$35(1'(&202(,167(,17‰&1,&$6'($35(1',=$-(

$&(/(5$'2</(&785$()(&7,9$3$5$3(16$5&20281
*(1,2


0HPRUL]DP¡VHQI³FDWHPHMRU\OHHHIHFWLYDPHQWHSDUDDSUHQGHUFXDOTXLHUFRVD


6WHYH$OOHQ'



 (GLFL³Qߙ(QHUR
3XEOLFDGRSRU6WHYH$OOHQHQ&UHDWH6SDFH
,6%1
&RS\ULJKWjSRU6WHYH$OOHQ
7RGRV ORV GHUHFKRV UHVHUYDGRV LQFOX\HQGR ORV GHUHFKRV GH UHSURGXFFL³Q
WRWDORSDUFLDOHQFXDOTXLHUIRUPD

 7DEODGHFRQWHQLGR

&³PROHHUHVWHOLEUR
,QWURGXFFL³Q
/DPHQWDOLGDGGHXQJHQLR
/DLPSRUWDQFLDGHODSLU¡PLGHGHODSUHQGL]DMH
&RQFHSWRVSDUDGRPLQDUQXHYDVKDELOLGDGHV
0RGRVGHSHQVDPLHQWR
6DOYDGRU'DO­
7KRPDV(GLVRQ
/DLPSRUWDQFLDGHOVXH±RHQHODSUHQGL]DMH
(OSULQFLSDOSUREOHPDGHODFRQFHQWUDFL³Q
8QYLVWD]RDWXFHUHEUR
0RWLYDFL³Q\QHXURPRGXODGRUHV
/DPHPRULD
7LSRVGHPHPRULD
9LYLUVLQPHPRULD
(OSDODFLRGHODPHPRULDRHOP©WRGRGH/RFL
)UDJPHQWDFL³Q
4X©HVIUDJPHQWDU"
3URFHVRGHSDVRVSDUDIUDJPHQWDU
(OYDORUGHXQDELEOLRWHFDGHIUDJPHQWRV
7©FQLFDVGHDSUHQGL]DMHDFHOHUDGR
/DPHMRUIRUPDGHDSUHQGHUXQPDWHULDOHVFULWR
/DW©FQLFD)H\QPDQ
&³PRRSWLPL]DUWXFHUHEUR
+DFHUQDGD
/RVULWPRVFLUFDGLDQRV
 $OLPHQWDFRUUHFWDPHQWHDWXFHUHEUR
%DMDWXQLYHOGHHVWU©V
'HVWUX\HQGRPLWRV
(OHIHFWR0R]DUW
/DLQWHOLJHQFLDHVLPSRUWDQWHHQHODSUHQGL]DMH
(OIUDFDVRHVPDOR
$MHGUH]
0¡VHVWXGLRHVPHMRU
6³ORVR\XQDSHUVRQDGHFHUHEURL]TXLHUGR
(QWUHQDPLHQWRFHUHEUDO
/HFWXUDHILFLHQWH
9HORFLGDG
(ILFLHQFLD
5HWHQHUP¡V
/DPHMRUPDQHUDGHFRQYHUWLUVHHQXQH[SHUWR
1RHQIUHQWHVODVVLWXDFLRQHVGLI­FLOHV
5HVXPHQ
&RQFOXVL³Q


 &³PROHHUHVWHOLEUR
(VWHOLEURKDVLGRGLVH±DGRSDUDVHUXQDKHUUDPLHQWDSU¡FWLFDFRQW©FQLFDV
DSOLFDEOHV LQPHGLDWDPHQWH 6LQ HPEDUJR KD VLGR QHFHVDULR FRPHQ]DU FRQ
DOJXQRVFDS­WXORVWH³ULFRVVREUHHOIXQFLRQDPLHQWRGHOFHUHEUR\GHODPHPRULD
DSHVDUGHTXHPHKHHVIRU]DGRHQUHGXFLUORVDOP­QLPRSDUDPDQWHQHUODHVHQFLD
GHXQEUHYH\SU¡FWLFR
7HUHFRPLHQGRTXHOHDVFDGDFDS­WXORHQHORUGHQTXHVHSUHVHQWD\UHVLVWDV
OD WHQWDFL³Q GH VDOWDUWH LQIRUPDFL³Q \D TXH HVWR\ VHJXUR TXH HQ FDGD XQR
HQFRQWUDU¡VXQDSHSLWDGHVDELGXU­DTXHPDUFDU¡SRVLWLYDPHQWHWXDSUR[LPDFL³Q
\WXYLDMHKDFLDODDGRSFL³QGHODPHQWDOLGDGGHXQJHQLR
b1RVYHPRVDOILQDOGHOOLEUR

 ,QWURGXFFL³Q
&XDQGR HUD P¡V MRYHQ QXQFD IXL VREUHVDOLHQWH HQ PLV FODVHV 1R VDE­D
F³PR HVWXGLDU R DSUHQGHU (VSHUDED KDVWD OD ºOWLPD QRFKH SDUD PHWHU HQ PL
FHUHEURWRGDODLQIRUPDFL³QDQWHVGHGDUXQH[DPHQTXHKDE­DVLGRSURJUDPDGR
KDFH PHVHV (UD S©VLPR WRPDQGR QRWDV \ FRQILDED HQ PLV DPLJRV SDUD
D\XGDUPH(QUHVXPHQHUDXQHVWXGLDQWHIUDQFDPHQWHPDOR6LPSOHPHQWHQRPH
LPSRUWDEDDSUHQGHU\SUHIHULU­DSDVDUHOWLHPSRKDFLHQGRRWUDFRVD
6LQHPEDUJRDOJRVXFHGL³HQODXQLYHUVLGDGTXHFDPELDU­DPLPXQGRSDUD
VLHPSUH 4XLVH LPSUHVLRQDU D XQD FKLFD GH PL FODVH (VWD HV XQD PRWLYDFL³Q
QREOH\SRGHURVDTXHSXHGHVHUHOSURSXOVRUSDUDPXFKRVFDPELRVHQODYLGDGH
XQ KRPEUH MRYHQ 7XYH OD VXHUWH GH VHQWDUPH GLUHFWDPHQWH GHWU¡V GH HOOD \
UHVXOWD TXH FRQVWDQWHPHQWH VH YROWHDED \ PH SHG­D D\XGD 6LQ HPEDUJR DO
SULQFLSLRPL¡QLPRVHIXHDOSLVRSRUTXHPHGLFXHQWDGHTXHQRWHQ­DLGHDF³PR
UHVSRQGHUDVXVSUHJXQWDV<VLHOODHPSH]DEDDSUHJXQWDUDORVRWURVFKLFRV"
b1RTXHU­DHVR
&RQ HVR HQ PHQWH FRPHQF© D HVWXGLDU \ DSUHQGHU SDUD TXH HOOD WXYLHUD
UD]RQHV SDUD VHJXLU YROWH¡QGRVH D KDEODU FRQPLJR(V LQFUH­EOH OR TXH SXHGHV
KDFHU FXDQGR WLHQHV OD PRWLYDFL³Q DGHFXDGD SDUD HOOR &RPHQF© D XWLOL]DU XQ
FRQMXQWR PDVLYR GH W©FQLFDV GH PHPRUL]DFL³Q \ GH DSUHQGL]DMH )LQDOPHQWH
DSURE©HOFXUVRFRQXQDGHPLVPHMRUHVFDOLILFDFLRQHVHQPLFDUUHUDDFDG©PLFD
DXQTXHQXQFDOOHJX©DQLQJXQDSDUWHFRQHOOD
$XQ DV­ GHVFXEU­ TXH FXDQGR WLHQHV XQD PHWD R XQ SURS³VLWR HQ PHQWH
SXHGHVORJUDUPXFKRP¡VGHORTXHFUHHV6LQHPEDUJRODPD\RU­DGHODVYHFHV
QRWHQHPRVHVWHWLSRGHPRWLYDFL³Q/DPD\RU­DGHODVFRVDVTXHDSUHQGHPRVR
HVWXGLDPRVVRQSRUREOLJDFL³Q\QRHVXQSODFHUDSUHQGHU3HURDTX­HVW¡VRWUD
YH]IUHQWHDXQOLEURLQWHQWDQGRDSUHQGHUP¡VVREUHXQWHPDHVSHF­ILFR
<D VHD SDUD WX WUDEDMR R VLPSOHPHQWH SRU FRQRFLPLHQWR HQ JHQHUDO SXHGH
VHU UHDOPHQWH GLI­FLO DEVRUEHU \ PDQWHQHU QXHYRV FRQRFLPLHQWRV HQ WX FDEH]D
FXDQGR \D HVW¡V WUDWDQGR GH PDQWHQHU HO UHVWR GH WX YLGD HQ RUGHQ (Q DOJºQ
PRPHQWR GH OD YLGD HO DSUHQGL]DMH GHMD GH SDUHFHU DOJR I¡FLO 3HUR QR WH
GHVDQLPHV HVWR KD RFXUULGR SRUTXH KDV DSUHQGLGR V³OR SRU LQVWLQWR \ HQ HVWH
OLEURORVROXFLRQDUHPRV
 /D FODYH HVW¡ HQ DSUHQGHU D DSUHQGHU+D\ XQ DUWH HQ HVWR \ FXDQGR VHDV
FDSD]GHGRPLQDUORWHQGU¡VXQDKDELOLGDGTXHGXUDU¡WRGDODYLGD0XFKDJHQWH
QR VH GD FXHQWD GH TXH WLHQH OD KDELOLGDG GH DSUHQGHU \ GH VHU LQWHOLJHQWH
3LHQVDQTXHHVDOJRFRQORTXHVHQDFHRQRSHURHVRQRSRGU­DHVWDUP¡VOHMRV
GHODYHUGDG\WºWDPEL©QSXHGHVDSUHQGHUDDSUHQGHUFRPRXQJHQLR
(VWH OLEUR HVW¡ GLVH±DGR SDUD WL &RQWLHQH XQD FROHFFL³Q GH W©FQLFDV GH
DSUHQGL]DMH JDUDQWL]DGDV SDUD TXH UHWHQJDV P¡V LQIRUPDFL³Q \ DSUHQGDV P¡V
U¡SLGRLQFOXVRVLVHWUDWDGHXQWHPDTXHQRWHDSDVLRQD
$SUHQGHU D DSUHQGHU HV XQD GH ODV KDELOLGDGHV P¡V YDOLRVDV TXH SXHGHV
GHVDUUROODUHVODUD­]GHO©[LWRHQORDFDG©PLFRHQORVQHJRFLRVHQHOOLGHUD]JR
HQODVUHODFLRQHVSHUVRQDOHV\HQWRGDVODV¡UHDVGHODYLGD1RHVXQDVRUSUHVD
TXHODVSHUVRQDVP¡VH[LWRVDVGHOPXQGRORGHFODUHQDV­SHURORTXHV­HVXQD
VRUSUHVDHVTXHORVP©WRGRVSDUDSHQVDUFRQFODULGDG\DSUHQGHUFRQHILFLHQFLD
VHSXHGHQHQVH±DU\VHSXHGHQDSUHQGHU
1XHVWURFHUHEURWLHQHFDSDFLGDGHVVRUSUHQGHQWHVSHURODPHQWDEOHPHQWHQR
YLHQH FRQXQPDQXDOGHLQVWUXFFLRQHV0L REMHWLYR HQ HVWH OLEUR HV HQVH±DUWH D
XVDUWXFHUHEURSDUDTXHWHFRQYLHUWDVHQXQPHMRUDSUHQGL]/RTXHDSUHQGHU¡V
HVW¡ EDVDGR HQ V³OLGDV LQYHVWLJDFLRQHV GH OD QHXURFLHQFLD PRGHUQD GH OD
SVLFRORJ­D FRJQLWLYD \ WDPEL©Q VH EDVD HQ OD H[SHULHQFLD GH GRFHQDV GH
SURIHVLRQDOHVO­GHUHVHQW©FQLFDVGHDSUHQGL]DMHDFHOHUDGR
<D VHDV QRYDWR R H[SHUWR HQ HVWH OLEUR HQFRQWUDU¡V QXHYDV KHUUDPLHQWDV
SDUDPHMRUDUWXVKDELOLGDGHV\W©FQLFDVSDUDDSUHQGHU
7H D\XGDU© D WUDQVIRUPDU OD PDQHUD FRPR SLHQVDV VREUH HO SURFHVR GHO
DSUHQGL]DMHDUHGXFLUWXIUXVWUDFL³Q\DDXPHQWDUWXFRPSUHQVL³Q\UHWHQFL³QGH
ODLQIRUPDFL³Q3DUDOHHUHVWHOLEURQRQHFHVLWDVWHQHU FRQRFLPLHQWRVSURIXQGRV
VREUHQLQJºQWHPDHQSDUWLFXODU6³ORWLHQHVTXHWRPDUHVWDVW©FQLFDV\DSOLFDUODV
LQPHGLDWDPHQWH
%LHQYHQLGRDHVWHDSDVLRQDQWHYLDMHGHDXWRGHVFXEULPLHQWRb&RPHQFHPRV

 /DPHQWDOLGDGGHXQJHQLR
4XLHURTXHFLHUUHVORVRMRVSRUXQPLQXWRHLPDJLQHVXQJHQLR3LHQVDHQ
TXL©QYLHQHDWXPHQWH\REVHUYDODVFRVDVDGLFLRQDOHVTXHDSDUHFHQHQWXPHQWH
FXDQGRSLHQVDVHQHVDSHUVRQD3UREDEOHPHQWHSHQVDU¡VHQDOJXLHQFRPR$OEHUW
(LQVWHLQR6WHYHQ+DZNLQJ
(FKHPRVXQYLVWD]RXQSRFRP¡VSURIXQGR4X©HVORTXHHVW¡VSHQVDQGR
VREUH HVD SHUVRQD" 3LHQVDV HQ HVD SHUVRQD FRPR XQ PDHVWUR" &³PR XQ
FLHQW­ILFR"2WDOYH]WHILMDVHQVXDSDULHQFLDH[WUDYDJDQWH"
3HUR3HQVDVWHHQHVDSHUVRQDFRPRXQHVWXGLDQWHTXHQHFHVLWDDSUHQGHU"
3UREDEOHPHQWHQR&XDQGRSHQVDPRVHQXQߡJHQLRߢPXFKRVDVXPLPRVTXHHV
XQD SHUVRQD LQWHOLJHQWH \ FDSD] TXH \D VDEH OR WRGR OR TXH HVW¡ SDVDQGR HQ HO
PXQGR\ORTXHWLHQHTXHKDFHU3RFRVSHQVDPRVHQXQJHQLRFRPRXQDSHUVRQD
TXHQHFHVLWDDSUHQGHURTXHHVW¡WUDWDQGRGHDSUHQGHUDOJRQXHYR
1HFHVLWRTXHHOLPLQHVHVHSUHMXLFLRGHWXFDEH]D8QJHQLRRODPHQWDOLGDG
GHXQJHQLRQRQHFHVLWDVDEHUWRGR'HKHFKRQRQHFHVLWDVVDEHUQDGDSDUDWHQHU
ODPHQWDOLGDGGHXQJHQLR8QJHQLRQRWLHQHQDGDTXHYHUFRQHOFRQRFLPLHQWR
VLQRTXHVXSULQFLSDOFDUDFWHU­VWLFDHVODFDSDFLGDGGHDSUHQGHU\HVRHVORTXH
DSUHQGHU¡VDGHVDUUROODUHQORVVLJXLHQWHVFDS­WXORV
3DUD SHUPLWLU TXH WX PHQWDOLGDG HYROXFLRQH QHFHVLWDV ROYLGDU WRGR OR TXH
VDEHVVREUHDSUHQGHU\GHEHVDEUD]DUXQDQXHYDIRUPDGHKDFHUODVFRVDV1XQFD
DVXPDVTXHKD\XQDºQLFDPDQHUDGHDSUHQGHU\QRWHDIHUUHVDORVSDWURQHVGH
DSUHQGL]DMH TXH KDV HVWDGR XWLOL]DQGR KDVWD HVWH PRPHQWR3UREDEOHPHQWHHVRV
P©WRGRVWHIXQFLRQDURQHQHOSDVDGRSHURQRWHHVW¡QGDQGRORVUHVXOWDGRVTXH
GHVHDVHQHVWHPRPHQWR
(QHVWHOLEURODSDODEUDP¡VLPSRUWDQWHHVߡPHQWDOLGDGߢ\FRPHQ]DUHPRV
KDEODQGR GH XQ FRQFHSWR OODPDGR ߡPHQWDOLGDG GH FUHFLPLHQWRߢ /D
LQYHVWLJDGRUD &DURO 'ZHFN KD UHDOL]DGR PXOWLWXG GH LQYHVWLJDFLRQHV VREUH HO
WHPD \ HQFRQWU³ TXH ODV SHUVRQDV WLHQHQ XQD PHQWDOLGDG GH FUHFLPLHQWR R XQD
PHQWDOLGDGILMD
/DVSHUVRQDVFRQPHQWDOLGDGILMDFUHHQTXHODLQWHOLJHQFLD\ODFDSDFLGDGGH
DSUHQGL]DMHVRQLQQDWDVILMDV\TXHHVW¡QGHWHUPLQDGDVSRUODJHQ©WLFD3RURWUR
ODGRODVSHUVRQDVFRQPHQWDOLGDGGHFUHFLPLHQWRFUHHQTXHODLQWHOLJHQFLD\OD
FDSDFLGDGGHDSUHQGL]DMHVRQHOUHVXOWDGRGHOHVIXHU]R\HOWUDEDMRGXUR(VWDHV
XQD H[WHQVL³Q GHO PLWR TXH GLVFXWLUHPRV P¡V DGHODQWH VREUH OD QRFL³Q GH TXH
WLHQHVXQO­PLWHJHQ©WLFRSDUDWXVKDELOLGDGHV
(Q HVWXGLRV SRVWHULRUHV 'ZHFN HQFRQWU³ TXH ODV SHUVRQDV FRQ PHQWDOLGDG
ILMD WHQG­DQ D DSUHQGHU PXFKR SHRU TXH ODV SHUVRQDV FRQ PHQWDOLGDG GH
FUHFLPLHQWRSRUTXHFUH­DQTXHVLQRHUDQLQPHGLDWDPHQWHSURILFLHQWHVHQDOJR
VLJQLILFDEDTXHHVWDEDQJHQ©WLFDPHQWHGHVWLQDGDVDVHUPDODV3DUDODVSHUVRQDV
GHPHQWDOLGDGILMDHO©[LWRHVXQDVH±DOGHG³QGHGHEHQFRQFHQWUDUVXVHVIXHU]RV
\HOIUDFDVRHVXQVLJQRGHDOJRTXHGHEHQHYLWDU\DTXHQRFUHHQTXHSXHGDQ
PHMRUDU3RURWURODGRODVSHUVRQDVFRQPHQWDOLGDGGHFUHFLPLHQWRDERUGDQORV
WHPDV QXHYRV FRQ XQD H[SHFWDWLYD GH OXFKD \ GHVDI­R \ VDEHQ SRU VXV
H[SHULHQFLDV SDVDGDV TXH HO WUDEDMR GXUR SXHGH D\XGDUOHV D VXSHUDU OR TXH DO
SULQFLSLR SDUHFH LPSRVLEOH /D PHQWDOLGDG GH FUHFLPLHQWR JHQHUD OD FUHHQFLD
RSWLPLVWD GH TXH SXHGHV ORJUDU FDVL FXDOTXLHU FRVD VL LQYLHUWHV HO VXILFLHQWH
WUDEDMR\WLHPSR
 /DLPSRUWDQFLDGHODSLU¡PLGHGHODSUHQGL]DMH
8QD GH ODV FODYHV SDUD HO DSUHQGL]DMH HV FRPSUHQGHU OD SLU¡PLGH GHO
DSUHQGL]DMH0XFKDVSHUVRQDVKDQFXHVWLRQDGRODH[DFWLWXGGHODSLU¡PLGHSHUR
\R GLU­D TXH QR GHEH VHU WRPDGD FRPR XQ QºPHUR H[DFWR VLQR FRPR XQD JX­D
TXHGHPXHVWUDTXHORTXHUHDOPHQWHLPSRUWD/DSLU¡PLGHHVODVLJXLHQWH
          5HWLHQHV HO  GH OD LQIRUPDFL³Q FXDQGR HVFXFKDV XQD
FRQIHUHQFLD
5HWLHQHVHOFXDQGROHHV
5HWLHQHVHOGHPHGLDQWHHOSURFHVDPLHQWRDXGLRYLVXDO
5HWLHQHVHOFXDQGRWHGHPXHVWUDQDOJR
5HWLHQHVHOPHGLDQWHODGLVFXVL³QHQJUXSR
5HWLHQHVHODOKDFHU
5HWLHQHVHODOHQVH±DUDRWURV
&RPR SXHGHV YHU ORV QºPHURV H[DFWRV QR VRQ WDQ LPSRUWDQWHV \ HO RUGHQ
SXHGH GLIHULU HQWUH DOJXQDV SHUVRQDV SHUR ORV H[WUHPRV GHO HVSHFWUR VRQ
DEVROXWDPHQWH FLHUWRV &XDQWR P¡V SURDFWLYDPHQWH SURFHVHV \ SDUWLFLSHV HQ HO
DQ¡OLVLV GH OD LQIRUPDFL³Q PHMRU OD FRQVHUYDU¡V \ DSUHQGHU¡V'H LJXDO IRUPD
FXDQWR P¡V SDVLYDPHQWH FRQVXPDV OD LQIRUPDFL³Q VLQ XQ VHJXQGR
SURFHVDPLHQWRPHQRVFRQVHUYDU¡V\DSUHQGHU¡V
9HDPRVXQHMHPSOR6LGHVHDVDSUHQGHUVREUHODKLVWRULDGHODKXPDQLGDG
HV FLHUWR TXH SXHGHV DSUHQGHU PXFKR DO SURFHVDU SDVLYDPHQWH OD LQIRUPDFL³Q
3RGU­DVWRPDUQRWDVRYHUXQGRFXPHQWDO\VHU­DVI¡FLOPHQWHFRQVLGHUDGRFRPR
DOJXLHQ LQVWUXLGR HQ HO WHPD6LQ HPEDUJR LPDJLQD FX¡QWR P¡V DSUHQGHU­DV VL
GLVHFFLRQDUDV\GLVFXWLHUDVFRQRWUDVSHUVRQDVODKLVWRULDGHOLPSHULRURPDQROD
UHYROXFL³Q LQGXVWULDO R FUHDUDV XQ YLGHR SDUD GHPRVWUDU F³PR &ULVW³EDO &RORQ
QDYHJ³DWUDY©VGHORF©DQR$WO¡QWLFR,PDJLQDF³PRPHMRUDU­DWXFDSDFLGDGSDUD
UHYLVDU\DQDOL]DUODLQIRUPDFL³QߡDSUHQGLGDߢVLSHUPLWHVTXHRWUDVSHUVRQDVWH
KDJDQ SUHJXQWDV (V XQ QLYHO PX\ GLIHUHQWH GH DSUHQGL]DMH HO TXH VH SURGXFH
FXDQGRߡWHHQUROODVODVPDQJDVߢ\UHDOPHQWHSURFHVDVXQWHPDHQFRPSDUDFL³Q
DVLPSOHPHQWHOHHUOR
 &RQFHSWRVSDUDGRPLQDUQXHYDVKDELOLGDGHV
$ FRQWLQXDFL³Q FRPSDUWLU© FRQWLJR GRV FRQFHSWRV TXH WH SURSRUFLRQDU¡Q
PXFKRVEHQHILFLRVHQWXFDPLQRKDFLDHOGRPLQLRGHFXDOTXLHUKDELOLGDGSRUOR
TXHHVSHURORVPDQWHQJDVVLHPSUHHQPHQWHDOPRPHQWRGHDSUHQGHUXQDQXHYD
KDELOLGDG

&RQFHSWR(QI³FDWHHQHODSUHQGL]DMHDFHOHUDGR
(ODSUHQGL]DMHDFHOHUDGRHVXQDLGHDGHIHQGLGDSRUHODXWRUHPSUHQGHGRU\
KDFNHUGHODYLGD7LP)HUULVV(VWHFRQFHSWRGHVDI­DGLUHFWDPHQWHPXFKDVGHODV
QRFLRQHV SUHFRQFHELGDV TXH OD JHQWH WLHQH VREUH OD DXWR HGXFDFL³Q FRPR OD
FDQWLGDG GH WLHPSR TXH VH QHFHVLWD SDUD GRPLQDU XQD QXHYD KDELOLGDG \ OD
GLILFXOWDGSDUDXQDGXOWRGHGRPLQDUDOJRQXHYR
&RPHQWDULR7LP)HUULVVHVXQGHVWDFDGRDXWRUTXHVHKL]RFRQRFLGRSRUVX
3RGFDVWXQDHVSHFLHGHSURJUDPDUDGLDOSRULQWHUQHWHQHOFXDOHQWUHYLVWDD
SHUVRQDVPXQGLDOPHQWHGHVWDFDGDVHQVXV¡UHDVGHH[SHULHQFLDLQYHUVLRQHV
GHSRUWHVDUWHQHJRFLRVHWFLQWHQWDQGRGHVFRPSRQHU\H[WUDHUVXVHVWUDWHJLDV
W©FQLFDVUXWLQDV\KHUUDPLHQWDV$OJXQRVGHVXVLQYLWDGRVLQFOX\HQD$UQROG
6FKZDU]HQHJJHU-DPLH)R[[7RQ\5REELQV0DULD3RSRYD0DOFROP*ODGZHOO
\P¡V7HUHFRPLHQGRTXHORHVFXFKHVHQKWWSWLPEORJSRGFDVWDXQTXHSRUHO
PRPHQWRV³ORVHHQFXHQWUDHQLQJO©V
(O FRQFHSWR E¡VLFR GHO DSUHQGL]DMH DFHOHUDGR HV OD UHJOD  WDPEL©Q
FRQRFLGDFRPRHOSULQFLSLRGH3DUHWRTXHHVWDEOHFHTXHHOGHODVFRVDVTXH
DSUHQGHPRV SURYLHQHQ GHO  GH QXHVWURV HVIXHU]RV /D FODYH SDUD HO
DSUHQGL]DMHDFHOHUDGRFRQVLVWHHQLGHQWLILFDUHVHGHFXDOTXLHUKDELOLGDGSDUD
WUDEDMDU H[FOXVLYDPHQWH HQ DTXHOOR \ DXQTXH HVWR QR WH KDU¡ XQ H[SHUWR GH OD
KDELOLGDGWHKDU¡PHMRUTXHODPD\RU­D
3DUD PRVWUDU VXV LGHDV VREUH HO DSUHQGL]DMH DFHOHUDGR )HUULV FUH³ XQ
SURJUDPD HQ YLGHR HQ HO TXH SRQH D SUXHED VXV LGHDV VREUH HO DSUHQGL]DMH
DFHOHUDGRHQDGXOWRVHQXQHQWRUQRUHDO(QDOJXQRVFDS­WXORVGHVXSURJUDPDVH
GHVDI­DDV­PLVPRDDSUHQGHUDWRFDUODEDWHU­DDDSUHQGHUXQQXHYRLGLRPDD
VXUIHDU JUDQGHV RODV \ D GHVDUUROODU RWUDV DFWLYLGDGHV TXH VH FRQVLGHUDQ
KDELOLGDGHVGLI­FLOHVSDUDORVDGXOWRV3DUDKDFHUODVFRVDVDºQP¡VGLI­FLOHVV³OR
VH GD XQ SOD]R GH FLQFR G­DV SDUD GRPLQDU ODV KDELOLGDGHV)LQDOPHQWH \ SDUD
UHVXPLU7LPORJUDHO©[LWRHQVXVGHVDI­RVSRUYDULDVUD]RQHV
           2EWLHQH LQVWUXFFL³Q GH FODVH PXQGLDO GH ODV PHMRUHV
SHUVRQDVHQFDGDGLVFLSOLQD
$OKDEODUFRQYHUGDGHURVPDHVWURVSXHGHGHILQLUHVHGH
LQIRUPDFL³Q HVHQFLDO TXH OH D\XGDU¡ D VHUߡOR VXILFLHQWHPHQWH
EXHQRߢ
&UHDVLVWHPDVDOUHGHGRUGHHVHHVHQFLDOSDUDSHUPLWLUOH
DSUHQGHU WDQWR FRPR VHD SRVLEOH HQ XQ EORTXH FRQGHQVDGR GH
WLHPSR
6HVXPHUJHHQODIRUPDFL³QGXUDQWHXQDFDQWLGDGOLPLWDGDGH
WLHPSR
$SUHQGHORTXHQHFHVLWDDSUHQGHU\QDGDP¡V
(Q HO SULPHU HSLVRGLR DSUHQGL³ D WRFDU EDWHU­D$TX­ UHFLEL³ LQVWUXFFLRQHV
GH6WHZDUW&RSHODQGH[EDWHULVWDGHߡ7KH3ROLFHߢ6WHZDUWHQVH±³D7LPV³OR
ORVFRQFHSWRVE¡VLFRVF³PRVRVWHQHUODVEDTXHWDV\F³PRPDQWHQHUHOULWPR
7LP QR DSUHQGL³ D OHHU SDUWLWXUDV QL QLQJXQD RWUD KDELOLGDG LQWHUPHGLD
(QFDPELRXV³ORVFRQFHSWRVE¡VLFRVSDUDVDOWDUGLUHFWRDODSU¡FWLFD\WRFDUXQD
FDQFL³QHVSHF­ILFD 3DUDVXߡSUXHEDߢILQDOWRF³HQXQFRQFLHUWRHQYLYRFRQOD
EDQGDGHURFNߡ)RUHLJQHUߢ
(VWD HV OD I³UPXOD TXH 7LP XV³ SDUD OD PD\RU­D GH ORV GHVDI­RV GH
DSUHQGL]DMH DFHOHUDGR ߡ'RPLQD ORV IXQGDPHQWRV E¡VLFRV HVHQFLDOHV \ OXHJR
VDOWDGLUHFWDPHQWHDODSU¡FWLFDGHODVKDELOLGDGHVHVHQFLDOHVߢ
$KRUDVHSRGU­DDUJXPHQWDUTXHQRGRPLQDUHDOPHQWHHVWDVKDELOLGDGHV
\ TXH V³OR DSUHQGH OR VXILFLHQWH SDUD VREUHYLYLU 3HUR FRPR DGXOWRV QXHVWUR
WLHPSR HV OLPLWDGR \ SDUD PXFKDV GHVWUH]DV HVR SXHGH VHU WRGR OR TXH
QHFHVLWDPRVDSUHQGHU
3RU OR WDQWR OD JUDQ OHFFL³Q GH HVWR HV TXH FXDQGR HVW¡V DSUHQGLHQGR XQD
QXHYDKDELOLGDGGHEHVEXVFDUDTXHOORVDWDMRVTXHJHQHUDQORVPHMRUHVUHVXOWDGRV

&RQFHSWR$SUHQGL]DMHߡ-XVWRDWLHPSRߢ
8Q FRQFHSWR UHODFLRQDGR FRQ HO DSUHQGL]DMH DFHOHUDGR HV DOJR OODPDGR
DSUHQGL]DMHMXVWRDWLHPSR(QSRFDVSDODEUDVFDGDYH]TXHGHVHHVDSUHQGHUDOJR
QXHYRGHEHVSUHVWDUDWHQFL³QDODºQLFDLQIRUPDFL³QTXHVHSXHGHLPSOHPHQWDU
GHLQPHGLDWR(VWRSXHGHVHUXQGHVDI­RSDUDPXFKRVGHQRVRWURVSRUTXHKHPRV
VLGR DGRFWULQDGRV FRQ OD LGHD GH TXH QHFHVLWDPRV VHQWDUQRV GXUDQWH KRUDV D
HVWXGLDUSDUDDSUHQGHUXQFRQFHSWR
8Q PRGHOR PXFKR PHMRU HV VLPSOHPHQWH FHQWUDUVH HQ OR TXH VH QHFHVLWD
SDUDGDUHOVLJXLHQWHSDVRLPSOHPHQWDUHVDLQIRUPDFL³Q\OXHJRDSUHQGHUVREUH
HOSDVRTXHYLHQHGHVSX©V
3RUHMHPSORGLJDPRVTXHGHVHDVLQLFLDUXQQXHYRQHJRFLR (QOXJDUGH
WUDWDU GH DSUHQGHU WRGR OR TXH HVW¡ LQYROXFUDGR FRQ OD JHVWL³QGH XQD HPSUHVD
FRVDV FRPRODVLPSOLFDFLRQHVILVFDOHVFRQVHJXLUILQDQFLDPLHQWRRODHVWUXFWXUD
GH HPSUHVD P¡V FRQYHQLHQWH OR PHMRU HV FHQWUDUVH HQ HO SULPHU SDVR GHO
SURFHVR F³PR VDEHU VL WX LGHD GH QHJRFLR VHU¡ UHQWDEOH 7RGR OR GHP¡V OR
LJQRUDU¡VKDVWDTXHHVW©VVHJXURGHTXHVDEHVVLHOQHJRFLRVHU¡UHQWDEOH
1R VXEHVWLPHV HO SRGHU GHO DSUHQGL]DMH MXVWR D WLHPSR $ PHGLGD TXH
FRQVWUX\HVXQDQXHYDKDELOLGDGHVWHQWDGRUTXHUHUDSUHQGHUWRGRORTXHSXHGDV
SHURVLHVRHVMXVWDPHQWHORTXHHVW¡VKDFLHQGRQRWHHVW¡VGDQGRODRSRUWXQLGDG
GHVDOLU\SUREDUODVFRVDVTXHWHSURSRUFLRQDU¡QH[SHULHQFLDSU¡FWLFD
9HUHPRV P¡V DVSHFWRV GHO DSUHQGL]DMH MXVWR D WLHPSR D OR ODUJR GH OLEUR
SHUR KDVWD HQWRQFHV WHQ HQ FXHQWD TXH HV LPSRUWDQWH GHVJORVDU WRGDV ODV
KDELOLGDGHV HQ XQ SURFHVR HQ HO TXH WH FRQFHQWUHV HQ XQ ºQLFR SDVR DQWHV GH
LQWHQWDUDSUHQGHUVREUHHOVLJXLHQWH
(Q HO SU³[LPR FDS­WXOR YHUHPRV ORV GRV PRGRV GH SHQVDPLHQWR TXH WLHQH
QXHVWUR FHUHEUR OD LPSRUWDQFLD GHO VXH±R HQ HO DSUHQGL]DMH \ HO SULQFLSDO
SUREOHPD GH OD FRQFHQWUDFL³Q6L ELHQ DºQ QR OOHJDPRV D OD SDUWH SU¡FWLFD GHO
OLEURWHUHFRPLHQGRTXHOHDVHOVLJXLHQWHFDS­WXORDFRQVFLHQFLD\DTXHVHQWDU¡
ODVEDVHVSDUDSRWHQFLDUWXFDSDFLGDGGHDSUHQGL]DMH

 0RGRVGHSHQVDPLHQWR
6LHQWLHQGHVDXQQLYHOE¡VLFRF³PRIXQFLRQDWXFHUHEURSRGU¡VXWLOL]DUHVD
FRPSUHQVL³Q SDUD DSUHQGHU P¡V I¡FLOPHQWH \ FRQ PHQRV IUXVWUDFL³Q (Q HVWH
FDS­WXORWHHQVH±DU©F³PRIXQFLRQDWXFHUHEURHQUHODFL³QDODSUHQGL]DMH6H KD
GHVFXELHUWRTXHWHQHPRVGRVPRGRVGHSHQVDPLHQWRTXHVRQIXQGDPHQWDOPHQWH
GLIHUHQWHV\VHFRQRFHQFRPRߡPRGRHQIRFDGRߢ\ߡPRGRGLIXVRߢ
3RU OR JHQHUDO OD PD\RU­D HVWDPRV IDPLOLDUL]DGRV FRQ HO PRGR HQIRFDGR
(VWH HV HO PRGR GH SHQVDPLHQWR TXH XVDPRV FXDQGR LQWHQFLRQDOPHQWH QRV
FRQFHQWUDPRVHQDOJRHVSHF­ILFRSDUDDSUHQGHUORRFRPSUHQGHUOR6LQHPEDUJR
QRHVWDPRVWDQIDPLOLDUL]DGRVFRQHOSHQVDPLHQWRGLIXVRHOFXDOHVXQHVWLORGH
SHQVDPLHQWRP¡VUHODMDGRUHODFLRQDGRFRQXQHVWDGRGHGHVFDQVRQHXUDO
(OPRGRGHSHQVDPLHQWRHQIRFDGRHVXQPRGRGHSHQVDPLHQWRTXHXWLOL]D
SDWURQHV \ UHODFLRQHV FRQRFLGDV HQWUH GLVWLQWDV LGHDV E¡VLFD(V XQD HVSHFLH GH
UHDFFL³Q HQ FDGHQD HQ TXH XQ SHQVDPLHQWR HQFLHQGH RWUR KDVWD TXH b%RRP
/RJUDVUHVROYHUHOSUREOHPDTXHHVW¡VLQWHQWDQGRVROXFLRQDURORJUDVHQWHQGHUHO
FRQFHSWR TXH HVW¡V LQWHQWDQGR FRPSUHQGHU \D TXH HQFRQWUDVWH TXH HVW¡
UHODFLRQDGR FRQ DOJR FRQ OR TXH \D HVW¡V IDPLOLDUL]DGR (V FRPR VL ORV
SHQVDPLHQWRV VH PRYLHUDQ SRU XQD FDUUHWHUD QHXUDO ELHQ SDYLPHQWDGD
DFWLY¡QGRVHXQRWUDVRWURKDVWDOOHJDUDODVROXFL³Q
3HUR<VLHOSUREOHPDHQHOTXHHVW¡VWUDEDMDQGRQHFHVLWDLGHDVQXHYDV R
HQIRTXHVTXHQXQFDDQWHVKDVXVDGR"
&XDQGR HVWR RFXUUH QXHVWURV SHQVDPLHQWRV VH TXHGDQ VLQ XQD FDUUHWHUD
QHXUDO SRU OD TXH PRYHUVH 1R WHQHPRV XQ SDWU³Q 1R VDEHPRV F³PR OXFH OD
VROXFL³Q\WDPSRFRFRQTX©UHODFLRQDUODVQXHYDVLGHDVSDUDFRPSUHQGHUODV
(QWRQFHV&³PRGHVDUUROODPRVHVHQXHYRSDWU³QGHSHQVDPLHQWR"
3DUD OOHJDU D HVWH QXHYR SDWU³Q XVDPRV XQD IRUPD GH SHQVDU HVSHFLDO
UHSUHVHQWDGD SRU HO PRGR GLIXVR (Q HVWH FDVR WX SHQVDPLHQWR DUUDQFD \ VH
PXHYHHQGLVWLQWDVGLUHFFLRQHVUHERWDQGRFKRFDQGRFRQREVW¡FXORVFDPELDQGR
GH GLUHFFL³Q \ UHFRUULHQGR XQ ODUJR WUHFKR KDVWD JROSHDU FRQ XQD SDUHG SDUD
FDPELDUQXHYDPHQWHGHGLUHFFL³Q(QHVWHPRGRGHSHQVDPLHQWRSXHGHVYHUODV
FRVDV GHVGH XQD SHUVSHFWLYD PXFKR P¡V DPSOLD 3XHGHV KDFHU QXHYDV
FRQH[LRQHVQHXURQDOHVTXHUHFRUUHQQXHYRVFDPLQRV1RSXHGHVFRQFHQWUDUWHWDQ
ILMDPHQWHFRPRVXHOHVKDFHUORFXDQGRHQWLHQGHVORVDVSHFWRVP¡VVXWLOHVGHXQ
FRQFHSWR SHUR SXHGHV DO PHQRV FRPHQ]DU D FUHDU QXHYRV FDPLQRV TXH OXHJR
QHFHVLWDU¡V SDUD HQFRQWUDU XQD VROXFL³Q PHGLDQWH HO PRGR GH SHQVDPLHQWR
HQIRFDGR
/DPHQWDEOHPHQWHWDOFRPRORVQHXURFLHQW­ILFRVORHQWLHQGHQKR\HQG­DQR
SRGHPRVHVWDUHQDPERVPRGRVGHSHQVDPLHQWRDOPLVPRWLHPSR6LQHPEDUJR
D FRQWLQXDFL³Q YHUHPRV F³PR GRV GH ODV PHQWHV P¡V JHQLDOHV GH OD KLVWRULD
XVDEDQDPERVPRGRVGHSHQVDPLHQWRSDUDVXVJUDQGHVߡFUHDFLRQHVߢ
 6DOYDGRU'DO­
6DOYDGRU 'DO­ IXH XQ SLQWRU VXUUHDOLVWD PX\ FRQRFLGR GHO VLJOR ;;(V OD
FODUD GHILQLFL³Q GH XQ SHUVRQDMH OLEUH \ ORFR TXH VRO­D XVDU XQD W©FQLFD PX\
LQWHUHVDQWH TXH OR D\XGDED D FUHDU SLQWXUDV VXUUHDOLVWDV VRUSUHQGHQWHPHQWH
FUHDWLYDV'DO­VRO­DUHODMDUVHHQXQDVLOOD\GHMDUTXHVXPHQWHYDJDUDDOSHQVDU
HQDOJRHQORTXH\DVHKDE­DFRQFHQWUDGRSUHYLDPHQWH6RO­DWHQHUXQDOODYHHQ
VXPDQRPRYL©QGRODMXVWRSRUHQFLPDGHOVXHOR&XDQGRFRPHQ]DEDDHQWUDUHQ
VXV VXH±RV TXHG¡QGRVH GRUPLGR OD OODYH VH OH FD­D GH OD PDQR \ HO UXLGR OR
GHVSHUWDED MXVWR D WLHPSR SDUD TXH SXGLHVH UHFRJHU HVDV FRQH[LRQHV H LGHDV
GLIXVDV TXHHVWDEDQHQVXPHQWH'HVSX©V UHJUHVDED DO PRGR GH FRQFHQWUDFL³Q
LQFRUSRUDQGRODVQXHYDVFRQH[LRQHVTXHKDE­DKHFKRPLHQWUDVHVWDEDHQHOPRGR
GLIXVR
4XL]¡VSLHQVHVTXHHVRHVW¡ELHQSDUDXQDUWLVWDSHUR&³PRVHUHODFLRQD
HVWRFRQORVSURFHVRVGHSHQVDPLHQWRP¡VߡFLHQW­ILFRVߢ"
 7KRPDV(GLVRQ
+DEOHPRVHQWRQFHVGH7KRPDV(GLVRQ(GLVRQHVXQRGHORVLQYHQWRUHVP¡V
SURO­ILFRVGHODKLVWRULD6HJºQODOH\HQGDORTXH(GLVRQVRO­DKDFHUHUDVHQWDUVH
\ UHODMDUVH HQ VX VLOOD VRVWHQLHQGR URGDPLHQWRV HQ VX PDQR 6H UHODMDED
OLEHUDQGR VXV SHQVDPLHQWRV \ VX PHQWH DXQTXH D PHQXGR WHUPLQDED SHQVDQGR
HQ OR PLVPR HQ OR TXH SUHYLDPHQWH KDE­D HVWDGR FRQFHQWUDGR SHUR P¡V
UHODMDGDPHQWH&XDQGR(GLVRQVHGRUP­DHOURGDPLHQWRVHFD­D\KDF­DUXLGRHQ
HO SLVR WDO FRPR VXFHG­D FRQ 'DO­ (VWR OR GHVSHUWDED \ FDSWXUDED ODV LGHDV
JHQHUDGDVHQHOPRGRGLIXVROOHY¡QGRODVDOPRGRFRQFHQWUDGR\FRQVWUX\HQGRD
SDUWLUGHDOO­
(QWRQFHVXQDGHODVFRVDVTXHSRGHPRVDSUHQGHUGHHVWDVPHQWHVEULOODQWHV
HV TXH FXDQGR HVWDPRV DSUHQGLHQGR DOJR QXHYR HVSHFLDOPHQWH DOJR GLI­FLO
QXHVWUD PHQWH QHFHVLWD FDPELDU GH XQ PRGR GH DSUHQGL]DMH D RWUR(VWR SXHGH
FRPSDUDUVHDIRUWDOHFHUWXVPºVFXORVPHGLDQWHHOOHYDQWDPLHQWRGHSHVDV1XQFD
SHQVDU­DVHQSDUWLFLSDUHQXQDFRPSHWHQFLDGHOHYDQWDPLHQWRGHSHVDVHVSHUDQGR
MXVWRKDVWDHOG­DDQWHVSDUDFRPHQ]DUDHQWUHQDUFRPRXQORFR3DUDIRUWDOHFHUWX
HVWUXFWXUD PXVFXODU GHEHV WUDEDMDU XQ SRFR FDGD G­D SHUPLWLHQGR TXH WXV
PºVFXORV YD\DQ FUHFLHQGR,JXDOPHQWH SDUD FRQVWUXLU XQD HVWUXFWXUD QHXURQDO
KD\ TXH WUDEDMDU XQ SRFR FDGD G­D FRQVWUX\HQGR SRFR D SRFR XQD EDVH GH
QHXURQDVVREUHODVTXHLUFRQVWUX\HQGRQXHYRVSHQVDPLHQWRVXQSRFRFDGDG­D
(VHHVHOWUXFRGHORVPRPHQWRVߡ(XUHNDߢ
3HUVRQDOPHQWH QR XWLOL]R HO P©WRGR GH 'DO­ R (GLVRQ VLQR TXH GHVFXEU­
TXHHQPLFDVRWURWDURHMHUFLWDUPHDODLUHOLEUHHVXQP©WRGRPDUDYLOORVRSDUD
GHVFRQHFWDUODPHQWHGHOWUHQQRUPDOGHSHQVDPLHQWR\VHKDFHPX\SRVLEOHTXH
DSDUH]FDQQXHYRVSHQVDPLHQWRV\QXHYDVLGHDV$PHQXGRHVDVQXHYDVLGHDVVRQ
ºWLOHV P¡V WDUGH SHUR HO ºQLFR SUREOHPD HV TXH DO PRPHQWR TXH UHJUHVR \ PH
GR\ XQD GXFKD PXFKDV \D VH KDQ HYDSRUDGR3RU HVR PH JXVWD WHQHU VLHPSUH
FRQPLJRDOJºQPHGLRSDUDWRPDUQRWDVTXHSRUORJHQHUDOHVPL6PDUWSKRQH
 /DLPSRUWDQFLDGHOVXH±RHQHODSUHQGL]DMH
(VWR\VHJXURTXHWHVRUSUHQGHU¡VDEHUTXHHOVRORKHFKRGHHVWDUGHVSLHUWR
JHQHUD SURGXFWRV W³[LFRV HQ WX FHUHEUR3HUR &³PR VH GHVKDFH HO FHUHEUR GH
HVWRVYHQHQRV"
&XDQGRGRUPLPRVQXHVWUDVF©OXODVFHUHEUDOHVVHHQFRJHQ(VWRSURYRFDXQ
DXPHQWRHQHOHVSDFLRTXHKD\HQWUHQXHVWUDVF©OXODVFHUHEUDOHVORTXHSHUPLWH
TXHORVIOXLGRVSXHGDQIOXLUHQWUHODVF©OXODV\OOHYDUVHODVWR[LQDV(OVXH±RTXH
DYHFHVSDUHFHUVHUXQDS©UGLGDGHWLHPSRHVHQUHDOLGDGODIRUPDHQTXHQXHVWUR
FHUHEUR VH PDQWLHQH OLPSLR \ VDOXGDEOH9D\DPRV GLUHFWR D OD LGHD FU­WLFD /DV
WR[LQDVLPSLGHQTXHSHQVHPRVFRQFODULGDG(VFRPRVLLQWHQW¡UDPRVPDQHMDUXQ
DXWRP³YLOTXHWLHQHD]ºFDUHQHOWDQTXHGHJDVROLQD
'HKHFKRGRUPLUSRFRQRV³ORWHSURGXFHSUREOHPDVGHFRQFHQWUDFL³QVLQR
TXH GRUPLU SRFR GXUDQWH PXFKR WLHPSR WDPEL©Q VH DVRFLD D WRGR WLSR GH
FRQGLFLRQHV SHUMXGLFLDOHV LQFOX\HQGR GRORUHV GH FDEH]D GHSUHVL³Q
HQIHUPHGDGHVFDUGLDFDVGLDEHWHVHLQFOXVRXQDGLVPLQXFL³QGHODHVSHUDQ]DGH
YLGD 3HUR HO VXH±R KDFH PXFKR P¡V TXH V³OR SHUPLWLU TXH QXHVWUR FHUHEUR
HOLPLQHODVWR[LQDV'HKHFKRHVSDUWHLPSRUWDQWHGHOSURFHVRGHODPHPRULD\
GHODSUHQGL]DMH3DUHFHVHUTXHHVGXUDQWHHOVXH±RTXHQXHVWURFHUHEURSRQHHQ
RUGHQODVLGHDV\FRQFHSWRVTXHDSUHQGHPRV%RUUDODVSDUWHVPHQRVLPSRUWDQWHV
GH ORV UHFXHUGRV \ DO PLVPR WLHPSR IRUWDOHFH ODV ¡UHDV TXH QHFHVLWDPRV R
GHVHDPRV UHFRUGDU 'XUDQWH HO VXH±R HO FHUHEUR WDPEL©Q UHSLWH ORV SDWURQHV
QHXUDOHVSDUDSURIXQGL]DUORV\IRUWDOHFHUORV
7DPEL©QVHKDGHPRVWUDGRTXHHOVXH±RKDFHXQDJUDQGLIHUHQFLDHQQXHVWUD
FDSDFLGDG SDUD UHVROYHU SUREOHPDV \ SDUD HQWHQGHU OR TXH HVWDPRV LQWHQWDQGR
DSUHQGHU(V FRPR VL OD GHVDFWLYDFL³Q FRPSOHWD GH QXHVWUR \R FRQVFLHQWH HQ OD
FRUWH]D SUHIURQWDO D\XGDUD D RWUDV ¡UHDV GHO FHUHEUR D HPSH]DU D KDEODU P¡V
I¡FLOPHQWHHQWUHV­SHUPLWL©QGROHVJHQHUDUXQDVROXFL³QQHXUDODQXHVWUDWDUHDGH
DSUHQGL]DMH PLHQWUDV HVWDPRV GXUPLHQGR 3RU VXSXHVWR SDUD KDFHU XQ XVR
HIHFWLYRGHOPRGRGLIXVRSULPHURGHEHPRVSODQWDUODVHPLOODHQQXHVWURFHUHEUR
XVDQGRHOPRGRHQIRFDGR
 (OSULQFLSDOSUREOHPDGHODFRQFHQWUDFL³Q
8QDFFLGHQWHFHUHEURYDVFXODUSXHGHFDXVDUXQDFRQGLFL³QLQXVXDOFRQRFLGD
FRPR WUDVWRUQR SHUFHSWLYR GH DPSOLD SHUVSHFWLYD GHO KHPLVIHULR GHUHFKR
4XLHQHVWLHQHQHVWHGHVRUGHQSXHGHQIXQFLRQDUSHURV³ORSDUFLDOPHQWH3XHGHQ
UHWHQHUVXLQWHOLJHQFLD\KDVWDVXVIRUPLGDEOHVGHVWUH]DVSDUDUHVROYHUSUREOHPDV
FRPSOHMRV GH PDWHP¡WLFD VL HV TXH WHQ­DQ HVDV GHVWUH]DV DQWHV SHUR XQ KHFKR
LQWHUHVDQWHHVTXHVLFRPHWHQXQHUURUHQVXVF¡OFXORV\OOHJDQDXQDFRQFOXVL³Q
TXHQRWLHQHVHQWLGRFRPRTXHXQSXHVWRGHSHUURVFDOLHQWHVWLHQHXQDJDQDQFLD
GHXQELOO³QGHG³ODUHVHQXQPHVHVRQROHVPROHVWDQLOHVOODPDODDWHQFL³Q1R
WLHQHQXQDUHDFFL³QQLXQDSHUVSHFWLYDTXHOHVGLJDTXHHVDLQIRUPDFL³QQRWLHQH
VHQWLGR
0XFKDVLQYHVWLJDFLRQHVVXJLHUHQTXHHOKHPLVIHULRGHUHFKRQRVD\XGDDGDU
XQ SDVRDWU¡VSDUDSRQHUQXHVWURWUDEDMRHQSHUVSHFWLYD\ODVSHUVRQDVTXHKDQ
VXIULGR GD±RV HQ VX KHPLVIHULR GHUHFKR FRQ IUHFXHQFLD QR ORJUDQ WHQHU
SHUVSHFWLYD (O KHPLVIHULR GHUHFKR HV YLWDOPHQWH LPSRUWDQWH SDUD DFWXDU GH
PDQHUD UHDOLVWD \ ODV SHUVRQDV TXH KDQ VXIULGR DWDTXHV FHUHEURYDVFXODUHV QRV
UHFXHUGDQODVFRQVHFXHQFLDVGHQRXVDUWRGDVQXHVWUDVKDELOLGDGHVFRJQLWLYDVHQ
ODV TXH SDUWLFLSDQ PXFKDV ¡UHDV GHO FHUHEUR (O V³OR KHFKR GH GHMDU GH XVDU
OLJHUDPHQWH DOJXQD GH QXHVWUDV KDELOLGDGHV SXHGH WHQHU XQ LPSDFWR
VRUSUHQGHQWHPHQWH QHJDWLYR HQ QXHVWUR WUDEDMR'H DOJºQ PRGR FXDQGR KDFHV
PX\U¡SLGDPHQWHXQDWDUHD\QRWHGHWLHQHVDUHYLVDUWXWUDEDMRHVW¡VDFWXDQGR
XQ SRFR FRPR DOJXLHQ TXH VH QLHJD D XWLOL]DU SDUWHV GH VX FHUHEUR \ TXH QR VH
GHWLHQH D UHYLVDU OR TXH KD KHFKR YL©QGROR HQ SHUVSHFWLYD D ILQ GH YHULILFDU VL
WLHQHVHQWLGR
7DOFRPRVH±DO³HOHPLQHQWHQHXURFLHQW­ILFR9LOD\DQXU65DPDFKDQGUDQHO
KHPLVIHULRGHUHFKRVLUYHFRPRXQDHVSHFLHGHDERJDGRGHOGLDEORTXHFXHVWLRQD
HO VWDWXV TXR \ EXVFD LQFRQVLVWHQFLDV JOREDOHV PLHQWUDV TXH HO KHPLVIHULR
L]TXLHUGR SRU HO FRQWUDULR LQWHQWD DIHUUDUVH ODV FRVDV FRPR HVWDEDQ (VWR QRV
UHFXHUGD HO WUDEDMR GHO SVLF³ORJR 0LFKDHO *D]]DQLJD TXH SURSXVR TXH HO
KHPLVIHULR L]TXLHUGR LQWHUSUHWD DO PXQGR GH DFXHUGR D QXHVWURV GHVHRV \ KDU¡
LQPHQVRVHVIXHU]RVSDUDTXHHVDVLQWHUSUHWDFLRQHVQRFDPELHQ
&XDQGRWUDEDMDVHQHOPRGRHQIRFDGRHVI¡FLOFRPHWHUHUURUHVPHQRUHVTXH
SURGX]FDQ UHVXOWDGRV VLQ VHQWLGR SHUR TXH QR WH LPSRUWDQ SRUTXH HO PRGR
HQIRFDGR GHOKHPLVIHULRL]TXLHUGRWLHQHDVRFLDGRXQGHVHRDDIHUUDUVHDORTXH
KDVKHFKR‰VHHVHOSUREOHPDFRQODFRQFHQWUDFL³Q$YHFHVQRVSURSRUFLRQDXQ
HQIRTXH DQDO­WLFR \ RSWLPLVWD D SHVDU GH OD DEXQGDQFLD GH HYLGHQFLDV TXH
VXJLHUHQTXHWDPEL©QKD\XQSRWHQFLDOSDUDHOHJRFHQWULVPR
6LQHPEDUJRFXDQGRHUHVFRQVFLHQWHGHHVWHSUREOHPD\GDVXQSDVRDWU¡V
SDUD UHYLVDU OR TXH KDV KHFKR R OR TXH KDV DSUHQGLGR HVW¡V SHUPLWLHQGR TXH
KD\D P¡VLQWHUDFFL³QHQWUHDPERV KHPLVIHULRVFHUHEUDOHVDSURYHFKDQGR DV­ODV
SHUVSHFWLYDV\GHVWUH]DVHVSHFLDOHVGHFDGDXQR
(Q HO SU³[LPR FDS­WXOR GDUHPRV XQ YLVWD]R XQ SRFR P¡V SURIXQGR DO
FHUHEUR

 8QYLVWD]RDWXFHUHEUR
'HPRV XQ YLVWD]R D WX FHUHEUR 6L HUHV XQ DGXOWR WX FHUHEUR SHVD
DSUR[LPDGDPHQWHNLORJUDPRVSHURFRQVXPHYHFHVP¡VHQHUJ­DSRUSHVR
TXH HO UHVWR GHO FXHUSR (V XQ ³UJDQR PX\ FRVWRVR \ HV HO GLVSRVLWLYR P¡V
FRPSOHMR TXH H[LVWH HQ HO XQLYHUVR FRQRFLGR 7RGRV WXV SHQVDPLHQWRV
HVSHUDQ]DV\PLHGRVYLYHQHQODVQHXURQDVGHWXFHUHEUR
+D VLGR XQD VRUSUHVD GHVFXEULU TXH OR TXH KDFHPRV WDQ ELHQ \ DVXPLPRV
FRPR IXQFLRQHV E¡VLFDV FRPR YHU HVFXFKDU DOFDQ]DU FRVDV R FRUUHU VRQ
SUREOHPDV PXFKR P¡V FRPSOHMRV GH OR TXH SHQV¡EDPRV \ QL VLTXLHUD ODV
FRPSXWDGRUDVGHPD\RUFDSDFLGDGGHOPXQGRORSXHGHQUHDOL]DUDQXHVWURQLYHO
/RV FHUHEURV HYROXFLRQDURQ SDUD D\XGDUQRV D QDYHJDU HQ DPELHQWHV
FRPSOHMRV\ODPD\RUSDUWHGHOWUDEDMRVHUHDOL]DSRUGHEDMRGHQXHVWURQLYHOGH
FRQFLHQFLD(QODDFWXDOLGDGV³ORFRQRFHPRVXQDIUDFFL³QPX\SHTXH±DGHWRGD
OD DFWLYLGDG TXH RFXUUH HQ HO FHUHEUR SHUR PHGLDQWH W©FQLFDV GH LPDJHQRORJ­D
FHUHEUDO VDEHPRV TXH H[LVWHQ PLOHV GH ELOORQHV GH VLQDSVLV FRQH[LRQHV HQWUH
QHXURQDVHQQXHVWURFHUHEURGRQGHVHDOPDFHQDQORVUHFXHUGRV$QWLJXDPHQWH
VHFUH­DTXHGHVSX©VGHTXHHOFHUHEURPDGXUDEDODLQWHQVLGDG\ODFDQWLGDGGH
ODVVLQDSVLVQRFDPELDEDPXFKRDORODUJRGHODYLGDDPHQRVTXHH[LVWLHUDGD±R
FHUHEUDO6LQHPEDUJRDKRUDVDEHPRVTXHODFRQHFWLYLGDGFHUHEUDOHVGLQ¡PLFD
GXUDQWHWRGDODYLGD\FRQODVQXHYDVW©FQLFDV³SWLFDVKHPRVORJUDGRYHUTXHKD\
XQDURWDFL³QFRQVWDQWHGHVLQDSVLVHVGHFLUDPHGLGDTXHQXHYDVFRQH[LRQHVVH
IRUPDQRWUDVGHVDSDUHFHQ\YLFHYHUVD(VWRLOXVWUDTXHKR\QRHUHVODPLVPD
SHUVRQDTXHHUDVD\HU(VGHFLUQRVDFRVWDPRVFRQXQFHUHEUR\QRVOHYDQWDPRV
FRQXQRDFWXDOL]DGR
(VWR QRV SODQWHD XQ HQLJPD &RQ WDQWD URWDFL³Q QHXURQDO &³PR
SHUPDQHFHQ HVWDEOHV ORV UHFXHUGRV GXUDQWH WDQWRV D±RV" 'HVFXEULUHPRV HVWD
UHVSXHVWD HQ HO VLJXLHQWH FDS­WXOR VREUH OD PHPRULD SHUR DQWHV DSUHQGHUHPRV
TX©VRQORVQHXURPRGXODGRUHV
 0RWLYDFL³Q\QHXURPRGXODGRUHV
/D PD\RU­D GH ODV QHXURQDV TXH HVW¡Q HQ WX FRUWH]D FHUHEUDO OOHYDQ
LQIRUPDFL³Q VREUH OR TXH HVW¡ VXFHGLHQGR D WX DOUHGHGRU \ VREUH OR TXH HVW¡V
KDFLHQGR 7X FHUHEUR WDPEL©Q WLHQH XQ FRQMXQWR GH VLVWHPDV GH
QHXURPRGXODGRUHV TXH OOHYDQ LQIRUPDFL³Q QR VREUH HO FRQWHQLGR GH XQD
H[SHULHQFLD VLQR VREUH VX LPSRUWDQFLD \ VX YDORU SDUD WX IXWXUR /RV
QHXURPRGXODGRUHVVRQTX­PLFRVTXHLQIOX\HQHQF³PRXQDQHXURQDUHVSRQGHD
RWUDV QHXURQDV (Q HVWH FDS­WXOR KDEODUHPRV GH WUHV GH HOODV $FHWLOFROLQD
GRSDPLQD\VHURWRQLQD
/DVQHXURQDVGHDFHWLOFROLQDIRUPDQFRQH[LRQHVQHXURPRGXODWRULDVTXHVRQ
PX\LPSRUWDQWHVSDUDHODSUHQGL]DMHHQIRFDGRHVGHFLUFXDQGRHVW¡VSUHVWDQGR
WRGD WX DWHQFL³Q (VWDV QHXURQDV GH DFHWLOFROLQD VH SUR\HFWDQ DPSOLDPHQWH \
DFWLYDQ FLUFXLWRV TXH FRQWURODQ OD SODVWLFLGDG VLQ¡SWLFD OR TXH FRQGXFH D OD
FUHDFL³QGHQXHYRVUHFXHUGRVDODUJRSOD]R
/RVQHXURPRGXODGRUHVWDPEL©QWLHQHQXQSURIXQGRLPSDFWRVREUHWXPHQWH
VXEFRQVFLHQWH8QRGHORVJUDQGHVGHVFXEULPLHQWRVTXHVHKDQUHDOL]DGRVREUHHO
FHUHEURIXHTXHDQXHVWUDPRWLYDFL³QODFRQWURODXQDVXVWDQFLDTX­PLFDOODPDGD
GRSDPLQDTXHVHHQFXHQWUDHQXQSHTXH±RFRQMXQWRGHQHXURQDVXELFDGDVHQHO
WURQFR FHUHEUDO (VWDV QHXURQDV GH GRSDPLQD IRUPDQ SDUWH GHO JUDQ VLVWHPD
FHUHEUDOTXHFRQWURODHODSUHQGL]DMHSRUUHFRPSHQVD\OLEHUDQGRSDPLQDFXDQGR
UHFLEHQ XQD UHFRPSHQVD LQHVSHUDGD /DV VH±DOHV GH OD GRSDPLQD VH SUR\HFWDQ
DPSOLDPHQWH \ WLHQHQ XQ HIHFWR SRGHURVR (VWR WDPEL©Q DIHFWD OD WRPD GH
GHFLVLRQHVHLQFOXVRHOYDORUGHODVHQWUDGDVVHQVRULDOHV
/DGRSDPLQDQRV³ORVHRFXSDGHODVUHFRPSHQVDVLQPHGLDWDVVLQRWDPEL©Q
GH SUHGHFLUIXWXUDVUHFRPSHQVDV(VWR WH SXHGH PRWLYDU D KDFHU DOJR TXH QR WH
UHFRPSHQVH DKRUD VLQR TXH WH FRQGX]FD D XQD UHFRPSHQVD PXFKR PHMRU HQ HO
IXWXUR /DV GURJDV DGLFWLYDV DXPHQWDQ DUWLILFLDOPHQWH OD DFWLYLGDG GH OD
GRSDPLQD\HQJD±DQDWXFHUHEURSDUDTXHSLHQVHTXHVXFHGL³DOJRPDUDYLOORVR
DXQTXHHQUHDOLGDGVXFHGL³MXVWRORFRQWUDULR(VWRHVORTXHFRQGXFHDDQWRMRV\
GHSHQGHQFLD
/DS©UGLGDGHQHXURQDVGHGRSDPLQDSURGXFHFDUHQFLDGHPRWLYDFL³Q\DOJR
OODPDGRDQKHGRQLDTXHHVODS©UGLGDGHLQWHU©VHQODVFRVDVTXHDQWHVWHGDEDQ
SODFHU /D S©UGLGD VHYHUD GH GRSDPLQD FDXVD WHPEORUHV HQ UHSRVR OHQWLWXG \
ULJLGH] (VWR HV OR TXH VH FRQRFH FRPR HQIHUPHGDG GH 3DUNLQVRQ )LQDOPHQWH
OOHYDDODFDWDWRQLDTXHHVODIDOWDDEVROXWDGHPRYLPLHQWR
 /DVHURWRQLQDHVXQWHUFHUVLVWHPDQHXURPRGXODGRUTXHDIHFWDIXHUWHPHQWH
WXYLGDVRFLDO(QODVPDQDGDVGHPRQRVHOPDFKRDOIDWLHQHHOQLYHOP¡VDOWRGH
DFWLYLGDGGHVHURWRQLQD\HOPDFKRGHPHQRUUDQJRWLHQHORVQLYHOHVP¡VEDMRV
(O3UR]DFTXHVHSUHVFULEHSDUDORVFDVRVGHGHSUHVL³QFO­QLFDHOHYDHOQLYHOGH
DFWLYLGDG GH OD VHURWRQLQD (O QLYHO GH VHURWRQLQD WDPEL©Q VH DVRFLD DO
FRPSRUWDPLHQWRDUULHVJDGR/RVPRQRVFRQEDMRVQLYHOHVGHVHURWRQLQDVRQP¡V
DUULHVJDGRV DO LJXDO TXH ORV SULVLRQHURV TXH HVW¡Q HQ OD F¡UFHO SRU FU­PHQHV
YLROHQWRVWDPEL©QWLHQHQORVQLYHOHVP¡VEDMRVGHVHURWRQLQDGHODVRFLHGDG
3RUºOWLPRWXVHPRFLRQHVDIHFWDQIXHUWHPHQWHWXFDSDFLGDGGHDSUHQGL]DMH
$QWHV VH FUH­D TXH ODV HPRFLRQHV HVWDEDQ VHSDUDGDV GH OR FRJQLWLYR SHUR
LQYHVWLJDFLRQHVUHFLHQWHVKDQPRVWUDGRTXHODVHPRFLRQHVHVW¡QHQWUHOD]DGDVFRQ
ODSHUFHSFL³QODDWHQFL³QHLQWHUDFWºDQFRQHODSUHQGL]DMH\ODPHPRULD
/DDP­JGDODHVXQDHVWUXFWXUDFRQIRUPDGHDOPHQGUDDQLGDGDHQODEDVHGHO
FHUHEURHVXQRGHORVPD\RUHVFHQWURVHQORVTXHVHLQWHJUDQHIHFWLYDPHQWHOD
FRJQLFL³Q\ODHPRFL³Q/DDP­JGDODIRUPDSDUWHGHOVLVWHPDO­PELFRTXHMXQWR
FRQ HO KLSRFDPSR VH LQYROXFUD HQ SURFHVDU ORV UHFXHUGRV \ HQ OD WRPD GH
GHFLVLRQHV DV­ FRPR HQ OD UHJXODFL³Q GH ODV UHDFFLRQHV HPRFLRQDOHV 3DUD
DSUHQGHUHIHFWLYDPHQWHWLHQHVTXHPDQWHQHUIHOL]DWXDP­JGDOD/DVHPRFLRQHV
\WXVVLVWHPDVQHXURPRGXODWRULRVVRQP¡VOHQWRVTXHODSHUFHSFL³Q\ODDFFL³Q
SHURQRVRQPHQRVLPSRUWDQWHVHQHODSUHQGL]DMH
6LTXLHUHVDSUHQGHUP¡VVREUHODDFHWLOFROLQDODGRSDPLQD\ODVHURWRQLQD
WH UHFRPLHQGRTXHEXVTXHVHQ ZZZEUDLQIDFWVRUJ TXH HV XQ VLWLR ZHE UHSOHWR
GHKHFKRVYDOLRVRVVREUHHOFHUHEURDXQTXHHVW¡HQLQJO©VSHURQRHVQDGDTXH
HOWUDGXFWRUGH*RRJOHQRSXHGDUHVROYHU

 /DPHPRULD
3UREDEOHPHQWH QR WH VRUSUHQGHU¡ VDEHU TXH WHQHPRV XQ H[WUDRUGLQDULR
VLVWHPDGHPHPRULDYLVXDO\HVSDFLDOTXHQRVSXHGHD\XGDUDSRWHQFLDUHOSRGHU
GH QXHVWUR FHUHEUR 6L WH SLGR TXH GHV XQ YLVWD]R D XQD FDVD TXH QXQFD KDV
YLVLWDGRDQWHVHQSRFRWLHPSR\DWHQGU­DVXQDLGHDGHODGLVWULEXFL³QJHQHUDOGH
ORV PXHEOHV GH G³QGH HVW¡Q ODV KDELWDFLRQHV GH ORV FRORUHV GH ODV SDUHGHV H
LQFOXVR GH ORV FRORUHV GH ODV PHGLFLQDV HQ HO JDELQHWH GHO ED±R (Q SRFRV
PLQXWRV WX PHQWH DGTXLULU­D \ UHWHQGU­D PLOHV GH QXHYDV SLH]DV GH LQIRUPDFL³Q
TXH VH PDQWHQGU¡Q HQ WX FDEH]D GXUDQWH VHPDQDV 3RU RWUR ODGR VL V³OR WH
OLPLWDUDVDOHHUVREUHODVFDUDFWHU­VWLFDVGHODFDVDSUREDEOHPHQWHODLQIRUPDFL³Q
TXHUHWHQGU­DVVHU­DPXFKRPHQRU
1XHVWURV DQFHVWURV QXQFD QHFHVLWDURQ XQD H[WHQVD PHPRULD SDUD UHFRUGDU
QRPEUHVQLQºPHURVSHURV­QHFHVLWDEDQUHFRUGDUF³PRUHJUHVDUDFDVDGHVSX©V
GH VDOLU D FD]DU SRU YDULRV G­DV /DV QHFHVLGDGHV HYROXWLYDV QRV D\XGDURQ D
FRQVROLGDUXQVLVWHPDVXSHULRUGHPHPRULDSDUDUHFRUGDUG³QGHHVW¡QODVFRVDV\
F³PROXFHQ
3DUDHPSH]DUDDSURYHFKDUHVWHVLVWHPDGHPHPRULDYLVXDOVRORGHEHVFUHDU
XQD LPDJHQ PX\ PHPRUDEOH TXH UHSUHVHQWH XQ DUW­FXOR FODYH TXH GHVHHV
UHFRUGDU 8QD LPDJHQ WH D\XGD D HQFDSVXODU XQ FRQFHSWR DSDUHQWHPHQWH
PRQ³WRQR \ GLI­FLO GH UHFRUGDU \ FRQHFWDUOR GLUHFWDPHQWH FRQ ORV FHQWURV
HVSDFLDOHVGHOKHPLVIHULRGHUHFKRGHOFHUHEUR
(VWH HV HO SULQFLSLR IXQGDPHQWDO HQ HO TXH VH EDVD XQD GH ODV PHMRUHV
W©FQLFDV GH PHPRUL]DFL³Q H[LVWHQWHV OODPDGD HO SDODFLR GH OD PHPRULD \ OD
DSUHQGHU¡V XQ SRFR P¡V DGHODQWH SHUR DKRUD YHUHPRV ORV GLVWLQWRV WLSRV GH
PHPRULDTXHSRVHHQXHVWURFHUHEUR
 7LSRVGHPHPRULD
([LVWHQGRVWLSRVGHPHPRULD/DPHPRULDDODUJRSOD]R\ODPHPRULDGH
WUDEDMR&XDQGRSLHQVDVHQWXQL±H]HVW¡VUHFXUULHQGRDSRUFLRQHVGHWXFHUHEUR
TXH HVW¡Q LQYROXFUDGDV FRQ OD PHPRULD D ODUJR SOD]R&XDQGR OR TXH KDFHV HV
LQWHQWDUPDQWHQHUDOJXQDVLGHDVHQWXPHQWHSDUDFRQHFWDUODVFRQRWUDVLGHDVGH
PRGRGHORJUDUHQWHQGHUXQFRQFHSWRRUHVROYHUXQSUREOHPDHVW¡VXWLOL]DQGRWX
PHPRULDGHWUDEDMR(YLGHQWHPHQWHDYHFHVOOHYDVFRVDVGHWXPHPRULDGHODUJR
SOD]RKDFLDWXPHPRULDGHWUDEDMRSDUDSRGHUSHQVDUHQHOOR(QWRQFHVORVGRV
WLSRVGHPHPRULDHVW¡QUHODFLRQDGRV
,PSRUWDQWH/DPHPRULDGHWUDEDMRWDPEL©QVHFRQRFHFRPRPHPRULDDFRUWR
SOD]RSHURSUHILHURUHIHULUPHDHOODFRPRPHPRULDGHWUDEDMR\DTXHSDUDHVR
ODXVDPRV
(QUHDOLGDGH[LVWHQPXFKDVRWUDVIRUPDVGHPHPRULDSHURSDUDHVWHFXUVR
VREUHHODSUHQGL]DMHKDEODUHPRVXQLFDPHQWHVREUHHVWRVGRVVLVWHPDV
(QWRQFHVODPHPRULDGHWUDEDMRHVODSDUWHGHODPHPRULDTXHWLHQHTXHYHU
FRQ OR TXH HVWDPRV SURFHVDQGR LQPHGLDWDPHQWH \ FRQVFLHQWHPHQWH (VW¡
FHQWUDGD HQ OD FRUWH]D SUHIURQWDO DXQTXH FRPR OR YHUHPRV GHVSX©V WDPEL©Q
H[LVWHQ FRQH[LRQHV D RWUDV SDUWHV GH QXHVWUR FHUHEUR GH PRGR TXH SRGDPRV
WHQHUDFFHVRDORVUHFXHUGRVDODUJRSOD]R
+DVWDKDFHUHODWLYDPHQWHSRFRWLHPSRORVLQYHVWLJDGRUHVVRO­DQSHQVDUTXH
QXHVWUD PHPRULD GH WUDEDMR WHQ­D OD FDSDFLGDG SDUD FRQWHQHU DOUHGHGRU GH 
HOHPHQWRVRIUDJPHQWRVGHLQIRUPDFL³QSHURDKRUDVHFRQVLGHUDTXHVRORSXHGH
FRQWHQHUDOUHGHGRUGHIUDJPHQWRVGHLQIRUPDFL³Q8QDPHW¡IRUDºWLOFRQVLVWH
HQ SHQVDU HQ QXHVWUD PHPRULD FRPR VL IXHUD XQ FRPSXWDGRU TXH V³OR WLHQH 
UDQXUDVSDUDFRQWHQHULQIRUPDFL³Q
1XHVWUD PHPRULD GH WUDEDMR HV FRPR XQ SL]DUU³Q SHUR QR HV XQ SL]DUU³Q
PX\ EXHQR 0XFKDV YHFHV HV QHFHVDULR UHSHWLU OR TXH HVWDPRV LQWHQWDQGR
DSUHQGHUSDUDTXHVHTXHGHHQQXHVWUDPHPRULDGHWUDEDMRSRUHMHPSORDYHFHV
WHUHSLWHVXQQºPHURGHWHO©IRQRKDVWDTXHWLHQHVODRSRUWXQLGDGGHHVFULELUOR/D
UHSHWLFL³Q HV QHFHVDULD SDUD TXH ORV SURFHVRV GLVLSDGRUHV QDWXUDOHV GH QXHVWUD
DWHQFL³QQRKDJDQGHVDSDUHFHUHVRVUHFXHUGRV3XHGHVHUTXHLQFOXVRFLHUUHVORV
RMRV SDUD HYLWDU TXH RWURV DVXQWRV VH HQWURPHWDQ HQ WX OLPLWDGD DWHQFL³Q \
PHPRULDGHWUDEDMRPLHQWUDVWHFRQFHQWUDV
/D RWUD IRUPD GH PHPRULD OD GH ODUJR SOD]R HV FRPR XQ DOPDF©Q GH
GHS³VLWR \ FRPR WDO VH GLVWULEX\H HQ XQD JUDQ ¡UHD /RV GLIHUHQWHV WLSRV GH
UHFXHUGRV D ODUJR SOD]R VH DOPDFHQDQ HQ GLIHUHQWHV UHJLRQHV GHO FHUHEUR /DV
LQYHVWLJDFLRQHVKDQGHPRVWUDGRTXHSDUDFRQYHUWLUXQUHFXHUGRGHFRUWRSOD]RHQ
XQR D ODUJR SOD]R QHFHVLWDPRV YLVLWDUOR YDULDV YHFHV SDUD DXPHQWDU ODV
SUREDELOLGDGHVGHYROYHUORDHQFRQWUDUSRVWHULRUPHQWHFXDQGRORQHFHVLWHPRV/D
FDSDFLGDG GH DOPDFHQDPLHQWR GH OD PHPRULD D ODUJR SOD]R HV LQPHQVD 7LHQH
HVSDFLR SDUD ELOORQHV GH DVXQWRV'H KHFKR SXHGH KDEHU WDQWRV DVXQWRV TXH VH
SXHGHQHQWHUUDUXQRVDRWURVKDFLHQGRGLI­FLOTXHHQFXHQWUHVODLQIRUPDFL³QTXH
QHFHVLWHVDPHQRVTXHODSUDFWLTXHVDOJXQDVYHFHV/DPHPRULDDODUJRSOD]RHV
LPSRUWDQWHSRUTXHDOO­DOPDFHQDPRVORVFRQFHSWRV\W©FQLFDVIXQGDPHQWDOHVTXH
HVW¡QLQYROXFUDGDVHQORTXHVHDTXHHVWHPRVDSUHQGLHQGR
&XDQGR QRV HQFRQWUDPRV FRQ DOJR QXHYR D PHQXGR XWLOL]DPRV QXHVWUD
PHPRULD GH WUDEDMR SDUD PDQHMDUOR 6L GHVHDPRV PRYHU LQWHQFLRQDOPHQWH HVD
LQIRUPDFL³Q D QXHVWUD PHPRULD D ODUJR SOD]R KDFH IDOWD LQYHUWLU WLHPSR \
SU¡FWLFD 3DUD D\XGDU D HVWH SURFHVR VH XVD OD W©FQLFD OODPDGD UHSHWLFL³Q
HVSDFLDGD(VWDW©FQLFDLQYROXFUDUHSHWLUORTXHHVWDPRVLQWHQWDQGRUHWHQHUSHUR
OD FODYH HV OD IUHFXHQFLD /D LQYHVWLJDFL³Q KD GHPRVWUDGR TXH VL LQWHQWDPRV
UHFRUGDU DOJR UHSLWL©QGROR  YHFHV HQ XQD QRFKH SRU HMHPSOR QR OR
UHFRUGDUHPRV WDQ ELHQ FRPR VL SUDFWLFDPRV OD PLVPD FDQWLGDG GH YHFHV D OR
ODUJRGHYDULRVG­DV6LQRSHUPLWLPRVTXHSDVHHOWLHPSRQHFHVDULRSDUDTXHODV
FRQH[LRQHV VLQ¡SWLFDV VH IRUPHQ \ VH IRUWDOH]FDQ QR WHQGUHPRV XQD HVWUXFWXUD
EDVHVREUHODTXHFRQVWUXLUQXHVWURVUHFXHUGRV
 9LYLUVLQPHPRULD
,PDJLQDV F³PR VHU­D YLYLU VL QR SXGLHUDV DSUHQGHU FRVDV QXHYDV QL
UHFRUGDU D ODV SHUVRQDV TXH DFDEDV GH FRQRFHU"(VWR HV OR TXH OH VXFHGL³ D XQ
SDFLHQWHPX\IDPRVRHQORVDQDOHVGHODLQYHVWLJDFL³QQHXURO³JLFDLGHQWLILFDGR
FRQODVLQLFLDOHV+0
$ ORV  D±RV GH HGDG D +0 OR RSHUDURQ SRUTXH WHQ­D HSLOHSVLD \ OH
TXLWDURQ HO KLSRFDPSR TXH HV XQD HVWUXFWXUD XELFDGD HQ HO LQWHULRU GHO O³EXOR
WHPSRUDO GHO FHUHEUR(O KLSRFDPSR WLHQH OD IRUPD GH XQ FDEDOOR GH PDU \ VX
QRPEUHSURYLHQHGHOJULHJRKLSSRVTXHVLJQLILFDFDEDOOR\NDPSRVTXHTXLHUH
GHFLUPRQVWUXRPDULQR
/DRSHUDFL³QD+0IXHXQ©[LWR\DTXHOHFXU³ODHSLOHSVLDSHURSDJ³XQ
DOWR SUHFLR +0 SHUGL³ OD FDSDFLGDG GH UHFRUGDU FRVDV QXHYDV 4XHG³
SURIXQGDPHQWH DPQ©VLFR &XULRVDPHQWH VH SRG­D PDQWHQHU XQD FRQYHUVDFL³Q
QRUPDOFRQ+0SHURVLWHLEDVGHODKDELWDFL³QSRUXQRVPLQXWRV\DQRSRG­D
UHFRUGDUVH GH WL QL GH OR TXH KDE­DQ FRQYHUVDGR (Q OD SHO­FXOD 0HPHQWR HO
SHUVRQDMH LQWHUSUHWDGR SRU *X\ 3HDUFH VXIU­D GH HVWH WLSR GH DPQHVLD GHELGR D
XQDFRQPRFL³QFHUHEUDO
+0 SRG­D DSUHQGHU DOJXQDV FRVDV FRPR QXHYDV GHVWUH]DV PRWRUDV SHUR
OXHJR QR SRG­D UHFRUGDUVH GH KDEHUODV DSUHQGLGR (VWR VH GHEH D TXH KD\
PºOWLSOHVVLVWHPDVGHPHPRULDSDUDGLIHUHQWHVWLSRVGHDSUHQGL]DMH$SDUWLUGHO
HVWXGLR GH +0 \ GH RWURV SDFLHQWHV FRQ GD±RV QHXURO³JLFRV VLPLODUHV KHPRV
DSUHQGLGR TXH HO KLSRFDPSR HV XQD SDUWH LPSRUWDQWH GHO VLVWHPD FHUHEUDO SDUD
DSUHQGHU\UHFRUGDUKHFKRV\HYHQWRV
6LQ HO KLSRFDPSR QR HV SRVLEOH JXDUGDU QXHYRV UHFXHUGRV HQ OD FRUWH]D
FHUHEUDO SURFHVR OODPDGR FRQVROLGDFL³Q GH OD PHPRULD +0 SRG­D UHFRUGDU
FRVDVGHVXLQIDQFLDSHUROHFRVWDEDUHFRUGDUFRVDVTXHKDE­DQRFXUULGRHQORV
D±RVLQPHGLDWDPHQWHDQWHULRUHVDVXRSHUDFL³QHVGHFLUFRVDVTXHQRVHKDE­DQ
FRQVROLGDGRFRPSOHWDPHQWH$OJRVLPLODUVXFHGHFXDQGRODVSHUVRQDVVXIUHQXQD
FRQPRFL³QFHUHEUDOSHURHVRXVXDOPHQWHVHUHVXHOYHDGLIHUHQFLDGH+0TXH
QXQFDPHMRU³
/RVUHFXHUGRVVRQSDUWHVYLYDVGHOFHUHEURTXHUHVSLUDQ\HVW¡QFDPELDQGR
WRGR HO WLHPSR1XHVWURV UHFXHUGRV HVW¡Q HQWUHOD]DGRV HQWUH V­ \ D PHGLGD TXH
DSUHQGHPRV FRVDV QXHYDV QXHVWURV UHFXHUGRV P¡V DQWLJXRV FDPELDQ 3RU OR
WDQWR VLHPSUH TXH UHFXHUGDV XQ UHFXHUGR ©VWH FDPELD HQ XQ SURFHVR OODPDGR
UHFRQVROLGDFL³Q,QFOXVRHVSRVLEOHLPSODQWDUUHFXHUGRVIDOVRVTXHQRVHSXHGHQ
GLIHUHQFLDU GH ORV UHDOHV PHGLDQWH VXJHUHQFLDV H LPDJLQDFL³Q 8Q FDVR PX\
LQWHUHVDQWHGHOSURFHVRGHLPSODQWDFL³QGHUHFXHUGRVIDOVRVORSXHGHVYHUHQOD
SHO­FXOD ߡ5HJUHVL³Qߢ SURWDJRQL]DGD SRU (PPD :DWVRQ \ TXH HVW¡ EDVDGD HQ
KHFKRVUHDOHV
%LHQ DKRUD SUDFWLFDUHPRV XQ SRFR \ D FRQWLQXDFL³Q YHUHPRV PL W©FQLFD
IDYRULWDGHPHPRUL]DFL³Q(OSDODFLRGHODPHPRULD
 (OSDODFLRGHODPHPRULDRHOP©WRGRGH/RFL
ߡ/DPHPRULDHVHOWHVRUR\JXDUGL¡QGHWRGDVODVFRVDVߢ0DUFXV7XOOLXV
&LFHUR
/D EXHQD PHPRULD HV XQD FDSDFLGDG DEVROXWDPHQWH QHFHVDULD D QLYHO
SHUVRQDO \ SURIHVLRQDO (Q ORV ºOWLPRV D±RV VH KD SRSXODUL]DGR H LQFOXVR KD\
FRPSHWHQFLDV PXQGLDOHV GH PHPRUL]DFL³Q GRQGH ORV FRPSHWLGRUHV WLHQHQ TXH
PHPRUL]DU OD PD\RU FDQWLGDG GH LQIRUPDFL³Q GHQWUR GH XQ SHU­RGR GH WLHPSR
OLPLWDGR
3XHGHV SHQVDU TXH HVWRV FRPSHWLGRUHV WLHQHQ XQ FHUHEUR HVSHFLDO SHUR OD
YHUGDG HV TXH FXDOTXLHU SHUVRQD WLHQH HO SRWHQFLDO GH KDFHUOR VL XVD OD
KHUUDPLHQWD DGHFXDGD 1R WHQJR QLQJXQD GXGD GH TXH WH VRUSUHQGHU¡V GH OD
IDFLOLGDG FRQ TXH SXHGHV DXPHQWDU WX SRGHU GH PHPRULD 2OY­GDWH GH OR TXH
RWURV GLFHQ GH OD HGDG QXQFD HUHV GHPDVLDGR MRYHQ QL GHPDVLDGR YLHMR SDUD
DGTXLULUHVWDVKDELOLGDGHV
$ PRGR GH HMHPSOR ORV VLJXLHQWHV VRQ DOJXQRV UHJLVWURV RILFLDOHV GH ORV
FDPSHRQDWRVPXQGLDOHVGHPHPRUL]DFL³Q
          6LPRQ5HLQKDUGGH$OHPDQLDORJURUHFRUGDUXQDEDUDMDGH
FDUWDVHQVHJXQGRV
          -RQDV YRQ (VVHQ GH 6XHFLD ORJU³ UHFRUGDU  G­JLWRV
KDEODGRV
%HQ3ULGPRUHGH,QJODWHUUDUHFRUG³EDUDMDVFDUWDV
HQ XQD KRUD \ ORJU³ UHFRUGDU  G­JLWRV GH QºPHURV ELQDULRV
FDGHQDVGHQºPHURVIRUPDGRVSRU\HQPLQXWRV
          8Q VHJXQGR ORJUR SDUD 6LPRQ 5HLQKDUG HV TXH ORJU³
UHFRUGDUHOQRPEUHGHSHUVRQDV
          -RKDQQHV0DOORZWLHQHHOW­WXORSRUUHFRUGDUIHFKDV\
VXV HYHQWRV UHODFLRQDGRV HQ FLQFR PLQXWRV \ SRU UHFRUGDU OD
VHFXHQFLDGHLP¡JHQHVDEVWUDFWDVHQPLQXWRV
%XHQRFUHRTXHKDVLGRVXILFLHQWHSUH¡PEXORDV­TXHb&RPHQFHPRV
(O0©WRGRGH/RFLHVXQRGHORVVLVWHPDVGHPHPRUL]DFL³QP¡VDQWLJXRV
\VHKDSRSXODUL]DGRºOWLPDPHQWHSRUVXDSDULFL³QHQVHULHVGHWHOHYLVL³QFRPR
6KHUORFN +ROPHV(OVLVWHPDVHEDVDHQHOKHFKRGHTXHHVPX\I¡FLOUHFRUGDU
FRVDVTXHHVW¡QDVRFLDGDVDOXJDUHVFRQORVTXHHVW¡VIDPLOLDUL]DGR 6³ORWLHQHV
TXHYLQFXODUODLQIRUPDFL³QTXHQHFHVLWDVUHFRUGDUFRQXQOXJDUTXH\DFRQR]FDV
PX\ELHQ\HVWRWHVHUYLU¡FRPRXQDSLVWDSDUDUHFRUGDU
6HJºQ&LFHU³QHQVXߡ5KHWRULFDDG+HUHQLXPߢHOVLVWHPDIXHGHVDUUROODGR
SRUHOSRHWD6LPRQLGHVGH&HRVTXHIXHHOºQLFRVREUHYLYLHQWHGHXQFRODSVRGH
XQHGLILFLRGXUDQWHXQDFHQD\6LPRQLGHVORJU³UHFRUGDUI¡FLOPHQWHDWRGRVORV
LQYLWDGRVUHFRUGDQGRG³QGHHVWDEDQXELFDGRV

&³PRXVDUOR"
3DUDXWLOL]DUHO0©WRGRGH/RFLHVQHFHVDULRDVRFLDUODVFRVDVTXHGHVHDV
UHFRUGDUFRQODVXELFDFLRQHVGHXQDKDELWDFL³QHGLILFLRRFDOOHFRQRFLGD/XHJR
SDUDUHFXSHUDUODLQIRUPDFL³QVLPSOHPHQWHWLHQHVTXHGDUXQSDVHRLPDJLQDULR
SRU OD XELFDFL³Q \ ODV LP¡JHQHV DSDUHFHU¡Q HQ WX PHQWH GH LQPHGLDWR 3DUD
DXPHQWDUODHIHFWLYLGDGGHHVWDW©FQLFDGHEHVYLVXDOL]DUXQREMHWRKDFLHQGRDOJR
HQ OD XELFDFL³Q GHWHUPLQDGD $ FRQWLQXDFL³Q FRPSUHQGHU¡V PHMRU D TX© PH
UHILHUR

9DPRVDFRQVWUXLUOR
3LHQVDHQXQOXJDUTXH\DFRQRFHVPX\ELHQ
7HUHFRPLHQGRTXHXWLOLFHVXQDUXWDDOLQWHULRUGHWXSURSLDFDVD
$KRUDLGHQWLILFDXELFDFLRQHVHVSHFLILFDVDORODUJRGHODUXWD
3DUD QXHVWUR SULPHU HMHUFLFLR QHFHVLWDUHPRV  XELFDFLRQHV \ XQD UXWD
O³JLFDSDUDFDPLQDUSRUHOODV7HQHQFXHQWDTXHGHEHVWRPDUVLHPSUHODPLVPD
UXWDGHORFRQWUDULRSUREDEOHPHQWHV³ORFRQVHJXLU¡VXQEORTXHRPHQWDOFXDQGR
TXLHUDVUHFRUGDU3RUHMHPSORSLHQVDHQWXFDVD\HQODUXWDTXHVLJXHVGHVGHOD
SXHUWD GH DFFHVR KDVWD OOHJDU D WX KDELWDFL³Q H LGHQWLILFD  REMHWRV R
XELFDFLRQHVHQHVDUXWD
3UDFWLTXHPRV

0HPRUL]DXQDOLVWDGHFRPSUDV
$TX­WLHQHVXQDOLVWDGHFRPSUDVVHQFLOODSDUDUHFRUGDU
7RPDWHV
7©
 %RPELOOD
/HFKH
+XHYRV
9LQR
-DE³Q
7LMHUDV
3DVWDGHQWDO
+HODGR
7UDWD GH PHPRUL]DU HVWD OLVWD FRORFDQGR FDGD HOHPHQWR HQ XQD GH ODV
XELFDFLRQHVGHWXUXWDPHQWDO
(VWHHVXQHMHPSORVREUHODFRORFDFL³QGHORVDUW­FXORVHQWXUXWDPHQWDO
7RPDWHV
$O YLVXDOL]DU OD SXHUWD GH WX FDVD LPDJLQD D DOJXLHQ ODQ]DQGR WRPDWHV HQ
HOOD 1HFHVLWDV FUHDU LP¡JHQHV Y­YLGDV DV­ TXH QR V³OR YLVXDOLFHV XQD LPDJHQ
VLQRTXHWUDWDGHXVDUWRGRVWXVVHQWLGRV3XHGHVLQFOXVRLPDJLQDUTXHDOJRGHO
MXJRVHKDVDOSLFDGRHQWXURSD
7©
$ PHGLGD TXH HQWUDV HQ WX FDVD LPDJLQD TXH DFFLGHQWDOPHQWH KDV
GHUUDPDGRW©HQHOVLOO³Q
%RPELOOD
,PDJLQDXQDERPELOODHQRUPHHQXQDO¡PSDUDTXHFXHOJDVREUHHOVLOO³Q
/DVLP¡JHQHVP¡VDEVXUGDVVRQP¡VI¡FLOHVGHUHFRUGDU
/HFKH
,PDJLQDXQDJRUGDYDFDOHFKHUDREVWDFXOL]DQGRHOSDVLOORTXHFRQGXFHDWX
KDELWDFL³Q
+XHYRV
,PDJLQDTXHHQWUDVHQWXKDELWDFL³Q\YHVWXFDPDWRWDOPHQWHFXELHUWDSRU
KXHYRVFRPRVLIXHUDXQQLGRJLJDQWH
9LQR
,PDJLQDTXHHQWUDVDOED±R\GHODGXFKDFDHYLQRWLELR 7UDWDGHVHQWLU
HOIXHUWHRORURHOVDERUGHOPLVPR
-DE³Q
,PDJLQDXQDHQRUPHEDUUDGHMDE³QHQHOODYDPDQRVGHOED±R
7LMHUDV
,PDJLQDXQDVWLMHUDVJLJDQWHVTXHVHXVDURQSDUDKDFHUSLFDGLOORVODVWRDOODV
GHOED±R\DºQIORWDQHQHODLUHWUR]RVGHWHOD
3DVWDGHGLHQWHV
,PDJLQDTXHDEUHVHOLQRGRUR\YHVTXHDOJXLHQKDDSUHWDGRYDULRVWXERVGH
GHQW­IULFRHQVXLQRGRUR
+HODGR
,PDJLQD TXH PLUDV OD ED±HUD \ HVW¡ OOHQD GH KHODGR 6LHQWH HO IU­R \ HO
RORUGHOKHODGRTXHFRQWUDVWDFRQHOYLQRWLELRTXHFDHGHODGXFKD
8QD YH] TXH KD\DV WHUPLQDGR GH FRORFDU WRGRV ORV DUW­FXORV GH WX OLVWD
DOUHGHGRUGHODFDVDVLPSOHPHQWHHPSLH]DGHQXHYRHOUHFRUULGRGHVGHODSXHUWD
SULQFLSDO 9HU¡V LQVWDQW¡QHDPHQWH WRPDWHV HQ OD SXHUWD W© HQ HO VLOO³Q \ DV­
VXFHVLYDPHQWH7HQHQFXHQWDTXHFXDQWRP¡VLQXVXDOHVVHDQODVLP¡JHQHVP¡V
I¡FLOVHU¡UHFRUGDUODV
'HVSX©VGHIDPLOLDUL]DUWHFRQHOVLVWHPDSXHGHVFRQVWUXLUSDODFLRVPXFKR
P¡V JUDQGHV \ P¡V SRGHURVRV FRPR XQD FDOOH GH WX YHFLQGDULR WX HVFXHOD WX
OXJDUGHWUDEDMRRLQFOXVRXQFHQWURFRPHUFLDO
$KRUDLQW©QWDORWºPLVPR
/LVWDGHFRPSUDV
&HEROODV
&HUH]DV
3L]]D
0LHO
3DVWD
$FHLWXQDV
6DO
6DOP³Q
 -XJR
%DWHU­DV
/LVWDGHTXHKDFHUHV
/HHUXQOLEUR
'HVHDUDWXPDGUHXQIHOL]FXPSOHD±RV
3DJDUIDFWXUDV
/DYDUHOFRFKH
/DYDUODURSD
&RPSUDUFRPHVWLEOHV
(QYLDUXQHPDLO
%D±DUDOSHUUR
&RUWDUVHHOSHOR
+DFHUDEGRPLQDOHV
(QUHDOLGDGQRUHFRPLHQGRPHPRUL]DUOLVWDVGHWDUHDVSHQGLHQWHV([LVWHQ
RWUDV W©FQLFDV P¡V HIHFWLYDV SDUD UHFRUGDUODV \ WUDEDMDU HQ HOODV SHUR SRU HVWD
RFDVL³Q HV XQ EXHQ HMHUFLFLR SDUD SUDFWLFDU $VHJºUDWH GH FUHDU LP¡JHQHV
LQXVXDOHVTXHUHFRUGDU¡VLQVWDQW¡QHDPHQWH
/D SULPHUD YH] TXH OR KDJDV VHU¡ OHQWR7RPD DOJºQ WLHPSR FRQMXUDU XQD
LPDJHQPHQWDOV³OLGDSHURPLHQWUDVP¡VORKDJDVP¡VU¡SLGRVHU¡8QHVWXGLR
GHPRVWU³TXHXQDSHUVRQDSURPHGLRTXHXVHODW©FQLFDGHOSDODFLRGHODPHPRULD
SXHGH UHFRUGDU KDVWD HO  GH XQD OLVWD GH  DUW­FXORV GHVSX©V GH V³OR GRV
FDPLQDWDVPHQWDOHVGHSU¡FWLFD
/RV SXULVWDV SXHGHQ SHQVDU TXH XVDU WUXFRV H[WUD±RV GH PHPRUL]DFL³Q QR
UHSUHVHQWD XQ YHUGDGHUR DSUHQGL]DMH SHUR OR TXH LPSRUWD HV HO UHVXOWDGR \ ODV
LQYHVWLJDFLRQHV GHPXHVWUDQ TXH ORV HVWXGLDQWHV TXH XVDQ HVWH WLSR GH WUXFRV
REWLHQHQPHMRUHVUHVXOWDGRVTXHORVTXHQRORVXVDQ
/RV WUXFRV GH PHPRULD WH SHUPLWHQ H[SDQGLU WX PHPRULD GH WUDEDMR \
PHMRUDUHODFFHVRDODPHPRULDGHODUJRSOD]R(VP¡VHOSURFHVRGHPHPRUL]DU
HQV­PLVPRVHFRQYLHUWHHQXQHMHUFLFLRGHFUHDWLYLGDG0LHQWUDVP¡VPHPRULFHV
XVDQGR HVWD W©FQLFD P¡V FUHDWLYR WH YROYHU¡V \D TXH GH HVWD IRUPD HVW¡V
FRQVWUX\HQGRH[WUD±DVHLQHVSHUDGDVFRQH[LRQHVQHXURQDOHV

 )UDJPHQWDFL³Q
/RVIUDJPHQWRVVRQSDTXHWHVFRPSDFWRVGHLQIRUPDFL³QDORVTXHWXPHQWH
SXHGH DFFHGHU FRQ IDFLOLGDG (Q HVWH FDS­WXOR KDEODUHPRV VREUH F³PR SXHGHV
IRUPDUHVRVIUDJPHQWRV\F³PRORVSXHGHVXWLOL]DUSDUDPHMRUDUWXFRPSUHQVL³Q
\ FUHDWLYLGDG 7DPEL©Q KDEODUHPRV VREUH ODV LOXVLRQHV GH FRPSHWHQFLD HQ HO
DSUHQGL]DMH TXH RFXUUHQ FXDQGR XVDV P©WRGRV LQHILFDFHV GH DSUHQGL]DMH TXH
HQJD±DQ D WX PHQWH \ WH KDFHQ FUHHU TXH HVW¡V DSUHQGLHQGR DOJR FXDQGR HQ
UHDOLGDGHVW¡VSHUGLHQGRHOWLHPSR
 4X©HVIUDJPHQWDU"
)UDJPHQWDU HV HO SURFHVR PHQWDO TXH WH D\XGD D XQLU SHGD]RV GH
LQIRUPDFL³Q D WUDY©V GHO VLJQLILFDGR 6L SLHQVDV HQ XQ URPSHFDEH]DV XQ
IUDJPHQWR HV XQD SLH]D GH HVWH URPSHFDEH]DV 8Q IUDJPHQWR HV XQD XQLGDG
O³JLFD TXH HV I¡FLO GH UHFRUGDU \ WDPEL©Q HV I¡FLO TXH HVH IUDJPHQWR SDVH D
IRUPDUSDUWHGHODLPDJHQP¡VJUDQGHGHORTXHHVW¡VDSUHQGLHQGR
6L VROR LQWHQWDV PHPRUL]DU XQ KHFKR VLQ FRPSUHQVL³Q R FRQWH[WR QR
HQWHQGHU¡V UHDOPHQWH OR TXH HVW¡ VXFHGLHQGR QL F³PR HO FRQFHSWR VH DMXVWD D
RWURV HOHPHQWRV TXH HVW©V DSUHQGLHQGR (V FRPR WHQHU XQD SLH]D GH
URPSHFDEH]DVVLQERUGHVTXHHQJUDQHQRVHHQVDPEOHQFRQRWUDVSLH]DV
<DKDEODPRVVREUHODPHPRULDGHWUDEDMR\XQDGHVXVIXQFLRQHVSULQFLSDOHV
HVODGHHQIRFDUODDWHQFL³QSDUDFRQHFWDUSDUWHV\XQLULGHDVHVGHFLUQRVD\XGD
D FUHDU IUDJPHQWRV (V LQWHUHVDQWH TXH FXDQGR HVWDPRV HVWUHVDGRV QXHVWUR
FHUHEURFRPLHQ]DDSHUGHUODFDSDFLGDGSDUDKDFHUDOJXQDVGHHVWDVFRQH[LRQHV
/RPLVPRRFXUUHFXDQGRHVWDPRVHQRMDGRVRDWHPRUL]DGRV
(QQHXURFLHQFLDVHGLFHTXHORVIUDJPHQWRVVRQSLH]DVGHLQIRUPDFL³QTXH
VHYLQFXODQDWUDY©VGHOVLJQLILFDGRRXVR3RUHMHPSORSRGHPRVWRPDUODVOHWUDV
5&2\.\YLQFXODUODVHQXQIUDJPHQWRFRQFHSWXDOI¡FLOGHUHFRUGDU(QHVWH
FDVRV³ORWHHVWR\RIUHFLHQGROHWUDVVXHOWDVSDUDUHFRUGDUSHURSUREDEOHPHQWHWX
FHUHEUR FUH³ OD SDODEUD 52&. 'HEDMR GH HVH IUDJPHQWR 52&. KD\ XQD
VLQIRQ­DGHQHXURQDVTXHVHGLVSDUDQ\VHXQHQHQXQEULOODQWHHQODFHPHQWDOTXH
FHPHQWD HQ WX PHQWH OD UHODFL³Q HQWUH ODV OHWUDV 5 & 2 . \ RWUDV LGHDV (VH
EULOODQWHHQODFHPHQWDOHVORTXHFRQRFHPRVFRPRKXHOODGHPHPRULDTXHHVW¡
FRQHFWDGRSRUVXSXHVWRDPXFKDVRWUDVKXHOODVGHPHPRULDUHODFLRQDGDV
3RU OR WDQWR XQ IUDJPHQWR HV XQD UHG GH QHXURQDV TXH VXHOHQ GLVSDUDUVH
MXQWDVSDUDTXHSXHGDVWHQHUXQSHQVDPLHQWRRUHDOL]DUXQDDFFL³QHILFD]PHQWH
/D SU¡FWLFD HQIRFDGD OD UHSHWLFL³Q \ OD FUHDFL³Q GH KXHOODV GH PHPRULD QRV
D\XGDQDFUHDUIUDJPHQWRV(OFDPLQRKDFLDODH[SHULHQFLDVHFRQVWUX\HSRFRD
SRFR D PHGLGD TXH ORV IUDJPHQWRV SHTXH±RV VH YDQ KDFLHQGR P¡V JUDQGHV DO
FRQHFWDUVHPHGLDQWHHOVLJQLILFDGRFRQRWURVIUDJPHQWRV
8QDYH]TXHKDFHVXQIUDJPHQWRGHXQDLGHDXQFRQFHSWRRXQDDFFL³Q\D
QR QHFHVLWDV UHFRUGDU WRGRV ORV SHTXH±RV GHWDOOHV VXE\DFHQWHV 7LHQHV OD LGHD
SULQFLSDOHOIUDJPHQWR\HVRHVVXILFLHQWH8QDYH]TXHWHKDFHVFRQVFLHQWHGH
HVWD FDUDFWHU­VWLFD GHO IXQFLRQDPLHQWR GH WX FHUHEUR HV VRUSUHQGHQWH FXDQGR WH
GDVFXHQWDGHOFRPSOHMRHVSLUDOGHDFWLYLGDGHVVXE\DFHQWHVTXHVHOOHYDQDFDER
DSDUWLUGHXQVLPSOHIUDJPHQWRGHSHQVDPLHQWR
9HDPRVXQHMHPSOR6LHVW¡VDSUHQGLHQGRDWRFDUXQDFDQFL³QHQJXLWDUUDOD
UHSUHVHQWDFL³Q QHXUDO GH OD FDQFL³Q HQ WX PHQWH SXHGH FRQVLGHUDUVH FRPR XQ
JUDQIUDJPHQWR3ULPHURWLHQHVTXHFDSWDUSHTXH±RVWUR]RVGHODFDQFL³QTXHVH
FRQYLHUWHQHQSHTXH±RVIUDJPHQWRVORVTXHDVXYH]VHYDQXQLHQGR\IRUPDQGR
IUDJPHQWRVP¡VJUDQGHV(QUHVXPHQFUHDVSHTXH±RVPLQLIUDJPHQWRVQHXUDOHV
TXH GHVSX©V SXHGHV LU WHMLHQGR JUDGXDOPHQWH HQ IUDJPHQWRV QHXUDOHV P¡V
JUDQGHV 'HVSX©V SXHGHV XQLU HVRV IUDJPHQWRV JUDQGHV FRQYLUWL©QGRORV HQ
IUDJPHQWRV DºQ P¡V JUDQGHV \ P¡V FRPSOHMRV D ORV TXH SRGU¡V UHFXUULU HQ
FXDOTXLHULQVWDQWH
/RV PHMRUHV IUDJPHQWRV VRQ ORV TXH HVW¡Q WDQ ELHQ LQFUXVWDGRV TXH QL
VLTXLHUDWLHQHVTXHSHQVDUFRQVFLHQWHPHQWHHQFRQHFWDUORVSDUDIRUPDUHOSDWU³Q
QHXUDO 'H KHFKR HVH HV HO SXQWR HQ TXH ODV LGHDV PRYLPLHQWRV \ UHDFFLRQHV
FRPSOHMDV VH FRQYLHUWHQ HQ XQ IUDJPHQWR ºQLFR 3XHGHV YHU HVWR HQ HO
DSUHQGL]DMHGHLGLRPDV0XFKDV YHFHV FXDQGR HVW¡V HPSH]DQGR D DSUHQGHU XQ
QXHYR LGLRPD KDFH IDOWD PXFKD SU¡FWLFD V³OR SDUD ORJUDU XVDU HO PDWL] WRQR \
DFHQWR DSURSLDGRV GH XQD ºQLFD SDODEUD \ OXHJR SDUD HQFDGHQDU RUDFLRQHV
LPSURYLVDGDV VH UHTXLHUH OD FDSDFLGDG GH PH]FODU FUHDWLYDPHQWH YDULRV PLQL
IUDJPHQWRV\IUDJPHQWRVFRPSOHMRVGHOQXHYRLGLRPD3DUDTXHHQWLHQGDVORTXH
TXLHURGHFLULQWHQWDUHSHWLU\UHFRUGDUHOVLJXLHQWHWUDEDOHQJXDVHQHOLGLRPDGH
.DQQDGDKDEODGRHQ,QGLD
ߡ7HULNHUH\ULPDOHPXUXNDULNXULPDULPH\XWKLGGDYXߢ
1R HV I¡FLO &LHUWR" $ PHQRV GH TXH VHDV KDEODQWH QDWLYR GH .DQQDGD
VHJXUDPHQWH WHQGU¡V SUREOHPDV SDUD UHFRUGDU P¡V GH WUHV SDODEUDV SRUTXH QR
WLHQHV QLQJºQ IUDJPHQWR HQ WX FHUHEUR FRQ ORV TXH FRQHFWDU HVWD QXHYD
LQIRUPDFL³Q
$SUHQGHUPDWHP¡WLFDV\FLHQFLDVLQYROXFUDHOPLVPRHQIRTXH&XDQGRHVW¡V
DSUHQGLHQGR XQ QXHYR PDWHULDO GH PDWHP¡WLFDV \ FLHQFLDV D PHQXGR WHQGU¡V
GLVSRQLEOHV ORV SUREOHPDV FRQ VXV VROXFLRQHV H[SOLFLWDV 7HQGU¡V WRGRV ORV
GHWDOOHV DK­ \ V³OR WLHQHV TXH UHFRQRFHU SRU TX© VH GLHURQ ORV SDVRV GH HVD
IRUPD 6LQ HPEDUJR H[LVWH XQD GHVYHQWDMD DO XVDU SUREOHPDV \D VROXFLRQDGRV
SDUD HPSH]DU D IRUPDU IUDJPHQWRV \ HV TXH SXHGH VHU GHPDVLDGR I¡FLO
FRQFHQWUDUVH HQ OD PHPRUL]DFL³Q GH ORV SDVRV LQGLYLGXDOHV HQ YH] GH YHU OD
FRQH[L³QHQWUHORVSDVRV(VGHFLUQRVROYLGDPRVGHSHQVDUHQSRUTX©HVWHSDVR
LQGLYLGXDOHVORVLJXLHQWHTXHKD\TXHKDFHUSDUDOOHJDUDODVROXFL³Q
$FRQWLQXDFL³QYHUHPRVORVSDVRVSDUDIRUPDUIUDJPHQWRV
 3URFHVRGHSDVRVSDUDIUDJPHQWDU
3DVR
(O SULPHU SDVR SDUD FUHDU IUDJPHQWRV HV VLPSOHPHQWH FRQFHQWUDU WRGD WX
DWHQFL³Q HQ OD LQIRUPDFL³Q TXH TXLHUHV IUDJPHQWDU 6L WLHQHV OD WHOHYLVL³Q
KDFLHQGR UXLGR HQ HO IRQGR R VL FDGD SRFRV PLQXWRV UHYLVDV WX WHO©IRQR R WXV
FRUUHRVHOHFWU³QLFRVVHWHKDU¡PX\GLI­FLOFUHDUIUDJPHQWRVSRUTXHWXFHUHEUR
HQUHDOLGDGQRVHHVW¡FRQFHQWUDQGRHQIUDJPHQWDUHOQXHYRPDWHULDO
&XDQGRHPSLH]DVDDSUHQGHUDOJRHVW¡VFUHDQGRQXHYRVSDWURQHVQHXUDOHV\
FRQHFW¡QGRORV FRQ SDWURQHV SUHH[LVWHQWHV TXH HVW¡Q GHVSHUGLJDGRV SRU PXFKDV
¡UHDVGHOFHUHEUR\FXDQGRHVW¡VGLVWUD­GRWXFHUHEURQRSXHGHJXDUGDUWRGROR
TXHQHFHVLWDVSRUTXHHVW¡XVDQGRVXVOLPLWDGDVUDQXUDVGHPHPRULDGHWUDEDMRHQ
RWURVSHQVDPLHQWRV

3DVR
(O VHJXQGR SDVR SDUD IUDJPHQWDU FRQVLVWH HQ HQWHQGHU OD LGHD E¡VLFD R OD
HVHQFLDGHORTXHHVW¡VLQWHQWDQGRIUDJPHQWDU\DVHDTXHVHWUDWHGHHQWHQGHUOD
FRQH[L³Q HQWUH ORV HOHPHQWRV E¡VLFRV GH OD WUDPD GH XQD KLVWRULD HQWHQGHU HO
SULQFLSLRHFRQ³PLFRGHODRIHUWDODGHPDQGDRFRPSUHQGHUODHVHQFLDGHXQWLSR
SDUWLFXODUGHSUREOHPDPDWHP¡WLFR3XHGHV HQWHQGHU OD HVHQFLD GH ODV FRVDV GH
PDQHUDEDVWDQWHQDWXUDOVLSHUPLWHVTXHWXVPRGRVGHSHQVDUHQIRFDGR\GLIXVR
VHWXUQHQSDUDD\XGDUWHDHQWHQGHUORTXHHVW¡VXFHGLHQGR(QWHQGHUHVHOSURFHVR
GH FUHDU KXHOODV GH PHPRULD \ HQOD]DUODV FRQ RWUDV KXHOODV GH PHPRULD
DG\DFHQWHV
3XHGHV FUHDU XQ IUDJPHQWR VL QR HQWLHQGHV OD HVHQFLD" 6­ SHUR PXFKDV
YHFHV VHU¡ XQ IUDJPHQWR LQºWLO TXH QR VH DMXVWDU¡ QL VH UHODFLRQDU¡ FRQ RWUD
LQIRUPDFL³QTXHHVW©VDSUHQGLHQGR
'LFKR HVWR HV LPSRUWDQWH GDUVH FXHQWD GH TXH V³OR HQWHQGHU ߡF³PRߢ VH
UHVROYL³ XQ SUREOHPD QR FUHD QHFHVDULDPHQWH XQ IUDJPHQWR DO TXH
SRVWHULRUPHQWH SXHGDV UHFXUULU I¡FLOPHQWH 1R FRQIXQGDV XQ SURJUHVR HQ OD
FRPSUHQVL³QFRQH[SHULHQFLDV³OLGD6³ORSRUYHUXQDREUDGHDUWHTXHKL]RRWUD
SHUVRQDQRTXLHUHGHFLUTXHSXHGDVFUHDUHVDREUDGHDUWHWºPLVPR6³ORSRUTXH
OR YHV R LQFOXVR SRUTXH OR HQWLHQGHV QR TXLHUH GHFLU UHDOPHQWH TXH OR SXHGDV
KDFHU &RQ IUHFXHQFLD WH GDU¡V FXHQWD GH TXH OD SULPHUD YH] TXH GH YHUGDG
HQWLHQGHV DOJR HV FXDQGR OR KDFHV SRU WL PLVPR 6XFHGH LJXDO HQ PXFKDV
GLVFLSOLQDV6LHVW¡VLQWHQWDQGRDSUHQGHUDOJºQWHPDUHODFLRQDGRFRQPDWHP¡WLFD
\ FLHQFLDV FLHUUD HO OLEUR \ SRQWH D SUXHED SDUD YHU VL SXHGHV UHVROYHU SRU WL
PLVPR HO SUREOHPD TXH FUHHV TXH HQWLHQGHV(VWR DFHOHUDU¡ WX DSUHQGL]DMH \ WH
D\XGDU¡ D FUHDU ORV SDWURQHV QHXUDOHV TXH HVW¡Q SRU GHEDMR GH OD YHUGDGHUD
PDHVWU­D
8Q VHFUHWR SDUD IUDJPHQWDU ODV LGHDV E¡VLFDV FRQVLVWH HQ QR HQIUHQWDU ORV
SUREOHPDVFRPSOHMRVGLUHFWDPHQWH3ULPHURGHG­FDWHDHQWHQGHUSURIXQGDPHQWH
ODV LGHDV VLPSOHV (QIRFD WX DWHQFL³Q HQ OR TXH HV UHDOPHQWH LPSRUWDQWH 6H
EUXWDOPHQWHKRQHVWRFRQOR TXHVDEHV\FRQ ORTXHQRVDEHV(QFXHQWUDOR TXH
IDOWD LGHQWLILFD ORV YDF­RV \ OO©QDORV 2OYLGD WXV SUHMXLFLRV \ QRFLRQHV
SUHFRQFHELGDV
6L HVWDV HVWXGLDQGR OD KLVWRULD GH OD KXPDQLGDG HQ YH] GH PHPRUL]DU
DOJXQRV KHFKRV GHVWDFDGRV FXDQGR LQLFL³ OD SULPHUD JXHUUD PXQGLDO FXDQGR
WHUPLQ³ HWF LQWHQWD FRPSUHQGHU OD KLVWRULD GH IRQGR ODV PRWLYDFLRQHV GH ODV
FLYLOL]DFLRQHV OD LPSRUWDQFLD GH ORV UHFXUVRV QDWXUDOHV \ OD HYROXFL³Q GH ORV
YDORUHVVRFLDOHV
3XHGHV FRPSUHQGHU PHMRU FXDOTXLHU FRVD VL DSOLFDV HVWH SULQFLSLR /RV
YHUGDGHURVH[SHUWRVSURIXQGL]DQFRQWLQXDPHQWHHQVXGRPLQRGHORVFRQFHSWRV
E¡VLFRV(QWRGRORTXHKDJDVUHILQDWXVKDELOLGDGHV\FRQRFLPLHQWRVVREUHORV
FRQFHSWRV IXQGDPHQWDOHV \ ORV FDVRV VLPSOHV 8QD YH] QXQFD HV VXILFLHQWH $
PHGLGD TXH UHYLVHV ORV IXQGDPHQWRV HQFRQWUDU¡V QXHYDV SHUVSHFWLYDV 3RGU­D
SDUHFHU TXH YROYHU D UHYLVDU OR E¡VLFR HV XQ UHWURFHVR \ UHTXLHUH WLHPSR \
HVIXHU]R DGLFLRQDO VLQ HPEDUJR DO FRQVWUXLU EDVHV V³OLGDV SRGU¡V YHU TXH WXV
KDELOLGDGHVVHGHVDUUROODQP¡VU¡SLGDPHQWH
ߡ6LQRSXHGHVUHVROYHUXQSUREOHPDHQWRQFHVH[LVWHXQSUREOHPDP¡VI¡FLOTXH
QRSXHGHVUHVROYHU(QFX©QWUDORߢ*HRUJH3RO\D
9DPRVDSUDFWLFDU&RQVLGHUDDOJRTXHTXLHUDVDSUHQGHURXQ¡UHDHQODTXH
TXLHUDV PHMRUDU \ HQWHQGHU PHMRU ,QYLHUWH  PLQXWRV SDUD HVFULELU ORV
FRPSRQHQWHVHVSHF­ILFRVGHHVHWHPD$KRUDHOLJHXQRVGHORVHOHPHQWRVGHHVD
OLVWD\SDVDPLQXWRVPHMRUDQGRDFWLYDPHQWHWXGRPLQLRGHHVH­WHP2EVHUYD
F³PR WUDEDMDU HQ OR E¡VLFR KDFH SRVLEOH TXH OOHYHV WX FRQRFLPLHQWR D QLYHOHV
VXSHULRUHV$SOLFDHVWHHMHUFLFLRDFXDOTXLHUFRVDTXHFUHDVVDEHURTXHTXLHUDV
DSUHQGHU
3RUHMHPSORVLTXLVLHUDVDSUHQGHUHFRQRP­DE¡VLFD
3ULPHUR+D]XQDWRUPHQWDGHLGHDVGHWRGRVORVHOHPHQWRVUHODFLRQDGRVD
HVHWHPD3RUHMHPSORPD[LPL]DUXWLOLGDGHVRIHUWD\GHPDQGDHTXLOLEULRHQWUH
ODRIHUWD\GHPDQGDHWF3UREDEOHPHQWHHQHVWHSXQWRWXOLVWDVHDLQFRPSOHWDOR
TXHHVW¡PX\ELHQ
6HJXQGR 0HMRUD WX FRQRFLPLHQWR VREUH OD ߡRIHUWD \ GHPDQGDߢ 3RU
HMHPSOR ߡHQWLHQGR HO VLJQLILFDGR GH ODV FXUYDV GH RIHUWD \ GHPDQGD (O HMH
KRUL]RQWDOHVODFDQWLGDG\HOHMHYHUWLFDOHVHOSUHFLR(QWLHQGRSRUTX©ODFXUYD
GH OD GHPDQGD EDMD D PHGLGD TXH DYDQ]DPRV D OD GHUHFKD PLHQWUDV TXH OD
FXUYDGHODRIHUWDVXEHKDFLDODGHUHFKD6©TXHHOHTXLOLEULRHVHOSXQWRHQTXH
VH LQWHUVHFWDQ HVDV GRV FXUYDV SHUR QR HQWLHQGR OR TXH VLJQLILFD HO ¡UHD GH OD
L]TXLHUGDGHOJU¡ILFRFXDQGRHOSUHFLRGHODGHPDQGDHVPD\RUDOSUHFLRGHOD
RIHUWDߢ
2EVHUYDTXHKHLGHQWLILFDGRXQDIDOWDGHFRQRFLPLHQWRHQXQDLGHDE¡VLFD
$KRUD\DV©HQORTXHGHEHU­DFRPHQ]DUDWUDEDMDU8QDV³OLGDFRPSUHQVL³QGH
ODV LGHDV E¡VLFDV WH SHUPLWLU¡ SURJUHVDU PXFKR P¡V U¡SLGR HQ HO IXWXUR /D
SURIXQGLGDGFRQTXHGRPLQHVODVLGHDVE¡VLFDVGHXQWHPDLQIOXHQFLDU¡FX¡QELHQ
DSUHQGHU¡VHQHOIXWXUR
$KRUDKD]ORWº5HDOPHQWHHQWLHQGHVODVLGHDVE¡VLFDVGHOWHPDTXHTXLHUHV
GRPLQDU"$EUHXQGRFXPHQWRHQEODQFRHQWXFRPSXWDGRURXVDSDSHO\O¡SL]
6LQEXVFDUHQIXHQWHVH[WHUQDVKD]XQUHVXPHQGHWDOODGRGHORVIXQGDPHQWRVGHO
WHPD 3XHGHV HVFULELU XQD GHVFULSFL³Q FRKHUHQWH SUHFLVD \ FRPSUHQVLYD VREUH
ORV IXQGDPHQWRV" 7LHQHV YDF­RV GH FRQRFLPLHQWRV" 7H FXHVWD HQFRQWUDU
HMHPSORVSDUDUHSUHVHQWDUORVIXQGDPHQWRV"1RSXHGHVMXQWDUWRGDVODV SLH]DV
SDUDFUHDUXQDLPDJHQSDQRU¡PLFD"
$KRUDFRPSDUDWXHVIXHU]RFRQIXHQWHVH[WHUQDVOLEURVLQWHUQHWH[SHUWRV
&XDQGR GHWHFWHV GHELOLGDGHV HQ WX FRPSUHQVL³Q WRPD DFFL³Q LQPHGLDWD
$SUHQGH PHW³GLFDPHQWH ORV IXQGDPHQWRV \ FRQHFWD ODV SDUWHV TXH \D
FRPSUHQGHV
5HSLWH HVWD SU¡FWLFD UHJXODUPHQWH D PHGLGD TXH DSUHQGDV FRQFHSWRV P¡V
DYDQ]DGRV GHO WHPD \ JXDUGD ORV HMHUFLFLRV DQWHULRUHV SDUD TXH SRVWHULRUPHQWH
SXHGDVYHUFX¡QWRKDVDYDQ]DGR&DGDUHJUHVRDODVLGHDVE¡VLFDVSURIXQGL]DU¡WX
FRPSUHQVL³QGHOWHPDHQJHQHUDO

3DVR
(OWHUFHUSDVRSDUDODIUDJPHQWDFL³QHVHQWHQGHUHOFRQWH[WRGHPRGRTXH
YHDV QR V³OR F³PR VLQR WDPEL©Q FX¡QGR XVDU HVH IUDJPHQWR &RQWH[WR TXLHUH
GHFLULUP¡VDOO¡GHOSUREOHPDLQLFLDO\YHUFRQP¡VDPSOLWXGUHSHWLU\SUDFWLFDU
FRQSUREOHPDVUHODFLRQDGRV\QRUHODFLRQDGRVGHPRGRTXHSXHGDVYHUQRV³OR
FX¡QGR XVDU HO IUDJPHQWR VLQR WDPEL©Q FX¡QGR QR XVDUOR(VWR WH D\XGD D YHU
F³PRWXIUDJPHQWRUHFL©QIRUPDGRVHDMXVWDDOSDQRUDPDP¡VJUDQGH
 (Q GHILQLWLYD OD SU¡FWLFD WH D\XGD D DPSOLDU OD UHG GH QHXURQDV TXH HVW¡Q
FRQHFWDGDVDWXIUDJPHQWRDVHJXUDQGRTXHQRV³ORHVW©ILUPHVLQRTXHWDPEL©Q
VHDDFFHVLEOHGHVGHPXFKRVVHQGHURVGLIHUHQWHV
([LVWHQGRVSURFHVRVGHIUDJPHQWDFL³Q(OSURFHVRGHIUDJPHQWDFL³QTXHYD
GHVGHDUULEDKDFLDDEDMRGHVGHORJHQHUDODORVGHWDOOHV\HOTXHYDGHVGHDEDMR
KDFLDDUULEDGHVGHORVGHWDOOHVKDFLDORJHQHUDO
(Q HO SURFHVR GH IUDJPHQWDFL³Q TXH YD GH DEDMR KDFLD DUULED SUDFWLFDU \
UHSHWLU WH SXHGH D\XGDU D FRQVWUXLU \ IRUWDOHFHU FDGD IUDJPHQWR GH PRGR TXH
SXHGDVDFFHGHUD©OVLHPSUHTXHORQHFHVLWHV3RURWURODGRHOSURFHVRGHDUULED
KDFLD DEDMR WH SHUPLWH YHU OR TXH HVW¡V DSUHQGLHQGR \ G³QGH VH SXHGH XVDU
$PERVSURFHVRVVRQYLWDOHVSDUDGRPLQDUHOPDWHULDOTXHTXLHUHVDSUHQGHU
'HFLPRV TXH HO ߡFRQWH[WRߢ HV HO IDFWRU TXH XQH DPERV SURFHVRV GH
IUDJPHQWDFL³Q 3RU HMHPSOR OD IUDJPHQWDFL³Q SXHGH LPSOLFDU TXH DSUHQGDV D
XVDUFLHUWDW©FQLFDSDUDVROXFL³QGHSUREOHPDV\HOFRQWH[WRVLJQLILFDDSUHQGHU
FX¡QGR XVDU HVD W©FQLFD \ QR RWUD 3RU HMHPSOR SDUD KDFHU XVR GH HVWH
FRQRFLPLHQWR FXDQGR OHHV XQ OLEUR XQD EXHQD SU¡FWLFD FRQVLVWH HQ GDUOH XQ
YLVWD]R GH GRV PLQXWRV D XQ FDS­WXOR DQWHV GH HPSH]DU D HVWXGLDUOR YLHQGR ODV
LP¡JHQHV\ORVW­WXORVGHODVVHFFLRQHVORTXHWHSHUPLWLU¡IRUPDUXQDLGHDGHO
SDQRUDPD JHQHUDO OXHJR DSUHQGH SULPHUR ORV FRQFHSWRV R SXQWRV LPSRUWDQWHV
*HQHUDOPHQWH ©VWDV VRQ ODV SDUWHV FODYH GHO HVTXHPD GH XQ EXHQ OLEUR GH ORV
GLDJUDPDVGHIOXMRWDEODVRPDSDVFRQFHSWXDOHV8QDYH]TXHKD\DVKHFKRHVWR
OOHQDORVGHWDOOHV$XQTXHIDOWHQDOJXQDVGHODVSLH]DVGHOURPSHFDEH]DVFXDQGR
WHUPLQHVGHHVWXGLDUSRGU¡VGLVSRQHUGHOSDQRUDPDJHQHUDO
(QWRQFHVSDUDUHVXPLUORVIUDJPHQWRVVHFRQVWUX\HQPHMRUFRQODDWHQFL³Q
FRQFHQWUDGDHQWHQGLHQGRODLGHDE¡VLFD\SUDFWLFDQGRSDUDTXHGRPLQHVHOWHPD
\ WHQJDV XQD LGHD GHO FRQWH[WR \ GHO SDQRUDPD JHQHUDO ‰VWRV VRQ ORV SDVRV
HVHQFLDOHV SDUD FUHDU XQ IUDJPHQWR \ SDUD DMXVWDU HVH IUDJPHQWR HQ XQD YLVL³Q
FRQFHSWXDOP¡VJUDQGHGHORTXHHVW¡VDSUHQGLHQGR

 (OYDORUGHXQDELEOLRWHFDGHIUDJPHQWRV
/DFDSDFLGDGGHFRPELQDUIUDJPHQWRVGHPDQHUDVQXHYDV\RULJLQDOHVHVOD
EDVH GH PXFKDV LQQRYDFLRQHV KLVW³ULFDV %LOO *DWHV \ RWURV O­GHUHV UHVHUYDQ
H[WHQVRVSHU­RGRVGHWLHPSRSDUDODOHFWXUD\SDUDODUHIOH[L³Q(VWRORVD\XGDD
JHQHUDUVXVSURSLRVSHQVDPLHQWRVLQQRYDGRUHVDOSHUPLWLUTXHODVLGHDVTXHDºQ
HVW¡Q IUHVFDV HQ VX PHQWH GHVDUUROOHQ FRQH[LRQHV QHXURQDOHV %¡VLFDPHQWH OR
TXH KDFHQ SDUD SRWHQFLDU VX FRQRFLPLHQWR \ JDQDU H[SHULHQFLD HV FRQVWUXLU
IUDJPHQWRV JUDGXDOPHQWH HQ VX PHQWH \ OXHJR MXQWDUORV GH QXHYDV PDQHUDV
FUHDWLYDV
/RV PDHVWURV GHO DMHGUH] SRU HMHPSOR SXHGHQ I¡FLOPHQWH UHFXUULU D PLOHV
GH SDWURQHV GLIHUHQWHV GH DMHGUH]/RV PºVLFRV OLQJ¼LVWDV \ FLHQW­ILFRV SXHGHQ
DFFHGHU D IUDJPHQWRV VLPLODUHV GH FRQRFLPLHQWR GH VXV SURSLDV GLVFLSOLQDV
0LHQWUDV PHMRU \ P¡V HQWUHQDGD HVW© WX ELEOLRWHFD PHQWDO GH IUDJPHQWRV
FXDOTXLHUD TXH VHD HO WHPD TXH HVW¡V DSUHQGLHQGR P¡V I¡FLOPHQWH SRGU¡V
UHVROYHUSUREOHPDV\GHVFLIUDUVROXFLRQHV
/RV IUDJPHQWRV WDPEL©Q WH SXHGHQ D\XGDU D HQWHQGHU FRQFHSWRV QXHYRV
SRUTXHFXDQGRFDSWDVXQIUDJPHQWRHQFRQWUDU¡VTXHHVHIUDJPHQWRSXHGHHVWDU
UHODFLRQDGRGHPDQHUDVVRUSUHQGHQWHVFRQLQFOXVRIUDJPHQWRVGHRWURVFDPSRV
(VWRVHOODPDWUDQVIHUHQFLD
3RUHMHPSORORVFRQFHSWRV\P©WRGRVSDUDVROXFLRQDUSUREOHPDVTXHKD\DV
DSUHQGLGR HQ I­VLFD SXHGHQ VHU PX\ VLPLODUHV D FRQFHSWRV IUDJPHQWDGRV HQ
DGPLQLVWUDFL³Q R ELHQ DOJXQRV DVSHFWRV GHO DSUHQGL]DMH GH XQ QXHYR LGLRPD
SXHGHQVHUPX\ºWLOHVFXDQGRHVW¡VDSUHQGLHQGRSURJUDPDFL³QZHE
6L WLHQHV XQD ELEOLRWHFD GH FRQFHSWRV \ VROXFLRQHV LQWHULRUL]DGRV FRPR
SDWURQHV IUDJPHQWDGRV WDO FRPR XQ MXJDGRU GH DMHGUH] WLHQH LQWHULRUL]DGDV ODV
UHVSXHVWDVDFLHUWDVMXJDGDVSXHGHVSHQVDUHQHOORVFRPRXQDFROHFFL³QRFRPR
XQD ELEOLRWHFD GH SDWURQHV QHXUDOHV&XDQGR HVW¡V LQWHQWDQGR GHVFLIUDU DOJR VL
WLHQHV XQD EXHQD ELEOLRWHFD GH HVWRV IUDJPHQWRV SXHGHV LUߡVDOWDQGRߢKDFLDOD
VROXFL³Q FRUUHFWD DO HVFXFKDU PHWDI³ULFDPHQWH KDEODQGR ORV VXVXUURV GH WX
PRGRGLIXVR7XPRGRGLIXVRWHSXHGHD\XGDUDFRQHFWDUGRVRP¡VIUDJPHQWRV
GHPDQHUDVGLIHUHQWHVSDUDUHVROYHUSUREOHPDVQXHYRV
&DGDYH]TXHFRQVWUX\HVXQIUDJPHQWR©VWHOOHQDXQDSDUWHGHWXSDLVDMHGH
FRQRFLPLHQWRV SHUR VL QR SUDFWLFDV FRQ HVWRV IUDJPHQWRV UHFLHQWHV LU¡Q
SHUGLHQGRLQWHQVLGDG\VHU¡P¡VGLI­FLOYLVXDOL]DUHOSDLVDMHFRPSOHWRGHORTXH
HVW¡V LQWHQWDQGR DSUHQGHU &XDQGR HVW¡V FRQVWUX\HQGR XQD ELEOLRWHFD GH
IUDJPHQWRV QR V³OR HVW¡V HQWUHQDQGR D WX FHUHEUR SDUD TXH UHFRQR]FD XQ
FRQFHSWR HVSHF­ILFR VLQR GLIHUHQWHV WLSRV GH FRQFHSWRV GH PRGR TXH VHSDV
DXWRP¡WLFDPHQWH F³PR UHVROYHU R PDQHMDU U¡SLGDPHQWH OR TXH HQFXHQWUHV
3URQWR FRPHQ]DU¡V D QRWDU TXH DSDUHFHQ HQ WX PHQWH GLYHUVRV SDWURQHV SDUD OD
UHVROXFL³QGHSUREOHPDV

 7©FQLFDVGHDSUHQGL]DMHDFHOHUDGR
$QWHV GH FRQWLQXDU HV LPSRUWDQWH TXH UHFRQR]FDV TXH HO DSUHQGL]DMH QR
SURJUHVD O³JLFDPHQWH HV GHFLU QR YD DJUHJDQGR FDGD G­D XQ SDTXHWH GH
LQIRUPDFL³QDGLFLRQDODWXFRQRFLPLHQWR$YHFHVWHWRSDVFRQXQDSDUHGFXDQGR
HVW¡V FRQVWUX\HQGR WX HQWHQGLPLHQWR \ ODV FRVDV TXH DQWHV WHQ­DQ VHQWLGR
UHSHQWLQDPHQWHSXHGHQSDUHFHUFRQIXVDV(VWHWLSRGHFRODSVRGHOFRQRFLPLHQWR
RFXUUHFXDQGRWXPHQWHHVW¡UHVWUXFWXUDQGRWXHQWHQGLPLHQWR\FRQVWUX\HQGRXQD
EDVH P¡V V³OLGD 3RU HMHPSOR HQ HO FDVR GH ORV HVWXGLDQWHV GH LGLRPDV HVWRV
H[SHULPHQWDQ SHU­RGRV RFDVLRQDOHV HQ ORV TXH HO LGLRPD H[WUDQMHUR GH SURQWR
SDUHFHWRWDOPHQWHLQFRPSUHQVLEOH
5HFXHUGD TXH WRPD WLHPSR DVLPLODU HO QXHYR FRQRFLPLHQWR $WUDYHVDU¡V
LQHYLWDEOHPHQWH SRU DOJXQRV SHU­RGRV HQ ORV TXH SDUHFHU¡ TXH HVW¡V
UHWURFHGLHQGR HQ YH] GH DYDQ]DU HQ OD FRPSUHQVL³Q GH XQ PDWHULDO‰VWH HV XQ
IHQ³PHQRQDWXUDOTXHVLJQLILFDTXHWXPHQWHHVW¡OXFKDQGRSURIXQGDPHQWHFRQ
HO PDWHULDO SHUR GHVFXEULU¡V TXH FXDQGR HPHUJHV GH HVWRV SHU­RGRV GH
IUXVWUDFL³Q WHPSRUDO WX EDVH GH FRQRFLPLHQWR GDU¡ XQ SDVR VRUSUHQGHQWH KDFLD
DGHODQWH
'LFKR HVWR D FRQWLQXDFL³Q YHUHPRV XQ SDU GH W©FQLFDV TXH WH D\XGDU¡Q D
SRWHQFLDUWXKDELOLGDGGHDSUHQGL]DMH
 /DPHMRUIRUPDGHDSUHQGHUXQPDWHULDOHVFULWR
8QRGHORVP©WRGRVP¡VXWLOL]DGRVSDUDLQWHQWDUDSUHQGHUHOPDWHULDOHVFULWR
HV VLPSOHPHQWH OHHUOR HQ UHSHWLGDV RSRUWXQLGDGHV SHUR HO SVLF³ORJR -HIIHU\
.DUSLFNH KD GHPRVWUDGR TXH HVWH P©WRGR HQ UHDOLGDG HV PXFKR PHQRV
SURGXFWLYRHQFRPSDUDFL³QDRWUDW©FQLFDPX\VHQFLOOD
/DW©FQLFDHVPX\VLPSOH\FRQVLVWHVHQFLOODPHQWHHQߡUHFRUGDUߢ'HVSX©V
TXH KDV OH­GR HO PDWHULDO VLPSOHPHQWH PLUD KDFLD RWUR ODGR \ YHULILFD OR TXH
SXHGHV UHFRUGDU GHO PDWHULDO /D LQYHVWLJDFL³Q GH .DUSLFNH SXEOLFDGD HQ HO
-RXUQDO6FLHQFHSUHVHQWDHYLGHQFLDVV³OLGDVHQHVDO­QHD/RVVXMHWRVHVWXGLDURQ
XQWH[WRFLHQW­ILFR\ORSUDFWLFDURQUHFRUGDQGRODPD\RUFDQWLGDGGHLQIRUPDFL³Q
TXH SXGLHURQ /XHJR YROYLHURQ D HVWXGLDU HO WH[WR \ YROYLHURQ D UHFRUGDU (V
GHFLULQWHQWDURQXQDYH]P¡VUHFRUGDUODVLGHDVFODYH
/RV UHVXOWDGRV IXHURQ TXH HQ OD PLVPD FDQWLGDG GH WLHPSR FRQ V³OR
SUDFWLFDU\UHFRUGDUHOPDWHULDOORVHVWXGLDQWHVDSUHQGLHURQP¡V\DXQQLYHOP¡V
SURIXQGR TXH FRQ WRGRV ORV GHP¡V P©WRGRV LQFOX\HQGR YROYHU D OHHU HO WH[WR
YDULDVYHFHVRGLEXMDUPDSDVFRQFHSWXDOHV(VWHDSUHQGL]DMHPHMRUDGRVHHYDOX³
FXDQGR ORV VXMHWRV SUHVHQWDURQ H[¡PHQHV IRUPDOHV \ WDPEL©Q FXDQGR VH
SXVLHURQDSUXHEDHOORVPLVPRVLQIRUPDOPHQWH
(VWR QRV GLFH DOJR LPSRUWDQWH (O SURFHVR GH UHFRUGDU SRU V­ PLVPR
SRWHQFLDHODSUHQGL]DMHSURIXQGR\QRVD\XGDDFRPHQ]DUDIRUPDUIUDJPHQWRV
(V FDVL FRPR VL HO SURFHVR GH UHFRUGDU D\XGDUD D FRQVWUXLU SHTXH±RV JDQFKRV
QHXUDOHVHQORVTXHSRGHPRVFROJDUQXHVWURVSHQVDPLHQWRV
3DUHFHVHUTXHODUHOHFWXUDV³ORHVHIHFWLYDVLGHMDVTXHSDVHDOJºQWLHPSR
HQWUHOHFWXUDVGHPRGRTXHVHFRQYLHUWDHQXQHMHUFLFLRGHUHSHWLFL³QHVSDFLDGD
,JXDOPHQWHWHVRUSUHQGHU¡VDEHUTXHGHEHVVHUPX\FXLGDGRVRFXDQGRXVHV
ODW©FQLFDGHUHVDOWDU\VXEUD\DUHOWH[WRTXHHVW¡VLQWHQWDQGRFRPSUHQGHU'HOR
FRQWUDULR QR V³OR HV LQHILFLHQWH VLQR TXH SXHGH VHU HQJD±RVR (V FRPR VL HO
KDEHUKHFKRPRYLPLHQWRVFRQWXPDQRWHKLFLHUDFUHHUTXHFRORFDVWHHOFRQFHSWR
HQWXFHUHEUR(VWRHVORTXHVHFRQRFHFRPRXQDߡLOXVL³QGHDSUHQGL]DMHߢ6L
YDV D PDUFDU HO WH[WR SULPHUR LQWHQWD HQFRQWUDU ODV LGHDV SULQFLSDOHV DQWHV GH
PDUFDU DOJR \VXEUD\D RUHVDOWDORP­QLPRSRVLEOHFRPRP¡[LPRXQDRUDFL³Q
SRUFDGDS¡UUDIR
3RU RWUD SDUWH HV XQD LGHD PX\ EXHQD HVFULELU QRWDV HQ HO PDUJHQ
UHVXPLHQGR FRQFHSWRV FODYH-HII .DUSLFNH HO PLVPR LQYHVWLJDGRU TXH KL]R HO
LPSRUWDQWH HVWXGLR UHODWLYR DO UHFXHUGR WDPEL©Q LQYHVWLJ³ OD LPSRUWDQFLD GH
WRPDU QRWDV/D UD]³Q SRU OD TXH D ODV SHUVRQDV QRV JXVWD UHOHHU ORV OLEURV TXH
HVWDPRVHVWXGLDQGRHVSRUTXHWHQHUHOOLEURDELHUWRQRVGDODLOXVL³QGHTXHHO
PDWHULDOWDPEL©QHVW¡HQQXHVWURVFHUHEURV(VWDHVRWUDLOXVL³QGHDSUHQGL]DMH
(VWR QRV GLFH TXH V³OR TXHUHU DSUHQGHU HO PDWHULDO \ GHGLFDUOH PXFKR
WLHPSRDKDFHUORQRJDUDQWL]DTXHHQUHDOLGDGORDSUHQGDPRV8QDPDQHUDPX\
ºWLOSDUDDVHJXUDUWHGHTXHHVW¡VDSUHQGLHQGR\QRHQJD±¡QGRWHFRQLOXVLRQHVGH
DSUHQGL]DMH HV SRQHUWH D SUXHED D WL PLVPR FRQ UHVSHFWR D OR TXH HVW©V
HVWXGLDQGR'HDOJºQPRGRHVRHVORTXHKDFHVDOUHFRUGDU(VSHUPLWLUWHYHUVL
HQUHDOLGDGFDSWDVWHRQRXQDLGHD6LFRPHWHVXQHUURUDOKDFHUORHQUHDOLGDGHV
DOJR PX\ SRVLWLYR3RU VXSXHVWR QR HV EXHQR UHSHWLU ORV HUURUHV SHUR HV PX\
YDOLRVR FRPHWHU HUURUHV HQ WXV SHTXH±DV DXWR HYDOXDFLRQHV SRUTXH WH SHUPLWHQ
KDFHUPHMRUDV\FRUUHJLUWXSHQVDPLHQWR
/RV HUURUHV VRQ JUDQGHV PDHVWURV \ UHVDOWDQ ORV YDF­RV \ GHIHFWRV HQ WX
FRQRFLPLHQWR7DPEL©Q WH PXHVWUDQ TX© HV OR TXH GHEHV KDFHU D FRQWLQXDFL³Q
/RVHUURUHV\ODVIDOODVQRVRQVLJQRVGHGHELOLGDGVLQRTXHVRQRSRUWXQLGDGHV
GHO©[LWRIXWXUR$PHQXGRXQHUURUHVXQDUHYHODFL³QGHXQDIDOODHQXQDSLH]D
GHLQIRUPDFL³QE¡VLFDGHFRQRFLPLHQWR&XDQGRWHVLHQWDVHVWDQFDGR\QRVHSDV
TXH KDFHU HQWRQFHV FRPHWH HUURUHV HVSHF­ILFRV TXH WH SRQJDQ HQ XQD SRVLFL³Q
GLIHUHQWH\PHMRUTXHFXDQGRFRPHQ]DVWH
(OVLJXLHQWHHVRWURFRQVHMRPX\ºWLOTXHQRV³ORVHDSOLFDDODSUHQGL]DMHGH
PDWHULDO HVFULWR 5HIUHVFD HO PDWHULDO DSUHQGLGR IXHUD GH WX OXJDU XVXDO GH
HVWXGLR1RWHGDVFXHQWDSHURFXDQGRHVW¡VDSUHQGLHQGRDOJRQXHYRDPHQXGR
WRPDV SLVWDV VXEOLPLQDOHV GH OD KDELWDFL³Q GRQGH HVWDEDV \ HO HVSDFLR TXH WH
URGHDEDHQHOPRPHQWRHQTXHHVWDEDVDSUHQGLHQGRRULJLQDOPHQWHHVHPDWHULDO
(VWR WH SXHGH GHVRULHQWDU FXDQGR LQWHQWDV DSOLFDU WXV FRQRFLPLHQWRV HQ XQ
DPELHQWHWRWDOPHQWHGLVWLQWR5HFRUGDU\SHQVDUHQHOPDWHULDOFXDQGRHVW¡V HQ
GLYHUVRV DPELHQWHV I­VLFRV WH SHUPLWH LQGHSHQGL]DUWH GH ODV SLVWDV VXEOLPLQDOHV
GHOOXJDUGHODSUHQGL]DMHRULJLQDO
(Q HO VLJXLHQWH FDS­WXOR DSUHQGHU¡V XQD GH ODV PHMRUHV W©FQLFDV GH
DSUHQGL]DMH DFHOHUDGR TXH XWLOL]R FRQ ORV WHPDV P¡V LPSRUWDQWHV TXH TXLHUR
DSUHQGHUODW©FQLFD)H\QPDQ


 /DW©FQLFD)H\QPDQ
(VWD W©FQLFD GH DSUHQGL]DMH OOHYD HO QRPEUH GH 5LFKDUG )H\QPDQ XQR GH
ORV I­VLFRV P¡V IDPRVRV GHO PXQGR \ WLHQH FXDWUR SDVRV TXH DJUXSDQ OR TXH
KHPRVYLVWRKDVWDDKRUDVREUHHOSURFHVRGHIUDJPHQWDFL³Q

3DVR(OLJHWXFRQFHSWR
/D W©FQLFD GH )H\QPDQ HV DPSOLDPHQWH DSOLFDEOH DV­ TXH HQ HVWH FDVR
HOHJLUHPRV XQ FRQFHSWR SDUD HMHPSOLILFDU HVWD VHFFL³Q 6XSRQJDPRV TXH
TXHUHPRVHQWHQGHUORVFRQFHSWRVE¡VLFRVGHODJUDYHGDG

3DVR$QRWDXQDH[SOLFDFL³QGHOFRQFHSWRHQOHQJXDMHVHQFLOOR
(VI¡FLORGLI­FLOHVFULELUXQDGHVFULSFL³QGHOFRQFHSWR"(VWHHVHOSULQFLSDO
SDVRGHHVWDW©FQLFDSRUTXHWHYDDPRVWUDUH[DFWDPHQWHORTXHHQWLHQGHV\OR
TXH QR HQWLHQGHV GHO FRQFHSWR ,QWHQWD H[SOLFDUOR HQ XQ OHQJXDMH VLPSOH SHUR
SUHFLVR GH IRUPD TXH DOJXLHQ TXH QR VDEH QDGD VREUH HO FRQFHSWR WDPEL©Q OR
HQWLHQGD
3XHGHVKDFHUOR"RYDVDUHFXUULUDGHFLUߡ%XHQR\DVDEHVbODJUDYHGDG
HV OD JUDYHGDGߢ (VWH SDVR WH SHUPLWH YHU WXV SXQWRV FLHJRV \ GRQGH WX
H[SOLFDFL³Q FRPLHQ]D D GHVPRURQDUVH 6L QR SXHGHV UHDOL]DU HVWH SDVR
FODUDPHQWHQRVDEHVWDQWRVREUHHOFRQFHSWRFRPRSHQVDEDV

3DVR(QFRQWUDUORVSXQWRVFLHJRV
6LQRSXGLVWHHQFRQWUDUXQDIRUPDVLPSOHGHH[SOLFDUODJUDYHGDGHQHOSDVR
DQWHULRUHQWRQFHVHVW¡FODURTXHWLHQHVJUDQGHVODJXQDVHQWXFRQRFLPLHQWR(VWH
HVHOPRPHQWRHQTXHGHEHVLQYHVWLJDUP¡V\HQFRQWUDUXQDPDQHUDGHGHVFULELU
OD JUDYHGDG HQ W©UPLQRV VHQFLOORV (V SRVLEOH TXH OOHJXHV D DOJR FRPR ߡ/D
JUDYHGDG HV OD IXHU]D TXH KDFH TXH ORV REMHWRV GH PD\RU PDVD DWUDLJDQ D ORV
REMHWRVGHPHQRUPDVDߢ
6HU FDSD] GH DQDOL]DU OD LQIRUPDFL³Q \ H[SUHVDUOD HQ W©UPLQRV VHQFLOORV
GHPXHVWUDHOFRQRFLPLHQWR\ODFRPSUHQVL³Q6LQRSXHGHVUHVXPLUHOFRQFHSWR
HQXQDIUDVHHQWRQFHVDºQWLHQHVSXQWRVFLHJRVTXHQHFHVLWDVUHVROYHU(VWHSDVR
KDFH XQ XVR LQWHQVLYR GHO SURFHVR GH IUDJPHQWDFL³Q TXH YLPRV DQWHULRUPHQWH
SRUORTXHWHUHFRPLHQGRTXHHQHVWHPRPHQWRLQWHQWHVUHFRUGDUORSDUDDILDQ]DU
WXFRQRFLPLHQWR

3DVR8WLOL]DXQDDQDORJ­DRXQDPHW¡IRUD
 3RU ºOWLPR FUHD XQD DQDORJ­D R XQD PHW¡IRUD SDUD HO FRQFHSWR +DFHU
DQDORJ­DV HQWUH GRV FRQFHSWRV UHTXLHUH XQD FRPSUHQVL³Q GH ODV SULQFLSDOHV
FDUDFWHU­VWLFDVGHFDGDXQR(VWHSDVRGHPRVWUDU¡VLYHUGDGHUDPHQWHHQWLHQGHVHO
FRQFHSWRDXQQLYHOP¡VSURIXQGR3XHGHVYHUORFRPRODYHUGDGHUDSUXHEDGHWX
FRPSUHQVL³Q\GHVFXEULUVLDºQGLVSRQHVGHSXQWRVFLHJRVHQWXFRQRFLPLHQWR
(VWH SDVR WDPEL©Q FRQHFWD OD QXHYD LQIRUPDFL³Q FRQ LQIRUPDFL³Q \D
H[LVWHQWH \ WH SHUPLWH FUHDU XQ PRGHOR PHQWDO GH WUDEDMR SDUD FRPSUHQGHU FRQ
PD\RUSURIXQGLGDGHOWHPDHQFXHVWL³Q
$KRUDSLHQVDHQFXDOTXLHUWHPDLPSRUWDQWHSDUDWL\FRPLHQ]DDDSOLFDUHVWD
W©FQLFD &RPR SXHGHV YHU OD W©FQLFD )H\QPDQ HV XQD IRUPD PX\ U¡SLGD GH
GHVFXEULU OR TXH VDEHV \ OR TXH FUHHV TXH VDEHV \ WH SHUPLWH DILDQ]DU
U¡SLGDPHQWHWXEDVHGHFRQRFLPLHQWRV

 &³PRRSWLPL]DUWXFHUHEUR
2SWLPL]DUHOFHUHEURVHUHILHUHDOKHFKRGHTXHWXFHUHEURIXQFLRQDFRPR
XQPRWRU\FRPRWDOH[LVWHQPDQHUDVGHKDFHUTXHIXQFLRQHDQLYHOHV³SWLPRV
/DVVLJXLHQWHVVRQVHQFLOODVPDQHUDVGHPHMRUDUWXELHQHVWDUPHQWDO
 +DFHUQDGD
(Oߡ%XUQRXWߢ HV XQ W©UPLQR PX\ FRPºQ HQ OD DFWXDOLGDG \ VH UHILHUH DO
HVWDGRHQHOTXHFDHPRVFXDQGRH[SULPLPRVKDVWDODºOWLPDJRWDGHGLVIUXWHGH
QXHVWUDVYLGDVGHELGRDOHVWU©V\DODDXWRH[LJHQFLDH[FHVLYDSDUDFXPSOLUFRQ
WRGRORTXHVHQRVH[LJH
,U³QLFDPHQWH HVWH H[FHVR GH FRPSURPLVR U¡SLGDPHQWH VH FRQYLHUWH HQ
FRQWUDSURGXFHQWHSRUTXHPX\SRFDVSHUVRQDVWLHQHQXQDEDWHU­DI­VLFD\PHQWDO
TXH SXHGD IXQFLRQDU GH HVD PDQHUD(Q FXDQWR D OR TXH HVWR VLJQLILFD SDUD WX
FHUHEUR OD IDWLJD DIHFWDU¡ WX FODULGDG GH SHQVDPLHQWR6LQ HPEDUJR OR TXH HV
PHQRVREYLRHVTXHGHVFRQHFWDUVHGHWRGR\QRKDFHUQDGDHQDEVROXWRSXHGHVHU
HQUHDOLGDGXQFDPLQRKDFLDXQDPD\RUFUHDWLYLGDG\SHUVSLFDFLD
(O SHQVDPLHQWR HV LQKHUHQWHPHQWH DJRWDGRU \ H[LJHQWH FRQ OD PHQWH \ VH
FDUDFWHUL]DSRUTXHHOFHUHEURHPLWHRQGDVEHWD3RURWUDSDUWHODUHODMDFL³Q\OD
IDOWDGHDWHQFL³QVHFDUDFWHUL]DSRUTXHHOFHUHEURHPLWHRQGDVDOID
&RQTX©VHDVRFLDQODVRQGDVDOID"/RVHVWXGLRVUHDOL]DGRVSRUHOSURIHVRU
)ODYLR)URKOLFKHQWUHRWURVKDQGHPRVWUDGRTXHODVRQGDVDOIDHVW¡QDVRFLDGDV
FRQXQDPHMRUPHPRULDFRQHOSHQVDPLHQWRFUHDWLYR\FRQODIHOLFLGDG7DOYH]
HVDVHDODUD]³QSRUODTXHODSU¡FWLFDGHODPHGLWDFL³QVHKD\DSRSXODUL]DGRHQ
HVWRVG­DV4XLHQHVLQWHQFLRQDGDPHQWHVHUDOHQWL]DQ\VHSRQHQHQXQHVWDGRGH
OLEHUDFL³Q GH RQGDV DOID H[SHULPHQWDQ XQ DXPHQWR GH OD IHOLFLGDG \ OD
VDWLVIDFFL³Q FRQ OD YLGD HQ JHQHUDO/DV SHUVRQDV GH PHMRU GHVHPSH±R D QLYHO
PXQGLDOPHQFLRQDQODPHGLWDFL³QFRPRXQDSDUWHYLWDOGHVXUXWLQD
&XDQGR WH UHODMDV \ QR KDFHV QDGD HQ DEVROXWR HQWUDV HQ XQ HVWDGR TXH
SHUPLWHTXHWXPHQWHGLYDJXH\WDPEL©QVHUHQXHYD\VHUHFDUJDGHHQHUJ­D6L
QHFHVLWDVXQGHVFDQVRUHVLVWHODWHQWDFL³QGHHQFHQGHUHOWHOHYLVRU\EXVFDUXQD
SHO­FXODHQ1HWIOL[6LPSOHPHQWHPLUDUXQDSDUHGHQEODQFRRHOFLHORSRGU­DVHU
XQPHMRUXVRGHWXWLHPSR
'RUPLUWDPEL©QHVXQDEXHQDDOWHUQDWLYD/DIDOWDGHVXH±RDIHFWDDWRGR
GHVGH OD FRJQLFL³Q OD PHPRULD KDVWD OD YHORFLGDG GHO SHQVDPLHQWR .LOOJRUH
6HKDGHPRVWUDGRTXHODIDOWDGHVXH±RWLHQHXQLPSDFWRQHJDWLYRHQODV
IXQFLRQHVFRJQLWLYDVFRPRODDWHQFL³Q\ODPHPRULDGHWUDEDMR/DDFWLYLGDGHQ
HOKLSRFDPSRDXPHQWDFXDQGRODJHQWHHQWUDHQVXH±RSURIXQGR\VHFUHHTXH
HVWD DFWLYLGDG HV HO P©WRGR GHO FHUHEUR SDUD OD WUDQVIHUHQFLD GH LQIRUPDFL³Q
GHVGHODPHPRULDGHWUDEDMRKDFLDODPHPRULDGHODUJRSOD]R
 /RVULWPRVFLUFDGLDQRV
/RV ULWPRV FLUFDGLDQRV VRQ FDPELRV I­VLFRV PHQWDOHV \ FRQGXFWXDOHV TXH
VLJXHQ XQ FLFOR GH  KRUDV \ TXH UHVSRQGHQ SULQFLSDOPHQWH D OD OX] \ D OD
RVFXULGDG(QRWUDVSDODEUDVWXULWPRFLUFDGLDQRHVHOFLFORELRO³JLFRTXHGLFWD
F³PRDGDSWDUVHDXQG­DGHKRUDV\FRQWURODFXDQGRWHVLHQWHVVRPQROLHQWR
FXDQGR TXLHUHV GHVSHUWDU \ FXDQGR HVW¡V HQ WXV SLFRV P¡V DOWRV GH HQHUJ­D
HVWDGRGHDOHUWD(VLPSRVLEOHSHUPDQHFHUHQHVWDGRGHDOHUWDODVKRUDVGHO
G­D SRU OR TXH HO FXHUSR KD DSUHQGLGR D HOHJLU FXDO HV HO PHMRU PRPHQWR SDUD
HQWUDUHQHVHHVWDGR
3RU TX© HVWR HV LPSRUWDQWH SDUD XQ PHMRU UHQGLPLHQWR"3L©QVDOR GH HVWD
PDQHUD WX SHQVDPLHQWR VHU¡ PXFKR P¡V HILFD] \ HILFLHQWH VL SXHGHV KDFHU WX
WUDEDMRP¡VGLI­FLOFXDQGRHVW¡VHQWXPHMRUPRPHQWR
/RV HVWXGLRV KDQ GHPRVWUDGR TXH ODV SHUVRQDV WLHQGHQ H H[SHULPHQWDU HO
SLFRGHVXHVWDGRGHDOHUWDPHQWDODSUR[LPDGDPHQWHDOPHGLRG­D\OXHJRDODV
 KRUDV FDGD G­D \ ILQDOPHQWH OOHJDQ D VX SXQWR P¡V EDMR GH HQHUJ­D
DSUR[LPDGDPHQWH D ODV  DP 7D\ORU  )UDQFLV  3RU OR WDQWR WLHQH
VHQWLGRKDFHUODVWDUHDVTXHUHTXLHUHQODPD\RUFDQWLGDGGHFUHDWLYLGDGLQJHQLR
\ SHQVDPLHQWR DOUHGHGRU GH ORV SLFRV GLDULRV GH HQHUJ­D \ UHVHUYDU ODV WDUHDV
I¡FLOHVSDUDFXDOTXLHURWURPRPHQWR
'HEHV DSUHQGHU D WRPDU YHQWDMD GH FXDQGR WX FHUHEUR HVW¡ HQ VX PHMRU
PRPHQWR GH IRUPD QDWXUDO 6LQ HPEDUJR SRGU­DV HVWDU SHQVDQGR TXH HUHV XQ
S¡MDURQRFWXUQR(VRSRGU­DVHUYHUGDG\SRUORJHQHUDOVHGHEHDXQDGLIHUHQFLD
JHQ©WLFDHQWUHODVSHUVRQDV3WDFHN8QLYHUVLGDGGH&DOLIRUQLD6LQHPEDUJROR
LPSRUWDQWH DTX­ HV TXH LQGHSHQGLHQWHPHQWH GH VL HUHV XQ S¡MDUR QRFWXUQR R
GLXUQR VLJXHV WHQLHQGR SLFRV \ YDOOHV GH DOHUWD PHQWDO (VWH WLSR GH
SURJUDPDFL³QFLUFDGLDQDWDPEL©QVHDSOLFDDWXVSLFRVI­VLFRVTXHFDVXDOPHQWH
FRLQFLGHQ P¡V R PHQRV FRQ ORV SLFRV PHQWDOHV 6PROHQVN\ 8QLYHUVLGDG GH
7H[DV$XVWLQ
 $OLPHQWDFRUUHFWDPHQWHDWXFHUHEUR
6HKDGHPRVWUDGRTXHORV¡FLGRVJUDVRVRPHJDD\XGDQDOIXQFLRQDPLHQWR
GHOFHUHEUR\VRQELRO³JLFDPHQWHEHQHILFLRVRVSDUDODVQHXURQDVTXHFRPSRQHQ
QXHVWUDV F©OXODV FHUHEUDOHV (O  GHO FHUHEUR KXPDQR HV JUDVD &KDQJ &<
SRUORTXHVHSXHGHGHFLUTXHORV¡FLGRVJUDVRVRPHJDFRQWULEX\HQHQ
JUDQPHGLGDDODLQWHJULGDGHVWUXFWXUDOGHOFHUHEUR/RV¡FLGRVJUDVRVRPHJD
FRQWLHQHQ (3$ \ '+$ TXH DFWºDQ FRPR DQWLLQIODPDWRULRV HQ HO FHUHEUR \ HO
FXHUSR /D SULQFLSDO IXHQWH GH HVWH WLSR GH JUDVD VDOXGDEOH HV D WUDY©V GH
SHVFDGRV JUDVRV FRPR HO VDOP³Q VDUGLQDV WUXFKDV R ELHQ D WUDY©V GH
VXSOHPHQWRV
7DO YH] P¡V LPSRUWDQWH \ IXQGDPHQWDO TXH ORV ¡FLGRV JUDVRV RPHJD  HV
VLPSOHPHQWH SHUPDQHFHU WDQ KLGUDWDGR FRPR VHD SRVLEOH (VWXGLRV KDQ
GHPRVWUDGR TXH VL QR HVW¡V KLGUDWDGR ORV WLHPSRV GH UHDFFL³Q GH WX FHUHEUR
GLVPLQX\HQKDVWDHQXQ8QLYHUVLGDGGH(DVW/RQGRQ&XDQGRHVW¡V
VHGLHQWRWXFHUHEURHVW¡OLWHUDOPHQWHRFXSDGRHYLWDQGRODLQDQLFL³Q
2WURV HVWXGLRV GHPXHVWUDQ TXH VL WLHQHV V³OR XQ  GH GHVKLGUDWDFL³Q HV
SUREDEOHTXHH[SHULPHQWHVKDVWDXQGHGLVPLQXFL³QGHODIXQFL³QFRJQLWLYD
(VD WDVD GH GLVPLQXFL³Q DJUDYD FXDQWR P¡V WH GHVKLGUDWDV(O DJXD WDPEL©Q HV
HVHQFLDOSDUDODHQWUHJDGHQXWULHQWHVDOFHUHEUR\SDUDODHOLPLQDFL³QGHWR[LQDV
&XDQGRHOFHUHEURHVW¡FRPSOHWDPHQWHKLGUDWDGRHOLQWHUFDPELRGHQXWULHQWHV\
WR[LQDVVHU¡P¡VHILFLHQWHORTXHJDUDQWL]DXQDPHMRUFRQFHQWUDFL³Q\HVWDGRGH
DOHUWDPHQWDO
 %DMDWXQLYHOGHHVWU©V
0DQWHQHUEDMRVORVQLYHOHVGHHVWU©V\DQVLHGDGQRV³ORWHKDU¡XQDSHUVRQD
P¡VIHOL]HQJHQHUDOVLQRTXHWHSHUPLWLU¡VHJXLUSHQVDQGRFRQFODULGDG
(OFXHUSROLEHUDXQDKRUPRQDOODPDGDFRUWLVROFRPRXQDUHDFFL³QDOHVWU©V
ODDQVLHGDG\HOPLHGR(OFRUWLVRODXPHQWDU¡WXSUHVL³QDUWHULDOSDUDPDQWHQHUWH
WHQVR GHELGR D TXH WX FXHUSR GHWHFWD TXH KD\ XQD DPHQD]D TXH SXHGH FDXVDU
GD±RFRUSRUDO6LQHPEDUJRWDPEL©QVHKDGHPRVWUDGRTXHHOFRUWLVROPDWDODV
F©OXODVFHUHEUDOHV\FDXVDHQYHMHFLPLHQWRSUHPDWXUR'DQLHOD.DXIHU7XV
F©OXODV FHUHEUDOHV GHVWLQDGDV SDUD HO DSUHQGL]DMH \ OD IXQFL³Q GH OD PHPRULD
VXIUHQEDMRHOHVWU©V\ODDQVLHGDG
)LQDOPHQWH HO HVWU©V FU³QLFR UHGXFH ORV QLYHOHV GH GRV QHXURWUDQVPLVRUHV
FU­WLFRVODVHURWRQLQD\ODGRSDPLQD3RGU¡VUHFRQRFHUHVWRVQHXURWUDQVPLVRUHV
SRUTXH W­SLFDPHQWH HVW¡Q UHODFLRQDGRV FRQ ODV GURJDV UHFUHDWLYDV \D TXH HVW¡Q
YLQFXODGRVFRQHOSODFHU\HO©[WDVLV4X©RFXUUHFXDQGRVXIUHVHVFDVHVGHHVWRV
QHXURWUDQVPLVRUHV" 7X FHUHEUR HPSLH]D D SDUHFHUVH DO GH XQD SHUVRQD FRQ
GHSUHVL³Q7DIHW
&RQWURODHOHVWU©VSDUDFRQWURODUWXFDSDFLGDGLQWHOHFWXDO(OHVWU©VQRVKDFH
SHUGHUODSHUVSHFWLYDGHQXHVWUDVYLGDVQRVKDFHROYLGDUORVDVSHFWRVSRVLWLYRV\
QRV FHQWUDPRV SULQFLSDOPHQWH HQ ORV SHTXH±RV DVSHFWRV QHJDWLYRV/D PD\RU­D
GHODVYHFHVEDVWDFRQGHWHQHUQRVSRUXQPRPHQWR\SHQVDUFRQO³JLFDDFHUFDGH
QXHVWURV IDFWRUHV GH HVWU©V \ YHU¡V TXH VHU¡Q ROYLGDGRV GHQWUR GH OD MRUQDGD
(VHQFLDOPHQWHHOHVWU©VHVQXHVWUDSURSLDFUHDFL³Q
(Q HO VLJXLHQWH FDS­WXOR KDEODUHPRV GH DOJXQRV PLWRV TXH SUREDEOHPHQWH
KDQ LQWHUIHULGR HQ HO GHVDUUROOR GH WX SRWHQFLDO \ SRVWHULRUPHQWH DSUHQGHU¡V
F³PRDXPHQWDUODHILFLHQFLDGHWXOHFWXUD

 'HVWUX\HQGRPLWRV
'HGLFDUHPRVDOJXQRVPLQXWRVDKDEODUGHDOJXQRVGHORVP¡VJUDQGHVPLWRV
VREUH OD FDSDFLGDG GH SHQVDU PHMRU \ DXPHQWDU WXV FDSDFLGDGHV FRJQLWLYDV 6H
KDQ FUHDGR LQGXVWULDV HQWHUDV SDUD VDWLVIDFHU ORV GHVHRV GH ODV SHUVRQDV SDUD
DXPHQWDU OD IXQFLRQDOLGDG \ HILFDFLD GH VX FHUHEUR FRQ HO P­QLPR WLHPSR \
HVIXHU]RSRVLEOH6LQHPEDUJRDPHGLGDTXHOHDVPXFKDVGHODVSURPHVDVTXH
KD\DVHVFXFKDGRROH­GRDOUHVSHFWRVHGHVPRURQDU¡Q
/D LQGXVWULD GH OD VDOXG \ HO DFRQGLFLRQDPLHQWR I­VLFR HV XQD DQDORJ­D
SHUIHFWD SRUTXH ODV SHUVRQDV HVW¡Q FRQVWDQWHPHQWH WUDWDQGR GH HQFRQWUDU
PDQHUDV UHYROXFLRQDULDV GH SHUGHU OD PD\RU FDQWLGDG GH SHVR PLHQWUDV TXH DO
PLVPRWLHPSRKDFHQODPHQRUFDQWLGDGGHWUDEDMR3RUORJHQHUDOFRQRFHPRVOD
WUD\HFWRULD UHDO WHQHPRV TXH WRPDU SHUR HVH VXHOH VHU HO FDPLQR GH OD PD\RU
UHVLVWHQFLD7DOYH]HVWHFDS­WXORWHVHUYLU¡FRPRXQUHFRUGDWRULRGHTXHQRKD\
DWDMRVFXDQGRVHWUDWDGHSHQVDU\DSUHQGHUPHMRU$V­TXHVLQP¡VSUH¡PEXORV
FRPHQFHPRV
 (OHIHFWR0R]DUW
6LQOXJDUDGXGDVHVWDHVXQDGHODVFUHHQFLDVP¡VFRPXQHV6HGLFHTXHHO
UHQGLPLHQWR PHQWDO \ OD FRJQLFL³Q DXPHQWD PLHQWUDV VH HVFXFKD XQD GH ODV
SLH]DVGHOIDPRVRFRPSRVLWRU:ROIJDQJ$PDGHXV0R]DUW
(VXQDSURSRVLFL³QHPRFLRQDQWHFUHHUTXHV³ORPHGLDQWHODLQWURGXFFL³QGH
XQHVW­PXORDXGLWLYRSXHGHVDXPHQWDUWXFDSDFLGDGLQWHOHFWXDOLQFOXVRVLHVV³OR
SRUHVHSHU­RGRGHWLHPSR6HU­DFRPRWRPDUXQDS­OGRUDTXHWHKDFHLQWHOLJHQWH
\WHSHUPLWHVXSHUDUWXVFDSDFLGDGHVQRUPDOHV(VDHVODUD]³QSRUODTXHODJHQWH
KDDGRSWDGRHVWHPLWR\ORKDFRQYHUWLGRHQXQDLQGXVWULDPXOWLPLOORQDULD
(OHIHFWR0R]DUWVHRULJLQ³HQXQHVWXGLRUHDOL]DGRHQSRUHOIUDQF©V
5DXVFKHU\VXVFROHJDVGHOD8QLYHUVLGDGGH&DOLIRUQLD(OHVWXGLRGLYLGL³DORV
SDUWLFLSDQWHVHQWUHVJUXSRV\SUHYLDPHQWHVHOHVKL]RXQDSUXHEDGHLQWHOLJHQFLD
HVSDFLDO SDUD GHWHUPLQDU VXV SXQWXDFLRQHV LQLFLDOHV 8Q JUXSR HVFXFK³ 
PLQXWRVGH0R]DUWHOVHJXQGRJUXSRHVFXFK³PLQXWRVGHUXLGREODQFR\HO
WHUFHU JUXSR HVWXYR  PLQXWRV HQ VLOHQFLR DEVROXWR 6RUSUHQGHQWHPHQWH HO
JUXSR TXH HVFXFK³ 0R]DUW REWXYR QXHYH SXQWRV P¡V HQ HO PLVPR WHVW GH
LQWHOLJHQFLDORTXHUHSUHVHQWDEDXQLQFUHPHQWRHQRUPH
(VWXGLRVSRVWHULRUHVKDQWHQLGRFRPRREMHWLYRUHSURGXFLUORVUHVXOWDGRVGH
5DXVFKHUSHURFRQUHVXOWDGRVPX\YDULDGRV(QODJUDQPD\RU­DGHORVFDVRVVH
UHSRUW³ TXH QR KXER QLQJXQD PHMRUD HQ ODV FDSDFLGDGHV FRJQLWLYDV'H KHFKR
DOJXQRV HVWXGLRV LQIRUPDURQ TXH HVFXFKDU D 0R]DUW DQWHV R GXUDQWH ODV WDUHDV
FRJQLWLYDVSURYRF³XQDFD­GDHQHOUHQGLPLHQWRLQWHOHFWXDO
6HKDQSURSXHVWRYDULDVWHRU­DVGHSRUTX©KXERXQDPHMRU­DHQHOSULPHU
HVWXGLRTXHYDQGHVGHTXHHVHWLSRGHPºVLFDHVHQFLDOPHQWHSRQHDOFHUHEURHQ
XQ HVWDGR GH H[FLWDFL³Q SDUD XQ PHMRU SHQVDPLHQWR R TXH OD PºVLFD LPLWD HO
ULWPR QDWXUDO GH XQ GHWHUPLQDGR FRQMXQWR GH RQGDV FHUHEUDOHV OODPDGDV WULRQV
6LQ HPEDUJR QDGD VH KD YHULILFDGR \D TXH ORV UHVXOWDGRV QXQFD KDQ VLGR
FRQVLVWHQWHPHQWHUHSURGXFLEOHV
'HVGHODSHUVSHFWLYDGHOHVSHFWDGRURFDVLRQDOQRWLHQHVHQWLGRTXH0R]DUW
SXHGD PHMRUDU ODV IDFXOWDGHV FRJQLWLYDV D PHQRV TXH HVW©V HVWXGLDQGR PºVLFD
FO¡VLFD (Q UHDOLGDG OD UHSURGXFFL³Q GH PºVLFD SUREDEOHPHQWH V³OR VLUYD SDUD
GLVWUDHUDDOJXLHQHVSHFLDOPHQWHVLGLVIUXWDGHHVHWLSRGHPºVLFD6LQHPEDUJR
YDOHODSHQDGHFLUTXHHOHIHFWR0R]DUWSXHGHVHUXQPLWRSHURGLROXJDUDXQD
LQWHUHVDQWH¡UHDGHHVWXGLRTXHV­KDSURSRUFLRQDGRUHVXOWDGRVUHSURGXFLEOHV/D
LQYHVWLJDFL³Q VXJLHUH TXH H[LVWHQ GRV VH±DOHV DXGLWLYDV TXH HIHFWLYDPHQWH
DXPHQWDQWXUHQGLPLHQWRFHUHEUDO
(QSULPHUOXJDUHQXQHVWXGLRUHDOL]DGRHOSRUFLHQW­ILFRVDOHPDQHVGH
OD 8QLYHUVLGDG GHO &HQWUR 0©GLFR+DPEXUJ (SSHQGRUI HQFRQWUDURQ TXH HO
UXLGREODQFRHOVRQLGRߡVKKKKߢTXHKDFHODWHOHYLVL³QFXDQGRHVW¡FRQHVW¡WLFD
SXHGHPHMRUDUWXFRQFHQWUDFL³QDOEORTXHDUODVGLVWUDFFLRQHVFRQHILFDFLD
(Q VHJXQGR OXJDU OD PºVLFD TXH VH SXHGH WRFDU GH IRQGR \ TXH HV
HVHQFLDOPHQWHVLPLODUDOUXLGREODQFRVHKDGHPRVWUDGRTXHWDPEL©QPHMRUDOD
FRQFHQWUDFL³Q $QGHUVRQ  (Q UHVXPHQ OD PºVLFD TXH HV FRQVWDQWH
UHSHWLWLYD\XQSRFRDEXUULGDSHUPLWHHOEORTXHRGHOUXLGRDPELHQWHHOLPLQDQGR
ODGLVWUDFFL³Q
(QFXDOTXLHUFDVRHQHVWHSXQWRHVW¡FODURTXH0R]DUW%HHWKRYHQR%DFK
QRD\XGDQDDSUHQGHURDSHQVDUPHMRU,QFOXVRWHSXHGHQVDERWHDUDV­TXHGHEHV
VHUFRQVFLHQWHGHORTXHHVFXFKDVFXDQGRWHTXLHUHVFRQFHQWUDU
 /DLQWHOLJHQFLDHVLPSRUWDQWHHQHODSUHQGL]DMH
/DLQWHOLJHQFLDHVXQW©UPLQRPX\PX\QHEXORVR3RUHMHPSORODVSUXHEDV
GH,4SUHWHQGHQPHGLUODLQWHOLJHQFLDSHURV³ORFRQVLGHUDQXQSHTXH±RFRQMXQWR
GH P©WULFDV PX\ HVSHF­ILFDV TXH VH FUH­D TXH VH WUDGXF­DQ HQ LQWHOLJHQFLD/DV
SUXHEDVFO¡VLFDVGH,4PLGHQFRVDVFRPRHOLQJHQLRHOSHQVDPLHQWRODWHUDOOD
FDSDFLGDGGHYHUSDWURQHV\GHKDFHUFRQH[LRQHV
(VWDV VRQ EXHQDV FXDOLGDGHV SHUR FRPR SRGU¡V VXSRQHU QR VRQ
H[DFWDPHQWHORTXHFDOLILFDU­DDDOJXLHQFRPRLQWHOLJHQWH(QODVSUXHEDVGH,4
QRVHWRPDQHQFRQVLGHUDFL³QXQDFRPSOHMDJDPDGHIDFWRUHV
$ORVHIHFWRVGHODSUHQGL]DMHQDGLHHVP¡VLQWHOLJHQWHQLPHMRUTXHQDGLH
(O DSUHQGL]DMH HV DOJR TXH WRGRV KDFHPRV GHVGH QL±RV \ HV UHDOPHQWH XQD
FXHVWL³QGHWUDEDMRDWHQFL³Q\GHODDSOLFDFL³QGHDOJXQRVGHORVSULQFLSLRVTXH
FXELHUWRV HQ HVWH OLEUR \ TXH OOHYDU¡Q WX FDSDFLGDG GH DSUHQGL]DMH DO VLJXLHQWH
QLYHO\QRWXWDOHQWRLQQDWRRLQWHOLJHQFLD
7X LQWHOLJHQFLD JHQHUDO \ WX FDSDFLGDG GH DSUHQGL]DMH VH PLGHQ
YHUGDGHUDPHQWH SRU PXFKRV RWURV IDFWRUHV GLVWLQWRV D ORV TXH SXHGHQ YHUVH
UHIOHMDGRV HQ ORV UHVXOWDGRV GH FXDOTXLHU SUXHED 7º SXHGHV DSUHQGHU WDQ ELHQ
FRPRFXDOTXLHURWUDSHUVRQD\VLDOJXLHQSDUHFHHQWHQGHUDOJRP¡VU¡SLGDPHQWH
VLPSOHPHQWHHVSRUTXHHVW¡SURFHVDQGRODLQIRUPDFL³QGHPDQHUDGLIHUHQWH
 (OIUDFDVRHVPDOR
(Q UHDOLGDG ORV HVWXGLRV KDQ GHPRVWUDGR TXH HO IUDFDVR HV XQD GH ODV
PHMRUHV PDQHUDVGHDSUHQGHU(VWH FRQFHSWR VH OODPDߡIDOORSURGXFWLYRߢ \ IXH
DFX±DGR SRU XQ LQYHVWLJDGRU GH OD 8QLYHUVLGDG GH 6LQJDSXU TXLHQ UHDOL]³ XQ
HVWXGLRFRQGRVJUXSRVGHHVWXGLDQWHVHQHOTXHORVPDHVWURVD\XGDURQDOSULPHU
JUXSR D HQFRQWUDU ODV UHVSXHVWDV D VX FRQMXQWR GH SUREOHPDV PLHQWUDV TXH HO
VHJXQGRJUXSRQRUHFLEL³D\XGDSHURVHOHVSHUPLWL³FRODERUDUHQWUHHOORV
(OVHJXQGRJUXSRQRUHVSRQGL³FRUUHFWDPHQWHDQLQJXQRGHORVSUREOHPDV
SHUR FRPR UHVXOWDGR GH WUDEDMDU MXQWRV SXGLHURQ DQDOL]DU GLIHUHQWHV HQIRTXHV \
ORJUDURQXQDFRPSUHQVL³QPXFKRPD\RU&XDQGRORVJUXSRVIXHURQFRPSDUDGRV
HQ W©UPLQRV GH OR TXH KDE­DQ DSUHQGLGR HO VHJXQGR JUXSR ߡVXSHU³
VLJQLILFDWLYDPHQWHߢDOSULPHUR
4X©QRVGLFHHVWRVREUHHODSUHQGL]DMH"
1RV GLFH TXH VLPSOHPHQWH PRVWUDU D DOJXLHQ OD UHVSXHVWD \ DVHJXUDUVH GH
TXH QR IDOOH HV XQ HQRUPH GD±R SDUD VX DSUHQGL]DMH (O SURFHVR GH HQFRQWUDU
UHVSXHVWDVHVORTXHYHUGDGHUDPHQWHD\XGDDQXHVWURVHQWLGRGHDSUHQGL]DMH
(OHVWXGLRGH6LQJDSXUWDPEL©QLGHQWLILF³WUHVFRQGLFLRQHVHVSHF­ILFDVTXH
SURPRYLHURQ HO IUDFDVR SURGXFWLYR 3ULPHUR HO IUDFDVR HV PHMRU FXDQGR
SURPXHYH XQD VHQVDFL³Q GH GHVDI­R \ FRPSURPLVR YHUVXV IUXVWUDFL³Q /D
IUXVWUDFL³QSRUVXSXHVWRHVODVHQVDFL³QGHTXHQRYDVDQLQJXQDSDUWHSRUOR
TXH WLHQH TXH KDEHU XQ VHQWLGR GH SURJUHVR \ ORJUR SDUD TXH HO IUDFDVR VHD
SURGXFWLYR
(Q VHJXQGR OXJDU HO IUDFDVR HV PHMRU FXDQGR ORV HVWXGLDQWHV WLHQHQ OD
RSRUWXQLGDGGHSHQVDU\QDUUDUORTXHHVW¡QKDFLHQGR$PHQXGRSHQVDUHQYR]
DOWDFRQGXFHDVROXFLRQHVTXHQRKDEU­DQDSDUHFLGRGHRWUDPDQHUD
(Q WHUFHU OXJDU HO IUDFDVR HV PHMRU FXDQGR ORV HVWXGLDQWHV WLHQHQ OD
RSRUWXQLGDGGHFRPSDUDUODVVROXFLRQHVTXHIXQFLRQDQFRQODVVROXFLRQHVTXHQR
IXQFLRQDQ 'H HVWD IRUPD UHFRQRFHV ODV EDQGHUDV URMDV GHO IUDFDVR \ JDQDV
LQWXLFL³QFXDQGRDOJRSDUHFHELHQRPDO
5HFXHUGDHOYLHMRGLFKRߡ'DDXQKRPEUHXQSH]\FRPHU¡SRUXQG­DSHUR
HQV©±DOHDSHVFDU\FRPHU¡WRGDVXYLGDߢ3HUPLWHTXHHOIUDFDVRVHDSDUWHGHWX
DUVHQDOGHKHUUDPLHQWDVSDUDPHMRUDUWXFDSDFLGDGGHDSUHQGL]DMHHQJHQHUDO
 $MHGUH]
(O DMHGUH] KD VLGR DFODPDGR FRPR XQ WUDPSRO­Q SDUD XQD PD\RU
LQWHOLJHQFLD (V YLVWR FRPR XQD DFWLYLGDG QREOH \ PXFKR P¡V TXH XQ VLPSOH
MXHJRGHPHVD\DTXHSRQHDSUXHEDHOSHQVDPLHQWRHVWUDW©JLFR0XFKRVSDGUHV
PDQWLHQHQ OD WHQGHQFLD GH REOLJDU D VXV KLMRV D MXJDU DO DMHGUH] EDVDGR HQ OD
FUHHQFLDGHTXHORVSRVLFLRQDPHMRUSDUDODYLGDSRVWHULRU(VWRSRGU­DVHUFLHUWR
HQHOVHQWLGRGHTXHHVW¡QDSUHQGLHQGRXQMXHJRTXHFRQVLVWHHQHOSHQVDPLHQWR
HVWUDW©JLFRSHURKD\PX\SRFRVGDWRVTXHLQGLTXHQTXHHODMHGUH]SRUV­PLVPR
LQFUHPHQWDODVFDSDFLGDGHVFRJQLWLYDV
6LQ HPEDUJR MXJDU DO DMHGUH] SXHGH FRQWULEXLU DO GHVDUUROOR GH ODV
KDELOLGDGHV LQGLYLGXDOHV SRU OR TXH QR SXHGH GHFLUVH TXH QR WLHQH YDORU6L WH
GHGLFDV D DSOLFDU \ WUDQVIHULU HVRV FRQRFLPLHQWRV D RWUDV ¡UHDV GH OD YLGD
HQWRQFHVHVSRVLEOHYHUPHMRUDVGHELGDVDODMHGUH]SHURHQHOYDF­RHODMHGUH]HV
VLPSOHPHQWHXQMXHJRGLYHUWLGR
3DUDOOHJDUDVHUXQEXHQMXJDGRUGHDMHGUH]GHEHVPHMRUDUWX
0HPRULD
+DELOLGDGGHUHFRQRFLPLHQWRGHSDWURQHV
&RQFHQWUDFL³Q\HOHQIRTXH
+DELOLGDGSDUDUHVROYHUSUREOHPDV
+DELOLGDGGHSODQLILFDFL³Q\SUHYLVL³Q
(VWDVVRQ KDELOLGDGHVYDOLRVDV\HO GHVDUUROORGHHVWDVKDELOLGDGHVWHKDU¡
XQ SHQVDGRU PXFKR P¡V HILFD] 6LQ HPEDUJR VHU­D LQH[DFWR DQXQFLDU TXH HO
DMHGUH]SRUV­VRORWHKDFHP¡VLQWHOLJHQWH
 0¡VHVWXGLRHVPHMRU
6HJXUDPHQWH KDEU¡V YLVWR D SHUVRQDV TXH HVWXGLDQ WRGR HO G­D \ OD QRFKH
DQWHV GHO H[DPHQ WDPEL©Q SDUD PHWHU HQ VXV FHUHEURV WRGD OD LQIRUPDFL³Q TXH
SXHGDQ $FDVR XQD PD\RU FDQWLGDG GH KRUDV GHGLFDGDV D HVWXGLDU HV HO PHMRU
P©WRGRGHUHWHQFL³QGHLQIRUPDFL³Q"1RVLHPSUH
(OH[FHVRSXHGHVHUSHUMXGLFLDOSDUDWXDSUHQGL]DMH\PHPRULD/RVHVWXGLRV
KDQ GHPRVWUDGR TXH OD W©FQLFD FRQRFLGD FRPR UHSHWLFL³Q HVSDFLDGD HV PXFKR
P¡VHILFD]SDUDHODSUHQGL]DMH\ODPHPRULD
(VWRVLJQLILFDTXHHOFHUHEURHVFRPRXQPºVFXOR\VLPSOHPHQWHQHFHVLWD
WLHPSRSDUDUHFXSHUDUVH\KDFHUFRQH[LRQHVQHXURQDOHVSDUDODLQIRUPDFL³QTXH
KD FRQVXPLGR 7DPEL©Q VLJQLILFD TXH VL H[DJHUDV \ TXHPDV WXV SHVWD±DV
HVWXGLDQGR HVW¡V SHUGLHQGR HO WLHPSR WUDWDQGR GH DSUHQGHU P¡V GH OR TXH WX
FHUHEUR SXHGH PDQHMDU HQ HVH PRPHQWR \ HQWRQFHV H[SHULPHQWDV HO IHQ³PHQR
GRQGHWHHQFXHQWUDVOH\HQGRHOPLVPRS¡UUDIRXQD\RWUDYH]VLQFRPSUHQGHU
3RUºOWLPRHVWHPLWRSRQHXQ©QIDVLVHQODPHPRUL]DFL³QHQSHUMXLFLRGHOD
FRPSUHQVL³Q \ HO DQ¡OLVLV 5HFXHUGD OR VLJXLHQWH 0¡V QR HV PHMRU P¡V
LQWHOLJHQWHHVPHMRU
 6³ORVR\XQDSHUVRQDGHFHUHEURL]TXLHUGR
([LVWH XQ PLWR GH TXH GDGR TXH ORV KHPLVIHULRV FHUHEUDOHV WLHQHQ FLHUWDV
LQFOLQDFLRQHV KDFLD OD FUHDWLYLGDG R KDFLD OD O³JLFD OD JHQWH GHEH RULHQWDU VX
DSUHQGL]DMHDDWHQGHUHVWDVGLIHUHQFLDV3RUHMHPSORVHVXSRQHTXHODVSHUVRQDV
GHOKHPLVIHULRGHUHFKRGHOFHUHEURVRQP¡VFUHDWLYDVIOXLGDV\GHVSUHRFXSDGDV
PLHQWUDVTXHODVSHUVRQDVGHOKHPLVIHULRL]TXLHUGRGHOFHUHEURVRQP¡VO³JLFDV
DQDO­WLFDV\GHOLEHUDGDV6LQGXGDSXHGHVHUXQPLWRURP¡QWLFRSHURQRVLJQLILFD
TXH DSUHQGHV FRQ XQ VROR KHPLVIHULR \ TXH GHEHV XVDU HVH KHPLVIHULR
H[FOXVLYDPHQWH
$PERVKHPLVIHULRVFHUHEUDOHVHVW¡QLQYROXFUDGRVHQFDVLWRGRVORVSURFHVRV
PHQWDOHVSHUR4X©VLJQLILFDHVWRSDUDWL"6³ORSRUTXHHUHVP¡VDUW­VWLFRRP¡V
DQDO­WLFR QR VLJQLILFD TXH GHEHV LJQRUDU ODV RWUDV SDUWHV GH OD YLGD3XHGHV VHU
LJXDOGHEXHQRHQFXDOTXLHU¡UHDGHODYLGDDV­TXHQRSHUPLWDVTXHHOPLWRGHO
KHPLVIHULRGRPLQDQWHWHLPSLGDH[SORUDURWUDV¡UHDV
 (QWUHQDPLHQWRFHUHEUDO
(OD±RODSVLF³ORJD6XVDQQH-DHJJLSXEOLF³XQLQQRYDGRUHVWXGLRTXH
PRVWUDED TXH HO WUDEDMR FRQ SURJUDPDV GH HQWUHQDPLHQWR FHUHEUDO DXPHQWD OD
LQWHOLJHQFLDPHGLGDSRUHOFRHILFLHQWHLQWHOHFWXDO\TXHODJHQWHSRGU­DDXPHQWDU
VX FRHILFLHQWH LQWHOHFWXDO HQ XQ SXQWR SRU FDGD KRUD GH HQWUHQDPLHQWR (VWRV
UHVXOWDGRV SRGU­DQ SRWHQFLDOPHQWH FDPELDU OD YLGD GH ODV SHUVRQDV (O HVWXGLR
SUHQGL³FRPRIXHJRHLQGLUHFWDPHQWHFRQGXMRDODFUHDFL³QGHHPSUHVDVFRPR
&RJPHG \ /XPRVLW\ TXH YHQGHQ SURJUDPDV GH HQWUHQDPLHQWR FHUHEUDO FRQ
SURPHVDV LPSUHVLRQDQWHV FRPR OD PHMRUD GH OD PHPRULD SDUD SUHYHQLU OD
DSDULFL³QGHODHQIHUPHGDGGH$O]KHLPHU
2WUR HVWXGLR TXH DSDUHFL³ HO D±R  FRUWHV­D GHO SURIHVRU $GDP
*D]]DOH\ GH OD 8QLYHUVLGDG GH &DOLIRUQLD HQ 6DQ )UDQFLVFR SURPRFLRQDED ORV
EHQHILFLRVGHXQYLGHRMXHJRGHHQWUHQDPLHQWRFHUHEUDOOODPDGRߡ1HXUR5DFHUߢ
6HVXSRQ­DTXHHVWHSURJUDPDD\XGDEDDORVDGXOWRVDFRQVHUYDUVXVIDFXOWDGHV
PHQWDOHV D PHGLGD TXH HQYHMHF­DQ 'H KHFKR VH UHSRUW³ TXH GHVSX©V GH OD
SU¡FWLFDODVSHUVRQDVHQHOHVWXGLRPHMRUDURQVXUHQGLPLHQWRHQHOMXHJRDOQLYHO
GHFRPSDUDUVHFRQXQMRYHQGHD±RV
6LQ HPEDUJR D SHVDU GHO KHFKR GH TXH ORV VXMHWRV PRVWUDURQ JUDQGHV
PHMRUDVHQORVMXHJRV4X©VLJQLILFDEDSDUDODVWDUHDVGHOPXQGRUHDO"(VWRHV
VLPLODU DO DMHGUH] HQ HO TXH SRGU­DV PHMRUDU FLHUWDV KDELOLGDGHV LQGLYLGXDOHV
GHQWUR GHO MXHJR SHUR QR WLHQHQ QLQJºQ VLJQLILFDGR SDUD OD FDSDFLGDG PHQWDO
UHDO 6H KD GHPRVWUDGR FRQVLVWHQWHPHQWH HQ HVWH FDPSR TXH FXDQGR OD JHQWH
SUDFWLFD XQD WDUHD HPSLH]D D PHMRUDU VROR HQ HVD WDUHD 3RU OR WDQWR HV XQD
H[DJHUDFL³Q GHFLU TXH ORV MXHJRV GH HQWUHQDPLHQWR FHUHEUDO DXPHQWDU¡Q WX
LQWHOLJHQFLD
3RU FLHUWR WDQWR &RJPHG FRPR /XPRVLW\ VH KDQ YLVWR DIHFWDGRV SRU
PºOWLSOHV GHPDQGDV SRU SXEOLFLGDG IDOVD \ UHFLHQWHPHQWH /XPRVLW\ IXH
FRQGHQDGDDSDJDUXQDHQRUPHPXOWDGHPLOORQHVGHG³ODUHVSRUSHUMXGLFDUD
ORVFRQVXPLGRUHVORTXHODHPSUHVDQRKDVLGRFDSD]GHSDJDU
&RQWUDLQWXLWLYDPHQWHHOHMHUFLFLRI­VLFRKDGHPRVWUDGRVHUEHQHILFLRVRSDUD
OD PHMRUD GHO IXQFLRQDPLHQWR FRJQLWLYR (Q OD 8QLYHUVLGDG GH ,OOLQRLV HO
SVLF³ORJR $UWKXU .UDPHU VH±DO³ TXH ORV HMHUFLFLRV DHU³ELFRV H[SDQGHQ HO
YROXPHQGHOKLSRFDPSR\GHODFRUWH]DSUHIURQWDO(OHMHUFLFLRDHU³ELFRSURGXFH
FDPELRVELRTX­PLFRVUHODFLRQDGRVFRQODVKRUPRQDVTXHOLWHUDOPHQWHDXPHQWDQ
ODSRWHQFLDGHWXFHUHEUR'HELGRDWRGDVODVFRPSOHMLGDGHVDODVTXHTXHUHPRV
DWULEXLUODPHMRUDGHQXHVWURFHUHEURDYHFHVLJQRUDPRVODUHVSXHVWDP¡VREYLD
TXHVHHQFXHQWUDIUHQWHDQXHVWUDVFDUDV

 /HFWXUDHILFLHQWH
(VLPSRVLEOHKDEODUGHDSUHQGL]DMHDFHOHUDGRVLQKDEODUWDPEL©QGHW©FQLFDV
GH OHFWXUD HILFLHQWH ,PDJLQD FX¡QWD P¡V LQIRUPDFL³Q SRGU­DV DEVRUEHU VL
DXPHQWDUDVWXYHORFLGDGGHOHFWXUDHQXQ6LQOXJDUDGXGDVVHUXQPHMRU
OHFWRUHVXQDYHQWDMDSDUDXQPHMRUDSUHQGL]DMHVREUHWRGRFRQVLGHUDQGRTXHOD
PD\RU SDUWH GH WX FRQVXPR LQLFLDO GH LQIRUPDFL³Q VHU¡ D WUDY©V GH OD SDODEUD
HVFULWD
7XFDSDFLGDGGHOHFWXUDWLHQHWUHVFRPSRQHQWHVODYHORFLGDGODHILFLHQFLD\
ODUHWHQFL³Q$FRQWLQXDFL³QYHUHPRVFDGDXQD
,PSRUWDQWH(VWHFDS­WXORQRLQWHQWDVHUXQFXUVRGHOHFWXUDYHOR]([LVWHQOLEURV
FRPSOHWRVTXHFXEUHQHVDWHP¡WLFDSRUORWDQWRHQHVWHFDS­WXORV³ORWH
EULQGDU©ODVSDXWDVTXHXWLOL]RSHUVRQDOPHQWHSDUDXQDOHFWXUDP¡VHILFLHQWH
 9HORFLGDG
3DUDODPD\RU­DGHODVSHUVRQDVOHHUGHPDVLDGRU¡SLGRSXHGHUHVXOWDUHQXQD
UHGXFFL³QGHODFRPSUHQVL³Q6LQ HPEDUJR KD\ DOJXQDV SHTXH±DV PHMRUDV TXH
SXHGHVKDFHUSDUDLQFUHPHQWDUFRQWLQXDPHQWHODYHORFLGDGSDUDTXHORTXHDQWHV
WDUGDEDVG­DVHQOHHUDKRUDORSXHGDVOHHUHQVRORKRUDV

6XEYRFDOL]DFLRQHV
(O SULPHU FRQVHMR SDUD DXPHQWDU WX YHORFLGDG GH OHFWXUD HV GLVPLQXLU ODV
VXEYRFDOL]DFLRQHVTXHXWLOL]DV8QDVXEYRFDOL]DFL³QHVDOJRTXHSUREDEOHPHQWH
HVW¡V KDFLHQGR HQ HVWH PRPHQWR(V FXDQGR WH KDEODV PHQWDOPHQWH \ HVFXFKDV
ODV SDODEUDV TXH HVW¡V OH\HQGR(V XQ K¡ELWR TXH HV SU¡FWLFDPHQWH LQQHFHVDULR
DXQTXHHVºWLOFXDQGRGHVHDVLQFUHPHQWDUODFRPSUHQVL³Q
(OKHFKRHVTXHWHQHPRVODFDSDFLGDGGHHQWHQGHU\SURFHVDUODVSDODEUDV
P¡V U¡SLGR GH OR TXH ODV SRGHPRV GHFLU R HVFXFKDU 3RQHU ILQ R DO PHQRV
GLVPLQXLU WX GL¡ORJR LQWHUQR PLHQWUDV OHHV WH D\XGDU¡ HQ JUDQ PHGLGD D
LQFUHPHQWDUWXYHORFLGDGGHOHFWXUD

$JUXSDUSDODEUDV
(OVHJXQGRFRQVHMRSDUDDXPHQWDUODYHORFLGDGGHOHFWXUDHVODSU¡FWLFDGH
ODOHFWXUDGHP¡VGHXQDSDODEUDDODYH]/DOHFWXUDSDODEUDSRUSDODEUDHVOHQWD
\SRFRHILFLHQWHHLQFOXVRSXHGHUHGXFLUODFRPSUHQVL³QSRUTXHWHFHQWUDVHQOD
SDODEUD \ QR OD UHGDFFL³Q GHO FRQWH[WR R HO VLJQLILFDGR GHO WH[WR (V HO FDVR
FO¡VLFR GH YHU ORV ¡UEROHV \ QR VHU FDSD] GH YHU HO ERVTXH7HUHFRPLHQGR TXH
FRPLHQFHVSUDFWLFDQGRODOHFWXUDGHGRVSDODEUDVDODYH](VWRUHTXLHUHDOJRGH
HVIXHU]RSHURFXDQGRFRPLHQ]DVDKDFHUORU¡SLGDPHQWHWHGDVFXHQWDTXHQRHV
QHFHVDULROHHUFDGDSDODEUDLQGLYLGXDOPHQWH3XHGHVSHQVDUHQODVGRVSDODEUDV
FRPRXQDFRQWUDFFL³Q&XDQGRWHVLHQWDVF³PRGRFRQGRVSDODEUDVSXHGHVSDVDU
D WUHV \ FXDWUR SDODEUDV KDVWD TXH ILQDOPHQWH SXHGDV YHU XQD IUDVH GH GLH]
SDODEUDV\UHGXFLUODDGRVIUDVHVGHFLQFRSDODEUDV(VHHVHOREMHWLYRILQDOVHU
FDSD]GHVLQWHWL]DUIUDVHVFRPRORKDU­DVFRQODVSDODEUDVLQGLYLGXDOHV

)RFRYLVXDO
(OWHUFHUFRQVHMRSDUDDXPHQWDUWXYHORFLGDGGHOHFWXUDHVPHMRUDUWXIRFR
YLVXDO &RQVWDQWHPHQWH SHUGHPRV QXHVWUD FRQFHQWUDFL³Q \ WHQHPRV TXH UHOHHU
IUDVHV H LQFOXVR S¡UUDIRV HQWHURV SRUTXH QRV GLVWUDHPRV FRQ OR TXH HVW¡
VXFHGLHQGRHQRWUDVSDUWHV(VWRHVHQRUPHPHQWHSHUMXGLFLDOSDUDWXYHORFLGDGGH
OHFWXUD/DIRUPDP¡VVHQFLOODGHPHMRUDUWXHQIRTXHYLVXDOFRQVLVWHHQXVDUXQ
PDUFDGRUGHSRVLFL³QRXQSXQWHURWDOFRPRO¡SL]RLQFOXVRHOGHGR'DOHDWXV
RMRV XQD SDXWD SDUD VHJXLU \ SRU GRQGH IOXLU \ WH YDQ D VHJXLU'H HVWD IRUPD
PDQWHQGU¡VHOULWPR\HYLWDU¡VWHQHUTXHUHOHHU
 (ILFLHQFLD
(VWDW©FQLFDUHTXLHUHXQFDPELRGHSDUDGLJPDUHVSHFWRDORTXHVHQRVKD
HQVH±DGRVREUHOHHUXQOLEUR7UDGLFLRQDOPHQWHVHQRVKDGLFKRTXHGHEHPRVOHHU
ORVOLEURVVHFXHQFLDOPHQWHGHSULQFLSLRDILQ\FUHRTXHHVDHVODSULQFLSDOFDXVD
GHSRUTX©QRVGHVDJUDGDWDQWROHHU&RPHQ]DPRVDOHHUQRVREOLJDPRVDOHHUGH
DFXHUGR D OD VHFXHQFLD HVWDEOHFLGD SRU HO DXWRU \ VL QR HQFRQWUDPRV OR TXH
QHFHVLWDPRV QRV DEXUULPRV SHUR QRV IRU]DPRV D VHJXLU OH\HQGR \ ILQDOPHQWH
WHUPLQDPRVFRQXQDVHQVDFL³QGHKDEHUSHUGLGRHOWLHPSRVLHVTXHHODXWRUQR
FXPSOL³ OR TXH SURPHWL³ 'H HVWD IRUPD OD SU³[LPD YH] OR SHQVDUHPRV GRV
YHFHVDQWHVGHFRPHQ]DUDOHHURWUROLEUR
/DLGHDSULQFLSDOGHODW©FQLFDTXHFRPSDUWLU©FRQWLJRHVTXHORVOLEURVGH
QRILFFL³QORVDUW­FXORVHLQFOXVRODVHQWUDGDVGHEORJWLHQGHQDWHQHUVRODPHQWH
XQD R GRV LGHDV SULQFLSDOHV \ OD PD\RU­D GH ORV WH[WRV WLHQHQ XQD VHFFL³Q GH
ߡFRQFOXVL³QߢTXHUHVXPHODWRWDOLGDGGHVXVKDOOD]JRV(OUHVWRGHOFRQWHQLGRHV
SRU OR JHQHUDO HVWXGLRV GH FDVRV DQ©FGRWDV HMHPSORV GLIHUHQWHV PDQHUDV GH
SODQWHDU XQ FRQFHSWR ºQLFR \ SUHVHQWDFL³Q GH HYLGHQFLDV SDUD UHVSDOGDU XQD
DILUPDFL³Q
'HTX©QRVVLUYHVDEHUHVWR"
3RGHPRVXWLOL]DUHVWHKHFKRSDUDOHHUGHIRUPDH[WUHPDGDPHQWHHILFD]7X
WUDEDMR DO OHHU FRQVLVWH HQ HQFRQWUDU HVDV JUDQGHV LGHDV \ WUDWDU GH HOLPLQDU HO
UHVWR (VWRVLJQLILFDTXHHQUHDOLGDGQRQHFHVLWDVOHHUXQOLEURVHFXHQFLDOPHQWH
GHSULQFLSLRDILQ6©TXHVXHQDFRQWUDLQWXLWLYRSHURHVRHQUHDOLGDGHVXQHUURU
\XQDS©UGLGDGHWLHPSRVLTXLHUHVDSUHQGHUGHPDQHUDP¡VHILFLHQWH
+D\WUHVSDVRVSDUDDSOLFDUHVWDW©FQLFD

3DVR
(O SULPHUSDVRFRQVLVWH HQSDVDU WUHVPLQXWRVVLPSOHPHQWHߡKRMHDQGRߢOD
WDEOD GH FRQWHQLGR OD LQWURGXFFL³Q \ HO UHVXPHQ GHO OLEUR R OD FRQWUDSRUWDGD
3LHQVD HQ HVWR FRPR SUHOHFWXUD GHO OLEUR \ GH KHFKR HQ HVWH SDVR SRGU­DV VHU
FDSD]GHFDSWDUODVLGHDVIXQGDPHQWDOHVGHOOLEUR

3DVR
(OVHJXQGRSDVRFRQVLVWHHQSDVDUDSUR[LPDGDPHQWHVLHWHPLQXWRVRMHDQGR
HO OLEUR QXHYDPHQWH SHUR FRQ PD\RU SURIXQGLGDG (Q HVWH SDVR OHHV ORV GRV
SULPHURV S¡UUDIRV GH FDGD FDS­WXOR SDUD HQFRQWUDU ODV JUDQGHV LGHDV GH FDGD
FDS­WXOR\ODVJUDQGHVSLH]DVGHHYLGHQFLDTXHDSR\DQDHVDVLGHDV6LYHV TXH
YLHQHXQDKLVWRULDRDQ©FGRWDHVXQDVH±DOGHTXHWHGHEHVVDOWDUHVHFRQWHQLGR
\DTXHSRUORJHQHUDOHVV³ORSDUDLOXVWUDFL³Q'XUDQWHHVWHSDVRWDPEL©QSXHGHV
WRPDUQRWDGHODVVHFFLRQHVTXHOHHU¡VFRQP¡VGHWDOOHHQHOVLJXLHQWHSDVR

3DVR
(O WHUFHU SDVR FRQVLVWH HQ SDVDU YHLQWH PLQXWRV OH\HQGR VHFFLRQHV
HVSHF­ILFDV GHO OLEUR HQ PD\RU GHWDOOH (Q HVWH SXQWR \D GHEHV FRQRFHU ODV
JUDQGHV LGHDV GHO OLEUR \ DKRUD HVW¡V HQ EXVFD GH DFODUDFL³Q \ GH OR TXH FDGD
FDS­WXOR DSRUWD D ODV JUDQGHV LGHDV ([DPLQD ODV SDUWHV GHVWDFDGDV GHO SDVR
DQWHULRU\O©HODVFRQPD\RUGHWDOOH$FRQWLQXDFL³QWHUPLQDHVWHSDVRPHGLDQWH
ODV­QWHVLVGHORTXHKDVOH­GR\UHVºPHORHQFLQFRSXQWRVSULQFLSDOHVFRQWUHV
LGHDVFODYHSDUDFDGDXQRFRPRP¡[LPR
(QHVWHSXQWR\DGHEHVWHQHUXQDLGHDPX\FODUDGHOFRQWHQLGRGHOOLEUR\
V³OR WH WRP³ WUHLQWD PLQXWRV6L FDUHFHV GH FODULGDG DFHUFD GH FLHUWR FRQFHSWR
HQWRQFHVVDEHVH[DFWDPHQWHG³QGHEXVFDUOR
 5HWHQHUP¡V
0HMRUDUODUHWHQFL³QGHORTXHVHOHHHVPXFKRP¡VI¡FLOGHORTXHFUHHV(O
SUREOHPDHVTXHODPD\RU­DGHODJHQWHYHODOHFWXUDFRPRXQDDFWLYLGDGEDVWDQWH
SDVLYDFRPRVLV³OREDVWDUDFRQVHQWDUVH\OHHUSDUDTXHWXFHUHEURLQWHULRULFHOD
LQIRUPDFL³Q6LQHPEDUJRDV­QRHVF³PRIXQFLRQDHOFHUHEUR
3DUDPHMRUDUODUHWHQFL³Q\ODFRPSUHQVL³QHVQHFHVDULRKDFHUGHODOHFWXUD
XQDWDUHDSURDFWLYD(OPHMRUWLSRGHOHFWXUDHVFXDQGROHHVFRQXQSURS³VLWR\D
TXH WH PDQWHQGU¡ HQIRFDGR \ DOHUWD HQ FXDQWR D OD LQIRUPDFL³Q TXH HVW¡V
SURFHVDQGR
/HHU FRQ XQ SURS³VLWR WDPEL©Q WH D\XGD D GHVDUUROODU SUHJXQWDV SDUD GDU
VHQWLGR D OD LQIRUPDFL³Q \ KDFHU P¡V FRQH[LRQHV QHXURQDOHV 3RU HMHPSOR WH
SXHGHVSUHJXQWDU
 'HTX©PDQHUDHVWHSXQWRVHUHODFLRQDFRQHOREMHWLYRGHO
OLEUR"
4X©DFDERGHDSUHQGHU"
3RUTX©HVWRHVLPSRUWDQWH"
&X¡OHVVRQODVGHILFLHQFLDVGHHVWHWH[WR"
&X¡OHVHODUJXPHQWRHQFRQWUDGHHVWDLGHD"
&³PRSXHGRUHVXPLUORTXHDFDERGHOHHU"
6L HUHV HV FDSD] GH SURFHVDU DFWLYDPHQWH HVWRV SHQVDPLHQWRV GXUDQWH WX
OHFWXUDUHWHQGU¡VPXFKRP¡VSRUTXHODLQIRUPDFL³QQRVHU¡V³ORXQFRQMXQWRGH
KHFKRV VLQR TXH KDEU¡V FUHDGR XQD VHULH GH FRQH[LRQHV QHXURQDOHV FRQ RWUDV
LGHDV\FRQWH[WRV(VWDHVODGLIHUHQFLDHQWUHR­UXQPRQW³QGHQRWDVPXVLFDOHV
VXHOWDV\HVFXFKDUXQDVLQIRQ­D
8QD GH ODV PHMRUHV IRUPDV GH VLQWHWL]DU \ UHWHQHU PHMRU OD LQIRUPDFL³Q
FRQVLVWH HQWUDWDUGHSUHGHFLUORTXHVXFHGHU¡DFRQWLQXDFL³QRORTXHRFXUULU¡
FRPRFRQVHFXHQFLDGHORTXHDFDEDVGHOHHU3DUDKDFHUXQDFRQMHWXUDLQIRUPDGD
VHUHTXLHUHXQQLYHOGHSHQVDPLHQWR\FRPSUHQVL³QTXHYDP¡VDOO¡GHODOHFWXUD
SDVLYD 1R WLHQHV TXH KDFHU XQD SUHGLFFL³Q FRUUHFWD VLQR TXH OR LPSRUWDQWH HV
SHQVDUHQORTXHKDVOH­GRWUDWDUGHFUHDUSDWURQHV\DQDOL]DUORV
3RUºOWLPRSDUDPHMRUDUODUHWHQFL³QWHUHFRPLHQGRHPSH]DUSRUHOILQDO
(VWR TXLHUH GHFLU TXH UHYLVHV HO OLEUR HQ XQ RUGHQ GLIHUHQWH DO RUGHQ HQ TXH
FRQVXPLVWHLQLFLDOPHQWHODLQIRUPDFL³QSRUHMHPSORSDUWLUSRUODFRQFOXVL³Q\
WHUPLQDUFRQODLQWURGXFFL³Q
3HUR&X¡OHVHOREMHWLYRGHHPSH]DUSRUHOILQDO"
&XDQGRVHOHHDOJRFRQWLQXDPHQWHHQHOPLVPRRUGHQVHFUHDQSDWURQHVTXH
VROLGLILFDQ OD LQIRUPDFL³Q SHUR V³OR HQ HVH RUGHQ \ FRQWH[WR HVSHF­ILFR (V
VLPLODUDHVFXFKDUXQDOLVWDGHFDQFLRQHVHQHOPLVPRRUGHQXQD\RWUDYH]&RQ
HOWLHPSRWRGRVHIXQGLU¡HQXQDFDQFL³QODUJD\SRGU¡VUHFRUGDU\SUHGHFLUOD
VLJXLHQWH FDQFL³Q EDV¡QGRWH HQ OD FDQFL³Q DFWXDO SHUR IXHUD GH HVH RUGHQ \
FRQWH[WRHVSRVLEOHTXHQRVHDVFDSD]GHUHFRUGDUODV
&XDQGROHHVVLQXQRUGHQSRUORJHQHUDOWHDSUR[LPDVDODLQIRUPDFL³QHQ
GLIHUHQWHV FRQWH[WRV \ ¡QJXORV OR TXH DXPHQWD GU¡VWLFDPHQWH OD WDVD GH
UHWHQFL³Q (V FRPR FUHDU XQD LPDJHQ HQ WUHV GLPHQVLRQHV HQ OXJDU GH XQD
LPDJHQSODQD

 /DPHMRUPDQHUDGHFRQYHUWLUVHHQXQH[SHUWR
&X¡O HV OD PHMRU PDQHUD GH FRQYHUWLUVH HQ XQ H[SHUWR HQ DOJR"
b3UDFWLFDQGR3DUDGLVJXVWRGHPXFKRVODSU¡FWLFDHVGHKHFKRODºQLFDPDQHUD
GHPHMRUDU\DXPHQWDUWXQLYHOGHH[SHULHQFLDLQFOXVRVLSUHYLDPHQWHWLHQHVXQ
WDOHQWR LQQDWR 6LQ HPEDUJR DO LJXDO TXH FRQ HO DSUHQGL]DMH HQ JHQHUDO KD\
PDQHUDVTXHVRQP¡VHIHFWLYDV\HILFLHQWHVGHSUDFWLFDU
/D SU¡FWLFD D YHFHV SXHGH VHU GLI­FLO GH FXDQWLILFDU \D TXH SRU OR JHQHUDO
SHQVDPRVTXHVHUHILHUHDVLPSOHPHQWHUHSHWLUXQDDFFL³QRKDFHUDOJRXQD\RWUD
YH] KDVWD TXH QRV VHQWLPRV PHMRU DO UHVSHFWR 6L ELHQ HVWR HV FLHUWR HVWH
DFHUFDPLHQWR HV GHPDVLDGR YDJR \ QR FRQGXFH D XQD H[SHULHQFLD VLJQLILFDWLYD
\D TXH QR KD\ SURS³VLWR R XQ VLVWHPD TXH OR UHVSDOGH)XH DV­ FRPR VXUJL³ HO
FRQFHSWRGHߡSU¡FWLFDGHOLEHUDGDߢ
/D SU¡FWLFD GHOLEHUDGD HV XQ W©UPLQR DFX±DGR SRU -RKQ +D\HV GH OD
8QLYHUVLGDG&DUQHJLH0HOORQ(Q UHVXPHQ -RKQ HVWDEOHFH TXH OD PHMRU IRUPD
GH SUDFWLFDU HV GLYLGLU WX REMHWLYR SULQFLSDO HQ QXPHURVDV VXE KDELOLGDGHV TXH
FRQWULEX\HQDODPHWD(QWRQFHVHQOXJDUGHWUDEDMDUHQHOREMHWLYRSULQFLSDOOR
TXHSXHGHVHUDEUXPDGRUWHFHQWUDVHQFDGDVXEKDELOLGDG\ODVOOHYDVKDVWDHO
SXQWRGHFRPSHWHQFLDXQDDODYH]
3RU HMHPSOR KD\ PXFKDV VXE KDELOLGDGHV LPSOLFDGDV VL GHVHDV WRFDU XQD
SLH]D GH YLRO­Q D QLYHO H[SHUWR 'HEHV WUDEDMDU OD IXHU]D GH ORV GHGRV OD
YHORFLGDG OD GLQ¡PLFD OD SUHVHQFLD HQ HO HVFHQDULR OD PHPRUL]DFL³Q HWF /D
SU¡FWLFDGHOLEHUDGDFRQVLVWHHQDLVODUFDGDXQDGHODVVXEKDELOLGDGHV\WUDEDMDU
HQIRUPDLQGLYLGXDOKDVWDTXHODVGRPLQHV
/DSU¡FWLFDGHOLEHUDGDHVHODUWHGHGRPLQDUODVKDELOLGDGHVP¡VSHTXH±DV
TXHFRQWULEX\HQDWXREMHWLYRJHQHUDO/DSU¡FWLFDGHOLEHUDGDWDPEL©QWHHQVH±DD
DQDOL]DUODPHWDKDFLDODTXHHVW¡VWUDEDMDQGR\ORTXHQHFHVLWDVKDFHUSDUDOOHJDU
D HOOD (VWD IRUPD GH WUDEDMR WH SHUPLWH GHWHUPLQDU FRQ PD\RU SUHFLVL³Q WXV
SXQWRVG©ELOHV\IXHUWHV
8QHVWXGLRGH5REHUW'XNHHQOD8QLYHUVLGDGGH7H[DVDQDOL]³DXQJUXSR
GH SLDQLVWDV TXH WHQ­DQ TXH DSUHQGHU XQD SLH]D FRPSOHMD \ WRP³ QRWD GH VXV
K¡ELWRV GH DSUHQGL]DMH $O SRFR WLHPSR ODV HVWUDWHJLDV SULQFLSDOHV VH KLFLHURQ
HYLGHQWHV
/D FODYH GH ORV PHMRUHV SLDQLVWDV IXH OD IRUPD HQ TXH PDQHMDURQ VXV
SUREOHPDV \ GHELOLGDGHV 1R HUDQ LQQDWDPHQWH PHMRUHV R FRPHWLHURQ PHQRV
HUURUHV DO SULQFLSLR GHO HVWXGLR SHUR DQDOL]DURQ OR TXH QHFHVLWDEDQ PHMRUDU \
WUDEDMDURQHQHVRVSXQWRVHVSHF­ILFRV6HDVHJXUDURQGHQRFRPHWHUORVPLVPRV
HUURUHV\DSUHQGLHURQDLGHQWLILFDUORTXHWHQ­DQTXHKDFHUSDUDPHMRUDUODIRUPD
HQTXHWRFDEDQODSLH]DHQVXFRQMXQWR
 1RHQIUHQWHVODVVLWXDFLRQHVGLI­FLOHV
1RPHPDOHQWLHQGDV/RVJUDQGHVFLHQW­ILFRVSHQVDGRUHV\UHVROYHGRUHVGH
SUREOHPDV QR UHVXHOYHQ SUREOHPDV GLI­FLOHV &XDQGR VH HQIUHQWDQ FRQ XQD
SUHJXQWD GDQWHVFD HQWLHQGHQ U¡SLGDPHQWH TXH QR WLHQH VHQWLGR GHVSHUGLFLDU
HQHUJ­D FRQ OD FRPSOHMLGDG FXDQGR SRU HO FRQWUDULR SXHGHQ HQIUHQWDU
SURGXFWLYDPHQWH ORV FDVRV P¡V VLPSOHV TXH OHV HQVH±DUDQ FRPR WUDWDU FRQ OD
FRPSOHMLGDG
$SOLFD HVWD PHQWDOLGDG D WX SURSLR WUDEDMR \ D WX SUDFWLFD GHOLEHUDGD
&XDQGR HQIUHQWHV XQ SUREOHPD GLI­FLO R XQ GHVDI­R KD] DOJR GLVWLQWR(QI³FDWH
WRWDOPHQWH HQ UHVROYHU XQ VXE SUREOHPD TXH VHSDV FRPR UHVROYHU 7HQ OD WRWDO
FRQILDQ]D TXH HO HVIXHU]R TXH LQYLHUWDV D UHVROYHU HO VXE SUREOHPD OXHJR WH
SHUPLWLU¡ QDYHJDU SRU ODV FRPSOHMLGDGHV GHO SUREOHPD PD\RU 1R VDOWHV GH
FDEH]DDXQSUREOHPDFRPSOHMRVLQDQWHVWUDEDMDUHQXQVXESUREOHPD

 5HVXPHQ
$SUHQGHU D XWLOL]DU OD PHPRULD GH IRUPD P¡V GLVFLSOLQDGD \ DO PLVPR
WLHPSR FUHDWLYD D\XGD D DSUHQGHU D HQIRFDU OD DWHQFL³Q \ D FUHDU H[WUD±DV
FRQH[LRQHV QHXURQDOHV OR TXH JHQHUD UHFXHUGRV P¡V IXHUWHV $ FRQWLQXDFL³Q
YHUHPRVODVLGHDVFODYHTXHKHPRVFXELHUWRKDVWDDTX­
+DEODPRVVREUHGRVVLVWHPDVSULQFLSDOHVGHPHPRULDTXHVHLQYROXFUDQHQ
ODFDSDFLGDGSDUDIUDJPHQWDUFRQFHSWRV(OSULPHUVLVWHPDHVODPHPRULDDODUJR
SOD]R TXH HV FRPR XQ DOPDF©Q+D\ TXH SUDFWLFDU \ UHSHWLU SDUD DOPDFHQDU OD
LQIRUPDFL³Q HQ OD PHPRULD D ODUJR SOD]R \ DV­ SRGHU UHFXSHUDUORV P¡V
I¡FLOPHQWH (V XQD PDOD LGHD SUDFWLFDU \ UHSHWLU WRGR HQ XQ G­D +D\ TXH
H[WHQGHUODSU¡FWLFDGXUDQWHYDULRVG­DV
(OVHJXQGRVLVWHPDHVODPHPRULDGHWUDEDMRTXHHVFRPRXQSL]DUU³QGH
PDODFDOLGDGTXHVHGHVYDQHFHU¡SLGDPHQWH6³ORVHSXHGHQUHWHQHUXQRVFXDWUR
HOHPHQWRVGHLQIRUPDFL³QHQODPHPRULDGHWUDEDMR
(VWDPRV HTXLSDGRV FRQ VLVWHPDV VRUSUHQGHQWHV GH PHPRULD YLVXDO \
HVSDFLDO 3XHGHV DSURYHFKDU HVRV VLVWHPDV SDUD PHMRUDU WX PHPRULD 3DUD
FRPHQ]DUDDSURYHFKDUWXVLVWHPDGHPHPRULDYLVXDOLQWHQWDFUHDUXQDLPDJHQ
PX\PHPRUDEOHTXHUHSUHVHQWHXQHOHPHQWRFODYHTXHGHVHHVUHFRUGDU3XHGHVLU
P¡V DOO¡ GH V³OR YHU H LQWHQWDU VHQWLU HVFXFKDU H LQFOXVR ROHU DOJR TXH HVW©V
LQWHQWDQGRUHFRUGDU0LHQWUDVP¡VJUDFLRVD\HYRFDWLYDVHDODLPDJHQPHMRU
2WUD FODYH SDUD OD PHPRUL]DFL³Q HV OD W©FQLFD GHO SDODFLR GH OD PHPRULD
TXHFRQVLVWHHQFRORFDULP¡JHQHVPHPRUDEOHVHQXQDHVFHQDTXHWHVHDIDPLOLDU
(VWD W©FQLFD WH SHUPLWH VXPHUJLUWH HQ WX VLVWHPD GH PHPRULD YLVXDO OR TXH WH
EULQGD XQD IRUPD SDUWLFXODUPHQWH SRGHURVD GH DJUXSDU ODV FRVDV TXH GHVHDV
UHFRUGDU
$O XVDU W©FQLFDV GH PHPRUL]DFL³Q HVWDU¡V UHIRU]DQGR WX ELEOLRWHFD PHQWDO
SDUDFRQYHUWLUWHHQXQYHUGDGHURPDHVWURGHOPDWHULDOTXHHVW©VDSUHQGLHQGR
$SUHQGLPRVTXHORVIUDJPHQWRVVRQWUR]RVGHLQIRUPDFL³QTXHVHDJUXSDQ
SRU HO XVR\SRUHOVLJQLILFDGR3XHGHVLPDJLQDUXQIUDJPHQWRFRPRDXQDUHG
FHQWHOODQWHGHQHXURQDVTXHVLQWHWL]DQLGHDV\VHFRQHFWDQHQWUHV­FRPRVLIXHUDQ
SLH]DVGHXQURPSHFDEH]DV
 /DPHMRUPDQHUDGHFRQVWUXLUIUDJPHQWRVHVHQWHQGLHQGRODLGHDE¡VLFDFRQ
DWHQFL³QFRQFHQWUDFL³Q\SUDFWLFDQGRSDUDD\XGDUDSURIXQGL]DUWXVSDWURQHV\
D\XGDUWH D YLVXDOL]DU HO FRQWH[WR P¡V DPSOLR 8QD GH ODV PHMRUHV PDQHUDV GH
D\XGDU DO SURFHVR GH IUDJPHQWDFL³Q FRQVLVWH VLPSOHPHQWH HQ LQWHQWDU UHFRUGDU
ORVSXQWRVFODYHGHORTXHKDVHVWXGLDGR(VWDSU¡FWLFDD\XGDDFRQVWUXLUJDQFKRV
QHXUDOHV7DPEL©QHVEXHQRLQWHQWDUUHFRUGDUHOPDWHULDOHQOXJDUHVGLIHUHQWHVDO
OXJDUGRQGHDSUHQGLVWHRULJLQDOPHQWHHOPDWHULDOGHPRGRTXHVHDUUDLJXHP¡V
SURIXQGDPHQWH \ VH SXHGD DFFHGHU D ©O LQGHSHQGLHQWHPHQWH GH G³QGH WH
HQFXHQWUHV
/D WUDQVIHUHQFLD HV OD LGHD GH TXH XQ IUDJPHQWR TXH KDV GRPLQDGR HQ XQ
¡UHD WH SXHGH D\XGDU D DSUHQGHU PXFKR P¡V I¡FLOPHQWH IUDJPHQWRV GH
LQIRUPDFL³QGH¡UHDVGLIHUHQWHV
7DPEL©QHVLPSRUWDQWHDSUHQGHUDUHFRQRFHUFX¡QGRWHHVW¡VHQJD±DQGRDWL
PLVPRFUH\HQGRTXHUHDOPHQWHHVW¡VDSUHQGLHQGRHOPDWHULDO(VWRHVORTXHVH
FRQRFH FRPR LOXVLRQHV GH DSUHQGL]DMH 3RQWH D SUXHED FRQ IUHFXHQFLD XVDQGR
DXWR H[¡PHQHV SDUD YHU VL UHDOPHQWH VH HVW¡V DSUHQGLHQGR HO PDWHULDO ,QWHQWD
HYLWDU GHSHQGHU GHPDVLDGR GH UHVDOWDU HO WH[WR FXDQGR HVW¡V OH\HQGR \D TXH WH
SXHGHVDXWRHQJD±DUFUH\HQGRTXHHOPDWHULDOVHHVW¡DOPDFHQDQGRHQWXFHUHEUR
FXDQGRHVRQRHVFLHUWR
/RV HUURUHV VRQ EXHQRV GXUDQWH HO DSUHQGL]DMH 7H SHUPLWHQ FDSWDU ODV
LOXVLRQHVGHDSUHQGL]DMH(YLWDSUDFWLFDUV³ORODVFRVDVI¡FLOHVTXHVRORWHKDU¡Q
VHQWLUODLOXVL³QGHTXHKDVGRPLQDGRHOPDWHULDO)LQDOPHQWHUHFXHUGDSUDFWLFDU
GHOLEHUDGDPHQWH

 &RQFOXVL³Q
(QHVWHPRPHQWRWLHQHVXQDPHMRULGHDGHORTXHWLHQHVGHQWURGHWXFDEH]D
\SXHGHVXVDUHVDLQIRUPDFL³QSDUDDSUHQGHUFRVDVQXHYDVGXUDQWHHOUHVWRGHWX
YLGD (VSHUR TXH D PHGLGD TXH SDVHQ ORV G­DV FRQWLQºHV XVDQGR DOJXQDV GH ODV
LGHDVFODYHTXHKDVDSUHQGLGRHQHVWHOLEUR
(VSHUR TXH KD\DV DSUHQGLGR DOJR TXH UHDOPHQWH SXHGDV HQVH±DU D RWURV
(QVH±DHVWDVLGHDV\HQFRQWUDU¡VTXHFRQWLQXDU¡QUHVRQDQGR\SURIXQGL]¡QGRVH
HQWXSURSLDPHQWH
7DPEL©Q HVSHUR TXH KD\DV GHVFXELHUWR OR SRGHURVDV TXH SXHGHQ VHU HVWDV
LGHDVSDUDDPSOLDUWXVLQWHUHVHV\SDVLRQHV0XFKDVSHUVRQDVFUHHQTXHODVFRVDV
TXHLQLFLDOPHQWHVHOHVKDFHQI¡FLOHVVRQODVºQLFDVTXHGHEHQKDFHUHQODYLGD
SHUR OD UHDOLGDG HV TXH ODV SDVLRQHV SXHGHQ DPSOLDUVH FDPELDU \ FUHFHU (O
PXQGRHVW¡HYROXFLRQDQGR\GLVSRQHUGHKHUUDPLHQWDVTXHWHSHUPLWDQDSUHQGHU
HIHFWLYDPHQWHHVXQRGHORVDFWLYRVP¡VSRGHURVRVTXHSXHGHVWHQHU
/RTXHFRPHQ]³FRQXQLQWHQWRHTXLYRFDGRGHKDEODUFRQXQDFKLFDGHPL
FODVHVHFRQYLUWL³HQXQDEºVTXHGDLQFHVDQWHGHODVPHMRUHVIRUPDVSDUDPHMRUDU
PLKDELOLGDGGHDSUHQGL]DMH\PHPRUL]DFL³Q(VSHURTXHWRPHVHVWDVOHFFLRQHV\
ODVXWLOLFHVSDUDFUHDUXQFDPELRSRVLWLYRHQWXYLGD5HFXHUGDTXHQRVHU¡I¡FLO
DOSULQFLSLRSHURFRQXQSRFRGHHVIXHU]RWHGDU¡VFXHQWDGHTXHWLHQHVHQWUHWXV
PDQRVSRWHQWHV\HIHFWLYDVKHUUDPLHQWDVSDUDDSUHQGHU\PHPRUL]DUPHMRU

 7HKDJXVWDGRHOOLEUR"
$QWHV GH GHVSHGLUPH PH JXVWDU­D DJUDGHFHUWH SRU OHHU HVWH OLEUR7DPEL©Q
PHJXVWDU­DSHGLUWHXQIDYRU0HSRGU­DVGDUXQPLQXWRGHWXWLHPSRSDUDGHMDU
XQFRPHQWDULRHQ$PD]RQFRP"(VWDUHWURDOLPHQWDFL³QPHD\XGDU¡DFRQWLQXDU
HVFULELHQGRHOWLSRGHOLEURVTXHWHVHUYLU¡QSDUDORJUDUORVUHVXOWDGRVTXHGHVHDV
<GHYHUGDGOHRFDGDFRPHQWDULR
b*UDFLDV\GLVIUXWDFDGDPLQXWRGHWXYLGD