGHQRPLQDGRUHVFRPXQHVGHODDJHQGD HQVDOXGHQFRQVRQDQFLDFRQORVGHVDItRVGHFRPSHWLWLYLGDGHLQWHJUDFLyQVRFLDO TXHLPSRQHHOIXWXURGHOSDtV %LLEOLRJUDItD &DEDVHV +LWD -0 /D JHVWLyQ GH ORV VLVWHPDV QDFLRQDOHV GH VDOXG &DPELRV UHFLHQWHVHQ(VSDxD$(6$UJHQWLQDDEULO &RDVH5+/DHPSUHVDHOPHUFDGR\ODOH\$OLDQ]D(FRQRPtD0DGULG &RULDW%\'RVL*$SUHQGLHQGRDJREHUQDU\VROXFLRQDUSUREOHPDVVREUHODFR HYROXFLyQ GH FDSDFLGDGHV FRQIOLFWRV \ UXWLQDV RUJDQL]DFLRQDOHV %XHQRV $LUHV3HQVDPLHQWR(FRQyPLFR1UR2WRxR &XHUYR - 9DUHOD -%HOHQHV 5 *HVWLyQ GH +RVSLWDOHV 1XHYRV LQVWUXPHQWRV \ WHQGHQFLDV(G9LFHQV9LYHV%DUFHORQD 'H0DQXHO.HHQR\(3HUp]/i]DUR--2SRUWXQLGDGHVGHJHVWLyQHPSUHVDULDO HQ ORV VHUYLFLRV VDQLWDULRV S~EOLFRV 'RFXPHQWRV WpFQLFRV (VFXHOD $QGDOX]DGH6DOXG3~EOLFD\-XQWDGH$QGDOXFtD (QWKRYHQ $ODQ &RQVXPHU FKRLFH KHDOWK SODQ 1HZ (QJODQG -RXUQDO RI +HDOWK 3ROLFLWLFV3ROLF\DQG/DZ .DW] - 0XxR] $ 2UJDQL]DFLyQ GHO VHFWRU VDOXG SXMD GLVWULEXWLYD \ HTXLGDG &HSDO %XHQRV $LUHV %LEOLRWHFDV 8QLYHUVLWDULDV &HQWUR (GLWRU GH $PpULFD /DWLQD(FRQRPtD%XHQRV$LUHV 0DUWLQ 0DUWLQ - ,QFHQWLYRV H LQVWLWXFLRQHV VDQLWDULDV S~EOLFDV 'RFXPHQWRV 7pFQLFRV (VFXHOD $QGDOX]D GH 6DOXG 3~EOLFD -XQWD GH $QGDOXFLD &RQVHMHULDGH6DOXG 0LOJURP 3±5REHUWV-(FRQRPtDRUJDQL]DFLyQ\JHVWLyQGHODHPSUHVD$ULHO (FRQRPtD%DUFHORQD 2UW~Q 5XELR 9 ,QQRYDFLyQ RUJDQL]DWLYD HQ 6DQLGDG $(6 (VSDxD 3ROLWLFD \ *HVWLyQ 6DQLWDULD OD DJHQGD H[SOtFLWD (G5LFDUGR 0HQHX \ 9LFHQWH 2UWXQ %DUFHORQD 2UW~Q9LFHQWH/D(FRQRPtDHQ6DQLGDG\0HGLFLQD,QVWUXPHQWRV\OLPLWDFLRQHV (XJH/D/ODUGHO/OLEUH%DUFHORQD 6DQWRV5HGRQGR0DQXHO/RVHFRQRPLVWDV\ODHPSUHVD(PSUHVD\HPSUHVDULR HQODKLVWRULDGHOSHQVDPLHQWRHFRQyPLFR$OLDQ]D(FRQRPtD0DGULG :LOOLDPVRQ 2 ± :LQWHU 6 /D QDWXUDOH]D GH OD HPSUHVD 2ULJHQHV HYROXFLyQ \ GHVDUUROOR)RQGRGH&XOWXUD(FRQyPLFD0p[LFR :LOOLDPVRQ 2 0HUFDGRV \ -HUDUTXtDV VX DQiOLVLV \ VXV LPSOLFDQFLDV DQWLWUXVW )RQGRGH&XOWXUD(FRQyPLFD0H[tFR (FRQRPtD GH OD 6DOXG 8QD PLUDGD HFRQyPLFD LQVWLWXFLRQDO GHO SURFHVR GH FDPELR :LOOLDPVRQ 2 /DV LQVWLWXFLRQHV HFRQyPLFDV GHO FDSLWDOLVPR )RQGR GH &XOWXUD (FRQyPLFD0p[LFR (FRQRPtD GH OD 6DOXG