You are on page 1of 12

Documento descargado de http://www.elsevier.es el 29/09/2015.

Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

3URWRFRORV$VLVWHQFLDOHVHQ2EVWHWULFLD

(PEDUD]RFURQROyJLFDPHQWHSURORQJDGR
3URWRFRORDFWXDOL]DGRHQMXQLRGH
&21&(372
3RU DFXHUGRVH GHILQH HO HPEDUD]R D WpUPLQR FRPR DTXHOOD JHVWDFLyQ FRPSUHQGLGDHQWUH
ODV   GtDV  \ ODV  VHPDQDV  GtDV  \ HPEDUD]R SURORQJDGR DTXpO TXH GXUD
PiV GH  VHPDQDV ! GtDV  y  GtDV GHVSXpV GH OD IHFKD SUREDEOH GH  SDUWR
)33  (VWD GHILQLFLyQ HVWi DYDODGD SRU HO &ROHJLR$PHULFDQR GH *LQHFyORJRV \ 2EVWHWUDV
$&2* OD206\OD),*2
&RPR VLQyQLPR GH HPEDUD]R SURORQJDGR VH HPSOHDQ RWUDV GHQRPLQDFLRQHV FRPR
SRVWpUPLQRSRVPDGXUR R SRVGDWLVPR(O WpUPLQR LQWHUQDFLRQDOPHQWHPiV DFHSWDGR HV HO
GH HPEDUD]R SURORQJDGR R SRVWpUPLQR FRPR PiV LQGLFDWLYR GH DTXHOOD JHVWDFLyQ TXH
GXUDPiVWLHPSRGHORUHJXODU
)$&725(6(7,2/*,&26
/D LQFRUUHFWD GDWDFLyQ GH OD HGDG JHVWDFLRQDO HV OD FDXVD PiV IUHFXHQWH TXH QRV OOHYD D
GLDJQRVWLFDU R FRQVLGHUDU XQ HPEDUD]R SRVWpUPLQR 6DOYR HUURU GH OD IHFKD GH ~OWLPD
UHJOD ORV IDFWRUHV HWLROyJLFRV VRQ SRFR FRQRFLGRV \ FRPR HQ PXFKDV RWUDV VLWXDFLRQHV
REVWpWULFDV VH SXHGH FRQVLGHUDU XQ PDUFR PXOWLIDFWRULDO  )DFWRUHV GH ULHVJR
UHFRQRFLGRV VRQ OD REHVLGDG \ HO DQWHFHGHQWH GH HPEDUD]R SURORQJDGR HQ JHVWDFLRQHV
SUHYLDV
&$/&8/2'(/$('$'*(67$&,21$/<35(9(1&,21
3DUD FRQVLGHUDU OD ILDELOLGDG GH OD )85 HQ HO GLDJQyVWLFR GHO WLHPSR GH JHVWDFLyQ HV
QHFHVDULR TXH ORV FLFORV VHDQ UHJXODUHV TXH OD PXMHU QR KD\D WHQLGR H[SRVLFLyQ D
PHGLFDFLRQHV TXH SXHGDQ DOWHUDU HO FLFOR QL VDQJUDGR HQ HO SULPHU WULPHVWUH GHO
HPEDUD]R
(O XVR GH OD HFRJUDItD GH UXWLQD DO LQLFLR GHO HPEDUD]R SHUPLWH XQD PHMRU HYDOXDFLyQ GH OD
HGDGJHVWDFLRQDO\HODMXVWH GH OD IHFKD GHO SDUWR FRQ OR TXH VH UHGXFH OD LQFLGHQFLD GH
HPEDUD]RVSURORQJDGRV 25,&  1( ,E$ 
/D HFRJUDItD HQ HO SULPHU WULPHVWUH HV XQ PpWRGR SUHFLVR SDUD GDWDU OD HGDG
JHVWDFLRQDO\FRQHOORVHUHGXFHODIUHFXHQFLDGHHPEDUD]RVSURORQJDGRV $
&RQHOXVRVLVWHPiWLFRGHODHFRJUDItDODHGDGJHVWDFLRQDOUHDOSXHGHDMXVWDUVHHQIXQFLyQ
GHODVVLJXLHQWHVUHFRPHQGDFLRQHV
6L KD\ XQD GLIHUHQFLD PD\RU GH GRV GHVYLDFLRQHV HVWiQGDU  GtDV  HQWUH OD
HGDG JHVWDFLRQDO GDWDGD SRU OD )85 \ OD HFRJUDItD GHO SULPHU WULPHVWUH OD )33
GHEHVHUDMXVWDGDHQEDVHDODHFRJUDItDGHOSULPHUWULPHVWUH $

38
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

(QWUHODVVHPDQDVHVUHFRPHQGDEOHFDPELDUOD)33FXDQGR ODGLIHUHQFLD
HQWUH OD )33 FDOFXODGD SRU OD )85 \ OD ELRPHWUtD IHWDO VHD PD\RU GH  GtDV
$
(Q HWDSDV WDUGtDV GHO HPEDUD]R QR GHEH UHDOL]DUVH OD FRUUHFFLyQ GH OD )33 HQ
EDVH D ODV PHGLGDV HFRJUiILFDV VL OD HGDG JHVWDFLRQDO \D KD VLGR HVWDEOHFLGD
HQHWDSDVWHPSUDQDVGHODJHVWDFLyQ $
(Q OD OLWHUDWXUD PXQGLDO OD IUHFXHQFLD GH HPEDUD]RV SRVWpUPLQR YDUtD GHO  (VWDV
YDULDFLRQHVHVWiQtQWLPDPHQWHUHODFLRQDGDVFRQHOPpWRGRSDUDFDOFXODUOD)33&RQHOXVR
GH HFRJUDItD GH IRUPD VLVWHPiWLFD VH UHGXFH OD IUHFXHQFLD GH HPEDUD]RV SURORQJDGRV D
WDVDV LQIHULRUHVDO8QQ~PHURLPSRUWDQWHGHGLDJQyVWLFRVGHHPEDUD]RVSURORQJDGRV
VH KDFHQ GH IRUPD HUUyQHD DO HVWLPDUVH GH IRUPD LQH[DFWD OD HGDG JHVWDFLRQDO
GHWHUPLQDGD SRU OD )85(O HUURU GH FiOFXORGHODHGDGJHVWDFLRQDO SXHGH RFXUULU KDVWD HQ
XQ3RUHOOROD SUHYHQFLyQGHO GLDJQyVWLFR GH HPEDUD]R SURORQJDGR VXSRQH GLVPLQXLU
ORVULHVJRVPDWHUQRV \SHULQDWDOHV
0DQLREUDGH+DPLOWRQ
(O GHVSHJDPLHQWR GH ODV PHPEUDQDV UHDOL]DGR D SDUWLU GH OD  VHPDQD GLVPLQX\H OD
LQFLGHQFLD GH HPEDUD]RV SURORQJDGRV 55  ,&    \ GH JHVWDFLRQHV
TXH FRQWLQ~DQ GHVSXpV GH OD  VHPDQD 55  ,&    3RU WDQWR HO
GHVSHJDPLHQWR GH ODV PHPEUDQDV D WpUPLQR UHGXFH OD SRVLELOLGDG GH SURORQJDFLyQ GHO
HPEDUD]R PiV DOOi GH OD VHPDQD  (O GHVSHJDPLHQWR GH ODV PHPEUDQDV HV XQ
SURFHGLPLHQWRTXHUHGXFHODQHFHVLGDGGHLQGXFFLyQGHOSDUWR\FRQVWLWX\HSDUWHLQWHJUDQWH
HLPSRUWDQWHGHODSUHYHQFLyQGHOHPEDUD]RSURORQJDGR6HGHEHUtDSURSRQHUDODPXMHUHQ
ODYLVLWDSUHQDWDO 1( ,E$ 
(O GHVSHJDPLHQWR GH ODV PHPEUDQDV UHDOL]DGR D WpUPLQR GLVPLQX\H OD
LQFLGHQFLD GH HPEDUD]RV SURORQJDGRV \ GHEH RIUHFHUVH D OD PXMHU HQ OD YLVLWD
SUHQDWDO $
5,(6*26<&203/,&$&,21(6)(7$/(6<1(21$7$/(6
/D PRUWDOLGDG IHWDO DXPHQWD JOREDOPHQWH GH IRUPD VLJQLILFDWLYD GHVGH OD VHPDQD  HQ
DGHODQWH7RPDQGR FRPR UHIHUHQFLD OD VHPDQD VH HVWLPD XQD 25 GH  \ 
HQ ODVVHPDQDV  \  UHVSHFWLYDPHQWH'H KHFKR HO ULHVJR GH PXHUWH IHWDO VH
LQFUHPHQWDYHFHVGHODDODVHPDQD 1( ,D$ 
(O LQFUHPHQWR GH OD PRUWDOLGDG IHWDO HV D~Q PD\RU FXDQGR VH DVRFLD XQD UHVWULFFLyQ GHO
FUHFLPLHQWR LQWUDXWHULQR 5&,8  HQ HVSHFLDO FXDQGR HO SHVR QHRQDWDO HVWi SRU GHEDMR GH
GRVGHVYLDFLRQHV HVWiQGDU6H KD GHVFULWR XQ LQFUHPHQWR VLJQLILFDWLYR GH OD LQFLGHQFLD GH
DVIL[LD LQWUDSDUWR\ PXHUWH QHRQDWDO HQ DTXHOORV IHWRV SRVWpUPLQR FX\R SHVR DO QDFLPLHQWR
HUD LQIHULRU DO GpFLPR SHUFHQWLO &RPSOLFDFLRQHV IUHFXHQWHV HQ IHWRV SRVWpUPLQR GH EDMR
SHVR VRQ WDPELpQ HO GLVWUpV UHVSLUDWRULR KLSRJOXFHPLD KLSHUELOLUUXELQHPLD \
WURPERSHQLD 2WUDV FRPSOLFDFLRQHV WDUGtDV HQ OD SULPHUD LQIDQFLD VH UHODFLRQDQ FRQ
GHVYLDFLRQHV GHO GHVDUUROOR(V LPSRUWDQWH SXHV GLVWLQJXLU HQWUH HO IHWR GH EDMR SHVR SRU
5&,8 \ HOIHWRSHTXHxR VDQR\D TXH HQ HO SULPHU FDVR HO ULHVJR GH PXHUWH IHWDO HV GH
HQFRQWUDVWHFRQHOHVWDEOHFLGRSDUDORVVHJXQGRV6LODJHVWDFLyQVHSURORQJDHQ
H[FHVRLQFOXVR HO IHWR SHTXHxR VDQR YD D PRVWUDU FODURV VLJQRV GH SRVPDGXUH]VHJ~Q
VH DYDQFH HQ ODV HWDSDV FOtQLFDV GH&OLIIRUG
(Q HOGHODVRFDVLRQHVODSODFHQWDPDQWLHQHVXQLYHOIXQFLRQDOLQFOXVRSRUHQFLPD

39
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

GHODVHPDQD\HO QHRQDWR SRVWpUPLQR SXHGH OOHJDU D SHVDU ! J/D PDFURVRPtD


IHWDO VH DVRFLD FRQ ULHVJRV UHODFLRQDGRV FRQ HO SDUWR GLODWDFLyQ SURORQJDGD WUDXPDWLVPR
PDWHUQR \R IHWDO FRPR FRQVHFXHQFLD GH ODV PDQLREUDV GH H[WUDFFLyQ HQ HVSHFLDO HQ
FDVRV GH GLVWRFLD GH KRPEURV UHVSRQVDEOH GH FXDGURV GH DVIL[LD SDUiOLVLV EUDTXLDO
WUDXPDWLVPRVHLQFOXVRPXHUWHQHRQDWDO
5HVSHFWR D ORV UHFLpQ QDFLGRV SRVWpUPLQRV HO FOiVLFR FXDGUR GHVFULWR SDUD GHILQLU OD
SRVPDGXUH] FXHUSR ODUJR \ GHOJDGR FRQ SpUGLGD GHO WHMLGR FHOXODU VXEFXWiQHR \ PDVD
PXVFXODUGHVFDPDFLyQ GHOD SLHOFXHUSR DO QDFHU LPSUHJQDGR GH PHFRQLR DPDULOOHQWRHV
PiV SURSLR GH FXDOTXLHU HVWDGR GH KLSR[LD FUyQLFD TXH UHDOPHQWH GH XQD JHVWDFLyQ
SURORQJDGD \ VH SXHGH DGYHUWLU IXQGDPHQWDOPHQWH HQ DTXHOORV FDVRV GH LQVXILFLHQFLD
SODFHQWDULD FUyQLFD TXH QR KD VLGR SUHYLDPHQWH GLDJQRVWLFDGD \ FRQGXFH D UHFLpQ QDFLGRV
FRQ VLJQRV GH UHWUDVR GHO FUHFLPLHQWR LQWUDXWHULQRH KLSR[LD(Q JHQHUDO FRQ VHJXLPLHQWRV
D GRV DxRV FRPSDUDQGR UHFLpQ QDFLGRV SRVWpUPLQRV FRQ Q DFLG RV D WpUPLQR QR VH
HQFRQWUDURQ GLIHUHQFLDV HQ FXDQWR D FRHILFLHQWHV GH LQWHOLJHQFLD HVWDGR ItVLFR R WDVD GH
HQIHUPHGDGHVLQWHUFXUUHQWHV
025%,/,'$'0$7(51$
/D PRUELOLGDG PDWHUQD HQ HO HPEDUD]R SURORQJDGR QR VXHOH RFXUULU SRU HO HPEDUD]R
SURORQJDGR HQ Vt PLVPR VLQR FRPR FRQVHFXHQFLD GHO DXPHQWR GH ODV WDVDV GH LQGXFFLyQ
GHOSDUWR\SRUODPDFURVRPtDIHWDO
/D PRUELOLGDG PDWHUQD SRU OD LQGXFFLyQ GHO SDUWR GHSHQGH IXQGDPHQWDOPHQWH GH ODV
SROtWLFDV GH LQGXFFLyQ HQ IXQFLyQ GH OD HGDG JHVWDFLRQDO D OD TXH VH LQGLFD  y 
VHPDQDV FXPSOLGDV  GHO PpWRGR XWLOL]DGR SDUD OD LQGXFFLyQ \ GHO HVWDGR GH PDGXUDFLyQ
GHO FpUYL[ FXDQGR VH OOHYD D FDER8Q PHWDDQiOLVLV DQDOL]DQGR ORV HIHFWRV GH OD LQGXFFLyQ
GHO SDUWR VREUH ORV UHVXOWDGRV REVWpWULFRV \ SHULQDWDOHV HQ HO HPEDUD]R PiV DOOi GH OD
VHPDQD  GHPRVWUy TXH QR VyOR QR H[LVWHXQ DXPHQWR HQ OD WDVD GH FHViUHDV GHELGR D
ODLQGXFFLyQVLVWHPiWLFDHQHOHPEDUD]RSURORQJDGRVLQR TXH RFXUUH XQD GLVPLQXFLyQ GH OD
PLVPD 1( ,E$  $OJXQRV DVSHFWRV GLVFXWLEOHV GH HVWH PHWDDQiOLVLV VRQ OD
KHWHURJHQHLGDGGHORVHVWXGLRV HQ FXDQWR D OD PDGXUH] GHO FpUYL[HO PpWRGR GH LQGXFFLyQ
RHOPpWRGRGHPRQLWRUL]DFLyQGHOSDUWRGXUDQWHODLQGXFFLyQ 
/D PDFURVRPtDIHWDOFRQGXFHDXQDWDVDDXPHQWDGDGHFHViUHDV\ GHGLVWRFLDGHKRPEURV
\DPEDVFLUFXQVWDQFLDVVHUHODFLRQDQFRQXQDXPHQWRGHODPRUELOLGDGPDWHUQD
&21'8&7$ $17(/$352/21*$&,1'(/(0%$5$=2
&RQ HO ILQ GH GLVPLQXLU ORV ULHVJRV IHWDOHV \ PDWHUQRV HQ HGDGHV JHVWDFLRQDOHV DYDQ]DGDV
VHKDQHVWXGLDGRYDULDVHVWUDWHJLDVDXQTXHQRH[LVWHFRQVHQVRDFHUFDGHFXiOHVHOPpWRGR
GHFRQWUROPiVDGHFXDGRQLGHTXpIHFKDGHEHFRQVLGHUDUVHODPiVLGyQHDSDUDILQDOL]DUHO
HPEDUD]R (Q OD DFWXDOLGDG ODV GRV RSFLRQHV HQ HO PDQHMR GHO HPEDUD]R HQ YtDV GH
SURORQJDFLyQVRQ
x
x

&RQGXFWD H[SHFWDQWH FRQ YLJLODQFLD PDWHUQRIHWDO \ ILQDOL]DFLyQ GH OD JHVWDFLyQ HQ OD
VHPDQD
)LQDOL]DFLyQGHODJHVWDFLyQHQODVHPDQDLQGHSHQGLHQWHPHQWHGHOHVWDGRGHOFXHOOR
XWHULQR

&21'8&7$ (;3(&7$17( &21 9,*,/$1&,$ 0$7(512)(7$/ < ),1$/,=$&,1 '(


/$*(67$&,1(1/$6(0$1$
(O SULQFLSDO REMHWLYR GH ORV FRQWUROHV IHWDOHV DQWHSDUWR HV HYLWDU ORV FDVRV GH PXHUWH
LQWUD~WHUR \ FRQWULEXLU SRU WDQWR D PHMRUDU ORV UHVXOWDGRV SHULQDWDOHV 1R REVWDQWH KD\

40
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

TXH WHQHU HQ FXHQWD TXH HO YDORU SUHGLFWLYR QHJDWLYR GH ODV SUXHEDV GH FRQWURO IHWDO
GLVPLQX\HDPHGLGDTXHDYDQ]DODHGDGJHVWDFLRQDOPiVDOOiGHODVHPDQD
(OLQLFLRGHOFRQWUROIHWDODSDUWLUGHODVHPDQDGHJHVWDFLyQFRQGXFHDXQD
GLVPLQXFLyQ GH OD PRUELPRUWDOLGDG SHULQDWDO \ GH OD LQFLGHQFLD GH ULHVJR GH
SpUGLGDGHOELHQHVWDUIHWDO %
5HFXHQWR PDWHUQR GH ORV PRYLPLHQWRV IHWDOHV 1R KD\ GDWRV TXH MXVWLILTXHQ OD
XWLOL]DFLyQ VLVWHPiWLFD \ DLVODGD GHO UHFXHQWR PDWHUQR GH PRYLPLHQWRV IHWDOHV\D TXH VH
WUDWD GH XQ PpWRGR TXH QR KD GHPRVWUDGR VX XWLOLGDG HQ OD JHVWDFLyQ SURORQJDGD SDUD
SUHYHQLUORVHIHFWRVDGYHUVRVDVRFLDGRVDODPLVPD 1( ,E$ 
(OUHFXHQWRPDWHUQRGHPRYLPLHQWRVIHWDOHVQRKDGHPRVWUDGRVHU~WLOSDUDHO
FRQWUROIHWDOHQODJHVWDFLyQSURORQJDGD $
$PQLRVFRSLD /DXWLOLGDGGHODREVHUYDFLyQGHOFRORUGHOOtTXLGRDPQLyWLFRDWUDYpVGHODV
PHPEUDQDVRYXODUHVHVWiDFWXDOPHQWHFXHVWLRQDGD\DTXHQRHVWiFODUDODUHSHUFXVLyQGHO
KDOOD]JRDFFLGHQWDOGHPHFRQLRHQ HOOtTXLGRDPQLyWLFR\DGHPiV HVXQDSUXHEDQR H[HQWD
GHFRPSOLFDFLRQHV
(YDOXDFLyQ GH OD FDQWLGDG GH OtTXLGR DPQLyWLFR /D HYDOXDFLyQ GH OD FDQWLGDG GH
OtTXLGR DPQLyWLFR VH UHDOL]D PHGLDQWH HFRJUDItD GH IRUPD VXEMHWLYD R PHMRU FRQ
YDORUDFLRQHV VHPLFXDQWLWDWLYDV FRPR VRQ OD PHGLFLyQ GH OD ODJXQD GH PD\RU WDPDxR R D
WUDYpVGHODYDORUDFLyQGHO tQGLFH GH OtTXLGR DPQLyWLFR3DUHFHTXHODWpFQLFDGHODPi[LPD
ODJXQDHVPiVUHFRPHQGDGDHQODJHVWDFLyQSURORQJDGDPiVTXHODPHGLFLyQGHORVFXDWUR
FXDGUDQWHVTXHLQFUHPHQWDHOLQWHUYHQFLRQLVPRREVWpWULFRVLQEHQHILFLRDOJXQRSDUDHOIHWR
UHFLpQQDFLGR 1( ,E$ 
3DUDODYDORUDFLyQGHOOtTXLGRDPQLyWLFRHQODJHVWDFLyQSURORQJDGDODWpFQLFDGH
ODPi[LPDODJXQDHVPiVYiOLGDTXHODPHGLFLyQGHOtQGLFHGHOtTXLGRDPQLyWLFR
$
7HVWQRHVWUHVDQWH 716 3UHWHQGHODHYDOXDFLyQHQ FRQGLFLRQHV EDVDOHVGHOHVWDGRGH
VDOXG GHO IHWR PHGLDQWH HO UHJLVWUR GH OD IUHFXHQFLD FDUGLDFD IHWDO (Q OD  JHVWDFLyQ
SURORQJDGD WLHQH XQ EXHQ YDORU SUHGLFWLYR QHJDWLYRSHUR FRQ XQ YDORU SUHGLFWLYR SRVLWLYR
EDMR(QORV~OWLPRVDxRVKDVLGRHOSURFHGLPLHQWRPiVH[WHQGLGRSDUDODYLJLODQFLDIHWDO
HQODJHVWDFLyQSURORQJDGD
7HVW GH R[LWRFLQD (Q HO HPEDUD]R SURORQJDGR FXDQGR HO WHVW QR HVWUHVDQWH SUHVHQWD
DOWHUDFLRQHVOD UHDOL]DFLyQ GH XQ WHVW GH R[LWRFLQD SXHGH VHU ~WLO\D TXH SRVHH XQ EXHQ
YDORUSUHGLFWLYRQHJDWLYR
3HUILO ELRItVLFR PRGLILFDGR 716 \ PHGLGD GHO OtTXLGR DPQLyWLFR XWLOL]DQGR OD
WpFQLFDGHOPi[LPREROVLOOR 6HUHFRPLHQGDXWLOL]DUXQDPHGLFLyQVHQFLOODGHODPi[LPD
ODJXQD GH OtTXLGR DPQLyWLFR MXQWR DO UHJLVWUR FDUGLRWRFRJUiILFR FRPR YDULDQWH VLPSOLILFDGD
GHO SHUILO ELRItVLFR \ QR SHUILOHV PiV FRPSOHMRV TXH DXPHQWDQ OD LDWURJHQLD VLQ EHQHILFLRV
SDUDHOIHWRRHOUHFLpQQDFLGR 1( ,E$ 
/DV HVWUDWHJLDV TXH FRPELQDQ HO UHJLVWUR FDUGLRWRFRJUiILFR H[WHUQR FRQ OD PHGLFLyQ
HFRJUiILFD GHO OtTXLGR DPQLyWLFR SDUHFHQ WHQHU XQD VHQVLELOLGDG PD\RU D OD KRUD GH
GHWHFWDU VLJQRV GH FRPSURPLVR IHWDO DXQTXH ODV GLIHUHQFLDV H[LVWHQWHV HQ ODV
FDUDFWHUtVWLFDV GH OD PXHVWUD HQ ORV GLIHUHQWHV HVWXGLRV LPSLGH HVWDEOHFHU GH IRUPD
FDWHJyULFDFXiOHVHOPHMRUSURWRFRORSDUDODYLJLODQFLDGHOIHWRHQODJHVWDFLyQSURORQJDGD
41

6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

(O SHUILO ELRItVLFR PRGLILFDGR HV VXILFLHQWH SDUD HO HVWXGLR GHO ELHQHVWDU IHWDO HQ
ODVJHVWDFLRQHVHQYtDVGHSURORQJDFLyQ $
)OX[RPHWUtD 'RSSOHU (O HVWXGLR GH OD IOX[RPHWUtD GRSSOHU GH OD DUWHULD XPELOLFDO QR KD
GHPRVWUDGR VX HILFDFLD SDUD OD PRQLWRUL]DFLyQ GHO IHWR SRVWpUPLQR \ SRU HOOR HQ OD
DFWXDOLGDGQRVHUHFRPLHQGDVXUHDOL]DFLyQGHIRUPDVLVWHPiWLFD
6LVHRSWDSRUXQDFRQGXFWDH[SHFWDQWHHOFRQWUROIHWDOGHEHLQFOXLUWHVWEDVDO\
HVWLPDFLyQGHOYROXPHQGHOOtTXLGRDPQLyWLFR SHUILO ELRItVLFR PRGLILFDGR  XQD R
GRVYHFHVSRUVHPDQDDSDUWLUGHODVHPDQD $

,1'8&&,1'(/3$572$/$6(0$1$
(VWDRSFLyQHVYiOLGDVLVHGHPXHVWUDTXHJHQHUDXQEHQHILFLRSDUDHOIHWR GLVPLQX\HQGRVX
PRUELPRUWDOLGDG  \ TXH HVWH EHQHILFLR VH REWLHQH VLQ DXPHQWDU OD WDVD GH FHViUHDV (Q OD
DFWXDOLGDGKD\TXHVHxDODUTXHODLQGXFFLyQHOHFWLYDGHODJHVWDFLyQHQODVHPDQDHVWi
YDOLGDGDWDQWRSRUHQVD\RVFOtQLFRVFRPRSRUUHYLVLRQHVVLVWHPiWLFDV\PHWDDQiOLVLV
(QVD\RVFOtQLFRV
(O &DQDGLDQ 0XOWLFHQWHU 3RVWWHUP 3UHJQDQF\ 7ULDO *URXS HV FRQ  JHVWDQWHV HO
HQVD\RFOtQLFRPiVDPSOLRUHDOL]DGRSDUDFRPSDUDUODLQGXFFLyQGHOSDUWRDODVHPDQDV
IUHQWHDODFRQGXFWDH[SHFWDQWH/DFRQFOXVLyQGHHVWHPHWDDQiOLVLVHVTXHODLQGXFFLyQGHO
SDUWRDSDUWLUGHODVHPDQDGLVPLQX\HODWDVDGHFHViUHDV VLQTXHKD\DGLIHUHQFLDVQL
HQODPRUWDOLGDGSHULQDWDOQLHQODPRUELOLGDGQHRQDWDO 1( ,E$ 
5HYLVLyQVLVWHPiWLFDGH6iQFKH]5DPRV  
,QFOX\HHQVD\RVFOtQLFRVFRQHPEDUD]RVVLPSOHVVLQFRPSOLFDFLRQHV/RVDXWRUHV
FRQFOX\HQTXHODLQGXFFLyQGHOSDUWRDODVHPDQDFXDQGRQRKD\RWUDVFRPSOLFDFLRQHV
GLVPLQX\HODWDVDGHFHViUHDVVLQFRPSURPHWHURWURVLQGLFDGRUHVSHULQDWDOHV 1( ,D$ 
5HYLVLyQVLVWHPiWLFDGH*OPH]RJOX  
(VWD UHYLVLyQ SXEOLFDGD SRU OD FRODERUDFLyQ &RFKUDQH LQFOX\H  HQVD\RV FOtQLFRV 
JHVWDQWHV  /RV UHYLVRUHV DJUXSDURQ ORV HVWXGLRV VHJ~Q OD HGDG GH OD JHVWDFLyQ HQ TXH VH
UHDOL]yODLQGXFFLyQ HQWUHODVHPDQDV VHPDQDVFRPSOHWDV\ VHPDQDV
FRPSOHWDV \ FRPSDUDURQ ORV UHVXOWDGRV FRQ HVSHUDU KDVWD XQD IHFKD SRVWHULRU SDUD OD
LQGXFFLyQ
/RV UHYLVRUHV FRQFOX\HQ TXH OD LQGXFFLyQ GHO SDUWR  VHPDQDV FRPSOHWDV VH DVRFLD FRQ
PHQRVPXHUWHVSHULQDWDOHVHQFRPSDUDFLyQFRQHVSHUDUHOFRPLHQ]RHVSRQWiQHRGHOSDUWR
\D VHD LQGHILQLGDPHQWH R DO PHQRV SRU XQD VHPDQD DXQTXH HO ULHVJR DEVROXWR HV PX\
SHTXHxRVLQTXHDXPHQWHODWDVDGHFHViUHDV 1( ,D$ 
5HYLVLyQVLVWHPiWLFDGH&DXJKH\  
(Q HVWD UHYLVLyQ VLVWHPiWLFD VH LQFOX\HQ  HQVD\RV UDQGRPL]DGRV \  HVWXGLRV
REVHUYDFLRQDOHV&RPRFRQFOXVLyQVXJLHUHQTXHODLQGXFFLyQHOHFWLYDDODVVHPDQDVGH
JHVWDFLyQVHDVRFLDFRQXQGHVFHQVRGHODWDVDGHFHViUHDV\GHOtTXLGRDPQLyWLFRWHxLGRGH
PHFRQLR6LQHPEDUJRDFDEDQVHxDODQGRWDPELpQTXHVRQSUHFLVRVHVWXGLRVTXHDQDOLFHQHO

42

6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

LPSDFWR GH HVWRV KDOOD]JRV HQ FHQWURV GRQGH ORV FXLGDGRV REVWpWULFRV VHDQ PiV HVWULFWRV
1( ,E$ 
$QiOLVLVGHODHYLGHQFLD
(O HQVD\R FOtQLFR PiV DPSOLR UHDOL]DGR KDVWD OD IHFKD \ ODV WUHV UHYLVLRQHV VLVWHPiWLFDV
SXEOLFDGDV SDUD FRPSDUDU OD SROtWLFD GH XQD LQGXFFLyQ VLVWHPiWLFD GHO SDUWR D OD 
VHPDQDGHJHVWDFLyQFRQODFRQGXFWDH[SHFWDQWHFRQFOX\HQDILUPDQGRTXHODLQGXFFLyQGHO
SDUWR D OD  VHPDQD VH DVRFLD FRQ XQD PHQRU PRUWDOLGDG SHULQDWDO VLQ TXH DXPHQWH OD
WDVDGHFHViUHDVSRUORTXHSDUHFHUD]RQDEOHRIUHFHUDODPXMHUODLQGXFFLyQGHOSDUWRHQ
HVWHLQWHUYDORGHHGDG
6LQHPEDUJRHVWRVHVWXGLRV\VXVFRQFOXVLRQHVQRHVWiQH[HQWRVGHFUtWLFDV
x

(QHO&DQDGLDQ0XOWLFHQWHU3RVWWHUP3UHJQDQF\7ULDO*URXS DXQWHUFLRGHODVPXMHUHV
DVLJQDGDV D XQD FRQGXFWD H[SHFWDQWH VH OHV LQGXMR HO SDUWR \ HQ XQ WHUFLR GH ODV
PXMHUHV DVLJQDGDV D LQGXFFLyQ FRPHQ]y HO SDUWR HVSRQWiQHDPHQWH (VWRV KHFKRV
SXHGHQDPRUWLJXDUODVGLIHUHQFLDVHQWUHORVJUXSRV$GHPiVVLHOSDUWRIXHLQGXFLGRHQ
ODV PXMHUHV DVLJQDGDV D XQD FRQGXFWD H[SHFWDQWH OD WDVD GH FHViUHD IXH PXFKR PiV
DOWD   TXH VL HO SDUWR FRPHQ]y GH IRUPD HVSRQWiQHD   R LQGXFLGR FRPR
SDUWH GH XQD SROtWLFD GH LQGXFFLyQ   $GHPiV HQ HO  GH ODV PXMHUHV
QXOtSDUDVVDQDVFRQHOIHWRHQSUHVHQWDFLyQFHIiOLFDFRQFRPLHQ]RHVSRQWiQHRGHOSDUWR
VHUHDOL]yXQDFHViUHD\HQXQHQODVPXMHUHVLQGXFLGDV(VWDVWDVDVGHFHViUHD
VRQH[FHVLYDVVLQTXHVHDSRUWHH[SOLFDFLyQ

x

/DFDOLGDGGHORVHQVD\RVFOtQLFRVLQFOXLGRVHQODVUHYLVLRQHV VLVWHPiWLFDVHVSREUH\OD
KHWHURJHQHLGDGHVODQRUPD

x

/D FRQGXFWD H[SHFWDQWH QR OR HV UHDOPHQWH HQ DOJXQRV GH ORV HQVD\RV \D TXH ODV
PXMHUHV DVLJQDGDV D HVD UDPD IXHURQ LQGXFLGDV FXDQGR H[LVWtD XQ FXHOOR ERUUDGR R
FXDQGRVHDOFDQ]DEDQODVHPDQD

x

/DVSUXHEDVGHFRQWUROIHWDOTXHVHXWLOL]DQHQODFRQGXFWDH[SHFWDQWHWLHQHQXQDWDVD
GHSRVLWLYRVIDOVRVPX\DOWD(VWRHVODSUXHEDLQGLFDTXHKD\XQSUREOHPDFXDQGR HO
IHWRHVWiELHQSHURHQHVWDVLWXDFLyQHOREVWHWUDQRSXHGHLJQRUDUHOUHVXOWDGR\DQWHOD
SUHRFXSDFLyQ SRU HO HVWDGR IHWDO VH YH REOLJDGR D LQGXFLU HO SDUWR R D UHDOL]DU XQD
FHViUHD

x

/RVHQVD\RVQRWLHQHQXQSRGHUHVWDGtVWLFRVXILFLHQWHFRPRSDUDGHWHFWDUGLIHUHQFLDVHQ
DFRQWHFLPLHQWRVSRFRIUHFXHQWHV6HFDOFXODTXHHVQHFHVDULRHQURODUDPXMHUHV
SDUDGHWHFWDUXQDUHGXFFLyQGHOHQXQDWDVDGHPRUWDOLGDGSHULQDWDOGHOSRUPLO
FRQODLQGXFFLyQGHOSDUWRHQFRPSDUDFLyQFRQODFRQGXFWDH[SHFWDQWH
/D LQGXFFLyQ GHO SDUWR D OD  VHPDQD VH DVRFLD FRQ XQD GLVPLQXFLyQ OLJHUD
SHUR VLJQLILFDWLYD GH OD PRUWDOLGDG SHULQDWDO VLQ TXH DXPHQWH OD WDVD GH
FHViUHDVSRUORTXHVHSXHGHRIUHFHUDODPXMHUODLQGXFFLyQGHOSDUWRHQHVWH
LQWHUYDORGHHGDGJHVWDFLRQDO $

$6,67(1&,$$/3$572
5HVSHFWR DO PRGR GH ILQDOL]DFLyQ GHO HPEDUD]RVH GHEH LQWHQWDU ODYtD YDJLQDOVLHPSUH
TXH VHD SRVLEOH 'XUDQWH HO SDUWR KD\ TXH FRQVLGHUDU GHWHUPLQDGRV KHFKRV FOtQLFRV TXH
SXHGHQ WHQHU UHSHUFXVLyQ DVLVWHQFLDO PD\RU LQFLGHQFLD GH DOWHUDFLRQHV GH OD GLQiPLFD GH

43
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

PDFURVRPtD IHWDO GH ROLJRDPQLRV GH OtTXLGR DPQLyWLFR WHxLGR GH PHFRQLR \ FRPR
FRQVHFXHQFLDGHWRGRHOORXQDXPHQWRGHODWRFXUJLD
(Q EDVH D HVWRV DVSHFWRV VH GHEH YDORUDU HO XVR GH PRQLWRUL]DFLyQ FDUGLRWRFRJUiILFD
FRQWLQXD HVWXGLR ELRTXtPLFR IHWDO FRQ PLFURWRPD VL VH GLVSRQH GHO PLVPR UHDOL]DFLyQ GH
DPQLRLQIXVLyQ \ QHFHVLGDG GH SUHGLFFLyQ SUHYHQFLyQ \ UHVROXFLyQ GH ODV FRPSOLFDFLRQHV
GHULYDGDV GH OD SRVLEOH H[LVWHQFLD GH XQD PDFURVRPtD IHWDO 6H GHEH GLVSRQHU \ WHQHU
FRRUGLQDGD OD DVLVWHQFLD QHRQDWDOWHQLHQGRHQFXHQWDORVIDFWRUHVGHULHVJR\ODSRVLELOLGDG
GHDSDULFLyQGHODVFRPSOLFDFLRQHVQHRQDWDOHVDQWHULRUPHQWHGHVFULWDV
5(&20(1'$&,21(6
/DHFRJUDItDHQHOSULPHUWULPHVWUHHVXQPpWRGRSUHFLVRSDUDGDWDUOD
HGDG JHVWDFLRQDO \ FRQ HOOR VH UHGXFH OD IUHFXHQFLD GH HPEDUD]RV
SURORQJDGRV
6L KD\ XQD GLIHUHQFLD PD\RU GH GRV GHVYLDFLRQHV HVWiQGDU  GtDV
HQWUH OD HGDG JHVWDFLRQDO GDWDGD SRU OD )85 \ OD HFRJUDItD GHO SULPHU
WULPHVWUH OD )33 GHEH VHU DMXVWDGD HQ EDVH D OD HFRJUDItD GHO SULPHU
WULPHVWUH
(QWUH ODV  VHPDQDVHV UHFRPHQGDEOH FDPELDU OD )33 FXDQGR OD
GLIHUHQFLD HQWUH OD )33 FDOFXODGD SRU OD )85 \ OD ELRPHWUtD IHWDO VHD
PD\RUGHGtDV
(QHWDSDVWDUGtDVGHOHPEDUD]RQRGHEHUHDOL]DUVHOD FRUUHFFLyQ GH OD
)33 HQ EDVH D ODV PHGLGDV HFRJUiILFDVVL OD HGDG JHVWDFLRQDO \D KD
VLGRHVWDEOHFLGDHQHWDSDVWHPSUDQDVGHODJHVWDFLyQ
(OGHVSHJDPLHQWRGHODVPHPEUDQDVUHDOL]DGRDWpUPLQRGLVPLQX\HOD
LQFLGHQFLD GH HPEDUD]RV SURORQJDGRV \ GHEH RIUHFHUVH D OD PXMHU HQ
ODYLVLWDSUHQDWDO
/DLQGXFFLyQGHOSDUWRDODVHPDQDVHDVRFLDFRQXQD OLJHUD SHUR
VLJQLILFDWLYD PHQRU PRUWDOLGDG SHULQDWDO VLQ TXH DXPHQWH OD WDVD GH
FHViUHDVSRUORTXHVHSXHGHRIUHFHUDODPXMHUODLQGXFFLyQGHOSDUWR
HQHVWHLQWHUYDORGHHGDGJHVWDFLRQDO $ 
/D PXMHU GHEH VHU LQIRUPDGD VREUH HVWRV KHFKRV 6L RSWD SRU XQD
FRQGXFWD H[SHFWDQWH HO FRQWURO IHWDO GHEH LQFOXLU WHVW EDVDO \
HVWLPDFLyQ GHO YROXPHQ GHO OtTXLGR DPQLyWLFR XQD R GRV YHFHV SRU
VHPDQDHQWUHOD\ODVHPDQD
(O LQLFLR GHO FRQWURO IHWDO D SDUWLU GH OD  VHPDQD GH JHVWDFLyQ
FRQGXFH D XQD GLVPLQXFLyQ GH OD PRUELPRUWDOLGDG SHULQDWDO \ GH OD
LQFLGHQFLDGHULHVJRGHSpUGLGDGHOELHQHVWDUIHWDO
(O UHFXHQWR PDWHUQR GH PRYLPLHQWRV IHWDOHV QR KD GHPRVWUDGR VX
XWLOLGDGSDUDHOFRQWUROIHWDOHQODJHVWDFLyQSURORQJDGD
3DUDODYDORUDFLyQGHOOtTXLGRDPQLyWLFRHQODJHVWDFLyQSURORQJDGDOD
WpFQLFDGHODPi[LPDODJXQDHVPiVYiOLGDTXHODPHGLFLyQGHOtQGLFH
GHOtTXLGRDPQLyWLFR
(OSHUILOELRItVLFRPRGLILFDGRHVVXILFLHQWHSDUDHOHVWXGLRGHOELHQHVWDU
IHWDOHQODVJHVWDFLRQHVHQYtDVGHSURORQJDFLyQ

$
$
$

%
$
$
$

44

6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

5(680(1'(/$&21'8&7$5(&20(1'$'$
35,0(5$9,6,7$*(67$&,21(19,$6'(352/21*$&,21
x
x
x
x
x
x
x

x

(GDGJHVWDFLRQDO GtDV 
9DORUDFLyQGHODKLVWRULDFOtQLFD
([SORUDFLyQREVWpWULFD9DORUDFLyQGHOWHVWGH%LVKRS0DQLREUDGH+DPLOWRQVLVH
FRQVLGHUDDGHFXDGD
7HVWFDUGLRWRFRJUiILFREDVDO
(YDOXDFLyQGHOYROXPHQGHOtTXLGRDPQLyWLFR
,QIRUPDFLyQEDVDGDHQTXHODLQGXFFLyQGHOSDUWRDODVHPDQDFRQVLJXHXQD
OLJHUDGLVPLQXFLyQGHODPRUELPRUWDOLGDGSHULQDWDO
3DUDODDFWLWXGDWRPDUVHWHQGUiHQFXHQWDHVWDGRGHELHQHVWDUIHWDO
FRQGLFLRQHVGHPDGXUH]FHUYLFDOFLUFXQVWDQFLDVREVWpWULFDV FHViUHDSUHYLDHWF 
FRQYHQLHQFLDPDWHUQDGLVSRQLELOLGDGDVLVWHQFLDOGHO+RVSLWDO
6HRSWDUiSRU
x 9LJLODQFLDIHWDOKDVWDODVHPDQD GtDV FRQSHULRGLFLGDGYHFHVSRU
VHPDQD
x ,QGXFFLyQGHOSDUWR

6,6(237$325&217,18$5/$*(67$&,21(1/$69,6,7$668&(6,9$66(
5($/,=$5$
5HYLVLyQGHODKLVWRULDFOtQLFD
([SORUDFLyQREVWpWULFDWHVWGH%LVKRS\YDORUDUQXHYDPDQLREUDGH+DPLOWRQ
x 7HVWFDUGLRWRFRJUiILFREDVDO
x (YDOXDFLyQGHOYROXPHQGHOOtTXLGRDPQLyWLFR
x
x

(172'26/26&$6266(5(&20(1'$5$/$),1$/,=$&,21'(/$*(67$&,21
$/$/&$1=$5/$6(0$1$'(*(67$&,21 GtDV 


45
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

%,%/,2*5$)$
$&2* 3UDFWLFH %XOOHWLQ&OLQLFDO PDQDJHPHQW JXLGHOLQHV IRUREVWHWULFLDQVJ\QHFRORJLVWV
1R  VHSWHPEUH 0DQDJHPHQW RI 3RVWWHUP 3UHJQDQF\2EVWHW *\QHFRO 

9LOODU -%HUJVMR 3:+2$QWHQDWDO &DUH 5DQGRPL]HG7ULDO0DQXDO IRU LPSOHPHQWDWLRQ RI
WKH 1HZ 0RGHO*HQRYD:+25+5
6WDPLOLR '0(PEDUD]R SRVWpUPLQR 2EVWHWULFLD \ *LQHFRORJtD GH 3RVWJUDGR 8QLYHUVLWDW
GH9DOHQFLD9RO,,Q
0RJUHQ ,6WHQOXQG++|JEHUJ85HFXUUHQFH RI SURORQJHG SUHJQDQF\,QW - (SLGHPLRO

%DNNHWHLJ /6%HUJVMR 33RVWWHUP SUHJQDQF\PDJQLWXGH RI WKH SUREOHP,Q &KDOPHUV
, (QNLQ 0 .HLUVH 0 HGV  (IIHFWLYH &DUH LQ 3UHJQDQF\ DQG &KLOGELUWK 2[IRUG 8QLYHUVLW\
3UHVVSS
  ,JOHVLDV ( GH OD )XHQWH 3 (PEDUD]R SURORQJDGR (Q 8VDQGL]DJD -$ GH OD )XHQWH 3
7UDWDGRGH2EVWHWULFLD\*LQHFRORJtD (G 0F*UDZ+LOO,QWHUDPHULFDQD0DGULGSS

6WRWODQG1(:DVKLQJWRQ$(&DXJKH\$%3UHSUHJQDQF\ERG\PDVVLQGH[DQGWKHOHQJWK
RIJHVWDWLRQDWWHUP$P-2EVWHW*\QHFRO2FW  H
 2OHVHQ $: %DVVR 2 2OVHQ - 5LVN RI UHFXUUHQFH RI SURORQJHG SUHJQDQF\ %0- 

 &URZOH\ 3 ,QWHUYHQWLRQV IRU SUHYHQWLQJ RU LPSURYLQJ WKH RXWFRPH RI GHOLYHU\ DW RU
EH\RQG WHUP ZLWKGUDZQ  &RFKUDQH 'DWDEDVH 6\VW 5HY  -XO    &'
8SGDWHRI&RFKUDQH'DWDEDVH6\VW5HY  &'
 %HQQHW .$ &UDQH -0 )LUVW WULPHVWHU XOWUDVRXQG VFUHHQLQJ LV HIIHFWLYH LQ UHGXFLQJ
SRVWWHUP ODERU LQGXFWLRQ UDWHV D UDQGRPL]HG FRQWUROOHG WULDO $P - 2EVWHW *\QHFRO 

5HVQLFN53RVWWHUPJHVWDWLRQ$V\PSRVLXP-5HSURG0HG
%RXOYDLQ06WDQ&,ULRQ2'HVSHJDPLHQWRGHPHPEUDQDVSDUDODLQGXFFLyQGHOWUDEDMR
GH SDUWR 5HYLVLyQ &RFKUDQH WUDGXFLGD  (Q /D %LEOLRWHFD &RFKUDQH 3OXV  1~PHUR 
2[IRUG 8SGDWH 6RIWZDUH /WG 'LVSRQLEOH HQ KWWSZZZXSGDWHVRIWZDUHFRP 7UDGXFLGD
GH7KH&RFKUDQH/LEUDU\,VVXH&KLFKHVWHU8.-RKQ:LOH\ 6RQV/WG 
'LYDQ0<+DJOXQG%1LVHOO+2WWHUEODG32:HVWJUHQ0)HWDODQGQHRQDWDOPRUWDOLW\
LQWKHSRVWWHUPSUHJQDQF\WKHLPSDFWRIJHVWDWLRQDODJHDQGIHWDOJURZWKUHVWULFWLRQ$P2EVWHW*\QHFRO
 +LOGHU / &RVWHORH . 7KLODJDQDWKDQ % 3URORQJHG SUHJQDQF\ HYDOXDWLQJ JHVWDWLRQ
VSHFLILFULVNVRI IHWDODQGLQIDQWPRUWDOLW\%U-2EVWHW*\QDHFRO
  &URZOH\ 3 ,QWHUYHQWLRQV IRU SUHYHQWLQJ RU LPSURYLQJ WKH RXWFRPH RI GHOLYHU\ DW RU
EH\RQG WHUP &RFKUDQH 'DWDEDVH 6\VW 5HY  LVVXH  8SGDWH LQ &RFKUDQH 'DWDEDVH
6\VW5HY  &'

46

6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

 6iQFKH]5DPRV / 2OLYLHU ) 'HONH , .DXQLW] $0 /DERU LQGXFWLRQ YHUVXV H[SHFWDQW
PDQDJHPHQW IRU SRVWWHUP SUHJQDQFLHV$ V\VWHPDWLF UHYLHZ ZLWK PHWDDQDO\VLV 2EVWHW
*\QHFRO
&DPSEHOO 0.2EVW\H7,UJHQV /03RVWWHUP ELUWKULVN IDFWRUV DQG RXWFRPHV LQ D 
\HDUFRKRUWRI1RUZHJLDQELUWKV2EVWHW*\QHFRO
0LQLRU9.'LYR 0<)HWDO JURZWK UHVWULFWLRQ DW WHUPP\WK RU UHDOLW\" 2EVWHW *\QHFRO

 /LQGVWURP . )HUQHOO (:HVWJUHQ 0 'HYHORSPHQWDO GDWD LQ SUHVFKRRO FKLOGUHQ ERUQ
DIWHUSURORQJHGSUHJQDQF\$FWD3DHGLDWU
 &ODXVVRQ % *DUGRVL - )UDQFLV $ &QDWWLQJLXV 6 3HULQDWDO RXWFRPH LQ 6*$ ELUWKV
GHILQHG E\ FXVWRPLVHG YHUVXV SRSXODWLRQEDVHG ELUWKZHLJKW VWDQGDUV %U - 2EVWHW
*\QDHFRO
&OLIIRUG 6+3RVWPDWXULW\ZLWK SODFHQWDO G\VIXQFWLRQFOLQLFDO V\QGURPH DQG ILQGLQJV3HGLDWU
 5D\EXUQ :) 0RWOH\ 0( 6WHPSHO /( *HQGUHDX 50 $QWHSDUWXP SUHGLFWLRQ RI WKH
SRVWPDWXUHLQIDQW2EVWHW*\QHFRO
.LQJ-&3URORQJHGSUHJQDQF\FXUUHQWPDQDJHPHQW2EVWHW*\QHFRO
 =ZHUGOLQJ 0$ )DFWRUV SHUWDLQLQJ WR SURORQJHG SUHJQDQF\ DQG LWV RXWFRPH 3HGLDWULFV

+DQQDK 0(+DQQDK:-+HOOPDQQ -+HZVRQ6 0LOQHU5:LOODQ$,QGXFWLRQ RI ODERU
DV FRPSDUHG ZLWK VHULDO DQWHQDWDO PRQLWRULQJ LQ SRVWWHUP SUHJQDQF\ $ UDQGRPL]HG
FRQWUROOHG WULDO7KH &DQDGLDQ 0XOWLFHQWHU 3RVWWHUP 3UHJQDQF\ 7ULDO *URXS1 (QJO - 0HG

*UDQW -03URORQJHG SUHJQDQF\,Q -DPHV '.6WHHU 3-:HLQHU &3*RQLN % HGV +LJK
5LVN 3UHJQDQF\ 0DQDJHPHQW RSWLRQV (OVHYLHU 6DXQGHUV 3KLODGHOSKLD ((88  SS

 *UDQW $ (OERXUH ' 9DOHQWLQ / $OH[DQGHU 6 5RXWLQH IRUPDO PRYHPHQW FRXQWLQJ DQG
ULVNRIDQWHSDUWXPODWHGHDWKLQQRUPDOO\IRUPHGVLQJOHWRQV/DQFHW  

6(*23URWRFRORV$VLVWHQFLDOHV&RQWUROGHOELHQHVWDUIHWDODQWHSDUWR$FFHVLEOHHQ
ZZZSURVHJRHV
 $OILUHYLF = /XFNDV 0 :DONLQVKDZ 6$ 0F)DUODQH 0 &XUUDQ 5 $ UDQGRPLVHG
FRPSDULVRQ EHWZHHQ DPQLRWLF IOXLG LQGH[ DQG PD[LPXP SRRO GHSWK LQ WKH PRQLWRULQJ RI
SRVWWHUP SUHJQDQF\%U - 2EVWHW *\QDHFRO 
 6KHUHU '0 2Q\HLMH &, %LQGHU ' %HUQVWHLQ 36 'LYRQ 0< 8QFRPSOLFDWHG EDVHOLQH
IHWDO WDFK\FDUGLD RU EUDG\FDUGLD LQ SRVW WHUP SUHJQDQFLHV DQG SHULQDWDO RXWFRPH$P 3HULQDWRO
 'HYRH /' 6KROO -6 3RVWGDWHV SUHJQDQF\ $VVHVVPHQW RI IHWDO ULVN DQG REVWHWULF
PDQDJHPHQW-5HSURG0HG

47
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

 $OILYHULF = :DONLQVKDZ 6$ $ UDQGRPLVHG FRQWUROOHG WULDO RI VLPSOH FRPSDUHG ZLWK
FRPSOH[ DQWHQDWDO IHWDO PRQLWRULQJ DIWHU  ZHHNV RI JHVWDWLRQ %U - 2EVWHW *\QDHFRO

 1RUZLW] (5 /RFNZRRG &- 3RVWWHUP SUHJQDQF\ 8SWR'DWH  $FFHVLEOH HQ
ZZZXSWRGDWHFRP/DVWOLWHUDWXUHUHYLHZYHUVLRQHQHUR
*OPH]RJOX$0&URZWKHU&$0LGGOHWRQ3,QGXFFLyQGHOWUDEDMRGHSDUWRSDUDPHMRUDU
ORVUHVXOWDGRVHQPXMHUHVDWpUPLQRRGHVSXpVGHOWpUPLQR 5HYLVLyQ&RFKUDQHWUDGXFLGD 
(Q/D%LEOLRWHFD&RFKUDQH3OXV 1~PHUR 2[IRUG8SGDWH 6RIWZDUH/WG 'LVSRQLEOH
HQ KWWSZZZXSGDWHVRIWZDUHFRP 7UDGXFLGD GH 7KH &RFKUDQH /LEUDU\  ,VVXH 
&KLFKHVWHU8.-RKQ:LOH\ 6RQV/WG 
 &DXJKH\ $% 6XQGDUDP 9 .DLPDO $- HW DO 6\VWHPDWLF UHYLHZ HOHFWLYH LQGXFWLRQ RI
ODERUYHUVXVH[SHFWDQWPDQDJHPHQWRISUHJQDQF\$QQ,QWHUQ0HG
 +DQQDK 0( +XK & +HZVRQ 6$ HW DO 3RVWWHUP SUHJQDQF\ SXWWLQJ WKH PHULWV RI D
SROLF\RILQGXFWLRQRIODERULQWRSHUVSHFWLYH%LUWK
'XUiQ 6iQFKH] 37RUULMR$&/RX$&*RQ]iOH] 5)DEUH ((SLGHPLRORJtD GHO HPEDUD]R
SURORQJDGR (Q )DEUH ( HG  0DQXDO GH $VLVWHQFLD D OD 3DWRORJtD 2EVWpWULFD 
=DUDJR]DSS
 3HxDORVD / &DEH]DV 0 /DQFKDUHV -/$VLVWHQFLD DO HPEDUD]R SURORQJDGR (Q )DEUH (
HG 0DQXDOGH$VLVWHQFLDDOD3DWRORJtD2EVWpWULFD=DUDJR]DSS
6WRWODQG 1(&KHQJ<:+RSNLQV /0&DXJKH\$%*HVWDWLRQDO ZHLJKW JDLQ DQG DGYHUVH
QHRQDWDORXWFRPHDPRQJWHUPLQIDQWV2EVWHW*\QHFRO 3W 
&ODVLILFDFLyQGHODVUHFRPHQGDFLRQHV
HQIXQFLyQGHOQLYHOGHHYLGHQFLD 1( GLVSRQLEOH
/DHYLGHQFLDFLHQWtILFDSURFHGHDSDUWLUGHPHWDDQiOLVLVGHHQVD\RVFOtQLFRV
,D
FRQWURODGRV\DOHDWRUL]DGRV
/DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHQVD\RFOtQLFRFRQWURODGR\
,E
DOHDWRUL]DGR
/DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHVWXGLRSURVSHFWLYR
,,D
FRQWURODGRELHQGLVHxDGR\VLQDOHDWRUL]DU
/DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHVWXGLRFDVLH[SHULPHQWDO
,,E
ELHQGLVHxDGR
/DHYLGHQFLDFLHQWtILFDSURFHGHGHHVWXGLRVGHVFULSWLYRVQRH[SHULPHQWDOHV
,,, ELHQGLVHxDGRVFRPRHVWXGLRVFRPSDUDWLYRVGHFRUUHODFLyQRGHFDVRV\
FRQWUROHV
/DHYLGHQFLDFLHQWtILFDSURFHGHGHGRFXPHQWRVXRSLQLRQHVGHH[SHUWRV\R
,9
H[SHULHQFLDVFOtQLFDVGHDXWRULGDGHVGHSUHVWLJLR


48
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

Documento descargado de http://www.elsevier.es el 29/09/2015. Copia para uso personal, se prohbe la transmisin de este documento por cualquier medio o formato.

*UDGRVGHUHFRPHQGDFLyQ
([LVWHEXHQDHYLGHQFLDHQEDVHDODLQYHVWLJDFLyQSDUDDSR\DUOD
$
UHFRPHQGDFLyQ 5HFRJHORVQLYHOHVGHHYLGHQFLDFLHQWtILFD,D\,E
([LVWHPRGHUDGDHYLGHQFLDHQEDVHDODLQYHVWLJDFLyQSDUDDSR\DUOD
%
UHFRPHQGDFLyQ 5HFRJHORVQLYHOHVGHHYLGHQFLDFLHQWtILFD,,D,,E\,,,
/DUHFRPHQGDFLyQVHEDVDHQODRSLQLyQGHH[SHUWRVRHQXQSDQHOGH
&
FRQVHQVR 5HFRJHHOQLYHOGHHYLGHQFLD,9

/RV 3URWRFRORV $VLVWHQFLDOHV GH OD 6RFLHGDG (VSDxROD GH *LQHFRORJtD \


2EVWHWULFLD SUHWHQGHQ FRQWULEXLU DO EXHQ TXHKDFHU SURIHVLRQDO GH WRGRV ORV
JLQHFyORJRVHVSHFLDOPHQWHORVPiVDOHMDGRVGHORVJUDQGHVKRVSLWDOHV\FOtQLFDV
XQLYHUVLWDULDV 3UHVHQWDQ PpWRGRV \ WpFQLFDV GH DWHQFLyQ FOtQLFD DFHSWDGDV \
XWLOL]DGDV SRU HVSHFLDOLVWDV HQ FDGD WHPD (VWRV SURWRFRORV QR GHEHQ
LQWHUSUHWDUVHGHIRUPDUtJLGDQLH[FOX\HQWHVLQRTXHGHEHQVHUYLUGHJXtDSDUD
ODDWHQFLyQLQGLYLGXDOL]DGDDODVSDFLHQWHV1RDJRWDQWRGDVODVSRVLELOLGDGHVQL
SUHWHQGHQVXVWLWXLUDORVSURWRFRORV\DH[LVWHQWHVHQ'HSDUWDPHQWRV\6HUYLFLRV
+RVSLWDODULRV

49

6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3GHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[

You might also like